{ "record_count": 3437, "records": [ { "kind": "company", "summary": "SIC 5331 Retail-Variety Stores; CIK 0000104169; latest 10-K filed 2026-03-13.", "text": "WMT - Walmart Inc. SIC 5331 Retail-Variety Stores; CIK 0000104169; latest 10-K filed 2026-03-13. WMT Walmart Inc. 0000104169 5331 Retail-Variety Stores ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview This discussion, which presents our results for the fiscal years ended January 31, 2026 (\"fiscal 2026\"), January 31, 2025 (\"fiscal 2025\") and January 31, 2024 (\"fiscal 2024\"), should be read in conjunction with our Consolidated Financial Statements and the accompanying notes. We intend for this discussion to provide the reader with information that will assist in understanding our financial statements, the changes in certain key items in those financial statements from period to period and the primary factors that accounted for those changes. We also discuss certain performance metrics that management uses to assess the Company's performance. Additionally, the discussion provides information about the financial results of each of the three segments of our business to provide a better understanding of how each of those segments and its results of operations affect the financial condition and results of operations of the Company as a whole. Throughout this Item 7, we discuss segment operating income, comparable store and club sales and other measures. Management measures the results of the Company's segments using each segment's operating income, including certain corporate overhead allocations, as well as other measures. From time to time, we revise the measurement of each segment's operating income and other measures as determined by the information regularly reviewed by our chief operating decision maker. In discussing our operating results, the term currency exchange rates refers to the currency exchange rates we use to convert the operating results for countries where the functional currency is not the U.S. dollar into U.S. dollars. We calculate the effect of changes in currency exchange rates as the difference between current period activity translated using the current period's currency exchange rates and the comparable prior year period's currency exchange rates. Additionally, no currency exchange rate fluctuations are calculated for non-USD acquisitions until owned for 12 months. Throughout our discussion, we refer to the results of this calculation as the impact of currency exchange rate fluctuations. Recent Developments, Macroeconomic Conditions and Potential Impacts We expect continued uncertainty in our business and the global economy due to the following factors: tariffs and trade restrictions; inflationary trends; fluctuations in global currencies; swings in macroeconomic conditions and their effect on consumer confidence; changes in employment trends; volatility in fuel prices; and supply chain pressures, any of which may impact our results. While we operate in a highly dynamic tariff environment, less than one third of what we sell in the U.S. is imported, with most of our imports coming from China, Mexico, Vietnam, India and Canada. Information on certain risks, factors, and uncertainties that can affect our operating results and an investment in our securities can be found herein under \"Item 1A. Risk Factors.\" Our net sales and gross profit margin are influenced in part by our pricing and merchandising strategies in response to cost increases. Those pricing strategies include, but are not limited to: absorbing cost increases instead of passing those cost increases on to our customers and members; reducing prices in certain merchandise categories; focusing on opening price points for certain food categories; and when necessary, passing cost increases on to our customers and members. Merchandising strategies include, but are not limited to: working with our suppliers to reduce product costs and share in absorbing cost increases; focusing on private label brands and smaller pack sizes; earlier-than-usual purchasing and in greater volumes or moderating purchasing in certain categories; and securing ocean carrier and container capacity. These strategies have and may continue to impact gross profit as a perc ITEM 1. BUSINESS General Walmart Inc. (\"Walmart,\" the \"Company\" or \"we\") is a people-led, technology-powered omnichannel retailer dedicated to helping people around the world save money and live better by providing the opportunity to shop in both retail stores and through eCommerce, and to access our other service offerings. Through innovation, we strive to continuously improve a customer-centric experience that seamlessly integrates our eCommerce and retail stores in an omnichannel offering that saves time for our customers. Each week, we serve approximately 280 million customers who visit more than 10,900 stores in 19 countries and through our numerous eCommerce websites and mobile applications. Our strategy is to make every day easier for busy families, operate with discipline, sharpen our culture and become more digital, and make trust a competitive advantage. Making life easier for busy families includes our commitment to price leadership, which has been and will remain a cornerstone of our business, as well as increasing convenience to save our customers time. By leading on price, we earn the trust of our customers every day by providing a broad assortment of quality merchandise and services at everyday low prices (\"EDLP\"). EDLP is our pricing philosophy under which we price items at a low price every day so our customers trust that our prices will not change under frequent promotional activity. Everyday low cost (\"EDLC\") is our commitment to control expenses so our cost savings can be passed along to our customers. Our operations comprise three reportable segments: Walmart U.S., Walmart International and Sam's Club U.S. Our fiscal year ends on January 31 for our United States (\"U.S.\") and Canadian operations. We consolidate all other operations generally using a one-month lag and on a calendar year basis. Our discussion is as of, and for the fiscal years ended, January 31, 2026 (\"fiscal 2026\"), January 31, 2025 (\"fiscal 2025\") and January 31, 2024 (\"fisca ITEM 1A. RISK FACTORS The risks described below could, in ways we may or may not be able to accurately predict, materially and adversely affect our business, results of operations, financial position and liquidity. Our business operations could also be affected by additional factors that apply to all companies operating in the U.S. and globally. The follo", "title": "WMT - Walmart Inc.", "url": "/company/WMT/" }, { "kind": "company", "summary": "SIC 5331 Retail-Variety Stores; CIK 0000027419; latest 10-K filed 2026-03-11.", "text": "TGT - TARGET CORP SIC 5331 Retail-Variety Stores; CIK 0000027419; latest 10-K filed 2026-03-11. TGT TARGET CORP 0000027419 5331 Retail-Variety Stores Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Executive Overview In 2025, we operated in a dynamic and uncertain environment characterized by cautious consumers who remained value-focused and selective in discretionary spending along with unprecedented tariff volatility. Against this backdrop, we took decisive actions to strengthen our business and position Target for long-term growth with a clear strategic focus around four priorities: leading with merchandising authority; elevating the guest experience; accelerating technology; and strengthening team and communities. During 2025, we: \u2022Took action on our initiative to transform various aspects of our business, including organizational simplification to streamline decision-making, reduce complexity, and drive efficiency; \u2022Advanced the multi-year transformation of our Hardlines business into \"Fun 101\", an evolution in bringing greater cultural relevance and style authority to the assortment; \u2022Continued innovation within our owned brands portfolio, including design partnerships and collaborations across multiple categories, such as our new fresh floral owned brand, Good Little Garden, the kate spade new york x Target collection, and partnerships with celebrities including Taylor Swift and Tom Holland; \u2022Launched Precision Plus by Roundel\u2122, a retail media capability that improves advertising outcomes by leveraging data and AI-learning, and expanded our Target Plus third-party digital marketplace; \u2022Leveraged our nearly 2,000-store network (including 18 new stores opened in 2025) to fulfill the vast majority of sales through stores, supporting speed and cost efficiency, with two-thirds of digital sales fulfilled through our same-day fulfillment options; \u2022Realized significant improvements in inventory shrink throughout the year, with shrink rates reaching pre-pandemic levels; \u2022Enhanced artificial intelligence capabilities across merchandising, planning, inventory management, and personalization, and expanded the use of AI-powered tools to simplify work for store and headquarters teams; and \u2022Continued our longstanding commitment to community engagement and giving, including giving 5 percent of profit to communities, as well as over 1 million team member volunteer hours annually. Business Environment Beginning in 2025, the U.S. imposed a variety of additional tariffs on a wide range of imported products using various legal authorities, including IEEPA. Those additional tariffs were subsequently modified through incremental increases, decreases, pauses, and limited exemptions. Approximately one-half of the merchandise we offer is sourced from outside the U.S., either directly or through our vendors, with China as the single largest source of merchandise we import. On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under IEEPA were not authorized by the statute. The ruling does not establish a refund process, and significant uncertainty remains regarding how and when any amounts may be recovered. We are evaluating the ruling and potential actions available to us. Because the process, timing, and amount of any recovery are uncertain, we are unable to estimate the financial effects, if any, at this time. The ultimate resolution of this matter could materially affect our consolidated financial position, results of operations, and cash flows. We are closely monitoring the evolving consumer and regulatory landscape, including new tariffs announced in February 2026 in response to the U.S. Supreme Court ruling on IEEPA tariffs, and adjusting plans as needed. The collective interaction of tariffs, sourcing strategies, pricing actions, consumer response and behaviors, and other factors, could materially impact our sales and results of operations in future periods. [[GREPCENT_TABLE]] [[\"TARGET CORPORATION\",\"\",\"2025 Form 10-K\",\"27\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"MANAGEMENT'S DISCUSSION AND ANALYS Item 1. Business General Target Corporation was incorporated in Minnesota in 1902. Our corporate purpose is to help all families discover the joy of everyday life. We offer our customers, referred to as \"guests,\" fashionable, differentiated merchandise and everyday essentials at discounted prices. We operate as a single segment designed to enable guests to purchase products seamlessly in stores or through our digital channels. Since 1946, we have given 5 percent of our profit to communities. When used in this report, the terms \"we,\" \"our,\" \"us,\" \"Target,\" and the \"Corporation\" mean Target Corporation and its subsidiaries, collectively, unless the context otherwise requires or indicates. Strategy Target\u2019s strategy is grounded in our purpose to help all families discover the joy of everyday life and our ambition to be the most delightful experience in retail. We differentiate through design, style, and value, and a curated multi-category assortment delivered across stores and digital channels. Our strategy is centered on four priorities. Lead with Merchandising Authority. Curating design-led, trend-right assortments that combine quality, newness, and value. We focus on categories and brands where we can offer a distinctive and relevant experience for our guests. Elevate the Guest Experience. Elevating the guest experience by making shopping easy, inspiring, and friendly. Our stores remain central to this strategy as destination-worthy environments and fulfillment hubs, complemented by digital channels that support discovery, inspiration, and flexibility. Accelerate Technology to Enable Our Team and Delight Our Guests. Advancing technology, data and operational capabilities that enable personalization, improve execution, and support scalable growth. Strengthen Our Team and Communities. Developing a future-ready workforce through skills, leadership, and tools that amplify human performance. We are also dedicated to working with communities and partners to m Item 1A. Risk Factors Our business is subject to many risks. The following risks, some of which have occurred and any of which may occur in the future, could materially and adversely affect our business and financial performance. These are not the only risks we face and there may be other risks that could materially and adversely affect our business and financial performance. A", "title": "TGT - TARGET CORP", "url": "/company/TGT/" }, { "kind": "company", "summary": "SIC 5331 Retail-Variety Stores; CIK 0000909832; latest 10-K filed 2025-10-08.", "text": "COST - COSTCO WHOLESALE CORP /NEW SIC 5331 Retail-Variety Stores; CIK 0000909832; latest 10-K filed 2025-10-08. COST COSTCO WHOLESALE CORP /NEW 0000909832 5331 Retail-Variety Stores Item 7\u2014Management's Discussion and Analysis of Financial Condition and Results of Operations (amounts in millions, except per share, share, percentages and warehouse count data) Overview Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of the results of operations and financial condition. MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying Notes to Financial Statements (Part II, Item 8 of this Form 10-K). This section generally discusses the results of operations for 2025 compared to 2024. For discussion related to the results of operations and changes in financial condition for 2024 compared to 2023 refer to Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations in our fiscal year 2024 Form 10-K, which was filed with the Securities and Exchange Commission (SEC) on October 9, 2024. We believe that the most important driver of our profitability is increasing net sales, particularly comparable sales. Net sales includes our core merchandise categories (foods and sundries, non-foods, and fresh foods), warehouse ancillary (gasoline, pharmacy, optical, food court, hearing aids, and tire installation) and other businesses (e-commerce, business centers, travel, and other). E-commerce and business center sales are allocated to the appropriate merchandise categories in the Net Sales discussion. The 2% reward associated with Executive membership reduces net sales and is allocated to the category in which the reward is generated (core merchandise categories, warehouse ancillary, and other businesses). Comparable sales is defined as net sales from warehouses open for more than one year, including remodels, relocations and expansions, and sales related to e-commerce sites operating for more than one year. The measure is intended as supplemental information and is not a substitute for net sales presented in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and should be reviewed in conjunction with results reported in accordance with U.S. GAAP. Comparable sales growth is achieved through increasing shopping frequency from new and existing members and the amount they spend on each visit (average ticket). Sales comparisons can also be particularly influenced by certain factors that are beyond our control: fluctuations in currency exchange rates (with respect to our international operations) and inflation or deflation in the cost of gasoline and associated competitive conditions. The higher our comparable sales exclusive of these items, the more we can leverage our selling, general and administrative (SG&A) expenses, reducing them as a percentage of sales and enhancing profitability. Generating comparable sales growth is foremost a question of making available the right merchandise at the right prices, a skill that we believe we have repeatedly demonstrated over the long-term. Another substantial factor in net sales growth is the health of the economies in which we do business, including the effects of inflation or deflation, especially the United States. Net sales growth and gross margins are also impacted by competition, which is vigorous and widespread, across a wide range of global, national and regional wholesalers and retailers, including those with e-commerce operations. While we cannot control or reliably predict general economic health or changes in competition, we believe that we have been successful historically in adapting our business to these changes, such as through adjustments to our pricing and merchandise mix, including increasing the penetration of our private-label items, and through online offerings. Our philosophy is to provide our members with quality goods and services at competitive prices. We do not focus in the short-term on maximizing prices charged, but instead seek to maintain w Item 1\u2014Business Costco Wholesale Corporation and its subsidiaries (Costco or the Company) began operations in 1983, in Seattle, Washington. We are principally engaged in the operation of membership warehouses in the United States (U.S.) and Puerto Rico, Canada, Mexico, Japan, the United Kingdom (U.K.), Korea, Australia, Taiwan, China, Spain, France, Sweden, Iceland, and New Zealand. Costco operated 914, 890, and 861 warehouses worldwide at August 31, 2025, September 1, 2024, and September 3, 2023. The Company operates e-commerce sites in the U.S., Canada, Mexico, the U.K., Korea, Taiwan, Japan, and Australia. Our common stock trades on the NASDAQ Global Select Market, under the symbol \u201cCOST.\u201d We report on a 52/53-week fiscal year, consisting of thirteen four-week periods and ending on the Sunday nearest the end of August. The first three quarters consist of three periods each, and the fourth quarter consists of four periods (five weeks in the thirteenth period in a 53-week year). The material seasonal impact in our operations is increased net sales and earnings during the winter holiday season. References to 2025 and 2024 relate to the 52-week fiscal years ended August 31, 2025, and September 1, 2024. References to 2023 relate to the 53-week fiscal year ended September 3, 2023. General We operate membership warehouses and e-commerce sites based on the concept that offering low prices on a limited selection of nationally-branded and private-label products in a wide range of categories will produce high sales volumes and rapid inventory turnover. When combined with the operating efficiencies achieved by volume purchasing, efficient distribution and reduced handling of merchandise in no-frills, self-service warehouse facilities, these volumes and turnover enable us to operate profitably at significantly lower gross margins (net sales less merchandise costs) than most other retailers. We often sell inventory before we are required to pay for it, even while taking ad Item 1A\u2014Risk Factors The risks described below could materially and adversely affect our business, financial condition and results of operations. We could also be affected by additional risks that apply to all companies operating in the U.S. and globally, as well as other risks that are not presently known to us or that we", "title": "COST - COSTCO WHOLESALE CORP /NEW", "url": "/company/COST/" }, { "kind": "company", "summary": "SIC 3571 Electronic Computers; CIK 0000320193; latest 10-K filed 2025-10-31.", "text": "AAPL - Apple Inc. SIC 3571 Electronic Computers; CIK 0000320193; latest 10-K filed 2025-10-31. AAPL Apple Inc. 0000320193 3571 Electronic Computers Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and accompanying notes included in Part II, Item 8 of this Form 10-K. This Item generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included, and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended September 28, 2024. Product, Service and Software Announcements The Company announces new product, service and software offerings at various times during the year. Significant announcements during fiscal year 2025 included the following: First Quarter 2025: \u2022MacBook Pro \u2022Mac mini \u2022iMac \u2022iPad mini Second Quarter 2025: \u2022iPhone 16e \u2022iPad Air \u2022iPad \u2022MacBook Air \u2022Mac Studio Third Quarter 2025: \u2022iOS 26, macOS Tahoe 26, iPadOS 26, watchOS 26, visionOS 26 and tvOS 26 Fourth Quarter 2025: \u2022iPhone 17, iPhone Air, iPhone 17 Pro and iPhone 17 Pro Max \u2022Apple Watch Series 11, Apple Watch SE 3 and Apple Watch Ultra 3 \u2022AirPods Pro 3 Fiscal Period The Company\u2019s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is included in the first fiscal quarter every five or six years to realign the Company\u2019s fiscal quarters with calendar quarters, which occurred in the first quarter of 2023. The Company\u2019s fiscal years 2025 and 2024 spanned 52 weeks each, whereas fiscal year 2023 spanned 53 weeks. Macroeconomic Conditions Macroeconomic conditions, including inflation, interest rates and currency fluctuations, have directly and indirectly impacted, and could in the future materially impact, the Company\u2019s results of operations and financial condition. Apple Inc. | 2025 Form 10-K | 21 Tariffs and Other Measures Beginning in the second quarter of 2025, new U.S. Tariffs were announced, including additional tariffs on imports from China, India, Japan, South Korea, Taiwan, Vietnam and the EU, among others. In response, several countries have imposed, or threatened to impose, reciprocal tariffs on imports from the U.S. and other retaliatory measures. Various modifications to the U.S. Tariffs have been announced and further changes could be made in the future, which may include additional sector-based tariffs or other measures. For example, the U.S. Department of Commerce has initiated an investigation under Section 232 of the Trade Expansion Act of 1962, as amended, into, among other things, imports of semiconductors, semiconductor manufacturing equipment, and their derivative products, including downstream products that contain semiconductors. Tariffs and other measures that are applied to the Company\u2019s products or their components can have a material adverse impact on the Company\u2019s business, results of operations and financial condition, including impacting the Company\u2019s supply chain, the availability of rare earths and other raw materials and components, pricing and gross margin. The ultimate impact remains uncertain and will depend on several factors, including whether additional or incremental U.S. Tariffs or other measures are announced or imposed, to what extent other countries implement tariffs or other retaliatory measures in response, and the overall magnitude and duration of these measures. Trade and other international disputes can have an adverse impact on the overall macroeconomic environment and result in shifts and reductions in consumer spending and negative consumer sentiment for the Company\u2019s products and services, all of which can further adversely affect the Company\u2019s business and results of operations. Segment Operating Performance The following table shows net sales by reportable segment for 2025, 2024 and 2023 Item 1. Business Company Background The Company designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services. The Company\u2019s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. Products iPhone iPhone\u00ae is the Company\u2019s line of smartphones based on its iOS operating system. The iPhone line includes iPhone 17 Pro, iPhone Air\u2122, iPhone 17, iPhone 16 and iPhone 16e. Mac Mac\u00ae is the Company\u2019s line of personal computers based on its macOS\u00ae operating system. The Mac line includes laptops MacBook Air\u00ae and MacBook Pro\u00ae, as well as desktops iMac\u00ae, Mac mini\u00ae, Mac Studio\u00ae and Mac Pro\u00ae. iPad iPad\u00ae is the Company\u2019s line of multipurpose tablets based on its iPadOS\u00ae operating system. The iPad line includes iPad Pro\u00ae, iPad Air\u00ae, iPad and iPad mini\u00ae. Wearables, Home and Accessories Wearables includes smartwatches, wireless headphones and spatial computers. The Company\u2019s line of smartwatches, based on its watchOS\u00ae operating system, includes Apple Watch\u00ae Series 11, Apple Watch SE\u00ae 3 and Apple Watch Ultra\u00ae 3. The Company\u2019s line of wireless headphones includes AirPods\u00ae, AirPods Pro\u00ae, AirPods Max\u00ae and Beats\u00ae products. Apple Vision Pro\u2122 is the Company\u2019s spatial computer based on its visionOS\u00ae operating system. Home includes Apple TV 4K\u00ae, the Company\u2019s media streaming and gaming device based on its tvOS\u00ae operating system, and HomePod\u00ae and HomePod mini\u00ae, high-fidelity wireless smart speakers. Accessories includes Apple-branded and third-party accessories. Apple Inc. | 2025 Form 10-K | 1 Services Advertising The Company\u2019s advertising services include third-party licensing arrangements and the Company\u2019s own advertising platforms. AppleCare The Company offers a portfolio of fee-based service and support products under the AppleCare\u00ae brand. The offerings provide priority access to Apple technical support, access to the global Apple authorized service network for Item 1A. Risk Factors The following summarizes factors that could have a material adverse effect on the Company\u2019s business, reputation, results of operations, financial condition and stock price. The Company may not be able to accurately predict, control or mitigate these risks. Statements in this section are based on the Company\u2019s beliefs and opinions regarding matters that could materially adversely a", "title": "AAPL - Apple Inc.", "url": "/company/AAPL/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0000789019; latest 10-K filed 2025-07-30.", "text": "MSFT - MICROSOFT CORP SIC 7372 Services-Prepackaged Software; CIK 0000789019; latest 10-K filed 2025-07-30. MSFT MICROSOFT CORP 0000789019 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand the results of operations and financial condition of Microsoft Corporation. MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying Notes to Financial Statements (Part II, Item 8 of this Form 10-K). This section generally discusses the results of our operations for the year ended June 30, 2025 compared to the year ended June 30, 2024. For a discussion of the year ended June 30, 2024 compared to the year ended June 30, 2023, please refer to Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended June 30, 2024 and our Form 8-K filed on December 3, 2024. OVERVIEW Microsoft is a technology company committed to making digital technology and artificial intelligence (\u201cAI\u201d) available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more. We create platforms and tools, powered by AI, that deliver innovative solutions that meet the evolving needs of our customers. We generate revenue by offering a wide range of cloud-based solutions, content, and other services to people and businesses; licensing and supporting an array of software products; delivering relevant online advertising to a global audience; and designing and selling devices. Our most significant expenses are related to compensating employees; supporting and investing in our cloud-based services, including datacenter operations; designing, manufacturing, marketing, and selling our other products and services; and income taxes. Highlights from fiscal year 2025 compared with fiscal year 2024 included: \u2022 Microsoft Cloud revenue increased 23% to $168.9 billion. \u2022 Microsoft 365 Commercial products and cloud services revenue increased 14% driven by Microsoft 365 Commercial cloud revenue growth of 15%. \u2022 Microsoft 365 Consumer products and cloud services revenue increased 11% driven by Microsoft 365 Consumer cloud revenue growth of 11%. \u2022 LinkedIn revenue increased 9%. \u2022 Dynamics products and cloud services revenue increased 15% driven by Dynamics 365 revenue growth of 19%. \u2022 Server products and cloud services revenue increased 23% driven by Azure and other cloud services revenue growth of 34%. \u2022 Windows OEM and Devices revenue increased 3%. \u2022 Xbox content and services revenue increased 16%. \u2022 Search and news advertising revenue excluding traffic acquisition costs increased 20%. Industry Trends and Opportunities Our industry is dynamic and highly competitive, with frequent changes in both technologies and business models. Each industry shift is an opportunity to conceive new products, new technologies, or new ideas that can further transform the industry and our business. At Microsoft, we push the boundaries of what is possible through a broad range of research and development activities that seek to identify and address the changing demands of customers and users, industry trends, and competitive forces. Microsoft and OpenAI maintain a long-term strategic partnership originally established in 2019. Microsoft is a major investor in OpenAI, and the companies have reciprocal revenue-sharing arrangements. We hold rights to OpenAI\u2019s intellectual property, including models and infrastructure, for integration into our products. The OpenAI API is exclusive to Azure, runs on Azure, and is available through the Azure OpenAI Service. We also have a right of first refusal on OpenAI's new capacity needs. 35 PART II Item 7 Economic Conditions, Challenges, and Risks The markets for software, devices, and cloud-based services are dynamic and highly competitive. Our competitors are develo ITEM 1. BUSINESS GENERAL Microsoft is a technology company committed to making digital technology and artificial intelligence (\u201cAI\u201d) available broadly and doing so responsibly. Our mission is to empower every person and every organization on the planet to achieve more. We develop and support a broad portfolio of technology solutions for individuals and businesses, focusing on secure, trusted, and innovative platforms and tools that meet evolving customer needs across cloud computing, productivity and collaboration, and personal computing. We strive to create opportunity, growth, and impact in every country around the world. AI is fundamentally transforming productivity for every individual, organization, and industry. Microsoft's AI offerings span every layer of the technology stack, enabling transformative outcomes across sectors and unlocking opportunity for every country, community, and individual. We believe AI should be as empowering as it is powerful, and we\u2019re committed to designing and deploying AI responsibly with safety and security from the outset. What We Offer Founded in 1975, we develop and support software, services, devices, and solutions that deliver new value for customers and help people and businesses realize their full potential. We offer an array of services, including cloud-based solutions that provide customers with software, services, platforms, and content, and we provide solution support and consulting services. We also deliver relevant online advertising to a global audience. Our products include operating systems, cross-device productivity and collaboration applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. We also design and sell devices, including PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. Digital transformation and adoption of AI continues to revolutionize more business w ITEM 1A. RISK FACTORS Our operations and financial results are subject to various risks and uncertainties, including those described below, that could adversely affect our business, operations, financial condition, results of operations, liquidity, and the trading price of our common stock. STRATEGIC AND COMPETITIVE RISKS We face intense competition acro", "title": "MSFT - MICROSOFT CORP", "url": "/company/MSFT/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001045810; latest 10-K filed 2026-02-25.", "text": "NVDA - NVIDIA CORP SIC 3674 Semiconductors & Related Devices; CIK 0001045810; latest 10-K filed 2026-02-25. NVDA NVIDIA CORP 0001045810 3674 Semiconductors & Related Devices Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with \u201cItem 1A. Risk Factors,\u201d our Consolidated Financial Statements and related Notes thereto, as well as other cautionary statements and risks described elsewhere in this Annual Report on Form 10-K, before deciding to purchase, hold, or sell shares of our common stock. Overview Our Company and Our Businesses NVIDIA pioneered accelerated computing to help solve the most challenging computational problems. Since our original focus on PC graphics, we have expanded to several other large and important computationally intensive fields. Fueled by the sustained demand for exceptional 3D graphics and the scale of the gaming market, NVIDIA has leveraged its GPU architecture to create platforms for scientific computing, AI, data science, autonomous vehicles, robotics, and digital twin applications. NVIDIA is now a data center scale AI infrastructure company reshaping all industries. Our two operating segments are \"Compute & Networking\" and \"Graphics.\" Refer to Note 16 of the Notes to the Consolidated Financial Statements in Part IV, Item 15 of this Annual Report on Form 10-K for additional information. Headquartered in Santa Clara, California, NVIDIA was incorporated in California in April 1993 and reincorporated in Delaware in April 1998. Recent Developments, Future Objectives and Challenges Revenue growth in fiscal year 2026 was driven by data center compute and networking platforms for accelerated computing and AI solutions. Our Blackwell architectures represented the majority of our Data Center revenue. The availability of data centers, energy, and capital to support the buildout of NVIDIA AI infrastructure by our customers and partners is crucial, and any shortage of these or other necessary resources could impact our future revenue and financial performance. Expanding energy capacity to meet demand is a complex, multi-year process that involves significant regulatory, technical, and construction challenges. In addition, access to capital can be particularly constrained for less-capitalized companies, which may face difficulties securing financing for large-scale infrastructure projects. These limitations could delay customer and partner deployments or reduce the scale of accelerated computing and AI adoption. We continue to execute Data Center compute product introductions, bringing new advanced architectures on a one-year product cadence, including our Rubin platform. We began shipping production units of our new Blackwell Ultra platforms including GB300 in the second quarter of fiscal year 2026. The complexity of our product transitions and sophisticated system configurations has and may in the future cause delays in production and create challenges in managing supply and demand. This could further result in revenue volatility, quality issues, increased inventory provisions, decreases in product yields and higher material costs, and/or increased warranty costs. Customers may postpone purchasing new architectures or may adopt new technologies more gradually than anticipated, affecting our revenue timing and supply chain expenses. In April 2025, the USG informed us that a license is required for exports of our H20 product into the China market. As a result of these requirements, we incurred a $4.5 billion charge in the first quarter of fiscal year 2026 associated with H20 for excess inventory and purchase obligations, as the demand for H20 diminished. In August 2025, the USG granted licenses that would allow us to ship certain H20 products to certain China-based customers. We generated approximately $60 million in H20 revenue under those licenses. In February 2026, the USG granted a license that would allow us to ship small amounts of H200 products to specific China-based customers. To date, we have not gen Item 1. Business Our Company NVIDIA pioneered accelerated computing to help solve the most challenging computational problems. NVIDIA is now a data center scale AI infrastructure company reshaping all industries. Our technology stack includes the foundational NVIDIA CUDA development platform that runs on all NVIDIA GPUs, as well as hundreds of domain-specific software libraries, frameworks, algorithms, software development kits, or SDKs, and application programming interfaces, or APIs. This deep and broad software stack accelerates the performance and facilitates the deployment of NVIDIA accelerated computing for computationally intensive workloads such as artificial intelligence, or AI, model training and inference, data analytics, scientific computing, robotics, and 3D graphics, with vertical-specific optimizations to address industries ranging from healthcare and telecom to automotive and manufacturing. Introduced with the Blackwell architecture, our data-center-scale offerings feature extreme co-design where the infrastructure\u2019s chips, networking, systems, software, and algorithms are holistically architected and optimized to maximize performance and scale. Hundreds of thousands of GPUs can be interconnected to function as a single giant computer. This type of data center architecture and scale is needed for the development and deployment of modern AI and accelerated computing applications. The GPU was initially used to simulate human imagination, enabling the virtual worlds of video games and films. Today, it also simulates human intelligence, enabling a deeper understanding of language, science, and the physical world. Its parallel processing capabilities, supported by tens of thousands of computing cores, are essential for deep learning algorithms. This form of AI, in which software writes itself by learning from large amounts of data, can serve as the brain of computers, robots, and self-driving cars that can perceive, understand and reason about the wo Item 1A. Risk Factors The following risk factors should be considered in addition to the other information in this Annual Report on Form 10-K. The following risks could harm our business, financial condition, results of operations or reputation, which could cause our stock price to decline. Additional risks, trends and uncertainties not pr", "title": "NVDA - NVIDIA CORP", "url": "/company/NVDA/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000019617; latest 10-K filed 2026-02-13.", "text": "JPM - JPMORGAN CHASE & CO SIC 6021 National Commercial Banks; CIK 0000019617; latest 10-K filed 2026-02-13. JPM JPMORGAN CHASE & CO 0000019617 6021 National Commercial Banks Management\u2019s discussion and analysis The following is Management\u2019s discussion and analysis of the financial condition and results of operations (\u201cMD&A\u201d) of JPMorganChase for the year ended December 31, 2025. The MD&A is included in both JPMorganChase\u2019s Annual Report for the year ended December 31, 2025 (\u201cAnnual Report\u201d) and its Annual Report on Form 10-K for the year ended December 31, 2025 (\u201c2025 Form 10-K\u201d or \u201cForm 10-K\u201d) filed with the Securities and Exchange Commission (\u201cSEC\u201d). Refer to the Glossary of terms and acronyms on pages 320\u2013327 for definitions of terms and acronyms used throughout the Annual Report and the 2025 Form 10-K. This Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current beliefs and expectations of JPMorganChase\u2019s management, speak only as of the date of this Form 10-K and are subject to significant risks and uncertainties. Refer to Forward-looking Statements on page 160 and Part 1, Item 1A: Risk Factors in this Form 10-K on pages 9\u201331 for a discussion of certain of those risks and uncertainties and the factors that could cause JPMorganChase\u2019s actual results to differ materially because of those risks and uncertainties. There is no assurance that actual results will be in line with any outlook information set forth herein, and the Firm does not undertake to update any forward-looking statements. INTRODUCTION JPMorgan Chase & Co. (NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the United States of America (\u201cU.S.\u201d), with operations worldwide. JPMorganChase had $4.4 trillion in assets and $362.4 billion in stockholders\u2019 equity as of December 31, 2025. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers, predominantly in the U.S., and many of the world\u2019s most prominent corporate, institutional and government clients globally. JPMorganChase\u2019s principal bank subsidiary is JPMorgan Chase Bank, National Association (\u201cJPMorgan Chase Bank, N.A.\u201d), a national banking association with U.S. branches in 48 states and Washington, D.C. JPMorganChase\u2019s principal non-bank subsidiary is J.P. Morgan Securities LLC (\u201cJ.P. Morgan Securities\u201d), a U.S. broker-dealer. The bank and non-bank subsidiaries of JPMorganChase operate nationally as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. The Firm\u2019s principal operating subsidiaries outside the U.S. are J.P. Morgan Securities plc and J.P. Morgan SE (\u201cJPMSE\u201d), which are subsidiaries of JPMorgan Chase Bank, N.A. and are based in the United Kingdom (\u201cU.K.\u201d) and Germany, respectively. For management reporting purposes, the Firm has three reportable business segments \u2013 Consumer & Community Banking (\u201cCCB\u201d), Commercial & Investment Bank (\u201cCIB\u201d) and Asset & Wealth Management (\u201cAWM\u201d) \u2013 with the remaining activities in Corporate. The Firm's consumer business segment is CCB, and the Firm's wholesale business segments are CIB and AWM. Refer to Business Segment & Corporate Results on pages 62\u201382 and Note 32 for a description of the Firm\u2019s reportable business segments and the products and services that they provide to their respective client bases, as well as a description of Corporate activities. The Firm\u2019s website is www.jpmorganchase.com. JPMorganChase makes available on its website, free of charge, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after it electronically files or furnishes such material to the U.S. Securities and Exchange Commission (the \u201cSEC\u201d) at www.sec.g Item 1. Business. Overview JPMorgan Chase & Co. (\u201cJPMorganChase\u201d or the \u201cFirm\u201d, NYSE: JPM), a financial holding company incorporated under Delaware law in 1968, is a leading financial services firm based in the United States of America (\u201cU.S.\u201d), with operations worldwide. JPMorganChase had $4.4 trillion in assets and $362.4 billion in stockholders\u2019 equity as of December 31, 2025. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers, predominantly in the U.S., and many of the world\u2019s most prominent corporate, institutional and government clients globally. JPMorganChase\u2019s principal bank subsidiary is JPMorgan Chase Bank, National Association (\u201cJPMorgan Chase Bank, N.A.\u201d), a national banking association with U.S. branches in 48 states and Washington, D.C. JPMorganChase\u2019s principal non-bank subsidiary is J.P. Morgan Securities LLC (\u201cJ.P. Morgan Securities\u201d), a U.S. broker-dealer. The bank and non-bank subsidiaries of JPMorganChase operate nationally as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks. The Firm\u2019s principal operating subsidiaries outside the U.S. are J.P. Morgan Securities plc and J.P. Morgan SE (\u201cJPMSE\u201d), which are subsidiaries of JPMorgan Chase Bank, N.A. and are based in the United Kingdom (\u201cU.K.\u201d) and Germany, respectively. The Firm\u2019s website is www.jpmorganchase.com. JPMorganChase makes available on its website, free of charge, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after it electronically files or furnishes such material to the U.S. Securities and Exchange Commission (the \u201cSEC\u201d) at www.sec.gov. JPMorganChase makes new and importa Item 1A. Risk Factors. The following discussion sets forth the material risk factors that could affect JPMorganChase\u2019s financial condition and operations. Readers should not consider any descriptions of these factors to be a complete set of all potential risks that could affect the Firm. Any of the risk factors discussed below could ", "title": "JPM - JPMORGAN CHASE & CO", "url": "/company/JPM/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000070858; latest 10-K filed 2026-02-25.", "text": "BAC - BANK OF AMERICA CORP /DE/ SIC 6021 National Commercial Banks; CIK 0000070858; latest 10-K filed 2026-02-25. BAC BANK OF AMERICA CORP /DE/ 0000070858 6021 National Commercial Banks Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Bank of America Corporation (the Corporation) and its management may make certain statements that constitute \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as \u201canticipates,\u201d \u201ctargets,\u201d \u201cexpects,\u201d \u201chopes,\u201d \u201cestimates,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cgoals,\u201d \u201coutlook,\u201d \u201cbelieves,\u201d \u201ccontinue\u201d and other similar expressions or future or conditional verbs such as \u201cwill,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cshould,\u201d \u201cwould\u201d and \u201ccould.\u201d Forward-looking statements represent the Corporation\u2019s current expectations, plans or forecasts of its or its lines of business future results, which may include, among other measures, revenue, liquidity, net interest income, other income, provision for credit losses, expenses, operating leverage, effective tax rate, efficiency ratio, capital measures, deposits and assets, as well as strategy, future business and economic conditions more generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond the Corporation\u2019s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully discussed under Item 1A. Risk Factors of this Annual Report on Form 10-K: and in any of the Corporation\u2019s subsequent U.S. Securities and Exchange Commission (SEC) filings: the Corporation\u2019s potential judgments, orders, settlements, penalties, fines and reputational damage, which are inherently difficult to predict, resulting from pending, threatened or future litigation and regulatory inquiries, demands, requests, investigations, proceedings and enforcement actions, which the Corporation is subject to in the ordinary course of business, including matters related to our processing of unemployment benefits for California and certain other states, the features of our automatic credit card payment service, the adequacy of the Corporation\u2019s anti-money laundering and economic sanctions programs and the processing of electronic payments, including through the Zelle network, and related fraud, which are in various stages; in connection with ongoing litigation, the impact of certain changes to Visa\u2019s and Mastercard\u2019s respective card payment network rules and reductions in interchange fees for U.S.-based merchants; the possibility that the Corporation\u2019s future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, and regulatory and government actions; the impact of U.S. and global interest rates (including the potential for ongoing fluctuations in interest rates), inflation, currency exchange rates, economic conditions, trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, which may have varying effects across industries and geographies, and geopolitical instability; uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and related stresses on financial markets, currencies and trade, and the Corporation\u2019s exposures to such risks, including direct, indirect and operational; the impact of the interest rate, inflationary, macroeconomic, banking and regulatory environment on the Corporation\u2019s assets, business, financial condition and results of operations; the Item 1. Business Bank of America Corporation is a Delaware corporation, a bank holding company (BHC) and a financial holding company. When used in this report, \u201cBank of America,\u201d \u201cthe Corporation,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d may refer to Bank of America Corporation individually, Bank of America Corporation and its subsidiaries, or certain of Bank of America Corporation\u2019s subsidiaries or affiliates. As part of our efforts to streamline the Corporation\u2019s organizational structure and reduce complexity and costs, the Corporation has reduced and intends to continue to reduce the number of its corporate subsidiaries, including through intercompany mergers. Bank of America is one of the world\u2019s largest financial institutions, serving individual consumers, small- and middle-market businesses, institutional investors, large corporations and governments with a full range of banking, investing, asset management and other financial and risk management products and services. Our principal executive offices are located in the Bank of America Corporate Center, 100 North Tryon Street, Charlotte, North Carolina 28255. Bank of America\u2019s website is www.bankofamerica.com, and the Investor Relations portion of our website is https://investor.bankofamerica.com. We use our website to distribute company information, including as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. We routinely post and make accessible financial and other information regarding the Corporation on our website. Investors should monitor our website, including the Investor Relations portion of our website, in addition to our press releases, U.S. Securities and Exchange Commission (SEC) filings, public conference calls and webcasts. Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 19 Item 1A. Risk Factors The discussion below addresses our material risk factors of which we are aware. Any risk factor, either by itself or together with other risk factors, could materially and adversely affect our businesses, results of operations, cash flows and/or financial condition. References to third parties ", "title": "BAC - BANK OF AMERICA CORP /DE/", "url": "/company/BAC/" }, { "kind": "company", "summary": "SIC 2911 Petroleum Refining; CIK 0000034088; latest 10-K filed 2026-02-18.", "text": "XOM - EXXON MOBIL CORP SIC 2911 Petroleum Refining; CIK 0000034088; latest 10-K filed 2026-02-18. XOM EXXON MOBIL CORP 0000034088 2911 Petroleum Refining MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FORWARD-LOOKING STATEMENTS Statements related to future events; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions and plans; future earnings power; potential addressable markets; and other statements of future events or conditions are forward-looking statements. Similarly, discussion of roadmaps or future plans related to carbon capture, transportation and storage, hydrogen and ammonia, lower-emission fuels, direct air capture, ProxximaTM resin systems, carbon materials, low-carbon data centers, lithium, and other future plans to reduce emissions and emissions intensity of ExxonMobil, its affiliates, and third parties are dependent on future market factors, such as continued technological progress, stable policy support, and timely rule-making and permitting, and represent forward-looking statements. Actual future results, including financial and operating performance; potential earnings, cash flow, dividends or shareholder returns, including the timing and amounts of share repurchases; total capital expenditures and mix, including allocations of capital to low-carbon and other new investments; realization and maintenance of structural cost reductions and efficiency gains, including the ability to offset inflationary pressure; plans to reduce future emissions and emissions intensity, including ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in integrated Upstream Permian Basin unconventional operated assets by 2035, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reach near-zero methane emissions from operated assets and other methane initiatives, and to meet ExxonMobil\u2019s emission reduction plans and goals, divestment and start-up plans, and associated project plans as well as technology advances, including the timing and outcome of projects to capture, transport and store CO2, produce hydrogen and ammonia, produce lower-emission fuels, produce ProxximaTM resin systems, produce carbon materials, produce lithium, and use plastic waste as feedstock for advanced recycling; future debt levels and credit ratings; business and project plans, timing, costs, capacities and profitability; resource recoveries and production rates; and planned Denbury and Pioneer integrated benefits, could differ materially due to a number of factors. These include global or regional changes or imbalances in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market factors; economic conditions and seasonal fluctuations that impact prices, differentials, and volume/mix for our products; developments or changes in local, national, or international laws, regulations, taxes, trade sanctions, trade tariffs, or policies affecting our business, such as government policies supporting lower-carbon and new market investment opportunities, the punitive European taxes on the oil and gas sector and unequal support for different technological methods of emissions reduction or evolving, ambiguous, and unharmonized voluntary and mandatory standards or extraterritorial laws and regulations imposed by various jurisdictions related to sustainability and greenhouse gas reporting; timely granting of governmental permits, licenses, and certifications; uncertain impacts of deregulation on the legal and regulatory environment; changes in interest and exchange rates; variable impacts of trading activities on our margins and results each quarter; actions of co-venturers or partners, competitors, and commercial counterparties, including suppliers and customers; government actions in pursuit of national energy and security policies and priorities affecting our business; the outcome of commercial negotiations, including final agreed terms and conditions; the outcome of competitive bidding and project awa ITEM 1. BUSINESS Exxon Mobil Corporation was incorporated in the State of New Jersey in 1882. Divisions and affiliated companies of ExxonMobil operate or market products in the United States and most other countries of the world. Our principal business involves exploration for, and production of, crude oil and natural gas; manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and a wide variety of specialty products; and pursuit of lower-emission and other new business opportunities, including carbon capture and storage, hydrogen and ammonia, lower-emission fuels, ProxximaTM resin systems, carbon materials, low-carbon data centers, and lithium. Affiliates of ExxonMobil conduct extensive research programs in support of these businesses. Exxon Mobil Corporation's divisions and affiliates have many names, including ExxonMobil, Exxon, Esso, Mobil or XTO. For convenience and simplicity, in this report the terms ExxonMobil, Exxon, Esso, Mobil, and XTO, as well as terms like Corporation, Company, our, we, and its, are sometimes used as abbreviated references to specific affiliates or groups of affiliates. The precise meaning depends on the context in question. The energy and petrochemical industries are highly competitive, both within the industries and also with other industries in supplying the energy, fuel, and chemical needs of industrial and individual consumers. Certain industry participants, including ExxonMobil, are expanding the scope of investments in lower-emission energy and emission-reduction services and technologies. The Corporation competes with other firms in the sale or purchase of needed goods and services in many national and international markets and employs all methods of competition which are lawful and appropriate for such purposes. Operating data and industry segment information for the Corporation are contained in the Financial Section of this report under the following: \u201cManagement's Discussion ITEM 1A. RISK FACTORS ExxonMobil\u2019s financial and operating results are subject to a variety of risks inherent in the global oil, gas, and petrochemical businesses and the pursuit of lower-emission and other new business opportunities. Many of these risk factors are not within the Company\u2019s control and could adversely affect our business, our financial", "title": "XOM - EXXON MOBIL CORP", "url": "/company/XOM/" }, { "kind": "company", "summary": "SIC 2911 Petroleum Refining; CIK 0000093410; latest 10-K filed 2026-02-24.", "text": "CVX - CHEVRON CORP SIC 2911 Petroleum Refining; CIK 0000093410; latest 10-K filed 2026-02-24. CVX CHEVRON CORP 0000093410 2911 Petroleum Refining Results of Operations The following section presents the results of operations and variances on an after-tax basis for the company\u2019s business segments \u2013 Upstream and Downstream \u2013 as well as for \u201cAll Other.\u201d Earnings are also presented for the U.S. and international geographic areas of the Upstream and Downstream business segments. Refer to Note 14 Operating Segments and Geographic Data for a discussion of the company\u2019s \u201creportable segments.\u201d This section should also be read in conjunction with the discussion in Business Environment and Outlook. Refer to the Selected Operating Data for a three-year comparison of production volumes, refined product sales volumes and refinery inputs. A discussion of variances between 2024 and 2023 can be found in the \u201cResults of Operations\u201d section on pages 43 through 44 of the company\u2019s 2024 Annual Report on Form 10-K filed with the SEC on February 21, 2025. Worldwide Upstream earningsBillions of Dollars [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"United States\"],[\"\",\"\",\"\",\"International\"]] [[/GREPCENT_TABLE]] Worldwide Downstream earningsBillions of dollars [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"United States\"],[\"\",\"\",\"\",\"International\"]] [[/GREPCENT_TABLE]] U.S. refined product salesThousands of barrels per day [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"Other\"],[\"\",\"\",\"\",\"Fuel oil\"],[\"\",\"\",\"\",\"Diesel/Gas oil\"],[\"\",\"\",\"\",\"Jet fuel\"],[\"\",\"\",\"\",\"Gasoline\"]] [[/GREPCENT_TABLE]] International refined product sales*Thousands of barrels per day [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"Other\"],[\"\",\"\",\"\",\"Fuel oil\"],[\"\",\"\",\"\",\"Diesel/Gas oil\"],[\"\",\"\",\"\",\"Jet fuel\"],[\"\",\"\",\"\",\"Gasoline\"],[\"*includes equity share in affiliates\"]] [[/GREPCENT_TABLE]] U.S. Upstream [[GREPCENT_TABLE]] [[\"\",\"Unit *\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Earnings\",\"$MM\",\"$\",\"5,815\",\"\",\"\",\"$\",\"7,602\",\"\",\"\",\"$\",\"4,148\"],[\"Net Oil-Equivalent Production\",\"MBOED\",\"1,858\",\"\",\"\",\"1,599\",\"\",\"1,349\"],[\"Liquids Production\",\"MBD\",\"1,341\",\"\",\"1,152\",\"\",\"997\"],[\"Natural Gas Production\",\"MMCFD\",\"3,099\",\"\",\"2,684\",\"\",\"2,112\"],[\"Liquids Realization\",\"$/BBL\",\"$\",\"48.13\",\"\",\"\",\"$\",\"56.24\",\"\",\"\",\"$\",\"59.19\"],[\"Natural Gas Realization\",\"$/MCF\",\"$\",\"2.05\",\"\",\"\",\"$\",\"1.04\",\"\",\"\",\"$\",\"1.67\"],[\"* MBD \\u2014 thousands of barrels per day; MMCFD \\u2014 millions of cubic feet per day; BBL \\u2014 Barrel; MCF \\u2014 thousands of cubic feet; MBOED \\u2014 thousands of barrels of oil-equivalent per day.\"]] [[/GREPCENT_TABLE]] U.S. upstream earnings decreased by $1.8 billion, primarily due to lower liquids realizations of $2.4 billion, higher operating expenses of $2.0 billion, and higher depreciation, depletion and amortization of $1.4 billion, partly offset by higher sales volumes of $2.8 billion, and higher natural gas realizations of $800 million. All figures are inclusive of Hess. Net oil-equivalent production was up 259,000 barrels per day, or 16 percent, primarily due to the acquisition of Hess and higher production in the Permian Basin and the Gulf of America. 42 [[GREPCENT_TABLE]] [[\"Management\\u2019s Discussion and Analysis of Financial Condition and Results of Operations\",\"Financial Table of Contents\"]] [[/GREPCENT_TABLE]] International Upstream [[GREPCENT_TABLE]] [[\"\",\"Unit2\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Earnings1\",\"$MM\",\"$\",\"7,007\",\"\",\"\",\"$\",\"11,000\",\"\",\"\",\"$\",\"13,290\"],[\"Net Oil-Equivalent Production\",\"MBOED\",\"1,865\",\"\",\"\",\"1,739\",\"\",\"1,771\"],[\"Liquids Production\",\"MBD\",\"962\",\"\",\"823\",\"\",\"833\"],[\"Natural Gas Production\",\"MMCFD\",\"5,416\",\"\",\"5,494\",\"\",\"5,632\"],[\"Liquids Realization\",\"$/BBL\",\"$\",\"61.58\",\"\",\"\",\"$\",\"71.38\",\"\",\"\",\"$\",\"71.70\"],[\"Natural Gas Realization\",\"$/MCF\",\"$\",\"7.04\",\"\",\"\",\"$\",\"7.32\",\"\",\"\",\"$\",\"7.69\"],[\"1 Includes foreign currency effects:\",\"\",\"$\",\"(408)\",\"\",\"\",\"$\",\"395\",\"\",\"\",\"$\",\"376\"],[\"2 MBD \\u2014 thousands of barrels per day; MMCFD \\u2014 millions of cubic feet per day; BBL \\u2014 Barrel; MCF \\u2014 thousands of cubic feet; MBOED \\u2014 thousands of barrels of oil-equivalent per day.\"]] [[/GREPCENT_TABLE]] International upstream earnings decreased by $4.0 Item 1. Business General Development of Business Summary Description of Chevron Chevron Corporation1, a Delaware corporation, manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to U.S. and international subsidiaries that engage in integrated energy and chemicals operations. Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant. Downstream operations consist primarily of refining crude oil into petroleum products; marketing of crude oil, refined products and lubricants; manufacturing and marketing of renewable fuels; transporting crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses and fuel and lubricant additives. A list of the company\u2019s significant subsidiaries is presented in Exhibit 21.1. Overview of Petroleum Industry Petroleum industry operations and profitability are influenced by many factors. Prices for crude oil, natural gas, liquefied natural gas (LNG), petroleum products and petrochemicals are generally determined by supply and demand. Production levels from the members of Organization of Petroleum Exporting Countries (OPEC), Russia and the United States are major factors in determining worldwide supply. Demand for crude oil and its products and for natural gas is largely driven by the conditions of local, national and global economies, although weather patterns, the pace of energy transition and taxation relative to other energy sources also play a significant part. Laws and governmental policies, particularly in Item 1A. Risk Factors As a global energy company, Chevron is subject to a variety of risks. The following disclosures reflect our beliefs and opinions as to factors that could materially and adversely affect us in the future. References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not su", "title": "CVX - CHEVRON CORP", "url": "/company/CVX/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000200406; latest 10-K filed 2026-02-11.", "text": "JNJ - JOHNSON & JOHNSON SIC 2834 Pharmaceutical Preparations; CIK 0000200406; latest 10-K filed 2026-02-11. JNJ JOHNSON & JOHNSON 0000200406 2834 Pharmaceutical Preparations Item 7. Management\u2019s discussion and analysis of results of operations and financial condition Organization and business segments Description of the company and business segments Johnson & Johnson and its subsidiaries (the Company) have approximately 138,200 employees worldwide engaged in the research and development, manufacture and sale of a broad range of products in the healthcare field. The Company conducts business in virtually all countries of the world with the primary focus on products related to human health and well-being. The Company is organized into two business segments: Innovative Medicine and MedTech. The Innovative Medicine segment is focused on the following therapeutic areas: Oncology, Immunology, Neuroscience, Pulmonary Hypertension, Infectious Diseases, and Cardiovascular and Metabolism. Products in this segment are distributed directly to retailers, wholesalers, distributors, hospitals and healthcare professionals for prescription use. The MedTech segment includes a broad portfolio of products used in the Surgery, Orthopaedic, Cardiovascular and Vision fields. These products are distributed to wholesalers, hospitals and retailers, and used principally in the professional fields by physicians, nurses, hospitals, eye care professionals and clinics. In October 2025, the Company announced its intention to separate its Orthopaedics business. The Company intends to explore multiple paths to effect the planned separation with a targeted completion within 18 to 24 months after the initial announcement. The Chief Operating Decision Maker (CODM) is the Company's Chief Executive Officer (Principal Executive Officer). The Executive Committee is Johnson & Johnson\u2019s senior leadership team responsible for setting the strategy and priorities of the Company and driving accountability at all levels. Within the strategic parameters provided by the Executive Committee, senior management groups at U.S. and international operating companies are each responsible for their own strategic plans and the day-to-day operations of those companies. In all of its product lines, the Company competes with other companies both locally and globally, throughout the world. Competition exists in all product lines without regard to the number and size of the competing companies involved. Competition in research, involving the development and the improvement of new and existing products and processes, is particularly significant. The development of new and innovative products, as well as protecting the underlying intellectual property of the Company's product portfolio, is important to the Company\u2019s success in all areas of its business. The competitive environment requires substantial investments in continuing research. Management\u2019s objectives With Our Credo as the foundation, the Company believes health is everything. The Company's strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through the Company's expertise in Innovative Medicine and MedTech, the Company is uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow, and profoundly impact health for humanity. New products introduced within the past five years accounted for approximately 25% of 2025 sales. In 2025, $14.7 billion was invested in research and development reflecting management\u2019s commitment to create life-enhancing innovations and to create value through partnerships that will profoundly impact of health for humanity. Our approximately 138,200 employees are critical drivers of the Company\u2019s success. Employees are empowered and inspired to lead with Our Credo and purpose as guides. This allows every employee to use the Company\u2019s reach and size to advance the Company\u2019s purpose, and to also lead with agility and urgency. Leveraging the extensive resources acr Item 1. Business General Johnson & Johnson and its subsidiaries (the Company) have approximately 138,200 employees worldwide engaged in the research and development, manufacture and sale of a broad range of products in the healthcare field. Johnson & Johnson is a holding company, with operating companies conducting business in virtually all countries of the world. The Company\u2019s primary focus is products related to human health and well-being. Johnson & Johnson was incorporated in the State of New Jersey in 1887. The Chief Operating Decision Maker (CODM) is the Company's Chief Executive Officer (Principal Executive Officer). The Executive Committee is Johnson & Johnson\u2019s senior leadership team responsible for setting the strategy and priorities of the Company and driving accountability at all levels. Within the strategic parameters provided by the Executive Committee, senior management groups at U.S. and international operating companies are each responsible for their own strategic plans and the day-to-day operations of those companies. Segments of business The Company is organized into two business segments: Innovative Medicine and MedTech. Additional information required by this item is incorporated herein by reference to the narrative and tabular descriptions of segments and operating results under: Item 7. Management\u2019s discussion and analysis of results of operations and financial condition of this Report; and Note 17 Segments of business and geographic areas of the notes to consolidated financial statements included in Item 8 of this Report. Innovative Medicine The Innovative Medicine segment is focused on the following therapeutic areas: Oncology (e.g., prostate cancer, hematologic malignancies, lung cancer and bladder cancer), Immunology (e.g., rheumatoid arthritis, psoriatic arthritis, inflammatory bowel disease and psoriasis), Neuroscience (e.g., mood disorders, neurodegenerative disorders and schizophrenia), Pulmonary Hypertension (e.g., Pulmonary Ar Item 1A. Risk factors An investment in the Company\u2019s common stock or debt securities involves risks and uncertainties. The Company seeks to identify, manage and mitigate risks to our business, but uncertainties and risks are difficult to predict and many are outside of the Company\u2019s control and cannot therefore be eliminated. In addition to", "title": "JNJ - JOHNSON & JOHNSON", "url": "/company/JNJ/" }, { "kind": "company", "summary": "SIC 6324 Hospital & Medical Service Plans; CIK 0000731766; latest 10-K filed 2026-03-02.", "text": "UNH - UNITEDHEALTH GROUP INC SIC 6324 Hospital & Medical Service Plans; CIK 0000731766; latest 10-K filed 2026-03-02. UNH UNITEDHEALTH GROUP INC 0000731766 6324 Hospital & Medical Service Plans ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read together with the accompanying Consolidated Financial Statements and Notes to the Consolidated Financial Statements thereto included in Part II Item 8, \u201cFinancial Statements and Supplementary Data.\u201d Readers are cautioned the statements, estimates, projections or outlook contained in this report, including discussions regarding financial prospects, economic conditions, trends and uncertainties contained in this Item 7, may constitute forward-looking statements within the meaning of the PSLRA. These forward-looking statements involve risks and uncertainties which may cause our actual results to differ materially from the expectations expressed or implied in the forward-looking statements. A description of some of the risks and uncertainties can be found further below in this Item 7 and in Part I, Item 1A, \u201cRisk Factors.\u201d Discussions of year-over-year comparisons between 2024 and 2023 are not included in this Form 10-K and can be found in Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of the Company\u2019s Form 10-K for the fiscal year ended December 31, 2024. EXECUTIVE OVERVIEW General UnitedHealth Group is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone. Our two distinct, yet complementary businesses \u2014 Optum and UnitedHealthcare \u2014 are working to help build a modern, high-performing health system through improved access, affordability, outcomes and experiences for the individuals and organizations we are privileged to serve. We have four reportable segments across our two businesses: \u2022Optum Health; \u2022Optum Insight; \u2022Optum Rx; and \u2022UnitedHealthcare, which includes UnitedHealthcare Employer & Individual, UnitedHealthcare Medicare & Retirement and UnitedHealthcare Community & State. Further information on our business and reportable segments is presented in Part I, Item 1, \u201cBusiness\u201d and in Note 15 of the Notes to the Consolidated Financial Statements included in Part II, Item 8, \u201cFinancial Statements and Supplementary Data.\u201d 2026 Business Realignment On January 1, 2026, we realigned certain of our businesses to respond to changes in the markets we serve and the opportunities that are emerging as the health system evolves. Optum Financial, including Optum Bank, which was historically included in Optum Health, will now be included in Optum Insight. Our reportable segments will remain unchanged, with prior period segment financial information being recast to conform to the 2026 presentation, beginning with our Quarterly Report of Form 10-Q for the three months ended March 31, 2026 filed with the SEC. Net Portfolio Divestitures, Restructuring and Other Actions and Direct Response Costs - Cyberattack Net Portfolio Divestitures In the fourth quarter of 2025, the Company took various actions as a result of a strategic review of the Company\u2019s assets and businesses to operationally advance and scale core businesses and initiatives, including the value-based care business at Optum Health. These actions primarily include losses on business exits and dispositions and other businesses held for sale and a gain on the deconsolidation of a business. As a result of the Company\u2019s portfolio actions, the Company recorded a net gain of $568 million, which included a net gain of $1.5 billion at Optum Rx, partially offset by losses of $821 million and $68 million at Optum Health and Optum Insight, respectively. Gains and losses on portfolio actions were recorded within operating costs on the Consolidated Statements of Operations. Restructuring and Other Actions Additionally, in the fourth quarter of 2025 the Company took restructuring and other actions that resulted in a total impact of $2.5 billion, which included real estate rationalization and workfor ITEM 1. BUSINESS OUR BUSINESSES Overview The terms \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cits,\u201d \u201cUnitedHealth Group,\u201d or the \u201cCompany\u201d used in this report refer to UnitedHealth Group Incorporated and its subsidiaries. UnitedHealth Group Incorporated is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone. Our two distinct, yet complementary businesses \u2014 Optum and UnitedHealthcare \u2014 are working to help build a modern, high-performing health system through improved access, affordability, outcomes and experiences for the individuals and organizations we are privileged to serve. The ability to analyze complex data and apply deep health care expertise and insights allows us to serve patients, consumers, care providers, businesses, communities and governments with more innovative products and complete, end-to-end offerings for many of the biggest challenges facing health care today. Optum seeks to create a higher-performing, value-oriented and more connected approach to health care. Bringing together clinical expertise, technology and data to make care simpler, more effective and more affordable, we seek to advance whole-person health, creating a seamless consumer experience and supporting clinicians with insights to deliver personalized, evidence-based care. Optum serves the broad health care marketplace, including patients and consumers, payers, care providers, employers, governments and life sciences companies, through its Optum Health, Optum Insight and Optum Rx businesses. These businesses improve overall health system performance by optimizing health care quality and delivery, reducing costs and improving patient, consumer and provider experience, leveraging distinctive capabilities in data and analytics, pharmacy care services, health care operations, population health and health financial services. UnitedHealthcare offers a full range of health benefits, designed to simplify the he ITEM 1A. RISK FACTORS CAUTIONARY STATEMENTS The statements, estimates, projections or outlook contained in this Annual Report on Form 10-K include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). When used in this Annual Report on Form 10-K and in future filings by us with t", "title": "UNH - UNITEDHEALTH GROUP INC", "url": "/company/UNH/" }, { "kind": "company", "summary": "SIC 3531 Construction Machinery & Equip; CIK 0000018230; latest 10-K filed 2026-02-13.", "text": "CAT - CATERPILLAR INC SIC 3531 Construction Machinery & Equip; CIK 0000018230; latest 10-K filed 2026-02-13. CAT CATERPILLAR INC 0000018230 3531 Construction Machinery & Equip Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to provide information that will assist the reader in understanding the company\u2019s Consolidated Financial Statements, the changes in certain key items in those financial statements between select periods and the primary factors that accounted for those changes. In addition, we discuss how certain accounting principles, policies and critical estimates affect our Consolidated Financial Statements. Our discussion also contains certain forward-looking statements related to future events and expectations. This MD&A should be read in conjunction with our discussion of cautionary statements and significant risks to the company\u2019s business under Item 1A. Risk Factors of the 2025 Form 10-K. Highlights for the full-year 2025 include: \u2022Sales and revenues for 2025 were $67.589 billion, an increase of $2.780 billion, or 4 percent, compared with $64.809 billion for 2024. Sales were higher in Power & Energy, about flat in Resource Industries and slightly lower in Construction Industries. \u2022Operating profit as a percent of sales and revenues was 16.5 percent in 2025, compared with 20.2 percent in 2024. Adjusted operating profit margin was 17.2 percent in 2025, compared with 20.7 percent in 2024. \u2022Profit per share for 2025 was $18.81, and excluding the items in the table below, adjusted profit per share was $19.06. Profit per share for 2024 was $22.05, and excluding the items in the table below, adjusted profit per share was $21.90. \u2022Enterprise operating cash flow was $11.7 billion in 2025. Caterpillar ended 2025 with $10.0 billion of enterprise cash. In order for our results to be more meaningful to our readers, we have separately quantified the impact of significant items. [[GREPCENT_TABLE]] [[\"\",\"\",\"Full Year 2025\",\"\",\"Full Year 2024\"],[\"(Dollars in millions except per share data)\",\"\",\"Profit Before Taxes\",\"Profit Per Share\",\"\",\"Profit Before Taxes\",\"Profit Per Share\"],[\"Profit\",\"\",\"$\",\"11,541\",\"\",\"$\",\"18.81\",\"\",\"\",\"$\",\"13,373\",\"\",\"$\",\"22.05\"],[\"Other restructuring (income) costs\",\"\",\"445\",\"\",\"0.73\",\"\",\"\",\"195\",\"\",\"0.32\"],[\"Pension/OPEB mark-to-market (gains) losses\",\"\",\"(294)\",\"\",\"(0.48)\",\"\",\"\",\"(154)\",\"\",\"(0.23)\"],[\"Restructuring (income) costs - divestitures of certain non-U.S. entities\",\"\",\"\\u2014\",\"\",\"\\u2014\",\"\",\"\",\"164\",\"\",\"0.22\"],[\"Tax law change related to currency translation\",\"\",\"\\u2014\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"(0.46)\"],[\"Adjusted profit\",\"\",\"$\",\"11,692\",\"\",\"$\",\"19.06\",\"\",\"\",\"$\",\"13,578\",\"\",\"$\",\"21.90\"]] [[/GREPCENT_TABLE]] A detailed reconciliation of GAAP to non-GAAP financial measures is included on pages 48 - 49. OVERVIEW Total sales and revenues for 2025 were $67.589 billion, an increase of $2.780 billion, or 4 percent, compared with $64.809 billion for 2024. The increase reflected higher sales volume, partially offset by unfavorable price realization. Higher sales volume was primarily driven by higher sales of equipment to end users. Profit per share was $18.81 in 2025, compared with profit per share of $22.05 in 2024. Profit was $8.884 billion in 2025, compared with $10.792 billion in 2024. The decrease was mainly due to unfavorable manufacturing costs and unfavorable price realization, partially offset by the profit impact of higher sales volume. Unfavorable manufacturing costs largely reflected the impact of higher tariffs. Trends and Economic Conditions Outlook for Key End Markets In Construction Industries, we expect another year of sales of equipment to end users growth in 2026 compared to 2025, supported by elevated order rates and a robust backlog. The outlook for North America remains positive, as sales of equipment to end users should grow moderately compared to 2025 with construction spending remaining healthy due to Infrastructure Investment and Jobs Act (IIJA) funding and other critica Item 1.Business. General Originally organized as Caterpillar Tractor Co. in 1925 in the State of California, our company was reorganized as Caterpillar Inc. in 1986 in the State of Delaware. As used herein, the term \u201cCaterpillar,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or \u201cthe company\u201d refers to Caterpillar Inc. and its subsidiaries unless designated or identified otherwise. Overview With 2025 sales and revenues of $67.589 billion, Caterpillar Inc. is shaping the future as the world\u2019s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Backed by one of the largest independent global dealer networks and financing services through Cat Financial, the company\u2019s primary business segments: Power & Energy, Construction Industries and Resource Industries are solving customers\u2019 toughest challenges through commercial excellence and advanced technology, driven by a highly skilled, dedicated global team. Enterprise Strategy In 2025, our company introduced a revised strategy anchored by a new mission statement: Solving our customers' toughest challenges. Coupled with our purpose, we build a better, more sustainable world, this strategy guides how we operate with our global team and engage with customers, dealers and suppliers. The refreshed strategy establishes three profitable growth pillars focused on addressing customers' needs; Commercial Excellence, Advanced Technology Leader, and Transform How We Work. These pillars are built upon our longstanding foundation of Operational Excellence and guided by the Operating & Execution model. We also re-enforced our commitment to our Values in Action - Safety, Integrity, Teamwork, Excellence and Commitment. Caterpillar continues to operate through five operating segments, four of which are reportable segments and are described below. Categories of Business Organization 1.Machinery, Power & Energy \u2014 Caterpillar Inc. and its subsidiaries, excl Item 1A.Risk Factors. The statements in this section describe the most significant risks to our business and should be considered carefully in conjunction with Part II, Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and the \u201cNotes to Consolidated Financial Statements\u201d of Part II, Item 8 \u201cFinancia", "title": "CAT - CATERPILLAR INC", "url": "/company/CAT/" }, { "kind": "company", "summary": "SIC 2840 Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics; CIK 0000080424; latest 10-K filed 2025-08-04.", "text": "PG - PROCTER & GAMBLE Co SIC 2840 Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics; CIK 0000080424; latest 10-K filed 2025-08-04. PG PROCTER & GAMBLE Co 0000080424 2840 Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Forward-Looking Statements Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may appear throughout this report, including without limitation, in the following sections: \u201cManagement's Discussion and Analysis,\u201d \u201cRisk Factors\u201d and \"Notes 4, 8 and 13 to the Consolidated Financial Statements.\" These forward-looking statements generally are identified by the words \u201cbelieve,\u201d \u201cproject,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201cintend,\u201d \u201cstrategy,\u201d \u201cfuture,\u201d \u201copportunity,\u201d \u201cplan,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cwill be,\u201d \u201cwill continue,\u201d \u201cwill likely result\u201d and similar expressions. Forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, except to the extent required by law. 14 The Procter & Gamble Company Risks and uncertainties to which our forward-looking statements are subject include, without limitation: (1) the ability to successfully manage global financial risks, including foreign currency fluctuations, changes in global interest rates and rate differentials, currency exchange or pricing controls and tariffs; (2) the ability to successfully manage local, regional or global economic volatility, including reduced market growth rates, and to generate sufficient income and cash flow to allow the Company to effect the expected share repurchases and dividend payments; (3) the ability to successfully manage uncertainties related to changing political and geopolitical conditions and potential implications such as exchange rate fluctuations, market contraction, boycotts, variability and unpredictability in trade relations, sanctions, tariffs or other trade controls; (4) the ability to manage disruptions in credit markets or to our banking partners or changes to our credit rating; (5) the ability to maintain key manufacturing and supply arrangements (including execution of supply chain optimizations and sole supplier and sole manufacturing plant arrangements) and to manage disruption of business due to various factors, including ones outside of our control, such as natural disasters, acts of war or terrorism or disease outbreaks; (6) the ability to successfully manage cost fluctuations and pressures, including prices of commodities and raw materials and costs of labor, transportation, energy, pensions and healthcare; (7) the ability to compete with our local and global competitors in new and existing sales channels, including by successfully responding to competitive factors such as prices, promotional incentives and trade terms for products; (8) the ability to manage and maintain key customer relationships; (9) the ability to protect our reputation and brand equity by successfully managing real or perceived issues, including concerns about safety, quality, ingredients, efficacy, packaging content, supply chain practices, social or environmental practices or similar matters that may arise; (10) the ability to successfully manage the financial, legal, reputational and operational risk associated with third-party relationships, such as our suppliers, contract manufacturers, distributors, contractors and external business partners; (11) the ability to rely on and maintain key company and Item 1. Business. The Procter & Gamble Company (the Company) is a world-leading multinational consumer goods company focused on providing trusted, branded products of superior quality, performance and value to improve the lives of consumers around the world - now and for generations to come. Our products are sold in about 180 countries and territories throughout the world. The Company was incorporated in Ohio in 1905, having first been established as a New Jersey corporation in 1890, and was built from a business founded in Cincinnati in 1837 by William Procter and James Gamble. Additional information required by this item is incorporated herein by reference to Management's Discussion and Analysis (MD&A); and Notes 1 and 2 to our Consolidated Financial Statements. Unless the context indicates otherwise, the terms \"Company,\" \"P&G,\" \"we,\" \"our\" or \"us\" as used herein refer to The Procter & Gamble Company (the registrant) and its subsidiaries. Throughout this Form 10-K, we incorporate by reference information from other documents filed with the Securities and Exchange Commission (SEC). The Company's Annual Report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments thereto, are filed electronically with the SEC. The SEC maintains an internet site that contains these reports at: www.sec.gov. Reports can also be accessed and downloaded through links from our website at: www.pginvestor.com. P&G includes the website link solely as a textual reference and the information on our website is not incorporated by reference into this report. Copies of these reports are also available, without charge, by contacting EQ Shareowner Services, 1100 Centre Pointe Curve, Suite 101, Mendota, MN 55120-4100. Financial Information about Segments Information about our reportable segments can be found in the MD&A and Note 2 to our Consolidated Financial Statements. Narrative Description of Business Business Model. Our business model is focused on Item 1A. Risk Factors. We discuss our expectations regarding future performance, events and outcomes, such as our business outlook and objectives in this Form 10-K, as well as in our quarterly and annual reports, current reports on Form 8-K, press releases and other writt", "title": "PG - PROCTER & GAMBLE Co", "url": "/company/PG/" }, { "kind": "company", "summary": "SIC 2080 Beverages; CIK 0000021344; latest 10-K filed 2026-02-20.", "text": "KO - COCA COLA CO SIC 2080 Beverages; CIK 0000021344; latest 10-K filed 2026-02-20. KO COCA COLA CO 0000021344 2080 Beverages ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand The Coca-Cola Company, our operations and our present business environment. MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying notes thereto contained in \u201cItem 8. Financial Statements and Supplementary Data\u201d of this report. MD&A includes the following sections: \u2022Our Business \u2014 a general description of our business and its challenges and risks. \u2022Critical Accounting Policies and Estimates \u2014 a discussion of accounting policies that require critical judgments and estimates. 35 \u2022Operations Review \u2014 an analysis of our consolidated results of operations for 2025 and 2024 and year-to-year comparisons between 2025 and 2024. An analysis of our consolidated results of operations for 2024 and 2023 and year-to-year comparisons between 2024 and 2023 can be found in Exhibit 99.1 to the Company\u2019s Current Report on Form 8-K filed on June 26, 2025. \u2022Liquidity, Capital Resources and Financial Position \u2014 an analysis of cash flows, contractual obligations, foreign exchange, and the impact of inflation and changing prices. OUR BUSINESS General The Coca-Cola Company is a total beverage company, and beverage products bearing our trademarks, sold in the United States since 1886, are now sold in more than 200 countries and territories. We own or license and market numerous beverage brands, which we group into the following categories: Trademark Coca-Cola; sparkling flavors; water, sports, coffee and tea; juice, value-added dairy and plant-based beverages; and emerging beverages. We own and market several of the world\u2019s largest nonalcoholic sparkling soft drink brands, including Coca-Cola, Sprite, Coca-Cola Zero Sugar, Fanta and Diet Coke/Coca-Cola Light. We make our branded beverage products available to consumers throughout the world through our network of independent bottling partners, distributors, wholesalers and retailers as well as the Company\u2019s consolidated bottling and distribution operations. Beverages bearing trademarks owned by or licensed to us account for 2.2 billion of the estimated 65 billion servings of all beverages consumed worldwide every day. We believe our success depends on our ability to connect with consumers by providing them with a wide variety of beverage options to meet their desires, needs and lifestyles. Our success further depends on the ability of our people to execute effectively, every day. Our Company operates in two lines of business: concentrate operations and finished product operations. Our concentrate operations typically generate net operating revenues by selling beverage concentrates, sometimes referred to as \u201cbeverage bases,\u201d syrups, including fountain syrups, and certain finished beverages to authorized bottling operations (to which we typically refer as our \u201cbottlers\u201d or our \u201cbottling partners\u201d). Our bottling partners combine concentrates with still or sparkling water and sweeteners (depending on the product), or combine syrups with still or sparkling water, to produce finished beverages. The finished beverages are packaged in authorized containers, such as cans and refillable and nonrefillable glass and plastic bottles, bearing our trademarks or trademarks licensed to us and are then sold to retailers directly or, in some cases, through wholesalers or other bottlers. In addition, outside the United States, our bottling partners are typically authorized to manufacture fountain syrups, using our concentrates, which they sell to fountain retailers for use in producing beverages for immediate consumption, or to authorized fountain wholesalers who in turn sell and distribute the fountain syrups to fountain retailers. Our concentrate operations are included in our geographic ITEM 1. BUSINESS In this report, the terms \u201cThe Coca-Cola Company,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d mean The Coca-Cola Company and all entities included in our consolidated financial statements. General The Coca-Cola Company is a total beverage company, and beverage products bearing our trademarks, sold in the United States since 1886, are now sold in more than 200 countries and territories. We own or license and market numerous beverage brands, which we group into the following categories: Trademark Coca-Cola; sparkling flavors; water, sports, coffee and tea; juice, value-added dairy and plant-based beverages; and emerging beverages. We own and market several of the world\u2019s largest nonalcoholic sparkling soft drink brands, including Coca-Cola, Sprite, Coca-Cola Zero Sugar, Fanta and Diet Coke/Coca-Cola Light. We make our branded beverage products available to consumers throughout the world through our network of independent bottling partners, distributors, wholesalers and retailers as well as our consolidated bottling and distribution operations. Beverages bearing trademarks owned by or licensed to the Company account for 2.2 billion of the estimated 65 billion servings of all beverages consumed worldwide every day. We believe our success depends on our ability to connect with consumers by providing them with a wide variety of beverage options to meet their desires, needs and lifestyles. Our success further depends on the ability of our people to execute effectively, every day. We are guided by our purpose, which is to refresh the world and make a difference. Our vision for the Company has three connected pillars: \u2022Loved Brands. We craft meaningful brands and a choice of drinks that people love and enjoy and that refresh them in body and spirit. \u2022Done Sustainably. We grow our business with an aim to achieve positive change and build a more sustainable future. \u2022For a Better Shared Future. We invest to improve people\u2019s lives, from our employees to our suppl ITEM 1A. RISK FACTORS In addition to the other information set forth in this report, you should carefully consider the following factors, which could materially affect our business, financial condition and results of operations in future periods. The risks described below are not the only risks facing our Company. Additional risks not currently known to us or that we currently deem to be immate", "title": "KO - COCA COLA CO", "url": "/company/KO/" }, { "kind": "company", "summary": "SIC 1000 Metal Mining; CIK 0000831259; latest 10-K filed 2026-02-13.", "text": "FCX - FREEPORT-MCMORAN INC SIC 1000 Metal Mining; CIK 0000831259; latest 10-K filed 2026-02-13. FCX FREEPORT-MCMORAN INC 0000831259 1000 Metal Mining Items 7. and 7A. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures About Market Risk. In Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures About Market Risk (MD&A), \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Freeport-McMoRan Inc. and its consolidated subsidiaries. The results of operations reported and summarized below include forward-looking statements that are not guarantees of future performance and are not necessarily indicative of future operating results (refer to \u201cCautionary Statement\u201d below for further discussion). References to \u201cNotes\u201d are Notes included in our Notes to Consolidated Financial Statements. Throughout MD&A, all references to income or losses per share are on a diluted basis. This section of our Form 10-K discusses the results of operations for the years 2025 and 2024 and comparisons between these years. Discussion of the results of operations for the year 2023 and comparisons between the years 2024 and 2023 are not included in this Form 10-K and can be found in Items 7. and 7A. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures About Market Risk\u201d contained in Part II of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. OVERVIEW We are a leading international metals company with the objective of being foremost in copper. Headquartered in Phoenix, Arizona, we operate large, long-lived, geographically diverse assets with significant proven and probable mineral reserves of copper, gold and molybdenum. We are one of the world\u2019s largest publicly traded copper producers. Our portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world\u2019s largest copper and gold deposits; and significant operations in the United States (U.S.) and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru. We believe fundamentals for copper are favorable with growing demand supported by copper\u2019s critical role in electrification initiatives, continued urbanization in developing countries, data centers and artificial intelligence (AI) growth, increased defense spending and growing connectivity globally. We believe that we are well positioned for the future as a leading producer of copper with significant copper reserves and resources and a high-quality portfolio of growth projects to provide additional supplies of copper to a growing market. Our experienced team is committed to value creation through solid execution of our plans, operational excellence and advancing opportunities for long-term organic growth. We continue to evaluate and advance potential expansion opportunities at certain of our copper mines in the U.S. and South America. Across our U.S. and South America operations, we are incorporating new applications, technologies and data analytics into our leaching processes. In late 2025, we achieved an annual run rate of approximately 240 million pounds of copper. We are targeting annual production of 300 million pounds of copper in 2026 from these initiatives and believe there is potential for further significant increases in recoverable metal beyond the current annual target. Refer to \u201cOperations \u2013 United States\u201d and \u201cOperations \u2013 South America\u201d for further discussion. Our 2025 operations and results were impacted by the September 2025 mud rush incident at the Grasberg minerals district in Central Papua, Indonesia. In late October 2025, PT Freeport Indonesia (PTFI) restarted operations at the unaffected Deep Mill Level Zone (DMLZ) and Big Gossan underground mines. During fourth-quarter 2025, investigations and remedial plans were completed and a phased restart and ramp-up of the Grasberg Block Cave underground mine is anticipated to begin in second-quarter 2026. Refer to \u201cOpera Item 1A. Risk Factors. This report contains forward-looking statements in which we discuss our potential future performance, operations and projects. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections or expectations relating to business outlook, strategy, goals or targets; repair and remediation efforts, and phased restart and ramp-up of production and downstream processing following the September 2025 mud rush incident at PT Freeport Indonesia\u2019s (PTFI) Grasberg Block Cave underground mine and the anticipated impact on 48 Table of Contents our business, production, sales, results of operations and operating plans, and recoveries under insurance policies; global market conditions, including trade policies; ore grades and milling rates; production and sales volumes; higher variability between PTFI production and sales; unit net cash costs (credits) and operating costs; capital expenditures; operating plans, including mine sequencing; cash flows; liquidity; potential extension of PTFI\u2019s special mining business license (IUPK) beyond 2041; timing of shipments of inventoried production; our sustainability-related commitments and targets; our overarching commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate and maintain validation of our operating sites under specific frameworks; achievement of our 2030 climate targets and our 2050 net zero aspiration; improvements in operating procedures and technology innovations and applications; exploration efforts and results; development and production activities, rates and costs; future organic growth opportunities; tax rates; the impact of copper, gold and molybdenum price changes; the impact of deferred intercompany profits on earnings; mineral reserve and mineral resource estimates; final resolution of settlements associated with ongoing legal and environmental proceedings; debt repurchases; and the ongoing imp", "title": "FCX - FREEPORT-MCMORAN INC", "url": "/company/FCX/" }, { "kind": "company", "summary": "SIC 1040 Gold and Silver Ores; CIK 0001164727; latest 10-K filed 2026-02-19.", "text": "NEM - NEWMONT Corp /DE/ SIC 1040 Gold and Silver Ores; CIK 0001164727; latest 10-K filed 2026-02-19. NEM NEWMONT Corp /DE/ 0001164727 1040 Gold and Silver Ores ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS (dollars in millions, except per share, per ounce and per pound amounts) The following Management\u2019s Discussion and Analysis of Consolidated Financial Condition and Results of Operations (\u201cMD&A\u201d) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Newmont Corporation, a Delaware corporation, and its subsidiaries (collectively, \u201cNewmont,\u201d the \u201cCompany,\u201d \u201cour\u201d and \u201cwe\u201d). We use certain non-GAAP financial measures in our MD&A. For a detailed description of each of the non-GAAP measures used in this MD&A, please refer to the discussion under Non-GAAP Financial Measures. This item should be read in conjunction with our Consolidated Financial Statements and the notes thereto included in this annual report. The following MD&A generally discusses our consolidated financial condition and results of operations for 2025 and 2024 and year-to-year comparisons between 2025 and 2024. Discussions of our consolidated financial condition and results of operations for 2023 and year-to-year comparisons between 2024 and 2023 are included in Item 7, Management\u2019s Discussion and Analysis of Consolidated Financial Condition and Results of Operations, of the Company\u2019s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 21, 2025. Overview Newmont is the world\u2019s leading gold company and is the only gold company included in the S&P 500 Index and the Fortune 500 list of companies. We have been included in the Dow Jones Sustainability Index-World since 2007 and have adopted the World Gold Council\u2019s Conflict-Free Gold Policy. Since 2015, Newmont has been ranked as the mining and metal sector\u2019s top gold miner by the S&P Global Corporate Sustainability Assessment. Newmont has been ranked the top miner in 3BL Media\u2019s 100 Best Corporate Citizens list which ranks the 1,000 largest publicly traded U.S. companies on ESG transparency and performance since 2020. We are primarily engaged in the exploration for and acquisition of gold properties, some of which may contain copper, silver, lead, zinc or other metals. We have significant operations and/or assets in the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, Dominican Republic, Chile, Peru, Ecuador, Mexico, and Canada. Our goal is to create value and improve lives through sustainable and responsible mining. Refer to the Consolidated Financial Results, Results of Consolidated Operations, Liquidity and Capital Resources and Non-GAAP Financial Measures for information about the continued impacts from inflationary pressures, effects of certain countermeasures taken by central banks, and supply chain disruptions, with particular consideration on the outlook for increased costs specific to labor, materials, consumables and fuel and energy on operations, as well as impacts on the timing and cost of capital expenditures and the risk of potential impairment to certain assets. Refer to discussion of Risk and Uncertainties within Note 2 to the Consolidated Financial Statements for further information. Reportable Segments In October 2025, the Company declared commercial production at its Ahafo North project in Ghana resulting in classification as a reportable segment. Prior to declaration of commercial production, Ahafo North was classified as a development project and all activity was included in the Ahafo South reportable segment up to the date of commercial production. Although not a reportable segment until the fourth quarter of 2025, the amounts related to Ahafo North have been reported separately for comparability purposes. Refer to Note 4 to the Consolidated Financial Statements for further information. One of our reportable segments, NGM, is a joint venture that combined our and Barrick Mining Corporation\u2019s (\u201cBarrick\u201d) respective N ITEM 1. BUSINESS (dollars in millions, except per share, per ounce and per pound amounts) Introduction Newmont Corporation was incorporated in 1921 and is primarily a gold producer with significant operations and/or assets in the United States, Papua New Guinea, Australia, Ghana, Suriname, Argentina, Dominican Republic, Chile, Peru, Ecuador, Mexico, and Canada. At December 31, 2025, Newmont had attributable proven and probable gold reserves of 118.2 million ounces, attributable measured and indicated gold resources of 88.1 million ounces, attributable inferred gold resources of 60.6 million ounces, and an aggregate land position of approximately 19,200 square miles (49,800 square kilometers). Newmont is also engaged in the production of copper, silver, lead, and zinc. As the world\u2019s leading gold company, Newmont remains committed to creating value and improving lives through sustainable and responsible mining. Newmont\u2019s corporate headquarters are in Denver, Colorado, U.S. In this report, \u201cNewmont,\u201d the \u201cCompany,\u201d \u201cour,\u201d and \u201cwe\u201d refer to Newmont Corporation together with our affiliates and subsidiaries, unless the context otherwise requires. Divestiture of Non-Core Assets Based on a comprehensive review of the Company\u2019s portfolio of assets following the acquisition of Newcrest Mining Limited (\"Newcrest\"), the Company\u2019s Board of Directors approved a portfolio optimization program to divest six non-core assets and a development project in February 2024. The non-core assets to be divested included Telfer, CC&V, Musselwhite, \u00c9l\u00e9onore, Porcupine, Akyem, and the Coffee development project in Canada. The Company presented these assets as held for sale in the first quarter of 2024 and recorded the assets at the lower of their carrying value or fair value, less costs to sell. The Company completed the sale of the assets of the Telfer reportable segment in the fourth quarter of 2024, the sale of the CC&V, Musselwhite, and \u00c9l\u00e9onore reportable segments in the first ITEM 1A. RISK FACTORS (dollars in millions, except per share, per ounce and per pound amounts) Our business activities are subject to significant risks, including those described below. You should carefully consider these risks. If any of the described risks actually occurs, our business, financial position and results of operations could be materially adversely ", "title": "NEM - NEWMONT Corp /DE/", "url": "/company/NEM/" }, { "kind": "company", "summary": "SIC 1531 Operative Builders; CIK 0000882184; latest 10-K filed 2025-11-19.", "text": "DHI - HORTON D R INC /DE/ SIC 1531 Operative Builders; CIK 0000882184; latest 10-K filed 2025-11-19. DHI HORTON D R INC /DE/ 0000882184 1531 Operative Builders ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote an understanding of our financial condition, results of operations, liquidity and certain other factors that may affect future results. MD&A is provided as a supplement to, and should be read in conjunction with our consolidated financial statements and notes to those statements that appear elsewhere in this Form 10-K. This section discusses the results of operations for fiscal 2025 compared to 2024. For similar operating and financial data and discussion of our fiscal 2024 results compared to our fiscal 2023 results, refer to Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d under Part II of our annual report on Form 10-K for the fiscal year ended September 30, 2024, which was filed with the SEC on November 19, 2024. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to any differences include, but are not limited to, those discussed under the caption \u201cForward-Looking Statements\u201d and under Item 1A, \u201cRisk Factors.\u201d Results of Operations \u2014 Overview Fiscal 2025 Operating Results In fiscal 2025, our number of homes closed and our home sales revenues decreased 5% and 7%, respectively, compared to the prior year, and our consolidated revenues decreased 7% to $34.3 billion compared to $36.8 billion. Our pre-tax income was $4.7 billion in fiscal 2025 compared to $6.3 billion in fiscal 2024, and our pre-tax operating margin was 13.8% compared to 17.1%. Net income was $3.6 billion in fiscal 2025 compared to $4.8 billion in fiscal 2024, and our diluted earnings per share were $11.57 compared to $14.34. Consolidated net cash provided by operating activities was $3.4 billion in fiscal 2025 and $2.2 billion in fiscal 2024, and cash provided by our homebuilding operations was $3.4 billion in fiscal 2025 compared to $2.2 billion in fiscal 2024. In fiscal 2025, our return on equity (ROE) was 14.6% compared to 19.9% in fiscal 2024, and our return on assets (ROA) was 10.0% compared to 13.9%. ROE is calculated as net income attributable to D.R. Horton for the year divided by average stockholders\u2019 equity, where average stockholders\u2019 equity is the sum of ending stockholders\u2019 equity balances for the trailing five quarters divided by five. ROA is calculated as net income attributable to D.R. Horton for the year divided by average consolidated assets, where average consolidated assets is the sum of total asset balances for the trailing five quarters divided by five. During fiscal 2025, new home demand continued to be impacted by ongoing affordability constraints and cautious consumer sentiment. As a result, the value of our net sales orders and homebuilding revenues in fiscal 2025 decreased 6% and 7%, respectively, compared to fiscal 2024, and our home sales gross margin decreased to 21.5% as we increased sales incentives, such as buydowns of mortgage rates for our homebuyers. We strive to remain well positioned with affordable product offerings and a flexible lot supply and will continue to manage our home pricing, sales incentives and number of homes in inventory based on the level of demand in each of our local markets. We expect to maintain an elevated level of sales incentives to support demand and may increase them further, depending on market conditions and changes in mortgage interest rates. We remain focused on our relationships with land developers across the country to maximize returns and capital efficiency. Within our homebuilding land and lot portfolio, lots controlled through purchase contracts represented 75% of the lots owned and controlled at September 30, 2025 compared to 76% at Sep ITEM 1. BUSINESS D.R. Horton, Inc. is the largest homebuilding company in the United States as measured by number of homes closed. We construct and sell homes through our operating divisions in 126 markets across 36 states. Our common stock is included in the S&P 500 Index and listed on the New York Stock Exchange (NYSE) and NYSE Texas under the ticker symbol \u201cDHI.\u201d Our listing on NYSE Texas became effective in June 2025. Unless the context otherwise requires, the terms \u201cD.R. Horton,\u201d the \u201cCompany,\u201d \u201cwe\u201d and \u201cour\u201d used herein refer to D.R. Horton, Inc., a Delaware corporation, and its predecessors and subsidiaries. Our homebuilding business began in 1978 in Fort Worth, Texas, and our common stock has been publicly traded since 1992. We have expanded and diversified our homebuilding operations geographically over the years by investing capital and building teams of people in our existing markets, starting new operations in additional markets and acquiring other homebuilding companies. We have closed more than 1.2 million homes during our 47-year history, and we have been the largest volume homebuilder in the United States every year since 2002. Our business operations consist of homebuilding, rental, a majority-owned residential lot development company, financial services and other activities. Homebuilding is our core business, generating 92% of consolidated revenues of $34.3 billion and $36.8 billion in fiscal 2025 and 2024, respectively, and 90% of consolidated revenues of $35.5 billion in fiscal 2023. Most of our homebuilding revenue is generated from the sale of completed homes and to a lesser extent from the sale of land and lots. Approximately 84% of our home sales revenue in fiscal 2025 was generated from the sale of single-family detached homes, with the remainder from the sale of attached homes, such as townhomes and duplexes. Our product offerings include a broad range of homes for entry-level, move-up, active adult and luxury buyers. Our homes genera ITEM 1A. RISK FACTORS Discussion of our business and operations included in this annual report on Form 10-K should be read together with the risk factors set forth below. They describe various risks and uncertainties we are or may become subject to, many of which are difficult to predict and beyond our control. Although the risks are organized and descr", "title": "DHI - HORTON D R INC /DE/", "url": "/company/DHI/" }, { "kind": "company", "summary": "SIC 1520 General Bldg Contractors - Residential Bldgs; CIK 0000920760; latest 10-K filed 2026-01-28.", "text": "LEN - LENNAR CORP /NEW/ SIC 1520 General Bldg Contractors - Residential Bldgs; CIK 0000920760; latest 10-K filed 2026-01-28. LEN LENNAR CORP /NEW/ 0000920760 1520 General Bldg Contractors - Residential Bldgs Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and accompanying notes included elsewhere in this Report. It also should be read in conjunction with the disclosure under \u201cSpecial Note Regarding Forward-Looking Statements\u201d in Part I of this Form 10-K. 26 Table of Contents Outlook Lennar\u2019s fourth quarter and year-end 2025 results reflect what is and continues to be a difficult housing market. However, while our margin has been under pressure as we focus on bringing affordable housing to an affordability-constrained consumer base, the underlying demand is still strong, while supply is short. During the past three years of difficult market conditions, we have maintained volume, grown our market share and re-engineered our operating platform for a better and more efficient future when the market normalizes. We began the quarter with the expectation that declining interest rates were the start of a market recovery. While mortgage rates drifted marginally lower in the fourth quarter, the customer response remained tepid, suggesting a combination of poor affordability and diminished consumer confidence continued to limit demand. The threat of a government shutdown and ultimate actual shutdown in October and November further eroded already weak consumer confidence. While traffic was consistent, customers were both hesitant and limited by what they could afford to purchase. Clearly, inflation-driven affordability concerns rose to the center of the national conversation, shaping headlines and policy debates across the country. Cost inflation has clearly had a significant impact on the lifestyle of the average American family. At the same time, concerns about job security have become increasingly prominent as advancements in modern technology and artificial intelligence raise important questions about the future of employment for the American workforce. On a positive note, the federal government has intensified its focus on the national housing crisis, with a strong likelihood of taking decisive action to enhance affordability. Although the specifics of potential programs remain to be seen, it is clear that significant attention is being devoted to developing impactful initiatives, while avoiding unintended negative consequences. This is the first time in decades that the federal government is actively recognizing the vital role that housing plays, not only in the broader national economy, but also in the well-being of American families. We know that margins will remain under pressure in the first quarter of 2026 and sales and closings will be seasonally light. However, we have a lower cost structure, efficient product offerings and a strong market position that we expect to accommodate pent-up demand as rates moderate and confidence ultimately returns. Our strategy has positioned us for strong cash flow, higher returns on equity and capital, and stronger bottom line growth in the future. Meanwhile, we will remain focused on volume and even-flow production. Margins are usually lowest during the first quarter of a fiscal year, and we expect our margins in the first quarter of 2026 will be between 15% and 16%, depending on market conditions. We expect that in the first quarter of fiscal 2026, we will sell between 18,000 and 19,000 homes and deliver between 17,000 and 18,000 homes at an average sales price of between $365,000 and $375,000. We expect to deliver approximately 85,000 homes in the full 2026 fiscal year. As we have driven growth, production and volume, we have created efficiencies and technology that will make us a better company in the future. We have materially reduced our inventory, our construction costs, and our cycle times, and we have increased, and will continue to increase, our inventory turn. Item 1. Business. Overview of Lennar Corporation We are one of the largest homebuilders in the United States by deliveries, revenues and net earnings, an originator of residential and commercial mortgage loans, a provider of title insurance and closing services and a developer of multifamily rental properties. In addition, we are a sponsor and manager of funds and joint ventures engaged in development and ownership of multifamily rental properties and a sponsor and manager of a fund engaged in ownership of single-family rental properties. We also have investments in companies that are engaged in applying technology to improve the homebuilding industry and real estate related aspects of the financial services industry. Our homebuilding operations are the most substantial part of our business, generating $32 billion in revenues, or approximately 94% of consolidated revenues, in fiscal 2025. As of November 30, 2025, our reportable Homebuilding segments and all Other Homebuilding operations not required to be reported separately have divisions located in: East: Florida, New Jersey and Pennsylvania Central: Alabama, Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South Carolina, Tennessee and Virginia South Central: Arkansas, Kansas, Missouri, Oklahoma and Texas West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington Other: Urban divisions and other homebuilding related investments primarily in California, including FivePoint Holdings, LLC (\"FivePoint\"). Our other reportable segments are Financial Services, Multifamily and Lennar Other. Financial information about our Homebuilding, Financial Services, Multifamily and Lennar Other operations is contained in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and Note 3 of the Notes to Consolidated Financial Statements. About Our Company Our company was founded as a local Miami homebuilder in 1954. We Item 1A. Risk Factors. The following risks, which should be considered carefully with the information provided elsewhere in this Report, could materially adversely affect our business, financial condition or results of operations. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may ", "title": "LEN - LENNAR CORP /NEW/", "url": "/company/LEN/" }, { "kind": "company", "summary": "SIC 3711 Motor Vehicles & Passenger Car Bodies; CIK 0001318605; latest 10-K filed 2026-01-29.", "text": "TSLA - Tesla, Inc. SIC 3711 Motor Vehicles & Passenger Car Bodies; CIK 0001318605; latest 10-K filed 2026-01-29. TSLA Tesla, Inc. 0001318605 3711 Motor Vehicles & Passenger Car Bodies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with the consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. For further discussion of our products and services, technology and competitive strengths, refer to Item 1- Business. For discussion related to changes in financial condition and the results of operations for fiscal year 2024-related items, refer to Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for fiscal year 2024, which was filed with the SEC on January 30, 2025. Overview and 2025 Highlights We are focused on bringing artificial intelligence into the real world, through products and services like FSD (Supervised) and Robotaxi, as well as working to develop and commercialize AI robots (including Optimus). We intend to leverage our current operations, in which we design, develop, manufacture, sell and lease high-performance fully electric vehicles and energy generation and storage systems that increasingly deliver AI-related and enhanced software and services to our customers, to achieve that objective. As a result of rapidly evolving trade and fiscal policy, uncertainty in the automotive and energy markets continues, posing risks to our global supply chain and cost structure which could have a meaningfully adverse impact on demand for our products and our profitability. The current tariff regime will have a relatively larger impact on our energy generation and storage business compared to our automotive business. While we prepare for near-term challenges to our business under current policies, we are focused on long-term growth opportunities as we continue to make prudent investments. In 2025, we produced approximately 1.66 million consumer vehicles and delivered approximately 1.64 million consumer vehicles. We are focused on profitable growth via a differentiated and efficiently managed product portfolio that leverages our existing factories and production lines, further improving and deploying our FSD (Supervised) capabilities, including future autonomous capabilities through our purpose-built Robotaxi product, Cybercab, reducing costs, increasing vehicle production, utilized capacity and delivery capabilities, improving and developing our vehicles, battery and AI compute technologies, vertically integrating and localizing our supply chain, and expanding our global infrastructure, including our service and charging infrastructure. We have continued to expand and refine our Robotaxi service after its June 2025 launch, capitalizing on our AI investments and scalable mobility infrastructure to advance a service-driven business model. In 2025, we deployed 46.7 GWh of energy storage products. We are focused on ramping the production, increasing the market penetration of our energy storage products, developing our battery technologies and vertically integrating, localizing and expanding our supply chain. In 2025, we recognized total revenues of $94.83 billion, representing a decrease of $2.86 billion compared to the prior year. In 2025, our net income attributable to common stockholders was $3.79 billion, representing a decrease of $3.30 billion compared to the prior year. We continue to ramp production and build and optimize our manufacturing capacity, expand our operations while focusing on further cost reductions and operational efficiencies to enable increased deliveries and deployments of our products, and invest in research and development to accelerate our AI, software and fleet-based profits for further revenue growth. We ended 2025 with $44.06 billion in cash and cash equivalents and investments, representing an increase of $7.50 billion from the end of 2024. Our cash flows provided by operating activities were $14.75 billion in 2025 compared to $ ITEM 1. BUSINESS Overview We are focused on bringing artificial intelligence (\u201cAI\u201d) into the real world, through products and services like Full Self-Driving (\u201cFSD\u201d) (Supervised) and Robotaxi, as well as working to develop and commercialize AI robots (\u201cBots\u201d) (including Optimus). We intend to leverage our current operations, in which we design, develop, manufacture, sell and lease high-performance fully electric vehicles and energy generation and storage systems that increasingly deliver AI-related and enhanced software and services to our customers, to achieve that objective. We generally sell our products directly to customers, and continue to grow our global retail, service and charging footprint to accelerate the widespread adoption of our products. We emphasize performance, attractive styling and the safety of our users and workforce in the design and manufacture of our products and are continuing to develop full self-driving technology for improved safety. We also strive to lower the cost of ownership for our customers through continuous efforts to reduce manufacturing costs and by offering financial and other services tailored to our products. Our mission is building a world of amazing abundance. We believe that this mission, along with our engineering expertise, advancements in real-world AI, vertically integrated business model, and focus on user experience differentiate us from other companies. Segment Information We operate as two reportable segments: (i) automotive and (ii) energy generation and storage. The automotive segment includes the design, development, manufacturing, sales and leasing of high-performance fully electric vehicles as well as sales of automotive regulatory credits. Additionally, the automotive segment also includes services and other, which includes sales of used vehicles, non-warranty maintenance services and collision, paid Supercharging sessions, automotive insurance business revenue, part sales and retail merchandise sales. ITEM 1A. RISK FACTORS You should carefully consider the risks described below together with the other information set forth in this report, which could materially affect our business, financial condition and future results. The risks described below are not the only risks facing our company. Risks and uncertainties not current", "title": "TSLA - Tesla, Inc.", "url": "/company/TSLA/" }, { "kind": "company", "summary": "SIC 3600 Electronic & Other Electrical Equipment (No Computer Equip); CIK 0000040545; latest 10-K filed 2026-01-29.", "text": "GE - GENERAL ELECTRIC CO SIC 3600 Electronic & Other Electrical Equipment (No Computer Equip); CIK 0000040545; latest 10-K filed 2026-01-29. GE GENERAL ELECTRIC CO 0000040545 3600 Electronic & Other Electrical Equipment (No Computer Equip) MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A). The consolidated financial statements of GE Aerospace are prepared in conformity with U.S. generally accepted accounting principles (GAAP). Unless otherwise noted, tables are presented in U.S. dollars in millions. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying numbers in millions. Discussions throughout this MD&A are based on continuing operations unless otherwise noted. Results for the years ended December 31, 2025 versus 2024 are discussed within this report. Refer to our Annual Report on Form 10-K for the year ended December 31, 2024 for discussions of results for the years ended December 31, 2024 versus 2023. The MD&A should be read in conjunction with the Financial Statements and Notes to the consolidated financial statements. 2025 FORM 10-K 7 In the accompanying analysis of financial information, we sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with GAAP. Certain of these data are considered \u201cnon-GAAP financial measures\u201d under SEC rules. See the Non-GAAP Financial Measures section for the reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures. Beginning in the first quarter of 2025, we changed the terminology used to report our GAAP earnings from \u201cEarnings\u201d to \u201cNet income\u201d and our non-GAAP earnings from \"Adjusted earnings\" to \"Adjusted net income.\" The change in terminology does not impact the amounts reported in the financial statements. BUSINESS OVERVIEW AND ENVIRONMENT. As a global aerospace company, our worldwide operations can be affected by industrial, economic, and political factors on both a regional and global level. Demand for our equipment and services is demonstrated by our backlog of engine orders and services and growth in our installed base, and tends to follow commercial air travel and freight demand and government funding for defense budgets. We also expect a significant ramp in our delivery of engine units and services for newer product platforms in the years ahead to meet this demand. Refer to the Segment Operations sections for Commercial Engines & Services and Defense & Propulsion Technologies below for additional detail about these dynamics for our commercial and defense businesses, respectively. Global material availability and supplier delivery performance continue to cause disruptions and have impacted our production and delivery of equipment and services to our customers. We are investing in our manufacturing facilities, overhaul facilities and our supply chain to increase production and strengthen yield in order to improve delivery to our customers. We continue to partner with our suppliers to improve material input, and work with our customers to calibrate future production rates. We are leveraging FLIGHT DECK and partnering with suppliers to improve material input while also proactively managing the impact of inflationary pressure by driving cost productivity and adjusting the pricing of our products and services. We expect the impact of supply chain constraints and inflation will continue, and we are continuing to take action to mitigate the impacts. However, through FLIGHT DECK and the engagement with our suppliers, aftermarket output and engine deliveries have continued to improve quarter over quarter. We support efforts to revitalize domestic manufacturing and invested $1 billion in U.S manufacturing and hired 5,000 U.S workers in 2025. At the same time, we support promoting free and fair trade that ensures the continued strength of the U.S aerospace industry. Additionally, we are expanding capacity across our global maintenance, repair and overhaul (MRO) network to support aftermarket demand. We are investing $1 bill", "title": "GE - GENERAL ELECTRIC CO", "url": "/company/GE/" }, { "kind": "company", "summary": "SIC 3724 Aircraft Engines & Engine Parts; CIK 0000773840; latest 10-K filed 2026-02-17.", "text": "HON - HONEYWELL INTERNATIONAL INC SIC 3724 Aircraft Engines & Engine Parts; CIK 0000773840; latest 10-K filed 2026-02-17. HON HONEYWELL INTERNATIONAL INC 0000773840 3724 Aircraft Engines & Engine Parts MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars in tables and graphs in millions, except per share amounts) The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is intended to help the reader understand the results of operations and financial condition of Honeywell International Inc. and its consolidated subsidiaries (Honeywell, we, us, our, or the Company) for the three years ended December 31, 2025. All references to Notes relate to Notes to Consolidated Financial Statements in the section titled Financial Statements and Supplementary Data. BUSINESS UPDATE MACROECONOMIC CONDITIONS We continue to monitor macroeconomic and geopolitical developments that continue to be characterized by elevated trade tensions, economic policy uncertainty, and evolving inflationary pressures. While continued global growth proved more resilient than widely anticipated, new tariffs imposed in 2025 and 2026 to date, along with ongoing rollbacks and negotiations, are driving volatility in global markets. Global conflicts, tariffs, labor disruptions, and new regulations continue to generate volatility in global markets and contribute to supply chain vulnerabilities and pricing fluctuations. We remain proactive in our collaboration with suppliers to minimize shortages and mitigate supply chain and price volatility. Mitigation strategies remain crucial to meet customer demand in this evolving environment. Our mitigation strategies include supply chain simplification, continued alignment to local supply sources, digital solutions for identifying and managing shortages, pricing actions and dual source strategies, longer term planning for constrained materials, supply tracking tools, direct engagement with key suppliers, and new supplier development. Strong relationships with strategic primary and secondary suppliers allow us to collaborate to reliably source key components and raw materials, develop new products, commit our resources to assist certain suppliers, and at times, alter designs of existing products. We believe these mitigation strategies enable us to reduce supply risk, foster new product innovation, and expand our market presence. Additionally, due to the stringent quality controls and product qualification we perform on any new or enhanced product, these mitigation strategies have not impacted, and we do not expect them to impact, product quality or reliability. To date, our strategies helped minimize our exposure to these conditions. However, if we are not successful in sustaining or executing these strategies, these macroeconomic conditions could have a material adverse effect on our consolidated results of operations, cash flows, or financial condition. See the section titled Risk Factors for a discussion of risks associated with the potential adverse effects of inflationary cost pressures, supply chain disruptions, tariffs and other trade restrictions and barriers, and labor shortages to our businesses. PORTFOLIO TRANSFORMATION We continually assess the relative strength of each business in our portfolio as to strategic fit, market position, profit, and cash flow contribution in order to identify target investment and acquisition opportunities in order to upgrade our combined portfolio. We also identify businesses that do not fit into our long-term strategic plan based on their market position, relative profitability, or growth potential. During the second quarter of 2025, we completed the divestiture of our PPE business, as well as closed on the acquisition of Sundyne. We also announced our agreement to acquire Johnson Matthey's Catalyst Technologies business segment. On February 6, 2025, we announced our intention to pursue a separation of Honeywell from Honeywell Aerospace, into independent, U.S. publicly traded companies, which is intended to be completed in the third quarter of 2026. The planned separation is intended to be a ta", "title": "HON - HONEYWELL INTERNATIONAL INC", "url": "/company/HON/" }, { "kind": "company", "summary": "SIC 3760 Guided Missiles & Space Vehicles & Parts; CIK 0000936468; latest 10-K filed 2026-01-29.", "text": "LMT - LOCKHEED MARTIN CORP SIC 3760 Guided Missiles & Space Vehicles & Parts; CIK 0000936468; latest 10-K filed 2026-01-29. LMT LOCKHEED MARTIN CORP 0000936468 3760 Guided Missiles & Space Vehicles & Parts ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand our results of operations and financial condition. The MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and notes thereto included in Item 8 - Financial Statements and Supplementary Data. The MD&A generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results or Operations\u201d in the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on January 28, 2025. Business Overview We are a global aerospace and defense technology company that builds and sustains the solutions America and its allies need to deter conflict and advance national security and scientific exploration objectives. Our four business areas \u2013 Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space \u2013 work as one company offering integrated solutions, at scale, across all warfighting domains. Our defense, space, intelligence, homeland security, information technology, and cybersecurity capabilities serve U.S. and international customers in defense, civil and commercial applications. Our principal customers are agencies of the U.S. Government and allies. In 2025, 72% of our $75.0 billion in sales were from the U.S. Government, either as a prime contractor or as a subcontractor (including 63% from the Department of War (DoW), also known as the Department of Defense under 10 U.S.C. \u00a7 111(a)) and 28% were from international customers (including foreign military sales (FMS) contracted through the U.S. Government). We operate in four business segments: Aeronautics, Missiles and Fire Control (MFC), Rotary and Mission Systems (RMS) and Space. We organize our business segments based on the nature of the products and services offered. Recent regional conflicts have demonstrated the integral role Lockheed Martin products play in protecting people, and we are rapidly transforming our business to meet increased demand. We are expanding production capacity to continue delivering at scale, and we are harnessing leading-edge technologies like artificial intelligence and autonomy, open-architecture systems, and advanced networking to make defense forces more agile, adaptive and unpredictable. Our goal is to deliver overwhelming capability and value \u2013 quickly, at the needed quantities and with the greatest effectiveness \u2013 to enable overmatch and strengthen deterrence today and into the future. We achieve this by developing and investing in differentiating technologies, forging strategic partnerships, including with commercial companies, executing on our multi-year business transformation initiative, maintaining fiscal discipline, and continuing to cultivate the greatest aerospace and defense workforce talent and culture in the world. We invest substantially in our people to ensure that our people have the technical skills necessary to succeed, and we expect to continue to invest internally in innovative technologies that address rapidly evolving mission requirements for our customers. We also will continue to evaluate our organizational structure and portfolio and will make strategic changes, acquisitions or divestitures, as appropriate, while deepening our connection to commercial industry through cooperative partnerships, joint ventures and equity investments. Portfolio Shaping Activities We continuously strive to strengthen our portfolio of products and services to meet the current and future needs of our customers. We accomplish this in part by our independent research ITEM 1. Business General We are a global aerospace and defense technology company that builds and sustains the solutions America and its allies need to deter conflict and advance national security and scientific exploration objectives. Our four business areas \u2013 Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space \u2013 work as one company offering integrated solutions, at scale, across all warfighting domains. Our defense, space, intelligence, homeland security, information technology, and cybersecurity capabilities serve U.S. and international customers in defense, civil and commercial applications. Our principal customers are agencies of the U.S. Government and allies. Recent regional conflicts have demonstrated the integral role Lockheed Martin products play in protecting people, and we are rapidly transforming our business to meet increased demand. We are expanding production capacity to continue delivering at scale, and we are harnessing leading-edge technologies like artificial intelligence and autonomy, open-architecture systems, and advanced networking to make defense forces more agile, adaptive and unpredictable. Our goal is to deliver overwhelming capability and value \u2013 quickly, at the needed quantities and with the greatest effectiveness \u2013 to enable overmatch and strengthen deterrence today and into the future. We achieve this by developing and investing in differentiating technologies, forging strategic partnerships, including with commercial companies, executing on our multi-year business transformation initiative, maintaining fiscal discipline, and continuing to cultivate the greatest aerospace and defense workforce talent and culture in the world. We invest substantially in our people to ensure that our people have the technical skills necessary to succeed, and we expect to continue to invest internally in innovative technologies that address rapidly evolving mission requirements for our customers. We also will continue to ITEM 1A. Risk Factors An investment in our common stock or debt securities involves risks and uncertainties. While we seek to identify, manage and mitigate risks to our business, risk and uncertainty cannot be eliminated or necessarily predicted. The outcome of one or more of these risks could have a material e", "title": "LMT - LOCKHEED MARTIN CORP", "url": "/company/LMT/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000078003; latest 10-K filed 2026-02-26.", "text": "PFE - PFIZER INC SIC 2834 Pharmaceutical Preparations; CIK 0000078003; latest 10-K filed 2026-02-26. PFE PFIZER INC 0000078003 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL The following MD&A is intended to assist the reader in understanding our financial condition and results of operations, including an evaluation of the amounts and certainty of cash flows from operations and from outside sources, and is provided as a supplement to and should be read in conjunction with the consolidated financial statements and related notes in Item 8. Financial Statements and Supplementary Data in this Form 10-K. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found within MD&A in our 2024 Form 10-K. References to operational variances pertain to period-over-period changes that exclude the impact of foreign exchange rates. Although foreign exchange rate changes are part of our business, they are not within our control and because they can mask positive or negative trends in the business, we believe presenting operational variances excluding these foreign exchange changes provides useful information to evaluate our results. OVERVIEW OF OUR PERFORMANCE, OPERATING ENVIRONMENT, STRATEGY AND OUTLOOK Financial Highlights\u2013\u2013The following is a summary of certain financial performance metrics (in billions, except per share data): [[GREPCENT_TABLE]] [[\"2025 Total Revenues\\u2013\\u2013$62.6 billion\",\"2025 Net Cash Flow from Operations\\u2013\\u2013$11.7 billion\"],[\"A decrease of 2% compared to 2024\",\"A decrease of 8% compared to 2024\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"2025 Reported Diluted EPS\\u2013\\u2013$1.36\",\"2025 Adjusted Diluted EPS (Non-GAAP)\\u2013\\u2013$3.22**\"],[\"A decrease of 3% compared to 2024\",\"An increase of 4% compared to 2024\"]] [[/GREPCENT_TABLE]] ** For additional information regarding Adjusted diluted EPS (which is a non-GAAP financial measure), including reconciliations of certain GAAP Reported to non- GAAP Adjusted information, see the Non-GAAP Financial Measure: Adjusted Income section within MD&A. Our Business and Strategy\u2013\u2013Pfizer Inc. is a research-based, global biopharmaceutical company. We apply science and our global resources to bring therapies to people that extend and significantly improve their lives. See the Item 1. Business\u2013\u2013About Pfizer section. As a science-driven global biopharmaceutical company, we remain focused on advancing our product pipeline, supporting our marketed brands and deploying capital responsibly, with a focus on initiatives that can help contribute to our long-term revenue and future growth. Most of our revenues come from the manufacture and sale of biopharmaceutical products. We believe that our medicines and vaccines provide significant value for healthcare providers and patients, and we continuously evaluate how we can best collaborate with patients, physicians and payors to support and expand patient access to reliable, affordable healthcare around the world. In addition, we continually seek to expand and broaden our product portfolio offerings through prioritized development of our pipeline and business development opportunities targeted at critical unmet patient needs. As a result, our commercial organizational structure and R&D operations are critical to the successful execution of our business strategy. Our ability to fulfill our purpose, Breakthroughs that change patients\u2019 lives, remains a core focus and underscores our commitment to addressing the needs of society to help sustain long-term value creation for all stakeholders. Our 2026 key priorities are: 1.Maximize value of key transactions 2.Deliver on critical R&D milestones 3.Invest to maximize post-2028 growth 4.Scale AI across our business. One way we believe we will be more efficient, effective and able to execute on these strategic priorities is through digital enablement. This includes expanding automation, data\u2011driven decision making, and enterprise AI solutions that strengthen productivity and accelerate i ITEM 1. BUSINESS ABOUT PFIZER Pfizer Inc. is a research-based, global biopharmaceutical company. We apply science and our global resources to bring therapies to people that extend and significantly improve their lives through the discovery, development, manufacture, marketing, sale and distribution of [[GREPCENT_TABLE]] [[\"Pfizer Inc.\",\"2025 Form 10-K\",\"3\"]] [[/GREPCENT_TABLE]] biopharmaceutical products worldwide. We work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. We collaborate with healthcare providers, governments and local communities to support and expand access to reliable, affordable healthcare around the world. The Company was incorporated under the laws of the State of Delaware on June 2, 1942. Most of our revenues come from the manufacture and sale of biopharmaceutical products. We believe that our medicines and vaccines provide significant value for healthcare providers and patients through improved treatment of diseases and improvements in health, wellness and productivity as well as by reducing other healthcare costs, such as emergency room visits or hospitalizations. We seek to enhance the value of our medicines and vaccines and actively engage in dialogues about how we can best work with patients, physicians and payors to prevent and treat disease and improve outcomes. We seek to maximize patient access and evaluate our pricing arrangements and contracting methods with payors to minimize adverse impact on our revenues within the current legal and pricing structures. We are committed to fulfilling our purpose: Breakthroughs that change patients\u2019 lives. Our purpose fuels everything we do and reflects both our passion for science and our commitment to patients. As a science-driven global biopharmaceutical company, we remain focused on advancing our product pipeline, supporting our marketed brands and deploying capital responsibly, with a focus on ITEM 1A. RISK FACTORS This section describes the material risks to our business, which should be considered carefully in addition to the other information in this report and our other filings with the SEC. Investors should be aware that it is not possible to predict or identify all such factors and that the following is not meant to be a complete discussion ", "title": "PFE - PFIZER INC", "url": "/company/PFE/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001730168; latest 10-K filed 2025-12-18.", "text": "AVGO - Broadcom Inc. SIC 3674 Semiconductors & Related Devices; CIK 0001730168; latest 10-K filed 2025-12-18. AVGO Broadcom Inc. 0001730168 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our consolidated financial statements and notes thereto, which appear elsewhere in this Annual Report on Form 10-K. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under the caption \u201cRisk Factors\u201d or in other parts of this Annual Report on Form 10-K. The following section generally discusses our financial condition and results of operations for our fiscal year ended November 2, 2025 (\u201cfiscal year 2025\u201d) compared to our fiscal year ended November 3, 2024 (\u201cfiscal year 2024\u201d). A discussion regarding our financial condition and results of operations for fiscal year 2024 compared to our fiscal year ended October 29, 2023 can be found in Part II, Item 7 of our Annual Report on Form 10-K for fiscal year 2024, filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on December 20, 2024. Overview We are a global technology leader that designs, develops and supplies a broad range of semiconductor and semiconductor-based solutions and infrastructure software solutions. Our semiconductor and semiconductor-based solutions include a broad portfolio of complex digital and mixed signal devices based on silicon wafers with complementary metal oxide semiconductor transistors, III-V based devices, network interface cards and other modules, switches, subsystems and, in some cases, racks. Our solutions are used in a wide array of environments, end products and applications, such as enterprise and artificial intelligence (\u201cAI\u201d) data centers, servers and networking and connectivity equipment, as well as storage systems, home connectivity devices, set-top boxes, broadband access, telecommunication equipment, wireless devices and base stations, factory automation, power generation and alternative energy systems, and electronic displays. Our infrastructure software solutions help enterprises simplify their information technology environments. Our customers rely on our infrastructure and security software solutions to modernize, optimize, and secure the most complex private cloud, hybrid cloud and edge environments. This enables scalability, agility, automation, insights, resiliency and security, making it easy for customers to run their mission-critical workloads. We also offer mission-critical fibre channel storage area networking (\u201cFC SAN\u201d) products and related software in the form of modules, switches and subsystems incorporating multiple semiconductor products. We have two reportable segments: semiconductor solutions and infrastructure software. Our semiconductor solutions segment includes all of our semiconductor-based product lines and intellectual property (\u201cIP\u201d) licensing. Our infrastructure software segment includes our private cloud, mainframe software, cybersecurity and enterprise software portfolios, and our FC SAN business. Our strategy is focused on sustained technology leadership and developing category-leading solutions to deliver a comprehensive suite of innovative infrastructure technology products to the world\u2019s leading business and government customers. We seek to achieve this through extensive internal research and development, as well as strategic acquisitions of businesses and technologies, to ensure our products retain their technology market leadership. This strategy results in a robust business model designed to drive diversified and sustainable operating and financial results. The demand for our solutions has been affected in the past, and is likely to continue to be affected in the future, by various factors, including the following: \u2022gain or loss of significa ITEM 1.BUSINESS Overview We are a global technology leader that designs, develops and supplies a broad range of semiconductor and semiconductor-based solutions and infrastructure software solutions. Our more than 60-year history of innovation dates back to our diverse origins from AT&T/Bell Labs, Lucent and Hewlett-Packard Company, and has evolved through acquisitions, including LSI Corporation, Broadcom Corporation, Brocade Communications Systems, Inc., CA, Inc., Symantec Enterprise Security, and VMware, Inc. (\u201cVMware\u201d). Over the years, we have assembled a large team of semiconductor and software design engineers around the world. We maintain design, product and software development engineering expertise and resources at locations primarily in the U.S., Asia, and Europe. We combine global scale, engineering depth, broad product portfolio, superior execution and operational focus to deliver category-leading semiconductor and infrastructure software solutions. Business Strategy Our strategy is focused on sustained technology leadership and developing category-leading solutions to deliver a comprehensive suite of innovative infrastructure technology products to the world\u2019s leading business and government customers. We seek to achieve this through extensive internal research and development, as well as strategic acquisitions of businesses and technologies, to ensure our products retain their technology market leadership. This strategy results in a robust business model designed to drive diversified and sustainable operating and financial results. Products and Markets Semiconductor Solutions Our semiconductor and semiconductor-based solutions include a broad portfolio of complex digital and mixed signal devices based on silicon wafers with complementary metal oxide semiconductor (\u201cCMOS\u201d) transistors, III-V based devices, network interface cards (\u201cNICs\u201d) and other modules, switches, subsystems and, in some cases, racks. Our solutions are used in a wide array of en ITEM 1A. RISK FACTORS Our business, operations and financial results are subject to various risks and uncertainties, including those described below, that could adversely affect our business, financial condition, results of operations, cash flows and the trading price of our common stock. The following material factors, among others, cou", "title": "AVGO - Broadcom Inc.", "url": "/company/AVGO/" }, { "kind": "company", "summary": "SIC 4210 Trucking & Courier Services (No Air); CIK 0001090727; latest 10-K filed 2026-02-17.", "text": "UPS - UNITED PARCEL SERVICE INC SIC 4210 Trucking & Courier Services (No Air); CIK 0001090727; latest 10-K filed 2026-02-17. UPS UNITED PARCEL SERVICE INC 0001090727 4210 Trucking & Courier Services (No Air) Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and related notes included in Item 8. \"Financial Statements and Supplementary Data\" of this Annual Report on Form 10-K (this \"Annual Report\" or \"this report\"). This section of this Annual Report includes a discussion of 2025 and 2024 items and year-over-year comparisons between those years. For a discussion of year-over-year comparisons between 2024 and 2023 that are not included in this Annual Report see Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission on February 18, 2025. Overview In 2025, we continued to execute our Customer First, People Led and Innovation Driven strategy, which focuses on growing in the parts of the market that value our end-to-end solutions, including healthcare, small-and medium-sized businesses (\"SMBs\") and International. As part of this strategy, we drove a reduction in volume from our largest customer, with a targeted reduction of 50% by June 2026 from 2024 levels. Partly as a result, we increased consolidated revenue per piece by 6.6%, and expanded SMB penetration to over 30% of total U.S. volume. In connection with this strategic execution of volume declines, we began our Network Reconfiguration and Efficiency Reimagined initiatives. These initiatives are intended to enhance the efficiency of our network through automation and operational sort consolidation in our U.S. Domestic network. From these initiatives, we delivered on our planned year-over-year cost savings of approximately $3.5 billion in 2025. See Supplemental Information - Items Affecting Comparability for additional discussion. Also in 2025, we completed the acquisitions of Frigo-Trans and Biotech & Pharma Logistics (\"Frigo-Trans\"), and Andlauer Healthcare Group (\"AHG\"). In 2025, our global healthcare portfolio generated more than $11 billion in revenue, furthering our progress towards our goal to become the number one complex healthcare logistics provider in the world. In September 2024, we completed the divestiture of our truckload brokerage services (\"Coyote\"), which contributed $1.6 billion of revenue in 2024 prior to its divestiture. Effective January 1, 2025, we insourced our former SurePost product, and replaced it with Ground Saver, a domestic economy service meant to complement our array of products used by our customers. This change provided us greater operational control and service quality with respect to this product. However, this insourcing pressured our operating results, as pickup and delivery costs were higher than in 2024. In December 2025, we entered into a new agreement with the United States Postal Service (\"USPS\") to assist with final-mile delivery for a portion of our Ground Saver and Mail Innovations volumes starting in 2026, which is expected to allow us to more cost efficiently serve our customers while maintaining our service levels. In the International market, during 2025 we implemented weekend delivery within Europe. Additionally, our new air hub in the Philippines is slated to open towards the end of 2026 and our expansion in Hong Kong is planned to open in 2028. Both gateways are expected to give us broader access and faster time in transit on the trade lanes that are growing in Asia. During 2025, we returned $6.4 billion in cash to shareholders by completing $1.0 billion of share repurchases and paying $5.4 billion in dividends. Our 2025 financial results also reflect the impact of a complex macro environment, driven by evolving trade policies, and the significant strategic actions we are taking including revenue quality initiatives. Global trade policy changes during 2025, including pending and enacted tariffs and de minimis exclusions, res Item 1.Business Overview UPS, founded in 1907, is a global package delivery and logistics provider. We offer a broad range of industry-leading products and services through our extensive global presence, serving over 200 countries and territories. Our services include transportation and delivery through our integrated air and ground network, distribution, contract logistics, ocean freight, airfreight, customs brokerage and insurance. In 2025, we delivered an average of 20.8 million packages per day, totaling 5.2 billion packages during the year. Total revenue in 2025 was $88.7 billion. Strategy We are continuing to execute our Customer First, People Led, Innovation Driven strategy, which focuses on growing in the parts of our market that value our end-to-end solutions, including healthcare, business-to-business (\"B2B\"), small- and medium-sized businesses (\"SMBs\"), and international. Customer First is about reducing friction in the customer experience by anticipating and solving for customers' needs. We are focused on providing differentiated value through our capabilities and service. We strive to enable our customers to better 1 compete and succeed by taking complexity out of their business and delivering what they tell us matters to them the most: speed, ease and service reliability. People Led focuses on our employee experience and how likely an employee is to recommend UPS employment to a friend or family member. We know successful outcomes are built from a strong culture and sense of partnership. We believe that when we take care of our people, they will take care of our customers. Innovation Driven is our focus on leveraging technology to optimize the volume that flows through our network. We continually seek to improve the productivity and efficiency of our global integrated network by using technology to move from a scanning to a sensing network, including using RFID technology in our Smart Package Smart Facilities initiative. In 2025, we took seve Item 1A.Risk Factors Our business, financial condition and results of operations are and will remain subject to numerous risks and uncertainties. You should carefully consider the following risk factors, which may have materially affected or could materially affect us, including impacting our business, financi", "title": "UPS - UNITED PARCEL SERVICE INC", "url": "/company/UPS/" }, { "kind": "company", "summary": "SIC 4011 Railroads, Line-Haul Operating; CIK 0000100885; latest 10-K filed 2026-02-06.", "text": "UNP - UNION PACIFIC CORP SIC 4011 Railroads, Line-Haul Operating; CIK 0000100885; latest 10-K filed 2026-02-06. UNP UNION PACIFIC CORP 0000100885 4011 Railroads, Line-Haul Operating Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the Consolidated Financial Statements and applicable notes to the Financial Statements and Supplementary Data, Item 8, and other information in this report, including Risk Factors set forth in Item 1A and Critical Accounting Estimates and Cautionary Information at the end of this Item 7. The following section generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7, of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The Railroad, along with its subsidiaries and rail affiliates, is our one reportable operating segment. Although we provide and analyze revenues by commodity group, we treat the financial results of the Railroad as one segment due to the integrated nature of our rail network. EXECUTIVE SUMMARY 2025 Results \u2022Safety \u2013 Building on the foundation and commitment to our safety culture, 2025 furthered our progress towards world-class safety. With a focus on four central pillars \u2013 Injury Prevention, Leverage Technology, Situational Awareness Testing, and Peer-to-Peer Engagement, we are cultivating a safety-focused mindset so all of our employees return home safely each day. Injury Prevention efforts focus on specific, critical tasks where any form of non-compliance can result in a serious injury. Training is vital to teach our employees how to safely execute those critical tasks in order to reduce the risk of injury or derailment. By Leveraging Technology, we seek to eliminate or automate activities with the most risk. Over 7,000 wayside detectors monitor freight cars and locomotives in real time, generating 72 million data points daily to proactively identify and mitigate risks. We are building safer trains with our proprietary Physics Train Builder technology, which allows us to evaluate train and route characteristics to enable proactive intervention by our Operating Practices Command Center to prevent derailments. We utilize our autonomous geometry car fleet to inspect 500,000 miles of track annually. This technology and the data it provides enable us to direct investments and resources in the right place, helping to significantly reduce track-caused derailments over the last 10 years. Situational Awareness Testing (a program we call COMMIT) is our program that observes, tests, and coaches our employees to promote understanding and compliance with our work rules. COMMIT goes beyond traditional classroom learning, with an emphasis on in-the-field training with employees actively running the railroad. 28 Table of Contents Peer-to-Peer Engagement drives employee ownership through engagement with our safety programs. Our culture embodies a personal commitment to do our jobs with a passion for safety so everyone goes home safe. Employees are encouraged to speak up if they see unsafe behaviors. The focus on these four pillars continues to drive improvement, resulting in our best-ever personal injury and derailment incident rate annual safety results. Compared to 2024, our personal injury rate (the number of reportable injuries for every 200,000 employee-hours worked) of 0.68 decreased 24% and our derailment incident rate (the number of reportable derailment incidents per million train miles) of 1.75 improved 19%. \u2022Service \u2013 Bolstered by sequentially improving freight car velocity and terminal dwell, our network remained fluid throughout 2025 as we achieved best-ever results for many of our operating metrics. For the year ended December 31, 2025, freight car velocity increased to 225 daily miles per car, an improvement of 8%, while terminal dwell declined Item 1. Business GENERAL Union Pacific Railroad Company is the principal operating company of Union Pacific Corporation. One of America's most recognized companies, Union Pacific Railroad Company connects 23 states in the western two-thirds of the country by rail, providing a critical link in the global supply chain. The Railroad\u2019s diversified business mix includes Bulk, Industrial, and Premium. Union Pacific serves many of the fastest-growing U.S. population centers, operates from all major West Coast and Gulf Coast ports to Eastern gateways, connects with Canada's rail systems, and is the only railroad serving all six major Mexico gateways. Union Pacific provides value to customers by delivering products in a safe, reliable, fuel-efficient, and environmentally responsible manner. Union Pacific Corporation was incorporated in Utah in 1969 and maintains its principal executive offices at 1400 Douglas Street, Omaha, NE 68179. The telephone number at that address is (402) 544-5000. The common stock of Union Pacific Corporation is listed on the New York Stock Exchange (NYSE) under the symbol \u201cUNP\u201d. For purposes of this report, unless the context otherwise requires, all references herein to \"Union Pacific\", \u201cUPC\u201d, \u201cCorporation\u201d, \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d, and \u201cour\u201d shall mean Union Pacific Corporation and its subsidiaries, including Union Pacific Railroad Company, which we separately refer to as \u201cUPRR\u201d or the \u201cRailroad\u201d. STRATEGY Safety, Service, and Operational Excellence supports the Company's long-term initiative to Grow its freight volumes. Together as a team, the Company will focus on achieving the best safety record in the industry, being known for superior service, grounded in operational excellence, which, in turn, drives growth. Safety is paramount and, as our first area of focus, sets the foundation for achieving the Company's objectives. The mindset and culture are built around a personal commitment by all employees to prioritize safety so everyone goes ho Item 1A. Risk Factors The following discussion addresses significant factors, events, and uncertainties that make an investment in our securities risky and provides important information for the understanding of our \u201cforward-looking statements,\u201d which are discussed immediately preceding Item 7A of this Form 10-K and elsewhere. The ris", "title": "UNP - UNION PACIFIC CORP", "url": "/company/UNP/" }, { "kind": "company", "summary": "SIC 4813 Telephone Communications (No Radiotelephone); CIK 0000732712; latest 10-K filed 2026-02-17.", "text": "VZ - VERIZON COMMUNICATIONS INC SIC 4813 Telephone Communications (No Radiotelephone); CIK 0000732712; latest 10-K filed 2026-02-17. VZ VERIZON COMMUNICATIONS INC 0000732712 4813 Telephone Communications (No Radiotelephone) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview Verizon Communications Inc. is a holding company that, acting through its subsidiaries, is one of the world\u2019s leading providers of communications, technology, information and streaming products and services to consumers, businesses and government entities. With a presence around the world, we offer data, video and voice services and solutions on our networks and platforms that are designed to meet customers\u2019 demand for mobility, reliable network connectivity and security. To compete effectively in today\u2019s dynamic marketplace, we are focused on delivering what customers want and need in the digital world by offering innovative products and services, delivering excellent customer experience, and leveraging the capabilities of our high-performing networks. Highlights of Our 2025 Financial Results (dollars in millions) 21 Table of Contents Business Overview We have two reportable segments that we operate and manage as strategic business units - Consumer and Business. Revenue by Segment \u2014\u2014\u2014 Note: Excludes eliminations. Verizon Consumer Group Our Consumer segment provides consumer-focused wireless and wireline communications services and products. Our wireless services are provided across one of the most extensive wireless networks in the U.S. under the Verizon family of brands and through wholesale and other arrangements. As of the date this report is being filed, our wireline services are provided in 31 U.S. states and Washington D.C. over our 100% fiber-optic network through our fiber product portfolio, as well as over a traditional copper-based network. We also provide FWA broadband through our 5G or 4G LTE networks as an alternative to traditional landline internet access. Customers can obtain our wireless services on a postpaid or prepaid basis. Our postpaid service is generally billed one month in advance for a monthly access charge in return for access to and usage of network services. Our prepaid service is offered only to Consumer customers and enables individuals to obtain wireless services without credit verification by paying for all services in advance. The Consumer segment also offers several categories of wireless equipment to customers, including a variety of smartphones and other handsets, wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices, such as smart watches. In addition to wireless services and equipment for retail customers, the Consumer segment sells residential fixed connectivity solutions, including internet, video and voice services, and wireless network access to resellers on a wholesale basis. The Consumer segment's operating revenues for the year ended December 31, 2025 totaled $106.8 billion, an increase of $3.9 billion, or 3.8%, compared to the year ended December 31, 2024. See \"Segment Results of Operations\" for additional information regarding our Consumer segment\u2019s operating performance and selected operating statistics. Verizon Business Group Our Business segment provides wireless and wireline communications services and products, including mobility communication services, FWA and wireline broadband, IoT connectivity solutions, advanced communication services, corporate networking solutions, local and long distance voice services, and security and managed network services. We provide these products and services to businesses, public sector customers and wireless and wireline carriers across the U.S. and a subset of these products and services to customers around the world. The Business segment's operating revenues for the year ended December 31, 2025 totaled $29.1 billion, a decrease of $462 million, or 1.6%, compared to the year ended December 31, 2024. See \"Segment Results of Operations\" for additional information regarding our Business segment's operating performance and selected operating statistics. Corporate and Other Corpo Item 1. Business General Verizon Communications Inc. (the Company) is a holding company that, acting through its subsidiaries (together with the Company, collectively, Verizon), is one of the world\u2019s leading providers of communications, technology, information and streaming products and services to consumers, businesses and government entities. With a presence around the world, we offer data, video and voice services and solutions on our networks and platforms that are designed to meet customers\u2019 demand for mobility, reliable network connectivity and security. We have two reportable segments that we operate and manage as strategic business units - Verizon Consumer Group (Consumer) and Verizon Business Group (Business). Verizon Consumer Group Our Consumer segment provides consumer-focused wireless and wireline communications services and products. Our wireless services are provided across one of the most extensive wireless networks in the United States (U.S.) under the Verizon family of brands and through wholesale and other arrangements. As of the date this report is being filed, our wireline services are provided in 31 U.S. states and Washington D.C. over our 100% fiber-optic network through our fiber product portfolio, as well as over a traditional copper-based network. We also provide fixed wireless access (FWA) broadband through our fifth-generation (5G) or fourth-generation (4G) Long-Term Evolution (LTE) networks as an alternative to traditional landline internet access. In 2025, the Consumer segment\u2019s revenues were $106.8 billion, representing approximately 77% of Verizon\u2019s consolidated revenues. As of December 31, 2025, Consumer had approximately 116 million wireless retail connections (including FWA), of which 83% were postpaid connections. In addition, at December 31, 2025, Consumer had approximately 11 million total broadband connections (which includes Fios internet, FWA and Digital Subscriber Line (DSL) connections), and approximately 2 million Fio Item 1A. Risk Factors The following discussion of \"Risk Factors\" identifies factors that may adversely affect our business, operations, financial condition or future performance. This information should be read in conjunction with \"Management\u2019s Discussion and Analysis of Financial Condition and Resul", "title": "VZ - VERIZON COMMUNICATIONS INC", "url": "/company/VZ/" }, { "kind": "company", "summary": "SIC 4813 Telephone Communications (No Radiotelephone); CIK 0000732717; latest 10-K filed 2026-02-09.", "text": "T - AT&T INC. SIC 4813 Telephone Communications (No Radiotelephone); CIK 0000732717; latest 10-K filed 2026-02-09. T AT&T INC. 0000732717 4813 Telephone Communications (No Radiotelephone) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW AT&T Inc. is referred to as \u201cwe,\u201d \u201cAT&T\u201d or the \u201cCompany\u201d throughout this document. AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc., and the names of the particular subsidiaries and affiliates providing the services generally have been omitted. AT&T is a holding company whose subsidiaries and affiliates operate worldwide in the telecommunications and technology industries. You should read this discussion in conjunction with the consolidated financial statements and accompanying notes (Notes). Our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations included in this document generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this document can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10\u2011K for the fiscal year ended December 31, 2024. We have two reportable segments: Communications and Latin America. Our segment results presented in Note 4 and discussed below follow our internal management reporting. Each segment\u2019s percentage calculation of total segment operating revenue is derived from our segment results table in Note 4. Segment operating income is primarily attributable to our Communications segment due to prior-years operating losses in Latin America. Percentage increases and decreases that are not considered meaningful are denoted with a dash. [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"Percent Change\"],[\"\",\"2025\",\"2024\",\"2023\",\"2025 vs. 2024\",\"2024 vs. 2023\"],[\"Operating Revenues\"],[\"Communications\",\"$\",\"120,896\",\"\",\"$\",\"117,652\",\"\",\"$\",\"118,038\",\"\",\"2.8\",\"%\",\"(0.3)\",\"%\"],[\"Latin America\",\"4,379\",\"\",\"4,232\",\"\",\"3,932\",\"\",\"3.5\",\"\",\"7.6\"],[\"Corporate\",\"373\",\"\",\"452\",\"\",\"458\",\"\",\"(17.5)\",\"\",\"(1.3)\"],[\"AT&T Operating Revenues\",\"$\",\"125,648\",\"\",\"$\",\"122,336\",\"\",\"$\",\"122,428\",\"\",\"2.7\",\"%\",\"(0.1)\",\"%\"],[\"Operating Income (Loss)\"],[\"Communications\",\"$\",\"27,927\",\"\",\"$\",\"27,095\",\"\",\"$\",\"27,801\",\"\",\"3.1\",\"%\",\"(2.5)\",\"%\"],[\"Latin America\",\"145\",\"\",\"40\",\"\",\"(141)\",\"\",\"\\u2014\",\"\",\"\\u2014\"],[\"Segment Operating Income\",\"28,072\",\"\",\"27,135\",\"\",\"27,660\",\"\",\"3.5\",\"\",\"(1.9)\"],[\"Corporate\",\"(2,559)\",\"\",\"(2,902)\",\"\",\"(2,961)\",\"\",\"11.8\",\"\",\"2.0\"],[\"Certain significant items\",\"(1,351)\",\"\",\"(5,184)\",\"\",\"(1,238)\",\"\",\"73.9\",\"\",\"\\u2014\"],[\"AT&T Operating Income\",\"$\",\"24,162\",\"\",\"$\",\"19,049\",\"\",\"$\",\"23,461\",\"\",\"26.8\",\"%\",\"(18.8)\",\"%\"]] [[/GREPCENT_TABLE]] The Communications segment accounted for approximately 97% of our 2025 and 2024 total segment operating revenues and accounted for substantially all segment operating income in 2025 and 2024. This segment provides services to businesses and consumers located in the United States and businesses globally. Our business strategies reflect integrated product offerings that cut across product lines and utilize shared assets. This segment contains the following business units: \u2022Mobility provides nationwide wireless service and equipment. \u2022Business Wireline provides advanced ethernet-based fiber services, fixed wireless services, IP Voice and managed professional services, as well as legacy voice and data services and related equipment, to business customers. \u2022Consumer Wireline provides broadband services, including fiber connections that provide multi-gig services, and AT&T Internet Air (AIA) services, to residential customers in select locations. Consumer Wireline also provides legacy telephony voice communication services. The Latin America segment accounted for approximately 3% of our 2025 and 2024 total segment operating revenues and less than 1% of segment operating income in 2025 and 2024. This segment provides wireless service and equi ITEM 1. BUSINESS GENERAL AT&T Inc. (\u201cAT&T,\u201d \u201cwe\u201d or the \u201cCompany\u201d) is a holding company incorporated under the laws of the State of Delaware in 1983 and has its principal executive offices at 208 S. Akard St., Dallas, Texas, 75202 (telephone number 210-821-4105). We maintain an internet website at www.att.com. (This website address is for information only and is not intended to be an active link or to incorporate any website information into this document.) We file electronically with the Securities and Exchange Commission (SEC) required reports on Form 8-K, Form 10-Q and Form 10-K; proxy materials; registration statements on Forms S-3 and S-8, as necessary; and other forms or reports as required. The SEC maintains a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. We make available, free of charge, on our website our annual report on Form 10-K, our quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports as soon as reasonably practicable after such reports are electronically filed with, or furnished to, the SEC. We also make available on that website, and in print, if any stockholder or other person so requests, our \u201cCode of Ethics\u201d applicable to all employees and Directors, our \u201cCorporate Governance Guidelines,\u201d and the charters for all committees of our Board of Directors, including Audit, Human Resources and Governance and Policy committees. Any changes to our Code of Ethics or waiver of our Code of Ethics for senior financial officers, executive officers or Directors will be posted on that website. A reference to a \u201cNote\u201d refers to the Notes to Consolidated Financial Statements in Item 8. History AT&T, formerly known as SBC Communications Inc. (SBC), was formed as one of several regional holding companies created to hold AT&T Corp.\u2019s (ATTC) local telephone companies. On January 1, 1984, we were spun-off from AT ITEM 1A. RISK FACTORS In addition to the other information set forth in this document, including the matters contained under the heading \u201cCautionary Language Concerning Forward-Looking Statements,\u201d you should carefully read the matters described below. We believe that each of these matters could materially affect our busine", "title": "T - AT&T INC.", "url": "/company/T/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0000753308; latest 10-K filed 2026-02-13.", "text": "NEE - NEXTERA ENERGY INC SIC 4911 Electric Services; CIK 0000753308; latest 10-K filed 2026-02-13. NEE NEXTERA ENERGY INC 0000753308 4911 Electric Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations OVERVIEW NEE\u2019s operating performance is driven primarily by the operations of its two principal businesses, FPL, which serves more than six million customer accounts in Florida and is the largest electric utility in the U.S., and NEER, which together with affiliated entities is one of the largest energy infrastructure developers in the U.S. The table below presents net income (loss) attributable to NEE and earnings (loss) per share attributable to NEE, assuming dilution, by reportable segment, FPL and NEER. Corporate and Other is primarily comprised of the operating results of other business activities, as well as other income and expense items, including interest expense, and eliminating entries, and may include the net effect of rounding. See Note 16 for additional segment information. The following discussion should be read in conjunction with the Notes to Consolidated Financial Statements contained herein and all comparisons are with the corresponding items in the prior year. [[GREPCENT_TABLE]] [[\"\",\"Net Income (Loss) Attributable to NEE\",\"\",\"Earnings (Loss) Per Share Attributable to NEE, Assuming Dilution\"],[\"\",\"Years Ended December 31,\",\"\",\"Years Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"\",\"(millions)\"],[\"FPL\",\"$\",\"5,012\",\"\",\"\",\"$\",\"4,543\",\"\",\"\",\"$\",\"4,552\",\"\",\"\",\"$\",\"2.42\",\"\",\"\",\"$\",\"2.21\",\"\",\"\",\"$\",\"2.24\"],[\"NEER(a)\",\"2,975\",\"\",\"\",\"2,299\",\"\",\"\",\"3,558\",\"\",\"\",\"1.44\",\"\",\"\",\"1.12\",\"\",\"\",\"1.75\"],[\"Corporate and Other\",\"(1,152)\",\"\",\"\",\"104\",\"\",\"\",\"(800)\",\"\",\"\",\"(0.56)\",\"\",\"\",\"0.04\",\"\",\"\",\"(0.39)\"],[\"NEE\",\"$\",\"6,835\",\"\",\"\",\"$\",\"6,946\",\"\",\"\",\"$\",\"7,310\",\"\",\"\",\"$\",\"3.30\",\"\",\"\",\"$\",\"3.37\",\"\",\"\",\"$\",\"3.60\"]] [[/GREPCENT_TABLE]] ______________________ (a) NEER\u2019s results reflect an allocation of interest expense from NEECH to NextEra Energy Resources based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. For the five years ended December 31, 2025, NEE delivered a total shareholder return of approximately 18.2%, compared to the S&P 500\u2019s 96.2% return, the S&P 500 Utilities' 59.1% return and the Dow Jones U.S. Electricity's 64.8% return. The historical stock performance of NEE's common stock shown in the performance graph below is not necessarily indicative of future stock price performance. 39 Table of Contents Adjusted Earnings NEE prepares its financial statements under GAAP. However, management also uses earnings adjusted for certain items (adjusted earnings), a non-GAAP financial measure, internally for financial planning, analysis of performance, reporting of results to the Board of Directors and as an input in determining performance-based compensation under NEE\u2019s employee incentive compensation plans. NEE also uses adjusted earnings when communicating its financial results and earnings outlook to analysts and investors. NEE\u2019s management believes that adjusted earnings provide a more meaningful representation of NEE's fundamental earnings power. Although these amounts are properly reflected in the determination of net income under GAAP, management believes that the amount and/or nature of such items make period to period comparisons of operations difficult and potentially confusing. Adjusted earnings do not represent a substitute for net income, as prepared under GAAP. The following table provides details of the after-tax adjustments to net income considered in computing NEE's adjusted earnings discussed above. [[GREPCENT_TABLE]] [[\"\",\"Years Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"\",\"\",\"\",\"(millions)\"],[\"Net gains (losses) associated with non-qualifying hedge activity(a)\",\"$\",\"(272)\",\"\",\"\",\"$\",\"666\",\"\",\"\",\"$\",\"1,497\"],[\"Differential membership interests-related \\u2013 NEER\",\"$\",\"\\u2014\",\"\",\"\",\"$\",\"(5)\",\"\",\"\",\"$\",\"(49)\"],[\"XPLR investment gains, net \\u2013 NEER(b)\",\"$\",\"(656)\",\"\",\"\",\"$ Item 1. Business OVERVIEW NEE is one of the largest electric power and energy infrastructure companies in North America. As of December 31, 2025, NEE had approximately 80 gigawatts of net generation and storage capacity from a diverse portfolio of assets, primarily including natural gas, wind, solar and nuclear generation facilities and battery storage facilities. NEE has two principal businesses, FPL and NEER. FPL is the largest electric utility in Florida and the U.S. FPL\u2019s strategic focus is centered on investing in generation, storage, transmission and distribution facilities to deliver on its value proposition of keeping customer bills low and delivering high reliability, outstanding customer service and energy from diverse generation sources for the benefit of its more than six million customer accounts. NEER is one of the largest energy infrastructure developers in the U.S. NEER\u2019s strategic focus is centered on the development, construction and operation of long-term contracted generation facilities, including renewables, nuclear and natural gas, as well as battery storage facilities. NEER also builds and owns regulated electric and gas transmission assets, is a leading gas and power supplier, and delivers integrated energy and technology solutions to utilities and businesses across the U.S. NEE seeks to create value in its two principal businesses by meeting customer needs more economically and reliably than its competitors. NEE's strategy has resulted in profitable growth over sustained periods at both FPL and NEER. Management seeks to grow each business (see Note 15 \u2013 Commitments) in a manner consistent with the varying opportunities available to it; however, management believes that the diversification and balance represented by FPL and NEER is a valuable characteristic of the enterprise and recognizes that each business contributes to NEE's financial strength in different ways. FPL and NEER share a common platform with the objective of lowering costs, Item 1A. Risk Factors Risks Relating to NEE's and FPL's Business The business, financial condition, results of operations and prospects of NEE and FPL are subject to a variety of risks, many of which are beyond the control of NEE and FPL. These risks, whether or not expressly stated with respect to any particular risk factor, as well as additional risks and ", "title": "NEE - NEXTERA ENERGY INC", "url": "/company/NEE/" }, { "kind": "company", "summary": "SIC 4931 Electric & Other Services Combined; CIK 0001326160; latest 10-K filed 2026-02-26.", "text": "DUK - Duke Energy CORP SIC 4931 Electric & Other Services Combined; CIK 0001326160; latest 10-K filed 2026-02-26. DUK Duke Energy CORP 0001326160 4931 Electric & Other Services Combined ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis includes financial information prepared in accordance with GAAP in the U.S., as well as certain non-GAAP financial measures such as adjusted earnings and adjusted EPS discussed below. Generally, a non-GAAP financial measure is a numerical measure of financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP financial measures should be viewed as a supplement to, and not a substitute for, financial measures presented in accordance with GAAP. Non-GAAP measures as presented herein may not be comparable to similarly titled measures used by other companies. The following combined Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is separately filed by Duke Energy Corporation and its subsidiaries Duke Energy Carolinas, LLC, Progress Energy, Inc., Duke Energy Progress, LLC, Duke Energy Florida, LLC, Duke Energy Ohio, Inc., Duke Energy Indiana, LLC and Piedmont Natural Gas Company, Inc. However, none of the registrants make any representation as to information related solely to Duke Energy or the subsidiary registrants of Duke Energy other than itself. Management\u2019s Discussion and Analysis should be read in conjunction with the Consolidated Financial Statements and Notes for the years ended December 31, 2025, 2024 and 2023. See \"Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations,\" in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025, for a discussion of variance drivers for the year ended December 31, 2024, as compared to December 31, 2023. DUKE ENERGY Duke Energy, an energy company headquartered in Charlotte, North Carolina, operates in the U.S. primarily through its subsidiaries, Duke Energy Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont. When discussing Duke Energy\u2019s consolidated financial information, it necessarily includes the results of the Subsidiary Registrants, which along with Duke Energy, are collectively referred to as the Duke Energy Registrants. Executive Overview This is a transformative period for the utility industry propelled by energy modernization in support of load growth acceleration and the ongoing shift to more efficient and resilient energy infrastructure. Through our strategic investments and initiatives, we have maintained a key role in this transition, as we strengthen the energy system for our customers. In 2025, we advanced key policy and regulatory activities, executed strategic transactions to support growth and delivered safe and reliable utility services to our customers and communities. We also made progress advancing through the preliminary stages of the approval and construction for significant new generation investments. We continue to operate and maintain our infrastructure in a manner that extends the useful lives for critical assets, while executing a disciplined approach in the prioritization and deployment of capital for new investments. We are proud of the constructive regulatory outcomes that we advocated for our customers as we prepare for growth in energy demand driven by ongoing migration into our attractive service territories, continued electrification and onshoring from domestic industries, data center growth and other investments, including those related to support the broader utilization of AI. The fundamentals of our business remain strong and allow us to deliver earnings growth and pay common stock dividends in a low-risk, predictable and transparent way. We achieved our 2025 financial commitments by delivering earnings growth above the midpoint of our adjusted earnings g BUSINESS ITEM 1. BUSINESS DUKE ENERGY General Duke Energy was incorporated on May 3, 2005, and is an energy company headquartered in Charlotte, North Carolina, subject to regulation by the FERC and other regulatory agencies listed below. Duke Energy operates in the U.S. primarily through its direct and indirect subsidiaries. Certain Duke Energy subsidiaries are also Subsidiary Registrants, including Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont. Operations in Kentucky are conducted through Duke Energy Ohio's wholly owned subsidiary, Duke Energy Kentucky. References herein to Duke Energy Ohio include Duke Energy Ohio and its subsidiaries, unless otherwise noted. When discussing Duke Energy\u2019s consolidated financial information, it necessarily includes the results of its separate Subsidiary Registrants, which along with Duke Energy, are collectively referred to as the Duke Energy Registrants. The Duke Energy Registrants electronically file reports with the SEC, including Annual Reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and amendments to such reports. The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at sec.gov. Additionally, information about the Duke Energy Registrants, including reports filed with the SEC, is available through Duke Energy\u2019s website at duke-energy.com. Such reports are accessible at no charge and are made available as soon as reasonably practicable after such material is filed with or furnished to the SEC. Business Segments Duke Energy's segment structure includes two reportable business segments: Electric Utilities and Infrastructure (EU&I) and Gas Utilities and Infrastructure (GU&I). The remainder of Duke Energy\u2019s operations is presented as Other. Duke Energy's chief operating deci ITEM 1A. RISK FACTORS In addition to other disclosures within this Form 10-K, including \"Management's Discussion and Analysis of Financial Condition and Results of Operations \u2013 Matters Impacting Future Results\" for each registrant in Item 7, and other documents filed with the SEC from time to time, the following factors should ", "title": "DUK - Duke Energy CORP", "url": "/company/DUK/" }, { "kind": "company", "summary": "SIC 5122 Wholesale-Drugs, Proprietaries & Druggists' Sundries; CIK 0000927653; latest 10-K filed 2026-05-08.", "text": "MCK - MCKESSON CORP SIC 5122 Wholesale-Drugs, Proprietaries & Druggists' Sundries; CIK 0000927653; latest 10-K filed 2026-05-08. MCK MCKESSON CORP 0000927653 5122 Wholesale-Drugs, Proprietaries & Druggists' Sundries Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. INDEX TO MANAGEMENT\u2019S DISCUSSION AND ANALYSIS [[GREPCENT_TABLE]] [[\"Section\",\"Page\"],[\"General\",\"33\"],[\"Overview of Our Business\",\"33\"],[\"Executive Summary\",\"35\"],[\"Trends and Uncertainties\",\"36\"],[\"Overview of Consolidated Results\",\"37\"],[\"Overview of Segment Results\",\"42\"],[\"Foreign Operations\",\"45\"],[\"Business Combinations\",\"45\"],[\"Fiscal 2027 Outlook\",\"45\"],[\"Critical Accounting Estimates\",\"46\"],[\"Financial Condition, Liquidity, and Capital Resources\",\"51\"],[\"Related Party Balances and Transactions\",\"56\"],[\"New Accounting Pronouncements\",\"56\"]] [[/GREPCENT_TABLE]] GENERAL Management\u2019s discussion and analysis of financial condition and results of operations, referred to as the \u201cFinancial Review,\u201d is intended to assist the reader in the understanding and assessment of significant changes and trends related to the results of operations and financial position of McKesson Corporation together with its subsidiaries (collectively, the \u201cCompany,\u201d \u201cMcKesson,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d and other similar pronouns). This discussion and analysis should be read in conjunction with the consolidated financial statements and accompanying financial notes in Item 8 of Part II of this Annual Report on Form 10-K (\u201cAnnual Report\u201d). Our fiscal year begins on April 1 and ends on March 31. Unless otherwise noted, all references to a particular year refer to our fiscal year. Our Financial Review within this Annual Report generally discusses fiscal 2026 and fiscal 2025 results and year-over-year comparisons between fiscal 2026 and fiscal 2025. For a discussion of our year-over-year comparisons between fiscal 2025 and fiscal 2024, refer to Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of Part II of our Annual Report on Form 10-K for the year ended March 31, 2025, previously filed with the Securities and Exchange Commission on May 9, 2025. Certain statements in this Annual Report constitute forward-looking statements. See Item 1 - Business - Forward-Looking Statements in Part I of this Annual Report for additional factors relating to these statements and Item 1A - Risk Factors in Part I of this Annual Report for a list of certain risk factors applicable to our business, financial condition and liquidity, and results of operations. Overview of Our Business: We are a diversified healthcare services leader dedicated to advancing health outcomes for patients everywhere. Our teams partner with biopharma companies, care providers, pharmacies, manufacturers, governments, and others to deliver insights, products, and services to help make quality care more accessible and affordable. We implemented a new segment reporting structure commencing in the second quarter of fiscal 2026, which resulted in four reportable segments: North American Pharmaceutical, Oncology & Multispecialty, Prescription Technology Solutions, and 33 [[GREPCENT_TABLE]] [[\"Table of Contents\",\"MD&A Index\"]] [[/GREPCENT_TABLE]] McKESSON CORPORATION FINANCIAL REVIEW (Continued) Medical-Surgical Solutions. Our former Norwegian operations were included in Other. All prior segment information has been recast to reflect our new segment structure and current period presentation. Our organizational structure also includes Corporate, which consists of income and expenses associated with administrative functions and projects, as well as the results of certain investments. The factors for determining the reportable segments include the manner in which management evaluates the performance of the Company combined with the nature of individual business activities. We evaluate the performance of our operating segments on a number of measures, including revenues and operating profit before interest expense and income taxes. The following summarizes our four reportable segments. Refer to Financial Note 20, \u201cSegments of Business,\u201d to the consolidated fina Item 1. Business. INDEX TO BUSINESS [[GREPCENT_TABLE]] [[\"Section\",\"Page\"],[\"General\",\"3\"],[\"Business Segments\",\"4\"],[\"North American Pharmaceutical\",\"4\"],[\"Oncology & Multispecialty\",\"7\"],[\"Prescription Technology Solutions\",\"8\"],[\"Medical-Surgical Solutions\",\"8\"],[\"Investments, Restructuring, Business Combinations, and Divestitures\",\"8\"],[\"Competition\",\"8\"],[\"Patents, Trademarks, Copyrights, and Licenses\",\"9\"],[\"Human Capital\",\"9\"],[\"Government Regulation\",\"10\"],[\"Other Information about the Business\",\"13\"],[\"Forward-Looking Statements\",\"14\"]] [[/GREPCENT_TABLE]] General McKesson Corporation together with its subsidiaries (collectively, the \u201cCompany,\u201d \u201cMcKesson,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d and other similar pronouns), which traces its business roots to 1833, is a diversified healthcare services leader dedicated to advancing health outcomes for patients everywhere. Our teams partner with biopharma companies, care providers, pharmacies, manufacturers, governments, and others to deliver insights, products, and services to help make quality care more accessible and affordable. The Company\u2019s fiscal year begins on April 1 and ends on March 31. Unless otherwise noted, all references in this document to a particular year refer to the Company\u2019s fiscal year. The Company was incorporated on July 7, 1994 in the State of Delaware. Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d), are available free of charge on the Company\u2019s website (www.mckesson.com under the \u201cInvestors \u2014 Financials \u2014 SEC Filings\u201d caption) as soon as reasonably practicable after such material is electronically filed with, or furnished to, the Securities and Exchange Commission (\u201cSEC\u201d). The content on any website referred to in this Annual Report on Form 10-K (\u201cAnnual Report\u201d) is not incorporated by reference into this Item 1A. Risk Factors. INDEX TO RISK FACTORS [[GREPCENT_TABLE]] [[\"Section\",\"Page\"],[\"Litigation and Regulatory Risks\",\"15\"],[\"Company and Operational Risks\",\"17\"],[\"Industry and Economic Risks\",\"23\"],[\"General Risks\",\"25\"]] [[/GREPCENT_TABLE]] The discussion below identifies certain representative risks that ", "title": "MCK - MCKESSON CORP", "url": "/company/MCK/" }, { "kind": "company", "summary": "SIC 5122 Wholesale-Drugs, Proprietaries & Druggists' Sundries; CIK 0001140859; latest 10-K filed 2025-11-25.", "text": "COR - Cencora, Inc. SIC 5122 Wholesale-Drugs, Proprietaries & Druggists' Sundries; CIK 0001140859; latest 10-K filed 2025-11-25. COR Cencora, Inc. 0001140859 5122 Wholesale-Drugs, Proprietaries & Druggists' Sundries ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) includes the following: an overview that provides a summary of our segments and highlights from fiscal 2025; a more detailed analysis of our results of operations; our capital resources and liquidity, which discusses key aspects of our statements of cash flows, changes in our balance sheets and our financial commitments; and a summary of our critical accounting estimates that involve a significant level of estimation uncertainty. Our MD&A should be read in conjunction with the Consolidated Financial Statements and notes thereto contained herein. Our MD&A focuses on discussion of year-over-year comparisons between fiscal 2025 and fiscal 2024. Discussion of fiscal 2023 results and year-over-year comparisons between fiscal 2024 and fiscal 2023 that are not included in this Annual Report on Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for fiscal 2024. The following discussion contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ from those referred to herein due to a number of factors, including but not limited to risks described in Item 1A, Risk Factors, in this Annual Report on Form 10-K. Overview We are one of the largest global pharmaceutical sourcing and distribution services companies, helping both healthcare providers and pharmaceutical and biotech manufacturers improve patient access to products and enhance patient care. We deliver innovative programs and services designed to increase the effectiveness and efficiency of the pharmaceutical supply chain in both human and animal health. We are organized geographically based upon the products and services we provide to our customers, and we report our results under two reportable segments: U.S. Healthcare Solutions and International Healthcare Solutions. U.S. Healthcare Solutions Segment The U.S. Healthcare Solutions reportable segment distributes a comprehensive offering of brand-name, specialty brand-name and generic pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to a wide variety of healthcare providers, including acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, long-term care and alternate site pharmacies, and other customers. The U.S. Healthcare Solutions reportable segment also provides pharmaceutical distribution (including plasma and other blood products, injectable pharmaceuticals, vaccines, and other specialty pharmaceutical products) and additional services to physicians who specialize in a variety of disease states, especially oncology and retina, and to other healthcare providers, including hospitals, specialty retinal practices, and dialysis clinics. The U.S. Healthcare Solutions reportable segment also provides pharmacy management, staffing and additional patient access and adherence support services, and supply management software to a variety of retail and institutional healthcare providers. Additionally, it delivers packaging solutions to institutional and retail healthcare providers. Through its animal health business, the U.S. Healthcare Solutions reportable segment sells pharmaceuticals, vaccines, parasiticides, diagnostics, micro feed ingredients, and various other products to customers in both the companion animal and production animal markets. It also offers demand-creating sales force services to manufacturers. International Healthcare Solutions Segment The International Healthcare Solutions reportable segment consists of businesses that focus on international pharmaceutical wholesale and related service operations and global commercializati ITEM 1. BUSINESS As used herein, the terms \u201cCompany,\u201d \u201cCencora,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d refer to Cencora, Inc., a Delaware corporation. Cencora is one of the largest global pharmaceutical sourcing and distribution services companies, helping both healthcare providers and pharmaceutical and biotech manufacturers improve patient access to products and enhance patient care. We deliver innovative programs and services designed to increase the effectiveness and efficiency of the pharmaceutical supply chain in both human and animal health. More specifically, we distribute a comprehensive offering of brand-name, specialty brand-name, and generic pharmaceuticals, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to a wide variety of healthcare providers located in the United States and select global markets, including acute care hospitals and health systems, independent and chain retail pharmacies, mail order pharmacies, medical clinics, long-term care and alternate site pharmacies, physician practices, medical and dialysis clinics, veterinarians, and other customers. Additionally, we furnish healthcare providers and pharmaceutical manufacturers with an assortment of related services, including data analytics, outcomes research, reimbursement and pharmaceutical consulting services (including regulatory affairs, development consulting and scientific affairs, pharmacovigilance, and quality management and compliance) niche premium logistics services, inventory management, pharmacy automation, pharmacy management, and packaging solutions. References to \u201cfiscal 2025,\u201d \u201cfiscal 2024,\u201d and \u201cfiscal 2023\u201d refer to the fiscal years ended September 30, 2025, 2024, and 2023, respectively. Industry Overview Pharmaceutical sales in the United States, as recently estimated by IQVIA, an independent third-party provider of information to the pharmaceutical and healthcare industry, are expected to grow at a compound annual growth rate of ITEM 1A. RISK FACTORS Investing in our securities involves risk. The following discussion describes certain risk factors that we believe could affect our business and prospects. The following risk factors should be read carefully in connection with evaluating our business and the forward-looking state", "title": "COR - Cencora, Inc.", "url": "/company/COR/" }, { "kind": "company", "summary": "SIC 5211 Retail-Lumber & Other Building Materials Dealers; CIK 0000354950; latest 10-K filed 2026-03-18.", "text": "HD - HOME DEPOT, INC. SIC 5211 Retail-Lumber & Other Building Materials Dealers; CIK 0000354950; latest 10-K filed 2026-03-18. HD HOME DEPOT, INC. 0000354950 5211 Retail-Lumber & Other Building Materials Dealers Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion provides an analysis of the Company\u2019s financial condition and results of operations from management's perspective and should be read in conjunction with the consolidated financial statements and related notes included in this report. The discussion in this Form 10-K generally focuses on fiscal 2025 compared to fiscal 2024. A discussion of our results of operations and changes in financial condition for fiscal 2024 compared to fiscal 2023 has been omitted from this report, but can be found in Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our Form 10-K for fiscal 2024. For purposes of comparison, fiscal 2025 and fiscal 2023 include 52 weeks and fiscal 2024 includes 53 weeks. TABLE OF CONTENTS [[GREPCENT_TABLE]] [[\"Executive Summary\",\"28\"],[\"Results of Operations\",\"29\"],[\"Liquidity and Capital Resources\",\"31\"],[\"Critical Accounting Estimates\",\"34\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"Fiscal 2025 Form 10-K\",\"27\"]] [[/GREPCENT_TABLE]] Table of Contents EXECUTIVE SUMMARY We reported net sales of $164.7 billion in fiscal 2025. Net earnings were $14.2 billion, or $14.23 per diluted share. During fiscal 2025, we generated $16.3 billion of cash flow from operations, received $4.1 billion of proceeds from commercial paper borrowings, net of repayments, and received $2.2 billion of proceeds from the issuance of long-term debt, net of discounts. This cash flow, together with cash on hand, was used to fund $9.2 billion in cash dividends, repay $5.0 billion of long-term debt, and fund $3.7 billion in capital expenditures. As described below, we also completed the GMS acquisition for aggregate cash consideration totaling approximately $5.5 billion, including the repayment of certain of GMS\u2019s outstanding debt. In February 2026, we announced a 1.3% increase in our quarterly cash dividend to $2.33 per share. Our inventory turnover ratio was 4.4 times at the end of fiscal 2025, compared to 4.7 times at the end of fiscal 2024. The decrease in our inventory turnover ratio was primarily driven by higher average inventory levels during fiscal 2025. Our ROIC was 25.7% for fiscal 2025 and 31.3% for fiscal 2024. The decrease in ROIC was primarily driven by higher average equity due to our ongoing pause in share repurchases and higher average long-term debt largely due to the financing of the SRS acquisition. See the Non-GAAP Financial Measures section below for our definition and calculation of ROIC. During fiscal 2025, we opened ten new stores in the U.S. and two new stores in Mexico, resulting in a total store count of 2,359 at February 1, 2026. A total of 324 of our stores, or 13.7%, were located in Canada and Mexico. At the end of fiscal 2025, we also operated over 1,250 locations within our SRS non-reportable operating segments throughout the U.S. and Canada. GMS Acquisition On June 29, 2025, we entered into a definitive agreement to acquire GMS, a leading distributor of specialty building products, including drywall, ceilings, steel framing and other complementary construction products, through branches located across the U.S. and Canada. Under the terms of the merger agreement, we, through a wholly owned subsidiary, made a cash tender offer to purchase all outstanding shares of GMS common stock for $110 per share. All conditions of the offer were satisfied, including receipt of the requisite regulatory approvals, and the merger was completed on September 4, 2025. As a result of the merger, GMS became a direct subsidiary of SRS and an indirect, wholly owned subsidiary of the Company. We believe the GMS acquisition will enhance SRS's position as a leading multi-category building materials distributor, bringing differentiated capabilities, product categories and customer relationships that are highly complementary to SRS's existing business. Refer to N Item 1. Business. INTRODUCTION The Home Depot, Inc. is the world\u2019s largest home improvement retailer based on net sales for fiscal 2025. We offer our customers a wide assortment of home improvement products, building materials, lawn and garden products, d\u00e9cor products, and facilities MRO products, in stores and online. We also provide a number of services, including home improvement installation services, and tool and equipment rental. As of the end of fiscal 2025, we operated 2,359 stores located throughout the U.S. (including the Commonwealth of Puerto Rico and the territories of the U.S. Virgin Islands and Guam), Canada, and Mexico. The Home Depot stores average approximately 104,000 square feet of enclosed space, with approximately 24,000 additional square feet of outside garden area. We also maintain a network of distribution and fulfillment centers, as well as mobile applications and e-commerce websites in the U.S., Canada, and Mexico. For disclosure purposes, the geographic operating segments of the U.S., Canada and Mexico are aggregated into one reportable segment (the \u201cPrimary segment\u201d). In fiscal 2024, we acquired SRS, a leading residential specialty trade distribution company across several verticals engaged in the distribution of residential and commercial roofing products and complementary building products, landscape supplies, and swimming pool supplies serving the professional roofer, landscaper, and pool contractor. In fiscal 2025, SRS completed the acquisition of GMS, a leading distributor of specialty building products, including drywall, ceilings, steel framing and other complementary construction products. At the end of fiscal 2025, SRS, which includes GMS, operated over 1,250 locations throughout the U.S. and Canada, most of which have a distribution center, material handling and delivery equipment, and inventory. Following the GMS acquisition, SRS is organized as four different lines of business: roofing and building products, interior and c Item 1A. Risk Factors. Our business, results of operations, cash flows, financial condition and prospects are subject to numerous risks and uncertainties. In connection with any investment decision with respect to our securities, you should carefully consider the following risk factors, as well as the ", "title": "HD - HOME DEPOT, INC.", "url": "/company/HD/" }, { "kind": "company", "summary": "SIC 5211 Retail-Lumber & Other Building Materials Dealers; CIK 0000060667; latest 10-K filed 2026-03-23.", "text": "LOW - LOWES COMPANIES INC SIC 5211 Retail-Lumber & Other Building Materials Dealers; CIK 0000060667; latest 10-K filed 2026-03-23. LOW LOWES COMPANIES INC 0000060667 5211 Retail-Lumber & Other Building Materials Dealers Item 7 - Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis summarizes the significant factors affecting our consolidated operating results, financial condition, liquidity and capital resources during the two-year period ended January 30, 2026 (our fiscal years 2025 and 2024). Unless otherwise noted, all references herein for the years 2025, 2024, and 2023 represent the fiscal years ended January 30, 2026, January 31, 2025, and February 2, 2024, respectively. We intend for this discussion to provide the reader with information that will assist in understanding our financial statements, the changes in certain key items in those financial statements from year to year, and the primary factors that accounted for those changes, as well as how certain accounting principles affect our financial statements. This discussion should be read in conjunction with our consolidated financial statements and notes to the consolidated financial statements included in this Annual Report that have been prepared in accordance with accounting principles generally accepted in the United States of America. This discussion and analysis is presented in four sections: \u2022Executive Overview \u2022Operations \u2022Financial Condition, Liquidity and Capital Resources \u2022Critical Accounting Policies and Estimates EXECUTIVE OVERVIEW The following table highlights our annual financial results: [[GREPCENT_TABLE]] [[\"(in millions, except per share data)\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Net sales\",\"$\",\"86,286\",\"\",\"\",\"$\",\"83,674\",\"\",\"\",\"$\",\"86,377\"],[\"Net earnings\",\"6,654\",\"\",\"\",\"6,957\",\"\",\"\",\"7,726\"],[\"Diluted earnings per share\",\"$\",\"11.85\",\"\",\"\",\"$\",\"12.23\",\"\",\"\",\"$\",\"13.20\"],[\"Net cash provided by operating activities\",\"$\",\"9,864\",\"\",\"\",\"$\",\"9,625\",\"\",\"\",\"$\",\"8,140\"],[\"Capital expenditures\",\"2,213\",\"\",\"\",\"1,927\",\"\",\"\",\"1,964\"],[\"Repurchases of common stock1\",\"75\",\"\",\"\",\"3,929\",\"\",\"\",\"6,334\"],[\"Cash dividend payments\",\"2,636\",\"\",\"\",\"2,566\",\"\",\"\",\"2,531\"]] [[/GREPCENT_TABLE]] 1 Repurchases of common stock on a trade-date basis. Net sales for fiscal 2025 increased 3.1% from fiscal 2024 to $86.3 billion. Comparable sales for fiscal 2025 increased 0.2%, consisting of a 3.0% increase in comparable average ticket, partially offset by a 2.8% decrease in comparable customer transactions. Net earnings for fiscal 2025 decreased 4.4% to $6.7 billion. Diluted earnings per common share decreased 3.1% in fiscal 2025 to $11.85 from $12.23 in fiscal 2024. Included in fiscal 2025 results are pre-tax expenses of $321 million consisting of transaction costs and intangible asset amortization related to the acquisition of ADG and FBM, which decreased diluted earnings per share by $0.43 in fiscal year 2025. Included in the fiscal 2024 results is $177 million of pre-tax income associated with the fiscal 2022 sale of the Canadian retail business, which increased diluted earnings per share by $0.24 in fiscal year 2024. Adjusting for these items, adjusted diluted earnings per common share increased 2.4% to $12.28 in 2025 from adjusted diluted earnings per common share of $11.99 in 2024 (see the non-GAAP financial measures discussion). For fiscal 2025, cash flows from operating activities were $9.9 billion, with $2.2 billion used for capital expenditures. Continuing to deliver on our commitment to return excess cash to shareholders, the Company paid $2.6 billion in dividends during the year. During 2025, we continued to drive progress across all five key initiatives of our Total Home strategy, which was reflected in the strength we delivered with our Pro customers, online, and home services. Our Total Home strategic initiatives have appealed to both the value-conscious homeowner and the busy Pro customer. To expand our Pro customer market, we completed the acquisitions of FBM and ADG. We believe these acquisitions, along with our retail home improvement business, provide the large Pro customer with everything they Item 1 - Business General Information Lowe\u2019s Companies, Inc. and subsidiaries (the Company or Lowe\u2019s) is a Fortune\u00ae 100 company and the world\u2019s second largest home improvement retailer. As of January 30, 2026, Lowe\u2019s operated 1,759 home improvement stores and outlets in the United States, representing approximately 196 million square feet of retail selling space. In addition, Lowe\u2019s operated over 540 branch locations in the United States and Canada, which include our current year acquisitions of Foundation Building Materials (FBM) and Artisan Design Group (ADG). Lowe\u2019s was founded in 1921 with the opening of its first hardware store in North Wilkesboro, North Carolina. The Company was incorporated in North Carolina in 1952 and has been publicly held since 1961. The Company\u2019s common stock is listed on the New York Stock Exchange - ticker symbol \u201cLOW\u201d. For additional information about the Company\u2019s performance and financial condition, see Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d, of this Annual Report. Our Strategy Lowe\u2019s is an omnichannel retailer whose focus is on helping customers solve problems and fulfill dreams for their homes by providing an excellent customer experience, creating a great place to work for our associates, and improving our communities, which we believe will create long-term, sustainable value for our shareholders. In fiscal 2025, we continued to execute on our Total Home strategy that was introduced in fiscal 2020, by focusing on serving the professional customer (Pro customer), accelerating our online business, expanding installation services, improving localization efforts and elevating our product assortment. In December 2024, we updated our Total Home strategy, aligned with the key drivers of home improvement demand, to help our customers solve their home improvement needs with more value and exceptional service. The five pillars of our Total Home strategy are as follows: [[GREPC Item 1A - Risk Factors We describe below certain risks that could adversely affect our results of operations, financial condition, business reputation, or business prospects. These risk factors may change from time to time and may be amended, supplemented, or superseded by updates to the risk factors c", "title": "LOW - LOWES COMPANIES INC", "url": "/company/LOW/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0000063908; latest 10-K filed 2026-02-24.", "text": "MCD - MCDONALDS CORP SIC 5812 Retail-Eating Places; CIK 0000063908; latest 10-K filed 2026-02-24. MCD MCDONALDS CORP 0000063908 5812 Retail-Eating Places MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS MANAGEMENT'S VIEW OF THE BUSINESS In analyzing business trends, management reviews results on a constant currency basis and considers a variety of performance and financial measures, some of which are considered to be non-GAAP, including comparable sales and guest count growth, Systemwide sales growth, after-tax return on invested capital from continuing operations, free cash flow and free cash flow conversion rate, as described below. Management believes these measures are important in understanding the financial performance of the Company. \u2022Constant currency results exclude the effects of foreign currency translation and are calculated by translating current year results at prior year average exchange rates. Management reviews and analyzes business results excluding the effect of foreign currency translation, impairment and other charges and gains, as well as material regulatory and other income tax impacts, and bases incentive compensation plans on these results because the Company believes this better represents underlying business trends. \u2022Comparable sales and comparable guest counts are compared to the same period in the prior year and represent sales and transactions, respectively, at all restaurants, whether owned and operated by the Company or by franchisees, in operation at least thirteen months including those temporarily closed. Some of the reasons restaurants may be temporarily closed include reimaging or remodeling, rebuilding, road construction, natural disasters, pandemics and acts of war, terrorism or other hostilities. Comparable sales exclude the impact of currency translation and the sales of any market considered hyperinflationary (generally identified as those markets whose cumulative inflation rate over a three-year period exceeds 100%), which management believes more accurately reflects the underlying business trends. Comparable sales are driven by changes in guest counts and average check, the latter of which is affected by changes in pricing and product mix. \u2022Systemwide sales include sales at all restaurants, whether owned and operated by the Company or by franchisees. Systemwide sales to loyalty members are comprised of all sales to customers who self-identify as a loyalty member when transacting with both Company-owned and operated and franchised restaurants. Systemwide sales to loyalty members are measured across 70 markets with loyalty programs. Systemwide sales to loyalty members represents an aggregation of the prior four quarters of sales to loyalty members active in the last 90 days of the respective quarter. While franchised sales are not recorded as revenues by the Company, management believes the information is important in understanding the Company's financial performance because these sales are the basis on which the Company calculates and records franchised revenues and are indicative of the financial health of the franchisee base. The Company's revenues consist of sales by Company-owned and operated restaurants and fees from franchised restaurants operated by conventional franchisees, developmental licensees and affiliates. Changes in Systemwide sales are primarily driven by comparable sales and net restaurant unit expansion. \u2022The Company\u2019s after-tax return on invested capital (\"ROIC\") from continuing operations is a metric that management believes measures capital-allocation effectiveness over time. Other companies may calculate ROIC differently, limiting the usefulness of the measure for comparisons with other companies. Refer to the reconciliation in Exhibit 99.1 to this Form 10-K for further information on the Company's calculation of ROIC. \u2022Free cash flow, defined as cash provided by operations less capital expenditures, and free cash flow conversion rate, defined as free cash flow divided by net income, are measures reviewed by management in order to evaluate the Company\u2019s ability to conve", "title": "MCD - MCDONALDS CORP", "url": "/company/MCD/" }, { "kind": "company", "summary": "SIC 5810 Retail-Eating & Drinking Places; CIK 0000829224; latest 10-K filed 2025-11-14.", "text": "SBUX - STARBUCKS CORP SIC 5810 Retail-Eating & Drinking Places; CIK 0000829224; latest 10-K filed 2025-11-14. SBUX STARBUCKS CORP 0000829224 5810 Retail-Eating & Drinking Places Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion of our financial condition and results of operations in conjunction with the financial statements and the notes thereto included elsewhere in this 10-K. The following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Readers are cautioned that these forward-looking statements are subject to risks, uncertainties, and assumptions that are difficult to predict, including those identified above, under Risk Factors in Part I, Item 1A of this 10-K, and elsewhere herein. Therefore, our actual results could differ materially from those discussed in the forward-looking statements. We undertake no obligation to revise or update any forward-looking statements for any reason. Please also see the cautionary language at the beginning of Part I of this 10-K regarding forward-looking statements. General Our fiscal year ends on the Sunday closest to September 30. All references to store counts, including data for new store openings, are reported net of related store closures, unless otherwise noted. Fiscal years 2025, 2024, and 2023 included 52 weeks. The discussion of our financial condition and results of operations for the fiscal year ended October 1, 2023, included in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) can be found in the Annual Report on Form 10-K for the fiscal year ended September 29, 2024. Overview We have three reportable operating segments: 1) North America, which is inclusive of the U.S. and Canada; 2) International, which is inclusive of China, Japan, Asia Pacific, Europe, Middle East, Africa, Latin America, and the Caribbean; and 3) Channel Development. Unallocated corporate expenses are reported within Corporate and Other. We believe our financial results and long-term growth model will continue to be driven by new store openings, comparable store sales, and operating margin management, underpinned by disciplined capital allocation. Comparable store sales includes company-operated stores open 13 months or longer, and exclude the effects of foreign currency exchange rates. Stores that are temporarily closed remain in comparable store sales while permanent store closures are removed in the month following closure. We believe these key operating metrics are useful to investors because management uses these metrics to assess the growth of our business and the effectiveness of our marketing and operational strategies. Throughout this MD&A, we commonly discuss the following key operating metrics: \u2022New store openings and store count \u2022Comparable store sales \u2022Operating margin Starbucks results for fiscal 2025 showed continued progress on key \u201cBack to Starbucks\u201d initiatives, specifically investments in coffeehouse partners, as we work to rebuild a stronger Starbucks. These investments include the Green Apron Service model, additional investments in staffing and hours at the right times to deliver enhanced customer service, and the Leadership Experience 2025, a conference designed to empower and motivate our retail leaders to accelerate our \u201cBack to Starbucks\u201d strategy. Consolidated net revenues increased 3% to $37.2 billion in fiscal 2025 compared to $36.2 billion in fiscal 2024, primarily driven by incremental revenues from net new company-operated stores over the past 12 months, an increase in revenue in the Global Coffee Alliance, and incremental revenue from the acquisition of 23.5 Degrees Topco Limited, a U.K. licensed business partner, partially offset by a decrease in comparable store sales and a decline in our licensed store business. For both the North America segment and U.S. market, revenue increased 1% in fiscal 2025 compared to fiscal 2024, primarily driven by net new company-operated store growth of 4%, or 441 stores, over the past 12 months, prior to the 584 North Americ Item 1. Business General In this Annual Report on Form 10-K (\u201c10-K\u201d or \u201cReport\u201d) for the fiscal year ended September 28, 2025 (\u201cfiscal 2025\u201d), Starbucks Corporation (together with its subsidiaries) is referred to as \u201cStarbucks,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour.\u201d Starbucks is the premier roaster, marketer, and retailer of specialty coffee in the world, operating in 89 markets. Formed in 1985, Starbucks Corporation\u2019s common stock trades on the Nasdaq Global Select Market (\u201cNasdaq\u201d) under the symbol \u201cSBUX.\u201d We purchase and roast high-quality coffees that we sell, along with handcrafted coffee, tea, and other beverages and a variety of high-quality food items through company-operated stores (\u201cstores\u201d or \u201ccoffeehouses\u201d). We also sell a variety of coffee and tea products and license our trademarks through other channels, such as licensed stores as well as grocery and foodservice through our Global Coffee Alliance with Nestl\u00e9 S.A. (\u201cNestl\u00e9\u201d). In addition to our flagship Starbucks Coffee\u00ae brand, we sell goods and services under the following brands: Teavana\u00ae, Ethos\u00ae, and Starbucks Reserve\u00ae. Our primary objective is to maintain Starbucks standing as one of the most recognized and respected brands in the world. We believe the continuous investments in our brand and operations will deliver long-term targeted revenue and income growth. This includes expansion of our global store base, adding stores in both existing, developed markets such as the U.S. and in higher growth markets, as well as optimizing the mix of company-operated and licensed stores around the world. In addition, by leveraging experiences gained through our stores and elsewhere, we continue to drive beverage, equipment, process, and technology innovation, including in our industry-leading digital platform. We strive to regularly offer consumers new, innovative coffee and other products in a variety of forms, across new categories and diverse channels. In the fourth quarter of fiscal 2024, we announced ou Item 1A. Risk Factors You should carefully consider the risks described below in addition to the other information set forth in this Annual Report on Form 10-K, including the Management\u2019s Discussion and Analysis of Financial Conditions and Results of Operations section, the Quantitative and Qualitative Disclosures About Market Risk sec", "title": "SBUX - STARBUCKS CORP", "url": "/company/SBUX/" }, { "kind": "company", "summary": "SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001018724; latest 10-K filed 2026-02-06.", "text": "AMZN - AMAZON COM INC SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001018724; latest 10-K filed 2026-02-06. AMZN AMAZON COM INC 0001018724 5961 Retail-Catalog & Mail-Order Houses Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements This Annual Report on Form 10-K includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including statements regarding guidance, industry prospects, or future results of operations or financial position, made in this Annual Report on Form 10-K are forward-looking. We use words such as anticipates, believes, expects, future, intends, and similar expressions to identify forward-looking statements. Forward-looking statements reflect management\u2019s current expectations and are inherently uncertain. Actual results and outcomes could differ materially for a variety of reasons, including, among others, fluctuations in foreign exchange rates and energy prices, changes in global economic conditions, tariff and trade policies, resource and supply volatility, including for memory chips, and customer demand and spending, inflation, interest rates, regional labor market constraints, world events, the rate of growth of the internet, online commerce, cloud services, and new and emerging technologies, the amount that Amazon.com invests in new business opportunities and the timing of those investments, the mix of products and services sold to customers, the mix of net sales derived from products as compared with services, the extent to which we owe income or other taxes, competition, management of growth, potential fluctuations in operating results, international growth and expansion, the outcomes of claims, litigation, government investigations, and other proceedings, fulfillment, sortation, delivery, and data center optimization, risks of inventory management, variability in demand, the degree to which we enter into, maintain, and develop commercial agreements, proposed and completed acquisitions and strategic transactions, payments risks, and risks of fulfillment throughput and productivity. In addition, global economic and geopolitical conditions and additional or unforeseen circumstances, developments, or events may give rise to or amplify many of these risks. These risks and uncertainties, as well as other risks and uncertainties that could cause our actual results or outcomes to differ significantly from management\u2019s expectations, are described in greater detail in Item 1A of Part I, \u201cRisk Factors.\u201d Overview Our primary source of revenue is the sale of a wide range of products and services to customers. The products offered through our stores include merchandise and content we have purchased for resale and products offered by third-party sellers, and we also manufacture and sell electronic devices and produce media content. Generally, we recognize gross revenue from items we sell from our inventory as product sales and recognize our net share of revenue of items sold by third-party sellers as service sales. We seek to increase unit sales across our stores, through increased product selection, across numerous product categories. We also offer other services such as compute, storage, and database offerings, fulfillment, advertising, publishing, and digital content subscriptions. Our financial focus is on long-term, sustainable growth in free cash flow. Free cash flow is driven primarily by increasing operating income and efficiently managing accounts receivable, inventory, accounts payable, and cash capital expenditures, including our decision to purchase or lease property and equipment. Increases in operating income primarily result from increases in sales of products and services and efficiently managing our operating costs, partially offset by investments we make in longer-term strategic initiatives, including capital expenditures focused on improving the customer experience. To increase sales of products and services, we focus on improving all aspects of the customer experience, including lowering pric Item 1. Business This Annual Report on Form 10-K and the documents incorporated herein by reference contain forward-looking statements based on expectations, estimates, and projections as of the date of this filing. Actual results and outcomes may differ materially from those expressed in forward-looking statements. See Item 1A of Part I \u2014 \u201cRisk Factors.\u201d As used herein, \u201cAmazon.com,\u201d \u201cwe,\u201d \u201cour,\u201d and similar terms include Amazon.com, Inc. and its subsidiaries, unless the context indicates otherwise. General We seek to be Earth\u2019s most customer-centric company. We are guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. In each of our segments, we serve our primary customer sets, consisting of consumers, sellers, developers, enterprises, content creators, advertisers, and employees. We have organized our operations into three segments: North America, International, and Amazon Web Services (\u201cAWS\u201d). These segments reflect the way the Company evaluates its business performance and manages its operations. Information on our net sales is contained in Item 8 of Part II, \u201cFinancial Statements and Supplementary Data \u2014 Note 10 \u2014 Segment Information.\u201d Consumers We serve consumers through our online and physical stores and focus on selection, price, and convenience. We design our stores to enable hundreds of millions of unique products to be sold by us and by third parties across dozens of product categories. Customers access our offerings through our websites, mobile apps, Alexa, devices, streaming, and physically visiting our stores. We also manufacture and sell electronic devices, including Kindle, Fire tablet, Fire TV, Echo, Ring, Blink, and eero, and we develop and produce media content. We seek to offer our customers low prices, fast and free delivery, easy-to-use functionality, and timely customer service. In addition, we offer subscription services such as A Item 1A. Risk Factors Please carefully consider the following discussion of significant factors, events, and uncertainties that make an investment in our securities risky. The events and consequences discussed in these risk factors could, in circumstances we may or may not be able to accurately predict, recognize, or contro", "title": "AMZN - AMAZON COM INC", "url": "/company/AMZN/" }, { "kind": "company", "summary": "SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0000886982; latest 10-K filed 2026-02-25.", "text": "GS - GOLDMAN SACHS GROUP INC SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0000886982; latest 10-K filed 2026-02-25. GS GOLDMAN SACHS GROUP INC 0000886982 6211 Security Brokers, Dealers & Flotation Companies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Introduction The Goldman Sachs Group, Inc. (Group Inc. or parent company), a Delaware corporation, together with its consolidated subsidiaries, is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, we are headquartered in New York and maintain offices in all major financial centers around the world. We manage and report our activities in three business segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. See \u201cResults of Operations\u201d for further information about our business segments. When we use the terms \u201cwe,\u201d \u201cus\u201d and \u201cour,\u201d we mean Group Inc. and its consolidated subsidiaries. When we use the term \u201cour subsidiaries,\u201d we mean the consolidated subsidiaries of Group Inc. References to \u201cthis Form 10-K\u201d are to our Annual Report on Form 10-K for the year ended December 31, 2025. All references to \u201cthe consolidated financial statements\u201d or \u201cSupplemental Financial Information\u201d are to Part II, Item 8 of this Form 10-K. All references to 2025, 2024 and 2023 refer to our years ended, or the dates, as the context requires, December 31, 2025, December 31, 2024 and December 31, 2023, respectively. Any reference to a future year refers to a year ending on December 31 of that year. Certain reclassifications have been made to previously reported amounts to conform to the current presentation. Group Inc. is a bank holding company and a financial holding company regulated by the Board of Governors of the Federal Reserve System (FRB). In this discussion and analysis of our financial condition and results of operations, we have included information that constitutes \u201cforward-looking statements\u201d within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside our control. By identifying these statements for you in this manner, we are alerting you to the possibility that our actual results, financial condition, liquidity and capital actions may differ, possibly materially, from the anticipated results, financial condition, liquidity and capital actions in these forward-looking statements. Important factors that could cause our results, financial condition, liquidity and capital actions to differ from those in these statements include, among others, those described in \u201cRisk Factors\u201d in Part I, Item 1A of this Form 10-K and \u201cForward-Looking Statements\u201d in Part I, Item 1 of this Form 10-K. [[GREPCENT_TABLE]] [[\"Goldman Sachs 2025 Form 10-K\",\"\",\"63\"]] [[/GREPCENT_TABLE]] THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management\u2019s Discussion and Analysis These statements may relate to, among other things, (i) our future plans and results, including our target return on average common shareholders\u2019 equity (ROE), return on average tangible common shareholders\u2019 equity (ROTE), efficiency ratio, Common Equity Tier 1 (CET1) capital ratio, total credit alternative assets, total alternative assets under supervision (AUS), long-term wealth management inflows and percentage growth rate for Management and other fees from alternatives, and how they can be achieved, (ii) trends in or growth opportunities for our businesses, including the timing, costs, profitability, benefits and other aspects of business and strategic initiatives, such as OneGS 3.0, and their impact on our efficiency ratio, (iii) the opportunities and challenges presented by artificial intelligence (AI), (iv) our Investment banking fees backlog and future advisory and capital markets results, (v) expenses we may incur, including Item 1. Business Introduction Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Our purpose is to advance sustainable economic growth and financial opportunity. Our goal, reflected in our One Goldman Sachs initiative, is to deliver the full range of our services and expertise to support our clients in a more accessible, comprehensive and efficient manner, across businesses and product areas. When we use the terms \u201cGoldman Sachs,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and \u201cthe firm,\u201d we mean The Goldman Sachs Group, Inc. (Group Inc. or parent company), a Delaware corporation, and its consolidated subsidiaries. When we use the term \u201cour subsidiaries,\u201d we mean the consolidated subsidiaries of Group Inc. References to \u201cthis Form 10-K\u201d are to our Annual Report on Form 10-K for the year ended December 31, 2025. All references to 2025, 2024 and 2023 refer to our years ended, or the dates, as the context requires, December 31, 2025, December 31, 2024 and December 31, 2023, respectively. Group Inc. is a bank holding company (BHC) and a financial holding company (FHC) regulated by the Board of Governors of the Federal Reserve System (FRB). Our U.S. depository institution subsidiary, Goldman Sachs Bank USA (GS Bank USA), is a New York State-chartered bank. Our Business Segments We manage and report our activities in three business segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. Global Banking & Markets generates revenues from investment banking fees, including advisory, and equity and debt underwriting fees, Fixed Income, Currency and Commodities (FICC) intermediation and financing activities and Equities intermediation and financing activities, as well as relationship lending and acquisition financing (and related hedges), investing activities related to our Global Banking & Mark Item 1A. Risk Factors We face a variety of risks that are substantial and inherent in our businesses. The following is a summary of some of the more important factors that could affect our businesses: Market \u2022Our businesses have been and may in the future be adversely affected by condition", "title": "GS - GOLDMAN SACHS GROUP INC", "url": "/company/GS/" }, { "kind": "company", "summary": "SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0000895421; latest 10-K filed 2026-02-19.", "text": "MS - MORGAN STANLEY SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0000895421; latest 10-K filed 2026-02-19. MS MORGAN STANLEY 0000895421 6211 Security Brokers, Dealers & Flotation Companies Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Introduction Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments\u2014Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. We operate as an Integrated Firm whereby we serve clients holistically across our business segments. Unless the context otherwise requires, the terms \u201cMorgan Stanley,\u201d \u201cFirm,\u201d \u201cus,\u201d \u201cwe\u201d or \u201cour\u201d mean Morgan Stanley (the \u201cParent Company\u201d) together with its consolidated subsidiaries. See the \u201cGlossary of Common Terms and Acronyms\u201d for the definition of certain terms and acronyms used throughout this Form 10-K. For an analysis of 2024 results compared with 2023 results, see Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the annual report on Form 10-K for the year ended December 31, 2024 filed with the SEC. A description of the clients and principal products and services of each of our business segments is below. Through the Integrated Firm some of our clients may use the products and services of more than one of our business segments. Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking services consist of capital raising and financial advisory services, including the underwriting of debt, equity securities and other products, as well as advice on mergers and acquisitions, restructurings and project finance. Our Markets business, which comprises Equity and Fixed Income, provides sales, financing, prime brokerage, market-making, and Asia wealth management services and holds certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to clients. Other activities include research. Wealth Management provides a comprehensive array of financial services and solutions to individual investors, including high and ultra-high net worth individuals, and businesses and institutions. Wealth Management supports clients through three channels: Advisor-Led, Self-Directed and Workplace. Wealth Management includes: financial advisor-led brokerage, investment advisory, custody, cash management, and administrative services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; securities-based lending, residential and commercial real estate loans and other lending products; banking; and retirement plan services. Investment Management provides a broad range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are generally served through intermediaries, including affiliated and non-affiliated distributors. Management\u2019s Discussion and Analysis includes certain metrics that we believe to be useful to us, investors, analysts and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results. Such metri Business Overview We are a global financial services firm that, through our subsidiaries and affiliates, advises, and originates, trades, manages and distributes capital for governments, institutions and individuals. We were originally incorporated under the laws of the State of Delaware in 1981, and our predecessor companies date back to 1924. We are a financial holding company (\u201cFHC\u201d) regulated by the Board of Governors of the Federal Reserve System (\u201cFederal Reserve\u201d) under the Bank Holding Company Act of 1956, as amended (\u201cBHC Act\u201d). We conduct our business from our headquarters in and around New York City, our regional offices and branches throughout the U.S. and our principal offices in London, Frankfurt, Tokyo, Hong Kong and other world financial centers. Unless the context otherwise requires, the terms \u201cMorgan Stanley,\u201d the \u201cFirm,\u201d \u201cus,\u201d \u201cwe\u201d and \u201cour\u201d mean Morgan Stanley (the \u201cParent Company\u201d) together with its consolidated subsidiaries. See the \u201cGlossary of Common Terms and Acronyms\u201d for the definition of certain terms and acronyms used throughout the 2025 Form 10-K. Financial information concerning us, our business segments and geographic regions for each of the years ended December 31, 2025, December 31, 2024, and December 31, 2023 is included in \u201cFinancial Statements and Supplementary Data.\u201d Business Segments We are a global financial services firm that maintains significant market positions in each of our business segments: Institutional Securities, Wealth Management and Investment Management. Through our subsidiaries and affiliates, we provide a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Additional information related to our business segments, respective clients, and products and services provided is included under \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d Competition A", "title": "MS - MORGAN STANLEY", "url": "/company/MS/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001067983; latest 10-K filed 2026-03-02.", "text": "BRK-B - BERKSHIRE HATHAWAY INC SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001067983; latest 10-K filed 2026-03-02. BRK-B BERKSHIRE HATHAWAY INC 0001067983 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Net earnings attributable to Berkshire shareholders for each of the past three years are disaggregated in the table that follows. Amounts are after deducting income taxes and exclude earnings attributable to noncontrolling interests (in millions). [[GREPCENT_TABLE]] [[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Insurance \\u2013 underwriting\",\"$\",\"7,258\",\"\",\"$\",\"9,020\",\"\",\"$\",\"5,428\"],[\"Insurance \\u2013 investment income\",\"\",\"12,513\",\"\",\"\",\"13,670\",\"\",\"\",\"9,567\"],[\"BNSF\",\"\",\"5,476\",\"\",\"\",\"5,031\",\"\",\"\",\"5,087\"],[\"Berkshire Hathaway Energy (\\u201cBHE\\u201d)\",\"\",\"3,979\",\"\",\"\",\"3,730\",\"\",\"\",\"2,331\"],[\"Manufacturing, service and retailing\",\"\",\"13,647\",\"\",\"\",\"13,072\",\"\",\"\",\"13,362\"],[\"Investment gains (losses)\",\"\",\"30,737\",\"\",\"\",\"41,558\",\"\",\"\",\"58,873\"],[\"Other-than-temporary impairment of investments in Kraft Heinz and Occidental\",\"\",\"(8,255\",\")\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"Other\",\"\",\"1,613\",\"\",\"\",\"2,914\",\"\",\"\",\"1,575\"],[\"Net earnings attributable to Berkshire shareholders\",\"$\",\"66,968\",\"\",\"$\",\"88,995\",\"\",\"$\",\"96,223\"]] [[/GREPCENT_TABLE]] Through our subsidiaries, we engage in numerous diverse business activities. The business segment data (Note 26 to the accompanying Consolidated Financial Statements) should be read in conjunction with this discussion. Our periodic operating results may be affected in future periods by the impacts of ongoing macroeconomic and geopolitical conflicts and events, including tensions from developing international trade policies and tariffs, as well as changes in industry or company-specific factors or events. Considerable uncertainty remains as to the ultimate outcome of these events. We are currently unable to reliably predict the ultimate impact on our businesses, whether through changes in the availability of products, supply chain costs and efficiency, and customer demand for our products and services. It is reasonably possible there could be adverse consequences on our operating businesses, as well as on our investments in equity securities, which could significantly affect our future results. Insurance underwriting generated after-tax earnings of $7.3 billion in 2025, $9.0 billion in 2024 and $5.4 billion in 2023. The comparative earnings decline in 2025 reflected lower earnings from each of our underwriting groups. Overall underwriting results over the past three years were exceptional compared to results over longer periods. However, earnings may decline in the future from the ongoing impacts of competition within the industry and rising claim cost trends. After-tax losses from significant catastrophe events were approximately $850 million in 2025, $1.2 billion in 2024 and $725 million in 2023. After-tax earnings from insurance investment income declined $1.2 billion (8.5%) in 2025 versus 2024, reflecting lower interest income, attributable to lower interest rates, and dividend income. Insurance investment income increased $4.1 billion in 2024 compared to 2023, driven by higher interest income from short-term investments. Insurance investment income in 2025 was impacted by the effects of large capital distributions to Berkshire at the end of 2024. The income earned on investments (primarily U.S. Treasury Bills) held by Berkshire is included in \u201cother\u201d earnings in the preceding table. After-tax earnings of BNSF increased 8.8% in 2025 and declined 1.1% in 2024, compared to the corresponding prior year. The increase in 2025 was primarily attributable to lower operating expenses, attributable to improved operating efficiencies, lower litigation accruals, the effect of a charge in 2024 from a labor agreement and a lower effective income tax rate. Earnings in 2024 benefited from higher unit volume, improvements in employee productivity and lower other operating costs, and were negatively impacted by charges in 2024 related to a labor agreement in the fourth quarter and litigation accrual Item 1. Business Description Berkshire Hathaway Inc. (\u201cBerkshire,\u201d \u201cCompany\u201d or \u201cRegistrant\u201d) is a holding company owning subsidiaries engaged in numerous diverse business activities. The most important of these are insurance businesses, conducted on both a primary basis and a reinsurance basis, a freight rail transportation business and a group of utility and energy generation and distribution businesses. Berkshire also owns and operates numerous other businesses engaged in a variety of manufacturing, services and retailing activities. Berkshire is domiciled in the state of Delaware, and its corporate headquarters is in Omaha, Nebraska. Berkshire\u2019s operating subsidiaries are managed on an unusually decentralized basis. There are few centralized or integrated business functions. Berkshire\u2019s Chief Executive Officer is ultimately responsible for significant capital allocation decisions and investment activities. Berkshire\u2019s Chief Executive Officer is also ultimately responsible for evaluating the operating performance of the operating businesses. Berkshire\u2019s senior corporate management is responsible for establishing and monitoring Berkshire\u2019s corporate governance practices and monitoring governance efforts, including those at the operating businesses, and participating in the resolution of governance-related issues as needed. Berkshire\u2019s Board of Directors is responsible for selecting an appropriate successor to the Chief Executive Officer. The Berkshire Code of Business Conduct and Ethics emphasizes, among other things, the commitment to ethics and compliance with government laws and regulations and provides basic standards for ethical and legal behavior of its employees. Human capital and resources are an integral and essential component of Berkshire\u2019s businesses. Berkshire and its operating subsidiaries employed approximately 387,800 people worldwide at the end of 2025, of which approximately 80% were in the United States (\u201cU.S.\u201d) and 19% were represented by u Item 1A. Risk Factors Berkshire and its subsidiaries (referred to herein as \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or similar expressions) are subject to certain risks and uncertainties in its business operations which are described below. The risks and uncertainties described below are not the only risks we face. Additional risk", "title": "BRK-B - BERKSHIRE HATHAWAY INC", "url": "/company/BRK-B/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001053507; latest 10-K filed 2026-02-24.", "text": "AMT - AMERICAN TOWER CORP /MA/ SIC 6798 Real Estate Investment Trusts; CIK 0001053507; latest 10-K filed 2026-02-24. AMT AMERICAN TOWER CORP /MA/ 0001053507 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The discussion and analysis of our financial condition and results of operations that follow are based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of our financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities at the date of our financial statements. Actual results may differ from these estimates and such differences could be material to the financial statements. This discussion should be read in conjunction with our consolidated financial statements included in this Annual Report and the accompanying notes, and the information set forth under the caption \u201cCritical Accounting Policies and Estimates\u201d below. During the year ended December 31, 2025, we completed the sale of our fiber assets in South Africa (\u201cSouth Africa Fiber\u201d). Prior to the divestiture, the operating results of South Africa Fiber were included within the Africa & APAC property segment. During the year ended December 31, 2024, we completed the sale of ATC TIPL (as defined below). The divestiture qualified for presentation as discontinued operations. See Note 21 for further discussion. Prior to the divestiture and classification as discontinued operations, ATC TIPL\u2019s operating results were included within the Africa & APAC property segment. Historical financial information included in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations has been adjusted to reflect the operating results of ATC TIPL as discontinued operations for all periods presented. We report our results in six segments: U.S. & Canada property (which includes all assets in the United States and Canada, other than our data center facilities and related assets), Africa & APAC property, Europe property, Latin America property, Data Centers and Services. In evaluating financial performance in each business segment, management uses, among other factors, segment gross margin and segment operating profit (see note 19 to our consolidated financial statements included in this Annual Report). Executive Overview We are one of the largest global REITs and a leading independent owner, operator and developer of multitenant communications real estate. Our primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. In addition to the communications sites in our portfolio, we manage rooftop and tower sites for property owners under various contractual arrangements. We also hold other telecommunications infrastructure and property interests that we lease primarily to communications service providers and third-party tower operators, and, as discussed further below, we hold a portfolio of highly interconnected data center facilities and related assets in the United States. Our customers include our tenants, licensees and other payers. We refer to the business encompassing the above as our property operations, which accounted for 97% of our total revenues for the year ended December 31, 2025 and includes our U.S. & Canada property, Africa & APAC property, Europe property and Latin America property segments and Data Centers segment. We also offer tower-related services in the United States, including site application, zoning and permitting, structural and mount analyses, and construction management, together with program management offerings that support customer deployment needs from project scoping through construction. Our services operations primarily support our site leasing business, including the addition of new tenants and equipment on our sites. 29 Table of Contents The ITEM 1. BUSINESS Overview We are one of the largest global real estate investment trusts and a leading independent owner, operator and developer of multitenant communications real estate. Our primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a number of other industries. We refer to this business, inclusive of our data center business discussed below, as our property operations, which accounted for 97% of our total revenues for the year ended December 31, 2025. We also offer tower-related services in the United States, which we refer to as our services operations. These services include site application, zoning and permitting, structural and mount analyses, and construction management services, together with program management offerings that support customer deployment needs from project scoping through construction. Our services operations primarily support our site leasing business, including the addition of new tenants and equipment on our sites. Our customers include our tenants, licensees and other payers. Since inception, we have grown our communications real estate portfolio through acquisitions, long-term lease arrangements and site development. Our portfolio primarily consists of towers that we own and towers that we operate pursuant to long-term lease arrangements, as well as distributed antenna system (\u201cDAS\u201d) networks, which provide seamless coverage solutions in certain in-building and outdoor wireless environments. In addition to the communications sites in our portfolio, we manage rooftop and tower sites for property owners under various contractual arrangements. We also hold other telecommunications infrastructure, fiber and property interests that we lease primarily to communications service providers and third-party tower operators, and, as discussed further below, we hold a portfol ITEM 1A. RISK FACTORS Risks Related to Our Business Strategy A significant decrease in leasing demand for our communications infrastructure would materially and adversely affect our business and operating results, and we cannot control that demand. A significant reduction in leasing demand for our communications infra", "title": "AMT - AMERICAN TOWER CORP /MA/", "url": "/company/AMT/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001045609; latest 10-K filed 2026-02-13.", "text": "PLD - Prologis, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001045609; latest 10-K filed 2026-02-13. PLD Prologis, Inc. 0001045609 6798 Real Estate Investment Trusts ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the Consolidated Financial Statements included in Item 8. Financial Statements and Supplementary Data of this report and the matters described under Item 1A. Risk Factors. A discussion regarding our financial condition and results of operations for 2025 compared to 2024 is presented below. Information on 2023 is included in graphs only to show year over year trends in our results of operations and operating metrics. Our financial condition for 2023, results of operations for 2023, and 2024 compared to 2023 are referenced throughout this document and can be found under Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, which is incorporated by reference herein to our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 14, 2025, and is available on the SEC\u2019s website at www.sec.gov and our Investor Relations website at ir.prologis.com. MANAGEMENT\u2019S OVERVIEW Summary of 2025 Our operating results and leasing activity remained resilient in 2025, with performance strengthening as the year progressed, despite economic disruption related to tariff policy proposals announced in April. Leasing activity in our consolidated portfolio remained healthy, supported by improved customer sentiment and market conditions, with 112 million square feet of new leases signed during the year (228 million square feet on an O&M basis). Our results during 2025 continued to reflect the favorable mark-to-market of our existing leases, reflecting increases in market rents over the past several years. As a result, rent change on rollover and same-store growth in our O&M portfolio remained strong. This lease mark-to-market remained meaningfully positive at 18% (on an NER and our share basis), despite recent quarters of lower, or in some cases negative, market rental growth, reflecting the accumulated rent growth embedded in our in-place leases that remains to be realized. These factors contributed to occupancy in our operating portfolio of 95.6% at December 31, 2025, and rent change on leases that commenced during the year of 50.1% on a net effective basis, both metrics based on our ownership share. Demand conditions were also evident in our development activity. We focused on starting build-to-suit projects during 2025 and commenced $2.9 billion of consolidated development projects, of which 60.9% were build-to-suit projects. While we believe we are well-positioned for long-term revenue growth, supported by embedded rent growth in our in-place portfolio and our development pipeline, the potential impact of ongoing economic uncertainty on our business, future financial condition and operating results remains difficult to predict. We completed the following significant activities in 2025, as described in the Notes to the Consolidated Financial Statements: \u2022 We generated net proceeds of $2.7 billion and realized net gains on real estate transactions of $944 million, principally from the contribution of properties we developed to our unconsolidated co-investment ventures in the U.S. and Europe and sales to third parties in the U.S., including a data center. \u2022 In December, we listed China AMC Prologis Logistics REIT (\"Prologis C-REIT\") on the Shenzhen Stock Exchange. The Prologis C-REIT purchased properties from our open-ended venture in China. At December 31, 2025, we owned 20.7% of the venture. \u2022 At December 31, 2025, we had total available liquidity of $7.6 billion, including available capacity on our credit facilities of $6.5 billion and unrestricted cash balances of $1.1 billion. 29 Table of Contents \u2022 At December 31, 2025, our total debt was $35.0 billion with a weighted average term of 9 years and an effective interest rate of 3.2%. Our financing activities during the year included the following: ITEM 1. Business Prologis, Inc. is a self-administered and self-managed REIT and is the sole general partner of Prologis, L.P. through which it holds substantially all of its assets. We operate Prologis, Inc. and Prologis, L.P. as one enterprise and, therefore, our discussion and analysis refers to Prologis, Inc. and its consolidated subsidiaries, including Prologis, L.P. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors (\"co-investment ventures\"). We have a significant ownership interest in the co-investment ventures, which are either consolidated or unconsolidated based on our level of control of the entity. Prologis, Inc. began operating as a fully integrated real estate company in 1997 and elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (\u201cInternal Revenue Code\u201d or \u201cIRC\u201d). We believe the current organization and method of operation enable Prologis, Inc. to maintain its status as a REIT. Prologis, L.P. was also formed in 1997. We operate, manage and measure the operating performance of our properties on an owned and managed (\u201cO&M\u201d) basis. Our O&M portfolio includes our consolidated properties as well as properties owned by our unconsolidated co-investment ventures, which we manage. We make operating decisions based on our total O&M portfolio as we manage the properties without regard to their ownership. We also evaluate our results based on our proportionate economic ownership of each property included in the O&M portfolio (\u201cour share\u201d). Included in our discussion below are references to funds from operations (\u201cFFO\u201d) and net operating income (\u201cNOI\u201d), neither of which are United States (\u201cU.S.\u201d) generally accepted accounting principles (\u201cGAAP\u201d). See Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations for a reconciliation of Net Earnings Attributable to Common Stockholders/Unitholders in the Consolidated St ITEM 1A. Risk Factors Our operations and structure involve various risks that could adversely affect our business and financial condition, including but not limited to, our financial position, results of operations, cash flow, ability to make distributions and payments to security holders and the market value of our securities. These risks relat", "title": "PLD - Prologis, Inc.", "url": "/company/PLD/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001063761; latest 10-K filed 2026-02-25.", "text": "SPG - SIMON PROPERTY GROUP INC. SIC 6798 Real Estate Investment Trusts; CIK 0001063761; latest 10-K filed 2026-02-25. SPG SIMON PROPERTY GROUP INC. 0001063761 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and notes thereto that are included in this Annual Report on Form 10-K. Overview Simon Property Group, Inc. is an Indiana corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Indiana partnership subsidiary that owns directly or indirectly all of our real estate properties and other assets. In this discussion, unless stated otherwise or the context otherwise requires, references to \"Simon\" mean Simon Property Group, Inc. and references to the \"Operating Partnership\" mean Simon Property Group, L.P. References to \"we,\" \"us\" and \"our\" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. According to the amended and restated Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets\u00ae, and The Mills\u00ae. As of December 31, 2025, we owned or held an interest in 212 income-producing properties in the United States, which consisted of 108 malls, 70 Premium Outlets, 16 Mills, six lifestyle centers, and 12 other retail properties in 38 states and Puerto Rico. In addition, we have redevelopment and expansion projects, including the addition of anchors, big box tenants, and restaurants, underway at several properties in North America, Europe and Asia. Internationally, as of December 31, 2025, we had ownership in 42 properties primarily located in Asia, Europe, and Canada. As of December 31, 2025, we also owned a 22.2% equity stake in Kl\u00e9pierre SA, or Kl\u00e9pierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers located in 13 countries in Europe. We also have interests in investments in retail operations (such as Catalyst Brands LLC, or Catalyst); an e-commerce venture (Rue Gilt Groupe, or RGG, which operates shop.simon.com), and Jamestown (a global real estate investment and management company), collectively, our other platform investments. As of December 31, 2024, and until October 31, 2025, we owned an 88% noncontrolling interest in The Taubman Realty Group, LLC, or TRG. As further discussed in Note 4 to the financial statements, on October 31, 2025, we acquired the remaining 12% interest which we did not previously own, or the TRG Acquisition. We generate the majority of our lease income from retail, dining, entertainment, and other tenants including consideration received from: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"fixed minimum lease consideration and fixed common area maintenance (CAM) reimbursements, and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"variable lease consideration primarily based on tenants\\u2019 reported sales, as well as reimbursements for real estate taxes, utilities, marketing and certain other items.\"]] [[/GREPCENT_TABLE]] Revenues of our management company, after intercompany eliminations, consist primarily of management fees that are typically based upon the revenues of the property being managed. We invest in real estate properties to maximize total financial return which includes both operating cash flows and capital appreciation. We seek growth in earnings, funds from operations, or FFO, real estate FFO, and cash flows by enhancing the profitability and operation of our properties and investments. We seek to accomplish this growth throu Item 1. Business Simon Property Group, Inc. is an Indiana corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Indiana partnership subsidiary that owns directly or indirectly all of our real estate properties and other assets. Unless stated otherwise or the context otherwise requires, references to \"Simon\" mean Simon Property Group, Inc. and references to the \"Operating Partnership\" mean Simon Property Group, L.P. References to \"we,\" \"us\" and \"our\" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. According to the amended and restated Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets\u00ae, and The Mills\u00ae. As of December 31, 2025, we owned or held an interest in 212 income-producing properties in the United States, which consisted of 108 malls, 70 Premium Outlets, 16 Mills, six lifestyle centers, and 12 other retail properties in 38 states and Puerto Rico. Internationally, as of December 31, 2025, we had ownership interests in 42 properties primarily located in Asia, Europe and Canada. As of December 31, 2025, we also owned a 22.2% equity stake in Kl\u00e9pierre SA, or Kl\u00e9pierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers located in 13 countries in Europe. We also have interests in investments in retail operations (such as Catalyst Brands LLC); an e-commerce venture (Rue Gilt Groupe, Item 1A. Risk Factors The following factors, among others, could cause our actual results to differ materially from those expressed or implied in forward-looking statements made in this Annual Report on Form 10-K and presented elsewhere by our management from time to time. These factors may have a material adverse effe", "title": "SPG - SIMON PROPERTY GROUP INC.", "url": "/company/SPG/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001652044; latest 10-K filed 2026-02-05.", "text": "GOOGL - Alphabet Inc. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001652044; latest 10-K filed 2026-02-05. GOOGL Alphabet Inc. 0001652044 7370 Services-Computer Programming, Data Processing, Etc. ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Please read the following discussion and analysis of our financial condition and results of operations together with \u201cNote about Forward-Looking Statements,\u201d Part I, Item 1 \"Business,\" Part I, Item 1A \"Risk Factors,\" and our consolidated financial statements and related notes included under Item 8 of this Annual Report on Form 10-K. The following section generally discusses 2025 results compared to 2024 results. Discussion of 2024 results compared to 2023 results to the extent not included in this report can be found in Item 7 of our 2024 Annual Report on Form 10-K. Understanding Alphabet\u2019s Financial Results Alphabet is a collection of businesses \u2014 the largest of which is Google. We report Google in two segments, Google Services and Google Cloud, and all non-Google businesses collectively as Other Bets. Supporting these businesses, we have centralized certain AI-related research and development focused on advanced research in AI and developing the frontier models that serve our businesses, which is reported in Alphabet-level activities. For further details on our segments, see Part I, Item 1 Business and Note 15 of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K. Trends in Our Business and Financial Effect The following long-term trends have contributed to the results of our consolidated operations, and we anticipate that they will continue to affect our future results: \u2022As we continue to grow our business and meet the evolving behaviors and needs of our users and customers, our revenue growth and mix along with our cost and margin profiles are being influenced by a number of factors, including: Expanded AI Offerings in our Products and Services: The continuing evolution of the online world has contributed to the growth of our business. We expect that this evolution, including user engagement with AI products and services, will continue to benefit our business and our revenues. As we continue to incorporate AI into our products and services, such as with AI Overviews and AI Mode in Search, and with enterprise AI solutions on our Google Cloud Platform, we may monetize differently than our historical consumer and enterprise offerings which could affect revenue growth rates and margin trends. When developing new products and services we generally focus first on user experience and then on monetization. At the same time, we face increasing competition, including from other developers and providers of AI products and services, which may affect our revenues. Increasing Revenues Beyond Advertising: Revenues from cloud, consumer subscriptions, platforms, and devices, which may have differing characteristics than our advertising revenues, have grown over time. Certain of these revenues have been growing at a rate higher than our advertising revenues, becoming a larger percentage of our consolidated revenues, and we expect this trend to continue. The margins on these revenues vary significantly and are generally lower than the margins on our advertising revenues. Increased Investment in Technical Infrastructure: We continue to invest in capital expenditures as we scale our technical infrastructure, in particular for AI, to meet the demand of our users and enterprise customers and to support research internally. We invested heavily in capital expenditures in 2025 and in 2026, we expect to significantly increase, relative to 2025, our investment in our technical infrastructure, including servers and network equipment, and data centers. The costs associated with operating our technical infrastructure - depreciation, energy, equipment, and network capacity - are expected to significantly increase as developing and serving AI offerings require more compute power than our historical consumer and enterprise offerings. While our technical infrastructure costs increase, we expect to continue ITEM 1.BUSINESS Overview As our founders Larry and Sergey wrote in the original founders' letter, \"Google is not a conventional company. We do not intend to become one.\" That unconventional spirit has been a driving force throughout our history, inspiring us to tackle big problems and invest in moonshots. It led us to be a pioneer in the development of artificial intelligence (AI) and, since 2016, be an AI-first company. We continue this work under the leadership of Alphabet and Google CEO, Sundar Pichai. Alphabet is a collection of businesses \u2014 the largest of which is Google. We report Google in two segments, Google Services and Google Cloud, and all non-Google businesses collectively as Other Bets. Supporting these businesses, we have centralized certain AI-related research and development focused on advanced research in AI and developing the frontier models that serve our businesses, which is reported in Alphabet-level activities. Alphabet's structure is about helping each of our businesses prosper through strong leaders and independence. Access and Technology for Everyone The Internet is one of the world\u2019s most powerful equalizers; it propels ideas, people, and businesses large and small. Our mission to organize the world\u2019s information and make it universally accessible and useful is as relevant today as it was when we were founded in 1998. Since then, we have evolved from a company that helps people find answers to a company that also helps people get things done. We are focused on building an even more helpful Google for everyone, and we aspire to give everyone the tools they need to increase their knowledge, health, happiness, and success. Google Search helps people find information and make sense of the world in more natural and intuitive ways, with trillions of searches on Google every year. YouTube provides people with entertainment, information, and opportunities to learn something new and helps support the creator economy through the YouTube Partne ITEM 1A.RISK FACTORS Our operations and financial results are subject to various risks and uncertainties, including but not limited to those described below, which could harm our business, reputation, financial condition, and operating results, and may affect the trading price and price volatil", "title": "GOOGL - Alphabet Inc.", "url": "/company/GOOGL/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001326801; latest 10-K filed 2026-01-29.", "text": "META - Meta Platforms, Inc. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001326801; latest 10-K filed 2026-01-29. META Meta Platforms, Inc. 0001326801 7370 Services-Computer Programming, Data Processing, Etc. Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion of our financial condition and results of operations in conjunction with our consolidated financial statements and the related notes included in Part II, Item 8, \"Financial Statements and Supplementary Data\" of this Annual Report on Form 10-K. In addition to our historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in Part I, Item 1A, \"Risk Factors.\" For a discussion of limitations in the measurement of our Family metrics, see the section entitled \"Limitations of Key Metrics and Other Data\" in this Annual Report on Form 10-K. To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), we present revenue on a constant currency basis and free cash flow, which are non-GAAP financial measures. Revenue on a constant currency basis is presented in the section entitled \"\u2014Revenue\u2014Foreign Exchange Impact on Revenue.\" To calculate revenue on a constant currency basis, we translated revenue for the full year 2025 using 2024 monthly exchange rates for our settlement or billing currencies other than the U.S. dollar. For a full description of our free cash flow non-GAAP measure, see the section entitled \"\u2014Liquidity and Capital Resources\u2014Free Cash Flow.\" These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. These measures may be different from non\u2011GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. Moreover, presentation of revenue on a constant currency basis is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of changing foreign currency exchange rates has an actual effect on our operating results. We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business. Executive Overview of Full Year 2025 Results Our mission is to build the future of human connection and the technology that makes it possible. Our financial results and key Family metrics for 2025 are set forth below. Total revenue for 2025 was $200.97 billion, an increase of 22% compared to 2024, due to an increase in advertising revenue. Ad impressions delivered across our Family of Apps in 2025 increased 12% year-over-year, and our average price per ad increased 9% year-over-year. Income from operations for 2025 was $83.28 billion, an increase of $13.90 billion, or 20%, compared to 2024, driven by an increase in advertising revenue, partially offset by an increase in costs and expenses. The increase in costs and expenses was mainly due to increases in employee compensation and infrastructure costs. 60 Table of Contents Consolidated and Segment Results We report our financial results for our two reportable segments: Family of Apps (FoA) and Reality Labs (RL). FoA includes Facebook, Instagram, Messenger, WhatsApp, and other services. RL includes our virtual and augmented reality related consumer hardware, software, and content. [[GREPCENT_TABLE]] [[\"\",\"Family of Apps\",\"\",\"Reality Labs\",\"\",\"Total\"],[\"\",\"Year Ended December 31,\",\"\",\"\",\"\",\"Ye Item 1.Business Overview Our mission is to build the future of human connection and the technology that makes it possible. Our products enable people to connect and share through mobile devices, personal computers, virtual reality (VR) headsets, and AI glasses. We are innovating in artificial intelligence (AI) technologies to build transformative experiences and capabilities across our Family of Apps and new platforms, and to advance our vision to deliver personal superintelligence for everyone. We build technology that helps people connect and share, find and build communities, and grow businesses. We also help people discover and learn about what is going on in the world around them, enable people to share their experiences, ideas, photos, videos, and other content with audiences ranging from their closest family members and friends to the public at large, and stay connected everywhere by accessing our products. Meta is moving our offerings beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next computing platform. Our vision does not center on any single product, but rather an entire ecosystem of experiences, devices, and new technologies powered by AI. While the metaverse is in the very early stages of its development, we believe it will become the next computing platform and the future of social interaction. Across our work, we are innovating to build new experiences that help make our platform more social, useful, and immersive. Our AI investments support initiatives across our products and services, helping power the systems that rank content in our apps, our discovery engine that recommends relevant content, the tools advertisers use to reach customers, the development of new generative AI experiences, and the tools that make our product development more efficient and productive. We are also working to develop the next generation of AI models and advance our vision to build superintelligence, which we def Item 1A. Risk Factors Certain factors may have a material adverse effect on our business, financial condition, and results of operations. You should consider carefully the risks and uncertainties described below, in addition to other information contained in this Annual Report on Fo", "title": "META - Meta Platforms, Inc.", "url": "/company/META/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001108524; latest 10-K filed 2026-03-02.", "text": "CRM - Salesforce, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001108524; latest 10-K filed 2026-03-02. CRM Salesforce, Inc. 0001108524 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion contains forward-looking statements, including, without limitation, our expectations and statements regarding our outlook and future revenues, expenses, results of operations, liquidity, plans, strategies and management objectives and any assumptions underlying any of the foregoing. Our actual results may differ significantly from those projected in the forward-looking statements. Our forward-looking statements and factors that might cause future actual results to differ materially from our recent results or those projected in the forward-looking statements include, but are not limited to, those discussed in the section titled \u201cForward-Looking Information\u201d and \u201cRisk Factors\u201d of this Annual Report on Form 10-K. Except as required by law, we assume no obligation to update the forward-looking statements or our risk factors for any reason. The following section generally discusses fiscal 2026 and 2025 items and year-to-year comparisons between fiscal 2026 and 2025, as well as certain fiscal 2024 items. Discussions of fiscal 2024 items and year-to-year comparisons between fiscal 2025 and 2024 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended January 31, 2025. Overview Salesforce is a global leader in customer relationship management (\u201cCRM\u201d) technology, helping organizations of any size become agentic enterprises. Founded in 1999, we bring humans, agents, apps, and data together on a trusted, unified platform to unlock growth and innovation. Our platform unites sales, service, marketing, commerce and IT teams by connecting customer data across systems, apps and devices to create a complete view of customers. With this single source of customer truth and integrated artificial intelligence (\u201cAI\u201d), teams can be more responsive, productive and efficient, deliver intelligent, personalized experiences across every channel and increase productivity. During the third quarter of fiscal 2025, we introduced Agentforce, a new layer of our trusted platform that enables companies to build and deploy AI agents that can respond to inputs, make decisions and take action autonomously across business functions. Agentforce includes a suite of customizable agents for use across sales, service, marketing and commerce. We continue to invest for growth, including investing in generative and agentic AI across all products, which we believe will change how our customers help their customers, and continuously look to expand our leadership role in the cloud computing industry. We continue to focus on several key growth levers, including driving multiple service offering adoption, increasing our penetration with enterprise and international customers and expanding our industry-specific reach with more vertical software solutions. These growth levers often require a more sophisticated go-to-market approach and, as a result, we may incur additional costs upfront to obtain new customers and expand our relationships with existing customers, including additional sales and marketing expenses specific to subscription and support revenue. As a result, we have seen that customers with many of these characteristics drive higher annual revenues and have lower attrition rates than our company average. In addition to these growth levers, our mergers and acquisitions framework has included several acquisitions that have accelerated our agentic roadmap, including our October 2025 acquisition of Regrello Corp. (\u201cRegrello\u201d) and our November 2025 acquisition of Informatica, Inc. (\u201cInformatica\u201d). These acquisitions bring in key talent and technology to accelerate innovation. We are also focused on reducing our operating expenses to improve our operating margin. We have undertaken variou ITEM 1. BUSINESS Overview Salesforce, Inc. (\u201cSalesforce,\u201d the \u201cCompany,\u201d \u201cwe\u201d or \u201cour\u201d) is a global leader in customer relationship management (\u201cCRM\u201d) technology, helping organizations of any size become agentic enterprises. Founded in 1999, we bring humans, agents, applications, and data together on a trusted, unified platform to unlock growth and innovation. Our artificial intelligence (\u201cAI\u201d) powered Agentforce 360 Platform unites our offerings \u2014 spanning sales, service, marketing, commerce, collaboration, data management, integration, analytics, IT service, industry verticals and more \u2014 on a single, intelligent platform for trusted enterprise execution. We unify and harmonize across systems, applications and devices to create a complete view of customers. With this single source of customer truth powering agents, teams can be more responsive, productive and efficient and deliver AI-powered, personalized and automated experiences across every channel. With Agentforce, the agentic layer of the Agentforce 360 Platform, our customers can build and deploy always-on digital labor for employees and customers, leveraging autonomous AI agents across business functions that aim to increase productivity, lower costs and drive operational efficiencies. With Agentforce, AI is embedded in the flow of work \u2014 in the applications that our customers already use every day. Every Agentforce-embedded application now reasons, learns, and takes action alongside users. Our service offerings are designed to be flexible, scalable and easy to use. They can generally be configured easily, deployed rapidly and integrated with other platforms and enterprise applications. We sell to businesses worldwide, primarily on a subscription basis, through our direct sales efforts and also indirectly through partners. In addition, we enable third parties to use our platform and developer tools to create additional functionality and new applications that run on our platform, which are sold separately ITEM 1A. RISK FACTORS In evaluating our business, you should carefully consider the following discussion of material risks, events and uncertainties that make an investment in us speculative or risky in addition to the other information included in this Annual Report. A manifestation of any of the following risks and uncertainties ", "title": "CRM - Salesforce, Inc.", "url": "/company/CRM/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001341439; latest 10-K filed 2026-06-22.", "text": "ORCL - ORACLE CORP SIC 7372 Services-Prepackaged Software; CIK 0001341439; latest 10-K filed 2026-06-22. ORCL ORACLE CORP 0001341439 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations We begin Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations with an overview of our businesses and significant trends. This overview is followed by a summary of our critical accounting estimates that we believe are important to understanding significant assumptions and judgments incorporated in our reported financial results. We then provide a more detailed analysis of our results of operations and financial condition for fiscal 2026 compared to fiscal 2025. A discussion regarding our financial condition and results of operations for fiscal 2025 compared to fiscal 2024 can be found in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended May 31, 2025, as filed with the SEC on June 18, 2025, which is available free of charge on the SEC\u2019s website at www.sec.gov and on our Investor Relations website at www.oracle.com/investor. Business Overview Oracle provides products and services that build, run and support enterprise information technology (IT) frameworks. Our products and services include enterprise applications and infrastructure offerings that incorporate and are enhanced by artificial intelligence (AI) technologies, including embedded AI-driven automation and analytics and generative AI capabilities. These offerings are delivered worldwide through a variety of flexible and interoperable IT deployment models. These models include cloud-based, on-premise and hybrid deployments. We provide choice and flexibility to our customers as to when and how they deploy Oracle applications and infrastructure technologies. Through our worldwide sales force and Oracle Partner Network, we sell to customers all over the world, including businesses of various sizes and industries, government agencies, educational institutions and resellers. We have three businesses: cloud and software (formerly referred to as cloud and license); hardware; and services; each of which is comprised of a single operating segment. The descriptions set forth below as a part of this Item 7 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations and the information contained within Item 1 Business and Note 13 of Notes to Consolidated Financial Statements included elsewhere in this Annual Report provide additional information related to our businesses and operating segments and align to how our chief operating decision makers (CODMs), which are our Chief Executive Officers and Chief Technology Officer, view our operating results and allocate resources. Cloud and Software Business Our cloud and software business, which represented 87% and 86% of our total revenues in fiscal 2026 and 2025, respectively, markets, sells and delivers a broad spectrum of enterprise applications and infrastructure technologies through our cloud and software offerings. Revenue streams included in our cloud and software business are: \u2022 Cloud revenues, which are earned by providing customers access to Oracle Cloud applications and infrastructure technologies via cloud-based deployment models that Oracle develops, provides unspecified updates and enhancements for, deploys, hosts, manages and supports and that customers access by entering into a subscription agreement with us for a stated period. Oracle Cloud Applications and Oracle Cloud Infrastructure (collectively Oracle Cloud) arrangements generally: have durations of one to five years; are renewed at the customer\u2019s option; and are recognized as revenues ratably over the contractual period of the cloud contract or, in the case of usage model contracts, as the cloud services are consumed over time; and \u2022 Software revenues, which include: o software license revenues, which are generated from licensing our software products, including Oracle Applications, Oracle Database Item 1. Business Oracle provides products and services that build, run and support enterprise information technology (IT) frameworks. Our products and services include enterprise applications and infrastructure offerings that incorporate and are enhanced by artificial intelligence (AI) technologies, including embedded AI-driven automation and analytics and generative AI capabilities. These offerings are delivered worldwide through a variety of flexible and interoperable IT deployment models. These models include cloud-based, on-premise and hybrid deployments, such as Oracle Exadata Cloud@Customer and multicloud options that enable customers to use Oracle cloud offerings in conjunction with other public clouds. We provide choice and flexibility to our customers as to when and how they deploy Oracle applications and infrastructure technologies. We believe that offering customers broad, comprehensive, flexible and interoperable deployment models for Oracle applications and infrastructure technologies is important to our growth strategy, an important element of our corporate strategy and better addresses customer needs relative to our competitors. Oracle cloud offerings include Oracle Cloud Applications (OCA) and Oracle Cloud Infrastructure (OCI, and collectively with OCA, Oracle Cloud), which provide comprehensive and integrated applications and infrastructure services, enabling our customers to choose the best option that meets their specific business needs. Oracle Cloud integrates IT components in a cloud-based IT environment that Oracle deploys and manages for customers and is accessible by utilizing common web browsers via a broad spectrum of devices. AI technologies embedded in Oracle Cloud offerings are designed to support the improvement of our customers\u2019 existing and new workflows and business processes, including automation and data analyses. Oracle Cloud is designed to be: \u2022 rapidly deployable to enable customers shorter time to innovation; \u2022 intuitive fo Item 1A. Risk Factors We operate in rapidly changing economic and technological environments that present numerous risks, many of which are driven by factors that we cannot control or predict. The following discussion, as well as our discussion in Item 7 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, h", "title": "ORCL - ORACLE CORP", "url": "/company/ORCL/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001467373; latest 10-K filed 2025-10-10.", "text": "ACN - Accenture plc SIC 7389 Services-Business Services, NEC; CIK 0001467373; latest 10-K filed 2025-10-10. ACN Accenture plc 0001467373 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and related Notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis also contains forward-looking statements and should also be read in conjunction with the disclosures and information contained in \u201cDisclosure Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d in this Annual Report on Form 10-K. We use the terms \u201cAccenture,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d in this report to refer to Accenture plc and its subsidiaries. All references to years, unless otherwise noted, refer to our fiscal year, which ends on August 31. For example, a reference to \u201cfiscal 2025\u201d means the 12-month period that ended on August 31, 2025. All references to quarters, unless otherwise noted, refer to the quarters of our fiscal year. We use the term \u201cin local currency\u201d so that certain financial results may be viewed without the impact of foreign currency exchange rate fluctuations, thereby facilitating period-to-period comparisons of business performance. Financial results \u201cin local currency\u201d are calculated by restating current period activity into U.S. dollars using the comparable prior-year period\u2019s foreign currency exchange rates. This approach is used for all results where the functional currency is not the U.S. dollar. Overview Accenture is a leading solutions and global professional services company that helps enterprises reinvent by building their digital core and unleashing the power of AI to create value at speed across the enterprise, bringing together our people, proprietary assets and platforms, and deep ecosystem relationships. Through our Reinvention Services we bring together our capabilities across strategy, consulting, technology, operations, Song and Industry X with our deep industry expertise to create and deliver solutions and services for our clients. We serve clients in three geographic markets: the Americas, EMEA (Europe, Middle East and Africa) and Asia Pacific. Our results of operations are affected by economic conditions, including macroeconomic conditions, the overall inflationary environment, new and rapidly changing technologies, and levels of business confidence. We continue to see significant economic and geopolitical uncertainty in many markets around the world, which has impacted and may continue to impact our business. While the discretionary environment is unchanged, clients continue to prioritize large-scale transformations, which include becoming AI-ready. In addition, the U.S. administration is reducing federal spending and the size of the federal workforce under the guidance of the Department of Government Efficiency. We are seeing impacts from these efforts in our federal government business (\u201cAccenture Federal Services, or AFS\u201d), including delays in new procurements, reductions in price and contract scope, and contract terminations. These changes have had an adverse effect on AFS\u2019s results and could in the future have a material impact on our results of operations or financial condition. For a discussion of risks related to these and other recent developments, see Item 1A, \u201cRisk Factors.\u201d Key Metrics Key metrics for fiscal 2025 compared to fiscal 2024 are included below. We have presented operating income, operating margin, effective tax rate and diluted earnings per share for fiscal 2025 and 2024 on a non-GAAP or \u201cadjusted\u201d basis to exclude the impact of business optimization costs. During the fourth quarter of fiscal 2025, we initiated business optimization actions and recorded $615 million in related costs, which includes $344 million associated with a refreshed talent strategy, as well as asset impairments of approximately $271 million primarily related to the divestiture of two acquisitions that are no longer aligned with our strategic priorities. In fiscal 2024, we recor Item 1. Business Overview Accenture is a leading solutions and global professional services company that helps the world\u2019s leading enterprises reinvent by building their digital core and unleashing the power of AI to create value at speed across the enterprise, bringing together the talent of our approximately 779,000 people, our proprietary assets and platforms, and deep ecosystem relationships. Our strategy is to be the reinvention partner of choice for our clients and to be the most AI-enabled, client-focused, great place to work in the world. Through our Reinvention Services we bring together our capabilities across strategy, consulting, technology, operations, Song and Industry X with our deep industry expertise to create and deliver solutions and services for our clients. Our purpose is to deliver on the promise of technology and human ingenuity, and we measure our success by the 360\u00b0 value we create for all our stakeholders. [[GREPCENT_TABLE]] [[\"\",\"\",\"Fiscal 2025 Highlights\"],[\"We serve clients and manage our business through three geographic markets: Americas, EMEA (Europe, Middle East and Africa) and Asia Pacific. These markets bring together all of our Reinvention Services with both local and global talent and solutions.We go to market by industry, leveraging our deep expertise across our five industry groups\\u2014Communications, Media & Technology, Financial Services, Health & Public Service, Products and Resources. We deliver two types of work: Consulting and Managed Services.\",\"\",\"$69.7B in revenuesOur revenues are derived primarily from Forbes Global 2000 companies, governments and government agencies. Today, we work across every major market with more than 9,000 clients, including the world\\u2019s largest companies; three quarters of the Fortune Global 100 and 500. As of August 31, 2025, we employed approximately779,000 people. We have long-term relationships and have partnered with 195 of our top 200 clients for 10+ years.\"]] [[/GREPCENT_TABLE]] Item 1A. Risk Factors In addition to the other information set forth in this report, you should carefully consider the following factors which could materially adversely affect our business, financial condition, results of operations (including revenues and profitability) and/or stock price. The disclosures in this section reflect our ", "title": "ACN - Accenture plc", "url": "/company/ACN/" }, { "kind": "company", "summary": "SIC 7841 Services-Video Tape Rental; CIK 0001065280; latest 10-K filed 2026-01-23.", "text": "NFLX - NETFLIX INC SIC 7841 Services-Video Tape Rental; CIK 0001065280; latest 10-K filed 2026-01-23. NFLX NETFLIX INC 0001065280 7841 Services-Video Tape Rental Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Results of Operations The following represents our consolidated performance highlights(1): [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\",\"\",\"Change\"],[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\",\"\",\"2025 vs. 2024\"],[\"\",\"\",\"(in thousands, except percentages)\"],[\"Financial Results:\"],[\"Streaming revenues\",\"\",\"$\",\"45,183,036\",\"\",\"\",\"$\",\"39,000,966\",\"\",\"\",\"$\",\"33,640,458\",\"\",\"\",\"$\",\"6,182,070\",\"\",\"\",\"16\",\"%\"],[\"DVD revenues(2)\",\"\",\"$\",\"\\u2014\",\"\",\"\",\"$\",\"\\u2014\",\"\",\"\",\"$\",\"82,839\",\"\",\"\",\"$\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"%\"],[\"Total revenues\",\"\",\"$\",\"45,183,036\",\"\",\"\",\"$\",\"39,000,966\",\"\",\"\",\"$\",\"33,723,297\",\"\",\"\",\"$\",\"6,182,070\",\"\",\"\",\"16\",\"%\"],[\"Constant currency change in revenues(3)\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"17\",\"%\"],[\"Operating income\",\"\",\"$\",\"13,326,603\",\"\",\"\",\"$\",\"10,417,614\",\"\",\"\",\"$\",\"6,954,003\",\"\",\"\",\"$\",\"2,908,989\",\"\",\"\",\"28\",\"%\"],[\"Operating margin\",\"\",\"29.5\",\"%\",\"\",\"26.7\",\"%\",\"\",\"20.6\",\"%\",\"\",\"2.8\",\"%\"],[\"Net income\",\"\",\"$\",\"10,981,201\",\"\",\"\",\"$\",\"8,711,631\",\"\",\"\",\"$\",\"5,407,990\",\"\",\"\",\"$\",\"2,269,570\",\"\",\"\",\"26\",\"%\"]] [[/GREPCENT_TABLE]] (1) During the year ended December 31, 2025, we discontinued the reporting of membership numbers, including average paying memberships and average monthly revenue per paying membership, focusing instead on revenue and operating margin as the primary financial metrics that we believe best represent our business performance. (2) We discontinued our DVD-by-mail service in the year ended December 31, 2023. The discontinuance of our DVD business had an immaterial impact on our operations and financial results. (3) See the \u201cNon-GAAP Constant Currency Information\u201d section below for additional details on our use of constant currency revenue. Operating margin for the year ended December 31, 2025 increased by approximately three percentage points as compared to the prior comparative period, primarily driven by the growth in revenues outpacing the growth in cost of revenues, sales and marketing, and general and administrative expenses. Net income for the year ended December 31, 2025 increased $2,270 million as compared to the prior comparative period, primarily due to a $2,909 million increase in operating income, driven by a $6,182 million increase in revenues and partially offset by a $2,237 million increase in cost of revenues primarily due to the increase in content amortization and other cost of revenues. The impact of higher operating income was partially offset by a $487 million increase in the provision for income taxes. Revenues We primarily derive revenues from monthly membership fees for services related to streaming content to our members. We offer a variety of streaming membership plans, the price of which varies by country and the features of the plan. As of December 31, 2025, pricing on our paid plans ranged from the U.S. dollar equivalent of $1 to $37 per month, and pricing on our extra member sub accounts ranged from the U.S. dollar equivalent of $2 to $9 per month. We expect that from time to time the prices of our membership plans in each country may change and we may test other plan and price variations. We also earn revenue from advertisements presented on our streaming service, consumer products, live experiences and various other sources. Revenues earned from sources other than monthly membership fees were not a material component of revenues for the years ended December 31, 2025, 2024, and 2023. 20 Table of Contents [[GREPCENT_TAB Item 1.Business ABOUT US Netflix, Inc. (\u201cNetflix\u201d, the \u201cCompany\u201d, \u201cregistrant\u201d, \u201cwe\u201d, or \u201cus\u201d) is one of the world\u2019s leading entertainment services offering TV series, films, games and live programming across a wide variety of genres and languages. Members can play, pause and resume watching as much as they want, anytime, anywhere, and can change their plans at any time. Our core strategy is to grow our business globally within the parameters of our operating margin target. We strive to continuously improve our members' experience by offering compelling content that delights them and attracts new members. We aim to offer a range of pricing plans, including our ad-supported subscription plan, to meet a variety of consumer needs. We seek to drive conversation around our content to further enhance member joy, and we are continuously enhancing our user interface to help our members more easily choose content that they will find enjoyable. BUSINESS SEGMENTS We operate as one operating segment. Our revenues are primarily derived from monthly membership fees for services related to streaming content to our members. See Note 13, Segment and Geographic Information, in the accompanying notes to our consolidated financial statements for further detail. COMPETITION The market for entertainment video is intensely competitive and subject to rapid change. We compete with a broad set of activities for consumers\u2019 leisure time, including other entertainment video providers, such as linear television, streaming entertainment providers (including those that provide pirated content), video gaming providers, open content platform providers, which provide access to user-generated and professionally produced content, as well as more broadly against other sources of entertainment, such as social media, that our members could choose in their moments of free time. We also compete against entertainment video providers and content producers in obtaining content for our service, both for Item 1A.Risk Factors If any of the following risks actually occur, our business, financial condition and results of operations could be harmed. In that case, the trading price of our common stock could decline, and you could lose all or part of your investment. Risks Related to Our Business If our efforts to attract and retain members are not successful, ou", "title": "NFLX - NETFLIX INC", "url": "/company/NFLX/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000066740; latest 10-K filed 2026-02-03.", "text": "MMM - 3M CO SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000066740; latest 10-K filed 2026-02-03. MMM 3M CO 0000066740 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is designed to provide a reader of 3M\u2019s financial statements with a narrative from the perspective of management. 3M\u2019s MD&A is presented in the following sections: \u2022Overview \u2022Results of Operations \u2022Performance by Business Segment \u2022Performance by Geographic Area \u2022Critical Accounting Estimates \u2022New Accounting Pronouncements \u2022Financial Condition and Liquidity \u2022Financial Instruments Forward-looking statements in Item 7 may involve risks and uncertainties that could cause results to differ materially from those projected (refer to the section entitled Cautionary Note Concerning Factors That May Affect Future Results in Item 1 and the risk factors provided in Item 1A for discussion of these risks and uncertainties). Additional information about results of operations and financial condition for 2024 and 2023 (including the detailed discussion of the prior year 2024 to 2023 year-over-year changes) can be found in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations sections in 3M's Annual Report on Form 10-K for the year ended December 31, 2024. Table of Contents Overview 3M is a diversified global manufacturer, technology innovator and marketer of a wide variety of products and services. As discussed in Note 1, certain changes are reflective in this document for all applicable periods presented. As discussed in Note 2, on April 1, 2024, 3M completed the separation of its Health Care business (the Separation) through a pro rata distribution of 80.1% of the outstanding shares of Solventum Corporation (Solventum) to 3M stockholders. As a result, Solventum became an independent public company, 3M no longer consolidated Solventum into 3M\u2019s financial results and the historical net income of Solventum, and applicable assets and liabilities included in the Separation were reported in 3M's consolidated financial statements as discontinued operations. 3M manages its continuing operations in three operating business segments: Safety and Industrial; Transportation and Electronics; and Consumer. From a geographic perspective, EMEA refers to Europe, the Middle East, and Africa on a combined basis. Unless otherwise noted, any sales change analysis compares 2025 with 2024, year-on-year (YoY). Financial highlights for 2025 and 2024: [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"\",\"\",\"2025\",\"\",\"2024\"],[\"\",\"\",\"\",\"\",\"\",\"\",\"GAAP\",\"\",\"Adjusted(a)\",\"\",\"GAAP\",\"\",\"Adjusted(a)\"],[\"Net sales (millions)\",\"\",\"\",\"\",\"\",\"\",\"$\",\"24,948\",\"\",\"\",\"$\",\"24,279\",\"\",\"\",\"$\",\"24,575\",\"\",\"$\",\"23,630\"],[\"Total sales change\",\"\",\"\",\"\",\"\",\"\",\"1.5\",\"%\",\"\",\"2.7\",\"%\",\"\",\"(0.1)\",\"%\",\"\",\"1.3\",\"%\"],[\"Organic sales change(b)\",\"\",\"\",\"\",\"\",\"\",\"0.9\",\"%\",\"\",\"2.1\",\"%\",\"\",\"(0.2)\",\"%\",\"\",\"1.2\",\"%\"]] [[/GREPCENT_TABLE]] (a) The Company refers to various \"adjusted\" amounts or measures on an \u201cadjusted\" basis. These exclude special items. These non-GAAP measures are further described and reconciled to the most directly comparable GAAP financial measures in the Certain amounts adjusted for special items - (non-GAAP measures) section below. (b) Organic sales change (which includes both organic volume and selling price impacts), is defined as the change in net sales, absent the impacts from foreign currency translation and acquisitions, net of divestitures. 3M believes this information is useful to investors and management in understanding ongoing operations and in analysis of ongoing operating trends. Net sales change was driven by strength in safety and general industrial and supported by commercial excellence and new product introductions. These were partially offset by known softness in auto aftermarket, roofing granules, commercial vehicles, and consumer, and the YoY impact of the manufactured PFAS products special item. [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"\",\"\",\"202 Item 1. Business 3M Company was incorporated in 1929 under the laws of the State of Delaware to continue operations begun in 1902. The Company\u2019s ticker symbol is MMM. As used herein, the term \u201c3M\u201d or \u201cCompany\u201d includes 3M Company and its subsidiaries unless the context indicates otherwise. In this document, for any references to Note 1 through Note 20, refer to the Notes to Consolidated Financial Statements in Item 8. Available Information: The Securities and Exchange Commission (SEC) maintains a website that contains reports, proxy and information statements, and other information regarding issuers, including the Company, that file electronically with the SEC. The public can obtain any documents that the Company files with the SEC at https://www.sec.gov. The Company files annual reports, quarterly reports, proxy statements and other documents with the SEC under the Securities Exchange Act of 1934 (Exchange Act). 3M also makes available free of charge through its website (https://investors.3M.com) the Company\u2019s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and, if applicable, amendments to those reports filed or furnished pursuant to the Exchange Act as soon as reasonably practicable after the Company electronically files such material with, or furnishes it to, the SEC. General: 3M is a diversified technology company with a global presence in the following businesses: Safety and Industrial; Transportation and Electronics; and Consumer. 3M is among the leading manufacturers of products for many of the markets it serves. Most 3M products involve expertise in product development, manufacturing and marketing, and are subject to competition from products manufactured and sold by other technologically oriented companies. 4 Table of Contents Business Segments: 3M manages its continuing operations in three business segments. The reportable segments are Safety and Industrial, Transportation and Electronics, and Consumer. 3M\u2019s Item 1A. Risk Factors Provided below is a cautionary discussion of what we believe to be the most important risk factors applicable to the Company. Discussion of these factors is incorporated by reference into and considered an integral part of Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d Ris", "title": "MMM - 3M CO", "url": "/company/MMM/" }, { "kind": "company", "summary": "SIC 3630 Household Appliances; CIK 0000091142; latest 10-K filed 2026-02-10.", "text": "AOS - SMITH A O CORP SIC 3630 Household Appliances; CIK 0000091142; latest 10-K filed 2026-02-10. AOS SMITH A O CORP 0000091142 3630 Household Appliances ITEM 7 \u2013 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW Our company is comprised of two reporting segments: North America and Rest of World. Our Rest of World segment is primarily comprised of China, India, and Europe. Both segments manufacture and market comprehensive lines of residential and commercial gas, heat pump and electric water heaters, boilers, tanks, and water treatment products. Both segments primarily manufacture and market in their respective region of the world. Consistent with our stated strategic priorities, we continue to seek acquisitions that enable growth, expand our core business, and establish adjacencies. In November 2025, we announced that we signed a definitive agreement to acquire LVC Holdco LLC (Leonard Valve) for $470 million, subject to customary adjustments, and was funded with cash borrowed under a new term loan with a group of eight banks. The transaction was completed in January 2026. Leonard Valve is a leading manufacturer of water temperature and flow solutions and we believe it represents a compelling strategic fit and a meaningful advancement into our presence in the water management market. Leonard Valve is projected to contribute approximately $70 million in sales in 2026 in the North America segment. On November 1, 2024, we acquired Pureit from Unilever for approximately $125 million, subject to customary adjustments. Pureit, a leading water purification business in South Asia, offers a broad range of residential water purification solutions. Pureit contributed $54 million to sales in 2025 in the Rest of World segment. The acquisition fits squarely in our core capabilities and doubled our market penetration in the South Asia region. We continue to look for opportunities to add to our existing product portfolio in high growth regions demonstrated by our previous introductions of kitchen products and connected product technologies in China. We also recently introduced our internally designed and manufactured gas tankless water heaters in North America. In addition, we are expanding our commercial water heater capacity in North America in preparation for the new efficiency rule for commercial water heaters that the Department of Energy (DOE) has adopted that will take effect in October 2026. In our North America segment, water heater sales increased one percent in 2025 compared to 2024 as pricing benefits and higher commercial volumes were partially offset by lower wholesale residential volumes. We estimate that 2025 residential industry unit volumes were approximately flat compared to the prior year and we project 2026 industry residential unit volumes will be flat to down, driven by softness in new construction. We anticipate that commercial water heater industry volumes will increase mid-single digits in 2026 after growing approximately five percent in 2025. We believe that the 2026 growth will come from the buy ahead of products that will be eliminated as a part of the DOE regulatory change for commercial water heaters that will take effect in October 2026. In response to higher steel and other input costs, including tariffs, we announced price increases on most of our water heater and boiler products in the first half of 2025. In addition to pricing, we continue to mitigate the impact of tariffs through footprint optimization, strategic sourcing actions and other cost containment initiatives. Our boiler sales grew eight percent in 2025 primarily due to higher volumes and pricing benefits. We expect our boiler sales to grow between six and eight percent in 2026 due to carryover pricing benefits and continued demand for our commercial high efficiency condensing gas boilers. We anticipate sales of our North America water treatment products will grow between 10 and 12 percent primarily due to tariff-related pricing benefits and as we continue to expand our dealer network. In our Rest of World segment, China third-party sales declined ITEM 1 \u2013 BUSINESS As used in this annual report on Form 10-K, references to the \u201cCompany,\u201d \u201cA. O. Smith,\u201d \u201cAOS,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to A. O. Smith and its consolidated subsidiaries. The following discussion should be read in conjunction with our consolidated financial statements and notes thereto under \u201cItem 8 Financial Statements and Supplementary Data\u201d in this annual report on Form 10-K. Our company is comprised of two reporting segments: North America and Rest of World. Both segments manufacture and market comprehensive lines of residential and commercial gas and electric water heaters, boilers, heat pumps, tanks and water treatment products. Both segments primarily manufacture and market in their respective regions of the world. Our Rest of World segment is primarily comprised of China, India, and Europe. NORTH AMERICA Sales in our North America segment accounted for approximately 78 percent of our total sales in 2025. This segment serves residential and commercial end markets with a broad range of products including: Water heaters. Our residential and commercial water heaters primarily come in sizes ranging from 40 to 80 gallon models. However, we also offer sizes as low as 2.5 gallon (point-of-use) and as high as 2,500 gallon products with varying efficiency ranges. We offer electric, natural gas and liquid propane tank-type models as well as tankless (gas and electric), heat pump and solar tank units. Typical applications for our water heaters include residences, restaurants, hotels, office buildings, laundries, car washes, schools and small businesses. Boilers. Our residential and commercial boilers range in size from 45,000 British Thermal Units (BTUs) to 6.0 million BTUs. Boilers are closed loop water heating systems used primarily for space heating or hydronic heating. Our boilers are primarily used in applications in commercial settings for hospitals, schools, hotels and other large commercial buildings while residential boilers are used in ITEM 1A \u2013 RISK FACTORS In the ordinary course of our business, we face various strategic, operating, compliance and financial risks. These risks could have an impact on our business, financial condition, operating results and cash flows. The risks set forth below are not an exhaustive list of potential risks but reflect those that we believe to be materi", "title": "AOS - SMITH A O CORP", "url": "/company/AOS/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000001800; latest 10-K filed 2026-02-20.", "text": "ABT - ABBOTT LABORATORIES SIC 2834 Pharmaceutical Preparations; CIK 0000001800; latest 10-K filed 2026-02-20. ABT ABBOTT LABORATORIES 0000001800 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Financial Review Abbott\u2019s revenues are derived primarily from the sale of a broad line of healthcare products, which include medical devices, diagnostic testing products, nutritional products and branded generic pharmaceuticals. These products are sold under short-term receivable arrangements. Patent protection and licenses, technological and performance features, and inclusion of Abbott\u2019s products under a contract most impact which products are sold; price controls, competition, and rebates most impact the net selling prices of products; and the measurement of net sales and costs is impacted by foreign currency translation. Sales in international markets comprise 61 percent of consolidated net sales. On November 19, 2025, Abbott entered into a definitive agreement to acquire Exact Sciences Corporation (Exact Sciences), which is expected to enable Abbott to enter the cancer diagnostics market. The acquisition is subject to customary closing conditions, including the approval of Exact Sciences shareholders, and obtaining the required regulatory clearances. Under the terms of the agreement, Abbott will pay $105 per common share in cash at the completion of the transaction, representing a total equity value of approximately $21 billion and an estimated enterprise value of $23 billion. Abbott's financing contemplates absorption of Exact Sciences' estimated $1.8 billion of net debt. On November 19, 2025, Abbott obtained a commitment for a 364-day senior unsecured bridge term loan facility for an amount not to exceed $20.0 billion in conjunction with its pending acquisition of Exact Sciences. While Abbott plans to fund this transaction with cash on hand and borrowings, the bridge facility will provide back-up financing. Abbott\u2019s sales growth in 2025 was primarily attributable to the performance of the Medical Devices and Established Pharmaceutical Products segments. Results reflect continued progress across related research and development programs, including the contribution of new and recently introduced products and indication expansions. Results in the Nutritional Products segment were flat, reflecting price increases and lower volumes, particularly in the United States (U.S.). Sales also continued to be affected by the decline in COVID\u201119 testing\u2011related sales in the Diagnostics segment. In 2025, 2024, and 2023, Abbott\u2019s COVID-19 testing-related sales totaled $297 million, $747 million, and $1.6 billion, respectively. Sales in emerging markets, which represent 37 percent of total company sales, increased 5.1 percent in 2025 and 8.2 percent in 2024, excluding the impact of foreign exchange. (Emerging markets include all countries, except the U.S., Japan, Canada, Australia, New Zealand, the United Kingdom, and Western European countries.) Abbott\u2019s operating margin profile increased in 2025 to 18.2 percent from 16.3 percent in 2024 and 16.2 percent in 2023. The increase in 2025 reflects the favorable impact of margin improvement initiatives, partially offset by foreign exchange and inflation. With respect to the performance of each reportable segment over the last three years, sales in the Medical Devices segment, excluding the impact of foreign exchange, increased 11.9 percent in 2025 and 13.7 percent in 2024. In Medical Devices, sales in 2025 and 2024 increased across all businesses, with double-digit growth in Diabetes Care, Heart Failure, Electrophysiology, and Structural Heart, and in 2025, Rhythm Management. Growth was led by Diabetes Care where sales of Abbott's continuous glucose monitoring (CGM) systems continued to increase and totaled $7.6 billion in 2025 and $6.4 billion in 2024. In 2025, key product approvals in the Medical Devices segment included: \u2022U.S. Food and Drug Administration (FDA) approval and CE Mark for the Volt\u2122 Pulsed Field Ablation (PFA) System to treat patients with atrial fibrillation, \u2022FDA approval ITEM 1. BUSINESS GENERAL DEVELOPMENT OF BUSINESS Abbott Laboratories is an Illinois corporation, incorporated in 1900. Abbott\u2019s* principal business is the discovery, development, manufacture, and sale of a broad and diversified line of healthcare products. On November 19, 2025, Abbott entered into a definitive agreement to acquire Exact Sciences Corporation (Exact Sciences), which is expected to enable Abbott to enter the cancer diagnostics market. The acquisition is subject to customary closing conditions, including the approval of Exact Sciences shareholders and obtaining the required regulatory clearances. NARRATIVE DESCRIPTION OF BUSINESS Abbott has four reportable segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. Established Pharmaceutical Products These products include a broad line of branded generic pharmaceuticals manufactured worldwide and marketed and sold outside the United States in emerging markets. These products are generally sold directly to wholesalers, distributors, government agencies, healthcare facilities, pharmacies, and independent retailers from Abbott-owned distribution centers or public warehouses, depending on the market served. Certain products are co-marketed or co-promoted with, or licensed from, other companies. The principal products included in the broad therapeutic area portfolios of the Established Pharmaceutical Products segment are: \u2022gastroenterology products, including Creon\u2122, for the treatment of pancreatic exocrine insufficiency associated with several underlying conditions, including cystic fibrosis and chronic pancreatitis; Duspatal\u2122 and Dicetel\u2122, for the treatment of irritable bowel syndrome or biliary spasm; Heptral\u2122, Transmetil\u2122, and Samyr\u2122, for the treatment of intrahepatic cholestasis (associated with liver disease) or depressive symptoms; and Duphalac\u2122, for regulation of the physiological rhythm of the colon; \u2022women\u2019s health products, including Dup ITEM 1A. RISK FACTORS In addition to the other information in this report, the following risk factors should be considered before deciding to invest in any of Abbott\u2019s securities. Additional risks and uncertainties not presently known to Abbott, or risks Abbott currently considers immaterial, could also affect Abbott\u2019s actual results. Abbo", "title": "ABT - ABBOTT LABORATORIES", "url": "/company/ABT/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001551152; latest 10-K filed 2026-02-20.", "text": "ABBV - AbbVie Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001551152; latest 10-K filed 2026-02-20. ABBV AbbVie Inc. 0001551152 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion and analysis of the financial condition of AbbVie Inc. (AbbVie or the company). This commentary should be read in conjunction with the Consolidated Financial Statements and accompanying notes appearing in Item 8, \"Financial Statements and Supplementary Data.\" This section of Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. EXECUTIVE OVERVIEW Company Overview AbbVie is a global, diversified research-based biopharmaceutical company positioned for success with a comprehensive product portfolio that has leadership positions across immunology, neuroscience, oncology and aesthetics. AbbVie uses its expertise, dedicated people and unique approach to innovation to develop and market advanced therapies that address some of the world\u2019s most complex and serious diseases. On February 13, 2025, the board of directors of AbbVie unanimously elected Chief Executive Officer (CEO) Robert A. Michael to succeed Richard A. Gonzalez as Chairman of the board of directors, effective July 1, 2025, at which time Mr. Gonzalez retired from the board. AbbVie's products are generally sold worldwide directly to wholesalers, distributors, government agencies, health care facilities, specialty pharmacies and independent retailers from AbbVie-owned distribution centers and public warehouses. Certain products (including aesthetic products and devices) are also sold directly to physicians and other licensed healthcare providers. In the United States, AbbVie distributes pharmaceutical products principally through independent wholesale distributors, with some sales directly to retailers, pharmacies, patients or other customers. Outside the United States, AbbVie sells products primarily to wholesalers or through distributors, and depending on the market, works through largely centralized national payers systems to agree on reimbursement terms. Certain products are co-marketed or co-promoted with other companies. AbbVie operates as a single global business segment. 2026 Strategic Objectives AbbVie's mission is to discover and develop innovative medicines and products that solve serious health issues today and address the medical challenges of tomorrow while achieving top-tier financial performance through outstanding execution. AbbVie intends to execute its strategy and advance its mission in a number of ways, including: (i) maximizing the benefits of a diversified revenue base with multiple long-term growth drivers; (ii) leveraging AbbVie's commercial strength and international infrastructure across therapeutic areas, ensuring strong commercial execution of new product launches as well as continued investment in key on-market products; (iii) continuing to invest in and expand its pipeline in support of opportunities across our core areas of immunology, neuroscience, oncology and aesthetics as well as new sources of growth such as obesity; (iv) generating substantial operating cash flows to support investments in innovative research and development and returning cash to shareholders via a strong and growing dividend while maintaining a strong investment grade credit rating. In addition, AbbVie anticipates several regulatory submissions, approvals and data readouts from key clinical trials in the next 12 months. AbbVie expects to achieve its strategic objectives through: \u2022Maximizing revenue growth of our key on-market products, including Skyrizi, Rinvoq, Vraylar, Botox Therapeutic, Ubrelvy, Qulipta, Vyalev, Venclexta, Elahere, Botox Cosmetic and Juvederm Collec ITEM 1. BUSINESS Overview AbbVie or \"the company\" refer to AbbVie Inc., or AbbVie Inc. and its consolidated subsidiaries, as the context requires. AbbVie is a global, diversified research-based biopharmaceutical company positioned for success with a comprehensive product portfolio that has leadership positions across immunology, neuroscience, oncology and aesthetics. AbbVie uses its expertise, dedicated people and unique approach to innovation to develop and market advanced therapies that address some of the world\u2019s most complex and serious diseases. AbbVie was incorporated in Delaware on April 10, 2012. On January 1, 2013, AbbVie became an independent, publicly-traded company as a result of the distribution by Abbott Laboratories (Abbott) of 100% of the outstanding common stock of AbbVie to Abbott's shareholders. Segments AbbVie operates as a single global business segment dedicated to the research and development, manufacturing, commercialization and sale of innovative medicines and therapies. This operating structure enables the Chief Executive Officer, as Chief Operating Decision Maker (CODM), to allocate resources and assess business performance on a global basis in order to achieve established long-term strategic goals. Consistent with this structure, a global research and development and supply chain organization is responsible for the discovery, development, manufacturing and supply of products. Commercial efforts that coordinate the marketing, sales and distribution of these products are organized by geographic region or therapeutic area. All of these activities are supported by a global corporate administrative staff. The determination of a single business segment is consistent with the consolidated financial information regularly reviewed by the CODM for purposes of assessing performance, allocating resources and planning and forecasting future periods. See Note 16, \"Segment and Geographic Area Information\" to the Consolidated Financial Statements inc ITEM 1A. RISK FACTORS You should carefully consider the following risks and other information in this Form 10-K in evaluating AbbVie and AbbVie's common stock. Any of the following risks could materially and adversely affect AbbVie's results of operations, financial condition or cash flows. The risk factors generally have been separated into two ", "title": "ABBV - AbbVie Inc.", "url": "/company/ABBV/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0000796343; latest 10-K filed 2026-01-15.", "text": "ADBE - ADOBE INC. SIC 7372 Services-Prepackaged Software; CIK 0000796343; latest 10-K filed 2026-01-15. ADBE ADOBE INC. 0000796343 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our Consolidated Financial Statements and Notes thereto. Discussion regarding our financial condition and results of operations for fiscal 2024 as compared to fiscal 2023 is included in Item 7 of our Annual Report on Form 10-K for the fiscal year ended November 29, 2024, filed with the SEC on January 13, 2025. CRITICAL ACCOUNTING POLICIES AND ESTIMATES In preparing our Consolidated Financial Statements in accordance with generally accepted accounting principles in the United States (\u201cGAAP\u201d) and pursuant to the rules and regulations of the SEC, we make assumptions, judgments and estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities. We base our assumptions, judgments and estimates on historical experience and various other factors that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates under different assumptions or conditions. We evaluate our assumptions, judgments and estimates on a regular basis. We also discuss our critical accounting policies and estimates with the Audit Committee of the Board of Directors. We believe that the assumptions, judgments and estimates involved in the accounting for revenue recognition and income taxes have the greatest potential impact on our Consolidated Financial Statements. These areas are key components of our results of operations and are based on complex rules requiring us to make judgments and estimates, and consequently, we consider these to be our critical accounting policies. Historically, our assumptions, judgments and estimates relative to our critical accounting policies have not differed materially from actual results. Revenue Recognition Our contracts with customers may include promises to transfer multiple products and services. Determining whether products and services are distinct performance obligations to be accounted for separately or combined as part of a single performance obligation may require significant judgment, primarily for our solutions that include both on-premise and/or on-device software licenses and cloud services. We have concluded that certain subscription offerings, which include both on-premise/on-device software licenses and cloud services, represent a single, highly integrated performance obligation. This conclusion reflects the high degree of integration, interdependency and interrelation between the software and the cloud services, such that customers receive the intended benefit only when these components operate together. The nature of our promise to customers is to deliver a complete end-to-end solution, and the intended functionality and workflow efficiencies cannot be obtained from either the software or the cloud services on a standalone basis. Accordingly, revenue for these offerings is recognized ratably over the subscription period during which the cloud services are provided. Accounting for Income Taxes We use the asset and liability method of accounting for income taxes. Under this method, income tax expense is recognized for the amount of taxes payable or refundable for the current year. In addition, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for tax loss and credit carryforwards. Significant judgment is required in determining our current provision for income taxes and deferred tax assets or liabilities. We record a valuation allowance to reduce deferred tax assets to an amount for which realization is more likely than not. Our assumptions, judgments and estimates relative to the current provision for income taxes take into account our interpretation and application of curre ITEM 1. BUSINESS OVERVIEW Adobe\u2019s mission is to empower everyone to create. We build innovative platforms and tools that unleash creativity, productivity and personalized customer experiences. For over four decades, our innovations have transformed how people everywhere engage across all types of media. Adobe\u2019s solutions are the foundation of digital experiences, starting with the first creative spark, to the creation and development of all content and media, to the personalized delivery across every channel. Our focus revolves around serving our customer audiences: business professionals, consumers, creators, creative professionals and marketing professionals. The massive opportunity and evolving role of creativity across roles and industries have driven Adobe\u2019s growth over the past four decades and are expected to continue to drive our growth going forward as we evolve our solutions and routes to market to anticipate the growing needs of our customers. In the artificial intelligence (\u201cAI\u201d) era, we are harnessing the power of AI across our solutions by bringing together our commercially safe first-party and leading partner AI models best suited for the job; deploying conversational and agentic capabilities across offerings; ensuring ubiquity on all surfaces; delivering trusted and secure solutions; and expanding our global presence. Adobe\u2019s value proposition is to empower creative expression across multiple media types and channels, at scale, in a collaborative and secure environment, with an end-to-end integrated platform spanning ideation, creation, production and activation. We power the entire content workflow with Adobe\u2019s AI platform, which offers customers brand safety, compliance, intellectual property protection, and reliability. STRATEGY & OPPORTUNITY Adobe\u2019s strategy is to empower our customer audiences\u2014business professionals, consumers, creators, creative professionals and marketing professionals\u2014to be more creative, productive and successful. Und ITEM 1A. RISK FACTORS As previously discussed, our actual results could differ materially from our forward-looking statements. Below we discuss some of the factors that could cause these differences. The occurrence of these and many other factors described in this report, and factors that we do not presently know or that we currently believe to be ", "title": "ADBE - ADOBE INC.", "url": "/company/ADBE/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0000002488; latest 10-K filed 2026-02-04.", "text": "AMD - ADVANCED MICRO DEVICES INC SIC 3674 Semiconductors & Related Devices; CIK 0000002488; latest 10-K filed 2026-02-04. AMD ADVANCED MICRO DEVICES INC 0000002488 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the Consolidated Financial Statements as of December 27, 2025 and December 28, 2024 and for each of the three years in the period ended December 27, 2025 and related notes, which are included in this Annual Report on Form 10-K as well as with the other sections of this Annual Report on Form 10-K, \u201cPart II, Item 8: Financial Statements and Supplementary Data.\u201d Introduction In this section, we will describe the general financial condition and the results of operations of Advanced Micro Devices, Inc. and its wholly-owned subsidiaries (collectively, \u201cus,\u201d \u201cour\u201d or \u201cAMD\u201d), including a discussion of our results of operations for 2025 compared to 2024, an analysis of changes in our financial condition and a discussion of our off-balance sheet arrangements. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 28, 2024. Beginning in the first quarter of fiscal year 2025, we combined the Client and Gaming segments into one reportable segment to align with how we manage our business. All prior period segment data were retrospectively adjusted. Overview In 2025, we delivered strong annual revenue growth with net revenue increasing 34% to $34.6 billion, compared to $25.8 billion in 2024. This growth was driven by the performance of our Data Center and Client and Gaming segments. Data Center net revenue of $16.6 billion increased by 32% compared to $12.6 billion in 2024, primarily driven by strong demand for our 5th generation AMD EPYC\u2122 processors and AMD Instinct\u2122 MI350 Series GPUs. Client and Gaming segment net revenue of $14.6 billion in 2025 increased by 51% compared to $9.6 billion in 2024, primarily driven by strong demand for our AMD Ryzen\u2122 processors, semi-custom game consoles SoCs and Radeon\u2122 gaming GPUs. The increase in annual net revenue was partially offset by a decrease in net revenue in our Embedded segment. Embedded net revenue of $3.5 billion decreased by 3% compared to net revenue of $3.6 billion in 2024, as certain end market demand remained mixed. Gross margin of 50% increased by 1% compared to 49% in 2024, primarily due to product mix partially offset by approximately $440 million of net inventory and related charges associated with the U.S. government export control on AMD Instinct\u2122 MI308 Data Center GPU products. Cash, cash equivalents and short-term investments as of December 27, 2025 were $10.6 billion, compared to $5.1 billion at the end of 2024. Our aggregate principal amount of total debt as of December 27, 2025 was $3.3 billion, compared to $1.8 billion as of December 28, 2024. In 2025, we returned a total of $1.3 billion to shareholders through the repurchase of 12.4 million shares of common stock under our stock repurchase program. As of December 27, 2025, $9.4 billion remained available for future stock repurchases under this program. The stock repurchase program does not obligate us to acquire any common stock, has no termination date and may be suspended or discontinued at any time. During 2025, we launched multiple leadership products and made significant progress executing our AI strategy. A priority in 2025 was accelerating growth in the Data Center segment. Demand for our data center AI GPU products was strong as large hyperscale customers, OEMs and ODMs deployed our AMD Instinct MI350X Series GPUs. We advanced our AMD AI GPU roadmap to deliver an annual cadence of leadership for AMD Instinct solutions, beginning with the AMD Instinct MI350 Series GPUs in 2025. Beyond GPUs, we launched the 5th Gen AMD EPYC family of server processors in 2025, which deliver leadership performance and capabilit ITEM 1. BUSINESS Cautionary Statement Regarding Forward-Looking Statements The statements in this report include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations and beliefs and involve numerous risks and uncertainties that could cause actual results to differ materially from expectations. These forward-looking statements speak only as of the date hereof or as of the dates indicated in the statements and should not be relied upon as predictions of future events, as we cannot assure you that the events or circumstances reflected in these statements will be achieved or will occur. You can identify forward-looking statements by the use of forward-looking terminology including \u201cbelieves,\u201d \u201cexpects,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cseeks,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cpro forma,\u201d \u201cestimates,\u201d \u201canticipates,\u201d or the negative of these words and phrases, other variations of these words and phrases or comparable terminology. The forward-looking statements relate to, among other things: possible impact of future accounting rules on AMD\u2019s consolidated financial statements; demand for AMD\u2019s products; AMD\u2019s strategy and expected benefits; the growth, change and competitive landscape of the markets in which AMD participates; international sales will continue to be a significant portion of total sales in the foreseeable future; the expectation that AMD\u2019s cash, cash equivalents, and short-term investments together with the availability under that certain revolving credit facility (the Revolving Credit Agreement) made available to AMD and certain of its subsidiaries, our commercial paper program, and our cash flows from operations will be sufficient to fund AMD\u2019s operations, including capital expenditures, purchase and lease commitments and strategic activities over the next 12 months and beyond; AMD\u2019s ability to obtain sufficient external financing on favorable terms, or ITEM 1A. RISK FACTORS The risks and uncertainties described below are not the only ones we face. If any of the following risks actually occurs, our business, financial condition or results of operations could be materially adversely affected. In addition, you should consider the interrelationship and compounding", "title": "AMD - ADVANCED MICRO DEVICES INC", "url": "/company/AMD/" }, { "kind": "company", "summary": "SIC 4991 Cogeneration Services & Small Power Producers; CIK 0000874761; latest 10-K filed 2026-03-02.", "text": "AES - AES CORP SIC 4991 Cogeneration Services & Small Power Producers; CIK 0000874761; latest 10-K filed 2026-03-02. AES AES CORP 0000874761 4991 Cogeneration Services & Small Power Producers ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS For discussion of the Company's year ended December 31, 2024 compared to the year ended December 31, 2023, refer to Item 7.\u2014Management's Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Form 10-K filed with the SEC on March 11, 2025. Executive Summary In 2025, AES delivered on its strategic and financial objectives. We completed construction of 3.2 GW of renewables and energy storage, and signed long-term PPAs for an additional 4.0 GW of new renewable energy. See Overview of our Strategy included in Item 1.\u2014Business of this Form 10-K for further information. Compared with last year, net income decreased $640 million, from $802 million to $162 million. This decrease is mainly driven by the prior year gain on sale of AES Brasil, lower earnings at the Energy Infrastructure SBU primarily due to higher prior year revenues from the monetization of the Warrior Run coal plant PPA and lower net derivative gains, higher day-one losses on the commencement of sales-type leases at AES Clean Energy, and higher unrealized foreign currency losses; partially offset by income tax benefit mainly driven by tax credit transfers compared to prior year income tax expense, higher contributions from new projects and better hydrology in the Renewables SBU, and higher retail margin at the Utilities SBU under the 2024 Base Rate Order at AES Indiana and the 2024 DRC Settlement at AES Ohio. Adjusted EBITDA, a non-GAAP measure, increased $232 million, from $2,639 million to $2,871 million, mainly driven by higher contributions from new projects and better hydrology in the Renewables SBU, and higher retail margin at the Utilities SBU; partially offset by higher prior year revenues from the monetization of the Warrior Run coal plant PPA in the Energy Infrastructure SBU, the sale of AES Brasil in the prior year, and the impact of the AES Ohio and AGIC sell-downs. Adjusted EBITDA with Tax Attributes, a non-GAAP measure, increased $459 million, from $3,952 million to $4,411 million, primarily due to the drivers above as well as higher realized tax attributes driven by higher income from tax credit transfers. Compared with last year, diluted earnings per share from continuing operations decreased $1.06, from $2.37 to $1.31. This decrease is mainly driven by the prior-year gain on sale of AES Brasil, lower earnings at the Energy Infrastructure SBU primarily due to higher prior year revenues from the monetization of the Warrior Run coal plant PPA and lower net derivative gains, higher day-one losses on commencement of sales-type leases at AES Clean Energy, higher unrealized foreign currency losses, and impairments related to Uplight. These were partially offset by higher income tax benefit mainly driven by tax credit transfers compared to prior year income tax expense, and contributions from new projects and better hydrology in the Renewables SBU. Adjusted EPS, a non-GAAP measure, increased $0.20 from $2.14 to $2.34, mainly driven by a lower adjusted tax rate, including the impact of tax credit transfers, and higher realized tax attributes and retail margin at the Utilities SBU; partially offset by lower realized tax attributes at the Renewables SBU due to timing of tax attribute recognition and lower contributions from the Energy Infrastructure SBU primarily due to higher prior year revenues from the monetization of the Warrior Run coal plant PPA. 79 | 2025 Annual Report Review of Consolidated Results of Operations [[GREPCENT_TABLE]] [[\"Years Ended December 31,\",\"2025\",\"\",\"2024\",\"\",\"\",\"\",\"$ Change\",\"\",\"% Change\"],[\"(in millions, except per share amounts)\"],[\"Revenue:\"],[\"Renewables SBU\",\"$\",\"2,913\",\"\",\"\",\"$\",\"2,617\",\"\",\"\",\"\",\"\",\"$\",\"296\",\"\",\"\",\"11\",\"%\"],[\"Utilities SBU\",\"4,122\",\"\",\"\",\"3,608\",\"\",\"\",\"\",\"\",\"514\",\"\",\"\",\"14\",\"%\"],[\"Energy Infrastructure SBU\",\"5,402\",\"\",\"\",\"6,207\",\"\",\"\",\"\",\"\",\"(805)\",\"\",\"\",\"-13\",\"%\"],[\"New Energy T ITEM 1. BUSINESS Item 1.\u2014Business is an outline of our strategy and our businesses by SBU, including key financial drivers. Additional items that may have an impact on our businesses are discussed in Item 1A.\u2014Risk Factors and Item 3.\u2014Legal Proceedings. Executive Summary Incorporated in 1981, AES is a global energy company accelerating the future of energy. Together with our many stakeholders, we are improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. Our Strategy AES is the next-generation energy company with over four decades of experience developing, operating, and owning electric generation and utilities. The focus of our strategy is to partner with large corporations to deliver the electricity they need when they need it. We are very well-positioned as a leading provider of renewable energy to data center companies, particularly in the U.S., and to large mining companies outside the U.S. These customers want to work with AES due to our track record of providing customized solutions that best serve their specific needs and delivering our projects on time and on budget. In 2025, we signed long-term contracts for 4.0 GW of renewables, bringing our backlog of projects \u2014 those with signed contracts, but which are not yet in operation \u2014 to 12.0 GW. Our backlog serves as one of the core components of our future growth. As a result of our successful execution of our strategy, we have been consistently rated by Bloomberg New Energy Finance as one of the top two largest sellers globally of renewable power to corporate customers. At the same time, we have embarked on the most ambitious investment growth in the history of our U.S. utilities, which will improve the reliability and quality of service for our customers, while mai ITEM 1A. RISK FACTORS You should consider carefully the following risks, along with the other information contained in or incorporated by reference in this Form 10-K. Additional risks and uncertainties also may adversely affect our business and operations. We routinely encounter and address risks, some of which may cause ou", "title": "AES - AES CORP", "url": "/company/AES/" }, { "kind": "company", "summary": "SIC 6321 Accident & Health Insurance; CIK 0000004977; latest 10-K filed 2026-02-25.", "text": "AFL - AFLAC INC SIC 6321 Accident & Health Insurance; CIK 0000004977; latest 10-K filed 2026-02-25. AFL AFLAC INC 0000004977 6321 Accident & Health Insurance Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations EXECUTIVE SUMMARY Performance Highlights For the full year of 2025, total revenues were down 9.3% to $17.2 billion, compared with $18.9 billion for the full year of 2024, primarily due to net investment losses of $572 million in 2025 compared with net investment gains of $1.3 billion in 2024. Net earnings were $3.6 billion, or $6.82 per diluted share, for the full year of 2025, compared with $5.4 billion, or $9.63 per diluted share, for the full year of 2024. Net earnings in 2025 included net investment losses of $572 million, compared with net investment gains of $1.3 billion in 2024. Net investment losses in 2025 included $467 million of net losses from certain derivative and foreign currency gains or losses; an increase in credit loss allowances of $191 million and $6 million of impairments; offset by a $72 million gain from an increase in the fair value of equity securities and $20 million of net gains from sales and redemptions. The average yen/dollar exchange rate(1) in 2025 was 149.32, or 1.1% stronger than the rate of 150.97 in 2024. Adjusted earnings(2) for the full year of 2025 were $4.0 billion, or $7.49 per diluted share, compared with $4.1 billion, or $7.21 per diluted share, in 2024. The stronger yen/dollar exchange rate positively impacted adjusted earnings per diluted share by $.04. In 2025, Aflac Incorporated repurchased $3.5 billion, or 33.0 million of its common shares. At December 31, 2025, the Company had 114.3 million remaining shares authorized for repurchase. Shareholders\u2019 equity was $29.5 billion, or $56.85 per share, at December 31, 2025, compared with $26.1 billion, or $47.45 per share, at December 31, 2024. Shareholders\u2019 equity at December 31, 2025 included a cumulative increase of $8.0 billion from the effect of changes in discount rate assumptions on insurance reserves, compared with a corresponding cumulative increase of $2.0 billion at December 31, 2024, and a net unrealized loss on investment securities and derivatives of $1.8 billion, compared with a net unrealized gain of $4 million at December 31, 2024. Shareholders\u2019 equity at December 31, 2025 also included an unrealized foreign currency translation loss of $4.8 billion, compared with an unrealized foreign currency translation loss of $5.0 billion at December 31, 2024. The annualized return on average shareholders\u2019 equity in 2025 was 13.1%. Shareholders\u2019 equity excluding accumulated other comprehensive income (adjusted book value(2)) was $28.0 billion, or $54.06 per share, at December 31, 2025, compared with $29.1 billion, or $52.87 per share, at December 31, 2024. Adjusted book value excluding foreign currency remeasurement(2) was $22.1 billion, or $42.66 per share, at December 31, 2025, compared with $23.4 billion, or $42.46 per share, at December 31, 2024. The annualized adjusted return on equity excluding foreign currency remeasurement(2) in 2025 was 17.6%. (1) Yen/dollar exchange rates are based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM). (2) See the Results of Operations section of this MD&A for a definition of this non-U.S. GAAP financial measure. Cyber Incident As previously disclosed, the Company identified an incident involving unauthorized access to a limited number of its systems in the U.S. on June 12, 2025. The Company promptly initiated its cybersecurity incident response protocols and believes it contained the unauthorized access within hours. The Company's systems were not affected by ransomware, and the Company remained able to serve its policyholders and underwrite policies, review claims, and otherwise service customers as usual. The Company is aware of the exfiltration of certain data including claims information, health information, social security numbers and/or other personal information relating to a substantial number of customers, beneficiaries, employees, agents, and other indiv Item 1. Business PART I FORWARD-LOOKING INFORMATION The Private Securities Litigation Reform Act of 1995 provides a safe harbor to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. Aflac Incorporated and its subsidiaries (the Company) desire to take advantage of these provisions. This report contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by Company officials in communications with the financial community and contained in documents filed with or furnished to the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as the ones listed below or similar words, as well as specific projections of future results, generally qualify as forward-looking. The Company undertakes no obligation to update such forward-looking statements, except as may be required by law. [[GREPCENT_TABLE]] [[\"\\u2022 expect\",\"\\u2022 anticipate\",\"\\u2022 believe\",\"\\u2022 goal\",\"\\u2022 objective\",\"\\u2022 strategy\"],[\"\\u2022 may\",\"\\u2022 should\",\"\\u2022 estimate\",\"\\u2022 intend\",\"\\u2022 project\",\"\\u2022 future\"],[\"\\u2022 will\",\"\\u2022 assume\",\"\\u2022 potential\",\"\\u2022 target\",\"\\u2022 outlook\",\"\\u2022 continue\"]] [[/GREPCENT_TABLE]] The Company cautions readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated Item 1A. Risk Factors ITEM 1A. RISK FACTORS The Company faces a wide range of risks, and its continued success depends on its ability to identify, prioritize, and appropriately manage enterprise risk exposures. Readers should carefully consider each of the following risks and all of the other information set forth in this Form 10-K. These risks and other fa", "title": "AFL - AFLAC INC", "url": "/company/AFL/" }, { "kind": "company", "summary": "SIC 3826 Laboratory Analytical Instruments; CIK 0001090872; latest 10-K filed 2025-12-22.", "text": "A - AGILENT TECHNOLOGIES, INC. SIC 3826 Laboratory Analytical Instruments; CIK 0001090872; latest 10-K filed 2025-12-22. A AGILENT TECHNOLOGIES, INC. 0001090872 3826 Laboratory Analytical Instruments Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. This report contains forward-looking statements including, without limitation, statements regarding growth opportunities, including for and in our end markets, new product and service introductions, the position and strength of our businesses, products and services, market demand for and adoption of our products and solutions, the ability of our products and solutions to address customer needs and meet industry requirements, our focus on enhancing our customers' experience, delivering differentiated product solutions and driving productivity improvements, leveraging our product platforms to maximize growth, our investments, including in manufacturing infrastructure, research and development and expanding and improving our applications and solutions portfolios, expanding our 34 Table of Contents position in developing countries and emerging markets, our contributions to our defined benefit plans, our hedging programs and other actions to offset the effects of foreign currency and interest rate movements, our future effective tax rate, unrecognized tax benefits, reimbursement incentives, our ability to satisfy our liquidity requirements, including through cash generated from operations, the potential impact of adopting new accounting pronouncements, indemnification obligations, our sales, our purchase commitments, our capital expenditures, the integration, effects and timing of our acquisitions and other transactions, expense reduction and other results from our restructuring programs and other cost saving initiatives, our stock repurchase program and dividends, macroeconomic and market conditions, including relating to or arising from changes to tariffs, import/export or trade policies, the recovery and health of our end markets, seasonality, mix, future financial results, our operating margin, our geographical diversification, interest rates, inflationary pressures and local regulations and restrictions, that involve risks and uncertainties. Our actual results could differ materially from the results contemplated by these forward-looking statements due to various factors, including those discussed in Part I Item 1A and elsewhere in this Annual Report on Form 10-K. Overview and Executive Summary Agilent Technologies, Inc. (\"we,\" \"Agilent\" or the \"company\"), incorporated in Delaware in May 1999, is a global leader in life sciences, diagnostics and applied markets, providing application focused solutions that include instruments, software, services and consumables for the entire laboratory workflow. New Segment Structure In November 2024, we announced a change in our organizational structure to support our market-focused, customer-centric strategy. Our former Diagnostics and Genomics segment combined with our liquid chromatography and liquid chromatography mass spectrometry instrument platforms to form our new Life Sciences and Diagnostics Markets segment. Our chemistries and supplies, laboratory automation, and software and informatics divisions moved from our former Life Sciences and Applied Markets segment to our Agilent CrossLab segment. The remaining divisions in our former Life Sciences and Applied Markets segment which includes our gas chromatography, gas chromatography mass spectrometry, remarketed instruments, spectroscopy and vacuum divisions formed our new Applied Markets segment. Following this re-organization, we have three business segments - Life Sciences and Diagnostics Markets, Agilent CrossLab and Applied Markets, each of which comprises a reportable segment. All historical financial segment information has been recast to conform to this new presentation. Global Tariffs Recent changes to tariffs and trade policies by the U.S. Item 1. Business Overview Agilent Technologies, Inc. (\"we\", \"Agilent\" or the \"company\"), incorporated in Delaware in May 1999, is a global leader in life sciences, diagnostics and applied markets, providing application focused solutions that include instruments, software, services and consumables for the entire laboratory workflow. In November 2024, we announced a change in our organizational structure to support our market-focused, customer-centric strategy. Our former Diagnostics and Genomics segment combined with our liquid chromatography and liquid chromatography mass spectrometry instrument platforms to form our new Life Sciences and Diagnostics Markets segment. Our chemistries and supplies, laboratory automation, and software and informatics divisions moved from our former Life Sciences and Applied Markets segment to our Agilent CrossLab segment. The remaining divisions in our former Life Sciences and Applied Markets segment which includes our gas chromatography, gas chromatography mass spectrometry, remarketed instruments, spectroscopy and vacuum divisions formed our new Applied Markets segment. Following this re-organization, we have three business segments - Life Sciences and Diagnostics Markets, Agilent CrossLab and Applied Markets, each of which comprises a reportable segment. All historical financial segment information has been recast to conform to this new presentation. Our Life Sciences and Diagnostics Markets segment is comprised of seven areas of activity. We provide specialty contract development and manufacturing services for pharmaceutical customers as well as solutions that include reagents, instruments, software and consumables which enable customers in the clinical and life sciences research areas to interrogate samples at the cellular and molecular level. The Agilent CrossLab segment spans the entire lab with its extensive services and consumables portfolio in addition to software and laboratory automation solutions, which are designe Item 1A. Risk Factors Business and Strategic Risks General economic conditions may adversely affect our operating results and financial condition. Our business is sensitive to negative changes in general economic conditions, both inside and outside the United States. Slower global economic growth, increasing interest rates, inflati", "title": "A - AGILENT TECHNOLOGIES, INC.", "url": "/company/A/" }, { "kind": "company", "summary": "SIC 2810 Industrial Inorganic Chemicals; CIK 0000002969; latest 10-K filed 2025-11-20.", "text": "APD - Air Products & Chemicals, Inc. SIC 2810 Industrial Inorganic Chemicals; CIK 0000002969; latest 10-K filed 2025-11-20. APD Air Products & Chemicals, Inc. 0000002969 2810 Industrial Inorganic Chemicals Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [[\"Business Overview\",\"29\"],[\"2025 in Summary\",\"30\"],[\"Outlook\",\"32\"],[\"Results of Operations\",\"33\"],[\"Reconciliations of Non-GAAP Financial Measures\",\"42\"],[\"Liquidity and Capital Resources\",\"49\"],[\"Pension Benefits\",\"54\"],[\"Critical Accounting Policies and Estimates\",\"56\"]] [[/GREPCENT_TABLE]] This Management\u2019s Discussion and Analysis contains \u201cforward-looking statements\u201d within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about business outlook. These forward-looking statements are based on management\u2019s expectations and assumptions as of the date of this Annual Report on Form 10-K and are not guarantees of future performance. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including, without limitation, those described in \"Forward-Looking Statements\" and Item 1A, Risk Factors, of this Annual Report on Form 10-K. This discussion should be read in conjunction with the consolidated financial statements and the accompanying notes contained in this Annual Report on Form 10-K. Financial information is presented on a continuing operations basis. Unless otherwise stated, amounts discussed are in millions of U.S. Dollars, except for per share data, which is calculated and presented on a diluted basis in U.S. Dollars per weighted average common share. The financial measures discussed below are presented in accordance with U.S. generally accepted accounting principles (\"GAAP\"), except as noted. We present certain financial measures on an \"adjusted\", or \"non-GAAP\", basis because we believe such measures, when viewed together with financial results computed in accordance with GAAP, provide a more complete understanding of the factors and trends affecting our historical financial performance. For each non-GAAP financial measure, including adjusted operating income, adjusted operating margin, adjusted earnings per share (\"EPS\"), adjusted EBITDA, adjusted effective tax rate, and capital expenditures, we present a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP. These reconciliations and explanations regarding the use of non-GAAP financial measures are presented under the \u201cReconciliations of Non-GAAP Financial Measures\u201d section beginning on page 42. Comparisons included in the discussion that follows are for fiscal year 2025 versus (\"vs.\") fiscal year 2024. A discussion of changes from fiscal year 2023 to fiscal year 2024 and other financial information related to fiscal year 2023 is available in Part II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended 30 September 2024, which was filed with the SEC on 21 November 2024. For information concerning activity with our related parties, refer to Note 25, Supplemental Information, to the consolidated financial statements. 28 Table of Contents BUSINESS OVERVIEW Air Products and Chemicals, Inc., a Delaware corporation founded in 1940, is a world-leading industrial gases company that has built a reputation for its innovation, operational excellence, and commitment to safety and environmental stewardship. Focused on serving energy, environmental, and emerging markets and generating a cleaner future, we offer products and services that improve our customers\u2019 operations and sustainability. We serve a broad range of industries, including refining, chemicals, metals, electronics, manufacturing, medical, and food, providing essential industrial gases, related equipment, and applications expertise. We also develop, engineer, build, own, and operate some of the world\u2019s largest clean hydrogen projects supporting the transition to Item 1. Business As used in this report, unless the context indicates otherwise, the terms \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d the \u201cCompany,\u201d \"Air Products,\" or \u201cregistrant\u201d include our controlled subsidiaries and affiliates. Additional information about Air Products is available on our website at www.airproducts.com. References to our website within this report are inactive textual references only. The content of our website is not incorporated by reference into, and does not form part of, this Annual Report on Form 10-K. Air Products trades on the New York Stock Exchange under the symbol \"APD\". All periodic and current reports, registration statements, proxy statements, and other filings that we are required to file with the Securities and Exchange Commission (\"SEC\"), including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) of the Securities Exchange Act of 1934 (the \"Exchange Act\"), are available free of charge through our website as soon as reasonably practicable after electronic filing of the material with the SEC. All such reports filed during the period covered by this report were available on our website on the same day as filing. Additionally, these filings are available free of charge on the SEC's website, www.sec.gov. Notes to the consolidated financial statements that are referenced in the disclosures that follow can be found under Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K. About Air Products Air Products and Chemicals, Inc., a Delaware corporation founded in 1940, is a world-leading industrial gases company that has built a reputation for its innovation, operational excellence, and commitment to safety and environmental stewardship. Focused on serving energy, environmental, and emerging markets and generating a cleaner future, we offer products and services that improve our customers\u2019 operations an Item 1A. Risk Factors Our operations are affected by various risks, many of which are beyond our control. In evaluating investment in the Company and the forward-looking information contained in this Annual Report on Form 10-K or presented elsewhere from time to time, readers should carefully consider the ris", "title": "APD - Air Products & Chemicals, Inc.", "url": "/company/APD/" }, { "kind": "company", "summary": "SIC 7340 Services-To Dwellings & Other Buildings; CIK 0001559720; latest 10-K filed 2026-02-12.", "text": "ABNB - Airbnb, Inc. SIC 7340 Services-To Dwellings & Other Buildings; CIK 0001559720; latest 10-K filed 2026-02-12. ABNB Airbnb, Inc. 0001559720 7340 Services-To Dwellings & Other Buildings Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes included in Item 8 of this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under the section titled \u201cRisk Factors\u201d or in other parts of this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Except as otherwise noted, all references to 2025 refer to the year ended December 31, 2025, references to 2024 refer to the year ended December 31, 2024, and references to 2023 refer to the year ended December 31, 2023. This section of this Annual Report on Form 10-K discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Form 10-K, and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 13, 2025. 34 Table of Contents Glossary of Terms [[GREPCENT_TABLE]] [[\"Active booker\",\"\",\"An active booker is a unique guest who has booked a stay, experience, or service in a given period.\"],[\"Active listing\",\"\",\"We consider a listing of a home or an experience to be an active listing if it is viewable on Airbnb and has been previously booked at least once on Airbnb (excluding HotelTonight).\"],[\"Available listings\",\"\",\"Available listings are accommodations, experiences, and services that are viewable on a certain date on our platform (excluding HotelTonight).\"],[\"Check-ins\",\"\",\"Check-ins represent individual stays, experiences, or services that occur during a period that have not been canceled.\"],[\"Co-hosts\",\"\",\"Co-hosts are experienced hosts who provide personalized support based on the hosts\\u2019 needs, from listing setup to managing bookings and communicating with guests.\"],[\"Guest arrivals\",\"\",\"Guest arrivals represent an individual and all co-travelers included on a reservation for a stay for completed check-ins during a given period.\"],[\"Hosts\",\"\",\"We count the number of hosts on our platform based on the number of users with available listings as of a certain date.\"],[\"Payments to customers\",\"\",\"We make payments to customers as part of our referral programs and marketing promotions, and refund activities. The payments are generally in the form of coupon credits to be applied toward future bookings or as cash refunds.\"]] [[/GREPCENT_TABLE]] Overview Airbnb was founded in 2007 when two hosts welcomed three guests to their San Francisco home, and has since grown into a global community of over 5 million hosts who have welcomed over 2.5 billion guest arrivals in almost every country and region across the globe. Every day, hosts offer unique stays, experiences, and services that enable guests to connect with communities in a more authentic way. We operate a global marketplace connecting guests with stays, experiences, and services, collectively in over 220 countries and regions. Our offerings have expanded to include services and redesigned experiences, which launched in May 2025. We operate with five key stakeholders in mind: our employees, shareholders, hosts, guests, and the communities we serve. Our commitment to making long-term decisions that benefit all these stakeholders is fundamental to our sustained success. 2025 Financial Highlights In 2025, revenue increased by 10% to $12.2 billion compared to the prior year, primarily due to Item 1. Business Overview Airbnb was founded in 2007 when two hosts welcomed three guests to their San Francisco home, and has since grown into a global community of over 5 million hosts who have welcomed over 2.5 billion guest arrivals in almost every country and region across the globe. Every day, hosts offer unique stays, experiences, and services that enable guests to connect with communities in a more authentic way. We operate a global marketplace connecting guests with stays, experiences, and services, collectively in over 220 countries and regions. Our offerings have expanded to include services and redesigned experiences, which launched in May 2025. We operate with five key stakeholders in mind: our employees, shareholders, hosts, guests, and the communities we serve. Our commitment to making long-term decisions that benefit all these stakeholders is fundamental to our sustained success. Our Long-Term Growth Strategy Our key strategic priorities include making our service better, bringing Airbnb to more parts of the world, and expanding what we offer. Over the past several years, we have introduced hundreds of new features and upgrades to our platform spanning nearly every part of our service from pricing to quality to customer support. Additionally, we are leveraging our global markets strategy, which includes a more localized approach to product updates and marketing to raise awareness and consideration in less mature markets. We are also extending our platform beyond stays with new offerings, such as Airbnb Services and redesigned experiences, with plans to continue to expand our business beyond travel accommodations using our multi-year product roadmap to help drive long-term growth. Our Platform Our Platform for Hosts We built our platform to seamlessly onboard new hosts, especially those who previously had not considered hosting. We partner with hosts throughout the process of setting up their listings and provide them with a robust suite of to Item 1A. Risk Factors Our business, operations, and financial results are subject to various risks and uncertainties, including those described below, that could materially adversely affect our business, results of operations, financial condition, and the trading price of our Class A common stock. The following material facto", "title": "ABNB - Airbnb, Inc.", "url": "/company/ABNB/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001086222; latest 10-K filed 2026-02-20.", "text": "AKAM - AKAMAI TECHNOLOGIES INC SIC 7389 Services-Business Services, NEC; CIK 0001086222; latest 10-K filed 2026-02-20. AKAM AKAMAI TECHNOLOGIES INC 0001086222 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\"), should be read in conjunction with our consolidated financial statements and notes thereto that appear elsewhere in this annual report on Form 10-K. See \u201cRisk Factors\u201d elsewhere in this annual report on Form 10-K for a discussion of certain risks associated with our business. The following discussion contains forward-looking statements. The forward-looking statements do not include the potential impact of any mergers, acquisitions, divestitures or other events that may be announced after the date hereof. Overview We develop and provide solutions for global enterprises to build, secure and accelerate their applications and digital experiences through our massively distributed global infrastructure, which underpins our security, delivery and cloud computing solutions, and is central to our financial success. The key factors that influence our financial success are our ability to build on recurring revenue commitments across our security, delivery and cloud computing product portfolios, increase traffic on our network, continue to develop, scale and successfully bring to market our compute platform, including AIC and compute-to-edge solutions, that meet the needs of professional users and enterprises, including with respect to reliability, effectively manage the prices we charge for our solutions considering the market dynamics on our cost structure driven by hyperscalers, continuously develop new and existing products and appropriately manage our capital spending and other operational expenses. The purpose of this discussion and analysis section is to provide material information relevant to an assessment of our financial condition and results of operations from management\u2019s perspective, including to describe and explain key trends, events and other factors that impacted our reported results and that are likely to impact our future performance. Revenue We primarily derive revenue from the sale of services to customers pursuant to contracts having terms of one year or longer, which allows us to have a consistent and predictable base level of revenue. Services included in our contracts consist of security solutions, the delivery of content, applications and software over the internet, cloud computing solutions and professional services. In addition to a base level of revenue, we are also dependent on our ability to increase our product offerings and to cross-sell additional services to our new and existing customers, particularly for our security and cloud 28 Table of Contents computing solutions portfolios. Our revenue is also impacted by customer renewals and the pricing for such renewals, the rate of adoption and timing of customer offerings, variability of one-time events, usage of cloud computing services and the amount of traffic we serve on our network. Geopolitical, economic and other developments that impact our customers' businesses can also impact our ability to attract new customers or continue to cross-sell additional services to existing customers and traffic levels for customers with variable usage. Over the longer term, our ability to continually develop and expand our product portfolio, to successfully bring those products to market and to effectively manage the prices we charge for our solutions considering the market dynamics on our cost structure driven by hyperscalers, are key factors impacting our revenue growth. We have observed the following trends related to our revenue in recent years: \u2022Increased sales of our security solutions, led by application security solutions and our microsegmentation solutions, and increased sales of our cloud computing solutions, attributable to enhanced services on our compute platform, and growth in our Cloud Infrastructure Services, have made a significant contribution to rev Item 1. Business Overview Akamai's mission is to power and protect life online. Since 1998, Akamai has developed and provided solutions for global enterprises to build, secure and accelerate their applications and digital experiences. As of December 31, 2025, our massively distributed global infrastructure was comprised of core and distributed compute sites, more than 4,300 edge points-of-presence in over 130 countries and approximately 700 cities, and our underlying global network integrated with roughly 1,200 network partners. With this scale and distribution, Akamai has visibility and insight into traffic volumes, congestion, attack patterns, vulnerabilities and other activities across the internet's complex intersections of networks and systems. Leveraging these insights, Akamai offers solutions designed to protect our customers from threats and attacks, along with full-stack compute solutions to build and deliver high-performance, low-latency applications across our uniquely distributed architecture and edge network. Today, billions of people go online to work, learn, shop, bank, communicate and more. We firmly believe that the internet\u2019s role in transforming the way we exchange ideas and information and conduct business is more vital than ever, especially as those interactions are increasingly driven by AI. Our strategy is to help continue to power and protect business online by offering security, compute, delivery and AI infrastructure services with the industry-leading reliability, scale and expertise our customers need to grow their business with confidence. Our Solutions We provide solutions in three core offerings: security, cloud computing and delivery. We also provide services and support for our customers as they utilize our solutions. As AI is a major focus of corporate initiatives for enterprises across the globe, we are committed to helping our customers seize on its power and potential. We provide cloud computing infrastructure that they can Item 1A. Risk Factors The following are important factors that could cause our actual operating results to differ materially from those indicated or suggested by forward-looking statements made in this annual report on Form 10-K or presented elsewhere by management from time to time. Financial and Operational Risks Sl", "title": "AKAM - AKAMAI TECHNOLOGIES INC", "url": "/company/AKAM/" }, { "kind": "company", "summary": "SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers; CIK 0000915913; latest 10-K filed 2026-02-11.", "text": "ALB - ALBEMARLE CORP SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers; CIK 0000915913; latest 10-K filed 2026-02-11. ALB ALBEMARLE CORP 0000915913 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Forward-looking Statements Some of the information presented in this Annual Report on Form 10-K, including the documents incorporated by reference herein, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on our current expectations, which are in turn based on assumptions that we believe are reasonable based on our current knowledge of our business and operations. We have used words such as \u201cambition,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cgoal,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201cwill\u201d and variations of such words and similar expressions to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond our control. There can be no assurance that our actual results will not differ materially from the results and expectations expressed or implied in the forward-looking statements. Factors that could cause actual results to differ materially from the outlook expressed or implied in any forward-looking statement include, without limitation, information related to: \u2022the closing and timing of closing of our divestiture of the Refining Solutions business; \u2022changes in economic and business conditions; \u2022product development; \u2022changes in financial and operating performance of our major customers and industries and markets served by us; \u2022the timing of orders received from customers; \u2022the gain or loss of significant customers; \u2022fluctuations in lithium market pricing, which could impact our revenues and profitability particularly due to our increased exposure to index-referenced and variable-priced contracts for battery grade lithium sales; \u2022inflationary trends in our input costs, such as raw materials, transportation and energy, and their effects on our business and financial results; \u2022changes with respect to contract renegotiations; \u2022potential production volume shortfalls; \u2022competition from other manufacturers; 57 Albemarle Corporation and Subsidiaries \u2022changes in the demand for our products or the end-user markets in which our products are sold; \u2022limitations or prohibitions on the manufacture and sale of our products; \u2022availability of raw materials; \u2022increases in the cost of raw materials and energy, and our ability to pass through such increases to our customers; \u2022our rights to use water and our usage of water, particularly with respect to our early warning plan at our facilities in Chile; \u2022technological change and development; \u2022changes in our markets in general; \u2022fluctuations in foreign currencies; \u2022changes in laws and government regulation impacting our operations or our products; \u2022changes in trade policies and tariffs; \u2022the occurrence of regulatory actions, proceedings, claims or litigation (including with respect to the U.S. Foreign Corrupt Practices Act and foreign anti-corruption laws); \u2022the occurrence of cyber-security breaches, terrorist attacks, industrial accidents or natural disasters; \u2022the effects of climate change, including any regulatory changes to which we might be subject; \u2022hazards associated with chemicals manufacturing; \u2022the inability to maintain current levels of insurance, including product or premises liability insurance, or the denial of such coverage; \u2022political unrest affecting the global economy, including adverse effects from terrorism or hostilities; \u2022political instability affecting our manufacturing operations or joint ventures; \u2022changes in accounting standards; \u2022the inability to achieve results from our global manufacturing cost reduction initiatives as well as our ongoing continuous improvement and rationalization programs; \u2022risks related to any divestiture or discontinuations of Item 1. Business. Albemarle Corporation was incorporated in Virginia in 1993. Our principal executive offices are located at 4250 Congress Street, Suite 900, Charlotte, North Carolina 28209. Unless the context otherwise indicates, the terms \u201cAlbemarle,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or \u201cthe Company\u201d mean Albemarle Corporation and its consolidated subsidiaries. Albemarle is a world leader in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. Our purpose is to enable a more resilient world. We partner to pioneer new ways to move, power, connect, and protect. The end markets we serve include grid storage, automotive, aerospace, conventional energy, electronics, construction, agriculture and food, pharmaceuticals and medical devices. We believe that our world-class resources with reliable and consistent supply, our leading process chemistry, high-impact innovation, customer centricity and focus on people and planet will enable us to maintain a leading position in the industries in which we operate. We and our joint ventures currently operate more than 25 production and research and development (\u201cR&D\u201d) facilities, as well as a number of administrative and sales offices, around the world. As of December 31, 2025, we served approximately 1,900 customers in approximately 70 countries. For information regarding our unconsolidated joint ventures, see Note 8, \u201cInvestments,\u201d to our consolidated financial statements included in Part II, Item 8 of this report. Business Segments During 2025, we managed and reported our operations under three reportable segments: Energy Storage, Specialties and Ketjen. The segments are organized based on their similar markets, customers, economic characteristics and production processes. Financial results and discussion about our segments included in this report are organized according to these categories except where noted. On October 25, 2025, the Company signed a definitive agreement to divest th Item 1A. Risk Factors. Risk Factor Summary The following is a summary of some of the principal risks that could adversely affect our business, financial condition or results of operations. This summary should be read together with the more detailed description of each risk contained below. Risks Related to Our Busines", "title": "ALB - ALBEMARLE CORP", "url": "/company/ALB/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001035443; latest 10-K filed 2026-01-26.", "text": "ARE - ALEXANDRIA REAL ESTATE EQUITIES, INC. SIC 6798 Real Estate Investment Trusts; CIK 0001035443; latest 10-K filed 2026-01-26. ARE ALEXANDRIA REAL ESTATE EQUITIES, INC. 0001035443 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our consolidated financial statements and notes thereto under \u201cItem 15. Exhibits and financial statement schedules\u201d in this annual report on Form 10-K. Forward-looking statements involve inherent risks and uncertainties regarding events, conditions, and financial trends that may affect our future plans of operations, business strategy, results of operations, and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to, those described within this \u201cItem 7. Management\u2019s discussion and analysis of financial condition and results of operations\u201d in this annual report on Form 10-K. We do not undertake any responsibility to update any of these factors or to announce publicly any revisions to any of the forward-looking statements contained in this or any other document, whether as a result of new information, future events, or otherwise. As used in this annual report on Form 10-K, references to the \u201cCompany,\u201d \u201cAlexandria,\u201d \u201cARE,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to Alexandria Real Estate Equities, Inc. and its consolidated subsidiaries. 86 Executive summary Operating results [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"2024\"],[\"Net (loss) income attributable to Alexandria\\u2019s common stockholders \\u2013 diluted:\"],[\"In millions\",\"\",\"$(1,438.0)\",\"\",\"$309.6\"],[\"Per share\",\"\",\"$(8.44)\",\"\",\"$1.80\"],[\"Funds from operations attributable to Alexandria\\u2019s common stockholders \\u2013 diluted, as adjusted:\"],[\"In millions\",\"\",\"$1,534.7\",\"\",\"$1,629.1\"],[\"Per share\",\"\",\"$9.01\",\"\",\"$9.47\"]] [[/GREPCENT_TABLE]] For additional information, refer to \u201cFunds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.\u2019s common stockholders\u201d under \u201cDefinitions and reconciliations\u201d and to the tabular presentation of these items in \u201cResults of operations\u201d in Item 7 in this annual report on Form 10-K. A best-in-class REIT with a high-quality, diverse tenant base, strong margins, and long lease terms [[GREPCENT_TABLE]] [[\"(As of December 31, 2025, unless stated otherwise)\"],[\"Occupancy of operating properties in North America\",\"\",\"\",\"90.9%\"],[\"Percentage of total annual rental revenue in effect from Megacampus platform\",\"\",\"\",\"78%\"],[\"Percentage of total annual rental revenue in effect from investment-grade or publicly traded large cap tenants\",\"\",\"\",\"53%\"],[\"Adjusted EBITDA margin for the three months ended December 31, 2025\",\"\",\"\",\"70%\"],[\"Percentage of leases containing annual rent escalations\",\"\",\"\",\"97%\"],[\"Weighted-average remaining lease term:\"],[\"Top 20 tenants\",\"\",\"\",\"9.7\",\"years\"],[\"All tenants\",\"\",\"\",\"7.5\",\"years\"],[\"Strong tenant collections for the three months ended December 31, 2025:\"],[\"Tenant rents and receivables for the three months ended December 31, 2025 collected as of the date of this report\",\"\",\"\",\"99.9%\"]] [[/GREPCENT_TABLE]] Solid leasing volume \u2022Leasing volume aggregating 4.2 million RSF for the year ended December 31, 2025. \u2022Leasing of previously vacant space aggregating 393,376 RSF, up 98%, over the quarterly average over the last five quarters. \u2022Rental rates on lease renewals and re-leasing of space increased by 7.0% and 3.5% (cash basis) for the year ended December 31, 2025. \u202282% of our leasing activity in 2025 was generated from our existing tenant base. [[GREPCENT_TABLE]] [[\"\",\"\",\"2025\"],[\"Lease renewals and re-leasing of space:\"],[\"Rental rate changes\",\"\",\"7.0%\"],[\"Rental rate changes (cash basis)\",\"\",\"3.5%\"],[\"RSF\",\"\",\"2,543,473\"],[\"Leasing of previously vacant space \\u2013 RSF\",\"\",\"944,362\"],[\"Leasing of development and redevelopment space \\u2013 RSF\",\"\",\"704,821\"],[\"Total leasing activity \\u2013 RSF\",\"\",\"4,192,656\"]] [[/G ITEM 1. BUSINESS Overview We are a Maryland corporation formed in October 1994 that has elected to be taxed as a REIT for federal income tax purposes. Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500\u00ae company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus\u2122 ecosystems in AAA life science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of December 31, 2025, Alexandria has a total market capitalization of $20.75 billion and an asset base in North America that includes 35.9 million RSF of operating properties and 3.5 million RSF of Class A/A+ properties undergoing construction. We develop dynamic Megacampus ecosystems that enable and inspire the world\u2019s most brilliant minds and innovative companies to create life-changing scientific and technological innovations. We believe in the utmost professionalism, humility, and teamwork. Our tenants include multinational pharmaceutical companies; public and private biotechnology companies; life science product, service, and medical device companies; digital health, advanced technology, and agtech companies; academic and medical research institutions; U.S. government research agencies; non-profit organizations; and venture capital firms. Alexandria has a longstanding and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus environments that enhance our tenants\u2019 ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capit ITEM 1A. RISK FACTORS Overview The following risk factors may adversely affect our overall business, financial condition, results of operations, and cash flows; our ability to make distributions to our stockholders; our access to capital; or the market price of our common stock, as further described in each risk factor belo", "title": "ARE - ALEXANDRIA REAL ESTATE EQUITIES, INC.", "url": "/company/ARE/" }, { "kind": "company", "summary": "SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0001097149; latest 10-K filed 2026-02-27.", "text": "ALGN - ALIGN TECHNOLOGY INC SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0001097149; latest 10-K filed 2026-02-27. ALGN ALIGN TECHNOLOGY INC 0001097149 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. A discussion regarding our financial condition and results of operations for fiscal 2025 compared to fiscal 2024 is presented under Results of Operations of this Annual Report on Form 10-K. Discussions regarding our financial condition and results of operations for fiscal 2024 compared to 2023 have been omitted from this Annual Report on Form 10-K, but can be found in \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 28, 2025, which is available without charge on the SEC\u2019s website at www.sec.gov and on our investor relations website at investor.aligntech.com. Executive Overview of Results Our Strategic Growth Drivers We strive to help our doctor customers move their practices forward by connecting them with new patients, providing digital solutions to help increase practice efficiency and helping them deliver the best possible treatment outcomes and experiences to millions of people around the world. We strive to achieve this through our continued focus on, and execution of, our strategic growth drivers: International Expansion: Continually increasing the presence of our operations and commercial organization globally, expanding our products and service offerings and training and educating more doctors in more markets. General Practitioner dentists (\u201cGP\u201d) treatment: Making teeth straightening more relevant for GPs by enabling them to effectively scan, identify, treat, and monitor malocclusion. Patient Demand: Making the Invisalign\u00ae system the most recognized brand name in orthodontics by creating awareness and preference among consumers and motivating potential patients to start treatment. Orthodontist Utilization: Continually innovating in digital orthodontics to increase product applicability and predictability to address a range of malocclusion, especially for teens and growing patients, enabling doctors to confidently diagnose and treat more patients. Our growth strategy depends on our ability to facilitate the digital transformation of dentistry, our continuous focus on innovation, and expansion to meet and exceed evolving customer expectations as the array of products and services available to them increases. We strive to deliver on each of our strategic growth drivers through a variety of interrelated enterprise-wide efforts including: \u2022Continuing penetration and adoption of Invisalign\u00ae clear aligners, iTero Element\u2122 and Lumina\u2122 intraoral scanners and exocad\u2122 CAD/CAM solutions in international markets by investing in manufacturing operations, research and development, clinical treatment planning, sales and marketing and building our quality and regulatory capabilities in existing and emerging markets globally. Our fabrication facilities in our three key regions and treatment planning operations in targeted regional geographies brings our operations closer to our customers and enables us to serve them more quickly and respond to their needs more effectively. We have also diversified our research and development activities, which has created a longer term, more stable environment for consistent hiring, retention and innovation in a variety of high technology locations. \u2022Targeting growth opportunities with international orthodontists and GP customers, particularly with adopters of digital dentistry platforms by tailoring our sales and marketing strategies, manufacturing operations and resources around the unique needs of each customer channel. As we continue growing, we intend to opportunistically expand our research, development, manufac Item 1. Business. Our Company Align Technology, Inc. (\u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cAlign\u201d or the \u201cCompany\u201d) is a global medical device company primarily engaged in the design, manufacture and marketing of Invisalign\u00ae clear aligners for the treatment of malocclusions, or the misalignment of teeth, by orthodontists and general dental practitioners (\u201cGPs\u201d), ViveraTM retainers for retention, iTeroTM intraoral scanners and services for dentistry, and exocadTM computer-aided design and computer-aided manufacturing (\u201cCAD/CAM\u201d) software for dental laboratories and dental practitioners. Our vision and strategy is to revolutionize orthodontic and restorative dentistry through digital treatment planning and implementation using the AlignTM Digital Platform, an integrated suite of proprietary technologies and services designed to deliver a seamless, end-to-end solution for patients, consumers, orthodontists, GPs and lab partners. We strive to achieve our vision and strategy through key objectives made possible with the proprietary technologies and services of the AlignTM Digital Platform to establish: clear aligners as the principal solution for the treatment of malocclusions with the Invisalign System as the treatment solution of choice by orthodontists, GPs and patients 3 globally, our iTero intraoral scanners as the preferred scanning technology for digital dental scans and our exocad CAD/CAM software as the dental restorative solution of choice for dental labs. Our corporate headquarters are located at 410 North Scottsdale Road, Suite 1300, Tempe, Arizona 85288. Our telephone number is 602-742-2000. Our internet address is www.aligntech.com. Our Americas regional headquarters is located in Raleigh, North Carolina, U.S.A.; our European, Middle East and Africa (\u201cEMEA\u201d) regional headquarters is located in Rotkreuz, Switzerland; and our Asia Pacific (\u201cAPAC\u201d) regional headquarters is located in Singapore. We have two operating segments: (1) Clear Aligner and (2) Imaging Systems and Item 1A. Risk Factors. Our business, reputation, results of operations, financial condition, cash flows and stock price can be affected by a number of factors, whether currently known or unknown, or that we currently believe to be material. including those described below. When ", "title": "ALGN - ALIGN TECHNOLOGY INC", "url": "/company/ALGN/" }, { "kind": "company", "summary": "SIC 7381 Services-Detective, Guard & Armored Car Services; CIK 0001579241; latest 10-K filed 2026-02-17.", "text": "ALLE - Allegion plc SIC 7381 Services-Detective, Guard & Armored Car Services; CIK 0001579241; latest 10-K filed 2026-02-17. ALLE Allegion plc 0001579241 7381 Services-Detective, Guard & Armored Car Services Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause a difference include, but are not limited to, those discussed under Part I, Item 1A. Risk Factors in this Annual Report on Form 10-K. The following section is qualified in its entirety by the more detailed information, including our consolidated financial statements and the notes thereto, which appears elsewhere in this Annual Report on Form 10-K. Overview Organization We are a leading global provider of security products and solutions operating in two segments: Allegion Americas and Allegion International. We sell a wide range of security products and solutions for end-users in commercial, institutional and residential facilities worldwide, including the education, healthcare, government, hospitality, retail, commercial office and single and multi-family residential markets. Our leading brands include CISA\u00ae, Interflex\u00ae, LCN\u00ae, Schlage\u00ae, SimonsVoss\u00ae and Von Duprin\u00ae. Recent Developments Business and Industry Trends and Outlook and Global Trade and Macroeconomic Environment In 2025, we delivered high-single digit revenue growth compared to 2024, driven by favorable pricing and volume growth, as well as the impact from acquisitions made during the year. Demand for electronic security products has also remained strong and continues to be a long-term growth driver. Throughout 2025, the U.S. government announced tariffs on imports from several countries from which we manufacture and/or import products and components. In 2025, we offset inflation due to tariffs with pricing actions. We continue to analyze the impact of changes in tariffs and what, if any, steps, including pricing actions, we may take to mitigate the impact of the tariffs. We estimate we source approximately 20-25% of cost of goods sold (\"COGS\") from Mexico, less than 5% of COGS from China, and 5-10% of COGS from all other non-US countries. Additionally, this could impact future demand. The demand trends and macroeconomic conditions discussed above and a number of other challenges and uncertainties that could affect our businesses are described under Part I, Item 1A, \"Risk Factors.\" 2025 and 2024 Significant Events Acquisitions We have made several recent business acquisitions across our Allegion Americas and Allegion International segments. The acquisitions align with our strategy of expanding our mechanical and electronic product portfolios and adding complimentary software and services. This includes the acquisition of ELATEC, including Elatec GmbH and other group entities (\"ELATEC\") on July 1, 2025. ELATEC is a manufacturer of security and access technology based in Germany, and the acquisition helps expand our global electronics portfolio in attractive end markets while also increasing strategic relationships with channel partners. The aggregate consideration, inclusive of contingent consideration and net of cash acquired, for all acquisitions completed in 2025 and 2024 was approximately $631.6 million and $147.2 million, respectively. Businesses acquired in 2025 generated $93.0 million of Net revenues since the acquisition dates, which is included within our Consolidated Statements of Comprehensive Income. See Note 3 to the Consolidated Financial Statements for further information. Financing Activities On December 9, 2025, we amended and restated our unsecured revolving credit facility (the \"Revolving Facility\") which, among other things, increased the total commitment from $750.0 million to $1.0 billion, and extended the maturity from May 20, 2029 to May 20, 2030. We used borrowings under the Revolving Facility to repay our outstanding term loan, which was s Item 1. BUSINESS Overview Allegion plc (\"Allegion,\" \"we,\" \"us\" or \"the Company\") is a leading global provider of security products and solutions that keep people and assets safe and secure in the places they live, learn, work and connect. We pioneer safety and security to create a safer and more accessible world. Both developing and partnering are central to our work to create ecosystems that enable seamless access experiences and an uninterrupted and secure flow of people and assets. We offer an extensive and versatile portfolio of security and access control products and solutions across a range of market-leading brands. Our experts around the world deliver high-quality hardware, software, services and systems, and we use our deep expertise to serve as trusted partners to end-users who seek customized solutions to their security needs. We offer the following extensive and versatile portfolio of security and access control products and solutions across a range of market-leading brands: \u2022Door controls, door control systems, and exit devices: An extensive portfolio of life-safety products and solutions generally installed on fire doors and facility entrances and exits. Exit devices, also known as panic hardware, provide rapid egress to allow building occupants to exit safely in an emergency. Door controls and systems include mechanical door closers, automatic door operators, as well as high-performance interior and storefront door systems. In addition, we offer a full range of automatic entrance solutions, including sliding, swing, folding and ICU doors, as well as an array of sensors, controls and security options for commercial and institutional buildings. Sold under leading brands like Briton\u00ae, CISA\u00ae, LCN\u00ae, STANLEY\u00ae Access Technologies (\"Stanley Access Technologies\" or \"Stanley\"; \"STANLEY\" is the property of Stanley Logistics L.L.C.) and Von Duprin\u00ae; \u2022Doors, glass and door systems, and accessories: A portfolio of hollow metal doors and frames, glass and sp Item 1A. RISK FACTORS We are subject to future events, risks and uncertainties \u2013 many of which are beyond our control \u2013 that could materially and adversely affect our business, financial condition, results of operations and cash flows. You should carefully consider the risk factors discussed below, together with ", "title": "ALLE - Allegion plc", "url": "/company/ALLE/" }, { "kind": "company", "summary": "SIC 4931 Electric & Other Services Combined; CIK 0000352541; latest 10-K filed 2026-02-20.", "text": "LNT - ALLIANT ENERGY CORP SIC 4931 Electric & Other Services Combined; CIK 0000352541; latest 10-K filed 2026-02-20. LNT ALLIANT ENERGY CORP 0000352541 4931 Electric & Other Services Combined ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This MDA includes information relating to Alliant Energy, IPL and WPL (collectively, the Utilities), as well as ATC Holdings, AEF and Corporate Services. Where appropriate, information relating to a specific entity has been segregated and labeled as such. The following discussion and analysis should be read in conjunction with the Financial Statements and Notes included in this report. Unless otherwise noted, all \u201cper share\u201d references in MDA refer to earnings per diluted share. In addition, this MDA includes certain financial information for 2025 compared to 2024. Refer to MDA in the combined 2024 Form 10-K for details on certain financial information for 2024 compared to 2023. [[GREPCENT_TABLE]] [[\"\",\"28\"]] [[/GREPCENT_TABLE]] Table of Contents OVERVIEW Mission, Purpose and Strategy Alliant Energy\u2019s mission is to deliver the energy solutions and exceptional service that its customers and communities count on - affordably, safely, reliably and responsibly. This mission aligns with Alliant Energy\u2019s purpose - to serve customers and build stronger communities - which guides it through the evolving dynamics of the economy and the energy industry. Alliant Energy leads as a corporate citizen, advancing environmental stewardship and supporting the communities in its service territories. Alliant Energy\u2019s mission and purpose are supported by a strategy focused on meeting evolving customer expectations, delivering attractive returns for investors, and advancing emerging technologies and generation to enable safe, secure and future-ready energy production. This strategy includes the following key elements: Providing affordable energy solutions for customers - Alliant Energy\u2019s strategy focuses on affordable energy solutions that support retention and growth of existing customers and attract new customers to its service territories. Key Highlights - \u2022Alliant Energy\u2019s resource plan is the roadmap for building a strong and resilient energy future to meet the growing energy needs across Iowa and Wisconsin. This long-term plan expands generation capacity and includes a balanced mix of natural gas, energy storage, new renewable generation, improvements at existing natural gas-fired EGUs and refurbishments at existing wind farms. It is designed to deliver the reliable, affordable energy customers count on by efficiently increasing the capabilities of existing generation through gas and wind facility upgrades while also building larger scale natural gas facilities to capture economies of scale. Alliant Energy\u2019s industry-leading wind and solar energy resources provide zero-fuel cost generation as well as generate renewable tax credits that are provided to its electric customers. By enhancing new and existing energy sources while maximizing traditional energy sources, Alliant Energy is helping support economic growth, maintain reliability and keep customer bills affordable. At the same time, Alliant Energy is modernizing its distribution system to create a smarter, more adaptable infrastructure that increases resiliency and supports evolving energy technologies. By advancing a responsible approach to energy resources, Alliant Energy can deliver what matters most to the customers and communities it serves - affordably, safely and reliably. \u2022Higher electric capacity revenues from existing generation resources beginning in 2025 are expected to provide cost benefits to WPL\u2019s retail electric customers in the future through its fuel cost recovery mechanism. \u2022Alliant Energy, IPL and WPL have utilized, and expect to continue to utilize, various provisions of the Inflation Reduction Act of 2022 to enhance tax benefits provided to customers that are expected from wind, solar and energy storage projects in Iowa and Wisconsin, including transferring certain future tax credits from such projects to other corporate taxpayers. ITEM 1. BUSINESS A. GENERAL Alliant Energy maintains its principal executive offices in Madison, Wisconsin. Alliant Energy operates as a regulated investor-owned public utility holding company, and its purpose-driven strategy is to serve its customers and build stronger communities. Alliant Energy\u2019s primary focus is to provide regulated electric and natural gas service to approximately 1,010,000 electric and approximately 435,000 natural gas customers in the Midwest through its two public utility subsidiaries, IPL and WPL. The primary first tier wholly-owned subsidiaries of Alliant Energy are as follows: 1) IPL - is a public utility engaged principally in the generation and distribution of electricity and the distribution and transportation of natural gas to retail customers in select markets in Iowa. IPL provides utility services to incorporated communities as directed by the IUC and utilizes non-exclusive franchises, which cover the use of public right-of-ways for utility facilities in incorporated communities for a maximum term of 25 years. At December 31, 2025, IPL supplied electric and natural gas service to approximately 505,000 and 230,000 retail customers, respectively, in Iowa. IPL also sells electricity to wholesale customers in Illinois and Iowa and was engaged in the generation and distribution of steam for two customers in Cedar Rapids, Iowa, which were each under contract through 2025 for taking minimum quantities of annual steam usage, with certain conditions. Subsequent to December 31, 2025, IPL exited the steam business. 2) WPL - is a public utility engaged principally in the generation and distribution of electricity and the distribution and transportation of natural gas to retail customers in select markets in Wisconsin. WPL operates in municipalities pursuant to permits of indefinite duration and state statutes authorizing utility operation in areas annexed by a municipality. At December 31, 2025, WPL supplied electric and natural gas service ITEM 1A. RISK FACTORS You should carefully consider each of the risks described below relating to Alliant Energy, IPL and WPL, together with all of the other information contained in this combined report, before making an investment decision with respect to our securities. If any of the following risks develop into actual events, our business, financia", "title": "LNT - ALLIANT ENERGY CORP", "url": "/company/LNT/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000899051; latest 10-K filed 2026-02-20.", "text": "ALL - ALLSTATE CORP SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000899051; latest 10-K filed 2026-02-20. ALL ALLSTATE CORP 0000899051 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [[\"\",\"\",\"Page\"],[\"2025 Highlights\",\"\",\"35\"],[\"Property-Liability Operations\",\"\",\"37\"],[\"Allstate Protection\",\"\",\"39\"],[\"Run-off Property-Liability\",\"\",\"46\"],[\"Protection Services\",\"\",\"49\"],[\"Reserve for Property and Casualty Insurance Claims and Claims Expense\",\"\",\"50\"],[\"Investments\",\"\",\"57\"],[\"Market Risk\",\"\",\"66\"],[\"Capital Resources and Liquidity\",\"\",\"68\"],[\"Enterprise Risk and Return Management\",\"\",\"73\"],[\"Application of Critical Accounting Estimates\",\"\",\"76\"],[\"Regulation and Legal Proceedings\",\"\",\"85\"],[\"Pending Accounting Standards\",\"\",\"85\"]] [[/GREPCENT_TABLE]] 34 www.allstate.com 2025 Form 10-K 2025 Highlights Overview The following discussion highlights significant factors influencing the consolidated financial position and results of operations of The Allstate Corporation (referred to in this document as \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d the \u201cCompany\u201d or \u201cAllstate\u201d). It should be read in conjunction with the consolidated financial statements and related notes found under Item 8. contained herein. A discussion of strategy, including updates to the multi-year Transformative Growth initiative, can be found in Part 1, Item 1. Business. This section of this Form 10-K generally discusses 2025 and 2024 results and year-to-year comparisons between 2025 and 2024. Discussions of 2023 results and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) in Part II, Item 7. of our annual report on Form 10-K for 2024, filed February 24, 2025. Further analysis of our insurance segments Allstate Protection and Run-off Property-Liability, together Property-Liability Operations, and Protection Services, is provided in MD&A. The segments are consistent with the way in which the chief operating decision maker reviews financial performance and makes decisions about the allocation of resources. The dispositions of the employer voluntary benefits (\u201cEVB\u201d) and group health businesses did not qualify for discontinued operations. The Allstate Health and Benefits segment is no longer a reportable segment, with results of this segment recast to reflect only the results of the EVB and group health businesses. The retained individual health business, previously included in the Allstate Health and Benefits segment, is a non-reportable segment with results included in all other for all periods presented. The most important factors we monitor to evaluate the financial condition and performance for the Company include: \u2022Allstate Protection: premium, policies in force (\u201cPIF\u201d), new business sales, price changes, claim frequency and severity, catastrophes, loss ratio, expenses, underwriting results and combined ratio \u2022Protection Services: revenues, premium written, PIF and adjusted net income \u2022Investments: exposure to market risk, asset allocation, credit quality, total return, net investment income, cash flows, net gains and losses on investments and derivatives, unrealized capital gains and losses, long-term returns and fixed income portfolio duration \u2022Financial condition: liquidity, parent holding company deployable assets, financial strength ratings, operating leverage, debt levels, book value per share and return on equity Measuring segment profit or loss The measure of segment profit or loss used in evaluating performance is underwriting income for the Allstate Protection and Run-off Property-Liability segments and adjusted net income for the Protection Services and Corporate segments. We use these measures in our evaluation of results of operations to analyze profitability. Underwriting income (loss) is calculated as premiums earned and other revenue, less claims and claims expense (\u201closses\u201d), amortization of deferred policy acquisition costs (\u201cDAC\u201d), operating costs and expenses, amortization or impairment of purchased intangibles, and rest Item 1A. Risk Factors Summary Risks are grouped into three categories: (1) insurance and financial services, (2) business, strategy and operations and (3) macro, regulatory and risk environment. Many risks may affect more than one category and are included where the impact is most significant. If some of these risk factors occur, they may cause the emergence of or exacerbate the impact of other risk factors, which could materially increase the severity of the impact of these risks on the business, results of operations, financial condition or liquidity. The table below includes examples of risks from each category. [[GREPCENT_TABLE]] [[\"\",\"Insurance and financial services\",\"\",\"\",\"Business, strategy and operations\",\"\",\"\",\"Macro, regulatory and risk environment\"],[\"Risks related to the insurance and financial services industries\",\"\",\"Risks related to Allstate\\u2019s business and operating model\",\"\",\"Risks that impact most companies\"],[\"\\u2022 Complexity and uncertainty of loss cost estimates and reserves\\u2022 Claim frequency and severity volatility\\u2022 Catastrophes and severe weather\\u2022Ability to obtain approval for rate increases or new products\\u2022 Investment results are subject to market volatility and valuation judgments\",\"\",\"\\u2022 Highly competitive industry \\u2022 Changing consumer preferences\\u2022 New or changing technologies\\u2022Ineffective Transformative Growth strategy\\u2022 Ability to maintain catastrophe reinsurance programs and limits\\u2022 Fluctuations in financial strength and ratings\\u2022 Loss of key business relationships\\u2022 Cybersecurity and privacy events\\u2022 Ability to attract, develop and retain talent\",\"\",\"\\u2022 Adverse changes in economic and capital market conditions\\u2022 Large-scale disruptive or destabilizing events\\u2022 Changing climate conditions\\u2022 Evolving environmental and social expectations of stakeholders\\u2022 Regulatory and political changes\"]] [[/GREPCENT_TABLE]] The Allstate Corporation Board of Director", "title": "ALL - ALLSTATE CORP", "url": "/company/ALL/" }, { "kind": "company", "summary": "SIC 2111 Cigarettes; CIK 0000764180; latest 10-K filed 2026-02-25.", "text": "MO - ALTRIA GROUP, INC. SIC 2111 Cigarettes; CIK 0000764180; latest 10-K filed 2026-02-25. MO ALTRIA GROUP, INC. 0000764180 2111 Cigarettes Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) should be read in conjunction with the other sections of this Form 10-K, including our consolidated financial statements and related notes contained in Item 8, and the discussion of risk factors that may affect future results in Item 1A. All references to \u201cNotes\u201d in this MD&A are to Notes to our consolidated financial statements in Item 8. Additionally, refer to Item 7. MD&A in our 2024 Annual Report on Form 10-K for management\u2019s discussion and analysis of financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, which we filed with the SEC on February 26, 2025 and is incorporated by reference into this Form 10-K. In this MD&A section, we refer to the following \u201cadjusted\u201d financial measures: adjusted operating companies income (loss) (\u201cOCI\u201d); adjusted OCI margins; adjusted net earnings; adjusted diluted earnings per share (\u201cEPS\u201d); and adjusted effective tax rates. We also refer to the ratio of debt-to-Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization, as defined in our credit agreement, which includes certain adjustments). These financial measures are not required by, or calculated in accordance with, GAAP and may not be calculated the same as similarly titled measures used by other companies. These financial measures should thus be considered as supplemental in nature and not considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. For a further description of these non-GAAP financial measures, see the Non-GAAP Financial Measures section below. Executive Summary Our Business We have a leading portfolio of tobacco products for U.S. tobacco consumers age 21+. We are Moving Beyond SmokingTM, by responsibly transitioning adult smokers to a smoke-free future, competing vigorously for existing smoke-free adult nicotine consumers and exploring new growth opportunities - beyond the United States and beyond nicotine. Our wholly owned subsidiaries include leading manufacturers of both combustible and smoke-free products. In combustibles, we own PM USA, the most profitable U.S. cigarette manufacturer, and Middleton, a leading U.S. cigar manufacturer. In smoke-free products, we own USSTC, the leading global MST manufacturer, Helix, a leading manufacturer of oral nicotine pouches, and NJOY, an e-vapor manufacturer with products covered by MGOs from the FDA. Additionally, we have a majority-owned joint venture, Horizon, for the U.S. marketing and commercialization of HTS products. The brand portfolios of our operating companies include Marlboro, Black & Mild, Copenhagen, Skoal, on! and NJOY. Trademarks related to Altria referenced in this Form 10-K are the property of Altria or our subsidiaries or are used with permission. Our investments in equity securities include ABI, the world\u2019s largest brewer, and Cronos, a leading Canadian cannabinoid company. For a description of Altria, see Item 1. Business of this Form 10-K (\u201cItem 1\u201d). 20 Table of Contents Vision and 2028 Goals As we execute on our Vision, we established our 2028 Enterprise Goals (\u201c2028 Goals\u201d) to provide our investors with specific metrics to measure our progress. Our 2028 Goals are: \u25aaCorporate \u25aaDeliver a mid-single digits adjusted diluted EPS compounded annual growth rate (\u201cCAGR\u201d) in 2028 from a $4.87 base in 2022, which has been recast as described in Non-GAAP Financial Measures below (for our progress through 2025, see Consolidated Results of Operations); \u25aaA progressive dividend goal targeting mid-single digits dividend per share growth annually through 2028; \u25aaTarget a debt-to-Consolidated EBITDA ratio of approximately 2.0x (see Liquidity and Capital Resources); \u25aaMaintain our leadership position i Item 1. Business. General Development of Business When used in this Annual Report on Form 10-K (\u201cForm 10-K\u201d), the terms \u201cAltria,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to either (i) Altria Group, Inc. and its consolidated subsidiaries or (ii) Altria Group, Inc. only and not its consolidated subsidiaries, as appropriate in the context. We have a leading portfolio of tobacco products for U.S. tobacco consumers age 21+. We are Moving Beyond SmokingTM, by responsibly transitioning adult smokers to a smoke-free future, competing vigorously for existing smoke-free adult nicotine consumers and exploring new growth opportunities - beyond the United States and beyond nicotine (\u201cVision\u201d). Our wholly owned subsidiaries include Philip Morris USA Inc. (\u201cPM USA\u201d), which is engaged in the manufacture and sale of cigarettes; John Middleton Co. (\u201cMiddleton\u201d), which is engaged in the manufacture and sale of machine-made large cigars and is a wholly owned subsidiary of PM USA; UST LLC (\u201cUST\u201d), which, through its wholly owned subsidiary U.S. Smokeless Tobacco Company LLC (\u201cUSSTC\u201d), is engaged in the manufacture and sale of moist smokeless tobacco (\u201cMST\u201d) products; Helix Innovations LLC (\u201cHelix\u201d) and its foreign affiliates (\u201cHelix International\u201d), which are engaged in the manufacture and sale of oral nicotine pouches; and NJOY, LLC (\u201cNJOY\u201d), which is engaged in the manufacture and sale of e-vapor products. We operate primarily within the United States and generate substantially all of our revenue from domestic customers. Other wholly owned subsidiaries include Altria Group Distribution Company (\u201cAGDC\u201d), which provides domestic sales and distribution services to our operating companies, and Altria Client Services LLC (\u201cALCS\u201d), which provides various support services to our companies in areas such as legal, regulatory, research and product development, consumer engagement, finance, human resources and external affairs. At December 31, 2025, we owned a 75% economic interest in Horizon Innovation Item 1A. Risk Factors. Our business is subject to various risks and uncertainties that are difficult to predict, may materially affect actual results and are often outside of our control. We identify a number of these risks and uncertainties below. You should read the following risk factors carefully in connection with evaluating our business and the forward-looking statements co", "title": "MO - ALTRIA GROUP, INC.", "url": "/company/MO/" }, { "kind": "company", "summary": "SIC 3990 Miscellaneous Manufacturing Industries; CIK 0001748790; latest 10-K filed 2025-08-15.", "text": "AMCR - Amcor plc SIC 3990 Miscellaneous Manufacturing Industries; CIK 0001748790; latest 10-K filed 2025-08-15. AMCR Amcor plc 0001748790 3990 Miscellaneous Manufacturing Industries Item 7. - Management's Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s Discussion and Analysis should be read in conjunction with the Consolidated Financial Statements and related Notes included in Item 8 of this Annual Report on Form 10-K. The following is a discussion and analysis of changes in the results of operations for fiscal year 2025 compared to fiscal year 2024. A discussion and analysis regarding our results of operations for fiscal year 2024, compared to fiscal year 2023 that are not included in this Annual Report on Form 10-K can be found in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the SEC on August 16, 2024 and incorporated by reference. Two Year Review of Results [[GREPCENT_TABLE]] [[\"(in millions)\",\"\",\"2025\",\"\",\"2024\"],[\"Net sales\",\"\",\"$\",\"15,009\",\"\",\"\",\"100.0\",\"%\",\"\",\"$\",\"13,640\",\"\",\"\",\"100.0\",\"%\"],[\"Cost of sales\",\"\",\"(12,175)\",\"\",\"\",\"(81.1)\",\"%\",\"\",\"(10,928)\",\"\",\"\",\"(80.1)\",\"%\"],[\"Gross profit\",\"\",\"2,834\",\"\",\"\",\"18.9\",\"%\",\"\",\"2,712\",\"\",\"\",\"19.9\",\"%\"],[\"Operating expenses:\"],[\"Selling, general, and administrative expenses\",\"\",\"(1,205)\",\"\",\"\",\"(8.0)\",\"%\",\"\",\"(1,093)\",\"\",\"\",\"(8.0)\",\"%\"],[\"Amortization of acquired intangible assets\",\"\",\"(246)\",\"\",\"\",\"(1.6)\",\"%\",\"\",\"(167)\",\"\",\"\",\"(1.2)\",\"%\"],[\"Research and development expenses\",\"\",\"(120)\",\"\",\"\",\"(0.8)\",\"%\",\"\",\"(106)\",\"\",\"\",\"(0.8)\",\"%\"],[\"Restructuring, transaction and integration expenses, net\",\"\",\"(307)\",\"\",\"\",\"(2.0)\",\"%\",\"\",\"(97)\",\"\",\"\",\"(0.7)\",\"%\"],[\"Other income/(expenses), net\",\"\",\"53\",\"\",\"\",\"0.4\",\"%\",\"\",\"(35)\",\"\",\"\",\"(0.3)\",\"%\"],[\"Operating income\",\"\",\"1,009\",\"\",\"\",\"6.7\",\"%\",\"\",\"1,214\",\"\",\"\",\"8.9\",\"%\"],[\"Interest income\",\"\",\"49\",\"\",\"\",\"0.3\",\"%\",\"\",\"38\",\"\",\"\",\"0.3\",\"%\"],[\"Interest expense\",\"\",\"(396)\",\"\",\"\",\"(2.6)\",\"%\",\"\",\"(348)\",\"\",\"\",\"(2.6)\",\"%\"],[\"Other non-operating income/(expenses), net\",\"\",\"(12)\",\"\",\"\",\"(0.1)\",\"%\",\"\",\"3\",\"\",\"\",\"\\u2014\",\"%\"],[\"Income before income taxes and equity in income/(loss) of affiliated companies\",\"\",\"650\",\"\",\"\",\"4.3\",\"%\",\"\",\"907\",\"\",\"\",\"6.6\",\"%\"],[\"Income tax expense\",\"\",\"(135)\",\"\",\"\",\"(0.9)\",\"%\",\"\",\"(163)\",\"\",\"\",\"(1.2)\",\"%\"],[\"Equity in income/(loss) of affiliated companies, net of tax\",\"\",\"3\",\"\",\"\",\"\\u2014\",\"%\",\"\",\"(4)\",\"\",\"\",\"\\u2014\",\"%\"],[\"Net income\",\"\",\"$\",\"518\",\"\",\"\",\"3.5\",\"%\",\"\",\"$\",\"740\",\"\",\"\",\"5.4\",\"%\"],[\"Net income attributable to non-controlling interests\",\"\",\"(7)\",\"\",\"\",\"\\u2014\",\"%\",\"\",\"(10)\",\"\",\"\",\"(0.1)\",\"%\"],[\"Net income attributable to Amcor plc\",\"\",\"$\",\"511\",\"\",\"\",\"3.4\",\"%\",\"\",\"$\",\"730\",\"\",\"\",\"5.4\",\"%\"]] [[/GREPCENT_TABLE]] 31 Overview Amcor is the global leader in developing and producing responsible consumer packaging and dispensing solutions across a variety of materials for nutrition, health, beauty and wellness categories. Our global product innovation and sustainability expertise enables us to solve packaging challenges around the world every day, producing a range of flexible packaging, rigid packaging, cartons and closures that are more sustainable, functional and appealing for our customers and their consumers. We are guided by our purpose of elevating customers, shaping lives and protecting the future. Supported by a commitment to safety, in fiscal year 2025, 77,000 Amcor people generated $15.0 billion in annual sales from operations that span over 400 locations in more than 40 countries. Significant Developments Affecting the Periods Presented Merger with Berry Global Group, Inc. On November 19, 2024, the Company, Aurora Spirit, Inc., a Delaware corporation and wholly-owned subsidiary of the Company (\u201cMerger Sub\u201d), and Berry Global Group, Inc., a Delaware corporation (\u201cBerry\u201d), entered into an Agreement and Plan of Merger (the \u201cMerger Agreement\u201d). The Merger Agreement provides for the merger of Merger Sub with and into Berry (the \u201cMerger\u201d), with Berry surviving the Merger as a wholly-owned subsidiary of Amcor. On April 30, 2025, we completed the transactions called for by the Merg", "title": "AMCR - Amcor plc", "url": "/company/AMCR/" }, { "kind": "company", "summary": "SIC 4931 Electric & Other Services Combined; CIK 0001002910; latest 10-K filed 2026-02-18.", "text": "AEE - AMEREN CORP SIC 4931 Electric & Other Services Combined; CIK 0001002910; latest 10-K filed 2026-02-18. AEE AMEREN CORP 0001002910 4931 Electric & Other Services Combined ITEM 1. BUSINESS GENERAL Ameren, formed in 1997 and headquartered in St. Louis, Missouri, is a public utility holding company whose primary assets are its equity interests in its subsidiaries. Ameren\u2019s subsidiaries are separate, independent legal entities with separate businesses, assets, and liabilities. Dividends on Ameren\u2019s common stock and the payment of expenses by Ameren depend on distributions made to it by its subsidiaries. Below is a summary description of Ameren\u2019s principal subsidiaries \u2013 Ameren Missouri, Ameren Illinois, and ATXI. Ameren also has other subsidiaries that conduct other activities, such as providing shared services. A more detailed description can be found in Note 1 \u2013 Summary of Significant Accounting Policies under Part II, Item 8, of this report. \u2022Ameren Missouri operates a rate-regulated electric generation, transmission, and distribution business and a rate-regulated natural gas distribution business in Missouri. \u2022Ameren Illinois operates rate-regulated electric transmission, electric distribution, and natural gas distribution businesses in Illinois. \u2022ATXI operates a FERC rate-regulated electric transmission business in the MISO. For additional information about the development of our businesses, our business operations, and factors affecting our results of operations, financial position, and liquidity, see Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations under Part II, Item 7, and Note 1 \u2013 Summary of Significant Accounting Policies and Note 2 \u2013 Rate and Regulatory Matters under Part II, Item 8, of this report. BUSINESS SEGMENTS Ameren has four segments: Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Transmission. The Ameren Missouri segment includes all of the operations of Ameren Missouri. Ameren Illinois Electric Distribution consists of the electric distribution business of Ameren Illinois. Ameren Illinois Natural Gas consists of the natura ITEM 1A.RISK FACTORS Investors should review carefully the following material risk factors and the other information contained in this report. The risks that the Ameren Companies face are not limited to those in this section. There may be further risks and uncertainties that are not presently known or that are not currently believed to be material that may adversely affect the results of operations, financial position, and liquidity of the Ameren Companies. REGULATORY AND LEGISLATIVE RISKS We are subject to extensive regulation of our businesses. We are subject to federal, state, and local regulation. The extensive regulatory frameworks, some of which are more specifically identified in the following risk factors, regulate, among other matters, the electric and natural gas utility industries; the rate and cost structure of utilities, including an allowed ROE; the operation of nuclear power plants; the construction and operation of generation, transmission, and distribution facilities; the acquisition, disposal, depreciation and amortization of assets and facilities; the electric transmission system reliability; and wholesale and retail competition. In the planning and management of our operations, we must address the effects of existing and proposed laws and regulations and potential changes in our regulatory frameworks, including new interpretations of existing regulations, as well as executive orders, initiatives by federal and state legislatures, RTOs, utility regulators, and taxing authorities, and actions by local jurisdictions that may affect the constructing or siting of facilities. Significant changes in the nature of the regulation of our businesses, including expiration or discontinuation of, or significant changes to, existing regulatory mechanisms, and the presidential administration\u2019s approach to environmental and energy policy and resultant changes in regulatory enforcement priorities, and/or evolving interpretations of existing regulatory requirem", "title": "AEE - AMEREN CORP", "url": "/company/AEE/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0000004904; latest 10-K filed 2026-02-12.", "text": "AEP - AMERICAN ELECTRIC POWER CO INC SIC 4911 Electric Services; CIK 0000004904; latest 10-K filed 2026-02-12. AEP AMERICAN ELECTRIC POWER CO INC 0000004904 4911 Electric Services RESULTS OF OPERATIONS EXECUTIVE OVERVIEW Company Overview AEP is one of the largest investor-owned electric public utility holding companies in the United States. AEP\u2019s electric utility operating companies provide generation, transmission and distribution services to more than five million retail customers in Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia. AEP\u2019s subsidiaries operate an extensive portfolio of assets including: \u2022Approximately 252,000 circuit miles of distribution lines. \u2022Approximately 38,000 circuit miles of transmission lines, including approximately 2,000 circuit miles of 765 kV lines. \u2022Approximately 25,000 MWs of regulated owned generating capacity as of December 31, 2025. AEP is committed to executing its strategy to improve customers\u2019 lives with reliable, affordable power. AEP\u2019s mission is to put the customer first and is focused on six core principles: \u2022Customer Service - Industry-best customer experience. \u2022Employee Commitment - Safe and secure workplace; engaged, trained and developed employees. \u2022Environmental Respect - Creative sustainable energy solutions. \u2022Regulatory & Legislative Integrity - Balanced regulatory outcomes; Trusted industry leadership. \u2022Operational Excellence - World-class asset performance. \u2022Financial Strength - Strong financial discipline. 42 AEP CONSOLIDATED RESULTS OF OPERATIONS 2025 Compared to 2024 Earnings Attributable to AEP Common Shareholders increased from $3.0 billion in 2024 to $3.6 billion in 2025 primarily due to: \u2022Investment in transmission assets, which resulted in higher revenues and income. \u2022The favorable impact from the receipt of the June 2025 FERC order related to the treatment of NOLCs in transmission formula rates. \u2022A revenue refund provision recorded in 2024 associated with the Turk Plant and SWEPCo\u2019s 2012 Texas Base Rate Case. \u2022A decrease in operating expense due to the Federal EPA\u2019s revised CCR rule which resulted in higher operating expenses in 2024. \u2022A decrease in operating expenses due to the voluntary severance program that occurred in the second quarter of 2024. \u2022An increase in sales volumes driven by favorable weather. \u2022Favorable rate proceedings in AEP\u2019s various jurisdictions. These increases were partially offset by: \u2022The favorable impact from the receipt of PLRs in 2024 related to the treatment of NOLCs in retail ratemaking. See \u201cNOLCs in Retail Jurisdictions - IRS PLRs\u201d section below for additional information. \u2022An increase in operating expenses recorded in 2025 due to an impairment of in-process internal use software development costs. See \u201cResults of Operations\u201d section for additional information by operating segment. 43 Non-GAAP Financial Measures AEP reports its financial results in accordance with GAAP by using earnings (loss) attributable to AEP common shareholders as stated above. AEP supplements the reporting of financial information determined in accordance with GAAP with certain non-GAAP financial measures including operating earnings. Operating earnings, which could differ from GAAP earnings, exclude certain gains and losses and other specified items, including mark-to-market adjustments from commodity hedging activities and other items as set forth in the reconciliation below. Management believes these items are not indicative of AEP's ongoing performance. This information is intended to enhance an investor\u2019s overall understanding of period over period financial results and provide an indication of AEP\u2019s baseline operating performance by excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this information is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting of future periods. These non-GAAP financial measures are not a presentation defined un ITEM 1. BUSINESS GENERAL Overview and Description of Major Subsidiaries AEP was incorporated under the laws of the State of New York in 1906 and reorganized in 1925. It is a public utility holding company that directly owns all of the outstanding common stock of the public utility subsidiaries identified below. The service areas of AEP\u2019s public utility subsidiaries cover portions of the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia. Transmission networks are interconnected with extensive distribution facilities in the territories served. The public utility subsidiaries of AEP have traditionally provided electric service, consisting of generation, transmission and distribution, on an integrated basis to their retail customers. Restructuring laws in Michigan, Ohio and the ERCOT area of Texas have caused AEP public utility subsidiaries in those states to unbundle previously integrated regulated rates for their retail customers. The member companies of AEP have contractual, financial and other business relationships with the other member companies, such as participation in AEP savings and retirement plans and tax returns, sales of electricity and transportation and handling of fuel. The member companies of AEP also obtain certain accounting, administrative, information systems, engineering, financial, legal, maintenance and other services at cost from a common provider, AEPSC. As of December 31, 2025, the subsidiaries of AEP had a total of 17,581 employees. As a holding company rather than an operating company, AEP has no employees. Summary information related to AEP subsidiary operating companies as of December 31, 2025 is shown in the table below: [[GREPCENT_TABLE]] [[\"\",\"\",\"AEP Texas\",\"\",\"AEPTCo\",\"\",\"APCo\",\"\",\"I&M\",\"\",\"KGPCo (a)\",\"\",\"KPCo\",\"\",\"OPCo (b)\",\"\",\"PSO\",\"\",\"SWEPCo\",\"\",\"WPCo\"],[\"State of Incorporation\",\"\",\"Delaware, 1925\",\"\",\"Delaware, 2006\",\"\",\"Virginia, 1926\",\"\",\"Indiana, 1 ITEM 1A. RISK FACTORS GENERAL RISKS OF REGULATED OPERATIONS AEP may not be able to recover the costs of substantial planned investment in capital improvements and additions. (Applies to all Registrants) AEP\u2019s business and capital investment plans call for extensive investment in capital improvements and additions, including the construction or acquisition of a", "title": "AEP - AMERICAN ELECTRIC POWER CO INC", "url": "/company/AEP/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0000004962; latest 10-K filed 2026-02-06.", "text": "AXP - AMERICAN EXPRESS CO SIC 6199 Finance Services; CIK 0000004962; latest 10-K filed 2026-02-06. AXP AMERICAN EXPRESS CO 0000004962 6199 Finance Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A) EXECUTIVE OVERVIEW BUSINESS INTRODUCTION We are a global payments and premium lifestyle brand powered by technology with four reportable operating segments: U.S. Consumer Services (USCS), Commercial Services (CS), International Card Services (ICS) and Global Merchant and Network Services (GMNS). Corporate functions and certain other businesses and operations are included in Corporate & Other. Our range of products and services includes: \u2022Credit and charge cards and complementary products and services, including travel, dining, lifestyle and expense management products and services \u2022Banking and other payment and financing products and services, including deposits and non-card lending \u2022Merchant acquisition and processing, servicing and settlement, fraud prevention, and point-of-sale marketing and information products and services \u2022Network services The following types of revenue are generated from our various products and services: \u2022Discount revenue, our largest revenue source, primarily represents the amount we earn and retain from the merchant payable for facilitating transactions between Card Members and merchants on payment products issued by American Express. The amount of fees charged for accepting our cards as payment, or merchant discount, varies with, among other factors, the industry in which the merchant conducts business, the merchant\u2019s overall American Express-related transaction volume, the method of payment, the settlement terms with the merchant, the method of submission of transactions and, in certain instances, the geographic scope for the card acceptance agreement between the merchant and us (e.g., local or global) and the transaction amount. In some instances, an additional flat transaction fee is assessed as part of the merchant discount, and additional fees may be charged such as a variable fee for card-not-present transactions or for transactions using cards issued outside the United States at merchants located in the United States; \u2022Interest income, principally represents interest earned on outstanding loan balances; \u2022Net card fees, represent revenue earned from annual card membership fees, which vary based on the type of card and the number of cards for each account; and \u2022Service fees and other revenue, primarily represent revenues related to network partnership agreements (comprising royalties, fees and amounts earned for facilitating transactions on cards issued by network partners), fees earned on alternative payment solutions facilitated by American Express, foreign currency-related fees charged to Card Members, loyalty coalition, merchant and other service fees, Card Member delinquency fees, travel commissions and fees, and income (losses) from our investments in which we have significant influence. Refer to the \u201cGlossary of Selected Terminology\u201d below for the definitions of certain key terms and related information appearing within this Form 10-K and \u201cCritical Accounting Estimates\u201d below for a discussion of certain of our accounting policies requiring significant management assumptions and judgments. NON-GAAP MEASURES We prepare our Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (GAAP). However, certain information included within this report constitutes non-GAAP financial measures. Our calculations of non-GAAP financial measures may differ from the calculations of similarly titled measures by other companies. Beginning in the third quarter of 2025, we ceased reporting Net interest yield on average Card Member loans, a non-GAAP measure that was computed by dividing adjusted net interest income by average Card Member loans, and began reporting (together with prior period comparative information) Net interest yield on average Total loans and Card Member receivables, a GAAP measure that represents net inte ITEM 1. BUSINESS Overview American Express is a global payments and premium lifestyle brand powered by technology. Founded in 1850 and headquartered in New York, American Express\u2019 card-issuing, merchant-acquiring and card network businesses offer products and services to a broad range of customers, including consumers, small businesses, mid-sized companies and large corporations around the world. Our range of products and services includes: \u2022Credit and charge cards and complementary products and services, including travel, dining, lifestyle and expense management products and services \u2022Banking and other payment and financing products and services, including deposits and non-card lending \u2022Merchant acquisition and processing, servicing and settlement, fraud prevention, and point-of-sale marketing and information products and services \u2022Network services These products and services are offered through various channels, including mobile and online applications, affiliate marketing, customer referral programs, third-party service providers and business partners, in-house sales teams, direct mail, telephone and direct response advertising. We were founded as a joint stock association and incorporated in 1965 as a New York corporation. American Express Company and its principal operating subsidiary, American Express Travel Related Services Company, Inc. (TRS), are bank holding companies under the Bank Holding Company Act of 1956, as amended (the BHC Act), subject to supervision and examination by The Board of Governors of the Federal Reserve System (the Federal Reserve). We principally engage in businesses comprising four reportable operating segments: U.S. Consumer Services (USCS), Commercial Services (CS), International Card Services (ICS) and Global Merchant and Network Services (GMNS). Corporate functions and certain other businesses are included in Corporate & Other. Our businesses function together to form our end-to-end integrated payments platform, which ITEM 1A. RISK FACTORS This section highlights certain risks that could affect us and our businesses, broadly categorized in accordance with the risk types identified in our risk governance framework: \u201cStrategic and Reputational Risks,\u201d \u201cOperational and Compliance Risks\u201d and \u201cCredit, Market and Liquidity Risks.\u201d You should carefully consider each of the following risks and ", "title": "AXP - AMERICAN EXPRESS CO", "url": "/company/AXP/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000005272; latest 10-K filed 2026-02-12.", "text": "AIG - AMERICAN INTERNATIONAL GROUP, INC. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000005272; latest 10-K filed 2026-02-12. AIG AMERICAN INTERNATIONAL GROUP, INC. 0000005272 6331 Fire, Marine & Casualty Insurance ITEM 7 | Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Cautionary Note on Forward-Looking Statements This Annual Report on Form 10-K and other publicly available documents may include, and members of management may from time to time make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute \u201cforward-looking statements\u201d within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward\u2011looking statements are intended to provide management\u2019s current expectations or plans for future operating and financial performance, based on assumptions currently believed to be valid and accurate. Forward-looking statements are often preceded by, followed by or include words such as \u201cwill,\u201d \u201cbelieve,\u201d \u201canticipate,\u201d \u201cexpect,\u201d \u201cexpectations,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cstrategy,\u201d \u201cprospects,\u201d \u201cproject,\u201d \u201canticipate,\u201d \u201cshould,\u201d \u201cguidance,\u201d \u201coutlook,\u201d \u201cview,\u201d \u201ctarget,\u201d \u201cgoal,\u201d \u201cestimate\u201d and other words of similar meaning in connection with a discussion of future operating or financial performance. These statements may include, among other things, projections, goals and assumptions that relate to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expense reduction efforts, the outcome of contingencies such as legal proceedings, anticipated organizational, business or regulatory changes, the effect of catastrophic events, both natural and man-made, and macroeconomic and/or geopolitical events, anticipated dispositions, monetization and/or acquisitions of businesses or assets, the successful integration of acquired businesses, management succession and retention plans, exposure to risk, trends in operations and financial results, and other statements that are not historical facts. [[GREPCENT_TABLE]] [[\"34\",\"AIG | 2025 Form 10-K\"]] [[/GREPCENT_TABLE]] TABLE OF CONTENTS All forward-looking statements involve risks, uncertainties and other factors that may cause actual results and financial condition to differ, possibly materially, from the results and financial condition expressed or implied in the forward-looking statements. Factors that could cause actual results to differ, possibly materially, from those in specific projections, targets, goals, plans, assumptions and other forward-looking statements include, without limitation: \u2022the impact of adverse developments affecting economic conditions in the markets in which we operate, including financial market conditions, a U.S. federal government shutdown, macroeconomic trends, changes in trade policies, including tariffs, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, including social inflation, pressures on the commercial real estate market, pandemics, and geopolitical events or conflicts; \u2022the occurrence of catastrophic events, both natural and man-made, which may be exacerbated by the effects of climate change; \u2022disruptions in the availability or accessibility of our or a third party\u2019s information technology systems, including hardware and software, infrastructure or networks, and the inability to safeguard the confidentiality and integrity of customer, employee or company data due to cyberattacks, data security breaches or infrastructure vulnerabilities; \u2022our ability to effectively implement technological advancements, including the use of artificial intelligence (AI), and respond to competitors' AI and other technology initiatives; \u2022our ability to successfully complete strategic transactions, including to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses, and the anticipated benefits thereof; \u2022the effects of changes in laws and regulations, including those relating to privacy, data protection, cybersecurity and AI, and the regulation of insurance, in the U.S. and othe", "title": "AIG - AMERICAN INTERNATIONAL GROUP, INC.", "url": "/company/AIG/" }, { "kind": "company", "summary": "SIC 4941 Water Supply; CIK 0001410636; latest 10-K filed 2026-02-18.", "text": "AWK - American Water Works Company, Inc. SIC 4941 Water Supply; CIK 0001410636; latest 10-K filed 2026-02-18. AWK American Water Works Company, Inc. 0001410636 4941 Water Supply ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read together with the Consolidated Financial Statements and the Notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that are based on management\u2019s current expectations, estimates and projections about the Company\u2019s business, operations and financial performance. The cautionary statements made in this Annual Report on Form 10-K should be read as applying to all related forward-looking statements whenever they appear in this Annual Report on Form 10-K. The Company\u2019s actual results may differ materially from those currently anticipated and expressed in such forward-looking statements as a result of a number of factors, including those that are discussed under \u201cForward-Looking Statements,\u201d Item 1A\u2014Risk Factors and elsewhere in this Annual Report on Form 10-K. The Company has a disclosure committee consisting of members of senior management and other key employees involved in the preparation of the Company\u2019s SEC reports. The disclosure committee is actively involved in the review and discussion of the Company\u2019s SEC filings. For a discussion and analysis of the Company\u2019s financial statements for fiscal 2024 compared to fiscal 2023, please refer to Item 7\u2014Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 19, 2025. Overview American Water is the largest and most geographically diverse, publicly-traded water and wastewater utility company in the United States, as measured by both operating revenues and population served. The Company employs approximately 7,000 professionals who provide drinking water, wastewater and other related services to approximately 14 million people in 24 states. The Company\u2019s primary business involves the ownership of utilities that provide water and wastewater services to residential, commercial, industrial, public authority, fire service and sale for resale customers, collectively presented as the \u201cRegulated Businesses.\u201d The Company\u2019s utilities operate in 14 states in the United States, with 3.6 million active customers with services provided by its water and wastewater networks. Services provided by the Company\u2019s utilities are subject to regulation by PUCs. The Company also operates other businesses not subject to economic regulation by state PUCs that provide water and wastewater services to the U.S. government on military installations, as well as municipalities, collectively presented throughout this Annual Report on Form 10-K within \u201cOther.\u201d See Item 1\u2014Business for additional information. Financial Results The following table provides the Company\u2019s diluted earnings per share (GAAP) and adjusted diluted earnings per share (a non-GAAP measure): [[GREPCENT_TABLE]] [[\"\",\"For the Years Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Diluted earnings per share (GAAP):\"],[\"Net income attributable to shareholders\",\"$\",\"5.69\",\"\",\"\",\"$\",\"5.39\",\"\",\"\",\"$\",\"4.90\"],[\"Non-GAAP adjustments:\"],[\"Estimated impact of favorable weather\",\"\\u2014\",\"\",\"\",\"(0.16)\",\"\",\"\",\"(0.17)\"],[\"Income tax impact\",\"\\u2014\",\"\",\"\",\"0.04\",\"\",\"\",\"0.04\"],[\"Net non-GAAP adjustment\",\"\\u2014\",\"\",\"\",\"(0.12)\",\"\",\"\",\"(0.13)\"],[\"Incremental interest income from amended HOS seller note\",\"(0.13)\",\"\",\"\",\"(0.12)\",\"\",\"\",\"\\u2014\"],[\"Income tax impact\",\"0.03\",\"\",\"\",\"0.03\",\"\",\"\",\"\\u2014\"],[\"Net non-GAAP adjustment\",\"(0.10)\",\"\",\"\",\"(0.09)\",\"\",\"\",\"\\u2014\"],[\"Transaction costs associated with the pending merger with Essential\",\"0.07\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"Income tax impact\",\"(0.02)\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"Net non-GAAP adjustment\",\"0.05\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"Total net adjustments\",\"(0.05)\",\"\",\"\",\"(0.21)\",\"\",\"\",\"(0.13)\"],[\"Adjusted diluted earnings per share (non-GAAP)\",\"$\",\"5 ITEM 1. BUSINESS The Company With a history dating back to 1886, American Water is the largest and most geographically diverse, publicly-traded water and wastewater utility company in the United States, as measured by both operating revenues and population served. A holding company originally incorporated in Delaware in 1936, the Company employs approximately 7,000 professionals who provide drinking water, wastewater and other related services to approximately 14 million people in 24 states. The Company conducts the majority of its business through regulated utilities that provide water and wastewater services, collectively presented as one reportable segment, referred to as the \u201cRegulated Businesses.\u201d The Company also operates other businesses that provide water and wastewater services to the U.S. government on military installations, as well as municipalities. Individually, these other businesses do not meet the criteria of a reportable segment in accordance with generally accepted accounting principles in the United States (\u201cGAAP\u201d), and are collectively presented throughout this Annual Report on Form 10-K within \u201cOther,\u201d which is consistent with how management assesses the results of these businesses. On October 26, 2025, parent company entered into an Agreement and Plan of Merger (the \u201cEssential Merger Agreement\u201d) with Essential to combine the two companies in a stock-for-stock transaction. The Essential Merger Agreement provides that, upon the completion of the proposed merger, Essential\u2019s shareholders will receive 0.305 shares of parent company common stock in exchange for each share of Essential common stock eligible for exchange in the merger. Upon completion of the proposed merger, Essential will be a wholly owned subsidiary of parent company, and parent company will retain its existing name and remain headquartered in Camden, New Jersey. The completion of the proposed merger is subject to certain customary conditions. The Company currently estimates ITEM 1A. RISK FACTORS We operate in a market and regulatory environment that involves significant risks, many of which are beyond our control. In addition to the other information included or incorporated by reference in this Annual Report on Form 10-K, the following material factors should be considered in evaluating our business and", "title": "AWK - American Water Works Company, Inc.", "url": "/company/AWK/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0000820027; latest 10-K filed 2026-02-19.", "text": "AMP - AMERIPRISE FINANCIAL INC SIC 6282 Investment Advice; CIK 0000820027; latest 10-K filed 2026-02-19. AMP AMERIPRISE FINANCIAL INC 0000820027 6282 Investment Advice Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our consolidated financial condition and results of operations should be read in conjunction with the \u201cForward-Looking Statements,\u201d our Consolidated Financial Statements and Notes that follow and the \u201cRisk Factors\u201d included in our Annual Report on Form 10-K. References to \u201cAmeriprise Financial,\u201d \u201cAmeriprise,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to Ameriprise Financial, Inc. exclusively, to our entire family of companies, or to one or more of our subsidiaries. Overview Ameriprise Financial is a diversified financial services company with a more than 130-year history of providing financial solutions. We are a long-standing leader in financial planning and advice with $1.7 trillion in assets under management, administration, and advisement as of December 31, 2025. We offer a broad range of products and services designed to achieve individual and institutional clients\u2019 financial objectives. For additional discussion of our businesses, see Part I, Item 1 of this Annual Report on Form 10-K. The products and services we provide retail clients and, to a lesser extent, institutional clients, are the primary source of our revenues and net income. Revenues and net income are significantly affected by investment performance and the total value and composition of assets we manage and administer for our retail and institutional clients as well as the distribution fees we receive from other companies. These factors, in turn, are largely determined by overall investment market performance and the depth and breadth of our individual client relationships. We operate our business in the broader context of the macroeconomic forces around us, including the global and U.S. economies, changes in interest and inflation rates, financial market volatility, fluctuations in foreign exchange rates, geopolitical strain, pandemics, the competitive environment, client and customer activities and preferences, and the various regulatory and legislative developments. Financial markets and macroeconomic conditions have had and will continue to have a significant impact on our operating and performance results. In addition, the business, political and regulatory environments in which we operate are subject to elevated uncertainty and substantial, frequent change. Accordingly, we expect to continue focusing on our key strategic objectives and obtaining operational and strategic leverage from our core capabilities. The success of these and other strategies may be affected by the factors discussed in Item 1A of this Annual Report on Form 10-K - \u201cRisk Factors\u201d - and other factors as discussed herein. Equity price, credit market and interest rate fluctuations can have a significant impact on our results of operations, primarily due to the effects they have on the asset management and other asset-based fees we earn, the values of market risk benefits and embedded derivatives associated with our variable annuities and the values of derivatives held to hedge these benefits and the \u201cspread\u201d income generated on our deposit products, fixed insurance, the fixed portion of variable annuities and variable insurance contracts and fixed deferred annuities. We have been operating in a historically low interest rate environment but have recently experienced a substantial increase in rates with uncertainty about where rates will go in the future. A higher (lower) interest rate environment may result in decreases (increases) to our long-duration contract reserves, which may impact our adjusted operating earnings after tax. For additional discussion on our interest rate risk, see Item 7A. \u201cQuantitative and Qualitative Disclosures About Market Risk.\u201d In the third quarter, we conducted our annual review of life insurance, annuity and long term care (\u201cLTC\u201d) valuation assumptions relative to current experience and management expectations inc Item 1. Business Overview Ameriprise Financial, Inc. is a diversified financial services company with a more than 130-year history of providing solutions to help clients confidently achieve their financial objectives. Ameriprise Financial, Inc. is a holding company incorporated in Delaware that primarily engages in business through its subsidiaries. Accordingly, references to \u201cAmeriprise,\u201d \u201cAmeriprise Financial,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d may refer to Ameriprise Financial, Inc. exclusively, to our entire family of companies, or to one or more of our subsidiaries. We are a long-standing leader in financial planning and advice offering a broad range of products and services designed to assist individual and institutional clients achieve their financial objectives. Our strategy is centered on helping clients confidently achieve their goals by providing holistic advice and by managing and protecting their assets and income. We carry out our strategy through two primary go-to-market approaches: Wealth Management and Asset Management. Wealth Management Our wealth management business is the primary growth engine of Ameriprise with a significant market opportunity. We are in a compelling position to capitalize on significant long-term demographic and market trends driving increased demand for financial advice and solutions. In the United States (\u201cU.S.\u201d), the ongoing transition of baby boomers into retirement, as well as younger generations currently building their wealth and planning for retirement, continues to drive demand for financial advice and solutions. Our primary target market is households with $500,000 to $5,000,000 in investable assets. We are also well-suited to serve those outside this asset range as we also offer products and services designed for higher-net worth households. We are an industry-leading wealth manager with a differentiated advice value proposition. Our network of more than 10,000 financial advisors (our \u201cadvisors\u201d) is the prim Item 1A. Risk Factors Our operations and financial results are subject to various risks and uncertainties, including those described below, that could have a material adverse effect on our business, financial condition or results of operations and could cause the trading price of our common stock to decline. We believe that the following inf", "title": "AMP - AMERIPRISE FINANCIAL INC", "url": "/company/AMP/" }, { "kind": "company", "summary": "SIC 3823 Industrial Instruments For Measurement, Display, and Control; CIK 0001037868; latest 10-K filed 2026-02-17.", "text": "AME - AMETEK INC/ SIC 3823 Industrial Instruments For Measurement, Display, and Control; CIK 0001037868; latest 10-K filed 2026-02-17. AME AMETEK INC/ 0001037868 3823 Industrial Instruments For Measurement, Display, and Control Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This report includes forward-looking statements based on the Company\u2019s current assumptions, expectations and projections about future events. When used in this report, the words \u201cbelieves,\u201d \u201canticipates,\u201d \u201cmay,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201cproject\u201d and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. In this report, the Company discloses important factors that could cause actual results to differ materially from management\u2019s expectations. For more information on these and other factors, see \u201cForward-Looking Information\u201d herein. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with \u201cItem 1A. Risk Factors,\u201d and the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. Business Overview The Company benefits from its strategic initiatives under the AMETEK Growth Model's four key strategies: Operational Excellence, Strategic Acquisitions, Global & Market Expansion and New Products. In 2025, the Company posted record sales, operating income, net income, diluted earnings per share, orders, and backlog, as well as strong operating cash flow. Positive market trends, the Company's backlog, contributions from recent acquisitions, and benefits from the continued implementation of the AMETEK Growth Model had a positive impact on 2025 results. Highlights in 2025 were: \u2022Net sales for 2025 were a record $7,401.1 million, an increase of $459.9 million or 6.6%, compared with net sales of $6,941.2 million in 2024. \u2022Net income for 2025 was a record $1,480.1 million, an increase of $104.0 million or 7.6%, compared with $1,376.1 million in 2024. \u2022Diluted earnings per share for 2025 were a record $6.40, an increase of $0.47 or 7.9%, compared with $5.93 per diluted share in 2024. \u2022Orders for 2025 were a record $7,579.4 million, an increase of $769.1 million or 11.3%, compared with $6,810.3 million in 2024. The Company's backlog of unfilled orders at December 31, 2025 was a record $3,581.5 million. \u2022Cash provided by operating activities totaled $1,801.8 million in 2025. Free cash flow (cash flow provided by operating activities less capital expenditures) was $1,671.6 million in 2025. \u2022During 2025, the Company spent $933.2 million in cash, net of cash acquired, to purchase two businesses: \u2022In January 2025, AMETEK acquired Kern Microtechnik (\"Kern\"), a leading manufacturer of high-precision machining and optical inspection solutions. \u2022In July 2025, AMETEK acquired FARO Technologies (\"FARO\"), a leading provider of 3D measurement and imaging solutions. \u2022EBITDA (earnings before interest, income taxes, depreciation, and amortization) was a record $2,296.9 million in 2025, compared with $2,151.7 million in 2024. \u2022In 2025, the Company repurchased approximately 2.3 million shares of its common stock for $443.0 million, compared with $212.0 million used for repurchases of approximately 1.2 million shares in 2024. 23 Table of Contents \u2022The Company continued its emphasis on investment in research, development and engineering, spending $382.8 million in 2025. Approximately 27% of sales in 2025 were from products introduced in the past three years. Recent Trends During 2025, the United States government announced additional tariffs and trade restrictions on goods imported into the U.S. from various nations. Our businesses have been proactive in addressing the potential impacts of tariffs, including targeted pricing initiatives, strategic adjustments to our global supply chains, and leveraging our worldwide manufacturing footprint to localize production and adapt to changing demand patterns. The recent tariff modifications did not materially impact our results for 2025, however, as the situation continues to evolve, we cannot be Item 1. Business General Development of Business AMETEK, Inc. (\u201cAMETEK\u201d or the \u201cCompany\u201d) is incorporated in Delaware. Its predecessor was originally incorporated in Delaware in 1930 under the name American Machine and Metals, Inc. AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with operations in North America, Europe, Asia and South America. AMETEK maintains its principal executive offices at 1100 Cassatt Road, Berwyn, Pennsylvania, 19312. Listed on the New York Stock Exchange (symbol: AME), the common stock of AMETEK is a component of the Standard and Poor\u2019s 500 and the Russell 1000 Indices. Products and Services AMETEK\u2019s products are marketed and sold worldwide through two operating groups: Electronic Instruments (\u201cEIG\u201d) and Electromechanical (\u201cEMG\u201d). Electronic Instruments is a leader in the design and manufacture of advanced instruments for the process, power and industrial, and aerospace markets. Electromechanical is a differentiated supplier of precision motion control solutions, highly engineered medical components and devices, thermal management systems, specialty metals and electrical interconnects. Its end markets include aerospace and defense, medical, automation and other industrial markets. Competitive Strengths Management believes AMETEK has significant competitive advantages that help strengthen and sustain its market positions. Those advantages include: Strong Market Share. AMETEK maintains strong market share in a number of targeted niche markets through its ability to produce and deliver high-quality, differentiated products at competitive prices. EIG has strong market positions in niche segments of the process, power and industrial, and aerospace markets. EMG holds strong positions in niche segments of the aerospace and defense, automation and medical markets. Technological and Development Capabilities. AMETEK believes it has certain technological advantages over its competitors th Item 1A. Risk Factors You should consider carefully the following risk factors and all other information contained in this Annual Report on Form 10-K and the documents we incorporate by reference in this Annual Report on Form 10-K. Any of the following risks could materially and adversely affect our business,", "title": "AME - AMETEK INC/", "url": "/company/AME/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0000318154; latest 10-K filed 2026-02-13.", "text": "AMGN - AMGEN INC SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0000318154; latest 10-K filed 2026-02-13. AMGN AMGEN INC 0000318154 2836 Biological Products, (No Diagnostic Substances) Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following MD&A is intended to assist the reader in understanding Amgen\u2019s business. MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and accompanying notes. Our results of operations discussed in MD&A are presented in conformity with GAAP. Amgen operates in one operating segment: human therapeutics. Therefore, our results of operations are discussed on a consolidated basis. Forward-looking statements This report and other documents we file with the SEC contain forward-looking statements that are based on current expectations, estimates, forecasts and projections about us, our future performance, our business, our beliefs and our management\u2019s assumptions. In addition, we, or others on our behalf, may make forward-looking statements in press releases, written statements or our communications and discussions with investors and analysts in the normal course of business through meetings, webcasts, phone calls and conference calls. Such words as \u201cexpect,\u201d \u201canticipate,\u201d \u201coutlook,\u201d \u201ccould,\u201d \u201ctarget,\u201d \u201cproject,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cbelieve,\u201d \u201cseek,\u201d \u201cestimate,\u201d \u201cshould,\u201d \u201cmay,\u201d \u201cassume\u201d and \u201ccontinue\u201d as well as variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and they involve certain risks, uncertainties and assumptions that are difficult to predict. We describe our respective risks, uncertainties and assumptions that could affect the outcome or results of operations in Part I, Item 1A. Risk Factors. We have based our forward-looking statements on our management\u2019s beliefs and assumptions based on information available to our management at the time the statements are made. We caution you that actual outcomes and results may differ materially from what is expressed, implied or forecasted by our forward-looking statements. Reference is made in particular to forward-looking statements regarding product sales, regulatory activities, clinical trial results, reimbursement, expenses, EPS, liquidity and capital resources, trends, planned dividends, stock repurchases and collaborations. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements after the distribution of this report, whether as a result of new information, future events, changes in assumptions or otherwise. Overview Amgen Inc. (including its subsidiaries, referred to as \u201cAmgen,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d) discovers, develops, manufactures and delivers innovative medicines to fight some of the world\u2019s toughest diseases. We focus on areas of high unmet medical need and leverage our expertise to strive for solutions that dramatically improve people\u2019s lives, while also reducing the social and economic burden of disease. We helped launch the biotechnology industry more than 45 years ago and have grown to be one of the world\u2019s leading independent biotechnology companies. Our robust pipeline includes potential first-in-class medicines at all stages of development. Our principal products are Prolia, Repatha, Otezla, ENBREL, EVENITY, XGEVA, TEPEZZA, BLINCYTO, Nplate, TEZSPIRE, KYPROLIS, Aranesp, KRYSTEXXA and Vectibix. We also market a number of other products, including but not limited to MVASI, PAVBLU, UPLIZNA, IMDELLTRA/IMDYLLTRA, AMJEVITA/AMGEVITA, TAVNEOS, Neulasta, LUMAKRAS/LUMYKRAS, RAVICTI, Parsabiv, Aimovig, WEZLANA/WEZENLA and PROCYSBI. For additional information about our products, see Part I, Item 1. Business\u2014Marketing, Distribution and Selected Marketed Products. Our strategy is the integrated set of actions we take to improve our competitive position in the industry. In 2025, we generated strong sales growth across our product portfolio and regions; advanced Item 1. BUSINESS Amgen Inc. (including its subsidiaries, referred to as \u201cAmgen,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d) discovers, develops, manufactures and delivers innovative medicines to fight some of the world\u2019s toughest diseases. We focus on areas of high unmet medical need and leverage our expertise to strive for solutions that dramatically improve people\u2019s lives, while also reducing the social and economic burden of disease. We helped launch the biotechnology industry more than 45 years ago and have grown to be one of the world\u2019s leading independent biotechnology companies. Our robust pipeline includes potential first-in-class medicines at all stages of development. We have a presence in approximately 100 countries worldwide. Amgen was incorporated in California in 1980 and became a Delaware corporation in 1987. Amgen operates in one operating segment: human therapeutics. Significant Developments Following is a summary of significant developments affecting our business that have occurred and that we have reported since the filing of our Annual Report on Form 10-K for the year ended December 31, 2024. Products/Pipeline Repatha In August 2025, we announced that the FDA broadened the approved use of Repatha to include adults at increased risk for major adverse cardiovascular events (MACE) due to uncontrolled low-density lipoprotein cholesterol (LDL-C), removing the previous requirement that a patient have been diagnosed with cardiovascular (CV) disease. In November 2025, we announced detailed results from the Phase 3 VESALIUS-CV clinical trial, which showed that Repatha achieved statistically significant and clinically meaningful reductions in MACEs in high-risk adults without a prior heart attack or stroke, when added to statins or other LDL-C\u2013lowering treatments. Repatha demonstrated a 25% relative reduction in the risk of a composite of coronary heart disease (CHD) death, heart attack or ischemic stroke (3-P MACE), and a 19% reduction in a broader compo Item 1A. Risk Factors for a discussion of the factors that could adversely impact our manufacturing operations and the global supply of our products. Government Regulation Regulation by government authorities in the United States and other countries is a significant factor in the production and marketing of our p", "title": "AMGN - AMGEN INC", "url": "/company/AMGN/" }, { "kind": "company", "summary": "SIC 3678 Electronic Connectors; CIK 0000820313; latest 10-K filed 2026-02-11.", "text": "APH - AMPHENOL CORP /DE/ SIC 3678 Electronic Connectors; CIK 0000820313; latest 10-K filed 2026-02-11. APH AMPHENOL CORP /DE/ 0000820313 3678 Electronic Connectors Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u200b (amounts in millions, except share and per share data, unless otherwise noted) \u200b The following discussion and analysis of the financial condition and results of operations for the years ended December 31, 2025, 2024 and 2023 has been derived from and should be read in conjunction with the Consolidated Financial Statements and the accompanying Notes to Consolidated Financial Statements included in Part II, Item 8, herein for Amphenol Corporation (together with its subsidiaries, \u201cAmphenol,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d). The Consolidated Financial Statements have been prepared in U.S. dollars, in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d or \u201cGAAP\u201d). The following discussion and analysis also includes references to certain non-GAAP financial measures, which are defined in the \u201cNon-GAAP Financial Measures\u201d section below, including \u201cConstant Currency Net Sales Growth\u201d and \u201cOrganic Net Sales Growth\u201d. For purposes of the following discussion, the terms \u201cconstant currencies\u201d and \u201corganically\u201d have the same meaning, respectively, as these aforementioned non-GAAP financial measures. Refer to \u201cNon-GAAP Financial Measures\u201d within this Item 7 for more information, including our reasons for including non-GAAP financial measures and material limitations with respect to the usefulness of the measures. \u200b In addition to historical information, the following discussion and analysis also contains certain forward-looking statements that are subject to risks and uncertainties, including but not limited to the risk factors described in Part I, Item 1A. Risk Factors herein, as well as the risks and uncertainties that exist with the use of forward-looking statements as described in the \u201cCautionary Note Regarding Forward-Looking Statements\u201d section included herein at the beginning of this Annual Report on Form 10-K (\u201cAnnual Report\u201d). \u200b Overview \u200b General \u200b Amphenol is one of the world\u2019s largest designers, manufacturers and marketers of electrical, electronic and fiber optic connectors and interconnect systems, antennas, sensors and sensor-based products and coaxial, high-speed, fiber optic and specialty cable. In 2025, approximately 65% of the Company\u2019s sales were outside the United States. The primary end markets for our products are: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"information technology and communication devices and systems for the converging technologies of voice, video and data communications;\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"a broad range of industrial applications and traditional, hybrid and electric automotive applications; and\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"defense and commercial aerospace applications.\"]] [[/GREPCENT_TABLE]] \u200b The Company\u2019s products are used in a wide variety of applications by a broad array of customers around the world. The Company competes primarily on the basis of technology innovation, product quality and performance, price, customer service and delivery time. For many years, customers have generally been consolidating their lists of qualified suppliers to companies that have the ability to meet certain technical, quality, delivery and other standards while maintaining geographic flexibility and competitive prices. The Company has focused its global resources to position itself to compete effectively in this environment. The Company believes that its global presence is an important competitive advantage, as it allows the Company to provide quality products on a timely and worldwide basis to its multinational customers, while at the same time offering a level of resiliency and diversification against local risks and challenges that may emerge in any single geography. \u200b 28 Table of Contents Reportable Business Segments \u200b The Company aligns its businesses into the following three r Item 1. Business \u200b General \u200b Amphenol Corporation is one of the world\u2019s largest designers, manufacturers and marketers of electrical, electronic and fiber optic connectors and interconnect systems, antennas, sensors and sensor-based products and coaxial, high-speed, fiber optic and specialty cable. The Company estimates, based on recent reports of industry analysts, that worldwide sales of interconnect, value-add cable assembly, antenna, cable and sensor-related products were approximately $500 billion in 2025. \u200b Certain predecessor businesses of the Company were founded in 1932, and the Company was incorporated under the laws of the State of Delaware in 1986. The Company\u2019s Class A Common Stock (\u201cCommon Stock\u201d) began trading on the New York Stock Exchange in 1991. \u200b Reportable Business Segments \u200b The Company\u2019s strategy is to provide our customers with comprehensive design capabilities, a broad selection of products and a high level of quality and service on a worldwide basis, while maintaining continuing programs of productivity improvement and cost control. The Company aligns its businesses into three reportable business segments: (i) Communications Solutions, (ii) Harsh Environment Solutions and (iii) Interconnect and Sensor Systems. This alignment and segment structure reinforces the Company\u2019s entrepreneurial culture and enables clear accountability of each of our business unit general managers, while enhancing the scalability of Amphenol\u2019s business for the future. The Company has three segment managers who lead their respective reportable business segments, each reporting directly to the Company\u2019s Chief Executive Officer. All segment information throughout this Annual Report is presented under our three reportable segments. \u200b 2 Table of Contents A description of each of our reportable business segments is as follows: \u200b \u25cfCommunications Solutions \u2013 the Communications Solutions segment designs, manufactures and markets a broad range of connector and Item 1A. Risk Factors \u200b The Company\u2019s business, operations, financial condition, liquidity, results of operations and stock price can be negatively affected by many risk factors. Investors should carefully consider the risks described below and all other information in this Annual Report. The Company\u2019s past financial performance, including historical trends, should not be c", "title": "APH - AMPHENOL CORP /DE/", "url": "/company/APH/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0000006281; latest 10-K filed 2025-11-25.", "text": "ADI - ANALOG DEVICES INC SIC 3674 Semiconductors & Related Devices; CIK 0000006281; latest 10-K filed 2025-11-25. ADI ANALOG DEVICES INC 0000006281 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (all tabular amounts in thousands except per share amounts) The following discussion includes results of operations and financial condition for the fiscal year ended November 1, 2025 (fiscal 2025) and the fiscal year ended November 2, 2024 (fiscal 2024) and year-over-year comparisons between fiscal 2025 and fiscal 2024. For discussion on results of operations and financial condition for fiscal 2024 and the fiscal year ended October 28, 2023 (fiscal 2023) and year-over-year comparisons between fiscal 2024 and fiscal 2023, please refer to Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our Annual Report on Form 10-K for fiscal 2024 filed with the Securities and Exchange Commission on November 26, 2024. Our fiscal year is the 52-week or 53-week period ending on the Saturday closest to the last day in October. Fiscal 2025 was a 52-week fiscal period, while fiscal 2024 was a 53-week fiscal period. The additional week in fiscal 2024 was included in the first quarter ended February 3, 2024. Therefore, fiscal 2025 includes one less week of operations as compared to fiscal 2024. Results of Operations Overview [[GREPCENT_TABLE]] [[\"\",\"Fiscal Year\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"\",\"\",\"$ Change\",\"\",\"% Change\"],[\"Revenue\",\"$\",\"11,019,707\",\"\",\"\",\"$\",\"9,427,157\",\"\",\"\",\"\",\"\",\"$\",\"1,592,550\",\"\",\"\",\"17\",\"%\"],[\"Gross margin %\",\"61.5\",\"%\",\"\",\"57.1\",\"%\"],[\"Net income\",\"$\",\"2,267,342\",\"\",\"\",\"$\",\"1,635,273\",\"\",\"\",\"\",\"\",\"$\",\"632,069\",\"\",\"\",\"39\",\"%\"],[\"Net income as a % of revenue\",\"20.6\",\"%\",\"\",\"17.3\",\"%\"],[\"Diluted EPS\",\"$\",\"4.56\",\"\",\"\",\"$\",\"3.28\",\"\",\"\",\"\",\"\",\"$\",\"1.28\",\"\",\"\",\"39\",\"%\"]] [[/GREPCENT_TABLE]] Revenue Trends by End Market The following table summarizes revenue by end market. The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the \u201csold to\u201d customer information, the \u201cship to\u201d customer information and the end customer product or application into which our product will be incorporated. As data systems for capturing and tracking this data and our methodology evolves and improves, the categorization of products by end market can vary over time. When this occurs, we reclassify revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market. [[GREPCENT_TABLE]] [[\"\",\"Fiscal 2025\",\"\",\"Fiscal 2024\"],[\"\",\"Revenue\",\"\",\"% of Total Revenue (1)\",\"\",\"Y/Y%Change\",\"\",\"Revenue\",\"\",\"% of Total Revenue (1)\"],[\"Industrial\",\"$\",\"4,929,409\",\"\",\"\",\"45\",\"%\",\"\",\"15\",\"%\",\"\",\"$\",\"4,290,324\",\"\",\"\",\"46\",\"%\"],[\"Automotive\",\"3,277,865\",\"\",\"\",\"30\",\"%\",\"\",\"16\",\"%\",\"\",\"2,837,522\",\"\",\"\",\"30\",\"%\"],[\"Consumer\",\"1,434,568\",\"\",\"\",\"13\",\"%\",\"\",\"19\",\"%\",\"\",\"1,207,880\",\"\",\"\",\"13\",\"%\"],[\"Communications\",\"1,377,865\",\"\",\"\",\"13\",\"%\",\"\",\"26\",\"%\",\"\",\"1,091,431\",\"\",\"\",\"12\",\"%\"],[\"Total Revenue\",\"$\",\"11,019,707\",\"\",\"\",\"100\",\"%\",\"\",\"17\",\"%\",\"\",\"$\",\"9,427,157\",\"\",\"\",\"100\",\"%\"]] [[/GREPCENT_TABLE]] _______________________________________ (1)The sum of the individual percentages may not equal the total due to rounding. Revenue increased 17% in fiscal 2025 as compared to fiscal 2024 as a result of broad-based increase in demand for our products. In addition to increased demand, the increase in the Industrial end market was primarily due to customer inventory balances normalizing and growth in the test equipment and aerospace and defense sub-markets. In the Automotive end market, the increase was primarily driven by increases from connectivity solutions. The increase in the Consumer end market was primarily related to portable consumer products and the increase in the Communications end market was primarily driven by growth in the wireline sub-market from data center infrastructure expansion in support of AI applications. These increas ITEM 1. BUSINESS Company Overview, Strategy and Mission Analog Devices, Inc. (we, Analog Devices or the Company) is a global semiconductor leader dedicated to solving our customers\u2019 most complex engineering challenges. We deliver innovations that connect technology to human breakthroughs and play a critical role at the intersection of the physical and digital worlds by providing the building blocks to sense, measure, interpret, connect and power. We design, manufacture, test and market a broad portfolio of solutions, including integrated circuits (ICs), software and subsystems that leverage high-performance analog, mixed-signal and digital signal processing technologies. Our comprehensive product portfolio, deep domain expertise and advanced manufacturing capabilities extend across high-performance precision and high-speed mixed-signal, power management and processing technologies \u2013 including data converters, amplifiers, power management, radio frequency (RF) ICs, edge processors and other sensors. The Intelligent Edge is characterized by ubiquitous sensing, hyper-scale and edge computing, artificial intelligence (AI) and pervasive connectivity. These technological trends drive new generations of applications that expand the demand for Analog Devices\u2019 high-performance analog, mixed-signal, power and RF ICs. We have positioned our business to capitalize on these long-term growth opportunities and to deliver innovative solutions across industries. Central to our strategy is our focus on solving challenges that our customers face across the most impactful application areas. This strategy is built around the following key priorities, which we believe will continue to drive our long-term success: \u2022Efficient use of capital. Research and development (R&D) is critical to continuing our cycle of innovation, driven by a diverse array of engineering talent who \u201cengineer good\u201d for our planet and society. We are committed to realizing targeted shareholder value creation f ITEM 1A. RISK FACTORS Set forth below and elsewhere in this report are descriptions of certain risks and uncertainties that could cause our actual results to differ materially from the results contemplated by the forward-looking statements in this report. Additional risks and uncertainties not presently known to us or that we prese", "title": "ADI - ANALOG DEVICES INC", "url": "/company/ADI/" }, { "kind": "company", "summary": "SIC 6411 Insurance Agents, Brokers & Service; CIK 0000315293; latest 10-K filed 2026-02-13.", "text": "AON - Aon plc SIC 6411 Insurance Agents, Brokers & Service; CIK 0000315293; latest 10-K filed 2026-02-13. AON Aon plc 0000315293 6411 Insurance Agents, Brokers & Service Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations EXECUTIVE SUMMARY OF 2025 FINANCIAL RESULTS Aon plc is a leading global professional services firm providing a broad range of Risk Capital and Human Capital solutions. Through our experience, global reach, and comprehensive analytics, we help clients meet rapidly changing, increasingly complex, and interconnected challenges related to risk and people. We are committed to accelerating innovation to address unmet and evolving client needs so that our clients are better informed, better advised, and able to make better decisions to protect and grow their business. Management remains focused on strengthening Aon and uniting the firm with a portfolio of Risk Capital and Human Capital capabilities enabled by data and analytics and a united operating model to deliver additional insight, connectivity, and efficiency. Financial Results The following is a summary of our 2025 financial results: \u2022Revenue increased $1.5 billion, or 9%, to $17.2 billion, reflecting 6% organic revenue growth, driven by net new business and ongoing strong retention and acquired revenues from NFP. Risk Capital revenue increased $773 million, or 7%, to $11.3 billion and Human Capital revenue increased $698 million, or 13%, to $5.9 billion in 2025 compared to 2024. \u2022Operating expenses increased $1.0 billion, or 8%, to $12.8 billion in 2025 due primarily to the inclusion of NFP\u2019s operating expenses and an increase in expenses associated with 6% organic revenue growth, partially offset by $160 million of additional net restructuring savings and lower NFP transaction- and integration-related expense. Risk Capital operating expenses increased $629 million, or 9%, to $7.9 billion and Human Capital operating expenses increased $431 million, or 11%, to $4.5 billion in 2025 compared to 2024. \u2022Operating margin increased to 25.3% in 2025 from 24.4% in 2024, driven primarily by organic revenue growth of 6% and $160 million of net restructuring savings, partially offset by an increase in operating expenses as previously described, the addition of NFP and lower fiduciary investment income. Risk Capital operating margin decreased to 30.4% in 2025 from 31.3% in 2024 and Human Capital operating margin increased to 23.9% in 2025 from 21.9% in 2024. \u2022Due to the factors set forth above, as well as the $1.2 billion gain from the disposal of the NFP Wealth business, net income was $3.8 billion in 2025, an increase of $1.0 billion, or 38%, from 2024. \u2022Diluted earnings per share was $17.02 per share in 2025 compared to $12.49 per share in the prior year period. \u2022Cash flows provided by operating activities was $3.5 billion in 2025, an increase of $446 million, or 15%, from $3.0 billion in 2024, due primarily to strong adjusted operating income growth and lower NFP-related transaction costs, partially offset by working capital headwinds. We focus on four key metrics that are not presented in accordance with U.S. GAAP, which we communicate to shareholders: organic revenue growth, adjusted operating margin, adjusted diluted earnings per share, and free cash flow. These non-GAAP metrics should be viewed in addition to, not instead of, our Consolidated Financial Statements. The following is our measure of performance against these four metrics for 2025: \u2022Organic revenue growth, a non-GAAP measure defined under the caption \u201cReview of Consolidated Results \u2014 Organic Revenue Growth,\u201d was 6% in both 2025 and 2024, driven by net new business and ongoing strong retention, as well as positive net market impact. \u2022Adjusted operating margin, a non-GAAP measure defined under the caption \u201cReview of Consolidated Results \u2014 Adjusted Operating Margin,\u201d was 32.4% in 2025, compared to 31.5% in the prior year. The increase in adjusted operating margin primarily reflects organic revenue growth of 6%, $160 million of additional net restructuring savings and a decrease in incentive compensation, partially Item 1. Business OVERVIEW Aon plc (which may be referred to as \u201cAon,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) is a leading global professional services firm. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise and locally relevant solutions, our colleagues provide clients with the clarity and confidence to make better risk and people decisions that protect and grow their businesses. With clients around the world facing growing uncertainty and volatility, we remain focused on accelerating our Aon United strategy to serve clients as one globally connected firm and driving innovation to address unmet and evolving client need. We serve clients in more than 120 countries across all market segments and nearly every industry. This diversification of our client base helps provide our firm with stability in different economic scenarios that could affect specific industries, customer segments, or geographies. We continue to focus our portfolio on higher-margin, capital-light professional services businesses that have high recurring revenue streams and strong cash flow generation. We endeavor to make capital allocation decisions in order to maximize value for Aon and its shareholders. BUSINESS SEGMENTS We manage our business within two reportable segments: Risk Capital and Human Capital. In 2025, our consolidated Total revenue was $17,181 million. This includes $11,290 million in Risk Capital and $5,907 million in Human Capital before certain intercompany eliminations. Principal Products and Services Risk Capital Commercial Risk Solutions uses Risk Capital\u2019s extensive data and analytics capabilities to provide brokerage and consulting services that help organizations develop, improve, and implement their risk management strategies. Commercial Risk Solutions includes insurance and specialty brokerage, global risk consulting, captives management, and Affinity programs. In insurance brokerage, our dedicated teams of risk profess Item 1A. Risk Factors The risk factors set forth below reflect risks associated with our existing and potential businesses and the industries in which we operate generally and contain \u201cforward-looking statements\u201d as discussed in the \u201cBusiness\u201d Section of Part I, Item 1 of this report. Readers should consider these risks in addition to the other inform", "title": "AON - Aon plc", "url": "/company/AON/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001841666; latest 10-K filed 2026-02-26.", "text": "APA - APA Corp SIC 1311 Crude Petroleum & Natural Gas; CIK 0001841666; latest 10-K filed 2026-02-26. APA APA Corp 0001841666 1311 Crude Petroleum & Natural Gas ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion relates to APA Corporation (APA or the Company) and its consolidated subsidiaries and should be read together in conjunction with the Company\u2019s Consolidated Financial Statements and accompanying notes included in Part IV, Item 15 of this Annual Report on Form 10-K, and the risk factors and related information set forth in Part I, Item 1A and Part II, Item 7A of this Annual Report on Form 10-K. This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K are incorporated by reference to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of APA Corporation\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (filed with the SEC on February 28, 2025). Overview APA is an independent energy company that owns subsidiaries that explore for, develop, and produce crude oil, natural gas, and natural gas liquids (NGLs). The Company\u2019s business has oil and gas operations in three geographic areas: the U.S., Egypt, and offshore the U.K. in the North Sea (North Sea). APA also has active development, exploration, and appraisal operations ongoing in Suriname, as well as exploration interests in Uruguay, Alaska, and other international locations that may, over time, result in reportable discoveries and development opportunities. As a holding company, APA Corporation\u2019s primary assets are its ownership interests in its consolidated subsidiaries. APA believes energy underpins global progress, and the Company wants to be a part of the solution as society works to meet growing global demand for reliable and affordable energy. APA strives to meet those challenges while creating value for all its stakeholders. Uncertainties in the global supply chain and financial markets impact oil supply and demand and contribute to commodity price volatility. These uncertainties include the impacts of ongoing international conflicts, inflation, current and potential tariffs or other trade barriers, global trade policies and disputes, and actions taken by foreign oil and gas producing nations, including OPEC+. Despite these uncertainties, the Company is focused on its longer-term objectives: (1) to remain committed to providing affordable, reliable, and responsibly produced energy; (2) to deliver top operational performance across safety, environmental responsibility, execution, and risk management measures; (3) to maintain financial discipline by managing costs, protecting the balance sheet to underpin the generation of cash flow in excess of its upstream exploration, appraisal, and development capital program that can be directed to debt reduction, share repurchases, and other return of capital to its shareholders; and (4) to build and grow a diverse and balanced high-quality portfolio with scale through acquisitions, exploration, and organic opportunities. The Company closely monitors hydrocarbon pricing fundamentals to reallocate capital as part of its ongoing planning process. APA\u2019s diversified asset portfolio and operational flexibility provide the Company the ability to timely respond to price volatility and effectively manage its investment programs. With increasing uncertainty around commodity prices during the first quarter of 2025, the Company announced a significant cost reduction initiative to drive sustainable cost savings for the long-term. This included reducing the Company\u2019s overhead costs, addressing the capital cost structure for its drilling, completions, and facility investments, and improving efficiencies of day-to-day field operating practices. The Company achieved $350 million in annualized savings across G&A, LOE, and capital as of ye ITEM 1A. RISK FACTORS The Company\u2019s business activities and the value of its securities are subject to significant hazards and risks, including those described below. If any of such events should occur, the Company\u2019s business, financial condition, liquidity, and/or results of operations could be materially harmed, and holders and purchasers of APA\u2019s securities could lose part or all of their investments. Additional risks and uncertainties not presently known to the Company or that the Company currently considers immaterial may also adversely affect the Company. RISKS RELATED TO COMMODITY PRICES, DEMAND, AND PRODUCTION Crude oil, natural gas, and NGL prices and their volatility could adversely affect the Company\u2019s operating results and the price of APA\u2019s common stock. The Company\u2019s revenues, operating results, future rate of growth, and carrying value of its oil and gas properties depend highly upon the prices it receives for its sales of crude oil, natural gas, and NGL products. Historically, the markets for these commodities have been volatile and are likely to continue to be volatile in the future. For example, the NYMEX daily settlement price for the prompt month oil contract in 2025 ranged from a high of $80.73 per barrel to a low of $55.44 per barrel, and the NYMEX daily settlement price for the prompt month natural gas contract in 2025 ranged from a high of $9.86 per MMBtu to a low of $2.65 per MMBtu. The market prices for crude oil, natural gas, and NGLs depend on factors beyond the Company\u2019s control, including: \u2022demand, which fluctuates with changes in market and economic conditions; \u2022worldwide and domestic supplies and/or inventories of crude oil, natural gas, and NGLs and the availability of related pipeline, transportation, import/export, and refining capacity and infrastructure; \u2022actions taken by foreign oil and gas producing nations, including the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members that participate in O", "title": "APA - APA Corp", "url": "/company/APA/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001858681; latest 10-K filed 2026-02-25.", "text": "APO - Apollo Global Management, Inc. SIC 6282 Investment Advice; CIK 0001858681; latest 10-K filed 2026-02-25. APO Apollo Global Management, Inc. 0001858681 6282 Investment Advice ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with Apollo Global Management, Inc.\u2019s consolidated financial statements and the related notes as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023. This discussion contains forward-looking statements that are subject to known and unknown risks and uncertainties. Actual results and the timing of events may differ significantly from those expressed or implied in such forward-looking statements due to a number of factors, including those included in the section of this report entitled \u201cItem 1A. Risk Factors.\u201d The highlights listed below have had significant effects on many items within our consolidated financial statements and affect the comparison of the current period\u2019s activity with those of prior periods. General Our Businesses Founded in 1990, Apollo is a high-growth, global alternative asset manager and a retirement services provider. Apollo conducts its business primarily in the U.S. through the following three reportable segments: Asset Management, Retirement Services and Principal Investing. These business segments are differentiated based on the investment services they provide as well as varying investing strategies. As of December 31, 2025, Apollo had a team of approximately 6,140 employees, including 2,010 employees supporting our Retirement Services segment and 600 employees of Bridge. Asset Management Our Asset Management segment focuses on credit and equity investing strategies. We have a flexible mandate in many of the funds we manage which enables the funds to invest opportunistically across a company\u2019s capital structure. We raise, invest and manage funds, accounts and other vehicles on behalf of some of the world\u2019s most prominent pension, endowment and sovereign wealth funds and insurance companies, as well as other institutional and individual investors. As of December 31, 2025, we had total AUM of $938 billion. The credit and equity investing strategies of our Asset Management segment reflect the range of investment capabilities across our platform, from investment grade to private equity. As an asset manager, we earn fees for providing investment management services and expertise to our client base. The amount of fees charged for managing these assets depends on the underlying investment strategy, liquidity profile, and, ultimately, our ability to generate returns for our clients. We also earn capital solutions fees as part of our growing capital solutions business and as part of monitoring and deployment activity alongside our private equity franchise. After expenses, we call the resulting earnings stream \u201cFee Related Earnings\u201d or \u201cFRE\u201d, which represents the primary performance measure for the Asset Management segment. Credit Credit is our largest asset management strategy with $749 billion of AUM as of December 31, 2025. Our credit strategy spans third-party strategies and Apollo\u2019s retirement services business across four main investment pillars: direct origination, asset-backed, multi credit and opportunistic credit. Our credit strategy provides flexible, scaled and diverse capital solutions across the entire credit risk-return spectrum, with a focus on generating excess returns through high-quality credit underwriting and origination. Beyond participation in the traditional issuance and secondary credit markets, through our origination platforms and corporate solutions capabilities we seek to originate attractive and safe-yielding assets for the investors in the funds we manage. Equity Our equity strategy managed $189 billion of AUM as of December 31, 2025. Across our equity strategy, we maintain our focus on creative structuring and sourcing while working with the management teams of the portfolio companies of the Apollo-managed funds to help transform and grow their businesses. Our flexible mandate and pur ITEM 1. BUSINESS Index to Business [[GREPCENT_TABLE]] [[\"\",\"Overview\",\"13\"],[\"\",\"Our Businesses\",\"13\"],[\"\",\"Asset Management\",\"13\"],[\"\",\"Retirement Services\",\"17\"],[\"\",\"Principal Investing\",\"23\"],[\"\",\"Competition\",\"24\"],[\"\",\"Human Capital\",\"25\"],[\"\",\"Regulatory and Compliance Matters\",\"26\"],[\"\",\"Available Information\",\"32\"]] [[/GREPCENT_TABLE]] 12 Table of Contents Overview Founded in 1990, Apollo is a high-growth, global alternative asset manager and a retirement services provider. Apollo conducts its business primarily in the U.S. through the following three reportable segments: Asset Management, Retirement Services and Principal Investing. These business segments are differentiated based on the investment services they provide as well as varying investing strategies. Our Businesses Asset Management Our Asset Management segment focuses on credit and equity investing strategies. These strategies reflect the range of investment capabilities across our platform based on relative risk and return. As an asset manager, we earn fees for providing investment management services and expertise to our client base. The amount of fees charged for managing these assets depends on the underlying investment strategy, liquidity profile, and, ultimately, our ability to generate returns for our clients. We also earn capital solutions fees as part of our growing capital solutions business and as part of monitoring and deployment activity alongside our sizable private equity franchise. After expenses, we call the resulting earning stream \u201cFee Related Earnings\u201d or \u201cFRE\u201d, which represents the primary performance measure for the Asset Management segment. As of December 31, 2025, we had total AUM of $938.4 billion. Our Asset Management segment had a team of approximately 4,130 employees, including 600 employees of Bridge as of December 31, 2025, with offices throughout the world. This team possesses a broad range of transaction, financial, managerial and investment skills. We ITEM 1A. RISK FACTORS The following risk factors and other information included in this report should be carefully considered. The occurrence of any of the following risks or of unknown risks and uncertainties may adversely affect our business, financial condition, results of operations and cash flows. Macroeconomic Risks Evolving political, m", "title": "APO - Apollo Global Management, Inc.", "url": "/company/APO/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0000006951; latest 10-K filed 2025-12-12.", "text": "AMAT - APPLIED MATERIALS INC /DE SIC 3674 Semiconductors & Related Devices; CIK 0000006951; latest 10-K filed 2025-12-12. AMAT APPLIED MATERIALS INC /DE 0000006951 3674 Semiconductors & Related Devices Item 7: Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Introduction Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to facilitate an understanding of our business and results of operations. This MD&A should be read in conjunction with our Consolidated Financial Statements and the accompanying Notes to Consolidated Financial Statements included elsewhere in this Form 10-K. The following discussion contains forward-looking statements and should also be read in conjunction with the cautionary statement set forth at the beginning of this Form 10-K. The following section generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2024 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended October 27, 2024, filed on December 13, 2024. Overview We provide equipment, services and software to the semiconductor and related industries. Our customers include manufacturers of semiconductor wafers and chips and other electronic devices. Our customers\u2019 products are used in a wide variety of products such as personal computing devices, mobile phones, artificial intelligence (AI) and data center servers, automobiles, connected devices, industrial applications and consumer electronics. Each of our segments is subject to variable industry conditions, as demand for equipment and services can change depending on supply and demand for chips and other electronic devices, as well as other factors, such as global economic, political and market conditions, and the nature and timing of technological advances in fabrication processes. Our strategic priorities include developing products that help solve customers\u2019 challenges at technology inflections, growing our service business, and expanding our served market opportunities in the semiconductor industry. Our long-term growth strategy requires continued development of new materials engineering capabilities, including products and platforms that enable expansion into new and adjacent markets. Our significant investments in research, development and engineering (RD&E) are intended to enable us to deliver new products and technologies before the emergence of strong demand, allowing customers to incorporate these products into their manufacturing plans during early-stage technology selection. We collaborate closely with our global customers to design systems and processes to meet their technical and production requirements. Our future operating results depend to a considerable extent on our ability to maintain a competitive advantage in the equipment and service products we provide. Development cycles depend on whether the product is an enhancement of an existing product, which typically has a shorter development cycle, or a new product, which typically has a longer development cycle. Most of our existing products resulted from internal development activities and innovations involving new technologies, materials and processes. In certain instances, we acquire technologies, either in existing or new product areas, to complement our existing technology capabilities and to reduce time to market. Product development and manufacturing activities occur primarily in the United States, Europe, Israel, and Asia. Our portfolio of equipment and service products are highly technical and are sold primarily through a direct sales force. We believe that it is critical to make substantial investments in RD&E to assure the availability of innovative technology that meets the current and projected requirements of our customers\u2019 most advanced designs. We have and continue to invest in RD&E in order to continue to offer new products and technologies. We Item 1: Business Applied Materials, Inc. is the leader in the materials engineering solutions used to produce virtually every semiconductor in the world. Semiconductors provide the foundation for advances in technology that are reshaping the global economy, including artificial intelligence, the internet of things, robotics, electric and autonomous vehicles, and clean energy. We are experts in the design, development, production, and servicing of the critical wafer fabrication tools our customers need to manufacture semiconductors. Our customers\u2019 products are used across personal computing devices, mobile phones, artificial intelligence (AI) and data center servers, automobiles, connected devices, industrial applications and consumer electronics. We are well positioned to address the increasing complexity in manufacturing semiconductors, by leveraging the semiconductor capital equipment industry\u2019s most comprehensive portfolio of products to connect and co-optimize our technologies. This enables our customers to evolve their semiconductor technology roadmaps and achieve superior results in their products. Incorporated in 1967, we are a Delaware corporation. Our fiscal year ends on the last Sunday in October. We operate in two reportable segments: Semiconductor Systems and Applied Global Services\u00ae (AGS). The Semiconductor Systems segment represents the largest contributor to our net revenue. A summary of financial information for each reportable segment is found in Note 15 of Notes to Consolidated Financial Statements. A discussion of factors that could affect operations is set forth under \u201cRisk Factors\u201d in Item 1A, which is incorporated herein by reference. Semiconductor Systems Our Semiconductor Systems segment designs, develops, manufactures and sells a wide range of equipment used to fabricate semiconductor chips, also referred to as integrated circuits (ICs). The Semiconductor Systems segment consists of the semiconductor capital equipment industry\u2019s most Item 1A: Risk Factors The following risk factors could materially and adversely affect our business, financial condition or results of operations and cause reputational harm, and should be carefully considered in evaluating our business, in addition to other information presented elsewhere in this report. Business an", "title": "AMAT - APPLIED MATERIALS INC /DE", "url": "/company/AMAT/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001751008; latest 10-K filed 2026-02-19.", "text": "APP - AppLovin Corp SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001751008; latest 10-K filed 2026-02-19. APP AppLovin Corp 0001751008 7370 Services-Computer Programming, Data Processing, Etc. Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Factors that could cause or contribute to such differences include those identified below and those discussed in the section titled \u201cRisk Factors\u201d and other parts of this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Overview Our mission is to create meaningful connections between companies and their ideal customers. We provide end-to-end AI-powered advertising solutions for businesses to reach, monetize and grow their global audience. Our scaled business model is intricately linked to the advertising ecosystem, providing a durable competitive advantage. We generate revenue when our advertisers achieve their return on advertising spend targets with our advertising solutions, ensuring that their success directly fuels our growth. Since our founding in 2011, we have been focused on building advertising solutions for advertisers to improve the marketing and monetization of their content. Our founders, who were mobile app developers themselves, quickly realized the real impediment to success and growth in the advertising ecosystem was a discovery and monetization problem\u2014breaking through the congested app stores to efficiently find users and successfully grow their business. Their first-hand experience with these challenges led to the development of our infrastructure and advertising solutions. Recent Developments On May 7, 2025, we, along with our subsidiaries Morocco, Inc. and AppLovin GmbH (collectively, the \u201cSellers\u201d) entered into a Purchase Agreement (the \u201cAgreement\u201d) with Tripledot and its subsidiaries Eton Games Inc. (\"Eton\") and Tripledot Group Holdings Limited (collectively, with Tripledot, the \u201cPurchasers\u201d) relating to the sale of our Apps business. On June 30, 2025, we and Tripledot entered into an amendment to the Agreement to provide, among other things, that in lieu of the issuance of a secured promissory note by Eton to us or our designated affiliate to fund a portion of the full Cash Consideration (as defined in the Agreement), Tripledot may elect to pay such amount in cash. On June 30, 2025, we consummated the sale of the Apps business to the Purchasers for $400 million in cash, subject to closing adjustments, and equity consideration representing approximately 20% of Tripledot\u2019s fully-diluted equity at the time of closing. No promissory note was issued as part of the transaction. Following the sale of the Apps business, we operate as a single operating and reportable segment. Results related to our Apps business are presented as discontinued operations in our consolidated financial statements. See Note 2\u2014Summary of Significant Accounting Policies and Note 3 \u2013 Discontinued Operations of the Notes to consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K. Our Business Model We primarily generate revenue from fees paid by advertisers who use our advertising solutions to grow and monetize their content. We are able to grow our revenue by improving our various technologies, including improvements to our Axon AI recommendation engine. Advertising clients include a wide variety of advertisers, from indie developer studios to some of the largest global internet platforms, such as Meta and Google. We see multiple opportunities to gain new clients, and to increase spend from existing clients, as we help them grow their businesses and make them more successful. Our advertising solutions include Axon Ads Manager, MAX, Adjust, and Wurl. Clients use Axon Ads Manager Item 1. Business Our mission is to create meaningful connections between companies and their ideal customers. We provide end-to-end artificial intelligence-powered (\"AI\") advertising solutions for businesses to reach, monetize and grow their global audience. Our scaled business model is intricately linked to the advertising ecosystem, providing a durable competitive advantage. We generate revenue when our advertisers achieve their return on advertising spend targets with our advertising solutions, ensuring that their success directly fuels our growth. AppLovin is critical to the success of advertisers and publishers seeking to solve marketing and monetization challenges. Through our technologies and scaled distribution, advertisers are able to better place content so that it is discovered by the right audience, manage, optimize, and analyze their marketing investments, and improve the monetization of their content, and publishers are able to better monetize their gaming apps. Our advertising solutions include a comprehensive suite of tools including: \u2022Axon Ads Manager, our user acquisition solution, is the cornerstone of our advertising solutions. Axon Ads Manager is powered by our Axon AI advertising recommendation engine and matches advertiser demand with publisher supply through auctions at vast scale and at microsecond-level speeds. \u2022MAX is our monetization solution, utilizing an advanced in-app bidding technology that optimizes the value of a publisher\u2019s advertising inventory by running a real-time competitive auction, driving more competition, and higher returns for publishers. \u2022Adjust is our measurement and analytics marketing platform which provides marketers with the visibility, insights, and data needed to scale their apps marketing and drive more informed results. \u2022Wurl is our connected TV (\"CTV\") platform that both distributes streaming video for content companies and provides advanced advertising and publishing solutions to attract viewers and max ITEM 1A. RISK FACTORS You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our", "title": "APP - AppLovin Corp", "url": "/company/APP/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001521332; latest 10-K filed 2026-02-06.", "text": "APTV - Aptiv PLC SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001521332; latest 10-K filed 2026-02-06. APTV Aptiv PLC 0001521332 3714 Motor Vehicle Parts & Accessories ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following management\u2019s discussion and analysis of financial condition and results of operations (\u201cMD&A\u201d) is intended to help you understand the business operations and financial condition of the Company for the year ended December 31, 2025. This discussion should be read in conjunction with Item 8. Financial Statements and Supplementary Data. Our MD&A is presented in seven sections: \u2022Executive Overview \u2022Consolidated Results of Operations \u2022Results of Operations by Segment \u2022Liquidity and Capital Resources \u2022Off-Balance Sheet Arrangements \u2022Significant Accounting Policies and Critical Accounting Estimates \u2022Recently Issued Accounting Pronouncements Executive Overview Our Business Aptiv is a global industrial technology company focused on enabling a more automated, electrified and digitalized future. We deliver flexible and scalable solutions that support our customers\u2019 transition to an increasingly software-defined future. Our technologies reach from sensor to cloud, including the hardware and software necessary to support automotive and other industries on a global basis. Our Advanced Safety and User Experience segment provides advanced software and services, intelligent sensors and high-performance compute platforms; our Engineered Components Group segment provides connection systems, high-performance interconnects, and cable management and protection solutions; and our Electrical Distribution Systems segment provides low voltage and high voltage power, signal and data distribution. We are one of the largest vehicle technology suppliers and our customers include the 25 largest automotive original equipment manufacturers (\u201cOEMs\u201d) in the world, as well as many of the leading aerospace and defense companies and global telecom operators. In December 2024, Old Aptiv (as defined below) completed its previously announced reorganization transaction (the \u201cTransaction,\u201d or the \u201creorganization transaction\u201d), in which Old Aptiv established a new publicly-listed Jersey parent company, Aptiv Holdings Limited (\u201cNew Aptiv\u201d), which is resident for tax purposes in Switzerland. As a result of the Transaction, all issued and outstanding ordinary shares of Old Aptiv were exchanged on a one-for-one basis for newly issued ordinary shares of New Aptiv. Following consummation of the Transaction, holders of Old Aptiv shares became ordinary shareholders of New Aptiv, Old Aptiv became a wholly-owned subsidiary of New Aptiv and New Aptiv was renamed \u201cAptiv PLC.\u201d The previous publicly-listed Jersey parent company, which was an Irish tax resident, is referred to as \u201cOld Aptiv\u201d throughout this Annual Report on Form 10-K. New Aptiv\u2019s ordinary shares are publicly traded on the New York Stock Exchange (\u201cNYSE\u201d) under the symbol \u201cAPTV,\u201d the same symbol under which the Old Aptiv shares were previously listed. Aptiv PLC remains a public limited company incorporated under the laws of Jersey, and continues to be subject to U.S. Securities and Exchange Commission reporting requirements. In December 2024, following the completion of the Transaction, Old Aptiv merged with and into Aptiv Swiss Holdings Limited (\u201cAptiv Swiss Holdings\u201d), a newly formed Jersey incorporated private limited company, and a direct, wholly-owned subsidiary of New Aptiv, with Aptiv Swiss Holdings surviving as a direct, wholly owned subsidiary of New Aptiv, and Old Aptiv ceasing to exist. Except as otherwise noted, all property, rights, privileges, powers and franchises of Old Aptiv vested in Aptiv Swiss Holdings, and all debts, liabilities and duties of Old Aptiv became debts, liabilities and duties of Aptiv Swiss Holdings. As a result of the Transaction described above, there were no material changes in Aptiv PLC\u2019s operations or governance. In connection with the Transaction, New Aptiv assumed Old Aptiv\u2019s long-term incentive plans and its existing obligations in connection with awards gra ITEM 1. BUSINESS In December 2024, Old Aptiv (as defined below), a public limited company formed under the laws of Jersey on May 19, 2011, completed its previously announced reorganization transaction (the \u201cTransaction,\u201d or the \u201creorganization transaction\u201d), in which Old Aptiv established a new publicly-listed Jersey parent company, Aptiv Holdings Limited (\u201cNew Aptiv\u201d), which is resident for tax purposes in Switzerland. As a result of the Transaction, all issued and outstanding ordinary shares of Old Aptiv were exchanged on a one-for-one basis for newly issued ordinary shares of New Aptiv. Following consummation of the Transaction, holders of Old Aptiv shares became ordinary shareholders of New Aptiv, Old Aptiv became a wholly-owned subsidiary of New Aptiv and New Aptiv was renamed \u201cAptiv PLC.\u201d The previous publicly-listed Jersey parent company, which was an Irish tax resident, is referred to as \u201cOld Aptiv\u201d throughout this Annual Report on Form 10-K. New Aptiv\u2019s ordinary shares are publicly traded on the New York Stock Exchange (\u201cNYSE\u201d) under the symbol \u201cAPTV,\u201d the same symbol under which the Old Aptiv shares were previously listed. Aptiv PLC remains a public limited company incorporated under the laws of Jersey, and continues to be subject to U.S. Securities and Exchange Commission reporting requirements. In December 2024, following the completion of the Transaction, Old Aptiv merged with and into Aptiv Swiss Holdings Limited (\u201cAptiv Swiss Holdings\u201d), a newly formed Jersey incorporated private limited company, and a direct, wholly-owned subsidiary of New Aptiv, with Aptiv Swiss Holdings surviving as a direct, wholly owned subsidiary of New Aptiv, and Old Aptiv ceasing to exist. Except as otherwise noted, all property, rights, privileges, powers and franchises of Old Aptiv vested in Aptiv Swiss Holdings, and all debts, liabilities and duties of Old Aptiv became debts, liabilities and duties of Aptiv Swiss Holdings. In connection with the Transaction, New Aptiv as ITEM 1A. RISK FACTORS Set forth below are certain risks and uncertainties that could adversely affect our results of operations or financial condition and cause our actual results to differ materially from those expressed in forward-looking statements made by the Company. Also refer to the Cautionary Statement Regarding Forward-Looking Inform", "title": "APTV - Aptiv PLC", "url": "/company/APTV/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000947484; latest 10-K filed 2026-02-26.", "text": "ACGL - ARCH CAPITAL GROUP LTD. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000947484; latest 10-K filed 2026-02-26. ACGL ARCH CAPITAL GROUP LTD. 0000947484 6331 Fire, Marine & Casualty Insurance ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion and analysis of the financial condition and results of operations for the year ended December 31, 2025 and 2024. Comparisons between 2024 and 2023 have been omitted from this Form 10-K, but may be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of the Company's Annual Report on Form 10-K year ended December 31, 2024 filed with the SEC. This discussion and analysis contains forward-looking statements which involve inherent risks and uncertainties. All statements other than statements of historical fact are forward-looking statements. These statements are based on our current assessment of risks and uncertainties. Actual results may differ materially from those expressed or implied in these statements and, therefore, undue reliance should not be placed on them. Important factors that could cause actual events or results to differ materially from those indicated in such statements are discussed in this report, including the sections entitled \u201cCautionary Note Regarding Forward-Looking Statements,\u201d and \u201cRisk Factors.\u201d This discussion and analysis should be read in conjunction with our audited consolidated financial statements and notes thereto presented under Item 8. All amounts are in millions, except per share amounts, unless otherwise noted. [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"Page No.\"],[\"Overview\",\"\",\"71\"],[\"Current Outlook\",\"\",\"71\"],[\"Financial Measures\",\"\",\"72\"],[\"Comments on Non-GAAP Measures\",\"\",\"73\"],[\"Results of Operations\",\"\",\"75\"],[\"\",\"Insurance Segment\",\"\",\"75\"],[\"\",\"Reinsurance Segment\",\"\",\"77\"],[\"\",\"Mortgage Segment\",\"\",\"78\"],[\"\",\"Corporate\",\"\",\"80\"],[\"Summary of Critical Accounting Estimates\",\"\",\"81\"],[\"Financial Condition\",\"\",\"89\"],[\"Liquidity\",\"\",\"92\"],[\"Capital Resources\",\"\",\"94\"],[\"Contractual Obligations and Commitments\",\"\",\"97\"],[\"Ratings\",\"\",\"97\"],[\"Catastrophic Events and Severe Economic Events\",\"\",\"98\"],[\"Market Sensitive Instruments and Risk Management\",\"\",\"100\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"ARCH CAPITAL\",\"70\",\"2025 FORM 10-K\"]] [[/GREPCENT_TABLE]] OVERVIEW Arch Capital Group Ltd. (\u201cArch Capital\u201d and, together with its subsidiaries, \u201cwe\u201d or \u201cus\u201d) is a publicly listed Bermuda exempted company with approximately $26.9 billion in capital at December 31, 2025 and is part of the S&P 500 index. Through operations in Bermuda, the United States, United Kingdom, Europe, Canada and Australia, we write specialty lines of property and casualty insurance and reinsurance, as well as mortgage insurance and reinsurance, on a worldwide basis. It is our belief that our underwriting platform, experienced management team and strong capital base enable us to establish a strong presence in the markets where we operate. The worldwide property casualty insurance and reinsurance industry is highly competitive and has traditionally been subject to an underwriting cycle. In that cycle, a \u201chard\u201d market is evidenced by high premium rates, restrictive underwriting standards, narrow terms and conditions, and strong underwriting profits for insurers. A \u201chard\u201d market typically attracts new capital and new entrants to the market and is eventually followed by a \u201csoft\u201d market, which has characteristics of low premium rates, relaxed underwriting standards, broader terms and conditions, and lower underwriting profits for insurers. Market conditions in the property and casualty arena may affect, among other things, the demand for our products, our ability to increase premium rates, the terms and conditions of the insurance policies we write, changes in the products offered by us or changes in our business strategy. The financial results of the property casualty insurance and reinsurance industry are influenced by factors such as the frequency and/or severity of claims and losses, including natural disasters or other catastrophic events, v ITEM 1. BUSINESS As used in this report, references to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cArch\u201d or the \u201cCompany\u201d refer to the consolidated operations of Arch Capital Group Ltd. (\u201cArch Capital\u201d) and its subsidiaries. All amounts are in millions, except per share amounts, unless otherwise noted. We refer you to Item 1A \u201cRisk Factors\u201d for a discussion of risk factors relating to our business. OUR COMPANY General Arch Capital is a publicly listed Bermuda exempted company with approximately $26.9 billion in capital at December 31, 2025 and is part of the S&P 500 index. Arch provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries. While we are positioned to provide a full range of property, casualty and mortgage insurance and reinsurance lines, we focus on writing specialty lines of insurance and reinsurance. For 2025, we wrote $16.5 billion of net premiums and reported net income available to Arch common shareholders of $4.4 billion. Book value per share was $65.11 at December 31, 2025, compared to $53.11 per share at December 31, 2024. Arch Capital\u2019s registered office is located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda (telephone number: (441) 295-1422), and its principal executive offices are located at Waterloo House, Ground Floor, 100 Pitts Bay Road, Pembroke HM 08, Bermuda (telephone number: (441) 278-9250). Arch Capital makes available free of charge through its website, located at www.archgroup.com, its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports as soon as reasonably practicable after such material is electronically filed with, or furnished to, the U.S. Securities and Exchange Commission (\u201cSEC\u201d). The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC (such as Arch Capital) and the address of that site i ITEM 1A. RISK FACTORS Set forth below are risk factors relating to our business. These risks and uncertainties are not the only ones we face. There may be additional risks that we currently consider not to be material or of which we are not currently aware, and any of these risks could cause our actual results", "title": "ACGL - ARCH CAPITAL GROUP LTD.", "url": "/company/ACGL/" }, { "kind": "company", "summary": "SIC 2070 Fats & Oils; CIK 0000007084; latest 10-K filed 2026-02-17.", "text": "ADM - Archer-Daniels-Midland Co SIC 2070 Fats & Oils; CIK 0000007084; latest 10-K filed 2026-02-17. ADM Archer-Daniels-Midland Co 0000007084 2070 Fats & Oils Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the accompanying Consolidated Financial Statements, which can be found in Part II. Item 8. Financial Statements and Supplementary Data. This MD&A generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Form 10-K and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II. Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed on February 20, 2025. Company Overview Archer-Daniels-Midland Company and its subsidiaries (the \"Company\" or \"ADM\") unlocks the power of nature to enrich the quality of life. The Company is an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. ADM is also a premier human and animal nutrition provider, as well as a leader in health and well-being products. Reportable Segments The Company\u2019s operations are organized, managed, and classified into three reportable segments: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition. The Company\u2019s remaining operations are not reportable segments, as defined by the applicable accounting standard, and are classified within either Corporate or Other Business. See Part II. Item 8. Financial Statements and Supplementary Data. Note 17. Segment and Geographic Information for further information on the nature of our business and our reportable segments. 2025 Strategy The Company\u2019s goal is to continue to build and sustain long-term value for its shareholders and customers. The Company has established the following priorities to help achieve its goal: \u2022Focus on execution and cost management \u2013 ADM seeks to prioritize operational excellence and drive targeted cost reductions through: (1) boosting plant efficiencies; (2) optimizing operating leverage within the Nutrition segment; and (3) reducing third party spend and selling, general, and administrative expenses. \u2022Strategic simplification \u2013 ADM seeks to enhance returns on invested capital by executing a pipeline of simplification opportunities to optimize our portfolio and organizational structure, including: (1) addressing performance, demand, and capacity challenges; (2) reducing capital expenditures that do not meet the Company\u2019s return objectives; and (3) reducing capability overlaps through synergies, closures, and divestitures. \u2022Targeted growth investment \u2013 ADM seeks to prioritize organic investment in key strategic initiatives, while also ensuring our businesses are ready for the future, including: (1) plant modernization investments; (2) cost optimization investments; and (3) enterprise system and process enhancements. \u2022Deploy capital with discipline \u2013 ADM seeks to prudently invest in opportunities while continuing to return value to shareholders through dividends. The successful execution of the above priorities is expected to afford ADM the ability to continue investing in future growth that creates value over the long-term. ADM is investing in several key areas such as enhanced nutrition, biotics, biosolutions, precision fermentation, and decarbonization. Each of these development pathways has a different growth profile and timeline for value creation, and each complements our core business and presents the potential for compelling, enduring returns. 27 Table of Contents ARCHER-DANIELS-MIDLAND COMPANY MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ADM has refined its digital strategy and has pivoted away from large global implementations and toward prioritizing regional, more agile projects. The Com Item 1. BUSINESS Company Overview Archer-Daniels-Midland Company and its subsidiaries (the \"Company\" or \"ADM\") unlocks the power of nature to enrich the quality of life. The Company is an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities. ADM is also a premier human and animal nutrition provider, as well as a leader in health and well-being products. The Company partners with thousands of farmers around the world to purchase their crops and uses its integrated global origination, logistics, and manufacturing network to transform many of those raw commodities into an expansive array of products serving the food, feed, fuel, and industrial and consumer products sectors. The Company offers a broad portfolio of food and beverage products, from staple foods to innovative alternatives, such as natural colors and flavors, plant-based proteins, and lower-sugar, fat, and salt solutions. ADM provides human and animal nutrition ingredients and solutions that support health, productivity, and sustainability. It offers a wide range of health and well-being products, such as probiotics, enzymes, and supplements to meet the needs of consumers looking for new ways to live healthier lives. ADM is a key producer of biofuels, converting agricultural feedstocks into renewable fuels used in transportation and industrial applications. ADM is a cutting-edge innovator, investing in research, application development, and process improvement to deliver value-added products, enhance supply chain efficiency, and advance sustainable agricultural and nutrition solutions. It continues to develop a broad range of new bio-based consumer and industrial solutions as well as advance and scale its carbon capture and sequestration capabilities and other initiatives. ADM is a leader in business-driven sustainability efforts that support a strong agricultural sector, resilient supply chains, and a vast and growin Item 1A. RISK FACTORS The risks described below, as well as the other information contained in this Annual Report on Form 10-K, should be carefully considered. Any one or more of such risks could materially and adversely affect the Company\u2019s business, financial condition, results of operations, and stock price and could cause actual results of operations and f", "title": "ADM - Archer-Daniels-Midland Co", "url": "/company/ADM/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001176948; latest 10-K filed 2026-02-25.", "text": "ARES - Ares Management Corp SIC 6282 Investment Advice; CIK 0001176948; latest 10-K filed 2026-02-25. ARES Ares Management Corp 0001176948 6282 Investment Advice Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations AMC is a Delaware corporation. Unless the context otherwise requires, references to \u201cAres,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and the \u201cCompany\u201d are intended to mean the business and operations of AMC and its consolidated subsidiaries. The following discussion analyzes the financial condition and results of operations of the Company. \u201cConsolidated Funds\u201d refers collectively to certain Ares funds, co-investment vehicles, structured financing vehicles, CLOs and SPACs that are required under generally accepted accounting principles in the United States (\u201cGAAP\u201d) to be consolidated within our consolidated financial statements included in this Annual Report on Form 10-K. Additional terms used by the Company are defined in the Glossary and throughout the Management\u2019s Discussion and Analysis in this Annual Report on Form 10-K. The following discussion and analysis should be read in conjunction with the consolidated financial statements of AMC and the related notes included in this Annual Report on Form 10-K. This section of the Annual Report on Form 10-K discusses activity as of and for the years ended December 31, 2025 and 2024. For discussion on activity for the year ended December 31, 2023 and period-over-period analysis on results for the year ended December 31, 2024 to 2023, refer to Part II, \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. We have reclassified certain prior period amounts to conform to the current year presentation. Amounts and percentages presented throughout our discussion and analysis of financial condition and results of operations may reflect rounded results in thousands (unless otherwise indicated) and consequently, totals may not appear to sum. In addition, illustrative charts may not be presented at scale. \u201cNM\u201d refers to not meaningful. Period-over-period analysis for current year compared to prior year may be deemed to be not meaningful and are designated as \u201cNM\u201d within the discussion and analysis of financial condition and results of operations. Trends Affecting Our Business We believe that our disciplined investment philosophy across our distinct but complementary investment groups contributes to the stability of our performance throughout market cycles. For the year ended December 31, 2025, 93% of our management fees were derived from perpetual capital vehicles or long-dated funds. Our funds have a stable base of committed capital enabling us to invest in assets with a long-term focus over different points in a market cycle and to take advantage of market volatility. However, our results from operations, including the fair value of our AUM, are affected by a variety of factors. Conditions in the global financial markets and economic and political environments may impact our business, particularly in the U.S., Europe and APAC. The following table presents returns of selected market indices: [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"Returns (%)\"],[\"Type of Index\",\"\",\"Name of Index\",\"\",\"Region\",\"\",\"\",\"\",\"Year ended December 31, 2025\"],[\"High yield bonds\",\"\",\"ICE BAML High Yield Master II Index\",\"\",\"U.S.\",\"\",\"\",\"\",\"8.5\"],[\"High yield bonds\",\"\",\"ICE BAML European Currency High Yield Index\",\"\",\"Europe\",\"\",\"\",\"\",\"5.3\"],[\"Leveraged loans\",\"\",\"S&P UBS Leveraged Loan Index\",\"\",\"U.S.\",\"\",\"\",\"\",\"5.9\"],[\"Leveraged loans\",\"\",\"S&P UBS Western European Leveraged Loan Index\",\"\",\"Europe\",\"\",\"\",\"\",\"4.0\"],[\"Equities\",\"\",\"S&P 500 Index\",\"\",\"U.S.\",\"\",\"\",\"\",\"17.9\"],[\"Equities\",\"\",\"MSCI All Country World Ex-U.S. Index\",\"\",\"Non-U.S.\",\"\",\"\",\"\",\"33.1\"],[\"Infrastructure equities\",\"\",\"S&P Global Infrastructure Index\",\"\",\"Global\",\"\",\"\",\"\",\"22.6\"],[\"Real estate equities\",\"\",\"FTSE NAREIT All Equity REITs Index\",\"\",\"U.S.\",\"\",\"\",\"\",\"(1.7)\"],[\"Real estate equities\",\"\",\"FTSE EPRA/NAREIT Developed Europe Index\",\"\",\"Europe\",\"\", Item 1. Business Overview Ares is a leading global alternative investment manager with $622.5 billion of assets under management and over 4,250 employees in over 55 offices in more than 25 countries. We offer our investors a range of investment strategies and seek to deliver attractive performance to an investor base that includes over 2,850 direct institutional relationships and a significant retail investor base across our publicly-traded funds, sub-advised accounts and perpetual wealth vehicles. Since our inception in 1997, we have adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns through market cycles. Ares believes each of its distinct but complementary investment groups in Credit, Real Assets, Secondaries and Private Equity is a market leader based on assets under management and investment performance. We believe we create value for our stakeholders not only through our investment performance, but also by expanding our product offerings, enhancing our distribution channels, increasing our global presence, investing in our non-investment functions, securing strategic partnerships and completing strategic acquisitions and portfolio purchases. Our AUM has grown to $622.5 billion as of December 31, 2025 from $94.0 billion a decade earlier. As shown in the chart below, over the past five and 10 years, our assets under management have achieved a compound annual growth rate (\u201cCAGR\u201d) of 26% and 21%, respectively ($ in billions): We have an established track record of delivering strong risk-adjusted returns through market cycles. We believe our consistent and strong performance in a broad range of alternative investments has been shaped by several distinguishing features of our platform: \u2022Comprehensive Multi-Asset Class Expertise and Flexible Capital: Our proficiency at evaluating every level of the capital structure, from senior debt to common equity, across companies, structured assets, real estate Item 1A. Risk Factors Risk Factor Summary Our businesses are subject to a number of inherent risks. We believe that the primary risks affecting our businesses and an investment in shares of our Class A common stock or Series B mandatory convertible preferred stock are: \u2022difficult, volatile market and political conditions may adversely affect our busines", "title": "ARES - Ares Management Corp", "url": "/company/ARES/" }, { "kind": "company", "summary": "SIC 3576 Computer Communications Equipment; CIK 0001596532; latest 10-K filed 2026-02-17.", "text": "ANET - Arista Networks, Inc. SIC 3576 Computer Communications Equipment; CIK 0001596532; latest 10-K filed 2026-02-17. ANET Arista Networks, Inc. 0001596532 3576 Computer Communications Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with the consolidated financial statements and related notes that are included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current plans, expectations and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. Overview In a world where data is increasingly a precious commodity and competitive differentiator, Arista was founded to enable our customers to access all their centers of data in the quickest, most reliable, and secure manner. Over the last two decades, we have emerged as an industry leader, delivering data-driven, client-to-cloud networking-as-a-service. Our \u201cCenters of Data\u201d strategy is a fundamental pivot from legacy networking approaches that create incongruent silos to a unified, data-driven approach in which the network is a service that interconnects four primary domains: AI Centers, Data Centers, Campus Centers, and WAN Centers. Anchored by Arista\u2019s state-oriented Extensible Operating System (EOS) and Network Data Lake (NetDL), our network-as-a-service platform delivers a seamless, consolidated networking experience regardless of data location Our solutions are differentiated because they: \u2022offer uncompromising reliability derived from the foundation of robust quality assurance capabilities, and a suite of automated diagnostics; \u2022are based on advanced open and standards-based technology that avoids what is often expensive vendor lock-in, and \u2022provide consistent real-time telemetry and intelligent automation to decrease the manual workload on the operator. This strategy and differentiation have also allowed us to deliver our comprehensive suite of products, services, and technologies to a global customer base segmented into three primary categories: Cloud and AI Titans, AI and Specialty Providers, and Enterprise. Market research confirms that we continue to be a leader in high-speed Ethernet switching. The percentage of revenue derived from these customers during the current fiscal year was approximately 48% from Cloud and AI Titans, 32% from Enterprise and 20% from AI and Specialty Providers. Arista established itself as a market leader with platforms, products, and people to enable some of these hyperscalers\u2019 most consequential networks. Our network-as-a-service approach now empowers customers of all sizes to seamlessly leverage their data through offerings spanning three key categories: Core (AI, Cloud, and Data Center Networking), Cognitive Adjacencies (Campus and Routing), and Cognitive Networks (Software and Services). The percentage of revenue derived from these product categories during the current fiscal year was approximately 65% from Core, 18% from Cognitive Adjacencies, and 17% from Software and Services. With world-class engineering expertise and platform innovation, our customers gain the predictable performance and operational simplicity required to turn data into a sustainable competitive advantage in a modern, AI-driven world. The market for cloud networking is characterized by rapid technological evolution, intensifying competition, and the expansion of generative and agentic AI. To sustain our success and adapt to the market, we must increase sales in cloud, AI and enterprise data center Ethernet switching/routing markets, and campus workspace markets by leveraging our ability to rapidly develop new features and software applications. Our growth strategy relies on maintaining our agility and increasing our investment in research and development to deliver market-leading features to enhance th Item 1. Business In a world where data is increasingly a precious commodity and competitive differentiator, Arista was founded to enable our customers to access all their centers of data in the quickest, most reliable, and secure manner. Over the last two decades, we have emerged as an industry leader, delivering data-driven, client-to-cloud networking-as-a-service. Our \u201cCenters of Data\u201d strategy is a fundamental pivot from legacy networking approaches that create incongruent silos to a unified, data-driven approach in which the network is a service that interconnects four primary domains: AI Centers, Data Centers, Campus Centers, and WAN Centers. Anchored by Arista\u2019s state-oriented Extensible Operating System (EOS) and Network Data Lake (NetDL), our network-as-a-service platform delivers a seamless, consolidated networking experience regardless of data location. Our solutions are differentiated because they: \u2022offer uncompromising reliability derived from the foundation of robust quality assurance capabilities, and a suite of automated diagnostics, \u2022are based on advanced open and standards-based technology that avoids what is often expensive vendor lock-in, and \u2022provide consistent real-time telemetry and intelligent automation to decrease the manual workload on the operator. This strategy and differentiation have also allowed us to deliver our comprehensive suite of products, services, and technologies to a global customer base segmented into three primary categories: Cloud and AI Titans, AI and Specialty Providers, and Enterprise. Market research confirms that we continue to be a leader in high-speed Ethernet switching. Our Market Drivers and Products Centers of Data Drive the World 1 Table of Contents In the modern competitive landscape, the ability to access, manipulate, and leverage data is fundamental to an organization\u2019s growth and viability. This is especially true in the era of Large Language Models (LLMs), agentic AI, and physical AI, where data Item 1A. Risk Factors You should consider carefully the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, which could materially affect our business, financial condition, results of operations and prospects. The risks described below are not the only risks fa", "title": "ANET - Arista Networks, Inc.", "url": "/company/ANET/" }, { "kind": "company", "summary": "SIC 6411 Insurance Agents, Brokers & Service; CIK 0000354190; latest 10-K filed 2026-02-17.", "text": "AJG - Arthur J. Gallagher & Co. SIC 6411 Insurance Agents, Brokers & Service; CIK 0000354190; latest 10-K filed 2026-02-17. AJG Arthur J. Gallagher & Co. 0000354190 6411 Insurance Agents, Brokers & Service Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Introduction The following discussion and analysis should be read in conjunction with our consolidated financial statements and the related notes included in Item 8 of this annual report. In addition, please see \u201cInformation Regarding Non-GAAP Measures and Other\u201d beginning on page 38 for a reconciliation of the non-GAAP measures for adjusted total revenues, organic commission, fee and supplemental revenues and adjusted EBITDAC to the comparable GAAP measures, as well as other important information regarding these measures. We are engaged in providing insurance brokerage, reinsurance brokerage, consulting services, and third-party property/casualty claims settlement and administration services to entities and individuals around the world. We believe that one of our major strengths is our ability to deliver comprehensively structured insurance and risk management services to our clients. Our brokers, agents and administrators act as intermediaries between underwriting enterprises and our clients and we do not assume net underwriting risks. We are headquartered in Rolling Meadows, Illinois, and provide brokerage, risk management and consulting services in approximately 130 countries around the world through our owned operations and a network of correspondent brokers and consultants and third-party property/casualty claims settlement and administration services through a network of offices located throughout Australia, Canada, New Zealand, the U.K. and the U.S. In 2025, we expanded, and expect to continue to expand, our international operations through both acquisitions and organic growth. We generate approximately 67% of our revenues for the combined brokerage and risk management segments domestically, with the remaining 33% generated internationally, primarily in Australia, Canada, New Zealand and the U.K. (based on 2025 revenues). We have three reportable segments: brokerage, risk management and corporate. Brokerage and risk management contributed approximately 87% and 13%, respectively, to 2025 revenues. Our major sources of operating revenues are commissions, fees and supplemental and contingent revenues from brokerage operations and fees from risk management operations. Interest income, premium finance revenues and other income is generated from invested cash and fiduciary funds and revenue from premium financing. Prior Year Discussion of Results and Comparisons For information on fiscal 2024 results and similar comparisons, see \"Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\" of our Form 10-K for the fiscal year ended December 31, 2024. 35 Table of Contents Summary of Financial Results - Year Ended December 31, See the Reconciliations of Non-GAAP Measures on page 38. [[GREPCENT_TABLE]] [[\"\",\"Year 2025\",\"\",\"Year 2024\",\"\",\"Change\"],[\"\",\"Reported GAAP\",\"\",\"Adjusted Non-GAAP\",\"\",\"Reported GAAP\",\"\",\"Adjusted Non-GAAP\",\"\",\"Reported GAAP\",\"\",\"Adjusted Non-GAAP\"],[\"\",\"(In millions, except per share data)\"],[\"Brokerage Segment\"],[\"Revenues\",\"$\",\"12,192\",\"\",\"\",\"$\",\"12,168\",\"\",\"\",\"$\",\"9,934\",\"\",\"\",\"$\",\"9,941\",\"\",\"\",\"23\",\"%\",\"\",\"22\",\"%\"],[\"Organic revenues\",\"\",\"\",\"$\",\"9,786\",\"\",\"\",\"\",\"\",\"$\",\"9,215\",\"\",\"\",\"\",\"\",\"6\",\"%\"],[\"Net earnings\",\"$\",\"2,052\",\"\",\"\",\"\",\"\",\"$\",\"1,686\",\"\",\"\",\"\",\"\",\"22\",\"%\"],[\"Net earnings margin\",\"16.8\",\"%\",\"\",\"\",\"\",\"17.0\",\"%\",\"\",\"\",\"\",\"- 14 bpts\"],[\"Adjusted EBITDAC\",\"\",\"\",\"$\",\"4,446\",\"\",\"\",\"\",\"\",\"$\",\"3,488\",\"\",\"\",\"\",\"\",\"27\",\"%\"],[\"Adjusted EBITDAC margin\",\"\",\"\",\"36.5\",\"%\",\"\",\"\",\"\",\"35.1\",\"%\",\"\",\"\",\"\",\"+ 145 bpts\"],[\"Diluted net earnings per share\",\"$\",\"7.85\",\"\",\"\",\"$\",\"12.10\",\"\",\"\",\"$\",\"7.46\",\"\",\"\",\"$\",\"10.85\",\"\",\"\",\"5\",\"%\",\"\",\"12\",\"%\"],[\"Risk Management Segment\"],[\"Revenues before reimbursements\",\"$\",\"1,585\",\"\",\"\",\"$\",\"1,583\",\"\",\"\",\"$\",\"1,451\",\"\",\"\",\"$\",\"1,450\",\"\",\"\",\"9\",\"%\",\"\",\"9\",\"%\"],[\"Organic revenues\",\"\",\"\",\"$\",\"1,489\",\"\",\"\",\"\",\"\",\"$\",\"1,404\",\"\",\"\",\"\",\"\",\"6\",\"% Item 1. Business. Overview Arthur J. Gallagher & Co. and its subsidiaries, collectively referred to herein as we, our, us or Gallagher, are engaged in providing insurance brokerage, reinsurance brokerage, consulting, and third-party property/casualty claims settlement and administration services to entities and individuals around the world. We believe that our major strength is our ability to deliver comprehensively structured insurance, reinsurance and risk management solutions, superior claim outcomes and comprehensive consulting services to our clients. Our brokerage segment operations provide brokerage and consulting services to entities of all types, including commercial, nonprofit, public sector entities, insurance companies and insurance capital providers, and to a lesser extent, individuals, in the areas of insurance and reinsurance placements, risk of loss management, and management of employer sponsored benefit programs. Our risk management segment operations provide contract claim settlement, claim administration, loss control services and risk management consulting for commercial, nonprofit, captive and public sector entities, and various other organizations that choose to self-insure property/casualty coverages or choose to use a third-party claims management organization rather than the claim services provided by an underwriting enterprise. We do not assume underwriting risk on a net basis, other than with respect to de minimis amounts necessary to provide minimum or regulatory capital to organize captives, pools, specialized underwriters or risk-retention groups. Rather, capital necessary for covering events of loss is provided by \u201cunderwriting enterprises,\u201d which we define as insurance companies, reinsurance companies and various other risk-taking entities, including intermediaries of underwriting enterprises, that we do not own or control. Since our founding in 1927, we have grown from a one-person insurance agency to the world\u2019s third largest Item 1A. Risk Factors. Risk Factor Summary Risks Relating to our Business Generally \u2022Global economic and geopolitical events, such as fluctuations in interest and inflation rates; geo-economic fragmentation and protectionism; a recession or economic downturn; a U.S. government shutdown or political violence", "title": "AJG - Arthur J. Gallagher & Co.", "url": "/company/AJG/" }, { "kind": "company", "summary": "SIC 6399 Insurance Carriers, NEC; CIK 0001267238; latest 10-K filed 2026-02-19.", "text": "AIZ - ASSURANT, INC. SIC 6399 Insurance Carriers, NEC; CIK 0001267238; latest 10-K filed 2026-02-19. AIZ ASSURANT, INC. 0001267238 6399 Insurance Carriers, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and accompanying notes included elsewhere in this Report. It contains forward-looking statements that involve risks and uncertainties. Our actual results might differ materially from those projected in these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Report, particularly under the headings \u201cItem 1A \u2013 Risk Factors\u201d and \u201cForward-Looking Statements.\u201d General Segment Information As of December 31, 2025, we had two reportable operating segments which are defined based on the manner in which the Company\u2019s chief operating decision maker, our CEO, reviews the business to assess performance and allocate resources, and which align to the nature of the products and services offered: \u2022Global Lifestyle: includes mobile device solutions (including extended service contracts, insurance policies and related services), extended service contracts and related services for consumer electronics and appliances, and financial services and other insurance products (referred to as \u201cConnected Living\u201d); and vehicle protection services, commercial equipment protection and other related services (referred to as \u201cGlobal Automotive\u201d); and \u2022Global Housing: includes lender-placed homeowners, manufactured housing and flood insurance, as well as voluntary manufactured housing, condominium and homeowners insurance (referred to as \u201cHomeowners\u201d); and renters insurance and other products (referred to as \u201cRenters and Other\u201d). In addition, we report the Corporate and Other segment, which includes corporate employee-related expenses, activities of the holding company and investments in our home warranty business. We define Adjusted EBITDA, our segment measure of profitability, as net income, excluding net realized gains (losses) on investments and fair value changes to equity securities, interest expense, benefit (provision) for income taxes, depreciation expense, amortization of purchased intangible assets, as well as other highly variable or unusual items (including restructuring costs, the loss on the pending subsidiary sale and non-core operations, each as described below). The following discussion covers the year ended December 31, 2025 (\u201cTwelve Months 2025\u201d) and the year ended December 31, 2024 (\u201cTwelve Months 2024\u201d). For a more detailed comparative analysis, see the discussion that follows. Our comparative analysis of Twelve Months 2024 and the year ended December 31, 2023 is included under the heading \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 20, 2025. Executive Summary Summary of Financial Results Consolidated net income increased $112.5 million, or 15%, to $872.7 million for Twelve Months 2025 from $760.2 million for Twelve Months 2024, primarily due to higher segment earnings in Global Housing, lower reportable catastrophes and growth in Global Lifestyle, partially offset by a higher effective tax rate and restructuring costs. 43 Global Lifestyle Adjusted EBITDA increased $27.9 million, or 4%, to $801.3 million for Twelve Months 2025 from $773.4 million for Twelve Months 2024, primarily driven by Connected Living growth from global mobile programs and higher contributions from financial services. In Global Automotive, improved loss experience led to increased profitability. Global Lifestyle net earned premiums, fees and other income increased $615.2 million, or 7%, to $9.58 billion for the Twelve Months 2025 from $8.97 billion for Twelve Months 2024, primarily due to global mobile programs and from a new program in financial services within Connected Living Item 1. Business Assurant, Inc. was incorporated as a Delaware corporation in 2004. We are a premier global protection company that partners with the world\u2019s leading brands to safeguard and service connected devices, homes and automobiles. We leverage data-driven technology solutions to provide exceptional customer experiences. We operate in North America, Latin America, Europe and Asia Pacific through two operating segments: Global Lifestyle and Global Housing. Through our Global Lifestyle segment, we provide mobile device solutions, extended service contracts and related services for consumer electronics and appliances, and credit and other insurance products (referred to as \u201cConnected Living\u201d); and vehicle protection services, commercial equipment protection and other related services (referred to as \u201cGlobal Automotive\u201d). Through our Global Housing segment, we provide lender-placed homeowners, manufactured housing and flood insurance, as well as voluntary manufactured housing, condominium and homeowners insurance (referred to as \u201cHomeowners\u201d); and renters insurance and other products (referred to as \u201cRenters and Other\u201d). Our Competitive Strengths Our financial strength and capabilities across our businesses create competitive advantages that we believe allow us to support our clients, deliver a superior experience for their customers and drive sustainable profitable growth over the long term. Our financial strength and business model. We believe we have a strong balance sheet and operating cash flows. As of December 31, 2025, we had $36.29 billion in total assets and our debt to total capital was 27.3%. Our business model in our Global Lifestyle and Global Housing segments focuses on business-to-business-to-consumer (B2B2C) distribution, partnered with some of the world\u2019s leading brands. Our business model creates earnings and capital diversification, and generates significant operating cash flows, which provide us with the flexibility to make investments to Item 1A. Risk Factors Certain factors may have a material adverse effect on our business, financial condition, results of operations and cash flows. You should carefully consider them, along with the other information presented in this Report. It is not possible to predict or identify all such factors. Additional risks and uncertainties that are not yet ident", "title": "AIZ - ASSURANT, INC.", "url": "/company/AIZ/" }, { "kind": "company", "summary": "SIC 4924 Natural Gas Distribution; CIK 0000731802; latest 10-K filed 2025-11-14.", "text": "ATO - ATMOS ENERGY CORP SIC 4924 Natural Gas Distribution; CIK 0000731802; latest 10-K filed 2025-11-14. ATO ATMOS ENERGY CORP 0000731802 4924 Natural Gas Distribution ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. INTRODUCTION This section provides management\u2019s discussion of the financial condition, changes in financial condition, and results of operations of Atmos Energy Corporation and its consolidated subsidiaries with specific information on results of operations and liquidity and capital resources. It includes management\u2019s interpretation of our financial results, the factors affecting these results, the major factors expected to affect future operating results, and future investment and financing plans. This discussion should be read in conjunction with our consolidated financial statements and notes thereto. Several factors exist that could influence our future financial performance, some of which are described in Item 1A above, \u201cRisk Factors\u201d. They should be considered in connection with evaluating forward-looking statements contained in this report or otherwise made by or on behalf of us since these factors could cause actual results and conditions to differ materially from those set out in such forward-looking statements. Cautionary Statement for the Purposes of the Safe Harbor under the Private Securities Litigation Reform Act of 1995 The statements contained in this Annual Report on Form 10-K may contain \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included in this Report are forward-looking statements made in good faith by us and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. When used in this Report, or any other of our documents or oral presentations, the words \u201canticipate\u201d, \u201cbelieve\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cforecast\u201d, \u201cgoal\u201d, \u201cintend\u201d, \u201cobjective\u201d, \u201cplan\u201d, \u201cprojection\u201d, \u201cseek\u201d, \u201cstrategy\u201d, or similar words are intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the statements relating to our strategy, operations, markets, services, rates, recovery of costs, availability of gas supply, and other factors. These risks and uncertainties include the following: federal, state, and local regulatory and political trends and decisions, including the impact of rate proceedings before various state regulatory commissions; increased federal regulatory oversight and potential penalties; possible increased federal, state, and local regulation of the safety of our operations; possible significant costs and liabilities resulting from pipeline integrity and other similar programs and related repairs; the inherent hazards and risks involved in distributing, transporting, and storing natural gas; the availability and accessibility of contracted gas supplies, interstate pipeline, and/or storage services; increased competition from energy suppliers and alternative forms of energy; failure to attract and retain a qualified workforce; natural disasters, adverse weather, terrorist activities, or other events and other risks and uncertainties discussed herein, all of which are difficult to predict and many of which are beyond our control; failure of technology that affects the Company's business operations; the threat of cyber-attacks or acts of cyber-terrorism that could disrupt our business operations and information technology systems or result in the loss or exposure of confidential or sensitive customer, employee, or Company information; the impact of new cybersecurity compliance requirements; adverse weather conditions; the impact of legislation to 24 Table of Contents reduce or eliminate greenhouse gas emissions or fossil fuels; the impact of climate change; the capital-intensive nature of our business; our ability to continue to access the credit a ITEM 1. Business. Overview and Strategy Atmos Energy Corporation, a natural gas-only distributor, is an S&P 500 company headquartered in Dallas and incorporated in Texas and Virginia. We safely deliver reliable, efficient, and abundant natural gas through regulated sales and transportation arrangements to approximately 3.4 million residential, commercial, public authority, and industrial customers in eight states located primarily in the South. We also operate one of the largest intrastate pipelines in Texas based on miles of pipe. Atmos Energy's vision is to be the safest provider of natural gas services. We will be recognized for exceptional customer service, for being a great employer, and for achieving superior financial results. Our operating strategy is focused on modernizing our business and infrastructure while reducing regulatory lag. This operating strategy supports continued investment in safety, innovation, environmental sustainability, and our communities. Operating Segments We manage and review our consolidated operations through the following reportable segments: \u2022The distribution segment is comprised of our regulated natural gas distribution and related sales operations in eight states. \u2022The pipeline and storage segment is comprised primarily of the regulated pipeline and storage operations of our Atmos Pipeline-Texas division and our natural gas transmission operations in Louisiana. Distribution Segment Overview The following table summarizes key information about our six regulated natural gas distribution divisions, presented in order of total rate base. [[GREPCENT_TABLE]] [[\"Division\",\"\",\"Service Areas\",\"\",\"Communities Served\",\"\",\"Customer Meters\"],[\"Mid-Tex\",\"\",\"Texas, including the Dallas/Fort Worth Metroplex\",\"\",\"550\",\"\",\"1,830,387\"],[\"Kentucky/Mid-States\",\"\",\"Kentucky\",\"\",\"220\",\"\",\"176,494\"],[\"\",\"\",\"Tennessee\",\"\",\"\",\"\",\"163,667\"],[\"\",\"\",\"Virginia\",\"\",\"\",\"\",\"23,836\"],[\"Louisiana\",\"\",\"Louisiana\",\"\",\"270\",\"\",\"360,589\"],[\"West Texas\",\"\" ITEM 1A. Risk Factors. Our financial and operating results are subject to a number of risk factors, many of which are not within our control. Investors should carefully consider the following discussion of risk factors as well as other information appearing in this report. These factors include the following, which are organized by category: Regul", "title": "ATO - ATMOS ENERGY CORP", "url": "/company/ATO/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0000769397; latest 10-K filed 2026-03-03.", "text": "ADSK - Autodesk, Inc. SIC 7372 Services-Prepackaged Software; CIK 0000769397; latest 10-K filed 2026-03-03. ADSK Autodesk, Inc. 0000769397 7372 Services-Prepackaged Software ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing in Part II, Item 8 of this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth above in Part I, Item 1A, \"Risk Factors,\" and elsewhere in this report. See \u201cForward-Looking Information\u201d immediately preceding Part I. STRATEGY Autodesk is changing how the world is designed and made. Our technology spans architecture, engineering, construction, product design, manufacturing, media and entertainment, empowering innovators everywhere to solve challenges big and small. From greener buildings to smarter products to more mesmerizing blockbusters, Autodesk technology helps our customers to design and make a better world for all. Our strategy is to drive customer workflow convergence by delivering a trusted design and make platform that connects people through automation, data, and insights to help them achieve better outcomes for their businesses and the world. To drive the execution of our strategy, we are focused on three strategic priorities: build the platform of choice for Design and Make, accelerate adoption of Fusion, Forma, and Flow, and transform how customers experience Autodesk. We equip and inspire our users with the tailored tools, services, and access they need for success today and tomorrow. At every step, we help users harness the power of data to build upon their ideas and explore new ways of imagining, collaborating, and creating to achieve better outcomes for their customers, for society, and for the world. And because creativity can\u2019t flourish in silos, we connect what matters - from steps in a project to collaborators on a unified platform. Product Evolution We offer subscriptions for individual products and Industry Collections, EBAs, and cloud service offerings (collectively referred to as \u201csubscription plans\u201d). Subscription plans are designed to give our customers more flexibility with how they use our offerings and to attract a broader range of customers, such as project-based users and small businesses. Our subscription plans represent a hybrid of desktop software and cloud functionality, which provides a device-independent, collaborative design workflow for designers and their stakeholders. Our cloud offerings, for example, Autodesk Construction Cloud (now known as Forma for Construction), Autodesk Build, Fusion, Flow Production Tracking, Autodesk Forma, AutoCAD web app, and AutoCAD mobile app, provide tools, including mobile and collaboration capabilities, to streamline design, collaboration, building and manufacturing, and data management processes. We believe that customer adoption of these latest offerings will continue to grow as customers across a range of industries begin to take advantage of the scalable computing power and flexibility provided through these services. Industry Collections provide our customers with access to a broader selection of Autodesk solutions and services, simplifying the customers\u2019 ability to benefit from a complete set of tools for their industry. To support our strategic priority of digital transformation in Architecture, Engineering, Construction and Operations (\u201cAECO\u201d), we are strengthening our AECO solutions\u2019 foundation with both organic and inorganic investments. In fiscal 2025, we acquired Payapps Limited (\u201cPayapps\u201d), a leading cloud-based software platform for managing construction-related payments. This acquisition will deepen Autodesk Construction Cloud\u2019s footprint and provide a robust payment management offering to serve the n ITEM 1.BUSINESS Note: A glossary of terms used in this Form 10-K appears at the end of this Item 1. GENERAL We are a global leader in 3D design, engineering and entertainment technology solutions, spanning architecture, engineering, construction, product design, manufacturing, media, and entertainment. Our customers design, fabricate, manufacture, and build anything by visualizing, simulating, and analyzing real-world performance early in the design process. These capabilities allow our customers to foster innovation, optimize their designs, streamline their manufacturing and construction processes, save time and money, improve quality, deliver more sustainable outcomes, communicate plans, and collaborate with others. Our professional software products are sold globally through a combination of indirect and direct channels. Corporate Information Our internet address is www.autodesk.com. The information posted on our website is not incorporated into this Annual Report on Form 10-K. Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended, are available free of charge on the Investor Relations portion of our website at www.autodesk.com as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. PRODUCTS Our architecture, engineering, construction and operations products improve the way building, infrastructure, and industrial projects are designed, built, and operated. Our product development and manufacturing software provides manufacturers in automotive, transportation, industrial machinery, consumer products, and building product industries with comprehensive digital design, engineering, manufacturing, and production solutions. These technologies bring together data from all phases of the product development and production life cycle, creating ITEM 1A. RISK FACTORS We operate in a rapidly changing environment that involves significant risks, a number of which are beyond our control. In addition to the other information contained in this Annual Report on Form 10-K, the following discussion highlights some of these risks and the possible impact of these factors on our business, fi", "title": "ADSK - Autodesk, Inc.", "url": "/company/ADSK/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0000008670; latest 10-K filed 2025-08-06.", "text": "ADP - AUTOMATIC DATA PROCESSING INC SIC 7374 Services-Computer Processing & Data Preparation; CIK 0000008670; latest 10-K filed 2025-08-06. ADP AUTOMATIC DATA PROCESSING INC 0000008670 7374 Services-Computer Processing & Data Preparation Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Tabular dollars are presented in millions, except per share amounts The following section discusses our year ended June 30, 2025 (\u201cfiscal 2025\u201d), as compared to year ended June 30, 2024 (\u201cfiscal 2024\u201d). A detailed review of our fiscal 2024 performance compared to our fiscal 2023 performance is set forth in Part II, Item 7 of our Form 10-K for the fiscal year ended June 30, 2024. FORWARD-LOOKING STATEMENTS This document and other written or oral statements made from time to time by Automatic Data Processing, Inc., its subsidiaries and variable interest entity (\u201cADP\u201d or the \u201cCompany\u201d) may contain \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature and which may be identified by the use of words like \u201coutlook,\u201d \u201cexpects,\u201d \u201cassumes,\u201d \u201cprojects,\u201d \u201canticipates,\u201d \u201cestimates,\u201d \u201cwe believe,\u201d \u201ccould,\u201d \u201cis designed to\u201d and other words of similar meaning, are forward-looking statements. These statements are based on management\u2019s expectations and assumptions and depend upon or refer to future events or conditions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements or that could contribute to such difference include: ADP's success in obtaining and retaining clients, and selling additional services to clients; the pricing of products and services; the success of our new solutions; our ability to respond successfully to changes in technology, including artificial intelligence; compliance with existing or new legislation or regulations; changes in, or interpretations of, existing legislation or regulations; overall market, political and economic conditions, including interest rate and foreign currency trends and inflation; competitive conditions; our ability to maintain our current credit ratings and the impact on our funding costs and profitability; security or cyber breaches, fraudulent acts, and system interruptions and failures; employment and wage levels; availability of 28 skilled associates; the impact of new acquisitions and divestitures; the impact of any uncertainties related to major natural disasters or catastrophic events; and supply-chain disruptions. ADP disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. These risks and uncertainties, along with the risk factors discussed under \u201cItem 1A. Risk Factors\u201d, and in other written or oral statements made from time to time by ADP, should be considered in evaluating any forward-looking statements contained herein. NON-GAAP FINANCIAL MEASURES In addition to our U.S. GAAP results, we use adjusted results and other non-GAAP metrics to evaluate our operating performance in the absence of certain items and for planning and forecasting of future periods. Adjusted EBIT, adjusted EBIT margin, adjusted net earnings, adjusted diluted earnings per share, adjusted effective tax rate and organic constant currency are all non-GAAP financial measures. Please refer to the accompanying financial tables in the \u201cNon-GAAP Financial Measures\u201d section for a discussion of why ADP believes these measures are important and for a reconciliation of non-GAAP financial measures to their nearest comparable GAAP financial measures. EXECUTIVE OVERVIEW As a global leader in HR and payroll solutions, ADP continuously aims to solve complex business challenges for our clients and their workers. Our Human Capital Management (\"HCM\") solutions, which include both software and outsourcing services, are designed to help our clients manage their workforce through a dynamic business and regulatory landscape and the changing world of work. We s Item 1. Business CORPORATE BACKGROUND General In 1949, our founders established ADP with a simple, innovative idea: help clients focus on their business by solving their payroll challenges. In the more than 75 years since, we have shaped the world of work with innovation and expertise, transforming Human Capital Management (\u201cHCM\u201d) from an administrative challenge to a strategic business advantage. We continuously aim to solve complex business challenges for our clients and their workers, helping them work smarter today so they can have more success tomorrow. Always Designing for People means ADP focuses on people, leveraging our unparalleled data insights and innovative technology to elevate human potential. Today, we are a global leader in HR and payroll solutions, serving over 1.1 million clients and paying over 42 million workers in over 140 countries and territories. Our common stock is listed on the NASDAQ Global Select Market\u00ae under the symbol \u201cADP.\u201d When we refer to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cADP,\u201d or the \u201cCompany\u201d in this Annual Report on Form 10-K, we mean Automatic Data Processing, Inc. and its consolidated subsidiaries. 3 BUSINESS OVERVIEW ADP\u2019s Mission Our mission is to help businesses make meaningful change in the world of work by providing insightful HCM solutions that meet the evolving needs of our clients and their workers. As new technologies and shifting workplace dynamics continuously reshape the way people work, we support every HCM need of our clients whether that client is a small, local business or a large, global enterprise operating around the world. From HR, payroll, time and benefits to HR outsourcing, talent, compliance and retirement, our solutions span the entire employee experience from hire to retire. Our leading technology and commitment to service excellence are at the core of our relationship with each one of our clients, which span over 140 countries and territories. We are always designing better ways to work through industry l Item 1A. Risk Factors Our businesses routinely encounter and address risks, some of which may cause our future results to be different than we currently anticipate. The risk factors described below represent our current view of some of the most important risks facing our busines", "title": "ADP - AUTOMATIC DATA PROCESSING INC", "url": "/company/ADP/" }, { "kind": "company", "summary": "SIC 5531 Retail-Auto & Home Supply Stores; CIK 0000866787; latest 10-K filed 2025-10-27.", "text": "AZO - AUTOZONE INC SIC 5531 Retail-Auto & Home Supply Stores; CIK 0000866787; latest 10-K filed 2025-10-27. AZO AUTOZONE INC 0000866787 5531 Retail-Auto & Home Supply Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations We are a leading retailer and distributor of automotive replacement parts and accessories in the Americas. We began operations in 1979 and at August 30, 2025, operated 6,627 stores in the U.S., 883 stores in Mexico and 147 stores in Brazil. Each store carries an extensive product line for cars, sport utility vehicles, vans and light duty trucks, including new and remanufactured automotive hard parts, maintenance items, accessories and non-automotive products. At August 30, 2025, in 6,098 of our domestic stores as well as the vast majority of our stores in Mexico and Brazil, we had a commercial sales program that provides prompt delivery of parts and other products and commercial credit to local, regional and national repair garages, dealers, service stations, fleet owners and other accounts. We also sell automotive hard parts, maintenance items, accessories and non-automotive products through www.autozone.com, and our commercial customers can make purchases through www.autozonepro.com. Additionally, we sell the ALLDATA brand of automotive diagnostic, repair, collision and shop management software through www.alldata.com. We also provide product information on our Duralast branded products through www.duralastparts.com. We do not derive revenue from automotive repair or installation services. Executive Summary For fiscal 2025, net sales increased to $18.9 billion, a 2.4% increase over the prior year. Domestic commercial sales increased 6.7%, which represents 31.7% of our total Domestic sales. Operating profit decreased 4.7% to $3.6 billion, net income decreased 6.2% to $2.5 billion and diluted earnings per share decreased 3.1% to $144.87 for the year. Fiscal 2025 consisted of 52 weeks whereas fiscal 2024 consisted of 53 weeks. The inclusion of the 53rd week in fiscal 2024 resulted in an increase to net sales of $365.9 million and an increase in operating profit of $86.7 million. Additionally, fiscal 2025 comparisons were negatively impacted by foreign currency exchange rates which had an unfavorable impact to net sales of $273.1 million and operating profit of $88.2 million. Operating profit comparison was also negatively impacted by an unfavorable net non-cash LIFO impact of $104.0 million. During fiscal 2025, failure and maintenance related categories represented the largest portion of our sales mix, at approximately 85% of total sales. While we have not experienced any fundamental shifts in our category sales mix as compared to previous years, we have seen a slight decrease in mix of sales of the accessories category and a slight increase in the maintenance and failure categories compared to the previous two years. Our business is impacted by various factors within the economy that affect both our consumer and our industry, including but not limited to inflation, interest rates, levels of consumer debt, fuel and energy costs, prevailing wage rates, foreign exchange rate fluctuations, supply chain disruptions, tariffs, trade policies and other geopolitical factors, hiring and other economic conditions. Given the nature of these macroeconomic factors, which are generally outside of our control, we cannot predict whether or for how long certain trends will continue, nor can we predict to what degree these trends will impact us in the future. \u200b The two statistics we believe have the closest correlation to our market growth over the long-term are miles driven and the number of seven-year-old or older vehicles on the road. Miles Driven We believe as the number of miles driven increases, consumers\u2019 vehicles are more likely to need service and maintenance, resulting in an increase in the need for automotive hard parts and maintenance items. For the twelve-month period ended July 2025, miles driven in the U.S. increased 1.0% compared to the same period in the prior year based on the latest information available from the U.S. Depart Item 1. Business Introduction AutoZone, Inc. (\u201cAutoZone,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d) is a leading retailer and distributor of automotive replacement parts and accessories in the Americas. We began operations in 1979 and at August 30, 2025, operated 6,627 stores in the United States (\u201cU.S.\u201d), 883 stores in Mexico and 147 stores in Brazil. Each store carries an extensive product line for cars, sport utility vehicles, vans and light duty trucks, including new and remanufactured automotive hard parts, maintenance items, accessories and non-automotive products. At August 30, 2025, in 6,098 of our domestic stores as well as the vast majority of our stores in Mexico and Brazil, we had a commercial sales program that provides prompt delivery of parts and other products and commercial credit to local, regional and national repair garages, dealers, service stations, fleet owners and other accounts. We also sell automotive hard parts, maintenance items, accessories and non-automotive products through www.autozone.com, and our commercial customers can make purchases through www.autozonepro.com. Additionally, we sell the ALLDATA brand of automotive diagnostic, repair, collision and shop management software through www.alldata.com. We also provide product information on our Duralast branded products through www.duralastparts.com. We do not derive revenue from automotive repair or installation services. Our websites and the information contained therein or linked thereto are not intended to be incorporated into this report. Human Capital Resources We believe the foundation of our success is our culture, which is deeply rooted in our Pledge and Values: Puts Customers First, Cares About People, Strives for Exceptional Performance, Energizes Others, Embraces Diversity and Helps Teams Succeed. Our Pledge and Values define how our employees (\u201cAutoZoners\u201d) take care of customers and fellow AutoZoners by fostering a strong, unique culture of teamwork and customer service. Ea Item 1A. Risk Factors Our business is subject to a variety of risks and uncertainties. The risks and uncertainties described below could materially and adversely affect our business, financial condition, results of operations, liquidity and stock price. The following information should be read in conjunction with the other information c", "title": "AZO - AUTOZONE INC", "url": "/company/AZO/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000915912; latest 10-K filed 2026-02-27.", "text": "AVB - AVALONBAY COMMUNITIES INC SIC 6798 Real Estate Investment Trusts; CIK 0000915912; latest 10-K filed 2026-02-27. AVB AVALONBAY COMMUNITIES INC 0000915912 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is intended to help provide an understanding of our business, financial condition and results of operations. This MD&A should be read in conjunction with our Consolidated Financial Statements and the accompanying Notes to Consolidated Financial Statements included elsewhere in this report. This report, including the following MD&A, contains forward-looking statements regarding future events or trends that should be read in conjunction with the factors described under \"Forward-Looking Statements\" included in this report. Actual results or developments could differ materially from those projected in such statements as a result of the factors described under \"Forward-Looking Statements\" as well as the risk factors described in Part I, Item 1A. \"Risk Factors\" of this report. Capitalized terms used without definition have the meanings provided elsewhere in this Form 10-K. Executive Overview 2025 Financial Highlights Net income attributable to common stockholders for the year ended December 31, 2025 was $1,051,301,000, a decrease of $30,693,000, or 2.8%, from the prior year. The decrease was primarily attributable to an increase in depreciation expense from newly acquired or developed communities, a decrease in gains from real estate sales and increased interest expense, net over the prior year due to decreased interest income resulting from lower cash amounts invested at lower rates, increased commercial paper outstanding and increased effective interest expense for our unsecured indebtedness. These decreases were partially offset by increases in NOI from communities over the prior year. Same Store NOI attributable to our apartment rental operations, including parking and other ancillary residential (\"Residential\") revenue, for the year ended December 31, 2025 was $1,860,407,000, an increase of $34,598,000, or 1.9%, over the prior year. The increase was due to an increase in Residential revenue of $66,107,000, or 2.5%, partially offset by an increase in Residential property operating expenses of $31,509,000, or 3.8%, over 2024. During 2025, excluding the equity capital raised through forward sales of our common shares not yet settled, we raised approximately $2,253,402,000 of gross capital through the sale of wholly-owned real estate, the issuance of unsecured notes, the settlement of outstanding equity forward contracts entered into in 2024 and borrowings under a variable rate term loan (the \"Term Loan\"). We believe that our current capital structure will continue to provide financial flexibility to access capital on attractive terms. We believe our portfolio management activity through dispositions, development and acquisitions will continue to create long-term value. During 2025, we: \u2022sold nine wholly-owned communities containing an aggregate of 2,102 apartment homes and 38,000 square feet of commercial space for $811,680,000; \u2022completed the construction of four wholly-owned communities containing an aggregate of 1,320 apartment homes and 32,000 square feet of commercial space for an aggregate total capitalized cost of $561,000,000; \u2022started the construction of eleven wholly-owned communities and expanded the development of two existing communities. These communities, including the expansions, are expected to contain an aggregate of 3,888 apartment homes when completed for an estimated total capitalized cost of $1,636,000,000; \u2022acquired 12 wholly-owned communities containing an aggregate of 3,378 apartment homes for an aggregate purchase price of $826,029,000; and \u2022acquired our joint venture partner's 50% interest in Avalon Alderwood Place, a 328 apartment home community in Lynnwood, WA, for a purchase price of $71,250,000. With the buyout of the joint venture partner's interest, Avalon Alderwood Place is now a wholly owned apa ITEM 1. BUSINESS General AvalonBay Communities, Inc. (the \"Company,\" \"we,\" \"our\" and \"us\" which terms, unless the context otherwise requires, refer to AvalonBay Communities, Inc. together with its subsidiaries), is a Maryland corporation that has elected to be treated as a real estate investment trust (\"REIT\") for federal income tax purposes. We develop, redevelop, acquire, own and operate apartment communities in New England, the New York/New Jersey metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in our expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. We use the term apartment communities to refer to properties that consist of apartment homes or townhomes or a combination of both. We focus on leading metropolitan areas that we believe have offered, and will continue to offer, the opportunity for superior risk-adjusted returns over the long-term on apartment community investments relative to other markets. At January 31, 2026, we owned or held a direct or indirect ownership interest in: \u2022292 operating apartment communities containing 88,768 apartment homes in 11 states and the District of Columbia, of which 284 communities containing 86,374 apartment homes were consolidated for financial reporting purposes and eight communities containing 2,394 apartment homes were held by unconsolidated entities in which we hold an ownership interest. \u202227 wholly-owned development apartment communities that are under construction or completed and in lease-up and are expected to contain an aggregate of 9,692 apartment homes when completed. \u2022Rights to develop an additional 33 communities that, if developed as expected, will contain 10,532 apartment homes. We generally obtain ownership in an apartment community by developing a new community on either vacant land or land with improvements that we raze, or by acquiring an existing community. ITEM 1A. RISK FACTORS Our operations involve various risks that could have adverse consequences, including those described below. This Item 1A. includes forward-looking statements. You should refer to our discussion of the qualifications and limitations on forward-looking statements in this Form 10-K. Risks related to investment", "title": "AVB - AVALONBAY COMMUNITIES INC", "url": "/company/AVB/" }, { "kind": "company", "summary": "SIC 2670 Converted Paper & Paperboard Prods (No Contaners/Boxes); CIK 0000008818; latest 10-K filed 2026-02-25.", "text": "AVY - Avery Dennison Corp SIC 2670 Converted Paper & Paperboard Prods (No Contaners/Boxes); CIK 0000008818; latest 10-K filed 2026-02-25. AVY Avery Dennison Corp 0000008818 2670 Converted Paper & Paperboard Prods (No Contaners/Boxes) Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ORGANIZATION OF INFORMATION Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, provides management\u2019s views on our financial condition and results of operations, should be read in conjunction with the Consolidated Financial Statements and related notes thereto, and includes the sections shown below. [[GREPCENT_TABLE]] [[\"Non-GAAP Financial Measures\",\"22\"],[\"Overview and Outlook\",\"23\"],[\"Analysis of Results of Operations\",\"25\"],[\"Results of Operations by Reportable Segment\",\"27\"],[\"Financial Condition\",\"29\"],[\"Critical Accounting Estimates\",\"35\"],[\"Recent Accounting Requirements\",\"37\"]] [[/GREPCENT_TABLE]] NON-GAAP FINANCIAL MEASURES We report our financial results in conformity with accounting principles generally accepted in the United States of America, or GAAP, and also communicate with investors using certain non-GAAP financial measures. These non-GAAP financial measures are not in accordance with, nor are they a substitute for or superior to, the comparable GAAP financial measures. These non-GAAP financial measures are intended to supplement the presentation of our financial results prepared in accordance with GAAP. We use these non-GAAP financial measures internally to evaluate trends in our underlying performance, as well as to facilitate comparisons with the results of competitors for quarters and year-to-date periods, as applicable. Based on feedback from investors and financial analysts, we believe that the supplemental non-GAAP financial measures we provide are also useful to their assessments of our performance and operating trends, as well as liquidity. Reconciliations of our non-GAAP financial measures from the most directly comparable GAAP financial measures are provided in accordance with Regulations G and S-K. Our non-GAAP financial measures exclude the impact of certain events, activities or strategic decisions. The accounting effects of these events, activities or decisions, which are included in the GAAP financial measures, may make it more difficult to assess our underlying performance in a single period. By excluding the accounting effects, positive or negative, of certain items (e.g., restructuring charges, outcomes of certain legal matters and settlements, certain effects of strategic transactions and related costs, losses from debt extinguishments, gains or losses from curtailment or settlement of pension obligations, gains or losses on sales of certain assets, gains or losses on venture and other investments, currency adjustments due to highly inflationary economies, and other items), we believe that we are providing meaningful supplemental information that facilitates an understanding of our core operating results and liquidity measures. While some of the items we exclude from GAAP financial measures recur, they tend to be disparate in amount, frequency or timing. We use the non-GAAP financial measures described below in this MD&A. \u2022Sales change ex. currency refers to the increase or decrease in net sales, excluding the estimated impact of foreign currency translation, and, where applicable, currency adjustments for transitional reporting of highly inflationary economies, and the reclassification of sales between segments. Additionally, where applicable, sales change ex. currency is also adjusted for the estimated impact of extra days in our fiscal year and the calendar shift resulting from extra days in the prior fiscal year. The estimated impact of foreign currency translation is calculated on a constant currency basis, with prior-period results translated at current period average exchange rates to exclude the effect of foreign currency fluctuations. Our 2025 fiscal year began on December 29, 2024 and ended on December 31, 2025; fiscal years 2026 and beyond will be coincident with the calendar year beginning on January 1 and ending on December 31. \u2022Orga Item 1. BUSINESS Company Background Avery Dennison Corporation (\u201cAvery Dennison\u201d or the \u201cCompany\u201d and generally referred to as \u201cwe\u201d or \u201cus\u201d) was founded in 1935 and incorporated in Delaware in 1977 as Avery International Corporation, the successor corporation to a California corporation of the same name incorporated in 1946. In 1990, we merged one of our subsidiaries into Dennison Manufacturing Company (\u201cDennison\u201d), as a result of which Dennison became our wholly-owned subsidiary and in connection with which we changed our name to Avery Dennison Corporation. You can learn more about us by visiting our website at www.averydennison.com. Our website is not intended to function as a hyperlink and the information on our website is not, nor should it be considered, part of this report or incorporated by reference into this report. Business Overview and Reportable Segments We are a global leader in materials science and digital identification solutions. We are Making PossibleTM products and solutions that help advance the industries we serve, providing branding and information solutions that optimize labor and supply chain efficiency, reduce waste and mitigate loss, advance sustainability, circularity and transparency, and better connect brands and consumers. We design and develop labeling and functional materials, radio-frequency identification (\"RFID\") inlays and tags, software applications that connect the physical and digital, and offerings that enhance branded packaging and carry or display information that improves the customer experience. We serve an array of industries worldwide, including home and personal care, apparel, general retail, e-commerce, logistics, food and grocery, pharmaceuticals and automotive. We believe that our exposure to diverse and growing markets, the size and scale of operations, our innovation capabilities, productivity culture, and brand strength are the primary advantages in maintaining and further developing our competitive position. Item 1A. RISK FACTORS The risk factors described in this section could materially adversely affect our business, including our results of operations, cash flows and financial condition, and cause the value of our securities to decline. This list of risks is not exhaustive. Our ", "title": "AVY - Avery Dennison Corp", "url": "/company/AVY/" }, { "kind": "company", "summary": "SIC 3480 Ordnance & Accessories, (No Vehicles/Guided Missiles); CIK 0001069183; latest 10-K filed 2026-02-25.", "text": "AXON - AXON ENTERPRISE, INC. SIC 3480 Ordnance & Accessories, (No Vehicles/Guided Missiles); CIK 0001069183; latest 10-K filed 2026-02-25. AXON AXON ENTERPRISE, INC. 0001069183 3480 Ordnance & Accessories, (No Vehicles/Guided Missiles) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) provides the perspective of our management on our financial condition, results of operations, liquidity and certain other factors that may affect our future results. MD&A should be read in conjunction with the other sections of this Annual Report on Form 10-K. The discussion includes references to non-GAAP financial measures, such as adjusted gross margin, which supplement our GAAP results by providing additional insight into our financial and operational performance. For definitions and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures, refer to \u201cNon-GAAP Measures\u201d within this Annual Report on Form 10-K. The various sections of our MD&A contain forward-looking statements, all of which are based on our current expectations and could be affected by the uncertainties and risk factors described throughout this filing. MD&A discusses our results of operations for the year ended December 31, 2025 as compared to the year ended December 31, 2024. For discussion of the year ended December 31, 2024 as compared to the year ended December 31, 2023, refer to MD&A included in Part II, Item 7 of our amended 2024 Annual Report on Form 10-K/A for the year ended December 31, 2024, filed with the SEC on May 7, 2025. Overview Axon is a technology company that provides integrated hardware and software solutions. Our products and services allow customers across the public and private sector to capture and use critical data to support fully-connected operational workflows. Our trusted network seamlessly integrates software and hardware with a range of connected devices, including TASER energy devices, cameras and sensors, drones and robotics, cloud-based evidence management, records management, real-time operations software, critical incident and emergency response systems, immersive training, and productivity tools \u2013 all enhanced by AI. During the year ended December 31, 2025, we realigned our business into two reportable segments, Connected Devices and Software and Services (the \u201cSegment Realignment\u201d). As a result of the Segment Realignment, we have recast our segment and other relevant disclosures for the year ended December 31, 2024 to conform to the new presentation. Our revenues for the year ended December 31, 2025 were $2.8 billion, an increase of $697.0 million, or 33.5%, from the year ended December 31, 2024. We had loss from operations of $62.1 million for the year ended December 31, 2025, compared to income from operations of $58.5 million for the same period in the prior year. Gross margin dollars increased $416.7 million and increased as a percentage of revenue to 59.7% from 59.6% compared to the year ended December 31, 2024. Adjusted gross margin decreased to 62.6% for the year ended December 31, 2025 compared to 63.2% for the year ended December 31, 2024. The decrease was primarily driven by global tariffs and a higher mix of Platform Solutions revenue. Operating expenses increased by $537.4 million, reflecting increased headcount to support business growth and stock-based compensation expense. Net income of $124.7 million included net realized and unrealized gains of $186.4 million related to our strategic investments and a $105.7 million tax benefit, partially offset by a net realized and unrealized loss of $46.4 million related to our marketable securities, inducement expense of $38.9 million associated with the early repurchase of a portion of our 2027 Notes, and interest loss, net of $18.8 million. Net income of $377.0 million for the year ended December 31, 2024 included net realized and unrealized gains of $162.9 million related to our strategic investments, a net unrealized gain of $120.3 million related to our marketable securities, and interest income, net of $36.6 million. 40 Table of Con Item 1. Business Overview Axon Enterprise, Inc. (\u201cAxon,\u201d the \u201cCompany,\u201d \u201cwe\u201d or \u201cus\u201d) is a technology company that provides integrated hardware and software solutions. Founder-led since 1993, Axon began with a mission to protect life and has grown into a global technology company serving a range of customers. Our products and services allow customers across the public and private sector to capture and use critical data to support fully-connected operational workflows. Our trusted network seamlessly integrates software and hardware with a range of connected devices, including TASER energy devices, cameras and sensors, drones and robotics, cloud-based evidence management, records management, real-time operations software, critical incident and emergency response systems, immersive training, and productivity tools \u2013 all enhanced by artificial intelligence (\u201cAI\u201d). Designed to work together, these solutions create a unified, data-driven operating system that prioritizes safety and helps protect people and places with greater speed, accuracy, transparency, and accountability. Our integrated technology platform of hardware and software solutions advances our mission to (i) make the bullet obsolete, (ii) reduce social conflict, and (iii) enable a fair and effective justice system. Our products and technology solutions address complex, high-stakes challenges, and our mission attracts top talent. We aim to invent and deliver technology solutions that progressively make the right things easier and the wrong things harder every day. Axon is a diversified technology company with employees distributed across multiple geographies. Alongside our primary corporate headquarters in Scottsdale, Arizona, we have hubs in many major cities across the United States and ongoing international expansion across Europe, Asia, and the Americas, as we continue to drive our mission globally. Business Segments During the year ended December 31, 2025, we realigned our business to better ref Item 1A. Risk Factors Risk Factor Summary The following is only a summary of the principal risks that may materially adversely affect our business, financial condition, results of operations and cash flows. The following should be read in conjunction with the more complete discussi", "title": "AXON - AXON ENTERPRISE, INC.", "url": "/company/AXON/" }, { "kind": "company", "summary": "SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0001701605; latest 10-K filed 2026-02-05.", "text": "BKR - Baker Hughes Co SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0001701605; latest 10-K filed 2026-02-05. BKR Baker Hughes Co 0001701605 3533 Oil & Gas Field Machinery & Equipment ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") should be read in conjunction with the consolidated financial statements included in Item 8. Financial Statements and Supplementary Data contained herein. We are an energy technology company with a broad and diversified portfolio of technologies and services that span the energy and industrial value chain. We operate through our two business segments: OFSE and IET. We sell products and services primarily in the global oil and gas and broader energy and industrial markets. EXECUTIVE SUMMARY Market Conditions During 2025, we saw a decline in global upstream capital spending as a result of ongoing geopolitical tensions, uncertainty around international trade policy, and operator concerns about the accelerated return of idled supply from the Organization of the Petroleum Exporting Countries and its allies (\"OPEC+\"). As we look to 2026, during which we anticipate modestly stronger year-over-year GDP growth, oil prices are likely to reflect evolving market conditions, as markets assess geopolitical uncertainty and its potential impact on supply against rising OPEC+ and offshore production. Taking these macro factors into consideration, we forecast modest declines in global upstream spending. We believe further reduction in idled OPEC+ production, alongside more constructive oil supply-and-demand balances, is required before a broad inflection in oilfield services activity emerges. Longer term, the outlook remains constructive, particularly internationally and offshore, where significant investment will be required to sustain production growth and meet rising global oil demand. We also see continued growth in OpEx-driven upstream investment, as operators focus on enhancing recovery rates and extending the life of existing assets. Following approximately 7% growth in LNG demand in 2025, we remain optimistic on the global natural gas outlook, supported by increasing demand for LNG and a continued shift towards natural gas developments. We believe the positive fundamentals are less affected by macro uncertainty but are driven by continued long-term energy demand growth, which is being driven by population growth, higher living standards, and accelerating electrification, with AI and data center expansion adding a new structural layer of power demand. Increasingly, natural gas is the source of this power due to its reliable, scalable, and dispatchable nature, coupled with its ability to lower emissions throughout the energy ecosystem. Financial Results and Key Company Initiatives In 2025, the Company generated revenues of $27.7 billion, a decrease of $0.1 billion compared to 2024. IET revenue increased $1.2 billion, or 10%, driven by strong growth in Gas Technology Equipment (\"GTE\") and Gas Technology Services (\"GTS\"). OFSE revenue decreased $1.3 billion, or 8%, driven by a decline in revenue in all regions. Net income was $2.6 billion, a decrease of $0.4 billion, or 13%, compared to 2024, with a decline in the mark-to-market adjustment for certain equity securities, change in mix, transaction related costs and lower volume, partially offset by cost out initiatives, net productivity and price. As a part of our anticipated acquisition of Chart, Chart shareholders approved the acquisition of Chart by the Company (the \"Chart acquisition\") on October 6, 2025. With regulatory reviews still underway in certain jurisdictions, we presently expect closing in the second quarter of 2026, understanding that the timing may evolve as those processes progress. On portfolio management actions, we closed the acquisition of Continental Disc Corporation (\"CDC\") on August 7, 2025. The sale of Precision Sensors & Instrumentation to Crane Company and the creation of the Surface Pressure Control joint venture with Cactus closed on January 1, 2026. In the first qua ITEM 1. BUSINESS Baker Hughes Company (\"Baker Hughes,\" \"the Company,\" \"we,\" \"us,\" or \"our\") is an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward. OUR VISION & STRATEGY With our diverse portfolio, leading technology and clear purpose to make energy safer, cleaner and more efficient, Baker Hughes is well positioned to deliver solutions across industrial and energy markets. By integrating health, safety & environment (\"HSE\") into everything we do, we protect our people, our customers, and the environment. The global energy landscape is undergoing a period of structural transformation, with sustained demand growth driven by population expansion, rising living standards, industrialization, electrification, and the rapid proliferation of digital infrastructure. Meeting this increasing demand will require a diversified and integrated energy system that draws on the full spectrum of energy sources. Within this context, Baker Hughes plays a critical role by deploying technology across industrial energy, oil and gas, liquefied natural gas (\"LNG\"), power generation, renewable energy and emerging solutions \u2013 integrating multiple energy sources, enhancing efficiency, reducing emissions, and supporting the continued advancement of global energy infrastructure. While renewable energy will continue to expand rapidly, oil and natural gas are expected to remain a significant portion of the global energy mix for decades to come. In particular, natural gas will play a central role in providing the scale, reliability, and flexibility required to support economic growth and complement intermittent renewable generation. This dynamic reinforces Baker Hughes' essential role in enabling energy systems that are affordable, secure, and increasingly lower carbo ITEM 1A. RISK FACTORS An investment in our common stock involves various risks. When considering an investment in the Company, one should carefully consider all of the risk factors described below, as well as other information included and incorporated by reference in this Annual Report. There may be additional risks, unce", "title": "BKR - Baker Hughes Co", "url": "/company/BKR/" }, { "kind": "company", "summary": "SIC 3411 Metal Cans; CIK 0000009389; latest 10-K filed 2026-02-19.", "text": "BALL - BALL Corp SIC 3411 Metal Cans; CIK 0000009389; latest 10-K filed 2026-02-19. BALL BALL Corp 0000009389 3411 Metal Cans Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u200b Management\u2019s discussion and analysis should be read in conjunction with the consolidated financial statements and accompanying notes included in Item 8 of this Annual Report on Form 10-K (annual report), which include additional information about our accounting policies, practices and the transactions underlying our financial results. The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires us to make estimates and assumptions that affect the reported amounts in our consolidated financial statements and the accompanying notes, including various claims and contingencies related to lawsuits, taxes, environmental and other matters arising during the normal course of business. We apply our best judgment, our knowledge of existing facts and circumstances and actions that we may undertake in the future in determining the estimates that affect our consolidated financial statements. We evaluate our estimates on an ongoing basis using our historical experience, as well as other factors we believe appropriate under the circumstances, such as current economic conditions, and adjust or revise our estimates as circumstances change. As future events and their effects cannot be determined with precision, actual results may differ from these estimates. Ball Corporation and its subsidiaries are referred to collectively as \u201cBall Corporation,\u201d \u201cBall,\u201d \u201cthe company,\u201d \u201cwe\u201d or \u201cour\u201d in the following discussion and analysis. \u200b OVERVIEW \u200b Business Overview and Industry Trends \u200b Ball Corporation is one of the world\u2019s leading aluminum packaging suppliers. With a growth mindset and by pursuing operational excellence, we lean on our competitive strengths to reach our financial goals. We are focused on maintaining our strong financial position by listening to and partnering with our global customers, delivering operational efficiencies and an innovative product portfolio from our best-in-class manufacturing facilities and returning value to shareholders via share repurchases and dividends. In the aluminum packaging industry, sales and earnings can be increased by reducing costs, increasing prices, developing new products, expanding volume and making strategic acquisitions. \u200b We sell our aluminum packaging products mainly to large, multinational beverage, personal care and household products companies with which we have developed long-term relationships. This is evidenced by our high customer retention and our large number of long-term supply contracts. While we have a diversified customer base, we sell a significant portion of our packaging products to major companies and brands, as well as to numerous regional customers. The overall global aluminum packaging industry is growing and is expected to continue to grow in the medium to long term. \u200b We purchase our raw materials from relatively few suppliers. We also have exposure to inflation, in particular the rising costs of raw materials, as well as other direct cost inputs. We mitigate our exposure to the changes in the costs of aluminum through the inclusion of provisions in contracts covering the majority of our volumes to pass-through aluminum price changes, as well as through the use of derivative instruments. The pass-through provisions generally result in proportional increases or decreases in sales and costs with a greatly reduced impact, if any, on net earnings; however, there may be timing differences of when the costs are passed through. Because of our customer and supplier concentration, our business, financial condition and results of operations could be adversely affected by the loss, insolvency or bankruptcy of a major customer or supplier or a change in a supply agreement with a major customer or supplier, although our contract provisions generally mitigate the risk of cust Item 1. Business \u200b Ball Corporation and its consolidated subsidiaries (collectively, Ball, the company, we or our) is one of the world\u2019s leading suppliers of aluminum packaging for the beverage, personal care and household products industries. The company was organized in 1880 and incorporated in the state of Indiana, United States of America (U.S.), in 1922. Our sustainable, aluminum packaging products are produced for a variety of end uses and are manufactured in facilities around the world. In 2025, our total consolidated net sales were $13.16 billion. \u200b Our largest product line is aluminum beverage containers and we also produce extruded aluminum aerosol containers, recloseable aluminum bottles across multiple consumer categories and aluminum slugs. \u200b We sell our aluminum packaging products globally to large multinational beverage, personal care and household products companies with which we have developed long-term relationships. This is evidenced by our high customer retention and large number of long-term supply contracts. While we have a diversified customer base, we sell a significant portion of our packaging products to major companies and brands, as well as to numerous regional customers. Our significant customers include top consumer packaging and beverage companies. \u200b We are headquartered in Westminster, Colorado, and our stock is listed for trading on the New York Stock Exchange under the ticker symbol BALL. \u200b Our Strategy \u200b We exist to unlock the infinite potential of aluminum to advance a world free from waste. By leveraging our competitive advantages of bringing our scale to sustainability, the power of our partnerships and the unmatched talent of our people we will win alongside our customers. Our strategy comprises four pillars: executing every day, staying close to our customers, accelerating the substrate shift to aluminum and managing complexity to our advantage. Together, these pillars form a clear framework that enables us to outp Item 1A. Risk Factors \u200b Any of the following risks could materially and adversely affect our business, results of operations, cash flows and financial condition. \u200b General Risks \u200b If we do not effectively manage change and growth, our business could be adversely affected. \u200b Our future revenue and operating results will depend on our ability to effectively manage the anticipated growth of our bu", "title": "BALL - BALL Corp", "url": "/company/BALL/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000010456; latest 10-K filed 2026-02-12.", "text": "BAX - BAXTER INTERNATIONAL INC SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000010456; latest 10-K filed 2026-02-12. BAX BAXTER INTERNATIONAL INC 0000010456 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following commentary should be read in conjunction with the consolidated financial statements and accompanying notes included in Item 8 of this Annual Report on Form 10-K. The discussion and analysis of our financial condition as of December 31, 2024 and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, is included in Item 7. Management's Discussion and Analysis of 32 Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the year ended December 31, 2024. EXECUTIVE OVERVIEW Description of the Company, Recent Strategic Actions and Business Segments Baxter International Inc. is a global medical technology with approximately 37,500 employees worldwide who are engaged in the development, manufacture and sale of a broad range of products, digital health solutions and therapies used by hospitals, nursing homes, rehabilitation centers, ambulatory surgery centers, doctors\u2019 offices and patients at home under physician supervision. Our global footprint and the critical nature of our products and services, which are sold in over 100 countries as of December 31, 2025, play a key role in expanding access to healthcare in emerging and developed countries. Sale of Kidney Care Business On August 12, 2024, we entered into an Equity Purchase Agreement (EPA ) with certain affiliates of Carlyle Group Inc. (Carlyle) to sell our Kidney Care business. That business, which is now known as Vantive Health LLC (Vantive) is comprised of our former Kidney Care segment. On January 31, 2025, we completed the sale of our Kidney Care business to Carlyle for an aggregate purchase price of $3.80 billion in cash, subject to certain closing cash, working capital and debt adjustments. After giving effect to certain adjustments, we received approximately $3.71 billion pre-tax cash proceeds at closing of the transaction with the net after tax proceeds of approximately $3.3 billion, prior to giving effects to certain post-closing adjustments. As of December 31, 2025, we repaid $3.81 billion of legacy indebtedness in 2025 (which repayment does not include $2.00 billion of indebtedness repaid with proceeds from a new notes offering) primarily with the net after-tax cash proceeds from the sale of our Kidney Care business. The financial position, results of operations and cash flows of our Kidney Care business, including our gain from the sale of that business and the related cash proceeds received, are reported as discontinued operations in the accompanying consolidated financial statements, and our prior period results have been adjusted to reflect discontinued operations. We have incurred and expect to incur additional dis-synergies following our sale of our Kidney Care business due to the reduced size of our company and, as a result, we have begun to undertake certain restructuring actions (and intend undertake additional actions) to help ensure our cost structure is appropriate to support our remaining businesses. See Notes 2 and 5 in Item 8 of this Annual Report on Form 10-K for additional information. Implementation of New Operating Model In the third quarter of 2023, we completed the implementation of a new operating model intended to simplify and streamline our operations and better align our manufacturing and supply chain to our commercial activities. Under this operating model, our business is currently comprised of three reportable segments: Medical Products & Therapies, Healthcare Systems & Technologies, and Pharmaceuticals (each discussed below). For financial information about our segments, see Note 17 in Item 8 of this Annual Report on Form 10-K. Sale of BPS Business On September 29, 2023, we completed the sale of our BioPharma Solutions (BPS) business and received cash proceeds of $3.96 billion from that transaction. The results of operations and cash flo Item 1. Business. Company Overview Baxter International Inc., through our subsidiaries, provides a broad portfolio of essential healthcare products, including sterile intravenous (IV) solutions; infusion systems and devices; parenteral nutrition therapies; inhaled anesthetics; generic injectable pharmaceuticals; surgical hemostat and sealant products; advanced surgical equipment; smart bed systems; patient monitoring and diagnostic technologies; and respiratory health devices. These products are used by hospitals, nursing homes, rehabilitation centers, ambulatory surgery centers, doctors\u2019 offices, kidney dialysis centers and patients at home under physician supervision. Our global footprint and the critical nature of our products and services play a key role in expanding access to healthcare in emerging and developed countries. As of December 31, 2025, after giving effect to the sale of our Kidney Care business (as discussed below), we manufactured products in over 20 countries and sold them in over 100 countries. Baxter International Inc. was incorporated under Delaware law in 1931. As used in this report, \u201cwe\", \"our\u201d or \"us\" means Baxter International Inc. and its consolidated subsidiaries, unless the context otherwise requires. Recent Strategic Actions Since January 2023, we have completed several strategic actions, as discussed below. Sale of Kidney Care Business On August 12, 2024, we entered into an Equity Purchase Agreement (EPA) with certain affiliates of Carlyle Group Inc. (Carlyle) to sell our Kidney Care business. That business, which is now known as Vantive Health LLC (Vantive) is comprised of our former Kidney Care segment. On January 31, 2025, we completed the sale of our Kidney Care business to Carlyle for an aggregate purchase price of $3.80 billion in cash, subject to certain closing cash, working capital and debt adjustments. After giving effect to certain adjustments, we received approximately $3.71 billion pre-tax cash proceeds at closi Item 1A. Risk Factors. In addition to the other information in this Annual Report on Form 10-K, stockholders or prospective investors should carefully consider the following risk factors for a description of the principal risks that we face. If any of the events described below occurs, our business, results ", "title": "BAX - BAXTER INTERNATIONAL INC", "url": "/company/BAX/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000010795; latest 10-K filed 2025-11-25.", "text": "BDX - BECTON DICKINSON & CO SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000010795; latest 10-K filed 2025-11-25. BDX BECTON DICKINSON & CO 0000010795 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following commentary should be read in conjunction with the consolidated financial statements and accompanying notes presented in this report. Within the tables presented throughout this discussion, certain columns may not add due to the use of rounded numbers for disclosure purposes. Percentages and earnings per share amounts presented are calculated from the underlying amounts. References to years throughout this discussion relate to our fiscal years, which end on September 30. Company Overview Description of the Company and Business Segments Becton, Dickinson and Company (\u201cBD\u201d) is a global medical technology company engaged in the development, manufacture and sale of a broad range of medical supplies, devices, laboratory equipment and diagnostic products used by healthcare institutions, physicians, life science researchers, clinical laboratories, the pharmaceutical industry and the general public. The Company's organizational structure is based upon three principal business segments, BD Medical (\u201cMedical\u201d), BD Life Sciences (\u201cLife Sciences\u201d) and BD Interventional (\u201cInterventional\u201d). BD\u2019s products are manufactured and sold worldwide. Our products are marketed in the United States and internationally through independent distribution channels and directly to end-users by BD and independent sales representatives. We organize our operations outside the United States as follows: EMEA (which includes Europe, the Middle East and Africa); Greater Asia (which includes countries in Greater China, Japan, South Asia, Southeast Asia, Korea, Australia and New Zealand); Latin America (which includes Mexico, Central America, the Caribbean and South America); and Canada. We continue to pursue growth opportunities in emerging markets, which include the following geographic regions: Eastern Europe, the Middle East and Africa (collectively referred to below as \u201cEMA\u201d), as well as, Latin America and certain countries within Greater Asia. As further discussed in Note 8 to the consolidated financial statements contained in Item 8. Financial Statements and Supplementary Data, effective October 1, 2025, we reorganized our organizational units into five distinct, separately-managed segments, based on the nature of our product and service offerings. BD\u2019s new organizational structure is based upon the following five segments: Medical Essentials, Connected Care, BioPharma Systems, Interventional and Life Sciences, which remains a critical part of BD until the separation and combination of our Biosciences and Diagnostic Solutions business with Waters Corporation (\u201cWaters\u201d) is completed. Additional disclosures regarding the agreement to combine our Biosciences and Diagnostic Solutions business with Waters are provided in Note 1 to the consolidated financial statements contained in Item 8. Financial Statements and Supplementary Data. Strategic Objectives BD remains focused on delivering durable growth, creating shareholder value and making appropriate investments for the future. Our strategy is anchored in three key pillars: grow, simplify and empower. BD's management team aligns our operating model and investments with these key strategic pillars through continuous focus on the following underlying objectives: Grow \u2022Accelerating innovation in smart devices, robotics, analytics, and artificial intelligence in order to enable new care settings, improve outcomes, streamline care workflows, and reduce costs within healthcare settings; \u2022Focusing on a strong portfolio of core leading products, solutions and services that deliver greater benefits to patients, healthcare workers and researchers; \u2022Investing in research and development that leads to and expands category leadership, as well as results in a robust product pipeline; \u2022Leveraging our global scale in order to provide equitable access to affordable medical technologies around the world, includ Item 1. Business. General Becton, Dickinson and Company (also referred to herein as \"BD\") was incorporated under the laws of the State of New Jersey in November 1906, as successor to a New York business started in 1897. BD\u2019s executive offices are located at 1 Becton Drive, Franklin Lakes, New Jersey 07417-1880, and its telephone number is (201) 847-6800. All references in this Form 10-K to \"BD\", \"the Company\", \"we\", \"our\" or \"us\" refer to Becton, Dickinson and Company and its domestic and foreign subsidiaries, unless otherwise indicated by the context. BD is a global medical technology company engaged in the development, manufacture and sale of a broad range of medical supplies, devices, laboratory equipment and diagnostic products used by healthcare institutions, physicians, life science researchers, clinical laboratories, the pharmaceutical industry and the general public. We provide customer solutions that are focused on improving medication management and patient safety; supporting infection prevention practices; equipping surgical and interventional procedures; improving drug delivery; aiding anesthesiology care; enhancing the diagnosis of infectious diseases and cancers; and advancing cellular research and applications. Business Segments As of September 30, 2025, BD\u2019s operations consisted of three worldwide business segments: BD Medical, BD Life Sciences and BD Interventional. As further discussed in Note 8 to the consolidated financial statements contained in Item 8. Financial Statements and Supplementary Data, effective October 1, 2025, BD reorganized its organizational units into five distinct, separately-managed segments, based on the nature of BD\u2019s product and service offerings. BD\u2019s new organizational structure is based upon the following five segments: Medical Essentials, Connected Care, BioPharma Systems, Interventional and Life Sciences, which remains a critical part of BD until the separation and combination of our Biosciences and Diagnostic Item 1A. Risk Factors. An investment in BD involves a variety of risks and uncertainties. The following describes some of the material risks that could adversely affect BD\u2019s business, financial condition, operating results or cash flows. We may also be adversely impacted by other risks not presently known to us", "title": "BDX - BECTON DICKINSON & CO", "url": "/company/BDX/" }, { "kind": "company", "summary": "SIC 5731 Retail-Radio, Tv & Consumer Electronics Stores; CIK 0000764478; latest 10-K filed 2026-03-18.", "text": "BBY - BEST BUY CO INC SIC 5731 Retail-Radio, Tv & Consumer Electronics Stores; CIK 0000764478; latest 10-K filed 2026-03-18. BBY BEST BUY CO INC 0000764478 5731 Retail-Radio, Tv & Consumer Electronics Stores Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Management's Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to provide a reader of our financial statements with a narrative from the perspective of our management on our financial condition, results of operations, liquidity and certain other factors that may affect our future results. Unless otherwise noted, transactions and other factors significantly impacting our financial condition, results of operations and liquidity are discussed in order of magnitude. Our MD&A should be read in conjunction with the Consolidated Financial Statements and related Notes included in Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K. Refer to Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, in our Form 10-K for the fiscal year ended February 1, 2025, for discussion of the results of operations for the year ended February 1, 2025, compared to the year ended February 3, 2024, which is incorporated by reference herein. Overview We are driven by our purpose to enrich lives through technology and our vision to personalize and humanize technology solutions for every stage of life. We accomplish this by leveraging our combination of tech expertise and a human touch to meet our customers\u2019 everyday needs, whether they come to us online, visit our stores or invite us into their homes. We have two reportable segments: Domestic and International. The Domestic segment is comprised of our operations in all states, districts and territories of the U.S. and our Best Buy Health business, and includes the brand names Best Buy, Best Buy Ads, Best Buy Business, Best Buy Essentials, Best Buy Health, Best Buy Marketplace, Geek Squad, Imagine That, Insignia, Lively, Jitterbug, My Best Buy, My Best Buy Memberships, Pacific Kitchen and Home, TechLiquidators and Yardbird; and the domain names bestbuy.com, lively.com, techliquidators.com and yardbird.com. Our International segment is comprised of all operations in Canada under the brand names Best Buy, Best Buy Ads, Best Buy Business, Best Buy Express, Best Buy Marketplace, Best Buy Mobile, Geek Squad, Insignia and TechLiquidators and the domain names bestbuy.ca and techliquidators.ca. Our fiscal year ends on the Saturday nearest the end of January. Fiscal 2026, fiscal 2025 and fiscal 2024 ended on January 31, 2026, February 1, 2025, and February 3, 2024, respectively. Fiscal 2026 and fiscal 2025 each included 52 weeks. Fiscal 2024 included 53 weeks with the 53rd week occurring in the fiscal fourth quarter. Unless otherwise noted, references to years within the MD&A section of this report relate to fiscal years, not calendar years. Our business, like that of many retailers, is seasonal. A large proportion of our revenue and earnings is generated in the fiscal fourth quarter, which includes the majority of the holiday shopping season. Comparable Sales Throughout this MD&A, we refer to comparable sales. Comparable sales is a metric used by management to evaluate the performance of our existing stores and digital offerings by measuring the change in net sales for a particular period over the comparable prior period of equivalent length. Comparable sales includes revenue from stores operating for at least 14 full months; sales initiated on a website, app or virtual store; advertising revenue; commercial sales; credit card revenue; gift card breakage; marketplace commission revenue; and sales of merchandise to wholesalers and dealers. Revenue from acquisitions is included in comparable sales beginning with the first full quarter following the first anniversary of the date of the acquisition. Comparable sales excludes revenue from stores closed more than 14 days (including but not limited to relocated, remodeled, expanded and downsized stores, or stores impacted by natural disasters) until at l Item 1. Business. Unless the context otherwise requires, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and the \u201ccompany\u201d in this Annual Report on Form 10-K refer to Best Buy Co., Inc. and, as applicable, its consolidated subsidiaries. Any references to our website addresses do not constitute incorporation by reference of the information contained on the websites. Description of Business We were incorporated in the state of Minnesota in 1966. We are driven by our purpose to enrich lives through technology and our vision to personalize and humanize technology solutions for every stage of life. We accomplish this by leveraging our unique combination of tech expertise and a human touch to meet our customers\u2019 everyday needs, whether they come to us online, visit our stores or invite us into their homes. We have operations in the U.S. and Canada. Segments and Geographic Areas We have two reportable segments: Domestic and International. The Domestic segment is comprised of our operations in all states, districts and territories of the U.S. and our Best Buy Health business, and includes the brand names Best Buy, Best Buy Ads, Best Buy Business, Best Buy Essentials, Best Buy Health, Best Buy Marketplace, Geek Squad, Imagine That, Insignia, Lively, Jitterbug, My Best Buy, My Best Buy Memberships, Pacific Kitchen and Home, TechLiquidators and Yardbird; and the domain names bestbuy.com, lively.com, techliquidators.com and yardbird.com. Our International segment is comprised of all operations in Canada under the brand names Best Buy, Best Buy Ads, Best Buy Business, Best Buy Express, Best Buy Marketplace, Best Buy Mobile, Geek Squad, Insignia and TechLiquidators and the domain names bestbuy.ca and techliquidators.ca. Operations Our Domestic and International segments are managed by leadership teams responsible for all areas of the business. Both segments operate an omnichannel platform that allows customers to come to us online, visit our stores or invite us into their homes. Development Item 1A. Risk Factors. Described below are certain risks we believe apply to our business and the industry in which we operate. The risks are categorized using the following headings: external, strategic, operational, regulatory, compliance and legal, and financial and market. Each of the following risk fa", "title": "BBY - BEST BUY CO INC", "url": "/company/BBY/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0000842023; latest 10-K filed 2025-08-22.", "text": "TECH - BIO-TECHNE Corp SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0000842023; latest 10-K filed 2025-08-22. TECH BIO-TECHNE Corp 0000842023 2836 Biological Products, (No Diagnostic Substances) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following management discussion and analysis (\u201cMD&A\u201d) provides information that we believe is useful in understanding our operating results, cash flows and financial condition. We provide quantitative information about the material sales drivers including the effect of acquisitions and changes in foreign currency at the corporate and segment level. We also provide quantitative information about discrete tax items and other significant factors we believe are useful for understanding our results. The MD&A should be read in conjunction with the consolidated financial information and related notes included in this Form 10-K. This discussion contains various \u201cNon-GAAP Financial Measures\u201d and also contains various \u201cForward-Looking Statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. We refer readers to the statements entitled \u201cNon-GAAP Financial Measures\u201d located at the end of this MD&A and \u201cForward-Looking Information and Cautionary Statements\u201d and \u201cRisk Factors\u201d within Items 1 and 1A of this Form 10-K. OVERVIEW Bio-Techne develops, manufactures and sells life science reagents, instruments and services for the research and clinical diagnostic markets worldwide. With our deep product portfolio and application expertise, we sell integral components of scientific investigations into biological processes and molecular diagnostics, revealing the nature, diagnosis, etiology and progression of specific diseases. Our products aid in drug discovery efforts and provide the means for accurate clinical tests and diagnoses. We manage the business in two operating segments \u2013 our Protein Sciences segment and our Diagnostics and Spatial Biology segment. Our Protein Sciences segment is a leading developer and manufacturer of high-quality biological reagents used in all aspects of life science research, diagnostics and cell and gene therapy. This segment also includes proteomic analytical tools, both manual and automated, that offer researchers and pharmaceutical manufacturers efficient and streamlined options for automated western blot and multiplexed ELISA workflow. Our Diagnostics and Spatial Biology segment develops and manufactures diagnostic products, including controls, calibrators, and diagnostic assays for the regulated diagnostics market, exosome-based molecular diagnostic assays, advanced tissue-based in-situ hybridization assays and instrumentation for spatial genomic and tissue biopsy analysis, and genetic and oncology kits for research and clinical applications. RECENT ACQUISITIONS A key component of the Company's strategy is to augment internal growth at existing businesses with complementary acquisitions. As disclosed in Note 4, the Company completed the acquisition of Lunaphore in fiscal 2024 for $169.7 million, in a cash-free, debt-free acquisition. We also purchased a 19.9% investment in Wilson Wolf in fiscal 2023 and, as disclosed in Note 1, will acquire the remaining shares in Wilson Wolf by the end of calendar year 2027, or earlier depending on the achievement of certain future milestones. OVERALL RESULTS Operational Update For fiscal 2025, consolidated net sales increased 5% to $1.2 billion as compared to fiscal 2024. Organic growth was 5%, and foreign currency translation and a business held-for-sale did not have a material impact. Organic revenue growth was primarily driven by strong commercial execution in our Protein Sciences segment. \u200b Consolidated net earnings for fiscal 2025 decreased 56% compared to fiscal 2024. The decrease in earnings was impacted by a non-recurring loss on an arbitration award, impairment of assets held-for-sale, and restructuring and restructuring-related charges. After adjusting for cost recognized upon sale of acquired inventory, intangibles amortization, acquisition-related costs, certain litigation charges, gain on sale of investments, stock-based comp ITEM 1. BUSINESS OVERVIEW Bio-Techne and its subsidiaries, collectively doing business as Bio-Techne Corporation (Bio-Techne, we, our, us or the Company), develop, manufacture and sell life science reagents, instruments and services for the research, diagnostics and bioprocessing markets worldwide. Our broad product portfolio and application expertise enables scientific investigations into biological processes and molecular diagnostics, revealing the nature, diagnosis, etiology and progression of specific diseases. Our products aid in drug discovery efforts and provide the means for accurate clinical tests and diagnoses. We manage the business in two operating segments \u2013 our Protein Sciences segment and our Diagnostics and Spatial Biology segment. Our Protein Sciences segment is a leading developer and manufacturer of high-quality biological reagents used in all aspects of life science research, diagnostics and cell and gene therapy. This segment also includes proteomic analytical tools, both manual and automated, that offer researchers and pharmaceutical manufacturers efficient and streamlined options for protein analysis, automated western blot, and multiplexed ELISA workflows. Our Diagnostics and Spatial Biology segment develops and manufactures diagnostic products, including controls, calibrators, and diagnostic assays for the regulated diagnostics market, exosome-based molecular diagnostic assays, advanced tissue-based in-situ hybridization assays and instrumentation for spatial genomic and tissue biopsy analysis, and genetic and oncology kits for research and clinical applications. We are a Minnesota corporation with our global headquarters in Minneapolis, Minnesota. We were founded in 1976 as Research and Diagnostic Systems, Inc. We became a publicly traded company in 1985 through a merger with Techne Corporation, now Bio-Techne Corporation. Our common stock is listed on the NASDAQ under the symbol \u201cTECH.\u201d We operate globally, with offices in many locatio ITEM 1A. RISK FACTORS Set forth below are risks and uncertainties we believe are material to our investors. You should refer to the explanation of the qualifications and limitations on forward-looking statements in the section titled Information Relating to Forward-Looking Statements at the beginning ", "title": "TECH - BIO-TECHNE Corp", "url": "/company/TECH/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0000875045; latest 10-K filed 2026-02-06.", "text": "BIIB - BIOGEN INC. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0000875045; latest 10-K filed 2026-02-06. BIIB BIOGEN INC. 0000875045 2836 Biological Products, (No Diagnostic Substances) ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our consolidated financial statements and the accompanying notes beginning on page F-1 of this report. For our discussion of the year ended December 31, 2024, compared to the year ended December 31, 2023, please read Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations located in our Annual Report on Form 10-K for the year ended December 31, 2024. EXECUTIVE SUMMARY INTRODUCTION Biogen is a global biopharmaceutical company focused on discovering, developing and delivering innovative therapies for people living with serious and complex diseases. We have a broad portfolio of medicines to treat MS, have introduced the first approved treatment for SMA, co-developed treatments to address a defining pathology of Alzheimer\u2019s disease and launched the first approved treatment to target a genetic cause of ALS. We market the first and only drug approved in the U.S., the E.U. and certain international markets for the treatment of FA in adults and adolescents aged 16 years and older. We are focused on advancing our pipeline in neurology, specialized immunology and rare diseases. We support our drug discovery and development efforts through internal research and development programs, external collaborations and acquisitions. Our marketed products include VUMERITY, TYSABRI, TECFIDERA, AVONEX and PLEGRIDY for the treatment of MS; SPINRAZA for the treatment of SMA; SKYCLARYS for the treatment of FA; and QALSODY for the treatment of ALS. We also have collaborations with Eisai on the commercialization of LEQEMBI for the treatment of Alzheimer's disease and Supernus on the commercialization of ZURZUVAE for the treatment of PPD. We have certain business and financial rights with respect to RITUXAN for the treatment of non-Hodgkin's lymphoma, CLL and other conditions; RITUXAN HYCELA for the treatment of non-Hodgkin's lymphoma and CLL; GAZYVA for the treatment of CLL, follicular lymphoma and, following its approval in October 2025, lupus nephritis; OCREVUS for the treatment of PPMS and RMS; LUNSUMIO for the treatment of relapsed or refractory follicular lymphoma; COLUMVI, a bispecific antibody for the treatment of non-Hodgkin's lymphoma; and have the option to add other potential anti-CD20 therapies, pursuant to our collaboration arrangements with Genentech, a wholly owned member of the Roche Group. We commercialize a portfolio of biosimilars of advanced biologics including: BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; and FLIXABI, an infliximab biosimilar referencing REMICADE. For additional information on our collaboration arrangements, please read Note 19, Collaborative and Other Relationships, to our consolidated financial statements included in this report. We seek to ensure an uninterrupted supply of medicines to patients around the world. To that end, we regularly review our manufacturing capacity, capabilities, processes and facilities. In order to support our future growth and drug development pipeline, we expanded our large molecule production capacity and built a large-scale biologics manufacturing facility in Solothurn, Switzerland. The Solothurn facility is operational and has been approved for the manufacture of LEQEMBI and TYSABRI. We believe that the Solothurn facility will support our anticipated near to mid-term needs for the manufacturing of biologic assets. The plant represents a significant increase in our overall manufacturing capacity. Additionally, we continue to invest to modernize, automate and support the capacity requirements for our pipeline and existing products at our existing manufacturing facilities in RTP. If we are unable to fully utilize our manufacturing facilities, we will incur additional excess capacity charges which would have a negative effect o ITEM 1. BUSINESS OVERVIEW Biogen is a global biopharmaceutical company focused on discovering, developing and delivering innovative therapies for people living with serious and complex diseases. We have a broad portfolio of medicines to treat MS, have introduced the first approved treatment for SMA, co-developed treatments to address a defining pathology of Alzheimer\u2019s disease and launched the first approved treatment to target a genetic cause of ALS. We market the first and only drug approved in the U.S., the E.U. and certain international markets for the treatment of FA in adults and adolescents aged 16 years and older. We are focused on advancing our pipeline in neurology, specialized immunology and rare diseases. We support our drug discovery and development efforts through internal research and development programs, external collaborations and acquisitions. Our marketed products include VUMERITY, TYSABRI, TECFIDERA, AVONEX and PLEGRIDY for the treatment of MS; SPINRAZA for the treatment of SMA; SKYCLARYS for the treatment of FA; and QALSODY for the treatment of ALS. We also have collaborations with Eisai on the commercialization of LEQEMBI for the treatment of Alzheimer's disease and Supernus on the commercialization of ZURZUVAE for the treatment of PPD. We have certain business and financial rights with respect to RITUXAN for the treatment of non-Hodgkin's lymphoma, CLL and other conditions; RITUXAN HYCELA for the treatment of non-Hodgkin's lymphoma and CLL; GAZYVA for the treatment of CLL, follicular lymphoma and, following its approval in October 2025, lupus nephritis; OCREVUS for the treatment of PPMS and RMS; LUNSUMIO for the treatment of relapsed or refractory follicular lymphoma; COLUMVI, a bispecific antibody for the treatment of non-Hodgkin's lymphoma; and have the option to add other potential anti-CD20 therapies, pursuant to our collaboration arrangements with Genentech, a wholly owned member of the Roche Group. We commercialize a portfolio of b ITEM 1A. RISK FACTORS Risks Related to Our Business We are substantially dependent on revenue from our products. Our revenue depends upon continued sales of our products as well as the financial rights we have in our anti-CD20 therapeutic programs. A significant portion of our revenue is concentrated on sale", "title": "BIIB - BIOGEN INC.", "url": "/company/BIIB/" }, { "kind": "company", "summary": "SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0002012383; latest 10-K filed 2026-02-25.", "text": "BLK - BlackRock, Inc. SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0002012383; latest 10-K filed 2026-02-25. BLK BlackRock, Inc. 0002012383 6211 Security Brokers, Dealers & Flotation Companies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Forward-looking Statements This report, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock\u2019s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as \u201ctrend,\u201d \u201cpotential,\u201d \u201copportunity,\u201d \u201cpipeline,\u201d \u201cbelieve,\u201d \u201ccomfortable,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201ccurrent,\u201d \u201cintention,\u201d \u201cestimate,\u201d \u201cposition,\u201d \u201cassume,\u201d \u201coutlook,\u201d \u201ccontinue,\u201d \u201cremain,\u201d \u201cmaintain,\u201d \u201csustain,\u201d \u201cseek,\u201d \u201cachieve,\u201d and similar expressions, or future or conditional verbs such as \u201cwill,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cmay\u201d and similar expressions. BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and may contain information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. BlackRock has previously disclosed risk factors in its Securities and Exchange Commission (\u201cSEC\u201d) reports. These risk factors and those identified elsewhere in this report, among others, could cause actual results to differ materially from forward-looking statements or historical performance and include: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management (\u201cAUM\u201d); (3) the relative and absolute investment performance of BlackRock\u2019s investment products; (4) BlackRock\u2019s ability to develop new products and services that address client preferences; (5) the impact of increased competition; (6) the impact of recent or future acquisitions or divestitures, including the acquisitions of Global Infrastructure Management, LLC (\u201cGIP\u201d or the \u201cGIP Transaction\u201d), Preqin Holding Limited (\u201cPreqin\u201d or the \u201cPreqin Transaction\u201d) and HPS Investment Partners (\u201cHPS\u201d or the \u201cHPS Transaction\u201d and together with the GIP Transaction and the Preqin Transaction, the \u201cTransactions\u201d); (7) BlackRock\u2019s ability to integrate acquired businesses successfully, including the Transactions; (8) the unfavorable resolution of legal proceedings; (9) the extent and timing of any share repurchases; (10) the impact, extent and timing of technological changes and the adequacy of intellectual property, data, information and cybersecurity protection; (11) the failure to effectively manage the development and use of artificial intelligence; (12) attempts to circumvent BlackRock\u2019s operational control environment or the potential for human error in connection with BlackRock\u2019s operational systems; (13) the impact of legislative and regulatory actions and reforms, supervisory or enforcement actions of government agencies and governmental scrutiny relating to BlackRock; (14) changes in law and policy and uncertainty pending any such changes; (15) any failure to effectively manage conflicts of interest; (16) damage to BlackRock\u2019s reputation; (17) increasing focus from stakeholders regarding environmental and social-related matters; (18) geopolitical unrest, terrorist activities, civil or international hostilities, and other events outside BlackRock\u2019s control, including wars, global trade tensions, tarif Item 1. Business Overview BlackRock, Inc. (together, with its subsidiaries, unless the context otherwise indicates, \u201cBlackRock\u201d or the \u201cCompany\u201d) is a leading publicly traded investment management firm with $14.0 trillion of assets under management (\u201cAUM\u201d) at December 31, 2025. With approximately 24,900 employees in more than 30 countries who serve clients in over 100 countries across the globe, BlackRock provides a broad range of investment management and technology and subscription services to institutional and retail clients worldwide. On July 1, 2025, BlackRock completed the acquisition of 100% of the business and assets of HPS Investment Partners (the \"HPS Transaction\" or \"HPS\"), a leading global credit investment manager, with substantially all consideration paid in Class B-2 common units (\"Subco Units\") of BlackRock Saturn Subco, LLC (\"Subco\"), a consolidated subsidiary of the Company. Concurrent with the acquisition, BlackRock Finance, Inc., Global Infrastructure Management, LLC (\"GIP\"), HPS, and their respective subsidiaries became wholly owned subsidiaries of Subco. For additional information on the HPS Transaction see Note 3, Acquisitions, in the notes to the consolidated financial statements contained in Part II, Item 8 for additional information. BlackRock\u2019s diverse platform of alpha-seeking active, private markets, index and cash management investment strategies across asset classes enables the Company to offer choice and tailor investment and asset allocation solutions for clients. Product offerings include single- and multi-asset portfolios investing in equities, fixed income, private markets, liquid alternatives, digital assets, currencies and commodities, and money market instruments. Products are offered directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares\u00ae exchange-traded funds (\u201cETFs\u201d), separate accounts, collective trust funds and other pooled investment vehicles. BlackRock als Item 1A. Risk Factors As a global investment management firm, risk is an inherent part of BlackRock\u2019s business. Global markets, by their nature, are prone to uncertainty and subject participants to a variety of risks. While BlackRock devotes significant resources across all of its operations to", "title": "BLK - BlackRock, Inc.", "url": "/company/BLK/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001393818; latest 10-K filed 2026-02-27.", "text": "BX - Blackstone Inc. SIC 6282 Investment Advice; CIK 0001393818; latest 10-K filed 2026-02-27. BX Blackstone Inc. 0001393818 6282 Investment Advice Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with Blackstone Inc.\u2019s consolidated financial statements and the related notes included within this Annual Report on Form 10-K. This section of this Form 10-K generally discusses 2025 and 2024 items and year to year comparisons between 2025 and 2024. For the discussion of 2024 compared to 2023, see \u201cPart II. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of Blackstone\u2019s Annual Report on Form 10-K for the year ended December 31, 2024, which specific discussion is incorporated herein by reference. Our Business Blackstone is the world\u2019s largest alternative asset manager. Our business is organized into four segments: Real Estate, Private Equity, Credit & Insurance and Multi-Asset Investing. For more information about our business segments, see \u201cPart I. Item 1. Business \u2014 Business Segments.\u201d We generate revenue from fees earned pursuant to contractual arrangements with funds, fund investors and fund portfolio companies (including management, transaction and monitoring fees), and from capital markets services. We also invest in the funds we manage and we are entitled to a pro-rata share of the income of the fund (a \u201cpro-rata allocation\u201d). In addition to a pro-rata allocation, and assuming certain investment returns are achieved, we are entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (\u201cPerformance Allocations\u201d). In certain investment fund structures, we receive a contractual incentive fee from the fund based on achieving certain investment returns (an \u201cIncentive Fee,\u201d and together with Performance Allocations, \u201cPerformance Revenues\u201d). The composition of our revenues will vary based on market conditions and the cyclicality of the different business units we operate. Net investment gains and investment income generated by Blackstone Funds are driven by the performance of underlying investments in such funds as well as overall market conditions. Fair values are affected by changes in the fundamentals of our funds\u2019 portfolio companies and other investments, the industries in which they operate, the overall economy and other market conditions. Business Environment Blackstone\u2019s businesses are materially a\ufb00ected by conditions in the financial markets and economic conditions in the U.S., Europe, Asia and, to a lesser extent, elsewhere in the world. Most major equity markets appreciated in the fourth quarter of 2025, driven by positive economic data and accommodative central bank actions. The total return of the S&P 500 Index was 2.7% in the fourth quarter, led by the healthcare and telecommunications sectors, which gained 11.7% and 7.3%, respectively. The real estate and utilities sectors underperformed, declining 2.9% and 1.4%, respectively. Equity market volatility decreased, with the CBOE Volatility Index (VIX) declining 8.2% at the end of the fourth quarter compared to the third quarter. In credit markets, the S&P Leveraged Loan Index generated a total return of 1.2% and the ICE Bank of America High Yield Bond Index returned 1.3%. At the beginning of 2026, however, concerns regarding impact of artificial intelligence-driven disruption weighed on equity capital markets. By mid-February 2026, the Dow Jones and S&P 500 Index had experienced declines for four out of five weeks, while the Nasdaq recorded its fifth straight negative week. Capital markets activity levels in the U.S. expanded considerably in 2025, with U.S. initial public o\ufb00ering volumes and announced merger and acquisition volumes up approximately 73% and 60%, respectively, compared to 2024. In particular, the fourth quarter saw a two-and-a-half year-over-year increase in merger and acquisition and initial public o\ufb00erings activity. High-yield spreads tightened by 21 ba Item 1. Business Overview Blackstone is the world\u2019s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies and assets in which we invest. Our more than $1.3 trillion in Total Assets Under Management as of December 31, 2025 include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Our businesses use a solutions-oriented approach to drive better performance. We believe our scale, diversified business, long record of investment performance, rigorous investment process and strong client relationships position us to continue to perform well in a variety of market conditions, expand our assets under management, and innovate. We invest across asset classes on behalf of our investors, including pension funds, insurance companies and individual investors. Our mission is to fulfill our fiduciary duty by creating long-term value for our investors. We aim to do this by strengthening the companies, real estate assets and other investments in our portfolio, equipping them to thrive in the global economy. To the extent our funds perform well, we can support a better retirement for tens of millions of pensioners, including teachers, nurses and firefighters. As of December 31, 2025, we employed approximately 5,285 people, including our 268 senior managing directors, at our headquarters in New York and around the world. Our employees are integral to Blackstone\u2019s culture of integrity, professionalism and excellence. We believe hiring, training and retaining talented individuals, coupled with our rigorous investment process, has supported our excellent investment record over many years. This record, in turn, has enabled us to innovate into new strategies, drive growth and better serve our investors. Business Segments Our four business segments are: (a) Real Estate, (b) Privat Item 1A. Risk Factors Risks Related to Our Business Difficult market, economic and geopolitical conditions can adversely affect our business in many ways, each of which could materially reduce our revenue, earnings and cash flow and adversely affect our financial prospects and condition. Our business is materially affected by financial market and economic conditions", "title": "BX - Blackstone Inc.", "url": "/company/BX/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001512673; latest 10-K filed 2026-02-26.", "text": "XYZ - Block, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001512673; latest 10-K filed 2026-02-26. XYZ Block, Inc. 0001512673 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This management's discussion and analysis provides a review of the results of operations, key operating metrics and non-GAAP financial measures, and liquidity and capital resources of Block, Inc. on a historical basis and outlines the factors that have affected recent earnings, as well as those factors that may affect future earnings. The following discussion and analysis should be read in conjunction with the consolidated financial statements and the notes thereto included elsewhere in this Annual Report on Form 10-K (\"Form 10-K\"). This section of this Form 10-K generally discusses fiscal 2025 compared to fiscal 2024. The comparison of the fiscal 2024 results with the fiscal 2023 results that are not included in this Form 10-K can be found in the \"Management's Discussion and Analysis Results of Operations\" section in the Company's fiscal 2024 Annual Report within Part II, Item 7 of Form 10-K, filed on February 24, 2025. The statements in this discussion regarding our expectations of our future performance, liquidity, and capital resources; our plans, estimates, beliefs, and expectations that involve risks and uncertainties; and other non-historical statements in this discussion are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described under Item 1A. Risk Factors and elsewhere in this Form 10-K. Our actual results may differ materially from those contained in or implied by any forward-looking statements. Overview We launched the Square ecosystem in February 2009 to enable businesses (\"sellers\") to accept card payments, a critical capability that had previously been inaccessible to many businesses. We have since expanded to provide sellers additional products and services and to give them access to a cohesive ecosystem of tools to help them start, run, and grow their businesses. Similarly, with Cash App, we have built an ecosystem of financial products and services to help consumers manage their money. Cash App now provides an ecosystem of commerce solutions, financial services, and bitcoin capabilities focused on helping consumers make their money go further by enabling customers to store, send, receive, spend, invest, BNPL, borrow, or save their money. In addition, our nascent ecosystems include TIDAL as well as Bitcoin, which includes businesses such as Proto and Bitkey. In 2025, we generated gross profit of $10.4 billion, up 17% year over year. Cash App generated gross profit of $6.3 billion in 2025, up 21% year over year, primarily driven by growth in Cash App Borrow. Square generated gross profit of $3.9 billion in 2025, up 9% year over year, driven by financial solutions, most notably Square Loans. In 2025, operating income was $1.7 billion and Adjusted Operating Income was $2.1 billion, compared to operating income of $892.3 million and Adjusted Operating Income of $1.6 billion in 2024. Net income attributable to common stockholders was $1.3 billion compared to net income attributable to common stockholders of $2.9 billion for the same period in 2024, and Adjusted EBITDA was $3.5 billion, an increase of 14% year over year. Net income for 2025 and 2024 included a loss of $55.9 million and gain of $420.9 million, respectively, from the remeasurement of our bitcoin investment. In 2024, we released our valuation allowance associated with certain federal and state deferred tax assets, as well as recognized deferred tax assets as part of internal legal entity restructuring efforts, which resulted in benefits to net income for 2024 of $1.9 billion. Refer to the Key Operating Metrics and Non-GAAP Financial Measures section below for reconciliations of non-GAAP financial measures to their nearest generally accepted accounting principles (\"GAAP\") equivalents. 64 Starting in 2023, we sharpened our focus on ITEM 1. BUSINESS Our Purpose At Block, Inc. (together with its subsidiaries, \"Block\" or \"we\"), we are building technology that enables people and businesses to participate more fully in the economy. Our purpose is economic empowerment, helping individuals and businesses manage, move, and grow their money through simple and connected tools. Our Ecosystems Block designs and operates connected ecosystems that integrate commerce solutions, financial services, software, hardware, and networks to serve individuals and small businesses, primarily through Cash App's consumer network and Square's business (\"seller\") network. Our platform integrates payments, banking, lending, and commerce solutions designed to provide secure, reliable, and scalable financial infrastructure. We apply data, automation, and AI to improve the speed, accuracy, and usability of our products. Our ecosystem strategy connects these capabilities across both sellers and consumers. The ecosystems share common infrastructure for payments processing, risk management, identity, and data, allowing customers to access multiple products across a connected platform. We continue to invest in capabilities that enhance interoperability and efficiency, including embedded financial services, automation, and open protocols such as Bitcoin. Square Ecosystem We started Block with the Square ecosystem in February 2009 to enable businesses to accept card payments, a critical capability that had previously been inaccessible to many businesses. As our company grew, we recognized that sellers need a broad set of integrated solutions to operate efficiently and competitively. We saw how we could apply our strength in technology and innovation to help sellers. We have since expanded Square into a comprehensive commerce ecosystem that provides more than 30 distinct products and services to help our sellers start, run, and grow their businesses. We combine commerce solutions, financial services, and bitcoin capabilities ITEM 1A. RISK FACTORS Investing in our securities involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations", "title": "XYZ - Block, Inc.", "url": "/company/XYZ/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001390777; latest 10-K filed 2026-02-25.", "text": "BNY - Bank of New York Mellon Corp SIC 6022 State Commercial Banks; CIK 0001390777; latest 10-K filed 2026-02-25. BNY Bank of New York Mellon Corp 0001390777 6022 State Commercial Banks General In this Annual Report, references to \u201cour,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cBNY,\u201d the \u201cCompany\u201d and similar terms refer to The Bank of New York Mellon Corporation and its consolidated subsidiaries. The term \u201cParent\u201d refers to The Bank of New York Mellon Corporation but not its subsidiaries. The following should be read in conjunction with the Consolidated Financial Statements included in this report. BNY\u2019s actual results of future operations may differ from those estimated or anticipated in certain forward-looking statements contained herein due to the factors described under the headings \u201cForward-looking Statements\u201d and \u201cRisk Factors,\u201d both of which investors should read. Certain business terms used in this Annual Report are defined under the heading Glossary and Acronyms. This Annual Report generally discusses 2025 and 2024 items and comparisons between 2025 and 2024. Discussions of 2023 items and comparisons between 2024 and 2023 that are not included in this Annual Report can be found in our 2024 Annual Report, which was filed as an exhibit to our Form 10-K for the year ended Dec. 31, 2024. Overview BNY is a global financial services platforms company at the heart of the world\u2019s capital markets. For more than 240 years BNY has partnered alongside clients, using its expertise and platforms to help them operate more efficiently and accelerate growth. Today BNY serves over 90% of Fortune 100 companies and nearly all the top 100 banks globally. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals. As of Dec. 31, 2025, BNY oversees $59.3 trillion in assets under custody and/or administration and $2.2 trillion in assets under management. BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in New York City, BNY has been named among Fortune\u2019s World\u2019s Most Admired Companies and Fast Company\u2019s Best Workplaces for Innovators. Additional information is available on www.bny.com. Follow on LinkedIn or visit the BNY Newsroom for the latest company news. BNY has three business segments, Securities Services, Market and Wealth Services and Investment and Wealth Management, which offer a comprehensive set of capabilities and deep expertise across the investment life cycle, enabling the Company to provide solutions to buy-side and sell-side market participants, as well as leading institutional and wealth management clients globally. The diagram below presents our three business segments and lines of business, with the remaining operations in the Other segment. [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"\",\"\",\"The Bank of New York Mellon Corporation\"],[\"Securities Services\",\"\",\"\",\"Market and Wealth Services\",\"\",\"\",\"Investment and Wealth Management\"],[\"\",\"\",\"Asset Servicing\",\"\",\"\",\"\",\"Pershing\",\"\",\"\",\"\",\"Investment Management\"],[\"\",\"\",\"Issuer Services\",\"\",\"\",\"\",\"Payments andTrade (a)\",\"\",\"\",\"\",\"Wealth Management\"],[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"Clearance and Collateral Management\"]] [[/GREPCENT_TABLE]] (a) Formerly Treasury Services. For additional information on our business segments, see \u201cReview of business segments\u201d and Note 23 of the Notes to Consolidated Financial Statements. Summary of financial highlights We reported net income applicable to common shareholders of $5.3 billion, or $7.40 per diluted common share, in 2025, including the net negative impact of notable items. Notable items in 2025 include disposal gains, severance expense, litigation reserves and the net impact of adjustments for the Federal Deposit Insurance Corporation (\u201cFDIC\u201d) special assessment. Excluding notable items, net income applicable to common shareholders was $5.4 billion (Non-GAAP), or $7.50 (Non-GAAP) per diluted common share, in 2025. In 2024, net income applicable to common shareholders was $4.3 billion, or $5.80 per diluted common share, including the negative impact of notable items. Notable items in BNY 3 Results of ITEM 1. BUSINESS Description of Business The Bank of New York Mellon Corporation, a Delaware corporation (NYSE symbol: BK), is a global financial services platforms company headquartered in New York, New York, with $59.3 trillion in assets under custody and/or administration and $2.2 trillion in assets under management as of Dec. 31, 2025. With its subsidiaries, BNY has been in business since 1784. We divide our businesses into three principal business segments: Securities Services, Market and Wealth Services and Investment and Wealth Management. We also have an Other segment, which includes the corporate treasury activities (including our securities portfolio), tax credit investments and other corporate investments, corporate and bank-owned life insurance, derivatives and other trading activity, and certain business exits. For a further discussion of BNY\u2019s lines of business, products and services, see the \u201cOverview,\u201d \u201cSummary of financial highlights,\u201d \u201cFee and other revenue,\u201d \u201cReview of business segments\u201d and \u201cInternational operations\u201d sections in the MD&A section in the Annual Report and Notes 23 and 24 of the Notes to Consolidated Financial Statements in the Annual Report, of which portions are incorporated herein by reference. See the \u201cAvailable Information\u201d section on page 1 of this Form 10-K, which is incorporated herein by reference, for a description of how to access financial and other information regarding BNY. Our two principal U.S. banking subsidiaries engage in trust and custody activities, investment management services, banking services and various securities-related activities. Our two principal U.S. banking subsidiaries are: \u2022The Bank of New York Mellon, a New York state-chartered bank, which houses our Securities Services businesses, including Asset Servicing and Issuer Services and certain Market and Wealth Services businesses, including Payments and Trade and Clearance and Collateral Management, as well as the bank-advised business of Inves", "title": "BNY - Bank of New York Mellon Corp", "url": "/company/BNY/" }, { "kind": "company", "summary": "SIC 3721 Aircraft; CIK 0000012927; latest 10-K filed 2026-01-30.", "text": "BA - BOEING CO SIC 3721 Aircraft; CIK 0000012927; latest 10-K filed 2026-01-30. BA BOEING CO 0000012927 3721 Aircraft Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Consolidated Results of Operations and Financial Condition Overview We are a global market leader in the design, development, manufacture, sale, service and support of commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems and services. We are one of the two major manufacturers of 100+ seat airplanes for the worldwide commercial airline industry and one of the largest defense contractors in the U.S. While our principal operations are in the U.S., we conduct operations in an expanding number of countries and rely on an extensive network of U.S. and non-U.S. partners, key suppliers and subcontractors. Our strategy is centered on successful execution in healthy core businesses \u2013 Commercial Airplanes (BCA), Defense, Space & Security (BDS) and Global Services (BGS). BCA is committed to offering airplanes that deliver superior design, safety, quality, efficiency and value to customers around the world. BDS integrates its resources in defense, intelligence, communications, security, space and services to deliver capability-driven solutions to customers. Our BDS strategy is to leverage our core businesses to capture key next-generation programs while expanding our presence in adjacent and international markets. BGS provides support for commercial and defense customers through innovative, comprehensive and cost-competitive product and service solutions. On January 5, 2024, a 737-9 flight made an emergency landing after a mid-exit door plug detached in flight. As a result of the accident, the Federal Aviation Administration (FAA) performed an investigation into the 737 quality control system and imposed certain additional requirements and restrictions. As part of our plan to improve quality and safety and to address the issues identified, we slowed production rates and delayed planned production rate increases to reduce traveled work in our factory, as well as at our suppliers. We have also taken additional actions to improve safety and quality, including investing in workforce training, simplifying plans and processes, eliminating defects, and enhancing our safety and quality culture. The 737-9 door plug accident and our resulting actions, including slowing production, significantly impacted our financial position, results of operations and cash flows during 2024 and 2025. On November 4, 2024, the International Association of Machinists and Aerospace Workers District 751 (IAM 751), representing approximately 30,000 Boeing employees, voted to ratify a new contract, thereby ending the work stoppage initiated on September 13, 2024, which paused production of certain commercial aircraft models (737, 767, 777 and 777X aircraft) as well as production of commercial derivative aircraft for our Defense, Space & Security business (KC-46A Tanker and P-8A Poseidon). Production for all programs resumed in December 2024 and gradually ramped up during 2025. On November 13, 2025, the International Association of Machinists and Aerospace Workers District 837 (IAM 837), representing approximately 3,200 Boeing employees, voted to ratify a new contract thereby ending the work stoppage initiated on August 4, 2025, which disrupted our St. Louis operations. Programs impacted included F/A-18, F-15, T-7A Red Hawk, MQ-25 and Weapons. Our contracts with the Society of Professional Engineering Employees in Aerospace, representing approximately 16,000 Boeing employees, are scheduled to expire in October 2026, and could also have a material impact on our financial position, results of operations and cash flows. 24 Table of Contents During the fourth quarter of 2025, we completed a divestiture and an acquisition that are affecting our 2025 financial position, results of operations and cash flows. On October 31, 2025, we completed the divestiture of portions of our BGS segment\u2019s Digital Aviation Solutions busine Item 1. Business The Boeing Company, together with its subsidiaries (herein referred to as \u201cBoeing,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d), is one of the world\u2019s major aerospace firms. We are organized based on the products and services we offer. We operate in three reportable segments: \u2022Commercial Airplanes (BCA); \u2022Defense, Space & Security (BDS); \u2022Global Services (BGS). Commercial Airplanes Segment This segment develops, produces and markets commercial jet aircraft principally to the commercial airline industry worldwide. We are a leading producer of commercial aircraft and offer a family of commercial jetliners designed to meet a broad spectrum of global passenger and cargo requirements of airlines. This family of commercial jet aircraft in production includes the 737 narrow-body model and the 767, 777 and 787 wide-body models. Development continues on the 777X program and the 737-7 and 737-10 derivatives. Defense, Space & Security Segment This segment engages in the research, development, production and modification of manned and unmanned military aircraft and weapons systems for strike, surveillance and mobility, including fighter and trainer aircraft; vertical lift, including rotorcraft and tilt-rotor aircraft; and commercial derivative aircraft, including anti-submarine and tanker aircraft. In addition, this segment engages in the research, development, production and modification of the following products and related services: strategic defense and intelligence systems, including strategic missile and defense systems, command, control, communications, computers, intelligence, surveillance and reconnaissance, cyber and information solutions, and intelligence systems, satellite systems, including government and commercial satellites and space exploration. Global Services Segment This segment provides services to our commercial and defense customers worldwide. Global Services sustains aerospace platforms and systems with a full spectrum of products and s Item 1A. Risk Factors An investment in our securities involves risks and uncertainties, including those described below, which can materially affect our business, financial position, results of operations and cash flows. These risk factors should be carefully reviewed in conjunction with the other information in this report, including \u201cManagement's Discussion and Analysis of Financial Condition and ", "title": "BA - BOEING CO", "url": "/company/BA/" }, { "kind": "company", "summary": "SIC 4700 Transportation Services; CIK 0001075531; latest 10-K filed 2026-02-18.", "text": "BKNG - Booking Holdings Inc. SIC 4700 Transportation Services; CIK 0001075531; latest 10-K filed 2026-02-18. BKNG Booking Holdings Inc. 0001075531 4700 Transportation Services Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with Part I, Item 1A \"Risk Factors\" and our Consolidated Financial Statements and accompanying notes. We evaluate certain operating and financial measures on both an as-reported and constant currency basis. We calculate constant currency based on the predominant transactional currency in each country, converting our current year results in currencies other than U.S. Dollars using the corresponding prior year monthly average exchange rates. Overview Our mission is to make it easier for everyone to experience the world. We aim to provide consumers with a best-in-class experience with tailored planning, payment, language, and other options, seamlessly connecting them with our travel service provider partners. We offer these services through five primary consumer-facing brands: Booking.com, Priceline, Agoda, KAYAK, and OpenTable. See Notes 1 and 17 to our Consolidated Financial Statements for segment reporting and geographic information. We derive substantially all of our revenues from enabling consumers to make travel service reservations. We also earn revenues from payment facilitation, advertising, restaurant reservation and management services, travel-related insurance offerings, and other services. Trends Our global room nights in 2025 increased 8% year-over-year driven primarily by healthy travel demand in Europe and Asia. We saw the booking window expand in 2025 compared to 2024, which benefited year-over-year room night growth. In the fourth quarter of 2025, global room nights increased 9% year-over-year. We saw healthy travel demand across all our major regions in the fourth quarter of 2025. While the geopolitical and macroeconomic environment can impact global travel demand, we believe our diversified global portfolio of leading travel brands, flexible platforms, and strong financial position helps us to navigate a range of scenarios. We continue to take a long-term view, staying focused on delivering value to our travelers and partners, maintaining disciplined cost management, and making strategic investments as appropriate. Quarterly Room Nights and Change versus the prior year (1) 24 Full Year Room Nights and Change versus the prior year (1) (1) Room night growth rates are rounded for presentation purposes. The cancellation rate in 2025 was lower than the prior year. Because we recognize revenues from bookings when the traveler checks in, our reported revenues are not at risk of being reversed due to cancellations. Increases in cancellation rates can negatively impact our marketing efficiency as a result of incurring performance marketing expenses at the time a booking is made even though that booking could be canceled in the future. In 2025, our global average daily rates (\"ADRs\") on a constant currency basis were about in line with the prior year. Our global ADRs were slightly negatively impacted by a higher mix of room nights in Asia, which is a lower ADR region. Excluding the changes in regional mix, our global ADRs on a constant currency basis were up approximately 1% year-over-year, driven primarily by higher ADRs in Europe. We focus on relentless innovation to grow our business by providing a best-in-class user experience with intuitive, easy-to-use platforms that aim to exceed the expectations of consumers. We are executing against our long-term strategy to create an ideal AI-powered traveler experience, offering our customers relevant options and suggestions at the times and in the language they want them, making trips booked with us seamless, easy, and valuable. We refer to this as the \"Connected Trip.\" The goal of our Connected Trip vision is to offer a differentiated and personalized travel planning, booking, payment, and in-trip experience for each trip, enhanced by a robust loyalty program that provides value to travelers and partners acro Item 1. Business Our mission is to make it easier for everyone to experience the world. We aim to provide consumers with a best-in-class experience with tailored planning, payment, language, and other options seamlessly connecting them with our travel service provider partners. We offer these services through five primary consumer-facing brands: Booking.com, Priceline, Agoda, KAYAK, and OpenTable: [[GREPCENT_TABLE]] [[\"\",\"Accommodations\",\"Ground Transportation\",\"Flights\",\"Activities\",\"Restaurants\",\"Meta Search\"],[\"Booking.com\",\"\\u2611\",\"\\u2611\",\"\\u2611\",\"\\u2611\"],[\"Priceline\",\"\\u2611\",\"\\u2611\",\"\\u2611\",\"\\u2611\"],[\"Agoda\",\"\\u2611\",\"\\u2611\",\"\\u2611\",\"\\u2611\"],[\"KAYAK\",\"\",\"\",\"\",\"\",\"\",\"\\u2611\"],[\"OpenTable\",\"\",\"\",\"\",\"\",\"\\u2611\"]] [[/GREPCENT_TABLE]] We are proud of the meaningful progress we are making on our strategic initiatives as we continue to create more value for our consumers and partners, including: \u2022achieving record annual room nights in 2025; \u2022integrating new generative artificial intelligence (\"Gen AI\") features to enhance the consumer and partner experience and drive efficiencies in our operations; \u2022continued advancement towards our Connected Trip vision to make planning, booking, and traveling simpler, more personalized, and seamless; \u2022expanding Booking.com's Genius loyalty program across verticals and continuing to improve loyalty programs across our brands to provide a more personalized experience for consumers and incremental value to partners; \u2022partnering with leading Gen AI organizations; \u2022continuing to increase brand awareness and localization in key geographies such as Asia and the U.S.; \u2022increasing adoption of our payments platform and capabilities; \u2022growing our alternative accommodations offering; \u2022executing on our Transformation Program (as defined below) to drive efficiency and help create capacity for reinvestments in our strategic priorities for long-term value creation; and \u2022broadening our supply and increasing flight and attrac Item 1A. Risk Factors Our business and financial results are subject to risks and uncertainties, which could adversely affect our business, results of operations, financial condition, and cash flows. The risk factors section should be carefully considered in full, in addition to other information appearing in this Form 10-K, including Part II, Item 7, M", "title": "BKNG - Booking Holdings Inc.", "url": "/company/BKNG/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000885725; latest 10-K filed 2026-02-17.", "text": "BSX - BOSTON SCIENTIFIC CORP SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000885725; latest 10-K filed 2026-02-17. BSX BOSTON SCIENTIFIC CORP 0000885725 3841 Surgical & Medical Instruments & Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis provides information management believes to be relevant to understanding the financial condition and results of operations of Boston Scientific Corporation and its subsidiaries for the years ended December 31, 2025 and 2024. For a full understanding of our financial condition and results of operations, this discussion should be read in conjunction with our consolidated financial statements and accompanying notes included in Part II, Item 8. Financial Statements and Supplementary Data of this Annual Report on Form 10-K (this Annual Report). For additional information on our financial condition and results of operations for the year ended December 31, 2023, refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our previously filed Annual Report on Form 10-K. Executive Summary The following section describes some of our financial highlights and trends on a consolidated basis. For additional information on our business units and product offerings, refer to Part I, Item 1. Business of this Annual Report. [[GREPCENT_TABLE]] [[\"(in millions, except per share data)\",\"Year Ended December 31,\",\"\",\"2025 versus 2024\",\"\",\"\",\"\",\"2025 versus 2024\"],[\"2025\",\"\",\"2024\",\"\",\"\",\"\",\"$\",\"\",\"\",\"\",\"%\"],[\"Reported net sales\",\"$\",\"20,074\",\"\",\"\",\"$\",\"16,747\",\"\",\"\",\"\",\"\",\"$\",\"3,327\",\"\",\"\",\"\",\"\",\"19.9\",\"%\"],[\"Reported net income (loss) attributable to Boston Scientific common stockholders\",\"2,898\",\"\",\"\",\"1,853\",\"\",\"\",\"\",\"\",\"1,045\",\"\",\"\",\"\",\"\",\"56.4\",\"%\"],[\"Adjusted net income (loss) attributable to Boston Scientific common stockholders (non-GAAP measure)\",\"4,574\",\"\",\"\",\"3,725\",\"\",\"\",\"\",\"\",\"849\",\"\",\"\",\"\",\"\",\"22.8\",\"%\"],[\"Net income (loss) per common share \\u2014 diluted\",\"1.94\",\"\",\"\",\"1.25\",\"\",\"\",\"\",\"\",\"0.69\",\"\",\"\",\"\",\"\",\"55.2\",\"%\"],[\"Adjusted net income (loss) per common share \\u2014 diluted (non-GAAP measure)\",\"3.06\",\"\",\"\",\"2.51\",\"\",\"\",\"\",\"\",\"0.55\",\"\",\"\",\"\",\"\",\"21.9\",\"%\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"(in millions, except per share data)\",\"\",\"\",\"Year Ended December 31,\",\"\",\"\",\"\",\"2024 versus 2023\",\"\",\"\",\"\",\"2024 versus 2023\"],[\"\",\"\",\"2024\",\"\",\"2023\",\"\",\"\",\"\",\"$\",\"\",\"\",\"\",\"%\"],[\"Reported net sales\",\"\",\"\",\"$\",\"16,747\",\"\",\"\",\"$\",\"14,240\",\"\",\"\",\"\",\"\",\"$\",\"2,507\",\"\",\"\",\"\",\"\",\"17.6\",\"%\"],[\"Reported net income (loss) attributable to Boston Scientific common stockholders\",\"\",\"\",\"1,853\",\"\",\"\",\"1,570\",\"\",\"\",\"\",\"\",\"283\",\"\",\"\",\"\",\"\",\"18.0\",\"%\"],[\"Adjusted net income (loss) attributable to Boston Scientific common stockholders (non-GAAP measure)\",\"\",\"\",\"3,725\",\"\",\"\",\"2,999\",\"\",\"\",\"\",\"\",\"726\",\"\",\"\",\"\",\"\",\"24.2\",\"%\"],[\"Net income (loss) per common share \\u2014 diluted\",\"\",\"\",\"1.25\",\"\",\"\",\"1.07\",\"\",\"\",\"\",\"\",\"0.18\",\"\",\"\",\"\",\"\",\"16.8\",\"%\"],[\"Adjusted net income (loss) per common share \\u2014 diluted (non-GAAP measure)\",\"\",\"\",\"2.51\",\"\",\"\",\"2.05\",\"\",\"\",\"\",\"\",\"0.46\",\"\",\"\",\"\",\"\",\"22.4\",\"%\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\",\"2025 versus 2024\",\"\",\"2024 versus 2023\"],[\"Net sales reported growth\",\"\",\"19.9\",\"%\",\"\",\"17.6\",\"%\"],[\"Impact of foreign currency fluctuations\",\"\",\"(0.7)\",\"%\",\"\",\"0.9\",\"%\"],[\"Net sales operational growth (non-GAAP measure)\",\"\",\"19.2\",\"%\",\"\",\"18.5\",\"%\"],[\"Impact of certain acquisitions and divestitures\",\"\",\"(3.4)\",\"%\",\"\",\"(2.1)\",\"%\"],[\"Net sales organic growth (non-GAAP measure)\",\"\",\"15.8\",\"%\",\"\",\"16.4\",\"%\"]] [[/GREPCENT_TABLE]] The increases in our reported net sales and reported net income attributable to Boston Scientific common stockholders in 2025 and 2024 were primarily driven by innovation and strong commercial execution across our businesses, particularly in our Electrophysiology business unit, and which was led by the continued growth of our Farapulse\u2122 Pulsed Field Ablation System which launched in the U.S. in early 2024. Refer to Results of Operations for a discussion of our net sales by business. 33 To supplement our conso ITEM 1. BUSINESS Our Company Boston Scientific Corporation is a global developer, manufacturer and marketer of medical devices that are used in a broad range of interventional medical specialties. Our mission is to transform lives through innovative medical solutions that improve the health of patients around the world. As a medical technology leader for more than 45 years, we have advanced the practice of less-invasive medicine by helping physicians and other medical professionals diagnose and treat a wide range of diseases and medical conditions and improve patients\u2019 quality of life by providing alternatives to surgery and other medical procedures that are typically traumatic to the body. We advance science for life by providing a broad range of high-performance solutions to address unmet patient needs and reduce the cost of health care. When used in this report, the terms \"we,\" \"us,\" \"our\" and \"the Company\" mean Boston Scientific Corporation and its divisions and subsidiaries. Business Strategy We operate pursuant to five strategic imperatives. We aim to: Strengthen Category Leadership, Expand into High Growth Adjacencies, Drive Global Expansion, Fund the Journey to Fuel Growth and Develop Key Capabilities. We believe that our 3 execution of these strategic imperatives will help us deliver on our mission, drive innovation and increase value for our customers and employees, while strengthening our leadership position in the medical device industry and delivering profitable revenue growth. We expect to continue to invest in our core businesses and pursue opportunities to diversify and further expand our presence in strategic, high-growth adjacencies and new global markets, including growth within the countries we define as emerging markets. Maintaining and expanding our international presence is an important component of our long-term growth strategy. Through our international presence, we seek to increase net sales and market share, leverage our relationshi ITEM 1A. RISK FACTORS In addition to the other information contained in this Annual Report on Form 10-K (this Annual Report) and the exhibits hereto, the following risk factors should be considered carefully in evaluating our business. Our business, financial condition, cash flows or results of opera", "title": "BSX - BOSTON SCIENTIFIC CORP", "url": "/company/BSX/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000014272; latest 10-K filed 2026-02-11.", "text": "BMY - BRISTOL MYERS SQUIBB CO SIC 2834 Pharmaceutical Preparations; CIK 0000014272; latest 10-K filed 2026-02-11. BMY BRISTOL MYERS SQUIBB CO 0000014272 2834 Pharmaceutical Preparations Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Management\u2019s discussion and analysis of financial condition and results of operations is provided as a supplement to and should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this 2025 Form 10-K to enhance the understanding of our results of operations, financial condition and cash flows. Certain amounts in this 2025 Form 10-K may not sum due to rounding. Percentages have been calculated using unrounded amounts. The comparison of 2024 to 2023 results has been omitted from this Form 10-K and is incorporated by reference from our Form 10-K for the year ended December 31, 2024 \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d filed on February 12, 2025. EXECUTIVE SUMMARY Bristol-Myers Squibb Company is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. Refer to the Summary of Abbreviated Terms at the end of this 2025 Form 10-K for definitions of capitalized terms used throughout the document. In 2025, we have achieved multiple regulatory approvals across our portfolio, including the: (i) approval of Breyanzi for adults with relapsed or refractory FL and MCL in the EU, (ii) approval of Camzyos for the treatment of symptomatic obstructive HCM in Japan, (iii) approval of Opdivo + Yervoy as a first-line treatment of adult patients with unresectable or advanced HCC in both the U.S. and the EU, (iv) approval of Opdivo + Yervoy for first-line treatment of adults and pediatric patients 12 years and older with unresectable or metastatic MSI-High or dMMR colorectal cancer in the U.S. and Japan, (v) approval of Opdivo as a perioperative regimen for resectable high risk NSCLC in the EU, (vi) approval of Opdivo Qvantig for use across multiple adult solid tumors in the EU, and (vii) approval of Breyanzi for the treatment of adults with relapsed or refractory MZL in the U.S. Additionally, we received label updates from the FDA that have reduced or removed certain patient monitoring requirements associated with the use of Camzyos, Breyanzi and Abecma. We continue to pursue activities to advance and expand our pipeline through our internal research and development efforts as well as through business development activities. In 2025, the Company (i) acquired Orbital Therapeutics, which provided the Company with full rights to OTX-201, a preclinical in vivo CAR T-cell therapy currently in IND-enabling studies for autoimmune disease, (ii) entered into a strategic collaboration with BioNTech to co-develop and co-commercialize BioNTech's investigational bispecific antibody pumitamig (BNT327/BMS986545) across multiple solid tumor types, (iii) acquired a global exclusive license from Philochem for OncoACP3, a radiopharmaceutical therapeutic and diagnostic agent targeting prostate cancer, and (iv) expanded our development and manufacturing capabilities by opening a new radiopharmaceutical facility in Indianapolis, Indiana, which will support RPTs acquired in connection with the RayzeBio acquisition. For additional information relating to our acquisitions, divestitures, licensing and other arrangements refer to \"Item 8. Financial Statements and Supplementary Data \u2014 Note 3. Alliances\" and \"Item 8. Financial Statements and Supplementary Data\u2014 Note 4. Acquisitions, Divestitures, Licensing and Other Arrangements\". We remain committed to the strategic allocation of resources and investing in areas that maximize value and drive sustainable growth. As previously announced, our ongoing strategic productivity initiative includes acceleration of the delivery of medicines to patients by evolving and streamlining our enterprise operating model in key areas such as R&D, manufacturing, commercial and other functions. We continue to expect to realize approximately Item 1. BUSINESS. General Bristol-Myers Squibb Company (\"we\", the \"Company\", \"Bristol Myers Squibb\", or \"BMS\") was incorporated under the laws of the State of Delaware in August 1933 under the name Bristol-Myers Company, as successor to a New York business started in 1887. In 1989, Bristol-Myers Company changed its name to Bristol-Myers Squibb Company as a result of a merger. We operate in a single segment engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of innovative medicines that help patients prevail over serious diseases. Our principal strategy is to combine the resources, scale and capability of a large pharmaceutical company with the speed, agility and focus on innovation typically found in the biotech industry. Our focus as a biopharmaceutical company is on discovering, developing and delivering transformational medicines for patients facing serious diseases in areas where we believe that we have an opportunity to make a meaningful difference: oncology, hematology, immunology, cardiovascular, neuroscience and other areas where we can also create long-term value. Our priorities are to focus on transformational medicines where we have a competitive advantage, drive operational excellence throughout the organization and strategically allocate capital for long-term growth and shareholder returns. We are driving commercial execution in our key first-in-class and/or best-in-class marketed products, where we continue to expand and see potential for further expansion into the future. For a further discussion of our strategy initiatives, refer to \u201cItem 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\u2014Strategy.\u201d We compete with other global research-based drug companies, many smaller research companies with more limited therapeutic focus and generic drug manufacturers. Our products are sold worldwide, principally to wholesalers, distributors, specialty pharmacies, and to a les Item 1A. RISK FACTORS. Any of the risks and uncertainties described below could significantly and negatively affect our business operations, financial condition, operating results (including components of our financial results), cash flows, prospects, reputation or credit ratings now and in the future, which could cause th", "title": "BMY - BRISTOL MYERS SQUIBB CO", "url": "/company/BMY/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001383312; latest 10-K filed 2025-08-05.", "text": "BR - BROADRIDGE FINANCIAL SOLUTIONS, INC. SIC 7389 Services-Business Services, NEC; CIK 0001383312; latest 10-K filed 2025-08-05. BR BROADRIDGE FINANCIAL SOLUTIONS, INC. 0001383312 7389 Services-Business Services, NEC ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This discussion summarizes the significant factors affecting the results of operations and financial condition of Broadridge during the fiscal years ended June 30, 2025 and 2024, and should be read in conjunction with our Consolidated Financial Statements and accompanying Notes thereto included elsewhere herein. Certain information contained in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d are \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature and which may be identified by the use of words such as \u201cexpects,\u201d \u201cassumes,\u201d \u201cprojects,\u201d \u201canticipates,\u201d \u201cestimates,\u201d \u201cwe believe,\u201d \u201ccould be,\u201d \u201con track\u201d and other words of similar meaning, are forward-looking statements. These statements are based on management\u2019s expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. Our actual results, performance or achievements may differ materially from the results discussed in this Item 7. because of various factors, including those set forth elsewhere herein. See \u201cForward-Looking Statements\u201d and \u201cRisk Factors\u201d included in Part 1 of this Annual Report on Form 10-K. The discussion summarizing the significant factors affecting the results of operations and financial condition of Broadridge during the fiscal year ended June 30, 2024 can be found in Part II, \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the fiscal year 2024 (the \u201c2024 Annual Report\u201d), which was filed with the Securities and Exchange Commission on August 6, 2024. DESCRIPTION OF THE COMPANY AND BUSINESS SEGMENTS Broadridge, a Delaware corporation, is a global financial technology leader providing investor communications and technology-driven solutions to banks, broker-dealers, asset and wealth managers, public companies, investors, and mutual funds. Our services include investor communications, securities processing, data and analytics, and customer communications solutions. With over 60 years of experience, including over 15 years as an independent public company, we provide integrated solutions and an important infrastructure that powers the financial services industry. Our solutions enable better financial lives by powering investing, governance and communications and help reduce the need for our clients to make significant capital investments in operations infrastructure, thereby allowing them to increase their focus on core business activities. Our businesses operate in two reportable segments: Investor Communication Solutions (\u201cICS\u201d) and Global Technology and Operations (\u201cGTO\u201d). ACQUISITIONS We frequently review our businesses to ensure we have the necessary assets to execute our strategy. We expect to acquire businesses when we identify a compelling strategic need, such as a product, service or technology that helps meet client demand, a way to achieve business scale that enables competition and operational efficiency, or similar considerations. The results of operations for acquired businesses are included in our consolidated results from the respective dates of acquisition. Acquisitions of Businesses In November 2024, the Company acquired SIS to provide wealth management, capital markets, and information technology solutions in Canada. SIS is included in the Company\u2019s GTO reportable segment. Our discussions with the Canadian Competition Bureau are ongoing. In July 2024, the Company acquired CompSci, a provider of cloud-based financial technology software for the preparation and processing of SEC filings for public companies and funds. CompSci is included in the Company\u2019s ICS reportable segment. We acquired these businesses for an aggregate purchase price of $193 ITEM 1. Business The Broadridge Business Broadridge, a Delaware corporation, is a global financial technology leader powering investing, corporate governance, and communications. We deliver technology-driven solutions to banks, broker-dealers, asset and wealth managers, public companies, investors, and mutual funds, that enable our clients to operate, innovate and grow. Our trusted expertise and transformative technology solutions help financial services companies enhance investor engagement, optimize trading and investing, and digitize communications. We operate our business in two reportable segments: Investor Communication Solutions and Global Technology and Operations. Investor Communication Solutions Our Regulatory Solutions, Data-Driven Fund Solutions, Corporate Issuer Solutions, and Customer Communications Solutions are provided as part of the Investor Communication Solutions segment. The Investor Communication Solutions segment is the larger of our two business segments and its revenues represented approximately 74% and 75% of our total Revenues in fiscal years 2025 and 2024, respectively, including the foreign exchange impact from revenues generated in currencies other than the United States of America (\u201cU.S.\u201d) dollar. See \u201cAnalysis of Reportable Segments \u2014 Revenues\u201d under \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d We provide the following services and solutions through our Investor Communication Solutions segment: Regulatory Solutions We handle the entire proxy materials distribution and voting process for our bank, broker-dealer, corporate issuer and fund clients. We offer electronic and traditional hard copy services for the delivery of proxy materials to investors and collection of consents; maintenance of a rules engine and database that contains the delivery method preferences of our clients\u2019 customers; posting of documents on their websites; email notification to investors alerting them ITEM 1A. Risk Factors You should carefully consider each of the following risks and all of the other information set forth in this Annual Report on Form 10-K or incorporated by reference herein. Based on the information currently known to us, we believe that the following information identifies the mo", "title": "BR - BROADRIDGE FINANCIAL SOLUTIONS, INC.", "url": "/company/BR/" }, { "kind": "company", "summary": "SIC 6411 Insurance Agents, Brokers & Service; CIK 0000079282; latest 10-K filed 2026-02-12.", "text": "BRO - BROWN & BROWN, INC. SIC 6411 Insurance Agents, Brokers & Service; CIK 0000079282; latest 10-K filed 2026-02-12. BRO BROWN & BROWN, INC. 0000079282 6411 Insurance Agents, Brokers & Service ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. General Company Overview The following discussion should be read in conjunction with our Consolidated Financial Statements and the related Notes to those Financial Statements included elsewhere in this Annual Report on Form 10-K, which are prepared in accordance with accounting principles generally accepted in the United States of America (\"GAAP\"). In addition, see \u201cInformation Regarding Non-GAAP Financial Measures\u201d below regarding important information on non-GAAP financial measures contained in our discussion and analysis. We are a diversified insurance agency, wholesale brokerage, insurance programs, specialty insurance business and service organization headquartered in Daytona Beach, Florida. As an insurance intermediary, our principal sources of revenue are commissions paid by insurance companies and, to a lesser extent, fees paid directly by customers. Commission revenues generally represent a percentage of the premium paid by an insured and are affected by fluctuations in both premium rate levels charged by insurance companies and the insureds\u2019 underlying \u201cinsurable exposure units,\u201d which are units that insurance companies use to measure or express insurance exposed to risk (such as property values, sales or payroll levels) to determine what premium to charge the insured. Insurance companies establish these premium rates based upon many factors, including loss experience, risk profile and reinsurance rates paid by such insurance companies, none of which we control. We also participate in captive insurance facilities for the purpose of having additional capacity to place coverage, driving additional revenues and to participate in underwriting results. We limit the Company's exposure to claims expenses through reinsurance or by only participating in certain tranches of the underwriting. We also operate registered insurance companies to support our national flood insurance program and to support our cross-collateralized segregated captive cell businesses. We do not participate in earnings of the collateralized segregated captive cells. We have increased revenues every year from 1993 to 2025, with the exception of 2009, when our revenues declined 1.0%. Our revenues grew from $95.6 million in 1993 to $5.9 billion in 2025, reflecting a compound annual growth rate of 14.2%. In the same 32-year period, we increased net income from $8.1 million to over $1.0 billion in 2025, a 16.9% compound annual growth rate. The volume of business from new and existing customers, fluctuations in insurable exposure units, changes in premium rate levels, changes in general economic and competitive conditions, a reduction of purchased limits, or the occurrence of catastrophic weather events all affect our revenues. For example, higher levels of inflation, an increase in the value of insurable exposure units or a general decline in economic activity, could increase or decrease the value of insurable exposure units. Conversely, increasing costs of litigation settlements and awards could cause some customers to seek higher levels of insurance coverage. Historically, we have grown our revenues as a result of our focus on new business, customer retention and acquisitions. We foster a strong, decentralized sales and service culture, which enables responsiveness to changing business conditions and drives accountability for results. The term \u201ccore commissions and fees\u201d excludes profit-sharing contingent commissions, and therefore, it represents the revenues earned directly from specific insurance policies sold, and specific fee-based services rendered. The net change in core commissions and fees reflects the aggregate changes attributable to: (i) net new and lost accounts; (ii) net changes in our customers\u2019 exposure units, deductibles or insured limits; (iii) net changes in insurance premium rates or the commission rate paid to us by our carrier partners ITEM 1. Business. General Brown & Brown, Inc., a Florida corporation, and its subsidiaries (collectively, \u201cBrown & Brown\u201d or the \u201cCompany\u201d) is a diversified insurance agency, wholesale brokerage, insurance programs and service organization that markets and sells insurance products and services, primarily in the property, casualty and employee benefits areas. The Company primarily operates as an agent or broker not assuming underwriting risks. However, we also operate and/or participate in various ancillary insurance operations, including (1) reinsurance companies and stand-alone captives that assume underwriting risk; (2) series captive insurance companies (\u201cSCICs\u201d); (3) protected cell companies; (4) segregated account companies; (5) a quota share captive and (6) an excess of loss layer captive (collectively, the \"Captives\"). These ancillary insurance operations facilitate additional underwriting capacity, generate incremental revenues and/or enable the Company to participate in certain underwriting results. The Company also operates a write-your-own flood insurance carrier, Wright National Flood Insurance Company (\u201cWNFIC\u201d). WNFIC\u2019s underwriting business consists of policies written pursuant to the National Flood Insurance Program (\u201cNFIP\u201d), the program administered by the Federal Emergency Management Agency (\u201cFEMA\u201d) to which premiums and underwriting exposure are ceded, and excess flood policies which are fully reinsured in the private market. In conjunction with the acquisition of RSC, the holding company for Accession Risk Management Group, Inc., in the third quarter of 2025, the Company realigned its business from three to two segments. As a result of the segment reorganization, the Company consolidated its Programs and Wholesale Brokerage segments into a new Specialty Distribution segment. The Company now reports its financial results in the following two reportable segments: Retail and Specialty Distribution. The historical results, discussion and presentat ITEM 1A. Risk Factors. Our business, financial condition, results of operations and cash flows are subject to, and could be materially adversely affected by, various risks and uncertainties, including, without limitation, those set forth below, any one of which could cause our actual results to vary materially fro", "title": "BRO - BROWN & BROWN, INC.", "url": "/company/BRO/" }, { "kind": "company", "summary": "SIC 2080 Beverages; CIK 0000014693; latest 10-K filed 2026-06-12.", "text": "BF-B - BROWN FORMAN CORP SIC 2080 Beverages; CIK 0000014693; latest 10-K filed 2026-06-12. BF-B BROWN FORMAN CORP 0000014693 2080 Beverages Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Introduction This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader better understand Brown-Forman, our operations, our financial results, and our current business environment. Please read this MD&A in conjunction with our Consolidated Financial Statements and the accompanying Notes contained in \u201cItem 8. Financial Statements and Supplementary Data\u201d (Consolidated Financial Statements). Our MD&A is organized as follows: [[GREPCENT_TABLE]] [[\"Table of Contents\"],[\"\",\"Page\"],[\"Presentation basis\",\"30\"],[\"Significant developments\",\"34\"],[\"Executive summary\",\"36\"],[\"Results of operations\",\"38\"],[\"Liquidity and capital resources\",\"45\"],[\"Critical accounting policies and estimates\",\"47\"]] [[/GREPCENT_TABLE]] Presentation Basis Non-GAAP Financial Measures We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). Additionally, we use some financial measures in this report that are not measures of financial performance under GAAP. These non-GAAP measures, defined below, should be viewed as supplements to (not substitutes for) our results of operations and other measures reported under GAAP. Other companies may define or calculate these non-GAAP measures differently. \u201cOrganic change\u201d in measures of statements of operations. We present changes in certain measures, or line items, of the statements of operations that are adjusted to an \u201corganic\u201d basis. We use \u201corganic change\u201d for the following measures: (a) organic net sales; (b) organic cost of sales; (c) organic gross profit; (d) organic advertising expenses; (e) organic selling, general, and administrative (SG&A) expenses; (f) organic other expense (income), net; (g) organic operating expenses1; and (h) organic operating income. To calculate these measures, we adjust, as applicable, for (1) acquisitions and divestitures, (2) impairment charges, (3) other items, and (4) foreign exchange. We explain these adjustments below. \u2022\u201cAcquisitions and divestitures.\u201d This adjustment removes (a) the gain or loss recognized on the sale of divested brands and certain assets, (b) any non-recurring effects related to our acquisitions and divestitures (e.g., transaction, transition, and integration costs), (c) the effects of operating activity related to acquired and divested brands, including certain divested agency brands, for periods not comparable year over year (non-comparable periods), and (d) fair value changes to contingent consideration liabilities. Excluding non-comparable periods allows us to include the effects of acquired and divested brands only to the extent that results are comparable year over year. For the periods presented, we had the following acquisitions and divestitures adjustments: During fiscal 2023, we acquired the Gin Mare brand (Gin Mare). The purchase price consisted of cash paid at the acquisition date plus contingent consideration that is payable in cash upon exercise by the sellers no later than July 2027. We recognized $43 million and $15 million in favorable fair value adjustments to Gin Mare\u2019s contingent consideration liability during fiscal 2025 and fiscal 2026, respectively. This adjustment removes the fair value impact from our other expense (income), net and operating income for the periods presented. During fiscal 2024, we sold our Finlandia vodka and Sonoma-Cutrer wine businesses and entered into transition services agreements (TSAs) related to distribution services in certain markets for these businesses. This adjustment removes the net sales, cost of sales, operating expenses, and operating income recognized pursuant to the TSAs for the non-comparable period, which is activity from fiscal 2025. During fiscal 2025, we recognized a gain of $12 million on the sale of the Alabama cooperage. This adjustment removes the gain from our other expense Item 1. Business Overview Brown-Forman Corporation (the \u201cCompany,\u201d \u201cBrown-Forman,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d below) was incorporated under the laws of the State of Delaware in 1933, successor to a business founded in 1870 as a partnership and later incorporated under the laws of the Commonwealth of Kentucky in 1901. We primarily manufacture, distill, bottle, import, export, market, and sell a wide variety of beverage alcohol products under recognized brands. We employ approximately 4,900 people (excluding individuals who work on a part-time or temporary basis) on six continents, including approximately 1,900 people in the United States (approximately 7% of whom are represented by a union) and 700 people in Louisville, Kentucky, USA, home of our world headquarters. According to International Wine & Spirit Research (IWSR), we are the largest American-owned premium-plus spirits company. We are a \u201ccontrolled company\u201d under New York Stock Exchange rules because the Brown family owns more than 50% of our voting stock. For a discussion of recent developments, see \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013 Executive Summary.\u201d Brands Beginning in 1870 with Old Forester Kentucky Straight Bourbon Whisky \u2013 our founding brand \u2013 and spanning the generations since, we have built a portfolio of more than 40 spirit and ready-to-drink (RTD) cocktail brands that includes some of the best-known and most loved trademarks in our industry. The most important and iconic brand in our portfolio is Jack Daniel\u2019s Tennessee Whiskey, the #1 selling American whiskey in the world.1 Within the Jack Daniel\u2019s portfolio, Jack Daniel\u2019s 14-Year-Old Tennessee Whiskey took home honors for World\u2019s Best Tennessee Whiskey and Jack Daniel\u2019s Bonded won the award for Best Tennessee Whiskey (No Age Statement) at the 2026 World Whiskies Awards. Our premium bourbon, Old Forester, was recognized by the San Francisco Spirits Competition in 2026, where both Old Fo Item 1A. Risk Factors We believe the following discussion identifies the material risks and uncertainties that could adversely affect our business. If any of the following risks were actually to occur, our business, results of operations, cash flows, or financial condition could be materially and adversely affected. Additional risks not currently known to us, or that we cu", "title": "BF-B - BROWN FORMAN CORP", "url": "/company/BF-B/" }, { "kind": "company", "summary": "SIC 5211 Retail-Lumber & Other Building Materials Dealers; CIK 0001316835; latest 10-K filed 2026-02-17.", "text": "BLDR - Builders FirstSource, Inc. SIC 5211 Retail-Lumber & Other Building Materials Dealers; CIK 0001316835; latest 10-K filed 2026-02-17. BLDR Builders FirstSource, Inc. 0001316835 5211 Retail-Lumber & Other Building Materials Dealers Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes contained in Item 8. Financial Statements and Supplementary Data of this annual report on Form 10-K. See \u201cRisk Factors\u201d contained in Item 1A. Risk Factors of this annual report on Form 10-K and \u201cCautionary Statement\u201d contained in Item 1. Business of this annual report on Form 10-K for a discussion of the uncertainties, risks and assumptions associated with these statements. OVERVIEW We are a leading provider of building materials for professional builders in new residential construction and repair and remodeling. We deliver integrated homebuilding solutions by manufacturing, supplying, and installing a full range of structural and related building products. The Company operates approximately 585 locations in 43 states across the U.S. Given the span and depth of our geographical reach, our locations are organized into three geographical divisions (East, Central, and West), which are also our operating segments. All of our segments have similar customers, products and services, and distribution methods. Due to the similar economic characteristics, categories of products, distribution methods and customers, our operating segments are aggregated into one reportable segment. Our leading network of strategically located manufacturing facilities produces factory-built roof and floor trusses, wall panels, vinyl windows, custom millwork and trim, as well as engineered wood that we design and cut specifically for each home. We also assemble interior and exterior doors into pre-hung units for easy installation. Additionally, we distribute a wide range of building products, including lumber, sheet goods, windows, doors, millwork, and specialty items. Our services, which vary by market, include professional installation, turnkey framing, and shell construction. Supported by the latest construction innovations and digital solutions, we help drive greater efficiency across homebuilding. We group our building products into four product categories: \u2022 Manufactured Products. Manufactured products consist of wood floor and roof trusses, wall panels, engineered wood, our Ready-Frame\u00ae framing system, and manufactured and modular homes. \u2022 Windows, Doors and Millwork. Windows and doors are comprised of the manufacturing, assembly, and distribution of windows and the assembly and distribution of interior and exterior door units. Millwork includes interior trim and custom features that we manufacture, such as intricate mouldings, stair parts, and columns. \u2022 Specialty Building Products and Services. Specialty building products and services consist of various products, including vinyl, composite and wood siding, exterior trim, metal studs, cement, roofing, insulation, wallboard, ceilings, cabinets, and hardware. This category also includes services such as turn-key framing, shell construction, design assistance and professional installation of products spanning all of our product categories. We also offer software products through our Paradigm subsidiary, including drafting, estimating, quoting, and virtual home design services, which provide digital solutions to retailers, distributors, manufacturers and homebuilders that help them boost sales, reduce costs, and become more competitive. \u2022 Lumber and Lumber Sheet Goods. Lumber and lumber sheet goods include dimensional lumber, plywood, and OSB products used in on-site house framing. Our operating results are dependent on the following trends, strategies, events and uncertainties, some of which are beyond our control: \u2022 Homebuilding Industry and Market Competition. Our business is driven primarily by the residential new construction market and the residential repair and remodel market, which are in turn dependent upon a number of factor Item 1. Business CAUTIONARY STATEMENT Statements in this report and the schedules hereto that are not purely historical facts or that necessarily depend upon future events, including statements about expected market share gains, forecasted financial performance, industry and business outlook or other statements about anticipations, beliefs, expectations, hopes, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d). Readers are cautioned not to place undue reliance on forward-looking statements. In addition, oral statements made by the Company\u2019s directors, officers and employees to the investor and analyst communities, media representatives and others, depending upon their nature, may also constitute forward-looking statements. All forward-looking statements are based upon currently available information and the Company\u2019s current assumptions, expectations and projections about future events. Forward-looking statements are by nature inherently uncertain, and actual results or events may differ materially from the results or events described in the forward-looking statements as a result of many factors. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements involve risks and uncertainties, many of which are beyond the Company\u2019s control or may be currently unknown to the Company, that could cause actual events or results to differ materially from the events or results described in the forward-looking statements; such risks or uncertainties include those related to the Company\u2019s growth strategies, including acquisitions, organic growth and digital and technology strategies, including the Company\u2019s ability to drive growth by incorporating artificial intelligence and machine learning solutions into its platform Item 1A. Risk Factors Risks associated with our business, any investment in our securities, and with achieving the forward-looking statements contained in this report or in our news releases, websites, public filings, investor and analyst conferences or elsewhere, include th", "title": "BLDR - Builders FirstSource, Inc.", "url": "/company/BLDR/" }, { "kind": "company", "summary": "SIC 2070 Fats & Oils; CIK 0001996862; latest 10-K filed 2026-02-19.", "text": "BG - Bunge Global SA SIC 2070 Fats & Oils; CIK 0001996862; latest 10-K filed 2026-02-19. BG Bunge Global SA 0001996862 2070 Fats & Oils Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following should be read in conjunction with \"Cautionary Statement Regarding Forward Looking Statements\" and our combined consolidated financial statements and notes thereto included in Item 15 of this Annual Report on Form 10-K. Operating Results Factors Affecting Operating Results Bunge Global SA, a Swiss company, together with its subsidiaries, is a premier agribusiness solutions company, connecting farmers to consumers and delivering essential food, feed and fuel to the world. The commodity nature of the Company's principal products, as well as regional and global supply and demand variations that occur as an inherent part of the business, make volumes an important operating measure. Accordingly, information is included in \"Segment Overview and Results of Operations\" that summarizes certain items in our consolidated statements of income and volumes by reportable segment. The common unit of measure for all reported volumes is metric tons. 33 Table of Contents Effective in the third quarter of 2025, we changed our reportable segments to align with our new value chain operational structure as a result of the completion of the Acquisition of Viterra. See Note 26- Segment Information to our consolidated financial statements. We also enhanced our volume reporting to align with our new segment reporting structure and with the Company's primary income-generating activities. Volumes are now reported as follows: \u2022Soybean Processing and Refining volumes represent (1) oilseed volumes processed (crushed) during a period, which approximate sales volumes to third parties during the same reporting period (2) merchandised volumes, which represent sales volumes of soybeans to third-party customers during a reporting period and (3) a supplemental refined oil production volume, which will also be provided representing the total refined volume during a reporting period. \u2022Softseed Processing and Refining volumes represent (1) oilseed volumes processed (crushed) during a period, which approximate sales volumes to third parties during the same reporting period (2) merchandised volumes, which represent sales volumes of softseeds to third-party customers during a reporting period and (3) a supplemental refined oil production volume, which will also be provided representing the total refined volume during a reporting period. \u2022Other Oilseeds Processing and Refining volumes represent sales volumes to third-party customers. \u2022Grain Merchandising and Milling volumes represent sales volumes to third-party customers. Further, effective January 1, 2025, Bunge is no longer separately presenting a Sugar and Bioenergy segment, as discussed in Note 26- Segment Information to our consolidated financial statements, nor presenting Core and Non-core segment results. Corresponding prior period amounts have been recast to conform to the current period presentations described above. Overview Profitability in our reportable segments is affected by the availability and market prices of agricultural commodities, including oilseeds and grains, and the availability and costs of energy, transportation, and logistics services. Profitability in our processing and refining operations is also impacted by volumes procured, processed, refined, and sold and by capacity utilization rates. Availability of agricultural commodities is affected by many factors, including weather, farmer planting and selling decisions, plant diseases, governmental policies, and agricultural sector economic conditions. Demand for our purchased and processed agricultural commodity products is affected by many factors, including global and regional economic and political conditions, changes in per capita income, the financial condition of our customers and their access to credit, worldwide consumption of food products, particularly pork and poultry, population growth rates, relative prices o Item 1. Business Overview We are a premier agribusiness solutions company, connecting farmers to consumers and delivering essential food, feed and fuel to the world. Our dedicated employees, integrated operations and global footprint give us access to key markets and a diverse agricultural network covering major crops. These capabilities help us manage seasonal cycles, weather variability and other risks as we partner with farmers to move crops from where they are grown to where they are needed. With more than 200 years of experience and operations in more than 50 countries, we are: \u2022a leading global oilseed processor and producer of vegetable oils and protein meal, based on processing capacity and volume; \u2022a leading global grain merchandiser, based on volume; \u2022a leading seller of packaged plant-based oils worldwide, based on sales; and \u2022a leading producer and seller of wheat flours, bakery mixes and related products in South America, based on volume. Our global operations include purchasing, storing, transporting, processing, selling and distributing agricultural commodities and related products. We also provide financial, risk management and logistics services to support our customers and enhance our value chains. The commodities we source and markets we serve are essential to everyday life\u2014 from the grains and oilseeds that are part of the food supply chain, to the cotton used in clothing, to the energy products that power industries and transportation. We operate facilities in North and South America, Europe, and Asia-Pacific, and maintain merchandising and distribution offices worldwide. Operating Segments We conduct our operations through four reportable segments: Soybean Processing and Refining, Softseed Processing and Refining, Other Oilseeds Processing and Refining, and Grain Merchandising and Milling, which are organized based upon their similar economic characteristics, products and services offered, production processes, types and classes Item 1A. Risk Factors Risk Factors Our business, results of operations, cash flow, financial condition or prospects could be materially adversely affected by any of the risks and uncertainties described below. Additional risks not presently known to us, or that we currently deem immaterial, may also impair our financial condition and business operations. See \"Cautionary Statement Regarding Forw", "title": "BG - Bunge Global SA", "url": "/company/BG/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001037540; latest 10-K filed 2026-02-27.", "text": "BXP - BXP, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001037540; latest 10-K filed 2026-02-27. BXP BXP, Inc. 0001037540 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this report. Forward Looking Statements This Annual Report on Form 10-K, including the documents incorporated by reference herein, contain forward-looking statements within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for purposes of complying with those safe harbor provisions, in each case, to the extent applicable. The forward-looking statements are contained principally, but not only, under the captions \u201cBusiness \u2014 Business and Growth Strategies\u201d \u201cRisk Factors\u201d and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d We caution investors that forward-looking statements are based on current beliefs, expectations of future events and assumptions made by, and information currently available to, our management. When used, the words \u201canticipate,\u201d \u201cbelieve,\u201d \u201cbudget,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201cshould,\u201d \u201cwill,\u201d and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance or occurrences, which may be affected by known and unknown risks, trends, uncertainties and factors that are, in some cases, beyond our control. If one or more of these known or unknown risks or uncertainties materialize, or if underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied by the forward-looking statements. We caution you that, while forward-looking statements reflect our good-faith beliefs when we make them, they are not guarantees of future performance or occurrences and are impacted by actual events when they occur after we make such statements. Accordingly, investors should use caution in relying on forward-looking statements, which are based on results, trends and assumptions at the time they are made, to anticipate future results or trends. Some of the risks and uncertainties that may cause actual results to differ materially from those expressed or implied by the forward-looking statements include the following risks and uncertainties, among others: \u2022volatile or adverse economic, capital markets and political conditions, including continued inflation, elevated interest rates, supply chain disruptions, policy changes related to tariffs and prolonged government shutdowns or disruptions, which may directly or indirectly impact us, our current clients and our prospective clients, including their demand for office space, and the costs and availability of construction materials and the economic returns on our construction and development activities; \u2022volatile or adverse geopolitical conflicts and dislocations in the credit markets could adversely affect economic conditions and/or restrict our access to cost-effective capital, which could have a material adverse effect on our business opportunities, results of operations and financial condition; \u2022risks associated with the availability and terms of financing, the use of debt to fund acquisitions and developments or refinance existing indebtedness, including the impact of higher interest rates on the cost and/or availability of financing and the use of forward interest rate contracts and derivatives and the effectiveness of such arrangements; \u2022general risks affecting the real estate industry (including, without l Item 1. Business General BXP, a Delaware corporation, is a fully integrated, self-administered and self-managed REIT, and it is one of the largest publicly-traded office REITs (based on total market capitalization as of December 31, 2025) in the United States that develops, owns and manages primarily premier workplaces. BXP was formed in 1997 to succeed the real estate development, redevelopment, acquisition, management, operating and leasing businesses associated with the predecessor company founded by Mortimer B. Zuckerman and Edward H. Linde in 1970. Our properties are concentrated in six dynamic gateway markets\u2014Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. At December 31, 2025, we owned or had joint venture interests in a portfolio of 179 commercial real estate properties, aggregating approximately 52.6 million net rentable square feet of primarily premier workplaces, including eight properties under construction/redevelopment totaling approximately 3.5 million net rentable square feet. As of December 31, 2025, our properties consisted of: \u2022157 office properties (including four properties under construction/redevelopment); \u202214 retail properties (including one property under construction); \u2022seven residential properties (including three properties under construction); and \u2022one hotel. We consider premier workplaces to be well-located buildings that are modern structures or have been modernized to compete with newer buildings, are professionally managed and maintained, and offer a number and type of amenities that are in high demand by clients that are focused on the importance of the physical work environment in recruiting and retaining the best and brightest employees. As such, these properties attract creditworthy clients and command upper-tier rental rates in their markets. We do not consider the expression \u201cpremier workplaces\u201d a classification of our properties in accordance with any standard listing criteria in the real est Item 1A. Risk Factors. Set forth below are the risks that we believe are material to our investors and they should be carefully considered. Throughout this section, we refer to the equity and debt securities of both BXP and BPLP as our \u201csecurities,\u201d and the investors who own securities of BXP, BPLP or both, as our \u201csecurityholders.\u201d These risks are no", "title": "BXP - BXP, Inc.", "url": "/company/BXP/" }, { "kind": "company", "summary": "SIC 4731 Arrangement of Transportation of Freight & Cargo; CIK 0001043277; latest 10-K filed 2026-02-13.", "text": "CHRW - C. H. ROBINSON WORLDWIDE, INC. SIC 4731 Arrangement of Transportation of Freight & Cargo; CIK 0001043277; latest 10-K filed 2026-02-13. CHRW C. H. ROBINSON WORLDWIDE, INC. 0001043277 4731 Arrangement of Transportation of Freight & Cargo ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW C.H. Robinson Worldwide, Inc. (\u201cC.H. Robinson,\u201d \u201cthe company,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) is one of the largest global logistics providers in the world, with consolidated total revenues of $16.2 billion in 2025. As a leader in Lean AI supply chains, we deliver logistics like no one else. For more than a century, companies everywhere have looked to us to reimagine how goods move. We deliver tailored solutions across the world via truckload, less-than-truckload, ocean, air, and more. With our unique combination of human insight and Lean AI working as one, supply chains move faster, smarter, and more sustainably. Our adjusted gross profits and adjusted gross profit margin are non-GAAP financial measures. Adjusted gross profits is calculated as gross profits excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. Adjusted gross profit margin is calculated as adjusted gross profits divided by total revenues. We believe adjusted gross profits and adjusted gross profit margin are useful measures of our ability to source, add value, and sell services and products that are provided by third parties, and we consider adjusted gross profits to be a primary performance measurement. Accordingly, the discussion of our results of operations often focuses on the changes in our adjusted gross profits and adjusted gross profit margin. The reconciliation of gross profits to adjusted gross profits and gross profit margin to adjusted gross profit margin is presented below (dollars in thousands): [[GREPCENT_TABLE]] [[\"\",\"Twelve Months Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Revenues:\"],[\"Transportation\",\"$\",\"14,823,804\",\"\",\"\",\"\",\"\",\"$\",\"16,353,745\",\"\",\"\",\"\",\"\",\"$\",\"16,372,660\"],[\"Sourcing\",\"1,408,959\",\"\",\"\",\"\",\"\",\"1,371,211\",\"\",\"\",\"\",\"\",\"1,223,783\"],[\"Total revenues\",\"16,232,763\",\"\",\"\",\"\",\"\",\"17,724,956\",\"\",\"\",\"\",\"\",\"17,596,443\"],[\"Costs and expenses:\"],[\"Purchased transportation and related services\",\"12,235,163\",\"\",\"\",\"\",\"\",\"13,719,935\",\"\",\"\",\"\",\"\",\"13,886,024\"],[\"Purchased products sourced for resale\",\"1,268,190\",\"\",\"\",\"\",\"\",\"1,240,007\",\"\",\"\",\"\",\"\",\"1,105,811\"],[\"Direct internally developed software amortization\",\"58,258\",\"\",\"\",\"\",\"\",\"44,308\",\"\",\"\",\"\",\"\",\"33,620\"],[\"Total direct costs\",\"13,561,611\",\"\",\"\",\"\",\"\",\"15,004,250\",\"\",\"\",\"\",\"\",\"15,025,455\"],[\"Gross profits/Gross profit margin\",\"2,671,152\",\"\",\"\",\"16.5\",\"%\",\"\",\"2,720,706\",\"\",\"\",\"15.3\",\"%\",\"\",\"2,570,988\",\"\",\"\",\"14.6\",\"%\"],[\"Plus: Direct internally developed software amortization\",\"58,258\",\"\",\"\",\"\",\"\",\"44,308\",\"\",\"\",\"\",\"\",\"33,620\"],[\"Adjusted gross profits/Adjusted gross profit margin\",\"$\",\"2,729,410\",\"\",\"\",\"16.8\",\"%\",\"\",\"$\",\"2,765,014\",\"\",\"\",\"15.6\",\"%\",\"\",\"$\",\"2,604,608\",\"\",\"\",\"14.8\",\"%\"]] [[/GREPCENT_TABLE]] Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. We believe adjusted operating margin is a useful measure of our profitability in comparison to our adjusted gross profit, which we consider a primary performance metric as discussed above. The reconciliation of operating margin to adjusted operating margin is presented below (dollars in thousands): [[GREPCENT_TABLE]] [[\"\",\"\",\"Twelve Months Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Total revenues\",\"\",\"$\",\"16,232,763\",\"\",\"\",\"$\",\"17,724,956\",\"\",\"\",\"$\",\"17,596,443\"],[\"Operating income\",\"\",\"794,961\",\"\",\"\",\"669,141\",\"\",\"\",\"514,607\"],[\"Operating margin\",\"\",\"4.9\",\"%\",\"\",\"3.8\",\"%\",\"\",\"2.9\",\"%\"],[\"Adjusted gross profit\",\"\",\"$\",\"2,729,410\",\"\",\"\",\"$\",\"2,765,014\",\"\",\"\",\"$\",\"2,604,608\"],[\"Operating income\",\"\",\"794,961\",\"\",\"\",\"669,141\",\"\",\"\",\"514,607\"],[\"Adjusted operating margin\",\"\",\"29.1\",\"%\",\"\",\"24.2\",\"%\",\"\",\"19.8\",\"%\"]] [[/GREPCENT_TABLE]] 26 Table of Contents MARKET TRENDS Carrier capacity in the North America surface transportation market continued to contract toward th ITEM 1. BUSINESS Overview C.H. Robinson Worldwide, Inc. (\u201cC.H. Robinson,\u201d \u201cthe company,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) is one of the largest global logistics providers in the world, with consolidated total revenues of $16.2 billion in 2025. As a leader in Lean artificial intelligence (\u201cAI\u201d) supply chains, we deliver logistics like no one else. For more than a century, companies everywhere have looked to us to reimagine how goods move. We deliver tailored solutions across the world via truckload, less-than-truckload, ocean, air, and more. With our unique combination of human insight and Lean AI working as one, supply chains move faster, smarter, and more sustainably. Operating throughout North America, Europe, Asia, Oceania, South America, and the Middle East, we help ensure the seamless delivery of goods across industries and continents. Our global suite of multimodal logistics services brings together the expertise of our people with custom technology differentiated by one of the largest datasets on shipments, routings, and carriers in the world. The Robinson Operating Model is the foundation of our strategy, execution, and accountability throughout the organization. Rooted in Lean principles, it\u2019s a disciplined approach to continuous improvement, driving operational effectiveness that allows us to deliver greater value to our customers. Accelerated speed in decision-making allows us to more quickly identify and pursue opportunities. Rigorous measurement allows for more strategic problem-solving and course correction. We apply that same rigor to our innovation. Lean AI is our unique and disciplined method of applying artificial intelligence, at scale, to achieve tangible business results. Our innovations with AI, machine learning, and data science benefit our customers, contract carriers, and employees and help power our growth strategy. We have expanded the use of generative and agentic AI in our industry, creating proprietary technology to perform work that defied a ITEM 1A. RISK FACTORS The following are material factors that could affect our financial performance and could cause actual results for future periods to differ materially from our anticipated results or other expectations, including those expressed in any forward-look", "title": "CHRW - C. H. ROBINSON WORLDWIDE, INC.", "url": "/company/CHRW/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0000813672; latest 10-K filed 2026-02-19.", "text": "CDNS - CADENCE DESIGN SYSTEMS INC SIC 7372 Services-Prepackaged Software; CIK 0000813672; latest 10-K filed 2026-02-19. CDNS CADENCE DESIGN SYSTEMS INC 0000813672 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report and with Part I, Item 1A, \u201cRisk Factors.\u201d Please refer to the cautionary language at the beginning of Part I of this Annual Report regarding forward-looking statements. Business Overview Cadence\u00ae is a global market leader that develops computational, AI-driven software, accelerated hardware, and silicon IP products and solutions for engineers and scientists to bring new and innovative products to life. Our mission is to empower the world\u2019s most innovative companies to deliver extraordinary electronic products that drive the global economy and improve everyday life. Our customers include semiconductor companies that design and manufacture ICs, as well as systems companies that design and manufacture electromechanical systems containing various types of semiconductor and other electronics. Our strategy enables us to address our customers\u2019 most challenging product development needs while expanding our capabilities beyond traditional chip design to encompass full electromechanical systems. By leveraging our deep expertise, we develop industry-leading computational AI-driven software, accelerated hardware, and IP solutions that adapt to our customers\u2019 evolving design requirements. This flexibility helps our customers address critical business priorities such as reducing time-to-market and advancing sustainability goals. To address the growing complexity of modern design, we\u2019ve integrated cutting-edge technologies including agentic and generative AI, machine learning, and digital twin algorithms, into our core products and solutions. These innovations, whether developed in-house or through strategic acquisition, empower our customers to achieve their business objectives with greater efficiency and precision. We group our products into the following categories: \u2022Core EDA \u2022Semiconductor IP; and \u2022System Design and Analysis. For additional information about our products, see the discussion in Item 1, \u201cBusiness,\u201d under the heading \u201cProduct Categories.\u201d Management uses certain performance indicators to manage our business, including revenue, certain elements of operating expenses and cash flow from operations, and we describe these items further below under the headings \u201cResults of Operations\u201d and \u201cLiquidity and Capital Resources.\u201d Acquisitions As part of our ISD strategy, we invest in and acquire complementary businesses, joint ventures, services and technologies and IP rights. The size and timing of these investments and acquisitions may affect comparability of revenue, expenses and cash flows between fiscal periods. During the second quarter of fiscal 2024, we completed our acquisition of BETA CAE Systems International AG (\u201cBETA CAE\u201d), a system analysis platform provider of multi-domain, engineering simulation solutions. Revenue associated with our acquisition of BETA CAE is primarily classified as product and maintenance revenue in our System Design and Analysis product category, and cost of revenue associated with these contracts is primarily classified as cost of product and maintenance in our consolidated income statements. During fiscal 2025, we completed multiple acquisitions, including our acquisition of a holding company containing the VLAB Works business (\u201cVLAB Works\u201d), our acquisition of the Artisan foundation IP business from Arm Limited and our acquisition of Secure-IC. For fiscal 2025, the revenue associated with contracts assumed with our acquisition of VLAB Works was primarily classified as product and maintenance revenue in our Core EDA product category. Revenue associated with contracts assumed with our acquisition of the Artisan foundation IP business and Secure-IC was primarily classified as product and maintenance revenue in our Semiconductor IP product c Item 1. Business This Annual Report and the documents incorporated by reference in this Annual Report contain statements that are not historical in nature, are predictive, or that depend upon or refer to future events or conditions or contain other forward-looking statements. Statements including, but not limited to, statements regarding artificial intelligence (\u201cAI\"), other technological and market advancements and their impacts on our business; the extent, timing and mix of future revenues and customer demand; the deployment of our products and services; the impact of the macroeconomic and geopolitical environment, including but not limited to, expanded trade controls, tariffs, conflicts around the world, volatility in foreign currency exchange rates, inflation and changes in interest rates; the impact of government actions; future costs, expenses, tax rates and uses of cash; pending legal, administrative and tax proceedings; restructuring actions and associated charges and benefits; pending acquisitions, accounting for acquisitions and integration of acquired businesses; and other statements using words such as \u201canticipates,\u201d \u201cbelieves,\u201d \u201ccould,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cforecasts,\u201d \u201cintends,\u201d \u201cmay,\u201d \u201cplans,\u201d \u201cprojects,\u201d \u201cshould,\u201d \u201ctargets,\u201d \u201cwill\u201d and \u201cwould,\u201d and words of similar import and the negatives thereof, constitute forward-looking statements. These statements are predictions based upon our current expectations about future events. Actual results could vary materially as a result of certain factors, including but not limited to those expressed in these statements. Important risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements include, but are not limited to, those identified in the \u201cProprietary Technology,\u201d \u201cGovernmental Regulations,\u201d \u201cCompetition,\u201d \u201cRisk Factors,\u201d \u201cCritical Accounting Estimates,\u201d \u201cResults of Operations,\u201d \u201cQuantitative and Qualitative Disclosures About Marke Item 1A. Risk Factors Our operations and financial results are subject to various risks and uncertainties, including those described in the sections below, that could adversely affect our business, financial condition, growth prospects, demand for our products and services, reputation and the trading price of our c", "title": "CDNS - CADENCE DESIGN SYSTEMS INC", "url": "/company/CDNS/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000906345; latest 10-K filed 2026-02-12.", "text": "CPT - CAMDEN PROPERTY TRUST SIC 6798 Real Estate Investment Trusts; CIK 0000906345; latest 10-K filed 2026-02-12. CPT CAMDEN PROPERTY TRUST 0000906345 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and notes appearing elsewhere in this report. Historical results and trends which might appear in the consolidated financial statements should not be interpreted as being indicative of future operations. Discussion of our year-to-date comparisons between 2025 and 2024 is presented below. Year-to-date comparisons between 2024 and 2023 can be found in \"Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. We consider portions of this report to be \"forward-looking\" within the meaning of Section 27A of the Securities Act of 1933 (the \"Securities Act\") and Section 21E of the Exchange Act, both as amended, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions, or other items relating to the future; forward-looking statements are not guarantees of future performance, results, or events. Although we believe the expectations reflected in our forward-looking statements are based upon reasonable assumptions, we can give no assurance our expectations will be achieved. Any statements contained herein which are not statements of historical fact should be deemed forward-looking statements. Reliance should not be placed on these forward-looking statements as these statements are subject to known and unknown risks, uncertainties, and other factors beyond our control and could differ materially from our actual results and performance. Factors which may cause our actual results or performance to differ materially from those contemplated by forward-looking statements include, but are not limited to, the following: \u2022Volatility in capital and credit markets, cost increases, or other unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us; \u2022Short-term leases could expose us to the effects of declining market rents; \u2022We could be negatively impacted by the risks associated with land holdings and related activities; \u2022Development, repositions, redevelopment and construction risks could impact our profitability; \u2022Our acquisition strategy may not produce the cash flows expected; \u2022Changes in rent control or rent stabilization laws and regulations could adversely affect our operations and property values; \u2022Failure to qualify as a REIT could have adverse consequences; \u2022Tax laws may continue to change at any time and any such legislative or other actions could have a negative effect on us; \u2022A cybersecurity incident and other technology disruptions could negatively impact our business; \u2022We have significant debt, which could have adverse consequences; \u2022Insufficient cash flows could limit our ability to make required payments for debt obligations or pay distributions to shareholders; \u2022Issuances of additional debt may adversely impact our financial condition; \u2022We may be unable to renew, repay, or refinance our outstanding debt; \u2022Failure to maintain our current credit ratings could adversely affect our cost of funds, related margins, liquidity, and access to capital markets; \u2022Share ownership limits and our ability to issue additional equity securities may prevent takeovers beneficial to shareholders; \u2022The form, timing, and amount of dividend distributions in future periods may vary and be impacted by economic and other considerations; \u2022Litigation risks could affect our business; 13 Table of Contents \u2022Damage from catastrophic weather and other natural events could result in losses; \u2022Competition could adversely affect our ability to acquire properties; \u2022We could be adversely impacted due to our Item 1. Business General Formed on May 25, 1993, Camden Property Trust, a Texas real estate investment trust (\"REIT\"), and all consolidated subsidiaries are primarily engaged in the ownership, management, development, reposition, redevelopment, acquisition, and construction of multifamily apartment communities. Unless the context requires otherwise, \"we,\" \"our,\" \"us,\" and the \"Company\" refer to Camden Property Trust and its consolidated subsidiaries. Our multifamily apartment communities are referred to as \"communities,\" \"multifamily communities,\" \"properties,\" or \"multifamily properties\" in the following discussion. Our website is located at www.camdenliving.com and we make available free of charge through our website our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments to such reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the \"Exchange Act\"), as soon as reasonably practicable after we electronically file such material with, or furnish it to, the U.S. Securities and Exchange Commission (the \"SEC\"). We also make available free of charge on our website our Guidelines on Governance, Code of Business Conduct and Ethics, Code of Ethical Conduct for Senior Financial Officers, and the charters of each of our Audit; Compensation; and Nominating, Corporate Governance and Sustainability Committees. Copies are also available, without charge, from Investor Relations, 2800 Post Oak Boulevard, Suite 2700, Houston, Texas 77056. References to our website in this report are provided as a convenience and do not constitute, and should not be viewed as, an incorporation by reference of the information contained on or available through our website and therefore such information should not be considered part of this report. Our annual, quarterly and current reports, proxy statements, and other information are electronically filed with the SEC. The SEC mainta Item 1A. Risk Factors In addition to the other information contained in this Form 10-K, the following risk factors should be considered carefully in evaluating our business. Our business, financial condition, or results of operations could be materially adversely affected by any of these risks. Risks Associated with Capital Markets, Credit M", "title": "CPT - CAMDEN PROPERTY TRUST", "url": "/company/CPT/" }, { "kind": "company", "summary": "SIC 2000 Food and Kindred Products; CIK 0000016732; latest 10-K filed 2025-09-18.", "text": "CPB - CAMPBELL'S Co SIC 2000 Food and Kindred Products; CIK 0000016732; latest 10-K filed 2025-09-18. CPB CAMPBELL'S Co 0000016732 2000 Food and Kindred Products Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations OVERVIEW This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying notes to the consolidated financial statements presented in \"Financial Statements and Supplementary Data,\" as well as the information contained in \"Risk Factors.\" Unless otherwise stated, the terms \"we,\" \"us,\" \"our\" and the \"company\" refer to The Campbell's Company and its consolidated subsidiaries. Executive Summary We are a manufacturer and marketer of high-quality, branded food and beverage products. We operate in a highly competitive industry and experience competition in all of our categories. In 2025, we continued to advance our key strategic initiatives in a dynamic operating environment marked by shifting global trade policies, increased regulatory activity, consumer behavior shifts, commodity cost fluctuations and other global macroeconomic challenges. During 2025, we experienced elevated cost inflation and other supply chain costs, which were mostly offset by improvements in our supply chain productivity and benefits from our cost savings initiatives. In 2026, we expect more significant cost pressures primarily driven by tariff impacts. We plan to reduce some of these costs and impacts over time through cost savings initiatives, inventory management practices, supplier collaboration, alternative sourcing opportunities, continued supply chain productivity initiatives, surgical pricing actions where necessary and other mitigation efforts. We will continue to evaluate the dynamic macroeconomic environment to take action to mitigate the impact on our business, financial condition and results of operations. Strategy Our strategy is built around four pillars that position us to achieve Top-Tier Performance for our shareholders, as further discussed below. \u2022Top Team: We plan to deliver for our people by continuing to cultivate a highly engaged culture to attract, grow and retain top talent. This includes investing in leadership and development programs and elevating commercial capabilities that will help us grow. We are driving organizational engagement, belonging and effectiveness through our 19 Employee Value Proposition, Make history with Campbell\u2019s, and modernizing our facilities. We have completed the consolidation of our Snacks offices into Camden, New Jersey. Our single headquarters has helped to foster closer collaboration and enhance decision-making, thereby improving our ability to execute on our business strategy. \u2022Best Portfolio: We believe in delivering for our consumers through consumer-focused marketing efforts and increased leadership brand support. We have created a Growth Office to support our two divisions and to expand our consumer-led innovations. We believe that we are well-positioned as a transformative category leader with an advantaged portfolio of brands across our Meals & Beverages and Snacks segments. We will support our Best Portfolio priority and accelerate our profitable growth model by growing market share and driving integrated business planning programming throughout the company. \u2022Winning Execution: We will focus on delivering for our customers by advancing strategic retailer relationships and continuing to optimize our manufacturing and distribution network, with a focus on digitization, logistics and distribution expertise. In September 2024, we announced plans to implement new cost savings initiatives with targeted annual savings of approximately $250 million by the end of 2028. On September 3, 2025, we increased the estimate of annual ongoing savings, once all phases are implemented, to approximately $375 million by the end of 2028. See \"Restructuring Charges, Cost Savings Initiatives and Other Optimization Initiatives\" for additional information on these Item 1. Business The Company Unless otherwise stated, the terms \"we,\" \"us,\" \"our\" and the \"company\" refer to The Campbell's Company and its consolidated subsidiaries. We are a manufacturer and marketer of high-quality, branded food and beverage products. We organized as a business corporation under the laws of New Jersey on November 23, 1922; however, through predecessor organizations, we trace our heritage in the food business back to 1869. Our principal executive offices are in Camden, New Jersey 08103-1799. On March 12, 2024, we completed the acquisition of Sovos Brands, Inc. (Sovos Brands) for total purchase consideration of $2.899 billion. For additional information on this acquisition, see Note 3 to the Consolidated Financial Statements. On May 30, 2023, we completed the sale of our Emerald nuts business. On August 26, 2024, we completed the sale of our Pop Secret popcorn business. On February 24, 2025, we completed the sale of our noosa yoghurt business. For additional information on the divestitures, see Note 4 to the Consolidated Financial Statements. Our operations, including reportable segments, are described below. Our locations, including manufacturing facilities, within each reporting segment are described in Item 2. Properties. Reportable Segments Our reportable segments are: \u2022Meals & Beverages, which consists of soup, simple meals and beverages products in retail and foodservice in the U.S. and Canada. The segment includes the following products: Campbell\u2019s condensed and ready-to-serve soups; Swanson broth and stocks; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; SpaghettiOs pasta; Campbell\u2019s gravies, beans and dinner sauces; Swanson canned poultry; V8 juices and beverages; Campbell's tomato juice; and as of March 12, 2024, Rao's pasta sauces, dry pasta, frozen entr\u00e9es, frozen pizza and soups; Michael Angelo\u2019s frozen entr\u00e9es and pasta sauces; and noosa yogurts. The noosa yoghurt business was sol Item 1A. Risk Factors In addition to the factors discussed elsewhere in this Report, the following risks and uncertainties could have a material adverse affect on our business, financial condition and results of operations. Although the risks are organized and described separately, many of the risks are interrelated. Additional risks and uncertainties not ", "title": "CPB - CAMPBELL'S Co", "url": "/company/CPB/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000927628; latest 10-K filed 2026-02-19.", "text": "COF - CAPITAL ONE FINANCIAL CORP SIC 6021 National Commercial Banks; CIK 0000927628; latest 10-K filed 2026-02-19. COF CAPITAL ONE FINANCIAL CORP 0000927628 6021 National Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) This discussion contains forward-looking statements that are based upon management\u2019s current expectations and are subject to significant uncertainties and changes in circumstances. Please review \u201cPart I\u2014Item 1. Business\u2014Forward-Looking Statements\u201d for more information on the forward-looking statements in this Report. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. Our actual results may differ materially from those included in these forward-looking statements due to a variety of factors including, but not limited to, those described in \u201cPart I\u2014Item 1A. Risk Factors\u201d in this Report. Unless otherwise specified, references to notes to our consolidated financial statements refer to the notes to our consolidated financial statements as of December 31, 2025 included in this Report. Management monitors a variety of key indicators to evaluate our business results and financial condition. The following MD&A is intended to provide the reader with an understanding of our results of operations and financial condition, including capital and liquidity management, by focusing on changes from year to year in certain key measures used by management to evaluate performance, such as profitability, growth and credit quality metrics. MD&A is provided as a supplement to, and should be read in conjunction with, our audited consolidated financial statements as of and for the year ended December 31, 2025 and accompanying notes. MD&A is organized in the following sections: [[GREPCENT_TABLE]] [[\"\\u2022 Selected Financial Data\",\"\",\"\\u2022 Capital Management\"],[\"\\u2022 Executive Summary\",\"\",\"\\u2022 Risk Management\"],[\"\\u2022 Consolidated Results of Operations\",\"\",\"\\u2022 Credit Risk Profile\"],[\"\\u2022 Consolidated Balance Sheets Analysis\",\"\",\"\\u2022 Liquidity Risk Profile\"],[\"\\u2022 Off-Balance Sheet Arrangements\",\"\",\"\\u2022 Market Risk Profile\"],[\"\\u2022 Business Segment Financial Performance\",\"\",\"\\u2022 Supplemental Tables\"],[\"\\u2022 Critical Accounting Policies and Estimates\",\"\",\"\\u2022 Glossary and Acronyms\"],[\"\\u2022 Accounting Changes and Developments\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"59\",\"Capital One Financial Corporation (COF)\"]] [[/GREPCENT_TABLE]] Table of Contents SELECTED FINANCIAL DATA The following table presents selected consolidated financial data and performance metrics for the three-year period ended December 31, 2025, 2024 and 2023. We also provide selected key metrics we use in evaluating our performance, including certain metrics that are computed using non-GAAP measures. We consider these metrics to be key financial measures that management uses in assessing our operating performance, capital adequacy and the level of returns generated. We believe these non-GAAP metrics provide useful insight to investors and users of our financial information as they provide an alternate measurement of our performance and assist in assessing our capital adequacy and the level of return generated. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with U.S. GAAP, nor are they necessarily comparable to non-GAAP measures that may be presented by other companies. Three-Year Summary of Selected Financial Data [[GREPCENT_TABLE]] [[\"(Dollars in millions, except per share data and as noted)\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\",\"\",\"\",\"\",\"\",\"\",\"2025 vs. 2024\",\"\",\"2024 vs. 2023\"],[\"Income statement\"],[\"Interest income\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"$\",\"58,696\",\"\",\"$\",\"46,034\",\"\",\"$\",\"41,938\",\"\",\"\",\"\",\"\",\"\",\"28%\",\"\",\"10%\"],[\"Interest expense\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"15,818\",\"\",\"14,826\",\"\",\"12,697\",\"\",\"\",\"\",\"\",\"\",\"7\",\"\",\"17\"],[\"Net interest income\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"42,878\",\"\",\"31,208\",\"\",\"29,241\",\"\",\"\",\"\",\"\",\"\",\"37\",\"\",\"7\"],[\"Non-interest income\",\"\",\"\",\"\",\"\",\"\",\"\",\"\" Item 1. Business OVERVIEW General Capital One Financial Corporation, a Delaware corporation established in 1994 and headquartered in McLean, Virginia, is a diversified financial services holding company with banking and non-banking subsidiaries. Capital One Financial Corporation and its subsidiaries (the \u201cCompany\u201d or \u201cCapital One\u201d) operate as a global payments provider and diversified financial institution, delivering a broad array of financial products and services to consumers, small businesses and commercial clients through digital channels, branch locations, caf\u00e9s and other distribution channels. As of December 31, 2025, Capital One Financial Corporation\u2019s principal operating subsidiary was Capital One, National Association (\u201cCONA\u201d). On May 18, 2025 (the \u201cClosing Date\u201d), Discover Financial Services (\u201cDiscover\u201d) merged into Capital One and Discover Bank merged into CONA. See \u201cPart II\u2014Item 8. Financial Statements and Supplementary Data\u2014Note 2\u2014Business Combinations and Discontinued Operations\u201d for additional information. The Company is hereafter collectively referred to as \u201cwe,\u201d \u201cus\u201d or \u201cour.\u201d CONA is referred to as the \u201cBank.\u201d References to \u201cthis Report\u201d or our \u201c2025 Form 10-K\u201d or \u201c2025 Annual Report\u201d are to our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. All references to 2025, 2024 and 2023, refer to our fiscal years ended, or the dates, as the context requires, December 31, 2025, December 31, 2024 and December 31, 2023, respectively. Certain business terms used in this document are defined in \u201cPart II\u2014Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d)\u2014Glossary and Acronyms\u201d and should be read in conjunction with the Consolidated Financial Statements included in this Report. We were the largest issuer of credit cards in the United States of America (\u201cU.S.\u201d) based on the outstanding balance of credit card loans as of December 31, 2025. In addition to credit cards, we also offer Item 1A. Risk Factors The following discussion sets forth what management currently believes could be the material risks and uncertainties that could impact our businesses, results of operations and financial condition. The events and consequences discussed in these risk factors could, in circumstances we may not be able to ", "title": "COF - CAPITAL ONE FINANCIAL CORP", "url": "/company/COF/" }, { "kind": "company", "summary": "SIC 5122 Wholesale-Drugs, Proprietaries & Druggists' Sundries; CIK 0000721371; latest 10-K filed 2025-08-12.", "text": "CAH - CARDINAL HEALTH INC SIC 5122 Wholesale-Drugs, Proprietaries & Druggists' Sundries; CIK 0000721371; latest 10-K filed 2025-08-12. CAH CARDINAL HEALTH INC 0000721371 5122 Wholesale-Drugs, Proprietaries & Druggists' Sundries Management's Discussion and Analysis of Financial Condition and Results of Operations About Cardinal Health Cardinal Health, Inc., an Ohio corporation formed in 1979, is a global healthcare services and products company providing customized solutions for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, physician offices, and patients in the home. We provide pharmaceuticals and medical products and cost-effective services and solutions that enhance the healthcare system and supply chain efficiency. We connect patients, providers, payers, pharmacists, and manufacturers for integrated care coordination. We report our financial results in two reportable segments: Pharmaceutical and Specialty Solutions (\"Pharma\") segment and Global Medical Products and Distribution (\"GMPD\") segment. All remaining operating segments that are not significant enough to require separate reportable segment disclosures are included in Other, which is comprised of Nuclear and Precision Health Solutions, at-Home Solutions, and OptiFreight\u00ae Logistics. Pharmaceutical and Specialty Solutions Segment Our Pharma segment distributes branded and generic pharmaceutical, specialty pharmaceutical, and over-the-counter healthcare and consumer products in the United States. This segment also provides services to pharmaceutical manufacturers and healthcare providers for specialty pharmaceutical products; provides pharmacy management services to hospitals and operates a limited number of pharmacies, including pharmacies in community health centers; repackages generic pharmaceuticals and over the counter healthcare products; and includes our managed services organization platforms for specialty physician offices. Global Medical Products and Distribution Segment Our GMPD segment manufactures, sources, and distributes Cardinal Health brand medical, surgical, and laboratory products, which are sold in the United States, Canada, Europe, Asia, and other markets. This segment also distributes a broad range of medical, surgical, and laboratory products known as national brand products to hospitals, ambulatory surgery centers, clinical laboratories, and other healthcare providers in the United States and Canada. Other Operating Segments Our Nuclear and Precision Health Solutions operating segment operates nuclear pharmacies and manufacturing facilities, which manufacture, prepare, and deliver radiopharmaceuticals for use in nuclear imaging, theranostics, and other procedures in hospitals and physician offices. This segment also contract manufactures a radiopharmaceutical treatment (Xofigo\u00ae) and holds the North American rights to manufacture and distribute Lymphoseek\u00ae, a radiopharmaceutical diagnostic imaging agent. Our at-Home Solutions operating segment has two main businesses: Edgepark, including ADS, directly providing medical supplies to patients with chronic conditions in the home; and at-Home, a business-to-business distribution service that delivers medical supplies and over-the-counter products to home medical equipment providers, home health and hospice agencies, and e-commerce providers. Our OptiFreight\u00ae Logistics operating segment supports the shipping and logistics needs of healthcare providers by optimizing direct shipments through integrated technology solutions. This segment serves hospitals, pharmacies, labs, and surgery centers. [[GREPCENT_TABLE]] [[\"3\",\"Cardinal Health | Fiscal 2025 Form 10-K\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"MD&A\",\"Overview\"]] [[/GREPCENT_TABLE]] Consolidated Results Fiscal 2025 Overview Revenue Revenue decreased 2 percent to $222.6 billion for fiscal 2025 from the prior year, primarily due to the expiration of the Pharma segment OptumRx contracts, partially offset by branded and specialty pharmaceutical sales growth from existing and new customers. GAAP and Non-GAAP Operating Earnings [[GREPCENT_TABLE]] [[\"(in millions)\",\"2025\",\"\",\"2024\",\"\",\"\",\"\",\"Change\"],[\"GAAP opera Business Business General Cardinal Health, Inc. is a global healthcare services and products company providing customized solutions for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, physician offices, and patients in the home. We provide medical products and pharmaceuticals and cost-effective solutions that enhance the healthcare system and supply chain efficiency. Pharmaceutical and Specialty Solutions Segment In the United States, our Pharmaceutical and Specialty Solutions segment: \u25aathrough its Pharmaceutical Distribution businesses: \u2022distributes branded and generic pharmaceutical and over-the-counter healthcare and consumer products to retailers (including chain and independent drug stores and pharmacy departments of supermarkets and mass merchandisers), hospitals, and other healthcare providers; \u25aamaintains prime vendor relationships that streamline the purchasing process, resulting in greater efficiency and lower costs for our retail, hospital, and other healthcare provider customers; \u25aaprovides services to pharmaceutical manufacturers, including distribution, inventory management, data reporting, new product launch support, and chargeback administration; \u25aadistributes specialty pharmaceutical products to hospitals and other healthcare providers and provides consulting, patient support, and other services for specialty pharmaceutical products to pharmaceutical manufacturers and healthcare providers; \u25aaprovides pharmacy management services to hospitals and operates a limited number of pharmacies, including in community health centers; and \u25aarepackages generic pharmaceuticals and over-the-counter healthcare products. \u25aathrough its Specialty businesses: \u25aadistributes specialty pharmaceutical products to hospitals, specialty pharmacies, and other healthcare providers and provides consulting, patient support, and other services for specialty pharmaceutical products to pharmaceutical manufacturers and healthcare", "title": "CAH - CARDINAL HEALTH INC", "url": "/company/CAH/" }, { "kind": "company", "summary": "SIC 4400 Water Transportation; CIK 0000815097; latest 10-K filed 2026-01-27.", "text": "CCL - Carnival Corp Ltd. SIC 4400 Water Transportation; CIK 0000815097; latest 10-K filed 2026-01-27. CCL Carnival Corp Ltd. 0000815097 4400 Water Transportation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. 2025 Executive Overview 2025 was another strong year that exceeded expectations, setting new records across our business and achieving more milestones, including: \u2022Record revenues of $26.6 billion \u2022All-time high operating income of $4.5 billion, up 25% compared to the prior year \u2022Achieved the highest adjusted return on invested capital (\u201cROIC\u201d) in 19 years \u2022Record booking trends with continued strong close-in demand throughout the year \u2022Ended 2025 with record year-end customer deposits, up nearly 7% year over year In 2025, we made significant progress strengthening our balance sheet. In December 2025, we successfully completed our $19 billion refinancing plan in less than a year and reduced total debt by over $10 billion since our peak in January 2023. In addition, we surpassed our investment grade leverage metric threshold. These accomplishments enabled us to reinstate our dividend, reflecting both our confidence in the durability of our cash generation and the improvements we have made to our balance sheet. Looking forward, we are well-positioned to create even greater shareholder value over time as we continue to reinvest in our future. This will be driven by our focus on driving commercial excellence, disciplined newbuild strategy, our expansion of return-generating ship enhancement initiatives across some of our cruise lines and our exclusive destination development program. We continue to strengthen our demand generating efforts to position ourselves for success in 2026 and beyond. Our world-class cruise lines are refining their focus on target markets, sharpening marketing messages and reaching target consumers more efficiently. We are also enhancing our commercial strategies by leveraging AI to improve marketing effectiveness, deliver personalized experiences and drive efficiency gains across all our cruise lines. Together, we believe these initiatives will increase same ship revenues, drive margins and returns higher over time and help to close the price-to-value gap we offer versus land-based alternatives. In 2025, we opened our game-changing new exclusive destination, Celebration Key, Grand Bahama, which has already hosted more than one million guests since its July opening. We will continue to build on the success of Celebration Key through planned expansions at some of our other Paradise Collection properties, including RelaxAway, Half Moon Cay and Isla Tropicale (formerly Mahogany Bay) in 2026. In addition, we recently announced the development of Ensenada Bay Village - Treasures of Baja. This destination will showcase the natural beauty of Baja California, Mexico through a blend of adventure, culture and relaxation experiences while benefitting our west coast deployments. During 2025, we also continued making progress towards our sustainability goals. We reached our 2030 goal ahead of schedule, cutting greenhouse gas emissions intensity by over 20% relative to our 2019 baseline. Separately, our Less Left Over strategy helped reduce food waste by over 47%, edging closer to our 50% target set for 2030. In addition, we continue to take actions that will strengthen our ability to deliver long-term shareholder value. We recently announced that our Boards of Directors recommends unifying our dual listed company under a single corporate entity to streamline governance and reporting. This would also create a single global share price, reduce administrative costs and is expected to increase liquidity and weighting in major U.S. stock indexes. Together in 2025, we delivered unforgettable happiness to over 13.5 million people around the world by providing them with extraordinary cruise vacations while honoring the integrity of every ocean we sail, place we visit and life we touch. We are grateful for the efforts of our over 160,000 hard-working and dedicated team members who delivered incredible results this year Item 1. Business. A. Overview I.Summary Carnival Corporation was incorporated in Panama in 1974 and Carnival plc was incorporated in England and Wales in 2000. Carnival Corporation and Carnival plc operate a dual listed company whereby the businesses of Carnival Corporation and Carnival plc are combined through a number of contracts and through provisions in Carnival Corporation\u2019s Articles of Incorporation and By-Laws and Carnival plc\u2019s Articles of Association. The two companies operate as if they are a single economic enterprise with a single executive management team and identical Boards of Directors, but each has retained its separate legal identity. Carnival Corporation and Carnival plc are both public companies with separate stock exchange listings and their own shareholders. Together with their consolidated subsidiaries, Carnival Corporation and Carnival plc are referred to collectively in this Form 10-K as \u201cCarnival Corporation & plc,\u201d \u201ccompany,\u201d \u201cour,\u201d \u201cus\u201d and \u201cwe.\u201d We are the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines - AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess Cruises and Seabourn. During 2025, we sunset the P&O Cruises (Australia) brand and folded its Australia operations into Carnival Cruise Line. Following a review of the corporate structure, the Boards of Directors of Carnival Corporation and Carnival plc recommended unifying the dual listed company under a single corporate entity, Carnival Corporation, listed solely on the New York Stock Exchange, with Carnival plc as its wholly-owned UK subsidiary. Under this plan, Carnival plc shareholders would receive Carnival Corporation shares on a one-for-one basis, and Carnival plc shares and American Depositary Receipts would be de-listed from both the London Stock Exchange and the New York Stock Exchange, respectively. Carnival Corporation also proposes shifting i Item 1A. Risk Factors. You should carefully consider the following discussion of material factors, events and uncertainties that make an investment in the company\u2019s securities risky and provide important information for the understanding of the \u201cforward-looking\u201d statements discussed in this Form 10-K and elsewhere. These risk factors should be read in con", "title": "CCL - Carnival Corp Ltd.", "url": "/company/CCL/" }, { "kind": "company", "summary": "SIC 3585 Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip; CIK 0001783180; latest 10-K filed 2026-02-05.", "text": "CARR - CARRIER GLOBAL Corp SIC 3585 Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip; CIK 0001783180; latest 10-K filed 2026-02-05. CARR CARRIER GLOBAL Corp 0001783180 3585 Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS BUSINESS OVERVIEW Business Summary Carrier Global Corporation (\"we\" or \"our\") is a global leader in intelligent climate and energy solutions with a focus on providing differentiated, digitally-enabled lifecycle solutions to our customers. Our portfolio includes industry-leading brands such as Carrier, Viessmann, Toshiba, Automated Logic and Carrier Transicold, among others, that offer innovative heating, cooling and cold chain solutions to enhance the lives we live and the world we share. We also provide a broad array of related building services, including audit, design, installation, system integration, repair, maintenance and monitoring. Our operations are classified into four segments: Climate Solutions Americas, Climate Solutions Europe, Climate Solutions Asia Pacific, Middle East & Africa and Climate Solutions Transportation. Through our performance-driven culture, we anticipate creating long-term shareowner value by investing strategically to strengthen our product position in homes, buildings and across the cold chain in order to drive profitable growth. We believe our business segments are well positioned to benefit from favorable secular trends, including the mega-trends of urbanization, population growth and demographic shifts, food security and safety, electrification, increasing demand for climate control and accelerated digitalization. Coupled with our industry-leading brands and track record of innovation, we continue to provide market-leading solutions for our customers. Our worldwide operations are affected by global and regional industrial, economic and political factors, trade policies and trends. They are also affected by changes in the general level of economic activity, such as changes in business and consumer spending, construction and shipping activity as well as short-term economic factors such as currency fluctuations, commodity price volatility and supply disruptions. We continue to invest in our business, take pricing actions to mitigate supply chain and inflationary pressures, develop new products and services in order to remain competitive in our markets and use risk management strategies to mitigate various exposures. 33 Table of Contents We continue to actively monitor evolving macroeconomic conditions and recent trade policy announcements. Based on our updated analysis, we fully mitigated the impact of tariffs during 2025 through a combination of supply-chain adjustments, productivity initiatives and approximately $200 million of incremental product pricing actions. To date, tariffs have not had a material impact on our business and we are deploying additional strategies, including cost containment measures, to limit future exposure in the current market environment. Significant Events Sale of Riello Business On December 16, 2025, we entered into a purchase agreement to sell our Riello business (\"Riello\") to Ariston Group with expected gross proceeds of approximately $430 million. Riello, predominantly reported in our Climate Solutions Europe segment, is a leading international manufacturer that designs, produces and integrates a comprehensive portfolio of thermal solutions including burners, boilers, heat pumps, cooling systems and aftermarket services for residential, commercial and industrial applications, with a strong focus on energy efficiency, innovation and a global distribution network. This transaction is expected to close in the first half of 2026 and is subject to customary closing conditions and regulatory approvals. Portfolio Transformation During 2024, we completed several activities designed to simplify our business portfolio, transforming it into a pure-play climate and energy solutions provider. On January 2, 2024, we acquired the climate solutions business (the \"VCS Business\") of Viessmann Group GmbH & Co. KG (together with its affiliates, \u201cViessmann\u201d). The VCS Business, ITEM 1. BUSINESS General Carrier Global Corporation (\"we\" or \"our\" or the \"Company\") is a global leader in intelligent climate and energy solutions, focused on providing differentiated, digitally enabled lifecycle solutions to our customers. Our portfolio includes industry-leading brands such as Carrier, Viessmann, Toshiba, Automated Logic and Carrier Transicold, among others, that offer innovative heating, cooling and cold chain solutions to enhance the lives we live and the world we share. We also provide a broad array of related building services, including audit, design, installation, system integration, repair, maintenance and monitoring. Through our performance-driven culture, we anticipate creating long-term shareowner value by investing strategically to strengthen our product position in homes, buildings and across the cold chain to drive profitable growth. We believe our business segments are well positioned to benefit from favorable secular trends, including the mega-trends of urbanization, population growth and demographic shifts, food security and safety, electrification, increasing demand for climate control and accelerated digitalization. Coupled with our industry-leading brands and track record of innovation, we continue to provide market-leading solutions for our customers. In addition, we continue to invest in product and technology innovation within our core offerings and in new business models. Carrier Energy, our business offering new energy management solutions, is developing intelligent climate and energy solutions to meet future energy needs by optimizing home energy management, providing grid flexibility and unlocking energy capacity to support economic growth. This new business model is also expected to enhance the digital connection between the end-customers and Carrier, providing us with opportunities to offer services and aftermarket parts and components over the life of the product. For the year ended December 31, 2025, our net sale ITEM 1A. RISK FACTORS RISK FACTOR SUMMARY Risks Related to Our Business \u2022Risks associated with our international operations could adversely affect our competitive position, results of operations, cash flows or financial condition. \u2022We are party to joint ventures and other s", "title": "CARR - CARRIER GLOBAL Corp", "url": "/company/CARR/" }, { "kind": "company", "summary": "SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001690820; latest 10-K filed 2026-02-18.", "text": "CVNA - CARVANA CO. SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001690820; latest 10-K filed 2026-02-18. CVNA CARVANA CO. 0001690820 5500 Retail-Auto Dealers & Gasoline Stations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion should be read in conjunction with Part I, including matters set forth in the \"Risk Factors\" section of this Annual Report on Form 10-K, and our financial statements and notes thereto included in Part II, Item 8 \"Financial Statements and Supplementary Data,\" of this Annual Report on Form 10-K. Except when stated otherwise, we present the discussion in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations on a consolidated basis. Overview Carvana is the leading e-commerce platform for buying and selling used cars. We are transforming the used car buying and selling experience by giving consumers what they want - a wide selection, great value and quality, transparent pricing, and a simple, no pressure transaction. Each element of our business, from inventory procurement to fulfillment and overall ease of the online transaction, has been built for this singular purpose. See Part I, Item 1 - \"Business\" for a detailed description and discussion of the Company's business. Refer to \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 19, 2025 for discussion and analysis of our financial condition and results of operations for the fiscal year ended December 31, 2024 compared to the fiscal year ended December 31, 2023. Retail Vehicle Unit Sales Since launching to customers in Atlanta, Georgia in January 2013, we have experienced rapid growth in sales through our website www.carvana.com. During the year ended December 31, 2025, the number of vehicles we sold to retail customers increased by 43.3% to 596,641, compared to 416,348 in the year ended December 31, 2024. We continue to view the number of vehicles we sell to retail customers as the most important long-term measure of our performance, and we expect to continue to focus on building a scalable platform to efficiently increase our retail units sold. This focus on retail units sold is motivated by several factors: \u2022Retail units sold enable multiple revenue streams, including the sale of the vehicle itself, the sale of finance receivables originated to finance the vehicle, complementary products, and the sale of vehicles acquired from customers. \u2022Retail units sold are the primary driver of customer referrals and repeat sales. Each time we sell a vehicle to a new customer, that customer may refer future customers and can become a repeat buyer in the future. \u2022Retail units sold allow us to benefit from economies of scale due to our centralized online sales model. We believe our model provides meaningful operating leverage in acquisition, reconditioning, transport, customer service, and delivery. We continue to prioritize efficient growth in retail units sold, absent any material changes in macroeconomic conditions. To prioritize growth, we are pursuing investments in technology and infrastructure, while simultaneously maintaining our focus on efficiency gains and profitability. This includes continued investment in our vehicle acquisition, reconditioning and logistics network, as well as partnerships, product development and engineering to deliver customers a best-in-class experience. Revenue and Gross Profit We generate revenue on retail units sold from four primary sources: the sale of the retail vehicles, wholesale sales of vehicles we acquire from customers, including sales through our wholesale marketplace, gains on the sales of loans originated to finance the vehicles, and sales of complementary products. Our largest source of revenue, retail vehicle sales, totaled $14.5 billion and $9.7 billion during the years ended December 31, 2025 and 2024, respectively. We generally expect retail vehicle sales to trend proportionately with retail units sold, absent an ITEM 1. BUSINESS. Carvana Co. is a holding company that was formed as a Delaware corporation in 2016 in order to operate the business of Carvana Group, LLC and its subsidiaries (collectively, \"Carvana Group\"). Carvana Co. Class A common stock trades on the New York Stock Exchange (\"NYSE\") under the symbol \"CVNA.\" Our Company Carvana is the leading e-commerce platform for buying and selling used cars. We are transforming the used car buying and selling experience by giving consumers what they want - a wide selection, great value and quality, transparent pricing, and a simple, no pressure transaction. Our differentiated business model combines a comprehensive online sales experience with a vertically integrated supply chain, designed to sell high-quality vehicles to our customers transparently and efficiently at a low price. The automotive retail industry is large \u2013 with approximately 37 million used auto retail transactions in the United States (\u201cU.S.\u201d) in 2024 according to Cox Automotive \u2013 and highly fragmented \u2013 with the top 10 used auto retailers in the U.S. accounting for less than 10% of the market share in 2024. These dynamics create an exceptional opportunity for disruption that our custom-built business model can capitalize on to remain well-positioned for long term growth. Over the years, we have leveraged our growing logistics network, which spans 316 metropolitan statistical areas, and our in-house distribution network, servicing over 80% of the U.S. population as of December 31, 2025, to sell 2.8 million retail vehicles, generating $84.1 billion in total revenue since inception in 2012 through December 31, 2025. Vehicle Acquisition. We primarily acquire our used vehicle inventory directly from customers, used car auctions, including by use of our growing digital auction platform, and wholesale used vehicle suppliers, including retail marketplace partners. Acquiring inventory directly from customers when they trade in or sell us their vehicles in a one ITEM 1A. RISK FACTORS. Described below are certain risks to our business and the industry in which we operate. You should carefully consider the risks described below, together with the financial and other information contained in this Annual Report on Form 10-K and in our other public disclosures. If any of the following risks", "title": "CVNA - CARVANA CO.", "url": "/company/CVNA/" }, { "kind": "company", "summary": "SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0000726958; latest 10-K filed 2026-06-22.", "text": "CASY - CASEYS GENERAL STORES INC SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0000726958; latest 10-K filed 2026-06-22. CASY CASEYS GENERAL STORES INC 0000726958 5500 Retail-Auto Dealers & Gasoline Stations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS(Dollars and gallons in thousands, except per share amounts) Please read the following discussion of the Company\u2019s financial condition and results of operations in conjunction with the selected historical consolidated financial data and consolidated financial statements and accompanying notes presented elsewhere in this Form 10-K. Overview As of April 30, 2026, Casey\u2019s General Stores, Inc. and its direct and indirect wholly-owned subsidiaries operate convenience stores primarily under the names \"Casey's\" and \"Casey\u2019s General Store\" throughout 19 states, approximately half of which are located in Iowa, Missouri and Illinois. During the third quarter of the prior fiscal year, the Company closed on the acquisition of Fikes Wholesale and Group Petroleum Services (collectively \"Fikes\"), owner of CEFCO Convenience Stores, which added 198 total stores (the \"Fikes acquisition\") and a wholesale fuel network. As of April 30, 2026, there were 2,944 stores in operation. Approximately 71% of all stores were opened in areas with populations of fewer than 20,000 persons. The Company competes on the basis of traditional features of convenience store operations such as location, extended hours, product offerings, price and quality of service. All stores carry a broad selection of food items (which at most stores includes, but is not limited to, prepared foods such as regular and breakfast pizza, donuts, hot breakfast items, and hot and cold sandwiches), beverages, tobacco and nicotine products, groceries, health and beauty aids, automotive products, and other non-food items. As of April 30, 2026, 241 store locations offered car washes. In addition, all but six store locations offer fuel. The Company operates a wholesale network where Casey\u2019s manages wholesale fuel supply agreements to certain dealer sites and other wholesale locations. The dealer and wholesale locations are not operated by Casey's and are not included in our overall store count. Approximately 3% of total revenue for the year-ended April 30, 2026 relates to the wholesale fuel network. The Company\u2019s business is seasonal, and generally experiences higher sales and profitability during the first and second fiscal quarters (May-October), when the weather is warmer across our footprint and guests tend to purchase greater quantities of fuel and certain convenience items such as beer, sports drinks, water, soft drinks and ice. The following table represents the roll forward of store growth throughout fiscal 2026: [[GREPCENT_TABLE]] [[\"\",\"Store Count\"],[\"Stores at April 30, 2025\",\"2,904\"],[\"New store construction\",\"40\"],[\"Acquisitions\",\"40\"],[\"Prior acquisitions opened\",\"1\"],[\"Closed\",\"(41)\"],[\"Stores at April 30, 2026\",\"2,944\"]] [[/GREPCENT_TABLE]] For further general descriptive information on the Company\u2019s business and operations, see Item 1, above, which is incorporated herein by reference. 19 Table of Contents Long-Term Strategic Plan The end of this fiscal year marks the end of the three-year strategic plan originally announced in June 2023. The plan focused on three enterprise objectives: grow store count, accelerate the food business, and enhance operational efficiency, which are enabled by a strong foundation and Team Member experience. The Company's plan was based on building on our proud heritage and distinct advantages, to become more contemporary through new capabilities, technology, data, and processes. The Company performed strongly over the three-year period, compared to the original goals in our plan. Some of the key highlights include: \u2022Built or acquired 504 additional stores over the three-year period, well above the original goal of 350 stores, \u2022Diluted earnings per share for the year was $19.16, representing an increase of 30.9% from the prior year, and annualized growth of 17.2% over the three-year period, \u2022Casey's Rewards members grew to over 10 million ITEM 1. BUSINESS The Company As of April 30, 2026, Casey\u2019s General Stores, Inc. and its direct and indirect wholly-owned subsidiaries operate convenience stores primarily under the names \"Casey's\" and \"Casey\u2019s General Store\" (collectively, with the stores below referenced as \"GoodStop (by Casey's)\" or \"CEFCO\", referred to as \"Casey's\" or the \"Company\") throughout 19 states, approximately half of which are located in Iowa, Missouri and Illinois. As of April 30, 2026, there were 2,944 stores in operation. Approximately 71% of all stores were opened in areas with populations of fewer than 20,000 persons. The Company competes on the basis of traditional features of convenience store operations such as location, extended hours, product offerings, price and quality of service. All stores carry a broad selection of food items (which at most stores includes, but is not limited to, prepared foods such as regular and breakfast pizza, donuts, hot breakfast items, and hot and cold sandwiches), beverages, tobacco and nicotine products, groceries, health and beauty aids, automotive products, and other non-food items. As of April 30, 2026, 241 store locations offered car washes. In addition, all but six store locations offer fuel. In addition to the \"Casey's\" and \"Casey's General Stores\" brands, the Company also operates a limited number of stores under the additional brands of \"GoodStop (by Casey's)\" or \"CEFCO\". These locations offer fuel for sale, and a broad selection of snacks, beverages, tobacco and nicotine products, and other essentials. However, some of these locations do not have a full-service kitchen and, therefore, have limited prepared food offerings. When the Company acquires stores, the locations are typically re-branded as \"Casey\u2019s\" as soon as the store is remodeled to include a full-service kitchen. If the store\u2019s layout or location does not allow for a full-service kitchen, the store typically will be operated as \u201cGoodStop (by Casey\u2019s)\u201d or the acquired brand ITEM 1A. RISK FACTORS You should carefully consider the risks described in this report before making a decision to invest in our securities. If any of such risks actually occur, our business, financial condition, and/or results of operations could be materially adversely affected. In that case, the tradin", "title": "CASY - CASEYS GENERAL STORES INC", "url": "/company/CASY/" }, { "kind": "company", "summary": "SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services; CIK 0001374310; latest 10-K filed 2026-02-20.", "text": "CBOE - Cboe Global Markets, Inc. SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services; CIK 0001374310; latest 10-K filed 2026-02-20. CBOE Cboe Global Markets, Inc. 0001374310 6200 Security & Commodity Brokers, Dealers, Exchanges & Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is provided to assist the reader in understanding the results of operations, liquidity and capital resources, and critical accounting estimates and policies through the eyes of our management team. The following discussion should be read in conjunction with the consolidated financial statements of the Company and the notes thereto included in Item 8 of this Annual Report on Form 10-K. The following discussion contains forward-looking statements. Actual results could differ materially from the results discussed in the forward-looking statements. See \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d above. A detailed comparison of the Company\u2019s 2024 operating results to its 2023 operating results can be found in the Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations section in the Company\u2019s 2024 Annual Report on Form 10-K filed February 21, 2025 at www.sec.gov. INTRODUCTION Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is organized as follows: \u2022Executive Summary \u2013 Includes an overview of the Company\u2019s business; a description of notable recent developments, current economic, competitive, and regulatory trends relevant to our business; the Company\u2019s current business strategy; and the Company\u2019s primary sources of operating and non-operating revenues and expenses. \u2022Results of Operations \u2013 Includes an analysis of the Company\u2019s 2025 and 2024 financial results and a discussion of any known events or trends which are likely to impact future results. \u2022Liquidity and Capital Resources \u2013 Includes a discussion of the Company\u2019s future cash requirements, capital resources, and financing arrangements. \u2022Critical Accounting Estimates \u2013 Provides an explanation of accounting estimates which may have a significant impact on the Company\u2019s financial results and the judgments, assumptions, and uncertainties associated with those estimates. \u2022Recent Accounting Pronouncements \u2013 Includes an evaluation of recent accounting pronouncements and the potential impact of their future adoption on the Company\u2019s financial results. EXECUTIVE SUMMARY Overview Cboe Global Markets, Inc., the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing, and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across North America, Europe, and Asia Pacific. Above all, the Company is committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. Cboe\u2019s subsidiaries include the largest options exchange and the third largest equities exchange operator in the U.S. In addition, the Company operates Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges), one of the largest equities exchanges by value traded in Europe, and owns Cboe Clear Europe, a leading pan-European clearinghouse, BIDS Holdings, which owns a leading block-trading ATS by volume in the U.S., and provides block-trading services with Cboe market operators in Europe and Canada, Cboe Australia, an operator of a regulated stock exchange in Australia, Cboe Clear U.S., an operator of a regulated clearinghouse, and Cboe Canada, a recognized Canadian securities exchange. Cboe subsidiaries also serve collectively as a leading market globally for exchange-traded products (\u201cETPs\u201d) listings and trading. In 2025, following a comprehensive strategic review of its global business operations, Cboe initiated the wind down of its Japanese equities business, including the cessation of operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform, initiated a sales process for its Cboe Australia and Cbo Item 1. Business The following description of the business should be read in conjunction with the information included elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025. This description contains forward-looking statements that involve risks and uncertainties. Actual results could differ significantly from the results discussed in the forward-looking statements due to the factors set forth in \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. Overview Cboe Global Markets, Inc., the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing, and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across North America, Europe, and Asia Pacific. Above all, the Company is committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. Cboe\u2019s subsidiaries include the largest options exchange and the third largest equities exchange operator in the U.S. In addition, the Company operates Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges), one of the largest equities exchanges by value traded in Europe, and owns Cboe Clear Europe, a leading pan-European equities and derivatives clearinghouse, BIDS Holdings, which owns a leading block-trading ATS by volume in the U.S., and provides block-trading services with Cboe market operators in Europe and Canada, Cboe Australia, an operator of a regulated stock exchange in Australia, Cboe Clear U.S., an operator of a regulated clearinghouse, and Cboe Canada, a recognized Canadian securities exchange. Cboe subsidiaries also serve collectively as a leading market globally for exchange-traded products (\u201cETPs\u201d) listings and trading. In 2025, following a comprehensive strategic review of its global business operations, Cboe initiated the wind down of its Japanese eq Item 1A. Risk Factors. The risks and uncertainties described below are those that we believe are material at this time relating to our business. These risks and uncertainties, however, are not the only risks and uncertainties that we face. Additional risks and uncertai", "title": "CBOE - Cboe Global Markets, Inc.", "url": "/company/CBOE/" }, { "kind": "company", "summary": "SIC 6500 Real Estate; CIK 0001138118; latest 10-K filed 2026-02-12.", "text": "CBRE - CBRE GROUP, INC. SIC 6500 Real Estate; CIK 0001138118; latest 10-K filed 2026-02-12. CBRE CBRE GROUP, INC. 0001138118 6500 Real Estate Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion provides an analysis of the company\u2019s financial condition and results of operations from management\u2019s perspective and should be read in conjunction with the consolidated financial statements and related notes included in this Annual Report. Discussion regarding our financial condition and results of operations for the year ended December 31, 2024 and comparisons between the years ended December 31, 2024 and 2023 are included in Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the company\u2019s 2024 Annual Report was filed with the SEC on February 14, 2025. Overview CBRE is the world\u2019s largest commercial real estate services and investment firm (based on 2025 revenue). In 2025, we served clients through four business segments \u2013 Advisory Services, Building Operations & Experience (BOE), Project Management and Real Estate Investments (REI) \u2013 which are described in \u201cItem 1. Business\u201d in this Annual Report. We generate revenue from both resilient sources and non-recurring sources, including commissions generated by transactions. Our revenue mix has become more weighted towards resilient revenue sources, particularly occupier outsourcing and project management, and we are less dependent on cyclical property sales and lease transaction revenue. Non-recurring transactional revenue and earnings within our Advisory Services segment (notably property sales and leasing) have historically been highest in the year\u2019s fourth quarter due to a focus on completing transactions prior to year-end, but such seasonality has decreased as transactions have comprised a smaller proportion of our total revenue. Business Environment The operating environment for commercial real estate improved considerably in 2025. This is evident in markedly increased property leasing and sales activity compared with 2024 levels. Occupier demand for office, industrial and data center space in the U.S. was notably strong throughout the year. Broader capital availability, lower borrowing costs and improved occupancy market fundamentals buoyed investor sentiment and led to increased real estate sales and financing activity in 2025. Large occupiers\u2019 growing appetite for outsourcing services continued to underpin demand for facilities management and project management activities. Capital Allocation We deployed approximately $2.7 billion of capital in 2025. Our largest deployments for the year were approximately $1.2 billion for the acquisition of Pearce, a leading provider of advanced technical services for digital and power infrastructure, and approximately $468 million to acquire the remaining 60% equity interest in Industrious, a flexible-workplace solutions and workplace experience platform. In addition, we deployed $956 million in 2025 to repurchase 7,052,481 shares. Results of Operations The following presents highlights of CBRE\u2019s performance for the year ended December 31, 2025 (percentages represent comparison to 2024 results): [[GREPCENT_TABLE]] [[\"Revenue\",\"\",\"GAAP Net Income\",\"\",\"Core EBITDA (1)\"],[\"$40.6B\",\"\",\"$1.2B\",\"\",\"$3.3B\"],[\"13.4%\",\"\",\"19.5%\",\"\",\"22.3%\"],[\"GAAP Earnings Per Share (EPS)\",\"\",\"Core EPS (1)\"],[\"$3.85\",\"\",\"$6.38\"],[\"22.6%\",\"\",\"25.1%\"]] [[/GREPCENT_TABLE]] An improved operating environment supported strong growth for CBRE in 2025. Overall, revenue increased 13.4%. This included 13.4% revenue growth in our resilient businesses (including facilities management, project management, property management, loan servicing, valuations, other portfolio services, and recurring investment management fees), and 13.6% revenue growth in our transactional businesses (property sales, leasing, mortgage origination, carried interest and incentive fees in our investment management business, and development fees). ____________________________________________________________________ Item 1. Business. Company Overview CBRE is the world\u2019s largest commercial real estate services and investments firm (based on 2025 revenue). We derive competitive advantage from our considerable scale and ability to offer integrated solutions for real estate investors and occupiers in more than 100 countries. We are global market leaders in most of our business lines and drive significant growth by helping clients optimize real estate costs, value, investment returns and workplace experiences. These capabilities, combined with our extensive knowledge platform (research, data, strategy, etc.), allow us to generate superior outcomes for our clients, which included nearly 90% of Fortune 100 companies and many of the world\u2019s largest institutional real estate investors in 2025. Our growth opportunity is enhanced by the large and expanding total addressable market for our services. We are focused on cementing our leadership position in each of our businesses with a strategy that achieves growth across four dimensions of our business: geographies, clients, property types and services. We are committed to deploying our resources and capital in parts of our business that benefit from secular tailwinds and/or are cyclically resilient across these four dimensions. Examples of how we have expanded our participation in secularly favored and resilient businesses and enlarged our total addressable market include our acquisitions of: \u2022Turner & Townsend, the global project management firm, in which we hold a majority ownership interest; \u2022J&J Worldwide Services (now doing business as CBRE Government & Defense Services), which markedly increased the facilities-related services we provide to the U.S. federal government; \u2022Direct Line Global, a provider of technical facilities management services to data centers; \u2022Industrious National Management Company, LLC (Industrious), a flexible workplace solutions and workplace experience platform, which we fully acquired in January 2025; Item 1A. Risk Factors. Set forth below and elsewhere in this Annual Report and in other documents we file with the SEC are risks and uncertainties that could cause our actual results to differ materially from the results contemplated by the forward-looking statements contained in this Annual Report and other public statements we make. Based on the information currently known to ", "title": "CBRE - CBRE GROUP, INC.", "url": "/company/CBRE/" }, { "kind": "company", "summary": "SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001402057; latest 10-K filed 2026-02-20.", "text": "CDW - CDW Corp SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001402057; latest 10-K filed 2026-02-20. CDW CDW Corp 0001402057 5961 Retail-Catalog & Mail-Order Houses Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Unless otherwise indicated or the context otherwise requires, as used in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d the terms \u201cwe,\u201d \u201cus,\u201d \u201cthe Company,\u201d \u201cour,\u201d \u201cCDW,\u201d and similar terms refer to CDW Corporation and its subsidiaries. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d should be read in conjunction with the Consolidated Financial Statements and the related notes included elsewhere in this report. This discussion contains forward-looking statements that are subject to numerous risks and uncertainties. Actual results may differ materially from those contained in any forward-looking statements. See \u201cForward-Looking Statements\u201d above. Overview CDW Corporation (\u201cParent\u201d), a Fortune 500 company and member of the S&P 500 Index, is a leading multi-brand provider of information technology (\u201cIT\u201d) solutions to business, government, education, and healthcare customers in the United States (\u201cUS\u201d), the United Kingdom (\u201cUK\u201d), and Canada. Our broad array of offerings ranges from discrete hardware and software products to integrated IT solutions and services that include on-premise and cloud capabilities across hybrid infrastructure, digital experience, and security. We have three reportable segments: \u201cCorporate,\u201d \u201cSmall Business,\u201d and \u201cPublic.\u201d Our Corporate segment primarily serves US private sector business customers with more than 250 employees. Our Small Business segment primarily serves US private sector business customers with up to 250 employees. Our Public segment is comprised of government agencies and education and healthcare institutions in the US. We also have two other operating segments: CDW UK and CDW Canada, each of which do not meet the reportable segment quantitative thresholds and, accordingly, are included in an all other category (\u201cOther\u201d). Effective January 1, 2026, we realigned our customer-facing organization to better meet the evolving needs of our customers and end markets. As a result, we will have the following three reportable segments: \u201cCommercial,\u201d \u201cGovernment,\u201d and \u201cEducation.\u201d Our \u201cCommercial\u201d segment will be comprised of corporate, financial services, and healthcare customers in the US, each of which will represent a unique customer channel. Small business customers will be included across the customer channels within our \u201cCommercial\u201d segment. Our \u201cGovernment\u201d segment will be comprised of federal, state, and local agencies in the US. The \u201cEducation\u201d segment will be comprised of primary, secondary, and higher education institutions in the US. CDW UK and CDW Canada will remain unchanged in this new reporting structure, in an all other category (\u201cOther\u201d). We will reflect this change in segment presentation, including the recasting of historical results, in our periodic and annual reports beginning with the period ending March 31, 2026. We are vendor, technology, and consumption model unbiased, with a solutions portfolio including more than 100,000 products and services from more than 1,000 leading and emerging brands. Our solutions are delivered in physical, virtual, and cloud-based environments through approximately 10,500 customer-facing coworkers, including sellers, highly-skilled specialists, and engineers. We are a leading sales channel partner for many original equipment manufacturers (\u201cOEMs\u201d), software publishers, and cloud providers (collectively, our \u201cvendor partners\u201d) and wholesale distributors, whose products we sell or include in the solutions we offer. We provide our vendor partners with a cost-effective way to reach customers and deliver a consistent brand experience through our established end-market coverage, technical expertise, and extensive customer access. We may sell all or only select products that our vendor partners offer. Each vendor partner agreement provides for specific terms and condit Item 1. Business Our Company CDW Corporation (together with its subsidiaries, the \u201cCompany,\u201d \u201cCDW\u201d, \u201cwe\u201d, \u201cus\u201d, or \u201cour\u201d), a Fortune 500 company and member of the S&P 500 Index, is a leading multi-brand provider of information technology (\u201cIT\u201d) solutions to business, government, education, and healthcare customers in the United States (\u201cUS\u201d), the United Kingdom (\u201cUK\u201d), and Canada. Our broad array of offerings ranges from discrete hardware and software products to integrated IT solutions and services that include on-premise and cloud capabilities across hybrid infrastructure, digital experience, and security. We are vendor, technology, and consumption model unbiased, offering a broad selection of products and multi-branded IT solutions. Our solutions are delivered in physical, virtual, and cloud-based environments through approximately 10,500 customer-facing coworkers, including sellers, highly-skilled specialists, and engineers. We are a leading sales channel partner for many original equipment manufacturers (\u201cOEMs\u201d), software publishers, and cloud providers (collectively, our \u201cvendor partners\u201d) and wholesale distributors, whose products we sell or include in the solutions we offer. We provide our vendor partners with a cost-effective way to reach customers and deliver a consistent brand experience through our established end-market coverage, technical expertise, and extensive customer access. We simplify the complexities of technology solutions across design, selection, procurement, integration, and management for our customers. Our goal is to have our customers, regardless of their size, view us as a trusted adviser and extension of their IT workforce. Our multi-brand offering approach across our vendor partners enables us to provide the solutions and services that best address each customer\u2019s specific requirements to enable their desired business outcomes. We have capabilities to provide integrated IT solutions in approximately 150 countries for customers wi Item 1A. Risk Factors There are many factors that could adversely affect our business, results of operations, and cash flows, some of which are beyond our control. The following is a description of some important factors that may cause our business prospects, results of operations, and cash flows in future periods to differ materially fro", "title": "CDW - CDW Corp", "url": "/company/CDW/" }, { "kind": "company", "summary": "SIC 6324 Hospital & Medical Service Plans; CIK 0001071739; latest 10-K filed 2026-02-17.", "text": "CNC - CENTENE CORP SIC 6324 Hospital & Medical Service Plans; CIK 0001071739; latest 10-K filed 2026-02-17. CNC CENTENE CORP 0001071739 6324 Hospital & Medical Service Plans ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes included elsewhere in this filing. The discussion contains forward-looking statements that involve known and unknown risks and uncertainties, including those set forth under Part I, Item 1A.\"Risk Factors\" of this Form 10-K. The following discussion and analysis does not include certain items related to the year ended December 31, 2023, including year-to-year comparisons between the year ended December 31, 2024 and the year ended December 31, 2023. For a comparison of our results of operations for the fiscal years ended December 31, 2024 and December 31, 2023, see Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 18, 2025. EXECUTIVE OVERVIEW General As the nation's largest managed care company focused on underserved populations, we are committed to helping people live healthier lives. Centene offers affordable and high-quality products to more than 1 in 15 individuals across the nation, including Medicaid and Medicare members (including Medicare Prescription Drug Plans) as well as individuals and families served by the Health Insurance Marketplace. We provide access to high-quality healthcare, innovative programs and a wide range of health solutions that help families and individuals get well, stay well and be well. We believe the best way to deliver healthcare is with a personal approach, with local brands and local teams who live in, care about and directly influence the communities they serve \u2013 a key differentiator in our ability to provide access to quality care for our members. Our state-based plans are built on community expertise and backed by the depth, breadth, and experience of a leading national company. Our model is structured around partnership. By working hand-in-hand with providers, policymakers, and communities, we connect people to what matters most \u2013 not just healthcare, but essentials like food, housing, utilities, and transportation \u2013 to drive meaningful health outcomes. With our scale and expertise, we are not only improving lives but also shaping the future of healthcare. From leveraging data to drive better outcomes across the nation to creating innovative programs to address barriers to care, we hope to redefine the healthcare experience. Our data and insights give us a powerful opportunity to anticipate needs, personalize care, and build a more affordable and effective healthcare system for tomorrow. Based on the most recent publicly available membership data, we are the nation's largest Medicaid and Marketplace insurer, as well as the largest stand-alone PDP provider. Our Medicare Advantage business includes one of the highest concentrations of D-SNP members among our peers, aligned with our focus on low-income, complex populations. As of December 31, 2025, we served 12.5 million Medicaid members in 30 states, 5.5 million Marketplace members across 29 states, 1.0 million Medicare Advantage members across 32 states and 8.1 million Medicare Prescription Drug Plan (PDP) members in 50 states and the District of Columbia. Our results of operations depend on our ability to manage expenses associated with health benefits (including estimated costs incurred) and selling, general and administrative (SG&A) costs. We measure operating performance based upon two key ratios. The health benefits ratio (HBR) represents medical costs as a percentage of premium revenues, excluding premium tax revenues that are separately billed, and reflects the direct relationship between the premiums received and the medical services provided. The SG&A expense ratio represents SG&A costs as a percentage of premium and s Item 1. Business OVERVIEW Our mission is to transform the health of the communities we serve, one person at a time. As the nation's largest managed care company focused on underserved populations, Centene is committed to helping people live healthier lives. Centene offers affordable and high-quality products to more than 1 in 15 individuals across the nation, including Medicaid and Medicare members (including Medicare Prescription Drug Plans) as well as individuals and families served by the Health Insurance Marketplace. Centene provides access to high-quality healthcare, innovative programs and a wide range of health solutions that help families and individuals get well, stay well and be well. We believe the best way to deliver healthcare is with a personal approach, with local brands and local teams who live in, care about and directly influence the communities they serve \u2013 a key differentiator in our ability to provide access to quality care for our members. Our state-based plans are built on community expertise and backed by the depth, breadth, and experience of a leading national company. Our model is structured around partnership. By working hand-in-hand with providers, policymakers, and communities, we connect people to what matters most \u2013 not just healthcare, but essentials like food, housing, utilities, and transportation \u2013 to drive meaningful health outcomes. With our scale and expertise, we are not only improving lives but also shaping the future of healthcare. From leveraging data to drive better outcomes across the nation to creating innovative programs to address barriers to care, we hope to redefine the healthcare experience. Our data and insights give us a powerful opportunity to anticipate needs, personalize care, and build a more affordable and effective healthcare system for tomorrow. During 2025, we operated in four segments: Medicaid, Medicare, Commercial and Other. \u2022Medicaid - includes the Temporary Assistance for Needy Families (TANF) pr Item 1A. Risk Factors. You should carefully consider the risks described below before making an investment decision. The trading price of our common stock could decline, and our results of operations, financial condition and cash flows could be materially adversely affected due to any of these risks, in which case you could lose all or ", "title": "CNC - CENTENE CORP", "url": "/company/CNC/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0001130310; latest 10-K filed 2026-02-19.", "text": "CNP - CENTERPOINT ENERGY INC SIC 4911 Electric Services; CIK 0001130310; latest 10-K filed 2026-02-19. CNP CENTERPOINT ENERGY INC 0001130310 4911 Electric Services Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following combined discussion and analysis should be read in combination with the consolidated financial statements included in Item 8 herein. The discussion of CenterPoint Energy\u2019s consolidated financial information includes the results of CenterPoint Energy Houston Electric, LLC and CenterPoint Energy Resources Corp., which, along with CenterPoint Energy, Inc., are collectively referred to as the Registrants. Where appropriate, information relating to a specific Registrant has been segregated and labeled as such. Unless the context indicates otherwise, specific references to Houston Electric and CERC also pertain to CenterPoint Energy. In this combined Form 10-K, the terms \u201cour,\u201d \u201cwe\u201d and \u201cus\u201d are used as abbreviated references to CenterPoint Energy, Inc. together with its consolidated subsidiaries, including Houston Electric and CERC, unless otherwise stated. No Registrant makes any representation as to the information relating to the other Registrants or the subsidiaries of CenterPoint Energy, Inc. other than itself or its subsidiaries. OVERVIEW Background CenterPoint Energy is a public utility holding company. CenterPoint Energy\u2019s operating subsidiaries own and operate electric transmission, distribution and generation facilities and natural gas distribution systems. For a detailed description of CenterPoint Energy\u2019s operating subsidiaries, see Note 1 to the consolidated financial statements. Houston Electric is an indirect, wholly-owned subsidiary of CenterPoint Energy, which provides electric transmission service to transmission service customers in the ERCOT region and distribution service to REPs serving the Texas Gulf Coast area that includes the city of Houston. 50 CERC Corp. is an indirect, wholly-owned subsidiary of CenterPoint Energy, which (i) directly owns and operates natural gas distribution systems in Minnesota and Texas, (ii) indirectly, through Indiana Gas and CEOH, owns and operates natural gas distribution systems in Indiana and Ohio, respectively, and (iii) owns and operates permanent pipeline connections through interconnects with various interstate and intrastate pipeline companies through CEIP. On October 20, 2025, CenterPoint Energy, through its subsidiary CERC Corp., entered into the Ohio Securities Purchase Agreement to sell all of the issued and outstanding equity interests in CEOH. The transaction is expected to close in the fourth quarter of 2026, subject to the satisfaction of customary closing conditions. For further information, see Note 4 to the consolidated financial statements. Reportable Segments We discuss our operating results on a consolidated basis and individually for each of our reportable segments. We are first and foremost an energy delivery company and it is our intention to remain focused on these regulated segments. The results of our business operations are significantly impacted by weather, customer growth, economic conditions, cost management, competition, rate proceedings before regulatory agencies and other actions of the various regulatory agencies to whose jurisdiction we are subject, among other factors. Below is a summary of CenterPoint Energy\u2019s reportable segments as of December 31, 2025. For a detailed description of each reportable segment, as well as the assets included in each reportable segment, see Part I, Item 1. Business and Item 2. Properties. \u2022The Electric reportable segment consisted of electric transmission and distribution services in the Texas Gulf Coast area in the ERCOT region and electric transmission and distribution services primarily to southwestern Indiana and includes power generation and wholesale power operations in the MISO region. \u2022The Natural Gas reportable segment consisted of (i) intrastate natural gas sales to, and natural gas transportation and distribution for, residential, commercial and industrial customers in Indiana, Minnes Item 1.Business This combined Form 10-K is filed separately by three registrants: CenterPoint Energy, Inc., CenterPoint Energy Houston Electric, LLC and CenterPoint Energy Resources Corp. Information contained herein relating to any individual Registrant is filed by such Registrant solely on its own behalf. No Registrant makes any representation as to information relating to the other Registrants or the subsidiaries of CenterPoint Energy, Inc. other than itself or its subsidiaries. Except as discussed in Note 12 to the consolidated financial statements, no Registrant has an obligation in respect of any other Registrant\u2019s debt securities, and holders of such debt securities should not consider the financial resources or results of operations of any Registrant other than the obligor in making a decision with respect to such securities. The discussion of CenterPoint Energy\u2019s consolidated financial information includes the financial results of Houston Electric and CERC. Where appropriate, information relating to a specific Registrant has been segregated and labeled as such. Unless the context indicates otherwise, specific references to Houston Electric and CERC also pertain to CenterPoint Energy. In this combined Form 10-K, the terms \u201cour,\u201d \u201cwe\u201d and \u201cus\u201d are used as abbreviated references to CenterPoint Energy, Inc. together with its consolidated subsidiaries, including Houston Electric and CERC, unless otherwise stated. OUR BUSINESS Overview CenterPoint Energy is a public utility holding company. CenterPoint Energy\u2019s operating subsidiaries own and operate electric transmission, distribution and generation facilities and natural gas distribution systems. As of December 31, 2025, CenterPoint Energy\u2019s indirect, wholly-owned operating subsidiaries included: \u2022Houston Electric, which provides electric transmission service to transmission service customers in the ERCOT region and distribution service to REPs serving the Texas Gulf Coast area that includes the city of H Item 1A.Risk Factors CenterPoint Energy is a holding company that conducts all of its business operations through subsidiaries, primarily Houston Electric, CERC and SIGECO. The following, along with any additional legal proceedings identified or incorporated by reference in Item 3 of this combined report on Form 10-K, summarizes the principal risk fact", "title": "CNP - CENTERPOINT ENERGY INC", "url": "/company/CNP/" }, { "kind": "company", "summary": "SIC 2870 Agricultural Chemicals; CIK 0001324404; latest 10-K filed 2026-02-25.", "text": "CF - CF Industries Holdings, Inc. SIC 2870 Agricultural Chemicals; CIK 0001324404; latest 10-K filed 2026-02-25. CF CF Industries Holdings, Inc. 0001324404 2870 Agricultural Chemicals ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. You should read the following discussion and analysis in conjunction with the consolidated financial statements and related notes included in Item 8. Financial Statements and Supplementary Data. All references to \u201cCF Holdings,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and \u201cthe Company\u201d refer to CF Industries Holdings, Inc. and its subsidiaries, except where the context makes clear that the reference is to CF Industries Holdings, Inc. only and not its subsidiaries. All references to \u201cCF Industries\u201d refer to CF Industries, Inc., a 100% owned subsidiary of CF Industries Holdings, Inc. References to tons refer to short tons. Notes referenced in this discussion and analysis refer to the notes to consolidated financial statements that are found in Item 8. Financial Statements and Supplementary Data\u2014Notes to Consolidated Financial Statements. For a discussion and analysis of the year ended December 31, 2024 compared to the year ended December 31, 2023, see Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 20, 2025. The following is an outline of the discussion and analysis included herein: \u2022Overview of CF Holdings \u2022Market Conditions and Current Developments \u2022Financial Executive Summary \u2022Items Affecting Comparability of Results \u2022Consolidated Results of Operations \u2022Operating Results by Business Segment \u2022Liquidity and Capital Resources \u2022Critical Accounting Estimates \u2022Recent Accounting Pronouncements Overview of CF Holdings Our Company Our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network \u2013 the world\u2019s largest \u2013 to enable low-carbon hydrogen and nitrogen products for energy, fertilizer, emissions abatement, and other industrial activities. Our value chain consists of manufacturing complexes in the United States, Canada and the United Kingdom, an extensive storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach. In July 2025, we completed a significant decarbonization project at our Donaldsonville, Louisiana, complex to enable the production of low-carbon ammonia. Additionally, we are executing further decarbonization projects in our existing network and constructing a greenfield low-carbon ammonia plant at our Blue Point complex to drive our strategy to leverage our unique capabilities to accelerate the world\u2019s transition to clean energy. Our principal customers are cooperatives, retailers, independent fertilizer distributors, traders, wholesalers and industrial users. Our core product is anhydrous ammonia (ammonia), which contains 82% nitrogen and 18% hydrogen. Products derived from ammonia that are most often used as nitrogen fertilizers include granular urea, urea ammonium nitrate solution (UAN) and ammonium nitrate (AN). AN is also used extensively by the commercial explosives industry as a component of explosives. Products derived from ammonia that are sold primarily to industrial customers include diesel exhaust fluid (DEF), urea liquor, nitric acid and aqua ammonia. In addition, our low-carbon products are expected to be used for existing and new applications, such as power generation and steel production in Japan, and to help customers reduce the economic impact of European regulations on the price of carbon. Our principal assets as of December 31, 2025 include: \u2022six U.S. manufacturing facilities, located in Donaldsonville, Louisiana (the largest ammonia production complex in the world); Sergeant Bluff, Iowa (our Port Neal complex); Yazoo City, Mississippi; Claremore, Oklahoma (our Verdigris complex); Woodward, ITEM 1. BUSINESS. Our Company All references to \u201cCF Holdings,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and \u201cthe Company,\u201d refer to CF Industries Holdings, Inc. and its subsidiaries, except where the context makes clear that the reference is to CF Industries Holdings, Inc. only and not its subsidiaries. All references to \u201cCF Industries\u201d refer to CF Industries, Inc., a 100% owned subsidiary of CF Industries Holdings, Inc. References to tons refer to short tons. Notes referenced throughout this document refer to consolidated financial statement note disclosures that are found in Item 8. Financial Statements and Supplementary Data\u2014Notes to Consolidated Financial Statements. Our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network \u2013 the world\u2019s largest \u2013 to enable low-carbon hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our value chain consists of manufacturing complexes in the United States, Canada and the United Kingdom, an extensive storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach. In July 2025, we completed a significant decarbonization project at our Donaldsonville, Louisiana, complex to enable the production of low-carbon ammonia. Additionally, we are executing further decarbonization projects in our existing network and constructing a greenfield low-carbon ammonia plant at our Blue Point complex to drive our strategy to leverage our unique capabilities to accelerate the world\u2019s transition to clean energy. Our principal customers are cooperatives, retailers, independent fertilizer distributors, traders, wholesalers and industrial users. Our core product is anhydrous ammonia (ammonia), which contains 82% nitrogen and 18% hydrogen. Pro ITEM 1A. RISK FACTORS. In addition to the other information contained in this Annual Report on Form 10-K, you should carefully consider the factors discussed below in evaluating the Company and before deciding to invest in any of our securities. These risks and uncertainties, individually or in combination, could materially and adversely ", "title": "CF - CF Industries Holdings, Inc.", "url": "/company/CF/" }, { "kind": "company", "summary": "SIC 8731 Services-Commercial Physical & Biological Research; CIK 0001100682; latest 10-K filed 2026-02-18.", "text": "CRL - CHARLES RIVER LABORATORIES INTERNATIONAL, INC. SIC 8731 Services-Commercial Physical & Biological Research; CIK 0001100682; latest 10-K filed 2026-02-18. CRL CHARLES RIVER LABORATORIES INTERNATIONAL, INC. 0001100682 8731 Services-Commercial Physical & Biological Research Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our consolidated financial statements and related notes appearing in Item 8, \u201cFinancial Statements and Supplementary Data\u201d in this Annual Report on Form 10-K. A discussion of our results of operations for the fiscal year ended December 28, 2024 and a comparison of our results for the fiscal years ended December 28, 2024 and December 30, 2023 was included in Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d of our Annual Report on Form 10-K for the fiscal year ended December 28, 2024, filed with the SEC on February 19, 2025. In addition to historical consolidated financial information, the following discussion contains forward-looking statements. Actual results may differ significantly from those projected in the forward-looking statements. Factors that might cause future results to differ materially from those projected in the forward-looking statements include, but are not limited to, those discussed in Item 1A, \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. Certain percentage changes may not recalculate due to rounding. Overview We are a leading, full service, non-clinical global drug development partner. For over 75 years, we have been in the business of providing the research models required in the research and development of new drugs, devices, and therapies. Over this time, we have built upon our original core competency of laboratory animal medicine and science (research model technologies) to develop a diverse portfolio of discovery and safety assessment services, both Good Laboratory Practice (GLP) and non-GLP, that supports our clients from target identification through non-clinical development. We also provide a suite of products and services to support our clients\u2019 manufacturing activities. Utilizing our broad portfolio of products and services enables our clients to create a more efficient and flexible drug development model, which reduces their costs, enhances their productivity and effectiveness, and increases speed to market. Our client base includes major global pharmaceutical companies, many biotechnology companies; agricultural and industrial chemical, life science, veterinary medicine, medical device, diagnostic and consumer product companies; contract research and contract manufacturing organizations; and other commercial entities, as well as leading hospitals, academic institutions, and government agencies around the world. We currently operate in over 120 sites and in over 20 countries worldwide, which numbers exclude certain Insourcing Solutions (IS) sites. Segment Reporting Our three reportable segments are Research Models and Services (RMS), Discovery and Safety Assessment (DSA), and Manufacturing Solutions (Manufacturing). Our RMS reportable segment includes the products and services offered within Research Models, Research Model Services, and Cell Solutions. Research Models includes the commercial production and sale of small research models, as well as the supply of large research models. Research Model Services includes: Insourcing Solutions (IS), which provides colony management of our clients\u2019 research operations (including recruitment, training, staffing, and management services) within our clients\u2019 facilities as well as our own vivarium space, utilizing our Charles River Accelerator and Development Lab (CRADL\u2122) offerings, Genetically Engineered Models and Services (GEMS), which performs contract breeding and other services associated with genetically engineered models; and Research Animal Diagnostic Services (RADS), which provides health monitoring and diagnostics services related to research models; and Cell Solutions, which provides controlled, consistent, customized primary cells and blood components derived from normal and mobilized peripheral blood and bone marrow Item 1. Business General This Annual Report on Form 10-K contains forward-looking statements regarding future events and the future results of Charles River Laboratories International, Inc. that are based on our current expectations, estimates, forecasts and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as \u201cexpect,\u201d \u201canticipate,\u201d \u201ctarget,\u201d \u201cgoal,\u201d \u201cproject,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cbelieve,\u201d \u201cseek,\u201d \u201cestimate,\u201d \u201cwill,\u201d \u201clikely,\u201d \u201cmay,\u201d \u201cdesigned,\u201d \u201cwould,\u201d \u201cfuture,\u201d \u201ccan,\u201d \u201ccould\u201d and other similar expressions, which are predictions of, indicate future events and trends or which do not relate to historical matters are intended to identify such forward-looking statements. These statements are based on our current expectations and beliefs and involve a number of risks, uncertainties and assumptions that are difficult to predict. For example, we may use forward-looking statements when addressing topics such as: our expectations regarding the availability of non-human primates and our ability to diversify our non-human primate (NHP) supply chain; the outcome of (1) the putative securities class action lawsuit filed against us and certain current/former officers on May 19, 2023; (2) the derivative lawsuit filed against members of the Board of Directors and certain current/former officers on November 8, 2023; and (3) the derivative lawsuit filed against certain current/former members of the Board of Directors and certain current/former officers on August 2, 2024; the timing and impact of the development and implementation of enhanced procedures to reasonably ensure that non-human primates we import are purpose-bred; changes and uncertainties in the global economy and financial markets; client demand, particularly future demand for drug discovery and development products and services, including the outsourcing of these services; our expectations with respect to our ability to meet financial targets; the Comp Item 1A. Risk Factors Set forth below, elsewhere in this Form 10-K, and in other documents we file with the SEC are risks and uncertainties that could cause actual results to differ materially from the results contemplated by the fo", "title": "CRL - CHARLES RIVER LABORATORIES INTERNATIONAL, INC.", "url": "/company/CRL/" }, { "kind": "company", "summary": "SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0000316709; latest 10-K filed 2026-02-25.", "text": "SCHW - SCHWAB CHARLES CORP SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0000316709; latest 10-K filed 2026-02-25. SCHW SCHWAB CHARLES CORP 0000316709 6211 Security Brokers, Dealers & Flotation Companies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations FORWARD-LOOKING STATEMENTS In addition to historical information, this Annual Report on Form 10-K contains \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are identified by words such as \u201cbelieve,\u201d \u201canticipate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cprioritize,\u201d \u201cwill,\u201d \u201cmay,\u201d \u201cestimate,\u201d \u201cappear,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cexpand,\u201d \u201caim,\u201d \u201cmaintain,\u201d \u201ccontinue,\u201d \u201cseek,\u201d and other similar expressions. In addition, any statements that refer to expectations, strategy, objectives, projections, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements, which reflect management\u2019s expectations and objectives as of the date hereof, are based on the best judgment of Schwab\u2019s senior management. These statements relate to, among other things: \u2022Maximizing our market valuation and stockholder returns over time; and our belief that developing trusted relationships will translate into more client assets which drives revenue and, along with expense discipline and thoughtful capital management, generates earnings growth and builds stockholder value (see Business Strategy and Competitive Environment, and Products and Services in Part I \u2013 Item 1); \u2022Industry and competitive trends including artificial intelligence, digital assets, private company securities and other alternative investments; \u2022The Company\u2019s plan to provide increased access for clients to trade in digital assets including select cryptocurrencies (see Products and Services in Part I \u2013 Item 1); \u2022The acquisition and integration of Forge and its private markets capabilities (see Business Acquisition in Part I \u2013 Item 1; Overview in Part II \u2013 Item 7, and Results of Operations in Part II \u2013 Item 7); \u2022Capital expenditures and expense management (see Results of Operations in Overview and Results of Operations \u2013 Total Expenses Excluding Interest in Part II \u2013 Item 7); \u2022Net interest revenue, client cash allocation behavior, and adjustment of rates paid on client-related liabilities (see Results of Operations \u2013 Net Interest Revenue in Part II \u2013 Item 7); \u2022Wholesale funding and funding strategy (see Results of Operations in Part II \u2013 Item 7, and Liquidity Risk in Part II \u2013 Item 7); \u2022Management of interest rate risk; modeling and assumptions, the impact of changes in interest rates on net interest margin and revenue, bank deposit account fee revenue, economic value of equity (EVE), and liability and asset duration (see Risk Management in Part II \u2013 Item 7); \u2022Sources and uses of liquidity (see Liquidity Risk in Part II \u2013 Item 7); \u2022Capital management; long-term operating objective; and uses of capital and return of excess capital to stockholders (see Capital Management in Part II \u2013 Item 7; and Commitments and Contingencies in Part II \u2013 Item 8 \u2013 Note 15); \u2022The expected impact of proposed and final rules (see Current Regulatory and Other Developments in Part II \u2013 Item 7 and Regulation in Part I \u2013 Item 1); \u2022The expected impact of new accounting standards not yet adopted (see Summary of Significant Accounting Policies in Part II \u2013 Item 8 \u2013 Note 2); \u2022The likelihood of indemnification and guarantee payment obligations and clients failing to fulfill contractual obligations (see Commitments and Contingencies in Part II \u2013 Item 8 \u2013 Note 15, and Financial Instruments Subject to Off-Balance Sheet Credit Risk \u2013 Note 17); and \u2022The outcome and impact of legal proceedings and regulatory matters (see Commitments and Contingencies in Part II \u2013 Item 8 \u2013 Note 15, and Legal Proceedings in Part I \u2013 Item 3). Achievement of these expectations and objectives is subject to certain risks and uncertainties that could cause actual results to differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, Item 1. Business General Corporate Overview The Charles Schwab Corporation (CSC) is a savings and loan holding company. CSC engages, through its subsidiaries (collectively referred to as Schwab or the Company), in wealth management, securities brokerage, banking, asset management, custody, and financial advisory services. At December 31, 2025, Schwab had $11.90 trillion in client assets, 38.5 million active brokerage accounts, 5.7 million workplace plan participant accounts, and 2.2 million banking accounts. Principal business subsidiaries of CSC include the following: \u2022Charles Schwab & Co., Inc. (CS&Co), incorporated in 1971, a securities broker-dealer; \u2022Charles Schwab Bank, SSB (CSB), our principal banking entity; and \u2022Charles Schwab Investment Management, Inc. (CSIM), the investment advisor for Schwab\u2019s proprietary mutual funds (Schwab Funds\u00ae) and for Schwab\u2019s exchange-traded funds (Schwab ETFs). Unless otherwise indicated, the terms \u201cSchwab,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d mean CSC together with its consolidated subsidiaries. Schwab provides financial services to individuals and institutional clients through two segments \u2013 Investor Services and Advisor Services. The Investor Services segment provides retail brokerage, investment advisory, and banking and trust services to individual investors, and retirement plan and business services, as well as other corporate brokerage services, to businesses and their employees. The Advisor Services segment provides custodial, trading, banking and trust, and support services to independent registered investment advisors (RIAs), independent retirement advisors, and recordkeepers. These services are further described in the segment discussion below. Business Strategy and Competitive Environment Schwab was founded on the belief that all Americans deserve access to a better investing experience. Although much has changed in the intervening years, our purpose remains clear \u2013 to champion every client\u2019s goals wit Item 1A. Risk Factors We face a variety of risks that may affect our operations, financial results, or stock price and many of those risks are driven by factors that we cannot control or predict. The following discussion addresses those risks that management believes are the most significant, although there may b", "title": "SCHW - SCHWAB CHARLES CORP", "url": "/company/SCHW/" }, { "kind": "company", "summary": "SIC 4841 Cable & Other Pay Television Services; CIK 0001091667; latest 10-K filed 2026-01-30.", "text": "CHTR - CHARTER COMMUNICATIONS, INC. /MO/ SIC 4841 Cable & Other Pay Television Services; CIK 0001091667; latest 10-K filed 2026-01-30. CHTR CHARTER COMMUNICATIONS, INC. /MO/ 0001091667 4841 Cable & Other Pay Television Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Reference is made to \u201cPart I. Item 1A. Risk Factors\u201d and \u201cCautionary Statement Regarding Forward-Looking Statements,\u201d which describe important factors that could cause actual results to differ from expectations and non-historical information contained herein. In addition, the following discussion should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto of Charter included in \u201cPart II. Item 8. Financial Statements and Supplementary Data.\u201d Overview We are a leading broadband connectivity company with services available to 58 million homes and small to large businesses across 41 states through our Spectrum brand. Founded in 1993, we have evolved from providing cable TV to streaming, and from high-speed Internet to a converged broadband, WiFi and mobile experience. Over the Spectrum Fiber Broadband Network and supported by our 100% U.S.-based employees, we offer Seamless Connectivity and Entertainment with Spectrum Internet, Mobile, TV and Voice products. See \u201cPart I. Item 1. Business \u2014 Products and Services\u201d for further description of these services, including customer statistics for different services. During the year ended December 31, 2025, we added 1.9 million mobile lines while Internet and video losses improved as compared to the prior year period. Sales were challenged by the competitive environment but were offset by lower customer churn. We remain focused on improving customer results through our brand platform, Life Unlimited which emphasizes the power of our advanced fiber-powered network and cutting-edge connectivity products and services, and our simplified pricing and packaging strategy that better utilizes our seamless connectivity and entertainment products to offer lower promotional and persistent bundled pricing to drive growth. Our Internet and mobile product bundles provide a differentiated connectivity experience by bringing together Spectrum Internet, Advanced WiFi and Unlimited Spectrum Mobile to offer consumers fast, reliable and secure online connections on their favorite devices at home and on the go in high-value packages. We have completed deals with major programmers to deliver better flexibility and greater value to our customers by including seamless entertainment applications with certain of our Spectrum TV packages at no additional cost. In July 2025, we began launching the sale of these seamless entertainment applications to customers on an \u00e0 la carte basis, and we recently launched the Spectrum App Store, a digital storefront that helps customers activate, upgrade, buy and manage their streaming applications in one place. We also continue to evolve other elements of our video product and are deploying Xumo stream boxes to new video customers. Our customer commitments focus on reliable connectivity, transparency, exceptional service and always improving. By continually improving our product set and offering consumers the opportunity to save money by switching to our services, we believe we can continue to penetrate our expanding footprint and sell additional products to our existing customers. We see operational benefits from the targeted investments we made in employee wages and benefits to build employee skill sets and tenure, as well as the continued investments in digitization of our customer service platforms, all with the goal of improving the customer experience, reducing transactions and driving customer growth and retention. We spent $2.2 billion on our subsidized rural construction initiative during the year ended December 31, 2025 and activated approximately 483,000 subsidized rural passings. We currently offer Spectrum Internet products with speeds up to 1 Gbps across our entire footprint and multi-gigabit data speeds in a portion of our footprint. Our network evolution initiative remains on track to deliver symmetrical and multi-g Item 1. Business. Introduction We are a leading broadband connectivity company with services available to 58 million homes and small to large businesses across 41 states through our Spectrum\u00ae brand. Founded in 1993, we have evolved from providing cable TV to streaming, and from high-speed Internet to a converged broadband, WiFi and mobile experience. Over the Spectrum Fiber Broadband Network and supported by our 100% U.S.-based employees, we offer Seamless Connectivity and Entertainment with Spectrum Internet\u00ae, Mobile, TV and Voice products. Our strategy is focused on utilizing our fiber-powered network to deliver high-quality, competitively priced products, with outstanding service, allowing us to increase both the number of customers we serve over our network and the number of products we sell to each customer. This combination also reduces the number of service transactions we perform per relationship, yielding higher customer satisfaction and lower customer churn, which results in lower costs to acquire and serve customers and drives greater profitability. Products We offer Spectrum Internet products with speeds up to 1 gigabits per second (\u201cGbps\u201d) across our entire footprint and multi-gigabit speeds in a portion of our footprint. We continue to upgrade our connectivity network, and we will offer symmetrical and multi-gigabit Internet speeds across our entire footprint in the next several years. Advanced WiFi, a managed WiFi service that provides customers an optimized home network while providing greater control of connected devices with enhanced security and privacy, is available to all of our Internet customers. Spectrum Mobile\u00ae is available to all new and existing Spectrum Internet customers and offers plans that include 5G access, do not require contracts and include taxes and fees in the price. We continue to innovate our video product and have transformed all of our affiliation agreements with major programmers. These new agreements give us greater o Item 1A. Risk Factors. Risks Related to Our Business We operate in a very competitive business environment, which affects our ability to attract and retain customers and can adversely affect our business, operations and financial results. The industry in which we operate is highly", "title": "CHTR - CHARTER COMMUNICATIONS, INC. /MO/", "url": "/company/CHTR/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0001058090; latest 10-K filed 2026-02-04.", "text": "CMG - CHIPOTLE MEXICAN GRILL INC SIC 5812 Retail-Eating Places; CIK 0001058090; latest 10-K filed 2026-02-04. CMG CHIPOTLE MEXICAN GRILL INC 0001058090 5812 Retail-Eating Places ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion together with our consolidated financial statements and related notes included in Item 8. \u201cFinancial Statements and Supplementary Data.\u201d This section of the Form 10-K generally discusses 2025 items and year-to-year comparisons of 2025 to 2024. Discussions of 2023 items and year-to-year comparisons of 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 on our Annual Report on Form 10-K for the year ended December 31, 2024. The discussion contains forward-looking statements involving risks, uncertainties and assumptions that could cause our results to differ materially from expectations. See \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Factors that might cause such differences include those described in Item 1A. \u201cRisk Factors\u201d, 7A. \"Quantitative and Qualitative Disclosure About Market Risk\", and elsewhere in this report. Overview As of December 31, 2025, we owned 3,938 Chipotle restaurants throughout the United States, and 104 international Chipotle restaurants. Additionally, we had 14 international partner-operated restaurants. We manage our U.S. operations based on 11 regions and aggregate our operations to one reportable segment. Throughout \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d we discuss the following key operating metrics which we believe will drive our financial results and long-term growth model. We believe these metrics are useful to investors because management uses these metrics to assess the growth of our business and the effectiveness of our marketing and operational strategies: \u2022Comparable restaurant sales \u2022Food, beverage, and packaging as a percentage of total revenue \u2022Labor as a percentage of total revenue \u2022Occupancy as a percentage of total revenue \u2022Other operating costs as a percentage of total revenue \u2022New restaurant openings 2025 Financial Highlights, year-over-year: \u2022Total revenue increased 5.4% to $11.9 billion \u2022Comparable restaurant sales decreased 1.7% \u2022Diluted earnings per share was $1.14, a 2.7% increase from $1.11 Sales Trends. Comparable restaurant sales decreased 1.7% for the year ended December 31, 2025. The decrease is attributable to lower transactions of 2.9%, partially offset by a 1.2% increase in average check. Comparable restaurant sales represent the change in period-over-period total revenue for company-owned restaurants in operation for at least 13 full calendar months. Digital sales represented 36.7% of total food and beverage revenue. For 2026, management is anticipating comparable restaurant sales to be about flat. Restaurant Development. During the year ended December 31, 2025, we opened 334 company-owned restaurants, which included 257 restaurants with a Chipotlane. We expect to open approximately 350 to 370 restaurants in 2026, which includes 10 to 15 international partner-operated restaurants. We expect around 80% of our new company-owned restaurants will include a Chipotlane. Partner-Operated Restaurants. During the year ended December 31, 2025, 11 partner-operated restaurants were opened in the Middle East. 24 Table of Contents Restaurant Activity The following table details company-owned restaurant unit data for the years indicated. [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"Year ended December 31,\"],[\"\",\"\",\"\",\"\",\"\",\"2025\",\"\",\"2024\"],[\"Beginning of period\",\"\",\"\",\"\",\"\",\"3,726\",\"\",\"3,437\"],[\"Openings\",\"\",\"\",\"\",\"\",\"334\",\"\",\"304\"],[\"Permanent closures\",\"\",\"\",\"\",\"\",\"(13)\",\"\",\"(7)\"],[\"Relocations\",\"\",\"\",\"\",\"\",\"(5)\",\"\",\"(8)\"],[\"Total at end of period\",\"\",\"\",\"\",\"\",\"4,042\",\"\",\"3,726\"]] [[/GREPCENT_TABLE]] The following table details partner-operated restaurant unit data for the years indicated. [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"Year ended December 31,\"],[\"\",\"\",\"\",\"\", ITEM 1. BUSINESS General Chipotle Mexican Grill, Inc., a Delaware corporation, together with its subsidiaries (\u201cChipotle,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) owns and operates Chipotle Mexican Grill restaurants, which feature a relevant menu of burritos, burrito bowls (a burrito without the tortilla), quesadillas, tacos, and salads. We strive to cultivate a better world by serving responsibly sourced, classically cooked, real food with wholesome ingredients and without artificial colors, flavors or preservatives. We are passionate about providing a great guest experience and making our food more accessible to everyone while continuing to be a brand with a demonstrated purpose. Our first Chipotle restaurant opened in Denver, Colorado in 1993. Over 30 years later, our devotion to seeking out high-quality ingredients, raised with respect for animals, farmers, and the environment, remains at the core of our commitment to Food with Integrity. As of December 31, 2025, we owned 3,938 Chipotle restaurants throughout the United States (\u201cU.S.\u201d) and 104 international Chipotle restaurants. Additionally, we had 14 international partner-operated restaurants. Partner-operated restaurants represent Chipotle restaurants over which Chipotle does not have a controlling financial interest and for which Chipotle does not directly manage day-to-day operations. This includes restaurants operated by third parties pursuant to license or franchise agreements and restaurants in which Chipotle holds a minority, non-controlling ownership interest. We manage our U.S. operations based on 11 regions and aggregate our operations to one reportable segment. Our revenue is derived from sales by our restaurants. Business Strategy Chipotle is a brand with a demonstrated purpose of Cultivating a Better World. Our Recipe for Growth strategy leans into what uniquely differentiates Chipotle, with a focus on accelerating growth and sharpening competitiveness. The strategy is grounded in five key areas: \u2022Protect and ITEM 1A. RISK FACTORS You should carefully consider the risks described below in addition to the other information set forth in this Annual Report on Form 10-K, including the \u201cManagement\u2019s Discussion and Analysis of Financial Conditions and Results of Operations\u201d section and the consolidated financial statements and related notes. If any of the ris", "title": "CMG - CHIPOTLE MEXICAN GRILL INC", "url": "/company/CMG/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000896159; latest 10-K filed 2026-02-27.", "text": "CB - Chubb Ltd SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000896159; latest 10-K filed 2026-02-27. CB Chubb Ltd 0000896159 6331 Fire, Marine & Casualty Insurance ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following is a discussion of our financial condition and results of operations for the years ended December 31, 2025 and 2024, and comparisons between 2025 and 2024. This discussion should be read in conjunction with the Consolidated Financial Statements and related Notes, under Item 8 of this Form 10-K. Comparisons between 2024 and 2023 have been omitted from this Form 10-K, but can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of our Form 10-K for the year ended December 31, 2024. All comparisons in this discussion are to the prior year unless otherwise indicated. All dollar amounts are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations using rounded dollars may differ. [[GREPCENT_TABLE]] [[\"MD&A Index\",\"Page\"],[\"Forward-Looking Statements\",\"37\"],[\"Critical Accounting Estimates\",\"39\"],[\"Consolidated Operating Results\",\"49\"],[\"Segment Operating Results\",\"52\"],[\"Effective Income Tax Rate\",\"61\"],[\"Net Realized and Unrealized Gains (Losses)\",\"62\"],[\"Non-GAAP Reconciliation\",\"63\"],[\"Net Investment Income\",\"67\"],[\"Interest Expense\",\"67\"],[\"Amortization of Purchased Intangibles and Other Amortization\",\"67\"],[\"Investments\",\"68\"],[\"Asbestos and Environmental (A&E)\",\"72\"],[\"Catastrophe Management\",\"73\"],[\"Global Property Catastrophe Reinsurance Program\",\"75\"],[\"Political Risk and Credit Insurance\",\"75\"],[\"Crop Insurance\",\"76\"],[\"Liquidity\",\"77\"],[\"Capital Resources\",\"80\"],[\"Ratings\",\"82\"],[\"Information provided in connection with outstanding debt of subsidiaries\",\"83\"],[\"Credit Facilities\",\"84\"]] [[/GREPCENT_TABLE]] 36 Table of Contents Forward-Looking Statements The Private Securities Litigation Reform Act of 1995 provides a \u201csafe harbor\u201d for forward-looking statements. Any written or oral statements made by us or on our behalf may include forward-looking statements that reflect our current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks, uncertainties, and other factors that could, should potential events occur, cause actual results to differ materially from such statements. These risks, uncertainties, and other factors, which are described in more detail elsewhere herein and in other documents we file with the SEC, include but are not limited to: \u2022actual amount of new and renewal business, premium rates, underwriting margins, market acceptance of our products, and risks associated with the introduction of new products and services and entering new markets; the competitive environment in which we operate, including trends in pricing or in policy terms and conditions, which may differ from our projections, and changes in market conditions that could render our business strategies ineffective or obsolete; \u2022losses arising out of natural or man-made catastrophes; actual loss experience from insured or reinsured events and the timing of claim payments; the uncertainties of the loss-reserving and claims-settlement processes, including the difficulties associated with assessing environmental damage and asbestos-related latent injuries, the impact of aggregate-policy-coverage limits, the impact of bankruptcy protection sought by various asbestos producers and other related businesses, and the timing of loss payments; \u2022changes in the distribution or placement of risks due to increased consolidation of insurance and reinsurance brokers; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; the ability to collect reinsurance recoverable, credit developments of reinsurers, and any delays with respect thereto and changes in the cost, quality, or availability of reinsurance; \u2022uncertainties relating to governmental, legislative and regulatory policies, developments, actions, in ITEM 1. Business General Chubb Limited is the Swiss-incorporated holding company of the Chubb Group of Companies. Chubb Limited, which is headquartered in Zurich, Switzerland, and its direct and indirect subsidiaries (collectively, the Chubb Group of Companies, Chubb, we, us, or our) are a global insurance and reinsurance organization, serving the needs of a diverse group of clients worldwide. At December 31, 2025, we had total assets of $272 billion and total shareholders\u2019 equity, of $74 billion (excluding noncontrolling interests). Chubb was incorporated in 1985 at which time it opened its first business office in Bermuda and continues to maintain operations in Bermuda. We have grown our business through increased premium volume, expansion of product offerings and geographic reach, and the acquisition of other companies, to become a global property and casualty (P&C) leader. We expanded our personal accident and supplemental health (A&H), and life insurance business with the acquisition of Cigna's business in several Asian markets in 2022. We further advanced our goal of greater product, customer, and geographical diversification with incremental purchases that led to a controlling majority interest in Huatai Insurance Group Co. Ltd (Huatai Group), a Chinese financial services holding company with separate P&C, life, and asset management subsidiaries (collectively, Huatai) on July 1, 2023. At December 31, 2025, our ownership interest in Huatai Group was approximately 87.2 percent. Refer to Note 2 to the Consolidated Financial Statements for additional information on our acquisitions. With operations in 54 countries and territories, Chubb provides commercial and consumer P&C insurance, A&H, reinsurance, and life insurance to a diverse group of clients. We provide commercial insurance products and service offerings such as risk management programs, loss control, and engineering and complex claims management. We provide specialized insurance products ranging from ITEM 1A. Risk Factors Factors that could have a material impact on our results of operations or financial condition are outlined below. Additional risks not presently known to us or that we currently deem insignificant may also impair our business or results of operations as they become known or as facts and circumstances change. Any of the ri", "title": "CB - Chubb Ltd", "url": "/company/CB/" }, { "kind": "company", "summary": "SIC 2840 Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics; CIK 0000313927; latest 10-K filed 2026-02-12.", "text": "CHD - CHURCH & DWIGHT CO INC /DE/ SIC 2840 Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics; CIK 0000313927; latest 10-K filed 2026-02-12. CHD CHURCH & DWIGHT CO INC /DE/ 0000313927 2840 Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our consolidated financial statements. OVERVIEW Our Business We develop, manufacture and market a broad range of consumer household, personal care and specialty products. Our well-recognized brands include ARM & HAMMER\u00ae baking soda, cat litter, laundry detergent, carpet deodorizer and other baking soda-based products; OXICLEAN\u00ae stain removers, cleaning solutions, laundry detergents and bleach alternatives; TOUCHLAND\u00ae hand sanitizers; BATISTE\u00ae dry shampoo; WATERPIK\u00ae water flossers; THERABREATH\u00ae oral care products; HERO\u00ae acne treatment products; TROJAN condoms, lubricants and vibrators; FIRST RESPONSE home pregnancy and ovulation test kits; NAIR depilatories; ORAJEL oral analgesic; XTRA laundry detergent; and ZICAM cold shortening and relief products. Seven of those brands are designated as \"power brands\" because they compete in large categories, and we believe they have the potential for significant global expansion. Those seven brands are ARM & HAMMER\u00ae; OXICLEAN\u00ae; TOUCHLAND\u00ae; BATISTE\u00ae; WATERPIK\u00ae; THERABREATH\u00ae; and HERO\u00ae and represent approximately 70% of our net sales and profits. Prior to the sale of our VITAFUSION\u00ae and L'IL CRITTERS\u00ae (\u201cVMS\u201d) business at the end of 2025, we included VMS as an eighth \u201cpower brand.\u201d We sell our consumer products under a variety of brands through a broad distribution platform that includes supermarkets, mass merchandisers, wholesale clubs, drugstores, convenience stores, home stores, dollar, pet and other specialty stores and websites and other e-commerce channels, all of which sell the products to consumers. We sell our specialty products to industrial and commercial customers, livestock producers and through distributors. We operate our business in three segments: Consumer Domestic, Consumer International and the Specialty Products Division (\u201cSPD\u201d). The segments are based on differences in the nature of products sold and management organizational structures. In 2025, the Consumer Domestic, Consumer International and SPD segments represented approximately 77%, 18% and 5%, respectively, of our consolidated net sales. Recent Developments Global Economic Conditions and Trade Policies We have experienced increased commodity cost volatility and economic uncertainty primarily due to changes in U.S. trade policies including ongoing reviews and modifications to tariffs and other U.S. trade measures. We continue to evaluate these evolving developments and have taken actions to mitigate their impact on our business, including taking strategic actions for certain business lines (see Strategic Business Decisions below), shifting production and relocating manufacturing operations, finding alternative sources of supply, most notably ceasing the import of substantially all Waterpik flossers and other products from China into the U.S., potentially increasing prices, adjusting inventories, lobbying and seeking exemptions with respect to tariffs. While the tariffs remain fluid, we are focused on managing these challenges. We believe our existing tariff cost exposure will be mitigated through the above-mentioned actions, future additional supply chain efforts and surgical pricing. Strategic Business Decisions On May 1, 2025, we announced that we would exit the Flawless, Spinbrush and Waterpik showerhead businesses. We exited these businesses by the end of 2025. These businesses generated approximately $118.0 of annual Net Sales in 2025. We recorded a pre-tax charge of $45.6 (post-tax of $34.5) in 2025 as a direct result of these actions, of which $25.0 was recorded in Cost of sales and $20.6 was recorded in SG&A. The charge was primarily recorded in the second quarter to the Consumer Domestic segment and was comprised of non-cash charges related to impairments of intangible and fixed assets, ITEM 1. BUSINESS OVERVIEW OF BUSINESS We were founded in 1846 and incorporated in Delaware in 1925. We develop, manufacture and market a broad range of consumer household and personal care products and specialty products focused on animal and food production, chemicals and cleaners. Our well-recognized brands include ARM & HAMMER\u00ae baking soda, cat litter, laundry detergent, carpet deodorizer and other baking soda-based products; OXICLEAN\u00ae stain removers, cleaning solutions, laundry detergents and bleach alternatives; BATISTE\u00ae dry shampoo; WATERPIK\u00ae water flossers; THERABREATH\u00ae oral care products; HERO\u00ae acne treatment products; TOUCHLAND\u00ae hand sanitizers; TROJAN\u00ae condoms, lubricants and vibrators; FIRST RESPONSE\u00ae home pregnancy and ovulation test kits; NAIR\u00ae depilatories; ORAJEL\u00ae oral analgesic; XTRA\u00ae laundry detergent; and ZICAM\u00ae cold shortening and relief products. Seven of those brands are designated as \"power brands\" because they compete in large categories, and we believe they have the potential for significant global expansion. Those seven brands are ARM & HAMMER\u00ae; OXICLEAN\u00ae; BATISTE\u00ae; WATERPIK\u00ae; THERABREATH\u00ae; HERO\u00ae and TOUCHLAND\u00ae and represent approximately 70% of our net sales and profits. Prior to the sale of our VITAFUSION\u00ae and L'IL CRITTERS\u00ae (\u201cVMS\u201d) business at the end of 2025, we included VMS as an eighth \u201cpower brand.\u201d We sell our consumer products under a variety of brands through a broad distribution platform that includes supermarkets, mass merchandisers, wholesale clubs, drugstores, convenience stores, home stores, dollar and other discount stores, pet and other specialty stores and websites and other e-commerce channels, all of which sell our products to consumers. We sell our specialty products to industrial customers, livestock producers and through distributors. FINANCIAL INFORMATION ABOUT SEGMENTS AND PRINCIPAL PRODUCTS As discussed in more detail below, we operate in three principal segments: Consumer Domestic, Consumer International, and ITEM 1A. RISK FACTORS The following risks and uncertainties, as well as other factors described elsewhere in this Annual Report or in our other filings with the Commission, could, individually and collectively, have a material adverse impact on our business, ", "title": "CHD - CHURCH & DWIGHT CO INC /DE/", "url": "/company/CHD/" }, { "kind": "company", "summary": "SIC 3661 Telephone & Telegraph Apparatus; CIK 0000936395; latest 10-K filed 2025-12-12.", "text": "CIEN - CIENA CORP SIC 3661 Telephone & Telegraph Apparatus; CIK 0000936395; latest 10-K filed 2025-12-12. CIEN CIENA CORP 0000936395 3661 Telephone & Telegraph Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our consolidated financial statements and notes thereto included elsewhere in this annual report. Overview We are a network technology company, providing hardware, software, and services to a wide range of network operators and enabling enhanced network capacity, service delivery, and automation. Our solutions support network traffic across a wide range of applications, including cloud, voice, video, data, and AI. Our network solutions are used globally by cloud providers, service providers, and other network operators across multiple industry verticals. The markets into which we sell are dynamic and characterized by a high rate of change. Networks continue to experience strong demand for increased bandwidth due to traffic growth, which is being driven by a diverse set of services, technologies, and customer needs. Business Momentum Our industry has been experiencing unprecedented increases in demand, in particular as a result of expenditures related to AI and other cloud-based applications. As a result, we experienced broad-based business momentum in fiscal 2025, including significant year-over-year order growth in both of our major customer segments, cloud providers and service providers. Our revenue increased by 19% to $4.8 billion in fiscal 2025 as compared to $4.0 billion in fiscal 2024, with orders for our products and services significantly exceeding our revenue. We also significantly grew our backlog, which includes both products and services, to $5.0 billion, as compared to $2.1 billion at the end of fiscal 2024. While we believe much of this backlog growth reflects the increased demand for connectivity to address AI workloads, a portion is related to an industry-wide constrained supply environment. Our ability to scale our operational and manufacturing capacity is critical to our success within this environment. As such, we and many of our suppliers have sought to increase capacity to ensure availability of key inputs for our products and reduce extended lead times. Within this environment, we have experienced increased customer concentration in both orders and revenue, particularly with cloud providers, with a single cloud provider customer continuing to provide a significant volume of orders and two cloud providers in our top five customers by revenue for fiscal 2025. Our growing sales to cloud providers has resulted in a changing mix in our product sales. Gross Margin Dynamics Our gross margin decreased to 42.0% in fiscal 2025, compared to 42.8% in fiscal 2024, primarily due to lower services margin driven by increased incentive compensation and shifts in services mix. In fiscal 2025, our growing sales to cloud providers contributed to a changing product mix and an increase in sales of interconnect products, impacting our product gross margin. Through our continued focus on a range of initiatives to maintain and enhance our gross margin, including cost reductions, manufacturing efficiencies and lower inventory provisions, we were able to offset the impact of this dynamic and our product margin was unchanged from fiscal 2024 to fiscal 2025. Investment in Technology Innovation During fiscal 2025, we invested $848.3 million in research and development activities, an increase of 11% compared to fiscal 2024. We believe that our investment capacity and our efforts to push the pace of innovation are important competitive differentiators in our markets, which requires considerable investment capacity and expenditures. In particular, in an effort to capture certain market opportunities created by the impact of AI on networks, we continued to increase the performance of, and enhance the capabilities for our leading WaveLogicTM coherent modem technology, through which we seek to extend our leadership in optical networking, and leverage it to expan Item 1. Business Overview We are a network technology company, providing hardware, software, and services to a wide range of network operators and enabling enhanced network capacity, service delivery, and automation. Our solutions support network traffic across a wide range of applications, including cloud, voice, video, data, and artificial intelligence (\u201cAI\u201d). Our network solutions are used globally by cloud providers, service providers, and other network operators across multiple industry verticals. Our Networking Platforms, including our Optical Networking portfolio and Routing and Switching portfolio, are solutions applied from the network core to end user access points and allow network operators to scale capacity, increase transmission speeds, allocate traffic efficiently, and adapt dynamically to changing end-user service demands. Complementing our Networking Platforms, we offer Platform Software, which delivers multi-layer domain control and operations for network operators, and Blue Planet\u00ae Automation Software, which enables service lifecycle management automation with productized operational support systems (\u201cOSS\u201d) across domains and vendors. In addition to our hardware and software, we offer a broad range of complementary services that help our customers build, operate, and transform their networks and associated operational environments. Industry and Market Customers We sell our product and service solutions through direct and indirect sales channels to the following customer and market segments: 4 Table of Contents \u2022Cloud Providers. Our cloud provider customers \u2013 also referred to in our markets as web-scale, hyper-scale or neo-scale providers \u2013 include internet content providers and providers of internet services and infrastructure, including data centers, cloud compute, Software as a Service (\u201cSaaS\u201d), storage, AI, and web hosting services. In addition to their direct purchases, these customers have also been significant purchasers of capacity Item 1A. Risk Factors Investing in our securities involves a high degree of risk. Before investing in our securities, you should consider carefully the information contained in this report, including the information in this \u201cRisk Factors\u201d section. Risks Related to Financial Performance and Strategy Our revenue, gross margin, and operating results ca", "title": "CIEN - CIENA CORP", "url": "/company/CIEN/" }, { "kind": "company", "summary": "SIC 6324 Hospital & Medical Service Plans; CIK 0001739940; latest 10-K filed 2026-02-26.", "text": "CI - Cigna Group SIC 6324 Hospital & Medical Service Plans; CIK 0001739940; latest 10-K filed 2026-02-26. CI Cigna Group 0001739940 6324 Hospital & Medical Service Plans Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is intended to provide information to assist you in better understanding and evaluating the financial condition of The Cigna Group as of December 31, 2025 compared with December 31, 2024 and our results of operations for 2025 compared with 2024 and 2023 and is intended to help you understand the ongoing trends in our business. For comparisons of our results of operations for 2024 compared with 2023, please refer to the previously filed MD&A included in Part II, Item 7 of our Form 10-K for the year ended December 31, 2024. We encourage you to read this MD&A in conjunction with our Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K (\"Form 10-K\") and the \"Risk Factors\" contained in Part I, Item 1A of this Form 10-K. Unless otherwise indicated, financial information in this MD&A is presented in accordance with accounting principles generally accepted in the United States of America (\"GAAP\"). See Note 2 to the Consolidated Financial Statements in this Form 10-K for additional information regarding the Company's significant accounting policies. In some of our financial tables in this MD&A, we present either percentage changes or \"N/M\" when those changes are so large as to become not meaningful. Changes in percentages are expressed in basis points (\"bps\"). In this MD&A, our consolidated measures \"adjusted income from operations,\" earnings per share on that same basis and \"adjusted revenues\" are not determined in accordance with GAAP and should not be viewed as substitutes for the most directly comparable GAAP measures of \"shareholders' net income,\" \"earnings per share\" and \"total revenues.\" We also use pre-tax adjusted income (loss) from operations and adjusted revenues to measure the results of our segments. The Company uses \"pre-tax adjusted income (loss) from operations\" and \"adjusted revenues\" as its principal financial measures of segment operating performance because management believes these metrics reflect the underlying results of business operations and facilitate analysis of trends in underlying revenue, expenses and profitability. We define adjusted income (loss) from operations as shareholders' net income (or income (loss) before income taxes less pre-tax income (loss) attributable to noncontrolling interests for the segment metric) excluding net investment gains/losses, amortization of acquired intangible assets and special items. The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded. Special items are matters that management believes are not representative of the underlying results of operations due to their nature or size. Adjusted income (loss) from operations is measured on an after-tax basis for consolidated results and on a pre-tax basis for segment results. Consolidated adjusted income (loss) from operations is not determined in accordance with GAAP and should not be viewed as a substitute for the most directly comparable GAAP measure, shareholders' net income. See the below Financial Highlights section for a reconciliation of consolidated adjusted income from operations to shareholders' net income. The Company defines adjusted revenues as total revenues excluding the following adjustments: special items and The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. Special items are matters that management believes are not representative of the underlying results of operations due to their nature or size. We exclude these items from this measure because management believes they are not indicative of past or future 36 underlying performance of the business. Adjust Item 1. BUSINESS OVERVIEW The Cigna Group\u00ae, together with its subsidiaries (either individually or collectively referred to as the \"Company,\" \"we,\" \"us\" or \"our\"), is a global health company. [[GREPCENT_TABLE]] [[\"\",\"Our Focused Mission\"],[\"\",\"The Cigna Group is a global health company committed to creating a better future for every individual and every community. Powered by our dedicated people and valued brands, we advance our mission to improve the health and vitality of those we serve by staying grounded in the needs of our customers and patients - delivering a personalized, transparent and affordable health care experience. We focus on leading the way to partner and innovate solutions for better health.\"]] [[/GREPCENT_TABLE]] At The Cigna Group our global workforce of approximately 67,700 colleagues strives to fulfill our mission to improve the health and vitality of more than 185 million customer relationships in more than 30 markets and jurisdictions (as of December 31, 2025). We play an important role in the health care system, and the breadth and depth of our customer relationships - as well as our approximately 1.7 million relationships with health care providers, clinics and facilities - give us opportunities to drive positive change. We have two segments: Evernorth Health Services\u00ae and Cigna Healthcare\u00ae. The Evernorth Health Services segment, through our Pharmacy Benefit Services and Specialty and Care Services operating segments, provides independent and coordinated health solutions and capabilities to enable the health care system to work better and help people live healthier lives. Cigna Healthcare, the health benefits segment of The Cigna Group, provides comprehensive medical and coordinated solutions to customers and clients served by our U.S. Healthcare and International Health operating segments. Together, Evernorth Health Services and Cigna Healthcare combine pharmacy and medical capabilities to create solutions that improve affordability, Item 1A. RISK FACTORS As a large global health company operating in a complex industry, we encounter a variety of risks and uncertainties, which could have a material adverse effect on our business, liquidity, results of operations, financial condition or the trading price of our securities. You should carefully consider each of the risks a", "title": "CI - Cigna Group", "url": "/company/CI/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000020286; latest 10-K filed 2026-02-23.", "text": "CINF - CINCINNATI FINANCIAL CORP SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000020286; latest 10-K filed 2026-02-23. CINF CINCINNATI FINANCIAL CORP 0000020286 6331 Fire, Marine & Casualty Insurance ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Introduction The purpose of Management\u2019s Discussion and Analysis is to provide an understanding of Cincinnati Financial Corporation\u2019s consolidated results of operations and financial condition. Our Management\u2019s Discussion and Analysis should be read in conjunction with Item 8, Consolidated Financial Statements and related Notes. We present per share data on a diluted basis unless otherwise noted, adjusting those amounts for all stock splits and stock dividends. We begin with an executive summary of our results of operations, followed by other highlights and details about critical accounting estimates. In several instances, we refer to estimated industry data so that we can provide information on our performance within the context of the overall insurance industry. Unless otherwise noted, the industry data is prepared by A.M. Best, a leading insurance industry statistical, analytical and financial strength rating organization. Information from A.M. Best is presented on a statutory accounting basis for insurance company regulation in the United States of America. When we provide our results on a comparable statutory accounting basis, we label it as such; all other company data is presented in accordance with accounting principles generally accepted in the United States of America (GAAP). Through The Cincinnati Insurance Company, Cincinnati Financial Corporation is one of the 25 largest property casualty insurers in the nation, based on net written premium volume for the first nine months of 2025, among more than 2,000 U.S. stock and mutual companies operating independently or in groups. We market our insurance products through a select group of independent insurance agencies in 46 states as discussed in Item 1, Our Business and Our Strategy. The U.S. economy, the insurance industry and our company continue to face many challenges. Our long-term perspective has allowed us to address immediate challenges while also focusing on the major decisions that best position the company for success through all market cycles. We believe that this forward-looking view consistently benefits our shareholders, agents, policyholders and associates. To measure our progress, we have defined a measure of value creation that we believe captures the contribution of our insurance operations, the success of our investment strategy and the importance we place on paying cash dividends to shareholders. We refer to this measure as our value creation ratio (VCR) and it is made up of two primary components: (1) our rate of growth in book value per share plus (2) the ratio of dividends declared per share to beginning book value per share. This measure, intended to be all-inclusive regarding changes in book value per share, uses originally reported book value per share in cases where book value per share has been adjusted, such as after the adoption of Accounting Standards Updates with a cumulative effect of a change in accounting. The primary sources of our company\u2019s net income are summarized below. We discuss contributions to net income and VCR by source in Corporate Financial Highlights, followed by more detailed discussion in Financial Results. \u2022Underwriting profit (loss) \u2013 Includes revenues from earned premiums for insurance and reinsurance policies or contracts, reduced by losses and loss expenses from associated insurance coverages. Those revenues are further reduced by underwriting expenses associated with marketing policies or related to administration of our insurance operations. The net result represents an underwriting profit when revenues exceed losses and expenses. \u2022Investment income \u2013 Is generated primarily from investing the premiums collected for insurance policies sold, until funds are needed to pay losses for insurance claims or other expenses. Interest income from bonds or dividend income from stocks are the main categories of our inves ITEM 1. Business Cincinnati Financial Corporation \u2013 Introduction We are an Ohio corporation formed in 1968. Our lead subsidiary, The Cincinnati Insurance Company, was founded in 1950. Our main business is property casualty insurance marketed through independent insurance agencies in 46 states. Our headquarters is in Fairfield, Ohio. Cincinnati Financial Corporation owns 100% of four subsidiaries: The Cincinnati Insurance Company (Cincinnati Insurance), Cincinnati Global Underwriting Ltd.SM (Cincinnati Global), CSU Producer Resources Inc. and CFC Investment Company. In addition, the parent company has an investment portfolio, owns the headquarters property and is responsible for corporate borrowings and shareholder dividends. The Cincinnati Insurance Company owns 100% of four additional insurance subsidiaries. Our standard market property casualty insurance group includes two of those subsidiaries \u2013 The Cincinnati Casualty Company and The Cincinnati Indemnity Company. This group writes a broad range of business, homeowner and auto policies. The Cincinnati Insurance Company also conducts the business of our reinsurance assumed operations, known as Cincinnati Re\u00ae. Other subsidiaries of The Cincinnati Insurance Company include: The Cincinnati Life Insurance Company (Cincinnati Life), which provides life insurance policies and fixed annuities; and The Cincinnati Specialty Underwriters Insurance Company (Cincinnati Specialty Underwriters), which offers excess and surplus lines insurance products. In this report and elsewhere we often refer to any or all of these five companies as The Cincinnati Insurance Companies. Cincinnati Global owns 100% of Cincinnati Global Underwriting Agency Ltd.SM, a London-based, global specialty underwriter for Lloyd's Syndicate 318, and Cincinnati Global Dedicated No. 2 Ltd.SM, a Lloyd\u2019s corporate member and vehicle through which capital is provided by Cincinnati Financial Corporation and third-party names at Lloyd\u2019s. The two noninsur ITEM 1A. Risk Factors Our business involves various risks and uncertainties that may affect achievement of our business objectives. Many of the risks could have ramifications across our organization. For example, risks related to setting insurance rates and establishing and adjusting loss reserves could have an imp", "title": "CINF - CINCINNATI FINANCIAL CORP", "url": "/company/CINF/" }, { "kind": "company", "summary": "SIC 2320 Men's & Boys' Furnishgs, Work Clothg, & Allied Garments; CIK 0000723254; latest 10-K filed 2025-07-28.", "text": "CTAS - CINTAS CORP SIC 2320 Men's & Boys' Furnishgs, Work Clothg, & Allied Garments; CIK 0000723254; latest 10-K filed 2025-07-28. CTAS CINTAS CORP 0000723254 2320 Men's & Boys' Furnishgs, Work Clothg, & Allied Garments Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Business Strategy Cintas helps more than one million businesses of all types and sizes, primarily in the U.S., as well as Canada and Latin America, get READY\u2122 to open their doors with confidence every day by providing a wide range of products and services that enhance our customers\u2019 image and help keep their facilities and employees clean, safe and looking their best. With products and services including uniforms, mats, mops, shop towels, restroom supplies, workplace water services, first aid and safety products, eye-wash stations, safety training, fire extinguishers, sprinkler systems and alarm services, Cintas helps customers get Ready for the Workday\u00ae. We are North America's leading provider of corporate identity uniforms through rental and sales programs, as well as a significant provider of related business services, including entrance mats, restroom cleaning services and supplies, first aid and safety services and fire protection products and services. Cintas' principal objective is \"to exceed customers' expectations in order to maximize the long-term value of Cintas for shareholders and working partners,\" and it provides the framework and focus for Cintas' business strategy. This strategy is to achieve revenue growth for all our products and services by increasing our penetration at existing customers and by broadening our customer base to include market segments to which we have not historically served. We will also continue to identify additional product and service opportunities for our current and future customers. To pursue the strategy of increasing penetration, we have a highly talented and diverse team of service professionals visiting our customers on a regular basis. This frequent contact with our customers enables us to develop close personal relationships. The combination of our distribution system and these strong customer relationships provides a platform from which we launch additional products and services. We pursue the strategy of broadening our customer base in several ways. Cintas has a national sales organization introducing all its products and services to prospects in all market segments. Our broad range of products and services allows our sales organization to consider any type of business a prospect. We also broaden our customer base through geographic expansion. Finally, we evaluate strategic acquisitions as opportunities arise. Results of Operations This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations section focuses on discussion of fiscal 2025 results compared to fiscal 2024 results and should be read in conjunction with our consolidated financial statements and the related notes included elsewhere in this filing. The discussion contains forward-looking statements that involve known and unknown risks and uncertainties, including those set forth under \"Item 1A. Risk Factors.\" For discussion of fiscal 2024 results compared to fiscal 2023 results, see the \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d within our Annual Report on Form 10-K for the fiscal year ended May 31, 2024, filed with the SEC on July 25, 2024. Cintas classifies its business into two reportable operating segments and places the remainder of its operating segments in an All Other category. Cintas\u2019 two reportable operating segments are Uniform Rental and Facility Services and First Aid and Safety Services. The Uniform Rental and Facility Services reportable operating segment consists of the rental and servicing of uniforms and other garments including flame resistant clothing, mats, mops and shop towels and other ancillary items. In addition to these rental items, restroom cleaning services and supplies and the sale of items from our catalogs to our customers on route are included within this reportable operating segment. The First Aid and Safety Item 1. Business Overview Cintas Corporation (Cintas, Company, we, us or our), a Washington corporation, helps more than one million businesses of all types and sizes, primarily in the United States (U.S.), as well as Canada and Latin America, get READY\u2122 to open their doors with confidence every day by providing a wide range of products and services that enhance our customers\u2019 image and help keep their facilities and employees clean, safe and looking their best. With products and services including uniforms, mats, mops, shop towels, restroom supplies, workplace water services, first aid and safety products, eye-wash stations, safety training, fire extinguishers, sprinkler systems and alarm testing, Cintas helps customers get Ready for the Workday\u00ae. Cintas was founded in 1968 by Richard T. Farmer when he left his family's industrial laundry business in order to develop uniform programs using an exclusive new fabric. In the early 1970's, Cintas acquired the family industrial laundry business. Over the years, Cintas developed additional products and services that complemented its core uniform business and broadened the scope of products and services available to its customers. Business Segments Cintas\u2019 reportable operating segments are the Uniform Rental and Facility Services operating segment and the First Aid and Safety Services operating segment. The Uniform Rental and Facility Services reportable operating segment consists of the rental and servicing of uniforms and other garments, including flame resistant clothing, mats, mops and shop towels and other ancillary items. In addition to these rental items, restroom cleaning services and supplies and the sale of items from our catalogs to our customers on route are included within this reportable operating segment. The First Aid and Safety Services reportable operating segment consists of first aid and safety products and services, as well as workplace water services. The remainder of Cintas\u2019 business, which cons Item 1A. Risk Factors The statements in this section describe the most significant risks that could materially and adversely affect our business, consolidated financial condition and consolidated results of operation and the trading price of our debt or equity securities. Although the risks ar", "title": "CTAS - CINTAS CORP", "url": "/company/CTAS/" }, { "kind": "company", "summary": "SIC 3576 Computer Communications Equipment; CIK 0000858877; latest 10-K filed 2025-09-03.", "text": "CSCO - CISCO SYSTEMS, INC. SIC 3576 Computer Communications Equipment; CIK 0000858877; latest 10-K filed 2025-09-03. CSCO CISCO SYSTEMS, INC. 0000858877 3576 Computer Communications Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements This Annual Report on Form 10-K, including this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d), and the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d). All statements other than statements of historical facts are statements that could be deemed forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as \u201cexpects,\u201d \u201canticipates,\u201d \u201ctargets,\u201d \u201cgoals,\u201d \u201cprojects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cbelieves,\u201d \u201cmomentum,\u201d \u201cseeks,\u201d \u201cestimates,\u201d \u201ccontinues,\u201d \u201cendeavors,\u201d \u201cstrives,\u201d \u201cmay,\u201d variations of such words, and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those under \u201cPart I, Item 1A. Risk Factors,\u201d and elsewhere herein. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. We undertake no obligation to revise or update any forward-looking statements for any reason. OVERVIEW Cisco designs and sells a broad range of technologies that help to power, secure, and draw insights from the Internet. We are incorporating artificial intelligence (AI) into our product portfolios across networking, security, collaboration and observability as well as integrating our products more tightly together. We are simplifying how our technology is delivered, managed and optimized and helping customers maximize the business value of their technology investments. A summary of our results is as follows (in millions, except percentages and per-share amounts): [[GREPCENT_TABLE]] [[\"\",\"Three Months Ended\",\"\",\"Years Ended\"],[\"\",\"July 26, 2025\",\"\",\"July 27, 2024\",\"\",\"Variance\",\"\",\"July 26, 2025\",\"\",\"July 27, 2024\",\"\",\"Variance\"],[\"Revenue\",\"$\",\"14,673\",\"\",\"\",\"$\",\"13,642\",\"\",\"\",\"8\",\"%\",\"\",\"$\",\"56,654\",\"\",\"\",\"$\",\"53,803\",\"\",\"\",\"5\",\"%\"],[\"Gross margin percentage\",\"63.2\",\"%\",\"\",\"64.4\",\"%\",\"\",\"(1.2)\",\"\",\"pts\",\"64.9\",\"%\",\"\",\"64.7\",\"%\",\"\",\"0.2\",\"\",\"pts\"],[\"Research and development\",\"$\",\"2,380\",\"\",\"\",\"$\",\"2,179\",\"\",\"\",\"9\",\"%\",\"\",\"$\",\"9,300\",\"\",\"\",\"$\",\"7,983\",\"\",\"\",\"16\",\"%\"],[\"Sales and marketing\",\"$\",\"2,818\",\"\",\"\",\"$\",\"2,841\",\"\",\"\",\"(1)\",\"%\",\"\",\"$\",\"10,966\",\"\",\"\",\"$\",\"10,364\",\"\",\"\",\"6\",\"%\"],[\"General and administrative\",\"$\",\"706\",\"\",\"\",\"$\",\"763\",\"\",\"\",\"(8)\",\"%\",\"\",\"$\",\"2,992\",\"\",\"\",\"$\",\"2,813\",\"\",\"\",\"6\",\"%\"],[\"Total R&D, sales and marketing, general and administrative\",\"$\",\"5,904\",\"\",\"\",\"$\",\"5,783\",\"\",\"\",\"2\",\"%\",\"\",\"$\",\"23,258\",\"\",\"\",\"$\",\"21,160\",\"\",\"\",\"10\",\"%\"],[\"Total as a percentage of revenue\",\"40.2\",\"%\",\"\",\"42.4\",\"%\",\"\",\"(2.2)\",\"\",\"pts\",\"41.1\",\"%\",\"\",\"39.3\",\"%\",\"\",\"1.8\",\"\",\"pts\"],[\"Restructuring and other charges included in operating expenses\",\"$\",\"35\",\"\",\"\",\"$\",\"112\",\"\",\"\",\"(69)\",\"%\",\"\",\"$\",\"744\",\"\",\"\",\"$\",\"789\",\"\",\"\",\"(6)\",\"%\"],[\"Operating income as a percentage of revenue\",\"21.0\",\"%\",\"\",\"19.2\",\"%\",\"\",\"1.8\",\"\",\"pts\",\"20.8\",\"%\",\"\",\"22.6\",\"%\",\"\",\"(1.8)\",\"\",\"pts\"],[\"Interest and other income (loss), net\",\"$\",\"(88)\",\"\",\"\",\"$\",\"(222)\",\"\",\"\",\"(60)\",\"%\",\"\",\"$\",\"(660)\",\"\",\"\",\"$\",\"53\",\"\",\"\",\"NM\"],[\"Income tax percentage\",\"15.0\",\"%\",\"\",\"9.8\",\"%\",\"\",\"5.2\",\"\",\"pts\",\"8.3\",\"%\",\"\",\"15.6\",\"%\",\"\",\"(7.3)\",\"\",\"pts\"],[\"Net income\",\"$\",\"2,550\",\"\",\"\",\"$ Item 1. Business General Cisco designs and sells a broad range of technologies that help to power, secure, and draw insights from the Internet. We are incorporating artificial intelligence (AI) into our product portfolios across networking, security, collaboration and observability as well as integrating our products more tightly together. We are simplifying how our technology is delivered, managed and optimized and helping customers maximize the business value of their technology investments. We conduct our business globally and manage our business by geography. Our business is organized into the following three geographic segments: Americas; Europe, Middle East, and Africa (EMEA); and Asia Pacific, Japan, and China (APJC). Our products and technologies are grouped into the following categories: Networking, Security, Collaboration and Observability. In addition to our product offerings, we provide a broad range of services over the lifecycle of our products, including technical support services and advanced services. Our customers include businesses of all sizes, public institutions, governments, and service providers, including large webscale providers. These customers often look to us as a strategic partner to help them use information technology (IT) to differentiate themselves and drive positive business outcomes. We were incorporated in California in 1984 and reincorporated in Delaware in 2021. Our headquarters are in San Jose, California. The mailing address of our headquarters is 170 West Tasman Drive, San Jose, California 95134-1706, and our telephone number at that location is (408) 526-4000. Our website is www.cisco.com. Through a link on the Investor Relations section of our website, we make available the following filings as soon as reasonably practicable after they are electronically filed with or furnished to the Securities and Exchange Commission (SEC) at sec.gov: our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Item 1A. Risk Factors Set forth below and elsewhere in this report and in other documents we file with the SEC are descriptions of the risks and uncertainties that could cause our actual results to differ materially from the results contemplated by the forward-looking statements contained in this report. Risks Relat", "title": "CSCO - CISCO SYSTEMS, INC.", "url": "/company/CSCO/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000831001; latest 10-K filed 2026-02-20.", "text": "C - CITIGROUP INC SIC 6021 National Commercial Banks; CIK 0000831001; latest 10-K filed 2026-02-20. C CITIGROUP INC 0000831001 6021 National Commercial Banks MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS EXECUTIVE SUMMARY As described further throughout this Executive Summary, Citi demonstrated improved business performance and made significant progress on its strategic priorities in 2025 and early 2026: \u2022Citi and its five businesses each achieved positive operating leverage for 2025 for the second consecutive year. Citi\u2019s positive operating leverage in 2025 was driven by revenue growth of 6% and disciplined expense management, with expenses up 3%. \u2022Citi returned $17.6 billion to common shareholders in the form of share repurchases ($13.3 billion) under its multiyear $20 billion common stock repurchase program and dividends ($4.3 billion). Citi will continue to assess the level of common share repurchases on a quarter-by-quarter basis. \u2022Citi continued to advance its transformation, with over 80% of transformation programs now at or nearly at Citi\u2019s target state. Additionally, in December 2025, the OCC terminated its July 2024 amendment to Citibank\u2019s 2020 Consent Order (see \u201cCiti\u2019s Multiyear Transformation\u201d below). \u2022Citi continued to make progress on its remaining divestitures, including completing the sale of a 25% equity stake in Banamex in 2025 and signing and closing the sale of AO Citibank in Russia to Renaissance Capital (RenCap) on February 18, 2026. For additional information about the sale of AO Citibank and its impacts, see \u201cRecent Developments\u201d and \u201cManaging Global Risk\u2014Other Risks\u2014Country Risk\u2014Russia\u201d below. 2025 Results Summary Citigroup Citigroup reported net income of $14.3 billion, or $6.99 per share. This compared to net income of $12.7 billion, or $5.94 per share in the prior year. Results in 2025 included two notable items: \u2022Russia-related notable item: revenues included a $1.2 billion ($1.1 billion after-tax) loss on sale related to the held-for-sale accounting treatment related to Citi\u2019s plan to sell AO Citibank in Russia (which was sold on February 18, 2026) \u2022Banamex-related notable item: expenses included a goodwill impairment of $726 million ($714 million after-tax) related to Citi\u2019s agreement to sell a 25% equity stake in Grupo Financiero Banamex, S.A. de C.V. (Banamex) Excluding the Russia-related notable item and the Banamex-related notable item, net income was $16.1 billion, or $7.97 per share. Net income increased 13% versus the prior year, driven by higher revenues, partially offset by higher expenses, a higher effective tax rate and higher provisions for credit losses. Citigroup\u2019s effective tax rate was 27% in 2025 versus 25% in the prior year, driven by the limited tax benefit of the Russia-related and Banamex-related notable items. Citigroup revenues of $85.2 billion in 2025 increased 6% on a reported basis, driven by an increase in net interest income, up 11%, partially offset by lower non-interest revenue, down 4%. The increase in net interest income reflected higher net interest income in Markets, Services, USPB and Wealth, partially offset by lower net interest income in All Other (managed basis) and Banking. The decrease in non-interest revenue was driven by declines in All Other (managed basis), Markets and USPB, largely offset by Banking, Wealth and Services. Excluding the Russia-related notable item, revenues were $86.4 billion. Citigroup\u2019s average loans in 2025 were $716 billion, up 5% versus the prior year, largely driven by loan growth in Markets, USPB and Services. For additional information about Citi\u2019s average loans by business, including drivers and loan trends, see each business\u2019s results of operations and \u201cLoans Outstanding\u201d below. Citigroup\u2019s average deposits in 2025 were approximately $1.4 trillion, up 4% versus the prior year, primarily driven by an increase in Services. For additional information about Citi\u2019s average deposits by business, including drivers and deposit trends, see each respective business\u2019s results of operations and \u201cLiquidity Risk\u2014Deposits\u201d below. Expenses", "title": "C - CITIGROUP INC", "url": "/company/C/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000759944; latest 10-K filed 2026-02-12.", "text": "CFG - CITIZENS FINANCIAL GROUP INC/RI SIC 6022 State Commercial Banks; CIK 0000759944; latest 10-K filed 2026-02-12. CFG CITIZENS FINANCIAL GROUP INC/RI 0000759944 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS [[GREPCENT_TABLE]] [[\"\",\"\",\"Page\"],[\"Introduction\",\"\",\"38\"],[\"Executive Summary\",\"\",\"38\"],[\"Consolidated Statement of Operations Analysis - 2025 compared with 2024\",\"\",\"40\"],[\"Consolidated Statement of Operations Analysis - 2024 compared with 2023\",\"\",\"44\"],[\"Consolidated Balance Sheet Analysis\",\"\",\"45\"],[\"Business Segments\",\"\",\"48\"],[\"Risk Management\",\"\",\"50\"],[\"Credit Risk\",\"\",\"51\"],[\"Market Risk\",\"\",\"61\"],[\"Liquidity Risk\",\"\",\"67\"],[\"Operational Risk\",\"\",\"70\"],[\"Compliance Risk\",\"\",\"70\"],[\"Capital\",\"\",\"70\"],[\"Critical Accounting Estimates\",\"\",\"73\"],[\"Accounting and Reporting Developments\",\"\",\"76\"],[\"Non-GAAP Financial Measures\",\"\",\"77\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\",\"Citizens Financial Group, Inc. | 37\"]] [[/GREPCENT_TABLE]] INTRODUCTION Citizens Financial Group, Inc. is one of the nation\u2019s oldest and largest financial institutions, with $226.4 billion in assets as of December 31, 2025. Headquartered in Providence, Rhode Island, we offer a broad range of retail, private banking, wealth management, and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions. We help our customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas, and solutions. In Consumer Banking, we provide an integrated experience that includes mobile and online banking, a full-service customer contact center, and the convenience of approximately 3,100 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management, and small business offerings. Consumer Banking includes Citizens Private Bank and Private Wealth, which integrates banking services and wealth management solutions to serve high- and ultra-high-net-worth individuals and families, as well as investors, entrepreneurs, and businesses. In Commercial Banking, we offer a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. The following MD&A is intended to assist readers in their analysis of the accompanying Consolidated Financial Statements and supplemental financial information. It should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements in Item 8, as well as other information contained in this document. EXECUTIVE SUMMARY This summary highlights select financial information of the Company as well as information regarding certain significant events and transactions occurring during the year ended December 31, 2025. This summary should be read in conjunction with this entire document for a more complete understanding of trends, events, commitments, uncertainties, liquidity, capital resources, and critical accounting policies and estimates. Each of these items, taken individually or collectively, could have an impact on the Company\u2019s financial condition, results of operations, and cash flows. For additional information regarding our financial performance and condition, see \u201cConsolidated Statement of Operations Analysis \u2013 2025 compared with 2024\u201d and \u201cConsolidated Balance Sheet Analysis.\u201d Key Financial Highlights \u2022Net income of $1.8 billion increased $322 million, with earnings per diluted common share up $0.83 to $3.86 compared to 2024. \u2022Net interest income of $5.9 billion increased $220 million and net interest margin of 2.97% increased 13 basis points compared to 2024. The increase in net interest income is driven by higher net interest margin which reflects lower funding costs, includ ITEM 1. BUSINESS Citizens Financial Group, Inc. is headquartered in Providence, Rhode Island. We offer a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions. Our products and services are offered through more than 1,000 branches in 14 states and the District of Columbia and 75 retail and commercial non-branch offices, though certain lines of business serve national markets. At December 31, 2025, we had total assets of $226.4 billion, total deposits of $183.3 billion, and total stockholders\u2019 equity of $26.3 billion. In addition, we had total client assets of $61.9 billion, including assets under management of $35.9 billion, representing assets for which continuous and regular supervisory or management services are provided, and transactional assets of $26.0 billion, representing assets for which execution, custody, recordkeeping, reporting, and other services are provided. We are a BHC incorporated under Delaware state law in 1984, and our primary federal regulator is the FRB. CBNA is our banking subsidiary, whose primary federal regulator is the OCC. Business Segments We manage our business through two primary business segments: Consumer Banking and Commercial Banking. Our activities outside these segments are classified as Other and primarily includes treasury and community development operations, along with other unallocated assets, liabilities, capital, revenues, provision (benefit) for credit losses, and expenses, including income tax expense (benefit). For additional information regarding our business segments see the \u201cBusiness Segments\u201d section of Item 7 and Note 24 in Item 8. Consumer Banking Segment Consumer Banking serves consumer customers and small businesses, with products and services that include deposits, mortgage and home equity lending, credit cards, small business loans, and wealth management solutions largely across our 14-state tr ITEM 1A. RISK FACTORS We are subject to a number of risks potentially impacting our business, financial condition, results of operations, and cash flows. As a financial services organization, certain elements of risk are inherent in what we do and the decisions we make. Therefore, we encounter risk as part of the normal c", "title": "CFG - CITIZENS FINANCIAL GROUP INC/RI", "url": "/company/CFG/" }, { "kind": "company", "summary": "SIC 2842 Specialty Cleaning, Polishing and Sanitation Preparations; CIK 0000021076; latest 10-K filed 2025-08-08.", "text": "CLX - CLOROX CO /DE/ SIC 2842 Specialty Cleaning, Polishing and Sanitation Preparations; CIK 0000021076; latest 10-K filed 2025-08-08. CLX CLOROX CO /DE/ 0000021076 2842 Specialty Cleaning, Polishing and Sanitation Preparations MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The Clorox Company (Dollars in millions, except per share data) Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is designed to provide a reader of The Clorox Company\u2019s (the Company or Clorox) financial statements with a narrative from the perspective of management on the Company\u2019s financial condition, results of operations, liquidity and certain other factors that may affect future results. In certain instances, parenthetical references are made to relevant sections of the Notes to Consolidated Financial Statements to direct the reader to a further detailed discussion. This section should be read in conjunction with the consolidated financial statements and supplementary data included in this Annual Report on Form 10-K. The following sections are included herein: \u2022Executive Overview \u2022Results of Operations \u2022Financial Position and Liquidity \u2022Contingencies \u2022Quantitative and Qualitative Disclosures about Market Risk \u2022Recently Issued Accounting Standards \u2022Critical Accounting Estimates \u2022Summary of Non-GAAP Financial Measures EXECUTIVE OVERVIEW The Clorox Company is a leading multinational manufacturer and marketer of consumer and professional products with fiscal year 2025 net sales of $7,104 and about 7,600 employees worldwide as of June 30, 2025. The Company has operations in approximately 25 countries or territories and sells its products in approximately 100 markets, primarily through mass retailers; grocery outlets; warehouse clubs; dollar stores; home hardware centers; drug, pet and military stores; third-party and owned e-commerce channels; and distributors. Clorox markets some of the most trusted and recognized consumer brand names, including its namesake bleach and cleaning and disinfecting products; Pine-Sol and Tilex cleaners; Liquid-Plumr clog removers; Poett home care products; Glad bags and wraps; Fresh Step cat litter; Kingsford grilling products; Hidden Valley dressings, dips, seasonings and sauces; Brita water-filtration products and Burt's Bees natural personal care products. The Company also markets industry-leading products and technologies for professional customers, including those sold under the CloroxPro and Clorox Healthcare brand names. The Company primarily markets its leading brands in midsized categories considered to be financially attractive. Most of the Company\u2019s products compete with other nationally advertised brands within each category and with \u201cprivate label\u201d brands. About 80% of the Company's sales are generated from brands that hold the No. 1 or No. 2 market share position in their categories. 1 The Company operates through strategic business units (SBUs) which are organized into operating segments. Operating segments are then aggregated into four reportable segments: Health and Wellness, Household, Lifestyle and International. Operating segments not aggregated into a reportable segment are reflected in Corporate and Other. The four reportable segments consist of the following: \u2022Health and Wellness consists of cleaning, disinfecting and professional products marketed and sold in the United States. Products within this segment include home care cleaning and disinfecting products and laundry additives, primarily under the Clorox, Clorox2, Pine-Sol, Scentiva, Tilex, Liquid-Plumr and Formula 409 brands; professional cleaning and disinfecting products under the CloroxPro and Clorox Healthcare brands; and professional food service products under the Hidden Valley brand. \u2022Household consists of bags and wraps, cat litter and grilling products marketed and sold in the United States. Products within this segment include bags and wraps under the Glad brand; cat litter primarily under the Fresh Step and Scoop Away brands; and grilling products under the Kingsford brand. \u2022Lifestyle consists of food, water-filtration and natural personal care products markete ITEM 1. BUSINESS Overview of Business The Clorox Company is a leading multinational manufacturer and marketer of consumer and professional products with fiscal year 2025 net sales of $7.1 billion and about 7,600 employees worldwide as of June 30, 2025. The Company has operations in approximately 25 countries or territories and sells its products in approximately 100 markets, primarily through mass retailers; grocery outlets; warehouse clubs; dollar stores; home hardware centers; drug, pet and military stores; third-party and owned e-commerce channels; and distributors. Clorox markets some of the most trusted and recognized consumer brand names, including its namesake bleach, cleaning and disinfecting products; Pine-Sol\u00ae and Tilex\u00ae cleaners; Liquid-Plumr\u00ae clog removers; Poett\u00ae home care products; Glad\u00ae bags and wraps; Fresh Step\u00ae cat litter; Kingsford\u00ae grilling products; Hidden Valley\u00ae dressings, dips, seasonings and sauces; Brita\u00ae water-filtration products; and Burt\u2019s Bees\u00ae natural personal care products. The Company also markets industry-leading products and technologies for professional customers, including those sold under the CloroxPro\u2122 and Clorox Healthcare\u00ae brand names. Over 80% of the Company\u2019s sales are generated from brands that hold the No. 1 or No. 2 market share positions in their categories. The Company was founded in Oakland, California, in 1913 and is incorporated in Delaware. The Company's IGNITE strategy accelerates innovation in key areas of the business to drive growth and deliver value for all Company stakeholders. IGNITE focuses on four strategic choices aimed at fueling long-term, profitable growth; innovating consumer experiences; reimagining how the company and its people work; and continuously evolving the product portfolio. In addition, IGNITE's integrated approach to sustainability supports long-term value creation for the Company and its stakeholders. Business Performance Guided by its IGNITE strategy and underpinned by its enduring", "title": "CLX - CLOROX CO /DE/", "url": "/company/CLX/" }, { "kind": "company", "summary": "SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services; CIK 0001156375; latest 10-K filed 2026-02-26.", "text": "CME - CME GROUP INC. SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services; CIK 0001156375; latest 10-K filed 2026-02-26. CME CME GROUP INC. 0001156375 6200 Security & Commodity Brokers, Dealers, Exchanges & Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS INTRODUCTION Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is organized as follows: \u2022Executive Summary: Includes an overview of our business; current economic, competitive and regulatory trends relevant to our business; our current business strategy; and our primary sources of operating and non-operating revenues and expenses. \u2022Critical Accounting Policies: Provides an explanation of accounting policies that may have a significant impact on our financial results and the estimates, assumptions and risks associated with those policies. \u2022Results of Operations: Includes an analysis of our 2025 financial results and a discussion of any known events or trends that are likely to impact future results. \u2022Liquidity and Capital Resources: Includes a discussion of our future cash requirements, capital resources, significant planned expenditures and financing arrangements. References in this discussion and analysis to \"we\" and \"our\" are to CME Group Inc. (CME Group) and its consolidated subsidiaries, collectively. References to \"exchange\" are to Chicago Mercantile Exchange Inc. (CME), the Board of Trade of the City of Chicago, Inc. (CBOT), New York Mercantile Exchange, Inc. (NYMEX) and Commodity Exchange, Inc. (COMEX), collectively, unless otherwise noted. EXECUTIVE SUMMARY Business Overview CME Group, a Delaware stock corporation, is the holding company for CME, CBOT, NYMEX, COMEX, NEX Group plc (NEX) and their respective subsidiaries. The holding company structure is designed to provide strategic and operational flexibility. CME Group's Class A common stock is listed on the Nasdaq Global Select Market (Nasdaq) under the ticker symbol \"CME.\" Our exchange consists of designated contract markets for the trading of futures and options contracts. We also clear futures, options and swaps contracts through our clearing house. Futures contracts, options contracts and swaps contracts provide investors with vehicles for protecting against, and potentially profiting from, price changes in financial instruments and physical commodities. We are a global company with customer access available virtually all over the world. Our customers consist of professional traders, financial institutions, individual and institutional investors, major corporations, manufacturers, producers, governments and central banks. Customers include both members of the exchange and non-members. We offer our customers the opportunity to trade futures contracts and options contracts on a range of products, including those based on interest rates, equity indexes, foreign exchange, energy, metals and agricultural commodities. Through our cash markets business, we offer fixed income trading through BrokerTec and foreign currency trading through EBS. Our products provide a means for hedging, speculating and allocating assets. We identify new products by monitoring economic trends and their impact on the risk management and speculative needs of our existing and prospective customers. Most of our products are available for trading through our electronic trading platforms. These execution facilities offer our customers immediate trade execution and price transparency. In addition, trades can be executed through privately negotiated transactions that are cleared and settled through our clearing house. Our clearing house clears, settles and guarantees futures and options contracts traded through our exchanges, in addition to cleared swaps products. Our clearing house's performance guarantee is an important function of our business. Because of this guarantee, our customers do not need to evaluate the credit of each potential counterparty or limit themselves to a selected set of counterparties. This flexibility increases the potential liquidity available for each trade. Additionally, the substitution of our clearing house as the counterpart ITEM 1. BUSINESS CME Group enables clients to trade futures, options, cash and over-the-counter (OTC) products, optimize portfolios and analyze data - empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group provides primary price discovery and referential pricing information through its market data in a variety of formats, including real-time, historical and derived data for customers in both listed and cash products. CME Group also offers industry-leading research and analytics tools to provide customers with market education resources. In addition, it operates one of the world's leading central counterparty clearing providers. Our principal executive offices are located at 20 South Wacker Drive, Chicago, Illinois 60606, our telephone number is 312-930-1000 and our website is cmegroup.com. The graphic below provides a brief overview of key events within CME Group's history: DESCRIPTION OF BUSINESS CME Group exchanges offer the widest range of global benchmark products across interest rates, equity indexes, foreign exchange (FX), and agricultural, energy and metals commodities. We also offer cash and repo fixed income trading via BrokerTec, and spot and OTC FX trading via EBS. Additionally, we operate one of the world\u2019s leading central counterparty clearing providers. Derivatives Exchange Business: Our broad set of products offered on our derivatives exchanges (CME, CBOT, NYMEX and COMEX) are important risk management tools for our clients around the globe. We believe our customers value the diversity of our products, liquidity, price transparency and technological capabilities. Market liquidity - or the ability of a market to absorb the execution of large purchases or sales quickly and efficiently - is key to attracting and retaining customers and contributing to a market's success. Our products provide a means for hedging, speculation and asset allocation related to the risks associated with, among other th ITEM 1A. RISK FACTORS In addition to the other information contained in this Annual Report on Form 10-K, you should carefully consider the factors discussed below, which are the risks we believe are material at this time. If any of these risks actually occur or continue to occur, our business", "title": "CME - CME GROUP INC.", "url": "/company/CME/" }, { "kind": "company", "summary": "SIC 4931 Electric & Other Services Combined; CIK 0000811156; latest 10-K filed 2026-02-10.", "text": "CMS - CMS ENERGY CORP SIC 4931 Electric & Other Services Combined; CIK 0000811156; latest 10-K filed 2026-02-10. CMS CMS ENERGY CORP 0000811156 4931 Electric & Other Services Combined Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is a combined report of CMS Energy and Consumers. Executive Overview CMS Energy is an energy company operating primarily in Michigan. It is the parent holding company of several subsidiaries, including Consumers, an electric and gas utility, and NorthStar Clean Energy, primarily a domestic independent power producer and marketer. Consumers\u2019 electric utility operations include the generation, purchase, distribution, and sale of electricity, and Consumers\u2019 gas utility operations include the purchase, transmission, storage, distribution, and sale of natural gas. Consumers\u2019 customer base consists of a mix of primarily residential, commercial, and diversified industrial customers. NorthStar Clean Energy, through its subsidiaries and equity investments, is engaged in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production. CMS Energy and Consumers manage their businesses by the nature of services each provides. CMS Energy operates principally in three business segments: electric utility; gas utility; and NorthStar Clean Energy, its non\u2011utility operations and investments. Consumers operates principally in two business segments: electric utility and gas utility. CMS Energy\u2019s and Consumers\u2019 businesses are affected primarily by: \u2022regulation and regulatory matters \u2022state and federal legislation \u2022economic conditions \u2022load growth \u2022weather \u2022energy commodity prices \u2022interest rates \u2022their securities\u2019 credit ratings The Triple Bottom Line CMS Energy\u2019s and Consumers\u2019 purpose is to provide safe, reliable, affordable, clean, and equitable energy in service of their customers. In support of this purpose, CMS Energy and Consumers couple digital transformation with the \u201cCE Way,\u201d a lean operating system designed to improve safety, quality, cost, delivery, and employee morale. 56 Table of Contents CMS Energy and Consumers measure their progress toward the purpose by considering their impact on the \u201ctriple bottom line\u201d of people, planet, and prosperity; this consideration takes into account not only the economic value that CMS Energy and Consumers create for customers and investors, but also their responsibility to social and environmental goals. The triple bottom line balances the interests of employees, customers, suppliers, regulators, creditors, Michigan\u2019s residents, the investment community, and other stakeholders, and it reflects the broader societal impacts of CMS Energy\u2019s and Consumers\u2019 activities. CMS Energy\u2019s Sustainability Report, which is available to the public, describes CMS Energy\u2019s and Consumers\u2019 progress toward world class performance measured in the areas of people, planet, and prosperity. People: The people element of the triple bottom line represents CMS Energy\u2019s and Consumers\u2019 commitment to their employees, their customers, the residents of local communities in which they do business, and other stakeholders. The safety of co-workers, customers, and the general public is a priority of CMS Energy and Consumers. Accordingly, CMS Energy and Consumers have worked to integrate a set of safety principles into their business operations and culture. These principles include complying with applicable safety, health, and security regulations and implementing programs and processes aimed at continually improving safety and security conditions. CMS Energy and Consumers also place a high priority on customer value and on providing reliable, affordable, and equitable energy in service of their customers. Consumers\u2019 customer-driven investment program is aimed at improving safety and increasing electric and gas reliability. In the electric rate case it filed with the MPSC in June 2025, Consumers updated its Reliability Roadmap, a five\u2011year strate Item 1. Business General CMS Energy CMS Energy was formed as a corporation in Michigan in 1987 and is an energy company operating primarily in Michigan. It is the parent holding company of several subsidiaries, including Consumers, an electric and gas utility, and NorthStar Clean Energy, primarily a domestic independent power producer and marketer. Consumers\u2019 customer base consists of a mix of primarily residential, commercial, and diversified industrial customers. NorthStar Clean Energy, through its subsidiaries and equity investments, is engaged in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production. CMS Energy manages its businesses by the nature of services each provides, and operates principally in three business segments: electric utility; gas utility; and NorthStar Clean Energy, its non\u2011utility operations and investments. Consumers\u2019 consolidated operations account for the substantial majority of CMS Energy\u2019s total assets, income, and operating revenue. CMS Energy\u2019s consolidated operating revenue was $8.5 billion in 2025, and $7.5 billion in 2024 and 2023. For further information about operating revenue, income, and assets and liabilities attributable to all of CMS Energy\u2019s business segments and operations, see Item 8. Financial Statements and Supplementary Data\u2014CMS Energy Consolidated Financial Statements and Notes to the Consolidated Financial Statements. Consumers Consumers has served Michigan customers since 1886. Consumers was incorporated in Maine in 1910 and became a Michigan corporation in 1968. Consumers owns and operates electric generation and distribution facilities and gas transmission, storage, and distribution facilities. It provides electricity and/or natural gas to 6.8 million of Michigan\u2019s 10 million residents. Consumers\u2019 rates and certain other aspects of its business are subject to the jurisdiction of the MPSC and FERC, as well as Item 1A. Risk Factors CMS Energy and Consumers are exposed to a variety of factors, often beyond their control, that are difficult to predict and that involve uncertainties that may materially adversely affect CMS Energy\u2019s or Consumers\u2019 business, liquidity, financial condition, or results of operations. Additional risks and uncertainties not prese", "title": "CMS - CMS ENERGY CORP", "url": "/company/CMS/" }, { "kind": "company", "summary": "SIC 7371 Services-Computer Programming Services; CIK 0001058290; latest 10-K filed 2026-02-12.", "text": "CTSH - COGNIZANT TECHNOLOGY SOLUTIONS CORP SIC 7371 Services-Computer Programming Services; CIK 0001058290; latest 10-K filed 2026-02-12. CTSH COGNIZANT TECHNOLOGY SOLUTIONS CORP 0001058290 7371 Services-Computer Programming Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Executive Summary Cognizant is one of the world\u2019s leading professional services companies, engineering modern businesses and delivering strategic outcomes for our clients. We help clients modernize technology, reimagine processes and transform experiences so they can stay ahead in today's fast-changing world, where AI is reshaping organizations in every field. As an AI builder, we provide deep expertise at the intersection of industry and technology, combining our perspective with extensive knowledge of our clients' organizations to build industry-specific platforms and incorporate context into systems, AI models and custom solutions. We tailor our services and solutions to specific industries with an integrated global delivery model that employs client service and delivery teams based at client locations and dedicated global and regional delivery centers. Our services include consulting, application development, systems integration, quality engineering and assurance, engineering research and development, application maintenance, infrastructure and security as well as business process services and automation. 2025 Financial Results1 Revenues Income from Operations Operating Margin Diluted EPS [[GREPCENT_TABLE]] [[\"GAAP\",\"\",\"Adjusted1\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"GAAP\",\"\",\"Adjusted1\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"GAAP\",\"\",\"Adjusted1\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"Revenue up $1,372 million or 7.0% from 2024; an increase of 6.4% in constant currency1\",\"\",\"Income from Operations up $497 million or 17.2% from 2024 Adjusted Income from Operations1 up $301 million or 9.9% from 2024\",\"\",\"\",\"\",\"Operating margin up 140 basis points from 2024 Adjusted Operating Margin1 up 50 basis points from 2024\",\"\",\"\",\"\",\"Diluted EPS up $0.05 or 1.1% from 2024 Adjusted Diluted EPS1 up $0.53 or 11.2% from 2024\"]] [[/GREPCENT_TABLE]] During the year ended December 31, 2025, revenues increased by $1,372 million as compared to the year ended December 31, 2024, representing an increase of 7.0%, or 6.4% on a constant currency basis1. Our acquisition of Belcan contributed 260 basis points to revenue growth. Additionally, revenues were positively impacted by growth in our Health Sciences and Financial Services segments, partially offset by weakness in our Products and Resources (excluding the acquisition of Belcan) and Communications Media and Technology segments. Our operating margin and Adjusted Operating Margin1 increased to 16.1% and 15.8%, respectively, for the year ended December 31, 2025, from 14.7% and 15.3%, respectively, for the year ended December 31, 2024. Our 2025 GAAP and Adjusted Operating Margins were positively impacted by net savings generated from our NextGen program, operational efficiencies and the beneficial impact of foreign currency exchange rate movements, partially offset by increased compensation costs and the dilutive impact of the acquisition of Belcan. In addition, our GAAP operating margin for 2025 was positively impacted by 30 basis points, or $62 million, from the gain on sale of property and equipment, and our GAAP operating margin for 2024 was negatively impacted by NextGen charges, both of which were excluded from our Adjusted Operating Margin1. 1 Adjusted Income From Operations, Adjusted Operating Margin, Adjusted Diluted EPS and constant currency revenue growth are not measures of financial performance prepared in accordance with GAAP. See \u201cNon-GAAP Financial Measures\u201d for more information and reconciliations to the most directly comparable GAAP financial measures. [[GREPCENT_TABLE]] [[\"Cognizant\",\"28\",\"December 31, 2025 Form 10-K\"]] [[/GREPCENT_TABLE]] Table of Contents As a global professional services company, we compete on the basis of the knowledge, experience, insights, skills and talent of our employees and the Item 1. Business Overview Cognizant is one of the world\u2019s leading professional services companies, engineering modern businesses and delivering strategic outcomes for our clients. We help clients modernize technology, reimagine processes and transform experiences so they can stay ahead in today's fast-changing world, where AI is reshaping organizations in every field. As an AI builder, we provide deep expertise at the intersection of industry and technology, combining our perspective with extensive knowledge of our clients' organizations to build industry-specific platforms and incorporate context into systems, AI models and custom solutions. We tailor our services and solutions to specific industries with an integrated global delivery model that employs client service and delivery teams based at client locations and dedicated global and regional delivery centers. Our services include consulting, application development, systems integration, quality engineering and assurance, engineering research and development, application maintenance, infrastructure and security as well as business process services and automation. Our purpose, vision and values are central to Cognizant's strategic approach. Our values support our vision and enhance our ability to innovate and co-create with our clients. In order to achieve this vision and support our clients, we are focusing on accelerating growth, becoming an employer of choice and simplifying our operations through modernization and an AI-enabled IT roadmap. In executing our strategy, we seek to drive organic growth through investments in our digital and AI capabilities across industries and geographies, including the extensive training and reskilling of our technical teams and the expansion of our local workforces in the United States and other markets around the world. Additionally, we pursue select strategic acquisitions to expand our talent, experience and capabilities in key technologies or in particular geographies or Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. Before making an investment decision, you should carefully consider the risks described below in addition to the other information set forth in this Annual Report on Form 10-K, including \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial", "title": "CTSH - COGNIZANT TECHNOLOGY SOLUTIONS CORP", "url": "/company/CTSH/" }, { "kind": "company", "summary": "SIC 3827 Optical Instruments & Lenses; CIK 0000820318; latest 10-K filed 2025-08-15.", "text": "COHR - COHERENT CORP. SIC 3827 Optical Instruments & Lenses; CIK 0000820318; latest 10-K filed 2025-08-15. COHR COHERENT CORP. 0000820318 3827 Optical Instruments & Lenses Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is designed to provide a reader of Coherent\u2019s financial statements with a narrative from the perspective of management. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and related notes included under Item 8 of this annual report. Coherent\u2019s MD&A is presented in the following sections: \u2022Overview \u2022Trends and Other Matters Affecting our Business \u2022Critical Accounting Policies and Estimates \u2022Fiscal Year 2025 Compared to Fiscal Year 2024 \u2022Fiscal Year 2024 Compared to Fiscal Year 2023 \u2022Liquidity and Capital Resources \u2022Off Balance Sheet Arrangements Forward-looking statements in Item 7 may involve risks and uncertainties that could cause results to differ materially from those projected (refer to Item 1A for discussion of these risks and uncertainties). Overview For an overview of our business, see Part I - Item 1. Business - General Description of Business of this Annual Report on Form 10-K for further information. Trends and Other Matters Affecting our Business Industry Conditions Throughout fiscal 2025, we experienced stronger demand in our Communications market. The increase in the number of hyperscale and other cloud customers building AI datacenters and in the number and size of their AI datacenter buildouts drove demand for our datacenter transceivers. Strong demand for our new ZR/ZR+ transceiver products along with growing demand for traditional telecom transport products drove increased volumes for our telecom and other communications solutions. Additionally, within our Industrial market, we were able to grow our industrial lasers products and services revenue in the face of relatively weak overall industrial end demand. Our revenue growth in these portions of the Industrial market is a result of our focus on higher demand applications within the Industrial market, including display and semiconductor capital equipment. Restructuring Plans 2023 Plan On May 23, 2023, the Board of Directors approved the 2023 Plan which includes site consolidations, facilities moves and closures, as well as the relocation and requalification of certain manufacturing facilities. These restructuring actions were intended to realign our cost structure as part of a transformation to a simpler, more streamlined, resilient and sustainable business model. In fiscal 2025, these activities resulted in charges of $53 million, primarily for impairment losses associated with the sale of our Newton Aycliffe business, impairment of right-of-use (\u201cROU\u201d) assets, employee termination costs, site move costs and accelerated depreciation. In fiscal 2024, these activities resulted in charges of $27 million, primarily for accelerated depreciation, the write-off of property and equipment, and site move costs. In fiscal 2023, these activities resulted in $119 million of charges primarily for employee termination costs, and the write-off of property and equipment, net of $65 million from reimbursement arrangements. See Note 20. Restructuring Plans to the Company\u2019s Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for further information. 2025 Plan Commencing in the quarter ended March 31, 2025, and as part of the ongoing strategic review of the Company\u2019s business, the Company\u2019s management approved the 2025 Plan to take a number of restructuring actions, including site consolidations, facilities moves and closures, workforce reductions, contract terminations, and certain other associated cost reductions. In fiscal 2025, these activities resulted in $107 million of charges primarily for the write-off of property and equipment and ROU assets, employee and contract termination costs. We expect the restructuring Item 1. BUSINESS Definitions Coherent Corp. (\u201cCoherent,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d), is a vertically integrated manufacturing company that develops, manufactures, and markets lasers, transceivers, and other optical and optoelectronic devices, modules, and systems, as well as engineered materials, for use in the communications, industrial, instrumentation and electronics markets. Our headquarters are located at 375 Saxonburg Boulevard, Saxonburg, Pennsylvania 16056, USA. Our telephone number is +1-724-352-4455. Reference to \u201cCoherent,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d in this Annual Report on Form 10-K, unless the context requires otherwise, refers to Coherent Corp. and its wholly owned subsidiaries. The following defined terms are used in this Annual Report on Form 10-K: artificial intelligence (AI); artificial reality (AR); bismuth telluride (Bi2Te3); carbon dioxide (CO2); chemical vapor deposition (CVD); continuous wave (CW); co-packaged optics (CPO); datacenter interconnect (DCI); directly modulated laser (DML); deep ultraviolet (DUV); digital signal processor (DSP); edge-emitting laser (EEL); electron-absorption modulated laser (EML); environmental, social, and governance (ESG); extreme-ultraviolet (EUV) lithography; fifth-generation (5G) wireless; fourth-generation (4G) wireless; gallium arsenide (GaAs); gallium antimonide (GaSb), gallium nitride (GaN); gigabit per second (G); high-definition multimedia interface (HDMI); high-electron-mobility transistor (HEMT); indium phosphide (InP); infrared (IR); integrated circuit (IC); intellectual property (IP); kilowatt (kW); light detection and ranging (LiDAR); light-emitting diode (LED); liquid crystal (LC); liquid crystal on silicon (LCoS); machine learning (ML); metal-oxide-semiconductor field-effect transistor (MOSFET); millimeter (mm); nanometer (nm); near-infrared (NIR); optically pumped semiconductor laser (OPSL); organic light-emitting diode (OLED); original equipment manufacturer (OEM); Item 1A. RISK FACTORS The following are certain risk factors that could affect our business, results of operations, financial condition or cash flows. These risk factors should be considered along with any forward-looking statements contained in this Annual Report on Form 10-K, because these factors could cause our actual results or financial condition to differ m", "title": "COHR - COHERENT CORP.", "url": "/company/COHR/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001679788; latest 10-K filed 2026-02-12.", "text": "COIN - Coinbase Global, Inc. SIC 6199 Finance Services; CIK 0001679788; latest 10-K filed 2026-02-12. COIN Coinbase Global, Inc. 0001679788 6199 Finance Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and the accompanying notes thereto included elsewhere in this Annual Report on Form 10-K. The following discussion and analysis contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and those discussed in the section titled Risk Factors in Part I, Item 1A of this Annual Report on Form 10-K. Unless otherwise expressly stated or the context otherwise requires, references to \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cthe Company,\u201d and \u201cCoinbase\u201d refer to Coinbase Global, Inc. and its consolidated subsidiaries. For all narrative provided in this Item 7, two numbers presented consecutively represent figures for the year ended December 31, 2025 as compared to the year ended December 31, 2024, respectively, unless otherwise noted. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations for the year ended December 31, 2024 as compared to the year ended December 31, 2023 can be found in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission on February 13, 2025, which is incorporated by reference herein. Executive Overview This executive overview of Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations highlights selected information and does not contain all of the information that is important to readers of this Annual Report on Form 10-K. During 2025, we continued to make progress towards our mission by expanding access to trading through innovative derivative products, listing more spot assets, and expanding our offerings in markets globally. We completed the acquisition of Deribit in August, which we believe will play a key role in our goal to be the premier global platform for crypto derivatives, and we launched U.S. perpetual-style futures. Stablecoin adoption is accelerating. USDC reached an all-time high in market capitalization, as did USDC held in Coinbase products. We are scaling payments infrastructure, expanding distribution with new partnerships, and extending utility for everyday spending with the Coinbase One Card. For the year ended December 31, 2025, our net revenue was $6.9 billion, including $4.1 billion in transaction revenue and $2.8 billion in subscription and services revenue. For the year ended December 31, 2024, our net revenue was $6.3 billion, including $4.0 billion in transaction revenue and $2.3 billion in subscription and services revenue. For the year ended December 31, 2025, our net income was $1.3 billion and Adjusted EBITDA was $2.8 billion. For the year ended December 31, 2024, our net income was $2.6 billion and Adjusted EBITDA was $3.3 billion. For 2026, with growing regulatory clarity, we believe we are well-positioned to drive crypto\u2019s role in global GDP through the Everything Exchange and by advancing stablecoin adoption with USDC, including scaling payments. We are working to further grow assets on our platform, and in turn revenue, as customers discover and adopt more products where their assets already reside. Despite multiple Federal Funds Rate decreases in late 2024 and 2025, future interest rate decreases are not certain. If interest rates continue to decline, they may materially impact our subscription and services and other revenue. We plan to dynamically adjust our expense base in order to be responsive to market conditions and revenue opportunities, increasing or decreasing it as needed, especi ITEM 1. BUSINESS Coinbase Overview Our mission is to increase economic freedom in the world. We are working to update the century-old financial system by providing a trusted platform that makes it easy for our customers to engage with crypto assets. In December 2025, we took a major step forward to becoming the Everything Exchange\u2014dramatically expanding the assets available to trade on Coinbase, including stocks, commodity futures, perpetual futures, and prediction markets. Our goal is to create a comprehensive, seamless experience for retail users, institutions, and developers to engage in the future of finance. We differentiate ourselves from our competition with: \u2022Trust: We are deeply invested in building the most secure and compliant platform. We hold customer assets one-to-one at all times. \u2022Ease of use: We build easy-to-use products that our customers love. We obsess over quality and craft. We strive to make financial transactions easy. Our Business We offer products primarily to three customer groups: \u2022Consumers: Retail customers seeking to hold, invest or trade crypto assets, as well as a growing set of trading offerings such as equities, prediction markets, and derivatives. Consumers use Coinbase as a primary account for crypto-enabled financial services, and to engage onchain. \u2022Institutions: Businesses including market makers, asset managers, hedge funds, banks, wealth platforms, registered investment advisors, payment platforms, and public and private corporations. These customers use our products to custody and trade crypto or crypto derivatives. \u2022Developers: Businesses, including technology companies, financial institutions (such as banks, fintechs, and retail brokers), and payment firms. These customers leverage the Base Chain and Coinbase Developer Platform to build, and scale crypto-enabled products. Our platform serves as a secure and compliant on-ramp to the onchain economy and enables our customers to use their crypto assets in both fi ITEM 1A. RISK FACTORS Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Oper", "title": "COIN - Coinbase Global, Inc.", "url": "/company/COIN/" }, { "kind": "company", "summary": "SIC 2844 Perfumes, Cosmetics & Other Toilet Preparations; CIK 0000021665; latest 10-K filed 2026-02-23.", "text": "CL - COLGATE PALMOLIVE CO SIC 2844 Perfumes, Cosmetics & Other Toilet Preparations; CIK 0000021665; latest 10-K filed 2026-02-23. CL COLGATE PALMOLIVE CO 0000021665 2844 Perfumes, Cosmetics & Other Toilet Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Executive Overview Business Organization Colgate-Palmolive Company (together with its subsidiaries, \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany\u201d or \u201cColgate-Palmolive\u201d) is a caring, innovative growth company united behind our purpose to reimagine a healthier future for all people, their pets and our planet. To achieve our business and financial objectives and deliver peer-leading performance and total shareholder return, we are focused on driving organic sales growth; delivering consistent, compounded earnings per share growth; achieving operational efficiencies; and driving growth in free cash flow along with the efficient use of our balance sheet. We are tightly focused on two product segments: Oral, Personal and Home Care; and Pet Nutrition. Within these segments, we follow a closely defined business strategy to grow our key product categories and increase our overall market share. Within the categories in which we compete, we prioritize our efforts based on their capacity to maximize the use of the organization\u2019s core competencies and strong global equities and to deliver sustainable, profitable long-term growth. Operationally, we are organized along geographic lines with management teams having responsibility for the business and financial results in each region. We compete in more than 200 countries and territories worldwide with established businesses in all regions contributing to our sales and profitability. Approximately two-thirds of our Net sales are generated from markets outside the United States, with approximately 45% of our Net sales coming from emerging markets (which consist of Latin America, Asia (excluding Japan), Africa/Eurasia and Central Europe). This geographic diversity and balance help to reduce our exposure to business and other risks in any one country or part of the world. The Oral, Personal and Home Care product segment is managed geographically in five reportable operating segments: North America, Latin America, Europe, Asia Pacific and Africa/Eurasia, all of which sell primarily to a variety of retailers, wholesalers, distributors, dentists and, in some geographies, skin health professionals. Through Hill\u2019s Pet Nutrition, we also compete on a worldwide basis in the pet nutrition market, selling products principally through authorized pet supply retailers, veterinarians and eCommerce retailers. We also sell certain of our products direct-to-consumer. We are engaged in manufacturing and sourcing of products and materials on a global scale and have major manufacturing facilities, warehousing facilities and distribution centers in every region around the world. On an ongoing basis, management focuses on a variety of key indicators to monitor business health and performance. These indicators include net sales (including volume, pricing and foreign exchange components), organic sales growth (net sales growth excluding the impact of foreign exchange, acquisitions and divestments), a non-GAAP financial measure, and gross profit margin, selling, general and administrative expenses, operating profit, net income and earnings per share, in each case, on a GAAP and a non-GAAP basis, as well as measures used to optimize the management of working capital, capital expenditures, cash flow and return on capital. In addition, we review market share, household penetration and other data to assess how our brands are performing within their categories on a global and regional basis. The monitoring of these indicators and our Code of Conduct and corporate governance practices help to maintain business health and strong internal controls. For additional information regarding non-GAAP financial measures and the Company\u2019s use of market share data and the limitations of such data, see \u201cNon-GAAP Financial Measures\u201d and \u201cMarket Share Information\u201d below. Global Trade Relations Major developments in trade relations, including the im ITEM 1. BUSINESS General Development of the Business Colgate-Palmolive Company (together with its subsidiaries, \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany\u201d or \u201cColgate-Palmolive\u201d) is a caring, innovative growth company united behind our purpose to reimagine a healthier future for all people, their pets and our planet. To achieve our business and financial objectives and deliver peer-leading performance and total shareholder return, we are focused on driving organic sales growth; delivering consistent, compounded earnings per share growth; achieving operational efficiencies; and driving growth in free cash flow along with the efficient use of our balance sheet. We do this by leveraging the global reach and penetration of our brands; building the incremental benefit of superior, science-based innovation supported by an agile and resilient supply chain; harnessing the power of best-in-class omni-channel demand generation; leading in capabilities such as data, analytics and artificial intelligence (\u201cAI\u201d); and evolving our high-impact, inclusive culture. Our products are marketed in over 200 countries and territories throughout the world. Colgate-Palmolive was founded in 1806 and incorporated under the laws of the State of Delaware in 1923. For recent business developments and other information, refer to the information set forth under the captions \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u2013Executive Overview,\u201d \u201c\u2013 Outlook,\u201d \u201c\u2013Results of Operations\u201d and \u201c\u2013 Liquidity and Capital Resources\u201d in Part II, Item 7 of this report. Description of the Business We operate in two product segments: Oral, Personal and Home Care; and Pet Nutrition. We are a leader in Oral Care with global leadership in the toothpaste and manual toothbrush categories according to market share data. We sell our toothpastes under brands such as Colgate, Darlie, elmex, hello, meridol, Sorriso and Tom\u2019s of Maine, our toothbrushes under brands such as Colgate, Darlie, ITEM 1A. RISK FACTORS In addition to the risks described elsewhere in this report, set forth below is a summary of the material risks to an investment in our securities. These risks, some of which have occurred and/or are occurring and any of which could occur in the future, are not the only ones we ", "title": "CL - COLGATE PALMOLIVE CO", "url": "/company/CL/" }, { "kind": "company", "summary": "SIC 4841 Cable & Other Pay Television Services; CIK 0001166691; latest 10-K filed 2026-02-03.", "text": "CMCSA - COMCAST CORP SIC 4841 Cable & Other Pay Television Services; CIK 0001166691; latest 10-K filed 2026-02-03. CMCSA COMCAST CORP 0001166691 4841 Cable & Other Pay Television Services Item 7: Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s discussion and analysis of financial condition and results of operations is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and related notes (\u201cNotes\u201d) to enhance the understanding of our operations and our present business environment. For more information about our company\u2019s operations and the risks facing our businesses, see Item 1: Business and Item 1A: Risk Factors, respectively. Refer to Item 7: Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report on Form 10-K for management\u2019s discussion and analysis of our financial condition and results of operations for fiscal year 2024, including comparison to fiscal year 2023. Overview We are a global media and technology company with two primary businesses: Connectivity & Platforms and Content & Experiences. We present the operations of (1) our Connectivity & Platforms business in two segments: Residential Connectivity & Platforms and Business Services Connectivity; and (2) our Content & Experiences business in three segments: Media, Studios and Theme Parks. The discussion and analysis that follows includes the results of the cable television networks and complementary digital platforms included in Versant as the Separation did not occur until 2026. Refer to Note 16 for additional information. [[GREPCENT_TABLE]] [[\"Consolidated Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA(a)\"],[\"(in billions)\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"Revenue\",\"\",\"Net Income Attributable to Comcast Corporation\",\"\",\"Adjusted EBITDA\"]] [[/GREPCENT_TABLE]] (a)Adjusted EBITDA is a financial measure that is not defined by generally accepted accounting principles in the United States (\u201cGAAP\u201d). Refer to the \u201cNon-GAAP Financial Measures\u201d section on page 46 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA. Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA charts are not presented on the same scale. 2025 Revenue and Adjusted EBITDA Segment Contribution(a) [[GREPCENT_TABLE]] [[\"\",\"\",\"Revenue\",\"\",\"Adjusted EBITDA\"]] [[/GREPCENT_TABLE]] (a)Charts exclude the results of Content & Experiences Headquarters and Other, Corporate and Other, and eliminations. Refer to our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations for additional information. [[GREPCENT_TABLE]] [[\"Comcast 2025 Annual Report on Form 10-K\",\"32\"]] [[/GREPCENT_TABLE]] Table of Contents 2025 Developments [[GREPCENT_TABLE]] [[\"Connectivity & Platforms(a)\",\"Content & Experiences(a)(b)\"]] [[/GREPCENT_TABLE]] (a) Revenue and Adjusted EBITDA charts are not presented on the same scale. (b) Segment details in the charts exclude the results of Content & Experiences Headquarters and Other and Eliminations and therefore the amounts do not equal the total. [[GREPCENT_TABLE]] [[\"Residential Connectivity & Platforms\",\"\",\"Media\"],[\"\\u2022Revenue decreased due to decreases in video, other and advertising revenue, partially offset by increases in domestic wireless and international connectivity revenue.\\u2022Adjusted EBITDA decreased primarily due to a decrease in revenue and an increase in other costs and expenses, partially offset by a decrease in programming expenses. \\u2022Adjusted EBITDA margin decreased from 38.2% to 37.7%. Business Services Connectivity\\u2022Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers.\\u2022Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses.\\u2022Adjusted EBITDA margin decreased from 56.7% to 55.9%. Customer Metrics\\u2022Total customer relationships decrease Item 1: Business We are a global media and technology company that reaches customers, viewers and guests worldwide through the connectivity and platforms services we provide and the content and experiences we create. We deliver broadband, wireless, video and voice services primarily under the Xfinity, Comcast Business, Sky and NOW brands; produce, distribute and stream leading entertainment, sports and news through brands including NBC, Telemundo, Universal, Peacock and Sky; and own and operate Universal theme parks. We operate two primary businesses: \u2022Connectivity & Platforms: Contains our broadband, wireless, video and wireline voice businesses in the United States, United Kingdom and Italy (collectively, the \u201cConnectivity & Platforms markets\u201d). Also includes the operations of our Sky-branded entertainment television networks in the United Kingdom and Italy. Our Connectivity & Platforms business is reported in two segments, Residential Connectivity & Platforms and Business Services Connectivity. \u2022Content & Experiences: Contains our media and entertainment businesses that produce and distribute entertainment, sports, news and other content for global audiences and that own and operate theme parks and attractions in the United States and Asia. Our Content & Experiences business is reported in three segments, Media, Studios and Theme Parks. On January 2, 2026, we completed the previously announced separation of Versant Media Group, Inc. (\u201cVersant\u201d) into an independent, publicly traded company with its Class A common stock listed on The Nasdaq Stock Market under the ticker symbol \u201cVSNT\u201d (the \u201cSeparation\u201d). The Versant business is comprised of certain of our former cable television networks, including MS NOW (formerly MSNBC), CNBC, USA Network, Golf Channel, E!, SYFY and Oxygen, and complementary digital platforms, including GolfNow, Fandango, Rotten Tomatoes and SportsEngine. The Versant business was not operated as a distinct business unit or division of Comcas Item 1A: Risk Factors Risks Related to Our Business, Industry and Operations Our businesses operate in highly competitive and dynamic industries, and our businesses and results of operations could be adversely affected if we do not compete effectively. Our businesses operate in intensely competitive, consumer-driven, rapidly changi", "title": "CMCSA - COMCAST CORP", "url": "/company/CMCSA/" }, { "kind": "company", "summary": "SIC 1731 Electrical Work; CIK 0001035983; latest 10-K filed 2026-02-19.", "text": "FIX - COMFORT SYSTEMS USA INC SIC 1731 Electrical Work; CIK 0001035983; latest 10-K filed 2026-02-19. FIX COMFORT SYSTEMS USA INC 0001035983 1731 Electrical Work ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the Consolidated Financial Statements and related notes included elsewhere in this Annual Report on Form 10-K. Also see \u201cForward-Looking Statements\u201d discussion. 27 Table of Contents Introduction and Overview We are a national provider of comprehensive mechanical and electrical installation, renovation, maintenance, repair and replacement services within the mechanical and electrical services industries. We operate primarily in the commercial, industrial and institutional markets and perform most of our work in manufacturing, healthcare, education, office, technology, retail and government facilities. We operate our business in two business segments: mechanical and electrical. Nature and Economics of Our Business In our mechanical business segment, customers hire us to ensure heating, ventilation and air conditioning (\u201cHVAC\u201d) systems deliver specified or generally expected heating, cooling, conditioning and circulation of air in a facility. This entails installing core system equipment such as packaged heating and air conditioning units, or in the case of larger facilities, separate core components such as chillers, boilers, air handlers, and cooling towers. We also typically install connecting and distribution elements such as piping and ducting. In our electrical business segment, our principal business activity is electrical construction and engineering in the commercial and industrial fields. We also perform electrical logistics services and electrical service work. In both our mechanical and electrical business segments, our responsibilities usually require conforming the systems to pre-established engineering drawings and equipment and performance specifications, which we frequently participate in establishing. Our project management responsibilities include staging equipment and materials to project sites, deploying labor to perform the work, and coordinating with other service providers on the project, including any subcontractors we might use to deliver our portion of the work. Approximately 92.7% of our revenue is earned on a project basis for installation services in newly constructed facilities or for replacement of systems in existing facilities. When competing for project business, we usually estimate the costs we will incur on a project and then propose a bid to the customer that includes a contract price and other performance and payment terms. Our bid price and terms are intended to cover our estimated costs on the project and provide a profit margin to us commensurate with the value of the installed system to the customer, the risk that project costs or duration will vary from estimate, the schedule on which we will be paid, the opportunities for other work that we might forego by committing capacity to this project, and other costs that we incur to support our operations but which are not specific to the project. Typically, customers will seek pricing from competitors for a given project. While the criteria on which customers select a provider vary widely and include factors such as quality, technical expertise, on-time performance, post-project support and service, and company history and financial strength, we believe that price for value is the most influential factor for most customers in choosing a mechanical or electrical installation and service provider. After a customer accepts our bid, we generally enter into a contract with the customer that specifies what we will deliver on the project, what our related responsibilities are and how much and when we will be paid. Our overall price for the project is typically set at a fixed amount in the contract, although changes in project specifications or work conditions that result in unexpected additional work are usually subject to additional payment from the customer via what are co ITEM 1. Business Comfort Systems USA, Inc., a Delaware corporation, was established in 1997. We provide mechanical and electrical contracting services. Our mechanical segment principally includes heating, ventilation and air conditioning (\u201cHVAC\u201d), plumbing, piping and controls, as well as off-site construction, monitoring and fire protection. Our electrical segment includes installation and servicing of electrical systems. We build, install, maintain, repair and replace mechanical, electrical and plumbing (\u201cMEP\u201d) systems through our 50 operating units with 190 locations in 142 cities throughout the United States. We operate primarily in the commercial, industrial and institutional MEP markets and perform most of our services in manufacturing, healthcare, education, office, technology, retail and government facilities. Substantially all of our consolidated 2025 revenue was derived from commercial, industrial and institutional customers and multi-family residential projects. Approximately 63.2% of our revenue was attributable to installation services in newly constructed facilities and 36.8% was attributable to renovation, expansion, maintenance, repair and replacement services in existing buildings. Our consolidated 2025 revenue was derived from the following service industries: [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b \\u200b \\u200b\",\"Percentage of\"],[\"Service Activity\",\"\\u200b\",\"Revenue\"],[\"Mechanical Services\",\"\",\"73.3\",\"%\"],[\"Electrical Services\",\"\\u200b\",\"26.7\",\"%\"],[\"Total\",\"\",\"100.0\",\"%\"]] [[/GREPCENT_TABLE]] Industry Overview We believe that commercial, industrial, and institutional mechanical and electrical contracting generate annual revenue in the United States of approximately $700 billion. Mechanical and electrical systems are necessary to virtually all commercial, industrial and institutional buildings. Because most buildings are sealed, HVAC systems provide the primary method of circulating fresh air in such build ITEM 1A. Risk Factors Our business is subject to a variety of risks and uncertainties, including, but not limited to, the risks and uncertainties described below. You should carefully consider the risks described below, together with all other information included in this report, including information contained in the \u201cBusiness,\u201d \u201cManagement\u2019s Discus", "title": "FIX - COMFORT SYSTEMS USA INC", "url": "/company/FIX/" }, { "kind": "company", "summary": "SIC 2000 Food and Kindred Products; CIK 0000023217; latest 10-K filed 2025-07-10.", "text": "CAG - CONAGRA BRANDS INC. SIC 2000 Food and Kindred Products; CIK 0000023217; latest 10-K filed 2025-07-10. CAG CONAGRA BRANDS INC. 0000023217 2000 Food and Kindred Products ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis is intended to provide a summary of significant factors relevant to our financial performance and condition. The discussion and analysis should be read together with our consolidated financial statements and related notes in Item 8, Financial Statements and Supplementary Data. Results for the fiscal year ended May 25, 2025 are not necessarily indicative of results that may be attained in the future. FORWARD-LOOKING STATEMENTS The information contained in this report includes forward-looking statements within the meaning of the federal securities laws. Examples of forward-looking statements include statements regarding our expected future financial performance or position, results of operations, business strategy, plans and objectives of management for future operations, and other statements that are not historical facts. You can identify forward-looking statements by their use of forward-looking words, such as \u201cmay\u201d, \u201cwill\u201d, \u201canticipate\u201d, \u201cexpect\u201d, \u201cbelieve\u201d, \u201cestimate\u201d, \u201cintend\u201d, \u201cplan\u201d, \u201cshould\u201d, \u201cseek\u201d, or comparable terms. Readers of this report should understand that these forward-looking statements are not guarantees of performance or results. Forward-looking statements provide our current expectations and beliefs concerning future events and are subject to risks, uncertainties, and factors relating to our business and operations, all of which are difficult to predict and could cause our actual results to differ materially from the expectations expressed in or implied by such forward-looking statements. These risks, uncertainties, and factors include: risks associated with general economic and industry conditions, including inflation, reduced consumer confidence and spending, declining benefits or increased limitations under government food assistance programs for consumers, rising unemployment, recessions, increased energy costs, supply chain challenges, increased tariffs and taxes, labor cost increases or shortages, currency rate fluctuations, actual or threatened hostilities or war, and or other geopolitical conflicts; risks related to the availability and prices of commodities and other supply chain resources, including raw materials, packaging, energy, and transportation, weather conditions, health pandemics or outbreaks of disease, or other geopolitical uncertainty; disruptions or inefficiencies in our supply chain and/or operations; risks related to the effectiveness of our hedging activities and ability to respond to volatility in commodities; risks related to the ultimate impact of, including reputational harm caused by, any product recalls and product liability or labeling litigation, including litigation related to lead-based paint and pigment and cooking spray; risks related to our ability to execute operating and value creation plans and achieve returns on our investments and targeted operating efficiencies from cost-saving initiatives, and to benefit from trade optimization programs; risks related to our ability to deleverage on currently anticipated timelines, and to continue to access capital on acceptable terms or at all; risks related to the Company\u2019s competitive environment, cost structure, and related market conditions; risks related to our ability to respond to changing consumer preferences including health and wellness perceptions and the success of our innovation and marketing investments; risks associated with actions by our customers, including changes in distribution and purchasing terms; risks related to the seasonality of our business; risks associated with our contract manufacturing arrangements and other third-party service provider dependencies; risks associated with actions of governments and regulatory bodies that affect our businesses, including the ultimate impact of new or revised regulations or interpretations including to address climate change; risk ITEM 1. BUSINESS General Development of Business Conagra Brands, Inc. (the \u201cCompany\u201d, \u201cConagra Brands\u201d, \u201cwe\u201d, \u201cus\u201d, or \u201cour\u201d), headquartered in Chicago, is one of North America\u2019s leading branded food companies. We combine a 100-year history of making quality food with agility and a relentless focus on collaboration and innovation. The company\u2019s portfolio is continuously evolving to satisfy consumers\u2019 ever-changing food preferences. Conagra\u2019s brands include Birds Eye\u00ae, Duncan Hines\u00ae, Healthy Choice\u00ae, Marie Callender\u2019s\u00ae, Reddi-wip\u00ae, Slim Jim\u00ae, Angie\u2019s\u00ae BOOMCHICKAPOP\u00ae, and many more. We began as a Midwestern flour-milling company and entered other commodity-based businesses throughout our history. We were initially incorporated as a Nebraska corporation in 1919 and reincorporated as a Delaware corporation in 1976. Over time, we transformed into the branded, pure-play consumer packaged goods food company we are today. Growing our food businesses has also been fueled by innovation, organic growth of our brands, and expansion into adjacent categories, including through acquisitions. We are focused on delivering sustainable, profitable growth with strong and improving returns on our invested capital. Narrative Description of Business We compete throughout the food industry and focus on adding value for our customers who operate in the retail food and foodservice channels. Our operations, including our reporting segments, are described below. Our locations, including manufacturing facilities, within each reporting segment, are described in Item 2, Properties. Reporting Segments Our reporting segments are as follows: Grocery & Snacks The Grocery & Snacks reporting segment principally includes branded, shelf-stable food products sold in various retail channels in the United States. Refrigerated & Frozen The Refrigerated & Frozen reporting segment principally includes branded, temperature-controlled food products sold in various retail channels in the United States ITEM 1A. RISK FACTORS Our business is subject to various risks and uncertainties. Any of the risks and uncertainties described below could materially adversely affect our business, financial condition, and results of operations and should be considered in evaluating us. Although the risks are organized by headings and each risk is describ", "title": "CAG - CONAGRA BRANDS INC.", "url": "/company/CAG/" }, { "kind": "company", "summary": "SIC 2911 Petroleum Refining; CIK 0001163165; latest 10-K filed 2026-02-17.", "text": "COP - CONOCOPHILLIPS SIC 2911 Petroleum Refining; CIK 0001163165; latest 10-K filed 2026-02-17. COP CONOCOPHILLIPS 0001163165 2911 Petroleum Refining Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s Discussion and Analysis is the company\u2019s analysis of its financial performance and of significant trends and uncertainties that may affect future performance. It should be read in conjunction with the financial statements and notes, and supplemental oil and gas disclosures included elsewhere in this report. It contains forward-looking statements including, without limitation, statements relating to the company\u2019s plans, strategies, objectives, expectations and intentions that are made pursuant to the \u201csafe harbor\u201d provisions of the Private Securities Litigation Reform Act of 1995. The words \u201cambition,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cbudget,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201ceffort,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cforecast,\u201d \u201cgoal,\u201d \u201cguidance,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cobjective,\u201d \u201coutlook,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201cpredict,\u201d \u201cprojection,\u201d \u201cseek,\u201d \u201cshould,\u201d \u201ctarget,\u201d \u201cwill,\u201d \u201cwould\u201d and similar expressions identify forward-looking statements. The company does not undertake to update, revise or correct any of the forward-looking information unless required to do so under the federal securities laws. Readers are cautioned that such forward-looking statements should be read in conjunction with the company\u2019s disclosures under the heading: \u201cCAUTIONARY STATEMENT FOR THE PURPOSES OF THE \u2018SAFE HARBOR\u2019 PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995,\u201d beginning on page 62. The terms \u201cearnings\u201d and \u201closs\u201d as used in Management\u2019s Discussion and Analysis refer to net income (loss). Business Environment and Executive Overview ConocoPhillips is one of the world\u2019s leading E&P companies, based on both production and reserves, with operations and activities in 14 countries. Our diverse, low cost of supply portfolio includes resource-rich unconventional plays in North America; conventional assets in North America, Europe, Africa and Asia; global LNG developments; oil sands in Canada; and an inventory of global exploration prospects. Headquartered in Houston, Texas, at December 31, 2025, we employed approximately 9,900 people worldwide and had total assets of $122 billion. Overview At ConocoPhillips, we anticipate that commodity prices will continue to be cyclical and volatile, and our view is that a successful business strategy in the E&P industry must be resilient in lower price environments while also retaining upside during periods of higher prices. As such, we are unhedged, remain committed to our disciplined investment framework and continually monitor market fundamentals, including the impacts associated with geopolitical tensions and conflicts, global demand for our products, oil and gas inventory levels, governmental policies, inflation and supply chain disruptions. Throughout 2025, the price of crude oil has been volatile due to multiple macroeconomic and geopolitical forces which slowed global oil demand growth concurrent with higher oil production from OPEC Plus and other major oil producing countries. We continue to closely monitor the macroeconomic environment, including any impacts from tariffs, and the ongoing market volatility in the energy landscape and across global markets for implications to our business, results of operations and financial condition. As the global energy industry continues to evolve, we remain committed to creating long-term value for our stockholders. We believe ConocoPhillips plays an essential role in responsibly meeting the global demand for energy, while continuing to deliver competitive returns on and of capital and working to meet our previously established emissions-reduction targets. Our value proposition to deliver competitive returns to stockholders through price cycles is guided by our foundational principles, which consist of maintaining balance sheet strength, providing peer-leading distributions, making disciplined investments, and demonstrating responsible and reliable ESG performance. Tota Item 1A. Risk Factors You should carefully consider the following risk factors in addition to the other information included in this Annual Report on Form 10-K. These risk factors are not the only risks we face. Our business could also be affected by additional risks and uncertainties not currently known to us or that we currently consider to be immaterial. If any of these risks or other risks that are yet unknown or currently considered immaterial were to occur, our business, operating results and financial condition, as well as the value of an investment in our common stock, could be materially and adversely affected. Risks Related to Our Industry Our operating results, our ability to execute on our strategy and the carrying value of our assets are exposed to the effects of volatile commodity prices or prolonged periods of low commodity prices. Among the most significant factors impacting our revenues, operating results and future rate of growth are the sales prices for crude oil, bitumen, LNG, natural gas and NGLs. These prices are tied to market prices that can fluctuate widely due to factors beyond our control. For example, over the course of 2025, WTI crude oil prices ranged from a high of $80 per barrel in January to a low of $55 per barrel in December. Given the volatility in the drivers of commodity prices and our associated realizations, the worldwide political and economic environment, including potential economic slowdowns or recessions, unexpected shocks to supply and demand, or increased uncertainty generated by armed hostilities and geopolitical tension and escalations in various oil-producing regions around the globe, prices for crude oil, bitumen, LNG, natural gas and NGLs may continue to be volatile. Prolonged periods of low commodity prices could have a material adverse effect on our revenues, operating income, cash flows and liquidity, and may also affect the amount of dividends we elect to declare and pay on our common stock and the amount", "title": "COP - CONOCOPHILLIPS", "url": "/company/COP/" }, { "kind": "company", "summary": "SIC 4931 Electric & Other Services Combined; CIK 0001047862; latest 10-K filed 2026-02-19.", "text": "ED - CONSOLIDATED EDISON INC SIC 4931 Electric & Other Services Combined; CIK 0001047862; latest 10-K filed 2026-02-19. ED CONSOLIDATED EDISON INC 0001047862 4931 Electric & Other Services Combined Item 7: Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This combined management\u2019s discussion and analysis of financial condition and results of operations (MD&A) relates to the consolidated financial statements included in this report of two separate registrants: Con Edison and CECONY, and should be read in conjunction with the financial statements and the notes thereto. As used in this report, the term the \u201cCompanies\u201d refers to Con Edison and CECONY. CECONY is a subsidiary of Con Edison and, as such, information in this management\u2019s discussion and analysis about CECONY applies to Con Edison. This combined MD&A generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. For discussions of 2023 items and year-to-year comparisons between 2024 and 2023, see \u201cItem 7: Management's Discussion and Analysis of Financial Condition and Results of Operations,\u201d in Con Edison\u2019s and CECONY\u2019s combined Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 20, 2025. Information in any item of this report referred to in this discussion and analysis is incorporated by reference herein. The use of terms such as \u201csee\u201d or \u201crefer to\u201d shall be deemed to incorporate by reference into this discussion and analysis the information to which reference is made. Corporate Overview Con Edison\u2019s principal business operations are those of the Utilities and Con Edison Transmission. CECONY is a regulated utility that provides electric service in New York City and New York's Westchester County, gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan. O&R is a regulated utility serving customers in a 1,300-square-mile-area in southeastern New York State and northern New Jersey. Con Edison Transmission, a regulated company primarily under the oversight of the Federal Energy Regulatory Commission (FERC), develops and invests in electric transmission projects and owns, through joint ventures, both electric and gas assets. Con Edison Transmission and CECONY are considering strategic alternatives with respect to their investments in Honeoye. See \u201cCon Edison Transmission\u201d in Item 1. In addition to the risks and uncertainties described in Item 1A and the Companies\u2019 material contingencies described in Notes B, G and H to the financial statements in Item 8, the Companies\u2019 management considers the following events, trends, and uncertainties to be important to understanding the Companies\u2019 current and future financial condition. Aged Accounts Receivable Balances At December 31, 2025, CECONY\u2019s and O&R\u2019s customer accounts receivables balances of $2,970 million and $120 million, respectively, included aged accounts receivables (balances outstanding in excess of 60 days) of $1,427 million and $27 million, respectively. At December 31, 2024, CECONY\u2019s and O&R\u2019s customer accounts receivables balances of $2,947 million and $113 million, respectively, included aged accounts receivables (balances outstanding in excess of 60 days) of $1,652 million and $32 million, respectively. In comparison, CECONY\u2019s and O&R\u2019s customer accounts receivable balances at February 28, 2020 were $1,322 million and $89 million, respectively, including aged accounts receivables (balances outstanding in excess of 60 days) of $408 million and $15 million, respectively. Prior to the start of the COVID-19 pandemic, the Utilities\u2019 practice was to write off customer accounts receivables as uncollectible 90 days after the account is disconnected for non-payment or the account is closed during the collection process. In general, the Utilities suspended collection activities and service disconnections during the COVID-19 pandemic and have since resumed such activities. CECONY\u2019s rate plans for the three-year period January 2023 through December 2025 included reconciliation of late payment charges (from January 1, 2023 through December 31, 2025 Item 1: Business [[GREPCENT_TABLE]] [[\"Contents of Item 1\",\"Page\"],[\"Overview\",\"15\"],[\"CECONY\",\"15\"],[\"Electric\",\"15\"],[\"Gas\",\"15\"],[\"Steam\",\"15\"],[\"O&R\",\"16\"],[\"Electric\",\"16\"],[\"Gas\",\"16\"],[\"Con Edison Transmission\",\"16\"],[\"Utility Regulation\",\"16\"],[\"State Utility Regulation\",\"16\"],[\"Regulators\",\"16\"],[\"New York Utility Industry\",\"16\"],[\"Rate Plans\",\"17\"],[\"Liability for Service Interruptions\",\"17\"],[\"Generic Proceedings\",\"18\"],[\"Federal Regulation\",\"18\"],[\"Federal Energy Regulatory Commission (FERC)\",\"18\"],[\"New York Independent System Operator (NYISO)\",\"19\"],[\"Cyber Regulation\",\"19\"],[\"Competition\",\"19\"],[\"The Utilities\",\"20\"],[\"CECONY\",\"20\"],[\"Electric Operations\",\"20\"],[\"Electric Facilities\",\"20\"],[\"Electric Sales and Deliveries\",\"21\"],[\"Electric Peak Demand\",\"22\"],[\"Electric Supply\",\"22\"],[\"Electric Reliability Needs\",\"22\"],[\"Gas Operations\",\"23\"],[\"Gas Facilities\",\"23\"],[\"Gas Sales and Deliveries\",\"23\"],[\"Gas Peak Demand\",\"24\"],[\"Gas Supply\",\"24\"],[\"Steam Operations\",\"24\"],[\"Steam Facilities\",\"24\"],[\"Steam Sales and Deliveries\",\"25\"],[\"Steam Peak Demand and Capacity\",\"25\"],[\"Steam Supply\",\"25\"],[\"O&R\",\"25\"],[\"Electric Operations\",\"25\"],[\"Electric Facilities\",\"25\"],[\"Electric Sales and Deliveries\",\"25\"],[\"Electric Peak Demand\",\"26\"],[\"Electric Supply\",\"26\"],[\"Gas Operations\",\"27\"],[\"Gas Facilities\",\"27\"],[\"Gas Sales and Deliveries\",\"27\"],[\"Gas Peak Demand\",\"27\"],[\"Gas Supply\",\"28\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"CON EDISON ANNUAL REPORT 2025\",\"13\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"Contents of Item 1\",\"Page\"],[\"Con Edison Transmission\",\"28\"],[\"Electric\",\"28\"],[\"Gas\",\"28\"],[\"Capital Requirements and Resources\",\"28\"],[\"Energy Affordability Programs\",\"33\"],[\"Environmental Matters\",\"33\"],[\"Clean Energy Future\",\"33\"],[\"Climate Change\",\"36\"],[\"Environmental Sustainability\",\"37\"],[\"CECONY\",\"38\"],[\"O&R\",\"40\"],[\"Other Federal, State and Local Environmental Provisions\",\"41\"],[\"State Anti-Takeover Law\",\"42\"],[\"Human Capital\",\"42\"]] [[/GREPCEN Item 1A: Risk Factors Information in any item of this report as to which reference is made in this Item 1A is incorporated by reference herein. The use of such terms as \u201csee\u201d or \u201crefer to\u201d shall be deemed to incorporate at the place such term is used the information to which such reference is made. The Companies\u2019 busi", "title": "ED - CONSOLIDATED EDISON INC", "url": "/company/ED/" }, { "kind": "company", "summary": "SIC 2080 Beverages; CIK 0000016918; latest 10-K filed 2026-04-22.", "text": "STZ - CONSTELLATION BRANDS, INC. SIC 2080 Beverages; CIK 0000016918; latest 10-K filed 2026-04-22. STZ CONSTELLATION BRANDS, INC. 0000016918 2080 Beverages ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS INTRODUCTION We have elected to omit discussion on the earliest of the three years covered by the consolidated financial statements presented. Refer to Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and \u201cLiquidity and Capital Resources\u201d located in our Form 10-K for the fiscal year ended February 28, 2025, filed on April 23, 2025, for reference to discussion of the fiscal year ended February 29, 2024, the earliest of the three fiscal years presented. This MD&A, which should be read in conjunction with our Financial Statements, is organized as follows: Overview This section provides a general description of our business and brief descriptions of Fiscal 2025 goodwill and trademarks impairments, which we believe is important in understanding the results of our operations, financial condition, and potential future trends. Strategy This section provides a description of our strategy, including our 2025 Restructuring Initiative, and significant divestitures, acquisitions, and investments. Results of operations This section provides an analysis of our results of operations presented on a business segment basis. In addition, a brief description of significant transactions and other items that affect the comparability of the results is provided. Liquidity and capital resources This section provides an analysis of our cash flows, outstanding debt, liquidity position, and commitments. Included in the analysis of outstanding debt is a discussion of the financial capacity available to fund our on-going operations and future commitments, as well as a discussion of other financing arrangements. Critical accounting policies and estimates This section identifies accounting policies that are considered important to our results of operations and financial condition, require significant judgment, and involve significant management estimates. Our significant accounting policies, including those considered to be critical accounting policies, are summarized in Note 1. OVERVIEW Our internal management financial reporting consists of two business divisions: (i) Beer and (ii) Wine and Spirits and we report our operating results in three segments: (i) Beer, (ii) Wine and Spirits, and (iii) Corporate Operations and Other. In the Beer segment, our portfolio consists of high-end imported beer brands and ABAs. We have an exclusive perpetual brand license to produce our beer portfolio and to import, market, and sell such portfolio in the U.S. In the Wine and Spirits segment, we sell a portfolio comprised of exclusively higher-end wine and spirits brands. Amounts included in the Corporate Operations and Other segment consist of costs of corporate communications, corporate development, corporate finance, corporate strategy, executive management, human resources, internal audit, investor relations, IT, legal, and public affairs, as well as our investments such as those made through our corporate venture capital function. All costs included in the Corporate Operations and Other segment are general costs that are applicable to the consolidated group and are, therefore, not allocated to the other reportable segments. All costs reported within the Corporate Operations and Other segment are not included in our CODM\u2019s evaluation of the operating income (loss) performance of the other reportable segments. The business segments reflect how our operations are managed, how resources are allocated, how operating performance is evaluated by senior management, and the structure of our internal financial reporting. [[GREPCENT_TABLE]] [[\"Constellation Brands, Inc. FY 2026 Form 10-K\",\"#WORTHREACHINGFOR I 34\"]] [[/GREPCENT_TABLE]] PART II ITEM 7. MD&A Table of Contents Goodwill impairment In connection with continued negative trends within our Wine and Spirits business primarily attributable to our U.S. wholesale market, ITEM 1. BUSINESS INTRODUCTION We are an international producer and marketer of beer, wine, and spirits with operations in the U.S., Mexico, New Zealand, and Italy with powerful, consumer-connected, high-quality brands like Modelo Especial, Corona Extra, Pacifico, Victoria, Kim Crawford, Ruffino, The Prisoner Wine Company, Robert Mondavi Winery, Mi CAMPO, and High West. In the U.S., we are one of the top dollar share gainers among beverage alcohol suppliers. We are also the second-largest beer company and have the #1 beer brand, Modelo Especial, in dollar sales in the U.S. We continued to strengthen our leadership position in the U.S. beer market as the #1 dollar share gainer in the overall U.S. beer market, and the #2 dollar share gainer in the high-end. Within wine and spirits, we have implemented a multi-year strategy that repositioned this business to a portfolio of exclusively higher-end brands that we believe is positioned for long-term growth, aligned to our focus on consumer-led premiumization trends, and we continue to progressively expand our supply channels through DTC and international markets. The strength of our brands makes us a supplier of choice to many of our consumers and our Customers, which include wholesale distributors and retailers. We conduct our business through entities we wholly own as well as through a variety of joint ventures and other entities. Our mission is to build brands that people love because we believe elevating human connections is Worth Reaching For. It is worth our dedication, hard work, and calculated risks to anticipate market trends and deliver more for our consumers, stockholders, employees, and industry. Headquartered in Rochester, New York, we are a Delaware corporation incorporated in 1972, as the successor to a business founded in 1945. STRATEGY Our overall strategic vision is to consistently deliver industry-leading total stockholder returns over the long-term through a focus on these key pillars: \u2022continue t ITEM 1A. RISK FACTORS In addition to information discussed elsewhere in this Form 10-K, you should carefully consider the following factors, as well as additional factors not presently known to us or that we currently deem to be immaterial, which reflect our beliefs and opinions as to factors that could materially and adversely affect our business, liquidity, finan", "title": "STZ - CONSTELLATION BRANDS, INC.", "url": "/company/STZ/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0001868275; latest 10-K filed 2026-02-24.", "text": "CEG - Constellation Energy Corp SIC 4911 Electric Services; CIK 0001868275; latest 10-K filed 2026-02-24. CEG Constellation Energy Corp 0001868275 4911 Electric Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars in millions, unless otherwise noted) Executive Overview We are the nation's largest producer of clean energy and a leading supplier of energy products and services. Our generating capacity includes primarily nuclear, wind, solar, natural gas, and hydroelectric assets. Through our integrated business operations, we sell electricity, natural gas, and other energy-related products and sustainable solutions to various types of customers, including distribution utilities, municipalities, cooperatives, and commercial, industrial, public sector, and residential customers in markets across multiple geographic regions. We have five reportable segments: Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations summarizes results for the year ended December 31, 2025 compared to the year ended December 31, 2024. For discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, refer to ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS in the 2024 Form 10-K, which was filed with the SEC on February 18, 2025. Significant Transactions and Developments Acquisition of Calpine Corporation On January 7, 2026, we acquired 100% of the outstanding equity of Calpine for a purchase price of approximately $22 billion. The merger consideration consisted of 50 million newly issued shares of our common stock, no par value, and approximately $4.5 billion in cash on hand. After considering divestitures connected with certain regulatory approvals, Calpine owns and operates a generation fleet of natural gas, geothermal, battery storage, and solar assets with approximately 23 GWs of generation capacity, in addition to a competitive retail electric supplier platform serving approximately 62 TWhs of load annually. This acquisition is complementary to, and aligns strategically with, our existing business operations and provides both increased scale and meaningful market diversification. The merger couples the largest producer of clean, emissions-free energy with the reliable, dispatchable natural gas assets of Calpine, and also creates the nation\u2019s leading competitive retail electric supplier, providing increased scale, diversification and complementary capabilities that enable us to meet growing demand with a broader array of energy and sustainability products. The addition of Calpine strengthens our essential role in providing clean, reliable energy as the nation seeks to transition to a more sustainable future, and will better position us to pursue investments in new and existing technologies to meet growing demand. See Note 2 \u2014 Mergers, Acquisitions, and Dispositions and Note 16 \u2014 Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information. Crane Clean Energy Center In 2024, we announced the restart of Three Mile Island Unit 1, renamed as the Crane Clean Energy Center. The restart is supported by a 20-year PPA with Microsoft to purchase the output generated from the renewed plant. The restart of the plant and delivery of electricity under the PPA is subject to certain regulatory approvals, including the NRC comprehensive safety and environmental review, as well as permits from relevant state and local agencies. In November 2025, the DOE Office of Energy Dominance Financing issued a guarantee for up to $1.0 billion for an unsecured loan from the Federal Financing Bank to support the restart of the Crane Clean Energy Center. The loan will mature in October 2055. Interest rates on the loan will be fixed upon each advance at a spread of 37.5 basis points above U.S. Treasuries of comparable maturity. Cash from operations will fund the remaining capital expenditures. 52 Table of Contents Conowingo Hydroelectric Project ITEM 1. BUSINESS General On February 21, 2021, the Board of Directors of Exelon authorized management to pursue a plan to separate its competitive generation and customer-facing energy businesses, conducted through Constellation and its subsidiaries, into an independent, publicly traded company. CEG Parent, a Pennsylvania corporation and a direct, wholly owned subsidiary of Exelon, was newly formed for the purpose of separation and had not engaged in any activities except in preparation for the distribution. On February 1, 2022, Exelon completed the separation by distributing all the outstanding shares of the Company\u2019s common stock, on a pro rata basis to the holders of Exelon\u2019s common stock, with the Company holding all the interests in Constellation previously held by Exelon (the \u201cSeparation\u201d). As of 2002, Constellation has been an individual registrant concurrent with the registration of its public debt under the Securities Act. As an individual registrant, Constellation has historically filed consolidated financial statements to reflect their financial position and operating results as a stand-alone, wholly owned subsidiary of Exelon. Unless otherwise indicated or the context otherwise requires, references herein to the terms \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d and \u201cthe Company\u201d refer collectively to CEG Parent and Constellation. See Glossary for defined terms. On January 7, 2026, Constellation acquired all of the outstanding equity interests of Calpine in a cash and stock transaction. Unless otherwise noted, information in this Form 10-K excludes Calpine. For further information regarding the transaction, refer to Note 2 \u2014 Mergers, Acquisitions, and Dispositions of the Combined Notes to Consolidated Financial Statements. Our Business Following the merger with Calpine in January 2026, we are the largest private-sector power producer in the world and the nation\u2019s largest producer of clean and reliable energy. With 55 GWs of capacity from nuclear, natural gas, geothermal, hyd ITEM 1A. RISK FACTORS We operate in a complex market and regulatory environment that involves significant risks, many of which are beyond our direct control. Such risks, which could negatively affect our results of operations or financial condition, fall primarily under the categories below: Risks related to market and financial factors primarily", "title": "CEG - Constellation Energy Corp", "url": "/company/CEG/" }, { "kind": "company", "summary": "SIC 3851 Ophthalmic Goods; CIK 0000711404; latest 10-K filed 2025-12-05.", "text": "COO - COOPER COMPANIES, INC. SIC 3851 Ophthalmic Goods; CIK 0000711404; latest 10-K filed 2025-12-05. COO COOPER COMPANIES, INC. 0000711404 3851 Ophthalmic Goods Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Note numbers refer to \u201cNotes to Consolidated Financial Statements\u201d in Item 8. Financial Statements and Supplementary Data. Results of Operations In this section, we discuss the results of our operations for fiscal 2025 compared with fiscal 2024. We discuss our cash flows and current financial condition under \u201cCapital Resources and Liquidity.\u201d For a discussion related to fiscal 2024 compared with fiscal 2023, please refer to Item 7 of Part II, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended October 31, 2024, which was filed with the SEC on December 6, 2024, and is available on the SEC's website at www.sec.gov and our Investor Relations website at investor.coopercos.com. Within the tables presented, percentages are calculated based on the underlying whole-dollar amounts and, therefore, may not recalculate exactly from the rounded numbers used for disclosure purposes. Outlook We are optimistic about the long-term prospects for the worldwide contact lens and general health care markets, and the resilience of and growth prospects for our businesses and products. However, we face significant risks and uncertainties in our global operating environment as further described in the \u201cRisk Factors\u201d section in Part I, Item 1A of this filing. These risks include uncertain global and regional business, political and economic conditions, including but not limited to those associated with man-made or natural disasters, pandemic conditions, inflation, foreign exchange rate fluctuations, regulatory developments, supply chain disruptions, and escalating global trade barriers and disruptions, such as the impact of tariffs. These risks and uncertainties have adversely affected our sales, cash flow and performance in the past and could further adversely affect our future sales, cash flow and performance. CooperVision - We compete in the worldwide contact lens market with our spherical, toric, multifocal and toric multifocal contact lenses offered in materials like silicone hydrogel Aquaform technology. We believe that there will be lower contact lens wearer dropout rates as technology improves and enhances the wearing experience through a combination of improved designs and materials and the growth of preferred modalities such as single-use and monthly wearing options. CooperVision also competes in the myopia management and specialty eye care contact lens markets with myopia management contact lenses using its ActivControl technology and with products such as orthokeratology (ortho-k) and scleral lenses. CooperVision has FDA approval for its MiSight 1 day lens, which is the first and only FDA-approved product indicated to slow the progression of myopia in children with treatment initiated between the ages of 8-12. Further, CooperVision received Chinese NMPA approval for use of the MiSight 1 day lens in China and received MHLW approval for use of the MiSight 1 day lens in Japan. CooperVision is focused on greater worldwide market penetration using recently introduced products, and we continue to expand our presence in existing and emerging markets, including through acquisitions. Our ability to compete successfully with a full range of silicone hydrogel products is an important factor to achieving our desired future levels of sales growth and profitability. CooperVision manufactures and markets a wide variety of silicone hydrogel contact lenses. Our single-use silicone hydrogel product franchises, clariti, MyDay and MyDay Energys remain a focus as we expect increasing demand for these products, as well as future single-use products, as the global contact lens market continues to shift to this modality. Outside of single-use, the Biofinity and Avaira Vitality product families comprise our focus in the FRP, or frequent replacement product, market which encompa Item 1. Business. OVERVIEW The Cooper Companies, Inc. (Cooper, we or the Company), is a leading global medical device company focused on helping people experience life's beautiful moments. Headquartered in San Ramon, California, Cooper sells products in over 130 countries and positively impacts over fifty million lives each year. Cooper operates through two business segments, CooperVision and CooperSurgical. Our two business segments elevate standards of care with products and services in the fields of vision, fertility and women\u2019s health. For financial information relating to these business segments, refer to Note 12. Business Segment Information in Item 8. Financial Statements and Supplementary Data of this Annual Report. CooperVision is a global manufacturer providing products for contact lens wearers. CooperVision develops, manufactures and markets a broad range of single-use, two-week and monthly contact lenses, featuring advanced materials and optics. CooperVision designs its products to address vision challenges such as astigmatism, presbyopia and myopia with a broad collection of spherical, toric and multifocal contact lenses. CooperVision offers contact lenses in materials like silicone hydrogel Aquaform technology. CooperVision also manufactures and markets myopia management products, including the internally developed MiSight 1 day lens, as well as other specialty eyecare products such as orthokeratology (ortho-k) and scleral lenses. In November 2019, the MiSight 1 day contact lens became the first and only product approved by the United States Food and Drug Administration (FDA) for slowing the progression of myopia in children aged 8-12 at the initiation of treatment. CooperVision received approval for use of the MiSight 1 day lens in China from Chinese National Medical Products Administration (NMPA) in August 2021 and in Japan from the Japanese Ministry of Health, Labour and Welfare (MHLW) in August 2025. CooperVision\u2019s major manufacturing and distr Item 1A. Risk Factors. Our business faces significant risks. These risks include those described below and may include additional risks and uncertainties not presently known to us or that we currently deem immaterial. Our business, financial condition and results of operations could be materially adversely affected by any of these risks, and the ", "title": "COO - COOPER COMPANIES, INC.", "url": "/company/COO/" }, { "kind": "company", "summary": "SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0000900075; latest 10-K filed 2025-09-26.", "text": "CPRT - COPART INC SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0000900075; latest 10-K filed 2025-09-26. CPRT COPART INC 0000900075 5500 Retail-Auto Dealers & Gasoline Stations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following is a discussion and analysis of our financial condition and results of operations as of, and for, the periods presented and should be read in conjunction with our audited Consolidated Financial Statements and the related Notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements, including statements regarding industry outlook, our expectations for the future of our business, and our liquidity and capital resources as well as other non-historical statements. These statements are based on current expectations and are subject to numerous risks and uncertainties, including but not limited to the risks and uncertainties described in \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Our actual results may differ materially from those contained in or implied by these forward-looking statements. All references to numbered Notes are to specific Notes to our Consolidated Financial Statements included in this Annual Report on Form 10-K and which descriptions are incorporated by reference. Capitalized terms used, but not defined, in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operation (\u201cMD&A\u201d) have the same meanings as in such Notes. Overview We are a leading global provider of online auctions and vehicle remarketing services with operations in the United States (\u201cU.S.\u201d), the United Kingdom (\u201cU.K.\u201d), Germany, Brazil, Canada, the United Arab Emirates (\u201cU.A.E.\u201d), Spain, Finland, Oman, the Republic of Ireland, and Bahrain. Our goals are to generate sustainable profits for our stockholders, while also providing environmental and social benefits for the world around us. With respect to our environmental stewardship, we believe our business is a critical enabler for the global re-use and recycling of vehicles, parts, and raw materials. We are not responsible for the carbon emissions resulting from new vehicle manufacturing, governmental fuel emissions standards or vehicle use by consumers. Each vehicle that enters our business operations already exists, with whatever fuel technology and efficiency it was designed and built to have, and the substantial carbon emissions associated with the vehicle\u2019s manufacture have already occurred. However, upon our receipt of an existing vehicle, we help facilitate the decrease of its total environmental impact by extending its useful life and thereby avoiding the carbon emissions associated with the alternative of new vehicle and auto parts manufacturing. For example, many of the cars we process and remarket are subsequently restored to drivable condition, reducing the new vehicle manufacturing burden the world would otherwise face. Many of our cars are purchased by dismantlers, who recycle and refurbish parts for vehicle repairs, again reducing new and aftermarket parts manufacturing. Finally, some of our vehicles are returned to their raw material inputs through scrapping, thereby reducing the need for further new resource extraction. In each of these cases, our business facilitates the reduction of the carbon and other environmental footprint of the global transportation industry. Beyond our environmental stewardship, we also support the world\u2019s communities in two important ways. First, we believe that we contribute to economic development and well-being by enabling more affordable access to mobility around the world. For example, many of the automobiles sold through our auction platform are purchased for use in developing countries where affordable transportation is a critical enabler of education, health care, and well-being. Secondly, we believe we play an important role in the communities we serve through our response to and management of catastrophic weather events. This includes our investments in equipment and infrastructure which support our ov Item 1. Business Corporate Information We were incorporated in California in 1982, became a public company in 1994, and were reincorporated in Delaware in January 2012. Our principal executive offices are located at 14185 Dallas Parkway, Suite 300, Dallas, Texas 75254 and our telephone number is (972) 391-5000. Our website is www.copart.com. The contents of our website are not incorporated by reference into this Form 10-K. We provide free of charge, through a link on our website, access to our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as well as amendments to those reports, as soon as reasonably practical after the reports are electronically filed with, or furnished to, the SEC. Copart\u00ae, BID4U\u00ae, CI & Design\u00ae, DRIVE Auto Auctions\u2122, 1-800 CAR BUYER\u00ae, CA$HFORCARS.COM\u00ae, COPART & DESIGN\u00ae, VB3 & DESIGN\u00ae, VB3\u00ae, National Powersports Auctions\u2122, NPA\u2122, Purple Wave Auction\u2122, and CrashedToys.com\u00ae are trademarks of Copart, Inc. or one of its direct or indirect wholly-owned subsidiaries. This Form 10-K also includes other trademarks of Copart and of other companies. Overview We are a leading global provider of online auctions and vehicle remarketing services with operations in the United States (\u201cU.S.\u201d), the United Kingdom (\u201cU.K.\u201d), Germany, Brazil, Canada, the United Arab Emirates (\u201cU.A.E.\u201d), Spain, Finland, Oman, the Republic of Ireland, and Bahrain. Our goals are to generate sustainable profits for our stockholders, while also providing environmental and social benefits for the world around us. With respect to our environmental stewardship, we believe our business is a critical enabler for the global re-use and recycling of vehicles, parts, and raw materials. We are not responsible for the carbon emissions resulting from new vehicle manufacturing, governmental fuel emissions standards or vehicle use by consumers. Each vehicle that enters our business operations already exists, with whatever fuel technology and effi Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should consider carefully the risks and uncertainties described below before making an investment decision. Our business could be harmed if any of these risks, as well as other risks not currently known to us or that we currently deem immaterial, mat", "title": "CPRT - COPART INC", "url": "/company/CPRT/" }, { "kind": "company", "summary": "SIC 3357 Drawing & Insulating of Nonferrous Wire; CIK 0000024741; latest 10-K filed 2026-02-12.", "text": "GLW - CORNING INC /NY SIC 3357 Drawing & Insulating of Nonferrous Wire; CIK 0000024741; latest 10-K filed 2026-02-12. GLW CORNING INC /NY 0000024741 3357 Drawing & Insulating of Nonferrous Wire Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) was prepared to provide a historical and prospective narrative on our financial condition and results of operations through the eyes of management and should be read in conjunction with our consolidated financial statements and the accompanying notes to those financial statements. The discussion and analysis of the 2024 to 2023 year-over-year changes are not included herein and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Conditions and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. Our MD&A is organized as follows: \u2022Overview \u2022Results of Operations \u2022Segment Analysis \u2022Core Performance Measures \u2022Liquidity and Capital Resources \u2022Environment \u2022Critical Accounting Estimates \u2022New Accounting Standards \u2022Forward-Looking Statements OVERVIEW Corning is vital to progress \u2013 in the industries we help advance and in the world we share. With a 175-year track record of life-changing inventions, Corning applies its unparalleled expertise in glass science, ceramic science and optical physics, along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people\u2019s lives. Our materials science and manufacturing expertise, boundless curiosity and commitment to purposeful invention place us at the center of the way the world works, learns and lives. In addition, our sustained investment in research, development and engineering capabilities means we are always ready to solve the toughest challenges alongside our customers. Our capabilities are versatile and synergistic, allowing Corning to evolve to meet changing market needs, while also helping customers capture new opportunities in dynamic industries. Today, Corning\u2019s markets include optical communications, display, mobile consumer electronics, automotive, life sciences, semiconductors and solar. Corning\u2019s industry-leading products include damage-resistant cover materials for mobile devices; precision glass for advanced displays; optical fiber, cable and connectivity solutions for advanced communications networks, such as fiber to the home and data centers, enabling artificial intelligence and connections around the world; trusted products to accelerate drug discovery and delivery; and clean-air technologies and technical glass for cars and trucks. In the third quarter of 2023, we introduced our Springboard plan to grow sales and enhance our profitability base. We communicated a high-confidence plan to add $3 billion in incremental annualized core sales by the end of 2026 (as compared to our Springboard starting point), and in March 2025 we upgraded this high-confidence plan to $4 billion. We also set a core operating margin target of 20% by the end of 2026. The fourth quarter of 2025 marked the second anniversary of our Springboard plan, and we believe it has been a tremendous success to date. Since its launch, we have added significant annualized core sales and expanded our core operating margin, and as of the fourth quarter of 2025, we achieved both our growth and profitability targets a full year ahead of plan. Our achievement of both of these key milestones ahead of schedule serves as an example of how we have transformed the Company\u2019s financial profile over the last two years. Overall, we believe we have established a firm foundation from which to launch future profitable growth. We see remarkable demand for our innovations and manufacturing capabilities, which we believe will lead to additional growth opportunities through 2026 and beyond. We therefore expect to increase both our capacity and technology capabilities as required to achieve our goals, while sharing risk appropriately to achieve the returns that underpin our Springboard p Item 1. Business General Corning traces its origins to a glass business established in 1851. The present corporation was incorporated in the State of New York in December 1936. The Company\u2019s name was changed from Corning Glass Works to Corning Incorporated on April 28, 1989. Corning is vital to progress \u2013 in the industries we help advance and in the world we share. With a 175-year track record of life-changing inventions, Corning applies its unparalleled expertise in glass science, ceramic science and optical physics, along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people\u2019s lives. Our materials science and manufacturing expertise, boundless curiosity and commitment to purposeful invention place us at the center of the way the world works, learns and lives. In addition, our sustained investment in research, development and engineering capabilities means we are always ready to solve the toughest challenges alongside our customers. Our capabilities are versatile and synergistic, allowing Corning to evolve to meet changing market needs, while also helping customers capture new opportunities in dynamic industries. Today, Corning\u2019s markets include optical communications, display, mobile consumer electronics, automotive, life sciences, semiconductors and solar. Corning\u2019s industry-leading products include damage-resistant cover materials for mobile devices; precision glass for advanced displays; optical fiber, cable and connectivity solutions for advanced communications networks, such as fiber to the home and data centers, enabling artificial intelligence and connections around the world; trusted products to accelerate drug discovery and delivery; and clean-air technologies and technical glass for cars and trucks. Corning manufactures products in 14 countries and operates in five reportable segments: Optical Communications, Display, Specialty Materials, Automotive and Life Scienc Item 1A. Risk Factors We operate globally in a rapidly changing economic, political and technological environment that presents numerous risks. Our operations and financial results are subject to risks and uncertainties, including those described below, that could adversely affect our business, financial condition, results", "title": "GLW - CORNING INC /NY", "url": "/company/GLW/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001175454; latest 10-K filed 2026-02-27.", "text": "CPAY - CORPAY, INC. SIC 7389 Services-Business Services, NEC; CIK 0001175454; latest 10-K filed 2026-02-27. CPAY CORPAY, INC. 0001175454 7389 Services-Business Services, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes appearing elsewhere in this report. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management\u2019s expectations. Factors that could cause such differences include, but are not limited to, those identified below and those described in Item 1A \u201cRisk Factors\u201d appearing elsewhere in this report. All foreign currency amounts that have been converted into U.S. dollars in this discussion are based on the exchange rate as reported by Oanda for the applicable periods. The following discussion and analysis of our financial condition and results of operations generally discusses 2025 and 2024 items, with year-over-year comparisons between these two years. A detailed discussion of 2024 items and year-over-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10- K for the year ended December 31, 2024. Executive Overview Corpay is a global corporate payments company that helps businesses and consumers better manage and pay their expenses in a simple, controlled manner. Corpay provides a broad suite of payment and spend management solutions, including accounts payable automation and cross-border payment solutions (including foreign exchange spot, forward and option transactions), commercial card programs (e.g., purchasing cards, business cards and virtual cards), vehicle payment solutions (e.g., fuel cards, toll payments and related services) and lodging payment solutions (e.g., hotel and extended stay bookings). This results in our customers saving time and ultimately spending less. Corpay has been a member of the S&P 500 since 2018 and trades on the New York Stock Exchange under the ticker CPAY. We estimate that businesses spend approximately $145 trillion annually in transactions with other businesses. In many instances, businesses lack the proper tools to monitor what is being purchased and employ manual, paper-based, disparate processes and methods to both approve and make payments for their business-to-business purchases. This often results in wasted time and money due to unnecessary or unauthorized spending, fraud, receipt collection, data input and consolidation, report generation, reimbursement processing, account reconciliations, employee disciplinary actions and more. Corpay\u2019s vision is that every payment is digital, every purchase is controlled and every related decision is informed. Our wide range of modern, digitized solutions provide control, reporting and automation benefits superior to many of the payment methods businesses often use such as cash, paper checks, general purpose credit cards, as well as employee payment processes. Comdata Merchant Solutions Disposition In May 2024, we signed a definitive agreement to sell the merchant solutions business, a business within the U.S. division of our Vehicle Payments segment (the \"disposal group\") to a third party. The transaction was completed during December 2024. The disposal group's assets and liabilities were recorded at their carrying value. Goodwill of approximately $58.2 million was allocated to the carrying value of the disposal group based on a relative fair value analysis. We received total proceeds of $185.5 million, which have been recorded within investing activities in the accompanying Consolidated Statements of Cash Flows. In connection with the sale, we recorded a net gain on disposal of $121.3 million during the year ITEM 1. BUSINESS Introduction Corpay, Inc. (the \"Company\") is a global corporate payments company that helps businesses and consumers better manage and pay their expenses in a simple, controlled manner. Corpay provides a broad suite of payment and spend management solutions, including accounts payable (AP) automation and cross-border payment solutions (including foreign exchange spot, forward and option transactions), commercial card programs (e.g., purchasing cards, business cards and virtual cards), vehicle payment solutions (e.g., fuel cards, toll payments and related services) and lodging payment solutions (e.g., hotel and extended stay bookings). Since its incorporation in 2000, Corpay has delivered payment and spend solutions with customized controls and robust capabilities that offer our customers a better way to pay. This results in our customers saving time and ultimately spending less. Corpay has been a member of the S&P 500 since 2018 and trades on the New York Stock Exchange (\"NYSE\") under the ticker CPAY. We estimate that businesses spend approximately $145 trillion annually in transactions with other businesses. In many instances, businesses lack the proper tools to monitor what is being purchased and employ manual, paper-based, disparate processes and methods to both approve and make payments for their business-to-business purchases. This often results in wasted time and money due to unnecessary or unauthorized spending, fraud, receipt collection, data input and consolidation errors, inaccurate reimbursement processing, account reconciliation errors, employee misuse and more. Digital payments are faster and more secure than paper-based methods such as checks, provide timely and detailed data that can be utilized to effectively reduce unauthorized purchases and fraud, automate data entry and reporting and eliminate reimbursement mistakes. Combining this payment data with analytical tools delivers powerful insights, which managers can ITEM 1A. RISK FACTORS You should carefully consider the following risks applicable to us. If any of the following risks actually occur, our business, operating results, financial condition and the trading price of our common stock could be materially adversely affected. The risks discussed below also include forward-looking statements, and our actual results may differ substantia", "title": "CPAY - CORPAY, INC.", "url": "/company/CPAY/" }, { "kind": "company", "summary": "SIC 0100 Agricultural Production-Crops; CIK 0001755672; latest 10-K filed 2026-02-12.", "text": "CTVA - Corteva, Inc. SIC 0100 Agricultural Production-Crops; CIK 0001755672; latest 10-K filed 2026-02-12. CTVA Corteva, Inc. 0001755672 0100 Agricultural Production-Crops ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, continued CAUTIONARY STATEMENTS ABOUT FORWARD-LOOKING STATEMENTS This report contains certain estimates and forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like \u201cplans,\u201d \u201cexpects,\u201d \u201cwill,\u201d \u201canticipates,\u201d \u201cbelieves,\u201d \u201cintends,\u201d \u201cprojects,\u201d \u201cestimates,\u201d \u201coutlook,\u201d or other words of similar meaning. All statements that address expectations or projections about the future, including statements about Corteva\u2019s financial results or outlook; strategy for growth; product development; regulatory approvals; market position; capital allocation strategy; liquidity; sustainability targets and initiatives; the anticipated benefits of acquisitions, restructuring actions, or cost savings initiatives; the anticipated benefits, impacts, and timing of the Proposed Separation; and the outcome of contingencies, such as litigation and environmental matters, are forward-looking statements. Forward-looking statements and other estimates are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements and other estimates also involve risks and uncertainties, many of which are beyond the company's control. While the list of factors presented below is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on the company's business, results of operations and financial condition. Some of the important factors that could cause the company's actual results to differ materially from those projected in any such forward-looking statements include: (i) failure to obtain or maintain the necessary regulatory approvals for some of the company's products; (ii) failure to successfully develop and commercialize the company's pipeline; (iii) effect of the degree of public understanding and acceptance or perceived public acceptance of the company's biotechnology and other agricultural products; (iv) failure to comply with competition and antitrust laws; (v) effect of changes in agricultural and related policies of governments and international organizations; (vi) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or permit requirements; (vii) effect of climate change and unpredictable seasonal and weather factors; (viii) effect of competition in the company's industry; (ix) competitor\u2019s establishment of an intermediary platform for distribution of the company's products; (x) risks related to recent funding and staff reductions at U.S. government agencies; (xi) risk related to geopolitical and military conflict; (xii) effect of volatility in the company's input costs; (xiii) risks related to the company's global operations; (xiv) effect of industrial espionage and other disruptions to the company's supply chain, information technology or network systems; (xv) risks related to environmental litigation and the indemnification obligations of legacy EIDP liabilities in connection with the Corteva Separation; (xvi) impact of the company's dependence on third parties with respect to certain of its raw materials or licenses an ITEM 1. BUSINESS Unless otherwise indicated or the context otherwise requires, references in this Annual Report on Form 10-K to: \u2022\"Corteva\" or \"the company\" refers to Corteva, Inc. and its consolidated subsidiaries (including EIDP); \u2022\"EIDP\" refers to EIDP, Inc. (formerly known as E. I. du Pont de Nemours and Company) and its consolidated subsidiaries or EIDP, Inc. excluding its consolidated subsidiaries, as the context may indicate; \u2022\"DowDuPont\" refers to DowDuPont Inc. and its subsidiaries prior to the Corteva Separation (as defined below); \u2022\"Historical Dow\" refers to The Dow Chemical Company and its consolidated subsidiaries prior to the Internal Reorganization (as defined in Note 1 - Background and Basis of Presentation, to the Consolidated Financial Statements); \u2022\"Historical DuPont\" and \"Historical EID\" refers to EIDP prior to the Internal Reorganization; \u2022\"Dow\" refers to Dow Inc. after its separation from DowDuPont; \u2022\"DuPont\" refers to DuPont de Nemours, Inc. after the Corteva Separation; and \u2022\"Merger\" refers to the all-stock merger of equals strategic combination between Historical Dow and Historical DuPont. Background Corteva is a leading global provider of seed and crop protection solutions focused on the agriculture industry and contributing to a healthier, more secure and sustainable food supply. Corteva was incorporated in Delaware in March 2018 and maintains its business headquarters in Indianapolis, Indiana. With one of the broadest and most productive new product pipelines in the agriculture industry, Corteva is focused on progressing science-based innovations, which aim to deliver a wide range of improved agriculture products and services to its customers. The company leverages its rich heritage of scientific achievement to advance its robust innovation pipeline and continue to shape the future of responsible agriculture. New products are crucial to solving farmers\u2019 productivity challenges amid a growing global population while addressing ITEM 1A. RISK FACTORS Risks Related to Our Industry Corteva may not be able to obtain or maintain the necessary regulatory approvals for some of its products, including its seed and crop protection products, which could restrict its ability to sell those products in some markets. Regulatory and legislative requirements affect the development", "title": "CTVA - Corteva, Inc.", "url": "/company/CTVA/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001057352; latest 10-K filed 2026-02-26.", "text": "CSGP - COSTAR GROUP, INC. SIC 7389 Services-Business Services, NEC; CIK 0001057352; latest 10-K filed 2026-02-26. CSGP COSTAR GROUP, INC. 0001057352 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains \u201cforward-looking statements,\u201d including statements about our beliefs and expectations. There are many risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements. Potential factors that could cause actual results to differ materially from those discussed in any forward-looking statements include, but are not limited to, those stated under the heading \u201cCautionary Statement Concerning Forward-Looking Statements\u201d and in Item 1A. under the heading \u201cRisk Factors,\u201d as well as those described from time to time in our filings with the SEC. All forward-looking statements are based on information available to us on the date of this filing and we assume no obligation to update such statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. The following discussion should be read in conjunction with our Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, other filings with the SEC, and the consolidated financial statements and related notes included in Part IV of this Report. Overview CoStar Group is a leading provider of online real estate marketplaces, information, analytics, and 3D digital twin technology in the property markets, based on the numbers of unique visitors and site visits per month; provides more information, analytics, and marketing services than many of our competitors; offers the most comprehensive commercial real estate database available; and has the largest commercial real estate research department in the industry. We have created and compiled a standardized platform of real estate information and analytics and online marketplaces where industry professionals, consumers of commercial and residential real estate, including apartments, and the related business communities, can continuously interact and facilitate transactions by efficiently accessing and exchanging accurate and standardized real estate-related information. Our service offerings span all property types, including office, retail, industrial, multifamily, residential, land, mixed-use, and hospitality. We operate, develop products, and deliver our services in two reportable segments, Commercial Real Estate and Residential Real Estate. Our Commercial Real Estate segment offers commercial real estate information and analytics, online marketplaces, and 3D digital twin technology and its principal brands are CoStar, including CoStar Real Estate Manager and CoStar with STR benchmarking, LoopNet, Matterport, BizBuySell, and Ten-X. Our Residential Real Estate segment hosts marketplaces which aggregate consumer demand for homes that they can rent or buy and we sell marketing and leads to the agents, owners, landlords, and property management companies that need to reach those consumers with their offerings. Our flagship brands in the U.S. are Apartments.com, Homes.com, and Land.com. Domain and OnTheMarket are our leading marketplaces in Australia and the U.K., respectively. During the fourth quarter of 2025, we changed the composition of our segments from geography-based to product portfolio-based. This change aligns with the internal reporting used by the CODM to allocate resources and assess the performance of the business. See Notes 2, 3 and 13 of the Notes to the Consolidated Financial Statements included in Part IV of this Report for additional information on the segments change. Our services are primarily derived from a database of building-specific information and offer customers specialized tools for accessing, analyzing, and using our information. Over time, we have enhanced and expanded, and we expect to continue to enhance and expand, our existing information, analytics, and online marketplaces. We have d Item 1. Business In this Report, the words \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cCoStar Group,\u201d or the \u201cCompany\u201d refer to CoStar Group, Inc. and its direct and indirect wholly-owned subsidiaries. This Report also refers to our websites, but information contained on those sites is not part of this Report. Overview CoStar Group is a leading provider of online real estate marketplaces, information, analytics, and 3D digital twin technology in the property markets. Our mission is to digitize the world's real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives. We own and operate leading online marketplaces for real estate in the U.S., Australia, Europe, Canada, and Asia-Pacific based on the numbers of unique visitors and site visits per month. We provide more information, analytics, and marketing services than many of our competitors; offer the most comprehensive commercial real estate database available; and have the largest commercial real estate research department in the industry. We have created and compiled a standardized platform of online marketplace services, information, and analytics where industry professionals, consumers of real estate, and the related business communities can continuously interact and facilitate transactions by efficiently accessing and exchanging accurate and standardized real estate-related information. Strategy Our strategy is to provide real estate industry professionals and consumers with critical knowledge to explore and complete transactions by offering the most comprehensive, timely, and standardized information on real estate, and the right tools to be able to effectively utilize that information. Over time, we have expanded and continue to expand our services for real estate online marketplaces, information, analytics, and 3D digital twin technology to address the evolving needs of the industry as it grows and evolves. Our standardized platform includes the most comprehe Item 1A. Risk Factors Summary of Risk Factors [[GREPCENT_TABLE]] [[\"Risks related to our business\"],[\"\\u2022\",\"If we are unable to attract and retain new clients, particularly subscribers to our information, analytics, and online marketplace services, our revenue and financial position will be adversely affected.\"],[\"\\u2022\",\"Fail", "title": "CSGP - COSTAR GROUP, INC.", "url": "/company/CSGP/" }, { "kind": "company", "summary": "SIC 3241 Cement, Hydraulic; CIK 0000849395; latest 10-K filed 2026-02-18.", "text": "CRH - CRH PUBLIC LTD CO SIC 3241 Cement, Hydraulic; CIK 0000849395; latest 10-K filed 2026-02-18. CRH CRH PUBLIC LTD CO 0000849395 3241 Cement, Hydraulic Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to convey and promote understanding of management\u2019s perspective regarding operational and financial performance for fiscal years 2025 and 2024. This MD&A should be read in conjunction with the Consolidated Financial Statements in Item 8. \u201cFinancial Statements and Supplementary Data\u201d of this Form 10-K. For a discussion of our fiscal year 2024 results compared with our fiscal year 2023 results, please refer to Item 7. \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" portion of the Company's 2024 Annual Report on Form 10-K, filed with the SEC on February 26, 2025. The following discussion contains trend information and forward-looking statements. Actual results could differ materially from those discussed in these forward-looking statements, as well as from our historical performance, due to various factors, including, but not limited to, those discussed in Item 1A. \u201cRisk Factors\u201d and \u201cForward-Looking Statements \u2013 Safe Harbor Provisions Under The Private Securities Litigation Reform Act Of 1995\u201d and elsewhere in this Form 10-K. Our operating results depend upon economic cycles, seasonal and other weather\u2010related conditions, and trends in government funding initiatives, among other factors. Accordingly, financial results for any year presented, or year\u2010to\u2010year comparisons of reported results, may not be indicative of future operating results. Overview CRH is the leading provider of building materials critical to modernizing infrastructure. With our team of 83,032 people across 3,961 locations, our unmatched scale, connected portfolio, and deep local relationships make us the partner of choice for transportation, water and reindustrialization projects, shaping communities for a better tomorrow. CRH\u2019s connected portfolio supplies building materials across the construction value chain, better serving our customers\u2019 needs and driving repeat business while making construction simpler, safer and more sustainable. This customer-centric approach combines our unique entrepreneurial culture, leading performance and local market knowledge with our value-added building products and services to be a valuable partner for customers across our end-markets. CRH\u2019s leading positions of scale serve transportation and critical infrastructure, reindustrialization projects, and commercial and residential construction activity in North America, Europe and Australia. Financial performance highlights: CRH delivered another record performance in 2025 resulting in the following performance highlights (compared to 2024): \u2022Total revenues increased to $37.4 billion, compared with $35.6 billion in 2024; \u2022Net income increased to $3.8 billion compared with $3.5 billion in 2024. Adjusted EBITDA* increased to $7.7 billion in 2025 from $6.9 billion in 2024; \u2022Net income margin was 10.1% in 2025 and 9.9% in 2024. Adjusted EBITDA margin* was 20.5% in 2025, an increase of 100 basis points (bps) compared with an Adjusted EBITDA margin* of 19.5% in 2024; \u2022Operating cash flow6 and Net cash provided by operating activities as a percentage of Net income of $5.6 billion and 148% were ahead of 2024 levels of $5.0 billion and 142%, respectively. Adjusted Free Cash Flow* and Adjusted Free Cash Flow Conversion* of $5.0 billion and 131% were ahead of 2024 levels of $4.2 billion and 120%, respectively; 7 \u2022Operating income as a percentage of average invested capital was 15.2% in 2025 and 16.7% in 2024. Adjusted Return on Invested Capital* (Adjusted ROIC), decreased by 130bps to 12.1% in 2025, from 13.4% in 2024; and \u2022Diluted Earnings Per Share (EPS) in 2025 was $5.51 compared with $5.02 in 2024. Diluted EPS pre-impairment* was $5.57 in 2025 and $5.43 in 2024. Capital allocation highlights: \u202238 acquisitions completed for a tota Item 1. Business Overview CRH is the leading provider of building materials critical to modernizing infrastructure. With our team of 83,032 people across 3,961 locations, our unmatched scale, connected portfolio, and deep local relationships make us the partner of choice for transportation, water and reindustrialization projects, shaping communities for a better tomorrow. The Company, which has market leadership positions in North America, Europe and Australia, has grown rapidly since formation in 1970 and in 2025 generated $37.4 billion of Total revenues, $3.8 billion of Net income and $7.7 billion of Adjusted EBITDA*.1 In 2025, 40% of Total revenues came from infrastructure, 32% from residential construction and 28% from non-residential construction. 60% of Total revenues came from sales to new-build construction, while 40% of Total revenues came from repair and remodel activity. CRH\u2019s connected portfolio supplies building materials across the construction value chain, better serving our customers\u2019 needs and driving repeat business while making construction simpler, safer and more sustainable. This customer-centric approach combines our unique entrepreneurial culture, leading performance and local market knowledge with our value-added building products and services to be a valuable partner for customers across our end-markets. CRH\u2019s leading positions of scale serve transportation and critical infrastructure, reindustrialization projects and commercial and residential construction activity. CRH has a proven track record of growing and creating value through acquisition with over 1,250 deals completed in our history. We acquire businesses at attractive valuations and create value by connecting them with our existing operations and generating synergies. The Company takes an active approach to portfolio management and continuously reviews the competitive landscape for attractive investment and divestiture opportunities to deliver further growth and value creation Item 1A. Risk Factors In addition to the other information contained in this Form 10-K, you should carefully consider the following risk factors before investing in our Ordinary Shares. The following risks are considered material to our business based upon current knowledge, information, and assumptions. The risks and uncertainties we describe below relate to future ", "title": "CRH - CRH PUBLIC LTD CO", "url": "/company/CRH/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001535527; latest 10-K filed 2026-03-05.", "text": "CRWD - CrowdStrike Holdings, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001535527; latest 10-K filed 2026-03-05. CRWD CrowdStrike Holdings, Inc. 0001535527 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes thereto included in Item 8 \u201cFinancial Statements and Supplementary Data\u201d in this Annual Report on Form 10-K. This section of this Form 10-K generally discusses fiscal 2026 and 2025 items and year-over-year comparisons between fiscal 2026 and 2025. Discussions of fiscal 2024 items and year-over-year comparisons between fiscal 2025 and 2024 are not included in this Form 10-K, and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended January 31, 2025. As discussed in Note 1 and Note 16 to the Consolidated Financial Statements included in this report, the Company revised its fiscal 2025 and 2024 financial results to correct for an immaterial error discovered during the fourth quarter of fiscal 2026. The revisions are intended to ensure comparability across all periods reflected herein. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties, including those described under the heading \u201cSpecial Note Regarding Forward-Looking Statements.\u201d You should review the disclosure under Part I, Item 1A, \u201cRisk Factors\u201d in this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Our fiscal years ended January 31, 2026, January 31, 2025, and January 31, 2024, are referred to herein as fiscal 2026, fiscal 2025, and fiscal 2024, respectively. Overview Founded in 2011, we reinvented cybersecurity for the cloud era and transformed the way cybersecurity is delivered and experienced by customers. When we started CrowdStrike, cyberattackers had an asymmetric advantage over legacy cybersecurity products that could not keep pace with the rapid changes in adversary tactics. We took a fundamentally different approach to solve this problem with the AI-native CrowdStrike Falcon platform \u2013 the first, true cloud-native unified platform built with artificial intelligence (\u201cAI\u201d) at the core, capable of harnessing vast amounts of security and enterprise data to deliver highly modular solutions through a single lightweight sensor. We believe our approach has defined a new category called the Security Cloud, which has transformed the cybersecurity industry the same way the cloud has transformed the customer relationship management, human resources, and service management industries. Using cloud-scale AI, our Security Cloud enriches and correlates trillions of cybersecurity events per week with indicators of attack, threat intelligence, and enterprise data (including data from across endpoints, workloads, identities, DevOps, IT assets, and configurations) to create actionable data, identify shifts in adversary tactics, and automatically prevent threats in real-time across our customer base. The more data that is fed into our Falcon platform, the more intelligent our Security Cloud becomes, and the more our customers benefit, creating a powerful network effect that increases the overall value we provide. Our Go-To-Market Strategy We sell subscriptions to our Falcon platform and cloud modules to organizations across multiple industries. We primarily sell subscriptions to our Falcon platform and cloud modules through our direct sales team that leverages our network of channel partners. Our direct sales team is comprised of field sales and inside sales professi ITEM 1. BUSINESS Overview Founded in 2011, CrowdStrike reinvented cybersecurity for the cloud and artificial intelligence (\u201cAI\u201d) era and transformed the way cybersecurity is delivered and experienced by customers. When we started CrowdStrike, cyberattackers had an asymmetric advantage over legacy cybersecurity products that could not keep pace with rapid changes in adversary tactics, a dynamic that has intensified as adversaries increasingly leverage automation, identity abuse, and AI to operate at machine speed. We took a fundamentally different approach to solve this problem with the AI-native CrowdStrike Falcon cybersecurity platform, which serves as the operating system for cybersecurity. CrowdStrike built the first, true, cloud-native platform with AI at the core, capable of harnessing vast amounts of security and enterprise data to drive real-time security decisions and response \u2013 stopping breaches at scale through a single lightweight sensor. The CrowdStrike Falcon platform is designed to be the definitive platform for cybersecurity consolidation, purpose-built to stop breaches. The platform\u2019s single, lightweight sensor collects and integrates data from across the enterprise, including endpoints, cloud workloads, identities, and third-party sources. This data is ingested once and reused across multiple security functions, forming the foundation for detection, investigation, and response across the platform. We use this to train our AI to detect and prevent threats and drive workflow automation to give security teams machine speed advantage to stop adversaries. By consolidating and replacing legacy point products and fragmented platforms across key areas of security and IT, the Falcon platform delivers a unified, modern approach that increases capabilities, reduces complexity, and lowers costs \u2013 all while stopping breaches. We believe our approach has defined a new category called the AI Security Cloud, which has the power to transform the cybersecurity i ITEM 1A. RISK FACTORS A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider the risks and uncertainties described below, as well as the other information in this Annual Report on Form 10-K, including our consolidated financial statements and", "title": "CRWD - CrowdStrike Holdings, Inc.", "url": "/company/CRWD/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001051470; latest 10-K filed 2026-02-23.", "text": "CCI - CROWN CASTLE INC. SIC 6798 Real Estate Investment Trusts; CIK 0001051470; latest 10-K filed 2026-02-23. CCI CROWN CASTLE INC. 0001051470 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations General Overview Overview We own, operate and lease shared communications infrastructure. See \"Item 1. Business\" for a further discussion of our business, including our long-term strategy, our REIT status, certain key terms of our tenant contracts and growth trends in the demand for data. On March 13, 2025, management signed the Strategic Fiber Agreement to sell our Fiber Business, with Zayo acquiring the fiber solutions business and EQT acquiring the small cell business. Under the Strategic Fiber Agreement, we will receive $8.5 billion in aggregate, subject to certain closing adjustments. The Strategic Fiber Transaction is expected to close in the first half of 2026, subject to certain closing conditions and regulatory approvals. See \"Item 1. Business\u2014Overview\" for further discussion of the pending sale of the Fiber Business. As the aforementioned sale represents a material strategic shift for the Company, the Fiber Business' results and net assets are presented herein as discontinued operations and comparable prior periods have been recast to reflect this change. Related to the classification of the Fiber Business as \"held for sale\", we have recognized a loss from disposal of discontinued operations of approximately $1.6 billion, inclusive of estimated transaction fees, for the year ended December 31, 2025. Following the classification of the Fiber Business as discontinued operations, we have one reportable segment that constitutes consolidated results of our tower operations. See notes 3 and 15 to our consolidated financial statements for a discussion of discontinued operations and our operating segment. Unless otherwise noted, all activities and amounts reported in this document relate to continuing operations and exclude activities and amounts related to discontinued operations. Highlights of Business Fundamentals and Results \u2022Site rental revenues represented 95% of our 2025 net revenues. The vast majority of our site rental revenues is of a recurring nature and has been contracted for in prior years. \u2022We operate as a REIT for U.S. federal income tax purposes (see \"Item 1. Business\u2014REIT Status\" and notes 2 and 10 to our consolidated financial statements) \u2022Potential growth resulting from the increasing demand for data \u25e6We expect existing and potential new tenant demand for our towers will result from (1) new technologies, (2) increased usage of mobile entertainment, mobile internet, and machine-to-machine applications, (3) adoption of other emerging and embedded wireless devices (including smartphones, laptops, tablets, wearables and other devices), (4) increasing smartphone penetration, (5) wireless carrier focus on expanding both network quality and capacity, (6) the adoption of other bandwidth-intensive applications (such as cloud services, artificial intelligence and video communications), (7) the availability of additional spectrum and (8) increased government initiatives to support connectivity throughout the U.S. \u25e6We expect U.S. wireless carriers will continue to focus on improving network quality and expanding capacity (including through 5G initiatives). We believe our towers provide an efficient and cost-effective solution to our wireless tenants' growing infrastructure needs. \u25e6Tenant additions on our towers are achieved at a low incremental operating cost, delivering high incremental returns. \u25e6Substantially all of our towers can accommodate additional tenancy, either as currently constructed or with appropriate modifications. \u2022Returning cash flows provided by operations to stockholders in the form of dividends (see also \"Item 1. Business\u2014Strategy\") \u25e6During 2025, we paid common stock dividends totaling approximately $2.1 billion. \u2022Investing capital efficiently to grow cash flows \u25e6We had discretionary capital expenditures of $149 million for the year ended December 31, 2025, predominately related to i Item 1. Business Overview We own, operate and lease shared communications infrastructure that is geographically dispersed throughout the U.S., including (1) more than 40,000 towers and other structures, such as rooftops (collectively, \"towers\"), (2) approximately 105,000 small cell nodes either currently generating revenue or under contract and (3) approximately 90,000 route miles of fiber primarily supporting small cells and fiber solutions. We refer to our towers, small cells and fiber assets collectively as \"communications infrastructure,\" and, at times, to our customers on our communications infrastructure as \"tenants.\" Our operating segments historically consisted of (1) Towers and (2) Fiber, which includes both small cells and fiber solutions. On March 13, 2025, management signed a definitive agreement (\"Strategic Fiber Agreement\") to sell our Fiber segment, together with certain supporting assets and personnel (\"Fiber Business\"), with Zayo Group Holdings Inc. (\"Zayo\") acquiring the fiber solutions business and EQT Active Core Infrastructure fund (\"EQT\") acquiring the small cell business (\"Strategic Fiber Transaction\"). Under the agreement, we will receive $8.5 billion in aggregate, subject to certain closing adjustments. The Strategic Fiber Transaction is expected to close in the first half of 2026, subject to certain closing conditions and regulatory approvals. As the aforementioned sale represents a material strategic shift for the Company, the Fiber Business' results and net assets are presented herein as discontinued operations and comparable prior periods have been recast to reflect this change. Pending the closing of the Strategic Fiber Transaction, we will continue to operate the Fiber Business in accordance with the Strategic Fiber Agreement. Following the classification of the Fiber Business as discontinued operations, the Company has one reportable segment, which is also its operating segment, that constitutes consolidated results consisting Item 1A. Risk Factors You should carefully consider all of the risks described below, as well as the other information contained in this document, when evaluating your investment in our securities. Summary of Risk Factors The following summarizes our material risk factors, including risk factors relating to our Fiber Business. However, this summary", "title": "CCI - CROWN CASTLE INC.", "url": "/company/CCI/" }, { "kind": "company", "summary": "SIC 4011 Railroads, Line-Haul Operating; CIK 0000277948; latest 10-K filed 2026-02-12.", "text": "CSX - CSX CORP SIC 4011 Railroads, Line-Haul Operating; CIK 0000277948; latest 10-K filed 2026-02-12. CSX CSX CORP 0000277948 4011 Railroads, Line-Haul Operating Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations TERMS USED BY CSX When used in this report, unless otherwise indicated by the context, these terms are used to mean the following: Car hire - A charge paid by one railroad for its use of cars belonging to another railroad or car owner. Class I freight railroad - One of the largest line haul freight railroads as determined based on operating revenue; the exact revenue required to be in each class is periodically adjusted for inflation by the Surface Transportation Board. Smaller railroads are classified as Class II or Class III. Common carrier mandate - A federal mandate that requires U.S. railroads to accommodate reasonable requests from shippers to carry any freight, including hazardous materials. Demurrage - A charge assessed by railroads for the use of rail cars by shippers or receivers of freight beyond a specified free time. Department of Transportation (\"DOT\") - A U.S. government agency with jurisdiction over matters of all modes of transportation. Depreciation study - Conducted by a third-party specialist and analyzed by management, a periodic statistical analysis of fixed asset service lives, salvage values, accumulated depreciation, and other factors for group assets along with a comparison of similar asset groups at other companies. Double-stack - Stacking containers two-high on specially equipped cars. Economic Profit (CSX Cash Earnings or CCE) - A non-GAAP measure designed to incentivize strategic investments earning more than the required return. Economic Profit is calculated as CSX\u2019s gross cash earnings (after-tax adjusted EBITDA) minus the capital charge (long-term average cost of capital) on gross operating assets. Environmental Protection Agency (\u201cEPA\u201d) - A U.S. government agency that has regulatory authority with respect to environmental law. Federal Railroad Administration (\"FRA\") - The branch of the DOT that is responsible for developing and enforcing railroad safety regulations, including safety standards for rail infrastructure and equipment. Free cash flow (\"FCF\") - The calculation of a non-GAAP measure by using net cash provided by operating activities and adjusting for property additions and certain other investing activities. Free cash flow is a measure of cash available for paying dividends, share repurchases and principal reduction on outstanding debt. Group-life depreciation - A type of depreciation in which assets with similar useful lives and characteristics are aggregated into groups. Instead of calculating depreciation for individual assets, depreciation is calculated as a whole for each group. Incidental charges - Charges for switching, demurrage, storage, etc. Intermodal - A flexible way of transporting freight over highway, rail and water without being removed from the original transportation equipment, namely a container or trailer. CSX 2025 Form 10-K p.26 CSX CORPORATION PART II Mainline - The main track thoroughfare, exclusive of terminals, yards, sidings and turnouts. Pipeline and Hazardous Materials Safety Administration (\u201cPHMSA\u201d) - An agency within the DOT that, together with the FRA, has broad jurisdiction over railroad operating standards and practices, including hazardous materials requirements. Positive Train Control (\"PTC\") - An interoperable train control system designed to prevent train-to-train collisions, over-speed derailments, incursions into established work-zone limits, and train diversions onto another set of tracks. Revenue adequacy - The achievement of a rate of return on investment over time at least equal to the industry cost of investment capital, as measured by the STB. Shipper - A customer shipping freight via rail. Siding - Track adjacent to the mainline used for passing trains. Staggers Act of 1980 - Congressional law that significantly deregulated the rail industry, replacing the regulatory structure in existence since the 1887 Interstate Com Item 1. Business CSX Corporation, together with its subsidiaries (\"CSX\" or the \u201cCompany\u201d), based in Jacksonville, Florida, is one of the nation's leading transportation companies. The Company provides rail-based freight transportation services including traditional rail service, the transport of intermodal containers and trailers, as well as other transportation services such as rail-to-truck transfers and bulk commodity operations. CSX and the rail industry provide customers with access to an expansive and interconnected transportation network that plays a key role in North American commerce and is critical to the long-term economic success and improved global competitiveness of the United States. In addition, freight railroads provide the most economical and environmentally efficient means to transport goods over land. CSX Transportation, Inc. CSX\u2019s principal operating subsidiary, CSX Transportation, Inc. (\u201cCSXT\u201d), provides an important link to the transportation supply chain through its approximately 20,000 route-mile rail network and serves major population centers in 26 states east of the Mississippi River, the District of Columbia and the Canadian provinces of Ontario and Quebec. It has access to over 70 ocean, river and lake port terminals along the Atlantic and Gulf Coasts, the Mississippi River, the Great Lakes and the St. Lawrence Seaway. This access allows the Company to meet the dynamic transportation needs of manufacturers, industrial producers, the automotive industry, construction companies, farmers and feed mills, wholesalers and retailers, and energy producers. The Company\u2019s intermodal business links customers to railroads via trucks and terminals. CSXT also serves thousands of production and distribution facilities through track connections with other Class I railroads and approximately 250 short-line and regional railroads. CSXT is also responsible for the Company's real estate sales, leasing, acquisition and management and development activi Item 1A. Risk Factors The risks set forth in the following risk factors could have a material adverse effect on the Company's financial condition, results of operations or liquidity, and could cause those results to differ materially from those expressed or implied in the Company's forward-looking statements. Additional risks and uncertainties not currently known to ", "title": "CSX - CSX CORP", "url": "/company/CSX/" }, { "kind": "company", "summary": "SIC 3510 Engines & Turbines; CIK 0000026172; latest 10-K filed 2026-02-10.", "text": "CMI - CUMMINS INC SIC 3510 Engines & Turbines; CIK 0000026172; latest 10-K filed 2026-02-10. CMI CUMMINS INC 0000026172 3510 Engines & Turbines ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations ORGANIZATION OF INFORMATION The following Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) was prepared to provide the reader with a view and perspective of our business through the eyes of management and should be read in conjunction with our Consolidated Financial Statements and the accompanying notes to those financial statements. Our MD&A is presented in the following sections: \u2022EXECUTIVE SUMMARY AND FINANCIAL HIGHLIGHTS \u2022RESULTS OF OPERATIONS \u2022REPORTABLE SEGMENT RESULTS \u20222026 OUTLOOK \u2022LIQUIDITY AND CAPITAL RESOURCES \u2022APPLICATION OF CRITICAL ACCOUNTING ESTIMATES \u2022RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS The following is the discussion and analysis of changes in the financial condition and results of operations for fiscal year 2025 compared to fiscal year 2024. The discussion and analysis of fiscal year 2023 and changes in the financial condition and results of operations for fiscal year 2024 compared to fiscal year 2023, that are not included in this Form 10-K, may be found in Part II, ITEM 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (SEC) on February 11, 2025. EXECUTIVE SUMMARY AND FINANCIAL HIGHLIGHTS Overview We are a global power leader committed to powering a more prosperous world. Since 1919, we have delivered innovative solutions that move people, goods and economies forward. Our five reportable segments - Engine, Components, Distribution, Power Systems and Accelera - offer a broad portfolio, including advanced diesel, electric and hybrid powertrains; integrated power generation systems; critical components such as aftertreatment, turbochargers, fuel systems, controls, transmissions, axles and brakes; and zero emissions technologies like battery and electric powertrain systems. With a global footprint, deep technical expertise and an extensive service network, we deliver dependable, cutting-edge solutions tailored to our customers' needs, supporting them through the energy transition with our Destination Zero strategy. We sell our products to original equipment manufacturers (OEMs), distributors, dealers and other customers worldwide. We have long-standing relationships with many of the leading manufacturers in the markets we serve, including PACCAR Inc., Traton Group, Daimler Trucks AG and Stellantis N.V. We serve our customers through a service network of approximately 640 wholly-owned, joint venture and independent distributor locations and more than 13,000 Cummins certified dealer locations in approximately 190 countries and territories. Our segment reporting structure is organized according to the products and markets each segment serves. The Engine segment produces engines (15 liters and smaller) and associated parts for sale to customers in on-highway and various off-highway markets. Our engines are used in trucks of all sizes, buses and recreational vehicles, as well as in various industrial applications, including construction, agriculture, power generation systems and other off-highway applications. The Components segment sells axles, drivelines, brakes and suspension systems for commercial diesel and natural gas applications, aftertreatment systems, turbochargers, fuel systems, valvetrain technologies, automated transmissions and electronics. The Distribution segment includes wholly-owned and partially-owned distributorships engaged in wholesaling engines, generator sets and service parts, as well as performing service and repair activities on our products, maintaining relationships with various OEMs throughout the world and providing selected sales and aftermarket support for our Accelera business. The Power Systems segment is an integrated power provider, which designs, manufactures and sells standby and prime power generators, engines (16 lite ITEM 1. Business OVERVIEW We were founded in 1919 as Cummins Engine Company, a corporation in Columbus, Indiana, and one of the first diesel engine manufacturers. In 2001, we changed our name to Cummins Inc. We are a global power leader committed to powering a more prosperous world. Since 1919, we have delivered innovative solutions that move people, goods and economies forward. Our five reportable segments - Engine, Components, Distribution, Power Systems and Accelera - offer a broad portfolio, including advanced diesel, electric and hybrid powertrains; integrated power generation systems; critical components such as aftertreatment, turbochargers, fuel systems, controls, transmissions, axles and brakes; and zero emissions technologies like battery and electric powertrain systems. With a global footprint, deep technical expertise and an extensive service network, we deliver dependable, cutting-edge solutions tailored to our customers' needs, supporting them through the energy transition with our Destination Zero strategy. We sell our products to original equipment manufacturers (OEMs), distributors, dealers and other customers worldwide. We serve our customers through a service network of approximately 640 wholly-owned, joint venture and independent distributor locations and more than 13,000 Cummins certified dealer locations in approximately 190 countries and territories. Divestiture of Atmus On March 18, 2024, we completed the divestiture of our remaining 80.5 percent ownership of Atmus Filtration Technologies Inc. (Atmus) common stock through a tax-free split-off. The exchange resulted in a reduction of shares of our common stock outstanding by 5.6 million shares and a gain of approximately $1.3 billion. See NOTE 21, \u201cATMUS DIVESTITURE,\u201d to our Consolidated Financial Statements for additional information. Settlement Agreements In December 2023, we announced that we reached an agreement in principle with the EPA, CARB, the DOJ and the California Attorney ITEM 1A. Risk Factors Set forth below and elsewhere in this Annual Report on Form 10-K are some of the principal risks and uncertainties that could cause our actual business results to differ materially from any forward-looking statements contained in this Report and could individually, or in combination, have a material adverse effect on our results of operations, financial pos", "title": "CMI - CUMMINS INC", "url": "/company/CMI/" }, { "kind": "company", "summary": "SIC 5912 Retail-Drug Stores and Proprietary Stores; CIK 0000064803; latest 10-K filed 2026-02-10.", "text": "CVS - CVS HEALTH Corp SIC 5912 Retail-Drug Stores and Proprietary Stores; CIK 0000064803; latest 10-K filed 2026-02-10. CVS CVS HEALTH Corp 0000064803 5912 Retail-Drug Stores and Proprietary Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. (\u201cMD&A\u201d) The following discussion and analysis should be read in conjunction with the audited consolidated financial statements and related notes included in Item 8 of this Annual Report on Form 10-K (this \u201c10-K\u201d), \u201cRisk Factors\u201d included in Item 1A of this 10-K and the \u201cCautionary Statement Concerning Forward-Looking Statements\u201d in this 10-K. Overview of Business CVS Health Corporation, together with its subsidiaries (collectively, \u201cCVS Health,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d), is a leading health solutions company building a world of health around every consumer it serves and connecting care so that it works for people wherever they are. As of December 31, 2025, the Company had approximately 9,000 retail locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 87 million plan members and expanding specialty pharmacy solutions. The Company also serves an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including expanding Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan (\u201cPDP\u201d). The Company is creating new sources of value through its integrated model allowing it to expand into personalized, technology driven care delivery and health services, increasing access to quality care, delivering better health outcomes and lowering overall health care costs. The Company has four reportable segments: Health Care Benefits, Health Services, Pharmacy & Consumer Wellness and Corporate/Other, which are described below. Overview of the Health Care Benefits Segment The Health Care Benefits segment operates as one of the nation\u2019s leading diversified health care benefits providers through its Aetna\u00ae operations. The Health Care Benefits segment has the information and resources to help members, in consultation with their health care professionals, make more informed decisions about their health care. The Health Care Benefits segment offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental and behavioral health plans, medical management capabilities, Medicare Advantage and Medicare Supplement plans, PDPs and Medicaid health care management services. The Health Care Benefits segment\u2019s primary customers, its members, primarily access the segment\u2019s products and services through employer groups, government-sponsored plans or individually. The Health Care Benefits segment also serves customers who purchase products and services that are ancillary to its health insurance products. The Company refers to insurance products (where it assumes all or a majority of the risk for medical and dental care costs) as \u201cInsured\u201d and administrative services contract products (where the plan sponsor assumes all or a majority of the risk for medical and dental care costs) as \u201cASC.\u201d The Company also sold Insured plans directly to individual consumers through the individual public health insurance exchanges (\u201cPublic Exchanges\u201d) through the year ended December 31, 2025. The Company exited the states in which Aetna operated on the Public Exchanges effective January 2026. Overview of the Health Services Segment The Health Services segment provides a full range of pharmacy benefit management (\u201cPBM\u201d) solutions through its CVS Caremark\u00ae operations and delivers health care services in its medical clinics, virtually, and in the home. PBM solutions include plan design offerings and administration, formulary management, retail pharmacy network management services, and specialty and mail order pharmacy services. In addition, the Company provides clinical services, disease management services, medical spend management and pharmacy and/or other administrative services for providers a Item 1. Business. Overview CVS Health Corporation, together with its subsidiaries (collectively, \u201cCVS Health,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d), is a leading health solutions company building a world of health around every consumer it serves and connecting care so that it works for people wherever they are. As of December 31, 2025, we had approximately 9,000 retail locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 87 million plan members and expanding specialty pharmacy solutions. We serve an estimated more than 37 million people through traditional, voluntary and consumer-directed health insurance products and related services, including expanding Medicare Advantage offerings and a leading standalone Medicare Part D prescription drug plan (\u201cPDP\u201d). We are creating new sources of value through our integrated model allowing us to expand into personalized, technology driven care delivery and health services, increasing access to quality care, delivering better health outcomes and lowering overall health care costs. The Company has four reportable segments: Health Care Benefits, Health Services, Pharmacy & Consumer Wellness and Corporate/Other. Business Strategy Our ambition at CVS Health is to be America\u2019s most trusted health care company. Our purpose is to simplify health care one person, one family and one community at a time. Across our unique collection of businesses, our work is rooted in our values: we care, we innovate with purpose, we are accountable and we prioritize safety and quality. Our strategy is focused on simplifying health care experiences, improving engagement, lowering costs and delivering better health outcomes. We expect to create sustainable shareholder value by delivering best-in-class execution, transforming consumer experiences, being the partner of choice and harnessing enterprise capabilities, enabled by innovation and capital stewardship. Health Care Benef Item 1A. Risk Factors. You should carefully consider each of the following risks and uncertainties and all of the other information set forth in this 10-K. These risks and uncertainties and other factors may affect forward-looking statements, including those we make in this 10-K or elsewhere, such as in news rele", "title": "CVS - CVS HEALTH Corp", "url": "/company/CVS/" }, { "kind": "company", "summary": "SIC 3823 Industrial Instruments For Measurement, Display, and Control; CIK 0000313616; latest 10-K filed 2026-02-24.", "text": "DHR - DANAHER CORP /DE/ SIC 3823 Industrial Instruments For Measurement, Display, and Control; CIK 0000313616; latest 10-K filed 2026-02-24. DHR DANAHER CORP /DE/ 0000313616 3823 Industrial Instruments For Measurement, Display, and Control ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is designed to provide material information relevant to an assessment of Danaher\u2019s financial condition and results of operations, including an evaluation of the amounts and certainty of cash flows from operations and from outside sources. The MD&A is designed to focus specifically on material events and uncertainties known to management that are reasonably likely to cause reported financial information not to be necessarily indicative of future operating results or of future financial condition. This includes descriptions and amounts of matters that have had a material impact on reported operations, as well as matters that are reasonably likely based on management\u2019s assessment to have a material impact on future operations. The Company\u2019s MD&A is divided into five sections: \u2022Overview \u2022Results of Operations \u2022Liquidity and Capital Resources \u2022Critical Accounting Estimates \u2022New Accounting Standards This discussion and analysis should be read together with Danaher\u2019s audited financial statements and related Notes thereto as of December 31, 2025 and 2024 and for each of the three years in the period ended December 31, 2025 included in this Annual Report. Management's discussion and analysis of financial condition and results of operations for 2023 is included in Item 7 of the Company\u2019s Annual Report on Form 10-K with respect to the year ended December 31, 2024 filed with the Securities and Exchange Commission, and should be referred to for information regarding that period. Unless otherwise indicated, all financial results in this report refer to continuing operations. OVERVIEW General Refer to \u201cItem 1. Business\u2014General\u201d for a discussion of Danaher\u2019s strategic objectives and methodologies for delivering long-term shareholder value. Danaher is a multinational business with global operations. During 2025, approximately 59% of Danaher\u2019s sales were derived from customers outside the United States. As a diversified, global business, Danaher\u2019s operations are affected by worldwide, regional and industry-specific economic, political and geopolitical factors. Danaher\u2019s geographic and industry diversity, as well as the range of its products and services, help mitigate the impact of any one industry or the economy of any single country, other than the United States, on its consolidated operating results. The Company\u2019s individual businesses monitor key competitors and customers, including to the extent possible their sales, to gauge relative performance and the outlook for the future. As a result of the Company\u2019s geographic and industry diversity, the Company faces a variety of opportunities and challenges, including rapid technological development (particularly with respect to computing, automation, AI, mobile connectivity and digitization) in most of the Company\u2019s served markets, the expansion and evolution of opportunities in high-growth markets, trends and costs associated with a global labor force, consolidation of the Company\u2019s competitors, increasing regulation and a rapidly evolving trade environment. The Company operates in a highly competitive business environment in most markets, and the Company\u2019s long-term growth and profitability will depend in particular on its ability to expand its business in high-growth geographies and higher-growth market segments, identify, consummate and integrate appropriate acquisitions and identify and consummate appropriate investments and strategic partnerships, develop innovative and differentiated new products and services with higher gross profit margins, expand and improve the effectiveness of the Company\u2019s sales force, continue to reduce costs and improve operating efficiency and quality, and effectively address the demands of an increasingly regulated global environment and the rapidly evolving trade e ITEM 1. BUSINESS General Danaher is a global science and technology innovator committed to accelerating the power of science and technology to improve human health. Danaher is comprised of more than 15 operating companies with leadership positions in the biotechnology, life sciences and diagnostics sectors, organized under three segments (Biotechnology, Life Sciences and Diagnostics). United by the DANAHER BUSINESS SYSTEM (\u201cDBS\u201d), our businesses are also typically characterized by a high level of products and services that are sold on a recurring basis, primarily through a direct sales model and to a geographically diverse customer base. Our business\u2019 research and development, manufacturing, sales, distribution, service and administrative facilities are located in approximately 50 countries. Danaher strives to create shareholder value primarily through three strategic priorities: \u2022strengthening our competitive advantage through consistent application of DBS tools and culture; \u2022enhancing our portfolio in attractive science and technology markets through strategic capital allocation; and \u2022consistently attracting and retaining exceptional talent. Danaher measures its progress against these strategic priorities over the long-term based primarily on financial metrics relating to revenue growth, profitability, cash flow and capital returns, as well as certain non-financial metrics. To further the strategic objectives set forth above, the Company also acquires businesses and makes investments that either complement its existing business portfolio or expand its portfolio into new markets that the Company deems attractive. Given the rapid pace of technological development and the specialized expertise typical of Danaher\u2019s served markets, acquisitions as well as strategic alliances and investments can provide the Company access to important new technologies and domain expertise, and Danaher continues to pursue acquisition and investment opportunities within its targete ITEM 1A. RISK FACTORS You should carefully consider the risks and uncertainties described below, together with the information included elsewhere in this Annual Report on Form 10-K and other documents we file with the SEC. We have identified the risks and uncertainties describ", "title": "DHR - DANAHER CORP /DE/", "url": "/company/DHR/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0000940944; latest 10-K filed 2025-07-18.", "text": "DRI - DARDEN RESTAURANTS INC SIC 5812 Retail-Eating Places; CIK 0000940944; latest 10-K filed 2025-07-18. DRI DARDEN RESTAURANTS INC 0000940944 5812 Retail-Eating Places Item 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This discussion and analysis below for Darden Restaurants, Inc. (Darden, the Company, we, us or our) should be read in conjunction with our consolidated financial statements and related financial statement notes included in Part II of this report under the caption \u201cItem 8 - Financial Statements and Supplementary Data.\u201d We operate on a 52/53-week fiscal year, which ends on the last Sunday in May. Fiscal 2025, which ended May 25, 2025, and fiscal 2024, which ended May 26, 2024, each consisted of 52 weeks. Fiscal 2026, which ends on May 31, 2026, will consist of 53 weeks. OVERVIEW OF OPERATIONS Our business operates in the full-service dining segment of the restaurant industry. At May 25, 2025, we owned and operated 2,159 restaurants through subsidiaries in the United States and Canada under the Olive Garden\u00ae, LongHorn Steakhouse\u00ae, Cheddar\u2019s Scratch Kitchen\u00ae, Chuy\u2019s\u00ae, Yard House\u00ae, Ruth\u2019s Chris Steak House\u00ae (Ruth\u2019s Chris), The Capital Grille\u00ae, Seasons 52\u00ae, Eddie V\u2019s Prime Seafood\u00ae (Eddie V\u2019s), Bahama Breeze\u00ae and The Capital Burger\u00ae trademarks. We own and operate all of our restaurants in the United States and Canada, except for 5 restaurants we manage through joint venture or other contractual agreements and 85 franchised restaurants. We also have 69 franchised restaurants in operation located in Canada, Latin America, the Caribbean, Asia and the Middle East. All intercompany balances and transactions have been eliminated in consolidation. On October 11, 2024, we acquired 100 percent of the equity interest of Chuy\u2019s Holdings Inc. (Chuy\u2019s) in an all-cash transaction of $649.1 million in total consideration, $613.7 million in net cash consideration, inclusive of $35.4 million of cash on Chuy\u2019s balance sheet at closing. As a result of the acquisition and related integration efforts, we incurred expenses of $44.6 million ($36.7 million, net of tax) during the twelve months ended May 25, 2025. Fiscal 2025 Financial Highlights \u2022Total sales increased 6.0 percent to $12.08 billion in fiscal 2025 from $11.39 billion in fiscal 2024 driven by a blended same-restaurant sales increase of 2.0 percent and sales from the addition of 103 net company-owned Chuy\u2019s restaurants and 25 other net new restaurants. \u2022Diluted net earnings per share from continuing operations increased to $8.88 in fiscal 2025 from $8.53 in fiscal 2024, a 4.1 percent increase. \u2022Net earnings from continuing operations increased to $1.05 billion in fiscal 2025 from $1.03 billion in fiscal 2024, a 2.0 percent increase. \u2022Net loss from discontinued operations decreased to $1.4 million ($0.02 per diluted share) in fiscal 2025, from $2.9 million ($0.02 per diluted share) in fiscal 2024. When combined with results from continuing operations, our diluted net earnings per share was $8.86 for fiscal 2025 and $8.51 for fiscal 2024. Outlook We expect fiscal 2026 sales from continuing operations to increase between 7.0 to 8.0 percent, driven by growth of 2.0 percent related to the fifty-third week in fiscal 2026, same-restaurant sales growth (1) of 2.0 to 3.5 percent, and sales from 60 to 65 new restaurant openings. In fiscal 2026, we expect our annual effective tax rate to be 13 percent, and we expect capital expenditures incurred to build new restaurants, remodel and maintain existing restaurants and technology initiatives to be between $700 million and $750 million. (1) Annual same-restaurant sales is a 52-week metric and excludes the impact of Chuy\u2019s, which will not have been owned and operated by Darden for a 16-month period prior to the beginning of fiscal 2026, as well as any additional locations not expected to be operated by Darden for the entirety of the fiscal year. 30 RESULTS OF OPERATIONS FOR FISCAL 2025 AND 2024 To facilitate review of our results of operations, the following table sets forth our financial results for the periods indicated. All information is derived fr Item 1. BUSINESS Introduction Darden Restaurants, Inc. is a full-service restaurant company, and as of May 25, 2025, we owned and operated 2,159 restaurants through subsidiaries in the United States and Canada under the Olive Garden\u00ae, LongHorn Steakhouse\u00ae, Cheddar\u2019s Scratch Kitchen\u00ae, Chuy\u2019s\u00ae, Yard House\u00ae, Ruth\u2019s Chris Steak House\u00ae (\u201cRuth\u2019s Chris\u201d), The Capital Grille\u00ae, Seasons 52\u00ae, Eddie V\u2019s Prime Seafood\u00ae (\u201cEddie V\u2019s\u201d), Bahama Breeze\u00ae, and The Capital Burger\u00ae trademarks. As of May 25, 2025, we also had 154 restaurants operated by independent third parties pursuant to area development and franchise agreements and 4 restaurants operating under contractual agreements. The following table details the number of company-owned and operated restaurants, as well as those operated under franchise and contractual agreements, as of May 25, 2025: [[GREPCENT_TABLE]] [[\"Number of Restaurants\",\"Olive Garden\",\"LongHorn Steakhouse\",\"Cheddar\\u2019s Scratch Kitchen\",\"\",\"Chuy\\u2019s\",\"\",\"Yard House (1)\",\"\",\"Ruth\\u2019s Chris\",\"The Capital Grille\",\"Seasons 52\",\"\",\"Eddie V\\u2019s\",\"Bahama Breeze\",\"\",\"The Capital Burger\",\"Total\"],[\"Owned and operated:\"],[\"United States\",\"927\",\"591\",\"181\",\"\",\"108\",\"\",\"88\",\"\",\"82\",\"71\",\"43\",\"\",\"29\",\"28\",\"\",\"3\",\"2,151\"],[\"Canada\",\"8\",\"\\u2014\",\"\\u2014\",\"\",\"\\u2014\",\"\",\"\\u2014\",\"\",\"\\u2014\",\"\\u2014\",\"\\u2014\",\"\",\"\\u2014\",\"\\u2014\",\"\",\"\\u2014\",\"8\"],[\"Total\",\"935\",\"591\",\"181\",\"\",\"108\",\"\",\"88\",\"\",\"82\",\"71\",\"43\",\"\",\"29\",\"28\",\"\",\"3\",\"2,159\"],[\"Franchised:\"],[\"United States (2)\",\"11\",\"19\",\"3\",\"\",\"\\u2014\",\"\",\"\\u2014\",\"\",\"51\",\"\\u2014\",\"\\u2014\",\"\",\"\\u2014\",\"1\",\"\",\"\\u2014\",\"85\"],[\"Latin America\",\"32\",\"\\u2014\",\"\\u2014\",\"\",\"\\u2014\",\"\",\"\\u2014\",\"\",\"2\",\"2\",\"\\u2014\",\"\",\"\\u2014\",\"\\u2014\",\"\",\"\\u2014\",\"36\"],[\"Canada\",\"\\u2014\",\"\\u2014\",\"\\u2014\",\"\",\"\\u2014\",\"\",\"\\u2014\",\"\",\"6\",\"\\u2014\",\"\\u2014\",\"\",\"\\u2014\",\"\\u2014\",\"\",\"\\u2014\",\"6\"],[\"Asia\",\"5\",\"1\",\"\\u2014\",\"\",\"\\u2014\",\"\",\"\\u2014\",\"\",\"16\",\"\\u2014\",\"\\u2014\",\"\",\"\\u2014\",\"\\u2014\",\"\",\"\\u2014\",\"22\"],[\"Middle East\",\"3\",\"\\u2014\",\"\\u2014\",\" Item 1A. RISK FACTORS Various risks and uncertainties could affect our business. Any of the risks described below or elsewhere in this report or our other filings with the Securities and Exchange Commission could have a material impact on our business, financial condition or results of operations. It is not possible to predict or identify all r", "title": "DRI - DARDEN RESTAURANTS INC", "url": "/company/DRI/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001561550; latest 10-K filed 2026-02-18.", "text": "DDOG - Datadog, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001561550; latest 10-K filed 2026-02-18. DDOG Datadog, Inc. 0001561550 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion, particularly information with respect to our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading \u201cSpecial Note Regarding Forward-Looking Statements\u201d in this Annual Report on Form 10-K. You should review the disclosure under the heading \u201cPart I, Item 1A. Risk Factors\u201d in this Annual Report on Form 10-K for a discussion of important factors that could cause our actual results to differ materially from those anticipated in these forward-looking statements. This section of our Annual Report on Form 10-K discusses our financial condition and results of operations for the fiscal years ended December 31, 2025 and 2024, and year-to-year comparisons between fiscal 2025 and fiscal 2024. A discussion of our financial condition and results of operations for the fiscal year ended December 31, 2023 and year-to-year comparisons between fiscal 2024 and fiscal 2023 that are not included in this Annual Report on Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed on February 20, 2025. Overview Datadog is the AI-powered observability and security platform for cloud applications. 46 Our SaaS platform integrates and automates infrastructure monitoring, application performance monitoring, log management, user experience monitoring, cloud security, service management, and many other capabilities to provide unified, real-time observability and security for our customers\u2019 entire technology stack. Datadog is used by organizations of all sizes and across a wide range of industries to enable digital transformation and cloud migration, drive collaboration among development, operations, security and business teams, accelerate time to market for applications, reduce time to problem resolution, secure applications and infrastructure, understand user behavior and track key business metrics. We generate revenue from the sale of subscriptions to customers using our cloud-based platform. The terms of our subscription agreements are primarily monthly or annual. Customers also have the option to purchase additional products, such as additional containers to monitor, custom metrics packages, anomaly detection and app analytics. Professional services are generally not required for the implementation of our products and revenue from such services has been immaterial to date. We employ a land-and-expand business model centered around offering products that are easy to adopt and have a very short time to value. Our customers can expand their footprint with us on a self-service basis. Our customers often significantly increase their usage of the products they initially buy from us and expand their usage to other products we offer on our platform. We grow with our customers as they expand their workloads in the public and private cloud. As of December 31, 2025, we had $401.3 million in cash and cash equivalents and $4,073.5 million in marketable securities. We have grown rapidly in recent periods, with revenues for the fiscal years ended December 31, 2025, 2024 and 2023 of $3,427.2 million, $2,684.3 million, and $2,128.4 million, respectively, representing year-over-year growth of 28% from the fiscal year ended December 31, 2024 to the fiscal year ended December 31, 2025 and 26% from the fiscal year ended December 31, 2023 to the fiscal year ended December 31, 2024. S Item 1. Business Overview Datadog is the AI-powered observability and security platform for cloud applications. Our SaaS platform integrates and automates infrastructure monitoring, application performance monitoring, log management, user experience monitoring, cloud security, service management, and many other capabilities to provide unified, real-time observability and security for our customers\u2019 entire technology stack. Datadog is used by organizations of all sizes and across a wide range of industries to enable digital transformation and cloud migration, drive collaboration among development, operations, security and business teams, accelerate time to market for applications, reduce time to problem resolution, secure applications and infrastructure, understand user behavior, and track key business metrics. Software applications are transforming how organizations engage with customers and operate their businesses. Companies across all industries are re-platforming their businesses to cloud native or hybrid on-premise and cloud infrastructures to enable this digital transformation. And they are increasingly adopting AI capabilities as part of this transformation. Historically, engineering teams and data have been siloed, making the development of next generation applications in dynamic cloud environments challenging. We started Datadog to break this model and facilitate collaboration among development and operations teams, enabling the adoption of DevOps practices. Since then, we have continuously pushed to unify separate tools into an integrated monitoring and analytics platform, readily available to everyone who cares about applications and their impact on business. And while we continue to broaden our capabilities in observability, we have expanded our platform into use cases beyond observability, including cloud security, software delivery, and service management. With our founding goal of breaking down silos between Dev and Ops, we set out in 2010 to bui Item 1A. Risk Factors Our operations and financial results are subject to various risks and uncertainties including those described below. You should consider carefully the risks and uncertainties described below, in addition to other information contained in this Annual Report on Form 10-K, including our consolidated financial statements", "title": "DDOG - Datadog, Inc.", "url": "/company/DDOG/" }, { "kind": "company", "summary": "SIC 8090 Services-Misc Health & Allied Services, NEC; CIK 0000927066; latest 10-K filed 2026-02-11.", "text": "DVA - DAVITA INC. SIC 8090 Services-Misc Health & Allied Services, NEC; CIK 0000927066; latest 10-K filed 2026-02-11. DVA DAVITA INC. 0000927066 8090 Services-Misc Health & Allied Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Forward-looking statements This Annual Report on Form 10-K, including this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, contains statements that are forward-looking statements within the meaning of the federal securities laws and as such are intended to be covered by the safe harbor for \"forward-looking statements\" provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements could include, among other things, statements about our balance sheet and liquidity, our expenses, revenues, billings and collections, patient census, the impact of the cybersecurity incident experienced by the Company in 2025, the potential impact of the One Big Beautiful Bill Act (OBBBA) and federal government policy changes or shutdowns, including with respect to federal funding and reimbursement rates of Medicare, Medicare Advantage, Medicaid and other government programs, availability or cost of supplies, including without limitation the impact of evolving trade policies and tariffs and any reduction in clinical and other supplies due to any disruptions experienced by third party vendors, including with respect to our ability to provide home dialysis services, treatment volumes, mix expectation, such as the percentage or number of patients under commercial insurance, including potential impacts to such mix as a result of U.S. administration policies, current macroeconomic, marketplace and labor market conditions, and overall impact on our patients and teammates, as well as other statements regarding our future operations, financial condition and prospects, capital allocation plans, expenses, cost saving initiatives, other strategic initiatives, use of contract labor, government and commercial payment rates, expectations related to value-based care (VBC), integrated kidney care (IKC), Medicare Advantage (MA) plan enrollment and our international operations, expectations regarding increased competition and marketplace changes, including those related to new or potential entrants in the dialysis and pre-dialysis marketplace and the potential impact of innovative technologies, drugs, or other treatments on the dialysis industry, and expectations regarding our share repurchase program. All statements in this report, other than statements of historical fact, are forward-looking statements. Without limiting the foregoing, statements including the words \"expect,\" \"intend,\" \"will,\" \"could,\" \"plan,\" \"anticipate,\" \"believe\" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on DaVita's current expectations and are based solely on information available as of the date of this report. DaVita undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of changed circumstances, new information, future events or otherwise, except as may be required by law. Actual future events and results could differ materially from any forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. These risks and uncertainties include, among other things: \u2022external conditions, including those related to general economic, political and global health conditions, including without limitation, the impact of global events and political or governmental volatility; the impact of the domestic political environment and related developments on the current healthcare marketplace, our patients and on our business, including without limitation, developments related to domestic policy initiatives and guidance or potential government shutdowns; the continuing impact of infectious diseases on the chronic kidney disease population and our patient population; supply chain challenges and disruptions, including without limitation, with respect to certain Item 1. Business Unless otherwise indicated in this report \"DaVita\", \"the Company\" \"we\", \"us\", \"our\" and other similar terms refer to DaVita Inc. and its consolidated subsidiaries. Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, are made available free of charge through our website, located at http://www.davita.com, as soon as reasonably practicable after the reports are filed with or furnished to the Securities and Exchange Commission (SEC). The SEC also maintains a website at http://www.sec.gov where these reports and other information about us can be obtained. The contents of our website are not incorporated by reference into this report. Overview of DaVita Inc. DaVita is a leading healthcare provider focused on transforming care delivery to improve quality of life for patients globally. As a comprehensive kidney care provider, we have been a leader in clinical quality and innovation for more than 25 years. We care for patients at every stage and setting along their kidney health journey\u2013from slowing the progression of kidney disease to helping support transplantation. This includes ensuring they are supported at home, in our dialysis centers, in the hospital and in skilled nursing facilities. In our unwavering pursuit of a healthier tomorrow, we strive to reimagine what high quality care looks like: more preventative, better integrated, improved outcomes at the lowest total cost, and personalized at scale to deliver a better tomorrow regardless of location, insurance status or other factors. Our caring culture fuels our continuous drive toward achieving our mission to be the provider, partner and employer of choice. Defining chronic kidney disease There are five stages of chronic kidney disease (CKD). These stages are generally based on how well the kidneys work to filter Item 1A. Risk Factors This Annual Report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws. Please read the cautionary notice regarding forward-looking statements in Item 7 of Part II of this Annual Report on Form 10-K under the heading \"Management\u2019s Discussion and Analysis of", "title": "DVA - DAVITA INC.", "url": "/company/DVA/" }, { "kind": "company", "summary": "SIC 3021 Rubber & Plastics Footwear; CIK 0000910521; latest 10-K filed 2026-05-22.", "text": "DECK - DECKERS OUTDOOR CORP SIC 3021 Rubber & Plastics Footwear; CIK 0000910521; latest 10-K filed 2026-05-22. DECK DECKERS OUTDOOR CORP 0000910521 3021 Rubber & Plastics Footwear ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read together with our consolidated financial statements in Part IV within this Annual Report. This discussion includes an analysis of our financial condition and results of operations for the years ended March 31, 2026, and 2025 and year-over-year comparisons between those periods. For an analysis of our financial condition and results of operations for the years ended March 31, 2025, and 2024 and year-over-year comparisons between those periods, refer to Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d of our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, filed with the SEC on May 23, 2025. Certain statements made in this section constitute \u201cforward-looking statements,\u201d which are subject to numerous risks and uncertainties. Our actual results of operations may differ materially from those expressed or implied by these forward-looking statements as a result of many factors, including those set forth in the section titled \u201cCautionary Note Regarding Forward-Looking Statements\u201d and Part I, Item 1A, \u201cRisk Factors,\u201d within this Annual Report. Unless otherwise indicated, all figures herein are expressed in thousands, except per share data. References to \u201cdomestic\u201d refer to the US. Overview We are a global leader in designing, marketing, and distributing innovative footwear, apparel, and accessories developed for both everyday casual lifestyle use and high-performance activities. We market our products primarily under three proprietary brands: HOKA, UGG, and Teva. Refer to the section below entitled \u201cReportable Operating Segments Overview\u201d for information regarding the phase out of standalone operations for the Koolaburra brand and AHNU brand, and the prior sale of the Sanuk brand. Our brands compete across the fashion and casual lifestyle, performance, running, and outdoor markets. We believe our products are distinctive and appeal to a broad demographic. Our brands sell our products through quality domestic and international retailers and international distributors in our wholesale channel, and directly to global consumers through our DTC channel, which is comprised of an e\u2011commerce and retail store presence. We seek to differentiate our brands and products by offering diverse lines that emphasize fashion, performance, authenticity, functionality, quality, and comfort, and products tailored to a variety of activities, seasons, and demographic groups. Independent third-party contractors manufacture all of our products. Financial Highlights Consolidated financial performance highlights for fiscal year 2026 (current period), compared to fiscal year 2025 (the prior period), were as follows: \u2022Net sales increased 9.8% to $5,472,296. \u25e6Brand \u25aaHOKA brand net sales increased 15.9% to $2,587,330. \u25aaUGG brand net sales increased 8.2% to $2,738,758. \u25aaOther brands net sales decreased 33.9% to $146,208. \u25e6Channel \u25aaWholesale channel net sales increased 12.3% to $3,208,107. \u25aaDTC channel net sales increased 6.3% to $2,264,189. \u25e6Geography \u25aaDomestic net sales increased 0.2% to $3,191,518. \u25aaInternational net sales increased 26.8% to $2,280,778. \u2022Gross profit as a percentage of net sales (gross margin) decreased 20 basis points to 57.7%. Table of Contents 33 \u2022SG&A expenses increased 11.0% to $1,894,823. \u2022Income from operations increased 7.1% to $1,262,903. \u2022Income from operations as a percentage of net sales (operating margin) decreased 50 basis points to 23.1%. \u2022Diluted earnings per share increased 10.9% to $7.02 per share. Trends And Uncertainties Impacting Our Business And Industry Our business and ITEM 1. BUSINESS General We are a global leader in designing, marketing, and distributing innovative footwear, apparel, and accessories developed for both everyday casual lifestyle use and high-performance activities. We market our products primarily under three proprietary brands: HOKA, UGG, and Teva. Our brands compete across the fashion and casual lifestyle, performance, running, and outdoor markets. We believe our products are distinctive and appeal to a broad demographic. Our brands sell our products through quality domestic and international retailers and international distributors in our wholesale channel, and directly to global consumers through our Direct-to-Consumer (DTC) channel, which is comprised of an e\u2011commerce and retail store presence. We seek to differentiate our brands and products by offering diverse lines that emphasize fashion, performance, authenticity, functionality, quality, and comfort, and products tailored to a variety of activities, seasons, and demographic groups. Independent third-party contractors manufacture all of our products (independent manufacturers). Table of Contents 4 Brands [[GREPCENT_TABLE]] [[\"\",\"\",\"The HOKA brand is an authentic premium line of year-round performance footwear, which offers enhanced cushioning and inherent stability with minimal weight. Originally designed for ultra-runners, the brand now appeals to world champions, tastemakers, and everyday athletes. Expansion into additional product categories, elevated marketing campaigns, and investments in brand experiences, coupled with strategic marketplace presence have fueled both domestic and international sales growth of the HOKA brand, which has quickly become a leading brand within run and outdoor specialty wholesale accounts and is growing across its global marketplace. The HOKA brand\\u2019s prod ITEM 1A. RISK FACTORS Our short and long-term success is subject to numerous risks and uncertainties, many of which involve factors that are difficult to predict or beyond our control. As a result, investing in our common stock involves substantial risk. Before deciding to purchase, hold or sell our common stock, stockholders and potential stockholders should carefully consider the risks and uncertainties described below, in addition to the other information contained in or incorporated by reference into this Annual Report, as well as the other information we file with the SEC. If any of these risks are realized, our business, financial condition, results of operations, and pr", "title": "DECK - DECKERS OUTDOOR CORP", "url": "/company/DECK/" }, { "kind": "company", "summary": "SIC 3523 Farm Machinery & Equipment; CIK 0000315189; latest 10-K filed 2025-12-18.", "text": "DE - DEERE & CO SIC 3523 Farm Machinery & Equipment; CIK 0000315189; latest 10-K filed 2025-12-18. DE DEERE & CO 0000315189 3523 Farm Machinery & Equipment MANAGEMENT\u2019S DISCUSSION AND ANALYSIS Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of our financial condition and results of operations. The MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and the accompanying Notes to Consolidated Financial Statements. All amounts are presented in millions of U.S. dollars, unless otherwise specified. For comparison of 2024 to 2023 results, refer to the \u201cManagement\u2019s Discussion and Analysis\u201d section of our 2024 Form 10-K, which is hereby incorporated by reference. [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\"],[\"OVERVIEW\",\"\\u200b\"]] [[/GREPCENT_TABLE]] Deere & Company is a global leader in the production of agricultural, turf, construction, and forestry equipment and solutions. John Deere Financial provides financing for John Deere equipment, parts, services, and other inputs customers need to run their operations. Our operations are managed through the Production & Precision Agriculture (PPA), Small Agriculture & Turf (SAT), Construction & Forestry (CF), and Financial Services (FS) operating segments. References to \u201cequipment operations\u201d include PPA, SAT, and CF, while references to \u201cagriculture and turf\u201d include both PPA and SAT. Net Sales and Revenues by Segment in 2025 \u200b [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\"],[\"TRENDS & ECONOMIC CONDITIONS\",\"\\u200b\"]] [[/GREPCENT_TABLE]] Industry Sales Outlook for Fiscal 2026 Agriculture and Turf \u200b Construction and Forestry Company Trends In 2022, we introduced our Leap Ambitions, a set of focused goals designed to guide the implementation of our Smart Industrial Operating Model. These Ambitions are built upon a foundation of product quality and manufacturing excellence, supported by a best-in-class dealer channel, and enabled by employees dedicated to solving some of the world\u2019s most important problems. To build on our accomplishments and lay the foundation for sustained growth as we move toward 2030, in December 2025 we refined our Ambitions. Our refined Ambitions feature multi-year financial and operational goals, emphasizing the use of our differentiated equipment and service solutions, including automation, autonomy, digitalization, lifecycle solutions, and Solutions as a Service (SaaS). Deeper integration of technology into equipment to enable customers to do more with less remains a persistent market trend. Customers seek to improve profitability, productivity, and sustainability by selecting our equipment and technology solutions. These technologies are incorporated into customer operations across the varied production systems in which we serve. While we continue to benefit from the adoption of these technologies, revenue from SaaS products did not represent a significant percentage of our revenues in 2025. 32 Table of Contents \u200b Company Outlook for 2026 [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Large agriculture sales in North America are expected to remain subdued.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Small agriculture & turf and construction & forestry sales are expected to improve in 2026.\"]] [[/GREPCENT_TABLE]] Agriculture and Turf Outlook for 2026 [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Demand in the U.S. and Canada for large agriculture equipment is expected to decrease further amidst challenging farm fundamentals for row crop farmers, which pressures short-term liquidity. Although the used equipment market is improving, it continues to constrain investments in new machines. These factors are partially offset by strong crop yields and consumption, recent U.S. trade agreements, growing demand for biofuels, and supportive government subsidies.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"We expect small agricultural and turf equipment sales to be flat to up slightly from 2025 levels in the U.S. and Canada. The dairy and livestock segment continues to generate pr ITEM 1. BUSINESS. This Annual Report on Form 10-K contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this Annual Report on Form 10-K are forward-looking statements. Forward-looking statements provide our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance, and business. You can identify forward-looking statements as they do not relate to historical or current facts and by words such as \u201cbelieve,\u201d \u201cexpect,\u201d \u201cestimate,\u201d \u201canticipate,\u201d \u201cwill,\u201d \u201caim,\u201d \u201cshould,\u201d \u201cplan,\u201d \u201cforecast,\u201d \u201ctarget,\u201d \u201cguide,\u201d \u201cproject,\u201d \u201cintend,\u201d \u201ccould,\u201d and similar words or expressions. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected. Important factors that could cause actual results to differ materially from our expectations, or cautionary statements, and other important information about forward-looking statements are disclosed under Item 1A, \u201cRisk Factors,\u201d and Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u2013Forward-Looking Statements,\u201d in this Annual Report on Form 10-K. As used herein, the terms \u201cJohn Deere,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or \u201cthe Company\u201d refer collectively to Deere & Company and its subsidiaries, unless designated or identified otherwise. All amounts are presented in millions of U.S. dollars, unless otherwise specified. Products John Deere has manufactured agricultural equipment since 1837. Deere & Company was incorporated under the laws of Delaware in 1958. Our business is managed through the following four business segments: Production & Precision Agriculture (PPA), Small Agriculture & Turf (SAT), Construction & Forestry (CF), and Financial Services (John Deere Financial or FS). [[GREPCENT_TABLE]] [[\"\\u200b\\u200b\\u200b\",\"\\u200b\",\"\",\"\\u200b\",\"\",\"\\u200b\", ITEM 1A. RISK FACTORS. The following risks are considered material to our business based upon current knowledge, information, and assumptions. This discussion of risk factors should be considered closely in conjunction with the MD&A, including the risks and uncertainties described in the Forward-Looking Statements, and the Notes to Consolidated Financial Statements. T", "title": "DE - DEERE & CO", "url": "/company/DE/" }, { "kind": "company", "summary": "SIC 3571 Electronic Computers; CIK 0001571996; latest 10-K filed 2026-03-16.", "text": "DELL - Dell Technologies Inc. SIC 3571 Electronic Computers; CIK 0001571996; latest 10-K filed 2026-03-16. DELL Dell Technologies Inc. 0001571996 3571 Electronic Computers ITEM 7 \u2014 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This management\u2019s discussion and analysis should be read in conjunction with the audited Consolidated Financial Statements and accompanying Notes included in this Annual Report on Form 10-K. This section generally discusses Fiscal 2026 results compared to Fiscal 2025 results. Discussion of Fiscal 2025 results compared to Fiscal 2024 results, to the extent not included in this Form 10-K, are presented in \u201cPart II \u2014 Item 7 \u2014 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended January 31, 2025. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs, and that are subject to numerous risks and uncertainties. Our actual results may differ materially from those expressed or implied in any forward-looking statements. Unless otherwise indicated, all results presented are prepared in a manner that complies, in all material respects, with generally accepted accounting principles in the United States of America (\u201cGAAP\u201d). Unless otherwise indicated, all changes identified for the current-period results represent comparisons to results for the prior corresponding fiscal period. Unless the context indicates otherwise, references in this management\u2019s discussion and analysis to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany,\u201d and \u201cDell Technologies\u201d mean Dell Technologies Inc. and its consolidated subsidiaries. Our fiscal year is the 52- or 53-week period ending on the Friday nearest January 31. We refer to our fiscal years ended January 30, 2026, January 31, 2025, and February 2, 2024 as \u201cFiscal 2026,\u201d \u201cFiscal 2025,\u201d and \u201cFiscal 2024,\u201d respectively. All fiscal years presented included 52 weeks. We refer to our fiscal year ending January 29, 2027 as \u201cFiscal 2027.\u201d INTRODUCTION Company Overview Dell Technologies is a leader in the global technology industry focused on providing broad and innovative technology solutions for the data and artificial intelligence (\u201cAI\u201d) era. We build and offer solutions ranging from client devices and peripherals to infrastructure solutions across servers, networking, and storage to meet the evolving needs of our customers and drive better business outcomes. With our extensive portfolio and our commitment to innovation, we offer secure, integrated solutions that extend from the edge to the core to the cloud, and we are at the forefront of AI, software-defined, and cloud native infrastructure solutions. Our vision is to become the most essential technology partner. We intend to realize our vision by executing our strategy of leveraging our strengths to extend our leadership positions and capture new growth. We are organized into two business units which are also our reportable segments: Infrastructure Solutions Group and Client Solutions Group. Infrastructure Solutions Group (\u201cISG\u201d) \u2014 We provide a comprehensive portfolio of advanced infrastructure solutions designed to help customers simplify, streamline, and automate information technology (\u201cIT\u201d) operations. ISG also offers software, peripherals, and services, including consulting and support and deployment. Given the scale and growth of our AI-optimized servers business, effective in the fourth quarter of Fiscal 2026, we disaggregated our servers and networking offerings within revenue by major product category into AI-optimized servers offerings and traditional servers and networking offerings. As a result, our major product categories within ISG include our AI-optimized servers offerings, our traditional servers and networking offerings, and our storage offerings. \u2022AI-optimized servers \u2014 We offer a specialized portfolio of AI-optimized servers designed to handle the most demanding compute-intensive workloads, including AI model training, fine-tuning, and inferencing. \u2022 ITEM 1 \u2014 BUSINESS Company Overview Dell Technologies is a leader in the global technology industry focused on providing broad and innovative technology solutions for the data and artificial intelligence (\u201cAI\u201d) era. These solutions range from client devices and peripherals to infrastructure solutions across servers, networking, and storage to meet the evolving needs of our customers and drive better business outcomes. With our extensive portfolio and commitment to innovation, we design, deploy, and support secure, integrated solutions that extend from the edge to the core to the cloud. We deliver AI-optimized, software-defined, and cloud native infrastructure solutions across a broad partner ecosystem to help customers address evolving information technology (\u201cIT\u201d) needs, drive outcomes, and capture growth as customer spending priorities evolve. Dell Technologies operates globally in over 170 countries, supported by a world-class organization across key functional areas, including technology and product development, marketing, sales, services, and financing. We have a number of operational advantages that provide a critical foundation for our success. We provide leading end-to-end solutions across our portfolio of products and services. Our go-to-market operations include an extensive direct sales force, with the ability to build deep customer relationships, and a global network of channel partners. Our global services footprint consists of service and support professionals and vendor-managed service centers that support customers across the world. Our world-class supply chain operates at a significant scale with the ability to remain agile in a variety of environments. We offer customers choice in how they acquire our solutions, including utility, subscription, as-a-Service, leases, loans, and immediate pay models. These options allow our customers to pay upfront or over time, providing them with operational and financial flexibility. Our Vision and Strategy O ITEM 1A \u2014 RISK FACTORS Our business, operating results, financial condition, and prospects are subject to a variety of significant risks, many of which are beyond our control. The following is a description of material risk factors that may cause our actual results in future periods to differ substantially from those we currently expect or se", "title": "DELL - Dell Technologies Inc.", "url": "/company/DELL/" }, { "kind": "company", "summary": "SIC 4512 Air Transportation, Scheduled; CIK 0000027904; latest 10-K filed 2026-02-11.", "text": "DAL - DELTA AIR LINES, INC. SIC 4512 Air Transportation, Scheduled; CIK 0000027904; latest 10-K filed 2026-02-11. DAL DELTA AIR LINES, INC. 0000027904 4512 Air Transportation, Scheduled ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This section of Form 10-K does not address certain items regarding the year ended December 31, 2023. Discussion and analysis of 2023 and year-to-year comparisons between 2024 and 2023 not included in this Form 10-K can be found in \"Item 7. Management's Discussion and Analysis\" of our Annual Report on Form 10-K for the year ended December 31, 2024. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited Consolidated Financial Statements and the related notes and other financial information as well as the material risk factors included elsewhere in this Annual Report on Form 10-K. 2025 Financial Overview Our 2025 operating income was $5.8 billion, a decrease of $173 million compared to 2024, and operating income, adjusted (a non-GAAP financial measure) was $5.8 billion, a decrease of $212 million compared to 2024. The decreases in operating income and operating income, adjusted primarily result from nearly offsetting increases in both revenue and operating expenses, as described below. As a result of our strong performance in 2024 and 2025, we paid profit sharing of $1.4 billion in February 2025 to our employees and will pay another $1.3 billion in February 2026 in recognition of these achievements. Revenue. Compared to 2024, our 2025 operating revenue increased $1.7 billion, or 3%, primarily due to a 3% increase in capacity driven by continued strength in demand for premium products, particularly from corporate customers, growth in loyalty travel awards, increased refinery sales to third parties and growth of our Delta TechOps third-party maintenance, repair and overhaul (\"MRO\") business. In addition, revenue increased year over year due to the Crowdstrike-caused outage in 2024, which led to a direct revenue impact of approximately $380 million related to approximately 7,000 flight cancellations over five days. Total revenue, adjusted (a non-GAAP financial measure) increased in 2025 by $1.3 billion, or 2.3%, compared to 2024. Adjustments were to exclude refinery sales to third parties. Operating Expense. Total operating expense increased $1.9 billion, or 3%, compared to 2024, primarily due to higher employee costs from increased wages, costs associated with a 3% increase in capacity, and higher expenses related to refinery sales to third parties. These increases were partially offset by lower aircraft fuel costs. In addition, approximately $170 million of additional operating expenses were incurred in 2024 associated with the Crowdstrike-caused outage primarily due to customer expense reimbursements and crew-related costs. Total operating expense, adjusted (a non-GAAP financial measure) increased $1.5 billion, or 3%, compared to 2024. Current year adjustments were primarily to exclude expenses related to refinery sales to third parties. Our total operating cost per available seat mile (\"CASM\") of 19.31 cents was comparable to 2024, primarily due to lower fuel expense and a 3% increase in capacity offset by higher employee costs. Non-fuel unit costs (\"CASM-Ex\", a non-GAAP financial measure), which excludes fuel, expenses related to refinery sales to third parties and other items, increased 2.4% to 13.86 cents compared to 2024, which was in line with our long-term target of low-single digit growth, on higher employee costs and investments in the customer experience. Non-Operating Results. Total non-operating income was $363 million in 2025, compared to total non-operating expense of $1.3 billion in 2024, primarily due to mark-to-market gains on certain of our equity investments in 2025 compared to losses in 2024. Cash Flow. During 2025, operating activities generated $8.3 billion, primarily from ticket sales and the sale of SkyMiles to our partners. Remuneration from American Express related to the SkyMiles program were $8.2 billion during 2025, an Item 1. Business Part I ITEM 1. BUSINESS General As a global airline based in the United States, we connect customers across our expansive global network with a commitment to ensuring that the future of travel is connected, personalized and enjoyable. In 2025, we served over 200 million customers safely, reliably and with industry-leading customer service innovation. Competitive Advantages and Brand Strength As we celebrated our centennial year in 2025, we continued to differentiate Delta from the industry and to invest in extending our competitive advantages. These enduring competitive advantages, which support our trusted consumer brand, include our people and culture, operational reliability, global network, customer loyalty and financial foundation. People and Culture The Delta people and culture are our strongest competitive advantage. Our more than 100,000 employees provide world-class travel experiences for our customers and best-in-class service. We believe that Delta's brand transcends the industry, powered by our people's outstanding work and passion for serving our customers. For 2025, Delta was named No. 15 on the Fortune 100 Best Companies to Work For list and was ranked No. 2 in the Forbes ranking of the World's Best Employers. Our industry-leading profit sharing program directly aligns our employees' interests with the company's long-term success and for 2025, we are rewarding them with $1.3 billion in profit sharing payments in February 2026. The company also maintains a Shared Rewards program to incentivize operational performance, and our employees earned $67 million under this program in 2025. Operational Reliability We remain committed to industry-leading reliability as the foundation for our brand promise and efficiency. We are consistently among the industry's best performers, delivering the best completion factor and on-time departures and arrivals among our network carrier competitors in 2025. In recognition of our unwavering commi Item 1A. Risk Factors ITEM 1A. RISK FACTORS In addition to the other information set forth in this report, you should carefully consider the following material risk factors applicable to Delta. As described below, these risks could materially affect our business, financial condition or results of operations in the future. Risk Fac", "title": "DAL - DELTA AIR LINES, INC.", "url": "/company/DAL/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001090012; latest 10-K filed 2026-02-18.", "text": "DVN - DEVON ENERGY CORP/DE SIC 1311 Crude Petroleum & Natural Gas; CIK 0001090012; latest 10-K filed 2026-02-18. DVN DEVON ENERGY CORP/DE 0001090012 1311 Crude Petroleum & Natural Gas Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Introduction The following discussion and analysis presents management\u2019s perspective of our business, financial condition and overall performance. This information is intended to provide investors with an understanding of our past performance, current financial condition and outlook for the future and should be read in conjunction with \u201cItem 8. Financial Statements and Supplementary Data\u201d of this report. The following discussion and analyses primarily focus on 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this report can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our 2024 Annual Report on Form 10-K. Executive Overview We are a leading independent oil and natural gas exploration and production company whose operations are focused onshore in the United States. Our operations are currently focused in four core areas: the Delaware Basin, Rockies, Eagle Ford and Anadarko Basin. Our asset base is underpinned by premium acreage in the economic core of the Delaware Basin and our diverse, top-tier resource plays, providing a deep inventory of opportunities for years to come. On September 27, 2024, we acquired the Williston Basin business of Grayson Mill for total consideration of approximately $5.0 billion, consisting of $3.5 billion of cash and approximately 37.3 million shares of Devon common stock, including purchase price adjustments. The acquisition has allowed us to efficiently expand our oil production and operating scale, creating immediate and long-term, sustainable value to shareholders. On February 1, 2026, we entered into the Merger Agreement, providing for an all-stock merger of equals with Coterra. The Merger will create a leading large-cap shale operator with an asset base anchored by a premier position in the economic core of the Delaware Basin. The Merger is expected to unlock substantial value for shareholders by leveraging enhanced scale to improve margins, increase free cash flow and accelerate cash returns through the capture of $1.0 billion in sustainable annual synergies. As a company, we remain focused on building economic value by executing on our strategic priorities of moderating production growth, emphasizing capital and operational efficiencies, optimizing reinvestment rates to maximize free cash flow, maintaining low leverage, delivering cash returns to our shareholders and pursuing operational excellence. Our recent performance highlights for these priorities include the following items for 2025: \u2022 Oil production totaled 389 MBbls/d, a 12% increase year over year. \u2022 Through 2025, completed approximately 88% of our authorized $5.0 billion share repurchase program, with approximately 100 million of our common shares repurchased for approximately $4.4 billion, or $44.02 per share, since inception of the plan. \u2022 Retired $485 million of senior notes. \u2022 Exited with $4.4 billion of liquidity, including $1.4 billion of cash. \u2022 Generated $6.7 billion of operating cash flow. \u2022 Paid dividends of $619 million. \u2022 Completed acquisition of outstanding noncontrolling interests in Cotton Draw Midstream for $260 million. \u2022 Received $545 million of cash proceeds from the sale of property and investments, including $409 million related to the sale of our investment in Matterhorn. \u2022 Through 2025, achieved approximately 85% of our $1.0 billion business optimization plan. \u2022 Earnings attributable to Devon were $2.6 billion, or $4.17 per diluted share. \u2022 Core earnings (Non-GAAP) were $2.5 billion, or $3.92 per diluted share. To emphasize our commitment to maximizing free cash flow and creating value for shareholders, we have implemented a business optimization plan which is anticipated to improve our annual pre-tax Item 1A. Risk Factors Our business and operations, and our industry in general, are subject to a variety of risks. The risks described below may not be the only risks we face, as our business and operations may also be subject to risks that we do not yet know of, or that we currently believe are immaterial. If any of the following risks should occur, our business, financial condition, results of operations and liquidity could be materially and adversely impacted. As a result, holders of our securities could lose part or all of their investment in Devon. Risks Related to Our Industry Volatile Oil, Gas and NGL Prices Significantly Impact Our Business Our financial condition, results of operations and the value of our properties are highly dependent on the general supply and demand for oil, gas and NGLs, which impact the prices we ultimately realize on our sales of these commodities. Historically, market prices and our realized prices have been volatile. For example, over the last five years, monthly NYMEX WTI oil and NYMEX Henry Hub gas prices ranged from highs of over $120 per Bbl and $9.50 per MMBtu, respectively, to lows of under $50 per Bbl and $1.60 per MMBtu, respectively. Such volatility is likely to continue in the future due to numerous factors beyond our control, including, but not limited to: \u2022 the domestic and worldwide supply of and demand for oil, gas and NGLs; \u2022 volatility and trading patterns in the commodity-futures markets; \u2022 climate change incentives and conservation and environmental protection efforts; \u2022 production levels of members of OPEC, Russia, the U.S. or other producing countries; \u2022 geopolitical risks, including the conflict between Russia and Ukraine, the Israel-Gaza and Hezbollah conflicts and hostilities in Yemen and the Red Sea, as well as other hostilities or political and civil unrest in the Middle East, Africa, Europe and South America, including Venezuela; \u2022 adverse weather conditions, natural disasters and other catastrop", "title": "DVN - DEVON ENERGY CORP/DE", "url": "/company/DVN/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001093557; latest 10-K filed 2026-02-12.", "text": "DXCM - DEXCOM INC SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001093557; latest 10-K filed 2026-02-12. DXCM DEXCOM INC 0001093557 3841 Surgical & Medical Instruments & Apparatus ITEM 7 - MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This document, including the following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements that are not purely historical regarding Dexcom\u2019s or its management\u2019s intentions, beliefs, expectations and strategies for the future. These forward-looking statements fall within the meaning of the federal securities laws that relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as \u201cmay,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201cplan,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cintend,\u201d \u201cpotential\u201d or \u201ccontinue\u201d or the negative of these terms or other comparable terminology. Forward-looking statements are made as of the date of this report, deal with future events, are subject to various risks and uncertainties, and actual results could differ materially from those anticipated in those forward looking statements. The risks and uncertainties that could cause actual results to differ materially are more fully described under \u201cRisk Factors\u201d in Part I, Item 1A of this Annual Report, elsewhere in this Annual Report, and in our other reports filed with the SEC. We assume no obligation to update any of the forward-looking statements after the date of this report or to conform these forward-looking statements to actual results. You should read the following discussion and analysis together with our consolidated financial statements and related notes in Part II, Item 8 of this Annual Report. Overview [[GREPCENT_TABLE]] [[\"\",\"Who We Are\"],[\"\",\"We are a medical device company primarily focused on the design, development and commercialization of CGM systems for the management of diabetes and metabolic health by patients, caregivers, and clinicians around the world.We received approval from the FDA and commercialized our first product in 2006. We launched our latest generation systems, the G7 in 2023, and the G7 15 Day in late 2025. In August 2024, we launched Stelo, our biosensor designed for adults with prediabetes and Type 2 diabetes who do not use insulin, as the first over-the-counter glucose biosensor in the U.S. Unless the context requires otherwise, the terms \\u201cwe,\\u201d \\u201cus,\\u201d \\u201cour,\\u201d the \\u201ccompany,\\u201d or \\u201cDexcom\\u201d refer to DexCom, Inc. and its subsidiaries.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"Global Presence\"],[\"\",\"We have built a direct sales organization in North America and certain international markets to call on health care professionals, such as endocrinologists, physicians and diabetes educators, who can educate and influence patient adoption of continuous glucose monitoring. To complement our direct sales efforts, we have entered into distribution arrangements in North America and several international markets that allow distributors to sell our products.\"],[\"\",\"Future Developments\"],[\"\",\"Product Development: We plan to develop future generations of technologies that are focused on improved performance and convenience and that will enable intelligent insulin administration. Over the longer term, we plan to continue to develop and improve networked platforms with open architecture, connectivity and transmitters capable of communicating with other devices. We also intend to expand our efforts to accumulate CGM patient data and metrics and apply predictive modeling and machine learning to generate interactive CGM insights that can inform patient behavior.\"],[\"\",\"Partnerships: We continue to support partnerships with insulin pump companies and companies or institutions developing insulin delivery systems, including automated insulin delivery systems. With the introduction of Stelo, we are also pursuing and supporting development partnerships with consumer technology product companies that seek to provide metabolic health insights to their customers.\"],[\"\",\"New ITEM 1 - BUSINESS Overview We are a medical device company primarily focused on the design, development and commercialization of continuous glucose monitoring, or CGM, systems for the management of diabetes and metabolic health by patients, caregivers, and clinicians around the world. We received approval from the Food and Drug Administration, or FDA, and commercialized our first product in 2006. We launched our latest generation systems, the Dexcom G7 Continuous Glucose Monitoring System, or G7, in 2023, and the Dexcom G7 15 Day Continuous Glucose Monitoring System, or G7 15 Day, in late 2025. In August 2024, we launched Stelo, our biosensor designed for adults with prediabetes and Type 2 diabetes who do not use insulin, as the first over-the-counter glucose biosensor in the U.S. Unless the context requires otherwise, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201ccompany,\u201d or \u201cDexcom\u201d refer to DexCom, Inc. and its subsidiaries. Products Dexcom G7 and G7 15 Day In March 2022, we obtained Conformit\u00e9 Europ\u00e9enne Marking, or CE Mark, approval for G7. In December 2022, we obtained marketing authorization from the FDA for the G7 via the 510(k) review process. The G7 is an integrated continuous glucose monitoring system, or iCGM, and is classified as a Class II device by the FDA, and is subject to special controls for iCGMs that outline requirements for assuring CGM accuracy, reliability and clinical relevance, and which also outlines the type of studies and data required to demonstrate acceptable CGM performance. The glucose value algorithm, ability to communicate with approved display and mobile devices, and compatibility with Dexcom Clarity, our cloud-based reporting software, are all substantially equivalent in technical performance and capability to the prior generation Dexcom G6 Continuous Glucose Monitoring Integrated System, or G6. The G7 is cleared in the United States for all people with diabetes ages two years and older, giving more people than ever access to a power ITEM 1A - RISK FACTORS Our short and long-term success is subject to numerous risks and uncertainties, many of which involve factors that are difficult to predict or beyond our control. Before making a decision to invest in, hold or sell our common stock, stockholders and potential stockholders should carefully consi", "title": "DXCM - DEXCOM INC", "url": "/company/DXCM/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001539838; latest 10-K filed 2026-02-25.", "text": "FANG - Diamondback Energy, Inc. SIC 1311 Crude Petroleum & Natural Gas; CIK 0001539838; latest 10-K filed 2026-02-25. FANG Diamondback Energy, Inc. 0001539838 1311 Crude Petroleum & Natural Gas ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with our consolidated financial statements and notes thereto in Item 8. Financial Statements and Supplementary Data of this report. The following discussion contains \u201cforward-looking statements\u201d that reflect our future plans, estimates, beliefs, and expected performance. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors discussed further in Item 1A. Risk Factors and Cautionary Statement Regarding Forward-Looking Statements of this report. Overview We are an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. As of December 31, 2025, we have one reportable segment, the upstream segment. See Note 1\u2014Description of the Business and Basis of Presentation and Note 17\u2014Segment Information in Item 8. Financial Statements and Supplementary Data of this report for further discussion. 2025 Financial and Operating Highlights \u2022Recorded net income of $1.7 billion, which includes impairment of approximately $3.7 billion recorded on our proved oil and natural gas properties during the fourth quarter of 2025. \u2022Our cash operating costs were $10.23 per BOE, including lease operating expenses of $5.55 per BOE, cash general and administrative expenses of $0.62 per BOE and production and ad valorem taxes and gathering, processing and transportation expenses of $4.06 per BOE. \u2022Incurred cash capital expenditures, excluding acquisitions, of $3.5 billion. \u2022Paid dividends to stockholders of $1.2 billion during 2025 and declared a base cash dividend payable in the first quarter of 2026 of $1.05 per share of common stock. \u2022Increased our common stock repurchase program authorization to $8.0 billion, excluding excise taxes, and repurchased $2.0 billion of our common stock in 2025, leaving approximately $2.7 billion available for future repurchases at December 31, 2025. \u2022Issued $1.2 billion aggregate principal amount of 5.550% Senior Notes due April 1, 2035 (the \u201c2035 Notes\u201d) to fund a portion of the cash consideration for the Double Eagle Acquisition. \u2022Repurchased an aggregate of approximately $455 million of our senior notes. \u2022Our average production was 921.0 MBOE/d. \u2022Drilled 463 gross horizontal wells (including 459 in the Midland Basin and 4 in the Delaware Basin). \u2022Turned 503 gross operated horizontal wells (including 488 in the Midland Basin and 15 in the Delaware Basin) to production. \u2022As of December 31, 2025, we had approximately 869,036 net acres in the Permian Basin, which primarily consisted of 774,645 net acres in the Midland Basin and 94,391 net acres in the Delaware Basin. As of December 31, 2025, we had an estimated 8,854 gross horizontal locations that we believe to be economic at $50.00 per Bbl WTI. Our publicly traded subsidiary, Viper, also owns mineral interests underlying approximately 36,004 net royalty acres in the Delaware Basin and approximately 50,595 net royalty acres in the Midland Basin. We operate approximately 35% of these net royalty acres. Transactions and Recent Developments Diamondback Acquisition and Divestitures EPIC Divestiture On October 31, 2025, we divested our 27.5% equity interest in EPIC for approximately $504 million in cash and an additional $96 million in contingent consideration (the \u201cEPIC Divestiture\u201d), which resulted in a gain on the sale of equity method investments of approximately $299 million. The gain is included in the caption \u201cOther income (expense), net\u201d on the consolidated statements of operations for the year ended December 31, 2025. 43 Table of Contents Divestiture of Water Assets to Deep Blue On October 1, 2025, we divested EDS, a subsidiary originally acquired in c ITEM 1A. RISK FACTORS The nature of our business activities subjects us to certain hazards and risks. The following is a summary of the material risks relating to our business activities. We could also face additional risks and uncertainties not currently known to us or that we currently deem to be immaterial. If any of these risks actually occurs, it could materially harm our business, financial condition or results of operations and the trading price of our shares could decline. 21 Table of Contents The following is a summary of the principal risks that could adversely affect our business, operations and financial results: Risks Related to the Oil and Natural Gas Industry and Our Business \u2022Geopolitics and market conditions, and particularly volatility in prices for oil and natural gas, may adversely affect our revenue, cash flows, profitability, growth, production and the present value of our estimated reserves. \u2022Our commodity price derivatives could result in financial losses, may fail to protect us from declines in commodity prices, prevent us from fully benefiting from commodity price increases and may expose us to other risks, including counterparty credit risk. \u2022Changes in U.S. trade policy and the impact of tariffs may have a material adverse impact on our business and results of operations. \u2022Risks relating to the transition to a low carbon economy could impose new costs on our operations that may have a material and adverse effect on us. \u2022Changing political and social perspectives on climate change and other environmental, social and governance factors may create risks and uncertainties impacting our business. \u2022Our targets related to sustainability and emissions reduction initiatives, including our public statements and disclosures regarding them, may expose us to numerous risks. \u2022Our success depends on developing our existing leasehold acreage and finding, developing or acquiring additional reserves. \u2022We may be unable to obtain needed capital", "title": "FANG - Diamondback Energy, Inc.", "url": "/company/FANG/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001297996; latest 10-K filed 2026-02-13.", "text": "DLR - DIGITAL REALTY TRUST, INC. SIC 6798 Real Estate Investment Trusts; CIK 0001297996; latest 10-K filed 2026-02-13. DLR DIGITAL REALTY TRUST, INC. 0001297996 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the Consolidated Financial Statements and notes thereto included in Item 8. of this report and the matters described under Item 1A. Risk Factors. We make statements in this section that are forward-looking statements within the meaning of the federal securities laws. For a complete discussion of forward-looking statements, see the section in this report entitled \u201cForward-Looking Statements.\u201d A discussion regarding our financial condition and results of operations for 2025 as compared to 2024 is presented herein. Information on 2023 is presented in graphs and other tables only to show year-over-year trends in our results of operations and operating metrics. Our financial condition for 2023 and results of operations for 2023 \u2013 and also 2023 as compared to 2024 \u2013 can be found under Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025. Business Overview and Strategy Digital Realty Trust, Inc., through its controlling interest in Digital Realty Trust, L.P. and its subsidiaries, delivers comprehensive space, power, and interconnection solutions that enable its customers and partners to connect with each other and service their own customers on a global technology and real estate platform. We are a leading global provider of data center, colocation and interconnection solutions for customers across a variety of industry verticals. Digital Realty Trust, Inc. operates as a REIT for U.S. federal income tax purposes, and our Operating Partnership is the entity through which we conduct our business and own our assets. Our primary business objectives are to maximize: [[GREPCENT_TABLE]] [[\"\",\"(i)\",\"sustainable long-term growth in earnings and funds from operations per share and unit;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"(ii)\",\"cash flow and returns to our stockholders and Digital Realty Trust, L.P.\\u2019s unitholders through the payment of distributions; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"(iii)\",\"return on invested capital.\"]] [[/GREPCENT_TABLE]] We expect to accomplish our objectives by achieving superior risk-adjusted returns, prudently allocating capital, diversifying our product offerings, accelerating our global reach and scale, and driving revenue growth and operating efficiencies. A significant component of our current and future internal growth is anticipated through the development of our existing space held for development, acquisition of land for future development, and acquisition of new properties. We target high-quality, strategically located properties containing the physical and connectivity infrastructure that supports the applications and operations of data center and technology industry customers and properties that may be developed for such use. Most of our data center properties contain fully redundant electrical supply systems, multiple power feeds, above-standard cooling systems, raised floor areas, extensive in-building communications cabling and high-level security systems. Fundamentally, we bring together foundational real estate and innovative technology expertise around the world to deliver a comprehensive, dedicated product suite to meet customers\u2019 data and connectivity needs. We represent an important part of the digital economy that we believe will benefit from powerful, long-term growth drivers. We have developed detailed, standardized procedures for evaluating new real estate investments to ensure that they meet our financial, technical and other criteria. We expect to continue to acquire additional assets as part of our growth strategy. We intend to aggressively manage and lease our assets to increase their cash flow. We may continue to build out our deve ITEM 1. BUSINESS The Company Digital Realty Trust, Inc., through its controlling interest in Digital Realty Trust, L.P. and the subsidiaries of the Operating Partnership, is a leading global provider of data center, colocation and interconnection solutions for customers across a variety of industry verticals. The Parent operates as a REIT for U.S. federal income tax purposes. The Operating Partnership is the entity through which the Parent conducts its business of owning, acquiring, developing and operating data centers. The Parent was incorporated in the state of Maryland on March 9, 2004. The Operating Partnership was organized as a limited partnership in the state of Maryland on July 21, 2004. As of December 31, 2025, our portfolio included 310 data centers (including 89 data centers held as investments in unconsolidated entities), of which 118 are located in the United States, 113 are located in Europe, 36 are located in Latin America, 16 are located in Africa, 18 are located in Asia, six are located in Australia and three are located in Canada. Our principal executive offices are located at 2323 Bryan Street, Suite 1800, Dallas, Texas 75201. Our telephone number is (214) 231-1350. Our website is www.digitalrealty.com. The information found on, or otherwise accessible through, our website is not incorporated by reference into, nor does it form a part of, this Annual Report on Form 10-K. Industry Background The digital economy continues to grow and change how enterprises across all industries create and deliver value. Companies increasingly need to operate ubiquitously, on-demand and with real-time intelligence serving customers, partners and employees across multiple channels, business functions and points of business presence. Computational processing power requirements continue to advance, data traffic is growing, and the volume of data that enterprises generate, transmit, process, analyze, monitor and manage is expanding dramatically. The Internet o ITEM 1A. RISK FACTORS For purposes of this section, the term \u201cstockholders\u201d means the holders of shares of Digital Realty Trust, Inc.\u2019s common stock and preferred stock. Set forth below are the risks that we believe are material to Digital Realty Trust, Inc.\u2019s stockholders and Digital Realty Trust, L.P.\u2019s unitholders. You shou", "title": "DLR - DIGITAL REALTY TRUST, INC.", "url": "/company/DLR/" }, { "kind": "company", "summary": "SIC 5331 Retail-Variety Stores; CIK 0000029534; latest 10-K filed 2026-03-20.", "text": "DG - DOLLAR GENERAL CORP SIC 5331 Retail-Variety Stores; CIK 0000029534; latest 10-K filed 2026-03-20. DG DOLLAR GENERAL CORP 0000029534 5331 Retail-Variety Stores ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \u200b This discussion and analysis should be read with, and is qualified in its entirety by, the Consolidated Financial Statements and the notes thereto. It also should be read in conjunction with the Cautionary Disclosure Regarding Forward-Looking Statements and the Risk Factors disclosures set forth in the Introduction and in Item 1A of this report, respectively. \u200b Executive Overview \u200b We are the largest discount retailer in the United States by number of stores, with 20,959 stores located in 48 U.S. states and Mexico as of February 27, 2026, with the greatest concentration of stores in the southern, southwestern, midwestern and eastern United States. We offer a broad selection of merchandise, including consumable products such as food, paper and cleaning products, health and beauty products and pet supplies, and non-consumable products such as seasonal merchandise, home decor and domestics, and basic apparel. Our merchandise includes national brands from leading manufacturers, as well as our own private brand selections with prices often at substantial discounts to national brands. We offer our customers these national brand and private brand products at everyday low prices (typically $10 or less) from our convenient small-box locations. \u200b We believe our convenient store formats, locations, and broad selection of high-quality products at compelling values have driven our substantial growth and financial success over the years and through a variety of economic cycles. We are mindful that the majority of our customers are value-conscious, and many have low and/or fixed incomes. As a result, we are intensely focused on helping our customers make the most of their spending dollars. The primary macroeconomic factors that affect our core customers include unemployment and underemployment rates, inflation, wage growth, changes in federal and state tax policies, interest rates, changes in U.S. and global trade policy (including price increases resulting from tariffs), and changes in U.S. government policy and assistance programs (including cost of living adjustments and work requirements), such as SNAP, unemployment benefits, and economic stimulus programs. Finally, significant unseasonable or unusual weather patterns or extreme weather can impact customer shopping behaviors. \u200b Uncertainty remains regarding the potential impact of tariffs on consumer behavior and our business. Tariff rates on both direct imports and domestic purchases did not materially impact our financial results in 2025. The tariff environment remains dynamic, and the specific tariffs applicable to goods imported by us and our suppliers into the U.S. may continue to evolve. Currently announced tariff rates, as well as any rate increases or expansions of tariff coverage affecting the products that we sell, could have a significant impact on our business and on our customers\u2019 budgets. Further, on February 20, 2026, the United States Supreme Court invalidated the tariffs imposed under the International Emergency Economic Powers Act (IEEPA). Significant uncertainty exists regarding potential tariff refunds and replacement tariffs under other statutes. We continue to monitor developments and to evaluate and implement mitigation strategies to address the potential sales and margin impact of current and potential future tariffs, as well as to take various actions designed to minimize price increases for our customers. There can be no assurance we will be successful in our efforts, or that price increases will not adversely affect customer behavior. \u200b Our core customers are often among the first to be affected by negative or uncertain economic conditions and among the last to feel the effects of improving economic conditions, particularly when trends are inconsistent and of an uncertain duration. Our customers continue to feel constrained in the current macroeconomic en", "title": "DG - DOLLAR GENERAL CORP", "url": "/company/DG/" }, { "kind": "company", "summary": "SIC 5331 Retail-Variety Stores; CIK 0000935703; latest 10-K filed 2026-03-16.", "text": "DLTR - DOLLAR TREE, INC. SIC 5331 Retail-Variety Stores; CIK 0000935703; latest 10-K filed 2026-03-16. DLTR DOLLAR TREE, INC. 0000935703 5331 Retail-Variety Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This section of Form 10-K generally discusses fiscal 2025 and fiscal 2024 events and results, and year-to-year comparisons between fiscal 2025 and fiscal 2024. Discussions of fiscal 2023 items and year-to-year comparisons between fiscal 2024 and fiscal 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended February 1, 2025. In Management\u2019s Discussion and Analysis, we explain the general financial condition and the results of operations for our company, including, factors that affect our business, analysis of annual changes in certain line items in the consolidated financial statements, expenditures incurred for capital projects and sources of funding for future expenditures. As you read Management\u2019s Discussion and Analysis, please refer to our consolidated financial statements and related notes, included in \u201cItem 8. Financial Statements and Supplementary Data\u201d of this Form 10-K. 2025 Financial Highlights Financial highlights for the fiscal year ended January 31, 2026, as compared to the fiscal year ended February 1, 2025, include: \u2022Net sales increased 10.4% to $19,395.7 million due to a 5.3% comparable store net sales increase and net sales of $1.4 billion at non-comparable stores. \u2022Gross profit increased 12.2% to $7,050.7 million primarily due to the 5.3% comparable store net sales increase, our net store growth, and lower freight costs. Gross profit, as a percentage of net sales, increased 60 basis points to 36.4%. \u2022Selling, general and administrative expenses, as a percentage of total revenues, increased 70 basis points to 28.2%. \u2022Transition services agreement income, net was $54.9 million resulting from services provided to Family Dollar following the sale. \u2022Operating income, as a percentage of total revenues, increased 20 basis points to 8.5%. \u2022The effective tax rate was 24.8%, an increase of 10 basis points as compared to the prior year. \u2022Income from continuing operations was $1,225.3 million, or $5.94 per diluted share, compared to $1,042.5 million, or $4.83 per diluted share in the prior year. Store Activity and Selected Sales Data At January 31, 2026, we operated stores in 48 states and the District of Columbia, as well as stores in seven Canadian provinces. The average size of stores opened in fiscal 2025 was approximately 9,210 selling square feet. A breakdown of the changes in store count and square footage is as follows: [[GREPCENT_TABLE]] [[\"\",\"Year Ended\"],[\"\",\"January 31, 2026\",\"\",\"February 1, 2025\",\"\",\"February 3, 2024\"],[\"Store Count:\"],[\"Beginning\",\"8,881\",\"\",\"\",\"8,415\",\"\",\"\",\"8,134\"],[\"New stores\",\"402\",\"\",\"\",\"525\",\"\",\"\",\"333\"],[\"Stores converted from Family Dollar\",\"71\",\"\",\"\",\"12\",\"\",\"\",\"15\"],[\"Closings\",\"(72)\",\"\",\"\",\"(71)\",\"\",\"\",\"(67)\"],[\"Ending\",\"9,282\",\"\",\"\",\"8,881\",\"\",\"\",\"8,415\"],[\"Relocations\",\"9\",\"\",\"\",\"22\",\"\",\"\",\"31\"],[\"Selling Square Feet (in millions):\"],[\"Beginning\",\"78.4\",\"\",\"\",\"73.1\",\"\",\"\",\"70.5\"],[\"New stores\",\"3.7\",\"\",\"\",\"5.8\",\"\",\"\",\"3.1\"],[\"Stores converted from Family Dollar*\",\"1.1\",\"\",\"\",\"0.1\",\"\",\"\",\"0.1\"],[\"Closings\",\"(0.6)\",\"\",\"\",\"(0.6)\",\"\",\"\",\"(0.6)\"],[\"Ending\",\"82.6\",\"\",\"\",\"78.4\",\"\",\"\",\"73.1\"],[\"*Selling square footage impact of converted or relocated stores is only provided if it equals or exceeds 0.1 million selling square feet.\"]] [[/GREPCENT_TABLE]] 27 Table of Contents The store counts above do not include new stores until they are opened for sales. Similarly, stores converted from a Family Dollar store to a Dollar Tree store are reflected in the table above when they re-opened as a Dollar Tree store. Fiscal 2025 and fiscal 2024, which ended on January 31, 2026 and February 1, 2025, respectively, each included 52 weeks. Fiscal 2023 ended on February 3, 2024 and included 53 weeks, commensurate with the Item 1. Business General We are a leading operator of retail discount stores operating under the brand names of Dollar Tree and Dollar Tree Canada. At January 31, 2026, we operated approximately 9,000 stores across 48 states and the District of Columbia and approximately 275 stores across seven Canadian provinces. We believe the convenience and value we offer, as well as the \u201cthrill-of-the-hunt\u201d shopping experience where customers discover new celebratory and seasonal items every week, are key factors in serving and growing our base of loyal customers. We continue to execute on a number of strategic initiatives across our business to drive profitable growth for Dollar Tree as a standalone banner following the sale of Family Dollar. During our 2025 Investor Day held on October 15, 2025, we outlined our operational strategy for the years ahead, including an expanded, more relevant assortment, agile cost management, a more connected customer experience in stores, new store growth, and improved store conditions and operations, supported by an evolving supply chain, disciplined financial management and investment in our people. These initiatives are discussed below and in \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d On July 5, 2025, we completed our previously announced sale of the Family Dollar business to 1959 Holdings, LLC. Total cash generated from the sale approximated $793 million, consisting of approximately $680 million of net proceeds, including from settlement of net working capital and net indebtedness, and approximately $113 million monetized primarily through a reduction of net working capital prior to the date of sale. The operating results of the Family Dollar business are reported as discontinued operations for all periods presented. All discussion within this Annual Report on Form 10-K, including amounts, percentages and disclosures for all periods presented, reflect only the continuing operations Item 1A. Risk Factors An investment in our common stock involves a high degree of risk. Any failure to meet market expectations, including our comparable store net sales growth rate, earnings and earnings per share or new store openings, could cause the market price of our stock to decline. You should carefully consider the specific risk factors listed bel", "title": "DLTR - DOLLAR TREE, INC.", "url": "/company/DLTR/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0000715957; latest 10-K filed 2026-02-23.", "text": "D - DOMINION ENERGY, INC SIC 4911 Electric Services; CIK 0000715957; latest 10-K filed 2026-02-23. D DOMINION ENERGY, INC 0000715957 4911 Electric Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations MD&A discusses Dominion Energy\u2019s results of operations, general financial condition and liquidity and Virginia Power\u2019s results of operations. MD&A should be read in conjunction with Item 1. Business and the Consolidated Financial Statements in Item 8. Financial Statements and Supplementary Data. Virginia Power meets the conditions to file under the reduced disclosure format, and therefore has omitted certain sections of MD&A. Contents of MD&A MD&A consists of the following information: \u2022 Forward-Looking Statements\u2014Dominion Energy and Virginia Power \u2022 Accounting Matters\u2014Dominion Energy \u2022 Results of Operations\u2014Dominion Energy and Virginia Power \u2022 Segment Results of Operations\u2014Dominion Energy \u2022 Outlook\u2014Dominion Energy \u2022 Liquidity and Capital Resources\u2014Dominion Energy \u2022 Future Issues and Other Matters\u2014Dominion Energy Forward-Looking Statements This report contains statements concerning the Companies\u2019 expectations, plans, objectives, future financial performance and other statements that are not historical facts. These statements are \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. In most cases, the reader can identify these forward-looking statements by such words as \u201cpath\u201d, \u201canticipate\u201d, \u201cbelieve\u201d, \u201cforecast\u201d, \u201ccould\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201cplan\u201d, \u201coutlook\u201d, \u201cpredict\u201d, \u201cproject\u201d, \u201cshould\u201d, \u201cstrategy\u201d, \u201ccontinue\u201d, \u201ctarget\u201d, \u201cwill\u201d, \u201cpotential\u201d or other similar words. The Companies make forward-looking statements with full knowledge that risks and uncertainties exist that may cause actual results to differ materially from predicted results. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additionally, other factors may cause actual results to differ materially from those indicated in any forward-looking statement. These factors include but are not limited to: \u2022 Unusual weather conditions and their effect on energy sales to customers and energy commodity prices; \u2022 Extreme weather events and other natural disasters, including, but not limited to, hurricanes, high winds, severe storms, earthquakes, flooding, wildfires, climate changes and changes in water temperatures and availability that can cause outages and property damage to facilities; \u2022 The impact of extraordinary external events, such as the pandemic health event resulting from COVID-19, and their collateral consequences, including extended disruption of economic activity in the Companies\u2019 markets and global supply chains; \u2022 Federal, state and local legislative and regulatory developments; \u2022 Changes in or interpretations of federal and state tax laws and regulations, including those related to tax credits or other incentives; \u2022 Risks of operating businesses in regulated industries that are subject to changing regulatory structures; \u2022 Changes to regulated electric rates collected by the Companies and regulated gas distribution rates collected by Dominion Energy; \u2022 Changes in rules for RTOs and ISOs in which the Companies join and/or participate, including changes in rate designs, changes in FERC\u2019s interpretation of market rules and new and evolving capacity models; \u2022 Risks associated with Virginia Power\u2019s membership and participation in PJM, including risks related to obligations created by the default of other participants; \u2022 Risks associated with entities in which the Companies share ownership with third parties, such as Stonepeak\u2019s noncontrolling interest in the CVOW Commercial Project, including risks that result from lack of sole decision-making authority, disputes that may arise between the Companies and third-party participants and difficulties in exiting these arrangements; \u2022 Timing and receipt of regulatory approvals necessary for planned construction or growth projects and compliance with conditions associated w Item 1. Business General Dominion Energy, headquartered in Richmond, Virginia and incorporated in Virginia in 1983, provides service to approximately 4.1 million primarily electric utility customers in Virginia, North Carolina and South Carolina. At December 31, 2025, Dominion Energy\u2019s portfolio of assets includes approximately 30.7 GW of electric generating capacity, 10,800 miles of electric transmission lines and 80,400 miles of electric distribution lines. Dominion Energy is one of the nation\u2019s leading developers and operators of regulated offshore wind and solar power and the largest producer of carbon-free electricity in New England. Dominion Energy\u2019s mission is to provide the reliable, affordable and increasingly clean energy that powers its customers every day. In connection with the comprehensive business review concluded in March 2024, Dominion Energy entered into agreements in September 2023 to sell all of its regulated gas distribution operations, except for DESC\u2019s, to Enbridge. In addition, Dominion Energy completed the sale in September 2023 of its remaining 50% noncontrolling partnership interest in Cove Point to BHE under an agreement entered into in July 2023. Dominion Energy continues to focus on expanding and improving its regulated electric utilities and long-term contracted businesses while transitioning to a cleaner energy future. Its approximately $65 billion capital expenditure plan for 2026 through 2030 advances its \u201call-of-the-above\u201d strategy through investments in zero-carbon and renewable generation, grid transformation, generation reliability and transmission and distribution resiliency to meet projected demand growth. Renewable generation facilities are expected to include significant investments in utility-scale solar and the CVOW Commercial Project. In addition, Dominion Energy has received license extensions for its regulated nuclear power stations in Virginia and South Carolina and intends to apply for license extensions for Mills Item 1A. Risk Factors The Companies\u2019 businesses are influenced by many factors that are difficult to predict, involve risks and uncertainties that may materially affect actual results and are often beyond their control. A number of these risks and uncertainties are identified below. There may be other factors, either not presently known or currently believed not to b", "title": "D - DOMINION ENERGY, INC", "url": "/company/D/" }, { "kind": "company", "summary": "SIC 5140 Wholesale-Groceries & Related Products; CIK 0001286681; latest 10-K filed 2026-02-23.", "text": "DPZ - DOMINOS PIZZA INC SIC 5140 Wholesale-Groceries & Related Products; CIK 0001286681; latest 10-K filed 2026-02-23. DPZ DOMINOS PIZZA INC 0001286681 5140 Wholesale-Groceries & Related Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. (Unaudited; tabular amounts in millions, except percentages and store data) Overview Our fiscal year typically includes 52 weeks, comprised of three twelve-week quarters and one sixteen-week quarter. In this section, we discuss the results of our operations for the fiscal year ended December 28, 2025 compared to the fiscal year ended December 29, 2024. For a discussion of the fiscal year ended December 29, 2024 compared to the fiscal year ended December 31, 2023, please refer to Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended December 29, 2024. Description of the Business Domino\u2019s is the largest pizza company in the world with more than 22,100 locations in over 90 markets around the world as of December 28, 2025, and operates two distinct service models within its stores, with a significant business in both delivery and carryout. We are a highly recognized global brand, and we focus on value while serving neighborhoods locally through our large worldwide network of franchise owners and U.S. Company-owned stores through both the delivery and carryout service models. We have been selling quality, affordable food to our customers since 1960. We became \u201cDomino\u2019s Pizza\u201d in 1965 and opened our first franchised store in 1967. Over the past 65 years, we have built Domino\u2019s into one of the most widely-recognized consumer brands in the world. We believe our commitment to value, convenience, quality and new products continues to keep consumers engaged with the brand. We are primarily a franchisor, with approximately 99% of Domino\u2019s global stores owned and operated by our independent franchisees as of December 28, 2025. Franchising enables an individual to be a business owner and maintain control over all employment-related matters and pricing decisions, while also benefiting from the strength of the Domino\u2019s global brand and operating system with limited capital investment by us. Domino\u2019s business model is straightforward: Domino\u2019s stores handcraft and serve quality food at a competitive price, with easy ordering access and efficient service, enhanced by our technological innovations. Our hand-tossed dough is made fresh and distributed to stores around the world by us and our franchisees. Domino\u2019s generates revenues and earnings by charging royalties and fees to our franchisees. Royalties are ongoing percent-of-sales fees for use of the Domino\u2019s\u00ae brand marks. We also generate revenues and earnings by selling food and other products to franchisees through our supply chain operations primarily in the U.S. and Canada and by operating a number of Company-owned stores in the U.S. Franchisees profit by selling pizza and other complementary items to their local customers. In our international markets, we generally grant geographical rights to the Domino\u2019s Pizza\u00ae brand to master franchisees. These master franchisees are charged with developing their geographical area, and they may profit by sub-franchising and selling food, and to a lesser extent, other products to those sub-franchisees, as well as by running pizza stores. We believe that everyone in the system can benefit from the franchise model, including the end consumer, who can purchase Domino\u2019s menu items for themselves and their family conveniently and economically. Domino\u2019s business model can yield strong returns for our franchise owners and our Company-owned stores. It can also yield significant cash flows to us, through consistent franchise royalty and supply chain revenue streams, all within an asset-light model. We have historically returned cash to shareholders through dividend payments and share repurchases. Domino\u2019s financial results are driven largely by retail sales at our franchised and Company-owned stores. Changes in retail sales are primarily driven by sam Item 1. Business. Overview Domino\u2019s is the largest pizza company in the world with more than 22,100 locations in over 90 markets around the world as of December 28, 2025, and operates two distinct service models within its stores, with a significant business in both delivery and carryout. We are a highly recognized global brand, and we focus on value while serving neighborhoods locally through our large worldwide network of franchise owners and U.S. Company-owned stores through both the delivery and carryout service models. We have been selling quality, affordable food to our customers since 1960. We became \u201cDomino\u2019s Pizza\u201d in 1965 and opened our first franchised store in 1967. Over the past 65 years, we have built Domino\u2019s into one of the most widely-recognized consumer brands in the world. We believe our commitment to value, convenience, quality and new products continues to keep consumers engaged with the brand. We are primarily a franchisor, with approximately 99% of Domino\u2019s global stores owned and operated by our independent franchisees as of December 28, 2025. Franchising enables an individual to be a business owner and maintain control over all employment-related matters and pricing decisions, while also benefiting from the strength of the Domino\u2019s global brand and operating system with limited capital investment by us. Domino\u2019s business model is straightforward: Domino\u2019s stores handcraft and serve quality food at a competitive price, with easy ordering access and efficient service, enhanced by our technological innovations. Our hand-tossed dough is made fresh and distributed to stores around the world by us and our franchisees. Domino\u2019s generates revenues and earnings by charging royalties and fees to our franchisees. Royalties are ongoing percent-of-sales fees for use of the Domino\u2019s\u00ae brand marks. We also generate revenues and earnings by selling food and other products to franchisees through our supply chain operations primarily in the U.S. and Canad Item 1A. Risk Factors. For a business as large and globally diverse as Domino\u2019s, a wide range of factors could materially affect future developments and performance. In addition to the factors affecting specific business operations identified in connection with the description of these operations and the financial r", "title": "DPZ - DOMINOS PIZZA INC", "url": "/company/DPZ/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001792789; latest 10-K filed 2026-02-18.", "text": "DASH - DoorDash, Inc. SIC 7389 Services-Business Services, NEC; CIK 0001792789; latest 10-K filed 2026-02-18. DASH DoorDash, Inc. 0001792789 7389 Services-Business Services, NEC Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Factors that could cause or contribute to such differences include those identified below and those discussed in the section titled \u201cRisk Factors\u201d and other sections of this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. In addition, this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d section generally discusses 2025 items and year-to-year comparisons between 2025 and 2024. Discussions of 2024 items and year-to-year comparisons between 2024 and 2023 are not included in this Annual Report on Form 10-K and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 14, 2025. Overview DoorDash, Inc. is incorporated in Delaware with headquarters in San Francisco, California. Our mission is to grow and empower local economies. We aim to do this by providing services that reduce friction in local commerce and help merchants better connect with consumers in their communities. 53 Table of Contents Our primary offerings include the DoorDash Marketplace, the Wolt Marketplace, and the Deliveroo Marketplace (together, our \"Marketplaces\"), and our Commerce Platform. Our Marketplaces operate in over 40 countries and provide an integrated suite of services that help merchants establish an online presence, connect with consumers in their communities, and solve mission-critical challenges, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support. We also offer advertising as a value-added service through our Marketplaces to help merchants and consumer packaged goods companies increase consumer engagement and drive incremental revenue. Our Marketplaces seek to attract and retain consumers based primarily on the selection, convenience, quality, affordability, and service we provide. Our Marketplaces also offer our consumer membership programs, DashPass, Wolt+, and Deliveroo Plus, which aim to lower transactional friction by reducing the delivery and service fees we charge, while providing additional membership benefits. In addition to our Marketplaces, we offer our Commerce Platform, which is a suite of services that help empower merchants to build, operate, and grow their businesses on their own channels. Within our Commerce Platform, we offer white-label delivery fulfillment services (\"Drive\") as well as services that help merchants establish online ordering, build branded mobile apps, manage reservations and in-store dining, manage consumer relationships, enable tableside order and pay, and improve customer support. Financial and Operational Highlights We use the below financial and operational metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions. As we grow our business and expand our offerings, our success and the financial performance of our business will be dependent upon many factors. These factors include, but are not limited to, those highlighted in this Annual Report on Form 10-K, as well as the success of our growth strategies and the timing and size of investments and expenditures that we choose to undertake, such as our recent and continued investment in our non-U.S. operations, in our global technology platform, and to increase system capacit Item 1. Business OUR BUSINESS Our mission is to grow and empower local economies. We aim to do this by providing services that reduce friction in local commerce and help merchants better connect with consumers in their communities. Our primary offerings include the DoorDash Marketplace, the Wolt Marketplace, and the Deliveroo Marketplace (our \"Marketplaces\"), and our Commerce Platform. Our Marketplaces operate in over 40 countries, including the United States, and account for the vast majority of our revenue today. Our Marketplaces serve three primary constituents: merchants, consumers, and Dashers1. Our Marketplaces provide an integrated suite of services that help merchants establish an online presence, connect with consumers in their communities, and solve mission-critical challenges, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support. We typically earn a fee from merchants for the services we provide based on the size of each transaction. We also offer advertising as a value-added service through our Marketplaces to help merchants and consumer packaged goods companies increase consumer engagement and drive incremental revenue. Consumers access our Marketplaces through our apps and websites to discover, engage with, and purchase goods from merchants in their communities. We seek to attract and retain consumers based primarily on the selection, convenience, quality, affordability, and service we provide. We typically charge consumers fees for each transaction, inclusive of a fixed delivery fee and a service fee that varies based on the size of the transaction. Our Marketplaces also offer our consumer membership programs, DashPass, Wolt+, and Deliveroo Plus, which aim to lower transactional friction by reducing the delivery and service fees we charge, while providing additional membership benefits. In December 2025, our Marketplaces served over 56 million monthly active users2 and, as of Item 1A. Risk Factors Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition a", "title": "DASH - DoorDash, Inc.", "url": "/company/DASH/" }, { "kind": "company", "summary": "SIC 3530 Construction, Mining & Materials Handling Machinery & Equip; CIK 0000029905; latest 10-K filed 2026-02-13.", "text": "DOV - DOVER Corp SIC 3530 Construction, Mining & Materials Handling Machinery & Equip; CIK 0000029905; latest 10-K filed 2026-02-13. DOV DOVER Corp 0000029905 3530 Construction, Mining & Materials Handling Machinery & Equip ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is intended to help the reader understand our results of operations and financial condition for the year ended December 31, 2025. The MD&A should be read in conjunction with our consolidated financial statements and Notes included in Item 8 of this Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed elsewhere in this Form 10-K, particularly in Item 1A. \"Risk Factors\" and in the \"Special Note Regarding Forward-Looking Statements\" preceding Part I of this Form 10-K. For more information regarding our consolidated results, segment results, and liquidity and capital resources for the year ended December 31, 2024 as compared to the year ended December 31, 2023 refer to Part II Item 7 \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in the Company's 2024 Annual Report on Form 10-K. Throughout this MD&A, we refer to measures used by management to evaluate performance, including a number of financial measures that are not defined under accounting principles generally accepted in the United States of America (\"GAAP\"). Please see \"Non-GAAP Disclosures\" at the end of this Item 7 for further detail on these financial measures. We believe these measures provide investors with important information that is useful in understanding our business results and trends. Reconciliations within this MD&A provide more details on the use and derivation of these measures. OVERVIEW Dover Corporation is a diversified global manufacturer and solutions provider delivering innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions and support services. For the year ended December 31, 2025, consolidated revenue was $8.1 billion, an increase of $346.7 million or 4.5%, as compared to the prior year. The increase is driven by acquisition-related growth of 2.6%, organic revenue growth of 1.6% and a favorable impact from foreign currency translation of 1.0%, partially offset by a disposition-related decline of 0.7%. The results were primarily driven by robust trends in our secular-growth-exposed end markets, strategic pricing initiatives and acquisitions within the Clean Energy & Fueling and Pumps & Process Solutions segments. The 1.6% organic revenue growth was driven by increases of 6.7%, 4.6%, and 1.9% in our Pumps & Process Solutions, Clean Energy & Fueling, and Imaging & Identification segments, respectively, partially offset by the Engineered Products and Climate & Sustainability Technologies segments which declined 6.6% and 2.1%, respectively. For further information, see \"Segment Results of Operations\" within this Item 7. From a geographic perspective, organic revenue for the U.S., our largest market, grew 3.3% as compared to the prior year, driven by broad-based growth primarily in our Clean Energy & Fueling and Pumps & Process Solutions segments. Organic revenue in Asia grew 3.4%, while organic revenue in Europe and Other Americas declined 0.9% and 4.3%, respectively. All other geographic markets grew 0.7% organically year over year. Bookings increased 6.0% over the prior year to $8.1 billion for the year ended December 31, 2025. The bookings increase was broad-based across the portfolio, with each segment except Engineered Products posting year-over-year growth. Restructuring and other costs of $78.0 million included restructuring charges of $56.7 million and other costs of $21.2 million. Restructuring and other costs were primarily related to exit costs and headcount reductions across all segments, most notably within the Climate & Sustainability Techno ITEM 1. BUSINESS Overview Dover Corporation is a diversified global manufacturer and solutions provider delivering innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies. Unless the context indicates otherwise, references herein to \"Dover,\" \"the Company,\" and words such as \"we,\" \"us,\" or \"our\" include Dover Corporation and its consolidated subsidiaries. Dover was incorporated in 1947 in the State of Delaware and became a publicly traded company in 1955. Dover is headquartered in Downers Grove, Illinois and currently employs approximately 24,000 people worldwide. Dover's five segments are structured around businesses with similar business models, go-to-market strategies, product categories, and manufacturing practices. This structure increases management efficiency and better aligns Dover's operations with its strategic initiatives and capital allocation priorities, and provides greater transparency about performance to external stakeholders. Dover's five operating and reportable segments are as follows: \u2022Our Engineered Products segment provides a wide range of equipment, components, software, solutions and services to the vehicle aftermarket, aerospace and defense, industrial winch and hoist, precision soldering and fluid dispensing end-markets. \u2022Our Clean Energy & Fueling segment provides components, equipment, software solutions and services enabling safe and reliable storage, transport, dispensing, and remote monitoring of traditional and clean fuels (including liquefied natural gas, hydrogen, and electric vehicle charging), cryogenic gases, and other hazardous substances along the supply chain, and safe and efficient operation of convenience retail, retail fueling and vehicle wash establishments. \u2022Our Imaging & Id ITEM 1A. RISK FACTORS The risk factors discussed in this section should be considered together with information included elsewhere in this Form 10-K and should not be considered the only risks to which we are exposed. In general, we are subject to the same general risks and uncertainties ", "title": "DOV - DOVER Corp", "url": "/company/DOV/" }, { "kind": "company", "summary": "SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers; CIK 0001751788; latest 10-K filed 2026-02-03.", "text": "DOW - DOW INC. SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers; CIK 0001751788; latest 10-K filed 2026-02-03. DOW DOW INC. 0001751788 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS STATEMENT ON MACROECONOMIC CONDITIONS AND CURRENCY EXCHANGE RATES Overview of Macroeconomic Conditions and the Company\u2019s Response The Company has continued to face challenging market conditions in 2025, including the significant impact of slower global GDP growth. Industry overcapacity and newer entrants exporting at anti-competitive economics have negatively impacted the Company\u2019s results of operations and cash flows and are expected to continue to do so. In addition, the current uncertain geopolitical environment, including the impact of trade policies, has resulted in increased volatility in global markets, also negatively impacting the Company\u2019s results of operations and cash flows. The macroeconomic conditions experienced in 2025 are expected to persist in the near term for the Company and the industry alike. Despite these challenges, the Company has maintained a strong financial position and solid liquidity and has taken actions to mitigate impacts on its supply chain and results of operations. At the time of this filing, the ultimate impact of tariff policies and other evolving global trade measures, coupled with existing macroeconomic challenges, is uncertain. The Company is actively monitoring global trade developments to identify actions necessary to maintain competitiveness while it adapts to these new economic challenges and continuing to work with regulatory bodies to address anti-competitive behavior. More information on these risks and potential impact to the Company can be found in Part I, Item 1A. Risk Factors. In the first quarter of 2025, Dow announced targeted cost actions to reduce structural costs by $1 billion over the next two years, while its businesses work to balance supply with profitable demand. The cost actions target areas such as third-party spending and include a workforce reduction of approximately 1,500 roles. The Company also announced reductions to its capital expenditures for 2025. The Company announced further actions to address ongoing macroeconomic volatility and persistently slower global GDP growth in the second quarter of 2025, including the decision to delay construction of its Path2Zero project in Fort Saskatchewan, Alberta, Canada. The Company\u2019s expected 2025 enterprise-wide capital expenditures were adjusted to $2.5 billion from the Company's original plan of $3.5 billion after the actions taken in the first and second quarters of 2025. In January 2026, the Company provided an updated timeline for its Fort Saskatchewan Path2Zero project, delaying completion of the project by two years, and expects the first and second phases of the project to start up by the end of 2029 and 2030, respectively. Dow remains committed to its Path2Zero project and the growth upside it will enable in targeted applications like pressure pipe, wire and cable, and food packaging. The project is expected to be the world\u2019s first net-zero Scope 1 and 2 carbon dioxide equivalent emissions integrated ethylene and derivatives complex. On July 7, 2025, the Company announced additional restructuring actions, approved by its Board of Directors (\"Board\") on June 30, 2025, to rationalize its global asset footprint, including actions related to the three assets identified as part of the Company\u2019s expanded strategic review of its European assets and certain corporate and other assets, and to enhance the Company\u2019s competitiveness over the economic cycle. The program includes asset write-down and write-off charges, severance and related benefit costs, contract termination fees and other exit and disposal costs. These actions will be completed by the Company primarily over the next four years, including the asset shut downs and completion of the related decommissioning and demolition activities. Significant actions approved to date include the following: \u2022Packaging & Specialty Plastics will shut down an ethylene facili ITEM 1. BUSINESS THE COMPANY Dow Inc. was incorporated on August 30, 2018, under Delaware law, to serve as a holding company for The Dow Chemical Company and its consolidated subsidiaries (\"TDCC\" and together with Dow Inc., \"Dow\" or the \"Company\"). Dow Inc. operates all of its businesses through TDCC, a wholly owned subsidiary, which was incorporated in 1947 under Delaware law and is the successor to a Michigan corporation, of the same name, organized in 1897. The Company's principal executive offices are located at 2211 H.H. Dow Way, Midland, Michigan 48674. Available Information The Company's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, are available free of charge at www.dow.com/investors, as soon as reasonably practicable after the reports are electronically filed or furnished with the U.S. Securities and Exchange Commission (\"SEC\"). The SEC maintains a website that contains these reports as well as proxy statements and other information regarding issuers that file electronically. The SEC's website is www.sec.gov. Dow's website and its content are not deemed incorporated by reference into this report. Except as otherwise indicated by the context, the term \"Union Carbide\" means Union Carbide Corporation, a wholly owned subsidiary of the Company. Additionally, the term \"Diamond Infrastructure Solutions\" means Dow InfraCo, LLC, an entity that owns and operates infrastructure assets at certain Dow locations on the U.S. Gulf Coast and became a consolidated variable interest entity on May 1, 2025. ABOUT DOW Dow is one of the world\u2019s leading materials science companies, serving customers in high-growth markets such as packaging, infrastructure, mobility and consumer applications. The Company's global breadth, asset integration and scale, customer-focused innovation and leading business posit ITEM 1A. RISK FACTORS The factors described below represent the Company's principal risks. CLIMATE CHANGE - RELATED RISKS Climate Change: Climate change-related risks and uncertainties, legal or regulatory responses to climate change and failure to meet the Company\u2019s climate change commitments could neg", "title": "DOW - DOW INC.", "url": "/company/DOW/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0000936340; latest 10-K filed 2026-02-17.", "text": "DTE - DTE ENERGY CO SIC 4911 Electric Services; CIK 0000936340; latest 10-K filed 2026-02-17. DTE DTE ENERGY CO 0000936340 4911 Electric Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following combined discussion is separately filed by DTE Energy and DTE Electric. However, DTE Electric does not make any representations as to information related solely to DTE Energy or the subsidiaries of DTE Energy other than itself. EXECUTIVE OVERVIEW DTE Energy is a diversified energy company with 2025 Operating Revenues of approximately $15.8 billion and Total Assets of approximately $54.1 billion. DTE Energy is the parent company of DTE Electric and DTE Gas, regulated electric and natural gas utilities engaged primarily in the business of providing electricity and natural gas sales, distribution, and storage services throughout Michigan. DTE Energy also operates two energy-related non-utility segments with operations throughout the United States. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations below reflect DTE Energy\u2019s continuing operations, unless noted otherwise. The following table summarizes DTE Energy's financial results: [[GREPCENT_TABLE]] [[\"\",\"Years Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"\",\"(In millions, except per share amounts)\"],[\"Net Income Attributable to DTE Energy Company\",\"$\",\"1,462\",\"\",\"\",\"$\",\"1,404\",\"\",\"\",\"$\",\"1,397\"],[\"Diluted Earnings per Common Share\",\"$\",\"7.03\",\"\",\"\",\"$\",\"6.77\",\"\",\"\",\"$\",\"6.76\"]] [[/GREPCENT_TABLE]] The increase in 2025 Net Income Attributable to DTE Energy Company was primarily due to higher earnings in the Electric, Gas, and DTE Vantage segments, partially offset by lower earnings at Corporate and Other. The increase in 2024 Net Income Attributable to DTE Energy Company was primarily due to higher earnings in the Electric segment, partially offset by lower earnings in the Energy Trading, Gas, and DTE Vantage segments and Corporate and Other. STRATEGY DTE Energy's strategy is to achieve long-term earnings per share growth with a strong balance sheet and attractive dividend. DTE Energy's utilities are investing capital to support a modern, reliable grid and cleaner, affordable energy through investments in base infrastructure and new generation. Increasing intensity of windstorms and other weather events, coupled with increasing electric vehicle adoption and future data center load, will drive a continued need for substantial grid investment over the long-term. DTE Energy plans to reduce the carbon emissions of its electric utility operations by 65% in 2028, 85% in 2032, and 90% by 2040 from 2005 carbon emissions levels. DTE Energy plans to end its use of coal-fired power plants in 2032 and is committed to a net zero carbon emissions goal by 2050 for its electric and gas utility operations. Additionally, as a result of legislation passed by the state of Michigan in the fourth quarter 2023, DTE Energy will be required to meet a 100% clean energy portfolio standard by 2040. Clean energy sources include renewables, nuclear, and natural gas-fired plants equipped with a carbon capture and storage system that is at least 90% effective in reducing carbon emissions to the atmosphere. The legislation also requires 50% of an electric utility's energy to be generated from renewable sources by 2030 and 60% by 2035. DTE Energy is currently assessing the impacts of this legislation and will include updates in its next Integrated Resource Plan, currently planned for 2026, to comply with the new requirements. To achieve carbon reduction goals at the electric utility, DTE Energy will continue its transition away from coal-powered energy sources and is replacing or offsetting the generation from these facilities with renewable energy, natural gas, battery storage, and energy waste reduction initiatives. Refer to the \"Capital Investments\" section below for further discussion regarding DTE Energy's retirement of its aging coal-fired plants and transition to renewable energy and other sources. Over the long-term, DTE Energy is also monitor Item 1A. Risk Factors There are various risks associated with the operations of the Registrants' utility businesses and DTE Energy's non-utility businesses. To provide a framework to understand the operating environment of the Registrants, below is a brief explanation of the more significant risks associated with their businesses. Although the Registrants have tried to identify and discuss key risk factors, others could emerge in the future. Each of the following risks could affect performance. 18 Table of Contents Regulatory, Legislative, and Legal Risks The Registrants are subject to rate regulation. Electric and gas rates for the utilities are set by the MPSC and the FERC and cannot be changed without regulatory authorization. The Registrants may be negatively impacted by new regulations or interpretations by the MPSC, the FERC, or other regulatory bodies. The Registrants' ability to recover costs may be impacted by the time lag between the incurring of costs and the recovery of the costs in customers' rates. Regulators also may decide to disallow recovery of certain costs in customers' rates if they determine that those costs do not meet the standards for recovery under current governing laws and regulations. Regulators may also disagree with the Registrants' rate calculations under the various mechanisms that are intended to mitigate the risk to their utilities related to certain aspects of the business. If the Registrants cannot agree with regulators on an appropriate reconciliation of those mechanisms, it may impact the Registrants' ability to recover certain costs through customer rates. Regulators may also decide to eliminate these mechanisms in future rate cases, which may make it more difficult for the Registrants to recover their costs in the rates charged to customers. The Registrants cannot predict what rates the MPSC will authorize in future rate cases, and unfavorable rate relief could impact our plans for significant capital investment. New leg", "title": "DTE - DTE ENERGY CO", "url": "/company/DTE/" }, { "kind": "company", "summary": "SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers; CIK 0001666700; latest 10-K filed 2026-02-17.", "text": "DD - DuPont de Nemours, Inc. SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers; CIK 0001666700; latest 10-K filed 2026-02-17. DD DuPont de Nemours, Inc. 0001666700 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s discussion and analysis of financial condition and results of operations is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and related notes to enhance the understanding of the Company\u2019s operations and present business environment. Components of management\u2019s discussion and analysis of financial condition and results of operations include: \u2022Overview \u2022Analysis of Operations \u2022Result of Operations \u2022Segment Results \u2022Outlook \u2022Liquidity and Capital Resources \u2022Recent Accounting Pronouncements \u2022Critical Accounting Estimates \u2022Long-Term Employee Benefits \u2022Environmental Matters OVERVIEW As of December 31, 2025, the Company has $1.7 billion of net working capital and $0.7 billion in cash and cash equivalents. The Company expects its cash and cash equivalents, cash generated from operations, and ability to access the debt capital markets to provide sufficient liquidity and financial flexibility to meet the liquidity requirements associated with its continued operations. The Company continually assesses its liquidity position, including possible sources of incremental liquidity, in light of the current economic environment, capital market conditions and Company performance. Electronics Separation On November 1, 2025, the Company completed the separation of its semiconductor and interconnect solutions businesses, (the \"Electronics Business\" and the separation of the Electronics Business, the \u201cElectronics Separation\u201d) into an independent public company, Qnity Electronics, Inc. (\u201cQnity\u201d), by way of the distribution to DuPont's stockholders of record as of October 22, 2025, of all the issued and outstanding common stock of Qnity on November 1, 2025 (the \u201cQnity Distribution\u201d). As a result, the financial results of the divested Electronics Business are reflected in DuPont's Consolidated Financial Statements as discontinued operations, along with comparative periods. Aramids Divestiture On August 29, 2025, DuPont announced a definitive agreement to sell the Aramids business (the \u201cAramids Divestiture\u201d) to Arclin, a portfolio company of an affiliate of TJC LP, (\u201cTJC\u201d), in return for pre-tax cash proceeds of approximately $1.2 billion, subject to customary transaction adjustments, a note receivable in the principal amount of $300 million and a non-controlling common equity interest (the \"Aramids Equity Consideration\"), valued at $325 million in the future Arclin holding company that will hold the Arclin global materials business and the Aramids business being divested. The transaction is expected to close around the end of the first quarter 2026, subject to customary closing conditions and receipt of regulatory approvals. As a result, the financial results of the Aramids business being divested are reflected in DuPont's Consolidated Financial Statements as discontinued operations, along with comparative periods. 2025 Segment Realignments Effective in the first quarter of 2025, in preparation for the Electronics Separation, the Company realigned its management and reporting structure. This realignment resulted in a change in reportable segments in the first quarter of 2025 which changed the manner in which the Company reported financial results by segment, (the \"Q1 2025 Segment Realignment\"). As a result, starting in the first quarter of 2025 and until the Electronics Separation, the businesses separated as part of the Electronics Separation were reported separately from the Industrials businesses of DuPont. Effective in the fourth quarter of 2025, following the Electronics Separation, the Company realigned its management and reporting structure. This realignment resulted in a change in reportable segments which changed the manner in which the Company reports its financial results (the \"Q4 2025 Segment Realignment\"), creating two new reportable segments: Healthcare & W ITEM 1. BUSINESS Throughout this Annual Report on Form 10-K, except as otherwise noted by the context, the terms \"DuPont\" or \"Company\" used herein mean DuPont de Nemours, Inc. and its consolidated subsidiaries. DuPont is a leading provider of advanced solutions that improve everyday life across healthcare, water, construction and industrial markets. The Company is committed to helping customers advance their technology pipelines and provide solutions that address their unique challenges. From delivering clean water to enabling medical packaging solutions which enhance safety and performance, DuPont's innovations power the essential products and technologies people rely on every day. At December 31, 2025, the Company has subsidiaries in about 50 countries worldwide and manufacturing operations in about 20 countries. See Note 23 to the Consolidated Financial Statements for details on the location of the Company's sales and property. Transformational Journey DuPont is a Delaware corporation formed in 2015 (formerly, DowDuPont Inc.), for the purpose of effecting the all-stock merger of equals transactions between The Dow Chemical Company (\"TDCC\") and E. I. du Pont de Nemours and Company (n/k/a as EIDP, Inc., \"EIDP\"), which became effective on August 31, 2017. As a result of the merger, TDCC and EIDP became subsidiaries of DowDuPont Inc. (the \"DWDP Merger\"). The DWDP Merger aimed to combine the strengths of both companies and then realign the assets to create three more focused and streamlined public companies. On April 1, 2019, the Company completed the separation of the materials science business through the spin-off of Dow Inc., (\u201cDow\u201d) including Dow\u2019s subsidiary TDCC (the \u201cDow Distribution\u201d). On June 1, 2019, the Company completed the separation of the agriculture business through the spin-off of Corteva, Inc. (\u201cCorteva\u201d) including Corteva\u2019s subsidiary EIDP, (the \u201cCorteva Distribution\" and together with the Dow Distribution, the \u201cDWDP Distributions\u201d). On its tr ITEM 1A. RISK FACTORS The Company's operations could be affected by various risks, many of which are beyond its control. Based on current information, the Company believes that the following identifies the most material risk factors that could affect its operations. Past financial perf", "title": "DD - DuPont de Nemours, Inc.", "url": "/company/DD/" }, { "kind": "company", "summary": "SIC 3590 Misc Industrial & Commercial Machinery & Equipment; CIK 0001551182; latest 10-K filed 2026-02-26.", "text": "ETN - Eaton Corp plc SIC 3590 Misc Industrial & Commercial Machinery & Equipment; CIK 0001551182; latest 10-K filed 2026-02-26. ETN Eaton Corp plc 0001551182 3590 Misc Industrial & Commercial Machinery & Equipment MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Amounts are in millions of dollars or shares unless indicated otherwise (per share data assume dilution). Columns and rows may not add and the sum of components may not equal total amounts reported due to rounding. COMPANY OVERVIEW Eaton Corporation plc (Eaton or the Company) is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. We are capitalizing on the megatrends of the electrification, digitalization, and the reindustrialization of and growth of megaprojects in North America and increased global infrastructure spending, all of which are expanding our end markets and positioning Eaton for growth for years to come. We are strengthening our participation across the entire electrical power value chain and benefiting from momentum in the data center and utility end markets as well as a growth cycle in the commercial aerospace and defense markets. We are guided by our commitment to operate sustainably and with the highest ethical standards. Our work is helping to solve the world\u2019s most urgent power management challenges and building a more sustainable society for people today and for future generations. Founded in 1911, Eaton has continuously evolved to meet the changing and expanding needs of our stakeholders. With revenues of $27.4 billion in 2025, the Company serves customers in 180 countries. During the first quarter of 2026, Eaton re-segmented certain reportable operating segments due to a reorganization of the Company's businesses. The new reportable segment is Mobility, which consists of the legacy Vehicle and eMobility segments. Financial information for this new reportable segment has not been provided as the re-segmentation occurred subsequent to the year ended December 31, 2025. The Company expects to provide financial information for this new reportable segment in the Quarterly Report on Form 10-Q for the period ended March 31, 2026. 78 Table of Contents Portfolio Changes The Company continues to actively manage its portfolio of businesses to deliver on its strategic objectives. The Company is focused on deploying its capital toward businesses that provide opportunities for above-market growth, strong returns, and align with secular trends and its power management strategies. Over the past three years and continuing in 2026, Eaton completed several transactions to strengthen its portfolio. [[GREPCENT_TABLE]] [[\"Acquisitions of businesses and investments in associate companies\",\"\",\"Date of acquisition\",\"\",\"Business segment\"],[\"Jiangsu Ryan Electrical Co. Ltd.\",\"\",\"April 23, 2023\",\"\",\"Electrical Global\"],[\"A 49 percent stake in Jiangsu Ryan Electrical Co. Ltd., a manufacturer of power distribution and sub-transmission transformers in China.\"],[\"Exertherm\",\"\",\"May 20, 2024\",\"\",\"Electrical Americas\"],[\"A U.K. based provider of thermal monitoring solutions for electrical equipment.\"],[\"NordicEPOD AS\",\"\",\"May 31, 2024\",\"\",\"Electrical Global\"],[\"A 49 percent stake in NordicEPOD AS, which designs and assembles standardized power modules for data centers in the Nordic region.\"],[\"Fibrebond Corporation\",\"\",\"April 1, 2025\",\"\",\"Electrical Americas\"],[\"A U.S. based designer and builder of pre-integrated modular power enclosures for data center, industrial, utility and communications customers.\"],[\"Resilient Power Systems, Inc.\",\"\",\"August 6, 2025\",\"\",\"Electrical Americas\"],[\"A leading North American developer and manufacturer of innovative energy solutions, including solid-state transformer-based technology.\"],[\"Ultra PCS Limited\",\"\",\"January 23, 2026\",\"\",\"Aerospace\"],[\"Producer of electronic controls, sensing, stores ejection and data processing solutions with operations in the U.K. and U.S.\"]] [[/GREPCENT_TABLE]] On Item 1. Business. Eaton Corporation plc (Eaton or the Company) is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. We are capitalizing on the megatrends of the electrification, digitalization, and the reindustrialization of and growth of megaprojects in North America and increased global infrastructure spending, all of which are expanding our end markets and positioning Eaton for growth for years to come. We are strengthening our participation across the entire electrical power value chain and benefiting from momentum in the data center and utility end markets as well as a growth cycle in the commercial aerospace and defense markets. We are guided by our commitment to operate sustainably and with the highest ethical standards. Our work is helping to solve the world\u2019s most urgent power management challenges and building a more sustainable society for people today and for future generations. Founded in 1911, Eaton has continuously evolved to meet the changing and expanding needs of our stakeholders. With revenues of $27.4 billion in 2025, the Company serves customers in 180 countries. Eaton electronically files or furnishes reports pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (Exchange Act) to the United States Securities and Exchange Commission (SEC), including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and proxy and information statements, as well as any amendments to those reports. As soon as reasonably practicable, these reports are available free of charge through the Company's website at www.eaton.com. These filings are also accessible on the SEC's website at www.sec.gov. Acquisitions and Divestiture of Businesses In 2025, the Company acquired Fibrebond Corporation Item 1A. Risk Factors. Among the risks that could materially adversely affect Eaton's businesses, financial condition or results of operations are the following: Operational Risks We are subject to risks relating to acquisitions, joint ventures and investments, and risks relating to the integration ", "title": "ETN - Eaton Corp plc", "url": "/company/ETN/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001065088; latest 10-K filed 2026-02-19.", "text": "EBAY - EBAY INC SIC 7389 Services-Business Services, NEC; CIK 0001065088; latest 10-K filed 2026-02-19. EBAY EBAY INC 0001065088 7389 Services-Business Services, NEC ITEM 7: MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in conjunction with Part I \u201cForward Looking Statements,\u201d Part I, Item 1 \u201cBusiness,\u201d Part I, Item 1A \u201cRisk Factors,\u201d and the consolidated financial statements and the related notes included in this report. This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Annual Report on Form 10-K, and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. OVERVIEW Business eBay Inc. is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Our Marketplace platforms, including our online marketplace located at www.ebay.com and its localized counterparts, our off-platform marketplaces and our suite of mobile apps, together, create one of the world's largest and most vibrant marketplaces for discovering great value and a unique selection. As a global commerce leader and third-party marketplace, our technologies and services are designed to provide buyers choice and a breadth of relevant inventory from around the globe and to enable sellers\u2019 access to eBay\u2019s 135 million buyers worldwide. Our business model is designed such that we are successful when our sellers are successful. We earn revenue primarily through fees collected on paid transactions, first-party advertising and shipping. Gross Merchandise Volume (\u201cGMV\u201d) grew during 2025 as we executed on our strategy, including across Focus Categories, country-specific investments, and horizontal initiatives. Improvement was driven by cross-category shopping, horizontal innovation, country-specific initiatives and growth in recommerce. The culmination of these effects, combined with consumers looking for value, offset pressure in discretionary spending across our three largest markets primarily resulting from geopolitical events, inflationary pressure, foreign exchange rate volatility, elevated interest rates and lower consumer confidence. FX-Neutral Presentation In addition to presenting net revenues in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d), we also present foreign exchange neutral (\u201cFX-Neutral\u201d) net revenues to supplement our results of operations presented in accordance with GAAP and to enhance investors\u2019 understanding of our global business performance by excluding the positive or negative year-over-year impact of foreign currency movements on reported net revenues. We define FX-Neutral net revenues as GAAP net revenues minus the exchange rate effect, which we calculate by applying prior period foreign currency exchange rates to current year transactional currency amounts, excluding hedging activity. We believe presenting FX-Neutral net revenues provides useful information to both management and investors by isolating the effects of foreign currency exchange rate fluctuations that may not be indicative of our core operating results. In addition, as we have historically reported certain FX-Neutral results to investors, we believe that continuing to include these FX-Neutral measures provides consistency in our financial reporting. FX-Neutral net revenues are non-GAAP financial measures that are not based on any comprehensive set of accounting rules or principles and may be calculated differently than other \u201cFX-Neutral,\u201d \u201cconstant currency,\u201d or similarly titled measures used by other companies. FX-Neutral n ITEM 1: BUSINESS Unless otherwise expressly stated or the context otherwise requires, when we refer to \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201ceBay\u201d or the \u201cCompany\u201d in this Annual Report on Form 10-K, we mean eBay Inc. and its consolidated subsidiaries. Overview Founded in 1995 in San Jose, California, eBay Inc. is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Our Marketplace platforms, including our online marketplace located at www.ebay.com and its localized counterparts, our off-platform marketplaces and our suite of mobile apps, together, create one of the world's largest and most vibrant marketplaces for discovering great value and a unique selection. In 2025, eBay enabled nearly $80 billion of Gross Merchandise Volume (\u201cGMV\u201d). Our Strategy As a global commerce leader and third-party marketplace, our technologies and services are designed to provide buyers choice and a breadth of relevant inventory from around the globe and to enable sellers\u2019 access to eBay\u2019s 135 million buyers worldwide. Our business model is designed such that we are successful when our sellers are successful. We earn revenue primarily through fees collected on paid transactions, first-party advertising and shipping. eBay\u2019s strategy is centered on reinventing the future of ecommerce for enthusiasts by delivering trusted, engaging shopping experiences for our customers. Our approach leverages our 30+ years of global commerce expertise and data with advanced technology, including the use of artificial intelligence (\u201cAI\u201d), to enhance the marketplace experience, reduce transactional friction and drive operational efficiency. In recent years, we have evolved our strategic focus around three foundational pillars \u2014 Relevant Experiences, Scalable Solutions and Magical Innovations \u2014 each designed to ad Item 1A: RISK FACTORS Risk Factors Summary The summary of risks below provides an overview of the principal risks we are exposed to in the normal course of our business activities: Business, Economic and Operating Risks \u2022We experience significant variation in our operating and financial results, including GMV and net revenues. \u2022We face intense ", "title": "EBAY - EBAY INC", "url": "/company/EBAY/" }, { "kind": "company", "summary": "SIC 4899 Communications Services, NEC; CIK 0001415404; latest 10-K filed 2026-03-02.", "text": "SATS - EchoStar CORP SIC 4899 Communications Services, NEC; CIK 0001415404; latest 10-K filed 2026-03-02. SATS EchoStar CORP 0001415404 4899 Communications Services, NEC Item 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \u200b You should read the following Management\u2019s Discussion and Analysis of our Financial Condition and Results of Operations together with the audited consolidated financial statements and notes to our financial statements included elsewhere in this Annual Report on Form 10-K. This management\u2019s discussion and analysis is intended to help provide an understanding of our financial condition, changes in financial condition and results of our operations and contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed under the caption \u201cItem 1A. Risk Factors\u201d and elsewhere in this Annual Report on Form 10-K. Furthermore, such forward-looking statements speak only as of the date of this Annual Report on Form 10-K and we expressly disclaim any obligation to update any forward-looking statements. \u200b Overview \u200b Recent Developments \u200b FCC Review \u200b In the third quarter of 2025, we resolved the review by the Federal Communications Commission (the \u201cFCC\u201d) into EchoStar\u2019s compliance with its build-out milestones and other obligations regarding EchoStar\u2019s federal spectrum licenses. We had previously received a letter from the FCC on May 9, 2025, indicating that the FCC was beginning a review of our compliance with certain obligations to provide 5G broadband service and raising certain questions regarding the September 2024 build-out extension granted by the FCC and mobile-satellite service (\u201cMSS\u201d) utilization in the 2 GHz band (the \u201cMay 9 Letter\u201d). We responded to the FCC\u2019s subsequent public notices with filings on May 27, 2025 and June 6, 2025. \u200b During the second quarter and the beginning of the third quarter of 2025, the potential ramifications of the FCC review to our business required us to, among other things, reevaluate the deployment of our resources and as a result, we elected not to make interest payments on a certain portion of our long-term senior notes on their respective scheduled due dates. We subsequently made such payments, including interest on the defaulted interest, within the applicable 30-day grace periods. See Note 10 in the Notes to our Consolidated Financial Statements in this Annual Report on Form 10-K for further information. \u200b The FCC review introduced the possibility of reversing prior FCC grants of authority to us. The FCC made it clear that it viewed our spectrum as being underutilized and deemed our continued ownership of such spectrum licenses inconsistent with the public interest, and that we must sell a material amount of spectrum licenses or face a wide-ranging license revocation. Accordingly, as a result of these unforeseeable actions by the FCC that were outside of our control, we entered into the AT&T Transactions and SpaceX Transactions, as defined below, whereby we agreed to sell a material amount of our spectrum licenses for cash and an Amended Equity Amount, as defined below. In August 2025, following these transactions, we began the abandonment and decommission process for certain portions of our 5G Network that will not be utilized in our Hybrid MNO business, as defined in \u201cSegments-Wireless\u201d below. Furthermore, we believe the FCC\u2019s actions and the resulting AT&T Transactions and SpaceX Transactions constitute one or more force majeure events under certain of our 5G Network-related contracts. \u200b 62 \u200b Table of Contents \u200b On September 8, 2025, we received a follow-up letter from the FCC (the \u201cSeptember 8 Letter\u201d). The September 8 Letter states, among other things, that FCC Chairman Carr has \u201casked FCC staff to bring the agenc Item 1.BUSINESS \u200b OVERVIEW \u200b EchoStar Corporation is a holding company that was organized in October 2007 as a corporation under the laws of the State of Nevada. EchoStar Corporation together with its subsidiaries are referred to as \u201cEchoStar,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and/or \u201cour,\u201d unless otherwise required by the context. Our Class A common stock is publicly traded on the NASDAQ Global Select Market (\u201cNASDAQ\u201d) under the symbol \u201cSATS.\u201d Our principal executive offices are located at 9601 South Meridian Boulevard, Englewood, Colorado 80112 and our telephone number is (303) 723- 1000. \u200b Recent Developments \u200b FCC Review \u200b In the third quarter of 2025, we resolved the review by the Federal Communications Commission (the \u201cFCC\u201d) into EchoStar\u2019s compliance with its build-out milestones and other obligations regarding EchoStar\u2019s federal spectrum licenses. We had previously received a letter from the FCC on May 9, 2025, indicating that the FCC was beginning a review of our compliance with certain obligations to provide 5G broadband service and raising certain questions regarding the September 2024 build-out extension granted by the FCC and mobile-satellite service (\u201cMSS\u201d) utilization in the 2 GHz band (the \u201cMay 9 Letter\u201d). We responded to the FCC\u2019s subsequent public notices with filings on May 27, 2025 and June 6, 2025. \u200b During the second quarter and the beginning of the third quarter of 2025, the potential ramifications of the FCC review to our business required us to, among other things, reevaluate the deployment of our resources and as a result, we elected not to make interest payments on a certain portion of our long-term senior notes on their respective scheduled due dates. We subsequently made such payments, including interest on the defaulted interest, within the applicable 30-day grace periods. See Note 10 in the Notes to our Consolidated Financial Statements in this Annual Report on Form 10-K for further information. \u200b The FCC review introduced the p Item 1A.RISK FACTORS \u200b The risks and uncertainties described below are not the only ones facing us. If any of the following events occur or evolve in a way different than expected, our business, financial condition, or results of operations could be materially and adversely affected. \u200b Risks Relating to Pending Transactions \u200b The timing and closing of the AT&T", "title": "SATS - EchoStar CORP", "url": "/company/SATS/" }, { "kind": "company", "summary": "SIC 2840 Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics; CIK 0000031462; latest 10-K filed 2026-02-23.", "text": "ECL - ECOLAB INC. SIC 2840 Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics; CIK 0000031462; latest 10-K filed 2026-02-23. ECL ECOLAB INC. 0000031462 2840 Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. \u200b The following management discussion and analysis (\u201cMD&A\u201d) provides information that we believe is useful in understanding our operating results, cash flows and financial condition. We provide quantitative or qualitative information about the material sales drivers including the impact of changes in volume and pricing and the effect of acquisitions and changes in foreign currency at the corporate and reportable segment level. We also provide quantitative information regarding special (gains) and charges, discrete tax items and other significant factors we believe are useful for understanding our results. Such quantitative drivers are supported by comments meant to be qualitative in nature. Qualitative factors are generally ordered based on estimated significance. \u200b The discussion should be read in conjunction with the consolidated financial statements and related notes included in this Form 10-K. Our consolidated financial statements are prepared in accordance with U.S. GAAP. This discussion contains various Non-GAAP Financial Measures and also contains various forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We refer readers to the statements and information set forth in the sections entitled \u201cNon-GAAP Financial Measures\u201d at the end of this MD&A, and \u201cForward-Looking Statements\u201d and \u201cRisk Factors\u201d within Items 1 and 1A of this Form 10-K. We also refer readers to the tables within the section entitled \u201cResults of Operations\u201d of this MD&A for reconciliation information of Non-GAAP measures to U.S. GAAP. \u200b Comparability of Results \u200b Ovivo Electronics Acquisition \u200b On December 16, 2025, we acquired Ovivo\u2019s electronics business (\u201cOvivo Electronics\u201d) for total consideration of $1.6 billion in cash. Ovivo Electronics is a leading and fast-growing global provider of breakthrough ultrapure water technologies for semiconductor manufacturing. Ovivo Electronics is reported within our Light & Heavy operating segment. Acquisition and integration charges are recorded within special (gains) and charges. The remaining impacts of the Ovivo Electronics acquisition, including operating results, acquisition-related amortization and interest expense related to the transaction, have also been excluded from adjusted results. \u200b Impact of Acquisitions and Divestitures \u200b Our non-GAAP financial measures for organic sales, organic operating income and organic operating income margin are at fixed currency and exclude the impact of special (gains) and charges, the results of our acquired businesses from the first twelve months post acquisition and the results of divested businesses from the twelve months prior to divestiture. In addition, as part of the separation of ChampionX in 2020, we continue to provide certain products to ChampionX which are recorded in product and equipment sales in the Global Water segment along with the related cost of sales. Further, due to the sale of the global surgical solutions business on August 1, 2024, we have excluded the results of that business for January through July 2024 from these organic measures for the year ended December 31, 2024 to remain comparable to the corresponding period in 2025. These transactions are removed from the consolidated results as part of the calculation of the impact of acquisitions and divestitures. \u200b Comparability of Reportable Segments \u200b Effective January 1, 2025, the Company\u2019s former Global Industrial reportable segment was renamed Global Water and includes the Light & Heavy (previously named Water), Food & Beverage, and Paper operating segments. The Global Institutional & Specialty reportable segment continues to include the Institutional and Specialty operating segments. The Company\u2019s former healthcare operating segment moved into the Institutional operating segment. Global Life Sciences was elevated to a standalone repor Item 1. Business. \u200b General Development of Business. \u200b Ecolab was incorporated as a Delaware corporation in 1924. Our fiscal year is the calendar year ending December 31. International subsidiaries are included in the consolidated financial statements on the basis of their U.S. GAAP (accounting principles generally accepted in the United States of America) November 30 fiscal year ends to facilitate the timely inclusion of such entities in our consolidated financial reporting. \u200b \u200b Narrative Description of Business. \u200b General \u200b A trusted partner for millions of customers, we are a global leader in water, hygiene and infection prevention solutions and services that protect people and the resources vital to life. For more than a century, we have advanced innovation by integrating science-based solutions, data-driven insights, AI-technology and world-class service. This unique combination enables us to partner with customers to define what best-in-class looks like and scale it across their operations, helping them achieve peak performance. Today, we have $16 billion in annual sales, 48,000 associates and customers in more than 170 countries and 40 industries. We help protect one-third of the world\u2019s food production and a quarter of the power generated while delivering innovative solutions across food, healthcare, data centers, microelectronics, life sciences and hospitality. Our comprehensive approach protects what\u2019s vital, aiming by 2030 to help protect 2 billion people from infections and enough drinking water for 1 billion people while enhancing business performance. \u200b We pursue a \u201cOne Ecolab\u201d enterprise selling strategy, built on the legacy of 'circle the customer \u2013 circle the globe', where we provide an array of innovative programs, products and services designed to meet the operational and sustainability needs of our customers throughout the world. Through this strategy and the breadth of our product and service mix, one customer may utilize the offeri Item 1A. Risk Factors. \u200b The following are important factors which could affect our financial performance and could cause our actual results for future periods to differ materially from our anticipated results or other expectations, including those expressed in any forward-looking statements made in this", "title": "ECL - ECOLAB INC.", "url": "/company/ECL/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0000827052; latest 10-K filed 2026-02-18.", "text": "EIX - EDISON INTERNATIONAL SIC 4911 Electric Services; CIK 0000827052; latest 10-K filed 2026-02-18. EIX EDISON INTERNATIONAL 0000827052 4911 Electric Services MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The discussion related to the changes in financial condition for 2024 compared to 2023 is incorporated by reference to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in Edison International's and SCE's combined Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC in February 2025. MANAGEMENT OVERVIEW Highlights of Operating Results Edison International is the ultimate parent holding company of SCE and Edison Energy, LLC, doing business as Trio. SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area across Southern, Central and Coastal California. Trio is a global energy advisory firm providing integrated sustainability and energy solutions to commercial, industrial and institutional customers. Trio's business activities are currently not material to report as a separate business segment. Edison International's earnings are prepared in accordance with GAAP. Management uses core earnings (loss) internally for financial planning and for analysis of performance. Core earnings (loss) are also used when communicating with investors and analysts regarding Edison International's earnings results to facilitate comparisons of the company's performance from period to period. Core earnings (loss) are a non-GAAP financial measure and may not be comparable to those of other companies. Core earnings (loss) are defined as earnings available to Edison International shareholders less non-core items. Non-core items include income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings, such as write downs, asset impairments and other income and expense related to changes in law, outcomes in tax, regulatory or legal proceedings, and exit activities, including sale of certain assets and other activities that are no longer continuing. SCE implemented a customer-funded wildfire self-insurance program in July 2023. With the commencement of this program, Edison International and SCE no longer consider wildfire-related claim losses to be representative of ongoing earnings and treat such costs as non-core items. 3 Table of Contents [[GREPCENT_TABLE]] [[\"(in millions)\",\"2025\",\"\",\"2024\",\"\",\"2025 vs. 2024Change\"],[\"Net income (loss) available to Edison International\"],[\"SCE\",\"$\",\"4,889\",\"\",\"\",\"$\",\"1,619\",\"\",\"\",\"$\",\"3,270\"],[\"Edison International Parent and Other\",\"(430)\",\"\",\"\",\"(335)\",\"\",\"\",\"(95)\"],[\"Edison International\",\"4,459\",\"\",\"\",\"1,284\",\"\",\"\",\"3,175\"],[\"Less: Non-core items\"],[\"SCE\"],[\"2017/2018 Wildfire/Mudslide Events (claims and expenses), net of recoveries\",\"2,961\",\"\",\"\",\"(493)\",\"\",\"\",\"3,454\"],[\"Eaton Fire claims and expenses\",\"(15)\",\"\",\"\",\"\\u2014\",\"\",\"\",\"(15)\"],[\"Other Wildfire Events (claims and expenses), net of recoveries\",\"(1)\",\"\",\"\",\"(162)\",\"\",\"\",\"161\"],[\"Wildfire Fund expense\",\"(144)\",\"\",\"\",\"(146)\",\"\",\"\",\"2\"],[\"Net charges related to disallowed historical capital expenditures in SCE's 2025 GRC decision\",\"(76)\",\"\",\"\",\"\\u2014\",\"\",\"\",\"(76)\"],[\"Severance costs, net of recovery\",\"\\u2014\",\"\",\"\",\"(50)\",\"\",\"\",\"50\"],[\"Income tax (expense) benefit1\",\"(747)\",\"\",\"\",\"238\",\"\",\"\",\"(985)\"],[\"SCE non-core items\",\"1,978\",\"\",\"\",\"(613)\",\"\",\"\",\"2,591\"],[\"Edison International Parent and Other\"],[\"Wildfire claims insured by EIS\",\"(50)\",\"\",\"\",\"(4)\",\"\",\"\",\"(46)\"],[\"Income tax benefit1\",\"11\",\"\",\"\",\"1\",\"\",\"\",\"10\"],[\"Edison International Parent and Other non-core items\",\"(39)\",\"\",\"\",\"(3)\",\"\",\"\",\"(36)\"],[\"Total non-core items\",\"1,939\",\"\",\"\",\"(616)\",\"\",\"\",\"2,555\"],[\"Core earnings (loss)\"],[\"SCE\",\"2,911\",\"\",\"\",\"2,232\",\"\",\"\",\"679\"],[\"Edison International Parent and Other\",\"(391)\",\"\",\"\",\"(332)\",\"\",\"\",\"(59)\"],[\"Edison International\",\"$\",\"2,520\",\"\",\"\",\"$\",\"1,900\",\"\",\"\",\"$\",\"620\"]] [[/ BUSINESS CORPORATE STRUCTURE, INDUSTRY AND OTHER INFORMATION Edison International was incorporated in 1987 as the parent holding company of SCE, a California public utility incorporated in 1909. Edison International also owns Trio, a global energy advisory firm providing integrated sustainability and energy solutions to commercial, industrial and institutional customers. The principal executive office of Edison International is located at 2244 Walnut Grove Avenue, P.O. Box 976, Rosemead, California 91770, and Edison International's telephone number is (626) 302-2222. The principal executive office of SCE is located at 2244 Walnut Grove Avenue, P.O. Box 800, Rosemead, California 91770, and SCE's telephone number is (626) 302-1212. This is a combined Annual Report on Form 10-K for Edison International and SCE. Edison International and SCE make available at edisoninvestor.com: Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Proxy Statements and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act, as soon as reasonably practicable after Edison International and SCE electronically file such material with, or furnishes it to, the SEC. Such reports are also available on the SEC's internet website at sec.gov. The information contained on, or connected to, the Edison investor website is not incorporated by reference into this report. Subsidiaries of Edison International SCE \u2013 Public Utility SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity through SCE's electrical infrastructure to an approximately 50,000 square-mile area of southern California. SCE serves approximately 5 million customers in its service area. As of December 31, 2025, SCE's total number of customers by class were as follows: [[GREPCENT_TABLE]] [[\"(in thousands)\",\"2025\",\"2024\",\"2023\"],[\"Residential\",\"4,672\",\"4,618\",\"4,576\"],[\"Commercial\"", "title": "EIX - EDISON INTERNATIONAL", "url": "/company/EIX/" }, { "kind": "company", "summary": "SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0001099800; latest 10-K filed 2026-02-25.", "text": "EW - Edwards Lifesciences Corp SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0001099800; latest 10-K filed 2026-02-25. EW Edwards Lifesciences Corp 0001099800 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis presents the factors that had a material effect on our results of operations during the two years ended December 31, 2025. Also discussed is our financial position as of December 31, 2025, and our consolidated cash flows for 2025 compared to 2024. You should read this discussion in conjunction with the historical consolidated financial statements and related notes included elsewhere in this Form 10-K. For a discussion related to the results of operations for 2024 compared to 2023 and a discussion related to our consolidated cash flows for 2024 compared to 2023, refer to Part II, Item 7, \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in our 2024 Annual Report on Form 10\u2013K filed with the Securities and Exchange Commission on February 28, 2025. Overview We are the leading global structural heart disease innovation company, driven by a passion to improve patient lives. Through breakthrough technologies, world-class evidence, and meaningful partnerships with clinicians and healthcare stakeholders, our employees are inspired by our patient-focused culture to deliver life-changing innovations to those who need them most. We conduct operations worldwide and are managed in the following geographical regions: United States, Europe, Japan, and Rest of World. Our products are categorized into the following groups: Transcatheter Aortic Valve Replacement (\u201cTAVR\u201d), Transcatheter Mitral and Tricuspid Therapies (\u201cTMTT\u201d), and Surgical Structural Heart (\u201cSurgical\u201d). On December 18, 2025, we completed the sale of a business that is not focused on implantable medical innovations for structural heart disease (the \u201cnon-core product group\u201d). On September 3, 2024, we sold our Critical Care product group (\u201cCritical Care\u201d) to Becton, Dickinson and Company (\u201cBD\u201d). We concluded that the non-core product group met the criteria to be classified as held-for-sale in September 2024 and the Critical Care met the criteria to be classified as held-for-sale in June 2024. We determined that, when considered together, the conditions for discontinued operations presentation had been met with respect to each of Critical Care and the non-core product group (collectively, the \u201cdiscontinued product groups\u201d). As such, the historical financial condition and results of the discontinued product groups have been reflected as discontinued operations in our consolidated financial statements. Our discussion and analysis of our results of operations is reflective of our continuing operations. See Note 5 to the Consolidated Financial Statements for further information. Financial Highlights and Market Update 28 Table of Contents Financial Highlights Our net sales for 2025 were $6.1 billion, representing an increase of $628.1 million over 2024, driven primarily by sales growth of our TAVR and TMTT products. Our gross profit increased in 2025, driven by our sales growth. Gross profit as a percentage of sales decreased primarily due to higher operational expenses. The decrease in our net income and diluted earnings per share in 2025 was driven primarily by increases in personnel-related costs, one-time charges related to impairments on our investments, and increased certain litigation expenses. For further information, see Note 3, Note 9 and Note 20 to the Consolidated Financial Statements. Healthcare Environment, Opportunities, and Challenges The medical technology industry is highly competitive and continues to evolve. Our success is measured both by the development of innovative products and the value we bring to our stakeholders. We are committed to developing new technologies and innovations, and we are committed to defending our intellectual property in support of those developments. Our vision for growth is to treat patients with both valvular and non-valvular structural heart disease, such as Item 1. Business Overview Edwards Lifesciences Corporation is the leading global structural heart innovation company, driven by a passion to improve patient lives. Through breakthrough technologies, world-class evidence, and meaningful partnerships with clinicians and healthcare stakeholders, our employees are inspired by our patient-focused culture to deliver life-changing innovations to those who need them most. Edwards Lifesciences has been a leader in our field for over six decades. Since our founder, Miles \u201cLowell\u201d Edwards, first dreamed of using engineering to address diseases of the human heart, we have steadily built a company on the premise of imagining, building, and realizing a better future for patients. Our innovative work encompasses both surgical and transcatheter therapies. In addition, our unique portfolio of repair and replacement technologies for aortic, mitral, tricuspid and pulmonic heart valves provides a broad set of treatment options to serve the many diverse and complex patients in need. Edwards remains committed to its strategy of transformative product innovation, high-quality, expansive clinical evidence to support approvals and adoption, as well as comprehensive support to ensure excellent real-world patient outcomes. Cardiovascular disease is the number-one cause of death in the world and is the top disease in terms of health care spending in nearly every country. In the U.S. alone, one cardiovascular patient dies every 34 seconds.1 Cardiovascular disease is progressive in that it tends to worsen over time and often affects the structure of an individual's heart. Our vision is to transform patient care where patients are diagnosed earlier, treated in a routine fashion, live longer, and enjoy a better quality of life. Our future growth opportunities include offering solutions for treating patients with both valvular and non-valvular structural heart disease, such as heart failure, which is an unfortunate natural progression of the Item 1A. Risk Factors Our business and assets are subject to varying degrees of risk and uncertainty. An investor should carefully consider the risks described below, as well as other information contained in this Annual Report on Form 10-K and in our other filings with the S", "title": "EW - Edwards Lifesciences Corp", "url": "/company/EW/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0000712515; latest 10-K filed 2026-05-11.", "text": "EA - ELECTRONIC ARTS INC. SIC 7372 Services-Prepackaged Software; CIK 0000712515; latest 10-K filed 2026-05-11. EA ELECTRONIC ARTS INC. 0000712515 7372 Services-Prepackaged Software Item 7: Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations OVERVIEW The following overview is a high-level discussion of our operating results, as well as some of the trends and drivers that affect our business. Management believes that an understanding of these trends and drivers provides important context for our results for the fiscal year ended March 31, 2026, as well as our future prospects. This summary is not intended to be exhaustive, nor is it intended to be a substitute for the detailed discussion and analysis provided elsewhere in this Form 10-K, including in the \u201cBusiness\u201d section and the \u201cRisk Factors\u201d above, the remainder of \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d)\u201d or the Consolidated Financial Statements and related Notes. Proposed Merger On September 28, 2025, we entered into a Merger Agreement pursuant to and subject to the terms and conditions of which we will be acquired by the Consortium. For further details on this proposed transaction, see Note 1 of the Consolidated Financial Statements and \"Part I\u2014Item 1A. Risk Factors\" contained elsewhere in this Form 10-K. About Electronic Arts Electronic Arts is a global leader in digital interactive entertainment. We develop, market, publish and deliver games, content and services that can be experienced on game consoles, PCs, and mobile devices. We create innovative games and experiences that deliver high-quality interactive entertainment and drive engagement across our global network of hundreds of millions of players. Through our live services offerings, we offer high-quality experiences designed to provide value to players and extend and enhance gameplay. These live services include extra content, subscription offerings and other revenue generated in addition to the sale of our full games. We are focusing on building games and experiences that grow the global online communities around our key franchises; deepening engagement through connecting interactive storytelling to key intellectual property; and harnessing our communities to grow in, around, and beyond our games. Financial Results Our key financial results for our fiscal year ended March 31, 2026 were as follows: \u2022Total net revenue was $7,531 million, up 1 percent year-over-year. \u2022Live services and other net revenue was $5,383 million, down 1 percent year-over-year. \u2022Gross margin was 79 percent, flat year-over-year. \u2022Operating expenses were $4,785 million, up 9 percent year-over-year. \u2022Operating income was $1,162 million, down 24 percent year-over-year. \u2022Net income was $887 million with diluted earnings per share of $3.51. \u2022Net cash provided by operating activities was $2,553 million, up 23 percent year-over-year. \u2022Total cash, cash equivalents and short-term investments were $2,980 million. \u2022We returned $941 million to stockholders through our capital return programs, repurchasing 5.3 million shares for approximately $750 million and returning $191 million through our quarterly cash dividend program. Trends in Our Business Live Services Business. We offer our players high-quality experiences designed to provide value to players and to extend and enhance gameplay. These live services include extra content, subscription offerings and other revenue generated in addition to the sale of our full games and free-to-play games. Our net revenue attributable to live services and other was $5,383 million, $5,461 million, and $5,547 million for fiscal years 2026, 2025, and 2024, respectively, and we expect that live services net revenue will continue to be material to our business. Within live services and other, net revenue attributable to extra content was $4,091 million, $4,365 million, and $4,463 million for fiscal years 2026, 2025, and 2024, respectively. Growth in live services net revenue, including extra content may not be linear due to the competitive landscape, consumer buying patterns, and other Item 1: Business Overview Electronic Arts is a global leader in digital interactive entertainment. We develop, market, publish and deliver games, content and services that can be experienced on game consoles, PCs and mobile devices. What We Offer We create innovative games and experiences that deliver high-quality interactive entertainment and drive engagement across our global network of hundreds of millions of players. We are focusing on building games and experiences that grow the global online communities around our key franchises; deepening engagement through connecting interactive storytelling to key intellectual property; and harnessing our communities to grow in, around, and beyond our games. We develop and publish games and experiences across diverse genres, such as sports, racing, first-person shooter, action, role-playing and simulation. We believe that our creative talent, production capabilities, broad portfolio of owned and licensed IP, and technological foundation, coupled with our network of hundreds of millions of players, provide us with strategic advantages. Through our live services offerings, we offer high-quality experiences designed to provide value to players and extend and enhance gameplay. These live services include extra content, subscription offerings and other revenue generated outside of the sale of our full games. Our digital live services and other net revenue represented 71 percent of our total net revenue during fiscal year 2026. We offer live services through our global football and American football franchises (which includes EA SPORTS College Football and EA SPORTS Madden NFL) and based on our iconic IP such as The Sims, Apex Legends and Battlefield. Our most popular live services are the extra content in the Ultimate Team mode associated with our sports franchises. Ultimate Team allows players to collect current and former players in order to build and compete as a personalized team. Live services net revenue generated Item 1A: Risk Factors Our business is subject to many risks and uncertainties, which may affect our future financial performance. In the past, we have experienced certain of the events and circumstances described below, which adversely impacted our business and financial performance. If any of the events or circumstances described below occur, our", "title": "EA - ELECTRONIC ARTS INC.", "url": "/company/EA/" }, { "kind": "company", "summary": "SIC 6324 Hospital & Medical Service Plans; CIK 0001156039; latest 10-K filed 2026-02-06.", "text": "ELV - Elevance Health, Inc. SIC 6324 Hospital & Medical Service Plans; CIK 0001156039; latest 10-K filed 2026-02-06. ELV Elevance Health, Inc. 0001156039 6324 Hospital & Medical Service Plans ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. (In Millions, Except Per Share Data or as Otherwise Stated Herein) This Management's Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) should be read in conjunction with the accompanying audited consolidated financial statements and notes, included in Part II, Item 8 of this Annual Report on Form 10-K. References to the terms \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cElevance Health\u201d or the \u201cCompany\u201d used throughout this MD&A refer to Elevance Health, Inc., an Indiana corporation, and, unless the context otherwise requires, its direct and indirect subsidiaries. References to the \u201cstates\u201d include the District of Columbia and Puerto Rico, unless the context otherwise requires. This MD&A generally discusses 2025 and 2024 items and year-over-year comparisons between 2025 and 2024. A detailed discussion of 2023 items and year-over-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 included in our Annual Report on Form 10-K for the year ended December 31, 2024. Overview Elevance Health is a health company with the purpose of improving the health of humanity. We are one of the largest health insurers in the United States in terms of medical membership, serving approximately 45.2 million medical members through our affiliated health plans as of December 31, 2025. We are an independent licensee of the Blue Cross and Blue Shield Association (\u201cBCBSA\u201d), an association of independent health benefit plans. We serve our members as the Blue Cross licensee for California and as the Blue Cross and Blue Shield (\u201cBCBS\u201d) licensee for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri (excluding 30 counties in the Kansas City area), Nevada, New Hampshire, New York (in the New York City metropolitan area and upstate New York), Ohio, Virginia (excluding the Northern Virginia suburbs of Washington, D.C.) and Wisconsin. In a majority of these service areas, we do business as Anthem Blue Cross and Anthem Blue Cross and Blue Shield. We also conduct business through arrangements with other BCBS licensees, as well as other strategic partners. In addition, we serve members in numerous states as Wellpoint, Carelon, MMM and/or Simply Healthcare. We are licensed to conduct insurance operations in all 50 states, the District of Columbia and Puerto Rico through our subsidiaries. Through various subsidiaries, we also offer pharmacy services through our CarelonRx business, and other healthcare related services as Carelon Services. Our portfolio consists of the following core go-to-market brands: \u2022Anthem Blue Cross/Anthem Blue Cross and Blue Shield \u2014 represents our Anthem-branded and affiliated Blue Cross and/or Blue Shield licensed Medicare, Medicaid, and commercial Health Benefit plans; \u2022Wellpoint \u2014 represents our Wellpoint branded Medicare, Medicaid and commercial Health Benefit plans and other non-BCBSA brands; and \u2022Carelon \u2014 represents our healthcare related services and capabilities, including our CarelonRx and Carelon Services businesses. We report our results of operations in the following four reportable segments: Health Benefits, CarelonRx, Carelon Services and Corporate & Other (our businesses that do not individually meet the quantitative thresholds for an operating segment, as well as corporate expenses not allocated to our other reportable segments). Our results of operations discussed throughout this MD&A are determined in accordance with generally accepted accounting principles (\u201cGAAP\u201d). We also calculate operating gain and operating margin to further aid investors in understanding and analyzing our core operating results. Operating gain is calculated as total operating revenue less benefit expense, cost of products sold and operating expense. Operating ITEM 1. BUSINESS. General Elevance Health and its direct and indirect subsidiaries, referred to throughout this document as \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany\u201d or \u201cElevance Health,\u201d is a leading health company bringing together the concepts of elevate and advance. We are focused on enhancing well-being and advancing health outcomes by delivering integrated, whole health solutions across the care journey. We support consumers throughout their full health journeys with medical, pharmacy, and behavioral health services designed to address their whole health needs. Through this comprehensive approach, we aim to improve the health of the people and communities we serve. We advance our mission by collaborating with care providers and community organizations, fostering innovation that supports growth and equal opportunity for health access, and cultivating a high-performance culture. -3- With an unyielding commitment to meeting the needs of our diverse customers, we are guided by the following values: We are one of the largest health insurers in the United States in terms of medical membership, serving approximately 45.2 million medical members through our affiliated health plans as of December 31, 2025. We offer a broad spectrum of network-based managed care risk-based plans to Individual, Employer Group, Medicaid and Medicare markets. In addition, we provide a broad array of managed care services to fee-based customers, including claims processing, stop loss insurance, care provider network access, medical management, care management, wellness programs, actuarial services and other administrative services. Across these markets, we generate revenue through risk-based premiums, administrative fees from self-funded employers and pharmacy and health service fees through our Carelon businesses. We provide services to the federal government in connection with our Federal Health Products & Services business, which administers the Federal Employee Program\u00ae (\u201cFEP\u00ae\u201d). We provide ITEM 1A. RISK FACTORS. In evaluating our business, the risks described below, as well as the other information contained in this Annual Report on Form 10-K, should be carefully considered. Any one or more of such risks could materially and adversely affect our business, financial condition, results of operations and stock ", "title": "ELV - Elevance Health, Inc.", "url": "/company/ELV/" }, { "kind": "company", "summary": "SIC 1731 Electrical Work; CIK 0000105634; latest 10-K filed 2026-02-26.", "text": "EME - EMCOR Group, Inc. SIC 1731 Electrical Work; CIK 0000105634; latest 10-K filed 2026-02-26. EME EMCOR Group, Inc. 0000105634 1731 Electrical Work ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Business Description We are one of the largest specialty contractors in the United States and a leading provider of electrical and mechanical construction and facilities services, building services, and industrial services. Our services are provided to a broad range of commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers through approximately 100 operating subsidiaries. Such operating subsidiaries are organized into the following reportable segments: \u2022United States electrical construction and facilities services; \u2022United States mechanical construction and facilities services; \u2022United States building services; and \u2022United States industrial services. We refer to our United States electrical construction and facilities services segment and our United States mechanical construction and facilities services segment together as our United States construction segments. On December 1, 2025, we sold our United Kingdom operations, the results of which are reported within our United Kingdom building services segment through the date of sale. For a more complete description of our operations, refer to Item 1. Business. 2025 versus 2024 Overview The following table presents selected financial data for the fiscal years ended December 31, 2025 and 2024 (in thousands, except percentages and per share data): [[GREPCENT_TABLE]] [[\"\",\"2025\",\"\",\"2024\"],[\"Revenues\",\"$\",\"16,986,422\",\"\",\"\",\"$\",\"14,566,116\"],[\"Revenues increase from prior year\",\"16.6\",\"%\",\"\",\"15.8\",\"%\"],[\"Gross profit\",\"$\",\"3,282,988\",\"\",\"\",\"$\",\"2,765,051\"],[\"Gross profit as a percentage of revenues\",\"19.3\",\"%\",\"\",\"19.0\",\"%\"],[\"Gain on sale of United Kingdom operations\",\"$\",\"144,876\",\"\",\"\",\"$\",\"\\u2014\"],[\"Operating income\",\"$\",\"1,713,418\",\"\",\"\",\"$\",\"1,344,863\"],[\"Operating income as a percentage of revenues\",\"10.1\",\"%\",\"\",\"9.2\",\"%\"],[\"Net income attributable to EMCOR Group, Inc.\",\"$\",\"1,272,817\",\"\",\"\",\"$\",\"1,007,145\"],[\"Diluted earnings per common share\",\"$\",\"28.19\",\"\",\"\",\"$\",\"21.52\"]] [[/GREPCENT_TABLE]] Revenues of $16.99 billion for the year ended December 31, 2025 set a new annual record for the Company and represent an increase of 16.6% from revenues of $14.57 billion for the year ended December 31, 2024. Demand for our services continues to be broad-based with strength across most of the market sectors we serve. As described in further detail below, we experienced revenue growth within all of our reportable segments, except for our United States industrial services segment, which saw a modest reduction in revenues year-over-year. Revenues for the year ended December 31, 2025 included incremental acquisition contribution of approximately $1.27 billion. Operating income for 2025 was $1.71 billion, or 10.1% of revenues, compared to operating income of $1.34 billion, or 9.2% of revenues, in 2024. Our operating results for the year ended December 31, 2025 included a $144.9 million gain on the sale of our United Kingdom operations, which positively impacted operating margin by 85 basis points. Excluding the impact of such gain, operating income increased by $223.7 million and established a new annual record for the Company. As described in further detail below, such increase in operating income was predominantly driven by greater contribution from our United States construction segments. Operating income for the year ended December 31, 2025 included incremental acquisition contribution of $24.4 million, net of amortization expense attributable to identifiable intangible assets of $50.6 million. Net income of $1.27 billion, or $28.19 per diluted share, for the year ended December 31, 2025, compares favorably to net income of $1.01 billion, or $21.52 per diluted share, for the year ended December 31, 2024. While the majority of the increase in our net income and diluted earnings per share was a result of the increased operating in ITEM 1. BUSINESS References to the \u201cCompany,\u201d \u201cEMCOR,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and similar words refer to EMCOR Group, Inc. and its consolidated subsidiaries unless the context indicates otherwise. Overview We are one of the largest specialty contractors in the United States and a leading provider of electrical and mechanical construction and facilities services, building services, and industrial services. In 2025, we had revenues of $16.99 billion. Our services are provided to a broad range of commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers through approximately 100 operating subsidiaries, which specialize principally in providing construction services relating to electrical and mechanical systems in all types of facilities and in providing various services relating to the operation, maintenance, and management of those facilities. Such operating subsidiaries are organized into the following reportable segments: \u2022United States electrical construction and facilities services; \u2022United States mechanical construction and facilities services; \u2022United States building services; and \u2022United States industrial services. On December 1, 2025, we sold our United Kingdom operations, the results of which are reported within our United Kingdom building services segment through the date of sale. Our operating subsidiaries offer comprehensive and diverse solutions on a broad scale and have many long-standing customer relationships. We provide construction services and building services directly to corporations, municipalities and federal and state governmental entities, owners/developers, and tenants of buildings. We also provide our construction services indirectly by acting as a subcontractor to general contractors, systems suppliers, construction managers, developers, property managers, and other subcontractors. We generally provide industrial services directly to refineries and petrochemical plants. We derive revenues from ITEM 1A. RISK FACTORS Our business is subject to a variety of risks, including the risks described below as well as adverse business and market conditions and risks associated with our operations. The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties not known to us or not described below, which we have not determined", "title": "EME - EMCOR Group, Inc.", "url": "/company/EME/" }, { "kind": "company", "summary": "SIC 3600 Electronic & Other Electrical Equipment (No Computer Equip); CIK 0000032604; latest 10-K filed 2025-11-10.", "text": "EMR - EMERSON ELECTRIC CO SIC 3600 Electronic & Other Electrical Equipment (No Computer Equip); CIK 0000032604; latest 10-K filed 2025-11-10. EMR EMERSON ELECTRIC CO 0000032604 3600 Electronic & Other Electrical Equipment (No Computer Equip) ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Safe Harbor Statement This Annual Report on Form 10-K contains various forward-looking statements and includes assumptions concerning Emerson's operations, future results and prospects. These forward-looking statements are based on current expectations and are subject to risks and uncertainties. Emerson undertakes no obligation to update any such statements to reflect later developments. In connection with the \u201csafe harbor\u201d provisions of the Private Securities Litigation Reform Act of 1995, Emerson provides the cautionary statements set forth under Item 1A - \u201cRisk Factors,\u201d which are hereby incorporated by reference and identify important economic, political and technological factors, among others, changes in which could cause the actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. Non-GAAP Financial Measures To supplement the Company\u2019s financial information presented in accordance with U.S. generally accepted accounting principles (U.S. GAAP), management periodically uses certain \u201cnon-GAAP financial measures,\u201d as such term is defined in Regulation G under SEC rules, to clarify and enhance understanding of past performance and prospects for the future. Generally, a non-GAAP financial measure is a numerical measure of a company\u2019s operating performance, financial position or cash flows that excludes or includes amounts that are included in or excluded from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. For example, non-GAAP measures may exclude the impact of certain items such as acquisitions or divestitures, amortization of intangibles, restructuring costs, discrete taxes, gains, losses and impairments, or items outside of management\u2019s control, such as foreign currency exchange rate fluctuations. Management believes that the following non-GAAP financial measures provide investors and analysts useful insight into the Company\u2019s financial position and operating performance. Any non-GAAP measure provided should be viewed in addition to, and not as an alternative to, the most directly comparable measure determined in accordance with U.S. GAAP, as identified in italics below. Further, the calculation of these non-GAAP financial measures may differ from the calculation of similarly titled financial measures presented by other companies and therefore may not be comparable among companies. Underlying sales, which exclude the impact of significant acquisitions, divestitures and fluctuations in foreign currency exchange rates during the periods presented, are provided to facilitate relevant period-to-period comparisons of sales growth by excluding those items that impact overall comparability (U.S. GAAP measure: net sales). Operating profit (defined as net sales less cost of sales and selling, general and administrative expenses) and operating profit margin (defined as operating profit divided by net sales) are indicative of short-term operational performance and ongoing profitability. Management closely monitors operating profit and operating profit margin of each business to evaluate past performance and actions required to improve profitability. EBIT (defined as earnings before deductions for interest expense, net, related party interest income, and income taxes) and total segment EBIT, and EBIT margin (defined as EBIT divided by net sales) and total segment EBIT margin, are financial measures that exclude the impact of financing on the capital structure and income taxes. Adjusted EBITA and adjusted segment EBITA (defined as earnings excluding interest expense, net, related party interest income, income taxes, intangibles amortization expense, restructuring expense, first year purchase accounting related items and transaction fees, and certain gains, losses or impairments) and adjusted EBITA margin and adj ITEM 1 - BUSINESS Emerson Electric Co. (\"Emerson\", \"we\", \"us\", \"our\" or the \"Company\u201d) is a global technology and software company that provides innovative solutions for customers in a wide range of end markets around the world. Through its leading automation portfolio, Emerson helps process, hybrid and discrete manufacturers optimize operations, protect personnel, reduce emissions and achieve their sustainability goals. Sales by geographic destination in 2025 were: the Americas, 51 percent; Asia, Middle East & Africa, 30 percent (China, 10 percent); and Europe, 19 percent. Portfolio management is an integral component of Emerson's growth and value creation strategy. Over the past three years, the Company has taken significant actions to accelerate the transformation of its portfolio through the completion of strategic acquisitions and divestitures of non-core businesses. These actions were undertaken to create a cohesive, higher growth, higher margin industrial technology portfolio, and the Company is now a global automation leader serving a diversified set of end markets. The Company\u2019s recent portfolio actions include the following transactions (note that all dollars in Item 1 are in millions, except where noted): \u2022On March 12, 2025, Emerson completed its purchase of the remaining outstanding shares of common stock of AspenTech not already owned by the Company for approximately $7.2 billion. As a result of the transaction, AspenTech is now a wholly owned subsidiary of the Company. AspenTech was reorganized upon completion of the transaction and now reports to Control Systems & Software leadership. AspenTech's results, which were previously reported as a separate segment, are now consolidated into the Control Systems & Software segment for all periods presented. \u2022On October 11, 2023, the Company completed the acquisition of National Instruments Corporation (\"NI\") at an equity value of $8.2 billion. NI, which provides software-connected automated test and measur ITEM 1A - RISK FACTORS Investing in our securities involves risks. You should carefully consider, among other matters, the factors set forth below and the other information in this report. The Company\u2019s risk factors set forth below are not the only risks facing the ", "title": "EMR - EMERSON ELECTRIC CO", "url": "/company/EMR/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0000065984; latest 10-K filed 2026-02-19.", "text": "ETR - ENTERGY CORP /DE/ SIC 4911 Electric Services; CIK 0000065984; latest 10-K filed 2026-02-19. ETR ENTERGY CORP /DE/ 0000065984 4911 Electric Services Results of Operations 2025 Compared to 2024 Following are income statement variances for Utility, Parent & Other, and Entergy comparing 2025 to 2024 showing how much the line item increased or (decreased) in comparison to the prior period. [[GREPCENT_TABLE]] [[\"\",\"Utility\",\"\",\"Parent & Other (a)\",\"\",\"Entergy\"],[\"\",\"(In Thousands)\"],[\"2024 Net Income (Loss) Attributable to Entergy Corporation\",\"$1,826,704\",\"\",\"\",\"($771,114)\",\"\",\"\",\"$1,055,590\"],[\"Operating revenues\",\"1,082,119\",\"\",\"\",\"(15,086)\",\"\",\"\",\"1,067,033\"],[\"Fuel, fuel-related expenses, and gas purchased for resale\",\"123,876\",\"\",\"\",\"(21,347)\",\"\",\"\",\"102,529\"],[\"Purchased power\",\"421,069\",\"\",\"\",\"(19,307)\",\"\",\"\",\"401,762\"],[\"Other regulatory charges (credits) - net\",\"(155,413)\",\"\",\"\",\"\\u2014\",\"\",\"\",\"(155,413)\"],[\"Other operation and maintenance\",\"161,835\",\"\",\"\",\"(4,975)\",\"\",\"\",\"156,860\"],[\"Asset write-offs, impairments, and related charges (credits)\",\"(118,980)\",\"\",\"\",\"24,641\",\"\",\"\",\"(94,339)\"],[\"Taxes other than income taxes\",\"65,496\",\"\",\"\",\"220\",\"\",\"\",\"65,716\"],[\"Depreciation and amortization\",\"64,309\",\"\",\"\",\"215\",\"\",\"\",\"64,524\"],[\"Other income (deductions)\",\"138,047\",\"\",\"\",\"325,665\",\"\",\"\",\"463,712\"],[\"Interest expense\",\"186,062\",\"\",\"\",\"(231)\",\"\",\"\",\"185,831\"],[\"Other expenses\",\"(25,970)\",\"\",\"\",\"176\",\"\",\"\",\"(25,794)\"],[\"Income taxes\",\"35,607\",\"\",\"\",\"81,318\",\"\",\"\",\"116,925\"],[\"Preferred dividend requirements of subsidiaries and noncontrolling interests\",\"9,462\",\"\",\"\",\"\\u2014\",\"\",\"\",\"9,462\"],[\"2025 Net Income (Loss) Attributable to Entergy Corporation\",\"$2,279,517\",\"\",\"\",\"($521,245)\",\"\",\"\",\"$1,758,272\"]] [[/GREPCENT_TABLE]] (a)Parent & Other includes eliminations, which are primarily intersegment activity. Results of operations for 2024 include: (1) a $320 million ($253 million net-of-tax) settlement charge, reflected in Parent & Other above, recognized as a result of a group annuity contract purchased in 2024 to settle certain pension liabilities; (2) expenses of $151 million ($112 million net-of-tax), recorded at Utility in second quarter 2024, primarily consisting of regulatory charges to reflect the effects of an agreement in principle between Entergy Louisiana and the LPSC staff and the intervenors in July 2024 to renew Entergy Louisiana\u2019s formula rate plan and resolve a number of other retail dockets and matters, including all formula rate plan test years prior to 2023; (3) a $132 million ($97 million net-of-tax) charge, recorded at Utility, to reflect the write-off of a previously recorded regulatory asset as a result of an adverse decision in the Entergy Arkansas opportunity sales proceeding in March 2024; and (4) a $78 million ($57 million net-of-tax) regulatory charge, recorded at Utility in first quarter 2024, primarily to reflect a settlement in principle between Entergy New Orleans and the City Council in April 2024 for additional sharing with customers of income tax benefits from the resolution of the 2016-2018 IRS audit. See Note 11 to the financial statements for discussion of the group annuity contract and settlement charge. See Note 2 to the financial statements for discussion of the Entergy Louisiana agreement in principle and the subsequently filed global stipulated settlement agreement. See Note 2 to the financial statements for discussion of the Entergy Arkansas opportunity sales proceeding. See Note 3 to the financial statements for discussion of the Entergy New Orleans April 2024 settlement in principle and discussion of the resolution of the 2016-2018 IRS audit. 2 Table of Contents Entergy Corporation and Subsidiaries Management\u2019s Financial Discussion and Analysis Operating Revenues Utility Following is an analysis of the change in operating revenues comparing 2025 to 2024: [[GREPCENT_TABLE]] [[\"\",\"Amount\"],[\"\",\"(In Millions)\"],[\"2024 operating revenues\",\"$11,806\"],[\"Fuel, rider, and other revenues that do not significantly affect net income\",\"620\"],[\"Volume/weather\",\"235\"],[\"Retail electric price\",\"164\"],[\"Retail one-time bill credit\" Item 1A. Risk Factors See \u201cRISK FACTORS SUMMARY\u201d in Part I, Item 1 for a summary of Entergy\u2019s and the Registrant Subsidiaries\u2019 risk factors. Investors should review carefully the following risk factors and the other information in this Form 10-K. The risks that Entergy faces are not limited to those in this section. There may be additional risks and uncertainties (either currently unknown or not currently believed to be material) that could adversely affect Entergy\u2019s business, financial condition, results of operations, and liquidity. See \u201cFORWARD-LOOKING INFORMATION.\u201d Utility Regulatory Risks (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy) The terms and conditions of service, including electric rates, of the Utility operating companies and System Energy are determined through regulatory approval proceedings that can be lengthy and subject to appeal, potentially resulting in delays in effecting rate changes, lengthy litigation, the risk of disallowance of recovery of certain costs, and uncertainty as to ultimate results. The Utility operating companies are regulated on a cost-of-service and rate of return basis and are subject to statutes and regulatory commission rules and procedures. The rates that the Utility operating companies and System Energy charge reflect their capital expenditures, operations and maintenance costs, allowed rates of return, financing costs, and related costs of service. These rates significantly influence the financial condition, results of operations, and liquidity of Entergy and each of the Utility operating companies and System Energy. These rates are determined in regulatory proceedings and are subject to periodic regulatory review and adjustment, including adjustment upon the initiative of a regulator or, in some cases, affected stakeholders. Regulators in a future rate proceeding may alter the timing or amount of certain costs for which r", "title": "ETR - ENTERGY CORP /DE/", "url": "/company/ETR/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0000821189; latest 10-K filed 2026-02-24.", "text": "EOG - EOG RESOURCES INC SIC 1311 Crude Petroleum & Natural Gas; CIK 0000821189; latest 10-K filed 2026-02-24. EOG EOG RESOURCES INC 0000821189 1311 Crude Petroleum & Natural Gas ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview EOG Resources, Inc., together with its subsidiaries (collectively, EOG), is one of the largest independent (non-integrated) crude oil and natural gas companies in the United States of America (United States) with proved reserves in the United States and the Republic of Trinidad and Tobago (Trinidad). EOG is focused on being among the highest return and lowest cost producers, committed to strong environmental performance and playing a significant role in the long-term future of energy. EOG operates under a consistent business and operational strategy that focuses on a comprehensive approach to developing acreage through industry cycles. EOG evaluates rate of return, net present value, margins, payback period and other key metrics. This strategy is intended to enhance the generation of cash flow and earnings from each unit of production on a cost-efficient basis, allowing EOG to maximize long-term growth in shareholder value and maintain a strong balance sheet. EOG implements its strategy primarily by emphasizing the drilling of internally generated prospects in order to find and develop low-cost reserves. Maintaining the lowest possible operating cost structure, coupled with efficient and safe operations and robust environmental stewardship practices and performance, is integral in the implementation of EOG's strategy. EOG realized net income of $4,980 million for 2025 as compared to net income of $6,403 million for 2024. At December 31, 2025, EOG's total estimated net proved reserves were 5,514 million barrels of oil equivalent (MMBoe), an increase of 766 MMBoe from December 31, 2024. During 2025, net proved crude oil and condensate and natural gas liquids (NGLs) reserves increased by 187 million barrels (MMBbl), and net proved natural gas reserves increased by 3,470 billion cubic feet, or 579 MMBoe, in each case from December 31, 2024. Recent Developments Commodity Prices. Prices for crude oil and condensate, NGLs and natural gas have historically been volatile. This volatility is expected to continue due to the many uncertainties associated with the world political and economic environment, the global supply of, and demand for, crude oil, NGLs and natural gas, the availability of other energy supplies and other factors, including tariffs, trade policies and agreements and trade barriers or other restrictions imposed by the U.S. government or other governments and the related impact of such measures on commodity and financial markets. The market prices of crude oil and condensate, NGLs and natural gas impact the amount of cash generated from EOG's operating activities, which, in turn, impact EOG's financial position and results of operations. For the year ended December 31, 2025, the average U.S. New York Mercantile Exchange (NYMEX) crude oil and natural gas prices were $64.78 per barrel and $3.43 per million British thermal units (MMBtu), respectively, representing a decrease of 14% and an increase of 51%, respectively, from the average NYMEX prices for the year ended December 31, 2024. Market prices for NGLs are influenced by the components extracted, including ethane, propane and butane and natural gasoline, among others, and the respective market pricing for each component. Operating Efficiencies. EOG has undertaken (and continues to undertake) initiatives to increase its drilling, completions and operating efficiencies and improve the performance of its wells. Such initiatives include (among others): (i) EOG's downhole drilling motor program, which has resulted in increased footage drilled per day and, in turn, reduced drilling times; (ii) enhanced techniques for completing its wells, which has resulted in increased footage completed per day and pumping hours per day; (iii) drilling extended laterals, which have resulted in a decrease in cost per foot drilled; and (iv) EOG's self-sourced sand program, which ha ITEM 1. Business General EOG Resources, Inc., a Delaware corporation organized in 1985, together with its subsidiaries (collectively, EOG), explores for, develops, produces and markets crude oil, natural gas liquids (NGLs) and natural gas primarily in major producing basins in the United States of America (United States or U.S.), the Republic of Trinidad and Tobago (Trinidad) and, from time to time, select other international areas, including the Kingdom of Bahrain and the United Arab Emirates. EOG's principal producing areas are further described in \"Exploration and Production\" below. EOG's Annual Reports on Form 10-K, Quarterly Reports on Form 10\u2011Q, Current Reports on Form 8-K and any amendments to those reports (including related exhibits and supplemental schedules) filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (as amended) are made available, free of charge, through EOG's website, as soon as reasonably practicable after such reports have been filed with, or furnished to, the United States Securities and Exchange Commission (SEC). EOG's website address is www.eogresources.com. Information on our website is not incorporated by reference into, and does not constitute a part of, this report. At December 31, 2025, EOG's total estimated net proved reserves were 5,514 million barrels of oil equivalent (MMBoe), of which 1,905 million barrels (MMBbl) were crude oil and condensate reserves, 1,510 MMBbl were NGLs reserves and 12,592 billion cubic feet (Bcf), or 2,099 MMBoe, were natural gas reserves (see \"Supplemental Information to Consolidated Financial Statements\"). At such date, approximately 99% of EOG's net proved reserves, on a crude oil equivalent basis, were located in the United States and 1% in Trinidad. Crude oil equivalent volumes are determined using a ratio of 1.0 barrel of crude oil and condensate or NGLs to 6.0 thousand cubic feet (Mcf) of natural gas. EOG's operations are all crude oil and natural g ITEM 1A. Risk Factors Our business and operations are subject to many risks. The risks described below may not be the only risks we face, as our business and operations may also be subject to risks that we do not yet know of, or that we currently believe are immaterial. If any of the events or circumstances described below actually occurs", "title": "EOG - EOG RESOURCES INC", "url": "/company/EOG/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0000033213; latest 10-K filed 2026-02-18.", "text": "EQT - EQT Corp SIC 1311 Crude Petroleum & Natural Gas; CIK 0000033213; latest 10-K filed 2026-02-18. EQT EQT Corp 0000033213 1311 Crude Petroleum & Natural Gas Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in Item 8., \"Financial Statements and Supplementary Data.\" Recent and Significant Events Olympus Energy Acquisition Our results of operation for 2025 reflect our acquisition (the Olympus Energy Acquisition) of certain oil and gas properties and related upstream and midstream assets from Olympus Energy LLC, Hyperion Midstream LLC and Bow & Arrow Land Company LLC (collectively, Olympus Energy), which was completed on July 1, 2025. See Note 11 to the Consolidated Financial Statements for further discussion of the Olympus Energy Acquisition. Midstream Joint Venture Transaction Our results of operation for 2025 reflect the impact of the Midstream Joint Venture Transaction (defined in Note 9 to the Consolidated Financial Statements), where we received $3.5 billion of cash consideration from a third-party investor in exchange for a noncontrolling equity interest in the Midstream Joint Venture. The Midstream Joint Venture Transaction was completed on December 30, 2024. NEPA Non-Operated Asset Divestitures and NEPA Gathering System Acquisition Beginning May 31, 2024, our results of operations reflect (i) our divestiture (the First NEPA Non-Operated Asset Divestiture) of an undivided 40% interest in our non-operated natural gas assets in Northeast Pennsylvania and (ii) our 100% ownership of the NEPA Gathering System (defined in Note 11 to the Consolidated Financial Statements) following our acquisition of additional ownership interests therein in connection with the NEPA Gathering System Acquisition (defined in Note 11 to the Consolidated Financial Statements) and the First NEPA Non-Operated Asset Divestiture. In addition, our results of operations for 2025 reflect our divestiture (the Second NEPA Non-Operated Asset Divestiture, and together with the First NEPA Non-Operated Asset Divestiture, the NEPA Non-Operated Asset Divestitures) of the remaining undivided 60% interest in our non-operated natural gas assets in Northeast Pennsylvania, which was completed on December 31, 2024. See Note 12 to the Consolidated Financial Statements for further discussion of the NEPA Non-Operated Asset Divestitures. Equitrans Midstream Merger Beginning July 22, 2024, our results of operations reflect our operation of the assets acquired in the Equitrans Midstream Merger (defined in Note 11 to the Consolidated Financial Statements). Following the Equitrans Midstream Merger, the gathering and transmission services previously provided to us by Equitrans Midstream are provided to our Upstream segment by our Gathering and Transmission segments as affiliate transactions. As a result, our Upstream segment's third-party gathering expense decreased and its affiliate transportation and processing expense increased, and our Gathering and Transmission segments' affiliate revenue increased. As the affiliate expense and revenue are eliminated in consolidation, the net impact is a reduction in our consolidated transportation and processing expense. As a result of the completion of the Equitrans Midstream Merger, our operations expanded from a single operating segment to three discrete operating segments reflecting our three lines of business consisting of Upstream, Gathering and Transmission. See Note 11 to the Consolidated Financial Statements for further discussion of the Equitrans Midstream Merger. Trends and Uncertainties Commodity prices were volatile in 2025, and we expect commodity prices to continue to be volatile in 2026 due to macroeconomic uncertainty, changes to the regulatory environment and geopolitical instability and tensions, including in Venezuela, Russia, Ukraine and the Middle East, and potential further imposition of domestic and foreign tariffs. Item 1. Business General We are a vertically integrated natural gas company with upstream, gathering and transmission operations focused in the Appalachian Basin. As of December 31, 2025, we had 28.0 Tcfe of proved natural gas, NGLs and oil reserves across approximately 2.3 million gross acres and approximately 2,945 miles of pipeline infrastructure. In addition, we own an investment in Series A of Mountain Valley Pipeline, LLC (MVP A), which owns the Mountain Valley Pipeline (MVP Mainline), a 303-mile-long pipeline that spans from Wetzel County, West Virginia to Pittsylvania County, Virginia. Strategy Our core business strategy is to be the leading low-cost producer of natural gas with a business model designed to generate durable free cash flow across commodity price cycles. This strategy relies on our substantial inventory of core drilling locations, our vast midstream infrastructure spanning across the Appalachian Basin, our investment grade credit metrics, the low emissions profile of our operations and our best-in-class team and culture. As the only large-scale, integrated natural gas producer in the United States, we believe we are well positioned to excel during times of market volatility and to serve growing sources of demand, including power generation, industrial consumption, domestic data center development and LNG exports. Our operational strategy centers on the execution of large-scale, multi-pad development projects, which we refer to as combo-development. Combo-development generates value across all levels of the reserves development process by maximizing operational and capital efficiencies. In the drilling stage, rigs spend more time drilling and less time transitioning to new sites. Advanced planning, a prerequisite to pursuing combo-development, facilitates the delivery of bulk hydraulic fracturing sand and piped fresh and recycled water and provides the ability to continuously meet completions supply needs and the use of environmenta Item 1A. Risk Factors In addition to the other information contained in this Annual Report on Form 10-K, the following risk factors make an investment in us speculative or risky and should be considered in evaluating our business and future prospects. Note that additional risks not presently known to us or that are currently considered immaterial may also have a negative ", "title": "EQT - EQT Corp", "url": "/company/EQT/" }, { "kind": "company", "summary": "SIC 7320 Services-Consumer Credit Reporting, Collection Agencies; CIK 0000033185; latest 10-K filed 2026-02-19.", "text": "EFX - EQUIFAX INC SIC 7320 Services-Consumer Credit Reporting, Collection Agencies; CIK 0000033185; latest 10-K filed 2026-02-19. EFX EQUIFAX INC 0000033185 7320 Services-Consumer Credit Reporting, Collection Agencies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) is intended to help the reader understand the results of operations and financial condition of Equifax Inc. MD&A is provided as a supplement to and should be read in conjunction with our consolidated financial statements and the accompanying Notes to Financial Statements in Item 8 of this Form 10-K. This section discusses the results of our operations for the year ended December 31, 2025 compared to the year ended December 31, 2024 and the year ended December 31, 2024 compared to the year ended December 31, 2023. All percentages have been calculated using unrounded amounts for each of the periods presented. As used herein, the terms Equifax, the Company, we, our and us refer to Equifax Inc., a Georgia corporation, and its consolidated subsidiaries as a combined entity, except where it is clear that the terms mean only Equifax Inc. All references to earnings per share data in MD&A are to diluted earnings per share, or EPS, unless otherwise noted. Diluted EPS is calculated to reflect the potential dilution that would occur if stock options or other contracts to issue common stock were exercised and resulted in additional common shares outstanding. BUSINESS OVERVIEW Equifax Inc. is a global data, analytics and technology company. We provide information solutions for businesses, governments and consumers, and we provide human resources business process automation and outsourcing services for employers. We have a large and diversified group of clients, including financial institutions, corporations, government agencies and individuals. Our services are based on comprehensive databases of consumer and business information derived from numerous sources including credit, financial assets, telecommunications and utility payments, employment, income, educational history, criminal justice, healthcare professional licensure and sanctions, demographic and marketing data. We use advanced statistical techniques, artificial intelligence and machine learning, as well as proprietary software tools to analyze available data for the creation of customized insights, decision-making and process automation solutions, and processing services for our clients. We are a leading provider of information and solutions used in payroll-related and human resource management business process services in the U.S., as well as e-commerce fraud and charge back protection services in North America. For consumers, we provide products and services to help people understand, manage and protect their personal information and make more informed financial decisions. Additionally, we provide information, technology and services to support debt collections and recovery management. We report our revenue derived from sales to clients in the mortgage market as well as those in non-mortgage market verticals (including, but not limited to, government, talent, employment, fraud and other non-mortgage related services). We refer to these non-mortgage market verticals collectively as \"diversified markets.\" We currently operate in four global regions: North America (U.S. and Canada), Latin America (Argentina, Brazil, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, Mexico, Paraguay, Peru and Uruguay), Europe (the United Kingdom (\u201cU.K.\u201d), Spain and Portugal) and Asia Pacific (Australia, New Zealand and India). We maintain support operations in Chile, Costa Rica, India and Ireland. We also have investments in consumer and/or commercial credit information companies through joint ventures in Brazil, Cambodia, Malaysia and Singapore. Recent Events and Company Outlook As further described above, we operate in the U.S., which represented 77% of our revenue in 2025, and internationally in 20 countries. Our products and services span a wide variety of vertical markets including financial services, mortgage, t ITEM 1. BUSINESS Overview Equifax Inc. is a global data, analytics and technology company. We provide information solutions for businesses, governments and consumers, and we provide human resources business process automation and outsourcing services for employers. We have a large and diversified group of clients, including financial institutions, corporations, government agencies and individuals. Our services are based on comprehensive databases of consumer and business information derived from numerous sources including credit, financial assets, telecommunications and utility payments, employment, income, educational history, criminal justice, healthcare professional licensure and sanctions, demographic and marketing data. We use advanced statistical techniques, artificial intelligence and machine learning, as well as proprietary software tools to analyze available data for the creation of customized insights, decision-making and process automation solutions, and processing services for our clients. We are a leading provider of information and solutions used in payroll-related and human resource management business process services in the United States of America (\u201cU.S.\u201d), as well as e-commerce fraud and charge back protection services in North America. For consumers, we provide products and services to help people understand, manage and protect their personal information and make more informed financial decisions. Additionally, we provide information, technology and services to support debt collections and recovery management. We currently operate in four global regions: North America (U.S. and Canada), Latin America (Argentina, Brazil, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, Mexico, Paraguay, Peru and Uruguay), Europe (the United Kingdom (\u201cU.K.\u201d), Spain and Portugal) and Asia Pacific (Australia, New Zealand and India). We maintain support operations in Chile, Costa Rica, India and Ireland. We also have investments in consumer a ITEM 1A. RISK FACTORS All of the risks and uncertainties described below and the other information included in this Form 10-K should be considered and read carefully. The risks described below are not the only ones facing us. The occurrence of any of the following risks or additional risks an", "title": "EFX - EQUIFAX INC", "url": "/company/EFX/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001101239; latest 10-K filed 2026-02-11.", "text": "EQIX - EQUINIX INC SIC 6798 Real Estate Investment Trusts; CIK 0001101239; latest 10-K filed 2026-02-11. EQIX EQUINIX INC 0001101239 6798 Real Estate Investment Trusts ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following commentary should be read in conjunction with the financial statements and related notes contained elsewhere in this Annual Report on Form 10-K. The information in this discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, the words \"believes,\" \"anticipates,\" \"plans,\" \"expects,\" \"intends\" and similar expressions are intended to identify forward-looking statements. Our actual results and the timing of certain events may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such a discrepancy include, but are not limited to, those discussed in \"Liquidity and Capital Resources\" and \"Risk Factors\" elsewhere in this Annual Report on Form 10-K. All forward-looking statements in this document are based on information available to us as of the date hereof and we assume no obligation to update any such forward-looking statements. Item 7 of this Form 10-K focuses on discussion of 2025 and 2024 items as well as 2025 results as compared to 2024 results. For the discussion of 2023 items and 2024 results as compared to 2023 results, please refer to Item 7 of our 2024 Form 10-K as filed with the SEC on February 12, 2025. Our management's discussion and analysis of financial condition and results of operations is intended to assist readers in understanding our financial information from our management's perspective and is presented as follows: \u2022Overview \u2022Results of Operations \u2022Non-GAAP Financial Measures \u2022Liquidity and Capital Resources \u2022Critical Accounting Estimates \u2022Recent Accounting Pronouncements Overview We provide a global, vendor-neutral data center, interconnection and edge solutions platform with offerings that enable our customers to reach everywhere, interconnect everyone and integrate everything. We connect economies, countries, enterprises and communities, delivering seamless digital experiences and cutting-edge AI\u2014 quickly, efficiently and with high service reliability. Global enterprises, service providers and business ecosystems of industry partners rely on our IBX data centers and expertise around the world for the safe housing of their critical IT equipment and to protect and connect the 48 Table of Contents world's most valued information assets. They also look to Equinix for the ability to directly and securely interconnect to the networks, clouds and content that enable today's information-driven global digital economy. Our recent IBX data center openings and acquisitions, as well as xScaleTM data center investments, have expanded our total global footprint to 280 data centers, including 23 xScale data centers and the MC1 and SN1 data centers that are held in unconsolidated joint ventures, across 77 markets around the world. We offer the following solutions: \u2022premium data center colocation; \u2022physical and virtual interconnection and data exchange solutions; \u2022edge solutions for deploying networking, security and hardware; and \u2022remote expert support and professional services. Our data centers around the world allow our customers to bring together and interconnect the infrastructure they need to seamlessly operate their business. With Equinix, they can scale with speed and agility, accelerate the launch of new digital offerings while safeguarding data, and implement AI applications at scale to achieve business success. We enable customers to simplify their digital infrastructure, ensure interoperability across platforms, and maximize speed, efficiency and security to deliver superior cus ITEM 1. Business Overview: Enabling Innovation for the Digital World Equinix (Nasdaq: EQIX) is the world's digital infrastructure company, shortening the path to boundless connectivity anywhere in the world to enable the innovations that enrich our work, life and planet. Equinix combines a global footprint of International Business ExchangeTM (IBX\u00ae) and xScaleTM data centers in the Americas, Asia-Pacific, and Europe, the Middle East and Africa (\"EMEA\") regions, infrastructure and interconnection offerings, and digital ecosystems required to serve a large and diverse set of customers around the world. Equinix was incorporated on June 22, 1998 as a Delaware corporation and operates as a REIT for federal income tax purposes. Since our inception, Equinix has been a network-neutral, multi-tenant data center (\"MTDC\") provider, where competing networks could connect and share data traffic to help scale the rapid growth of the early internet. The company\u2019s name, Equinix (composed from the words \"equality,\" \"neutrality\" and \"internet exchange\"), reflects that vision. The founders believed they not only had the opportunity, but also the responsibility, to create a company that would be the steward of some of the most important digital infrastructure assets in the world. Twenty-seven years later, we have expanded upon that vision by connecting economies, countries, enterprises and communities with seamless digital experiences, including cutting-edge artificial intelligence (\"AI\"). Our data centers around the world allow our customers to bring together and interconnect the infrastructure they need to seamlessly operate their business. With Equinix, they can scale with speed and agility, accelerate the launch of new digital offerings while safeguarding data, and implement AI applications at scale to achieve business success. We enable customers to simplify their digital infrastructure, ensure interoperability across platforms, and maximize speed, efficiency and security t ITEM 1A. Risk Factors In addition to the other information contained in this report, the following risk factors should be considered carefully in evaluating our business. Additional risks which we do not presently consider material, or of which we are not currently aware, may also have an adverse impact on us. The information discussed below is at the time o", "title": "EQIX - EQUINIX INC", "url": "/company/EQIX/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000906107; latest 10-K filed 2026-02-13.", "text": "EQR - EQUITY RESIDENTIAL SIC 6798 Real Estate Investment Trusts; CIK 0000906107; latest 10-K filed 2026-02-13. EQR EQUITY RESIDENTIAL 0000906107 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the results of operations and financial condition of the Company and the Operating Partnership should be read in connection with the Consolidated Financial Statements and Notes thereto. Due to the Company\u2019s ability to control the Operating Partnership and its subsidiaries, the Operating Partnership and each such subsidiary entity has been consolidated with the Company for financial reporting purposes, except for any unconsolidated properties/entities. Capitalized terms used herein and not defined are as defined elsewhere in this Annual Report on Form 10-K. In addition, please refer to the Definitions section below for various capitalized terms not immediately defined in this Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Forward-Looking Statements Forward-looking statements are intended to be made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates, projections and assumptions made by management. While the Company\u2019s management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks, which could cause actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Many of these uncertainties and risks are difficult to predict and beyond management\u2019s control. Additional factors that might cause such differences are discussed in Part I of this Annual Report on Form 10-K, particularly those under Item 1A, Risk Factors. Forward-looking statements and related uncertainties are also included in the Notes to Consolidated Financial Statements in this report. Forward-looking statements are not guarantees of future performance, results or events. The forward-looking statements contained herein are made as of the date hereof and the Company undertakes no obligation to update or supplement these forward-looking statements. Overview See Item 1, Business, for discussion regarding the Company\u2019s overview. Business Objectives and Operating and Investing Strategies See Item 1, Business, for discussion regarding the Company\u2019s business objectives and operating and investing strategies. 30 Table of Contents Results of Operations 2024 and 2025 Transactions In conjunction with our business objectives and operating and investing strategies, the following table provides a rollforward of the transactions that occurred during the years ended December 31, 2024 and 2025: Portfolio Rollforward ($ in thousands) [[GREPCENT_TABLE]] [[\"\",\"\",\"Properties\",\"\",\"\",\"Apartment Units\",\"\",\"\",\"Purchase Price\",\"\",\"\",\"Acquisition Cap Rate\"],[\"12/31/2023\",\"\",\"\",\"302\",\"\",\"\",\"\",\"80,191\"],[\"Acquisitions:\"],[\"Consolidated Rental Properties\",\"\",\"\",\"16\",\"\",\"\",\"\",\"4,986\",\"\",\"\",\"$\",\"1,438,250\",\"\",\"\",\"\",\"5.1\",\"%\"],[\"Consolidated Rental Properties \\u2013 Not Stabilized\",\"\",\"\",\"2\",\"\",\"\",\"\",\"387\",\"\",\"\",\"$\",\"153,845\",\"\",\"\",\"\",\"5.5\",\"%\"],[\"Unconsolidated Land Parcels\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"$\",\"33,394\"],[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"Sales Price\",\"\",\"\",\"Disposition Yield\"],[\"Dispositions:\"],[\"Consolidated Rental Properties\",\"\",\"\",\"(13\",\")\",\"\",\"\",\"(2,598\",\")\",\"\",\"$\",\"(975,641\",\")\",\"\",\"\",\"(5.4\",\")%\"],[\"Completed Developments \\u2013 Unconsolidated\",\"\",\"\",\"4\",\"\",\"\",\"\",\"1,262\"],[\"Configuration Changes\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"21\"],[\"12/31/2024\",\"\",\"\",\"311\",\"\",\"\",\"\",\"84,249\"],[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"Purchase Price\",\"\",\"\",\"Acquisition Cap Rate\"],[\"Acquisitions:\"],[\"Consolidated Rental Properties\",\"\",\"\",\"9\",\"\",\"\",\"\",\"2,439\",\"\",\"\",\"$\",\"636,843\",\"\",\"\",\"\",\"5.1\",\"%\"],[\"Consolidated Land Parcels\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"$\",\"22,84 Item 1. Business General Equity Residential (\u201cEQR\u201d) is committed to creating communities where people thrive. The Company, a member of the S&P 500, owns and manages rental properties in dynamic metro areas across the U.S. ERP Operating Limited Partnership (\u201cERPOP\u201d) is focused on conducting the multifamily property business of EQR. EQR is a Maryland real estate investment trust (\u201cREIT\u201d) formed in March 1993 and ERPOP is an Illinois limited partnership formed in May 1993. References to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the \u201cOperating Partnership\u201d mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. EQR is the general partner of, and as of December 31, 2025 owned an approximate 97.6% ownership interest in, ERPOP. All of the Company\u2019s property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR issues equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP, but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company\u2019s ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. The Company\u2019s corporate headquarters is located in Chicago, Illinois and the Company also operates regional property management offices in most of its markets. Certain capitalized terms used herein are defined in the Notes to Consolidated Financial Statements or the Definitions section of Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations. See also Note 16 in the Notes to Consolidated Financi Item 1A. Risk Factors General This Item 1A includes forward-looking statements. You should refer to our discussion of the qualifications and limitations on forward-looking statements included in Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The occurrence of the events discussed in the fo", "title": "EQR - EQUITY RESIDENTIAL", "url": "/company/EQR/" }, { "kind": "company", "summary": "SIC 6411 Insurance Agents, Brokers & Service; CIK 0000922621; latest 10-K filed 2026-02-23.", "text": "ERIE - ERIE INDEMNITY CO SIC 6411 Insurance Agents, Brokers & Service; CIK 0000922621; latest 10-K filed 2026-02-23. ERIE ERIE INDEMNITY CO 0000922621 6411 Insurance Agents, Brokers & Service ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of financial condition and results of operations highlights significant factors influencing Erie Indemnity Company (\"Indemnity\", \"we\", \"us\", \"our\"). This discussion should be read in conjunction with the audited financial statements and related notes and all other items contained within this Annual Report on Form 10-K as these contain important information helpful in evaluating our financial condition and results of operations. This section of the Form 10-K generally discusses 2025 and 2024 results and year-to-year comparisons between 2025 and 2024. For a discussion of 2023 results and year-to-year comparisons between 2024 and 2023 refer to Item 7. \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" for the year ended December 31, 2024 as contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2025. INDEX [[GREPCENT_TABLE]] [[\"\",\"Page Number\"],[\"Cautionary Statement Regarding Forward-Looking Information\",\"18\"],[\"Recent Accounting Standards\",\"19\"],[\"Operating Overview\",\"19\"],[\"Critical Accounting Estimates\",\"22\"],[\"Results of Operations\",\"24\"],[\"Financial Condition\",\"30\"],[\"Investments\",\"30\"],[\"Shareholders' Equity\",\"31\"],[\"Liquidity and Capital Resources\",\"32\"],[\"Transactions/Agreements with Related Parties\",\"34\"]] [[/GREPCENT_TABLE]] CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION \"Safe Harbor\" Statement under the Private Securities Litigation Reform Act of 1995: Statements contained herein that are not historical fact are forward-looking statements and, as such, are subject to risks and uncertainties that could cause actual events and results to differ, perhaps materially, from those discussed herein. Forward-looking statements relate to future trends, events or results and include, without limitation, statements and assumptions on which such statements are based that are related to our plans, strategies, objectives, expectations, intentions, and adequacy of resources. Examples of forward-looking statements are discussions relating to premium and investment income, expenses, operating results, and compliance with contractual and regulatory requirements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Among the risks and uncertainties, in addition to those set forth in our filings with the Securities and Exchange Commission, that could cause actual results and future events to differ from those set forth or contemplated in the forward-looking statements include the following: \u2022dependence upon our relationship with the Erie Insurance Exchange (\"Exchange\") and the management fee under the agreement with the subscribers at the Exchange; \u2022dependence upon our relationship with the Exchange and the growth of the Exchange, including: \u25e6general business and economic conditions; \u25e6factors impacting the timing of premium rates charged for policies; \u25e6factors affecting insurance industry competition, including technological innovations; \u25e6dependence upon the independent agency system; and \u25e6ability to maintain our brand, including our reputation for customer service; \u2022dependence upon our relationship with the Exchange and the financial condition of the Exchange, including: \u25e6the Exchange's ability to maintain acceptable financial strength ratings; \u25e6factors affecting the quality and liquidity of the Exchange's investment portfolio; \u25e6changes in government regulation of the insurance industry; \u25e6litigation and regulatory actions; \u25e6emergence of significant unexpected events, including pandemics, economic or social inflation, and changes in tariff policies; \u25e6emerging claims and coverage ITEM 1. BUSINESS General Erie Indemnity Company (\"Indemnity\", \"we\", \"us\", \"our\") is a publicly held Pennsylvania business corporation that has since its incorporation in 1925 served as the attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange (\"Exchange\"). The Exchange, which also commenced business in 1925, is a Pennsylvania-domiciled reciprocal insurer that writes property and casualty insurance. The Exchange has wholly owned property and casualty insurance subsidiaries including: Erie Insurance Company, Erie Insurance Company of New York, Erie Insurance Property & Casualty Company and Flagship City Insurance Company, and a wholly owned life insurance company, Erie Family Life Insurance Company (\"EFL\"). Our primary function as attorney-in-fact is to perform policy issuance and renewal services on behalf of the subscribers at the Exchange. We also act as attorney-in-fact on behalf of the subscribers at the Exchange with respect to all claims handling and investment management services, as well as the service provider for all claims handling, life insurance, and investment management services for the Exchange's insurance subsidiaries, collectively referred to as \"administrative services\". Acting as attorney-in-fact in these two capacities is done in accordance with a subscriber's agreement (a limited power of attorney) executed individually by each subscriber (policyholder), which appoints Indemnity as each subscriber's attorney-in-fact to transact certain business on their behalf. In accordance with the subscriber's agreement for acting as attorney-in-fact in these two capacities, we retain a management fee calculated as a percentage, not to exceed 25%, of the direct and affiliated assumed premiums written by the Exchange. The management fee rate is set at least annually by our Board of Directors. The process of setting the management fee rate includes, but is not limited to, the evaluation of current year operating results co ITEM 1A. RISK FACTORS Our business involves various risks and uncertainties, including, but not limited to those discussed in this section. The risks and uncertainties described in the risk factors below, or any additional risk outside of those discussed below, could have a material adverse effect on our business, financial condition, operatin", "title": "ERIE - ERIE INDEMNITY CO", "url": "/company/ERIE/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000920522; latest 10-K filed 2026-02-20.", "text": "ESS - ESSEX PROPERTY TRUST, INC. SIC 6798 Real Estate Investment Trusts; CIK 0000920522; latest 10-K filed 2026-02-20. ESS ESSEX PROPERTY TRUST, INC. 0000920522 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the accompanying consolidated financial statements and notes thereto. These consolidated financial statements include all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results and all such adjustments are of a normal recurring nature. OVERVIEW Essex is a self-administered and self-managed REIT that acquires, develops, redevelops, and manages apartment home communities in selected residential areas located on the West Coast of the United States. Essex owns all of its interests in its real estate investments, directly or indirectly, through the Operating Partnership. Essex is the sole general partner of the Operating Partnership and, as of December 31, 2025, had an approximately 96.6% general partner interest in the Operating Partnership. The Company\u2019s investment strategy has two components: constant monitoring of existing markets, and evaluation of new markets to identify areas with the characteristics that underlie rental growth. The Company\u2019s strong financial condition supports its investment strategy by enhancing its ability to quickly shift acquisition, development, redevelopment, and disposition activities to markets that will optimize the performance of the Company\u2019s portfolio. As of December 31, 2025, the Company owned or had ownership interests in 259 operating apartment communities, comprising 63,077 apartment homes, excluding the Company\u2019s ownership in preferred equity co-investments, loan investments, two operating commercial buildings and a development pipeline comprised of one consolidated project and various predevelopment projects. The Company\u2019s apartment home communities are predominately located in the following major regions: Southern California (primarily Los Angeles, Orange, San Diego, and Ventura counties) Northern California (the San Francisco Bay Area) Seattle Metro (Seattle metropolitan area) By region, the Company\u2019s operating results for 2025 and 2024 and projection for 2026 new housing supply (defined as new multifamily apartment homes and single family homes, excluding developments with fewer than 50 apartment homes as well as student, senior and 100% affordable housing) are as follows: Southern California Region: As of December 31, 2025, this region represented 42% of the Company\u2019s consolidated operating apartment homes. Revenues for \u201c2025 Same-Properties\u201d (as defined below), or \u201cSame-Property revenues,\u201d increased 3.3% in 2025 as compared to 2024. Northern California Region: As of December 31, 2025, this region represented 38% of the Company\u2019s consolidated operating apartment homes. 2025 Same-Property revenues increased 3.6% in 2025 as compared to 2024. Seattle Metro Region: As of December 31, 2025, this region represented 20% of the Company\u2019s consolidated operating apartment homes. 2025 Same-Property revenues increased 2.8% in 2025 as compared to 2024. In each of these regions, projected 2026 growth in new residential supply of apartment homes and single family homes is expected to be less than 1% of the total housing stock. The Company\u2019s consolidated operating communities as of December 31, 2025 and 2024 were as follows: [[GREPCENT_TABLE]] [[\"\",\"December 31, 2025\",\"\",\"December 31, 2024\"],[\"\",\"Apartment Homes\",\"\",\"%\",\"\",\"Apartment Homes\",\"\",\"%\"],[\"Southern California\",\"23,598\",\"\",\"\",\"42\",\"%\",\"\",\"23,817\",\"\",\"\",\"44\",\"%\"],[\"Northern California\",\"21,097\",\"\",\"\",\"38\",\"%\",\"\",\"19,747\",\"\",\"\",\"36\",\"%\"],[\"Seattle Metro\",\"10,899\",\"\",\"\",\"20\",\"%\",\"\",\"10,899\",\"\",\"\",\"20\",\"%\"],[\"Total\",\"55,594\",\"\",\"\",\"100\",\"%\",\"\",\"54,463\",\"\",\"\",\"100\",\"%\"]] [[/GREPCENT_TABLE]] 38 Table of Contents Co-investments, including Wesco I, Wesco III, Wesco IV, Wesco V, Wesco VI, BEX IV, and other co-investments, developments under construction, and preferred equity interest co-investment communities are not Item 1. Business OVERVIEW Essex Property Trust, Inc. (\u201cEssex\u201d), a Maryland corporation, is an S&P 500 company that operates as a self-administered and self-managed real estate investment trust (\u201cREIT\u201d). Essex owns all of its interest in its real estate and other investments directly or indirectly through Essex Portfolio, L.P. (the \u201cOperating Partnership\u201d or \u201cEPLP\u201d). Essex is the sole general partner of the Operating Partnership and as of December 31, 2025, had an approximately 96.6% general partner interest in the Operating Partnership. In this report, the terms \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d also refer to Essex Property Trust, Inc., the Operating Partnership and those entities/subsidiaries owned or controlled by Essex and/or the Operating Partnership. Essex has elected to be treated as a REIT for federal income tax purposes commencing with the year ended December 31, 1994. Essex completed its initial public offering on June 13, 1994. In order to maintain compliance with REIT tax rules, the Company utilizes taxable REIT subsidiaries for various revenue generating or investment activities. A domestic taxable REIT subsidiary is subject to federal income tax as a regular C Corporation. All taxable REIT subsidiaries are consolidated by the Company for financial reporting purposes. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast of the United States. As of December 31, 2025, the Company owned or had ownership interests in 259 operating apartment communities, aggregating 63,077 apartment homes, excluding the Company\u2019s ownership in preferred equity co-investments, loan investments, two operating commercial buildings, and a development pipeline comprised of one consolidated project and various predevelopment projects (collectively, the \u201cPortfolio\u201d). The Company\u2019s website address is https://www.essex.com. The Company\u2019s annual report ITEM 1A: RISK FACTORS For purposes of this section, the term \u201cstockholders\u201d means the holders of shares of Essex Property Trust, Inc.\u2019s common stock. Set forth below are the risks that we believe are material to Essex Property Trust, Inc.\u2019s stockholders and Essex Portfolio, L.P.\u2019s unitholders. You should carefully consider th", "title": "ESS - ESSEX PROPERTY TRUST, INC.", "url": "/company/ESS/" }, { "kind": "company", "summary": "SIC 2844 Perfumes, Cosmetics & Other Toilet Preparations; CIK 0001001250; latest 10-K filed 2025-08-20.", "text": "EL - ESTEE LAUDER COMPANIES INC SIC 2844 Perfumes, Cosmetics & Other Toilet Preparations; CIK 0001001250; latest 10-K filed 2025-08-20. EL ESTEE LAUDER COMPANIES INC 0001001250 2844 Perfumes, Cosmetics & Other Toilet Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. RESULTS OF OPERATIONS We manufacture, market and sell beauty products including those in the skin care, makeup, fragrance and hair care categories, which are distributed in approximately 150 countries and territories. [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended June 30,\"],[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"($ in millions)\",\"\",\"$\",\"\",\"%\",\"\",\"$\",\"\",\"%\",\"\",\"$\",\"\",\"%\"],[\"Net sales\",\"\",\"$\",\"14,326\",\"\",\"\",\"100.0\",\"%\",\"\",\"$\",\"15,608\",\"\",\"\",\"100.0\",\"%\",\"\",\"$\",\"15,910\",\"\",\"\",\"100.0\",\"%\"],[\"Cost of sales\",\"\",\"3,729\",\"\",\"\",\"26.0\",\"\",\"\",\"4,424\",\"\",\"\",\"28.3\",\"\",\"\",\"4,564\",\"\",\"\",\"28.7\"],[\"Gross profit\",\"\",\"10,597\",\"\",\"\",\"74.0\",\"\",\"\",\"11,184\",\"\",\"\",\"71.7\",\"\",\"\",\"11,346\",\"\",\"\",\"71.3\"],[\"Operating expenses:\"],[\"Selling, general and administrative\",\"\",\"9,456\",\"\",\"\",\"66.0\",\"\",\"\",\"9,621\",\"\",\"\",\"61.6\",\"\",\"\",\"9,575\",\"\",\"\",\"60.2\"],[\"Restructuring and other charges\",\"\",\"481\",\"\",\"\",\"3.4\",\"\",\"\",\"122\",\"\",\"\",\"0.8\",\"\",\"\",\"55\",\"\",\"\",\"0.3\"],[\"Goodwill impairment\",\"\",\"13\",\"\",\"\",\"0.1\",\"\",\"\",\"291\",\"\",\"\",\"1.9\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"Impairment of other intangible assets\",\"\",\"1,273\",\"\",\"\",\"8.9\",\"\",\"\",\"180\",\"\",\"\",\"1.2\",\"\",\"\",\"207\",\"\",\"\",\"1.3\"],[\"Talcum litigation settlement agreements\",\"\",\"159\",\"\",\"\",\"1.1\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"Total operating expenses\",\"\",\"11,382\",\"\",\"\",\"79.4\",\"\",\"\",\"10,214\",\"\",\"\",\"65.4\",\"\",\"\",\"9,837\",\"\",\"\",\"61.8\"],[\"Operating (loss) income\",\"\",\"(785)\",\"\",\"\",\"(5.5)\",\"\",\"\",\"970\",\"\",\"\",\"6.2\",\"\",\"\",\"1,509\",\"\",\"\",\"9.5\"],[\"Interest expense\",\"\",\"357\",\"\",\"\",\"2.5\",\"\",\"\",\"378\",\"\",\"\",\"2.4\",\"\",\"\",\"255\",\"\",\"\",\"1.6\"],[\"Interest income and investment income, net\",\"\",\"114\",\"\",\"\",\"0.8\",\"\",\"\",\"167\",\"\",\"\",\"1.1\",\"\",\"\",\"131\",\"\",\"\",\"0.8\"],[\"Other components of net periodic benefit cost\",\"\",\"12\",\"\",\"\",\"0.1\",\"\",\"\",\"(13)\",\"\",\"\",\"(0.1)\",\"\",\"\",\"(12)\",\"\",\"\",\"(0.1)\"],[\"(Loss) earnings before income taxes\",\"\",\"(1,040)\",\"\",\"\",\"(7.3)\",\"\",\"\",\"772\",\"\",\"\",\"4.9\",\"\",\"\",\"1,397\",\"\",\"\",\"8.8\"],[\"Provision for income taxes\",\"\",\"93\",\"\",\"\",\"0.6\",\"\",\"\",\"363\",\"\",\"\",\"2.3\",\"\",\"\",\"387\",\"\",\"\",\"2.4\"],[\"Net (loss) earnings\",\"\",\"(1,133)\",\"\",\"\",\"(7.9)\",\"\",\"\",\"409\",\"\",\"\",\"2.6\",\"\",\"\",\"1,010\",\"\",\"\",\"6.3\"],[\"Net earnings attributable to redeemable noncontrolling interest\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"(19)\",\"\",\"\",\"(0.1)\",\"\",\"\",\"(4)\",\"\",\"\",\"\\u2014\"],[\"Net (loss) earnings attributable to The Est\\u00e9e Lauder Companies Inc.\",\"\",\"$\",\"(1,133)\",\"\",\"\",\"(7.9)\",\"%\",\"\",\"$\",\"390\",\"\",\"\",\"2.5\",\"%\",\"\",\"$\",\"1,006\",\"\",\"\",\"6.3\",\"%\"],[\"Percentages not adjusted for differences caused by rounding\"]] [[/GREPCENT_TABLE]] 29 Table of Contents The following table is a comparative summary of operating results for fiscal 2025, 2024 and 2023, for our product categories and geographic regions and reflects the basis of presentation described in Item 8. Financial Statements and Supplementary Data \u2013 Note 2 \u2013 Summary of Significant Accounting Policies and Note 24 \u2013 Segment Data and Related Information, for our product categories that meet the definition of reportable segments, for all periods presented. Royalty revenue from license arrangements, and products and services that do not fit within our definitions of skin care, makeup, fragrance and hair care have been included in the \u201cother\u201d category. [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended June 30,\"],[\"(In millions)\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"NET SALES\"],[\"By Product Category:\"],[\"Skin Care\",\"\",\"$\",\"6,962\",\"\",\"\",\"$\",\"7,908\",\"\",\"\",\"$\",\"8,249\"],[\"Makeup\",\"\",\"4,205\",\"\",\"\",\"4,470\",\"\",\"\",\"4,532\"],[\"Fragrance\",\"\",\"2,491\",\"\",\"\",\"2,487\",\"\",\"\",\"2,451\"],[\"Hair Care\",\"\",\"565\",\"\",\"\",\"629\",\"\",\"\",\"652\"],[\"Other\",\"\",\"100\",\"\",\"\",\"115\",\"\",\"\",\"53\"],[\"\",\"\",\"14,323\",\"\",\"\",\"15,609\",\"\",\"\",\"15,937\"],[\"Returns associated with restructuring and other activities\",\"\",\"3\",\"\",\"\",\"(1)\",\"\",\"\",\"(27)\"],[\"Net sales\",\"\",\"$\",\"14,326\",\"\",\"\",\"$\",\"15,608\",\"\",\"\",\"$\",\"15,910\"],[\"By Geographic Region(1):\"],[\"The Americas\",\"\",\"$\",\"4,411\",\"\",\"\",\"$\",\"4,581\",\"\",\"\",\"$\",\"4 Item 1. Business. The Est\u00e9e Lauder Companies Inc., founded in 1946 by Est\u00e9e and Joseph Lauder, is one of the world\u2019s leading manufacturers, marketers and sellers of quality skin care, makeup, fragrance and hair care products. We are a steward of over 20 luxury and prestige brands globally. Since the initial launch of the Est\u00e9e Lauder brand in the United States, we have significantly expanded our consumer reach to approximately 150 countries and territories. We operate as a wholesaler, with our products sold in brick-and-mortar locations and on various e-commerce platforms, including those operated by department stores, duty-free retailers, specialty-multi retailers, online pure players, upscale perfumeries and pharmacies, and top-tier salons and spas. Additionally, we operate a direct-to-consumer business across freestanding stores, our brands' websites and third-party online platforms. In February 2025, we embarked on \u201cBeauty Reimagined,\u201d a strategic vision which focuses on accelerating best-in-class consumer coverage, creating transformative innovation, boosting consumer-facing investments, fueling sustainable growth through bold efficiencies and reimagining the way we work. We have been controlled by the Lauder family since the founding of our Company. Members of the Lauder family, some of whom are directors, executive officers and/or employees, beneficially own, directly or indirectly, as of August 13, 2025, shares of our Company's Class A Common Stock and Class B Common Stock having approximately 84% of the outstanding voting power of the Common Stock. 2 Table of Contents Products Skin Care - Our broad range of skin care products address various skin care needs. These products include moisturizers, serums, cleansers, toners, eye care, body care, exfoliators, acne and oil correctors, facial masks and sun care products. Makeup - We offer an extensive array of makeup products across shades and colors. Our full array of makeup products includes foundations Item 1A. Risk Factors. There are risks associated with an investment in our securities. Please consider the following risks and all of the other information in this annual report on Form 10-K and in our subsequent filings with the U.S. Securities and Exchange Commission (\u201cSEC\u201d). Our bu", "title": "EL - ESTEE LAUDER COMPANIES INC", "url": "/company/EL/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001095073; latest 10-K filed 2026-02-26.", "text": "EG - EVEREST GROUP, LTD. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001095073; latest 10-K filed 2026-02-26. EG EVEREST GROUP, LTD. 0001095073 6331 Fire, Marine & Casualty Insurance ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION Overview. Everest is a global underwriting leader providing best-in-class property, casualty and specialty reinsurance and insurance solutions. As part of the Standard & Poor\u2019s (\u201cS&P\u201d) 500 Index, we are a leading financial services institution focused on value creation for our shareholders while diversifying our portfolio and geographic presence. Through our direct and indirect subsidiaries operating in the U.S. and internationally, we serve a diverse group of clients worldwide, providing what we believe are extensive product and distribution capabilities, a strong balance sheet, an innovative culture and access to world-class talent. During 2024, we formed a new \u201cOther\u201d segment, primarily comprised of the results of our sports and leisure business sold in October 2024, consisting of policies written prior to the sale and polices renewed and certain new business written on the Company\u2019s paper post-sale. It also includes run-off asbestos and environmental (\u201cA&E\u201d) exposures, certain discontinued insurance programs primarily written prior to 2012 and certain discontinued insurance and reinsurance coverage classes. The Other segment does not generally sell insurance or reinsurance products but is responsible for the management of existing policies and settlement of related losses. These segment presentation changes have been reflected retrospectively. As of December 31, 2025, the Company has two reportable segments consistent with how the business is managed. See Note 7 of the Notes to the Consolidated Financial Statements for a summary of segment results. Our net income of $1.6 billion for the year ended December 31, 2025 is inclusive of unfavorable development of prior-year loss reserves of $657 million. Our net income of $1.4 billion for the year ended December 31, 2024 is inclusive of unfavorable development of prior-year loss reserves of $1.5 billion. We have significantly fortified our U.S. casualty reserves, while taking aggressive underwriting action in certain classes exposed to social inflation, bolstering talent and investing in our platform as we head into 2026. In addition, we have entered into an adverse development reinsurance agreement reinsuring potential adverse loss development for accident years 2024 and prior arising out of North American liabilities within our Insurance and Other Segments and sold the renewal rights to certain lines of commercial retail insurance business. Refer to management\u2019s discussion of consolidated and segment results below. The following is a discussion and analysis of our results of operations, financial condition and liquidity and capital resources for the years ended December 31, 2025 and 2024. This discussion should be read in conjunction with the consolidated financial statements and related notes, under ITEM 8 of this Form 10-K. Comparisons between 2024 and 2023 have been omitted from this Form 10-K but can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of our Form 10-K for the year ended December 31, 2024. All comparisons in this discussion are to the corresponding prior year unless otherwise indicated. 40 Table of Contents Recent Developments. Adverse Development Cover Reinsurance Agreements Effective October 1, 2025, the Company, through its subsidiaries Everest Re and Bermuda Re (the \u201cCeding Companies\u201d), entered into adverse development reinsurance agreements with State National Insurance Company, Inc. and MS Transverse Insurance Company (collectively the \u201cReinsurers\u201d). The Reinsurance Agreements are supported on a retrocessional basis by Longtail Re, an affiliate of Stone Ridge Capital. The agreements reinsure potential adverse loss development for accident years 2024 and prior arising from substantially all of the Ceding Companies\u2019 North American liabilities within the Insurance and Other segments ITEM 1. BUSINESS The Company. Everest is a Bermuda-based reinsurance and insurance organization. As part of the Standard & Poor\u2019s (\u201cS&P\u201d) 500 Index, we are a leading financial services institution focused on diversifying our portfolio and geographic presence. Through our direct and indirect subsidiaries operating in the U.S. and internationally, we serve a diverse group of clients worldwide, providing what we believe are extensive product and distribution capabilities, a strong balance sheet, an innovative culture and access to world-class talent. At December 31, 2025, we had shareholders\u2019 equity of $15.5 billion and total assets of $62.5 billion. Our Operations. The Company\u2019s principal business, conducted through its Reinsurance and Insurance reportable segments, is the underwriting of reinsurance and insurance in the U.S., Bermuda and other international markets. Our global network spans more than 100 countries across six continents. In 2025, the Company had gross written premiums of $17.7 billion with approximately 72.4% representing Reinsurance and 27.1% representing Insurance with the remaining 0.5% of gross written premium coming from our \u201cOther\u201d operating segment. The Company underwrites reinsurance both through brokers and directly with ceding companies, giving it the flexibility to pursue business based on the ceding company\u2019s preferred reinsurance purchasing method. The Company underwrites insurance principally through brokers, including for surplus lines, and general agent relationships. Group\u2019s active operating subsidiaries are each rated A+ (\u201cSuperior\u201d) by A.M. Best Company (\u201cA.M. Best\u201d), a leading provider of insurer ratings that assigns financial strength ratings to insurance companies based on their ability to meet their obligations to policyholders. On October 26, 2025, the Company entered into an agreement with American International Group, Inc. (\u201cAIG\u201d) to sell the renewal rights for certain lines of commercial retail insurance business wr ITEM 1A. RISK FACTORS Our business, results of operations and financial conditions are subject to numerous risks and uncertainties. While we seek to identify, manage and mitigate risks to our business, risk and uncertainty cannot be eliminated or necessarily predicted. In connection with any investment decision with respect to our s", "title": "EG - EVEREST GROUP, LTD.", "url": "/company/EG/" }, { "kind": "company", "summary": "SIC 4931 Electric & Other Services Combined; CIK 0001711269; latest 10-K filed 2026-02-19.", "text": "EVRG - Evergy, Inc. SIC 4931 Electric & Other Services Combined; CIK 0001711269; latest 10-K filed 2026-02-19. EVRG Evergy, Inc. 0001711269 4931 Electric & Other Services Combined ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following combined MD&A should be read in conjunction with the consolidated financial statements and accompanying notes in this combined annual report on Form 10-K. None of the registrants make any representation as to information related solely to Evergy, Evergy Kansas Central or Evergy Metro other than itself. The following MD&A generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 can be found in MD&A in Part II, Item 7, of the Evergy Companies' combined annual report on Form 10-K for the fiscal year ended December 31, 2024 and are incorporated herein by reference. 37 Table of Contents EVERGY, INC. EXECUTIVE SUMMARY Evergy is a public utility holding company incorporated in 2017 and headquartered in Kansas City, Missouri. Evergy operates primarily through the following wholly-owned direct subsidiaries listed below. \u2022Evergy Kansas Central is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas. Evergy Kansas Central has one active wholly-owned subsidiary with significant operations, Evergy Kansas South. \u2022Evergy Metro is an integrated, regulated electric utility that provides electricity to customers in the states of Missouri and Kansas. \u2022Evergy Missouri West is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri. \u2022Evergy Transmission Company owns 13.5% of Transource with the remaining 86.5% owned by AEP Transmission Holding Company, LLC, a subsidiary of AEP. Transource is focused on the development of competitive electric transmission projects. Evergy Transmission Company accounts for its investment in Transource under the equity method. Evergy Kansas Central also owns a 50% interest in Prairie Wind, which is a joint venture between Evergy Kansas Central and subsidiaries of AEP and Berkshire Hathaway Energy Company. Prairie Wind owns a 108-mile, 345 kV double-circuit transmission line that provides transmission service in the SPP. Evergy Kansas Central accounts for its investment in Prairie Wind under the equity method. Evergy Kansas Central, Evergy Kansas South, Evergy Metro and Evergy Missouri West conduct business in their respective service territories using the name Evergy. Collectively, the Evergy Companies have approximately 15,800 MWs of owned generating capacity and renewable power purchase agreements and engage in the generation, transmission, distribution and sale of electricity to approximately 1.7 million customers in the states of Kansas and Missouri. The Evergy Companies assess financial performance and allocate resources on a consolidated basis (i.e., operate in one segment). Strategy Evergy expects to continue operating its integrated utilities within the currently existing regulatory frameworks and is focused on enabling economic development across all of its service territories to strengthen the communities it serves and meet existing and future customer electricity demand growth through the continued evolution of its generation, transmission and distribution systems. Evergy will remain focused on consistently delivering on its affordability, reliability and sustainability objectives and delivering competitive long-term returns to shareholders, including growth in earnings per share and targeting a 50%-60% dividend payout ratio. The core tenets of Evergy's strategy are as follows: \u2022Affordability \u2013 maintaining affordable rates while investing in infrastructure and technology to support growth and prosperity; \u2022Reliability \u2013 targeting top-tier performance in reliability, customer service and generation; and \u2022Sustainability \u2013 advancing an \"all-of-the-above\" generation portfolio. Significant elements of Evergy's plan to achieve its strategic objectives include: \u2022across the board, ITEM 1. BUSINESS General Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc. are separate registrants filing this combined annual report on Form 10-K. The terms \"Evergy,\" \"Evergy Kansas Central,\" \"Evergy Metro\" and \"Evergy Companies\" are used throughout this report. \"Evergy\" refers to Evergy, Inc. and its consolidated subsidiaries, unless otherwise indicated. \"Evergy Kansas Central\" refers to Evergy Kansas Central, Inc. and its consolidated subsidiaries, unless otherwise indicated. \"Evergy Metro\" refers to Evergy Metro, Inc. and its consolidated subsidiaries, unless otherwise indicated. \"Evergy Companies\" refers to Evergy, Evergy Kansas Central, and Evergy Metro, collectively, which are individual registrants within the Evergy consolidated group. Information in other Items of this report as to which reference is made in this Item 1 is hereby incorporated by reference in this Item 1. The use of terms such as \"see\" or \"refer to\" shall be deemed to incorporate into this Item 1 the information to which such reference is made. EVERGY, INC. Evergy is a public utility holding company incorporated in 2017 and headquartered in Kansas City, Missouri. Evergy operates primarily through the following wholly-owned direct subsidiaries listed below. \u2022Evergy Kansas Central, Inc. (Evergy Kansas Central) is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas. Evergy Kansas Central has one active wholly-owned subsidiary with significant operations, Evergy Kansas South, Inc. (Evergy Kansas South). \u2022Evergy Metro, Inc. (Evergy Metro) is an integrated, regulated electric utility that provides electricity to customers in the states of Missouri and Kansas. \u2022Evergy Missouri West, Inc. (Evergy Missouri West) is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri. \u2022Evergy Transmission Company, LLC (Evergy Transmission Company) owns 13.5% of Transource Energy, LLC (Tran ITEM 1A. RISK FACTORS Utility Regulatory Risks: Prices are established by regulators and may not be sufficient to recover costs or provide for a return on investment. The prices that the FERC, KCC and MPSC authorize the utility subsidiaries of Evergy to charge significantly influence the Evergy Companies' results of operations, financial positio", "title": "EVRG - Evergy, Inc.", "url": "/company/EVRG/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0000072741; latest 10-K filed 2026-02-17.", "text": "ES - EVERSOURCE ENERGY SIC 4911 Electric Services; CIK 0000072741; latest 10-K filed 2026-02-17. ES EVERSOURCE ENERGY 0000072741 4911 Electric Services Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations EVERSOURCE ENERGY AND SUBSIDIARIES The following discussion and analysis should be read in conjunction with our consolidated financial statements and related combined notes included in this combined Annual Report on Form 10-K. References in this combined Annual Report on Form 10-K to \"Eversource,\" the \"Company,\" \"we,\" \"us,\" and \"our\" refer to Eversource Energy and its consolidated subsidiaries. All per-share amounts are reported on a diluted basis. The consolidated financial statements of Eversource, NSTAR Electric and PSNH and the financial statements of CL&P are herein collectively referred to as the \"financial statements.\" Our discussion of fiscal year 2025 compared to fiscal year 2024 is included herein. Unless expressly stated otherwise, for discussion and analysis of fiscal year 2023 items and of fiscal year 2024 compared to fiscal year 2023, please refer to Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, in our combined 2024 Annual Report on Form 10-K, which is incorporated herein by reference. Refer to the Glossary of Terms included in this combined Annual Report on Form 10-K for abbreviations and acronyms used throughout this Management's Discussion and Analysis of Financial Condition and Results of Operations. The only common equity securities that are publicly traded are common shares of Eversource. Our earnings discussion includes financial measures that are not recognized under GAAP (non-GAAP) referencing our earnings and EPS excluding losses associated with our previous offshore wind investments, a loss on the pending sale of the Aquarion water distribution business, and a loss on the disposition of land that was initially acquired to construct the Northern Pass Transmission project and was subsequently abandoned. EPS by business is also a non-GAAP financial measure and is calculated by dividing the Net Income Attributable to Common Shareholders of each business by the weighted average diluted Eversource common shares outstanding for the period. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities of such business, but rather represent a direct interest in our assets and liabilities as a whole. We use these non-GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain our results without including these items. This information is among the primary indicators we use as a basis for evaluating performance and planning and forecasting of future periods. We believe the impacts of the losses associated with our previous offshore wind investments, the loss on the pending sale of the Aquarion water distribution business, and the loss on the disposition of land associated with an abandoned project are not indicative of our ongoing costs and performance. We view these charges as not directly related to the ongoing operations of the business and therefore not an indicator of baseline operating performance. Due to the nature and significance of the effect of these items on Net Income Attributable to Common Shareholders and EPS, we believe that the non-GAAP presentation is a more meaningful representation of our financial performance and provides additional and useful information to readers of this report in analyzing historical and future performance of our business. These non-GAAP financial measures should not be considered as alternatives to reported Net Income Attributable to Common Shareholders or EPS determined in accordance with GAAP as indicators of operating performance. Financial Condition and Business Analysis Executive Summary Eversource Energy is a public utility holding company primarily engaged, through its wholly-owned regulated utility subsidiaries, in the energy delivery business. Eversource Energy's wholly-owned regulated utility Item 1. Business Please refer to the Glossary of Terms for definitions of defined terms and abbreviations used in this combined Annual Report on Form 10-K. Eversource Energy (Eversource), headquartered in Boston, Massachusetts and Hartford, Connecticut, is a public utility holding company subject to regulation by the Federal Energy Regulatory Commission (FERC) under the Public Utility Holding Company Act of 2005. We are engaged primarily in the energy delivery business through the following wholly-owned utility subsidiaries: \u2022The Connecticut Light and Power Company (CL&P), a regulated electric utility that serves residential, commercial and industrial customers in parts of Connecticut; \u2022NSTAR Electric Company (NSTAR Electric), a regulated electric utility that serves residential, commercial and industrial customers in parts of eastern and western Massachusetts and owns solar power facilities, and its wholly-owned subsidiary Harbor Electric Energy Company (HEEC), also a regulated electric utility that distributes electric energy to its sole customer; \u2022Public Service Company of New Hampshire (PSNH), a regulated electric utility that serves residential, commercial and industrial customers in parts of New Hampshire; \u2022NSTAR Gas Company (NSTAR Gas), a regulated natural gas utility that serves residential, commercial and industrial customers in parts of Massachusetts; \u2022Eversource Gas Company of Massachusetts (EGMA), a regulated natural gas utility that serves residential, commercial and industrial customers in parts of Massachusetts; \u2022Yankee Gas Services Company (Yankee Gas), a regulated natural gas utility that serves residential, commercial and industrial customers in parts of Connecticut; and \u2022Aquarion Company (Aquarion), a utility holding company that owns five separate regulated water utility subsidiaries and collectively serves residential, commercial, industrial, and municipal and fire protection customers in parts of Connecticut, Massachusetts and New H Item 1A. Risk Factors In addition to the matters set forth under \"Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995\" included immediately prior to Item 1, Business, above, we are subject to a variety of material risks. Our susceptibility to certain risks, including those discussed in detail below, could exacerbate other risks. These risk facto", "title": "ES - EVERSOURCE ENERGY", "url": "/company/ES/" }, { "kind": "company", "summary": "SIC 4931 Electric & Other Services Combined; CIK 0001109357; latest 10-K filed 2026-02-12.", "text": "EXC - EXELON CORP SIC 4931 Electric & Other Services Combined; CIK 0001109357; latest 10-K filed 2026-02-12. EXC EXELON CORP 0001109357 4931 Electric & Other Services Combined Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars in millions except per share data, unless otherwise noted) Exelon Executive Overview Exelon is a utility services holding company engaged in the energy transmission and distribution businesses through its six reportable segments: ComEd, PECO, BGE, Pepco, DPL, and ACE. See Note 1 \u2014 Significant Accounting Policies and Note 4 \u2014 Segment Information of the Combined Notes to Consolidated Financial Statements for additional information regarding Exelon's principal subsidiaries and reportable segments. Exelon\u2019s consolidated financial information includes the results of its seven separate operating subsidiary registrants, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE, which, along with Exelon, are collectively referred to as the Registrants. The following combined Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is separately filed by Exelon, ComEd, PECO, BGE, PHI, Pepco, DPL, and ACE. However, none of the Registrants makes any representation as to information related solely to any of the other Registrants. For discussion of the Utility Registrants' year ended December 31, 2024 compared to the year ended December 31, 2023, refer to ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS in the 2024 Form 10-K, which was filed with the SEC on February 12, 2025. Financial Results of Operations GAAP Results of Operations. The following table sets forth Exelon's GAAP consolidated Net income attributable to common shareholders by Registrant for the year ended December 31, 2025 compared to the same period in 2024. For additional information regarding the financial results for the years ended December 31, 2025 and 2024, see the discussions of Results of Operations by Registrant. [[GREPCENT_TABLE]] [[\"\",\"2025\",\"\",\"2024\",\"\",\"Favorable (Unfavorable) Variance\"],[\"Exelon\",\"$\",\"2,768\",\"\",\"\",\"$\",\"2,460\",\"\",\"\",\"$\",\"308\"],[\"ComEd\",\"1,147\",\"\",\"\",\"1,066\",\"\",\"\",\"81\"],[\"PECO\",\"814\",\"\",\"\",\"551\",\"\",\"\",\"263\"],[\"BGE\",\"578\",\"\",\"\",\"527\",\"\",\"\",\"51\"],[\"PHI\",\"799\",\"\",\"\",\"741\",\"\",\"\",\"58\"],[\"Pepco\",\"401\",\"\",\"\",\"390\",\"\",\"\",\"11\"],[\"DPL\",\"224\",\"\",\"\",\"209\",\"\",\"\",\"15\"],[\"ACE\",\"188\",\"\",\"\",\"155\",\"\",\"\",\"33\"],[\"Other(a)\",\"(570)\",\"\",\"\",\"(425)\",\"\",\"\",\"(145)\"]] [[/GREPCENT_TABLE]] __________ (a)Other primarily includes eliminating and consolidating adjustments, Exelon\u2019s corporate operations, shared service entities, and other financing and investing activities. Year Ended December 31, 2025 Compared to Year Ended December 31, 2024. Net income attributable to common shareholders increased by $308 million and Diluted earnings per average common share increased to $2.73 in 2025 from $2.45 in 2024 primarily due to: 39 Table of Contents \u2022Favorable impacts of rate increases at ComEd, PECO, BGE, and PHI; \u2022Favorable weather at PECO; \u2022Higher return on regulatory assets at ComEd; \u2022Higher AFUDC at ComEd; \u2022Lower income tax expense at PECO; \u2022Lower storm costs at BGE; and \u2022Impacts of the multi-year plan reconciliation at BGE. Note that rate increases are associated with updated recovery rates for costs and investments to serve customers. The increases were partially offset by: \u2022Higher interest expense at PECO, BGE, PHI, and Exelon Corporate; \u2022Higher depreciation expense at PECO and PHI; \u2022Higher contracting costs at PECO and PHI; \u2022Lower transmission peak load due to lower energy demand at ComEd; \u2022Absence of the Maryland multi-year plan reconciliations at PHI; \u2022Charitable contributions at Exelon Corporate; \u2022Lower AFUDC at PHI; and \u2022Higher income tax expense at Exelon Corporate. Adjusted (non-GAAP) operating earnings. In addition to Net income, Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings ex ITEM 1A. RISK FACTORS Each of the Registrants operates in a complex market and regulatory environment that involves significant risks, many of which are beyond that Registrant\u2019s direct control. A number of these risks, any of which could negatively affect one or more of the Registrants\u2019 future Consolidated Statements of Operations and Comprehensive Income, Consolidated Statements of Cash Flows, and/or Consolidated Balance Sheets (consolidated financial statements), are captured below. Although the risks are generally organized by category and separately described, many of these risks are interrelated. Additionally, the risks should be considered holistically with other information included in this filing and future filings with the SEC. There may be further risks and uncertainties that are presently known or that are not currently believed to be material that could negatively affect the Registrants' future consolidated financial statements. 20 Table of Contents Risks Related to Legislative, Regulatory, and Legal Factors The Registrants' businesses are highly regulated and electric and gas revenue and earnings could be negatively affected by legislative and/or regulatory actions (All Registrants). Substantial aspects of the Registrants' businesses are subject to comprehensive Federal or state legislation and/or regulation. The Utility Registrants' consolidated financial statements are heavily dependent on the ability of the Utility Registrants to recover their costs associated with the retail purchase, transmission, and distribution of power and natural gas to their customers. Fundamental changes in laws or regulations or adverse legislative or regulatory actions affecting the Registrants\u2019 businesses would require changes in their business planning models and operations. Registrants cannot always predict when or whether legislative or regulatory action will occur and may not be able to influence the outcome of legislative or regulatory initiatives. Changes i", "title": "EXC - EXELON CORP", "url": "/company/EXC/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0000895126; latest 10-K filed 2026-02-18.", "text": "EXE - EXPAND ENERGY Corp SIC 1311 Crude Petroleum & Natural Gas; CIK 0000895126; latest 10-K filed 2026-02-18. EXE EXPAND ENERGY Corp 0000895126 1311 Crude Petroleum & Natural Gas Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is intended to provide a reader of our financial statements with management\u2019s perspective on our financial condition, liquidity, results of operations and certain other factors that may affect our future results. This information is intended to provide investors with an understanding of our past performance, current financial condition and outlook for the future and should be read in conjunction with Item 8 of Part II of this report. Introduction On October 1, 2024, we completed the Southwestern Merger, creating a premier energy company that we believe is underpinned by a leading natural gas portfolio adjacent to the highest demand markets, premium inventory, a resilient financial foundation and an investment grade balance sheet. We believe that this new company is uniquely positioned to deliver affordable, lower-carbon energy to meet growing domestic and international demand while creating sustainable value for stakeholders. In conjunction with the closing of the Southwestern Merger, Chesapeake Energy Corporation changed its name to Expand Energy Corporation. Expand Energy is the largest independent natural gas producer in the U.S., based on net daily production, and is focused on responsibly developing an abundant supply of natural gas, oil and NGL to expand energy access for all. Our operations are located in Louisiana and Texas in the Haynesville and Bossier Shales (\u201cHaynesville\u201d), in Pennsylvania in the Marcellus Shale (\u201cNortheast Appalachia\u201d) and in West Virginia and Ohio in the Marcellus and Utica Shales (\u201cSouthwest Appalachia\u201d). Our strategy is to create resilient shareholder value through the responsible development of our significant resource plays while continuing to be a leading provider of natural gas to growing markets. We continue to focus on improving margins through operating efficiencies, marketing and commercial efforts and financial discipline and improving our safety and sustainability performance. To accomplish these goals, we plan to allocate our human resources and capital expenditures to projects we believe offer the highest cash return on capital invested, to deploy leading drilling and completion technology throughout our portfolio, and to take advantage of acquisition and divestiture opportunities to strengthen our portfolio. We also intend to continue to invest in projects designed to reduce the environmental impact of our production activities. Additionally, we aim to be conscientious in our efforts and how they will shape our approach to sustainability for the future and have established the following goals: \u2022Net zero (Scope 1 and 2) greenhouse gas emissions by 2035. \u2022Maintain 100% responsibly sourced gas (RSG) certification across our portfolio. 54 TABLE OF CONTENTS Recent and Significant Developments Southwestern Merger On October 1, 2024, we completed the Southwestern Merger and issued approximately 95.7 million shares of our common stock to Southwestern\u2019s shareholders in connection with the Merger Agreement. Under the terms of the Merger Agreement, subject to certain exceptions, each share of Southwestern common stock was converted into the right to receive 0.0867 of a share of the Company\u2019s common stock. Based on the closing price of our common stock, the total value of such shares of our common stock issued to Southwestern\u2019s shareholders was approximately $7.9 billion. See Note 2 of the notes to our consolidated financial statements included in Item 8 of Part II of this report for further discussion. Investment Grade Rating On October 1, 2024, we received an investment grade rating from S&P Global Ratings (\u201cS&P\u201d). S&P assigned an issuer-level rating of \u2018BBB-\u2019 on our unsecured debt and raised our issuer credit rating to \u2018BBB-\u2019, with a stable outlook. Additionally, on October 2, 2024, we received ITEM 1. Business Unless the context otherwise requires, references to \u201cExpand Energy,\u201d the \u201cCompany,\u201d \u201cus,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cours\u201d in this report are to Expand Energy Corporation together with its subsidiaries. Our principal executive offices are located at 6100 North Western Avenue, Oklahoma City, Oklahoma 73118, and our main telephone number at that location is (405) 848-8000. Our Business Expand Energy is the largest independent natural gas producer in the U.S., based on net daily production, and is focused on responsibly developing an abundant supply of natural gas, oil and NGL to expand energy access for all. Our operations are located in Louisiana and Texas in the Haynesville and Bossier Shales (\u201cHaynesville\u201d), in Pennsylvania in the Marcellus Shale (\u201cNortheast Appalachia\u201d) and in West Virginia and Ohio in the Marcellus and Utica Shales (\u201cSouthwest Appalachia\u201d) and include working interests in approximately 6,600 gross natural gas and oil wells. On October 1, 2024, we completed the Southwestern Merger, creating a premier energy company that we believe is underpinned by a leading natural gas portfolio adjacent to the highest demand markets, premium inventory, a resilient financial foundation and an investment grade balance sheet. We believe that we are uniquely positioned to deliver affordable, lower-carbon energy to meet growing domestic and international demand while creating sustainable value for stakeholders. Since completing our merger with Southwestern, we\u2019ve continued to focus on strengthening our balance sheet by reducing total debt by approximately $1.2 billion and upsized our 2025 Credit Facility capacity to $3.5 billion. In 2025, we joined the S&P 500 index and returned approximately $865 million to shareholders through dividends and share repurchases. Information About Us We make available, free of charge on our website at expandenergy.com, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any am Item 1A. Risk Factors There are numerous factors that affect our business and results of operations, many of which are beyond our control. The following is a description of factors that we consider to be material and that might cause our future results to differ materially from those currently expected. The risks described below are not ", "title": "EXE - EXPAND ENERGY Corp", "url": "/company/EXE/" }, { "kind": "company", "summary": "SIC 4700 Transportation Services; CIK 0001324424; latest 10-K filed 2026-02-13.", "text": "EXPE - Expedia Group, Inc. SIC 4700 Transportation Services; CIK 0001324424; latest 10-K filed 2026-02-13. EXPE Expedia Group, Inc. 0001324424 4700 Transportation Services Part II. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview Expedia Group is the global travel marketplace with one purpose: to help travelers explore the world, one journey at a time. We connect travelers, partners, and advertisers throughout our trusted brands, leading technology, and rich first-party data, delivering predictive, personalized experiences that shape the future of travel. We make available, on a stand-alone and package basis, travel services provided by numerous lodging properties, airlines, car rental companies, activities and experiences providers, cruise lines, alternative accommodations property owners and managers, and other travel product and service companies. We also offer travel and non-travel advertisers access to a potential source of incremental traffic and transactions through our various media and advertising offerings on our websites and apps. For additional information about our portfolio of brands, see the disclosure set forth in Part I. Item 1. Business, under the caption \u201cMarket Opportunity and Business Strategy.\u201d 27 Table of Contents This section of this Form 10-K generally discusses the years ended December 31, 2025 and 2024 items and year over year comparisons between 2025 and 2024. Discussions of the year ended December 31, 2023 items and the year over year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed on February 7, 2025. All percentages within this section are calculated on actual, unrounded numbers. Trends The Company continues to operate in an increasingly complex business environment and global macroeconomic and geopolitical pressures, including trade disruptions, currency fluctuations and energy price volatility, contributed to this environment for the travel industry in 2025. We experienced weaker than expected travel demand in the United States in the first half of 2025 and, while conditions improved in the second half of the year, the market remains dynamic. If broader economic and regulatory uncertainties are intensified, travel behaviors may be impacted. These broader economic and regulatory uncertainties also extend to the global tax environment in which we operate. Domestic and international taxing authorities have in recent years become increasingly focused on ways to increase tax revenue, including the enactment of new taxes such as digital services taxes, and have become more aggressive in their interpretation and enforcement of existing tax laws, rules and regulations. We are in various stages of inquiry or audit with various tax authorities, some of which may require that we prepay any assessed taxes prior to contesting the validity of the assessment (\u201cpay-to-play\u201d) which will be repaid if we prevail in our challenge. However, any significant pay-to-play payment or litigation loss could negatively impact our liquidity. Other events that could have a negative impact on the travel industry and our businesses in the future are discussed in Part I, Item 1A, Risk Factors - \"Declines or disruptions in the travel industry could adversely affect our business and financial performance.\" For additional information about our business strategy for Expedia Group, see the disclosure set forth in Part I. Item 1. Business, under the caption \u201cMarket Opportunity and Business Strategy.\u201d Online Travel The market opportunity for online travel is broad and highly competitive. Online penetration of travel expenditures is higher in the U.S. and Western European markets with online penetration rates in some emerging markets, such as Latin America and Eastern European regions, lagging behind those regions. Emerging markets continue to present an attractive growth opportunity for our business", "title": "EXPE - Expedia Group, Inc.", "url": "/company/EXPE/" }, { "kind": "company", "summary": "SIC 4731 Arrangement of Transportation of Freight & Cargo; CIK 0000746515; latest 10-K filed 2026-02-25.", "text": "EXPD - EXPEDITORS INTERNATIONAL OF WASHINGTON INC SIC 4731 Arrangement of Transportation of Freight & Cargo; CIK 0000746515; latest 10-K filed 2026-02-25. EXPD EXPEDITORS INTERNATIONAL OF WASHINGTON INC 0000746515 4731 Arrangement of Transportation of Freight & Cargo ITEM 7 \u2014 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview Expeditors International of Washington, Inc. provides a full suite of global logistics services. Our services include air and ocean freight consolidation and forwarding, customs brokerage, warehousing and distribution, purchase order management, vendor consolidation, time-definite transportation services, temperature-controlled transit, cargo insurance, specialized cargo monitoring and tracking, and other supply chain solutions. We do not compete for overnight courier or small parcel business. As a non-asset-based carrier, we do not own or operate transportation assets. We derive our revenues by entering into agreements that are generally comprised of a single performance obligation, which is that freight is shipped for and received by our customer. Each performance obligation is comprised of one or more of the Company's services. We typically satisfy our performance obligations as services are rendered over time. A typical shipment would include services rendered at origin, such as pick-up and delivery to port, freight services from origin to destination port and destination services, such as customs clearance and final delivery. Our three principal services are the revenue categories presented in our financial statements: 1) airfreight services, 2) ocean freight and ocean services, and 3) customs brokerage and other services. The most significant drivers of changes in gross revenues and related transportation expenses are volume, sell rates and buy rates. Volume has a similar effect on the change in both gross revenues and related transportation expenses in each of our three primary sources of revenue. We generate the major portion of our air and ocean freight revenues by purchasing transportation services on a volume basis from direct (asset-based) carriers and then reselling that space to our customers. The rate billed to our customers (the sell rate) is recognized as revenues and the rate we pay to the carrier (the buy rate) is recognized in operating expenses as the directly related cost of transportation and other expenses. By consolidating shipments from multiple customers and concentrating our buying power, we are able to negotiate favorable buy rates from the direct carriers, while at the same time offering lower sell rates than customers would otherwise be able to negotiate themselves. In most cases we act as an indirect carrier. When acting as an indirect carrier, we issue a House Airway Bill (HAWB), a House Ocean Bill of Lading (HOBL) or a House Sea Waybill to customers as the contract of carriage. In turn, when the freight is physically tendered to a direct carrier, we receive a contract of carriage known as a Master Airway Bill for airfreight shipments and a Master Ocean Bill of Lading (MOBL) for ocean shipments. Customs brokerage and other services involve providing services at destination, such as helping customers clear shipments through customs by preparing and filing required documentation, calculating and providing for payment of duties and other taxes on behalf of customers as well as arranging for any required inspections by governmental agencies, and import services such as arranging for local pick up, storage and delivery at destinations. These are complicated functions requiring technical knowledge of customs rules and regulations in the multitude of countries in which we have offices. We also provide other value-added services at destination, such as warehousing and distribution, time-definitive transportation services and consulting. 30. We manage our company along five geographic areas of responsibility: Americas; North Asia; South Asia; Europe; and Middle East, Africa and India (MAIR). Each area is divided into sub-regions that are composed of operating units with individual profit and loss responsibility. Our business involves shipments between operating units and typically touches more ITEM 1\u2014BUSINESS Overview Expeditors International of Washington, Inc. (herein referred to as \"Expeditors,\u201d the \"Company,\" \"we,\" \"us,\" \"our\") provides a full suite of global logistics services, offering customers access to an international network of people and integrated information systems to support the movement and strategic positioning of goods. As a third-party logistics provider, we purchase cargo space from carriers (such as airlines, ocean shipping lines, and trucking lines) on a volume basis and resell that space to our customers. We do not compete for overnight courier or small parcel business and do not own aircraft or ships. We provide a broad range of transportation services and customer solutions, such as customs brokerage, order management, time-definite transportation, warehousing and distribution, temperature-controlled transit, cargo insurance, specialized cargo monitoring and tracking, and other customized logistics and consulting solutions. In addition, our Project Cargo unit handles special project shipments that move via a single method or combination of air, ocean, and/or ground transportation and generally require a high level of specialized attention because of the unusual size or nature of what is being shipped. Expeditors' primary services include: \u2022 Airfreight Services \u2022 Ocean Freight and Ocean Services \u2022 Customs Brokerage and Other Services Airfreight Services: Within airfreight, Expeditors typically acts either as a freight consolidator or as an agent for the airline that carries the shipment. Whether acting as a consolidator or agent, we offer our customers routing expertise, familiarity with local business practices, knowledge of export and import documentation and procedures, the ability to arrange for ancillary services and to assist with securing capacity during periods of high demand. Solutions within Airfreight Services include: Airfreight Consolidation: as an airfreight consolidator, Expeditors purchases cargo capacity ITEM 1A \u2013 RISK FACTORS In addition to the other information set forth in this report, you should carefully consider the following factors, which could materially affect our business, financial condition or results of operations in future periods. T", "title": "EXPD - EXPEDITORS INTERNATIONAL OF WASHINGTON INC", "url": "/company/EXPD/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001289490; latest 10-K filed 2026-02-20.", "text": "EXR - Extra Space Storage Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001289490; latest 10-K filed 2026-02-20. EXR Extra Space Storage Inc. 0001289490 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this report. We make statements in this section that are forward-looking statements within the meaning of the federal securities laws. For a complete discussion of forward-looking statements, see the section in this Form 10-K entitled \u201cStatements Regarding Forward-Looking Information.\u201d Certain risk factors may cause actual results, performance or achievements to differ materially from those expressed or implied by the following discussion. For a discussion of such risk factors, see the section in this Form 10-K entitled \u201cRisk Factors.\u201d Dollar amounts are in thousands, except share and per share data, unless otherwise stated. OVERVIEW 22 We are a fully integrated, self-administered and self-managed REIT that owns, operates, manages, acquires, develops and redevelops self-storage properties (\u201cstores\u201d) and provides lending to owners of stores located throughout the United States. We derive substantially all of our revenues from our two segments: self-storage operations and tenant reinsurance. Primary sources of revenue for our self-storage operations segment include rents received from tenants under leases at stores that are wholly-owned and in consolidated joint ventures. Our operating results depend materially on our ability to lease available self-storage units, to actively manage unit rental rates, and on the ability of our tenants to make required rental payments. Consequently, management spends a significant portion of their time maximizing cash flows from our diverse portfolio of stores. Revenue from our tenant reinsurance segment consists of insurance revenues from the reinsurance of risks relating to the loss of goods stored by tenants in our stores. Our stores are generally situated in highly visible locations clustered around population centers. The clustering of our assets around these population centers enables us to reduce our operating costs through economies of scale. To maximize the performance of our stores, we employ industry-leading revenue management systems. Developed by our management team, these systems enable us to analyze, set and adjust rental rates daily across our portfolio in order to respond to changing market conditions. We believe our systems and processes allow us to more proactively manage revenues. We operate in competitive markets, often where consumers have multiple stores from which to choose. Competition has impacted, and will continue to impact, our store results. We experience seasonal fluctuations in occupancy levels, with occupancy levels generally higher in the summer months due to increased moving activity. We believe that we are able to respond quickly and effectively to changes in local, regional and national economic conditions by adjusting rental rates through the combination of our revenue management team and our industry-leading technology systems. CRITICAL ACCOUNTING POLICIES AND ESTIMATES Our financial statements have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates and assumptions, including those that impact our most critical accounting policies. We base our estimates and assumptions on historical experience and on various other factors that we believe are reasonable under the circumstances. A summary of significant accounting policies is also provided in the notes to our consolidated financial statements (see note 2 to our consolidated financial statements). Actual results may differ from these estimates. W Item 1. Business General Extra Space Storage Inc. (\u201cwe,\u201d \u201cour,\u201d \u201cus\u201d or the \u201cCompany\u201d) is a fully integrated, self-administered and self-managed real estate investment trust (\u201cREIT\u201d) formed as a Maryland corporation on April 30, 2004. We closed our initial public offering (\u201cIPO\u201d) on August 17, 2004. Our common stock is traded on the New York Stock Exchange under the symbol \u201cEXR.\u201d We were formed to continue the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977. These companies were reorganized after the consummation of our IPO and various formation transactions. Our executive management team and board of directors have extensive experience and ownership positions in the Company. Substantially all of our business is conducted through Extra Space Storage LP (the \u201cOperating Partnership\u201d). Our primary assets are general partner and limited partner interests in the Operating Partnership. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the \u201cInternal Revenue Code\u201d). To the extent we continue to qualify as a REIT, we will not be subject to U.S. federal tax, with certain exceptions, on our REIT taxable income that is distributed to our stockholders. Our principal offices are located at 2795 East Cottonwood Parkway, Suite 300, Salt Lake City, Utah 84121, telephone number (801) 365-4600. Our internet address is www.extraspace.com. We file our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports with the Securities and Exchange Commission (the \u201cSEC\u201d). You may obtain copies of these documents by visiting the SEC\u2019s website at www.sec.gov. In addition, as soon as reasonably practicable after such materials are furnished to the SEC, we make copies of these documents available to the public free of charge through t Item 1A. Risk Factors An investment in our securities involves various risks. All investors should carefully consider the following risk factors in conjunction with the other information contained in this Annual Report before trading in our securities. If any of the events set forth in the following risks actually occur, our b", "title": "EXR - Extra Space Storage Inc.", "url": "/company/EXR/" }, { "kind": "company", "summary": "SIC 3576 Computer Communications Equipment; CIK 0001048695; latest 10-K filed 2025-11-25.", "text": "FFIV - F5, INC. SIC 3576 Computer Communications Equipment; CIK 0001048695; latest 10-K filed 2025-11-25. FFIV F5, INC. 0001048695 3576 Computer Communications Equipment Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. These statements include, but are not limited to, statements about our plans, objectives, expectations, strategies, intentions or other characterizations of future events or circumstances and are generally identified by the words \"expects,\" \"anticipates,\" \"intends,\" \"plans,\" \"believes,\" \"seeks,\" \"estimates,\" and similar expressions. These forward-looking statements are based on current information and expectations and are subject to a number of risks and uncertainties. Our actual results could differ materially from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under \"Item 1A. Risk Factors\" herein and in other documents we file from time to time with the Securities and Exchange Commission. We assume no obligation to revise or update any such forward-looking statements. Overview F5 is a global leader in application delivery and security solutions which enables its customers to deploy, operate, secure, optimize, and govern every application and API across on-premises architectures, in the cloud, and at the network edge. Our cloud, software, and hardware solutions enable our customers to deliver fast, available, and secure digital experiences to their customers at scale. Our application services are available as hardware, software, SaaS, and software-only solutions optimized for hybrid, multicloud environments, with modules that can run independently, or as part of an integrated solution on our high-performance appliances. We market and sell our products primarily through multiple indirect sales channels in our Americas; Europe, the Middle East, and Africa (\"EMEA\"); and Asia Pacific (\"APAC\") regions. Enterprise customers (Fortune 1000 or Business Week Global 1000 companies) in the technology, financial services, transportation, education, manufacturing, and health care industries, along with government customers, and service providers continue to make up the largest percentage of our customer base. Our management team monitors and analyzes a number of key performance indicators in order to manage our business and evaluate our financial and operating performance on a consolidated basis. Those indicators include: \u2022Revenues. Our revenue is derived from the sales of both products and services. The majority of our product revenues are derived from sales of our application delivery and security solutions including our F5 BIG-IP software and systems, F5 NGINX software, and our F5 Distributed Cloud Services offerings. Our F5 BIG-IP software solutions are sold both on a subscription and perpetual license basis. We sell F5 NGINX on a subscription basis as deployable software or SaaS. F5 Distributed Cloud Services provides security, multicloud networking, and edge-based computing solutions and are offered on a subscription basis, under a unified SaaS platform and managed service platform. Our services revenue includes annual maintenance contracts, training and consulting services. We monitor the sales mix of our revenues within each reporting period. We believe customer acceptance rates of our new products, feature enhancements and consumption models are indicators of future trends. We also consider overall revenue concentration by geographic region as an additional indicator of current and future trends. In fiscal 2025, we benefited from improving customer demand, which began to stabilize and improve following macroeconomic uncertainties at the start of fiscal 2024. \u2022Cost of revenues and gross margins. We strive to control our cost of revenues and thereby maintain our gross margins. Signi Item 1.Business General F5 is a multicloud application delivery and security provider committed to bringing a better digital world to life. F5 partners with the world\u2019s largest, most advanced organizations to optimize and secure every application and Application Programming Interface (\"API\") anywhere, including on-premises, in the cloud, and at the network edge. F5 enables businesses to continuously stay ahead of threats while delivering exceptional, secure digital experiences for their customers. Our application delivery and security solutions are available in a range of deployment and consumption models. We sell packaged software in perpetual, subscription, and usage-based consumption models. We also sell our solutions in software-as-a-service (\"SaaS\") and managed services deployment models with subscription and usage-based consumption models. In addition, we sell high-performance systems, or hardware, as well as a broad range of global services including maintenance, consulting, training and other technical support services. Our customers include large enterprise businesses, public sector institutions, governments, and service providers. We conduct our business globally and manage our business by geography. Our business is organized into three primary geographic regions: Americas; Europe, the Middle East, and Africa (\"EMEA\"); and the Asia Pacific region (\"APAC\"). F5 was incorporated in 1996 and is headquartered in Seattle, Washington. Our website is www.f5.com and through a link on the Investor Relations section of our website, we make available the following filings as soon as reasonably possible after they are electronically filed with or furnished to the Securities and Exchange Commission (\"SEC\"): our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. All such filings are available free of charge. The informa Item 1A.Risk Factors In addition to the other information in this report, the following risk factors should be carefully considered in evaluating our company and operations. Risk Factor Summary Operational and Execution Risks \u2022Security vulnerabilities or control failures in our IT infrastructure or multicloud application delivery and secu", "title": "FFIV - F5, INC.", "url": "/company/FFIV/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001013237; latest 10-K filed 2025-10-22.", "text": "FDS - FACTSET RESEARCH SYSTEMS INC SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001013237; latest 10-K filed 2025-10-22. FDS FACTSET RESEARCH SYSTEMS INC 0001013237 7370 Services-Computer Programming, Data Processing, Etc. ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") should be read in conjunction with the Consolidated Financial Statements and related Notes included in Part II, Item 8. Financial Statements and Supplementary Data, of this Annual Report on Form 10-K, our Current Reports on Form 8-K and our other filings with the Securities and Exchange Commission. For a similar detailed discussion comparing fiscal 2024 and 2023, refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations within our Annual Report on Form 10-K for the fiscal year ended August 31, 2024. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause such differences include, but are not limited to, those identified below and those discussed in Part I, Item 1A. Risk Factors of this Annual Report on Form 10-K. Our MD&A is designed to provide a reader of our financial statements with a narrative from the perspective of our management on our financial condition, results of operations, liquidity and certain other factors that may affect our future results. Our MD&A is presented in the following sections: \u2022Executive Overview \u2022Annual Subscription Value (\"ASV\") \u2022Client and User Additions \u2022Employee Headcount \u2022Results of Operations \u2022Non-GAAP Financial Measures \u2022Liquidity and Capital Resources \u2022Off-Balance Sheet Arrangements \u2022Foreign Currency Exposure \u2022Critical Accounting Estimates \u2022New Accounting Pronouncements Executive Overview FactSet is a global financial digital platform and enterprise solutions provider with open and flexible technologies that deliver financial intelligence to investment professionals worldwide. Our platform delivers expansive data, sophisticated analytics, and flexible, AI-powered technologies used by global financial professionals to power their critical investment workflows. As of August 31, 2025, we had approximately 9,000 clients comprised of over 237,000 investment professionals, including institutional asset managers, bankers, wealth managers, asset owners, partners, hedge funds, corporate users, and private equity and venture capital professionals. Our revenues are primarily derived from subscriptions to our multi-asset class data and solutions powered by our connected data and technology platform. Our products and services include workstations, portfolio analytics and enterprise data solutions. We also offer managed services that operate as an extension of our clients' internal teams to support data, performance, risk and reporting workflows. We drive our business based on a detailed understanding of our clients\u2019 workflows, which helps us to solve their most complex challenges. We provide financial data and market intelligence on securities, companies, industries and people to enable our clients to research investment ideas and analyze, monitor and manage their portfolios. Our solutions span the investment lifecycle of investment research, portfolio construction and analysis, trade execution, performance measurement, risk management and reporting. We provide open and flexible technology offerings, including a configurable desktop and mobile platform, comprehensive data feeds, cloud-based digital solutions, and APIs. AI is embedded across these offerings to enhance data discovery, automate routine workflows and improve the speed and accuracy of client insights. The CGS business supports security master files relied on by the investment industry for critical front, middle and back-office functions. All of our platforms and solutions are supported by our dedicated client service team. We operate our business through three segments: the Americas, EMEA and Asia Pacific. Within each segment, we offer data, products an ITEM 1. BUSINESS Corporate History FactSet Research Systems Inc. and its wholly-owned subsidiaries (\"we,\" \"our,\" \"us,\" the \"Company\" or \"FactSet\") was founded in 1978 and has been publicly traded since June 1996. We are dual-listed on the New York Stock Exchange (\"NYSE\") and the NASDAQ Stock Market (\"NASDAQ\") under the symbol \"FDS\". FactSet has been a member of the S&P 500 since December 2021. Business Overview FactSet is a global financial digital platform and enterprise solutions provider with open and flexible technologies that deliver financial intelligence to investment professionals worldwide. Our platform delivers expansive data, sophisticated analytics, and flexible, artificial intelligence (\"AI\")-powered technologies used by global financial professionals to power their critical investment workflows. As of August 31, 2025, we had approximately 9,000 clients comprised of over 237,000 investment professionals, including institutional asset managers, bankers, wealth managers, asset owners, partners, hedge funds, corporate users, and private equity and venture capital professionals. Our revenues are primarily derived from subscriptions to our multi-asset class data and solutions powered by our connected data and technology platform. Our products and services include workstations, portfolio analytics and enterprise data solutions. We also offer managed services that operate as an extension of our clients' internal teams to support data, performance, risk and reporting workflows. We drive our business based on a detailed understanding of our clients\u2019 workflows, which helps us to solve their most complex challenges. We provide financial data and market intelligence on securities, companies, industries and people to enable our clients to research investment ideas and analyze, monitor and manage their portfolios. Our solutions span the investment lifecycle of investment research, portfolio construction and analysis, trade execution, performance measurement, ri ITEM 1A. RISK FACTORS The following risks could materially and adversely affect our business, financial condition, results of operations, and cash flows and, as a result, the trading price of our common stock could decline. These risk factors do not identify all risks that we", "title": "FDS - FACTSET RESEARCH SYSTEMS INC", "url": "/company/FDS/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0000814547; latest 10-K filed 2025-11-07.", "text": "FICO - FAIR ISAAC CORP SIC 7389 Services-Business Services, NEC; CIK 0000814547; latest 10-K filed 2025-11-07. FICO FAIR ISAAC CORP 0000814547 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) includes the following: a business overview that provides a high-level summary of our strategies and initiatives, highlights from fiscal year 2025 and key performance metrics for our Software segment; a more detailed analysis of our results of operations; our capital resources and liquidity, which discusses key aspects of our statements of cash flows, changes in our balance sheets and our financial commitments; and a summary of our critical accounting estimates that involve a significant level of estimation uncertainty. Our MD&A should be read in conjunction with Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K. The following discussion contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ from those referred to herein due to a number of factors, including but not limited to risks described in Item 1A, Risk Factors, in this Annual Report on Form 10-K. Our MD&A focuses on discussion of year-over-year comparisons between fiscal 2025 and fiscal 2024. Discussion of fiscal 2023 results and year-over-year comparisons between fiscal 2024 and fiscal 2023 that are not included in this Annual Report on Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. BUSINESS OVERVIEW Strategies and Initiatives In fiscal 2025, our B2B scoring solutions, including the flagship FICO\u00ae Score, continued to be the standard measure of consumer credit risk in the U.S. The adoption of our most predictive scores, FICO\u00ae Score 10 and FICO\u00ae Score 10 T, gained increased traction for non-conforming mortgages and was approved for conforming mortgages by the Federal Housing Finance Agency for enterprise credit scoring requirements. In addition, we launched FICO\u00ae Score 10 BNPL and FICO\u00ae Score 10 T BNPL, the first credit scores from a leading credit scoring provider to incorporate Buy Now, Pay Later (\u201cBNPL\u201d) data. These innovative scores represent a significant advancement in credit scoring, accounting for the growing importance of BNPL loans in the U.S. credit ecosystem. Internationally, we launched a FICO Score in Kenya, which leverages TransUnion data and CreditVision variables to redefine risk management and help expand access to financial services across Kenya. In fiscal 2025, in support of our B2C business and financial inclusion, we launched the FICO\u00ae Score Mortgage Simulator, which is the only simulator in the market built by FICO data scientists and powered by the FICO Score algorithm. We also introduced our Lenders Leading Financial Inclusion program that aims to expand credit access for underserved communities and we hosted free Score A Better Future\u00ae financial education workshops for students and adults from traditionally underserved communities. During fiscal 2025, the strategy for our Software segment continued to advance and drive growth through our platform-first products. We expanded our FICO\u00ae Platform reach, both by geography and customer type, with the launch of FICO\u00ae Marketplace, enabling organizations to operationalize analytics, power customer connections, and make decisions at scale. Marketplace offers easy access to data, artificial intelligence (\u201cAI\u201d) models, optimization tools, decision rulesets, and machine learning models, which deliver enterprise business outcomes from AI. We continue to innovate and bring new capabilities to FICO Platform, demonstrating its value with new customers and expanding use cases with existing customers and partners. We announced newly granted patents around advancing responsible AI, machine learning, and applied intelligence technology. Additionally, we continue to expa Item 1. Business GENERAL Fair Isaac Corporation (NYSE: FICO) (together with its consolidated subsidiaries, the \u201cCompany,\u201d which may also be referred to in this report as \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and \u201cFICO\u201d) is a global analytics software leader. We were founded in 1956 on the premise that data, used intelligently, can improve business decisions. Today, FICO\u2019s software and the widely used FICO\u00ae Score operationalize analytics, enabling thousands of businesses in more than 80 countries to uncover new opportunities, make timely decisions that matter, and execute them at scale. Most leading banks and credit card issuers rely on our solutions, as do insurers, retailers, telecommunications providers, automotive lenders, consumer reporting agencies, public agencies, and organizations in other industries. We also serve consumers through online services that enable people to access and understand their FICO Scores \u2014 the standard measure of consumer credit risk in the United States (\u201cU.S.\u201d) \u2014 empowering them to increase financial literacy and manage their financial health. More information about us can be found on our website, www.fico.com. We make our Annual Reports on Forms 10-K, Quarterly Reports on Forms 10-Q, and Current Reports on Forms 8-K, as well as amendments to those reports, available free of charge through our website as soon as reasonably practicable after we electronically file them with the U.S. Securities and Exchange Commission (\u201cSEC\u201d). References to our website address in this report do not constitute an incorporation by reference. Information on our website is not part of this report. PRODUCTS AND SERVICES Our business consists of two operating segments: Scores and Software. Our Scores segment includes our business-to-business (\u201cB2B\u201d) scoring solutions and services which give our clients access to predictive credit and other scores that can be easily integrated into their transaction streams and decision-making processes. This segment also includes our busin Item 1A. Risk Factors Business, Market and Strategy Risks We may not be successful in executing the business strategy for our Software segment, which could cause our growth prospects and results of operations to suffer. We have increasingly focused our Software segment\u2019s business strategy on investing significant development re", "title": "FICO - FAIR ISAAC CORP", "url": "/company/FICO/" }, { "kind": "company", "summary": "SIC 5200 Retail-Building Materials, Hardware, Garden Supply; CIK 0000815556; latest 10-K filed 2026-02-05.", "text": "FAST - FASTENAL CO SIC 5200 Retail-Building Materials, Hardware, Garden Supply; CIK 0000815556; latest 10-K filed 2026-02-05. FAST FASTENAL CO 0000815556 5200 Retail-Building Materials, Hardware, Garden Supply ITEM 7.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is management's discussion and analysis of certain significant factors which have affected our financial position and operating results during the periods included in the accompanying consolidated financial statements and should be read in conjunction with those consolidated financial statements. This section of the Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between the years. Discussions of 2023 comparisons can be found in our 2024 Annual Report filed with the SEC. Business and Operational Overview Fastenal is a global leader in the wholesale distribution of industrial and construction supplies. We distribute these supplies through a network of approximately 1,600 branch locations. Our largest end market is manufacturing. Sales to these customers include products for both direct materials, where our products are consumed in the final products of our customers, and indirect materials, where our products are consumed to support the facilities and ongoing operations of our customers. We also service general and commercial contractors in non-residential end markets as well as farmers, truckers, railroads, oil exploration companies, oil production and refinement companies, mining companies, federal, state, and local government entities, schools, warehouse and storage, data centers, and certain retail trades. Geographically, our selling locations and customers are primarily located in North America, though we continue to grow our non-North American presence as well. It is helpful to appreciate several aspects of our marketplace: First, it is big and fragmented. We estimate the North American marketplace for industrial supplies is in excess of $140 billion per year (and we have expanded beyond North America) and no company has a significant portion of this market. Second, many of the products we sell are individually inexpensive, but the cost and time to manage, procure, and transport these products can be quite meaningful. Third, many customers prefer to reduce their number of indirect and direct suppliers to simplify their business, while also utilizing various technologies and models (including our local branches when they need something quickly or unexpectedly) to improve availability and reduce waste. Lastly, we believe the markets are efficient. In our view, this means that companies who grow market share are those that develop differentiated capabilities that provide the greatest value to the customer. Our approach to addressing these aspects of our marketplace is captured in our motto Growth Through Customer Service\u00ae and our tagline Where Industry Meets Innovation\u2122. The concept of growth is simple: find more customers every day that value the services we provide and increase our activity with them. However, execution is hard work. First, we recruit service-minded individuals to support customers and empower them to operate in a decentralized fashion to maximize their flexibility to solve customer problems. We support these customer-facing resources with a supply chain capability that is speedy, efficient, and cost-effective. This has formed the foundation of our high-touch model since inception. Second, we invest in, develop, and deploy capabilities that allow us to illuminate and provide greater control over a customer's supply chain. These capabilities range from service models that take advantage of our local presence and/or our ability to more efficiently manage complex procurement needs, to hardware and software technologies that promote actionable data capture, improve operating efficiencies, and reduce supply chain risk. Third, we strive to generate strong profits, which produce the cash flow necessary to support our growth, our product and technology development, and the needs of our customers. The ultimate aim of this 'high-touch, high-tech' approach to gaining market s ITEM 1.BUSINESS Note \u2013 Information in this section is as of year end unless otherwise noted. The year end is December 31, 2025 unless additional years are included or noted. Overview Fastenal began as a partnership in 1967, and was incorporated under the laws of Minnesota in 1968. We opened our first branch in 1967 in Winona, Minnesota, a city with a population today of approximately 26,000. We began with a marketing strategy of supplying threaded fasteners to customers through a branch network in small, medium, and, in subsequent years, large cities. Over time, how and where we engage our customers has expanded and evolved. Today we sell a broader range of industrial and construction supplies spanning more than nine major product lines through a global network of locations utilizing diverse technologies such as vending devices, bin stock devices, and eBusiness. The large majority of our transactions are business-to-business. We provide additional descriptions of our product lines and market channels later in this document. At the end of 2025, we had 1,595 branch locations in 25 countries supported by 15 distribution centers in North America, with 12 in the United States (U.S.), two in Canada, and one in Mexico; two in Asia; and two in Europe, and we employed 24,489 people. We believe our success can be attributed to the high quality of our employees and their convenient proximity to our customers, and our ability to offer customers a full range of products and services to reduce their total cost of procurement. Channels to Market Historically, our growth was primarily measured by our physical locations count. Today, we emphasize optimizing our footprint and tailoring service models to customer sites based on their size and potential for growth. Physical location openings and adjustments reflect local market conditions and strategic priorities rather than a uniform expansion approach. We engage customers primarily through physical selling locations that delive ITEM 1A.RISK FACTORS In addition to the other information in this Form 10-K, the following factors should be considered in evaluating our business. Our operating results depend upon many factors and are subject to various risks and uncertainties. The material risks and uncertainties known to us whic", "title": "FAST - FASTENAL CO", "url": "/company/FAST/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000034903; latest 10-K filed 2026-02-12.", "text": "FRT - FEDERAL REALTY INVESTMENT TRUST SIC 6798 Real Estate Investment Trusts; CIK 0000034903; latest 10-K filed 2026-02-12. FRT FEDERAL REALTY INVESTMENT TRUST 0000034903 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This section generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission on February 13, 2025. Forward-Looking Statements Certain statements in this section or elsewhere in this report may be deemed \u201cforward-looking statements\u201d. See \u201cItem 1A. Risk Factors\u201d in this report for important information regarding these forward-looking statements and certain risk and uncertainties that may affect us. The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing in \u201cItem 8. Financial Statements and Supplementary Data\u201d of this report. Overview Federal Realty Investment Trust (the \"Parent Company\" or the \"Trust\") is an equity real estate investment trust (\"REIT\"). Federal Realty OP LP (the \"Operating Partnership\") is the entity through which the Trust conducts substantially all of its operations and owns substantially all of its assets. The Trust owns 100% of the limited liability company interest of, is sole member of, and exercises exclusive control over Federal Realty GP LLC (the \"General Partner\"), which in turn, is the sole general partner of the Operating Partnership. Unless stated otherwise or the context otherwise requires, \"we,\" \"our,\" and \"us\" means the Trust and its business and operations conducted through its directly and indirectly owned subsidiaries, including the Operating Partnership. We specialize in the ownership, management, and redevelopment of high quality retail and mixed-use properties. These properties are located primarily in major coastal markets and select underserved markets that we believe have strong economic and demographic fundamentals.As of December 31, 2025, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 104 predominantly retail real estate projects comprising approximately 28.8 million commercial square feet. In total, the real estate projects were 96.1% leased and 94.1% occupied at December 31, 2025. We have paid quarterly dividends to our shareholders continuously since our founding in 1962 and have increased our dividends per common share for 58 consecutive years. General Economic Conditions Significant uncertainty continues within the macro-economic environment including concerns over inflation, changing interest rates, new or higher tariffs and their impact on trade and prices, increases or decreases in federal government spending, and potentially worsening economic conditions, which presents risks for our business and tenants. We continue to monitor and address risks related to the general state of the economy. We believe the actions we have taken to maintain a strong financial position and reinforce our liquidity will continue to mitigate the negative short term impacts of the current economic environment. The extent of the future effects on our business, results of operations, cash flows, and growth strategies is highly uncertain and will ultimately depend on future developments, none of which can be predicted. Additional discussion of the impact of current economic conditions on our results and long-term operations can be found throughout Item 7 and Item 1A. Risk Factors. Corporate Responsibility We actively endeavor to operate and develop our properties in a sustainable, responsible, and effective manner with the objective being to drive long-term growth and aid in value creation for our shareholders, tenants, employees, and local communities. We have ITEM 1. BUSINESS General Federal Realty Investment Trust (the \"Parent Company\" or the \"Trust\") is an equity real estate investment trust (\"REIT\"). Federal Realty OP LP (the \"Operating Partnership\") is the entity through which the Trust conducts substantially all of its operations and owns substantially all of its assets. The Trust owns 100% of the limited liability company interest of, is sole member of, and exercises exclusive control over Federal Realty GP LLC (the \"General Partner\"), which in turn, is the sole 3 Table of Contents general partner of the Operating Partnership. Unless stated otherwise or the context otherwise requires, \"we,\" \"our,\" and \"us\" means the Trust and its business and operations conducted through its directly and indirectly owned subsidiaries, including the Operating Partnership. We specialize in the ownership, management, and redevelopment of high quality retail and mixed-use properties. These properties are located primarily in major coastal markets and select underserved markets that we believe have strong economic and demographic fundamentals. As of December 31, 2025, we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 104 predominantly retail real estate projects comprising approximately 28.8 million commercial square feet. In total, the real estate projects were 96.1% leased and 94.1% occupied at December 31, 2025. Our revenue is primarily generated from lease agreements with tenants. We have paid quarterly dividends to our shareholders continuously since our founding in 1962 and have increased our dividends per common share for 58 consecutive years. We were founded in 1962 as a REIT under the laws of the District of Columbia and re-formed as a REIT in the state of Maryland in 1999. In January of 2022, we consummated the UPREIT reorganization described in the Explanatory Note at the beginning of this Annual Report. We operate in a manner intended to ITEM 1A. RISK FACTORS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. Also, documents that we \u201cincorporate by reference\u201d into this Annual R", "title": "FRT - FEDERAL REALTY INVESTMENT TRUST", "url": "/company/FRT/" }, { "kind": "company", "summary": "SIC 4513 Air Courier Services; CIK 0001048911; latest 10-K filed 2025-07-21.", "text": "FDX - FEDEX CORP SIC 4513 Air Courier Services; CIK 0001048911; latest 10-K filed 2025-07-21. FDX FEDEX CORP 0001048911 4513 Air Courier Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION ORGANIZATION OF INFORMATION This Management\u2019s Discussion and Analysis of Results of Operations and Financial Condition (\u201cMD&A\u201d) of FedEx Corporation (\u201cFedEx\u201d) is composed of three major sections: Results of Operations and Outlook, Financial Condition, and Critical Accounting Estimates. These sections include the following information: \u2022Results of operations includes an overview of our consolidated 2025 results compared to 2024 results. This section also includes a discussion of key actions and events that impacted our results. Discussion and analysis of 2023 results and year-over-year comparisons between 2024 results and 2023 results can be found in \u201cItem 7. Management\u2019s Discussion and Analysis of Results of Operations and Financial Condition\u201d of our Annual Report on Form 10-K (\u201cAnnual Report\u201d) for the year ended May 31, 2024. -43- \u2022The overview is followed by a discussion of both historical operating results for our business segments during 2025 and 2024 and our outlook for 2026, as well as a financial summary and analysis for each of our transportation segments in place during 2025 and 2024. \u2022Our financial condition is reviewed through an analysis of key elements of our liquidity and capital resources, financial commitments, and liquidity outlook for 2026. \u2022Critical accounting estimates discusses those financial statement elements that we believe are most important to understanding the material judgments and assumptions incorporated in our financial results. The discussion in MD&A should be read in conjunction with the other sections of this Annual Report, particularly \u201cItem 1. Business,\u201d \u201cItem 1A. Risk Factors,\u201d and \u201cItem 8. Financial Statements and Supplementary Data.\u201d DESCRIPTION OF BUSINESS SEGMENTS We provide a broad portfolio of transportation, e-commerce, and business services, offering integrated business solutions utilizing our flexible, efficient, and intelligent global network. Our primary operating companies are Federal Express Corporation (\u201cFederal Express\u201d), the world\u2019s largest express transportation company and a leading North American provider of small-package ground delivery services, and FedEx Freight, Inc. (\u201cFedEx Freight\u201d), a leading North American provider of less-than-truckload (\u201cLTL\u201d) freight transportation services. In connection with our one FedEx consolidation plan, on June 1, 2024, FedEx Ground Package System, Inc. (\u201cFedEx Ground\u201d) and FedEx Corporate Services, Inc (\"FedEx Services\") were merged into Federal Express, becoming a single company operating a unified, fully integrated air-ground express network under the respected FedEx brand. FedEx Freight continues to provide LTL freight transportation services as a separate subsidiary. Beginning in the first quarter of 2025, Federal Express and FedEx Freight represent our major service lines and constitute our reportable segments. Additionally, the results of FedEx Custom Critical, Inc. (\u201cFedEx Custom Critical\u201d) are included in the FedEx Freight segment instead of the Federal Express segment in 2025. Prior-year amounts were revised to reflect this presentation. See \u201cReportable Segments\u201d below and \u201cItem 1. Business\u201d for additional information. In December 2024, we announced that FedEx\u2019s Board of Directors decided to pursue a full separation of FedEx Freight through the capital markets, creating a new publicly traded company. The transaction, which would be implemented through the spin-off of shares of the new company to FedEx stockholders, is expected to be tax-free for U.S. federal income tax purposes for FedEx stockholders and be completed by June 2026. See Item 1A. \u201cRisk Factors \u2013 The planned spin-off of FedEx Freight may not be completed on the terms or timeline currently contemplated, if at all, and there is no guarantee that the spin-off, if completed, will achieve the intended financial and strategic benefits.\u201d In January 2025, the Board o ITEM 1. BUSINESS Overview FedEx Corporation (\u201cFedEx\u201d) was incorporated in Delaware on October 2, 1997 to serve as the parent holding company and provide strategic direction to the FedEx portfolio of companies. FedEx provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce, and business services, offering integrated business solutions utilizing its flexible, efficient, and intelligent global network. Our website is located at fedex.com. Detailed information about our services, e-commerce tools and solutions, and corporate responsibility initiatives can be found on our website. In addition, we make our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all exhibits and amendments to such reports available, free of charge, through our website, as soon as reasonably practicable on the day they are filed with or furnished to the SEC. The Investor Relations page of our website, investors.fedex.com, contains a significant amount of information about FedEx, including our SEC filings and financial and other information for investors. The information that we post on the Investor Relations page of our website could be deemed to be material information. We encourage investors, the media, and others interested in FedEx to visit this website from time to time, as information is updated and new information is posted. The information on our website, however, is not incorporated by reference in, and does not form part of, this Annual Report. In connection with our one FedEx consolidation plan, on June 1, 2024, FedEx Ground Package System, Inc. (\u201cFedEx Ground\u201d) and FedEx Corporate Services, Inc. were merged into Federal Express Corporation (\u201cFederal Express\u201d), becoming a single company operating a unified, fully integrated air-ground express network under the respected FedEx brand. FedEx Freight, Inc. (\u201cFedEx Freight\u201d) provides less-than-truckload (\u201cLTL\u201d) freight transportation services as a separa ITEM 1A. RISK FACTORS In addition to the other information set forth in this Annual Report, you should carefully consider the following factors, which could materially affect our business, results of operations, financial condition, and the price of our common stock. Additional risks not currently known to us or that we currently deem to be immaterial also may materi", "title": "FDX - FEDEX CORP", "url": "/company/FDX/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001136893; latest 10-K filed 2026-02-24.", "text": "FIS - Fidelity National Information Services, Inc. SIC 7389 Services-Business Services, NEC; CIK 0001136893; latest 10-K filed 2026-02-24. FIS Fidelity National Information Services, Inc. 0001136893 7389 Services-Business Services, NEC Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following section discusses management's view of the financial condition and results of operations of FIS and its consolidated subsidiaries as of December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023, unless otherwise noted. This section should be read in conjunction with our audited consolidated financial statements and related notes included elsewhere in this Annual Report. Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Table of Contents contains forward-looking statements. See \"Statement Regarding Forward-Looking Information\" and \"Risk Factors\" in Item 1A of this Annual Report for a discussion of the uncertainties, risks and assumptions associated with these forward-looking statements that could cause future results to differ materially from those reflected in this section. Business Trends and Conditions Revenue Sources and Markets Our revenue from continuing operations is primarily derived from a combination of technology and processing solutions, transaction processing fees, professional services and software license fees. While we are a global company and do business around the world, the majority of our revenue is generated by clients in the U.S. The majority of our international revenue is generated by clients in the United Kingdom, Germany, Canada, Australia, Switzerland, France, South Africa, the Netherlands and India. In addition, the majority of our revenue has historically been recurring under multi-year Banking and Capital Markets contracts that contribute relative stability to our revenue stream. These solutions, in general, are considered critical to our clients' operations. Professional services revenue is typically non-recurring, though recognition often occurs over time rather than at a point in time. Sales of software licenses are typically non-recurring with point-in-time recognition and are less predictable. Economic Trends We continue to experience relatively stable sales cycles and levels of client activity across our businesses. While inflation remains elevated on a multi\u2011year basis, recent inflation levels in our primary markets have moderated compared to the peak levels observed over the past several years. However, we have experienced, and continue to experience, significant cost increases from vendors, and market conditions limit our ability to fully offset these increases through pricing actions. Relatively high interest rates have had, and may continue to have, a negative impact on our interest expense. During 2024, we used a portion of the net proceeds from the 2024 Worldpay Sale to repay our borrowings under our commercial paper programs and reduce our long-term debt, which decreased our interest expense from previous levels. However, we incurred approximately $7.7 billion of new debt upon closing of the Issuer Solutions Acquisition, as further discussed in Note 1 to the consolidated financial statements, which will increase our interest expense in 2026. Given the volatility of exchange rates and the mix of currencies involved in both revenues and expenses, the direction and magnitude of future effects of currency fluctuations are uncertain. We continue to monitor the potential impacts of recently enacted and potential future tariff regimes in the U.S. and internationally. As of December 31, 2025, tariffs have not had a significant impact on our financial condition or results of operations. 2024 Worldpay Sale The Company completed the 2024 Worldpay Sale on January 31, 2024, for cash consideration in a transaction valuing the Worldpay Merchant Solutions business at an enterprise value of $18.5 billion, including $1.0 billion of consideration contingent on the returns realized by Buyer exceeding certain thresholds. FIS will no longer receive the contingent consideration as a result of the completion of the 2026 Wo Item 1. Business Overview About FIS FIS is a financial technology company providing solutions to financial institutions, businesses and developers. We unlock financial technology to the world across the money lifecycle underpinning the world's financial systems. Our people are dedicated to advancing the way the world pays, banks and invests, by helping our clients to confidently run, grow and protect their businesses. Our expertise comes from decades of experience helping financial institutions and businesses of all sizes adapt to meet the needs of their customers by harnessing where reliability meets innovation in financial technology. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500\u00ae and the Standard & Poor\u2019s 500\u00ae Index. FIS is incorporated under the laws of the State of Georgia as Fidelity National Information Services, Inc., and our stock is traded under the trading symbol \"FIS\" on the New York Stock Exchange. Growth and Strategy Objectives Our growth continues to be driven by the expansion of our clients' businesses, our internal development of innovative solutions, our focused sales and marketing efforts and our deepening reach across global financial ecosystems. Strategic acquisitions and partnerships have further enhanced our offerings, diversified our client portfolio, and expanded our reach into new and attractive markets aligned with our long-term objectives. As we advance our transformation into a platform company, we are embedding artificial intelligence (\"AI\") across our solutions and operations. We have shifted to a functional operating model, streamlining decision-making, fostering closer collaboration across the organization and with our clients. By reallocating resources toward high-value, integrated client experiences and modernizing our technology infrastructure, we are strengthening our competitive position and operational resilience. Worldpay Sale and Issuer Solutions Acquisition On January 31, 2024, we compl Item 1A. Risk Factors In addition to the normal risks of business, we are subject to significant risks and uncertainties, including those listed below and others described elsewhere in this Annual Report on Form 10-K. Any of the risks described herein, as well as risks currently unknown", "title": "FIS - Fidelity National Information Services, Inc.", "url": "/company/FIS/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000035527; latest 10-K filed 2026-02-24.", "text": "FITB - FIFTH THIRD BANCORP SIC 6022 State Commercial Banks; CIK 0000035527; latest 10-K filed 2026-02-24. FITB FIFTH THIRD BANCORP 0000035527 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of certain significant factors that have affected Fifth Third Bancorp\u2019s (the \u201cBancorp\u201d or \u201cFifth Third\u201d) financial condition and results of operations during the periods included in the Consolidated Financial Statements, which are a part of this filing. Reference to the Bancorp incorporates the parent holding company and all consolidated subsidiaries. The Bancorp\u2019s banking subsidiary is referred to as the Bank. OVERVIEW This overview of MD&A highlights selected information in the financial results of the Bancorp and may not contain all of the information that is important to you. For a more complete understanding of trends, events, commitments, uncertainties, liquidity, capital resources and critical accounting policies and estimates, you should carefully read this entire document. Each of these items could have an impact on the Bancorp\u2019s financial condition, results of operations and cash flows. In addition, refer to the Glossary of Abbreviations and Acronyms in this report for a list of terms included as a tool for the reader of this Annual Report on Form 10-K. The abbreviations and acronyms identified therein are used throughout this MD&A, as well as the Consolidated Financial Statements and Notes to Consolidated Financial Statements. Net interest income, net interest margin, net interest rate spread and the efficiency ratio are presented in MD&A on an FTE basis. The FTE basis adjusts for the tax-favored status of income from certain loans and leases and securities held by the Bancorp that are not taxable for federal income tax purposes. The Bancorp believes this presentation to be the preferred industry measurement of net interest income as it provides a relevant comparison between taxable and non-taxable amounts. The FTE basis for presenting net interest income is a non-GAAP measure. For further information, refer to the Non-GAAP Financial Measures section of MD&A. The Bancorp\u2019s revenues are dependent on both net interest income and noninterest income. For the year ended December 31, 2025, net interest income on an FTE basis and noninterest income provided 66% and 34% of total revenue, respectively. The Bancorp derives the majority of its revenues within the U.S. from customers domiciled in the U.S. Changes in interest rates, credit quality, economic trends and the capital markets are primary factors that drive the performance of the Bancorp. As discussed later in the Risk Management section of MD&A, risk identification, measurement, monitoring, control and reporting are important to the management of risk and to the financial performance and capital strength of the Bancorp. Net interest income is the difference between interest income earned on assets such as loans, leases and securities, and interest expense incurred on liabilities such as deposits, other short-term borrowings and long-term debt. Net interest income is affected by the general level of interest rates, the relative level of short-term and long-term interest rates, changes in interest rates and changes in the amount and composition of interest-earning assets and interest-bearing liabilities. Generally, the rates of interest the Bancorp earns on its assets and pays on its liabilities are established for a period of time. The change in market interest rates over time exposes the Bancorp to interest rate risk through potential adverse changes to net interest income and financial position. The Bancorp manages this risk by continually analyzing and adjusting the composition of its assets and liabilities based on their payment streams and interest rates, the timing of their maturities and their sensitivity to changes in market interest rates. Additionally, in the ordinary course of business, the Bancorp enters into certain derivative transactions as part of its o ITEM 1. BUSINESS General Information Fifth Third Bancorp (the \u201cBancorp\u201d or \u201cFifth Third\u201d), an Ohio corporation organized in 1975, is a bank holding company (\u201cBHC\u201d) as defined by the Bank Holding Company Act of 1956, as amended (the \u201cBHCA\u201d), and has elected to be treated as a financial holding company (\u201cFHC\u201d) under the Gramm-Leach-Bliley Act of 1999 (\u201cGLBA\u201d) and regulations of the Board of Governors of the Federal Reserve System (the \u201cFRB\u201d). The Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio and is the indirect holding company of Fifth Third Bank, National Association (the \u201cBank\u201d). As of December 31, 2025, Fifth Third had $214 billion in assets and operates 1,130 full-service Banking Centers and 2,199 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina, South Carolina and Alabama. The Bancorp operates three main businesses: Commercial Banking, Consumer and Small Business Banking and Wealth and Asset Management. The Bancorp\u2019s trust and registered investment advisory businesses had approximately $690 billion in total assets under care and managed $80 billion in assets for individuals, corporations and not-for-profit organizations as of December 31, 2025. Fifth Third\u2019s common stock is traded on the NASDAQ\u00ae Global Select Market under the symbol FITB. The Bancorp\u2019s subsidiaries provide a wide range of financial products and services to the commercial, financial, retail, governmental, educational, energy and healthcare sectors. This includes a variety of checking, savings and money market accounts, wealth management solutions, payments and commerce solutions, securities products and services, insurance services and credit products such as commercial loans and leases, mortgage loans, credit cards, installment loans and other lending products. These products and services are delivered through a variety of channels including the Bancorp\u2019s banking centers, ITEM 1A. RISK FACTORS The risks and uncertainties listed below present risks that could have a material impact on the Bancorp\u2019s business, financial condition or results of operations. Some of these risks and uncertainties are interrelated and the occurrence of one or more of them may exacerbate the effect of others. The risks and uncert", "title": "FITB - FIFTH THIRD BANCORP", "url": "/company/FITB/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001274494; latest 10-K filed 2026-02-24.", "text": "FSLR - FIRST SOLAR, INC. SIC 3674 Semiconductors & Related Devices; CIK 0001274494; latest 10-K filed 2026-02-24. FSLR FIRST SOLAR, INC. 0001274494 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes thereto included in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions as described under the \u201cNote Regarding Forward-Looking Statements\u201d that appears earlier in this Annual Report on Form 10-K. Our actual results could differ materially from those anticipated by these forward-looking statements as a result of many factors, including those discussed under Item 1A. \u201cRisk Factors,\u201d and elsewhere in this Annual Report on Form 10-K. This discussion and analysis does not address certain items in respect of the year ended December 31, 2023. See Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024 for comparative discussions of our results of operations and liquidity and capital resources for the years ended December 31, 2024 and 2023. Executive Overview We are America\u2019s leading PV solar technology and manufacturing company. The only U.S.-headquartered company among the world\u2019s largest solar manufacturers, First Solar is focused on competitively and reliably enabling power generation needs with our advanced, uniquely American thin film PV technology. Developed at R&D labs in California and Ohio, our technology provides a competitive, high-performance, and responsibly produced alternative to conventional crystalline silicon PV solar modules. Our PV solar modules are produced using a fully integrated, continuous process that does not rely on Chinese crystalline silicon supply chains. We are the world\u2019s largest thin film PV solar module manufacturer and the largest PV solar module manufacturer in the Western Hemisphere. We recently commenced operations at our fourth and fifth manufacturing facilities in the United States and completed the expansion of our manufacturing footprint at our existing facilities in Ohio. We are in the process of further expanding our domestic manufacturing capacity, including the construction of our sixth U.S. manufacturing facility to onshore final production processes for modules initiated by our international fleet, which is expected to commence operations in the second half of 2026. Our global manufacturing footprint spans the United States, India, Malaysia, and Vietnam. Certain of our financial results and other key operational developments for the year ended December 31, 2025 include the following: \u2022Net sales for 2025 increased by 24% to $5.2 billion compared to $4.2 billion in 2024. The increase in net sales was primarily driven by an increase in the volume of modules sold to third parties. 51 Table of Contents \u2022Gross profit as a percentage of net sales decreased 3.6 percentage points to 40.6% in 2025 from 44.2% in 2024. The decrease was primarily driven by higher costs related to a sales mix that included more U.S.-produced modules, higher warehousing costs, additional duties and tariff costs, and higher logistics charges, partially offset by the recognition of higher advanced manufacturing production credits under Section 45X of the IRC. \u2022During 2025, we commenced production of Series 7 modules at our new manufacturing facility in Louisiana. During 2025, we produced 16.1 GW and sold 17.5 GW of solar modules. \u2022In June 2025 and July 2025, we entered into two separate agreements for the sale of $701.9 million of Section 45X tax credits we generated during 2025 for aggregate cash proceeds of $668.1 million. We received the full cash proceeds during the year ended December 31, 2025. \u2022In October 2025, we entered into two separate agreements for the sale of Item 1. Business Company Overview We are America\u2019s leading PV solar technology and manufacturing company. The only U.S.-headquartered company among the world\u2019s largest solar manufacturers, First Solar is focused on competitively and reliably enabling power generation needs with our advanced, uniquely American thin film PV technology. Developed at R&D labs in California and Ohio, our technology provides a competitive, high-performance, and responsibly produced alternative to conventional crystalline silicon PV solar modules. Our PV solar modules are produced using a fully integrated, continuous process that does not rely on Chinese crystalline silicon supply chains. We are the world\u2019s largest thin film PV solar module manufacturer and the largest PV solar module manufacturer in the Western Hemisphere. In addressing the overall global demand for electricity, PV solar modules provide energy at a lower levelized cost of electricity (\u201cLCOE\u201d), meaning the net present value of a system\u2019s total life cycle costs divided by the quantity of energy that is expected to be produced over the system\u2019s life, when compared to traditional forms of energy generation. With over $2 billion in cumulative R&D investments in the last 20 years, we have a demonstrated history of innovation and continuous improvement. We believe our strategies and points of differentiation provide the foundation for our competitive position and enable us to remain one of the preferred providers of PV solar modules. Business Strategy Advanced Module Technology Our current module semiconductor structure is a single-junction polycrystalline thin film that uses CdTe as the absorption layer. CdTe has absorption properties that are well matched to the solar spectrum and can deliver competitive performance using approximately 2% to 3% of the amount of semiconductor material used to manufacture conventional crystalline silicon modules. In terms of performance, in many climates our solar modules provide certain e Item 1A. Risk Factors An investment in our stock involves a high degree of risk. You should carefully consider the following information, together with the other information in this Annual Report on Form 10-K, before buying shares of our stock. If any of the following risks or uncertainties occur, our business, financial conditi", "title": "FSLR - FIRST SOLAR, INC.", "url": "/company/FSLR/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0001031296; latest 10-K filed 2026-02-18.", "text": "FE - FIRSTENERGY CORP SIC 4911 Electric Services; CIK 0001031296; latest 10-K filed 2026-02-18. FE FIRSTENERGY CORP 0001031296 4911 Electric Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward-Looking Statements: This Form 10-K includes forward-looking statements based on information currently available to the Registrants\u2019 management and unless the context requires otherwise, references to \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and \u201cFirstEnergy\u201d refer to the Registrants collectively. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms \u201canticipate,\u201d \u201cpotential,\u201d \u201cexpect,\u201d \"forecast,\" \"target,\" \"will,\" \"intend,\" \u201cbelieve,\u201d \"project,\" \u201cestimate,\" \"plan\" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following (see Glossary of Terms for definitions of capitalized terms): \u2022The potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the DPA, and settlements with the OAG's office and the SEC; \u2022The risks and uncertainties associated with litigation, including the securities class-action lawsuit, regulatory proceedings, arbitration, mediation and similar proceedings; \u2022Changes in national and regional economic conditions, including recession, volatile interest rates, inflationary pressure, supply chain disruptions, higher fuel costs, and workforce impacts, affecting us and/or our customers and the vendors with which we do business; \u2022Variations in weather, such as mild seasonal weather variations and severe weather conditions (including events caused, or exacerbated, by climate change, such as wildfires, hurricanes, flooding, droughts, high wind events and extreme heat events) and other natural disasters, which may result in increased storm restoration expenses or material liability and negatively affect future operating results; \u2022The potential liabilities and increased costs arising from regulatory actions or outcomes in response to severe weather conditions and other natural disasters; \u2022Legislative and regulatory developments, and executive orders, including, but not limited to, matters related to rates, generation resource adequacy, co-location of generation and large loads, and compliance and enforcement activity; \u2022The ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions, and the loss of FE\u2019s status as a well-known seasoned issuer; \u2022The risks associated with physical attacks, such as acts of war, terrorism, sabotage or other acts of violence, and cyber-attacks and other disruptions to our, or our vendors\u2019, information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information; \u2022The ability to accomplish or realize anticipated benefits through establishing a culture of continuous improvement and our other strategic and financial goals, including, but not limited to, executing Energize365, our transmission and distribution investment plan, executing on our rate filing strategy, controlling costs, improving credit metrics, maintaining investment grade ratings, strengthening our balance sheet and growing earnings; \u2022Changing ITEM 1. BUSINESS The Companies FE and its subsidiaries are principally involved in the transmission, distribution, and generation of electricity. FirstEnergy\u2019s electric operating companies comprise one of the nation\u2019s largest investor-owned electric systems, serving over six million customers in the Midwest and Mid-Atlantic regions. FirstEnergy\u2019s transmission operations include more than 24,000 miles of transmission lines and two regional transmission operation centers, and MP and AGC control 3,610 MWs of total generation capacity. Regulated Electric Company Operating Subsidiaries The Electric Companies\u2019 combined service areas encompass approximately 65,000 square miles in Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York, providing distribution services for over six million customers in an area with a population of approximately 14 million and a total rate base of approximately $21.3 billion as of December 31, 2025. OE owns property and does business as an electric public utility in Ohio, providing distribution services to approximately 1.1 million customers in central and northeastern Ohio, with a rate base of $2.0 billion as of December 31, 2025. OE has 1,013 employees and serves an area that has a population of approximately 2.4 million. CEI owns property and does business as an electric public utility in Ohio, providing distribution services to approximately 0.8 million customers in northeastern Ohio, with a rate base of $1.7 billion as of December 31, 2025. CEI has 752 employees and serves an area that has a population of approximately 1.7 million. TE owns property and does business as an electric public utility in Ohio, providing distribution services to approximately 0.3 million customers in northwestern Ohio, with a rate base of $0.5 billion as of December 31, 2025. TE has 281 employees and serves an area that has a population of approximately 0.7 million. FE PA owns property and does business as an electric public utility in ITEM 1A. RISK FACTORS We operate in a business environment that involves significant risks, many of which are beyond the Registrants\u2019 control. The Registrants regularly evaluate the most significant risks of their businesses and review those risks with their respective boards of directors and, if appropriate, committees of those boards of directors. The following risk f", "title": "FE - FIRSTENERGY CORP", "url": "/company/FE/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0000798354; latest 10-K filed 2026-02-19.", "text": "FISV - FISERV INC SIC 7389 Services-Business Services, NEC; CIK 0000798354; latest 10-K filed 2026-02-19. FISV FISERV INC 0000798354 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s discussion and analysis of financial condition and results of operations is provided as a supplement to our consolidated financial statements and accompanying notes to help provide an understanding of our financial condition, the changes in our financial condition and our results of operations. This section generally discusses information and results pertaining to the years ended December 31, 2025 and 2024. Information and discussion of results pertaining to the year ended December 31, 2023 not included herein can be found in Part II, \u201cItem 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for fiscal year 2024, filed with the Securities and Exchange Commission on February 20, 2025. Our discussion is organized as follows: \u2022Overview. This section contains background information on our company and the products and services that we provide, acquisitions and dispositions, our enterprise priorities, and the trends affecting our industry in order to provide context for management\u2019s discussion and analysis of our financial condition and results of operations. \u2022Critical accounting policies and estimates. This section contains a discussion of the accounting policies that we believe are important to our financial condition and results of operations and that require judgment and estimates on the part of management in their application. Our critical accounting policies are also summarized in Note 1 to the accompanying consolidated financial statements. 27 Table of Contents \u2022Results of operations. This section contains an analysis of our results of operations presented in the accompanying consolidated statements of income by comparing the results for the year ended December 31, 2025 to the results for the year ended December 31, 2024. \u2022Liquidity and capital resources. This section provides an analysis of our cash flows and a discussion of our outstanding debt and commitments at December 31, 2025. Overview Company Background We are a leading global provider of payments and financial services technology solutions. We serve clients around the globe, including merchants, banks, credit unions, other financial institutions, corporate and public sector clients. We help clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover\u00ae cloud-based point-of-sale (\u201cPOS\u201d) and business management platform. Most of the products and services we provide are necessary for our clients to operate their businesses and are therefore non-discretionary in nature. We serve our global client base by working among our geographic teams across various regions, including the United States of America (\u201cU.S.\u201d) and Canada; Europe, Middle East and Africa; Latin America; and Asia Pacific. Our operations are comprised of the Merchant Solutions (\u201cMerchant\u201d) segment and Financial Solutions (\u201cFinancial\u201d) segment. We are focused on providing exceptional client service, world-class execution, value-added technology solutions, and cutting-edge innovation. Our long-term focus is to meet our financial commitments, deliver compelling, innovative solutions that address our clients\u2019 most critical needs, and realize productivity and efficiency gains by embedding artificial intelligence (\u201cAI\u201d) in our products, services and business operations. The businesses in our Merchant segment provide commerce-enabling products and services to companies of all sizes around the world. These products and services include merchant acquiring and digital commerce services; mobile payment services; security and fraud protection solutions; stored-value solutions; software-as-a-s Item 1. Business Overview Fiserv, Inc. is a leading global provider of payments and financial services technology solutions. We are publicly traded on the NASDAQ Global Select Market and part of the S&P 500 Index. We serve clients around the globe, including merchants, banks, credit unions, other financial institutions, corporate and public sector clients. We help clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover\u00ae cloud-based point-of-sale (\u201cPOS\u201d) and business management platform. Most of the products and services we provide are necessary for our clients to operate their businesses and are therefore non-discretionary in nature. We serve our global client base by working among our geographic teams across various regions, including the United States of America (\u201cU.S.\u201d) and Canada; Europe, Middle East and Africa; Latin America; and Asia Pacific. In 2025, we had $21.2 billion in total revenue, $5.8 billion in operating income and $6.1 billion of net cash provided by operating activities. Processing and services revenue, which in 2025 represented 80% of our total revenue, is primarily generated from account- and transaction-based fees under multi-year contracts that generally have high renewal rates. We have operations and offices located both within the U.S. and Canada, and internationally, which as a percentage of total revenue were as follows: [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\"],[\"(In millions)\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Total revenue\",\"\",\"$\",\"21,193\",\"\",\"\",\"$\",\"20,456\",\"\",\"\",\"$\",\"19,093\"],[\"U.S. and Canada\",\"\",\"84\",\"%\",\"\",\"85\",\"%\",\"\",\"85\",\"%\"],[\"International (1)\",\"\",\"16\",\"%\",\"\",\"15\",\"%\",\"\",\"15\",\"%\"]] [[/GREPCENT_TABLE]] (1) Represents revenue in the following international regions: EMEA (Europe, Middle East and Afri Item 1A. Risk Factors You should carefully consider each of the risks described below, together with all of the other information contained in this Annual Report on Form 10-K, before making an investment decision with respect to our securities. If any of the following risks develop into actual events, our business, results of operations or financial condition could be materiall", "title": "FISV - FISERV INC", "url": "/company/FISV/" }, { "kind": "company", "summary": "SIC 3711 Motor Vehicles & Passenger Car Bodies; CIK 0000037996; latest 10-K filed 2026-02-11.", "text": "F - FORD MOTOR CO SIC 3711 Motor Vehicles & Passenger Car Bodies; CIK 0000037996; latest 10-K filed 2026-02-11. F FORD MOTOR CO 0000037996 3711 Motor Vehicles & Passenger Car Bodies ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Key Trends and Economic Factors Affecting Ford and the Automotive Industry Trade Policy. To the extent governments in various regions implement or intensify restrictions or barriers to trade, such as tariff or non-tariff barriers, export controls, currency manipulation, or policies that otherwise favor domestic companies, there can be a significant negative impact on manufacturers based in other markets. Tariffs implemented to date in the United States and elsewhere have caused significant disruption, increased costs (both directly and indirectly), and uncertainty in the automotive industry, including for Ford, other OEMs, suppliers, and dealers, as well as customers. Moreover, tariffs implemented or increased in the United States and elsewhere in the future may exacerbate these impacts. Further, instability in the supply chain exacerbated by tariffs and other industry concerns, such as China\u2019s restriction on the export of rare earth minerals and various components, has resulted in production disruptions and increased costs and heightens the risk of future production disruptions and additional cost increases. Tariffs have affected and will continue to affect all OEMs, to various degrees. In 2025, Ford\u2019s gross costs related to tariffs implemented or revised in 2025 was about $3 billion, including the impact of tariff relief, and the net EBIT impact was about $2 billion after offsets. This relief is subject to periodic approval by the U.S. Department of Commerce and may be revised based on factors such as U.S. production and import content levels. As of December 31, 2025, we recognized a receivable of $974 million reflecting tariffs paid but for which we had not yet received refunds. Although we have started to receive refunds, the timing for our receipt of refunds is uncertain and is subject to changes in trade policy. Tariffs, particularly on auto parts for U.S. assembly, if sustained for an extended period of time, will have a significant adverse effect on U.S. production and the overall automotive industry. For additional information regarding the impact and potential impact of trade policy and tariffs on our business, see the Outlook section on page 74 of this Report and Item 1A. Risk Factors. Production and Supply Chain. Market volatility and shifting global supply chains have continued to create some production constraints, though conditions have improved from the immediate post-COVID period. As we adjust to shifting market conditions and balance our production mix, continued uncertainty with regard to current and future levels of tariffs, as discussed above, could have a significant impact on our supply chain and, in turn, our production. We continue to reevaluate our supply base and sourcing decisions and may in the future incur charges to improve flexibility and cost competitiveness. In September 2025 and November 2025, fires at a Novelis Inc. plant in New York disrupted operations at the facility. Novelis is a major aluminum supplier to Ford, and since the initial fire occurred, we have been working closely with Novelis to address the situation and exploring potential alternative sources of aluminum. We have also sought mitigating actions to minimize potential disruptions to our operations. Although the ultimate impact on Ford is uncertain, we experienced lower production in the fourth quarter of 2025 driven by the Novelis fires, which we expect to recover partially in 2026. For more information regarding the impact and potential impact of the Novelis fires on our business, see the Outlook section on page 74 of this Report. See Item 1A. Risk Factors for additional discussion of the risks related to disruptions to Ford\u2019s and Ford\u2019s suppliers\u2019 production and operations. Electric Vehicle Market. Although we are investing in our EV strategy, we anticipate that the EV market will continue to evolve. To date, we have obse ITEM 1. Business. Ford Motor Company was incorporated in Delaware in 1919. We acquired the business of a Michigan company, also known as Ford Motor Company, which had been incorporated in 1903 to produce and sell automobiles designed and engineered by Henry Ford. We are a global company based in Dearborn, Michigan. With about 169,000 employees worldwide, the Company is committed to helping build a better world, where every person is free to move and pursue their dreams. The Company\u2019s Ford+ plan for growth and value creation combines existing strengths, new capabilities, and always-on relationships with customers to enrich experiences for customers and deepen their loyalty. Ford develops and delivers innovative, must-have Ford trucks, sport utility vehicles, commercial vans and cars, and Lincoln luxury vehicles, along with connected services, including BlueCruise (ADAS) and security. The Company offers freedom of choice through three customer-centered business segments: Ford Blue, engineering iconic gas-powered and hybrid vehicles; Ford Model e, inventing breakthrough electric vehicles (\u201cEVs\u201d), including extended range electric vehicles (\u201cEREVs\u201d), along with embedded software that defines always-on digital experiences for all customers; and Ford Pro, helping commercial customers transform and expand their businesses with vehicles and services tailored to their needs. Additionally, the Company provides financial services through Ford Motor Credit Company LLC (\u201cFord Credit\u201d). In addition to the information about Ford and our subsidiaries contained in this Annual Report on Form 10-K for the year ended December 31, 2025 (\u201c2025 Form 10-K Report\u201d or \u201cReport\u201d), extensive information about our Company can be found at https://corporate.ford.com, including information about our management team, brands, products, services, and corporate governance principles. The corporate governance information on our website includes our Corporate Governance Principles, Code of Ethics for ITEM 1A. Risk Factors. We have listed below the material risk factors applicable to us grouped into the following categories: Operational Risks; Macroeconomic, Market, and Strategic Risks; Financial Risks; and Legal and Regulatory Risks. Some of the risks and contingencies discussed herein may have previously occurred. These ri", "title": "F - FORD MOTOR CO", "url": "/company/F/" }, { "kind": "company", "summary": "SIC 3577 Computer Peripheral Equipment, NEC; CIK 0001262039; latest 10-K filed 2026-02-25.", "text": "FTNT - Fortinet, Inc. SIC 3577 Computer Peripheral Equipment, NEC; CIK 0001262039; latest 10-K filed 2026-02-25. FTNT Fortinet, Inc. 0001262039 3577 Computer Peripheral Equipment, NEC ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations In addition to historical information, this Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements include, among other things, statements concerning our expectations regarding: \u2022continued growth and market share gains; \u2022variability in sales in certain product and service categories from year to year and between quarters; \u2022expected impact of sales from certain products and services; \u2022increasing or decreasing inflation or stagflation, and changing interest rates in many geographies and changes in currency exchange rates and currency regulations; \u2022competition in our markets; \u2022macroeconomic, geopolitical factors and other disruption on our manufacturing or sales, including tariffs or other trade disruptions, public health issues, wars, natural disasters and economic growth; \u2022government regulation and other policies; \u2022drivers of long-term growth and operating leverage, such as pricing of our products and services, sales productivity, pipeline and capacity, functionality, value and technology improvements in our product and service offerings; \u2022growing our solution sales through channel partners to businesses, service providers and government organizations, our ability to execute these sales and the complexity of providing solutions to all segments (including the increased competition and unpredictability of timing associated with sales to larger enterprises), the impact of sales to these organizations on our long-term growth, expansion and operating results, and the effectiveness of our sales organization; \u2022our ability to successfully anticipate market changes, including those related to cloud-based and AI solutions and to sell, support and meet service level agreements related to cloud-based solutions; \u2022growth expectations for the secure networking market; \u2022supply chain constraints, component availability and other factors affecting our manufacturing capacity, delivery, cost and inventory management; \u2022forecasts of future demand and targeted inventory levels, including changing market drivers and demands; \u2022the effect of backlog from current or prior quarters, including its effect on growth of in-quarter billings and revenue; \u2022our ability to hire properly qualified and effective sales, support and engineering employees; \u2022risks and expectations related to acquisitions and equity interests in private and public companies, including integration issues related to go-to-market plans, product plans, employees of such companies, controls and processes and the acquired technology, and risks of negative impact by such acquisitions and equity investments on our financial results; \u2022trends in revenue, cost of revenue and gross margin, including product revenue, service revenue and inventory related charges; \u2022trends in our operating expenses, including sales and marketing expenses, research and development expenses, general and administrative expenses; 55 Table of Contents \u2022expected impact of plans and strategy for the acceleration of our data center footprint and our PoP deployment; \u2022our gross margins and operating expenses for 2026; \u2022expectations that proceeds from the exercise of stock options in future years will be adversely impacted by the increased mix of restricted stock units and performance stock units versus stock options granted or a decline in our stock price; \u2022uncertain tax benefits and our effective domestic and global tax rates, the impact of interpretations of or changes to tax law, and the timing of tax payments; \u2022spending related to real estate assets, acquisitions and development, including data centers and points of presence, office building and warehouse investments, as well as other capital expenditures and to the impact on free cash flow and expenses; \u2022estimates of a range of 2026 sp ITEM 1. Business Overview Fortinet is a leader in cybersecurity, driving the convergence of networking and security. Our mission is to secure people, devices and data everywhere. Our integrated platform, the Fortinet Security Fabric, spans secure networking, unified Secure Access Service Edge (\u201cSASE\u201d) and artificial intelligence (\u201cAI\u201d)-driven security operations (\u201cSecOps\u201d). As of December 31, 2025, our end-customers were located in over 100 countries and included enterprises across a wide variety of market verticals, including financial services, retail, healthcare and operational technology (\u201cOT\u201d) market verticals, communication and security service providers, and government organizations. As a global company headquartered in Sunnyvale, California, our research and development is centered in the United States and Canada with a global footprint of support and centers of excellence around the world. As of December 31, 2025, we held 1,064 U.S. patents and a total of 1,405 global patents, including 321 AI-related patents. We have been recognized in over 140 enterprise analyst reports demonstrating both our vision and execution across security and networking products. Our competitive differentiation lies in our core technologies, which together provide performance, security, flexibility and integration across diverse environments. \u2022FortiOS\u2014Our unified operating system enables the convergence of networking and AI-powered security to enforce consistent policies across all form factors and edges. As the foundational engine of the Fortinet Security Fabric, FortiOS empowers organizations to unify management and analytics, providing network visibility and control at scale. FortiOS includes advanced encryption and other security technologies designed to address evolving cybersecurity threats, including emerging quantum-resistant cryptographic capabilities. \u2022FortiASIC\u2014Our Application-Specific Integrated Circuit (\u201cASIC\u201d)-based security processing units (\u201cSPUs\u201d) increase ITEM 1A. Risk Factors Investing in our common stock involves a high degree of risk. Investors should carefully consider the following risks and all other information contained in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes, before investing in our common stock. The risks and uncertainties descr", "title": "FTNT - Fortinet, Inc.", "url": "/company/FTNT/" }, { "kind": "company", "summary": "SIC 3823 Industrial Instruments For Measurement, Display, and Control; CIK 0001659166; latest 10-K filed 2026-02-25.", "text": "FTV - Fortive Corp SIC 3823 Industrial Instruments For Measurement, Display, and Control; CIK 0001659166; latest 10-K filed 2026-02-25. FTV Fortive Corp 0001659166 3823 Industrial Instruments For Measurement, Display, and Control ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of Fortive\u2019s financial condition and results of operations for the fiscal years ended December 31, 2025, December 31, 2024, and December 31, 2023 should be read in conjunction with our audited consolidated financial statements and accompanying notes included in Part II, Item 8 of this Form 10-K. This Item generally discusses 2025, 2024, and 2023 items and year-to-year comparisons between 2025 and 2024, and 2024 and 2023. Fortive Corporation (\u201cFortive,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) innovates essential technologies to keep our world safe and productive. Our strategic segments - Intelligent Operating Solutions and Advanced Healthcare Solutions - include iconic inventor brands with leading positions in their markets. Our businesses design, develop, manufacture, and market products, software, and services, building upon leading brand names, innovative technologies, and strong market positions. Our research and development, manufacturing, sales, distribution, service, and administrative facilities are located in approximately 50 countries around the world. 28 Table of Contents Precision Technologies Separation On June 28, 2025 (the \u201cDistribution Date\u201d), the Company completed the separation (the \u201cSeparation\u201d or the \u201cPT Separation\u201d) of its former Precision Technologies segment by distributing to Fortive shareholders on a pro rata basis all of the issued and outstanding common stock of Ralliant Corporation (\u201cRalliant\u201d), the entity incorporated to hold the PT businesses. The accounting requirements for reporting Ralliant as a discontinued operation were met when the Separation was completed. Accordingly, the accompanying consolidated financial statements for all periods presented reflect this business as a discontinued operation. Unless otherwise indicated, all references in this Annual Report refer to continuing operations. Refer to Note 3 of the consolidated financial statements for additional information. This MD&A is designed to provide a reader of our financial statements with a narrative from the perspective of management. Our MD&A is divided into seven sections: \u2022Basis of Presentation \u2022Overview \u2022Results of Operations \u2022Financial Instruments and Risk Management \u2022Liquidity and Capital Resources \u2022Critical Accounting Estimates \u2022New Accounting Standards OVERVIEW General Fortive is a multinational business with global operations with approximately 44% of our sales derived from customers outside the United States in 2025. As a company with global operations, our businesses are affected by worldwide, regional, and industry-specific economic, trade policies, fiscal policies, regulatory, and political factors. Our geographic and industry diversity, as well as the range of products, software, and services we offer, typically help limit the impact of any one industry or the economy of any single country, except for the United States, on our operating results. Given the broad range of products manufactured, software and services provided, and geographies served, we do not use any indices other than general economic trends to predict the overall outlook for the Company. Our individual businesses monitor key competitors and customers, including their sales, to the extent possible, to gauge relative performance and the outlook for the future. As a result of our geographic and industry diversity, we face a variety of opportunities and challenges, including technological development in most of the markets we serve, the expansion and evolution of opportunities in growing markets, trends and costs associated with a global labor force, trade policies, and consolidation of our competitors. We operate in a highly competitive business environment in most markets, and our long-term growth and profitability will depend, in particular, on our ability to expand our business across geographies and market ITEM 1. BUSINESS General Fortive Corporation innovates essential technologies to keep our world safe and productive. Our strategic segments - Intelligent Operating Solutions and Advanced Healthcare Solutions - include iconic inventor brands with leading positions in their markets. Our businesses design, develop, manufacture, and market products, software, and services, building upon leading brand names, innovative technologies, and strong market positions. We are headquartered in Everett, Washington and have a workforce of more than 10,000 research and development, manufacturing, sales, distribution, service, and administrative professionals in approximately 50 countries around the world. On June 28, 2025, we separated our Precision Technologies segment business into an independent publicly-traded company (the \u201cSeparation\u201d) named Ralliant Corporation (\u201cRalliant\u201d). The Separation was effected to qualify as a tax-free spin-off for Fortive shareholders for U.S. federal income tax purposes. Fortive Corporation is a Delaware corporation and was incorporated in 2015 in connection with the separation of Fortive from Danaher Corporation (\u201cDanaher\u201d or \u201cFormer Parent\u201d) on July 2, 2016 as an independent, publicly-traded company, listed on the New York Stock Exchange. In this Annual Report, the terms \u201cFortive\u201d or the \u201cCompany\u201d refer to either Fortive Corporation or to Fortive Corporation and its consolidated subsidiaries, as the context requires. Unless otherwise indicated, all amounts in this Annual Report refer to continuing operations. 4 Table of Contents Fortive Business System Our teams across our operating companies are united by our culture of continuous improvement \u2013 characterized by the high expectations, inclusion, humility, and transparency embodied in the Fortive Business System (\u201cFBS\u201d). This cultural foundation is reinforced by the rigor of our disciplined operating cadence. FBS enables us to operate our businesses with a focus on relentless execution, pow ITEM 1A. RISK FACTORS You should carefully consider the risks and uncertainties described below, together with the information included elsewhere in this Annual Report on Form 10-K and other documents we file with the SEC. The risks and uncertainties described below are those that we have ident", "title": "FTV - Fortive Corp", "url": "/company/FTV/" }, { "kind": "company", "summary": "SIC 4833 Television Broadcasting Stations; CIK 0001754301; latest 10-K filed 2025-08-06.", "text": "FOXA - Fox Corp SIC 4833 Television Broadcasting Stations; CIK 0001754301; latest 10-K filed 2025-08-06. FOXA Fox Corp 0001754301 4833 Television Broadcasting Stations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Readers should carefully review this document and the other documents filed by Fox Corporation (\u201cFOX\u201d or the \u201cCompany\u201d) with the Securities and Exchange Commission (the \u201cSEC\u201d). This section should be read together with the consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. The consolidated financial statements are referred to as the \u201cFinancial Statements\u201d herein. INTRODUCTION Basis of Presentation The Company\u2019s financial statements are presented on a consolidated basis. Management\u2019s discussion and analysis of financial condition and results of operations is intended to help provide an understanding of the Company\u2019s financial condition, changes in financial condition and results of operations. This discussion is organized as follows: \u2022Overview of the Company\u2019s Business\u2014This section provides a general description of the Company\u2019s businesses, as well as developments that occurred either during the fiscal year ended June 30, (\u201cfiscal\u201d) 2025 or early fiscal 2026 that the Company believes are important in understanding its results of operations and financial condition or to disclose known trends. \u2022Results of Operations\u2014This section provides an analysis of the Company\u2019s results of operations for fiscal 2025 and 2024. This analysis is presented on both a consolidated and a segment basis. In addition, a brief description is provided of significant transactions and events that impact the comparability of the results being analyzed. \u2022Liquidity and Capital Resources\u2014This section provides an analysis of the Company\u2019s cash flows for fiscal 2025 and 2024, as well as a discussion of the Company\u2019s outstanding debt and commitments, both firm and contingent, that existed as of June 30, 2025. Included in the discussion of outstanding debt is a discussion of the amount of financial capacity available to fund the Company\u2019s future commitments and obligations, as well as a discussion of other financing arrangements. \u2022Critical Accounting Policies and Estimates\u2014This section discusses accounting policies considered important to the Company\u2019s financial condition and results of operations, and which require significant judgment and estimates on the part of management in application and the Company\u2019s use of estimates and assumptions consistent with U.S. generally accepted accounting principles (\u201cGAAP\u201d). In addition, Note 2\u2014Summary of Significant Accounting Policies to the accompanying Financial Statements summarizes the Company\u2019s significant accounting policies, including the critical accounting policy discussion found in this section. \u2022Caution Concerning Forward-Looking Statements\u2014This section provides a description of the use of forward-looking information appearing in this Annual Report on Form 10-K, including in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Such information is based on management\u2019s current expectations about future events which are subject to change and to inherent risks and uncertainties. Refer to Item 1A. \u201cRisk Factors\u201d in this Annual Report for a discussion of the risk factors applicable to the Company. Refer to Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company\u2019s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 as filed with the SEC on August 8, 2024 for management\u2019s discussion and analysis of our financial condition and results of operations for fiscal 2023, including comparison to fiscal 2024. OVERVIEW OF THE COMPANY\u2019S BUSINESS The Company is a news, sports and entertainment company, which manages and reports its businesses in four operating segments: Cable Network Programming, Television, Credible and the FOX Studio Lot with the 34 following two reportable segments: \u2022Cable Network Programming, which produces and licenses news and sports content ITEM 1. BUSINESS Background The Company is a news, sports and entertainment company, which manages and reports its businesses in four operating segments: Cable Network Programming, Television, Credible and the FOX Studio Lot with the following two reportable segments: \u2022Cable Network Programming, which produces and licenses news and sports content distributed through traditional cable television systems, direct broadcast satellite operators and telecommunication companies (\u201ctraditional MVPDs\u201d), virtual multi-channel video programming distributors (\u201cvirtual MVPDs\u201d) and other digital platforms, primarily in the U.S. \u2022Television, which produces, acquires, markets and distributes programming through the FOX broadcast network, advertising supported video-on-demand (\u201cAVOD\u201d) service Tubi, 29 full power broadcast television stations, including 11 duopolies, and other digital platforms, primarily in the U.S. Eighteen of the broadcast television stations are affiliated with the FOX Network and 11 are affiliated with MyNetworkTV. The segment also includes various production companies that produce content for the Company and third parties. Credible is a U.S. consumer finance marketplace. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility. Unless otherwise indicated, references in this Annual Report on Form 10-K (this \u201cAnnual Report\u201d) for the fiscal year ended June 30, 2025 (\u201cfiscal 2025\u201d) to \u201cFOX,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d mean Fox Corporation and its consolidated subsidiaries. We use the term \u201cMVPDs\u201d to refer collectively to traditional MVPDs and virtual MVPDs. FOX became a standalone publicly traded company on March 19, 2019, when Twenty-First Century Fox, Inc. (\u201c21CF\u201d) spun off the Company to 21CF stockholders and FOX\u2019s Class A Common Stock and Class B Common Stock (collectively, the \u201cCommon Stock\u201d) began trad ITEM 1A. RISK FACTORS Prospective investors should consider carefully the risk factors set forth below before making an investment in the Company\u2019s securities. Risks Related to Macroeconomic Conditions, Our Business and Our Industry Changes in consumer behavior and evolving technologies and distribution platforms and offerings continue to challenge existing ", "title": "FOXA - Fox Corp", "url": "/company/FOXA/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0000038777; latest 10-K filed 2025-11-10.", "text": "BEN - FRANKLIN RESOURCES INC SIC 6282 Investment Advice; CIK 0000038777; latest 10-K filed 2025-11-10. BEN FRANKLIN RESOURCES INC 0000038777 6282 Investment Advice Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. FORWARD-LOOKING STATEMENTS The following discussion and analysis of the results of operations and financial condition of Franklin Resources, Inc. (\u201cFranklin\u201d) and its subsidiaries (collectively, the \u201cCompany\u201d) should be read in conjunction with the \u201cForward-looking Statements\u201d disclosure set forth in Part I and the \u201cRisk Factors\u201d set forth in Item 1A of Part I of this Annual Report on Form 10\u2011K (this \u201cAnnual Report\u201d) and in any more recent filings with the U.S. Securities and Exchange Commission (the \u201cSEC\u201d), each of which describe our risks, uncertainties and other important factors in more detail. Words such as \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and similar terms refer to the Company. OVERVIEW Franklin is a holding company with subsidiaries operating under our Franklin Templeton\u00ae and/or subsidiary brand names. We are a global investment management organization that derives operating revenues and net income from providing investment management and related services to investors in jurisdictions worldwide. We deliver our investment capabilities through a variety of investment products, which include our sponsored funds, as well as institutional and high-net-worth separate accounts, retail separately managed account programs, sub-advised products and other investment vehicles. Related services include fund administration, sales and distribution, and shareholder servicing, which we may perform directly or outsource to third parties. We offer our services and products under our various distinct brand names, including, but not limited to, Alcentra\u00ae, Apera\u00ae, Benefit Street Partners\u00ae, Brandywine Global Investment Management\u00ae, Canvas\u00ae, Clarion Partners\u00ae, ClearBridge Investments\u00ae, Fiduciary Trust International\u2122, Franklin\u00ae, Franklin Mutual Series\u00ae, K2\u00ae, Legg Mason\u00ae, Lexington Partners\u00ae, O\u2019Shaughnessy\u00ae, Putnam\u00ae, Royce\u00ae, Templeton\u00ae, and Western Asset Management Company\u00ae. We offer a broad product mix of equity, fixed income, alternative, multi-asset and cash management asset classes and solutions that meet a wide variety of specific investment goals and needs for individual and institutional investors. We also provide sub-advisory services to certain investment products sponsored by other companies 32 Table of Contents which may be sold to investors under the brand names of those other companies or on a co-branded basis. The level of our revenues depends largely on the level and relative mix of assets under management (\u201cAUM\u201d). As noted in the \u201cRisk Factors\u201d section set forth above in Item 1A of Part I of this Annual Report, the amount and mix of our AUM are subject to significant fluctuations, including as a result of reputational harm, that can negatively impact our revenues and income. The level of our revenues also depends on the fees charged for our services, which are based on contracts with our funds and customers, fund sales, and the number of shareholder transactions and accounts. These arrangements could change in the future. Despite periods of volatility driven by uncertainty regarding U.S. economic and trade policies, during the fiscal year ended September 30, 2025 (\u201cfiscal year 2025\u201d), U.S. and global equity markets provided positive returns, due in part to strong corporate earnings and easing of monetary policy. The S&P 500 Index and MSCI World Index increased 14.8% and 17.8% for the fiscal year. The global bond markets were also positive as the Bloomberg Barclays Global Aggregate Index increased 7.9% for the fiscal year. Our total AUM was $1,661.2 billion at September 30, 2025, 1% lower than at September 30, 2024. Simple monthly average AUM (\u201caverage AUM\u201d) increased 3% during fiscal year 2025. The business and regulatory environments in which we operate globally remain complex, uncertain and subject to change. We are subject to various laws, rules and regulations globally that impose restrictions, limitations, registration, reporting an Item 1. Business. OVERVIEW Franklin Resources, Inc. (\u201cFranklin\u201d) is a holding company with subsidiaries operating under our Franklin Templeton\u00ae and/or subsidiary brand names. Franklin\u2019s common stock is traded on the New York Stock Exchange (the \u201cNYSE\u201d) under the ticker symbol \u201cBEN\u201d and is included in the Standard & Poor\u2019s 500 Index. In this Annual Report, Franklin and its subsidiaries are collectively referred to as the \u201cCompany,\u201d and words such as \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and similar terms refer to the Company. We have one operating segment, investment management and related services. We offer our services and products under our various distinct brand names, including, but not limited to, Alcentra\u00ae, Apera\u00ae, Benefit Street Partners\u00ae, Brandywine Global Investment Management\u00ae, Canvas\u00ae, Clarion Partners\u00ae, ClearBridge Investments\u00ae, Fiduciary Trust International\u2122, Franklin\u00ae, Franklin Mutual Series\u00ae, K2\u00ae, Legg Mason\u00ae, Lexington Partners\u00ae, O\u2019Shaughnessy\u00ae, Putnam\u00ae, Royce\u00ae, Templeton\u00ae and Western Asset Management Company\u00ae. Unless otherwise indicated, our \u201cfunds\u201d means the funds offered under our various brand names, which may include co-branded funds. 3 Table of Contents We are a global investment management organization with over $1.6 trillion in assets under management (\u201cAUM\u201d) as of September 30, 2025. Our mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through our specialist investment managers, we offer specialization on a global scale, bringing extensive capabilities in equity, fixed income, alternatives and multi-asset solutions. For over 75 years, we have been committed to providing clients with exceptional investment management services and have developed a globally diversified business, including through strategic acquisitions. We provide our investment management and related services to retail, institutional and high-net-worth investors in jurisdictions worldwide. We deliver Item 1A. Risk Factors. MARKET AND VOLATILITY RISKS Volatility and disruption of our business and financial markets and adverse changes in the global economy may significantly affect our results of operations and put pressure on our financial results. We derive substantially all of our operating revenues and income from providing investment management and re", "title": "BEN - FRANKLIN RESOURCES INC", "url": "/company/BEN/" }, { "kind": "company", "summary": "SIC 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys; CIK 0001121788; latest 10-K filed 2026-02-18.", "text": "GRMN - GARMIN LTD SIC 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys; CIK 0001121788; latest 10-K filed 2026-02-18. GRMN GARMIN LTD 0001121788 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations focuses on and is intended to clarify the results of our operations, certain changes in our financial position, liquidity, capital structure and business developments during the fiscal years ended December 27, 2025 and December 28, 2024 and a year-to-year comparison of these two fiscal years. This discussion should be read in conjunction with, and is qualified by reference to, the other related information including, but not limited to, the audited consolidated financial statements (including the notes thereto), the description of our business, all as set forth in this Form 10-K, as well as the risk factors discussed above in Item 1A. Discussion regarding our results of operations for the fiscal year ended December 30, 2023 and a year-to-year comparison between the fiscal years ended December 28, 2024 and December 30, 2023 can be found in Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 28, 2024. As previously noted, the discussion set forth below, as well as other portions of this Form 10-K, contain statements concerning potential future events. Readers can identify these forward-looking statements by their use of such verbs as \u201cexpects,\u201d \u201canticipates,\u201d \u201cbelieves\u201d, or similar verbs or conjugations of such verbs. If any of our assumptions on which the statements are based prove incorrect or should unanticipated circumstances arise, our actual results could materially differ from those anticipated by such forward-looking statements. The differences could be caused by a number of factors or combination of factors including, but not limited to, those discussed above in Item 1A. Readers are strongly encouraged to consider those factors when evaluating any such forward-looking statement. Except as may be required by law, we do not undertake to update any forward-looking statements in this Form 10-K. Garmin\u2019s fiscal year is based on a 52- or 53-week period ending on the last Saturday of the calendar year. Fiscal years 2025, 2024, and 2023 each contained 52 weeks. Unless otherwise stated, all years and dates refer to the Company\u2019s fiscal year and fiscal periods. Unless the context otherwise requires, references in this document to \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, \u201cthe Company\u201d and similar terms refer to Garmin Ltd. and its subsidiaries. Unless otherwise indicated, dollar amounts set forth in the tables are in thousands, except per share data. Overview The Company is a leading worldwide producer of innovative products, many of which feature Global Positioning System (GPS) navigation, services and applications that are designed for people who live an active lifestyle. Garmin is organized in the five operating segments of fitness, outdoor, aviation, marine, and auto OEM, which represent the primary markets served by the Company. These operating segments also represent our reportable segments. The Company\u2019s Chief Executive Officer, who has been identified as the Chief Operating Decision Maker (CODM), allocates resources and assesses performance of each operating segment individually. Critical Accounting Estimates General Our discussion and analysis of financial condition and results of operations are based upon the Company\u2019s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The presentation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to customer sales programs and incentives, product returns, bad debts, inventories, investments, goodwill, intangible assets, income taxes, warranty obligations, and Item 1. Business Company Overview For more than 35 years, Garmin Ltd. and its subsidiaries (collectively, we, our, us, the Company or Garmin) have pioneered new products, many of which feature location technology such as Global Positioning System (GPS), services and applications that are designed for people who live an active lifestyle. Garmin serves five primary markets: fitness, outdoor, aviation, marine, and auto OEM. Garmin designs, develops, manufactures, markets, and distributes a diverse family of GPS-enabled products and other navigation, communications, sensor-based and information products and services for these markets, as well as products installed by original equipment manufacturers (OEMs) and for aftermarket applications. Since the inception of its business, Garmin has delivered over 300 million products, which included more than 20 million products delivered during fiscal 2025. Available Information Garmin\u2019s annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statement and Forms 3, 4 and 5 filed by Garmin\u2019s directors and executive officers and all amendments to those reports will be made available free of charge through the Investor Relations section of Garmin\u2019s website (www.garmin.com) as soon as reasonably practicable after such material is electronically filed with, or furnished to, the Securities and Exchange Commission (the SEC). The SEC maintains a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The reference to Garmin\u2019s website address does not constitute incorporation by reference of the information contained on this website, and such information should not be considered part of this report on Form 10-K or in any other report or document the Company files with the SEC, and any references to the Company\u2019s website are intended to be inactive textual references only. The following descriptio Item 1A. Risk Factors The risks described below are not the only ones facing our company. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also impair our business operations. If any of the following risks occur, our business, fi", "title": "GRMN - GARMIN LTD", "url": "/company/GRMN/" }, { "kind": "company", "summary": "SIC 8741 Services-Management Services; CIK 0000749251; latest 10-K filed 2026-02-12.", "text": "IT - GARTNER INC SIC 8741 Services-Management Services; CIK 0000749251; latest 10-K filed 2026-02-12. IT GARTNER INC 0000749251 8741 Services-Management Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The purpose of this Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) is to facilitate an understanding of significant factors influencing the operating results, financial condition and cash flows of Gartner, Inc. Additionally, the MD&A conveys our expectations of the potential impact of known trends, events or uncertainties that may impact future results. You should read this discussion in conjunction with our consolidated financial statements and related notes included in this Annual Report on Form 10-K. Historical results and percentage relationships are not necessarily indicative of operating results for future periods. References to \u201cGartner,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d in this MD&A are to Gartner, Inc. and its consolidated subsidiaries. This MD&A provides an analysis of our consolidated financial results, segment results and cash flows for 2025 and 2024 under the headings \u201cResults of Operations,\u201d \u201cSegment Results\u201d and \u201cLiquidity and Capital Resources.\u201d For a similar detailed 19 discussion comparing 2024 and 2023, refer to those headings under Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. In addition to GAAP results, we provide foreign currency neutral dollar amounts and percentages for our revenues, certain expenses, contract values and other metrics. These foreign currency neutral dollar amounts and percentages eliminate the effects of exchange rate fluctuations and thus provide a more accurate and meaningful trend in the underlying data being measured. We calculate foreign currency neutral dollar amounts by converting the underlying amounts in local currency for different periods into U.S. dollars by applying the same foreign exchange rates to all periods presented. FORWARD-LOOKING STATEMENTS In addition to historical information, this Annual Report on Form 10-K contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, including statements regarding our expectations, beliefs, hopes, intentions, projections or strategies regarding the future. In some cases, forward-looking statements can be identified by the use of words such as \u201cmay,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cbelieve,\u201d \u201cplan,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201ccontinue\u201d or other words of similar meaning. We operate in a very competitive and rapidly changing environment that involves numerous known and unknown risks and uncertainties, some of which are beyond our control. Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future quarterly and annual revenues, operating income, results of operations and cash flows, as well as any forward-looking statement, are subject to change and to inherent risks and uncertainties, such as those disclosed or incorporated by reference in our filings with the Securities and Exchange Commission. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, among others, the following: our ability to maintain and expand our products and services; our ability to keep pace with technological developments in artificial intelligence (\u201cAI\u201d) and comply with evolving AI regulations; our ability to achieve continued customer renewals and achieve new contract value, backlog and deferred revenue growth in light of competitive pressures; our ability to grow or su ITEM 1. BUSINESS. GENERAL Gartner, Inc. (NYSE: IT) delivers actionable, objective business and technology insights that drive smarter decisions and stronger performance on an organization\u2019s mission-critical priorities. We are a trusted advisor and an objective resource for over 13,000 enterprises in approximately 90 countries and territories\u2014 across every major function, geography, industry and sector. Gartner delivers its products and services globally through three reportable segments \u2013 Business and Technology Insights, Conferences and Consulting, as described below. In the second quarter of 2025, we renamed our segment previously referred to as Research to Business and Technology Insights (or \u201cInsights\u201d) to reflect the nature of the value we provide to clients. In the third quarter of 2025, we changed the structure of our internal organization and concluded that Gartner Digital Markets (\u201cDigital Markets\u201d) was an operating segment but does not meet the criteria of a reportable segment. Accordingly, Digital Markets results are now included in \u201cOther\u201d where segment information is provided. Digital Markets was previously included in our Insights segment. Prior periods have been recast to conform to current period presentation. On February 5, 2026, we completed the sale of Digital Markets for approximately $110.0 million, prior to customary purchase price adjustments. Insights equips executives and their teams from every major function, geography, industry and sector with actionable, objective insights, guidance and tools. Our experts deliver proprietary insights that are informed by thoroughly vetted practitioner-sourced and data-driven research to help our clients address their mission-critical priorities. Conferences provides executives and teams across an organization the opportunity to learn, share and network. From our Gartner Symposium/Xpo series, to industry-leading conferences focused on specific business roles and topics, to peer-driven sessions, our o ITEM 1A. RISK FACTORS. We operate in a highly competitive and rapidly changing environment that involves numerous risks and uncertainties, some of which are beyond our control. In addition, we and our clients are affected by global economic conditions and trends. The following sections address significant factors, events and uncertainties that make", "title": "IT - GARTNER INC", "url": "/company/IT/" }, { "kind": "company", "summary": "SIC 3844 X-Ray Apparatus & Tubes & Related Irradiation Apparatus; CIK 0001932393; latest 10-K filed 2026-02-04.", "text": "GEHC - GE HealthCare Technologies Inc. SIC 3844 X-Ray Apparatus & Tubes & Related Irradiation Apparatus; CIK 0001932393; latest 10-K filed 2026-02-04. GEHC GE HealthCare Technologies Inc. 0001932393 3844 X-Ray Apparatus & Tubes & Related Irradiation Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial results should be read in conjunction with the consolidated financial statements and corresponding notes (the \u201cfinancial statements\u201d) included elsewhere in this Annual Report on Form 10-K. The following discussion and analysis provide information management believes to be relevant to understanding the financial results of GE HealthCare Technologies Inc. and its subsidiaries (\u201cGE HealthCare,\u201d the \u201cCompany,\u201d \u201cour,\u201d \u201cus,\u201d or \u201cwe\u201d) for the years ended December 31, 2025 and 2024. For additional information on the year ended December 31, 2023 and year-over-year comparisons to December 31, 2024, refer to Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. This discussion contains forward-looking statements that are based upon current expectations and are subject to uncertainty and changes in circumstances; see \u201cForward-Looking Statements.\u201d Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed below and elsewhere in this Annual Report on Form 10-K, and particularly in Item 1A, \u201cRisk Factors.\u201d GE HealthCare\u2019s operations are organized and managed through four reportable segments: Imaging, Advanced Visualization Solutions (\u201cAVS\u201d), Patient Care Solutions (\u201cPCS\u201d), and Pharmaceutical Diagnostics (\u201cPDx\u201d), and we assessed their performance using Segment revenues and Segment EBIT. For additional information on the nature of our business and our segments, refer to Item 1, \u201cBusiness\u201d and Note 4, \u201cSegment and Geographical Information.\u201d On January 3, 2023, General Electric Company, which now operates as GE Aerospace (\u201cGE\u201d), completed the spin-off of GE HealthCare Technologies Inc. (the \u201cSpin-Off\u201d). Refer to Note 19, \u201cRelated Parties and Transition Services Agreement\u201d for further information. The following tables are presented in millions of United States (\u201cU.S.\u201d) dollars unless otherwise stated, except for per-share amounts which are presented in U.S. dollars. Certain columns and rows may not sum due to the use of rounded numbers. Percentages presented are calculated from the underlying whole-dollar amounts and, unless otherwise stated, represent changes year-over-year. TRENDS AND FACTORS IMPACTING OUR PERFORMANCE We believe that our performance and future success depend on a number of factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and particularly in Item 1A, \u201cRisk Factors.\u201d KEY TRENDS AFFECTING RESULTS OF OPERATIONS. Global Trade and Macroeconomic Environment Throughout 2025, the U.S. imposed a variety of new tariffs on most imports from all countries in the world. This in turn prompted several countries to announce tariffs on U.S. imports. While the situation continues to be fluid, tariffs materially impacted our Operating income by approximately $245 million and cash flows by approximately $285 million for the year ended December 31, 2025, primarily the bilateral U.S. and Chinese tariffs and U.S. tariffs on all other global import suppliers. Should the tariffs continue at formally communicated levels, we expect to continue to see a material impact to our financial results. Additional tariffs or other trade restrictions by the U.S. or other countries where we do significant business, or other restrictions on specific industries, such as pharmaceuticals, could further materially impact our results in the future. While we are taking actions to mitigate the impact of tariffs, we do not expect that our mitigation actions will fully offset the additional costs or other negative impacts resulting from the tariffs. We continue to monitor the global markets in which we operate for changes in cust ITEM 1. BUSINESS GE HealthCare Technologies Inc. (\u201cGE HealthCare,\u201d the \u201cCompany,\u201d \u201cour,\u201d \u201cus,\u201d or \u201cwe\u201d) is a leading global healthcare solutions provider of advanced medical technology, pharmaceutical diagnostics, and AI, cloud and software solutions that help clinicians tackle the world\u2019s most complex diseases. We have approximately 54,000 colleagues dedicated to our purpose to create a world where healthcare has no limits. Serving patients and providers for nearly 130 years, GE HealthCare is delivering bold innovations designed for the next era of medicine to help clinicians deliver more personalized, precise patient care. This is complemented by our broad service capabilities and dedication to quality and integrity with a strong operational culture, supported by our lean business system, Heartbeat. We generate revenue from the sale of medical devices, consumable products, service capabilities, and AI-enabled cloud and software solutions. We serve customers in over 160 countries with a global team of approximately 9,700 sales professionals and 8,900 field service engineers. Our customers are hospitals, health systems, and researchers, including public, private, academic, and government institutions. Our comprehensive portfolio of solutions addresses the biggest challenges facing healthcare today, and is designed to advance care delivery for customers, reduce disease burden, enable better patient outcomes, and drive sustainable growth for the company. These qualities foster trust, loyalty, and partnership with our global customer base. Our revenues, operating profits, and cash flows vary from quarter to quarter. Financial results in the fourth quarter have historically been higher than in other quarters due to the spending patterns of our customers. GE HealthCare Technologies Inc. is a Delaware corporation with corporate headquarters in Chicago, Illinois. On January 3, 2023, the General Electric Company, which now operates as GE Aerospace (\u201cGE\u201d), completed the s ITEM 1A. RISK FACTORS An investment in our company is subject to a number of risks. These risks and other risks could materially and adversely affect our business, results of operations, cash flows, financial condition, or prospects and the actual out", "title": "GEHC - GE HealthCare Technologies Inc.", "url": "/company/GEHC/" }, { "kind": "company", "summary": "SIC 3600 Electronic & Other Electrical Equipment (No Computer Equip); CIK 0001996810; latest 10-K filed 2026-01-29.", "text": "GEV - GE Vernova Inc. SIC 3600 Electronic & Other Electrical Equipment (No Computer Equip); CIK 0001996810; latest 10-K filed 2026-01-29. GEV GE Vernova Inc. 0001996810 3600 Electronic & Other Electrical Equipment (No Computer Equip) ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated and combined financial statements, which are prepared in conformity with U.S. generally accepted accounting principles (GAAP), and corresponding notes included elsewhere in this Annual Report on Form 10-K. The following discussion and analysis provides information that management believes to be relevant to understanding the financial condition and results of operations of the Company for the years ended December 31, 2025 and 2024. Unless otherwise noted, tables are presented in U.S. dollars in millions, except for per-share amounts which are presented in U.S. dollars. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying numbers in millions. Unless otherwise noted, statements related to changes in operating results relate to the corresponding period in the prior year. Refer to the \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" included in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, for discussions of results for the years ended December 31, 2024 versus 2023. In the accompanying analysis of financial information, we sometimes use information derived from consolidated and combined financial data but not presented in our financial statements prepared in accordance with GAAP. Certain of these data are considered \u201cnon-GAAP financial measures\u201d under SEC rules. For the reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures, see \"\u2014Non-GAAP Financial Measures.\" Financial Presentation Under GE Ownership. We completed our separation from General Electric Company (GE), which now operates as GE Aerospace, on April 2, 2024 (the Spin-Off). For further information, see Note 1 in the Notes to the consolidated and combined financial statements. Prolec GE. On October 21, 2025, we announced that GE Vernova will acquire the remaining fifty percent stake of Prolec GE, our unconsolidated joint venture with Xignux. Prolec GE is a leading grid equipment supplier, producing transformers across most ratings and voltages with approximately 10,000 global employees across seven manufacturing sites globally, including five in the U.S. Under the purchase agreement, GE Vernova will pay approximately $5.3 billion at closing, expected to be funded equally between cash and debt. The acquisition is expected to close in February 2026. Tariffs. Throughout 2025, the United States and other countries imposed global tariffs. These tariffs have resulted, and any future tariffs will result in additional costs to us. The total cost impact from the global tariffs for the full year 2025 was approximately $250 million, after taking into consideration contractual protections and mitigating actions. The future impacts of tariffs may be significantly different and are subject to several factors including the amount, duration, scope and nature of the tariffs, countermeasures that countries take, mitigating or other actions we take, and contractual implications. Power Conversion & Storage. Effective January 1, 2025, our Power Conversion and Solar & Storage Solutions business units within our Electrification segment were combined to form a new business unit, Power Conversion & Storage. Historical financial information presented within this report conforms to the new business unit structure within the Electrification segment. TRENDS AND FACTORS IMPACTING OUR PERFORMANCE. We believe our performance and future success depends on a number of factors that present significant opportunities for us but also pose risks and challenges, including those discus ITEM 1. BUSINESS. INTRODUCTION. GE Vernova Inc. (the Company, GE Vernova, our, we, or us) is a global leader in the electric power industry, with products and services that generate, transfer, orchestrate, convert, and store electricity. We design, manufacture, deliver, and service technologies to create a more reliable, secure, and sustainable electric power system, enabling electrification and decarbonization, underpinning the progress and prosperity of the communities we serve. We are a purpose-built company, positioned with a unique scope and scale of solutions to help accelerate the energy transition, while servicing and growing our installed base and strengthening our own profitability and stockholder returns. We have a strong history of innovation, which is a key strength enabling us to meet our customers\u2019 needs. The breadth of our portfolio also enables us to provide an extensive range of technologies and integrated solutions to help advance our customers\u2019 energy and sustainability goals. Our installed base generates approximately 25% of the world\u2019s electricity. We build, modernize, and service power systems to help our customers electrify their operations and economies, meet power demand growth, improve system reliability and resiliency, and navigate the energy transition through limiting and reducing emissions. The portfolio of equipment and services that we deliver is diversified across technology types and is adaptable based on electric power market conditions and demand. GE Vernova Inc. is a Delaware corporation with corporate headquarters in Cambridge, Massachusetts. On April 2, 2024, General Electric Company (GE), which now operates as GE Aerospace, completed the previously announced spin-off (the Spin-Off) of GE Vernova. In connection with the Spin-Off, GE distributed all of the shares of our common stock to its stockholders and we became an independent company. See Note 1 in the Notes to the consolidated and combined financial statem ITEM 1A. RISK FACTORS. You should carefully consider the following risks and other information set forth in this Annual Report on Form 10-K in evaluating GE Vernova and GE Vernova\u2019s common stock. The risks and uncertainties described below are not the only risks and uncertainties we face. Additional risks and u", "title": "GEV - GE Vernova Inc.", "url": "/company/GEV/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0000849399; latest 10-K filed 2026-05-21.", "text": "GEN - Gen Digital Inc. SIC 7372 Services-Prepackaged Software; CIK 0000849399; latest 10-K filed 2026-05-21. GEN Gen Digital Inc. 0000849399 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Please read the following discussion and analysis of our financial condition and results of operations together with our Consolidated Financial Statements and related Notes thereto included under Item 15 of this Annual Report on Form 10-K. OVERVIEW Gen Digital Inc. is a global leader in consumer Cyber Safety and Trust-Based Solutions, empowering people around the world to live safer digital lives while building confidence and control over their financial futures. Through its trusted brands, including Norton, Avast, LifeLock and MoneyLion, Gen offers cybersecurity, online privacy, identity protection and financial wellness solutions to consumers worldwide. Our Cyber Safety Platform includes our security, comprehensive suites, and privacy products, which deliver technology solutions and superior threat protection to help people navigate the digital world securely, privately and with confidence. Our Trust-Based Solutions includes our identity protection, restoration support services, digital reputation, and secure financial wellness, including our first-party MoneyLion products and our Engine marketplace offerings. Fiscal calendar We have a 52/53-week fiscal year ending on the Friday closest to March 31. Fiscal 2026, 2025 and 2024 in this report refers to fiscal years ended April 3, 2026, March 28, 2025 and March 29, 2024, respectively. Fiscal 2026 consisted of 53 weeks, whereas fiscal years 2025 and 2024 each consisted of 52 weeks. Financial summary The following table provides our key financial metrics for fiscal 2026 compared with fiscal 2025: [[GREPCENT_TABLE]] [[\"\",\"Fiscal Year\"],[\"(In millions, except for per share amounts)\",\"2026\",\"\",\"2025\"],[\"Net revenues\",\"$\",\"5,000\",\"\",\"\",\"$\",\"3,935\"],[\"Operating income (loss)\",\"$\",\"2,120\",\"\",\"\",\"$\",\"1,610\"],[\"Net income (loss)\",\"$\",\"973\",\"\",\"\",\"$\",\"643\"],[\"Net income (loss) per share - diluted\",\"$\",\"1.57\",\"\",\"\",\"$\",\"1.03\"],[\"Net cash provided by (used in) operating activities\",\"$\",\"1,545\",\"\",\"\",\"$\",\"1,221\"],[\"\",\"As of\"],[\"(In millions)\",\"April 3, 2026\",\"\",\"March 28, 2025\"],[\"Cash, cash equivalents and restricted cash\",\"$\",\"411\",\"\",\"\",\"$\",\"1,006\"]] [[/GREPCENT_TABLE]] \u2022Net revenues increased $1,065 million, primarily due to higher sales in both our Cyber Safety Platform products and Trust-Based Solutions, including an increase of $823 million due to the acquisition of MoneyLion, and an increase of $87 million due to the favorable impact from the additional week in the first quarter of fiscal 2026. \u2022Operating income (loss) increased $510 million, primarily due to increased net revenues described above and decreased legal costs related to ongoing litigation. This is partially offset by an increase in marketing costs, payment processing fees, amortization of intangible assets and compensation related expenses. \u2022Net income (loss) increased $330 million and net income per share increased $0.54, primarily due to increased operating income discussed above partially offset by an increase in income tax expense. \u2022Cash, cash equivalents and restricted cash decreased by $595 million compared to March 28, 2025, primarily due to the cash consideration paid for our fiscal 2026 acquisitions including MoneyLion, principal payments of our Term A and B Facilities, repayment of our Term A Facility and share repurchases. This is partially offset by proceeds from the issuance of our Incremental Term Loan B and Extended Term Loan A and cash generated from operating activities during fiscal 2026. \u2022During fiscal 2026, we returned $1,091 million of capital back to shareholders and bondholders. This was achieved through the repurchase of 25 million shares of our common stock, totaling $634 million. Additionally, we paid out a total of $312 million in quarterly dividends and carried out $145 million in net debt pay downs. GLOBAL MACROECONOMIC CONDITIONS As a global company, our results of operations and ca Item 1. Business Purpose and Mission Purpose: Powering Digital Freedom. Mission: We create innovative and easy-to-use technology solutions that help people grow, manage and secure their digital and financial lives. Our Values Protecting people is what inspires us, and our people are at the core of what we do. We seek to attract talent that embraces the following values: \u2022Customer Driven. Community Minded. We are customer obsessed and drive positive impact. \u2022Think Big. Be Bold. We embrace change and innovate fearlessly. \u2022Be Scrappy. Make it Happen. Big or small, we get things done irrespective of title or role. \u2022Play to Win. Together. We win for our customers, with passion and integrity. Company Overview Gen Digital Inc. is a global leader in consumer Cyber Safety and Trust-Based Solutions, empowering people around the world to live safer digital lives while building confidence and control over their financial futures. Through its trusted brands including Norton, Avast, LifeLock, and MoneyLion, Gen helps people protect what matters most \u2014 their data, identity, privacy, reputation and financials \u2014 through award-winning cyber-security, online privacy, identity protection and financial wellness solutions used by nearly 500 million users in more than 150 countries. Today, digital life and financial life are increasingly intertwined, reshaping how people work, bank, shop, learn, connect and manage their households every day. Advances in cloud computing, mobile platforms, and artificial intelligence (AI) have expanded how consumers interact and transact online, and we expect technological advancements to continue to unlock new possibilities. At the same time, the expansion of consumers\u2019 digital footprint is increasing exposure to cyber risks. Cybercriminals are combining long-standing techniques such as phishing, vishing and smishing with data-driven social engineering, deepfakes, account-takeover attacks and abuse of generative-AI systems and AI agents to execu Item 1A. Risk Factors A description of the risk factors associated with our business is set forth below and in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d \u201cLegal Proceedings,\u201d \u201cQuantitative and Qualitative Disclosures About Market Risk\u201d and \u201cControls and Procedures.\u201d The list is not exhaustive, and you ", "title": "GEN - Gen Digital Inc.", "url": "/company/GEN/" }, { "kind": "company", "summary": "SIC 3621 Motors & Generators; CIK 0001474735; latest 10-K filed 2026-02-18.", "text": "GNRC - GENERAC HOLDINGS INC. SIC 3621 Motors & Generators; CIK 0001474735; latest 10-K filed 2026-02-18. GNRC GENERAC HOLDINGS INC. 0001474735 3621 Motors & Generators Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with \u201cItem 1 \u2013 Business,\u201d the consolidated financial statements, and the related notes thereto in Item 8 of this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. These forward-looking statements refer to future events and our future financial performance, and are based on our expectations at the time of filing this Annual Report on Form 10-K. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth under \u201cItem 1A. - Risk Factors.\u201d of this Annual Report on Form 10-K. Overview Founded in 1959, Generac is a leading global designer, manufacturer, and provider of a wide range of energy technology solutions. Generac provides power generation equipment, energy storage systems, energy management devices & solutions, and other power products and services serving the residential, commercial, data center, telecom, rental, and industrial markets. The Company\u2019s broad portfolio of energy technology offerings for homes and businesses enables its mission to Power a Smarter World and lead the evolution to more resilient, efficient, and innovative energy solutions. Further information regarding our business is provided in \u201cPart I, Item 1. Business\u201d of this Annual Report on Form 10-K. Business Drivers and Operational Factors \u201cPart I, Item 1. Business\u201d of this Annual Report on Form 10-K contains information regarding business drivers, including key mega-trends and strategic growth themes under the subheading \u201cKey Mega-Trends and Strategic Growth Themes.\u201d We are subject to various other business drivers and factors that can affect our results of operations, which we attempt to mitigate through factors we can control, including continued product development, expanded distribution, pricing, cost control, and hedging. Certain operational and other factors that affect our business include the following: Impact of residential investment cycle. The market for our residential products is affected by the residential investment cycle and overall consumer confidence and sentiment. When homeowners are confident of their household income, the value of their home and overall net worth, they are more likely to invest in their home. These trends can have an impact on demand for residential generators, solar and energy storage systems, and energy management devices. Trends in interest rates and the new housing market, highlighted by residential housing starts, can also impact demand for these products. Demand for outdoor power equipment is also impacted by several of these factors, as well as weather patterns. The existence of renewable energy mandates, investment tax credits, and other subsidies can also have an impact on the demand for solar and energy storage systems. The \u201cOne Big Beautiful Bill Act\u201d (OBBBA) that was enacted in the United States in July 2025 accelerated the phase out of certain investment tax credits, resulting in a negative impact to the solar & storage market thereafter. 29 Table of Contents Impact of business capital investment and other economic cycles. The global market for our C&I products is affected by different capital investment cycles, which can vary widely across the different regions and markets that we serve. These cycles include non-residential building construction, durable goods and infrastructure spending, as well as investments in the exploration and production of oil & gas, as businesses or organizations either add new locations or make investments to upgrade existing locations or equipment. These trends and market conditions can have a material impact on demand for our products. The capital investment cycle may differ for the various C&I end m Item 1. Business Overview Founded in 1959, Generac is a leading global designer, manufacturer, and provider of a wide range of energy technology solutions. Generac provides power generation equipment, energy storage systems, energy management devices & solutions, and other power products and services serving the residential, commercial, data center, telecom, rental, and industrial markets. The Company\u2019s broad portfolio of energy technology offerings for homes and businesses enables its mission to Power a Smarter World and lead the evolution to more resilient, efficient, and innovative energy solutions. We have a long history of providing power generation products across a variety of applications, and we maintain one of the leading positions in the North American market for power equipment with an expanding presence internationally. We believe we have one of the widest ranges of products in the power generation marketplace, including residential, commercial, and industrial standby generators, as well as portable and mobile generators used in a variety of applications. The recent introduction of our large-megawatt diesel generator line-up has substantially increased our served addressable market, allowing us to participate in the supply-constrained data center market which is expected to grow significantly over the coming years due to the mass adoption of artificial intelligence. Over the last few years, we have also been focused on building out ecosystems of energy technology products, solutions, and services for homes and businesses, allowing us to fully integrate our product portfolios together into common platforms and user interfaces and enabling end users to better manage their energy resilience and costs. We have also been leveraging our leading position in the growing market for natural gas fueled generators, which we believe represents a cleaner fuel compared to diesel, to develop solutions for applications beyond standby power, allowing us to participate Item 1A. Risk Factors You should carefully consider the following risks. These risks could materially affect our business, results of operations or financial condition, cause the trading price of our common stock to decline materially or cause our actual results to differ materially from those expected or those expressed in any forward-looking", "title": "GNRC - GENERAC HOLDINGS INC.", "url": "/company/GNRC/" }, { "kind": "company", "summary": "SIC 3730 Ship & Boat Building & Repairing; CIK 0000040533; latest 10-K filed 2026-01-30.", "text": "GD - GENERAL DYNAMICS CORP SIC 3730 Ship & Boat Building & Repairing; CIK 0000040533; latest 10-K filed 2026-01-30. GD GENERAL DYNAMICS CORP 0000040533 3730 Ship & Boat Building & Repairing ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars in millions, except per-share amounts or unless otherwise noted) For an overview of our operating segments, including a discussion of our major products and services, see the Business discussion contained in Item 1. The following discussion of our financial condition and results of operations for 2025 compared with 2024 should be read in conjunction with our Consolidated Financial Statements included in Item 8, while a discussion of 2024 compared with 2023 can be found in Item 7 of our annual report on Form 10-K for the year ended December 31, 2024. BUSINESS ENVIRONMENT As a global aerospace and defense company, we compete in domestic and international markets, serving both government and commercial customers. Our financial performance is significantly influenced by U.S. government spending levels, administration priorities and the overall economy. In the federal market, defense spending has been at elevated levels, and the administration has publicly stated support for further increases in fiscal year (FY) 2027. This is reflected in the significant demand in U.S. Navy shipbuilding, particularly submarines. We have invested in our facilities and workforce to increase production capacity to meet this demand, and expect to continue to do so. The increased demand has placed great pressure on the shipbuilding supply chain, which was already impacted by significant demographic issues coming out of the global pandemic. Together with the Navy customer, we have been working to stabilize and grow the supply chain to meet this heightened demand. We have also been investing in the development of the next generation of combat vehicles and artillery. While the U.S. Army is reviewing its funding priorities and begins transitioning to next-generation combat vehicles, we expect short-term production volumes to be down slightly. Demand for our munitions products has been high and is expected to remain at an elevated level given ongoing conflicts and regional threats. The administration began taking steps in 2025 to address federal spending and reduce the size of the government. These actions resulted in federal government staff reductions, contract modifications and terminations, and award delays. We experienced some impact from these actions which were largely limited to our IT services business. Our IT services business was also somewhat impacted by the government shutdown at the start of the current fiscal year. We expect some limited ongoing impact from these actions. We entered 2026 with the government operating under a continuing resolution that expires on January 30. Our outlook for the year assumes that the FY26 budget is approved without significant delay or another prolonged shutdown. Internationally, as a result of ongoing regional conflicts and the overall threat environment, we have seen increased demand, particularly in Europe, for our Combat Systems military products and services. This provides opportunities for our European businesses present in local markets as well as exports from our North American businesses. To meet this expected demand, there will be increased pressure on the supply chain and our hiring of skilled workers. In our principal commercial market, Aerospace is experiencing strong demand for business jets. Our ability to produce new aircraft is dependent on our supply chain, and while performance has improved 33 and the overall supply chain has stabilized, we have experienced some challenges in terms of delay including at our Israel-based supplier of mid-cabin airframes caused by the conflict with Hamas. Our Aerospace business has been impacted by inflationary pressures and the administration\u2019s implementation of tariffs. To date, the tariffs have not had a material impact on our results but did reduce the Aerospace operating margins by 30 basis points in 2025. The duration and extent of the tariffs ITEM 1. BUSINESS (Dollars in millions, unless otherwise noted) BUSINESS OVERVIEW General Dynamics is a global aerospace and defense company that specializes in high-end design, engineering and manufacturing to deliver state-of-the-art solutions to our customers. We offer a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapon systems and munitions; and technology products and services. Our leadership positions in attractive business aviation and defense markets enable us to deliver superior and enduring capabilities to our customers and returns to our shareholders. Our company consists of 10 business units, which are organized into four operating segments: Aerospace, Marine Systems, Combat Systems and Technologies. We refer to the latter three collectively as our defense segments. To ensure market focus, customer intimacy, agility and operating expertise, each business unit is responsible for the development and execution of its strategy and operating results. This structure allows for a lean corporate function, which sets the overall strategy and governance for the company and is responsible for allocating and deploying capital. Our business units seek to deliver superior operating results by building industry-leading franchises. To achieve this goal, we invest in advanced technologies, focus on execution, pursue a culture of continuous improvement, and strive to be the low-cost, high-quality provider in each of our markets. The result is long-term value creation measured by delivering on our commitments to our customers coupled with strong earnings and cash flow and an attractive return on capital. Over the past decade, we have invested to create, renew or expand our portfolio of products and services across our businesses. This includes product development investments in Aerospace to bring to market an all-new lineup of business jet aircraft, capital investments in Marine Systems to support ITEM 1A. RISK FACTORS An investment in our common stock or debt securities is subject to risks and uncertainties. Investors should consider the following factors, in addition to the other information contained in this annual report on Form 10-K, before deciding whether to purchase our securities. Investment risks can be marke", "title": "GD - GENERAL DYNAMICS CORP", "url": "/company/GD/" }, { "kind": "company", "summary": "SIC 2040 Grain Mill Products; CIK 0000040704; latest 10-K filed 2026-07-01.", "text": "GIS - GENERAL MILLS INC SIC 2040 Grain Mill Products; CIK 0000040704; latest 10-K filed 2026-07-01. GIS GENERAL MILLS INC 0000040704 2040 Grain Mill Products ITEM 7 - Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations EXECUTIVE OVERVIEW We are a global packaged foods company. We develop distinctive value-added food products and market them under unique brand names. We work continuously to improve our core products and to create new products that meet consumers\u2019 evolving needs and preferences. In addition, we build the equity of our brands over time with strong consumer-directed marketing, innovative new products, and effective merchandising. We believe our brand-building approach is the key to winning and sustaining leading share positions in markets around the globe. Our fundamental financial goal is to generate competitively differentiated returns for our shareholders over the long term. We believe achieving that goal requires us to generate a consistent balance of net sales growth, margin expansion, cash conversion, and cash return to shareholders over time. Our long-term growth objectives are to deliver the following performance on average over time: \u20222 to 3 percent annual growth in organic net sales; \u2022mid-single-digit annual growth in adjusted operating profit; \u2022mid- to high-single-digit annual growth in adjusted diluted earnings per share (EPS); \u2022free cash flow conversion of at least 95 percent of adjusted net earnings after tax; and \u2022cash return to shareholders of 80 to 90 percent of free cash flow, including an attractive dividend yield. Guided by our purpose to make food the world loves, we are executing our Accelerate strategy to drive sustainable, profitable growth and top-tier shareholder returns over the long term. The strategy focuses on four pillars to create competitive advantages and win: boldly building brands, relentlessly innovating, unleashing our scale, and standing for good. We are prioritizing our core markets, global platforms, and local gem brands that have the best prospects for profitable growth and we are committed to reshaping our portfolio with strategic acquisitions and divestitures to further enhance our growth profile. Our consolidated net sales for fiscal 2026 decreased 5 percent to $18.4 billion. On an organic basis, net sales decreased 2 percent compared to year-ago levels. Operating profit of $886 million decreased 73 percent. Adjusted operating profit of $2.8 billion decreased 16 percent on a constant-currency basis. Diluted loss per share decreased 104 percent to $(0.16). Adjusted diluted EPS of $3.55 decreased 16 percent on a constant-currency basis (See the \u201cNon-GAAP Measures\u201d section below for a description of our use of measures not defined by generally accepted accounting principles (GAAP)). Net cash provided by operations totaled $2,166 million in fiscal 2026, with a conversion rate that was not meaningful as a percent of net loss, including earnings attributable to noncontrolling interests. This cash generation supported capital investments totaling $540 million, and our resulting free cash flow was $1,626 million at a conversion rate of 85 percent of adjusted net earnings, including earnings attributable to noncontrolling interests. We returned cash to shareholders through dividends totaling $1,315 million and net share repurchases totaling $500 million (See the \u201cNon-GAAP Measures\u201d section below for a description of our use of measures not defined by GAAP). In fiscal 2026, while we made meaningful progress in strengthening the remarkability of our brands to position the business for long- term sustainable growth, this progress came amid a more challenging category and competitive backdrop than we initially expected. Weak consumer sentiment, heightened uncertainty, and significant volatility weighed on category growth and impacted consumer purchase patterns, resulting in a slower pace and higher cost of volume recovery than we originally anticipated. We delivered mixed performance against the three priorities we established at the beginning of the year: On our prio ITEM 1 - Business COMPANY OVERVIEW For 160 years, General Mills has been making food the world loves. We are a leading global manufacturer and marketer of branded consumer foods with more than 100 brands in 100 countries across six continents. In addition to our consolidated operations, we have 50 percent interests in two strategic joint ventures that manufacture and market food products sold in approximately 120 countries worldwide. We manage and review the financial results of our business under four operating segments: North America Retail; International; North America Pet; and North America Foodservice. See Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) in Item 7 of this report for a description of our segments. We offer a variety of human and pet food products that provide great taste, nutrition, convenience, and value for consumers around the world. Our business is focused on the following large, global categories: \u2022snacks, including grain, fruit and savory snacks, nutrition bars, and frozen hot snacks; \u2022ready-to-eat cereal; \u2022convenient meals, including meal kits, ethnic meals, pizza, soup, side dish mixes, frozen breakfast, and frozen entrees; \u2022wholesome natural pet food; \u2022refrigerated and frozen dough; \u2022baking mixes and ingredients; and \u2022super-premium ice cream. Our Cereal Partners Worldwide (CPW) joint venture with Nestl\u00e9 S.A. (Nestl\u00e9) competes in the ready-to-eat cereal category in markets outside North America, and our H\u00e4agen-Dazs Japan, Inc. (HDJ) joint venture competes in the super-premium ice cream category in Japan. For net sales contributed by each class of similar products, please see Note 17 to the Consolidated Financial Statements in Item 8 of this report. The terms \u201cGeneral Mills,\u201d \u201cCompany,\u201d \u201cregistrant,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d mean General Mills, Inc. and all subsidiaries included in the Consolidated Financial Statements in Item 8 of this report unless the context indicates oth ITEM 1A - Risk Factors Our business is subject to various risks and uncertainties. Any of the risks described below could materially, adversely affect our business, financial condition, and results of operations. Business and Industry Risks The categories in which we participate are very competitive, and if we are not able to compete effectively, our results of operations could be adversely affect", "title": "GIS - GENERAL MILLS INC", "url": "/company/GIS/" }, { "kind": "company", "summary": "SIC 3711 Motor Vehicles & Passenger Car Bodies; CIK 0001467858; latest 10-K filed 2026-01-27.", "text": "GM - General Motors Co SIC 3711 Motor Vehicles & Passenger Car Bodies; CIK 0001467858; latest 10-K filed 2026-01-27. GM General Motors Co 0001467858 3711 Motor Vehicles & Passenger Car Bodies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This MD&A should be read in conjunction with the accompanying audited consolidated financial statements and notes. Forward-looking statements in this MD&A are not guarantees of future performance and may involve risks and uncertainties that could cause actual results to differ materially from those projected. Refer to the \"Forward-Looking Statements\" section of this MD&A and Part I, Item 1A. Risk Factors for a discussion of these risks and uncertainties. The discussion of our financial condition and results of operations for the year ended December 31, 2023 included in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024 is incorporated by reference into this MD&A. Overview Our vision for the future is a world with zero crashes, zero emissions, and zero congestion. We will adapt to customer preferences while executing our growth-focused strategy to invest in ICE vehicles, EVs, hybrids, personal AV technology, software-enabled services, and other new business opportunities. To support strong margins and cash flow, we continue to strengthen our market position in profitable ICE vehicles, such as trucks and SUVs. We plan to execute our strategy with a steadfast commitment to good corporate citizenship through more sustainable operations and a leading health and safety culture. Our financial performance in 2025 was driven by the strength of our vehicle portfolio, including high margin full-size pickup trucks and SUVs, strong consumer demand for our products, and the execution of our core business strategy. We remain focused on maintaining an efficient cost structure and pricing discipline. We continue to prioritize driving down costs to improve profitability and are aligning EV capacity to expected consumer demand. In December 2024, we announced that we will no longer fund Cruise's robotaxi development work and will refocus our autonomous driving strategy on personal vehicles. In February 2025, we completed the acquisition of the noncontrolling interests in Cruise, began to wind down the Cruise robotaxi operations, and combined the GM and Cruise ongoing personal autonomous technical efforts in our GMNA segment. We are monitoring industry pricing pressures, changing interest rates, inflation, warranty claims, consumer demand trends, and changes to the regulatory environment, including with respect to fuel economy standards, GHG emissions regulations, and corporate taxes. Over the course of 2025, the U.S. and other governments implemented new tariffs relevant to GM and its suppliers, including tariffs on vehicles and parts imported into the U.S. The tariff environment remains highly dynamic, and the specific tariffs applicable to goods imported by GM and its suppliers continue to evolve, including with respect to imports under the U.S.-Mexico-Canada Agreement and other trade agreements. We have acted with urgency and discipline to maintain strong positioning within the industry. In 2025, impacts to earnings before interest and taxes (EBIT)-adjusted from tariffs were $3.1 billion. Based on the current tariff environment, we estimate that impacts to EBIT-adjusted could range from $3.0 billion to $4.0 billion for the year ending December 31, 2026. Refer to Part I, Item 1A. Risk Factors for a full discussion of the risks associated with the global tariff environment. The One Big Beautiful Bill Act (the Act), which was signed into law on July 4, 2025, extends and modifies certain key provisions of the U.S. Tax Cuts and Jobs Act of 2017, modifies certain IRA incentives, accelerates the phase-out of clean vehicle and other clean energy credits, and sets civil penalties to zero for noncompliance with CAFE standards. The Act also introduces a new auto loan interest deductibility provision that allows some individuals to deduct up to $ Item 1. Business General Motors Company (sometimes referred to as we, our, us, ourselves, the Company, General Motors, or GM) was incorporated as a Delaware corporation in 2009. We design, build, and sell trucks, crossovers, cars, and automobile parts and provide software-enabled services and subscriptions worldwide. Our automotive operations meet the demands of our customers through our segments: GM North America (GMNA) and GM International (GMI) with vehicles developed, manufactured, and/or marketed under the Buick, Cadillac, Chevrolet, and GMC brands. We also have equity ownership stakes in entities that meet the demands of customers in other countries, primarily in China, with vehicles developed, manufactured, and/or marketed under the Baojun, Buick, Cadillac, Chevrolet, and Wuling brands. In December 2024, we announced that we would no longer fund Cruise's robotaxi development work and will refocus our autonomous driving strategy on personal vehicles and, in February 2025, we completed the acquisition of the noncontrolling interests in Cruise, began to wind down the Cruise robotaxi operations, and combined the GM and Cruise autonomous technical efforts in our GMNA segment. We provide automotive financing services through our General Motors Financial Company, Inc. (GM Financial) segment. Refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) and Note 23 to our consolidated financial statements for financial information about our segments. Except for per share amounts or as otherwise specified, amounts presented within tables are stated in millions. Certain columns and rows may not sum due to rounding. Forward-looking statements in this Business section are not guarantees of future performance and may involve risks and uncertainties that could cause actual results to differ materially from those projected. Refer to Item 1A. Risk Factors and the \"Forward-Looking Statements\" section of Part II, Item 7 Item 1A. Risk Factors We have listed below the most material risk factors applicable to us. These risk factors are not necessarily in the order of importance or probability of occurrence: Risks related to our competition and strategy If we do not deliver new products, services, technologies, and customer experi", "title": "GM - General Motors Co", "url": "/company/GM/" }, { "kind": "company", "summary": "SIC 5013 Wholesale-Motor Vehicle Supplies & New Parts; CIK 0000040987; latest 10-K filed 2026-02-20.", "text": "GPC - GENUINE PARTS CO SIC 5013 Wholesale-Motor Vehicle Supplies & New Parts; CIK 0000040987; latest 10-K filed 2026-02-20. GPC GENUINE PARTS CO 0000040987 5013 Wholesale-Motor Vehicle Supplies & New Parts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis contains forward-looking statements, including, without limitation, statements relating to our plans, strategies, objectives, expectations, intentions and resources. Such forward-looking statements should be read in conjunction with our disclosures under \u201cItem 1A. Risk Factors\u201d of this Form 10-K. OVERVIEW Genuine Parts Company (\"GPC\") is a leading global service provider of automotive and industrial replacement parts and value-added solutions. We have a long history of growth and innovation dating back to our founding in Atlanta, Georgia, in 1928. Over nearly a century, we\u2019ve built a reputation for delivering excellent customer service, profitable growth and strong cash flow generation. In 2025, we conducted business in North America, Europe and Australasia from more than 10,800 locations. Our Automotive businesses operated in the U.S., Canada, Mexico, France, the U.K., Ireland, Germany, Poland, the Netherlands, Belgium, Spain, Portugal, Australia and New Zealand and accounted for 63% of total revenues for the year. Our Industrial business operated in the U.S., Canada, Australia, New Zealand, Indonesia and Singapore and accounted for 37% of total revenues. We are focused on being the preferred employer, supplier, and partner while delivering values to our shareholders. This focus drives our strategic financial objectives which are growing revenue in excess of the market, improving operating margins, maintaining a healthy balance sheet, generating strong cash flows, and allocating capital effectively. As we look to the future, we are leaning into modernizing our supply chain and technology through digital innovation, and data-driven strategies to enhance our competitive edge. By optimizing supply chains and leveraging technology, we are empowering our teams with cutting-edge tools to continue our focus on delivering exceptional customer service and driving sustainable growth. At the heart of it all is our commitment to excellence, supported by a culture of continuous improvement and a legacy of strong leadership that has guided us for nearly a century. In the fourth quarter of 2025, we disaggregated our automotive aftermarket business into two reportable segments. There were no changes to our Industrial segment. We believe this expanded segmentation will provide our investors with additional information to better understand our performance. Concurrent with the change in reportable segments, we revised our prior period financial information to be consistent with the current period presentation. There was no impact on consolidated net sales, total operating expenses, net income or diluted EPS as a result of these changes. Refer to the Segment Data Footnote in the Notes to Consolidated Financial Statements for additional information. KEY PERFORMANCE INDICATORS We consider a variety of performance and financial measures in assessing our business, and the key performance indicators used to measure our results are summarized below. Comparable Sales Comparable sales is a key metric that refers to period-over-period comparisons of our net sales excluding the impact of acquisitions, foreign currency and other. Our calculation of comparable sales is computed using total business days for the period and is inclusive of sales from our company-owned stores and sales to our independent owners. The company considers this metric useful to investors because it provides greater transparency into management\u2019s view and assessment of the company\u2019s core ongoing operations. This is a metric that is widely used by analysts, investors and competitors in our industry, however our calculation of the metric may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate this metric in the same manner. Gross Profit and Gross Margin Gross profit represents ne ITEM 1. BUSINESS. Incorporated in the State of Georgia in 1928, Genuine Parts Company is a leading global service provider of automotive and industrial replacement parts and value-added solutions. We serve our customers from more than 10,800 locations, primarily in North America, Europe, and Australasia (primarily Australia and New Zealand). We offer outstanding service, an industry-leading assortment of replacement parts, extensive supply chain and distribution capabilities, and enhanced technology solutions. As used in this report, \"we,\" \"us,\" \"our,\" \"GPC,\" and the \u201ccompany\u201d refers to GPC and its subsidiaries, except as otherwise indicated by the context; and the terms \u201cautomotive parts\u201d and \u201cindustrial parts\u201d refer to replacement parts in each respective category. OUR BUSINESS We operate in the automotive aftermarket and industrial parts distribution industries. We are a global company focused on being a preferred employer, supplier, and partner while delivering value to our shareholders. To achieve this, we prioritize excellent customer service, profitable growth, operational efficiency, and strong cash flow. In 2025, we had net sales of $24.3 billion, with revenues distributed approximately 74% in North America, 16% in Europe and 10% in Australasia. We see attractive long-term growth potential across our markets. In the automotive aftermarket industry, growth is driven by increases in miles driven, a growing and aging vehicle fleet, rising complexity in vehicle technology, and expanding opportunities in electric and hybrid vehicles. In the industrial distribution industry, growth is supported by increased manufacturing activity across our diverse end markets, shifts in global supply chains, rising demand for automation and robotics, and an aging technical workforce. We are positioned competitively in attractive and fragmented industries that create value for shareholders. Our competitive advantages include our strong brands, global footprint with leadi ITEM 1A. RISK FACTORS. FORWARD-LOOKING STATEMENTS Some statements in this report, as well as in other materials we file with the SEC or otherwise release to the public and in materials that we make available on our website, constitute forward-looking statements that are subject to the safe harbor provisions of t", "title": "GPC - GENUINE PARTS CO", "url": "/company/GPC/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0000882095; latest 10-K filed 2026-02-24.", "text": "GILD - GILEAD SCIENCES, INC. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0000882095; latest 10-K filed 2026-02-24. GILD GILEAD SCIENCES, INC. 0000882095 2836 Biological Products, (No Diagnostic Substances) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis is intended to provide material information around events and uncertainties known to management that are relevant to an assessment of the financial condition and results of operations of Gilead and should therefore be read in conjunction with our audited Consolidated Financial Statements and the related notes thereto and other disclosures included as part of this Annual Report on Form 10-K (including the disclosures under Part I, Item 1A. Risk Factors). Additional information related to the comparison of our results of operations and liquidity and capital resources between the years 2024 and 2023 is included in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our 2024 Form 10-K filed with U.S. Securities and Exchange Commission. Management Overview Gilead Sciences, Inc. (including its consolidated subsidiaries, referred to as \u201cGilead,\u201d the \u201ccompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d) is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. We are committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, COVID-19 and cancer. We operate in more than 35 countries worldwide, with headquarters in Foster City, California. Our strategic ambitions are to (i) bring 10+ transformative therapies to patients by 2030 (tracking since 2020); (ii) be a biotech employer and partner of choice; and (iii) deliver shareholder value in a sustainable and responsible manner. Our strategic priorities, as refreshed in late 2025, to deliver on these ambitions include: (i) maximize impact of long-acting HIV therapies; (ii) accelerate our pipeline build in oncology and inflammation; (iii) adopt and scale artificial intelligence to transform how we work; (iv) prioritize investments for highest impact; and (v) strengthen collaboration to accelerate innovation. Year in Review During 2025, we delivered growth in our HIV product sales, introduced Yeztugo, the first and only twice-yearly HIV pre-exposure prophylaxis (\u201cPrEP\u201d) option available in the U.S., and expanded Livdelzi\u2019s market share in the treatment of primary biliary cholangitis (\u201cPBC\u201d). As evidenced by various late-stage clinical trial updates in HIV and oncology, we continued to invest in our business and research and development (\u201cR&D\u201d) pipeline through advancement of our portfolio and broadening of available therapies, including through acquisitions and collaborations. Meanwhile, we maintained our financial position by lowering operating expenses, repaying senior notes coming due and providing shareholder returns through dividends and share repurchases. The following represents a summary of notable business updates and events since the filing of our Annual Report on Form 10-K for the year ended December 31, 2024, including certain items from our press releases, which readers are encouraged to review in full as available on our website at www.gilead.com. The content on the referenced website does not constitute a part of and is not incorporated by reference into this Annual Report on Form 10-K. Virology \u2022Announced positive topline Phase 3 results from the ARTISTRY-1 and ARTISTRY-2 trial, evaluating our investigational daily oral single-tablet regimen of bictegravir 75mg and lenacapavir 50mg (\u201cBIC/LEN\u201d) for virologically suppressed adults with HIV. BIC/LEN met its primary endpoint, demonstrating non-inferiority to baseline multi-tablet antiviral regimens (ARTISTRY-1) and Biktarvy (ARTISTRY-2). \u2022Announced settlement agreements to resolve Biktarvy patent litigation with generic manufacturers Lupin Ltd., Cipla Ltd. and Laurus Labs Ltd. Under the agreements, the earliest date the three generic manufacturers can market a generic version of full do ITEM 1. BUSINESS Gilead Sciences, Inc. (including its consolidated subsidiaries, referred to as \u201cGilead,\u201d the \u201ccompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d) is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. We are committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, COVID-19 and cancer. We operate in more than 35 countries worldwide, with headquarters in Foster City, California. Our Business Products We have transformed care for people around the world by discovering, developing and delivering innovative medicines to address unmet medical needs in virology, oncology and other therapeutic areas. Our innovative medicines represent advancements by offering first-in-class therapies, greater efficacy, enhanced modes of delivery, more convenient treatment and prevention regimens, improved resistance profiles and reduced side effects. In 2025, our commercial portfolio included more than 25 therapies, including the following products and collaboration products with approved indications in the U.S.: HIV \u2022Biktarvy\u00ae is an oral formulation dosed once a day for the treatment of HIV-1 infection in certain patients. Biktarvy is a single-tablet regimen of a fixed-dose combination of our antiretroviral medications, bictegravir, emtricitabine (\u201cFTC\u201d) and tenofovir alafenamide (\u201cTAF\u201d). \u2022Descovy\u00ae is an oral formulation indicated in combination with other antiretroviral agents for the treatment of HIV-1 infection in certain patients. Descovy is a fixed-dose combination of our antiretroviral medications, FTC and TAF. Descovy is also approved by U.S. Food and Drug Administration (\u201cFDA\u201d) for a pre-exposure prophylaxis (\u201cPrEP\u201d) indication to reduce the risk of sexually acquired HIV-1 infection in certain at-risk patients. \u2022Genvoya\u00ae is an oral formulation dosed once a day for the treatment of HIV-1 in ITEM 1A. RISK FACTORS In evaluating our business, you should carefully consider the following discussion of material risks, events and uncertainties that make an investment in us speculative or risky in addition to the other information in this Annual Report on Form 10-K. A manifestation of any of ", "title": "GILD - GILEAD SCIENCES, INC.", "url": "/company/GILD/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001123360; latest 10-K filed 2026-02-20.", "text": "GPN - GLOBAL PAYMENTS INC SIC 7389 Services-Business Services, NEC; CIK 0001123360; latest 10-K filed 2026-02-20. GPN GLOBAL PAYMENTS INC 0001123360 7389 Services-Business Services, NEC ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with \"Item 8 - Financial Statements and Supplementary Data\" of this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements about our plans and expectations of what may happen in the future. Forward-looking statements are based on a number of assumptions and estimates that are inherently subject to significant risks and uncertainties, and our actual results could differ materially from the results anticipated by our forward-looking statements as a result of many known and unknown factors, including, but not limited to those discussed in \u201cItem 1A \u2013 Risk Factors\u201d of this Annual Report on Form 10-K. See \"Cautionary Notice Regarding Forward-Looking Statements\" located above in \"Item 1 - Business\" of this Annual Report on Form 10-K. On January 9, 2026, we acquired 100% of Worldpay Holdco, LLC (\u201cWorldpay\u201d) from Fidelity National Information Services, Inc. (\u201cFIS\u201d) and affiliates of GTCR LLC (\u201cGTCR\u201d) and divested our Issuer Solutions business to FIS. Worldpay is an industry-leading payments technology and solutions company. Consideration paid to GTCR for its ownership interest in Worldpay consisted of (1) approximately $6.2 billion in cash and (2) 43.3 million shares of Global Payments common stock. Consideration received for the divestiture of our Issuer Solutions business consisted of (1) approximately $7.7 billion in cash and (2) FIS\u2019 ownership interest in Worldpay as described above. In April 2025, we obtained bridge financing that was terminated in November 2025 when we issued $6.2 billion in senior unsecured notes as described in \"Note 9\u2014Long-Term Debt and Lines of Credit\" in the accompanying consolidated financial statements. Our Issuer Solutions business met the criteria to be classified as a discontinued operation, and we present the historical operations of our former Issuer Solutions reportable segment as discontinued operations for all periods presented accordingly. Our continuing operations consists of our Merchant Solutions business and corporate functions. See \"Note 1\u2014Basis of Presentation and Summary of Significant Accounting Policies\" and \u201cNote 3\u2014Business Dispositions and Discontinued Operations\u201d in the notes to the accompanying consolidated financial statements for further information. Discussion of our results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 that has been omitted under this item and can be found in \"Part II, Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations\" in \"Exhibit 99.1\" to our Current Report on Form 8-K filed on November 4, 2025. Executive Overview We are a leading payments technology company delivering innovative software and services to our customers globally. Our technologies, services and team member expertise allow us to provide a broad range of solutions that enable our customers to operate their businesses more efficiently across a variety of channels around the world. We have grown organically, as well as through acquisitions, and continue to invest in new technology solutions and infrastructure to support our growing business and the ongoing consolidation and enhancement of our operating platforms. These investments include new product development and innovation to further enhance and differentiate our suite of technology and software solutions available to customers, along with migration of certain underlying technology platforms to cloud environments to enhance performance, improve speed to market and drive cost efficiencies. We also continue to execute on integration and business transformation activities, such as combining business operations, streamlining technology infrastructure, eliminating duplicative corporate and operational sup ITEM 1 - BUSINESS Global Payments Inc. and its consolidated subsidiaries are referred to collectively as \"Global Payments,\" the \"Company,\" \"we,\" \"our\" or \"us,\" unless the context requires otherwise. Introduction We are a leading payments technology company delivering innovative software and services to our customers globally, with worldwide reach spanning North America, Europe, Asia-Pacific and Latin America. The payments technology industry provides financial institutions, businesses and consumers with payment processing services, merchant acceptance solutions and related business management software and value-added services. Our technologies, services and team member expertise allow us to provide a broad range of solutions that enable our customers to operate their businesses more efficiently across a variety of channels around the world. Headquartered in Georgia with approximately 26,000 team members worldwide, Global Payments is a Fortune 500 company and is a member of the S&P 500. Our common stock is traded on the New York Stock Exchange under the symbol \"GPN.\" Business Transformation In 2024, we launched a holistic review of our business to examine our strategy, operations and ability to deliver sustainable performance. We have refreshed our strategy and are focusing our resources, efforts and investments on the areas of the business that will drive the best opportunities for growth. We are in the process of streamlining our organization and operating environments through our transformation program to deliver a global, unified operating company. We are aligning the Global Payments brand identity across our assets and solidifying go-to-market activities under a simplified technology environment. We are harmonizing capabilities to deliver our full suite of differentiated software and commerce enablement solutions to clients globally. We have consolidated our technology organizations and teams under common leadership to enhance speed and quality of product ITEM 1A - RISK FACTORS An investment in our common stock involves a high degree of risk. You should consider carefully the following risks and other information contained in this Annual Report on Form 10-K and other SEC filings before you decide to buy or sell our common stock. The risks identified below are not all encompas", "title": "GPN - GLOBAL PAYMENTS INC", "url": "/company/GPN/" }, { "kind": "company", "summary": "SIC 6311 Life Insurance; CIK 0000320335; latest 10-K filed 2026-02-25.", "text": "GL - GLOBE LIFE INC. SIC 6311 Life Insurance; CIK 0000320335; latest 10-K filed 2026-02-25. GL GLOBE LIFE INC. 0000320335 6311 Life Insurance Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with Globe Life's Consolidated Financial Statements and Notes thereto appearing elsewhere in this report. The following management discussion will only include comparison to prior year. For discussion regarding activity from 2023, please refer to the prior filed Form 10-Ks at www.sec.gov. \"Globe Life\" and the \"Company\" refer to Globe Life Inc. and its subsidiaries and affiliates. Results of Operations [[GREPCENT_TABLE]] [[\"\",\"How Globe Life Views Its Operations. Globe Life Inc. is the holding company for a group of insurance companies that market through exclusive, direct-to-consumer and independent distribution channels primarily individual life and supplemental health insurance to lower middle to middle-income households throughout the United States. We view our operations by segments, which are the insurance product lines of life and supplemental health, and the investment segment that supports the product lines.\"],[\"\",\"Insurance Product Line Segments. The insurance product line segments involve the marketing, underwriting, and administration of policies. Each product line is further subdivided by the various distribution channels that market the insurance policies. Each distribution channel operates in a niche market offering insurance products designed for that particular market. Whether analyzing profitability of a segment as a whole, or the individual distribution channels within the segment, the measure of profitability used by management is the underwriting margin, as seen below:\"],[\"\",\"Premium revenue (Policy obligations) (Policy acquisition costs and commissions) Underwriting margin\"],[\"\",\"Investment Segment. The investment segment involves the management of our capital resources, including investments and the management of liquidity. Our measure of profitability for the investment segment is excess investment income, as seen below:\"],[\"\",\"Net investment income(Required interest on policy liabilities) Excess investment income\"]] [[/GREPCENT_TABLE]] 21 GL 2025 FORM 10-K Table of Contents GLOBE LIFE INC. Management's Discussion & Analysis Globe Life serves the lower-middle to middle-income market. We believe this market is underserved, has significant growth potential, and provides us with a distinct competitive advantage. This advantage is protected due not only to our ability to efficiently reach this market through both exclusive and direct to consumer distribution channels, but also due to the amount of data and experience we possess, as we have been in this same market for over 60 years with essentially the same products. The basic protection life and health insurance products we offer are specifically designed to help provide financial security to consumers in this market. Current Highlights. \u2022Net income as a return on equity (ROE) for the year ended December 31, 2025 was 20.9% and net operating income as an ROE, excluding accumulated other comprehensive income(1) was 16.0%. \u2022Total premium increased 5% over the same period in the prior year. Life premium increased 3% for the period from $3.3 billion in 2024 to $3.4 billion in 2025. Health premium increased 9% to $1.5 billion over the prior-year period of $1.4 billion. \u2022Total net sales increased 13% over the same period in the prior year from $840 million in 2024 to $948 million in 2025. The average producing agent count across all of the exclusive agencies increased 3% over the prior year. \u2022Book value per share increased 19% over the same period in the prior year from $62.50 to $74.17. Book value per share, excluding accumulated other comprehensive income(1), increased 11% over the prior year from $86.40 in 2024 to $96.16 in 2025. \u2022For the year ended December 31, 2025, the Company repurchased 5.4 million shares of Globe Life Inc. common stock at a total cost of $685 million for an average share price Item 1. Business Globe Life and the Company refer to Globe Life Inc., an insurance holding company incorporated in Delaware in 1979, and its subsidiaries and affiliates. Its primary subsidiaries are Globe Life And Accident Insurance Company, American Income Life Insurance Company, Liberty National Life Insurance Company, Family Heritage Life Insurance Company of America, and United American Insurance Company. Globe Life's website is: www.globelifeinsurance.com. Globe Life makes available free of charge through its website, its annual report on Form 10-K, its quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports as soon as reasonably practicable after they have been electronically filed with or furnished to the Securities and Exchange Commission. Other information included in Globe Life's website is not incorporated into this filing. 1 GL 2025 FORM 10-K Table of Contents The following table presents Globe Life's business by primary marketing distribution channel. Additional information concerning industry segments may be found in Management\u2019s Discussion and Analysis and in Note 15\u2014Business Segments within the Notes to the Consolidated Financial Statements. [[GREPCENT_TABLE]] [[\"\",\"\",\"Primary Distribution Method\",\"\",\"Underwriting Company\",\"\",\"Products and Target Markets\",\"\",\"Distribution\"],[\"\",\"\",\"Direct to Consumer Division\",\"\",\"Globe Life And Accident Insurance Company McKinney, Texas\",\"\",\"Individual life and supplemental health limited-benefit insurance including juvenile and senior life coverage and Medicare Supplement to lower middle-income to middle-income Americans.\",\"\",\"Nationwide distribution through direct to consumer channels: including direct mail, electronic media, and insert media.\"],[\"\",\"\",\"American Income Life Division\",\"\",\"American Income Life Insurance Company Waco, Texas\",\"\",\"Individual life and supplemental health limited-benefit insurance marketed to working families.\",\"\",\"11,920 average producing agen Item 1A. Risk Factors Risks Related to Our Business The following is a summary of the material risks and uncertainties that could adversely affect our business, financial condition, and results of operations. Business and Operational Risks The development and maintenance of our various distribution channels are critical to growth in product sales and profits. Our future succes", "title": "GL - GLOBE LIFE INC.", "url": "/company/GL/" }, { "kind": "company", "summary": "SIC 7373 Services-Computer Integrated Systems Design; CIK 0001609711; latest 10-K filed 2026-02-25.", "text": "GDDY - GoDaddy Inc. SIC 7373 Services-Computer Integrated Systems Design; CIK 0001609711; latest 10-K filed 2026-02-25. GDDY GoDaddy Inc. 0001609711 7373 Services-Computer Integrated Systems Design Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our financial statements and related notes included in \"Financial Statements and Supplementary Data.\" Some of the information contained in this discussion and analysis, including information with respect to our plans and strategies for our business, includes forward-looking statements involving significant risks and uncertainties. As a result of many factors, such as those set forth in \"Risk Factors,\" actual results may differ materially from the results described in, or implied by, these forward-looking statements. This section generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussion of 2023 items and comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Form 10-K for the year ended December 31, 2024. (Throughout the tables and this discussion and analysis, dollars are in millions, excluding average revenue per user (ARPU), and shares are in thousands.) Overview We serve a large market of entrepreneurs, through the development and delivery of easy-to-use products in a one-stop shop solution backed by trusted proactive, informed and personalized guidance. We serve small businesses, individuals, organizations, developers, designers and domain investors. We manage and report our business in the following two segments: \u2022Applications and Commerce (A&C), which primarily consists of sales of products containing our proprietary software, notably our website building products, and our proprietary commerce solutions, as well as third-party email and productivity solutions and sales of certain products when they are included in bundled offerings of our proprietary software products. \u2022Core Platform (Core), which primarily consists of sales of domain registrations and renewals, aftermarket domain sales, domain protection, website hosting products and website security products when not included in bundled offerings of our proprietary software products as well as sales of products not containing a software component. We have developed a stable and durable business model driven by strong brand recognition, seamless technology, scale of our business and customer care. We generate bookings and revenue, which help us measure the success of our efforts, from the sales of our products. We monitor total bookings as we believe it is an indicator of the expected growth in our revenue and is a supplemental measure of the operating performance of our business. Total bookings and revenue derived from both of our product segments have increased in each of the last three years, with many of our non-domains products growing faster in recent periods. 61 Table of Contents The primary factors driving growth in our business are our seamless technology experience, cost optimization and retention of high intent customers, pricing and bundling, and commerce. Our key priorities, developments and highlights in these areas include: Seamless Technology and Airo. Our seamless experience initiative is focused on delivering improved customer conversion, product engagement and renewal through enhancements to all parts of the customer journey, from initial onboarding through to the purchase path. In tandem, we also continue to expand our AI-powered experiences, including Airo, and incorporate generative and agentic AI innovations into our products and services and throughout our operations to make use of efficiencies and increase productivity. We remain focused on expanding our solutions and operations to stay up to date with these developments in order to maintain and grow our business. Cost Optimization and Profitability. During the year ended December 31, 2025, we engaged Item 1. Business Overview GoDaddy is a global leader serving a large market of entrepreneurs, developing and delivering easy-to-use solutions as a one-stop shop provider, backed by proactive, informed and personalized guidance. We serve small businesses, individuals, organizations, developers, designers and domain investors. Our vision is to radically shift the global economy toward life-fulfilling entrepreneurial ventures. Our mission is to empower entrepreneurs everywhere, making opportunity more inclusive for all. We are passionate about our mission and honored that entrepreneurs trust us with their ideas. Our 20.4 million customers are passionate and determined to transform their ideas into something meaningful. Our ability to evolve and build solutions and tools to handle our customers' fundamental jobs to be done uniquely positions us to help them navigate their individual journeys. Each customer's journey is unique and they tend to be non-linear and iterative in nature. We design our solutions and tools to help our customers across all aspects of their businesses and to assist them in growing across what we call the \"Entrepreneur's Wheel.\" The Entrepreneur's Wheel represents our customers' needs within three main focus areas: Identity, Presence and Commerce. Our customers often start with the most intimate of brand considerations, their Identity, which includes their company name, domain name, logo and email address. Choosing a domain name is often an important initial step for customers as they start and grow their business. We provide the solutions they need to support the establishment of their brand with our domain services and our suite of AI-powered tools including GoDaddy Airo\u00ae (Airo), which can assist with searching for the perfect domain name, generating a unique logo, building a customized website, establishing a domain-specific email and more. Our Identity solutions blend seamlessly into our Presence-based solutions to help our customers manag Item 1A. Risk Factors You should carefully consider the risks described below before making an investment decision in our common stock. Our operations and financial results are subject to various risks and uncertainties, including those described below and the other information in this Annual Report on Form 10-K and ", "title": "GDDY - GoDaddy Inc.", "url": "/company/GDDY/" }, { "kind": "company", "summary": "SIC 1389 Oil & Gas Field Services, NEC; CIK 0000045012; latest 10-K filed 2026-02-06.", "text": "HAL - HALLIBURTON CO SIC 1389 Oil & Gas Field Services, NEC; CIK 0000045012; latest 10-K filed 2026-02-06. HAL HALLIBURTON CO 0000045012 1389 Oil & Gas Field Services, NEC Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the consolidated and combined financial statements included in Item 8. Financial Statements and Supplementary Data contained herein. EXECUTIVE OVERVIEW Market conditions In 2025, global oil and natural gas markets remained impacted by non-OPEC supply growth, slower demand recovery in certain areas around the globe, OPEC+ production, ongoing geopolitical tensions in the Middle East, and the continued impacts of the Russia-Ukraine conflict. In the U.S., oil and natural gas production in 2025 remained elevated, despite a generally declining rig count, as a result of the industry's focus on efficiencies and higher service intensity. Lower commodity pricing and U.S. land rig counts generally contributed to softness in the market for energy products and services in North America. The international rig count decreased compared to 2024. The West Texas Intermediate (WTI) crude oil price averaged approximately $60 per barrel during the fourth quarter of 2025 and approximately $65 per barrel for the full year of 2025. The Brent crude oil price averaged approximately $64 per barrel during the fourth quarter of 2025 and approximately $69 per barrel for the full year of 2025. Trade tensions and tariffs continue to shape the demand outlook amid varying market responses. We continue to monitor and assess the impact of tariffs on goods being imported into the United States. Our global supply chain organization continuously monitors market trends and works to mitigate those and other cost increases through economies of scale in global procurement, technology modifications, and efficient sourcing practices. Globally, we continue to be impacted by extended supply chain lead times for the supply of select raw materials. Also, while we have been impacted by inflationary cost increases, primarily related to chemicals, cement, and logistics costs, we generally try to pass much of those increases on to our customers and we believe we have effective solutions to minimize their operational impact. Financial results The following graph illustrates our revenue and operating margins for each operating segment over the past three years. During 2025, we generated total company revenue of $22.2 billion, a 3% decrease from the $22.9 billion of revenue generated in 2024 with our Completion and Production (C&P) segment revenue decreasing by 4% and our Drilling and Evaluation (D&E) segment revenue decreasing by 3%. Total company operating income was $2.3 billion, including impairments and other charges of $831 million, in 2025, compared to $3.8 billion, including impairment and other charges of $116 million, in 2024. Due to new tariffs imposed during 2025 by the United States, the incremental expense was approximately $89 million. Driven in large part by a decrease in the average North America rig count in 2025 as compared to 2024, our North America revenue decreased 6% in 2025, resulting from lower activity across multiple product service lines in U.S. Land and lower completion tool sales in the Gulf of America. Partially offsetting these decreases were improved stimulation activity and increased fluids services in the Gulf of America, increased drilling activity in U.S. Land, and higher completion tool sales in Canada. HAL 2025 FORM 10-K | 24 [[GREPCENT_TABLE]] [[\"Table of Contents\",\"\",\"Item 7 | Executive Overview\"]] [[/GREPCENT_TABLE]] Internationally, revenue decreased by 2% in 2025 compared to 2024, due to a decline in the international average rig count and decreased activity across multiple product service lines in Mexico and Saudi Arabia. Partially offsetting these decreases were higher activity across multiple services lines in Norway and Brazil, improved fluid services in the Middle East, Argen Item 1. Business. Description of business and strategy Halliburton Company (Halliburton) is one of the world's largest providers of products and services to the energy industry. Its predecessor was established in 1919 and incorporated under the laws of the State of Delaware in 1924. Inspired by the past and leading into the future, what started with a single product from a single location is now a global enterprise. Our value proposition is to collaborate and engineer solutions to maximize asset value for our customers. We strive to achieve strong cash flows and returns for our shareholders by delivering technology and services that improve efficiency, increase recovery, and maximize production for our customers. Halliburton has fostered a culture of unparalleled service to the world's major, national, and independent oil and natural gas producers. With over 46,000 employees, representing 146 nationalities in more than 70 countries, we help our customers maximize asset value throughout the lifecycle of the reservoir - from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. 2025 Highlights - Financial: Our total revenue decreased 3% in 2025 as compared to 2024. Our International revenue decreased 2% and our North America revenue decreased 6% in 2025 compared to 2024. Overall, our Completion and Production and Drilling and Evaluation operating segments finished the year with 17% and 15% operating margins, respectively. We generated $2.9 billion of cash flows from operations and retired $382 million of our 3.8% notes due November 2025. - Capital efficiency: We developed technologies and made strategic choices that kept our capital expenditures at approximately 6% of revenue, which matched our target. - Shareholder returns: We returned $1.6 billion of capital to shareholders through dividends and share repurchases, whi", "title": "HAL - HALLIBURTON CO", "url": "/company/HAL/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000874766; latest 10-K filed 2026-02-20.", "text": "HIG - HARTFORD INSURANCE GROUP, INC. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000874766; latest 10-K filed 2026-02-20. HIG HARTFORD INSURANCE GROUP, INC. 0000874766 6331 Fire, Marine & Casualty Insurance Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of December 31, 2025, the U.S. qualified defined benefit pension plan is fully funded and in an asset position. For further discussion of pension and other postretirement benefit obligations, see Note 18 - Employee Benefit Plans of Notes to Consolidated Financial Statements. Derivative Commitments Certain of the Company\u2019s derivative agreements contain provisions that are tied to the financial strength ratings, as set by nationally recognized statistical rating agencies, of the individual legal entity that entered into the derivative agreement. If the legal entity\u2019s financial strength were to fall below certain ratings, the counterparties to the derivative agreements could terminate agreements and demand immediate settlement of the outstanding net derivative positions transacted under each agreement. For further information, refer to Note 14 - Commitments and Contingencies of Notes to Consolidated Financial Statements. As of December 31, 2025, no derivative positions would be subject to immediate termination in the event of a downgrade of one level below the current financial strength ratings. This could change as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated. Insurance Operations While subject to variability period to period, underwriting and investment cash flows continue to provide sufficient liquidity to meet anticipated demands. The principal sources of operating funds are premiums, fees earned from insurance and administrative service agreements, and investment income, while investing cash flows primarily originate from maturities and sales of invested assets. The Company\u2019s insurance operations consist of property and casualty insurance products (collectively referred to as \u201cProperty & Casualty Operations\u201d) and Employee Benefits products. The Company's insurance operations hold fixed maturity securities, including a significant short-term investment position (securities with maturities of one year or less at the time of purchase), to meet liquidity needs. Liquidity requirements that are unable to be funded by the Company's insurance operations' short-term investments would be satisfied with current operating funds, including premiums or investing cash flows, which includes proceeds received through the sale of invested assets. A sale of invested assets could result in significant realized losses. The following tables represent the fixed maturity holdings, including the aforementioned cash and short-term investments available to meet liquidity needs, for each of the Company\u2019s insurance operations. Property & Casualty Operations [[GREPCENT_TABLE]] [[\"\",\"As of\"],[\"\",\"December 31, 2025\"],[\"Fixed maturities\",\"$\",\"37,816\"],[\"Short-term investments\",\"2,104\"],[\"Cash\",\"117\"],[\"Less: Derivative collateral\",\"65\"],[\"Total\",\"$\",\"39,972\"]] [[/GREPCENT_TABLE]] Property & Casualty operations invested assets also include $121 in equity securities, $5.3 billion in mortgage loans and $4.5 billion in limited partnerships and other alternative investments. Employee Benefits Operations [[GREPCENT_TABLE]] [[\"\",\"As of\"],[\"\",\"December 31, 2025\"],[\"Fixed maturities\",\"$\",\"8,198\"],[\"Short-term investments\",\"365\"],[\"Cash\",\"\\u2014\"],[\"Less: Derivative collateral\",\"17\"],[\"Total\",\"$\",\"8,546\"]] [[/GREPCENT_TABLE]] Employee Benefits operations invested assets also include $23 in equity securities, $1.6 billion in mortgage loans and $1.2 billion in limited partnerships and other alternative investments. The primary uses of funds are to pay claims, claim adjustment expenses, commissions and other underwriting and insurance operating costs, to pay taxes, to purchase new investments and to make dividend payments to the HIG Holding Company. Property & Casualty reserves for unpaid losses and loss adjustment expenses as of December 31, 2025 were $38.2 billion and net of reinsurance Business (Dollar amounts in millions, except for per share data, unless otherwise stated) Index [[GREPCENT_TABLE]] [[\"Description\",\"Page\"],[\"General\",\"6\"],[\"Organization\",\"6\"],[\"Purpose and Strategic Priorities\",\"6\"],[\"Reportable Segments and Corporate\",\"7\"],[\"Reserves\",\"15\"],[\"Underwriting for P&C and Employee Benefits\",\"16\"],[\"Claims Administration for P&C and Employee Benefits\",\"16\"],[\"Reinsurance\",\"16\"],[\"Investment Operations\",\"17\"],[\"Enterprise Risk Management\",\"17\"],[\"Regulation\",\"17\"],[\"Intellectual Property\",\"18\"],[\"Human Capital Resources\",\"18\"],[\"Available Information\",\"20\"]] [[/GREPCENT_TABLE]] General The Hartford Insurance Group, Inc. (\"HIG\") (together with its subsidiaries, \u201cThe Hartford\u201d, the \u201cCompany\u201d, \u201cwe\u201d, or \u201cour\u201d) is a holding company for a group of subsidiaries that provide property and casualty (\"P&C\") insurance, employee group benefits insurance and services, and mutual funds and exchange-traded funds (\"ETF\") to individual and business customers in the United States, as well as in the United Kingdom and other international locations. The Hartford is headquartered in Connecticut and its oldest subsidiary, Hartford Fire Insurance Company, dates back to 1810. As of December 31, 2025, total assets and total stockholders\u2019 equity of The Hartford were $86.0 billion and $19.0 billion, respectively. Organization The Hartford strives to maintain and enhance its position as a market leader within the insurance industry. The Company sells diverse and innovative products through multiple distribution channels to individuals and businesses and is considered a leading property & casualty and employee group benefits insurer. The Hartford Stag logo is a widely recognized symbol in the insurance industry. As a holding company, HIG is separate and distinct from its subsidiaries and has no significant business operations of its own. The holding company relies on the dividends from its insurance companies and other subsidiaries as the principal source of", "title": "HIG - HARTFORD INSURANCE GROUP, INC.", "url": "/company/HIG/" }, { "kind": "company", "summary": "SIC 3944 Games, Toys & Children's Vehicles (No Dolls & Bicycles); CIK 0000046080; latest 10-K filed 2026-02-25.", "text": "HAS - HASBRO, INC. SIC 3944 Games, Toys & Children's Vehicles (No Dolls & Bicycles); CIK 0000046080; latest 10-K filed 2026-02-25. HAS HASBRO, INC. 0000046080 3944 Games, Toys & Children's Vehicles (No Dolls & Bicycles) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. OBJECTIVE Our objective within the following discussion is to provide an analysis of the Company\u2019s Financial Condition, Cash Flows and Results of Operations from management's perspective, which should be read in conjunction with the Company\u2019s audited consolidated financial statements and notes thereto, included in Part II, Item 8. Financial Statements, of this Annual Report on Form 10-K. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements concerning the Company\u2019s expectations and beliefs. Refer to \u201cStatement Regarding Forward-Looking Statements\u201d and Part I, Item 1A. Risk Factors, of this Form 10-K for a discussion of other uncertainties, risks and assumptions associated with these statements. The following includes a comparison of our consolidated results of operations for fiscal years 2025 and 2024. For a comparison of our consolidated results of operations for fiscal years 2024 and 2023, refer to Item 7 of Part II, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d, of our Annual Report on Form 10-K for the fiscal year ended December 29, 2024, filed with the SEC on February 27, 2025. Unless otherwise specifically indicated, all dollar or share amounts herein are expressed in millions of dollars or shares, except for per share amounts. The fiscal years ended December 28, 2025 and December 29, 2024 were both fifty-two week periods. 33 Table of Contents EXECUTIVE SUMMARY Hasbro Inc. (\"Hasbro\") is a leading games, intellectual property (\"IP\"), and toy company whose mission is to create joy and community through the magic of play. With over 100 years of expertise, we deliver play experiences to kids, families, and fans around the world, through physical and digital games, video games, toys, licensed consumer products, location-based entertainment, film, TV and more. We generate revenue and earn cash by developing, marketing, licensing and selling products, play and entertainment experiences, based on our global brands as well as other IP in a broad variety of categories. This includes: innovative toy and gaming brands and role-playing and fantasy card collecting games; the marketing and sale of toys and games, including our owned and partner brands, through retail stores, ecommerce platforms and Hasbro PULSE, our direct-to-consumer platform; the distribution, license and sale of digital games developed both internally and through licensing out our IP to third parties, such as Baldur's Gate 3, Monopoly Go! and Magic: The Gathering Arena and other digital games; and entertainment content. Additionally, the Company generates revenue through licensing our brands to third parties for toys and games, consumer products, such as apparel and publishing, as well as for use in theme park attractions and other forms of location-based entertainment and within formats such as film and TV programming. Recent Developments Tariffs Significant changes in trade policy announced by the U.S. government could adversely impact our forward-looking financial results. The Company monitors the impacts of tariffs to its business operations on an ongoing basis and may need to implement actions such as price adjustments or making changes in our supply chain sourcing strategies in order to mitigate the impact of tariffs in future periods. The impacts of tariffs may lead to reduced economic activity, increased costs, reduced demand and changes in purchasing behaviors for some or all of our products, actual or potential impairments, write-downs or unrealizability of some of our existing assets, or other economic outcomes that could have a material adverse impact on our sales volumes, prices, and our financial results. As a result of the estimated impact of tariffs and other macroeconomic headwinds on the Company's forward-looking forecasts, i Item 1. Business. Overview Hasbro, Inc. (\u201cHasbro\u201d) is a leading game, intellectual property (\"IP\"), and toy company whose mission is to create joy and community through the magic of play. With over 100 years of expertise, we deliver play experiences to kids, families, and fans around the world, through physical and digital games, video games, toys, licensed consumer products, location-based entertainment, film, TV and more. Through our franchise-first approach, we unlock value from both new and legacy IP, including MAGIC: THE GATHERING, MONOPOLY, HASBRO GAMES, PLAY-DOH, TRANSFORMERS, DUNGEONS & DRAGONS, NERF, and PEPPA PIG, as well as premier partner brands. Powered by our portfolio of iconic brands and a diversified network of partners and subsidiary studios, we bring fans together wherever they are, from tabletop to screen. For more than a decade, Hasbro has been consistently recognized for its corporate citizenship, including being named one of the 100 Best Corporate Citizens by 3BL Media, a 2025 JUST Capital Industry Leader, one of the 50 Most Community-Minded Companies in the U.S. by the Civic 50, and a Brand that Matters by Fast Company. Recent Developments Fiscal year 2025 was a year of strong results, driven by our continued execution on our Playing to Win strategy and cost-savings initiatives. 2025 Business Results We finished 2025 with strong momentum, led by another record performance in our Wizards of the Coast and Digital Gaming segment, continued growth in licensing, and operating profit improvement across the Company. \u2022MAGIC: THE GATHERING had a record year, supported by the success of its Universes Beyond sets such as Avatar: The Last Airbender and Final Fantasy, which was the highest selling set of all-time based on net revenues. Edge of Eternities and Marvel's Spider-Man also contributed to performance as well as high demand for our backlist sets and Secret Lair offerings. \u2022Digital licensing was once again led by Monopoly Go!, a mobile Item 1A. Risk Factors. In evaluating our business, the material risks described below, as well as other information contained in this Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission should be considered carefully. Additional risks not presently known to us or ", "title": "HAS - HASBRO, INC.", "url": "/company/HAS/" }, { "kind": "company", "summary": "SIC 8062 Services-General Medical & Surgical Hospitals, NEC; CIK 0000860730; latest 10-K filed 2026-02-10.", "text": "HCA - HCA Healthcare, Inc. SIC 8062 Services-General Medical & Surgical Hospitals, NEC; CIK 0000860730; latest 10-K filed 2026-02-10. HCA HCA Healthcare, Inc. 0000860730 8062 Services-General Medical & Surgical Hospitals, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The accompanying consolidated financial statements present certain information with respect to the financial position, results of operations and cash flows of HCA Healthcare, Inc. which should be read in conjunction with the following discussion and analysis. The terms \u201cHCA,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus,\u201d as used herein, refer to HCA Healthcare, Inc. and its affiliates. The term \u201caffiliates\u201d means direct and indirect subsidiaries of HCA Healthcare, Inc. and partnerships and joint ventures in which such subsidiaries are partners. Forward-Looking Statements This annual report on Form 10-K includes certain disclosures that contain \u201cforward-looking statements,\u201d within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include statements regarding expected capital expenditures, expected dividends, expected share repurchases, expected net claim payments, expected inflationary pressures and all other statements that do not relate solely to historical or current facts, and can be identified by the use of words like \u201cmay,\u201d \u201cbelieve,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201cproject,\u201d \u201cestimate,\u201d \u201canticipate,\u201d \u201cplan,\u201d \u201cinitiative\u201d or \u201ccontinue.\u201d These forward-looking statements are based on our current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond our control, which could significantly affect current plans and expectations and our future financial position and results of operations. These factors include, but are not limited to, (1) changes in or related to general economic or business conditions nationally and regionally in our markets, including inflation and the impact of trade policies, including changes in, or the imposition of, tariffs and/or trade barriers; changes in revenues resulting from declining patient volumes; changes in payer mix (including increases in uninsured and underinsured patients); potential increased expenses related to labor, pharmaceuticals, supply chain or other expenditures; workforce disruptions; supply and pharmaceutical shortages and disruptions (including as a result of tariffs or geopolitical disruptions); and the impact of federal government shutdowns, holds on or cancellations of congressionally authorized spending and interruptions in the distribution of governmental funds, (2) the impact of current and future health care public policy developments and the implementation of new, and possible changes to existing, federal, state or local laws and regulations affecting the health care industry, including the expiration at the end of 2025 of enhanced premium tax credits (\u201cEPTCs\u201d) for eligible individuals purchasing insurance coverage through federal and state-based health insurance marketplaces, changes in the structure and administration of, and funding for, federal and state agencies and programs, and effects of the 2025 Federal Budget Act (the \u201cFBA\u201d), (3) the impact of our significant indebtedness and the ability to refinance such indebtedness on acceptable terms, (4) the effects related to the implementation of sequestration spending reductions required under the Budget Control Act of 2011, related legislation extending these reductions, and the potential for future deficit or other spending reduction legislation that may alter current spending reductions, which include cuts to Medicare payments, or impose additional spending reductions, (5) the ability to achieve operating and financial targets, develop and execute resiliency plans to offset to the extent possible impacts from the FBA, the expiration of EPTCs and tariffs, attain expected levels of patient volumes and revenues, and control the costs of providing services, (6) possible reductions or other changes in Medicare, Medicaid and other state programs, including Medicaid supplemental payment programs, Medicaid waiver programs and sta Item 1. Business General HCA Healthcare, Inc. is one of the leading health care services companies in the United States. At December 31, 2025, we operated 190 hospitals, comprised of 179 general acute care hospitals, seven behavioral hospitals, and four rehabilitation hospitals. In addition, we operated 121 freestanding ambulatory surgery centers (\u201cASCs\u201d) and 31 freestanding endoscopy centers. Our facilities are located in 19 states and England. The terms \u201cCompany,\u201d \u201cHCA,\u201d \u201cHCA Healthcare,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus,\u201d as used herein and unless otherwise stated or indicated by context, refer to HCA Healthcare, Inc. and its affiliates. The term \u201caffiliates\u201d means direct and indirect subsidiaries of HCA Healthcare, Inc. and partnerships and joint ventures in which such subsidiaries are partners. The terms \u201cfacilities\u201d or \u201chospitals\u201d refer to entities owned and operated by affiliates of HCA, and the term \u201cemployees\u201d refers to employees of affiliates of HCA. Our primary objective is to provide a comprehensive array of quality health care services in the most cost-effective manner possible. Our general, acute care hospitals typically provide a full range of services to accommodate such medical specialties as internal medicine, general surgery, cardiology, oncology, neurosurgery, orthopedics and obstetrics, as well as diagnostic and emergency services. Outpatient and ancillary health care services are provided by our general, acute care hospitals, ASCs, freestanding emergency care facilities, urgent care facilities, walk-in clinics, physician practices, diagnostic centers, home health agencies, hospices and rehabilitation facilities and various other facilities. Our behavioral hospitals provide a full range of mental health care services through inpatient, partial hospitalization and outpatient settings. Our common stock is traded on the New York Stock Exchange (symbol \u201cHCA\u201d). Through our predecessors, we commenced operations in 1968. HCA Healthcare, Inc. was incorporated in Item 1A. Risk Factors If any of the events discussed in the following risk factors were to occur, our business, financial position, results of operations, cash flows or prospects could be materially, adversely affected. Additional risks and uncertainties not presently known to us", "title": "HCA - HCA Healthcare, Inc.", "url": "/company/HCA/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000765880; latest 10-K filed 2026-02-03.", "text": "DOC - HEALTHPEAK PROPERTIES, INC. SIC 6798 Real Estate Investment Trusts; CIK 0000765880; latest 10-K filed 2026-02-03. DOC HEALTHPEAK PROPERTIES, INC. 0000765880 6798 Real Estate Investment Trusts ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The information set forth in this Item 7 is intended to provide readers with an understanding of our financial condition, changes in financial condition, and results of operations. This section generally discusses the results of our operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. Other than retrospective updates for changes to our reportable segments as more fully described in this Form 10-K, please refer to Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 4, 2025 for a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023. The discussion below contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those which are discussed in \u201cItem 1A, Risk Factors.\u201d See also \u201cCautionary Language Regarding Forward-Looking Statements\u201d preceding Part I. The following discussion and analysis should be read in conjunction with our accompanying, consolidated financial statements and the notes thereto. We will discuss and provide our analysis in the following order: \u2022Market Trends and Uncertainties \u2022Company Highlights \u2022Dividends \u2022Results of Operations \u2022Liquidity and Capital Resources \u2022Non-GAAP Financial Measures Reconciliations \u2022Critical Accounting Estimates \u2022Recent Accounting Pronouncements Market Trends and Uncertainties Our operating results have been and will continue to be impacted by global and national economic and market conditions generally and by the local economic conditions where our properties are located. We continuously monitor the effects of domestic and global events on our operations and financial position, and on the operations and financial position of our tenants, operators, and borrowers, to enable us to remain responsive and adaptable to the dynamic changes in our operating environment. These events include, but are not limited to, the following, any of which could negatively impact our business: inflation; recession; interest rates; challenges in the financial markets; availability of private capital and funding in the life science industry; and actions by the U.S. political administration and regulatory agencies that affect healthcare policy, life science research and innovation, labor supply, procurement and construction costs, and general economic conditions (such as budget reconciliation actions, tariff actions, changes in healthcare regulation, decreases in government funding and staffing, and immigration reform). To the extent our tenants and/or operators have experienced, or will experience, increased costs, liquidity constraints, and financing difficulties due to the foregoing macroeconomic and market conditions, they may be unable or unwilling to make payments or perform their obligations when due, and occupancy of our properties could be adversely affected. In addition, uncertainty in public and private equity and fixed income markets and elevated interest rates have directly led to increased costs and limitations on the availability of capital to us. Elevated interest rates have and could continue to adversely impact our borrowing costs, the fair value of our fixed rate instruments, transaction volume, and real estate values generally, including our real estate. We have also been affected by increased costs relating to tenant improvements and construction, which, together with higher costs of capital and tariff actions (or potential tariff actions), have adversely affected, and in the future may adversely affect, construction starts and the expected yields on our capital projects, including our de ITEM 1. Business General Overview Healthpeak Properties, Inc. is a Standard & Poor\u2019s (\u201cS&P\u201d) 500 company that owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery in the United States (\u201cU.S.\u201d). Our company was originally founded in 1985. We are organized as an umbrella partnership REIT (\u201cUPREIT\u201d). We hold substantially all of our assets and conduct our operations through our operating subsidiary, Healthpeak OP, a consolidated subsidiary of which we are the managing member. We are a Maryland corporation and qualify as a self-administered REIT. We are headquartered in Denver, Colorado, with additional corporate offices in California, Tennessee, Wisconsin, and Massachusetts and property management offices in several locations throughout the U.S. We have a diversified portfolio of high-quality healthcare properties across three core asset classes of outpatient medical, lab, and senior housing real estate. Under the outpatient medical and lab segments, we own, operate, and develop outpatient medical buildings, hospitals, and lab buildings. Under the senior housing segment, our properties are operated through RIDEA structures. We have other non-reportable segments that are comprised primarily of: (i) loans receivable, (ii) a preferred equity investment, and (iii) three other properties. These non-reportable segments have been presented on a combined basis herein. On March 1, 2024 (the \u201cClosing Date\u201d), we completed our merger with Physicians Realty Trust (the \u201cMerger\u201d). Subsequent to the Closing Date, the \u201cCombined Company\u201d means Healthpeak and its subsidiaries. As a result of the Merger, we acquired 299 outpatient medical buildings. See Note 3 to the Consolidated Financial Statements for additional information. In December 2025, we confidentially submitted a draft registration statement on Form S-11 to the SEC relating to the proposed initial public offering (the \u201cOffering\u201d or \u201cJanus Living Offering\u201d) of shares of comm ITEM 1A. Risk Factors The section below discusses the risk factors that may materially adversely affect our business, results of operations, and financial condition. Additional risks not presently known to us or that we currently deem immaterial may also adversely affect our business. As set forth below, we believe that the ris", "title": "DOC - HEALTHPEAK PROPERTIES, INC.", "url": "/company/DOC/" }, { "kind": "company", "summary": "SIC 5047 Wholesale-Medical, Dental & Hospital Equipment & Supplies; CIK 0001000228; latest 10-K filed 2026-02-24.", "text": "HSIC - HENRY SCHEIN INC SIC 5047 Wholesale-Medical, Dental & Hospital Equipment & Supplies; CIK 0001000228; latest 10-K filed 2026-02-24. HSIC HENRY SCHEIN INC 0001000228 5047 Wholesale-Medical, Dental & Hospital Equipment & Supplies ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Cautionary Note Regarding Forward-Looking Statements In accordance with the \u201cSafe Harbor\u201d provisions of the Private Securities Litigation Reform Act of 1995, we provide the following cautionary remarks regarding important factors that, among others, could cause future results to differ materially from the forward-looking statements, expectations and assumptions expressed or implied herein. All forward-looking statements made by us are subject to risks and uncertainties and are not guarantees of future performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These statements are generally identified by the use of such terms as \u201cmay,\u201d \u201ccould,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cbelieve,\u201d \u201cplan,\u201d \u201cestimate,\u201d \u201cforecast,\u201d \u201cproject,\u201d \u201canticipate,\u201d \u201cto be,\u201d \u201cto make\u201d or other comparable terms. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this Annual Report on Form 10-K, and in particular the risks discussed under the caption \u201cRisk Factors\u201d in Item 1A of this report and those that may be discussed in other documents we file with the Securities and Exchange Commission (\u201cSEC\u201d). Risk factors and uncertainties that could cause actual results to differ materially from current and historical results include, but are not limited to: our dependence on third parties for the manufacture and supply of our products and where we manufacture products, our dependence on third parties for raw materials or purchased components; risks relating to the achievement of our strategic growth objectives, including anticipated results of restructuring and value creation initiatives; risks related to the Strategic Partnership Agreement with KKR Hawaii Aggregator L.P. entered into in January 2025; transitions in senior company leadership; our ability to develop or acquire and maintain and protect new products (particularly technology and specialty products) and services and utilize new technologies that achieve market acceptance with acceptable margins; transitional challenges associated with acquisitions and joint ventures, including the failure to achieve anticipated synergies/benefits, as well as significant demands on our operations, information systems, legal, regulatory, compliance, financial and human resources functions in connection with acquisitions, dispositions and joint ventures; certain provisions in our governing documents that may discourage third-party acquisitions of us; adverse changes in supplier rebates or other purchasing incentives; risks related to the sale of corporate brand products; risks related to activist investors; security risks associated with our information systems and technology products and services, such as cyberattacks or other privacy or data security breaches (including the October 2023 incident); effects of a highly competitive (including, without limitation, competition from third-party online commerce sites) and consolidating market; political, economic and regulatory influences on the health care industry; risks from expansion of customer purchasing power and multi-tiered costing structures; increases in shipping costs for our products or other service issues with our third-party shippers, and increases in fuel and energy costs; changes in laws and policies governing manufacturing, development and investment in territories and countries where we do business; general global and domestic macro-economic and political conditions, including inflation, deflation, recession, unemployment (and corresponding increase in under-insured population Business General Henry Schein, Inc. is a solutions company for health care professionals powered by a network of people and technology. We believe we are the world\u2019s largest provider of health care products and services primarily to office- based dental and medical practitioners, as well as alternate sites of care. Our philosophy is grounded in our commitment to serve as trusted advisors and help customers operate a more efficient and successful business so the practitioner can provide better clinical care. With 94 years of experience distributing health care products, we have built a vast base of small, mid-sized and large customers in the dental and medical markets, serving more than one million customers worldwide across dental practices, laboratories, physician practices, and ambulatory surgery centers, as well as government, institutional health care clinics, home health providers, and other alternate care clinics. We are headquartered in Melville, New York and employ more than 25,000 people. Approximately 48% of our workforce is based in the United States and 52% outside of the United States. Our operations or affiliates are located in 34 countries and territories. Our broad global footprint has evolved over time through organic growth as well as through the contribution from our strategic acquisitions. We stock a comprehensive selection of more than 300,000 branded and Henry Schein corporate brand products through our network. Our infrastructure, including over 5.4 million square feet of space in 38 strategically located distribution centers and 0.6 million square feet of space in 17 manufacturing facilities around the world, enables us to historically provide rapid and accurate order fulfillment, better serve our customers and increase our operating efficiency. This infrastructure, together with broad product and service offerings at competitive prices, and a strong commitment to customer service, enables us to be a s Item 1A. Risk Factors . \u201d for a discussion of additional burdens, risks and regulatory developments that may affect our results of operations and financial condition. Proprietary Rights We hold trademarks relating to the \u201cHenry Schein \u00ae \u201d name and logo, as well as certain other trademarks. Additionally, certain of our manufacturing businesses hold patents on certain of our ", "title": "HSIC - HENRY SCHEIN INC", "url": "/company/HSIC/" }, { "kind": "company", "summary": "SIC 2060 Sugar & Confectionery Products; CIK 0000047111; latest 10-K filed 2026-02-17.", "text": "HSY - HERSHEY CO SIC 2060 Sugar & Confectionery Products; CIK 0000047111; latest 10-K filed 2026-02-17. HSY HERSHEY CO 0000047111 2060 Sugar & Confectionery Products Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) is intended to provide an understanding of Hershey\u2019s financial condition, results of operations and cash flows by focusing on changes in certain key measures from year to year. The MD&A should be read in conjunction with our Consolidated Financial Statements and accompanying Notes included in Item 8 of this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed elsewhere in this Annual Report on Form 10-K, particularly in Item 1A. \u201cRisk Factors.\u201d The MD&A is organized in the following sections: \u2022Business Model and Growth Strategy \u2022Overview \u2022Trends Affecting Our Business \u2022Consolidated Results of Operations \u2022Segment Results \u2022Liquidity and Capital Resources \u2022Critical Accounting Policies and Estimates BUSINESS MODEL AND GROWTH STRATEGY We are the largest producer of quality chocolate in North America, a leading snack maker in the United States and a global leader in chocolate and non-chocolate confectionery. We report our operations through three segments: (i) North America Confectionery, (ii) North America Salty Snacks and (iii) International, as discussed in Note 13 to the Consolidated Financial Statements. Our vision is to lead the future of snacking. We aspire to be a leader in meeting consumers\u2019 evolving snacking needs while strengthening the capabilities that drive our growth. We are focused on four strategic imperatives to ensure the Company\u2019s success now and in the future: \u2022Drive Core Confection Business and Broaden Participation in Snacking. We continue to be the undisputed leader in U.S. confection by taking actions to deepen our consumer connections and utilize our beloved brands to deliver meaningful innovation, while also diversifying our portfolio to capture profitable and incremental growth across the broader snacking continuum. \u25e6Our products frequently play an important role in special moments among family and friends. Seasons are an important part of our business model and for consumers, as they are highly anticipated, cherished times, centered around traditions. For us, it\u2019s an opportunity for our brands to be part of many connections during the year when family and friends gather. \u25e6Innovation is an important lever in this variety-seeking category and we are leveraging work from our proprietary demand landscape analytical tool to shape our future innovation and make it more impactful. We are becoming more disciplined in our focus on platform innovation, which should enable sustainable growth over time and significant extensions to our core. \u25e6To expand our breadth in snacking and become a leading snacking powerhouse, we are focused on continuing to expand the boundaries of our core confection brands to capture new snacking occasions and increasing our exposure into new snack categories through acquisitions. \u2022Deliver Profitable International Growth. We are focused on ensuring that we efficiently allocate our resources to the areas with the highest potential for profitable growth. We have reset our international investment strategy, while holding fast to our belief that our targeted emerging market strategy will deliver long-term, profitable growth. The uncertain macroeconomic environment in many of these markets is expected to continue and we aim to ensure our investments in these international markets are appropriate relative to the size of the opportunity. \u2022Expand Competitive Advantage through Differentiated Capabilities. In order to generate actionable insights, we must acquire, integrate, access and utilize vast sources of the right data in an effective manner. We are working to [[GREPCENT_TABLE]] [[\"Table of Contents\",\"The Hers Item 1. BUSINESS The Hershey Company was incorporated under the laws of the State of Delaware on October 24, 1927 as a successor to a business founded in 1894 by Milton S. Hershey. In this report, the terms \u201cHershey,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d mean The Hershey Company and its wholly-owned subsidiaries and entities in which it has a controlling financial interest, unless the context indicates otherwise. Hershey is a global confectionery leader known for making more moments of goodness through chocolate, sweets, mints, and other great tasting snacks. We are the largest producer of quality chocolate in North America, a leading snack maker in the United States and a global leader in chocolate and non-chocolate confectionery. We market, sell, and distribute our products under more than 85 brand names in approximately 65 countries worldwide. Reportable Segments The Company reports its operations through three segments: (i) North America Confectionery, (ii) North America Salty Snacks and (iii) International. This organizational structure aligns with how our Chief Operating Decision Maker (\u201cCODM\u201d) manages our business, including resource allocation and performance assessment, and further aligns with our product categories and the key markets we serve. \u2022North America Confectionery \u2013 This segment is responsible for our traditional chocolate and non-chocolate confectionery market position in the United States and Canada. This includes our business in chocolate and non-chocolate confectionery, gum and refreshment products, protein bars, spreads, snack bites and mixes, as well as pantry and food service lines. This segment also includes our retail operations, including Hershey\u2019s Chocolate World stores in Hershey, Pennsylvania; New York, New York; Las Vegas, Nevada; Niagara Falls (Ontario) and Singapore, as well as operations associated with licensing the use of certain of the Company\u2019s trademarks and products to third parties around the world. \u2022North America Salty Item 1A. RISK FACTORS You should carefully read the following discussion of significant factors, events and uncertainties when evaluating our business and the forward-looking information contained in this Annual Report on Form 10-K. The events and consequences discussed in these risk factors could materially and adversely affect our business, operating results, ", "title": "HSY - HERSHEY CO", "url": "/company/HSY/" }, { "kind": "company", "summary": "SIC 3570 Computer & office Equipment; CIK 0001645590; latest 10-K filed 2025-12-18.", "text": "HPE - Hewlett Packard Enterprise Co SIC 3570 Computer & office Equipment; CIK 0001645590; latest 10-K filed 2025-12-18. HPE Hewlett Packard Enterprise Co 0001645590 3570 Computer & office Equipment ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. For purposes of this Management's Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) section, we use the terms \u201cHewlett Packard Enterprise,\u201d \u201cHPE,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d to refer to Hewlett Packard Enterprise Company. This section of this Form 10-K generally discusses fiscal 2025 and fiscal 2024 items and year-to-year comparisons between fiscal 2025 and fiscal 2024. Discussions of fiscal 2023 items and year-to-year comparisons between fiscal 2024 and fiscal 2023 that are not included in this Form 10-K can be found in \u201cPart II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations\u201d of the Company's Annual Report on Form 10-K for the fiscal year October 31, 2024, as filed with the SEC on December 19, 2024, which is available on the SEC's website at www.sec.gov. We intend the discussion of our financial condition and results of operations that follows to provide information that will assist the reader in understanding our Consolidated Financial Statements, changes in certain key items in these financial statements from year to year, and the primary factors that accounted for these changes, as well as how certain accounting principles, policies and estimates affect our Consolidated Financial Statements. This discussion should be read in conjunction with our Consolidated Financial Statements and the related notes that appear elsewhere in this document. This MD&A is organized as follows: \u2022Trends and Uncertainties. A discussion of material events and uncertainties known to management, such as the mixed macroeconomic environment and heightening global trade restrictions, uneven demand across our portfolio, increased demand for and adoption of new technologies, increased inventory levels, conservative customer spending environment (though recovering), persistent inflation, foreign exchange pressures, recent tax developments, and competitive pricing pressures. \u2022Executive Overview. A discussion of our business and a summary of our financial performance and other highlights, including non-GAAP financial measures, affecting the Company in order to provide context to the remainder of the MD&A. \u2022Critical Accounting Policies and Estimates. A discussion of accounting policies and estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. \u2022Results of Operations. A discussion of the results of operations at the consolidated level is followed by a discussion of the results of operations at the segment level. \u2022Liquidity and Capital Resources. An analysis of changes in our cash flows, financial condition, liquidity, and cash requirements and commitments. \u2022GAAP to Non-GAAP Reconciliations. Each non-GAAP financial measure has been reconciled to the most directly comparable GAAP financial measure. This section also includes a discussion of the use, usefulness and economic substance of the non-GAAP financial measures, along with a discussion of material limitations, and compensation for those limitations, associated with the use of non-GAAP financial measures. TRENDS AND UNCERTAINTIES During fiscal 2025, the effects of the evolving macroeconomic environment on demand persisted and certain significant developments impacted our operations as follows: Technological Advancements: We have observed market trends and demand (of customers of various segments and sizes) gravitating towards AI, hybrid cloud, edge computing, data security capabilities, and related offerings. The volume of data at the edge continues to grow, driven by the proliferation of more devices. The need for a unified cloud experience everywhere has grown, as well, in order to manage the growth of data at the edge. Increasing demand for AI is also contributing to changes in the competitive landscape. With the abundance of dat ITEM 1. Business Hewlett Packard Enterprise is a global technology leader focused on developing intelligent solutions that allow customers to capture, analyze and act upon data seamlessly from edge to cloud. We enable our customers to accelerate business outcomes by driving new business models, creating new customer and employee experiences, and increasing operational efficiency today and into the future. Our customers range from small-and-medium-sized businesses to large global enterprises and governmental entities. Our legacy dates back to a partnership founded in 1939 by William R. Hewlett and David Packard, and we strive every day to uphold and enhance that legacy through our dedication to providing innovative technological solutions to our customers. We use the terms \u201cHewlett Packard Enterprise,\u201d \u201cHPE,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d to refer to Hewlett Packard Enterprise Company. Our Strategy Over the last several years, HPE has observed megatrends around networking, cloud, data, and artificial intelligence (\u201cAI\u201d) emerging to shape customer expectations for enterprise technology. The megatrends are ushering in long-lasting changes to how enterprises are consuming technology and setting up their IT infrastructures, including accelerating implementation of AI and hybrid multi-cloud adoption. Data at the edge is increasing exponentially, and in this data disaggregated environment, enterprises need a holistic and integrated cloud experience to manage their distributed data and workloads. AI has emerged as a powerful tool to more intelligently and quickly deliver meaningful business insights and opportunities. As such, customers across industry verticals are interested in incorporating AI into their operations and unifying all of their applications and data with a consistent cloud experience, both of which require a secure, reliable, and intelligent network infrastructure. We have deployed a strategy that seeks to capitalize on these emergent megatrends ITEM 1A. Risk Factors. You should carefully consider the following risks and other information in this Annual Report on Form 10-K in evaluating Hewlett Packard Enterprise. Any of the following risks could materially and adversely affect our results of operations or financial condition. Some of the factors, events, and", "title": "HPE - Hewlett Packard Enterprise Co", "url": "/company/HPE/" }, { "kind": "company", "summary": "SIC 7011 Hotels & Motels; CIK 0001585689; latest 10-K filed 2026-02-11.", "text": "HLT - Hilton Worldwide Holdings Inc. SIC 7011 Hotels & Motels; CIK 0001585689; latest 10-K filed 2026-02-11. HLT Hilton Worldwide Holdings Inc. 0001585689 7011 Hotels & Motels Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. For the discussion of the financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, refer to \"Part II\u2014Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 6, 2025, which is incorporated herein by reference. Overview Our Business Hilton is one of the largest global hospitality companies, with 9,158 properties comprising 1,351,351 rooms in 143 countries and territories as of December 31, 2025. Our premier brand portfolio includes luxury, lifestyle, full service, focused service and all-suites hotel brands, as well as timeshare brands. As of December 31, 2025, we had 243 million members in our award-winning guest loyalty program, Hilton Honors, an increase of 15 percent from December 31, 2024. Segments and Regions We analyze our operations and business by both operating segments and geographic regions. Our operations consist of two reportable segments that are based on similar products and services: (i) management and franchise and (ii) ownership. The management and franchise segment provides services, including hotel management and licensing of our IP and/or the use of our booking channels and related programs. Revenues from this segment include: (i) management and franchise fees charged to third-party hotel owners; (ii) licensing fees from our strategic partners, including co-branded credit card providers and strategic partner hotels, and HGV; and (iii) fees for managing the hotels in our ownership segment. As a manager of hotels, we typically are responsible for supervising or operating the hotel in exchange for management fees. As a franchisor of hotels, we charge franchise fees in exchange for the use of one of our brand names and/or related commercial services, such as our reservations system, marketing and information technology services, while a third party manages or operates such franchised hotels. The ownership segment primarily derives revenues from nightly hotel room sales, food and beverage sales and other services at our consolidated hotels. We conduct business in three distinct geographic regions: (i) the Americas; (ii) Europe, Middle East and Africa (\"EMEA\"); and (iii) Asia Pacific. The Americas region includes North America, South America and Central America, including all Caribbean nations. Although the U.S., which represented 64 percent of our system-wide hotel rooms as of December 31, 2025, is included in the Americas region, it is often analyzed separately and apart from the Americas region and, as such, it is presented separately within our hotel operating statistics in \"\u2014Results of Operations.\" The EMEA region includes Europe, which represents the western-most peninsula of Eurasia stretching from Iceland in the west to Russia in the east, and MEA, which represents the Middle East region and all African nations, including the Indian Ocean island nations. Europe and MEA are often analyzed separately and, as such, are presented separately within our hotel operating statistics in \"\u2014Results of Operations.\" The Asia Pacific region includes the eastern and southeastern nations of Asia, as well as India, Australia, New Zealand and the Pacific Island nations. System Growth and Development Pipeline Our strategic objectives include the continued expansion of our global hotel network, in particular our fee-based business. As we enter into new management and franchise contracts and enter into strategic agreements to complement our hotel portfolio, we expand ou Item 1. Business Overview Hilton is one of the largest global hospitality companies, with 9,158 properties comprising 1,351,351 rooms in 143 countries and territories as of December 31, 2025. Founded in 1919, Hilton has been an innovator in the industry for over 105 years, driven by the vision of founder Conrad Hilton \"to fill the earth with the light and warmth of hospitality.\" Our premier brand portfolio includes luxury, lifestyle, full service, focused service and all-suites hotel brands, as well as timeshare brands. As of December 31, 2025, we had 243 million members in our award-winning guest loyalty program, Hilton Honors, an increase of 15 percent from December 31, 2024; refer to \"\u2014Our Brand Portfolio\" and \"\u2014Our Guest Loyalty Program\" below for additional information on our brands, including Hilton Honors. We operate our business through: (i) a management and franchise segment and (ii) an ownership segment, each of which is reported as a segment based on (a) delivering a similar set of products and services and (b) being managed separately given its distinct economic characteristics. The management and franchise segment includes all of the hotels we manage for third-party owners, as well as all properties that license our intellectual property (\"IP\") and/or use our booking channels and related programs, and where we provide other contracted services, but the day-to-day services of the hotels are operated or managed by someone other than us. Revenues from this segment include: (i) management and franchise fees charged to third-party hotel owners; (ii) licensing fees from our strategic partners, including co-branded credit card providers and strategic partner hotels, and Hilton Grand Vacations Inc. (\"HGV\"); and (iii) fees for managing the hotels in our ownership segment. The ownership segment primarily derives revenues from nightly hotel room sales, food and beverage sales and other services at our consolidated hotels. For more information regarding o Item 1A. Risk Factors In addition to the other information in this Annual Report on Form 10-K, the following risk factors should be considered carefully in evaluating our company and our business. Risks Related to Our Industry We are subject to the business, financial and operating risks inherent to the hospitality industry, any of which could red", "title": "HLT - Hilton Worldwide Holdings Inc.", "url": "/company/HLT/" }, { "kind": "company", "summary": "SIC 2011 Meat Packing Plants; CIK 0000048465; latest 10-K filed 2025-12-05.", "text": "HRL - HORMEL FOODS CORP /DE/ SIC 2011 Meat Packing Plants; CIK 0000048465; latest 10-K filed 2025-12-05. HRL HORMEL FOODS CORP /DE/ 0000048465 2011 Meat Packing Plants Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The Company is a global manufacturer and marketer of branded food products and remains focused on driving long-term growth through a balanced business model, a diverse portfolio, and a commitment to creating value for all stakeholders. The Company reports its results in the following three reportable segments: Retail, Foodservice, and International. A review of the Company\u2019s fiscal 2025 performance compared to fiscal 2024 appears in the following section. A review of fiscal 2024 performance compared to fiscal 2023 is set forth in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended October 27, 2024, under the caption \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\" which is incorporated herein by reference. 17 Table of Contents The Company discloses certain measures not defined by U.S. Generally Accepted Accounting Principles (GAAP), including organic volume, organic net sales, adjusted selling, general and administrative (SG&A), adjusted SG&A as a percent of net sales, adjusted operating income, adjusted net earnings, adjusted diluted earnings per share, and adjusted segment profit. The Company utilizes these non-GAAP measures to understand and evaluate operating performance on a consistent basis. For additional information and reconciliations to the most closely comparable measures calculated in accordance with GAAP, see the \"Non-GAAP Measures\" section of this Item. All forward-looking comparisons for fiscal 2026 are comparing fiscal 2025 GAAP figures to projected fiscal 2026 GAAP figures, unless otherwise noted. Results of Operations OVERVIEW Fiscal 2025: The Company believes fiscal 2025 was a challenging year, as strong net sales performance did not translate into net earnings growth. Net sales totaled $12.1 billion, an increase of 2 percent compared to the prior year. Growth was driven by all three segments, and the Company delivered four consecutive quarters of net sales gains. In fiscal 2025, the Company experienced persistent input cost inflation, primarily related to commodity markets, which significantly pressured earnings. Pork belly, beef, and nut input costs caused the most earnings pressure during the year. The Company continued to support its strategic programs during fiscal 2025, including its multi-year Transform and Modernize (T&M) initiative. The Company made meaningful progress on the initiative, which is expected to deliver long-term value to the organization. The Company also recognized expenses associated with a corporate restructuring plan designed to reduce administrative expenses, improve efficiencies, and align its workforce to the Company\u2019s future needs, while enabling continued investment in the Company\u2019s growth. SG&A decreased in fiscal 2025 primarily due to the lapping of antitrust settlements incurred in the prior year, lower advertising spend, and proceeds from a legal settlement. Adjusted SG&A as a percent of net sales was comparable to the prior year. Operating income decreased 33 percent compared to the prior year, as earnings were significantly impacted by non-cash impairment charges recorded in the International and Retail segments. Adjusted operating income decreased 11 percent. Net earnings decreased 41 percent compared to the prior year due to the above factors and a higher effective tax rate primarily driven by impairment charges. Adjusted net earnings declined 13 percent. Diluted earnings per share and adjusted diluted earnings per share for fiscal 2025 were $0.87 and $1.37, respectively, compared to $1.47 and $1.58 in the prior year. Capital expenditures in fiscal 2025 were $311 million, including investments in capacity expansions for Hormel\u00ae Fire Braised\u2122 and Applegate\u00ae products, data and technology, people and animal safety, and the Jiaxing, China, facility. The Company continues to prioritize investme Item 1. BUSINESS General Development of Business Hormel Foods Corporation, a Delaware corporation, was founded by George A. Hormel in 1891 in Austin, Minnesota, as Geo. A. Hormel & Company. The Company originated as a processor of meat and food products and continues in this line of business today. The Company has expanded its product portfolio through organic growth and acquisitions to become a global branded food company with more than $12 billion in annual revenue. The Company is built on a foundation of innovation and integrity and a commitment to delivering high-quality, trusted food products across a diverse portfolio of brands and product solutions including Planters\u00ae, SPAM\u00ae, Jennie-O\u00ae, Skippy\u00ae, Applegate\u00ae, Wholly\u00ae, Hormel\u00ae Black Label\u00ae, Fontanini\u00ae, Bacon1\u00ae, Hormel\u00ae pepperoni, and more than 30 other beloved brands. The Company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats. When used in this report, the terms \"we,\" \"our,\" \"us,\" and the \"Company\" mean Hormel Foods Corporation and its subsidiaries, collectively, unless the context otherwise requires or indicates. Description of Business Segments The Company currently operates with the following three reportable segments: Retail, Foodservice, and International. Retail The Retail segment consists primarily of the processing, marketing, and sale of food products sold predominantly in retail channels, including grocery stores, mass merchandisers, club stores, natural food chains, drug, dollar and discount chains, and e-commerce providers in the United States (U.S.). This segment also includes the results from the Company\u2019s MegaMex Foods, LLC (MegaMex Foods) joint venture. Foodservice The Foodservice segment consists primarily of the processing, marketing, and sale of food products to distributors and operators across a wide range of providers of food away from home, including restaurants, hospitality, healthcare, K-12, college and universities, and convenience stores in the U.S. I Item 1A. RISK FACTORS Business and Operational Risks Deterioration of economic conditions could harm the Company\u2019s business. The Company\u2019s business may be adversely affected by changes in national or global economic conditions, including inflation, interest rates, tax rates, availability of capital, energy availability and costs (including fuel surcharges", "title": "HRL - HORMEL FOODS CORP /DE/", "url": "/company/HRL/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001070750; latest 10-K filed 2026-02-25.", "text": "HST - HOST HOTELS & RESORTS, INC. SIC 6798 Real Estate Investment Trusts; CIK 0001070750; latest 10-K filed 2026-02-25. HST HOST HOTELS & RESORTS, INC. 0001070750 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this report. This discussion focuses on our financial condition and results of operations for the year ended December 31, 2025 as compared to the year ended December 31, 2024. For a discussion and analysis of the year ended December 31, 2024 compared to the same period in 2023, please refer to Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations included in Part II Item 7 of our Annual Report on Form 10\u2011K for the year ended December 31, 2024, filed with the SEC on February 26, 2025. Overview Host Inc. operates as a self-managed and self-administered REIT that owns hotels and conducts operations through Host L.P., of which Host Inc. is the sole general partner and of which it holds approximately 99% of its common OP units as of December 31, 2025. The remainder of Host L.P.\u2019s common OP units are owned by various unaffiliated limited partners. Host Inc. has the exclusive and complete responsibility for Host L.P.\u2019s day-to-day management and control. Host Inc. is the largest lodging REIT in NAREIT\u2019s composite index and one of the largest owners of luxury and upper upscale hotels. As of February 20, 2026, we own 76 hotels in the United States, Canada and Brazil and have minority ownership interests in an additional 90 hotels through joint ventures in the United States. These hotels are operated primarily under brand names that are among the most respected and widely recognized in the lodging industry. Most of our hotels are located in central business districts of major cities, near airports and in resort/conference destinations. Our customers fall into three broad groups: transient business, group business and contract business, which accounted for approximately 61%, 34%, and 5%, respectively, of our 2025 room sales. For a discussion of our customer categories, see \u201cItem 1 Business \u2013 Our Customers\u201d. Understanding Our Performance Our Revenues and Expenses. Our hotels are operated by third-party managers under long-term agreements, pursuant to which they typically earn base and incentive management fees based on the levels of revenues and profitability of each hotel. We provide operating funds, or working capital, which the managers use to purchase inventory and to pay wages, utilities, property taxes and other hotel-level expenses. We generally receive a cash distribution from our hotel managers each month, which distribution reflects hotel-level sales less property-level operating expenses (excluding depreciation). Hotel revenues represented approximately 98% of our total 2025 revenues, while the remaining 2% related to condominium sales. Operations from our domestic portfolio account for approximately 98% of our total hotel revenues and 2% relate to our five hotels in Canada and Brazil. The following table presents the components of our hotel revenues as a percentage of our total hotel revenues: [[GREPCENT_TABLE]] [[\"\",\"% of 2025Hotel Revenues\"],[\"\\u2022Rooms revenues. Occupancy and average daily room rate are the major drivers of rooms revenues. The business mix of the hotel (group versus transient and retail versus discount business) is a significant driver of room rates.\",\"60\",\"%\"],[\"\\u2022Food and beverage revenues. Food & beverage revenues consist of revenues from group functions, which may include banquet revenues and audio and visual revenues, as well as outlet revenues from the restaurants and lounges at our hotels.\",\"30\",\"%\"],[\"\\u2022Other revenues. Occupancy, the nature of the hotel (e.g., resort) and its price point are the main drivers of other ancillary revenues, such as attrition and cancelation fees, resort and destination fees, parking, golf courses, spas, entertainment and other guest services. This category also includes other rental revenues.\" Item 1. Business We are the largest publicly traded lodging REIT, with a geographically diverse portfolio of luxury and upper-upscale hotels. As of February 20, 2026, our consolidated lodging portfolio consists of 76 primarily luxury and upper-upscale hotels containing approximately 41,700 rooms, with substantially all located in the United States (five of the hotels are located outside of the U.S. in Brazil and Canada). In addition, we own non-controlling interests in seven domestic joint ventures that focus on the lodging industry, see \" - Other Real Estate Interests\" for a further description. Host Inc. was incorporated as a Maryland corporation in 1998 and operates as a self-managed and self-administered REIT. Host Inc. owns hotels and conducts operations through Host L.P., of which Host Inc. is the sole general partner and of which it holds approximately 99% of the partnership interests (\u201cOP units\u201d) as of December 31, 2025. The remaining partnership interests are owned by various unaffiliated limited partners. Host Inc. has the exclusive and complete responsibility for Host L.P.\u2019s day-to-day management and control. Business Strategy Our goal is to be the preeminent owner of high-quality lodging real estate in growing markets in the U.S. and to generate superior long-term risk adjusted returns for our stockholders throughout all phases of the lodging cycle through a combination of appreciation in asset values, growth in earnings and the payment of dividends. The pillars of our strategy to achieve this objective and elevate our growth profile include: \u2022Geographically diverse portfolio of hotels in the U.S. - Own a diversified portfolio of hotels in the U.S. in major urban and resort destinations. Target markets with diverse demand generators, high barriers to entry, favorable supply and demand dynamics and attractive long-term projected RevPAR growth; 1 Table of Contents \u2022Strong scale and integrated platform - Utilize our scale to create value through ent Item 1A. Risk Factors For an enterprise as large and complex as we are, a wide range of factors could materially affect future results and performance. The statements in this section describe the major risks to our business and should be considered carefully. In addition, these statements constitute our cautionary s", "title": "HST - HOST HOTELS & RESORTS, INC.", "url": "/company/HST/" }, { "kind": "company", "summary": "SIC 3350 Rolling Drawing & Extruding of Nonferrous Metals; CIK 0000004281; latest 10-K filed 2026-02-12.", "text": "HWM - Howmet Aerospace Inc. SIC 3350 Rolling Drawing & Extruding of Nonferrous Metals; CIK 0000004281; latest 10-K filed 2026-02-12. HWM Howmet Aerospace Inc. 0000004281 3350 Rolling Drawing & Extruding of Nonferrous Metals Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. (dollars in millions, except share and per-share amounts) The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand our results of operations and financial condition. MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and notes thereto included in Part II, Item 8 (Financial Statements and Supplementary Data) of this Form 10-K. Overview Our Business Howmet is a global leader in lightweight metals engineering and manufacturing. Howmet\u2019s innovative, multi-material products, which may include nickel, titanium, aluminum, and cobalt, are used worldwide in the aerospace (commercial and defense), commercial transportation, gas turbines, and other markets. Howmet is a global company operating in 19 countries. Based upon the country where the point of shipment occurred, North America and Europe generated 72% and 22%, respectively, of Howmet\u2019s sales in 2025. In addition to the United States, Canada, and Mexico in North America and France, United Kingdom, Hungary, and Germany in Europe, Howmet has operating activities in numerous other countries and regions, including Japan and China. Governmental policies, laws and regulations, and other economic factors, including inflation, customer requirements, tariffs, and fluctuations in foreign currency exchange rates and interest rates, affect the results of operations in countries with such activities. Recent Developments On December 22, 2025, Howmet Aerospace entered into a transaction with Stanley Black & Decker, pursuant to which the Company has agreed to purchase CAM, for a cash purchase price of approximately $1.8 billion, subject to customary adjustments. The Proposed CAM Acquisition is expected to close in the first half of 2026, subject to customary closing conditions and regulatory approvals. On February 6, 2026, the Company acquired Brunner Manufacturing Co. Inc., a small privately-held manufacturer of high-quality fastener products in the U.S., for an all-cash purchase price. See \u201cBusiness\u201d in Part I, Item 1 and \u201cLiquidity and Capital Resources\u201d in Part II, Item 7 for more information. Management Review of 2025 and Outlook The Company derived approximately 70% of its revenue from products sold to the commercial and defense aerospace markets for the year ended December 31, 2025. The timing and level of future aircraft builds by original equipment manufacturers are subject to changes and uncertainties, which may cause our future results to differ from prior periods due to changes in product mix in certain segments. In 2025, Sales increased 11% from 2024 primarily as a result of growth in the commercial aerospace, defense aerospace, and gas turbines markets, including engine spares, favorable product pricing, and cost pass through, partially offset by lower volumes in the commercial transportation market. Product price increases are in excess of material and inflationary cost pass through to our customers. Income before income taxes increased 33% from 2024. Total Segment Adjusted EBITDA(1) increased 25% from 2024 primarily due to growth in the commercial aerospace, defense aerospace, and gas turbines markets, and favorable product pricing, partially offset by lower volumes in the commercial transportation market. Management continued its focus on liquidity and cash flows as well as improving its operating performance through profitable revenue, efficient operations, and margin enhancement. Management has also continued its intensified focus on capital efficiency. Management\u2019s focus and the related results enabled Howmet to end 2025 with a solid financial position. The following financial information reflects certain key highlights of Howmet\u2019s 2025 results: \u2022Sales of $8,252, an increase of 11% from 2024, driven by growth in th Item 1. Business. General Howmet Aerospace Inc. is a Delaware corporation with its principal office in Pittsburgh, Pennsylvania. In this report, unless the context otherwise requires, \u201cHowmet\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d, and \u201cour\u201d refer to Howmet Aerospace Inc. and its consolidated subsidiaries. The Company\u2019s Internet address is https://www.howmet.com. Howmet makes available free of charge on or through its website its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as well as proxy statements, as soon as reasonably practicable after the Company electronically files such material with, or furnishes it to, the Securities and Exchange Commission (\u201cSEC\u201d). The Company\u2019s website is included in this annual report on Form 10-K as an inactive textual reference only. The information on, or accessible through, the Company\u2019s website is not a part of, or incorporated by reference in, this annual report on Form 10-K. The SEC maintains an Internet site that contains these reports at https://www.sec.gov. Background As described below, Howmet Aerospace Inc. was previously named Arconic Inc. and, prior to that, Alcoa Inc., a company formed in 1888. The Arconic Inc. Separation Transaction. On April 1, 2020, Arconic Inc. separated its businesses (the \u201cArconic Inc. Separation Transaction\u201d) into two independent, publicly traded companies: Howmet Aerospace Inc. (the new name for Arconic Inc.) and Arconic Corporation. Following this separation, Howmet retained the Engine Products, Fastening Systems, Engineered Structures, and Forged Wheels businesses; and its prior Rolled Products, Aluminum Extrusions, and Building and Construction Systems businesses were spun-off to Arconic Corporation. In connection with the Arconic Inc. Separation Transaction, Howmet and Arconic Corporation entered into several agreements that gover Item 1A. Risk Factors. Howmet\u2019s business, financial condition, and results of operations may be impacted by a number of factors. In addition to the factors discussed elsewhere in this report, the following risks and uncertainties could materially harm the Company\u2019s business, results of operatio", "title": "HWM - Howmet Aerospace Inc.", "url": "/company/HWM/" }, { "kind": "company", "summary": "SIC 3570 Computer & office Equipment; CIK 0000047217; latest 10-K filed 2025-12-10.", "text": "HPQ - HP INC SIC 3570 Computer & office Equipment; CIK 0000047217; latest 10-K filed 2025-12-10. HPQ HP INC 0000047217 3570 Computer & office Equipment ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The discussion of financial condition and results of our operations that follows provides information that will assist the reader in understanding our Consolidated Financial Statements, the changes in certain key items in those financial statements from year to year, and the primary factors that accounted for those changes, as well as how certain accounting principles, policies and estimates affect our Consolidated Financial Statements. This discussion should be read in conjunction with our Consolidated Financial Statements and the related notes that appear elsewhere in this document. This section generally discusses the results of operations for the fiscal year ended October 31, 2025 compared to the fiscal year ended October 31, 2024. For a discussion of fiscal year ended October 31, 2024 compared to the fiscal year ended October 31, 2023, please refer to Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024. 32 Table of Contents HP INC. AND SUBSIDIARIES Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations OVERVIEW HP delivers innovative and sustainable devices, services, and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming and other related technologies. We have three reportable segments: Personal Systems, Printing, and Corporate Investments. The Personal Systems segment offers commercial and consumer desktops, notebooks and workstations (including HP\u2019s portfolio of AI PCs and workstations), thin clients, retail POS systems, displays, hybrid systems, software, solutions including endpoint security, and services. The Printing segment provides consumer and commercial printer hardware, supplies, solutions and services. Corporate Investments include certain business incubation and investment projects. \u2022In Personal Systems, our long-term strategic focus is on: \u25e6profitable growth through innovation, market segmentation and simplification of our portfolio; \u25e6enhanced innovation in multi-operating systems, multi-architecture, customer segments and other key attributes; \u25e6investing in endpoint services and solutions. We are focused on services, including Device-as-a-Service, as the market shifts to subscription-based solutions, and accelerating in attractive adjacencies such as hybrid systems; and \u25e6driving innovation to enable productivity and collaboration, with AI PCs and workstations playing a critical role in the transformation of how people live and work. \u2022In Printing, our long-term strategic focus is on: \u25e6offering innovative, intelligent printing experiences and subscription-based solutions designed to securely serve consumer and SMB customers through our Instant Ink Services and HP All-In Plan, as well as large enterprises through our Managed Print Services solutions; \u25e6providing digital printing solutions for industrial graphics segments and applications including commercial publishing, labels, packaging, and textiles; and \u25e6expanding our footprint in 3D printing across digital manufacturing and strategic applications. We are focused on driving further growth, recurring revenue and investment in strategic areas and believe we are well positioned to lead the future of work with our competitive product lineup and enhanced portfolio of hybrid systems, remote-computing solutions, and intelligent print solutions. We are driving innovation by accelerating the delivery of AI across our product portfolio and focusing on growth opportunities in commercial, solutions, and premium consumer and gaming markets. We have consolidated all our software resources under the Technology and Innovation Organization to evolve from a transactional hardware company to a more experience-led organization, further strengthening our ability to capture these ITEM 1. Business. Overview HP is a global technology leader and creator of solutions that enable people to bring their ideas to life and connect to the things that matter most. Operating in more than 170 countries, HP delivers innovative and sustainable devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming and other related technologies. We believe artificial intelligence (\u201cAI\u201d) is playing a critical role in the transformation of how people live and work, and customers are beginning to recognize the benefits in security, speed and cost. Our high-performing product portfolio includes HP\u2019s new line of AI PCs and workstations built with the computing power to enable local AI processing for enhanced performance and features as well as intelligent print features incorporated into our home, office and graphics solutions. Our broad range of security capabilities are designed to protect an increasingly distributed user base through security enhanced PCs and printers, hardware-enforced endpoint security software (for both HP and non-HP PCs), and endpoint security services. Our security solutions provide layered resiliency using enhanced features such as containment and isolation technology as well as the use of AI deep-learning to identify and remove malware threats. We have three reportable segments: Personal Systems, Printing and Corporate Investments. Personal Systems Personal Systems offers desktops, notebooks, and workstations (including HP\u2019s portfolio of AI PCs and workstations), thin clients, retail point-of-sale (\u201cPOS\u201d) systems, displays, hybrid systems, software, solutions including endpoint security and services. We provide lifecycle services including support and deployment, configurations, and extended warranty services. We support a multi-operating system and multi-architecture strategy, primarily using Microsoft Windows and Google Chrome operating systems. Our platforms incorporate processors from Intel, a ITEM 1A. Risk Factors. The following discussion of risk factors contains forward-looking statements. These risk factors may be important for understanding any statement in this Form 10-K or elsewhere. The following information should be particularly read in conjunction with Part I, Item I, \u201cBusiness\u201d and Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financia", "title": "HPQ - HP INC", "url": "/company/HPQ/" }, { "kind": "company", "summary": "SIC 3670 Electronic Components & Accessories; CIK 0000048898; latest 10-K filed 2026-02-12.", "text": "HUBB - HUBBELL INC SIC 3670 Electronic Components & Accessories; CIK 0000048898; latest 10-K filed 2026-02-12. HUBB HUBBELL INC 0000048898 3670 Electronic Components & Accessories ITEM 7 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and accompanying notes included in Part II, Item 8 of this Annual Report on Form 10-K. This section of this Form 10-K generally discusses 2025, 2024 and 2023 items and year-to-year comparisons between 2025 and 2024 and between 2024 and 2023. Executive Overview of the Business Hubbell is a global manufacturer of quality electrical products and utility solutions for a broad range of customer and end market applications. We provide utility and electrical solutions that enable our customers to operate critical infrastructure reliably and efficiently, and we empower and energize communities through innovative solutions supporting energy infrastructure In Front of the Meter, on The Edge, and Behind the Meter. In Front of the Meter is where utilities transmit and distribute energy to their customers. The Edge connects utilities with owner/operators and allows energy and data to be distributed back and forth. Behind the Meter is where owners and operators of buildings, and other critical infrastructure consume energy. Products are either sourced complete, manufactured or assembled by subsidiaries in the United States, Canada, Puerto Rico, Mexico, China, the UK, Brazil, Australia, Spain, Ireland, and the Republic of the Philippines. The Company also participates in joint ventures in Hong Kong and the Republic of the Philippines, and maintains offices in Singapore, Italy, China, India, Mexico, South Korea, Chile, and countries in the Middle East. The Company employed approximately 18,000 individuals worldwide as of December 31, 2025. The Company\u2019s reporting segments consist of the Utility Solutions segment and Electrical Solutions segment. The Company\u2019s long-term strategy is to: serve its customers with reliable and innovative electrical and related infrastructure solutions with desired brands and high-quality service, delivered through a competitive cost structure; to complement organic revenue growth with acquisitions that enhance its product offerings; and to allocate capital effectively to create shareholder value. Our strategy to complement organic revenue growth with acquisitions is focused on acquiring assets that extend our capabilities, expand our product offerings, and present opportunities to compete in core, adjacent or complementary markets. In 2025 we invested $958 million in acquisitions that meet these objectives. Refer to Note 3 - Business Acquisitions and Dispositions in the Notes to Consolidated Financial Statements for further details on these acquisitions. Our strategy to deliver products through a competitive cost structure has resulted in an ongoing program of restructuring and related activities. Our restructuring and related efforts include the consolidation of manufacturing and distribution facilities, and workforce actions, as well as streamlining and consolidating our back-office functions. The primary objectives of our restructuring and related activities are to optimize our manufacturing footprint, cost structure and effectiveness and the efficiency of our workforce. Our goal is to have pricing and productivity programs that offset the impact of cost increases as well as pay for investments in key growth areas. Our cost structure may be subject to material and production cost increases from inflationary periods within the U.S. and global economies, and from trade and other tensions. In particular, we have been subject to recent periods of inflationary pressure in the global economy and also subject to cost increases as a result of tariff and other material cost increases from trade actions by the U.S. and other countries. Because material costs are approximately half of our cost of goods sold, volatility in this area can significantly impact profitability. Our pricing and productivity programs are intended to ITEM 1 Business Hubbell Incorporated (herein referred to as \u201cHubbell\u201d, the \u201cCompany\u201d, the \u201cregistrant\u201d, \u201cwe\u201d, \u201cour\u201d or \u201cus\u201d, which references shall include its divisions and subsidiaries as the context may require) was founded as a proprietorship in 1888, and was incorporated in Connecticut in 1905. Recognized for our innovation, quality, and deep commitment to serving our customers for over 135 years, Hubbell is a world-class manufacturer of electrical and utility solutions, with more than 75 brands used around the world. We provide utility and electrical solutions that enable our customers to operate critical infrastructure reliably and efficiently, and we empower and energize communities through innovative solutions supporting energy infrastructure In Front of the Meter, on The Edge, and Behind the Meter. In Front of the Meter is where utilities transmit and distribute energy to their customers. The Edge connects utilities with owners and operators and allows energy and data to be distributed back and forth. Behind the Meter is where owners and operators of building and other critical infrastructure consume energy. Products are either sourced complete, manufactured or assembled by subsidiaries in the United States, Canada, Puerto Rico, Mexico, China, the United Kingdom (\"UK\"), Brazil, Australia, Spain, Ireland, and the Republic of the Philippines. The Company also participates in joint ventures in Hong Kong and the Republic of the Philippines, and maintains offices in Singapore, Italy, China, India, Mexico, South Korea, Chile, and countries in the Middle East. The Company\u2019s reporting segments consist of the Utility Solutions segment and the Electrical Solutions segment. The Company\u2019s annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports are made available free of charge through the Investor Relations section of the Company\u2019s website at http://www.hubbell.com as soon as reasonably practi ITEM 1A Risk Factors Our business, operating results, financial condition, and cash flows may be affected by a number of factors including, but not limited to those set forth below. Any one of these factors could cause our actual results to vary materially from recent results or future anticipated results. See also Item 7. Management\u2019", "title": "HUBB - HUBBELL INC", "url": "/company/HUBB/" }, { "kind": "company", "summary": "SIC 6324 Hospital & Medical Service Plans; CIK 0000049071; latest 10-K filed 2026-02-19.", "text": "HUM - HUMANA INC SIC 6324 Hospital & Medical Service Plans; CIK 0000049071; latest 10-K filed 2026-02-19. HUM HUMANA INC 0000049071 6324 Hospital & Medical Service Plans ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS For discussion of 2023 items and year-over-year comparisons between 2024 and 2023 that are not included in this 2025 Form 10-K, refer to \"Item 7. \u2013 Management Discussion and Analysis of Financial Condition and Results of Operations\" found in our Form 10-K for the year ended December 31, 2024, that was filed with the Securities and Exchange Commission on February 20, 2025. Executive Overview General Humana Inc., headquartered in Louisville, Kentucky, is committed to putting health first \u2013 for our teammates, our customers, and our company. Through our Humana insurance services, and our CenterWell health care services, we make it easier for the millions of people we serve to achieve their best health \u2013 delivering the care and service they need, when they need it. These efforts are leading to a better quality of life for Medicare and Medicaid participants, families, individuals, military service personnel, and communities at large. Our industry relies on two key statistics to measure performance. The benefit ratio, which is computed by taking total benefits expense as a percentage of premiums revenue, represents a statistic used to measure underwriting profitability. The operating cost ratio, which is computed by taking total operating costs, excluding depreciation and amortization, as a percentage of total revenue less investment income, represents a statistic used to measure administrative spending efficiency. Employer Group Commercial Medical Products Business Exit During 2025, we finalized our exit from the Employer Group Commercial Medical Products business, which included all fully insured, self-funded and Federal Employee Health Benefit medical plans, as well as associated wellness and rewards programs. No other Humana health plan offerings were materially affected. Following a strategic review, we determined the Employer Group Commercial Medical Products business was no longer positioned to sustainably meet the needs of commercial members over the long term or support our long-term strategic plans. Value Creation Initiatives and Impairment Charges In order to create capacity to fund growth in our businesses, we committed to drive additional value for the enterprise through cost saving and productivity initiatives. In addition, in response to sustained macroeconomic, regulatory and competitive pressures impacting the industry, we initiated a substantial multi-year transformation program designed to re-align our cost structure, operating model and technology footprint with evolving market conditions. As a result of these initiatives, we recorded charges of $449 million, $281 million and $436 million in 2025, 2024 and 2023, respectively, primarily within operating costs in the consolidated statements of income. We expect to incur additional charges over the course of the program. The value creation initiative charges primarily relate to $329 million, $25 million and $199 million in severance and other employee related charges in connection with workforce optimization in 2025, 2024 and 2023, respectively, as well as $40 million, $256 million and $237 million in asset impairments in 2025, 2024 and 2023, respectively. The remainder of the 2025 charges primarily relate to external consulting spend. In addition, we recorded impairment charges of $253 million, $200 million and $91 million in 2025, 2024 and 2023, respectively. The impairment charges included impairment of indefinite-lived intangible assets for $128 million, $200 million and $55 million in 2025, 2024 and 2023, respectively, included within operating costs in our consolidated statements of income. The remaining impairment charges were included within investment income in our consolidated statements of income. 41 In addition to the value creation initiatives, we also recorded severance charges of $70 million in 2023 within operating costs in our consolidated stat ITEM 1. BUSINESS General Headquartered in Louisville, Kentucky, Humana Inc. and its subsidiaries, referred to throughout this document as \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany\u201d or \u201cHumana,\u201d is committed to putting health first \u2013 for our teammates, our customers, and our company. Through our Humana insurance services, and our CenterWell health care services, we make it easier for the millions of people we serve to achieve their best health \u2013 delivering the care and service they need, when they need it. These efforts are leading to a better quality of life for Medicare and Medicaid participants, families, individuals, military service personnel, and communities at large. As of December 31, 2025, we had approximately 15 million members in our medical benefit plans, as well as approximately 4.7 million members in our specialty products. During 2025, 83% of our total premiums and services revenue were derived from contracts with the federal government, including 14% derived from our individual Medicare Advantage contracts in Florida with the Centers for Medicare and Medicaid Services, or CMS, under which we provided health insurance coverage to approximately 1.0 million members as of December 31, 2025. Humana Inc. was organized as a Delaware corporation in 1964. Our principal executive offices are located at 101 East Main Street, Louisville, Kentucky 40202, the telephone number at that address is (502) 580-1000, and our website address is www.humana.com. We have made available free of charge through the Investor Relations section of our web site our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and, if applicable, amendments to those reports filed or furnished pursuant to Section 13(a) of the Exchange Act, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission. This Annual Report on Form 10-K, or 2025 Form 10-K, contains both h ITEM 1A. RISK FACTORS Risks Relating to Our Business If we do not design and price our products properly and competitively, if the premiums we charge are insufficient to cover the cost of health care services delivered to our members, if we are unable to implement clinical initiatives to provide a better health care experience for our members, l", "title": "HUM - HUMANA INC", "url": "/company/HUM/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000049196; latest 10-K filed 2026-02-13.", "text": "HBAN - HUNTINGTON BANCSHARES INC /MD/ SIC 6021 National Commercial Banks; CIK 0000049196; latest 10-K filed 2026-02-13. HBAN HUNTINGTON BANCSHARES INC /MD/ 0000049196 6021 National Commercial Banks Item 7: Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations INTRODUCTION This MD&A provides information we believe necessary for understanding our financial condition, changes in financial condition, results of operations, and cash flows. The MD&A should be read in conjunction with the Consolidated Financial Statements, Notes to Consolidated Financial Statements, and other information contained in this report. The forward-looking statements in this section and other parts of this report involve assumptions, risks, uncertainties, and other factors, including statements regarding our plans, objectives, goals, strategies, and financial performance. Our actual results could differ materially from the results anticipated in these forward-looking statements as a result of factors set forth under the caption \u201cForward-Looking Statements\u201d and those set forth in \u201cItem 1A: Risk Factors\u201d. In this MD&A we refer to FTE net interest income and FTE total revenue. These financial measures are not required by, or calculated in accordance with GAAP and may not be calculated the same as similarly titled measures used by other companies. These financial measures should thus be considered as supplemental in nature and not considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. For a further description of these non-GAAP financial measures, see the \u201cNon-GAAP Financial Measures\u201d within the \u201cAdditional Disclosures\u201d section below. EXECUTIVE OVERVIEW Acquisitions and Divestitures Veritex Acquisition Effective October 20, 2025, Huntington completed the acquisition of Veritex Holdings, Inc. (\u201cVeritex\u201d), a bank holding company headquartered in Dallas, Texas, whereby Veritex merged with and into Huntington, with Huntington as the surviving entity. Upon completion of the merger, Huntington issued 107 million shares of its common stock to Veritex shareholders of record as of the merger date, in addition to 1 million shares issued upon the conversion of certain Veritex equity awards, resulting in total consideration from the transaction of $1.7 billion. Historical periods prior to October 20, 2025 reflect results of legacy Huntington operations. Subsequent to closing, results reflect all combined post-acquisition activity. For further information, refer to Note 3 - \u201cBusiness Combinations\u201d of the Notes to Consolidated Financial Statements. Cadence Acquisition Effective February 1, 2026, Huntington completed its previously announced acquisition of Cadence Bank (\u201cCadence\u201d), a regional bank headquartered in Houston, Texas and Tupelo, Mississippi, whereby Cadence merged with and into Huntington National Bank, with Huntington National Bank as the surviving bank. Under the terms of the agreement, Huntington issued 2.475 shares for each outstanding share of Cadence in a 100% stock transaction. Based on Huntington\u2019s closing price of $17.48 as of January 30, 2026, the consideration is valued at approximately $8.1 billion. Each outstanding share of 5.50% Series A Non-Cumulative Perpetual Preferred Stock of Cadence was converted into the right to receive 1/1000 of a share of a newly created 5.50% Series L Non-Cumulative Perpetual Preferred Stock of Huntington. As of December 31, 2025, Cadence had $54 billion in assets, including $37 billion in loans, and $44 billion in deposits. 2025 Form 10-K 51 Table of Contents 2025 Financial Performance Review Selected Financial Data [[GREPCENT_TABLE]] [[\"Table 1 - Selected Year-to-Date Income Statement Data\"],[\"\",\"Year Ended December 31,\"],[\"\",\"\",\"\",\"Change from 2024\",\"\",\"\",\"\",\"Change from 2023\"],[\"(amounts in millions, except per share data)\",\"2025\",\"\",\"Amount\",\"\",\"Percent\",\"\",\"2024\",\"\",\"Amount\",\"\",\"Percent\",\"\",\"2023\"],[\"Interest income\",\"$\",\"10,310\",\"\",\"$\",\"389\",\"\",\"\",\"4\",\"%\",\"\",\"$\",\"9,921\",\"\",\"$\",\"1,005\",\"\",\"\",\"11\",\"%\",\"\",\"$\",\"8,916\"],[\"Interest expense\",\"4,319\",\"\",\"(257)\",\"\",\"\",\"(6)\",\"\",\"\",\"4,576\",\"\",\"1,099\",\"\",\"\",\"32\",\"\",\"\" Item 1: Business General Business Description We are a multi-state diversified regional bank holding company organized under Maryland law in 1966 and headquartered in Columbus, Ohio. Through the Bank, we are committed to making people\u2019s lives better, helping businesses thrive, and strengthening the communities we serve, and we have been servicing the financial needs of our customers since 1866. Through our subsidiaries, we provide full-service commercial and consumer deposit, lending, and other banking and financial services. These include, but are not limited to, payments, mortgage banking, direct and indirect consumer financing, investment banking, capital markets, advisory, equipment financing, distribution finance, investment management, trust, brokerage, insurance, and other financial products and services. As of December 31, 2025, we operated more than 1,000 branches in 14 states. Following the completion of our merger with Cadence Bank on February 1, 2026, as further discussed below, we operate nearly 1,400 branches in 21 states, with certain businesses operating in extended geographies. Acquisitions and Mergers On October 20, 2025, Huntington completed the acquisition of Veritex Holdings, Inc. (\u201cVeritex,\u201d and such transaction, the \u201cVeritex Merger\u201d), a bank holding company headquartered in Dallas, Texas, whereby Veritex merged with and into Huntington, with Huntington as the surviving entity, and Veritex Community Bank merged with and into Huntington National Bank, with Huntington National Bank as the surviving entity. The transaction, which was valued at $1.7 billion, added $12.0 billion in assets, including $9.3 billion in loans, and $10.5 billion in deposits, as of the date of acquisition. On February 1, 2026, Huntington completed the acquisition of Cadence Bank (\u201cCadence,\u201d and such transaction, the \u201cCadence Merger\u201d), a regional bank headquartered in Houston, Texas and Tupelo, Mississippi, whereby Cadence merged with and into Huntington National Bank, Item 1A: Risk Factors Risk Factors Summary The following is a summary of material risks that could adversely affect Huntington\u2019s business, financial condition, results of operation, or business. Credit Risks \u2022Our ACL level may prove to not be adequate or be negatively affected by credit risk exposures, which could adv", "title": "HBAN - HUNTINGTON BANCSHARES INC /MD/", "url": "/company/HBAN/" }, { "kind": "company", "summary": "SIC 3730 Ship & Boat Building & Repairing; CIK 0001501585; latest 10-K filed 2026-02-05.", "text": "HII - HUNTINGTON INGALLS INDUSTRIES, INC. SIC 3730 Ship & Boat Building & Repairing; CIK 0001501585; latest 10-K filed 2026-02-05. HII HUNTINGTON INGALLS INDUSTRIES, INC. 0001501585 3730 Ship & Boat Building & Repairing ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW The following discussion should be read along with the audited consolidated financial statements included in Item 8 of this Annual Report on Form 10-K along with the other sections of this Form 10-K, including Item 1A. Risk Factors, as well as Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Form 10-K for the year ended December 31, 2024. Business Environment The United States political and economic environment in 2025 has been shaped by renewed national emphasis on industrial resilience, defense readiness, and maritime strength. However, against a backdrop of heightened geopolitical tension and domestic policy realignment, we continue to see uncertainty in the economy, our industry, and our company. Our customers, suppliers, and subcontractors continue to face challenges. We cannot predict how long these challenges will continue, whether these challenges will change over time, or whether our actions to address these challenges will be successful. U.S. Political and Economic Environment \u2013 The political and economic landscape of the United States in 2025 has been characterized by policy realignment and a complex macroeconomic environment. The Trump Administration (the \"Administration\") has pursued a renewed emphasis on domestic production, trade protectionism, and deregulation, particularly across the energy, manufacturing, and technology sectors. Heightened political polarization and intermittent fiscal disputes, including a historic 43-day funding lapse, have underscored the challenges of policy continuity and long-term fiscal planning. Despite these disruptions, defense spending continues to benefit from strong bipartisan support, with consensus around the need to maintain U.S. technological superiority and military readiness amid rising global security challenges. The Administration\u2019s \u201cAmerica First\u201d economic and security agenda has accelerated efforts to repatriate critical manufacturing and expand production capacity. Policy initiatives have prioritized procurement reform, domestic 30 Table of Contents sourcing mandates, and investment incentives to stimulate innovation in advanced defense technologies, including hypersonics, cyber defense, artificial intelligence, and space systems. Economically, the United States continues to experience inflationary pressures and elevated interest rates. The economic and policy environment remains fluid, with the main variables revolving around tariffs and immigration. Fiscal conditions remain constrained, with federal debt exceeding 120% of GDP, highlighting the imbalances within the broader economy. For the defense sector, these macroeconomic conditions have resulted in mixed impacts. While higher borrowing costs and input inflation have placed pressure on working capital and contract execution, strong defense demand and federal funding have continued to support revenue stability across the industrial base. Increased emphasis on domestic sourcing and production security has also stimulated capital investment in U.S. manufacturing facilities and supplier networks. Supply chain realignment remains a central theme in 2025. Continued global disruptions and tariff adjustments have encouraged U.S. defense firms to diversify supplier networks, enhance vertical integration, and invest in advanced manufacturing technologies. Federal programs aimed at supporting small and mid-tier suppliers have further reinforced the broader defense ecosystem. The labor market continues to present challenges for our company, our industry, and the supply chain. Our ability to increase throughput and meet production schedules is directly impacted by labor availability and performance. We monitor labor market conditions and trends and work to mitigate the effects of labor challenges through a variet ITEM 1. BUSINESS History and Organization Huntington Ingalls Industries, Inc. (\"HII\", the \"Company\", \"we\", \"us\", or \"our\") is a global, all-domain defense partner, building and delivering the world's most powerful, survivable naval ships and technologies that safeguard America\u2019s seas, sky, land, space, and cyber. For more than a century, our Ingalls Shipbuilding segment (\"Ingalls\") in Mississippi and Newport News Shipbuilding segment (\"Newport News\") in Virginia have built more ships in more ship classes than any other U.S. naval shipbuilder, making us America's largest shipbuilder. Our Mission Technologies segment develops integrated technology solutions and products that enable today's connected, all-domain force. Headquartered in Newport News, Virginia, we employ over 44,000 people domestically and internationally. We conduct most of our business with the U.S. Government, primarily the Department of War (the \"Department\"). As prime contractor, principal subcontractor, team member, or partner, we participate in many high-priority U.S. defense programs. Ingalls includes our non-nuclear ship design, construction, repair, and maintenance businesses. Newport News includes all of our nuclear ship design, construction, overhaul, refueling, and repair and maintenance businesses. Our Mission Technologies segment provides a wide range of services and products, including command, control, computers, communications, cyber, intelligence, surveillance, and reconnaissance (\"C5ISR\") systems and operations; the application of artificial intelligence and machine learning to battlefield decisions; defense and offensive cyberspace strategies and electronic warfare; unmanned autonomous systems; live, virtual, and constructive training solutions; platform modernization; and critical nuclear operations. Ingalls Through our Ingalls segment, we design and construct non-nuclear ships for the U.S. Navy and U.S. Coast Guard, including amphibious assault ships, surface combatants, and n Item 1A. Risk Factors Our consolidated financial position, results of operations and cash flows are subject to various risks, many of which are not exclusively within our control, that may cause actual performance to differ materially from historical or projected future performance. We encourage you to consider carefully the risk facto", "title": "HII - HUNTINGTON INGALLS INDUSTRIES, INC.", "url": "/company/HII/" }, { "kind": "company", "summary": "SIC 3570 Computer & office Equipment; CIK 0000051143; latest 10-K filed 2026-02-24.", "text": "IBM - INTERNATIONAL BUSINESS MACHINES CORP SIC 3570 Computer & office Equipment; CIK 0000051143; latest 10-K filed 2026-02-24. IBM INTERNATIONAL BUSINESS MACHINES CORP 0000051143 3570 Computer & office Equipment OVERVIEW The financial section of the International Business Machines Corporation (IBM or \u201cthe company\u201d) 2025 Annual Report includes the Management Discussion, the Consolidated Financial Statements and the Notes to Consolidated Financial Statements. This Overview is designed to provide the reader with some perspective regarding the information contained in the financial section. Organization of Information \u2022The Management Discussion is designed to provide readers with an overview of the business and a narrative on our financial results and certain factors that may affect our future prospects from the perspective of management. The \u201cManagement Discussion Snapshot\u201d presents an overview of the key performance drivers in 2025. \u2022Beginning with the \u201cYear in Review,\u201d the Management Discussion contains the results of operations for each reportable segment of the business, a discussion of our financial position and a discussion of cash flows as reflected in the Consolidated Statement of Cash Flows. \u201cPrior Year in Review,\u201d provides a year-to-year comparison of the revenue category performance for the Software and Consulting reportable segments between 2024 and 2023, consistent with the changes described below. Management Discussion also includes: \u201cLooking Forward\u201d and \u201cLiquidity and Capital Resources,\u201d the latter of which includes a description of management\u2019s definition and use of free cash flow. \u2022The Consolidated Financial Statements provide an overview of income and cash flow performance and financial position. \u2022The Notes follow the Consolidated Financial Statements. Among other items, the Notes contain our accounting policies, revenue information, acquisitions and divestitures, certain commitments and contingencies and retirement-related plans information. \u2022In the first quarter of 2025, we made changes to the reported revenue categories within our Software and Consulting reportable segments. These changes did not impact our Consolidated Financial Statements or our reportable segments. The revenue categories are reported on a comparable basis for all periods presented. Refer to note C, \"Revenue Recognition,\" for additional information. \u2022We reported a benefit from income taxes for the years ended December 31, 2025 and 2024. The 2025 tax benefit was primarily driven by the resolution of certain tax audit matters. The 2024 tax benefit was driven by the tax impact of the pension settlement charges, as described below, and the resolution of certain tax audit matters. Refer to note G, \u201cTaxes,\u201d for additional information. \u2022In 2024, as a result of the irrevocable transfer to insurers of a portion of the U.S. and non-U.S. defined benefit pension obligations and related plan assets, we recognized pension settlement charges of $3.1 billion ($2.4 billion net of tax). This reduced 2024 diluted earnings per share from continuing operations and consolidated diluted earnings per share by $2.57 and $2.56, respectively. As the charges were non-operating and non-cash, they did not impact our operating (non-GAAP) earnings or cash flow results. Refer to note U, \u201cRetirement-Related Benefits,\u201d for additional information. \u2022The references to \u201cadjusted for currency\u201d or \u201cat constant currency\u201d in the Management Discussion do not include operational impacts that could result from fluctuations in foreign currency rates. When we refer to growth rates at constant currency or adjust such growth rates for currency, it is done so that certain financial results can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of business performance. Financial results adjusted for currency are calculated by translating current period activity in local currency using the comparable prior-year period\u2019s currency conversion rate. This approach is used for countries where the functional currency is the local currency. Generally, when the dollar either strengthens or weakens against other currenci Item 1. Business: International Business Machines Corporation (IBM or the company) was incorporated in the State of New York on June 16, 1911, as the Computing-Tabulating-Recording Co. (C-T-R), a consolidation of the Computing Scale Co. of America, the Tabulating Machine Co. and The International Time Recording Co. of New York. Since that time, IBM has focused on the intersection of business insight and technological innovation, and its operations and aims have been international in nature. This was signaled over 100 years ago, in 1924, when C-T-R changed its name to International Business Machines Corporation. And it continues today\u2014we create sustained value for clients by helping them leverage the power of hybrid cloud and artificial intelligence (AI). Our hybrid cloud platform and AI technology support clients\u2019 digital transformations and helps them reimagine critical workflows, at scale, and modernize applications to increase agility, drive innovation and create operational efficiencies. Our offerings draw from leading IBM capabilities in software, consulting services capability to deliver business outcomes, and deep incumbency in mission-critical infrastructure, all bolstered by one of the world\u2019s leading research organizations. The following information is included in IBM\u2019s 2025 Annual Report to Stockholders and is incorporated by reference: IBM Strategy\u2014pages 11 to 12. Business Segments and Capabilities\u2014pages 12 to 14. Human Capital\u2014page 15. Strategic Partnerships We proactively partner with a broad variety of companies including hyperscalers, service providers, global system integrators, and software and hardware vendors. We work alongside our partners to deliver end-to-end solutions that address our clients\u2019 complex business challenges while accelerating growth. Our strategic partners include: Adobe, Amazon Web Services (AWS), Microsoft, Oracle, Palo Alto Networks, Salesforce, Samsung Electronics and SAP, among others. Companies with which we have s Item 1A. Risk Factors: Risks Related to Our Business Downturn in Economic Environment and Client Spending Budgets Could Impact the Company\u2019s Business: If overall demand for IBM\u2019s products and solutions decreases, whether due to general economic conditions, or a shift in client buying patterns, the compa", "title": "IBM - INTERNATIONAL BUSINESS MACHINES CORP", "url": "/company/IBM/" }, { "kind": "company", "summary": "SIC 3561 Pumps & Pumping Equipment; CIK 0000832101; latest 10-K filed 2026-02-19.", "text": "IEX - IDEX CORP /DE/ SIC 3561 Pumps & Pumping Equipment; CIK 0000832101; latest 10-K filed 2026-02-19. IEX IDEX CORP /DE/ 0000832101 3561 Pumps & Pumping Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis should be read in conjunction with the Company\u2019s Consolidated Financial Statements and related notes in this annual report. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. The Company\u2019s actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under Item 1A, \u201cRisk Factors\u201d and under the heading \u201cCautionary Statement Under the Private Securities Litigation Reform Act\u201d discussed elsewhere in this annual report. This discussion includes certain non-GAAP financial measures that have been defined and reconciled to the most directly comparable financial measure prepared in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d) under the headings \u201cNon-GAAP Disclosures\u201d and \u201cFree Cash Flow.\u201d This discussion also includes Operating working capital which has been defined under the heading \u201cLiquidity and Capital Resources.\u201d The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP. The financial results prepared in accordance with U.S. GAAP and the reconciliations from these results should be carefully evaluated. Overview IDEX is an applied solutions provider specializing in the manufacturing of health and science technologies, fluid and metering technologies, and fire, safety and other diversified products built to customers\u2019 specifications. IDEX\u2019s products are sold in niche markets across a wide range of industries throughout the world. Accordingly, IDEX\u2019s businesses are affected by levels of industrial activity and economic conditions in the U.S. and in other countries where it does business, as well as by the relationship of the U.S. Dollar to other currencies. Levels of capacity utilization and capital spending in certain markets and overall industrial activity are important factors that influence the demand for IDEX\u2019s products. 2025 Highlights (All comparisons are against 2024 unless otherwise noted) \u2022Record reported Net sales of $3,457.5 million increased 6% overall and increased 1% organically* \u2022Reported diluted earnings per common share (\u201cEPS\u201d) attributable to IDEX of $6.41 decreased 3% \u2022Adjusted diluted EPS attributable to IDEX* of $7.95 increased 1% \u2022Operating cash flow of $680.4 million increased 2% and was 141% of net income, up from 132% \u2022Free cash flow* of $616.8 million increased 2% and was 103% of adjusted net income*, up from 101% \u2022Returned capital to shareholders in the form of $248 million of share repurchases and $213 million of dividends *These are non-GAAP measures. See the definitions of these non-GAAP measures and reconciliations to their most directly comparable U.S. GAAP financial measures under the headings \u201cNon-GAAP Disclosures\u201d and \u201cFree Cash Flow.\u201d During 2025, the Company delivered organic sales growth and margin expansion as positive price across all segments more than offset lower volumes in the FMT and FSDP segments. Improved operational results included productivity improvements together with platform optimization savings resulting from restructuring and other cost containment actions taken during 2025. Results were tempered by higher interest expense, the absence of certain tax benefits recognized in 2024 as well as higher amortization on acquisition related intangibles assets. The Company generated strong cash flow and continued to deploy capital, including nearly $250 million of share repurchases during the year. 2026 Outlook Looking ahead, the Company plans to continue strengthening its position in targeted advantaged markets by further integrating its capabilities and advancing its 8020 operati Item 1. Business. Overview IDEX Corporation (\u201cIDEX,\u201d the \u201cCompany,\u201d \u201cwe,\u201d or \u201cour\u201d) is a global applied solutions provider serving niche markets with mission critical components for everyday life. Substantially all of the Company\u2019s business activities are carried out through over 50 wholly-owned subsidiaries with shared values of Trust, Team and Excellence. IDEX\u2019s diverse family of businesses is committed to making trusted solutions that improve lives and is innovative and inquisitive in its quest to solve customers\u2019 most challenging applied technology problems. These businesses operate with a high degree of autonomy, yet are all united by employing The IDEX Difference, a philosophy of great teams who embrace the 8020 principle while remaining hyper-focused on serving customers. IDEX was incorporated in Delaware on September 24, 1987. End Markets and Products The following table summarizes the percentage of total IDEX sales generated by each end market served: *Beginning in 2025, Life Sciences also includes analytical instruments, pharmaceutical and medical/dental end market sales. The Company has three reportable segments: Health & Science Technologies (\u201cHST\u201d), Fluid & Metering Technologies (\u201cFMT\u201d) and Fire & Safety/Diversified Products (\u201cFSDP\u201d). The segments are structured around how to best serve customer needs, with each segment consisting of businesses that have product and end market similarities as well as common distribution methods and production processes. This structure enables management efficiency, aligns IDEX\u2019s operations with its focus on organic growth, strategic acquisitions and capital allocation priorities and provides transparency about the Company\u2019s performance to external stakeholders. 1 Table of Contents The table below illustrates the share of Net sales and Adjusted EBITDA contributed by each segment on the basis of total segments (not total Company) for the years ended December 31, 2025 and 2024. [[GREPCENT_TABLE]] [[\"\",\"Yea Item 1A. Risk Factors. For an enterprise as diverse and complex as the Company, a wide range of factors present risks to the Company and could materially and adversely affect future developments and performance. In addition to the factors affecting specific business operations identified in connection with the description of the Company\u2019s operations and the financia", "title": "IEX - IDEX CORP /DE/", "url": "/company/IEX/" }, { "kind": "company", "summary": "SIC 2835 In Vitro & In Vivo Diagnostic Substances; CIK 0000874716; latest 10-K filed 2026-02-20.", "text": "IDXX - IDEXX LABORATORIES INC /DE SIC 2835 In Vitro & In Vivo Diagnostic Substances; CIK 0000874716; latest 10-K filed 2026-02-20. IDXX IDEXX LABORATORIES INC /DE 0000874716 2835 In Vitro & In Vivo Diagnostic Substances ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10\u2011K. The discussion of our financial condition and results of operations and liquidity and capital resources for the year ended December 31, 2023, and year-over-year comparisons between 2024 and 2023, is included in our Annual Report on Form 10-K for the year ended December 31, 2024, within Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. We have included certain terms and abbreviations used throughout this Annual Report on Form 10-K in the \u201cGlossary of Terms and Selected Abbreviations.\u201d Description of Business Segments. We operate primarily through three business segments: diagnostic and information management-based products and services for the companion animal veterinary industry, which we refer to as the Companion Animal Group (\u201cCAG\u201d); water quality products (\u201cWater\u201d); and diagnostic products and services for livestock and poultry health and to measure the quality and safety of milk and improve producer efficiency, which we refer to as Livestock, Poultry and Dairy (\u201cLPD\u201d). Refer to \u201cPart II, Item 8. Financial Statements and Supplementary Data, Note 3. Revenue and Note 17. Segment Reporting\u201d to the consolidated financial statements for the year ended December 31, 2025, included in this Annual Report on Form 10-K, for financial information about our segments, including our product and service categories, and our geographic areas. The following is a discussion of the strategic and operating factors that we believe have the most significant effect on the performance of our business. Companion Animal Group Our strategy is to provide veterinarians with the highest quality diagnostic information, software products and services, and medical evidence to support more advanced medical care and information management solutions that help demonstrate the value of diagnostics to pet owners and enable efficient and effective practice management. By doing so, we are able to build a mutually successful relationship with our veterinary customers based on healthy pets, loyal customers, staff efficiency, and expanding practice revenues. We also provide products and services that support veterinarians in engaging and communicating directly with pet owners. CAG Diagnostics. We provide diagnostic capabilities that meet veterinarians\u2019 diverse needs through a variety of modalities, including point-of-care diagnostic solutions and outside reference laboratory services. Veterinarians that utilize our full line of diagnostic modalities obtain a single view of a patient\u2019s diagnostic results, which allows them to track and evaluate trends and achieve greater medical insight. Our diagnostic capabilities generate both recurring and non-recurring revenues. Revenues related to capital placements of our point-of-care IDEXX VetLab suite of instruments and our SNAP Pro Analyzer are non-recurring in nature because they are sold to a particular customer only once. Revenues from the associated IDEXX VetLab consumables, SNAP rapid assay test kits, reference laboratory and consulting services, and extended maintenance agreements and accessories related to our IDEXX VetLab instruments and our SNAP Pro Analyzer are recurring in nature, because they are regularly purchased by our customers, typically as they perform diagnostic testing as part of ongoing veterinary care services. Our recurring revenues, most prominently IDEXX VetLab consumables and rapid assay test kits, have significantly higher gross margins than those provided by our instrument sales. Therefore, the sales mix of recurring and non-recurring revenues in a particular period will impact our gross margins. Diagnostic Capital R ITEM 1. BUSINESS COMPANY OVERVIEW IDEXX was incorporated in Delaware in 1983. We develop, manufacture, and distribute products and provide services primarily for the companion animal veterinary; livestock, poultry and dairy; and water testing industries. We also manufacture and sell human medical point-of-care diagnostic products. Our primary products and services are: \u2022Point-of-care veterinary diagnostic products, comprised of instruments, consumables, and rapid assay test kits; \u2022Veterinary reference laboratory diagnostic and consulting services; \u2022Practice management systems, software and diagnostic imaging systems and services used by veterinarians; \u2022Health monitoring, biological materials testing, laboratory diagnostic instruments, and services used by the biomedical research community; \u2022Diagnostic and health-monitoring products for livestock, poultry, and dairy; and \u2022Products that test water for certain microbiological contaminants. Our Purpose is to be a great company that creates exceptional long-term value for our customers, employees, and stockholders by enhancing the health and well-being of pets, people, and livestock. DESCRIPTION OF BUSINESS BY SEGMENT We operate primarily through three reportable business segments: Companion Animal Group, Water quality products, and Livestock, Poultry and Dairy. Our Other operating segment combines and presents our human medical diagnostic products business with our out-licensing arrangement because they do not meet the quantitative or qualitative thresholds for reportable segments. Companion Animal Group (\u201cCAG\u201d) - Diagnostic and information management products and services for the companion animal veterinary industry, including point-of-care diagnostic solutions, outside reference laboratory services, and veterinary software and services. CAG Diagnostics We provide diagnostic capabilities that meet veterinarians\u2019 diverse needs through a variety of modalities, including point-of-care diagnostic solutions ITEM 1A. RISK FACTORS You should consider carefully the risks and uncertainties described below in addition to the other information included or incorporated by reference in this Annual Report on Form 10-K in evaluating our company and our business. Our future operating results involve a number of risks an", "title": "IDXX - IDEXX LABORATORIES INC /DE", "url": "/company/IDXX/" }, { "kind": "company", "summary": "SIC 3560 General Industrial Machinery & Equipment; CIK 0000049826; latest 10-K filed 2026-02-13.", "text": "ITW - ILLINOIS TOOL WORKS INC SIC 3560 General Industrial Machinery & Equipment; CIK 0000049826; latest 10-K filed 2026-02-13. ITW ILLINOIS TOOL WORKS INC 0000049826 3560 General Industrial Machinery & Equipment ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations INTRODUCTION Illinois Tool Works Inc. (the \"Company\" or \"ITW\") is a global manufacturer of a diversified range of industrial products and equipment with 88 divisions in 49 countries. As of December 31, 2025, the Company employed approximately 43,000 people. The Company's operations are organized and managed based on similar product offerings and end markets, and are reported to senior management as the following seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. Due to the large number of diverse businesses and the Company's decentralized operating structure, the Company does not require its businesses to provide detailed information on operating results. Instead, the Company's corporate management collects data on several key measurements: operating revenue, operating income, operating margin, variable cost of revenue, overhead expenses, number of months on hand in inventory, days sales outstanding in accounts receivable, past due receivables and return on invested capital. These key measures are monitored by management and significant changes in operating results versus current trends in end markets and variances from forecasts are discussed with operating unit management. THE ITW BUSINESS MODEL The powerful and highly differentiated ITW Business Model is the Company's core source of value creation. It is the Company's competitive advantage and defines how ITW creates value for its shareholders. The ITW Business Model is comprised of three unique elements: \u2022ITW's 80/20 Front-to-Back process is the operating system that is applied in every ITW business. Initially introduced as a manufacturing efficiency tool in the 1980s, ITW has continually refined, improved and expanded 80/20 into a proprietary, holistic business management process that generates significant value for the Company and its customers. Through the application of data driven insights generated by 80/20 practice, ITW focuses on its largest and best opportunities (the \"80\") and eliminates cost, complexity and distractions associated with the less profitable opportunities (the \"20\"). 80/20 enables ITW businesses to consistently achieve world-class operational excellence in product availability, quality, and innovation, while generating superior financial performance; 18 \u2022Customer-back Innovation has fueled decades of profitable growth at ITW. The Company's unique innovation approach is built on insight gathered from the 80/20 Front-to-Back process. Working from the customer back, ITW businesses position themselves as the go-to problem solver for their \"80\" customers. ITW's innovation efforts are focused on understanding customer needs, particularly those in \"80\" markets with solid long-term growth fundamentals, and creating unique solutions to address those needs. These customer insights and learnings drive innovation at ITW and have contributed to a portfolio of approximately 21,800 granted and pending patents; and \u2022ITW's Decentralized, Entrepreneurial Culture enables ITW businesses to be fast, focused, and responsive. ITW businesses have significant flexibility within the framework of the ITW Business Model to customize their approach in order to best serve their specific customers' needs. ITW colleagues recognize their unique responsibilities to execute the Company's strategy and values. As a result, the Company maintains a focused and simple organizational structure that, combined with outstanding execution, delivers best-in-class services and solutions adapted to each business' customers and end markets. ENTERPRISE STRATEGY: 2012 - 2023 In late 2012, ITW began its strategic framework transitioning the Company to fully leverage the unique and powerful set of capabilities and operating practices of the ITW Business Model. The Company undertook a comple ITEM 1. Business General Illinois Tool Works Inc. (the \"Company\" or \"ITW\") was founded in 1912 and incorporated in 1915. The Company's ticker symbol is ITW. The Company is a global manufacturer of a diversified range of industrial products and equipment with 88 divisions in 49 countries. As of December 31, 2025, the Company employed approximately 43,000 people. The Company's operations are organized and managed based on similar product offerings and end markets, and are reported to senior management as the following seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The following is a description of the Company's seven segments: Automotive OEM\u2014 This segment is a global, niche supplier to top tier OEMs, providing unique innovation to address pain points for sophisticated customers with complex problems. Businesses in this segment produce components and fasteners for automotive-related applications. This segment primarily serves the automotive original equipment manufacturers and tiers market. Products in this segment include: \u2022plastic and metal components, fasteners and assemblies for automobiles, light trucks and other industrial uses. Food Equipment\u2014 This segment is a highly focused and branded industry leader in commercial food equipment differentiated by innovation and integrated service offerings. This segment primarily serves the food service, food retail and food institutional/restaurant markets. Products in this segment include: \u2022warewashing equipment; \u2022cooking equipment, including ovens, ranges and broilers; \u2022refrigeration equipment, including refrigerators, freezers and prep tables; \u2022food processing equipment, including slicers, mixers and scales; \u2022kitchen exhaust, ventilation and pollution control systems; and \u2022food equipment service, maintenance and repair. Test & Measurement and Electronics\u2014 This segment is a branded and innovative pro ITEM 1A. Risk Factors The Company's business, financial condition, results of operations and cash flows are subject to various risks, including, but not limited to, those set forth below, which could cause actual results to vary materially from recent results or from anticipated future results. These risk fact", "title": "ITW - ILLINOIS TOOL WORKS INC", "url": "/company/ITW/" }, { "kind": "company", "summary": "SIC 8731 Services-Commercial Physical & Biological Research; CIK 0000879169; latest 10-K filed 2026-02-10.", "text": "INCY - INCYTE CORP SIC 8731 Services-Commercial Physical & Biological Research; CIK 0000879169; latest 10-K filed 2026-02-10. INCY INCYTE CORP 0000879169 8731 Services-Commercial Physical & Biological Research Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and related Notes included elsewhere in this report. A discussion of our financial performance for the year ended December 31, 2025 as compared to the year ended December 31, 2024 appears below under the captions \u201cResults of Operations\u201d and \u201cLiquidity and Capital Resources.\u201d A discussion of our financial performance for the year ended December 31, 2024 compared to the year ended December 31, 2023 can be found under the same captions in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 10, 2025, which is available free of charge on the SEC\u2019s website at www.sec.gov and our Investor Relations website at investor.incyte.com/financials/annual-reports. These website addresses are intended to be inactive, textual references only. None of the materials on, or accessible through, these websites are part of this report or are incorporated by reference herein. Overview Incyte is a global biopharmaceutical company engaged in the discovery, development and commercialization of proprietary therapeutics. Our global headquarters is located in Wilmington, Delaware, where we conduct discovery, clinical development and commercial operations. We also conduct clinical development and commercial operations from our European headquarters in Morges, Switzerland, and our other offices across Europe, as well as our Japanese headquarters in Tokyo and our Canadian headquarters in Montreal. We are focused in three therapeutic areas that are defined by the indications of our approved medicines and the diseases for which our clinical candidates are being developed. These therapeutic areas are: Hematology, Oncology, and Inflammation and Autoimmunity (\u201cIAI\u201d). We are also eligible to receive milestones and royalties on molecules discovered by us and licensed to third parties. Our portfolio focuses on areas of high unmet medical need and includes compounds in various stages, ranging from preclinical to late-stage development and commercialized products. Our approved products are JAKAFI (ruxolitinib), ICLUSIG (ponatinib), PEMAZYRE (pemigatinib), OPZELURA (ruxolitinib cream), MINJUVI (tafasitamab), MONJUVI (tafasitamab-cxix) and ZYNYZ (retifanlimab-dlwr), as well as NIKTIMVO (axatilimab-csfr) which is co-commercialized. Our revenues depend on continued sales of our products, and we depend substantially on product revenues from JAKAFI. We must develop and commercialize new products to achieve revenue growth and to offset revenue losses from the loss of product exclusivity of JAKAFI in 2028 and the launch of competing products. For additional information, including information on the expirations of patents for various products, see Part I, Item 1 of this report, under the headings \u201cBusiness\u2014Patents, Other Intellectual Property, and Product Exclusivity\u201d and \u201cBusiness\u2014Competition.\u201d We devote substantial resources to research and development activities and to acquire rights to new product candidates and technologies, but successful product development in the biopharmaceutical industry is highly uncertain. Our product revenues also face challenges from economic conditions and drug pricing initiatives driven by governments and private payors. See Part I, Item 1A, \u201cRisk Factors\u201d of this report for a further discussion of certain factors that could impact our future product revenues. 60 Table of Contents License Agreements, Business Relationships and Acquisitions We establish business relationships, including collaborative arrangements with other companies and medical research institutions, to assist in the clinical development and/or commercialization of certain of our drugs and drug candidates and to provide support for our research programs. We Item 1. Business Overview Incyte is a global biopharmaceutical company engaged in the discovery, development and commercialization of proprietary therapeutics. Our global headquarters is located in Wilmington, Delaware, where we conduct discovery, clinical development and commercial operations. We also conduct clinical development and commercial operations from our European headquarters in Morges, Switzerland, and our other offices across Europe, as well as our Japanese headquarters in Tokyo and our Canadian headquarters in Montreal. We are focused in three therapeutic areas that are defined by the indications of our approved medicines and the diseases for which our clinical candidates are being developed. These therapeutic areas are: Hematology, Oncology, and Inflammation and Autoimmunity (\u201cIAI\u201d). Hematology Our hematology franchise includes four approved products, JAKAFI (ruxolitinib), ICLUSIG (ponatinib), MONJUVI (tafasitamab-cxix)/MINJUVI (tafasitamab) and NIKTIMVO (axatilimab-csfr), as well as multiple clinical development programs. Approved Products JAKAFI (ruxolitinib) JAKAFI (ruxolitinib) was approved by the U.S. Food and Drug Administration (\u201cFDA\u201d) in November 2011 for the treatment of adults with intermediate or high-risk myelofibrosis (\u201cMF\u201d); in December 2014 for the treatment of adults with polycythemia vera (\u201cPV\u201d) who have had an inadequate response to or are intolerant of hydroxyurea; in May 2019 for the treatment of steroid-refractory acute graft-versus-host disease (\u201cGVHD\u201d) in adult and pediatric patients 12 years and older; and in September 2021 for the treatment of chronic GVHD after failure of one or two lines of systemic therapy in adult and pediatric patients 12 years and older. MF and PV are both myeloproliferative neoplasms (\u201cMPNs\u201d), a group of rare blood cancers, and GVHD is an adverse immune response to an allogeneic hematopoietic stem cell transplant (\u201cHSCT\u201d). The FDA has granted JAKAFI orphan drug status for MF, PV and GVHD. In ad Item 1A. Risk Factors RISKS RELATING TO COMMERCIALIZATION OF OUR PRODUCTS We depend heavily on our lead product, JAKAFI (ruxolitinib), which is marketed as JAKAVI outside the United States. If we are unable to maintain revenues from JAKAFI or those revenues decrease, our business may be materially harmed. JAK", "title": "INCY - INCYTE CORP", "url": "/company/INCY/" }, { "kind": "company", "summary": "SIC 3560 General Industrial Machinery & Equipment; CIK 0001699150; latest 10-K filed 2026-02-17.", "text": "IR - Ingersoll Rand Inc. SIC 3560 General Industrial Machinery & Equipment; CIK 0001699150; latest 10-K filed 2026-02-17. IR Ingersoll Rand Inc. 0001699150 3560 General Industrial Machinery & Equipment ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion contains management\u2019s discussion and analysis of our financial condition and results of operations and should be read together with our audited consolidated financial statements and related notes to our consolidated financial statements included elsewhere in this Form 10-K. This discussion contains forward-looking statements and involves numerous risks and uncertainties. Our actual results may differ materially from those anticipated in any forward-looking statements as a result of many factors, including those set forth under the \u201cSpecial Note Regarding Forward-Looking Statements,\u201d \u201cItem 1A. Risk Factors\u201d and elsewhere in this Form 10-K. 22 Table of Content Executive Overview Our Company Ingersoll Rand is a global market leader with a broad range of innovative and mission-critical air, fluid, clean energy and medical technologies, providing services and solutions to increase industrial productivity and efficiency. We manufacture one of the broadest and most complete ranges of compressor, pump, vacuum and blower products in our markets, which, when combined with our global geographic footprint and application expertise, allows us to provide differentiated product and service offerings to our customers. Our products are sold under a collection of premier, market-leading brands, including Ingersoll Rand, Gardner Denver, Nash, CompAir, Thomas, Milton Roy, Seepex, Elmo Rietschle, ARO, Robuschi, ILC Dover, Emco Wheaton and Runtech Systems, which we believe are globally recognized in their respective end-markets and known for product quality, reliability, efficiency and superior customer service. These attributes, along with over 165 years of engineering heritage, generate strong brand loyalty for our products and foster long-standing customer relationships, which we believe have resulted in leading market positions within each of our operating segments. We have sales in all major geographic markets and our diverse customer base utilizes our products across a wide array of end-markets that have favorable near- and long-term growth prospects, including industrial manufacturing, clean energy, transportation, medical and laboratory sciences, food and beverage packaging and chemical processing. Our products and services are critical to the processes and systems in which they are utilized, which are often complex and function in harsh conditions where the cost of failure or downtime is high. However, our products and services typically represent only a small portion of the costs of the overall systems or functions that they support. As a result, our customers place a high value on our application expertise, product reliability and the responsiveness of our service. To support our customers and market presence, we maintain significant global scale with over 60 key manufacturing facilities, and over 50 complementary service and repair centers across six continents and over 21,000 employees worldwide as of December 31, 2025. The process-critical nature of our product applications, coupled with the standard wear and tear replacement cycles associated with the usage of our products, generates opportunities to support customers with our broad portfolio of aftermarket parts, consumables and services. Customers place a high value on minimizing any time their operations are offline. As a result, the availability of replacement parts, consumables and our repair and support services are key components of our value proposition. Our large installed base of products provides a recurring revenue stream through our aftermarket parts, consumables and services offerings. As a result, our aftermarket revenue is significant, representing 36.5% of total Company revenue in 2025. Components of Our Revenue and Expenses Revenues We generate revenue from sales of original equipment and associated aftermarket parts, consumables and ser ITEM 1. BUSINESS Ingersoll Rand Inc. is a diversified, global provider of mission-critical flow creation products, and industrial and life science solutions. The accompanying consolidated financial statements include the accounts of Ingersoll Rand Inc. and its majority-owned subsidiaries (collectively referred to herein as \u201cIngersoll Rand,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or \u201courselves\u201d). Our Company We are a global market leader with a broad flow creation and industrial product portfolio across air, gas, powder, and liquid handling applications, providing services and solutions to increase industrial and life science productivity, efficiency, and sustainability. We manufacture one of the broadest and most complete ranges of compressor, pump, vacuum and blower products in our markets, which, when combined with our global geographic footprint and application expertise, allows us to provide differentiated product and service offerings to our customers. Our products are sold under more than 90 market-leading brands, including Ingersoll Rand and Gardner Denver, which we believe are globally recognized in their respective end-markets and known for product quality, reliability, efficiency and superior customer service. We are driven by an entrepreneurial spirit and ownership mindset, dedicated to helping make life better for our employees, customers, the planet, and our shareholders. These attributes, along with over 165 years of engineering heritage, generate strong brand loyalty for our products and foster long-standing customer relationships, resulting in leading market positions within each of our operating segments. We have sales in all major geographic markets and our diverse customer base utilizes our products across a wide array of end-markets, including life sciences, food and beverage production, clean energy, industrial manufacturing, infrastructure, water and wastewater treatment, and many others. Our products and services are critical to the processes and ITEM 1A. RISK FACTORS The following risk factors as well as the other information included in this Form 10-K, including \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our consolidated financial statements and related notes thereto should be carefully considered. Any of", "title": "IR - Ingersoll Rand Inc.", "url": "/company/IR/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001145197; latest 10-K filed 2026-02-18.", "text": "PODD - INSULET CORP SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001145197; latest 10-K filed 2026-02-18. PODD INSULET CORP 0001145197 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the accompanying notes included in this annual report. The following discussion may contain forward-looking statements that reflect our plans, estimates, and beliefs, which are subject to risks, uncertainties, and assumptions. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those discussed under the headings \u201cRisk Factors\u201d and \u201cForward-Looking Statements.\u201d Columns and rows within tables may not add due to rounding. Amounts have been calculated using actual, non-rounded figures; accordingly, amounts and percentages may not recalculate, and columns and rows within tables may not add due to rounding. Overview Our mission is to transform the lives of people with diabetes. We are primarily engaged in the development, manufacture, and sale of our proprietary Omnipod product platform, a continuous insulin delivery system for people with insulin-dependent diabetes. The Omnipod platform primarily includes our most recent generation Omnipod 5 and its predecessor Omnipod DASH, which eliminate the need for multiple daily injections using syringes or insulin pens or the use of pump and tubing. Omnipod 5, which builds on our Omnipod DASH mobile platform, is a tubeless automated insulin delivery system that integrates with a CGM to manage blood sugar and is fully controlled by a compatible personal smartphone or Omnipod 5 Controller. It is indicated for type 1 diabetes and, in the United States, for type 2 diabetes for ages 18 and up. The CGM is sold separately by third parties. The Pod currently integrates with Dexcom, Inc.\u2019s G6 and G7 CGMs and with Abbott Diabetes Care, Inc.\u2019s (\u201cAbbott\u201d) FreeStyle Libre 2 Plus sensor (\u201cLibre 2 Plus\u201d) in various markets. Omnipod DASH features a secure Bluetooth enabled Pod that is controlled by a smartphone-like PDM with a color touch screen user interface. Our financial objective is to sustain profitable growth. To achieve this, we launched Omnipod 5 in the United States in 2022, in the United Kingdom and Germany in 2023, and in the Netherlands and France in 2024. In 2025, we launched Omnipod 5 in nine additional countries. We are also working on further building our international teams and advancing our regulatory, reimbursement, and market development efforts so we can bring Omnipod 5 to new international markets. During 2025, we completed the randomized portion of our RADIANT study in France, the United Kingdom, and Belgium. The RADIANT study is a randomized controlled trial of Omnipod 5 with Libre 2, designed to provide clinical data to support our pricing and market access initiatives as we roll out Omnipod 5 with multiple sensors across our international markets. In the U.S., we sell our products through the pharmacy channel, which expands access by improving affordable, as no upfront investment is required. We also continue to increase awareness of Omnipod products through our direct-to-consumer advertising programs. In 2025, we also completed STRIVE, our pivotal study for the next generation hybrid closed loop system, and we finished enrollment for EVOLUTION 2, our safety and feasibility study for a fully closed loop AID system for type 2 diabetes. Additionally, we received 510(k) clearance for enhancements to the Omnipod 5 algorithm to include a lower target glucose set point. We also launched our Omnipod 5 app for iPhone compatible with Dexcom\u2019s G7 CGM sensor in the United States and integrated Omnipod 5 with Dexcom\u2019s G7 CGM sensor in five additional countries and with Abbott\u2019s FreeStyle Libre 2 Plus sensor in Australia. Following the launch of Omnipod 5 in several countries in the Middle East in early 2026, Omnipo Item 1. Business Overview Insulet Corporation (\u201cwe\u201d or the \u201cCompany\u201d) is primarily engaged in the development, manufacture, and sale of its proprietary continuous insulin delivery systems for people with insulin-dependent diabetes. The Omnipod platform includes: the Omnipod\u00ae 5 Automated Insulin Delivery System (\u201cOmnipod 5\u201d), the Omnipod DASH\u00ae Insulin Management System (\u201cOmnipod DASH\u201d), and the Omnipod Insulin Management System (\u201cClassic Omnipod\u201d). We also produce pods for Amgen for use in the Neulasta\u00ae Onpro\u00ae kit, a delivery system for Amgen\u2019s Neulasta to help reduce the risk of infection after intense chemotherapy. Market Opportunity: Management of Diabetes Diabetes is a chronic, life-threatening disease for which there is no known cure. It is caused by the body\u2019s inability to produce or effectively utilize the hormone insulin, which prevents the body from adequately regulating blood glucose levels. Glucose, the primary source of energy for cells, must be maintained at certain concentrations in the blood in order to permit optimal cell function and health. In people with diabetes, blood glucose levels fluctuate between very high levels, a condition known as hyperglycemia, and very low levels, a condition called hypoglycemia. Hyperglycemia can lead to serious short-term complications, such as confusion, vomiting, dehydration, and loss of consciousness and long-term complications, such as blindness, kidney disease, nervous system disease, occlusive vascular diseases, stroke, cardiovascular disease, or death. Hypoglycemia can lead to confusion, loss of consciousness, or death. Diabetes is typically classified as either type 1 or type 2: \u2022Type 1 diabetes is characterized by the body\u2019s nearly complete inability to produce insulin. It is diagnosed throughout the age spectrum, with over half of newly diagnosed cases occurring in adulthood. Individuals with type 1 diabetes require daily insulin therapy to survive. We estimate that approximately 6 million people have Item 1A. Risk Factors Risks Related to Our Business We currently rely on sales of our Omnipod product platform to generate most of our revenue. We expect to continue to derive nearly all our revenue from our Omnipod product platform. Accordingly, our ability to continue to generate revenue is highly reliant on our", "title": "PODD - INSULET CORP", "url": "/company/PODD/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0000050863; latest 10-K filed 2026-01-23.", "text": "INTC - INTEL CORP SIC 3674 Semiconductors & Related Devices; CIK 0000050863; latest 10-K filed 2026-01-23. INTC INTEL CORP 0000050863 3674 Semiconductors & Related Devices Management's Discussion and Analysis Overview Our MD&A begins with an overview of significant events and key developments in 2025 that meaningfully impacted our financial results and/or business. We then provide a detailed discussion of our operating segment results, followed by our consolidated results of operations and other required disclosures for 2025, 2024 and 2023. We conclude with a discussion of our critical accounting estimates. Significant Events and Trends Impacting Results The following discussion highlights significant events, key developments, and trends that we believe meaningfully impacted our consolidated financial results and financial position during 2025 and that we believe may continue to influence our future operating results and financial position, as well as specific matters that occurred in 2024 that impact the comparability of our results. U.S. Government Agreements On August 22, 2025, we entered into a Warrant and Common Stock Agreement (U.S. Government Agreement) with the U.S. Department of Commerce (DOC) to support the continued expansion of U.S. semiconductor technology and manufacturing leadership. On August 27, 2025, pursuant to the terms of the U.S. Government Agreement: \u25aawe entered into an amendment to our commercial CHIPS Act agreement with the DOC removing the prior project milestone requirements and other conditions to disbursements under the agreement, as well as substantially all other requirements under the agreement other than those required by law, including those associated with the $2.3 billion previously received and recognized by us as government incentives pursuant to our government grant accounting policy; \u25aawe received the full amount of the accelerated disbursements remaining under the commercial CHIPS Act agreement of $5.7 billion; \u25aawe issued to the DOC 275 million shares of our common stock and a warrant to purchase up to 241 million shares of our common stock at $20.00 per share if we were to cease to directly or indirectly own at least 51% of our Intel Foundry business; and \u25aawe issued into escrow 159 million shares of our common stock, to be released to the U.S. government on a $20.00 per share basis as we receive the $3.2 billion of disbursements contemplated by our existing agreement and related performance obligations with the U.S. government under the CHIPS Act's Secure Enclave program. As of December 27, 2025, we had released 3 million Escrowed Shares upon our receipt of cash proceeds for our performance under Secure Enclave. Our accounting conclusion for the U.S. Government Agreement as presented in our Consolidated Condensed Financial Statements that were included in our Q3 2025 Form 10-Q was subsequently adjusted based upon our consultation with the staff of the SEC on this matter, which concluded in our fourth quarter of fiscal 2025, subsequent to our Q3 2025 Form 10-Q filing date of November 6, 2025. Our results in this Annual Report on Form 10-K for the fiscal year ended December 27, 2025 are reflective of this consultation. We have concluded that such adjustments are immaterial to our Consolidated Condensed Financial Statements included in our Q3 2025 Form 10-Q. Refer to \u201cNote 5: Earnings (Loss) Per Share and Stockholders' Equity\" within Notes to Consolidated Financial Statements and to our Risk Factors section for additional details. Private Placement Share Sale Agreements In Q3 2025, we entered into two agreements for the issuance and sale of shares of our common stock in private placements to support our strategic investments in advanced manufacturing, AI infrastructure and long-term growth initiatives: \u25aaon August 18, 2025, we entered into an agreement with SoftBank Group to issue and sell to SoftBank Group 87 million shares of our common stock at $23.00 per share, representing an aggregate cash purchase price of $2.0 billion. The issuance and sale of the shares was completed on September 26, 2025; and \u25aaon September 15, 2025, we entered", "title": "INTC - INTEL CORP", "url": "/company/INTC/" }, { "kind": "company", "summary": "SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0001381197; latest 10-K filed 2026-02-27.", "text": "IBKR - Interactive Brokers Group, Inc. SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0001381197; latest 10-K filed 2026-02-27. IBKR Interactive Brokers Group, Inc. 0001381197 6211 Security Brokers, Dealers & Flotation Companies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the audited consolidated financial statements and the related notes in Part II, Item 8, of this Annual Report on Form 10-K. In addition to historical information, the following discussion also contains forward-looking statements that include risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth under the heading \u201cRisk Factors\u201d in Part I, Item 1A of this Annual Report on Form 10-K. Business Overview We are an automated global broker. We custody and service accounts for hedge and mutual funds, ETFs, registered investment advisors, proprietary trading groups, introducing brokers and individual investors. We specialize in routing orders and executing and processing trades in stocks, options, futures, forex, bonds, mutual funds, ETFs and precious metals on more than 170 electronic exchanges and market centers in 40 countries and 29 currencies around the world. In addition, our customers can use our trading platform to trade certain cryptocurrencies through third-party cryptocurrency service providers that execute, clear and custody the cryptocurrencies. We also offer trading in forecast contracts, which are event-based contracts traded on ForecastEx, a CFTC-registered exchange and clearinghouse we established. As a broker, we execute, clear and settle trades globally for both institutional and individual customers. Powered by our proprietary technology, our systems provide our customers with the capability to monitor multiple markets around the world simultaneously and to execute trades electronically at a low cost, in multiple products and currencies from a single trading account. Our overnight trading facilities, available for an array of instruments, support our customers who trade across time zones. The ever-growing complexity of multiple market centers across diverse geographies provides us with ongoing opportunities to build and continuously adapt our order routing software to secure excellent execution prices. Since our inception in 1977, we have focused on developing proprietary software to automate broker-dealer functions. The proliferation of electronic exchanges and market centers has allowed us to integrate our software with an increasing number of trading venues \u2013 as well as with market data sources, securities lending platforms and regulatory reporting facilities \u2013 creating one automated platform that requires minimal human intervention. Our customer base is diverse with respect to geography and type. Currently, our customers reside in over 200 countries and territories. We serve individuals, as well as institutional accounts such as hedge funds, financial advisors, proprietary trading firms and introducing brokers. Specialized products and services that we have developed successfully attract institutional accounts. For example, we offer prime brokerage services, including financing and securities lending, to hedge funds; our model portfolio technology and automated share allocation and rebalancing tools are particularly attractive to financial advisors; and our trading platform, global access and low pricing attract introducing brokers. Business Environment During 2025, global equity markets extended their multi-year advances, with several major indices reaching record levels and many recording double-digit gains. The S&P 500 Index returned 16.4% for the year, though it was outperformed by a number of international markets, including Canada, the United Kingdom, Europe, Hong Kong, Japan, and China. Within the U.S., market performance became somewhat more diversified compared to the prior year. The group of large-cap technology stocks commonly referred to as the \u201cMagnificent Seven\u201d accounted for approximately 35% of the S&P 500\u2019s to ITEM 1. BUSINESS Overview Interactive Brokers Group, Inc. (\u201cIBG, Inc.\u201d or the \u201cCompany\u201d) is an automated global broker. We custody and service accounts for hedge and mutual funds, exchange-traded funds (\u201cETFs\u201d), registered investment advisors, proprietary trading groups, introducing brokers and individual investors. We specialize in routing orders and executing and processing trades in stocks, options, futures, foreign exchange instruments (\u201cforex\u201d), bonds, mutual funds, ETFs, precious metals, and forecast contracts on more than 170 electronic exchanges and market centers in 40 countries and 29 currencies around the world. In addition, our customers can use our trading platform to trade certain cryptocurrencies through third-party cryptocurrency service providers that execute, clear and custody the cryptocurrencies. In the United States of America (\u201cU.S.\u201d), we conduct our business primarily from our headquarters in Greenwich, Connecticut and from Chicago, Illinois. Abroad, we conduct our business through offices located in Canada, the United Kingdom, Ireland, Switzerland, Hungary, Dubai, India, China (Hong Kong and Shanghai), Japan, Singapore and Australia. As of December 31, 2025, we had 3,182 employees worldwide. IBG, Inc. is a holding company whose primary asset is the ownership of approximately 26.3% of the membership interests of IBG LLC, the current holding company for our businesses. IBG, Inc. is the sole managing member of IBG LLC. When we use the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and \u201cIBKR,\u201d we mean IBG, Inc. and its subsidiaries (including IBG LLC). Unless otherwise indicated, the terms \u201ccommon stock\u201d and \u201cIBKR shares\u201d refer to the Class A common stock of IBG, Inc. On April 15, 2025, the Company announced its intention to effect a four-for-one forward split of its common stock in the form of a stock dividend. This was executed by the filing of an amendment to the Company\u2019s Certificate of Incorporation, which was approved by the Company\u2019s Board of Directors and ITEM 1A. RISK FACTORS We face a variety of risks that are substantial and inherent in our businesses, including market, liquidity, credit, operational, legal and regulatory. In addition to the risks identified elsewhere in this Annual Report on Form 10-K, the followin", "title": "IBKR - Interactive Brokers Group, Inc.", "url": "/company/IBKR/" }, { "kind": "company", "summary": "SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services; CIK 0001571949; latest 10-K filed 2026-02-05.", "text": "ICE - Intercontinental Exchange, Inc. SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services; CIK 0001571949; latest 10-K filed 2026-02-05. ICE Intercontinental Exchange, Inc. 0001571949 6200 Security & Commodity Brokers, Dealers, Exchanges & Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons. See the factors set forth under the heading \u201cForward Looking Statements\u201d at the beginning of Part 1 of this Annual Report and in Item 1(A) under the heading \u201cRisk Factors.\u201d For discussion related to the results of operations and changes in financial condition for 2024 compared to 2023 refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission on February 6, 2025. Overview We are a leading global provider of technology and data to a broad range of customers including financial institutions, corporations and government entities. Our products, which span major asset classes including futures, equities, fixed income and U.S. residential mortgages, provide our customers with access to mission critical tools that are designed to increase asset class transparency and workflow efficiency. The majority of our identifiable assets are located in the U.S. and U.K. We report our results in the following three segments: \u2022Exchanges: We operate regulated marketplace technology for the listing, trading and clearing of a broad array of derivatives contracts and financial securities as well as data and connectivity services related to our exchanges and clearing houses. \u2022Fixed Income and Data Services: We provide fixed income pricing, reference data, indices, analytics and execution services as well as global CDS clearing and multi-asset class data delivery technology. 46 \u2022Mortgage Technology: We provide a technology platform that offers customers comprehensive, digital workflow tools that aim to address inefficiencies and mitigate risks that exist in the U.S. residential mortgage market life cycle from application through closing, servicing and the secondary market. Recent Developments Global Market Conditions Our results of operations are affected by global economic conditions, including macroeconomic conditions and geopolitical events and conflicts. Recent macroeconomic conditions, including changes in interest rates, inflation and significant market volatility, changes in tariffs and trade policies along with geopolitical concerns, have created ongoing uncertainty and volatility in the global economy and resulted in a dynamic operating environment. Our business has been impacted positively and negatively by these global economic conditions. For instance, due to market and interest rate volatility, including market volatility during 2025, we have seen increased trading across a number of our products, such as energy, interest rate and equity futures, credit default swaps and bonds. Conversely, increases in mortgage interest rates over the past several years have resulted in reduced consumer and investor demand for mortgages and adversely impacted the transaction-based revenues in our Mortgage Technology segment. If mortgage rates further increase, or if mortgage lending practices change, our Mortgage Technology segment revenues may be further impacted. In addition, higher interest rates have resulted, and may continue to result, in higher interest rates for our debt instruments as we refinance our existing indebtedness. From an operational perspective, our businesses, including our exchanges, clearing houses, listings venues, data services businesses and mortgage platforms, have not suffered a material negative impact as a result of the events in Ukraine, the Middle East and surrounding regions and Venezuela. We expect the macroeconomic environment to remain dynamic in the near-term, and we continue to monitor macroeconomic conditions, including interest rates, infl ITEM 1. BUSINESS Introduction Intercontinental Exchange, Inc. is a leading global provider of technology and data to a broad range of customers including financial institutions, corporations and government entities. Our products, which span major asset classes including futures, equities, fixed income and U.S. residential mortgages, provide our customers with access to mission critical tools that are designed to increase asset class transparency and workflow efficiency. Although we report our results in three reportable business segments, we operate as one business, leveraging the collective expertise, particularly in data services and technology, that exists across our platforms to inform and enhance our operations. Our segments are as follows: \u2022Exchanges: We operate regulated marketplace technology for the listing, trading and clearing of a broad array of derivatives contracts and financial securities as well as data and connectivity services related to our exchanges and clearing houses. \u2022Fixed Income and Data Services: We provide fixed income pricing, reference data, indices, analytics and execution services as well as global credit default swaps, or CDS, clearing and multi-asset class data delivery technology. \u2022Mortgage Technology: We provide a technology platform that offers customers comprehensive, digital workflow tools that aim to address inefficiencies and mitigate risks that exist in the U.S. residential mortgage market life cycle, from application through closing, servicing and the secondary market. Our History In 2000, ICE was founded with the idea of transforming energy markets by creating a network that removed barriers and provided greater transparency, efficiency and access. By staying close to our customers, we have expanded into new asset classes and services, while retaining a core mission of reducing friction in markets, bringing efficiency to our customers\u2019 workflows and, ultimately, connecting our customers to opportunity. Today, we are", "title": "ICE - Intercontinental Exchange, Inc.", "url": "/company/ICE/" }, { "kind": "company", "summary": "SIC 2860 Industrial Organic Chemicals; CIK 0000051253; latest 10-K filed 2026-02-27.", "text": "IFF - INTERNATIONAL FLAVORS & FRAGRANCES INC SIC 2860 Industrial Organic Chemicals; CIK 0000051253; latest 10-K filed 2026-02-27. IFF INTERNATIONAL FLAVORS & FRAGRANCES INC 0000051253 2860 Industrial Organic Chemicals ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. (UNLESS INDICATED OTHERWISE, DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS) OVERVIEW Company Background In 2025, we were organized into five reportable operating segments: Taste, Food Ingredients, Health & Biosciences, Scent and, until its divestiture in May 2025, Pharma Solutions. Our Taste segment consists of the development and production of a range of flavor compounds and natural taste solutions that are ultimately used by our customers in a diverse variety of products, including savory products (soups, sauces, meat, fish, poultry, snacks, etc.), beverages (juice drinks, carbonated or flavored beverages, spirits, etc.), sweets (bakery products, candy, cereal, chewing gum, etc.), and dairy products (yogurt, ice cream, cheese, etc.). Taste also includes value-added spices and seasoning ingredients for meat, food service, convenience, alternative protein and culinary products. Our Food Ingredients segment consists of a diversified portfolio across natural, artificial and plant-based specialty food ingredients that provide functional properties solutions for food and beverage products, as well as specialty soy and pea protein with value-added formulations, emulsifiers and sweeteners. Natural food protection ingredients consist of natural antioxidants and anti-microbials used for natural food preservation and shelf-life extension for beverages, cosmetic and healthcare products, pet food and feed additives. Food Ingredients also includes savory solutions (such as spices, marinades, and mixtures) and inclusion products (such as products combining flavorings with fruit, vegetables and other natural ingredients). 24 Table of Contents Our Health & Biosciences segment consists of the development and production of an advanced biotechnology-derived portfolio of enzymes, food cultures, probiotics and specialty ingredients for food and non-food applications. Among many other applications, our portfolio includes cultures for use in fermented foods such as yogurt, cheese and fermented beverages, probiotic strains, household detergents, animal feed, ethanol production and brewing. Health & Biosciences is comprised of Health, Food Biosciences, Home & Personal Care, Animal Nutrition and Grain Processing. Our Scent segment creates fragrance compounds and fragrance ingredients that are integral elements in the world\u2019s finest perfumes and best-known household and personal care products. Consumer insights, science and creativity are at the heart of our Scent business, along with our unique portfolio of natural and synthetic ingredients, global footprint, innovative technologies and know-how, and customer intimacy. The Scent segment is comprised of Fragrance Compounds and Fragrance Ingredients. Our former Pharma Solutions segment produced, among other things, a vast portfolio of cellulosics and seaweed-based pharmaceutical excipients, used in prescription and over-the-counter pharmaceuticals and dietary supplements. We completed the divestiture of our Pharma Solutions disposal group, which included certain adjacent businesses, on May 1, 2025 and we divested our nitrocellulose business, which was within our Pharma Solutions segment, on May 9, 2025. 2025 Segment Reorganization Effective January 1, 2025, our former Nourish segment was restructured into two newly designated operating segments: Taste and Food Ingredients. With additional minor adjustments, our Flavors business, was renamed Taste, and our Ingredients business, was renamed Food Ingredients. Consequently, starting in the first quarter of 2025, our business segments were as follows: Taste, Food Ingredients, Health & Biosciences, Scent, and Pharma Solutions. We divested the Pharma Solutions segment in May 2025. Financial Measures \u2014 Comparable Currency Neutral Our financial results include the impact of foreign currency exchange rates and business divestitures. We provide currency ITEM 1. BUSINESS. We are a leading creator and manufacturer of products for application in food, beverage, health & biosciences, and scent, as well as complementary adjacent products, including natural health ingredients, all of which are used in a wide variety of consumer and end-use products. Our products are sold principally to manufacturers of dairy, meat, beverages, snacks, savory, sweet, baked goods, grain processors and other foods, personal care products, soaps and detergents, cleaning products, perfumes, dietary supplements, food protection, infant, elderly and animal nutrition, functional food, bio-fuel, and oral care products. As a result, we hold global leadership positions in the Food & Beverage, Home & Personal Care and Health & Wellness markets, and across key Tastes, Textures, Scents, Nutrition, Enzymes, Cultures, Soy Proteins and Probiotics categories, among others. Sales in 2025 were $10.890 billion. Our business is geographically diverse, with sales in the U.S. representing approximately 28% of sales in 2025. No other country represented more than 10% of sales. In 2025, no customer accounted for 10% or more of sales. Our Product Offerings During the year ended December 31, 2025, our business consisted of five segments: Taste, Food Ingredients, Health & Biosciences, Scent and, until the completion of the divestitures of both the Pharma Solutions and Nitrocellulose disposal groups in May 2025, Pharma Solutions. Effective January 1, 2025, our former Nourish segment was restructured into two newly designated operating segments: Taste and Food Ingredients. Taste Our Taste segment consists of the development and production of a range of flavor compounds and natural taste solutions that are ultimately used by our customers in a diverse variety of products, including savory products (soups, sauces, meat, fish, poultry, snacks, etc.), beverages (juice drinks, carbonated or flavored beverages, spirits, etc.), sweets (bakery products, candy, cereal, ITEM 1A. RISK FACTORS. Risk Factor Summary The following summary highlights some of the principal risks that could adversely affect our business, financial condition or results of operations. This summary is not complete and the risks summarized below are not the only risks we face. These risks are discusse", "title": "IFF - INTERNATIONAL FLAVORS & FRAGRANCES INC", "url": "/company/IFF/" }, { "kind": "company", "summary": "SIC 2621 Paper Mills; CIK 0000051434; latest 10-K filed 2026-02-27.", "text": "IP - INTERNATIONAL PAPER CO /NEW/ SIC 2621 Paper Mills; CIK 0000051434; latest 10-K filed 2026-02-27. IP INTERNATIONAL PAPER CO /NEW/ 0000051434 2621 Paper Mills Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. CURRENT BUSINESS OVERVIEW In the United States, as of the date of this filing, the Company operated 15 packaging mills, 159 converting and packaging plants and 15 recycling plants. Additionally, production facilities in Europe, North Africa and Latin America included 14 containerboard mills, 159 converting and packaging plants and 20 recycling plants. Substantially all our businesses have experienced, and are likely to continue to experience, cycles relating to industry capacity and general economic conditions. VALUES We are guided by our Company values: \u2022Safety \u2013 Above all else, we care about people. We look out for each other to ensure everyone is physically and emotionally safe. \u2022Ethics \u2013 We act honestly and operate with integrity and respect. We promote a culture of transparency and accountability. \u2022Excellence \u2013 We set high expectations and deliver outstanding results for each other, our customers and our shareholders. SEGMENTS We operate under two divisions, which form the basis for the two segments we report, Packaging Solutions North America and Packaging Solutions EMEA. A description of these business segments can be found in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. AVAILABLE INFORMATION Throughout this Annual Report on Form 10-K, we \u201cincorporate by reference\u201d certain information in parts of other documents filed with the U.S. Securities and Exchange Commission (\"SEC\"). The SEC permits us to disclose important information by referring you to those documents. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy statements, along with all other reports and any amendments thereto filed with or furnished to the SEC, are publicly available free of charge on the Investors section of our website at www.internationalpaper.com as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. We encourage you to refer to such information. You can learn more about us by visiting our website at www.internationalpaper.com, which includes information about the Company, our SEC filings, financial and other information for investors. Information on our website could be deemed to be material information. We encourage investors, the media, and other interested parties to visit this website regularly for updates. The information contained on or connected to our website is not incorporated by reference into this Annual Report on Form 10-K and should not be considered part of this or any other report that we file with or furnish to the SEC. Our internet address is included as an inactive textual reference only. 3 Table of Contents HUMAN CAPITAL EMPLOYEES As of December 31, 2025, we have approximately 62,602 employees, nearly 30,421 of whom are in the United States. Of our U.S. employees, 20,705 are hourly, with unions representing approximately 11,498 employees. Of this number, 8,622 are represented by the United Steelworkers union (\"USW\"). International Paper, the USW, and several other unions have entered into five master agreements covering various U.S. mills and converting facilities. Four of the master agreements are with the USW and include members from the International Association of Machinists and Aerospace Workers, International Brotherhood of Electrical Workers, United Food and Commercial Workers International Union and Workers Unite at certain U.S. mills and converting facilities. The Company also has a master agreement with District Counsel 2, which is affiliated with the Printing Packaging & Production Workers Union of North America that covers additional converting facilities. Individual facilities continue to have local agreements for subjects not covered by the master agreements. If local facility agreements are not successfully negotia ITEM 1. BUSINESS GENERAL DESCRIPTION OF BUSINESS International Paper Company (the \"Company,\" \"International Paper\" or \"IP\", which may also be referred to as \"we\" or \"us\") is a global leader in sustainable packaging solutions. We produce renewable fiber-based packaging products with manufacturing operations in North America, Latin America, Europe and North Africa. We are a New York corporation, incorporated in 1941 as the successor to the New York corporation of the same name organized in 1898. In recent years, the Company has undergone significant transformation designed to simplify our operations, strengthen performance and position the business for long-term value creation. STRATEGY At International Paper, we follow the IP 80/20 performance system. The 80/20 approach is a disciplined, data-driven operating model focused on simplification, segmentation, resourcing and growth. In recent years the Company has taken actions to drive meaningful operational improvement and increase strategic flexibility across our global portfolio, including: [[GREPCENT_TABLE]] [[\"Simplify\",\"Segment\",\"Resource\",\"Grow\"],[\"Focusing on our core business: sustainable packaging solutions\",\"Concentrating on the right geographies within each region\",\"Tailoring investment and capital allocation strategies to meet distinct needs\",\"Winning with customers and providing superior customer experiences\"],[\"Exiting non-core businesses\",\"Planning to separate into two independent, publicly traded companies in North America and EMEA (announced Jan 2026)\",\"Investing in greenfield packaging facilities; plans for two new plants announced in 2025\",\"Enhancing investor base in both North America and EMEA\"],[\"Optimizing internal processes and organizational structures to reduce complexity\",\"Prioritizing the right customer segments and product offerings\",\"Investing in our talent and putting the right people in the right roles to create value\",\"Focusing on achieving an advantaged cost position\"]] [[/ ITEM 1A. RISK FACTORS The following is a summary of the material risks and uncertainties that could affect our business, financial condition and results of operations. You should read this summary together with the more detailed description of each risk factor contained below. Risks Related to Industry Conditions \u2022Fluctuations in the prices of and the demand for our products due to factors such a", "title": "IP - INTERNATIONAL PAPER CO /NEW/", "url": "/company/IP/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0000896878; latest 10-K filed 2025-09-03.", "text": "INTU - INTUIT INC. SIC 7372 Services-Prepackaged Software; CIK 0000896878; latest 10-K filed 2025-09-03. INTU INTUIT INC. 0000896878 7372 Services-Prepackaged Software ITEM 7 - MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to provide readers of our consolidated financial statements with the perspectives of management. This should allow the readers of this report to obtain a comprehensive understanding of our businesses, strategies, current trends, and future prospects. Our MD&A includes the following sections: \u2022 Executive Overview: High-level discussion of our operating results and some of the trends that affect our business. \u2022 Critical Accounting Estimates: Policies and estimates that we believe are important to understanding the assumptions and judgments underlying our financial statements. \u2022 Results of Operations: A more detailed discussion of our revenue and expenses. \u2022 Liquidity and Capital Resources: Discussion of key aspects of our consolidated statements of cash flows, changes in our consolidated balance sheets, and our financial commitments. You should note that this MD&A contains forward-looking statements that involve risks and uncertainties. Please see the section entitled \u201cForward-Looking Statements\u201d immediately preceding Part I of this Annual Report for important information to consider when evaluating such statements. You should read this MD&A in conjunction with the consolidated financial statements and related notes in Item 8 of this Annual Report. In the Results of Operations sections of this MD&A, where we describe two or more factors that contributed to changes in revenue and operating income, we have, where possible, quantified the impact of those factors. Where a change is the result of multiple factors that are interrelated and cannot be separately quantified, we have identified the interrelated factors without quantifying them. In July 2024, our management approved, committed to, and initiated a plan of reorganization (the Plan) focused on reallocating resources to our key growth areas. The Plan included the exit of employees and the closing of real estate sites in certain markets to support growing technology teams and capabilities in strategic locations. The actions associated with the Plan were substantially complete in the first quarter of fiscal 2025. Total restructuring costs associated with the Plan were $238 million. During the twelve months ended July 31, 2025 and 2024, we recorded charges in connection with the Plan of $15 million and $223 million, respectively. These charges are primarily related to severance and employee benefits and are recorded to restructuring in our consolidated statements of operations. See Note 15 to the consolidated financial statements in Item 8 of this Annual Report for more information. On August 1, 2024, we renamed our Small Business & Self-Employed segment as the Global Business Solutions segment. This new name better aligns with the global reach of the Mailchimp and QuickBooks platform, our focus on serving both small and mid-market businesses, and our vision to become the all-in-one platform that customers use to grow and run their business. On August 1, 2024, we reorganized certain technology and customer success functions in our Global Business Solutions, Consumer, and ProTax segments that support and benefit our overall platform and are managed at the corporate level rather than at the segment level. As a result of these reorganizations, costs associated with these functions are no longer included in segment operating income and are now included in other corporate expenses. For the twelve months ended July 31, 2024 and 2023, we reclassified $1.4 billion and $1.3 billion from Global Business Solutions, $573 million and $475 million from Consumer, and $33 million and $34 million from ProTax to other corporate expenses, respectively, to conform to the current presentation. See Note 14 to the consolidated financial statements in Item 8 of this Annual Report for more informatio ITEM 1 - BUSINESS BACKGROUND Overview and Mission Intuit is a global financial technology platform with a mission to power prosperity around the world. Serving approximately 100 million consumers, small and mid-market businesses, and accountants worldwide, Intuit\u2019s platform brings the power of artificial intelligence (AI) and human intelligence together to fuel customers\u2019 success. With TurboTax, Credit Karma, QuickBooks, Mailchimp, and Intuit Enterprise Suite, we help put more money in customers\u2019 pockets, save them time by eliminating work, and help ensure that they have complete confidence in every financial decision they make. Our strategy is to be an AI-driven expert platform by connecting customers to a virtual team of AI agents and AI-enabled human tax and financial experts. We're creating done-for-you experiences by automating everyday tasks, managing complex workflows and processes, and solving challenges before they arise with predictive insights. We connect customers to AI-enabled human experts for that last mile of decisions or to complete the work for them. We harness the power of data, data services, AI, and human intelligence that help customers reach their financial goals. Intuit's all-in-one business platform helps customers run and grow their businesses end-to-end, from lead to cash. This includes financial management - including payments and capital - compliance, human capital management, and marketing products and services. Intuit's consumer platform helps customers do their taxes with ease and confidence and improve their financial success, from credit building to wealth building, with tax and personal financial management products. For accounting professionals, we provide professional tax and financial management products and services. Intuit Inc. was incorporated in California in March 1984. We reincorporated in Delaware and completed our initial public offering in March 1993. Our principal executive offices are located at 2700 Coast Avenue ITEM 1A - RISK FACTORS Our businesses routinely encounter and address risks, many of which could cause our future results to be materially different than we presently anticipate. Below, we describe material factors, events and uncertainties that make an investment in our securities speculative or risky, categorized solely for ease of referen", "title": "INTU - INTUIT INC.", "url": "/company/INTU/" }, { "kind": "company", "summary": "SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0001035267; latest 10-K filed 2026-02-03.", "text": "ISRG - INTUITIVE SURGICAL INC SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0001035267; latest 10-K filed 2026-02-03. ISRG INTUITIVE SURGICAL INC 0001035267 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following management's discussion and analysis should be read in conjunction with our Consolidated Financial Statements and Notes thereto. We refer to our fiscal years ended December 31, 2025, 2024, and 2023 as \u201c2025,\u201d \u201c2024,\u201d and \u201c2023,\u201d respectively. Unless the context requires otherwise, we are referring to Intuitive Surgical, Inc. and its consolidated subsidiaries when we use the terms \u201cIntuitive,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus.\u201d This section of the Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this report on Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview Open surgery remains a prevalent form of surgery and is used in almost every area of the body. However, the large incisions required for open surgery create trauma to patients, typically resulting in longer hospitalization and recovery times, increased hospitalization costs, and additional pain and suffering relative to minimally invasive surgery, where MIS is available. For over four decades, MIS has reduced trauma to patients by allowing selected surgeries to be performed through small ports rather than large incisions. MIS has been widely adopted for certain surgical procedures. Da Vinci surgical systems enable surgeons to extend the benefits of MIS to many patients who would otherwise undergo a more invasive surgery by using computational, robotic, and imaging technologies to overcome many of the limitations of traditional open surgery or conventional MIS. Surgeons using a da Vinci surgical system operate while seated at a console viewing a 3D, high-definition image of the surgical field. This immersive console connects surgeons to the surgical field and their instruments. While seated at the console, the surgeon manipulates instrument controls in a natural manner, similar to open surgical technique. Our technology is designed to provide surgeons with a range of articulation of the surgical instruments used in the surgical field analogous to the motions of a human wrist, while filtering out the tremor inherent in a surgeon\u2019s hand. In designing our products, we focus on making our technology easy and safe to use. Our da Vinci products fall into five broad categories: da Vinci surgical systems, da Vinci instruments and accessories, da Vinci stapling, da Vinci energy, and da Vinci vision. We provide a comprehensive suite of systems, learning, and services offerings. Digitally enabled for nearly three decades, these three offerings aim to decrease variability by providing dependable, consistent functionality and an integrated user experience. Our systems category includes robotic platforms, software, vision, energy, and instruments and accessories. Our learning category includes learning and enabling technology, such as simulation and telepresence, as well as technical training programs and personalized peer-to-peer learning opportunities. We have a global network of field service engineers and distributors through which we deliver a suite of services, including installation, repair, maintenance, around-the-clock technical support, and system monitoring. We also offer customized analytics and consultation to hospitals for program optimization. We have commercialized the following da Vinci surgical systems: the da Vinci standard surgical system in 1999, the da Vinci S surgical system in 2006, the da Vinci Si surgical system in 2009, the fourth-generation da Vinci Xi surgical system in 2014, and the fifth-generation da Vinci 5 surgical system in 2024. We extended our fourth-generation platform by adding the da ITEM 1. BUSINESS In this report, \u201cIntuitive Surgical,\u201d \u201cIntuitive,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to Intuitive Surgical, Inc. and its wholly and majority-owned subsidiaries. Product and brand names and logos, including Intuitive, da Vinci, and Ion, are trademarks or registered trademarks of Intuitive Surgical, Inc. or one of its subsidiaries or of their respective owners. Additional information about our trademarks can be found on our website at www.intuitive.com/trademarks. Although we reference our trademarks located on our website, this list of trademarks and any other materials on our corporate website are not incorporated by reference into this Form 10-K or any of our other filings under the Securities Act of 1933, as amended, or the Exchange Act. Company Background As part of Intuitive\u2019s mission, we believe that minimally invasive care is life-enhancing care. By combining ingenuity and intelligent technology, we expand the potential of physicians to heal without constraints. We envision a future of care that is less invasive and profoundly better, where diseases are identified early and treated quickly so patients can get back to what matters most. Since our founding over 30 years ago, we have been delivering on this mission and vision by combining innovative technology with clinical expertise to advance minimally invasive care. We do so by providing a comprehensive ecosystem that includes robotic-assisted systems, instruments and accessories, customer learning, and customer support services all connected by a digital portfolio that enables actionable insights across the care continuum. Among other capabilities, these products and services can augment the skills and improve the efficiency of clinicians and care teams while providing decision support and learning that can help deliver differentiated clinical and economic value for patients, providers, and payers when compared to the next best available treatment options. To assure continue ITEM 1A. RISK FACTORS You should consider each of the following risk factors, which could materially affect our business, financial condition, or future results of operations. Additional risks and uncertainties not currently known to us or that we currently deem to be immater", "title": "ISRG - INTUITIVE SURGICAL INC", "url": "/company/ISRG/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0000914208; latest 10-K filed 2026-02-24.", "text": "IVZ - Invesco Ltd. SIC 6282 Investment Advice; CIK 0000914208; latest 10-K filed 2026-02-24. IVZ Invesco Ltd. 0000914208 6282 Investment Advice Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The discussion and analysis disclosed herein apply to material changes in the Consolidated Financial Statements for 2025 and 2024. For the comparison of 2024 and 2023, see the Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of the company\u2019s 2024 Annual Report on Form 10-K, filed with the SEC on February 25, 2025. The following discussion and analysis of the results of operations and financial condition of Invesco should be read in conjunction with the \u201cForward-looking Statements\u201d disclosure set forth before Part I and the \u201cRisk Factors\u201d set forth in Item 1A of Part I of this Annual Report on Form 10\u2011K, each of which describe our risks, uncertainties and other important factors in more detail. Executive Overview The following executive overview summarizes the significant trends affecting our results of operations and financial condition for the periods presented. This overview and the remainder of this management's discussion and analysis and supplements should be read in conjunction with the Consolidated Financial Statements of Invesco Ltd. and the notes thereto contained elsewhere in this Annual Report on Form 10-K. The company\u2019s financial results are impacted by the fluctuations in exchange rates against the U.S. Dollar, as discussed in the \u201cResults of Operations\u201d section as applicable. The table below summarizes the year ended December 31 returns based on price appreciation/(depreciation) of several major market indices for 2025 and 2024: [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"Year ended December 31,\"],[\"Equity Indices - Domestic\",\"\",\"\",\"2025\",\"\",\"2024\"],[\"S&P 500\",\"\",\"\",\"16.4%\",\"\",\"23.3%\"],[\"S&P 500 Equal-Weight\",\"\",\"\",\"9.3%\",\"\",\"10.9%\"],[\"S&P 500 Growth\",\"\",\"\",\"21.4%\",\"\",\"35.2%\"],[\"S&P 500 Value\",\"\",\"\",\"11.0%\",\"\",\"9.8%\"],[\"NASDAQ 100\",\"\",\"\",\"20.2%\",\"\",\"24.9%\"],[\"Equity Indices - Global\"],[\"FTSE 100 (local currency)\",\"\",\"\",\"21.5%\",\"\",\"5.7%\"],[\"MSCI AC Asia Pacific\",\"\",\"\",\"25.3%\",\"\",\"7.2%\"],[\"MSCI China (local currency)\",\"\",\"\",\"28.3%\",\"\",\"15.7%\"],[\"MSCI Emerging Markets\",\"\",\"\",\"30.6%\",\"\",\"5.1%\"],[\"MSCI Europe (local currency)\",\"\",\"\",\"16.3%\",\"\",\"5.8%\"],[\"MSCI Japan (local currency)\",\"\",\"\",\"21.8%\",\"\",\"18.5%\"],[\"Fixed Income Indices\"],[\"Bloomberg US Aggregate Bond\",\"\",\"\",\"7.3%\",\"\",\"1.3%\"],[\"Bloomberg Global Aggregate Bond (local currency)\",\"\",\"\",\"4.4%\",\"\",\"(1.7)%\"],[\"Bloomberg China Aggregate Bond\",\"\",\"\",\"5.1%\",\"\",\"4.9%\"]] [[/GREPCENT_TABLE]] We continued to make progress on strengthening our capital management, simplifying and focusing our organization, investing in our key capabilities, and accelerating growth to position the company for greater scale, performance and improved profitability. We are delivering on our commitment to deleverage and maintain a strong balance sheet. We repaid in full the $500.0 million three-year Term Loan Agreement entered into in the second quarter of 2025 and ended the year with cash and cash equivalents of $1.0 billion. Additionally, on January 15, 2026, we redeemed the $500.0 million of senior notes that matured on January 15, 2026. We believe the progress we have made to build financial flexibility has Invesco well-positioned to navigate various market conditions and deliver long-term growth. We remain committed to returning capital to shareholders longer term through a combination of share repurchases and modestly increasing dividends. During the year, the company repurchased 5.4 million common shares for $100.4 million in the open market, and we expect to continue common share repurchases on a regular basis going forward. Additionally, we repurchased $1.5 billion of Invesco\u2019s outstanding Series A Preferred Stock during the year. We also amended and restated the $2.0 billion floating rate Revolving Credit Agreement, increasing the borrowing capacity to $2.5 billion and extending the expiration date to May 16, 2030. 30 Table of Contents In Item 1. Business Introduction Invesco Ltd. (the Parent), along with its consolidated entities (collectively, Invesco or the company), is an independent investment management firm dedicated to delivering a superior investment experience. Our comprehensive range of active, passive and alternative investment capabilities has been constructed over many years to help clients achieve their investment objectives. We draw on this comprehensive range of capabilities to provide solutions designed to deliver key outcomes aligned to client needs. With approximately 7,500 employees and an on-the-ground presence in more than 20 countries, Invesco is well positioned to meet the needs of investors across the globe. We have specialized investment teams managing investments across a broad range of asset classes, investment styles and geographies. For decades, individuals and institutions have viewed Invesco as a trusted partner for a comprehensive set of investment needs. We have a significant presence in the retail and institutional markets within the investment management industry in the Americas, Europe, Middle East and Africa (EMEA) and Asia-Pacific (APAC), serving clients in more than 120 countries. As of December 31, 2025, the firm managed approximately $2.2 trillion in assets for investors around the world. The key drivers of success for Invesco are strong long-term investment performance, positive market performance, high-quality client service, effective distribution relationships delivered across a diverse spectrum of investment management capabilities, distribution channels, geographic areas and market exposures, and competitive pricing. Through our focus on these areas, we seek to deliver better outcomes for clients, generate competitive investment results and positive net flows, and increase AUM and revenues. We measure relative investment performance by comparing our investment capabilities to competitors' products, industry benchmarks and client investment object Item 1A. Risk Factors Risks Related to Market Dynamics and Volatility Volatility and disruption in global or regional capital and credit markets, equity, debt, private and commodity markets, as well as adverse changes in the global economy, could negatively affect our AUM, revenues, net income and liquidity. In recent years, capital and credit markets have experienced s", "title": "IVZ - Invesco Ltd.", "url": "/company/IVZ/" }, { "kind": "company", "summary": "SIC 6510 Real Estate Operators (No Developers) & Lessors; CIK 0001687229; latest 10-K filed 2026-02-19.", "text": "INVH - Invitation Homes Inc. SIC 6510 Real Estate Operators (No Developers) & Lessors; CIK 0001687229; latest 10-K filed 2026-02-19. INVH Invitation Homes Inc. 0001687229 6510 Real Estate Operators (No Developers) & Lessors ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read together with Part I. Item 1. \u201cBusiness\u201d and the consolidated financial statements, including the notes thereto, that are included elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements based upon our current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under Part I. Item 1A. \u201cRisk Factors,\u201d \u201cForward-Looking Statements,\u201d or in other parts of this report. For similar operating and financial data and discussion of our results for the year ended December 31, 2024 compared to the year ended December 31, 2023, refer to Part II. Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K which was filed with the SEC on February 27, 2025 (the \u201c2024 10-K\u201d). The sections entitled \u201cResult of Operations \u2014 Year Ended December 31, 2024 Compared to Year Ended December 31, 2023\u201d and \u201cCash Flows \u2014 Year Ended December 31, 2024 Compared to Year Ended December 31, 2023\u201d in Part II. Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Result of Operations\u201d of our 2024 10-K are incorporated herein by reference. Capitalized terms used without definition have the meaning provided elsewhere in this Annual Report on Form 10-K. Overview Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high-quality homes in sought-after neighborhoods across the United States. As of December 31, 2025, we wholly own 86,192 homes for lease, jointly own 8,006 homes for lease, and provide professional third-party property and asset management services for an additional 15,866 homes, all of which are primarily located in 16 core markets across the country. These homes help meet the needs of a growing share of Americans who count on the ease, flexibility, and savings of leasing. We provide our residents 60 access to updated homes with features they value, as well as close proximity to jobs and good schools. The continued demand for our product proves that the choice and flexibility we offer are attractive to many people. We operate in markets with strong demand drivers, high barriers to entry, and high rent growth potential, primarily in the Western United States, Florida, and the Southeast United States. Through disciplined market and asset selection, as well as through strategic mergers and acquisitions, we designed our wholly and jointly owned portfolios to capture the operating benefits of local density as well as economies of scale that we believe cannot be readily replicated. Since our founding in 2012, we have built a proven, vertically integrated operating platform that enables us to effectively and efficiently acquire, renovate, lease, maintain, and manage both the homes we own and those we manage on behalf of others. The portfolio of homes we own average approximately 1,880 square feet with three to four bedrooms and two bathrooms, appealing to a resident base that we believe is less transitory than a typical multifamily resident. We invest in the upfront renovation of homes in our portfolio in order to address capital needs, reduce ongoing maintenance costs, and drive resident demand. On January 14, 2026, we acquired ResiBuilt, a leading fee homebuilder specializing in single-family rental communities with expertise in land development and construction general contracting across high-growth Southeast markets. The acquisition is a natural extension of our business and supports our growth strategy by adding home building capabilities to our platform. By bringing land development and construction expertise ITEM 1. BUSINESS Overview Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high-quality homes in sought-after neighborhoods across the United States. As of December 31, 2025, we wholly own 86,192 homes for lease, jointly own 8,006 homes for lease, and provide professional third-party property and asset management services for an additional 15,866 homes, all of which are primarily located in 16 core markets across the country. These homes help meet the needs of a growing share of Americans who count on the ease, flexibility, and savings of leasing. We provide our residents access to updated homes with features they value, as well as close proximity to jobs and good schools. The continued demand for our product proves that the choice and flexibility we offer are attractive to many people. We operate in markets with strong demand drivers, high barriers to entry, and high rent growth potential, primarily in the Western United States, Florida, and the Southeast United States. Through disciplined market and asset selection, as well as through strategic mergers and acquisitions, we designed our wholly and jointly owned portfolios to capture the operating benefits of local density as well as economies of scale that we believe cannot be readily replicated. Since our founding in 2012, we have built a proven, vertically integrated operating platform that enables us to effectively and efficiently acquire, renovate, lease, maintain, and manage both the homes we own and those we manage on behalf of others. The portfolio of homes we own average approximately 1,880 square feet with three to four bedrooms and two bathrooms, appealing to a resident base that we believe is less transitory than a typical multifamily resident. We invest in the upfront renovation of homes in our portfolio in order to address capital needs, reduce ongoing maintenance costs, and drive resident demand. At Invitation Homes, we are committed to creatin ITEM 1A. RISK FACTORS The risk factors noted in this section and other factors noted throughout this Annual Report on Form 10-K, describe certain risks and uncertainties that could cause our actual results to differ materially from those contained in any forward-looking statement and shoul", "title": "INVH - Invitation Homes Inc.", "url": "/company/INVH/" }, { "kind": "company", "summary": "SIC 8731 Services-Commercial Physical & Biological Research; CIK 0001478242; latest 10-K filed 2026-02-17.", "text": "IQV - IQVIA HOLDINGS INC. SIC 8731 Services-Commercial Physical & Biological Research; CIK 0001478242; latest 10-K filed 2026-02-17. IQV IQVIA HOLDINGS INC. 0001478242 8731 Services-Commercial Physical & Biological Research Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should read the \u201cRisk Factors\u201d section of this Annual Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. 49 Overview IQVIA is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries. IQVIA\u2019s portfolio of solutions are powered by IQVIA Connected Intelligence\u2122 to deliver actionable insights and services built on high-quality health data, Healthcare-grade AI\u00ae, advanced analytics, the latest technologies and extensive domain expertise. We are committed to using artificial intelligence (\"AI\") responsibly, with AI-powered capabilities built on best-in-class approaches to privacy, regulatory compliance and patient safety, and delivering AI to the high standards of trust, scalability and precision demanded by the industry. With approximately 93,000 employees in over 100 countries, including experts in healthcare, life sciences, data science, technology and operational excellence, IQVIA is dedicated to accelerating the development and commercialization of innovative medical treatments to help improve patient outcomes and population health worldwide. We are managed through three reportable segments: Technology & Analytics Solutions, Research & Development Solutions and Contract Sales & Medical Solutions. Technology & Analytics Solutions provides mission critical information, technology solutions and real world insights and services to our life science clients. Research & Development Solutions, which primarily serves biopharmaceutical clients, provides outsourced clinical research and clinical trial services. Contract Sales & Medical Solutions provides health care provider (including contract sales) and patient engagement services to both biopharmaceutical clients and the broader healthcare market. Effective January 1, 2026, we will be updating our segment reporting to align with industry evolution, our updated operating model, and how internal reporting will be provided to the chief operating decision maker. As a result, the Contract Sales & Medical Solutions segment, which has become more closely related operationally to the Technology & Analytics Solutions segment commercial offerings, will be incorporated into the Technology & Analytics Solutions segment, which is renamed Commercial Solutions. Additionally, Real-World Late Phase and certain other Real-World offerings that have become more closely related operationally to the clinical research business, will be moved from the Technology & Analytics Solutions segment to the Research & Development Solutions segment. We will reflect the recast of segment information on this basis beginning with our Form 10-Q for the three months ended March 31, 2026. For a description of our service offerings within our segments, refer to Part I, Item 1, \u201cBusiness.\u201d We delivered solid results in 2025, navigating a year of industry uncertainty resulting from a variety of macroeconomic factors that together slowed customer decision-making. Our Technology & Analytics Solutions business continued its growth trajectory, with revenue increasing 7.6% over 2024. While our Research & Development Solutions segment has been impacted by client cautiousness Item 1. Business Our Company IQVIA is a leading global provider of clinical research services, commercial insights and healthcare intelligence to the life sciences and healthcare industries. IQVIA\u2019s portfolio of solutions are powered by IQVIA Connected Intelligence\u2122 to deliver actionable insights and services built on high-quality health data, Healthcare-grade AI\u00ae, advanced analytics, the latest technologies and extensive domain expertise. We are committed to using artificial intelligence (\"AI\") responsibly, with AI-powered capabilities built on best-in-class approaches to privacy, regulatory compliance and patient safety, and delivering AI to the high standards of trust, scalability and precision demanded by the industry. With approximately 93,000 employees in over 100 countries, including experts in healthcare, life sciences, data science, technology and operational excellence, we are dedicated to accelerating the development and commercialization of innovative medical treatments to help improve patient outcomes and population health worldwide. We are a global leader in protecting individual patient privacy. We use a wide variety of privacy-enhancing technologies and safeguards to protect individual privacy while generating and analyzing information on a scale that helps healthcare stakeholders identify disease patterns and correlate with the precise treatment path and therapy needed for better outcomes. Our insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviors and scientific advances, in an effort to advance their path toward cures. We have one of the largest and most comprehensive collections of healthcare information in the world spanning sales, prescription, promotional and social media data, as well as medical claims, electronic medical records, and genomics data, including Item 1A. Risk Factors RISK FACTORS We operate in a rapidly changing environment that involves a number of risks, some of which are beyond our control. You should consider carefully the risks and uncertainties described below together with the other information included in this Annual R", "title": "IQV - IQVIA HOLDINGS INC.", "url": "/company/IQV/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001020569; latest 10-K filed 2026-02-12.", "text": "IRM - IRON MOUNTAIN INC SIC 6798 Real Estate Investment Trusts; CIK 0001020569; latest 10-K filed 2026-02-12. IRM IRON MOUNTAIN INC 0001020569 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion should be read in conjunction with the Consolidated Financial Statements and Notes thereto and the other financial and operating information included elsewhere in this Annual Report. This discussion contains \"forward-looking statements\" as that term is defined in the Private Securities Litigation Reform Act of 1995 and in other securities laws. See \"Cautionary Note Regarding Forward-Looking Statements\" on page iii of this Annual Report and \"Item 1A. Risk Factors\" beginning on page 8 of this Annual Report. [[GREPCENT_TABLE]] [[\"\",\"IRON MOUNTAIN 2025 FORM 10-K\",\"27\"]] [[/GREPCENT_TABLE]] Table of Contents Part II OVERVIEW PROJECT MATTERHORN In 2025, we completed our investments in Project Matterhorn, a global program designed to accelerate the growth of our business, which we announced in September 2022. Project Matterhorn investments focused on transforming our operating model to a global operating model. Project Matterhorn enabled the development of a solution-based sales approach that allowed us to optimize our shared services and best practices to better serve our customers' needs. As part of this, we invested to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate. We incurred approximately $574.4 million in Restructuring and other transformation costs related to Project Matterhorn since its inception. During the years ended December 31, 2025 and 2024, we incurred approximately $195.9 million and $161.4 million, respectively, in Restructuring and other transformation costs related to Project Matterhorn. Costs were comprised of (1) restructuring costs, which included (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these activities, and (2) other transformation costs, which included professional fees such as project management costs and costs for third party consultants who assisted in the enablement of our growth initiatives. GENERAL RESULTS OF OPERATIONS - KEY TRENDS \u2022Our organic storage rental revenue growth is primarily driven by revenue management in our Global RIM Business segment, where we expect volume to be relatively stable in the near term, as well as by growth in our Global Data Center Business segment, primarily driven by lease commencements. \u2022Our organic service revenue growth is primarily driven by new and existing digital offerings, traditional records management services and services in our asset lifecycle management (\"ALM\") business, all of which we expect to grow in the near term and benefit our organic service revenue growth in 2026. \u2022We expect continued total revenue and Adjusted earnings before interest, taxes, depreciation and amortization (\"EBITDA\") growth in 2026 as a result of our focus on new product and service offerings, cross-selling opportunities, innovation, customer solutions and market expansion in line with our growth strategies. Our revenues consist of storage rental revenues and service revenues and are reflected net of sales and value-added taxes. Storage rental revenues, which are considered a key driver of financial performance for the storage and information management services industry, consist primarily of recurring periodic rental charges related to the storage of materials or data (generally on a per unit basis) that are typically retained by customers for many years and of revenues associated with our data center operations. Service revenues include charges for related service activities, the most significant of which include: (1) the handling of records, including the addition of new records, temporary removal of records from storage, refiling of removed records, customer termination and permanent withdrawal fees, project revenues and courier operations, consisting primarily of the pickup and delivery of re ITEM 1. BUSINESS. BUSINESS OVERVIEW Iron Mountain Incorporated, a Delaware corporation (\"IMI\"), was founded in an underground facility near Hudson, New York in 1951 where it stored business records. Today, we are a global leader in information management services, and we are trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds. Our broad range of solutions address their information management, digital transformation, information security, data center and asset lifecycle management (\u201cALM\u201d) needs. Our longstanding commitment to safety, security, sustainability and innovation in support of our customers underpins everything we do. We currently serve customers across an array of market verticals \u2014 commercial, legal, financial, healthcare, technology, insurance, life sciences, energy, business services, entertainment and government organizations. We are listed on the New York Stock Exchange (the \"NYSE\") and are a constituent of the Standard & Poor\u2019s 500 Index, the Morgan Stanley Capital International (\"MSCI\") REIT index and the FTSE EPRA Nareit Global Real Estate Index. As of December 31, 2025, we were number 567 on the Fortune 1000. We have been organized and have operated as a REIT beginning with our taxable year ended December 31, 2014. BUSINESS STRATEGY OVERVIEW Our strategy is to be the leading partner to our more than 240,000 customers by providing a broad range of end-to-end solutions leveraging our strong reputation for security and chain of custody, decades-long relationships built on trust, and global footprint and operational scale. With leadership positions in physical records management, digital solutions, data center, and asset lifecycle management, Iron Mountain serves as a key global partner for enterprises. Our key strategic priorities are outlined below. [[GREPCENT_TABLE]] [[\" ITEM 1A. RISK FACTORS. We face many risks. If any of the events or circumstances described below actually occur, we and our businesses, financial condition or results of operations could suffer, and the trading price of our debt or equity securities could decline. Our current and potential investors should consider the following risks and t", "title": "IRM - IRON MOUNTAIN INC", "url": "/company/IRM/" }, { "kind": "company", "summary": "SIC 4213 Trucking (No Local); CIK 0000728535; latest 10-K filed 2026-02-24.", "text": "JBHT - HUNT J B TRANSPORT SERVICES INC SIC 4213 Trucking (No Local); CIK 0000728535; latest 10-K filed 2026-02-24. JBHT HUNT J B TRANSPORT SERVICES INC 0000728535 4213 Trucking (No Local) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our results of operations and financial condition should be read in conjunction with our financial statements and related notes in Item 8. This discussion contains forward-looking statements. Please see \u201cForward-looking Statements\u201d and \u201cRisk Factors\u201d for a discussion of items, uncertainties, assumptions and risks associated with these statements. CRITICAL ACCOUNTING POLICIES AND ESTIMATES The preparation of our financial statements in accordance with U.S. generally accepted accounting principles requires us to make estimates and assumptions that impact the amounts reported in our Consolidated Financial Statements and accompanying notes. Therefore, the reported amounts of assets, liabilities, revenues, expenses and associated disclosures of contingent liabilities are affected by these estimates. We evaluate these estimates on an ongoing basis, utilizing historical experience, consultation with third parties and other methods considered reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from our estimates. Any effects on our business, financial position or results of operations resulting from revisions to these estimates are recognized in the accounting period in which the facts that give rise to the revision become known. We consider our critical accounting policies and estimates to be those that require us to make more significant judgments and estimates when we prepare our financial statements and include the following: Workers\u2019 Compensation and Accident Costs We purchase insurance coverage for a portion of expenses related to employee injuries, vehicular collisions, accidents, and cargo damage. Certain insurance arrangements include a level of self-insurance (deductible) coverage applicable to each claim. We have umbrella policies to limit our exposure to catastrophic claim costs which may include certain coverage-layer-specific, aggregated reimbursement limits of covered excess claims. We are substantially self-insured for loss of and damage to our owned and leased revenue equipment. The amounts of self-insurance may change from time to time based on measurement dates, policy expiration dates, and claim type. For 2024 and 2025, we were self-insured for $500,000 per occurrence as well as subject to coverage-layer-specific, aggregated reimbursement limits of covered excess claims for personal injury and property damage. We were fully insured for workers\u2019 compensation claims for nearly all states. We have policies in place for 2026 with substantially the same terms as our 2025 policies for personal injury, property damage, workers\u2019 compensation, and cargo loss or damage. Our claims accrual policy for all self-insured claims is to recognize a liability at the time of the incident based on our analysis of the nature and severity of the claims and analyses provided by third-party claims administrators, as well as legal, economic, and regulatory factors. Our safety and claims personnel work directly with representatives from the insurance companies to continually update the estimated cost of each claim. The ultimate cost of a claim develops over time as additional information regarding the nature, timing, and extent of damages claimed becomes available. Accordingly, we use an actuarial method to develop current claim information to derive an estimate of our ultimate personal injury and property damage claim liability. This process involves the use of expected loss rates, loss-development factors based on our historical claims experience, claim frequencies and severity, and contractual premium adjustment factors, if applicable. In doing so, the recorded liability considers future claims growth and provides a reserve for incurred-but-not-reported claims. We do not discount our estimated losses. At December 31, 2025, we had current accruals of approximately $ ITEM 1. BUSINESS OVERVIEW We are one of the largest surface transportation, delivery, and logistics companies in North America. J.B. Hunt Transport Services, Inc. is a publicly held holding company that, through our wholly owned subsidiaries, provides a wide range of reliable transportation, brokerage, and delivery services to a diverse group of customers and consumers throughout the continental United States, Canada, and Mexico. Unless otherwise indicated by the context, \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany\u201d, and \u201cJBHT\u201d refer to J.B. Hunt Transport Services, Inc. and its consolidated subsidiaries. We were incorporated in Arkansas on August 10, 1961, and have been a publicly held company since our initial public offering in 1983. Our service offerings include transportation of full-truckload containerized freight, which we directly transport utilizing our company-controlled revenue equipment and company drivers, independent contractors or third-party carriers. We have arrangements with most of the major North American rail carriers to transport freight in containers or trailers, while we perform the majority of the pickup and delivery services. We also provide customized freight movement, revenue equipment, labor, systems, and delivery services that are tailored to meet individual customers\u2019 requirements and typically involve long-term contracts. These arrangements are generally referred to as dedicated services and may include multiple pickups and drops, freight handling, specialized equipment, and freight network design. In addition, we provide or arrange for local and home delivery services, generally referred to as last-mile delivery services, to customers through a network of cross-dock and other delivery system locations throughout the continental United States. Utilizing thousands of reliable third-party carriers, we also provide comprehensive freight transportation brokerage and logistics services. In addition to dry-van, full-load operations, we also arrange ITEM 1A. RISK FACTORS In addition to the factors outlined previously in this Form 10-K regarding forward-looking statements and other comments regarding risks and uncertainties, the following risk factors should be carefully considered when evaluating our business. Our business, financial condition or financial results co", "title": "JBHT - HUNT J B TRANSPORT SERVICES INC", "url": "/company/JBHT/" }, { "kind": "company", "summary": "SIC 3672 Printed Circuit Boards; CIK 0000898293; latest 10-K filed 2025-10-17.", "text": "JBL - JABIL INC SIC 3672 Printed Circuit Boards; CIK 0000898293; latest 10-K filed 2025-10-17. JBL JABIL INC 0000898293 3672 Printed Circuit Boards Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview We are one of the leading providers of worldwide manufacturing services and solutions. We provide comprehensive electronics design, production, and product management services to companies in various industries and end markets. We derive substantially all of our revenue from production and product management services (collectively referred to as \u201cmanufacturing services\u201d), which encompass the act of producing tangible components that are built to customer specifications and are then provided to the customer. At August 31, 2025, we have three reporting segments: Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce. Our Regulated Industries segment is focused on regulated markets and includes revenues from customers primarily in the automotive and transportation, healthcare and packaging, and renewable energy infrastructure industries. Our Intelligent Infrastructure segment is focused on the modern digital ecosystem including artificial intelligence (\u201cAI\u201d) infrastructure and includes revenues from customers primarily in the capital equipment, cloud and data center infrastructure, and networking and communications industries. Our Connected Living and Digital Commerce segment is focused on digitalization and automation, including warehouse automation and robotics, and includes revenues from customers primarily in the connected living and digital commerce industries. Our cost of revenue includes the cost of electronic components and other materials that comprise the products we manufacture; the cost of labor and manufacturing overhead; and adjustments for excess and obsolete inventory. As a provider of turnkey manufacturing services, we are responsible for procuring components and other materials. This requires us to commit significant working capital to our operations and to manage the purchasing, receiving, inspecting, and stocking of materials. At times, we collect deposits from our customers related to the purchase of inventory in order to effectively manage our working capital. Although we bear the risk of fluctuations in the cost of materials and excess scrap, our ability to purchase components and materials efficiently may contribute significantly to our operating results. While we periodically negotiate cost of materials adjustments with our customers, rising component and material prices may negatively affect our margins. Net revenue from each product that we manufacture consists of an element based on the costs of materials in that product and an element based on the labor and manufacturing overhead costs allocated to that product. Our gross margin for any product depends on the mix between the cost of materials in the product and the cost of labor and manufacturing overhead allocated to the product. Our operating results are impacted by the level of capacity utilization of manufacturing facilities; indirect labor costs; and selling, general, and administrative expenses. Operating income margins have generally improved during periods of high production volume and high capacity utilization. During periods of low production volume, we generally have reduced operating income margins. We monitor the current economic environment and its potential impact on both the customers we serve as well as our end-markets and closely manage our costs and capital resources so that we can respond appropriately as circumstances change. Beginning in February 2025, the U.S. implemented tariffs on a variety of countries and commodities, including, among others, tariffs on aluminum and steel derivative products, imports of certain Canadian and Mexican goods, imports of Chinese goods, universal tariffs on imports from most countries, and reciprocal tariffs on select countries. In response, certain countries have imposed, or are considering, retaliatory tariffs on U.S. exports. The global tariff landsc Item 1. Business The Company Jabil is one of the leading providers of engineering, manufacturing, and supply chain solutions. We deliver comprehensive design, production, and product management services to companies across a diverse range of industries and end markets. Our capabilities span the entire product lifecycle\u2014from innovation, design, and planning to fabrication, assembly, and delivery\u2014enabling seamless management of resources and materials across global supply chains. Through these integrated services, we help our customers reduce manufacturing costs, enhance supply chain efficiency, minimize inventory risk, lower transportation expenses, and accelerate product fulfillment. We serve our customers primarily through dedicated business units that combine highly automated, continuous flow manufacturing with advanced electronic design and design for manufacturability. Each business unit team serves as a single point of contact between a customer and Jabil. Business unit teams are supported by cross-functional teams, which leverage the power of our global expertise and capabilities to carry out work at the site level. We conduct our operations in facilities that are located worldwide, including but not limited to China, Malaysia, Mexico, and the United States. Our global manufacturing production sites allow customers to manufacture products simultaneously in the optimal locations for their products. Our global presence is key to assessing and executing on our business opportunities. For the fiscal year ended August 31, 2025, we had net revenues of $29.8 billion and net income attributable to Jabil Inc. of $657 million. As of September 1, 2024, we are reporting our business in the following three segments: Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce, which are also the Company\u2019s reportable segments. Our Regulated Industries segment is focused on regulated markets and includes revenues from customers primarily i Item 1A. Risk Factors Business and Operational Risks Our ability to schedule production, manage capital expenditures, and maximize the efficiency of our manufacturing capacity is highly dependent on the actions of our customers, who generally do not commit to long-term production schedules and cancel orders, change production quantities, delay production, and/", "title": "JBL - JABIL INC", "url": "/company/JBL/" }, { "kind": "company", "summary": "SIC 7373 Services-Computer Integrated Systems Design; CIK 0000779152; latest 10-K filed 2025-08-25.", "text": "JKHY - JACK HENRY & ASSOCIATES INC SIC 7373 Services-Computer Integrated Systems Design; CIK 0000779152; latest 10-K filed 2025-08-25. JKHY JACK HENRY & ASSOCIATES INC 0000779152 7373 Services-Computer Integrated Systems Design ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following section provides management's view of the Company's financial condition and results of operations and should be read in conjunction with the audited consolidated financial statements, and related notes included elsewhere in this report. All dollar and share amounts, except per share amounts, are in thousands and discussions compare fiscal 2025 to fiscal 2024. Discussions of fiscal 2023 items and comparisons between fiscal 2023 and fiscal 2024 that are not included in this Form 10-K can be found in Part II, Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024. OVERVIEW Jack Henry & Associates, Inc. is a well-rounded financial technology company headquartered in Monett, Missouri, that employs approximately 7,240 full-time and part-time associates nationwide, and is a leading provider of technology solutions and payment processing services primarily to community and regional banks and credit unions. Our solutions serve approximately 7,400 clients and consist of integrated data processing systems solutions to banks ranging from de novo to multi-billion-dollar institutions with assets up to $55 billion, core data processing solutions for credit unions of all sizes, and non-core highly specialized core-agnostic products and services that enable banks and credit unions of every asset size and charter, and diverse corporate entities outside the financial services industry, to mitigate and control risks, optimize revenue and growth opportunities, and contain costs. Our integrated solutions are available for on-premise installation and delivery in our private and public cloud. Each of our solutions shares the fundamental commitment to provide high-quality business systems, service levels that consistently exceed client expectations, and integration of solutions and practical new technologies. The quality of our solutions, our high service standards, and the fundamental way we do business typically foster long-term client relationships, attract prospective clients, and have enabled us to capture substantial market share. Through internal product development, disciplined acquisitions, and alliances with companies offering niche solutions that complement our proprietary solutions, we regularly introduce new products and services and generate new cross-sales opportunities. We provide compatible computer hardware for our on-premise installations and secure processing environments for our outsourced solutions in our private and public cloud. We perform data conversions, software implementations, initial and ongoing client training, and ongoing client support services. We believe our primary competitive advantage is client service. Our support infrastructure and strict standards provide service levels that generate high levels of client satisfaction and retention. We consistently measure client satisfaction using a variety of surveys, such as an annual survey on the client's anniversary date and randomly-generated surveys initiated each day by routine support requests. Dedicated surveys are also used to grade specific aspects of our client experience, including product implementation, education, and consulting services. Our two primary revenue streams are \"services and support\" and \"processing.\" Services and support includes: \"private and public cloud\" revenues that predominantly have contract terms of six years at inception; \"product delivery and services\" revenues, which include revenues from the sales of licenses, implementation services, deconversions, consulting, and hardware; and \"on-premise support\" revenues, composed of maintenance fees that primarily contain annual contract terms. Processing includes: \"remittance\" revenues from payment processing, remote capture, and ACH transactions; \"card\" revenues, incl ITEM 1. BUSINESS Jack Henry & Associates, Inc.\u00ae is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. For nearly 50 years, we have provided technology solutions to help banks and credit unions innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 7,400 financial institutions and diverse corporate entities with people-inspired innovation, personal service, and insight-driven solutions. Mission Statement We strengthen the connections between people and their financial institutions through technology and services that reduce the barriers to financial health. This mission has always been part of the foundation on which Jack Henry was built. Our founders, Jack Henry and Jerry Hall, were committed to their community and believed they could help financial institutions better serve the needs of their accountholders by using more innovative technology and services. Since our founding in 1976, much has changed, but our commitment to supporting community and regional banks and credit unions remains unwavering. We continue to be guided by our founding philosophy: do the right thing, do whatever it takes, and have fun. Who We Serve We provide products and services primarily to community and regional banks and credit unions (see \"Our Industry\" below): \u2022Core bank integrated data processing systems are provided to over 950 banks. Our banking solutions support both on-premise and private cloud operating environments with functionality for core processing platforms and integrated complementary solutions. \u2022Core credit union data processing solutions are provided to credit unions of all sizes, with a client base of approximately 715 credit unions. We offer a flagship core processing platform and integrated complementary solutions that support both on-premise and private cloud operatin ITEM 1A. RISK FACTORS The Company's business and the results of its operations are affected by numerous factors and uncertainties, some of which are beyond our control. The following is a description of some of the important risks and uncertainties that may cause our actual results of ope", "title": "JKHY - JACK HENRY & ASSOCIATES INC", "url": "/company/JKHY/" }, { "kind": "company", "summary": "SIC 1600 Heavy Construction Other Than Bldg Const - Contractors; CIK 0000052988; latest 10-K filed 2025-11-20.", "text": "J - JACOBS SOLUTIONS INC. SIC 1600 Heavy Construction Other Than Bldg Const - Contractors; CIK 0000052988; latest 10-K filed 2025-11-20. J JACOBS SOLUTIONS INC. 0000052988 1600 Heavy Construction Other Than Bldg Const - Contractors Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Page 50 Critical Accounting Policies and Estimates In order to better understand the changes that occur to key elements of our financial condition, results of operations and cash flows, a reader of this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) should be aware of the critical accounting policies we apply in preparing our consolidated financial statements. The consolidated financial statements contained in this report were prepared in accordance with U.S. GAAP. The preparation of our consolidated financial statements and the financial statements of any business performing long-term professional services, engineering and construction-type contracts requires management to make certain estimates and judgments that affect both the entity\u2019s results of operations and the carrying values of its assets and liabilities. Although our significant accounting policies are described in Note 2- Significant Accounting Policies of Notes to Consolidated Financial Statements beginning on page F-1 of this Annual Report on Form 10-K, the following discussion is intended to highlight and describe those accounting policies that are especially critical to the preparation of our consolidated financial statements. Revenue Accounting for Contracts The Company recognizes engineering, procurement, and construction contract revenue over time, as performance obligations are satisfied, due to the continuous transfer of control to the customer in accordance with ASC 606, Revenue from Contracts with Customers. Contracts that include engineering, procurement and construction services are generally accounted for as a single deliverable (a single performance obligation). In some instances, the Company\u2019s services associated with a construction activity are limited only to specific tasks such as customer support, consulting or supervisory services. In these instances, the services are typically identified as separate performance obligations. The Company recognizes revenue using the percentage-of-completion method, based primarily on contract costs incurred to date compared to total estimated contract costs. Estimated contract costs include the Company\u2019s latest estimates using judgments with respect to labor hours and costs, materials, and subcontractor costs. The percentage-of-completion method (an input method) is the most representative depiction of the Company\u2019s performance because it directly measures the value of the services transferred to the customer. Subcontractor materials, labor and equipment and, in certain cases, customer-furnished materials and labor and equipment are included in revenue and cost of revenue when management believes that the company is acting as a principal rather than as an agent (e.g., the Company integrates the materials, labor and equipment into the deliverables promised to the customer or is otherwise primarily responsible for fulfillment and acceptability of the materials, labor and/or equipment). Under the typical payment terms of our engineering, procurement and construction contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms at periodic intervals (e.g., biweekly or monthly) and customer payments are typically due within 30 to 60 days of billing, depending on the contract. For service contracts, the Company recognizes revenue over time using the cost-to-cost percentage-of-completion method. In some instances where the Company is standing ready to provide services, the Company recognizes revenue ratably over the service period. When the Company has operations and maintenance or secondment contracts that do not contain variable consideration or have significant timing differences between cash payment and performance, the practical expedient method is applied for revenue recognition. Under the typical payment terms of our service c Item 1. BUSINESS Guided by our values and our brand promise \u2014 Challenging today. Reinventing tomorrow \u2013 Jacobs delivers innovative solutions to address the world\u2019s most complex challenges and create lasting value for clients, communities and society. With a global team of approximately 43,000, we provide end-to-end capabilities across advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water. Our services span advisory and consulting, feasibility and planning, through to design, program delivery and lifecycle management \u2014 helping to create a more connected and sustainable world. From addressing water scarcity and aging infrastructure to access to life-saving therapies and cyber resilience, we combine creativity, agility and deep domain expertise to deliver outcomes that matter. Our integrated approach enables clients to meet urgent needs today while preparing for the opportunities of tomorrow. Over the past eight years, Jacobs has transformed into a science-based consulting and advisory leader, focused on delivering digitally enabled, resilient solutions to complex sustainability, critical infrastructure and advanced manufacturing challenges. Strategic acquisitions, including a 65% stake in PA Consulting Group Limited (\"PA Consulting\") in fiscal 2021, along with BlackLynx and StreetLight \u2014 have strengthened our capabilities in high-value technology-enabled solutions. Challenge accepted In February 2025, we launched Challenge Accepted, our multi-year growth strategy designed to sharpen our focus and accelerate our performance. Aligned with our long-term financial framework, this strategy positions us to drive profitable growth and deliver scalable, full lifecycle solutions across water and environmental, life sciences and advanced manufacturing, and critical infrastructure. Page 4 As global challenges like urbanization, infrastructure modernization, digital evolution and environmental resilience intensify, our Item 1A. RISK FACTORS We operate in a changing global environment that involves numerous known and unknown risks and uncertainties that could materially adversely affect our business, financial condition and results of operations. The risks described below highlight some of the factors th", "title": "J - JACOBS SOLUTIONS INC.", "url": "/company/J/" }, { "kind": "company", "summary": "SIC 3585 Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip; CIK 0000833444; latest 10-K filed 2025-11-14.", "text": "JCI - Johnson Controls International plc SIC 3585 Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip; CIK 0000833444; latest 10-K filed 2025-11-14. JCI Johnson Controls International plc 0000833444 3585 Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip ITEM 7 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General Johnson Controls International plc, headquartered in Cork, Ireland, is a global leader in smart, healthy and sustainable buildings, serving a wide range of customers around the globe. The Company\u2019s products and solutions advance the safety, comfort and intelligence of spaces to serve people, places and the planet. The Company is committed to helping its customers win and creating greater value for all of its stakeholders through its strategic focus on buildings. The Company is a global leader in engineering, manufacturing, commissioning and retrofitting building products and systems, including commercial heating, ventilating, air-conditioning (\"HVAC\") equipment, industrial refrigeration systems, controls, security systems, fire-detection systems and fire-suppression solutions. The Company further serves customers by providing technical services, including maintenance, management, repair, retrofit and replacement of equipment (in the HVAC, industrial refrigeration, controls, security and fire-protection space) and energy-management consulting. The Company partners with customers by leveraging its broad product portfolio and digital capabilities, together with its direct channel service and solutions capabilities, to deliver solutions and services addressing distinct and diverse operating environments and regulatory requirements that address customers\u2019 needs in their core missions. On April 1, 2025, the Company, as part of ongoing initiatives to drive simplification, accelerate growth, better reflect its organizational and operational structure and align with the manner in which the Company's chief operating decision maker assesses performance and makes decisions regarding the allocation of resources following portfolio simplification actions, realigned into three reportable segments (Americas, EMEA and APAC) from four reportable segments (Global Products, Building Solutions North America, Building Solutions EMEA/LA and Building Solutions APAC). The Company began reporting under this segment structure on April 1, 2025. The Company's fiscal year ends on September 30. Unless otherwise stated, references to years in this report relate to fiscal years rather than calendar years. This discussion summarizes the significant factors affecting the consolidated operating results, 31 financial condition and liquidity of the Company on a continuing operations basis for the year ended September 30, 2025 and should be read in conjunction with Item 8, the consolidated financial statements and the notes to consolidated financial statements. Macroeconomic Trends Much of the demand for the Company\u2019s products and solutions is heavily dependent on general economic conditions, localized demand for real estate and the availability of credit, public funding or other financing sources. Positive or negative fluctuations in these dependencies could have a corresponding impact on the Company\u2019s financial condition, results of operations and cash flows. The Company maintains global operations. The United States has announced tariffs and reciprocal tariffs on a wide range of products manufactured or produced worldwide, including Canada, China, the European Union, Japan and Mexico, among others. Several countries have similarly announced reciprocal or other tariffs impacting products manufactured or produced in the United States. In addition, the United States and other nations have, and may in the future, pause, reimpose, decrease or increase tariffs. Although the Company has been largely able to mitigate the impact of tariffs that have been enacted to date, if additional tariffs and reciprocal tariffs are implemented (whether as currently proposed or otherwise), such actions could negatively impact the Company's revenue growth and margins in future periods through decreased sales and increased cost of goods sold. Further, the Company has experien ITEM 1 BUSINESS General Johnson Controls International plc, headquartered in Cork, Ireland, is a global leader in smart, healthy and sustainable buildings, serving a wide range of customers around the globe. The Company\u2019s products, services, systems and solutions advance the safety, comfort and intelligence of spaces to serve people, places and the planet. The Company is committed to helping its customers win and creating greater value for all of its stakeholders through its strategic focus on buildings. Johnson Controls was originally incorporated in the state of Wisconsin in 1885 as Johnson Electric Service Company to manufacture, install and service automatic temperature regulation systems for buildings and was renamed Johnson Controls, 3 Inc. in 1974. In 2005, Johnson Controls acquired York International, a global supplier of heating, ventilating and air-conditioning (\"HVAC\") and refrigeration equipment and services. Following this acquisition, Johnson Controls continued to expand its portfolio of building-related product and service offerings. In 2016, Johnson Controls, Inc. and Tyco International plc (\"Tyco\") completed their combination (the \"Merger\"), combining Johnson Controls' portfolio of building efficiency solutions with Tyco\u2019s portfolio of fire and security solutions. Following the Merger, Tyco changed its name to \u201cJohnson Controls International plc.\u201d On July 31, 2025, the Company completed the divestiture of its Residential and Light Commercial (\"R&LC\") HVAC business to Robert Bosch GmbH (\u201cBosch\u201d). The R&LC HVAC business included the Company's North America Ducted business and Johnson Controls-Hitachi Air Conditioning Holding (UK) Ltd., the Company\u2019s global residential joint venture with Hitachi Global Life Solutions, Inc. The Company is a global leader in engineering, manufacturing, commissioning and retrofitting building products and systems, including commercial HVAC equipment, industrial refrigeration systems, controls, security systems, ITEM 1A RISK FACTORS Provided below is a cautionary discussion of what we believe to be the most important risk factors applicable to the Company. Discussion of these factors is incorporated by reference into and considered an integral part of Part II", "title": "JCI - Johnson Controls International plc", "url": "/company/JCI/" }, { "kind": "company", "summary": "SIC 2844 Perfumes, Cosmetics & Other Toilet Preparations; CIK 0001944048; latest 10-K filed 2026-02-20.", "text": "KVUE - Kenvue Inc. SIC 2844 Perfumes, Cosmetics & Other Toilet Preparations; CIK 0001944048; latest 10-K filed 2026-02-20. KVUE Kenvue Inc. 0001944048 2844 Perfumes, Cosmetics & Other Toilet Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview Company Overview At Kenvue, our purpose is to realize the extraordinary power of everyday care. As a global leader at the intersection of healthcare and consumer goods, we are the world\u2019s largest pure-play consumer health company by revenue with $15.1 billion in Net sales in the fiscal year 2025. By combining the power of science with meaningful consumer insights and our digital strategy, we empower consumers to live healthier lives every day. Built on more than a century of heritage and trusted by generations, our differentiated portfolio of iconic brands\u2014including Aveeno\u00ae, BAND-AID\u00ae Brand, Johnson\u2019s\u00ae, Listerine\u00ae, Neutrogena\u00ae, Nicorette\u00ae, Tylenol\u00ae, and Zyrtec\u00ae\u2014is backed by science and recommended by healthcare professionals, which further reinforces our consumers\u2019 connections to our brands. Our portfolio includes Self Care, Skin Health and Beauty, and Essential Health products, allowing us to connect with consumers globally in their daily rituals and the moments that matter most. Our global scale and the breadth of our brand portfolio are complemented by our well-developed capabilities and accelerated through our digital strategy, allowing us to dynamically capitalize on and respond to current trends impacting our categories and geographic markets. With a sole focus on consumer health, our marketing organization operates efficiently by leveraging our precision marketing, e-commerce, and broader digital capabilities to develop unique consumer insights and further enhance the relevance of our brands. Similarly, our research and development organization combines these consumer insights with deep, multi-disciplinary scientific expertise, and active engagement with healthcare professionals, to drive innovative new products, solutions, and experiences centered around consumer health. Our Business Segments We operate our business through the following three reportable business segments: \u2022Self Care. Our Self Care product categories include: Cough, Cold, and Allergy; Pain Care; and Other Self Care (Digestive Health, Smoking Cessation, Eye Care, and Other). Major brands in the segment include Benadryl\u00ae, Calpol\u00ae, Motrin\u00ae, Nicorette\u00ae, Rhinocort\u00ae, Tylenol\u00ae, Zarbee\u2019s\u00ae, and Zyrtec\u00ae. \u2022Skin Health and Beauty. Our Skin Health and Beauty product categories include: Face and Body Care; and Hair, Sun, and Other. Major brands in the segment include Aveeno\u00ae, Dr.Ci:Labo\u00ae, Le Petit Marseillais\u00ae, Lubriderm\u00ae, Neutrogena\u00ae, OGX\u00ae, and Rogaine\u00ae. \u2022Essential Health. Our Essential Health product categories include: Oral Care; Baby Care; and Other Essential Health (Women\u2019s Health, Wound Care, and Other). Major brands in the segment include BAND-AID\u00ae Brand, Carefree\u00ae, Desitin\u00ae, Johnson\u2019s\u00ae, Listerine\u00ae, o.b.\u00ae tampons, and Stayfree\u00ae. For additional information about our three reportable business segments, see Note 18, \u201cSegments of Business and Geographic Areas,\u201d to the Consolidated Financial Statements included herein. Separation from J&J In November 2021, J&J, our former parent company, announced its intention to separate its Consumer Health segment into an independent publicly traded company. Kenvue was incorporated in Delaware in February 2022, as a wholly owned subsidiary of J&J, to serve as the ultimate parent company of J&J\u2019s Consumer Health Business. In April 2023, J&J completed the transfer of substantially all of the assets and liabilities of the Consumer Health Business to us and our subsidiaries. In May 2023, we completed an initial public offering and began trading on the NYSE under the ticker symbol \u201cKVUE.\u201d In July 2023, J&J announced an exchange offer under which its shareholders could exchange shares of J&J common stock for shares of our common stock owned by J&J. In August 2023, J&J completed the Exchange Offer, completing the Separation and our transition to being a fully independent public company. In May 2024, J&J completed an add Item 1. Business Company Overview At Kenvue, our purpose is to realize the extraordinary power of everyday care. As a global leader at the intersection of healthcare and consumer goods, we are the world\u2019s largest pure-play consumer health company by revenue with $15.1 billion in Net sales in the fiscal year 2025. By combining the power of science with meaningful consumer insights and our digital strategy, we empower consumers to live healthier lives every day. Built on more than a century of heritage and trusted by generations, our differentiated portfolio of iconic brands\u2014including Aveeno\u00ae, BAND-AID\u00ae Brand, Johnson\u2019s\u00ae, Listerine\u00ae, Neutrogena\u00ae, Nicorette\u00ae, Tylenol\u00ae, and Zyrtec\u00ae\u2014is backed by science and recommended by healthcare professionals, which further reinforces our consumers\u2019 connections to our brands. Our portfolio includes Self Care, Skin Health and Beauty, and Essential Health products, allowing us to connect with consumers across North America, Asia Pacific (\u201cAPAC\u201d), Europe, Middle East, and Africa (\u201cEMEA\u201d), and Latin America (\u201cLATAM\u201d) in their daily rituals and the moments that matter most. Our products are marketed across more than 165 countries worldwide. Our global scale and the breadth of our brand portfolio are complemented by our well-developed capabilities and accelerated through our digital strategy, allowing us to dynamically capitalize on and respond to current trends impacting our categories and geographic markets. With a sole focus on consumer health, our marketing organization operates efficiently by leveraging our precision marketing, e-commerce, and broader digital capabilities to develop unique consumer insights and further enhance the relevance of our brands. Similarly, our research and development organization combines these consumer insights with deep, multi-disciplinary scientific expertise, and active engagement with healthcare professionals, to drive innovative new products, solutions, and experiences centered around consumer he Item 1A. Risk Factors Summary of Risk Factors The following is a summary of the principal factors that make an investment in Kenvue speculative or risky: Risks Related to the Proposed Transaction with K-C \u2022If the Proposed Transaction is consummated, the combined company may not perform as expected and may fail t", "title": "KVUE - Kenvue Inc.", "url": "/company/KVUE/" }, { "kind": "company", "summary": "SIC 2080 Beverages; CIK 0001418135; latest 10-K filed 2026-02-24.", "text": "KDP - Keurig Dr Pepper Inc. SIC 2080 Beverages; CIK 0001418135; latest 10-K filed 2026-02-24. KDP Keurig Dr Pepper Inc. 0001418135 2080 Beverages ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This section of this Annual Report on Form 10-K generally discusses the years ended December 31, 2025 and 2024 and year-over-year comparisons between the years ended December 31, 2025 and 2024. Discussions of the periods prior to the year ended December 31, 2024 that are not included in this Annual Report on Form 10-K are found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024 and the discussion therein for the year ended December 31, 2024 compared to the year ended December 31, 2023 is incorporated by reference into this Annual Report. This Annual Report on Form 10-K contains the names of some of our owned or licensed trademarks, trade names and service marks, which we refer to as our brands. All of the product names included in this Annual Report on Form 10-K are either our registered trademarks or those of our licensors. OVERVIEW KDP is a leading beverage company in North America that manufactures, markets, distributes, and sells hot and cold beverages and single serve brewing systems. We have a broad portfolio of iconic beverage brands, including Dr Pepper, Canada Dry, Mott's, A&W, Pe\u00f1afiel, GHOST, 7UP, Snapple, Green Mountain Coffee Roasters, Clamato, The Original Donut Shop, and Core Hydration, as well as the Keurig brewing system. Our beverage brands are some of the most recognized beverage brands in North America, with significant consumer awareness levels and long histories that evoke strong emotional connections with consumers. We offer more than 125 owned, licensed, and partner brands, supported by powerful distribution capabilities. SEGMENTS Our operating and reportable segments are as follows: \u2022The U.S. Refreshment Beverages segment reflects sales in the U.S. from the manufacture and distribution of branded concentrates, syrups, finished beverages, and other consumables, including the sales of our own brands and third-party brands, to third-party bottlers, distributors, and retailers. \u2022The U.S. Coffee segment reflects sales in the U.S. from the manufacture and distribution of finished goods relating to our K-Cup pods, single serve brewers, and other coffee products to partners, retailers, and directly to consumers through our Keurig.com website. \u2022The International segment reflects sales in international markets, including the following: \u25e6Sales in Canada, Mexico, the Caribbean, and other international markets from the manufacture and distribution of branded concentrates, syrup, and finished beverages, including sales of our own brands and third-party brands, to third-party bottlers, distributors, and retailers. \u25e6Sales in Canada from the manufacture and distribution of finished goods relating to our single serve brewers, K-Cup pods, and other coffee products. VOLUME In evaluating our performance, we use different volume measures for LRB and for K-Cup pods and appliances. For LRB, we measure our sales volume in 288 fluid ounce equivalent cases. \u2022For beverage concentrates, we measure our sales volume as concentrate case sales for concentrates sold by us to our bottlers and distributors. A concentrate case is the amount of concentrate needed to make one case of 288 fluid ounces of finished beverage, the equivalent of 24 twelve-ounce servings. It does not include any other component of the finished beverage other than concentrate. \u2022For packaged beverages, we measure volume as case sales to customers. A case sale represents a unit of measurement equal to 288 fluid ounces of packaged beverage sold by us. Case sales include both our owned brands and certain brands licensed to and/or distributed by us. 34 Table of Contents For our K-Cup pods and appliances, we measure our sales volume as the number of appliances and the number of individual K-Cup pods sold to our customers. EXECUTIV ITEM 1. BUSINESS OUR COMPANY Keurig Dr Pepper Inc. is a leading beverage company in North America that manufactures, markets, distributes, and sells hot and cold beverages and single serve brewing systems. We have a broad portfolio of iconic beverage brands, including Dr Pepper, Canada Dry, Mott's, A&W, Pe\u00f1afiel, GHOST, 7UP, Snapple, Green Mountain Coffee Roasters, Clamato, The Original Donut Shop, and Core Hydration, as well as the Keurig brewing system. Our beverage brands are some of the most recognized beverage brands in North America, with significant consumer awareness levels and long histories that evoke strong emotional connections with consumers. We offer more than 125 owned, licensed, and partner brands, supported by powerful distribution capabilities. KDP was created on July 9, 2018, through the combination of the business operations of Keurig, a leading producer of innovative single serve brewing systems and specialty coffee in the U.S. and Canada, and DPS, a company built over time through a series of strategic acquisitions that brought together iconic beverage brands in North America. Today, we trade on Nasdaq under the symbol KDP. OUR STRENGTHS AND STRATEGY Our strategic framework starts with our purpose to Drink Well. Do Good. We aim to enhance the experience of every beverage occasion and to make a positive impact for people, communities, and the planet. Our vision is to be a total beverage leader, offering a beverage for every need, anytime, anywhere. We support our purpose and vision with five key strategies: Champion consumer-obsessed brand building. We own a diverse portfolio of well-known beverage brands. Many of our brands enjoy high levels of consumer awareness, preference, and loyalty rooted in their rich heritage. This portfolio provides our customers with a wide variety of products to meet consumers' needs and provides us with a platform for growth and profitability. We drive growth in our business through investments in innovation, ITEM 1A. RISK FACTORS In addition to the other information set forth in this Annual Report, the following factors should be considered, which could materially affect our business, financial condition, and results of operations. The risks described below are not the only risks we face. Risks and uncertainties not currently known to us or that we currently deem to be immaterial a", "title": "KDP - Keurig Dr Pepper Inc.", "url": "/company/KDP/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000091576; latest 10-K filed 2026-02-23.", "text": "KEY - KEYCORP /NEW/ SIC 6021 National Commercial Banks; CIK 0000091576; latest 10-K filed 2026-02-23. KEY KEYCORP /NEW/ 0000091576 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS [[GREPCENT_TABLE]] [[\"\",\"Page Number\"],[\"Introduction\",\"51\"],[\"Corporate strategy\",\"51\"],[\"Executive overview\",\"52\"],[\"Results of Operations\",\"53\"],[\"Earnings overview\",\"53\"],[\"Net interest income\",\"53\"],[\"Provision for credit losses\",\"56\"],[\"Noninterest income\",\"56\"],[\"Noninterest expense\",\"58\"],[\"Income taxes\",\"59\"],[\"Business Segment Results\",\"59\"],[\"Consumer Bank\",\"59\"],[\"Commercial Bank\",\"60\"],[\"Financial Condition\",\"62\"],[\"Loans and loans held for sale\",\"62\"],[\"Securities\",\"68\"],[\"Deposits and other sources of funds\",\"70\"],[\"Capital\",\"71\"],[\"Off-Balance Sheet Arrangements and Aggregate Contractual Obligations\",\"73\"],[\"Off-balance sheet arrangements\",\"73\"],[\"Guarantees\",\"74\"],[\"Risk Management\",\"74\"],[\"Overview\",\"74\"],[\"Market risk management\",\"76\"],[\"Liquidity risk management\",\"82\"],[\"Credit risk management\",\"85\"],[\"Operational and compliance risk management\",\"89\"],[\"GAAP to Non-GAAP Reconciliations\",\"90\"],[\"Critical Accounting Policies and Estimates\",\"91\"],[\"Allowance for loan and lease losses\",\"92\"],[\"Valuation methodologies\",\"93\"],[\"Accounting and reporting developments\",\"96\"]] [[/GREPCENT_TABLE]] 50 Table of contents Introduction This section reviews the financial condition and results of operations of KeyCorp and its subsidiaries for 2025 and 2024. Some tables may include additional periods to comply with disclosure requirements or to illustrate trends in greater depth. When you read this discussion, you should also refer to the consolidated financial statements and related notes in this report. The page locations of specific sections and notes that we refer to are presented in the Table of Contents. To review our financial condition and results of operations for 2023 and a comparison between the 2023 and 2024 results, see Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our 2024 Form 10-K filed with the SEC on February 21, 2025, which discussion is incorporated herein by reference. Corporate strategy We remain committed to enhancing long-term shareholder value by continuing to execute our relationship-based business model, growing our franchise, and being disciplined with respect to capital management. We intend to pursue this commitment by growing profitably; acquiring and expanding targeted client relationships; effectively managing risk and rewards; maintaining financial strength; and engaging, retaining, and inspiring our high-performing and talented workforce and fostering a culture that is fair and inclusive for all. These strategic priorities for enhancing long-term shareholder value are described in more detail below. \u2022Grow profitably \u2014 We intend to continue to focus on generating positive operating leverage by growing revenue and creating a more efficient operating environment. We expect our relationship business model to keep generating organic growth as it helps us expand engagement with existing clients and attract new customers. We plan to leverage our continuous improvement culture to maintain an efficient cost structure that is aligned, sustainable, and consistent with the current operating environment and that supports our relationship business model. \u2022Acquire and expand targeted client relationships \u2014 We seek to be client-centric in our actions and have taken purposeful steps to enhance our ability to acquire and expand targeted relationships. We seek to provide solutions to serve our clients' needs. We focus on markets and clients where we can be the most relevant. In aligning our businesses and investments against these targeted client segments, we are able to make a meaningful positive impact for our clients. \u2022Effectively manage risk and rewards \u2014 Our risk management activities are focused on ensuring we properly identify, measure, and manage risks across the entire company to maintain safety and soundness and maximize profitability. \u2022Maintain f ITEM 1. BUSINESS Overview KeyCorp, organized in 1958 under the laws of the State of Ohio, is headquartered in Cleveland, Ohio. We are a BHC under the BHCA and one of the nation\u2019s largest bank-based financial services companies, with consolidated total assets of approximately $184.4 billion at December 31, 2025. KeyCorp is the parent holding company for KeyBank National Association, its principal subsidiary, through which most of our banking services are provided. Through KeyBank and certain other subsidiaries, we provide a wide range of retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate, and institutional clients through two major business segments: Consumer Bank and Commercial Bank. As of December 31, 2025, these services were provided across the country through KeyBank\u2019s 940 full-service retail banking branches and a network of 1,120 ATMs in 15 states, as well as additional offices, online and mobile banking capabilities, and a telephone banking call center. Additional information pertaining to our two business segments is included in the \u201cBusiness Segment Results\u201d section in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of this report, and in Note 23 (\u201cBusiness Segment Reporting\u201d) of the Notes to Consolidated Financial Statements presented in Item 8. Financial Statements and Supplementary Data, which are incorporated herein by reference. In addition to the customary banking services of accepting deposits and making loans, our bank and its trust company subsidiary offer personal and institutional trust custody services, personal financial and planning services, access to mutual funds, treasury services, and international banking services. Through our bank, trust company, and registered investment adviser subsidiaries, we provi ITEM 1A. RISK FACTORS Summary of Risk Factors The following is a summary of some of the material risks and uncertainties that could have an adverse effect on our business. \u2022Credit Risk \u25e6We have concentrated credit exposure in commercial and industrial loans, commercial real estate loans, and commercial leases. \u25e6Should the fundamentals of the commerc", "title": "KEY - KEYCORP /NEW/", "url": "/company/KEY/" }, { "kind": "company", "summary": "SIC 3823 Industrial Instruments For Measurement, Display, and Control; CIK 0001601046; latest 10-K filed 2025-12-17.", "text": "KEYS - Keysight Technologies, Inc. SIC 3823 Industrial Instruments For Measurement, Display, and Control; CIK 0001601046; latest 10-K filed 2025-12-17. KEYS Keysight Technologies, Inc. 0001601046 3823 Industrial Instruments For Measurement, Display, and Control Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. This report contains forward-looking statements which include but are not limited to predictions, future guidance, projections, beliefs, and expectations about the company\u2019s trends, seasonality, cyclicality and growth in, and drivers of, the markets we sell into, our strategic direction, earnings from our foreign subsidiaries, remediation activities, new solution and service introductions, the ability of our solutions to meet market needs, changes to our manufacturing processes, the use of contract manufacturers, the impact of government regulations on our ability to conduct operations, our liquidity position, our ability to generate cash from operations, growth in our businesses, our investments, the potential impact of adopting new accounting pronouncements, our financial results, our purchase commitments, our contributions to our pension plans, the selection of discount rates and recognition of any gains or losses for our benefit plans, our cost-control activities, savings and headcount reduction recognized from our restructuring programs and other cost saving initiatives, and other regulatory approvals, the integration of our completed acquisitions and other transactions, and our transition to lower-cost regions. The forward-looking statements involve risks and uncertainties that could cause Keysight\u2019s results to differ materially from management\u2019s current expectations. Such risks and uncertainties include, but are not limited to, the impact of global economic conditions such as inflation or potential recession, the impacts of increased trade tensions such as an imposition of or increase in tariffs and tightening of export control regulations, slowing demand for products or services, volatility in financial markets, reduced access to credit, changes in interest rates, the existence of political or economic instability, uncertainty related to the impact of national elections results in the U.S. and U.K., impacts of geopolitical tension and conflict in regions outside of the U.S., the impact of new and ongoing litigation, impacts related to net zero emissions commitments, and the impact of volatile weather caused by environmental conditions such as climate change. Our actual results could differ materially from the results contemplated by these forward-looking statements due to various factors, including but not limited to those risks and uncertainties discussed in Part I Item 1A and elsewhere in this Annual Report on Form 10-K. Overview and Executive Summary Keysight Technologies, Inc. (\u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cKeysight\u201d or \u201cthe company\u201d), incorporated in Delaware on December 6, 2013, is a global innovator in the computing, communications and electronics markets, committed to advancing our customers\u2019 business success by helping them solve critical challenges in the development and commercialization of their products and services. Our mission, \u201caccelerating innovation to connect and secure the world,\u201d speaks to the value we provide our customers in a world of ever-increasing technological complexity. We deliver this value through a broad range of design and test solutions that address the critical challenges our customers face in bringing their innovations to market on ever-shorter schedules. Our fiscal year end is October 31. Unless otherwise stated, all years and dates refer to our fiscal year. Acquisitions of Spirent Communications plc, Synopsys\u2019 Optical Solutions Group, and Ansys\u2019 PowerArtist RTL Business On October 15, 2025, we acquired all of the outstanding common stock of Spirent Communications plc (\u201cSpirent\u201d) for $1,415 million, net of $127 million cash acquired, using existing cash. On October 16, 2025, Keysight divested Spirent\u2019s high-speed ethernet, ne Item 1. Business Overview Keysight Technologies, Inc. (\u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cKeysight\u201d or \u201cthe company\u201d), incorporated in Delaware on December 6, 2013, is a global innovator in the computing, communications and electronics markets, committed to advancing our customers\u2019 business success by helping them solve critical challenges in the development and commercialization of their products and services. Our mission, \u201caccelerating innovation to connect and secure the world,\u201d speaks to the value we provide our customers in a world of ever-increasing technological complexity. We deliver this value through a broad range of design and test solutions that enable our customers to bring their innovations to market on ever-shorter schedules. Keysight\u2019s portfolio of hardware, software, and services enables our customers\u2019 workflows as they design, validate, manufacture, deploy, and optimize their products and solutions. Our revenue is derived primarily from solutions addressing research and development (\u201cR&D\u201d) applications, and to a lesser degree, applications in manufacturing and operations. The accelerating pace of technological innovation and engineering intensity are long-term secular drivers of demand for Keysight\u2019s solutions and services. We serve a global set of customers in over 100 countries across a wide range of industry segments, including communications, aerospace, defense, and government, automotive, energy, industrial, general electronics, and semiconductor. We generated $5.4 billion, $5.0 billion, and $5.5 billion of revenue in 2025, 2024, and 2023, respectively. Revenue, income from operations, and assets by business segment as of and for the fiscal years ended October 31, 2025, 2024, and 2023, are provided in Note 16, \u201cSegment Information,\u201d to our consolidated financial statements. Keysight Leadership Model We trace our heritage back over 80 years to the beginning of Silicon Valley. The fundamental elements of our culture are represented in our Keysight Leade Item 1A. Risk Factors Risks, Uncertainties and Other Factors That May Affect Future Results Risks Related to Our Business Volatility and uncertainty in general economic conditions may adversely affect our operating results and financial condition. O", "title": "KEYS - Keysight Technologies, Inc.", "url": "/company/KEYS/" }, { "kind": "company", "summary": "SIC 2670 Converted Paper & Paperboard Prods (No Contaners/Boxes); CIK 0000055785; latest 10-K filed 2026-02-12.", "text": "KMB - KIMBERLY CLARK CORP SIC 2670 Converted Paper & Paperboard Prods (No Contaners/Boxes); CIK 0000055785; latest 10-K filed 2026-02-12. KMB KIMBERLY CLARK CORP 0000055785 2670 Converted Paper & Paperboard Prods (No Contaners/Boxes) ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Introduction This MD&A is intended to provide investors with an understanding of our recent performance, financial condition, cash flows and future prospects. This discussion and analysis compares consolidated and segment results for the years ended December 31, 2025 and December 31, 2024 (\"2025\" and \"2024\", respectively). For a discussion of our results comparing the years ended December 31, 2024 and 2023, see Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our 2024 Annual Report on Form 10-K, as revised by our Current Report on Form 8-K filed December 4, 2025 to reflect the presentation of our IFP Business as discontinued operations. As discussed in Item 8, Notes 1 and 3 to the Consolidated Financial Statements, the results and related assets and liabilities of the IFP Business are reported as discontinued operations. As a result, unless specifically stated, all discussions included below reflect continuing operations for all periods presented. The reference to \"N.M.\" indicates that the calculation is not meaningful. Amounts are reported in millions, except per share amounts, unless otherwise noted. [[GREPCENT_TABLE]] [[\"\",\"23\",\"KIMBERLY-CLARK CORPORATION - 2025 Annual Report\"]] [[/GREPCENT_TABLE]] The following will be discussed and analyzed: \u2022Overview of Business and Recent Developments \u2022Business Environment and Trends \u2022Results of Operations \u2022Liquidity and Capital Resources Throughout this MD&A, we refer to financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S., or GAAP, and are therefore referred to as non-GAAP financial measures. We believe these measures provide our investors with additional information about our underlying results and trends, as well as insight to some of the financial measures used to evaluate management. For additional information and reconciliations to the most closely comparable financial measures presented in our Consolidated Financial Statements, which are calculated in accordance with U.S. GAAP, see \"Summary of Non-GAAP Financial Measures\" below. Overview of Business and Recent Developments We are a global company focused on delivering essential products and solutions that solve unmet consumer needs and provide Better Care for a Better World. We have manufacturing facilities in 30 countries, including our equity affiliates, and products sold in more than 175 countries and territories. Our products are sold under well-known, trusted brands such as Kleenex, Scott, Huggies, Pull-Ups, Kotex and Depend. In operating our business, we seek to: \u2022grow our portfolio of brands through consumer-centric and science-based innovation, category development and commercial execution; \u2022leverage our cost and financial discipline to fund durable growth and improve margins; and \u2022allocate capital in value-creating ways. To achieve these objectives, we will continue executing our Powering Care strategy and its three synergistic, strategic pillars: accelerate pioneering innovation, optimize our margin structure, and wire our organization for growth. Our first pillar focuses on investing in our brands to enhance our competitive advantage by leveraging our best-in-class science and proprietary, category-shaping technologies to deliver innovative product solutions that solve unmet consumer needs around the world. It also includes an emphasis on delivering breakthrough storytelling that grows category participation and brand love. Our second pillar is driven by our supply chain transformation and investment in three key areas that will enhance our value chain and improve our margin structure: value stream simplification, network optimization, and scalable automation. Our third pillar is centered on making our enterprise stronger and faster while sharpening our portfolio focus and footprint ITEM 1. BUSINESS Description of Kimberly-Clark Kimberly-Clark Corporation was founded in 1872 and incorporated in Delaware in 1928. We are a global company focused on delivering essential products and solutions that solve unmet consumer needs and provide Better Care for a Better World. We are principally engaged in the manufacturing and marketing of a wide range of products made from natural or synthetic fibers and materials using advanced technologies in fibers, nonwovens and absorbency. Kimberly-Clark and our trusted brands are an indispensable part of life for people in more than 175 countries and territories. Our portfolio of brands, including Huggies, Kleenex, Scott, Kotex, Cottonelle, Poise, Depend, Andrex, Pull-Ups, GoodNites, Intimus, Plenitud, Sweety, Softex, Viva and WypAll, hold No. 1 or No. 2 share positions in approximately 70 countries and encompass five global daily-need product categories: Baby & Child Care, Adult Care, Feminine Care, Family Care, and Professional. We are committed to using sustainable practices that are designed to support a healthy planet, build strong communities, and enable our business to thrive for decades to come. Unless the context indicates otherwise, the terms \"Corporation,\" \"Company,\" \"Kimberly-Clark,\" \"K-C,\" \"we,\" \"our\" and \"us\" refer to Kimberly-Clark Corporation and its consolidated subsidiaries. Amounts within this Annual Report on Form 10-K are reported in millions, except per share amounts, unless otherwise noted. Recent Business Developments Pending Acquisition of Kenvue, Inc. On November 2, 2025, we entered into an Agreement and Plan of Merger (the \"Merger Agreement\") to acquire the outstanding equity interests of Kenvue, Inc. (\"Kenvue\"), a global consumer health leader, for stock and cash consideration (the \"Kenvue Acquisition\"). Under the terms of the Merger Agreement, which was unanimously approved by the Boards of Directors of each of Kimberly-Clark and Kenvue, each share of Kenvue common stock, par va ITEM 1A. RISK FACTORS Our business faces many risks and uncertainties that we cannot control. Any of the risks discussed below, as well as factors described in other places in this Form 10-K, or in our other filings with the SEC, could adversely affect our business, consolidated financial po", "title": "KMB - KIMBERLY CLARK CORP", "url": "/company/KMB/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000879101; latest 10-K filed 2026-02-20.", "text": "KIM - KIMCO REALTY CORP SIC 6798 Real Estate Investment Trusts; CIK 0000879101; latest 10-K filed 2026-02-20. KIM KIMCO REALTY CORP 0000879101 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in this Form 10-K. Historical results and percentage relationships set forth in the Consolidated Statements of Income contained in the Consolidated Financial Statements, including trends, should not be taken as indicative of future operations. The Consolidated Financial Statements of the Company include the accounts of the Company, its wholly owned subsidiaries and all entities in which the Company has a controlling interest, including where the Company has been determined to be a primary beneficiary of a variable interest entity in accordance with the consolidation guidance of the Financial Accounting Standards Board (\"FASB\") Accounting Standards Codification. The Company applies these provisions to each of its joint venture investments to determine whether the cost, equity or consolidation method of accounting is appropriate. The Company evaluates performance on a property specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with GAAP. Critical Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions in certain circumstances that affect amounts reported in the accompanying Consolidated Financial Statements and related notes. In preparing these financial statements, management has made its best estimates and assumptions that affect the reported amounts of assets and liabilities. These estimates are based on, but not limited to, historical results, industry standards and current economic conditions, giving due consideration to materiality. The Company\u2019s significant accounting policies are more fully described in Footnote 1 of the Notes to Consolidated Financial Statements included in this Form 10-K. The Company is required to make subjective assessments, of which, the most significant assumptions and estimates relate to the recoverability of trade accounts receivable, depreciable lives, valuation of real estate and intangible assets and liabilities, and valuation of joint venture investments and other investments. The Company\u2019s reported net earnings are directly affected by management\u2019s estimate of impairments. Application of these assumptions requires the exercise of judgment as to future uncertainties, and, as a result, actual results could materially differ from these estimates. Trade Accounts Receivable The Company reviews its trade accounts receivable, related to base rents, straight-line rent, expense reimbursements and other revenues for collectability. The Company evaluates the probability of the collection of the lessee\u2019s total accounts receivable, including the corresponding straight-line rent receivable balance on a lease-by-lease basis. Determining the probability of collection of substantially all lease payments during a lease term requires significant judgment. The Company\u2019s analysis of its accounts receivable included (i) customer credit worthiness, (ii) assessment of risk associated with the tenant, and (iii) current economic trends. In addition, tenants in bankruptcy are analyzed and considerations are made in connection with the expected recovery of pre-petition and post-petition bankruptcy claims. The Company includes provision for doubtful accounts in Revenues from rental properties, net. If a lessee\u2019s accounts receivable balance is considered uncollectible, the Company will write-off the receivable balances associated with the lease and will only recognize lease income on a cash basis. In addition to the lease-specific collectability assessment, the analysis also recognizes a general rese Item 1. Business Overview The Company is the leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The executive officers are engaged in the day-to-day management and operation of real estate exclusively with the Company, with nearly all operating functions, including leasing, asset management, maintenance, construction, legal, finance and accounting, administered by the Company. The Company\u2019s mission is to create destinations for everyday living that inspire a sense of community and deliver value to our many stakeholders. The Company began operations through its predecessor, The Kimco Corporation, which was organized in 1966 upon the contribution of several shopping center properties owned by its principal stockholders. In 1973, these principals formed the Company as a Delaware corporation, and, in 1985, the operations of The Kimco Corporation were merged into the Company. The Company completed its initial public stock offering (the \u201cIPO\u201d) in November 1991, and, commencing with its taxable year which began January 1, 1992, elected to qualify as a REIT in accordance with Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the \u201cCode\u201d). To qualify as a REIT, the Company must meet several organizational and operational requirements and is required to distribute annually at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain. In addition, the Company will be subject to federal income tax at regular corporate rates to the extent that it distributes for any year less than 100% of its REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gain. The Company reorganized into an UPREIT structure in January 2023. If, as the Company believes, it is organized and operates in such a manner so as to qualify and remain qualified as a REIT under t Item 1A. Risk Factors We are subject to certain business and legal risks, including, but not limited to, the following: Risks Related to Our Business and Operations Adverse global market and economic conditions may impede our ability to generate sufficient income and maintain our properties. Our properties consist primarily of ", "title": "KIM - KIMCO REALTY CORP", "url": "/company/KIM/" }, { "kind": "company", "summary": "SIC 4922 Natural Gas Transmission; CIK 0001506307; latest 10-K filed 2026-02-13.", "text": "KMI - KINDER MORGAN, INC. SIC 4922 Natural Gas Transmission; CIK 0001506307; latest 10-K filed 2026-02-13. KMI KINDER MORGAN, INC. 0001506307 4922 Natural Gas Transmission Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis should be read in conjunction with our consolidated financial statements and the notes thereto. We prepared our consolidated financial statements in accordance with GAAP. Additional sections in this report which should be helpful to the reading of our discussion and analysis include the following: (i) a description of our business strategy found in Items 1 and 2. \u201cBusiness and Properties\u2014Narrative Description of Business\u2014Business Strategy;\u201d (ii) a description of developments during 2025, found in Items 1 and 2. \u201cBusiness and Properties\u2014General Development of Business\u2014Recent Developments;\u201d (iii) a description of terms for services and commodities we provide, found in Items 1 and 2. \u201cBusiness and Properties\u2014Narrative Description of Business\u2014Business Segments;\u201d (iv) a description of risk factors affecting us and our business, found in Item 1A. \u201cRisk Factors;\u201d and (v) a discussion of forward-looking statements, found in \u201cInformation Regarding Forward-Looking Statements\u201d at the beginning of this report. A comparative discussion of our 2024 to 2023 operating results can be found in Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u2014Results of Operations\u201d included in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 13, 2025. General Acquisition and Divestiture Following are an acquisition and a divestiture we made during the 2025 reporting period. See Note 3 \u201cAcquisitions and Divestitures\u201d to our consolidated financial statements for further information on these transactions. [[GREPCENT_TABLE]] [[\"Event\",\"Description\",\"Business Segment\"],[\"EagleHawk divestiture$382 million(December 2025)\",\"We sold our 25% equity interest in EagleHawk.\",\"Natural Gas Pipelines(Midstream)\"],[\"Outrigger Energy acquisition$648 million(February 2025)\",\"Natural gas gathering and processing system in North Dakota from Outrigger Energy II LLC which includes a 0.27 Bcf/d processing facility and a 104-mile, large-diameter, high-pressure rich gas gathering header pipeline with 0.35 Bcf/d of capacity connecting supplies from the Williston Basin area to high-demand markets.\",\"Natural Gas Pipelines(Midstream)\"]] [[/GREPCENT_TABLE]] 2026 Dividends and Discretionary Capital We expect to declare dividends of $1.19 per share for 2026, a 2% increase from the 2025 declared dividends of $1.17 per share. Excluding our recently divested interest in EagleHawk, we also expect to invest almost $3.3 billion in expansion projects and contributions to joint ventures, or discretionary capital expenditures, during 2026. The expectations for 2026 discussed above involve risks, uncertainties and assumptions, and are not guarantees of performance. Many of the factors that will determine these expectations are beyond our ability to control or predict, and because of these uncertainties, it is advisable not to put undue reliance on any forward-looking statement. Please read 40 \u201cInformation Regarding Forward-Looking Statements\u201d at the beginning of this report and Item 1A. \u201cRisk Factors\u201d for more information. Critical Accounting Estimates Critical accounting estimates and assumptions involve material levels of subjectivity and complex judgment to account for highly uncertain matters or matters with a high susceptibility to change, and could result in a material impact to our financial statements. Examples of certain areas that require more judgment relative to others when preparing our consolidated financial statements and related disclosures include our use of estimates in determining (i) revenue recognition; (ii) income taxes; (iii) the economic useful lives of our assets and related depreciation and depletion rates; (iv) the fair values used in (a) assignment of the purchase price for a business acquisition, (b) calculations of possible asset and e Item 1A. Risk Factors. You should carefully consider the risks described below, in addition to the other information contained in this document. Realization of any of the following risks could have a material adverse effect on our business, financial condition, cash flows, and results of operations. Risks Related to our Business Our businesses are dependent on the supply of and demand for the products we handle. Our pipelines, terminals, and other assets and facilities, including the availability of expansion opportunities, depend in part on continued production of natural gas, crude oil, and other products in the geographic areas that they serve. Without additions to crude oil and gas reserves, production will decline over time as reserves are depleted, and production costs may rise. Producers in areas served by us may not be successful in exploring for and developing additional reserves, or their costs of doing so may become uneconomic. Commodity prices and tax incentives may not remain at levels that encourage producers to explore for and develop additional reserves, produce existing marginal reserves, or renew transportation contracts as they expire. Our business also depends in part on the levels of demand for natural gas, crude oil, NGL, refined petroleum products, CO2, steel, chemicals, and other products in the geographic areas to which our pipelines, terminals, shipping vessels, and other facilities deliver or provide service, and the ability and willingness of our shippers and other customers to supply such demand. Decreases in the supply of or demand for natural gas, crude oil, and other products could adversely impact the utilization of our assets. 23 Conditions in the business environment generally, such as declining or sustained low commodity prices, supply disruptions, or higher development or production costs, could result in a slowing of supply to our pipelines, terminals, and other assets. Also, sustained lower demand for hydrocarbons, or ch", "title": "KMI - KINDER MORGAN, INC.", "url": "/company/KMI/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001404912; latest 10-K filed 2026-02-27.", "text": "KKR - KKR & Co. Inc. SIC 6282 Investment Advice; CIK 0001404912; latest 10-K filed 2026-02-27. KKR KKR & Co. Inc. 0001404912 6282 Investment Advice ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with the consolidated financial statements of KKR & Co. Inc., together with its consolidated subsidiaries, and the related notes included elsewhere in this report. In addition, this discussion and analysis contains forward-looking statements and involves numerous risks and uncertainties, including those described under \"Cautionary Note Regarding Forward-looking Statements\" and \"Risk Factors.\" Actual results may differ materially from those contained in any forward-looking statements. Business Environment Our asset management, insurance, and strategic holdings segments are affected by the various market and economic conditions of the various countries and regions in which we operate. Market and economic conditions are expected to continue to have a substantial impact on our financial condition, results of operations, and our business in various ways that we are unable to control, including our ability to make new investments, the valuations of the investments we manage, the amount of investment proceeds we realize when we exit our investments, the timing for such realization activity, our ability to fundraise or to sell our various investment and insurance products and services, and the level of our capital markets activities, as discussed in the \"Risk Factors\" section of this report. In 2025, the United States continued to experience economic growth while also continuing to experience inflation in excess of the U.S. Federal Reserve Board\u2019s 2.0% target rate. The U.S. Federal Reserve Board lowered the target range for the federal funds rate three times in 2025, including two reductions in the fourth quarter, that brought the target range to 3.50-3.75%. The U.S. Federal Reserve Board in connection with its fourth quarter rate reductions noted that the reduction was in response to the slowdown in the labor market; however, they maintained a cautious stance as inflation remained somewhat elevated and above its long-run target. Real gross domestic product (\u201cGDP\u201d) growth in the Eurozone in 2025 was moderately positive. The European Central Bank lowered the deposit rate four times in the first half of 2025 to 2.00% as part of a broader easing cycle in response to downward revisions to inflation expectations. The European Central Bank subsequently held the deposit rate unchanged for the remainder of 2025 as Eurozone core inflation slowed compared to 2024 and remained close to the European Central Bank\u2019s 2% medium-term target. In Asia, Japan\u2019s economy reaccelerated in 2025, supported by resilient exports and consumer spending. The Bank of Japan continued its gradual monetary policy normalization during 2025, including an increase in its policy rate from 0.25% to 0.75%. In China, the economy grew in 2025 but continued to face significant headwinds, including weak domestic demand, ongoing contraction in the property sector, and uncertainty relating to ongoing trade tensions with the United States as discussed further below. Several key economic indicators in the United States and in other countries and regions in which we operate include: \u2022GDP. In the United States, real GDP expanded by 2.2% for the year ended December 31, 2025, compared to an expansion of 2.8% for the year ended December 31, 2024. Eurozone real GDP is estimated to have expanded by 1.4% for the year ended December 31, 2025, up from 0.9% expansion for the year ended December 31, 2024. In Japan, real GDP expanded by 1.1% for the year ended December 31, 2025, up from a 0.2% contraction for the year ended December 31, 2024. Real GDP in China expanded 5.0% for the year ended December 31, 2025, unchanged from 5.0% growth reported for the year ended December 31, 2024 \u2022Interest Rates. The target federal funds rate set by the U.S. Federal Reserve Board was 3.625% as of December 31, ITEM 1. BUSINESS Overview KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. We aim to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in our portfolio companies and communities. Founded in 1976, KKR pioneered the leveraged buyout strategy and has been a leader of the private equity industry for five decades. Since the inception of our firm, we have expanded our investment strategies and product offerings from traditional private equity to other alternative asset classes such as leveraged credit, alternative credit, infrastructure, real estate, energy, growth equity, and core private equity. Over the same period, we scaled from being a U.S.-focused firm to a global operation with 36 offices around the world as of December 31, 2025. Our business further expanded with the acquisition of Global Atlantic in 2021, which today conducts our insurance business providing retirement and life insurance solutions. As of December 31, 2025, we managed $744 billion of assets under management, of which $219 billion comes from Global Atlantic. [[GREPCENT_TABLE]] [[\"50 Years\",\"\",\"$744 billion in AUM\",\"\",\"~4,200 employees\",\"\",\"Multi-asset experience\",\"\",\"36 global offices\"],[\"of investment experience\",\"\",\"across Credit and Liquid Strategies ($322 bn), Private Equity ($229 bn) & Real Assets ($192 bn)\",\"\",\"~2,700 Asset Management ~1,500 Insurance\",\"\",\"across credit, private equity and real assets\",\"\",\"across 4 continents serving local markets\"]] [[/GREPCENT_TABLE]] Note: The employee and office metrics exclude approximately 800 additional employees who sit within a subsidiary organization and who are located at other offices. See the \u201cHuman Capital\u201d section for more information. We have a pre-eminent global integrated platform for sourcing and originating investments, raising capital, and ITEM 1A. RISK FACTORS You should carefully consider the risks described below and the other information contained in this report and other filings that we make from time to time with the SEC, including our consolidated financial statements and accompanying notes. Any of the following risks could materially and adversely affect our business, financial condition, results of operations, cash flows, and prosp", "title": "KKR - KKR & Co. Inc.", "url": "/company/KKR/" }, { "kind": "company", "summary": "SIC 3827 Optical Instruments & Lenses; CIK 0000319201; latest 10-K filed 2025-08-08.", "text": "KLAC - KLA CORP SIC 3827 Optical Instruments & Lenses; CIK 0000319201; latest 10-K filed 2025-08-08. KLAC KLA CORP 0000319201 3827 Optical Instruments & Lenses ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and the related notes included in Item 8 \u201cFinancial Statements and Supplementary Data\u201d in this Annual Report on Form 10-K. This discussion contains forward-looking statements, which involve risks and uncertainties. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors, including but not limited to those discussed in Part I Item 1A \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K (see \u201cSpecial Note Regarding Forward-Looking Statements\u201d). Discussions and analysis of fiscal year 2024 as compared against fiscal year 2023 have been omitted and can be found in Item 7 of our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the SEC. 35 Table of Contents EXECUTIVE SUMMARY We are a leading supplier of process control and yield management solutions and services for the semiconductor and related electronics industries. Our broad portfolio of inspection and metrology products, and related service, software and other offerings, support R&D and manufacturing of ICs, wafers and reticles. Our products, services and expertise are used by our customers to measure, detect, analyze and resolve critical and nanometric level product defects, helping them to manage manufacturing process challenges and to obtain higher finish product yields at lower cost. We also offer advanced technology solutions to address various manufacturing needs of PCBs, specialty semiconductor devices and other electronic components, including advanced packaging, light emitting diode (\u201cLED\u201d), power devices, compound semiconductor, and data storage industries, as well as general materials research. In addition, our services business has grown consistently each quarter on a year-over-year basis and accounted for approximately 22% of our total revenues in fiscal 2025, due to increases in the installed base of KLA systems. Our services revenue, which is generated largely from recurring \u201csubscription-like\u201d contracts, increases the value of our contract offerings and extension of system lifetimes resulting from growth in legacy semiconductor markets. Our semiconductor customers generally operate in one or both of the major semiconductor device manufacturing markets: memory and foundry/logic. End-market demand drivers that are expected to continue to benefit KLA in the long term include adoption of EUV in HVM for Logic and DRAM memory, which drives new process control requirements and growth in key markets for KLA. Demand for advanced semiconductor technologies, particularly evident in the 2-nanometer node, which is seeing higher levels of investment and process control intensity, continues to drive investments in AI. Increasing complexity and value of semiconductor packages, particularly for AI and HPC applications, is also driving significant growth in our advanced packaging business. The digitization of all industries, including 5G markets, advances in healthcare and industrial applications, together with the increasing adoption of electric vehicles and intelligence in automobiles, are powering leading-edge design node technology investments and capacity expansions. While we continue to invest in technological innovation, factors such as delays from customers in adopting new chips and technology methods could impact process control capital intensity. Push out or cancellation of deliveries to our customers could still cause earnings volatility, due to the timing of revenue recognition as well as increased risk of inventory-related charges. We are organized into three reportable segments, as follows: \u2022Semiconductor Process Control: a comprehensive portfolio of inspection, metrology and data analytics products as we ITEM 1.BUSINESS The Company KLA Corporation and its majority-owned subsidiaries (\u201cKLA\u201d or the \u201cCompany\u201d and also referred to as \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d or similar references) are suppliers of industry-leading equipment and services that enables innovation throughout the electronics industry. We provide advanced process control and process-enabling solutions for manufacturing wafers, reticles/masks, chemicals/materials, integrated circuits (\u201cIC\u201d or \u201cchip\u201d), packaged ICs and printed circuit boards (\u201cPCB\u201d), as well as comprehensive support and services across our installed base. Our suite of advanced products, coupled with our unique process control software and services, allow us to deliver the solutions our customers need to achieve their technology advancement and high-volume production goals by significantly improving yields, while simultaneously reducing waste, risks and costs. This improves our customers\u2019 overall profitability and return on investment. Our services business, which accounted for approximately 22% of our revenue in fiscal 2025, increases the value of our contract offerings and promotes the extension of system lifetimes. KLA was formed as KLA-Tencor Corporation in April 1997 through the merger of KLA Instruments Corporation and Tencor Instruments, two long-time leaders in the semiconductor capital equipment industry that began operations in 1975 and 1976, respectively. We are organized into three reportable segments: Semiconductor Process Control; Specialty Semiconductor Process; and PCB and Component Inspection. Within the Semiconductor Process Control segment, our comprehensive portfolio of inspection, metrology and software products, as well as related services, help IC, wafer, reticle/mask and chemical/materials manufacturers achieve target yields throughout the entire fabrication process, from R&D to final volume production. These products and services are designed to provide comprehensive solutions to help customers accelerate development and pr ITEM 1A.RISK FACTORS A description of factors that could materially affect our business, financial condition or operating results is provided below. 10 Table of Contents Risk Factors Summary The following summarizes the most material risks that make an investment in our securities risky or speculative. If any of the following risks occur or persist", "title": "KLAC - KLA CORP", "url": "/company/KLAC/" }, { "kind": "company", "summary": "SIC 2030 Canned, Frozen & Preservd Fruit, Veg & Food Specialties; CIK 0001637459; latest 10-K filed 2026-02-12.", "text": "KHC - Kraft Heinz Co SIC 2030 Canned, Frozen & Preservd Fruit, Veg & Food Specialties; CIK 0001637459; latest 10-K filed 2026-02-12. KHC Kraft Heinz Co 0001637459 2030 Canned, Frozen & Preservd Fruit, Veg & Food Specialties Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Overview Objective: The following discussion provides an analysis of our financial condition and results of operations from management's perspective and should be read in conjunction with the consolidated financial statements and related notes included in Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K. Our objective is to also provide discussion of material events and uncertainties known to management that are reasonably likely to cause reported financial information not to be indicative of future operating results or of future financial condition and to offer information that provides an understanding of our financial condition, results of operations, and cash flows. See below for discussion and analysis of our financial condition and results of operations for 2025 compared to 2024. See Item 7, Management\u2019s Discussions and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for the year ended December 28, 2024 for a detailed discussion of our financial condition and results of operations for 2024 compared to 2023. Description of the Company: We manufacture and market food and beverage products around the world through our eight consumer-driven product platforms: Taste Elevation, Easy Ready Meals, Substantial Snacking, Desserts, Hydration, Cheese, Coffee, Meats, and other grocery products. We manage our operating results through four operating segments: North America, Europe and Pacific Developed Markets (\u201cEPDM\u201d or \u201cInternational Developed Markets\u201d), West and East Emerging Markets (\u201cWEEM\u201d), and Asia Emerging Markets (\u201cAEM\u201d). We have two reportable segments defined by geographic region: North America and International Developed Markets. Our remaining operating segments, consisting of WEEM and AEM, are combined and disclosed as Emerging Markets. See Note 21, Segment Reporting, in Item 8, Financial Statements and Supplementary Data, for our financial information by segment. Previously Announced Separation Transaction: On September 2, 2025, we announced our plan to separate the Company into two independent, publicly traded companies through a tax-free spin-off (the \u201cSeparation\u201d). On February 11, 2026, we announced that the Kraft Heinz Board of Directors (the \u201cBoard\u201d) has decided to pause work related to the Separation. See Item 1A, Risk Factors, for further discussion of risks relating to the Separation. Business Trends and Items Affecting Comparability of Financial Results Inflation and Supply Chain Impacts: During the year ended December 27, 2025, we experienced increased inflationary pressures in our supply chain costs compared to the prior year period, due in part to the tariff and trade policy actions taken by the United States and foreign governments during the year. We expect these inflationary trends to moderate through 2026, although there continues to be significant uncertainty. Further, we continue to take measures to mitigate the impact of this inflation through efficiency initiatives, pricing actions, alternative sourcing, and hedging strategies. However, there has been, and we expect that there could continue to be, a difference between the timing of when these beneficial, mitigative actions impact our results of operations and when the cost inflation is incurred. Additionally, the pricing actions we have taken have, in some instances, negatively impacted, and could continue to negatively impact, our market share. As the situation continues to remain fluid due to the rapidly changing global trade environment, we continue to evaluate the potential implications of these actions on our business. Consumer Trends: In the second quarter of 2025, we announced our commitment to remove Food, Drug & Cosmetic (\u201cFD&C\u201d) colors from our U.S. portfolio of products before the end of 2027. Additionally, we have committed to ensuring that all new Item 1. Business. General We are driving transformation at The Kraft Heinz Company (Nasdaq: KHC), inspired by our Purpose, Let\u2019s Make Life Delicious. Consumers are at the center of everything we do. With 2025 net sales of approximately $25 billion, we are committed to growing our iconic and emerging food and beverage brands on a global scale. We leverage our scale and agility to unleash the full power of Kraft Heinz across a portfolio of eight consumer-driven product platforms. As global citizens, we\u2019re dedicated to making a sustainable, ethical impact while helping to feed the world in healthy, responsible ways. On July 2, 2015, through a series of transactions, we consummated the merger of Kraft Foods Group, Inc. (\u201cKraft\u201d) with and into a wholly-owned subsidiary of H.J. Heinz Holding Corporation (\u201cHeinz\u201d) (the \u201c2015 Merger\u201d). At the closing of the 2015 Merger, Heinz was renamed The Kraft Heinz Company, and H. J. Heinz Company changed its name to Kraft Heinz Foods Company (\u201cKHFC\u201d). On September 2, 2025, we announced our intention to separate our company into two independent publicly traded companies through a tax-free spin-off (the \u201cSeparation\u201d). On February 11, 2026, we announced that the Kraft Heinz Board of Directors (the \u201cBoard\u201d) has decided to pause work related to the Separation. If work related to the Separation is resumed, the Separation would be subject to the satisfaction of customary conditions, including final approval by the Board, receipt of favorable tax opinions of our U.S. tax advisors with respect to the tax-free nature of the Separation, and the effectiveness of appropriate filings with the U.S. Securities and Exchange Commission. We operate on a 52- or 53-week fiscal year ending on the last Saturday in December in each calendar year. Unless the context requires otherwise, references to years and quarters contained herein pertain to our fiscal years and fiscal quarters. Our 2025 fiscal year was a 52-week period that ended on December 27, 2025 Item 1A. Risk Factors. Our business is subject to various risks and uncertainties. In addition to the risks described elsewhere in this Annual Report on 7 Form 10-K, any of the risks and uncertainties described below could materially adversely affect our business, financial condition, and res", "title": "KHC - Kraft Heinz Co", "url": "/company/KHC/" }, { "kind": "company", "summary": "SIC 5411 Retail-Grocery Stores; CIK 0000056873; latest 10-K filed 2026-03-31.", "text": "KR - KROGER CO SIC 5411 Retail-Grocery Stores; CIK 0000056873; latest 10-K filed 2026-03-31. KR KROGER CO 0000056873 5411 Retail-Grocery Stores ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. \u200b The following discussion and analysis of financial condition and results of operations of The Kroger Co. should be read in conjunction with the \u201cForward-looking Statements\u201d section set forth in Part I and the \u201cRisk Factors\u201d section set forth in Item 1A of Part I of this Annual Report on Form 10-K. MD&A is provided as a supplement to, and should be read in conjunction with, our Consolidated Financial Statements and the accompanying notes thereto contained in Item 8 of this Annual Report on Form 10-K, as well as Part II, Item 7 \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended February 1, 2025, which provides additional information on comparisons of fiscal years 2024 and 2023. \u200b OUR VALUE CREATION MODEL \u2013 DELIVERING CONSISTENT AND ATTRACTIVE TOTAL SHAREHOLDER RETURN \u200b Kroger\u2019s proven value creation model is allowing us to deliver today and invest for the future. The foundation of our value creation model is our omnichannel retail business, including fuel and health and wellness. By executing on our go-to-market strategy built on Fresh, Our Brands, Personalization and eCommerce, we are creating a shopping experience that builds loyalty and grows sales. Our retail business generates traffic and data which accelerates growth in our high operating margin alternative profit businesses, like retail media. In turn, the value generated from these businesses enables us to reinvest back into our retail business. \u200b We are focused on our top priorities and delivering an exceptional customer experience to accelerate this flywheel effect. By expanding our store network and improving our eCommerce capabilities, we expect to grow households and increase sales. Our model provides various ways to generate net earnings growth. \u200b We believe this will be achieved by: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Growing identical sales without fuel. Our plan involves maximizing growth opportunities in our retail business and is supported by continued strategic investments in our associates and greater value for our customers to ensure we deliver a full, fresh and friendly experience for every customer, every time. In an effort to serve more households, we plan to invest in major storing projects that allow us to increase both in-store and eCommerce sales. As more and more customers incorporate eCommerce into their permanent routines, we expect eCommerce sales to grow at a double-digit rate \\u2013 a faster pace than other food at home sales \\u2013 over time; and\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Expanding operating margin through long-term initiatives in gross margin, growing alternative profit businesses and productivity and cost savings initiatives that are focused on simplifying our business and modernizing our ways of working. Together, we expect these will enable us to improve operating margin, while balancing strategic price investments for customers and investments in associates to improve customer experience.\"]] [[/GREPCENT_TABLE]] \u200b We expect to continue to generate strong free cash flow and are committed to being disciplined with capital deployment in support of our value creation model and stated capital allocation priorities. Our first priority is to invest in the business through attractive high return opportunities that drive long-term sustainable net earnings growth. We are committed to maintaining our current investment grade debt rating and returning to our net total debt to adjusted EBITDA ratio target range of 2.30 to 2.50. We also expect to continue to grow our dividend over time and return excess cash to shareholders via stock repurchases, subject to Board approval. \u200b We expect our value creation model will result in total shareholder return within our target range of 8% to 11% over time. \u200b 24 2025 EXECUTIVE S ITEM 1. BUSINESS. \u200b The Kroger Co. (the \u201cCompany\u201d or \u201cKroger\u201d) was founded in 1883 and incorporated in 1902. Our Company is built on the foundation of our retail grocery business, which includes the added convenience of our retail pharmacies and fuel centers. Our strategy is focused on growing households and increasing customer loyalty by delivering great value and convenience, and investing in Fresh, Our Brands, Personalization and eCommerce. \u200b We utilize the data and traffic generated by our retail business to create personalized experiences and value for our customers. This data and traffic also enable our fast-growing, high operating margin alternative profit business, including third-party media revenue. In turn, the value generated from these businesses enables us to reinvest back into our retail business. \u200b Our revenues are predominately earned and cash is generated as consumer products are sold to customers in our stores and fuel centers and via our online platforms. We earn income predominately by selling products at price levels that produce revenues in excess of the costs we incur to make these products available to our customers. Such costs include procurement and distribution costs, facility occupancy and operational costs, and overhead expenses. Our fiscal year ends on the Saturday closest to January 31. All references to 2025, 2024 and 2023 are to the fiscal years ended January 31, 2026, February 1, 2025 and February 3, 2024, respectively, unless specifically indicated otherwise. \u200b We maintain a web site (www.thekrogerco.com) that includes additional information about the Company. Kroger\u2019s website and any reports or other information made available by Kroger through its website are not part of or incorporated by reference into this Annual Report on Form 10-K. We make available through our web site, free of charge, our annual reports on Form 10-K, our quarterly reports on Form 10-Q, our current reports on Form 8-K and our interactive data files ITEM 1A. RISK FACTORS. \u200b There are risks and uncertainties that can affect our business. The significant risk factors are discussed below. The following information should be read together with \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d which includes forward-looking statements and factors that could cause us not to realize our goals o", "title": "KR - KROGER CO", "url": "/company/KR/" }, { "kind": "company", "summary": "SIC 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys; CIK 0000202058; latest 10-K filed 2026-02-12.", "text": "LHX - L3HARRIS TECHNOLOGIES, INC. /DE/ SIC 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys; CIK 0000202058; latest 10-K filed 2026-02-12. LHX L3HARRIS TECHNOLOGIES, INC. /DE/ 0000202058 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) is intended to assist in an understanding of our financial condition and results of operations for fiscal 2025 compared with fiscal 2024. A discussion of fiscal 2024 compared to fiscal 2023 can be found in Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended January 3, 2025 (our \u201cFiscal 2024 Form 10-K\u201d). This MD&A is provided as a supplement to, should be read in conjunction with and is qualified in its entirety by reference to, our Consolidated Financial Statements and accompanying Notes appearing elsewhere in this Report. Except for the historical information contained herein, the discussions in this MD&A contain forward-looking statements that involve risks and uncertainties. Our future results could differ materially from those discussed herein. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in Part I. Item 1A. Risk Factors of this Report. For additional information, see Part I. Item 1. Business - Cautionary Statement Regarding Forward-Looking Statements of this Report. OVERVIEW We are the Trusted Disruptor in the defense industry. With customers\u2019 mission-critical needs in mind, we deliver end-to-end technology solutions connecting the space, air, land, sea and cyber domains in the interest of national security. We support customers in more than 100 countries, with our largest customers being various departments and agencies of the U.S. Government, their prime contractors and international allies. Our capabilities have defense _____________________________________________________________________ 20 and civil government applications, as well as commercial applications. As of January 2, 2026, we had approximately 45,000 employees, including approximately 18,000 engineers and scientists. We structure our operations primarily around the capabilities we provide and we report our financial results in four business segments: CS, SAS, IMS, and AR. Revenue is disaggregated at the segment level into categories that the Chief Operating Decision Maker (\u201cCODM\u201d) believes best depict the nature, amount, timing, and uncertainty of revenue and cash flows. These categories do not distinguish between product and service revenue because management evaluates the business on a combined, consolidated revenue and cost of revenue basis. The CODM, as well as segment management, are not provided with and do not review revenue or cost of revenue disaggregated between products and services at the segment or sector level; accordingly, this information is not used in resource allocation decisions. Accordingly, and because we do not believe such disaggregation assists in an understanding of our financial condition and results of operations, product and service revenue and the related cost of revenue are not disaggregated herein. See Note 14: Business Segments in the Notes for further information regarding our business segments. U.S. and International Budget Environment The percentage of our revenue that was derived from sales to U.S. Government customers, whether directly or through prime contractors, including foreign military sales funded through the U.S. Government, was 75%, 76% and 76%, in fiscal 2025, 2024 and 2023, respectively. On March 15, 2025, the President signed into law a full-year CR for GFY 2025, funding the government through September 30, 2025, with $893 billion for defense funding, including $851 billion for the DoW. This was in line with the 1% increase permitted by the caps under the Fiscal Responsibility Act of 2023 for GFY 2025. Notably, the CR provided funding at the account level, not the program level, allowing federal agencies more discretion with how they prioritize funding for programs. ITEM 1. BUSINESS. General L3Harris Technologies, Inc. is the Trusted Disruptor in the defense industry. With customers\u2019 mission-critical needs in mind, we deliver end-to-end technology solutions connecting the space, air, land, sea and cyber domains in the interest of national security. We support customers in more than 100 countries, with our largest customers being various departments and agencies of the U.S. Government, their prime contractors and international allies. Our capabilities have defense and civil government applications, as well as commercial applications. Our fiscal year ends on the Friday nearest December 31. The fiscal year ended January 2, 2026 (\u201cfiscal 2025\u201d) included 52 weeks, fiscal year ended January 3, 2025 (\u201cfiscal 2024\u201d) included 53 weeks, and the fiscal year ended December 29, 2023 (\u201cfiscal 2023\u201d) included 52 weeks. Unless the context otherwise requires, the terms \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cCompany\u201d and \u201cL3Harris\u201d as used in this Annual Report on Form 10-K (this \u201cReport\u201d) mean L3Harris Technologies, Inc. and its subsidiaries. Description of Business Segments We structure our operations primarily around the capabilities we provide and we report our financial results in four operating segments, which are also our reportable segments or business segments. From time to time, we acquire or divest businesses and strategically realign businesses within and across our business segments to optimize existing capabilities and enhance the efficiency with which we develop and deliver on our contracts. For financial information with respect to our business segments, see Note 14: Business Segments in the Notes to Consolidated Financial Statements in this Report (the \u201cNotes\u201d). Beginning fiscal 2026, we streamlined our business segments from four business segments to three business segments, more closely aligning common capabilities and business models. See Note 16: Subsequent Events in the Notes. Our business segments provide a wide-range of capabilities t ITEM 1A. RISK FACTORS. Our business, financial condition, results of operations, cash flows and equity are subject to, and could be materially adversely affected by, various risks and uncertainties, including, without limitation, those set forth below,", "title": "LHX - L3HARRIS TECHNOLOGIES, INC. /DE/", "url": "/company/LHX/" }, { "kind": "company", "summary": "SIC 8071 Services-Medical Laboratories; CIK 0000920148; latest 10-K filed 2026-02-24.", "text": "LH - LABCORP HOLDINGS INC. SIC 8071 Services-Medical Laboratories; CIK 0000920148; latest 10-K filed 2026-02-24. LH LABCORP HOLDINGS INC. 0000920148 8071 Services-Medical Laboratories Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL (dollars in millions) For the year ended December 31, 2025, the Company\u2019s revenues were $13,951.7, an increase of 7.2% from $13,008.9 for the corresponding period in 2024. The 7.2% increase in revenues for the year ended December 31, 2025, as compared to the corresponding period in 2024, was primarily due to organic revenue of 4.4%, acquisitions, net of divestitures of 2.5%, and favorable foreign currency translation of 0.4%. The Company defines organic growth as the increase in revenue excluding the year over year impact of acquisitions, divestitures, and currency. Acquisition and divestiture impact is considered for a 12-month period following the close of each transaction. On June 30, 2023, the Company completed the Spin-off. The TSA dated June 29, 2023 between Fortrea and LCAH expired on June 30, 2025, and all services provided under the TSA terminated on or before the expiration date. On July 4, 2025, the U.S. government enacted the OBBBA, which includes provisions addressing regulations and federal funding affecting healthcare. These provisions include, but are not limited to, changes to Medicaid and the ACA, and could lead to revised regulatory requirements and reduced federal funding. As a result of these changes, the Company could experience a decline in utilization of its diagnostics testing services due to a reduction in overall insurance coverage, which may cause the Company\u2019s revenue to decrease. However, the Company currently believes any such reduction would not likely have a material impact on its results of operations in future periods. The potential impacts described above represent the Company\u2019s assessment at this time, and the Company will continue to evaluate the impact of the OBBBA on its business and operations, if any, as the legislation\u2019s provisions continue to become effective through 2028. RESULTS OF OPERATIONS (dollars in millions) The following tables present the financial measures that management considers to be the most significant indicators of the Company\u2019s performance. For the discussion of 2024 results and comparison with 2023 results refer to \u201cManagement\u2019s Discussion and Analysis of Financial Conditions and Results of Operations\u201d in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. Revenues [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"\",\"\",\"Change\"],[\"Dx\",\"$\",\"10,876.5\",\"\",\"\",\"$\",\"10,144.3\",\"\",\"\",\"\",\"\",\"7.2\",\"%\"],[\"BLS\",\"3,098.2\",\"\",\"\",\"2,922.6\",\"\",\"\",\"\",\"\",\"6.0\",\"%\"],[\"Intercompany eliminations and other\",\"(23.0)\",\"\",\"\",\"(58.0)\",\"\",\"\",\"\",\"\",\"60.4\",\"%\"],[\"Total\",\"$\",\"13,951.7\",\"\",\"\",\"$\",\"13,008.9\",\"\",\"\",\"\",\"\",\"7.2\",\"%\"]] [[/GREPCENT_TABLE]] Dx revenues for the year ended December 31, 2025, were $10,876.5, an increase of 7.2% compared to revenues of $10,144.3 in the corresponding period in 2024. The increase was primarily due to organic revenue of 4.1% and acquisitions, net of divestitures of 3.2%, partially offset by unfavorable foreign currency translation of 0.1%. Dx total volume, measured by requisitions, increased by 3.7%, as organic volume increased by 2.2% and acquisition volume, net of divestitures, contributed 1.5%. Price/mix increased by 3.5% due to organic growth of 1.9% and acquisitions, net of divestitures, of 1.7%, partially offset by unfavorable foreign currency translation of 0.1%. BLS revenues for the year ended December 31, 2025, were $3,098.2, an increase of 6.0% over revenues of $2,922.6 in the corresponding period in 2024. The increase in revenues was primarily due to organic growth of 4.0% and favorable foreign currency translation of 2.0%. 38 TABLE OF CONTENTS Cost of Revenues [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"\",\"\",\"Change\"],[\"Cost of revenues\",\"$\",\"9,939.2\",\"\",\"$\",\"9,384.5\",\"\",\"\",\"\",\"5.9\",\"%\"],[\"Cost of revenues as a percentage of revenues\",\"71.2\" Item 1. BUSINESS Labcorp\u00ae Holdings Inc. is a global leader of innovative and comprehensive laboratory services that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. The Company provides insights and accelerates innovations to improve health and improve lives through its unparalleled diagnostics and drug development laboratory capabilities. During 2025, the Company\u2019s nearly 71,000 employees served clients in approximately 100 countries and performed more than 750 million tests for patients around the world. In addition, the Company provided support for more than 85% of the new drugs and therapeutic products approved in 2025 by the FDA. The Company\u2019s strength in science, technology, and innovation, as well as its global scale, powers its continued success, differentiates the Company, and enables it to play a leading role in advancing healthcare across the globe. These strengths are critical to the Company\u2019s ability to carry out its mission to improve health and improve lives. Enterprise Strategy Through leadership in science, technology and innovation, the Company provides vital information and services to help its customers make clear and confident decisions to improve health and improve lives. The Company is expanding its role in the rapidly evolving healthcare market by strengthening its positions across its portfolio of capabilities, growing strategic opportunities that drive new business, and differentiating its unique offerings. The Company is focused on two near-term strategic opportunities for growth across both Dx and BLS: [[GREPCENT_TABLE]] [[\"Be a Partner of Choice for Health Systems and Local and Regional Laboratories\",\"\",\"Lead in the Development, Licensing, and Scaling of Specialty Testing\"],[\"\\u2022The Company expects hospitals, health systems, and other laboratories to focus on investing in core patient care services, while seeking partners that off Item 1A. RISK FACTORS Investors should carefully consider all of the information set forth in this Annual Report, including the following risk factors, before deciding to invest in any of the Company\u2019s securities. The risks below are not the only ones that the Company faces. Additional risks not presently known to the Company, or that it presentl", "title": "LH - LABCORP HOLDINGS INC.", "url": "/company/LH/" }, { "kind": "company", "summary": "SIC 3559 Special Industry Machinery, NEC; CIK 0000707549; latest 10-K filed 2025-08-11.", "text": "LRCX - LAM RESEARCH CORP SIC 3559 Special Industry Machinery, NEC; CIK 0000707549; latest 10-K filed 2025-08-11. LRCX LAM RESEARCH CORP 0000707549 3559 Special Industry Machinery, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations contains forward-looking statements, which are subject to risks, uncertainties, and changes in condition, significance, value, and effect. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors, including but not limited to those discussed in \u201cRisk Factors\u201d and elsewhere in this 2025 Form 10-K and other documents we file from time to time with the Securities and Exchange Commission. (See \u201cCautionary Statement Regarding Forward-Looking Statements\u201d in Part I of this 2025 Form 10-K.) Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) provides a description of our results of operations and should be read in conjunction with our Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements included in Part II, Item 8 of this 2025 Form 10-K. MD&A consists of the following sections: Executive Summary provides a summary of the key highlights of our results of operations and our management\u2019s assessment of material trends and uncertainties relevant to our business. Results of Operations provides an analysis of operating results. Critical Accounting Policies and Estimates discusses accounting policies that reflect the more significant judgments and estimates used in the preparation of our Consolidated Financial Statements. Liquidity and Capital Resources provides an analysis of cash flows, contractual obligations, and financial position. Executive Summary Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. We have built a strong global presence with core competencies in areas like nanoscale manufacturing enablement, chemistry, plasma and fluidics, advanced systems engineering and a broad range of operational disciplines. Our products and services are designed to help our customers build smaller and better performing devices that are used in a variety of electronic products, including mobile phones, personal computers, cloud and enterprise servers, wearables, automotive vehicles, and data storage devices. Our customer base includes leading semiconductor memory, foundry, and integrated device manufacturers that make products such as NVM, DRAM, and logic devices. Their continued success is part of our commitment to driving semiconductor breakthroughs that define the next generation. Our core technical competency is integrating hardware, process, materials, software, and process control, enabling results on the wafer. Semiconductor manufacturing, our customers\u2019 business, involves the fabrication of multiple dies or integrated circuits on a wafer. This involves the repetition of a set of core processes and can require hundreds of individual steps. Fabricating these devices requires a sequence of highly sophisticated process technologies to integrate an increasing array of new materials with precise control at the atomic scale. Along with meeting technical requirements, wafer processing equipment must deliver high productivity and be cost-effective. Demand from cloud computing, artificial intelligence, 5G, the Internet of Things, and other markets is driving the need for increasingly powerful and cost-efficient semiconductors. At the same time, there are growing technical challenges with traditional two-dimensional scaling. These trends are driving significant inflections in semiconductor manufacturing, such as the increasing importance of vertical scaling strategies like three-dimensional architecture as well as multiple patterning to enable shrinks. We believe we are in a strong position with our leadership and expertise in deposition, etch, and clean markets to facilitate some of the most significant innovations in semiconductor Item 1. Business Incorporated in 1980, Lam Research Corporation (\u201cLam Research,\u201d \u201cLam,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d or the \u201cCompany\u201d) is a Delaware corporation, headquartered in Fremont, California. We maintain a network of facilities throughout Asia, Europe, and the United States in order to meet the needs of our dynamic customer base. Additional information about Lam Research is available on our website at www.lamresearch.com. The content on any website referred to in this Form 10-K is not a part of or incorporated by reference in this Form 10-K unless expressly noted. Our Annual Report on Form 10-K, Quarterly Reports on Forms 10-Q, Current Reports on Forms 8-K, Proxy Statements and all other filings we make with the SEC are available on our website, free of charge, as soon as reasonably practical after we file them with or furnish them to the SEC and are also available online at the SEC\u2019s website at www.sec.gov. Lam Research Corporation 2025 10-K 3 Table of Contents The Lam Research logo, Lam Research, and all product and service names used in this report are either registered trademarks or trademarks of Lam Research Corporation or its subsidiaries in the United States and/or other countries. All other marks mentioned herein are the property of their respective holders. We are a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. We have built a strong global presence with core competencies in areas such as nanoscale manufacturing enablement, chemistry, plasma and fluidics, advanced systems engineering, and a broad range of operational disciplines. Our products and services are designed to help our customers build smaller and better performing devices that are used in a variety of electronic products, including mobile phones, personal computers, cloud and enterprise servers, wearables, automotive vehicles, and data storage devices. Our customer base includes leading semiconductor memory, foundry, and integrated Item 1A. Risk Factors In addition to the other information in this Annual Report on Form 10-K (\u201c2025 Form 10-K\u201d), the following risk factors should be carefully considered in evaluating us and our business because such factors may significantly impact our business, operating results, and financial condition. As a result of these risk factor", "title": "LRCX - LAM RESEARCH CORP", "url": "/company/LRCX/" }, { "kind": "company", "summary": "SIC 7011 Hotels & Motels; CIK 0001300514; latest 10-K filed 2026-02-06.", "text": "LVS - LAS VEGAS SANDS CORP SIC 7011 Hotels & Motels; CIK 0001300514; latest 10-K filed 2026-02-06. LVS LAS VEGAS SANDS CORP 0001300514 7011 Hotels & Motels ITEM 7. \u2014 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with, and is qualified in its entirety by, the audited consolidated financial statements and the notes thereto, and other financial information included in this Form 10-K. Certain statements in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d are forward-looking statements. See \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview We view each of our Integrated Resorts as an operating segment. Our operating segments in Macao consist of The Venetian Macao; The Londoner Macao; The Parisian Macao; The Plaza Macao and Four Seasons Macao; and Sands Macao. Our operating segment in Singapore is Marina Bay Sands. During 2025, we achieved milestones in advancing several of our strategic objectives. During the second quarter of 2025, we completed the conversion of the Sheraton Grand Macao into the Londoner Grand, which included the construction of 2,405 newly renovated rooms and suites, representing Macao\u2019s first Marriott International Luxury Collection hotel, upgraded the gaming areas and included the addition of attractions, dining, retail and entertainment offerings. Additionally, we completed the renovations of the Tower 3 hotel rooms at Marina Bay Sands into world class suites in the second quarter of 2025. The completion of the renovations of Towers 1, 2 and 3 resulted in a total of 1,844 rooms, including 775 suites. Macao The Macao government announced total visitation from mainland China to Macao increased approximately 18.5% during the year ended December 31, 2025, as compared to the same period in 2024. The Macao government also announced gross gaming revenue increased approximately 9.1% during the year ended December 31, 2025, as compared to the same period in 2024. Singapore Airlift passenger movement has increased with a total of 70 million passengers having passed through Singapore\u2019s Changi Airport during the year ended December 31, 2025, an increase of 3.4% compared to the same period in 2024. The STB announced total visitation to Singapore increased from approximately 16.5 million during the year ended December 31, 2024 to approximately 16.9 million during the year ended December 31, 2025. Summary Our Macao operations continue to face a competitive casino operating environment, with adjusted property EBITDA having decreased $17 million, or 0.7%, compared to the year ended December 31, 2024. Our Singapore operations continue to deliver exceptional results in terms of adjusted property EBITDA having increased $870 million, or 42.4%, compared to the year ended December 31, 2024, with the key driver being an increase in gross gaming revenue. We have a strong balance sheet and sufficient liquidity in place, including total unrestricted cash and cash equivalents of $3.84 billion as of December 31, 2025 and access to $1.50 billion, $1.71 billion and $458 million of available borrowing capacity from our 2024 LVSC Revolving Facility, 2024 SCL Revolving Facility and 2025 Singapore Revolving Facility, respectively, as of the date of this Annual Report on Form 10-K. We believe we are able to support our continuing operations, complete the major construction projects that are underway and maintain our share repurchase and dividend programs to continue to return excess capital to stockholders. 37 Table of Contents Key Operating Revenue Measurements Operating revenues at The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Macao and Marina Bay Sands are dependent upon the volume of customers who stay at the hotel, which affects the price charged for hotel rooms and our gaming volume. Operating revenues at Sands Macao are principally driven by the volume of gaming patrons who visit the property on a daily basis. Management utilizes the following volume and pricing measures in orde", "title": "LVS - LAS VEGAS SANDS CORP", "url": "/company/LVS/" }, { "kind": "company", "summary": "SIC 7373 Services-Computer Integrated Systems Design; CIK 0001336920; latest 10-K filed 2026-02-17.", "text": "LDOS - Leidos Holdings, Inc. SIC 7373 Services-Computer Integrated Systems Design; CIK 0001336920; latest 10-K filed 2026-02-17. LDOS Leidos Holdings, Inc. 0001336920 7373 Services-Computer Integrated Systems Design Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of Leidos Holdings, Inc.\u2019s (\u201cLeidos\u201d) financial condition, results of operations and quantitative and qualitative disclosures about business environment and trends and market risk should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties, including those described under the heading \u201cForward-Looking Statements.\u201d You should also review the disclosure under Part I, Item 1A, \u201cRisk Factors\u201d in this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Unless indicated otherwise, references in this report to \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer collectively to Leidos and its consolidated subsidiaries. In this section, we discuss our financial condition, changes in financial condition and results of our operations for the year ended January 2, 2026, compared to the year ended January 3, 2025. For a discussion and analysis comparing our results for the year ended January 3, 2025, to the year ended December 29, 2023, see our Annual Report on Form 10-K for the year ended January 3, 2025, filed with the SEC on February 11, 2025, under Part II, Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d OVERVIEW Leidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with 47,000 global employees, we pursue strategic growth across five pillars: space and maritime; energy infrastructure; digital modernization and cyber; mission software; and managed health services. Our customers include the U.S. Department of War (\u201cDoW\u201d), the U.S. Intelligence Community, the U.S. Department of Homeland Security, the Federal Aviation Administration, the Department of Veterans Affairs and many other U.S. civilian, state and local government agencies, foreign government agencies and commercial businesses. Approximately 8% of our revenues are generated by entities located outside of the United States. Our business is aligned into four reportable segments that are focused on specific, defined capability sets we bring to our customers. We operate in the following reportable segments: National Security & Digital, Health & Civil, Commercial & International and Defense Systems. We also separately present the unallocated costs associated with corporate functions as Corporate. For additional information regarding our reportable segments, see \u201cBusiness\u201d in Part I and \u201cNote 20\u2014Business Segments\u201d of the notes to the consolidated financial statements contained within this Annual Report on Form 10-K. Our significant initiatives include the following: uachieving annual revenue growth guided by our NorthStar 2030 strategy focusing on the growth pillars aligned with our customers\u2019 priorities; ucontinual improvements in the effectiveness and efficiency of our business processes driven by our enterprise transformation office leveraging artificial intelligence and automation; and udisciplined deployment of our cash resources and use of our capital structure to enhance shareholder value while retaining an appropriate amount of financial leverage. Sales Trend. For fiscal 2025, revenues increased $0.5 billion, or 3%, compared to fiscal 2024, the increase was primarily due to program wins and a net increase in volumes, partially offset by the Item 1. Business OUR COMPANY Leidos Holdings, Inc. (\u201cLeidos\u201d), a Delaware corporation, is a holding company whose direct 100%-owned subsidiary and principal operating company is Leidos, Inc. Leidos was founded in 1969 by physicist Dr. Robert Beyster. Since our founding 57 years ago, we have applied our expertise in science, research and engineering in rapidly-evolving technologies and markets to solve complex problems of global concern. We use the terms \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d to refer collectively to Leidos Holdings, Inc. and its consolidated subsidiaries. Leidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with 47,000, global employees, we pursue strategic growth across five pillars: space and maritime; energy infrastructure; digital modernization and cyber; mission software; and managed health services. Our customers include the U.S. Department of War (\u201cDoW\u201d), the U.S. Intelligence Community, the U.S. Department of Homeland Security (\u201cDHS\u201d), the Federal Aviation Administration (\u201cFAA\u201d), the Department of Veterans Affairs (\u201cVA\u201d) and many other U.S. civilian, state and local government agencies, foreign government agencies and commercial businesses. With a focus on delivering mission-critical solutions, Leidos generated 87% of revenues for the fiscal year ended January 2, 2026, (\u201cfiscal 2025\u201d) from U.S. government contracts, either as a prime contractor or a subcontractor to others. Approximately 8% of our revenues are generated by entities located outside of the United States. By leveraging expertise in multiple disciplines, tailoring our services and solutions to the particular needs of our targeted markets and using advanced analytics, we work to securely deliver services and solutions that not only meet customers\u2019 current goals, but also support their future missions. For additional discussion and analysis related to recent busin Item 1A. Risk Factors In your evaluation of our company and business, you should carefully consider the risks and uncertainties described below, together with information disclosed elsewhere in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes and", "title": "LDOS - Leidos Holdings, Inc.", "url": "/company/LDOS/" }, { "kind": "company", "summary": "SIC 3585 Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip; CIK 0001069202; latest 10-K filed 2026-02-17.", "text": "LII - LENNOX INTERNATIONAL INC SIC 3585 Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip; CIK 0001069202; latest 10-K filed 2026-02-17. LII LENNOX INTERNATIONAL INC 0001069202 3585 Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the other sections of this report, including the Consolidated Financial Statements and related Notes to the Consolidated Financial Statements in Item 8, \u201cOther Financial Statement Details,\u201d of this Annual Report on Form 10-K. 19 Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d), and Section 21E of the Exchange Act that are based on information currently available to management as well as management\u2019s assumptions and beliefs as of the date hereof. All statements, other than statements of historical fact, included in this Annual Report on Form 10-K constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the words \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cplan,\u201d \u201cpredict,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cintend,\u201d \u201cestimate\u201d and \u201cexpect\u201d and similar expressions. Statements that are not historical should also be considered forward-looking statements. Such statements reflect our current views with respect to future events. Readers are cautioned not to place undue reliance on these forward-looking statements. We believe these statements are based on reasonable assumptions; however, such statements are inherently subject to risks and uncertainties, including but not limited to the specific uncertainties discussed elsewhere in this Annual Report on Form 10-K and the risk factors set forth in Item 1A. Risk Factors in this Annual Report on Form 10-K. These risks and uncertainties may affect our performance and results of operations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those in the forward-looking statements. We disclaim any intention or obligation to update or review any forward-looking statements or information, whether as a result of new information, future events or otherwise unless required by law. The following are some of the factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements: \u2022competition in the HVACR business; \u2022our ability to successfully develop and market new products or execute our business strategy, including the implementation of price increases for products and services; \u2022our ability to meet and anticipate customer demands; \u2022our ability to continue to license or enforce our intellectual property rights; \u2022our ability to attract, motivate, develop and retain our employees, as well as labor relations problems; \u2022artificial intelligence technologies; \u2022a decline in new construction activity and related demand for our products and services; \u2022the impact of weather on our business; \u2022the impact of higher raw material prices and significant supply interruptions; \u2022product liability, warranty claims, or recalls; \u2022changes in environmental and climate-related legislation or government regulations or policies; \u2022changes in tax legislation; \u2022the impact of new or increased trade tariffs; \u2022improper conduct by any of our employees, agents, or business partners; \u2022litigation risks; \u2022general economic conditions in the U.S. and abroad; \u2022extraordinary events beyond our control, such as conflicts, wars, natural disasters, public health crises, terrorist acts, or other civil or political disruptions; \u2022risks associated with our international operations; \u2022cyber attacks and other disruptions or misuse of information systems; and \u2022our ability to successfully realize, complete and integrate acquisitions. Business Overview We operate in two reportable business segments of the HVACR industry, Home Comfort Solutions and Building Climate Solutions. In addition to the two Item 1. Business References in this Annual Report on Form 10-K to \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cLennox,\u201d \u201cLII\u201d or the \u201cCompany\u201d refer to Lennox International Inc. and its subsidiaries, unless the context requires otherwise. The Company We are a global leader in energy-efficient climate-control solutions. We design, manufacture and market a broad range of products for the heating, ventilation, air conditioning and refrigeration (\u201cHVACR\u201d) markets. We have leveraged our expertise to become an industry leader known for innovation, quality and reliability. Our products and services are sold through multiple distribution channels under various brand names. The Company was founded in 1895, in Marshalltown, Iowa, by Dave Lennox, the owner of a machine repair business for railroads. He designed and patented a riveted steel coal-fired furnace, which led to numerous advancements in heating, cooling and climate control solutions. Our two business segments, Home Comfort Solutions and Building Climate Solutions, the key products, services and well-known product and brand names within each segment and net sales in 2025 by segment are shown in the table below. Segment financial data for 2025, 2024 and 2023, including financial information about foreign and domestic operations, is included in Note 3 of the Notes to our Consolidated Financial Statements in \u201cItem 8. Financial Statements and Supplementary Data\u201d and is incorporated herein by reference. [[GREPCENT_TABLE]] [[\"Segment\",\"\",\"Products & Services\",\"\",\"Product and Brand Names\",\"\",\"2025Net Sales (in millions)\"],[\"Home Comfort Solutions\",\"\",\"Furnaces, air conditioners, heat pumps, packaged heating and cooling systems, indoor air quality equipment, comfort control products, replacement parts and supplies\",\"\",\"Lennox, Dave Lennox Signature Collection, Armstrong Air, Ducane, AirEase, Concord, MagicPak, ADP Advanced Distributor Products, Allied, Supco, LINEBACKER, Elite Series, Merit Series, Comfort Sync, Healthy Climate, Healthy Climate Item 1A. Risk Factors The following risk factors and other information included in this Annual Report on Form 10-K should be carefully considered. We believe these are the principal material risks currently facing our business; however, additional risks and uncertainties not prese", "title": "LII - LENNOX INTERNATIONAL INC", "url": "/company/LII/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000059478; latest 10-K filed 2026-02-12.", "text": "LLY - ELI LILLY & Co SIC 2834 Pharmaceutical Preparations; CIK 0000059478; latest 10-K filed 2026-02-12. LLY ELI LILLY & Co 0000059478 2834 Pharmaceutical Preparations Item 7.Management's Discussion and Analysis of Results of Operations and Financial Condition (Tables present dollars in millions, except per-share data, and numbers may not add due to rounding) General Management's discussion and analysis of results of operations and financial condition is intended to assist the reader in understanding and assessing significant changes and trends related to our results of operations and financial position. This discussion and analysis should be read in conjunction with Item 8, \"Financial Statements and Supplementary Data.\" Certain statements in this Item 7 constitute forward-looking statements. Various risks and uncertainties, including those discussed in \"Forward-Looking Statements\" and Item 1A, \"Risk Factors,\" may cause our actual results, financial position, and cash generated from operations to differ from these forward-looking statements. EXECUTIVE OVERVIEW This section provides an overview of our financial results, our clinical development pipeline, and other matters affecting our company and industry. Financial Results The following table summarizes certain financial information: [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\",\"\",\"Percent Change\"],[\"\",\"2025\",\"\",\"2024\"],[\"Revenue\",\"$\",\"65,179\",\"\",\"\",\"$\",\"45,043\",\"\",\"\",\"45\"],[\"Net income\",\"20,640\",\"\",\"\",\"10,590\",\"\",\"\",\"95\"],[\"Earnings per share - diluted\",\"22.95\",\"\",\"\",\"11.71\",\"\",\"\",\"96\"]] [[/GREPCENT_TABLE]] Revenue increased in 2025 driven primarily by increased volume, partially offset by lower realized prices. The increased volume and lower realized prices in 2025 were primarily driven by Mounjaro and Zepbound. Net income and earnings per share increased in 2025, primarily due to higher gross margin, partially offset by increased marketing, selling, and administrative expenses and research and development expenses. See \"Results of Operations\" for additional information. 43 Clinical Development Pipeline Our long-term success depends on our ability to continually discover or acquire, develop, and commercialize innovative medicines. The following select new molecular entities (NMEs) and new indication line extension (NILEX) products are currently in clinical trials or have been submitted for regulatory review or have recently received regulatory approval in the U.S., European Union (EU), or Japan. The table reflects the status of these NMEs and NILEX products, up to the time of the filing of this Annual Report on Form 10-K: [[GREPCENT_TABLE]] [[\"Compound\",\"Indication/Study\",\"Status\",\"Developments\"],[\"Cardiometabolic Health\"],[\"Tirzepatide (Mounjaro, Zepbound)\",\"Heart failure with preserved ejection fraction\",\"Approved\",\"Approved in the EU.\"],[\"Pediatric and adolescent type 2 diabetes\",\"Approved\",\"Approved in the U.S. and the EU.\"],[\"Cardiovascular outcomes in type 2 diabetes\",\"Submitted\",\"Submitted in the U.S.\"],[\"Metabolic dysfunction-associated steatotic liver disease\",\"Phase 3\",\"Phase 3 trial was initiated.\"],[\"Morbidity and mortality in obesity\",\"Phase 3\",\"Phase 3 trial is ongoing.\"],[\"Type 1 diabetes\",\"Phase 3\",\"Phase 3 trials were initiated.\"],[\"Insulin efsitora alfa\",\"Type 2 diabetes\",\"Submitted\",\"Submitted in the U.S., the EU, and Japan.\"],[\"Orforglipron\",\"Obesity(1)\",\"Submitted\",\"Submitted in the U.S., the EU, and Japan.\"],[\"Type 2 diabetes\",\"Submitted\",\"Submitted in the EU. Phase 3 trials are ongoing.\"],[\"Cardiovascular outcomes\",\"Phase 3\",\"Phase 3 trial was initiated.\"],[\"Hypertension\",\"Phase 3\",\"Phase 3 trial was initiated.\"],[\"Obstructive Sleep Apnea (OSA)\",\"Phase 3\",\"Phase 3 trials are ongoing.\"],[\"Osteoarthritis pain\",\"Phase 3\",\"Phase 3 trial was initiated.\"],[\"Peripheral artery disease\",\"Phase 3\",\"Phase 3 trial was initiated.\"],[\"Stress urinary incontinence\",\"Phase 3\",\"Phase 3 trial was initiated.\"],[\"Eloralintide\",\"Obesity\",\"Phase 3\",\"Phase 3 trial was initiated.\"],[\"Lepodisiran\",\"Atherosclerotic cardiovascular disease\",\"Phase 3\",\"Phase 3 trial is ongoing.\"],[\"Muvalaplin\",\"Atherosclerotic cardiovascular Item 1.Business Eli Lilly and Company (referred to as the company, Lilly, we, or us) was incorporated in 1901 in Indiana to succeed to the drug manufacturing business founded in Indianapolis, Indiana, in 1876 by Colonel Eli Lilly. We discover, develop, manufacture, and market products in a single business segment\u2014human pharmaceutical products. Our purpose is to unite caring with discovery to create medicines that make life better for people around the world. Our long-term success depends on our ability to continually discover or acquire, develop, and commercialize innovative medicines. We manufacture and distribute our products through facilities in the United States (U.S.), including Puerto Rico, and in Europe and Asia. Our products are sold in approximately 90 countries. Products Our products include: [[GREPCENT_TABLE]] [[\"Therapeutic area\",\"Products\",\"Certain Indications\"],[\"Cardiometabolic Health products\",\"Basaglar\",\"In collaboration with Boehringer Ingelheim, a long-acting human insulin analog for the treatment of diabetes.\"],[\"Humalog, Humalog Mix 75/25, Humalog U-100, Humalog U-200, Humalog Mix 50/50, insulin lispro, insulin lispro protamine, and insulin lispro mix 75/25\",\"Human insulin analogs for the treatment of diabetes.\"],[\"Humulin, Humulin 70/30, Humulin N, Humulin R, and Humulin U-500\",\"Human insulins of recombinant DNA origin for the treatment of diabetes.\"],[\"Jardiance\",\"In collaboration with Boehringer Ingelheim, for the treatment of type 2 diabetes; to reduce the risk of cardiovascular death in adult patients with type 2 diabetes and established cardiovascular disease; to reduce the risk of cardiovascular death and hospitalizations for heart failure in adults; and to reduce the risk of sustained decline in estimated glomerular filtration rate (eGFR), end-stage kidney disease, cardiovascular death and hospitalization in adults with chronic kidney disease (CKD) at risk of progression.\"],[\"Mounjaro\",\"A glucose-dependent insulinotropic polypepti Item 1A.Risk Factors In addition to the other information contained in this Annual Report on Form 10-K, the following risk factors should be considered carefully in evaluating our company. It is possible that our business, financial condition, liquidity, cash flows, results of operations, reputation, and prospects could be materially adversely affect", "title": "LLY - ELI LILLY & Co", "url": "/company/LLY/" }, { "kind": "company", "summary": "SIC 2810 Industrial Inorganic Chemicals; CIK 0001707925; latest 10-K filed 2026-02-25.", "text": "LIN - LINDE PLC SIC 2810 Industrial Inorganic Chemicals; CIK 0001707925; latest 10-K filed 2026-02-25. LIN LINDE PLC 0001707925 2810 Industrial Inorganic Chemicals ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of the company\u2019s financial condition and results of operations should be read together with its consolidated financial statements and notes to the consolidated financial statements included in Item 8 of this Form 10-K. [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Business Overview\",\"18\"],[\"Executive Summary \\u2013 Financial Results & Outlook\",\"19\"],[\"Consolidated Results and Other Information\",\"20\"],[\"Segment Discussion\",\"25\"],[\"Liquidity, Capital Resources and Other Financial Data\",\"30\"],[\"Off-Balance Sheet Arrangements\",\"32\"],[\"Critical Accounting Estimates\",\"32\"],[\"New Accounting Standards\",\"34\"],[\"Fair Value Measurements\",\"34\"],[\"Non-GAAP Financial Measures\",\"35\"],[\"Supplemental Guarantee Information\",\"38\"]] [[/GREPCENT_TABLE]] 17 Table of Contents BUSINESS OVERVIEW The company's primary products in its industrial gases business are atmospheric gases (oxygen, nitrogen, argon, rare gases) and process gases (hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases, acetylene). The company also designs, engineers, and builds equipment that produces industrial gases and offers its customers a wide range of gas production and processing services such as olefin plants, natural gas plants, air separation plants, hydrogen and synthesis gas plants and other types of plants. Linde\u2019s industrial gas operations are managed on a geographical basis and in 2025 90% of sales were generated by Linde's three geographic segments (Americas, EMEA and APAC) and the remaining 10% were related largely to the Engineering segment, and to a lesser extent Other (see Note 18 to the consolidated financial statements for operating segment details). Linde serves a diverse group of industries including healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics. The diversity of end-markets supports financial stability for Linde in varied business cycles. Linde's industrial gas business generates most of its revenues and earnings in the following geographies where the company has its strongest market positions and where distribution and production operations allow the company to deliver the highest level of service to its customers at the lowest cost. [[GREPCENT_TABLE]] [[\"North and South America (\\\"Americas\\\")\",\"\",\"Europe, Middle East and Africa (\\u201cEMEA\\u201d)\",\"\",\"Asia and Pacific (\\u201cAPAC\\u201d)\"],[\"United States\",\"\",\"Germany\",\"\",\"China\"],[\"Brazil\",\"\",\"United Kingdom\",\"\",\"Australia\"],[\"Mexico\",\"\",\"Eastern Europe\",\"\",\"South Korea\"],[\"Canada\",\"\",\"\",\"\",\"India\"]] [[/GREPCENT_TABLE]] The company manufactures and distributes its industrial gas products through networks of thousands of production plants, pipeline complexes, distribution centers and delivery vehicles. Major pipeline complexes are primarily located in the United States and China. These networks are a competitive advantage, providing the foundation of reliable product supply to the company\u2019s customer base. The majority of Linde\u2019s business is conducted through long-term contracts which provide stability in cash flow and the ability to pass through changes in energy and feedstock costs to customers. The company has growth opportunities in all major geographies and in diverse end-markets such as healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics. 18 Table of Contents EXECUTIVE SUMMARY \u2013 FINANCIAL RESULTS & OUTLOOK 2025 Year in review \u2022Sales of $33,986 million were 3% above 2024 sales of $33,005 million. Sales increased 2% from higher price attainment primarily in the Americas and EMEA segments. Acquisitions increased sales by 1% largely in APAC and Americas. Sales from volumes were flat as base volume declines were largely offset by new project start-ups. Currency translation and cost pass-through, representing the contractual billing of energy ITEM 1. BUSINESS General Linde plc is a public limited company formed under the laws of Ireland with its principal offices in the United Kingdom and United States. Linde is the largest industrial gas company worldwide and is a major technological innovator in the industrial gases industry. Its primary products in its industrial gases business are atmospheric gases (oxygen, nitrogen, argon, and rare gases) and process gases (hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases, and acetylene). The company also designs and builds equipment that produces industrial gases and offers customers a wide range of gas production and processing services such as olefin plants, natural gas plants, air separation plants, hydrogen and synthesis gas plants, and other types of plants. Linde serves a diverse group of industries including healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics. Linde\u2019s sales were $33,986 million, $33,005 million, and $32,854 million for 2025, 2024, and 2023, respectively. Refer to Item 7, Management's Discussion and Analysis, for a discussion of consolidated sales and Note 18 to the consolidated financial statements for additional information related to Linde\u2019s reportable segments. Industrial Gases Products and Manufacturing Processes Atmospheric gases are the highest volume products produced by Linde. Using ambient air as feedstock, Linde produces oxygen, nitrogen and argon through several air separation processes of which cryogenic air separation is the most prevalent. Linde is the market leader in the field of non-cryogenic air separation technologies for the production of industrial gases. As part of this process Linde also produces rare gases, such as krypton, neon, and xenon. As a pioneer and leader in industrial gases, Linde is continuously developing a wide range of proprietary and patented applications and technologies to produce, store, distribute and in ITEM 1A. RISK FACTORS Due to the size and geographic reach of the company\u2019s operations, a wide range of factors, many of which are outside of the company\u2019s control, could materially affect the company\u2019s future operations and financial performance. Management believes the following risks may significantly impact the company: Weakening economic conditions in markets", "title": "LIN - LINDE PLC", "url": "/company/LIN/" }, { "kind": "company", "summary": "SIC 7900 Services-Amusement & Recreation Services; CIK 0001335258; latest 10-K filed 2026-02-19.", "text": "LYV - Live Nation Entertainment, Inc. SIC 7900 Services-Amusement & Recreation Services; CIK 0001335258; latest 10-K filed 2026-02-19. LYV Live Nation Entertainment, Inc. 0001335258 7900 Services-Amusement & Recreation Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion of our financial condition and results of operations together with the audited consolidated financial statements and notes to the consolidated financial statements included elsewhere in this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed under Item 1A.\u2014Risk Factors and other sections in this Annual Report. The following discussion of our financial condition and results of operations generally discusses 2025 and 2024 items along with year-over-year comparisons between these two years. Discussion of 2023 items and year-over-year comparisons between 2024 and 2023 can be found in Item 7\u2014Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report on Form 10-K. Executive Overview 2025 was another record year for the Company with operating income up 52% and AOI up 10% versus 2024. We saw demand for live experiences growing across the globe, notably in our international markets, with superstar acts performing to packed houses from Toronto to Taipei and from Buenos Aires to Berlin. We had our highest ever volume of stadium shows in 2025, fueling our best topline revenue in the Company\u2019s 20-year history. Once again, our Concerts segment led our segments in terms of growth, generating $687.1 million in AOI, an increase of 30% over 2024. We added 8 million fans in 2025 and over half of our full year fan count came from markets outside the United States \u2013 the first time this has happened. Our global footprint of venues continued to expand during the year with more new club, theater, amphitheater, arena and stadium opportunities around the globe planned in 2026 and beyond. Our overall revenue increased by $2.0 billion, or 9%, to $25.2 billion as compared to last year. The increase in revenue was $1.8 billion without the impact of changes in foreign exchange rates. Operating income for the year improved by $426.7 million or 52%, largely from the impact of the Astroworld losses recorded in 2024. The increase in operating income was $416.0 million without the impact of changes in foreign exchange rates. Consolidated AOI for the year increased by $220.5 million, or 10%, to $2.4 billion this year. Our event-related deferred revenue balance increased by $698.7 million, or 21%, to $4.0 billion as of December 31, 2025 compared to December 31, 2024. This, coupled with current ticket sales for 2026, which are up 10% versus the same point in 2025, suggests ongoing strong demand for concerts, making us confident in our continued success in the year ahead. For the year, we experienced favorable foreign currency translation impacts of $199.0 million on revenues and $10.7 million on operating income. The majority of the favorable impact came from the Euro and British Pound, partially offset by the Mexican and Argentinian Pesos. All of the segment financial comments below are based on reported foreign currency exchange rates. Our Concerts segment revenue for the year increased by $1.8 billion, or 10% compared to 2024, from $19.0 billion to $20.9 billion. Approximately 159 million fans attended our shows in the year, our largest annual fan count ever, compared to approximately 151 million last year, for growth of 8 million or 5%. The growth was focused in our international markets, most notably in Europe, Mexico and Asia. Growth in stadium content drove fan count increases in nearly all of our markets, hitting an all-time high. Some of the larger acts ITEM 1. BUSINESS Our Company We believe that we are the largest live entertainment company in the world, connecting over 805 million fans across all of our concerts and ticketing platforms in 55 countries during 2025. We believe we are the largest producer of live music concerts in the world, based on total fans that attend Live Nation events as compared to events of other promoters, connecting 159 million fans to over 11,000 artists at 55,000 events in 2025. Live Nation owns, operates, has exclusive booking rights for or has an equity interest in 460 venues globally, including House of Blues\u00ae music venues and prestigious locations such as The Fillmore\u00ae in San Francisco, Brooklyn Bowl\u00ae in New York City, the Hollywood Palladium in Los Angeles, the Moody Center\u00a9 arena in Austin, the Ziggo Dome in Amsterdam, 3Arena in Dublin, Royal Arena in Copenhagen and Spark Arena in Auckland. We believe we are one of the world\u2019s leading artist management companies based on the number of artists represented. Our artist management companies manage music artists and acts across all music genres. We believe we are the world\u2019s leading live entertainment ticketing sales and marketing company, based on the number of tickets we sell. Ticketmaster provides ticket sales services and marketing and distribution globally through www.ticketmaster.com and www.livenation.com and our mobile apps, other websites and numerous retail outlets, distributing 646 million tickets through our systems in 2025. Ticketmaster serves 10,500 clients worldwide across multiple event categories, providing ticketing services for leading arenas, stadiums, festival and concert promoters, professional sports franchises and leagues, college sports teams, performing arts venues, museums and theaters. We believe our global footprint is one of the world\u2019s largest music advertising networks for corporate brands and includes one of the world\u2019s leading ecommerce websites based on a comparison of gross sales of top inte ITEM 1A. RISK FACTORS You should carefully consider each of the following risks and all of the other information set forth in this Annual Report. The following risks relate principally to our business and operations, our leverage and our common stock. If any of the risks and uncertainti", "title": "LYV - Live Nation Entertainment, Inc.", "url": "/company/LYV/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000060086; latest 10-K filed 2026-02-10.", "text": "L - LOEWS CORP SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000060086; latest 10-K filed 2026-02-10. L LOEWS CORP 0000060086 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. OVERVIEW Loews Corporation is a holding company and has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA Financial Corporation (\u201cCNA\u201d), Boardwalk Pipeline Partners, LP (\u201cBoardwalk Pipelines\u201d) and Loews Hotels Holding Corporation (\u201cLoews Hotels & Co\u201d); and the Corporate segment. The Corporate segment is primarily comprised of Loews Corporation, excluding its consolidated operating subsidiaries, and the equity method of accounting for Altium Packaging LLC (\u201cAltium Packaging\u201d), an unconsolidated subsidiary. Unless the context otherwise requires, as used herein, the term \u201cCompany\u201d means Loews Corporation including its subsidiaries, the terms \u201cParent Company,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d or like terms mean Loews Corporation excluding its subsidiaries and the term \u201cNet income (loss) attributable to Loews Corporation\u201d means Net income (loss) attributable to Loews Corporation shareholders. We rely upon our invested cash balances and distributions from our subsidiaries to generate the funds necessary to meet our obligations and to declare and pay any dividends to our shareholders. The ability of our subsidiaries to pay dividends is subject to, among other things, the availability of sufficient earnings and funds in such subsidiaries, applicable state laws, including in the case of the insurance subsidiaries of CNA, laws and rules governing the payment of dividends by regulated insurance companies (see Note 14 of the Notes to Consolidated Financial Statements included under Item 8) and compliance with covenants in their respective loan agreements. Claims of creditors of our subsidiaries will generally have priority as to the assets of such subsidiaries over our claims and those of our creditors and shareholders. We are not responsible for the liabilities and obligations of our subsidiaries and there are no Parent Company guarantees. [[GREPCENT_TABLE]] [[\"\",\"49\"]] [[/GREPCENT_TABLE]] Table of Contents The following discussion should be read in conjunction with Item 1A, Risk Factors, and Item 8, Financial Statements and Supplementary Data of this Form 10-K. For a discussion of changes in results of operations comparing the years ended December 31, 2024 and 2023 for Loews Corporation and its subsidiaries see Part II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 11, 2025. RESULTS OF OPERATIONS Consolidated Financial Results The following table summarizes net income (loss) attributable to Loews Corporation by segment and the basic and diluted net income per share attributable to Loews Corporation for the years ended December 31, 2025 and 2024: [[GREPCENT_TABLE]] [[\"Year Ended December 31\",\"2025\",\"\",\"2024\"],[\"(In millions, except per share data)\"],[\"CNA Financial\",\"$\",\"1,173\",\"\",\"\",\"$\",\"879\"],[\"Boardwalk Pipelines\",\"444\",\"\",\"\",\"413\"],[\"Loews Hotels & Co\",\"31\",\"\",\"\",\"70\"],[\"Corporate\",\"19\",\"\",\"\",\"52\"],[\"Net income attributable to Loews Corporation\",\"$\",\"1,667\",\"\",\"\",\"$\",\"1,414\"],[\"Basic net income per share\",\"$\",\"7.98\",\"\",\"\",\"$\",\"6.42\"],[\"Diluted net income per share\",\"$\",\"7.97\",\"\",\"\",\"$\",\"6.41\"]] [[/GREPCENT_TABLE]] 2025 Compared with 2024 Net income attributable to Loews Corporation for 2025 was $1.7 billion, or $7.97 diluted net income per share, compared to net income attributable to Loews Corporation of $1.4 billion, or $6.41 diluted net income per share, in 2024. Net income attributable to Loews Corporation for 2024 includes a $265 million after-tax and noncontrolling interests pension settlement charge for CNA. Excluding this pension charge, CNA\u2019s increase is primarily due to higher property and casualty underwriting income and net investment income, partially offset by unfavorable net prior year loss reserve development related to legacy mass Item 1. Business. Loews Corporation was incorporated in 1969 and is a holding company. Our subsidiaries are engaged in the following lines of business: \u2022commercial property and casualty insurance (CNA Financial Corporation, an approximately 92% owned subsidiary); \u2022transportation and storage of natural gas and natural gas liquids, olefins and other hydrocarbons (Boardwalk Pipeline Partners, LP, a wholly owned subsidiary); and \u2022operation of a chain of hotels (Loews Hotels Holding Corporation, a wholly owned subsidiary). We also own approximately 53% of Altium Packaging LLC, an unconsolidated subsidiary, which is engaged in the manufacture of rigid plastic packaging solutions. We have four reportable segments comprised of three individual consolidated operating subsidiaries, CNA Financial Corporation, Boardwalk Pipeline Partners, LP and Loews Hotels Holding Corporation; and the Corporate segment. The Corporate segment is comprised of Loews Corporation, excluding these subsidiaries, and the equity method of accounting for Altium Packaging LLC, an unconsolidated subsidiary. Additional financial information on each of our segments is included under Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d). CNA FINANCIAL CORPORATION CNA Financial Corporation (together with its subsidiaries, \u201cCNA\u201d) is an insurance holding company. CNA\u2019s property and casualty and remaining life and group insurance operations are primarily conducted by Continental Casualty Company (\u201cCCC\u201d), The Continental Insurance Company, Western Surety Company, CNA Insurance Company Limited, Hardy Underwriting Bermuda Limited and its subsidiaries (\u201cHardy\u201d) and CNA Insurance Company (Europe) S.A. CNA accounted for 81.2%, 81.5% and 83.6% of our consolidated total revenue for the years ended December 31, 2025, 2024 and 2023. CNA\u2019s insurance products primarily include commercial property and casualty coverages, including surety. CNA\u2019s services include warra Item 1A. Risk Factors. Our business and the businesses of our subsidiaries face many risks and uncertainties. These risks and uncertainties could lead to events or circumstances that have a material adverse effect on our business, results of operations, cash flows, financial condition and/or equity and/or the business, results of operations, cash flows", "title": "L - LOEWS CORP", "url": "/company/L/" }, { "kind": "company", "summary": "SIC 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl; CIK 0001397187; latest 10-K filed 2026-03-17.", "text": "LULU - lululemon athletica inc. SIC 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl; CIK 0001397187; latest 10-K filed 2026-03-17. LULU lululemon athletica inc. 0001397187 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. Components of this MD&A include: \u2022Overview \u2022Financial Highlights and Market Conditions and Trends \u2022Results of Operations \u2022Comparison of 2025 to 2024 \u2022Comparable Sales and Sales Per Square Foot \u2022Non-GAAP Financial Measures \u2022Liquidity and Capital Resources \u2022Liquidity Outlook \u2022Contractual Obligations and Commitments \u2022Critical Accounting Policies and Estimates Our fiscal year ends on the Sunday closest to January 31 of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. Fiscal 2025 was a 52-week year and fiscal 2024 was a 53-week year. Net revenue for 2024 includes results from the 53rd week; however, comparable sales are calculated on a one-week shifted basis such that the 52 weeks ended February 1, 2026 are compared to the 52 weeks ended February 2, 2025 rather than January 26, 2025. This discussion and analysis contains forward-looking statements based on current expectations that involve risks, uncertainties and assumptions, such as our plans, objectives, expectations, and intentions included in the \"Special Note Regarding Forward-Looking Statements.\" Our actual results and the timing of events may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those described under \"Item 1A. Risk Factors\" of this report. These statements speak only as of the date of this report, and we do not undertake to update them, except as required by law. We use comparable sales as a metric to evaluate the performance of our business. Refer to the Comparable Sales and Sales Per Square Foot section of this MD&A for further information. We provide constant dollar changes, which is a non-GAAP financial measure, as supplemental information to help investors understand the underlying growth rate of net revenue excluding the impact of changes in foreign currency exchange rates. Refer to the Non-GAAP Financial Measures section of this MD&A for reconciliations between the non-GAAP financial measures and the most directly comparable measures calculated in accordance with GAAP. We disclose material non-public information through one or more of the following channels: our investor relations website (http://corporate.lululemon.com/investors), the social media channels identified on our investor relations website, press releases, SEC filings, public conference calls, and webcasts. Information contained on or accessible through our websites is not incorporated into, and does not form a part of, this annual report or any other report or document we file with the SEC, and any references to our websites are intended to be inactive textual references only. Overview In 2025, we delivered net revenue growth of 5%, with a 22% increase in our international regions offsetting a decrease of 1% in the Americas. Our international revenue growth was driven by a 29% increase in China Mainland, and a 16% increase in Rest of World. By product category, we saw a 5% increase in women's, 4% growth in men's, and an 8% increase in accessories and other categories. We expanded our retail presence by adding 44 net new company-operated stores, contributing to an 11% increase in square footage. Company-operated store net revenue increased 1% and e-commerce net revenue increased 8%. Operating margin decreased 380 basis points and diluted earnings per share decreased by 9%, mainly due to the impact from increased tariff rates in the United States, and the removal of the de minimis provision. We have taken mitigating actions, including selectiv ITEM 1. BUSINESS General lululemon athletica inc. is principally a designer, distributor, and retailer of technical athletic apparel, footwear, and accessories. Our vision is to create transformative products and experiences that build meaningful connections, unlocking greater possibility and wellbeing for all. Since our inception, we have fostered a distinctive corporate culture; we promote a set of core values in our business which include taking personal responsibility, acting with courage, valuing connection and inclusion, and choosing to have fun. These core values attract passionate and motivated employees who are driven to achieve personal and professional goals, and share our purpose \"to elevate human potential by helping people feel their best.\" In this Annual Report on Form 10-K for the fiscal year ended February 1, 2026, lululemon athletica inc. (together with its subsidiaries) is referred to as \"lululemon,\" \"the Company,\" \"we,\" \"us,\" or \"our.\" We refer to the fiscal year ended February 1, 2026 as \"2025,\" the fiscal year ended February 2, 2025 as \"2024.\" Our next fiscal year ends on January 31, 2027 and is referred to as \"2026.\" Components of this discussion of our business include: \u2022Our Products \u2022Our Markets and Segments \u2022Integrated Marketing \u2022Product Design and Development \u2022Sourcing and Manufacturing \u2022Distribution Facilities \u2022Competition \u2022Seasonality \u2022Human Capital \u2022Intellectual Property \u2022Securities and Exchange Commission Filings 1 Table of Contents Our Products We offer a comprehensive line of technical athletic apparel, footwear, and accessories marketed under the lululemon brand. Our apparel assortment includes: \u2022Pants, shorts, tops, and jackets designed for a healthy lifestyle including athletic activities such as yoga, running, training, and most other activities; \u2022Apparel designed for being on the move; and \u2022Fitness-inspired accessories. We expect to continue to broaden our merchandise offerings through expansion across the ITEM 1A. RISK FACTORS In addition to the other information contained in this Form 10-K, the following risk factors should be considered in evaluating our business. Our business, financial condition, or results of operations could be materially adversely affected as a result of any of the progre", "title": "LULU - lululemon athletica inc.", "url": "/company/LULU/" }, { "kind": "company", "summary": "SIC 3669 Communications Equipment, NEC; CIK 0001633978; latest 10-K filed 2025-08-19.", "text": "LITE - Lumentum Holdings Inc. SIC 3669 Communications Equipment, NEC; CIK 0001633978; latest 10-K filed 2025-08-19. LITE Lumentum Holdings Inc. 0001633978 3669 Communications Equipment, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion in conjunction with the audited consolidated financial statements and the corresponding notes included elsewhere in this Annual Report. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements. The matters discussed in these forward-looking statements are subject to risk, uncertainties and other factors that could cause actual results to differ materially from those made, projected or implied in the forward-looking statements. Refer to \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d for a discussion of the uncertainties, risks and assumptions associated with these statements. Overview We are a leading provider of optical and photonic products and are recognized as an industry leader based on revenue and market share. Our products are essential to a range of cloud, artificial intelligence and machine learning (\u201cAI/ML\u201d), telecommunications, consumer, and industrial end-market applications. We believe the global markets in which Lumentum participates have fundamentally robust, long-term trends that will increase the need for our photonics products and technologies. We believe the world is becoming more reliant on ever-increasing amounts of data flowing through optical networks and data centers. Lumentum\u2019s products and technology enable the scaling of these optical networks and data centers to higher capacities. AI/ML has caused a dramatic surge in the growing demands on data networking in cloud data centers and accelerated the usage of optical components and modules. We expect that the accelerating shift to digital and virtual approaches to many aspects of work and life will continue into the future. Virtual meetings, video calls, and hybrid in-person and virtual environments for work and other aspects of life will continue to drive strong needs for bandwidth growth and present dynamic new challenges that our technologies address. As manufacturers demand higher levels of precision, new materials, and factory and energy efficiency, suppliers of manufacturing tools globally are turning to laser-based approaches, including the types of lasers Lumentum supplies. Laser-based 3D sensing and LiDAR for security, industrial and automotive applications are rapidly developing markets. The technology enables computer vision applications that enhance security, safety, and new functionality in the electronic devices that people rely on every day. The use of LiDAR and in-cabin 3D sensing in automobile and delivery vehicles over time significantly adds to our long-term market opportunity. Additionally, we expect 3D-enabled machine vision solutions to expand significantly in industrial applications in the coming years. To maintain and grow our market and technology leadership positions, we are continually investing in new and differentiated products and technologies and customer programs that address both nearer-term and longer-term growth opportunities, both organically and through acquisitions, as well as continually improving and optimizing our operations. Over many years, we have developed close relationships with market-leading customers. We seek to use our core optical and photonic technologies and our volume manufacturing capability to expand into attractive emerging markets that benefit from advantages that optical or photonics-based solutions provide. We have two reportable segments, Cloud & Networking and Industrial Tech. The two operating segments were primarily determined based on how our Chief Operating Decision Maker (\u201cCODM\u201d) views and evaluates our operations. The CODM regularly reviews operating results to make decisions about resources to be allocated to the segments and to assess their performance. Our CODM allocates resources to the segments based on their business prospects, competitive factors, segment net revenue and ITEM 1. BUSINESS General Overview Lumentum Holdings Inc. (\u201cwe,\u201d \u201cus,\u201d \u201cour\u201d, \u201cLumentum\u201d or the \u201cCompany\u201d) is a leading provider of optical and photonic products and is recognized as an industry leader based on revenue and market share. Our products are essential to a range of cloud, artificial intelligence and machine learning (\u201cAI/ML\u201d), telecommunications, consumer, and industrial end-market applications. We operate in two end-market focused reportable segments, Cloud & Networking and Industrial Tech. Our Cloud & Networking products comprise a comprehensive portfolio of optical and photonic chips, components, modules, and subsystems supplied to cloud data center operators, AI/ML infrastructure providers, and network equipment manufacturer customers who are building cloud data center and network infrastructures. Our products enable high-capacity optical links for cloud computing, AI/ML workloads, and data center interconnect (\u201cDCI\u201d) applications, as well as for communications service provider networks. Our offerings support access (local), metro (intracity), long-haul (intercity and global), and submarine (undersea) network infrastructure. Additionally, our Cloud & Networking products serve enterprise network infrastructure needs, including storage area networks (\u201cSANs\u201d), local area networks (\u201cLANs\u201d), and wide area networks (\u201cWANs\u201d). Demand for our products is fueled by the ongoing expansion of network capacity required to support cloud and services, AI/ML processing, streaming video, video conferencing, wireless and mobile connectivity, and the internet of things (\u201cIoT\u201d). Our Industrial Tech products include short-pulse solid-state lasers, kilowatt-class fiber lasers, diode lasers, and gas lasers, serving a wide range of end-markets applications. In the consumer market, our laser light sources are integrated into customers\u2019 3D sensing cameras, primarily used in mobile devices. In the industrial manufacturing market, our lasers are embedded in machine tools ITEM 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condit", "title": "LITE - Lumentum Holdings Inc.", "url": "/company/LITE/" }, { "kind": "company", "summary": "SIC 2860 Industrial Organic Chemicals; CIK 0001489393; latest 10-K filed 2026-02-20.", "text": "LYB - LyondellBasell Industries N.V. SIC 2860 Industrial Organic Chemicals; CIK 0001489393; latest 10-K filed 2026-02-20. LYB LyondellBasell Industries N.V. 0001489393 2860 Industrial Organic Chemicals Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. GENERAL This discussion should be read in conjunction with the information contained in our Consolidated Financial Statements, and the accompanying notes elsewhere in this report. Unless otherwise indicated, the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or similar words are used to refer to LyondellBasell Industries N.V. together with its consolidated subsidiaries (\u201cLyondellBasell N.V.\u201d). In February 2025, we ceased business operations at our Houston refinery. Accordingly, our refining business, previously disclosed as the Refining segment, is reported as a discontinued operation. The related operating results of our refining business are reported as discontinued operations for all periods presented. Discontinued operations also include costs associated with the closure and dismantlement of our Berre refinery. The discussion summarizing the significant factors affecting the results of operations and financial condition for the year ended December 31, 2023 and for the year ended December 31, 2024 compared to 2023, except as impacted by the change for discontinued operations discussed above, has been excluded from this Form 10-K and can be found in Part II, \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission on February 27, 2025, of which Item 7 is incorporated herein by reference. OVERVIEW Results from continuing operations for 2025 decreased when compared to 2024, primarily as a result of non-cash impairment charges recognized in 2025 in our Olefins and Polyolefins-Europe, Asia, International (\u201cO&P-EAI\u201d) and Advanced Polymer Solutions (\u201cAPS\u201d) segments. Throughout 2025, petrochemical markets faced significant headwinds from global trade disruptions, falling oil prices and capacity additions which outpaced global demand growth. In our Olefins and Polyolefins-Americas (\u201cO&P-Americas\u201d) segment, polyethylene chain margins fell due to trade issues, higher feedstock costs and a well-supplied market. In our O&P-EAI segment, polymer margins declined throughout 2025 due to competition from imports, partially offset by lower feedstock costs. In our Intermediates and Derivatives (\u201cI&D\u201d) segment, new octane capacity pressured oxyfuels and related products margins through most of the summer driving season. Our APS segment delivered meaningful gains through margin improvement, portfolio optimization and increased business win rates. In 2025, we agreed to sell certain European olefins and polyolefins assets and the associated business. The sale is expected to close in the second quarter of 2026. In connection with the sale, we expect to recognize a loss of approximately $700 million to $900 million upon closing, which includes a cash contribution of approximately $300 million to the sold businesses prior to closing. During 2025, we generated $2.3 billion in cash from operating activities. We invested $1.9 billion in capital expenditures and returned $2.0 billion to shareholders through dividend payments and share repurchases. 35 Table of Contents Results of operations for the periods discussed are presented in the table below. [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\"],[\"Millions of dollars\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Sales and other operating revenues\",\"\",\"$\",\"30,153\",\"\",\"\",\"$\",\"33,394\",\"\",\"\",\"$\",\"33,336\"],[\"Cost of sales\",\"\",\"27,576\",\"\",\"\",\"28,750\",\"\",\"\",\"28,435\"],[\"Goodwill impairments\",\"\",\"972\",\"\",\"\",\"\\u2014\",\"\",\"\",\"252\"],[\"Other impairments\",\"\",\"279\",\"\",\"\",\"949\",\"\",\"\",\"255\"],[\"Selling, general and administrative expenses\",\"\",\"1,610\",\"\",\"\",\"1,642\",\"\",\"\",\"1,539\"],[\"Research and development expenses\",\"\",\"136\",\"\",\"\",\"135\",\"\",\"\",\"130\"],[\"Operating income (loss)\",\"\",\"(420)\",\"\",\"\",\"1,918\",\"\",\"\",\"2,725\"],[\"Interest expense\",\"\",\"(487)\",\"\",\"\",\"(481)\",\"\",\"\",\"(477 Item 1A. Risk Factors. You should carefully consider the following risk factors in addition to the other information included in this Annual Report on Form 10-K. Each of these risk factors could adversely affect our business, operating results and financial condition, as well as adversely affect the value of an investment in our common stock. Risks Related to our Business and Industry The cyclicality and volatility of the industries in which we participate may cause significant fluctuations in our operating results. Our business operations are subject to the cyclical and volatile nature of the supply-demand balance in the chemical industry. Our future operating results are expected to continue to be affected by this cyclicality and volatility. The chemical industry historically has experienced alternating periods of capacity shortages, causing prices and profit margins to increase, followed by periods of excess capacity, resulting in oversupply, declining capacity utilization rates and declining prices and profit margins. In addition to changes in the supply and demand for products, changes in energy prices and other worldwide economic conditions can cause volatility. These factors result in significant fluctuations in profits and cash flow from period to period and over business cycles. New capacity additions around the world have led to periods of oversupply and lower profitability. The timing and extent of any changes to currently prevailing market conditions are uncertain and supply and demand may be unbalanced at any time. As a consequence, we are unable to accurately predict the extent or duration of future industry cycles or their effect on our business, financial condition or results of operations. A sustained decrease in the price of crude oil may adversely impact the results of our operations, primarily in North America. Energy costs generally follow price trends of crude oil and natural gas. These price trends may be highly volatile and cyclic", "title": "LYB - LyondellBasell Industries N.V.", "url": "/company/LYB/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000036270; latest 10-K filed 2026-02-18.", "text": "MTB - M&T BANK CORP SIC 6022 State Commercial Banks; CIK 0000036270; latest 10-K filed 2026-02-18. MTB M&T BANK CORP 0000036270 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Corporate Profile M&T is a BHC headquartered in Buffalo, New York with consolidated assets of $213.5 billion at December 31, 2025. M&T\u2019s wholly-owned bank subsidiaries are M&T Bank and Wilmington Trust, N.A. Those bank subsidiaries offer a wide range of retail and commercial banking, wealth management, trust and institutional services to their customers. M&T Bank, with total consolidated assets of $212.9 billion at December 31, 2025, is a New York-chartered commercial bank with 942 domestic banking offices primarily located in the Northeastern and Mid-Atlantic regions of the U.S., including the District of Columbia, and a full-service commercial banking office in Ontario, Canada. M&T Bank and its subsidiaries offer a broad range of financial services to a diverse base of consumers, businesses, professional clients, governmental entities and financial institutions located in their markets. Wilmington Trust, N.A. is a national bank with total consolidated assets of $773 million at December 31, 2025. Wilmington Trust, N.A. and its subsidiaries offer various institutional client and wealth management services. Further information about the Company's business, its legal entity structure and its significant subsidiaries is included in Part I, Item 1, \"Business\" and Exhibit 21.1 of this Form 10-K. Financial Overview For a discussion of 2024 results as compared with 2023 results, see Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in the M&T Annual Report on Form 10-K for the year ended December 31, 2024. A comparative summary of financial results for the Company is provided in Table 1 that follows. Table 1 SUMMARY OF FINANCIAL RESULTS [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"Change from\"],[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"2024 to 2025\",\"\",\"2023 to 2024\"],[\"(Dollars in millions, except per share)\",\"2025\",\"\",\"2024\",\"\",\"2023\",\"\",\"Amount\",\"\",\"%\",\"\",\"Amount\",\"\",\"%\"],[\"Net interest income\",\"$\",\"6,948\",\"\",\"\",\"$\",\"6,852\",\"\",\"\",\"$\",\"7,115\",\"\",\"\",\"$\",\"96\",\"\",\"\",\"1\",\"%\",\"\",\"$\",\"(263)\",\"\",\"\",\"-4\",\"%\"],[\"Taxable-equivalent adjustment (a)\",\"44\",\"\",\"\",\"50\",\"\",\"\",\"54\",\"\",\"\",\"(6)\",\"\",\"\",\"-11\",\"\",\"\",\"(4)\",\"\",\"\",\"-9\"],[\"Net interest income (taxable-equivalent basis) (a)\",\"6,992\",\"\",\"\",\"6,902\",\"\",\"\",\"7,169\",\"\",\"\",\"90\",\"\",\"\",\"1\",\"\",\"\",\"(267)\",\"\",\"\",\"-4\"],[\"Provision for credit losses\",\"505\",\"\",\"\",\"610\",\"\",\"\",\"645\",\"\",\"\",\"(105)\",\"\",\"\",\"-17\",\"\",\"\",\"(35)\",\"\",\"\",\"-5\"],[\"Other income\",\"2,742\",\"\",\"\",\"2,427\",\"\",\"\",\"2,528\",\"\",\"\",\"315\",\"\",\"\",\"13\",\"\",\"\",\"(101)\",\"\",\"\",\"-4\"],[\"Other expense\",\"5,493\",\"\",\"\",\"5,359\",\"\",\"\",\"5,379\",\"\",\"\",\"134\",\"\",\"\",\"2\",\"\",\"\",\"(20)\",\"\",\"\",\"\\u2014\"],[\"Net income\",\"2,851\",\"\",\"\",\"2,588\",\"\",\"\",\"2,741\",\"\",\"\",\"263\",\"\",\"\",\"10\",\"\",\"\",\"(153)\",\"\",\"\",\"-6\"],[\"Per common share data:\"],[\"Basic earnings\",\"17.10\",\"\",\"\",\"14.71\",\"\",\"\",\"15.85\",\"\",\"\",\"2.39\",\"\",\"\",\"16\",\"\",\"\",\"(1.14)\",\"\",\"\",\"-7\"],[\"Diluted earnings\",\"17.00\",\"\",\"\",\"14.64\",\"\",\"\",\"15.79\",\"\",\"\",\"2.36\",\"\",\"\",\"16\",\"\",\"\",\"(1.15)\",\"\",\"\",\"-7\"],[\"Performance ratios\"],[\"Return on:\"],[\"Average assets\",\"1.35\",\"%\",\"\",\"1.23\",\"%\",\"\",\"1.33\",\"%\"],[\"Average common shareholders' equity\",\"10.27\",\"\",\"\",\"9.54\",\"\",\"\",\"11.06\"],[\"Net interest margin\",\"3.67\",\"\",\"\",\"3.58\",\"\",\"\",\"3.83\"]] [[/GREPCENT_TABLE]] __________________________________________________________________________________ (a)Net interest income data are presented on a taxable-equivalent basis which is a non-GAAP measure. The taxable-equivalent adjustment represents additional income taxes that would be due if all interest income were subject to income taxes. This adjustment, which is related to interest received on qualified municipal securities, industrial revenue financings and preferred equity securities, is based on a composite income tax rate of approximately 25% in each of 2025 and 2024 and 26% in 2023. 51 The increase in net income in 2025 as compared with 2024 reflects the following: Item 1. Business. M&T is a New York business corporation that has elected to be treated as an FHC under the BHCA and is a BHC under Article III-A of the New York Banking Law. M&T was incorporated in November 1969. At December 31, 2025, M&T had two wholly-owned bank subsidiaries: M&T Bank and Wilmington Trust, N.A. The banks collectively offer a wide range of retail and commercial banking, wealth management, trust and institutional services to their customers. The Company had consolidated total assets of $213.5 billion, deposits of $166.9 billion and shareholders\u2019 equity of $29.2 billion at December 31, 2025. The principal executive offices of M&T and M&T Bank are located in Buffalo, New York. M&T Bank is a banking corporation that is incorporated under the laws of the State of New York. M&T Bank is a member of the Federal Reserve System and the FHLB System, and its deposits are insured by the FDIC through its DIF up to applicable limits. M&T acquired all of the issued and outstanding shares of the capital stock of M&T Bank in December 1969. The stock of M&T Bank represents a major asset of M&T. M&T Bank operates under a charter granted by the State of New York in 1892, and the continuity of its banking business is traced to the organization of Manufacturers and Traders Bank in 1856. M&T Bank provides banking products and services through a domestic banking office and ATM network located throughout New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Massachusetts, Maine, Vermont, New Hampshire, Virginia, West Virginia and the District of Columbia. As a commercial bank, M&T Bank offers a broad range of financial services to a diverse base of consumers, businesses, professional clients, governmental entities and financial institutions located in its markets. Lending is generally focused on consumers residing in areas where M&T Bank maintains banking offices, and on small and medium-size businesses based in those areas, although loans are origi Item 1A. Risk Factors. Risk Factors Summary Market Risk \u2022Weakness in the economy, or fluctuations in market factors, has adversely affected the Company in the past and may adversely affect the Company in the future. \u2022The Company\u2019s business and financial performance is impacted significantly by market interest rates and movements in those rates. The monetary and other rela", "title": "MTB - M&T BANK CORP", "url": "/company/MTB/" }, { "kind": "company", "summary": "SIC 2911 Petroleum Refining; CIK 0001510295; latest 10-K filed 2026-02-26.", "text": "MPC - Marathon Petroleum Corp SIC 2911 Petroleum Refining; CIK 0001510295; latest 10-K filed 2026-02-26. MPC Marathon Petroleum Corp 0001510295 2911 Petroleum Refining Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations All statements in this section, other than statements of historical fact, are forward-looking statements that are inherently uncertain. See \u201cDisclosures Regarding Forward-Looking Statements\u201d and Item 1A. Risk Factors for a discussion of the factors that could cause actual results to differ materially from those projected in these statements. The following information concerning our business, results of operations and financial condition should also be read in conjunction with the information included under Item 1. Business, Item 1A. Risk Factors and Item 8. Financial Statements and Supplementary Data. EXECUTIVE SUMMARY Business Update Our Refining & Marketing segment results for 2025 versus 2024 reflect higher realized refining margins supported by stable demand and by gasoline and distillate inventory levels in the U.S. that were at or below five-year averages. Longer term, global demand growth is expected to outpace the net impact of refining capacity additions and rationalizations through the end of the decade. We anticipate these fundamentals, as well as the U.S. refining industry\u2019s current structural advantages over the rest of the world, will support a constructive environment for U.S. refiners. Our Midstream segment contributed strong results and continued growth in 2025, benefitting from the expansion of its Permian to Gulf Coast natural gas and NGL value chains with the Northwind Midstream Acquisition and the BANGL Acquisition, progression of long-haul pipeline growth projects and expansion of Gulf Coast fractionation and export facilities. We believe our Midstream business is well positioned and has significant opportunities to support the development plans of its producer customers. In response to the current business environment, we continue to focus on the following priorities for our business: Commitment to Safety, Reliability and Sustainability We remain steadfast in our commitment to safely and reliably operate our assets and protect the health and safety of our employees. We are focused on sustainable structural changes to improve our cost competitiveness while maintaining safe and reliable operations. Our approach to sustainability spans the environmental, social and governance dimensions of our business. That means strengthening resiliency by lowering the carbon intensity and conserving natural resources; innovating for the future by investing in renewables and emerging technologies; and embedding sustainability in decision-making and in how we engage our people and many stakeholders. We have existing targets for reducing Scope 1 & 2 GHG emissions intensity, for lowering methane emissions intensity and for lowering our freshwater withdrawal intensity. Operational Excellence We are committed to achieving operational excellence by reducing costs, improving efficiency, driving operational improvements and being disciplined in capital allocation. This means lowering our costs in all aspects of our business and challenging ourselves to be disciplined in every dollar we spend across our organization. We look to optimize our portfolio of investment opportunities to ensure efficient deployment of capital focusing on projects with the highest returns. Commercial Performance We are focused on leveraging the complexity of our facilities by selecting advantaged raw materials, new approaches in the commercial space to be more dynamic amidst changing market conditions and achieving technological improvements to advance our commercial performance. Integrated Value Chain Optimization We are committed to leveraging our value chain so that we are a leader in operational, financial, and sustainability performance. Our goal is to improve value chain optimization with a more integrated and advanced approach to decision making so that each individual asset generates free cash flow back to the business and contributes to sha Item 1. Business OVERVIEW MPC has nearly 140 years of history in the energy business, and is a leading, integrated, downstream and midstream energy company. We operate one of the nation's largest refining systems with approximately 3.0 million barrels per day of crude oil refining capacity and believe we are one of the largest wholesale suppliers of gasoline and distillates to resellers in the United States. We distribute our refined products through one of the largest terminal operations in the United States and one of the largest private domestic fleets of inland petroleum product barges. Our integrated midstream energy asset network links producers of natural gas and NGLs from some of the largest supply basins in the United States to domestic and international markets. In addition, we are one of the largest producers and marketers of renewable diesel in the United States. Our operations consist of three reportable operating segments: Refining & Marketing, Midstream and Renewable Diesel. Each of these segments is organized and managed based upon the nature of the products and services it offers. \u2022Refining & Marketing \u2013 refines crude oil and other feedstocks at our refineries in the Gulf Coast, Mid-Continent and West Coast regions of the United States, purchases refined products and ethanol for resale and distributes refined products through transportation, storage, distribution and marketing services provided largely by our Midstream segment. We sell refined products to wholesale marketing customers domestically and internationally, to buyers on the spot market, to independent entrepreneurs who operate primarily Marathon\u00ae branded outlets and through long-term supply contracts with direct dealers who operate locations mainly under the ARCO\u00ae brand. \u2022Midstream \u2013 gathers, transports, stores and distributes crude oil, refined products, including renewable diesel, and other hydrocarbon-based products principally for the Refining & Marketing segment via refining log Item 1A. Risk Factors You should carefully consider each of the following risks and all the other information contained in this Annual Report on Form 10-K in evaluating us and our common stock. Although the risks are organized by headings, and each risk is discussed separately, many are interrelated. Our business, financial condition, results of o", "title": "MPC - Marathon Petroleum Corp", "url": "/company/MPC/" }, { "kind": "company", "summary": "SIC 7011 Hotels & Motels; CIK 0001048286; latest 10-K filed 2026-02-10.", "text": "MAR - MARRIOTT INTERNATIONAL INC /MD/ SIC 7011 Hotels & Motels; CIK 0001048286; latest 10-K filed 2026-02-10. MAR MARRIOTT INTERNATIONAL INC /MD/ 0001048286 7011 Hotels & Motels Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. A discussion regarding our financial condition and results of operations for year-end 2024 compared to year-end 2023 can be found in Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the SEC on February 11, 2025 (\u201c2024 Form 10-K\u201d). BUSINESS AND OVERVIEW Overview We are a worldwide franchisor, operator, and licensor of hotel, residential, timeshare, and other lodging properties under a portfolio of compelling brands at different price and service points. We discuss our operations in the following reportable business segments: (1) U.S. & Canada, (2) Europe, Middle East & Africa (\u201cEMEA\u201d), (3) Greater China, and (4) Asia Pacific excluding China (\u201cAPEC\u201d). Our Caribbean & Latin America (\u201cCALA\u201d) operating segment does not meet the applicable accounting criteria for separate disclosure as a reportable business segment, and as such, we include its results in \u201cUnallocated corporate and other.\u201d Under our asset-light business model and consistent with our focus on franchising, management, and licensing, we own or lease very few of our lodging properties. Under our hotel franchising arrangements, we generally receive an initial application fee and continuing royalty fees, which are typically based on a percentage of room revenues, plus for certain brands, a percentage of food and beverage revenues. Terms of our management agreements vary, but we earn a management fee that is typically composed of a base management fee, which is a percentage of the revenues of the hotel, and an incentive management fee, which is based on the profits of the hotel. In many cases (particularly in our U.S. & Canada, Europe, and CALA regions), incentive management fees are subject to a specified owner return. We also have license and other agreements with third parties for certain offerings, such as for our timeshare properties, MGM Collection with Marriott Bonvoy, Design Hotels, and The Ritz-Carlton Yacht Collection, under which we receive royalty and certain other fees. Additionally, we earn fees for other uses of our intellectual property, including primarily co-branded credit card fees, as well as residential branding fees and certain other licensing fees. Performance Measures We believe Revenue per Available Room (\u201cRevPAR\u201d), which we calculate by dividing property level room revenue by total rooms available for the period, is a meaningful indicator of our performance because it measures the period-over-period change in room revenues. RevPAR may not be comparable to similarly titled measures, such as revenues, and should not be viewed as necessarily correlating with our fee revenue. We also believe occupancy and average daily rate (\u201cADR\u201d), which are components of calculating RevPAR, are meaningful indicators of our performance. Occupancy, which we calculate by dividing total rooms sold by total rooms available for the period, measures the utilization of a property\u2019s available capacity. ADR, which we calculate by dividing property level room revenue by total rooms sold, measures average room price and is useful in assessing pricing levels. Unless otherwise stated, RevPAR, occupancy, and ADR statistics are on a systemwide basis for comparable properties, and all changes refer to year-over-year changes for the comparable period. Comparisons to prior periods are on a constant U.S. dollar basis, which we calculate by applying exchange rates for the current period to the prior comparable period. We believe constant dollar analysis provides valuable information regarding the performance of hotels in our system as it removes currency fluctuations from the presentation of such results. We define our comparable properties as hotels in our system that were open and operating under one of our brands since the beginning Item 1. Business. Overview We are a worldwide franchisor, operator, and licensor of hotel, residential, timeshare, and other lodging properties under a portfolio of compelling brands at different price and service points. Consistent with our focus on franchising, management, and licensing, we own or lease very few of our lodging properties (less than one percent of our system). As of year-end 2025, our system included 9,805 properties (1,779,936 rooms) in 145 countries and territories, and we also had approximately 4,100 properties (nearly 610,000 rooms) in our development pipeline. We discuss our operations in the following reportable business segments: (1) U.S. & Canada, (2) Europe, Middle East & Africa (\u201cEMEA\u201d), (3) Greater China, and (4) Asia Pacific excluding China (\u201cAPEC\u201d). Our Caribbean & Latin America (\u201cCALA\u201d) operating segment does not meet the applicable accounting criteria for separate disclosure as a reportable business segment, and as such, we include its results in \u201cUnallocated corporate and other.\u201d See Note 14 for more information. Brand Portfolio We believe that our brand portfolio offers the most compelling range of brands, lodging properties, and other offerings in hospitality. Our brands are categorized by style of offering - Classic and Distinctive. Our Classic brands offer time-honored hospitality for the modern traveler, and our Distinctive brands offer memorable experiences with a unique perspective - each of which we group into four quality tiers: Luxury, Premium, Select, and Midscale. Luxury offers bespoke and superb amenities and services. Premium offers sophisticated and thoughtful amenities and services. Select offers smart and easy amenities and services. Midscale offers limited services and essential amenities at a more affordable price point. Longer stay brands, which are classified under multiple quality tiers, offer amenities suggestive of the comforts of home. The following table shows the portfolio of brands owned, operated Item 1A. Risk Factors. We are subject to various risks that make an investment in our securities risky. The events and consequences discussed in these risk factors could, in circumstances we may or may not be able to accurately predict, recognize, or control, have a material adverse effect on our business, liquidity, financial condition, ", "title": "MAR - MARRIOTT INTERNATIONAL INC /MD/", "url": "/company/MAR/" }, { "kind": "company", "summary": "SIC 6411 Insurance Agents, Brokers & Service; CIK 0000062709; latest 10-K filed 2026-02-09.", "text": "MRSH - MARSH & MCLENNAN COMPANIES, INC. SIC 6411 Insurance Agents, Brokers & Service; CIK 0000062709; latest 10-K filed 2026-02-09. MRSH MARSH & MCLENNAN COMPANIES, INC. 0000062709 6411 Insurance Agents, Brokers & Service Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. References in this report are to Marsh & McLennan Companies, Inc. and its consolidated subsidiaries (the \"Company\" or \"Marsh\"), unless the context otherwise requires. Effective January 14, 2026, the Company updated its brand name from Marsh McLennan to Marsh and the brand names of Marsh and Oliver Wyman Group businesses to Marsh Risk and Marsh Management Consulting, respectively. References to the Company and its businesses in this report reflect these changes. Mercer and Guy Carpenter will continue to report under their current brands through a transition period. The changes to the brand names had no impact on the Company's operating and reporting segments. General Marsh is a global professional services firm in the areas of risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. With an annual revenue of $27.0 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective. The Company conducts business through two segments: \u2022Risk and Insurance Services: risk management activities and insurance/reinsurance broking and services, conducted through Marsh Risk and Guy Carpenter. \u2022Consulting: health, wealth and career advice, solutions and products, and specialized management, strategic, economic and brand consulting services conducted through Mercer and Marsh Management Consulting. The results of operations in the Management Discussion & Analysis (\"MD&A\") include an overview of the Company\u2019s consolidated results for fiscal year 2025, compared to the results for fiscal year 2024, and should be read in conjunction with the consolidated financial statements and notes. This section also includes a discussion of the key drivers impacting the Company\u2019s financial results of operations both on a consolidated basis and by reportable segments. We describe the primary sources of revenue and categories of expense for each reportable segment in the discussion of segment financial results. A reconciliation of segment operating income to total operating income is included in Note 17, Segment Information, in the notes to the consolidated financial statements included in Part II, Item 8, of this report. For information and comparability of the Company's results of operations and liquidity and capital resources for fiscal year 2023, refer to \"Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\" of the Company's Form 10-K for the fiscal year ended December 31, 2024. This MD&A contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Refer to \"Information Concerning Forward-Looking Statements\" at the outset of this report. Non-GAAP Measures The Company reports its financial results in accordance with accounting principles generally accepted in the United States (U.S.), referred to as in accordance with \"GAAP\" or \"reported\" results. The Company also refers to and presents a non-GAAP financial measure in non-GAAP revenue, within the meaning of Regulation G and Item 10(e) of Regulation S-K in accordance with the Securities Exchange Act of 1934. The Company has included a reconciliation of this non-GAAP financial measure to the most directly comparable financial measure calculated in accordance with GAAP as part of the consolidated revenue and expense discussion. Percentage changes, referred to as non-GAAP underlying revenue, are calculated by dividing the period over period change in non-GAAP revenue by the prior period non-GAAP revenue. The Company believes this non-GAAP financial measure provides useful supplemental information that enables investors to better compare the Company\u2019s performance across periods. Management also uses this measure internally to assess the operating performance of its businesses and to decide how to allocate resource Item 1. Business. References in this report to \"we\", \"us\" and \"our\" are to Marsh & McLennan Companies, Inc. and its consolidated subsidiaries (the \"Company\" or \"Marsh\"), unless the context otherwise requires. Effective January 14, 2026, we updated our brand name from Marsh McLennan to Marsh and the brand names of our Marsh and Oliver Wyman Group businesses to Marsh Risk and Marsh Management Consulting, respectively. References to the Company and its businesses in this report reflect these changes. Mercer and Guy Carpenter will continue to report under their current brands through a transition period. GENERAL Marsh is a global leader in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. With an annual revenue of $27 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective. The Company conducts business through two segments: \u2022Risk and Insurance Services: risk management activities and insurance/reinsurance broking and services conducted through Marsh Risk and Guy Carpenter. \u2022Consulting: health, wealth and career advice, solutions and products, and specialized management, strategic, economic and brand consulting services conducted through Mercer and Marsh Management Consulting. We provide further details about our current segments below. Financial information about our segments is provided in our consolidated financial statements, which are included under Part II, Item 8 of this report. OUR BUSINESSES RISK AND INSURANCE SERVICES This segment accounted for approximately 64% of the Company's total revenue in 2025 and employed around 55,700 colleagues globally. It includes Marsh Risk and Guy Carpenter. MARSH RISK Marsh Risk is the world's leading insurance broker and risk advisor, offering risk management, insurance broking, insurance program management, risk consulting, analytical modeling and alternative risk financing services to Item 1A. Risk Factors. You should consider the risks described below in conjunction with the other information presented in this report. These risks have the potential to materially adversely affect the Company's business, results of operations or financial condition. SUMMARY RISK FACTORS Some of the fact", "title": "MRSH - MARSH & MCLENNAN COMPANIES, INC.", "url": "/company/MRSH/" }, { "kind": "company", "summary": "SIC 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels); CIK 0000916076; latest 10-K filed 2026-02-19.", "text": "MLM - MARTIN MARIETTA MATERIALS INC SIC 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels); CIK 0000916076; latest 10-K filed 2026-02-19. MLM MARTIN MARIETTA MATERIALS INC 0000916076 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels) ITEM 7 \u2013 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS INTRODUCTORY OVERVIEW Martin Marietta Materials, Inc. (the Company or Martin Marietta) is a natural resource-based building materials company, with 2025 revenues of $6.2 billion and 2025 net earnings from continuing operations attributable to Martin Marietta of $990 million. These results were achieved in part by supplying aggregates (crushed stone, sand and gravel) through its network of approximately 400 quarries, mines and distribution yards in 28 states, Canada and The Bahamas. As of December 31, 2025, Martin Marietta also provides other building materials, namely, cement, ready mixed concrete, asphalt and paving services, in certain markets where the Company has a notable aggregates position. Specifically, the Company has one cement plant and four cement distribution facilities in Texas, ready mixed concrete plants in Arizona and Texas, and asphalt plants in Arizona, California, Colorado and Minnesota. Asphalt paving services are offered in Colorado. On August 3, 2025, the Company entered into a definitive agreement with Quikrete Holding, Inc. (QUIKRETE) for the exchange of certain assets. The pending disposal of the Company's cement plant, related cement terminals and Texas ready mixed concrete plants meets the criteria for held for sale and the associated financial results of these operations are reported as discontinued operations for all periods presented (see Note B to the consolidated financial statements). The Company has recast all comparative prior-period financial information presented in Management's Discussion and Analysis of Financial Condition and Results of Operations, unless otherwise noted, to reflect this presentation. The Company\u2019s heavy-side building materials are used in infrastructure, nonresidential and residential construction projects. Aggregates are also used in agricultural, utility and environmental applications and as railroad ballast. The aggregates and other building materials product lines are reported collectively as the \u201cBuilding Materials\u201d business. Form 10-K \u2666 Page 36 Part II \u2666 Item 7 \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations As more fully discussed in the Strategic Objectives section, geography is critically important for the Building Materials business. The Company conducts its Building Materials business for continuing operations through two reportable segments, organized by geography: East Group and West Group. The East Group, consisting of the East and Central divisions, provides aggregates and asphalt products. The West Group is comprised of the Southwest and West divisions and its continuing operations provide aggregates, ready mixed concrete, asphalt and paving services. The following ten states accounted for 76% of the Building Materials business 2025 revenues from continuing operations: Form 10-K \u2666 Page 37 Part II \u2666 Item 7 \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Specialties The Company operates a Specialties business (formerly known as the Magnesia Specialties business) which produces high\u2011purity natural and synthetic magnesia\u2011based products, including magnesium sulfate, magnesium oxide and magnesium hydroxide, used in environmental, industrial, agricultural, construction, consumer and specialty applications. The Specialties business also produces dolomitic lime, which is sold primarily to external customers for use in steel production and soil stabilization, and is used internally as a raw material input in synthetic magnesia production. The July 2025 acquisition of Premier Magnesia expanded the Company\u2019s product portfolio and enhanced its domestic magnesia mineral reserves and processing capabilities. Specialties\u2019 production facilities are located in Michigan, Ohio, Nevada, North Carolina, Indiana and Pennsylvania, and products are shipped to customers domestically and worldwid ITEM 1 \u2013 BUSINESS General Martin Marietta Materials, Inc. (the Company or Martin Marietta) is a leading natural resource-based building materials company. The Company supplies aggregates (crushed stone, sand and gravel) through its network of approximately 400 quarries, mines and distribution yards in 28 states, Canada and The Bahamas. In 2025, aggregates generated 88% of the Company\u2019s total reportable segment gross profit. As of December 31, 2025, Martin Marietta also provides other building materials, namely, cement, ready mixed concrete, asphalt and paving services in targeted markets where the Company has a notable aggregates position. The Company\u2019s heavy-side building materials are used in infrastructure, nonresidential and residential construction projects. Aggregates are also used in agricultural, utility and environmental applications and as railroad ballast. The aggregates, cement, ready mixed concrete, asphalt and paving operations are reported collectively as the \u201cBuilding Materials business\u201d. The Company also operates a Specialties business (formerly known as the Magnesia Specialties business) with production facilities located in Michigan, Ohio, Nevada, North Carolina, Indiana and Pennsylvania. The Specialties business produces high-purity natural and synthetic magnesia-based products, including magnesium sulfate, magnesium oxide and magnesium hydroxide, that are used in environmental, industrial, agricultural, construction, consumer and specialty applications. The Specialties business also produces dolomitic lime, which is sold primarily to external customers for use in steel production and soil stabilization, and is also used internally as a raw material input in synthetic magnesia production. Specialties\u2019 products are shipped to customers domestically and worldwide. The Company was formed in 1993 as a North Carolina corporation to succeed the operations of the materials group of the organization that is now known as Lockheed Martin Corporation. A ITEM 1A \u2013 RISK FACTORS An investment in Martin Marietta common stock or debt securities involves risks and uncertainties. You should consider the following factors carefully, in addition to the other information contained in this Form 10-K, before deciding to purc", "title": "MLM - MARTIN MARIETTA MATERIALS INC", "url": "/company/MLM/" }, { "kind": "company", "summary": "SIC 3430 Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures; CIK 0000062996; latest 10-K filed 2026-02-10.", "text": "MAS - MASCO CORP /DE/ SIC 3430 Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures; CIK 0000062996; latest 10-K filed 2026-02-10. MAS MASCO CORP /DE/ 0000062996 3430 Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis should be read in conjunction with, and is qualified in its entirety by, our consolidated financial statements (and notes related thereto) and other more detailed financial information appearing elsewhere in this Report. Further, you should read the following discussion and analysis of our financial condition and results of operations together with the \u201cRisk Factors\u201d included elsewhere in this Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. See also \u201cCautionary Statement Concerning Forward-Looking Statements\u201d at the beginning of this Report. Amounts may not add due to rounding. Overview We design, manufacture and distribute branded home improvement and building products. These products are sold primarily for repair and remodeling activity and, to a lesser extent, new home construction. We sell our products through home center retailers, online retailers, wholesalers and distributors, mass merchandisers, hardware stores, direct to the consumer, professional contractors and homebuilders. We continue to pursue our strategy of driving the full potential of our core businesses, leveraging opportunities across our enterprise, and actively managing our portfolio. We remain confident in the fundamentals of our business and long-term strategy. We execute our strategy by investing in our brands, developing innovative products, making capital investments, and focusing on continuous productivity improvement and operational excellence, among other initiatives. We believe that our strong financial position and cash flow generation, together with our investments in our industry-leading branded building products, our continued focus on innovation and customer service and disciplined capital allocation, will allow us to drive long-term growth and create value for our shareholders. We continue to leverage the Masco Operating System, our methodology to drive growth and productivity, and continuous improvement initiatives across our enterprise to identify additional opportunities to improve our business operations. From time to time, we take actions to drive efficiency in the business focused on the strategic rationalization of our businesses, including business consolidations, plant closures, headcount reductions and other cost savings initiatives. In the fourth quarter of 2025, we began implementing various restructuring actions to further streamline our business, reduce headcount, and optimize operations. In connection with these actions, we incurred charges of approximately $18 million in the fourth quarter of 2025, and we expect to incur approximately $50 million in additional charges in 2026. Additionally, subsequent to December 31, 2025, we announced that we will implement an internal reorganization resulting in the integration of our Liberty Hardware (\u201cLiberty\u201d) business, a distributor of cabinet and other hardware and shower doors, into our Delta Faucet business. As a result of the integration, beginning with our Quarterly Report on Form 10-Q for the period ending March 31, 2026, Liberty will be included in our Plumbing Products segment rather than our Decorative Architectural Products segment. Recent Trends Due to changing market conditions, we are experiencing, and may continue to experience, lower market demand for our products. We have been experiencing, and may continue to experience, elevated commodity and other input costs, as well as employee-related cost inflation. Additionally, we have been experiencing, and may continue to experience, significantly higher costs to us, principally in our Plumbing Products segment, due to the recently enacted tariffs, particularly those related to China. We seek to mitigate the impact Item 1.Business. Masco Corporation and its subsidiaries (the \u201cCompany\u201d) is a global leader in the design, manufacture and distribution of branded home improvement and building products. Our portfolio of industry-leading brands includes BEHR\u00ae paint; DELTA\u00ae and HANSGROHE\u00ae faucets, bath and shower fixtures; LIBERTY\u00ae branded decorative and functional hardware; and HOT SPRING\u00ae spas. We leverage our powerful brands across product categories, sales channels and geographies to create value for our customers and shareholders. We believe that our solid results of operations and financial position for 2025 resulted from our continued focus on our strategy to drive the full potential of our core businesses, leverage opportunities across our enterprise, and actively manage our portfolio. In 2025, we continued to return value to our shareholders by repurchasing approximately 8.5 million shares of our common stock and increasing our quarterly dividend by approximately seven percent compared to 2024. Our Business Segments We report our financial results in two segments, our Plumbing Products segment and our Decorative Architectural Products segment, which are aggregated by product similarity. Our Decorative Architectural Products segment is impacted by seasonality and normally experiences stronger sales during the second and third calendar quarters, corresponding with the peak season for repair and remodel activity. 2 Plumbing Products The businesses in our Plumbing Products segment sell a wide variety of products that are manufactured or sourced by us. \u2022Our plumbing products include faucets, showerheads, handheld showers, valves, bath hardware and accessories, bathing units, shower bases and enclosures, shower drains, steam shower systems, water filtration systems, sinks and kitchen accessories. We primarily sell these products to home center retailers, online retailers, mass merchandisers, wholesalers and distributors that, in turn, sell them to plumbers, building contra Item 1A. Risk Factors. There are a number of business risks and uncertainties that could impact our business. These risks and uncertainties could cause our actual results to differ from past performance or expected results. We consider the following risks and uncertainties to be mos", "title": "MAS - MASCO CORP /DE/", "url": "/company/MAS/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001141391; latest 10-K filed 2026-02-11.", "text": "MA - Mastercard Inc SIC 7389 Services-Business Services, NEC; CIK 0001141391; latest 10-K filed 2026-02-11. MA Mastercard Inc 0001141391 7389 Services-Business Services, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Item 7. Management\u2019s discussion and analysis of financial condition and results of operations The following discussion should be read in conjunction with the consolidated financial statements and notes of Mastercard Incorporated and its consolidated subsidiaries, including Mastercard International Incorporated (together, \u201cMastercard\u201d or the \u201cCompany\u201d), included elsewhere in this Report. Percentage changes provided throughout \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d were calculated on amounts rounded to the nearest thousand. For discussion related to the results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, please see Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. Business Overview Mastercard is a technology company in the global payments industry. We connect consumers, financial institutions, merchants, governments, digital partners, businesses and other organizations worldwide by enabling electronic payments and making those payment transactions secure, simple, smart and accessible. We make payments easier and more efficient by providing a wide range of payment solutions and services using our family of well-known and trusted brands, including our primary brand Mastercard\u00ae, as well as our Maestro\u00ae and Cirrus\u00ae brands. We operate a payments network that provides choice and flexibility for consumers, merchants and our customers. Through our unique and proprietary global payments network, we switch (authorize, clear and settle) payment transactions. We have additional payments capabilities that include automated clearing house (\u201cACH\u201d) transactions (both batch and real-time account-based payments). Using these capabilities, we offer consumer and commercial payment products, capture new payment flows and provide services and solutions. These services and solutions include, among others, security solutions, consumer acquisition and engagement services, business and market insights, digital and authentication, processing and gateway and other solutions, all of which draw on our principled and responsible use of secure data. Our capabilities strengthen, reinforce and complement each other and are fundamentally interdependent. For our global payments network, our franchise model sets the standards and ground-rules that balance value and risk across (and allow for interoperability among) all stakeholders. We employ a multi-layered approach to help protect the global payments ecosystem in which we operate. Mastercard is not a financial institution. We do not issue cards, extend credit, determine or receive revenue from interest rates or other fees charged to account holders by issuers (the account holders\u2019 financial institutions), nor do we establish the rates charged by acquirers (the merchants\u2019 financial institutions) in connection with merchants\u2019 acceptance of our products. In most cases, account holder relationships belong to, and are managed by, our customers. Financial Results Overview The following table provides a summary of our key GAAP operating results, as reported: [[GREPCENT_TABLE]] [[\"\",\"\",\"Years ended December 31,\",\"\",\"2025Increase/(Decrease)\",\"\",\"2024Increase/(Decrease)\"],[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"\",\"\",\"(in millions, except percentages and per share data)\"],[\"Net revenue\",\"\",\"$\",\"32,791\",\"\",\"\",\"$\",\"28,167\",\"\",\"\",\"$\",\"25,098\",\"\",\"\",\"16%\",\"\",\"12%\"],[\"Operating expenses\",\"\",\"$\",\"13,894\",\"\",\"\",\"$\",\"12,585\",\"\",\"\",\"$\",\"11,090\",\"\",\"\",\"10%\",\"\",\"13%\"],[\"Operating income\",\"\",\"$\",\"18,897\",\"\",\"\",\"$\",\"15,582\",\"\",\"\",\"$\",\"14,008\",\"\",\"\",\"21%\",\"\",\"11%\"],[\"Operating margin\",\"\",\"57.6\",\"%\",\"\",\"55.3\",\"%\",\"\",\"55.8\",\"%\",\"\",\"2.3 ppt\",\"\",\"(0.5) ppt\"],[\"Income tax expense\",\"\",\"$\",\"3,610\",\"\",\"\",\"$\",\"2,380\",\"\",\"\",\"$\",\"2,444\",\"\",\"\",\"52%\",\"\",\"(3)%\"],[\"Effective income tax rate\",\"\",\"19.4\",\"%\",\"\",\"15.6\",\" ITEM 1. BUSINESS Item 1. Business Overview Mastercard is a technology company in the global payments industry. We connect consumers, financial institutions, merchants, governments, digital partners, businesses and other organizations worldwide by enabling electronic payments and making those payment transactions secure, simple, smart and accessible. We make payments easier and more efficient by providing a wide range of payment solutions and services using our family of well-known and trusted brands, including our primary brand Mastercard\u00ae, as well as our Maestro\u00ae and Cirrus\u00ae brands. We operate a payments network that provides choice and flexibility for consumers, merchants and our customers. Through our unique and proprietary global payments network, we switch (authorize, clear and settle) payment transactions. We have additional payments capabilities that include automated clearing house (\u201cACH\u201d) transactions (both batch and real-time account-based payments). Using these capabilities, we offer consumer and commercial payment products, capture new payment flows and provide services and solutions. These services and solutions include, among others, security solutions, consumer acquisition and engagement services, business and market insights, digital and authentication, processing and gateway and other solutions, all of which draw on our principled and responsible use of secure data. Our capabilities strengthen, reinforce and complement each other and are fundamentally interdependent. For our global payments network, our franchise model sets the standards and ground-rules that balance value and risk across (and allow for interoperability among) all stakeholders. We employ a multi-layered approach to help protect the global payments ecosystem in which we operate. For a full discussion of our business, please see page 10. Our Performance The following are our key financial and operational highlights for 2025, including growth rates over the prior year: [[GREPCEN ITEM 1A. RISK FACTORS Item 1A. Risk factors [[GREPCENT_TABLE]] [[\"RISK HIGHLIGHTS\"],[\"\",\"Legal and Regulatory\",\"\",\"\",\"\",\"Business and Operations\"],[\"\",\"Payments Industry Regulation\",\"\",\"\",\"\",\"Competition and Technology\",\"\",\"Brand, Reputational Impact and Environmental, Social and Governance\"],[\"\",\"Preferential or Protective Government Act", "title": "MA - Mastercard Inc", "url": "/company/MA/" }, { "kind": "company", "summary": "SIC 2090 Miscellaneous Food Preparations & Kindred Products; CIK 0000063754; latest 10-K filed 2026-01-22.", "text": "MKC - MCCORMICK & CO INC SIC 2090 Miscellaneous Food Preparations & Kindred Products; CIK 0000063754; latest 10-K filed 2026-01-22. MKC MCCORMICK & CO INC 0000063754 2090 Miscellaneous Food Preparations & Kindred Products ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand McCormick & Company, Incorporated, our operations, and our present business environment from the perspective of management. MD&A is provided as a supplement to, and should be read in conjunction with, our financial statements and the accompanying notes thereto contained in Item 8 of this report. We use certain non-GAAP information\u2014more fully described below under the caption Non-GAAP Financial Measures\u2014that we believe is important for purposes of comparison to prior periods and development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of our ongoing operations and analyze our business performance and trends. The dollar and share information in the charts and tables in MD&A are in millions, except per share data. 22 McCormick is a global leader in flavor. We manufacture, market, and distribute spices, seasoning mixes, condiments, and other flavorful products to the entire food and beverage industry\u2013retailers, food manufacturers, and foodservice businesses. We manage our business in two operating segments, Consumer and Flavor Solutions, as described in Item 1 of this report. Our long-term annual growth objectives in constant currency are to increase sales 4% to 6%, increase adjusted operating income 7% to 9%, and increase adjusted earnings per share 9% to 11%. Our actual annual results can vary from our long-term growth objectives. Over time, we expect to grow sales with similar contributions from: 1) our base business \u2013 driven by brand marketing support, category management, and differentiated customer engagement; 2) new products; and 3) acquisitions. Base Business \u2013 We expect to drive sales growth by optimizing our brand marketing investment through improved speed, quality, and effectiveness. We measure the return on our brand marketing investment and identify digital marketing as one of our highest return investments in brand marketing support. Through digital marketing, we are connecting with consumers in a personalized way to deliver recipes, provide cooking advice, and help them discover new products. New Products \u2013 For our Consumer segment, we believe that scalable and differentiated innovation continues to be one of the best ways to distinguish our brands from our competition, including private label. We are introducing products for every type of cooking occasion, from gourmet, premium items to convenient and value-priced flavors. For Flavor Solutions customers, we are developing seasonings for snacks and other food products, as well as flavors for new menu items. We have a strong pipeline of Flavor Solutions products aligned with our customers\u2019 new product launch plans, many of which include clean-label, organic, natural, and \u201cbetter-for-you\u201d innovation. With over 20 product innovation centers around the world, we are supporting the growth of our brands and those of our Flavor Solutions customers with products that appeal to local consumers. Acquisitions \u2013 Acquisitions are expected to approximate one-third of our sales growth over time. We focus on acquisition opportunities that meet the growing demand for flavor and health. Geographically, our focus is on acquisitions that build scale where we currently have presence in both developed and emerging markets. Recent Event On January 2, 2026 we acquired an additional 25% ownership interest in McCormick de Mexico for a purchase price of $750 million, which increased our ownership to a 75% controlling interest. We believe the acquisition creates opportunities for further growth in the Mexican market and provides a strategic platform for further expansion in Latin America. McCormick de Mexico is a prominent food company in Mexico, with a ITEM 1. BUSINESS McCormick is a global leader in flavor. We manufacture, market, and distribute herbs, spices, seasoning mixes, condiments, and other flavorful products to the entire food and beverage industry: retailers, food manufacturers, and foodservice businesses. We also are partners in a number of joint ventures that are involved in the manufacture and sale of flavorful products, the most significant of which is McCormick de Mexico. Our major sales, distribution, and production facilities are located in North America, Europe, and China. Additional facilities are based in Australia, Central America, Thailand, and South Africa. On January 2, 2026, we completed the purchase of an additional 25% ownership interest in McCormick de Mexico. The purchase price was $750 million, which increased our ownership to a 75% controlling interest. We believe the acquisition creates opportunities for further growth in the Mexican market and provides a strategic platform for further expansion in Latin America. McCormick de Mexico is a prominent food company in Mexico, with a broad portfolio, including mayonnaise, spices, marmalades, mustard, hot sauce, and tea, sold under McCormick brands. Business Segments We operate in two business segments: Consumer and Flavor Solutions. Demand for flavor is growing globally, and across both segments, we have the customer base and product breadth to participate in all types of eating occasions. Our products deliver flavor when cooking at home, dining out, purchasing a quick service restaurant meal, or enjoying a snack. We offer our customers and consumers a range of products, extending from premium to value-priced, to meet the increasing demand for certain product attributes including clean-label, organic, natural, reduced sodium, gluten-free, and non-GMO (genetically modified organisms). Consistent with market conditions in each segment, our Consumer segment has a higher overall profit margin than our Flavor Solutions segment. In 2025, ITEM 1A. RISK FACTORS The following are certain risk factors that could affect our business, financial condition and results of operations. These risk factors should be considered in connection with evaluating the forward-looking statements contained in this Annual Report on Form 10-K because t", "title": "MKC - MCCORMICK & CO INC", "url": "/company/MKC/" }, { "kind": "company", "summary": "SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0001613103; latest 10-K filed 2026-06-18.", "text": "MDT - Medtronic plc SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0001613103; latest 10-K filed 2026-06-18. MDT Medtronic plc 0001613103 3845 Electromedical & Electrotherapeutic Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations UNDERSTANDING OUR FINANCIAL INFORMATION The following discussion and analysis provides information management believes to be relevant to understanding the financial condition and results of operations of the Company. The discussion focuses on our financial results for the fiscal year ended April 24, 2026 (fiscal year 2026) and the fiscal year ended April 25, 2025 (fiscal year 2025). A discussion on our results of operations for fiscal year 2025 as compared to the fiscal year ended April 26, 2024 (fiscal year 2024) is included in Part II, Item 7. \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" of our Annual Report on Form 10-K for the year ended April 25, 2025, filed with the SEC on June 20, 2025, and is incorporated by reference into this Form 10-K. You should read this discussion and analysis along with our consolidated financial statements and related notes thereto at April 24, 2026 and April 25, 2025 and for fiscal years 2026, 2025, and 2024, which are presented within \"Item 8. Financial Statements and Supplementary Data\" in this Annual Report on Form 10-K. Amounts reported in millions within this annual report are computed based on the actual amounts, and therefore, the sum of the components may not equal the total amount reported in millions due to rounding. Additionally, certain columns and rows within tables may not sum due to rounding. Financial Trends Throughout this Management\u2019s Discussion and Analysis, we present certain financial measures that facilitate management's review of the operational performance of the Company and as a basis for strategic planning; however, such financial measures are not presented in our financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S.) (U.S. GAAP). These financial measures are considered non-GAAP financial measures and are intended to supplement, and should not be considered as superior to, financial measures presented in accordance with U.S. GAAP. We believe that non-GAAP financial measures provide information useful to investors in understanding the Company's underlying operational performance and trends and may facilitate comparisons with the performance of other companies in the medical technologies industry. As presented in the \"GAAP to Non-GAAP Reconciliations\" section on the following pages, our non-GAAP financial measures exclude the impact of amortization of intangible assets and certain charges or benefits that contribute to or reduce earnings and that may affect financial trends and include certain charges or benefits that result from transactions or events that we believe may or may not recur with similar materiality or impact to our operations in future periods (non-GAAP adjustments). In the event there is a non-GAAP adjustment recognized in our operating results, the tax cost or benefit attributable to that item is separately calculated and reported. Because the effective rate can be significantly impacted by the non-GAAP adjustments that take place during the period, we often refer to our tax rate using both the effective rate and the non-GAAP nominal tax rate. The non-GAAP nominal tax rate is calculated as the income tax provision, adjusted for the impact of non-GAAP adjustments, as a percentage of income before income taxes, excluding non-GAAP adjustments. Free cash flow is a non-GAAP financial measure calculated by subtracting property, plant, and equipment additions from operating cash flows. Refer to the \"GAAP to Non-GAAP Reconciliations,\" \"Income Taxes,\" and \"Free Cash Flow\" sections for reconciliations of the non-GAAP financial measures to their most directly comparable financial measures prepared in accordance with U.S. GAAP. 31 Table of Contents EXECUTIVE LEVEL OVERVIEW The following is a summary of revenue, diluted earnings per share, and operating cash Item 1. Business Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company. Medtronic was founded in 1949 and today serves healthcare systems, physicians, clinicians, and patients in more than 150 countries worldwide. We remain committed to a mission written by our founder in 1960 that directs us \u201cto contribute to human welfare by the application of biomedical engineering in the research, design, manufacture, and sale of products to alleviate pain, restore health, and extend life.\u201d Our Mission \u2014 to alleviate pain, restore health, and extend life \u2014 empowers us to engineer the extraordinary and deliver better outcomes for our world. We are a company of dedication, honesty, integrity, and service. Building on this strong foundation, we are embracing our role as a healthcare technology leader and evolving our business strategy in three key areas: \u2022Accelerate innovation-driven growth: The combination of our attractive end markets, recent product launches and robust pipeline is expected to enable continued strong revenue growth. We aim to bring inventive and disruptive technology to large healthcare opportunities which enables us to better meet patient needs. Patients around the world deserve access to our life-saving products, and we are driven to use our local presence and scale to increase the adoption of our products and services in markets around the globe. \u2022Deliver superior outcomes and better experiences for patients and providers: We listen to our patients and customers to better understand the challenges they face. From the patient journey, to creating agile partnerships that produce novel solutions, to making it easier for our customers to deploy our therapies \u2014 what we do is anchored in deep insight, and creates simpler, superior experiences. \u2022Turn data, AI, and automation into action: We are confident in our ability to maximize new technology, AI, and data and analytics to tailor therapies in real-time, facilitat Item 1A. Risk Factors Investing in our securities involves a variety of risks and uncertainties, known and unknown, including, among others, those discussed below. Each of the following risks should be carefully considered, together with all the other information included in this Annual Report on Form 10-K, incl", "title": "MDT - Medtronic plc", "url": "/company/MDT/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000310158; latest 10-K filed 2026-02-24.", "text": "MRK - Merck & Co., Inc. SIC 2834 Pharmaceutical Preparations; CIK 0000310158; latest 10-K filed 2026-02-24. MRK Merck & Co., Inc. 0000310158 2834 Pharmaceutical Preparations Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following section of this Form 10-K generally discusses 2025 and 2024 results and year-to-year comparisons between 2025 and 2024. Discussion of 2023 results and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed on February 25, 2025. Description of Merck\u2019s Business Merck & Co., Inc. (Merck or the Company) is a global health care company that delivers innovative health solutions through its prescription medicines, including biologic therapies, vaccines and animal health products. The Company\u2019s operations are principally managed on a product basis and include two operating segments, Pharmaceutical and Animal Health, both of which are reportable segments. The Pharmaceutical segment includes human health pharmaceutical and vaccine products. Human health pharmaceutical products consist of therapeutic and preventive agents, generally sold by prescription, for the treatment of human disorders. The Company sells these human health pharmaceutical products primarily to drug wholesalers and retailers, hospitals, government agencies, and managed health care providers such as health maintenance organizations, pharmacy benefit managers and other institutions. Human health vaccine products consist of preventive pediatric, adolescent and adult vaccines. The Company sells these human health vaccines primarily to physicians, wholesalers, distributors and government entities. The Animal Health segment discovers, develops, manufactures and markets a wide range of veterinary pharmaceutical and vaccine products, as well as health management solutions and services, for the prevention, treatment and control of disease in all major livestock and companion animal species. The Company also offers an extensive suite of digitally connected identification, traceability and monitoring products. The Company sells its products to veterinarians, distributors, animal producers, farmers and pet owners. Overview Financial Highlights [[GREPCENT_TABLE]] [[\"($ in millions except per share amounts)\",\"2025\",\"\",\"% Change\",\"\",\"% Change Excluding Foreign Exchange\",\"\",\"2024\",\"\",\"% Change\",\"\",\"% Change Excluding Foreign Exchange\",\"\",\"2023\"],[\"Sales\",\"$\",\"65,011\",\"\",\"\",\"1\",\"%\",\"\",\"2\",\"%\",\"\",\"$\",\"64,168\",\"\",\"\",\"7\",\"%\",\"\",\"10\",\"%\",\"\",\"$\",\"60,115\"],[\"Net Income Attributable to Merck & Co., Inc.:\"],[\"GAAP\",\"$\",\"18,254\",\"\",\"\",\"7\",\"%\",\"\",\"9\",\"%\",\"\",\"$\",\"17,117\",\"\",\"\",\"*\",\"\",\"*\",\"\",\"$\",\"365\"],[\"Non-GAAP (1)\",\"$\",\"22,513\",\"\",\"\",\"16\",\"%\",\"\",\"18\",\"%\",\"\",\"$\",\"19,444\",\"\",\"\",\"*\",\"\",\"*\",\"\",\"$\",\"3,837\"],[\"Earnings per Common Share Assuming Dilution Attributable to Merck & Co., Inc. Common Shareholders:\"],[\"GAAP\",\"$\",\"7.28\",\"\",\"\",\"8\",\"%\",\"\",\"10\",\"%\",\"\",\"$\",\"6.74\",\"\",\"\",\"*\",\"\",\"*\",\"\",\"$\",\"0.14\"],[\"Non-GAAP (1)\",\"$\",\"8.98\",\"\",\"\",\"17\",\"%\",\"\",\"19\",\"%\",\"\",\"$\",\"7.65\",\"\",\"\",\"*\",\"\",\"*\",\"\",\"$\",\"1.51\"]] [[/GREPCENT_TABLE]] * 100% (1) Non-GAAP net income and non-GAAP earnings per share (EPS) exclude acquisition- and divestiture-related costs, restructuring costs, income and losses from investments in equity securities, and certain other items from Merck\u2019s results prepared in accordance with generally accepted accounting principles in the U.S. (GAAP). For further discussion and a reconciliation of GAAP to non-GAAP net income and EPS, see \u201cNon-GAAP Income and Non-GAAP EPS\u201d below. Executive Summary In 2025, Merck successfully advanced its science-led strategy through new product approvals and launches, strong clinical execution, important data readouts, and the addition of novel innovation through business development efforts. The Company also continued to return capital to shareholders, primarily through dividends. 47 Table of Contents Worldwide Item 1.Business. Merck & Co., Inc. (Merck or the Company) is a global health care company that delivers innovative health solutions through its prescription medicines, including biologic therapies, vaccines and animal health products. The Company\u2019s operations are principally managed on a product basis and include two operating segments, Pharmaceutical and Animal Health, both of which are reportable segments. The Pharmaceutical segment includes human health pharmaceutical and vaccine products. Human health pharmaceutical products consist of therapeutic and preventive agents, generally sold by prescription, for the treatment of human disorders. The Company sells these human health pharmaceutical products primarily to drug wholesalers and retailers, hospitals, government agencies, and managed health care providers such as health maintenance organizations, pharmacy benefit managers and other institutions. Human health vaccine products consist of preventive pediatric, adolescent and adult vaccines. The Company sells these human health vaccines primarily to physicians, wholesalers, distributors and government entities. The Animal Health segment discovers, develops, manufactures and markets a wide range of veterinary pharmaceutical and vaccine products, as well as health management solutions and services, for the prevention, treatment and control of disease in all major livestock and companion animal species. The Company also offers an extensive suite of digitally connected identification, traceability and monitoring products. The Company sells its products to veterinarians, distributors, animal producers, farmers and pet owners. All product or service marks appearing in type form different from that of the surrounding text are trademarks or service marks owned, licensed to, promoted or distributed by Merck, its subsidiaries or affiliates, except as noted. All other trademarks or service marks are those of their respective owners. Product Sales Total Company sales, i Item 1A.Risk Factors. Summary Risk Factors The Company is subject to a number of risks that if realized could materially adversely affect its business, results of operations, cash flows, financial condition or prospects. The following is a summary of the principal risk factors facing the Company: 26 Table of Contents \u2022The Company is dependent ", "title": "MRK - Merck & Co., Inc.", "url": "/company/MRK/" }, { "kind": "company", "summary": "SIC 6311 Life Insurance; CIK 0001099219; latest 10-K filed 2026-02-19.", "text": "MET - METLIFE INC SIC 6311 Life Insurance; CIK 0001099219; latest 10-K filed 2026-02-19. MET METLIFE INC 0001099219 6311 Life Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Index to Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Forward-Looking Statements and Other Financial Information\",\"47\"],[\"Business Overview\",\"47\"],[\"Consolidated Company Outlook\",\"47\"],[\"Industry Trends\",\"48\"],[\"Summary of Critical Accounting Estimates\",\"53\"],[\"Acquisitions and Dispositions\",\"61\"],[\"Results of Operations\",\"62\"],[\"Investments\",\"88\"],[\"Derivatives\",\"106\"],[\"Liquidity and Capital Resources\",\"106\"],[\"Adopted Accounting Pronouncements\",\"118\"],[\"Future Adoption of Accounting Pronouncements\",\"118\"],[\"Non-GAAP and Other Financial Disclosures\",\"119\"],[\"Risk Management\",\"123\"]] [[/GREPCENT_TABLE]] 46 Table of Contents Forward-Looking Statements and Other Financial Information For purposes of this discussion, \u201cMetLife,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. This discussion should be read in conjunction with \u201cNote Regarding Forward-Looking Statements,\u201d \u201cRisk Factors,\u201d \u201cQuantitative and Qualitative Disclosures About Market Risk\u201d and the Company\u2019s consolidated financial statements included elsewhere herein. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. See \u201cNote Regarding Forward-Looking Statements\u201d for cautionary language regarding forward-looking statements. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations includes references to our performance measures, adjusted earnings and adjusted earnings available to common shareholders, that are not based on GAAP. See \u201c\u2014 Non-GAAP and Other Financial Disclosures\u201d for definitions and a discussion of these and other financial measures, and \u201c\u2014 Results of Operations\u201d and \u201c\u2014 Investments\u201d for reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP measures. Business Overview MetLife is one of the world\u2019s leading financial services companies, providing insurance, annuities, employee benefits and asset management. In the fourth quarter of 2025, MetLife completed the Strategic Reorganization. As a result, MetLife is organized into the following six segments: Group Benefits; RIS; Asia; Latin America; EMEA; and MIM. In addition, the Company continues to report certain of its results of operations in Corporate & Other. See \u201cBusiness \u2014 Segments and Corporate & Other\u201d and Note 2 of the Notes to the Consolidated Financial Statements for further information on the Company\u2019s segments and Corporate & Other. Consolidated Company Outlook Our outlook reflects continued uncertainty around inflation and unemployment in 2026. We expect the U.S. dollar to remain relatively stable in 2026 compared to 2025. Based on the forward yield curve as of December 31, 2025, we expect long-term interest rates to moderately rise in 2026 with the yield curve steepening, as short-term interest rates decline. We believe that our investment portfolio is highly diversified and positioned to perform well in a variety of economic scenarios. See \u201c\u2014 Industry Trends \u2014 Impact of Market Interest Rates\u201d for discussion of the mitigating actions the Company has taken to reduce interest rate sensitivity, as market interest rates are a key driver of our results. As of December 31, 2025, we had $3.6 billion of cash and liquid assets at the holding companies which is within our $3.0 billion to $4.0 billion holding company cash target. In 2026, we expect to maintain this holding company cash target. We also returned a total of approximately $4.4 billion to shareholders in 2025, and we remain on track to generate approximately $25.0 billion in free cash flow Item 1. Business Index to Business [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Business Overview & Strategy\",\"5\"],[\"Segments and Corporate & Other\",\"6\"],[\"Policyholder Liabilities\",\"10\"],[\"Underwriting and Pricing\",\"11\"],[\"Reinsurance Activity\",\"12\"],[\"Regulation\",\"12\"],[\"Competition\",\"23\"],[\"Human Capital Resources\",\"24\"],[\"Information About Our Executive Officers\",\"25\"],[\"Trademarks\",\"26\"],[\"Available Information\",\"26\"]] [[/GREPCENT_TABLE]] 4 Table of Contents Business Overview & Strategy As used in this Form 10-K, \u201cMetLife,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. MetLife is one of the world\u2019s leading financial services companies, providing insurance, annuities, employee benefits and asset management. We hold leading market positions in the United States (\u201cU.S.\u201d), Asia, Latin America, Europe and the Middle East. We are also one of the largest institutional investors in the U.S. with a general account portfolio invested primarily in fixed income securities (corporate, structured products, municipals, and government and agency) and mortgage loans, as well as real estate, real estate joint ventures (\u201cREJVs\u201d), other limited partnerships and equity securities. We believe that our trusted global brand, diversified and resilient business, and position as a leader in attractive markets are the powers of our business. Over the next four years we will continue to execute on our New Frontier strategy, which was designed to accelerate growth across our global platform while delivering attractive returns and all-weather performance. New Frontier builds upon the success of our Next Horizon strategy, which we implemented in 2019, with an aim to focus, simplify and differentiate the Company. Under our New Frontier strategy, we intend to leverage the Company\u2019s strengths to prioritize growth across four key areas of opportunity: [[GREPCENT_TABLE]] [[\"\",\"\",\"\\u2022Extend our leadership Item 1A. Risk Factors Any or each of the events described below may (or may continue to) adversely affect the global economy or global financial markets, or our reputation, regulatory, customer, or other relationships, results of operations, liquidity or cash flows, statutory capital position, ability to meet our obligations, credit and financial strength ratings, financial condition,", "title": "MET - METLIFE INC", "url": "/company/MET/" }, { "kind": "company", "summary": "SIC 3826 Laboratory Analytical Instruments; CIK 0001037646; latest 10-K filed 2026-02-06.", "text": "MTD - METTLER TOLEDO INTERNATIONAL INC/ SIC 3826 Laboratory Analytical Instruments; CIK 0001037646; latest 10-K filed 2026-02-06. MTD METTLER TOLEDO INTERNATIONAL INC/ 0001037646 3826 Laboratory Analytical Instruments Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements. Changes in local currencies exclude the effect of currency exchange rate fluctuations. Local currency amounts are determined by translating current and previous year consolidated financial information at an index utilizing historical currency exchange rates. We believe local currency information provides a helpful assessment of business performance and a useful measure of results between periods. We do not, nor do we suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. We present non-GAAP financial measures in reporting our financial results to provide investors with an additional analytical tool to evaluate our operating results. We also include in the discussion below disclosures of immaterial qualitative factors that are not quantified. Although the impact of such factors is not considered material, we believe these disclosures can be useful in evaluating our operating results. 34 Table of Contents Overview We operate a global business with sales that are diversified by geographic region, product range, and customer. We hold leading positions worldwide in many of our markets and attribute this leadership to several factors, including the strength of our brand name and reputation, our comprehensive offering of innovative instruments and solutions, our Spinnaker sales and marketing program, and the breadth and quality of our global sales and service network. Net sales in U.S. dollars increased 4% in 2025 and 2% in 2024. Excluding the effect of currency exchange rate fluctuations, or in local currencies, net sales increased 3% in both 2025 and 2024. We estimate local currency net sales increased 4% in 2025 and were flat in 2024 excluding the impact of previously disclosed delayed shipments in 2023 and acquisitions. We faced a difficult environment in 2025 due to global trade disputes/tariffs, governmental policies and geopolitics that increased uncertainty in our end markets and the global economy, while having a negative impact on customer behavior and our import costs. Our team's resilience and agility, and our pricing, supply chain, productivity and cost savings initiatives, were critical to our ability to mitigate these challenges. We also continue to benefit from our strong global leadership positions, diversified customer base, innovative product offering, investment in emerging markets, significant installed base, and the impact of our sophisticated global sales and marketing programs. Over the past few years, we also accelerated our digital capabilities to identify and pursue growth opportunities, while increasing the effectiveness of our global sales organization. We also have continued to increase engagement with our customers with our Go-to-Market and digital approaches. Our market-leading solutions and ability to leverage our innovative portfolio have also allowed us to quickly capitalize on our customers' demand for automation and digitalization solutions and faster growing segments. We are well positioned and have continued to make investments to further strengthen our portfolio and capture future growth opportunities. Our service business also delivered strong results in 2025 as we have been able to support our customers\u2019 ability to maintain uptime, improve productivity, and comply with regulatory requirements. As we enter 2026, we expect to continue to benefit from market trends toward automation and digitalization. We also anticipate future opportunities with customer replacement cycles and investments in on/near-shoring activities. However, timing remains unclear and many of our end-markets, including pharma/biopharmaceutical, food, an Item 1.Business We are a leading global supplier of precision instruments and services. We have strong leadership positions in all of our businesses and believe we hold global number-one market positions in most of them. We are recognized as an innovation leader and our solutions are critical in key research and development, quality control, and manufacturing processes for customers in a wide range of industries including life sciences, food, and chemicals. Our sales and service network is one of the most extensive in the industry. Our products are sold in more than 140 countries and we have a direct presence in approximately 40 countries. With proven growth strategies and a focus on execution, we have achieved a long-term track record of strong financial performance. Our business is geographically diversified, with net sales in 2025 derived 42% from North and South America, 29% from Europe, and 29% from Asia and other countries. Our customer base is also diversified by industry and by individual end-customer. Mettler-Toledo International Inc. was incorporated as a Delaware corporation in 1991 and became a publicly traded company with its initial public offering in 1997. Business Segments We have five reportable segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations, and Other Operations. See Note 18 to the consolidated financial statements and Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations under \u201cResults of Operations by Reportable Segment\u201d for detailed results by segment and geographic region. We manufacture a wide variety of precision instruments and provide value-added services to our customers. Our principal products and services are described below. We also describe our customers and distribution, sales and service, research and development, manufacturing, and certain other matters. These descriptions apply to substantially all of our products and related reportable segm Item 1A.Risk Factors Factors Affecting Our Future Operating Results Operational Risks We sell primarily to companies in developed countries. An economic downturn in these countries could hurt our operating results. Most of our business is derived from companies in developed countries. Economic u", "title": "MTD - METTLER TOLEDO INTERNATIONAL INC/", "url": "/company/MTD/" }, { "kind": "company", "summary": "SIC 7011 Hotels & Motels; CIK 0000789570; latest 10-K filed 2026-02-11.", "text": "MGM - MGM Resorts International SIC 7011 Hotels & Motels; CIK 0000789570; latest 10-K filed 2026-02-11. MGM MGM Resorts International 0000789570 7011 Hotels & Motels ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This management\u2019s discussion and analysis of financial condition and results of operations includes discussion as of and for the year ended December 31, 2025 compared to December 31, 2024. Discussion of our financial condition and results of operations as of and for the year ended December 31, 2024 compared to December 31, 2023 can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (\u201cSEC\u201d) on February 18, 2025. Overview Our primary business is the operation of casino properties, which offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities, as well as the operation of digital gaming through our online platforms. We lease the real estate assets of our domestic properties pursuant to triple net lease agreements. Our results of operations do not tend to be seasonal in nature, though a variety of factors may affect the results of any interim period, including the timing of major conventions, Far East baccarat volumes, the amount and timing of marketing and special events for our high-end gaming customers, and the level of play during major holidays, including New Year and Lunar New Year. While our results do not depend on key individual customers, a significant portion of our operating income is generated from high-end gaming customers, which can cause variability in our results. In addition, our success in marketing to customer groups such as convention customers and the financial health of customer segments such as business travelers or high-end gaming customers from a specific country or region can affect our results. Our results will also depend upon our ability to expand our ownership, management and operation of gaming facilities and accessing new markets for iGaming and online sports betting. Our results are also affected by significant recent developments in our business, which principally consist of transactions we have executed in furtherance of our businesses strategy. Overview of strategic business developments \u2022In July 2018, we and Entain formed BetMGM North America Venture. In connection with its formation, we provided BetMGM North America Venture with exclusive access to all of our domestic land based and online sports betting, major tournament poker, and online gaming operations, and Entain provided BetMGM North America Venture with exclusive access to its technology in the United States. \u2022On September 28, 2021, we announced that we and ORIX were selected by Osaka as the region\u2019s integrated resort partner. In December 2021, we and ORIX formed a venture, MGM Osaka, through which we plan to develop the integrated resort. On April 27, 2022, we, together with Osaka prefecture/city, MGM Osaka, and ORIX, submitted an ADP to Japan\u2019s central government. On April 14, 2023, we announced that the Japanese government officially certified the ADP, and, in September 2023, MGM Osaka signed an agreement with Osaka to implement the ADP. Preliminary construction began on the site of the future resort in 2024. During 2025, the construction of the project progressed as anticipated. \u2022On April 29, 2022, VICI acquired MGM Growth Properties LLC (\u201cMGP\u201d), our subsidiary that held the real estate assets of certain of our domestic properties, in a stock-for-stock transaction. We entered into an amended and restated master lease with VICI. See Note 11 for discussion of the lease. \u2022On May 17, 2022, we acquired the operations of The Cosmopolitan for cash consideration of $1.625 billion, plus working capital adjustments, for a total purchase price of approximately $1.7 billion. Additionally, we entered into a lease agreement for the real estate assets of The Cosmopolitan. See Note 11 for discussion of the lease. \u2022In June 2022, the Macau government enacted a new gaming law that provides for material changes to the legal fo ITEM 1. BUSINESS MGM Resorts International is referred to as the \u201cCompany,\u201d \u201cMGM Resorts,\u201d or the \u201cRegistrant,\u201d and together with its subsidiaries may also be referred to as \u201cwe,\u201d \u201cus\u201d or \u201cour.\u201d Overview MGM Resorts International is a Delaware corporation incorporated in 1986 that acts largely as a holding company and, through subsidiaries, is a global gaming and entertainment company with domestic and international locations featuring best-in-class hotels and casinos, state-of-the-art meeting and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings, as well as sports betting and online gaming operations. We believe we operate several of the finest casino properties in the world and we continually reinvest in our properties to maintain our competitive advantage. We make significant investments in our properties through newly remodeled hotel rooms, restaurants, entertainment and nightlife offerings, as well as other new features and amenities. We believe we operate the highest quality resorts in each of the markets in which we operate. Ensuring our properties are the premier resorts in their respective markets requires capital investments to maintain the best possible experiences for our guests. We also believe that through our online gaming operations, we can create a scaled global online gaming business. As of December 31, 2025, we operate 16 domestic casino properties and, through our approximate 56% controlling interest in MGM China Holdings Limited (together with its subsidiaries, \u201cMGM China\u201d), which owns MGM Grand Paradise, S.A. (\u201cMGM Grand Paradise\u201d), operate two casino properties in Macau. Additionally, through our 50% ownership interest in MGM Osaka Corporation (\u201cMGM Osaka\u201d), an unconsolidated affiliate, we are developing an integrated resort in Osaka, Japan. We also have global online gaming operations primarily through our consolidated subsidiary LV Lion Ho ITEM 1A. RISK FACTORS You should be aware that the occurrence of any of the events described in this section and elsewhere in this report or in any other of our filings with the SEC could have a material adverse effect on our business, financial position, results of operations and cash flows. In evaluating us, you should consider carefully, among other", "title": "MGM - MGM Resorts International", "url": "/company/MGM/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0000827054; latest 10-K filed 2026-05-21.", "text": "MCHP - MICROCHIP TECHNOLOGY INC SIC 3674 Semiconductors & Related Devices; CIK 0000827054; latest 10-K filed 2026-05-21. MCHP MICROCHIP TECHNOLOGY INC 0000827054 3674 Semiconductors & Related Devices Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Note Regarding Forward-looking Statements This report, including \"Item 1. Business,\" \"Item 1A. Risk Factors,\" and \"Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations,\" contains certain forward-looking statements that involve risks and uncertainties, including statements regarding our strategy, financial performance and revenue sources. We use words such as \"anticipate,\" \"believe,\" \"can,\" \"continue,\" \"could,\" \"expect,\" \"future,\" \"intend,\" \"plan,\" and similar expressions to identify forward-looking statements. Our actual results could differ materially from the results anticipated in these forward-looking statements as a result of certain factors including those set forth under \"Risk Factors,\" beginning at page 14 and elsewhere in this Form 10-K. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. You should not place undue reliance on these forward-looking statements. We disclaim any obligation to update information contained in any forward-looking statement. These forward-looking statements include, without limitation, statements regarding the following: \u2022Our expectation that we will experience period-to-period fluctuations in operating results, gross margins, and product mix; \u2022The effects that uncertain global economic conditions and fluctuations in the global credit and equity markets may have on our financial condition and results of operations; \u2022The effects and amount of competitive pricing pressure on our product lines and modest pricing declines in certain of our more mature proprietary product lines; \u2022Our ability to moderate future average selling price declines; \u2022Our expectations regarding our inventory levels and revenue growth; \u2022The amount of, and changes in, demand for our products and those of our customers; \u2022The impact of national security protections, trade restrictions and changes in tariffs, including those impacting China; \u2022Our intent to vigorously defend our legal positions and our expectations of the impact of litigation on our operations; \u2022The future impact on our business in response to public health concerns; \u2022Our goal to continue to be more efficient with our selling, general and administrative expenses; \u2022Our belief that customers recognize our products and brand name and our use of distributors as an effective supply channel; \u2022Our belief that familiarity with and adoption of development tools from us and from our third-party development tool partners will be an important factor in the future selection of our embedded control products; \u2022The accuracy of our estimates of the useful life and values of our property, assets and other liabilities; \u2022The possibility of future pricing fluctuations in our analog product line; \u2022The impact of any supply disruption we may experience; \u2022Our ability to effectively utilize our facilities at appropriate capacity levels or obtain sufficient capacity from our manufacturing, assembly and test sub-contractors; \u2022Our ability to maintain manufacturing yields; \u2022The maintenance of our competitive position based on our investments in new and enhanced products; \u2022The cost effectiveness of using our own assembly and test operations; \u2022Our plans to continue to transition certain outsourced assembly and test capacity to our internal facilities; \u2022Our expectations regarding investments in equipment and facilities and the timeline of expansions of our manufacturing capacity; \u2022The continued development of the embedded control market based on our strong technical service presence; \u2022Our anticipated level of capital expenditures; \u2022The possibility that loss of, or disruption in the operations of, one or more of our distributors could reduce our future net sales and/or increase our inventory return Item 1. Business Overview We develop, manufacture and sell smart, connected and secure embedded control solutions used by our customers for a wide variety of applications. With over 35 years of technology leadership, our broad product portfolio offers a Total System Solution for our customers that can provide a large portion of the silicon requirements in their applications. TSS is a combination of hardware, software and services which help our customers increase their revenue, reduce their costs and manage their risks compared to other solutions. Our strategic focus includes general purpose and specialized mixed-signal microcontrollers, microprocessors, analog, FPGA, data center, networking, and memory products. In July 2024, we entered the 64-bit mixed-signal microprocessor market furthering our expansion beyond 32-bit architecture. Our synergistic product portfolio empowers disruptive growth trends, including AI/ML, data centers, edge computing and IoT, E-mobility, networking and connectivity, and sustainability in key end markets such as automotive, aerospace and defense, communications, consumer appliances, data centers and computing, and industrial. Industry Background Competitive pressures require OEMs to expand product functionality and provide differentiation while maintaining or reducing cost. To address these requirements, manufacturers often use integrated circuit-based embedded control systems that enable them to: \u2022differentiate their products \u2022replace less efficient electromechanical control devices \u2022reduce the number of components in their system \u2022add product functionality \u2022reduce the system level energy consumption \u2022make systems safer to operate \u2022reduce the consumption of natural resources \u2022connect their products to other devices \u2022add security to their products \u2022decrease time to market for their products \u2022significantly reduce product cost Embedded control systems have been incorporated into thousands of products and subassemblies in Item 1A. Risk Factors When evaluating Microchip and its business, you should give careful consideration to the factors below, as well as the information provided elsewhere in this Form 10-K and in other filings we make with the SEC. Risk Factor Summary Risks Related to Our Business, Operations, and Industry \u2022impact of global economic conditions o", "title": "MCHP - MICROCHIP TECHNOLOGY INC", "url": "/company/MCHP/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0000723125; latest 10-K filed 2025-10-03.", "text": "MU - MICRON TECHNOLOGY INC SIC 3674 Semiconductors & Related Devices; CIK 0000723125; latest 10-K filed 2025-10-03. MU MICRON TECHNOLOGY INC 0000723125 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This discussion should be read in conjunction with the consolidated financial statements and accompanying notes for the year ended August 28, 2025. All period references are to our fiscal periods unless otherwise indicated. Our fiscal year is the 52- or 53-week period ending on the Thursday closest to August 31. Fiscal 2025, 2024, and 2023 each contained 52 weeks. All tabular dollar amounts are in millions, except per share amounts. Overview For an overview of our business, see Part I, Item 1. Business, Overview. Industry Conditions AI-driven demand is accelerating and is outpacing industry supply. In 2025, we benefited from substantial improvements in DRAM pricing, volumes and margins as compared to 2024, reflecting strong demand growth, driven in part by the continued advancement of AI. During 2025, we shifted a portion of our DRAM supply to the data center and hyperscale cloud markets to meet the strong demand fueled by AI, with emphasis on HBM products, resulting in a revenue mix weighted more prominently toward segments experiencing higher growth. The pivot to higher-growth segments, together with our strong execution, robust overall industry DRAM demand, and constrained supply, has led to improved profitability across our DRAM portfolio. In 2025, NAND revenue increased from 2024 on higher bit shipments due to demand growth. The 2025 NAND gross margin percentage increased from 2024 due to cost reductions. We continue to prudently manage our NAND business to ensure we align our supply growth and technology node cadence with our projections of the demand environment. Throughout 2024, we experienced substantial improvements in pricing and margins due to improving market conditions as compared to 2023. Increasing demand growth, driven in part by deployment of AI and mostly normal customer inventories, combined with industry-wide supply discipline, resulted in an industry supply and demand balance that substantially improved from downturn conditions in memory and storage markets during 2023. In connection with improved market conditions in 2024, we reinstated our bonuses and phased out certain other temporary cost-saving measures that were implemented in 2023. In 2023, China\u2019s Cyberspace Administration (the \u201cCAC\u201d) conducted a cybersecurity review of our products sold in China and decided that our products presented a cybersecurity risk. The CAC determined that critical information infrastructure operators in China may not purchase Micron products. The CAC decision has impacted our business, particularly in the domestic data center and networking markets in China, and we have been working to mitigate that impact. 51 | 2025 10-K Table of Contents Results of Operations Consolidated Results [[GREPCENT_TABLE]] [[\"For the year ended\",\"2025\",\"2024\",\"2023\"],[\"Revenue\",\"$\",\"37,378\",\"\",\"100\",\"%\",\"$\",\"25,111\",\"\",\"100\",\"%\",\"$\",\"15,540\",\"\",\"100\",\"%\"],[\"Cost of goods sold\",\"22,505\",\"\",\"60\",\"%\",\"19,498\",\"\",\"78\",\"%\",\"16,956\",\"\",\"109\",\"%\"],[\"Gross margin\",\"14,873\",\"\",\"40\",\"%\",\"5,613\",\"\",\"22\",\"%\",\"(1,416)\",\"\",\"(9)\",\"%\"],[\"Research and development\",\"3,798\",\"\",\"10\",\"%\",\"3,430\",\"\",\"14\",\"%\",\"3,114\",\"\",\"20\",\"%\"],[\"Selling, general, and administrative\",\"1,205\",\"\",\"3\",\"%\",\"1,129\",\"\",\"4\",\"%\",\"920\",\"\",\"6\",\"%\"],[\"Restructure and asset impairments\",\"39\",\"\",\"\\u2014\",\"%\",\"1\",\"\",\"\\u2014\",\"%\",\"171\",\"\",\"1\",\"%\"],[\"Other operating (income) expense, net\",\"61\",\"\",\"\\u2014\",\"%\",\"(251)\",\"\",\"(1)\",\"%\",\"124\",\"\",\"1\",\"%\"],[\"Operating income (loss)\",\"9,770\",\"\",\"26\",\"%\",\"1,304\",\"\",\"5\",\"%\",\"(5,745)\",\"\",\"(37)\",\"%\"],[\"Interest income (expense), net\",\"19\",\"\",\"\\u2014\",\"%\",\"(33)\",\"\",\"\\u2014\",\"%\",\"80\",\"\",\"1\",\"%\"],[\"Other non-operating income (expense), net\",\"(135)\",\"\",\"\\u2014\",\"%\",\"(31)\",\"\",\"\\u2014\",\"%\",\"7\",\"\",\"\\u2014\",\"%\"],[\"Income tax (provision) benefit\",\"(1,124)\",\"\",\"(3)\",\"%\",\"(451)\",\"\",\"(2)\",\"%\",\"(177)\",\"\",\"(1)\",\"%\"],[\"Equity in net income (loss) of equity method investee ITEM 1. BUSINESS Overview We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron\u00ae and Crucial\u00ae brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities \u2014 from the data center to the intelligent edge and across the client and mobile user experience. We manufacture our products at wholly-owned facilities and also utilize subcontractors for certain manufacturing processes. Our global network of manufacturing centers of excellence not only allows us to benefit from scale while streamlining processes and operations, but it also brings together some of the world\u2019s brightest talent to work on the most advanced memory technology. Centers of excellence bring expertise together in one location, providing an efficient support structure for end-to-end manufacturing, with quicker cycle times, in partnership with teams, such as R&D, product development, human resources, procurement, and supply chain. For our locations in Singapore and Taiwan, this is also a combination of bringing fabrication and back-end manufacturing together. We continue to make significant investments to develop proprietary product and process technology, which generally increases bit density per wafer and reduces per-bit manufacturing costs of each generation of product. We continue to introduce new generations of products that offer improved performance characteristics, including higher data transfer rates, advanced packaging solutions, lower power consumption, improved read/write reliability, and increased memory density. We face intense competition in the semic ITEM 1A. RISK FACTORS In addition to the factors discussed elsewhere in this Annual Report on Form 10-K, this section discusses important factors which could cause actual results or events to differ materially from those contained in any forward-looking statements made by us. The order of presentation is not necessarily in", "title": "MU - MICRON TECHNOLOGY INC", "url": "/company/MU/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000912595; latest 10-K filed 2026-02-06.", "text": "MAA - MID AMERICA APARTMENT COMMUNITIES INC. SIC 6798 Real Estate Investment Trusts; CIK 0000912595; latest 10-K filed 2026-02-06. MAA MID AMERICA APARTMENT COMMUNITIES INC. 0000912595 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion analyzes the financial condition and results of operations of both MAA and the Operating Partnership, of which MAA is the sole general partner and in which MAA owned a 97.5% interest as of December 31, 2025. MAA conducts all of its business through the Operating Partnership and its various subsidiaries. This discussion should be read in conjunction with the consolidated financial statements and notes thereto included in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results, performance and achievements may differ materially from those expressed or implied by such forward-looking statements as a result of many factors, including, but not limited to, those under the heading \u201cRisk Factors\u201d in this Annual Report on Form 10-K. MAA, an S&P 500 company, is a multifamily-focused, self-administered and self-managed real estate investment trust, or REIT. We own, operate, acquire and selectively develop apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. As of December 31, 2025, we owned and operated 293 apartment communities (which does not include development communities under construction) through the Operating Partnership and its subsidiaries, and had an ownership interest in one apartment community through an unconsolidated real estate joint venture. In addition, as of December 31, 2025, we had eight development communities under construction, and 35 of our apartment communities included retail components. Our apartment communities, including development communities under construction, were located across 16 states and the District of Columbia as of December 31, 2025. We report in two segments, Same Store and Non-Same Store and Other. Our Same Store segment represents those apartment communities that have been owned and stabilized for at least 12 months as of the first day of the calendar year. Communities are considered stabilized when achieving 90% average physical occupancy for 90 days. Our Non-Same Store and Other segment includes recently acquired communities, communities being developed or in lease-up, communities that have been disposed of or identified for disposition, communities that have incurred a significant casualty loss and stabilized communities that do not meet the requirements to be Same Store communities. Also included in our Non-Same Store and Other segment are non-multifamily activities and expenses related to severe weather events, including hurricanes and winter storms. Additional information regarding the composition of our segments is included in Note 13 to the consolidated financial statements included in this Annual Report on Form 10-K. Overview For the year ended December 31, 2025, net income available for MAA common shareholders was $443.2 million as compared to $523.9 million for the year ended December 31, 2024. Results for the year ended December 31, 2025 included $72.1 million of gain related to the sale of depreciable real estate assets, $6.1 million of non-cash gain, net of tax, from investments, $4.6 million in net casualty gain and $1.1 million of non-cash gain related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares, partially offset by $61.9 million of legal costs and settlements. Results for the year ended December 31, 2024 included $55.0 million of gain related to the sale of depreciable real estate assets, $11.2 million of gain on the consolidation of a third-party development, $9.3 million in net casualty gain and $6.1 million of non-cash gain, net of tax, from investments, partially offset by $18.8 million of non-cash loss related to the fair value adjustment of the embedded derivative in the MAA Series I preferred shares and $9.4 million of legal costs and settlements. Re Item 1. Business. Overview MAA, an S&P 500 company, is a multifamily-focused, self-administered and self-managed real estate investment trust, or REIT. We own, operate, acquire and selectively develop apartment communities primarily located in the Southeast, Southwest and Mid-Atlantic regions of the U.S. As of December 31, 2025, we maintained full or partial ownership of apartment communities, including communities currently in development, across 16 states and the District of Columbia, summarized as follows: [[GREPCENT_TABLE]] [[\"Multifamily\",\"\",\"Communities (1)\",\"\",\"\",\"Units\"],[\"Consolidated\",\"\",\"\",\"301\",\"\",\"(2)\",\"\",\"102,814\",\"\",\"(3)\"],[\"Unconsolidated\",\"\",\"\",\"1\",\"\",\"\",\"\",\"269\"],[\"Total\",\"\",\"\",\"302\",\"\",\"\",\"\",\"103,083\"]] [[/GREPCENT_TABLE]] (1) As of December 31, 2025, 35 of the Company\u2019s apartment communities included retail components. (2) Number of communities includes eight communities under development as of December 31, 2025. One of these developments is a phase II expansion of an existing apartment community. (3) Number of units excludes development units not yet delivered as of December 31, 2025. Our business is conducted principally through the Operating Partnership. MAA is the sole general partner of the Operating Partnership, holding 116,878,077 OP Units, comprising a 97.5% partnership interest in the Operating Partnership as of December 31, 2025. MAA and MAALP were formed in Tennessee in 1993. 3 Business Objectives Our primary business objectives are to generate a sustainable, stable and increasing cash flow that will fund our dividends and distributions through all parts of the real estate investment cycle. To achieve these objectives, we intend to continue to pursue the following goals and strategies: \u2022 create value for our shareholders, residents, associates and the communities in which our properties are located; \u2022 effectively operate our existing properties with an intense property and asset management focus; \u2022 utilize technology to pr Item 1A. Risk Factors. In addition to the other information contained in this Annual Report on Form 10-K, we have identified the following risks and uncertainties that may have a material adverse effect on our business prospects, financial condition or results of operations. Investors should car", "title": "MAA - MID AMERICA APARTMENT COMMUNITIES INC.", "url": "/company/MAA/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001682852; latest 10-K filed 2026-02-20.", "text": "MRNA - Moderna, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001682852; latest 10-K filed 2026-02-20. MRNA Moderna, Inc. 0001682852 2836 Biological Products, (No Diagnostic Substances) Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in \u201cPart I, Item 1A - Risk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a biotechnology company advancing a new class of medicines made of messenger RNA (mRNA). mRNA medicines are designed to direct the body\u2019s cells to produce intracellular, membrane or secreted proteins that have a therapeutic or preventive benefit with the potential to address a broad spectrum of diseases. Our platform builds on continuous advances in basic and applied mRNA science, delivery technology and manufacturing, providing us the capability to pursue in parallel a robust pipeline of new development candidates. We are developing medicines across infectious disease vaccines, oncology therapeutics and rare disease therapeutics. Since our founding in 2010, we have transformed from a research-stage company advancing programs in the field of mRNA to a commercial enterprise with a diverse clinical portfolio of vaccines and therapeutics across several modalities, a broad intellectual property portfolio and integrated manufacturing capabilities that allow for rapid clinical and commercial production at scale. We currently have three commercial products\u2014Spikevax\u00ae and mNEXSPIKE\u00ae, our COVID vaccines, and mRESVIA\u00ae, our vaccine against respiratory syncytial virus (RSV). We also have a diverse development pipeline of 25 development candidates across our 35 development programs currently in clinical studies. 2025 Business Highlights U.S. Manufacturing Capabilities Expansion In November 2025, we announced the expansion of our U.S. manufacturing capabilities through the onshoring of drug product manufacturing to our existing Moderna Technology Center in Norwood, Massachusetts. Upon completion, this expansion will enable end-to-end mRNA manufacturing in the United States, supporting both commercial and clinical supply needs. This expansion is part of our continued investment in U.S.-based manufacturing infrastructure to support our mRNA vaccine and therapeutic pipeline. Construction for the new drug product manufacturing capability has commenced, with completion targeted in the first half of 2027. $1.5 Billion Five-Year Credit Facility In November 2025, we entered into a five-year term loan facility providing for up to $1.5 billion of capital to enhance our balance sheet and provide increased financial flexibility. The facility includes a $600 million initial term loan funded at closing, a $400 million delayed draw term loan facility available through November 2027, and an additional $500 million delayed draw term loan facility available through November 2028, subject to the achievement of specified regulatory milestones. Total Revenue and Loss Per Share For the year ended December 31, 2025, we recognized total revenue of $1.9 billion compared to $3.2 billion and $6.8 billion for the years ended December 31, 2024 and 2023, respectively. Loss per share was $(7.26) for the year ended December 31, 2025, compared to loss per share of $(9.28) and $(12.33) for the years ended December 31, 2024 and 2023, respectively. Program Developments Infectious Disease Vaccines \u2022COVID vaccines: We Item 1. Business Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of our technology platform, we are reimagining how medicines are made to transform how we treat and prevent diseases. Since our founding, our mRNA platform has enabled the development of vaccine and therapeutic candidates across infectious disease, oncology, rare disease and more. With a global team and a unique culture, driven by our values and mindsets, our mission is to deliver the greatest possible impact to people through mRNA medicines. We currently have three commercial products\u2014Spikevax and mNEXSPIKE (our COVID vaccines) and mRESVIA (our vaccine against respiratory syncytial virus (RSV)). mNEXSPIKE, which we launched commercially in the third quarter of 2025, is now our leading product in the U.S. retail channel. In 2025, we achieved total revenue of $1.9 billion, largely from sales of our COVID vaccines. Beyond our commercial products, we continue to demonstrate the potential of our platform technology and are advancing a pipeline of development candidates across oncology, rare disease and infectious disease. In January 2026, we and Merck announced five-year data from the Phase 2b study of intismeran autogene (mRNA-4157), our mRNA-based individualized neoantigen therapy, in combination with Merck\u2019s pembrolizumab (KEYTRUDA\u00ae), which demonstrated sustained improvement in recurrence-free survival in patients with high-risk melanoma (stage III/IV) following complete resection. We are advancing intismeran in collaboration with Merck, with eight Phase 2 and Phase 3 clinical trials underway across multiple tumor types. In oncology, we are also advancing mRNA-4359, a cancer antigen therapy designed to elicit T-cell immune responses against tumor and immunosuppressive cells. In infectious disease, we have regulatory filings under review for our seasonal flu+COVID combination vaccine candidate (mRNA-1083) in Europe and Canada, and for our seasonal flu vaccine c Item 1A. Risk Factors You should carefully consider the following risks and uncertainties, together with all other information in this Annual Report on Form 10-K. Any of the risk factors we describe below could adversely affect our business, financial condition or results of operations and the market price o", "title": "MRNA - Moderna, Inc.", "url": "/company/MRNA/" }, { "kind": "company", "summary": "SIC 2082 Malt Beverages; CIK 0000024545; latest 10-K filed 2026-02-18.", "text": "TAP - MOLSON COORS BEVERAGE CO SIC 2082 Malt Beverages; CIK 0000024545; latest 10-K filed 2026-02-18. TAP MOLSON COORS BEVERAGE CO 0000024545 2082 Malt Beverages ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview For more than two centuries, we have brewed beverages that unite people to celebrate all life\u2019s moments. From our core power brands Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling and O\u017eujsko, to our above premium brands including Madr\u00ed Excepcional, Staropramen, Blue Moon Belgian White and Leinenkugel\u2019s Summer Shandy, to our value brands like Miller High Life and Keystone Light, we produce many beloved and iconic beers. While our Company's history is rooted in beer, we offer a modern portfolio that expands beyond the beer aisle as well, including flavored beverages like Vizzy Hard Seltzer, spirits and non-alcoholic beverages. We also have partner brands, such as Simply Spiked, ZOA Energy, Fever-Tree, among others, through license, distribution, partnership and joint venture agreements. As a business, our ambition is to be the first choice for our people, our consumers and our customers, and our success depends on our ability to make our products available to meet a wide range of consumer segments and occasions. Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") in this Annual Report on Form 10-K is provided to assist in understanding our Company, operations and current business environment and should be considered a supplement to, and read in conjunction with, the accompanying audited consolidated financial statements and notes included within Part II\u2014Item 8 Financial Statements and Supplementary Data, as well as the discussion of our business and related risk factors in Part I\u2014Item 1 Business and Part I\u2014Item 1A Risk Factors, respectively. See also \"Cautionary Statement Pursuant to Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.\" A discussion related to the results of operations and changes in financial condition for 2024 compared to 2023 has been omitted from this report, but may be found in Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our fiscal 2024 Form 10-K, filed with the SEC on February 18, 2025, which is available free of charge on the SEC's website at www.sec.gov and our corporate website at www.molsoncoors.com. The information provided on our website (or any other website referred to in this report) is not part of this report and is not incorporated by reference as part of this report. 37 Table of Contents Our Fiscal Year Unless otherwise indicated, (a) all $ amounts are in USD, (b) comparisons are to comparable prior periods and (c) 2025, 2024 and 2023 refers to the 12 months ended December 31, 2025, December 31, 2024 and December 31, 2023, respectively. Global Market Conditions and Competitive Trends Our industry is experiencing, and we expect will continue to experience, increased consumer and economic uncertainty due to volatility in the global macroeconomic environment including global trade policies and other geopolitical events with potential resulting impacts on economic growth, consumer confidence, inflation and currencies and their exchange rates. In addition, the associated impacts of the macroeconomic environment on the beer industry in the U.S. has resulted in heightened competitive activity and associated reduction in market share of our products in certain segments. The magnitude of the resulting impacts on our business are dependent on the evolution of the global macroeconomic environment and the competitive landscape, including whether market share losses are sustained. The economic and competitive pressures, including the impact of tariffs, on our Company and our consumers' consumption behavior and preferences have negatively impacted, and may continue to negatively impact, our results of operations during this volatile period. For example, tariff announcements in the U.S. in the second quarter of 2025 have indirectly caused the price o ITEM 1. BUSINESS Unless otherwise noted in this report, any description of \"we,\" \"us\" or \"our\" includes Molson Coors Beverage Company (\"MCBC\" or the \"Company\"), principally a holding company, and its operating and non-operating subsidiaries included within its reporting segments. Our reporting segments include the Americas and EMEA&APAC. Unless otherwise indicated, information in this report is presented in USD and comparisons are to comparable prior periods. Our primary operating currencies, other than the USD, include the CAD, the GBP and our Central European operating currencies, such as the EUR, CZK, RON and RSD. Business and Market Overview Our History For more than two centuries, we have brewed beverages that unite people to celebrate all life\u2019s moments. From our core power brands, Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling and O\u017eujsko, to our above premium brands, including Madr\u00ed Excepcional, Staropramen, Blue Moon Belgian White and Leinenkugel\u2019s Summer Shandy, to our value brands, like Miller High Life and Keystone Light, we produce many beloved and iconic beers. While our Company's history is rooted in beer, we offer a modern portfolio that expands beyond the beer aisle as well, including flavored beverages like Vizzy Hard Seltzer, spirits and non-alcoholic beverages. We also have partner brands, such as Simply Spiked, ZOA Energy, Fever-Tree, among others, through license, distribution, partnership and joint venture agreements. As a business, our ambition is to be the first choice for our people, our consumers and our customers, and our success depends on our ability to make our products available to meet a wide range of consumer segments and occasions. Our primary founders, the Molson, Coors and Miller families date back over two centuries. Our commitment to producing the highest quality beers is a key part of our heritage and remains so to this day. Our brands are designed to appeal to a wide range of consumer tastes, styles ITEM 1A. RISK FACTORS Investing in our Company involves risk. Investors should carefully consider the following risk factors and the other information contained within this report. The risks set forth below are those that management believes are most likely to have a material adverse effect on us. Investors are encouraged to read each risk factor as re", "title": "TAP - MOLSON COORS BEVERAGE CO", "url": "/company/TAP/" }, { "kind": "company", "summary": "SIC 2000 Food and Kindred Products; CIK 0001103982; latest 10-K filed 2026-02-04.", "text": "MDLZ - Mondelez International, Inc. SIC 2000 Food and Kindred Products; CIK 0001103982; latest 10-K filed 2026-02-04. MDLZ Mondelez International, Inc. 0001103982 2000 Food and Kindred Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis contains forward-looking statements. It should be read in conjunction with the other sections of this Annual Report on Form 10-K, including the consolidated financial statements and related notes contained in Forward-Looking Statements and Item 1A, Risk Factors. For a discussion of the fiscal year ended December 31, 2024 compared to the fiscal year ended December 31, 2023, please refer to Part II, Item 7 - Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview of Business and Strategy Our core business is making and selling chocolate, biscuits and baked snacks, with additional businesses in adjacent, locally relevant categories including gum & candy, cheese & grocery and powdered beverages around the world. We aim to be the global leader in snacking. Our strategy is to drive long-term growth by focusing on four strategic priorities: accelerating consumer-centric growth, driving operational excellence, creating a winning growth culture and scaling sustainable snacking. We believe the successful implementation of our strategic priorities and leveraging of our attractive global footprint, strong core of iconic global and local brands, marketing, sales, distribution and cost excellence capabilities, and top talent with a growth mindset, will drive consistent top- and bottom-line growth, enabling us to continue to create long-term value for our shareholders. For more detailed information on our business and strategy, refer to Item 1, Business. Recent Developments and Significant Items Macroeconomic environment We continue to observe significant market and geopolitical uncertainty, fluctuating consumer demand, inflationary pressures, supply constraints, trade and regulatory uncertainty and exchange rate volatility. As a result, we experienced significantly higher operating costs, including higher overall raw material, labor and energy costs that have continued to rise. In particular, while we expect cocoa costs to be lower in 2026 compared to the current year, we expect to continue to face elevated cocoa costs as compared to historical levels in the near- and medium-term. Refer to Commodity Trends for additional information. Our overall outlook for future snacks revenue growth remains strong; however, we anticipate ongoing volatility. While we have responded to elevated raw material costs with pricing increases for certain of our products, the elasticity impacts from those pricing increases has adversely impacted consumer demand, particularly in the United States and Europe. We will continue to proactively manage our business in response to the evolving global economic environment, related uncertainty and business risks while also prioritizing and supporting our employees and customers. We continue to take steps to mitigate impacts to our supply chain, operations, technology and assets. Trade and Regulatory Uncertainty In many markets, including the United States, a portion of our products, including significant inputs, are imported from other jurisdictions. As of January 2026, the U.S. maintains higher tariffs on imported goods (finished products and inputs) from many trading partners as compared to prior years. Some of these tariffs have increased our costs for finished products, as well as some ingredients and packaging used to produce and distribute our products. In some cases, U.S. tariff policy has also resulted in retaliatory measures on U.S. goods entering foreign markets. For most products and materials imported to the United States from Mexico and Canada, we comply with the terms of the U.S.-Mexico-Canada Agreement and are therefore not subject to tariffs on most products and materials imported from those jurisdictions. However, the current trade environment con Item 1. Business. General Mondel\u0113z International\u2019s purpose is to empower people to snack right. We sell our products in over 150 countries around the world. We are one of the world\u2019s largest snack companies with global net revenues of $38.5 billion and net earnings of $2.5 billion in 2025. Our core business is making and selling chocolate, biscuits and baked snacks. We also have additional businesses in adjacent, locally relevant categories including gum & candy, cheese & grocery and powdered beverages. Our portfolio includes iconic global and local brands such as Oreo, Ritz, LU, Clif Bar and Tate\u2019s Bake Shop biscuits and baked snacks, as well as Cadbury Dairy Milk, Milka and Toblerone chocolate. We strive to create a positive impact on the world and communities in which we operate while driving business performance. Our goal is to lead the future of snacking around the world by offering the right snack, for the right moment, made the right way. We aim to deliver a broad range of delicious, high-quality snacks that nourish life\u2019s moments, made with sustainable ingredients and packaging. Strategy We aim to be the global leader in snacking by focusing on growth, execution, culture and sustainability. We are optimizing our portfolio of leading brands and have refined our strategy to accelerate growth, prioritizing our fast-growing core categories of chocolate, biscuits and baked snacks. Our strategic plan builds on our strong foundations, including leadership in attractive categories, an attractive global footprint, a strong core of iconic global and local brands, marketing, sales, distribution and cost excellence capabilities and top talent with a growth mindset. Our plan to drive long-term growth includes four strategic priorities: \u2022Accelerate consumer-centric growth. Our consumers are the reason we want to be the best snacking company in the world, and we put them at the heart of everything we do. With our consumers in mind, we are focused on accelerating and Item 1A. Risk Factors. You should carefully read the following discussion of significant factors, events and uncertainties when evaluating our business and the forward-looking information contained in this Annual Report on Form 10-K. The events and consequences discussed in these risk factors could materially and adversely ", "title": "MDLZ - Mondelez International, Inc.", "url": "/company/MDLZ/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001280452; latest 10-K filed 2026-02-27.", "text": "MPWR - MONOLITHIC POWER SYSTEMS INC SIC 3674 Semiconductors & Related Devices; CIK 0001280452; latest 10-K filed 2026-02-27. MPWR MONOLITHIC POWER SYSTEMS INC 0001280452 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and related notes which appear under Item 8 in this Annual Report on Form 10-K. This discussion and analysis contains, in addition to historical information, forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth under \u201cPart I, Item 1A. Risk Factors\u201d and elsewhere in this Annual Report on Form 10-K. Discussions of 2023 results and year-to-year comparisons between 2024 and 2023 that are omitted in this Annual Report on Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 3, 2025. Overview We are a fabless global company that provides high-performance, semiconductor-based power electronics solutions. Our mission is to reduce energy and material consumption to improve all aspects of quality of life and create a sustainable future. Founded in 1997 by our CEO Michael Hsing, we have three core strengths: deep system-level knowledge, strong semiconductor design expertise, and innovative proprietary technologies in the areas of semiconductor processes, system integration, and packaging. These combined advantages are designed to enable us to deliver reliable, compact, and monolithic solutions that are highly energy-efficient, cost-effective, and environmentally responsible while providing a consistent return on investment to our stockholders. We operate in the cyclical semiconductor industry. We are subject to industry downturns, but we have targeted product and market areas that we believe allow us to operate at above average industry performance levels over the long term. We work with third parties to manufacture, assemble and test our ICs. This has enabled us to limit our capital expenditures and fixed costs, while focusing our engineering and design resources on our core strengths. Following the introduction of a product, our sales cycle generally takes a number of quarters after we receive an initial customer order for a new product to ramp up. Typical supply chain lead times for orders are generally 16 to 26 weeks. These factors, combined with the fact that our customers can cancel or reschedule orders without incurring a significant penalty, make the forecasting of our orders, revenue and expenses difficult. We derive most of our revenue from sales through distribution arrangements and direct sales to customers in Asia, where our products are incorporated into end-user products. Our revenue from sales to customers in Asia was 92%, 94% and 87% for the years ended December 31, 2025, 2024 and 2023, respectively. We believe our ability to achieve revenue growth will depend, in part, on our ability to develop new products, enter new markets, gain market share, manage litigation risk, diversify our customer base and continue to secure manufacturing capacity. Macroeconomic Conditions and Regulations The semiconductor industry is impacted by various macroeconomic challenges including fluctuations in consumer spending, fluctuations in demand for semiconductors, rising inflation, global tariffs and retaliatory measures and announcements regarding the same, increased interest rates, and fluctuations in currency rates. We remain cautious in light of continued challenging global macroeconomic conditions and will continue to monitor the potential impact on our operations. The extent and duration of the direct and indirect impact of macroeconomic events on our business, results of operations and overall financial position remain uncertain and depend on future developments. We closely monitor changes to ex Item 1. Business General Monolithic Power Systems, Inc. is a fabless global company that provides high-performance, semiconductor-based power electronics solutions. Incorporated in 1997, our three core strengths include deep system-level knowledge, strong semiconductor design expertise, and innovative proprietary technologies in the areas of semiconductor processes, system integration, and packaging. These combined advantages enable us to deliver reliable, compact, and monolithic solutions found in storage and computing, enterprise data, automotive, industrial, communications and consumer applications. Our mission is to reduce energy and material consumption to improve all aspects of quality of life and create a sustainable future. We believe that we differentiate ourselves by offering solutions that are more highly integrated, smaller in size, more energy-efficient, more accurate and more reliable with respect to performance specifications and, consequently, more cost-effective than many competing solutions. We plan to continue to introduce new products within our existing product families, as well as new, innovative products that expand our market. We have over 4,500 employees worldwide, with various locations in Asia, Europe and the U.S. Industry and Product Overview Semiconductors comprise the basic building blocks of electronic systems and equipment. Within the semiconductor industry, components can be classified either as discrete devices, such as individual transistors, or integrated circuits (\u201cICs\u201d), in which a number of transistors and other elements are combined to form a more complicated electronic circuit. ICs can be further divided into three primary categories: digital, analog, and mixed-signal. Digital ICs, such as memory devices and microprocessors, can store or perform arithmetic functions on data that is represented by a series of ones and zeroes. Analog ICs, in contrast, handle real world signals such as temperature, pressure, light, sound, o Item 1A. Risk Factors Our business involves numerous risks and uncertainties, including but not limited to the material risks described below. This section should be read in conjunction with all the other information in this Annual Report on Form 10-K and our other filings with the SEC. If any of these ris", "title": "MPWR - MONOLITHIC POWER SYSTEMS INC", "url": "/company/MPWR/" }, { "kind": "company", "summary": "SIC 2086 Bottled & Canned Soft Drinks & Carbonated Waters; CIK 0000865752; latest 10-K filed 2026-02-27.", "text": "MNST - Monster Beverage Corp SIC 2086 Bottled & Canned Soft Drinks & Carbonated Waters; CIK 0000865752; latest 10-K filed 2026-02-27. MNST Monster Beverage Corp 0000865752 2086 Bottled & Canned Soft Drinks & Carbonated Waters ITEM 1.BUSINESS When this report uses the words \u201cthe Company\u201d, \u201cwe\u201d, \u201cus\u201d and \u201cour\u201d, these words refer to Monster Beverage Corporation and its subsidiaries, unless the context otherwise requires. Based in Corona, California, Monster Beverage Corporation is a holding company and conducts no operating business, except through its consolidated subsidiaries. The Company\u2019s subsidiaries primarily develop and market energy drinks. Overview We develop, market, sell and distribute energy drink beverages and concentrates for energy drink beverages, primarily under the following brand names: [[GREPCENT_TABLE]] [[\"\\u25cf \\u200b \\u200b \\u200b \\u200bMonster Energy\\u00ae\\u25cf \\u200b \\u200b \\u200b \\u200bMonster Energy Ultra\\u00ae\\u25cf \\u200b \\u200b \\u200b \\u200bRehab Monster\\u00ae\\u25cf \\u200b \\u200b \\u200b \\u200bMonster Energy\\u00aeNitro\\u25cf \\u200b \\u200b \\u200b \\u200bJava Monster\\u00ae\\u25cf \\u200b \\u200b \\u200b \\u200bPunch Monster\\u00ae\\u25cf \\u200b \\u200b \\u200b \\u200bJuice Monster\\u00ae\\u25cf \\u200b \\u200b \\u200b \\u200bReign Total Body Fuel\\u00ae\\u25cf \\u200b \\u200b \\u200b \\u200bReign Storm\\u00ae\\u25cf \\u200b \\u200b \\u200b \\u200bBang Energy\\u00ae\\u25cf \\u200b \\u200b \\u200b \\u200bNOS\\u00ae\\u25cf \\u200b \\u200b \\u200b \\u200bFull Throttle\\u00ae\",\"\\u200b \\u200b \\u200b\",\"\\u25cf \\u200b \\u200b \\u200b \\u200bBurn\\u00ae\\u25cf \\u200b \\u200b \\u200b \\u200bMother\\u00ae\\u25cf \\u200b \\u200b \\u200b \\u200bNalu\\u00ae\\u25cf \\u200b \\u200b \\u200b \\u200bUltra Energy\\u00ae\\u25cf \\u200b \\u200b \\u200b \\u200bPlay\\u00ae and Power Play\\u00ae (stylized)\\u25cf \\u200b \\u200b \\u200b \\u200bRelentless\\u00ae\\u25cf \\u200b \\u200b \\u200b \\u200bBPM\\u00ae\\u25cf \\u200b \\u200b \\u200b \\u200bBU\\u00ae\\u25cf \\u200b \\u200b \\u200b \\u200bSamurai\\u00ae\\u25cf \\u200b \\u200b \\u200b \\u200bLive+\\u00ae\\u25cf \\u200b \\u200b \\u200b \\u200bPredator\\u00ae\\u25cf \\u200b \\u200b \\u200b \\u200bFury\\u00ae\"]] [[/GREPCENT_TABLE]] \u200b We also develop, market, sell and distribute craft beers, flavored malt beverages (\u201cFMBs\u201d) and hard seltzers ITEM 1A.RISK FACTORS In addition to the other information in this Annual Report on Form 10-K, including Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) and the consolidated financial statements and related notes, you should carefully consider the following risks. If any of the following risks actually occur or continue to occur, our business, reputation, financial condition and/or operating results could be materially adversely affected. The risk factors summarized below are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adversely affect our business, reputation, financial condition and/or operating results. Risk Factors Summary The following is a summary of the principal risks that could materially adversely affect our business, reputation, financial condition and/or operating results. You should read this summary together with the more detailed description of each risk contained below. Operational and Industry Risks [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"The Company and TCCC have extensive commercial arrangements and, as a result, the Company\\u2019s future performance is substantially dependent on the success of its relationship with TCCC.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Provisions in our organizational documents and control by insiders or TCCC may prevent changes in control even if such changes would be beneficial to other stockholders.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"We primarily rely on bottlers and other contract packers to manufacture our products. If we are unable to maintain good relationships with our bottlers and contract packers and/or their ability to manufacture our products becomes constrained or unavailable to us, our business could suffer.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"We rely on limited Company-owned facilities for produ", "title": "MNST - Monster Beverage Corp", "url": "/company/MNST/" }, { "kind": "company", "summary": "SIC 7320 Services-Consumer Credit Reporting, Collection Agencies; CIK 0001059556; latest 10-K filed 2026-02-18.", "text": "MCO - MOODYS CORP /DE/ SIC 7320 Services-Consumer Credit Reporting, Collection Agencies; CIK 0001059556; latest 10-K filed 2026-02-18. MCO MOODYS CORP /DE/ 0001059556 7320 Services-Consumer Credit Reporting, Collection Agencies ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This discussion and analysis of financial condition and results of operations should be read in conjunction with the Moody\u2019s Corporation consolidated financial statements and notes thereto included elsewhere in this annual report on Form 10-K. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains Forward-Looking Statements. See \u201cForward-Looking Statements\u201d commencing on page 64 and Item 1A. \u201cRisk Factors\u201d commencing on page 20 for a discussion of uncertainties, risks and other factors associated with these statements. The Company Moody\u2019s is a global integrated risk assessment firm that empowers organizations to anticipate, adapt and thrive in a new era of exponential risk. Moody\u2019s reports in two segments: MA and MIS. MA is a global provider of: i) research and insights; ii) data and information; and iii) decision solutions, which help companies make better and faster decisions. MA leverages its proprietary data and analytics and deep industry knowledge across multiple risks such as credit, market, financial crime, supply chain, catastrophe and climate to deliver integrated risk assessment solutions that enable business leaders to identify, measure and manage the implications of interrelated risks and opportunities. MIS publishes credit ratings and provides assessment services on a wide range of debt obligations, programs and facilities, and the entities that issue such obligations in markets worldwide, including various corporate, financial institution and governmental obligations, and structured finance securities. Critical Accounting Estimates Moody\u2019s discussion and analysis of its financial condition and results of operations are based on the Company\u2019s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires Moody\u2019s to make estimates and judgments that affect reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at the dates of the financial statements and revenue and expenses during the reporting periods. These estimates are based on historical experience and on other assumptions that are believed to be reasonable under the circumstances. On an ongoing basis, Moody\u2019s evaluates its critical accounting estimates. Actual results may differ from these estimates under different assumptions or conditions. The following accounting estimates are considered critical because they are particularly dependent on management\u2019s judgment about matters that are uncertain at the time the accounting estimates are made and changes to those estimates could have a material impact on the Company\u2019s consolidated results of operations or financial condition. Goodwill and Other Acquired Intangible Assets At July 31st of each year, Moody\u2019s evaluates its goodwill for impairment at the reporting unit level, defined as an operating segment (i.e., MA and MIS), or one level below an operating segment (i.e., a component of an operating segment). The Company evaluates the recoverability of goodwill using a two-step impairment test approach at the reporting unit level. In the first step, the Company assesses various qualitative factors to determine whether the fair value of a reporting unit may be less than its carrying amount. If a determination is made based on the qualitative factors that an impairment does not exist, the Company is not required to perform further testing. If the aforementioned qualitative assessment results in the Company concluding that it is more likely than not that the fair value of a reporting unit may be less than its carrying amount, the fair value of the reporting unit will be quantitatively determined and compared to its carrying value including goodwill. If the fair value of the reporting unit ITEM 1. BUSINESS Background As used in this report, except where the context indicates otherwise, the terms \u201cMoody\u2019s\u201d or the \u201cCompany\u201d refer to Moody\u2019s Corporation, a Delaware corporation, and its subsidiaries. The Company\u2019s executive offices are located at 7 World Trade Center at 250 Greenwich Street, New York, NY 10007 and its telephone number is (212) 553-0300. THE COMPANY Company Overview In a world shaped by increasingly interconnected risks, Moody's data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. Moody\u2019s offerings are distinguished by our vast proprietary and curated data and validated analytical models, which provide the trusted foundation that enable our customers to navigate an increasingly complex risk landscape. Moody\u2019s solutions enable the transformation of information into decision-grade intelligence, which is deeply interconnected across risk domains. Moody's also offers valuable insights into financial stability and creditworthiness for organizations, debt instruments, and securities, serving a key role in bringing transparency to the global debt markets. With a rich history of experience in global markets and a diverse workforce of approximately 16,000 across more than 40 countries, Moody's gives customers the comprehensive perspective needed to act with confidence and thrive in a dynamic global environment. [[GREPCENT_TABLE]] [[\"Moody's is helping customers accelerate value creation in an era of exponential risk by embedding our decision-grade intelligence directly into customer workflows\"],[\"Moody's\",\"\",\"Ratings\",\"\",\"Research & Insights\",\"\",\"Data & Information\",\"\",\"Decision Solutions\"],[\"\",\"\",\"\",\"\",\"Banking\",\"Insurance\",\"KYC\"],[\"\",\"Agency of Choice\",\"\",\"Premier fixed income research business\",\"\",\"Unparalleled, decision-grade intelligence\",\"\",\"Serving mission critical workflows across lending, underwriting, and KYC\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\",\"En ITEM 1A. RISK FACTORS Please carefully consider the following discussion of significant factors, events and uncertainties that make an investment in the Company\u2019s securities risky and provide important information for the understanding of the \u201cforward-looking\u201d statements discussed in Item", "title": "MCO - MOODYS CORP /DE/", "url": "/company/MCO/" }, { "kind": "company", "summary": "SIC 2870 Agricultural Chemicals; CIK 0001285785; latest 10-K filed 2026-02-27.", "text": "MOS - MOSAIC CO SIC 2870 Agricultural Chemicals; CIK 0001285785; latest 10-K filed 2026-02-27. MOS MOSAIC CO 0001285785 2870 Agricultural Chemicals Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Introduction The Mosaic Company (before or after the Cargill Transaction, as defined below, \u201cMosaic,\u201d and with its consolidated subsidiaries, \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or the \u201cCompany\u201d) is the parent company of the business that was formed through the business combination (\u201cCombination\u201d) of IMC Global Inc. and the Cargill Crop Nutrition fertilizer businesses of Cargill, Incorporated and its subsidiaries (collectively, \u201cCargill\u201d) on October 22, 2004. In May 2011, Cargill divested its approximately 64% equity interest in us in a split-off to its stockholders and a debt exchange with certain Cargill debt holders. We produce and market concentrated phosphate and potash crop nutrients. We conduct our business through wholly- and majority-owned subsidiaries as well as businesses in which we own less than a majority or a non-controlling interest, including consolidated variable interest entities and investments accounted for by the equity method. We are organized into the following business segments: \u2022Our Phosphate business segment owns and operates mines and production facilities in Florida, which produce concentrated phosphate crop nutrients and phosphate-based animal feed ingredients, and processing plants in Louisiana, which produce concentrated phosphate crop nutrients for sale domestically and internationally. We have a 75% economic interest in the Miski Mayo Phosphate Mine (\u201cMiski Mayo Mine\u201d) in Peru. These results are consolidated in the Phosphate segment. Through December 24, 2024, the Phosphate segment included our 25% interest in the Ma\u2019aden Wa\u2019ad Al Shamal Phosphate Company (\u201cMWSPC\u201d), a joint venture to develop, own and operate integrated phosphate production facilities in the Kingdom of Saudi Arabia. On December 24, 2024, we exchanged our ownership of MWSPC for shares of Saudi Arabian Mining Company (\u201cMa\u2019aden\u201d). Our equity in the net earnings or losses relating to MWSPC were recognized on a one-quarter lag in our Consolidated Statements of Earnings. \u2022Our Potash business segment owns and operates potash mines and production facilities in Canada and the U.S. which produce potash-based crop nutrients, animal feed ingredients and industrial products. Potash sales include domestic and international sales. We are a member of Canpotex, Limited (\u201cCanpotex\u201d), an export association of Canadian potash producers through which we sell our Canadian potash outside the U.S. and Canada. \u2022Our Mosaic Fertilizantes business segment includes five phosphate rock mines and four phosphate chemical plants in Brazil. The segment also includes our distribution business in South America, which consists of sales offices, crop nutrient blending and bagging facilities, port terminals and warehouses in Brazil and Paraguay. We also have a majority interest in Fospar S.A., which owns and operates a single superphosphate granulation plant and a deep-water port and throughput warehouse terminal facility in Brazil. This segment also includes the results of Mosaic Biosciences sales in Brazil. Intersegment eliminations, unrealized mark-to-market gains/losses on derivatives and investment in equity securities of Ma'aden, debt expenses, the results of the China and India distribution businesses and Mosaic Biosciences sales in China, India and North America are included within Corporate, Eliminations and Other. See Note 25 of the Consolidated Financial Statements in this Form 10-K for segment results. Key Factors That Can Affect Results of Operations and Financial Condition Our primary products, phosphate and potash crop nutrients, are, to a large extent, global commodities that are also available from a number of domestic and international competitors, and are sold by negotiated contracts or by reference to published market prices. The markets for our products are highly competitive, and the most important competitive factor for our products is delivered price. Business and Item 1. Business. OVERVIEW The Mosaic Company is the world\u2019s leading producer and marketer of concentrated phosphate and potash crop nutrients. Through our broad product offering, we are a single source supplier of phosphate- and potash-based crop nutrients and animal feed ingredients. We serve customers in approximately 40 countries. We are the second largest integrated phosphate producer in the world and one of the largest producers and marketers of phosphate-based animal feed ingredients in North America and Brazil. We are the leading fertilizer production and distribution company in Brazil. We mine phosphate rock in Florida, Brazil and Peru. We process rock into finished phosphate products at facilities in Florida, Louisiana and Brazil. We are typically one of the top four global potash producers in the world. We mine potash in Saskatchewan and New Mexico. We have other production, blending or distribution operations in Brazil, China, India and Paraguay. Our operations serve the top four nutrient-consuming countries in the world: China, India, U.S. and Brazil. The Mosaic Company is a Delaware corporation that was incorporated in March 2004 and serves as the parent company of the business that was formed through the October 2004 combination of IMC Global Inc. (\u201cIMC\u201d) and the fertilizer businesses of Cargill, Incorporated. We are publicly traded on the New York Stock Exchange under the ticker symbol \u201cMOS\u201d and are headquartered in Tampa, Florida. We conduct our business through wholly- and majority-owned subsidiaries as well as businesses in which we own less than a majority or a non-controlling interest. We are organized into three reportable business segments: Phosphate, Potash and Mosaic Fertilizantes. Intersegment eliminations, unrealized mark-to-market gains/losses on derivatives and investment in equity securities of Saudi Arabian Mining Company (\u201cMa\u2019aden\u201d), debt expenses and the results of the China and India distribution businesses and Mosaic Bioscience Item 1A. Risk Factors. Our business, financial condition or results of operations could be materially adversely affected by any of the risks and uncertainties described below. Operational Risks Our operating results are highly dependent upon and fluctuate based upon business, economic and other conditions and governmental policies affecting the agricultural indus", "title": "MOS - MOSAIC CO", "url": "/company/MOS/" }, { "kind": "company", "summary": "SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0000068505; latest 10-K filed 2026-02-12.", "text": "MSI - Motorola Solutions, Inc. SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0000068505; latest 10-K filed 2026-02-12. MSI Motorola Solutions, Inc. 0000068505 3663 Radio & Tv Broadcasting & Communications Equipment Item 7: Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following is a discussion and analysis of our financial position as of December 31, 2025 and 2024 and results of operations and cash flows for each of the three years in the period ended December 31, 2025. This commentary should be read in conjunction with our consolidated financial statements and the notes thereto appearing under \u201cItem 8: Financial Statements and Supplementary Data.\u201d Executive Overview Our Business Motorola Solutions is a global leader in mission-critical safety and security technologies for public safety, government, including defense, and enterprise customers. Our business is focused on safety and security driven by our commitment to help create safer communities, safer schools, safer hospitals, safer businesses, and ultimately, safer nations. Grounded in nearly 100 years of close customer and community collaboration, we design and advance technology for more than 100,000 customers in over 100 countries, with the goal of making everywhere safer for all. Our ecosystem of safety and security technologies is managed through two segments: \"Products and Systems Integration\" and Software and Services\". Within these segments, we have three principal product lines in which we report net sales: Mission Critical Networks (\"MCN\"), Video Security and Access Control (\"Video\") and Command Center. Our strategy is to generate value through our technologies that help meet the changing needs of our customers around the world in protecting people, property and places. While each technology individually strives to make users safer and more productive, we believe we can enable better outcomes for our customers by uniting these technologies as a comprehensive integrated safety and security system. Our goal is to help dismantle silos and barriers between people and systems, so that data unifies, information flows, operations run and collaboration improves to help strengthen safety and security everywhere. We have invested across these three technologies organically and through acquisitions to evolve our land mobile radio (\"LMR\") focus and expand our ecosystem of safety and security products and services. Across all three technologies, we offer artificial intelligence (\"AI\")-powered capabilities and software solutions, services such as cybersecurity subscription services and managed and support services. We support public safety and defense agencies in their mission to help protect communities and countries. We additionally serve our growing base of enterprise customers, including schools, hospitals, businesses and stadiums, as the criticality of safety and security becomes increasingly important. Across these diverse sectors, our technologies facilitate the connection between those in need and those who can help, enabling the collaboration that is critical for a more proactive approach to safety and security. This collaboration is clearly illustrated in a school setting: When a teacher presses a panic button, our technologies can automatically notify local law enforcement, trigger a lockdown to secure all entries, share live video feeds with first responders and send mass notifications to key stakeholders. This integrated workflow helps schools to detect, respond to and resolve safety and security threats faster and more effectively. The principal products within each segment, by technology, are described below: Products and Systems Integration Segment In 2025, the segment\u2019s net sales were $7.3 billion, representing 62% of our consolidated net sales. MCN Our MCN technology includes infrastructure and devices for LMR, mobile ad-hoc network (\"MANET\") technology, as well as devices for public safety Long Term Evolution (\u201cLTE\u201d) and public carrier LTE. Our technology enables voice and multimedia collaborations across two-way radio, Wi-Fi and public and private broadband networks. We are a global leader in the two-way radio ca Item 1: Business Overview | Solving for safer Motorola Solutions is a global leader in mission-critical safety and security technologies for public safety, government, including defense, and enterprise customers. Our business is focused on safety and security, driven by our commitment to help create safer communities, safer schools, safer hospitals, safer businesses, and ultimately, safer nations. Grounded in nearly 100 years of close customer and community collaboration, we design and advance technology for more than 100,000 customers in over 100 countries with the goal of making everywhere safer for all. Our ecosystem of safety and security technologies includes Mission Critical Networks (\"MCN\"), Video Security and Access Control (\"Video\") and Command Center. Our strategy is to generate value through our technologies that help meet the changing needs of our customers around the world in protecting people, property and places. While each technology individually strives to make users safer and more productive, we believe we can enable better outcomes for our customers by uniting these technologies as a comprehensive integrated safety and security system. Our goal is to help dismantle silos and barriers between people and systems, so that data unifies, information flows, operations run and collaboration improves to help strengthen safety and security everywhere. We support public safety and defense agencies in their mission to protect communities and countries. We additionally serve our growing base of enterprise customers, including schools, hospitals, businesses and stadiums, as the criticality of safety and security becomes increasingly important. Across these diverse sectors, our technologies facilitate the connection between those in need and those who can help, enabling the collaboration that is critical for a more proactive approach to safety and security. This collaboration is clearly illustrated in a school setting: When a teacher presses a panic button Item 1A: Risk Factors You should carefully consider the risks described below in addition to our other filings with the SEC and the other information set forth in this Form 10-K, including the \u201cManagement\u2019s Discussion and Analysis of Financial Conditions and Results of Operations\u201d ", "title": "MSI - Motorola Solutions, Inc.", "url": "/company/MSI/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001408198; latest 10-K filed 2026-02-06.", "text": "MSCI - MSCI Inc. SIC 7389 Services-Business Services, NEC; CIK 0001408198; latest 10-K filed 2026-02-06. MSCI MSCI Inc. 0001408198 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations INDEX TO MANAGEMENT\u2019S DISCUSSION AND ANALYSIS [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Overview\",\"36\"],[\"Current Trends Affecting MSCI\",\"36\"],[\"Key Financial and Operating Metrics and Drivers\",\"37\"],[\"Non-GAAP Financial Measures and Operating Metrics, definitions\",\"39\"],[\"Critical Accounting Estimates\",\"40\"],[\"Results of Operations\",\"41\"],[\"Segment Results\",\"46\"],[\"Operating Metrics\",\"49\"],[\"Liquidity and Capital Resources\",\"55\"],[\"Cash Flows\",\"56\"],[\"Contractual Obligations\",\"57\"],[\"Recent Accounting Standards Updates\",\"57\"]] [[/GREPCENT_TABLE]] The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is a discussion and analysis of the financial condition and results of the operations of MSCI Inc. and its consolidated subsidiaries for the year ended December 31, 2025. This discussion should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. The discussion summarizing the significant factors affecting the results of operations and financial condition of MSCI for the year ended December 31, 2024 can be found in Part II, \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024 (the \u201c2024 Annual Report\u201d), which was filed with the Securities and Exchange Commission on February 7, 2025. Overview Our research-based data, analytics and indexes, supported by advanced technology, set standards for global investors and help our clients understand risks and opportunities, make better investment decisions and unlock innovation. The Company has five operating segments: Index, Analytics, Sustainability and Climate, Real Assets and Private Capital Solutions, which are presented as the following three reportable segments: Index, Analytics, and Sustainability and Climate. For reporting purposes, the Real Assets and Private Capital Solutions operating segments are combined and presented as All Other \u2013 Private Assets, as they did not meet the required thresholds for separate reportable segment disclosure. Our growth strategy includes: (a) extending leadership in research-enhanced content across asset classes, (b) leading the enablement of sustainability and climate investment integration, (c) enhancing distribution and content-enabling technology, (d) expanding solutions that empower client customization, (e) strengthening client relationships and expanding our presence in key geographic areas and (f) executing strategic partnerships and acquisitions with complementary data, content and technology companies. For more information about our Company\u2019s operations, see \u201cItem 1: Business\u201d. Our principal business model is generally to license annual, recurring subscriptions for the majority of our products and services for a fee due in advance of the service period. A portion of our fees comes from clients who use our indexes as the basis for index-linked investment products. Such fees are primarily based on a client\u2019s assets under management (\u201cAUM\u201d), trading volumes and fee levels. In the first quarter of 2025, we renamed our \u201cESG and Climate\u201d operating and reportable segment to \u201cSustainability and Climate\u201d to reflect the breadth of our product offerings. There were no changes to the composition of our reportable segments or information reviewed by the chief operating decision maker and no impact on our historical segment operating results. Current Trends Affecting MSCI Trends in Sustainability and Climate Investment Strategies We believe sustainability and climate risks are investment risks that significantly impact many investment decisions and corporate strategies. In Europe, disclosure requirements continue to drive demand for sustainability and climate tools to meet both 36 Table of Contents regulatory and Item 1. Business Overview Our research-based data, analytics and indexes, supported by advanced technology, set standards for global investors and help our clients understand risks and opportunities, make better investment decisions and unlock innovation. Investors all over the world use our tools and solutions to gain insights and improve transparency throughout their investment processes. Our offerings help them define their investment universe; make asset allocation decisions; construct and analyze portfolios and investment strategies; identify, measure and manage drivers of investment risk and performance; integrate sustainability and climate considerations into portfolio construction and risk management; design and manage indexed financial products such as exchange-traded funds (\u201cETFs\u201d); and prepare regulatory and client reports. Our products and services include indexes; portfolio construction and risk management analytical models and tools; sustainability and climate solutions; and private asset data and analytics. We are focused on supporting investors\u2019 total portfolio needs across asset classes through our integrated solutions. We use advanced technology, including artificial intelligence (\u201cAI\u201d), to improve how we collect and validate data and enhance the capabilities and insights we deliver to clients. Our client-centric focus and deep understanding of client needs, challenges and goals help us anticipate and respond to industry trends. We consider the distinct needs of different client types when developing our tools and solutions. We operate an integrated business across all functions, products and solutions, and we are dedicated to delivering service excellence, innovative research and content, and flexible, cutting-edge technology. Clients We serve many client types across the global investment ecosystem and align our tools and solutions to support their data, analytical, research and workflow needs. Our client types include: \u2022Asset managers Item 1A. Risk Factors You should carefully consider the following risks and all of the other information set forth in this Annual Report on Form 10-K. If any of the following risks occurs, our business, financial condition or results of operations could be materially and adversely affected. You should read the section titled \u201cForward-Looking Statements\u201d on ", "title": "MSCI - MSCI Inc.", "url": "/company/MSCI/" }, { "kind": "company", "summary": "SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services; CIK 0001120193; latest 10-K filed 2026-02-12.", "text": "NDAQ - NASDAQ, INC. SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services; CIK 0001120193; latest 10-K filed 2026-02-12. NDAQ NASDAQ, INC. 0001120193 6200 Security & Commodity Brokers, Dealers, Exchanges & Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the financial condition and results of operations of Nasdaq refers to the year over year comparison for the fiscal years ended December 31, 2025 and 2024 and should be read in conjunction with our consolidated financial statements and related notes included in this Form 10-K, as well as the discussion under \u201cPart I, Item 1A. Risk Factors.\u201d For further discussion of our growth strategy, products and services, and competitive strengths, see \u201cPart I, Item 1. Business.\u201d For a similar discussion comparing the fiscal years ended December 31, 2024 and 2023, refer to \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was previously filed with the SEC on February 21, 2025. Certain percentages and per share amounts herein may not sum or recalculate due to rounding. EXECUTIVE OVERVIEW Nasdaq is a leading technology platform that powers the world\u2019s economies. We architect the infrastructure of the world\u2019s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying the technology, data, and advanced analytics that enable our clients to capture opportunities, navigate risk, and strengthen resilience. We manage, operate and provide our products and services in three business segments: Capital Access Platforms, Financial Technology and Market Services. 2025 Highlights \u2022Nasdaq extended its listing leadership in 2025 and achieved its seventh consecutive year as the top U.S. exchange by proceeds raised. \u2022In 2025, U.S. operating company IPOs on Nasdaq raised over $24 billion in proceeds. In 2025, Nasdaq set a record for listing transfers, with $1.2 trillion in annual switches for the first time including the largest exchange transfer on record. \u2022Index achieved record net inflows of $99 billion in 2025, and exited the year with ETP AUM of $882 billion, an all- time high. Nasdaq launched 122 new Index products in 2025, with nearly half of the launches being international products and 32 new products in the institutional insurance annuity space. \u2022The Financial Technology segment delivered 14% growth in ARR and revenue, reflecting an increase in new clients, cross-sells and upsells. \u2022Market Services delivered record revenue, reflecting strength across U.S. cash equities and U.S. equities options volumes in 2025. Macroeconomic environment Our business performance can be positively or negatively impacted by a number of factors, including general economic conditions, the geopolitical environment, current or expected inflation, interest rate fluctuations, the threat or imposition of broad-based tariffs, market volatility, changes in investment patterns and priorities, regulatory changes, pandemics and other factors that are generally beyond our control. For example, higher overall U.S. trading volumes in 2025 as compared to 2024 led to an increase in our U.S. equities options and U.S. cash equities revenues. Market factors also contributed to higher valuations in Nasdaq Indices, higher overall volumes in Index derivatives and an improving IPO landscape. To the extent that global or national economic conditions weaken and result in slower growth or recessions, our business may be negatively impacted. Nasdaq\u2019s Operating Results The following table summarizes our financial performance for the year ended December 31, 2025 compared to the same period in 2024 and for the year ended December 31, 2024 compared to the same period in 2023. The comparability of our results of operations between reported periods is primarily impacted by our acquisition of Adenza in November 2023. See Note 4, \u201cAcquisition and Divestitures,\u201d to the co Item 1. Business OVERVIEW Nasdaq is a leading technology platform that powers the world\u2019s economies. We architect the infrastructure of the world\u2019s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying the technology, data, and advanced analytics that enable our clients to capture opportunities, navigate risk, and strengthen resilience. We manage, operate and provide our products and services in three business segments: Capital Access Platforms, Financial Technology and Market Services. HISTORY Nasdaq was founded in 1971 as a wholly-owned subsidiary of FINRA. Beginning in 2000, FINRA restructured and broadened ownership in Nasdaq by selling shares to FINRA members, investment companies and issuers listed on The Nasdaq Stock Market. In connection with this restructuring, FINRA fully divested its ownership of Nasdaq in 2006, and The Nasdaq Stock Market became an independent registered national securities exchange in 2007. In February 2008, Nasdaq and OMX AB combined their businesses, leading to a transformational combination and expansion of our company from a U.S.-based exchange operator to a global exchange company offering technology that powers our own exchanges and markets as well as many other marketplaces around the world. Further, our transformation into a leading technology platform that powers the world\u2019s economies gained momentum with the 2021 acquisition of Verafin, followed by the 2023 acquisition of Adenza and its two flagship solutions, AxiomSL and Calypso. The seamless integration of these businesses allowed us to capitalize on our existing divisional structure, consolidated by a singular One Nasdaq go-to-market strategy. GROWTH STRATEGY To enable success in the evolving global financial system, we have established our purpose, vision, and value proposition together with a focused growth strategy: Our Purpose: We adva Item 1A. Risk Factors The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also adversely affect our business. If any of the following risks actually occur, our business, financial condition, or operating results could be adversely affected. RISKS RE", "title": "NDAQ - NASDAQ, INC.", "url": "/company/NDAQ/" }, { "kind": "company", "summary": "SIC 3572 Computer Storage Devices; CIK 0001002047; latest 10-K filed 2026-06-05.", "text": "NTAP - NetApp, Inc. SIC 3572 Computer Storage Devices; CIK 0001002047; latest 10-K filed 2026-06-05. NTAP NetApp, Inc. 0001002047 3572 Computer Storage Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read together with the financial statements and the accompanying notes set forth under Part II, Item 8. \u2013 Financial Statements and Supplementary Data. The following discussion also contains trend information and other forward-looking statements that involve a number of risks and uncertainties. The Risk Factors set forth in Part I, Item 1A. \u2013 Risk Factors are hereby incorporated into the discussion by reference. Executive Overview Our Company NetApp is a global leader in Intelligent Data Infrastructure, empowering organizations to realize the full potential of their data in a rapidly evolving digital world. Headquartered in San Jose, California, and serving customers in approximately 150 countries, NetApp delivers innovative solutions that enable seamless data management, protection, and mobility across on-premises, hybrid, and multi-cloud environments. Our flagship ONTAP\u00ae data management software, together with a comprehensive portfolio of all-flash, hybrid-flash, and cloud-native offerings, forms the foundation for customers\u2019 digital transformation initiatives. NetApp\u2019s deep integration with all major public cloud providers\u2014AWS, Microsoft Azure, and Google Cloud\u2014enables our customers to run critical workloads anywhere, with consistent performance, security, and governance. NetApp's strategic focus is on modernizing data infrastructure, enabling resilient and secure operations, optimizing cloud strategies, and accelerating artificial intelligence (AI) adoption. Through continued investment in innovation, we have expanded our portfolio to include advanced AI-ready infrastructure, Storage-as-a-Service (Keystone), and robust cyber resilience solutions. Our partnerships with leading technology companies and a global ecosystem of channel partners further extend our reach and solution capabilities. Our operations are organized into two segments: Hybrid Cloud and Public Cloud. Hybrid Cloud offers a unified data storage portfolio of storage management and infrastructure solutions that helps customers modernize their data centers. Our Hybrid Cloud portfolio accommodates both structured and unstructured data with unified storage optimized for flash, disk, and cloud storage, capable of handling data-intensive workloads and applications. Hybrid Cloud includes software, hardware, and related support, along with professional and other services. Public Cloud offers a portfolio of products delivered primarily as-a-service, including related support. This portfolio includes cloud storage, data services, and operational services. These services are generally available on the leading public clouds, including AWS, Microsoft Azure, and Google Cloud. Global Business Environment Supply Chain Inflationary pressures and supply chain constraints have impacted our operations beginning in the second half of fiscal 2026. We have experienced increased costs for memory and other components, which have affected our gross margins, and we expect costs will remain elevated, or continue to increase, in the near term. Additionally, the tight supply environment for specific products, which is anticipated to persist, could pose challenges in meeting customer demand for those products. To address these challenges, we have implemented several strategic actions: \u2022 We raised our pricing in the fourth quarter of fiscal 2026, in line with market trends. We expect to continue adjusting prices as necessary to offset rising costs and remain aligned with the market. While we aim to match supplier costs with our pricing to customers, we recognize the need to give customers time to adjust to these changes. \u2022 We are leveraging our relationships with multiple suppliers where available to enable component availability and manage costs effectively. This strategy helps us maintain competi Item 1. Business Overview NetApp, Inc. (NetApp, we, us, or the Company), headquartered in San Jose, California, is a global leader in Intelligent Data Infrastructure. Since our founding in 1992, we have transformed from a pioneering storage hardware provider into a software-driven, cloud-centric data infrastructure company. Our flagship ONTAP\u00ae data management software, together with a comprehensive portfolio of all-flash, hybrid-flash, and cloud-native solutions, forms the backbone of digital transformation for thousands of enterprises worldwide. NetApp empowers organizations to manage, protect, and leverage data across on-premises, hybrid, and multi-cloud environments. We are well positioned to enable Intelligent Data Infrastructure for our customers and help them realize the full promise of artificial intelligence (AI) providing solutions that connect, protect, and activate data across every data environment\u2014on-premises, in the cloud, and at the edge. Market Position & Strategic Focus NetApp operates at the intersection of major industry megatrends\u2014rapid data growth, multi-cloud adoption, and the rise of AI\u2014which are creating unprecedented challenges and opportunities for organizations as they seek to securely manage and leverage growing data estates. Well positioned to address these complexities, NetApp empowers Intelligent Data Infrastructure for our customers through our solutions, which seamlessly connect, manage and protect data across any environment. Our first-party native integration with all major hyperscalers\u2014Amazon Web Services (AWS), Microsoft Azure, and Google Cloud\u2014combined with decades of data management leadership, uniquely enables customers to harness these shifts for competitive advantage. Our strategy is anchored in four key focus areas: Modernizing Data Infrastructure: We help organizations modernize their data infrastructure to deliver greater performance, efficiency, and agility. Our industry-leading hybrid-flash and all-flash storage s Item 1A. Risk Factors The following discussion and the sections entitled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d \u201cQuantitative and Qualitative Disclosures About Market Risk\u201d and \u201cManagement's Report on Internal Control Over Financial Reporting\u201d reflect our current judgment regarding the most significant risks", "title": "NTAP - NetApp, Inc.", "url": "/company/NTAP/" }, { "kind": "company", "summary": "SIC 2711 Newspapers: Publishing or Publishing & Printing; CIK 0001564708; latest 10-K filed 2025-08-06.", "text": "NWSA - NEWS CORP SIC 2711 Newspapers: Publishing or Publishing & Printing; CIK 0001564708; latest 10-K filed 2025-08-06. NWSA NEWS CORP 0001564708 2711 Newspapers: Publishing or Publishing & Printing ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This discussion and analysis contains statements that constitute \u201cforward-looking statements\u201d within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d), and Section 27A of the Securities Act of 1933, as amended. All statements that are not statements of historical fact are forward-looking statements. The words \u201cexpect,\u201d \u201cwill,\u201d \u201cestimate,\u201d \u201canticipate,\u201d \u201cpredict,\u201d \u201cbelieve,\u201d \u201cshould\u201d and similar expressions and variations thereof are intended to identify forward-looking statements. These statements appear in a number of places in this discussion and analysis and include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things, trends affecting the Company\u2019s business, financial condition or results of operations, the Company\u2019s strategy and strategic initiatives, including the sale of Foxtel and other potential acquisitions, investments and dispositions, the Company\u2019s cost savings initiatives and the outcome of contingencies such as litigation and investigations. Readers are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. More information regarding these risks and uncertainties and other important factors that could cause actual results to differ materially from those in the forward-looking statements is set forth under the heading \u201cRisk Factors\u201d in Item 1A of this Annual Report on Form 10-K (the \u201cAnnual Report\u201d). The Company does not ordinarily make projections of its future operating results and undertakes no obligation (and expressly disclaims any obligation) to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review this document and the other documents filed by the Company with the Securities and Exchange Commission (the \u201cSEC\u201d). This section should be read together with the Consolidated Financial Statements of News Corporation and related notes set forth elsewhere in this Annual Report. The following discussion and analysis omits discussion of fiscal 2023. Please see \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d within Exhibit 99.1 of the Company\u2019s 8-K filed on May 13, 2025 for a discussion of fiscal 2023. INTRODUCTION News Corporation (together with its subsidiaries, \u201cNews Corporation,\u201d \u201cNews Corp,\u201d the \u201cCompany,\u201d \u201cwe\u201d or \u201cus\u201d) is a global diversified media and information services company comprised of businesses across a range of media, including: information services and news, digital real estate services and book publishing. The consolidated financial statements are referred to herein as the \u201cConsolidated Financial Statements.\u201d The consolidated statements of operations are referred to herein as the \u201cStatements of Operations.\u201d The consolidated balance sheets are referred to herein as the \u201cBalance Sheets.\u201d The consolidated statements of cash flows are referred to herein as the \u201cStatements of Cash Flows.\u201d The Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (\u201cGAAP\u201d). Management\u2019s discussion and analysis of financial condition and results of operations is intended to help provide an understanding of the Company\u2019s financial condition, changes in financial condition and results of operations. This discussion is organized as follows: \u2022Overview of the Company\u2019s Businesses\u2014This section provides a general description of the Company\u2019s businesses, as well as developments that occurred during the fiscal years ended June 30, 2025 and 2024 and through the date of this filing that the Company believes are important in understanding its results of operatio ITEM 1. BUSINESS OVERVIEW The Company News Corporation (the \u201cCompany,\u201d \u201cNews Corp,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services to consumers and businesses throughout the world. The Company comprises businesses across a range of media, including information services and news, digital real estate services and book publishing, that are distributed under some of the world\u2019s most recognizable and respected brands, including The Wall Street Journal, Barron\u2019s, Dow Jones, The Australian, Herald Sun, The Sun, The Times, HarperCollins Publishers, realestate.com.au, Realtor.com\u00ae, talkSPORT and many others. The Company\u2019s commitment to premium content makes its properties a premier destination for information, news, real estate and entertainment. The Company distributes its content and other products and services to consumers and customers across an array of digital platforms including websites, mobile apps, social media, e-book devices and streaming audio platforms, as well as traditional platforms such as print and radio. The Company\u2019s focus on quality and product innovation has enabled it to capitalize on the shift to digital consumption to deliver its products and services in a more engaging, timely and personalized manner and create opportunities for more effective monetization, including new licensing and partnership arrangements with large technology companies and AI-focused platforms and digital offerings that leverage the Company\u2019s existing content. The Company is pursuing multiple strategies to further exploit these opportunities, including leveraging global audience scale and valuable data and sharing technologies and practices across geographies and businesses. The Company\u2019s diversified revenue base includes recurring subscriptions, circulation sales, advertising sales, sales of real estate listing products, licensing ITEM 1A. RISK FACTORS You should carefully consider the following risks and other information in this Annual Report on Form 10-K in evaluating the Company and its common stock. Any of the following risks, or other risks or uncertainties not presently known or currently deemed immaterial, could materially and adv", "title": "NWSA - NEWS CORP", "url": "/company/NWSA/" }, { "kind": "company", "summary": "SIC 3021 Rubber & Plastics Footwear; CIK 0000320187; latest 10-K filed 2025-07-17.", "text": "NKE - NIKE, Inc. SIC 3021 Rubber & Plastics Footwear; CIK 0000320187; latest 10-K filed 2025-07-17. NKE NIKE, Inc. 0000320187 3021 Rubber & Plastics Footwear ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW NIKE designs, develops, markets and sells athletic footwear, apparel, equipment, accessories and services worldwide. We are the largest seller of athletic footwear and apparel in the world. We sell our products through two distribution channels: NIKE Direct operations, which are comprised of both NIKE-owned retail stores and sales through our digital platforms (also referred to as \"NIKE Brand Digital\"), and to wholesale accounts, which include a mix of independent distributors, licensees and sales representatives in nearly all countries around the world. Our goal is to deliver value to our shareholders by building a profitable global portfolio of branded footwear, apparel, equipment and accessories. Our strategy is to achieve sustainable, profitable long-term revenue growth by leading with sport, creating innovative, \"must-have\" products, building deep personal consumer connections with our brands and delivering compelling consumer experiences through digital platforms and at retail. FISCAL 2025 FINANCIAL HIGHLIGHTS \u2022NIKE, Inc. Revenues for fiscal 2025 were $46.3 billion compared to $51.4 billion for fiscal 2024 \u2022NIKE Direct revenues declined 13% from $21.5 billion in fiscal 2024 to $18.8 billion in fiscal 2025, and represented approximately 42% of total NIKE Brand revenues for fiscal 2025 \u2022NIKE Brand wholesale revenues decreased 7% on a reported basis and 6% on a currency-neutral basis \u2022Gross margin decreased 190 basis points to 42.7%, primarily due to higher discounts, changes in channel mix and higher inventory obsolescence reserves, partially offset by lower product costs \u2022Inventories as of May 31, 2025 were $7.5 billion, flat compared to the prior year \u2022We returned $5.3 billion to our shareholders in fiscal 2025 through share repurchases and dividends \u2022Return on Invested Capital (\"ROIC\") was 20.2% as of May 31, 2025, compared to 34.9% as of May 31, 2024. ROIC is considered a non-GAAP financial measure, see \"Use of Non-GAAP Financial Measures\" for additional information. Our results for fiscal 2025 reflected a decrease in traffic across NIKE Direct and our actions to reduce supply of certain footwear products in the marketplace through increased markdowns across NIKE Direct and discounts and higher sales returns with our wholesale partners, which negatively impacted our Revenues and gross margin. For discussion related to the results of operations and changes in financial condition for fiscal 2024 compared to fiscal 2023 refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our fiscal 2024 Form 10-K, which was filed with the United States Securities and Exchange Commission on July 25, 2024. 2025 FORM 10-K 29 Table of Contents FACTORS IMPACTING OUR BUSINESS We are navigating through several external factors that create uncertainty and volatility in the operating environment including, but not limited to, geopolitical dynamics, tax regulation, fluctuating foreign exchange rates and new tariffs. As a result of the new tariffs, we expect to incur a material gross incremental increase to Cost of sales. Over the next several quarters, we are taking actions to mitigate the impact of the new tariffs, however for fiscal 2026, we expect a negative impact on gross margin. We will continue to monitor changes to the import and export policies of the U.S. and other countries that could require us to change the way in which we do business. These factors, and any changes to these factors, among others, could have a material adverse impact on consumer behavior and on our future Revenues and overall profitability. Despite these factors, we are focused on driving distinction within key sports, building a complete product portfolio, creating stories to inspire and emotionally connect with consumers, and elevating and growing the entire marketplace as we continue t ITEM 1. BUSINESS GENERAL NIKE, Inc. was incorporated in 1967 under the laws of the State of Oregon. As used in this Annual Report on Form 10-K (this \"Annual Report\"), the terms \"we,\" \"us,\" \"our,\" \"NIKE\" and the \"Company\" refer to NIKE, Inc. and its predecessors, subsidiaries and affiliates, collectively, unless the context indicates otherwise. Our principal business activity is the design, development and worldwide marketing and selling of athletic footwear, apparel, equipment, accessories and services. NIKE is the largest seller of athletic footwear and apparel in the world. We sell our products through NIKE Direct operations, which are comprised of both NIKE-owned retail stores and sales through our digital platforms (also referred to as \"NIKE Brand Digital\") and to wholesale accounts, which include a mix of independent distributors, licensees and sales representatives in nearly all countries around the world. We also offer interactive consumer services and experiences. Nearly all of our products are manufactured by independent contractors. Nearly all footwear and apparel products are manufactured outside the United States, while equipment products are manufactured both in the United States and abroad. All references to fiscal 2025, 2024 and 2023 are to NIKE, Inc.'s fiscal years ended May 31, 2025, 2024 and 2023, respectively. Any references to other fiscal years refer to a fiscal year ending on May 31 of that year. PRODUCTS We offer our products under the NIKE, Jordan and Converse brands. Our strategy is to achieve sustainable, profitable long-term growth by leading with sport, creating innovative, \u201cmust-have\u201d products, building deep personal consumer connections with our brands and delivering compelling consumer experiences through digital platforms and at retail. We believe this approach will allow us to create products that better meet individual consumer needs while accelerating our largest growth opportunities. NIKE's athletic footwear products are de ITEM 1A. RISK FACTORS Special Note Regarding Forward-Looking Statements and Analyst Reports Certain written and oral statements, other than purely historic information, including estimates, projections, statements relating to NIKE's business plans, objectives and expected operating or financial results and the assumptions upon which those statements are based, ma", "title": "NKE - NIKE, Inc.", "url": "/company/NKE/" }, { "kind": "company", "summary": "SIC 4931 Electric & Other Services Combined; CIK 0001111711; latest 10-K filed 2026-02-11.", "text": "NI - NISOURCE INC. SIC 4931 Electric & Other Services Combined; CIK 0001111711; latest 10-K filed 2026-02-11. NI NISOURCE INC. 0001111711 4931 Electric & Other Services Combined ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS [[GREPCENT_TABLE]] [[\"Index\",\"Page\"],[\"Executive Summary\",\"42\"],[\"Summary of Consolidated Financial Results\",\"47\"],[\"Results and Discussion of Operations\",\"48\"],[\"Columbia Operations\",\"49\"],[\"NIPSCO Operations\",\"52\"],[\"Liquidity and Capital Resources\",\"56\"],[\"Market Risk Disclosures\",\"61\"],[\"Other Information\",\"63\"]] [[/GREPCENT_TABLE]] EXECUTIVE SUMMARY This Management's Discussion and Analysis of Financial Condition and Results of Operations (\"Management's Discussion\") includes management\u2019s analysis of past financial results and certain potential factors that may affect future results, potential future risks and approaches that may be used to manage those risks. See \"Note regarding forward-looking statements\" and Item 1A, \"Risk Factors\" at the beginning of this report for a list of factors that may cause results to differ materially. Refer to the \"Business\" section under Part I, Item 1 of this Annual Report on Form 10-K and Note 21, \"Business Segment Information,\" in the Notes to Consolidated Financial Statements for further discussion of our regulated utility business segments. This Management's Discussion is designed to provide an understanding of our operations and financial performance and should be read in conjunction with our Consolidated Financial Statements and related Notes to Consolidated Financial Statements in this Annual Report on Form 10-K. We are an energy holding company under the Public Utility Holding Company Act of 2005 whose primary subsidiaries are fully regulated natural gas and electric utility companies serving customers in six states. We generate substantially all of our operating income through these rate-regulated businesses, which are summarized for financial reporting purposes into two primary reportable segments: Columbia Operations and NIPSCO Operations. Our vision is to be a premier, innovative and trusted energy partner. We exist to deliver safe, reliable energy that drives value to our customers. In order to achieve this goal, we seek to develop strategies that benefit all stakeholders as we (i) support long-term infrastructure investment and safety programs to better serve our customers, (ii) align our tariff structures and regulatory programs with our cost structure, and (iii) create value and enable growth in an evolving energy ecosystem. These strategies focus on improving safety and reliability, enhancing customer experience, pursuing regulatory and legislative initiatives to increase accessibility for customers currently not on our gas and electric service, ensuring customer value and reducing emissions while generating sustainable returns. The safety of our customers, communities and employees remains our focus. Serving as a guiding practice for our SMS, NiSource is certified in conformance to the American Petroleum Institute Recommended Practice 1173, which is the foundation to our journey towards operational excellence. 2025 Overview: In 2025, we continued to make significant progress on the remaining portfolio of projects that will enable our electric generation transition, including placing two solar projects and one solar and battery project into service. We advanced our Data Center strategy significantly by creating our GenCo affiliate, whose goal is to build capacity to serve large load customers. We also executed the ADS Contract and related EPC contracts discussed below. During the year, we received orders for four rate cases: Columbia of Maryland, Columbia of Pennsylvania, Columbia of Virginia, and NIPSCO Electric. Between our Columbia and NIPSCO Operating Segments, we added 24,000 customers. We also invested $1.6 billion in infrastructure modernization to enhance safe, reliable service, including replacement of 256 miles of distribution main and service lines, 45 miles of underground cable and 1,656 electric poles. We concluded the second and third phases of a WAM ERP progr ITEM 1. BUSINESS Business NiSource Inc. is an energy holding company under the Public Utility Holding Company Act of 2005 whose primary subsidiaries are fully regulated natural gas and electric utility companies, serving approximately 3.8 million customers in six states. NiSource is the successor to an Indiana corporation organized in 1987 under the name of NIPSCO Industries, Inc., which changed its name to NiSource Inc. on April 14, 1999. NiSource\u2019s principal subsidiaries include NiSource Gas Distribution Group, Inc. (a holding company that owns Columbia of Kentucky, Columbia of Maryland, Columbia of Ohio, Columbia of Pennsylvania, and Columbia of Virginia), and NIPSCO Holdings I (a holding company that owns a controlling interest in NIPSCO, a gas and electric utility). NiSource derives substantially all of its revenues and earnings from the operating results of these rate-regulated businesses. In addition, NiSource will develop the generation resources it plans to use in serving data center customers through its subsidiary Generation Holdings I (a holding company that holds a controlling interest in GenCo). Business Strategy Our business strategy focuses on providing safe and reliable service through our core, rate-regulated, asset-based utilities, with the goal of adding value to all of our stakeholders. Our utilities continue to advance our core safety, infrastructure and environmental investment programs, supported by complementary regulatory and customer initiatives across the six states in which we operate. In 2025, we entered into the ADS Contract, a customized agreement under which NIPSCO will provide electric service to ADS by procuring power from GenCo, which will develop related generation assets, and we expect our data center operations to continue to grow. Our goal is to develop strategies that (i) support long-term infrastructure investment and safety programs to better serve our customers, (ii) align our tariff structures with our cost structur ITEM 1A. RISK FACTORS Our operations and financial results are subject to various risks and uncertainties, including those described below, that could adversely affect our business, financial condition, results of operations, cash flows, and the market price of our common stock. Additional risks and uncertainties not presently known", "title": "NI - NISOURCE INC.", "url": "/company/NI/" }, { "kind": "company", "summary": "SIC 3569 General Industrial Machinery & Equipment, NEC; CIK 0000072331; latest 10-K filed 2025-12-17.", "text": "NDSN - NORDSON CORP SIC 3569 General Industrial Machinery & Equipment, NEC; CIK 0000072331; latest 10-K filed 2025-12-17. NDSN NORDSON CORP 0000072331 3569 General Industrial Machinery & Equipment, NEC Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations NOTE REGARDING AMOUNTS AND FISCAL YEAR REFERENCES In this annual report, all amounts related to U.S. dollars and foreign currency and to the number of Nordson Corporation\u2019s common shares, except for per share earnings and dividend amounts, are expressed in thousands. Unless the context otherwise indicates, all references to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or the \u201cCompany\u201d mean Nordson Corporation. Unless otherwise noted, all references to years relate to our fiscal year ending October 31. Critical Accounting Policies and Estimates Our Consolidated Financial Statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires management to make estimates, judgments and assumptions that affect reported amounts of assets, liabilities, revenues and expenses. On an ongoing basis, we evaluate the accounting policies and estimates that are used to prepare financial statements. We base our estimates on historical experience and assumptions believed to be reasonable under current facts and circumstances. Actual amounts and results could differ from these estimates used by management. Certain accounting policies that require significant management estimates and are deemed critical to our results of operations or financial position are discussed below. On a regular basis, critical accounting policies are reviewed with the Audit Committee of the board of directors. Revenue recognition - A contract exists when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of the consideration is probable. Revenue is recognized when performance obligations under the terms of the contract with a customer are satisfied. Generally, our revenue results from short-term, fixed-price contracts and primarily is recognized as of a point in time when the product is shipped or at a later point when the control of the product transfers to the customer. Refer to Note 1 to the Consolidated Financial Statements for further discussion regarding the Company's revenue recognition policy. Business combinations - The acquisitions of our businesses are accounted for under the acquisition method of accounting. The amounts assigned to the identifiable assets acquired and liabilities assumed in connection with acquisitions are based on estimated fair values as of the date of the acquisition, with the remainder, if any, recorded as goodwill. The fair values are determined by management, taking into consideration information supplied by the management of the acquired entities, and other relevant information. Such information typically includes valuations obtained from independent appraisal experts, which management reviews and considers in its estimates of fair values. The valuations are generally based upon future cash flow projections for the acquired assets, discounted to present value. Determining the fair value of assets acquired and liabilities assumed requires management\u2019s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future revenue growth rates and EBITDA margins, discount rates, customer attrition rates, and asset lives, among other items. This judgment could result in either a higher or lower value assigned to amortizable or depreciable assets. The impact could result in either higher or lower amortization and/or depreciation expense. Goodwill - Goodwill is the excess of purchase price over the fair value of tangible and identifiable intangible net assets acquired in various business combinations. Goodwill is not amortized but is tested for impairment annually at the reporting unit level, or more often if indications of impairment exist. We test goodwill in accordan Item 1. Business General Description of Business Nordson is an innovative precision technology company that leverages a scalable growth framework to deliver top tier growth with leading margins and returns. We engineer, manufacture and market differentiated products and systems used for precision dispensing, applying and controlling of adhesives, coatings, polymers, sealants, biomaterials, and other fluids, to test and inspect for quality, and to treat and cure surfaces and various medical products such as: catheters, cannulas, medical balloons and medical tubing. These products are supported with extensive application expertise and direct global sales and service. We serve a wide variety of consumer non-durable, consumer durable and technology end markets including packaging, electronics, medical, appliances, energy, transportation, precision agriculture, building and construction, and general product assembly and finishing. Our strategy for long-term growth is based on solving customers\u2019 needs globally. We were incorporated in the State of Ohio in 1954 and are headquartered in Westlake, Ohio. Our products are marketed through a network of direct operations in more than 35 countries. Consistent with this global strategy, approximately 67 percent of our revenues were generated outside the United States in 2025. As of October 31, 2025, we had approximately 8,000 employees worldwide. Our principal manufacturing facilities are located in the United States, the People\u2019s Republic of China, Bulgaria, Germany, Ireland, Israel, Italy, Mexico, the Netherlands and the United Kingdom. Corporate Purpose and Goals We strive to be a vital, self-renewing, worldwide organization that, within the framework of ethical behavior and enlightened citizenship, grows and produces wealth for our customers, employees, shareholders and communities. We operate for the purpose of creating balanced, long-term benefits for all of our constituencies. We focus on long-term growth and retur Item 1A. Risk Factors In an enterprise as diverse as ours, a wide range of factors could affect future performance. We discuss in this section some of the risk factors that could materially and adversely affect our business, financial condition, value and results of operations. You should consider these risk facto", "title": "NDSN - NORDSON CORP", "url": "/company/NDSN/" }, { "kind": "company", "summary": "SIC 4011 Railroads, Line-Haul Operating; CIK 0000702165; latest 10-K filed 2026-02-09.", "text": "NSC - NORFOLK SOUTHERN CORP SIC 4011 Railroads, Line-Haul Operating; CIK 0000702165; latest 10-K filed 2026-02-09. NSC NORFOLK SOUTHERN CORP 0000702165 4011 Railroads, Line-Haul Operating Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the Consolidated Financial Statements and Notes. Refer to Item 8 \u201cNotes to Consolidated Financial Statements\u201d for all \u201cNote\u201d references. OVERVIEW Since 1827, Norfolk Southern Corporation and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Our dedicated team members deliver a wide variety of commodities annually for our customers, from agriculture products to consumer goods, and help them reduce carbon emissions by shipping via rail. We have the most extensive intermodal network in the eastern U.S. Our network serves a majority of the country's population and manufacturing base, with connections to every major container port on the Atlantic coast as well as major ports in the Gulf Coast and Great Lakes. Throughout 2025, we took deliberate actions to strengthen the Company and position it for long-term success. On July 28, 2025, we entered into a Merger Agreement with Union Pacific, marking a transformational step toward creating America\u2019s first transcontinental railroad\u2014an outcome we believe will unlock new opportunities for our customers, employees, and the broader U.S. economy. By integrating two complementary networks, the merged company will be positioned to deliver more efficient, reliable, and sustainable freight service across the nation. Details of the proposed transactions are further described in Note 2. We also continued to make progress towards resolving environmental and legal matters resulting from the Incident (as defined further and described in Note 19) with insurance and other recoveries during 2025 exceeding incremental expenses. Safety continued to be a core value, and our relentless focus and intentional actions drove improvements in numerous safety metrics. Operational execution remained a key focus in 2025, with an emphasis on delivering high quality service while delivering notable improvements in labor productivity and fuel efficiency. Despite periods of macroeconomic uncertainty, growth in automotive and chemicals traffic, reflecting improved service and customer demand, drove merchandise revenues higher and led to a modest increase in overall volumes. The combination of operational productivity, modest volume growth and favorable merchandise pricing were pivotal in driving earnings growth as compared to 2024. Although our financial results, as compared to the prior year, were significantly impacted by the absence of $433 million in gains on the sales of railway lines that occurred in 2024, we successfully monetized other properties that resulted in meaningful gains in the current year. For the full year, we achieved an operating ratio (a measure of the amount of operating revenues consumed by operating expenses) of 64.2%, and an adjusted operating ratio of 65.0% (see our non-GAAP reconciliations beginning on page K28). We remain committed to being a safe, productive, resilient, and efficient railroad with industry-competitive margins. SUMMARIZED RESULTS OF OPERATIONS [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"2025\",\"\",\"2024\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\",\"\",\"vs. 2024\",\"\",\"vs. 2023\"],[\"\",\"($ in millions, except per share amounts)\",\"\",\"(% change)\"],[\"Railway operating revenues\",\"$\",\"12,180\",\"\",\"\",\"$\",\"12,123\",\"\",\"\",\"$\",\"12,156\",\"\",\"\",\"\\u2014\",\"%\",\"\",\"\\u2014\",\"%\"],[\"Railway operating expenses\",\"$\",\"7,824\",\"\",\"\",\"$\",\"8,052\",\"\",\"\",\"$\",\"9,305\",\"\",\"\",\"(3\",\"%)\",\"\",\"(13\",\"%)\"],[\"Income from railway operations\",\"$\",\"4,356\",\"\",\"\",\"$\",\"4,071\",\"\",\"\",\"$\",\"2,851\",\"\",\"\",\"7\",\"%\",\"\",\"43\",\"%\"],[\"Net income\",\"$\",\"2,873\",\"\",\"\",\"$\",\"2,622\",\"\",\"\",\"$\",\"1,827\",\"\",\"\",\"10\",\"%\",\"\",\"44\",\"%\"],[\"Diluted earnings per share\",\"$\",\"12.75\",\"\",\"\",\"$\",\"11.57\",\"\",\"\",\"$\",\"8.02\",\"\",\"\",\"10\",\"%\",\"\",\"44\",\"%\"],[\"Railway operating ratio (percent)\",\"64.2\",\"\",\"\",\"66.4\",\"\",\"\",\"76.5\",\"\",\"\",\"(3\",\"%)\",\"\",\"(13\",\"%)\"]] [[/GREPCENT_T Item 1. Business and Item 2. Properties GENERAL \u2013 Norfolk Southern Corporation (Norfolk Southern) is an Atlanta, Georgia-based company that owns a major freight railroad, Norfolk Southern Railway Company (NSR). We were incorporated on July 23, 1980, under the laws of the Commonwealth of Virginia. Our common stock (Common Stock) is listed on the New York Stock Exchange (NYSE) under the symbol \u201cNSC.\u201d Unless indicated otherwise, Norfolk Southern Corporation and its subsidiaries, including NSR, are referred to collectively as NS, we, us, and our. We are primarily engaged in the rail transportation of raw materials, intermediate products, and finished goods primarily in the Southeast, East, and Midwest and, via interchange with rail carriers, to and from the rest of the United States (U.S.). We also transport overseas freight through several Atlantic and Gulf Coast ports. We offer the most extensive intermodal network in the eastern half of the U.S. We make available free of charge through our website, www.norfolksouthern.com, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports as soon as reasonably practicable after such material is electronically filed with or furnished to the U.S. Securities and Exchange Commission (SEC). In addition, the following documents are available on our website and in print to any shareholder who requests them: \u2022Norfolk Southern Corporation Bylaws \u2022Charters of the Committees of the Board of Directors \u2022Corporate Governance Guidelines \u2022Categorical Independence Standards \u2022The Thoroughbred Code of Ethics \u2022Code of Ethical Conduct for Senior Financial Officers Merger Agreement \u2013 On July 28, 2025, we entered into an Agreement and Plan of Merger (the \u201cMerger Agreement\u201d) with Union Pacific Corporation, a Utah corporation (\u201cUnion Pacific\u201d), Ruby Merger Sub 1 Corporation, a Virginia corporation and a direct wholly owned subsidiary of Union Pacific (\u201cMerger Sub Item 1A. Risk Factors The risks set forth in the following risk factors could have a material adverse effect on our financial position, results of operations, or liquidity in a particular year or quarter, and could cause those results to differ materially from those expressed or implied in our forward-looking statements. The informati", "title": "NSC - NORFOLK SOUTHERN CORP", "url": "/company/NSC/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000073124; latest 10-K filed 2026-02-24.", "text": "NTRS - NORTHERN TRUST CORP SIC 6022 State Commercial Banks; CIK 0000073124; latest 10-K filed 2026-02-24. NTRS NORTHERN TRUST CORP 0000073124 6022 State Commercial Banks ITEM 7 \u2013 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is management\u2019s discussion and analysis of the financial condition and results of operations (MD&A) of Northern Trust Corporation (Corporation) for the year ended December 31, 2025. The following should be read in conjunction with the consolidated financial statements and related footnotes included in this report. Investors also should read the section titled \u201cForward-Looking Statements.\u201d BUSINESS OVERVIEW The Corporation is a leading provider of wealth management, asset servicing, asset management and banking solutions to corporations, institutions, families and individuals. The Corporation focuses on managing and servicing client assets through its two client-focused reporting segments: Asset Servicing and Wealth Management. Asset management and related services are provided to Asset Servicing and Wealth Management clients primarily by the Asset Management business. The Corporation conducts business through various U.S. and non-U.S. subsidiaries, including The Northern Trust Company (the Bank). The Corporation was formed as a holding company for the Bank in 1971. The Corporation has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. Except where the context requires otherwise, the terms \u201cNorthern Trust,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cits,\u201d or similar terms refers to the Corporation and its subsidiaries on a consolidated basis. FINANCIAL OVERVIEW TABLE 3: FINANCIAL HIGHLIGHTS [[GREPCENT_TABLE]] [[\"\",\"FOR THE YEAR ENDED DECEMBER 31,\",\"\",\"CHANGE(1)\"],[\"($ In Millions)\",\"2025\",\"2024\",\"2023\",\"\",\"2025 / 2024\",\"2024 / 2023\"],[\"Noninterest Income(2)\",\"$\",\"5,675.4\",\"\",\"$\",\"6,113.3\",\"\",\"$\",\"4,791.5\",\"\",\"\",\"(7)\",\"%\",\"28\",\"%\"],[\"Net Interest Income\",\"2,411.0\",\"\",\"2,177.1\",\"\",\"1,982.0\",\"\",\"\",\"11\",\"\",\"10\"],[\"Total Revenue\",\"$\",\"8,086.4\",\"\",\"$\",\"8,290.4\",\"\",\"$\",\"6,773.5\",\"\",\"\",\"(2)\",\"%\",\"22\",\"%\"],[\"Provision for Credit Losses\",\"(7.5)\",\"\",\"(3.0)\",\"\",\"24.5\",\"\",\"\",\"N/M\",\"N/M\"],[\"Noninterest Expense(3)\",\"5,754.4\",\"\",\"5,633.9\",\"\",\"5,284.2\",\"\",\"\",\"2\",\"\",\"7\"],[\"Income before Income Taxes\",\"$\",\"2,339.5\",\"\",\"$\",\"2,659.5\",\"\",\"$\",\"1,464.8\",\"\",\"\",\"(12)\",\"%\",\"82\",\"%\"],[\"Provision for Income Taxes\",\"602.6\",\"\",\"628.4\",\"\",\"357.5\",\"\",\"\",\"(4)\",\"\",\"76\"],[\"Net Income\",\"$\",\"1,736.9\",\"\",\"$\",\"2,031.1\",\"\",\"$\",\"1,107.3\",\"\",\"\",\"(14)\",\"%\",\"83\",\"%\"],[\"Preferred Stock Dividends\",\"41.8\",\"\",\"41.8\",\"\",\"41.8\",\"\",\"\",\"\\u2014\",\"\",\"\\u2014\"],[\"Net Income Applicable to Common Stock\",\"$\",\"1,695.1\",\"\",\"$\",\"1,989.3\",\"\",\"$\",\"1,065.5\",\"\",\"\",\"(15)\",\"%\",\"87\",\"%\"],[\"PER COMMON SHARE\"],[\"Net Income \\u2013 Basic\",\"$\",\"8.78\",\"\",\"$\",\"9.80\",\"\",\"$\",\"5.09\",\"\",\"\",\"(10)\",\"%\",\"93\",\"%\"],[\"\\u2013 Diluted\",\"8.74\",\"\",\"9.77\",\"\",\"5.08\",\"\",\"\",\"(11)\",\"\",\"92\"],[\"Cash Dividends Declared Per Common Share\",\"3.10\",\"\",\"3.00\",\"\",\"3.00\",\"\",\"\",\"3\",\"\",\"\\u2014\"],[\"Carrying Value \\u2013 End of Period (EOP)\",\"64.79\",\"\",\"60.74\",\"\",\"53.69\",\"\",\"\",\"7\",\"\",\"13\"],[\"Market Price \\u2013 EOP\",\"136.59\",\"\",\"102.50\",\"\",\"84.38\",\"\",\"\",\"33\",\"\",\"21\"],[\"SELECTED RATIOS AND METRICS\"],[\"Return on Average Common Equity\",\"14.4\",\"%\",\"17.4\",\"%\",\"10.0\",\"%\"],[\"Dividend Payout Ratio\",\"35.5\",\"\",\"30.7\",\"\",\"59.1\"],[\"Average Stockholders\\u2019 Equity to Average Assets\",\"8.3\",\"\",\"8.4\",\"\",\"8.1\"]] [[/GREPCENT_TABLE]] (1) Percentage calculations are based on actual balances rather than the rounded amounts presented in the table above. (2)2025 Noninterest Income includes a $19.2 million expense related to mark-to-market activity associated with existing Visa Class B swap agreements. 2024 Noninterest Income includes an $878.4 million net gain related to Northern Trust's participation in a Visa Exchange Offer, a $189.3 million loss on AFS debt securities sold in conjunction with a repositioning of the portfolio, a $68.1 million gain related to the sale of an equity investment, a $12.8 million expense of mark-to-market activity associated wit ITEM 1 \u2013 BUSINESS Northern Trust Corporation Northern Trust Corporation (the \u201cCorporation\u201d) is a leading provider of wealth management, asset servicing, asset management and banking solutions to corporations, institutions, families and individuals. The Corporation is a financial holding company conducting business through various U.S. and non-U.S. subsidiaries, including The Northern Trust Company (Bank). The Bank is an Illinois banking corporation headquartered in Chicago and the Corporation\u2019s principal subsidiary. Founded in 1889, the Bank conducts its business through its U.S. operations and its various U.S. and non-U.S. branches and subsidiaries. At December 31, 2025, the Bank had consolidated assets of $176.4 billion and common bank equity capital of $11.4 billion. The Corporation was formed as a holding company for the Bank in 1971. The Corporation has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. At December 31, 2025, the Corporation had consolidated total assets of $177.1 billion and stockholders\u2019 equity of $13.0 billion. The Corporation expects that the Bank will continue in the foreseeable future to be the major source of the Corporation\u2019s consolidated assets, revenues, and net income. Except where the context otherwise requires, references to \u201cNorthern Trust,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cits,\u201d or similar terms mean Northern Trust Corporation and its subsidiaries on a consolidated basis. Business Overview Northern Trust focuses on managing and servicing client assets through its two client-focused reporting segments: Asset Servicing and Wealth Management. Asset management and related services are provided to Asset Servicing and Wealth Management clients primarily by the Asset Management business. The revenue and expenses of Asset Management and certain other support functions are allocated fully to Asset Servicing and Wealth Management. Northern ITEM 1A - RISK FACTORS In the normal course of our business activities, we are exposed to a variety of risks. The following discussion sets forth the material risk factors that we have identified. Although we discuss these risk factors primarily in the context of their potential effects on our business, financial condition or results of operat", "title": "NTRS - NORTHERN TRUST CORP", "url": "/company/NTRS/" }, { "kind": "company", "summary": "SIC 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys; CIK 0001133421; latest 10-K filed 2026-01-27.", "text": "NOC - NORTHROP GRUMMAN CORP /DE/ SIC 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys; CIK 0001133421; latest 10-K filed 2026-01-27. NOC NORTHROP GRUMMAN CORP /DE/ 0001133421 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations OVERVIEW The following discussion should be read along with the financial statements included in this Form 10-K, as well as Part II, \u201cItem 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\u201d (MD&A) of our Form 10-K for the year ended December 31, 2024 (\u201c2024 Annual Report on Form 10-K\u201d). To the extent the January 1, 2025 SSAS realignment impacted the disclosures in the 2024 Annual Report on Form 10-K, we recast those prior year disclosures herein. Divestiture of Training Services Business On May 24, 2025 (the \u201cDivestiture date\u201d), the company completed its previously announced sale of substantially all of the Immersive Mission Solutions (IMS) operating unit of Defense Systems (the \u201ctraining services\u201d business or \u201cdivestiture\u201d) for $333 million in cash and recorded a pre-tax gain on sale of $231 million. IMS is a provider of mission training and satellite ground network communications software for U.S. government customers. Operating results include sales and operating income for the training services business prior to the Divestiture date. Global Security Environment The U.S. and its allies continue to face a global security environment of heightened tensions and instability, threats from state and non-state actors, including in particular major global powers, as well as terrorist organizations, increasing nuclear tensions, diverse regional security concerns and political instability. The market for defense products, services and solutions globally is driven by these complex and evolving security challenges, considered in the broader context of political and socioeconomic circumstances and priorities. Our operations and financial performance, as well as demand for our products and services, are impacted by these events, including global unrest. The same is true for our suppliers and other business partners. The ongoing conflict in Ukraine, recent events in Venezuela and threats elsewhere, particularly in the Middle East and the Western Pacific region, have increased global tensions and instability and highlighted security requirements globally, including in Europe, the Middle East, the Pacific region and Latin America, as well as the U.S. These conflicts have resulted in and may continue to result in increased demand for defense products and services from allies and partner nations, particularly in those regions. For example, we experienced an increase in demand for certain of our products and services directly and indirectly related to the conflict in Ukraine. We continue to monitor developments in these regions, but have not experienced, and do not anticipate experiencing, significant adverse financial impacts directly from these conflicts. We believe the current global security environment, characterized by significant national security threats to the U.S. and its allies, continues to highlight the need for strong deterrence and robust defense capabilities, and we are actively evaluating both opportunities and risks associated with this environment. We believe our capabilities, particularly in space, C4ISR, air and missile defense, battle management, advanced weapons, strategic deterrence, survivable aircraft and mission systems should help our customers in the U.S. and globally defend against current and future threats and, as a result, continue to position us for long-term profitable business growth. Global Economic Environment Over the past several years, the global economic environment has experienced challenges, including inflationary pressures; widespread delays and disruptions in supply chains; business slowdowns or shutdowns; workforce challenges and labor shortfalls; and market volatility. These macroeconomic factors can and have contributed, and could continue to contribute, to increased costs, delays, disruptions and other performance challenges, as well as increased compe Item 1. Business HISTORY AND ORGANIZATION History Northrop Grumman Corporation (herein referred to as \u201cNorthrop Grumman,\u201d the \u201ccompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) is a leading global aerospace and defense technology company. We deliver a broad range of products, services and solutions to U.S. and international customers, and principally to the U.S. Department of War (\u201cDoW\u201d) and intelligence community. Our broad portfolio is aligned to support national security priorities and our solutions equip our customers with capabilities they need to connect, protect and advance humanity. The company is a leading provider of space systems, military aircraft, missile defense, advanced weapons and long-range fires capabilities, mission systems, networking and communications, strategic deterrence systems, and breakthrough technologies, such as advanced computing, microelectronics and cyber. We are focused on competing and winning programs that enable continued growth, performing on our commitments and affordably delivering capability our customers need. With the investments we've made in advanced technologies, combined with our talented workforce and digital transformation capabilities, Northrop Grumman is well positioned to meet our customers' needs today and in the future. For a discussion of risks associated with our operations, see \u201cRisk Factors.\u201d The company originally was formed in 1939 in Hawthorne, California as Northrop Aircraft Incorporated and was reincorporated in Delaware in 1985, as Northrop Corporation. Northrop Corporation was a principal developer of flying wing technology, including the B-2 Spirit stealth aircraft. We developed into one of the largest defense technology companies in the world through organic growth and a series of acquisitions and divestitures, including the following: \u20221994 - Acquired Grumman Corporation, a premier military aircraft systems integrator. The combined company was renamed Northrop Grumman Corporation; \u20221996 - Acquired the defense Item 1A. Risk Factors Our consolidated financial position, results of operations and cash flows are subject to various risks, many of which are not exclusively within our control, that may cause actual performance to differ materially from historical or projected f", "title": "NOC - NORTHROP GRUMMAN CORP /DE/", "url": "/company/NOC/" }, { "kind": "company", "summary": "SIC 4400 Water Transportation; CIK 0001513761; latest 10-K filed 2026-03-02.", "text": "NCLH - Norwegian Cruise Line Holdings Ltd. SIC 4400 Water Transportation; CIK 0001513761; latest 10-K filed 2026-03-02. NCLH Norwegian Cruise Line Holdings Ltd. 0001513761 4400 Water Transportation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Financial Presentation The following discussion and analysis contains forward-looking statements within the meaning of the federal securities laws and should be read in conjunction with the disclosures we make concerning risks and other factors that may affect our business and operating results. You should read this information in conjunction with the consolidated financial statements and the notes thereto included in this Annual Report. See also \u201cCautionary Statement Concerning Forward-Looking Statements\u201d immediately prior to Part I, Item 1 in this Annual Report. We categorize revenue from our cruise and cruise-related activities as either \u201cpassenger ticket\u201d revenue or \u201conboard and other\u201d revenue. Passenger ticket revenue and onboard and other revenue vary according to product offering, the size of the ship in operation, the length of cruises operated and the markets in which the ship operates. Our revenue is seasonal based on demand for cruises, which has historically been strongest during the Northern Hemisphere\u2019s summer months. Passenger ticket revenue primarily consists of revenue for accommodations, meals in certain restaurants on the ship, certain onboard entertainment, government taxes, fees and port expenses and includes revenue for service charges and air and land transportation to and from the ship to the extent guests purchase these items from us. Onboard and other revenue primarily consists of revenue from casinos, beverage sales, shore excursions, specialty dining, retail sales, spa services and Wi-Fi services. Our onboard revenue is derived from onboard activities we perform directly or that are performed by independent concessionaires, from which we receive a share of their revenue. Our cruise operating expense is classified as follows: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Commissions, transportation and other primarily consists of direct costs associated with passenger ticket revenue. These costs include travel advisor commissions, air and land transportation expenses, related credit card fees, certain government taxes, fees and port expenses and the costs associated with shore excursions and hotel accommodations included as part of the overall cruise purchase price.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Onboard and other primarily consists of direct costs incurred in connection with onboard and other revenue, including casinos, beverage sales and shore excursions.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Payroll and related consists of the cost of wages, benefits and logistics for shipboard employees and costs of certain inventory items, including food, for a third party that provides crew and other hotel services for certain ships.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Fuel includes fuel costs, the impact of certain fuel hedges and fuel delivery costs.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Food consists of food costs for passengers and crew on certain ships.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Other consists of repairs and maintenance (including Dry-dock costs), ship insurance and other ship expenses.\"]] [[/GREPCENT_TABLE]] Critical Accounting Policies Our consolidated financial statements have been prepared in accordance with U.S. GAAP. The preparation of these consolidated financial statements requires us to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of our consolidated financial statements and the reported amounts of revenue and expenses during the periods presented. We rely on historical experience and on various other assumptions that we believe to be reasonable under the circumstances to make these estimates and judgments. Actual results could differ materially from these estimates. We bel Item 1. Business History and Development of the Company Norwegian commenced operations from Miami, Florida in 1966, launching the modern cruise industry by offering weekly departures from Miami, Florida to destinations in the Caribbean. In February 2011, NCLH, a Bermuda limited company, was formed. In January 2013, NCLH completed its initial public offering and the ordinary shares of NCLC were exchanged for the ordinary shares of NCLH, and NCLH became the owner of 100% of the ordinary shares and parent company of NCLC. In November 2014, we completed the acquisition of PCI. In late 2023, in response to the Organisation for Economic Co-operation and Development (\u201cOECD\u201d)\u2019s BEPS 2.0 Pillar 2 global tax reform, the Company restructured its organizational structure by realigning many of its operations across its three different brands into a single jurisdiction, Bermuda. In connection with the reorganization, among other steps, certain NCLH subsidiaries previously domiciled in the Isle of Man, the Cayman Islands, the Republic of the Marshall Islands, the Republic of Panama and the state of Delaware, were redomiciled to Bermuda. Our Company Business Overview We are a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. Our brands offer itineraries to worldwide destinations including Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, Caribbean, Alaska and Hawaii. Norwegian\u2019s U.S.-flagged ship, Pride of America, provides the industry\u2019s only entirely inter-island itinerary in Hawaii. All of our brands offer an assortment of features, amenities and activities, including a variety of accommodations, multiple dining venues, bars and lounges, spa, casino and retail shopping areas and numerous entertainment choices. All brands also offer a selection of shore excursions at each port of call, as well as air transportation and hotel packages for stays before or after a voyage. Item 1A. Risk Factors In addition to the other information contained in this Annual Report, you should carefully consider the following risk factors in evaluating our business. If any of the risks discussed or additional risks and uncertainties not currently known to us or that we currently deem to be immaterial actuall", "title": "NCLH - Norwegian Cruise Line Holdings Ltd.", "url": "/company/NCLH/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0001013871; latest 10-K filed 2026-02-24.", "text": "NRG - NRG ENERGY, INC. SIC 4911 Electric Services; CIK 0001013871; latest 10-K filed 2026-02-24. NRG NRG ENERGY, INC. 0001013871 4911 Electric Services Item 7 \u2014 Management's Discussion and Analysis of Financial Condition and Results of Operations The discussion and analysis below has been organized as follows: \u2022Executive Summary, including the business environment in which the Company operates, a discussion of regulation, weather, competition and other factors that affect the business, and other significant events that are important to understanding the results of operations and financial condition; \u2022Results of operations for the years ended December 31, 2025 and December 31, 2024, including an explanation of significant differences between the periods in the specific line items of NRG's Consolidated Statements of Operations; \u2022Liquidity and capital resources including liquidity position, financial condition addressing credit ratings, material cash requirements and commitments, and other obligations; and \u2022Critical accounting estimates that are most important to both the portrayal of the Company's financial condition and results of operations, and require management's most difficult, subjective, or complex judgments. As you read this discussion and analysis, refer to NRG's Consolidated Statements of Operations in this Annual Report on Form 10-K, which present the results of the Company's operations for the years ended December 31, 2025 and 2024, and also refer to Item 1 \u2014 Business to this Annual Report on Form 10-K for more detail discussion about the Company's business. A discussion and analysis of fiscal year 2023 may be found in Part II, Item 7 \u2014 Management's Discussion and Analysis of 44 Financial Condition and Results of Operations of the Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The following discussion and analysis also contains forward-looking statements, including, without limitation, statements relating to NRG\u2019s plans, strategies, objectives, expectations, intentions, and resources. Such forward-looking statements should be read in conjunction with the disclosures under Item 1A \u2014 Risk Factors of this Annual Report on Form 10-K. Executive Summary NRG Energy, Inc., or NRG or the Company, serves electricity, natural gas, and smart-home technology solutions to approximately 8 million residential customers (comprised of 6 million retail energy and 2 million smart home), in addition to large commercial and industrial, data center, and wholesale customers. Across North America, NRG is redefining customers\u2019 experience with energy under brand names such as NRG, Reliant, Direct Energy, Green Mountain Energy, and Vivint. As of December 31, 2025 the Company\u2019s core power and natural gas business consists of approximately 12 GW of competitive power generation, primarily in Texas, and a natural gas portfolio that serves approximately 1,900 MMDth annually. Business Environment The industry dynamics and external influences affecting the Company, its businesses, and the retail energy and power generation industry in 2025 and for the future medium term include: Market Dynamics \u2014 The price of natural gas plays an important role in setting the price of electricity in many of the regions where NRG operates. Natural gas prices are driven by variables including demand from the industrial, residential, and electric sectors, productivity across natural gas supply basins, costs of natural gas production, changes in pipeline infrastructure, global liquified natural gas demand, exports of natural gas, and the financial and hedging profile of natural gas customers and producers. In 2025, the average natural gas price at Henry Hub was $3.43 per MMBtu compared to $2.27 per MMBtu in 2024, representing an increase of 51%. NRG may experience impacts to gross margins due to significant, rapid changes in current natural gas prices, the impact those prices have on power prices, and the lag in its ability to make a corresponding adjustment to the retail rates it charges customers on term and month to month contracts. The Company hedges its load commitments in or Item 1 \u2014 Business General NRG Energy, Inc., or NRG or the Company, serves electricity, natural gas, and smart-home technology solutions to approximately 8 million residential customers (comprised of 6 million retail energy and 2 million smart home), in addition to large commercial and industrial, data center, and wholesale customers. Across North America, NRG is redefining customers\u2019 experience with energy under brand names such as NRG, Reliant, Direct Energy, Green Mountain Energy, and Vivint. As of December 31, 2025, the Company\u2019s core power and natural gas business consists of approximately 12 GW of competitive power generation, primarily in Texas, and a natural gas portfolio that serves approximately 1,900 MMDth annually. NRG sold 154 TWhs of electricity and 1,857 MMDth of natural gas in 2025, making it one of the largest competitive energy retailers in the U.S. As of the end of 2025, NRG had recurring electricity and/or natural gas sales in 25 U.S. states, the District of Columbia, and 8 provinces in Canada, and Vivint Smart Home served customers in all 50 U.S. states and the District of Columbia. NRG's retail brands, collectively, have the largest share of competitively served residential electric customers in Texas and is a leading business-to-business provider of power and natural gas in North America. On January 30, 2026, NRG completed the acquisition of the LSP Portfolio, pursuant to the Purchase and Sale Agreement (the \u201cPurchase Agreement\u201d) dated as of May 12, 2025. The LSP Portfolio includes 18 natural gas-fired and dual fuel facilities totaling approximately 13 GW of capacity, located across nine states, as well as CPower, a leading demand response platform. Strategy NRG's strategy is to maximize shareholder value by delivering integrated energy and smart home solutions, supported by an owned generation fleet and a diversified supply strategy. The Company generates power and sells electricity and natural gas to residential, commercial, industrial, Item 1A \u2014 Risk Factors NRG's risk factors are grouped into the following categories: (i) Risks Related to the Acquisition of the LSP Portfolio; (ii) Risks Related to the Operation of NRG's Business; (iii) Risks Related to Governmental Regulation and Laws; and (iv) Risks Related to Economic and Financial Market Conditions and the Company's Indebtedness. Risks Relate", "title": "NRG - NRG ENERGY, INC.", "url": "/company/NRG/" }, { "kind": "company", "summary": "SIC 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens); CIK 0000073309; latest 10-K filed 2026-02-25.", "text": "NUE - NUCOR CORP SIC 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens); CIK 0000073309; latest 10-K filed 2026-02-25. NUE NUCOR CORP 0000073309 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of Nucor Corporation should be read in conjunction with the consolidated financial statements of the Company and the accompanying notes to the consolidated financial statements. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations included in this report discusses our financial condition and results of operations as of and for the years ended December 31, 2025 and 2024. Information concerning the year ended December 31, 2024 and a comparison of the years ended December 31, 2024 and 2023 may be found under \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025. Overview Nucor\u2019s operating performance in 2025 reflected modest domestic steel demand growth and lower import levels. Operating rates at our steel mills for the full year 2025 increased to 83% as compared to 76% for the full year 2024, with higher shipments across our sheet, bar, plate, and structural mills. Demand was strong in several key end markets, including infrastructure, data centers, energy, and advanced manufacturing, while interest rate sensitive markets such as automotive and residential construction experienced softer conditions. Our Challenges and Risks Global steel production overcapacity continues to be an ongoing risk to Nucor and the entire steel industry. The OECD has estimated that global steel production overcapacity in 2025 is approximately 704 million net tons. This level of excess capacity is eight times the current annual steel production in the United States. However, additional capacity continues to come online and China\u2019s steel production, the largest steel producing country, is still near record levels. In 2025, China\u2019s steel production was more than 1 billion net tons for the eighth consecutive year, and China exported a record 131 million net tons to offset weak domestic consumption. Circumvention of trade duties also continues to pose a risk, as countries route products through third-party countries to evade duties. Increasingly, China is seeking to evade trade duties by building new steelmaking capacity in other countries with a focus on neighboring countries in southeast Asia, as well as Africa. An uncertainty we continue to face in our business is the price of our principal raw material, ferrous scrap, which is volatile and often increases or decreases rapidly in response to changes in domestic demand, unanticipated events that affect the flow of scrap into scrap yards, the availability of scrap substitutes, currency fluctuations and changes in foreign demand for scrap. In periods of rapidly increasing raw material prices in the industry, which are often also associated with periods of stronger or rapidly improving steel market conditions, being able to increase our prices for the products we sell quickly enough to offset increases in the prices we pay for ferrous scrap is challenging but critical to maintaining our profitability. We attempt to mitigate the scrap price risk by managing scrap inventory levels at the steel mills to match the anticipated demand over the next several weeks. Certain scrap substitutes, including pig iron, have longer lead times for delivery than scrap, which can make this inventory management strategy difficult to achieve. Continued successful implementation of our raw material strategy, including key investments in DRI production, coupled with the scrap brokerage and processing services performed by our team at DJJ, give us greater control over our metallic inputs and thus also helps us to mitigate this risk. See \"Item 1A. Risk Factors-Industry Specific Risk Factors\" for further discussion of raw material risks. Duri Item 1. Business. Overview Nucor Corporation, a Delaware corporation incorporated in 1958, and its affiliates (\u201cNucor,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) manufacture steel and steel products. The Company also produces and procures ferrous and non-ferrous materials primarily for use in its steel manufacturing business. Most of the Company\u2019s operating facilities and customers are located in North America. The Company\u2019s operations include international trading and sales companies that buy and sell steel and steel products manufactured by the Company and others. Nucor is North America\u2019s largest recycler, using scrap steel as the primary raw material in producing steel and steel products. In 2025, we recycled approximately 20 million gross tons of scrap steel. Segments, Principal Products Produced, and Markets and Marketing Nucor reports its results in three segments: steel mills, steel products and raw materials. The steel mills segment is Nucor\u2019s largest segment, representing 62% of the Company\u2019s sales to external customers in the year ended December 31, 2025. We market products from the steel mills and steel products segments mainly through in-house sales forces. We also utilize our internal distribution and trading companies to market our products abroad. The markets for these products are largely tied to end-use markets such as nonresidential construction, durable goods and capital spending that are affected by changes in general economic conditions. We are a leading domestic provider for most of the products we supply, and, in many cases (e.g., structural steel, merchant bar steel, steel joist and deck, pre-engineered metal buildings, steel piling, cold finish bar steel, steel electrical conduit pipe and insulated metal panels), we are the leading supplier. In recent years we have embarked on a strategy to advance Nucor\u2019s capabilities and further its value creation, as summarized in our Mission Statement: Grow the Core, Expand Beyond and Live Our Culture. Item 1A. Risk Factors Many of the factors that affect our business and operations involve risk and uncertainty. The factors described below are some of the risks that could materially negatively affect our business, results of operations, financial condition and cash flows. Industry Specific Ris", "title": "NUE - NUCOR CORP", "url": "/company/NUE/" }, { "kind": "company", "summary": "SIC 1531 Operative Builders; CIK 0000906163; latest 10-K filed 2026-02-11.", "text": "NVR - NVR INC SIC 1531 Operative Builders; CIK 0000906163; latest 10-K filed 2026-02-11. NVR NVR INC 0000906163 1531 Operative Builders Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. (dollars in thousands, except per share data) Results of Operations This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview Business Environment and Current Outlook Demand for new homes continues to be negatively impacted by affordability issues, high home inventory levels in certain markets, declining consumer confidence and economic volatility. As a result of this weak demand environment in the second half of 2025, we repositioned many communities to better compete for a reduced number of buyers. We expect these adjustments to have a materially negative impact on our gross margins during the first half of 2026 as the homes in our backlog settle. We also expect a significant decline in revenues in the first quarter of 2026 due to weak orders in the third quarter of 2025 and strong fourth quarter 2025 backlog turnover. We expect this weak demand environment may continue to weigh on home sales, home prices and gross margins during 2026. Although we are unable to predict the extent to which this will impact our operational and financial performance, we believe that we are well positioned to take advantage of opportunities that may arise from future economic and homebuilding market volatility due to the strength of our balance sheet and our disciplined lot acquisition strategy. Business Our primary business is the construction and sale of single-family detached homes, townhomes and condominiums, all of which are primarily constructed on a pre-sold basis. To fully serve customers of our homebuilding operations, we also operate a mortgage banking and title services business. We primarily conduct our operations in mature markets. Additionally, we generally grow our business through market share gains in our existing markets and by expanding into markets contiguous to our current active markets. Our four homebuilding reportable segments consist of the following regions: [[GREPCENT_TABLE]] [[\"Mid Atlantic:\",\"\",\"Maryland, Virginia, West Virginia, Delaware and Washington, D.C.\"],[\"North East:\",\"\",\"New Jersey and Eastern Pennsylvania\"],[\"Mid East:\",\"\",\"New York, Ohio, Western Pennsylvania, Indiana and Illinois\"],[\"South East:\",\"\",\"North Carolina, South Carolina, Georgia, Florida, Tennessee and Kentucky\"]] [[/GREPCENT_TABLE]] Our lot acquisition strategy is predicated upon avoiding the financial risks associated with direct land ownership and development. We generally do not engage in land development (see discussion below of our land development activities). Instead, we typically acquire finished lots from various third-party land developers pursuant to LPAs. These LPAs require deposits, typically ranging up to 10% of the aggregate purchase price of the finished lots, in the form of cash or letters of credit that may be forfeited if we fail to perform under the LPA. This strategy has allowed us to maximize inventory turnover, which we believe enables us to minimize market risk and to operate with less capital, thereby enhancing rates of return on equity and total capital. In addition to constructing homes primarily on a pre-sold basis and utilizing what we believe is a conservative lot acquisition strategy, we focus on obtaining and maintaining a leading market position in each market we serve. This strategy allows us to gain valuable efficiencies and competitive advantages in our markets, which we believe contributes to minimizing the adverse effects of regional economic cycles and provides growth opportunities within these markets. Our Item 1. Business. General NVR, Inc., a Virginia corporation, was formed in 1980 as NVHomes, Inc. Our primary business is the construction and sale of single-family detached homes, townhomes and condominium buildings, all of which are primarily constructed on a pre-sold basis. To more fully serve customers of our homebuilding operations, we also operate a mortgage banking and title services business. We conduct our homebuilding activities directly. Our mortgage banking operations are operated primarily through a wholly owned subsidiary, NVR Mortgage Finance, Inc. (\u201cNVRM\u201d). Unless the context otherwise requires, references to \u201cNVR\u201d, \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d include NVR, Inc. and its consolidated subsidiaries. We are one of the largest homebuilders in the United States. We operate in thirty-seven metropolitan areas in sixteen states, and Washington, D.C. Our homebuilding operations include the construction and sale of single-family detached homes, townhomes and condominium buildings under three trade names: Ryan Homes, NVHomes and Heartland Homes. Our Ryan Homes product is marketed primarily to first-time and first-time move-up buyers. Ryan Homes operates in thirty-seven metropolitan areas located in Maryland, Virginia, Washington, D.C., Delaware, West Virginia, Pennsylvania, Ohio, New York, New Jersey, Indiana, Illinois, North Carolina, South Carolina, Georgia, Florida, Tennessee and Kentucky. Our NVHomes and Heartland Homes products are marketed primarily to move-up and luxury buyers. NVHomes operates in Delaware, New Jersey, and the Washington, D.C., Baltimore, MD and Philadelphia, PA metropolitan areas. Heartland Homes operates in the Pittsburgh, PA metropolitan area. We generally do not engage in land development (see discussion below of our land development activities). Instead, we typically acquire finished building lots from various third-party land developers pursuant to fixed price lot purchase agreements (\u201cLPAs\u201d) that require deposits that may be forfeited Item 1A. Risk Factors. Our business is affected by the risks generally incident to the residential construction business, including, but not limited to: \u2022actual and expected changes in interest rates, which affect the availability of mortgage financing for potential purchasers of homes; \u2022the availability of adequate land in desirable locations on favorable terms; \u2022employment levels, con", "title": "NVR - NVR INC", "url": "/company/NVR/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001413447; latest 10-K filed 2026-02-19.", "text": "NXPI - NXP Semiconductors N.V. SIC 3674 Semiconductors & Related Devices; CIK 0001413447; latest 10-K filed 2026-02-19. NXPI NXP Semiconductors N.V. 0001413447 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s discussion and analysis of financial condition and results of operations (MD&A) should be read in conjunction with the financial statements and the related notes that appear elsewhere in this document. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 as filed with the SEC on February 20, 2025. Our MD&A is provided in addition to the accompanying consolidated financial statements and notes to assist readers in understanding our results of operations, financial condition and cash flows. MD&A is organized as follows: \u2022Overview - Overall analysis of financial and other highlights to provide context for the MD&A \u2022Results of Operations - An analysis of our financial results \u2022Financial Condition, Liquidity and Capital Resources - An analysis of changes in our balance sheets and cash flows and a discussion of our financial condition and potential sources of liquidity \u2022Critical Accounting Estimates - Accounting estimates that management believes are the most important to understanding the assumptions and judgments incorporated in our financial results and forecasts \u2022Use of Certain Non-GAAP Financial Measures - A discussion of the presentation of non-GAAP financial measures 35 NXP has one reportable segment representing the entity as a whole. Our segment represents groups of similar products that are combined on the basis of similar design and development requirements, product characteristics, manufacturing processes and distribution channels, and how management allocates resources and measures results. See Note 1 to the consolidated financial statements for more information regarding our segment reporting. Overview Year in Focus \u2022Revenue was $12.3 billion, down 2.7% year-on-year; \u2022GAAP gross margin was 54.7%, and GAAP operating margin was 24.8%; \u2022Non-GAAP gross margin was 56.8%, and non-GAAP operating margin was 33.1%; \u2022Cash flow from operations was $2,820 million, with net capital expenditures on property, plant and equipment of $395 million, resulting in non-GAAP free cash flow of $2,425 million; and \u2022During 2025, NXP returned capital to shareholders with the payment of $1,025 million in cash dividends and the repurchase of $899 million of its common shares, for a total capital return of $1,924 million. Kurt Sievers, our former CEO, voluntarily retired as CEO and executive director of the Company, effective October 28, 2025. The Company's Board of Directors unanimously appointed Rafael Sotomayor to succeed Mr. Sievers as President and CEO and temporary executive director of the Company, effective as of October 28, 2025. On June 17, 2025, NXP announced the closing of the acquisition of 100% of TTTech Auto for $766 million in cash ($675 million net of cash acquired). TTTech Auto is a leader in innovating unique safety-critical systems and middleware for software-defined vehicles (SDVs). The TTTech Auto acquisition complements and expands NXP\u2019s system and software offerings in the Automotive and Industrial & IoT end markets. On October 24, 2025, NXP closed the previously announced acquisition of 100% of Aviva Links for $222 million in cash ($202 million net of cash acquired) and $26 million through the settlement of previously held investments in Aviva Links. Aviva Links is a provider of Automotive SerDes Alliance (ASA) compliant in-vehicle connectivity solutions. The Aviva Links acquisition complements and expands NXP\u2019s automotive networking solutions in the Automotive and Industrial & IoT end markets. On October 27, 2025, NXP Item 1. Business Company Overview NXP Semiconductors N.V. is a global semiconductor company and a long-standing supplier in the industry, with over 70 years of innovation and operating history. For the year ended December 31, 2025, we generated revenue of $12,269 million, compared to $12,614 million for the year ended December 31, 2024. We provide leading solutions that leverage our combined portfolio of intellectual property, deep application knowledge, process technology and manufacturing expertise in the domains of embedded processing, mixed-signal analog-digital (mixed A/D), power management, digital signal processing, cryptography-security, high-speed interface, radio frequency (RF), and embedded system design. Our product solutions are used in a wide range of end market applications including: automotive, industrial & Internet of Things (IoT), mobile, and communication infrastructure. We engage with leading global companies and sell products in all major geographic regions. Our legal name is NXP Semiconductors N.V. and our commercial name is \u201cNXP\u201d or \u201cNXP Semiconductors.\u201d We were incorporated in the Netherlands in 2006 and are a Dutch public company with limited liability (naamloze vennootschap). Our corporate seat is in Eindhoven, the Netherlands. Our principal executive office is at High Tech Campus 60, 5656 AG Eindhoven, the Netherlands, and our telephone number is +31 40 2729999. Our registered agent in the United States is NXP USA, Inc., 6501 William Cannon Dr. West, Austin, Texas 78735, United States of America, phone number +1 512 9338214. Semiconductor Market Overview Semiconductors perform a broad variety of functions within electronic products and systems, including processing data, sensing, storing information and converting or controlling electronic signals. Semiconductors vary significantly depending upon the specific function or application of the end product in which the semiconductor is used and the customer who is deploying it. Semicond Item 1A. Risk Factors Risks related to the semiconductor industry and the markets in which we participate. The semiconductor industry is highly cyclical. Historically, the relationship between supply and demand in the semiconductor industry has caused a high degree of cyclicality in the semiconductor market. Semiconductor sup", "title": "NXPI - NXP Semiconductors N.V.", "url": "/company/NXPI/" }, { "kind": "company", "summary": "SIC 5531 Retail-Auto & Home Supply Stores; CIK 0000898173; latest 10-K filed 2026-02-27.", "text": "ORLY - O REILLY AUTOMOTIVE INC SIC 5531 Retail-Auto & Home Supply Stores; CIK 0000898173; latest 10-K filed 2026-02-27. ORLY O REILLY AUTOMOTIVE INC 0000898173 5531 Retail-Auto & Home Supply Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u200b In Management\u2019s Discussion and Analysis, we provide a historical and prospective narrative of our general financial condition, results of operations, liquidity, and certain other factors that may affect our future results, including: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"An overview of the key drivers and other influences on the automotive aftermarket industry.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Our results of operations for the years ended December 31, 2025 and 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Our liquidity and capital resources.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Our critical accounting estimates.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Recent accounting pronouncements that may affect our Company.\"]] [[/GREPCENT_TABLE]] \u200b The review of Management\u2019s Discussion and Analysis should be made in conjunction with our consolidated financial statements, related notes and other financial information, forward-looking statements, and other risk factors included elsewhere in this annual report on Form 10-K. \u200b OVERVIEW \u200b We are a specialty retailer of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States, Puerto Rico, Mexico, and Canada. We are one of the largest North American automotive aftermarket specialty retailers, selling our products to both DIY customers and professional service providers \u2013 our \u201cdual market strategy.\u201d Our goal is to achieve growth in sales and profitability by capitalizing on our competitive advantages, such as our dual market strategy, superior customer service provided by well-trained and technically proficient Team Members, and strategic distribution and hub store network that provides same day and over-night inventory access for our stores to offer a broad selection of product offerings. The successful execution of our growth strategy includes aggressively opening new stores, growing sales in existing stores, continually enhancing merchandising and store layouts, and implementing our Omnichannel initiatives. As of December 31, 2025, we operated 6,447 stores in 48 U.S. states and Puerto Rico, 112 stores in Mexico, and 26 stores in Canada. \u200b The extensive product line offered in our stores consists of new and remanufactured automotive hard parts, maintenance items, accessories, a complete line of auto body paint and related materials, automotive tools, and professional service provider service equipment. Our extensive product line includes an assortment of products that are differentiated by quality and price for most of the product lines we offer. For many of our product offerings, this quality differentiation reflects \u201cgood,\u201d \u201cbetter,\u201d and \u201cbest\u201d alternatives. Our sales and total gross profit dollars are, generally, highest for the \u201cbest\u201d quality category of products. Consumers\u2019 willingness to select products at a higher point on the value spectrum is a driver of enhanced sales and profitability in our industry. We have ongoing initiatives focused on marketing and training to educate customers on the advantages of ongoing vehicle maintenance, as well as \u201cpurchasing up\u201d on the value spectrum. \u200b Our stores also offer enhanced services and programs to our customers, including used oil, oil filter, and battery recycling; battery, wiper, and bulb replacement; battery diagnostic testing; electrical and module testing; check engine light code extraction through our trusted VeriScan technology, which provides diagnostic information with possible repair fixes; referrals to trusted local repair shops; loaner tool program; drum and rotor resurfacing; custom hydraulic hoses; professional paint shop mixing and related materials; and machine shops. \u200b Our business is influenced by a number of general macroeconomic factors that impact both our industry and consumers, including, Item 1. Business \u200b GENERAL INFORMATION \u200b Unless otherwise indicated, \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and similar terms, as well as references to the \u201cCompany,\u201d refer to O\u2019Reilly Automotive, Inc. and its Subsidiaries. O\u2019Reilly is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment, and accessories across North America, selling our products to both do-it-yourself (\u201cDIY\u201d) and professional service provider customers, our \u201cdual market strategy.\u201d The business was founded in 1957 by Charles F. O\u2019Reilly and his son, Charles H. \u201cChub\u2019\u2019 O\u2019Reilly, Sr., and initially operated from a single store in Springfield, Missouri. Our common stock has traded on The Nasdaq Global Select Market under the symbol \u201cORLY\u201d since April 22, 1993. \u200b On June 10, 2025, the Company completed a 15-for-1 forward stock split of our common stock. All share and per share information, including share-based compensation, in the current and comparable periods throughout this annual report on Form 10-K, has been retrospectively adjusted to reflect the stock split. All shares of common stock retained a par value of $0.01 per share. \u200b At December 31, 2025, we operated 6,447 stores in 48 states in the United States (\u201cU.S.\u201d) and Puerto Rico, 112 stores in Mexico, and 26 stores in Canada. Our stores carry an extensive product line, including: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"New and remanufactured automotive hard parts and maintenance items, such as alternators, batteries, brake system components, belts, chassis parts, driveline parts, engine parts, fuel pumps, hoses, starters, temperature control, water pumps, antifreeze, appearance products, engine additives, filters, fluids, lighting, oil, and wiper blades.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Accessories, such as floor mats, seat covers, and truck accessories.\"]] [[/GREPCENT_TABLE]] \u200b Our stores offer many enhanced services and programs to our customers, such as: [[GREPCENT_TABLE]] [[\" Item 1A. Risk Factors \u200b Our future performance is subject to a variety of risks and uncertainties. Although the risks described below are the risks that we believe are material, there may also be risks of which we are currently unaware, or that we currently regard as immaterial based upon the information available to us that later may prove to be ", "title": "ORLY - O REILLY AUTOMOTIVE INC", "url": "/company/ORLY/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0000797468; latest 10-K filed 2026-02-18.", "text": "OXY - OCCIDENTAL PETROLEUM CORP /DE/ SIC 1311 Crude Petroleum & Natural Gas; CIK 0000797468; latest 10-K filed 2026-02-18. OXY OCCIDENTAL PETROLEUM CORP /DE/ 0000797468 1311 Crude Petroleum & Natural Gas ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read together with the Consolidated Financial Statements and the Notes to Consolidated Financial Statements, which are included in this Form 10-K in Item 8 and the information set forth in Risk Factors under Part 1, Item 1A. The following sections include a discussion of results for fiscal 2025 compared to fiscal 2024 as well as certain 2023 results. The comparative results for fiscal 2024 with fiscal 2023 generally have not been included in this Form 10-K, but may be found in \u201cPart II - Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. [[GREPCENT_TABLE]] [[\"INDEX\",\"PAGE\"],[\"Current Business Outlook and Strategy\",\"22\"],[\"Oil and Gas Segment\",\"24\"],[\"Midstream and Marketing Segment\",\"34\"],[\"Segment Results of Operations and Items Affecting Comparability\",\"36\"],[\"Consolidated Results of Operations\",\"39\"],[\"Income Taxes\",\"42\"],[\"Liquidity and Capital Resources\",\"43\"],[\"Lawsuits, Claims, Commitments and Contingencies\",\"45\"],[\"Environmental Expenditures\",\"46\"],[\"Global Investments\",\"46\"],[\"Critical Accounting Policies and Estimates\",\"47\"],[\"Safe Harbor Discussion Regarding Outlook and Other Forward-Looking Data\",\"51\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"OXY 2025 FORM 10-K\",\"21\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"table of contents\",\"MANAGEMENT\\u2019S DISCUSSION AND ANALYSIS\"]] [[/GREPCENT_TABLE]] CURRENT BUSINESS OUTLOOK AND STRATEGY GENERAL The Company\u2019s financial results are significantly influenced by oil prices, and to a lesser extent, NGL and natural gas prices, and commodity market differentials. Oil prices have been and are expected to remain volatile due to shifts in energy supply and demand, ongoing geopolitical factors and OPEC supply actions. In 2025, compared to 2024, the average annual WTI price per barrel decreased to $64.81 from $75.72, and the average annual Brent price per barrel decreased to $68.18 from $79.79. The Company\u2019s costs are influenced by inflationary trends, market conditions, the availability and cost of oilfield services, electricity, and CO\u2082, and other operational expenditures. In April 2025, a U.S. tariff policy was announced that imposed a 10% base tariff rate on most imports, with higher rates applied to certain countries. Since then, the U.S. has negotiated trade deals, and certain tariff rates have been adjusted or paused amid ongoing litigation. These tariffs may increase the Company\u2019s supplier costs and affect demand and prices for its products. The Company works to manage inflation impacts by capitalizing on operational efficiencies, locking in pricing on longer-term contracts and working closely with vendors to secure the supply of critical materials. Seasonality is not a primary driver of changes in the Company\u2019s consolidated quarterly earnings. STRATEGY The Company is focused on delivering a unique shareholder value proposition with its portfolio of oil and gas and midstream and marketing assets, as well as its ongoing development of carbon management and storage solutions and GHG emissions reduction efforts. The Company conducts its operations with a priority on HSE, sustainability and social responsibility. In order to maximize shareholder returns, the Company will: \u25a0 Maintain production base to preserve asset base integrity and longevity; \u25a0Deliver a sustainable and growing dividend; \u25a0Prioritize excess cash flow and proceeds from divestitures, including the OxyChem Transaction, for deleveraging until principal debt is approximately $14.3 billion, after which available cash will be allocated to opportunistic share repurchases and/or further net debt reduction; \u25a0Enhance its asset base with investments in its cash-generative oil and gas business; and \u25a0Advance integrated technologies in CO2, power and ITEM 1A. RISK FACTORS The following risk factors, as well as the other information included in this Form 10\u2011K, should be carefully considered. These risk factors are not exhaustive, and additional risks and uncertainties, whether known or unknown, or currently believed to be immaterial, may also adversely affect the Company. Additional risk factors may also be described in registration statements, prospectus supplements or other offering documents that the Company files in connection with the issuance of securities. Any of the risks, individually or in combination, could have a material adverse effect on the Company\u2019s business, financial condition, results of operations, cash flows, reserves or the value of an investment in our securities. Although the risks are presented under separate headings, many are interrelated. Volatile global and local commodity pricing strongly affects the Company\u2019s results of operations. The Company\u2019s financial results correlate closely to the prices it obtains for its products, particularly oil and, to a lesser extent, NGL and natural gas. With the completion of the OxyChem Transaction, the Company\u2019s business is more exposed to fluctuations in the markets for oil, NGL and natural gas. Historically, the markets for oil, NGL and natural gas have been volatile and may continue to be volatile in the future. Prices for oil, NGL and natural gas fluctuate widely. Prices are determined by global and local market forces which are not in the Company\u2019s control. These factors include, among others: \u2022Domestic and international supplies of, and demand for, oil, NGL, natural gas and refined products; \u2022General economic conditions, including domestic or international economic slowdowns or recessions; \u2022The cost of exploring for, developing, producing, refining and marketing oil, NGL, natural gas and refined products; \u2022Operational impacts such as production disruptions, technological advances and regional market conditions, including available tr", "title": "OXY - OCCIDENTAL PETROLEUM CORP /DE/", "url": "/company/OXY/" }, { "kind": "company", "summary": "SIC 4213 Trucking (No Local); CIK 0000878927; latest 10-K filed 2026-02-24.", "text": "ODFL - OLD DOMINION FREIGHT LINE, INC. SIC 4213 Trucking (No Local); CIK 0000878927; latest 10-K filed 2026-02-24. ODFL OLD DOMINION FREIGHT LINE, INC. 0000878927 4213 Trucking (No Local) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations generally discusses our 2025 and 2024 results and year-to-year comparisons between 2025 and 2024. Discussions of our 2024 results and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the Securities and Exchange Commission on February 25, 2025. Overview We are one of the largest North American less-than-truckload (\u201cLTL\u201d) motor carriers. We provide regional, inter-regional and national LTL services through a single integrated, union-free organization. Our service offerings, which include expedited transportation, are provided through an expansive network of service centers located throughout the continental United States. Through strategic alliances, we also provide LTL services throughout North America. In addition to our core LTL services, we offer a range of value-added services including container drayage, truckload brokerage and supply chain consulting. More than 98% of our revenue has historically been derived from transporting LTL shipments for our customers, whose demand for our services is generally tied to industrial production and the overall health of the U.S. domestic economy. In analyzing the components of our revenue, we monitor changes and trends in our LTL volumes and LTL revenue per hundredweight. While LTL revenue per hundredweight is a yield measurement, it is also a commonly-used indicator for general pricing trends in the LTL industry. This yield metric is not a true measure of price, however, as it can be influenced by many other factors, such as changes in fuel surcharges, weight per shipment and length of haul. As a result, changes in revenue per hundredweight do not necessarily indicate actual changes in underlying base rates. LTL revenue per hundredweight and the key factors that can impact this metric are described in more detail below: \u2022 LTL Revenue Per Hundredweight - Our LTL transportation services are generally priced based on weight, commodity, and distance. This measurement reflects the application of our pricing policies to the services we provide, which are influenced by competitive market conditions and our growth objectives. Generally, freight is rated by a class system, which is established by the National Motor Freight Traffic Association, Inc. Light, bulky freight typically has a higher class and is priced at higher revenue per hundredweight than dense, heavy freight. Fuel surcharges, accessorial charges, revenue adjustments and revenue for undelivered freight are included in this measurement, and we regularly monitor the components that impact our pricing. The fuel surcharge is generally designed to offset fluctuations in the cost of our petroleum-based products and is indexed to diesel fuel prices published by the U.S. Department of Energy, which reset each week. Revenue for undelivered freight is deferred for financial statement purposes in accordance with our revenue recognition policy; however, we believe including it in our revenue per hundredweight metrics results in a more accurate representation of the underlying changes in our yields by matching total billed revenue with the corresponding weight of those shipments. \u2022 LTL Weight Per Shipment - Fluctuations in weight per shipment can indicate changes in the mix of freight we receive from our customers, as well as changes in the number of units included in a shipment. Generally, increases in weight per shipment indicate higher demand for our customers\u2019 products and overall increased economic activity. Changes in weight per shipment can also be influenced by shifts between ITEM 1. BUSINESS Unless the context requires otherwise, references in this report to \u201cOld Dominion,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Old Dominion Freight Line, Inc. Overview We are one of the largest North American less-than-truckload (\u201cLTL\u201d) motor carriers. We provide regional, inter-regional and national LTL services through a single integrated, union-free organization. Our service offerings, which include expedited transportation, are provided through an expansive network of service centers located throughout the continental United States. Through strategic alliances, we also provide LTL services throughout North America. In addition to our core LTL services, we offer a range of value-added services including container drayage, truckload brokerage and supply chain consulting. More than 98% of our revenue has historically been derived from transporting LTL shipments for our customers, whose demand for our services is generally tied to industrial production and the overall health of the U.S. domestic economy. We have increased our revenue and customer base over the past ten years primarily through organic market share growth. Our infrastructure allows us to provide service through each of our regions covering the continental United States. In addition to numerous service center renovations, expansions, and existing service center relocations, we opened a net 16 and 35 service centers over the past five and ten years, respectively, for a total of 260 service centers at December 31, 2025. We believe these actions produced increased capacity within our service center network and provide us with opportunities for future growth. We believe the demand for our services can be attributed to our ability to consistently provide a superior level of customer service at a fair price, which allows our customers to meet their supply chain needs. Our integrated structure allows us to offer our customers consistent, high-quality service from origin to destination, ITEM 1A. RISK FACTORS An investment in our common stock involves a variety of risks and uncertainties. The following describes some of the material risks that could adversely affect our business, financial condition, operating results or cash flows. We may also be adversely impacted by other risks not presently known to", "title": "ODFL - OLD DOMINION FREIGHT LINE, INC.", "url": "/company/ODFL/" }, { "kind": "company", "summary": "SIC 7311 Services-Advertising Agencies; CIK 0000029989; latest 10-K filed 2026-02-20.", "text": "OMC - OMNICOM GROUP INC. SIC 7311 Services-Advertising Agencies; CIK 0000029989; latest 10-K filed 2026-02-20. OMC OMNICOM GROUP INC. 0000029989 7311 Services-Advertising Agencies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (Dollars in tables in millions, except per share amounts.) EXECUTIVE SUMMARY Merger with IPG On the Closing Date, Omnicom completed its Merger with IPG. As previously reported, on December 8, 2024, Omnicom entered into the Merger Agreement with IPG and EXT Subsidiary Inc., a Delaware corporation and a direct wholly owned subsidiary of Omnicom (the \u201cMerger Sub\u201d). On the Closing Date, pursuant to the terms and conditions of the Merger Agreement, Merger Sub merged with and into IPG, with IPG continuing as the surviving corporation and a direct wholly owned subsidiary of Omnicom. Upon the Merger, each outstanding share of IPG common stock (other than certain excluded shares) converted into the right to receive 0.344 shares of Omnicom common stock and cash in lieu of fractional shares. Following the closing of the Merger, legacy Omnicom shareholders owned approximately 60.6% of the combined company and legacy IPG shareholders owned approximately 39.4%, on a fully diluted basis (see Note 5 to the consolidated financial statements). Omnicom\u2019s common stock continues to trade on the New York Stock Exchange , or NYSE, under the symbol \u201cOMC,\u201d and IPG\u2019s common stock has ceased trading. The Merger qualified as a tax-free reorganization for U.S. federal income tax purposes, and the combined company operates under the Omnicom name with headquarters in New York, New York. Omnicom is the acquirer of IPG under U.S. GAAP, and as a result, the consolidated financial statements of Omnicom for periods prior to the Closing Date do not include the results of operations, financial position, or cash flows of IPG. The results of operations of IPG are included in Omnicom\u2019s consolidated financial statements only from the Closing Date forward. Accordingly, Omnicom\u2019s results of operations, financial condition and cash flows after the Closing Date are not comparable to prior periods due to the inclusion of IPG\u2019s results from the Closing Date (see Note 5 to the consolidated financial statements). IPG Senior Notes Exchange Offers In connection with the Merger, Omnicom commenced offers to exchange all outstanding notes of certain series issued by IPG for up to $2.95 billion in aggregate principal amount of new notes issued by Omnicom. As a result of these exchange offers, which were completed on December 2, 2025, approximately 94% of IPG's outstanding senior notes were exchanged for $2.76 billion in aggregate principal amount of new notes issued by Omnicom. The remaining approximately 6% of IPG's senior notes that were not tendered for exchange by holders remain outstanding obligations of IPG, a wholly owned subsidiary of Omnicom (see Note 7 to the consolidated financial statements). Risks and Uncertainties Global economic disruptions, including geopolitical events, international hostilities, acts of terrorism, public health crises, inflation or stagflation, tariffs and other trade barriers, central bank interest rate policies in our major markets, and labor or supply chain challenges, could contribute to economic uncertainty and volatility. The impact of these conditions on our business may vary by geographic market and service discipline. We monitor macroeconomic conditions, client revenue levels, and other relevant factors and may take actions to align our cost structure with changes in client demand and to manage working capital. However, there can be no assurance that such actions will be sufficient to mitigate the effects of adverse economic conditions, reductions in client spending, changes in client creditworthiness, or other developments. Our Business Omnicom is a strategic holding company that operates through global networks, connected capabilities and specialized agencies, which connect its comprehensive portfolio of companies to deliver marketing, sales, communications, and commerce services to many of the largest global companies. Our products Item 1. Business Merger with IPG On November 26, 2025 (the \u201cClosing Date\u201d), Omnicom completed its Merger with IPG (the \u201cMerger\u201d). As previously reported, on December 8, 2024, Omnicom entered into an Agreement and Plan of Merger (the \u201cMerger Agreement\u201d) with IPG and EXT Subsidiary Inc., a Delaware corporation and a direct wholly owned subsidiary of Omnicom (\u201cMerger Sub\u201d). On the Closing Date, pursuant to the terms and conditions of the Merger Agreement, Merger Sub merged with and into IPG, with IPG continuing as the surviving corporation and a direct wholly owned subsidiary of Omnicom. Upon the Merger, each outstanding share of IPG common stock (other than certain excluded shares) converted into the right to receive 0.344 shares of Omnicom common stock and cash in lieu of fractional shares. Following the closing of the Merger, legacy Omnicom shareholders owned approximately 60.6% of the combined company and legacy IPG shareholders owned approximately 39.4%, on a fully diluted basis (see Note 5 to the consolidated financial statements). Omnicom\u2019s common stock continues to trade on the New York Stock Exchange, or NYSE, under the symbol \u201cOMC,\u201d and IPG\u2019s common stock has ceased trading. The Merger qualified as a tax-free reorganization for U.S. federal income tax purposes, and the combined company operates under the Omnicom name with headquarters in New York, New York. Omnicom is the acquirer of IPG under U.S. generally accepted accounting principles (U.S. GAAP), and as a result, the consolidated financial statements of Omnicom for periods prior to the Closing Date do not include the results of operations, financial position, or cash flows of IPG. The results of operations of IPG are included in Omnicom\u2019s consolidated financial statements only from the Closing Date forward. Accordingly, Omnicom\u2019s results of operations, financial condition and cash flows after the Closing Date are not comparable to prior periods due to the inclusion of IPG\u2019s results from the Closing Da Item 1A. Risk Factors Economic Risks Adverse economic conditions, a reduction in client spending, a deterioration in the credit markets or a delay in client payments could have a material effect on our business, results of operations and financial condition. Macroeconomic conditions have a direct impact on our business, results of ", "title": "OMC - OMNICOM GROUP INC.", "url": "/company/OMC/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001097864; latest 10-K filed 2026-02-09.", "text": "ON - ON SEMICONDUCTOR CORP SIC 3674 Semiconductors & Related Devices; CIK 0001097864; latest 10-K filed 2026-02-09. ON ON SEMICONDUCTOR CORP 0001097864 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion in conjunction with our audited consolidated financial statements, including the notes thereto, which are included elsewhere in this Form 10-K. Management's Discussion and Analysis of Financial Condition and Results of Operations contains statements that are forward-looking. These statements are based on current expectations and assumptions that are subject to risk, uncertainties, and other factors and speak only as of the filing date. Actual results could differ materially because of the factors discussed in \"Risk Factors\" and elsewhere in this Form 10-K. Executive Overview This executive overview presents summarized information regarding our business and operating trends only. For further details, please read \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in its entirety. onsemi Results Our revenue for the year ended December 31, 2025 was $5,995.4 million, representing a decrease of 15.3% from $7,082.3 million for the year ended December 31, 2024. During 2025, we reported net income attributable to onsemi of $121.0 million compared to $1,572.8 million in 2024. Our operating income totaled $84.2 million during 2025 compared to $1,767.7 million during 2024. Our gross margin decreased by approximately 1,230 basis points to 33.1% in 2025 from 45.4% in 2024. Our operating results were significantly impacted by restructuring, asset impairment and other charges resulting from our 2025 Manufacturing Realignment Program. See Note 7: ''Restructuring, Asset Impairments and Other, net'' for additional information. We also continued to experience decreased demand in our automotive and industrial end-markets resulting in lower sales volumes and the corresponding underutilization of our manufacturing facilities. See discussion under \"Results of Operations\" for the reasons for the fluctuations year-over-year. Business and Macroeconomic Environment The semiconductor industry has traditionally been highly cyclical, and has often experienced significant downturns in connection with, or in anticipation of, declines in general economic conditions. During 2025, the semiconductor industry continued to experience a softening demand and uncertainty due to macroeconomic factors and the geopolitical environment. In this environment, we have focused on operational excellence and cash flow generation. Given the conditions, we are actively managing and have taken corrective actions in our manufacturing capacity and spending to align with the forecasted demand. We intend to continue these actions during 2026. We continue to implement cost-saving initiatives to be able to align our overall cost structure, capital investments and other expenditures with our expected revenue, spending and capacity levels to help offset softening demand and increased manufacturing and operating costs. We have taken, and continue to take actions, including but not limited to, exiting product lines that do not enhance gross margin or satisfy strategic objectives. We made meaningful progress in aligning internal manufacturing capacity and resources to external demand. See Note 7: ''Restructuring, Asset Impairments and Other, net'' in the notes to our audited consolidated financial statements included elsewhere in this Form 10-K for information relating to our most recent cost-saving initiatives. 36 Results of Operations Comparison of the years ended December 31, 2025 and 2024 A discussion of our results of operations for the year ended December 31, 2025 compared to December 31, 2024 is included below. Operating Results The following table summarizes certain information relating to our operating results that has been derived from our audited consolidated financial statements (in millions): [[GREPCENT_TABLE]] [[\"\",\"Year ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"Change\"],[\"Revenue\",\"$\",\"5, Item 1. Business Overview ON Semiconductor Corporation, together with its wholly and majority-owned subsidiaries, which operate under the onsemiTM brand (\"onsemi,\" \"we,\" \"us,\" \"our,\" or the \"Company\"), was incorporated under the laws of the State of Delaware in 1992. We offer intelligent power and intelligent sensing solutions that drive electrification, energy efficiency, safety, and automation in automotive, industrial, and other end-markets, including AI data center. Our intelligent power technologies enable the electrification of drivetrain in the automotive industry to allow for lighter and longer-range electric vehicles and empower efficient fast-charging systems. Our intelligent sensing technologies enable advanced safety applications in automotive through industry leading performance and reliability. We believe the evolution of the automotive industry, with advancements in autonomous driving, ADAS, vehicle electrification, and the increase in electronics content for vehicle platforms is reshaping the boundaries of transportation. Through sensing integration, we believe our intelligent power solutions achieve increased efficiencies compared to our peers. This integration allows lower temperature operation and reduced cooling requirements while saving costs and minimizing weight. In addition, our power solutions deliver power with less die per module, achieving higher range for a given battery capacity. In the industrial market, our intelligent power technologies propel sustainable energy for the highest efficiency solar strings and industrial power. In the medical field, our intelligent power technologies extend the life of personal diagnostic devices, such as continuous glucose monitors. Our intelligent sensing technologies support the next generation industry through automation, allowing for smarter factories and buildings. In addition, our intelligent sensing technologies are enabling robotics and humanoids. In our other market which includes AI data Item 1A. Risk Factors Forward-Looking Statements This Annual Report on Form 10-K includes \"forward-looking statements,\" as that term is defined in Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements, other than statements of historical facts, included or incorporated in this Form 10-K could be d", "title": "ON - ON SEMICONDUCTOR CORP", "url": "/company/ON/" }, { "kind": "company", "summary": "SIC 4923 Natural Gas Transmisison & Distribution; CIK 0001039684; latest 10-K filed 2026-02-24.", "text": "OKE - ONEOK INC /NEW/ SIC 4923 Natural Gas Transmisison & Distribution; CIK 0001039684; latest 10-K filed 2026-02-24. OKE ONEOK INC /NEW/ 0001039684 4923 Natural Gas Transmisison & Distribution ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with Part I, Item 1, Business, our audited Consolidated Financial Statements and the Notes to Consolidated Financial Statements in this Annual Report. RECENT DEVELOPMENTS Please refer to the \u201cFinancial Results and Operating Information\u201d and \u201cLiquidity and Capital Resources\u201d sections of Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in this Annual Report for additional information. Acquisitions Delaware Basin JV Acquisition - On May 28, 2025, we completed the Delaware Basin JV Acquisition for $941 million. Pursuant to the purchase agreement, we paid $550 million in cash, including post-closing adjustments, which we funded with short-term borrowings and issued approximately 4.9 million shares of ONEOK common stock to the seller with a fair value of $391 million as of the closing date. Following the completion of the transaction, it is now a wholly owned subsidiary. EnLink Acquisition - On January 31, 2025, we completed the EnLink Acquisition. Pursuant to the EnLink Merger Agreement, each publicly held common unit of EnLink was exchanged for a fixed ratio of 0.1412 shares of ONEOK common stock, including EnLink Units that were exchanged for all previously outstanding Series B Preferred Units immediately prior to closing. We issued 41 million shares of common stock with a fair value of $4.0 billion as of the closing date of the EnLink Acquisition. EnLink is now a wholly owned subsidiary. For additional information on our most recent acquisitions, see Part II, Item 8, Note B of the Notes to Consolidated Financial Statements in this Annual Report. See Part I, Item 1A \u201cRisk Factors\u201d for further discussion of risks related to these transactions. Joint Ventures Eiger Express Pipeline - In 2025, we, WhiteWater, MPLX LP and Enbridge Inc., through the existing Matterhorn joint venture, announced the new approximately 450-mile, 48-inch Eiger Express Pipeline, designed to transport up to approximately 3.7 Bcf/d of natural gas from the Permian Basin to Katy, Texas. WhiteWater will construct and operate the pipeline. Our total ownership interest in the pipeline will be 25.5%, which includes a 15% interest held directly in the Eiger joint venture with the remainder held through Matterhorn. We expect to invest a total of approximately $350 million into this project, which is expected to be completed in mid-2028. BridgeTex Additional Interest Acquisition - On July 22, 2025, we completed the BridgeTex Additional Interest Acquisition. Pursuant to the purchase agreement, we paid approximately $270 million in cash, which we funded with short-term borrowings. Following the completion of the transaction, we now have a 60% ownership interest in BridgeTex. Texas City Logistics and MBTC Pipeline - In February 2025, we announced definitive agreements to form joint ventures with MPLX LP to construct a 400 MBbl/d liquified petroleum gas export terminal in Texas City, Texas, and a new 24-inch pipeline from our Mont Belvieu, Texas, storage facility to the new terminal. Texas City Logistics, the export terminal joint venture, is owned 50% by us and 50% by MPLX LP, with MPLX LP constructing and operating the facility. MBTC Pipeline, the pipeline joint venture, is owned 80% by us and 20% by MPLX LP, and we will construct and operate the pipeline. We expect to invest a total of approximately $1.0 billion into these projects, which are expected to be completed in early 2028. Market Conditions - Earnings increased in 2025, compared with 2024, due primarily to a full year of earnings from EnLink and Medallion across our segments and higher NGL and natural gas processing volumes. Our extensive and integrated assets are located in, and connected with, some of the most productive shale basins, as well as refineries and demand centers, in the United States. ITEM 1. BUSINESS GENERAL We are incorporated under the laws of the state of Oklahoma, and our common stock is listed on the NYSE under the trading symbol \u201cOKE.\u201d We deliver energy products and services vital to an advancing world. We are a leading midstream service provider of gathering, processing, fractionation, transportation, storage and marine export services. As one of the largest integrated energy infrastructure companies in North America, we are delivering energy that makes a difference in the lives of people in the U.S. and around the world. Through our approximately 60,000-mile pipeline network, we transport the natural gas, NGLs, Refined Products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. Midstream Value Chain The midstream value chain is a vital part of the energy industry. After crude oil and natural gas are produced from upstream wells, we use our extensive infrastructure to process and transport these raw materials, readying them for end use. For transportation of crude oil, natural gas, Refined Products and NGLs, pipelines are generally the most reliable, lowest cost, least carbon intensive and safest alternative for intermediate and long-haul movements between markets and end users. 6 Table of Contents EXECUTIVE SUMMARY EnLink Acquisition - On January 31, 2025, we completed the EnLink Acquisition. Pursuant to the EnLink Merger Agreement, each publicly held common unit of EnLink was exchanged for a fixed ratio of 0.1412 shares of ONEOK common stock, including EnLink Units that were exchanged for all previously outstanding Series B Preferred Units immediately prior to closing. We issued 41 million shares of common stock with a fair value of $4.0 billion as of the closing date of the EnLink Acquisition. EnLink is now a wholly owned subsidiary. For additional information on the EnLink Acquisit ITEM 1A. RISK FACTORS You should consider carefully the following discussion of risks, as well as all of the other information contained in this Annual Report. Our business, financial conditions, results of operations or prospects could be materially and adversely affected by any of these risks or uncertainties. RISK FACTORS RELAT", "title": "OKE - ONEOK INC /NEW/", "url": "/company/OKE/" }, { "kind": "company", "summary": "SIC 3600 Electronic & Other Electrical Equipment (No Computer Equip); CIK 0001781335; latest 10-K filed 2026-02-05.", "text": "OTIS - Otis Worldwide Corp SIC 3600 Electronic & Other Electrical Equipment (No Computer Equip); CIK 0001781335; latest 10-K filed 2026-02-05. OTIS Otis Worldwide Corp 0001781335 3600 Electronic & Other Electrical Equipment (No Computer Equip) Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations BUSINESS OVERVIEW We are the world\u2019s leading elevator and escalator manufacturing, installation, service and modernization company. Our Company is organized into two segments, New Equipment and Service. Through our New Equipment segment, we design, manufacture, sell and install a wide range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings and infrastructure projects. Our New Equipment customers include real-estate and building developers and general contractors who develop and/or design buildings for residential, commercial, retail or mixed-use activity. We sell our New Equipment directly to customers, as well as through agents and distributors. Through our Service segment, we perform maintenance and repair services for both our own products and those of other manufacturers and provide modernization services to upgrade elevators and escalators. Maintenance services include inspections to ensure code compliance, preventive maintenance offerings and other customized maintenance offerings tailored to meet customer needs, as well as repair services to address equipment and component wear and tear and breakdowns. Modernization services enhance equipment operation and improve building functionality. Modernization offerings range from relatively simple upgrades of interior finishes and aesthetics to complex upgrades of larger components and sub-systems, including the machine, ropes or belts, safety systems and the entire car or escalator. Our typical Service customers include building owners, facility managers, housing associations and government agencies that operate buildings where elevators and escalators are installed. We serve our customers through a global network of colleagues. These include sales personnel, field technicians with separate skills in performing installation and service, as well as engineers driving our continued product development and innovation. We function under a centralized operating model whereby we pursue a global strategy set around New Equipment and Service because we seek to grow our maintenance portfolio, in part, through the conversion of new elevator and escalator installations into service contracts. Accordingly, we benefit from an integrated global strategy, which sets priorities and establishes accountability across the full product lifecycle. For additional discussion of our business, refer to Item 1 in this Form 10-K. UpLift Announced in July 2023, UpLift is a program with the goal of transforming our operating model. UpLift includes the standardization of our processes and improvement of our supply chain procurement, among other aspects of the program, as well as organizational changes which result in restructuring actions. The annual run-rate savings generated by UpLift are approximately $200 million. As of 2025, total restructuring and other incremental costs to complete the transformation (\"UpLift transformation costs\") are approximately $300 million, including trailing restructuring costs expected in 2026 of $18 million. The Company generated approximately $70 million of pre-tax savings in each of 2025 and 2024, including run-rate savings of approximately $200 million and $120 million, respectively, driven by our simplified operating structure, optimized organizational spans and layers, and reduced digital technology costs. These savings are primarily reflected in Selling, general and administrative expenses. UpLift costs incurred are as follows: [[GREPCENT_TABLE]] [[\"(dollars in millions)\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"UpLift restructuring costs\",\"\",\"$\",\"76\",\"\",\"$\",\"31\",\"\",\"$\",\"25\"],[\"UpLift transformation costs\",\"\",\"69\",\"\",\"65\",\"\",\"16\"],[\"Total UpLift costs\",\"\",\"$\",\"145\",\"\",\"$\",\"96\",\"\",\"$\",\"41\"]] [[/GREPCENT_TABLE]] Total UpLift costs incurred to date are $282 million, including $132 million of restructuring cos Item 1. Business Our Company Otis is the world\u2019s leading elevator and escalator manufacturing, installation, service and modernization company. We serve customers in over 200 countries and territories around the world. Otis has global scale and local focus, with more than 1,400 branches and offices, and a direct physical presence in more than 70 countries. The following description of our business should be read in conjunction with Item 7 in this Form 10-K, including the information contained therein under the heading \"Business Overview.\" Description of Business by Segment Our Company is organized into two segments, New Equipment and Service, which, for 2025, contributed 35% and 65% of our net sales, and 9% and 91% of our segment operating profit, respectively. Our international operations represented approximately 71% of our net sales for 2025. New Equipment Through our New Equipment segment, we design, manufacture, sell and install a wide range of passenger and freight elevators, as well as escalators and moving walkways for residential, commercial and infrastructure projects. Our New Equipment customers include real estate and building developers and general contractors who develop and/or design buildings for residential, commercial, retail or mixed-use activity. We also sell New Equipment to government agencies, particularly, to support infrastructure projects, such as airports, railways or metros. We generally sell directly to our customers through our New Equipment sales personnel. Due to the nature of the customer base in China and certain other geographies, our direct sales force is augmented by agents and distributors. Given the breadth of our customer base and the large number of customers to whom we deliver new equipment on an annual basis, we are not dependent on any single customer and do not have any contracts material to Otis as a whole with any single customer. The same is true for our broad and geographically dispersed network of agents and Item 1A. Risk Factors Risks Related to Our Business We may be affected by global economic conditions in general and conditions in the construction and infrastructure industries in particular. Our business, financial condition, operating results and cash flows may be adverse", "title": "OTIS - Otis Worldwide Corp", "url": "/company/OTIS/" }, { "kind": "company", "summary": "SIC 3711 Motor Vehicles & Passenger Car Bodies; CIK 0000075362; latest 10-K filed 2026-02-18.", "text": "PCAR - PACCAR INC SIC 3711 Motor Vehicles & Passenger Car Bodies; CIK 0000075362; latest 10-K filed 2026-02-18. PCAR PACCAR INC 0000075362 3711 Motor Vehicles & Passenger Car Bodies ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. OVERVIEW: PACCAR is a global technology company whose Truck segment includes the design and manufacture of high-quality light-, medium- and heavy-duty commercial trucks. In the U.S. and Canada, trucks are sold under the Kenworth and Peterbilt nameplates, in Europe, under the DAF nameplate and in Mexico, Australia and South America, under the Kenworth and DAF nameplates. The Parts segment includes the distribution of aftermarket parts for trucks and related commercial vehicles. The Company\u2019s Financial Services segment derives its earnings primarily from financing or leasing PACCAR products in North America, Europe, Australia and South America. 2025 Financial Highlights \u2022 Worldwide net sales and revenues were $28.44 billion in 2025 compared to $33.66 billion in 2024, primarily due to lower truck revenues, partially offset by higher parts and financial services revenues. \u2022 Truck sales were $19.37 billion in 2025 compared to $24.84 billion in 2024 due to lower truck deliveries in all major markets. \u2022 Parts sales were $6.87 billion in 2025 compared to $6.67 billion in 2024, reflecting higher sales in the U.S. and Canada and Europe. \u2022 Financial Services revenues were $2.21 billion in 2025 compared to $2.10 billion in 2024, primarily due to higher interest income driven by retail portfolio growth and higher portfolio yields. \u2022 In 2025, PACCAR earned net income for the 87th consecutive year. Net income was $2.38 billion ($4.51 per diluted share) in 2025 compared to $4.16 billion ($7.90 per diluted share) in 2024. \u2022 Adjusted net income (non-GAAP), excluding a $264.5 million after-tax charge related to civil litigation in Europe, was $2.64 billion ($5.01 per diluted share). After-tax return on beginning equity (ROE) was 13.6% in 2025, which includes the $264.5 million after-tax charge related to civil litigation in Europe in the first quarter of this year. Excluding the after-tax charge, adjusted ROE (non-GAAP) was 15.1%. This compares to an ROE of 26.2% in 2024. See Reconciliation of GAAP to Non-GAAP Financial Measures on page 31. \u2022 Capital investments were $728.5 million in 2025 compared to $795.8 million in 2024. \u2022 Research and development (R&D) expenses were $445.5 million in 2025 compared to $452.9 million in 2024. Kenworth constructed a 46,000 square-foot robotic chassis paint facility in Chillicothe, Ohio. PACCAR also completed a new $35 million, 50,000 square-foot engine remanufacturing facility and is enhancing its existing engine factory in Columbus, Mississippi. PACCAR is also enhancing its other engine facility in the Netherlands. PACCAR opened a new 180,000 square-foot Parts Distribution Center (PDC) in Calgary, Canada, to enhance parts delivery to dealers and customers in the region. The PACCAR Financial Services (PFS) group of companies has operations covering four continents and 26 countries. The global breadth of PFS and its rigorous credit application process support a portfolio of loans and leases with total assets of $22.80 billion. PFS issued $3.12 billion in medium-term notes during 2025 to support new business volume and market share growth and repay maturing debt. Truck Outlook Truck industry heavy-duty retail sales in the U.S. and Canada in 2026 are expected to be 230,000 to 270,000 units compared to 232,800 in 2025. In Europe, the 2026 truck industry registrations for over 16-tonne vehicles are expected to be 280,000 to 320,000 units compared to 297,000 in 2025. In South America, heavy-duty truck industry registrations in 2026 are projected to be 100,000 to 110,000 compared to 115,000 in 2025. The Company's truck and parts products have been negatively affected since March 2025 by import tariffs imposed by the U.S. government and actions taken by other countries. While the Company has taken mitigating actions to reduce the impact, the ongoing impact from import tariffs on truck order intake and profit ITEM 1. BUSINESS. PACCAR Inc (the Company or PACCAR), incorporated under the laws of Delaware in 1971, is the successor to Pacific Car and Foundry Company which was incorporated in Washington in 1924. The Company traces its predecessors to Seattle Car Manufacturing Company formed in 1905. Description of Business PACCAR is a multinational company operating in three principal industry segments: (1) The Truck segment includes the design, manufacture and distribution of high-quality, light-, medium- and heavy-duty commercial trucks. Heavy-duty trucks have a gross vehicle weight (GVW) of over 33,000 lbs (Class 8) in North America and over 16 metric tonnes in Europe and South America. Medium-duty trucks have a GVW ranging from 19,500 to 33,000 lbs (Class 6 to 7) in North America, and in Europe, light- and medium-duty trucks range between 6 and 16 metric tonnes. Trucks are configured with the engine in front of cab (conventional) or cab-over-engine (COE). (2) The Parts segment includes the distribution of aftermarket parts for trucks and related commercial vehicles. (3) The Financial Services segment includes finance and leasing products and services provided to customers and dealers. PACCAR\u2019s finance and leasing activities are principally related to PACCAR products and associated equipment. TRUCKS PACCAR\u2019s trucks are marketed under the Kenworth, Peterbilt and DAF nameplates. These trucks, which are built in three plants in the United States, three in Europe and one each in Australia, Brasil, Canada and Mexico, are used worldwide for over-the-road and off-highway hauling of commercial and consumer goods. The Company also designs and manufactures diesel engines, primarily for use in the Company\u2019s trucks, at its facilities in Columbus, Mississippi; Eindhoven, the Netherlands and Ponta Grossa, Brasil. PACCAR competes in the North American Class 8 market, primarily with Kenworth and Peterbilt conventional models. These trucks are assembled at facilities in Chillicothe, ITEM 1A. RISK FACTORS. The following are significant risks which could have a material negative impact on the Company\u2019s financial condition or results of operations. Business and Industry Risks Commercial Truck Market Demand is Variable. The Company\u2019s business is highly sensitive to global and national economic conditions as well as econom", "title": "PCAR - PACCAR INC", "url": "/company/PCAR/" }, { "kind": "company", "summary": "SIC 2650 Paperboard Containers & Boxes; CIK 0000075677; latest 10-K filed 2026-02-26.", "text": "PKG - PACKAGING CORP OF AMERICA SIC 2650 Paperboard Containers & Boxes; CIK 0000075677; latest 10-K filed 2026-02-26. PKG PACKAGING CORP OF AMERICA 0000075677 2650 Paperboard Containers & Boxes Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of historical results of operations and financial condition should be read in conjunction with the audited financial statements and the notes thereto which appear elsewhere in this Form 10-K. This discussion includes forward-looking statements regarding our expectations with respect to our future performance, liquidity, ESG goals, and capital resources. Such statements, along with any other non-historical statements in the discussion, are forward-looking. See our discussion regarding forward-looking statements included under \u201cPart I, Item 1A. Risk Factors\u201d of this Form 10-K. For our discussion and analysis of our results of operations, financial condition and cash flows for the year ended December 31, 2023, the earliest of the years presented in the accompanying audited financial statements included in Item 8 herein, please refer to our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 27, 2025. Such information is presented in Item 7 of such report under the subcaptions \u201cResults of Operations \u2014Year Ended December 31, 2024, Compared with Year Ended December 31, 2023\u201d and \u201cLiquidity and Capital Resources\u201d and is incorporated by reference herein. Overview PCA is the third largest producer of containerboard products and a leading producer of uncoated freesheet paper in North America. We operate ten mills and 91 corrugated products manufacturing plants. Our containerboard mills produce linerboard and corrugating medium, which are papers primarily used in the production of corrugated products. Our corrugated products manufacturing plants produce a wide variety of corrugated packaging products, including conventional shipping containers used to protect and transport manufactured goods, multi-color boxes and displays with strong visual appeal that help to merchandise the packaged product in retail locations, and honeycomb protective packaging. In addition, we are a large producer of packaging for meat, fresh fruit and vegetables, processed food, beverages, and other industrial and consumer products. We also manufacture and sell UFS papers, including both commodity and specialty papers, which may have custom or specialized features such as colors, coatings, high brightness, and recycled content. We are headquartered in Lake Forest, Illinois and operate primarily in the United States. On September 2, 2025, we completed the acquisition of the containerboard business of Greif, Inc. for $1.8 billion in cash. The Greif containerboard business includes two containerboard mills with approximately 800,000 tons of production capacity and eight sheet feeder and corrugated plants located across the United States. The operating results of the Greif Acquisition are included in PCA\u2019s results in the Packaging segment after the date of acquisition. Included in this Item 7 are various non-GAAP financial measures, including earnings per diluted share excluding special items, net income excluding special items, earnings before non-operating pension (expense) income, interest, income taxes, and depreciation, amortization, and depletion (\u201cEBITDA\u201d), segment EBITDA, EBITDA excluding special items, and segment EBITDA excluding special items. We provide important disclosures regarding our presentation of non-GAAP financial measures and reconciliations of presented non-GAAP financial measures to the most comparable measures presented in accordance with GAAP later in this section under the caption \u201cNon-GAAP Financial Measures.\u201d Executive Summary Net sales were $9.0 billion for the year ended December 31, 2025 and $8.4 billion for 2024. We reported $774 million of net income, or $8.58 per diluted share, in 2025, compared to $805 million, or $8.93 per diluted share, in 2024. Net income included $114 million of expense for special items in 2025, compar Item 1. BUSINESS Packaging Corporation of America (\u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cPCA,\u201d or the \u201cCompany\u201d) is the third largest producer of containerboard products and a leading producer of uncoated freesheet (UFS) paper in North America. We operate ten mills and 91 corrugated products plants and related facilities. We are headquartered in Lake Forest, Illinois and operate in the United States. We report in three reportable segments: Packaging, Paper and Corporate and Other. For segment financial information see Note 19, Segment Information, of the Notes to Consolidated Financial Statements in \u201cPart II, Item 8, Financial Statements and Supplementary Data\u201d of this Form 10-K. On September 2, 2025, we completed the acquisition of the containerboard business of Greif, Inc. (\u201cGreif\u201d or \u201cGreif Acquisition\u201d) for $1.8 billion in cash. The Greif containerboard business includes two containerboard mills with approximately 800,000 tons of production capacity and eight sheet feeder and corrugated plants located across the United States. The operating results of Greif Acquisition are included in PCA\u2019s results in the Packaging segment after the date of acquisition. Production and Shipments The following table summarizes the Packaging segment\u2019s containerboard production and corrugated products shipments and the Paper segment\u2019s UFS production. [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"\",\"First Quarter\",\"\",\"\",\"Second Quarter\",\"\",\"\",\"Third Quarter\",\"\",\"\",\"Fourth Quarter\",\"\",\"\",\"Full Year\"],[\"Containerboard Production (billion square feet)\",\"\",\"\",\"2025\",\"\",\"\",\"\",\"72.5\",\"\",\"\",\"\",\"69.2\",\"\",\"\",\"\",\"77.4\",\"\",\"\",\"\",\"85.8\",\"\",\"\",\"\",\"304.9\"],[\"\",\"\",\"\",\"2024\",\"\",\"\",\"\",\"67.3\",\"\",\"\",\"\",\"73.7\",\"\",\"\",\"\",\"76.0\",\"\",\"\",\"\",\"76.8\",\"\",\"\",\"\",\"293.8\"],[\"\",\"\",\"\",\"2023\",\"\",\"\",\"\",\"64.1\",\"\",\"\",\"\",\"65.3\",\"\",\"\",\"\",\"65.8\",\"\",\"\",\"\",\"70.2\",\"\",\"\",\"\",\"265.4\"],[\"Containerboard Production (thousand tons)\",\"\",\"\",\"2025\",\"\",\"\",\"\",\"1,250\",\"\",\"\",\"\",\"1,195\",\"\",\"\",\"\",\"1,302\",\"\",\"\",\"\",\"1,407\",\"\",\"\",\"\",\"5,154\"],[\"\",\"\",\"\",\"2024\",\"\",\"\",\"\",\"1, Item 1A. RISK FACTORS Forward Looking Statements Some of the statements in this report and, in particular, statements found in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, that are not historical in nature are forward-looking statements within the meaning of the Private Secu", "title": "PKG - PACKAGING CORP OF AMERICA", "url": "/company/PKG/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001321655; latest 10-K filed 2026-02-17.", "text": "PLTR - Palantir Technologies Inc. SIC 7372 Services-Prepackaged Software; CIK 0001321655; latest 10-K filed 2026-02-17. PLTR Palantir Technologies Inc. 0001321655 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the accompanying notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current plans, expectations, and beliefs, involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements. You should review the section titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d for a discussion of forward-looking statements and the section titled \u201cRisk Factors\u201d for a discussion of factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis and elsewhere in this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. This section of this Annual Report on Form 10-K generally discusses fiscal years 2025 and 2024 items and year-to-year comparisons between fiscal years 2025 and 2024. Discussions of fiscal year 2024 items and year-to-year comparisons between fiscal years 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 18, 2025 and is incorporated herein by reference. Overview We build software that empowers organizations to effectively integrate their data, decisions, and operations at scale. 66 Table of Contents We were founded in 2003 and started building software for the intelligence community in the United States to assist in counterterrorism investigations and operations. We later began working with commercial enterprises, who often faced fundamentally similar challenges in working with data. We have built four principal software platforms, Gotham, Foundry, Apollo, and AIP. Foundry is our foundational data operations platform, which provides the core capabilities for data management, logic authoring, systemic mapping development through our Ontology, analytics, and workflow development. AIP is our generative AI platform, which provides secure connectivity to third-party-provided LLMs, a development toolchain for building AI-powered agents and automations, an array of AI-enabled end user applications, a broad evaluations framework for governing AI workflows in production, and more. Apollo is our continuous delivery platform, enabling the orchestration of upgrades of services and assets every day to manage the underlying infrastructure that hosts our other platforms. Gotham integrates with our other platforms, as well as our broader defense offerings, to power a wide array of missions across allied defense and intelligence operations. For over a decade, Gotham has surfaced insights for global defense agencies, the intelligence community, disaster relief organizations and beyond. Foundry is becoming a central operating system not only for individual institutions but also for entire industries. Apollo, which we began offering as a commercial solution in 2021, is a cloud-agnostic, single control layer that coordinates ongoing delivery of new features, security updates, and platform configurations, helping to ensure the continuous operation of critical systems. Apollo allows our customers to run their software in virtually any environment. In 2023, we began deploying our newest offering, AIP, which is designed for customers across the commercial and government sectors, enabling them to derive value from recent breakthroughs in artificial intelligence via the ITEM 1. BUSINESS Overview We build software that empowers organizations to effectively integrate their data, decisions, and operations at scale. We were founded in 2003 and started building software for the intelligence community in the United States to assist in counterterrorism investigations and operations. We later began working with commercial enterprises, who often faced fundamentally similar challenges in working with data. We have built four principal software platforms, Palantir Gotham (\u201cGotham\u201d), Palantir Foundry (\u201cFoundry\u201d), Palantir Apollo (\u201cApollo\u201d), and our Artificial Intelligence Platform (\u201cAIP\u201d). Foundry is our foundational data operations platform, which provides the core capabilities for data management, logic authoring, systemic mapping development through Palantir Ontology (\u201cOntology\u201d), analytics, and workflow development. AIP is our generative artificial intelligence (\u201cAI\u201d) platform, which provides secure connectivity to third-party-provided large language models (\u201cLLMs\u201d), a development toolchain for building AI-powered agents and automations, an array of AI-enabled end user applications, a broad evaluations framework for governing AI workflows in production, and more. Apollo is our continuous delivery platform, enabling the orchestration of upgrades of services and assets every day to manage the underlying infrastructure that hosts our other platforms. Gotham 4 Table of Contents integrates with our other platforms, as well as our broader defense offerings, to power a wide array of missions across allied defense and intelligence operations. For over a decade, Gotham has surfaced insights for global defense agencies, the intelligence community, disaster relief organizations and beyond. Foundry is becoming a central operating system not only for individual institutions but also for entire industries. Apollo is a cloud-agnostic, single control layer that coordinates ongoing delivery of new features, security updates, and platform configurat ITEM 1A. RISK FACTORS Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Fin", "title": "PLTR - Palantir Technologies Inc.", "url": "/company/PLTR/" }, { "kind": "company", "summary": "SIC 3577 Computer Peripheral Equipment, NEC; CIK 0001327567; latest 10-K filed 2025-08-29.", "text": "PANW - Palo Alto Networks Inc SIC 3577 Computer Peripheral Equipment, NEC; CIK 0001327567; latest 10-K filed 2025-08-29. PANW Palo Alto Networks Inc 0001327567 3577 Computer Peripheral Equipment, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. The following discussion and analysis contains forward-looking statements based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially from those anticipated or implied by any forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this Annual Report on Form 10-K, and in particular, the risks discussed under the caption \u201cRisk Factors\u201d in Part I, Item 1A of this report. Our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is organized as follows: \u2022Overview. A discussion of our business and overall analysis of financial and other highlights in order to provide context for the remainder of MD&A. \u2022Key Financial Metrics. A summary of our U.S. GAAP and non-GAAP key financial metrics, which management monitors to evaluate our performance. \u2022Results of Operations. A discussion of the nature and trends in our financial results and an analysis of our financial results comparing fiscal 2025 to fiscal 2024. For discussion and analysis related to our financial results comparing fiscal 2024 to 2023, refer to Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for fiscal 2024, which was filed with the Securities and Exchange Commission on September 6, 2024. \u2022Liquidity and Capital Resources. An analysis of changes on our balance sheets and cash flows, and a discussion of our financial condition and our ability to meet cash needs. \u2022Critical Accounting Estimates. A discussion of our accounting policies that require critical estimates, assumptions, and judgments. \u2022Recent Accounting Pronouncements. A discussion of expected impacts of impending accounting changes on financial information to be reported in the future. Overview Our mission is to be the cybersecurity partner of choice for enterprises, organizations, service providers, and government entities to protect our digital way of life. Our cybersecurity platforms and services help secure enterprise users, networks, clouds, and endpoints by delivering comprehensive cybersecurity backed by artificial intelligence (\u201cAI\u201d) and automation. A key element of our strategy is to help our customers simplify their security architectures through consolidating disparate point products. We execute on this strategy by developing our capabilities and packaging our offerings into platforms which are able to cover many of our customers\u2019 needs in the markets in which we operate. Our platformization strategy combines various products and services into a tightly integrated architecture for more secure, faster, and cost-effective outcomes. Network Security Our network security platform is designed to deliver complete zero trust solutions to our customers. The platform includes: \u2022Secure Access Service Edge (\u201cSASE\u201d). Prisma\u00ae Access, when combined with Prisma SD-WAN, provides a comprehensive single-vendor SASE offering that is used to secure remote workforces and cloud-delivered branch offices. Prisma Access Browser further extends SASE security and data protection to the end user device, providing workers with freedom to access business applications securely using our secure browser from any device. \u2022Next-Generation Firewalls. Our hardware ML-Powered Next-Generation Firewalls (\u201cNGFWs\u201d) secure on-premises environments including campus locations and data centers. Our software NGFWs secure cloud networks. \u2022Cloud-Delivered Security Services (\u201cCDSS\u201d). Our network security platform integ Item 1. Business General Palo Alto Networks, Inc. is a global cybersecurity provider and our vision is a world where each day is safer and more secure than the one before. We were incorporated in 2005 and are headquartered in Santa Clara, California. Our mission is to be the cybersecurity partner of choice for enterprises, organizations, service providers, and government entities to protect our digital way of life. Our cybersecurity platforms and services help secure enterprise users, networks, clouds, and endpoints by delivering comprehensive cybersecurity backed by artificial intelligence (\u201cAI\u201d) and automation. A key element of our strategy is to help our customers simplify their security architectures through consolidating disparate point products. We execute on this strategy by developing our capabilities and packaging our offerings into platforms which are able to cover many of our customers\u2019 needs in the markets in which we operate. Our platformization strategy combines various products and services into a tightly integrated architecture for more secure, faster, and cost-effective outcomes. Network Security Our network security platform is designed to deliver complete zero trust solutions to our customers. The platform includes: \u2022Secure Access Service Edge (\u201cSASE\u201d). Prisma\u00ae Access, when combined with Prisma SD-WAN, provides a comprehensive single-vendor SASE offering that is used to secure remote workforces and cloud-delivered branch offices. Prisma Access Browser further extends SASE security and data protection to the end user device, providing workers with freedom to access business applications securely using our secure browser from any device. \u2022Next-Generation Firewalls. Our hardware ML-Powered Next-Generation Firewalls (\u201cNGFWs\u201d) secure on-premises environments including campus locations and data centers. Our software NGFWs secure cloud networks. \u2022Cloud-Delivered Security Services (\u201cCDSS\u201d). Our network security platform integrates a suite of CDSS Item 1A. Risk Factors Our operations and financial results are subject to various risks and uncertainties including those described below. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, al", "title": "PANW - Palo Alto Networks Inc", "url": "/company/PANW/" }, { "kind": "company", "summary": "SIC 4833 Television Broadcasting Stations; CIK 0002041610; latest 10-K filed 2026-02-25.", "text": "PSKY - Paramount Skydance Corp SIC 4833 Television Broadcasting Stations; CIK 0002041610; latest 10-K filed 2026-02-25. PSKY Paramount Skydance Corp 0002041610 4833 Television Broadcasting Stations Management\u2019s discussion and analysis of the results of operations and financial condition of Paramount Skydance Corporation should be read in conjunction with our consolidated financial statements and related notes. References to \u201cParamount,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Paramount Skydance Corporation and its consolidated subsidiaries, unless the context otherwise requires. The NAI Transaction\u2014On August 7, 2025 (the \u201cClosing Date\u201d), pursuant to a purchase and sale agreement dated July 7, 2024, certain affiliates of investors in Skydance Media, LLC (\u201cSkydance\u201d), comprised of entities controlled by the Ellison Family (as defined below), and affiliates of RedBird Capital Partners (collectively the \u201cNAI Equity Investors\u201d), purchased all of the outstanding equity interests of Paramount Global\u2019s controlling stockholder, National Amusements, Inc. (\u201cNAI\u201d) from the shareholders of NAI (the \u201cNAI Transaction\u201d). The Transactions\u2014Also on the Closing Date, following the completion of the NAI Transaction and pursuant to the Transaction Agreement dated as of July 7, 2024, Paramount Global and Skydance became wholly-owned subsidiaries of Paramount Skydance Corporation (the transactions contemplated by the Transaction Agreement, the \u201cTransactions\u201d). Paramount Skydance Corporation, formerly known as New Pluto Global, Inc., was formed on June 3, 2024, to consummate the Transactions and was a wholly-owned direct subsidiary of Paramount Global until, through a series of mergers, it became the holding company of Paramount Global and Skydance as part of the Transactions. Concurrent with the NAI Transaction, the NAI Equity Investors and certain other affiliates of investors in Skydance made an investment of $6.0 billion into Paramount Skydance Corporation (the \u201cPIPE Transaction\u201d) in exchange for 400 million newly issued shares of Class B common stock of Paramount Skydance Corporation (\u201cParamount Skydance Corporation Class B Common Stock\u201d) for a purchase price of $15.00 per share, and the NAI Equity Investors also received warrants to purchase 200 million shares of Paramount Skydance Corporation Class B Common Stock at an initial exercise price of $30.50 per share (subject to customary anti-dilution adjustments), which expire five years after issuance. $4.45 billion of the PIPE Transaction investment was used to fund the cash-stock election discussed below and $1.52 billion of cash was provided to the Company. The Transactions also included: (1) a transaction pursuant to which each outstanding Skydance membership unit held by Skydance investors and each Skydance Phantom Unit was converted into the right to receive the applicable portion of 316.7 million shares of Paramount Skydance Corporation Class B Common Stock (313.8 million shares after reduction in connection with certain tax withholding requirements), and (2) a cash-stock election offered to holders of Paramount Global common stock pursuant to which (a) shares of Paramount Global Class A Common Stock held by stockholders other than NAI or its subsidiaries were converted, at the stockholders\u2019 election, into the right to receive either $23.00 in cash (\u201cClass A Cash Consideration\u201d) or 1.5333 shares of Paramount Skydance Corporation Class B Common Stock (\u201cClass A Stock Consideration\u201d), and (b) shares of Paramount Global Class B Common Stock held by stockholders other than NAI or its subsidiaries, the NAI Equity Investors and certain other affiliates of investors in Skydance referred to above were converted, at the stockholders\u2019 election, into the right to receive either $15.00 in cash (\u201cClass B Cash Consideration\u201d), subject to proration, or one share of Paramount Skydance Corporation Class B Common Stock (\u201cClass B Stock Consideration\u201d). The shares of Paramount Class A Common Stock held by NAI and its subsidiaries converted into shares of Class A common stock, par value $0.001 per share. Shares of Paramount Global Class A Common Stock for which elections to receive Class A Cash Co Item 1. Business. References to \u201cParamount,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Paramount Skydance Corporation and its consolidated subsidiaries, unless the context otherwise requires. Overview We are a global media and entertainment company with a portfolio that includes Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV and Skydance Media, LLC\u2019s (\u201cSkydance\u201d) animation, interactive/games and sports divisions. Warner Bros. Offer On December 8, 2025, we announced a cash tender offer for all of the outstanding shares of Series A Common Stock, par value $0.01 per share (the \u201cWarner Bros. Shares\u201d), of Warner Bros. Discovery, Inc., a Delaware corporation (\u201cWarner Bros.\u201d), at $30.00 per Warner Bros. Share (the \u201cOffer\u201d). The Offer is subject to several conditions and is scheduled to expire on March 2, 2026, unless further extended. On December 22, 2025, we amended the Offer to include an irrevocable personal guarantee from Lawrence Ellison of the equity financing for the Offer and any damages payable by us. On February 10, 2026, we further amended the Offer to provide for a $0.25 per Warner Bros. Share in cash ticking fee for every quarter the transaction does not close beyond December 31, 2026, and a prepayment of the $2.8 billion termination fee payable by Warner Bros. to Netflix, Inc., a Delaware corporation (\u201cNetflix\u201d), upon termination of the merger agreement between Warner Bros. and Netflix. On January 22, 2026, we filed preliminary proxy materials with the SEC to solicit Warner Bros. stockholders to vote against the Netflix transaction and related proposals at the special meeting of Warner Bros. stockholders, and on February 17, 2026, we filed definitive proxy materials related thereto. On February 24, 2026, we submitted a revised proposal to the Warner Bros. Board that included an increased purchase price of $31.00 per Warner Bros. Share, accelerated the timing Item 1A. Risk Factors. A wide range of risks may affect our business, financial condition or results of operations, now and in the future. We consider the risks described below to be the most significant. There may be other currently unknown or unpredictable factors that could have adverse effects on our busine", "title": "PSKY - Paramount Skydance Corp", "url": "/company/PSKY/" }, { "kind": "company", "summary": "SIC 3490 Miscellaneous Fabricated Metal Products; CIK 0000076334; latest 10-K filed 2025-08-22.", "text": "PH - Parker-Hannifin Corp SIC 3490 Miscellaneous Fabricated Metal Products; CIK 0000076334; latest 10-K filed 2025-08-22. PH Parker-Hannifin Corp 0000076334 3490 Miscellaneous Fabricated Metal Products ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Forward-Looking Statements Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. Often but not always, these statements may be identified from the use of forward-looking terminology such as \"anticipates,\" \"believes,\" \"may,\" \"should,\" \"could,\" \"expects,\" \"targets,\" \"is likely,\" \"will,\" or the negative of these terms and similar expressions, and include all statements regarding future performance, orders, earnings projections, events or developments. Neither Parker nor any of its respective associates or directors, officers or advisers provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur. Parker cautions readers not to place undue reliance on these statements. It is possible that the future performance may differ materially from past performance or current expectations. A change in the economic conditions in individual markets may have a particularly volatile effect on segment performance. Among other factors which may affect future performance are: \u2022changes in business relationships with and orders by or from major customers, suppliers or distributors, including delays or cancellations in shipments; \u2022disputes regarding contract terms, changes in contract costs and revenue estimates for new development programs; \u2022changes in product mix; \u2022ability to identify acceptable strategic acquisition targets; \u2022uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions, including the acquisition of Curtis Instruments, Inc.; \u2022ability to successfully divest businesses planned for divestiture and realize the anticipated benefits of such divestitures; \u2022the determination and ability to successfully undertake business realignment activities and the expected costs, including cost savings, thereof; \u2022ability to implement successfully business and operating initiatives, including the timing, price and execution of share repurchases and other capital initiatives; \u2022availability, cost increases of or other limitations on our access to raw materials, component products and/or commodities if associated costs cannot be recovered in product pricing; \u2022ability to manage costs related to insurance and employee retirement and health care benefits; \u2022legal and regulatory developments and other government actions, including related to environmental protection, and associated compliance costs; supply chain and labor disruptions, including as a result of tariffs and labor shortages; \u2022threats associated with international conflicts and cybersecurity risks and risks associated with protecting our intellectual property; \u2022uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; \u2022effects on market conditions, including sales and pricing, resulting from global reactions to U.S. trade policies; \u2022manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and economic conditions such as inflation, deflation, interest rates and credit availability; inability to obtain, or meet conditions imposed for, required governmental and regulatory approvals; \u2022changes in the tax laws in the United States and foreign jurisdictions and judicial or regulatory interpretations thereof; and \u2022large scale disasters, such as floods, earthquakes, hurricanes, industrial accidents and pandemics. The Company makes these statements as of the date of the filing of this Annual Report on Form 10-K for the year ended June 30, 2025 and undertakes no obligation to update them unless otherwise required by law. 18 Table of Contents Overview The Company i ITEM 1. Business Parker-Hannifin Corporation was incorporated in Ohio in 1938. As used in this Annual Report on Form 10-K, unless the context otherwise requires, the terms \"Company\", \"Parker\", \"we\" or \"us\" refer to Parker-Hannifin Corporation and its subsidiaries, and the term \"year\" and references to specific years refer to the applicable fiscal year. Parker is a global leader in motion and control technologies. Leveraging a unique combination of interconnected technologies, we design, manufacture, and provide aftermarket support for highly engineered solutions that create value for customers primarily in aerospace & defense, in-plant & industrial equipment, transportation, off-highway, energy, and HVAC & refrigeration markets around the world. Parker values having a decentralized operating structure that fosters deeper connections with our customers and greater engagement among our team members. To align our operations and achieve our goal of top quartile performance, we deploy our business system, The Win StrategyTM, which establishes goals and strategies for engaged people, customer experience, profitable growth and financial performance. Underpinning this business system is our culture of safety, collaboration, continuous improvement, and team-based problem solving. Together our goals, strategies, and culture help us to fulfill our purpose: Enabling Engineering Breakthroughs that Lead to a Better Tomorrow. We credit the Win Strategy with leading Parker through a period of sustained operational excellence and transformation and believe it is the foundation for achieving our future goals. Our investor relations website address is investors.parker.com. We make available free of charge on or through our website our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicab ITEM 1A. Risk Factors The following \"risk factors\" identify what we believe to be the risks that could materially adversely affect our financial and/or operational performance. These risk factors should be considered and evaluated together with information incorporated by reference or otherwise included elsewhere in this An", "title": "PH - Parker-Hannifin Corp", "url": "/company/PH/" }, { "kind": "company", "summary": "SIC 8700 Services-Engineering, Accounting, Research, Management; CIK 0000723531; latest 10-K filed 2025-07-11.", "text": "PAYX - PAYCHEX INC SIC 8700 Services-Engineering, Accounting, Research, Management; CIK 0000723531; latest 10-K filed 2025-07-11. PAYX PAYCHEX INC 0000723531 8700 Services-Engineering, Accounting, Research, Management Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations reviews the operating results of Paychex, Inc. and its wholly owned subsidiaries (\u201cPaychex,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d) for our fiscal year ended May 31, 2025 (\u201cfiscal 2025\u201d or the \u201cfiscal year\u201d), as compared to our fiscal year ended May 31, 2024 (\u201cfiscal 2024\u201d), and our financial condition as of May 31, 2025. A detailed review of our fiscal 2024 performance compared to our fiscal year ended May 31, 2023 performance and our financial condition as of May 31, 2024 is set forth in Part II, Item 7 of our Annual Report on Form 10-K (\u201cForm 10-K\u201d) for fiscal 2024. This review should be read in conjunction with the accompanying consolidated financial statements and the related Notes to Consolidated Financial Statements contained in Item 8 of this Form 10-K and the \u201cRisk Factors\u201d discussed in Item 1A of this Form 10-K. Forward-looking statements in this review are qualified by the cautionary statement under the heading \u201cCautionary Note Regarding Forward-Looking Statements\u201d contained at the beginning of Part I of this Form 10-K. Overview We are an industry-leading human capital management (\u201cHCM\u201d) company delivering a full suite of technology and advisory solutions in human resources (\u201cHR\u201d), employee benefits, insurance, and payroll for businesses and their employees across the United States (\u201cU.S.\u201d) and parts of Europe. We offer a full range of integrated HCM solutions covering the employee life cycle for businesses and their employees. Clients may choose from a breadth of solutions that also allow integration with some of the most popular HR, accounting, ERP, and point-of-sale applications on the market today. We support our clients through our proprietary, robust, SurePayroll\u00ae SaaS-based solutions, Paychex Flex\u00ae and Paycor. Our larger clients generally have more complex payroll and employee benefit needs, though with the environment of increasing regulations, we believe the need for HR outsourcing solutions has been moving down-market. Any of our clients on Paychex Flex or Paycor can opt for the integrated suite of HCM solutions, which enables clients to choose the service and software solutions that will meet the needs of their business. Our portfolio of technology, HR advisory, and employee benefits-related solutions is disaggregated into two categories, (1) Management Solutions and (2) professional employer organization (\u201cPEO\u201d) and Insurance Solutions, as discussed in Part I, Item 1 of this Form 10-K. Our mission is to be the leading provider of HR, employee benefits, insurance, and payroll solutions by being an essential partner to businesses across the U.S. and parts of Europe. Our strategy focuses on providing industry-leading, integrated technology; growing our client base; expanding our share of wallet; driving technology innovation; and pursuing strategic acquisitions. We believe that successfully executing this strategy will lead to strong, long-term financial performance. We maintain industry-leading margins by managing our personnel costs and expenses while continuing to invest in our business, particularly in sales and marketing and leading-edge technology. We believe these investments are critical to our success. Looking to the future, we believe that investing in our solutions, people, and digital capabilities will position us to capitalize on opportunities for long-term growth. We closely monitor the evolving challenges and needs of our clients, and proactively aid our clients in navigating macroeconomic challenges, legislative changes, and other complexities they may face. Through our unique blend of innovative technology solutions, backed by our extensive compliance and HR expertise, we help clients more effectively hire, develop, and retain top talent in this challenging workforce environment. Our ongoing investments in Item 1. Business Unless we state otherwise or the context otherwise requires, the terms \u201cPaychex,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and the \u201cCompany\u201d refer to Paychex, Inc., a Delaware corporation, and its consolidated subsidiaries. Overview We are an industry-leading human capital management (\u201cHCM\u201d) company delivering a full suite of technology and advisory solutions in human resources (\u201cHR\u201d), employee benefit solutions, insurance, and payroll processing. As of May 31, 2025, we served approximately 800,000 clients and their employees across the U.S. and parts of Europe. Paychex was incorporated in Delaware in 1979, maintains a corporate headquarters in Rochester, New York, and has a fiscal year that ends on May 31st. For any organization, a key function is effective human capital management, which requires resources and expertise. Organizations are faced with rapid evolution in employer-employee relations including: an increasing number and complexity of federal, state, and local regulations; changing workforce dynamics; and challenges attracting and retaining talent. Changing workplace dynamics reflect employees increasingly becoming mobile, working remotely, and expecting a user experience similar to consumer-oriented applications. We specialize in helping clients adapt to the rapidly evolving environment. Paychex offers a full range of integrated HCM solutions from hire to retire for businesses and their employees that enables customization to the clients' businesses, whether it is small or large, simple or complex. We believe that we have the breadth of solutions to cover the full spectrum of the employee life cycle, while also enabling integrations with popular HR, accounting, enterprise resource planning (\u201cERP\u201d), and point-of-sale applications. Key features of our solutions include: \u2022 Comprehensive cloud-based HCM platforms optimized to meet clients' HR and payroll needs; \u2022 Expertise in HR and payroll backed by approximately 250 compliance experts and over 650 HR bu Item 1A. Risk Factors Our future results of operations are subject to risks and uncertainties that could cause actual results to differ materially from historical and current results, and from our projections. The following risk factors represent our current view of some of the most important risk", "title": "PAYX - PAYCHEX INC", "url": "/company/PAYX/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001633917; latest 10-K filed 2026-02-03.", "text": "PYPL - PayPal Holdings, Inc. SIC 7389 Services-Business Services, NEC; CIK 0001633917; latest 10-K filed 2026-02-03. PYPL PayPal Holdings, Inc. 0001633917 7389 Services-Business Services, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in conjunction with the audited consolidated financial statements and the related notes that appear in this report. Unless otherwise expressly stated or the context otherwise requires, references to \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cthe Company,\u201d and \u201cPayPal\u201d refer to PayPal Holdings, Inc. and its consolidated subsidiaries. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations focuses on a discussion of 2025 results as compared to 2024 results. For a discussion of 2024 results as compared to 2023 results, see \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d within our Form 10-K for the year ended December 31, 2024 filed with the SEC on February 4, 2025. BUSINESS ENVIRONMENT THE COMPANY At PayPal, our mission is to revolutionize commerce globally. Our products are designed to enable digital payments and simplify commerce experiences for consumers and merchants to make selling, shopping, and sending and receiving money simple, personalized, and secure, whether online or in-person. Our two-sided platform serves millions of consumers and merchants worldwide. Regulatory environment We operate globally and in a rapidly evolving regulatory environment characterized by a heightened focus by regulators globally on all aspects of the payments industry, including anti-money laundering, countering terrorist financing, privacy, cybersecurity, and consumer protection. The laws and regulations applicable to us, including those enacted prior to the advent of digital payments, continue to evolve through legislative and regulatory action and judicial interpretation. New or changing laws and regulations, including changes to their interpretation and implementation, as well as increased penalties and enforcement actions related to non-compliance, could have a material adverse impact on our business, results of operations, and financial condition. We monitor these areas closely and are focused on designing compliant solutions for our customers. Cybersecurity and information security Cybersecurity and information security risks for global payments and technology companies like us have increased significantly in recent years. Although we have developed systems and processes designed to protect the data we manage, prevent data loss and other security incidents, and enable us to effectively respond to known and potential risks, and expect to continue to expend significant resources to bolster these protections, we have experienced and expect to continue to experience cybersecurity incidents and remain subject to these risks. There can be no assurance that our security measures will provide sufficient protection or security to prevent breaches or attacks. For additional information regarding our cybersecurity and information security risks, see \u201cItem 1A. Risk Factors\u2014Cyberattacks and security vulnerabilities could result in serious harm to our reputation, business, and financial condition\u201d and \u201cItem 1C. Cybersecurity.\u201d MACROECONOMIC ENVIRONMENT A deterioration in macroeconomic conditions resulting from uncertainties and effects from tariffs, inflation, international conflicts, and interest rates could continue to increase the risk of lower consumer spending, merchant and consumer bankruptcy, insolvency, business failure, higher credit losses, foreign exchange fluctuations, or other business interruption, which may adversely impact our business. We are unable to reasonably estimate the total potential impact on our financial results that may ultimately result from such changes in the macroeconomic environment. [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"FY 2025 FORM 10-K\",\"32\"]] [[/GREPCENT_TABLE]] Table of Contents OVERVIEW OF RESULTS OF OPERATIONS The following table provi ITEM 1. BUSINESS OVERVIEW At PayPal Holdings, Inc., our mission is to revolutionize commerce globally. Our products are designed to enable digital payments and simplify commerce experiences for consumers and merchants to make selling, shopping, and sending and receiving money simple, personalized, and secure, whether online or in-person. We operate a global, two-sided network at scale that connects consumers and merchants with 439 million active accounts across approximately 200 markets as of December 31, 2025. \u2022Consumers: We provide consumers with digital wallets and other solutions that allow them to shop and pay with PayPal and Venmo\u2014both online and in-person\u2014manage their finances (including saving and buying and selling cryptocurrencies), and send and receive money between friends and family. When shopping, we offer consumers flexibility in how they pay, which may include a bank account, a PayPal or Venmo account balance, PayPal-branded consumer credit and debit products, other credit and debit cards, certain cryptocurrencies, or other stored value products such as gift cards, and eligible rewards. \u2022Merchants: We help merchants connect with customers, increase conversion rates and sales, and grow their businesses in the markets where our services are available. We provide large enterprises and small and medium businesses with online branded checkout solutions, including PayPal and Venmo; online unbranded payments processing; PayPal buy now, pay later (\u201cBNPL\u201d) solutions; in-person point of sale solutions; business financing; payouts capabilities; and risk tools. We earn revenues primarily by charging fees for completing payment transactions for our customers and other payment-related services, which are typically based on the volume of activity processed on our payments platform. We also generate revenue from customers for currency conversion, for instant transfers from their PayPal or Venmo account to their bank account or debit card, and to facilitate the ITEM 1A. RISK FACTORS You should carefully consider the risks and uncertainties described below, in addition to other information appearing in this Form 10-K, including our consolidated financial statements and related notes, for important information regarding risks and uncertainties that could affect us. These risk factors ", "title": "PYPL - PayPal Holdings, Inc.", "url": "/company/PYPL/" }, { "kind": "company", "summary": "SIC 3550 Special Industry Machinery (No Metalworking Machinery); CIK 0000077360; latest 10-K filed 2026-02-24.", "text": "PNR - PENTAIR plc SIC 3550 Special Industry Machinery (No Metalworking Machinery); CIK 0000077360; latest 10-K filed 2026-02-24. PNR PENTAIR plc 0000077360 3550 Special Industry Machinery (No Metalworking Machinery) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward-looking statements This report contains statements that we believe to be \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words \u201ctargets,\u201d \u201cplans,\u201d \u201cbelieves,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cwill,\u201d \u201clikely,\u201d \u201cmay,\u201d \u201canticipates,\u201d \u201cestimates,\u201d \u201cprojects,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201ccould,\u201d \u201cpositioned,\u201d \u201cstrategy,\u201d or \u201cfuture\u201d or words, phrases, or terms of similar substance or the negative thereof are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the overall global economic and business conditions impacting our business, including the strength of housing and related markets and conditions relating to international hostilities; supply, demand, logistics, competition and pricing pressures related to and in the markets we serve; the ability to achieve the benefits of our restructuring plans, cost reduction initiatives and Transformation Program; the impact of raw material, logistics and labor costs and other inflation; volatility in currency exchange rates and interest rates; failure of markets to accept new product introductions and enhancements; the ability to successfully identify, finance, complete and integrate acquisitions; risks associated with operating foreign businesses; the impact of seasonality of sales and weather conditions; our ability to comply with laws and regulations; the impact of changes in laws, regulations and administrative policy, including those that limit U.S. tax benefits or impact trade agreements and tariffs; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating and sustainability goals and targets. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission (the \u201cSEC\u201d), including this Annual Report on Form 10-K. All forward-looking statements speak only as of the date of this report. Pentair assumes no obligation, and disclaims any obligation, to update the information contained in this report. Overview Pentair plc and its consolidated subsidiaries (\u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cPentair\u201d or the \u201cCompany\u201d) is a pure play water industrial manufacturing company comprised of three reportable segments: Flow, Water Solutions and Pool. We classify our operations into business segments based primarily on types of products offered and markets served. For the year ended December 31, 2025, the Flow, Water Solutions and Pool reportable segments represented approximately 37%, 25% and 38% of total consolidated net sales, respectively. Effective January 1, 2026, we reorganized the composition of our Flow and Water Solutions reportable segments to move our residential and irrigation flow business from our Flow segment into our Water Solutions segment, reflecting how we expect to manage our business in 2026. The Pool segment remains unchanged. The discussions and figures below refer to the Company\u2019s reportable segment composition as of and prior to December 31, 2025. Additional information regarding this revised segmentation is found under the section titled \u201c2026 Revised Segmentation\u201d in ITEM 1 of this Form 10-K. Although our jurisdiction of organization is Ireland, we manage our affairs so that we are centrally managed and controlled in the United Kingdom (the \u201cU.K.\u201d) and therefore have our tax residency in the U.K. On September 17, 2025, as part of our Flow reportable se ITEM 1. BUSINESS Unless the context otherwise indicates, references herein to \u201cPentair,\u201d the \u201cCompany,\u201d and such words as \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d include Pentair plc and its consolidated subsidiaries. GENERAL At Pentair, we help the world sustainably move, improve and enjoy water, life\u2019s most essential resource. From our residential and commercial water solutions to industrial water management and everything in between, Pentair is an S&P 500 company focused on smart, sustainable water solutions that help our planet and people thrive. Pentair strategy Our vision is to be the world\u2019s most valued sustainable water solutions company for our employees, customers and shareholders. As a company, we: \u2022Focus on growth in our core businesses and strategic initiatives; \u2022Accelerate digital innovation and technology as well as sustainability investments; \u2022Expedite growth and drive margin expansion through our Transformation Program; and \u2022Build a high performance growth culture and deliver on our commitments while living our Win Right values. HISTORY AND DEVELOPMENT We are an Irish public limited company that was formed in 2014. We are the successor to Pentair Ltd., a Swiss corporation formed in 2012, and Pentair, Inc., a Minnesota corporation formed in 1966 and our wholly-owned subsidiary, under the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d). Although our jurisdiction of organization is Ireland, we manage our affairs so that we are centrally managed and controlled in the United Kingdom (the \u201cU.K.\u201d) and therefore have our tax residency in the U.K. On September 17, 2025, as part of our Flow reportable segment, we completed the acquisition of Hydra-Stop, LLC (\u201cHydra-Stop\u201d) for $292.1 million in cash, net of cash acquired, and subject to customary adjustments. Hydra-Stop manufactures specialty insertion valves, line stop fittings and installation equipment. In December 2024, as part of our Pool reportable segment, we completed the acquisition of G ITEM 1A. RISK FACTORS You should carefully consider all of the information in this document and the following risk factors before making an investment decision regarding our securities. Any of the following risks could materially and adversely affect our business, financial condition, results of operatio", "title": "PNR - PENTAIR plc", "url": "/company/PNR/" }, { "kind": "company", "summary": "SIC 2080 Beverages; CIK 0000077476; latest 10-K filed 2026-02-03.", "text": "PEP - PEPSICO INC SIC 2080 Beverages; CIK 0000077476; latest 10-K filed 2026-02-03. PEP PEPSICO INC 0000077476 2080 Beverages Item 1. Business. When used in this report, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cPepsiCo\u201d and the \u201cCompany\u201d mean PepsiCo, Inc. and its consolidated subsidiaries, collectively. Certain terms used in this Annual Report on Form 10-K are defined in the Glossary included in Item 7. of this report. Company Overview We were incorporated in Delaware in 1919 and reincorporated in North Carolina in 1986. We are a leading global beverage and convenient food company with a complementary portfolio of brands, including Lay\u2019s, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker and SodaStream. Through our operations, authorized bottlers, contract manufacturers and other third parties, we make, market, distribute and sell a wide variety of beverages and convenient foods, serving customers and consumers in more than 200 countries and territories. Our Operations We are organized into six reportable segments, as follows: 1)PepsiCo Foods North America (PFNA), which includes all of our convenient food businesses in the United States and Canada; 2)PepsiCo Beverages North America (PBNA), which includes all of our beverage businesses in the United States and Canada; 3)International Beverages Franchise (IB Franchise), which includes our international franchise beverage businesses, as well as our SodaStream business; 4)Europe, Middle East and Africa (EMEA), which includes our convenient food businesses and our beverage businesses with company-owned bottlers in Europe, the Middle East and Africa; 2 Table of Contents 5)Latin America Foods (LatAm Foods), which includes all of our convenient food businesses in Latin America; and 6)Asia Pacific Foods, which consists of our convenient food businesses in Asia Pacific, including China, Australia and New Zealand, as well as India. PepsiCo Foods North America Either independently or in conjunction with third parties, PFNA makes, markets, distributes and sells convenient foods, which include cereals, chips, dips, granola bars, oatmeal, Item 1A. Risk Factors. The following risks, some of which have occurred and any of which may occur in the future, can have a material adverse effect on our business or financial performance, which in turn can affect the price of our publicly traded securities. These are not the only risks we face. There may be other risks we are not currently aware of or that we currently deem not to be material but that may become material in the future. Business Risks Reduction in future demand for our products would adversely affect our business. Demand for our products depends in part on our ability to innovate and anticipate and effectively respond to shifts in consumer trends and preferences, including the types of products our consumers want and how they browse for, purchase and consume them. Consumer preferences continuously evolve due to a variety of factors, including: changes in consumer demographics, consumption patterns (including increased food purchased away-from-home), diet (whether due to changes in consumer behavior and eating habits, increasing use of weight-loss drugs, such as GLP-1 medications, or other factors) and channel preferences (including continued increases in the e-commerce and online-to-offline channels and use of artificial intelligence shopping agents that autonomously select products that may not be ours); pricing (including the effective impact of tariffs and taxes imposed on the manufacture, distribution or sale of certain of our products as a result of ingredients contained in such products); affordability pressures and changes in consumer spending patterns (including if consumers switch to private label or lower-priced product offerings); changes in funding for or restrictions on the inclusion of our products in benefit programs, such as the Supplemental Nutrition Assistance Program (SNAP) in the United States; product quality; product functionality (including products high in protein or fiber-enriched); concerns or perceptions regarding pa", "title": "PEP - PEPSICO INC", "url": "/company/PEP/" }, { "kind": "company", "summary": "SIC 4931 Electric & Other Services Combined; CIK 0001004980; latest 10-K filed 2026-02-12.", "text": "PCG - PG&E Corp SIC 4931 Electric & Other Services Combined; CIK 0001004980; latest 10-K filed 2026-02-12. PCG PG&E Corp 0001004980 4931 Electric & Other Services Combined ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW This is a combined report of PG&E Corporation and the Utility and includes separate Consolidated Financial Statements for each of these two entities. This combined MD&A should be read in conjunction with the Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in Item 8. Generally, PG&E Corporation\u2019s and the Utility\u2019s revenues vary based on the outcomes of ratemaking proceedings and the amount of pass-through costs incurred. See \u201cRatemaking Mechanisms\u201d in Item 1. Description of the Business regarding how the Utility\u2019s revenues are determined. Factors that cause costs to vary include the cost of purchased power and fuel; the costs of procurement storage, transportation of natural gas; weather; criminal, civil and regulatory charges for wildfires; the outcomes of ratemaking proceedings; and increases in interest expense as a result of additional debt issuances. The discussion related to the results of operations and liquidity for 2024 compared to 2023 is incorporated by reference to Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in PG&E Corporation\u2019s and the Utility\u2019s combined Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC in February 2025. Key Factors Affecting Financial Results PG&E Corporation and the Utility believe that their financial condition, results of operations, liquidity, and cash flows may be materially affected by the following factors: \u2022The Uncertainties in Connection with Wildfires, Wildfire Mitigation, and Associated Cost Recovery. PG&E Corporation\u2019s and the Utility\u2019s financial condition, results of operations, liquidity, and cash flows may be materially affected by the costs and effectiveness of the Utility\u2019s wildfire mitigation initiatives; the extent of damages from wildfires that do occur; the financial impacts of wildfires; and PG&E Corporation\u2019s and the Utility\u2019s ability to mitigate those financial impacts with insurance, self-insurance, the Wildfire Fund, the Continuation Account, and regulatory recovery. In response to the wildfire threat facing California, PG&E Corporation and the Utility have taken aggressive steps designed to mitigate the threat of catastrophic wildfires. The Utility\u2019s wildfire mitigation initiatives include EPSS, PSPS, vegetation management, asset inspections, system hardening, situational awareness tools, and ignition response. These initiatives reduce but do not eliminate the Utility\u2019s wildfire risk. 51 Despite these extensive measures, the Utility\u2019s equipment may still be involved in the ignition of future wildfires, including catastrophic wildfires. This risk is exacerbated by a variety of factors, including climate change and severe weather events (in particular, extended periods of seasonal dryness coupled with periods of high wind velocities and other storms), as well as infrastructure and vegetation conditions. Once an ignition has occurred, the Utility may be unable to control the extent of damages, which is determined primarily by environmental and vegetation conditions, third-party suppression efforts, and the location of the wildfire. PG&E Corporation and the Utility have and will continue to incur substantial expenditures in connection with these initiatives. For more information on incurred expenditures, see Note 3 of the Notes to the Consolidated Financial Statements. The extent to which the Utility will be able to recover these expenditures and other potential costs through rates is uncertain. The Utility could also face fines, penalties, enforcement action, or other adverse legal or regulatory consequences for noncompliance related to wildfire mitigation efforts. The financial impact of past wildfires is significant. As of December 31, 2025, PG&E Corporation and the Utility have incurred significant liabilit ITEM 1. BUSINESS PG&E Corporation, incorporated in California in 1995, is a holding company whose primary operating subsidiary is Pacific Gas and Electric Company, a public utility operating in Northern and Central California. The Utility was incorporated in California in 1905. PG&E Corporation became the holding company of the Utility and its subsidiaries in 1997. The Utility generates revenues mainly through the sale and delivery of electricity and natural gas to customers. The Utility\u2019s service area is shown in the graphic below. PG&E Corporation\u2019s and the Utility\u2019s operating revenues, income, and total assets for the most recently completed year can be found below in Item 8. Financial Statements and Supplementary Data. The principal executive offices of PG&E Corporation and the Utility are located at 300 Lakeside Drive, Oakland, California 94612. PG&E Corporation\u2019s telephone number is (415) 973-1000 and the Utility\u2019s telephone number is (415) 973-7000. This is a combined Annual Report on Form 10-K for PG&E Corporation and the Utility. PG&E Corporation and the Utility are separate entities. Triple Bottom Line PG&E Corporation\u2019s and the Utility\u2019s purpose is to deliver for their hometowns, serve the planet, and lead with love. In support of this purpose, the companies employ a Lean operating model designed to drive more effective and responsive decision-making, reduce the difficulties many employees face in their day-to-day work, and deliver better outcomes for customers and communities. PG&E Corporation and the Utility measure their progress toward this purpose by considering their impact on the \u201ctriple bottom line\u201d of people, planet, and prosperity, which is underpinned by performance; this consideration takes into account not only the economic value they create for customers and investors, but also their responsibility to social and environmental goals. The triple bottom line is designed to balance the interests of the companies\u2019 many stakeholders, and it ITEM 1A. RISK FACTORS PG&E Corporation\u2019s and the Utility\u2019s financial results can be affected by many factors, including estimates and assumptions used in the critical accounting estimates described in Item 7. MD&A, that can cause their actual financial results to differ materially from historical results or from anticipated future financial re", "title": "PCG - PG&E Corp", "url": "/company/PCG/" }, { "kind": "company", "summary": "SIC 2111 Cigarettes; CIK 0001413329; latest 10-K filed 2026-02-06.", "text": "PM - Philip Morris International Inc. SIC 2111 Cigarettes; CIK 0001413329; latest 10-K filed 2026-02-06. PM Philip Morris International Inc. 0001413329 2111 Cigarettes Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with the other sections of this Annual Report on Form 10-K, including the consolidated financial statements and related notes contained in Item 8, and the discussion of risks and cautionary factors that may affect future results in Item 1A. Risk Factors. Description of Our Company We are a leading international consumer goods company, actively delivering a smoke-free future. We are evolving our portfolio for the long term to include products outside of the tobacco and nicotine sector. Our current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Since 2008, we have invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This investment includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. In November 2022, we acquired Swedish Match AB (\"Swedish Match\") \u2013 a leader in oral nicotine delivery \u2013 creating a global smoke-free combination led by the companies\u2019 IQOS and ZYN brands. As of April 30, 2024, we hold the full rights to commercialize IQOS in the U.S. after reaching an agreement to end our U.S. commercial relationship covering IQOS with Altria Group, Inc. in 2022. Following a robust science-based review, the U.S. Food and Drug Administration (the \"FDA\") has authorized the marketing of Swedish Match\u2019s General snus and ZYN nicotine pouches and versions of PMI\u2019s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product (\"MRTP\") authorizations from the FDA. We describe the MRTP orders in more detail in the \"Business Environment\" section of this Item 7. Following the sale of Vectura Group Ltd. on December 31, 2024, we updated our segment reporting in January 2025 by including the ongoing Wellness results (previously referred to as Wellness & Healthcare) in the Europe segment. In addition, we renamed our \u201cPMI Duty Free\u201d business to \u201cPMI Global Travel Retail\u201d effective in the first quarter of 2025. As a result of this change, our segment that includes our duty free business was renamed East Asia, Australia & PMI Global Travel Retail (\u201cEA, AU & PMI GTR\u201d). As of December 31, 2025, our four geographical segments were as follows: \u2022Europe Region, including our Wellness business; \u2022South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region (\"SSEA, CIS & MEA\"); \u2022East Asia, Australia, and PMI Global Travel Retail (\u201cEA, AU & PMI GTR\u201d); and \u2022Americas Region. As communicated in the fourth quarter of 2025, with our smoke-free business now operating at scale across our regions, including substantial growth from our U.S. business, we have implemented an evolved organizational model with two primary business units: International and U.S. The updated organizational structure is designed to enhance our agility and to support our journey to become a smoke-free company under the leadership of Jacek Olczak, Group CEO of PMI. This change was implemented effective January 1, 2026, and as a result we realigned our reportable segments accordingly. The four geographic segments have been replaced with three new reportable segments: International Smoke-Free, International Combustibles, and U.S. As of the first quarter of 2026, our reporting will reflect these changes. Our cigarettes are sold in approximately 170 markets, and in many of these markets they hold the number one or number two market share position. We have a wide ra Item 1.Business. General Development of Business General Philip Morris International Inc. is a Virginia holding company incorporated in 1987. In March 2008, we became a U.S. public company listed on the New York Stock Exchange and subject to the rules of the U.S. Securities and Exchange Commission (the \"SEC\"). We are a leading international consumer goods company, actively delivering a smoke-free future and evolving our portfolio for the long term to include products outside of the tobacco and nicotine sector. Our current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Since 2008, we have invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This investment includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. In November 2022, we acquired Swedish Match AB (\"Swedish Match\") \u2013 a leader in oral nicotine delivery \u2013 creating a global smoke-free combination led by the companies\u2019 IQOS and ZYN brands. As of April 30, 2024, we hold the full rights to commercialize IQOS in the U.S. after reaching an agreement to end our U.S. commercial relationship covering IQOS with Altria Group, Inc. in 2022. Following a robust science-based review, the U.S. Food and Drug Administration (the \"FDA\") has authorized the marketing of Swedish Match\u2019s General snus and ZYN nicotine pouches and versions of PMI\u2019s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product (\"MRTP\") authorizations from the FDA. We describe the MRTP orders in more deta Item 1A. Risk Factors. The following risk factors should be read carefully in connection with evaluating our business and the forward-looking statements contained in this Annual Report on Form 10-K. Any of the following risks could materially adversely affect our business, our operating results, our financial condition and the actual outcome ", "title": "PM - Philip Morris International Inc.", "url": "/company/PM/" }, { "kind": "company", "summary": "SIC 2911 Petroleum Refining; CIK 0001534701; latest 10-K filed 2026-02-20.", "text": "PSX - Phillips 66 SIC 2911 Petroleum Refining; CIK 0001534701; latest 10-K filed 2026-02-20. PSX Phillips 66 0001534701 2911 Petroleum Refining Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis is the company\u2019s analysis of its financial performance, financial condition, and significant trends that may affect future performance. It should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report. The term \u201cearnings\u201d as used in Management\u2019s Discussion and Analysis refers to net income attributable to Phillips 66. The terms \u201cresults,\u201d \u201cbefore-tax income\u201d or \u201cbefore-tax loss\u201d as used in Management\u2019s Discussion and Analysis refer to income (loss) before income taxes. EXECUTIVE OVERVIEW AND BUSINESS ENVIRONMENT Phillips 66 is uniquely positioned as a leading integrated downstream energy provider operating with Midstream, Chemicals, Refining, Marketing and Specialties (M&S), and Renewable Fuels segments. At December 31, 2025, we had total assets of $73.7 billion. Executive Overview During 2025, we reported earnings of $4.4 billion and generated $5 billion in cash from operating activities. We funded capital expenditures and investments of $2.2 billion, completed acquisitions of $3.5 billion, net of cash acquired and received proceeds from asset dispositions of $3.5 billion. We paid $1.2 billion to repurchase common stock and $1.9 billion to fund dividends on our common stock. Additionally, we paid $0.4 billion of debt repayments, net of proceeds from debt issuances. We ended 2025 with $1.1 billion of cash and cash equivalents and $5.7 billion of total committed capacity available under our credit facilities. Strategic Priorities In January 2025, we announced the next phase of the company\u2019s strategic priorities along with financial and operational performance targets through year-end 2027. These targets demonstrate the company\u2019s continued focus on world-class operations; disciplined growth and returns; financial strength and flexibility and shareholder returns. \u2022World-Class Operations \u2013 We are focused on operational and cost reduction targets driving world-class operations across our portfolio. Optimizing utilization rates and product yield at our refineries through reliable and safe operations will enable us to capture the value available in the market in terms of prices and margins. We remain focused on a competitive cost structure and plan to enhance Refining segment returns and increase our utilization rates by focusing on low-capital, higher-return projects that increase asset reliability and improve market capture. \u25aaWe continue to focus on Refining performance, targeting an annual clean product yield of greater than 86%, crude oil capacity utilization rates higher than industry average and continuing to improve our competitive cost structure. During 2025, our worldwide refining crude oil capacity average utilization rate was 94% for 2025, and our worldwide refining clean product yield was 87%. \u25aaDuring the fourth quarter of 2025, we ceased fuel production and began idling the facilities at our Los Angeles Refinery. 42 \u2022Disciplined Growth and Returns \u2013 A disciplined capital allocation process ensures we make investments that are expected to generate competitive returns. Our strategy remains focused on growing our Midstream and Chemicals businesses. Within our Midstream segment, we are primarily focused on maximizing the value of our fully integrated natural gas liquids (NGL) wellhead-to-market value chain. \u25aaIn 2025, we funded capital expenditures and investments of $2.2 billion and completed a Midstream acquisition of $2.2 billion. We also acquired the remaining 50% interest in WRB Refining LP (WRB) for $1.3 billion, which will enable full integration with our broader value chain and expand our position in the Central Corridor region. This growth was achieved in part through $3.5 billion in proceeds from asset dispositions, including $1.7 billion from the sale of 65% of our interest in Germany and Austria retail Item 1A. RISK FACTORS You should carefully consider the following risk factors in addition to the other information included in this Annual Report. Each of these risk factors could adversely affect our business, operating results, financial condition, and reputation, as well as the value of an investment in our securities. These risk factors do not identify all risks that we face; our operations could also be affected by factors, events or uncertainties that are not presently known to us or that we do not currently consider to present significant risks to our operations. Some of the factors, events and contingencies discussed below may have occurred in the past, but the disclosures below are not representations as to whether or not the factors, events or contingencies have occurred in the past and instead reflect our beliefs and opinions as to the factors, events or contingencies that could materially and adversely affect us in the future. Risks Related to Our Manufacturing and Operations Margins for the products we produce are cyclical and volatile due to changes in market conditions, which are largely dependent on factors beyond our control, and directly affect our earnings, financial condition and cash flows. Similar to other companies in the industries in which we operate, our financial results are largely affected by the relationship, or margin, between the prices at which we sell refined petroleum, petrochemical, plastics and renewable fuels products and the prices for crude oil, natural gas, NGL, renewable feedstocks and other feedstocks used in manufacturing these products. Historically, margins have been volatile and the industry in which we operate is cyclical in nature, and we expect such volatility and cyclicality to continue. The price at which we purchase crude oil, natural gas, NGLs and renewable feedstocks and the prices at which we can ultimately sell our refined products depend upon factors beyond our control, including, but not limited to: \u2022", "title": "PSX - Phillips 66", "url": "/company/PSX/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0000764622; latest 10-K filed 2026-02-25.", "text": "PNW - PINNACLE WEST CAPITAL CORP SIC 4911 Electric Services; CIK 0000764622; latest 10-K filed 2026-02-25. PNW PINNACLE WEST CAPITAL CORP 0000764622 4911 Electric Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS INTRODUCTION The following discussion should be read in conjunction with Pinnacle West\u2019s Consolidated Financial Statements and APS\u2019s Consolidated Financial Statements and the related Notes that appear in Item 8 of this report. This discussion provides a comparison of the 2025 results with 2024 results. For the discussion of 2024 compared to 2023, see Part II. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of Pinnacle West Capital Corporation\u2019s Annual Report on Form 10-K for the year ended December 31, 2024, which specific discussion is incorporated herein by reference. For information on factors that may cause our actual future results to differ from those we currently seek or anticipate, see \u201cForward-Looking Statements\u201d at the front of this report and \u201cRisk Factors\u201d in Item 1A. OVERVIEW Business Overview Pinnacle West is an investor-owned electric utility holding company based in Phoenix, Arizona with consolidated assets of approximately $30 billion. We derive essentially all of our revenues and earnings from our principal subsidiary, APS. Since 1886, APS and its affiliates have provided energy and energy-related products to people and businesses throughout Arizona. APS is Arizona\u2019s largest and longest-serving electric company and generates safe, affordable and reliable electricity for approximately 1.4 million retail customers in 11 of Arizona\u2019s 15 counties. APS is also the operator and co-owner of Palo Verde \u2014 a primary source of electricity for the southwestern United States. Our other active subsidiaries are El Dorado and PNW Power. Strategic Overview Our vision is to create a sustainable energy future for Arizona. Our mission is to serve customers with safe, reliable, and affordable energy. We are committed to delivering operational excellence at the lowest cost possible while aspiring to lower carbon emissions over time. Reliable As energy demand in Arizona continues to grow, we remain committed to delivering reliable service to our customers. We have a goal of achieving top quartile reliability as compared to peers. Key elements to delivering reliable service include resource and transmission planning to secure resource adequacy, planning and procuring resources to ensure sufficient reserve margins, distribution automation and resiliency investments, predictive and preventative maintenance programs, seasonal readiness programs, emergency preparedness, and securing a reliable supply chain. Securing a reliable grid requires ongoing infrastructure investments in addition to investments to support new customer growth. Balanced Energy Mix. APS strives to procure a balanced energy mix, and we believe this provides the greatest reliability at the lowest cost possible while increasing resiliency. We achieve reliability, in part, through a blend of dispatchable resources, such as natural gas and battery storage, that can provide energy when intermittent resources, such as wind and solar, are unavailable. APS regularly 56 Table of Contents evaluates the best mix of resources based on a changing operating environment, including changes in generation technology, economics, and policy impacts. Additional natural gas capacity is necessary to support reliable service and meet increasing energy needs. However, existing natural gas pipelines into Arizona are currently 100% committed. As a result, in July 2025, APS executed a gas transportation precedent agreement to secure a long-term supply of natural gas. The new pipeline is expected to be operational by late 2029 and will be owned and operated by a third-party. See Note 14 for more information. APS also plans to add up to 2,000 MW of flexible natural gas generation to its portfolio, designed to help meet the growing around-the-clock energy needs in Arizona. This generation is expected to serve existing customers and business-as- ITEM 1. BUSINESS Pinnacle West Pinnacle West is an investor-owned electric utility holding company based in Phoenix, Arizona with consolidated assets of approximately $30 billion. We derive essentially all of our revenues and earnings from our principal subsidiary, APS. Since 1886, APS and its affiliates have provided energy and energy-related products to people and businesses throughout Arizona. APS is Arizona\u2019s largest and longest-serving electric company and generates safe, affordable electricity in 11 of Arizona\u2019s 15 counties. Our other active subsidiaries are El Dorado and PNW Power. Our reportable business segment is our regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses (primarily electric service to Native Load customers) and related activities, and includes electricity generation, transmission, and distribution. Our reportable business segment activities are conducted primarily through our wholly-owned subsidiary, APS. 3 Table of Contents BUSINESS OF ARIZONA PUBLIC SERVICE COMPANY APS currently provides electric service to approximately 1.4 million customers. We own or lease 6,257 MW of regulated generation capacity, and we hold a mix of both long-term and short-term PPAs for additional capacity. During 2025, no single purchaser or user of energy accounted for more than 1.9% of our electric revenues. The following map shows APS\u2019s retail service territory, including the locations of its generating facilities and principal transmission lines. 4 Table of Contents Energy Sources and Resource Planning To serve its customers, APS obtains power through its various generation stations and through PPAs. Resource planning is an important function necessary to meet Arizona\u2019s future energy needs. APS\u2019s sources of energy by type used to supply energy to Native Load customers during 2025 were approximately as follows: APS has a diverse portfolio of existing and planned resources, including ITEM 1A. RISK FACTORS In addition to the factors affecting specific business operations identified in the description of these operations contained elsewhere in this report, set forth below are risks and uncertainties that could affect our financial results. Unless otherwise indicated or the context otherwise requires, the following risks and uncertainties ap", "title": "PNW - PINNACLE WEST CAPITAL CORP", "url": "/company/PNW/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000713676; latest 10-K filed 2026-02-20.", "text": "PNC - PNC FINANCIAL SERVICES GROUP, INC. SIC 6021 National Commercial Banks; CIK 0000713676; latest 10-K filed 2026-02-20. PNC PNC FINANCIAL SERVICES GROUP, INC. 0000713676 6021 National Commercial Banks ITEM 7 \u2013 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A) EXECUTIVE SUMMARY Key Strategic Goals At PNC we manage our company for the long term. We are focused on the fundamentals of growing customers, loans, deposits and revenue and improving profitability, while investing for the future and managing risk, expenses and capital. We continue to invest in our products, markets and brand, and embrace our commitments to our customers, shareholders, employees and the communities where we do business. We strive to serve our customers and expand and deepen relationships by offering a broad range of deposit, credit and fee-based products and services. We are focused on delivering those products and services to our customers with the goal of addressing their financial objectives and needs. Our business model is built on customer loyalty and engagement, understanding our customers\u2019 financial goals and offering our diverse products and services to help them achieve financial well-being. Our approach is concentrated on organically growing and deepening client relationships across our businesses that meet our risk/return measures. We are focused on our strategic priorities, which are designed to enhance value over the long term, and consist of: \u2022Expanding our leading banking franchise to new markets and digital platforms, \u2022Deepening customer relationships by delivering a superior banking experience and financial solutions, and \u2022Leveraging technology to create efficiencies that help us better serve customers. Our capital and liquidity priorities are to support customers, fund business investments and return excess capital to shareholders, while maintaining appropriate capital and liquidity in light of economic conditions, the Basel III framework and other regulatory expectations. For more detail, see the Supervision and Regulation section in Item 1 Business, the Capital Highlights portion of this Executive Summary and the Liquidity and Capital Management portion of the Risk Management section in this Item 7. Key Factors Affecting Financial Performance We face a variety of risks that may impact various aspects of our risk profile from time to time. The extent of such impacts may vary depending on factors such as the current business and economic conditions, political and regulatory environment and operational challenges. Many of these risks and our risk management strategies are described in more detail elsewhere in this Report. Our success will depend upon, among other things, the following factors that we manage or control: \u2022Effectively managing capital and liquidity including: \u2022Continuing to maintain and, over time, grow our deposit base as a low-cost stable funding source, \u2022Prudent liquidity and capital management to meet evolving regulatory capital, capital planning, stress testing and liquidity standards, and \u2022Actions we take within the capital and other financial markets, \u2022Execution of our strategic priorities, \u2022Management of credit risk in our portfolio, \u2022Our ability to manage and implement strategic business objectives within the changing regulatory environment, \u2022The impact of legal and regulatory-related contingencies, \u2022The appropriateness of critical accounting estimates and related contingencies, and \u2022Our ability to manage operational risks related to new products and services, changes in processes and procedures or the implementation of new technology. Our financial performance is also substantially affected by a number of external factors outside of our control, including the following: \u2022Global and domestic economic conditions, \u2022The actions by the Federal Reserve, U.S. Treasury and other government agencies, including those that impact money supply and market interest rates and inflation, \u2022The level of, and direction, timing and magnitude of movement in, interest rates and the shape of the interest rate yield curve, \u2022The functioning and other performance of, ITEM 1 \u2013 BUSINESS Business Overview The PNC Financial Services Group, Inc. is a financial services holding company headquartered in Pittsburgh, Pennsylvania and one of the largest diversified financial institutions in the U.S. PNC has businesses engaged in retail banking, corporate and institutional banking and asset management, providing many of our products and services nationally. We are organized around our customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. Our retail branch network is located coast-to-coast, and we also have strategic international offices in four countries outside the U.S. At December 31, 2025, our consolidated total assets, total deposits and total shareholders\u2019 equity were $573.6 billion, $440.9 billion and $60.6 billion, respectively. We were incorporated under the laws of the Commonwealth of Pennsylvania in 1983 with the consolidation of Pittsburgh National Corporation and Provident National Corporation. Since 1983, we have diversified our geographical presence, business mix and product capabilities through organic growth, strategic bank and non-bank acquisitions and equity investments, and the formation of various non-banking subsidiaries. We primarily conduct our business through our primary domestic bank subsidiary, PNC Bank, a national banking association chartered and located in Wilmington, Delaware. We offer a broad range of deposit, credit and fee-based products and services to serve our customers. Our non-banking subsidiaries engage in activities that are financial in nature, including market-making, securities underwriting, and advisory services and other permissible investment and merchant banking related activities. See Note 22 Segment Reporting for additional ITEM 1A \u2013 RISK FACTORS We are subject to a number of risks potentially impacting our business, financial condition, results of operations and cash flows. As a financial services company, certain elements of risk are inherent in what we do and the business decisions we make. Thus, we encounter risk as part of the normal cour", "title": "PNC - PNC FINANCIAL SERVICES GROUP, INC.", "url": "/company/PNC/" }, { "kind": "company", "summary": "SIC 5090 Wholesale-Misc Durable Goods; CIK 0000945841; latest 10-K filed 2026-02-26.", "text": "POOL - POOL CORP SIC 5090 Wholesale-Misc Durable Goods; CIK 0000945841; latest 10-K filed 2026-02-26. POOL POOL CORP 0000945841 5090 Wholesale-Misc Durable Goods Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations For a discussion of our base business calculations, see the RESULTS OF OPERATIONS section below. 2025 FINANCIAL OVERVIEW Financial Results Net sales were $5.3 billion for 2025, comparable to 2024 net sales. Sales of non\u2011discretionary products were steady throughout the year. In the back half of the year, we noticed improved sales trends for discretionary products. Gross margin was 29.7% in 2025 and 2024. Gross margin in 2024 included a 20 basis points benefit from the reversal of $12.6 million for estimated import taxes. Without this benefit included in our 2024 gross margin, our 2025 gross margin improved 20 basis points, reflecting positive impacts from price increases and disciplined supply chain management. Selling and administrative expenses (operating expenses) increased 4% to $992.3 million in 2025 compared to $958.1 million in 2024. The growth in expenses was primarily driven by incremental investments in our technology initiatives and sales center network expansion, as well as inflationary impacts, particularly on base wages and facility costs. Operating income of $580.2 million for the year was 6% lower than $617.2 million in 2024. Net income decreased to $406.4 million in 2025 compared to $434.3 million in 2024. Without the impact of the 2024 import tax reversal discussed above, 2025 operating income was 4% lower than in 2024. Earnings per diluted share declined 4% to $10.85 in 2025 compared to $11.30 in 2024, which included a $0.25 benefit from the import tax reversal discussed above. We recorded a $4.6 million, or $0.12 per diluted share, tax benefit from Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting, in 2025 compared to an $8.8 million, or $0.23 per diluted share, tax benefit in 2024. Adjusting for the impact from ASU 2016-09 in both years, earnings per diluted share decreased 3% to $10.73 in 2025 compared to $11.07 in 2024. See RESULTS OF OPERATIONS below for definitions of our non-GAAP measures and reconciliations of our non-GAAP measures to GAAP measures. Financial Position and Liquidity Net cash provided by operations was $365.9 million in 2025. Our cash flows were impacted by working capital investments, including increases in inventory and $68.5 million in federal tax payments from 2024 that were deferred into 2025 due to relief granted by the IRS. The deferred tax payment increased operating cash flows in 2024 and decreased operating cash flows in 2025. Our 2025 operating cash flows helped to fund $184.9 million of quarterly cash dividend payments to shareholders and net capital expenditures and acquisitions of $67.2 million. Total net receivables, including pledged receivables, increased 10% compared to December 31, 2024, primarily due to higher sales in December 2025. Our allowance for doubtful accounts was $8.0 million at December 31, 2025 and $8.6 million at December 31, 2024. Our days sales outstanding ratio, as calculated on a trailing four quarters basis, was 26.3 days at December 31, 2025 and at December 31, 2024. Our inventory balance increased 13% to $1.5 billion at December 31, 2025 compared to $1.3 billion at December 31, 2024. This growth was primarily driven by increased purchasing ahead of price increases. Our inventory balance also reflects increases from inflation (including mid-season vendor price increases) and the addition of new and acquired sales centers. Our reserve for inventory obsolescence was $23.9 million at December 31, 2025 compared to $26.7 million at December 31, 2024. Our inventory turns, as calculated on a trailing four quarters basis, were 2.7 times at December 31, 2025 and 2.8 times at December 31, 2024. Total debt outstanding of $1.2 billion at December 31, 2025 increased $249.1 million compared to December 31, 2024, primarily to fund open market share repurchases of $341.1 million in 2025 and working capital ne Item 1. Business General Pool Corporation (the Company, which may also be referred to as we, us or our), a member of the S&P 500 Index, is the world\u2019s largest wholesale distributor of swimming pool supplies, equipment and related leisure products and is one of the leading distributors of irrigation and landscape maintenance products in the United States. As of December 31, 2025, we operated 456 sales centers strategically located in North America, Europe and Australia, from which we sell swimming pool supplies, equipment and related leisure products, irrigation and landscape maintenance products and hardscapes, tile and stone products. Our customer base generally includes pool builders, pool service companies, retail stores, commercial pool operators and landscape contractors. We distribute products through our five distribution networks listed below: \u2022 SCP Distributors (SCP); \u2022 Superior Pool Products (Superior); \u2022 Horizon Distributors (Horizon); \u2022 National Pool Trends (NPT), formerly National Pool Tile prior to November 2025; and \u2022 Sun Wholesale Supply (Sun Wholesale). Operating in a fragmented industry, we add considerable value by purchasing products from a large number of manufacturers and then efficiently distributing the products with high levels of customer service on conditions that are generally more favorable than our customers could obtain on their own. Our Industry We operate in the outdoor living industry, which services more than 14.0 million swimming pools and hot tubs in the United States alone, including approximately 5.5 million in-ground swimming pools. We anticipate that the outdoor living industry will continue to grow with the increased penetration of new pools at households with the discretionary income and yard capacity to install a swimming pool. These pools present significant growth opportunities requiring continuous maintenance throughout their lifetime and periodic remodeling, equipment replacement and upgrade activities as th Item 1A. Risk Factors Cautionary Statement for Purposes of the \u201cSafe Harbor\u201d Provisions of the Private Securities Litigation Reform Act of 1995 This report contains forward-looking information that involves risks and uncertainties. Our forward-looking statements express our current expectations or forecasts of possible future results or events, including proj", "title": "POOL - POOL CORP", "url": "/company/POOL/" }, { "kind": "company", "summary": "SIC 2851 Paints, Varnishes, Lacquers, Enamels & Allied Prods; CIK 0000079879; latest 10-K filed 2026-02-19.", "text": "PPG - PPG INDUSTRIES INC SIC 2851 Paints, Varnishes, Lacquers, Enamels & Allied Prods; CIK 0000079879; latest 10-K filed 2026-02-19. PPG PPG INDUSTRIES INC 0000079879 2851 Paints, Varnishes, Lacquers, Enamels & Allied Prods Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion includes a comparison of our results of operations and liquidity and capital resources for the years ended December 31, 2025 and 2024. A discussion of changes in our results of operations for the year ended December 31, 2024 as compared to the year ended December 31, 2023 has been omitted from this Form 10-K, but may be found in \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our 2024 Form 10-K, filed with the Securities and Exchange Commission on February 20, 2025. Highlights Net sales of approximately $15.9 billion in 2025 were flat compared to 2024, with higher selling prices, sales volume growth and favorable foreign currency translation offset by the impact of divestitures. Income before income taxes was $2,045 million in 2025, an increase of $193 million compared to the prior year. This increase was primarily due to lower business restructuring charges and impairment and other related charges, higher selling prices, improved manufacturing productivity and restructuring savings, partially offset by the impact of unfavorable sales mix and overhead and other cost inflation. Performance Overview Net Sales by Region [[GREPCENT_TABLE]] [[\"\",\"\",\"% Change\"],[\"($ in millions, except percentages)\",\"2025\",\"2024\",\"2025 vs. 2024\"],[\"United States and Canada\",\"$5,372\",\"\",\"$5,352\",\"\",\"0.4%\"],[\"Europe, Middle East and Africa (EMEA)\",\"5,368\",\"\",\"5,386\",\"\",\"(0.3)%\"],[\"Asia Pacific\",\"2,937\",\"\",\"2,912\",\"\",\"0.9%\"],[\"Latin America\",\"2,198\",\"\",\"2,195\",\"\",\"0.1%\"],[\"Total\",\"$15,875\",\"\",\"$15,845\",\"\",\"0.2%\"]] [[/GREPCENT_TABLE]] Net sales increased $30 million due to the following: \u25cf Higher selling prices (+1%) \u25cf Higher sales volumes (+1%) \u25cf Favorable foreign currency translation (+1%) 2025 PPG ANNUAL REPORT AND FORM 10-K 19 Partially offset by: \u25cf Divestitures (-3%) For specific business results, see the Performance of Reportable Business Segments section within Item 7 of this Form 10-K. Cost of sales, exclusive of depreciation and amortization [[GREPCENT_TABLE]] [[\"\",\"\",\"% Change\"],[\"($ in millions, except percentages)\",\"2025\",\"2024\",\"2025 vs. 2024\"],[\"Cost of sales, exclusive of depreciation and amortization\",\"$9,316\",\"\",\"$9,252\",\"\",\"0.7%\"],[\"Cost of sales as a % of net sales\",\"58.7\",\"%\",\"58.4\",\"%\",\"0.3%\"]] [[/GREPCENT_TABLE]] Cost of sales, exclusive of depreciation and amortization, increased $64 million due to the following: \u25cf Wage and other cost inflation \u25cf Higher sales volumes \u25cf Unfavorable foreign currency translation Partially offset by: \u25cf Increased manufacturing productivity \u25cf Divestitures Selling, general and administrative expenses [[GREPCENT_TABLE]] [[\"\",\"\",\"% Change\"],[\"($ in millions, except percentages)\",\"2025\",\"2024\",\"2025 vs. 2024\"],[\"Selling, general and administrative expenses\",\"$3,439\",\"\",\"$3,391\",\"\",\"1.4%\"],[\"Selling, general and administrative expenses as a % of net sales\",\"21.7\",\"%\",\"21.4\",\"%\",\"0.3%\"]] [[/GREPCENT_TABLE]] Selling, general and administrative expenses increased $48 million primarily due to: \u25cf Wage and other cost inflation \u25cf Unfavorable foreign currency translation Partially offset by: \u25cf Restructuring savings \u25cf Divestitures Depreciation [[GREPCENT_TABLE]] [[\"\",\"\",\"% Change\"],[\"($ in millions, except percentages)\",\"2025\",\"2024\",\"2025 vs. 2024\"],[\"Depreciation\",\"$403\",\"\",\"$360\",\"\",\"11.9%\"],[\"Depreciation as a % of net sales\",\"2.5\",\"%\",\"2.3\",\"%\",\"0.2%\"]] [[/GREPCENT_TABLE]] Depreciation increased $43 million primarily due to: \u25cf Accelerated depreciation expense \u25cf Unfavorable foreign currency translation Partially offset by: \u25cf Divestitures Other charges and other income [[GREPCENT_TABLE]] [[\"\",\"\",\"% Change\"],[\"($ in millions, except percentages)\",\"2025\",\"2024\",\"2025 vs. 2024\"],[\"Interest expense\",\"$241\",\"\",\"$241\",\"\",\"\\u2014%\"],[\"Interest income\",\"($153)\",\"\",\"($177)\",\"\",\"(13.6)%\"],[\"Business restructuring, ne Item 1. Business PPG Industries, Inc. manufactures and distributes a broad range of paints, coatings and specialty products. PPG was incorporated in Pennsylvania in 1883. PPG\u2019s vision is to be the first-choice partner to meet our customers\u2019 evolving needs for innovative paints, coatings and surface solutions to protect and beautify the world. PPG has a proud heritage with a demonstrated commitment to innovation, sustainability, community engagement and development of leading-edge paint, coatings and specialty products. Through dedication and industry-leading expertise, we solve our customers\u2019 biggest challenges, collaborating closely to find the right path forward. PPG is a global leader that markets and sells in more than 50 countries. PPG supplies paints, coatings and specialty products to customers serving a wide array of end-uses, including industrial equipment and components; packaging material; aircraft and marine equipment; automotive original equipment; automotive refinish and aftermarket; pavement marking products; as well as coatings for other industrial and consumer products. PPG also serves commercial and residential new build and maintenance customers by supplying coatings to painting and maintenance contractors and directly to consumers for decoration and maintenance. The coatings industry is highly competitive and consists of several large firms with global presence and many firms supplying local or regional markets. PPG competes in its primary markets with the world\u2019s largest coatings companies, most of which have global operations, and with many regional coatings companies. PPG\u2019s business is comprised of three reportable business segments: \u2022Global Architectural Coatings: Leverages leading trusted brands and its world-class distribution networks to provide sustainable do-it-yourself (DIY), trade and retail high-performance solutions to customers across key geographies \u2022Performance Coatings: Delivers highly-specified, differentiated products an Item 1A. Risk Factors As a global manufacturer of paints, coatings and specialty products, we operate in a business environment that includes risks. Each of the risks described in this section could adversely affect our results of operations, financial position and liquidity. While the factors listed here are considered ", "title": "PPG - PPG INDUSTRIES INC", "url": "/company/PPG/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0000922224; latest 10-K filed 2026-02-20.", "text": "PPL - PPL Corp SIC 4911 Electric Services; CIK 0000922224; latest 10-K filed 2026-02-20. PPL PPL Corp 0000922224 4911 Electric Services Item 7. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations (All Registrants) This \"Item 7. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations\" is separately filed by PPL, PPL Electric, LG&E and KU. Information contained herein relating to any individual Registrant is filed by such Registrant solely on its own behalf, and no Registrant makes any representation as to information relating to any other Registrant. The specific Registrant to which disclosures are applicable is identified in parenthetical headings in italics above the applicable disclosure or within the applicable disclosure for each Registrant's related activities and disclosures. Within combined disclosures, amounts are disclosed for individual Registrants when significant. The following should be read in conjunction with the Registrants' Consolidated Financial Statements and the accompanying Notes. Capitalized terms and abbreviations are defined in the glossary. Dollars are in millions, except per share data, unless otherwise noted. \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" includes the following information: \u2022\"Overview\" provides a description of each Registrant's business strategy and a discussion of important financial and operational developments. \u2022\"Results of Operations\" for all Registrants includes a \"Statement of Income Analysis,\" which discusses significant changes in principal line items on the Statements of Income, comparing 2025 with 2024. For PPL, \"Results of Operations\" also includes \"Segment Earnings,\" which provides a detailed analysis of earnings by reportable segment. These discussions include the non-GAAP financial measure \"Earnings from Ongoing Operations\" and provide an explanation of the non-GAAP financial measure and a reconciliation of the measure to the most comparable GAAP measure. \u2022\"Financial Condition - Liquidity and Capital Resources\" provides an analysis of the Registrants' liquidity positions and credit profiles. This section also includes a discussion of forecasted sources and uses of cash and rating agency actions. \u2022\"Financial Condition - Risk Management\" provides an explanation of the Registrants' risk management programs relating to market and credit risk. \u2022\"Application of Critical Accounting Policies\" provides an overview of the accounting policies that are particularly important to the results of operations and financial condition of the Registrants and that require their management to make significant estimates, assumptions and other judgments of inherently uncertain matters. For comparison of the Registrants' results of operations and cash flows for the years ended December 31, 2024 to December 31, 2023, refer to \"Item 7. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations\" in the 2024 Form 10-K, filed with the SEC on February 13, 2025. Overview For a description of the Registrants and their businesses, see \"Item 1. Business.\" Business Strategy (All Registrants) PPL operates four regulated utilities located in Pennsylvania, Kentucky and Rhode Island. Each of these jurisdictions has distinct regulatory structures and each of the utilities has distinct customer classes. PPL's strategy, which is supported by the other Registrants and subsidiaries, is focused on creating the utilities of the future to drive greater value for our customers and shareowners. Key objectives in support of this strategy include: \u2022Strengthening the reliability and resilience of our electric and gas networks to improve service and protect against current and future weather and storms. \u2022Advancing a cleaner energy future affordably and reliably. This includes expanding and modernizing our generation with natural gas, renewables and battery storage, while supporting research and development of low-carbon solutions. \u2022Driving operational efficiencies to improve custome ITEM 1. BUSINESS General (All Registrants) PPL, headquartered in Allentown, Pennsylvania, is a utility holding company, incorporated in 1994. PPL, through its regulated utility subsidiaries, delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island; delivers natural gas to customers in Kentucky and Rhode Island; and generates electricity from power plants in Kentucky. PPL's principal subsidiaries at December 31, 2025 are shown below (* denotes a Registrant). [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"PPL Corporation*\"],[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"PPL Capital FundingProvides financing for the operations of PPL and certain subsidiaries\"],[\"\",\"PPL Electric*Engages in the regulated transmission and distribution of electricity in Pennsylvania\",\"\",\"\",\"LKEA holding company that owns regulated utility operations through its subsidiaries, LG&E and KU\",\"\",\"\",\"RIEEngages in the regulated transmission, distribution and sale of electricity and regulated distribution and sale of natural gas in Rhode Island\"],[\"\",\"\",\"\",\"\",\"LG&E*Engages in the regulated generation, transmission, distribution and sale of electricity and regulated distribution and sale of natural gas in Kentucky\",\"\",\"\",\"KU*Engages in the regulated generation, transmission, distribution and sale of electricity, primarily in Kentucky\"],[\"\",\"Pennsylvania Regulated Segment\",\"\",\"Kentucky Regulated Segment\",\"\",\"Rhode Island Regulated Segment\"]] [[/GREPCENT_TABLE]] In addition to PPL, the other Registrants included in this filing are as follows. PPL Electric, headquartered in Allentown, Pennsylvania, is a wholly-owned subsidiary of PPL and a regulated public utility that is an electricity transmission and distribution service provider in eastern and central Pennsylvania. PPL Electric is subject to regulation as a public utility by the PAPUC, and certain of its transmission activities are subject to the jurisdiction of the FERC under the Federal Power Act. PPL Electric delive ITEM 1A. RISK FACTORS The Registrants face various risks associated with their businesses. Our businesses, financial condition, cash flows or results of operations could be materially adversely affected by any of these risks. In addition, this report also contains forward-looking and other statements about our businesses that are subject to numerous risks and uncertainties. See \"Forwa", "title": "PPL - PPL Corp", "url": "/company/PPL/" }, { "kind": "company", "summary": "SIC 6321 Accident & Health Insurance; CIK 0001126328; latest 10-K filed 2026-02-18.", "text": "PFG - PRINCIPAL FINANCIAL GROUP INC SIC 6321 Accident & Health Insurance; CIK 0001126328; latest 10-K filed 2026-02-18. PFG PRINCIPAL FINANCIAL GROUP INC 0001126328 6321 Accident & Health Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following analysis discusses our financial condition as of December 31, 2025, compared with December 31, 2024, our consolidated results of operations for the years ended December 31, 2025 and 2024, and, where appropriate, factors that may affect our future financial performance. The discussion should be read in conjunction with our audited consolidated financial statements and the related notes to the financial statements and the other financial information included elsewhere in this Form 10-K. For information and analysis relating to our financial condition and consolidated results of operations as of and for the year ended December 31, 2023, as well as for the year ended December 31, 2024 compared with the year ended December 31, 2023, see Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. Forward-Looking Information Our narrative analysis below contains forward-looking statements intended to enhance the reader\u2019s ability to assess our future financial performance. Forward-looking statements include, but are not limited to, statements that represent our beliefs concerning future operations, strategies, financial results or other developments, and contain words and phrases such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201cplan,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend\u201d and similar expressions. Forward-looking statements are made based upon management\u2019s current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from those included in the forward-looking statements as a result of risks and uncertainties. Those risks and uncertainties include, but are not limited to, the risk factors listed in Item 1A. \u201cRisk Factors.\u201d Overview We provide financial products and services through the following reportable segments: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Retirement and Income Solutions;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Principal Asset Management and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Benefits and Protection.\"]] [[/GREPCENT_TABLE]] We also have a Corporate segment, which consists of the assets and activities that have not been allocated to any other segment. See Item 1. \u201cBusiness\u201d for a description of our reportable segments. Economic Factors and Trends Positive market performance led to an increase in account values in our Retirement and Income Solutions segment in 2025. Since account values are the base by which this business generates revenues, market performance volatility may impact our revenues in future quarters. Positive market performance and foreign currency tailwinds led to an increase in AUM in our Principal Asset Management segment in 2025, which was partially offset by operations disposed. Since AUM is the base by which this business generates revenues, market performance and fluctuations in foreign currency exchange rates may impact our revenues in future quarters. Also included in revenues are borrower fees, transaction fees and performance fees, which can fluctuate between years. In our Benefits and Protection segment, premium and fee growth is a key indicator of earnings growth. Higher levels of unemployment may impact new sales in our businesses and reduce in-group growth in our Specialty Benefits business in the short-term. \u200b 36 Table of Contents Profitability Our profitability depends in large part upon our amount of AUM and our ability to: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"manage the difference between the investment income we earn and the interest we credit to policyholders;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"generate fee revenues by providing trust and custody, administrative and investment mana Item 1. Business Principal Financial Group, Inc. (\u201cPFG\u201d) is a leader in global financial services offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and workplace benefits and protection solutions through our diverse family of financial services companies. We had $1,814.6 billion in assets under administration (\u201cAUA\u201d), including $781.0 billion in assets under management (\u201cAUM\u201d) as of December 31, 2025. Our global asset management businesses serve a broad range of institutional, retirement, high net worth, and retail investors worldwide. Our focused investment teams provide diverse, long-term investment capabilities including equity, fixed income, real estate, and other alternative investments, as well as fund offerings. Our international asset management and accumulation businesses focus on the opportunities created as aging populations around the world drive increased demand for retirement accumulation, retirement asset management and retirement income management solutions. In the U.S., we offer a broad array of retirement and employee benefit and insurance solutions to meet the needs of the business owner and their employees. We are a leading provider of defined contribution plans, nonqualified plans, defined benefit plans and pension risk transfer services. We are also a leading employee stock ownership plan (\u201cESOP\u201d) consultant. In addition, we are one of the largest providers of specialty benefits and insurance solutions for business owners and their employees. We believe small and medium-sized businesses are an underserved market, offering attractive growth opportunities in the retirement and employee benefit markets. Our Reportable Segments We organize our businesses into the following reportable segments: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Retirement and Income Solutions;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Principal Asset Management and\" Item 1A. Risk Factors In the discussion below, we exclude investments held under coinsurance with funds withheld reinsurance agreements when providing details related to our investment portfolio, as these assets support related obligations and are less relevant to investor risk assessment. Risks relating to economic conditions,", "title": "PFG - PRINCIPAL FINANCIAL GROUP INC", "url": "/company/PFG/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000080661; latest 10-K filed 2026-03-02.", "text": "PGR - PROGRESSIVE CORP/OH/ SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000080661; latest 10-K filed 2026-03-02. PGR PROGRESSIVE CORP/OH/ 0000080661 6331 Fire, Marine & Casualty Insurance Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand our financial condition and results of operations. MD&A should be read in conjunction with the consolidated financial statements and the related notes, and supplemental information. I. OVERVIEW The Progressive insurance organization has been offering insurance to consumers since 1937. The Progressive Corporation is a holding company that does not have any revenue producing operations, physical property, or employees of its own. The Progressive Corporation, together with its insurance and non-insurance subsidiaries and affiliates, comprise what we refer to as Progressive. We report two operating segments. Our Personal Lines segment, which represents 87% of companywide net premiums written, writes insurance for personal vehicles, which include personal auto and special lines products (e.g., recreational vehicles, such as motorcycles, RVs, and watercraft), personal residential property insurance for homeowners and renters, umbrella insurance, and flood insurance through the \u201cWrite Your Own\u201d program for the National Flood Insurance Program. Our personal auto product represents about 90% of our Personal Lines net premiums written and just under 80% of our companywide premiums, and contributes the largest impact to our underwriting results. Our special lines and personal property insurance products each represent about 5% of our total Personal Lines premiums. Our Commercial Lines segment writes auto-related liability and physical damage insurance, business-related general liability and commercial property insurance predominantly for small businesses, and workers\u2019 compensation insurance primarily for the transportation industry. Commercial Lines includes our core commercial auto products, transportation network company (TNC) business, Progressive Fleet & Specialty Programs (Fleet & Specialty) products, and business owners\u2019 policy (BOP) product and represents 13% of our companywide net premiums written. Our core commercial auto products represented about 80% of our total Commercial Lines net premiums written and about 10% of companywide premiums. We operate both segments throughout the United States, through both the independent agency and direct distribution channels. Based on 2024 premiums written, in the United States, we are the second largest private passenger auto insurer, the largest writer of motorcycle insurance, the twelfth largest homeowners insurance carrier, and the largest writer of commercial auto insurance. Our underwriting operations, combined with our service and investment operations, make up the consolidated group. A. Operating Results During 2025, Progressive maintained an underwriting profit better than our 4% companywide calendar-year underwriting profit goal and reported excellent results year over year in both premiums and policies in force. Our underwriting profit margin was 12.6%, which was 1.4 points better than the 11.2% margin earned in 2024. We wrote $83.2 billion of net premiums written during 2025, which was $8.8 billion, or 12%, more than we generated during 2024, with a 15% increase in net premiums earned. We ended 2025 with 3.7 million, or 10%, more policies in force than at December 31, 2024. Both our Personal Lines and Commercial Lines operating segments generated strong profitability during the year, reporting underwriting profit margins of 12.5% and 13.0%, respectively, compared to 11.4% and 10.6% for 2024. Several factors contributed to the increase in our underwriting profit, including lower personal and commercial auto accident frequency, lower weather-related catastrophe losses, and favorable prior accident years development. Partially offsetting the positive impact on profitability in Personal Lines was 1.7 points of policyholder credit expense related to personal ITEM 1. BUSINESS General Development of Business The Progressive Corporation, an insurance holding company, has insurance and non-insurance subsidiaries and affiliates (references in this Item to subsidiaries include affiliates as well). Our insurance subsidiaries write personal and commercial auto insurance, personal residential property insurance, and insurance for motorcycles, watercraft, and other recreational vehicles. We also offer business-related general liability and commercial property insurance predominantly for small businesses, workers\u2019 compensation insurance primarily for the transportation industry, and other specialty property-casualty insurance and provide related services. Our non-insurance subsidiaries generally support our insurance and investment operations. We operate throughout the United States. Unless noted, references to \u201cstate(s)\u201d throughout this report include the District of Columbia. The Progressive Corporation, together with its insurance and non-insurance subsidiaries, comprise what we refer to as Progressive. Progressive\u2019s vision is to become consumers\u2019, agents\u2019, and business owners\u2019 number one destination for insurance and other financial needs. Progressive\u2019s four strategic pillars of people and culture, broad needs of our customers, leading brand, and competitive prices serve as the foundation of how we will achieve our vision. Description of Business Organization Our Chief Executive Officer (CEO) assesses performance and makes key operating decisions for our insurance, investment, and service operations and is supported by the following management team that oversees the business and corporate functions that support all areas of our organization. [[GREPCENT_TABLE]] [[\"Chief Executive Officer\"],[\"\\u2022Chief Financial Officer\",\"\\u2022Chief Marketing Officer\"],[\"\\u2022Chief Investment Officer\",\"\\u2022Personal Lines President\"],[\"\\u2022Chief Strategy and Finance Management Officer\",\"\\u2022Commercial Lines President\"],[\"\\u2022Ch ITEM 1A. RISK FACTORS I. Summary Our business involves various risks and uncertainties, certain of which are discussed in this section. Management divides these risks into five broad categories in assessing how they may affect our financial condition, cash flows, and results of operations, as well as our ability to achiev", "title": "PGR - PROGRESSIVE CORP/OH/", "url": "/company/PGR/" }, { "kind": "company", "summary": "SIC 6311 Life Insurance; CIK 0001137774; latest 10-K filed 2026-02-12.", "text": "PRU - PRUDENTIAL FINANCIAL INC SIC 6311 Life Insurance; CIK 0001137774; latest 10-K filed 2026-02-12. PRU PRUDENTIAL FINANCIAL INC 0001137774 6311 Life Insurance ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS TABLE OF CONTENTS [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Introduction\",\"40\"],[\"Executive Summary\",\"41\"],[\"Company Overview\",\"41\"],[\"Business Outlook\",\"42\"],[\"External and Economic Factors\",\"42\"],[\"Industry Trends\",\"42\"],[\"Impact of Changes in the Interest Rate Environment\",\"44\"],[\"Impact of Foreign Currency Exchange Rates\",\"44\"],[\"Results of Operations\",\"47\"],[\"Consolidated Results of Operations\",\"47\"],[\"Segment Results of Operations\",\"48\"],[\"Segment Measures\",\"51\"],[\"Results of Operations by Segment\",\"52\"],[\"PGIM\",\"52\"],[\"Retirement Strategies\",\"56\"],[\"Group Insurance\",\"63\"],[\"Individual Life\",\"65\"],[\"International Businesses\",\"66\"],[\"Corporate and Other\",\"70\"],[\"Divested and Run-off Businesses\",\"71\"],[\"Closed Block Division\",\"72\"],[\"Accounting Policies & Pronouncements\",\"73\"],[\"Application of Critical Accounting Estimates\",\"73\"],[\"Adoption of New Accounting Pronouncements\",\"79\"],[\"Liquidity and Capital Resources\",\"79\"],[\"Ratings\",\"93\"],[\"General Account Investments\",\"95\"],[\"Valuation of Assets and Liabilities\",\"115\"],[\"Income Taxes\",\"118\"],[\"Risk Management\",\"118\"]] [[/GREPCENT_TABLE]] Certain of the statements included in this section constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management\u2019s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.\u2019s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d sections included herein. Pursuant to the FAST Act Modernization and Simplification of Regulation S-K, discussions related to the results of operations for the year ended December 31, 2024 in comparison to the year ended December 31, 2023 have been omitted. For such omitted discussions, refer to Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) included in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. 39 Table of Contents Introduction The purpose of this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is to provide readers with a foundational understanding of our Company, our consolidated financial statements, and the significant internal and external drivers of our results. The discussion of financial results within is focused on adjusted operating income, which is the Company\u2019s segment-level measure of performance, and provides readers with period-over-period analysis of operating results and significant drivers. In addition to discussing our detailed segment results of operations, we have also provided supplemental information that we believe assists with a greater understanding of our overall financial results. A brief description of these key informational sections follows: \u2022\u201cExecutive Summary\u201d provides an overview of the Company and its operations, along with recent significant events that have impacted our organizational structure or financial results. This section also provides management\u2019s outlook for each respective business segment. \u2022\u201cExternal and Economic Factors\u201d discusses industry trends, including the economic environment and demographics for each of our businesses, and includes a discussion of how the impact of potential changes in either interest rates or foreign currency exchange rates may impact our overall operations and financial position. \u2022\u201cAccounting Policies & Pronouncements\u201d discusses the accounting policies applied in preparing our consolidated financial ITEM 1. BUSINESS Table of Contents [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Overview\",\"2\"],[\"PGIM\",\"3\"],[\"Retirement Strategies\",\"4\"],[\"Group Insurance\",\"6\"],[\"Individual Life\",\"7\"],[\"International Businesses\",\"9\"],[\"Corporate and Other\",\"10\"],[\"Closed Block Division\",\"11\"],[\"Seasonality of Key Financial Items\",\"12\"],[\"Intangible and Intellectual Property\",\"12\"],[\"Regulation\",\"13\"],[\"Human Capital Resources\",\"18\"],[\"Available Information\",\"19\"],[\"Information About our Executive Officers\",\"20\"]] [[/GREPCENT_TABLE]] 1 Table of Contents Overview Prudential Financial, Inc. (\u201cPrudential Financial\u201d or \u201cPFI\u201d), a global financial services leader and premier active global investment manager with approximately $1.609 trillion of assets under management as of December 31, 2025, has operations in the United States, Asia, Europe and Latin America. Through our subsidiaries and affiliates we offer a wide array of financial products and services, including life insurance, annuities, retirement-related products and services, mutual funds and investment management. We offer these products and services to individual and institutional customers through proprietary and third-party distribution networks. Our principal executive offices are located in Newark, New Jersey, and Prudential Financial\u2019s Common Stock is publicly traded on the New York Stock Exchange under the ticker symbol \u201cPRU.\u201d On December 18, 2001, The Prudential Insurance Company of America (\u201cPICA\u201d) converted from a mutual life insurance company owned by its policyholders to a stock life insurance company and became a wholly-owned subsidiary of Prudential Financial. The demutualization was carried out under PICA\u2019s Plan of Reorganization, which required us to establish and operate a regulatory mechanism known as the \u201cClosed Block.\u201d The Closed Block includes certain in-force participating insurance and annuity products and corresponding assets that are used for the payment of benefits and policyholders\u2019 dividends on these p ITEM 1A. RISK FACTORS You should carefully consider the following risks. Some of the factors, events, and contingencies discussed below may have occurred in the past, and the disclosures below are not representations as to whether or not the factors, events, or contingencies have occurred in the past but are provided because future occurrences of such factors,", "title": "PRU - PRUDENTIAL FINANCIAL INC", "url": "/company/PRU/" }, { "kind": "company", "summary": "SIC 4931 Electric & Other Services Combined; CIK 0000788784; latest 10-K filed 2026-02-26.", "text": "PEG - PUBLIC SERVICE ENTERPRISE GROUP INC SIC 4931 Electric & Other Services Combined; CIK 0000788784; latest 10-K filed 2026-02-26. PEG PUBLIC SERVICE ENTERPRISE GROUP INC 0000788784 4931 Electric & Other Services Combined ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A) This combined MD&A is separately filed by Public Service Enterprise Group Incorporated (PSEG) and Public Service Electric and Gas Company (PSE&G). Information contained herein relating to any individual company is filed by such company on its own behalf. PSEG\u2019s business consists of two reportable segments, PSE&G and PSEG Power LLC (PSEG Power) & Other, primarily comprised of our principal direct wholly owned subsidiaries, which are: \u2022 PSE&G\u2014which is a public utility engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU), the Federal Energy Regulatory Commission (FERC), and other federal and New Jersey state regulators. PSE&G also invests in regulated solar generation projects and regulated energy efficiency (EE) and related programs in New Jersey, which are regulated by the BPU, and \u2022 PSEG Power\u2014which is an energy supply company that consists of the operations of merchant nuclear generating assets and fuel supply functions engaged in competitive energy sales via its principal direct wholly owned subsidiaries. PSEG Power\u2019s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC) and other federal regulators and state regulators in the states in which they operate. The PSEG Power & Other reportable segment also includes amounts related to the parent company as well as PSEG\u2019s other direct wholly owned subsidiaries, which are: PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority\u2019s (LIPA) transmission and distribution (T&D) system under an Operations Services Agreement (OSA); PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily holds legacy lease investments and competitively bid, FERC regulated transmission; and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. Our business discussion in Item 1. Business provides a review of the regions and markets where we operate and compete, as well as our strategy for conducting our businesses within these markets, focusing on operational excellence, financial strength and making disciplined investments. Our risk factor discussion in Item 1A. Risk Factors provides information about factors that could have a material adverse impact on our businesses. The following discussion provides an overview of the significant events and business developments that have occurred during 2025 and key factors that we expect may drive our future performance. This discussion refers to the Consolidated Financial Statements (Statements) and the related Notes to the Consolidated Financial Statements (Notes). This discussion should be read in conjunction with such Statements and Notes. EXECUTIVE OVERVIEW OF 2025 AND FUTURE OUTLOOK We are a public utility holding company that, acting through our wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a nuclear generation business. Our business plan focuses on achieving growth by allocating capital primarily toward regulated investments in an effort to continue to improve the sustainability and predictability of our business and realizing the value of the consistent and reliable carbon-free generation from our nuclear units. We are focused on investing to meet growing energy demand, modernize our energy infrastructure, improve reliability and resilience, increase EE to meet customer expectations and be well aligned with public policy objectives. With these investments and higher working capital recovery approved in the distribution rate case, our regulated rate base increased from approximately $34 billion as of December 31, 2024 to approximately $36 billion as of December 31, 2025. In addition, our nuclear facilit ITEM 1. BUSINESS We were incorporated under the laws of the State of New Jersey in 1985 and our principal executive offices are located at 80 Park Plaza, Newark, New Jersey 07102. We are a public utility holding company that, acting through our wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a nuclear generation business. Our business plan focuses on achieving growth by allocating capital primarily toward regulated investments in an effort to continue to improve the sustainability and predictability of our business and realizing the value of the consistent and reliable carbon-free generation from our nuclear units. As a holding company, our profitability depends on our subsidiaries\u2019 operating results. We principally conduct our business through two direct wholly owned subsidiaries, PSE&G and PSEG Power LLC (PSEG Power), described below, each of which also has its principal executive offices at 80 Park Plaza, Newark, New Jersey 07102. \u2022 PSE&G\u2014A New Jersey corporation, incorporated in 1924, which is a franchised public utility in New Jersey. It is also the provider of last resort for gas and electric commodity service for end users in its service territory. PSE&G earns revenues from its regulated rate tariffs under which it provides electric transmission and electric and natural gas distribution to residential, commercial and industrial (C&I) customers in its service territory. It also offers appliance services and repairs to customers throughout its service territory and invests in regulated solar generation projects and regulated energy efficiency (EE) and related programs in New Jersey. \u2022 PSEG Power\u2014A Delaware limited liability company formed in 1999 as a result of the deregulation and restructuring of the electric power industry in New Jersey. PSEG Power earns revenues primarily by selling energy and capacity from its nuclear generation units and from the sale of wholesale natural gas through a full-requirements contract wi ITEM 1A. RISK FACTORS The following factors should be considered when reviewing our business. These factors could have a material adverse impact on our business, prospects, financial position, results of operations or cash flows and could cause results to differ materially from those e", "title": "PEG - PUBLIC SERVICE ENTERPRISE GROUP INC", "url": "/company/PEG/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0000857005; latest 10-K filed 2025-11-21.", "text": "PTC - PTC INC. SIC 7372 Services-Prepackaged Software; CIK 0000857005; latest 10-K filed 2025-11-21. PTC PTC INC. 0000857005 7372 Services-Prepackaged Software ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Our Operating and Non-GAAP Financial Measures Our discussion of results includes discussion of our ARR (Annual Run Rate) operating measure, non-GAAP financial measures, and disclosure of our results on a constant currency basis. ARR and our non-GAAP financial measures, including the reasons we use those measures, are described below in Operating and Non-GAAP Financial Measures. The methodology used to calculate constant currency disclosures is described in Results of Operations - Impact of Foreign Currency Exchange on Results of Operations. You should read those sections to understand our operating measure, non-GAAP financial measures, and constant currency disclosures. Executive Overview ARR grew 10% (8.5% constant currency) to $2.48 billion as of the end of FY'25 compared to FY\u201924. Cash provided by operating activities grew 16% to $868 million in FY'25 compared to FY'24. Free cash flow grew 16% to $857 million in FY'25 compared to FY'24. Our cash flow growth is attributable to resilient top-line growth due to our subscription business model and operational discipline. In FY'25, we made net debt repayments of $553 million and repurchased $300 million of our outstanding shares. We ended FY\u201925 with cash and cash equivalents of $184 million and gross debt of $1.20 billion, which debt carried an aggregate weighted average interest rate of 4.9%. Revenue grew 19% (18% constant currency) in FY'25 compared to FY'24. Under ASC 606, the timing of revenue recognition for on-premises subscription revenue can vary significantly, impacting reported revenue, operating margin, and earnings per share. FY'25 revenue growth reflects the higher total value and longer average duration of contracts that commenced in the current year. Operating margin grew by approximately 1030 basis points in FY'25 compared to FY'24, reflecting higher revenue as well as continued operating discipline. Diluted earnings per share grew 95% to $6.08 in FY'25 compared to FY'24, driven by revenue growth. On November 5, 2025, we entered into a definitive agreement with an affiliate of TPG, under which we agreed to sell our Kepware and ThingWorx businesses for total consideration of up to $725 million, if certain targets are achieved. We may receive up to $600 million upon closing of the transaction, which may be reduced by $35 million if certain growth targets are not achieved for a period between signing and closing, and further adjusted as set forth in the purchase agreement. We may receive up to $125 million of contingent consideration upon the sale of the business by TPG. The transaction is expected to close in the first half of calendar 2026. Our expected use of the net after-tax proceeds will follow our overall capital allocation strategy of returning excess cash to shareholders via share repurchases, while allowing for potential tuck-in acquisitions. Results of Operations The following table shows the measures that we consider the most significant indicators of our business performance. In addition to providing operating income, operating margin, diluted earnings per share and cash from operations as calculated under GAAP, we provide our ARR operating measure and non-GAAP operating income, non-GAAP operating margin, non-GAAP diluted earnings per share, and free cash flow for the reported periods. We also provide a view of our actual results on a constant currency basis. Our non-GAAP financial measures exclude the items described in Non-GAAP Financial Measures below. Investors should use our non-GAAP financial measures only in conjunction with our GAAP results. 21 Table of Contents For discussion of our FY'24 results and comparison to our FY'23 results, refer to Management's Discussion and Analysis of Financial Conditions and Results of Operations in our Annual Report on Form 10-K for the year ended September 30, 2024. [[GREPCENT_TABLE]] [[\"(Dollar amounts in ITEM 1. Business Our Business PTC is a global software company headquartered in Boston, Massachusetts. We employ over 7,000 people and support more than 30,000 customers globally. We primarily serve customers in the following industry verticals: \u2022 Industrials \u2022 Federal, Aerospace and Defense \u2022 Electronics and High Tech \u2022 Automotive \u2022 Medical Technology and Life Sciences 1 Table of Contents Our customers are focused on improving their competitiveness in the face of global competition and increasing product complexity, and our suite of software offerings is a strategic enabler of this and their digital transformation initiatives. Given the breadth and openness of our portfolio, we enable the Intelligent Product Lifecycle: establishing a strong product data foundation in the engineering department and democratizing the access and use of that data across the enterprise to drive cross-functional collaboration, accelerate new product introduction timelines, and deliver higher product quality. By embracing the Intelligent Product Lifecycle, our customers establish the quality, consistency, and traceability of product data, ensuring the data is up-to-date, accessible, reliable, and actionable. Our customers can then go on to use this data to break down silos, streamline workflows, and achieve interoperability across departments, functions, and systems. This includes the growing emphasis on AI-driven transformation across our customers\u2019 teams, operations, and processes. A product data foundation is the backbone of AI-driven transformation. Our business is based on a subscription model and 95% of our 2025 revenue is recurring in nature. Compared to a perpetual license model, our subscription model naturally drives higher customer engagement and retention and provides better business predictability. This, in turn, enables us to make steady and sustained investments to support our customers and pursue mid-to-long-term growth opportunities. Our Principal Products an ITEM 1A. Risk Factors The following are important factors we have identified that could affect an investment in our securities. You should consider them carefully when evaluating an investment in PTC securities, because these factors could cause actual results to differ materially from historical results or any forward-looking statements. The risks described belo", "title": "PTC - PTC INC.", "url": "/company/PTC/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001393311; latest 10-K filed 2026-02-12.", "text": "PSA - Public Storage SIC 6798 Real Estate Investment Trusts; CIK 0001393311; latest 10-K filed 2026-02-12. PSA Public Storage 0001393311 6798 Real Estate Investment Trusts ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) should be read in conjunction with our consolidated financial statements and notes thereto. Critical Accounting Estimates The preparation of consolidated financial statements and related disclosures in conformity with U.S. generally accepted accounting principles (\u201cGAAP\u201d) requires us to make judgments, assumptions, and estimates that affect the amounts reported. On an ongoing basis, we evaluate our estimates and assumptions. These estimates and assumptions are based on current facts, historical experience, and various other factors that we believe are reasonable under the circumstances to determine reported amounts of assets, liabilities, revenues, and expenses that are not readily apparent from other sources. We believe the following are our critical accounting estimates, because they are reasonably likely to have a material impact on the portrayal of our financial condition and results, and they require us to make judgments and estimates about matters that involve a significant level of uncertainty. Impairment of Long-Lived Assets: The analysis of impairment of our long-lived assets, including our real estate facilities, involves identification of indicators of impairment, including unfavorable operational results and significant cost overruns on construction, projections of future operating cash flows, and estimates of fair values, all of which require significant judgment and subjectivity. In particular, these estimates are sensitive to significant assumptions, such as the projections of future rental rates, stabilized occupancy level, future profit margin, discount rates, and capitalization rates, all of which could be affected by our expectations about future market or economic conditions. Others could come to materially different conclusions. Allocating Purchase Price for Acquired Real Estate Facilities: We estimate the fair values of the assets and liabilities of acquired real estate facilities, which consist principally of land, buildings and acquired customers in place, for purposes of allocating the aggregate purchase price of acquired real estate facilities. We estimate the fair value of land based upon price per square foot derived from observable transactions involving comparable land in similar locations as adjusted for location quality, parcel size, and date of sale associated with the acquired facilities. The fair value estimate of land is sensitive to the adjustments made to the land market transactions used in the estimate, particularly when there is a lack of recent comparable land market data. We estimate the fair value of buildings primarily using the income approach by estimating the fair value of hypothetical vacant acquired facilities and adjusting for the estimated fair value of land. The fair value estimate of buildings is sensitive to assumptions, such as lease-up period, future stabilized operating cash flows, 23 capitalization rate and discount rate. We estimate the fair value of acquired customers in place using the income approach by estimating the foregone rent over the presumed period of time to absorb the occupied spaces as if they were vacant at the time of acquisition. The fair value estimate of the acquired customers in place is sensitive to the assumptions used in the income approach, such as market rent, lease-up period and discount rate. Others could come to materially different conclusions as to the estimated fair values of land, buildings and acquired customers in place, which would result in different depreciation and amortization expense, gains and losses on sale of real estate assets, as well as the level of land and buildings on our consolidated balance sheet. Overview Our self-storage operations generate most of our net income, and our earnings growth is impacted by the levels of o ITEM 1. Business Cautionary Statement Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to our 2026 guidance and all underlying assumptions, our expected acquisition, disposition, development, and redevelopment activity, supply and demand for our self-storage facilities, information relating to operating trends in our markets, expectations regarding operating expenses, including property tax changes, expectations regarding the impacts from inflation and changes in macroeconomic conditions, our strategic priorities, expectations with respect to financing activities, rental rates, zoning, cap rates, and yields, leasing expectations, our credit ratings, and all other statements other than statements of historical fact. Such statements are based on management\u2019s beliefs and assumptions made based on information currently available to management and may be identified by the use of the words \u201coutlook,\u201d \u201cguidance,\u201d \u201cexpects,\u201d \u201cbelieves,\u201d \u201canticipates,\u201d \u201cshould,\u201d \u201cestimates,\u201d and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Risks and uncertainties that may impact future results and performance include, but are not limited to, those described in Part 1, Item 1A, \u201cRisk Factors\u201d of this report and in our other filings with the Securities and Exchange Commission (the \u201cSEC\u201d). These include changes in demand for our facilities, changes in macroeconomic conditions, changes in national self-storage facility development activity, impacts from our strategic corporate transformation initiative, impacts of natural disasters, adverse changes in laws and regulations including governing property tax, ITEM 1A. Risk Factors In addition to the other information in our Annual Report on Form 10-K, you should consider the risks described below that we believe may be material to investors in evaluating the Company. This section contains forward-looking statements, and in considering these statements, you should refer to the qualifications and lim", "title": "PSA - Public Storage", "url": "/company/PSA/" }, { "kind": "company", "summary": "SIC 1531 Operative Builders; CIK 0000822416; latest 10-K filed 2026-02-04.", "text": "PHM - PULTEGROUP INC/MI/ SIC 1531 Operative Builders; CIK 0000822416; latest 10-K filed 2026-02-04. PHM PULTEGROUP INC/MI/ 0000822416 1531 Operative Builders ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations are provided as a supplement to and should be read in conjunction with the consolidated financial statements and related notes included in Item 8 in this Annual Report on Form 10-K. It also should be read in conjunction with the disclosure under \u201cSpecial Notes Concerning Forward-Looking Statements\u201d found in Item 7A of this Annual Report on Form 10-K. The following tables and related discussion set forth key operating and financial data as of and for the fiscal years ended December 31, 2025 and 2024. For similar operating and financial data and discussion of our fiscal 2024 results compared to our fiscal 2023 results, refer to Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d under Part II of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 6, 2025. The following is a summary of our operating results by line of business ($000's omitted, except per share data): [[GREPCENT_TABLE]] [[\"\",\"Years Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\"],[\"Income before income taxes:\"],[\"Homebuilding\",\"$\",\"2,753,291\",\"\",\"\",\"$\",\"3,795,924\"],[\"Financial Services\",\"158,030\",\"\",\"\",\"209,955\"],[\"Income before income taxes\",\"2,911,321\",\"\",\"\",\"4,005,879\"],[\"Income tax expense\",\"(692,591)\",\"\",\"\",\"(922,617)\"],[\"Net income\",\"$\",\"2,218,730\",\"\",\"\",\"$\",\"3,083,262\"],[\"Diluted earnings per share\",\"$\",\"11.12\",\"\",\"\",\"$\",\"14.69\"]] [[/GREPCENT_TABLE]] Overview In 2025, consumer demand weakened due to ongoing affordability challenges, resulting from elevated mortgage interest rates and higher housing costs, as well as volatility in other macroeconomic and geopolitical conditions, including higher job losses and weakened consumer confidence. We have responded to these conditions by adjusting production cadence and sales prices where necessary and focusing sales incentives on discounts on spec inventory (houses without customer orders) and closing cost incentives, especially mortgage interest rate buydowns. Despite these efforts, net new orders in units decreased 4% in 2025 versus 2024. We expect that many homebuyers will continue to face affordability challenges, so our sales paces may remain volatile on a monthly basis. In response, we expect our sales incentives to remain elevated and for our pace of house starts to remain dynamic. Additionally, we continue to face pressure in the cost of land acquisition and development. Due to the length of our land development and construction cycle times, there is a lag between when such cost changes occur and when they impact our operating results. This is evidenced in our gross margin from home sales, which decreased to 26.3% in 2025 versus 28.9% in 2024. Additionally, gross margin from home sales decreased each quarter in 2025, from 27.5% in the first quarter of 2025 to 24.7% in the fourth quarter of 2025. These decreases are primarily due to the aforementioned elevated sales incentives combined with higher land costs. While we expect to continue to generate healthy gross margins, they may decline somewhat in future periods as a result of these factors. In response to the significant shift in market conditions in 2025, we have slowed the pace of our housing starts, have increased sales incentives, and are taking additional pricing actions in many of our communities, which resulted in $77.4 million of land inventory impairments in 2025. We continue to update the underwriting for our land option contracts prior to buying additional land and have made decisions to walk away from a number of land option agreements, which resulted in write-offs of deposits and pre-acquisition costs totaling $48.4 million in 2025. We will continue working with our trade partners to update the costs for materials, labor, and services to reflect changes ITEM 1A. RISK FACTORS Discussion of our business and operations included in this Annual Report on Form 10-K should be read together with the risk factors set forth below. They describe various risks and uncertainties to which we are, or may become, subject. These risks and uncertainties, together with other factors described elsewhere in this report, have the potential to affect our business, financial condition, results of operations, cash flows, strategies, or prospects in a material and adverse manner. Risks Associated With Our Industry Increases in interest rates, reductions in mortgage availability, or other increases in the effective costs of owning a home have prevented potential customers from buying our homes and adversely affected our business and financial results. A large majority of our customers finance their home purchases through mortgage loans, many through Pulte Mortgage. Increases in interest rates can adversely affect the market for new homes, as potential homebuyers may be less willing or able to pay the increased monthly costs resulting from higher interest rates or to obtain mortgage financing. Up until 2022, mortgage interest rates in recent years had been at or near historic lows, thereby making new homes more affordable. However, in the second quarter of 2022, in response to the Federal Reserve's increases to the federal funds rate as part of their effort to reduce inflation, mortgage rates increased, reaching their highest levels since 2008. Despite recent interest rate cuts by the Federal Reserve beginning in September 2024, home mortgage interest rates have remained elevated. Ongoing volatility in interest rates may negatively impact our operations and financial results. A decrease in the availability of mortgage financing generally could also adversely impact the market for new homes, which could result from lenders increasing the qualifications needed for mortgages or adjusting their terms to address any increased credit risk.", "title": "PHM - PULTEGROUP INC/MI/", "url": "/company/PHM/" }, { "kind": "company", "summary": "SIC 1731 Electrical Work; CIK 0001050915; latest 10-K filed 2026-02-19.", "text": "PWR - QUANTA SERVICES, INC. SIC 1731 Electrical Work; CIK 0001050915; latest 10-K filed 2026-02-19. PWR QUANTA SERVICES, INC. 0001050915 1731 Electrical Work ITEM 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations General The following discussion and analysis of the financial condition and results of operations of Quanta Services, Inc. (together with its subsidiaries, Quanta, we, us or our) should be read in conjunction with our consolidated financial statements and related notes in Item 8. Financial Statements and Supplementary Data in Part II of this Annual Report. The discussion below contains forward-looking statements that are based upon our current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to inaccurate assumptions and known or unknown risks and uncertainties, including those identified in Cautionary Statement About Forward-Looking Statements and Information above and in Item 1A. Risk Factors in Part I of this Annual Report. The discussion summarizing the significant factors which affected the results of operations and financial condition for the year ended December 31, 2024, including the changes in results of operations between the years ended December 31, 2024 and 2023, can be found in Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 20, 2025. During the three months ended March 31, 2025, our Chief Executive Officer reevaluated how performance of the business is assessed and how resources are allocated, which resulted in a change in the reporting of management\u2019s internal financial information. As a result, beginning with the three months ended March 31, 2025, we began reporting the results of our two operating segments, which are also our two reportable segments: (1) Electric Infrastructure Solutions (Electric) and (2) Underground Utility and Infrastructure Solutions (Underground and Infrastructure). The Electric segment consists of the historical Electric Power Infrastructure Solutions and the Renewable Energy Infrastructure Solutions segments. In conjunction with this change, certain prior period amounts have been recast to conform to this new segment reporting structure. Overview Our 2025 results reflect increased demand for our services, as consolidated revenues and operating income increased as compared to 2024, with increased revenues and operating income in both our Electric and Underground and Infrastructure segments. With respect to our Electric segment, utilities are continuing to invest significant capital in their electric power delivery systems through multi-year grid modernization and reliability programs, as well as system upgrades and hardening programs in response to recurring severe weather events. We have also experienced high demand for new and expanded transmission, substation and distribution infrastructure needed to reliably transport power. In particular, we continue to experience strong demand from our utility customers, which we believe is driven by increasing demand for electricity associated with, among other things, data centers and other technology-related dynamics, domestic manufacturing reshoring initiatives and overall electrification trends. Our acquisition of Cupertino Electric, Inc. (CEI) during 2024 also resulted in increased demand for our critical path electrical design and installation solutions from the technology and data center industry, as well as our utility scale solar and battery storage solutions. The cost-effectiveness of solar, wind energy and battery storage, combined with a meaningful increase in current and forecasted electricity demand is continuing to drive demand for renewable generation and related infrastructure (e.g., high-voltage electric transmission and substation infrastructure and battery storage), as well as interconnection services necessary to connect and transmit renewable-generated electricity to existi ITEM 1.Business OVERVIEW Quanta Services, Inc. (together with its subsidiaries, \u201cQuanta,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a leading provider of comprehensive infrastructure solutions for the electric and gas utility, power generation, large load center, manufacturing, communications, pipeline and energy industries in the United States, Canada, Australia and select other international markets. We provide design, engineering, procurement, construction, upgrade and repair and maintenance services for infrastructure within each of these industries, including electric power transmission and distribution networks; substation facilities; wind, solar and gas power generation and transmission and battery storage facilities; low voltage electrical, mechanical, plumbing and process infrastructure for large load centers, such as data center, advanced manufacturing, healthcare, pharmaceutical and industrial facilities; communications and cable multi-system operator networks; gas utility systems; pipeline transmission systems and facilities; and downstream industrial facilities. Our operations are decentralized and labor-intensive, and we rely on craft skilled labor personnel and experienced operators to successfully manage our day-to-day business. We also have an experienced management team, both at the executive and regional levels and within our subsidiaries, which we refer to as operating companies. We operate a fleet of owned and leased trucks and trailers, support vehicles and specialty construction equipment, as well as various proprietary technologies that enhance our service offerings. We have a large and diverse customer base, including many of the leading companies in the utility, renewable energy, hyperscaler, technology, communications, industrial and energy delivery markets. The performance of our business generally depends on our ability to obtain contracts with customers and to effectively deliver the services provided under those contracts. Our services are typically ITEM 1A. Risk Factors Our business is subject to a variety of risks and uncertainties, including, but not limited to, the material risks and uncertainties described below. The matters described below are not the only risks and uncertainties facing our company, and risks and uncertainties not known to us or not described below also may impair our bus", "title": "PWR - QUANTA SERVICES, INC.", "url": "/company/PWR/" }, { "kind": "company", "summary": "SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0000804328; latest 10-K filed 2025-11-05.", "text": "QCOM - QUALCOMM INC/DE SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0000804328; latest 10-K filed 2025-11-05. QCOM QUALCOMM INC/DE 0000804328 3663 Radio & Tv Broadcasting & Communications Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included in \u201cPart II, Item 8. Financial Statements and Supplementary Data\u201d of this Annual Report. The following section generally discusses fiscal 2025 and 2024 items and year-to-year comparisons between fiscal 2025 and 2024. Discussions of fiscal 2023 items and year-to-year comparisons between fiscal 2024 and 2023 that are not included in this Annual Report can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended September 29, 2024. Our Business and Operating Segments We develop and commercialize foundational technologies and products used across industries and applications from mobile devices to other areas including automotive and the internet of things (IoT). We derive revenues principally from sales of integrated circuit products and licensing our intellectual property, including patents and other rights. We are organized on the basis of products and services and have three reportable segments. We conduct business primarily through our QCT (Qualcomm CDMA Technologies) semiconductor business and our QTL (Qualcomm Technology Licensing) licensing business. Our QSI (Qualcomm Strategic Initiatives) reportable segment makes strategic investments. We also have nonreportable segments, including QGOV (Qualcomm Government Technologies) and our Data Center business (formerly referred to as our cloud computing processing initiative). Further information regarding our business and operating segments is provided in \u201cPart I, Item 1. Business\u201d of this Annual Report. Seasonality. Many of our products and much of our intellectual property are incorporated into consumer wireless devices, which are subject to seasonality and other fluctuations in demand. Our revenues have historically fluctuated based on consumer demand for devices, as well as on the timing of customer/licensee device launches and/or innovation cycles (such as the transition to the next generation of wireless technologies). This has resulted in fluctuations in QCT revenues in advance of and during device launches incorporating our products (for example, certain major handset OEMs accelerated their premium-tier device launches into the first quarter of fiscal 2025) and in QTL revenues when licensees\u2019 sales occur. These trends may or may not continue in the future. Further, the trends for QTL have been, and may in the future be, impacted by disputes and/or resolutions with licensees and/or governmental investigations or proceedings. 38 Fiscal 2025 Overview Revenues were $44.3 billion, an increase of 14% compared to revenues of $39.0 billion in fiscal 2024, with net income of $5.5 billion, a decrease of 45% compared to net income of $10.1 billion in fiscal 2024. Key items from fiscal 2025 included: \u2022QCT revenues increased by 16% in fiscal 2025 compared to the prior year, primarily due to higher handsets, IoT and automotive revenues. \u2022QTL revenues remained approximately flat in fiscal 2025 compared to the prior year. \u2022We recorded a charge of $5.7 billion to income tax expense to establish a valuation allowance in the fourth quarter of fiscal 2025 as we no longer expect to realize substantially all of our existing federal deferred tax assets as a result of the tax reform legislation included in the One Big Beautiful Bill Act (OBBB) enacted on July 4, 2025. Results of Operations [[GREPCENT_TABLE]] [[\"Revenues (in millions)\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"\",\"\",\"Change\"],[\"Equipment and services\",\"$\",\"37,869\",\"\",\"\",\"$\",\"32,791\",\"\",\"\",\"\",\"\",\"$\",\"5,078\"],[\"Licensing\",\"6,415\",\"\",\"\",\"6,171\",\"\",\"\",\"\",\"\",\"244\"],[\"\",\"$\",\"44,284\",\"\",\"\",\"$\",\"38,962\",\"\",\"\",\"\",\"\",\"$\",\"5,322\"]] [[/GREPCENT_ Item 1. Business We incorporated in California in 1985 and reincorporated in Delaware in 1991. We operate and report using a 52-53 week fiscal year ending on the last Sunday in September. Our 52-week fiscal years consist of four equal fiscal quarters of 13 weeks each, and our 53-week fiscal years consist of three 13-week fiscal quarters and one 14-week fiscal quarter. The financial results for our 53-week fiscal years and our 14-week fiscal quarters will not be exactly comparable to our 52-week fiscal years and our 13-week fiscal quarters. Our fiscal years for 2025, 2024 and 2023 included 52 weeks, 53 weeks and 52 weeks, respectively. Our fiscal year for 2026 will include 52 weeks. Overview We are a global technology leader, helping to bring intelligent computing everywhere through the development and commercialization of foundational technologies, including on-device artificial intelligence (AI), high-performance and low-power computing and advanced wireless connectivity. Our platforms help power intelligent devices that people and businesses rely on every day across industries and applications from handsets to other areas, including automotive and the internet of things (IoT). In automotive, our Snapdragon\u00ae Digital Chassis\u2122 platforms, including connectivity, digital cockpit and advanced driver assistance and automated driving (ADAS/AD), are helping to connect the car to its environment and the cloud, creating unique in-cabin experiences and enabling a comprehensive assisted and automated driving solution. In IoT, our inventions have helped power technology advancements in industries and applications such as consumer (including personal computers (PCs), extended reality (XR) and other personal computing devices), edge networking (including mobile broadband and wireless access points) and industrial (including handhelds, retail, tracking and logistics and utilities). We derive revenues principally from sales of integrated circuit products, including our Snapdrago Item 1A. Risk Factors You should consider each of the following factors in evaluating our business and our prospects, any of which could negatively impact our business, results of operations, cash flows and financial condition, and require significant management time and attention. Further, the ri", "title": "QCOM - QUALCOMM INC/DE", "url": "/company/QCOM/" }, { "kind": "company", "summary": "SIC 8071 Services-Medical Laboratories; CIK 0001022079; latest 10-K filed 2026-02-26.", "text": "DGX - QUEST DIAGNOSTICS INC SIC 8071 Services-Medical Laboratories; CIK 0001022079; latest 10-K filed 2026-02-26. DGX QUEST DIAGNOSTICS INC 0001022079 8071 Services-Medical Laboratories MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Our Company Diagnostic Information Services Quest Diagnostics works across the healthcare ecosystem to create a healthier world, one life at a time. Our diagnostic information services (\"DIS\") business provides diagnostic insights from the results of our laboratory testing to empower people, physicians, and organizations to take action to improve health outcomes. Derived from one of the world's largest databases of de-identifiable clinical lab results, our diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve healthcare management. In the right hands and with the right context, our diagnostic insights can inspire actions that transform lives and create a healthier world. We provide services to a broad range of customers within our primary customer channels - physicians (including those associated with accountable care organizations (\"ACOs\") and Federally Qualified Health Centers (\"FQHCs\")), hospitals, and patients and consumers. Our other customers include health plans, employers, new and emerging retail healthcare providers, government agencies, pharmaceutical companies and other commercial clinical laboratories. We offer broad access to clinical testing through a network of laboratories, patient service centers, phlebotomists in physician offices, and our connectivity resources, including call centers and mobile phlebotomists, nurses and other health and wellness professionals. Our large in-house staff of medical and scientific experts, including medical directors, scientific directors, genetic counselors and board-certified geneticists, provide medical and scientific consultation to healthcare providers and patients regarding our tests and test results, and help them best utilize our services to improve outcomes and enhance satisfaction. During 2025, we processed approximately 244 million test requisitions through our extensive laboratory network. Clinical testing is an essential element in the delivery of healthcare services. Clinical testing is used for predisposition, screening, monitoring, diagnosis, prognosis and treatment choices of diseases and other medical conditions. We primarily compete with three types of clinical testing providers: commercial clinical laboratories, hospital-affiliated laboratories and physician-office laboratories. In addition, we compete with many smaller regional and local commercial clinical laboratories, specialized advanced laboratories and providers of consumer-initiated testing. The clinical testing industry is subject to seasonal fluctuations in operating results and cash flows. Typically, testing volume declines during vacation and major holiday periods, reducing net revenues and operating cash flows below annual averages. Testing volume is also subject to declines due to severe weather or other events (such as public health emergencies and health pandemics), which can deter patients from having testing performed and which can vary in duration and severity from year to year. Additionally, orders for clinical testing generated from customers, including physicians, hospitals, and consumers, can be affected by factors such as changes in the economy and regulatory environment, which affect the number of unemployed and uninsured, and design changes in healthcare plans, which affect utilization as well as patient responsibility for healthcare costs. We assess our revenue performance for our DIS business based upon, among other factors, volume (measured by test requisitions) and revenue per requisition. Each test requisition accompanies patient specimens, indicating the test(s) to be performed and the party to be billed for the test(s). Revenue per requisition is impacted by various factors, including, among other items, the impact of fee schedule changes (i.e., unit price), test mix, payer mix, business mix, and the number of te Item 1. Business INTRODUCTION Quest Diagnostics works across the healthcare ecosystem to create a healthier world, one life at a time. We provide diagnostic insights from the results of our laboratory testing to empower people, physicians, and organizations to take action to improve health outcomes. Derived from one of the world's largest databases of de-identifiable clinical lab results, our diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve healthcare management. In the right hands and with the right context, our diagnostic insights can inspire actions that transform lives and create a healthier world. The patients we serve annually comprise approximately one-third of the adult population of the United States, and over a three-year period, we serve approximately one-half of the adult population of the United States. We estimate that annually we serve approximately half of the physicians and half of the hospitals in the United States. The Quest Way We operate our business and achieve our goals according to a clear set of principles we call \u201cThe Quest Way,\u201d which consists of the following: \u2022Our Purpose, or why we exist, is to work together to create a healthier world, one life at a time. \u2022Our Strategy, or how we grow, is to provide solutions that serve the evolving needs of our customers, based on our high quality, innovative, convenient and affordable services. \u2022Our Culture, or how we work, is powered by what we call the \u201c5Cs\u201d: customer first, collaboration, care, continuous improvement, and curiosity. We play a critical role in healthcare decisions for customers across the healthcare ecosystem, including physicians, hospitals, patients and consumers, health plans, government agencies, employers, retailers, pharmaceutical companies and insurers. We believe The Quest Way is aligned with the triple aim of healthcare of improving medical quality and the patient experience while reducing Item 1A. Risk Factors You should carefully consider all of the information set forth in this Report, including the following risk factors, before deciding to invest in any of our securities. The risks below are not the only ones that we face. Additional risks not presently known to us, or that we presently deem immaterial, may also negatively impact us. Our busi", "title": "DGX - QUEST DIAGNOSTICS INC", "url": "/company/DGX/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0002058873; latest 10-K filed 2026-02-26.", "text": "Q - Qnity Electronics, Inc. SIC 3674 Semiconductors & Related Devices; CIK 0002058873; latest 10-K filed 2026-02-26. Q Qnity Electronics, Inc. 0002058873 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of Qnity\u2019s financial condition and results of operations. Management\u2019s discussion and analysis of financial condition and results of operations is provided as a supplement to, and should be read in conjunction with, the Consolidated Financial Statements and related notes to enhance the understanding of the Company\u2019s operations and present business environment. This discussion and analysis contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those discussed in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and \u201cRisk Factors\u201d in this Annual Report. Carefully read the information under \u201cCautionary Note Regarding Forward-Looking Statements\u201d in this Annual Report. Qnity assumes no obligation to update any of these forward-looking statements except as required by law. Actual results may differ materially from those contained in any forward-looking statements. BUSINESS OVERVIEW We are one of the largest global leaders in materials and solutions for the semiconductor and electronics industries. We empower our customers\u2019 technology roadmaps to enable advancements in megatrends such as AI, high-performance computing and advanced connectivity. We partner with leading semiconductor and advanced device manufacturers to address complex challenges and develop solutions that facilitate next-generation technological innovations. With over 50 years of experience in systems engineering and material science, a global manufacturing footprint, and major application labs across the world, we are well-positioned to capitalize on emerging opportunities across various sectors including data centers, communications infrastructure, industrials, automotive, and consumer electronics. We are organized into two operating segments: \u2022Semiconductor Technologies: Our Semiconductor Technologies segment provides a portfolio of innovative materials and solutions utilized across multiple stages of the semiconductor manufacturing process. These advanced materials are qualified into customers\u2019 roadmaps, designed to improve chip performance, enhance yield and enable leading-edge node technology. \u2022Interconnect Solutions: Our Interconnect Solutions segment offers what we believe to be a comprehensive range of best-in-class material solutions that address the evolving complexities of signal integrity, thermal and power management and advanced packaging. These solutions are integral for advanced electronics hardware, including complex printed circuit boards and advanced semiconductor packaging. Our broad portfolio of solutions and materials across both Semiconductor Technologies and Interconnect Solutions segments positions us as a comprehensive solutions provider for our customers. We are often the partner of choice due to our strong innovation capabilities and extensive materials and engineering expertise. In a fast-paced electronics industry, our customers\u2019 needs are highly performance-driven and our long-standing relationships and strong renewal rates demonstrate our commitment to delivering excellence in a demanding market. MACROECONOMIC ENVIRONMENT Recent and continuing developments in U.S. and foreign policy related to trade, such as the imposition of new or increased tariffs on product imports from certain countries have heightened global trade tensions and sparked significant uncertainty in macroeconomic and geopolitical environments, particularly with respect to China. The nature of our global business exposes us to risks associated with trade conflicts between the U.S. and its trading partners, including about the ultimate extent and duration of the tariffs, responsive actions from other countries and the resulting impacts, inc ITEM 1. BUSINESS Our Company Qnity is one of the largest global leaders in materials and solutions for the semiconductor and electronics industries. We empower our customers\u2019 technology roadmaps to enable advancements in megatrends such as artificial intelligence, high-performance computing and advanced connectivity. We partner with leading semiconductor and advanced device manufacturers to address complex challenges and develop solutions that facilitate next-generation technological innovations. With over 50 years of experience in systems engineering and material science, a global manufacturing footprint and major application labs across the world, we are well-positioned to capitalize on emerging opportunities across various sectors including data centers, communications infrastructure, industrials, automotive, and consumer electronics. On May 22, 2024, DuPont de Nemours, Inc. (\"DuPont\" or \"Parent\") announced its plan to separate Qnity from DuPont into an independent publicly traded company (the \u201cSeparation\u201d). On November 1, 2025 (the \"Separation and Distribution Date\"), DuPont completed the Separation through a pro-rata distribution of one share of Qnity common stock for every two shares of DuPont common stock held at the close of business on the record date of October 22, 2025 (the \"Distribution\"). As a result of the Distribution, as of the Separation and Distribution Date, Qnity became an independent, publicly traded company, and Qnity common stock commenced trading on the New York Stock Exchange under the symbol \"Q\" at the start of trading on November 3, 2025. We have aligned our businesses, and report our financial results, across two operating segments: \u2022Semiconductor Technologies: Our Semiconductor Technologies segment provides a portfolio of innovative materials and solutions utilized across multiple stages of the semiconductor manufacturing process. These advanced materials are qualified into customers\u2019 roadmaps, designed to improve chip performance, ITEM 1A. RISK FACTORS RISK FACTORS You should carefully consider the following risks and other information in this Annual Report on Form 10-K in evaluating us and our common stock. Any of the following risks, as well as additional risks and uncertainties not currently known to us, beyond our control or that we currently", "title": "Q - Qnity Electronics, Inc.", "url": "/company/Q/" }, { "kind": "company", "summary": "SIC 2320 Men's & Boys' Furnishgs, Work Clothg, & Allied Garments; CIK 0001037038; latest 10-K filed 2026-05-21.", "text": "RL - RALPH LAUREN CORP SIC 2320 Men's & Boys' Furnishgs, Work Clothg, & Allied Garments; CIK 0001037038; latest 10-K filed 2026-05-21. RL RALPH LAUREN CORP 0001037038 2320 Men's & Boys' Furnishgs, Work Clothg, & Allied Garments Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following management's discussion and analysis of financial condition and results of operations (\"MD&A\") should be read together with our audited consolidated financial statements and notes thereto, which are included in this Annual Report on Form 10-K. We utilize a 52-53 week fiscal year ending on the Saturday closest to March 31. As such, Fiscal 2026 ended on March 28, 2026 and was a 52-week period; Fiscal 2025 ended on March 29, 2025 and was a 52-week period; Fiscal 2024 ended on March 30, 2024 and was a 52-week period; and Fiscal 2027 will end on April 3, 2027 and will be a 53-week period. INTRODUCTION MD&A is provided as a supplement to the accompanying consolidated financial statements and notes thereto to help provide an understanding of our results of operations, financial condition, and liquidity. MD&A is organized as follows: \u2022Overview. This section provides a general description of our business, global economic conditions and industry trends, and a summary of our financial performance for Fiscal 2026. In addition, this section includes a discussion of recent developments and transactions affecting comparability that we believe are important in understanding our results of operations and financial condition, and in anticipating future trends. \u2022Results of operations. This section provides an analysis of our results of operations for Fiscal 2026 compared to Fiscal 2025. \u2022Financial condition and liquidity. This section provides a discussion of our financial condition and liquidity as of March 28, 2026, which includes (i) an analysis of our financial condition as compared to the prior fiscal year-end; (ii) an analysis of changes in our cash flows for Fiscal 2026 compared to the prior fiscal year; (iii) an analysis of our liquidity, including the availability under our commercial paper borrowing program and credit facilities, our supplier finance program, outstanding debt and covenant compliance, common stock repurchases, and payments of dividends; and (iv) a summary of our material cash requirements as of March 28, 2026. \u2022Market risk management. This section discusses how we manage our risk exposures related to foreign currency exchange rates, interest rates, and our investments as of March 28, 2026. \u2022Critical accounting policies. This section discusses our critical accounting policies considered to be important to our results of operations and financial condition, which typically require significant judgment and estimation on the part of management in their application. In addition, all of our significant accounting policies, including our critical accounting policies, are summarized in Note 3 to the accompanying consolidated financial statements. \u2022Recently issued accounting standards. This section discusses the potential impact on our reported results of operations and financial condition of certain accounting standards that have been recently issued. For discussion related to the results of operations and changes in our cash flows for Fiscal 2025 compared to Fiscal 2024, refer to Part II, Item 7. \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Fiscal 2025 Form 10-K. OVERVIEW Our Business Our Company is a global leader in the design, marketing, and distribution of luxury lifestyle products, including apparel, handbags, footwear & accessories, fragrances, home, and hospitality. Our long-standing reputation and distinctive image have been developed across a wide range of products, brands, distribution channels, and international markets. Our brand names include Ralph Lauren, Ralph Lauren Collection, Ralph Lauren Purple Label, Double RL, Polo Ralph Lauren, Lauren Ralph Lauren, Polo Ralph Lauren Children, and Chaps, among others. We diversify our business by geography (North America, Europe, and Asia, among other regions) and channel of distribu Item 1. Business. General Founded in 1967 by Mr. Ralph Lauren, we are a global leader in the design, marketing, and distribution of luxury lifestyle products, including apparel, handbags, footwear & accessories, fragrances, home, and hospitality. For nearly 60 years, Ralph Lauren has sought to inspire the dream of a better life through authenticity and timeless style. Our long-standing reputation and distinctive image have been developed across a wide range of products, brands, distribution channels, and international markets. We believe that our global reach, breadth of lifestyle product offerings, and multi-channel distribution network are unique among luxury and apparel companies. We diversify our business by geography (North America, Europe, and Asia, among other regions) and channel of distribution (retail, wholesale, and licensing). This allows us to maintain a dynamic balance as our operating results do not depend solely on the performance of any single geographic area or channel of distribution. We sell directly to consumers through our integrated retail channel, which includes our retail stores, concession-based shop-within-shops, and digital commerce operations around the world. Our wholesale sales are made principally to major department stores, specialty stores, and third-party digital partners around the world, as well as to certain third-party-owned stores to which we have licensed the right to operate in defined geographic territories using our trademarks. In addition, we license to third parties for specified periods and geographies the right to access our various trademarks in connection with the licensees' manufacture and sale of designated products, such as certain apparel categories, eyewear, fragrances, and home furnishings. [[GREPCENT_TABLE]] [[\"\",\"3\"]] [[/GREPCENT_TABLE]] We organize our business into the following three reportable segments: North America, Europe, and Asia. In addition to these reportable segments, we also have other n Item 1A. Risk Factors There are risks associated with an investment in our securities. The following risk factors should be read carefully in connection with evaluating our business and the forward-looking statements contained in this Annual Report on Form 10-K. Any of the following risk factors could materially", "title": "RL - RALPH LAUREN CORP", "url": "/company/RL/" }, { "kind": "company", "summary": "SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0000720005; latest 10-K filed 2025-11-25.", "text": "RJF - RAYMOND JAMES FINANCIAL INC SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0000720005; latest 10-K filed 2025-11-25. RJF RAYMOND JAMES FINANCIAL INC 0000720005 6211 Security Brokers, Dealers & Flotation Companies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS [[GREPCENT_TABLE]] [[\"INDEX\"],[\"\",\"PAGE\"],[\"Introduction\",\"41\"],[\"Executive overview\",\"41\"],[\"Reconciliation of non-GAAP financial measures to GAAP financial measures\",\"43\"],[\"Net interest analysis\",\"46\"],[\"Results of Operations\"],[\"Private Client Group\",\"50\"],[\"Capital Markets\",\"54\"],[\"Asset Management\",\"56\"],[\"Bank\",\"59\"],[\"Other\",\"60\"],[\"Statement of financial condition analysis\",\"61\"],[\"Liquidity and capital resources\",\"61\"],[\"Regulatory\",\"68\"],[\"Critical accounting estimates\",\"69\"],[\"Accounting standards update\",\"70\"],[\"Risk management\",\"71\"]] [[/GREPCENT_TABLE]] 40 [[GREPCENT_TABLE]] [[\"RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES Management\\u2019s Discussion and Analysis\",\"Index\"]] [[/GREPCENT_TABLE]] INTRODUCTION The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand the results of our operations and financial condition. This MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and accompanying notes to consolidated financial statements. Where \u201cNM\u201d is used in various percentage change computations, the computed percentage change has been determined to be not meaningful. We operate as a financial holding company and bank holding company. Results in the businesses in which we operate are highly correlated to general economic conditions and, more specifically, to the direction of the U.S. equity and fixed income markets, changes in interest rates, market volatility, corporate and mortgage lending markets and commercial and residential credit trends. Overall market conditions, economic, political and regulatory trends, and industry competition are among the factors which could affect us and which are unpredictable and beyond our control. These factors affect the financial decisions made by market participants, including investors, borrowers, and competitors, impacting their level of participation in the financial markets. These factors also impact the level of investment banking activity and asset valuations, which ultimately affect our business results. EXECUTIVE OVERVIEW Summary results of operations [[GREPCENT_TABLE]] [[\"\",\"\",\"Year ended September 30,\",\"\",\"% change\"],[\"$ in millions, except per share amounts\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\",\"\",\"2025 vs. 2024\",\"\",\"2024 vs. 2023\"],[\"Net revenues\",\"\",\"$\",\"14,065\",\"\",\"\",\"$\",\"12,821\",\"\",\"\",\"$\",\"11,619\",\"\",\"\",\"10\",\"%\",\"\",\"10\",\"%\"],[\"Compensation, commissions and benefits expense\",\"\",\"$\",\"9,072\",\"\",\"\",\"$\",\"8,213\",\"\",\"\",\"$\",\"7,299\",\"\",\"\",\"10\",\"%\",\"\",\"13\",\"%\"],[\"Non-compensation expenses\",\"\",\"$\",\"2,279\",\"\",\"\",\"$\",\"1,965\",\"\",\"\",\"$\",\"2,040\",\"\",\"\",\"16\",\"%\",\"\",\"(4)\",\"%\"],[\"Pre-tax income\",\"\",\"$\",\"2,714\",\"\",\"\",\"$\",\"2,643\",\"\",\"\",\"$\",\"2,280\",\"\",\"\",\"3\",\"%\",\"\",\"16\",\"%\"],[\"Net income available to common shareholders\",\"\",\"$\",\"2,130\",\"\",\"\",\"$\",\"2,063\",\"\",\"\",\"$\",\"1,733\",\"\",\"\",\"3\",\"%\",\"\",\"19\",\"%\"],[\"Earnings per common share \\u2013 basic\",\"\",\"$\",\"10.53\",\"\",\"\",\"$\",\"9.94\",\"\",\"\",\"$\",\"8.16\",\"\",\"\",\"6\",\"%\",\"\",\"22\",\"%\"],[\"Earnings per common share \\u2013 diluted\",\"\",\"$\",\"10.30\",\"\",\"\",\"$\",\"9.70\",\"\",\"\",\"$\",\"7.97\",\"\",\"\",\"6\",\"%\",\"\",\"22\",\"%\"],[\"Non-GAAP measures:\"],[\"Adjusted net income available to common shareholders (1)\",\"\",\"$\",\"2,205\",\"\",\"\",\"$\",\"2,137\",\"\",\"\",\"$\",\"1,806\",\"\",\"\",\"3\",\"%\",\"\",\"18\",\"%\"],[\"Adjusted earnings per common share - diluted (1)\",\"\",\"$\",\"10.66\",\"\",\"\",\"$\",\"10.05\",\"\",\"\",\"$\",\"8.30\",\"\",\"\",\"6\",\"%\",\"\",\"21\",\"%\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\",\"Year ended September 30,\"],[\"Other selected financial highlights\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Pre-tax margin\",\"\",\"19.3\",\"%\",\"\",\"20.6\",\"%\",\"\",\"19.6\",\"%\"],[\"Adjusted pre-tax margin (1)\",\"\",\"20.0\",\"%\",\"\",\"21.4\",\"%\",\"\",\"20.5\",\"%\"],[\"Return on common equity (\\u201cROCE\\u201d)\",\"\",\"17.7\",\"%\",\"\",\"18.9\",\"%\",\"\",\"17.7\",\"%\"],[\"Adjusted ROCE (1)\",\"\",\"18.3\",\"%\",\"\",\"19.6\",\"%\",\"\",\"18. ITEM 1. BUSINESS Raymond James Financial, Inc. (\u201cRJF\u201d or the \u201cfirm\u201d) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations, and municipalities. The firm, together with its subsidiaries, is engaged in various financial services activities, including providing investment management services to retail and institutional clients, merger & acquisition and advisory services, the underwriting, distribution, trading, and brokerage of equity and debt securities, and the sale of mutual funds and other investment products. The firm also provides corporate and retail banking services and trust services. The firm operates predominantly in the United States (\u201cU.S.\u201d) and, to a lesser extent, in Canada, the United Kingdom (\u201cUK\u201d), and other parts of Europe. As used herein, the terms \u201cour,\u201d \u201cwe,\u201d or \u201cus\u201d refer to RJF and/or one or more of its subsidiaries. Established in 1962 and public since 1983, RJF is listed on the New York Stock Exchange (the \u201cNYSE\u201d) under the symbol \u201cRJF.\u201d As a bank holding company (\u201cBHC\u201d) and financial holding company (\u201cFHC\u201d), RJF is subject to supervision, examination and regulation by the Board of Governors of the Federal Reserve System (\u201cthe Fed\u201d). Among the keys to our historical and continued success, our emphasis on putting the client first is at the core of our corporate values. We also believe in maintaining a long-term focus on our decision making. We believe that this disciplined decision-making approach translates to a strong, stable financial services firm for clients, associates, and shareholders. REPORTABLE SEGMENTS We currently operate through the following five segments: Private Client Group (\u201cPCG\u201d); Capital Markets; Asset Management; Bank; and Other. The following graph depicts the relative net revenue contribution of each of our business segments for the fiscal year ended September 30, 2025. * The preceding chart doe ITEM 1A. RISK FACTORS Our operations and financial results are subject to various risks and uncertainties, including those described in the following sections, which could adversely affect our business, financial condition, results of operations, liquidity and the trading price of ou", "title": "RJF - RAYMOND JAMES FINANCIAL INC", "url": "/company/RJF/" }, { "kind": "company", "summary": "SIC 3724 Aircraft Engines & Engine Parts; CIK 0000101829; latest 10-K filed 2026-02-06.", "text": "RTX - RTX Corp SIC 3724 Aircraft Engines & Engine Parts; CIK 0000101829; latest 10-K filed 2026-02-06. RTX RTX Corp 0000101829 3724 Aircraft Engines & Engine Parts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to provide information to the reader in understanding our consolidated financial statements and notes thereto included in Item 8. \u201cFinancial Statements and Supplementary Data\u201d of this Form 10-K, the changes in certain key items in those financial statements between select periods, and the primary factors that accounted for those changes. In addition, we discuss certain accounting principles, policies, and critical estimates that affect our financial statements. Our discussion also contains some additional context regarding our business, including industry considerations and the business environment, as well as certain forward-looking statements related to future events and expectations. This MD&A should be read in conjunction with the other sections of this Form 10-K, including Item 1A. \u201cRisk Factors.\u201d BUSINESS OVERVIEW We are a global premier systems provider of high technology products and services to the aerospace and defense industries. We operate in three principal business segments: Collins Aerospace (Collins), Pratt & Whitney, and Raytheon. Unless the context otherwise requires, the terms \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cthe Company,\u201d and \u201cRTX\u201d mean RTX Corporation and its subsidiaries. Industry Considerations Our worldwide operations can be affected by industrial, economic, and political factors on both a regional and global level. Our operations include original equipment manufacturer (OEM) and extensive related aftermarket parts and services related to our aerospace operations. Our defense business serves both domestic and international customers primarily as a prime contractor or subcontractor on a broad portfolio of defense and related programs for government customers. Our business mix also reflects the combination of shorter cycles in our commercial aerospace spares contracts and certain service contracts in our defense business, and longer cycles in our aerospace OEM and aftermarket maintenance contracts and on our defense contracts to design, develop, manufacture, or modify complex equipment. Our customers are in the public and private sectors, and our businesses reflect an extensive geographic diversification that has evolved with continued globalization. Government legislation, policies, and regulations can impact our business and operations. Changes in environmental and climate change-related laws or regulations, including regulations on greenhouse gas emissions, carbon pricing, and energy taxes, could lead to new or additional investment in product designs and facility upgrades and could increase our operational and environmental compliance expenditures, including increased energy and raw materials costs and costs associated with manufacturing changes. In addition, government and industry-driven safety and performance regulations, restrictions on aircraft engine noise and emissions, government imposed travel restrictions, and government procurement practices can impact our businesses. Collins and Pratt & Whitney serve both commercial and government aerospace customers. Revenue passenger miles (RPMs), available seat miles, and the general economic health of airline carriers and airframers, as well as the financial strength and performance of airframers, are key barometers for our commercial aerospace operations. Performance in the general aviation sector is closely tied to the overall health of the economy and is positively correlated to corporate profits. Many of our aerospace customers are covered under long-term aftermarket service agreements at both Collins and Pratt & Whitney, which are inclusive of both spare parts and services. Our defense operations are affected by U.S. Department of War (DoW) (formerly referred to as the U.S. Department of Defense) budget and spending levels, changes in demand, changes in ITEM 1. BUSINESS General RTX Corporation is an aerospace and defense company that provides advanced systems and services for commercial, military, and government customers worldwide. The terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany\u201d, and \u201cRTX\u201d mean RTX Corporation and its subsidiaries, unless the context indicates another meaning. We serve commercial and government customers in both the original equipment and aftermarket parts and services segments of the aerospace industry. Our defense business serves both domestic and international customers as a prime contractor or subcontractor on a broad portfolio of defense and related programs for military and government customers. RTX Corporation was incorporated in Delaware in 1934. The following description of our business should be read in conjunction with \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d within Item 7 of this Form 10-K, including the information contained therein under the heading \u201cBusiness Overview.\u201d Business Segments Our operations are classified into three principal business segments: Collins Aerospace (Collins), Pratt & Whitney, and Raytheon, with each segment comprised of groups of similar operations. Collins Aerospace is a leading global provider of technologically advanced aerospace and defense products. Collins\u2019 solutions include aftermarket services for civil and military aircraft manufacturers, commercial airlines, and regional, business, and general aviation, as well as for defense and commercial space operations. Aftermarket services include spare parts, overhaul and repair, engineering and technical support, training and fleet management solutions, asset management services, and information management services. Collins designs, manufactures, and supplies electric power generation, management and distribution systems, environmental control systems, flight control systems, air data and aircraft sensing systems, engine control systems, engine components, eng ITEM 1A. RISK FACTORS Our business, operating results, financial condition, and liquidity can be impacted by the factors set forth below, any one of which could cause our actual results to vary materially from recent results or from our anticipated future results. INDUSTRY RISKS Changes in U.S. government defense spending could negatively impact ", "title": "RTX - RTX Corp", "url": "/company/RTX/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000726728; latest 10-K filed 2026-02-25.", "text": "O - REALTY INCOME CORP SIC 6798 Real Estate Investment Trusts; CIK 0000726728; latest 10-K filed 2026-02-25. O REALTY INCOME CORP 0000726728 6798 Real Estate Investment Trusts Item 7: Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis reflect our financial condition and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to Part II, Item 7. \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" in our annual report on Form 10-K for the year ended December 31, 2024. GENERAL Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies\u00ae. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of December 31, 2025, we have a portfolio of over 15,500 properties in all 50 U.S. states, the U.K., and eight other countries in Europe. We are known as \u201cThe Monthly Dividend Company\u00ae\u201d and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our listing on the NYSE in 1994, we have had 133 dividend increases and are a member of the S&P 500 Dividend Aristocrats\u00ae index for having increased our dividend for over 31 consecutive years. As of December 31, 2025, we owned or held interests in 15,511 properties, with approximately 355.0 million square feet of leasable space leased to 1,761 clients doing business in 92 separate industries. Of the 15,511 properties in our portfolio as of December 31, 2025, 15,167, or 97.8%, were single-tenant properties, and the remaining were multi\u2013tenant properties. Our total portfolio had a weighted average remaining lease term (excluding rights to extend a lease at the option of the client) of approximately 8.8 years. Total portfolio annualized base rent (defined as the monthly cash base rent for all leases in place as of the end of the period, multiplied by 12, excluding percentage rent) on our leases as of December 31, 2025 was $5.31 billion. As of December 31, 2025, approximately 32.2% of our total portfolio annualized base rent came from properties leased to our investment grade clients, their subsidiaries or affiliated companies. As of December 31, 2025, our top 20 clients (based on percentage of total portfolio annualized base rent) represented approximately 35.8% of our annualized base rent and 11 of these clients had investment grade credit ratings or were subsidiaries or affiliates of investment grade companies. Approximately 91% of our annualized retail base rent as of December 31, 2025, was derived from our clients with a service, non-discretionary, and/or low price point component to their business. Unless otherwise specified, references to rental revenue in the Management's Discussion and Analysis of Financial Condition and Results of Operations are exclusive of reimbursements from clients for recoverable real estate taxes and operating expenses totaling $340.4 million, $303.1 million, and $274.2 million for the years ended December 31, 2025, 2024, and 2023, respectively. RECENT DEVELOPMENTS Increases in Monthly Dividends to Common Stockholders We have continued our 57-year history of paying monthly dividends by increasing the dividend five times during 2025 and once during 2026. As of February 2026, we have paid 113 consecutive quarterly dividend increases and increased the dividend 133 times since our listing on the NYSE in 1994. [[GREPCENT_TABLE]] [[\"2025 Dividend increases\",\"Month Declared\",\"\",\"Month Paid\",\"\",\"Monthly Dividend per share\",\"\",\"Increase per share\"],[\"1st increase\",\"Dec 2024\",\"\",\"Jan 2025\",\"\",\"$\",\"0.2640\",\"\",\"\",\"$\",\"0.0005\"],[\"2nd increase\",\"Feb 2025\",\"\",\"Mar 2025\",\"\",\"$\",\"0.2680\",\"\",\"\",\"$\",\"0.0040\"],[\"3rd increase\",\"Mar 2025\",\"\",\"Apr 2025\",\"\",\"$\",\"0.2685\",\"\",\"\",\"$\",\"0.0005\"],[\"4th increase\",\"Jun 2025\",\"\",\"Jul 2025\",\"\",\"$\",\"0.2690\",\"\",\"\",\"$\",\"0.0005\"],[\"5th increase\",\"Sep 2025\",\"\",\"Oct 2025\",\"\",\"$\",\"0.2695\",\"\",\"\",\"$\",\"0.0005\"],[\"2026 Divi Item 1: Business In this Annual Report on Form 10-K, unless the context otherwise requires, references to \u201cRealty Income,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d refer to Realty Income Corporation and our subsidiaries. THE COMPANY Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies\u00ae. Founded in 1969, we serve our clients as a full-service real estate capital provider. As of December 31, 2025, we have a portfolio of over 15,500 properties in all 50 states of the United States (\"U.S.\"), the United Kingdom (\"U.K.\"), and eight other countries in Europe. We are known as \u201cThe Monthly Dividend Company\u00ae\u201d and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our listing on the NYSE in 1994, we have had 133 dividend increases and are a member of the S&P 500 Dividend Aristocrats\u00ae index for having increased our dividend for over 31 consecutive years. Our Primary Business Activities Our primary business is the acquisition, ownership, and active management of freestanding commercial properties leased under long\u2011term net lease agreements to a diversified base of operators, including a blend of investment grade, investment grade equivalent, and other creditworthy clients. We focus on clients with strong business models, resilient cash flow characteristics, and locations that are strategically important to their operations and aligned with our long\u2011term investment objectives. These activities are supported by data\u2011driven analytics that inform client selection, site quality, and portfolio construction. Under a net lease structure, clients are typically responsible for most or all property-level operating expenses, including real estate taxes, insurance, and maintenance, while we are entitled to receive contractually defined rental payments, many of which include embedded contractual rent escalations. This structure, together with our analytics\u2011supported under Item 1A: Risk Factors You should consider carefully the following risk factors, together with all the other information in this report, including our financial statements and the notes thereto, and in our other public filings with the SEC. The occurrence of any of the following risks could harm our business, financial condition, results of operations and", "title": "O - REALTY INCOME CORP", "url": "/company/O/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000910606; latest 10-K filed 2026-02-13.", "text": "REG - REGENCY CENTERS CORP SIC 6798 Real Estate Investment Trusts; CIK 0000910606; latest 10-K filed 2026-02-13. REG REGENCY CENTERS CORP 0000910606 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Executing on our Strategy During the year ended December 31, 2025, we had Net income attributable to common shareholders of $513.8 million as compared to $386.7 million during the year ended December 31, 2024. The increase was primarily attributable to a $72.2 million gain recognized from a partial distribution-in-kind transaction and a $45.2 million increase in base rent from same properties, reflecting improved operating performance. During the year ended December 31, 2025: \u2022 Our Pro-rata same property NOI, excluding termination fees, grew 5.3%, as compared to the year ended December 31, 2024, primarily attributable to improvements in base rent and recoveries from increases in year over year occupancy rates, contractual rent steps in existing leases, and positive rent spreads on comparable new and renewal leases. \u2022 We executed 1,899 new and renewal leasing transactions representing 7.4 million Pro-rata SF with positive rent spreads of 10.8% during 2025, compared to 2,032 leasing transactions representing 9.9 million Pro-rata SF with positive rent spreads of 9.5% in 2024. Rent spreads are calculated on all executed leasing transactions for comparable Retail Operating Property spaces, including spaces vacant greater than 12 months. \u2022 At December 31, 2025, our total property portfolio was 96.1% leased while our same property portfolio was 96.5% leased, compared to 96.3% and 96.6%, respectively, at December 31, 2024. We continued our development and redevelopment of high-quality shopping centers: \u2022 Estimated Pro-rata project costs of our current in process development and redevelopment projects totaled $597.4 million compared to $497.3 million at December 31, 2024. \u2022 Development and redevelopment projects completed during 2025 represented $212.4 million of estimated net project costs, with an average stabilized yield of 10.1%. A stabilized yield for development and redevelopment projects represents the incremental NOI (estimated stabilized NOI less NOI prior to project commencement) divided by the total project costs. We maintained liquidity and financial flexibility to cost effectively fund investment opportunities and debt maturities: \u2022 In February 2025, the Company received a credit rating upgrade to A- with a stable outlook, from S&P Global Ratings. The Company maintains an A3 rating with a stable outlook from Moody\u2019s Investors Service. \u2022 In May 2025, the Company issued $400 million of senior unsecured notes due 2032, at a par value of 99.279% and a coupon of 5.0% (the \"2025 Notes\"). \u2022 In July 2025, as consideration for the acquisition of five operating properties, the Operating Partnership issued 2,773,087 Common Units, and assumed $150 million of secured mortgage debt with a weighted average interest rate of 4.2% and an average remaining term of approximately 12 years. \u2022 The Company settled forward sales agreements entered into during 2024 under its At-the-Market (\"ATM\") program as follows: o In August 2025, the Company issued 673,172 shares of common stock and received $49.2 million of net proceeds. o In October 2025, the Company issued an additional 666,205 shares of common stock and received $49.1 million of net proceeds. Upon completion of these settlements, the Company had fully settled all forward sales agreements entered into during 2024. \u2022 In October 2025, the Company received a property distribution from its Regency-GRI real estate investment partnership. The distribution involved 11 of the 66 properties within the partnership, and the Company received five of these properties, which had an aggregate fair value of $113.9 million. In addition, the Company assumed an existing fixed rate mortgage loan on one property of $10 million, maturing January 2026 with an interest rate of 3.95%. The remaining six properties were distributed to the Company's partner. The Company repaid the assumed mortgage loan in full Item 1. Business Regency Centers Corporation is a fully integrated real estate company and self-administered and self-managed real estate investment trust that began its operations as a publicly-traded REIT in 1993. Our corporate headquarters are located at One Independent Drive, Suite 114, Jacksonville, Florida. Regency Centers, L.P. is a subsidiary through which Regency Centers Corporation conducts substantially all of its operations, and which owns, directly or indirectly, substantially all of its assets. Our business consists of acquiring, developing, owning, and operating income-producing retail real estate principally located in suburban trade areas with compelling demographics within the United States of America (\"USA\" or \"United States\"). We generate revenues by leasing space to necessity, service, convenience, and value-based retailers serving the essential needs of our communities. Regency has been an S&P 500 Index member since 2017. As of December 31, 2025, we had full or partial equity ownership interests in 481 properties, primarily anchored by market leading grocery stores, encompassing approximately 58.4 million square feet (\"SF\") of gross leasable area (\"GLA\"). Our Pro-rata share of this GLA is approximately 50.5 million SF, including our share of properties owned through unconsolidated real estate partnerships. We are a preeminent national owner, operator, and developer of neighborhood and community shopping centers predominantly located in suburban trade areas with compelling demographics. Our mission is to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. Our vision is to elevate quality of life as an integral thread in the fabric of our communities. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect with their neighborhoods, communities, and customers. Our value Item 1A. Risk Factors Our operations are subject to a number of risks and uncertainties including, but not limited to, those listed below. When considering an investment in our securities, carefully read and consider these risks, together with all other information in our other filings and submissions to the SEC, which provide additi", "title": "REG - REGENCY CENTERS CORP", "url": "/company/REG/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000872589; latest 10-K filed 2026-02-04.", "text": "REGN - REGENERON PHARMACEUTICALS, INC. SIC 2834 Pharmaceutical Preparations; CIK 0000872589; latest 10-K filed 2026-02-04. REGN REGENERON PHARMACEUTICALS, INC. 0000872589 2834 Pharmaceutical Preparations Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this report. Refer to Part II, Item 7 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (filed with the SEC on February 5, 2025) for additional discussion of our financial condition and results of operations for the year ended December 31, 2023, as well as our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023. Overview Regeneron Pharmaceuticals, Inc. is a fully integrated biotechnology company that invents, develops, manufactures, and commercializes medicines for people with serious diseases. Our research and development efforts have led to numerous products that have received marketing approval and approximately 45 product candidates currently in clinical development (including a number of marketed products for which we are investigating additional indications), most of which were homegrown in our laboratories. Our ability to generate profits and to generate positive cash flow from operations over the next several years depends significantly on the success in commercializing our products, including EYLEA HD and Dupixent. We expect to continue to incur substantial expenses related to our research and development activities, and our research and development activities and related costs which are not reimbursed by collaborators are expected to expand and require additional resources. We also expect to incur substantial costs related to the commercialization of our marketed products. Our financial results may fluctuate from quarter to quarter and will depend on, among other factors, the net sales of our products; the scope and progress of our research and development efforts; the timing of certain expenses; the continuation of our collaborations, in particular with Sanofi and Bayer, including our share of collaboration profits from sales of commercialized products and the amount of reimbursement of our research and development expenses that we receive from collaborators; and the amount of income tax expense we incur, which is partly dependent on the profits or losses we earn in each of the countries in which we operate. There is uncertainty surrounding whether or when new products or new indications for marketed products will receive regulatory approval or, if any such approval is received, whether we will be able to successfully commercialize such products and whether or when they may become profitable. Critical Accounting Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (\"GAAP\") requires management to make estimates and assumptions that affect reported amounts and related disclosures in the financial statements. Critical accounting estimates are those estimates made in accordance with GAAP that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on our results of operations or financial condition. Management believes the current assumptions used to estimate amounts reflected in our Consolidated Financial Statements are appropriate. However, if actual experience differs from the assumptions used in estimating amounts reflected in our Consolidated Financial Statements, the resulting changes could have a material adverse effect on our results of operations, and, in certain situations, could have a material adverse effect on our liquidity and financial condition. The critical accounting estimates that impact our Consolidated Financial Statements are described below. Product Revenue We recognize revenue from product sales at a point in time when our customer is deemed to have obtained control of the product, which generally occurs upon Item 1. Business This Annual Report on Form 10-K contains forward-looking statements that involve risks and uncertainties relating to future events and the future performance of Regeneron Pharmaceuticals, Inc. (where applicable, together with its subsidiaries, \"Regeneron,\" \"Company,\" \"we,\" \"us,\" and \"our\"), and actual events or results may differ materially from these forward-looking statements. Words such as \"anticipate,\" \"expect,\" \"intend,\" \"plan,\" \"believe,\" \"seek,\" \"estimate,\" variations of such words, and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. These statements concern, and these risks and uncertainties include, among others: \u2022competing products and product candidates (including biosimilar products) that may be superior to, or more cost effective than, products marketed or otherwise commercialized by Regeneron and/or its collaborators or licensees (collectively, \"Regeneron's Products\") and product candidates being developed by Regeneron and/or its collaborators or licensees (collectively, \"Regeneron's Product Candidates\"); \u2022uncertainty of the utilization, market acceptance, and commercial success of Regeneron's Products and Regeneron's Product Candidates and the impact of studies (whether conducted by Regeneron or others and whether mandated or voluntary) or recommendations and guidelines from governmental authorities and other third parties or other factors beyond Regeneron's control on the commercial success of Regeneron's Products and Regeneron's Product Candidates; \u2022the nature, timing, and possible success and therapeutic applications of Regeneron's Products and Regeneron's Product Candidates and research and clinical programs now underway or planned, including without limitation those discussed or referenced in this report, Regeneron's and its collaborators' earlier-stage programs, and the use of human genetics in Regeneron's research prog Item 1A. Risk Factors We operate in an environment that involves a number of significant risks and uncertainties. We caution you to read the following risk factors, which have affected, and/or in the future could affect, our business, prospects, operating results, and financial condition. The risks describe", "title": "REGN - REGENERON PHARMACEUTICALS, INC.", "url": "/company/REGN/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001281761; latest 10-K filed 2026-02-24.", "text": "RF - REGIONS FINANCIAL CORP SIC 6021 National Commercial Banks; CIK 0001281761; latest 10-K filed 2026-02-24. RF REGIONS FINANCIAL CORP 0001281761 6021 National Commercial Banks Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations EXECUTIVE OVERVIEW Management believes the following sections provide an overview of several of the most relevant matters necessary for an understanding of the financial aspects of Regions' business, particularly regarding its 2025 results. Cross references to more detailed information regarding each topic within MD&A and the consolidated financial statements are included. The following information should be read in conjunction with the entire MD&A and accompanying consolidated financial statements and related notes, as well as the other sections of this Annual Report on Form 10-K. Economic Environment in Regions' Banking Markets After what is expected to be full-year 2025 growth of 2.2 percent, Regions' baseline forecast anticipates real GDP growth of 2.7 percent for 2026. The economic environment faces challenges such as lingering trade policy uncertainty, a weaker pace of hiring, and persistent inflation pressures; however, the economy is supported by ample liquidity in the household and corporate sectors, elevated profit margins, expansionary fiscal policy, accommodative financial conditions, and accelerating trend productivity growth. The pace of nonfarm job growth slowing has been a function of diminished hiring as opposed to a rising pace of layoffs. Lingering policy uncertainty, uncertainty around the economic outlook, and a drive for greater efficiency are likely weighing on hiring while a significant outflow of foreign born labor has left a gap in the supply of labor which is weighing on hiring. A slower pace of labor force growth will largely offset the slowing pace of job growth, leaving the unemployment rate little changed; the unemployment rate averaged 4.3 percent in 2025, which we expect will be the average for 2026 as well. Though growth in aggregate labor earnings is slowing, it continues to outpace inflation. Growth in consumer spending has slowed partially reflecting payback for purchases of consumer durable goods that were pulled forward in 2025 as consumers looked to avoid tariff-related price increases. After slowing mid-year, growth in spending on discretionary services firmed up in the fall, but a significant decline in equity prices would likely lead to a pronounced pullback in such spending. Additionally, flagging consumer sentiment and uncertainty about the path of the labor market may weigh on spending growth. That said, overall household financial conditions remain healthy, with elevated household net worth and still-low monthly debt service burdens. Moreover, changes in the tax code will lead to a significant boost to after-tax household income in the first quarter of 2026 that is expected to support spending amongst lower-to-middle income households. More favorable tax treatment seems to have bolstered business investment spending over recent months and the momentum is expected to carry forward in 2026. Corporate profit margins remain notably elevated, particularly relative to the years immediately prior to 2020, which has enabled firms to absorb some portion of the higher tariffs already put in place. However, there is some remaining uncertainty around how the costs of higher tariffs will impact longer-term decisions on capital spending, hiring, and pricing. While increased emphasis on the downside risks to the labor market led the FOMC to cut the Federal funds rate three times in 2025, most recently by twenty-five basis points at their December 2025 meeting, the extent of further cuts in 2026 remains unclear. Several Committee members remain focused on the upside risks to inflation. While this does not rule out additional Federal funds rate cuts, it likely limits the scope for further cuts barring a more pronounced deterioration in labor market conditions. Patterns of economic activity within the Regions footprint are expected to be broadly similar to those seen for the U.S. as a whole. As wa Item 1. Business Regions Financial Corporation is a FHC headquartered in Birmingham, Alabama operating in the South, Midwest and Texas. In addition, Regions operates several offices delivering specialty capabilities in New York, Washington D.C., Chicago, Salt Lake City, and other locations nationwide. Regions provides financial solutions for a wide range of clients including retail and mortgage banking services, commercial banking services and wealth and investment services. Further, Regions and its subsidiaries deliver other financial services operations described below. At December 31, 2025, Regions had total consolidated assets of approximately $158.8 billion, total consolidated deposits of approximately $131.1 billion and total consolidated shareholders\u2019 equity of approximately $19.0 billion. The terms \u201cRegions,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d as used herein mean collectively Regions Financial Corporation, a Delaware corporation, together with its subsidiaries when or where appropriate. Regions' principal executive offices are located at 1900 Fifth Avenue North, Birmingham, Alabama 35203, and its telephone number at that address is (800) 734-4667. Banking Operations Regions conducts its banking operations through Regions Bank, an Alabama state-chartered commercial bank that is a member of the Federal Reserve System. At December 31, 2025, Regions operated 1,786 ATMs and 1,247 total branch outlets primarily across the South, Midwest and Texas. The following table reflects the distribution of branch locations in each of the states in which Regions conducts its banking operations. [[GREPCENT_TABLE]] [[\"\",\"Branches\"],[\"Florida\",\"270\"],[\"Tennessee\",\"194\"],[\"Alabama\",\"184\"],[\"Georgia\",\"117\"],[\"Mississippi\",\"97\"],[\"Texas\",\"85\"],[\"Louisiana\",\"79\"],[\"Arkansas\",\"55\"],[\"Missouri\",\"48\"],[\"Illinois\",\"40\"],[\"Indiana\",\"40\"],[\"South Carolina\",\"18\"],[\"Kentucky\",\"9\"],[\"North Carolina\",\"6\"],[\"Iowa\",\"4\"],[\"Utah\",\"1\"],[\"Total\",\"1,247\"]] [[/GREPCENT_TABLE]] Other Financial Item 1A. Risk Factors An investment in the Company involves risks, some of which, including market, credit, technology, strategic, operational, reputational, legal, regulatory and compliance, liquidity, talent management, estimate and assumption and other external risks, could be substantial and is inherent in our business. These risk", "title": "RF - REGIONS FINANCIAL CORP", "url": "/company/RF/" }, { "kind": "company", "summary": "SIC 4953 Refuse Systems; CIK 0001060391; latest 10-K filed 2026-02-18.", "text": "RSG - REPUBLIC SERVICES, INC. SIC 4953 Refuse Systems; CIK 0001060391; latest 10-K filed 2026-02-18. RSG REPUBLIC SERVICES, INC. 0001060391 4953 Refuse Systems ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion in conjunction with our audited consolidated financial statements and the notes thereto included in Part II, Item 8 of this Annual Report on Form 10-K. This discussion may contain forward-looking statements that anticipate results that are subject to uncertainty. We discuss in more detail various factors that could cause actual results to differ from expectations in Part I, Item 1A, Risk Factors in this Annual Report on Form 10-K. For further discussion regarding our results of operations for the year ended December 31, 2024 as compared to the year ended December 31, 2023, refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Recent Developments 2026 Financial Guidance In 2026, we will focus on pricing in excess of cost inflation, driving profitable volume growth, investing in sustainability to improve the environment and drive growth, investing in value-creating acquisitions and advancing technology to improve productivity and increase customer retention. Specific guidance follows: Revenue We expect revenue to be in the range of $17.050 billion to $17.150 billion. We expect growth from average yield on total revenue to be in a range of 3.2% to 3.7% and related revenue to be in a range of 4.0% to 4.5%. We expect the impact from volume on total revenue to be approximately (1.0)%. Adjusted Diluted Earnings per Share The following is a summary of anticipated adjusted diluted earnings per share for the year ending December 31, 2026 compared to the actual adjusted diluted earnings per share for the year ended December 31, 2025. Adjusted diluted earnings per share is not a measure determined in accordance with U.S. GAAP: [[GREPCENT_TABLE]] [[\"\",\"(Anticipated) Year Ending December 31, 2026\",\"\",\"(Actual) Year Ended December 31, 2025\"],[\"Diluted earnings per share\",\"$7.14 - $7.22\",\"\",\"$\",\"6.85\"],[\"Restructuring charges\",\"0.06\",\"\",\"\",\"0.05\"],[\"Labor disruption\",\"\\u2014\",\"\",\"\",\"0.12\"],[\"Adjusted diluted earnings per share\",\"$7.20 - $7.28\",\"\",\"$\",\"7.02\"]] [[/GREPCENT_TABLE]] We believe that the presentation of adjusted diluted earnings per share provides an understanding of operational activities before the financial effect of certain items. We use this measure, and believe investors will find it helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate effect on our results for a particular period. We have incurred comparable charges and costs in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Our definition of adjusted diluted earnings per share may not be comparable to similarly titled measures presented by other companies. The guidance set forth above constitutes forward-looking information and is not a guarantee of future performance. The guidance is based upon the current beliefs and expectations of our management and is subject to significant risk and uncertainties that could cause actual results to differ materially from those shown above. See Item 1A. Risk Factors - Disclosure Regarding Forward-Looking Statements. Overview Republic is one of the largest providers of environmental services in the United States, as measured by revenue. As of December 31, 2025, we operated across the United States and Canada through 377 collection operations, 255 transfer stations, 79 recycling centers, 207 active landfills, 2 treatment, recovery and disposal facilities, 24 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells, 15 deep injection wells, 9 industrial wastewater treatment facilities, and 2 polymer centers. We are engaged in 84 landfill gas-to-energy and other renewable energy projects and had post-closure respo ITEM 1.BUSINESS Overview Republic Services is one of the largest providers of environmental services in North America, as measured by revenue. We operate across the United States and Canada through 377 collection operations, 255 transfer stations, 79 recycling centers, 207 active landfills, 2 treatment, recovery and disposal facilities, 24 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells, 15 deep injection wells, 9 industrial wastewater treatment facilities, and 2 polymer centers. We are engaged in 84 landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for 124 closed landfills. We believe the total addressable United States and Canada environmental services market in which we operate generates approximately $163 billion of annual revenue, which includes the $110 billion recycling and waste industry, $37 billion of the broader environmental solutions industry, and $16 billion in sustainability innovation (described below) and emerging waste and recycling technologies. Within our recycling and waste business, we prioritize investments in market verticals with above-average growth rates and higher return profiles. The environmental solutions market remains fragmented, which provides consolidation opportunities to drive scale. In our sustainability innovation businesses, we believe customer demand for products and services that respond to evolving environmental trends, including circularity and decarbonization, should support above average growth rates and attractive returns. We believe we can further expand our addressable market into other segments of the environmental services industry over time by leveraging our differentiated capabilities, including (1) customer zeal, (2) digital and (3) sustainability. We operate throughout the United States and Canada, but the physical collection and recycling or disposal of material is largely a local business, and the dynamics and opportunities differ ITEM 1A. RISK FACTORS Disclosure Regarding Forward-Looking Statements This Annual Report on Form 10-K contains certain forward-looking information about us that is intended to be covered by the safe harbor for \u201cforward-looking statements\u201d provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not", "title": "RSG - REPUBLIC SERVICES, INC.", "url": "/company/RSG/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000943819; latest 10-K filed 2025-08-08.", "text": "RMD - RESMED INC SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000943819; latest 10-K filed 2025-08-08. RMD RESMED INC 0000943819 3841 Surgical & Medical Instruments & Apparatus ITEM 7 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview Management\u2019s discussion and analysis of financial condition and results of operations, or the MD&A, is intended to help the reader understand our results of operations and financial condition. It is provided as a supplement to, and should be read in conjunction with, the selected financial data and consolidated financial statements and notes included in this report. We are a global leader in the development, manufacturing, distribution and marketing of medical devices and cloud-based software applications that diagnose, treat and manage respiratory disorders, including sleep disordered breathing, or SDB, chronic obstructive pulmonary disease, neuromuscular disease and other chronic diseases. SDB includes obstructive sleep apnea and other respiratory disorders that occur during sleep. Our products and solutions are designed to improve patient quality of life, reduce the impact of chronic disease and lower healthcare costs as global healthcare systems continue to drive a shift in care from hospitals to the home and lower cost settings. Our digital cloud-based health software applications, along with our devices, are designed to provide connected care to improve patient outcomes and efficiencies for our customers. Since the development of continuous positive airway pressure therapy, we have expanded our business by developing or acquiring a number of products and solutions for a broader range of respiratory disorders including technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, dental devices, and cloud-based software informatics solutions to manage patient outcomes and customer and provider business processes. Our growth has been fueled by geographic expansion, our research and product development efforts, acquisitions and an increasing awareness of SDB and respiratory conditions like chronic obstructive pulmonary disease as significant health concerns. We are committed to ongoing investment in research and development and product enhancements. During fiscal year 2025, we invested $331.3 million on research and development activities, which represents 6.4% of net revenues with a continued focus on the development and commercialization of new, innovative products and solutions that improve patient outcomes, create efficiencies for our customers and help physicians and providers better manage chronic disease and lower healthcare costs. For example, our newest device, AirSense 11, introduced new features such as a touch screen, algorithms for patients new to therapy, digital enhancements and over-the-air update capabilities. Our operations include residential care software platforms designed to support the professionals and caregivers who help people stay healthy in the home or care setting of their choice. These platforms comprise our Residential Care Software business and, along with our cloud-based remote monitoring and therapy management system, and a robust product pipeline, these products should continue to provide us with a strong platform for future growth. We have determined that we have two operating segments, which are the sleep and respiratory disorders sector of the medical device industry, or Sleep and Breathing Health, and the supply of business management software as a service to residential healthcare providers, or Residential Care Software. During fiscal year 2025, we renamed our operating segments from Sleep and Respiratory Care to Sleep and Breathing Health and from Software as a Service to Residential Care Software in alignment with our 2030 strategy. There have been no changes in the preparation and disclosure of financial information by operating segment. Net revenue in fiscal year 2025 increased to $5,146.3 million, an increase of 10% compared to fiscal year 2024. Gross pro ITEM 1 BUSINESS General We are a global leader in digital health and cloud-connected medical devices. We design innovative solutions to treat and keep people out of the hospital, empowering them to live healthier, higher-quality lives. Our digital health technologies and cloud-connected medical devices transform care for people with sleep apnea, chronic obstructive pulmonary disease, or COPD, and other chronic diseases. Our comprehensive residential care software platforms support the professionals and caregivers who help people stay healthy in the home or care setting of their choice. By enabling better care, our products improve quality of life, reduce the impact of chronic disease, and lower costs for consumers and healthcare systems. Following our formation in 1989, we commercialized a continuous positive airway pressure, or CPAP, treatment for obstructive sleep apnea, or OSA, which was the first successful non-invasive treatment for OSA. CPAP systems deliver pressurized air, typically through a mask, to prevent collapse of the upper airway during sleep. Since the development of CPAP, we have expanded our business by developing or acquiring a number of innovative products and solutions for a broad range of respiratory disorders including technologies to be applied in medical and consumer products, ventilation devices, diagnostic products, mask systems for use in the hospital and home, headgear and other accessories, and dental devices. In addition, we are a leading provider of cloud-based health applications, software and devices designed to provide connected care, enabling clinicians to manage more patients efficiently and effectively, as well as enabling and encouraging patients\u2019 long-term adherence to and satisfaction with their therapy. We also provide management software that assists durable or home medical equipment (DME/HME) providers, and other long-term care providers operate more effectively and efficiently across various residential care settings. ITEM 1A RISK FACTORS Before deciding to purchase, hold or sell our common stock, you should carefully consider the risks described below in addition to the other cautionary statements and risks described elsewhere, and the other information contained in this Report and in our other filings with the SEC, including our ", "title": "RMD - RESMED INC", "url": "/company/RMD/" }, { "kind": "company", "summary": "SIC 3826 Laboratory Analytical Instruments; CIK 0000031791; latest 10-K filed 2026-02-24.", "text": "RVTY - REVVITY, INC. SIC 3826 Laboratory Analytical Instruments; CIK 0000031791; latest 10-K filed 2026-02-24. RVTY REVVITY, INC. 0000031791 3826 Laboratory Analytical Instruments Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This annual report on Form 10-K, including the following management\u2019s discussion and analysis, contains forward-looking information that you should read in conjunction with the consolidated financial statements and notes to consolidated financial statements that we have included elsewhere in this annual report on Form 10-K. For this purpose, any statements contained in this report that are not statements of historical fact may be deemed to be forward-looking statements. Words such as \u201cbelieves,\u201d \u201cplans,\u201d \u201canticipates,\u201d \u201cexpects,\u201d \u201cwill\u201d and similar expressions are intended to identify forward-looking statements. Our actual results may differ materially from the plans, intentions or expectations we disclose in the forward-looking statements we make. We have included important factors above under the heading \u201cRisk Factors\u201d in Item 1A above that we believe could cause actual results to differ materially from the forward-looking statements we make. We are not obligated to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Accounting Period Our fiscal year ends on the Sunday nearest December 31. We report fiscal years under a 52/53-week format and as a result, certain fiscal years will contain 53 weeks. Each of the fiscal years ended December 28, 2025 (\u201cfiscal year 2025\u201d), December 29, 2024 (\u201cfiscal year 2024\u201d) and December 31, 2023 (\u201cfiscal year 2023\u201d) included 52 weeks. The fiscal year ending January 3, 2027 (\u201cfiscal year 2026\u201d) will include 53 weeks. Overview of Fiscal Year 2025 Our overall revenue in fiscal year 2025 increased by $101.1 million, or 4%, as compared to fiscal year 2024, reflecting an increase of $68.5 million, or 5%, in Diagnostics segment revenue and an increase of $32.5 million, or 2%, in Life Sciences segment revenue. The increase in our Diagnostics segment revenue was driven by both our Immunodiagnostics and Reproductive Health businesses. The increase in our Life Sciences segment revenue was driven by our Software business. Our consolidated gross margin decreased 104 basis points in fiscal year 2025, as compared to fiscal year 2024, primarily due to increased tariffs, unfavorable changes in foreign exchange rates, and product mix shift, partially offset by the completion of product rebranding efforts in fiscal year 2024. Our consolidated operating margin decreased 10 basis points in fiscal year 2025, as compared to fiscal year 2024, due to gross margin headwinds, as discussed above, partially offset by productivity and cost containment initiatives. Overall, we believe that our range of product offerings, leading market positions, global scale and financial strength provides us with a foundation for continued long-term growth, margin expansion and robust cash flow generation. Consolidated Results of Operations Fiscal Year 2025 Compared to Fiscal Year 2024 Revenue Revenue for fiscal year 2025 was $2,856.1 million, as compared to $2,755.0 million for fiscal year 2024, an increase of $101.1 million, or 4%, which includes an approximate 1% increase in revenue attributable to favorable changes in foreign exchange rates. The analysis in the remainder of this paragraph compares segment revenue for fiscal year 2025 as compared to fiscal year 2024 and includes the effect of foreign exchange rate fluctuations. Life Sciences segment revenue was $1,431.1 million for fiscal year 2025, as compared to $1,398.6 million for fiscal year 2024, an increase of $32.5 million, or 2%, driven by an increase of $35.6 million in Software revenue, partially offset by a decrease of $3.1 million in Life Sciences Solutions revenue. Diagnostics segment revenue for fiscal year 2025 was $1,424.9 million, as compared to $1,356.4 million for fiscal year 2024, an increase of $68.5 million, or 5%, due to an increase of $41.3 million in Immunodiagnostics revenue and an increas Item 1. Business Overview We are a leading provider of health science solutions, technologies, expertise and services that deliver complete workflows from discovery to development, and diagnosis to cure. Revvity is revolutionizing what\u2019s possible in healthcare, with specialized focus areas in translational multi-omics technologies, biomarker identification, imaging, prediction, screening, detection and diagnosis, informatics and more. Our headquarters are in Waltham, Massachusetts, and we market our products and services in more than 160 countries. As of December 28, 2025, we employed approximately 11,000 employees. Our common stock is listed on the New York Stock Exchange under the symbol \u201cRVTY\u201d and we are a component of the S&P 500 Index. We maintain a website with the address http://www.revvity.com. We are not including the information contained in our website as part of, or incorporating it by reference into, this annual report on Form 10-K. We make available free of charge through our website our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to these reports, as soon as reasonably practicable after we electronically file these materials with, or otherwise furnish them to, the Securities and Exchange Commission. Our Strategy Our strategy is to develop and deliver innovative products, services and solutions in high-growth markets that utilize our knowledge and expertise to address customers\u2019 critical needs and drive scientific breakthroughs. To execute on our strategy and accelerate revenue growth, we focus on broadening our offerings through both the investment in research and development and the acquisition of innovative technology. Our strategy includes: \u2022Strengthening our position within key markets by expanding our global product and service offerings, maintaining superior product quality and driving an enhanced customer experience; \u2022Attracting, retaining and developing talented and engaged Item 1A. Risk Factors The following important factors affect our business and operations generally or affect multiple segments of our business and operations: Risks Related to our Business Operations and Industry If the markets into which we sell our products decline or do not grow as anticipated due to a decline in general economic condition", "title": "RVTY - REVVITY, INC.", "url": "/company/RVTY/" }, { "kind": "company", "summary": "SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0001783879; latest 10-K filed 2026-02-18.", "text": "HOOD - Robinhood Markets, Inc. SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0001783879; latest 10-K filed 2026-02-18. HOOD Robinhood Markets, Inc. 0001783879 6211 Security Brokers, Dealers & Flotation Companies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This section presents management\u2019s perspective on our financial condition and results of operations, including performance metrics that management uses to assess company performance. The following discussion and analysis is intended to highlight and supplement data and information presented elsewhere in this Annual Report, and should be read in conjunction with our consolidated financial statements and notes elsewhere in this Annual Report. It is also intended to provide you with information that will assist you in understanding our consolidated financial statements, the changes in key items in those consolidated financial statements from year to year, and the primary factors that accounted for those changes. To the extent that this discussion describes prior performance, the descriptions relate only to the periods listed, which might not be indicative of our future financial outcomes. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause results to differ materially from management\u2019s expectations. Factors that could cause such differences are discussed in the sections titled \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors.\u201d We refer to our \u201cusers\u201d and our \u201ccustomers\u201d interchangeably throughout this Annual Report to refer to individuals who hold accounts on our platforms. Overview Robinhood was founded on the belief that everyone should be welcome to participate in our financial system. We are creating modern financial services platforms for everyone, regardless of their wealth, income, or background. Our mission is to democratize finance for all. We use technology to provide access to the financial system in a way that is simple and convenient for our customers. We believe investing should be familiar and welcoming, with a simple design and an intuitive interface, so that customers are empowered to achieve their goals. We started with a revolutionary, bold brand and design in the Robinhood app which makes investing approachable for millions. Over the last decade, we have disrupted and changed the industry, becoming the first U.S. retail broker to offer commission-free stock trading with no account minimums, which was subsequently adopted by the rest of the industry. In recent years, we have continued to build relationships with our customers by introducing new products and diversifying our services that further expand access to the financial system, including focusing on products and tools for more seasoned investors. Through these efforts, we believe we have made investing culturally relevant and understandable, and that our platforms are enabling our customers to become long-term investors and take greater control of their finances. Financial Results and Performance With respect to the year ended December 31, 2025, as compared to the year ended December 31, 2024: \u2022total net revenues increased 52% to $4.47 billion compared to $2.95 billion; \u2022net income increased 33% to $1.88 billion compared to $1.41 billion; \u2022diluted EPS increased 31% to $2.05 compared to $1.56; 101 Table of Contents \u2022total operating expenses increased 25% to $2.38 billion compared to $1.90 billion; \u2022Adjusted EBITDA (non-GAAP) increased 76% to $2.52 billion compared to $1.43 billion; \u2022Funded Customers increased by 1.8 million, 7%, to 27.0 million compared to 25.2 million and Investment Accounts increased by 2.2 million , 8%, to 28.4 million compared to 26.2 million; \u2022Total Platform Assets increased 67% to $322.1 billion(1) compared to $192.9 billion, driven by continued Net Deposits, acquired assets, and higher equity valuations; \u2022Net Deposits were $68.1 billion, which translates to a growth rate of 35% relative to Total Platform Assets at the end of the fourth quarter of 2024, compared to $50.5 billion, which transla ITEM 1. BUSINESS Company Overview Robinhood was founded in 2013 on the belief that everyone should be welcome to participate in our financial system. We are creating modern financial services platforms for everyone, regardless of their wealth, income, or background. Our mission is to democratize finance for all. We use technology to provide access to the financial system in a way that is simple and convenient for our customers. We believe the financial system should be built to work for everyone. That\u2019s why we create products that let our customers start investing at their own pace, on their own terms. We believe investing should be familiar and welcoming, with a simple design and an intuitive interface, so that customers are empowered to achieve their goals. We started with a revolutionary, bold brand and design in the Robinhood app which makes investing approachable for millions. Over the last decade, we have disrupted and changed the industry, becoming the first U.S. retail broker to offer commission-free stock trading with no account minimums, which was subsequently adopted by the rest of the industry. In recent years, we have continued to build relationships with our customers by introducing new products and diversifying our services that further expand access to the financial system, including focusing on products and tools for more seasoned investors. Through these efforts, we believe we have made investing culturally relevant and understandable, and that our platforms enable our customers to become long-term investors and take greater control of their finances. At Robinhood, our values are in service of our customers. Our customers are why we exist. That is why we put what\u2019s best for our customers at the center of our decision-making in order to bring them the best technology coupled with real value. That is why at Robinhood, we push for progress without compromising quality. We also take our responsibility for our customers\u2019 finances seriously. We know ITEM 1A. RISK FACTORS A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider the risks and uncertainties described below, as well as the other information included in this Annual Report, including our consolidated financial sta", "title": "HOOD - Robinhood Markets, Inc.", "url": "/company/HOOD/" }, { "kind": "company", "summary": "SIC 3829 Measuring & Controlling Devices, NEC; CIK 0001024478; latest 10-K filed 2025-11-12.", "text": "ROK - ROCKWELL AUTOMATION, INC SIC 3829 Measuring & Controlling Devices, NEC; CIK 0001024478; latest 10-K filed 2025-11-12. ROK ROCKWELL AUTOMATION, INC 0001024478 3829 Measuring & Controlling Devices, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Non-GAAP Measures The following discussion includes organic sales, total segment operating earnings and margin, Adjusted Income, Adjusted EPS, Adjusted Effective Tax Rate, and free cash flow, which are non-GAAP measures. See Supplemental Sales Information for a reconciliation of reported sales to organic sales and a discussion of why we believe this non-GAAP measure is useful to investors. See Summary of Results of Operations for a reconciliation of Income before income taxes to total segment operating earnings and margin and a discussion of why we believe these non-GAAP measures are useful to investors. See Adjusted Income, Adjusted EPS, and Adjusted Effective Tax Rate Reconciliation for a reconciliation of Net income attributable to Rockwell Automation, diluted EPS, and effective tax rate to Adjusted Income, Adjusted EPS, and Adjusted Effective Tax Rate, respectively, and a discussion of why we believe these non-GAAP measures are useful to investors. See Financial Condition for a reconciliation of Cash provided by operating activities to free cash flow and a discussion of why we believe this non-GAAP measure is useful to investors. Overview Rockwell Automation, Inc. is the world\u2019s largest company dedicated to industrial automation and digital transformation. Overall demand for our hardware and software products, solutions, and services is driven by: \u2022investments in manufacturing, including new facilities or production lines, upgrades, modifications and expansions of existing facilities or production lines; \u2022investments in basic materials production capacity, which may be related to commodity pricing levels; \u2022our customers\u2019 needs for faster time to market, agility to address evolving consumer preferences, operational productivity, asset management and reliability, and business resilience, including security and enterprise risk management; \u2022our customers\u2019 needs to continuously improve quality, safety, and sustainability; \u2022industry factors that include our customers\u2019 new product introductions, demand for our customers\u2019 products or services, and the regulatory and competitive environments in which our customers operate; \u2022levels of global industrial production and capacity utilization; \u2022regional factors that include local political, social, regulatory, and economic circumstances; and \u2022the spending patterns of our customers due to their annual budgeting processes and their working schedules. Long-term Strategy As the world\u2019s largest company dedicated to industrial automation and digital transformation, our strategy is to bring the Connected Enterprise\u00ae to life. We understand and simplify our customers\u2019 complex production challenges and deliver the most valued solutions that combine technology and industry expertise. As a result, we make our customers more resilient, agile, and sustainable, creating more ways to win. We deliver value by helping our customers optimize production, build resilience, empower people, become more sustainable, and accelerate transformation. Rockwell Automation stands at the intersection of the technological and societal trends that are shaping the future of industrial operations. We see converging megatrends including digitization and AI, energy transition and sustainability, shifting demographics, and an increased need for resiliency. Our long-term profitable growth framework outlines how we will deliver accelerated growth while we continue to transform our company to meet stakeholder expectations over the longer term: \u2022achieve faster secular growth in traditional markets due to customer needs for resiliency (including cybersecurity), agility, sustainability, and mitigating impacts of labor shortages; \u2022grow share and create new ways to win through technology differentiation, industry focus, go to market acceleration, expanded offerings and new markets; \u2022continue double- Item 1. Business General Rockwell Automation, Inc. (Rockwell Automation or the Company) is the world\u2019s largest company dedicated to industrial automation and digital transformation. We understand and simplify our customers\u2019 complex production challenges and deliver the most valued solutions that combine technology and industry expertise. As a result, we make our customers more resilient, agile, and sustainable, creating more ways to win. See Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) for additional information on our business and long-term strategy. The Company continues the business founded as the Allen-Bradley Company in 1903. The privately-owned Allen-Bradley Company was a leading North American manufacturer of industrial automation equipment when the former Rockwell International Corporation (RIC) purchased it in 1985. The Company was incorporated in Delaware in connection with a tax-free reorganization completed on December 6, 1996, pursuant to which we divested our former aerospace and defense businesses (the A&D Business) to The Boeing Company (Boeing). In the reorganization, RIC contributed all of its businesses, other than the A&D Business, to the Company and distributed all capital stock of the Company to RIC\u2019s shareowners. Boeing then acquired RIC. As used herein, the terms \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, \u201cRockwell Automation\u201d, or the \u201cCompany\u201d include wholly-owned and controlled majority-owned subsidiaries and predecessors unless the context indicates otherwise. Information included in this Annual Report on Form 10-K refers to our continuing businesses unless otherwise indicated. Whenever an Item of this Annual Report on Form 10-K refers to information in our Proxy Statement for our Annual Meeting of Shareowners to be held on February 10, 2026 (the Proxy Statement), or to information under specific captions in Item 7. MD&A, or in Item 8. Financial Statements and Supplementary Data (the Consolidated Finan Item 1A. Risk Factors In the ordinary course of our business, we face various strategic, operating, compliance, cybersecurity, and financial risks. These risks could have an impact on our business, financial condition, operating results, and cash flows. Our most significant risks are set forth below and elsewhere in t", "title": "ROK - ROCKWELL AUTOMATION, INC", "url": "/company/ROK/" }, { "kind": "company", "summary": "SIC 7340 Services-To Dwellings & Other Buildings; CIK 0000084839; latest 10-K filed 2026-02-12.", "text": "ROL - ROLLINS INC SIC 7340 Services-To Dwellings & Other Buildings; CIK 0000084839; latest 10-K filed 2026-02-12. ROL ROLLINS INC 0000084839 7340 Services-To Dwellings & Other Buildings Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Caution Regarding Forward-Looking Statements This Annual Report on Form 10-K as well as other written or oral statements by the Company may contain \u201cforward-looking statements\u201d as defined in the Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current opinions, expectations, intentions, beliefs, plans, objectives, assumptions and projections about future events and financial trends affecting the operating results and financial condition of our business. Although we believe that these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions, or expectations. Generally, statements that do not relate to historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. The words \u201cbelieve,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cplan,\u201d \u201cpossible,\u201d \u201cpotential,\u201d \u201cpredict,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cwould,\u201d and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. 23 Table of Contents Forward-looking statements in this Annual Report on Form 10-K include, but are not limited to, statements regarding: \u2022expectations with respect to our financial and business performance and strategy; \u2022expansion efforts and growth opportunities, including, but not limited, to anticipated organic and acquisition growth and recent and future acquisitions in the United States and in foreign markets where we have a presence and integration efforts with respect to recent acquisitions; \u2022our anticipation of another year of strong organic revenue growth; \u2022that maintaining and enhancing our brands increases our ability to enter new markets and launch new and innovative services that better serve the needs of our customers; \u2022the Saela acquisition expanding the Rollins family of brands and driving long-term value; \u2022the Company's credit risk, including that we do not believe that a one percent increase in interest rates would have a material effect on our results of operations or cash flows, and our belief that foreign exchange rate risk will not have a material impact upon the Company\u2019s results of operations going forward; \u2022the impact of inflation, changing interest rates, tariffs, trade disputes, foreign exchange rate risk, business interruptions due to natural disasters and changes in the weather patterns, seasonality, employee shortages, and supply chain issues; \u2022our belief that we maintain a sufficient level of products, materials, and other supplies and have qualified comparable products and materials and our ability to foresee potential supply disruptions; \u2022our belief that the contracted and recurring nature of our services provide us with visibility into a significant portion of our future revenue; \u2022our belief that our key strategic objectives will help us to drive continued success for Rollins; \u2022our belief that our alignment around key strategic areas will enable us to grow faster than our market, position our business for the future, and deliver value for all stakeholders, including our customers, our teammates, our communities and our shareholders; \u2022our belief that our scale enables delivery of great service and provides us with a significant and reinforcing competitive advantage; \u2022that we have strategically invested in proprietary routing and scheduling technologies to increase our competitive advantage; \u2022our belief that geographic diversity allows us to increase brand recognition, meet demands of global customers, and draw on business and technical expertise from teams in several countries, and offers us an opportunity to access new markets; \u2022that our acquisition strategy targets businesses that have the Item 1. Business General Overview Rollins, Inc. (\u201cRollins,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or the \u201cCompany\u201d), is an international services company headquartered in Atlanta, Georgia. Through our family of leading brands, we provide essential pest and wildlife control services and protection against termite damage, rodents and insects to more than two million residential and commercial customers from more than 800 Company-owned and franchised locations in approximately 70 countries. Over the course of our lengthy operating history, we have garnered a reputation for providing great customer service. The contracted and recurring nature of our services provide us with visibility into a significant portion of our future revenue. In 1964, brothers O. Wayne and John Rollins acquired Orkin Exterminating Company and in 1965 we changed our name from Rollins Broadcasting, Inc to Rollins, Inc. In 1968, Rollins began trading on the New York Stock Exchange under the symbol \u201cROL.\u201d Since then, we have grown into a premier global consumer and commercial services company with numerous industry leading brands including Aardwolf Pestkare, Clark Pest Control, Crane Pest Control, Critter Control, Fox Pest Control, HomeTeam Pest Defense, Industrial Fumigant Company, McCall Service, MissQuito, Northwest Exterminating, OPC Pest Services, Orkin, Orkin Australia, Orkin Canada, PermaTreat, Safeguard, Saela Pest Control, Trutech, Waltham Services, Western Pest Services, and more. Pest control generally consists of assessing a customer's property for conditions that invite pests, tackling current infestations, and stopping the life cycle to prevent future invaders. Termite protection programs include liquid treatments, wet and dry foam applications, termite baiting and wood treatments. We operate under one reportable segment which contains our three service offerings: \u2022Residential: Pest control services protecting residential properties from common pests, including rodents, insects and wildlife; \u2022Co", "title": "ROL - ROLLINS INC", "url": "/company/ROL/" }, { "kind": "company", "summary": "SIC 3823 Industrial Instruments For Measurement, Display, and Control; CIK 0000882835; latest 10-K filed 2026-02-24.", "text": "ROP - ROPER TECHNOLOGIES INC SIC 3823 Industrial Instruments For Measurement, Display, and Control; CIK 0000882835; latest 10-K filed 2026-02-24. ROP ROPER TECHNOLOGIES INC 0000882835 3823 Industrial Instruments For Measurement, Display, and Control ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Amounts are in millions unless specified, except per share data This item generally discusses our 2025 results compared to our 2024 results. Discussions of our 2024 results compared to our 2023 results can be found within Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. Overview Roper Technologies, Inc. (\u201cRoper,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d) is a diversified technology company. Roper has a proven, long-term, successful track record of compounding cash flow and increasing shareholder value. We operate market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. We pursue consistent and sustainable growth in revenue, earnings, and cash flow by enabling continuous improvement in the operating performance of our existing businesses and by acquiring businesses that offer high value-added software, services, technology-enabled products, and solutions that we believe are capable of realizing growth while maintaining high margins. In November 2022, Roper completed the divestiture of a majority equity stake in its industrial businesses, including its entire historical Process Technologies reportable segment and the industrial businesses within its historical Measurement & Analytical Solutions reportable segment (collectively \u201cIndicor\u201d), to CD&R. Following the sale of the majority equity stake, Roper retained a minority equity interest in Indicor. See Note 9 of the Notes to Consolidated Financial Statements included in this Annual Report for additional information regarding Roper\u2019s minority equity interest in Indicor. The financial results of Indicor are reported as discontinued operations for all periods presented. Unless otherwise noted, discussion within Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations relates to continuing operations. Segment Reporting Roper\u2019s segment reporting structure is based on business model and delivery of performance obligations. The three reportable segments are as follows: \u2013Application Software\u2014Aderant, CentralReach, Clinisys, Data Innovations, Deltek, Frontline, IntelliTrans, PowerPlan, Procare, Strata, Transact/CBORD, and Vertafore; \u2013Network Software\u2014ConstructConnect, DAT, Foundry, iPipeline, iTradeNetwork, MHA, SHP, SoftWriters, and Subsplash; \u2013Technology Enabled Products\u2014CIVCO Medical Solutions, FMI, Inovonics, IPA, Neptune, Northern Digital, rf IDEAS, and Verathon. Financial information about our reportable segments is presented in Note 14 of the Notes to Consolidated Financial Statements included in this Annual Report. Application of Critical Accounting Policies Our Consolidated Financial Statements are prepared in conformity with generally accepted accounting principles in the United States (\u201cGAAP\u201d). A discussion of our significant accounting policies can also be found in the Notes to Consolidated Financial Statements for the year ended December 31, 2025 included in this Annual Report. GAAP offers acceptable alternative methods for accounting for certain issues affecting our financial results, such as determining inventory cost, depreciating long-lived assets, and recognizing revenue. Other than the changes during 2023 as further described in Note 9 of our Notes to Consolidated Financial Statements with respect to the methodology used to value our equity investment in Indicor, we have not changed the application of acceptable accounting methods or the significant estimates affecting the application of these principles in the last three years in a manner that had a material effect on our Consolidated Financial Statements. 23 The preparation of financial statements in accordance with GAAP requires the use of estimates, assumptions, judgments, and interpretations that can affect the reported amounts of assets, liabilities, re ITEM 1. BUSINESS All currency amounts are in millions unless specified Our Business Roper Technologies, Inc. (\u201cRoper,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d) is a diversified technology company. Roper has a proven, long-term, successful track record of compounding cash flow and increasing shareholder value. We operate market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. We pursue consistent and sustainable growth in revenue, earnings, and cash flow by enabling continuous improvement in the operating performance of our businesses and by acquiring businesses that offer high value-added software, services, technology-enabled products, and solutions that we believe are capable of realizing growth while maintaining high margins. We compete in many defensible niche markets and believe we are the market leader or a competitive alternative to the market leader in most of these markets. In the last three years, we have deployed approximately $8,960 of capital toward acquisitions. In 2025, this included approximately $1,850 for the acquisition of CentralReach, a leading provider of Software-as-a-Service (\u201cSaaS\u201d) and AI-enabled solutions for applied behavior analysis (\u201cABA\u201d) therapy clinicians, and approximately $800 for the acquisition of Subsplash, a leading provider of AI-enabled SaaS, and integrated giving solutions, for faith-based organizations. In 2024, this included approximately $1,860 for the acquisition of Procare, a leading provider of SaaS solutions and integrated payment processing for early childhood education centers, and approximately $1,600 for the acquisition of Transact Campus, a leading provider of integrated campus technology and payment solutions serving higher education, healthcare, and business campuses, which was combined with our CBORD business. In 2023, this included approximately $1,380 for the acquisition of Syntellis, a leading provider of SaaS soluti ITEM 1A. RISK FACTORS Risks Related to Our Business Operations Our growth strategy includes acquisitions. We may not be able to identify suitable acquisition candidates, complete acquisitions, or integrate acquisitions successfully. Our future rate of growth is highly dependent ", "title": "ROP - ROPER TECHNOLOGIES INC", "url": "/company/ROP/" }, { "kind": "company", "summary": "SIC 5651 Retail-Family Clothing Stores; CIK 0000745732; latest 10-K filed 2026-03-31.", "text": "ROST - ROSS STORES, INC. SIC 5651 Retail-Family Clothing Stores; CIK 0000745732; latest 10-K filed 2026-03-31. ROST ROSS STORES, INC. 0000745732 5651 Retail-Family Clothing Stores ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This section and other parts of this Form 10-K contain forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed below under the caption \u201cForward-Looking Statements\u201d and also those in ITEM 1A. RISK FACTORS in this Annual Report on Form 10-K. The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. Overview Ross Stores, Inc. operates two brands of off-price retail apparel and home fashion stores\u2014Ross Dress for Less\u00ae (\u201cRoss\u201d) and dd\u2019s DISCOUNTS\u00ae. Ross is the largest off-price apparel and home fashion chain in the United States, with 1,904 locations in 44 states, the District of Columbia, Guam, and Puerto Rico as of January 31, 2026. Ross offers first-quality, in-season, brand name and designer apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 60% off department and specialty store regular prices every day. We also operate 363 dd\u2019s DISCOUNTS stores in 22 states as of January 31, 2026 that feature a more moderately-priced assortment of first-quality, in-season apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 70% off moderate department and discount store regular prices every day. Fiscal Years The fiscal years ended January 31, 2026, February 1, 2025, and February 3, 2024 are referred to as fiscal 2025, fiscal 2024, and fiscal 2023, respectively. Fiscal 2025 and 2024 were each 52-week years. Fiscal 2023 was a 53-week year. The discussion that follows relates to fiscal 2025 and fiscal 2024. Discussion of fiscal 2023 items and year-to-year comparisons between fiscal 2024 and fiscal 2023 that are not included in this Annual Report on Form 10-K can be found in Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for fiscal 2024. Fiscal 2025 Highlights Financial results for fiscal 2025 were as follows: \u2022Sales were $22,751 million, compared to $21,129 million in fiscal 2024. \u2022Comparable store sales increased 5%. \u2022Operating income was $2,707 million, compared to $2,586 million in fiscal 2024. \u2022Operating income as a percentage of sales was 11.9%, compared to 12.2% in fiscal 2024. \u2022Net income was $2,145 million, compared to $2,091 million in fiscal 2024. \u2022Diluted earnings per share were $6.61, compared to $6.32 in fiscal 2024. Key Initiatives Our current key initiatives include the following: \u2022Merchandising: Delivering broad\u2011based assortments timely and offering more brands at compelling values for our customers. \u2022Marketing: Advancing our marketing initiatives to further strengthen customer awareness and engagement. \u2022Stores: Making meaningful improvements to the in-store shopping experience for our customers. While we believe these initiatives are contributing positively to our business, there remains uncertainty in the broader environment in which we operate. We continue to monitor ongoing macroeconomic factors such as tariffs, inflation, and geopolitical conditions. Our initiatives and our focus on providing merchandise that resonates with our customers remain central to supporting our efforts to drive sustainable, profitable growth. 24 Store Openings The following table summarizes the stores opened and closed during fiscal 2025, 2024, and 2023: [[GREPCENT_TABLE]] [[\"Store Count\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Ross Dress for Less\"],[\"Beginning of the period\",\"1,831\",\"\",\"\",\"1,764\",\"\",\"\",\"1,693\"],[\"Opened in the period\",\"80\",\"\",\"\",\"75\",\"\",\"\",\"72\",\"\",\"1\"],[\"Closed in the period\",\"(7)\",\"\",\"\",\"(8)\",\"\",\"\",\"(1)\"],[\"Total Ross Dress for Less stores end of ITEM 1. BUSINESS Ross Stores, Inc. and its subsidiaries (\u201cwe\u201d, \u201cour\u201d, or the \u201cCompany\u201d) operate two brands of off-price retail apparel and home fashion stores\u2014Ross Dress for Less\u00ae (\u201cRoss\u201d) and dd\u2019s DISCOUNTS\u00ae. Ross is the largest off-price apparel and home fashion chain in the United States, with 1,904 locations in 44 states, the District of Columbia, Guam, and Puerto Rico as of January 31, 2026. Ross offers first-quality, in-season, brand name and designer apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 60% off department and specialty store regular prices every day. Ross\u2019 target customers are primarily from middle income households. We also operate 363 dd\u2019s DISCOUNTS stores in 22 states as of January 31, 2026. dd\u2019s DISCOUNTS features more moderately-priced first-quality, in-season apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 70% off moderate department and discount store regular prices every day. The typical dd\u2019s DISCOUNTS store is located in an established shopping center in a densely populated urban or suburban neighborhood, and its target customers typically come from households with lower to more moderate incomes. Both our Ross and dd\u2019s DISCOUNTS brands target value-driven customers. The decisions we make, from merchandising, purchasing, and pricing, to the locations of our stores, are based on these customer profiles. We believe that both brands derive a competitive advantage by offering a wide assortment of product within each of our merchandise categories in organized and easy-to-shop in-store environments. Our mission is to offer competitive values to our target customers by focusing on the following key strategic objectives: \u2022Maintain an appropriate level of recognizable brands, labels, and fashions at strong discounts throughout the store. \u2022Meet customer needs on a local basis. \u2022Deliver an in-store shopping experience that reflects the expectations of the ITEM 1A. RISK FACTORS Our fiscal 2025 Annual Report on Form 10-K and information we provide in our Annual Report to Stockholders, press releases, and other investor communications, including those on our corporate website, may contain forward-looking statements with respect to anticipated future events, our projected future financial performance, o", "title": "ROST - ROSS STORES, INC.", "url": "/company/ROST/" }, { "kind": "company", "summary": "SIC 4400 Water Transportation; CIK 0000884887; latest 10-K filed 2026-02-11.", "text": "RCL - ROYAL CARIBBEAN CRUISES LTD SIC 4400 Water Transportation; CIK 0000884887; latest 10-K filed 2026-02-11. RCL ROYAL CARIBBEAN CRUISES LTD 0000884887 4400 Water Transportation Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Cautionary Note Concerning Forward-Looking Statements The discussion under this caption \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d and elsewhere in this Annual Report on Form 10-K, includes \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including statements regarding our expectations for future periods, business and industry prospects or future results of operations or financial position, made in this Annual Report on Form 10-K are forward-looking. Words such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201cconsidering,\u201d \u201ccould,\u201d \u201cdriving,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cgoal,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201cseek,\u201d \u201cshould,\u201d \u201cwill\u201d, \"would\", and similar expressions are intended to further identify any of these forward-looking statements. Forward-looking statements reflect management's current expectations, but they are based on judgments and are inherently uncertain. Furthermore, they are subject to risks, uncertainties and other factors that could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, those discussed in this Annual Report on Form 10-K and, in particular, the risks discussed under the caption \"Risk Factors\u201d in Part I, Item 1A herein. All forward-looking statements made in this Annual Report on Form 10-K speak only as of the date of this filing. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Overview The discussion and analysis of our financial condition and results of operations is organized to present the following: \u2022a review of our critical accounting policies and estimates and of our financial presentation, including discussion of certain operational and financial metrics we utilize to assist us in managing our business; \u2022a discussion of our results of operations for the year ended December 31, 2025 compared to the same period in 2024; and \u2022a discussion of our liquidity and capital resources, including our future capital and material cash requirements and potential funding sources. A discussion of our results of operations, and sources and uses of cash for the year ended December 31, 2024 compared to the year ended December 31, 2023 is included in Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 14, 2025 and is incorporated by reference into this Form 10-K. 30 Critical Accounting Policies and Estimates Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (\"GAAP\"). (Refer to Note 1. General and Note 2. Summary of Significant Accounting Policies to our consolidated financial statements under Item 8. Financial Statements and Supplementary Data). Certain of our accounting policies are deemed \"critical,\" as they require management's highest degree of judgment, estimates and assumptions. We have discussed these accounting policies and estimates with the audit committee of our Board. We believe our critical accounting policies and estimates are as follows: Ship Accounting Ships represent our most significant assets and are stated at cost less accumulated depreciation and amortization. Depreciation of ships is generally computed net of a 10%-15% projected residual value, using the straig Item 1. Business General We are a vacation industry leader, owning and operating three global cruise vacation brands: Royal Caribbean, Celebrity Cruises and Silversea (collectively, our \"Global Brands\"). We also own a 50% joint venture interest in TUI Cruises GmbH (\"TUIC\"), which operates the German brands TUI Cruises and Hapag-Lloyd Cruises (collectively, our \"Partner Brands\"). We account for our investments in our Partner Brands under the equity method of accounting. Together, our Global Brands and our Partner Brands have a combined fleet of 69 ships in the cruise vacation industry with an aggregate capacity of approximately 179,720 berths as of December 31, 2025. Our ships offer a selection of worldwide itineraries that call on more than 1,000 destinations on all seven continents. We also own a growing portfolio of private land-based destinations, including our Perfect Day and Royal Beach Club collections. Our competitive edge is grounded in our focus on innovation, best evidenced in the quality and variety of ships in our fleet, our exceptional product offerings and service provided by our dedicated crew, our growing portfolio of private destinations and experiences, the range of itineraries and global destinations tailored to meet diverse guest preferences, and our use and leveraging of technology. By continually reimagining vacation possibilities and investing in the maintenance and enhancement of our fleet, we inspire both new travelers and loyal repeat guests to embark on unforgettable journeys with us. The Company was founded in 1968 as a partnership. Its corporate structure has evolved over the years and the current parent corporation, Royal Caribbean Cruises Ltd., was incorporated on July 23, 1985 in the Republic of Liberia under the Business Corporation Act of Liberia. Our Global Brands Our Global Brands include Royal Caribbean, Celebrity Cruises, and Silversea. We believe our Global Brands possess the versatility to enter multiple market segments Item 1A. Risk Factors The risk factors set forth below and elsewhere in this Annual Report on Form 10-K are important factors that could cause actual results to differ from expected or historical results. It is not possible to predict or identify all such risks. There may be additional risks that we consider not to be material, or which ", "title": "RCL - ROYAL CARIBBEAN CRUISES LTD", "url": "/company/RCL/" }, { "kind": "company", "summary": "SIC 7320 Services-Consumer Credit Reporting, Collection Agencies; CIK 0000064040; latest 10-K filed 2026-02-11.", "text": "SPGI - S&P Global Inc. SIC 7320 Services-Consumer Credit Reporting, Collection Agencies; CIK 0000064040; latest 10-K filed 2026-02-11. SPGI S&P Global Inc. 0000064040 7320 Services-Consumer Credit Reporting, Collection Agencies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) provides a narrative of the results of operations and financial condition of S&P Global Inc. (together with its consolidated subsidiaries, \u201cS&P Global,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) for the years ended December 31, 2025 and 2024, respectively. The MD&A provides information on factors that we believe are important in understanding our results of operations and comparability and certain other factors that may affect our future results. The MD&A should be read in conjunction with the consolidated financial statements and accompanying notes included in this Annual Report on Form 10-K for the year ended December 31, 2025, which have been prepared in accordance with accounting principles generally accepted in the U.S. (\u201cU.S. GAAP\u201d). The MD&A includes the following sections: \u2022Overview \u2022Results of Operations \u2022Liquidity and Capital Resources \u2022Reconciliation of Non-GAAP Financial Information \u2022Critical Accounting Estimates \u2022Recently Issued or Adopted Accounting Standards Certain of the statements below are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, any projections of future results of operations and cash flows are subject to substantial uncertainty. See Forward-Looking Statements on page 4 of this report. OVERVIEW We are a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital, energy and commodity, and automotive markets. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers; the energy and commodity markets include producers, consumers, traders and intermediaries within energy, chemicals, shipping, metals, carbon and agriculture; and the automotive markets include manufacturers, suppliers, dealerships, service shops and customers. Our operations consist of five businesses: S&P Global Market Intelligence (\u201cMarket Intelligence\u201d), S&P Global Ratings (\u201cRatings\u201d), S&P Global Energy (\u201cEnergy\u201d), S&P Global Mobility (\u201cMobility\u201d) and S&P Dow Jones Indices (\u201cIndices\u201d). \u2022Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions. \u2022Ratings is an independent provider of credit ratings, research and analytics. \u2022Energy is a leading independent provider of information and benchmark prices for the energy and commodity markets. \u2022Mobility is a leading provider of solutions serving the full automotive value chain including vehicle manufacturers (Original Equipment Manufacturers or OEMs), automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies. \u2022Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors. On April 29, 2025, we announced that our Board of Directors decided to pursue a full separation of our Mobility segment, creating a new publicly traded company. The transaction, which would be implemented through the spin-off of shares of the new company to S&P Global shareholders, is expected to be tax-free for U.S. federal income tax purposes for S&P Global shareholders and is expected to be completed mid-2026, subject to the satisfaction of customary legal and regulatory requirements and approvals. As of May 2, 2023, we completed the sale of S&P Global Engineering Solutions (\u201cEngineering Solutions\u201d), a provider of engineering standards and related technical knowledge, and the results are included through that date. See Note 2 \u2014 Acquisitions and Divestitures to the consolidated financial statements under Item 8, Consolidated Financial Statements and Supplementary Data, in this Annual Report on Form 10-K for further discussi Item 1. Business Overview S&P Global Inc. (together with its consolidated subsidiaries, \u201cS&P Global,\u201d the \u201cCompany,\u201d the \u201cRegistrant,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital, energy and commodity, and automotive markets. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers; the energy and commodity markets include producers, consumers, traders and intermediaries within energy, chemicals, shipping, metals, carbon and agriculture; and the automotive markets include manufacturers, suppliers, dealerships, service shops and customers. We serve our global customers through a broad range of products and services available through both third-party and proprietary distribution channels. We were incorporated in December of 1925 under the laws of the state of New York. Our Businesses Our operations consist of five businesses: S&P Global Market Intelligence (\u201cMarket Intelligence\u201d), S&P Global Ratings (\u201cRatings\u201d), S&P Global Energy (\u201cEnergy\u201d), S&P Global Mobility (\u201cMobility\u201d) and S&P Dow Jones Indices (\u201cIndices\u201d). As of May 2, 2023, we completed the sale of S&P Global Engineering Solutions (\u201cEngineering Solutions\u201d), a provider of engineering standards and related technical knowledge, and the results are included through that date. For a discussion on the competitive conditions and regulatory environment associated with our businesses, see \u201cMD&A \u2013 Segment Review\u201d contained in Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, in this Annual Report on Form 10-K. On April 29, 2025, we announced that our Board of Directors decided to pursue a full separation of our Mobility segment, creating a new publicly traded company. The transaction, which would be implemented through the spin-off of shares of the new company to S&P Global shareh Item 1A. Risk Factors The following risk factors and other information included in this annual report on Form 10-K should be carefully considered. The risks and uncertainties described below are not the only ones we face. These risks could materially and adversely affect our business, financia", "title": "SPGI - S&P Global Inc.", "url": "/company/SPGI/" }, { "kind": "company", "summary": "SIC 3572 Computer Storage Devices; CIK 0002023554; latest 10-K filed 2025-08-21.", "text": "SNDK - Sandisk Corp SIC 3572 Computer Storage Devices; CIK 0002023554; latest 10-K filed 2025-08-21. SNDK Sandisk Corp 0002023554 3572 Computer Storage Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis contains forward-looking statements within the meaning of the federal securities laws, and should be read in conjunction with the disclosures we make concerning risks and other factors that may affect our business and operating results. You should read this information in conjunction with the Consolidated Financial Statements and the notes thereto included in Part II, Item 8., of this Annual Report on Form 10-K. See also \u201cForward-Looking Statements\u201d immediately prior to Part I, Item 1., of this Annual Report on Form 10-K. For management\u2019s discussion of our combined results for the year ended June 28, 2024 in comparison with the year ended June 30, 2023, and other financial information related to fiscal year 2024, refer to Item 2., \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d included in our Form 10, initially filed with the U.S. Securities and Exchange Commission (\u201cSEC\u201d) on November 25, 2024, and as further amended thereafter and declared effective on January 31, 2025 (as amended, the \u201cForm 10\u201d). Unless otherwise indicated, references herein to specific years and quarters are to our fiscal years and fiscal quarters. As used herein, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and the \u201cCompany\u201d refer to Sandisk Corporation and its subsidiaries. Overview The Separation On October 30, 2023, Western Digital Corporation (\u201cWDC\u201d) announced that its board of directors (the \u201cWDC Board of Directors\u201d) authorized management to pursue a plan to separate the Company into an independent public company. The separation received final approval by the WDC Board of Directors and was completed on February 21, 2025. Prior to February 21, 2025, we were wholly owned by WDC. On February 21, 2025, WDC executed the spin-off of the Company through WDC\u2019s pro rata distribution of 116,035,464 or 80.1% of the outstanding shares of common stock of the Company to holders of WDC\u2019s common stock. Each WDC stockholder received one-third (1/3) of one share of the Company\u2019s common stock for each share of WDC\u2019s common stock held by such WDC stockholder as of February 12, 2025, the record date of the distribution. Upon completion of the separation, WDC owned 28,827,787 or 19.9% of the outstanding shares of the Company\u2019s common stock, which WDC was expected to retain for a period of up to twelve months following the distribution. Following the distribution, the Company became an independent publicly listed company, and on February 24, 2025, the Company began trading as an independent publicly traded company under the stock symbol \u201cSNDK\u201d on Nasdaq. On June 6, 2025, WDC disposed of 21,314,768 or 14.6% of our common stock through an exchange of our common stock for WDC debt held by WDC creditors. Our Business Sandisk is a leading developer, manufacturer and provider of data storage devices and solutions based on NAND flash technology. With a differentiated innovation engine driving advancements in storage and semiconductor technologies, our broad and ever-expanding portfolio delivers powerful flash storage solutions for artificial intelligence (\u201cAI\u201d) workloads in datacenters, edge devices, and consumers. Our technologies enable everyone from students, gamers and home offices to the largest enterprises and public clouds to produce, analyze, and store data. Our solutions include a broad range of solid-state drives (\u201cSSDs\u201d), embedded products, removable cards, universal serial bus drives and wafers and components. Our broad portfolio of technology and products addresses multiple end markets of \u201cCloud,\u201d \u201cClient,\u201d and \u201cConsumer.\u201d Through the Client end market, we provide our original equipment manufacturer (\u201cOEM\u201d) and channel customers a broad array of high-performance flash solutions across personal computer, mobile, gaming, automotive, virtual reality headsets, at-home entertainment and industrial spaces Item 1A. Risk Factors Summary of Risk Factors An investment in our common stock is subject to a number of risks, including market, financial, regulatory and operational risks related to our business, our separation from Western Digital Corporation (\u201cWDC\u201d) and our common stock. The following is a summary of certain key risk factors for investors in our securities. You should read this summary together with the more detailed description of risks and uncertainties discussed below. RISKS RELATED TO OUR BUSINESS Operational Risks \u2022Adverse global or regional conditions could harm our business. \u2022Disruption in our supply chain, other inability to source our supply requirements, or an increase in the costs of materials or components could negatively affect our business. \u2022Our operations are subject to a substantial risk of damage or disruption. \u2022Public health crises have had, and could in the future have, a negative effect on our business. \u2022Our inability to attract, retain and develop highly skilled management and technical talent could negatively impact our business prospects. \u2022Product defects could subject us to costly warranty claims, litigation or indemnification claims. \u2022The compromise, damage or interruption of our technology infrastructure, systems or products from cyber incidents, data security breaches or other related problems could have a material negative impact on our business. \u2022We may be adversely affected by risks and challenges associated with the use of artificial intelligence (\u201cAI\u201d). Business and Strategic Risks \u2022We rely substantially on strategic relationships that subject us to risks and uncertainties. \u2022Competitive conditions, including declining average selling prices, volatile demand, technological change, industry consolidation and lengthy supply qualifications, in our industry can negatively impact our business. \u2022Failure to properly manage technology transitions and product development and introduction could harm our competitiveness", "title": "SNDK - Sandisk Corp", "url": "/company/SNDK/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001034054; latest 10-K filed 2026-02-27.", "text": "SBAC - SBA COMMUNICATIONS CORP SIC 6798 Real Estate Investment Trusts; CIK 0001034054; latest 10-K filed 2026-02-27. SBAC SBA COMMUNICATIONS CORP 0001034054 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with the information contained in our consolidated financial statements and the notes thereto. The following discussion includes forward-looking statements that involve certain risks and uncertainties, including, but not limited to, those described in Item 1A. Risk Factors. Our actual results may differ materially from those discussed below. See \u201cSpecial Note Regarding Forward-Looking Statements\u201d and Item 1A. Risk Factors. We are a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops, and other structures that support antennas used for wireless communications, which we collectively refer to as \u201ctowers\u201d or \u201csites.\u201d Our principal operations are in the United States and its territories. In addition, we own and operate towers in South America, Central America, and Africa. During the year ended December 31, 2025, we sold all of our towers and ended our operations in both the Philippines and Colombia and sold substantially all of our operations in Canada. Our primary business line is our site leasing business, which contributed 97.9% of our total segment operating profit for the year ended December 31, 2025. In our site leasing business, we (1) lease space to wireless service providers and other customers on assets that we own or operate and (2) manage rooftop and tower sites for property owners under various contractual arrangements. As of December 31, 2025, we owned 46,328 towers, a substantial portion of which have been built by us or built by other tower owners or operators who, like us, have built such towers to lease space to multiple wireless service providers. Our other business line is our site development business, through which we assist wireless service providers in developing and maintaining their own wireless service networks. Site Leasing Our primary focus is the leasing of antenna space on our multi-tenant towers to a variety of wireless service providers under long-term lease contracts in the United States, South America, Central America, and Africa. As of December 31, 2025, no U.S. state or territory accounted for more than 10% of our total tower portfolio by tower count, and no U.S. state or territory accounted for more than 10% of our total revenues for the year ended December 31, 2025. In addition, as of December 31, 2025, approximately 30% and 10% of our total towers are located in Brazil and Guatemala, respectively, and no other international market (each country is considered a market) represented more than 5% of our total towers. We derive site leasing revenues primarily from wireless service provider tenants. Wireless service providers enter into (1) individual tenant site leases with us, each of which relates to the lease or use of space at an individual site or (2) MLAs with us, which provide for the material terms and conditions that will apply to multiple sites; although, in most cases, each individual site under a MLA is also governed by its own site leasing agreement which sets forth pricing and other site specific terms. Our tenant leases are generally for an initial term of five years to fifteen years with multiple renewal periods at the option of the tenant. Our tenant leases typically either (1) contain specific annual rent escalators, (2) escalate annually in accordance with an inflationary index, or (3) escalate using a combination of fixed and inflation adjusted escalators. In addition, our international site leases may include pass-through charges, such as rent related to ground leases and other property interests, utilities, property taxes, and fuel. Cost of site leasing revenue primarily consists of: \u2022Cash and non-cash rental expense on ground leases, right-of-use, and other underlying property interests; \u2022Property taxes ITEM 1. BUSINESS General We are a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops, and other structures that support antennas used for wireless communications, which we collectively refer to as \u201ctowers\u201d or \u201csites.\u201d Our principal operations are in the United States and its territories. In addition, we own and operate towers in South America, Central America, and Africa. During the year ended December 31, 2025, we sold all of our towers and ended our operations in both the Philippines and Colombia and sold substantially all of our operations in Canada. Our primary business line is our site leasing business, which contributed 97.9% of our total segment operating profit for the year ended December 31, 2025. In our site leasing business, we (1) lease space to wireless service providers and other customers on assets that we own or operate and (2) manage rooftop and tower sites for property owners under various contractual arrangements. As of December 31, 2025, we owned 46,328 towers, a substantial portion of which have been built by us or built by other tower owners or operators who, like us, have built such towers to lease space to multiple wireless service providers. Our other business line is our site development business, through which we assist wireless service providers in developing and maintaining their own wireless service networks. Business Strategy Our primary strategy is to continue to focus on expanding our site leasing business through organic growth and expansion of our tower portfolio to create shareholder value. We believe that the long-term and repetitive nature of our site leasing business will permit us to maintain a stable, recurring cash flow stream and reduce our exposure to cyclical changes in customer spending which arises in our site development business. We believe that our tower operations are highly scalable. Consequently, we believe that we are able to materially incre ITEM 1A. RISK FACTORS Risks Related to Our Business We depend on a relatively small number of customers for most of our revenue, and the loss or financial instability of any of our significant customers may materially decrease our revenue and adversely affect our financial condition. We derive a significant portion o", "title": "SBAC - SBA COMMUNICATIONS CORP", "url": "/company/SBAC/" }, { "kind": "company", "summary": "SIC 1389 Oil & Gas Field Services, NEC; CIK 0000087347; latest 10-K filed 2026-01-23.", "text": "SLB - SLB LIMITED/NV SIC 1389 Oil & Gas Field Services, NEC; CIK 0000087347; latest 10-K filed 2026-01-23. SLB SLB LIMITED/NV 0000087347 1389 Oil & Gas Field Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis contains forward-looking statements, including, without limitation, statements relating to our plans, strategies, objectives, expectations, intentions, and resources. Such forward-looking statements should be read in conjunction with our disclosures under \u201cItem 1A. Risk Factors\u201d of this Annual Report on Form 10-K. SLB previously reported its results on the basis of four Divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. Commencing the third quarter of 2025, SLB's Digital business is reported as a separate Division. Additionally, SLB's Asset Performance Solutions (\"APS\"), Data Center Solutions, and SLB Capturi businesses are now reported in the All Other category. The acquired ChampionX businesses are predominantly reported in SLB's Production Systems Division, with the exception of its digital business, which is reported in SLB's Digital Division. Prior periods have been recast to conform to the current presentation. 2025 Executive Overview Although 2025 presented a challenging backdrop for the industry\u2014with lower commodity prices, geopolitical uncertainty and an oversupplied oil market\u2014we continued to build resilience across our portfolio by accelerating our strategy. We completed the acquisition of ChampionX during the third quarter in an all-stock transaction valued at $4.9 billion. The combined portfolio, technology capabilities and digital leadership positions SLB to create value for its customers and stakeholders by increasing its exposure to the growing production and recovery market while delivering best-in-class workflow integration across production chemicals and artificial lift. In addition to growing our emphasis on production and recovery, we also increased deployment of AI solutions and the rapid expansion of our Data Center Solutions business. Amidst lower upstream spending, global revenue of $35.7 billion declined 2% year on year, while we generated $6.5 billion of cash flow from operations and $4.1 billion of free cash flow, enabling us to return $4.0 billion to shareholders. Excluding the $1.5 billion of revenue from the acquisition of ChampionX, revenue declined 6% year on year as growth in our Digital and Data Center Solutions businesses were more than offset by declines in Saudi Arabia, Mexico and offshore Sub-Saharan Africa. International revenue declined 5% year on year due to the lower activity in Saudi Arabia, Mexico and Sub-Saharan Africa while North America revenue grew 12% driven by the ChampionX acquisition. Excluding the impact of this transaction, North American revenue declined 2% despite a 5% drop in upstream spending, supported by growth in Data Center Solutions which grew 121% year on year. This business is expanding rapidly as we strengthen strategic partnerships with hyperscalers to leverage our modular data center manufacturing capabilities. Digital revenue increased 9% on a full-year basis driven by significant uptake in Digital Operations as well as steady growth in Platforms & Applications as customers continued to invest in automated solutions to improve performance and efficiency. SLB concluded the year with a very strong fourth quarter driven by Production Systems, Digital and Reservoir Performance. Notably, fourth quarter revenue increased sequentially across each of our four geographies for the first time since the second quarter of 2024, reflecting stabilized global upstream activity. We experienced sequential organic revenue growth both in North America and in the international markets, driven by higher offshore activity and strong year-end product and digital sales in Latin America, the Middle East and Asia, across Sub-Saharan Africa and in North America Offshore. As we move into 2026, we believe the headwinds we experienced in key regions in 2025 are behind us. In particular, we expect rig Item 1. Business. All references in this report to \u201cRegistrant,\u201d \u201cCompany,\u201d \u201cSLB,\u201d \u201cwe\u201d or \u201cour\u201d are to SLB N.V. (SLB Limited) and its consolidated subsidiaries. SLB is a global technology company driving energy innovation for a balanced planet. With a global presence in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating energy technology, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. The world faces the challenge of providing secure and affordable energy to meet growing demand, while rapidly decarbonizing for a sustainable future. With nearly a century of market and technology leadership, SLB is well positioned and committed to being a leader in providing solutions to address this trilemma. SLB is primarily organized under four Divisions that combine and integrate SLB\u2019s technologies, enhancing our ability to support the emerging long-term growth opportunities in each of these market segments. The four Divisions are: \u2022 Digital \u2022 Reservoir Performance \u2022 Well Construction \u2022 Production Systems Digital \u2013 Comprised of SLB\u2019s industry-leading digital solutions and data products that span the energy value chain from subsurface characterization through field development and hydrocarbon production to carbon management and the integration of adjacent energy systems. Revenue is generated from four key solutions \u2014 Platforms & Applications, Digital Operations, Digital Exploration and Professional Services. \u2022 Platforms & Applications: Includes SLB\u2019s cloud technologies such as the Delfi\u2122 and Lumi\u2122 platforms, along with a suite of specialized, domain-focused applications such as Petrel\u2122 and Techlog\u2122 offered as SaaS subscription or perpetual licenses. These platforms and applications automate complex models to simulate the impact of reservoir development plans and aid in the planning of key operations such as drilli Item 1A. Risk Factors. The following discussion of risk factors known to us contains important information for the understanding of our \u201cforward-looking statements,\u201d which are discussed immediately following Item 7A. of this Form 10-K and elsewhere. These risk factors should also be read in conjunction with Item 7. Management\u2019s Discussion and A", "title": "SLB - SLB LIMITED/NV", "url": "/company/SLB/" }, { "kind": "company", "summary": "SIC 3572 Computer Storage Devices; CIK 0001137789; latest 10-K filed 2025-08-01.", "text": "STX - Seagate Technology Holdings plc SIC 3572 Computer Storage Devices; CIK 0001137789; latest 10-K filed 2025-08-01. STX Seagate Technology Holdings plc 0001137789 3572 Computer Storage Devices ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion of the Company\u2019s financial condition, changes in financial condition and results of operations for the fiscal years ended June 27, 2025 and June 28, 2024. Discussions of year-to-year comparisons between fiscal years 2024 and 2023 are not included in this Annual Report on Form 10-K and can be found in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended June 28, 2024, which was filed with the SEC on August 2, 2024. You should read this discussion in conjunction with \u201cItem 8. Financial Statements and Supplementary Data\u201d included elsewhere in this Annual Report on Form 10-K. Except as noted, references to any fiscal year mean the twelve-month period ending on the Friday closest to June 30 of that year. Accordingly, fiscal year 2025 and 2024 both comprised of 52 weeks and ended on June 27, 2025 and June 28, 2024, respectively. Fiscal year 2026 will be comprised of 53 weeks and will end on July 3, 2026. Our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is provided in addition to the accompanying Consolidated Financial Statements and notes to assist readers in understanding our results of operations, financial condition and cash flows. Our MD&A is organized as follows: \u2022Overview of Fiscal Year 2025. Highlights of events in fiscal year 2025 that impacted our financial position. \u2022Results of Operations. Analysis of our financial results comparing fiscal years 2025 and 2024. \u2022Liquidity and Capital Resources. Analysis of changes in our balance sheets and cash flows and discussion of our financial condition, including potential sources of liquidity, material cash requirements and their general purpose. \u2022Critical Accounting Policies and Estimates. Accounting policies and estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. 39 Table of Contents For an overview of our business, see \u201cPart I, Item 1. Business.\u201d Overview of Fiscal Year 2025 During fiscal year 2025, we shipped 595 exabytes of HDD storage capacity. We generated revenue of approximately $9.1 billion with a gross margin of 35% and net income of $1.5 billion. Our operating cash flow was $1.1 billion and we paid $600 million in dividends. We issued $400 million principal amount of senior notes, repaid $479 million principal amount of the 2025 Notes and $505 million of the 2027 Notes, as well as repurchased $99 million principal amount of certain senior notes. Additionally, we acquired Intevac, Inc. (\u201cIntevac\u201d), a supplier of thin-film processing systems, for a net cash outlay of $47 million. Recent Developments, Economic Conditions and Challenges During fiscal year 2025, we experienced a significant increase in demand for our high capacity nearline drives primarily from cloud customers. At the same time, we have continued to operate in a dynamic macroeconomic environment marked by rapid shifts in trade policies and increasing geopolitical tensions. These factors may impact our business and results of operations. We will continue to monitor the situation and assess plans to mitigate future risk to the business. Over the long-term we expect our hard drive storage business to benefit from future growth in data demand and data value, including from the adoption of Generative AI applications. For a further discussion of the uncertainties and business risks, see \u201cPart I, Item 1A. Risk Factors\u201d of our Annual Report. Results of Operations We list in the tables below summarized information from our Consolidated Statements of Operations by dollar amounts and as a percentage of revenue: [[GREPCENT_TABLE]] [[\"\",\"\",\"Fiscal Years Ended\"],[\"(Dollars in millions)\",\"\",\"June 27, 2025\",\"\",\"June 28, 2024\"],[\"Revenue\",\"\",\"$\",\"9,097\",\"\",\"\",\"$\",\"6,551\"],[\"Cost of revenue\",\"\",\"5,897\",\"\",\"\",\"5,015\"],[\"Gross profit\",\"\" ITEM 1.BUSINESS We are a leading provider of data storage technology and infrastructure solutions that enable enterprises and end users to confidently store and unlock the value of their data. Our principal products are hard disk drives, commonly referred to as disk drives, hard drives or HDDs. In addition to HDDs, we produce a broad range of data storage products including solid state drives (\u201cSSDs\u201d) and storage subsystems and offer storage solutions such as a scalable edge-to-cloud mass data platform that includes data transfer shuttles and a storage-as-a-service cloud. HDDs are devices that store digitally encoded data on rapidly rotating disks with magnetic surfaces. HDDs continue to be the primary medium of mass data storage due to their performance attributes, reliability, high capacities, superior quality and cost effectiveness. Complementing HDD storage architectures, SSDs use NAND flash memory integrated circuit assemblies to store data. 3 Table of Contents Our HDD products are designed for mass capacity storage in the cloud and at the edge as well as legacy market applications. Mass capacity storage involves well-established use cases, such as hyperscale data centers and private and public clouds as well as quickly emerging use cases such as machine learning (\u201cML\u201d) and artificial intelligence (\u201cAI\u201d). Legacy markets are those that we continue to sell to but we do not plan to invest in significantly. Our HDD and SSD product portfolio includes Serial Advanced Technology Attachment (\u201cSATA\u201d), Serial Attached SCSI (\u201cSAS\u201d) and Non-Volatile Memory Express (\u201cNVMe\u201d) based designs to support a wide variety of mass capacity and legacy applications. Our systems portfolio includes storage subsystems for enterprises, cloud service providers (\u201cCSPs\u201d), scale-out storage servers and original equipment manufacturers (\u201cOEMs\u201d). Engineered for modularity, mobility, capacity and performance, these solutions are built with our enterprise HDDs and SSDs, enabling customers to ITEM 1A.RISK FACTORS Summary of Risk Factors The following is a summary of the principal risks and uncertainties that could materially and adversely affect our business, results of operations, financial condition, cash flows, brand and/or the price of our outstanding ordinary shares, and make an investment in our ordinary sh", "title": "STX - Seagate Technology Holdings plc", "url": "/company/STX/" }, { "kind": "company", "summary": "SIC 4932 Gas & Other Services Combined; CIK 0001032208; latest 10-K filed 2026-02-26.", "text": "SRE - SEMPRA SIC 4932 Gas & Other Services Combined; CIK 0001032208; latest 10-K filed 2026-02-26. SRE SEMPRA 0001032208 4932 Gas & Other Services Combined ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Overview\",\"72\"],[\"Results of Operations by Registrant\",\"73\"],[\"Sempra\",\"73\"],[\"SDG&E\",\"83\"],[\"SoCalGas\",\"86\"],[\"Capital Resources and Liquidity\",\"88\"],[\"Critical Accounting Estimates\",\"108\"],[\"New Accounting Standards\",\"112\"]] [[/GREPCENT_TABLE]] OVERVIEW This combined MD&A includes the operational and financial results of the following three Registrants: \u25aaSempra is a holding company whose principal businesses are regulated utilities in California and Texas. Our businesses invest in and operate electric and gas utilities and other energy infrastructure that provide energy services to customers. \u25aaSDG&E is a regulated public utility that provides electric service to San Diego and southern Orange counties and natural gas service to San Diego County. \u25aaSoCalGas is a regulated public natural gas distribution utility, serving customers throughout most of Southern California and part of central California. Sempra has the following three reportable segments which reflect how the CODM oversees operational and financial performance: \u25aaSempra California \u25aaSempra Texas Utilities \u25aaSempra Infrastructure SDG&E and SoCalGas each have one reportable segment. Below are significant events, including major project updates, that affected our business in 2025 and may continue to affect our future results: \u25aaThe 2025 Wildfire Legislation was signed into law and established, among other things, an $18 billion Continuation Account that would provide additional liquidity to reimburse catastrophic wildfire-related claims incurred by large California electric IOUs if the Wildfire Fund is depleted, and a multi-stakeholder task force, coordinated by the Wildfire Fund\u2019s administrator, to prepare and submit to the California legislature and Governor of California on or before April 1, 2026, a report that evaluates and sets forth recommendations on new models to complement or replace the Wildfire Fund \u25aaThe CPUC issued an FD for SDG&E\u2019s and SoCalGas\u2019 cost of capital for 2026 through 2028 \u25aaThe CPUC issued an FD in SDG&E\u2019s 2024 GRC Track 2 request that authorizes partial recovery of SDG&E\u2019s WMP costs \u25aaOncor filed its 2025 comprehensive base rate review and expects to receive a final order from the PUCT in the first half of 2026 \u25aaIn June 2025, Texas House Bill 5247, which established the UTM, was signed into law and became effective \u25aaIn September 2025, we entered into an agreement to sell 45% of our equity interest in SI Partners to the KKR Partners for an aggregate base purchase price of approximately $9.99 billion, subject to adjustments, and expect the sale to close in the second or third quarter of 2026, subject to closing conditions \u25aaIn December 2025, we entered into an agreement to sell Ecogas for 9.0 billion Mexican pesos (approximately $500 million U.S. dollar-equivalent at December 31, 2025), subject to adjustments, and expect the sale to close in the second or third quarter of 2026, subject to closing conditions \u25aaWe sold a 49.9% equity interest in the PA LNG Phase 2 project to Blackstone \u25aaSI Partners reached a positive FID on the PA LNG Phase 2 project and issued a full notice-to-proceed under Bechtel\u2019s fixed-price EPC contract \u25aaWe invested $12.6 billion in capital expenditures and investments 2025 Form 10-K | 72 Table of Contents RESULTS OF OPERATIONS BY REGISTRANT Throughout this MD&A, our references to earnings represent earnings attributable to common shares. Variance amounts presented are the after-tax earnings impact (based on applicable statutory tax rates unless otherwise noted) and after NCI but before foreign currency and inflation effects, where applicable. We discuss herein Sempra\u2019s results of operations and significant changes in earnings, revenues and costs by segment, as well as Parent and other, for the year ended December 31, 2025 compared to the year ended December 31, 2024. For a discus ITEM 1. BUSINESS OVERVIEW We are a holding company whose principal businesses are regulated utilities in California and Texas. Our businesses invest in and operate electric and gas utilities and other energy infrastructure that provide energy services to customers. Sempra was formed in 1998 through a business combination of Enova Corporation and Pacific Enterprises, the holding companies of our regulated public utilities in California: SDG&E, which began operations in 1881, and SoCalGas, which began operations in 1867. We have since expanded our regulated public utility presence into Texas through our 80.25% interest in Oncor and 50% interest in Sharyland Utilities. Sempra Infrastructure\u2019s assets include investments in the U.S. and Mexico with a focus on LNG, energy networks and low carbon solutions. Business Strategy Sempra\u2019s mission is to build America\u2019s leading utility growth business. We are primarily focused on the largest economies in the U.S., California and Texas, where we are investing in regulated utilities with a view toward producing stable cash flows and improved earnings visibility. Our goal is to deliver safe, reliable and affordable energy to customers while increasing shareholder value. DESCRIPTION OF BUSINESS BY SEGMENT Sempra\u2019s business activities are organized under the following reportable segments: \u25aaSempra California \u25aaSempra Texas Utilities \u25aaSempra Infrastructure SDG&E and SoCalGas each have one reportable segment. 2025 Form 10-K | 12 Table of Contents Sempra California SDG&E SDG&E is a regulated public utility that provides electric services to a population of, at December 31, 2025, approximately 3.6 million and natural gas services to approximately 3.3 million of that population, covering an approximate 4,100 square mile service territory in Southern California that encompasses San Diego County and an adjacent portion of Orange County. SDG&E\u2019s assets at December 31, 2025 covered the following territory: We describe SDG&E\u2019s e ITEM 1A. RISK FACTORS When evaluating our company and its businesses and any investment in our or their securities, you should carefully consider the following risk factors and all other information contained in this report and the other documents we file with the SEC (including those filed subsequent to this report). We also may be materially harmed by risks and uncertainties not cur", "title": "SRE - SEMPRA", "url": "/company/SRE/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001373715; latest 10-K filed 2026-01-29.", "text": "NOW - ServiceNow, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001373715; latest 10-K filed 2026-01-29. NOW ServiceNow, Inc. 0001373715 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This section of our Annual Report on Form 10-K discusses our financial condition and results of operations for the fiscal years ended December 31, 2025 and 2024, and year-to-year comparisons between fiscal 2025 and fiscal 2024 in accordance with U.S. Generally Accepted Accounting Principles (\u201cGAAP\u201d). A discussion of our financial condition and results of operations for the fiscal year ended December 31, 2023 and year-to-year comparisons between fiscal 2024 and fiscal 2023 that is not included in this Annual Report on Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed on January 30, 2025. Our free cash flow and non-GAAP consolidated income from operations measures included in the section entitled \u201cKey Business Metrics\u2014Free Cash Flow\u201d and \u201cKey Business Metrics\u2014Non-GAAP Consolidated Income from Operations\u201d are not in accordance with GAAP. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. These measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP results, to more fully understand our business. Overview ServiceNow delivers solutions that help public and private organizations govern, secure and manage artificial intelligence and digitalize and streamline workflows to drive collaboration, productivity and better experiences across the enterprise. At the core of these solutions is the ServiceNow AI Platform (\u201cPlatform\u201d), a robust, cloud-based Platform that facilitates comprehensive delivery of seamless workflows and drives digital transformation across all departments and personas within an organization. Our Platform\u2019s single data fabric and integrated data layer supports organizations\u2019 operationalization of their AI strategy with speed, scale and security. Our workflow applications built on the Platform are grouped into four areas: Technology, CRM and Industry, Core Business, and Creator and Other. We offer an innovative suite of products, including AI-powered applications, and services designed to automate workflows, integrate systems and empower employees, regardless of existing systems, cloud environments or collaboration tools. Our one platform architecture provides the foundation for organizations to seamlessly integrate AI, data, and workflows and create intelligent processes across their enterprise. We are closely monitoring ongoing global conflicts. While those events are continuing to evolve and the outcomes remain highly uncertain, we do not believe they will have a material impact on our business and results of operations. However, if the conflicts persist or worsen, leading to greater global economic disruptions and uncertainty, our business and results of operations could be materially impacted. Additionally, other macroeconomic events, including interest rates, global inflation and tariffs, have led to economic uncertainty in the global economy. To mitigate risk, our cash and cash equivalents are distributed across several large financial institutions and are not concentrated in one financial institution. We have not experienced any impact to our liquidity or to our current and projected business operations and financial condition due to recent macroeconomic events. Further, we have policy restrictions on the types of securities that can be purchased as part of our available-for-sale debt securities portfolio. These restrictions take industry and company concentration limits into consideration among other things. We will continue to mo Item 1. Business Overview ServiceNow delivers solutions that help public and private organizations govern, secure and manage artificial intelligence and digitalize and streamline workflows to drive collaboration, productivity and better experiences across the enterprise. We offer an innovative suite of products, including AI-powered applications, and services designed to automate workflows, integrate systems and empower employees, regardless of existing systems, cloud environments or collaboration tools. At the core of these solutions is the ServiceNow AI Platform, a robust, cloud-based platform that facilitates comprehensive delivery of seamless workflows and drives digital transformation across all departments and personas within an organization. With the emergence of artificial intelligence, organizations are under pressure from their stakeholders to accelerate growth and achieve unprecedented productivity improvements. To meet these demands, they are prioritizing the digitalization and modernization of their workflows through AI-powered automation. At the same time, they are seeking secure and reliable tools to manage the heightened risks associated with AI innovation and ensure measurable returns on investment. ServiceNow addresses these evolving organizational needs by providing solutions that help organizations govern, secure, and manage artificial intelligence, while optimizing their workflows. We operate in a dynamic and rapidly evolving technology landscape characterized by the accelerating adoption of artificial intelligence and machine learning capabilities across enterprise software. While this period of technological transformation presents both opportunities and uncertainties reminiscent of prior inflection points\u2014such as the shift from on-premises to cloud computing in the early 2010s and the advent of mobile computing before that\u2014we believe our established market position, deep customer relationships, and platform capabilities position us favora Item 1A. Risk Factors Investing in our securities involves risks. You should carefully consider the risks and uncertainties described below, together with the other information in this Annual Report on Form 10-K, before making an investment decision. The occurrence of any of the following risks, or additional risks and uncertainti", "title": "NOW - ServiceNow, Inc.", "url": "/company/NOW/" }, { "kind": "company", "summary": "SIC 5200 Retail-Building Materials, Hardware, Garden Supply; CIK 0000089800; latest 10-K filed 2026-02-19.", "text": "SHW - SHERWIN WILLIAMS CO SIC 5200 Retail-Building Materials, Hardware, Garden Supply; CIK 0000089800; latest 10-K filed 2026-02-19. SHW SHERWIN WILLIAMS CO 0000089800 5200 Retail-Building Materials, Hardware, Garden Supply ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (dollars in millions, except as noted and per share data) Company Background The Sherwin-Williams Company, founded in 1866, and its consolidated subsidiaries (collectively, the Company) are engaged in the development, manufacture, distribution and sale of paint, coatings and related products to professional, industrial, commercial and retail customers primarily in North and South America with additional operations in the Caribbean region and throughout Europe, Asia and Australia. The Company is structured into three reportable segments \u2013 Paint Stores Group, Consumer Brands Group and Performance Coatings Group (collectively, the Reportable Segments) \u2013 and an Administrative function, which is representative of the way it is internally organized for assessing performance and making decisions regarding the allocation of resources. See Note 22 to the consolidated financial statements in Item 8 for further information on the Company\u2019s Reportable Segments. Summary \u2022Consolidated Net sales increased 2.1% in the year to $23.574 billion \u25e6Net sales from stores in the Paint Stores Group open more than twelve calendar months increased 1.7% in the year \u2022Diluted net income per share decreased 2.7% to $10.26 per share in the year compared to $10.55 per share in the full year 2024 \u25e6Adjusted diluted net income per share increased 0.9% to $11.43 per share in the year compared to $11.33 per share in the full year 2024 \u2022Generated Net operating cash of $3.452 billion, or 14.6% of Net sales in the year Outlook Sherwin-Williams delivered strong 2025 results driven by solid core performance and a focus on operational discipline despite continued demand choppiness. Full year Net sales grew to a record level, and gross profit and gross margin expanded. The Company continued to generate strong cash flow from operations, which was used for investment in capital expenditures, funding acquisitions and returning cash to shareholders through dividends and repurchases of common stock. Although the softer-for-longer demand environment is expected to continue in 2026, we have confidence in our differentiated strategy, Success by Design, that continues to deliver innovative and productive solutions for our customers. Significant opportunities exist for each business, and we will continue to support our growth strategy by executing initiatives within our enterprise priorities, including talent, simplification, digitization, supply chain responsiveness and sustainability. Within the Paint Stores and Consumer Brands groups, we anticipate continued economic pressures to impact customer buying behavior in 2026. Our investments in sales reps, training and digital tools, coupled with home builder relationships are expected to drive growth opportunities. The outlook for the Performance Coatings Group is varied by end market and region with an expectation that the core business remains flat, however, new account wins and favorable business sales mix should drive growth. At the business unit level, we expect modest growth in Automotive Refinish, Industrial Wood and General Industrial while Packaging sales are anticipated to be flattish. Coil sales are expected to be slightly negative due to demand softness. As it relates to consolidated expenses, raw material costs could be impacted by evolving tariff policies. We will continue to monitor changes and impacts to our operations as we navigate this uncertain environment. We expect these costs and employee-related expenses to contribute to a low-single digit percentage increase, offset by cost saving simplification efforts across our supply chain such as capacity and productivity improvements. Our capital deployment strategy remains balanced and consistent. We have a strong liquidity position, with $207.2 million in cash and $3.649 billion of unused capacity under our credit facilities at December 31, 2025. We are, and ex ITEM 1. BUSINESS Introduction The Sherwin-Williams Company, founded in 1866 and incorporated in Ohio in 1884, is engaged in the development, manufacture, distribution and sale of paint, coatings and related products to professional, industrial, commercial and retail customers primarily in North and South America with additional operations in the Caribbean region, Europe, Asia and Australia. Our principal executive offices are located at 1 Sherwin Way, Cleveland, Ohio 44113-2206, telephone (216) 566-2000. As used in this report, the terms \u201cSherwin-Williams,\u201d \u201cCompany,\u201d \u201cwe\u201d, \u201cus\u201d and \u201cour\u201d mean The Sherwin-Williams Company and its consolidated subsidiaries. Available Information We make available free of charge on or through our website our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to these reports, as soon as reasonably practicable after we electronically file such material with, or furnish such material to, the Securities and Exchange Commission (SEC). You may access these documents on our Investor Relations website, investors.sherwin.com. We also make available free of charge on our website our Corporate Governance Guidelines, our Director Independence Standards, our Code of Conduct and the charters of our Audit Committee, our Compensation and Management Development Committee and our Nominating and Corporate Governance Committee. You may access these documents on our Investor Relations website, investors.sherwin.com. Basis of Reportable Segments The Company reports its segment information in the same way that management internally organizes its business for assessing performance and making decisions regarding allocation of resources. The Company has three reportable operating segments: Paint Stores Group, Consumer Brands Group and Performance Coatings Group (individually, a Reportable Segment and collectively, the Reportable Segments). The Company reports all other business activities and imma ITEM 1A. RISK FACTORS The risks described below and in other documents we file from time to time with the SEC could materially and adversely affect our business, results of operations, cash flow, liquidity or financial condition. Although the risks are organized by headings, and each risk is discu", "title": "SHW - SHERWIN WILLIAMS CO", "url": "/company/SHW/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0000004127; latest 10-K filed 2025-11-07.", "text": "SWKS - SKYWORKS SOLUTIONS, INC. SIC 3674 Semiconductors & Related Devices; CIK 0000004127; latest 10-K filed 2025-11-07. SWKS SKYWORKS SOLUTIONS, INC. 0000004127 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes that appear elsewhere in this Annual Report on Form 10-K. In addition to historical information, the following discussion contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ substantially and adversely from those referred to herein due to a number of factors, including, but not limited to, those described below and in Item 1A \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. OVERVIEW We, together with our consolidated subsidiaries, are a leading developer, manufacturer and provider of analog and mixed-signal semiconductor products and solutions for numerous applications, including aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet, and wearables. Pending Combination With Qorvo On October 27, 2025, we entered into the Merger Agreement with Qorvo, a provider of connectivity and power solutions, to combine Qorvo and Skyworks in a cash-and-stock transaction that values the combined company at approximately $22.0 billion as of the market close on October 27, 2025. Under the terms of the Merger Agreement, at the effective time of the Mergers, each share of Qorvo common stock issued and outstanding immediately prior thereto (with certain exceptions set forth in the Merger Agreement) will be converted into the right to receive 0.960 (the \u201cExchange Ratio\u201d) of a share of Skyworks common stock and $32.50 in cash, without interest, subject to applicable withholding taxes. The Exchange Ratio is expected to result in Qorvo equityholders and Skyworks equityholders owning approximately 37% and 63%, respectively, of the combined company on a pro forma basis following the closing. The Merger Agreement also provides for Skyworks\u2019 assumption of certain Qorvo equity awards, subject to certain adjustments thereto in respect of, among other things, performance-based vesting conditions. Pursuant to the Merger Agreement, immediately following the closing, the Board of Directors will be comprised of 11 directors, consisting of (i) the Chief Executive Officer of Skyworks, who will be the Chief Executive Officer of Skyworks following the closing, (ii) seven directors designated by Skyworks and (iii) three directors designated by Qorvo who are reasonably acceptable to Skyworks, each of whom will hold office until the next annual meeting of stockholders of Skyworks. Promptly following the closing, the Board of Directors will also designate a Chairman. Robert Bruggeworth, Qorvo\u2019s current President, Chief Executive Officer and director, will be one of Qorvo\u2019s designees upon the closing. The Mergers, which are anticipated to close early in calendar year 2027, are subject to the satisfaction or waiver of customary closing conditions, including adoption of the Merger Agreement by Qorvo\u2019s stockholders and the approval by Skyworks\u2019 stockholders of the issuance of Skyworks common stock included in the consideration to be paid to Qorvo stockholders, the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended, and other regulatory approvals under certain antitrust and foreign investment regimes, the absence of any order, injunction or law of such jurisdictions prohibiting the Mergers, and the effectiveness of a registration statement on Form S-4 to be filed by us. We and Qorvo each have termination rights under the Merger Agreement. Under specified circumstances, including termination by a party to accept a superior proposal or termination by the other party upon a change in such party\u2019s board of directors\u2019 recommendation to its stockholders, each o ITEM 1. BUSINESS. Skyworks Solutions, Inc., together with its consolidated subsidiaries (\u201cSkyworks\u201d or the \u201cCompany\u201d), is a leading developer, manufacturer and provider of analog and mixed-signal semiconductor products and solutions for numerous applications, including aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet, and wearables. Over the past two decades, Skyworks has made important investments to address key network technologies, from cellular to advanced Wi-Fi\u00ae, enhanced GPS, and Bluetooth\u00ae, among others. Capitalizing on both organic growth and strategic acquisitions, we are targeting high-growth verticals, while at the same time, seeking to diversify our revenue and customer set. Targeted investments in next-generation technology and solutions, technical talent, and fabrication capabilities have created the opportunity to expand into high-growth market segments, including electric and hybrid vehicles, industrial and motor control, power supply, 5G wireless infrastructure, optical data communication, data center, automotive, smart home, and several other applications. Our key customers include Amazon, Apple Inc. (\u201cApple\u201d), Arcadyan, Arris, Bose, Ciena, Cisco, Ericsson, Fibocom, Garmin, Gemalto (a Thales company), General Electric, Google, Honeywell, Itron, Lenovo, LG Electronics, Microsoft, Motorola, NETGEAR, Nokia, Northrop Grumman, OPPO, Rockwell Collins, Sagemcom, Samsung, Schneider Electric, Sierra Wireless, Sonos, Sony, Technicolor, Telit, Tesla, TP-Link, VIVO, and Xiaomi. Our competitors include Analog Devices, Broadcom, Cirrus Logic, Murata Manufacturing, NXP Semiconductors, Qorvo, Qualcomm, and Texas Instruments. We operate worldwide with engineering, manufacturing, sales, and service facilities throughout Asia, Europe, and North America. Our Internet address is www.skyworksinc.com. We make available free of charge on our website our Annual Report ITEM 1A. RISK FACTORS. You should carefully consider the risks described below, some of which have manifested and any of which may occur in the future, in addition to the other information contained in this report before making an investment decision with respect to any of our securities. Our business, results o", "title": "SWKS - SKYWORKS SOLUTIONS, INC.", "url": "/company/SWKS/" }, { "kind": "company", "summary": "SIC 2033 Canned, Fruits, Veg, Preserves, Jams & Jellies; CIK 0000091419; latest 10-K filed 2026-06-09.", "text": "SJM - J M SMUCKER Co SIC 2033 Canned, Fruits, Veg, Preserves, Jams & Jellies; CIK 0000091419; latest 10-K filed 2026-06-09. SJM J M SMUCKER Co 0000091419 2033 Canned, Fruits, Veg, Preserves, Jams & Jellies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. (Dollars and shares in millions, unless otherwise noted, except per share data) This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is intended to provide an understanding of our results of operations, financial condition, and cash flows by focusing on changes in certain key measures from year to year, and should be read in conjunction with our consolidated financial statements and the accompanying notes presented in Item 8. \u201cFinancial Statements and Supplementary Data\u201d in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed in Item 1A. \u201cRisk Factors\u201d in this Annual Report on Form 10-K. Company Background At The J. M. Smucker Co., it is our privilege to make food people and pets love by offering a diverse family of brands available across North America. We are proud to lead in the coffee, peanut butter, fruit spreads, frozen handheld, sweet baked goods, dog snacks, and cat food categories by offering brands consumers trust for themselves and their families each day, including Folgers, Dunkin\u2019, Caf\u00e9 Bustelo, Jif, Uncrustables, Smucker\u2019s, Hostess, Milk-Bone, and Meow Mix. Through our unwavering commitment to producing quality products, operating responsibly and ethically, and delivering on our Purpose, we will continue to grow our business while making a positive impact on society. We have five reportable segments: U.S. Retail Coffee, U.S. Retail Frozen Handheld and Spreads, U.S. Retail Pet Foods, Sweet Baked Snacks, and Away From Home. Products within our U.S. Retail reportable segments are primarily sold through a combination of direct sales and brokers to food retailers, club stores, discount and dollar stores, online retailers, pet specialty stores, drug stores, military commissaries, mass merchandisers, and distributors. The Sweet Baked Snacks reportable segment includes products distributed across all channels, both domestically and in foreign countries, such as supermarket chains, convenience stores, national mass retailers, discount and dollar stores, club stores, the vending channel, drug stores, and military commissaries. The Away From Home reportable segment includes the sale of all products domestically and in foreign countries through foodservice distributors and operators (e.g., healthcare operators, restaurants, educational institutions, offices, lodging and gaming establishments, and convenience stores). We remain rooted in our Basic Beliefs to Be Bold, Be Kind, Do the Right Thing, Play to Win, and Thrive Together. Our Basic Beliefs are the core of our unique corporate culture, serving as the foundation for decision-making and how we interact with our colleagues and partners. While our Basic Beliefs have evolved over time as we have grown, we remain unwavering in our commitment to these core values and recognize how we are called to act upon them will continue to transform as the world around us does. In addition, we have been led by five generations of family leadership, having had only six chief executive officers in over 125 years. This continuity of management and thought extends to the broader leadership team that embodies the values and embraces the business practices that have contributed to our consistent growth. Our strategic vision is to engage, delight, and inspire consumers by building brands they love and leading in attractive categories. It provides clear long-term direction, aligning the organization and guiding business priorities. As a Company of #1 and leading brands, complemented by emerging, on-trend brands, we will continue to drive balanced, long-term growth, primarily in North America. Our strategic growth objectives inc Item 1. Business. The Company: The J. M. Smucker Company (\u201cCompany,\u201d \u201cregistrant,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d), often referred to as Smucker\u2019s (a registered trademark), was established in 1897 and incorporated in Ohio in 1921. We operate principally in one industry, the manufacturing and marketing of branded food and beverage products on a worldwide basis, although the majority of our sales are in the United States (\u201cU.S.\u201d). Operations outside the U.S. are principally in Canada, although our products are exported to other countries as well. Net sales outside the U.S., subject to foreign currency translation, represented 4 percent of consolidated net sales for 2026. Our branded food and beverage products include a strong portfolio of trusted, iconic, market-leading brands that are sold to consumers primarily through retail outlets in North America. We have five reportable segments: U.S. Retail Coffee, U.S. Retail Frozen Handheld and Spreads, and U.S. Retail Pet Foods (the \u201cU.S. Retail reportable segments\u201d), Sweet Baked Snacks, and Away From Home. During the fourth quarter of 2026, the Away From Home operating segment met the reportable segment criteria under Financial Accounting Standards Board (\u201cFASB\u201d) Accounting Standards Codification (\u201cASC\u201d) 280. For additional information on our reportable segments, see Note 5: Reportable Segments. On March 3, 2025, we sold certain Sweet Baked Snacks value brands to JTM Foods, LLC (\u201cJTM\u201d). The transaction included certain trademarks and licenses, a manufacturing facility in Chicago, Illinois, and approximately 400 employees who support the business. Under our ownership, these Sweet Baked Snacks value brands generated net sales of approximately $48.4 and $30.0 in 2025 and 2024, respectively, which were included in the Sweet Baked Snacks reportable segment. On December 2, 2024, we sold the Voortman\u00ae business to Second Nature Brands (\u201cSecond Nature\u201d). The transaction included products sold under the Voortman brand, inclusive of cer Item 1A. Risk Factors. Our business, operations, and financial condition are subject to various risks and uncertainties. The following risk factors should be carefully considered, together with the other information contained or incorporated by reference in this Annual Report on Form 10-K and our other filings ", "title": "SJM - J M SMUCKER Co", "url": "/company/SJM/" }, { "kind": "company", "summary": "SIC 2650 Paperboard Containers & Boxes; CIK 0002005951; latest 10-K filed 2026-02-27.", "text": "SW - Smurfit Westrock plc SIC 2650 Paperboard Containers & Boxes; CIK 0002005951; latest 10-K filed 2026-02-27. SW Smurfit Westrock plc 0002005951 2650 Paperboard Containers & Boxes Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF THE FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF SMURFIT WESTROCK The following discussion and analysis of Smurfit Westrock\u2019s financial condition and results of operations should be read in conjunction with Smurfit Westrock\u2019s audited Consolidated Financial Statements and their related notes for the year ended December 31, 2025 and our audited Consolidated Financial Statements and their related notes for the year ended December 31, 2024. This discussion contains forward-looking statements that involve risks and uncertainties. Smurfit Westrock\u2019s future results could differ materially from the results discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the Item 1A. Risk Factors. Please refer to the section above entitled \u201cCautionary Note Regarding Forward-Looking Statements\" for additional information. Smurfit Kappa was determined to be the accounting acquirer in the Combination; therefore, the historical consolidated financial statements of Smurfit Kappa for periods prior to the Combination were also considered to be the historical financial statements of the Company. Unless otherwise specified or the context otherwise requires, all references to the \u201cCompany\u201d and \u201cSmurfit Kappa\u201d refer to Smurfit Kappa Group plc and its subsidiaries and their operations when referring to periods prior to the closing of the Combination, and references to the \u201cCompany\u201d and \u201cSmurfit Westrock\u201d refer to the combined company, Smurfit Westrock and its subsidiaries, including, among others, Smurfit Kappa and WestRock, when referring to periods after the Combination. OVERVIEW Smurfit Westrock is one of the world's largest integrated manufacturers of paper-based packaging products in terms of volumes and sales, with operations in North America, South America, Europe, Asia, Africa, and Australia. Smurfit Westrock partners with its customers to provide differentiated, sustainable paper and packaging solutions that enhance its customers\u2019 prospects of success in their markets. Transaction Agreement and Combination with WestRock Smurfit Westrock was created in July 2024 as a strategic combination between Smurfit Kappa Group plc (re-registered as Smurfit Kappa Group Limited) (\u201cSmurfit Kappa\u201d) and WestRock Company (\u201cWestRock\u201d). The Combination closed on July 5, 2024. Upon completion of the Combination, Smurfit Kappa and WestRock each became wholly-owned subsidiaries of Smurfit Westrock. As noted above, Smurfit Kappa was determined to be the accounting acquirer of WestRock. Accordingly, the financial statements reflected in these Consolidated Financial Statements and the discussions below include WestRock's financial position and results of operations for the period subsequent to the completion of the Combination on July 5, 2024. Consequently, the results reported for the twelve months ended December 31, 2024 do not include WestRock\u2019s financial results for the first five days of July or any prior periods. Therefore, in fiscal 2025 acquired WestRock operations were included for an incremental six months and five days compared to fiscal 2024. Refer to \u201cNote 2. Acquisitions\u201d of the Consolidated Financial Statements for additional information related to the Combination and the accounting for the Combination. Following the completion of the Combination, Smurfit Westrock reassessed the Company\u2019s reportable segments due to changes in organizational structure and how the Company\u2019s chief operating decision maker (\u201cCODM\u201d) makes key operating decisions, allocates resources and assesses the performance of the business. Accordingly, Smurfit Westrock began to manage the combined business as three reportable segments: (1) North America, (2) Europe, MEA and APAC, and (3) LATAM. Refer to \u201cNote 3. Segment Inf Item 1. Business Overview Smurfit Westrock was created in July 2024 as a strategic combination between Smurfit Kappa Group plc (re-registered as Smurfit Kappa Group Limited) (\u201cSmurfit Kappa\u201d), one of the leading integrated corrugated packaging manufacturers in Europe, with a large- scale pan-regional presence in Latin America, and WestRock Company (\u201cWestRock\u201d), one of the leaders in North America in corrugated and consumer packaging solutions and a multinational provider of sustainable fiber-based paper and packaging solutions. We are a global leader in sustainable, paper-based packaging with extensive scale, quality products and geographic reach and diversity. We aim to create the \u2018go-to\u2019 packaging partner of choice, bringing together highly complementary portfolios and sets of capabilities benefiting customers, employees and shareholders. Background Smurfit Westrock was incorporated and registered in Ireland on July 6, 2017, under the Irish Companies Act as a private company limited by shares with registered number 607515, with the name \u201cCepheidway Limited.\u201d On September 12, 2023, Smurfit Kappa and WestRock announced entry into a transaction agreement pursuant to which the companies would execute a strategic combination (the \u201cCombination\u201d). Prior to the Combination, Smurfit Westrock re-registered as an Irish public limited company pursuant to Part 20 of the Companies Act 2014 of Ireland, as amended (the \u201cIrish Companies Act\u201d) and was renamed \u201cSmurfit Westrock plc.\u201d Upon completion of the Combination, Smurfit Kappa and WestRock each became wholly-owned subsidiaries of Smurfit Westrock, and Smurfit Westrock continued as the new holding company of the combined group of Smurfit Kappa and WestRock. As a result of the Combination, former Smurfit Kappa shareholders and WestRock shareholders became holders of Smurfit Westrock ordinary shares. Smurfit Westrock had no historical operations nor traded or carried out any business of its own since its incorpo Item 1A. Risk Factors Investing in our ordinary shares involves uncertainty and risk due to a variety of factors. You should carefully consider the risks described below, which could have a material adverse effect on our business, financial condition, reputation, results of operations (including revenues and profitability) and/or ordinary share price, with all of the ", "title": "SW - Smurfit Westrock plc", "url": "/company/SW/" }, { "kind": "company", "summary": "SIC 3420 Cutlery, Handtools & General Hardware; CIK 0000091440; latest 10-K filed 2026-02-12.", "text": "SNA - Snap-on Inc SIC 3420 Cutlery, Handtools & General Hardware; CIK 0000091440; latest 10-K filed 2026-02-12. SNA Snap-on Inc 0000091440 3420 Cutlery, Handtools & General Hardware Item 7: Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management Overview We believe our 2025 operating performance demonstrates the advantages inherent in our strategy, generally making in the markets where we sell, and in our structure, our ability to produce many of our solutions in most geographies by leveraging our 36 manufacturing facilities worldwide, including our 15 plants in the United States. Despite the complexities of the current macroeconomic and trade environments, we believe the special resilience of our markets, the considerable capability of our combined operations, and our experienced team enable us to prevail in the difficulties of today. Throughout the recent uncertainty, we maintained and further extended our ongoing advantages in our products, in our brands and in our people. At the same time, we remained committed to expanding our professional customer base, not only in automotive repair, but in adjacent markets, additional geographies and other areas, including critical industries, where the cost and penalties for failure are high. Snap\u2011on\u2019s value proposition of making work easier for serious professionals is an ongoing strength as we proceed along our strategic runways for coherent growth: \u2022Enhancing the franchise network, where we continued to focus on raising franchisee productivity and improving coverage, increasing new product introductions, and refining the selling process with programs to amplify the power of our mobile van channel; \u2022Expanding with repair shop owners and managers, where we continued to make progress in connecting with customers and translating the resulting insights into innovation that solves specific challenges in the repair facility; \u2022Further extending to critical industries, where we continued targeting places where tasks require repeatability and reliability, building a deep understanding of the work, and providing specialized productivity solutions for critical activities; and \u2022Building in emerging markets, where we continued optimizing product lines, manufacturing capability, and distribution for local markets. Our strategic priorities and plans for 2026 also involve continuing to build on our Snap-on Value Creation Processes \u2013 our suite of strategic principles and processes we employ every day designed to create value, and employed in the areas of safety, quality, customer connection, innovation and Rapid Continuous Improvement (\u201cRCI\u201d). We expect to continue to deploy these processes in our existing operations as well as into our more recently acquired businesses. Snap-on\u2019s RCI initiatives employ a structured set of tools and processes across multiple businesses and geographies intended to eliminate waste and improve operations. Savings from Snap-on\u2019s RCI initiatives reflect benefits from a wide variety of ongoing efficiency, productivity and process improvements, including savings generated from product design cost reductions, improved manufacturing line set-up and change-over practices, lower-cost sourcing initiatives and facility consolidations. Unless individually significant, it is not practicable to disclose each RCI activity that generated savings and/or segregate RCI savings embedded in sales volume increases. Our global financial services operations continue to serve a significant strategic role in offering financing options to our franchisees, to their customers, and to customers in other parts of our business. We expect that our global financial services business, which includes both Snap-on Credit LLC (\u201cSOC\u201d) in the United States and our other international finance subsidiaries, will continue to be a meaningful contributor to our operating earnings going forward. Snap-on has significant international operations and is subject to risks inherent with foreign operations, including foreign currency translation fluctuations. [[GREPCENT_TABLE]] [[\"28\",\"SNAP-ON INCORPORATED\"]] [[/GREPCENT_TABLE]] Fiscal Year Snap- Item 1: Business Snap-on is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks including those working in vehicle repair, aerospace, the military, natural resources, and manufacturing. From its founding in 1920, Snap-on has been recognized as the mark of the serious and the outward sign of the pride and dignity working men and women take in their professions. Products and services are sold through the company\u2019s network of widely recognized franchisee vans as well as through direct and distributor channels, under a variety of notable brands. The company also provides financing programs to facilitate the sales of its products and to support its franchise business. Snap-on markets its products and brands worldwide in more than 130 countries. Snap-on\u2019s largest geographic market is the United States. In addition, Snap-on has a meaningful presence across continental Europe and in the Asia Pacific region, as well as in Canada and the United Kingdom. The company began with the development of the original Snap-on interchangeable socket set and subsequently pioneered mobile tool distribution in the automotive repair market, where well-stocked vans sell to professional vehicle technicians at their place of business. Since that time, our principal value-creating mechanism has been to observe work and translate the insights gained into creative solutions that make essential tasks easier, meeting the needs of rapidly-evolving workplaces. Today, Snap-on extends its reach \u201cbeyond the garage,\u201d and the company\u2019s \u201ccoherent growth\u201d strategy focuses on developing and expanding its professional customer base in its legacy automotive market, as well as in adjacent markets, additional geographies and other areas, including in critical industries, where the cost and penalties for failure are high. In addition to its coherent growth strategy, Snap-on is committed Item 1A: Risk Factors In evaluating the company, careful consideration should be given to the following risk factors, in addition to the other information included in this Annual Report on Form 10-K, including the Consolidated Financial Statements and the related notes. Each of these risk factors could adversely affect, and in some", "title": "SNA - Snap-on Inc", "url": "/company/SNA/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001964738; latest 10-K filed 2026-02-27.", "text": "SOLV - Solventum Corp SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001964738; latest 10-K filed 2026-02-27. SOLV Solventum Corp 0001964738 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Company\u2019s consolidated financial statements and corresponding notes elsewhere in this Annual Report on Form 10-K. The following discussion and analysis provides information management believes to be relevant to understanding the financial condition and results of operations of Solventum for the years ended December 31, 2025 and 2024. Discussion, analysis and comparisons of the year ended December 31, 2023 that are not included in this Annual Report on Form 10-K can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in the Annual Report on Form 10-K for the year ended December 31, 2024 filed on February 28, 2025. This discussion contains forward-looking statements that are based upon current expectations and are subject to uncertainty and changes in circumstances. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in \"Risk Factors.\" See \"Cautionary Note Regarding Forward-Looking Statements.\" All amounts discussed are in millions of U.S. dollars, unless otherwise indicated. Amounts reported within this Annual Report are rounded to the nearest million and the sum of the components may not equal the total amount reported due to rounding. Additionally, certain columns and rows within tables may not sum due to rounding. Unless the context otherwise requires, references to \"Solventum\" and the \"Company\" refer to (i) 3M\u2019s Health Care Business prior to the Spin-Off as a carve-out business of 3M and (ii) Solventum Corporation and its subsidiaries following the Spin-Off. Transition to Standalone Company Solventum utilized allocations and carve-out methodologies through the date of the Spin-Off to prepare combined financial statements. The consolidated financial statements herein for periods prior to the Spin-Off may not be indicative of the Company\u2019s future performance, do not necessarily include the actual expenses that would have been incurred, and may not reflect our results of operations, financial position, and cash flows had we been a separate, standalone company during the historical periods presented. In particular, Solventum benefited from 3M\u2019s long operating history, reputation and well-known brand. Following the separation, Solventum is operating under its own brand, and accordingly may be negatively impacted due to the loss of benefits conferred by 3M\u2019s brand recognition and reputation. In addition, the debt obligations incurred by Solventum in connection with the separation will adversely affect its profitability and could affect its ability to use its cash flow for investing in the business, strategic transactions, including mergers and acquisitions, and returning capital. See Note 1, \"Significant Accounting Policies - Organization and Description of Business and Basis of Presentation\" to the consolidated financial statements and Part 1, Item 1A \"Risk Factors\" for additional information. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is designed to provide a reader of Solventum\u2019s financial statements with a narrative from the perspective of management. Solventum\u2019s MD&A is presented in the following sections: \u2022Overview \u2022Results of Operations \u2022Performance by Business Segment \u2022Geographic Area Supplemental Information \u2022Critical Accounting Estimates \u2022New Accounting Pronouncements \u2022Financial Condition and Liquidity \u2022Financial Instruments Overview Solventum is a leading global healthcare company developing, manufacturing, and commercializing a broad portfolio of solutions that leverages deep material science, data science, Item 1. Business Solventum Corporation (\"Solventum,\" \"we,\" \"our,\" \"us,\" or the \"Company\"), is a leading global healthcare company developing, manufacturing, and commercializing a broad portfolio of solutions that leverages deep material science, data science, and digital capabilities to address critical customer and patient needs. We constantly seek to enable the improvement of standards of care and move healthcare forward with innovation powered by insights, clinical intelligence, technology, and manufacturing expertise. Our 70+ year history of discovering and innovating advanced solutions has helped us solve our customers\u2019 toughest challenges. Our solutions are relied on every day within the global healthcare industry to deliver higher-quality patient care, more efficient processes and workflows, and improved standards of safety and accuracy. Additionally, our products and services are present along a patient\u2019s journey through prevention, diagnosis, treatment, and recovery. Our business possesses strong customer relationships, a broad, wide-ranging, and well-known portfolio of brands, differentiated technology, and manufacturing expertise. We serve a diverse customer base, ranging from multidisciplinary hospitals to local clinics/practices. Our long-tenured and collaborative customer relationships globally give us unique insights into their needs and preferences. These insights inform our innovation processes, drive stronger customer retention, and create multiple avenues for further customer engagement. Business Segments We are organized into three reportable operating business segments that are aligned with the markets we serve. MedSurg (57.9% of 2025 total sales) is a provider of solutions including negative pressure wound therapy, advanced wound dressings, advanced skin care, synthetic tissue matrices, I.V. site management, sterilization assurance, temperature management, surgical supplies, medical tapes and wraps, stethoscopes, medical electrodes, and m Item 1A. Risk Factors RISK FACTORS Investing in our securities involves a high degree of risk. You should consider and read carefully all of the risks and uncertainties described below, as well as the other information contained in this Annual Report, including our financial statements included elsewhere in this Annual ", "title": "SOLV - Solventum Corp", "url": "/company/SOLV/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0000092122; latest 10-K filed 2026-02-19.", "text": "SO - SOUTHERN CO SIC 4911 Electric Services; CIK 0000092122; latest 10-K filed 2026-02-19. SO SOUTHERN CO 0000092122 4911 Electric Services COMBINED MANAGEMENT'S DISCUSSION AND ANALYSIS OVERVIEW Business Activities Southern Company is a holding company that owns all of the common stock of three traditional electric operating companies, Southern Power, and Southern Company Gas and owns other direct and indirect subsidiaries. The primary businesses of the Southern Company system are electricity sales by the traditional electric operating companies and Southern Power and the distribution of natural gas by Southern Company Gas. Southern Company's reportable segments are the sale of electricity by the traditional electric operating companies, the sale of electricity in the competitive wholesale market by Southern Power, and the distribution of natural gas and other complementary products and services by Southern Company Gas. See Note 16 to the financial statements for additional information. \u2022The traditional electric operating companies \u2013 Alabama Power, Georgia Power, and Mississippi Power \u2013 are vertically integrated utilities providing electric service to retail customers in three Southeastern states in addition to wholesale customers in the Southeast. \u2022Southern Power develops, constructs, acquires, owns, operates, and manages power generation assets, including battery energy storage projects, and sells electricity at market-based rates in the wholesale market. Southern Power continually seeks opportunities to execute its strategy to create value through various transactions including acquisitions, dispositions, and sales and purchases of partnership interests, development and construction of new generating facilities, and entry into PPAs primarily with investor-owned utilities, IPPs, municipalities, electric cooperatives, and other load-serving entities, as well as commercial and industrial customers. In general, Southern Power commits to the construction or acquisition of new generating capacity only after entering into or assuming long-term PPAs for the new facilities. \u2022Southern Company Gas is an energy services holding company whose primary business is the distribution of natural gas. Southern Company Gas owns natural gas distribution utilities in four states \u2013 Illinois, Georgia, Virginia, and Tennessee \u2013 and is also involved in several other complementary businesses. Southern Company Gas manages its business through three reportable segments \u2013 gas distribution operations, gas pipeline investments, and gas marketing services, which includes SouthStar, a Marketer and provider of energy-related products and services to natural gas choice markets \u2013 and one non-reportable segment, all other. See Notes 7, 15, and 16 to the financial statements for additional information. Southern Company's other business activities include providing distributed energy and resilience solutions and deploying microgrids for commercial, industrial, governmental, and utility customers, as well as investments in telecommunications. Management continues to evaluate the contribution of each of these activities to total shareholder return and may pursue acquisitions, dispositions, and other strategic ventures or investments accordingly. See FUTURE EARNINGS POTENTIAL herein for a discussion of many factors that could impact the Registrants' future results of operations, financial condition, and liquidity. Recent Developments Alabama Power Jurisdictional Separation Study Order On June 5, 2025, the Alabama PSC approved an order authorizing Alabama Power to implement changes related to the Jurisdictional Separation Study (JSS) under Rate RSE, which allocates costs between retail and other electric services. For 2026, a revised JSS allocation factor will account for Alabama Power system capacity previously allocated to wholesale electric services that is being used for retail electric service starting January 1, 2026. In addition, Alabama Power is authorized to establish a regulatory asset to defer certain costs associated with this capacity for 2026, and those costs are estimated to be Item 1. BUSINESS Southern Company is a holding company that owns all of the outstanding common stock of three traditional electric operating companies, Southern Power Company, and Southern Company Gas. \u2022The traditional electric operating companies \u2013 Alabama Power, Georgia Power, and Mississippi Power \u2013 are each vertically integrated utilities providing electric service to retail customers in three Southeastern states in addition to wholesale customers in the Southeast. \u2022Southern Power Company is an operating public utility company. The term \"Southern Power\" when used herein refers to Southern Power Company and its subsidiaries, while the term \"Southern Power Company\" when used herein refers only to the Southern Power parent company. Southern Power develops, constructs, acquires, owns, operates, and manages power generation assets, including battery energy storage projects, and sells electricity at market-based rates in the wholesale market. \u2022Southern Company Gas is an energy services holding company whose primary business is the distribution of natural gas in four states \u2013 Illinois, Georgia, Virginia, and Tennessee \u2013 through the natural gas distribution utilities. Southern Company Gas is also involved in several other businesses that are complementary to the distribution of natural gas. Southern Company also owns SCS, Southern Linc, Southern Holdings, Southern Nuclear, PowerSecure, and other direct and indirect subsidiaries. SCS, the system service company, has contracted with Southern Company, each of the Subsidiary Registrants, Southern Nuclear, SEGCO, and other subsidiaries to furnish, at direct or allocated cost and upon request, the following services: general executive and advisory, general and design engineering, operations, purchasing, accounting, finance, treasury, legal, tax, information technology, marketing, auditing, insurance and pension administration, human resources, systems and procedures, digital wireless communications, cellular tower space, Item 1A. RISK FACTORS In addition to the other information in this Form 10-K, including MANAGEMENT'S DISCUSSION AND ANALYSIS \u2013 FUTURE EARNINGS POTENTIAL in Item 7, and other documents filed by Southern Company and/or its subsidiaries with the SEC, the following factors should be carefully considered in evaluating Southern Company and its subsidiaries. Such factors could aff", "title": "SO - SOUTHERN CO", "url": "/company/SO/" }, { "kind": "company", "summary": "SIC 4512 Air Transportation, Scheduled; CIK 0000092380; latest 10-K filed 2026-02-05.", "text": "LUV - SOUTHWEST AIRLINES CO SIC 4512 Air Transportation, Scheduled; CIK 0000092380; latest 10-K filed 2026-02-05. LUV SOUTHWEST AIRLINES CO 0000092380 4512 Air Transportation, Scheduled Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations YEAR IN REVIEW The Company had a record full year revenue performance in 2025, producing operating revenues of $28.1 billion, due in part to continued strong domestic travel demand, as well as the execution of transformational initiatives, which has resulted in strong financial performance and driven incremental Shareholder value. The Company recorded results for 2025 and 2024, on an accounting principles generally accepted in the United States (\"GAAP\") and non-GAAP basis, as noted in the following tables. See Note Regarding Use of Non-GAAP Financial Measures and the Reconciliation of Reported Amounts to Non-GAAP Financial Measures for additional detail regarding non-GAAP financial measures. [[GREPCENT_TABLE]] [[\"(in millions, except per share amounts)\",\"\",\"Year ended December 31,\"],[\"GAAP\",\"\",\"2025\",\"\",\"2024\",\"\",\"Change\"],[\"Operating income\",\"\",\"$\",\"428\",\"\",\"\",\"$\",\"321\",\"\",\"\",\"33.3\"],[\"Net income\",\"\",\"$\",\"441\",\"\",\"\",\"$\",\"465\",\"\",\"\",\"(5.2)\"],[\"Net income per share, diluted\",\"\",\"$\",\"0.79\",\"\",\"\",\"$\",\"0.76\",\"\",\"\",\"3.9\"],[\"Non-GAAP\"],[\"Operating income\",\"\",\"$\",\"539\",\"\",\"\",\"$\",\"457\",\"\",\"\",\"17.9\"],[\"Net income\",\"\",\"$\",\"512\",\"\",\"\",\"$\",\"597\",\"\",\"\",\"(14.2)\"],[\"Net income per share, diluted\",\"\",\"$\",\"0.93\",\"\",\"\",\"$\",\"0.96\",\"\",\"\",\"(3.1)\"]] [[/GREPCENT_TABLE]] The Company's operating income, as shown above on a GAAP and non-GAAP basis for the year ended December 31, 2025, increased compared to the same prior year period primarily driven by revenue initiatives, including the Company's policy change related to certain Customers' first and second checked bags that became effective May 28, 2025. This increase was combined with outperformance of cost reduction goals and lower year-over-year Fuel and oil expense primarily driven by lower jet fuel prices, partially offset by higher salaries, wages, and benefits expense. Despite the negative impacts to bookings and travel associated with the government shutdown during a portion of fourth quarter 2025, the Company earned an outsized portion of its 2025 operating income during the period. On a GAAP basis, the Company achieved in excess of 90 percent, and on a non-GAAP basis, achieved in excess of 70 percent, of its annual operating income during the fourth quarter of the year, both primarily as a result of the ramp-up of its transformational and revenue initiatives over the course of the year. The Company's net income, as shown above on a GAAP and non-GAAP basis for the year ended December 31, 2025, decreased compared to the same prior year period primarily due to a decrease in interest income driven by a lower cash and investment balance. Additionally, on a GAAP basis, the Company\u2019s results for the year ended December 31, 2024, included a reversal of $116 million of breakage revenue recorded in prior years related to a portion of flight credits issued to Customers during 2022 and prior that either were redeemed or are expected to be redeemed in future periods. The majority of these flight credits were issued during the COVID-19 pandemic as the Company was making significant changes to its flight schedules based on fluctuating demand. This adjustment was treated as a special item and excluded from the Company's presentation of non-GAAP results. See Note Regarding Use of Non-GAAP Financial Measures and the Reconciliation of Reported Amounts to Non-GAAP Financial Measures for additional detail regarding non-GAAP financial measures. Operating Statistics 63 Table of Contents The Company provides the operating data below for the years ended December 31, 2025 and 2024 because these statistics are commonly used in the airline industry and, therefore, allow readers to compare the Company\u2019s performance against its results for the prior year period, as well as against the performance of the Company\u2019s peers. [[GREPCENT_TABLE]] [[\"\",\"\",\"Year ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"Change\"],[\"O Item 1. Business Company Overview Southwest Airlines Co. (the \u201cCompany\u201d or \u201cSouthwest\u201d) operates Southwest Airlines, a major passenger airline that provides scheduled air transportation in the United States and near-international markets. Southwest commenced service on June 18, 1971, with three Boeing 737 aircraft serving three Texas cities: Dallas, Houston, and San Antonio. Southwest\u2019s unique route network, competitive fares, and famous Hospitality continue to make the Company an attractive choice for Customers in cities across the United States and near-international destinations. As of December 31, 2025, Southwest had a total of 803 Boeing 737 aircraft in its fleet and served 117 destinations in 42 states, the District of Columbia, the Commonwealth of Puerto Rico, and ten near-international countries: Mexico, Jamaica, The Bahamas, Aruba, Dominican Republic, Costa Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos. Company Initiatives As part of the Company's ongoing modernization efforts, the Company is executing several transformational initiatives designed to elevate the Customer Experience on its flights, improve financial performance, and drive Shareholder value, including: \u2022Assigned and Extra Legroom Seating: On January 27, 2026, Southwest began operating assigned and extra legroom seating to better align with airline passenger preferences. Passengers can now choose between a standard seat, a preferred seat near the front of the cabin, or an extra legroom seat with additional pitch. \u2022Redesigned Boarding Model: Southwest evolved its boarding process beginning January 27, 2026, by prioritizing Customers into boarding groups based on seat location, fare bundle, and loyalty program status, beginning with extra legroom seats in boarding groups 1 and 2. \u2022Global Airline Partnerships: In 2025, Southwest launched its first partnerships with international carriers to expand its network and connect Customers with more global destinations to generate Item 1A. Risk Factors The Company\u2019s operations and financial results are subject to various risks and uncertainties, including but not limited to those described below. Other risks are described in \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d \u201cItem 7A. Quantitative and Qualitative Discl", "title": "LUV - SOUTHWEST AIRLINES CO", "url": "/company/LUV/" }, { "kind": "company", "summary": "SIC 3420 Cutlery, Handtools & General Hardware; CIK 0000093556; latest 10-K filed 2026-02-24.", "text": "SWK - STANLEY BLACK & DECKER, INC. SIC 3420 Cutlery, Handtools & General Hardware; CIK 0000093556; latest 10-K filed 2026-02-24. SWK STANLEY BLACK & DECKER, INC. 0000093556 3420 Cutlery, Handtools & General Hardware ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The financial and business analysis below provides information which the Company believes is relevant to an assessment and understanding of its consolidated financial position, results of operations and cash flows. This financial and business analysis should be read in conjunction with the Consolidated Financial Statements and related notes. All references to \u201cNotes\u201d in this Item 7 refer to the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K. The following discussion also references a number of financial measures that are not defined under U.S. GAAP. Refer to the section titled \"Certain Items Impacting Earnings and Non-GAAP Financial Measures\" for additional information on such measures. The following discussion and certain other sections of this Annual Report on Form 10-K contain statements reflecting the Company\u2019s views about its future performance that constitute \u201cforward-looking statements\u201d under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which the Company operates as well as management\u2019s beliefs and assumptions. Any statements contained herein (including without limitation statements to the effect that the Company or its management \u201cbelieves,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cplans\u201d and similar expressions) that are not statements of historical fact should be considered forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. There are a number of important factors that could cause actual results to differ materially from those indicated by such forward-looking statements. These factors include, without limitation, those set forth, or referenced therein, below under the heading \u201cCautionary Statement Concerning Forward-Looking Statements.\u201d The Company does not intend to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. Strategic Objectives The Company is guided by its mission to build a world-class branded industrial company, by solving end users\u2019 most pressing and complex challenges. The strategy to achieve this mission is anchored by three core imperatives: activating our brands with purpose, driving operational excellence, and accelerating innovation. Activating our brands with purpose is rooted by the Company's brands standing for quality, safety and productivity. The Company is investing resources to continue to deepen connections with end users, with every product, solution and service aligned with their evolving needs. Driving operational excellence is centered on continuous improvement to deliver stronger results, including more effective resource allocation with higher return on investment. The focus on driving annual net productivity will contribute to continued margin expansion and reinvestment into brand health and innovation. Accelerating innovation is required to advance and expand the end-to-end workflow solutions that end users demand. The Company's platforming method enables faster speed to market and leverages modularity combined with specialization to deliver uncompromised productivity and value. With a strengthened foundation and a more streamlined, focused organization, the Company is positioned to drive performance towards its long-term financial targets. The following targets, which are based on the tariff landscape as of January 2026, are expected to be reflected in the Company's 2028 financial results and assume that the Company's markets are growing by low-single digits and inflation approximates 2% per year. 30 \u2022Mid-single digit organic revenue growth; \u202235% ITEM 1. BUSINESS Stanley Black & Decker, Inc. (\"the Company\") was founded in 1843 by Frederick T. Stanley and incorporated in Connecticut in 1852. In March 2010, the Company completed a merger with The Black & Decker Corporation (\u201cBlack & Decker\u201d), a company founded by S. Duncan Black and Alonzo G. Decker and incorporated in Maryland in 1910. At that time, the Company changed its name from The Stanley Works to Stanley Black & Decker, Inc. The Company\u2019s principal executive office is located at 1000 Stanley Drive, New Britain, Connecticut 06053 and its telephone number is (860) 225-5111. The Company is a global provider of hand tools, power tools, outdoor products and related accessories, as well as a leading provider of engineered fastening solutions, with 2025 consolidated annual revenues of $15.1 billion. Approximately 62% of the Company\u2019s 2025 revenues were generated in the United States, with the remainder largely from Europe (16%), emerging markets (13%) and Canada (4%). In recent years, the Company has re-shaped its portfolio through a series of divestitures. In July 2022, the Company sold its Convergent Security Solutions (\"CSS\") business comprised of the commercial electronic security and healthcare businesses for net proceeds of $3.1 billion and its Mechanical Access Solutions (\"MAS\") business comprised of the automatic doors business for net proceeds of $916 million. In August 2022, the Company sold its Oil & Gas business comprised of the pipeline services and equipment businesses. In April 2024, the Company sold its Infrastructure business, comprised of the attachment and handheld hydraulic tools business, for net proceeds of $729 million. Most recently, the Company announced in December 2025 that it had entered into a definitive agreement to sell its Consolidated Aerospace Manufacturing (\"CAM\") business for $1.8 billion in cash. These divestitures reflect the Company's ongoing strategic commitment to simplify and streamline its portfolio to focus on it ITEM 1A. RISK FACTORS The following describes management\u2019s beliefs and opinions regarding the material factors that make an investment in our securities speculative or risky, as the Company\u2019s business, operations and financial condition are subject to various risks and uncertainties. You should c", "title": "SWK - STANLEY BLACK & DECKER, INC.", "url": "/company/SWK/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000093751; latest 10-K filed 2026-02-19.", "text": "STT - STATE STREET CORP SIC 6022 State Commercial Banks; CIK 0000093751; latest 10-K filed 2026-02-19. STT STATE STREET CORP 0000093751 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL This Management's Discussion and Analysis should be read in conjunction with our consolidated financial statements and accompanying notes in this Form 10-K. Certain previously reported amounts presented in this Form 10-K have been reclassified to conform to current-period presentation. As of December 31, 2025, we had consolidated total assets of $366.05 billion, consolidated total deposits of $274.35 billion, consolidated total shareholders\u2019 equity of $27.84 billion and approximately 52,000 employees. Through our two lines of business, Investment Servicing and Investment Management, we operate in more than 100 geographic markets worldwide, including the United States, Canada, Latin America, Europe, the Middle East and Asia. For the description of our lines of business, refer to \u201cLines of Business\u201d in Item 1 in this Form 10-K. For financial and other information about our lines of business, refer to \u201cLine of Business Information\u201d in this Management\u2019s Discussion and Analysis and Note 24 to the consolidated financial statements in this Form 10-K. We prepare our consolidated financial statements in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in its application of certain accounting policies that materially affect the reported amounts of assets, liabilities, equity, revenue and expenses. Information about the significant accounting policies that require us to make judgments, estimates and assumptions that are difficult, subjective or complex about matters that are uncertain and may change in subsequent periods is included under \u201cSignificant Accounting Estimates\u201d in this Management\u2019s Discussion and Analysis and in Note 1 to the consolidated financial statements in this Form 10-K. Certain financial information provided in this Form 10-K, including this Management\u2019s Discussion and Analysis, is presented using both a U.S. GAAP, or reported basis, and a non-GAAP basis, including certain non-GAAP measures used in the calculation of identified regulatory ratios. We measure and compare certain financial information on a non-GAAP basis, including information that management uses in evaluating our business and activities. Non-GAAP financial information should be considered in addition to, and not as a substitute for or as superior to, financial information prepared in conformity with U.S. GAAP. Any non-GAAP financial information presented in this Form 10-K, including this Management\u2019s Discussion and Analysis, is reconciled to its most directly comparable currently applicable regulatory ratio or U.S. GAAP-basis measure. As part of our non-GAAP-basis measures, we present a fully taxable-equivalent NII that reports non-taxable revenue, such as interest income associated with tax-exempt investment securities, on a fully taxable-equivalent basis, which we believe facilitates an investor\u2019s understanding and analysis of our underlying financial performance and trends. In this Management\u2019s Discussion and Analysis, where we describe the effects of changes in foreign currency translation, those effects are determined by applying applicable weighted average FX rates from the relevant 2024 period to the relevant 2025 period results. This Management\u2019s Discussion and Analysis contains statements that are considered \u201cforward-looking statements\u201d within the meaning of U.S. securities laws. These forward-looking statements involve certain risks and uncertainties which could cause actual results to differ materially. Additional information about forward-looking statements and related risks and uncertainties is provided in \u201cForward-Looking Statements\u201d, \u201cRisk Factors Summary\u201d and \u201cRisk Factors\u201d in this Form 10-K. Information regarding additional disclosures and materials available on our website is provided under \u201cAdditional Information\u201d in Item 1 ITEM 1. BUSINESS OVERVIEW State Street Corporation is one of the world\u2019s leading providers of financial services to institutional investors, including investment servicing, markets and financing solutions and investment management. Our clients \u2014 asset managers and owners, insurance companies, wealth managers, official institutions and central banks \u2014 rely on us to deliver solutions that support their business objectives across the investment life cycle. Leveraging our strength and scale, innovation and platforms, and industry expertise, we are an essential partner to our clients. In all aspects of our business, we work toward a singular purpose: to help create better outcomes for the world\u2019s investors and the people they serve. Through our subsidiaries, including our principal banking subsidiary, State Street Bank and Trust Company, referred to as State Street Bank, we operate in more than 100 geographic markets worldwide, providing a broad range of financial products and services to institutional investors globally. As of December 31, 2025, we reported $53.80 trillion in AUC/A and $5.67 trillion in AUM. We had consolidated total assets of $366.05 billion, consolidated total deposits of $274.35 billion, consolidated total shareholders\u2019 equity of $27.84 billion and approximately 52,000 employees as of December 31, 2025. State Street Corporation, referred to as the Parent Company, was organized in 1969 under the laws of the Commonwealth of Massachusetts, and is a bank holding company that has elected to be treated as a financial holding company under the Bank Holding Company Act of 1956. The Parent Company is a source of financial and managerial State Street Corporation | 6 strength to our subsidiaries. We conduct our business primarily through State Street Bank, which traces its beginnings to 1792, with the founding of our oldest ancestor bank, Union Bank. State Street Bank\u2019s current charter was authorized by a special Act of the Massachusetts Legislature in 18 ITEM 1A. RISK FACTORS Risk Factors In the normal course of our business activities, we are exposed to a variety of risks. The following is a discussion of material risk factors applicable to us. Additional information about our risk management framework is included under \u201cRisk Management\u201d in Management\u2019s Discussion and Analysis in this Form 10-K. Ad", "title": "STT - STATE STREET CORP", "url": "/company/STT/" }, { "kind": "company", "summary": "SIC 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens); CIK 0001022671; latest 10-K filed 2026-02-27.", "text": "STLD - STEEL DYNAMICS INC SIC 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens); CIK 0001022671; latest 10-K filed 2026-02-27. STLD STEEL DYNAMICS INC 0001022671 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward-Looking Statements This report contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals market places, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as \"anticipate\", \"intend\", \"believe\", \"estimate\", \"plan\", \"seek\", \"project\", or \"expect\", or by the words \"may\", \"will\", or \"should\", are intended to be made as \"forward-looking\", subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) the cyclical nature of the metals industries and the industries we serve; (4) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers; (5) cost and availability of electricity, natural gas, oil, and other energy resources are subject to volatile market conditions; (6) increased environmental, greenhouse gas emissions and sustainability considerations from our customers and investors or related regulations; (7) compliance with and changes in environmental and remediation requirements; (8) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (9) availability of an adequate source of supply of scrap for our metals recycling operations; (10) cybersecurity threats and risks to the security of our sensitive data and information technology; (11) the implementation of our growth strategy; (12) our ability to retain, develop and attract key personnel; (13) litigation and legal compliance; (14) unexpected equipment downtime or shutdowns; (15) difficulties in the launch or production ramp-up of new products; (16) our aluminum operations depend on a core group of significant customers; (17) governmental agencies may refuse to grant or renew some of our licenses and permits; (18) our existing debt agreements contain, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (19) the impacts of impairment charges. More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in the sections titled Special Note Regarding Forward-Looking Statements at the beginning of Part I of this Report and Item 1A. Risk Factors, as well as in other subsequent reports we file with the Securities and Exchange Commission. These reports are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under \u201cInvestors \u2013 SEC Filings.\u201d Operating Statement Classifications Net Sales. Net sales from our operations are a factor of volumes shipped, product mix, and related pricing. We charge premium prices for certain grades of steel and aluminum, product dimensions, certain smaller volumes, and for value-added processing or coating of our steel products. Except for the ste ITEM 1. BUSINESS [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\"]] [[/GREPCENT_TABLE]] Steel Dynamics, Inc. is a leading industrial metals solutions company, with facilities located throughout the United States and Mexico. The company operates a circular manufacturing model, producing high-quality, lower-carbon-emission products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metals recyclers in North America based on estimated steelmaking and steel coating capacity of approximately 16 million tons and actual metals recycling volumes as of December 31, 2025, with one of the most diversified product and end market portfolios in the domestic steel industry, combined with a meaningful downstream steel fabrication platform. The company also has aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical, sustainable beverage can industry, as well as the automotive and industrial sectors. The company\u2019s primary sources of revenue are currently derived from the manufacture and sale of steel products, the processing and sale of recycled ferrous and nonferrous metals, and the fabrication and sale of steel joist and deck products. We refer to our founding principles as our six core strategic pillars. These pillars unify our teams around a common focus and provide the foundation for how we operate and grow. Our unique entrepreneurial culture and business model create operational and financial advantages and support the responsible use of resources across diverse economic environments. Innovation in all forms is essential to our success, and our teams focus on working smarter within existing operations while pursuing opportunities for continued growth. This includes developing solutions for our teammates, customers, suppliers, and other stakeholders, as well as finding ways to operate with fewer resources and less e ITEM 1A. RISK FACTORS Many factors may have an effect on our business, results of operations, financial condition and cash flows. We are subject to various risks resulting from changing economic, environmental, regulatory, political, industry, business and financial conditions. The ", "title": "STLD - STEEL DYNAMICS INC", "url": "/company/STLD/" }, { "kind": "company", "summary": "SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0001757898; latest 10-K filed 2026-05-29.", "text": "STE - STERIS plc SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0001757898; latest 10-K filed 2026-05-29. STE STERIS plc 0001757898 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS INTRODUCTION In Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d), we explain the general financial condition and the results of operations for STERIS and its subsidiaries including: \u2022what factors affect our business; \u2022what our earnings and costs were in each period presented; \u2022why those earnings and costs were different from the year before; \u2022where our earnings came from; \u2022how this affects our overall financial condition; \u2022what our expenditures for capital projects were; and \u2022where cash is expected to come from to fund future debt principal repayments, growth outside of core operations, repurchases of shares, cash dividends and future working capital needs. The MD&A also analyzes and explains the annual changes in the specific line items in the Consolidated Statements of Income. As you read the MD&A, it may be helpful to refer to information in Item 1, \"Business,\" Part I, Item 1A, \"Risk Factors,\" and Note 12 to our consolidated financial statements titled, \"Commitments and Contingencies\" for a discussion of some of the matters that can adversely affect our business and results of operations. This information, discussion, and disclosure may be important to you in making decisions about your investments in STERIS. FINANCIAL MEASURES In the following sections of the MD&A, we may, at times, refer to financial measures that are not required to be presented in the consolidated financial statements under accounting principles generally accepted in the United States (\"U.S. GAAP\"). We sometimes use the following financial measures in the context of this report: backlog and debt-to-total capital ratio. We define these financial measures as follows: \u2022Backlog \u2013 We define backlog as the amount of unfilled capital equipment purchase orders (excluding freight) at a point in time. We use this figure as a measure to assist in the projection of short-term financial results and inventory requirements. \u2022Debt-to-total capital ratio \u2013 We define debt-to-total capital ratio as total debt divided by the sum of total debt and shareholders\u2019 equity. We use this figure as a financial liquidity measure to gauge our ability to borrow and fund growth. We, at times, may also refer to financial measures which are considered to be \u201cnon-GAAP financial measures\u201d under SEC rules. We have presented these financial measures because we believe that meaningful analysis of our financial performance is enhanced by an understanding of certain additional factors underlying that performance. These financial measures should not be considered an alternative to measures required by accounting principles generally accepted in the United States. Our calculations of these measures may differ from calculations of similar measures used by other companies, and you should be careful when comparing these financial measures to those of other companies. Additional information regarding these financial measures, including reconciliations of each non-GAAP financial measure, is available in the subsection of MD&A titled, \"Non-GAAP Financial Measures.\" 30 Table of Contents REVENUES\u2013 DEFINED As required by Regulation S-X, we separately present revenues generated as either Product revenues or Service revenues on our Consolidated Statements of Income for each period presented. When we discuss revenues, we may, at times, refer to revenues summarized differently than the Regulation S-X requirements. The terminology, definitions, and applications of terms that we use to describe revenues may be different from terms used by other companies. We use the following terms to describe revenues: \u2022Revenues \u2013 Our revenues are presented net of sales returns and allowances. \u2022Product Revenues \u2013 We define Product revenues as revenues generated from sales of consumable and capital equipment products. \u2022Service Revenues \u2013 We define Service revenues a ITEM 1. BUSINESS INTRODUCTION STERIS is a leading global provider of products and services that support patient care with an emphasis on infection prevention. WE HELP OUR CUSTOMERS CREATE A HEALTHIER AND SAFER WORLD by providing innovative healthcare and life science products and services around the globe. We offer our Customers a unique mix of innovative products and services. These include: consumable products, such as detergents, endoscopy accessories, barrier products, instruments and tools; services, including equipment installation and maintenance, microbial reduction of medical devices, instrument and scope repair, laboratory testing, and outsourced reprocessing; capital equipment, such as sterilizers, surgical tables, and automated endoscope reprocessors; and connectivity solutions such as operating room (\u201cOR\u201d) integration. We operate and report our financial information in three reportable business segments: Healthcare, Applied Sterilization Technologies (\"AST\"), and Life Sciences. Previously, we had four reportable business segments; however, as a result of the fiscal 2025 divestiture of our Dental segment, Dental is presented as discontinued operations. Historical information has been retrospectively adjusted to exclude discontinued operations for comparability, as required. For more information, refer to Note 4 to our consolidated financial statements titled, \"Discontinued Operations.\" Non-allocated operating costs that support the entire Company and items not indicative of operating trends are excluded from segment operating income. We describe our business segments in the section that follows, titled \"Information Related to Business Segments\" and Note 13 to our consolidated financial statements titled, \"Business Segment Information.\" The bulk of our revenues are derived from healthcare, medical device and pharmaceutical Customers. Much of the growth in these industries is driven by the aging of the population throughout the world, as an increasi ITEM 1A.RISK FACTORS This section describes certain risk factors that could affect our business, financial condition and results of operations. You should consider these risk factors when evaluating the forward-looking statements contained in this Annual Report on Form 10-K, because our actual results and financi", "title": "STE - STERIS plc", "url": "/company/STE/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000310764; latest 10-K filed 2026-02-11.", "text": "SYK - STRYKER CORP SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000310764; latest 10-K filed 2026-02-11. SYK STRYKER CORP 0000310764 3841 Surgical & Medical Instruments & Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. About Stryker Stryker is a global leader in medical technologies and, together with our customers, we are driven to make healthcare better. We offer innovative products and services in MedSurg, Neurotechnology, and Orthopaedics that help improve patient and healthcare outcomes. Alongside our customers around the world, we impact more than 150 million patients annually. Our goal is to achieve sales growth at the high-end of the medical technology (MedTech) industry and maintain our long-term capital allocation strategy that prioritizes: (1) Acquisitions, (2) Dividends and (3) Share repurchases. We segregate our operations into two reportable business segments: (i) MedSurg and Neurotechnology and (ii) Orthopaedics. MedSurg and Neurotechnology products include surgical equipment and navigation systems (Instruments), endoscopic and communications systems (Endoscopy), patient handling, emergency medical equipment and intensive care disposable products (Medical), minimally invasive products for the treatment of acute ischemic and hemorrhagic stroke and venous thromboembolism (Vascular), a comprehensive line of products for traditional brain and open skull-based surgical procedures; orthobiologic and biosurgery products, including synthetic bone grafts and vertebral augmentation products (Neuro Cranial). Orthopaedics products consist primarily of implants used in hip and knee joint replacements and trauma and extremity surgeries. Macroeconomic Environment In 2025 the United States government has announced new tariffs on goods imported into the United States from dozens of countries, including China and the European Union member states. In response, governments have threatened or imposed reciprocal tariffs or taken other measures, and the United States is in the process of negotiating with certain governments. We continue to monitor and evaluate the situation. Tariffs are expected to continue to result in an increase in certain product costs or have adverse impacts on, among other things, demand for our products and supply chains. The overall macroeconomic and geopolitical environment, including tariffs or changes in trade policies, slower economic growth or recession, market volatility and inflation, and uncertainty regarding all of the foregoing, pose risks that could impact our business and results of operations. For more information about these risks, see Item 1A. \"Risk Factors.\" Overview of 2025 In 2025 we achieved reported net sales growth of 11.2%. Excluding the impact of acquisitions and divestitures, sales grew 10.3% in constant currency. We reported net earnings of $3,246 and net earnings per diluted share of $8.40. Excluding the impact of certain items, we achieved adjusted net earnings(1) of $5,267 and adjusted net earnings per diluted share(1) of $13.63 representing growth of 11.8%. We continued our capital allocation strategy by investing $4,960 in acquisitions and paying $1,284 in dividends to our shareholders. In 2025 we completed various acquisitions for total consideration of $4,960, net of cash acquired. Refer to Note 6 to our Consolidated Financial Statements for further information. In February 2025 we entered into a new revolving credit agreement that replaces our previous agreement dated October 2021. The primary changes included increasing the aggregate principal amount of the facility by $750 to $3,000 and extending the maturity date to February 25, 2030. On December 31, 2025 there were no borrowings outstanding under our revolving credit facility or our commercial paper program which allows for maturities up to 397 days from the date of issuance. The maximum amount of our commercial paper that can be outstanding at any time is $3,000. In February 2025 we issued $500 of 4.550% senior unsecured notes due February 10, 2027, $700 of 4.700% senior unsec ITEM 1. BUSINESS. Stryker Corporation (Stryker or the Company) is a global leader in medical technologies and, together with our customers, we are driven to make healthcare better. We offer innovative products and services in MedSurg, Neurotechnology and Orthopaedics that help improve patient and healthcare outcomes. Alongside our customers around the world, we impact more than 150 million patients annually. Our core values guide our behaviors and actions and are fundamental to how we execute our mission. Stryker was incorporated in Michigan in 1946 as the successor company to a business founded in 1941 by Dr. Homer H. Stryker, a prominent orthopaedic surgeon and inventor of several medical products. Our products are sold in approximately 61 countries through company-owned subsidiaries and branches as well as third-party dealers and distributors, and include surgical equipment and surgical navigation systems; endoscopic and communications systems; patient handling, emergency medical equipment and intensive care disposable products; clinical communication and artificial intelligence-assisted virtual care platform technology; products for traditional brain and open skull- based surgical procedures; minimally invasive products for the treatment of acute ischemic and hemorrhagic stroke and venous thromboembolism; implants used in joint replacement and trauma surgeries; Mako robotic-arm assisted technology; as well as other products used in a variety of medical specialties. Most of our products are marketed directly to doctors, hospitals and other healthcare facilities. As used herein, and except where the context otherwise requires, \"Stryker,\" \"we,\" \"us,\" and \"our\" refer to Stryker Corporation and its consolidated subsidiaries. Business Segments and Geographic Information We segregate our operations into two reportable business segments: (i) MedSurg and Neurotechnology and (ii) Orthopaedics. Financial information regarding our reportabl ITEM 1A. RISK FACTORS. Our operations and financial results are subject to various risks and uncertainties discussed below that could materially and adversely affect our business, cash flows, financial condition and results of operations. Additional risks and uncertainties not currently known to us or that we currently deem not to be material or that could apply to any company may also materially and adv", "title": "SYK - STRYKER CORP", "url": "/company/SYK/" }, { "kind": "company", "summary": "SIC 3571 Electronic Computers; CIK 0001375365; latest 10-K filed 2025-08-28.", "text": "SMCI - Super Micro Computer, Inc. SIC 3571 Electronic Computers; CIK 0001375365; latest 10-K filed 2025-08-28. SMCI Super Micro Computer, Inc. 0001375365 3571 Electronic Computers Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and related notes which appear elsewhere in this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Annual Report, particularly under the heading \u201cRisk Factors.\u201d Overview We are a global leader in Application-Optimized Total IT Solutions. Founded and operating in San Jose, California, we are committed to delivering first-to-market innovation for Enterprise, Cloud, AI, and 5G Telco/Edge IT Infrastructure. As a Total IT Solutions manufacturer, our offerings include server, AI systems, storage, IoT devices, switches, software, and support services. Supermicro's expertise in motherboard, power, and chassis design expertise drives our ability to develop and produce next-generation innovations, from cloud to edge, for our global customers. Our products are designed and manufactured in-house across facilities in the United States, Taiwan, and the Netherlands. Leveraging our global operations for scale and efficiency, we optimize solutions to improve TCO while reducing environmental impact through Green Computing initiatives. Our award-winning portfolio of Server Building Block Solutions empowers customers to tailor systems precisely to their exact workloads and applications. By selecting from a broad family of flexible and reusable building blocks, customers can configure a comprehensive range of form factors, processors, memory, GPUs, storage, networking, power, and cooling solutions, including air-conditioned, free air, and liquid cooling solutions. We commenced operations in 1993 and have been profitable every year since inception. For fiscal years 2025, 2024, and 2023, our net income was $1,048.9 million, $1,152.7 million, and $640.0 million, respectively. In order to increase our sales and profits, we believe that we must continue to develop flexible application optimized server and storage solutions while being among the first to market with new features and products. Our focus is on delivering Total IT Solutions that integrate, validate, and deliver server, storage, networking and software at the rack and cluster (multi-rack) level. Additionally, we will continue to expand our software offerings and enhance customer service and support, particularly as we increase our focus on large enterprise and data center customers. A key component of our strategy is our DCBBS, which significantly reduces data center build time and enables full integration of AI computing, server, storage, networking, rack, cabling, liquid cooling, end-to-end management software, onsite deployment services, and ongoing maintenance. To further expand our market share, we also recognize the need to strengthen our network of sales partners and distribution channels. We measure our financial success based on various key indicators, including growth in net sales, gross profit margin, operating margin, and net income per common share. In additional to these financial metrics, a critical non-financial indicator of our success is our ability to rapidly introduce new products and deliver the latest application-optimized server and storage solutions. To support this, we work closely with the developers and manufacturers of key components, allowing us to integrate emerging technologies as they become available. Our ability to quickly bring new products to market, which we believe is enabled by our Building Block Solution architecture and has historically enabled us to capitalize on major technology transitions such as the launch of new GPUs, microprocessors and storage technologies. Accordingly, we closely monitor the product in Item 1. Business Our Company We are a Silicon Valley-based provider of total IT solutions which address demanding workloads from the enterprise and cloud to the intelligent edge. We deliver rack-scale solutions optimized for various workloads, including artificial intelligence (\u201cAI\u201d) and high-performance computing (\u201cHPC\u201d), where acceleration is critical. Additionally, we offer an extensive portfolio of server and storage solutions for enterprise data centers, cloud service providers, and edge computing applications, such as 5G Telco, Retail and embedded. Our Total IT Solutions encompass complete servers, storage systems, modular blade servers, workstations, full-rack scale solutions, networking devices, server sub-systems and server management. These turn-key solutions are designed, developed, validated and installed for leading AI datacenters. Our Total IT Solutions are designed for optimal power and thermal management, including using Supermicro\u2019s state-of-the-art liquid cooling technologies. We also provide global support and services to help our customers install, upgrade and maintain their computing infrastructure, including liquid-cooling operations. We offer our customers a high degree of flexibility and customization by providing a broad array of server models and configurations from which they can choose the best solutions to meet their computing needs. Our server and storage systems, sub-systems and accessories are architecturally designed for high reliability, quality, configurability, and scalability. Our in-house design competencies, design control over many of the sub-systems required within our server and storage systems, along with our Server Building Block Solutions\u00ae (an innovative, modular and open architecture) enable us to rapidly develop, build and test complete solutions, which include servers, storage, software, and networking components. As a result, when new technologies are brought to market, we are generally able to quickly asse Item 1A. Risk Factors Our business involves significant risks, some of which are described below. Other events that we do not currently anticipate or that we currently deem immaterial also may affect our business, financial condition, results of operations, cash flows, other key metrics and the trading price of our common stock. You should ", "title": "SMCI - Super Micro Computer, Inc.", "url": "/company/SMCI/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001601712; latest 10-K filed 2026-02-06.", "text": "SYF - Synchrony Financial SIC 6199 Finance Services; CIK 0001601712; latest 10-K filed 2026-02-06. SYF Synchrony Financial 0001601712 6199 Finance Services MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this report. For a discussion and analysis of our financial condition and results of operations comparing 2024 vs. 2023, see \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024 (our \u201c2024 Form 10-K\u201d). The discussion below contains forward-looking statements that are based upon current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations. See \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Results of Operations for the Three Years Ended December 31, 2025 ____________________________________________________________________________________________ Key Earnings Metrics [[GREPCENT_TABLE]] [[\"Net earnings$ in billions\",\"Net interest income$ in billions\",\"Interest and fees on loans$ in billions\"]] [[/GREPCENT_TABLE]] Performance Metrics [[GREPCENT_TABLE]] [[\"Net interest margin% of average interest-earning assets\",\"Efficiency ratio\\u201cOther expense\\u201d as a % of \\u201cNII, after RSA\\u201d plus \\u201cOther income\\u201d\",\"Return on assets% of average total assets\"]] [[/GREPCENT_TABLE]] 25 Table of Contents Growth Metrics [[GREPCENT_TABLE]] [[\"Purchase volume$ in billions\",\"Loan receivables(1)$ in billions\",\"Average active accountsin millions\"]] [[/GREPCENT_TABLE]] Asset Quality Metrics [[GREPCENT_TABLE]] [[\"30+ and 90+ days past due(1)% of period-end loan receivables\",\"Net charge-offs% of average loan receivables including held for sale\",\"Allowance for credit losses(1)% of period-end loan receivables\"]] [[/GREPCENT_TABLE]] Funding, Liquidity and Capital(1) [[GREPCENT_TABLE]] [[\"Deposits% of total funding liabilities$ in billions\",\"LiquidityLiquid assets$ in billions\",\"Capital ratiosCommon equity Tier 1\"]] [[/GREPCENT_TABLE]] __________________ (1)Reported metrics represent amounts at December 31 of the applicable year. 26 Table of Contents Summary Highlights for the Year Ended December 31, 2025 Earnings [[GREPCENT_TABLE]] [[\"\",\"Years ended December 31,\"],[\"($ in millions)\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Interest income\",\"$\",\"22,601\",\"\",\"\",\"$\",\"22,645\",\"\",\"\",\"$\",\"20,710\"],[\"Interest expense\",\"4,135\",\"\",\"\",\"4,634\",\"\",\"\",\"3,711\"],[\"Net interest income\",\"18,466\",\"\",\"\",\"18,011\",\"\",\"\",\"16,999\"],[\"Retailer share arrangements\",\"(4,005)\",\"\",\"\",\"(3,407)\",\"\",\"\",\"(3,661)\"],[\"Provision for credit losses\",\"5,225\",\"\",\"\",\"6,733\",\"\",\"\",\"5,965\"],[\"Net interest income, after retailer share arrangements and provision for credit losses\",\"9,236\",\"\",\"\",\"7,871\",\"\",\"\",\"7,373\"],[\"Other income\",\"520\",\"\",\"\",\"1,521\",\"\",\"\",\"289\"],[\"Other expense\",\"5,135\",\"\",\"\",\"4,839\",\"\",\"\",\"4,758\"],[\"Earnings before provision for income taxes\",\"4,621\",\"\",\"\",\"4,553\",\"\",\"\",\"2,904\"],[\"Provision for income taxes\",\"1,069\",\"\",\"\",\"1,054\",\"\",\"\",\"666\"],[\"Net earnings\",\"$\",\"3,552\",\"\",\"\",\"$\",\"3,499\",\"\",\"\",\"$\",\"2,238\"],[\"Net earnings available to common stockholders\",\"$\",\"3,469\",\"\",\"\",\"$\",\"3,427\",\"\",\"\",\"$\",\"2,196\"]] [[/GREPCENT_TABLE]] Trends disclosed below are compared to the year ended December 31, 2024, as applicable, except as otherwise noted. Net earnings increased 1.5% to $3.6 billion for the year ended December 31, 2025, primarily reflecting the following key drivers: \u2022Decrease in provision for credit losses of $1.5 billion, primarily driven by lower net charge-offs, as well as a reserve release in the current year as compared to a reserve build in the prior year. \u2022Increase in net interest income of $455 million, primarily driven by lower interest expense and an increase in interest and fees on loans of 0.5%, partially offset by lower interest income on investment securities. \u2022", "title": "SYF - Synchrony Financial", "url": "/company/SYF/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0000883241; latest 10-K filed 2025-12-22.", "text": "SNPS - SYNOPSYS INC SIC 7372 Services-Prepackaged Software; CIK 0000883241; latest 10-K filed 2025-12-22. SNPS SYNOPSYS INC 0000883241 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview The following overview is qualified in its entirety by the more complete discussion contained in this Item 7, the risk factors set forth in Part I, Item 1A of this Form 10-K, and our consolidated financial statements and the notes thereto set forth in Item 8 of this Form 10-K. Please also see the cautionary language at the beginning of Part I of this Annual Report regarding forward-looking statements. Unless otherwise noted, this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations does not include the operations of our former Software Integrity business. See Note 3. Discontinued Operations of the Notes to Consolidated Financial Statements in this Annual Report for additional information about the sale of our former Software Integrity business (the Software Integrity Divestiture). Fiscal 2025 Financial Performance Summary For fiscal 2025, our results reflect continued, strong execution and the resiliency of our business, including 15% revenue growth compared to fiscal 2024, primarily due to revenue growth across a majority of product groups and geographies and the closing of the Ansys Merger, which contributed $756.6 million in revenue, which was offset by weakness in our business in China, which saw revenue decrease 22% compared to fiscal 2024, excluding Ansys. We saw strength in our Design Automation segment, including strong demand for our hardware products. This was offset by weakness in our Design IP segment, due to several headwinds, including China export control restrictions, such as the Q3 2025 BIS Restrictions (as defined below), which disrupted customer design starts in China, weaker than expected demand from a major foundry customer, and certain roadmap and resource decisions that did not yield their intended results. We have begun taking actions to sharpen our execution and reallocate resources to the highest growth opportunities in our Design IP segment, but expect to see muted growth in fiscal 2026. The following table sets forth some of our key consolidated financial information for each of our last three fiscal years: [[GREPCENT_TABLE]] [[\"\",\"Year Ended October 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"\",\"(in millions, except per share amounts)\"],[\"Revenue\",\"$\",\"7,054.2\",\"\",\"\",\"$\",\"6,127.4\",\"\",\"\",\"$\",\"5,318.0\"],[\"Cost of revenue\",\"$\",\"1,623.5\",\"\",\"\",\"$\",\"1,245.3\",\"\",\"\",\"$\",\"1,030.9\"],[\"Operating expenses\",\"$\",\"4,515.7\",\"\",\"\",\"$\",\"3,526.4\",\"\",\"\",\"$\",\"3,013.9\"],[\"Operating income\",\"$\",\"914.9\",\"\",\"\",\"$\",\"1,355.7\",\"\",\"\",\"$\",\"1,273.2\"],[\"Net income from continuing operations attributed to Synopsys\",\"$\",\"1,336.1\",\"\",\"\",\"$\",\"1,441.7\",\"\",\"\",\"$\",\"1,227.0\"],[\"Net income (loss) from discontinued operations attributed to Synopsys\",\"$\",\"(3.9)\",\"\",\"\",\"$\",\"821.7\",\"\",\"\",\"$\",\"2.8\"],[\"Diluted net income (loss) per share attributed to Synopsys:\"],[\"Continuing operations\",\"$\",\"8.07\",\"\",\"\",\"$\",\"9.25\",\"\",\"\",\"$\",\"7.91\"],[\"Discontinued operations\",\"$\",\"(0.03)\",\"\",\"\",\"$\",\"5.26\",\"\",\"\",\"$\",\"0.01\"]] [[/GREPCENT_TABLE]] Fiscal 2025 compared to fiscal 2024 financial performance summary \u2022Revenues were $7.1 billion, an increase of $926.8 million or 15%, which includes revenues from Ansys of $756.6 million. The remaining growth came organically across a majority of products and geographies and was partially offset by the impact of the extra week in the first quarter of fiscal 2024 of approximately $63.2 million, and by weakness in our business in China, which saw revenue decrease 22% compared to fiscal 2024, excluding Ansys, and in our Design IP segment due to several headwinds, including China export control restrictions, such as the Q3 2025 BIS Restrictions, weaker than expected demand from a major foundry customer, and certain roadmap and resource decisions that did not yield their intended results. \u2022Total cost of revenue and operating expenses was $6.1 billion, an increase of $1.4 billion or 29%, Item 1. Business Company and Segment Overview Synopsys, Inc. (Synopsys, we, our or us) is the leader in engineering solutions from silicon to systems, enabling customers to rapidly innovate AI-powered products. We deliver trusted and comprehensive solutions spanning silicon design, silicon intellectual property (IP), simulation and analysis (S&A) as well as design services. We partner closely with our customers across a wide range of industries to maximize their R&D capability and productivity, powering innovation today that ignites the ingenuity of tomorrow. We are a global leader in supplying the mission-critical EDA solutions that engineers use to design and test integrated circuits (ICs), also known as chips or silicon, and we are pioneering artificial intelligence (AI) driven chip design across the full-stack EDA suite to improve efficiency and accelerate the design, verification testing and manufacturing of advanced digital and analog chips. We provide software and hardware used to validate the electronic systems that incorporate chips and the software that runs on them, including cloud-based digital and analog design flow to boost chip-design development productivity. We also provide technical services and support to help our customers develop advanced chips and electronic systems. Synopsys is also the global leader in engineering S&A software. Our Ansys\u00ae solutions portfolio is widely used by engineers, designers, researchers and students across a broad spectrum of industries and academia, including high-tech, aerospace and defense, automotive, energy, industrial equipment, materials and chemicals, consumer products, healthcare and construction. These products enable customers to analyze designs on-premises and/or via the cloud, providing a common platform for fast, efficient and cost-conscious product development, from design concept to final-stage testing, validation and deployment. S&A products and services are part of our Design Automation segment. W Item 1A. Risk Factors Factors that May Affect Future Results Descriptions of risks associated with our business are set forth below. Some of these risks are highlighted in the following discussion and in Management's Discussion and Analysis of Financial Condition and Results of Operations, Legal Proceedings, Controls and Procedures and Quanti", "title": "SNPS - SYNOPSYS INC", "url": "/company/SNPS/" }, { "kind": "company", "summary": "SIC 5140 Wholesale-Groceries & Related Products; CIK 0000096021; latest 10-K filed 2025-08-22.", "text": "SYY - SYSCO CORP SIC 5140 Wholesale-Groceries & Related Products; CIK 0000096021; latest 10-K filed 2025-08-22. SYY SYSCO CORP 0000096021 5140 Wholesale-Groceries & Related Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of Sysco\u2019s financial condition, results of operations and liquidity and capital resources for the fiscal years ended June 28, 2025 and June 29, 2024 should be read as a supplement to our Consolidated Financial Statements and the accompanying notes contained in Item 8 of this report, and in conjunction with the \u201cForward-looking Statements\u201d section set forth in Part II and the \u201cRisk Factors\u201d section set forth in Item 1A of Part I. All discussion of changes in our results of operations from fiscal 2024 to fiscal 2023 has been omitted from this Form 10-K, but may be found in Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Form 10-K for the year ended June 29, 2024, filed with the Securities and Exchange Commission on August 28, 2024. Overview Sysco distributes food and related products to restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers. Our primary operations are in North America and Europe. Under the accounting provisions related to disclosures about segments of an enterprise, we have combined certain operations into three reportable segments. \u201cOther\u201d financial information is attributable to our other operations that do not meet the quantitative disclosure thresholds. \u2022U.S. Foodservice Operations \u2013 primarily includes (a) our U.S. Broadline operations, which distribute a full line of food products, including custom-cut meat, seafood, produce, specialty Italian, specialty imports and a wide variety of non-food products and (b) our U.S. Specialty operations, which include our FreshPoint fresh produce 26 distribution business, our Buckhead | Newport Meat & Seafood specialty protein operations, our growing Italian Specialty platform anchored by Greco & Sons, Inc., our Edward Don restaurant equipment and supplies distribution business, our Asian specialty distribution company and a number of other small specialty businesses that are not material to the operations of Sysco; \u2022International Foodservice Operations \u2013 includes operations outside of the United States (U.S.), which distribute a full line of food products and a wide variety of non-food products. The Americas primarily consists of operations in Canada, Bahamas, Costa Rica and Panama, as well as our export operations that distribute to international customers. Our European operations primarily consist of operations in the United Kingdom (U.K.), France, Ireland and Sweden; \u2022SYGMA \u2013 our U.S. customized distribution operations serving quick-service chain restaurant customer locations; and \u2022Other \u2013 primarily our hotel supply operations, Guest Worldwide. We estimate that we serve about 17% of an approximately $370 billion annual foodservice market in the U.S. based on industry data obtained from Technomic, Inc. (Technomic) as of the end of calendar year 2024. Technomic projects the market size to increase to approximately $382 billion by the end of calendar year 2025. From time to time, Technomic may revise the methodology used to calculate the size of the foodservice market and, as a result, our percentage can change not only from our sales results, but also from such revisions. We also serve certain international geographies that vary in size and amount of market share. According to industry sources, the foodservice, or food-away-from-home, market represents approximately 56% of the total dollars spent on food purchases made at the consumer level in the U.S. as of the end of calendar year 2024. Highlights Our fiscal 2025 results were driven by sales growth of 3.2% as compared to fiscal 2024. This growth was driven by inflation and volume growth, partially from recent acquisitions. Gross profit increased 2.5% as compared to fiscal 2024, primarily attributable to effective management of product cost inflation. Operating income de Item 1. Business Unless this Form 10-K indicates otherwise or the context otherwise requires, the terms \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cSysco,\u201d or the \u201ccompany\u201d as used in this Form 10-K refer to Sysco Corporation together with its consolidated subsidiaries and divisions. Overview Sysco Corporation, acting through its subsidiaries and divisions, is the largest global distributor of food and related products primarily to the foodservice or food-away-from-home industry. Our purpose is \u201cConnecting the World to Share Food and Care for One Another.\u201d We provided products and related services to approximately 730,000 customer locations, including restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers during fiscal 2025. Founded in 1969, Sysco commenced operations as a public company in March 1970 when the stockholders of nine companies exchanged their stock for Sysco common stock. Since our formation, we have grown from $115 million to our all-time high of $81.4 billion in annual sales in fiscal 2025, both through internal expansion of existing operations and acquisitions. Sysco\u2019s fiscal year ends on the Saturday nearest to June 30th. This resulted in a 52-week year ended June 28, 2025 for fiscal 2025, a 52-week year ended June 29, 2024 for fiscal 2024 and a 52-week year ended July 1, 2023 for fiscal 2023. We will have a 52-week year ending June 27, 2026 for fiscal 2026. Available Information Sysco Corporation is organized under the laws of Delaware. The address and telephone number of our executive offices are 1390 Enclave Parkway, Houston, Texas 77077-2099, (281) 584-1390. This annual report on Form 10-K, as well as all other annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to reports filed or furnished by Sysco pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (Exchange Act), with the Securities and Exchange Commission (SEC) are ava Item 1A. Risk Factors The following discussion of \u201crisk factors\u201d identifies the most significant factors that may adversely affect our business, results of operations, financial position and future financial performance. This information should be read in conjunction with Management\u2019s Discussion and Analysis of Financial Condition and R", "title": "SYY - SYSCO CORP", "url": "/company/SYY/" }, { "kind": "company", "summary": "SIC 4812 Radiotelephone Communications; CIK 0001283699; latest 10-K filed 2026-02-11.", "text": "TMUS - T-Mobile US, Inc. SIC 4812 Radiotelephone Communications; CIK 0001283699; latest 10-K filed 2026-02-11. TMUS T-Mobile US, Inc. 0001283699 4812 Radiotelephone Communications Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview The objectives of our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) are to provide users of our consolidated financial statements with the following: \u2022A narrative explanation from the perspective of management of our financial condition, results of operations, cash flows, liquidity and certain other factors that may affect future results; \u2022Context to the consolidated financial statements; and \u2022Information that allows assessment of the likelihood that past performance is indicative of future performance. Our MD&A is provided as a supplement to, and should be read together with, our audited consolidated financial statements as of December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, included in Part II, Item 8 of this Form 10-K. Except as expressly stated, the financial condition and results of operations discussed throughout our MD&A are those of T-Mobile US, Inc. and its consolidated subsidiaries. Acquisition of UScellular Wireless Business Transaction Overview On May 24, 2024, we entered into a securities purchase agreement with United States Cellular Corporation (\u201cUScellular\u201d), Telephone and Data Systems, Inc., and USCC Wireless Holdings, LLC for the acquisition of substantially all of UScellular\u2019s wireless operations and select AWS, PCS, 600 MHz, 700 MHz and other spectrum assets for an aggregate purchase price of approximately $4.4 billion, payable in cash and the assumption of up to $2.0 billion of debt through exchange offers to certain UScellular debtholders. On May 23, 2025, we launched exchange offers (the \u201cExchange Offers\u201d) for any and all of certain outstanding senior notes of UScellular for new notes of T-Mobile with the same interest rate, interest payment dates, maturity dates and redemption terms as each corresponding series of senior notes of UScellular. In conjunction with the Exchange Offers, we also solicited consents for each series of the outstanding senior notes of UScellular to effect a number of amendments to the applicable indenture under which each such series of notes were issued and are governed (the \u201cConsent Solicitations\u201d). The consummation of the Exchange Offers and Consent Solicitations were subject to the closing of the UScellular Acquisition (as defined below), which occurred on August 1, 2025. On July 22, 2025, we entered into asset purchase agreements for the acquisition of substantially all of the wireless operations assets (together with UScellular\u2019s wireless operations and select spectrum assets, the \u201cUScellular Wireless Business\u201d) of each of Farmers Cellular Telephone Company, Inc., Iowa RSA No. 9 Limited Partnership, and Iowa RSA No. 12 Limited Partnership (collectively, the \u201cIowa Entities\u201d) for an aggregate purchase price of $175 million payable in cash. Prior to our acquisition of the Iowa Entities, UScellular held a minority interest in each of the Iowa Entities. The UScellular Wireless Business offers a comprehensive range of wireless communications products and services. As a combined company, we expect to increase competition in the telecommunications industry, achieve synergies and enhance our rural 5G coverage with our combined network footprint. Following the closing of the transactions, UScellular and the Iowa Entities will retain ownership of their other spectrum licenses, as well as their towers. On August 1, 2025, upon the completion of certain customary closing conditions, including the receipt of certain regulatory approvals (the \u201cUScellular Acquisition Date\u201d), we completed the acquisition of the UScellular Wireless Business, and as a result, the UScellular Wireless Business became wholly owned by T-Mobile. In exchange, on the UScellular Acquisition Date, we transferred cash of $2.8 billion. Additionally, the closing of the UScellular Acquisition obligated us to exe Item 1. Business Business Overview and Strategy Un-carrier Strategy As America\u2019s supercharged Un-carrier, we have disrupted the telecommunications industry by actively engaging with and listening to our customers and focusing on eliminating their pain points. Our customers benefit from what we believe is an unmatched combination of the best value and best network, alongside an unwavering focus on offering them the best possible service experience and an undisputable drive for disruptive innovation in wireless and beyond. This includes providing added value and what we believe is an exceptional experience while implementing signature Un-carrier initiatives that have changed the industry. We ended annual service contracts, overages, unpredictable international roaming fees and data buckets, among other things. We are inspired by a relentless focus on customer experience, consistently delivering award-winning customer experience, which drives our customer satisfaction levels while enabling operational efficiencies. With what we believe is America\u2019s best network, with the largest, fastest, most awarded and most advanced 5G network, the Un-carrier strives to offer customers unrivaled coverage and capacity where they live, work and travel. We believe our network is the foundation of our success and powers everything we do. Our dense and multi-layer network provides an unmatched 5G and overall network experience to our customers, which consists of our foundational layer of low-band, mid-band and millimeter-wave (\u201cmmWave\u201d) spectrum licenses (see \u201cSpectrum Position\u201d below). This multilayer portfolio of spectrum broadens and deepens our nationwide 5G network, enabling accelerated innovation and increased competition in the U.S. wireless telecommunications industry. We continue to expand the footprint and improve the quality of our network, enabling us to provide what we believe are outstanding wireless experiences for customers who should not have to compromise on qualit Item 1A. Risk Factors In addition to the other information contained in this Form 10-K, the following risk factors should be considered carefully in evaluating T-Mobile. Our business, financial condition, liquidity, or operating results, as well as the price of our common stock and other securities, could be materially and adversely a", "title": "TMUS - T-Mobile US, Inc.", "url": "/company/TMUS/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001113169; latest 10-K filed 2026-02-13.", "text": "TROW - PRICE T ROWE GROUP INC SIC 6282 Investment Advice; CIK 0001113169; latest 10-K filed 2026-02-13. TROW PRICE T ROWE GROUP INC 0001113169 6282 Investment Advice Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. OVERVIEW. Our revenues and net income are derived primarily from investment advisory services provided globally to individual and institutional investors in a broad range of investment solutions across equity, fixed income, multi-asset, and alternatives capabilities. We also provide certain investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; trust services; and other advisory services. Investment advisory fees depend largely on the total value and composition of our assets under management. Accordingly, fluctuations in financial markets and in the composition of assets under management affect our revenues and results of operations. We incur significant expenditures to develop new products and services and improve and expand our capabilities and distribution channels in order to attract new clients and additional investments from our existing clients. These efforts often involve costs that precede any future revenues we may recognize from an increase to our assets under management. The investment management industry continues to evolve and face challenging trends, including the shift in market share from traditional active strategies to passive products, persistent downward fee pressure, demand for lower cost investment vehicles, and an ever-changing regulatory landscape. In this environment, we maintain ample liquidity and resources that allow us to take advantage of attractive growth opportunities and deliver new capabilities that meet the evolving needs of our clients globally. At the same time, we have developed a broad and ongoing plan to further align our expense growth with our anticipated revenue growth, which will allow us to realign resources and continue investing in existing and future capabilities. In 2025, we took several steps to execute on this plan, including targeted role eliminations, outsourcing and expanding some of our technology capabilities through trusted vendor partnerships, and the decision to exit certain owned buildings with plans to dispose of the properties in 2026. The impact of these actions has been recorded as a restructuring charge in the consolidated statements of income and is discussed later in Item 7. and Item 8. These measures also help offset ongoing inflationary pressures on compensation and contractual spending. Our strategic investments include hiring investment and distribution professionals, adopting new technologies, offering new products, and growing and diversifying our business through innovative global partnerships. MARKET TRENDS. Major U.S. stock market indices rose in 2025. After a challenging start to 2025 stemming from new U.S. tariff and trade policies, equities advanced starting in April, as the U.S. and China made efforts to improve their trade relationship, economic growth and corporate earnings remained favorable, investors favored artificial intelligence-related businesses and other high-growth companies, and Congress passed tax legislation that should provide some fiscal stimulus to the economy. In addition, signs of a weakening labor market in the latter part of the year prompted the Federal Reserve to reduce short-term interest rates, despite continued elevated inflation. The central bank lowered rates in September, October, and December. Developed non-U.S. equity markets outperformed U.S. stocks in U.S. dollar terms, helped by a weaker dollar versus major non-U.S. currencies. In Europe, equity markets were mostly positive in dollar terms. Stocks in Spain and Austria fared best, surging 80%, while equities in Finland, Ireland, and Italy advanced close to 60%. UK stocks rose 35%. Developed Asian markets were also mostly positive with stocks in Hong Kong Item 1.Business. T. Rowe Price Group, Inc. (T. Rowe Price Group, T. Rowe Price, the firm, we, us, or our) is a financial services holding company that provides global investment advisory services through its subsidiaries to investors worldwide. We identify and actively invest in opportunities to help people thrive in an evolving world. As a premier global asset management organization with more than 85 years of experience, we provide investment solutions and a broad range of equity, fixed income, multi-asset, and alternatives capabilities to individuals, advisors, institutions, and retirement plan sponsors. We also provide certain investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; trust services; and other advisory services. We take an active, independent approach to investing, offering our dynamic perspective and meaningful partnership, so our clients can feel more confident. The late Thomas Rowe Price, Jr., founded our firm in 1937, and the common stock of T. Rowe Price Associates, Inc. was first offered to the public in 1986. The T. Rowe Price Group corporate holding company structure was established in 2000. Our common stock trades on the NASDAQ Global Select Market under the symbol \"TROW\". Our core capabilities have enabled us to deliver excellent operating results since our initial public offering. We maintain a strong corporate culture focused on delivering superior long-term investment performance and world-class service to our clients. We distribute our broad array of active investment solutions through a diverse set of distribution channels and vehicles to meet the needs of our clients globally. These vehicles include an array of U.S. mutual funds, collective investment trusts, exchange-traded funds, subadvised funds, separately managed account Item 1A. Risk Factors. An investment in our common stock involves various risks, including those mentioned below and those that are discussed from time to time in our periodic filings with the SEC. Investors should carefully consider these risks, along with the other information contained in this report, before making an investment decision reg", "title": "TROW - PRICE T ROWE GROUP INC", "url": "/company/TROW/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0000946581; latest 10-K filed 2026-05-22.", "text": "TTWO - TAKE TWO INTERACTIVE SOFTWARE INC SIC 7372 Services-Prepackaged Software; CIK 0000946581; latest 10-K filed 2026-05-22. TTWO TAKE TWO INTERACTIVE SOFTWARE INC 0000946581 7372 Services-Prepackaged Software Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview Our Business We are a leading developer, publisher, and marketer of interactive entertainment for consumers around the globe. We develop, operate, and publish products principally through Rockstar Games, 2K, and Zynga. Our products are currently designed for console gaming systems, mobile, including smartphones and tablets, and personal computer (\"PC\"). We deliver our products through physical retail, digital download, online platforms, and cloud streaming services. We are continually innovating the design and development of our products, including by investing in artificial intelligence (\"AI\") tools and technologies, in order to enhance game play, anticipate changes in consumer behavior, and evolve our business as new dynamics develop. Refer to Item 1 - Business for additional discussion. Trends and Factors Affecting our Business Product Release Schedule. Our financial results are affected by the timing of our product releases and the commercial success of our titles. Generally, a significant portion of our revenue has been derived from a few popular franchises, particularly around new releases within those franchises, some of which have annual or biennial releases. Additionally, our Grand Theft Auto products in particular have historically accounted for a significant portion of our revenue. Sales of Grand Theft Auto products generated 12.4% of our net revenue for the fiscal year ended March 31, 2026. The timing of our Grand Theft Auto product releases may affect our financial performance on a quarterly and annual basis. Rockstar plans to release Grand Theft Auto VI on November 19, 2026. Economic Environment and Retailer Performance. We continue to monitor various macroeconomic and geopolitical factors, such as global tariff policies, that may affect our business in several areas, including consumer demand, inflation, pricing pressure on our products and third party hardware platforms, credit quality of our receivables, and foreign currency exchange rates. Actions we have taken to date and other potential actions we may take in the future in response to these factors could result in negative impacts in future periods. The economic environment has affected our customers in the past and may do so in the future. There has been increased consolidation in our industry, which is extremely competitive, and larger, better capitalized competitors will be in a stronger position to withstand prolonged periods of economic downturn and sustain their business through periods of financial volatility. Also, bankruptcies or consolidations of our large retail customers could hurt our business, due to uncollectible accounts receivable and the concentration of purchasing power among the remaining large retailers. Hardware Platforms. We derive a substantial portion of our revenue from the sale of products made for video game consoles manufactured by third parties. Such console revenue comprised 39.0% of our net revenue for the fiscal year ended March 31, 2026. The success of our business is dependent upon consumer acceptance of these platforms and the continued growth in the installed base of these platforms, which has been and could be impacted by global economic factors, including global tariff policies. When new hardware platforms are introduced, demand for interactive entertainment developed for older platforms typically declines, which may negatively affect our business during the market transition to the new consoles. The latest Sony and Microsoft consoles provide \"backwards compatibility\" (i.e., the ability to play games for the previous generation of consoles). The inclusion of such features on new consoles could mitigate the risk of such a decline. However, we cannot be certain how backwards compatibility will affect demand for our products. Further, events beyond our control may impact the availabili Item 1. Business General We are a leading developer, publisher, and marketer of interactive entertainment for consumers around the globe. We develop, operate, and publish products principally through Rockstar Games, 2K, and Zynga. Our products are currently designed for console gaming systems, mobile, including smartphones and tablets, and personal computer (\"PC\"). We deliver our products through physical retail, digital download, online platforms, and cloud streaming services. Our website address is www.take2games.com. We make all of our filings with the Securities and Exchange Commission (\"SEC\") available free of charge on our website under the caption \"Investors\u2014Financial Information\u2014SEC Filings.\" Included in these filings are our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, which are available as soon as reasonably practicable after we electronically file or furnish such materials with the SEC pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the \"Exchange Act\"). Our website and the information contained therein or connected thereto are not intended to be incorporated into this Annual Report on Form 10-K. The SEC maintains a website that contains annual, quarterly, and current reports, proxy and information statements and other information that issuers (including the Company) file electronically with the SEC. The SEC's website is www.sec.gov. Strategy Overview. Our strategy is to create hit entertainment experiences, delivered on every platform relevant to our audience through a variety of sound business models. Our pillars - creativity, innovation, and efficiency - guide us as we strive to create the highest quality, most captivating experiences for our consumers. We believe that our player-first approach and commitment to creativity and innovation are distinguishing strengths, enabling us to differentiate our products in the marketplace Item 1A. Risk Factors Our business is subject to many risks and uncertainties, which may affect our future financial performance. Because of the risks and uncertainties described below, as well as other factors affecting our operating results and financial condition, past financial performance should not be considered to be a relia", "title": "TTWO - TAKE TWO INTERACTIVE SOFTWARE INC", "url": "/company/TTWO/" }, { "kind": "company", "summary": "SIC 3100 Leather & Leather Products; CIK 0001116132; latest 10-K filed 2025-08-14.", "text": "TPR - TAPESTRY, INC. SIC 3100 Leather & Leather Products; CIK 0001116132; latest 10-K filed 2025-08-14. TPR TAPESTRY, INC. 0001116132 3100 Leather & Leather Products ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of the Company's financial condition and results of operations should be read together with the Company\u2019s consolidated financial statements and notes to those financial statements included elsewhere in this document. When used herein, the terms \u201cthe Company,\u201d \"Tapestry,\" \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Tapestry, Inc., including consolidated subsidiaries. References to \"Coach,\" \"Stuart Weitzman,\" \"Kate Spade\" or \"kate spade new york\" refer only to the referenced brand. INTRODUCTION Management\u2019s discussion and analysis of financial condition and results of operations (\u201cMD&A\u201d) is provided as a supplement to the accompanying consolidated financial statements and notes thereto to help provide an understanding of our results of operations, financial condition and liquidity. MD&A is organized as follows: \u2022Overview. This section provides a general description of the business and brands as well as the Company\u2019s growth strategy. \u2022Global Economic Conditions and Industry Trends. This section includes a discussion on global economic conditions and industry trends that affect comparability that are important in understanding results of operations and financial conditions, and in anticipating future trends. \u2022Results of Operations. An analysis of our results of operations in fiscal 2025 compared to fiscal 2024. \u2022Non-GAAP Measures. This section includes non-GAAP measures that are useful to investors and others in evaluating the Company\u2019s ongoing operating and financial results in a manner that is consistent with management's evaluation of business performance and understanding how such results compare with the Company\u2019s historical performance. \u2022Financial Condition. This section includes a discussion on liquidity and capital resources including an analysis of changes in cash flow as well as working capital and capital expenditures. \u2022Critical Accounting Policies and Estimates. This section includes any critical accounting policies or estimates that impact the Company. OVERVIEW Fiscal 2025, fiscal 2024 and fiscal 2023 were 52-week periods. Tapestry, Inc. is a house of iconic accessories and lifestyle brands. Our global house of brands unites the magic of Coach and kate spade new york. Each of our brands are unique and independent, while sharing a commitment to innovation and authenticity defined by distinctive products and differentiated customer experiences across channels and geographies. We use our collective strengths to move our customers and empower our communities, to make the fashion industry more sustainable, and to harness the power of an inclusive culture. Individually, our brands are iconic. Together, we can stretch what\u2019s possible. The Company has three reportable segments: \u2022Coach - Includes global sales of primarily Coach brand products to customers through our DTC, wholesale and licensing businesses. \u2022Kate Spade - Includes global sales primarily of kate spade new york brand products to customers through our DTC, wholesale and licensing businesses. \u2022Stuart Weitzman - Includes global sales of Stuart Weitzman brand products primarily through our DTC, wholesale and licensing businesses. Each of our brands are unique and independent, while sharing a commitment to innovation and authenticity defined by distinctive products and differentiated customer experiences across business channels and geographies. Our success does not depend solely on the performance of a single business channel, geographic area or brand. 32 Stuart Weitzman Business Divestiture On February 16, 2025, the Company entered into a Purchase Agreement with Caleres to sell the Stuart Weitzman Business (as defined below). The Purchaser acquired certain assets and liabilities of the Company's global business of designing, manufacturing, promotion, marketing, production, distribution, sales and licensing of Stuart Weitzman branded produc ITEM 1. BUSINESS Tapestry, Inc. (the \"Company\") is a house of iconic accessories and lifestyle brands. Our global house of brands unites the magic of Coach and kate spade new york. Each of our brands are unique and independent, while sharing a commitment to innovation and authenticity defined by distinctive products and differentiated customer experiences across channels and geographies. We use our collective strengths to move our customers and empower our communities, to make the fashion industry more sustainable, and to harness the power of an inclusive culture. Individually, our brands are iconic. Together, we can stretch what\u2019s possible. OUR BRANDS The Company has three reportable segments: \u2022Coach - Coach is a global fashion house of accessories and lifestyle collections, founded in New York City in 1941. Inspired by the vision of Expressive Luxury and the inclusive and courageous spirit of its hometown, the brand makes beautiful things, crafted to last \u2013 for you to be yourself in. Coach has built a legacy of craftsmanship and a community that champions the courage to be real. Coach includes global sales of primarily Coach brand products to customers through our direct-to-consumer (\"DTC\"), wholesale and licensing businesses. This segment represented 79.9% of total net sales in fiscal 2025. \u2022Kate Spade - Since its launch in 1993 with a collection of six essential handbags, kate spade new york has always been colorful, bold and optimistic. Today, it is a global lifestyle brand that designs extraordinary things for the everyday, delivering seasonal collections of handbags, ready-to-wear, jewelry, footwear, gifts, home d\u00e9cor and more. Known for its rich heritage and unique brand DNA, kate spade new york offers a distinctive point of view and celebrates communities of women around the globe who live their perfectly imperfect lifestyles. Kate Spade includes global sales of primarily kate spade new york brand products to customers through our DTC, wholesale and li ITEM 1A. RISK FACTORS You should consider carefully all of the information set forth or incorporated by reference in this document and, in particular, the following risk factors associated with the business of the Company and forward-looking information in this document. Please also see \u201cSpecial Note on Forward-Looking Information\u201d at the beginning of this re", "title": "TPR - TAPESTRY, INC.", "url": "/company/TPR/" }, { "kind": "company", "summary": "SIC 4922 Natural Gas Transmission; CIK 0001389170; latest 10-K filed 2026-02-19.", "text": "TRGP - Targa Resources Corp. SIC 4922 Natural Gas Transmission; CIK 0001389170; latest 10-K filed 2026-02-19. TRGP Targa Resources Corp. 0001389170 4922 Natural Gas Transmission Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes included in Part IV of this Annual Report. Additional sections in this Annual Report should be helpful to the reading of our discussion and analysis, including the following: (i) a description of our business strategy found in \u201cItem 1. Business\u2013Overview\u201d; (ii) a description of recent developments, found in \u201cItem 1. Business\u2013Recent Developments\u201d; and (iii) a description of risk factors affecting us and our business, found in \u201cItem 1A. Risk Factors.\u201d Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report can be found in Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024. General Trends and Outlook We expect our results of operations to continue to be affected by the following key trends: commodity prices, volume throughput and demand for our products and services, contract terms and mix, the impact of our hedging activities, the cost to operate and support assets, volatile capital markets and competition. These expectations are based on assumptions made by us and information currently available to us. To the extent our underlying assumptions about or interpretations of available information prove to be incorrect, our actual results may vary materially from our expected results. Commodity Prices There has been, and we believe there will continue to be, volatility in commodity prices and in the relationships among natural gas, NGL and crude oil prices. The volatility and uncertainty of natural gas, NGL and crude oil prices impact drilling, completion and other investment decisions by producers and ultimately supply to our systems. See \u201cItem 1A. Risk Factors \u2013 Our cash flow is affected by supply and demand for natural gas, NGL products, and crude oil, and by natural gas, NGL, crude oil and condensate prices, and decreases in supply, demand or these prices could adversely affect our results of operations and financial condition.\u201d Our operating income generally improves in an environment of higher natural gas, NGL and condensate prices. Our processing profitability is largely dependent upon pricing and the supply of and market demand for natural gas, NGLs and condensate, both of which are beyond our control. In a declining commodity price environment, without taking into account our hedges, we will realize a reduction in cash flows under our percent-of-proceeds contracts proportionate to average price declines. While we have a significant level of margin that we derive from fee-based arrangements across our operations and particularly for our assets in the Downstream Business, our contract mix, along with our commodity hedging program, serves to mitigate the impact of commodity price movements on our cash flows. For additional information regarding our hedging activities, see \u201cItem 7A. Quantitative and Qualitative Disclosures about Market Risk \u2014 Commodity Price Risk.\u201d The following table presents selected average annual and quarterly industry index prices for natural gas, selected NGL products and crude oil for the periods presented: [[GREPCENT_TABLE]] [[\"\",\"Natural Gas $/MMBtu (1)\",\"\",\"\",\"Illustrative Targa NGL $/gal (2)\",\"\",\"\",\"Crude Oil $/Bbl (3)\"],[\"2025\"],[\"4th Quarter\",\"$\",\"3.55\",\"\",\"\",\"$\",\"0.56\",\"\",\"\",\"$\",\"59.95\"],[\"3rd Quarter\",\"\",\"3.07\",\"\",\"\",\"\",\"0.57\",\"\",\"\",\"\",\"65.35\"],[\"2nd Quarter\",\"\",\"3.44\",\"\",\"\",\"\",\"0.61\",\"\",\"\",\"\",\"65.04\"],[\"1st Quarter\",\"\",\"3.66\",\"\",\"\",\"\",\"0.70\",\"\",\"\",\"\",\"71.96\"],[\"2025 Average\",\"\",\"3.43\",\"\",\"\",\"\",\"0.61\",\"\",\"\",\"\",\"65.58\"],[\"2024\"],[\"4th Quarter\",\"$\",\"2.80\",\"\",\"\",\"$\",\"0.65\",\"\",\"\",\"$\",\"69.40\"],[\"3rd Quarter\",\"\",\"2.16\",\"\",\"\",\"\",\"0.59\",\"\",\"\",\"\" Item 1. Business The following section of this Form 10-K generally refers to business developments during the year ended December 31, 2025. Discussion of prior period business developments that are not included in this Form 10-K can be found in \u201cPart I, Item 1. Business\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024. Overview Targa Resources Corp. (NYSE: TRGP) is a publicly traded Delaware corporation formed in October 2005. Targa is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. We own, operate, acquire, and develop a diversified portfolio of complementary domestic infrastructure assets. Our Operations We are engaged primarily in the business of: \u2022 gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; \u2022 transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and \u2022 gathering, storing, terminaling, and purchasing and selling crude oil. To provide these services, we operate in two primary segments: (i) Gathering and Processing, and (ii) Logistics and Transportation (also referred to as our Downstream Business). Our Gathering and Processing segment includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells, removing impurities and processing this raw natural gas into merchantable natural gas by extracting NGLs; and assets used for the gathering and terminaling and/or purchase and sale of crude oil. The Gathering and Processing segment\u2019s assets are located in the Permian Basin of West Texas and Southeast New Mexico (including the Midland, Central and Delaware Basins); the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma (including the SCOOP and STACK) and South Central Kansas; the Williston Basin in North Dakota (includ Item 1A. Risk Factors The nature of our business activities subjects us to certain hazards and risks. You should consider carefully the following risk factors together with all the other information contained in this report. If any of the following risks were to occur, then our business, financial condition, cash flows and results of op", "title": "TRGP - Targa Resources Corp.", "url": "/company/TRGP/" }, { "kind": "company", "summary": "SIC 5065 Wholesale-Electronic Parts & Equipment, NEC; CIK 0001385157; latest 10-K filed 2025-11-10.", "text": "TEL - TE Connectivity plc SIC 5065 Wholesale-Electronic Parts & Equipment, NEC; CIK 0001385157; latest 10-K filed 2025-11-10. TEL TE Connectivity plc 0001385157 5065 Wholesale-Electronic Parts & Equipment, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and the accompanying notes included elsewhere in this Annual Report. The following discussion may contain forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those factors discussed below and elsewhere in this Annual Report, particularly in \u201cPart I. Item 1A. Risk Factors\u201d and \u201cForward-Looking Information.\u201d Our Consolidated Financial Statements have been prepared in U.S. dollars, in accordance with accounting principles generally accepted in the U.S. (\u201cGAAP\u201d). Discussion of our financial condition and results of operations for fiscal 2025 compared to fiscal 2024 is presented below. The \u201cSegment Results\u201d section also discusses fiscal 2024 compared to fiscal 2023 because of the change in our segment structure discussed below. Discussion of our financial condition and consolidated results of operations for fiscal 2024 compared to fiscal 2023 can be found in \u201cPart II. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended September 27, 2024. The following discussion includes organic net sales growth (decline) which is a non-GAAP financial measure. See \u201cNon-GAAP Financial Measure\u201d for additional information regarding this measure. 25 Table of Contents Overview We are a global industrial technology leader creating a safer, sustainable, productive, and connected future. As a trusted innovation partner, our broad range of connectivity and sensor solutions enable the distribution of power, signal, and data to advance next-generation transportation, energy networks, automated factories, data centers enabling artificial intelligence, and more. Change in Place of Incorporation During fiscal 2024, our board of directors and shareholders approved a change in our jurisdiction of incorporation from Switzerland to Ireland. In connection with the change, TE Connectivity Ltd., our former parent entity, entered into a merger agreement with TE Connectivity plc, its then wholly-owned subsidiary and a public limited company incorporated under Irish law. Under the merger agreement, TE Connectivity Ltd. merged with and into TE Connectivity plc, which was the surviving entity, in order to effect our change in jurisdiction of incorporation from Switzerland to Ireland. The merger was completed on September 30, 2024, thereby changing our jurisdiction of incorporation from Switzerland to Ireland. Effective for fiscal 2025, we are organized under the laws of Ireland. We have not had and do not anticipate any material changes in our operations or financial results as a result of the merger and change in place of incorporation. New Segment Structure Effective for fiscal 2025, we reorganized our management and segments to align the organization around our current strategy. We now operate through two reportable segments: Transportation Solutions and Industrial Solutions. Prior period segment results have been recast to conform to the new segment structure. See additional information regarding our segments in Notes 1 and 20 to the Consolidated Financial Statements. Summary of Fiscal 2025 Performance [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Our fiscal 2025 net sales increased 8.9% from fiscal 2024 due to sales growth in the Industrial Solutions segment, partially offset by sales declines in the Transportation Solutions segment. Richards Manufacturing, which was acquired in April 2025, contributed net sales of $179 million. On an organic basis, our net sales increased 6.4% in fiscal 2025 as compared to fiscal 2024.\"]] ITEM 1. BUSINESS General We are a global industrial technology leader creating a safer, sustainable, productive, and connected future. As a trusted innovation partner, our broad range of connectivity and sensor solutions enable the distribution of power, signal, and data to advance next-generation transportation, energy networks, automated factories, data centers enabling artificial intelligence, and more. References in this report to \u201cTE Connectivity,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d refer to TE Connectivity Ltd. before September 30, 2024 and to TE Connectivity plc on or after September 30, 2024. We became an independent, publicly traded company in 2007; however, through our predecessor companies, we trace our foundations in the connectivity business back to 1941. During fiscal 2024, our board of directors and shareholders approved a change in our jurisdiction of incorporation from Switzerland to Ireland. In connection with the change, TE Connectivity Ltd., our former parent entity, entered into a merger agreement with TE Connectivity plc, its then wholly-owned subsidiary and a public limited company incorporated under Irish law. Under the merger agreement, TE Connectivity Ltd. merged with and into TE Connectivity plc, which was the surviving entity, in order to effect our change in jurisdiction of incorporation from Switzerland to Ireland. The merger was completed on September 30, 2024, thereby changing our jurisdiction of incorporation from Switzerland to Ireland. Effective for fiscal 2025, we are organized under the laws of Ireland. We have not had and do not anticipate any material changes in our operations or financial results as a result of the merger and change in place of incorporation. We acquired Richard Manufacturing Co. (\u201cRichards Manufacturing\u201d) in fiscal 2025. See Note 4 to the Consolidated Financial Statements for additional information regarding the acquisition. We have a 52- or 53-week fiscal year that ends on the last Friday of September ITEM 1A. RISK FACTORS Our operations and financial results are subject to various risks and uncertainties, including those described below, that could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our securities. These risks are not the only o", "title": "TEL - TE Connectivity plc", "url": "/company/TEL/" }, { "kind": "company", "summary": "SIC 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys; CIK 0001094285; latest 10-K filed 2026-02-20.", "text": "TDY - TELEDYNE TECHNOLOGIES INC SIC 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys; CIK 0001094285; latest 10-K filed 2026-02-20. TDY TELEDYNE TECHNOLOGIES INC 0001094285 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview Teledyne provides enabling technologies to sense, analyze and distribute information for industrial growth markets that require advanced technology and high reliability. These markets include aerospace and defense, factory automation, air and water quality environmental monitoring, electronics design and development, oceanographic research, deepwater oil and gas exploration and production, medical imaging, and pharmaceutical research. Our products include digital imaging sensors, cameras and systems within the visible, infrared and X-ray spectra, monitoring and control instrumentation for marine and environmental applications, harsh environment interconnects, electronic test and measurement equipment, aircraft information management systems and defense electronics, and satellite communication subsystems. We also supply engineered systems for defense, space, environmental and energy applications. We believe our technological capabilities, innovation and the ability to invest in the development of new and enhanced products are critical to obtaining and maintaining leadership in our markets and the industries in which we compete. Information about results of operations and financial conditions for 2023 and 2024 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d sections in the Company\u2019s Annual Report on Form 10-K for the year ended December 29, 2024. 22 Table of Contents Strategy Our strategy continues to emphasize growth in our four business segments: Digital Imaging, Instrumentation, Aerospace and Defense Electronics, and Engineered Systems. The markets in which we sell our enabling technologies are characterized by high barriers to entry and include specialized products and services not likely to be commoditized. We intend to strengthen and expand our business with targeted acquisitions and through product development. We continue to focus on balanced and disciplined capital deployment among capital expenditures, acquisitions, stock repurchases and product development. We aggressively pursue operational excellence to continually improve our margins and earnings by emphasizing cost containment and evaluating cost reductions in all aspects of our business. At Teledyne, operational excellence includes the rapid integration of the businesses we acquire. Using complementary technology across our businesses and through targeted R&D, we seek to create new products to grow our company and expand our addressable markets. We continually evaluate our businesses and products to ensure that they are aligned with our strategy. Trends and Other Matters Affecting Our Business The global trade environment continues to be highly dynamic, including new potential tariffs and retaliatory tariffs, and a number of the tariffs remain in effect. There have been continuing significant tariffs and trade sanctions between the United States and China. China has also restricted the export of certain rare earth minerals that we use in our products, which could disrupt the supply chain for these minerals and components made from these materials. Tariffs, trade restrictions and retaliatory measures could result in revenue reductions, cost increases on material used in our products or significant production delays, which could adversely affect our business, financial condition, operational results and cash flows. Our manufacturing facilities span across many countries which helps us mitigate the impact of certain tariffs and trade restrictions. Also, consistent with our strategy, we continually optimize our operations and take measures to contain costs to reduce the impact from tariffs. We may also implement additional pricing actions to mitigate the impact of these tariffs. We have been working to minimize potential delivery delays and shortages of components and raw materials needed for certain p Item 1. Business Who We Are Teledyne Technologies Incorporated is a Delaware corporation that provides enabling technologies to sense, analyze and distribute information for industrial growth markets that require advanced technology and high reliability. These markets include aerospace and defense, factory automation, air and water quality environmental monitoring, electronics design and development, oceanographic research, deepwater oil and gas exploration and production, medical imaging and pharmaceutical research. Our products include digital imaging sensors, cameras and systems within the visible, infrared and X-ray spectra, monitoring and control instrumentation for marine and environmental applications, harsh environment interconnects, electronic test and measurement equipment, aircraft information management systems, and defense electronics and satellite communication subsystems. We also supply engineered systems for defense, space, environmental and energy applications. We believe our technological capabilities, innovation and ability to invest in the development of new and enhanced products are critical to obtaining and maintaining leadership in our markets and the industries in which we compete. We became an independent public company effective November 29, 1999. The following description of our business should be read together with \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d within Item 7. of this Form 10-K. Recent Developments Consistent with our strategy, we completed four acquisitions in 2025 and two acquisitions in 2024. The financial results of these acquisitions have been included since the respective date of each acquisition. Our 2025 and 2024 acquisitions were within the Digital Imaging, Instrumentation, and Aerospace and Defense Electronics segments. See Note 3 for additional information about our 2025 and 2024 business acquisitions. Subsequent to the end of the year, we completed one acquisition w Item 1A. Risk Factors Risk Factors The following discussion sets forth the material risk factors that could affect Teledyne\u2019s financial condition and operations. You should not consider any descriptions of these factors to be a complete set of all potential risk", "title": "TDY - TELEDYNE TECHNOLOGIES INC", "url": "/company/TDY/" }, { "kind": "company", "summary": "SIC 3825 Instruments For Meas & Testing of Electricity & Elec Signals; CIK 0000097210; latest 10-K filed 2026-02-19.", "text": "TER - TERADYNE, INC SIC 3825 Instruments For Meas & Testing of Electricity & Elec Signals; CIK 0000097210; latest 10-K filed 2026-02-19. TER TERADYNE, INC 0000097210 3825 Instruments For Meas & Testing of Electricity & Elec Signals Item 7: Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview We are a leading global provider of automated test equipment and robotics products. Our automated test systems are used to test semiconductors, wireless products, data storage, silicon photonics, and complex electronics systems in many industries including consumer electronics, wireless, automotive, industrial, computing, communications, and aerospace and defense industries. Our robotics product offerings consist primarily of collaborative robotic arms and autonomous mobile robots used by global manufacturing, logistics and industrial customers to improve quality and increase manufacturing and material handling efficiency, while reducing costs. In the first quarter of 2025, we identified opportunities for operational synergies amongst our production board test, defense and aerospace, and wireless test businesses leading to the creation of the Product Test division as a new segment effective March 2025. Our automated test equipment and robotics products and services include: \u2022 semiconductor test (\u201cSemiconductor Test\u201d) systems; \u2022 robotics (\u201cRobotics\u201d) products; and \u2022 product test (\u201cProduct Test\u201d) systems, which includes circuit-board test and inspection systems, wireless test systems photonic integrated circuit (\u201cPIC\u201d) test solutions, and defense and aerospace test instrumentation and systems. The market for our test products is concentrated with a limited number of significant customers accounting for a substantial portion of the purchases of test equipment. A few customers drive sizable demand for our offerings both through direct sales and sales to the customer\u2019s supply partners. We expect that sales of our test products will continue to be concentrated with a limited number of major customers for the foreseeable future. In 2025, our Semiconductor Test segment achieved considerable growth driven by robust demand from Artificial Intelligence (\u201cAI\u201d) applications in networking and with vertically integrated producer (\u201cVIP\u201d) compute solutions. Memory test revenue remained stable despite a smaller overall market, supported by share gains in high bandwidth memory (\u201cHBM\u201d) and DRAM final test applications. The Semiconductor Test segment\u2019s strategic shift toward AI-driven semiconductor testing resulted in AI related customer demand driving the majority of our revenue in the second half of 2025. Looking ahead to 2026, we expect AI related customer demand to continue to represent the bulk of our revenues in the first quarter. Our results reflect our focused investments in AI applications and VIP customers, with benefits from these initiatives materializing throughout 2025 and expected to continue in 2026. In the Product Test Group, we also achieved revenue growth in 2025, bolstered primarily by strength in defense and aerospace applications. In our Robotics segment, the fourth quarter of 2025 represented the third consecutive quarter of sequential revenue growth. During the year, we aimed at strategic partnerships with original equipment manufacturers, systems integrators, and large enterprise accounts, concentrating on high-growth verticals such as ecommerce, logistics, semiconductor, and electronics. At the same time, we also reduced costs through restructuring activities designed to better position the Robotics organization for future success. On January 29, 2026, we and MultiLane, a leading high-speed input/output (\u201cI/O\u201d) test and measurement company, announced an agreement to form a joint venture, MultiLane Test Products (\u201cMLTP\u201d). MLTP is being created to serve the growing demand from the AI Data Center equipment market by accelerating the development of test solutions for critical high speed data connections. Under the agreement, MultiLane will contribute all the assets related to its test and measurement business to the joint venture and we will invest approximately $157 million in exchange for 75% ownership of MLTP. Th Item 1: Business Teradyne, Inc. (\u201cTeradyne\u201d) was founded in 1960 and is a leading global provider of automated test equipment and robotics solutions. Teradyne's automated test systems are used to test semiconductors, wireless products, data storage, silicon photonics, and complex electronics systems in many industries including consumer electronics, wireless, automotive, industrial, computing, communications, and aerospace and defense industries. Teradyne's robotics product offerings consist primarily of collaborative robotic arms and autonomous mobile robots used by global manufacturing, logistics and industrial customers to improve quality, increase manufacturing and material handling efficiency while reducing costs. In the first quarter of 2025, Teradyne identified opportunities for operational synergies amongst our production board test, defense and aerospace, and wireless test businesses leading to the creation of the Product Test division as a new segment effective March 2025. Teradyne\u2019s automated test equipment and robotics products and services include: \u2022 semiconductor test (\u201cSemiconductor Test\u201d) systems; \u2022 robotics (\u201cRobotics\u201d) products; and \u2022 product test (\u201cProduct Test\u201d) systems, which include circuit-board test and inspection systems, wireless test systems, photonic integrated circuit (\u201cPIC\u201d) test solutions, and defense and aerospace test instrumentation and systems. The market for our test products is concentrated with a limited number of significant customers accounting for a substantial portion of the purchases of test equipment. A few customers drive sizable demand for our offerings both through direct sales and sales to the customer\u2019s supply partners. We expect that sales of our test products will continue to be concentrated with a limited number of major customers for the foreseeable future. In 2025, our Semiconductor Test segment achieved considerable growth driven by robust demand from Artificial Intelligence (\u201cAI\u201d) applications in networki Item 1A: Risk Factors Descriptions of risks associated with our business are set forth below. Some of these risks are highlighted in the following discussion and in Management's Discussion and Analysis of Financial Condition and Results of Operations, Legal Proceedings, Controls a", "title": "TER - TERADYNE, INC", "url": "/company/TER/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0000097476; latest 10-K filed 2026-02-06.", "text": "TXN - TEXAS INSTRUMENTS INC SIC 3674 Semiconductors & Related Devices; CIK 0000097476; latest 10-K filed 2026-02-06. TXN TEXAS INSTRUMENTS INC 0000097476 3674 Semiconductors & Related Devices ITEM 7. Management\u2019s discussion and analysis of financial condition and results of operations Overview We design and manufacture semiconductors that we sell to electronics designers and manufacturers all over the world. Technology is the foundation of our company, but ultimately, our objective and the best metric for owners to measure our progress is through the growth of free cash flow per share over the long term. Our strategy to maximize long-term free cash flow per share growth has three elements: 1.A great business model that is focused on analog and embedded processing products and built around four sustainable competitive advantages. The four sustainable competitive advantages are powerful in combination and provide tangible benefits: (a)A strong foundation of manufacturing and technology that provides lower costs and greater control of our supply chain. (b)A broad portfolio of analog and embedded processing products that offers more opportunity per customer and more value for our investments. (c)The reach of our market channels that gives access to more customers and more of their design projects, leading to better insight and knowledge of customer needs and the opportunity to sell more of our products into each design. (d)Diversity and longevity of our products, markets and customer positions that provide less single point dependency and longer returns on our investments. Together, these competitive advantages help position TI in a unique class of companies capable of generating and returning significant amounts of cash for our owners. We make our investments with an eye towards long-term strengthening and leveraging of these advantages. 2.Discipline in allocating capital to the best opportunities. This spans how we select R&D projects, develop new capabilities, invest in manufacturing capacity or how we think about acquisitions and returning cash to our owners. 3.Efficiency, which means constantly striving for more output for every dollar spent. We believe that our business model with the combined effect of our four competitive advantages sets TI apart from our peers and will for a long time to come. We will invest to strengthen our competitive advantages, be disciplined in capital allocation and stay diligent in our pursuit of efficiencies. Finally, we will remain focused on the belief that long-term growth of free cash flow per share is the ultimate measure to generate value. For more information about market and business characteristics, see the Business discussion in Item 1 of this Form 10-K. Results of operations Management\u2019s discussion and analysis of financial condition and results of operations (MD&A) should be read in conjunction with the financial statements and the related notes that appear elsewhere in this document. In the following discussion of our results of operations: \u2022Our segments represent groups of similar products that are combined on the basis of similar design and development requirements, product characteristics, manufacturing processes and distribution channels, and how management allocates resources and measures results. See Note 1 to the financial statements for more information regarding our segments. \u2022When we discuss our results: \u25e6Unless otherwise noted, changes in our revenue are attributable to changes in customer demand, which are evidenced by fluctuations in shipment volumes. 19 \u25e6New products do not tend to have a significant impact on our revenue in any given period because we sell such a large number of products. \u25e6From time to time, our revenue and gross profit are affected by changes in demand for higher-priced or lower-priced products, which we refer to as changes in the \u201cmix\u201d of products shipped. \u25e6Because we own much of our manufacturing capacity, a significant portion of our operating cost is fixed. When factory loadings decrease, our fixed costs are spread over reduced output and, absent other circumstances, our profit margins decrease. Conversely, as fac ITEM 1. Business We design and manufacture semiconductors that we sell to electronics designers and manufacturers all over the world. Our operations began in 1930, and we are incorporated in Delaware. With headquarters in Dallas, Texas, we have design, manufacturing or sales operations in more than 30 countries. Our two reportable segments are Analog and Embedded Processing, and we report the results of our remaining business activities in Other. In 2025, we generated $17.68 billion of revenue. For decades, we have operated with a passion to create a better world by making electronics more affordable through semiconductors. We were pioneers in the transition from vacuum tubes to transistors and then to integrated circuits. As each generation has become more reliable, more affordable and lower in power, semiconductors are used by a growing number of customers and markets. Our passion continues to be alive today as we help our customers develop electronics and new applications. For many years, we have run our business with three overarching ambitions in mind. First, we will act like owners who will own the company for decades. Second, we will adapt and succeed in a world that is ever changing. And third, we will be a company that we are personally proud to be a part of and that we would want as our neighbor. Our ambitions are foundational to ensuring that we operate in a sustainable and environmentally responsible manner. When we are successful in achieving these ambitions, our employees, customers, communities and shareholders all win. As engineers, we are fortunate to work on exciting technology that helps our customers innovate to create a better world. Technology is the foundation of our company, but ultimately, our objective and the best metric for owners to measure our progress is through the growth of free cash flow per share over the long term. Our strategy to maximize long-term free cash flow per share growth has three elements: The first element o ITEM 1A. Risk factors You should read the following risk factors in conjunction with the factors discussed elsewhere in this and other of our filings with the Securities and Exchange Commission (SEC) and in materials incorporated by reference into these filings. These risk factors are intended to highlight certain factors that may affect", "title": "TXN - TEXAS INSTRUMENTS INC", "url": "/company/TXN/" }, { "kind": "company", "summary": "SIC 6792 Oil Royalty Traders; CIK 0001811074; latest 10-K filed 2026-02-18.", "text": "TPL - Texas Pacific Land Corp SIC 6792 Oil Royalty Traders; CIK 0001811074; latest 10-K filed 2026-02-18. TPL Texas Pacific Land Corp 0001811074 6792 Oil Royalty Traders Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operation (\u201cMD&A\u201d) is intended to help the reader understand the results of operations and financial condition of Texas Pacific Land Corporation. MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying notes to financial statements included in Part II, Item 8. of this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, those factors presented in Part I, Item 1A. \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. This section generally discusses the results of our operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, refer to Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. Overview TPL was originally organized in 1888 as a business trust to hold title to extensive tracts of land in the State of Texas that were previously the property of the Texas and Pacific Railway Company. On January 11, 2021, we completed our Corporate Reorganization from a business trust to a corporation and changed our name from Texas Pacific Land Trust to Texas Pacific Land Corporation. Our business activity is generated from our surface and royalty interest ownership, primarily in the Permian Basin. Our revenues are derived from oil and gas royalties, water sales, produced water royalties, easements and other surface-related income and land sales. Due to the nature of our operations and concentration of our ownership in one geographic location, our revenue and net income are subject to substantial fluctuations from quarter to quarter and year to year. In addition to fluctuations in response to changes in the market price for oil and gas, our financial results are subject to decisions by not only the owners and operators of oil and gas wells to which our oil and gas royalty interests relate, but also to other owners and operators in the Permian Basin as it relates to our other revenue streams, principally water sales, produced water royalties, easements and other surface-related revenue. Market Conditions Average West Texas Intermediate (\u201cWTI\u201d) oil prices for the year ended December 31, 2025 were down approximately 15% compared to average WTI oil prices during the same period last year. Oil prices continue to be impacted by certain actions by OPEC+, geopolitics, and evolving global supply and demand trends, among other factors. In addition, ambiguity around tariffs implemented by and towards the United States has created incremental global economic uncertainty, which, in part, contributed to relatively weaker oil prices in 2025. Average Henry Hub natural gas prices during 2025 increased approximately 61% compared to average prior year natural gas prices. Global and domestic natural gas markets benefited in 2025 from improved supply-demand balances, including tailwinds from expanded liquefied natural gas capacity and improved industrial and power demand, among other factors. Since mid-2022, the Waha Hub located in Pecos County, Texas has at times experienced significant negative price differentials relative to Henry Hub, located in Erath, Louisiana, due in part to growing local Permian natural gas production and limited natural gas pipeline takeaway capacity. Midstream infrastructure is currently being developed by operators to provide additional takeaway capacity, Item 1. Business. General Texas Pacific Land Corporation (which, together with its subsidiaries as the context requires, may be referred to as \u201cTPL,\u201d the \u201cCompany,\u201d \u201cour,\u201d \u201cwe,\u201d or \u201cus\u201d) is a Delaware Corporation and one of the largest landowners in the State of Texas with approximately 882,000 surface acres of land, principally concentrated in the Permian Basin. Additionally, we own a 1/128th nonparticipating perpetual oil and gas royalty interest (\u201cNPRI\u201d) under approximately 85,000 acres of land, a 1/16th NPRI under approximately 371,000 acres of land, and approximately 33,000 additional net royalty acres (normalized to 1/8th) (\u201cNRA\u201d), for a collective total of approximately 224,000 NRA, principally concentrated in the Permian Basin. The Company was originally organized as Texas Pacific Land Trust (the \u201cTrust\u201d) under a Declaration of Trust, dated February 1, 1888 (the \u201cDeclaration of Trust\u201d), to receive and hold title to extensive tracts of land in the State of Texas, previously the property of the Texas and Pacific Railway Company. The Declaration of Trust provided for the appointment of trustees (the \u201cTrustees\u201d) to manage the assets of the Trust with all of the powers of an absolute owner. On January 11, 2021, the Trust completed its reorganization from a business trust, Texas Pacific Land Trust, into Texas Pacific Land Corporation, a corporation formed and existing under the laws of the State of Delaware (the \u201cCorporate Reorganization\u201d). Our surface and royalty ownership provide revenue opportunities throughout the oil and gas development value chain. While we are not an oil and gas producer, we benefit from various revenue sources throughout the life cycle of a well. During the initial development phase whereby infrastructure for oil and gas development is constructed, we receive fixed fee payments for use of our land and revenue for sales of materials (caliche) used in the construction of the infrastructure. During the drilling and completion phase, we ge Item 1A. Risk Factors. An investment in our securities involves a degree of risk. The risks described below, and other risks noted throughout this Annual Report, including those risks identified in Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d are not the only ones facing us. Addit", "title": "TPL - Texas Pacific Land Corp", "url": "/company/TPL/" }, { "kind": "company", "summary": "SIC 3720 Aircraft & Parts; CIK 0000217346; latest 10-K filed 2026-02-11.", "text": "TXT - TEXTRON INC SIC 3720 Aircraft & Parts; CIK 0000217346; latest 10-K filed 2026-02-11. TXT TEXTRON INC 0000217346 3720 Aircraft & Parts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview In 2025, Textron\u2019s revenues increased 8%, compared with 2024, reflecting the impact of higher volume on the MV-75 program at the Bell segment and higher aircraft and aftermarket parts and services revenues at the Textron Aviation segment. Segment profit increased 14%, compared with 2024, largely reflecting higher volume and mix at Textron Aviation. Our backlog increased 5% in 2025 to $18.8 billion, which included a $710 million increase at the Textron Systems segment and a $326 million increase at the Bell segment. Financial highlights for 2025 also include: \u2022Generated $1.3 billion of net cash from operating activities from our manufacturing businesses. \u2022Invested $521 million in research and development projects and $383 million in capital expenditures. \u2022Returned $822 million to our shareholders through the repurchase of 10.7 million shares of our common stock. For an overview of our business segments, including a discussion of our major products and services, refer to Item 1. Business. A discussion of our financial condition and operating results for 2025 compared with 2024 is provided below, while a discussion of 2024 compared with 2023 can be found in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 28, 2024. The following discussion should be read in conjunction with our Consolidated Financial Statements and related Notes included in Item 8. Financial Statements and Supplementary Data. Business Environment Changes to the United States trade policy have resulted in new or higher tariffs on goods imported from numerous countries, and some countries have imposed retaliatory tariffs on imports from the United States. We are principally a North American manufacturer and 69% of our 2025 revenues were generated in the U.S. Our aircraft products, subassemblies, parts and components manufactured in Canada and Mexico are largely qualified under the rules of the United States-Mexico-Canada Agreement (USMCA) for preferential treatment on tariffs imposed by the U.S. on imports from Canada and Mexico. In addition, our operations outside of North America primarily source materials and components from outside of North America and manufacture products for non-U.S. customers. Many of our businesses also source materials and components from outside of North America. These businesses have been and will continue to be impacted by these imposed U.S. tariffs. In order to mitigate these impacts our businesses have been managing, and will continue to manage, pricing and supply chain optimization strategies. In addition, our aircraft businesses are working through the tariff reconciliation and refund process with the U.S. Government to recover tariff costs that were previously paid related to materials and components that were subsequently determined to be USMCA compliant. To date, we have not experienced a material adverse impact from these tariffs. We will continue to evaluate the ongoing impact of these tariffs and any further developments or changes in global tariff policies on our business and financial position. Consolidated Results of Operations [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"% Change\"],[\"(Dollars in millions)\",\"2025\",\"2024\",\"2023\",\"2025\",\"2024\"],[\"Revenues\",\"$\",\"14,799\",\"$\",\"13,702\",\"$\",\"13,683\",\"8%\",\"\\u2014%\"],[\"Cost of sales\",\"12,104\",\"11,200\",\"10,835\",\"8%\",\"3%\"],[\"Gross margin as a % of Manufacturing revenues\",\"17.8%\",\"18.0%\",\"20.5%\"],[\"Research and development costs\",\"$\",\"521\",\"$\",\"491\",\"$\",\"570\",\"6%\",\"(14)%\"],[\"Selling and administrative expense\",\"1,173\",\"1,156\",\"1,225\",\"1%\",\"(6)%\"],[\"Interest expense, net\",\"126\",\"97\",\"77\",\"30%\",\"26%\"],[\"Special charges\",\"4\",\"78\",\"126\",\"(95)%\",\"(38)%\"],[\"Non-service components of pension and postretirement income, net\",\"266\",\"263\",\"237\",\"1%\",\"11%\"]] [[/GREPCENT_TABLE]] Revenues Rev Item 1. Business Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative products and services around the world. References to \u201cTextron,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d in this Annual Report on Form 10-K, unless otherwise indicated, refer to Textron Inc. and its consolidated subsidiaries. Through 2025, we conducted our business through six operating segments: Textron Aviation, Bell, Textron Systems, Industrial and Textron eAviation, which represent our manufacturing businesses, and Finance, which represents our captive finance business. Our segments include numerous separately incorporated subsidiaries. Effective January 4, 2026, the beginning of our 2026 fiscal year, the business activities of the Textron eAviation segment were realigned within Textron's other operating segments resulting in the elimination of the Textron eAviation segment as a separate reporting segment. For additional information regarding this segment change, see the Textron eAviation Segment section below. We will begin to report under the new segment reporting structure with the filing of our Quarterly Report on Form 10-Q for the first quarter of 2026. Total revenues for 2025 were $14.8 billion and are presented below by segment and customer type. The following description of our business and operating segments should be read in conjunction with Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Textron Aviation Segment Textron Aviation is a leader in general aviation. Textron Aviation manufactures, sells and services Cessna and Beechcraft aircraft, and services the Hawker brand of business jets. The segment has two principal product lines: aircraft and aftermarket parts and services. Aircraft includes sales of business jets, turboprop aircraft, military trainer and defense aircraft and piston engine aircraft. Aftermarket parts a Item 1A. Risk Factors Our business, financial condition and results of operations are subject to various risks, including those discussed below, which may affect the value of our securities. The risks discussed below are those that we believe currently are the most significant to our business. Aerospace and Defense Industry Risks Demand for our aircraft products is cyclical", "title": "TXT - TEXTRON INC", "url": "/company/TXT/" }, { "kind": "company", "summary": "SIC 3829 Measuring & Controlling Devices, NEC; CIK 0000097745; latest 10-K filed 2026-02-26.", "text": "TMO - THERMO FISHER SCIENTIFIC INC. SIC 3829 Measuring & Controlling Devices, NEC; CIK 0000097745; latest 10-K filed 2026-02-26. TMO THERMO FISHER SCIENTIFIC INC. 0000097745 3829 Measuring & Controlling Devices, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Reference is made throughout this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations to Notes to the Consolidated Financial Statements, which begin on page 29 of this report. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations for 2023 is included in Item 7 of the company\u2019s 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission. The company refers to various amounts or measures not prepared in accordance with generally accepted accounting principles (non-GAAP measures). These non-GAAP measures are further described and reconciled to their most directly comparable amount or measure under the section \u201cNon-GAAP Measures\u201d later in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d Amounts and percentages reported within this Annual Report on Form 10-K are presented and calculated based on underlying unrounded amounts. As a result, the sum of components may not equal corresponding totals due to rounding. Overview Thermo Fisher Scientific Inc. enables customers to make the world healthier, cleaner and safer by helping them accelerate life sciences research, solve complex analytical challenges, increase laboratory productivity, and improve patient health through diagnostics and the development and manufacture of life-changing therapies. Markets served include pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics. The company\u2019s operations fall into four segments (Note 11): Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. 19 THERMO FISHER SCIENTIFIC INC. Consolidated Results [[GREPCENT_TABLE]] [[\"(Dollars in millions except per share amounts)\",\"\",\"2025\",\"\",\"2024\",\"\",\"Change\"],[\"Revenues\",\"\",\"$\",\"44,556\",\"\",\"\",\"$\",\"42,879\",\"\",\"\",\"4\",\"%\"],[\"GAAP operating income\",\"\",\"$\",\"7,746\",\"\",\"\",\"$\",\"7,337\",\"\",\"\",\"6\",\"%\"],[\"GAAP operating income margin\",\"\",\"17.4\",\"%\",\"\",\"17.1\",\"%\",\"\",\"0.3\",\"pt\"],[\"Adjusted operating income (non-GAAP measure)\",\"\",\"$\",\"10,109\",\"\",\"\",\"$\",\"9,707\",\"\",\"\",\"4\",\"%\"],[\"Adjusted operating income margin (non-GAAP measure)\",\"\",\"22.7\",\"%\",\"\",\"22.6\",\"%\",\"\",\"0.1\",\"pt\"],[\"GAAP diluted earnings per share (EPS) attributable to Thermo Fisher Scientific Inc.\",\"\",\"$\",\"17.74\",\"\",\"\",\"$\",\"16.53\",\"\",\"\",\"7\",\"%\"],[\"Adjusted earnings per share (non-GAAP measure)\",\"\",\"$\",\"22.87\",\"\",\"\",\"$\",\"21.86\",\"\",\"\",\"5\",\"%\"]] [[/GREPCENT_TABLE]] Organic Revenue Growth [[GREPCENT_TABLE]] [[\"Revenue growth\",\"\",\"4\",\"%\"],[\"Impact of acquisitions\",\"\",\"1\",\"%\"],[\"Impact of currency translation\",\"\",\"1\",\"%\"],[\"Organic revenue growth (non-GAAP measure)\",\"\",\"2\",\"%\"]] [[/GREPCENT_TABLE]] During 2025, revenues grew in the pharma and biotech market due to increased demand from customers, partially offset by reduced demand for COVID-19 vaccine and therapy related products and services. Revenues in the academic and government market declined, driven by customer hesitancy in a more uncertain environment in the U.S. and macro conditions in China. Revenue to customers in the industrial and applied market grew. Revenues to customers in the diagnostics and healthcare market were flat. During 2025, sales grew in North America, Europe and Asia-Pacific, but declined in China. Contributions to organic revenue during 2025 were led by the Laboratory Products and Biopharma Services and Life Sciences Solutions segments. The company continues to execute its proven growth strategy which consists of three pillars: \u2022High-impact innovation; \u2022Our trusted partner status with customers; and \u2022Our unparalleled commercial engine. GAAP operating income margin and adjusted operating income margin increased in 2025 due primarily to very strong productivity improvements, partially offset by unfavorable business mix and strat Item 1. Business Description of Business Thermo Fisher Scientific Inc. (also referred to in this document as \u201cThermo Fisher,\u201d \u201cwe,\u201d the \u201ccompany,\u201d or the \u201cregistrant\u201d) is the world leader in serving science. Our Mission is to enable our customers to make the world healthier, cleaner and safer. We serve customers working in pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as environmental, industrial, research and development, quality and process control settings. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. We continuously increase our depth of capabilities across our broad portfolio of innovative products and services and leverage our extensive global channels to address our customers\u2019 needs. We do this through organic investments in research and development, capacity and capabilities and through acquisitions. Our goal is to enable our customers to be more productive in an increasingly competitive business environment, enable them to accelerate innovation, solve their challenges and advance their important work. Business Segments and Products We report our business in four segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. Life Sciences Solutions Segment Through our Life Sciences Solutions segment, we provide an extensive portfolio of reagents, instruments and consumables used in biological and medical research, discovery and production of new drugs and vaccines as well as diagnosis of disease. These products and services are used by customers in pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets. Li Item 1A. Risk Factors Set forth below are the risks, some of which have occurred and any of which may occur in the future, that we believe are material to our investors. This section contains forward-looking statements. You should refer to the explanation of the qualifications and limitations on forward-looking", "title": "TMO - THERMO FISHER SCIENTIFIC INC.", "url": "/company/TMO/" }, { "kind": "company", "summary": "SIC 5651 Retail-Family Clothing Stores; CIK 0000109198; latest 10-K filed 2026-03-31.", "text": "TJX - TJX COMPANIES INC /DE/ SIC 5651 Retail-Family Clothing Stores; CIK 0000109198; latest 10-K filed 2026-03-31. TJX TJX COMPANIES INC /DE/ 0000109198 5651 Retail-Family Clothing Stores ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations TJX provides projections and other forward-looking statements in the following discussions particularly relating to our future financial performance. These forward-looking statements are estimates based on information currently available to us and subject to the cautionary statements set forth on page 3 of this Form 10-K. Our results are subject to risks, uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from those expressed or implied by any such forward-looking statements. Applicable risks and uncertainties include, among others, those described in Part I, Item 1A, Risk Factors, as well as other information we file with the SEC. TJX undertakes no obligation to update or revise any forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in such statements will not be realized. The discussion that follows relates to our 52-week fiscal year ended January 31, 2026 (fiscal 2026) and our 52-week fiscal year ended February 1, 2025 (fiscal 2025) and our 52-week fiscal year ended January 30, 2027 (fiscal 2027). The following is a discussion of our consolidated operating results, followed by a discussion of our segment operating results. Discussions of fiscal 2024 items and year-to-year comparisons between fiscal 2025 and fiscal 2024 that are not included in this Form 10-K can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our annual report on Form 10-K for the fiscal year ended February 1, 2025. OVERVIEW We are the leading off-price apparel and home fashions retailer in the U.S. and worldwide. Our mission is to deliver great value to our customers every day. We do this by selling a rapidly changing assortment of apparel, home fashions and other merchandise at prices generally 20% to 60% below full-price retailers\u2019 (including department, specialty, and major online retailers) regular prices on comparable merchandise, every day through our stores and six e-commerce sites. We operate over 5,200 stores through our four segments: in the U.S., Marmaxx (which operates TJ Maxx, Marshalls, tjmaxx.com and marshalls.com) and HomeGoods (which operates HomeGoods and Homesense); TJX Canada (which operates Winners, HomeSense and Marshalls in Canada); and TJX International (which operates TK Maxx, Homesense, tkmaxx.com, tkmaxx.de, and tkmaxx.at in Europe, and TK Maxx in Australia). In addition to our four segments, Sierra operates retail stores and sierra.com in the U.S. The results of Sierra are included in the Marmaxx segment. RESULTS OF OPERATIONS Highlights of our financial performance for fiscal 2026 include the following: \u2013Net sales increased 7% to $60.4 billion for fiscal 2026 versus $56.4 billion for fiscal 2025. As of January 31, 2026, both the number of stores in operation and the selling square footage increased approximately 3% compared to the end of fiscal 2025. \u2013Consolidated comp sales increased 5% in fiscal 2026. See Net Sales below for the definition of comp sales. \u2013Diluted earnings per share were $4.87 for fiscal 2026, compared to $4.26 for fiscal 2025. \u2013Pre-tax profit margin (the ratio of pre-tax income to net sales) for fiscal 2026 was 12.1%. This was a 0.6 percentage point increase compared to 11.5% for fiscal 2025. \u2013Our cost of sales, including buying and occupancy costs, ratio for fiscal 2026 was 69.0%, a 0.4 percentage point decrease compared to 69.4% for fiscal 2025. \u2013Our selling, general and administrative (\u201cSG&A\u201d) expense ratio for fiscal 2026 was 19.1%, a 0.3 percentage point decrease compared to 19.4% for fiscal 2025. \u2013Our consolidated average per store inventories, including inventory on hand at our distribution centers (which excludes inventory in transit) and excluding our e-commerce sites, were up 10% at the end o ITEM 1. Business BUSINESS OVERVIEW The TJX Companies, Inc. (together with its subsidiaries, \u201cTJX,\u201d the \u201cCompany,\u201d \u201cwe,\u201d or \u201cour\u201d) is the leading off-price apparel and home fashions retailer in the United States and worldwide. We have over 5,200 stores and six branded e-commerce sites that offer a rapidly changing assortment of quality, fashionable, brand name and designer merchandise at prices generally 20% to 60% below full-price retailers\u2019 (including department, specialty, and major online retailers) regular prices on comparable merchandise, every day. Our mission is to deliver great value to our customers every day. In our stores and online, we offer consumers our value proposition of brand, fashion, price and quality. Our opportunistic buying strategies and flexible business model differentiate us from traditional retailers. We offer a treasure hunt shopping experience and a rapid turn of inventories relative to traditional retailers. Our goal is to create a sense of excitement and urgency for our customers and encourage frequent customer visits. We acquire merchandise in a variety of ways to support that goal. We reach a broad range of customers across income levels with our value proposition on a wide range of items. Our strategies and operations are synergistic across our retail chains. As a result, we are able to leverage our expertise throughout our business, sharing information, best practices, initiatives and new ideas, and to develop talent across our company. Further, we can leverage the substantial buying power of our businesses with our global vendor relationships. In this report, fiscal 2026 means the 52-week fiscal year ended January 31, 2026; fiscal 2025 means the 52-week fiscal year ended February 1, 2025 and fiscal 2024 means the 53-week fiscal year ended February 3, 2024. Fiscal 2027 means the 52-week fiscal year ending January 30, 2027. Unless otherwise indicated, all store information in this Item 1 is as of January 31, 2026, and reference ITEM 1A. Risk Factors The statements in this section describe the major risks to our business and should be considered carefully, in connection with all the other information set forth in this annual report on Form 10-K. The risks listed below are those that we think, individually or in the aggregate, are potentially material ", "title": "TJX - TJX COMPANIES INC /DE/", "url": "/company/TJX/" }, { "kind": "company", "summary": "SIC 7900 Services-Amusement & Recreation Services; CIK 0001973266; latest 10-K filed 2026-02-25.", "text": "TKO - TKO Group Holdings, Inc. SIC 7900 Services-Amusement & Recreation Services; CIK 0001973266; latest 10-K filed 2026-02-25. TKO TKO Group Holdings, Inc. 0001973266 7900 Services-Amusement & Recreation Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the information set forth in our audited consolidated financial statements and related notes included elsewhere in this Annual Report. On February 28, 2025, TKO OpCo, a Delaware limited liability company, and TKO, a Delaware corporation (together with TKO OpCo, the \u201cTKO Parties\u201d), completed the Endeavor Asset Acquisition, acquiring the IMG business, including certain businesses operating under the IMG brand, On Location, and Professional Bull Riders (\u201cPBR\u201d) (collectively, the \"Acquired Businesses\"), pursuant to a transaction agreement, dated as of October 23, 2024 (as amended, the \u201cEndeavor Asset Acquisition Agreement\u201d), by and among the TKO Parties, Endeavor OpCo, IMG Worldwide, LLC, a Delaware limited liability company (\u201cIMG Worldwide\u201d and, together with Endeavor OpCo, the \u201cEGH Parties\u201d), and Trans World International, LLC, a Delaware limited liability company and subsidiary of EGH (\u201cTWI\u201d). The historical financial data discussed below reflects our historical results of operations and financial position inclusive of the historical results of operations and financial position of the Acquired Businesses which were acquired in a common control acquisition on February 28, 2025; refer to our Form 8-Ks filed on February 28, 2025 and May 8, 2025 for further details. The historical financial data included in the discussion below reflects our historical results of operations and financial position and relates to periods prior to the closing of the TKO Transactions. This discussion contains forward-looking statements based upon management\u2019s current plans, expectations and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various known and unknown factors, including those set forth under Part I, Item 1A. \u201cRisk Factors\u201d and in other sections of this Annual Report. The following is a discussion and analysis of, and a comparison between, our results of operations for the years ended December 31, 2025 and 2024. A discussion and analysis of, and a comparison between, our results of operations for the years ended December 31, 2024 and 2023 is set forth in Exhibit 99.1, titled, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d filed with our Current Report on Form 8-K for the year ended December 31, 2024, filed with the SEC on May 8, 2025. Overview TKO is a premium sports and entertainment company which operates leading combat sports and sports entertainment companies. The Company monetizes its brands through four principal activities: (i) Media rights, production and content, (ii) Live events and hospitality, (iii) Partnerships and marketing, and (iv) Consumer products licensing. TKO was formed through the combination of Zuffa Parent, LLC (n/k/a TKO Operating Company, LLC) which owns and operates the Ultimate Fighting Championship (\u201cUFC\u201d), a preeminent combat sports brand, and World Wrestling Entertainment, Inc. (n/k/a World Wrestling Entertainment, LLC) (\u201cWWE\u201d), a renowned sports entertainment business (the \"TKO Transactions\"). The TKO Transactions unite two complementary sports and sports entertainment properties in a single company. For additional information regarding the terms of the TKO Transactions, see Note 4, Acquisition of WWE, to our audited consolidated financial statements included in this Annual Report. Endeavor Asset Acquisition In connection with the Endeavor Asset Acquisition Agreement, the TKO Parties acquired the Acquired Businesses for total consideration of approximately $3.25 billion plus a $50 million purchase price adjustment (based on the volume-weighted average sales price of TKO Class A common stock for the twenty five trading days end Item 1. Business TKO is a premium sports and entertainment company. TKO's businesses include UFC, the world\u2019s premier mixed martial arts (\u201cMMA\u201d) organization; WWE, the global leader in sports entertainment; Professional Bull Riders (\u201cPBR\u201d), the world\u2019s premier bull riding organization; and its joint venture Zuffa Boxing, a professional boxing promotion. Together, these properties reach more than 1 billion households across 210 countries and territories and organize more than 500 live events year-round, attracting more than three million fans. TKO also services and partners with major sports rights holders through IMG, an industry-leading global sports marketing agency; and On Location, a global leader in premium experiential hospitality. TKO was initially established through the combination of UFC and WWE in September 2023. The combination of these two businesses united two complementary sports and sports entertainment properties in a single company. We significantly expanded our portfolio on February 28, 2025, when we completed the Endeavor Asset Acquisition, pursuant to which we acquired the IMG business, including certain businesses operating under the IMG brand, On Location, and PBR (collectively, the \u201cAcquired Businesses\u201d) from EGH and its subsidiaries. The transaction was valued at approximately $3.25 billion plus a $50 million purchase price adjustment (based on the volume-weighted average sales price of TKO\u2019s Class A common stock for the twenty-five trading days ending on October 23, 2024), and was satisfied through the issuance of 26.54 million common units of TKO OpCo and an equivalent number of corresponding shares of TKO Class B common stock to the EGH Parties. This acquisition expanded TKO's operational capabilities across the sports landscape. We combine premier intellectual property ownership (UFC, WWE, PBR) with extensive capabilities in media rights distribution (IMG) and premium hospitality experiences (On Location), allowing us to maximize value Item 1A. Risk Factors Investing in our Class A common stock involves substantial risks. You should carefully consider the following factors, together with all of the other information included in this Annual Report, including under the heading \u201cManagement\u2019s Discussion and Analysis of Financial C", "title": "TKO - TKO Group Holdings, Inc.", "url": "/company/TKO/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001671933; latest 10-K filed 2026-02-27.", "text": "TTD - Trade Desk, Inc. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001671933; latest 10-K filed 2026-02-27. TTD Trade Desk, Inc. 0001671933 7370 Services-Computer Programming, Data Processing, Etc. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and the related notes to those statements included in \u201cItem 8. Financial Statements and Supplementary Data\u201d to this Annual Report on Form 10-K. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, beliefs and expectations and involve risks and uncertainties. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the section titled \u201cItem 1A. Risk Factors\u201d and the \u201cSpecial Note About Forward-Looking Statements.\u201d Overview We are a global leader in advertising technology. We empower ad buyers to create, manage and optimize digital advertising campaigns across ad formats, channels and devices. Our platform\u2019s depth, AI capabilities and rich ecosystem of inventory, publisher and data partner integrations enable superior reach and decisioning for clients. In addition to the primary capabilities provided by our self-service platform, our enterprise APIs equip our clients with the ability to customize and expand platform functionality. Since our founding in 2009, we have been committed to building a more transparent and objective advertising ecosystem and enabling more expressive and data-driven campaigns through pioneering technology innovations. Our clients are advertising agencies, advertisers and other service providers for agencies or advertisers, with whom we enter into ongoing MSAs. We generate revenue by charging our clients a platform fee generally based on a percentage of our clients\u2019 total spend on our platform and from providing value-added services and data to support their advertising campaigns. 44 Table of Contents Executive Summary Highlights [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\",\"\",\"Change\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"$\",\"\",\"%\"],[\"\",\"(in thousands, except percentages)\"],[\"Revenue\",\"$\",\"2,896,284\",\"\",\"\",\"$\",\"2,444,831\",\"\",\"\",\"$\",\"451,453\",\"\",\"\",\"18\",\"%\"],[\"Net income\",\"$\",\"443,304\",\"\",\"\",\"$\",\"393,076\",\"\",\"\",\"$\",\"50,228\",\"\",\"\",\"13\",\"%\"],[\"Net cash provided by operating activities\",\"$\",\"992,721\",\"\",\"\",\"$\",\"739,456\",\"\",\"\",\"$\",\"253,265\",\"\",\"\",\"34\",\"%\"],[\"Gross spend (1)\",\"$\",\"13,394,683\",\"\",\"\",\"$\",\"12,040,872\",\"\",\"\",\"$\",\"1,353,811\",\"\",\"\",\"11\",\"%\"],[\"Adjusted EBITDA (2)\",\"$\",\"1,196,449\",\"\",\"\",\"$\",\"1,010,649\",\"\",\"\",\"$\",\"185,800\",\"\",\"\",\"18\",\"%\"]] [[/GREPCENT_TABLE]] ________ [[GREPCENT_TABLE]] [[\"(1)\",\"For internal management purposes, we utilize gross spend as a metric to assess our market share and scale, plan for optimal levels of support for our clients and measure our growth from existing clients. Gross spend measures the amount of a client\\u2019s spend on our platform for advertising inventory, value-added services and data; plus the platform fee, which is generally based on a percentage of a client\\u2019s total spend on our platform. Other companies, including companies in our industry, may calculate gross spend or similarly titled measures differently, which reduces its usefulness as a comparative measure. For further information, refer to \\u201c\\u2014Components of Our Results of Operations\\u201d below.\"],[\"(2)\",\"To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (\\u201cGAAP\\u201d), we present Adjusted EBITDA, which is a Non-GAAP financial measure. Additional information can be found in \\u201c\\u2014 Non-GAAP Financial Measures\\u201d below, including reconciliations of Adjusted EBITDA to the corresponding GAAP measure of net income.\"]] [[/GREPCENT_TABLE]] Trends, Opportunities and Challenges Since our founding, we have focused on developing Item 1. Business Overview We are a global leader in advertising technology. We empower ad buyers to create, manage and optimize digital advertising campaigns across ad formats, channels and devices. Our platform\u2019s depth, artificial intelligence (\u201cAI\u201d) capabilities and rich ecosystem of inventory, publisher and data partner integrations enable superior reach and decisioning for clients. In addition to the primary capabilities provided by our self-service platform, our enterprise application programming interfaces (\u201cAPIs\u201d) equip our clients with the ability to customize and expand platform functionality. Our clients are advertising agencies, advertisers and other service providers for agencies or advertisers, with whom we enter into ongoing master services agreements (\u201cMSAs\u201d). We generate revenue by charging our clients a platform fee generally based on a percentage of our clients\u2019 total platform spend and from providing value-added services and data to support their advertising campaigns. Our Industry Digital advertising is reported to represent the largest and fastest-growing segment of the global advertising industry, with estimated annual spend of over $700 billion and representing more than 70% of the total market spend. The digital advertising ecosystem is divided into buyers, sellers and marketplaces. We believe that participants on the buy side or sell side should be advocates for their buyers or sellers, while those in the marketplace business should act as a referee or have market-driven incentives to protect or enhance the integrity of the marketplace. We believe that the convergence of several trends in the advertising industry are driving the rise of programmatic advertising and will result in it becoming the predominant method for advertisers to reach consumers: Rapid Growth of CTV. We are witnessing a generational shift from linear television to connected television (\u201cCTV\u201d) as Internet and television programming converge. New technologies support Item 1A. Risk Factors Investing in our Class A common stock involves a high degree of risk. You should consider carefully the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K, including the consolidated financial state", "title": "TTD - Trade Desk, Inc.", "url": "/company/TTD/" }, { "kind": "company", "summary": "SIC 5200 Retail-Building Materials, Hardware, Garden Supply; CIK 0000916365; latest 10-K filed 2026-02-19.", "text": "TSCO - TRACTOR SUPPLY CO /DE/ SIC 5200 Retail-Building Materials, Hardware, Garden Supply; CIK 0000916365; latest 10-K filed 2026-02-19. TSCO TRACTOR SUPPLY CO /DE/ 0000916365 5200 Retail-Building Materials, Hardware, Garden Supply Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis is intended to provide the reader with information that will assist in understanding the significant factors affecting our consolidated operating results, financial condition, liquidity, and capital resources during the two-year period ended December 27, 2025 (our fiscal years 2025 and 2024). For a comparison of our results of operations for fiscal year December 28, 2024 and December 30, 2023, see \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the fiscal year ended December 28, 2024, filed with the SEC on February 20, 2025. This discussion should be read in conjunction with our Consolidated Financial Statements and Notes to the Consolidated Financial Statements included elsewhere in this report. This discussion contains forward-looking statements and information. See \u201cForward-Looking Statements and Information\u201d and \u201cRisk Factors\u201d included elsewhere in this report. Tractor Supply reports its financial results in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d). Tractor Supply also uses certain non-GAAP measures that fall within the meaning of Securities and Exchange Commission Regulation G and Regulation S-K Item 10(e), which may provide users of the financial information with additional meaningful comparison to prior reported results. Non-GAAP measures do not have standardized definitions and are not defined by U.S. GAAP. Therefore, Tractor Supply\u2019s non-GAAP measures are unlikely to be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures should not be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with U.S. GAAP. We believe this information is useful in providing period-to-period comparisons of the results of our continuing operations. Overview Founded in 1938, Tractor Supply Company (the \u201cCompany\u201d or \u201cTractor Supply\u201d or \u201cwe\u201d or \u201cour\u201d or \u201cus\u201d) is the largest rural lifestyle retailer in the United States (\u201cU.S.\u201d). The Company is focused on supplying the needs of recreational farmers, ranchers, and all those who enjoy living the rural lifestyle (which we refer to as the \u201cOut Here\u201d lifestyle). As of December 27, 2025, we operated 2,602 retail stores in 49 states under the names Tractor Supply Company and Petsense by Tractor Supply. Our stores are located primarily in towns outlying major metropolitan markets and in rural communities. We also operate websites under the names TractorSupply.com, Petsense.com, and Allivet.com as well as a Tractor Supply Company mobile application. Through our stores and e-commerce channels, we offer the following comprehensive selection of merchandise: \u2022Livestock, Equine & Agriculture: livestock and equine feed & equipment, poultry, fencing, and sprayers & chemicals; \u2022Companion Animal: food, treats and equipment for dogs, cats, and other small animals as well as dog wellness; \u2022Seasonal & Recreation: tractor & rider, lawn & garden, bird feeding, power equipment, and other recreational products; \u2022Truck, Tool, & Hardware: truck accessories, trailers, generators, lubricants, batteries, and hardware and tools; and \u2022Clothing, Gift, & D\u00e9cor: clothing, footwear, toys, snacks, and decorative merchandise. Tractor Supply Company believes we can grow our business by being a more integral part of our customers\u2019 lives as the dependable supplier of \u201cOut Here\u201d lifestyle solutions, creating customer loyalty through personalized experiences, and providing convenience that our customers expect anytime, anywhere, and in any way they choose. Our long-term growth strategy is to: (1) expand and deepen our customer base by providing personal, localized, and memorable customer engagements by leveraging content, so Item 1. Business Overview Tractor Supply Company (the \u201cCompany\u201d or \u201cTractor Supply\u201d or \u201cwe\u201d or \u201cour\u201d or \u201cus\u201d) is the largest rural lifestyle retailer in the United States (\u201cU.S.\u201d). The Company is focused on supplying the needs of recreational farmers, ranchers, and all those who enjoy living the rural lifestyle (which we refer to as the \u201cOut Here\u201d lifestyle). We operate retail stores under the names Tractor Supply Company and Petsense by Tractor Supply. Our stores are located primarily in towns outlying major metropolitan markets and in rural communities. We also offer an expanded assortment of products through the Tractor Supply mobile application and online at TractorSupply.com, Petsense.com, and Allivet.com. On December 30, 2024, the Company completed its acquisition of Allivet, an online pet pharmacy. Pursuant to the agreement governing the transaction, the Company acquired 100% of the equity interest in Allivet for a purchase price of $135.0 million. The acquisition was financed with cash on hand from the balance sheet. The Company has one reportable industry segment which is the retail sale of products that support the rural lifestyle. At December 27, 2025, we operated 2,602 retail stores in 49 states (2,395 Tractor Supply retail stores and 207 Petsense by Tractor Supply retail stores). Our Tractor Supply stores typically range in size from 15,000 to 20,000 square feet of inside selling space, along with additional outside selling space (\u201cSide Lot\u201d or \u201cGarden Centers\u201d), and our Petsense by Tractor Supply stores have approximately 5,500 square feet of inside selling space. Our online selling websites and our mobile application offer an extended assortment of products beyond those offered in-store and drive traffic into our stores through our buy online and pickup in-store and ship to store programs. Our retail store locations and digital capabilities provide the convenience to allow our customers to engage with us anytime, anywhere, and in any way t Item 1A. Risk Factors Our business faces many risks. Certain risks of which we are currently aware and deem to be material are described below. If any of the events or circumstances described in the following risk factors occur, our business, financial condition or results of operations may", "title": "TSCO - TRACTOR SUPPLY CO /DE/", "url": "/company/TSCO/" }, { "kind": "company", "summary": "SIC 3822 Auto Controls For Regulating Residential & Comml Environments; CIK 0001466258; latest 10-K filed 2026-02-05.", "text": "TT - Trane Technologies plc SIC 3822 Auto Controls For Regulating Residential & Comml Environments; CIK 0001466258; latest 10-K filed 2026-02-05. TT Trane Technologies plc 0001466258 3822 Auto Controls For Regulating Residential & Comml Environments Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause a difference include, but are not limited to, those discussed under Item 1A. Risk Factors in this Annual Report on Form 10-K. The following section is qualified in its entirety by the more detailed information, including our financial statements and the notes thereto, which appears elsewhere in this Annual Report. This section discusses 2025 and 2024 significant items affecting our consolidated operating results, financial condition and liquidity and provides a year-to-year comparison between 2025 and 2024. Discussions of 2023 significant items and year-to-year comparisons between 2024 and 2023 have been excluded in this Form 10-K and can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of our Annual Report on Form 10-K for year ended December 31, 2024. Overview Organizational Trane Technologies plc is a global climate innovator. We bring sustainable and efficient solutions to buildings, homes and transportation through our strategic brands, Trane\u00ae and Thermo King\u00ae, and our environmentally responsible portfolio of products, services and connected intelligent controls. 2030 Sustainability Commitments Our commitment to sustainability extends to the environmental and social impacts of our people, operations, products and services. We have announced ambitious 2030 Sustainability Commitments, including our Gigaton Challenge to reduce customers' carbon emissions by a billion metric tons through sustainable products and services. We are also Leading by Example as we work toward carbon-neutral operations, zero waste-to-landfill and net positive water use in water-stressed locations. We also committed to reducing embodied carbon in our products by 40%, while also designing products for circularity. Our 2030 emissions reduction targets have been validated by the Science Based Targets Initiative (SBTi), and we are one of very few companies worldwide with validated 2050 net-zero targets. Finally, our Opportunity for All commitment focuses on investing in our people and our uplifting and inclusive culture, and broadening access to STEM education and careers in our communities. Recent Acquisitions On January 2, 2025, we completed the acquisition of BrainBox AI Inc., a building management platform for HVAC optimization, using advanced AI technologies. The results of the acquisition are reported within the Americas segment and are included in our consolidated financial statements from the date of the acquisition. In the first half of 2025, we also acquired multiple distributors with sales and service businesses in Europe that are reported in the EMEA segment from the dates of acquisition. Subsequent to the balance sheet date of December 31, 2025, the Company completed multiple acquisitions. The Company acquired two Transport refrigeration distributors with sales and service businesses that will be reported in the Americas and EMEA segments from their respective dates of acquisition. The Company also acquired a 49% interest in Kieback&Peter, a provider of building automation hardware, software and solutions across the building lifecycle and energy management. The Company's minority interest will be reported as an equity method investment within the EMEA segment. Significant Matters Reorganization of Aldrich and Murray On June 18, 2020 (Petition Date), our indirect wholly-owned subsidiaries, Aldrich and Murray each filed a voluntary petition for reorganization under the Bankruptcy Code. As a result of the Chapter 11 filings, all asbestos-related lawsuits against Aldrich and Item 1. BUSINESS Overview Trane Technologies plc, a public limited company, incorporated in Ireland in 2009, and its consolidated subsidiaries (collectively we, us, our, the Company) is a global climate innovator. We bring sustainable and efficient solutions to buildings, homes and transportation through our strategic brands, Trane\u00ae and Thermo King\u00ae, and our environmentally responsible portfolio of products, services and connected intelligent controls. We generate revenue and cash primarily through the design, manufacture, sales and service of solutions for Heating, Ventilation and Air Conditioning (HVAC), transport refrigeration, and custom refrigeration solutions. As an industry leader with an extensive global install base, our growth strategy includes expanding recurring revenue through services and rental options. Our unique business operating system, uplifting culture and highly engaged team around the world are also central to our earnings and cash flow growth. Through our sustainability-focused strategy and purpose to boldly challenge what's possible for a sustainable world, we meet critical needs and growing global demand for innovation that reduces greenhouse gas emissions while enabling more efficient buildings and industry, and reliable delivery of essential temperature-controlled cargo. We have announced certain defined sustainability commitments with a goal of achieving these commitments by 2030 (2030 Sustainability Commitments). Trane Technologies' 2030 Sustainability Commitments include our 'Gigaton Challenge' to reduce customer greenhouse gas emissions by a billion metric tons; 'Leading by Example' through reducing embodied carbon by 40%, and designing products for circularity; and creating 'Opportunity for All' by investing in our people and our communities. Reportable Segments We operate under three reportable segments. \u2022Our Americas segment innovates for customers in North America and Latin America. The Americas segment encompasses comm Item 1A. RISK FACTORS Our business, financial condition, results of operations, and cash flows are subject to a number of risks that could cause the actual results and conditions to differ materially from those projected in forward-looking statements contained in this Annu", "title": "TT - Trane Technologies plc", "url": "/company/TT/" }, { "kind": "company", "summary": "SIC 3728 Aircraft Parts & Auxiliary Equipment, NEC; CIK 0001260221; latest 10-K filed 2025-11-12.", "text": "TDG - TransDigm Group INC SIC 3728 Aircraft Parts & Auxiliary Equipment, NEC; CIK 0001260221; latest 10-K filed 2025-11-12. TDG TransDigm Group INC 0001260221 3728 Aircraft Parts & Auxiliary Equipment, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read together with TD Group\u2019s consolidated financial statements and the related notes included elsewhere in this report. The following discussion may contain predictions, estimates and other forward-looking statements that involve a number of risks and uncertainties, including those discussed under the heading entitled \u201cRisk Factors\u201d included elsewhere in this report. These risks could cause our actual results to differ materially from any future performance suggested below. Overview We believe we are a leading global designer, producer and supplier of highly engineered proprietary aerospace components with significant aftermarket content. We seek to develop highly customized products to solve specific needs for aircraft operators and manufacturers. We attempt to differentiate ourselves based on engineering, service and manufacturing capabilities. We believe that our products have strong brand names within the industry and that we have a reputation for high quality, reliability and strong customer support. We believe we have achieved steady, long-term growth in sales and improvements in operating performance we believe that due to our competitive strengths and through execution of our value-driven operating strategy. More specifically, focusing our businesses on our value-driven operating strategy of obtaining profitable new business, carefully controlling the cost structure via productivity and cost improvements and pricing our highly engineered value-added products to fairly reflect the value we provide and the resources required to do so has historically resulted in improvements in gross profit and income from operations over the long-term. Our selective acquisition strategy has also been an important contribution to the growth of our business. We maintain a selective acquisition strategy, concentrating on proprietary commercial aerospace component businesses with significant aftermarket content where we see a clear path to value creation through the application of our three core value drivers. The integration of acquisitions into our existing businesses combined with implementing our proven operating strategy has historically resulted in improvements in the financial performance of the acquired businesses. For fiscal year 2025, we generated net sales of $8,831 million, gross profit of $5,311 million or 60.1% of net sales, and net income attributable to TD Group of $2,074 million. In fiscal 2025, demand for air travel remained strong both domestically and internationally. Commercial aftermarket sales increased in fiscal 2025 compared to fiscal 2024 primarily due to the overall demand for air travel resulting in higher flight hours and utilization of passenger and freight aircraft as global air traffic continues to surpass pre-pandemic levels. In recent months, international air traffic growth has been outpacing domestic growth. Passenger load factors remain strong and have reached record levels in recent months in certain markets. Our commercial transport OEM shipments and revenues generally run ahead of aircraft delivery schedules. Consistent with prior years, our fiscal 2025 shipments were a function of, among other things, the estimated 2025 and 2026 commercial aircraft production rates for Boeing and Airbus. Airline demand for new aircraft remains high and the OEMs are working to increase aircraft production. However, aircraft production rates remain well below pre-pandemic levels as the struggles in the OEM supply chain and labor challenges persist, along with geopolitical challenges, though progress continues to be made in the build rates. Airbus has also encountered difficulties in ramping up production. For fiscal 2025, the impact across TransDigm's operating units was uneven and varied, resulting in consolidated commercial OEM ITEM 1. BUSINESS The Company TD Group, through its wholly-owned subsidiary, TransDigm Inc., is a leading global designer, producer and supplier of highly engineered aircraft components that are critical to the safe and effective operation of nearly all commercial and military aircraft worldwide. Our products are represented in nearly every commercial and military aircraft in service today. Our business is well diversified due to the broad range of products we offer to our customers. We estimate that approximately 90% of our net sales for fiscal year 2025 were generated by proprietary products. Most of our products generate significant aftermarket revenue. Once our parts are designed into and sold on a new aircraft, we generate net sales from aftermarket consumption over the life of that aircraft, which is generally estimated to be approximately 25 to 30 years. A typical platform can be produced for 20 to 30 years, giving us an estimated product life cycle in excess of 50 years. We estimate that approximately 55% of our net sales in fiscal year 2025 were generated from the aftermarket, the vast majority of which come from the commercial and military aftermarkets. Historically, these aftermarket revenues have produced a higher gross profit and have been more stable than net sales to original equipment manufacturers (\u201cOEMs\u201d). 1 Table of Contents Our business strategy is made up of two key strengths: (1) successful execution of our value-driven operating strategy focused around our three core value drivers and (2) a selective acquisition strategy. Value-Driven Operating Strategy. Our three core value drivers are: \u2022Obtaining Profitable New Business. We attempt to obtain profitable new business by using our technical expertise and application skill and our detailed knowledge of our customer base and the individual niche markets in which we operate. We have regularly been successful in identifying and developing both aftermarket and OEM products to drive our gro ITEM 1A. RISK FACTORS Below are material risks and uncertainties that could negatively affect our business and financial condition and could cause our actual results to differ materially from those expressed in forward-looking statements contained in this report. Additional risks and uncertainties not presently ", "title": "TDG - TransDigm Group INC", "url": "/company/TDG/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000086312; latest 10-K filed 2026-02-12.", "text": "TRV - TRAVELERS COMPANIES, INC. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000086312; latest 10-K filed 2026-02-12. TRV TRAVELERS COMPANIES, INC. 0000086312 6331 Fire, Marine & Casualty Insurance Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion and analysis of the Company\u2019s financial condition and results of operations for the years ended December 31, 2025 and 2024, including year-to-year comparisons between 2025 and 2024. Year-to-year comparisons between 2024 and 2023 have been omitted from this Form 10-K, but may be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. On May 27, 2025, the Company entered into an agreement to sell its Canadian personal insurance business and the majority of its Canadian commercial insurance business to Definity Financial Corporation for approximately US$2.4 billion. The assets and liabilities of the Canadian personal insurance business and the majority of its Canadian commercial insurance business have been classified as held for sale in the consolidated balance sheet as of December 31, 2025. The Company retained its surety business in Canada. The sale closed on January 2, 2026. See note 1 of the notes to the consolidated financial statements. FINANCIAL HIGHLIGHTS 2025 Consolidated Results of Operations \u2022Net income of $6.29 billion, or $27.83 per share basic and $27.43 per share diluted \u2022Net earned premiums of $43.91 billion \u2022Catastrophe losses of $3.69 billion ($2.92 billion after-tax) \u2022Net favorable prior year reserve development of $1.04 billion ($815 million after-tax) \u2022Combined ratio of 89.9% \u2022Net investment income of $3.96 billion ($3.25 billion after-tax) \u2022Net realized investment losses of $48 million ($37 million after-tax) \u2022Operating cash flows of $10.61 billion 2025 Consolidated Financial Condition \u2022Total investments of $101.18 billion; fixed maturities and short-term securities comprised 94% of total investments \u2022Total assets of $143.71 billion \u2022Total debt of $9.27 billion, resulting in a debt-to-total capital ratio of 22.0% (21.2% excluding net unrealized investment losses, net of tax, included in shareholders\u2019 equity) \u2022Total capital returned to shareholders of $4.18 billion, comprising $3.20 billion of share repurchases and $987 million of dividends \u2022Shareholders\u2019 equity of $32.89 billion \u2022Net unrealized investment losses of $1.86 billion ($1.48 billion after-tax) \u2022Book value per common share of $151.21 \u2022Holding company liquidity of $2.41 billion 60 CONSOLIDATED OVERVIEW Consolidated Results of Operations [[GREPCENT_TABLE]] [[\"(for the year ended December 31, in millions except ratio and per share amounts)\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Revenues\"],[\"Premiums\",\"\",\"$\",\"43,914\",\"\",\"\",\"$\",\"41,941\",\"\",\"\",\"$\",\"37,761\"],[\"Net investment income\",\"\",\"3,959\",\"\",\"\",\"3,590\",\"\",\"\",\"2,922\"],[\"Fee income\",\"\",\"495\",\"\",\"\",\"473\",\"\",\"\",\"433\"],[\"Net realized investment losses\",\"\",\"(48)\",\"\",\"\",\"(30)\",\"\",\"\",\"(105)\"],[\"Other revenues\",\"\",\"508\",\"\",\"\",\"449\",\"\",\"\",\"353\"],[\"Total revenues\",\"\",\"48,828\",\"\",\"\",\"46,423\",\"\",\"\",\"41,364\"],[\"Claims and expenses\"],[\"Claims and claim adjustment expenses\",\"\",\"27,221\",\"\",\"\",\"27,059\",\"\",\"\",\"26,215\"],[\"Amortization of deferred acquisition costs\",\"\",\"7,266\",\"\",\"\",\"6,973\",\"\",\"\",\"6,226\"],[\"General and administrative expenses\",\"\",\"6,120\",\"\",\"\",\"5,819\",\"\",\"\",\"5,176\"],[\"Interest expense\",\"\",\"425\",\"\",\"\",\"392\",\"\",\"\",\"376\"],[\"Total claims and expenses\",\"\",\"41,032\",\"\",\"\",\"40,243\",\"\",\"\",\"37,993\"],[\"Income before income taxes\",\"\",\"7,796\",\"\",\"\",\"6,180\",\"\",\"\",\"3,371\"],[\"Income tax expense\",\"\",\"1,508\",\"\",\"\",\"1,181\",\"\",\"\",\"380\"],[\"Net income\",\"\",\"$\",\"6,288\",\"\",\"\",\"$\",\"4,999\",\"\",\"\",\"$\",\"2,991\"],[\"Net income per share\"],[\"Basic\",\"\",\"$\",\"27.83\",\"\",\"\",\"$\",\"21.76\",\"\",\"\",\"$\",\"12.93\"],[\"Diluted\",\"\",\"$\",\"27.43\",\"\",\"\",\"$\",\"21.47\",\"\",\"\",\"$\",\"12.79\"],[\"Combined ratio\"],[\"Loss and loss adjustment expense ratio\",\"\",\"61.4\",\"%\",\"\",\"64.0\",\"%\",\"\",\"68.9\",\"%\"],[\"Underwriting expense ratio\",\"\",\"28.5\",\"\",\"\",\"28.5\",\"\",\"\",\"28.1\"],[\"Combined ratio\",\" Item 1. BUSINESS The Travelers Companies, Inc. (together with its consolidated subsidiaries, the Company) is a holding company principally engaged, through its subsidiaries, in providing a wide range of commercial and personal property and casualty insurance products and services to businesses, government units, associations and individuals. The Company is incorporated as a general business corporation under the laws of the State of Minnesota and is one of the oldest insurance organizations in the United States, dating back to 1853. The principal executive offices of the Company are located at 485 Lexington Avenue, New York, New York 10017, and its telephone number is (917) 778-6000. The Company also maintains executive offices in Hartford, Connecticut and St. Paul, Minnesota. The term \u201cTRV\u201d in this document refers to The Travelers Companies, Inc., the parent holding company excluding subsidiaries. PROPERTY AND CASUALTY INSURANCE OPERATIONS The property and casualty insurance industry is highly competitive in the areas of price, service, product offerings, agent and broker relationships and other methods of distribution. Distribution methods include the use of local and national independent agents and brokers, agency aggregators and carrier-based agencies, as well as direct to consumer, affinity and other partner platforms. According to A.M. Best, there are approximately 1,100 property and casualty groups in the United States, comprising approximately 2,600 property and casualty companies. Of those groups, the top 150 accounted for approximately 94% of the consolidated industry\u2019s total net written premiums in 2024. The Company competes with both foreign and domestic insurers. In addition, some property and casualty insurers writing commercial lines of business, including the Company, offer products for alternative forms of risk protection in addition to traditional insurance products. These products include large deductible programs and various forms of self-ins Item 1A. RISK FACTORS You should carefully consider the following risks and all of the other information set forth in this report, including without limitation our consolidated financial statements and the notes thereto and \u201cItem 7\u2014Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u2014Critical Accoun", "title": "TRV - TRAVELERS COMPANIES, INC.", "url": "/company/TRV/" }, { "kind": "company", "summary": "SIC 3829 Measuring & Controlling Devices, NEC; CIK 0000864749; latest 10-K filed 2026-02-25.", "text": "TRMB - TRIMBLE INC. SIC 3829 Measuring & Controlling Devices, NEC; CIK 0000864749; latest 10-K filed 2026-02-25. TRMB TRIMBLE INC. 0000864749 3829 Measuring & Controlling Devices, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and the related notes. The following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and those listed under \u201cRisk Factors.\u201d This section of this report generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this report can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K, for the year ended January 3, 2025. EXECUTIVE LEVEL OVERVIEW Trimble is a leading technology solutions and platform provider, enabling office professionals and field workers to connect their workflows and industry lifecycles, driving a more productive, efficient, and sustainable future. With a focus on the industries that build, maintain, and move the world, the comprehensive depth and breadth of our solutions are transforming the way the world works, making it easier for Trimble customers to focus on what matters\u2014getting the job done right. Our representative customers include asset owners; general and specialty contractors; architects, engineers and designers; surveyors; energy and utility companies; transportation shippers and carriers, as well as state, federal, and municipal governments. Further information on our business is presented in Part I, Item 1, \u201cBusiness\u201d of this report. Our growth strategy is centered on multiple elements: \u2022Continue to execute on our Connect & Scale strategy; \u2022Deliver customer outcomes that can enable productivity, quality, safety, transparency, and environmental sustainability; \u2022Focus on software and services; \u2022Address attractive markets with significant growth and profitability potential; \u2022Capitalize on domain knowledge and technological innovation that benefit a diverse customer base; \u2022Drive geographic expansion with a localization strategy; \u2022Optimize go-to-market strategies to best access our markets; and \u2022Pursue strategic and targeted acquisitions, divestitures, joint ventures, and investments. Our focus on these growth drivers has led to sustained revenue and profitability, evolving into a more streamlined and resilient business model. We continue to experience a shift toward a more significant mix of recurring revenue as demonstrated by our success in driving annualized recurring revenue (\u201cARR\u201d) of $2,392.3 million, which represents growth of 6% year-over-year at the end of 2025. Excluding the impact of foreign currency, acquisitions, and divestitures, organic ARR growth was 14%. This shift toward recurring revenue has positively impacted our revenue mix, growth, and profitability over time and is leading to improved visibility in our businesses. Our software, services, and recurring revenue represented 79% and 76% of total revenue for 2025 and 2024. Additionally, we continue to maintain focus on increasing our mix of higher margin recurring revenue, which was accelerated by the Ag divestiture that closed in the second quarter of 2024 and the Mobility divestiture that closed in the first quarter of 2025. As our solutions have expanded, our go-to-market model has also evolved with a balanced mix between direct, distribution, and OEM customers as well as enterprise-level customer relationships. Throughout this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d section, we refer to organic revenue growth, which is a non-GAAP measure. For a full definition of ARR, organic ARR, and organic Item 1.Business Trimble is a leading technology solutions and platform provider, enabling office professionals and field workers to connect their workflows and industry lifecycles, driving a more productive, efficient, and sustainable future. With a focus on the industries that build, maintain, and move the world, the comprehensive depth and breadth of our solutions are transforming the way the world works, making it easier for Trimble customers to focus on what matters\u2014getting the job done right. We innovate at the intersection of the digital and physical worlds with solutions that span the world\u2019s foundational industries, including building, civil and infrastructure construction, geospatial, natural resources, utilities, and transportation. We exist to empower our customers: asset owners; general and specialty contractors; architects, engineers, and designers; surveyors; energy and utility companies; transportation shippers and carriers; as well as state, federal, and municipal governments. Productivity and sustainability are at the heart of who we are\u2014woven into our work internally and through our customers\u2019 application of our technologies. Our solutions provide customers with the ability to improve their work quality while being safe, efficient, and sustainable. Our strategy is centered on two open industry cloud platforms, one in construction and one in transportation and logistics, and underlying common data environments as the nucleus of our connected solutions, allowing all stakeholders to collaborate and make decisions based on the same information. In construction, we connect teams across the design, build, and operational phases of a project. Our connected supply chain solutions provide transportation companies and their drivers with tools to enhance fuel efficiency, safety, transparency, and sustainability. Connected software applications and cloud platform services are key elements of our solutions and account for a steadily increasing portion of o Item 1A. Risk Factors RISKS AND UNCERTAINTIES You should carefully consider the following risk factors, in addition to the other information contained in this report and in any other documents to which we refer you in this report, before purchasing our securities. The risks and uncertainties described below are not the only ones we fa", "title": "TRMB - TRIMBLE INC.", "url": "/company/TRMB/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000092230; latest 10-K filed 2026-02-24.", "text": "TFC - TRUIST FINANCIAL CORP SIC 6021 National Commercial Banks; CIK 0000092230; latest 10-K filed 2026-02-24. TFC TRUIST FINANCIAL CORP 0000092230 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS MD&A is intended to assist readers in their analysis of the accompanying Consolidated Financial Statements and the accompanying Notes to the Consolidated Financial Statements. It should be read in conjunction with the Consolidated Financial Statements and the accompanying Notes to the Consolidated Financial Statements in this Form 10-K, and other information contained in this document. For discussion of 2024 results as compared to 2023 results, refer to MD&A in the Annual Report on Form 10-K for the year ended December 31, 2024. A description of certain factors that may affect our future results and risk factors is set forth in \u201cItem 1A. Risk Factors.\u201d Executive Overview During 2025, we focused on delivering strong, purpose-driven performance by deepening client relationships, enhancing operational efficiency, investing in talented teammates and innovative technology, and increasing capital return to shareholders. Through disciplined risk management and sound governance, we believe we strengthened our foundation and positioned Truist for sustainable growth. During 2025, we returned $5.2 billion of capital to our common shareholders through $2.7 billion of common stock dividends and $2.5 billion in common share repurchases. In December 2025, we announced that the Board authorized the repurchase of up to $10.0 billion of common stock effective immediately with no expiration date, replacing the previous repurchase authority, as part of Truist\u2019s overall capital distribution strategy. Key Areas of Focus In 2025, our work centered around five core strategic priorities: \u2022Execute strategic growth and profitability initiatives in both WB and CSBB including: \u25e6In WB, capture more of the commercial middle market with an industry banking strategy, continue momentum in Investment Banking and Capital Markets, generate additional fee income from existing clients in Wealth, and deepen and grow existing client relationships in Wholesale Payments. \u25e6In CSBB, grow deposits with a focus on Premier clients, increase client acquisition, deepen client relationships, and drive digital acquisition and client engagement. \u2022Drive positive operating leverage through revenue growth and expense discipline. \u2022Invest in talent, technology, and our risk infrastructure. \u2022Maintain our credit and risk discipline. \u2022Return capital to shareholders through our common stock dividend and share repurchases. Looking ahead, our strategic priorities remain unchanged. By successfully executing on them, we seek to accelerate revenue growth, drive greater positive operating leverage, and return more capital to shareholders, all while maintaining our risk discipline. These outcomes are central to driving improved profitability. Financial Results Net income to common shareholders totaled $5.0 billion, or $3.82 per share, for 2025, compared to $4.5 billion, or $3.36 per share, for the prior year. \u2022Results from continuing operations for 2025 included charges primarily related to severance of $156 million ($119 million after-tax, or $0.09 per share), an incremental accrual related to executing a settlement agreement in a specific legal matter of $130 million ($99 million after-tax, or $0.08 per share), and securities losses of $19 million ($15 million after-tax or $0.01 per share). \u2022Results from continuing operations for 2024 included securities losses of $6.7 billion ($5.1 billion after-tax or $3.82 per share) from a balance sheet repositioning executed in connection with the TIH sale, a charitable contribution to the Truist Foundation of $150 million ($115 million after-tax, or $0.09 per share), and charges primarily related to severance of $120 million ($92 million after-tax, or $0.07 per share). \u2022Results from discontinued operations of $4.9 billion for 2024 included a gain on the sale of TIH of $6.9 billion ($4.8 billion after-tax, or $3.64 per share), the accelerated ITEM 1. BUSINESS Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Headquartered in Charlotte, North Carolina, Truist has leading market share in many of the high-growth markets in the U.S. and offers a wide range of products and services through its WB and CSBB operating segments, including consumer and small business banking, commercial and corporate banking, investment banking and capital markets, wealth management, payments, and specialized lending businesses. Refer to the \u201cSegment Results\u201d section in MD&A and \u201cNote 21. Operating Segments\u201d for additional information on the Company\u2019s reportable segments. Truist Bank, the largest subsidiary of Truist Financial Corporation, was chartered in 1872 and is the oldest bank headquartered in North Carolina. Truist Bank is one of the 10 largest commercial banks in the U.S. and provides banking and trust services for clients through its digital platform and 1,927 branches as of December 31, 2025. Product and Services Truist offers a wide range of banking services to individuals, businesses, and municipalities. We offer a variety of loans and lease financing to consumer and wholesale clients primarily within our geographic footprint, including commercial and industrial, commercial real estate, commercial construction, residential mortgage, home equity, indirect auto, other consumer, and credit card lending. We also provide a wide range of non-lending services to consumer and wholesale clients, including deposits, merchant services, treasury management services, trust and retirement services, comprehensive wealth advisory services, investment brokerage services, asset management, and capital markets services. For additional information about lending and non-lending products and services offered by Truist, see the \u201cLending Activities\u201d section in MD&A and \u201cNote 21. Operating Segments,\u201d respectively. Market Area The following table ITEM 1A. RISK FACTORS Summary of Risk Factors Market Risks \u2022Changes in monetary, fiscal, and other policies, and changes in the U.S. political environment, could adversely affect us. \u2022Our financial results, the value of loans and debt securities we hold, and lending and other business activities have in the past, and may in the future, be advers", "title": "TFC - TRUIST FINANCIAL CORP", "url": "/company/TFC/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0000860731; latest 10-K filed 2026-02-18.", "text": "TYL - TYLER TECHNOLOGIES INC SIC 7372 Services-Prepackaged Software; CIK 0000860731; latest 10-K filed 2026-02-18. TYL TYLER TECHNOLOGIES INC 0000860731 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis should be read in conjunction with our consolidated financial statements and related notes included in Item 8 of this Annual Report on Form 10-K. For a comparison of our Results of Operations for the years ended December 31, 2024, and 2023, and our Cash Flow discussion for the year ended December 2024, see \u201cPart II, Item 7. Management's Discussion and Analysis of Financial Conditions and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 19, 2025. CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS This document contains \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical in nature and typically address future or anticipated events, trends, expectations or beliefs with respect to our financial condition, results of operations or business. Forward-looking statements often contain words such as \u201cbelieves,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cforesees,\u201d \u201cforecasts,\u201d \u201cestimates,\u201d \u201cplans,\u201d \u201cintends,\u201d \u201ccontinues,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cprojects,\u201d \u201cmight,\u201d \u201ccould\u201d or other similar words or phrases. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. We believe there is a reasonable basis for our forward-looking statements, but they are inherently subject to risks and uncertainties and actual results could differ materially from the expectations and beliefs reflected in the forward-looking statements. We presently consider the following to be among the important factors that could cause actual results to differ materially from our expectations and beliefs: (1) changes in the budgets or regulatory environments of our clients, including local, state and federal government agencies, that could negatively impact information technology spending; (2) disruption to our business and harm to our competitive position resulting from cyber-attacks, evolving use of artificial intelligence (\u201cAI\u201d), security vulnerabilities and software updates, or changes in our ability to access third-party software and services; (3) our ability to protect client information from security breaches or misuse through AI and to provide uninterrupted operations of data centers; (4) our ability to achieve growth or operational synergies through the integration of acquired businesses, while avoiding unanticipated costs and disruptions to existing operations; (5) material portions of our business require the Internet infrastructure to be adequately maintained; (6) our ability to actively monitor developments in AI regulation and ethical standards as we expect that future changes in the regulatory landscape may affect our product development timelines, compliance costs, and market opportunities related to AI; (7) our ability to achieve our financial forecasts due to various factors, including project delays by our clients, reductions in transaction size, fewer transactions, delays in delivery of new products or releases or a decline in our renewal rates for service agreements; (8) general economic, political and market conditions, including inflation and changes in interest rates; (9) technological and market risks associated with the development of new technologies, products or services or of new versions of existing or acquired products or services; (10) competition in the industry in which we conduct business and the impact of competition on pricing, client retention and pressure for new products or services; (11) the ability to attract and retain qualified personnel and dealing with rising labor costs, the loss or retirement of key members of management or other key personnel; and (12) costs of compliance and any failure to comply with government and ITEM 1. BUSINESS. DESCRIPTION OF BUSINESS Tyler Technologies, Inc. (\u201cTyler\u201d or \u201cCompany\u201d) is a leading provider of integrated software and technology management solutions for the public sector. Our solutions empower local, state, and federal government entities to create smarter, safer, and stronger communities. We offer the broadest range of software solutions and services designed for every level of public sector government agency. Our solutions deliver mission-critical technology to support the essential functions of government, including public safety, justice, public health, taxation and budgeting, infrastructure and land use, outdoor recreation, utility and civic services, regulation, K-12 education, and social services. We provide both the back-office systems-of-record that serve the operational needs of specific government agencies, as well as platform technology solutions that are designed to integrate with our back-office solutions and be deployed and connected across many agencies. Examples of transformative platform technologies include our market-leading payments platform, data platform, low-code application development platform, and digital resident experience solutions. We maintain deep, long-term relationships with state and local government agencies, including dedicated state-level offices in the 30 states in which we have enterprise contracts. Our professional information technology (\u201cIT\u201d) services include cloud-based software deployment, data conversion, and training. We also provide continuing client support services to ensure product performance and reliability, providing us with long-term client relationships and a significant base of recurring revenue. MARKET OVERVIEW The federal, state, and local public sector market is one of the largest and most decentralized IT markets in the country, consisting of hundreds of federal agencies, all 50 states, approximately 3,000 counties, 36,000 cities and towns, and 12,600 school districts. This m ITEM 1A. RISK FACTORS. An investment in our common stock involves a high degree of risk. Investors evaluating our company should carefully consider the factors described below and all other information contained in this Annual Report. These disclosures reflect the Company\u2019s beliefs and opinions as to factors that could mate", "title": "TYL - TYLER TECHNOLOGIES INC", "url": "/company/TYL/" }, { "kind": "company", "summary": "SIC 2015 Poultry Slaughtering and Processing; CIK 0000100493; latest 10-K filed 2025-11-10.", "text": "TSN - TYSON FOODS, INC. SIC 2015 Poultry Slaughtering and Processing; CIK 0000100493; latest 10-K filed 2025-11-10. TSN TYSON FOODS, INC. 0000100493 2015 Poultry Slaughtering and Processing ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OBJECTIVE The following discussion provides an analysis of the Company\u2019s financial condition, cash flows and results of operations from management\u2019s perspective and should be read in conjunction with the consolidated financial statements and notes thereto included in Part II, Item 8 of this Annual Report on Form 10-K. Our objective is to also provide discussion of events and uncertainties known to management that are reasonably likely to cause reported financial information not to be indicative of future operating results or of future financial condition and to offer information that provides understanding of our financial condition, cash flows and results of operations. Refer to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2023 for additional information related to fiscal 2023. DESCRIPTION OF THE COMPANY We are a world-class food company and recognized leader in protein. Founded in 1935 by John W. Tyson, it has grown under four generations of family leadership. The Company is unified by this purpose: Tyson Foods. We Feed the World Like Family\u2122 and has a broad portfolio of iconic products and brands including Tyson\u00ae, Jimmy Dean\u00ae, Hillshire Farm\u00ae, Ball Park\u00ae, Wright\u00ae, State Fair\u00ae, Aidells\u00ae and ibp\u00ae. Tyson Foods is dedicated to bringing high-quality food to every table in the world, safely, and affordably, now and for future generations. We operate in four reportable segments: Beef, Pork, Chicken and Prepared Foods. We measure segment profit as operating income (loss). International/Other primarily includes our foreign operations in China, Malaysia, Mexico, South Korea, Thailand and the Kingdom of Saudi Arabia, third-party merger and integration costs and corporate overhead related to Tyson New Ventures, LLC. For further description of the business, refer to Part I, Item 1, Business. OVERVIEW Fiscal year We utilize a 52- or 53-week accounting period ending on the Saturday closest to September 30. The Company\u2019s accounting cycle resulted in a 52-week year for fiscal 2025, 2024 and 2023. General Sales grew 2.1%, or $1.1 billion to $54.4 billion in fiscal 2025, largely due to higher average sales prices in our Beef, Pork and Prepared Foods segments, partially offset by $653 million of increased legal contingency accruals which reduced sales. We reported operating income of $1,098 million in fiscal 2025 as compared to an operating income of $1,409 million in fiscal 2024, as we experienced lower operating income in our Beef and Pork segments, partially offset by higher operating income in our Chicken and Prepared Foods segments and International/Other. In fiscal 2025, our operating income was impacted by $738 million of legal contingency accruals, $343 million of goodwill and intangible impairments, $45 million of restructuring and related charges, $41 million of charges related to a product recall and $23 million related to brand and product line discontinuations. In fiscal 2024, our results were impacted by $182 million of plant closure and disposal charges, $174 million of legal contingency accruals and $31 million of restructuring and related charges. Market Environment According to the most recently published USDA data, domestic protein production (beef, pork, chicken and turkey) decreased slightly in fiscal 2025 compared to fiscal 2024. The Beef segment continues to experience limited supply of market-ready cattle as well as increased cattle costs. Additionally, uncertainty exists regarding the timing of the anticipated cattle herd rebuilding. The Pork segment experienced sufficient supply of market-ready hogs and increased hog costs. The Chicken segment experienced reduced feed ingredient costs, but costs began to stabilize in the back half of fiscal 2025. The Prepared Foods segment is currently experiencing increased raw material costs primarily due to higher meat costs. We are subject ITEM 1. BUSINESS GENERAL Tyson Foods, Inc. and its subsidiaries (collectively, the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cTyson Foods\u201d or \u201cTyson\u201d) (NYSE: TSN) is a world-class food company and recognized leader in protein. Founded in 1935 by John W. Tyson, it has grown under four generations of family leadership. The Company is unified by this purpose: Tyson Foods. We Feed the World Like Family\u2122 and has a broad portfolio of iconic products and brands including Tyson\u00ae, Jimmy Dean\u00ae, Hillshire Farm\u00ae, Ball Park\u00ae, Wright\u00ae, State Fair\u00ae, Aidells\u00ae and ibp\u00ae. Tyson Foods is dedicated to bringing high-quality food to every table in the world, safely, and affordably, now and for future generations. Headquartered in Springdale, Arkansas, the Company had approximately 133,000 employees (\u201cteam members\u201d) on September 27, 2025. Through its Core Values, Tyson Foods strives to operate with integrity, create value for its shareholders, customers, communities and team members, be faith-friendly and inclusive, provide a safe work environment and serve as a steward of the animals, land and environment entrusted to it. Some of the key factors influencing our business are customer demand for our products; the ability to maintain and grow relationships with customers and introduce new and innovative products to the marketplace; accessibility of international markets; market prices for our products; the cost and availability of live cattle and hogs, raw materials and feed ingredients; availability of team members to operate our production facilities; and operating efficiencies of our facilities. We operate a fully vertically-integrated chicken production process. Our integrated operations consist of breeding stock, contract farmers, feed production, processing, further-processing, marketing and transportation of chicken and related specialty products, including animal and pet food ingredients. Through our wholly-owned subsidiary, Cobb-Vantress, we are one of the leading poultry breeding stock supp ITEM 1A. RISK FACTORS These risks, which should be considered carefully with the information provided elsewhere in this report, could materially adversely affect our business, financial condition or results of operations. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial", "title": "TSN - TYSON FOODS, INC.", "url": "/company/TSN/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000036104; latest 10-K filed 2026-02-23.", "text": "USB - US BANCORP \\DE\\ SIC 6021 National Commercial Banks; CIK 0000036104; latest 10-K filed 2026-02-23. USB US BANCORP \\DE\\ 0000036104 6021 National Commercial Banks Management\u2019s Discussion and Analysis Overview U.S. Bancorp and its subsidiaries (the \u201cCompany\u201d) achieved new business momentum in 2025 and continued to demonstrate its well-diversified business model. Financial results for 2025 included fee revenue growth, prudent expense management, and stable credit quality and capital levels, which led to strong earnings per share growth compared to the prior year. During 2025, the Company continued to expand interconnectedness across its businesses, resulting in strong organic growth and deeper relationships with its customers. Financial Performance The Company earned $7.6 billion in 2025 compared with $6.3 billion in 2024. Financial performance for 2025, compared with 2024, included the following: \u2022Diluted earnings per common share of $4.62 in 2025, representing a 21.9 percent increase compared with 2024; \u2022Net interest income increased $360 million (2.2 percent) primarily due to loan growth, fixed asset repricing and lower rates paid on interest-bearing deposits; \u2022Noninterest income increased $845 million (7.6 percent) driven by higher revenue across most categories; \u2022Noninterest expense decreased $351 million (2.0 percent), reflecting the impact of merger and integration charges in the prior year, lower compensation and employee benefits expense and other noninterest expense, partially offset by higher technology and communications expense and marketing and business development expense; \u2022Average loans increased $6.4 billion (1.7 percent) driven by increases in commercial loans and credit card loans, partially offset by decreases in commercial real estate loans and other retail loans; and \u2022Average deposits decreased $397 million (0.1 percent), driven by decreases in noninterest-bearing deposits and time deposits, partially offset by an increase in total savings deposits. Credit Quality The Company maintained stable credit quality during 2025. \u2022The allowance for credit losses was $7.9 billion at December 31, 2025, relatively flat compared to December 31, 2024. The ratio of the allowance for credit losses to period-end loans improved to 2.03 percent at December 31, 2025 compared to 2.09 percent at December 31, 2024. \u2022The provision for credit losses decreased $52 million (2.3 percent), reflecting improved credit quality and the impact of loan sales during the second quarter of 2025, partially offset by loan growth. \u2022Nonperforming assets were $1.6 billion at December 31, 2025, a decrease of $242 million (13.2 percent) compared with December 31, 2024, driven by lower nonperforming commercial real estate loans. \u2022Net charge-offs were $2.2 billion in 2025, reflecting a $12 million (0.6 percent) increase compared to 2024. \u2022Total loan net charge-offs as a percentage of average loans was 0.57 percent in 2025, compared with 0.58 percent in 2024. Capital Management At December 31, 2025, all of the Company\u2019s regulatory capital ratios exceeded regulatory \u201cwell-capitalized\u201d requirements. \u2022The Company\u2019s common equity tier 1 capital ratio was 10.8 percent at December 31, 2025, an increase of 20 basis points from December 31, 2024. \u2022The Company returned $3.7 billion of earnings to shareholders in 2025 through dividends and share repurchases. Earnings Summary The Company reported net income attributable to U.S. Bancorp of $7.6 billion in 2025, or $4.62 per diluted common share, compared with $6.3 billion, or $3.79 per diluted common share, in 2024. Return on average assets and return on average common equity were 1.12 percent and 13.0 percent, respectively, in 2025, compared with 0.95 percent and 11.7 percent, respectively, in 2024. The results for 2024 included the impact of $400 million ($300 million net-of-tax) of notable items, including $155 million of merger and integration charges associated with the 2022 acquisition of MUFG Union Bank, N.A. (\u201cMUB\u201d), $136 million of incremental FDIC special assessment charges and $109 million of charges related to lease impairments and operational Item 1. Business Forward-Looking Statements The following information appears in accordance with the Private Securities Litigation Reform Act of 1995: This report contains forward-looking statements about U.S. Bancorp (\u201cU.S. Bancorp\u201d or the \u201cCompany\u201d). Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects, targets, initiatives and operations of U.S. Bancorp. Forward-looking statements often use words such as \u201canticipates,\u201d \u201ctargets,\u201d \u201cexpects,\u201d \u201chopes,\u201d \u201cestimates,\u201d \u201cprojects,\u201d \u201cforecasts,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cgoals,\u201d \u201cbelieves,\u201d \u201ccontinue\u201d and other similar expressions or future or conditional verbs such as \u201cwill,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cshould,\u201d \u201cwould\u201d and \u201ccould.\u201d Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those set forth in forward-looking statements, including the following risks and uncertainties: \u2022Deterioration in general business, political and economic conditions or turbulence in domestic or global financial markets, which could adversely affect U.S. Bancorp\u2019s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility; \u2022Changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements and any credit card interest caps, and the enforcement and interpretation of such laws and regulations, and U.S. Bancorp\u2019s ability to address or satisfy those requirements and other requirements or cond", "title": "USB - US BANCORP \\DE\\", "url": "/company/USB/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001543151; latest 10-K filed 2026-02-13.", "text": "UBER - Uber Technologies, Inc SIC 7389 Services-Business Services, NEC; CIK 0001543151; latest 10-K filed 2026-02-13. UBER Uber Technologies, Inc 0001543151 7389 Services-Business Services, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes included in Part II, Item 8, \u201cFinancial Statements and Supplementary Data,\u201d of this Annual Report on Form 10-K. We have elected to omit discussion on the earliest of the three years covered by the consolidated financial statements presented. Refer to Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations located in our Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 14, 2025, for reference to discussion of the fiscal year ended December 31, 2023, the earliest of the three fiscal years presented. In addition to our historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. You should review the sections titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d for a discussion of forward-looking statements and in Part I, Item 1A, \u201cRisk Factors\u201d, for a discussion of factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis and elsewhere in this Annual Report on Form 10-K. Overview We are a technology platform that uses a massive network, leading technology, operational excellence, and product expertise to power movement from point A to point B. We develop and operate proprietary technology applications supporting a variety of offerings on our platform. We connect consumers with providers of ride services, merchants as well as delivery service providers for meal preparation, grocery and other delivery services. Uber also connects consumers with public transportation networks. We use this same network, technology, operational excellence, and product expertise to connect Shippers with Carriers in the freight industry by providing Carriers with the ability to book a shipment, transportation management and other logistics services. We are also developing technologies designed to provide new solutions to solve everyday problems. Driver Classification Developments The classification of Drivers is currently being challenged in courts, by legislators and by government agencies in the United States and abroad. We are involved in numerous legal proceedings globally, including putative class and collective class action lawsuits, demands for arbitration, charges and claims before administrative agencies, and investigations or audits by labor, social security, and tax authorities that claim that Drivers should be treated as our employees (or as workers or quasi-employees where those statuses exist), rather than as independent contractors. Of particular note are proceedings in California, where on May 5, 2020, the California Attorney General, in conjunction with the city attorneys for San Francisco, Los Angeles and San Diego, filed a complaint in San Francisco Superior Court (the \u201cCourt\u201d) against Uber and Lyft, Inc., alleging that drivers are misclassified, and sought an 48 injunction and monetary damages related to the alleged competitive advantage caused by the alleged misclassification of drivers. To comply with Proposition 22, we have incurred and expect to incur additional expenses, including expenses associated with a guaranteed minimum earnings floor for Drivers, insurance for injury protection and subsidies for health care. We do not expect these changes will have a material impact on our business, results of operations, financial position, or cash flows. If, as a result of legislation or judicial decisions, we are required to classify Drivers as employees, wo ITEM 1. BUSINESS Overview Uber Technologies, Inc. (\u201cUber,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d) is a technology platform that uses a massive network, leading technology, operational excellence and product expertise to power movement from point A to point B. We develop and operate proprietary technology applications supporting a variety of offerings on our platform (\u201cplatform(s)\u201d or \u201cPlatform(s)\u201d). We connect consumers (\u201cRider(s)\u201d) with independent providers of ride services (\u201cMobility Driver(s)\u201d) for ridesharing services, and connect Riders and other consumers (\u201cEater(s)\u201d) with restaurants, grocers and other stores (collectively, \u201cMerchants\u201d) with delivery service providers (\u201cCouriers\u201d) for meal preparation, grocery and other delivery services. Riders and Eaters are collectively referred to as \u201cend-user(s)\u201d or \u201cconsumer(s).\u201d Mobility Drivers and Couriers are collectively referred to as \u201cDriver(s).\u201d We also connect consumers with public transportation networks. We use this same network, technology, operational excellence and product expertise to connect shippers (\u201cShipper(s)\u201d) with carriers (\u201cCarrier(s)\u201d) in the freight industry by providing Carriers with the ability to book a shipment, transportation management and other logistics services. Uber is also developing technologies designed to provide new solutions to solve everyday problems. Our technology is available in over 70 countries around the world, principally in the United States (\u201cU.S.\u201d) and Canada, Latin America (\u201cLatAm\u201d), Europe (excluding Russia), the Middle East, Africa, and Asia Pacific (\u201cAPAC\u201d, excluding China and Southeast Asia). Our Segments As of December 31, 2025, we had three operating and reportable segments: Mobility, Delivery and Freight. Mobility, Delivery and Freight platform offerings each address large, fragmented markets. Mobility Our Mobility offering connects consumers with a wide range of transportation modalities, such as ridesharing, carsharing, micromobility, rentals, public tr ITEM 1A. RISK FACTORS Certain factors may have a material adverse effect on our business, financial condition, and results of operations. You should carefully consider the following risks, together with all of the other information contained in this Annual Report on Form 10-K, including the sections titled \u201cSpecial Not", "title": "UBER - Uber Technologies, Inc", "url": "/company/UBER/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000074208; latest 10-K filed 2026-02-17.", "text": "UDR - UDR, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0000074208; latest 10-K filed 2026-02-17. UDR UDR, Inc. 0000074208 6798 Real Estate Investment Trusts Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements appearing elsewhere herein and is based primarily on the consolidated financial statements for the years ended December 31, 2025, and 2024. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024 of UDR, Inc. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Business Overview We are a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted markets located in the United States. We were formed in 1972 as a Virginia corporation. In June 2003, we changed our state of incorporation from Virginia to Maryland. Our subsidiaries include the Operating Partnership and the DownREIT Partnership. Unless the context otherwise requires, all references in this Report to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cthe Company,\u201d or \u201cUDR\u201d refer collectively to UDR, Inc., its consolidated subsidiaries and its consolidated joint ventures. At December 31, 2025, our consolidated real estate portfolio included 165 communities in 12 states plus the District of Columbia totaling 55,240 apartment homes. In addition, we have an ownership interest in 12,167 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 6,766 apartment homes owned by entities in which we hold preferred equity investments. The Same-Store Community apartment home population for the year ended December 31, 2025, was 53,468. Critical Accounting Policies and Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles (\u201cGAAP\u201d) requires management to use judgment in the application of accounting policies, including making estimates and assumptions. A critical accounting policy is one that is both important to our financial condition and results of operations as well as involves some degree of uncertainty. Estimates are prepared based on management\u2019s assessment after considering all evidence available. Changes in estimates could affect our financial position or results of operations. Below is a discussion of the accounting policies that we consider critical to understanding our financial condition or results of operations where there is uncertainty or where significant judgment is required. A discussion of our significant accounting policies, including further discussion of the accounting policies described below, can be found in Note 2, Significant Accounting Policies, to the Notes to the UDR, Inc. Consolidated Financial Statements included in this Report. Cost Capitalization In conformity with GAAP, we capitalize those expenditures that materially enhance the value of an existing asset or substantially extend the useful life of an existing asset. Expenditures necessary to maintain an existing property in ordinary operating condition are expensed as incurred. In addition to construction costs, we capitalize costs directly related to the predevelopment, development, and redevelopment of a capital project, which include, but are not limited to, interest, real estate taxes, insurance, and allocated development and redevelopment overhead related to support costs for personnel working on the capital projects. We use our professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. These costs are capitalized only during the period in which activities necessary to read Item 1. BUSINESS General UDR is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, disposes of, and manages multifamily apartment communities in targeted markets located in the United States. At December 31, 2025, our consolidated real estate portfolio consisted of 165 communities located in 21 markets, consisting of 55,240 completed apartment homes, which are held directly or through our subsidiaries, including the Operating Partnership and the DownREIT Partnership, and consolidated joint ventures. In addition, we have an ownership interest in 12,167 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 6,766 apartment homes owned by entities in which we hold preferred equity investments. At December 31, 2025, the Company was developing one wholly-owned community totaling 300 apartment homes, none of which have been completed. In addition, the Company is incurring and capitalizing costs directly related to predevelopment activities in preparation of future development commencements. UDR has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, which we refer to in this Report as the \u201cCode.\u201d To continue to qualify as a REIT, we must continue to meet certain tests which, among other things, generally require that our assets consist primarily of real estate assets, our income be derived primarily from real estate assets, and that we distribute at least 90% of our REIT taxable income (other than our net capital gains) to our stockholders annually. As a REIT, we generally will not be subject to U.S. federal income taxes at the corporate level on our net income to the extent we distribute such net income to our stockholders annually. In 2025, we declared total distributions of $1.72 per common share and paid dividends of $1.715 per common share. [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\ Item 1A. RISK FACTORS There are many factors that affect the business and the results of operations of the Company, some of which are beyond its control. The following is a description of material factors that may cause the Company\u2019s actual results in future periods to differ materially from those currently expected or discussed in forward-looking ", "title": "UDR - UDR, Inc.", "url": "/company/UDR/" }, { "kind": "company", "summary": "SIC 5990 Retail-Retail Stores, NEC; CIK 0001403568; latest 10-K filed 2026-03-26.", "text": "ULTA - Ulta Beauty, Inc. SIC 5990 Retail-Retail Stores, NEC; CIK 0001403568; latest 10-K filed 2026-03-26. ULTA Ulta Beauty, Inc. 0001403568 5990 Retail-Retail Stores, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u200b The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes included elsewhere in this Annual Report on Form 10-K. Overview We were founded in 1990 as a beauty retailer at a time when prestige, mass, and salon products were sold through distinct channels \u2013 department stores for prestige products; drug stores and mass merchandisers for mass products; and salons and authorized retail outlets for professional hair care products. We developed a unique specialty retail concept that offers a broad range of brands and price points, select beauty services, and a convenient and welcoming shopping environment. We define our target consumer as a beauty enthusiast, a consumer who is passionate about the beauty category, uses beauty for self-expression, experimentation, and self-investment, and has high expectations for the shopping experience. Based on our consumer insights research, we estimate there are approximately 140 million beauty enthusiasts in the U.S. We believe our strategy provides us with competitive advantages that have contributed to our financial performance. Today, our U.S. operations (\u201cUlta U.S.\u201d) make us the largest specialty beauty retailer in the United States and the premier beauty destination for cosmetics, fragrance, skin care, bath and body products, hair care, salon styling tools, wellness products, and salon services. In addition to our U.S. operations, we are expanding our presence internationally through our subsidiary, Space NK, a luxury beauty retailer operating in the U.K. and Ireland, our joint venture in Mexico, and our franchise in the Middle East. Key points of strategic differentiation include: a differentiated assortment of established and emerging brands across a variety of categories and price points; our convenient omnichannel footprint, offering products through our stores, delivering immersive and personalized experiences through our digital platforms, and providing the Ulta Beauty experience internationally through our partnerships; our best-in-class loyalty program that enables members to earn points for products and beauty services and provides us with a deep understanding of our customers and their preferences; and our ability to cultivate human connection with warm and welcoming guest experiences across all of our channels. The continued growth of our business and any future increases in net sales, net income, and cash flows is dependent on our ability to execute our strategic priorities across three foundational focus areas, as outlined in our Ulta Beauty Unleashed strategy: 1) Drive Core Business Growth through operational excellence and an elevated go-to-market approach; 2) Scale New, Accretive Businesses by capitalizing on key growth opportunities to ensure relevancy in a rapidly changing world; and 3) Align Our Foundation for Future Success by optimizing our ways of working, streamlining our cost structure, and cultivating an engaging, associate-centered culture. Ulta U.S. operates in the large and growing U.S. beauty products and salon services industry, and we believe our strong operating model, competitive advantages, and financial foundation, paired with our investments to drive our growth, position us to capture additional market share in the industry. Comparable sales is a key metric that is monitored closely within the retail industry. Our comparable sales have fluctuated in the past, and we expect them to continue to fluctuate in the future. A variety of factors affect our comparable sales, including general economic conditions, changes in merchandise strategy or mix, and timing and effectiveness of our marketing activities, among others. Over the long term, our growth strategy is to drive profitable growth and market share leadership in beauty and wellness through g Item 1. Business Overview Ulta Beauty, Inc. (\u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cUlta Beauty,\u201d or the \u201cCompany\u201d) is an international specialty beauty retailer and a premier beauty destination for cosmetics, fragrance, skin care products, wellness products, hair care products, and salon services. The Company was founded in Illinois in 1990 as a beauty retailer at a time when prestige, mass, and salon products were sold through distinct channels \u2013 department stores for prestige products; drug stores and mass merchandisers for mass products; and salons and authorized retail outlets for professional hair care products. The Company developed a unique specialty retail concept that offers a broad range of brands and price points, select beauty services, and a convenient and welcoming shopping environment. The Company\u2019s target consumer is defined as a 3 Table of Contents \u201cbeauty enthusiast,\u201d a consumer who is passionate about the beauty category, uses beauty for self-expression, experimentation, and self-investment, and has high expectations for their shopping experience. \u200b The Company\u2019s U.S. operations (\u201cUlta U.S.\u201d) make it the largest specialty beauty retailer in the U.S. In addition to its U.S. operations, the Company has expanded its international presence through its subsidiary, Space NK Limited (\u201cSpace NK\u201d), a luxury beauty retailer operating in the U.K. and Ireland, its joint venture in Mexico, and its franchise in the Middle East. \u200b The Company\u2019s vision is to be the most loved beauty destination of its guests and the most admired retailer by its associates, communities, partners, and investors. Its mission is to use the power of beauty to bring to life the possibilities that lie within each of us \u2014 inspiring every guest and enabling each associate to build a fulfilling career. \u200b Across the Company\u2019s portfolio, key points of strategic differentiation include: \u200b Differentiated Assortment. Guests are offered a differentiated assortment of established and emerging brands Item 1A. Risk Factors The risks described below reflect the Company\u2019s beliefs and opinions as to factors that could materially and adversely affect our business, financial condition, results of operations, or future growth. We could also be affected by additional risks that apply to all companies operating in the United States or our other markets, a", "title": "ULTA - Ulta Beauty, Inc.", "url": "/company/ULTA/" }, { "kind": "company", "summary": "SIC 4512 Air Transportation, Scheduled; CIK 0000100517; latest 10-K filed 2026-02-12.", "text": "UAL - United Airlines Holdings, Inc. SIC 4512 Air Transportation, Scheduled; CIK 0000100517; latest 10-K filed 2026-02-12. UAL United Airlines Holdings, Inc. 0000100517 4512 Air Transportation, Scheduled ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Management's discussion and analysis of financial condition and results of operations is provided as a supplement to and should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Form 10-K and the description of our business and reportable segments in Part I, Item 1. Business of this Form 10-K to enhance the understanding of our results of operations, financial condition and cash flows. This section generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Form 10-K and can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of the Company's 2024 Annual Report. Executive Summary Overview United Airlines Holdings, Inc. (together with its consolidated subsidiaries, \"UAL\" or the \"Company\") is a holding company and its wholly-owned subsidiary is United Airlines, Inc. (together with its consolidated subsidiaries, \"United\"). 37 Table of Contents As UAL consolidates United for financial statement purposes, disclosures that relate to activities of United also apply to UAL, unless otherwise noted. United's operating revenues and operating expenses comprise nearly 100% of UAL's revenues and operating expenses. In addition, United comprises approximately the entire balance of UAL's assets, liabilities and operating cash flows. When appropriate, UAL and United are named specifically for their individual contractual obligations and related disclosures and any significant differences between the operations and results of UAL and United are separately disclosed and explained. We sometimes use the words \"we,\" \"our,\" \"us,\" and the \"Company\" in this report for disclosures that relate to all of UAL and United. Our current expectations described below are forward-looking statements and our actual results and timing may vary materially based on various factors that include, but are not limited to, those discussed below under \"Strategy,\" \"Economic and Market Factors,\" \"Governmental Actions,\" \"Cautionary Statement Regarding Forward-Looking Statements\" and in Part I, Item 1A. Risk Factors, of this Form 10-K. The results presented in this report are not necessarily indicative of future operating results. Strategy Our shared purpose is \"Connecting People. Uniting the World.\" We have the most comprehensive route network among North American carriers, including U.S. mainland hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C. We are the largest airline measured by available seat miles in the world, helping to connect around 181 million passengers to more than 380 destinations across six continents. The Company remains focused on delivering on four strategic pillars, which it believes has helped, and will continue, to differentiate United from the rest of the industry: \u2022United Next: In 2025 we continued to make progress with our United Next plan to align our network and product with the potential of our hubs while remaining focused on protecting the safety of our employees and customers and providing a superior customer experience. United Next aims to increase customer choice and win brand-loyal customers by offering a diversity of products ranging from Basic Economy to Polaris and growing our leading global network, which the Company expects will lead to diverse revenue streams for the Company. As part of our United Next growth plan, we expect to take delivery of over 630 new narrow- and widebody aircraft by the end of 2034. The new aircraft that the Company has taken delivery of to date have increased our gauge, scale, and connectivity, as well as improved the Company's fuel efficiency. Other key highlights of our United Next plan include: ITEM 1. BUSINESS. Overview United Airlines Holdings, Inc. (together with its consolidated subsidiaries, \"UAL\" or the \"Company\") is a holding company and its wholly-owned subsidiary is United Airlines, Inc. (together with its consolidated subsidiaries, \"United\"). United's shared purpose is \"Connecting People. Uniting the World.\" United has the most comprehensive route network among North American carriers, including U.S. mainland hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C. As UAL consolidates United for financial statement purposes, disclosures that relate to activities of United also apply to UAL, unless otherwise noted. United's operating revenues and operating expenses comprise nearly 100% of UAL's revenues and operating expenses. In addition, United comprises approximately the entire balance of UAL's assets, liabilities and operating cash flows. When appropriate, UAL and United are named specifically for their individual contractual obligations and related disclosures and any significant differences between the operations and results of UAL and United are separately disclosed and explained. We sometimes use the words \"we,\" \"our,\" \"us,\" and the \"Company\" in this report for disclosures that relate to all of UAL and United. The Company's principal executive office is located at 233 South Wacker Drive, Chicago, Illinois 60606 (telephone number (872) 825-4000). The Company's website is located at www.united.com and its investor relations website is located at ir.united.com. The information contained on or connected to the Company's websites is not incorporated by reference into this Form 10-K and should not be considered part of this or any other report filed with the U.S. Securities and Exchange Commission (\"SEC\"). The Company's filings with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports, as well as UAL's pro ITEM 1A. RISK FACTORS. Any of the risks and uncertainties described below could significantly and negatively affect our business operations, financial condition, operating results (including components of our financial results), cash flows, prospects, reputation or credit ratings, which could cause the trading price o", "title": "UAL - United Airlines Holdings, Inc.", "url": "/company/UAL/" }, { "kind": "company", "summary": "SIC 7359 Services-Equipment Rental & Leasing, NEC; CIK 0001067701; latest 10-K filed 2026-01-28.", "text": "URI - UNITED RENTALS, INC. SIC 7359 Services-Equipment Rental & Leasing, NEC; CIK 0001067701; latest 10-K filed 2026-01-28. URI UNITED RENTALS, INC. 0001067701 7359 Services-Equipment Rental & Leasing, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (dollars in millions, except per share data and unless otherwise indicated) We have omitted discussions comparing 2024 and 2023 results, as such disclosures were included in our Annual Report on Form 10-K for the year ended December 31, 2024. Global Economic Conditions Our operations are impacted by global economic conditions, including inflation, tariffs, interest rate fluctuations and supply chain constraints, and we take actions to modify our plans to address such economic conditions. To date, the impact from supply chain disruptions has been limited, but we may experience more severe supply chain disruptions in the future. Although interest rates declined in 2025 (the weighted average interest rates on our variable debt instruments were 5.4 percent in 2025 and 6.3 percent in 2024), interest rates on our debt instruments have increased in recent years. For example, in December 2025, United Rentals (North America), Inc. (\u201cURNA\u201d) issued $1.5 billion principal amount of senior unsecured notes at a 5 3/8 percent interest rate, while URNA's issuance in August 2021 of $750 principal amount of senior unsecured notes was at a 3 \u00be percent interest rate. Additionally, the weighted average interest rate on our variable debt instruments was 1.4 percent in 2021, as compared to 5.4 percent in 2025. We have experienced and are continuing to experience inflationary pressures. A portion of inflationary cost increases is passed on to customers. The most significant cost increases that are passed on to customers are for fuel and delivery, and there are other costs for which the pass through to customers is less direct, such as repairs and maintenance, and labor. Tariffs could result in the costs we incur being more than anticipated. The impact of inflation, tariffs and interest rate fluctuations may be significant in the future. We continue to assess the economic environment in which we operate and take appropriate actions to address the economic challenges we face. See \u201cItem 1. Business-Industry Overview and Economic Outlook\u201d for a discussion of our end-markets, and Item 1A- Risk Factors for further discussion of the risks related to us and our business. Executive Overview We are the largest equipment rental company in the world, with an integrated network of 1,768 rental locations. We primarily operate in the United States and Canada, and have a smaller presence in Europe, Australia and New Zealand (see Item 2\u2014Properties for further detail). Although the equipment rental industry is highly fragmented and diverse, we believe that we are well positioned to take advantage of this environment because, as a larger company, we have more extensive resources and certain competitive advantages. These include a fleet of rental equipment with a total original equipment cost (\u201cOEC\u201d) of $22.5 billion, and a North American branch network that operates in 49 U.S. states and every Canadian province, and serves 99 of the 100 largest metropolitan areas in the U.S. Our size also gives us greater purchasing power, the ability to provide customers with a broader range of equipment and services, the ability to provide customers with equipment that is more consistently well-maintained and therefore more productive and reliable, and the ability to enhance the earning potential of our assets by transferring equipment among branches to satisfy customer needs. We offer our equipment for rent to a diverse customer base that includes construction and industrial companies, manufacturers, utilities, municipalities, homeowners and government entities. Our revenues are derived from the following sources: equipment rentals, sales of rental equipment, sales of new equipment, contractor supplies sales and service and other revenues. In 2025, equipment rental revenues represented 86 percent of our total revenues. For the past several years, we have executed a strategy focu Item 1. Business United Rentals is the largest equipment rental company in the world, operates throughout the United States and Canada, and has a smaller presence in Europe, Australia and New Zealand. The table below presents key information about our business as of and for the years ended December 31, 2025 and 2024. Our business is discussed in more detail below. The data below should be read in conjunction with, and is qualified by reference to, our Management\u2019s Discussion and Analysis and our consolidated financial statements and notes thereto contained elsewhere in this report. 1 Table of Contents [[GREPCENT_TABLE]] [[\"\",\"2025\",\"\",\"2024\"],[\"PERFORMANCE MEASURES\"],[\"Total revenues (in millions)\",\"$16,099\",\"\",\"$15,345\"],[\"Equipment rental revenue percent of total revenues\",\"86%\",\"\",\"85%\"],[\"Equipment rental revenue variance components:\"],[\"Year-over-year change in average original equipment cost (\\u201cOEC\\u201d)\",\"3.9%\",\"\",\"3.5%\"],[\"Assumed year-over-year inflation impact (1)\",\"(1.5)%\",\"\",\"(1.5)%\"],[\"Fleet productivity (2)\",\"2.2%\",\"\",\"4.1%\"],[\"Contribution from ancillary and re-rent revenue (3)\",\"1.4%\",\"\",\"1.9%\"],[\"Total equipment rental revenue variance\",\"6.0%\",\"\",\"8.0%\"],[\"Key account percent of equipment rental revenue\",\"69%\",\"\",\"68%\"],[\"National account percent of equipment rental revenue\",\"46%\",\"\",\"44%\"],[\"FLEET\"],[\"Fleet OEC (in billions)\",\"$22.48\",\"\",\"$21.43\"],[\"Equipment units\",\"1,095,000\",\"\",\"1,120,000\"],[\"Fleet age in months\",\"49.5\",\"\",\"51.3\"],[\"Equipment rental revenue percent by fleet type:\"],[\"General construction and industrial equipment\",\"39%\",\"\",\"40%\"],[\"Aerial work platforms\",\"22%\",\"\",\"23%\"],[\"General tools and light equipment\",\"9%\",\"\",\"9%\"],[\"Power and HVAC (heating, ventilating and air conditioning) equipment\",\"11%\",\"\",\"11%\"],[\"Trench safety equipment\",\"5%\",\"\",\"5%\"],[\"Fluid solutions equipment\",\"7%\",\"\",\"7%\"],[\"Mobile storage equipment and modular office space\",\"3%\",\"\",\"3%\"],[\"Surface protection mats\",\"4%\",\"\",\"2%\"],[\"LOCATIONS/PERSONNEL\"] Item 1A. Risk Factors Our business, results of operations and financial condition are subject to numerous risks and uncertainties. In connection with any investment decision with respect to our securities, you should carefully consider the following risk factors, as well as the other information contained in t", "title": "URI - UNITED RENTALS, INC.", "url": "/company/URI/" }, { "kind": "company", "summary": "SIC 8062 Services-General Medical & Surgical Hospitals, NEC; CIK 0000352915; latest 10-K filed 2026-02-25.", "text": "UHS - UNIVERSAL HEALTH SERVICES INC SIC 8062 Services-General Medical & Surgical Hospitals, NEC; CIK 0000352915; latest 10-K filed 2026-02-25. UHS UNIVERSAL HEALTH SERVICES INC 0000352915 8062 Services-General Medical & Surgical Hospitals, NEC ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to promote an understanding of our operating results and financial condition. The MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying notes to the Consolidated Financial Statements, as included in this Annual Report on Form 10-K. The MD&A contains forward-looking statements that involve risks, uncertainties, and assumptions. Actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, those presented under Item 1A. Risk Factors, and below in Forward-Looking Statements and Risk Factors and as included elsewhere in this Annual Report on Form 10-K. This section generally discusses our results of operations for the year ended December 31, 2025, as compared to the year ended December 31, 2024. For discussion of our results of operations and changes in our financial condition for the year ended December 31, 2024 as compared to the year ended December 31, 2023, please refer to Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission on February 26, 2025. Overview Our principal business is owning and operating, through our subsidiaries, acute care hospitals and outpatient facilities and behavioral health care facilities. As of February 25, 2026, we owned and/or operated 375 inpatient facilities and 168 outpatient and other facilities located in 40 states, Washington, D.C., the United Kingdom and Puerto Rico. We have changed the method of our outpatient behavioral health care facility counts during the third quarter of 2025 and substantially all of the increase from prior periods is related to that change in convention. Acute care facilities located in the U.S.: \u2022 29 inpatient acute care hospitals; \u2022 35 free-standing emergency departments, and; \u2022 13 outpatient centers & 1 surgical hospital. Behavioral health care facilities (346 inpatient facilities and 119 outpatient facilities): Located in the U.S.: \u2022 182 inpatient behavioral health care facilities, and; \u2022 110 outpatient behavioral health care facilities. Located in the U.K.: \u2022 161 inpatient behavioral health care facilities, and; \u2022 2 outpatient behavioral health care facilities. Located in Puerto Rico: \u2022 3 inpatient behavioral health care facilities; \u2022 7 outpatient behavioral health care facilities. Net revenues from our acute care hospitals, outpatient facilities and commercial health insurer accounted for approximately 57% of our consolidated net revenues during each of 2025 and 2024. Net revenues from our behavioral health care facilities and commercial health insurer accounted for approximately 43% of our consolidated net revenues during each of 2025 and 2024. Our behavioral health care facilities located in the U.K. generated net revenues of approximately $1.001 billion in 2025 and $880 million in 2024. Total assets at our U.K. behavioral health care facilities were approximately $1.531 billion as of December 31, 2025 and $1.358 billion as of December 31, 2024. Services provided by our hospitals include general and specialty surgery, internal medicine, obstetrics, emergency room care, radiology, oncology, diagnostic care, coronary care, pediatric services, pharmacy services and/or behavioral health services. We provide capital resources as well as a variety of management services to our facilities, including central purchasing, information services, finance and control systems, facilities planning, physician recruitment services, administrative personnel management, marketing and public relations. F ITEM 1. Business Our principal business is owning and operating, through our subsidiaries, acute care hospitals and outpatient facilities and behavioral health care facilities. As of February 25, 2026, we owned and/or operated 375 inpatient facilities and 168 outpatient and other facilities located in 40 states, Washington, D.C., the United Kingdom and Puerto Rico. We have changed the method of our outpatient behavioral health care facility counts during the third quarter of 2025 and substantially all of the increase from prior periods is related to that change in convention. Acute care facilities located in the U.S.: \u2022 29 inpatient acute care hospitals; \u2022 35 free-standing emergency departments, and; \u2022 13 outpatient centers & 1 surgical hospital. Behavioral health care facilities (346 inpatient facilities and 119 outpatient facilities): Located in the U.S.: \u2022 182 inpatient behavioral health care facilities, and; \u2022 110 outpatient behavioral health care facilities. Located in the U.K.: \u2022 161 inpatient behavioral health care facilities, and; \u2022 2 outpatient behavioral health care facilities. Located in Puerto Rico: \u2022 3 inpatient behavioral health care facilities; \u2022 7 outpatient behavioral health care facilities. Net revenues from our acute care hospitals, outpatient facilities and commercial health insurer accounted for approximately 57% of our consolidated net revenues during each of 2025 and 2024. Net revenues from our behavioral health care facilities and commercial health insurer accounted for approximately 43% of our consolidated net revenues during each of 2025 and 2024. Our behavioral health care facilities located in the U.K. generated net revenues of approximately $1.001 billion in 2025 and $880 million in 2024. Total assets at our U.K. behavioral health care facilities were approximately $1.531 billion as of December 31, 2025 and $1.358 billion as of December 31, 2024. Services provided by our hospitals include general and specialty surgery, ITEM 1A. Risk Factors We are subject to numerous known and unknown risks, many of which are described below and elsewhere in this Annual Report. Any of the events described below could have a material adverse effect on our business, financial condition and results of operations. Additional risk", "title": "UHS - UNIVERSAL HEALTH SERVICES INC", "url": "/company/UHS/" }, { "kind": "company", "summary": "SIC 2911 Petroleum Refining; CIK 0001035002; latest 10-K filed 2026-02-25.", "text": "VLO - VALERO ENERGY CORP/TX SIC 2911 Petroleum Refining; CIK 0001035002; latest 10-K filed 2026-02-25. VLO VALERO ENERGY CORP/TX 0001035002 2911 Petroleum Refining ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis is management\u2019s perspective of our current financial condition and results of operations, and should be read in conjunction with \u201cITEM 1A. RISK FACTORS\u201d and \u201cITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA\u201d included in this report. This discussion and analysis includes the years ended December 31, 2025 and 2024 and comparison between such years. The discussion for the year ended December 31, 2023 and comparison between the years ended December 31, 2024 and 2023 have been omitted from this annual report on Form 10-K for the year ended December 31, 2025, as such information can be found in \u201cITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS\u201d in our annual report on Form 10-K for the year ended December 31, 2024, which was filed on February 26, 2025. CAUTIONARY STATEMENT FOR THE PURPOSE OF SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This report, including without limitation our disclosures below under \u201cOVERVIEW AND OUTLOOK,\u201d includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify our forward-looking statements by the words \u201canticipate,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201cplan,\u201d \u201cintend,\u201d \u201cscheduled,\u201d \u201cestimate,\u201d \u201cproject,\u201d \u201cprojection,\u201d \u201cpredict,\u201d \u201cbudget,\u201d \u201cforecast,\u201d \u201cgoal,\u201d \u201cguidance,\u201d \u201ctarget,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201cmay,\u201d \u201cstrive,\u201d \u201cseek,\u201d \u201cpursue,\u201d \u201cpotential,\u201d \u201copportunity,\u201d \u201caimed,\u201d \u201cconsidering,\u201d \u201ccontinue,\u201d \u201cevaluate,\u201d and similar expressions. These forward-looking statements include, among other things, statements regarding: \u2022the effect, impact, potential duration or timing, or other implications of global geopolitical and other conflicts and tensions, and government and other responses thereto; \u2022future Refining segment margins, including gasoline and distillate margins, and differentials; \u2022future Renewable Diesel segment margins; \u2022future Ethanol segment margins; \u2022expectations regarding feedstock costs, including crude oil differentials, product prices for each of our segments, transportation costs, and operating expenses (including natural gas, electricity, and water availability and prices); \u2022anticipated levels of crude oil and liquid transportation fuel inventories, storage capacity, and production; \u2022expectations with respect to third-party refining, logistics, and low-carbon fuels projects and operations, and the effect and implications thereof on industry and market dynamics; \u2022expectations regarding the levels of, and costs and timing with respect to, the production and operations at our existing refineries and plants, projects under evaluation, construction, or development, and former projects; \u2022our plans, actions, assets, and operations in California and expected timing and cost of obligations and other financial statement impacts; \u2022our anticipated level of capital investments, including deferred turnaround and catalyst cost expenditures, our expected allocation between, and/or within, growth capital expenditures and sustaining capital expenditures, capital expenditures for environmental and other purposes, and 38 Table of Contents joint venture investments, the expected costs and timing applicable to such capital investments and any related projects, and the effect of those capital investments on our business, financial condition, results of operations, and liquidity; \u2022our anticipated level of cash distributions or contributions, such as our dividend payment rate and contributions to our pension plans and other postretirement benefit plans; \u2022our ability to meet future cash and credit requirements, whether from funds generated from our operations or our ability to access financial markets effectively, and expectations regarding our liquidity; \u2022our evaluation of, and expectat ITEM 1A. RISK FACTORS You should carefully consider the following risk factors in addition to the other information included in this report. Each of these risks could adversely affect our business, financial condition, results of operations, and/or liquidity, as well as, in certain cases, the value of an investment in our securities. Although the risks are organized by headings and each risk is discussed separately, many are interrelated. BUSINESS, INDUSTRY, AND OPERATIONS RISKS Our financial results are affected by volatile margins, which are dependent upon factors beyond our control, including the prices we pay to acquire feedstocks and the market prices at which we can sell our products. Our financial results are affected by the margin (i.e., the difference) between our product prices and the prices for crude oil, corn, and other feedstocks that we purchase, which can vary greatly based on global and regional market conditions, as well as by type and class of product or feedstock. Historically, product margins have been volatile, and we believe they will continue to be volatile in the future. The prices we pay to acquire feedstocks and the market prices at which we can ultimately sell our products depend upon several factors, including global and regional supplies, inventory levels, and availability of and demand for feedstocks, liquid transportation fuels, and other products. These in turn depend on, among other things, global and regional production levels, or capacities of suppliers and competitors; operational costs and flexibility (including natural gas, electricity, and water availability and costs); transportation and logistics availability and costs; proximity and access to product and feedstock supplies and markets; economic activity and growth levels; U.S. and foreign relations (including tariffs, duties, sanctions, or other trade restrictions); political affairs; government regulations; and the events described in many of the other risk factors bel", "title": "VLO - VALERO ENERGY CORP/TX", "url": "/company/VLO/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001393052; latest 10-K filed 2026-03-20.", "text": "VEEV - VEEVA SYSTEMS INC SIC 7372 Services-Prepackaged Software; CIK 0001393052; latest 10-K filed 2026-03-20. VEEV VEEVA SYSTEMS INC 0001393052 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this report. In addition to historical consolidated financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results could differ materially from those anticipated by these forward-looking statements as a result of many factors. We discuss factors that we believe could cause or contribute to these differences below and elsewhere in this report, including those set forth under \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview Veeva is the leading provider of industry cloud solutions for the global life sciences industry. Our offerings span cloud software, data, and business consulting and are designed to meet the unique needs of our customers and their most strategic business functions\u2014from research and development (\u201cR&D\u201d) through commercialization. Our solutions help life sciences companies develop and bring products to market faster and more efficiently, market and sell more effectively, and maintain compliance with government regulations. Our industry cloud solutions are grouped into four major product categories\u2014Veeva Development Cloud, Veeva Quality Cloud, Veeva Commercial Cloud, and Veeva Data Cloud. For financial reporting purposes, \u201cCommercial Solutions\u201d revenues refer to revenues associated with our Veeva Commercial Cloud and Veeva Data Cloud solutions, and \u201cR&D and Quality Solutions\u201d revenues refer to revenues associated with our Veeva Development Cloud and Veeva Quality Cloud solutions. In our fiscal year ended January 31, 2026, we derived approximately 47% and 53% of our subscription revenues and 45% and 55% of our total revenues from our Commercial Solutions and R&D and Quality Solutions, respectively. For the fiscal year ended January 31, 2025, we derived approximately 48% and 52% of our subscription revenues and 47% and 53% of our total revenues from our Commercial Solutions and R&D and Quality Solutions, respectively. Revenues associated with our R&D and Quality Solutions are expected to increase as a percentage of both subscription revenues and total revenues in the future. We also offer certain of our R&D and Quality Solutions to industries outside the life sciences industry primarily in North America and Europe. For our fiscal years ended January 31, 2026, 2025, and 2024, our total revenues were $3,195 million, $2,747 million, and $2,364 million, respectively, representing year-over-year growth in total revenues of 16% in our fiscal year ended January 31, 2026, and 16% in our fiscal year ended January 31, 2025. For our fiscal years ended January 31, 2026, 2025, and 2024, our subscription revenues were $2,684 million, $2,285 million, and $1,902 million, respectively, representing year-over-year growth in subscription revenues of 17% in our fiscal year ended January 31, 2026, and 20% in our fiscal year ended January 31, 2025. We generated net income of $909 million, $714 million, and $526 million for our fiscal years ended January 31, 2026, 2025, and 2024, respectively. As of January 31, 2026, 2025, and 2024, we served 1,552, 1,477, and 1,432 customers, respectively. As of January 31, 2026, 2025, and 2024, we had 767, 730, and 693 Commercial Solutions customers, respectively, and 1,196, 1,125, and 1,078 R&D and Quality Solutions customers, respectively. These customer count totals are net of customer attrition during each period. The combined customer counts for Commercial Solutions and R&D and Quality Solutions exceed the total customer count in each year because some customers subscribe to products in both areas. Many of our applications for R&D are used by smaller, earlie ITEM 1. BUSINESS. Overview Veeva is the leading provider of industry cloud solutions for the global life sciences industry. Our offerings span cloud software, data, and business consulting and are designed to meet the unique needs of our customers and their most strategic business functions\u2014from research and development (\u201cR&D\u201d) through commercialization. Our solutions help life sciences companies develop and bring products to market faster and more efficiently, market and sell more effectively, and maintain compliance with government regulations. Our goal is to become the most strategic software, data, and business consulting partner to the life sciences industry, supporting the industry\u2019s most critical drug development, quality and manufacturing, and commercialization functions. Customer success is one of our core values, and our focus on it has allowed us to deepen and expand our strategic relationships with customers over time. Because of our industry focus, we have a unique, in-depth perspective into the needs and best practices of life sciences companies and clinical research sites. This allows us to develop targeted solutions, quickly adapt to regulatory changes, and incorporate highly relevant enhancements into our existing solutions at a rapid pace. We are a Delaware public benefit corporation (\u201cPBC\u201d). A PBC is a for-profit company operating under subchapter XV of the General Corporation Law of the State of Delaware (i) that has adopted a public benefit purpose intended to provide benefits beyond just stockholder financial returns, and (ii) whose directors have a fiduciary duty to balance the financial interests of stockholders, the best interests of other stakeholders materially affected by the company\u2019s conduct (which we believe includes customers, employees, partners, and the communities in which we operate), and the pursuit of the company\u2019s public benefit purpose. Our public benefit purpose, as reflected in our certificate of incorporation, is \u201cto ITEM 1A. RISK FACTORS. Investing in our common stock involves a high degree of risk. You should consider carefully the risks and uncertainties described below and in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d together with all of the other information in this report, including our consoli", "title": "VEEV - VEEVA SYSTEMS INC", "url": "/company/VEEV/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000740260; latest 10-K filed 2026-02-06.", "text": "VTR - Ventas, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0000740260; latest 10-K filed 2026-02-06. VTR Ventas, Inc. 0000740260 6798 Real Estate Investment Trusts ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion provides information that management believes is relevant to an understanding and assessment of the consolidated financial condition and results of operations of Ventas, Inc. You should read this discussion in conjunction with our Consolidated Financial Statements and the notes thereto included in Part II, Item 8 of this Annual Report and our Risk Factors included in Part I, Item 1A of this Annual Report. Business Summary and Overview of 2025 Ventas, Inc., (together with its consolidated subsidiaries, unless otherwise indicated or except where the context otherwise requires, \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cVentas,\u201d \u201cCompany\u201d and other similar terms) is an S&P 500 company focused on delivering strong, sustainable shareholder returns by enabling exceptional environments that benefit a large and growing aging population. We hold a portfolio that includes senior housing communities, outpatient medical buildings, research centers, hospitals and healthcare facilities located in North America and the United Kingdom. As of December 31, 2025, we owned or had investments in 1,409 properties consisting of 1,374 properties in our reportable segments (\u201cSegment Properties\u201d) and 35 properties held by unconsolidated real estate entities in our non-segment operations. We are headquartered in Chicago, Illinois with additional corporate offices in Louisville, Kentucky and New York, New York. We elected to be taxed as a real estate investment trust (\u201cREIT\u201d) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the \u201cCode\u201d), commencing with our taxable year ended December 31, 1999. Provided we qualify for taxation as a REIT, we generally are not required to pay U.S. federal corporate income taxes on our REIT taxable income that is currently distributed to our stockholders. In order to maintain our qualification as a REIT, we must satisfy a number of technical requirements, which impact how we invest in, operate and manage our assets. See \u201cRisk Factors\u2014Risks Relating to Our REIT Status\u201d included in Part I, Item 1A of this Annual Report. 54 Table of Contents We operate through three reportable segments: senior housing operating portfolio, which we refer to as \u201cSHOP,\u201d outpatient medical and research portfolio, which we refer to as \u201cOM&R,\u201d and triple-net leased properties, which we refer to as \u201cNNN.\u201d We also hold assets outside of our reportable segments, which we refer to as non-segment assets, and which consist primarily of corporate assets, including cash and cash equivalents, restricted cash, loans receivable and investments, accounts receivable and investments in unconsolidated entities. Our investments in unconsolidated entities include investments made through our third-party institutional private capital management platform, Ventas Investment Management (\u201cVIM\u201d). Through VIM, we partner with third-party institutional investors to invest in real estate through various joint ventures and other co-investment vehicles where we are the sponsor or general partner, including our open-ended investment vehicle, the Ventas Life Science & Healthcare Real Estate Fund (the \u201cVentas Fund\u201d). Our investments in unconsolidated entities also includes investments in operating entities, such as Ardent Health, Inc. (together with its subsidiaries, \u201cArdent\u201d) and Atria Senior Living, Inc. (together with its subsidiaries, \u201cAtria\u201d). See our Consolidated Financial Statements and the related notes, including \u201cNote 7 \u2013 Investments in Unconsolidated Entities\u201d included in Part II, Item 8 of this Annual Report. Our chief operating decision maker evaluates performance of the combined properties in each operating segment and determines how to allocate resources to these segments based on net operating income (\u201cNOI\u201d) for each segment. See our Consolidated Financial Statements and the related notes, including \u201cNote 2 \u2013 Accounting Policies ITEM 1. Business BUSINESS Overview Ventas, Inc. is an S&P 500 company focused on delivering strong, sustainable shareholder returns by enabling exceptional environments that benefit a large and growing aging population. We hold a portfolio that includes senior housing communities, outpatient medical buildings, research centers, hospitals and healthcare facilities located in North America and the United Kingdom. As of December 31, 2025, we owned or had investments in 1,409 properties consisting of 1,374 properties in our reportable segments (\u201cSegment Properties\u201d) and 35 properties held by unconsolidated real estate entities in our non-segment operations. We are headquartered in Chicago, Illinois with additional corporate offices in Louisville, Kentucky and New York, New York. We elected to be taxed as a real estate investment trust (\u201cREIT\u201d) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the \u201cCode\u201d), commencing with our taxable year ended December 31, 1999. Provided we qualify for taxation as a REIT, we generally are not required to pay U.S. federal corporate income taxes on our REIT taxable income that is currently distributed to our stockholders. In order to maintain our qualification as a REIT, we must satisfy a number of technical requirements, which impact how we invest in, operate and manage our assets. See \u201cRisk Factors\u2014Risks Relating to Our REIT Status\u201d included in Part I, Item 1A of this Annual Report. We operate through three reportable segments: senior housing operating portfolio, which we refer to as \u201cSHOP,\u201d outpatient medical and research portfolio, which we refer to as \u201cOM&R,\u201d and triple-net leased properties, which we refer to as \u201cNNN.\u201d We also hold assets outside of our reportable segments, which we refer to as non-segment assets, and which consist primarily of corporate assets, including cash and cash equivalents, restricted cash, loans receivable and investments, accounts receivable and investments in unconso ITEM 1A. Risk Factors This section discusses material factors that affect our business, operations and financial condition. It does not describe all risks and uncertainties applicable to us, our industry or ownership of our securities. If any of the following risks, or any other risks and uncertainties that are not addressed below or that we have ", "title": "VTR - Ventas, Inc.", "url": "/company/VTR/" }, { "kind": "company", "summary": "SIC 3825 Instruments For Meas & Testing of Electricity & Elec Signals; CIK 0001967680; latest 10-K filed 2026-02-20.", "text": "VLTO - Veralto Corp SIC 3825 Instruments For Meas & Testing of Electricity & Elec Signals; CIK 0001967680; latest 10-K filed 2026-02-20. VLTO Veralto Corp 0001967680 3825 Instruments For Meas & Testing of Electricity & Elec Signals ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is designed to provide material information relevant to an assessment of the Company\u2019s financial condition and results of operations, including an evaluation of the amounts and certainty of cash flows from operations and from outside sources. This MD&A is designed to focus specifically on material events and uncertainties known to management that are reasonably likely to cause reported financial information not to be necessarily indicative of future operating results or of future financial condition. This includes descriptions and amounts of matters that have had a material impact on reported operations, as well as matters that are reasonably likely based on management\u2019s assessment to have a material impact on future operations. This MD&A is designed to provide a reader of the accompanying financial statements with a narrative from the perspective of management. This MD&A is divided into seven sections: \u2022Basis of Presentation \u2022Overview \u2022Results of Operations \u2022Financial Instruments and Risk Management \u2022Liquidity and Capital Resources \u2022Critical Accounting Estimates \u2022New Accounting Standards \u2022Separation from Danaher This MD&A should be read together with Part I, \u201cItem 1A. Risk Factors\u201d and the accompanying Consolidated and Combined Financial Statements and Notes to Consolidated and Combined Financial Statements (\u201cNotes\u201d) included in Item 8. of this Annual Report on Form 10-K. This MD&A generally discusses 2025 and 2024 items and year-over-year comparisons between 2025 and 2024. Discussions of 2023 items and year-over-year comparisons between 2024 and 2023 are not included, and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d (\u201cMD&A\u201d) in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K filed for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission on February 25, 2025. This MD&A includes forward-looking statements. For a discussion of important factors that could cause actual results to differ materially from the results referred to in these forward-looking statements, see \u201cInformation Relating to Forward-Looking Statements.\u201d BASIS OF PRESENTATION The Company completed the Separation from Danaher Corporation (\u201cDanaher\u201d or \u201cFormer Parent\u201d) on September 30, 2023, the first day of its fiscal fourth quarter of 2023 (the \u201cSeparation\u201d). Before that date, Veralto\u2019s businesses were comprised of certain Danaher operating units. The Separation was completed in the form of a pro rata distribution to Danaher stockholders of record on September 13, 2023 of all of the issued and outstanding shares of Veralto common stock held by Danaher. Because September 30, 2023 was a Saturday, not a business day, the shares were credited to \u201cstreet name\u201d stockholders through the Depository Trust Company on the first trading day thereafter, October 2, 2023. Veralto\u2019s common stock began \u201cregular way\u201d trading on the New York Stock Exchange under the ticker symbol \u201cVLTO\u201d on October 2, 2023. OVERVIEW General Refer to \u201cItem 1. Business\u201d for a discussion of Veralto\u2019s strategic objectives and methodologies for delivering long-term shareholder value. Veralto is a multinational business with global operations. During 2025, approximately 56% of Veralto\u2019s sales were derived from customers outside the United States. As a diversified, global business, Veralto\u2019s operations are affected by worldwide, regional and industry-specific economic and political factors. Veralto\u2019s geographic and industry diversity, as well as the range of its products and services, help limit the impact of any one industry or the economy of any single country on its consolidated operating results. The Company\u2019s 26 Table of Contents individual businesses monitor key competitors and customers, includin ITEM 1. BUSINESS Our Company Veralto Corporation\u2019s unifying purpose is Safeguarding the World\u2019s Most Vital ResourcesTM. Our diverse group of leading operating companies provide essential technology solutions that monitor, enhance and protect key resources around the globe. We are committed to the advancement of public health and safety and believe we are positioned to support our customers as they address large global challenges including environmental resource sustainability, water scarcity, management of severe weather events, food and pharmaceutical security, and the impact of an aging workforce. For decades, we have used our scientific expertise and innovative technologies to address complex challenges our customers face across regulated industries \u2013 including municipal utilities, food and beverage, pharmaceutical and industrials \u2013 where the consequence of failure is high. Through our core offerings in water analytics, water treatment, marking and coding, and packaging and color, customers look to our solutions to help ensure the safety, quality, efficiency and reliability of their products, processes and people globally. Veralto is headquartered in Waltham, Massachusetts with a workforce of nearly 17,000 employees (whom we refer to as \u201cassociates\u201d) as of December 31, 2025, of whom approximately 6,500 were employed in North America, 5,000 were employed in Western Europe, 500 were employed in other developed markets and 5,000 were employed in high-growth markets. Veralto defines high-growth markets as developing markets of the world which include Asia (with the exception of Japan, Australia and New Zealand), Latin America (including Mexico), the Middle East, Eastern Europe and Africa. Veralto defines developed markets as all markets of the world that are not high-growth markets. Veralto Corporation is a Delaware corporation and was incorporated in 2023 in connection with the separation of Veralto from Danaher Corporation (\u201cDanaher\u201d or \u201cFormer Parent\u201d) on Septe ITEM 1A. RISK FACTORS You should carefully consider the risks and uncertainties described below, together with the information included elsewhere in this Annual Report on Form 10-K and other documents we file with the SEC. We have identified the risks and uncertainties described below as", "title": "VLTO - Veralto Corp", "url": "/company/VLTO/" }, { "kind": "company", "summary": "SIC 7371 Services-Computer Programming Services; CIK 0001014473; latest 10-K filed 2026-02-05.", "text": "VRSN - VERISIGN INC/CA SIC 7371 Services-Computer Programming Services; CIK 0001014473; latest 10-K filed 2026-02-05. VRSN VERISIGN INC/CA 0001014473 7371 Services-Computer Programming Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FORWARD-LOOKING STATEMENTS This Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These forward-looking statements are based on current expectations and assumptions and involve risks, uncertainties, and other important factors, including, among other things, statements regarding the Company\u2019s quarterly dividend and our expectations about the sufficiency of our existing cash, cash equivalents and marketable securities, and funds generated from operations, together with our borrowing capacity under the unsecured revolving credit facility. In some cases, you can identify forward-looking statements by terms such as \u201cassumes,\u201d \u201ccould,\u201d \u201cestimates,\u201d \u201cforecasts,\u201d \u201cmay,\u201d \u201cplans,\u201d \u201cpotential,\u201d \u201cpredicts,\u201d \u201cprojects,\u201d \u201cshould,\u201d \u201ctargets,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cseeks,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cintends,\u201d \u201cbelieves\u201d and similar language intended to identify forward-looking statements. Our actual results may differ significantly from those projected in the forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in the section titled \u201cRisk Factors\u201d in Part I, Item 1A of this Form 10-K. You should also carefully review the risks described in other documents we file from time to time with the SEC, including the Quarterly Reports on Form 10-Q or Current Reports on Form 8-K that we file in 2026. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this Form 10-K. We undertake no obligation to update publicly or revise such statements, whether as a result of new information, future events, or otherwise, except as required by law. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview We are a global provider of critical internet infrastructure and domain name registry services, enabling internet navigation for many of the world\u2019s most recognized domain names. We help enable the security, stability, and resiliency of the DNS and the internet by providing Root Zone Maintainer Services, operating two of the thirteen global internet root servers, and providing registration services and authoritative resolution for the .com and .net TLDs, which support the majority of global e-commerce. As of December 31, 2025, we had 173.5 million .com and .net registrations in the domain name base. The number of domain names registered is largely driven by continued growth in online advertising, e-commerce, and the number of internet users, which is partially driven by greater availability of internet access, as well as marketing activities carried out by us and our registrars. The number of domain name registrations under our management may be negatively impacted by certain factors, including overall economic conditions, competition from ccTLDs, other gTLDs, services that offer alternatives for an online presence, and ongoing changes in the internet practices and behaviors of consumers and businesses. Factors such as the evolving practices and preferences of internet users, and how they navigate the internet, as well as the motivation of domain name registrants and how they will manage their investment in domain names, can negatively impact our business and the demand for new domain name registrations and renewals. 2025 Business Highlights and Trends \u2022We recorded revenues of $1,656.6 million in 2025, which represents an increase of 6% as compared to 2 ITEM 1. BUSINESS Overview We are a global provider of critical internet infrastructure and domain name registry services, enabling internet navigation for many of the world\u2019s most recognized domain names. We help enable the security, stability, and resiliency of the Domain Name System (\u201cDNS\u201d) and the internet by providing Root Zone Maintainer services, operating two of the thirteen global internet root servers, and providing registration services and authoritative resolution for the .com and .net top-level domains (\u201cTLDs\u201d), which support the majority of global e-commerce. We were incorporated in Delaware on April 12, 1995. Our principal executive offices are located at 12061 Bluemont Way, Reston, Virginia 20190. Our telephone number at that address is (703) 948-3200. Our common stock is traded on the Nasdaq Global Select Market under the ticker symbol VRSN. VERISIGN, the VERISIGN logo, and certain other product or service names are registered or unregistered trademarks in the U.S. and other countries. Other names used in this Form 10-K may be trademarks of their respective owners. Our primary website is https://www.verisign.com. The information available on, or accessible through, this website is not incorporated in this Form 10-K by reference. Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d), are available, free of charge, on the Investor Relations section of our website as soon as is reasonably practicable after filing such reports with the Securities and Exchange Commission (the \u201cSEC\u201d). The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at https://www.sec.gov. Pursuant to our agreements with the Internet Corporation for Assigned Names and ITEM 1A. RISK FACTORS Please carefully consider the following discussion of significant factors, events and uncertainties that make an investment in our securities risky. In addition to other information in this Form 10-K, the following risk factors should be carefully considered in evaluating us and our business. When ", "title": "VRSN - VERISIGN INC/CA", "url": "/company/VRSN/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001442145; latest 10-K filed 2026-02-18.", "text": "VRSK - Verisk Analytics, Inc. SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001442145; latest 10-K filed 2026-02-18. VRSK Verisk Analytics, Inc. 0001442145 7374 Services-Computer Processing & Data Preparation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our historical financial statements and the related notes included elsewhere in this annual report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed in or implied by any of the forward-looking statements as a result of various factors, including but not limited to those listed under \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements.\u201d New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect us. We have no obligation to update any forward-looking statements after the date hereof, except as required by applicable federal securities law. This discussion includes a comparison of our results of operations, liquidity and capital resources, financing and financing capacity and cash flow for the years ended December 31, 2025, 2024, and 2023. We are a leading data analytics provider serving clients in the insurance markets. Using advanced technologies to collect and analyze billions of records, we draw on unique data assets and deep domain expertise to provide innovations that may be integrated into client workflows. We offer predictive analytics and decision support solutions to clients in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, and many other fields. In the U.S., and around the world, we help clients protect people, property, and financial assets. Refer to Item 1. Business for further discussion. Our clients use our solutions to make better decisions about risk and opportunities with greater efficiency and discipline. We refer to these products and services as \u201csolutions\u201d due to the integration among our services and the flexibility that enables our clients to purchase components or the comprehensive package. These solutions take various forms, including data, statistical models, or tailored analytics, all designed to allow our clients to make more logical decisions. We believe our solutions for analyzing risk positively impact our clients\u2019 revenues and help them better manage their costs. Executive Summary Key Performance Metrics Revenue growth. We use year-over-year revenue growth as a key performance metric. We assess revenue growth based on our ability to generate increased revenue through increased sales to existing customers, sales to new customers, sales of new or expanded solutions to existing and new customers, and strategic acquisitions of new businesses. EBITDA. We use year-over-year EBITDA growth as a key performance metric. EBITDA and EBITDA margin are non-GAAP financial measures. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization of fixed and intangible assets. We calculate EBITDA margin as EBITDA divided by revenues. The respective nearest applicable GAAP financial measures are net income and net income margin. Although EBITDA is a non-GAAP financial measure, EBITDA is frequently used by securities analysts, lenders, and others in their evaluation of companies; EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as a substitute for an analysis of our operating income, net income, or cash flow from operating activities reported under GAAP. Management uses EBITDA and EBITDA margin in conjunction with traditional GAAP operating performance measures as part of its overall assessment of company performance. We believe these measures are useful and meaningful because they help us allocate resources, make business decisions, allow for greater transparency regarding our operating performance, and facilitate period-to-period comparisons. Some of these limitations involved in the use of EBITDA are: \u2022 EBITDA does not reflect Item 1. Business Our Company Verisk is a leading data, analytics, and technology provider serving clients in the insurance ecosystem. Using advanced technologies to collect and analyze billions of records, we draw on unique data assets, insurance industry knowledge, and technological expertise to provide valuable solutions that are integrated into client workflows. We offer predictive analytics and decision support solutions to clients in rating, underwriting, claims, catastrophe, weather risk, and many other fields. In the United States (\u201cU.S.\u201d) and around the world, we help clients protect individuals, communities, and businesses. We completed the sale of our Energy business on February 1, 2023. Our clients use our solutions to make better decisions about risk and improve operating efficiency. We refer to these products and services as solutions due to the integration among our services and the flexibility that enables our clients to purchase components or a comprehensive package. These solutions take various forms, including proprietary data assets, expert industry insight, statistical models, tailored analytic objects, and robust software platforms all designed to allow our clients to make more informed risk decisions. We believe our solutions for analyzing risk have a positive impact on our clients\u2019 revenues and help them better manage their costs. In 2025, our clients included all of the top 100 property and casualty (\"P&C\") insurance providers in the U.S. for the lines of P&C services we offer. We believe that our commitment to our clients and the embedded nature of our solutions serve to strengthen and extend our relationships. We believe that Verisk is uniquely positioned with a series of competitive differentiators including: \u2022 Proprietary Data Assets \u2013 Data is at the core of what we do. We use our proprietary and contributory data assets to develop predictive analytics and transformative models for our clients; \u2022 Deep Insurance Industry Expertise a Item 1A. Risk Factors You should carefully consider the following risks and all of the other information set forth in this annual report on Form 10-K before deciding to invest in any of our securities. If any of the following risks actually occurs, our business, financial condition or re", "title": "VRSK - Verisk Analytics, Inc.", "url": "/company/VRSK/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000875320; latest 10-K filed 2026-02-13.", "text": "VRTX - VERTEX PHARMACEUTICALS INC / MA SIC 2834 Pharmaceutical Preparations; CIK 0000875320; latest 10-K filed 2026-02-13. VRTX VERTEX PHARMACEUTICALS INC / MA 0000875320 2834 Pharmaceutical Preparations ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Our discussion and analysis of our financial condition and results of operations for 2025 as compared to 2024 are discussed below. For a discussion of our financial condition and results of operations for 2024 as compared to 2023, please refer to Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our 2024 Annual Report on Form 10-K, except as set forth below. OVERVIEW We are a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious diseases, with a focus on specialty markets. We have approved medicines for cystic fibrosis (\u201cCF\u201d), sickle cell disease (\u201cSCD\u201d), transfusion dependent beta thalassemia (\u201cTDT\u201d), and acute pain, and we continue to serially innovate and advance next-generation clinical and research programs in these areas. Our mid- and late-stage clinical pipeline includes programs across a range of modalities in additional serious diseases, including IgA nephropathy, APOL1-mediated kidney disease, neuropathic pain, type 1 diabetes, primary membranous nephropathy, autosomal dominant polycystic kidney disease, and myotonic dystrophy type 1. Collectively, our five CF medicines, led by TRIKAFTA/KAFTRIO, are being used to treat nearly three quarters of the people with CF in the U.S., Europe, Australia, and Canada. ALYFTREK, our newest CF medicine, is approved in the United States (the \u201cU.S.\u201d), the United Kingdom (the \u201cU.K.\u201d), the European Union (the \u201cE.U.\u201d), Canada, New Zealand, Switzerland, Australia and Israel. CASGEVY, our ex-vivo, non-viral CRISPR/Cas9 gene-edited cell therapy, is approved in the U.S., the E.U., the U.K., the Kingdom of Saudi Arabia (\u201cSaudi Arabia\u201d), the Kingdom of Bahrain (\u201cBahrain\u201d), Qatar, the United Arab Emirates (the \u201cUAE\u201d), Kuwait, Switzerland and Canada for the treatment of people 12 years of age and older with SCD or TDT. JOURNAVX, our selective non-opioid NaV1.8 pain signal inhibitor, is approved in the U.S. for the treatment of people with moderate-to-severe acute pain. We are continuing our commercial launch of JOURNAVX for eligible adults. Financial Highlights [[GREPCENT_TABLE]] [[\"Total Revenues\",\"In 2025, our total revenues increased to $12.0 billion as compared to $11.0 billion in 2024, primarily due to continued strong demand for TRIKAFTA/KAFTRIO as well as contributions from our launches of ALYFTREK, JOURNAVX and CASGEVY.\"],[\"Cost of Sales\",\"Our cost of sales as a percentage of our net product revenues decreased from 13.9% in 2024 to 13.8% in 2025 as a result of a lower overall royalty rate for our CF medicines, partially offset by changes in our product mix, and investments in network expansion and manufacturing process improvements.\"],[\"Total R&D and SG&A Expenses\",\"Our total research and development (\\u201cR&D\\u201d) and selling, general and administrative (\\u201cSG&A\\u201d) expenses increased to $5.7 billion in 2025 as compared to $5.1 billion in 2024, primarily due to increased investment to commercialize our new products and to advance our R&D pipeline.\"],[\"AIPR&D Expenses\",\"In 2025, our acquired in-process research and development expenses (\\u201cAIPR&D\\u201d) of $133.0 million included various upfront and milestone payments related to our collaboration and in-licensing arrangements. In 2024, AIPR&D included $4.4 billion resulting from our acquisition of Alpine Immune Sciences, Inc. (\\u201cAlpine\\u201d), which was accounted for as an asset acquisition.\"],[\"Cash\",\"Our total cash, cash equivalents and marketable securities increased to $12.3 billion as of December 31, 2025 as compared to $11.2 billion as of December 31, 2024 primarily due to cash flows provided by our operating activities partially offset by repurchases of our common stock.\"]] [[/GREPCENT_TABLE]] $0.1 45 $0.1 2024 2025 December 31, 2025 December 31, 2024 Note: Charts above ma ITEM 1.BUSINESS OVERVIEW We are a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious diseases, with a focus on specialty markets. We have approved medicines for cystic fibrosis (\u201cCF\u201d), sickle cell disease (\u201cSCD\u201d), transfusion dependent beta thalassemia (\u201cTDT\u201d), and acute pain, and we continue to serially innovate and advance next-generation clinical and research programs in these areas. Our mid- and late-stage clinical pipeline includes programs across a range of modalities in additional serious diseases, including IgA nephropathy, APOL1-mediated kidney disease, neuropathic pain, type 1 diabetes, primary membranous nephropathy, autosomal dominant polycystic kidney disease, and myotonic dystrophy type 1. The following chart sets forth our approved products, clinical-stage programs, and select pre-clinical programs: We are advancing five pivotal programs across multiple disease areas: \u2022IgA Nephropathy. We are developing povetacicept, a dual inhibitor of the B cell activating factor (\u201cBAFF\u201d) and a proliferation-inducing ligand (\u201cAPRIL\u201d) pathways, as a potentially best-in-class approach to treat IgA nephropathy (\u201cIgAN\u201d), a serious, progressive, life-threatening kidney disease that often progresses to end-stage renal disease. We completed enrollment in the IgAN Phase 3 clinical trial and submitted the first module of the rolling Biologics Licensing Application (\u201cBLA\u201d) for povetacicept in IgAN in the fourth quarter of 2025. We expect to complete the submission for potential accelerated approval in the U.S. in the first half of 2026. \u2022APOL1-Mediated Kidney Disease. We are developing inaxaplin, a small molecule inhibitor of APOL1 as a potential first-in-class treatment for APOL1-mediated kidney disease (\u201cAMKD\u201d). We have completed the enrollment of the interim analysis cohort of the Phase 2/3 clinical trial and will conduct the pre-planned interim analysis once this cohort reaches ITEM 1A. RISK FACTORS Investing in our common stock involves a high degree of risk, and you should carefully consider the risks and uncertainties described below in addition to the other information included or incorporated by reference in this Annual Report on Form 10-K. If any of the following risks or uncertainties occur, our business, financ", "title": "VRTX - VERTEX PHARMACEUTICALS INC / MA", "url": "/company/VRTX/" }, { "kind": "company", "summary": "SIC 3679 Electronic Components, NEC; CIK 0001674101; latest 10-K filed 2026-02-13.", "text": "VRT - Vertiv Holdings Co SIC 3679 Electronic Components, NEC; CIK 0001674101; latest 10-K filed 2026-02-13. VRT Vertiv Holdings Co 0001674101 3679 Electronic Components, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operation Unless the context otherwise indicates or requires, references to \u201cthe Company,\u201d \u201cVertiv,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Vertiv Holdings Co, a Delaware corporation, and its consolidated subsidiaries; and \u201cGSAH\u201d refers to GS Acquisition Holdings Corp prior to the Business Combination. In addition, dollar amounts are stated in millions, except for per share amounts. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the Consolidated Financial Statements and the notes thereto included elsewhere in this Annual Report. We have omitted the discussion on our results of operations for the year ended December 31, 2023, which discussion was previously included in Item 7 of our 2024 Annual Report on Form 10-K, filed with the SEC on February 18, 2025. Overview We are a global leader in the design, manufacturing and servicing of critical digital infrastructure technology that powers, cools, deploys, secures and maintains electronics that process, store and transmit data. We primarily provide this technology to data centers, communication networks and commercial and industrial environments worldwide. We aim to help create a world where critical technologies always work, and where we empower the vital applications of the digital world. Outlook and Trends Below is a summary of trends and events that are currently affecting, or may in the future affect, our business, operations and short-term outlook: \u2022Trade and Economic Uncertainty: The global trade and economic environment continues to evolve rapidly with the imposition of new U.S. tariffs and retaliatory tariffs being imposed by foreign countries. In response to these escalating pressures and the geopolitical and macroeconomic uncertainties surrounding global supply chains and customer demand, we continue to pursue our supply chain strategy of supplier and geographic resilience. This includes, but is not limited to, continuing to add regional sourcing and manufacturing capabilities and capacity to complement our existing global supply chain. We\u2019re strengthening our supply base and manufacturing footprint in the U.S. and other strategic jurisdictions around the world as part of our overall capacity strategy to grow with customer demand in the U.S. and other jurisdictions. The imposition of U.S. tariffs and foreign country retaliatory tariffs, or the proposed imposition of additional or similar tariffs, in jurisdictions where we have manufacturing facilities or where our customers operate could increase our cost of doing business and could significantly impact our financial performance. We are continually analyzing and implementing strategic measures in an effort to minimize the financial and operational impacts of the new and proposed tariffs on our business operations, including, but not limited to, continued expansion of domestic manufacturing, alternative sourcing of components and parts regionally, increased sourcing of components and parts that qualify under applicable trade agreements, and continued evaluation of our ability to incorporate tariff impacts into pricing decisions for our products and services. We are also continually monitoring the evolving macroeconomic environment, including monitoring inflationary and recessionary pressures resulting from the ongoing tariffs and geopolitical climate. These additional pressures could significantly impact the labor markets, exchange rates, customer demand, supply chain, capital markets and other economic conditions in the jurisdictions we operate throughout 2026 and beyond. As we monitor this ever-changing situation, we have been adjusting, and will continue to adjust, our operational plans in an effort to mitigate the impact of these pressures on our business and financial performance. \u2022Capacity Expansion: We have strategically invested in expanding our global Item 1. Business Overview Vertiv is a global leader in critical digital infrastructure for applications in data centers, communication networks, and commercial and industrial environments. As businesses, industries, and communities become more connected, we pioneer and deliver end-to-end power and cooling technologies to help our customers stay resilient, optimized, and future-ready. With our industry-leading innovative technologies and global services network, we are fueling the revolution of the digital world \u2014 keeping technology ecosystems running efficiently and without interruption. We believe that Vertiv is supercharging data\u2019s potential; accelerating the pace of technology, raising the bar for accelerated compute and redefining the limits of densification. The world depends on data we power and cool\u2122. Our Company Our roots trace back to 1946 and the beginning of the information age, when Ralph Liebert founded the precursor to the Liebert Corporation, which was established in 1965 as the industry\u2019s first manufacturer of computer room air conditioning. In 1987, Liebert was acquired by Emerson Electric Co, which later formed its Network Power business in 2000 to integrate critical infrastructure technologies, including Liebert and previously acquired ASCO, a provider of power transfer switches, under one brand. Over the next decade, Emerson Network Power expanded through acquisitions of Avansys, Marconi\u2019s outside plant and power system; Knurr AG, a leading provider of enclosure systems; and Avocent, a leading provider of IT management software and keyboard, video and mouse (or \"KVM\") solutions. In 2016, Emerson Network Power was spun off as a standalone business and ultimately became \u2014 Vertiv. Vertiv became publicly-traded on February 7, 2020, with its shares listed on the New York Stock Exchange (NYSE:VRT), through a business combination with GS Acquisition Holdings Corp (\u201cGSAH\u201d), a special purpose acquisition company later renamed Vertiv Holdings Co (the Item 1A. Risk Factors An investment in our securities involves risks and uncertainties. You should carefully consider the following risks as well as the other information included in this Annual Report, including \u201cCautionary Note Regarding Forward-Looking Statements,\u201d \u201cRisk Factor Summary,\u201d \u201cItem 7. Management\u2019s Discussion and Analysis of ", "title": "VRT - Vertiv Holdings Co", "url": "/company/VRT/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001792044; latest 10-K filed 2026-02-26.", "text": "VTRS - Viatris Inc SIC 2834 Pharmaceutical Preparations; CIK 0001792044; latest 10-K filed 2026-02-26. VTRS Viatris Inc 0001792044 2834 Pharmaceutical Preparations ITEM 7.Management\u2019s Discussion and Analysis of Financial Condition And Results of Operations The following discussion and analysis addresses material changes in the financial condition and results of operations of Viatris Inc. and subsidiaries for the periods presented. Unless context requires otherwise, the \u201cCompany,\u201d \u201cViatris,\u201d \u201cour\u201d or \u201cwe\u201d refer to Viatris Inc. and its subsidiaries. This discussion and analysis should be read in conjunction with the consolidated financial statements and the related notes to consolidated financial statements included in Part II, Item 8 in this Form 10-K, and our other SEC filings and public disclosures. 57 Table of Contents This Form 10-K contains \u201cforward-looking statements\u201d. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include, without limitation, statements about the goals or outlooks with respect to the Company\u2019s strategic initiatives and priorities, including but not limited to divestitures, acquisitions, strategic alliances, collaborations, or other potential transactions; the anticipated benefits of such strategic initiatives or priorities or restructuring activities; future opportunities for the Company and its products; the outcomes of clinical trials and research studies; R&D and new product development; and any other statements regarding the Company\u2019s future operations, financial or operating results, capital allocation, dividend policy and payments, share repurchases, debt ratio and covenants, anticipated business levels, future earnings, planned activities, anticipated growth, market opportunities, strategies, imperatives, competitions, commitments, confidence in future results, efforts to create, enhance or otherwise unlock value, and other expectations and targets for future periods. Forward-looking statements may often be identified by the use of words such as \u201cwill\u201d, \u201cmay\u201d, \u201ccould\u201d, \u201cshould\u201d, \u201cwould\u201d, \u201cproject\u201d, \u201cbelieve\u201d, \u201canticipate\u201d, \u201cexpect\u201d, \u201cplan\u201d, \u201cestimate\u201d, \u201cforecast\u201d, \u201cpotential\u201d, \u201cpipeline\u201d, \u201cintend\u201d, \u201ccontinue\u201d, \u201ctarget\u201d, \u201cseek\u201d and variations of these words or comparable words. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: \u2022the possibility that the Company may not realize the intended benefits of, or achieve the intended goals or outlooks with respect to, its strategic initiatives and priorities; \u2022the possibility that the Company may be unable to achieve the intended or expected benefits of its enterprise-wide strategic review and related cost-saving and restructuring activities within the expected timeframe or at all; \u2022the possibility that the Company may be unable to achieve intended or expected benefits in connection with divestitures, acquisitions, strategic alliances, collaborations, or other transactions, or restructuring programs, within the expected timeframes or at all; \u2022goodwill or impairment charges or other losses; \u2022success of clinical trials and the Company\u2019s or its partners\u2019 ability to execute on new product opportunities and develop, manufacture and commercialize products; \u2022any changes in or difficulties with the Company\u2019s manufacturing facilities, including with respect to short- or long-term shutdowns, inspections, remediation and restructuring activities, supply chain continuity, inventory management, or the ability to meet anticipated demand; \u2022the Company\u2019s failure to achieve expected or targeted future financial and operating performance and results; \u2022the potential impact of natural or man-made disasters, public health outbreaks, fires, accidents, weather, unrest or other emergencies in regions where we or our partners or suppliers operate; \u2022actions and decisions of healthcare and pha ITEM 1.Business About Viatris Viatris is a global healthcare company whose breadth and scale we believe make it uniquely positioned to address healthcare needs globally. With a mission to empower people worldwide to live healthier at every stage of life, Viatris supplies high-quality medicines to approximately 1 billion patients around the world each year. The Company has a global footprint, an extensive portfolio of medicines that is well-diversified across therapeutic areas, a one-of-a-kind global supply chain designed to reach more people when and where they need them, and the scientific expertise to address some of the world's most enduring health challenges. Viatris\u2019 executive management team is focused on ensuring that the Company is optimally structured and efficiently resourced to deliver sustainable value to patients, shareholders, customers and other key stakeholders. The Company operates in more than 165 countries and territories with more than 30,000 employees. The Company has 27 manufacturing, packaging, and distribution sites worldwide, more than 1,400 approved molecules, and what we believe is industry leading commercial, R&D, regulatory, manufacturing, legal and medical expertise. Viatris\u2019 portfolio consists of generics (including complex products), globally recognized iconic brands, and an expanding portfolio of innovative medicines. Viatris is headquartered in the U.S., with global centers in Pittsburgh, Pennsylvania, Shanghai, China and Hyderabad, India. A Strong Foundation for Performance and Impact We believe that Viatris\u2019 ability to sustainably deliver high-quality medicines is grounded in its mission to empower people worldwide to live healthier at every stage of life. Viatris has executed various strategic initiatives, transactions and business arrangements over the last few years to return its base business to growth, deliver on its pipeline, reduce debt, and return capital to shareholders. The Company has also completed certain divest ITEM 1A.Risk Factors We operate in a complex and rapidly changing environment that involves risks, many of which are beyond our control. Our business, financial condition, results of operations, cash flows, ability to pay dividends or repurchase shares, and/or stock price could be materially affected by any of these risks, if they occur, or by other fa", "title": "VTRS - Viatris Inc", "url": "/company/VTRS/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001705696; latest 10-K filed 2026-02-25.", "text": "VICI - VICI PROPERTIES INC. SIC 6798 Real Estate Investment Trusts; CIK 0001705696; latest 10-K filed 2026-02-25. VICI VICI PROPERTIES INC. 0001705696 6798 Real Estate Investment Trusts ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the financial condition and results of operations of VICI Properties Inc. and VICI Properties L.P. for the year ended December 31, 2025 should be read in conjunction with the audited consolidated Financial Statements and notes thereto and other financial information included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our business and growth strategies, statements regarding the industry outlook and our expectations regarding the future performance of our business contained herein are forward-looking statements. See \u201cCautionary Note Regarding Forward-Looking Statements.\u201d You should also review the \u201cRisk Factors\u201d section in Item 1A. of this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by such forward-looking statements. OVERVIEW We are an owner and acquirer of experiential real estate assets across leading gaming, hospitality, wellness, entertainment and leisure destinations. Our geographically diverse portfolio currently consists of 93 experiential assets consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. Our portfolio also includes certain real estate debt investments, most of which we have originated for strategic reasons in connection with transactions that either do or may provide the potential to convert our investment into the ownership of certain of the underlying real estate in the future. In addition, we own approximately 33 acres of undeveloped or underdeveloped land on and adjacent to the Las Vegas Strip that is leased to Caesars, which we may look to monetize as appropriate. We also own four championship golf courses located near certain of our properties, two of which are in close proximity to the Las Vegas Strip. We conduct our operations as a REIT for U.S. federal income tax purposes. We conduct our real property business through our operating partnership, VICI OP, and our golf course business through a TRS, VICI Golf. For additional information with respect to our business and operations, refer to Item 1. - Business. Key 2025 Highlights Operating Results \u2022Total revenues increased 4.1% year-over-year to $4.0 billion. \u2022Net income attributable to common stockholders increased 3.6% year-over-year to $2.8 billion, and net income attributable to common stockholders per diluted share increased 2.1% to $2.61. \u2022AFFO increased 6.6% year-over-year to $2.5 billion and AFFO per diluted share increased 5.1% to $2.38. Significant Achievements \u2022Announced a $1.16 billion transaction to acquire seven casino properties from Golden and enter into the Golden Master Lease with a newly formed entity that will be owned and controlled by Blake L. Sartini, current chairman and chief executive officer of Golden, with an initial annual rent of $87.0 million. \u2022Made three real estate debt investments totaling $966.0 million of commitments. \u25e6Funded new and existing loan commitments totaling $883.4 million. \u2022Announced an increase in our quarterly cash dividend to $0.45 per share (or $1.80 per share on an annualized basis) in the third quarter of 2025, representing a 4.0% increase compared to our previous quarterly dividend. \u2022Issued $1,300.0 million of investment grade senior unsecured notes in April 2025 to refinance existing debt. \u2022Sold 7,835,973 forward shares under our ATM Program (as defined in Note 11 - Stockholders' Equity) during the year with an estimated aggregate net offering value of $252.8 million and settled 12,101,372 forward shares outstanding under our ATM Program for aggregate net proceeds of $375.7 million. 40 Table of Contents SUMMARY OF SIGNIF ITEM 1. Business We are a Maryland corporation that is primarily engaged in the business of owning and acquiring gaming, hospitality, wellness, entertainment and leisure destinations, subject to long-term triple net leases. As of December 31, 2025, we own 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas (the \u201cVenetian Resort\u201d), three of the most iconic entertainment facilities on the Las Vegas Strip. Our gaming and entertainment facilities are leased to leading brands that seek to drive consumer loyalty and value with guests through superior services, experiences, products and continuous innovation. Across approximately 127 million square feet, our well-maintained properties 2 Table of Contents are currently located across urban, destination and drive-to markets in twenty-six states and Canada, contain approximately 60,300 hotel rooms and feature over 500 restaurants, bars, nightclubs and sportsbooks. As of December 31, 2025, our properties are 100% leased with a weighted average lease term, including extension options, of approximately 39.6 years. We also have a growing array of real estate and financing partnerships with leading developers and operators in other experiential sectors, including Cabot, Cain, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. This portfolio includes certain real estate debt investments which were originated for strategic purposes, including (i) the potential to convert our investment into the ownership of the underlying real estate, (ii) the opportunity to develop relationships with owners and operators that may lead to other investments in experiential asset classes that fit within our investment policies and objectives, and (iii) the ability to make investments in expe ITEM 1A. Risk Factors You should be aware that the occurrence of any of the events described in this section and elsewhere in this report or in any other of our filings with the SEC could have a material adverse effect on our business, financial position, liquidity, results of operations and cash flows. In evaluating us, you should c", "title": "VICI - VICI PROPERTIES INC.", "url": "/company/VICI/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001403161; latest 10-K filed 2025-11-06.", "text": "V - VISA INC. SIC 7389 Services-Business Services, NEC; CIK 0001403161; latest 10-K filed 2025-11-06. V VISA INC. 0001403161 7389 Services-Business Services, NEC ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This management\u2019s discussion and analysis provides a review of the results of operations, financial condition and liquidity and capital resources of Visa Inc. and its subsidiaries (Visa, we, us, our or the Company) on a historical basis and outlines the factors that have affected recent earnings, as well as those factors that may affect future earnings. The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included in Item 8 of this report. This section of the report generally discusses fiscal 2025 compared to fiscal 2024. Discussions of fiscal 2024 compared to fiscal 2023 that are not included in this report can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 in our Annual Report on Form 10-K for the year ended September 30, 2024, filed with the U.S. Securities and Exchange Commission. Overview Visa is a global payments technology company that facilitates secure, reliable and efficient global commerce and money movement. We provide transaction processing services (primarily authorization, clearing and settlement) among consumers, issuing and acquiring financial institutions and sellers. We are focused on extending, enhancing and investing in our proprietary advanced transaction processing network, VisaNet, to offer a single connection point for facilitating money movement to multiple endpoints through various form factors and innovative technologies across more than 200 countries and territories. Visa is not a financial institution. We do not issue cards, extend credit or set rates and fees for account holders of Visa products. Financial overview. A summary of our GAAP and non-GAAP operating results is as follows: [[GREPCENT_TABLE]] [[\"\",\"For the Years Ended September 30,\",\"\",\"% Change(1)\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\",\"\",\"2025 vs. 2024\",\"\",\"2024 vs. 2023\"],[\"\",\"(in millions, except percentages and per share data)\"],[\"Net revenue\",\"$\",\"40,000\",\"\",\"\",\"$\",\"35,926\",\"\",\"\",\"$\",\"32,653\",\"\",\"\",\"11\",\"%\",\"\",\"10\",\"%\"],[\"Operating expenses\",\"$\",\"16,006\",\"\",\"\",\"$\",\"12,331\",\"\",\"\",\"$\",\"11,653\",\"\",\"\",\"30\",\"%\",\"\",\"6\",\"%\"],[\"Net income\",\"$\",\"20,058\",\"\",\"\",\"$\",\"19,743\",\"\",\"\",\"$\",\"17,273\",\"\",\"\",\"2\",\"%\",\"\",\"14\",\"%\"],[\"Diluted earnings per share\",\"$\",\"10.20\",\"\",\"\",\"$\",\"9.73\",\"\",\"\",\"$\",\"8.28\",\"\",\"\",\"5\",\"%\",\"\",\"17\",\"%\"],[\"Non-GAAP operating expenses(2)\",\"$\",\"12,906\",\"\",\"\",\"$\",\"11,609\",\"\",\"\",\"$\",\"10,481\",\"\",\"\",\"11\",\"%\",\"\",\"11\",\"%\"],[\"Non-GAAP net income(2)\",\"$\",\"22,542\",\"\",\"\",\"$\",\"20,389\",\"\",\"\",\"$\",\"18,280\",\"\",\"\",\"11\",\"%\",\"\",\"12\",\"%\"],[\"Non-GAAP diluted earnings per share(2)\",\"$\",\"11.47\",\"\",\"\",\"$\",\"10.05\",\"\",\"\",\"$\",\"8.77\",\"\",\"\",\"14\",\"%\",\"\",\"15\",\"%\"]] [[/GREPCENT_TABLE]] (1)Figures in the table may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers. (2)For a full reconciliation of our GAAP to non-GAAP financial results, see tables in Non-GAAP financial results below. Highlights for fiscal 2025. Net revenue increased 11% over the prior year, primarily due to the growth in processed transactions, nominal cross-border volume, and nominal payments volume, partially offset by higher client incentives. See Results of Operations\u2014Net Revenue below for further discussion. Exchange rate movements did not have a material impact on net revenue growth. GAAP operating expenses increased 30% over the prior year, primarily driven by higher litigation provision and personnel expenses. See Results of Operations\u2014Operating Expenses below for further discussion. Exchange rate movements did not have a material impact on operating expenses growth. Non-GAAP operating expenses increased 11% over the prior year, primarily driven by higher personnel, general and administrative, and depreciation and amortization expenses. Release of preferred stock. In August 2025, we release ITEM 1. Business OVERVIEW Visa is one of the world\u2019s leaders in digital payments. Our purpose is to uplift everyone, everywhere by being the best way to pay and be paid. Since Visa\u2019s early days in 1958, we have been in the business of facilitating secure, reliable and efficient global commerce and money movement. We provide transaction processing services (primarily authorization, clearing and settlement) among consumers, issuing and acquiring financial institutions and sellers in a structure we call the \u201cfour-party\u201d model. Please see Our Core Business discussion below. As the payments ecosystem continues to evolve, we have broadened this model to include digital banks, digital wallets, a range of financial technology companies (fintechs), governments and non-governmental organizations (NGOs). We are focused on extending, enhancing and investing in our proprietary advanced transaction processing network, VisaNet, to offer a single connection point for facilitating money movement to multiple endpoints through various form factors and innovative technologies across more than 200 countries and territories. Visa is committed to advancing innovation within the payment technology sector. Building upon our track record of industry leadership, including early adoption and integration of artificial intelligence (AI) models in payment systems, Visa continues to invest in the development and deployment of next-generation technologies, such as generative AI (GenAI), stablecoins and agentic commerce. During fiscal 2025, 329 billion payments and cash transactions with Visa\u2019s brand were processed by Visa or other networks, equating to an average of 901 million transactions per day. Of the 329 billion total transactions, 258 billion were processed by Visa. \u2022We offer a wide range of Visa-branded payment products that our clients, including nearly 14,500 financial institutions, use to develop and offer payment solutions or services, including credit, debit, prepaid and cash acc ITEM 1A. Risk Factors Regulatory Risks We are subject to complex and evolving global regulations that could harm our business and financial results. As a global payments technology company, we are subject to complex and evolving regulations that govern our operations. Such regulations may increase in quantity, complexity and scope in response to heightene", "title": "V - VISA INC.", "url": "/company/V/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0001692819; latest 10-K filed 2026-02-27.", "text": "VST - Vistra Corp. SIC 4911 Electric Services; CIK 0001692819; latest 10-K filed 2026-02-27. VST Vistra Corp. 0001692819 4911 Electric Services Item 7.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION, AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read together with the consolidated financial statements and related notes included in Item 8. Financial Statements and Supplementary Data. See Item 7. Management's Discussion and Analysis of Financial Condition, and Results of Operations in our 2024 Form 10-K for a discussion of our financial condition and results of operations for the year ended December 31, 2023 and for the year ended December 31, 2024 compared to the year ended December 31, 2023, which is incorporated here by reference. 51 VISTRA CORP. Key Financial Results The following are financial and operating highlights we achieved in the execution of our four strategic priorities: Long-term, attractive earnings profile through the integrated business model. \u2022We continued to execute our integrated business model, delivering strong operational and financial performance while responding effectively to market opportunities. Our ability to combine a diversified and dependable generation fleet with a scaled retail platform and disciplined wholesale risk management capabilities remains a core competitive advantage and supports more stable and predictable cash flows across commodity price cycles. \u2022Long-term contracts entered in 2025 underwrite higher base profitability in the future. \u25e6In September 2025, we announced that we had entered into a 20-year power purchase agreement (PPA) (with options to extend for up to an additional 20 years) with Amazon Web Services (AWS) to supply 1,200 MW of carbon-free power from our Comanche Peak Nuclear Power Plant. We anticipate power delivery to begin in the fourth quarter of 2027 and ramp to full capacity by 2032. \u25e6In January 2026, we announced that we had entered into 20-year PPAs with Meta Platforms, Inc. (Meta) to supply 2,609 MW of carbon-free power and capacity from our PJM nuclear power plants, including 2,176 MW of operating energy and capacity and 433 of uprate energy and capacity to be constructed. We anticipate commencing delivery on a portion of the operating energy and capacity in late 2026 and full delivery by year end 2027. We anticipate commencing delivery on a portion of the uprate energy and capacity by 2031 and full delivery by year end 2034. Disciplined capital allocation. \u2022Executed disciplined capital allocation through targeted natural gas expansion, including the development of an 860 MW facility in West Texas and the acquisition of 2,600 MW of natural gas generation capacity from Lotus. \u2022In December 2025, we executed definitive agreements to acquire Cogentrix Energy, consisting of 10 natural gas generation facilities totaling approximately 5,500 MW of capacity. The transaction is expected to close in mid-to-late 2026. \u2022During the year ended December 31, 2025, we paid dividends to common stockholders totaling $306 million. \u2022In October 2025, the Board authorized an incremental amount of $1.0 billion under our stock repurchase program established in October 2021. During the year ended December 31, 2025, we repurchased 6.6 million shares for approximately $1.0 billion under the program. Through February 18, 2026, total shares repurchased under the program totaled 167 million shares for $5.9 billion, and we have $1.8 billion available for additional repurchases under the program. \u2022In December 2025, S&P raised its issuer credit rating on Vistra to investment grade from BB+ to BBB-. Maintaining a resilient balance sheet. \u2022We further diversified our sources of liquidity and improved associated borrowing costs and credit terms through a number of enhancements and amendments to our facilities throughout the year, including (i) extending the maturity of the Commodity-Linked Facility to September 2026, (ii) increasing the commitment cap under the alternative letter of credit facility from $500 million to $800 million Item 1.BUSINESS References in this report to \"we,\" \"our,\" \"us,\" and \"the Company\" are to Vistra and/or its subsidiaries, as apparent in the context. See Glossary of Terms and Abbreviations for defined terms. General Vistra is an integrated retail electricity and power generation company that provides essential power resources to customers, businesses, and communities from California to Maine. We combine an innovative, customer-centric approach to retail sales with safe, reliable, diverse, and efficient power generation. Our integrated power generation and wholesale operation allows us to efficiently obtain the electricity needed to serve our customers at the lowest cost. The integrated model enables us to structure products and contracts in a way that offers significant value compared to stand-alone retail electric providers. The Company brings its products and services to market in 18 states and the District of Columbia, including all major competitive wholesale power markets in the U.S. We serve approximately 5 million residential, commercial, and industrial retail customers with electricity and natural gas. Our generation fleet totals approximately 44,000 megawatts of generation capacity powered by a diverse portfolio, including natural gas, nuclear, coal, solar, and battery energy storage facilities. Market Discussion The operations of Vistra are aligned into five reportable business segments: (i) Retail, (ii) Texas, (iii) East, (iv) West, and (v) Asset Closure. Our Texas, East, and West segments include our electricity generation operations, and our Asset Closure segment is engaged in the decommissioning and reclamation of retired generation facilities, including mines, and battery removal and remediation activities. See Note 21 to the Financial Statements for additional information. Retail Operations Vistra is one of the largest competitive residential retail electricity providers in the U.S. Our retail operations are engaged in retail sales of electri Item 1A.RISK FACTORS Summary of Risk Factors The following summarizes the principal factors that make an investment in our company speculative or risky, all of which are more fully described in the Risk Factors section below. This summary should be read in conjunction with the Risk Factors section and should not be relied upon as an exhaustive summary of the material risks faci", "title": "VST - Vistra Corp.", "url": "/company/VST/" }, { "kind": "company", "summary": "SIC 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels); CIK 0001396009; latest 10-K filed 2026-02-19.", "text": "VMC - Vulcan Materials CO SIC 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels); CIK 0001396009; latest 10-K filed 2026-02-19. VMC Vulcan Materials CO 0001396009 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels) Results of Operations Total revenues are primarily derived from our product sales of aggregates, asphalt mix and ready-mixed concrete, and include freight & delivery costs that we pass along to our customers to deliver these products. We also generate service revenues from our asphalt construction paving business and services related to our aggregates business. We present separately our discontinued operations, which consists of our former Chemicals business. The following table highlights significant components of our consolidated operating results including EBITDA and Adjusted EBITDA. CONSOLIDATED OPERATING RESULTS HIGHLIGHTS [[GREPCENT_TABLE]] [[\"\",\"\",\"For the years ended December 31\"],[\"\",\"in millions, except per share and per unit data\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"\",\"Total revenues\",\"$\",\"7,941.1\",\"\",\"\",\"$\",\"7,417.7\",\"\",\"\",\"$\",\"7,781.9\"],[\"\",\"Cost of revenues\",\"(5,766.5)\",\"\",\"\",\"(5,418.1)\",\"\",\"\",\"(5,833.4)\"],[\"\",\"Gross profit\",\"2,174.6\",\"\",\"\",\"1,999.6\",\"\",\"\",\"1,948.5\"],[\"\",\"Gross profit margin\",\"27.4\",\"%\",\"\",\"27.0\",\"%\",\"\",\"25.0\",\"%\"],[\"\",\"Selling, administrative and general expenses\",\"(564.1)\",\"\",\"\",\"(531.1)\",\"\",\"\",\"(542.8)\"],[\"\",\"SAG as a percentage of total revenues\",\"7.1\",\"%\",\"\",\"7.2\",\"%\",\"\",\"7.0\",\"%\"],[\"\",\"Gain on sale of property, plant & equipment and businesses\",\"52.4\",\"\",\"\",\"52.3\",\"\",\"\",\"76.4\"],[\"\",\"Loss on impairments\",\"0.0\",\"\",\"\",\"(86.6)\",\"\",\"\",\"(28.3)\"],[\"\",\"Operating earnings\",\"1,619.6\",\"\",\"\",\"1,364.5\",\"\",\"\",\"1,427.4\"],[\"\",\"Interest expense\",\"(239.7)\",\"\",\"\",\"(191.2)\",\"\",\"\",\"(196.1)\"],[\"\",\"Earnings from continuing operations before income taxes\",\"1,390.1\",\"\",\"\",\"1,172.1\",\"\",\"\",\"1,245.1\"],[\"\",\"Income tax expense\",\"(307.5)\",\"\",\"\",\"(251.4)\",\"\",\"\",\"(299.4)\"],[\"\",\"Effective tax rate from continuing operations\",\"22.1\",\"%\",\"\",\"21.4\",\"%\",\"\",\"24.0\",\"%\"],[\"\",\"Earnings from continuing operations\",\"1,082.6\",\"\",\"\",\"920.7\",\"\",\"\",\"945.7\"],[\"\",\"Loss on discontinued operations, net of tax\",\"(4.5)\",\"\",\"\",\"(7.6)\",\"\",\"\",\"(10.8)\"],[\"\",\"Earnings attributable to noncontrolling interest\",\"(1.4)\",\"\",\"\",\"(1.2)\",\"\",\"\",\"(1.7)\"],[\"\",\"Net earnings attributable to Vulcan\",\"1,076.7\",\"\",\"\",\"911.9\",\"\",\"\",\"933.2\"],[\"\",\"Diluted earnings (loss) per share attributable to Vulcan\"],[\"\",\"Continuing operations\",\"$\",\"8.15\",\"\",\"\",\"$\",\"6.91\",\"\",\"\",\"$\",\"7.06\"],[\"\",\"Discontinued operations\",\"(0.04)\",\"\",\"\",\"(0.06)\",\"\",\"\",\"(0.08)\"],[\"\",\"Net earnings\",\"$\",\"8.11\",\"\",\"\",\"$\",\"6.85\",\"\",\"\",\"$\",\"6.98\"],[\"\",\"EBITDA 1\",\"$\",\"2,357.4\",\"\",\"\",\"$\",\"1,963.2\",\"\",\"\",\"$\",\"2,025.4\"],[\"\",\"Adjusted EBITDA 1\",\"$\",\"2,323.6\",\"\",\"\",\"$\",\"2,057.2\",\"\",\"\",\"$\",\"2,011.3\"],[\"\",\"Average Sales Price and Unit Shipments\"],[\"\",\"Aggregates\"],[\"\",\"Tons\",\"226.8\",\"\",\"\",\"219.9\",\"\",\"\",\"234.6\"],[\"\",\"Freight-adjusted sales price\",\"$\",\"21.98\",\"\",\"\",\"$\",\"21.08\",\"\",\"\",\"$\",\"19.02\"],[\"\",\"Asphalt mix\"],[\"\",\"Tons\",\"13.4\",\"\",\"\",\"13.6\",\"\",\"\",\"13.4\"],[\"\",\"Average sales price\",\"$\",\"81.93\",\"\",\"\",\"$\",\"80.09\",\"\",\"\",\"$\",\"75.76\"],[\"\",\"Ready-mixed concrete\"],[\"\",\"Cubic yards\",\"4.5\",\"\",\"\",\"3.6\",\"\",\"\",\"7.5\"],[\"\",\"Average sales price\",\"$\",\"188.82\",\"\",\"\",\"$\",\"182.93\",\"\",\"\",\"$\",\"166.95\"]] [[/GREPCENT_TABLE]] 1.Non-GAAP measures are defined and reconciled within this Item 7 under the caption \"Reconciliation of Non-GAAP Financial Measures.\" [[GREPCENT_TABLE]] [[\"Form 10-K\",\"44\"]] [[/GREPCENT_TABLE]] Part II Net earnings attributable to Vulcan for 2025 were $1,076.7 million ($8.11 per diluted share) compared to $911.9 million ($6.85 per diluted share) in 2024. Each year's results were impacted by discrete items, as follows: Net earnings attributable to Vulcan for 2025 include: \u2022pretax net gain of $42.4 million related to the sale of businesses \u2022pretax charges of $0.6 million for divested operations \u2022pretax charges of $2.0 million associated with non-routine acquisitions \u2022pretax loss on discontinued operations of $6.1 million \u2022$9.8 million of tax-related charges primarily for a valuation allowance against Calica deferred tax assets, including net operating loss (NOL) carryforwards Net earnings attributable to Vul", "title": "VMC - Vulcan Materials CO", "url": "/company/VMC/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000011544; latest 10-K filed 2026-02-27.", "text": "WRB - BERKLEY W R CORP SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000011544; latest 10-K filed 2026-02-27. WRB BERKLEY W R CORP 0000011544 6331 Fire, Marine & Casualty Insurance ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property and casualty business: Insurance and Reinsurance & Monoline Excess. Our decentralized structure provides us with the flexibility to respond quickly and efficiently to local or specific market conditions and to pursue specialty business niches. It also allows us to be closer to our customers in order to better understand their individual needs and risk characteristics. While providing our businesses with certain operating autonomy, our structure allows us to capitalize on the benefits of economies of scale through centralized capital, investment, reinsurance, enterprise risk management, and actuarial, financial and corporate compliance support. The Company\u2019s primary sources of revenues and earnings are its insurance operations and its investments. An important part of our strategy is to form new businesses to capitalize on various opportunities. Over the years, the Company has formed numerous businesses that are focused on important parts of the economy in the U.S., including healthcare, cyber security, energy and agriculture, and on growing international markets, including the Asia-Pacific region, South America and Mexico. The profitability of the Company\u2019s insurance business is affected primarily by the adequacy of premium rates. The ultimate adequacy of premium rates is not known with certainty at the time an insurance policy is issued because premiums are determined before claims are reported. The ultimate adequacy of premium rates is affected mainly by the severity and frequency of claims, which are influenced by many factors, including natural and other disasters, regulatory measures and court decisions that define and change the extent of coverage and the effects of economic or social inflation on the amount of compensation for injuries or losses. General insurance prices are also influenced by available insurance capacity, i.e., the level of capital employed in the industry, and the industry\u2019s willingness to deploy that capital. The Company\u2019s profitability is also affected by its investment income and investment gains. The Company\u2019s invested assets are invested principally in fixed maturity securities. The return on fixed maturity securities is affected primarily by general interest rates, as well as the credit quality and duration of the securities. The Company also invests in equity securities, merger arbitrage securities, investment funds, private equity, loans and real estate related assets. The Company's investments in investment funds and its other alternative investments have experienced, and the Company expects to continue to experience, greater fluctuations in investment income. The Company's share of the earnings or losses from investment funds is generally reported on a one-quarter lag in order to facilitate the timely completion of the Company's consolidated financial statements. 46 Critical Accounting Estimates The following presents a discussion of accounting policies and estimates relating to reserves for losses and loss expenses, assumed reinsurance premiums, allowance for expected credit losses and fair value measurements on investments. Management believes these policies and estimates are the most critical to its operations and require the most difficult, subjective and complex judgments. Reserves for Losses and Loss Expenses. To recognize liabilities for unpaid losses, either known or unknown, insurers establish reserves, which is a balance sheet account representing estimates of future amounts needed to pay claims and related expenses with respect to insured events which have occurred. Estimates and assumptions relating to reserves for losses and loss expenses are based on complex and subjective judgments, o ITEM 1. BUSINESS W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the property casualty insurance business: \u2022Insurance - Our Insurance businesses underwrite predominantly commercial insurance business, including excess and surplus lines, admitted lines and specialty personal lines throughout the United States, as well as insurance business in Asia, Australia, Canada, Continental Europe, Mexico, Scandinavia, South America and the United Kingdom. \u2022Reinsurance & Monoline Excess - Our Reinsurance businesses provide facultative and treaty reinsurance in the United States, the Asia Pacific region, Australia, Continental Europe, South Africa and the United Kingdom, as well as operations that solely retain risk on an excess basis and certain program management business. Our two reporting segments are each composed of individual businesses that serve a market defined by geography, products, services or industry served. Each of our businesses is positioned close to its customer base and participates in a niche market requiring specialized knowledge. This strategy of decentralized operations allows each of our businesses to identify and respond quickly and effectively to changing market conditions and specific customer needs, while capitalizing on the benefits of centralized capital, investment and reinsurance management, and corporate actuarial, financial, enterprise risk management and compliance support. Our business approach is focused on meeting the needs of our customers, maintaining a high quality balance sheet, and allocating capital to our best opportunities. New businesses are started when opportunities are identified and when the right talent and expertise are found to lead a business. Of our 60 businesses, 53 have been organized and developed internally and seven have been added through acquisition. Net premiums written, a ITEM 1A. RISK FACTORS Our businesses face significant risks. If any of the events or circumstances described as risks below occur, our businesses, results of operations and/or financial condition could be materially and adversely affected. In addition to those described below, our businesses may also be adversely affected by risks and uncertain", "title": "WRB - BERKLEY W R CORP", "url": "/company/WRB/" }, { "kind": "company", "summary": "SIC 5000 Wholesale-Durable Goods; CIK 0000277135; latest 10-K filed 2026-02-19.", "text": "GWW - W.W. GRAINGER, INC. SIC 5000 Wholesale-Durable Goods; CIK 0000277135; latest 10-K filed 2026-02-19. GWW W.W. GRAINGER, INC. 0000277135 5000 Wholesale-Durable Goods Item 7: Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Objective The following Management\u2019s Discussion and Analysis (MD&A) of Financial Condition and Results of Operations is intended to help the reader understand the results of operations and financial condition of W.W. Grainger, Inc. (Grainger or Company) as it is viewed by the Company. The following discussion should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in Part II, Item 8: Financial Statements and Supplementary Data of this Form 10-K. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Form 10-K, and can be found in MD&A of Financial Condition and Results of Operations in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Percentage figures included in this section have not been calculated on the basis of such rounded figures but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this section may vary slightly from those obtained by performing the same calculations using the figures in the Company's Consolidated Financial Statements or in the associated text. Overview W.W. Grainger, Inc. is a broad line distributor of maintenance, repair and operating (MRO) products and services with operations primarily in North America, Japan and the U.K. Grainger uses its high-touch solutions and endless assortment businesses to serve customers worldwide, who rely on Grainger for products and services that enable them to run safe, sustainable and productive operations. Strategic Priorities The Company\u2019s continued strategic aspiration for 2026 is to relentlessly expand Grainger\u2019s leadership position by being the go-to partner for people who build and run safe, sustainable, and productive operations. To achieve this, each Grainger business has a set of strategic growth drivers to drive top-line revenue and MRO market outgrowth. The High-Touch Solutions North America (High-Touch Solutions N.A.) segment is focused on three areas: advantaged MRO solutions, differentiated sales and services, and unparalleled customer service. In the Endless Assortment segment, the business is focused on product assortment expansion and innovative customer acquisition and retention capabilities. Additionally, all Grainger businesses are focused on continuously enhancing our operational processes to improve service and cost through technology, strong supplier relationships, supply chain infrastructure and a continuous improvement mindset, which ultimately delivers long-term returns for shareholders. Recent Events Macroeconomic Conditions The global economy continues to experience elevated levels of volatility and uncertainty, including within the commodity, labor, and transportation markets, driven by a combination of geopolitical developments and macroeconomic factors that can influence demand, cost and execution risk. These dynamics, together with recent changes in U.S. and foreign tariff and trade policies, continue to drive intermittent disruptions in global capital markets and supply chains. These developments may impact the Company\u2019s operations, business, financial condition, and results of operations. The Company is actively monitoring economic conditions in the U.S. and key international markets, including the continued uncertainty regarding evolving tariff and trade policies, changes in interest rates, foreign currency exchange rate fluctuations, inflationary pressures, and the risk of a global or regional economic recession. Although the precise timing and magnitude of these factors remains uncertain, the Company believes its strategy is well positioned to navigate a range of outcomes. The Company continues to evaluate the impact of ev Item 1: Business W.W. Grainger, Inc., incorporated in the State of Illinois in 1928, is a broad line, distributor of maintenance, repair and operating (MRO) products and services with operations primarily in North America, Japan and the United Kingdom (U.K.). In the fourth quarter of 2025, Grainger exited the U.K. market by completing the sale of the Cromwell business and closing the Zoro U.K. business. In this report, the words \u201cGrainger\u201d or \u201cCompany\u201d mean W.W. Grainger, Inc. and its subsidiaries, except where the context makes it clear that the reference is only to W.W. Grainger, Inc. itself and not its subsidiaries. For financial information regarding the Company, see the Consolidated Financial Statements and Notes included in Part II, Item 8: Financial Statements and Supplementary Data of this Form 10-K. The Grainger Edge Grainger's strategic framework, the Grainger Edge\u00ae, uniquely defines the Company by asserting why it exists, how it serves customers and how team members work together to achieve its objectives. Grainger\u2019s purpose is We Keep The World Working\u00ae, which in turn allows customers to focus on the core of their businesses and do what they do best. This framework also outlines a set of principles that define the behaviors expected from Grainger\u2019s team members in working with each other and the Company's customers, suppliers and communities as Grainger executes its strategy and creates value for shareholders. For further information on the Company's principles, see below \"Human Capital - Workplace Practices and Policies.\" General Grainger's two reportable segments are High-Touch Solutions North America (High-Touch Solutions N.A.) and Endless Assortment. These reportable segments align with Grainger's go-to-market strategies and bifurcated business models of high-touch solutions and endless assortment. For further segment information, see Part II, Item 7: Management\u2019s Discussion and Analysis (MD&A) of Financial Condition and Results of Operations Item 1A: Risk Factors The following represents a discussion of risk factors relevant to Grainger\u2019s business that could adversely affect its financial condition, results of operations and cash flows, along with the accuracy of forward-looking statements. The risks included below are not exhaustive. As Grainger operates in a rapidly changing envir", "title": "GWW - W.W. GRAINGER, INC.", "url": "/company/GWW/" }, { "kind": "company", "summary": "SIC 3743 Railroad Equipment; CIK 0000943452; latest 10-K filed 2026-02-13.", "text": "WAB - WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP SIC 3743 Railroad Equipment; CIK 0000943452; latest 10-K filed 2026-02-13. WAB WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP 0000943452 3743 Railroad Equipment Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW Wabtec is a global provider of value-added, technology-based locomotives, equipment, systems and services for the freight rail and passenger transit industries, as well as the mining, marine, and industrial markets and applications. Our highly engineered rail and transit products, which are intended to enhance safety, improve productivity and reduce maintenance costs for customers, can be found on most locomotives, freight cars, passenger transit cars, and buses around the world. Our core products and services are essential in the safe and efficient operation of freight rail and passenger transit vehicles. Wabtec is a global company with operations in over 50 countries, and our products can be found in more than 100 countries throughout the world. In 2025, approximately half of the Company\u2019s Net sales came from customers outside the United States. Wabtec\u2019s long-term financial goals are to increase revenues through a focused growth strategy, including product innovation and new technologies, global and market expansion, aftermarket products and services, and strategic acquisitions, to increase margins through strict attention to cost controls, to drive improved efficiencies across the business, to drive strong cash flow conversion, and to maintain a strong credit profile while minimizing our overall cost of capital. In addition, Management evaluates the Company\u2019s current operational performance through measures such as safety, quality and on-time delivery. The Company primarily serves the worldwide freight and transit rail industries. Our operating results are largely dependent on the level of activity, financial condition and capital spending plans of railroads and passenger transit agencies around the world, and transportation equipment manufacturers who serve those markets. Many factors influence these industries, including general economic conditions; traffic volumes, as measured by freight carloads and passenger ridership; number of locomotives and railcars in operation; government spending on public transportation; and investment in new technologies. In general, trends such as urbanization and growth in developing markets, sustainability and environmental awareness, investment in technology solutions, an aging equipment fleet, and growth in global trade are expected to drive continued investment in freight rail and passenger transit. The Company monitors a variety of factors and statistics to gauge market activity. Freight rail markets around the world are driven primarily by overall economic conditions and activity, while Transit markets are driven primarily by government funding and passenger ridership. Changes in these market drivers can cause fluctuations in demand for Wabtec's products and services. Business Update During the fourth quarter of 2025, Wabtec signed $2.2 billion in new locomotive orders in North America, which included $1.3 billion for locomotive modernizations and $0.9 billion for new locomotives. Also during the fourth quarter, Digital Intelligence secured $75 million of PTC and KinetiX orders in key international markets. In the third quarter of 2025, Wabtec announced an agreement with National Company Kazakhstan Temir Zholy (\"KTZ\"), the national railway of Kazakhstan, to deliver Evolution Series locomotives and provide long-term service support. The multi-national order, valued by the Company at approximately $4.2 billion, marks the largest locomotive agreement in Wabtec's history. Wabtec also continued to drive recurring revenue in the global market by winning a new service contract in Kazakhstan worth $299 million earlier in 2025. Additionally in the Freight Segment, the first Simandou locomotives reached Guinea, marking the first exports from the Company's India locomotive facility. We also signed a $140 million new locomotive order with a North American Class I railroad, signed new locom Item 1. BUSINESS General Westinghouse Air Brake Technologies Corporation, doing business as Wabtec Corporation, is a Delaware corporation with headquarters at 30 Isabella Street in Pittsburgh, Pennsylvania. Our telephone number is 412-825-1000, and our website is located at www.wabteccorp.com. Wabtec has approximately 31,000 employees, excluding contingent workers, and operations in over 50 countries. Except as the context otherwise requires, all references to \u201cwe\u201d, \u201cour\u201d, \u201cus\u201d, the \u201cCompany\u201d and \u201cWabtec\u201d refer to Westinghouse Air Brake Technologies Corporation and its consolidated subsidiaries. George Westinghouse founded the original Westinghouse Air Brake Co. in 1869 when he invented the air brake. Westinghouse Air Brake Company (\u201cWABCO\u201d) was formed in 1990 when it acquired certain assets and operations from American Standard, Inc., now known as Trane (\u201cTrane\u201d). The Company went public on the New York Stock Exchange in 1995. Throughout the years, the Company has made a number of strategic acquisitions leading the Company to where it is today. These have primarily included: \u2022the 1999 merger with MotivePower Industries, Inc. whereby the Company adopted its current name of Westinghouse Air Brake Technologies Corporation, or Wabtec; \u2022the 2017 acquisition of Faiveley Transport, S.A. (\u201cFaiveley Transport\u201d), a leading provider of value-added, integrated systems and services, primarily for the global transit rail market. Based in France, the Faiveley Transport business has roots to 1919 and made Wabtec a leader in manufacturing pantographs, automatic door mechanisms, air conditioning systems, railway braking systems and couplers; and, \u2022the 2019 acquisition of GE Transportation, a business unit of General Electric Company. This brought a global technology leader and supplier of locomotives, equipment, services and digital solutions to the rail, mining, marine, stationary power and drilling industries into Wabtec. As a result of those strategic acquisitions, as well Item 1A. RISK FACTORS RISKS RELATED TO OUR BUSINESS AND OPERATIONS We are dependent upon key customers. We rely on several key customers who represent a significant portion of our business. While we believe our relationships with our customers are generally good, our top customers could choose to reduce or te", "title": "WAB - WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP", "url": "/company/WAB/" }, { "kind": "company", "summary": "SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001744489; latest 10-K filed 2025-11-13.", "text": "DIS - Walt Disney Co SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001744489; latest 10-K filed 2025-11-13. DIS Walt Disney Co 0001744489 7990 Services-Miscellaneous Amusement & Recreation ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations CONSOLIDATED RESULTS ($ in millions, except per share data) [[GREPCENT_TABLE]] [[\"\",\"2025\",\"\",\"2024\",\"\",\"\",\"\",\"% ChangeBetter (Worse)\"],[\"Revenues:\"],[\"Services\",\"$\",\"84,588\",\"\",\"\",\"$\",\"81,841\",\"\",\"\",\"\",\"\",\"3 %\"],[\"Products\",\"9,837\",\"\",\"\",\"9,520\",\"\",\"\",\"\",\"\",\"3 %\"],[\"Total revenues\",\"94,425\",\"\",\"\",\"91,361\",\"\",\"\",\"\",\"\",\"3 %\"],[\"Costs and expenses:\"],[\"Cost of services (exclusive of depreciation and amortization)\",\"(52,677)\",\"\",\"\",\"(52,509)\",\"\",\"\",\"\",\"\",\"\\u2014 %\"],[\"Cost of products (exclusive of depreciation and amortization)\",\"(6,089)\",\"\",\"\",\"(6,189)\",\"\",\"\",\"\",\"\",\"2 %\"],[\"Selling, general, administrative and other\",\"(16,501)\",\"\",\"\",\"(15,759)\",\"\",\"\",\"\",\"\",\"(5) %\"],[\"Depreciation and amortization\",\"(5,326)\",\"\",\"\",\"(4,990)\",\"\",\"\",\"\",\"\",\"(7) %\"],[\"Total costs and expenses\",\"(80,593)\",\"\",\"\",\"(79,447)\",\"\",\"\",\"\",\"\",\"(1) %\"],[\"Restructuring and impairment charges\",\"(819)\",\"\",\"\",\"(3,595)\",\"\",\"\",\"\",\"\",\"77 %\"],[\"Other expense\",\"\\u2014\",\"\",\"\",\"(65)\",\"\",\"\",\"\",\"\",\"100 %\"],[\"Interest expense, net\",\"(1,305)\",\"\",\"\",\"(1,260)\",\"\",\"\",\"\",\"\",\"(4) %\"],[\"Equity in the income of investees, net\",\"295\",\"\",\"\",\"575\",\"\",\"\",\"\",\"\",\"(49) %\"],[\"Income before income taxes\",\"12,003\",\"\",\"\",\"7,569\",\"\",\"\",\"\",\"\",\"59 %\"],[\"Income taxes\",\"1,428\",\"\",\"\",\"(1,796)\",\"\",\"\",\"\",\"\",\"nm\"],[\"Net income\",\"13,431\",\"\",\"\",\"5,773\",\"\",\"\",\"\",\"\",\"100 %\"],[\"Net income attributable to noncontrolling interests\",\"(1,027)\",\"\",\"\",\"(801)\",\"\",\"\",\"\",\"\",\"(28) %\"],[\"Net income attributable to Disney\",\"$\",\"12,404\",\"\",\"\",\"$\",\"4,972\",\"\",\"\",\"\",\"\",\"100 %\"],[\"Diluted earnings per share attributable to Disney\",\"$\",\"6.85\",\"\",\"\",\"$\",\"2.72\",\"\",\"\",\"\",\"\",\"100 %\"]] [[/GREPCENT_TABLE]] Organization of Information Management\u2019s Discussion and Analysis provides a narrative on the Company\u2019s financial performance and condition that should be read in conjunction with the accompanying financial statements. It includes the following sections: \u2022Consolidated Results and Non-Segment Items \u2022Business Segment Results \u2022Corporate and Unallocated Shared Expenses \u2022Liquidity and Capital Resources \u2022Trends and Uncertainties \u2022Critical Accounting Policies and Estimates \u2022Entertainment DTC Product Descriptions and Key Definitions \u2022Supplemental Guarantor Financial Information In Item 7, we discuss fiscal 2025 and 2024 results and comparisons of fiscal 2025 results to fiscal 2024 results. Discussions of fiscal 2023 results and comparisons of fiscal 2024 results to fiscal 2023 results can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended September 28, 2024. Star India On November 14, 2024, the Company and RIL completed the Star India Transaction (see Note 4 to the Consolidated Financial Statements). The Company recognizes its 37% share of the India joint venture\u2019s results in \u201cEquity in the income of investees.\u201d Star India results through November 14, 2024 were consolidated in the Company\u2019s financial results and reported in the Entertainment and Sports segments. 32 TABLE OF CONTENTS CONSOLIDATED RESULTS AND NON-SEGMENT ITEMS Revenues for fiscal 2025 increased 3%, or $3.1 billion, to $94.4 billion; net income attributable to Disney increased $7.4 billion to income of $12.4 billion compared to $5.0 billion in the prior year; and diluted earnings per share (EPS) from continuing operations attributable to Disney increased to $6.85 compared to $2.72 in the prior year. The net income and EPS increases were due to a lower effective tax rate in the current year compared to the prior year and the comparison to impairments related to the Star India Transaction and goodwill in the prior year. In addition, the increases in net income and EPS were due to higher operating income at Entertainment and Experiences. The lower effective tax rate was due to a non-cash tax benefit recognized in the current year ITEM 1. Business The Walt Disney Company, together with the subsidiaries through which businesses are conducted (the Company), is a diversified worldwide entertainment company with operations in three segments: Entertainment, Sports and Experiences. The terms \u201cCompany\u201d, \u201cwe\u201d, \u201cour\u201d and \u201cus\u201d are used in this report to refer collectively to the parent company and the subsidiaries through which businesses are conducted. ENTERTAINMENT The Entertainment segment generally encompasses the Company\u2019s non-sports focused global film and episodic content production and distribution activities. The lines of business within Entertainment along with their significant business activities include the following: \u2022Linear Networks \u25e6Domestic: ABC Television Network (ABC Network); Disney, Freeform, FX and National Geographic (owned 73% by the Company) branded television channels; and eight owned ABC television stations \u25e6International: Disney, FX and National Geographic (owned 73% by the Company) branded television channels \u25e6A 50% equity investment in A+E Global Media (formerly A+E Television Networks) (A+E), which develops and distributes content globally \u2022Direct-to-Consumer \u25e6Disney+: a global direct-to-consumer (DTC) service that primarily offers general entertainment and family programming. Subscribers to both Disney+ and one of the ESPN DTC plans (see Sports segment discussion) have access to certain sports content through Disney+. \u25e6Hulu: a U.S. DTC service that offers general entertainment programming and a virtual multi-channel video programming distributor (vMVPD) service that includes live linear streams of various cable and broadcast networks (Hulu Live TV service). Subscribers to both Hulu and one of the ESPN DTC plans have access to certain sports content through Hulu. \u2022Content Sales/Licensing \u25e6Theatrical distribution \u25e6Sale/licensing of film and episodic content to television and video-on-demand (TV/VOD) services \u25e6Home entertainment distribution: electronic home ITEM 1A. Risk Factors For an enterprise as large and complex as the Company, a wide range of factors could materially affect future developments and performance. In addition to the factors affecting specific business operations identified in connection with the description of these operations and the financial results of these o", "title": "DIS - Walt Disney Co", "url": "/company/DIS/" }, { "kind": "company", "summary": "SIC 4841 Cable & Other Pay Television Services; CIK 0001437107; latest 10-K filed 2026-02-27.", "text": "WBD - Warner Bros. Discovery, Inc. SIC 4841 Cable & Other Pay Television Services; CIK 0001437107; latest 10-K filed 2026-02-27. WBD Warner Bros. Discovery, Inc. 0001437107 4841 Cable & Other Pay Television Services ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Management\u2019s discussion and analysis of financial condition and results of operations is a supplement to and should be read in conjunction with the accompanying consolidated financial statements and related notes. This section provides additional information regarding our businesses, current developments, results of operations, cash flows, financial condition, contractual commitments, critical accounting policies, and estimates that require significant judgment and thus have the most significant potential impact on our consolidated financial statements. This discussion and analysis is intended to better allow investors to view the company from management\u2019s perspective. This section provides an analysis of our financial results for the fiscal year ended December 31, 2025 compared to the fiscal year ended December 31, 2024. A discussion of our results of operations and liquidity for the fiscal year ended December 31, 2024 compared to the fiscal year ended December 31, 2023 can be found under Item 7 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed on February 27, 2025, which is available free of charge on the SEC\u2019s website at www.sec.gov and our Investor Relations website at ir.wbd.com. The information contained on our website is not part of this Annual Report on Form 10-K and is not incorporated by reference herein. BUSINESS OVERVIEW Warner Bros. Discovery is a leading global media and entertainment company that creates and distributes a differentiated and comprehensive portfolio of content and products across television, film, streaming, interactive gaming, publishing, themed experiences, and consumer products through brands including: Discovery Channel, HBO Max, CNN, DC Studios, TNT Sports, HBO, Food Network, TLC, TBS, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Games, Adult Swim, Turner Classic Movies, and others. For a discussion of our global portfolio see our business overview set forth in Item 1, \u201cBusiness\u201d in this Annual Report on Form 10-K. In connection with the WarnerMedia Merger, we have announced and taken actions to implement projects to achieve cost synergies for the Company. We finalized the framework supporting our ongoing restructuring and transformation initiatives during the year ended December 31, 2022, which included, among other things, strategic content programming assessments, organization restructuring, facility consolidation activities, and other contract termination costs. At that time, we expected to incur approximately $4,100 - $5,300 million in pre-tax restructuring charges, of which we incurred $4,662 million as of December 31, 2024. While our restructuring efforts are ongoing, the WarnerMedia Merger-related restructuring program was substantially completed at the end of 2024. During 2023, we initiated a strategic realignment plan associated with our Warner Bros. Pictures Animation group. During 2024, we initiated two additional restructuring initiatives - an organizational and personnel restructuring plan and a restructuring initiative associated with our Warner Bros. Games group. During 2025, we initiated restructuring plans related to the previously proposed Separation Transaction. As of December 31, 2025, we classified our operations in three reportable segments: \u2022Streaming - Our Streaming segment primarily consists of our premium pay-TV and streaming services. \u2022Studios - Our Studios segment primarily consists of the production and release of feature films for initial exhibition in theaters, production and initial licensing of television programs to third parties and our networks/streaming services, distribution of our films and television programs to various third party and internal television and streaming services, distribution through the home entertainment market (physical and digital), related consumer products and t ITEM 1. Business. For convenience, the terms \u201cWarner Bros. Discovery\u201d, \u201cWBD\u201d, the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d are used in this Annual Report on Form 10-K to refer to both Warner Bros. Discovery, Inc. and collectively to Warner Bros. Discovery, Inc. and one or more of its consolidated subsidiaries, unless the context otherwise requires. 6 Industry Trends Headwinds in the industry, such as continued pressures on linear distribution and declines in linear subscribers and continued softness in the U.S. linear advertising market, have had, and are expected to continue to have, a material impact on the operations and results of the Company, including a negative impact on the results of operations attributed to declines in linear advertising revenue. The increase of digital advertising inventory available in the marketplace has also resulted in, and is expected to continue to result in, increased competition for advertising expenditures for both traditional linear networks and ad-supported tiers in streaming services. In addition, the imposition of tariffs by the U.S. government and any retaliatory tariffs from foreign governments, including tariffs directly or indirectly applicable to our industry, may negatively impact our operations and results, including by leading to higher productions costs or decreased spending by advertisers whose expenditures are sensitive to such actions or to general economic conditions. We continue to closely monitor the ongoing impact of industry trends to our business; however, the full effects on our operations and results will depend on future developments, which are highly uncertain and cannot be predicted. Description of Business Warner Bros. Discovery is a leading global media and entertainment company that creates and distributes a differentiated and comprehensive portfolio of content and products across television, film, streaming, interactive gaming, publishing, themed experiences, and consumer products through brands includi ITEM 1A. Risk Factors. Investing in our securities involves risk. In addition to the other information contained in this Annual Report on Form 10-K, you should consider the following risk factors before investing in our securities. Additional risks and uncertainties not presently known to us or ", "title": "WBD - Warner Bros. Discovery, Inc.", "url": "/company/WBD/" }, { "kind": "company", "summary": "SIC 4953 Refuse Systems; CIK 0000823768; latest 10-K filed 2026-02-09.", "text": "WM - WASTE MANAGEMENT INC SIC 4953 Refuse Systems; CIK 0000823768; latest 10-K filed 2026-02-09. WM WASTE MANAGEMENT INC 0000823768 4953 Refuse Systems Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. This section includes a discussion of our results of operations for the year ended December 31, 2025. This discussion may contain forward-looking statements. See \u201cCautionary Statement about Forward-Looking Statements\u201d in Part I of this Annual Report on Form 10-K for more information. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or anticipated results. These risks and uncertainties include, but are not limited to, those described in Part I, Item 1A. Risk Factors and elsewhere in this report and may also be described from time to time in our future reports filed with the U.S. Securities and Exchange Commission (\u201cSEC\u201d). The following discussion should be read considering those disclosures and together with the Consolidated Financial Statements and the notes thereto. For further discussion regarding our results of operations for the year ended December 31, 2024 as compared to the year ended December 31, 2023, refer to Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview We are North America\u2019s leading provider of comprehensive environmental solutions, primarily providing services throughout the United States (\u201cU.S.\u201d) and Canada. We partner with our customers and the communities we serve to manage and reduce waste at each stage from collection to disposal, while recovering valuable resources and creating clean, renewable energy. We own or operate the largest network of landfills throughout the U.S. and Canada. In order to make disposal more practical for larger urban markets, where the distance to landfills is typically farther, we manage transfer stations that consolidate, compact and transport waste efficiently and economically. Our solid waste business is operated and managed locally by our subsidiaries that focus on distinct geographic areas and provide collection, transfer, disposal, recycling and resource recovery services. Through our Waste Management Renewable Energy (\u201cRenewable Energy\u201d) segment, we are also a leading developer, operator and owner of landfill gas-to-energy facilities in the U.S. and Canada that produce renewable electricity and renewable natural gas (\u201cRNG\u201d), which is a significant source of fuel that we allocate to our natural gas fleet. Following our 2024 acquisition of Stericycle, Inc. (\u201cStericycle\u201d), our Healthcare Solutions segment provides regulated waste and compliance services (\u201cRWCS\u201d) and secure information destruction (\u201cSID\u201d) services in the U.S., Canada and Western Europe that protect people and brands, promote health and well-being and safeguard the environment. Additionally, through our Recycling Processing and Sales segment, we are a leading recycler in the U.S. and Canada, handling materials that include paper, cardboard, glass, plastic and metal. Our senior management evaluates, oversees and manages the financial performance of our business through five reportable segments, referred to as (i) Collection and Disposal - East Tier (\u201cEast Tier\u201d); (ii) Collection and Disposal - West Tier (\u201cWest Tier\u201d); (iii) Recycling Processing and Sales; (iv) Renewable Energy and (v) Healthcare Solutions. Our East and West Tiers, along with certain ancillary services (\u201cOther Ancillary\u201d) that are not managed through our Tier segments but that support our collection and disposal operations, form our \u201cCollection and Disposal\u201d businesses. We also provide additional services not managed through our five reportable segments, which are presented as Corporate and Other. Stericycle Acquisition On November 4, 2024, we completed our acquisition of all outstanding shares of Stericycle for $62.00 per share in cash, pursuant to an Agreement and Plan of Item 1. Business. General Waste Management, Inc. is a holding company and all operations are conducted by its subsidiaries. When the terms \u201cthe Company,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d are used in this document, those terms refer to Waste Management, Inc., together with its consolidated subsidiaries and consolidated variable interest entities. When we use the term \u201cWMI,\u201d we are referring only to Waste Management, Inc., the parent holding company. WMI was incorporated in Oklahoma in 1987 under the name \u201cUSA Waste Services, Inc.\u201d and was reincorporated as a Delaware company in 1995. In a 1998 merger, the Illinois-based waste services company formerly known as Waste Management, Inc. became a wholly-owned subsidiary of WMI and changed its name to Waste Management Holdings, Inc. (\u201cWM Holdings\u201d). At the same time, our parent holding company changed its name from USA Waste Services to Waste Management, Inc. Like WMI, WM Holdings is a holding company and all operations are conducted by subsidiaries. Our principal executive offices are located at 800 Capitol Street, Suite 3000, Houston, Texas 77002. Our telephone number is (713) 512-6200. Our website address is www.wm.com. Our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K are all available, free of charge, on our website as soon as practicable after we file the reports with the SEC. Our stock is traded on the New York Stock Exchange under the symbol \u201cWM.\u201d We are North America\u2019s leading provider of comprehensive environmental solutions, providing services throughout the United States (\u201cU.S.\u201d) and Canada. We partner with our customers and the communities we serve to manage and reduce waste at each stage from collection to disposal, while recovering valuable resources and creating clean, renewable energy. Our solid waste business is operated and managed locally by our subsidiaries that focus on distinct geographic areas and provide collection, transfer, disposal, recycling and resource re Item 1A. Risk Factors. Our business, financial condition and results of operations are subject to numerous risks and uncertainties, some of which are not presently known or not currently believed to be material. You should carefully consider the following risk factors in conjunction with Item 7. Management\u2019s Discussion and Analysis of Financial Condition a", "title": "WM - WASTE MANAGEMENT INC", "url": "/company/WM/" }, { "kind": "company", "summary": "SIC 3826 Laboratory Analytical Instruments; CIK 0001000697; latest 10-K filed 2026-02-23.", "text": "WAT - WATERS CORP /DE/ SIC 3826 Laboratory Analytical Instruments; CIK 0001000697; latest 10-K filed 2026-02-23. WAT WATERS CORP /DE/ 0001000697 3826 Laboratory Analytical Instruments Item 7: Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Business Overview The Company has two operating segments: Waters\u2122 and TA\u2122. Waters products and services primarily consist of high-performance liquid chromatography (\u201cHPLC\u201d), ultra-performance liquid chromatography (\u201cUPLC\u2122\u201d and, together with HPLC, referred to as \u201cLC\u201d), mass spectrometry (\u201cMS\u201d), light scattering and field-flow fractionation instruments (Wyatt), and precision chemistry consumable products and related services. TA products and services primarily consist of thermal analysis, rheometry and calorimetry instrument systems and service sales. The Company\u2019s products are used by pharmaceutical, biochemical, industrial, nutritional safety, environmental, academic and government customers. These customers use the Company\u2019s products to detect, identify, monitor and measure the chemical, physical and biological composition of materials and to predict the suitability and stability of fine chemicals, pharmaceuticals, water, polymers, metals and viscous liquids in various industrial, consumer goods and healthcare products. Acquisition of BD Biosciences & Diagnostic Solutions Businesses On February 9, 2026, the Company completed the acquisition of the BDS Business. The transaction was structured as a Reverse Morris Trust transaction, where the BDS Business was spun off to BD shareholders and simultaneously merged with a wholly-owned subsidiary of the Company. The 2025 financial results of the BDS Business are not included in the Company\u2019s 2025 consolidated financial results presented herein. Tariffs The Company sells and services its customers in over 35 countries outside of the U.S. and we have manufacturing operations in the U.S., Ireland, U.K. and in Singapore where we utilize subcontractors with worldwide capabilities. In 2025, the U.S. government issued varying levels of tariffs on all imported goods into the U.S., including a baseline 10% tariff, subject to certain exceptions, which have also prompted retaliatory tariffs by a number of countries, including tariffs and export restrictions on certain manufacturing components imposed by China and tariffs pursuant to trade agreements the U.S. has entered into with certain countries. In addition, a number of new tariffs have been threatened, and the U.S. and other countries continue to negotiate trade arrangements and tariff levels. In August 2025, the U.S. Court of Appeals for the Federal Circuit ruled against certain of the U.S. tariffs that have been implemented. On February 20, 2026, the U.S. Supreme Court rendered a decision invalidating tariffs imposed under the International Emergency Economic Powers Act. This decision introduces uncertainty regarding potential refund processes and future trade policy actions and could affect the Company\u2019s cost structure and supply chain planning. The Company continues to monitor developments around the Supreme Court\u2019s decision and evaluate its potential impact on the Company\u2019s future financial results and business. These tariffs, any resulting retaliatory tariffs and any related supply-chain disruptions could have a significant impact on the Company\u2019s consolidated statement of operations and statement of cash flows. In response to currently applicable and potential future tariffs, the Company is continuing to evaluate and implement a series of actions and policies that are intended to offset a portion of the impact of the tariffs on the Company\u2019s financial position and results of operations. While the Company believes that these actions and policies will mitigate a substantial portion of the impact of the tariffs, the Company cannot provide any assurances that the tariffs or any resulting impediments to trade will not have a material effect on the Company\u2019s consolidated statement of operations and statement of cash flows. In addition to changes in trade policy, the new U.S. administration has implemented a number of other regulatory, po", "title": "WAT - WATERS CORP /DE/", "url": "/company/WAT/" }, { "kind": "company", "summary": "SIC 4931 Electric & Other Services Combined; CIK 0000783325; latest 10-K filed 2026-02-20.", "text": "WEC - WEC ENERGY GROUP, INC. SIC 4931 Electric & Other Services Combined; CIK 0000783325; latest 10-K filed 2026-02-20. WEC WEC ENERGY GROUP, INC. 0000783325 4931 Electric & Other Services Combined ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS CORPORATE DEVELOPMENTS Introduction We are a diversified holding company with natural gas and electric utility operations (serving customers in Wisconsin, Illinois, Michigan, and Minnesota), an approximately 60% equity ownership interest in ATC (a for-profit electric transmission company regulated by the FERC and certain state regulatory commissions), and non-utility energy infrastructure operations through We Power (which owns generation assets in Wisconsin that it leases to WE), Bluewater (which owns underground natural gas storage facilities in Michigan), and WECI (which holds ownership interests in several renewable generating facilities). Corporate Strategy We are working to build and sustain long-term value for our shareholders and customers by supporting economic growth in our region while focusing on the fundamentals of our business: reliability, operating efficiency, financial discipline, environmental stewardship, exceptional customer care, and safety. Our capital plan provides a roadmap for us to achieve this goal. It is a plan premised upon maintaining superior reliability, delivering savings for customers, and growing our investment in the future of energy. Throughout our strategic planning process, we take into account important developments, risks and opportunities, including new technologies, customer preferences and affordability, energy resiliency efforts, and sustainability. Supporting Economic Growth Within Our Communities Economic growth continues in our Wisconsin service territories. Companies are investing in major projects, including data centers and modern manufacturing facilities. We anticipate electric demand growth in the years ahead from these economic developments. Microsoft has announced plans to invest over $20 billion in data centers in southern Wisconsin over the next several years, and we expect up to 2.6 GWs of load growth in the Milwaukee-to-Chicago corridor through 2030. Additionally, Vantage Data Centers plans to develop a large data center campus in Port Washington that is forecasted to add 1.3 GWs of demand through 2030. This site has the potential to add an incremental 2.2 GWs, for a total of up to 3.5 GWs over time. We are working closely with these large customers to provide power to meet this substantial projected demand. In 2025, we submitted a proposal to the PSCW for new VLC and Bespoke Resources tariffs. The proposed tariffs specifically address the unique needs of VLCs while protecting our other customers and shareholders. See Note 26, Regulatory Environment, for more information on the VLC and Bespoke Resources tariffs. To meet the forecasted electric demand growth in the years ahead, greater capacity will be required to provide affordable, reliable, and clean energy for our communities. Our capital plan addresses that demand with a range of planned investments in natural gas-fired generation, renewables, and battery storage. We plan on investing approximately $5.4 billion from 2026 to 2030 in a combination of efficient natural gas-fired generation, including: \u20223,300 MWs of CTs (we plan on constructing a new natural gas lateral pipeline to support the CTs planned at our OCPP site); and \u2022180 MWs of RICE natural gas-fueled generation. We expect to invest approximately $12.6 billion from 2026 to 2030 in regulated renewable energy in Wisconsin. Our plan is to build and own zero-carbon-emitting renewable generation facilities that are anticipated to include the following investments: \u20223,850 MWs of utility-scale solar; \u20222,130 MWs of battery storage; and \u2022555 MWs of wind. For more details on the projects discussed above, see Liquidity and Capital Resources \u2013 Cash Requirements \u2013 Significant Capital Projects. Our capital plan also reflects the planned retirement of our older, fossil-fueled generation, which we expect to replace with the natural gas-fired generation and zero-ca ITEM 1. BUSINESS A. INTRODUCTION In this report, when we refer to \"WEC Energy Group,\" \"the Company,\" \"us,\" \"we,\" \"our,\" or \"ours,\" we are referring to WEC Energy Group, Inc. and all of its subsidiaries. The term \"utility\" refers to the regulated activities of the electric and natural gas utility companies, while the term \"non-utility\" refers to the activities of the electric and natural gas companies that are not regulated, as well as We Power and Bluewater. The term \"nonregulated\" refers to activities at WECI, which holds interests in several renewable generating facilities, WEC Energy Group holding company, the Integrys holding company, the PELLC holding company, Wispark, Wisvest, WECC, WBS, and PDL. References to \"Notes\" are to the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K. For more information about our business operations, including financial and geographic information, see Note 22, Segment Information, and Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations \u2013 Results of Operations. For information about our business strategy, see Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations \u2013 Corporate Developments. WEC Energy Group, Inc. We were incorporated in the state of Wisconsin in 1981 and became a diversified holding company in 1986. We maintain our principal executive offices in Milwaukee, Wisconsin. On June 29, 2015, we acquired 100% of the outstanding common shares of Integrys and changed our name to WEC Energy Group, Inc. Our wholly owned subsidiaries provide or invest in regulated natural gas and electricity, and renewable energy, as well as nonregulated renewable energy. We have an approximately 60% equity interest in ATC (an electric transmission company operating in Illinois, Michigan, Minnesota, and Wisconsin). At December 31, 2025, we had six reportable segments, which are discussed below. For additional information abou ITEM 1A. RISK FACTORS We are subject to a variety of risks, many of which are beyond our control, that may adversely affect our business, financial condition, and results of operations. You should carefully consider the following risk factors, as well as the other information included in this report and other documents f", "title": "WEC - WEC ENERGY GROUP, INC.", "url": "/company/WEC/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000072971; latest 10-K filed 2026-02-24.", "text": "WFC - WELLS FARGO & COMPANY/MN SIC 6021 National Commercial Banks; CIK 0000072971; latest 10-K filed 2026-02-24. WFC WELLS FARGO & COMPANY/MN 0000072971 6021 National Commercial Banks Overview Wells Fargo & Company is a leading financial services company that has approximately $2.1 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. Wells Fargo ranked No. 33 on Fortune\u2019s 2025 rankings of America\u2019s largest corporations. We ranked fourth in assets and third in the market value of our common stock among all U.S. banks at December 31, 2025. Financial Performance In 2025, we generated $21.3 billion of net income and diluted earnings per share (EPS) of $6.26, compared with $19.7 billion of net income and diluted EPS of $5.37 in 2024. Financial performance for 2025, compared with 2024, included the following: \u2022total revenue increased due to higher noninterest income, partially offset by lower net interest income; \u2022noninterest expense increased due to higher technology, telecommunications and equipment expense and personnel expense, partially offset by lower operating losses; \u2022average loans increased due to growth in our commercial and industrial portfolio, partially offset by declines in our commercial real estate and residential mortgage portfolios; and \u2022average deposits increased driven by growth in noninterest-bearing deposits, partially offset by a decline in interest-bearing deposits. Capital and Liquidity We maintained a strong capital and liquidity position in 2025, which included the following: \u2022our Common Equity Tier 1 (CET1) ratio was 10.61% under the Standardized Approach (our binding framework), which continued to exceed the regulatory minimum and buffers of 8.50%; \u2022our total loss absorbing capacity (TLAC) as a percentage of total risk-weighted assets was 23.22%, compared with the regulatory minimum of 21.50%; and \u2022our liquidity coverage ratio (LCR) was 119%, which continued to exceed the regulatory minimum of 100%. See the \u201cCapital Management\u201d and the \u201cRisk Management \u2013 Asset/Liability Management \u2013 Liquidity Risk and Funding\u201d sections in this Report for additional information regarding our capital and liquidity, including the calculation of our regulatory capital and liquidity amounts. Credit Quality Credit quality reflected the following: \u2022The allowance for credit losses (ACL) for loans of $14.3 billion at December 31, 2025, decreased $299 million from December 31, 2024. \u2022Our provision for credit losses for loans was $3.7 billion in 2025, compared with $4.3 billion in 2024, reflecting a decrease in net loan charge-offs due to lower losses in our commercial real estate portfolio driven by the office property type and lower losses in our auto and other consumer portfolios. \u2022The allowance coverage for total loans was 1.45% at December 31, 2025, compared with 1.60% at December 31, 2024, reflecting a decrease in the allowance for our commercial real estate portfolio driven by improved credit performance. \u2022Commercial portfolio net loan charge-offs were $1.0 billion, or 19 basis points of average commercial loans, in 2025, compared with net loan charge-offs of $1.5 billion, or 29 basis points, in 2024, due to lower losses in our commercial real estate portfolio driven by the office property type. \u2022Consumer portfolio net loan charge-offs were $3.0 billion, or 79 basis points of average consumer loans, in 2025, compared with net loan charge-offs of $3.2 billion, or 85 basis points, in 2024, due to lower losses in our auto and other consumer portfolios. \u2022Nonperforming assets (NPAs) of $8.5 billion at December 31, 2025, increased $567 million from December 31, 2024, driven by higher commercial and industrial nonaccrual loans. NPAs represented 0.86% of total loans at December 31, 2025. [[GREPCENT_TABLE]] [[\"2\",\"Wells Fargo & Company\"]] [[/GREPCENT_TABLE]] Table 1 presents a three-year summary of selected financial data and T ITEM 1. BUSINESS Wells Fargo & Company is a corporation organized under the laws of Delaware and a financial holding company and a bank holding company registered under the Bank Holding Company Act of 1956, as amended (BHC Act). Its principal business is to act as a holding company for its subsidiaries. References in this report to \u201cthe Parent\u201d mean the holding company. References to \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d or \u201cthe Company\u201d mean the holding company and its subsidiaries that are consolidated for financial reporting purposes. At December 31, 2025, we had assets of approximately $2.1 trillion, loans of $986.2 billion, deposits of $1.4 trillion and stockholders\u2019 equity of $181.1 billion. Based on assets, we were the fourth largest bank holding company in the United States. At December 31, 2025, Wells Fargo Bank, N.A. (the Bank) was the Company\u2019s principal subsidiary with assets of $1.8 trillion, or 85% of the Company\u2019s assets. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, are available for free at www.wellsfargo.com/about/investor-relations/filings as soon as reasonably practicable after they are electronically filed with or furnished to the Securities and Exchange Commission (SEC). They are also available for free on the SEC\u2019s website at www.sec.gov1. DESCRIPTION OF BUSINESS General We are a leading financial services company that provides a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, to individuals, businesses and institutions, primarily in the U.S., as well as in countries outside the U.S. We provide consumer financial products and services including checking and savings accounts, credit and debit cards, and home, auto, personal, and small business lending. In addition, we provide personalized wealth management, brokerage, financial planning, lending, private banking, trust and fiduciary products and services. We", "title": "WFC - WELLS FARGO & COMPANY/MN", "url": "/company/WFC/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000766704; latest 10-K filed 2026-02-12.", "text": "WELL - WELLTOWER INC. SIC 6798 Real Estate Investment Trusts; CIK 0000766704; latest 10-K filed 2026-02-12. WELL WELLTOWER INC. 0000766704 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [[\"EXECUTIVE SUMMARY\"],[\"Company Overview\",\"54\"],[\"Business Strategy\",\"54\"],[\"Key Transactions\",\"55\"],[\"Key Performance Indicators, Trends and Uncertainties\",\"56\"],[\"Corporate Governance\",\"58\"],[\"LIQUIDITY AND CAPITAL RESOURCES\"],[\"Sources and Uses of Cash\",\"58\"],[\"Off-Balance Sheet Arrangements\",\"59\"],[\"Contractual Obligations\",\"59\"],[\"Capital Structure\",\"60\"],[\"Supplemental Guarantor Information\",\"61\"],[\"RESULTS OF OPERATIONS\"],[\"Summary\",\"61\"],[\"Seniors Housing Operating\",\"63\"],[\"Triple-net\",\"65\"],[\"Outpatient Medical\",\"67\"],[\"Non-Segment/Corporate\",\"68\"],[\"OTHER\"],[\"Non-GAAP Financial Measures\",\"69\"],[\"Critical Accounting Policies and Estimates\",\"76\"]] [[/GREPCENT_TABLE]] 53 Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis is based primarily on the consolidated financial statements of Welltower Inc. presented in conformity with U.S. generally accepted accounting principles (\u201cU.S. GAAP\u201d) for the periods presented and should be read together with the notes thereto contained in this Annual Report on Form 10-K. Other important factors are identified in \u201cItem 1 \u2014 Business\u201d and \u201cItem 1A \u2014 Risk Factors\u201d above. We are structured as an umbrella partnership REIT under which substantially all of our business is conducted through Welltower OP LLC, the day-to-day management of which is exclusively controlled by Welltower Inc. Welltower Inc. has no material assets or liabilities other than its investment in Welltower OP LLC. Welltower OP LLC is generally the borrower under, and Welltower Inc. is the guarantor of, the unsecured notes described in Note 11 to our consolidated financial statements. Unless stated otherwise or the context otherwise requires, references to \u201cWelltower\u201d mean Welltower Inc. and references to \u201cWelltower OP\u201d mean Welltower OP LLC. References to \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d mean collectively Welltower, Welltower OP and those entities/subsidiaries owned or controlled by Welltower and/or Welltower OP. Executive Summary Company Overview Welltower Inc. (NYSE:WELL), a real estate investment trust (\u201cREIT\u201d) and S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom and Canada. Our portfolio predominantly consists of 2,500+ seniors and wellness housing communities that are positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. Welltower is the initial member and majority owner of Welltower OP, with an approximate ownership interest of 98.378% as of December 31, 2025. All of our property ownership, development and related business operations are conducted through Welltower OP and Welltower has no material assets or liabilities other than its investment in Welltower OP. Welltower issues equity from time to time, the net proceeds of which it is obligated to contribute as additional capital to Welltower OP. All debt including credit facilities, senior notes and secured debt is incurred by Welltower OP and its subsidiaries, and Welltower has fully and unconditionally guaranteed all existing senior unsecured notes. The following table summarizes our consolidated portfolio for the year ended December 31, 2025 (dollars in thousands): [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"Percentage of\",\"\",\"Number of\"],[\"Type of Property\",\"\",\"NOI(1)\",\"\",\"NOI\",\"\",\"Properties\"],[\"Seniors Housing Operating\",\"\",\"$\",\"2,289,475\",\"\",\"\",\"57.2\",\"%\",\"\",\"1,786\"],[\"Triple-net\",\"\",\"1,163,813\",\"\",\"\",\"29.1\",\"%\",\"\",\"811\"],[\"Outpatient Medical\",\"\",\"548,699\",\"\",\"\",\"13.7\",\"%\",\"\",\"129\"],[\"Totals\",\"\",\"$\",\"4,001,987\",\"\",\"\",\"100.0\",\"%\",\"\",\"2,726\"]] [[/GREPCENT_TABLE]] (1) Represents consolidated net operating income (\u201cNOI\u201d) and excludes our share of investments in unconsolidated entities. Entities in which we hav Item 1. Business General Welltower Inc. (NYSE:WELL), a real estate investment trust (\u201cREIT\u201d) and S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom and Canada. Our portfolio predominantly consists of 2,500+ seniors and wellness housing communities that are positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. More information is available on the Internet at www.welltower.com. The information on our website is not incorporated by reference in this Annual Report on Form 10-K, and our web address is included as an inactive textual reference only. We are structured as an umbrella partnership REIT, or \u201cUPREIT,\u201d under which substantially all of our business is conducted through Welltower OP LLC (\u201cWelltower OP\u201d), the day-to-day management of which is exclusively controlled by Welltower Inc. Through our disciplined approach to capital allocation powered by our Data Science platform and superior operating results driven by the Welltower Business System - our end-to-end platform - we aspire to deliver long-term compounding of per share growth for our existing investors. To meet these objectives, we predominantly invest across seniors housing, wellness housing and post-acute care communities and diversify our investment portfolio by property type, relationship and geographic location. Welltower Inc. is the initial member and majority owner of Welltower OP, with an approximate ownership interest of 98.378% as of December 31, 2025. Welltower Inc. issues equity from time to time, the net proceeds of which it is obligated to contribute as additional capital to Welltower OP. All debt including credit facilities, senior notes and secured debt is incurred by Welltower OP or its subsidiaries and Welltower Inc. has fully and unconditionally guaranteed all existing and future senior unsecured notes. Unless sta Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below in addition to the other information set forth in this Annual Report on Form 10-K, including \u201cItem 7 - Management\u2019s Discussion and Analysis of Financial Condition and Results of Operation\u201d and our consol", "title": "WELL - WELLTOWER INC.", "url": "/company/WELL/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000105770; latest 10-K filed 2026-02-17.", "text": "WST - WEST PHARMACEUTICAL SERVICES INC SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000105770; latest 10-K filed 2026-02-17. WST WEST PHARMACEUTICAL SERVICES INC 0000105770 3841 Surgical & Medical Instruments & Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW The following discussion is intended to further the reader\u2019s understanding of the consolidated financial condition and results of operations of the Company. It should be read in conjunction with our consolidated financial statements and the accompanying footnotes included in Part II, Item 8 of this Form 10-K. These historical financial statements may not be indicative of our future performance. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains a number of forward-looking statements, all of which are based on our current expectations and could be affected by the uncertainties and risks discussed in Part I, Item 1A of this Form 10-K. Non-U.S. GAAP Financial Measures For the purpose of aiding the comparison of our year-over-year results, we may refer to net sales and other financial results excluding the effects of changes in foreign currency exchange rates. Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than USD at the applicable foreign exchange rates in effect during the comparable prior-year period. We may also refer to adjusted consolidated operating profit and adjusted consolidated operating profit margin, which exclude the effects of unallocated items. The unallocated items are not representative of ongoing operations, and generally include restructuring and related charges, certain asset impairments, and other specifically-identified income or expense items. The re-measured results excluding effects from currency translation, the impact from acquisitions and/or divestitures, and excluding the effects of unallocated items are not in conformity with U.S. Generally Accepted Accounting Principles (\"GAAP\") and should not be used as a substitute for the comparable U.S. GAAP financial measures. The non-U.S. GAAP financial measures are incorporated in our discussion and analysis as management uses them in evaluating our results of operations and believes that this information provides users with a valuable insight into our overall performance and financial position. Our Operations We are a leading global manufacturer in the design and production of technologically advanced, high-quality, integrated containment and delivery systems for injectable drugs and healthcare products. Our products include a variety of primary proprietary packaging, containment solutions, reconstitution and transfer systems, and drug delivery systems, as well as contract manufacturing, analytical lab services and integrated solutions. Our customers include leading biologic, generic, pharmaceutical, diagnostic, and medical device companies around the world. Our top priority is delivering quality products that meet the exact product specifications and quality standards customers require and expect. This focus on quality includes a commitment to excellence in manufacturing, scientific and technical expertise and management, which enables us to partner with our customers in order to deliver safe, effective drug products to patients quickly and efficiently. Our business operations are organized into two global segments, Proprietary Products and Contract-Manufactured Products. Our Proprietary Products reportable segment offers proprietary packaging, containment solutions and drug delivery systems, along with analytical lab services and other integrated services and solutions, primarily to biologic, generic and pharmaceutical drug customers. Our Contract-Manufactured Products reportable segment serves as a fully integrated business, focused on the design, manufacture, and automated assembly of complex devices, primarily for pharmaceutical, diagnostic, and medical device customers. We also maintain collaborations to share technologies and market products with affiliates in Japan an ITEM 1. BUSINESS General We are a leading global manufacturer in the design and production of technologically advanced, high-quality, integrated containment and delivery systems for injectable drugs and healthcare products. Our products include a variety of primary proprietary packaging, containment solutions, reconstitution and transfer systems, and drug delivery systems, as well as contract manufacturing, analytical lab services and integrated solutions. Our customers include leading biologic, generic, pharmaceutical, diagnostic, and medical device companies in the world. Our top priority is delivering quality products that meet the exact product specifications and quality standards customers require and expect. This focus on quality includes a commitment to excellence in manufacturing, scientific and technical expertise and management, which enables us to partner with our customers in order to deliver safe, effective drug products to patients quickly and efficiently. Business Segments Our business operations are organized into two global business segments, Proprietary Products and Contract-Manufactured Products. Proprietary Products Segment Our Proprietary Products reportable segment offers elastomers & primary containment, drug delivery devices, integrated systems, and analytical lab services, primarily to biologic, generic, and pharmaceutical drug customers. Our packaging products include stoppers and seals for injectable packaging systems, which are designed to help ensure drug compatibility and stability with active drug products, while also supporting operational efficiency for customers. These packaging products also include syringe and cartridge components, including custom solutions for the specific needs of injectable drug applications, as well as administration systems that can enhance the safe delivery of drugs through advanced reconstitution, mixing and transfer technologies. We also provide films, coatings, washing, vision inspection and steril ITEM 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. You should consider and carefully read all of the risks and uncertainties described below, as well as other information included in this Annual Report and in our other public filings. The risks ", "title": "WST - WEST PHARMACEUTICAL SERVICES INC", "url": "/company/WST/" }, { "kind": "company", "summary": "SIC 3572 Computer Storage Devices; CIK 0000106040; latest 10-K filed 2025-08-14.", "text": "WDC - WESTERN DIGITAL CORP SIC 3572 Computer Storage Devices; CIK 0000106040; latest 10-K filed 2025-08-14. WDC WESTERN DIGITAL CORP 0000106040 3572 Computer Storage Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis contains forward-looking statements within the meaning of the federal securities laws and should be read in conjunction with the disclosures we make concerning risks and other factors that may affect our business and operating results. You should read this information in conjunction with the Consolidated Financial Statements and the notes thereto included in Part II, Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K. See also \u201cForward-Looking Statements\u201d immediately prior to Part I, Item 1, Business, of this Annual Report on Form 10-K. Our Company We are a leading developer, manufacturer, and provider of data storage devices and solutions based on hard disk drive (\u201cHDD\u201d) technology. We leverage our capability in the HDD industry primarily for the cloud and hyperscale data center markets. HDDs are critical components in the worldwide data infrastructure market, powering the digital economy. HDDs provide reliable, cost-effective, high-capacity storage needs for a wide range of applications, ranging from cloud data centers, enterprise storage systems, edge computing, video surveillance to client and consumer. Our broad portfolio of technology and products addresses our customers\u2019 storage needs through multiple end markets: \u201cCloud,\u201d \u201cClient\u201d and \u201cConsumer\u201d. Cloud is comprised primarily of products for public or private cloud environments and enterprise customers. Through the Client end market, we provide our original equipment manufacturer (\u201cOEM\u201d) and channel customers a broad array of high-performance HDD solutions across desktop and notebooks. The Consumer end market provides a broad range of retail and other end-user products, which capitalize on the strength of our product brand recognition and vast points of presence around the world. Our fiscal year ends on the Friday nearest to June 30 and typically consists of 52 weeks. Approximately every five to six years, we report a 53-week fiscal year to align the fiscal year with the foregoing policy. Fiscal year 2026, ending on July 3, 2026 will be comprised of 53 weeks, with the first quarter consisting of 14 weeks. Fiscal years 2025, 2024, and 2023, which ended on June 27, 2025, June 28, 2024, and June 30, 2023, respectively, each comprised 52 weeks, with all quarters presented consisting of 13 weeks. Key Developments Separation of Business Units On February 21, 2025 (the \u201cSeparation Date\u201d), we completed the separation of our HDD and Flash business units (the \u201cSeparation\u201d) to create two independent public companies, with Western Digital focusing on our existing HDD business and Sandisk Corporation (\u201cSandisk\u201d), formerly a wholly-owned subsidiary of the Company, holding the Flash business. We believe the Separation better positions each business unit to execute innovative technology and product development, capitalize on unique growth opportunities, extend respective leadership positions, operate more efficiently with distinct capital structures, and pursue capital allocation strategies that maximize long-term shareholder value. The Separation was effected through a pro rata distribution of 80.1% of the outstanding shares of Sandisk common stock to holders of the Company\u2019s common stock as of February 12, 2025, the record date for the distribution. The Company did not issue fractional shares of Sandisk common stock in connection with the distribution. Sandisk is now an independent public company, and Sandisk common stock commenced trading \u201cregular way\u201d under the symbol \u201cSNDK\u201d on the Nasdaq Stock Market LLC (\u201cNasdaq\u201d) on February 24, 2025, which was the next trading day following the distribution date. The Company continues to trade on Nasdaq under the symbol \u201cWDC\u201d following the Separation. Following the Separation, the Company no longer consolidates Sandisk within the Company\u2019s financial results. As part Item 1. Business General Western Digital was founded in 1970 and is a Standard & Poor\u2019s 500 (\u201cS&P 500\u201d) company headquartered in San Jose, California. We are a leading developer, manufacturer, and provider of data storage devices and solutions based on hard disk drive (\u201cHDD\u201d) technology. HDDs are critical components in the worldwide data infrastructure market, powering the digital economy. HDDs provide reliable, cost-effective, high-capacity storage needs for a wide range of applications, ranging from cloud data centers, enterprise storage systems, edge computing, and video surveillance to client and consumer devices. On February 21, 2025 (the \u201cSeparation Date\u201d), we completed the separation of our HDD and Flash business units (the \u201cSeparation\u201d) to create two independent public companies, with Western Digital focusing on our existing HDD business and Sandisk Corporation (\u201cSandisk\u201d), formerly a wholly-owned subsidiary of the Company, holding the Flash business. We believe the Separation better positions each business unit to execute innovative technology and product development, capitalize on unique growth opportunities, extend respective leadership positions, operate more efficiently with distinct capital structures, and pursue capital allocation strategies that maximize long-term shareholder value. As global data creation continues to accelerate, particularly in the age of AI, and as the need to store and retain data also grows, we believe HDDs will continue to remain the preferred technology for storing large volumes of data as the most economical solution to the large cloud data centers for their mass storage needs. We believe Western Digital is well positioned as a leading supplier in the industry given the depth of our industry knowledge and the breadth of our product portfolio. We are a customer-focused organization that has developed deep relationships with industry leaders to deliver innovative solutions to help users capture, store and transform data Item 1A. Risk Factors Our business can be affected by a number of risks and uncertainties, any of which could cause material harm to our actual operating results and financial condition. The risks discussed below are not the only ones facing our business but represent risks that we believe are material to us. Additional risks not presently kno", "title": "WDC - WESTERN DIGITAL CORP", "url": "/company/WDC/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000106535; latest 10-K filed 2026-02-13.", "text": "WY - WEYERHAEUSER CO SIC 6798 Real Estate Investment Trusts; CIK 0000106535; latest 10-K filed 2026-02-13. WY WEYERHAEUSER CO 0000106535 6798 Real Estate Investment Trusts MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A) WHAT YOU WILL FIND IN THIS MD&A Our MD&A includes the following major sections: [[GREPCENT_TABLE]] [[\"\\uf0b7\",\"economic and market conditions affecting our operations;\"],[\"\\uf0b7\",\"financial performance summary;\"],[\"\\uf0b7\",\"results of operations;\"],[\"\\uf0b7\",\"liquidity and capital resources;\"],[\"\\uf0b7\",\"environmental matters, legal proceedings and other contingencies;\"],[\"\\uf0b7\",\"accounting matters and\"],[\"\\uf0b7\",\"performance and liquidity measures.\"]] [[/GREPCENT_TABLE]] For Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) related to the year ended December 31, 2023, refer to this same section in our 2024 annual report on Form 10-K as filed with the Securities and Exchange Commission on February 14, 2025. ECONOMIC AND MARKET CONDITIONS AFFECTING OUR OPERATIONS Our market conditions and the strength of the broader U.S. economy are, and will continue to be, influenced by the trajectory of activity in the U.S. housing and repair and remodel segments, inflation trends and interest rates. The demand for sawlogs within our Timberlands segment is directly affected by domestic production of wood-based building products. The strength of the U.S. housing market, particularly new residential construction, strongly affects demand in our Wood Products segment, as does repair and remodeling activity. Seasonal weather patterns impact the level of construction activity in the U.S., which in turn affects demand for our logs and wood products. Our Timberlands segment, particularly the Western region, is also affected by export demand and trade policy. Japanese housing starts are a key driver of export log demand in Japan. The demand for pulpwood from our Timberlands segment is directly affected by the production of pulp, paper and oriented strand board (OSB), as well as the demand for biofuels, such as wood-burning pellets made from pulpwood. Our Timberlands segment is also influenced by the availability of harvestable timber. In general, Western log markets are highly tensioned by available supply, while Southern log markets have WEYERHAEUSER COMPANY 2025 ANNUAL REPORT AND FORM 10-K 44 Table of Contents more available supply. However, additional mill capacity being added in the U.S. South has led to tightening of markets in certain geographies. Our Real Estate, Energy and Natural Resources segment is affected by a variety of factors, including the general state of the economy, local real estate market conditions, the level of construction activity in the U.S. and evolution of emerging renewable energy and carbon-related markets. Ongoing U.S. trade policy changes have resulted in macroeconomic uncertainty and increased cautiousness by consumers. These policies, along with potential countermeasures by other countries, have the potential to affect supply and demand trends, import and export dynamics, and pricing for our products. Trade and tariff policies are generally separate from the annual establishment and collection of anti-dumping and countervailing duties (AD/CVD) placed on certain products and countries, such as for Canadian softwood lumber. The discussion below includes a number of publicly available data points, many of which are obtained from U.S. federal government institutions. Due to the federal government shutdown that ended in November, availability of these data points is limited to October or November 2025. All other data points are updated through fourth quarter 2025. Home sales and building activity continue to moderate in response to elevated mortgage interest rates, reduced affordability and lower consumer confidence. While overall housing inventory remains historically low across many markets, there has been some increase in unsold new and existing single-family units. On a seasonally adjusted annual basis, as reported by the U.S. Census Bureau, housing starts for October", "title": "WY - WEYERHAEUSER CO", "url": "/company/WY/" }, { "kind": "company", "summary": "SIC 5700 Retail-Home Furniture, Furnishings & Equipment Stores; CIK 0000719955; latest 10-K filed 2026-03-26.", "text": "WSM - WILLIAMS SONOMA INC SIC 5700 Retail-Home Furniture, Furnishings & Equipment Stores; CIK 0000719955; latest 10-K filed 2026-03-26. WSM WILLIAMS SONOMA INC 0000719955 5700 Retail-Home Furniture, Furnishings & Equipment Stores ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition, results of operations, and liquidity and capital resources for the 52 weeks ended February 1, 2026 (\u201cfiscal 2025\u201d), and the 53 weeks ended February 2, 2025 (\u201cfiscal 2024\u201d) should be read in conjunction with our Consolidated Financial Statements and notes thereto. Fiscal 2024 results included a 53rd week, which we estimate contributed 150 basis points to revenue growth and 20 basis points to operating margin in fiscal 2024. Explanations of changes in operational results are discussed in order of magnitude. A discussion and analysis of our financial condition, results of operations, and liquidity and capital resources for fiscal 2024 compared to the 52 weeks ended January 28, 2024 (\u201cfiscal 2023\u201d), can be found under Item 7 in our Annual Report on Form 10-K for fiscal 2024, filed with the SEC on March 27, 2025, which is available on the SEC\u2019s website at www.sec.gov and under the Financial Reports section of our Investor Relations website. OVERVIEW Our products in our portfolio of nine brands \u2014 Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation, Mark and Graham, and GreenRow \u2014 represent distinct merchandise strategies that are marketed through e-commerce, direct-mail catalogs, retail stores, and business-to-business. These brands collectively support The Key Rewards, our loyalty and credit card program that offers members exclusive benefits. We operate in the U.S., Puerto Rico, Canada, Australia and the United Kingdom and have unaffiliated franchisees that operate stores in Mexico, South Korea, India and the Philippines. The evolving tariff landscape during fiscal 2025 had an impact on our business. While our tariff mitigation efforts reduced the overall effect, tariffs impacted our Consolidated Statement of Earnings in fiscal 2025, due to the flow-through of higher tariffs into cost of goods sold. Fiscal 2025 Financial Results Net revenues in fiscal 2025 increased $95.3 million, or 1.2%, due to (i) company comparable brand revenue (\u201ccompany comp\u201d) growth of $258.4 million, or 3.5%, partially offset by (ii) a decrease in non-comparable brand revenue of $45.9 million due to lower franchise net revenues and the closure of retail stores, and (iii) the impact of one less week of net revenues in fiscal 2025 compared to fiscal 2024 of $117.2 million. From a channel perspective, the company comp growth of 3.5% was driven by comp growth of 6.4% in our retail channel and comp growth of 2.2% in our e-commerce channel. In fiscal 2025, Pottery Barn, our largest brand, saw comparable brand revenue (\u201cbrand comp\u201d) growth of 0.4% driven by strength in retail, offset by non-furniture and seasonal categories. The Pottery Barn Kids and Teen brands saw brand comp growth of 4.4% in fiscal 2025 driven by collaborations, expanded dorm and baby offerings, and strong seasonal gifting assortments. West Elm saw brand comp growth of 2.9% in fiscal 2025 driven by new seasonal assortments, strength in retail and collaborations. The Williams Sonoma brand saw brand comp growth of 6.9% in fiscal 2025 driven by strength in the brand's kitchen business supported by newness, collaborations, exclusive products and a strong holiday gift assortment. Finally, our emerging brands, Rejuvenation, Mark and Graham, and GreenRow, combined, delivered double-digit brand comp growth in fiscal 2025. In fiscal 2025, diluted earnings per share was $8.84 versus $8.79 in fiscal 2024 (which included the benefit of an out-of-period freight adjustment in the first quarter of fiscal 2024 of $0.29). Despite a challenging macroeconomic environment, including continued unpredictability around geopolitics and tariffs, we delivered record diluted earnings per share. Our performance was driven by the execution of our three key priorities for 2025: returning t ITEM 1. BUSINESS OVERVIEW Williams-Sonoma, Inc., (the \u201cCompany\u201d, \u201cwe\u201d, or \u201cus\u201d) incorporated in 1973, is an omni-channel specialty retailer of high-quality products for the home. In 1956, our founder, Chuck Williams, turned a passion for cooking and eating with friends into a small business with a big idea. He opened a store in Sonoma, California to sell the French cookware that intrigued him while visiting Europe but that could not be found in America. Chuck\u2019s business, which set a standard for customer service, took off and helped fuel a revolution in American cooking and entertaining that continues today. In the decades that followed, our commitment to product quality, our ability to identify new market opportunities and our people-first business approach have driven our expansion beyond the kitchen into nearly every area of the home, as well as the places where our customers work, stay and play. Our in-house design capabilities and vertically integrated sourcing organization allow us to deliver high-quality, lasting products at competitive prices. Through our e-commerce platform, our in-house marketing and data analytics teams optimize our digital spend and customer connections. We have expanded our in-store services to not only provide world-class customer service but to also serve as design centers and omni-fulfillment hubs. We are the world\u2019s largest digital-first, design-led and sustainable home retailer. Our brands \u2014 Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation, Mark and Graham, and GreenRow \u2014 represent distinct merchandise strategies that are marketed through e-commerce, direct-mail catalogs, retail stores, and business-to-business. These brands collectively support The Key Rewards, our loyalty and credit card program that offers members exclusive benefits. We operate in the U.S., Puerto Rico, Canada, Australia and the United Kingdom and have unaffiliated franchisees that operate ITEM 1A. RISK FACTORS A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider such risks and uncertainties, together with the other information contained in this report and in our other public filings before investing in our ", "title": "WSM - WILLIAMS SONOMA INC", "url": "/company/WSM/" }, { "kind": "company", "summary": "SIC 4922 Natural Gas Transmission; CIK 0000107263; latest 10-K filed 2026-02-24.", "text": "WMB - WILLIAMS COMPANIES, INC. SIC 4922 Natural Gas Transmission; CIK 0000107263; latest 10-K filed 2026-02-24. WMB WILLIAMS COMPANIES, INC. 0000107263 4922 Natural Gas Transmission Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [[\"Combined Management\\u2019s Discussion and Analysis of Financial Condition and Results of Operations\",\"Page\"],[\"General\",\"55\"],[\"Company Outlook\",\"58\"],[\"Results of Operations\",\"64\"],[\"Williams\",\"64\"],[\"Transco\",\"78\"],[\"NWP\",\"81\"],[\"Management\\u2019s Discussion and Analysis of Financial Condition and Liquidity\",\"83\"]] [[/GREPCENT_TABLE]] General Williams is an energy company committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Its operations are located in the United States. Williams\u2019 interstate natural gas pipeline strategy is to create value by maximizing the utilization of its pipeline capacity by providing high-quality, low-cost transportation of natural gas to large and growing markets. Williams\u2019 gas pipeline businesses\u2019 interstate transmission and storage activities are subject to regulation by the FERC. As such, Williams\u2019 rates and charges for the transportation of natural gas in interstate commerce; the extension, expansion, or abandonment of jurisdictional facilities; and accounting, among other things, are subject to regulation. The rates are established primarily through the FERC\u2019s ratemaking process, but Williams may also negotiate rates with its customers pursuant to the terms of its tariffs and FERC policy. Changes in commodity prices and volumes transported have limited near-term impact on these revenues because the majority of the cost of service is recovered through firm capacity reservation charges in transportation rates. The ongoing strategy of Williams\u2019 midstream operations is to safely and reliably operate large-scale midstream infrastructure where its assets can be fully utilized and drive low per-unit costs. Williams focuses on consistently attracting new business by providing highly reliable service to its customers. These services include natural gas gathering and processing, treating, compression and storage; NGL fractionation, transportation and storage; and crude oil production handling and transportation, as well as marketing services for NGL, crude oil, and natural gas. Consistent with the manner in which Williams\u2019 CODM evaluates performance and allocates resources, Williams\u2019 operations are conducted, managed, and presented within the following reportable segments: Transmission, Power & Gulf; Northeast G&P; West; and Gas & NGL Marketing Services. All remaining business activities, including upstream operations and corporate activities, are included in Other. See Note 1 \u2013 Description of Business, Basis of Presentation, and Summary of Significant Accounting Policies for a full description of each segment. Unless indicated otherwise, the following discussion and analysis of results of operations and financial condition and liquidity relates to Williams\u2019 current continuing operations and should be read in conjunction with the financial statements and combined notes thereto included in Part II, Item 8. Financial Statements and Supplementary Data of this report. Dividends In December 2025, Williams paid a regular quarterly dividend of $0.500 per share. On January 27, 2026, Williams\u2019 board of directors approved a regular quarterly dividend of $0.525 per share payable on March 30, 2026. 55 Table of Contents Management\u2019s Discussion and Analysis (Continued) Overview of Year Ended December 31, 2025 Net income (loss) attributable to The Williams Companies, Inc. for the year ended December 31, 2025, increased $393 million compared to the year ended December 31, 2024. Further discussion of the results is found in this report in the Results of Operations. Recent Developments Transco FERC Rate Case Filing On August 30, 2024, Transco filed a general rate case with the FERC for an overall increase in rates and to comply with the terms of the settlement of its prior rate case. On September 30, 202 Item 1. Business This report includes information for multiple registrants, specifically The Williams Companies, Inc. (Williams), as well as Transcontinental Gas Pipe Line Company, LLC (Transco) and Northwest Pipeline LLC (NWP) both of which are wholly owned subsidiaries of Williams (collectively, the Registrants). References to subsidiaries by name, including equity-method investees, Transco, and NWP, refer exclusively to those businesses and operations. General Williams is an energy company committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Williams has operations in 11 supply areas that provide natural gas gathering and processing (G&P), transmission and storage services; NGL fractionation, transportation, and storage services; and marketing services to approximately 800 customers. Williams owns an interest in and operates over 32,000 miles of pipelines in 24 states and in the Gulf of America, 35 natural gas processing facilities, 9 NGL fractionation facilities, approximately 23 million barrels of NGL storage capacity, and 423 Bcf of natural gas storage capacity, and delivers natural gas that is used every day for clean-power generation, heating, and industrial use. Williams was founded in 1908, originally incorporated under the laws of the state of Nevada in 1949 and reincorporated under the laws of the state of Delaware in 1987. Its common stock trades on the New York Stock Exchange under the symbol \u201cWMB.\u201d Its operations are located in the United States. Williams\u2019 headquarters are located in Tulsa, Oklahoma, with other major offices in Houston, Texas; Pittsburgh, Pennsylvania; and Salt Lake City, Utah. Transco owns and operates an approximately 9,600-mile natural gas pipeline system extending from Texas, Louisiana, Mississippi and the Gulf of America through Alabama, Georgia, South Carolina, North Carolina, Virginia, Maryland, Delaware, Pennsylvania and New Jersey t Item 1A. Risk Factors FORWARD-LOOKING STATEMENTS AND CAUTIONARY STATEMENT FOR PURPOSES OF THE \u201cSAFE HARBOR\u201d PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 The reports, filings, and other public announcements of Williams, Transco, and NWP may contain or incorporate by reference statements that do not directly or exclu", "title": "WMB - WILLIAMS COMPANIES, INC.", "url": "/company/WMB/" }, { "kind": "company", "summary": "SIC 6411 Insurance Agents, Brokers & Service; CIK 0001140536; latest 10-K filed 2026-02-25.", "text": "WTW - WILLIS TOWERS WATSON PLC SIC 6411 Insurance Agents, Brokers & Service; CIK 0001140536; latest 10-K filed 2026-02-25. WTW WILLIS TOWERS WATSON PLC 0001140536 6411 Insurance Agents, Brokers & Service ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This discussion includes forward-looking statements. See \u2018Disclaimer Regarding Forward-looking Statements\u2019 for certain cautionary information regarding forward-looking statements and Part I, Item 1A Risk Factors for a list of factors that could cause actual results to differ materially from those predicted in those statements. This discussion includes references to non-GAAP financial measures as defined in the rules of the SEC. We present such non-GAAP financial measures, specifically, adjusted, constant currency and organic non-GAAP financial measures, as we believe such information is of interest to the investment community because it provides additional meaningful methods of evaluating certain aspects of the Company\u2019s operating performance from period to period on a basis that may not be otherwise apparent under U.S. GAAP, and these provide a measure against which our businesses may be assessed in the future. Our methods of calculating these measures may differ from those used by other companies and therefore comparability may be limited. These financial measures should be viewed in addition to, not in lieu of, the consolidated financial statements for the year ended December 31, 2025. See \u2018Non-GAAP Financial Measures\u2019 below for further discussion of our adjusted, constant currency and organic non-GAAP financial measures. Executive Overview Impact of Market Conditions on Our Business Typically, our business benefits from regulatory change, political risk or economic uncertainty. Insurance broking generally tracks the economy, but demand for both insurance broking and consulting services usually remains steady during times of uncertainty. We have some businesses, such as our health and benefits and administration businesses, which can be counter cyclical during the early period of a significant economic change. Within our insurance and brokerage business, due to the cyclical nature of the insurance market and the impact of other market conditions on insurance premiums, commission revenue may vary widely between accounting periods. A period of low or declining premium rates, generally known as a \u2018soft\u2019 or \u2018softening\u2019 market, generally leads to downward pressure on commission revenue and can have a material adverse impact on our revenue and operating margin. A \u2018hard\u2019 or \u2018firming\u2019 market, during which premium rates rise, generally has a favorable impact on our revenue and operating margin. Rates, however, vary by geography, industry and client segment. As a result, and due to the global and diverse nature of our business, we view rates in the aggregate. Overall, at the time of filing this Annual Report, we are seeing a softening market. Market conditions in the broking industry in which we operate are generally defined by factors such as the strength of the various geographical economies which we serve around the world, insurance rate movements, and insurance and reinsurance buying patterns of our clients. The markets for our consulting, technology and solutions, and marketplace services are affected by economic, regulatory and legislative changes, technological developments, and increased competition from established and new competitors. We believe that the primary factors in selecting a human resources or risk management consulting company include reputation, the ability to provide measurable increases to shareholder value and return on investment, global scale, quality of service and the ability to tailor services to clients\u2019 unique needs. In that regard, we are focused on developing and implementing technology, data and analytic solutions for both internal operations and for maintaining industry standards and meeting client preferences. We have made such investments from time to time and may decide, based on perceived business needs, to make investments in the future that may be different from past practice or our current ITEM 1. BUSINESS The Company WTW is a leading global advisory, broking and solutions company that provides data-driven, insight-led solutions in the areas of people, risk and capital. Utilizing the global view and local expertise of our approximately 47,000 colleagues serving more than 140 countries and markets, we help organizations sharpen strategies, enhance resilience, motivate workforces and maximize performance. We design and deliver solutions that manage risk, optimize benefits, cultivate talent and expand the power of capital to protect and strengthen institutions and individuals. Working closely with our clients, we uncover opportunities for sustainable success. Our clients operate on a global and local scale in a multitude of businesses and industries throughout the world and generally range in size from large, major multinational corporations to middle-market domestic and international companies. Our clients include many of the world\u2019s leading corporations, including approximately 93% of the FTSE 100, 89% of the Fortune 1000, and 92% of the Fortune Global 500 companies. We also advise the majority of the world\u2019s leading insurance companies. We work with major corporations, emerging growth companies, governmental agencies and not-for-profit institutions in a wide variety of industries, with many of our client relationships spanning decades. None of the Company\u2019s clients individually represented more than 10% of its consolidated revenue for each of the years ended December 31, 2025, 2024 and 2023. We place insurance with approximately 2,500 insurance carriers, none of which individually accounted for a significant concentration of the total premiums we placed on behalf of our clients in 2025, 2024 or 2023. Available Information The Company files annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains a website that contains annual, quarterly and current reports, proxy statements and other informatio ITEM 1A. RISK FACTORS Executive Summary of Risk Factors The following contains a summary of each of our risk factors. For the complete disclosure of each risk factor contained herein, please click on the respective summary. Strategic and Operational Risks \u2022 Our success largely depends on our ability to achie", "title": "WTW - WILLIS TOWERS WATSON PLC", "url": "/company/WTW/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001327811; latest 10-K filed 2026-03-06.", "text": "WDAY - Workday, Inc. SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001327811; latest 10-K filed 2026-03-06. WDAY Workday, Inc. 0001327811 7374 Services-Computer Processing & Data Preparation ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and notes thereto included in Part II, Item 8 of this report. The following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this report, particularly in \u201cRisk Factors\u201d included in Part I, Item 1A of this report. The following discussion of our financial condition and results of operations covers fiscal 2026 and 2025 items and year-over-year comparisons between fiscal 2026 and 2025. Discussions of fiscal 2024 items and year-over-year comparisons between fiscal 2025 and 2024 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended January 31, 2025, that was filed with the SEC on March 11, 2025. Amounts in this report may not recalculate due to rounding. Year-over-year comparisons, operating margin, and net income per share are calculated using unrounded data. Overview Workday is the enterprise AI platform for managing people, money, and agents. We deliver cloud-based, AI-powered applications for HCM, financial management, spend management, and planning. Our diverse customer base includes emerging, medium-sized, and large global organizations within numerous industries, including financial services, government, higher education, healthcare, hospitality, manufacturing, professional and business services, retail, technology and media, and transportation. Workday helps customers deliver better employee experiences, increase productivity, improve operational efficiencies, and provide insights for faster, data-driven decision-making. We have achieved significant growth since our inception in 2005, when we pioneered HCM in the cloud. As a result of our innovation and commitment to customer success, today we are a Fortune 500 company with more than 11,500 customers around the world. As we continue to grow, we are focused on driving sustainable, long-term subscription revenue growth by adding new customers and expanding our relationships with existing customers through increased adoption of our suite of solutions. Central to this effort is investing in strategic growth areas including developing innovative AI solutions, expanding internationally, growing our partner ecosystem, deepening our presence in industry verticals and the emerging and medium enterprise market, and exploring strategic acquisitions to complement our organic innovation. Our investments across these targeted growth areas may require additional costs, but we remain committed to optimizing resource allocation and realizing a return on our investments. Over time, we believe these investments will support revenue growth and a more scalable business. We are focused on expanding our operating margin by driving scale and building efficiencies across the business through investments in people, processes, and systems. As a result of our focus on expanding operating margin, we expect our product development, sales and marketing, and general and administrative expenses as a percentage of total revenues will decrease over the longer term as we grow our revenues and invest in a disciplined manner to support our long-term growth objectives. 37 Table of Contents Financial Results Overview The following table provides an overview of our key metrics (in millions, except percentages, basis points, and headcount data): [[GREPCENT_TABLE]] [[\"\",\"As of and for the Years Ended January 31,\"],[\"\",\"2026\",\"\",\"2025\",\"\",\"Change\"],[\"T ITEM 1. BUSINESS Overview Workday is the enterprise AI platform for managing people, money, and agents. Workday provides more than 11,500 organizations with cloud solutions powered by artificial intelligence (\u201cAI\u201d) to help solve some of today\u2019s most complex business challenges, including supporting and empowering their workforce, managing their finances and spend in an ever-changing environment, and planning for the unexpected. We strive to reimagine how work gets done and hope to empower customers to do the same through an innovative suite of solutions with more than 75 million users under contract around the world and across industries \u2013 from emerging and medium-sized businesses to more than 65% of the Fortune 500. Central to our purpose is a set of core values \u2013 with our employees as number one \u2013 along with customer service, innovation, integrity, fun, and profitability. We believe that happy employees lead to happy customers, and we are committed to helping our customers adapt and thrive in this increasingly dynamic business environment. As organizations face changing conditions, we believe the need for an intuitive, open, scalable, and secure platform that provides unified management of human resources (\u201cHR\u201d), finances, AI agents, suppliers, and planning is more important than ever. Workday AI is built into our platform, allowing us to rapidly deliver and sustain models that can transform business processes and solve countless business problems. Workday\u2019s insight into how people, money, and agents move through organizations provides a depth of context in HR and finance, allowing us to understand how and where work gets done and to strategically design solutions to have the greatest impact. As a result, Workday helps deliver better employee experiences, increase productivity, improve operational efficiencies, and provide insights for faster, data-driven decision-making. In fiscal 2026, we introduced new Workday AI agents to accelerate hiring, enhance frontli ITEM 1A. RISK FACTORS Investing in our securities involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this report, including the consolidated financial statements and the related notes included elsewhere i", "title": "WDAY - Workday, Inc.", "url": "/company/WDAY/" }, { "kind": "company", "summary": "SIC 7011 Hotels & Motels; CIK 0001174922; latest 10-K filed 2026-03-02.", "text": "WYNN - WYNN RESORTS LTD SIC 7011 Hotels & Motels; CIK 0001174922; latest 10-K filed 2026-03-02. WYNN WYNN RESORTS LTD 0001174922 7011 Hotels & Motels Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with, and is qualified in its entirety by, the consolidated financial statements and the notes thereto included elsewhere in this Annual Report on Form 10-K. Discussion of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview We are a designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming, all supported by an unparalleled focus on our guests, our people, and our community. Through our approximately 72% ownership of Wynn Macau, Limited (\"WML\"), our concessionaire Wynn Resorts (Macau) S.A. (\"Wynn Macau SA\") operates two integrated resorts in the Macau Special Administrative Region of the People's Republic of China (\"Macau\"), Wynn Palace and Wynn Macau (collectively, our \"Macau Operations\"). In Las Vegas, Nevada, we operate and, with the exception of certain retail space, own 100% of Wynn Las Vegas. We are a 50.1% owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the \"Retail Joint Venture\"). We refer to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as our Las Vegas Operations. In Everett, Massachusetts, we operate Encore Boston Harbor, an integrated resort. The Company has a 40% equity interest in Island 3 AMI FZ-LLC (\"Island 3\"), an unconsolidated affiliate, which is constructing Wynn Al Marjan Island in Ras Al Khaimah, United Arab Emirates. Key Operating Measures Certain key operating measures specific to the gaming industry are included in our discussion of our operational performance for the periods for which the Consolidated Statements of Income are presented. These key operating measures are presented as supplemental disclosures because management and/or certain investors use these measures to better understand period-over-period fluctuations in our casino and hotel operating revenues. These key operating measures are defined below: \u2022Table drop in mass market for our Macau Operations is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. \u2022Table drop for our Las Vegas Operations is the amount of cash and net markers issued that are deposited in a gaming table's drop box. \u2022Table drop for Encore Boston Harbor is the amount of cash and gross markers issued that are deposited in a gaming table's drop box. \u2022Rolling chips are non-negotiable identifiable chips that are used to track turnover for purposes of calculating incentives within our Macau Operations' VIP program. \u2022Turnover is the sum of all losing rolling chip wagers within our Macau Operations' VIP program. \u2022Table games win is the amount of table drop or turnover that is retained and recorded as casino revenues. Table games win is before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis. Table games win does not include poker rake. \u2022Slot machine win is the amount of handle (representing the total amount wagered) that is retained by us and is recorded as casino revenues. Slot machine win is after adjustment for progressive accruals and free play, but before discounts and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis. \u2022Poker rake is the portion of cash wagered by patrons in our poker rooms that is retained by the casino as a service Item 1. Business Our Company Wynn Resorts, Limited (\"Wynn Resorts,\" \"Wynn,\" or together with its subsidiaries, \"we\" or the \"Company\") is a preeminent designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming, all supported by an unparalleled focus on our guests, our people, and our community. We believe that our extensive design and operational experience across numerous gaming jurisdictions provides us with a distinct advantage over other gaming enterprises. Through our approximately 72% ownership of Wynn Macau, Limited (\"WML\"), we operate two integrated resorts in the Macau Special Administrative Region of the People's Republic of China (\"Macau\"), Wynn Palace and Wynn Macau (collectively, our \"Macau Operations\"). In Las Vegas, Nevada, we operate and, with the exception of certain retail space, own 100% of Wynn Las Vegas and Encore at Wynn Las Vegas, which we also refer to as our Las Vegas Operations. In Everett, Massachusetts, we operate Encore Boston Harbor, an integrated resort. Additionally, the Company has a 40% equity interest in Island 3 AMI FZ-LLC, an unconsolidated affiliate, which is constructing an integrated resort property (\"Wynn Al Marjan Island\") in Ras Al Khaimah, United Arab Emirates, currently expected to open in 2027. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all other reports and any amendments of such reports filed with or furnished to the Securities and Exchange Commission (\"SEC\") are available, without charge, at the SEC's website at http://www.sec.gov. In addition, through our corporate website at www.wynnresorts.com, Wynn Resorts provides a hyperlink to a third-party SEC filing website which makes available all such reports and amendments as soon as reasonably practicable after filing with, or furnishing to the SEC, without charge. The inform Item 1A. Risk Factors You should carefully consider the risk factors set forth below, as well as the other information contained in this Annual Report on Form 10-K, regarding matters that could have an adverse effect, including a material one, on our business, financial condition, results of operations and cash flows. Additional risks and uncertainties not currentl", "title": "WYNN - WYNN RESORTS LTD", "url": "/company/WYNN/" }, { "kind": "company", "summary": "SIC 4931 Electric & Other Services Combined; CIK 0000072903; latest 10-K filed 2026-02-25.", "text": "XEL - XCEL ENERGY INC SIC 4931 Electric & Other Services Combined; CIK 0000072903; latest 10-K filed 2026-02-25. XEL XCEL ENERGY INC 0000072903 4931 Electric & Other Services Combined ITEM 7 \u2014 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Non-GAAP Financial Measures The following discussion includes financial information prepared in accordance with GAAP, as well as certain non-GAAP financial measures such as ongoing ROE, ongoing earnings and ongoing diluted EPS. Generally, a non-GAAP financial measure is a measure of a company\u2019s financial performance, financial position or cash flows that adjusts measures calculated and presented in accordance with GAAP. Xcel Energy\u2019s management uses non-GAAP measures for financial planning and analysis, for reporting of results to the Board of Directors, in determining performance-based compensation and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors\u2019 understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies\u2019 similarly titled non-GAAP financial measures. Ongoing ROE Ongoing ROE is calculated by dividing the net income or loss of Xcel Energy or each subsidiary, adjusted for certain nonrecurring items, by each entity\u2019s average stockholders\u2019 equity. We use these non-GAAP financial measures to evaluate and provide details of earnings results. Earnings Adjusted for Certain Items (Ongoing Earnings and Ongoing Diluted EPS) GAAP diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. The weighted average number of potentially dilutive shares outstanding used to calculate Xcel Energy Inc.\u2019s diluted EPS is calculated using the treasury stock method. Ongoing earnings reflect adjustments to GAAP earnings (net income) for certain items. Ongoing diluted EPS for Xcel Energy is calculated by dividing net income or loss, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period. Ongoing diluted EPS for each subsidiary is calculated by dividing the net income or loss for such subsidiary, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period. We use these non-GAAP financial measures to evaluate and provide details of Xcel Energy\u2019s core earnings and underlying performance. For instance, to present ongoing earnings and ongoing diluted EPS, we may adjust the related GAAP amounts for certain items that are non-recurring in nature. We believe these measurements are useful to investors to evaluate the actual and projected financial performance and contribution of our subsidiaries. These non-GAAP financial measures should not be considered as an alternative to measures calculated and reported in accordance with GAAP. The following table provides a reconciliation of GAAP earnings (net income) to ongoing earnings: [[GREPCENT_TABLE]] [[\"(Millions of Dollars)\",\"\",\"2025\",\"\",\"2024\"],[\"GAAP net income\",\"\",\"$\",\"2,018\",\"\",\"\",\"$\",\"1,936\"],[\"Sherco Unit 3 2011 outage refunds\",\"\",\"\\u2014\",\"\",\"\",\"47\"],[\"Marshall Wildfire litigation (a)\",\"\",\"298\",\"\",\"\",\"\\u2014\"],[\"Less: tax effect of adjustments\",\"\",\"(77)\",\"\",\"\",\"(13)\"],[\"Ongoing earnings (b)\",\"\",\"$\",\"2,239\",\"\",\"\",\"$\",\"1,969\"]] [[/GREPCENT_TABLE]] (a)Includes $2 million of interest costs associated with short-term debt used to pay settlement, which is presented as interest expense on the consolidated statements of income. (b)Amounts may not add due to rounding. [[GREPCENT_TABLE]] [[\"\",\"\",\"Twelve Months Ended Dec. 31, 2025\"],[\"Diluted Earnings (Loss) Per Share\",\"\",\"GAAP Diluted EPS\",\"\",\"Impact of Adjustments\",\"\",\"Ongoing Diluted EPS\"],[\"NSP-Minnesota\",\"\",\"$\",\"1.53\",\"\",\"\",\"$\",\"\\u2014\",\"\",\"\",\"$\",\"1.53\"],[\"PSCo\",\"\",\"1.15\",\"\",\"\",\"0.38\",\"\",\"\",\"1.53\"],[\"SPS\",\"\",\"0.67\",\"\",\"\",\"\\u2014\",\"\",\"\",\"0.67\"],[\"NSP-Wisconsin\",\"\",\"0.27\",\"\",\"\",\"\\u2 ITEM 1 \u2014 BUSINESS Definitions of Abbreviations [[GREPCENT_TABLE]] [[\"Xcel Energy Inc.\\u2019s Subsidiaries and Affiliates (current and former)\"],[\"Capital Services\",\"Capital Services, LLC\"],[\"Eloigne\",\"Eloigne Company\"],[\"e prime\",\"e prime inc.\"],[\"Nicollet Project Holdings\",\"Nicollet Project Holdings, LLC\"],[\"NSP-Minnesota\",\"Northern States Power Company, a Minnesota corporation\"],[\"NSP System\",\"The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota\"],[\"NSP-Wisconsin\",\"Northern States Power Company, a Wisconsin corporation\"],[\"PSCo\",\"Public Service Company of Colorado\"],[\"SPS\",\"Southwestern Public Service Co.\"],[\"Utility subsidiaries\",\"NSP-Minnesota, NSP-Wisconsin, PSCo and SPS\"],[\"WGI\",\"WestGas InterState, Inc.\"],[\"WYCO\",\"WYCO Development, LLC\"],[\"Xcel Energy\",\"Xcel Energy Inc. and its subsidiaries\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"Federal and State Regulatory Agencies\"],[\"CPUC\",\"Colorado Public Utilities Commission\"],[\"DOC\",\"Minnesota Department of Commerce\"],[\"DOE\",\"United States Department of Energy\"],[\"DOT\",\"United States Department of Transportation\"],[\"EIA\",\"United States Energy Information Administration\"],[\"EPA\",\"United States Environmental Protection Agency\"],[\"ERCOT\",\"Electric Reliability Council of Texas\"],[\"FASB\",\"Financial accounting standards board\"],[\"FERC\",\"Federal Energy Regulatory Commission\"],[\"IRS\",\"Internal Revenue Service\"],[\"MPUC\",\"Minnesota Public Utilities Commission\"],[\"MPSC\",\"Michigan Public Service Commission\"],[\"NDPSC\",\"North Dakota Public Service Commission\"],[\"NERC\",\"North American Electric Reliability Corporation\"],[\"NIST\",\"National Institute of Standards and Technology\"],[\"NMPRC\",\"New Mexico Public Regulation Commission\"],[\"NRC\",\"Nuclear Regulatory Commission\"],[\"OAG\",\"Minnesota Office of Attorney General\"],[\"PHMSA\",\"Pipeline and Hazardous Materials Safety Administration\"],[\"PSCW\",\"Public Service Commission of Wisconsin\"],[\"PUCT\",\" ITEM 1A \u2014 RISK FACTORS Xcel Energy is subject to a variety of risks, many of which are beyond our control. Risks that may adversely affect the business, financial condition, results of operations or cash flows are described below. Although the risks are organized by heading, and each risk is described separately, many of the ris", "title": "XEL - XCEL ENERGY INC", "url": "/company/XEL/" }, { "kind": "company", "summary": "SIC 3561 Pumps & Pumping Equipment; CIK 0001524472; latest 10-K filed 2026-02-25.", "text": "XYL - Xylem Inc. SIC 3561 Pumps & Pumping Equipment; CIK 0001524472; latest 10-K filed 2026-02-25. XYL Xylem Inc. 0001524472 3561 Pumps & Pumping Equipment ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our consolidated financial statements and the notes thereto. This discussion summarizes the significant factors affecting our results of operations and the financial condition of our business. Except as otherwise indicated or unless the context otherwise requires, \u201cXylem,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and \u201cthe Company\u201d refer to Xylem Inc. and its subsidiaries. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Overview Xylem is a leading global water technology company. We design, manufacture and service highly engineered products and solutions ranging across a wide variety of critical applications in utility, industrial, residential and commercial building services settings. Our broad portfolio of solutions addresses customer needs across the water cycle, from the delivery, measurement and use of drinking water to the collection, test, treatment and analysis of wastewater, to the return of water to the environment. Our product and service offerings are organized into four reportable segments that are aligned around the critical market applications they provide: Water Infrastructure, Applied Water, Measurement and Control Solutions and Water Solutions and Services. \u2022Water Infrastructure serves the water infrastructure sector with pump systems that transport water from aquifers, lakes, rivers and seas; with filtration, ultraviolet and ozone systems that provide treatment, making the water fit to use; and pumping solutions that move the wastewater and storm water to treatment facilities where our mixers, biological treatment, monitoring and control systems provide the primary functions in the treatment process. Additionally, our offerings use monitoring and control, smart and connected technologies to allow for remote monitoring of performance and enable products to self-optimize pump operations maximizing energy efficiency and minimizing unplanned downtime and maintenance for our customers. The Water Infrastructure segment also provides a range of highly differentiated and scalable products and technologies with product offerings in the filtration and separation, disinfection, and wastewater solutions, for municipal and industrial applications. In the Water Infrastructure segment we reach customers indirectly, through channel partners and distributors, directly and through our service capabilities. \u2022Applied Water serves the water usage applications sector with water pressure boosting systems for heating, ventilation and air conditioning, and for fire protection systems to the residential and commercial building solutions markets. In addition, our pumps, heat exchangers and controls provide cooling to power plants and manufacturing facilities, circulation for food and beverage processing, and boosting systems for agricultural irrigation. In the Applied Water segment, we provide the majority of our sales through long-standing relationships with many of the leading independent distributors in the markets we serve, with the remainder going directly to customers. \u2022Measurement and Control Solutions primarily serves the utility infrastructure solutions and services sector by delivering communications, smart metering, measurement and control capabilities and critical infrastructure technologies that allow customers to more effectively use their distribution networks for the delivery, monitoring and control of critical resources such as water, electricity and natural gas. We also provide analytical instrumentation used to measure and analyze water quality, flow and level in clean water, wastewater and outdoor water environments. Additionally, we offer software and services which have been further enhanced by our Xylem Vue platform to enable a holistic view of the water cycle for our customers through cloud-based ITEM 1. BUSINESS Business Overview Xylem is a leading global water technology company with 2025 revenues of $9.0 billion and approximately 22,000 employees worldwide. We design, manufacture and service engineered products and solutions across a wide variety of critical applications, primarily in the water sector. Our broad portfolio of products, services and solutions addresses customer needs of scarcity, resilience, quality, and affordability across the water cycle, from the delivery, treatment, measurement and use of drinking water, to the collection, testing, analysis and treatment of wastewater, to the return of water to the environment. We have differentiated market positions in core applications including transport and dewatering, process water and wastewater treatment, analytics, smart metering, digital software solutions and comprehensive services. Setting us apart is a unique set of global assets that include: \u2022Market-leading brands, some of which have been in use for more than 100 years \u2022Global distribution networks consisting of direct sales forces and independent channel partners serving a diverse customer base in approximately 150 countries \u2022A substantial global installed base of products and solutions across the water cycle that provides for steady parts, replacement and service revenue \u2022A strong history of providing innovative products, services, solutions and business models to customers \u2022A dedicated, experienced, qualified and technologically advanced group of employees focused on safely satisfying our customers' requirements to transport, treat or measure clean water or wastewater and measure energy usage \u2022A strong financial position and cash generation profile that enables us to fund strategic organic and inorganic growth initiatives, and consistently return capital to shareholders \u2022A demonstrated commitment to corporate governance, social and environmental sustainability and delivering a positive impact to our customers, communities ITEM 1A. RISK FACTORS In evaluating our business and investment in our securities, investors should carefully consider the following discussion of material factors and events, along with all of the other information in this Report and in our other filings with the SEC. The events and consequences discussed below could, in circumstances that we may not be able to accur", "title": "XYL - Xylem Inc.", "url": "/company/XYL/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0001041061; latest 10-K filed 2026-02-20.", "text": "YUM - YUM BRANDS INC SIC 5812 Retail-Eating Places; CIK 0001041061; latest 10-K filed 2026-02-20. YUM YUM BRANDS INC 0001041061 5812 Retail-Eating Places Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Introduction and Overview The following Management\u2019s Discussion and Analysis (\u201cMD&A\u201d), should be read in conjunction with the Consolidated Financial Statements (\u201cFinancial Statements\u201d) in Item 8 and the Forward-Looking Statements and the Risk Factors set forth in Item 1A. All Note references herein refer to the Notes to the Financial Statements. Tabular amounts are displayed in millions of U.S. dollars except per share and unit count amounts, or as otherwise specifically identified. In the first quarter of 2025, the Company prospectively changed its basis of presentation to round financial figures in the Financial Statements and as presented in the tabular presentations in this MD&A to the nearest whole number in millions in all instances. As a result, some totals and percentages may not recompute based on rounded figures as presented within this MD&A. Previously, amounts were presented to ensure that all numbers herein recomputed, resulting in the presentation of certain figures inconsistent with their underlying rounding. Yum! Brands, Inc. and its subsidiaries (collectively referred to herein as the \u201cCompany\u201d, \u201cYUM\u201d, \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d) franchise or operate a system of over 63,000 restaurants in 155 countries and territories, primarily under the concepts of KFC, Taco Bell, Pizza Hut and Habit Burger & Grill (collectively, the \u201cConcepts\u201d). The Company\u2019s KFC, Taco Bell and Pizza Hut brands are global leaders of the chicken, Mexican-style food and pizza categories, respectively. The Habit Burger & Grill is a fast-casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. Of the over 63,000 restaurants, 97% are operated by franchisees. As of December 31, 2025, YUM consists of four operating segments: \u2022The KFC Division which includes our worldwide operations of the KFC concept \u2022The Taco Bell Division which includes our worldwide operations of the Taco Bell concept \u2022The Pizza Hut Division which includes our worldwide operations of the Pizza Hut concept \u2022The Habit Burger & Grill Division which includes our worldwide operations of the Habit Burger & Grill concept Through our Recipe for Good Growth we strive to grow iconic restaurant brands around the world that are loved by our customers, trusted everywhere we operate and connected through teamwork, technology and our global scale. These three ideas - being loved, trusted and connected - guide how we operate across our global system and engage with our customers, teams and communities: Loved: We grow by delighting customers with craveable food and distinctive experiences. Trusted: We operate responsibly with consistency and efficiency in our restaurants, across our system and in our communities. This includes a commitment to our priorities for social responsibility, risk management and sustainable stewardship of resources. Connected: We use our teamwork, technology and global scale to serve every customer, everywhere, anytime. As we enter into 2026, we intend to drive the next chapter of growth for YUM by Raising the B.A.R. through three clear priorities that reflect bold aspirations and a commitment to industry-leading performance: \u2022Battle for the future consumer by staying relentlessly focused on their needs and wants. \u2022Accelerate restaurant unit economics for our franchisees and maximize performance of every restaurant, serving as a catalyst for new unit development and keeping our franchise system healthy. \u2022Reach the full potential of Byte by Yum! by effectively operating, innovating and expanding our connected platform built by restaurant operators for restaurant operators to unlock its full potential for our franchise partners and our business. Key to our success fueling brand performance and franchise success is our unrivaled culture and talent and leading with smart, heart and courage. We intend to drive long-term growth an Item 1. Business. Yum! Brands, Inc. (referred to herein as \u201cYUM\u201d, the \u201cRegistrant\u201d or the \u201cCompany\u201d), was incorporated under the laws of the state of North Carolina in 1997. The principal executive offices of YUM are located at 1441 Gardiner Lane, Louisville, Kentucky 40213, and the telephone number at that location is (502) 874-8300. Our website address is https://www.yum.com. YUM, together with its subsidiaries, is referred to in this Form 10-K annual report (\u201cForm 10-K\u201d) as the Company. The terms \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d are also used in the Form 10-K to refer to the Company. Throughout this Form 10-K, the terms \u201crestaurants,\u201d \u201cstores\u201d and \u201cunits\u201d are used interchangeably. While YUM does not directly own or operate any restaurants, throughout this document we may refer to restaurants that are owned or operated by our subsidiaries as being Company-owned. Overview of Business YUM has over 63,000 restaurants in 155 countries and territories primarily operating under the four concepts of KFC, Taco Bell, Pizza Hut and Habit Burger & Grill (the \u201cConcepts\u201d). The Company\u2019s KFC, Taco Bell and Pizza Hut brands are global leaders of the chicken, Mexican-inspired food and pizza categories, respectively. Habit Burger & Grill is a fast-casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. At December 31, 2025, 97% of our Concepts\u2019 units are operated by independent franchisees or licensees under the terms of franchise or license agreements. The terms franchise or franchisee within this Form 10-K are meant to describe third parties that operate units under either franchise or license agreements. In 2025, we began a review of strategic options for the Pizza Hut brand. The objective of the review is to create value for YUM, Pizza Hut and its franchise partners by determining the optimal approach to best capitalize on Pizza Hut's structural advantages \u2014 strong brand equity, experienced franchise partners and meaningful scale \u2014 in the hig Item 1A. Risk Factors. You should carefully review the risks described below as they identify important factors that could cause our actual results to differ materially from our forward-looking statements, expectations and historical trends. Any of the following risk factors, either by itself or together with other risk factors, could materially adversely affect our", "title": "YUM - YUM BRANDS INC", "url": "/company/YUM/" }, { "kind": "company", "summary": "SIC 3560 General Industrial Machinery & Equipment; CIK 0000877212; latest 10-K filed 2026-02-12.", "text": "ZBRA - ZEBRA TECHNOLOGIES CORP SIC 3560 General Industrial Machinery & Equipment; CIK 0000877212; latest 10-K filed 2026-02-12. ZBRA ZEBRA TECHNOLOGIES CORP 0000877212 3560 General Industrial Machinery & Equipment Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This section generally discusses fiscal 2025 and 2024 items and year-over-year comparisons between 2025 and 2024. Discussions of 2023 items and year-over-year comparisons between 2024 and 2023 are not included herein, other than within the Results of Operations by Segment which reflects the changes made to our segment reporting made in 2025. Refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for that discussion. Overview The Company is a global leader in the Automatic Identification and Data Capture (\u201cAIDC\u201d) industry, ensuring frontline operations everywhere are digitized, automated and intelligent. The AIDC market consists of mobile computing, data capture, radio frequency identification devices (\u201cRFID\u201d), thermal barcode printing, and other workflow automation offerings. Effective in the fourth quarter of 2025, we realigned our reportable segments from the former Enterprise Visibility & Mobility (EVM) and Asset Intelligence & Tracking (AIT) segments to two new segments: Connected Frontline (\u201cCF\u201d) and Asset Visibility and Automation (\u201cAVA\u201d). Our CF and AVA segment results will also exclude share-based compensation expense from the measurement of segment operating income. Refer to Part I, Item 1 of this document for additional information. \u2022The CF segment is focused on unifying teams, customers, and AI agents to deliver enhanced frontline experiences. This segment brings together solutions that empower frontline workers with the information and tools they need to make smarter decisions and improve customer service. Principal product categories include mobile computing, point of sale solutions, self-service kiosks and interactive touchscreen displays, workflow optimization software solutions, and related services. \u2022The AVA segment provides solutions that track critical assets and automate workflows to provide the real-time, data-driven insights necessary to optimize supply chains, manufacturing, and logistics. The principal product categories include thermal barcode printing and related supplies and sensors, data capture, fixed industrial scanning, machine vision, RFID, real-time location systems (RTLS), and related services. 2025 Financial Summary and Other Recent Developments \u2022Net sales were $5,396 million in the current year compared to $4,981 million in the prior year. \u2022Operating income was $700 million in the current year compared to $742 million in the prior year. \u2022Net income was $419 million, or $8.18 per diluted share in the current year, compared to Net income of $528 million, or $10.18 per diluted share in the prior year. \u2022We repurchased $587 million of common shares, including $303 million in the fourth quarter. Exit & Restructuring Actions: In the fourth quarter of 2025, we announced our intention to dispose of or exit our robotics automation solutions business in an effort to better align resources with our strategic priorities. In relation to this decision, we incurred approximately $55 million in one-time costs in the fourth quarter, principally consisting of long-lived asset impairments of $45 million, including an intangible asset impairment of $34 million, a right-of-use lease asset impairment of $8 million, and property, plant and equipment impairment of $3 million. The other one-time costs consisted of employee severance and working capital-related charges. These one-time costs are classified as Exit and restructuring on the Consolidated Statement of Operations. Additional costs may be incurred in 2026, as we complete the divestiture of this business. In the fourth quarter of 2025, the Company committed to certain organizational changes designed to generate cost efficiencies while better aligning our organizational structure with the Company\u2019s long-term g Item 1.Business The Company We are a global leader in the Automatic Identification and Data Capture (\u201cAIDC\u201d) industry. The AIDC market consists of mobile computing, data capture, radio frequency identification devices (\u201cRFID\u201d), thermal barcode printing, and other workflow automation products and services. The Company\u2019s products, services, and software solutions (\u201cofferings\u201d) are proven to help our customers and end-users digitize and automate their workflows to achieve their critical business objectives, including improved productivity and operational efficiency, optimized regulatory compliance, and better customer experiences. We design, manufacture, and sell a broad range of AIDC offerings, including: mobile computers, barcode scanners and imagers, RFID readers, specialty printers for barcode labeling and personal identification, real-time location systems (\u201cRTLS\u201d), related accessories and supplies, such as labels and other consumables, and related software applications. We also provide 4 Table of Contents machine vision and self-serve touchscreen solutions; a full range of services, including maintenance, technical support, repair, managed and professional services; as well as cloud-based software subscriptions. End-users of our offerings include those in retail and e-commerce, manufacturing, transportation and logistics, healthcare, hospitality, public sector, and other industries. We operate in 129 facilities with approximately 10,700 employees worldwide. We provide our offerings globally through a direct sales force and an extensive network of over 10,000 channel partners, operating in 179 countries. We continue to evolve and advance our vision: frontline operations everywhere are digitized, automated and intelligent. Through continual innovation, we have expanded beyond the traditional AIDC market to transform activities such as factory production, packages moving through a supply chain, retail shopping, the hospital patient journey, restaurant self-se Item 1A.Risk Factors Investors should carefully consider the risks, uncertainties, and other factors described below, as well as other disclosures in this report, including Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, because they could have a material adverse e", "title": "ZBRA - ZEBRA TECHNOLOGIES CORP", "url": "/company/ZBRA/" }, { "kind": "company", "summary": "SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0001136869; latest 10-K filed 2026-02-20.", "text": "ZBH - ZIMMER BIOMET HOLDINGS, INC. SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0001136869; latest 10-K filed 2026-02-20. ZBH ZIMMER BIOMET HOLDINGS, INC. 0001136869 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the consolidated financial statements and the corresponding notes included elsewhere in this Annual Report on Form 10-K. Amounts reported in millions within this Annual Report on Form 10-K are computed based on the actual amounts. As a result, the sum of the components may not equal the total amount reported in millions due to rounding. In addition, certain columns and rows within tables may not sum to the totals due to the use of rounded numbers. Percentages presented are calculated from the underlying unrounded amounts. The following discussion, analysis and comparisons generally focus on the operating results for the years ended December 31, 2025 and 2024. Discussion, analysis and comparisons of the years ended December 31, 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K filed on February 25, 2025. EXECUTIVE LEVEL OVERVIEW 2025 Financial Highlights In 2025, our net sales increased 7.2 percent when compared to 2024. Net sales growth was driven by a combination of our acquisition of Paragon 28, Inc. (\u201cParagon 28\u201d) on April 21, 2025, market growth, new product introductions, and lower net sales in the prior year due to operational challenges fulfilling customer orders as a consequence of a new enterprise resource planning (\"ERP\") software system implementation. Paragon 28 had a positive impact on our net sales growth of 2.5 percent in 2025. In addition, our net sales experienced a positive effect of 0.8 percent from changes in foreign currency exchange rates in 2025. Our net earnings were $705.1 million in 2025 compared to $903.8 million in 2024. The decline in net earnings was driven by inventory and instrument charges of approximately $170 million related to certain product lines we intend to discontinue; costs related to the acquisition of Paragon 28 and the acquisition of Monogram Technologies Inc. (\u201cMonogram\u201d) on October 7, 2025, including acquisition-related costs and higher interest expense incurred for debt borrowed for the acquisitions; U.S. tariffs; higher performance-related compensation; and investments made to direct-to-patient marketing, medical education and information technology in the current year. These unfavorable items were partially offset by the net sales increase, a favorable mix shift to higher margin products and markets, favorable adjustments related to contingent consideration for acquisitions, gains recognized on our equity investments in 2025 compared to losses in 2024, lower restructuring costs due to the timing of our restructuring programs, and lower litigation-related charges. 2026 Outlook We expect year-over-year net sales growth of 2.5 percent to 4.5 percent in 2026 to be driven by a combination of market growth, new product introductions, the Paragon 28 acquisition and positive effects of changes in foreign currency exchange rates, partially offset by the expected impact from changes to our go-to-market strategy and execution in the U.S. and certain other international markets, as well as price declines. These expected impacts, combined with the uncertain timing of incentivized stocking orders and capital sales, could cause fluctuations in our quarterly results. We estimate that the Paragon 28 acquisition will contribute an additional 1.0 percent to the year-over-year net sales growth until it eclipses the one year anniversary of deal closing in April 2026. Based on foreign currency exchange rates at the end of 2025, we expect foreign currency to have a 0.5 percent positive impact on year-over-year net sales growth. We estimate operating profit will increase in 2026 when compared to 2025 due to higher net sales, leverage from fixed operating expenses, ongoing savings from our r Item 1. Business Overview Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. We design, manufacture and market orthopedic reconstructive products; sports medicine, biologics, extremities and trauma products; craniomaxillofacial and thoracic (\u201cCMFT\u201d) products; bone cement; surgical products; and a suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence. We collaborate with healthcare professionals around the globe to advance the pace of innovation. Our products and solutions help treat patients suffering from disorders of, or injuries to, bones, joints or supporting soft tissues. Together with healthcare professionals, we help millions of people live better lives. In this report, \u201cZimmer Biomet,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cthe Company\u201d and similar words refer collectively to Zimmer Biomet Holdings, Inc. and its subsidiaries. \u201cZimmer Biomet Holdings\u201d refers to the parent company only. Zimmer Biomet Holdings was incorporated in Delaware in 2001. Our history dates to 1927, when Zimmer Manufacturing Company, a predecessor, was founded in Warsaw, Indiana. On August 6, 2001, we were spun off from our former parent and became an independent public company. In 2015, we acquired LVB Acquisition, Inc. (\u201cLVB\u201d), the parent company of Biomet, Inc. (\u201cBiomet\u201d), and LVB and Biomet became our wholly-owned subsidiaries. In connection with the merger, we changed our name from Zimmer Holdings, Inc. to Zimmer Biomet Holdings, Inc. Customers, Sales and Marketing Our primary customers include orthopedic surgeons, neurosurgeons, and other specialists, healthcare institutions, stocking distributors, healthcare dealers and, in their capacity as agents, healthcare purchasing organizations or buying groups. These customers range from large multinational enterprises to independent clinicians. We market and sell products through two principal channels: 1) di Item 1A. Risk Factors We operate in a rapidly changing competitive, economic and technological environment that presents numerous risks, many of which are driven by factors that we cannot control or predict. Our business, financial condition and results of ope", "title": "ZBH - ZIMMER BIOMET HOLDINGS, INC.", "url": "/company/ZBH/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001555280; latest 10-K filed 2026-02-12.", "text": "ZTS - Zoetis Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001555280; latest 10-K filed 2026-02-12. ZTS Zoetis Inc. 0001555280 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Introduction Our management\u2019s discussion and analysis of financial condition and results of operations (MD&A) is provided to assist readers in understanding our performance, as reflected in the results of our operations, our financial condition and our cash flows and should be read in conjunction with our consolidated financial statements and notes to consolidated financial statements included in Item 8. Financial Statements and Supplementary Data. The discussion in this MD&A contains forward-looking statements that involve substantial risks and uncertainties. Our objective is to also provide discussion of material events and uncertainties known to management that are reasonably likely to cause reported financial information not to be indicative of future results, which could differ materially from historical performance and from those anticipated in the forward-looking statements as a result of various factors such as those discussed in Item 1A. Risk Factors and Forward-looking statements and factors that may affect future results sections of this MD&A. A discussion regarding our financial condition and results of operations for fiscal 2025 compared to fiscal 2024 is presented below. A discussion regarding our financial condition and results of operations for fiscal 2024 compared to fiscal 2023 can be found under Item 7 of Part II of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 13, 2025 (our \u201c2024 Annual Report\u201d), which is available free of charge on the SEC\u2019s website at www.sec.gov. Overview of our business We are a global leader in the animal health industry, focused on the discovery, development, manufacture and commercialization of medicines, vaccines, diagnostic products and services, biodevices, genetic tests and precision animal health. With a legacy of nearly 75 years, we continue to pioneer ways to predict, prevent, detect, and treat animal illness, supporting those raising and caring for animals worldwide - from veterinarians and pet owners to livestock producers. We manage our operations through two geographic operating segments: the United States (U.S.) and International. Within each of these operating segments, we offer diverse products for both companion animals and livestock customers in order to capitalize on local and regional trends and customer needs. See Notes to Consolidated Financial Statements\u2014Note 19. Segment Information. We directly market our products to veterinarians and livestock producers located in approximately 45 countries across North America, Europe, Africa, Asia, Australia and South America, and are a market leader in nearly all of the major regions in which we operate. In markets where we do not have a direct commercial presence, we generally contract with distributors that provide logistics and sales and marketing support for our products. We believe our investments in one of the industry\u2019s largest sales organizations, including our extensive network of technical and veterinary operations specialists, our high-quality manufacturing and reliability of supply, and our long track record of developing products that meet customer needs, has led to enduring and valued relationships with our customers. Our research and development (R&D) efforts enable us to deliver innovative products to address unmet needs and evolve our products so that they remain relevant for our customers. We have approximately 300 product lines that we sell in over 100 countries for the prediction, prevention, detection and treatment of diseases and conditions that affect various companion animal and livestock species. The diversity of our product portfolio and our global operations provides stability to our overall business. A summary of our 2025 performance compared with the comparable 2024 and 2023 periods follows: [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended De Item 1. Business. Overview Zoetis Inc. is a global leader in the animal health industry, focused on the discovery, development, manufacture and commercialization of medicines, vaccines, diagnostic products and services, biodevices, genetic tests and precision animal health. We have a diversified business, commercializing products across eight core species: dogs, cats and horses (collectively, companion animals) and cattle, swine, poultry, fish and sheep (collectively, livestock); and within seven major product categories: parasiticides, vaccines, dermatology, anti-infectives, pain and sedation, other pharmaceutical and animal health diagnostics. With a legacy of nearly 75 years, we continue to pioneer ways to predict, prevent, detect, and treat animal illness, supporting those raising and caring for animals worldwide - from veterinarians and pet owners to livestock producers. We were incorporated in Delaware in July 2012 and prior to that the company was a business unit of Pfizer Inc. (Pfizer). The address of our principal executive offices is 10 Sylvan Way, Parsippany, New Jersey 07054. Unless the context requires otherwise, references to \u201cZoetis,\u201d \u201cthe company,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d in this Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (2025 Annual Report) refer to Zoetis Inc., a Delaware corporation, and its subsidiaries. In addition, unless the context requires otherwise, references to \u201cPfizer\u201d in this 2025 Annual Report refer to Pfizer Inc., a Delaware corporation, and its subsidiaries. Operating Segments The animal health medicines, vaccines and diagnostics market is characterized by meaningful differences in customer needs across different regions. This is due to a variety of factors, including: \u2022economic differences, such as standards of living in developed markets as compared to emerging markets; \u2022cultural differences, such as dietary preferences for different animal proteins, pet ownership preferences and pet care standards; Item 1A. Risk Factors. In addition to the other information set forth in this 2025 Annual Report, any of the factors described below could materially adversely affect our operating results, financial condition and liquidity, which could cause the trading price of our securities to decline. This report contains \u201cforward-looking\u201d statements within the mea", "title": "ZTS - Zoetis Inc.", "url": "/company/ZTS/" }, { "kind": "company", "summary": "SIC 3334 Primary Production of Aluminum; CIK 0001675149; latest 10-K filed 2026-02-26.", "text": "AA - Alcoa Corp SIC 3334 Primary Production of Aluminum; CIK 0001675149; latest 10-K filed 2026-02-26. AA Alcoa Corp 0001675149 3334 Primary Production of Aluminum Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. (dollars in millions, except per-share amounts, average realized prices, and average cost amounts; metric tons in thousands (kmt); dry metric tons in millions (mdmt)) Cautionary Statement on Forward-Looking Statements This report contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as \u201caims,\u201d \u201cambition,\u201d \u201canticipates,\u201d \u201cbelieves,\u201d \u201ccould,\u201d \u201cdevelop,\u201d \u201cendeavors,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cforecasts,\u201d \u201cgoal,\u201d \u201cintends,\u201d \u201cmay,\u201d \u201coutlook,\u201d \u201cpotential,\u201d \u201cplans,\u201d \u201cprojects,\u201d \u201creach,\u201d \u201cseeks,\u201d \u201csees,\u201d \u201cshould,\u201d \u201cstrive,\u201d \u201ctargets,\u201d \u201cwill,\u201d \u201cworking,\u201d \u201cwould,\u201d or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating performance (including our ability to execute on strategies related to environmental, social and governance matters); statements about strategies, outlook, and business and financial prospects (including related to production and shipments); and statements about capital allocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa Corporation\u2019s perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) the impact of global economic conditions on the aluminum industry and aluminum end-use markets; (b) volatility and declines in aluminum and alumina demand and pricing, including global, regional, and product-specific prices, or significant changes in production costs which are linked to the London Metal Exchange (LME) or other commodities; (c) the disruption of market-driven balancing of global aluminum supply and demand by non-market forces; (d) competitive and complex conditions in global markets; (e) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (f) rising energy costs and interruptions or uncertainty in energy supplies; (g) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (h) economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity; (i) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (j) changes in tax laws or exposure to additional tax liabilities; (k) climate change, climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (l) disruptions in the global economy caused by ongoing regional conflicts; (m) fluctuations in foreign currency exchange rates and interest rates, inflation and other economi Item 1. Business. (dollars in millions, except per-share amounts, average realized prices, and average cost amounts) The Company Alcoa Corporation, a Delaware corporation (Alcoa or the Company) which became an independent, publicly traded company on November 1, 2016, is active in all aspects of the upstream aluminum industry with bauxite mining, alumina refining, and aluminum smelting and casting. The Company has direct and indirect ownership of 25 operating locations across eight countries on five continents. The Company\u2019s operations are comprised of two reportable business segments: Alumina and Aluminum. The Alumina segment primarily consists of the Company\u2019s bauxite mines and alumina refineries, and its operations generally include the mining of bauxite and other aluminous ores, as well as the refining, production, and sale of smelter grade and non-metallurgical alumina. The Aluminum segment consists of the Company\u2019s aluminum smelting and casting operations along with most of the Company\u2019s energy production assets. Aluminum, as an element, is abundant in the earth\u2019s crust, but a multi-step process is required to manufacture finished aluminum metal. Aluminum metal is produced by refining alumina oxide from bauxite into alumina, which is then smelted into aluminum and can be cast into many shapes and forms. Alcoa smelts and casts aluminum in various shapes and sizes for global customers, including developing and creating various alloy combinations for specific applications. Aluminum metal is a commodity traded on the London Metal Exchange (LME) and priced daily. Additionally, alumina is subject to market pricing through the Alumina Price Index (API), which is calculated by the Company based on the weighted average of a prior month\u2019s daily spot prices published by the following three indices: CRU Metallurgical Grade Alumina Price, Platts Metals Daily Alumina PAX Price, and FastMarkets Metal Bulletin Non-Ferrous Metals Alumina Index. As a result, the prices of Item 1A. Risk Factors. (dollars in millions, except per-metric ton and per-share amounts) There are inherent risks associated with Alcoa\u2019s business and industry. In addition to the factors discussed elsewhere in this report, the following risks and uncertainties could have a material adverse effect on our business, financial condition, or resul", "title": "AA - Alcoa Corp", "url": "/company/AA/" }, { "kind": "company", "summary": "SIC 4512 Air Transportation, Scheduled; CIK 0000006201; latest 10-K filed 2026-02-18.", "text": "AAL - American Airlines Group Inc. SIC 4512 Air Transportation, Scheduled; CIK 0000006201; latest 10-K filed 2026-02-18. AAL American Airlines Group Inc. 0000006201 4512 Air Transportation, Scheduled ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 2025 Financial Overview Business and Macroeconomic Conditions Starting in the first quarter of 2025, the U.S. Government has promoted and implemented plans to place additional tariffs on goods imported into the U.S. from numerous countries and has pursued other trade policies intended to restrict imports and, in response, multiple nations have countered with reciprocal tariffs and other actions. These or additional changes in U.S. or international trade policies, along with continued uncertainty surrounding such policies, could lead to further weakened business conditions for the transportation industry, which may adversely impact our operations through increased supply chain challenges, commodity price volatility and a decline in discretionary spending and consumer confidence, among others. We continue to monitor the situation. Many aspects of our airline operations depend on the U.S. Government, and in the fourth quarter of 2025, the prolonged government shutdown led to mandated schedule reductions, strained air traffic control and security screening resources, reduced air traffic capacity at key U.S. airports, and increased delays and cancellations. Additionally, the government shutdown-related uncertainty temporarily impacted customer bookings in the fourth quarter of 2025 and negatively impacted our revenue by approximately $325 million. AAG\u2019s 2025 Financial Results The selected financial data presented below is derived from AAG\u2019s audited consolidated financial statements included in Part II, Item 8A of this report and should be read in conjunction with those financial statements and the related notes thereto. [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\",\"\",\"Increase (Decrease)\",\"\",\"Percent Increase (Decrease)\"],[\"\",\"2025\",\"\",\"2024\"],[\"\",\"(In millions, except percentage changes)\"],[\"Passenger revenue\",\"$\",\"49,643\",\"\",\"\",\"$\",\"49,586\",\"\",\"\",\"$\",\"57\",\"\",\"\",\"0.1\"],[\"Cargo revenue\",\"839\",\"\",\"\",\"804\",\"\",\"\",\"35\",\"\",\"\",\"4.3\"],[\"Other operating revenue\",\"4,151\",\"\",\"\",\"3,821\",\"\",\"\",\"330\",\"\",\"\",\"8.7\"],[\"Total operating revenues\",\"54,633\",\"\",\"\",\"54,211\",\"\",\"\",\"422\",\"\",\"\",\"0.8\"],[\"Aircraft fuel and related taxes\",\"10,718\",\"\",\"\",\"11,418\",\"\",\"\",\"(700)\",\"\",\"\",\"(6.1)\"],[\"Salaries, wages and benefits\",\"17,566\",\"\",\"\",\"16,021\",\"\",\"\",\"1,545\",\"\",\"\",\"9.6\"],[\"Total operating expenses\",\"53,166\",\"\",\"\",\"51,597\",\"\",\"\",\"1,569\",\"\",\"\",\"3.0\"],[\"Operating income\",\"1,467\",\"\",\"\",\"2,614\",\"\",\"\",\"(1,147)\",\"\",\"\",\"(43.9)\"],[\"Pre-tax income\",\"190\",\"\",\"\",\"1,154\",\"\",\"\",\"(964)\",\"\",\"\",\"(83.6)\"],[\"Income tax provision\",\"79\",\"\",\"\",\"308\",\"\",\"\",\"(229)\",\"\",\"\",\"(74.7)\"],[\"Net income\",\"111\",\"\",\"\",\"846\",\"\",\"\",\"(735)\",\"\",\"\",\"(86.8)\"],[\"Pre-tax income \\u2013 GAAP\",\"$\",\"190\",\"\",\"\",\"$\",\"1,154\",\"\",\"\",\"$\",\"(964)\",\"\",\"\",\"(83.6)\"],[\"Adjusted for: pre-tax net special items (1)\",\"162\",\"\",\"\",\"667\",\"\",\"\",\"(505)\",\"\",\"\",\"(75.7)\"],[\"Pre-tax income excluding net special items\",\"$\",\"352\",\"\",\"\",\"$\",\"1,821\",\"\",\"\",\"$\",\"(1,469)\",\"\",\"\",\"(80.7)\"]] [[/GREPCENT_TABLE]] (1)See Part II, Item 6. Selected Consolidated Financial Data \u2013 \u201cReconciliation of GAAP to Non-GAAP Financial Measures\u201d and Note 2 to AAG\u2019s Consolidated Financial Statements in Part II, Item 8A for details on the components of pre-tax net special items. Pre-Tax Income and Net Income Pre-tax income and net income were $190 million and $111 million, respectively, in 2025. This compares to 2024 pre-tax income and net income of $1.2 billion and $846 million, respectively. 62 Table of Contents Pre-tax income on a GAAP basis decreased in 2025 as compared to 2024. This decrease was driven primarily by increases in certain operating expenses including salaries, wages and benefits, regional expenses and other operating expenses, offset in part by lower costs for aircraft fuel and related taxes, a decrease in pre-tax net special items and higher revenues. Excluding the effects of pre-tax net special items, pre-tax income was $352 m ITEM 1. BUSINESS Overview American Airlines Group Inc. (AAG), a Delaware corporation, is a holding company and its principal, wholly-owned subsidiaries are American Airlines, Inc. (American), Envoy Aviation Group Inc., PSA Airlines, Inc. (PSA) and Piedmont Airlines, Inc. (Piedmont). AAG was formed in 1982, under the name AMR Corporation (AMR), as the parent company of American, which was founded in 1934, with roots tracing back to an air mail carrier in the Midwestern United States in 1926. AAG\u2019s and American\u2019s principal executive offices are located at 1 Skyview Drive, Fort Worth, Texas 76155 and their telephone number is 682-278-9000. Airline Operations Together with our wholly-owned regional airline subsidiaries and third-party regional carriers operating as American Eagle, our primary business activity is the operation of a major network air carrier, providing scheduled air transportation for passengers and cargo through our hubs in Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix and Washington, D.C. and partner gateways, including in London, Doha, Madrid, Seattle/Tacoma, Sydney and Tokyo (among others). We provide service to over 350 destinations around the world, and in 2025, approximately 224 million passengers boarded our flights. In 2025, we launched more than 60 new routes, including to trans-Atlantic destinations such as Spain, Italy and Greece. We also announced over 20 new routes for customers to explore in 2026, including our first trans-Atlantic route to be flown by the Airbus A321XLR from New York to Edinburgh, Scotland. As of December 31, 2025, we operated 1,013 mainline aircraft supported by our wholly-owned regional airline subsidiaries and third-party regional carriers, which together operated an additional 567 regional aircraft. See Part I, Item 2. Properties for further discussion of our mainline and regional aircraft and \u201cRegional\u201d below for further discussion of our regional operations. Americ ITEM 1A. RISK FACTORS Below are certain risk factors that may affect our business, results of operations and financial condition, or the trading price of our common stock or other securities. We caution the reader that these risk factors may not be exhaustive. We operate in a continually changing business environment, a", "title": "AAL - American Airlines Group Inc.", "url": "/company/AAL/" }, { "kind": "company", "summary": "SIC 3585 Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip; CIK 0000824142; latest 10-K filed 2026-03-02.", "text": "AAON - AAON, INC. SIC 3585 Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip; CIK 0000824142; latest 10-K filed 2026-03-02. AAON AAON, INC. 0000824142 3585 Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Overview The following discussion summarizes the significant factors affecting the consolidated operating results, financial condition, and liquidity of the Company for the year ended December 31, 2025. This discussion should be read in conjunction with the other sections of this Annual Report on Form 10-K, including the consolidated financial statements and related notes contained in Item 8, Financial Statements and Supplementary Data. A detailed discussion of the year-to-year changes for the years ended December 31, 2024, and 2023 is not included herein and can be found in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations section of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. Description of the Company AAON is a leader in HVAC solutions for commercial and industrial indoor environments. The Company\u2019s industry-leading approach to designing and manufacturing highly configurable equipment to meet exact needs creates a premier ownership experience with greater efficiency, performance, and long-term value. AAON is headquartered in Tulsa, Oklahoma, where its world-class innovation center and testing capabilities enable continuous advancement toward a cleaner and more sustainable future. We engineer, manufacture, and sell premium heating, ventilation, and air conditioning equipment consisting of semi-custom and custom rooftop units, data center cooling solutions, cleanroom systems, packaged outdoor mechanical rooms, air handling units, makeup air units, energy recovery units, condensing units, geothermal/water-source heat pumps, coils, and controls. These products are marketed and sold to a variety of vertical markets including retail, manufacturing, educational, lodging, supermarket, data centers, medical and pharmaceutical, industrial, and other commercial markets. We sell our products to all 50 states in the United States and certain provinces in Canada. Our AAON brand can be affected by a number of economic factors, including the level of economic activity in the markets in which we operate. After the commercial and industrial new construction markets came to a standstill in 2020\u20132021, our core nonresidential end\u2011markets entered a period of robust growth, increasing by approximately 50.0% between 2022 and 2024. By late 2024, however, these markets began to contract, and the softening continued through 2025, though at a moderate rate. While leading indicators signal a stabilization in activity, we have not observed clear indications of a significant reacceleration. Furthermore, signals from general economic indicators are mixed regarding the health of the general economy. If the domestic economy were to slow or enter a recession, this could further impact our new construction markets and also weigh on the replacement market, potentially resulting in reduced sales volumes and profitability. Sales in the commercial and industrial new construction markets generally lag behind the housing market, which in turn is influenced by cyclical factors such as interest rates, inflation, consumer spending habits, employment rates, the state of the economy and other macroeconomic factors over which we have no control. Sales in the replacement markets are driven by various factors, including general economic growth, the Company's new product introductions, fluctuations in the average age of existing equipment in the market, government regulations and stimulus, change in market demand between more customized, higher performing HVAC equipment and lower priced standard equipment, as well as many other factors. When new construction is down, we emphasize the replacement market. Our BASX brand is heavily dependent on the data center market. The growing maturity and adoption of Artificial Intelligence and high-performance compute is driving profound innovation a Item 1. Business. Overview AAON, Inc., a Nevada corporation (\"AAON Nevada\"), was incorporated on August 18, 1987. Our operating subsidiaries include AAON, Inc., an Oklahoma corporation (\"AAON Oklahoma\"), AAON Coil Products, Inc., a Texas corporation (\"AAON Coil Products\"), and BASX, Inc., an Oregon corporation (\"BASX\"). Unless the context otherwise requires, references in this Annual Report to \"AAON\", the \"Company\", \"we\", \"us\", \"our\", or \"ours\" refer to AAON Nevada and our subsidiaries. AAON is a leader in heating, ventilation, air conditioning, and liquid cooling solutions for commercial and industrial indoor environments. The Company designs and manufactures highly configurable equipment to meet specific customer requirements, delivering reliable performance, efficiency, and long-term value. Through a strong commitment to research and development, advanced engineering capabilities, and decades of industry experience, the Company continues to elevate standards for climate management solutions. Business Segments The Company operates through three reportable business segments: AAON Oklahoma, AAON Coil Products, and BASX. These segments are based on differences in products, manufacturing processes, and end markets, and reflect how management evaluates operating performance and allocates resources. AAON Oklahoma: AAON Oklahoma engineers, manufactures, and sells highly configurable HVAC systems, designs and manufactures controls solutions, and sells aftermarket parts to customers through retail part stores and online. AAON Oklahoma includes operations at the Company\u2019s manufacturing facilities in Tulsa, Oklahoma; Memphis, Tennessee; and Parkville, Missouri, as well as two retail locations, the Norman Asbjornson Innovation Center (\u201cNAIC\u201d), and the Gary D. Fields Customer Exploration Center. The NAIC is a world-class research and development laboratory accredited by the Air Movement and Control Association International, Inc. (\"AMCA\"), where our products are contin Item 1A. Risk Factors. 14 The following risks and uncertainties may affect our performance and results of operations. The discussion below contains \u201cforward-looking statements\u201d as outlined in the Forward-Looking Statements section above. Our ability to mitigate risks may cause our future re", "title": "AAON - AAON, INC.", "url": "/company/AAON/" }, { "kind": "company", "summary": "SIC 5411 Retail-Grocery Stores; CIK 0001646972; latest 10-K filed 2026-04-27.", "text": "ACI - Albertsons Companies, Inc. SIC 5411 Retail-Grocery Stores; CIK 0001646972; latest 10-K filed 2026-04-27. ACI Albertsons Companies, Inc. 0001646972 5411 Retail-Grocery Stores Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and related notes found in \"Part II\u2014Item 8. Financial Statements and Supplementary Data\" in this Form 10-K, as well as \"Part II\u2014Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\" included in our Annual Report on Form 10-K for the fiscal year ended February 22, 2025 filed with the SEC on April 21, 2025, which provides comparisons of fiscal 2024 and fiscal 2023. This discussion contains forward-looking statements based upon current expectations that involve numerous risks and uncertainties. Our actual results may differ materially from those contained in any forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the section entitled \"Special Note Regarding Forward-Looking Statements\" set forth in Part I and in Item 1A. \"Risk Factors.\" Our last three fiscal years consisted of the 53 weeks ended February 28, 2026 (\"fiscal 2025\"), the 52 weeks ended February 22, 2025 (\"fiscal 2024\") and the 52 weeks ended February 24, 2024 (\"fiscal 2023\"). In this Management's Discussion and Analysis of Financial Condition and Results of Operations of Albertsons Companies, Inc., the words \"Albertsons,\" the \"Company,\" \"we,\" \"us,\" \"our\" and \"ours\" refer to Albertsons Companies, Inc., together with its subsidiaries. EXECUTIVE SUMMARY - FISCAL 2025 OVERVIEW We are one of the largest food retailers in the United States, with 2,244 stores across 35 states and the District of Columbia as of February 28, 2026. We operate 22 well known banners including Albertsons, Safeway, Vons, Pavilions, Randalls, Tom Thumb, Carrs, Jewel-Osco, ACME, Shaw's, Star Market, United Supermarkets, Market Street, Haggen, Kings Food Markets and Balducci's Food Lovers Market, with approximately 280,000 talented and dedicated employees, as of February 28, 2026, who serve on average 36.5 million customers each week. Additionally, as of February 28, 2026, we operated 1,713 in-store pharmacies, 1,240 in-store branded coffee shops, 405 associated fuel centers, 22 dedicated distribution centers, 19 manufacturing facilities and various digital platforms. During fiscal 2025, we continued to execute on our business strategy, which is centered around driving customer growth and engagement through digital connection and loyalty, expanding our Media Collective, enhancing the customer value proposition, modernizing capabilities through technology and AI, and driving transformational productivity. We continue to invest in growth through our four digital platforms of eCommerce, Loyalty, Pharmacy & Health and the use of our mobile app in our stores. This integrated ecosystem is intended to enhance our ability to innovate, improve marketing efficiency, and support revenue growth over time, while strengthening customer engagement and loyalty. Identical sales, excluding fuel, increased 2.0% during fiscal 2025. Our digital investments are continuing to drive engagement, customer acquisition and retention. During fiscal 2025, digital sales, which include Drive Up & Go curbside pickup and home delivery, increased 21% compared to fiscal 2024 as we continue to elevate our customer experience. In loyalty, membership grew 12% to 51.2 million in fiscal 2025 compared to fiscal 2024, while program enhancements and simplification continue to fuel deeper engagement through more frequent transactions and easier reward redemption. During fiscal 2025, in-store pharmacy sales were influenced by evolving regulatory and reimbursement dynamics, while management actions remained focused on improving underlying profitability, operational efficiency and customer engagement Our customer value proposition focuses on ma Item 1 - Business Retail Operations Albertsons is one of the largest food and drug retailers in the United States, with both strong local presence and national scale. As of February 28, 2026, we operated 2,244 stores across 35 states and the District of Columbia. We operate 22 well known banners including Albertsons, Safeway, Vons, Pavilions, Randalls, Tom Thumb, Carrs, Jewel-Osco, ACME, Shaw's, Star Market, United Supermarkets, Market Street, Haggen, Kings Food Markets and Balducci's Food Lovers Market, with approximately 280,000 talented and dedicated employees. Additionally, as of February 28, 2026, we operated 1,713 in-store pharmacies, 1,240 in-store branded coffee shops, 405 associated fuel centers, 22 dedicated distribution centers, 19 manufacturing facilities and various digital platforms. Our stores operate in premier locations and have leading market share within attractive and growing geographies. Our portfolio of well-located, full-service stores provides the foundation of our omnichannel platform, and we have continued to enhance our capabilities, including automated self-checkout options, to meet customer demand for convenience and flexibility. We offer delivery services in more than 2,200 of our stores and our Drive Up & Go curbside pickup service is offered in more than 2,100 stores. In our delivery service, we engage customers on the platform of their choice, providing customers the ability to place delivery orders from our platform as well as delivery orders placed through our third-party partners. We continue to partner with Instacart, DoorDash and Uber. Our eCommerce capabilities are integrated with our store network, supporting store\u2011based fulfillment and allowing customers to engage with our banners seamlessly across digital and in\u2011store channels. Through our loyalty programs and digital platforms, we collect customer transaction and engagement data that supports personalized offers, targeted marketing and enhanced customer experiences acro Item 1A - Risk Factors There are risks and uncertainties that can affect our business. The most significant risk factors are discussed below. The following information should be read together with \"Part II\u2014Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\" of this Form 10-K, which inc", "title": "ACI - Albertsons Companies, Inc.", "url": "/company/ACI/" }, { "kind": "company", "summary": "SIC 8711 Services-Engineering Services; CIK 0000868857; latest 10-K filed 2025-11-19.", "text": "ACM - AECOM SIC 8711 Services-Engineering Services; CIK 0000868857; latest 10-K filed 2025-11-19. ACM AECOM 0000868857 8711 Services-Engineering Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect the Company\u2019s current beliefs, expectations or intentions regarding future events. These statements include forward-looking statements with respect to the Company, including the Company\u2019s business, operations and strategy, and infrastructure consulting industry. Statements that are not historical facts, without limitation, including statements that use terms such as \u201canticipates,\u201d \u201cbelieves,\u201d \u201cexpects,\u201d \u201cestimates,\u201d \u201cintends,\u201d \u201cmay,\u201d \u201cplans,\u201d \u201cpotential,\u201d \u201cprojects,\u201d and \u201cwill\u201d and that relate to our future revenues, expenditures and business trends; future reduction of our self-perform at-risk construction exposure; future accounting estimates; future contractual performance obligations; future conversions of backlog; future capital allocation priorities, including common stock repurchases, future trade receivables, future debt pay downs; future post-retirement expenses; future tax benefits and expenses, and the impact of future tax laws; future compliance with regulations; future legal claims and insurance coverage; future effectiveness of our disclosure and internal controls over financial reporting; future costs savings; and other future economic and industry conditions, are forward-looking statements. In light of the risks and uncertainties inherent in all forward-looking statements, the inclusion of such statements in this Annual Report should not be considered as a representation by us or any other person that our objectives or plans will be achieved. Although management believes that the assumptions underlying the forward-looking statements are reasonable, these assumptions and the forward-looking statements are subject to various factors, risks and uncertainties, many of which are beyond our control, including, but not limited to, our business is cyclical and vulnerable to economic downturns and client spending reductions; government shutdowns; changes in administration or other funding directives and circumstances that cause governmental agencies to modify, curtail or terminate our contracts; government contracts are subject to audits and adjustments of contractual terms; long-term government contracts are subject to uncertainties related to government contract appropriations; losses under fixed-price contracts; limited control over operations run through our joint venture entities; liability for misconduct by our employees or consultants; changes in government laws, regulations and policies, including failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; potential high leverage and inability to service our debt and guarantees; our capital allocation strategy, including our ability to continue payment of dividends; exposure to political and economic risks in different countries, including tariffs and trade policies, geopolitical events, and conflicts; inflation, currency exchange rates and interest rate fluctuations; changes in capital markets and stock market volatility; retaining and recruiting key technical and management personnel; legal claims and litigation; inadequate insurance coverage; environmental law compliance and inadequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; managing pension costs; AECOM Capital\u2019s real estate development; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of the sale of our Management Services and self-perform at-risk civil infrastructure, power construction, and oil and gas construction businesses, including the risk that any pur ITEM 1. BUSINESS In this report, we use the terms \u201cthe Company,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d to refer to AECOM and its consolidated subsidiaries. Unless otherwise noted, references to years are for fiscal years. Our fiscal year consists of 52 or 53 weeks, ending on the Friday closest to September 30. For clarity of presentation, we present all periods as if the year ended on September 30. We refer to the fiscal year ended September 30, 2024 as \u201cfiscal 2024\u201d and the fiscal year ended September 30, 2025 as \u201cfiscal 2025.\u201d Overview We are a leading global provider of professional infrastructure consulting and advisory services for governments, businesses and organizations throughout the world. We provide advisory, planning, consulting, architectural and engineering design, construction and program management services, and investment and development services to public and private clients worldwide in major end markets such as transportation, facilities, water, environmental, and energy. According to Engineering News-Record\u2019s (ENR\u2019s) 2025 Design Survey, we are the largest general architectural and engineering design firm in the world, ranked by 2024 design revenue, and we are the number one ranked water, transportation design, facilities design, environmental engineering, environmental consulting and environmental science firm in the world. In addition, we are ranked by ENR as the leading firm in a number of design end markets, including several water infrastructure-related markets. We utilize our scale and the technical strength of our workforce to create innovative solutions for our clients. Clients are increasingly seeking our technical expertise to solve the world\u2019s most complex and large scale infrastructure related challenges. Aging infrastructure, increasing urbanization, and growing energy demand create growth secular tailwinds for our markets. Our global network of technical experts, combined with our ability to advise, consult, design, and deliver program managemen ITEM 1A. RISK FACTORS We operate in a changing global environment that involves numerous known and unknown risks and uncertainties that could materially adversely affect our operations. The risks described below highlight some of the factors that have affected, and in the future could affect our operations. Additional risks we do not yet know of o", "title": "ACM - AECOM", "url": "/company/ACM/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000917251; latest 10-K filed 2026-02-10.", "text": "ADC - AGREE REALTY CORP SIC 6798 Real Estate Investment Trusts; CIK 0000917251; latest 10-K filed 2026-02-10. ADC AGREE REALTY CORP 0000917251 6798 Real Estate Investment Trusts Item 7: Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements, and related notes thereto, included elsewhere in this Annual Report on Form 10-K and the \u201cCautionary Note Regarding Forward-Looking Statements\u201d in \u201cItem 1A \u2013 Risk Factors\u201d above. Also refer to \u201cItem 7 \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company\u2019s previously filed Annual Report on Form 10-K for the year ended December 31, 2024 for additional discussion of our financial condition and results of operations, including a comparison of our results of operations for the years ended December 31, 2024 and December 31, 2023. Overview The Company is a fully integrated REIT primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants. The Company was founded in 1971 by its current Executive Chairman, Richard Agree, and its common stock was listed on the NYSE in 1994. The Company\u2019s assets are held by, and all of its operations are conducted through, directly or indirectly, the Operating Partnership, of which the Company is the sole general partner and in which the Company held a 99.7% common interest as of December 31, 2025. Refer to Note 1-Organization in the notes to the consolidated financial statements in this Form 10-K for further information on the ownership structure. Under the agreement of limited partnership of the Operating Partnership, the Company, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership. As of December 31, 2025, the Company\u2019s portfolio consisted of 2,674 properties located in all 50 states and totaling approximately 55.5 million square feet of GLA. The portfolio was approximately 99.7% leased and had a weighted average remaining lease term of approximately 7.8 years. A significant majority of the Company\u2019s properties are leased to national tenants and approximately 66.8% of our annualized base rent was derived from tenants, or parent entities thereof, with an investment grade credit rating from S&P Global Ratings, Moody\u2019s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners. A net lease typically requires the tenant to be responsible for minimum monthly rent and property operating expenses including property taxes, insurance and maintenance. The Company elected to be taxed as a REIT for federal income tax purposes commencing with the taxable year ended December 31, 1994. We believe that we have been organized and have operated in a manner that has allowed us to qualify as a REIT for federal income tax purposes and we intend to continue operating in such a manner. Results of Operations Overall The Company\u2019s real estate investment portfolio grew from approximately $7.42 billion in net investment amount representing 2,370 properties with 48.8 million square feet of GLA as of December 31, 2024 to approximately $8.57 billion in net investment amount representing 2,674 properties with 55.5 million square feet of GLA at December 31, 2025. The Company\u2019s real estate investments were made throughout and between the periods presented and were not all outstanding for the entire period; accordingly, a portion of the increase in rental income between periods is related to recognizing revenue in 2025 on acquisitions, development and DFP projects that were completed during 2024. Similarly, the full rental income impact of acquisitions made during 2025 will not be seen until 2026. 32 Table of Contents Acquisitions The following summarizes the acquisitions completed by the Company during the periods presented (dollars in thousands): [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended\"],[\"\",\"\",\"December 31, 2025\"],[\"Number of properties acquired\",\"\",\"305\"],[\"Location (by state)\",\"\",\"41\"],[\"Ten Item 1: Business General The Company is a fully integrated REIT primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants. The Company was founded in 1971 by its current Executive Chairman, Richard Agree, and its common stock was listed on the New York Stock Exchange (\u201cNYSE\u201d) in 1994. The Company\u2019s assets are held by, and all of its operations are conducted through, directly or indirectly, the Operating Partnership of which the Company is the sole general partner and in which it held a 99.7% common interest as of December 31, 2025. Under the agreement of limited partnership of the Operating Partnership, the Company, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership. As of December 31, 2025, the Company\u2019s portfolio consisted of 2,674 properties located in all 50 states and totaling approximately 55.5 million square feet of Gross Leasable Area (\u201cGLA\u201d). The portfolio was approximately 99.7% leased and had a weighted average remaining lease term of approximately 7.8 years. A significant majority of the Company\u2019s properties are leased to national tenants and approximately 66.8% of our annualized base rent was derived from tenants, or parent entities thereof, with an investment grade credit rating from S&P Global Ratings, Moody\u2019s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners. Substantially all of our tenants are subject to net lease agreements. A net lease typically requires the tenant to be responsible for minimum monthly rent and property operating expenses including property taxes, insurance and maintenance. As of December 31, 2025, the Company had 90 full-time employees, covering accounting, acquisitions, asset management, development and construction, finance, information technology, legal, due diligence, and people and culture. The Company was incorporated Item 1A: Risk Factors The following factors and other factors discussed in this Annual Report on Form 10-K could cause the Company\u2019s actual results to differ materially from those contained in forward-looking statements made in this report or presented elsewhere in future SEC reports. You should carefully consider each of the risks, assumptions, unce", "title": "ADC - AGREE REALTY CORP", "url": "/company/ADC/" }, { "kind": "company", "summary": "SIC 3679 Electronic Components, NEC; CIK 0000927003; latest 10-K filed 2026-02-13.", "text": "AEIS - ADVANCED ENERGY INDUSTRIES INC SIC 3679 Electronic Components, NEC; CIK 0000927003; latest 10-K filed 2026-02-13. AEIS ADVANCED ENERGY INDUSTRIES INC 0000927003 3679 Electronic Components, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Certain statements set forth below under this caption constitute forward-looking statements. See \u201cSpecial Note Regarding Forward-Looking Statements\u201d in this annual report on Form 10-K for additional factors relating to such statements and see \u201cRisk Factors\u201d in Part I, Item 1A for a discussion of certain risks applicable to our business, financial condition, and results of operations. The following section discusses our results of operations for 2025 and 2024 and year-to-year comparisons between those periods. Company Overview Advanced Energy provides highly engineered, critical, precision power conversion, measurement, and control solutions to our global customers. We design, manufacture, sell and service precision power products that transform, refine, and modify the raw electrical power coming from either the utility or the building facility and convert it into various types of highly controllable, usable power that is predictable, repeatable, and customizable to meet the necessary requirements for powering a wide range of complex equipment. Many of our products enable customers to reduce or optimize their energy consumption through increased power conversion efficiency, power density, power coupling, and process control across a wide range of applications. We are organized on a global, functional basis and operate as a single segment of power electronics conversion products. Within this segment, our products are sold in the Semiconductor Equipment, Data Center Computing, Industrial and Medical, and Telecom and Networking markets. Business Environment and Trends 2025 Summary Results and Key Activities For the year ended December 31, 2025, our revenue was $1,798.8 million, representing an increase of 21.4% as compared to 2024. The increase was primarily attributable to more than doubling of revenue from the Data Center Computing market. For more details on the trends in our end markets, see \u201cEnd Markets Summary and Trends\u201d below. In 2025, we increased gross margin and gross profit largely as a result of executing our manufacturing cost improvement program and higher revenue. We reported higher operating expenses of $509.4 million, an increase of $16.7 million from 2024 primarily attributable to higher research and development program costs, higher compensation costs related to stock-based compensation and annual merit increases, partially offset by lower restructuring charges driven by the timing of our restructuring plan decisions. Throughout 2025 we managed tariffs affecting AE announced by the U.S. government and continue to evaluate the impact of any additional tariffs or other trade policy measures on our supply chain or on our customers. While the tariff impact was not material to our results in 2025, the effects could be material in future periods as any further tariff, export control, trade restrictions, policy measures, and retaliatory responses to the U.S. trade policy announcements, or any related macroeconomic effects could adversely impact our product demand, production costs, or ability to sell our products and provide services. During 2025, we continued to execute the 2024 Plan. Manufacturing operations in Zhongshan ceased during the second quarter of 2025. Final site closure activities are in progress and are expected to conclude in 2026. During the second quarter of 2025, we also approved actions related to consolidating our research and development, sales, and administrative functions in connection with our manufacturing and footprint consolidation. We expect these actions to be substantially complete during 2027 and do not expect to incur significant additional charges. See Note 11. Restructuring, Asset Impairments, and Other Charges in Part II, Item 8 \u201cFinancial Statements and Supplementary Data.\u201d We also continued progress on a new factory in Thailand. \u200b 33 Table of Contents During the s ITEM 1. BUSINESS Company Overview Advanced Energy provides highly engineered, critical, precision power conversion, measurement, and control solutions to our global customers. We design, manufacture, sell and service precision power products that transform, refine, and modify the raw electrical power coming from either the utility or the building facility and convert it into various types of highly controllable, usable power that is predictable, repeatable, and customizable to meet the necessary requirements for powering a wide range of complex equipment. Our products enable customers to reduce or optimize their energy consumption through increased power conversion efficiency, power density, power coupling, and process control across a wide range of applications. We are organized on a global, functional basis and operate as a single segment of power electronics conversion products. Within this segment, our products are sold in the Semiconductor Equipment, Data Center Computing, Industrial and Medical, and Telecom and Networking markets. We incorporated in Colorado in 1981 and reincorporated in Delaware in 1995. Our executive offices are located at 1595 Wynkoop Street, Suite 800, Denver, Colorado 80202, and our telephone number is 970-407-6555. 4 Table of Contents Recent Events Credit Agreement On May 8, 2025, we terminated our prior credit agreement, dated as of September 10, 2019 (and subsequently amended) and entered into a new credit agreement (the \u201cCredit Agreement\u201d) consisting of a senior unsecured term loan facility (\u201cTerm Loan Facility\u201d) and a senior unsecured revolving facility (\u201cRevolving Facility\u201d) both maturing on May 8, 2030. The maturity date may be accelerated to the date that is 91 days prior to the maturity date of our 2.50% convertible senior notes due September 15, 2028 (the \u201cConvertible Notes\u201d), if the sum of our consolidated cash and cash equivalents plus the undrawn balance on the Revolving Facility is less than 120% of the r ITEM 1A. RISK FACTORS Our business, financial condition, operating results, and cash flows can be impacted by a number of factors, including, but not limited to, those set forth below, any of which could adversely impact our results and result in a decline in the value or loss of an investment in our common stock. Other factors may also exist", "title": "AEIS - ADVANCED ENERGY INDUSTRIES INC", "url": "/company/AEIS/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001042046; latest 10-K filed 2026-02-25.", "text": "AFG - AMERICAN FINANCIAL GROUP INC SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001042046; latest 10-K filed 2026-02-25. AFG AMERICAN FINANCIAL GROUP INC 0001042046 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [[\"INDEX TO MD&A\"],[\"\",\"Page\",\"\",\"\",\"Page\"],[\"Objective\",\"31\",\"\",\"Results of Operations\",\"48\"],[\"Overview\",\"31\",\"\",\"General\",\"48\"],[\"Critical Accounting Policies\",\"32\",\"\",\"Results of Operations \\u2014 Fourth Quarter\",\"50\"],[\"Liquidity and Capital Resources\",\"32\",\"\",\"Segmented Statement of Earnings\",\"50\"],[\"Ratios\",\"32\",\"\",\"Property and Casualty Insurance\",\"51\"],[\"Condensed Consolidated Cash Flows\",\"32\",\"\",\"Holding Company, Other and Unallocated\",\"59\"],[\"Parent and Subsidiary Liquidity\",\"34\",\"\",\"Results of Operations \\u2014 Full Year\",\"62\"],[\"Condensed Parent Only Cash Flows\",\"35\",\"\",\"Segmented Statement of Earnings\",\"62\"],[\"Off-Balance Sheet Arrangements\",\"35\",\"\",\"Property and Casualty Insurance\",\"64\"],[\"Investments\",\"36\",\"\",\"Holding Company, Other and Unallocated\",\"74\"],[\"Uncertainties\",\"39\",\"\",\"Recent Accounting Standards\",\"77\"],[\"Managed Investment Entities\",\"45\"]] [[/GREPCENT_TABLE]] OBJECTIVE The objective of Management\u2019s Discussion and Analysis is to provide a discussion and analysis of the financial statements and other statistical data that management believes will enhance the understanding of AFG\u2019s financial condition, changes in financial condition and results of operations. The tables and narrative that follow are presented in a manner that is consistent with the information that AFG\u2019s management uses to make operational decisions and allocate capital resources. They are provided to demonstrate the nature of the transactions and events that could impact AFG\u2019s financial results. This discussion should be read in conjunction with the financial statements beginning on page F-1. OVERVIEW Financial Condition AFG is organized as a holding company with almost all of its operations being conducted by subsidiaries. AFG, however, has continuing cash needs for administrative expenses, the payment of principal and interest on borrowings, shareholder dividends and taxes. Therefore, certain analyses are most meaningfully presented on a parent only basis while others are best done on a total enterprise basis. In addition, because its businesses are financial in nature, AFG does not prepare its consolidated financial statements using a current-noncurrent format. Consequently, certain traditional ratios and financial analysis tests are not meaningful. Results of Operations Through the operations of its subsidiaries, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. AFG reported net earnings of $299 million ($3.58 per share, diluted) for the fourth quarter of 2025 compared to $255 million ($3.03 per share, diluted) for the fourth quarter of 2024, reflecting higher underwriting profit, partially offset by lower net investment income from AFG\u2019s alternative investment portfolio. Full year 2025 net earnings were $842 million ($10.08 per share, diluted) compared to $887 million ($10.57 per share, diluted) in 2024. Higher underwriting profit and the favorable impact of higher yields and average balances on net investment income from fixed income investments were more than offset by lower net investment income from alternative investments. Outlook Management expects overall premium growth and strong underwriting results in the current property and casualty insurance market. In addition, management anticipates improved returns on alternative investments relative to the 2.5% earned in 2025 will have a positive impact on net investment income beginning in the second half of 2026. 31 Table of Contents AFG\u2019s financial condition, results of operations and cash flows are impacted by the economic, legal and regulatory environment. Economic inflation, social inflation and other economic conditions may impact premium levels, loss cost trends and investment returns. For a more comprehensive list of risks, see \u201cItem 1A \u2014 Risk Factors.\u201d Management believes Item 1. Business Introduction American Financial Group, Inc. (\u201cAFG\u201d or the \u201cCompany\u201d) is an insurance holding company. Through the operations of Great American Insurance Group, AFG is engaged in property and casualty insurance, focusing on specialized commercial products for businesses. AFG\u2019s in-house team of investment professionals oversees the Company\u2019s investment portfolio. The members of the Great American Insurance Group have been in business for over 150 years. Management believes that over 55% of the 2025 gross written premiums in AFG\u2019s Specialty property and casualty group are produced by businesses that rank in the \u201ctop 10\u201d amongst competitors based on gross written premiums. AFG\u2019s address is 301 East Fourth Street, Cincinnati, Ohio 45202; its phone number is (513) 579-2121. SEC filings, news releases, AFG\u2019s Code of Ethics applicable to directors, officers and employees, AFG\u2019s Corporate Social Responsibility Report and other information may be accessed free of charge through AFG\u2019s website at: www.AFGinc.com. (Information on or accessible through AFG\u2019s website is not part of this Form 10-K.) See Note C \u2014 \u201cSegments of Operations\u201d to the financial statements for information on AFG\u2019s assets, revenues and earnings before income taxes by segment. 2 Table of Contents Top Tier Specialty Property and Casualty Insurer AFG allows each of its businesses the autonomy to make decisions related to underwriting, claims and policy servicing. This entrepreneurial business model promotes agility, innovative product design, unique applications of pricing segmentation, as well as developing distribution strategies and building relationships in the markets served. Management believes that AFG\u2019s ability to grow book value per share at a double-digit annual rate over time is evidence that the Company\u2019s culture, business model and employee incentive plans create a structure to build long-term value for AFG\u2019s shareholders. As highlighted in the illustration below, over the Item 1A. Risk Factors In addition to the other information set forth in this report, particularly information under \u201cForward-Looking Statements\u201d and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d the following are the material factors affecting AFG\u2019s business. Any one of th", "title": "AFG - AMERICAN FINANCIAL GROUP INC", "url": "/company/AFG/" }, { "kind": "company", "summary": "SIC 3523 Farm Machinery & Equipment; CIK 0000880266; latest 10-K filed 2026-02-13.", "text": "AGCO - AGCO CORP /DE SIC 3523 Farm Machinery & Equipment; CIK 0000880266; latest 10-K filed 2026-02-13. AGCO AGCO CORP /DE 0000880266 3523 Farm Machinery & Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations AGCO is a global leader in agricultural machinery and precision agriculture technologies. Driven by a Farmer-First strategy, AGCO delivers value through its differentiated leading brands, Fendt\u2122, Massey Ferguson\u2122, PTx\u2122 and Valtra\u2122. AGCO\u2019s high-performance equipment and smart farming solutions, including brand-agnostic retrofit technologies and autonomous offerings, empower farmers to drive productivity while sustainably feeding the world. We distribute most of our products through approximately 2,800 independent dealers and distributors in approximately 140 countries. We also provide retail and wholesale financing through our finance joint ventures with Co\u00f6peratieve Rabobank U.A., which, together with its affiliates, we refer to as \u201cRabobank.\u201d In 2024, we fundamentally shifted our portfolio through the PTx Trimble joint venture and the divestiture of the majority of our Grain & Protein (\u201cG&P\u201d) business. Our operations are subject to the cyclical and seasonal nature of the agricultural industry. Sales of our equipment are affected by, among other things, changes in farm income, farm land values and debt levels, financing costs, acreage planted, crop yields, weather conditions, the demand for agricultural commodities, commodity and protein prices, agricultural product demand and general economic conditions and government policies, tariffs and subsidies. We sell our equipment, precision agriculture technology and replacement parts to our independent dealers, distributors and other customers. A large majority of our sales are to independent dealers and distributors that sell our products to end users. To the extent practicable, we attempt to sell products to our dealers and distributors on a level basis throughout the year to reduce the effect of seasonal demands on our manufacturing operations and to minimize our investment in inventories. However, retail sales by dealers to farmers are highly seasonal and are a function of the timing of the planting and harvesting seasons. In certain markets, particularly in North America, there is often a time lag, which varies based on the timing and level of retail demand, between our sale of the equipment to the dealer and the dealer\u2019s sale to a retail customer. The recent announcements of significant trade policy and tariff actions by the U.S. government, including but not limited to tariffs on imported steel and aluminum products, tariffs on certain imports from China, tariffs on certain imports from Canada and Mexico, announced trade deal between the United States and European Union of baseline tariffs on certain imports from the European Union, and baseline tariffs on most imports from most other countries, continue to create significant uncertainty and potential risks for our business. These announcements in some cases were followed by delays and changes in implementation, and the ultimate tariff structures are unclear at the current time. Depending on the countries affected, increases in tariffs have raised the costs of inputs used in manufacturing our products, which in turn has impacted our cost of goods sold. Additionally, higher tariffs may lead to increased after-tariff sales prices for the products we sell. The impacts of the tariffs may be partially mitigated as a majority of our sales and manufacturing takes place outside the United States. While we are actively exploring opportunities to mitigate these increased costs, there can be no guarantee that we will be able to fully offset the impact of these tariffs. Furthermore, the imposition of retaliatory tariffs from other countries on our exported products could negatively affect our sales and marketplace access in those countries. Moreover, the uncertainty of the enforceability of the tariffs, any changes to such tariffs and any future trade policy changes has adversely impacted, and is expected to continue to adv Item 1. Business AGCO Corporation was incorporated in Delaware in 1991. Unless otherwise indicated, all references in this Form 10-K to \u201cAGCO,\u201d \u201cwe,\u201d \u201cus\u201d or the \u201cCompany\u201d include AGCO Corporation and its subsidiaries. General AGCO is a global leader in agricultural machinery and precision agriculture technologies. Driven by a Farmer-First strategy, AGCO delivers value through its differentiated leading brands, Fendt\u2122, Massey Ferguson\u2122, PTx\u2122 and Valtra\u2122. AGCO\u2019s high-performance equipment and smart farming solutions, including brand-agnostic retrofit technologies and autonomous offerings, empower farmers to drive productivity while sustainably feeding the world. We distribute most of our products through approximately 2,800 independent dealers and distributors in approximately 140 countries. We also provide retail and wholesale financing through our finance joint ventures with Co\u00f6peratieve Rabobank U.A., which, together with its affiliates, we refer to as \u201cRabobank.\u201d In 2024, we fundamentally shifted our portfolio through the PTx Trimble joint venture and the divestiture of the majority of our Grain & Protein (\u201cG&P\u201d) business. 1 Table of Contents Products The following table sets forth a description of the Company\u2019s more significant products and their percentage of net sales: [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"Percentage of Net Sales\"],[\"Product\",\"\",\"Product Description\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Tractors\",\"\\u2022\",\"High horsepower tractors (140 to 650 horsepower); typically used on large acreage farms, primarily for row crop production, soil cultivation, planting, land leveling, seeding and commercial hay operations\",\"\",\"66\",\"%\",\"\",\"61\",\"%\",\"\",\"61\",\"%\"],[\"\",\"\\u2022\",\"Utility or Mid-range tractors (40 to 130 horsepower); typically used on small and medium-sized farms and in specialty agricultural industries, including dairy, livestock, orchards and vineyards\"],[\"\",\"\\u2022\",\"Compact tractors (under 40 horsepower); typically used on sma Item 1A. Risk Factors We make forward-looking statements in this report, in other materials we file with the SEC, on our website, in press releases and in materials that we otherwise share with the public. In addition, our senior management makes forward-looking statements to investors, analysts, the media and others. Statements, including the statements contained in Item 7, \u201cMa", "title": "AGCO - AGCO CORP /DE", "url": "/company/AGCO/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001632970; latest 10-K filed 2026-02-27.", "text": "AHR - American Healthcare REIT, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001632970; latest 10-K filed 2026-02-27. AHR American Healthcare REIT, Inc. 0001632970 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The use of the words \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d refers to American Healthcare REIT, Inc. and its subsidiaries, including American Healthcare REIT Holdings, LP, except where otherwise noted. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is intended to promote understanding of our results of operations and financial condition. Such discussion is provided as a supplement to, and should be read in conjunction with our accompanying consolidated financial statements and notes thereto appearing elsewhere in this Annual Report on Form 10-K. Such consolidated financial statements and information have been prepared to reflect our financial position as of December 31, 2025 and 2024, together with our results of operations and cash flows for the years ended December 31, 2025, 2024 and 2023. This section discusses the results of operations and cash flows for fiscal year 2025 compared to fiscal year 2024. We have omitted the discussion related to the results of operations and changes in financial condition for fiscal year 2024 compared to fiscal year 2023 from this Annual Report on Form 10-K, but such discussion may be found in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, in our fiscal year 2024 Annual Report Form 10-K, which was filed with the U.S. Securities and Exchange Commission, or the SEC, on February 28, 2025. Our results of operations and financial condition, as reflected in the accompanying consolidated financial statements and related notes, are subject to management\u2019s evaluation and interpretation of business conditions, changing capital market conditions, and other factors that could affect the ongoing operations and occupancy of our tenants and residents. Forward-Looking Statements Certain statements contained in this report, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the Private Securities Litigation Reform Act of 1995 (collectively with the \u201cSecurities Act and Exchange Act, or the Acts\u201d). We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in the Acts. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as \u201cmay,\u201d \u201cwill,\u201d \u201ccan,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201cbelieve,\u201d \u201ccontinue,\u201d \u201cpossible,\u201d \u201cinitiatives,\u201d \u201cfocus,\u201d \u201cseek,\u201d \u201cobjective,\u201d \u201cgoal,\u201d \u201cstrategy,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201cpotentially,\u201d \u201cpreparing,\u201d \u201cprojected,\u201d \u201cfuture,\u201d \u201clong-term,\u201d \u201conce,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cmight,\u201d \u201cuncertainty,\u201d or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this report is filed with the SEC. Any such forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate, and beliefs of, and assumptions made by, our management and involve uncertainties that could significantly affect our financial results. Such statements include, but are not limited to: (i) statements about our plans, strategies, initiatives and prospects, including any future capital-raising initiatives and planned or future acquisitions or dispositions of properties and other assets; and (ii) statements about our future results of operations, capital expenditures and liquidity. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: changes in economic conditions generally and the real estate market specifically; legislative and regul Item 1. Business. The use of the words \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d refers to American Healthcare REIT, Inc. and its subsidiaries, including American Healthcare REIT Holdings, LP, except where otherwise noted. Company American Healthcare REIT, Inc., a Maryland corporation, is a self-managed real estate investment trust, or REIT, that acquires, owns and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on senior housing, skilled nursing facilities, or SNFs, outpatient medical, or OM, buildings and other healthcare-related facilities. We have built a fully-integrated management platform, with approximately 121 employees as of December 31, 2025, that operates clinical healthcare properties throughout the United States, and in the United Kingdom and the Isle of Man. We own and operate our integrated senior health campuses, or ISHC, and senior-housing operating properties, or SHOP, utilizing the structure permitted by the REIT Investment Diversification and Empowerment Act of 2007, which is commonly referred to as a \u201cRIDEA\u201d structure. We have also originated and acquired secured loans and may acquire other real estate-related investments in the future on an infrequent and opportunistic basis. We generally seek investments that produce current income; however, we have selectively developed, and may continue to selectively develop, healthcare real estate properties. We have elected to be taxed as a REIT for U.S. federal income tax purposes. We believe that we have been organized and operated, and we intend to continue to operate, in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, or the Code. Operating Partnership We conduct substantially all of our operations through American Healthcare REIT Holdings, LP, or our operating partnership, and we are the sole general partner of our operating partnership. As of December 31, 2025 and 2024, we owned 99.0% and 98.7%, res Item 1A. Risk Factors Investing in our Common Stock involves risks. Our stockholders should carefully consider the risk factors below, together with all of the other information included in this Annual Report on Form 10-K, including our Consolidated Financial Statements and the notes thereto included he", "title": "AHR - American Healthcare REIT, Inc.", "url": "/company/AHR/" }, { "kind": "company", "summary": "SIC 5080 Wholesale-Machinery, Equipment & Supplies; CIK 0000109563; latest 10-K filed 2025-08-15.", "text": "AIT - APPLIED INDUSTRIAL TECHNOLOGIES INC SIC 5080 Wholesale-Machinery, Equipment & Supplies; CIK 0000109563; latest 10-K filed 2025-08-15. AIT APPLIED INDUSTRIAL TECHNOLOGIES INC 0000109563 5080 Wholesale-Machinery, Equipment & Supplies ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. OVERVIEW We are a leading distributor and technical solutions provider of industrial motion, power, control, and automation technologies. Through our comprehensive network of approximately 6,800 employee associates and approximately 600 facilities including service center, fluid power, flow control, and automation operations, as well as repair shops and distribution centers, we offer a selection of more than 9.2 million stock keeping units (SKUs) with a focus on industrial bearings, power transmission products, fluid power components and systems, specialty flow control, and advanced factory automation solutions, as well as general maintenance products. We market our products with a set of service solutions including inventory management, engineering, design, assembly, repair, and systems integration, as well as customized mechanical, fabricated rubber, and shop services. Our customers use our products and services for both MRO (maintenance, repair, and operating), OEM (original equipment manufacturing), and new system install applications across a variety of end markets primarily in North America, as well as Australia, New Zealand, and Singapore. The following is Management's Discussion and Analysis of significant factors that have affected our financial condition, results of operations and cash flows during the periods included in the accompanying consolidated balance sheets, statements of consolidated income, consolidated comprehensive income and consolidated cash flows in Item 8 under the caption \"Financial Statements and Supplementary Data.\" When reviewing the discussion and analysis set forth below, please note that a significant number of SKUs we sell in any given year were not sold in the comparable period of the prior year, resulting in the inability to quantify certain commonly used comparative metrics analyzing sales, such as changes in product mix and volume. Our fiscal 2025 consolidated sales were $4.6 billion, an increase of $84.0 million or 1.9% compared to the prior year, with acquisitions contributing to sales growth by $193.0 million or 4.3% and unfavorable foreign currency translation of $23.7 million reducing sales by 0.5%. Gross profit margin increased to 30.3% for fiscal 2025 from 29.8% for fiscal 2024. Operating margin decreased to 10.9% in fiscal 2025 from 11.1% in fiscal 2024. Our diluted earnings per share was $10.12 in fiscal 2025 versus $9.83 in fiscal 2024. Shareholders\u2019 equity was $1,844.5 million at June 30, 2025 compared to $1,688.8 million at June 30, 2024. Working capital decreased $47.5 million from June 30, 2024 to $1,221.3 million at June 30, 2025. The current ratio was 3.3 to 1 and 3.5 to 1 at June 30, 2025 and at June 30, 2024, respectively. Applied monitors several economic indices that have been key indicators for industrial economic activity in the United States. These include the manufacturing Industrial Production (IP) and Manufacturing Capacity Utilization (MCU) indices published by the Federal Reserve Board and the Purchasing Managers Index (PMI) published by the Institute for Supply Management (ISM). Historically, our performance correlates well with the MCU, which measures productivity and calculates a ratio of actual manufacturing output versus potential full capacity output. When manufacturing plants are running at a high rate of capacity, they tend to wear out machinery more frequently and require replacement parts. The IP and PMI indices increased since June 2024, while the MCU index remained fairly stable over the fiscal year. The ISM PMI registered 49.0 in June 2025, an increase from the June 2024 revised reading of 48.3. A reading above 50 generally indicates expansion in the U.S. manufacturing sector. The index readings for the months during the most recent quarter, along with the revised indices for previous quarter ends, were as follows: [[GREPCENT_TABLE]] [[\"\",\"Index ITEM 1. BUSINESS. In this Annual Report on Form 10-K for the fiscal year ended June 30, 2025 (this \"Annual Report\"), \u201cApplied\u201d refers to Applied Industrial Technologies, Inc., an Ohio corporation. References to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and \u201cthe Company\u201d refer to Applied and its subsidiaries. Headquartered in Cleveland, Ohio, Applied and its predecessor companies have engaged in business since 1923. The fiscal year end for Applied is June 30, 2025. We are a leading distributor and technical solutions provider of industrial motion, power, control, and automation technologies. Through our comprehensive network of approximately 6,800 employee associates and approximately 600 facilities including service center, fluid power, flow control, and automation operations, as well as repair shops and distribution centers, we offer a selection of more than 9.2 million stock keeping units with a focus on industrial bearings, power transmission products, fluid power components and systems, specialty flow control, and advanced factory automation solutions, as well as general maintenance products. We market our products with a set of service solutions including inventory management, engineering, design, assembly, repair, and systems integration, as well as customized mechanical, fabricated rubber, and shop services. Our customers use our products and services for both MRO (maintenance, repair, and operating), OEM (original equipment manufacturing), and new system install applications across a variety of end markets primarily in North America, as well as Australia, New Zealand, and Singapore. Our internet address is www.applied.com. The following documents are available free of charge via hyperlink from the investor relations area of our website: \u2022Applied's Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, together with Section 16 insider beneficial stock ownership reports - these documents are posted as soon as rea ITEM 1A. RISK FACTORS. In addition to other information set forth in this report, you should carefully consider the following risk factors that could materially affect our business, financial condition, or results of operations and that could make an investment in Applied m", "title": "AIT - APPLIED INDUSTRIAL TECHNOLOGIES INC", "url": "/company/AIT/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0000866291; latest 10-K filed 2026-05-21.", "text": "ALGM - ALLEGRO MICROSYSTEMS, INC. SIC 3674 Semiconductors & Related Devices; CIK 0000866291; latest 10-K filed 2026-05-21. ALGM ALLEGRO MICROSYSTEMS, INC. 0000866291 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes and other information included elsewhere in this Annual Report. In addition to historical data, this discussion contains forward-looking statements about our business, results of operations, cash flows, financial condition and prospects based on current expectations that involve risks, uncertainties and assumptions. Our actual results could differ materially from such forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those identified below and those discussed in the sections titled \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d included elsewhere in this Annual Report. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future. We operate on a 52- or 53-week fiscal year ending on the last Friday of March. Each fiscal quarter has 13 weeks, except in a 53-week year, when the fourth fiscal quarter has 14 weeks. All references to \u201c2026,\u201d \u201cfiscal year 2026\u201d or similar references relate to the 52-week period ended March 27, 2026. All references to \u201c2025,\u201d \u201cfiscal year 2025\u201d or similar references relate to the 52-week period ended March 28, 2025. This section discusses items pertaining to and comparisons of financial results between 2026 and 2025. A discussion of 2024 items and comparisons between 2025 and 2024 financial results can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7. of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended March 28, 2025, filed with the SEC on May 22, 2025. Overview Allegro MicroSystems, Inc. is a global leader in the design, development, and marketing of sensor ICs and application-specific power ICs, that enable the sensing, motion control, and power management functions of complex electromechanical or power conversion systems. We primarily serve automotive and industrial markets, including advanced industrial markets such as AI data centers, robotics, and energy infrastructure, where our solutions enable customers to sense, move, and manage power with efficiency, precision, and reliability. Our sensor ICs provide critical feedback for motion, position, speed, and electrical current sensing, while our power ICs control motors and manage power conversion and regulation across a wide range of applications. By embedding system-level intelligence directly into our products, we reduce the number of components required in a customer\u2019s design while improving performance, energy efficiency, safety, and reliability. We believe our deep application knowledge, differentiated technology, and strong customer relationships enable us to deliver solutions that are more integrated, intelligent, and efficient than typical ICs. We are headquartered in Manchester, New Hampshire and have a global footprint with 27 locations across four continents. Our portfolio includes more than 1,500 products, and we ship approximately 2.1 billion units annually to more than 15,000 customers worldwide. During fiscal years 2026 and 2025, we generated $890.1 million and $725.0 million in total net sales, respectively, with $14.7 million and $72.8 million in net loss, respectively. Recent Initiatives to Improve Results of Operations We implemented several initiatives during fiscal years 2025 and 2026 that were designed to improve our operating results during those fiscal years and going forward. We continue our efforts to leverage our fixed costs and operating margin improvements. Efficiencies may be achieved through cost structure improvements, streamlining of manufacturing and support processes, and further utilization of existing Item 1. Business. Our Mission Our mission is to be the leader in global semiconductor technology with sensing and power solutions that drive electrification, automation, AI, and robotics forward. Company Overview The Company is a global leader in the design, development, and marketing of sensor integrated circuits (\u201cICs\u201d) and application-specific power ICs that enable the sensing, motion control, and power management functions of complex electromechanical or power conversion systems. We primarily serve automotive and industrial markets, including advanced industrial markets such as AI data centers, robotics, and energy infrastructure, where our solutions enable customers to sense, move, and manage power with efficiency, precision, and reliability. Our sensor ICs provide critical feedback for motion, position, speed, and electrical current sensing, while our power ICs control motors and manage power conversion and regulation across a wide range of applications. By embedding system-level intelligence directly into our products, we reduce the number of components required in a customer\u2019s design while improving performance, energy efficiency, safety, and reliability. We believe our deep application knowledge, differentiated technology, and strong customer relationships enable us to deliver solutions that are more integrated, intelligent, and efficient than typical ICs. Our portfolio includes the broadest range of magnetic sensor ICs in the industry, and we are the world\u2019s leading supplier of magnetic sensor ICs by market share. Our portfolio includes more than 1,500 products, and we ship approximately 2.1 billion units annually to more than 15,000 customers worldwide. Secular technology trends, including electrification, automation, AI data center expansion, and increasing energy efficiency, are driving growing demand for precision sensing and power solutions. In automotive markets, these trends are accelerating the adoption of electrified powertrains and safety- Item 1A. Risk Factors. Investment in our common stock involves risks, which you should consider carefully, as well as the other information contained in this Annual Report. These disclosures reflect our beliefs and opinions regarding factors that could materially and adversely affect us in the future. Reference", "title": "ALGM - ALLEGRO MICROSYSTEMS, INC.", "url": "/company/ALGM/" }, { "kind": "company", "summary": "SIC 4512 Air Transportation, Scheduled; CIK 0000766421; latest 10-K filed 2026-02-12.", "text": "ALK - ALASKA AIR GROUP, INC. SIC 4512 Air Transportation, Scheduled; CIK 0000766421; latest 10-K filed 2026-02-12. ALK ALASKA AIR GROUP, INC. 0000766421 4512 Air Transportation, Scheduled ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand our company and the present business environment. MD&A is provided as a supplement to \u2013 and should be read in conjunction with \u2013 our consolidated financial statements and the accompanying notes. All statements in the following discussion that are not statements of historical information or descriptions of current accounting policy are forward-looking statements. Please consider our forward-looking statements in light of the risks referred to in this report\u2019s introductory cautionary note and the risks mentioned in Item 1A. \"Risk Factors\" within this document. This overview summarizes the MD&A, which includes the following sections: 33 \u2022Year in Review - highlights from 2025 outlining some of the major events that occurred during the period, as well as forward-looking statements. \u2022Results of Operations - an in-depth analysis of our financial and operational results for 2025. \u2022Liquidity and Capital Resources - an overview of our financial position, analysis of cash flows, and relevant material cash commitments. \u2022GAAP to Non-GAAP Reconciliations and Operating Statistics - reconciliations of reported non-GAAP financial measures to their most directly comparable financial measures reported on a GAAP basis, as well as operating statistics we use to measure operating performance. Dollar amounts in the MD&A are generally rounded to the nearest million. As a result, a manual recalculation of certain figures using these rounded amounts may not agree directly to our actual figures represented in the tables below. This section of the Form 10-K covers discussion of 2025 and 2024 pro forma results, and comparisons between those years. For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Annual Report on Form 10-K for the year ended December 31, 2024. Items affecting comparability As Hawaiian Holdings, Inc. was acquired by Air Group on September 18, 2024, its financial results were not reflected in reported figures in the periods preceding the acquisition date. As a result, the reported results for 2025 and 2024 are not comparable. To assist with the discussion of 2025 and 2024 results on a comparable basis and provide more meaningful discussion, certain supplemental unaudited pro forma income statement information is provided for 2024. Pro forma historical results were included with the Form 8-K filed on January 22, 2025. This information does not purport to reflect what our financial and operational results would have been had the acquisition been consummated at the beginning of the periods presented. Cybersecurity incident As previously disclosed in a Current Report on Form 8-K filed on June 27, 2025, on June 23, 2025, Hawaiian Airlines identified a cybersecurity incident affecting certain information technology systems. Upon identifying this incident, we followed established response protocols and immediately took steps to safeguard our network by disconnecting impacted Hawaiian systems and applications. Access for all systems was restored. Hawaiian's flights were not interrupted and continued to operate safely throughout our response. We engaged the relevant authorities and experts to assist in our investigation and remediation efforts. Based on the results of the investigation, the incident did not have a material impact on Hawaiian's business, results of operations, or financial condition. For a discussion of our risk factors associated with cybersecurity threats, please refer to Item 1A. \"Risk Factors\" within this document. YEAR IN REVIEW Overview We reported pretax income under GAAP of $146 million in ITEM 1. BUSINESS Alaska Air Group, Inc. (\"Air Group\" or the \"Company\") is a Delaware corporation incorporated in 1985. Air Group operated three airlines, Alaska Airlines, Hawaiian Airlines, and Horizon Air, through October 29, 2025. On that date, Alaska Airlines' and Hawaiian Airlines' operations were combined under Alaska's Federal Aviation Administration (FAA) operating certificate. Hawaiian Airlines is preserved as a distinct brand, providing a unique guest experience to guests traveling to, from, or within the Hawaiian Islands. Alaska Airlines was organized in 1932 and incorporated in 1937 in the state of Alaska. Hawaiian Airlines was originally incorporated in 1929 in the Territory of Hawai'i, and has been a Delaware corporation and wholly-owned subsidiary of Hawaiian Holdings, Inc. since 2005. Hawaiian Holdings, Inc. was acquired by Air Group in 2024. Horizon Air is a Washington corporation that was incorporated and began service in 1981, and was acquired by Air Group in 1986. Air Group acquired Virgin America in 2016, then legally merged the entity with Alaska in 2018, at which time the airlines' operating certificates were also combined. The Company also includes McGee Air Services, an aviation services provider that was established as a wholly-owned subsidiary of Alaska in 2016, and other subsidiaries. A summary of our operations is presented below: \u2022Alaska and Hawaiian - includes scheduled air transportation of passengers and cargo on Boeing 737 (B737), Boeing 787 (B787), Boeing 717 (B717), Airbus A330 (A330), Airbus A321neo (A321neo), and Airbus A330-300F (A330-300F) aircraft throughout North America, Latin America, Asia, and the Pacific. \u2022Regional - includes scheduled air transportation of passengers on Horizon and a third-party carrier (SkyWest) on Embraer E175 (E175) aircraft throughout the western region of North America. All capacity is sold to Alaska under capacity purchase agreements (CPA). Alaska is the fourth largest global carrier in the Un ITEM 1A. RISK FACTORS If any of the following occurs, our business, financial condition, and results of operations could be harmed. The trading price of our common stock could also decline. We operate in a continually changing business environment. In this environment, new risks may emerge, and already identified risks may vary s", "title": "ALK - ALASKA AIR GROUP, INC.", "url": "/company/ALK/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000040729; latest 10-K filed 2026-02-25.", "text": "ALLY - Ally Financial Inc. SIC 6022 State Commercial Banks; CIK 0000040729; latest 10-K filed 2026-02-25. ALLY Ally Financial Inc. 0000040729 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Cautionary Notice about Forward-Looking Statements and Other Terms From time to time we have made, and in the future will make, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as \u201cbelieve,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cpursue,\u201d \u201cseek,\u201d \u201ccontinue,\u201d \u201cestimate,\u201d \u201cproject,\u201d \u201coutlook,\u201d \u201cforecast,\u201d \u201cpotential,\u201d \u201ctarget,\u201d \u201cobjective,\u201d \u201ctrend,\u201d \u201cplan,\u201d \u201cgoal,\u201d \u201cinitiative,\u201d \u201cpriorities,\u201d or other words of comparable meaning or future-tense or conditional verbs such as \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cwould,\u201d or \u201ccould.\u201d Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. This report, including any information incorporated by reference in this report, contains forward-looking statements. We also may make forward-looking statements in other documents that are filed or furnished with the SEC. In addition, we may make forward-looking statements orally or in writing to investors, analysts, members of the media, or others. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. While no list of assumptions, risks, or uncertainties could be complete, some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements include: \u2022evolving local, regional, national, or international business, economic, or political conditions; \u2022changes in laws or the regulatory or supervisory environment, including as a result of financial-services legislation, regulation, or policies or changes in government officials or other personnel; \u2022changes in monetary, fiscal, or trade laws or policies, including as a result of actions by governmental agencies, central banks, or supranational authorities; \u2022changes in accounting standards or policies; \u2022changes in the automotive industry or the markets for new or used vehicles, including the rise of vehicle sharing and ride hailing, the development of autonomous and alternative-energy vehicles, and the impact of demographic shifts on attitudes and behaviors toward vehicle type, ownership, and use; \u2022any instability or breakdown in the financial system, including as a result of the failure of a financial institution or other participants in it (such as the banking failures during 2023); \u2022disruptions or shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including financial or systemic shocks and volatility or changes in market liquidity, interest or currency rates, or valuations; \u2022changes in business or consumer sentiment, preferences, or behavior, including spending, borrowing, or saving by businesses or households; \u2022changes in our corporate or business strategies, the composition of our assets, or the way in which we fund those assets; \u2022our ability to execute our business strategy for Ally Bank, including its digital focus; \u2022our ability to grow and optimize our automotive finance and insurance businesses and to continue diversifying into and growing other consumer and commercial business lines, including corporate finance, brokerage, and personal advice; \u2022our ability to develop capital plans acceptable to the FRB and our ability to implement them, including any payment of dividends or share repurchases; \u2022our ability to conduct appropria Item 1. Business Our Business Ally Financial Inc. (together with its consolidated subsidiaries unless the context otherwise requires, Ally, the Company, we, us, or our) is a financial-services company with $196.0 billion in assets as of December 31, 2025. The Company comprises the nation\u2019s largest all-digital bank and an industry-leading automotive financing and insurance business, driven by a mission to \u201cDo It Right\u201d and be a relentless ally for all stakeholders. The Company serves customers with deposits and securities brokerage and investment advisory services as well as automotive financing and insurance offerings. The Company also includes a seasoned corporate finance business that offers capital for equity sponsors and middle-market companies. Ally is a Delaware corporation and is registered as a BHC under the BHC Act and an FHC under the GLB Act. Our primary business lines are Dealer Financial Services, which is composed of our Automotive Finance and Insurance operations, and Corporate Finance. Corporate and Other primarily consists of centralized corporate treasury activities (including deposit operations), the management of our consumer mortgage portfolio, the activity related to Ally Invest, Ally Lending, and Ally Credit Card, and reclassifications and eliminations between the reportable operating segments. We closed the sales of Ally Lending and Ally Credit Card on March 1, 2024, and April 1, 2025, respectively. Consumer mortgage originations ceased during the second quarter of 2025, which has and will continue to result in a gradual run-off of our consumer mortgage loan portfolio. Ally Bank\u2019s assets and operating results are included within our Automotive Finance, and Corporate Finance segments, as well as Corporate and Other, based on its underlying business activities. As of December 31, 2025, Ally Bank had total assets of $184.6 billion and total nonaffiliate deposits of $151.6 billion. Our long-term strategic objectives are centered around (1) Item 1A. Risk Factors We face many risks and uncertainties, any one or more of which could have a material adverse effect on our business, results of operations, financial condition (including capital and liquidity), prospects or the value of our return on an investment in Ally. We describe certain of these risks and uncertainties in this section, altho", "title": "ALLY - Ally Financial Inc.", "url": "/company/ALLY/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001034670; latest 10-K filed 2026-02-19.", "text": "ALV - AUTOLIV INC SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001034670; latest 10-K filed 2026-02-19. ALV AUTOLIV INC 0001034670 3714 Motor Vehicle Parts & Accessories Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Important Trends The discussions and analysis in this section are focused on the Company\u2019s results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. Discussions of the Company's results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 can be found in Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's Form 10-K for the year ended December 31, 2024, which was filed with the United States Securities and Exchange Commission on February 20, 2025. Autoliv, Inc. (the \u201cCompany\u201d) provides automotive safety systems to the automotive industry with a broad range of product offerings, primarily passive safety systems. In the year ended December 31, 2025, a number of factors influenced the Company\u2019s results of operations, including: \u2022 Geopolitical uncertainties and tariffs \u2022 Cost inflation moderated but remains somewhat elevated, especially for labor \u2022 Growth impacted by LVP, shifting OEM landscape and safety content per vehicle \u2022 Order intake impacted by shifts in technology, customer landscape and geopolitics. \u2022 Strategic and structural initiatives \u2022 Continued focus on operational excellence and quality [[GREPCENT_TABLE]] [[\"\",\"2025\",\"\",\"\",\"2024\"],[\"YEARS ENDED DEC. 31 (DOLLARS IN MILLIONS, EXCEPT EPS)\",\"Reported1)\",\"\",\"\",\"change\",\"\",\"\",\"Reported1)\",\"\",\"\",\"change\"],[\"Global light vehicle production (in thousands)\",\"\",\"90,268\",\"\",\"\",\"\",\"3.9\",\"\",\"%\",\"\",\"86,895\",\"\",\"\",\"\",\"(1.0\",\")\",\"%\"],[\"Consolidated net sales\",\"$\",\"10,815\",\"\",\"\",\"\",\"4.1\",\"\",\"%\",\"$\",\"10,390\",\"\",\"\",\"\",\"(0.8\",\")\",\"%\"],[\"Operating income\",\"\",\"1,088\",\"\",\"\",\"\",\"11\",\"\",\"%\",\"\",\"979\",\"\",\"\",\"\",\"42\",\"\",\"%\"],[\"Operating margin, %\",\"\",\"10.1\",\"\",\"\",\"\",\"0.6\",\"\",\"pp\",\"\",\"9.4\",\"\",\"\",\"\",\"2.8\",\"\",\"pp\"],[\"Net income attributable to controlling interest\",\"\",\"735\",\"\",\"\",\"\",\"14\",\"\",\"%\",\"\",\"646\",\"\",\"\",\"\",\"33\",\"\",\"%\"],[\"Earnings per share - diluted2)\",\"\",\"9.55\",\"\",\"\",\"\",\"19\",\"\",\"%\",\"\",\"8.04\",\"\",\"\",\"\",\"40\",\"\",\"%\"],[\"Net cash provided by operating activities\",\"\",\"1,157\",\"\",\"\",\"\",\"9.3\",\"\",\"%\",\"\",\"1,059\",\"\",\"\",\"\",\"7.8\",\"\",\"%\"],[\"Return on capital employed, %\",\"\",\"26.4\",\"\",\"\",\"\",\"1.5\",\"\",\"pp\",\"\",\"25.0\",\"\",\"\",\"\",\"7.3\",\"\",\"pp\"]] [[/GREPCENT_TABLE]] 1) Reported figures impacted by costs for capacity alignments and antitrust related matters. See section Items affecting comparability and Note 13 to the Consolidated Financial Statements included herein. 2) Net of treasury shares. Geopolitical uncertainties and Tariffs 2025 saw global LVP increase by around 3.9% (according to S&P Global January 2026). Our sales to customers are based on production schedule order quantities and delivery dates that are communicated to us by our customers, which we refer to as \u201ccall-off\u201d plans. Despite industry challenges such as chip shortages related to the Nexperia situation and the tariffs imposed in the beginning of 2025, which caused uncertainties regarding costs in the industry, we saw an improvement in call-off volatility in 2025. This improvement supported our improvement in operating efficiency and productivity, including a reduction in direct workforce. However, customer call-off volatility increased in the fourth quarter and remained higher than pre-pandemic levels, and low customer demand visibility and changes to customer call-offs with short notice still had a negative impact on our production efficiency and profitability. The effects of the new tariffs imposed in 2025 did not have a significant impact on our profitability in 2025, as we achieved customer compensations for more than 80% of tariff costs. Including the dilutive effect of recovered tariffs, operating margin was negatively impacted by around 20 bps. While it is our ambition and expectation to continue passing tariff costs on to our customers, there is significant uncertainty as future Item 1. Business General Autoliv, Inc. (\u201cAutoliv\u201d, the \u201cCompany\u201d or \u201cwe\u201d) is a Delaware corporation with its principal executive offices in Stockholm, Sweden where it currently employs approximately 113 people. The Company functions as a holding corporation and owns two principal subsidiaries, Autoliv AB and Autoliv ASP, Inc. The Company's fiscal year ends on December 31. The Company is a leading developer, manufacturer, and supplier of passive safety systems to the automotive industry with a broad range of product offerings. Passive safety systems are primarily meant to improve safety for occupants in a vehicle. Passive safety systems include modules and components for frontal-impact airbag protection systems, side-impact airbag protection systems, pedestrian protection systems, steering wheels, inflator technologies, battery cut-off switches and seatbelts. To expand its product offerings, the Company formed Mobility Safety Solutions. By combining its core competence and industry experience, the Company also develops and manufactures mobility safety solutions such as passive safety systems for commercial vehicles, battery cut-off switches, and safety solutions for riders of motorcycles and bikes. The Company has 62 production facilities in 23 countries and its customers include the world\u2019s largest car manufacturers. The Company\u2019s sales in 2025 were $10.8 billion, approximately 68% of which consisted of airbag and steering wheel products and approximately 32% of which consisted of seatbelt products. The Company's business is conducted in the following geographical regions: The Americas, Europe, China, and Asia, excluding China. On December 31, 2025, the Company had approximately 64,300 personnel worldwide, with 10% being temporary personnel. Additional information required by this Item 1 regarding developments in the Company\u2019s business during 2025 is contained under Item 7 in this Annual Report. Reportable Segment The Company has one reportable segment bas Item 1A. Risk Factors Our business, operating results, cash flows, and financial condition may be impacted by a number of factors. A discussion of the risks associated with these material risk factors is included below. RISKS RELATED TO OUR INDUSTRY The cyclical nature of automotive sales and production can adversely affect our business, operating", "title": "ALV - AUTOLIV INC", "url": "/company/ALV/" }, { "kind": "company", "summary": "SIC 4922 Natural Gas Transmission; CIK 0001623925; latest 10-K filed 2026-02-11.", "text": "AM - Antero Midstream Corp SIC 4922 Natural Gas Transmission; CIK 0001623925; latest 10-K filed 2026-02-11. AM Antero Midstream Corp 0001623925 4922 Natural Gas Transmission Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this report. The information provided below supplements, but does not form part of, our consolidated financial statements. This discussion contains forward-looking statements that are based on the views and beliefs of our management, as well as assumptions and estimates made by our management. Actual results could differ materially from such forward-looking statements as a result of various risk factors, including those that may not be in the control of management. For further information on items that could impact our future operating performance or financial condition, see \u201cItem 1A. Risk Factors.\u201d and the section entitled \u201cCautionary Statement Regarding Forward-Looking Statements.\u201d We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law. \u200b Overview We are a growth-oriented midstream energy company formed to own, operate and develop midstream energy assets to primarily service Antero Resources\u2019 production and completion activity. We believe that our strategically located assets and our relationship with Antero Resources have allowed us to become a leading midstream energy company serving the Appalachian Basin and present opportunities to expand our midstream services to other operators in the Appalachian Basin. Our assets consist of gathering pipelines, compressor stations and interests in processing and fractionation plants that collect and process production from the Appalachian Basin in West Virginia and Ohio. Our assets also include two independent water handling systems that deliver water from the Ohio River and several regional waterways. These water handling systems consist of permanent buried pipelines, surface pipelines and water storage facilities, as well as pumping stations, blending facilities and impoundments. Portions of these water handling systems are also utilized to transport flowback and produced water. These services are provided by us directly or through third-parties with which we contract. Acquisition and Divestiture HG Acquisition On December 5, 2025, we entered into a definitive agreement to acquire 100% of the issued and outstanding equity interests of HG Midstream for cash consideration of $1.1 billion, subject to the terms and conditions thereof. The HG Acquisition includes gathering pipelines and integrated water handling assets in the core of the Marcellus Shale in West Virginia. Pursuant to the same agreement, Antero Resources agreed to acquire 100% of the issued and outstanding equity interests of HG Production for total cash consideration of $2.8 billion, subject to the terms and conditions thereof. The HG Upstream Acquisition includes approximately 385,000 net acres in the core of the Marcellus Shale in West Virginia. These acquisitions closed on February 3, 2026. The HG Acquisition was funded with net proceeds of the 2034 Notes (as defined below), borrowing under the Credit Facility and restricted cash. See Note 3\u2014Transactions to our consolidated financial statements for additional information. We intend to make certain modifications to our existing commercial arrangements with Antero Resources to provide for on-pad compression with respect to certain wells and to provide a transition period through 2026 before certain water services would be provided under the existing agreements with Antero Resources. Utica Shale Divestiture On December 5, 2025, we entered into the Utica Shale PSA with the Buyer Parties to sell substantially all of our Utica Shale Property and Equipment in Ohio, for aggregate cash consideration of $400 million, subject to the terms and conditions thereof. The Utica Shale Property and Equipment in Item 1A. Risk Factors We are subject to certain risks and hazards due to the nature of the business activities we conduct. The risks described in this Annual Report on Form 10-K could materially and adversely affect our business, financial condition, cash flows and results of operations. We may experience additional risks and uncertainties not currently known to us. Furthermore, as a result of developments occurring in the future, conditions that we currently deem to be immaterial may also materially and adversely affect our business, financial condition, cash flows and results of operations. Customer Concentration Because substantially all of our revenue is currently derived from Antero Resources, any development that materially and adversely affects Antero Resources\u2019 operations, financial condition or market reputation could have a material and adverse impact on us. Antero Resources is our most significant customer and has accounted for substantially all of our revenue since inception, and we expect to derive most of our revenues from Antero Resources in the near term. As a result, any event, whether in our area of operations or otherwise, that adversely affects Antero Resources\u2019 production, drilling and completion schedule, financial condition, leverage, market reputation, liquidity, results of operations or cash flows may adversely affect our business and results of operations. 14 \u200b Table of Contents Accordingly, we are indirectly subject to the business risks of Antero Resources, including, among others: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"a reduction in or slowing of Antero Resources\\u2019 development program, which would directly and adversely impact demand for our gathering and compression services and our water handling services;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"the volatility of natural gas, NGLs and oil prices, which could have a negative effect on the value of Antero Resources\\u2019 properties, its development program and", "title": "AM - Antero Midstream Corp", "url": "/company/AM/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001004434; latest 10-K filed 2026-02-17.", "text": "AMG - AFFILIATED MANAGERS GROUP, INC. SIC 6282 Investment Advice; CIK 0001004434; latest 10-K filed 2026-02-17. AMG AFFILIATED MANAGERS GROUP, INC. 0001004434 6282 Investment Advice Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following executive overview, which summarizes the significant trends affecting our results of operations and financial condition, as well as the remainder of this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of Affiliated Managers Group, Inc. and its subsidiaries, should be read in conjunction with the \u201cForward-Looking Statements\u201d section set forth in Part I, the \u201cRisk Factors\u201d section set forth in Item 1A of Part I and with our Consolidated Financial Statements and the notes thereto contained elsewhere in this Annual Report on Form 10-K, and in any more recent filings with the SEC. Our discussion and analysis of the key operating performance measures and financial results for fiscal year 2025 compared to fiscal year 2024 is included herein. For discussion and analysis of fiscal year 2024 compared to fiscal year 2023, please refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Item 7 of Part II in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 14, 2025. Executive Overview AMG is a strategic partner to leading independent investment firms globally. Our strategy is to generate long-term value by investing in high-quality independent partner-owned firms, which we refer to as \u201cAffiliates,\u201d through a proven partnership approach, and allocating resources across our unique opportunity set to the areas of highest growth and return. With their entrepreneurial, investment-centric cultures and alignment of interests with clients through direct equity ownership by firm principals, independent firms have fundamental competitive advantages in offering unique return streams to the marketplace. Through AMG\u2019s distinctive approach, we enhance these advantages to magnify the long-term success of our Affiliates and actively support their independence. Our innovative model enables each Affiliate\u2019s management team to retain autonomy and significant equity ownership in their firm, while they leverage our strategic capabilities and insight, including access to growth capital, product strategy and development, capital formation capabilities, incentive alignment and succession planning, and strategic advisory to expand their reach, diversify their businesses, and enhance their long-term success. As of December 31, 2025, our aggregate assets under management were approximately $813 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. In 2025, we advanced our strategy of allocating capital to areas of durable client demand by entering into four new partnerships with independent firms collectively managing approximately $23 billion in alternative strategies, announcing a strategic partnership with Brown Brothers Harriman (\u201cBBH\u201d), and further expanding our U.S. wealth platform. In the first quarter of 2025, we completed our minority investment in NorthBridge Partners, LLC (\u201cNorthBridge\u201d), a private markets manager specializing in industrial logistics real estate assets, and in the second quarter of 2025, we completed our minority investment in Verition Fund Management LLC (\u201cVerition\u201d), a global multi-strategy investment firm. In the fourth quarter of 2025, we completed our minority investments in Montefiore Investment (\u201cMontefiore\u201d), a European private equity firm focused on the services sector, and Qualitas Energy, a renewables-focused global infrastructure manager specializing in energy transition. We also announced a strategic partnership with BBH, a privately held global financial services firm, to acquire a minority equity interest in BBH Credit Partners, a newly formed subsidiary of BBH focused on structured and alternative credit investment strategies. The transaction was completed in Item 1.Business Overview AMG is a strategic partner to leading independent investment firms globally. Our strategy is to generate long-term value by investing in high-quality independent partner-owned firms, which we refer to as \u201cAffiliates,\u201d through a proven partnership approach, and allocating resources across our unique opportunity set to the areas of highest growth and return. We believe that high-quality, partner-owned firms have fundamental competitive advantages in meeting client objectives. With their entrepreneurial, investment-centric cultures, and deep alignment of interests with clients through direct equity ownership by firm principals, independent firms have an ownership mindset, a long-term orientation to building their firms, and the ability to act nimbly to capitalize on market movements, enabling them to offer unique return streams to the marketplace. AMG\u2019s distinctive partnership approach magnifies the existing advantages of our independent Affiliates and actively supports their ongoing independence and ownership culture. Our innovative model enables each Affiliate\u2019s management team to retain autonomy and significant equity ownership in their firm, while they leverage our strategic capabilities and insight, including access to growth capital, product strategy and distribution through our capital formation capabilities, succession planning, and strategic advisory, to expand their reach, diversify their businesses, and enhance their long-term success. Given that our Affiliates operate across alternatives and differentiated long-only strategies, we believe AMG is highly diversified. Our Affiliates manage numerous differentiated strategies across a range of return-oriented asset classes and structures across alternatives (including private markets and liquid alternatives) and differentiated long-only (including equities and multi-asset and fixed income). We have built a highly diversified portfolio of Affiliates over time, and Item 1A.Risk Factors We and our Affiliates face a variety of risks that are substantial and inherent in our businesses. The following are some of the more important factors that could affect our and our Affiliates\u2019 businesses. Investors should carefully consider these risks, along with the other information contained in this Annual Report on Form 10-K, before making an investment deci", "title": "AMG - AFFILIATED MANAGERS GROUP, INC.", "url": "/company/AMG/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001562401; latest 10-K filed 2026-02-20.", "text": "AMH - American Homes 4 Rent SIC 6798 Real Estate Investment Trusts; CIK 0001562401; latest 10-K filed 2026-02-20. AMH American Homes 4 Rent 0001562401 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon our current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, those set forth under Part I, \u201cItem 1A. Risk Factors\u201d in this report. This section of this Form 10-K generally discusses the years ended December 31, 2025 and 2024. A discussion of the year ended December 31, 2023 is available at Part II, \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. Overview We are a Maryland REIT focused on developing, renovating, leasing and managing single-family homes as rental properties. The Operating Partnership is the entity through which we conduct substantially all of our business and own, directly or through subsidiaries, substantially all of our assets. We commenced operations in November 2012 and we have elected to be taxed as a REIT. As of December 31, 2025, we owned 61,479 single-family properties in select submarkets of metropolitan statistical areas (\u201cMSAs\u201d) in 24 states, including 1,142 properties held for sale, compared to 61,336 single-family properties in 24 states, including 805 properties held for sale, as of December 31, 2024. As of December 31, 2025, 56,756 of our total properties (excluding properties held for sale) were occupied, compared to 57,486 of our total properties (excluding properties held for sale) as of December 31, 2024. Also, as of December 31, 2025, the Company had an additional 3,785 properties held in unconsolidated joint ventures, compared to 3,376 properties held in unconsolidated joint ventures as of December 31, 2024. Our portfolio of single-family properties, including those held in our unconsolidated joint ventures, is internally managed through our proprietary property management platform. Key Single-Family Property and Leasing Metrics The following table summarizes certain key single-family properties metrics as of December 31, 2025: [[GREPCENT_TABLE]] [[\"\",\"\",\"Total Single-Family Properties (1)\"],[\"Market\",\"\",\"Number of Single-Family Properties\",\"\",\"% of Total Single-Family Properties\",\"\",\"Gross Book Value (millions)\",\"\",\"% of Gross Book Value Total\",\"\",\"Avg. Gross Book Value per Property\",\"\",\"Avg. Sq. Ft.\",\"\",\"Avg. Property Age (years)\",\"\",\"Avg. Year Purchased or Delivered\"],[\"Atlanta, GA\",\"\",\"5,944\",\"\",\"\",\"9.9\",\"%\",\"\",\"$\",\"1,444.2\",\"\",\"\",\"10.0\",\"%\",\"\",\"$\",\"242,982\",\"\",\"\",\"2,201\",\"\",\"\",\"17.4\",\"\",\"\",\"2017\"],[\"Charlotte, NC\",\"\",\"4,237\",\"\",\"\",\"7.0\",\"%\",\"\",\"995.8\",\"\",\"\",\"6.9\",\"%\",\"\",\"235,026\",\"\",\"\",\"2,120\",\"\",\"\",\"18.8\",\"\",\"\",\"2016\"],[\"Dallas-Fort Worth, TX\",\"\",\"3,663\",\"\",\"\",\"6.1\",\"%\",\"\",\"657.2\",\"\",\"\",\"4.6\",\"%\",\"\",\"179,413\",\"\",\"\",\"2,080\",\"\",\"\",\"21.4\",\"\",\"\",\"2014\"],[\"Nashville, TN\",\"\",\"3,392\",\"\",\"\",\"5.6\",\"%\",\"\",\"893.4\",\"\",\"\",\"6.2\",\"%\",\"\",\"263,393\",\"\",\"\",\"2,125\",\"\",\"\",\"17.0\",\"\",\"\",\"2016\"],[\"Jacksonville, FL\",\"\",\"3,382\",\"\",\"\",\"5.6\",\"%\",\"\",\"806.5\",\"\",\"\",\"5.6\",\"%\",\"\",\"238,489\",\"\",\"\",\"1,933\",\"\",\"\",\"14.4\",\"\",\"\",\"2017\"],[\"Phoenix, AZ\",\"\",\"3,282\",\"\",\"\",\"5.4\",\"%\",\"\",\"754.5\",\"\",\"\",\"5.2\",\"%\",\"\",\"229,918\",\"\",\"\",\"1,865\",\"\",\"\",\"19.7\",\"\",\"\",\"2016\"],[\"Indianapolis, IN\",\"\",\"2,993\",\"\",\"\",\"5.0\",\"%\",\"\",\"547.8\",\"\",\"\",\"3.8\",\"%\",\"\",\"183,011\",\"\",\"\",\"1,931\",\"\",\"\",\"22.6\",\"\",\"\",\"2015\"],[\"Tampa, FL\",\"\",\"3,057\",\"\",\"\",\"5.1\",\"%\",\"\",\"785.1\",\"\",\"\",\"5.5\",\"%\",\"\",\"256,851\",\"\",\"\",\"1,961\",\"\",\"\",\"14.6\",\"\",\"\",\"2017\"],[\"Las Vegas, NV\",\"\",\"2,733\",\"\",\"\",\"4.5\",\"%\",\"\",\"881.9\",\"\",\"\",\"6.1\",\"%\",\"\",\"322,690\",\"\",\"\",\"1,974\",\"\",\"\",\"10.6\",\"\",\"\",\"2018\"],[\"Houston, TX\",\"\",\"2,250\",\"\",\"\",\"3.7\",\" ITEM 1. BUSINESS Overview American Homes 4 Rent (\u201cAMH\u201d or the \u201cGeneral Partner\u201d) is an internally managed Maryland real estate investment trust (\u201cREIT\u201d) formed on October 19, 2012. American Homes 4 Rent, L.P., a Delaware limited partnership formed on October 22, 2012, and its consolidated subsidiaries (collectively, the \u201cOperating Partnership\u201d or the \u201cOP\u201d) is the entity through which the Company conducts substantially all of its business and owns, directly or through subsidiaries, substantially all of its assets. References to the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d mean collectively AMH, the Operating Partnership and those entities/subsidiaries owned or controlled by AMH and/or the Operating Partnership. We are focused on developing, renovating, leasing and managing single-family homes as rental properties. We commenced operations in November 2012. Our geographically diversified portfolio of single-family homes has evolved into a nationally recognized brand that is well-known for quality, value and resident satisfaction and is well respected in our communities. Our goal is to simplify the experience of leasing a home and provide an accessible housing option to the one in three households who choose to rent in the country. Since launching our internal \u201cAMH Development Program\u201d in 2017, we have contributed to addressing the national housing shortage by developing thousands of built-for-rental homes per year to meet growing demands. At a time when housing affordability remains constrained across the country, AMH is focused on being part of the solution by expanding the housing supply, elevating the resident experience and creating value for all our stakeholders. AMH is the general partner of, and as of December 31, 2025 owned approximately 87.9% of the common partnership interest in, the Operating Partnership. The remaining 12.1% of the common partnership interest was owned by limited partners. As the sole general partner of the Operating Partnership, AMH has exclusiv ITEM 1A. RISK FACTORS Set forth below are the risks that we believe are material to our shareholders. You should consider these risks carefully when evaluating our company and our business. The risks described below may not be the only risks we face. Additional risks of which we are currently unaware or that we currently c", "title": "AMH - American Homes 4 Rent", "url": "/company/AMH/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001047127; latest 10-K filed 2026-02-20.", "text": "AMKR - AMKOR TECHNOLOGY, INC. SIC 3674 Semiconductors & Related Devices; CIK 0001047127; latest 10-K filed 2026-02-20. AMKR AMKOR TECHNOLOGY, INC. 0001047127 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This section includes comparisons of certain 2025 financial information to the same information for 2024. For discussion of 2024 results in comparison with 2023 results refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K filed with the SEC on February 21, 2025. 36 Table of Contents Overview Amkor is the world\u2019s largest U.S. headquartered outsourced semiconductor assembly and test provider. We are an industry leader in developing and commercializing advanced packaging and test technologies, which we believe provide substantial value to our customers. Our primary financial objective is profitable sales growth. To achieve this goal, we are focused on leveraging our technology leadership and innovation, providing our customers with a geographically diverse manufacturing footprint, partnering with lead customers in the key markets of HPC and AI, automotive, IoT and mobile communications, selectively growing our scale and scope through strategic investments and optimizing utilization of existing assets. Amkor is a global leader in advanced semiconductor packaging and test technologies. Our technology leadership encompasses areas such as HDFO, 2.5D integration, advanced flip chip, fine pitch bumping, wafer-level processing and advanced SiP solutions which support the industry\u2019s drive toward smaller form factors, higher integration, improved performance and lower power consumption. We provide turnkey solutions that include package design, wafer bump, wafer probe, wafer back-grind, packaging, burn-in, system level and final test and drop shipment services. Our extensive line of packaging and test services covers analog, digital, logic, mixed signal, memory, sensors and radio frequency devices. This breadth of services allows customers to streamline their supply chains, limit the number of suppliers and focus their resources on semiconductor design and wafer fabrication. Our commitment to technology leadership is reinforced by ongoing investment in research and development, and we intend to continue to leverage our investments in advanced technology to meet the demand for these services in key markets. Amkor\u2019s broad and strategically located manufacturing footprint is a key differentiator, enabling us to deliver flexible, resilient and cost-effective solutions to customers worldwide. With facilities located in key manufacturing regions in Asia and Europe, we provide customers with multiple options to mitigate risk, diversify supply chains and support regionalization initiatives. As a U.S. headquartered OSAT, we are expanding our manufacturing footprint with the construction of a new facility in Arizona. Construction began in the second half of 2025, and we believe that this investment will strengthen our ability to serve customers seeking to regionalize their supply chains and will enhance our participation in U.S. semiconductor initiatives. In addition, we continue to scale production in our Vietnam facility, which opened in 2024, further increasing our capacity and operational flexibility in Asia. Our scale and geographic diversity allow us to qualify production at multiple sites, optimize asset utilization and absorb large orders with quick turnaround times. Amkor has built long-standing relationships with most of the world\u2019s leading semiconductor companies over the last five decades. Our operational excellence, high quality, reliability and predictability have been key to attracting and retaining customers. Our collaborative approach enables us to work closely with customers and suppliers to co-develop proprietary process technologies, accelerate time-to-market, improve quality and lower costs. We work closely with lead customers to deliver advanced packaging solutions tailored to evolving industry needs. High performance computing supporting artifici Item 1.Business OVERVIEW Amkor is the world\u2019s largest U.S. headquartered outsourced semiconductor assembly and test service provider (\u201cOSAT\u201d) and is a global leader in outsourced semiconductor packaging and test services. With a strong track record of innovation, a broad and diverse geographic footprint and solid partnerships with lead customers, Amkor delivers high-quality solutions that enable the world\u2019s leading semiconductor and electronics companies to bring advanced technologies to market. The company\u2019s comprehensive portfolio includes advanced packaging, wafer-level processing and system-in-package solutions targeting applications for smartphones, data centers, artificial intelligence, automobiles and wearables. Amkor has built a leading position by: \u2022Designing and developing innovative packaging and test technologies focused on advanced packaging solutions in key markets, including artificial intelligence; \u2022Building expertise in high-volume manufacturing processes and developing a reputation for high quality and solid execution; \u2022Providing a geographically diverse operating base with manufacturing facilities in multiple countries, including in the United States, where the Arizona Facility is under construction; \u2022Cultivating long-standing relationships with our customers and industry partners; \u2022Focusing on strategic end markets that offer solid growth potential; and \u2022Developing a competitive cost structure through disciplined capital investment. Our packaging and test services are designed to meet application and chip-specific requirements, including: the required type of interconnect technology; size; thickness; and electrical, mechanical and thermal performance. We provide turnkey packaging and test services including wafer bump, wafer probe, wafer back-grind, package design, packaging, burn-in, system level and final test and drop shipment services. Our customers use us for one or more of these services. We provide our services to integrated devi Item 1A.Risk Factors The factors discussed below are cautionary statements that identify important factors and risks that could cause actual results to differ materially from those anticipated by the forward-looking statements contained in this Form 10-K. For more information, see the Forward-Looking Statements within this", "title": "AMKR - AMKOR TECHNOLOGY, INC.", "url": "/company/AMKR/" }, { "kind": "company", "summary": "SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0000350698; latest 10-K filed 2026-02-12.", "text": "AN - AUTONATION, INC. SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0000350698; latest 10-K filed 2026-02-12. AN AUTONATION, INC. 0000350698 5500 Retail-Auto Dealers & Gasoline Stations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with Part I, including matters set forth in the \u201cRisk Factors\u201d section of this Form 10-K, and our Consolidated Financial Statements and notes thereto included in Part II, Item 8 of this Form 10-K. This section of this Form 10-K includes discussion of year-to-year comparisons between 2025 and 2024. Discussion of year-to-year comparisons between 2024 and 2023 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Except to the extent that differences among reportable segments are material to an understanding of our business taken as a whole, we present the discussion in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations on a consolidated basis. Certain reclassifications of amounts previously reported have been made to the accompanying Consolidated Financial Statements in order to maintain consistency and comparability between periods presented. Overview AutoNation, Inc., through its subsidiaries, is one of the largest automotive retailers in the United States. As of December 31, 2025, we owned and operated 323 new vehicle franchises from 245 stores located in the United States, predominantly in major metropolitan markets in the Sunbelt region. Our stores, which we believe include some of the most recognizable and well known in our key markets, sell 30 different new vehicle brands. The core brands of new vehicles that we sell, representing approximately 89% of the new vehicles that we sold in 2025, are manufactured by Toyota (including Lexus), Honda, Ford, General Motors, BMW, Mercedes-Benz, Stellantis, and Volkswagen (including Audi and Porsche). As of December 31, 2025, we also owned and operated 52 AutoNation-branded collision centers, 26 AutoNation USA used vehicle stores, 4 AutoNation-branded automotive auction operations, 3 parts distribution centers, a mobile automotive repair and maintenance business, and an auto finance company. We offer a diversified range of automotive products and services, including new vehicles, used vehicles, \u201cparts and service\u201d (also referred to as \u201cAfter-Sales\u201d), which includes automotive repair and maintenance services as well as wholesale parts and collision businesses, and automotive \u201cfinance and insurance\u201d products (also referred to as \u201cCustomer Financial Services\u201d), which include vehicle service and other protection products, as well as the arranging of financing for vehicle purchases through third-party finance sources. We also offer indirect financing through our captive auto finance company on vehicles we sell. As of December 31, 2025, we had four reportable segments: (1) Domestic, (2) Import, (3) Premium Luxury, and (4) AutoNation Finance. Our Domestic segment is comprised of retail automotive franchises that sell new vehicles manufactured by Ford, General Motors, and Stellantis. Our Import segment is primarily comprised of retail automotive franchises that sell new vehicles manufactured by Toyota, Honda, Hyundai, and Subaru. Our Premium Luxury segment is primarily comprised of retail automotive franchises that sell new vehicles manufactured by Mercedes-Benz, BMW, Lexus, Audi, and Jaguar Land Rover. The franchises in each of our Domestic, Import, and Premium Luxury segments also sell used vehicles, parts and automotive services, and automotive finance and insurance products. AutoNation Finance is our captive auto finance company, which provides indirect financing to qualified retail customers on vehicles we sell. For the year ended December 31, 2025, new vehicle sales accounted for 49% of our total revenue and 13% of our total gross profit. Used vehicle sales accounted for 28% of our total revenue and 9% of our total gross profit. Our parts and service o ITEM 1. BUSINESS General AutoNation, Inc., through its subsidiaries, is one of the largest automotive retailers in the United States. As of December 31, 2025, we owned and operated 323 new vehicle franchises from 245 stores located in the United States, predominantly in major metropolitan markets in the Sunbelt region. Our stores, which we believe include some of the most recognizable and well-known in our key markets, sell 30 different new vehicle brands. The core brands of new vehicles that we sell, representing approximately 89% of the new vehicles that we sold in 2025, are manufactured by Toyota (including Lexus), Honda, Ford, General Motors, BMW, Mercedes-Benz, Stellantis, and Volkswagen (including Audi and Porsche). As of December 31, 2025, we also owned and operated 52 AutoNation-branded collision centers, 26 AutoNation USA used vehicle stores, 4 AutoNation-branded automotive auction operations, 3 parts distribution centers, a mobile automotive repair and maintenance business, and an auto finance company. We offer a diversified range of automotive products and services, including new vehicles, used vehicles, \u201cparts and service\u201d (also referred to as \u201cAfter-Sales\u201d), which includes automotive repair and maintenance services as well as wholesale parts and collision businesses, and automotive \u201cfinance and insurance\u201d products (also referred to as \u201cCustomer Financial Services\u201d), which include vehicle service and other protection products, as well as the arranging of financing for vehicle purchases through third-party finance sources. We also offer indirect financing through our captive auto finance company on vehicles we sell. The following charts present the contribution to total revenue and gross profit by each of new vehicle, used vehicle, parts and service, and finance and insurance sales in 2025. For convenience, the terms \u201cAutoNation,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d are used to refer collectively to AutoNation, Inc. and its subsidiaries, unless otherwis ITEM 1A. RISK FACTORS Our business, financial condition, results of operations, cash flows, and prospects, and the prevailing market price and performance of our common stock may be adversely affected by a number of factors, including the matters discussed below. Certain statements and information set forth in this A", "title": "AN - AUTONATION, INC.", "url": "/company/AN/" }, { "kind": "company", "summary": "SIC 5651 Retail-Family Clothing Stores; CIK 0001018840; latest 10-K filed 2026-03-26.", "text": "ANF - ABERCROMBIE & FITCH CO /DE/ SIC 5651 Retail-Family Clothing Stores; CIK 0001018840; latest 10-K filed 2026-03-26. ANF ABERCROMBIE & FITCH CO /DE/ 0001018840 5651 Retail-Family Clothing Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) generally discusses our results of operations for Fiscal 2025 and Fiscal 2024 and provides comparisons between such fiscal years. For discussion and comparison of Fiscal 2024 and Fiscal 2023, see \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for Fiscal 2024, filed with the SEC on March 31, 2025. This MD&A should be read together with the Company\u2019s audited Consolidated Financial Statements and notes thereto included in this Annual Report on Form 10-K in \u201cITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA,\u201d to which all references to Notes in MD&A are made. INTRODUCTION MD&A is provided as a supplement to the accompanying Consolidated Financial Statements and notes thereto to help provide an understanding of the Company\u2019s results of operations, financial condition, and liquidity. MD&A is organized as follows: \u2022Overview. A general description of the Company\u2019s business and certain segment information, and an overview of key performance indicators reviewed by management in assessing the Company\u2019s results. \u2022Current Trends and Outlook. A discussion of the Company\u2019s long-term plans for growth and a summary of the Company\u2019s performance over recent years, primarily Fiscal 2025 and Fiscal 2024. \u2022Results of Operations. An analysis of certain components of the Company\u2019s Consolidated Statements of Operations and Comprehensive Income for Fiscal 2025 as compared to Fiscal 2024. \u2022Liquidity and Capital Resources. A discussion of the Company\u2019s financial condition, changes in financial condition and liquidity as of January 31, 2026, which includes (i) an analysis of changes in cash flows for Fiscal 2025 as compared to Fiscal 2024, (ii) an analysis of liquidity, including availability under the Company\u2019s credit facility, and outstanding debt and covenant compliance and (iii) a summary of contractual and other obligations as of January 31, 2026. \u2022Recent Accounting Pronouncements. The recent accounting pronouncements the Company has adopted or is currently evaluating, including the dates of adoption or expected dates of adoption, as applicable, and anticipated effects on the Company\u2019s audited Consolidated Financial Statements, are included in Note 2 \u201cSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.\u201d \u2022Critical Accounting Estimates. A discussion of the accounting estimates considered to be important to the Company\u2019s results of operations and financial condition, which typically require significant judgment and estimation on the part of the Company\u2019s management in their application. \u2022Non-GAAP Financial Measures. MD&A provides a discussion of certain financial measures that have been determined to not be presented in accordance with accounting principles generally accepted in the U.S. (\u201cGAAP\u201d). This section includes certain reconciliations between GAAP and non-GAAP financial measures and additional details on non-GAAP financial measures, including information as to why the Company believes the non-GAAP financial measures provided within MD&A are useful to investors. [[GREPCENT_TABLE]] [[\"Abercrombie & Fitch Co.\",\"30\",\"2025 Form 10-K\"]] [[/GREPCENT_TABLE]] Table of Contents OVERVIEW Business summary The Company is a global, digitally-led, omnichannel retailer. The Company offers a broad assortment of apparel, personal care products and accessories for men, women and kids, which are sold primarily through its Company-owned stores and digital channels, as well as through various third-party arrangements. The Company manages its business on a geographic basis, consisting of three reportable segments: Americas; EMEA; and APAC. Corporate functions and other income and expenses are evaluated on a consolidated basis and are not allocated to the Company\u2019s se Item 1. Business GENERAL Abercrombie & Fitch Co. (\u201cA&F\u201d), a company incorporated in Delaware in 1996, through its subsidiaries (collectively, A&F and its subsidiaries are referred to as the \u201cCompany\u201d), is a global, digitally-led, omnichannel retailer. The Company offers a broad assortment of apparel, personal care products and accessories for men, women and kids, which are sold primarily through its Company-owned stores and digital channels, as well as through various third-party arrangements. The Company manages its business on a geographic basis, consisting of three reportable segments: Americas; Europe, the Middle East and Africa (\u201cEMEA\u201d); and Asia-Pacific (\u201cAPAC\u201d). Corporate functions and other income and expenses are evaluated on a consolidated basis and are not allocated to the Company\u2019s segments and therefore are included as a reconciling item between segment and total operating income. The Company\u2019s brand families include Abercrombie brands and Hollister brands. These brands share a commitment to offering unique products of enduring quality and exceptional comfort that allow customers around the world to express their own individuality and style. The Company\u2019s fiscal year ends on the Saturday closest to January 31. This typically results in a fifty-two-week year, but occasionally gives rise to an additional week, resulting in a fifty-three-week year, as was the case in Fiscal 2023. Fiscal years are designated in the Consolidated Financial Statements and Notes thereto, as well as the remainder of this Annual Report on Form 10-K, by the calendar year in which the fiscal year commenced. All references herein to the Company\u2019s fiscal years are as follows: [[GREPCENT_TABLE]] [[\"Fiscal year\",\"\",\"Year ended / ending\",\"\",\"Number of weeks\"],[\"Fiscal 2023\",\"\",\"February 3, 2024\",\"\",\"53\"],[\"Fiscal 2024\",\"\",\"February 1, 2025\",\"\",\"52\"],[\"Fiscal 2025\",\"\",\"January 31, 2026\",\"\",\"52\"],[\"Fiscal 2026\",\"\",\"January 30, 2027\",\"\",\"52\"]] [[/GREPCENT_TABLE]] For additional i Item 1A. Risk Factors Investing in our securities involves risk. The following risk factors should be read carefully in connection with evaluating our business and the forward-looking statements contained in this Annual Report on Form 10-K. Any of these risk factors could lead to material adverse effects on our business, ope", "title": "ANF - ABERCROMBIE & FITCH CO /DE/", "url": "/company/ANF/" }, { "kind": "company", "summary": "SIC 7340 Services-To Dwellings & Other Buildings; CIK 0001796209; latest 10-K filed 2026-02-25.", "text": "APG - APi Group Corp SIC 7340 Services-To Dwellings & Other Buildings; CIK 0001796209; latest 10-K filed 2026-02-25. APG APi Group Corp 0001796209 7340 Services-To Dwellings & Other Buildings ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion and year-to-year comparisons of APG\u2019s financial condition and results of operations for the years ended December 31, 2025 and 2024. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d sections of this Annual Report, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. OVERVIEW We are a global, market-leading business services provider of fire and life safety, security, elevator and escalator, and specialty services with a substantial recurring revenue base and over 500 locations worldwide. We provide statutorily mandated and other contracted services to a strong base of long-standing customers across industries. We have a winning leadership culture driven by entrepreneurial business leaders that deliver innovative solutions to our customers. We focus on growing our recurring revenue streams and repeat business from a diverse set of long-standing customers across a variety of end markets, which we believe provides us with stable cash flows and a platform for organic growth. We believe inspection, service, and monitoring revenues are generally more predictable through contractual arrangements with typical terms ranging from days to five years, with the majority having durations of less than six months and are often recurring due to consistent renewal rates and long-standing customer relationships. CERTAIN FACTORS AND TRENDS AFFECTING OUR RESULTS OF OPERATIONS Segment Realignment During 2025, due to a change in the way the businesses are managed, we realigned our segments by moving the HVAC business from the Safety Services segment to the Specialty Services segment. As such, all segment-related prior period amounts have been recast to reflect this change as of the beginning of the earliest period presented. For additional information about our segments, see Note 22 \u2013 \u201cSegment Information\u201d to our consolidated financial statements included in this Annual Report. Acquisitions During 2025, we completed 14 acquisitions. Total purchase consideration for all of the completed acquisitions of $233 million consisted of cash paid at closing of $186 million, cash deposited into escrow for future deferred payments of $17 million, and accrued consideration of $30 million. The results of operations of these acquisitions are included in our consolidated statements of operations from their respective dates of acquisition. For additional information about our acquisitions, see Note 4 \u2013 \u201cBusiness Combinations\u201d to our consolidated financial statements included in this Annual Report. Stock Split On June 30, 2025, we executed a three-for-two stock split by issuing a stock dividend of one-half of one share of common stock for each share of common stock. For additional information about our stock split, see Note 19 \u2013 \"Shareholders' Equity and Redeemable Convertible Preferred Stock\" to our consolidated financial statements included herein. 35 Table of Contents Restructuring In 2022, we announced our multi-year Chubb restructuring program designed to drive efficiencies and synergies and optimize operating margin. The Chubb restructuring program included expenses related to workforce reductions, lease termination costs, and other facility rationalization costs. During 2025, we incurred $4 million of pre-tax restructuring costs within the Safety Services segment in connection with the Chubb restructuring program. As of June 30,2025, the Chubb restruct ITEM 1. BUSINESS Our Business We are a global, market-leading business services provider of fire and life safety, security, elevator and escalator, and specialty services with a substantial recurring revenue base and over 500 locations worldwide. We provide statutorily mandated and other contracted services to a strong base of long-standing customers across industries. We have a winning leadership culture driven by entrepreneurial business leaders that deliver innovative solutions to our customers. We believe that our core strategies of driving sustainable organic growth, growing through accretive acquisitions, promoting the sharing of best practices across all of our businesses, and leveraging our scale and service offerings place us in a unique position to capitalize on opportunities in the industries we serve and advance our position in each of our markets. We believe that our revenue diversification across customers, end markets, geographies, and projects, combined with our inspection-first go-to-market strategy, decentralized operating model, enduring commitment to leadership development, long-standing customer relationships, and strong safety track record differentiates us from our competitors. We have a disciplined acquisition strategy and have completed 140 acquisitions since 2005. We target companies that align with our strategic priorities and demonstrate key value drivers such as the geographies they serve, the culture, value, and fit of the business being acquired, the services they offer, and the financial profile of the business. A key component of our acquisition strategy is to strengthen and expand our existing service offerings in geographies where our capabilities in certain service offerings are limited. Post acquisition, we prioritize maintaining business continuity while identifying and implementing our inspection-first strategy, operational efficiencies, cost synergies, and integration of organizational processes to drive margin expansion. ITEM 1A. RISK FACTORS RISKS RELATED TO OUR BUSINESS We operate in both domestic and international markets, which subjects us to economic, political and other risks. Our business is, and will in the future, be subject to risks associated with doing business both domestically and internationally, including: \u2022laws and regulations th", "title": "APG - APi Group Corp", "url": "/company/APG/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001433195; latest 10-K filed 2026-02-05.", "text": "APPF - APPFOLIO INC SIC 7372 Services-Prepackaged Software; CIK 0001433195; latest 10-K filed 2026-02-05. APPF APPFOLIO INC 0001433195 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition, results of operations and liquidity should be read together with our Consolidated Financial Statements and the related notes included elsewhere in this Annual Report. The following discussion and analysis of our financial condition and results of operations includes 2025 and 2024 items and year-over-year comparisons between 2025 and 2024. For discussion of 2023 items and year-over-year comparisons between 2024 and 2023, refer to Part II. Item 7. \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024. Our Consolidated Financial Statements are prepared and presented in accordance with accounting principles generally accepted in the United States (\"GAAP\"). This Annual Report also contains information regarding our non-GAAP income from operations (\"Non-GAAP operating income\") and non-GAAP operating margin (\"Non-GAAP Operating Margin\"), each of which constitutes a non-GAAP financial measure. We use these non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. For more information regarding these non-GAAP financial measures, refer to \"Management's Discussion and Analysis of Financial Condition and Results of Operations - Non-GAAP Financial Measures\" below. 25 Overview We are a technology leader powering the future of real estate. We provide a cloud-based platform on which our customers operate their businesses. We help our customers navigate an increasingly interconnected and growing network of stakeholders in their business ecosystems, including property managers, property investors, potential residents, residents, and vendors. We also provide key functionality related to critical transactions across the real estate lifecycle, including screening potential residents, sending and receiving payments, and providing insurance-related risk mitigation services. Our services enable our customers to connect communities, increase operational efficiency, deliver exceptional customer experiences, and improve financial and operational performance. Financial Highlights for the Fiscal Year 2025 \u2022Total property management units under management grew 8% year-over-year to 9.4 million. \u2022Revenue grew 20% year-over-year to $950.8 million. \u2022GAAP operating income was $152.9 million, or 16.1% of revenue, compared to GAAP operating income of $135.6 million, or 17.1% of revenue in 2024. \u2022Non-GAAP operating income was $234.9 million, or 24.7% of revenue, compared to non-GAAP operating income of $199.8 million, or 25.2% of revenue, in 2024. \u2022Net cash provided by operating activities was $242.1 million, or 25.5% of revenue, compared to $188.2 million, or 23.7% of revenue, in 2024. Key Business Metric We monitor the key business metric set forth below to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions. Property management units under management. We believe that our ability to increase the number of property management units under management is an indicator of our market penetration, growth, and potential future business opportunities. We define property management units under management as active or committed units under management at the period end date. We had 9.4 million and 8.7 million property management units under management, as of December 31, 2025 and 2024, respectively. Seasonality We have historically experienced seasonality in our Value Added Services revenue due to seasonally higher leasing activities in the second quarter. Specifically, higher tenant applications in the second quarter typically result in increased use by our property management customers of our tenant screening services and, in the third ITEM 1. BUSINESS Unless otherwise stated in this Annual Report, references to \"AppFolio,\" \"we,\" \"us,\" and \"our\" refer to AppFolio, Inc. and its consolidated subsidiaries. Overview Founded in 2006, AppFolio is a technology leader powering the future of real estate. We provide a cloud-based platform, the AppFolio Platform, on which our customers operate their businesses. Our primary customers are property management companies who manage a variety of property types, including single family, multifamily, affordable, commercial, student, and community associations. We help our customers navigate an increasingly interconnected and growing network of stakeholders in their business ecosystems, including property managers, property investors, potential residents, residents, and vendors. We also provide key functionality related to critical transactions across the real estate lifecycle, including screening potential residents, sending and receiving payments, and providing insurance-related risk mitigation services. Our services enable our customers to connect communities, increase operational efficiency, deliver exceptional customer experiences, and improve financial and operational performance. We believe our customer-centric culture leads to long-term customer retention and, ultimately, our long-term success. 1 Our Platform Our mission is to build the platform where real estate comes to do business. The AppFolio Platform is designed to deliver value to industry stakeholders throughout the property management ecosystem. These stakeholders include property managers, property owners and investors, residents, and vendors. Our performance-driven platform is (i) a system of record to centralize and store all critical operating information, (ii) a system of action to automate complex workflows while delivering improved outcomes, and (iii) a system of growth to drive value and revenue for the entire ecosystem. The AppFolio Platform is built upon a unified architecture ITEM 1A. RISK FACTORS Investing in our securities involves risks. You should consider carefully the risks described below, together with all of the other information included in this Annual Report, as well as in our other filings with the SEC, in evaluating our business and/or an investment in our Class A common stock. If any of the following risks actually occ", "title": "APPF - APPFOLIO INC", "url": "/company/APPF/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001433270; latest 10-K filed 2026-02-11.", "text": "AR - ANTERO RESOURCES Corp SIC 1311 Crude Petroleum & Natural Gas; CIK 0001433270; latest 10-K filed 2026-02-11. AR ANTERO RESOURCES Corp 0001433270 1311 Crude Petroleum & Natural Gas ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. The following discussion contains \u201cforward-looking statements\u201d that reflect our future plans, estimates, beliefs and expected performance. We caution that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors that could cause actual results to vary from our expectations include changes in natural gas, NGLs and oil prices, the timing of planned capital expenditures, our ability to fund our development programs, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as our ability to access them, impacts of world health events and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting our business, as well as those factors discussed below, all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. See \u201cCautionary Statement Regarding Forward-Looking Statements.\u201d Also, see the risk factors and other cautionary statements described under the heading \u201cItem 1A. Risk Factors.\u201d We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law. Our Company We have assembled a portfolio of long-lived properties that are characterized by what we believe to be high repeatability and low geologic risk. We focus on unconventional reservoirs, which can generally be characterized as fractured shale formations. Our management team has worked together for many years and has a successful track record of reserve and production growth as well as significant expertise in unconventional resource plays. Our strategy is to leverage our team\u2019s experience delineating and developing natural gas resource plays to develop our reserves and production, primarily on our existing multi-year inventory of drilling locations in the Appalachian Basin. As of December 31, 2025, we held approximately 537,000 net acres in the Appalachian Basin. In addition, we estimate that approximately 168,000 net acres of our leasehold may be prospective for the slightly shallower Upper Devonian Shale. As of December 31, 2025, our estimated proved reserves were 19.1 Tcfe, consisting of 11.8 Tcf of natural gas, 679 MMBbl of assumed recovered ethane, 529 MMBbl of C3+ NGLs and 23 MMBbl of oil. These reserve estimates have been prepared by our internal reserve engineers and management and audited by our independent reserve engineers. As of December 31, 2025, we had 1,279 potential horizontal well locations on our existing leasehold acreage that were classified as proved, probable and possible. We have three reportable segments: exploration and production, our equity method investment in Antero Midstream and marketing. All of our operations are conducted in the United States. See Note 17\u2014Reportable Segments to our consolidated financial statements for additional information. HG Acquisition On December 5, 2025, we entered into a definitive agreement to acquire 100% of the issued and outstanding equity interests of HG Production from HG Energy for total cash consideration of $2.8 billion, subject to the terms and conditions thereof. The HG Acquisition includes approximately 385,000 net acres in the core of the Marcellus Shale in West Virginia. Pursuant to the same agreement, Antero Midstream Partners agreed to acquire 100% of the issued and outstanding eq ITEM 1A. RISK FACTORS We are subject to certain risks and hazards due to the nature of the business activities we conduct. The risks described in this Annual Report on Form 10-K could materially and adversely affect our business, financial condition, cash flows and results of operations. We may experience additional risks and uncertainties not currently known to us. Furthermore, as a result of developments occurring in the future, conditions that we currently deem to be immaterial may also materially and adversely affect our business, financial condition, cash flows and results of operations. Commodity Prices Natural gas, NGLs and oil price volatility, or a substantial or prolonged period of low natural gas, NGLs and oil prices, may adversely affect our business, financial condition or results of operations and our ability to meet our capital expenditure obligations and financial commitments. The prices we receive for our natural gas, NGLs and oil production heavily influence our revenue, profitability, access to capital and future rate of growth. Natural gas, NGLs and oil are commodities and, therefore, their prices are subject to wide fluctuations in response to relatively minor changes in supply and demand. The prices we receive for our production, and the levels of our production, depend on numerous factors beyond our control. These factors include the following: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"worldwide and regional economic conditions impacting the global supply and demand for natural gas, NGLs and oil;\"]] [[/GREPCENT_TABLE]] 20 Table of Contents [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"the price and quantity of imports of foreign, and exports of domestic, oil, natural gas and NGLs including liquefied natural gas;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"political conditions in or affecting other producing countries, including conflicts in or among the Middle East, Africa, South America and Russia;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]]", "title": "AR - ANTERO RESOURCES Corp", "url": "/company/AR/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0001584509; latest 10-K filed 2025-11-25.", "text": "ARMK - Aramark SIC 5812 Retail-Eating Places; CIK 0001584509; latest 10-K filed 2025-11-25. ARMK Aramark 0001584509 5812 Retail-Eating Places Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of Aramark's (the \"Company,\" \"we,\" \"our\" and \"us\") financial condition and results of operations for the fiscal years ended October 3, 2025, September 27, 2024 and September 29, 2023 should be read in conjunction with our audited consolidated financial statements and the notes to those statements. Discussion and analysis of our financial condition for the fiscal year ended September 27, 2024 compared to the fiscal year ended September 29, 2023 is included under the heading Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition - Liquidity and Capital Resources\u201d in our Annual Report on Form 10-K filed for the fiscal year ended September 27, 2024 with the Securities and Exchange Commission (\"SEC\") on November 19, 2024. Our discussion contains forward-looking statements, such as our plans, objectives, opinions, expectations, anticipations, intentions and beliefs, that are based upon our current expectations but that involve risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in those forward-looking statements as a result of a number of factors, including those set forth under \"Risk Factors,\" \"Special Note About Forward-looking Statements\" and \"Business\" sections and elsewhere in this Annual Report on Form 10-K (\"Annual Report\"). In the following discussion and analysis of financial condition and results of operations, certain financial measures may be considered \u201cnon-GAAP financial measures\u201d under the SEC rules. These rules require supplemental explanation and reconciliation, which is provided elsewhere in this Annual Report. Overview We are a leading global provider of food and facilities services to education, healthcare, business & industry and sports, leisure & corrections clients. Our largest market is the United States, which is supplemented by an additional 15-country footprint. We also provide our services on a more limited basis in several additional countries and in offshore locations. Through our established brand, broad geographic presence and employees, we anchor our business in our partnerships with thousands of clients. Through these partnerships we serve millions of consumers including students, patients, employees, sports fans and guests worldwide. We operate our business in two reportable segments: \u2022Food and Support Services United States (\"FSS United States\") - Food, refreshment, specialized dietary and support services, including facility maintenance and housekeeping, provided to business, educational and healthcare institutions and in sports, leisure and other facilities within the United States. \u2022Food and Support Services International (\"FSS International\") - Food, refreshment, specialized dietary and support services, including facility maintenance and housekeeping, provided to business, educational and healthcare institutions and in sports, leisure and other facilities outside of the United States with the largest operations within Canada, Chile, China, Germany, Spain, Ireland and the United Kingdom. Our operations focus on serving clients in five principal sectors: Business & Industry, Education, Healthcare, Sports, Leisure & Corrections and Facilities & Other. Our FSS International reportable segment provides a similar range of services as those provided to our FSS United States clients and operates in the same sectors. Administrative expenses not allocated to our reportable segments are presented separately as corporate expenses. Current Business Environment Recent developments regarding tariffs and global trade have resulted in increased volatility and uncertainty for macroeconomic conditions. Given the uncertainty of tariff policy and the resulting impact on current and future macroeconomic conditions, we may see continued volatility in foreign currencies as well as fluctuating trends in Item 1. Business Overview Aramark (the \u201cCompany\u201d, \u201cwe\u201d or \u201cus\u201d) is a leading global provider of food and facilities services to education, healthcare, business & industry, and sports, leisure & corrections clients. Our largest market is the United States, which is supplemented by an additional 15-country footprint. We also provide our services on a more limited basis in several additional countries and in offshore locations. Based on total revenue in fiscal 2025, we hold a top 2 position in North America in food and facilities services and a top 3 position in food and facilities services internationally in most countries in which we have significant operations. Our approximately 278,390 employees partner with thousands of education, healthcare, business and sports, leisure & corrections clients to serve millions of customers including students, patients, employees, sports fans and guests worldwide. We operate our business in two reportable segments that share many of the same operating characteristics: Food and Support Services United States (\"FSS United States\") and Food and Support Services International (\"FSS International\"). The following chart shows a breakdown of our revenue and operating income by these reportable segments: [[GREPCENT_TABLE]] [[\"Reportable Segments:\",\"\",\"FSS United States\",\"\",\"\",\"FSS International\"],[\"FY 2025 Revenue(1):\",\"\",\"\",\"$\",\"13,211.9\",\"\",\"\",\"\",\"\",\"$\",\"5,294.4\"],[\"FY 2025 Operating Income(1):\",\"$\",\"717.5\",\"\",\"\",\"\",\"\",\"$\",\"193.5\"]] [[/GREPCENT_TABLE]] (1) Dollars in millions. Operating income excludes $119.2 million related to corporate expenses. In fiscal 2025, we generated $18.5 billion of revenue, $791.8 million of operating income and $326.4 million of net income attributable to Aramark stockholders. Our History Since our founding in 1959, we have broadened our service offerings and expanded our client base through a combination of organic growth and acquisitions, with the goal of further developing our food and faciliti Item 1A. Risk Factors You should carefully consider the following risk factors as well as the other information set forth in this Annual Report on Form 10-K, including \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our consolidated financial statements and related notes thereto. If any of the following risks actually occur, o", "title": "ARMK - Aramark", "url": "/company/ARMK/" }, { "kind": "company", "summary": "SIC 5065 Wholesale-Electronic Parts & Equipment, NEC; CIK 0000007536; latest 10-K filed 2026-02-11.", "text": "ARW - ARROW ELECTRONICS, INC. SIC 5065 Wholesale-Electronic Parts & Equipment, NEC; CIK 0000007536; latest 10-K filed 2026-02-11. ARW ARROW ELECTRONICS, INC. 0000007536 5065 Wholesale-Electronic Parts & Equipment, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. This section of the Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Information Relating to Forward-Looking Statements This report includes \u201cforward-looking statements,\u201d as the term is defined under the federal securities laws. Forward-looking statements are those statements which are not statements of historical or current fact. These forward-looking statements can be identified by forward-looking words such as \u201cexpects,\u201d \u201canticipates,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201ccould,\u201d \u201cbelieves,\u201d \u201cseeks,\u201d \u201cprojected,\u201d \u201cpotential,\u201d \u201cestimates,\u201d and similar expressions. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which could cause actual results or facts to differ materially from such statements for a variety of reasons, including, but not limited to: unfavorable economic conditions or changes, including those that may occur in connection with recession, inflation, tax rates, foreign currency exchange rates, or the availability of capital; political instability and changes; impacts of military conflict and sanctions; trade protection measures, tariffs, increased trade tensions, trade agreements and policies, and other restrictions, duties, and value-added taxes, and the associated macroeconomic impacts; disruptions, shortages, or inefficiencies in the supply chain; non-compliance with certain laws, regulations, or executive orders, such as trade, export, antitrust, and anti-corruption laws, or regulatory restrictions relating to the company or its subsidiaries or the permissibility of third-parties to transact therewith; the inability to realize sufficient sales to cover non-cancellable purchase obligations under certain ECS distribution agreements; management transitions, including the company\u2019s search for a permanent CEO; the incurrence of unanticipated charges or failure to realize contemplated cost savings in connection with the Operating Expense Efficiency Plan; changes in product supply, pricing, and customer demand; increased profit-margin pressure resulting from industry conditions, competition, or other factors; changes in relationships with key suppliers; other vagaries in the global components and the global ECS markets; changes to applicable laws, regulations, executive orders, or rules relating to government contractors and the resulting legal and reputational exposure, including but not limited to those relating to environmental, social, governance, cybersecurity, data privacy, and artificial intelligence issues; commercial disputes, patent infringement claims, product liability lawsuits, or other legal proceedings; foreign tax and other loss contingencies; failure, disruption, or compromise of the company\u2019s information systems or those of a third-party service provider, including unauthorized use or disclosure of company, supplier, or customer information; outbreaks, epidemics, pandemics, or public health crises; the effects of natural or man-made catastrophic events; and the company\u2019s ability to generate positive cash flow. For a further discussion of these and other factors that could cause the company\u2019s future results to differ materially from any forward-looking statements, see the section entitled \u201cRisk Factors\u201d in this Annual Report on Form 10-K, as well as in other filings the company makes with the SEC. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company Item 1.Business. Arrow Electronics, Inc. (the \u201ccompany\u201d or \u201cArrow\u201d) sources and engineers technology for thousands of leading manufacturers, service providers, and users of enterprise computing solutions. The company has one of the world\u2019s broadest portfolios of product offerings available from leading electronic components and enterprise computing solutions suppliers. Equipped with a range of services, solutions, and software, the company helps industrial and commercial customers introduce innovative products, reduce their time to market, and enhance their overall competitiveness. Arrow was incorporated in New York in 1946. Arrow\u2019s diverse worldwide customer base consists of OEMs, VARs, MSPs, EMS providers, and other commercial customers. These customers include manufacturers of products serving industries including industrial, automotive and transportation, computing, networking and communications, among others. The company has two reportable segments, global components and global ECS. The company distributes electronic components to OEMs and EMS providers through its global components segment and provides enterprise computing solutions to VARs and MSPs through its global ECS segment. The company maintains over 140 sales facilities and 39 distribution and value-added centers, serving over 85 countries. In 2025, approximately 70% of the company\u2019s sales were from global components, and approximately 30% of the company\u2019s sales were from global ECS. Refer to Note 16 - \u201cSegment and Geographic Information\u201d within Item 8 for financial information about the company\u2019s reportable segments and geographic operations. The company has operations in each of the three largest electronics markets; the Americas; the EMEA; and the Asia/Pacific regions. Arrow\u2019s business strategy is to be the premier, technology-centric, go-to-market and supply chain services company. The company\u2019s portfolio is designed to enable technology across major industries and markets including industrial Item 1A. Risk Factors. Described below and in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and \u201cQuantitative and Qualitative Disclosures about Market Risk\u201d are certain risks that the company\u2019s management believes are applicable to the company\u2019s b", "title": "ARW - ARROW ELECTRONICS, INC.", "url": "/company/ARW/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000879407; latest 10-K filed 2025-11-25.", "text": "ARWR - ARROWHEAD PHARMACEUTICALS, INC. SIC 2834 Pharmaceutical Preparations; CIK 0000879407; latest 10-K filed 2025-11-25. ARWR ARROWHEAD PHARMACEUTICALS, INC. 0000879407 2834 Pharmaceutical Preparations ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW The Company develops medicines that treat intractable diseases by silencing the genes that cause them. Using a broad portfolio of RNA chemistries and modes of delivery, the Company\u2019s therapies trigger the RNAi interference mechanism to induce rapid, deep and durable knockdown of target genes. RNAi is a mechanism present in living cells that inhibits the expression of a specific gene, thereby affecting the production of a specific protein. RNAi-based therapeutics may leverage this natural pathway of gene silencing to target and shut down specific disease-causing genes. The Company believes that TRiM enabled therapeutics offer several potential advantages over prior generations and competing technologies, including: simplified manufacturing and reduced costs; multiple routes of administration including subcutaneous injection and inhaled administration; the ability to target multiple tissue types including liver, lung, skeletal muscle, central nervous system (CNS), adipose tissue, ocular, and cardio-myocytes; and the potential for improved safety and reduced risk of intracellular buildup, because there are fewer metabolites from smaller, simpler molecules. The Company\u2019s pipeline includes: \u2022Severe Hypertriglyceridemia - plozasiran (formerly ARO-APOC3, Greater China rights out-licensed to Sanofi); 62 \u2022Homozygous familial hypercholesterolemia (HoFH) - zodasiran (formerly ARO-ANG3); \u2022Cardiovascular disease - olpasiran (formerly AMG 890 or ARO-LPA, out-licensed to Amgen); \u2022Mixed hyperlipidemia \u2013 ARO-DIMERPA (Greater China rights out-licensed to Sanofi); \u2022Inflammatory pulmonary conditions - ARO-RAGE; \u2022Idiopathic pulmonary fibrosis - SRP-1002 (formerly ARO-MMP7, out-licensed to Sarepta); \u2022Metabolic-dysfunction associated steatohepatitis (MASH) - GSK4532990 (formerly ARO-HSD, out licensed to GSK and Visirna); \u2022Alpha-1 antitrypsin deficiency (AATD) - fazirsiran (formerly ARO-AAT, a collaboration with Takeda); \u2022Chronic Hepatitis B virus - daplusiran/tomligisiran - GSK5637608 (formerly JNJ-3989 and ARO-HBV, out-licensed to GSK); \u2022Complement mediated diseases - ARO-C3 and ARO-CFB; \u2022Metabolic-dysfunction associated steatohepatitis (MASH) - ARO-PNPLA3 (formerly JNJ-75220795 or ARO-JNJ1); \u2022Obesity - ARO-INHBE and ARO-ALK7 \u2022Facioscapulohumeral muscular dystrophy - SRP-1001 (formerly ARO-DUX4, out-licensed to Sarepta); \u2022Myotonic Dystrophy Type 1 - SRP-1003 (formerly ARO-DM1 out-licensed to Sarepta; and \u2022Spinocerebellar ataxia 2 - SRP-1004 (formerly ARO-ATXN2, out-licensed to Sarepta). \u2022Parkinson\u2019s disease \u2013 ARO-SNCA (out-licensed to Novartis) \u2022Alzheimer\u2019s disease \u2013 ARO-MAPT The Company operates lab facilities in California and Wisconsin, where its research and development activities, including the development of RNAi therapeutics, take place. The Company\u2019s principal executive offices are located in Pasadena, California. The Company continues to develop other clinical candidates for future clinical trials. Clinical candidates are tested internally and through Good Laboratory Practice (GLP) toxicology studies at outside laboratories. Drug materials for such studies and clinical trials are either manufactured internally or contracted to third-party manufacturers. The Company engages third-party contract research organizations (CROs) to manage clinical trials and works cooperatively with such organizations on all aspects of clinical trial management, including plan design, patient recruiting, and follow up. These outside costs, including toxicology/efficacy testing and manufacturing costs, as well as the preparation for and administration of clinical trials, are referred to as \u201ccandidate costs.\u201d As clinical candidates progress through clinical development, candidate costs will increase. 2025 Business Highlights During fiscal year 2025 and through the date of filing, the Company continued to develop and advance its pipeline ITEM 1.BUSINESS A.Overview The Company develops medicines that treat intractable diseases by silencing the genes that cause them. Using a broad portfolio of RNA chemistries and modes of delivery, the Company\u2019s therapies trigger the RNA interference mechanism to induce rapid, deep and durable knockdown of target genes. There are currently 18 Arrowhead discovered drug candidates in clinical trials ranging from early stage (Phase 1) to late stage (Phase 3). In addition, the company has a robust discovery stage pipeline which is capable of generating multiple new clinical candidates each year. The Company recently achieved a transformational milestone with its first commercial launch in 2025, when the U.S. Food and Drug Administration (\"FDA\") approved REDEMPLO\u00ae (plozasiran) as an adjunct to diet to reduce triglycerides in adults with Familial Chylomicronemia Syndrome (\"FCS\"). Additionally, phase 3 studies (SHASTA-3, SHASTA-4 and SHASTA-5) for severe hypertriglyceridemia (\"sHTG\") have been fully enrolled and the Company plans to file a supplemental NDA for this indication in 2026, pending successful completion of Phase 3 clinical studies. The Company has built a commercial organization to support marketing in FCS, a rare disease, and plans to progressively build its commercial capabilities to also support marketing in sHTG, a higher prevalence disease which will require a larger commercial footprint. The Company has entered into multiple license and collaboration agreements with leading biotech and pharmaceutical companies, including Sarepta Therapeutics, Inc., Amgen Inc., Takeda Pharmaceutical Company Limited, Glaxosmithkline Intellectual Property (No. 3) Limited and Novartis Pharma AG, for programs that the Company does not intend to commercialize independently. This approach aims to expand the reach of the Company\u2019s technology and provides a source of non-dilutive capital to support REDEMPLO and other wholly-owned programs through commercial stage. RNA Interfere ITEM 1A.RISK FACTORS The Company\u2019s business involves various risks and uncertainties in addition to the normal risks of business, some of which are discussed in this section. It should be noted that the Company\u2019s business may be adversely affected by general economic conditions and other factors beyond the Company\u2019s control. I", "title": "ARWR - ARROWHEAD PHARMACEUTICALS, INC.", "url": "/company/ARWR/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000007789; latest 10-K filed 2026-02-12.", "text": "ASB - ASSOCIATED BANC-CORP SIC 6022 State Commercial Banks; CIK 0000007789; latest 10-K filed 2026-02-12. ASB ASSOCIATED BANC-CORP 0000007789 6022 State Commercial Banks ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion is management\u2019s analysis to assist in the understanding and evaluation of the consolidated financial condition and results of operations of the Corporation. It should be read in conjunction with the consolidated financial statements and footnotes and the selected financial data presented elsewhere in this report. Within the tables presented, certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. The detailed financial discussion that follows focuses on 2025 results compared to 2024. For a discussion of 2024 results compared to 2023, see the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024. Overview The Corporation is a bank holding company headquartered in Wisconsin, providing a broad array of banking and nonbanking products and services to businesses and consumers primarily within our four-state footprint. The Corporation\u2019s primary sources of revenue, through the Bank, are net interest income (predominantly from loans and investment securities) and noninterest income (principally fees and other revenue from financial services provided to customers or ancillary services tied to loans and deposits). Performance Summary \u2022Average loans of $30.6 billion for the full year of 2025 increased $892.7 million, or 3%, from 2024, driven primarily by increases in commercial and business lending and auto finance loans, partially offset by a decrease in residential mortgage lending due to the mortgage portfolio sale announced as part of the balance sheet repositioning in the fourth quarter of 2024. \u2022Average deposits of $34.8 billion for the full year of 2025 increased $1.5 billion, or 4%, from 2024, driven by increases in all deposit types, except money market and brokered CDs. \u2022Net interest income of $1.2 billion in 2025 increased $153.9 million, or 15%, from 2024. Net interest margin of 3.03% in 2025 increased 25 bp from 2.78% in 2024. The increases in net interest income and net interest margin were driven by decreases in interest expense for interest-bearing deposits and the balance sheet repositioning announced in the fourth quarter of 2024 which sold lower yielding residential mortgage loans and investment securities. \u2022Provision for credit losses was $54.0 million in 2025, compared to $85.0 million in 2024, driven by nominal credit movement coupled with general macroeconomic trends. \u2022Noninterest income of $286.4 million in 2025 increased $295.8 million from 2024, primarily driven by nonrecurring losses on the sale of mortgages and investments in 2024 associated with the balance sheet repositioning announced in the fourth quarter of 2024. Additional increases were due to increased capital markets revenue from an elevated level of activity in our syndications, interest rate swaps and foreign currency businesses. The increases were partially offset by the nonrecurring loss recognized related to the settlement of the mortgage loan sale in the first quarter of 2025 as part of the balance sheet repositioning announced in the fourth quarter of 2024. \u2022Noninterest expense of $855.6 million in 2025 increased $37.2 million, or 5%, from 2024, primarily driven by increases in personnel expense reflective of higher variable compensation, which is the result of strong execution against our strategic plan and increased healthcare costs, business development and advertising expense increase due to additional spend on advertising, legal and professional expenses due to increased consultant and IT staff augmentation expenditures, and other noninterest expense primarily due to OREO write downs in 2025. These increases were offset by a decrease in loss on prepayments of FHLB advances due to the nonrecurring fee incurred in 2024 due to the prepayment of long-term FHLB advances. 43 Table 1 Summary Results of Operations: Trends [[GREPCENT_TABLE]] [[\"\",\"Year En ITEM 1. Business General Associated Banc-Corp is a bank holding company registered pursuant to the BHC Act. Our bank subsidiary, Associated Bank, traces its history back to the founding of the Bank of Neenah in 1861. We were incorporated in Wisconsin in 1964 and were inactive until 1969 when permission was received from the Federal Reserve to acquire three banks. At December 31, 2025, we owned one nationally chartered commercial bank headquartered in Green Bay, Wisconsin, which serves local communities across the upper Midwest, one nationally chartered trust company headquartered in Milwaukee, Wisconsin, and 12 limited purpose banking and nonbanking subsidiaries either located in or conducting business primarily in our four-state branch footprint (Wisconsin, Illinois, Minnesota, and Missouri) that are closely related or incidental to the business of banking or financial in nature. Measured by total assets reported at December 31, 2025, we are the largest bank holding company headquartered in Wisconsin. Services Through Associated Bank and various nonbanking subsidiaries, we provide a broad array of banking and nonbanking products and services to individuals and businesses through 184 banking branches as of December 31, 2025, serving more than 100 communities, primarily within our four-state branch footprint. Our business is primarily relationship-driven and is organized into three reportable segments: Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. See Note 20 Segment Reporting of the notes to consolidated financial statements in Part II, Item 8, Financial Statements and Supplementary Data, for additional information concerning our reportable segments. We are not dependent upon a single or a few customers, the loss of which would have a material adverse effect on us. 2 Human Capital Matters We are very fortunate to have a team of approximately 4,000 colleagues at December 31, 2025 who are capab ITEM 1A. Risk Factors An investment in our common stock is subject to risks inherent to our business. The material risks and uncertainties that management believes affect us are described below. Before making an investment decision, you should carefully consider the risks and uncertainties described below, together with all of the other information ", "title": "ASB - ASSOCIATED BANC-CORP", "url": "/company/ASB/" }, { "kind": "company", "summary": "SIC 5160 Wholesale-Chemicals & Allied Products; CIK 0001674862; latest 10-K filed 2025-11-20.", "text": "ASH - ASHLAND INC. SIC 5160 Wholesale-Chemicals & Allied Products; CIK 0001674862; latest 10-K filed 2025-11-20. ASH ASHLAND INC. 0001674862 5160 Wholesale-Chemicals & Allied Products ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the Consolidated Financial Statements and the accompanying Notes to Consolidated Financial Statements for the years ended September 30, 2025, 2024 and 2023. BUSINESS OVERVIEW Ashland profile Ashland is a global additives and specialty ingredients company with a conscious and proactive mindset for sustainability. The Company serves customers in a wide range of consumer and industrial markets, including architectural coatings, construction, energy, food and beverage, personal care and pharmaceutical. With approximately 2,900 employees worldwide, Ashland serves customers in more than 100 countries. Ashland\u2019s sales generated outside of North America were 73%, 69% and 69% in 2025, 2024 and 2023, respectively. Sales by region expressed as a percentage of total consolidated sales for the years ended September 30, were as follows: [[GREPCENT_TABLE]] [[\"Sales by Geography\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"North America(a)\",\"\",\"\",\"27\",\"%\",\"\",\"\",\"31\",\"%\",\"\",\"\",\"31\",\"%\"],[\"Europe(a)\",\"\",\"\",\"37\",\"%\",\"\",\"\",\"35\",\"%\",\"\",\"\",\"36\",\"%\"],[\"Asia Pacific\",\"\",\"\",\"26\",\"%\",\"\",\"\",\"25\",\"%\",\"\",\"\",\"23\",\"%\"],[\"Latin America & other\",\"\",\"\",\"10\",\"%\",\"\",\"\",\"9\",\"%\",\"\",\"\",\"10\",\"%\"],[\"\",\"\",\"\",\"100\",\"%\",\"\",\"\",\"100\",\"%\",\"\",\"\",\"100\",\"%\"]] [[/GREPCENT_TABLE]] (a) Ashland includes only U.S. and Canada in its North America designation and includes Europe, the Middle East and Africa in its Europe designation. Reportable segments Ashland\u2019s reportable segments include Life Sciences, Personal Care, Specialty Additives and Intermediates. Unallocated and Other includes corporate governance activities and certain legacy matters. The contribution to sales by each reportable segment expressed as a percentage of total consolidated sales for the years ended September 30, were as follows: [[GREPCENT_TABLE]] [[\"Sales by Reportable Segment\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"Life Sciences\",\"\",\"\",\"35\",\"%\",\"\",\"\",\"38\",\"%\",\"\",\"\",\"40\",\"%\"],[\"Personal Care\",\"\",\"\",\"32\",\"%\",\"\",\"\",\"30\",\"%\",\"\",\"\",\"27\",\"%\"],[\"Specialty Additives\",\"\",\"\",\"28\",\"%\",\"\",\"\",\"27\",\"%\",\"\",\"\",\"28\",\"%\"],[\"Intermediates\",\"\",\"\",\"5\",\"%\",\"\",\"\",\"5\",\"%\",\"\",\"\",\"5\",\"%\"],[\"\",\"\",\"\",\"100\",\"%\",\"\",\"\",\"100\",\"%\",\"\",\"\",\"100\",\"%\"]] [[/GREPCENT_TABLE]] KEY DEVELOPMENTS Uncertainty related to tariffs and global trade policy changes Fiscal 2025 saw increased and continuing regulatory activity involving notable changes to U.S. and foreign trade policy, leading to significant uncertainty in the macroeconomic and geopolitical environments. Beginning in the second quarter of 2025, the U.S. instituted a series of tariffs on imports from China, the E.U., India, and other countries which has resulted in the imposition of retaliatory measures against U.S. goods. As a global business, we are exposed to risks associated with tariffs and other trade conflicts. Such risks may include, but are not limited to, (i) changes to and strains on the global supply chain and our ability to source materials; (ii) increased sourcing and manufacturing costs; (iii) decreased demand for Ashland\u2019s products in affected markets; and (iv) other impacts on Ashland\u2019s ability to operate optimally. The ultimate impact of these recent tariffs and trade disputes on general economic conditions, and on Ashland\u2019s business, financial performance, and results of operations, is uncertain and depends on various factors, including the duration of the tariffs and disputes, negotiations between the U.S. and affected countries, whether additional or incremental tariffs are imposed and the responses of other countries or regions, and the potential for trade restriction-related exemptions. Given the dynamic nature of the situation, Ashland continues to monitor tariff developments as well as the broader global trade landscape and is working to mitigate potential impacts on its business. M-1 Uncertainty relating to ITEM 1. BUSINESS GENERAL Ashland Inc. is a global additives and specialty ingredients company with a conscious and proactive mindset for sustainability. Our common stock is listed on the New York Stock Exchange (\u201cNYSE\u201d) under the ticker symbol \u201cASH\u201d. The terms \u201cAshland,\u201d the \u201cCompany,\u201d \u201cwe\u201d and \u201cour\u201d used herein refer to Ashland Inc., a Delaware Corporation, and its predecessors, and its consolidated subsidiaries, except where the context indicates otherwise. The Company serves customers in a wide range of consumer and industrial markets including, architectural coatings, construction, energy, food and beverage, personal care and pharmaceutical. With approximately 2,900 employees worldwide, Ashland serves customers in more than 100 countries. Ashland\u2019s reportable operating segments (\"reportable segments\") include: Life Sciences; Personal Care; Specialty Additives; and Intermediates. Unallocated and Other includes corporate governance activities and certain legacy matters. Life Sciences is comprised of pharmaceuticals, nutrition, agricultural chemicals, diagnostic films (formerly known as advanced materials) and fine chemicals. Pharmaceutical solutions include controlled release polymers, disintegrants, tablet coatings, thickeners, solubilizers and tablet binders. Nutrition solutions include thickeners, stabilizers, emulsifiers and additives for enhancing mouthfeel, controlling moisture migration, reducing oil uptake and binding structured foods. Customers include pharmaceutical, food, beverage, hospitals and radiologists manufacturers. The nutraceuticals business was sold in August 2024. Personal Care is comprised of biofunctionals, microbial protectants (preservatives), skin care, sun care, oral care, hair care and household solutions. These businesses have a broad range of natural, nature-derived, biodegradable, and high-performance ingredients for customer-driven solutions to help protect, renew, moisturize and revitalize skin and hair, and provide solution ITEM 1A. RISK FACTORS The following discussion identifies risk factors that may adversely affect Ashland\u2019s business, operations, financial position or future financial performance or make an investment in Ashland speculative or risky. It is designed to highlight what Ashland believes are important factors to consider when evaluating it", "title": "ASH - ASHLAND INC.", "url": "/company/ASH/" }, { "kind": "company", "summary": "SIC 3317 Steel Pipe & Tubes; CIK 0001018963; latest 10-K filed 2026-02-20.", "text": "ATI - ATI INC SIC 3317 Steel Pipe & Tubes; CIK 0001018963; latest 10-K filed 2026-02-20. ATI ATI INC 0001018963 3317 Steel Pipe & Tubes Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand our results of operations and financial condition or the year ended December 28, 2025 (fiscal year 2025) as compared to the year ended December 29, 2024 (fiscal year 2024). The MD&A includes certain statements that are forward-looking statements. Actual results or performance could differ materially from those encompassed within such forward-looking statements as a result of various factors, including those described below. The MD&A should be read in conjunction with our consolidated financial statements and notes thereto included in Part II, Item 8 (Financial statements and Supplementary Data) of this Form 10-K. Information on the Company\u2019s results of operations, financial condition and liquidity for fiscal year 2024 as compared to the year ended December 31, 2023 (fiscal year 2023) is included in our Annual Report on Form 10-K in Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d filed on February 21, 2025 and is incorporated herein by reference. ATI Overview ATI is a global manufacturer of technically advanced specialty materials and complex components. We are a market leader in manufacturing differentiated products that require our materials science capabilities and unique process technologies, including our new product development competence. Our largest markets are aerospace & defense, representing approximately 68% of total sales, led by products for jet engines and airframes. Additionally, we have a strong presence in the specialty energy end market, which includes products for nuclear and renewable energy applications. In aggregate, these markets represent over 73% of our total revenue. We also sell to several other end markets, including industrial, electronics and medical. We operate in two business segments: HPMC and AA&S. The HPMC segment produces a wide range of high performance materials, components, and advanced metallic powder alloys. These products are made from nickel-based alloys and superalloys, titanium and titanium-based alloys, and a variety of other specialty materials. HPMC\u2019s capabilities range from cast/wrought and powder alloy development to production of highly engineered components, and 3D-printed aerospace products. The HPMC segment\u2019s primary focus is on maximizing jet engine materials and components growth, with 20 approximately 92% of its revenue derived from the aerospace & defense markets, including nearly 68% from products for commercial jet engines. Commercial aerospace products have been the main source of sales and EBITDA growth for HPMC over the last several years and are expected to continue to drive HPMC and overall ATI results in the future. HPMC has also experienced strong growth in defense products, with fiscal year 2025 sales growth of 24%. Sales of defense products comprise almost 11% of HPMC's total sales. The AA&S segment produces nickel-based alloys, titanium and titanium-based alloys, and specialty alloys in a variety of forms including plate, sheet, and strip products. AA&S focuses on high-value materials that are utilized in technically challenging and extreme environments, which require materials that can withstand extreme heat, radiation and corrosion. AA&S continued its focus of growing sales to the aerospace & defense end markets, with fiscal year 2025 sales to those markets increasing 15%. Aerospace & defense now comprises approximately 41% of AA&S total revenue. AA&S also serves customers across several other markets, notably specialty energy and conventional energy, as well as electronics and certain industrial markets. Overview of Fiscal Year 2025 Financial Performance Sales in fiscal year 2025 increased 5%, to $4.6 billion, and gross profit increased 12%, to $1.0 billion, co Item 1. Business The Company ATI Inc. is a Delaware corporation with its corporate headquarters located at 2021 McKinney Avenue, Suite 1100, Dallas, TX 75201, telephone number (800) 289-7454, Internet website address www.atimaterials.com. Our Internet website and content contained therein or connected thereto are not intended to incorporate into this Annual Report on Form 10-K. References to \u201cATI,\u201d the \u201cCompany,\u201d \u201cthe Registrant,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d and similar terms mean ATI Inc. and its subsidiaries, unless the context otherwise requires. When used in this Annual Report on Form 10-K, unless the context otherwise requires or unless otherwise specified, any reference to \u201cyear\u201d is to the Company\u2019s fiscal year. The Company follows a 4-4-5 or 5-4-4 fiscal calendar, whereby each fiscal quarter consists of thirteen weeks grouped into two four-week months and one five-week month, and its fiscal year ends on the Sunday closest to December 31. Fiscal years 2025, 2024 and 2023 ended on December 28, 2025, December 29, 2024, and December 31, 2023, respectively. All fiscal years presented include 52 weeks of operations. Our Business ATI produces specialty materials, highly differentiated by our materials science expertise and advanced process technologies. Our mission is to solve the world\u2019s challenges through materials science. Aerospace & defense, our largest end markets, represent approximately 68% of total sales, led by products for jet engines and airframes in addition to a wide range of defense applications. Additionally, we have a strong presence the specialty energy market and also serve customers in several other markets including conventional energy, medical, electronics and other industrial markets. We operate in two business segments: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). HPMC produces a wide range of high performance materials, components, and advanced metallic powder alloys. These products are made from nick Item 1A. Risk Factors There are inherent risks and uncertainties associated with our business that could adversely affect our operating performance and financial condition. Set forth below are descriptions of those risks and uncertainties that we currently believe to be material, but the risks and uncertainties described are not the only risks and uncertainties that could af", "title": "ATI - ATI INC", "url": "/company/ATI/" }, { "kind": "company", "summary": "SIC 3089 Plastics Products, NEC; CIK 0000896622; latest 10-K filed 2026-02-06.", "text": "ATR - APTARGROUP, INC. SIC 3089 Plastics Products, NEC; CIK 0000896622; latest 10-K filed 2026-02-06. ATR APTARGROUP, INC. 0000896622 3089 Plastics Products, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars in thousands, except per share amounts or as otherwise indicated) The objective of the following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is to help the reader understand the financial condition and results of operations of AptarGroup, Inc. from management's perspective. MD&A is presented in seven sections: Overview, Results of Operations, Liquidity and Capital Resources, Recently Issued Accounting Standards, Critical Accounting Estimates, Operations Outlook and Forward-Looking Statements. MD&A should be read in conjunction with our Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements contained elsewhere in this Annual Report on Form 10-K. In MD&A, \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cAptarGroup,\u201d \u201cAptarGroup, Inc.\u201d, \u201cAptar\u201d and the \u201cCompany\u201d refer to AptarGroup, Inc. and its consolidated subsidiaries. OVERVIEW GENERAL Aptar is a global leader in the design and manufacturing of a broad range of drug delivery, consumer product dispensing, active material science solutions and services for the pharmaceutical, F&F, personal care, home care, food and beverage markets. Using proprietary design, shared technology platforms, engineering, science and insights or understanding of the end-user to create dispensing, dosing and protective technologies for many of the world's leading brands, Aptar in turn makes a meaningful difference in the lives, health, well-being and homes of millions of patients and consumers around the world. In addition to the information presented herein that conforms to accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d), we also present certain financial information that does not conform to U.S. GAAP, which are referred to as non-U.S. GAAP financial measures. Management may assess our financial results both on a U.S. GAAP basis and on a non-U.S. GAAP basis. We believe it is useful to present these non-U.S.GAAP financial measures because they allow for a more meaningful period over period comparison of operating results by removing the impact of items that, in management\u2019s view, do not reflect Aptar\u2019s core operating performance. These non-U.S. GAAP financial measures should not be considered in isolation or as a substitute for U.S. GAAP financial results, but should be read in conjunction with the audited Consolidated Statements of Income and other information presented herein. Investors are cautioned against placing undue reliance on these non-U.S. GAAP measures. Further, investors are urged to review and consider carefully the adjustments made by management to the most directly comparable U.S. GAAP financial measure to arrive at these non-U.S. GAAP financial measures. See the reconciliation under \"Non-U.S. GAAP Measures\" below. A reconciliation of core sales growth to reported net sales growth, the most directly comparable U.S. GAAP measure, can be found under \"Net Sales\" below. 2025 HIGHLIGHTS \u2022Reported sales increased 5% and core sales increased 2%. \u2022Reported net income increased 5% to $392.8 million and reported earnings per share increased 7% to $5.89. \u2022Returned $485.8 million to shareholders through share repurchases and dividends \u2022Capital expenditures decreased year over year, ending the year at about 7% of sales \u20222025 was our 32nd consecutive year of paying an annually increasing dividend [[GREPCENT_TABLE]] [[\"21/ATR\",\"2025 Form 10-K\"]] [[/GREPCENT_TABLE]] Table of Contents RESULTS OF OPERATIONS The following table sets forth the Consolidated Statements of Income and the related percentages of net sales for the periods indicated. Refer to Part II, Item 7 \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for additional information regarding Results of Operations f ITEM 1. BUSINESS WHO ARE WE AND WHAT DO WE DO Aptar is a global leader in the design and manufacturing of drug and consumer product dosing, dispensing and protection technologies. Aptar serves diversified end markets including pharmaceutical, fragrance, facial skincare, color cosmetics, food, beverage, personal care and home care. Using proprietary design, engineering, materials science, and manufacturing capabilities, Aptar supports customers across these end markets by enabling safe, functional, and differentiated product and service delivery. Aptar is headquartered in Crystal Lake, Illinois and has approximately 14,000 employees in approximately 20 different countries. For more information, visit www.aptar.com. Our business was started in the late 1940\u2019s, manufacturing and selling aerosol valves in the United States, and has grown through acquisitions and organic growth. In this report, we may refer to AptarGroup, Inc. and its subsidiaries as \u201cAptarGroup,\u201d \u201cAptar\u201d or the \u201cCompany.\u201d We have manufacturing facilities located throughout the world including North America, Europe, Asia and Latin America. We have approximately 5,000 customers with no single customer or group of affiliated customers accounting for greater than 4% of our 2025 Net Sales. Consumers\u2019 and patients' preferences for convenience and product differentiation through drug delivery and packaging design and function are important to our customers and have driven a continued shift from non-dispensing formats to dispensing systems that offer enhanced shelf appeal, ease of use, convenience, cleanliness and accuracy of dosage. We design our products with both people and the environment in mind. A number of our solutions for the beauty, personal care, home care, food and beverage markets are recyclable, reusable or made with recycled content and the Company continues to invest in product platforms designed to improve sustainability, including enhanced recyclability of pharmaceutical delivery systems. ITEM 1A. RISK FACTORS Set forth below and elsewhere in this report and in other documents we file with the SEC are risks and uncertainties that could cause our actual results or other events to materially differ from the results or events contemplated by the forward-looking statements contained in this report and in other documents we file with the SEC. Ad", "title": "ATR - APTARGROUP, INC.", "url": "/company/ATR/" }, { "kind": "company", "summary": "SIC 3721 Aircraft; CIK 0001368622; latest 10-K filed 2026-06-29.", "text": "AVAV - AeroVironment Inc SIC 3721 Aircraft; CIK 0001368622; latest 10-K filed 2026-06-29. AVAV AeroVironment Inc 0001368622 3721 Aircraft Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. \u200b Introduction \u200b The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and notes thereto included herein as Item 8. This discussion contains forward-looking statements. Refer to Part I, \u201cForward-Looking Statements\u201d on page 2 and Item 1A, \u201cRisk Factors\u201d beginning on page 14, for a discussion of the uncertainties, risks and assumptions associated with these statements. \u200b Overview \u200b We are a defense technology provider delivering integrated capabilities across air, land, sea, space, and cyber. We develop and deploy autonomous systems, precision strike systems, counter-UAS technologies, space-based platforms, directed energy systems, and cyber and electronic warfare capabilities. We operate an international manufacturing footprint, delivering proven systems and capabilities to markets that offer the potential for significant long-term growth. In addition, we believe that some of the innovative potential products, services and technologies in our R&D pipeline will emerge as new growth platforms in the future, creating additional market opportunities. \u200b The success of our current product and service offerings stems from our investments in R&D to invent and deliver advanced solutions, utilizing proprietary and commercially available technologies, and in acquiring leading businesses that help our customers achieve their desired outcomes. We develop and acquire these highly innovative solutions by working closely with our key customers to solve their most important challenges related to our areas of expertise. Our core technological capabilities, developed by more than 50 years of innovation, include robotics and robotics systems autonomy; modular open systems architecture; sensor design, development, miniaturization and integration; embedded software and firmware; miniature, low power, secure wireless digital communications and networks; lightweight aerostructures; high-altitude systems design, integration and operations; machine vision, machine learning, AI and autonomy; land, maritime and air deployment of munitions and aircraft systems; design and qualification for robotics in extreme terrestrial and space environments; low SWaP (Size, Weight and Power) system design and integration; collaborative multi-robotic crewed and uncrewed mission operation; power electronics and electric propulsion systems; efficient electric power conversion, storage systems and high density energy packaging; controls and systems integration; vertical takeoff and landing for fixed wing and hybrid aircraft and rotocraft systems; image stabilization and target tracking; advanced flight control systems; fluid dynamics; human-machine interface development; modular dismounted, networked multi-domain robotic control interfaces and analytic processing architecture; and integrated mission solutions for austere environments. \u200b The BlueHalo acquisition significantly enhanced our core technological capabilities, which now include advanced RF system design and development, software defined digital phased array antennas and radars, space qualified electronics, laser communication technologies, software defined radios, electronic warfare technology, target acquisition and tracking, directed energy-based weapons systems for counter uncrewed systems, RF-based systems for counter uncrewed, next generation counter uncrewed system missile technology, extended reality and virtual reality systems for training, modeling and simulation, hardware in the loop simulations, C2 sensing and tracking, uncrewed maritime platforms, uncrewed aerial platforms, full spectrum cyber operations, tactical mission networks, multi-int data analytics and threat intelligence, tools and analytics for GEOINT, SIGNINT, MASINT and OSINT, aerospace power and propulsion, material and processes, directed Item 1. Business. \u200b Overview \u200b We are a defense technology provider delivering integrated capabilities across air, land, sea, space, and cyber. We develop and deploy autonomous systems, precision strike systems, counter-UAS technologies, space-based platforms, directed energy systems, and cyber and electronic warfare capabilities. We operate an international manufacturing footprint, delivering proven systems and capabilities in markets that we believe offer the potential for significant long-term growth. In addition, we believe that some of the innovative potential products, services and technologies in our R&D pipeline will emerge as new growth platforms in the future, creating additional market opportunities. Effective May 1, 2025 in connection with our acquisition of BlueHalo Financing Topco, LLC (\u201cBlueHalo\u201d), we operate our business in two reportable segments: (1) Autonomous Systems (\u201cAxS\u201d) and (2) Space, Cyber and Directed Energy (\u201cSCDE\u201d). \u200b Autonomous Systems \u200b Uncrewed Aircraft Systems (\u201cUAS\"). Our family of uncrewed systems includes Group 1-3 UAS which are deployed globally and offer multi-mission capability, autonomy, versatility, reliability and ease of use, providing the warfighter with critical situational awareness. \u200b 3 Table of Contents [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Small UAS (\\u201cSUAS\\u201d): Small UAS in Groups 1 and 2 are designed for reliable operation at low altitudes, offering real-time observation and communication capabilities with easy transport, assembly, and quiet electric propulsion. Products include Puma LE, Puma 3 AE, Puma VTOL, P550, Raven B, and VAPOR 55 CLE. Systems within the SUAS portfolio utilize our common and interoperable handheld ground control systems and an array of spare parts and accessories.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Medium UAS (\\u201cMUAS\\u201d): Our Group 3 solutions include the JUMP 20, JUMP 20-X, and T-20. All are field-deployable and deliver extended endurance and incre Item 1A. Risk Factors. \u200b A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider such risks and uncertainties, together with the other information contained in this report and in our other public filings before investing in our common stock. If any such risks and uncertainties actually occur, our business, financial", "title": "AVAV - AeroVironment Inc", "url": "/company/AVAV/" }, { "kind": "company", "summary": "SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers; CIK 0001122976; latest 10-K filed 2026-02-17.", "text": "AVNT - AVIENT CORP SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers; CIK 0001122976; latest 10-K filed 2026-02-17. AVNT AVIENT CORP 0001122976 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is designed to provide information that is supplemental to, and should be read together with, our consolidated financial statements and the accompanying notes contained in this Annual Report on Form 10-K. Information in this Item 7 is intended to assist the reader in obtaining an understanding of our consolidated financial statements, the changes in certain key items in those financial statements from year to year, the primary factors that accounted for those changes, and any known trends or uncertainties that we are aware of that may have a material effect on our future performance, as well as how certain accounting principles affect our consolidated financial statements. Unless otherwise noted, the discussion that follows includes a comparison of our results of operations, liquidity and capital resources, and cash flows for fiscal years 2025 and 2024. For a discussion of changes from fiscal year 2024 to fiscal year 2023, refer to Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 18, 2025. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in \u201cCautionary Note on Forward-Looking Statements\u201d and Item 1A, \u201cRisk Factors.\u201d Our Business We are an innovator of materials solutions to help our customers succeed, while enabling a sustainable world. Our products include specialty engineered materials, performance fibers, advanced composites, and color and additive solutions. We are also a highly specialized developer and manufacturer of performance enhancing additives, liquid colorants and silicone colorants. Headquartered in Avon Lake, Ohio, with 2025 sales of $3.3 billion, we have manufacturing and warehouses around the globe, with 61% of our sales to customers outside the United States. We provide value to our customers through our ability to link our knowledge of polymers and materials science with our manufacturing and supply chain capabilities to provide value-added solutions to designers, assemblers and processors of materials. Strategy and Key Trends In 2024, we unveiled Avient's new strategic direction guided by our purpose: to be an innovator of materials solutions to help our customers succeed, while enabling a sustainable world. We seek to achieve this with a two-pronged strategic approach: 1) building new platforms of scale, to play bigger and bolder in high-growth markets, and 2) catalyzing our core business, to maximize the impact of our existing portfolio. We have identified growth vectors \u2014 specific markets and applications targeted for above-market growth \u2014 in both accelerating markets and in our core business, by intersecting secular trends with our technologies. We seek to operationalize our strategy using four strategic drivers: Portfolio Prioritization; Amplify Innovation; Digital for Operational Excellence and Growth; and Leadership, Talent, and Culture for the Avient of the Future. Our strategy builds upon Avient's foundational strengths refined over our history: unwavering customer focus; global reach with a local touch; diverse technology portfolio; commercial excellence; financial rigor and prudence; and a culture of safety and sustainability. The safety and health of our employees remain top priorities, and our ultimate goal is to operate injury-free. In 2025, we made significant progress implementing our new strategy. Our ITEM 1. BUSINESS Business Overview We are an innovator of materials solutions to help our customers succeed, while enabling a sustainable world. Our products include specialty engineered materials, performance fibers, advanced composites and color and additive solutions. We are also a highly specialized developer and manufacturer of performance enhancing additives, liquid colorants and silicone colorants. When used in this Annual Report on Form 10-K, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\" \"Avient\" and the \u201cCompany\u201d mean Avient Corporation and its consolidated subsidiaries. Avient was formed as PolyOne Corporation on August 31, 2000, from the consolidation of The Geon Company (Geon) and M.A. Hanna Company (Hanna). Through a series of acquisitions, divestitures, operational improvements and cultural shifts, the Company has transformed to become an innovator of materials solutions. Effective June 30, 2020, the Company amended its existing Articles of Incorporation to change its name to Avient Corporation and changed its ticker symbol from \u201cPOL\u201d to \u201cAVNT\u201d, effective at the start of trading on July 13, 2020. Avient Corporation is incorporated in Ohio and headquartered in Avon Lake, Ohio. We currently have 98 manufacturing sites in North America, South America, Asia, Europe, the Middle East, and Africa (EMEA). In 2025, the Company had sales of $3.3 billion, approximately 61% of which were to customers outside the United States. Using formulation expertise, materials science and operational capabilities, we create an essential link between large chemical producers (our raw material suppliers) and designers, assemblers and processors of polymers (our customers). We believe that our role in the value chain continues to become more vital as our customers increasingly need reliable suppliers with global reach, a local touch, and highly effective materials-based solutions to help improve their products' performance, appeal, differentiation, profitability and competitive advantage. Ou ITEM 1A. RISK FACTORS The following are certain risk factors that could affect our business, results of operations, financial position or cash flows. Although the risks are organized by headings and each risk is described separately, many of the risks are interrelated. These risk factors shoul", "title": "AVNT - AVIENT CORP", "url": "/company/AVNT/" }, { "kind": "company", "summary": "SIC 5065 Wholesale-Electronic Parts & Equipment, NEC; CIK 0000008858; latest 10-K filed 2025-08-15.", "text": "AVT - AVNET INC SIC 5065 Wholesale-Electronic Parts & Equipment, NEC; CIK 0000008858; latest 10-K filed 2025-08-15. AVT AVNET INC 0000008858 5065 Wholesale-Electronic Parts & Equipment, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations For a description of the Company\u2019s critical accounting policies and an understanding of Avnet and the significant factors that influenced the Company\u2019s performance during the past three fiscal years, the following discussion should be read in conjunction with the description of the business appearing in Item 1 of this Report and the consolidated financial statements, including the related notes and schedule, and other information appearing in Item 8 of this Report. Discussions of fiscal 2023 items and year-to-year comparisons between fiscal years 2024 and 2023 are not included in this Form 10-K and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended June 29, 2024. The Company operates on a \u201c52/53 week\u201d fiscal year. Fiscal years 2025, 2024 and 2023 each contained 52 weeks. The discussion of the Company\u2019s results of operations includes references to the impact of foreign currency translation. When the U.S. Dollar strengthens and the stronger exchange rates are used to translate the results of operations of Avnet\u2019s subsidiaries denominated in foreign currencies, the result is a decrease in U.S. Dollars of reported results. Conversely, when the U.S. Dollar weakens, the weaker exchange rates result in an increase in U.S. Dollars of reported results. In the discussion that follows, results excluding this impact, primarily for subsidiaries in EMEA and Asia, are referred to as \u201cconstant currency.\u201d In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the U.S. (\u201cGAAP\u201d), the Company also discloses certain non-GAAP financial information, including: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"\\u201cAdjusted operating income,\\u201d which is operating income excluding (i) restructuring, integration and other expenses, and (ii) amortization of acquired intangible assets.\"]] [[/GREPCENT_TABLE]] The following table provides a reconciliation of operating income to adjusted operating income: \u200b [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"Years Ended\"],[\"\\u200b\",\"\",\"June 28,\",\"\",\"June 29,\",\"\",\"July 1,\"],[\"\\u200b\",\"\\u200b\",\"2025\",\"\\u200b\",\"2024\",\"\\u200b\",\"2023\"],[\"\\u200b\",\"\\u200b\",\"(Thousands)\"],[\"Operating income\",\"\\u200b\",\"$\",\"514,254\",\"\\u200b\",\"$\",\"844,367\",\"\\u200b\",\"$\",\"1,186,800\"],[\"Restructuring, integration, and other expenses\",\"\\u200b\",\"\",\"108,316\",\"\\u200b\",\"\",\"52,550\",\"\\u200b\",\"\",\"28,038\"],[\"Amortization of acquired intangible assets\",\"\\u200b\",\"\",\"1,463\",\"\\u200b\",\"\",\"3,130\",\"\\u200b\",\"\",\"6,053\"],[\"Adjusted operating income\",\"\\u200b\",\"$\",\"624,033\",\"\\u200b\",\"$\",\"900,047\",\"\\u200b\",\"$\",\"1,220,891\"]] [[/GREPCENT_TABLE]] Management believes that providing this additional information is useful to financial statement users to better assess and understand operating performance, especially when comparing results with prior periods or forecasting performance for future periods, primarily because management typically monitors the business with and without these adjustments to GAAP results. Management also uses these non-GAAP measures to establish operational goals and, in 22 Table of Contents many cases, for measuring performance for compensation purposes. However, any analysis of results on a non-GAAP basis should be used in conjunction with results presented in accordance with GAAP. Industry outlook The Company\u2019s operations subject it to tariffs and other trade protection measures. The U.S. administration has instituted certain changes, and may make additional changes, in trade policies that include the negotiation or termination of trade agreements, higher tariffs on imports into the U.S., and other measures affecting trade between the U.S. and other countri Item 1. Business Avnet, Inc. and its consolidated subsidiaries (collectively, the \u201cCompany\u201d or \u201cAvnet\u201d), is a leading global electronic component technology distributor and solutions provider that has served customers\u2019 evolving needs for more than a century. Founded in 1921, the Company works with electronic component manufacturers (suppliers) in every major electronic component segment to serve customers in more than 140 countries. Avnet serves a wide range of customers: from startups and mid-sized businesses to enterprise-level original equipment manufacturers (\u201cOEMs\u201d), electronic manufacturing services (\u201cEMS\u201d) providers, and original design manufacturers (\u201cODMs\u201d). Organizational Structure Avnet has two primary operating groups \u2014 Electronic Components (\u201cEC\u201d) and Farnell (\u201cFarnell\u201d). Both operating groups have operations in each of the three major economic regions of the world: (i) the Americas, (ii) Europe, Middle East, and Africa (\u201cEMEA\u201d) and (iii) Asia/Pacific (\u201cAsia\u201d). Each operating group has its own management team, who manage various functions within each operating group. Each operating group also has distinct financial reporting to the executive level, which informs operating decisions, strategic planning, and resource allocation for the Company as a whole. Regional divisions (\u201cbusiness units\u201d) within each operating group serve primarily as sales and marketing units to streamline sales efforts and enhance each operating group\u2019s ability to work with its customers and suppliers, generally along more specific geographies or product lines. However, each business unit relies heavily on support services from the operating groups, as well as centralized support at the corporate level. A description of each operating group is presented below. Further financial information by operating group is provided in Note 16 \u201cSegment information\u201d to the consolidated financial statements appearing in Item 8 of this Annual Report on Form 10-K. Electronic Components Avnet\u2019 Item 1A. Risk Factors Forward-Looking Statements and Risk Factors This Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (\u201cSecurities Act\u201d), and Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d) with respect to the financial ", "title": "AVT - AVNET INC", "url": "/company/AVT/" }, { "kind": "company", "summary": "SIC 3826 Laboratory Analytical Instruments; CIK 0001722482; latest 10-K filed 2026-02-11.", "text": "AVTR - Avantor, Inc. SIC 3826 Laboratory Analytical Instruments; CIK 0001722482; latest 10-K filed 2026-02-11. AVTR Avantor, Inc. 0001722482 3826 Laboratory Analytical Instruments Item 7. Management\u2019s discussion and analysis of financial condition and results of operations This discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results may differ materially from those contained in or implied by any forward-looking statements. See \u201cCautionary factors regarding forward-looking statements.\u201d Overview For the fiscal year ended December 31, 2025, we recorded net sales of $6,552.2 million, net loss of $530.2 million, Adjusted EBITDA of $1,069.4 million and Adjusted Operating Income of $957.8 million. Net sales declined 3.4% which included 2.8% organic net sales decrease compared to the same period in 2024. See \u201cReconciliations of non-GAAP measures\u201d for reconciliations of net (loss) income to Adjusted EBITDA and Adjusted Operating Income, and net (loss) income margin to Adjusted EBITDA margin and Adjusted Operating Income margin. See \u201cResults of operations\u201d for a reconciliation and explanation of changes of net sales growth (decline) to organic net sales growth (decline). Segment change Effective January 1, 2024, we changed our operating model and reporting segment structure from three reportable segments to two reportable segments, Laboratory Solutions and Bioscience Production. This structure aligns with how our Chief Executive Officer, who is our CODM, measures segment operating performance and allocates resources across our operating segments. This reportable segment change has no impact on our consolidated operating results. In connection with the operating model and reporting structure change, our CODM changed the measure used to evaluate segment profitability from Adjusted EBITDA to Adjusted Operating Income. All disclosures relating to segment profitability, including those for comparative periods, have been revised as a result of this change. Trends affecting our business and results of operations The following trends have affected our recent operating results, and they may also continue to affect our performance and financial condition in future periods. Our results are impacted by a divestiture to further refine our business model We completed the sale of our Clinical Services business, a component of the Company\u2019s Laboratory Solutions reportable segment, on October 17, 2024. The Clinical Services business was not classified as a discontinued operation as it did not represent a strategic shift that will have a major effect on the Company\u2019s operations and financial results. We have been impacted by inflationary pressures We have experienced inflationary pressures across all of our cost categories. While we have implemented pricing and productivity measures to combat these pressures, they may continue to adversely impact our results. 30 We continue to invest in a differentiated innovation model We are engaging with our customers early in their product development cycles to advance their programs from research and discovery through development and commercialization. These projects include enhancing product purity and performance characteristics, improving product packaging and streamlining workflows. We are also developing new products in emerging areas of science such as cell and gene therapy. We continue to advance our cost transformation initiative to reduce our expenses We are advancing a global cost transformation initiative to further enhance productivity through increased organizational efficiency, footprint optimization, reduced cost-to-serve and procurement savings that are expected to generate approximately $300 million in run rate gross cost savings by the end of 2026. We have expanded this initiative and now expect to generate approximately $400 million in run rate gross savings by the end of 2027. We refinanced our debt and increased our liquidity In the fourth quarter of 2025, we issued \u20ac400.0 million and \u20ac550.0 million of senior secured term loans, maturing in October 2030 and October 2032, respectively. These lo Item 1. Business At Avantor, everything we do is tied to our unique mission of setting science in motion to create a better world. We are a leading global provider of mission-critical products and services to customers in the biopharma & healthcare, education & government, and advanced technologies & applied materials end markets. Our business model is grounded in supporting our customers from discovery to delivery and Avantor is embedded in virtually every stage of the most important research, scale-up and manufacturing activities in the industries we serve. We work with customers across these sophisticated, science-driven industries that require innovation and adherence to the most demanding technical and regulatory requirements. Our customer-centric innovation model enables us to provide solutions for some of the most demanding applications, and we leverage our comprehensive offering and access to early-stage research to identify and develop content and solutions that ultimately become specified into our customers\u2019 approved production platforms. We go to market in two primary ways. First, in our channel business, VWR, we distribute consumables and equipment to laboratories around the world. Second, we manufacture proprietary products used in life sciences and medical technology applications. The VWR channel includes a private label offering that enables more than 5,000 suppliers to provide products using the VWR label; millions of SKUs from the most renowned life sciences suppliers in the world; and value-add services where approximately 2,000 of our associates work alongside our customers to ensure scientists can focus on what they do best. Our specialty product manufacturing offering includes J.T. Baker high-purity chemicals; Masterflex, a fluid handling company; and NuSil, which produces high-purity silicone for human implants. We have a number of distinctive capabilities that set us apart from other companies in our space. For example, our global fo Item 1A. Risk factors Risks related to our business and our industry Significant interruptions in our operations could harm our business, financial condition and results of operations. Any significant disruptions to the operations of our manufacturing or distribution centers or logistics providers for any reason, including labor relations issues, po", "title": "AVTR - Avantor, Inc.", "url": "/company/AVTR/" }, { "kind": "company", "summary": "SIC 2851 Paints, Varnishes, Lacquers, Enamels & Allied Prods; CIK 0001616862; latest 10-K filed 2026-02-13.", "text": "AXTA - Axalta Coating Systems Ltd. SIC 2851 Paints, Varnishes, Lacquers, Enamels & Allied Prods; CIK 0001616862; latest 10-K filed 2026-02-13. AXTA Axalta Coating Systems Ltd. 0001616862 2851 Paints, Varnishes, Lacquers, Enamels & Allied Prods ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion and analysis deals with comparisons of material changes in the consolidated financial statements for 2025 and 2024. For the comparison of 2024 and 2023, see Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our 2024 Annual Report on Form 10-K, filed with the SEC on February 13, 2025. FORWARD-LOOKING STATEMENTS Many statements made in the following discussion and analysis of our financial condition and results of operations and elsewhere in this Annual Report on Form 10-K that are not statements of historical fact, including statements about our beliefs and expectations, are \u201cforward-looking statements\u201d within the meaning of federal securities laws and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan, strategies and capital structure. These statements often include words such as \u201canticipate\u201d, \u201canticipates,\u201d \u201canticipated,\u201d \u201cexpect,\u201d \u201cexpects,\u201d \u201cexpected,\u201d \u201cbelieve,\u201d \u201cbelieves,\u201d \u201cintend,\u201d \u201cintended,\u201d \u201cestimate,\u201d \u201cestimated,\u201d \u201cprojections,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cfuture,\u201d \u201cgoals,\u201d \u201ctargets,\u201d \u201ccan,\u201d \u201cassumptions,\u201d \u201cplans,\u201d \u201cprojected,\u201d \u201cproposed,\u201d \u201cpotential,\u201d \u201cpotentially,\u201d \u201cpossible,\u201d \u201cstrategy,\u201d \u201cthreatened,\u201d \u201cseek\u201d and \u201cforecasts\u201d and the negative of these words or other comparable or similar terminology. We base these forward-looking statements or projections on our current expectations, plans and assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances and at such time. As you read and consider this Annual Report on Form 10-K, you should understand that these statements are not guarantees of performance or results. The forward-looking statements and projections are subject to and involve risks and uncertainties, including, but not limited to, economic, competitive, governmental, including related to any new or existing tariffs imposed by the U.S. and any retaliatory actions from other countries, geopolitical and technological factors outside of our control, as well as risks related to the proposed Merger with AkzoNobel (including our ability to consummate the proposed transaction and realize the anticipated benefits thereof), execution of, and assumptions underlying, our tariff mitigation strategies, the 2024 Transformation Initiative, and the 2026 A Plan, that may cause our business, industry, strategy, financing activities or actual results to differ materially. More information on potential factors that could affect our financial results is available in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d as well as \u201cRisk Factors\u201d in this Annual Report on Form 10-K and in other documents that we have filed with, or furnished to, the SEC, and you should not place undue reliance on these forward-looking statements or projections. Although we believe that these forward-looking statements and projections are based on reasonable assumptions at the time they are made, you should be aware that many factors, including, but not limited to, those described in \u201cRisk Factors,\u201d could affect our actual financial results or results of operations and could cause actual results to differ materially from those expressed in the forward-looking statements and projections. These forward-looking statements should not be construed by you to be exhaustive and are made on ITEM 1. BUSINESS Axalta Coating Systems Ltd. (\u201cAxalta,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d), a Bermuda exempted holding company incorporated in 2012, is a leading global manufacturer, marketer and distributor of high-performance coatings systems and products. We have over a 150-year heritage in the coatings industry and are known for manufacturing high-quality products with well-recognized brands supported by market-leading technology and customer service. Over the course of our history we have remained at the forefront of our industry by continually developing innovative coatings technologies and services designed to enhance the performance, appearance and sustainability attributes of our customers\u2019 products, while improving their productivity and profitability. Our diverse global footprint allows us to meet the needs of our customer base through an extensive sales force and technical support organization, as well as independent, locally-based distributors. Our scale and strong local presence are critical to our success, allowing us to leverage our technology portfolio and customer relationships globally while meeting customer demands locally. We operate our business in two operating segments, Performance Coatings and Mobility Coatings, serving four end-markets globally as highlighted below. The table above reflects numbers for the year ended December 31, 2025. 3 Table of Contents Net sales for our four end-markets and four regions for the year ended December 31, 2025 are highlighted below: Note: Latin America includes Mexico. EMEA represents Europe, Middle East and Africa. Proposed Merger with Akzo Nobel N.V. During November 2025, we entered into a Merger Agreement (the \u201cMerger Agreement\u201d) with Akzo Nobel N.V., a public company with limited liability incorporated under the laws of the Netherlands (\u201cAkzoNobel\u201d) providing for the combination of the Company and AkzoNobel in an all-stock merger (the \u201cMerger\u201d). See Note 1 to the consolidated financial stateme ITEM 1A. RISK FACTORS As a global manufacturer, marketer and distributor of high-performance coatings systems, we operate in a business environment that includes risks. If any of the events contemplated by the following discussion of risks should occur, our business, ", "title": "AXTA - Axalta Coating Systems Ltd.", "url": "/company/AXTA/" }, { "kind": "company", "summary": "SIC 3640 Electric Lighting & Wiring Equipment; CIK 0001144215; latest 10-K filed 2025-10-27.", "text": "AYI - ACUITY INC. (DE) SIC 3640 Electric Lighting & Wiring Equipment; CIK 0001144215; latest 10-K filed 2025-10-27. AYI ACUITY INC. (DE) 0001144215 3640 Electric Lighting & Wiring Equipment Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The purpose of this discussion and analysis is to enhance the understanding and evaluation of the results of operations, financial position, cash flows, indebtedness, and other key financial information of Acuity Inc. (referred to herein as \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d the \u201cCompany,\u201d or similar references) and its subsidiaries for the fiscal years ended August 31, 2025 and 2024. The following discussion should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements included within this report. A discussion of the year ended August 31, 2024 compared to the year ended August 31, 2023 can be found within Part II, Item 7. Management's Discussion and Analysis within our fiscal 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission on October 28, 2024. Overview Company Acuity Inc. (referred to herein as \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d the \u201cCompany,\u201d or similar references) is a market-leading industrial technology company. Effective March 26, 2025, we changed our corporate name from Acuity Brands, Inc. to Acuity Inc. We use technology to solve problems in spaces, light, and more things to come. Through our two business segments, Acuity Brands Lighting (\u201cABL\u201d) and Acuity Intelligent Spaces (\u201cAIS\u201d), we design, manufacture, and bring to market products and services that make a valuable difference in people\u2019s lives. We achieve growth through the development of innovative new products and services, including lighting, lighting controls, building management solutions, and an audio, video, and control platform. We focus on customer outcomes and drive growth and productivity to increase market share and deliver superior returns. We look to aggressively deploy capital to grow the business and to enter attractive new verticals. Financial Condition, Capital Resources, and Liquidity We have numerous sources of capital, including cash on hand and cash flows generated from operations, as well as various sources of financing. Our ability to generate sufficient cash flows from operations or to access certain capital markets, including banks, is necessary to meet our capital allocation priorities, which are to invest in our current business for growth, to invest in mergers and acquisitions, to pay a dividend, and to make share repurchases. Sufficient cash flow generation is also critical to fund our operations in the short and long term and to maintain compliance with covenants contained in our financing agreements. Our significant contractual cash requirements as of August 31, 2025 primarily include principal and interest on outstanding debt, accounts payable, accrued employee compensation, operating lease liabilities, and certain purchase obligations incurred in the ordinary course of business that are enforceable and legally binding. Further details on our borrowings and operating lease liabilities are outlined in the Debt and Lines of Credit, Leases, and Subsequent Event footnotes of the Notes to Consolidated Financial Statements within this Annual Report on Form 10-K. Contractual purchase obligations subsequent to August 31, 2025 include $323.3 million in fiscal 2026. Contractual purchase obligations beyond fiscal 2026 are not significant. We believe that we will be able to meet our liquidity needs over the next 12 months based on our cash on hand, current projections of cash flows from operations, borrowing availability under financing arrangements, and current access to capital markets. Additionally, we believe that our cash flows from operations and sources of funding, including, but not limited to, future borrowings and borrowing capacity, will sufficiently support our long-term liquidity needs. In the event of a sustained market deterioration, we may need additional capital, which would require us to evaluate available alternatives and take appropriate actions. Cash Our cash p Item 1.Business. Overview Acuity Inc. (referred to herein as \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d the \u201cCompany,\u201d or similar references) is a market-leading industrial technology company. We use technology to solve problems in spaces, light, and more things to come. Through our two business segments, Acuity Brands Lighting (\u201cABL\u201d) and Acuity Intelligent Spaces (\u201cAIS\u201d), we design, manufacture, and bring to market products and services that make a valuable difference in people\u2019s lives. We achieve growth through the development of innovative new products and services, including lighting, lighting controls, building management solutions, and an audio, video, and control platform. We focus on customer outcomes and drive growth and productivity to increase market share and deliver superior returns. We look to aggressively deploy capital to grow the business and to enter attractive new verticals. Acuity Brands Lighting Segment Our mission at ABL is to provide sustainable and intelligent lighting solutions that enrich communities where people live, learn, work, and play. We bring this mission to life through our strategy, which is to increase product vitality, elevate service levels, use technology to improve and differentiate both our products and how we operate the business, and drive productivity. At ABL, our offering combines luminaires with advanced electronics. Our luminaires deliver performance and aesthetic appeal, while our electronics portfolio, featuring drivers and a leading controls platform, provides connectivity and functionality. ABL's portfolio of products includes, but is not limited to the following brands: AculuxTM, American Electric Lighting\u00ae, CycloneTM, Dark to Light\u00ae, eldoLED\u00ae, Eureka\u00ae, FrescoTM, Gotham\u00ae, Healthcare Lighting\u00ae, Holophane\u00ae, Hydrel\u00ae, IOTA\u00ae, Juno\u00ae, Lithonia Lighting\u00ae, Luminaire LEDTM, Luminis\u00ae, Mark Architectural LightingTM, NightingaleTM, nLight\u00ae, Peerless\u00ae, RELOC\u00ae Wiring Solutions, and SensorSwitchTM. Customers of ABL are located in North America and Item 1A.Risk Factors. This filing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. A variety of risks and uncertainties could cause our actual results to differ materially from the anticipated results or other expectations expressed in our forward-looking statem", "title": "AYI - ACUITY INC. (DE)", "url": "/company/AYI/" }, { "kind": "company", "summary": "SIC 8742 Services-Management Consulting Services; CIK 0001443646; latest 10-K filed 2026-05-22.", "text": "BAH - Booz Allen Hamilton Holding Corp SIC 8742 Services-Management Consulting Services; CIK 0001443646; latest 10-K filed 2026-05-22. BAH Booz Allen Hamilton Holding Corp 0001443646 8742 Services-Management Consulting Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis is intended to help the reader understand our business, financial condition, results of operations, and liquidity and capital resources. You should read this discussion in conjunction with our consolidated financial statements and the related notes contained elsewhere in this Annual Report, and Part II, Item 7 \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Form 10-K for the fiscal year ended March 31, 2025, which provides additional information on comparisons of fiscal 2025 and 2024. The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity and capital resources, and other non-historical statements in this discussion are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in \u201cItem 1A. Risk Factors\u201d and \u201cIntroductory Note \u2014 Cautionary Note Regarding Forward-Looking Statements.\u201d Our actual results may differ materially from those contained in or implied by any forward-looking statements. Our fiscal year ends March 31 and, unless otherwise noted, references to years or fiscal are for fiscal years ended March 31. See \u201c\u2014 Results of Operations.\u201d Overview Booz Allen is an advanced technology company, building products and solutions for government and business. We are a leader at the forefront of the nation\u2019s technology ecosystem. Our approximately 31,500 employees build tech for a diverse base of federal government and commercial customers, both domestically and in select foreign locations. By investing in emerging technologies, talent, and new business models, including partnerships with leading technology companies, venture investments, and the development of military grade products, we are accelerating the delivery of tech solutions. Non-GAAP Measures We publicly disclose certain non-GAAP financial measurements, including Revenue, Excluding Billable Expenses, EBITDA and Adjusted EBITDA, because management uses these measures for business planning purposes, including to manage our business against internal projected results of operations and measure our performance. We view Adjusted EBITDA as a measure of our core operating business, which excludes the impact of the items detailed below, as these items are generally not operational in nature. These non-GAAP measures also provide another basis for comparing period to period results by excluding potential differences caused by non-operational and unusual or non-recurring items. In addition, we use Revenue, Excluding Billable Expenses because it provides management useful information about the Company's operating performance by excluding the impact of costs such as subcontractor expenses, travel expenses, and other non-labor expenses incurred to perform on contracts. Billable expenses generally have lower margin and thus are less indicative of our profit generation capacity. Management believes this metric provides useful information about our business.These supplemental performance measurements may vary from and may not be comparable to similarly titled measures by other companies in our industry. Revenue, Excluding Billable Expenses, EBITDA and Adjusted EBITDA are not recognized measurements under accounting principles generally accepted in the United States (\u201cGAAP\u201d) and when analyzing our performance, investors should (i) evaluate each adjustment in our reconciliation of revenue to Revenue, Excluding Billable Expenses, net income to EBITDA and Adjusted EBITDA, and (ii) use Revenue, Excluding Billable Expenses, EBITDA and Adjusted EBITDA in addition to, and not as an alternative to, revenue and net income, as measures of operating results, each as defined under GAAP. We have defined the aforementioned non-G Item 1. Business. Overview Booz Allen Hamilton Holding Corporation (herein referred to as \u201cBooz Allen,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) is an advanced technology company building products and solutions for government and business. For more than 112 years, Booz Allen has evolved to meet the needs of commercial, international, and government customers. After September 11th, 2001, the Company undertook a fundamental transformation when it expanded into critical and sensitive national security missions. Our teams began delivering mission impact, executing full-spectrum cyber operations, helping the U.S. military counter the threat of improvised explosive devices (\u201cIEDs\u201d), standing up counter-terrorism fusion centers, and supporting intelligence missions. This work helped lay the foundation for the Company\u2019s national security portfolio and strengthened its credibility in highly complex missions. In 2008, a strategic business decision was made to prioritize and protect the Company\u2019s government and national security interests and spin off its global commercial business. In 2013, Booz Allen began another massive multi-year transformation by making significant investments in the emerging technologies that would help transform government. The Company rebuilt its workforce with technologists that bring deep mission expertise in national security and other core government missions. These investments propelled Booz Allen as a leader in artificial intelligence (\u201cAI\u201d), cyber, quantum, and other advanced technologies. Today, Booz Allen is a leader at the forefront of the nation\u2019s technology ecosystem. We build tech for a diverse base of federal government and commercial customers, both domestically and in select foreign locations. By investing in emerging technologies, talent, and new business models, including partnerships with leading technology companies, venture investments, and the development of military grade products, we are accelerating the delivery of tech sol Item 1A. Risk Factors. You should consider and read carefully all of the risks and uncertainties described below, as well as other information included in this Annual Report, including our consolidated financial statements and related notes. The risks described below are not the only on", "title": "BAH - Booz Allen Hamilton Holding Corp", "url": "/company/BAH/" }, { "kind": "company", "summary": "SIC 5990 Retail-Retail Stores, NEC; CIK 0000701985; latest 10-K filed 2026-03-12.", "text": "BBWI - Bath & Body Works, Inc. SIC 5990 Retail-Retail Stores, NEC; CIK 0000701985; latest 10-K filed 2026-03-12. BBWI Bath & Body Works, Inc. 0000701985 5990 Retail-Retail Stores, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis of financial condition and results of operations is based upon our Consolidated Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (\u201cGAAP\u201d) as codified in the Accounting Standards Codification (\u201cASC\u201d). The following information should be read in conjunction with our financial statements and the related notes included in Item 8. Financial Statements and Supplementary Data. Our operating results are generally impacted by economic changes and, therefore, we monitor the retail environment using, among other things, certain key industry performance indicators including competitor performance and traffic data. These indicators can provide insight into consumer spending patterns and shopping behavior in the current retail environment and assist us in assessing our performance as well as the potential impact of industry trends on our future operating results. Additionally, we evaluate a number of key performance indicators including net sales, gross profit, operating income and other performance metrics, such as sales per average selling square foot and sales per average store, in assessing our performance. A discussion regarding our financial condition and results of operations for 2025 compared to 2024 is presented below. A discussion regarding our financial condition and results of operations for 2024 compared to 2023 can be found under Item 7. of our Annual Report on Form 10-K for the year ended February 1, 2025, filed with the SEC on March 14, 2025. Executive Overview Our 2025 performance did not meet our expectations. While we believe macroeconomic pressures impacted consumer sentiment throughout the year, we also underperformed in our sector. Accordingly, we took actions to help return the Company to sustainable growth. During the second quarter, we welcomed our new Chief Executive Officer, Daniel Heaf, to the business and, in the third quarter, launched the Consumer First Formula, our multi-year, comprehensive transformation plan to revitalize Bath & Body Works across brand, product and marketplace. The Consumer First Formula invests behind our four largest revenue driving opportunities to try to attract new, younger consumers to the brand, which we expect will help us unlock our next era of sustainable growth: \u2022Creating Disruptive and Innovative Products: We intend to reestablish best in class product leadership in our hero categories. \u2022Reigniting the Brand: We expect to invest in marketing to build a brand with cultural currency, showing up in culture through creators, in store visuals and bigger storytelling, creating meaningful emotional connections with consumers. \u2022Winning in the Marketplace: We plan to expand access and ease of discovery through an enhanced digital experience, third party channels and refreshed in-store merchandising to acquire new and lapsed consumers. 25 Table of Contents \u2022Operating with Speed and Efficiency: We are working to transform Bath & Body Works to be a faster and more efficient organization by empowering teams, working with focus and agility to prioritize what customers care about most. We have plans to deliver $250 million in cost savings over the next two years, with $175 million expected in fiscal 2026. We expect that these savings will be used to invest in revenue-generating initiatives across product and brand. Fiscal 2025 Overview For 2025, total Net Sales were $7,291 million, which decreased $16 million, or 0.2%, compared to 2024. Total North American Net Sales decreased $31 million compared to 2024, due to a decline in transactions mostly offset by increased order size, and International Net Sales increased $15 million. For 2025, Operating Income was $1,126 million, which decreased $140 million, or 11%, compared to 2024, and our Operating Income rate (exp ITEM 1. BUSINESS. General Bath & Body Works is a global leader in personal care and home fragrance, driven by the belief that everybody deserves to feel good. For over 35 years, the brand\u2019s beloved and iconic scents have been expertly crafted for exceptional performance and a luxury fragrance experience. Formulated with thoughtfully chosen ingredients, Bath & Body Works\u2019 body care products are available in multiple forms including fine fragrance mist, body cream, lotion, eau de parfum, body wash, hand soap, sanitizer and more, and home to our famous 3-wick candles. Consumers can shop Bath & Body Works anytime and anywhere they choose, from welcoming, in-store experiences at 1,927 company-operated stores in the United States of America (\u201cU.S\u201d) and Canada, our e-commerce sites in the U.S. and Canada, 573 international stores and 34 e-commerce sites in more than 45 other countries, as well as Amazon. Throughout this Annual Report on Form 10-K, we refer to Bath & Body Works, Inc. as \u201cwe\u201d and the \u201cCompany.\u201d Fiscal Year We utilize the retail calendar for reporting and our fiscal year ends on the Saturday nearest to January 31. As a result, \u201c2025\u201d refers to the 52-week period ended January 31, 2026, \u201c2024\u201d refers to the 52-week period ended February 1, 2025 and \u201c2023\u201d refers to the 53-week period ended February 3, 2024. Strategy Our strategy is rooted in the Consumer First Formula, launched in the third quarter of 2025, which puts the consumer at the center of everything we do. The Consumer First Formula is a multi-year, comprehensive transformation plan to revitalize Bath & Body Works across brand, product and marketplace. We are focused on our four largest revenue driving opportunities to try to attract new, younger consumers to the brand, which we expect will help us unlock our next era of sustainable growth: \u2022Creating Disruptive and Innovative Products: We intend to reestablish best in class product leadership in our hero categories. \u2022Reigniting the Brand: We ITEM 1A. RISK FACTORS. We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this report or made by our Company or our management involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our contro", "title": "BBWI - Bath & Body Works, Inc.", "url": "/company/BBWI/" }, { "kind": "company", "summary": "SIC 3510 Engines & Turbines; CIK 0000014930; latest 10-K filed 2026-02-13.", "text": "BC - BRUNSWICK CORP SIC 3510 Engines & Turbines; CIK 0000014930; latest 10-K filed 2026-02-13. BC BRUNSWICK CORP 0000014930 3510 Engines & Turbines Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Certain statements in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of Brunswick Corporation (the Company, we, us, our) are forward-looking statements. Forward-looking statements are based on current expectations, estimates, and projections about our business and by their nature address matters that are, to different degrees, uncertain. Actual results may differ materially from expectations and projections as of the date of this filing due to various risks and uncertainties. For additional information regarding forward-looking statements, refer to Forward-Looking Statements above. Certain statements in Management's Discussion and Analysis are based on non-GAAP financial measures. GAAP refers to generally accepted accounting principles in the United States. A \"non-GAAP financial measure\" is a numerical measure of a registrant\u2019s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the consolidated statements of operations, balance sheets or statements of cash flows of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. For example, the discussion of our cash flows includes an analysis of free cash flows and total liquidity; the discussion of our net sales includes net sales on a constant currency basis; the discussion of our net sales includes net sales excluding acquisitions; and the discussion of our earnings includes a presentation of operating earnings and operating margin excluding restructuring, exit and impairment charges, purchase accounting amortization, acquisition, integration, and IT related costs, IT security incident costs and other applicable charges and of diluted earnings per common share, as adjusted. Non-GAAP financial measures do not include operating and statistical measures. We include non-GAAP financial measures in Management's Discussion and Analysis as management believes these measures and the information they provide are useful to investors because they permit investors to view our performance using the same tools that management uses to evaluate our ongoing business performance. In order to better align our reported results with the internal metrics management uses to evaluate business performance as well as to provide better comparisons to prior periods and peer data, non-GAAP measures exclude the impact of purchase accounting amortization related to acquisitions, among other adjustments. We do not provide forward-looking guidance for certain financial measures on a GAAP basis because we are unable to predict certain items contained in the GAAP measures without unreasonable effort. These items may include restructuring, exit and impairment costs, special tax items, acquisition-related costs, and certain other unusual adjustments. For a discussion of Brunswick's consolidated results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, refer to Part II, Item 7 \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 14, 2025. 29 Table of Contents IT Security Incident In June 2023, the Company experienced an IT security incident that impacted some of its systems and global facilities. Please refer to Note 1 \u2013 Significant Accounting Policies in the Notes to the Consolidated Financial Statements for further details. Acquisitions On September 12, 2024, we acquired additional Freedom Boat Club franchise operations and territori Item 1. Business References to \"we,\" \"us,\" \"our,\" the \"Company,\" \"Brunswick,\" and \"Brunswick Corporation\" refer to Brunswick Corporation and its consolidated subsidiaries unless the context specifically states or implies otherwise. Brunswick Corporation is a global leader in marine recreation, delivering innovation that transforms experiences on the water and beyond. Our unique, technology-driven solutions are informed and inspired by deep consumer insights and powered by our belief that \u201cNext Never Rests.\"\u2122 We design, manufacture, and market recreational marine products, including leading marine propulsion products and boats, as well as parts and accessories for the marine and RV markets, and we operate the world's largest boat club. We are dedicated to global industry leadership, to being the best and most trusted partner to our many customers, and to building synergies and ecosystems that enable us to challenge convention and define the future. Incorporated in Delaware on December 31, 1907, Brunswick has traded on the New York Stock Exchange for over 100 years. Our strategy is focused on: \u2022Enhancing our unique, cycle resistant portfolio of industry-leading brands across multiple marine categories; \u2022Understanding and addressing the changing needs and behaviors of global boating participants; \u2022Investing in innovative, global product leadership and leveraging our leading brands to meet consumer needs; \u2022Providing customers industry-leading quality and customer support; \u2022Delivering distinctive, elevated ownership and shared-access experiences that expand boating participation; \u2022Being the partner of choice to our customers by offering integrated technical and business solutions; \u2022Engaging consumers with the richest, most intuitive digital experiences; \u2022Leading the industry in innovative technologies, including artificial intelligence and Autonomy, Connectivity, Electrification, and Shared-Access (ACES) applications; \u2022Unlocking unique and profound enterprise Item 1A. Risk Factors Our operations and financial results are subject to certain risks and uncertainties, including those described below, which could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our common stock. RISKS RELATED TO ECONOMIC AND MARKET CONDITIONS Worldwide economic conditions significantly ", "title": "BC - BRUNSWICK CORP", "url": "/company/BC/" }, { "kind": "company", "summary": "SIC 4731 Arrangement of Transportation of Freight & Cargo; CIK 0000078890; latest 10-K filed 2026-02-26.", "text": "BCO - BRINKS CO SIC 4731 Arrangement of Transportation of Freight & Cargo; CIK 0000078890; latest 10-K filed 2026-02-26. BCO BRINKS CO 0000078890 4731 Arrangement of Transportation of Freight & Cargo ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS THE BRINK\u2019S COMPANY MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS AS OF DECEMBER 31, 2025 AND 2024 AND FOR EACH OF THE YEARS IN THE THREE-YEAR PERIOD ENDED DECEMBER 31, 2025 TABLE OF CONTENTS [[GREPCENT_TABLE]] [[\"\",\"\",\"Page\"],[\"OPERATIONS\",\"23\"],[\"RESULTS OF OPERATIONS\"],[\"\",\"Analysis of Results\",\"24\"],[\"\",\"Analysis of Income and Expense Not Allocated to Segments\",\"27\"],[\"\",\"Other Operating Income and Expense\",\"30\"],[\"\",\"Nonoperating Income and Expense\",\"31\"],[\"\",\"Income Taxes\",\"32\"],[\"\",\"Noncontrolling Interests\",\"33\"],[\"\",\"Non-GAAP Results Reconciled to GAAP\",\"34\"],[\"\",\"Foreign Operations\",\"39\"],[\"LIQUIDITY AND CAPITAL RESOURCES\"],[\"\",\"Overview\",\"40\"],[\"\",\"Operating Activities\",\"40\"],[\"\",\"Investing Activities\",\"41\"],[\"\",\"Financing Activities\",\"42\"],[\"\",\"Effect of Exchange Rate Changes on Cash and Cash Equivalents\",\"43\"],[\"\",\"Capitalization\",\"44\"],[\"\",\"Off Balance Sheet Arrangements\",\"45\"],[\"\",\"U.S. Retirement Liabilities\",\"46\"],[\"\",\"Contingent Matters\",\"48\"],[\"APPLICATION OF CRITICAL ACCOUNTING POLICIES\"],[\"\",\"Deferred Tax Asset Valuation Allowance\",\"49\"],[\"\",\"Business Acquisitions\",\"50\"],[\"\",\"Goodwill, Other Intangible Assets and Property and Equipment Valuations\",\"51\"],[\"\",\"Retirement and Postemployment Benefit Obligations\",\"52\"],[\"\",\"Foreign Currency Translation\",\"56\"]] [[/GREPCENT_TABLE]] The discussion of operating results and financial condition comparing 2024 versus 2023 can be found in Item 7. Management's Discussion and Analysis of Financial Conditions and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024 (\"2024 10-K\"), starting on page 21. 22 OPERATIONS The Brink\u2019s Company is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services throughout the world. These services include: Cash and Valuables Management \u2022Cash-in-transit (\"CIT\") services \u2013 armored vehicle transportation of cash and coin \u2022Basic ATM services \u2013 cash replenishment and treasury management of automated teller machines (\"ATMs\") \u2022Brink's Global Services (\"BGS\") \u2013 secure international transportation, pick-up, packaging, customs clearance, secure vault storage, and inventory management of high-value commodities and goods \u2022Cash management services \u2013 counting, sorting, wrapping, check imaging, cashier balancing, counterfeit detection, account consolidation and electronic reporting \u2022Vaulting services \u2013 combines CIT services, cash management, vaulting and electronic reporting technologies for banks \u2022Other Services \u2013 guarding, commercial security, and payment services Digital Retail Solutions (\"DRS\") and ATM Managed Services (\"AMS\") \u2022DRS \u2013 services that facilitate faster access to cash deposits leveraging Brink\u2019s tech-enabled devices and software platforms that enable enhanced customer analytics and visibility \u2022AMS \u2013 comprehensive solutions for ATM management, including cash forecasting, cash optimization, ATM remote monitoring, service call dispatching, transaction processing, first and second line maintenance, parts provisioning, funds settlements and installation services We manage our business in the following four segments: \u2022North America \u2013 operations in the U.S. and Canada, including the BGS line of business, \u2022Latin America \u2013 operations in Latin American countries where we have an ownership interest, including the BGS line of business, \u2022Europe \u2013 predominantly operations in European countries that primarily provide services outside of the BGS line of business, and \u2022Rest of World \u2013 operations in the Middle East, Africa and Asia. This segment also includes total operations in European countries that primarily provide BGS services and BGS activity in Latin American countries where we do not have an ownership interest. We believe that Brink\u2019s has significant competitive advantages including: \u2022brand recogn ITEM 1. BUSINESS Overview The Brink\u2019s Company is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services. Our customers include financial institutions, retailers, government agencies, mints, jewelers and other commercial operations around the world. Our global network serves customers in more than 100 countries. We have controlling ownership interests in companies in 51 countries and agency relationships with companies in additional countries. We employ approximately 65,400 people and our operations include approximately 1,200 facilities and 15,900 vehicles. We manage our business in the following four segments: \u2022North America \u2013 operations in the U.S. and Canada, including the Brink\u2019s Global Services (\"BGS\") line of business, \u2022Latin America \u2013 operations in Latin American countries where we have an ownership interest, including the BGS line of business, \u2022Europe \u2013 predominantly operations in European countries that primarily provide services outside of the BGS line of business, and \u2022Rest of World \u2013 operations in the Middle East, Africa and Asia. This segment also includes total operations in European countries that primarily provide BGS services and BGS activity in Latin American countries where we do not have an ownership interest. Brink\u2019s was founded in 1859 and The Brink\u2019s Company was first incorporated in 1930 under the laws of the State of Delaware (at that time, the Company was named The Pittston Company). It succeeded to the business of a Virginia corporation in 1986 and was renamed The Brink\u2019s Company in 2003. Our headquarters are located in Richmond, Virginia. The Brink\u2019s Company, along with its subsidiaries, is referred to as \u201cwe,\u201d \u201cour,\u201d, \u201cus,\u201d \u201cBrink\u2019s,\u201d or \u201cthe Company\u201d throughout this Annual Report on Form 10-K for the period ended December 31, 2025 (\"this Form 10-K\"). 1 Strategy Our strategy is centered on delivering a superior customer experience and driving continuous improvement. Our ITEM 1A. RISK FACTORS Business Risks Our strategy may not be successful. Our strategy is to grow Brink's by providing solutions that secure commerce through the delivery of customer-focused innovation while operating with excellence and efficiency. We may not be successful in growing revenue in our services lines or in improving the cost", "title": "BCO - BRINKS CO", "url": "/company/BCO/" }, { "kind": "company", "summary": "SIC 3357 Drawing & Insulating of Nonferrous Wire; CIK 0000913142; latest 10-K filed 2026-02-17.", "text": "BDC - BELDEN INC. SIC 3357 Drawing & Insulating of Nonferrous Wire; CIK 0000913142; latest 10-K filed 2026-02-17. BDC BELDEN INC. 0000913142 3357 Drawing & Insulating of Nonferrous Wire Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview Belden is a leading global supplier of complete connection solutions that unlock untold possibilities for our customers, their customers and the world. We advance ideas and technologies that enable a safer, smarter and more prosperous future. Throughout our 120-plus year history we have evolved as a company, but making connections remains our purpose. By connecting people, information and ideas, we make it possible. Our long-term business goals are to: \u2022Achieve mid-single-digit annual revenue growth; \u2022Deliver incremental Adjusted EBITDA margins between 25% to 30%; \u2022Generate free cash flow margin approaching 10%; \u2022Execute a disciplined capital allocation strategy while maintaining net leverage around 1.5x; and \u2022Strive for annual Adjusted EPS growth of 10% to 12%. Significant Trends and Events in 2025 The following trends and events during 2025 had varying effects on our financial condition, results of operations, and cash flows. Foreign currency Our exposure to currency rate fluctuations primarily relates to exchange rate movements between the U.S. dollar and the euro, Canadian dollar, Hong Kong dollar, Chinese yuan, Mexican peso, Australian dollar, British pound, and Indian rupee. Generally, as the U.S. dollar strengthens against these foreign currencies, our revenues and earnings are negatively impacted as our foreign denominated revenues and earnings are translated into U.S. dollars at a lower rate. Conversely, as the U.S. dollar weakens against foreign currencies, our revenues and earnings are positively impacted. Because all of our senior subordinated notes are denominated in euros, interest expense on the notes is affected by exchange rate movements between the U.S. dollar and the euro. In addition to the translation impact described above, currency rate fluctuations have an economic impact on our financial results. As the U.S. dollar strengthens or weakens against foreign currencies, it results in a relative price increase or decrease for certain of our products that are priced in U.S. dollars in a foreign location. Commodity Prices Our operating results can be affected by changes in prices of commodities, primarily copper and compounds, which are components in some of the products we sell. Generally, as the costs of inventory purchases increase due to higher commodity prices, we raise selling prices to customers to cover the increase in costs, resulting in higher sales revenue but a lower gross profit percentage. Conversely, a decrease in commodity prices would result in lower sales revenue but a higher gross profit percentage. Selling prices of our products are affected by many factors, including end market demand, capacity utilization, overall economic conditions, and commodity prices. Importantly, however, there is no exact measure of the effect of changing commodity prices, as there are thousands of transactions in any given quarter, each of which has various factors involved in the individual pricing decisions. Therefore, all references to the effect of copper prices or other commodity prices are estimates. Channel Inventory Our operating results also can be affected by the levels of Belden products purchased and held as inventory by our channel partners and customers. Our channel partners and customers purchase and hold our products in their inventory in order to meet the service and on-time delivery requirements of their customers. Generally, as our channel partners and customers change the level of Belden products owned and held in their inventory, it impacts our revenues. Comparisons of our results between periods can be impacted by changes in the levels of channel inventory. We are dependent upon our channel partners to provide us with information regarding the amount of our products that they own and hold in their inventory. As such, all references to the effect of channel inventory changes Item 1. Business General Belden Inc. (the Company, us, we, or our) is a leading global supplier of complete connection solutions that unlock untold possibilities for our customers, their customers and the world. We advance ideas and technologies that enable a safer, smarter and more prosperous future. Throughout our 120-plus year history we have evolved as a company, but making connections remains our purpose. Our business is organized around two global businesses, Smart Infrastructure Solutions and Automation Solutions, both of which benefit from favorable secular trends which we expect to drive future growth. Each business represents a reportable segment. Financial information about our segments appears in Note 5 to the Consolidated Financial Statements. We sell our products to distributors, end-users, installers, and directly to original equipment manufacturers (OEMs). Belden Inc. is a Delaware corporation incorporated in 1988, but the Company\u2019s roots date back to its founding by Joseph Belden in 1902. As used herein, unless an operating segment is identified or the context otherwise requires, \u201cBelden,\u201d the \u201cCompany\u201d, and \u201cwe\u201d refer to Belden Inc. and its subsidiaries as a whole. Strategy and Business Model Our purpose is to make connections. Within Smart Infrastructure Solutions, our Smart Buildings products offer in-building wired and wireless infrastructures, fiber technology innovation, and design collaboration and customization to connect people with facilities through innovative solutions for enhanced human engagement, productivity, and security. Also within Smart Infrastructure Solutions, our Broadband Solutions products offer a broad portfolio of end-to-end solutions, industry-leading innovation and technology, and worldwide technical service and support to enable a connected, digital world through broadband and wireless innovation. Within Automation Solutions, we are uniquely positioned to support digital transformation by providing end-to-end digit Item 1A. Risk Factors Following is a discussion of some of the more significant risks that could materially impact our business. There may be additional risks that impact our business that we currently do not recognize as, or that are not currently, material to our business. Business and Operational Risks Cyber security incidents hav", "title": "BDC - BELDEN INC.", "url": "/company/BDC/" }, { "kind": "company", "summary": "SIC 6311 Life Insurance; CIK 0001685040; latest 10-K filed 2026-02-24.", "text": "BHF - Brighthouse Financial, Inc. SIC 6311 Life Insurance; CIK 0001685040; latest 10-K filed 2026-02-24. BHF Brighthouse Financial, Inc. 0001685040 6311 Life Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Index to Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Introduction\",\"66\"],[\"Executive Summary\",\"67\"],[\"Risk Management Strategies\",\"68\"],[\"Industry Trends and Uncertainties\",\"69\"],[\"Summary of Critical Accounting Estimates\",\"70\"],[\"Non-GAAP Financial Disclosures\",\"73\"],[\"Results of Operations\",\"75\"],[\"Investments\",\"86\"],[\"Derivatives\",\"94\"],[\"Policyholder Liabilities\",\"95\"],[\"Liquidity and Capital Resources\",\"97\"]] [[/GREPCENT_TABLE]] 65 Table of Contents The following discussion may contain forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those factors discussed below and elsewhere in this report, particularly in \u201cNote Regarding Forward-Looking Statements and Summary of Risk Factors\u201d and \u201cRisk Factors.\u201d This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should also be read in conjunction with \u201cQuantitative and Qualitative Disclosures About Market Risk\u201d and our consolidated financial statements included elsewhere herein. Introduction This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is intended to help the reader understand the results of operations, financial condition and cash flows of Brighthouse Financial for the periods indicated. In addition to Brighthouse Financial, Inc., the companies and businesses included in the results of operations, financial condition and cash flows are: \u2022Brighthouse Life Insurance Company (together with its subsidiaries and affiliates, \u201cBLIC\u201d), our largest insurance subsidiary, domiciled in Delaware and licensed to write business in all U.S. states (except New York), the District of Columbia, the Bahamas, Guam, Puerto Rico, the British Virgin Islands and the U.S. Virgin Islands; \u2022NELICO, domiciled in Massachusetts and licensed to write business in all U.S. states and the District of Columbia; \u2022BHNY, domiciled in New York and licensed to write business only in New York, which is a subsidiary of Brighthouse Life Insurance Company; \u2022BRCD, our reinsurance subsidiary domiciled and licensed in Delaware, which is a subsidiary of Brighthouse Life Insurance Company; \u2022Brighthouse Advisers, serving as investment advisor to certain proprietary funds that are underlying investments under our and MetLife\u2019s variable insurance products; \u2022Brighthouse Services, LLC, an internal services and payroll company; \u2022Brighthouse Securities, registered as a broker-dealer with the SEC, approved as a member of FINRA, registered as a broker-dealer and licensed as an insurance agency in all required states; and \u2022Brighthouse Holdings, LLC (\u201cBH Holdings\u201d), a direct holding company subsidiary of Brighthouse Financial, Inc. domiciled in Delaware. Prior to discussing our results of operations, we present information that we believe is useful to understanding the discussion of our financial results. This information precedes our results of operations discussion and is most beneficial when read in the sequence presented. A summary of key informational sections is as follows: \u2022\u201cExecutive Summary\u201d provides summarized information regarding our business, segments and financial results. \u2022\u201cRisk Management Strategies\u201d describes the Company\u2019s risk management strategies to protect against capital markets and other economic risks. \u2022\u201cIndustry Trends and Uncertainties\u201d discusses updates and changes to a number of trends and uncertainties that we believe may materially affect our future financial condition, results of operations or cash flows. \u2022\u201cSummary of Critical Accounting Estimates\u201d explains what we believe to be the most critical estimates and judgments applied in determining our result Item 1. Business Index to Business [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Our Company\",\"6\"],[\"Segment Information\",\"6\"],[\"Reinsurance Activity\",\"16\"],[\"Sales Distribution\",\"19\"],[\"Regulation\",\"20\"],[\"Competition\",\"32\"],[\"Human Capital Resources\",\"32\"],[\"Information About Our Executive Officers\",\"34\"],[\"Intellectual Property\",\"34\"],[\"Available Information and the Brighthouse Financial Website\",\"35\"]] [[/GREPCENT_TABLE]] 5 Table of Contents Our Company We are one of the largest providers of annuity and life insurance products in the U.S. with over 2.0 million annuity contracts and insurance policies in force at December 31, 2025. We deliver our products through multiple independent distribution channels and marketing arrangements with a diverse network of distribution partners. We primarily transact business through our insurance subsidiaries, Brighthouse Life Insurance Company, Brighthouse Life Insurance Company of NY (\u201cBHNY\u201d) and New England Life Insurance Company (\u201cNELICO\u201d); however, NELICO does not currently write new business. We believe we are a financially disciplined company with an emphasis on independent distribution and that our strategy of offering a targeted set of products to serve our customers and distribution partners will enhance our ability to invest in our business and distribute cash to our shareholders over time. We also believe that general demographic trends in the U.S. population, the increase in under-insured individuals, the potential risk to governmental social safety net programs and the shifting of responsibility for retirement planning and financial security from employers and other institutions to individuals will create opportunities to generate significant demand for our products. Risk management of both our in-force book and our new business to enhance sustained, long-term shareholder value is fundamental to our strategy. In writing new business, we assess the value of new products by taking into account the amount and timing of c Item 1A. Risk Factors Index to Risk Factors [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Overview\",\"37\"],[\"Risks Related to the Merger\",\"37\"],[\"Risks Related to Our Business\",\"38\"],[\"Economic Environment and Capital Markets-Related Risks\",\"48\"],[\"Risks Related to Our Investment Portfolio\",\"51\"],[\"Regulatory and Legal Risks\",\"55\"],[\"Operational Risks\",\"57\"],[\"Risks Re", "title": "BHF - Brighthouse Financial, Inc.", "url": "/company/BHF/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001786352; latest 10-K filed 2025-08-28.", "text": "BILL - BILL Holdings, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001786352; latest 10-K filed 2025-08-28. BILL BILL Holdings, Inc. 0001786352 7372 Services-Prepackaged Software Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this Annual Report on Form 10-K includes forward-looking statements that involve risks and uncertainties. You should read the sections titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Our fiscal year end is June 30, and our fiscal quarters end on September 30, December 31, and March 31. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations focuses on a discussion of fiscal 2025 compared to fiscal 2024. A discussion of fiscal 2024 compared to fiscal 2023 can be found under Item 7 of Part II in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the SEC on August 23, 2024, which is available free of charge on the SEC\u2019s website at www.sec.gov and on the Investor Relations section of our corporate website at investor.bill.com. Overview We are a leading financial operations platform for small and midsize businesses (SMBs). As a champion of SMBs, we are automating the future of finance so businesses can thrive. Our integrated platform helps businesses to more efficiently control their payables, receivables, and spend and expense management. Hundreds of thousands of businesses rely on BILL\u2019s proprietary network of millions of members to pay or get paid faster. Headquartered in San Jose, California, we are a trusted partner of leading U.S. financial institutions, accounting firms, and software providers. Our purpose-built, artificial intelligence (AI)-enabled financial software platform creates seamless connections between our customers, their suppliers, and their clients. Businesses on our platform generate and process invoices, streamline approvals, make and receive payments, manage employee expenses, sync with their accounting system, foster collaboration, and manage their cash flow. We have built sophisticated integrations with popular software solutions, banks, card issuers, and payment processors, enabling our customers to access these mission-critical services quickly and easily. Our integrated platform also includes BILL Spend and Expense, our spend and expense management product, which provides a solution for businesses to have smart corporate cards, build and monitor budgets, manage payments, and eliminate the need for manual expense reports. We efficiently reach SMBs through our proven direct and indirect go-to-market strategies. We acquire new businesses to use our solutions directly through digital marketing and inside sales, and indirectly through accounting firms, financial institution partnerships and software providers. As of June 30, 2025, our partners included some of the most trusted brands in the financial services business, including more than 85 of the top 100 accounting firms and six of the top ten largest financial institutions for SMBs in the United States (U.S.), including JPMorgan Chase, Bank of America, Wells Fargo Bank, and American Express. As we add customers and partners, we expect our network to continue to grow organically. We have grown rapidly and scaled our business operations in recent periods. Our revenue was $1.5 billion and $1.3 billion during fiscal 2025 and 2024, respectively, a year-over-year increase of $172.4 million. We generated net income of $23.8 million and net loss of $28.9 million during fiscal 2025 and 2024, respectively. Macroeconomic and Other Factors Current macroeconomic conditions and uncertainties Item 1. BUSINESS Overview Our mission is to make it simple to connect and do business. We are a leading financial operations platform for small and midsize businesses (SMBs). As a champion of SMBs, we are automating the future of finance so businesses can thrive. Our integrated platform helps businesses to more efficiently control their payables, receivables, and spend and expense management. Hundreds of thousands of businesses rely on BILL\u2019s proprietary network of millions of members to pay or get paid faster. Headquartered in San Jose, California, we are a trusted partner of leading U.S. financial institutions, accounting firms, and software providers. BILL's purpose-built, artificial intelligence (AI)-enabled financial software platform creates seamless connections between our customers, their suppliers, and their clients. Businesses on our platform generate and process invoices, streamline approvals, make and receive payments, manage employee expenses, sync with their accounting system, foster collaboration, and manage their cash flow. We have built sophisticated integrations with popular software solutions, banks, card issuers, and payment processors, enabling our customers to access these mission-critical services quickly and easily. Our integrated platform also includes BILL Spend and Expense, our spend and expense management product, which provides a solution for businesses to have smart corporate cards, build and monitor budgets, manage payments, and eliminate the need for manual expense reports. As of June 30, 2025, approximately 493,800 businesses used our solutions and processed approximately $330 billion in Total Payment Volume (TPV) during fiscal 2025. As of June 30, 2025, approximately 8.3 million network members have paid or received funds electronically using our platform. See \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2014 Key Business Metrics\u201d for definitions and a detailed discussion of our key busine Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should consider carefully the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Oper", "title": "BILL - BILL Holdings, Inc.", "url": "/company/BILL/" }, { "kind": "company", "summary": "SIC 3826 Laboratory Analytical Instruments; CIK 0000012208; latest 10-K filed 2026-02-13.", "text": "BIO - BIO-RAD LABORATORIES, INC. SIC 3826 Laboratory Analytical Instruments; CIK 0000012208; latest 10-K filed 2026-02-13. BIO BIO-RAD LABORATORIES, INC. 0000012208 3826 Laboratory Analytical Instruments ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This discussion should be read in conjunction with the information contained in our consolidated financial statements and the accompanying notes which are an integral part of the statements. Refer to Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations located in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed on February 14, 2025, for the discussion of the comparison of the fiscal year ended December 31, 2024 to the fiscal year ended December 31, 2023. Overview. We are a multinational developer, manufacturer and worldwide distributor of our own life science research and clinical diagnostics products. Our business is organized into two reportable segments: Life Science and Clinical Diagnostics, with the mission to provide scientists with specialized tools needed for biological research and health care specialists with products needed for clinical diagnostics. We sell more than 12,000 products and services to a diverse client base comprised of scientific research, healthcare, education and government customers worldwide. We do not disclose quantitative information about our different products and services as it is impractical to do so based primarily on the numerous products and services that we sell and the global markets that we serve. We manufacture and supply our customers with a range of reagents, apparatus and equipment to separate complex chemical and biological materials and to identify, analyze and purify components. As our customers require standardization for their experiments and test results, much of our revenues are recurring in nature. 27 We rely on the support of many governments for both research and healthcare. The current global economic outlook is still uncertain as the need to control social spending by many governments limits opportunities for growth. Approximately 40% of our 2025 consolidated net sales are derived from the United States and approximately 60% are derived from international locations, with Europe being our largest international region. The international sales are largely denominated in local currencies such as the Euro, Swiss Franc, Japanese Yen, Chinese Yuan and British Sterling. As a result, our consolidated net sales expressed in dollars benefit when the U.S. dollar weakens and suffer when the dollar strengthens. When the dollar strengthens, we benefit from lower cost of sales from our own international manufacturing sites, and from lower international operating expenses. We regularly discuss our changes in revenue and expense categories in terms of both changing foreign exchange rates and in terms of a currency neutral basis, if notable, to explain the impact currency has on our results. Current global economic and geopolitical conditions remain uncertain, and we rely on the support of many governments for both research and healthcare. Reduced government spending, along with ongoing challenges in the biopharma market and among small biotech companies, continues to negatively impact our business. Additionally, the market in China, which represents a mid-single digit percentage of our 2025 consolidated net sales, remains uncertain as a result of these factors. We expect these conditions to continue in 2026. Critical Accounting Policies and Estimates The accompanying discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles (\"GAAP\"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and contingencies as of the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. We evaluate ou ITEM 1. BUSINESS General Bio-Rad Laboratories, Inc. (referred to in this report as \u201cBio-Rad,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cthe Company,\u201d and \u201cour\u201d) is a multinational life science and clinical diagnostics company that develops, manufactures, and markets a broad portfolio of instruments, systems, reagents, and consumables. We have direct operations in over 36 countries outside the United States through subsidiaries focused on sales, customer service, and product distribution. In certain locations outside and within these countries, our sales efforts are supplemented by distributors and agents. Description of Business Business Segments Bio-Rad operates in two industry segments designated as Life Science and Clinical Diagnostics. Both segments operate worldwide. Our Life Science segment and our Clinical Diagnostics segment generated approximately 40% and 60%, respectively, of our consolidated net sales for the year ended December 31, 2025. We generated approximately 40% of our consolidated net sales for the year ended December 31, 2025 from the U.S. and approximately 60% from our international locations, with Europe being our largest international region. 3 Life Science Segment Our Life Science segment develops, manufactures, and markets instruments, systems, reagents, and consumables used to separate, purify, characterize, and quantify biological materials, including cells, proteins, and nucleic acids. These products are utilized in research and biopharmaceutical laboratory environments, as well as in biopharmaceutical manufacturing, quality control processes, food safety testing, and science education applications. We serve the research market, where our products are applied to support the progression of scientific discovery from early research through clinical and applied use. We offer a broad portfolio comprising thousands of life science products distributed globally. We estimate the worldwide sales of products in the markets we serve to be approximately $19 billion. Our ITEM 1A. RISK FACTORS In evaluating our business and whether to invest in any of our securities, you should carefully read the following risk factors in addition to the other information contained in this report. We believe that any of the following risks (some of which have occurred and any of which may occur in", "title": "BIO - BIO-RAD LABORATORIES, INC.", "url": "/company/BIO/" }, { "kind": "company", "summary": "SIC 5331 Retail-Variety Stores; CIK 0001531152; latest 10-K filed 2026-03-12.", "text": "BJ - BJ's Wholesale Club Holdings, Inc. SIC 5331 Retail-Variety Stores; CIK 0001531152; latest 10-K filed 2026-03-12. BJ BJ's Wholesale Club Holdings, Inc. 0001531152 5331 Retail-Variety Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis is intended to promote understanding of the results of operations and financial condition of the Company and is provided as a supplement to, and should be read in conjunction with, our audited consolidated financial statements and related notes thereto included in Item 8. in this Annual Report on Form 10-K. The following discussion contains forward-looking statements that reflect our plans, estimates and assumptions. Our actual results could differ 35 materially from those discussed in the forward-looking statements. Factors that could cause such differences are discussed in \u201cItem 1A. Risk Factors\u201d. We report on the basis of a 52- or 53-week fiscal year, which ends on the Saturday closest to January 31. Accordingly, references herein to \u201cfiscal year 2025\u201d and \u201cfiscal year 2024\u201d relate to the 52 weeks ended January 31, 2026 and February 1, 2025, respectively, and references herein to \u201cfiscal year 2023\u201d relate to the 53 weeks ended February 3, 2024. Overview BJ\u2019s Wholesale Club is a leading operator of membership warehouse clubs concentrated primarily in the eastern half of the United States. We deliver significant value to our members, consistently offering up to 25% savings on a representative basket of manufacturer-branded groceries compared to traditional supermarket competitors. We provide a curated assortment focused on groceries, fresh foods, general merchandise, gasoline, and other ancillary services to deliver a differentiated shopping experience that is further enhanced by our digital capabilities. Additionally, we provide access to coupons and promotions to deliver further value to our members. Since pioneering the warehouse club model in New England in 1984, we have grown our footprint to 263 large-format, high volume warehouse clubs and 199 gas stations spanning 21 states as of the date of this filing. In our originating New England market, which has high population density and generates a disproportionate part of U.S. GDP, we operate nearly three times the number of clubs compared to the next largest warehouse club competitor. In addition to shopping in our clubs, members are able to shop when and how they want through our website, bjs.com, and our highly rated mobile app, which allows them to use our BOPIC service, curbside delivery, same-day delivery or traditional ship-to-home service, as well as through the DoorDash and Instacart marketplaces. We also offer Same-Day Select, which offers BJ\u2019s members the ability to pay a one-time fee for unlimited same-day deliveries over a one-year period. Additionally, members may use ExpressPay\u00ae to skip checkout lines when they shop in club and pay via their mobile devices. Our goal is to offer our members significant value and a meaningful return in savings on their annual membership fee. We have over 8 million members paying annual fees to gain access to savings on groceries, general merchandise, services, and gasoline. The annual membership fee for our Club membership is generally $60 and the annual membership fee for our Club+ membership, which offers additional value-enhancing features, is generally $120. Prior to January 1, 2025, the Club and Club+ membership fees were $55 and $110 per year, respectively. We believe that members can save over ten times their $60 Club membership fee versus what they would otherwise pay at traditional supermarket competitors when they spend $2,500 or more per year at BJ\u2019s on manufacturer-branded groceries. In addition to providing significant savings on a representative basket of manufacturer-branded groceries, we accept all manufacturer coupons and also carry our own exclusive brands that enable members to save on price without compromising on quality. Our two private label brands, Wellsley Farms\u00ae and Berkley Jensen\u00ae, represent approximately 27% of our total net sales, excluding gasoline. Our custome Item 1. Business General BJ\u2019s Wholesale Club is a leading operator of membership warehouse clubs concentrated primarily in the eastern half of the United States. We deliver significant value to our members, consistently offering up to 25% savings on a representative basket of manufacturer-branded groceries compared to traditional supermarket competitors. We provide a curated assortment focused on groceries, fresh foods, general merchandise, gasoline, and other ancillary services to deliver a differentiated shopping experience that is further enhanced by our digital capabilities. Additionally, we provide access to coupons and promotions to deliver further value to our members. Since pioneering the warehouse club model in New England in 1984, we have grown our footprint to 263 large-format, high volume warehouse clubs and 199 gas stations spanning 21 states as of fiscal year end 2025. In our originating New England market, which has high population density and generates a disproportionate part of U.S. gross domestic product (\u201cGDP\u201d), we operate nearly three times the number of clubs compared to the next largest warehouse club competitor. In addition to shopping in our clubs, members are able to shop when and how they want through our website, bjs.com, and our highly rated mobile app, which allows them to use our buy-online-pickup-in-club (\u201cBOPIC\u201d) service, curbside delivery, same-day delivery or traditional ship-to-home service, as well as through the DoorDash and Instacart marketplaces. We also offer Same-Day Select, which offers BJ\u2019s members the ability to pay a one-time fee for unlimited same-day deliveries over a one-year period. Additionally, members may use ExpressPay\u00ae to skip checkout lines when they shop in club and pay via their mobile devices. Our goal is to offer our members significant value and a meaningful return in savings on their annual membership fee. We have over 8 million members paying annual fees to gain access to savings on groceries, general Item 1A. Risk Factors Set forth below are the risks that we believe are material to our investors and they should be carefully considered. These risks are not all of the risks that we face and other factors not presently known to us or that we currently believe are immaterial may also affect our business, financial", "title": "BJ - BJ's Wholesale Club Holdings, Inc.", "url": "/company/BJ/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0001130464; latest 10-K filed 2026-02-11.", "text": "BKH - BLACK HILLS CORP /SD/ SIC 4911 Electric Services; CIK 0001130464; latest 10-K filed 2026-02-11. BKH BLACK HILLS CORP /SD/ 0001130464 4911 Electric Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Executive Summary We are a customer-focused energy solutions provider with a mission of Improving Life with Energy for 1.37 million customers and 800+ communities we serve. Our aspiration is to be the trusted energy partner across our growing eight-state footprint, including Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. Our strategy is centered on four priorities: People & Culture\u2014build a team that wins together, Operational Excellence\u2014relentlessly deliver on our commitment to serve our customers, Transformation\u2014transform to a simple and connected company and Growth\u2014grow to be a dominant long-term energy provider. We conduct our business operations through two operating segments: Electric Utilities and Gas Utilities. Certain unallocated corporate expenses that support our operating segments are presented as Corporate and Other. We conduct our utility operations under the name Black Hills Energy predominantly in rural areas of the Rocky Mountains and Midwestern states. We consider ourselves a domestic electric and natural gas utility company. We have provided energy and served customers for 142 years, since the 1883 gold rush days in Deadwood, South Dakota. Throughout our history, the common thread that unites the past to the present is our commitment to serve our customers and communities. By being responsive and service focused, we can help our customers and communities thrive while meeting rapidly changing customer expectations. 42 Table of Contents Recent Developments Pending Merger with NorthWestern On August 18, 2025, we entered into the Merger Agreement with NorthWestern and Merger Sub. See Note 17 of the Notes to Consolidated Financial Statements in this Annual Report on Form 10-K for further discussion about the pending Merger. One Big Beautiful Bill Act See Note 15 of the Notes to Consolidated Financial Statements in this Annual Report on Form 10-K for discussion surrounding the OBBBA. Trade Tariffs Trade tariffs have been enacted over the last several months through presidential executive orders affecting products exported by several U.S. trading partners, and retaliatory tariffs have been imposed by some of these trading partners. While some tariffs scheduled to take effect were temporarily suspended, broad tariffs remain in effect with the possibility of additional tariffs being imposed. We are currently unable to predict the impact that recently imposed and possible future tariffs may have on our business. Trade tariffs have not had a material impact on our operations of financial performance to date. We are closely monitoring the impacts of trade tariffs and the potential effect they may have on our financial positions, results of operations, or cash flows. Business Segment Recent Developments Electric Utilities \u2022 See Note 2 of the Notes to Consolidated Financial Statements in this Annual Report on Form 10-K for recent rate review activity for Colorado Electric. \u2022 In December 2025, the Ready Wyoming project was fully completed and placed in service and now interconnects South Dakota Electric\u2019s and Wyoming Electric\u2019s transmission systems. Ready Wyoming was originally announced in November 2021 and construction commenced in late 2023. The project provides customers long-term price stability and greater flexibility as power markets develop in the western United States. This project is also expected to enable economic growth in Wyoming, expand access to renewable resources and facilitate additional renewable development across wind- and sun-rich resource areas. \u2022 In 2025, Wyoming Electric continued to grow its large-load demand from existing data center customers, Microsoft and Meta, under its LPCS Tariff. In July 2024, Wyoming Electric announced it would partner with Meta to provide power for its AI data center. Meta's new AI data center plans to transition from constructi ITEM 1. BUSINESS History and Organization Black Hills Corporation, a South Dakota corporation (together with its subsidiaries, referred to herein as the \u201cCompany,\u201d \"BHC,\" \u201cwe,\u201d \u201cus\u201d, or \u201cour\u201d), is a customer-focused, growth-oriented utility company headquartered in Rapid City, South Dakota (incorporated in South Dakota in 1941). We operate our business in the United States, reporting our operating results through our Electric Utilities and Gas Utilities segments. Certain unallocated corporate expenses that support our operating segments are presented as Corporate and Other. Our Electric Utilities segment generates, transmits and distributes electricity to approximately 227,000 electric utility customers in Colorado, Montana, South Dakota, and Wyoming. Our Electric Utilities own 1,386 MW of generation and 9,478 miles of electric transmission and distribution lines. Our Gas Utilities segment serves approximately 1,138,000 natural gas utility customers in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming. Our Gas Utilities own and operate 4,581 miles of intrastate gas transmission pipelines and 44,840 miles of gas distribution mains and service lines, seven natural gas storage sites, more than 50,000 horsepower of compression, and 494 miles of gathering lines. Proposed Merger with NorthWestern BHC and NorthWestern entered into an all-stock business combination on August 18, 2025. The transaction is intended to be tax-free and expected to close in the second half of 2026, subject to the satisfaction or waiver of certain closing conditions, including approvals from the FERC, MPSC, NPSC and SDPUC, clearance under the HSR Act, consent of the FCC, and approval from each company's shareholders. The combined company will serve approximately 0.7 million electric utility customers and 1.5 million gas utility customers across eight states. See additional information in Item 1A - Risk Factors and Note 17 of the Notes to Consolidated Financial Statements in this Annua ITEM 1A. RISK FACTORS The nature of our business subjects us to a number of uncertainties and risks. Risks that may adversely affect our business operations, financial condition, results of operations or cash flows are described below. These risk factors, along with other risk factors that we discuss in our periodic reports filed with the SEC should be consid", "title": "BKH - BLACK HILLS CORP /SD/", "url": "/company/BKH/" }, { "kind": "company", "summary": "SIC 1700 Construction - Special Trade Contractors; CIK 0001633931; latest 10-K filed 2026-02-26.", "text": "BLD - TopBuild Corp SIC 1700 Construction - Special Trade Contractors; CIK 0001633931; latest 10-K filed 2026-02-26. BLD TopBuild Corp 0001633931 1700 Construction - Special Trade Contractors Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \u200b The financial and business analysis below provides information which we believe is relevant to an assessment and understanding of our financial position, results of operations, and cash flows. This financial and business analysis should be read in conjunction with the financial statements and related notes. \u200b In this section, we generally discuss the results of our operations for the year ended December 31, 2025, compared to the year ended December 31, 2024. For a discussion of the year ended December 31, 2024, to the year ended December 31, 2023, please refer to Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 25, 2025, which discussion is hereby incorporated herein by reference. \u200b Executive Summary \u200b We are a leading installer of insulation and commercial roofing and a specialty distributor of insulation and other building products to the construction industry in the United States and Canada. Demand for our products and services is driven primarily by residential and commercial/industrial construction and by industrial manufacturing activity. A number of local and national factors influence activity in each of our lines of business, including demographic trends, interest rates, employment levels, business investment, supply and demand for housing, availability of credit, foreclosure rates, consumer confidence, and general economic conditions. \u200b The core of our business is inherently environmentally friendly. Our insulation and commercial roofing installation services and our distributed products drive thermal efficiency, lower energy usage, and reduce carbon emissions. We are a leader in delivering these benefits for new and existing homes and commercial/industrial facilities across the United States and Canada. \u200b Strategy \u200b We are committed to creating long-term value for all stakeholders \u2013 employees, customers, suppliers, and investors. Our team is focused on driving operational efficiencies and sharing best practices throughout our organization. Our core values include: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Safety \\u2013 We put the safety of our people first.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Integrity \\u2013 We deliver results with integrity, respect, and accountability.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Focus \\u2013 We are customer-focused, grounded in strong relationships.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Innovation \\u2013 We are continuously improving and encourage idea sharing.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Unity \\u2013 We are united as one team, valuing diversity.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Community \\u2013 We make a difference in the communities we serve.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Empowerment \\u2013 We are empowered to be our best, individually and as a team.\"]] [[/GREPCENT_TABLE]] \u200b Our strategy is focused on growth and productivity including: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Attracting and retaining top talent by fostering a culture of respect, local empowerment and entrepreneurship;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Improving operational excellence by leveraging technology to drive productivity and efficiency; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Driving profitable growth by expanding our market presence organically and through acquisitions.\"]] [[/GREPCENT_TABLE]] \u200b Our operating results depend on residential new construction activity, commercial construction activity and industrial manufacturing activity, all of which are subject to business and economic cycles. These cycles have less of an impact on our Specialty Di Item 1. BUSINESS \u200b Overview \u200b TopBuild Corp., headquartered in Daytona Beach, Florida, is a leading installer of insulation and commercial roofing and a specialty distributor of insulation and other building products to the construction industry in the United States and Canada. On July 1, 2015, we began trading on the NYSE under the symbol \u201cBLD.\u201d \u200b Segment Overview \u200b We operate in two segments: our Installation Services segment, which accounts for approximately 59% of our sales, and our Specialty Distribution segment, which accounts for approximately 41% of our sales. \u200b We believe that having both Installation Services and Specialty Distribution provides us with a number of distinct competitive advantages. First, the combined buying power of our two business segments, along with our scale, strengthens our ties to the major manufacturers of insulation, commercial roofing and other building products. This enables us to buy competitively and ensures the availability of supply to our local branches and distribution centers. The overall effect drives efficiencies throughout our supply chain. Second, being a leader in both installation services and specialty distribution allows us to reach a broader set of builders and contractors more effectively, regardless of their size or geographic location in the U.S. and Canada, and leverage residential, commercial, and industrial construction growth regardless of location. Third, during housing industry downturns, many insulation contractors who buy directly from manufacturers during industry peaks return to purchasing through specialty distributors. This helps to reduce our exposure to cyclical swings in our business. We\u2019ve also increased our exposure to non-cyclical revenue through maintenance and other recurring installation services through acquisitions. \u200b Installation Services \u200b We provide insulation and commercial roofing services nationwide through our Installation Services segment which has more than Item 1A. RISK FACTORS \u200b Our business is subject to various risks and uncertainties which could materially affect our business, results of operations, and future prospects and cause our actual results to differ from past performance or expected results. We urge investors to carefully consider the risk factors described below in evaluating the information contained in thi", "title": "BLD - TopBuild Corp", "url": "/company/BLD/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001280058; latest 10-K filed 2026-02-18.", "text": "BLKB - BLACKBAUD INC SIC 7372 Services-Prepackaged Software; CIK 0001280058; latest 10-K filed 2026-02-18. BLKB BLACKBAUD INC 0001280058 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Item 1A Risk factors and our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. The following discussion and analysis presents financial information denominated in millions of dollars which can lead to differences from rounding when compared to similar information contained in the consolidated financial statements and related notes, which are primarily denominated in thousands of dollars. Executive Summary We are the world's leading provider of AI-powered solutions for social impact. Serving nonprofits, educational institutions, companies committed to corporate social responsibility and individual change makers, we propel impact at scale with the sector\u2019s most intelligent solutions for fundraising and engagement, education solutions, financial management and CSR and grantmaking. We have operations in the United States, Australia, Canada, Costa Rica, India and the United Kingdom, supporting users in 100+ countries. Our revenue is primarily generated from the following sources: (i) charging for the use of our software solutions in cloud and hosted environments; and (ii) providing payment and transaction services. Operating Initiatives Supporting Long-Term Growth and Margin Improvement \u2022Product Innovation and Delivery A central element of our long\u2011term strategy is the disciplined integration of AI across our products, platform and internal operations, which management views as foundational to driving operating leverage, enhancing customer outcomes and supporting sustainable growth over time. Our product innovation efforts have focused on two primary areas: (i) advancing AI across the portfolio, and (ii) enhancing product connectivity and interoperability to streamline customer workflows. These enhancements are designed to help customers improve fundraising outcomes while reducing administrative burden. Through our multi-year Intelligence for Good\u00ae initiative, we continue to integrate machine learning and AI-driven capabilities into our products to improve efficiency and support better outcomes for our customers. Our machine learning features for prospect identification have been adopted by more than half of Raiser's Edge NXT\u00ae customers. We have also introduced generative AI features across multiple products, primarily supporting the composition of donor and constituent communications. In late 2025, we released Blackbaud AI Chat, which provides contextual responses within our solutions and assists users in completing tasks more efficiently. At bbcon\u00ae, our annual user conference in October 2025, we launched Agents for Good\u2122, our agentic AI suite, designed to augment customer teams with virtual AI-driven assistants capable of autonomously executing complex workflows across fundraising, finance and corporate impact functions. These innovations expand the ways customers can use our solutions and are expected to contribute to future bookings, product adoption and customer retention. \u2022Targeting Mid-Single-Digit Revenue Growth Contractual Recurring Revenue (~64% of total revenue) Contractual recurring revenue is driven by new\u2011customer bookings, cross\u2011sell and upsell activity within our existing customer base and the retention of existing customer revenue. Our sales organization includes teams focused on both new logo acquisition and expansion within existing customers. In addition to these motions, our new product opportunities (such as Agents for Good discussed above) provide our customer account teams with incremental solutions [[GREPCENT_TABLE]] [[\"38\",\"\",\"2025 Form 10-K\"]] [[/GREPCENT_TABLE]] Table of Contents Blackbaud, Inc. to sell into existing customers. These three motions\u2014new logo, cross-sell/upsell, and new product\u2014support our multi-year \u201c ITEM 1. BUSINESS Description of Business We are the world's leading provider of AI-powered solutions for social impact. Serving nonprofits, educational institutions, companies committed to corporate social responsibility and individual change makers, we propel impact at scale with the sector\u2019s most intelligent solutions for fundraising and engagement, education solutions, financial management and CSR and grantmaking. With the deepest expertise powered by the world\u2019s largest philanthropic data set, the most connected workflows, and the most powerful impact network, our solutions are building a future where resources are unleashed at the speed of need. Blackbaud brings over four decades of leadership to this sector: since originally incorporating in New York in 1982 and later reincorporating as a South Carolina corporation in 1991 and as a Delaware corporation in 2004. We are deeply proud to play a part in our customers\u2019 success in their missions to provide healthcare and cure diseases, advance education, preserve and share arts and culture, protect the environment, support those in need and much more. Market Overview The social impact market is significant, spanning far beyond philanthropy, and our addressable market is substantial There are millions of organizations globally focused on social impact including nonprofits, foundations, education institutions and healthcare organizations. In the corporate sector, demonstrating positive social impact has become a business imperative. Countless individuals also engage in social impact by donating funds, volunteering their time, advocating for a cause, receiving services from or otherwise engaging with social impact organizations. Traditional methods of fundraising and organizational management are often costly and inefficient Many social impact organizations use manual methods or software applications not specifically designed for fundraising or nonprofit business operations. Such methods are often costly and inef ITEM 1A. RISK FACTORS Our business operations face a number of risks. These risks should be read and considered with other information provided in this report. Strategic Risks Our failure to compete successfully, including through technology innovations or new and improved solutions, could cause our revenue or market share to decline. Our market is", "title": "BLKB - BLACKBAUD INC", "url": "/company/BLKB/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001048477; latest 10-K filed 2026-02-26.", "text": "BMRN - BIOMARIN PHARMACEUTICAL INC SIC 2834 Pharmaceutical Preparations; CIK 0001048477; latest 10-K filed 2026-02-26. BMRN BIOMARIN PHARMACEUTICAL INC 0001048477 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand our results of operations and financial condition. The MD&A is provided as a supplement to, and should be read in conjunction with, our audited Consolidated Financial Statements and the accompanying notes to the Consolidated Financial Statements and other disclosures included in this Annual Report on Form 10-K, including the disclosures under \u201cRisk Factors\u201d in Part I, Item 1A of this Annual Report on Form 10-K. These risks and uncertainties could cause actual results to differ significantly from those projected in forward-looking statements contained in this report or implied by past results and trends. Forward-looking statements are statements that attempt to forecast or anticipate future developments in our business, financial condition or results of operations. See the section titled \u201cForward-Looking Statements\u201d that appears at the beginning of this Annual Report on Form 10-K. These statements, like all statements in this report, speak only as of the date of this Annual Report on Form 10-K (unless another date is indicated), and, except as required by law, we undertake no obligation to update or revise these statements in light of future developments. Our Consolidated Financial Statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) and are presented in U.S. Dollars (USD). Overview We are a leading, global rare disease biotechnology company focused on delivering medicines for people living with genetically defined conditions. Our San Rafael, California-based company, founded in 1997, has a proven track record of innovation with eight commercial therapies and a strong clinical and preclinical pipeline. Using a distinctive approach to drug discovery and development, we seek to unleash the full potential of genetic science by pursuing category-defining medicines that have a profound impact on patients. A summary of our commercial products, as of December 31, 2025, is provided below: [[GREPCENT_TABLE]] [[\"Commercial Products\",\"\",\"Indication\"],[\"VOXZOGO (vosoritide)\",\"\",\"Achondroplasia\"],[\"Enzyme Therapies:\"],[\"VIMIZIM (elosulfase alpha)\",\"\",\"Mucopolysaccharidosis (MPS) IVA\"],[\"NAGLAZYME (galsulfase)\",\"\",\"MPS VI\"],[\"PALYNZIQ (pegvaliase-pqpz)\",\"\",\"Phenylketonuria (PKU)\"],[\"ALDURAZYME (laronidase)\",\"\",\"MPS I\"],[\"BRINEURA (cerliponase alfa)\",\"\",\"Neuronal ceroid lipofuscinosis type 2 (CLN2)\"],[\"KUVAN (sapropterin dihydrochloride)\",\"\",\"PKU\"],[\"ROCTAVIAN (valoctocogene roxaparvovec)\",\"\",\"Severe Hemophilia A\"]] [[/GREPCENT_TABLE]] 2025 Financial Highlights Key components of our results of operations include the following: [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"Twelve Months Ended December 31,\"],[\"\",\"\",\"\",\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Total revenues\",\"\",\"\",\"\",\"\",\"$\",\"3,221.3\",\"\",\"\",\"$\",\"2,853.9\",\"\",\"\",\"$\",\"2,419.2\"],[\"Cost of sales\",\"\",\"\",\"\",\"\",\"$\",\"717.4\",\"\",\"\",\"$\",\"580.2\",\"\",\"\",\"$\",\"532.1\"],[\"Research and development (R&D)\",\"\",\"\",\"\",\"\",\"$\",\"921.9\",\"\",\"\",\"$\",\"747.2\",\"\",\"\",\"$\",\"746.8\"],[\"Selling, general and administrative (SG&A)\",\"\",\"\",\"\",\"\",\"$\",\"1,153.0\",\"\",\"\",\"$\",\"1,009.0\",\"\",\"\",\"$\",\"892.4\"],[\"Provision for income taxes\",\"\",\"\",\"\",\"\",\"$\",\"133.6\",\"\",\"\",\"$\",\"114.9\",\"\",\"\",\"$\",\"20.9\"],[\"Net income\",\"\",\"\",\"\",\"\",\"$\",\"348.9\",\"\",\"\",\"$\",\"426.9\",\"\",\"\",\"$\",\"167.6\"]] [[/GREPCENT_TABLE]] See \u201cResults of Operations\u201d below for discussion of our results for the periods presented. 64 Table of Contents Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (continued) (In millions of U.S. Dollars, except as otherwise disclosed) Uncertainty Relating to Macroeconomic Environment Conditions in the current macroeconomic environment, such as inflation, changes in interest and foreign currency exchange rates, natura Item 1. Business Overview BioMarin Pharmaceutical Inc. (BioMarin, we, us or our) is a leading, global rare disease biotechnology company focused on delivering medicines for people living with genetically defined conditions. Our San Rafael, California-based company, founded in 1997, has a proven track record of innovation, with eight commercial therapies and a strong clinical and preclinical pipeline. Using a distinctive approach to drug discovery and development, we seek to unleash the full potential of genetic science by pursuing category-defining medicines that have a profound impact on patients. Recent Developments In 2025, we achieved $3.2 billion in total revenues, including a significant contribution from our ongoing expansion of VOXZOGO, and we continued to grow our commercial business and advance our product candidate pipeline. We believe that the combination of our internal research programs, partnerships and acquisitions of external assets will allow us to continue to develop and commercialize innovative therapies for patients with serious and life-threatening rare diseases and medical conditions. We periodically conduct strategic portfolio assessments of research and development programs to determine which we believe have the strongest combination of scientific merit, opportunity for commercial success and potential value creation for stockholders. Based on such strategic portfolio assessments, certain programs that do not meet our threshold for further development and commercialization could be discontinued. In December 2025, we entered into a definitive agreement to acquire Amicus Therapeutics, Inc. (Amicus), a publicly traded, global, biotechnology company for $14.50 per share in an all-cash transaction for a total consideration of approximately $4.8 billion. The pending acquisition is expected to strengthen our commercial portfolio by adding two new therapies for the treatment of Fabry disease and late-onset Pompe disease. The transaction is expe Item 1A. Risk Factors An investment in our securities involves a high degree of risk. We operate in a dynamic and rapidly changing industry that involves numerous risks and uncertainties. The risks and uncertainties described below are not the only ones we face. Other risks and uncertainties, including those that we do ", "title": "BMRN - BIOMARIN PHARMACEUTICAL INC", "url": "/company/BMRN/" }, { "kind": "company", "summary": "SIC 2000 Food and Kindred Products; CIK 0001772016; latest 10-K filed 2025-11-18.", "text": "BRBR - BELLRING BRANDS, INC. SIC 2000 Food and Kindred Products; CIK 0001772016; latest 10-K filed 2025-11-18. BRBR BELLRING BRANDS, INC. 0001772016 2000 Food and Kindred Products ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion summarizes the significant factors affecting the consolidated operating results, financial condition, liquidity and capital resources of BellRing Brands, Inc. and its consolidated subsidiaries. This discussion should be read in conjunction with the financial statements under Item 8 of this report and the \u201cCautionary Statement on Forward-Looking Statements\u201d on page 1. The terms \u201cour,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cCompany\u201d and \u201cBellRing\u201d refer to BellRing Brands, Inc. and its consolidated subsidiaries. The following should be read in conjunction with the discussion and analysis of our fiscal 2024 results compared to our fiscal 2023 results, including any related discussion of fiscal 2023 results and activity, which can be found in Item 7 under the title \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended September 30, 2024, and such discussion and analysis is incorporated by reference herein. OVERVIEW We are a consumer products holding company operating in the global convenient nutrition category and are a provider of ready-to-drink (\u201cRTD\u201d) protein shakes and powders. We have a single operating and reportable segment, with our principal products being protein-based consumer goods. Our primary brands are Premier Protein and Dymatize. Industry & Company Trends The success of companies in the convenient nutrition category is driven by how well such companies can grow, develop and differentiate their brands. We expect the convergence of several factors to support the continued growth of the convenient nutrition category, including: \u2022consumers\u2019 increasingly dedicated pursuit of active lifestyles and growing interest in nutrition and wellness (including the use of GLP-1 medication); \u2022growing awareness of the numerous health benefits of protein, including sustained energy, muscle recovery and satiety; and \u2022a rise in snacking and the desire for products that can be consumed on-the-go as nutritious snacks or meal replacements. Nonetheless, the consumer food and beverage industry faces a number of challenges and uncertainties, including: \u2022the highly competitive nature of the industry, which involves competition from a host of nutritional food and beverage companies, including manufacturers of other branded food and beverage products as well as manufacturers of private label and store brand products; \u2022changing consumer preferences which require food manufacturers to identify changing preferences and to offer products that appeal to consumers; and \u2022inflationary pressures (see \u201cMarket Trends\u201d below for further information). Seasonality We have experienced in the past, and expect to continue to experience, seasonal fluctuations in our sales and operating profit margins because of customer spending patterns and timing of our key retailers\u2019 promotional activity. Historically, our first fiscal quarter is seasonally low for all brands driven by a slowdown of consumption of our products during the holiday season. Sales are typically higher throughout the remainder of the fiscal year as a result of promotional activity at key retailers as well as organic growth of the business. Market Trends During fiscal 2024, inflationary pressures on protein costs eased while other costs, such as packaging and manufacturing, faced inflationary pressures. During fiscal 2025, input costs, including raw material, packaging and manufacturing costs, have faced inflationary pressures. In addition, we anticipate that announced tariffs, and any potential future modifications or incremental tariffs, could increase supply chain challenges, commodity cost volatility and consumer and economic uncertainty due to rapid changes in global trade policies. We expect these trends to have a materially adverse impact on our results of operations if we are unable to mitigate ITEM 1. BUSINESS General BellRing Brands, Inc. (formerly known as BellRing Distribution, LLC) (\u201cBellRing\u201d) was formed in the State of Delaware on October 20, 2021 as a wholly-owned subsidiary of Post Holdings, Inc. (\u201cPost\u201d) for the purpose of effecting the separation of BellRing Intermediate Holdings, Inc. (formerly known as BellRing Brands, Inc.) (\u201cOld BellRing\u201d) from Post. Under a transaction agreement and plan of merger (the \u201cTransaction Agreement\u201d) that we entered into on October 26, 2021 and amended as of February 28, 2022, with Post, Old BellRing and our subsidiary BellRing Merger Sub Corporation (\u201cMerger Sub\u201d), Post distributed approximately 80.1% of its interest in us to Post\u2019s shareholders and Merger Sub merged with and into Old BellRing, with Old BellRing surviving and becoming our subsidiary. On March 10, 2022, as a result of the completion of the transactions provided for under the Transaction Agreement (including the \u201cSeparation\u201d and \u201cDistribution\u201d, each defined below), we became a new public holding company and the successor registrant to Old BellRing. In this report, we refer to the transactions undertaken pursuant to the Transaction Agreement as the \u201cSpin-off.\u201d The Spin-off is described in more detail below. Our Company We are a leader in the global convenient nutrition category, aiming to enhance the lives of our consumers by providing them with nutritious, great-tasting products they can enjoy throughout the day. Our primary brands, Premier Protein and Dymatize, target a broad range of consumers and compete in all major product forms, including ready-to-drink (\u201cRTD\u201d) protein shakes and powders. Our products are distributed across a diverse network of channels including club, food, drug and mass (\u201cFDM\u201d), eCommerce, specialty and convenience. We have organically grown our net sales from $1,666.8 million in our year ended September 30, 2023 to $2,316.6 million in our year ended September 30, 2025. Over the same period, net earnings increased f ITEM 1A. RISK FACTORS In addition to the information discussed elsewhere in this report, the following risks and uncertainties, some of which have occurred and any of which may occur in the future, could have a material adverse effect on our business, financial condition, results of operations and cash flows. Although the risks below are organiz", "title": "BRBR - BELLRING BRANDS, INC.", "url": "/company/BRBR/" }, { "kind": "company", "summary": "SIC 3826 Laboratory Analytical Instruments; CIK 0001109354; latest 10-K filed 2026-02-27.", "text": "BRKR - BRUKER CORP SIC 3826 Laboratory Analytical Instruments; CIK 0001109354; latest 10-K filed 2026-02-27. BRKR BRUKER CORP 0001109354 3826 Laboratory Analytical Instruments ITEM 7 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, describes the principal factors affecting the results of our operations, financial condition and changes in financial condition, as well as our critical accounting policies and estimates. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and notes to those statements appearing elsewhere in this report. The dollar amounts listed in the tables presented in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations are in millions of U.S. Dollars. Any statements other than statements of historical fact contained in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations and elsewhere in this Annual Report on Form 10-K may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Without limiting the foregoing, the words \u201cbelieve,\u201d \u201canticipate,\u201d \u201cplan,\u201d \u201cexpect,\u201d \u201cseek,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201cshould,\u201d and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding: \u2022 the impact of supply chain challenges on our business and operations; \u2022 our working capital requirements and the sufficiency of our cash, borrowings and proceeds of indebtedness to fund our operations and investment activities; \u2022 our plans to make capital investments; \u2022 the impact of changes to tax and accounting rules and changes in law; \u2022 fluctuations in estimates impacting costs related to our self-funded health insurance plan; \u2022 our expectations regarding backlog and revenue; \u2022 our expectations and the impact of our restructuring initiatives; \u2022 the impact of our global IT transformation activities; \u2022 the impact of foreign currency exchange rates and changes in commodity prices; and \u2022 any other statements that address events or developments that the Company intends or believes will or may occur in the future. Actual results may differ from those referred to in any forward-looking statements due to a number of factors, including, but not limited to, the risks described in Part I, Item 1A \u201cRisk Factors\u201d in this Annual Report on Form 10-K. We expressly disclaim any intent or obligation to update these forward-looking statements other than as required by law. We can experience quarter-to-quarter fluctuations in our operating results as a result of various factors, some of which are outside our control. The aforementioned various factors include: \u2022 general economic conditions, including inflation, the threat of recession, financial liquidity, currency volatility or devaluation, supply chain or manufacturing capabilities, uncertain economic conditions in the United States and abroad, and additional tariffs, including those imposed or that may be imposed or changed by the current presidential administration in the U.S. and uncertainties relating to the same; \u2022 geopolitical tensions, including those that have or may have impact on our customers, such as the conflict between Russia and Ukraine and related economic sanctions, the conflict in the Middle East and surrounding areas, the possible expansion 42 Table of Contents of such conflicts and potential geopolitical consequences, the ongoing tensions between the United States and China, tariff and trade policy changes, and increasing potential conflict involving countries in Asia that are significant to the Company\u2019s supply chain operations, such as Taiwan and China; \u2022 the impacts of climate change and certain weather-related disruptions; \u2022 the timing of governmental stimulus programs and academic r ITEM 1 BUSINESS Our Business We are a developer, manufacturer, and distributor of high-performance scientific instruments and analytical and diagnostic solutions that enable our customers to explore life and materials at microscopic, molecular and cellular levels. Many of our products are used to detect, measure and visualize structural characteristics of chemical, biological and industrial material samples. Our products and solutions address the rapidly evolving needs of a diverse array of customers in life and materials science research, biopharmaceuticals, applied markets, microbiology, in-vitro diagnostics, and nanotechnology. Our technology platforms include magnetic resonance, mass spectrometry, gas and liquid chromatography, X-ray, microscopy, metrology, and molecular spectroscopy technologies. We are enabling innovation, improved productivity, and customer success in post-genomic life science molecular and cell biology research and offer differentiated, high value life science and diagnostics systems and solutions in preclinical imaging, clinical phenomics research, proteomics and multiomics, spatial and single-cell biology, functional structural and condensate biology, as well as in clinical microbiology and molecular diagnostics. Our corporate headquarters are located in Billerica, Massachusetts. We maintain major technical and manufacturing centers in Europe and North America and have sales offices located throughout the world. Business Segments We have four reportable segments, Bruker Scientific Instruments (\u201cBSI\u201d) BioSpin, BSI CALID (Chemicals, Applied Markets, Life Science, In Vitro Diagnostics, Detection), BSI NANO, and Bruker Energy & Supercon Technologies (\u201cBEST\u201d), which each comprise several divisions as disclosed below. Our products, which have a particular application in structural proteomics, drug discovery, pharmaceutical and biotechnology research and production, and the food and materials science fields, primarily provide customers with t ITEM 1A RISK FACTORS The following risk factors should be considered in conjunction with the other information included in this Annual Report on Form 10-K, including \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our audited consolidated financial statements and related notes. This report may include f", "title": "BRKR - BRUKER CORP", "url": "/company/BRKR/" }, { "kind": "company", "summary": "SIC 5810 Retail-Eating & Drinking Places; CIK 0001866581; latest 10-K filed 2026-02-13.", "text": "BROS - Dutch Bros Inc. SIC 5810 Retail-Eating & Drinking Places; CIK 0001866581; latest 10-K filed 2026-02-13. BROS Dutch Bros Inc. 0001866581 5810 Retail-Eating & Drinking Places ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and the related notes included elsewhere in this Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this document includes forward looking statements that involve risks, uncertainties, and assumptions. You should carefully read the \u201cForward-Looking Statements\u201d and \u201cRisk Factors\u201d sections of this Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. In addition, statements that \u201cwe believe\u201d and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Form 10-K. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. Further, the section of this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Annual Report on Form 10-K and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 13, 2025. Reconciliation of GAAP to non-GAAP results is provided in the section \u201cNon-GAAP Financial Measures\u201d in Part I, Item 2 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d. Non-GAAP financial measures included herein are segment contribution. EBITDA, adjusted EBITDA, and adjusted selling, general and administrative. Index to Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [[\"Section\",\"\",\"Page\"],[\"Overview\",\"\",\"76\"],[\"Impact of Global Events\",\"\",\"76\"],[\"Results of Operations\",\"\",\"77\"],[\"Key Performance Indicators\",\"\",\"78\"],[\"Company-operated Shops Results\",\"\",\"80\"],[\"Franchising and Other Segment Performance\",\"\",\"82\"],[\"Selling, General, and Administrative\",\"\",\"82\"],[\"Other Expense\",\"\",\"83\"],[\"Income Tax Expense\",\"\",\"83\"],[\"Liquidity and Capital Resources\",\"\",\"83\"],[\"Non-GAAP Financial Measures\",\"\",\"88\"]] [[/GREPCENT_TABLE]] Dutch Bros Inc.| Form 10-K | 75 Table of Contents Overview Dutch Bros is a high growth operator and franchisor of drive-thru shops that focus on serving high QUALITY, hand-crafted beverages with unparalleled SPEED and superior SERVICE. Founded in 1992 by brothers Dane and Travis Boersma, Dutch Bros began with a double-head espresso machine and a pushcart in Grants Pass, Oregon. Today, we believe that Dutch Bros is one of the fastest-growing brands in the quick service beverage industry in the United States. Impact of Global Events General Macroeconomic Uncertainties As a retailer that is dependent upon consumer discretionary spending, our results of operations are sensitive to changes in macroeconomic conditions. Inflation or consumer recession concerns, coupled with a rise in the U.S. unemployment rate, may have a material adverse effect on our business, financial condition or results of operations. Our customers may have or in the future may have less money available for discretionary purchases and may reduce or stop purchasin ITEM 1. BUSINESS Dutch Bros Inc. is a Delaware corporation, and its Class A common stock trades on the New York Stock Exchange under the symbol \u201cBROS\u201d. Our Company Dutch Bros is a high growth operator and franchisor of drive-thru shops that focus on serving high- QUALITY, hand-crafted beverages with unparalleled SPEED and superior SERVICE. Founded in 1992 by brothers Dane and Travis Boersma, Dutch Bros began with a double-head espresso machine and a pushcart in Grants Pass, Oregon. Today, we believe that Dutch Bros is one of the fastest-growing brands in the quick service beverage industry in the United States. As of December 31, 2025, we had 1,136 shops, of which 811 were company-operated and 325 were franchise, across 25 states as shown in the graphic below. For additional information regarding company-operated and franchise shops by state, refer to Part I, Item 2 Properties of this Form 10-K. Dutch Bros Inc.| Form 10-K | 4 Table of Contents The Dutch Bros Experience [[GREPCENT_TABLE]] [[\"\",\"\",\"Dutch Bros is more than just the products we serve: we are dedicated to making differences in the lives of our employees, customers, and the communities in which we operate. Our people are the key to our success and our broistas are the face of Dutch Bros, delivering on our core values of SPEED, QUALITY, and SERVICE.\"]] [[/GREPCENT_TABLE]] \u2022SPEED: Our drive-thru and walk-up windows enable us to rapidly serve our customers. In 2024, we launched order ahead functionality to elevate throughput and enhance convenience. \u2022QUALITY: We take pride in the training and skills of our broistas, which enable them to provide consistent, high-quality hand-crafted beverages to our customers. \u2022SERVICE: We embrace a customer-first attitude and use every interaction to connect with our customers and seek to deliver an experience that exceeds our customers\u2019 expectations. The combination of hand-crafted and high-quality beverages, our unique drive-thru experience, and our community-d ITEM 1A. RISK FACTORS Summary of Risk Factors Below is a summary of the principal factors that make an investment in our Class A common stock speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this summary, and other risks that we face, can be found below under", "title": "BROS - Dutch Bros Inc.", "url": "/company/BROS/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001581068; latest 10-K filed 2026-02-09.", "text": "BRX - Brixmor Property Group Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001581068; latest 10-K filed 2026-02-09. BRX Brixmor Property Group Inc. 0001581068 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the Consolidated Financial Statements and the accompanying notes thereto. Historical results and percentage relationships set forth in the Consolidated Financial Statements and accompanying notes, including trends which might appear, should not be taken as indicative of future operations. Executive Summary Our Company Brixmor Property Group Inc. and subsidiaries (collectively, \"BPG\") is an internally-managed corporation that has elected to be taxed as a real estate investment trust (\"REIT\"). Brixmor Operating Partnership LP and subsidiaries (collectively, the \"Operating Partnership\") is the entity through which BPG conducts substantially all of its operations and owns substantially all of its assets. BPG owns 100% of the limited liability company interests of BPG Subsidiary LLC (\"BPG Sub\"), which, in turn, is the sole member of Brixmor OP GP LLC (the \"General Partner\"), the sole general partner of the Operating Partnership. Unless stated otherwise or the context otherwise requires, \"we,\" \"our,\" and \"us\" mean BPG and the Operating Partnership, collectively. We own and operate one of the largest publicly traded open-air retail portfolios by gross leasable area (\"GLA\") in the United States (\"U.S.\"), comprised primarily of grocery-anchored community and neighborhood shopping centers. As of December 31, 2025, our portfolio was comprised of 348 shopping centers (the \"Portfolio\") totaling approximately 63 million square feet of GLA. Our high-quality national Portfolio is primarily located within established trade areas in the top 50 Core-Based Statistical Areas in the U.S., and our shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. As of December 31, 2025, our three largest tenants by annualized base rent (\"ABR\") were The TJX Companies, Inc. (\"TJX\"), The Kroger Co. (\"Kroger\"), and Burlington Stores, Inc. (\"Burlington\"). BPG has been organized and operated in conformity with the requirements for qualification and taxation as a REIT under U.S. federal income tax laws commencing with our taxable year ended December 31, 2011, has maintained such requirements through our taxable year ended December 31, 2025, and intends to satisfy such requirements for subsequent taxable years. Our primary objective is to maximize total returns to our stockholders through consistent, sustainable growth in cash flow. Our key strategies to achieve this objective include proactively managing our Portfolio to drive internal growth, pursuing value-enhancing reinvestment opportunities, and prudently executing on acquisition and disposition activity, while also maintaining a flexible capital structure positioned for growth. In addition, as we execute on our key strategies, we do so guided by our Corporate Responsibility strategy. We believe the following set of competitive advantages positions us to successfully execute on our key strategies: \u2022Expansive Retailer Relationships \u2013 We believe that the scale of our asset base and our nationwide footprint represent competitive advantages in supporting the growth objectives of the nation\u2019s largest and most successful retailers. We believe that we are one of the largest landlords by GLA to TJX, Kroger, and Burlington, as well as a key landlord to most major grocers and retail category leaders. We believe that our strong relationships with leading retailers afford us unique insight into their strategies and priority access to their expansion plans. \u2022Fully-Integrated Operating Platform \u2013 We manage a fully-integrated operating platform, leveraging our national scope and demonstrating our commitment to operating with a strong regional and local presence. We provide our tenants with dedicated service through both our national accounts leasing team based in New York and our networ Item 1. Business Brixmor Property Group Inc. and subsidiaries (collectively, \"BPG\") is an internally-managed corporation that has elected to be taxed as a real estate investment trust (\"REIT\"). Brixmor Operating Partnership LP and subsidiaries (collectively, the \"Operating Partnership\") is the entity through which BPG conducts substantially all of its operations and owns substantially all of its assets. BPG owns 100% of the limited liability company interests of BPG Subsidiary LLC (\"BPG Sub\"), which, in turn, is the sole member of Brixmor OP GP LLC (the \"General Partner\"), the sole general partner of the Operating Partnership. Unless stated otherwise or the context otherwise requires, \"we,\" \"our,\" and \"us\" mean BPG and the Operating Partnership, collectively. We own and operate one of the largest publicly traded open-air retail portfolios by gross leasable area (\"GLA\") in the United States (\"U.S.\"), comprised primarily of grocery-anchored community and neighborhood shopping centers. As of December 31, 2025, our portfolio was comprised of 348 shopping centers (the \"Portfolio\") totaling approximately 63 million square feet of GLA. Our high-quality national Portfolio is primarily located within established trade areas in the top 50 Core-Based Statistical Areas (\"CBSAs\") in the U.S., and our shopping centers are primarily anchored by non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. As of December 31, 2025, our three largest tenants by annualized base rent (\"ABR\") were The TJX Companies, Inc., The Kroger Co., and Burlington Stores, Inc. In the opinion of our management, no material part of our business is dependent upon a single tenant, the loss of which would have a material adverse effect on us, and no single tenant or shopping center accounted for 5% or more of our consolidated revenues during 2025. As of December 31, 2025, BPG beneficially owned, through its direct and indirect interest in BPG Sub and the General Partn Item 1A. Risk Factors Risks Related to Our Portfolio and Our Business Adverse economic, market, and real estate conditions may adversely affect our financial condition, operating results, and cash flows. Our Portfolio is predominantly comprised of community and neighborhood shopping centers. Our performance i", "title": "BRX - Brixmor Property Group Inc.", "url": "/company/BRX/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001031308; latest 10-K filed 2026-02-26.", "text": "BSY - BENTLEY SYSTEMS INC SIC 7372 Services-Prepackaged Software; CIK 0001031308; latest 10-K filed 2026-02-26. BSY BENTLEY SYSTEMS INC 0001031308 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our audited consolidated financial statements and notes thereto included in Part II, Item 8 of this Annual Report on Form 10\u2011K. In addition to historical information, this discussion contains forward\u2011looking statements that involve risks, uncertainties, and assumptions that could cause actual results to differ materially from management\u2019s expectations. Factors that could cause such differences are set forth in Part I, Item 1A. Risk Factors of this Annual Report on Form 10\u2011K. Refer to Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report on Form 10\u2011K for management\u2019s discussion and analysis of financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023. All amounts presented in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, except share and per share amounts, are presented in thousands. Additionally, many of the amounts and percentages have been rounded for convenience of presentation. Minor differences in totals and percentage calculations may exist due to rounding. Overview: Bentley Systems is the infrastructure engineering software company. Our purpose is to advance the world\u2019s infrastructure for better quality of life. Our mission is to reshape how infrastructure systems and critical resources are delivered and optimized. We manage our business globally within one reportable segment, the development and marketing of computer software and related services, which is consistent with how our chief operating decision maker (\u201cCODM\u201d) reviews and manages our business. Executive Summary: \u2022Total revenues were $1,501,779 for the year ended December 31, 2025, up 11.0% or 10.1% on a constant currency basis(1) compared to the prior year; \u2022Subscriptions revenues were $1,376,696 for the year ended December 31, 2025, up 12.5% or 11.7% on a constant currency basis(1) compared to the prior year; \u2022ARR(2) was $1,462,145 as of December 31, 2025, compared to $1,283,256 as of December 31, 2024; Constant currency(1) ARR growth rate(2) was 11.5%; \u2022Last twelve-month recurring revenues dollar-based net retention rate(2) was 109% as of December 31, 2025, compared to 110% as of December 31, 2024; \u2022Operating income was $362,621 for the year ended December 31, 2025, compared to $302,150 for the prior year; \u2022Adjusted operating income less stock-based compensation expense (\u201cAOI less SBC\u201d) (previously titled Adjusted operating income inclusive of stock-based compensation expense (\u201cAdjusted OI w/SBC\u201d))(1) was $429,917 for the year ended December 31, 2025, compared to $372,222 for the prior year; and \u2022Cash flows from operating activities were $538,464 for the year ended December 31, 2025, compared to $435,292 for the prior year. (1)Constant currency and AOI less SBC are non\u2011GAAP financial measures. Refer to the \u201cNon\u2011GAAP Financial Measures\u201d section for additional information, including our definitions and our uses of constant currency and AOI less SBC. (2)Refer to the \u201cKey Business Metrics\u201d section for additional information, including our definitions and our uses of ARR, ARR growth rate, and recurring revenues dollar-based net retention rate. 34 Table of Contents Results of Operations: Our results of operations have been, and in the future will be, affected by changes in foreign currency exchange rates. For the years ended December 31, 2025, 2024, and 2023, approximately 33%, 34%, and 35%, respectively, of our total revenues and 45%, 42%, and 45%, respectively, of our total operating expenses were denominated in a currency other than the U.S. dollar including most significantly: euros, British pounds, Canadian dollars, Australian dollars, Chinese yuan renminbi, and New Zealand dollars. Other than the natural hedge Item 1. Business Our Business Bentley Systems is the infrastructure engineering software company. Our purpose is to advance the world\u2019s infrastructure for better quality of life. Our mission is to reshape how infrastructure systems and critical resources are delivered and optimized. We were founded in 1984 by the Bentley brothers and on September 25, 2020, we completed our initial public offering (\u201cIPO\u201d). Our enduring commitment is to develop and support the most comprehensive portfolio of integrated software offerings across disciplines, sectors, geographies, and the infrastructure lifecycle, enabling digital workflows that improve project delivery and asset performance. Our users design, build, and operate infrastructure assets for the following sectors: \u2022Public Works/Utilities, which represents approximately 59% of our sector-attributable annualized recurring revenues (\u201cARR\u201d)(1)(2), includes roads, rail, bridges, tunnels, airports, and ports; federal, state, and municipal agencies; and networks for electricity, gas, water, wastewater, and communications; \u2022Resources, which represents approximately 27% of our sector-attributable ARR(1)(2), includes mining, oil and gas upstream activities, offshore, pipelines, environmental management, and renewable energy; \u2022Industrial, which represents approximately 9% of our sector-attributable ARR(1)(2), includes process and discrete manufacturing, oil and gas downstream activities, and power generation; and \u2022Commercial/Facilities, which represents approximately 5% of our sector-attributable ARR(1)(2), includes campuses, office buildings, retail facilities, and hospitals. Our Products and Offerings We serve enterprises and professionals across the infrastructure lifecycle, from the design and construction of new projects to the operation and maintenance of existing assets. For projects, our software encompasses conception, planning, surveying, design, engineering, and construction, as well as the collaboration require Item 1A. Risk Factors The following is a discussion of the material factors that make an investment in the Company and its securities speculative or risky. The risks described herein are not the only risks we may face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially adve", "title": "BSY - BENTLEY SYSTEMS INC", "url": "/company/BSY/" }, { "kind": "company", "summary": "SIC 5311 Retail-Department Stores; CIK 0001579298; latest 10-K filed 2026-03-19.", "text": "BURL - Burlington Stores, Inc. SIC 5311 Retail-Department Stores; CIK 0001579298; latest 10-K filed 2026-03-19. BURL Burlington Stores, Inc. 0001579298 5311 Retail-Department Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion summarizes the significant factors affecting our consolidated operating results, financial condition, liquidity and cash flows as of and for the periods presented below. The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements, including the notes thereto, appearing elsewhere in this Annual Report. In addition to historical information, this discussion and analysis contains forward-looking statements based on current expectations that involve risks, uncertainties and assumptions, such as our plans, objectives, expectations and intentions as further described under the caption above entitled \u201cCautionary Statement Regarding Forward-Looking Statements.\u201d Our actual results or other events and the timing of events may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in Item 1A, Risk Factors and elsewhere in this Annual Report. General We are a nationally recognized off-price retailer of high-quality, branded merchandise at everyday low prices. We opened our first store in Burlington, New Jersey in 1972, selling primarily coats and outerwear. Since then, we have expanded our store base to 1,212 stores as of January 31, 2026 in 46 states, Washington D.C. and Puerto Rico. We have diversified our product categories by offering an extensive selection of in-season, fashion-focused merchandise at up to 60% off other retailers\u2019 prices, including: women\u2019s ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts and coats. We sell a broad selection of desirable, first-quality, current-brand, labeled merchandise acquired directly from nationally-recognized manufacturers and other suppliers. Executive Summary Store Openings, Closings and Relocations During the fiscal year ended February 1, 2025 (Fiscal 2025), we opened 131 new stores, inclusive of 18 relocations, and closed nine stores, exclusive of the aforementioned relocations, bringing our store count as of January 31, 2026 to 1,212 stores. We continue to pursue our growth plans and invest in capital projects that meet our financial requirements. During the fiscal year ending January 30, 2027 (Fiscal 2026), we plan to open approximately 110 net new stores. Fiscal Year Ended Our fiscal year ends on the Saturday closest to January 31. We report fiscal years under a 52/53-week format and as a result, certain fiscal years will contain 53 weeks. Fiscal 2025 included 52 weeks, the fiscal year ended February 1, 2025 (Fiscal 2024) included 52 weeks, and the fiscal year ended February 3, 2024 (Fiscal 2023) included 53 weeks. Fiscal 2026 will have 52 weeks. Ongoing Initiatives for Fiscal 2026 We continue to focus on several ongoing strategic initiatives aimed at operating with flexibility, responsiveness, and efficiency in everything we do, while delivering great value to our customers through continued improvement in the execution of our off-price model. These initiatives are outlined below. Merchandising Our merchandising strategy is centered on delivering compelling value while remaining responsive to evolving customer preferences. Key initiatives include: \u2022 focusing on fashion, quality, brand, and price to inform our buying decisions and provide customers with outstanding value on their purchases; \u2022 delivering remarkable value every day with speed and agility through a culture of customer focus and continuous learning and innovation; \u2022 enabling buyers to spend more time in the market and take data-driven actions informed by current trends and opportunities; \u2022 following the off-price principles of opportunistic buying and in-season purchasing to more effectively chase the sales trend; \u2022 building capabilities to localize the assortment by region and store; and 24 \u2022 continuing to Item 1. Business Overview We are a nationally recognized off-price retailer of high-quality, branded merchandise at everyday low prices. We opened our first store in Burlington, New Jersey in 1972, selling primarily coats and outerwear. Since then, we have expanded our store base to 1,212 stores as of January 31, 2026, in 46 states, Washington D.C. and Puerto Rico. We have diversified our product categories by offering an extensive selection of in-season, fashion-focused merchandise at up to 60% off other retailers\u2019 prices, including: women\u2019s ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts and coats. We continue to focus on several ongoing strategic initiatives aimed at operating with flexibility, responsiveness, and efficiency in everything we do, while delivering great value to our customers through continued improvement in the execution of our off-price model. These initiatives include, but are not limited to, those discussed under \u201cOngoing Initiatives for Fiscal 2026\u201d in Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. As used in this Annual Report, the terms \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d refer to Burlington Stores, Inc. and all of its subsidiaries. Fiscal Year End We define our fiscal year as the 52- or 53-week period ending on the Saturday closest to January 31. This Annual Report covers the 52-week fiscal year ended January 31, 2026 (Fiscal 2025), the 52-week fiscal year ended February 1, 2025 (Fiscal 2024), and the 53-week fiscal year ended February 3, 2024 (Fiscal 2023). Our Stores Over 99% of our net sales are derived from stores we operate as Burlington Stores. We believe that our customers are attracted to our stores principally by the availability of a large assortment of first-quality, current, brand-name merchandise at everyday low prices. Burlington Stores offer customers a complete line of merchandise. Our broad selection provides a wide ra Item 1A. Risk Factors Set forth below are material risks and uncertainties that could adversely affect our results of operations, financial condition or cash flows and cause our actual results to differ materially from those expressed in forward-looking statements made by us. Although we believe that we have identified and discussed below the", "title": "BURL - Burlington Stores, Inc.", "url": "/company/BURL/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000908255; latest 10-K filed 2026-02-11.", "text": "BWA - BORGWARNER INC SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000908255; latest 10-K filed 2026-02-11. BWA BORGWARNER INC 0000908255 3714 Motor Vehicle Parts & Accessories Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations INTRODUCTION BorgWarner Inc. (collectively with its consolidated subsidiaries, the \u201cCompany\u201d or \u201cBorgWarner\u201d) is a global product leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles. BorgWarner\u2019s products help improve vehicle performance, propulsion efficiency, stability and air quality. The Company manufactures and sells these products worldwide, primarily to original equipment 36 Table of Contents manufacturers (\u201cOEMs\u201d) of light vehicles (passenger cars, sport-utility vehicles, vans and light trucks). The Company\u2019s products are also sold to OEMs of commercial vehicles (medium-duty trucks, heavy-duty trucks and buses) and off-highway vehicles (agricultural and construction machinery and marine applications). The Company also manufactures and sells its products to certain tier one vehicle systems suppliers and into the aftermarket for light, commercial and off-highway vehicles. The Company operates manufacturing facilities serving customers in Europe, the Americas and Asia and is an original equipment supplier to nearly every major automotive OEM in the world. BorgWarner Strategy The Company\u2019s current strategy is to focus on profitable growth across its technology-focused product portfolio that supports electric, hybrid and combustion vehicles. This entails growing its product portfolio through organic investments and technology-focused acquisitions. The Company\u2019s balanced portfolio is particularly critical as the automotive industry continues to see electric vehicle adoption volatility across different regions. During the years ended December 31, 2025, 2024 and 2023, the Company\u2019s revenue from eProducts, which include all products utilized on or for electric vehicles (\u201cEVs\u201d) plus those same products and components that are included in hybrid powertrains whose underlying technologies are adaptable or applicable to those used in or for EVs, was approximately $2.6 billion, $2.3 billion and $2.0 billion, respectively, or 18%, 17% and 14% of its total revenue, respectively, and the Company\u2019s revenue from Foundational products, which include all products utilized on internal combustion engines plus those same products and components that are also included in hybrid powertrains, was approximately $11.7 billion, $11.8 billion and $12.2 billion, respectively, or 82%, 83% and 86% of its total revenue, respectively. Lawsuit Against PHINIA On September 19, 2024, the Company commenced a lawsuit against PHINIA, seeking to recover from PHINIA approximately $120 million of value added tax (\u201cVAT\u201d) refunds that PHINIA received or expects to receive from governmental agencies as well as damages and interest. These refunds consisted of VAT paid by the Company in periods prior to or directly related to the spin-off that established PHINIA as an independent company. PHINIA responded to the lawsuit and also asserted counterclaims against the Company. On October 15, 2025, the Company entered into a settlement agreement (the \u201cSettlement Agreement\u201d) with PHINIA, pursuant to which PHINIA agreed to pay the Company $78 million, resolving the lawsuit and certain other matters relating to the spin-off. In connection with the Settlement Agreement, the Company and PHINIA also entered into an amended and restated tax matters agreement that, among other things, limits the Company\u2019s responsibility to certain defined tax obligations. As a result, the Company recorded a net charge of $40 million during the year ended December 31, 2025, for the reduction of VAT-related receivables, the elimination of certain Company liabilities under the amended and restated tax matters agreement and related legal fees, which is included in Other operating expense, net in the Company\u2019s Consolidated Statements of Operations. As of December 31, 2025, after giving effect to the Settlement Agreement and the $31 million payment received d Item 1. Business BorgWarner Inc. (collectively with its consolidated subsidiaries, the \u201cCompany\u201d or \u201cBorgWarner\u201d) is a Delaware corporation incorporated in 1987. The Company is a global product leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles. BorgWarner\u2019s products help improve vehicle performance, propulsion efficiency, stability and air quality. The Company manufactures and sells these products worldwide, primarily to original equipment manufacturers (\u201cOEMs\u201d) of light vehicles (passenger cars, sport-utility vehicles, vans and light trucks). The Company\u2019s products are also sold to OEMs of commercial vehicles (medium-duty trucks, heavy-duty trucks and buses) and off-highway vehicles (agricultural and construction machinery and marine applications). The Company also manufactures and sells its products to certain tier one vehicle systems suppliers and into the aftermarket for light, commercial and off-highway vehicles. The Company operates manufacturing facilities serving customers in Europe, the Americas and Asia and is an original equipment supplier to nearly every major automotive OEM in the world. BorgWarner Strategy The Company\u2019s current strategy is to focus on profitable growth across its technology-focused product portfolio that supports electric, hybrid and combustion vehicles. This entails growing its product portfolio through organic investments and technology-focused acquisitions. The Company\u2019s balanced portfolio is particularly critical as the automotive industry continues to see electric vehicle adoption volatility across different regions. During the years ended December 31, 2025, 2024 and 2023, the Company\u2019s revenue from eProducts, which include all products utilized on or for electric vehicles (\u201cEVs\u201d) plus those same products and components that are included in hybrid powertrains whose underlying technologies are adaptable or applicable to those used in or for EVs, was approximately $2.6 billion, $2.3 b Item 1A. Risk Factors Investors should carefully consider the following risk factors and other information included in this report. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impact our business operations. If any of the following risks occur, our business, including o", "title": "BWA - BORGWARNER INC", "url": "/company/BWA/" }, { "kind": "company", "summary": "SIC 3510 Engines & Turbines; CIK 0001486957; latest 10-K filed 2026-02-23.", "text": "BWXT - BWX Technologies, Inc. SIC 3510 Engines & Turbines; CIK 0001486957; latest 10-K filed 2026-02-23. BWXT BWX Technologies, Inc. 0001486957 3510 Engines & Turbines Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Statements we make in the following discussion, which express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements that are subject to risks, uncertainties and assumptions. Our actual results, performance or achievements, or industry results, could differ materially from those we express in the following discussion as a result of a variety of factors, including the risks and uncertainties we have referred to under the heading \"Cautionary Statement Concerning Forward-Looking Statements\" in Item 1 and throughout Item 1A of this Report. General We are a leading supplier of nuclear components and fuel to the U.S. Government; provide technical, management and site services to support governments in the operation of complex facilities and environmental remediation activities; supply precision manufactured components, nuclear fuel and services for the commercial nuclear power industry; supply critical medical radioisotopes and radiopharmaceuticals; and develop nuclear technologies for a variety of applications, including medical radioisotopes, advanced nuclear power sources and advanced nuclear reactors. In general, we operate in capital-intensive industries and rely on large contracts for a substantial amount of our revenues. We operate in two reportable segments: Government Operations and Commercial Operations. We are currently exploring growth strategies across our segments through strategic investments and acquisitions to expand and complement our existing businesses. We would expect to fund these opportunities with cash generated from operations or by raising additional capital through debt, equity or some combination thereof. Outlook We expect to recognize approximately 40% of the revenue associated with our backlog by the end of 2026, with the remainder to be recognized thereafter. Government Operations The revenues of our Government Operations segment are largely a function of national security spending by the U.S. Government. As a supplier of major nuclear components for certain U.S. Government programs, we are a significant participant in the defense industry and have not been negatively impacted by federal budget reductions to date. We believe many of our programs are well-aligned with national defense and other strategic priorities as we supply high-end equipment for submarines and aircraft carriers for the U.S. Navy and participate in the continuing cleanup, operation and management of critical government-owned nuclear sites, laboratories and manufacturing complexes maintained by the DOE, NASA and other federal agencies. However, it is possible that reductions in federal government spending could have an adverse impact on the operating results and cash flows of this segment in the future. A portion of this segment's operations is also conducted through joint ventures, which typically earn fees, and we account for them following the equity method of accounting. See Note 4 to our consolidated financial statements included in this Report for financial information on our equity method investments. This segment also specializes in the development of advanced technologies. The nature, timing and duration of any related contracts are dependent on the demand and funding availability for such technologies. Commercial Operations The revenues in this segment primarily depend on the demand and competitiveness of nuclear energy. The activity of this segment depends on the timing of maintenance and refueling outages, the cyclical nature of capital expenditures and major refurbishment and plant life extension projects, as well as the demand for nuclear fuel and fuel handling equipment primarily in the Canadian market, which could cause variability in our financial results. Our Commercial Operations segment's offerings also include medical radioisotope products, radiopha Item 1. BUSINESS General BWX Technologies, Inc. is a specialty manufacturer of nuclear components, a developer of nuclear technologies and a service provider with an operating history of more than 100 years. Our core businesses focus on the design, engineering and manufacture of precision naval nuclear components, nuclear reactors and nuclear fuel for the U.S. Government. We also provide special nuclear materials processing, environmental site restoration services, products and services to customers in the nuclear power industry, critical medical radioisotopes and radiopharmaceuticals and other advanced nuclear technologies. While we provide a wide range of products and services, our business segments are heavily focused on major projects. At any given time, a relatively small number of projects can represent a significant part of our operations. Business Segments We operate in two reportable segments: Government Operations and Commercial Operations. For financial information regarding each of our segments and financial information regarding geographic areas, see Note 3 and Note 15 to our consolidated financial statements included in this Report. For further details regarding each segment's facilities, see Item 2 of this Report. In general, we operate in capital-intensive industries and rely on large contracts for a substantial amount of our revenues. We are currently exploring growth strategies across our segments through strategic investments and acquisitions to expand and complement our existing businesses. We would expect to fund these opportunities with cash generated from operations or by raising additional capital through debt, equity or some combination thereof. Government Operations Through this segment, we engineer, design and manufacture precision naval nuclear components, reactors and nuclear fuel for the U.S. Department of Energy (\"DOE\")/National Nuclear Security Administration's (\"NNSA\") Naval Nuclear Propulsion Program and we have over 100 ye Item 1A. RISK FACTORS Industry Risks We rely on U.S. Government contracts (either directly or as a sub-tier contractor to a government contractor) for a substantial percentage of our revenue, and some of those contracts are subject to continued appropriations by Congress and may be terminated or delayed if future funding is not made available. In addi", "title": "BWXT - BWX Technologies, Inc.", "url": "/company/BWXT/" }, { "kind": "company", "summary": "SIC 7011 Hotels & Motels; CIK 0000906553; latest 10-K filed 2026-02-20.", "text": "BYD - BOYD GAMING CORP SIC 7011 Hotels & Motels; CIK 0000906553; latest 10-K filed 2026-02-20. BYD BOYD GAMING CORP 0000906553 7011 Hotels & Motels ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our consolidated financial statements and the related notes thereto and other financial information included in this Annual Report on Form 10-K. For the year ended December 31, 2023, and changes from the year ended December 31, 2023 to the year ended December 31, 2024, management\u2019s discussion and analysis pertaining to our financial condition, changes in our financial condition, and the results of our operations have been omitted from this MD&A and may be found in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations as included in our Annual Report on Form 10-K for the year ended December 31, 2024. In 2025, the Company separated out online reimbursements revenue from online revenue and online reimbursements expense from online expense and recast its consolidated statements of operations to reflect these changes, as discussed further in Note 1, Summary of Significant Accounting Policies - Recasted Consolidated Statements of Operations. Given this recast, the Company has provided changes for the year ended December 31, 2023 to the year ended December 31, 2024 for the revenue sources, including online revenue and online reimbursements revenue, that were impacted by the recast. The disaggregation of online reimbursements revenue from online revenue and online reimbursements expense from online expense did not impact the Company's total revenues, net income or earnings per share as previously reported for 2024 and 2023. In addition to the historical information, certain statements in this discussion are forward-looking statements based on current expectations that involve risks and uncertainties. Actual results and the timing of certain events may differ significantly from those projected in such forward-looking statements. Our primary areas of focus are: (i) growing revenues and building loyalty among our core customers; (ii) ensuring our existing operations are managed as efficiently as possible\u037e (iii) maintaining the strength of our balance sheet, including our leverage ratios, and finding opportunities to diversify and increase cash flow; (iv) returning capital to shareholders through share repurchases and dividends; (v) investing in our existing operations to enhance our offerings and remain positioned for growth; and (vi) successfully pursuing our growth strategy, which is built on identifying development opportunities in our existing portfolio and acquiring assets that we believe are a strategic fit and provide an appropriate return to our shareholders. EXECUTIVE OVERVIEW Boyd Gaming Corporation (the \"Company,\" \"Boyd Gaming,\" \"we\" or \"us\") is a multi-jurisdictional gaming company that has been in operation since 1975. As of December 31, 2025, we had 27 gaming entertainment properties. Headquartered in Las Vegas, Nevada, we have geographically diversified gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, Pennsylvania and Virginia. In addition, we own and operate Boyd Interactive, a B2B and B2C online casino gaming business. We also manage the Sky River Casino located in California under a management agreement with Wilton Rancheria. We have the following four reportable segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; (iii) Midwest & South; and (iv) Online, (collectively \"Reportable Segments\"). The Las Vegas Locals, Downtown Las Vegas and Midwest & South segments include the operating results of our gaming entertainment properties. The Online segment includes the operating results of our online gaming business, including the acquisition on September 1, 2024 of Boyd Digital (collectively, \"Boyd Interactive\"), and online market access fees from our agreements with third parties throughout the United States. To reconcile Reportable Segments information to th ITEM 1. Business Overview Boyd Gaming Corporation (the \"Company,\" the \"Registrant,\" \"Boyd Gaming,\" \"we\" or \"us\") is a multi-jurisdictional gaming company that has been in operation since 1975. Headquartered in Las Vegas, we operate 27 brick-and-mortar gaming entertainment properties (\"gaming entertainment properties\") in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, Pennsylvania and Virginia. In addition, we own and operate Boyd Interactive, a business-to-business (\u201cB2B\u201d) and business-to-consumer (\u201cB2C\u201d) online casino gaming business in the United States and Canada. Through a management agreement with Wilton Rancheria, we also manage the Sky River Casino, which is located in California. On November 7, 2025, the Company, as developer and manager, opened a transitional casino in Norfolk, Virginia. The permanent casino resort is expected to open in late 2027. On November 9, 2025, the Company permanently closed the Sam's Town Tunica property. In 2018, we acquired a five percent ownership in FanDuel Group Parent, LLC (\"FanDuel\"), the nation\u2019s leading sports-betting operator. On July 10, 2025, Boyd Interactive Gaming Holdings, L.L.C. (\"Boyd Interactive Holdings\"), a wholly owned subsidiary of Boyd Gaming, entered into a definitive agreement (\"Purchase Agreement\") with TSE Holdings Ltd. (\"Parent\") and FanDuel, pursuant to which Parent agreed to purchase Boyd Interactive Holding's five percent equity interest (the \"Equity Interest\") in FanDuel, and Boyd Gaming and FanDuel, or their respective affiliated entities, agreed to enter into certain commercial arrangements. On July 31, 2025, pursuant to the Purchase Agreement, Boyd Interactive Holdings completed the sale of its Equity Interest to Parent for aggregate cash consideration of $1,758.0 million. In connection with the sale of the Equity Interest, Boyd Gaming and FanDuel or their respective affiliated entities terminated certain of their existing agreements related to their strateg ITEM 1A. Risk Factors In addition to the other information contained in this report on Form 10-K, the following Risk Factors should be considered carefully in evaluating our business. If any of the following risks actually occurs, our business, financial condition and results of operations could be materially and adversely affected. If this were to happen, the v", "title": "BYD - BOYD GAMING CORP", "url": "/company/BYD/" }, { "kind": "company", "summary": "SIC 7373 Services-Computer Integrated Systems Design; CIK 0000016058; latest 10-K filed 2025-08-07.", "text": "CACI - CACI INTERNATIONAL INC /DE/ SIC 7373 Services-Computer Integrated Systems Design; CIK 0000016058; latest 10-K filed 2025-08-07. CACI CACI INTERNATIONAL INC /DE/ 0000016058 7373 Services-Computer Integrated Systems Design Item 7. Management\u2019s Discussion and Analysis of Financial Condition & Results of Operations The following discussion and analysis of our financial condition and results of operations is provided to enhance the understanding of, and should be read together with, our consolidated financial statements, and the Notes to those statements that appear elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Unless otherwise specifically noted, all years refer to our fiscal year which ends on June 30. In this section, we discuss our financial condition, changes in financial condition, and results of our operations for fiscal 2025 compared to fiscal 2024. For a discussion and analysis comparing our results for fiscal 2024 to fiscal 2023, see our Annual Report on Form 10-K for fiscal 2024, filed with the SEC on August 8, 2024, under Part II, Item 7. Overview We are a leading provider of Expertise and Technology to customers in support of national security in the intelligence, defense, and federal civilian sectors, both domestically and internationally. The demand for our Expertise and Technology is largely driven by the evolving national security and geopolitical environment, the increasingly complex network, systems, and information environments in which governments and businesses operate, and the ongoing need to stay current with emerging technologies. Some of our key initiatives include the following: \u2022Continue to grow organic revenues across our large, addressable market; \u2022Deliver strong profitability and robust cash flow; \u2022Differentiate ourselves through our investments, including our strategic mergers and acquisition program, allowing us to enhance our current capabilities and create new customer access points; \u2022Recruit, hire, train, and retain a world class workforce to execute on our growing backlog; and \u2022Continue our unwavering commitment to our customers while supporting the communities in which we work and live. Budgetary Environment We carefully follow federal budget, legislative and contracting trends and activities and evolve our strategies to take these into consideration. While future levels of defense and non-defense spending may vary and are difficult to project, we believe that there continues to be bipartisan support for defense and national security-related spending, particularly given the heightened current global threat environment. While we view the budget environment as constructive and believe there is bipartisan support for continued investment in the areas of defense and national security, it is uncertain when (and if) in any particular government fiscal year (GFY) that appropriations bills will be passed. During those periods of time when appropriations bills have not been passed and signed into law, government agencies operate under a CR, a temporary measure that typically allows the government to continue operations at prior year funding levels. On March 15, 2025, President Trump signed a CR that extended government funding through September 30, 2025, the remainder of GFY25 (a full-year CR). This is the first time that the Department of Defense (DoD) has been funded by a full-year CR, and this latest CR has some anomalies included that make it different than a typical CR, including (i) new appropriation levels were established rather than using the GFY24 levels (e.g., defense spending raised to $893 billion, which is just under the $895 billion President Biden requested for GFY25), (ii) DoD is allowed to start certain new programs, and (iii) DoD was given expanded transfer authority to reallocate funding between different accounts. Depending on their scope, duration, and other factors, CRs can negatively impact our business due to delays in new program starts, delays in contract award decisions, and other factors. When a CR expires, unless appropriations bills have been passed by Congress and signed by the Presiden Item 1. Business Overview CACI International Inc (CACI), a Delaware corporation, is a holding company whose operations are conducted through subsidiaries primarily located in the United States (U.S.) and Europe. CACI was founded in 1962 as a simulation technology company and has grown into a leading provider of distinctive Expertise and differentiated Technology to customers in support of national security in the intelligence, defense, and federal civilian sectors, both domestically and internationally. Unless the context indicates otherwise, the terms \u201cCACI,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour,\u201d refer to CACI International Inc and its subsidiaries and joint ventures that are majority-owned or otherwise controlled by it. The term \u201cthe Registrant\u201d refers to CACI International Inc only. \u2022Expertise \u2013 CACI delivers talent with the specific technical and functional knowledge to support agency operations. Examples include individuals with talents such as software development, data and business analysis, operations support, naval architecture, engineering, life cycle support, intelligence and special operations support, and network exploitation analysis. \u2022Technology \u2013 CACI provides technology that addresses our customers' most challenging needs. This includes agile software development using open modern architectures and DevSecOps; advanced data platforms and applications augmented by Artificial Intelligence (AI), Enterprise Resource Planning (ERP) systems, Electromagnetic Spectrum (EMS) capabilities, photonics and network modernization. CACI invests ahead of customer need with research and development to create unique and differentiated technology addressing critical national security needs. Our proven Expertise and Technology and strong record of program delivery have enabled us to compete for and secure new customers and contracts, win repeat business, and build and maintain long-term customer relationships. We seek competitive business opportunities and have buil Item 1A. Risk Factors You should carefully consider the risks and uncertainties described below, together with the information included elsewhere in this Annual Report on Form 10-K and other documents we file with the SEC. The risks and uncertainties described below are those that we have", "title": "CACI - CACI INTERNATIONAL INC /DE/", "url": "/company/CACI/" }, { "kind": "company", "summary": "SIC 7510 Services-Auto Rental & Leasing (No Drivers); CIK 0000723612; latest 10-K filed 2026-02-19.", "text": "CAR - AVIS BUDGET GROUP, INC. SIC 7510 Services-Auto Rental & Leasing (No Drivers); CIK 0000723612; latest 10-K filed 2026-02-19. CAR AVIS BUDGET GROUP, INC. 0000723612 7510 Services-Auto Rental & Leasing (No Drivers) OVERVIEW OUR COMPANY We operate three of the most globally recognized brands in mobility solutions, Avis, Budget and Zipcar together with several other brands well recognized in their respective markets. We are a leading vehicle rental operator in North America, Europe, Australasia and certain other regions we serve, with an average rental fleet of approximately 684,000 vehicles in 2025. We also license the use of our trademarks to licensees in the areas in which we do not operate directly. We and our licensees operate our brands in approximately 180 countries throughout the world. RESULTS OF OPERATIONS A discussion regarding our financial condition and results of operations for the year ended December 31, 2025 compared to 2024 is presented below. A discussion regarding our financial condition and results of operations for the year ended December 31, 2024 compared to 2023 can be found under Part II, Item 7 in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 14, 2025, which is available on the SEC\u2019s website at www.sec.gov and our Investor Relations website at ir.avisbudgetgroup.com. In 2025, we saw sustained volume, decreased revenue per day and lower per-unit fleet costs, excluding other fleet charges related to the disposal of certain fleet in our Americas reportable segment. This resulted in revenues of approximately $11.7 billion, net loss of $995 million and Adjusted EBITDA of $748 million for the year ended December 31, 2025. During the fourth quarter of 2025, in conjunction with the Interpace Ventures transaction, we reviewed our fleet strategy, specific to certain United States EV rental car vehicles, and as a result shortened the useful life associated with such vehicles. Our net loss reflects $518 million in long-lived asset impairment and other related charges, which was recorded to reduce the carrying value of certain United States EV rental car vehicles to its fair value in connection with this change. See Note 2 \u2013 Summary of Significant Accounting Policies \u2013 Impairment of Long-Lived Assets to our Consolidated Financial Statements. Our strategy remains centered on driving sustainable growth through operational efficiency, analytics, customer experience and innovation. In addition to the change in fleet strategy mentioned above, during the fourth quarter of the fiscal year ended December 31, 2024, we changed our fleet strategy with respect to United States and Canadian rental car vehicles, to accelerate certain fleet rotations in order to decrease the age of our fleet for competitive reasons. We believe our strategies will continue to reinforce our competitive position, support long-term profitability, and deliver value to our stakeholders. 34 Table of Contents We continue to be susceptible to a number of industry-specific and global macroeconomic factors that may cause our actual results of operations to differ from our historical results of operations or current expectations. The factors and trends that we currently believe are or will be most impactful to our results of operations and financial condition include the following: interest rates, inflationary impact on items such as commodity prices and wages, cost of new vehicles, used car values, increases in the number of personal injury claims and cost per incident, government shutdowns, manufacturer recalls, and an economic downturn that may impact travel demand, all of which may be exacerbated by ongoing military conflicts, including in the Middle East and Eastern Europe. Additionally, uncertainty remains with respect to tariffs and tax regulations, and this uncertainty has had and may continue to have impacts on our operations. We continue to monitor the potential favorable or unfavorable impacts of these and other factors on our business, operations, financial condition, and future results of operations. We measure performance principally using the following key metrics: (i) rental days, which repre ITEM 1. BUSINESS Except as expressly indicated or unless the context otherwise requires, the \u201cCompany,\u201d \u201cAvis Budget,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d means Avis Budget Group, Inc. and its subsidiaries. Unless the context requires otherwise, these references and references to our brands do not include the operations of our licensees, as further discussed below. OVERVIEW We are a leading global provider of mobility solutions through our three most recognized brands, Avis, Budget and Zipcar, as well as several other brands, well recognized in their respective markets. Our brands offer a range of options, from car and truck rental to car sharing. We license the use of the Avis, Budget, Zipcar and other brands\u2019 trademarks to licensees in areas in which we do not operate directly. We and our licensees operate our brands in approximately 180 countries throughout the world. We generally maintain a leading share of airport car rental revenues in North America, Europe and Australasia, and we operate a leading car sharing network and one of the leading commercial truck rental businesses in the United States. We believe the range of options from our diversified brands enjoy complementary demand patterns with mid-week commercial demand balanced by weekend leisure demand. On average, our global rental fleet totaled approximately 684,000 vehicles in 2025. We completed approximately 38 million vehicle rental transactions worldwide and generated total revenues of approximately $11.7 billion during 2025. Our brands and mobility solutions have an extended global reach with approximately 10,000 rental locations throughout the world, including approximately 3,800 locations operated by our licensees. We categorize our operations into two reportable business segments: \u2022Americas - consisting primarily of (i) vehicle rental operations in North America, South America, Central America and the Caribbean, (ii) car sharing operations in certain of these markets, and (iii) licensees in the areas in wh ITEM 1A. RISK FACTORS The following is a discussion of the risks, uncertainties and assumptions that we believe are material to our business and should be considered carefully in conjunction with all of the other information set forth in this Annual Report on Form 10-K. Although the risks are or", "title": "CAR - AVIS BUDGET GROUP, INC.", "url": "/company/CAR/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001579091; latest 10-K filed 2026-02-26.", "text": "CART - Maplebear Inc. SIC 7389 Services-Business Services, NEC; CIK 0001579091; latest 10-K filed 2026-02-26. CART Maplebear Inc. 0001579091 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. The following discussion contains forward looking statements that are based on current plans, expectations and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward looking statements as a result of various factors, including, but not limited to, those identified below and those discussed in the section titled \u201cRisk Factors\u201d and other sections, including the \u201cSpecial Note Regarding Forward-Looking Statements,\u201d of this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. In addition, this section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Annual Report on Form 10-K and can be found in the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of this Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 28, 2025. For purposes of clarity and ease of presentation, numbers presented within this section may not sum precisely to the totals provided. The underlying data used in the calculations, including percentages, is not rounded. Overview Instacart is the leading technology and enablement partner for the grocery industry \u2014 helping consumers save time, retailers run their businesses online and in-store, and connect brands with customers. We enable retail banners to grow by providing technology that can accelerate digital transformation of their business both online and in-store. Retailers reach customers through both Instacart Marketplace, where customers can shop from their favorite retailers through our app or website, and retailers\u2019 owned and operated online storefronts that are powered by Instacart Enterprise platform, our end-to-end technology solution encompassing e-commerce, fulfillment, Connected Stores, ads and marketing, and insights. When shopping for groceries, consumers want selection, quality, affordability, and convenience, and they shop in many different ways. Customers can place orders for delivery or pickup across a variety of use cases including the weekly shop, bulk stock-up, convenience, special occasions, from restaurants, and using our in-store technologies. We help our customers shop at their favorite retailers, order from their favorite restaurants, and enjoy selection, quality, affordability, and convenience. Our membership program, Instacart+, offers expanded customer benefits including unlimited $0 delivery fees on orders over a certain size, and other exclusive benefits. Instacart Ads offers brands a highly measurable ads offering that leverages first-party transaction data to move products off store shelves more efficiently. We provide discovery and attractive return on investment through our industry-leading advertising tools and insights purpose-built for the online grocery category. We offer shoppers an immediate, flexible earnings opportunity that allows them to choose when and how much to work. Shoppers are deeply valued members of the Instacart community, and we strive to make the shopping experience as seamless as possible so they can continue to deliver superior customer service. Initial Public Offering and Private Placement On September 21, 2023, we completed our IPO in which we issued and sold 14,100,000 shares of our common stock at an Item 1. Business OVERVIEW Instacart is the leading technology and enablement partner for the grocery industry \u2014 helping consumers save time, retailers run their businesses online and in-store, and connect brands with customers. Since our founding, Instacart has powered more than 1.6 billion orders. Instacart is built for the entire grocery ecosystem, improving the experiences for each of our constituents and helping them succeed: \u2022Retailers. We enable more than 2,200 retail banners as of December 31, 2025 to grow by providing technology that can accelerate the digital transformation of their entire business both online and in-store. Retailers reach customers through both Instacart Marketplace, where customers can shop from their favorite retailers through our app or website, and retailers\u2019 owned and operated online storefronts that are powered by Instacart Enterprise platform, our end-to-end technology solution encompassing e-commerce, fulfillment, Connected Stores, ads and marketing, and insights. \u2022Customers. When shopping for groceries, consumers want selection, quality, affordability, and convenience, and they shop in many different ways. Customers can place orders for delivery or pickup across a variety of use cases including the weekly shop, bulk stock-up, convenience, special occasions, from restaurants, and using our in-store technologies. As of December 31, 2025, we reach over 98% of households in North America, and help our customers shop at their favorite retailers, order from their favorite restaurants, and enjoy selection, quality, affordability, and convenience. Our membership program, Instacart+, offers expanded customer benefits including unlimited $0 delivery fees on orders over a certain size, and other exclusive benefits. \u2022Brands. Instacart Ads offers brands a highly measurable ads offering that leverages first-party transaction data to move products off store shelves more efficiently. As of December 31, 2025, we provide discovery and attract Item 1A. Risk Factors Investing in our common stock involves a high degree of risk because our business is subject to numerous risks and uncertainties, as further described below. You should consider and read carefully all of the risks and uncertainties described below, as well as other information included in this Annual Report on For", "title": "CART - Maplebear Inc.", "url": "/company/CART/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0001639438; latest 10-K filed 2026-02-25.", "text": "CAVA - CAVA GROUP, INC. SIC 5812 Retail-Eating Places; CIK 0001639438; latest 10-K filed 2026-02-25. CAVA CAVA GROUP, INC. 0001639438 5812 Retail-Eating Places Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the related notes thereto included in Item 8. \u201cFinancial Statements and Supplementary Data\u201d of this Annual Report. For a discussion of the year ended December 29, 2024 compared to December 31, 2023, please refer to Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II of our Annual Report on Form 10-K for the year ended December 29, 2024 as filed with the SEC on February 26, 2025. In addition to historical information, this discussion and analysis contains forward-looking statements based on current expectations that involve risks, uncertainties, and other factors outside the Company\u2019s control, as well as assumptions, such as our plans, objectives, expectations, and intentions. Our actual results may differ materially from those expressed or implied in the forward-looking statements as a result of various factors, including those described under the sections entitled \u201cCautionary Statement Concerning Forward-Looking Statements\u201d and \u201cRisk Factors\u201d included elsewhere in this Annual Report. Overview CAVA Group, Inc. (together with its wholly owned subsidiaries, referred to as the \u201cCompany,\u201d \u201cCAVA,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour,\u201d unless specified otherwise) was formed as a Delaware corporation in 2015, and prior to that, the first CAVA restaurant opened in 2011 in Bethesda, Maryland. The Company is headquartered in Washington, D.C. and, as of December 28, 2025, operates 439 fast-casual CAVA Restaurants in 28 states and Washington, D.C. The Company\u2019s authentic Mediterranean cuisine unites taste and health, with a menu that features chef-curated and customizable bowls and pitas. The Company centrally produces dips, spreads, and certain dressing bases for use in its restaurants while also selling its dips, spreads, and prepared dressings in grocery stores. Segments The Company\u2019s operations are conducted as two operating segments: CAVA and CAVA Foods. CAVA includes the operations of all company-owned CAVA restaurants. CAVA Foods includes the production of dips, spreads, and certain dressing bases used in CAVA restaurants as well as sales from the Company\u2019s CPG business. These segments were determined on the same basis that the Company\u2019s Chief Executive Officer (\u201cCEO\u201d), who is the chief operating decision maker (\u201cCODM\u201d), manages, evaluates, and makes key decisions regarding the business. The CODM does not manage the Company on a consolidated basis. CAVA Foods is below quantitative thresholds for segment reporting purposes, resulting in CAVA being the Company\u2019s one reportable segment for the periods covered by the consolidated financial statements. The Company\u2019s CPG operations are included in Other. See Item 8. \u201cFinancial Statements and Supplementary Data,\u201d Note 13 (Segment Reporting) for more information. Key Factors Affecting Our Business We have continued to see growth in revenue, surpassing $1 billion in revenue in fiscal 2025, due to our Net New CAVA Restaurant openings and Same Restaurant Sales growth. In fiscal 2025, we opened 72 Net New CAVA Restaurants, entering new markets such as Indianapolis, South Florida, Pittsburgh, and Detroit. Our 2025 Net New CAVA Restaurants are trending above $3.0 million in AUV demonstrating strong new restaurant productivity and the portability of the brand across the country. CAVA Restaurant-Level Profit Margin remained strong, while making investments in the business to support culinary innovation, Team Member wages, and menu pricing below inflation. Future results will be impacted by our ability to continue to successfully expand our restaurant base and navigate challenges and uncertainties such as macroeconomic conditions that may impact guest demand, commodity and wage inflati Item 1. Business Our Mission To Bring Heart, Health, And Humanity To Food General CAVA Group, Inc. (together with its wholly owned subsidiaries, referred to as the \u201cCompany,\u201d \u201cCAVA,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour,\u201d unless specified otherwise) was formed as a Delaware corporation in 2015, and prior to that, the first CAVA restaurant opened in 2011 in Bethesda, Maryland. As of December 28, 2025, we operate 439 fast-casual CAVA Restaurants in 28 states and Washington, D.C. The Company\u2019s authentic Mediterranean cuisine unites taste and health, with a menu that features chef-curated and customizable bowls and pitas. We centrally produce our dips, spreads, and certain dressing bases for use in our restaurants while also selling our dips, spreads, and prepared dressings in grocery stores. Business Strategy We believe that our differentiated offerings and broad appeal give us significant opportunity in the Mediterranean and health and wellness food categories. Our guests span age groups, genders, and income brackets with a strong Millennial and a growing Gen Z contingent. The broad appeal of our brand is evidenced by substantial diversity across geographies, formats, dayparts, and channels. We are in the early stages of fulfilling our total restaurant potential, and we believe there is opportunity for more than 1,000 CAVA restaurants in the United States by 2032. We believe we are well positioned to benefit from the following strong and emerging trends: \u2022Evolving consumer preferences for authentic and ethnic cuisine \u2022Increased focus on health and wellness \u2022Emphasis on combined quality and convenience We aim to create an industry-leading, category defining brand rooted in the following strategic pillars: Expand our Mediterranean Way in Communities Across the Country \u2022Grow our footprint and expand multi-channel access \u2022Fuel our culinary innovation and communication engine to drive traffic, mix, and check \u2022Express the essence of our category-defining concept consistently Item 1A. Risk Factors You should carefully consider the following risk factors as well as the other information set forth in this Annual Report, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our consolidated financial statements and related notes thereto. If any of the following risks a", "title": "CAVA - CAVA GROUP, INC.", "url": "/company/CAVA/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000022356; latest 10-K filed 2026-02-24.", "text": "CBSH - COMMERCE BANCSHARES INC /MO/ SIC 6022 State Commercial Banks; CIK 0000022356; latest 10-K filed 2026-02-24. CBSH COMMERCE BANCSHARES INC /MO/ 0000022356 6022 State Commercial Banks Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward-Looking Statements This report may contain \u201cforward-looking statements\u201d that are subject to risks and uncertainties and include information about possible or assumed future results of operations. Many possible events or factors could affect the future financial results and performance of Commerce Bancshares, Inc. and its subsidiaries (the \"Company\"). This could cause results or performance to differ materially from those expressed in the forward-looking statements. Words such as \u201cexpects\u201d, \u201canticipates\u201d, \u201cbelieves\u201d, \u201cestimates\u201d, variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers should not rely solely on the forward-looking statements and should consider all uncertainties and risks discussed throughout this report. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made or to reflect the occurrence of unanticipated events. Such possible events or factors include the risk factors identified in Item 1a Risk Factors and the following: changes in economic conditions in the Company\u2019s market area; changes in policies by regulatory agencies, governmental legislation and regulation; fluctuations in interest rates; changes in liquidity requirements; demand for loans in the Company\u2019s market area; changes in accounting and tax principles; estimates made on income taxes; failure of litigation settlement agreements to become final in accordance with their terms; and competition with other entities that offer financial services. Overview The Company operates as a super-community bank and offers a broad range of financial products to consumer, municipal, and commercial customers, delivered with a focus on high-quality, personalized service. The Company is headquartered in Missouri, with its principal offices in Kansas City and St. Louis, Missouri. Customers are served from 236 locations primarily in Missouri, Kansas, Illinois, Oklahoma and Colorado and commercial offices throughout the nation's midsection. A variety of delivery platforms are utilized, including an extensive network of branches and ATM machines, full-featured online banking, a mobile application, and a centralized contact center. The core of the Company\u2019s competitive advantage is its focus on the local markets in which it operates, its offering of competitive, sophisticated financial products, and its concentration on relationship banking and high-touch service. In order to enhance shareholder value, the Company targets core revenue growth. To achieve this growth, the Company focuses on strategies that will expand new and existing customer relationships, offer opportunities for controlled expansion in additional markets, utilize improved technology, and enhance customer satisfaction. Various indicators are used by management in evaluating the Company\u2019s financial condition and operating performance. Among these indicators are the following: \u2022 Net income and earnings per share \u2014 Net income attributable to Commerce Bancshares, Inc. during 2025 was $566.3 million, an increase of 7.6% compared to the previous year. The return on average assets was 1.79% in 2025, and the return on average common equity was 15.76%. Diluted earnings per share increased 9.5% in 2025 compared to 2024. \u2022 Total revenue \u2014 Total revenue is comprised of net interest income and non-interest income. Total revenue in 2025 increased $108.3 million, or 6.5% Item 1. BUSINESS General Commerce Bancshares, Inc., a bank holding company as defined in the Bank Holding Company Act of 1956, as amended, was incorporated under the laws of Missouri on August 4, 1966. Through a second tier wholly-owned bank holding company, it owns all the outstanding capital stock of Commerce Bank (the \u201cBank\u201d), which is headquartered in Missouri. The Bank engages in general banking business, providing a broad range of retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals, businesses, and municipalities. Commerce Bancshares, Inc. also owns, directly or through the Bank, various non-banking subsidiaries. Their activities include private equity investment, securities brokerage, underwriting, specialty lending, and leasing activities. A list of Commerce Bancshares, Inc.'s subsidiaries is included as Exhibit 21. Commerce Bancshares, Inc. and its subsidiaries (collectively, the \"Company\") is one of the nation\u2019s top 50 bank holding companies, based on asset size. At December 31, 2025, the Company had consolidated assets of $32.9 billion, loans of $17.8 billion, deposits of $25.6 billion, and equity of $3.8 billion. The Company's principal markets, which are served by 140 branch facilities, are located primarily throughout Missouri, Kansas, and central Illinois, as well as Tulsa and Oklahoma City, Oklahoma and Denver, Colorado. Its two largest markets are St. Louis and Kansas City, which serve as central hubs for the Company. The Company also has offices in Dallas, Houston, Cincinnati, Nashville, Des Moines, Indianapolis, Grand Rapids, and Naples that support customers in its commercial and/or wealth segments and operates a commercial payments business with sales representatives covering the continental United States of America (\u201cU.S.\u201d). On January 1, 2026, the Company completed its acquisition FineMark Holdings, Inc. (\"FineMark\") in an all-stock transaction (\"Merger\"). Immediately after t Item 1a. RISK FACTORS Making or continuing an investment in securities issued by the Company, including its common stock, involves certain risks that you should carefully consider. If any of the following risks actually occur, the Company's business, financial condition or results of operations could be negatively affected, the marke", "title": "CBSH - COMMERCE BANCSHARES INC /MO/", "url": "/company/CBSH/" }, { "kind": "company", "summary": "SIC 2890 Miscellaneous Chemical Products; CIK 0000016040; latest 10-K filed 2025-11-24.", "text": "CBT - CABOT CORP SIC 2890 Miscellaneous Chemical Products; CIK 0000016040; latest 10-K filed 2025-11-24. CBT CABOT CORP 0000016040 2890 Miscellaneous Chemical Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Critical Accounting Estimates Our consolidated financial statements have been prepared in conformity with U.S. GAAP. This preparation of our financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses and related disclosure of contingent assets and liabilities. We consider an accounting estimate to be critical to the financial statements if (i) the estimate is complex in nature or requires a high degree of judgment and if (ii) different estimates and assumptions were used, the results could have a material impact on the consolidated financial statements. On an ongoing basis, we evaluate our estimates and the application of our policies. We base our estimates on historical experience, current conditions, and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. We believe the following critical accounting estimates are the most significant to understanding our consolidated financial statements. Deferred Tax Assets We have established valuation allowances against a variety of deferred tax assets, including net operating loss carryforwards, capital loss carryforwards, foreign tax credits and other income tax credits. We assess the realizability of our deferred tax assets quarterly and recognize a valuation allowance when it is more likely than not that some or all of our deferred tax assets are not realizable. This assessment is completed on a jurisdiction-by-jurisdiction basis and relies on the weight of all positive and negative evidence available. Cumulative pre-tax losses for a three-year period are considered significant objective negative evidence that some or all of our deferred tax assets may not be realizable. Cumulative reported pre-tax income is considered objectively verifiable positive evidence of our ability to generate positive pretax income in the future. In accordance with U.S. GAAP, when there is a recent history of pre-tax losses, there is little weight placed on forecasts for purposes of assessing the recoverability of our deferred tax assets. Judgment is required when considering the relative impact of positive and negative evidence. The weight given to the potential effect of positive and negative evidence is commensurate with the extent that it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary to support a conclusion that a valuation allowance is not needed. We consider the availability of objectively verifiable evidence, such as positive recent core operating results after adjusting for nonrecurring items in determining our ability to utilize deferred tax assets. We use systematic and logical methods to estimate when deferred tax liabilities will reverse and generate taxable income and when deferred tax assets will reverse and generate tax deductions. Assumptions, judgment, and estimates are required when estimating future income and scheduling the reversal of deferred tax assets and liabilities, and the exercise is inherently complex and subjective. Refer to Note A and Note Q of our Notes to the Consolidated Financial Statements for description of our policies related to income taxes. Contingencies We have recorded a significant reserve for respirator liability claims. Our current estimate of the cost of our share of pending and future respirator liability claims is based on facts and circumstances existing at this time, including the number and nature of the remaining claims. Developments that could affect our estimate include, but are not limited to, (i) significant changes in the number of future claims, (ii) changes in Item 1. Business General Cabot is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts. Our principal products are reinforcing and specialty carbons, specialty compounds, conductive additives, carbon nanotubes, fumed metal oxides, inkjet colorants, and aerogel. Cabot and its affiliates have manufacturing facilities and operations in the United States (\u201cU.S.\u201d) and over 20 other countries. Cabot\u2019s business was founded in 1882 and incorporated in the State of Delaware in 1960. The terms \u201cCabot\u201d, \u201cCompany\u201d, \u201cwe\u201d, and \u201cour\u201d as used in this report refer to Cabot Corporation and its consolidated subsidiaries. In early fiscal 2022, we introduced our \u201cCreating for Tomorrow\u201d growth strategy. This strategy is focused on investing for advantaged growth, developing innovative products and processes that enable a better future, and driving continuous improvement in all we do. Our products are generally based on technical expertise and innovation in one or more of our four core competencies: making and handling very fine particles; modifying the surfaces of very fine particles to alter their functionality; designing particles to impart specific properties to a formulation; and combining particles with other ingredients to deliver a formulated performance intermediate or composite. We focus on creating particles, and formulations of those particles, with the composition, morphology, and surface functionalities to deliver the requisite performance to support our customers\u2019 existing and emerging applications. Our business is currently organized into two reportable segments: Reinforcement Materials and Performance Chemicals. Our internet address is www.cabotcorp.com. We make available free of charge on or through our website our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act Item 1A. Risk Factors In addition to factors described elsewhere in this report, the following are important factors that could adversely affect our business. The risks described below are not the only risks we face. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations and fi", "title": "CBT - CABOT CORP", "url": "/company/CBT/" }, { "kind": "company", "summary": "SIC 3411 Metal Cans; CIK 0001219601; latest 10-K filed 2026-02-27.", "text": "CCK - CROWN HOLDINGS, INC. SIC 3411 Metal Cans; CIK 0001219601; latest 10-K filed 2026-02-27. CCK CROWN HOLDINGS, INC. 0001219601 3411 Metal Cans ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (in millions, except per share, average settlement cost per asbestos claim, employee, shareholder, and statistical data) INTRODUCTION The following discussion summarizes the significant factors affecting the results of operations and financial condition of Crown Holdings, Inc. (the \"Company\") as of and during the two-year period ended December 31, 2025. This discussion should be read in conjunction with the consolidated financial statements included in this Annual Report. For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, please read \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. BUSINESS STRATEGY AND TRENDS The Company\u2019s strategy is to maximize long-term shareholder value by pursuing profitable growth opportunities while returning cash to shareholders through dividends and share repurchases. Global industry demand for beverage cans has been growing in recent years in North America, Brazil, and Europe. Growth has been driven by new product introductions, customer and consumer focus on the sustainability benefits of aluminum, and population and GDP growth in many markets. To meet such demand, the Company made long-term investments of at least $2,000 for new manufacturing facilities and additional production lines in existing facilities since 2019. Capital spending to support our growth objectives is estimated at $550 in 2026 and includes capacity expansion and facility upgrades in Brazil, Greece, and Spain. The Company\u2019s strategy is anchored by strong cash flow generation and a healthy balance sheet with a long-term net leverage target of 2.5x adjusted EBITDA (a non-GAAP measure). The Company believes it has the flexibility and resources to fund growth, repay debt and return excess cash flow to shareholders. On July 25, 2024, the Company\u2019s Board of Directors authorized the repurchase of an aggregate amount of $2,000 of the Company\u2019s common stock through the end of 2027. As of December 31, 2025, the Company had approximately $1,300 remaining that may yet be purchased under the program. The Company continues to actively elevate its commitment to sustainability, which is a core focus of the Company. In 2020, the Company introduced Twentyby30, a robust program that outlines twenty measurable, science based, environmental, social and governance goals to be completed by 2030. The Company was honored as one of Forbes\u2019 Net Zero Leaders for 2025, a recognition that reflects the commitment and hard work of the global organization, driving meaningful and consistent progress toward the Company\u2019s sustainability goals. To date the war between Russia and Ukraine and the conflicts in the Middle East, and southeast Asia have not had a direct material impact on the Company\u2019s business, financial condition, or results of operations. The Company continues to actively manage the challenges of supply chain disruptions, foreign exchange, interest rate fluctuations, and inflationary pressures, including increasing costs for raw materials, energy, and transportation. Additionally, tariffs, retaliatory trade measures, and further trade restrictions could result in higher raw material costs. The Company generally attempts to mitigate aluminum and steel price risk by matching its purchase obligations with its sales agreements. Additionally, the Company attempts to mitigate inflationary pressures on energy and raw material costs with contractual pass-through provisions that include annual selling price adjustments based on price indices. The Company also uses commodity forward contracts to manage its exposure to raw material costs. The ability to mitigate inflationary risks through these measures varies by region and the impact on the results of the Company\u2019s segments ITEM 1. Business Crown Holdings, Inc. (the \"Company\" or the \"Registrant\") (where the context requires, the \"Company\" shall include reference to the Company and its consolidated subsidiary companies) is a Pennsylvania corporation. The Company was founded in 1892 and is a leading global diversified packaging business that manufactures metal cans and ends (aluminum and steel) for the beverage, food, and aerosol industries and a wide range of transit packaging products and solutions from multiple substrates including steel, paper, and plastic. The Company\u2019s transit packaging products include automation and equipment technologies, protective packaging solutions, and steel and plastic consumables which are sold into the metals, food and beverage, construction, agricultural, corrugated, and general industries. At December 31, 2025, the Company operated 179 plants along with sales and service facilities throughout 39 countries and had approximately 23,000 employees. In 2025, consolidated net sales for the Company were $12.4 billion with 61% derived from operations outside the United States (\"U.S.\"). Approximately 73% of the Company\u2019s consolidated net sales were derived from the Company\u2019s global beverage can business. Over the last several years, the Company has deployed capital to expand production capacity in its global beverage can operations to support growing customer demand in both the alcoholic and non-alcoholic drink categories serving local, regional and global customers. The beverage can continues to disproportionately be the package of choice for new beverage product introductions. The Company continues to drive innovation by increasing its ability to offer multiple specialty can sizes, including slim and sleek cans, to help customers differentiate their products. It also continues to deliver new printing and decorating capabilities, as well as services that aid customers throughout the entire production cycle, from consultation and development to line impleme ITEM 1A. Risk Factors In addition to factors discussed elsewhere in this Annual Report and in \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\" the following are some of the important factors that could materially and adversely affect the Company\u2019s business, financial condition and results of operations. Risks Relating to the ", "title": "CCK - CROWN HOLDINGS, INC.", "url": "/company/CCK/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000860546; latest 10-K filed 2026-02-20.", "text": "CDP - COPT DEFENSE PROPERTIES SIC 6798 Real Estate Investment Trusts; CIK 0000860546; latest 10-K filed 2026-02-20. CDP COPT DEFENSE PROPERTIES 0000860546 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations You should refer to our consolidated financial statements and the notes thereto as you read this section. This section contains \u201cforward-looking\u201d statements, as defined in the Private Securities Litigation Reform Act of 1995, that are based on our current expectations, estimates and projections about future events and financial trends affecting the financial condition and operations of our business. Forward-looking statements can be identified by the use of words such as \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cbelieve,\u201d \u201canticipate,\u201d \u201cexpect,\u201d \u201cestimate,\u201d \u201cplan\u201d or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which we cannot predict with accuracy and some of which we might not even anticipate. Although we believe that the expectations, estimates and projections reflected in such forward-looking statements are based on reasonable assumptions at the time made, we can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements. Important factors that may affect these expectations, estimates and projections include, but are not limited to: \u2022general economic and business conditions, which will, among other things, affect office property and data center demand and rents, tenant creditworthiness, interest rates, financing availability, property operating and construction costs, and property values; \u2022adverse changes in the real estate markets, including, among other things, increased competition with other companies; \u2022our ability to borrow on favorable terms or at all; \u2022risks of property acquisition and development activities, including, among other things, risks that development projects may not be completed on schedule, that tenants may not take occupancy or pay rent or that development or operating costs may be greater than anticipated; \u2022risks of investing through joint venture structures, including risks that our joint venture partners may not fulfill their financial obligations as investors or may take actions that are inconsistent with our objectives; \u2022changes in our plans for properties or views of market economic conditions or failure to obtain development rights, either of which could result in recognition of significant impairment losses; \u2022potential impact of prolonged government shutdowns or budgetary reductions or impasses, such as a reduction of rental revenues, non-renewal of leases and/or reduced or delayed demand for additional space by existing or new tenants; \u2022potential additional costs, such as capital improvements, fees and penalties, associated with environmental laws or regulations; \u2022adverse changes resulting from other government actions and initiatives, such as changes in taxation, zoning laws or other regulations; \u2022our ability to satisfy and operate effectively under federal income tax rules relating to real estate investment trusts and partnerships; \u2022the dilutive effects of issuing additional common shares; and \u2022security breaches relating to cyber attacks, cyber intrusions or other factors, and other significant disruptions of our information technology networks and related systems. We undertake no obligation to publicly update or supplement forward-looking statements. Overview In 2025, we: \u2022achieved year end occupancy of 94.0% for our total portfolio and 95.5% for our Defense/IT Portfolio, both of which increased from year end 2024; \u2022completed strong leasing in our operating portfolio, including 557,000 square feet in vacancy leasing, a volume equating to 47% of the unleased space we had as of year end 2024, and a 77.9% tenant retention rate; \u2022committed capital to five new external growth investments across four Defense/IT Portfolio sub-segments, including: \u2022four new development properties totali Item 1. Business General COPT Defense Properties (\u201cCOPT Defense\u201d) and subsidiaries (collectively, the \u201cCompany\u201d, \u201cwe\u201d or \u201cus\u201d) is a fully-integrated and self-managed real estate investment trust (\u201cREIT\u201d) focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S. Government (\u201cUSG\u201d) defense installations and missions (which we refer to herein as our Defense/IT Portfolio). Our tenants include the USG and its defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. Our property portfolio is predominantly comprised of office properties and single-tenant data center shells. As of December 31, 2025, our Defense/IT Portfolio included: \u2022201 operating properties totaling 23.2 million square feet. We owned 24 of these properties totaling 4.3 million square feet through unconsolidated real estate joint ventures; \u2022fiveproperties under development that will total approximately 646,000 square feet upon completion; and \u2022approximately 1,000 acres of land controlled that we believe could be developed into approximately 10.6 million square feet. We also owned sixother operating properties totaling 2.0 million square feet and approximately 50 acres of other developable land in the Greater Washington, DC/Baltimore region as of December 31, 2025. We conduct almost all of our operations and own almost all of our assets through our operating partnership, COPT Defense Properties, L.P. (\u201cCDPLP\u201d) and subsidiaries (collectively, the \u201cOperating Partnership\u201d), of which COPT Defense is the sole general partner. CDPLP owns real estate directly and through subsidiary partnerships and limited liability companies (\u201cLLCs\u201d). In addition to owning real estate, CDPLP also owns subsidiaries that provide real estate services such as property management, development and construction services primarily for our properties but also Item 1A. Risk Factors Set forth below are risks and uncertainties relating to our business and the ownership of our securities. These risks and uncertainties may lead to outcomes that could adversely affect our financial position, results of operations, cash flows or ability to make expected distributions to our shareholders. You should", "title": "CDP - COPT DEFENSE PROPERTIES", "url": "/company/CDP/" }, { "kind": "company", "summary": "SIC 2086 Bottled & Canned Soft Drinks & Carbonated Waters; CIK 0001341766; latest 10-K filed 2026-03-02.", "text": "CELH - Celsius Holdings, Inc. SIC 2086 Bottled & Canned Soft Drinks & Carbonated Waters; CIK 0001341766; latest 10-K filed 2026-03-02. CELH Celsius Holdings, Inc. 0001341766 2086 Bottled & Canned Soft Drinks & Carbonated Waters Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our Consolidated Financial Statements and the accompanying notes included elsewhere in this Report. This Report contains forward-looking statements within the meaning of the PSLRA, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, about our expectations, beliefs, plans and intentions regarding our product development efforts, business, financial condition, results of operations, strategies and prospects. Readers can identify forward-looking statements by the fact that these statements do not relate to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied through forward-looking statements. Please refer to Item 1A. Risk Factors for a detailed discussion of these uncertainties and risks. Forward-looking statements reflect our views as of the date they are made. Except as required by law, we are not obligated to revise or publicly release any updates to these forward-looking statements. This includes not updating the statements to reflect events or circumstances occurring after they were made, or to address any differences between anticipated and actual results. We intend for all forward-looking statements to be subject to the safe harbor provisions of PSLRA. The Management's Discussion and Analysis section aims to help the reader understand the Company's financial status and operational performance, guiding readers through our current business landscape and operational environment. Our analysis includes our results of operations and financial condition for the years ended December 31, 2025 and 2024 and year-over-year comparisons between 2025 and 2024. For a detailed discussion of our results of operations and financial condition for the year ended December 31, 2024 and year-over-year comparisons between 2024 and 2023, please refer to Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. Definitions of key terms can be found in the Master Glossary. Unless otherwise noted, tabular dollars are presented in thousands, except per share amounts. 30 Our Business Executive-Level Overview Celsius is a functional energy drink company operating in the U.S. and internationally. We currently market three brands within our portfolio: CELSIUS\u00ae, our flagship functional energy brand; Alani Nu, a wellness-focused energy and nutritional product brand that we acquired in April 2025; and Rockstar, an energy drink with a rich brand heritage that we acquired in August 2025. Together, these brands position us to serve a broad and growing base of consumers seeking functional performance, better-for-you formulations and active lifestyle support. Celsius is available in two convenient forms: ready-to-drink and an on-the-go powder. Additionally, we offer our CELSIUS ESSENTIALS\u2122 line, featuring 16-ounce cans enriched with aminos. In 2025, we introduced CELSIUS\u00ae Hydration, a line of non-caffeinated, zero-sugar hydration powders, featuring electrolytes in a variety of fruit-forward flavors. Our product range is widely available across the U.S. and in select territories in Canada in various retail outlets, including grocery stores, natural product stores, convenience stores, fitness centers, mass retailers, vitamin specialty stores and through e-commerce platforms. Moreover, our products are offered in select markets in Europe, the Middle East a Item 1. Business. When used in this Report, unless otherwise indicated, the terms the \"Company,\u201d \u201cCelsius,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Celsius Holdings, Inc. and its subsidiaries. Definitions of certain capitalized terms used in this Report are included within the Master Glossary. We were incorporated in the State of Nevada on April 26, 2005. Our Common Stock is listed on the Nasdaq Capital Market under the symbol \"CELH\". Overview Celsius operates as a functional energy drink and wellness beverage company in the U.S. and internationally. We develop, process, market, sell, manufacture and distribute a portfolio of differentiated products with innovative formulas meant to positively impact the lives of our consumers. Our products are positioned as premium lifestyle beverages designed to support active, wellness-oriented, modern energy drink consumers. Our portfolio primarily consists of energy drinks offered under the CELSIUS\u00ae, Alani Nu\u00ae and Rockstar\u00ae brands, with CELSIUS\u00ae and Alani Nu\u00ae also offering a range of additional wellness products. Through these brands, we serve a broad range of consumers across the functional energy and adjacent wellness categories. Our products are available in the U.S., Canada, Europe, the Middle East and the Asia-Pacific regions. They are sold through multiple channels, including conventional grocery, natural-food and convenience stores, fitness centers, mass-market and vitamin specialty retailers and e-commerce platforms. On the Closing Date of the Pepsi Transactions, we entered into a series of related transactions and agreements with Pepsi, which included the following: \u2022Securities Purchase Agreement - We issued and sold 390,000 shares of Series B Preferred Stock to Pepsi and modified certain terms of the outstanding shares of Series A Preferred Stock to align key terms, such as conversion and redemption dates, with those of the newly issued Series B Preferred Stock, all of which are currently held by Pepsi. These issuances a Item 1A. Risk Factors. In addition to the other information contained in this Report, including in Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and related notes thereto, you should car", "title": "CELH - Celsius Holdings, Inc.", "url": "/company/CELH/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000039263; latest 10-K filed 2026-02-05.", "text": "CFR - CULLEN/FROST BANKERS, INC. SIC 6021 National Commercial Banks; CIK 0000039263; latest 10-K filed 2026-02-05. CFR CULLEN/FROST BANKERS, INC. 0000039263 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward-Looking Statements and Factors that Could Affect Future Results Certain statements contained in this Annual Report on Form 10-K that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the \u201cAct\u201d), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the SEC, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of Cullen/Frost or its management or Board of Directors, including those relating to products, services or operations; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as \u201cbelieves,\u201d \u201canticipates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201ctargeted,\u201d \u201ccontinue,\u201d \u201cremain,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cmay,\u201d and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: \u2022The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board and the implementation of tariffs and other protectionist trade policies. \u2022Inflation, interest rate, securities market, and monetary fluctuations. \u2022Local, regional, national, and international economic conditions and the impact they may have on us and our customers and our assessment of that impact. \u2022Changes in the financial performance and/or condition of our borrowers. \u2022Changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs. \u2022Changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements. \u2022Changes in our liquidity position. \u2022Impairment of our goodwill or other intangible assets. \u2022The timely development and acceptance of new products and services and perceived overall value of these products and services by users. \u2022Changes in consumer spending, borrowing, and saving habits. \u2022Greater than expected costs or difficulties related to the integration of new products and lines of business. \u2022Technological changes. \u2022The cost and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers. \u2022Acquisitions and integration of acquired businesses. \u2022Changes in the reliability of our vendors, internal control systems or information systems. \u2022Our ability to increase market share and control expenses. \u2022Our ability to attract and retain qualified employees. \u2022Changes in our organization, compensation, and benefit plans. \u2022The soundness of other financial institutions. \u2022Volatility and disruption in national and international financial and commodity markets. \u2022Changes in the competitive environment in our markets and among banking organizations and other financial service providers. \u2022Government intervention in the U.S. financial system. \u2022Political or economic instability. \u2022Acts of God or of war or terrorism. \u2022The potential impact of climate chan ITEM 1. BUSINESS The disclosures set forth in this item are qualified by Item 1A. Risk Factors and the section captioned \u201cForward-Looking Statements and Factors that Could Affect Future Results\u201d in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of this report and other cautionary statements set forth elsewhere in this report. The Corporation Cullen/Frost Bankers, Inc., a Texas business corporation incorporated in 1977, is a financial holding company and a bank holding company headquartered in San Antonio, Texas that provides, through its subsidiaries, a broad array of products and services throughout numerous Texas markets. The terms \u201cCullen/Frost,\u201d \u201cthe Corporation,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d mean Cullen/Frost Bankers, Inc. and its subsidiaries, when appropriate. We offer commercial and consumer banking services, as well as trust and investment management, insurance, brokerage, mutual funds, leasing, treasury management, capital markets advisory and item processing services. At December 31, 2025, Cullen/Frost had consolidated total assets of $53.0 billion and was one of the largest independent bank holding companies headquartered in the State of Texas. Our philosophy is to grow and prosper, building long-term relationships based on top quality service, high ethical standards, and safe, sound assets. We operate as a locally-oriented, community-based financial services organization, augmented by experienced, centralized support in select critical areas. Our local market orientation is reflected in our regional management and regional advisory boards, which are comprised of local business persons, professionals and other community representatives that assist our regional management in responding to local banking needs. Despite this local market, community-based focus, we offer many of the products available at much larger money-center financial institutions. We serve a wide variety of industries including, among others, e ITEM 1A. RISK FACTORS An investment in our common stock is subject to risks inherent to our business. The material risks and uncertainties that management believes affect us are described below. Before making an investment decision, you should carefully consider the risks and uncertainties described below together with all of the other infor", "title": "CFR - CULLEN/FROST BANKERS, INC.", "url": "/company/CFR/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001527166; latest 10-K filed 2026-02-27.", "text": "CG - Carlyle Group Inc. SIC 6282 Investment Advice; CIK 0001527166; latest 10-K filed 2026-02-27. CG Carlyle Group Inc. 0001527166 6282 Investment Advice ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Unless context suggests otherwise, references in this report to \u201cCarlyle,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to The Carlyle Group Inc. and its consolidated subsidiaries. The following discussion and analysis should be read in conjunction with the consolidated financial statements and the related notes included in this Annual Report on Form 10-K. The following discussion includes a comparison of our results for the years ended December 31, 2025 and 2024. For a discussion of our results for the year ended December 31, 2023 and a comparison of results for the years ended December 31, 2024 and 2023, see Part II, Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024, which specific discussion is incorporated herein by reference. Overview We are one of the world\u2019s largest global investment firms and deploy private capital across our business. We conduct our operations through three reportable segments: Global Private Equity, Global Credit, and Carlyle AlpInvest (formerly, Global Investment Solutions). \u2022Global Private Equity \u2014 Our Global Private Equity segment advises our buyout, growth, real estate, and infrastructure & natural resources funds. The segment also includes the NGP Carry Funds advised by NGP. As of December 31, 2025, our Global Private Equity segment had $163.5 billion in AUM and $101.4 billion in Fee-earning AUM. \u2022Global Credit \u2014 Our Global Credit segment advises funds and vehicles that pursue investment strategies including insurance solutions, liquid credit, opportunistic credit, direct lending, asset-backed finance, aviation finance, infrastructure credit, cross-platform credit products, and global capital markets. As of December 31, 2025, our Global Credit segment had $211.3 billion in AUM and $169.5 billion in Fee-earning AUM. \u2022Carlyle AlpInvest \u2014 Our Carlyle AlpInvest segment advises global private equity programs that pursue secondary purchases and financing of existing portfolios, managed co-investment programs, and primary fund investments. As of December 31, 2025, our Carlyle AlpInvest segment had $102.0 billion in AUM and $66.0 billion in Fee-earning AUM. We earn management fees pursuant to contractual arrangements with the investment funds that we manage and fees for transaction advisory and oversight services provided to portfolio companies of these funds. We also typically receive a performance fee from an investment fund, which may be either an incentive fee or a special residual allocation of income, which we refer to as a performance allocation, or carried interest, in the event that specified investment returns are achieved by the fund. Under U.S. generally accepted accounting principles (\u201cU.S. GAAP\u201d), we are required to consolidate some of the investment funds that we advise. However, for segment reporting purposes, we present revenues and expenses on a basis that deconsolidates these investment funds. Refer to Note 15, Segment Reporting, to the consolidated financial statements included in this Annual Report on Form 10-K for more information on the differences between our financial results reported pursuant to U.S. GAAP and our financial results for segment reporting purposes. 93 Table of Contents Trends Affecting Our Business Equity markets closed out 2025 at or near new all-time highs, with major indices across the United States, Europe, and Japan setting new records in the fourth quarter. In Europe, the Euro Stoxx 50 rose 5% to end the year 18% higher, while the Nikkei rose 12% in the quarter to tally more than 26% for the year, firmly surpassing the 1989 peak that took nearly 35 years to regain. Returns in the United States decelerated from a strong third quarter with the S&P 500 gaining 2.3% for the fourth quarter and 16% for the year, marking ITEM 1.BUSINESS Overview Carlyle is one of the world\u2019s largest global investment firms that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest (formerly, Global Investment Solutions). Our teams invest across a range of strategies that leverage our deep industry expertise, local insights, and global resources to deliver attractive returns throughout an investment cycle. Since our firm was founded in Washington, D.C. in 1987, we have grown to manage $477 billion in AUM as of December 31, 2025. Our experienced and diverse team of more than 2,500 employees includes 770 investment professionals in 27 offices across four continents, and we serve more than 3,200 active carry fund investors from 87 countries. We seek to invest with a clarity of purpose, adaptability, and alignment between our interests and the interests of our fund investors, shareholders, and other stakeholders. Operational and strategic highlights for our firm and our three global business segments for 2025 include: \u2022Assets under management grew 8% to $477 billion as of December 31, 2025 from $441 billion as of December 31, 2024. The increase was driven by inflows of $53.7 billion during 2025, a 32% increase from 2024. We deployed $54.5 billion across our platform during 2025 and realized proceeds of $34.1 billion for our carry fund investors. \u2022We returned approximately $0.9 billion in capital to our shareholders. During 2025, we paid dividends to our common shareholders of $505 million, and used $400 million to repurchase 7.5 million shares of our common stock. \u2022In our Global Private Equity (\u201cGPE\u201d) segment, we realized proceeds of $18.2 billion for our carry fund investors in 2025 and deployed $10.4 billion across the segment, both representing increases from prior year levels. Inflows of $7.5 billion during the year reflected final closes in our tenth and largest U.S. real estate fund (\u201cCRP X\u201d) and our sixth Asia buy ITEM 1A.RISK FACTORS Risks Related to Our Company Adverse economic and market conditions and other events or conditions throughout the world could negatively impact our business in many ways, including by reducing the value or performance of the investments made by our investment funds and reducing the ability of our investment funds to raise capital, any of which could materially reduce our revenue, earni", "title": "CG - Carlyle Group Inc.", "url": "/company/CG/" }, { "kind": "company", "summary": "SIC 3823 Industrial Instruments For Measurement, Display, and Control; CIK 0000851205; latest 10-K filed 2026-02-12.", "text": "CGNX - COGNEX CORP SIC 3823 Industrial Instruments For Measurement, Display, and Control; CIK 0000851205; latest 10-K filed 2026-02-12. CGNX COGNEX CORP 0000851205 3823 Industrial Instruments For Measurement, Display, and Control ITEM 7: MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FORWARD-LOOKING STATEMENTS Certain statements made in this report, as well as oral statements made by the Company from time to time, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Readers can identify these forward-looking statements by our use of the words \"expects,\" \"anticipates,\" \"estimates,\" \"potential,\" \"believes,\" \"projects,\" \"intends,\" \"plans,\" \"aims,\" \"will,\" \"may,\" \"shall,\" \"could,\" \"should,\" \"opportunity,\" \"goal,\" \"objective,\" \"target,\" \"milestone\" and similar words and other statements of a similar sense. These statements are based on our current estimates and expectations as to prospective events and circumstances, which may or may not be in our control and as to which there can be no firm assurances given. These forward-looking statements, which include statements regarding business and market trends, future financial performance, financial targets, milestones and related timing expectations, the impacts of our strategic portfolio review, the impact of tariffs, customer demand and order rates and timing of related revenue, future product or revenue mix, research and development activities, sales and marketing activities including our salesforce transformation, new product offerings, innovation and product development activities, customer acceptance of our products, commercial partnerships, capital expenditures, cost management activities including expected annualized operating expense reductions, investments, liquidity, dividends and stock repurchases, strategic and growth plans and opportunities, acquisitions, and estimated tax benefits and expenses, changes in tax legislation, and other tax matters, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) the technological obsolescence of current products and the inability to develop new products; (2) the impact of competitive pressures; (3) the inability to attract and retain skilled employees and effectively plan for succession including managing the transition of our Chief Executive Officer, while maintaining our unique corporate culture; (4) the failure to properly manage the distribution of products and services; (5) economic, political, and other risks associated with international sales and operations, including the impact of trade disputes, the imposition of tariffs, the economic climate in China, and the wars and conflicts involving Ukraine and Israel and those that may arise in the future in the geographies where we conduct business; (6) the challenges in integrating and achieving expected results from acquired businesses; (7) uncertainty surrounding our future capital needs; (8) the inability to effectively scale our operations and salesforce to support a significantly expanded customer base; (9) information security breaches and other cybersecurity threats; (10) the failure to comply with laws or regulations relating to data privacy, data protection, AI, or other automated technologies; (11) the inability to protect our proprietary technology and intellectual property; (12) the inability to manage direct and indirect disruptions to our supply chain, which could cause delays in obtaining components for our products at reasonable prices; (13) the failure to manufacture and deliver products in a timely manner; (14) the inability to obtain, or the delay in obtaining, components for our products at reasonable prices; (15) the inability to design and manufacture high-quality products; (16) the loss of, or curtailment of purchases by, large customers in the logistics, consumer electronics, or automotive industries; (17) challenges in accurately forecasting our financial results due to seasonal and cyclical variations in customer purchasing patterns and ITEM 1: BUSINESS Our Company Founded in 1981, Cognex Corporation (the \"Company\u201d or \u201cCognex\u201d) makes advanced machine vision easy, paving the way for manufacturing and distribution companies to become faster, smarter, and more efficient through automation. We are a global technology leader in industrial machine vision systems that seek to improve efficiency and help solve critical manufacturing and distribution challenges, providing support across a diverse set of industrial end markets. Our solutions blend hardware and software to capture and analyze visual information, aiding the automation of manufacturing and distribution tasks for customers worldwide. Machine vision products are used to automate the manufacturing and distribution of discrete items, such as mobile phones, automotive components, and consumer goods, by locating, identifying, inspecting, and measuring them. Machine vision can be particularly valuable for applications in which human vision is inadequate to meet requirements for size, accuracy, or speed, or in instances where substantial cost savings can be obtained through the reduction of labor costs or improved product quality. Cognex sells to customers in nearly all major industries in which discrete items are manufactured on an assembly line or moved through a distribution center or warehouse. Our largest end markets by revenue are the logistics, packaging, consumer electronics, and automotive industries, which combined represented approximately 85% of our total revenue in 2025. Our Industry and Market Opportunity Machine vision is used in a variety of industries where technology is widely recognized as an important component of automated production, distribution, and quality assurance. Virtually every manufacturer or logistics provider can achieve better quality and efficiency by using machine vision. This results in a broad base of customers across a variety of industries, including logistics, packaging, consumer electronics, automotive, an ITEM 1A: RISK FACTORS The risks and uncertainties described below are not the only ones that we face. Additional risks and uncertainties that we are unaware of, or that we currently deem immaterial, also may become important factors that affect our company in the future. If ", "title": "CGNX - COGNEX CORP", "url": "/company/CGNX/" }, { "kind": "company", "summary": "SIC 7948 Services-Racing, Including Track Operation; CIK 0000020212; latest 10-K filed 2026-02-25.", "text": "CHDN - Churchill Downs Inc SIC 7948 Services-Racing, Including Track Operation; CIK 0000020212; latest 10-K filed 2026-02-25. CHDN Churchill Downs Inc 0000020212 7948 Services-Racing, Including Track Operation ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our consolidated financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and related notes included in Part II, Item 8. Financial Statements and Supplementary Data. The following discussion provides an analysis of our results of operations and reasons for material changes therein for 2025 as compared to 2024. Discussion regarding our financial condition and results of operations for 2024 as compared to 2023 is included in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 20, 2025. Our Business Churchill Downs Incorporated (\"CDI\" or the \"Company\") has been creating extraordinary entertainment experiences for over 150 years, beginning with the Company\u2019s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the acquisition, development, and operation of live and historical racing entertainment venues, the growth of the online wagering businesses, and the acquisition, development, and operation of regional casino gaming properties. 2025 Transactions and Expansions Owensboro Racing and Gaming Owensboro Racing and Gaming (\"Owensboro\") opened in February 2025 in Owensboro, Kentucky with 600 historical racing machines (\"HRMs\"), a retail sportsbook, a simulcast wagering area, and multiple food and beverage offerings. Casino Salem The Company acquired 90% of the outstanding equity interests related to Casino Salem (the \"Salem Transaction\") in Salem, New Hampshire in August 2025. The Company announced in January 2026 that Casino Salem will be redeveloped as Rockingham Grand Casino (\"Rockingham\"). Rockingham will occupy a 160,000 square-foot facility at Rockingham Mall. The venue will feature 825 historical racing machines, 32 table games, 12 electronic table game seats, a 900-seat live entertainment venue, food and beverage offerings, including a center bar and full-service sports bar and restaurant. The Company plans to open Rockingham in mid-2027 with an expected capital investment of $180-200 million. Rosie's Richmond The Company completed the expansion of Rosie's Richmond in Richmond, Virginia, with the addition of 450 HRMs in August 2025. Rosie's Richmond now has 1,200 HRMs, food and beverage offerings, a center bar, and a simulcast wagering area. Roseshire Gaming Parlor Roseshire Gaming Parlor in Henrico County, Virginia opened in September 2025 with 175 HRMs, food and beverage offerings, and a simulcast wagering area. 2024 Transactions and Expansions The Rose Gaming Resort Opening In November 2024, the Company opened The Rose Gaming Resort approximately 30 miles south of Washington D.C. The Rose Gaming Resort opened with 1,650 HRMs, a hotel, food and beverage offerings, and a simulcast wagering area. Terre Haute Casino Resort Opening In April 2024, the Company opened the Terre Haute Casino Resort in Terre Haute, Indiana. Terre Haute Casino Resort opened with 1,040 slot machines, 36 tables games, a hotel, food and beverage offerings, and a retail sportsbook. NYRA Transaction In April 2024, the Company closed on the sale of 49% of the United Tote Company (\"United Tote\"), a wholly owned subsidiary of CDI, to NYRA Content Management Solutions, LLC (\"NYRA\"), a subsidiary of the New York Racing Association, Inc. 32 Other Business Activities Impairments During the third quarter of 2025, the Company concluded that the completion of the Salem Transaction qualified as a trigger event for impairment testing related to the Chasers Poker Room (\"Chasers\") indefinite-lived gaming rights intangible. At the time the Company acquired Chasers, the valuation of the gaming rights contemplated a future expansion of the existing operations in Salem, New Hampshire. Given the completion of the Salem Tra ITEM 1.BUSINESS Overview Churchill Downs Incorporated (\"CDI\" or the \"Company\") has been creating extraordinary entertainment experiences for over 150 years, beginning with the Company\u2019s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the acquisition, development, and operation of live and historical racing entertainment venues, the growth of the online wagering businesses, and the acquisition, development, and operation of regional casino gaming properties. Business Segments The Company manages its business through three reportable segments: Live and Historical Racing, Wagering Services and Solutions, and Gaming. We aggregate our other businesses as well as certain corporate operations in All Other. We report net revenue and operating expense associated with these reportable segments and other information about these segments in Part II, Item 8. Financial Statements and Supplementary Data, contained within this Report. Further discussion of segment financial information, and our planned investments in segment properties, is set forth in Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contained within this Report. Live and Historical Racing The Live and Historical Racing segment includes live and historical pari-mutuel racing related revenue and expenses at Churchill Downs Racetrack and our historical racing properties in Kentucky, Virginia, and New Hampshire. Our Live and Historical Racing properties earn commissions primarily from pari-mutuel wagering on live and historical races, simulcast fees earned from other wagering sites, fees from racing event-related services including admissions, personal seat licenses, sponsorships, television rights, other miscellaneous services, and revenue from food and beverage services. Churchill Downs Racetrack Churchill Downs Racetrack is in Louisville, Kentucky and is an internationally known thoroug ITEM 1A.RISK FACTORS Our operations and financial results are subject to various risks and uncertainties, including those described below, that could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our common stock. Economic and External Risks Our business", "title": "CHDN - Churchill Downs Inc", "url": "/company/CHDN/" }, { "kind": "company", "summary": "SIC 8082 Services-Home Health Care Services; CIK 0000019584; latest 10-K filed 2026-02-27.", "text": "CHE - CHEMED CORP SIC 8082 Services-Home Health Care Services; CIK 0000019584; latest 10-K filed 2026-02-27. CHE CHEMED CORP 0000019584 8082 Services-Home Health Care Services MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS EXECUTIVE SUMMARY We operate through our two wholly owned subsidiaries: VITAS Healthcare Corporation (\u201cVITAS\u201d) and Roto-Rooter Group, Inc. (\u201cRoto-Rooter\u201d). VITAS focuses on hospice care that helps make terminally ill patients' final days as comfortable as possible. Through its team of doctors, nurses, home health aides, social workers, clergy and volunteers, VITAS provides direct medical services to patients, as well as spiritual and emotional counseling to both patients and their families. Roto-Rooter is focused on providing plumbing, drain cleaning, excavation, water restoration and other related services to both residential and commercial customers. Through its network of company-owned branches, Independent Contractors and franchisees, Roto-Rooter offers plumbing and drain cleaning service to over 90% of the U.S. population. The vast majority of the Company\u2019s operations are located in the United States. As both operations are service companies, our employees are the most critical resource of the Company. We have very little or no exposure related to customers, vendors or employees in other regions of the world. The following is a summary of the key operating results for the years ended December 31, 2025, 2024 and 2023 (in thousands except percentages and per share amounts): [[GREPCENT_TABLE]] [[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"Consolidated service revenues and sales\",\"$\",\"2,529,978\",\"\",\"$\",\"2,431,287\",\"\",\"$\",\"2,264,417\"],[\"Consolidated net income\",\"$\",\"265,238\",\"\",\"$\",\"301,999\",\"\",\"$\",\"272,509\"],[\"Diluted EPS\",\"$\",\"18.34\",\"\",\"$\",\"19.89\",\"\",\"$\",\"17.93\"],[\"Adjusted net income\",\"$\",\"311,580\",\"\",\"$\",\"351,188\",\"\",\"$\",\"308,515\"],[\"Adjusted diluted EPS\",\"$\",\"21.55\",\"\",\"$\",\"23.13\",\"\",\"$\",\"20.30\"],[\"Adjusted EBITDA\",\"$\",\"458,710\",\"\",\"$\",\"503,002\",\"\",\"$\",\"451,897\"],[\"Adjusted EBITDA as a % of revenue\",\"\",\"18.1\",\"%\",\"\",\"20.7\",\"%\",\"\",\"20.0\",\"%\"]] [[/GREPCENT_TABLE]] Adjusted net income, adjusted diluted EPS, earnings before interest, taxes and depreciation and amortization (\u201cEBITDA\u201d) and Adjusted EBITDA are not measures derived in accordance with GAAP. We use Adjusted EPS as a measure of earnings for certain long-term incentive awards. We use adjusted EBITDA to determine compliance with certain debt covenants. We provide non-GAAP measures to help readers evaluate our operating results and compare our operating performance with that of similar companies that have different capital structures. Our non-GAAP measures should not be considered in isolation or as a substitute for comparable measures presented in accordance with GAAP. Reconciliations of our non-GAAP measures are presented in tables following the Critical Accounting Policies section. 2025 versus 2024 The increase in consolidated service revenues and sales from 2025 to 2024 was a result of a 6.5% increase at VITAS with Roto-Rooter being essentially flat. The increase in service revenues at VITAS is comprised primarily of a 5.2% increase in days-of-care, and a geographically weighted average Medicare reimbursement rate increase of approximately 3.4%. Acuity mix shift negatively impacted revenue growth by 110-basis points when compared to prior year revenue and level-of-care mix. The combination of Medicare cap and other contra revenue changes decreased revenue growth by 100-basis points. The service revenues at Roto-Rooter were essentially flat for 2025 compared to 2024. The plumbing revenue increase of 0.7% for 2025 versus 2024 is attributable to a 3.6% increase in job count offset by a 2.9% decrease in price and service mix shift. The drain cleaning revenue decrease of 2.4% for 2025 versus 2024 is attributable to a 2.1% increase in price and service mix shift offset by a 4.5% decrease in job count. Excavation and water restoration jobs are generally sold as a result of initial calls from customers regarding drain cleaning issues. As a result, the 4.8% increase in excavation r Item 1. Business General Chemed Corporation (the \u201cCompany\u201d or \u201cChemed\u201d) was incorporated in Delaware in 1970 as a subsidiary of W.R. Grace & Co. and succeeded to the business of W.R. Grace & Co.\u2019s Special Products Group as of April 30, 1971 and remained a subsidiary of W.R. Grace & Co. until March 10, 1982. Chemed purchases, operates and divests subsidiaries engaged in diverse business activities for the purposes of maximizing shareholder value. The Company\u2019s day to day operating businesses are managed on a decentralized basis. There are few integrated business functions between the operating units and Chemed (such as sales, marketing or purchasing). Chemed\u2019s corporate office management participates in and is ultimately responsible for long term strategic planning, significant capital allocation decisions, investment activities, financial reporting, tax, legal and the selection of the key executives of each of the operating businesses. Since its inception, the Company has engaged in twelve significant acquisitions or divestitures of diverse business units. During 2025, Chemed conducted its business operations in two segments: the VITAS segment (\u201cVITAS\u201d) and the Roto-Rooter segment (\u201cRoto-Rooter\u201d). VITAS provides hospice and palliative care services to its patients through a network of physicians, registered nurses, home health aides, social workers, clergy and volunteers. Roto-Rooter provides plumbing, drain cleaning, excavation, water restoration and other related services to residential and commercial customers. Forward Looking Statements This Annual Report contains or incorporates by reference certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends such statements to be subject to the safe harbors created by that legislation. Such statements involve risks and uncertainties that could cause actual results of operations to differ materially from these forward-looking statements. Finan Item 1A. Risk Factors You should carefully consider the risks described below, together with all of the information included in this Annual Report on Form 10-K, in evaluating us and our Capital Stock. They are not the only ones facing the Company. Other risks and uncertainties not currently known to us or that we currently deem to be im", "title": "CHE - CHEMED CORP", "url": "/company/CHE/" }, { "kind": "company", "summary": "SIC 7011 Hotels & Motels; CIK 0001046311; latest 10-K filed 2026-02-19.", "text": "CHH - CHOICE HOTELS INTERNATIONAL INC /DE SIC 7011 Hotels & Motels; CIK 0001046311; latest 10-K filed 2026-02-19. CHH CHOICE HOTELS INTERNATIONAL INC /DE 0001046311 7011 Hotels & Motels Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is intended to help the reader understand the consolidated financial condition and the results of operations of Choice Hotels International, Inc. and its subsidiaries (together as \"Choice,\" the \"Company,\" \"we,\" \"us,\" or \"our\") contained in this report. MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying notes. Overview We are primarily a hotel franchisor operating in 49 states, the District of Columbia, and 50 countries and territories. As of December 31, 2025, we had 7,575 hotels with 656,825 rooms open and operating, and 825 hotels with 77,862 rooms under construction, awaiting conversion or approved for development, or committed to future franchise development on outstanding master development agreements (collectively, \"pipeline\") in our global system. Our brand names include Clarion\u00ae, Clarion Pointe\u2122, Comfort Inn\u00ae, Comfort Suites\u00ae, Country Inn & Suites\u00ae by Radisson, Sleep Inn\u00ae, Quality\u00ae, Park Inn by Radisson\u00ae, Everhome Suites\u00ae, WoodSpring Suites\u00ae, MainStay Suites\u00ae, Suburban Studios\u2122, Radisson Blu\u00ae, Park Plaza\u00ae, Cambria\u00ae Hotels, Ascend Collection\u00ae, Radisson RED\u00ae, Radisson Individuals\u00ae, Radisson\u00ae, Radisson Collection\u00ae, Radisson Inn & SuitesSM, Econo Lodge\u00ae, and Rodeway Inn\u00ae. The hotel franchising business represents the Company's primary operations. The Company's U.S. operations are conducted through direct franchising relationships, the ownership of 17 open and operating hotels, and the management of 13 hotels (inclusive of four owned hotels), while its international franchise operations are conducted through a combination of direct franchising and master franchising relationships. Master franchising relationships are governed by master franchising agreements, which generally provide the master franchisee with the right to use our brands and sub-license the use of our brands in a specific geographic region, usually for a fee. As a result of our master franchise relationships and international market conditions, our revenues are primarily concentrated in the U.S. Therefore, our description of our business is primarily focused on the U.S. operations. Our Company generates revenues, income, and cash flows primarily from our hotel franchising operations. Revenues are also generated from partnerships with qualified vendors and travel partners that provide value-added solutions to our platform of guests and hotels, hotel ownership, and other ancillary sources. Historically, the hotel industry has been seasonal in nature. For most hotels, demand is typically lower in November through February than during the remainder of the year. Our principal source of revenue is franchise fees, which is based on the gross room revenues or the number of rooms at our franchised properties. The Company\u2019s franchise and managed fees, as well as its owned hotels' revenues, normally reflect the industry\u2019s seasonality and historically have been lower in the first and fourth quarters than in the second and third quarters of the year. Because our primary focus is hotel franchising, we benefit from the economies of scale inherent in the franchising business. The fee and cost structure of our franchising business provides opportunities to improve our operating results by increasing the number of franchised hotel rooms and the royalty rates in our franchise contracts. In addition, our operating results can also be improved through our company-wide efforts related to improving property-level performance and expanding the number of partnerships with travel-related and other companies with products and services that appeal to our franchisees and guests. The primary factors that affect the Company\u2019s results are: the number and relative mix of hotel rooms in the various hote Item 1.Business Overview We are primarily a hotel franchisor operating in 49 states, the District of Columbia, and 50 countries and territories. As of December 31, 2025, we had 7,575 hotels with 656,825 rooms open and operating, and 825 hotels with 77,862 rooms under construction, awaiting conversion or approved for development, or committed to future franchise development on outstanding 3 Table of Contents master development agreements (collectively, \"pipeline\") in our global system. Our brand names include Clarion\u00ae, Clarion Pointe\u2122, Comfort Inn\u00ae, Comfort Suites\u00ae, Country Inn & Suites\u00ae by Radisson, Sleep Inn\u00ae, Quality\u00ae, Park Inn by Radisson\u00ae, Everhome Suites\u00ae, WoodSpring Suites\u00ae, MainStay Suites\u00ae, Suburban Studios\u2122, Radisson Blu\u00ae, Park Plaza\u00ae, Cambria\u00ae Hotels, Ascend Collection\u00ae, Radisson RED\u00ae, Radisson Individuals\u00ae, Radisson\u00ae, Radisson Collection\u00ae, Radisson Inn & SuitesSM, Econo Lodge\u00ae, and Rodeway Inn\u00ae. The hotel franchising business represents the Company's primary operations. The Company's U.S. operations are primarily conducted through direct franchising relationships, the ownership of 10 Cambria, four Everhome Suites, one Radisson RED, one Radisson Blu, and one Country Inn & Suites open and operating hotels, and the management of 13 hotels (inclusive of four owned hotels), while its international franchise operations are conducted through a combination of direct franchising and master franchising relationships. Master franchising relationships are governed by master franchising agreements which generally provide the master franchisee with the right to use our brands and sub-license the use of our brands in a specific geographic region, usually for a fee. As a result of our master franchise relationships and international market conditions, our revenues are primarily concentrated in the U.S. Therefore, our description of our business is primarily focused on the U.S. operations. Our Company generates revenues, income, and cash flows primarily from our ho Item 1A.Risk Factors Choice Hotels International, Inc. and its subsidiaries are subject to various risks, which could have a negative effect on the Company and its financial condition, results of operations, and cash flows. These risks could cause actual results to differ from those expressed in certain \u201cForward-Looking Stat", "title": "CHH - CHOICE HOTELS INTERNATIONAL INC /DE", "url": "/company/CHH/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001486159; latest 10-K filed 2026-02-26.", "text": "CHRD - Chord Energy Corp SIC 1311 Crude Petroleum & Natural Gas; CIK 0001486159; latest 10-K filed 2026-02-26. CHRD Chord Energy Corp 0001486159 1311 Crude Petroleum & Natural Gas Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. In addition, the following discussion contains \u201cforward-looking statements\u201d that reflect our future plans, estimates, beliefs and expected performance. We caution that assumptions, expectations, projections, intentions or beliefs about future events may, and often do, vary from actual results, and the differences can be material. See \u201cCautionary Note Regarding Forward-Looking Statements\u201d at the beginning of this report for an explanation of these types of statements. For discussion related to changes in financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, refer to \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025. Overview Chord Energy Corporation, a Delaware corporation (together with our consolidated subsidiaries, the \u201cCompany,\u201d \u201cChord,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d), is an independent exploration and production (\u201cE&P\u201d) company engaged in the acquisition, exploration, development and production of crude oil, NGL and natural gas primarily in the Williston Basin with limited non-operated interests in the Marcellus Shale. On May 31, 2024, we acquired Enerplus Corporation, a corporation existing under the laws of the Province of Alberta, Canada (\u201cEnerplus\u201d) in a stock-and-cash transaction (such transaction, the \u201cArrangement\u201d). Our mission is to responsibly produce hydrocarbons while exercising capital discipline, operating efficiently, improving continuously and providing a fun and rewarding environment for our employees. We are ideally positioned to generate strong free cash flow and enhance return of capital, while being responsible stewards of the communities and environment where we operate. Recent Developments 2025 Williston Basin Acquisition On September 15, 2025, we entered into a definitive agreement to acquire certain developed and undeveloped oil and gas assets located in the Williston Basin from XTO Energy Inc. and affiliates (collectively, \u201cXTO\u201d), subsidiaries of Exxon Mobil Corporation, for total cash consideration of $550.0 million, subject to customary purchase price adjustments (the \u201c2025 Williston Basin Acquisition\u201d). On October 31, 2025, we completed the 2025 Williston Basin Acquisition for total cash consideration of $542.2 million, including a cash deposit of $55.0 million to XTO upon execution of the purchase and sale agreement and $487.2 million paid to XTO at closing (including customary preliminary purchase price adjustments). We funded the 2025 Williston Basin Acquisition with proceeds from the issuance of the 2030 Senior Notes (defined in \u201cLiquidity and Capital Resources\u2014Long-Term Debt\u201d below) and cash on hand. The effective date of the 2025 Williston Basin Acquisition was September 1, 2025. Market Conditions Our revenue, profitability and ability to return cash to stockholders depend substantially on factors beyond our control, such as economic, geopolitical, political and regulatory developments as well as competition from other sources of energy. Prices for crude oil, NGL and natural gas have experienced significant fluctuations in recent years, including sustained decreases during 2025, and may continue to fluctuate widely or continue to decrease in the future due to a combination of macro-economic factors that impact the supply and demand for crude oil, NGL and natural gas. The potential for continued volatility in our markets, economic uncertainty and unfavorable oil and gas market dynamics, including OPEC+ announcements during 202 Item 1. Business Overview Chord Energy Corporation, a Delaware Corporation (together with our consolidated subsidiaries, the \u201cCompany,\u201d \u201cChord,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d), is an independent exploration and production (\u201cE&P\u201d) company engaged in the acquisition, exploration, development and production of crude oil, NGL and natural gas primarily in the Williston Basin with limited non-operated interests in the Marcellus Shale. Our mission is to responsibly produce hydrocarbons while exercising capital discipline, operating efficiently, improving continuously and providing a fun and rewarding environment for our employees. We are ideally positioned to generate strong free cash flow and enhance return of capital, while being responsible stewards of the communities and environment where we operate. On May 31, 2024, we acquired Enerplus Corporation, a corporation existing under the laws of the Province of Alberta, Canada (\u201cEnerplus\u201d) in a stock-and-cash transaction (such transaction, the \u201cArrangement\u201d). The results of operations and reserves data presented herein report the results of legacy Chord from January 1, 2023 through May 30, 2024 and the results of Chord (including legacy Enerplus) from May 31, 2024 through December 31, 2025, unless otherwise noted. As of December 31, 2025, we had 1,302,921 net leasehold acres in the Williston Basin, approximately all of which is held by production. We are currently exploiting significant resource potential from the Middle Bakken and Three Forks formations, which are present across a substantial portion of our acreage. We believe the locations, size and concentration of our acreage in the Williston Basin creates an opportunity for us to achieve cost, recovery and production efficiencies through the development of our project inventory. Our management team has a proven record of accomplishment in identifying, acquiring and executing large, repeatable development drilling programs and has substantial experience in the Williston Basi Item 1A. Risk Factors Our business involves a high degree of risk. If any of the following risks, or any risk described elsewhere in this Annual Report on Form 10-K, actually occurs, our business, financial condition, results of operations or cash flows could suffer. The risks described below are not the only ones facing us. Addit", "title": "CHRD - Chord Energy Corp", "url": "/company/CHRD/" }, { "kind": "company", "summary": "SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001766502; latest 10-K filed 2026-03-25.", "text": "CHWY - Chewy, Inc. SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001766502; latest 10-K filed 2026-03-25. CHWY Chewy, Inc. 0001766502 5961 Retail-Catalog & Mail-Order Houses Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes thereto included in this Annual Report on Form 10-K for fiscal year 2025 (\u201c10-K Report\u201d). This discussion contains forward-looking statements that involve risks and uncertainties. As a result of many factors, such as those set forth under the \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d sections herein, our actual results may differ materially from those anticipated in these forward-looking statements. Unless the context requires otherwise, references in this 10-K Report to \u201cChewy,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d refer to Chewy, Inc. and its consolidated subsidiaries. Investors and others should note that we may announce material information to our investors using our investor relations website (https://investor.chewy.com/), filings with the SEC, press releases, public conference calls and webcasts. We use these channels, as well as social media, to communicate with our investors and the public about our company, our business and other issues. It is possible that the information that we post on these channels could be deemed to be material information. We therefore encourage investors to visit these websites from time to time. The information contained on such websites and social media posts is not incorporated by reference into this filing. Further, our references to website URLs in this filing are intended to be inactive textual references only. Overview We are the largest pet e-tailer in the United States, offering virtually every product a pet needs. We launched Chewy in 2011 to bring the best of the neighborhood pet store shopping experience to a larger audience, enhanced by the depth and wide selection of products and services, as well as the around-the-clock convenience, that only e-commerce can offer. We believe that we are the preeminent destination for pet parents as a result of our broad selection of high-quality products and expanded menu of service offerings, which we offer at great prices and deliver with an exceptional level of care and a personal touch. We are the trusted source for pet parents and partners and continually develop innovative ways for our customers to engage with us. We partner with approximately 4,000 of the best and most trusted brands in the pet industry, and we create and offer our own outstanding private brands. Through our websites and mobile applications, we offer our customers approximately 190,000 products, compelling merchandising, an easy and enjoyable shopping experience, and exceptional customer service. Macroeconomic Considerations Macroeconomic conditions, including inflationary pressures, elevated interest rates, and broader economic uncertainty, have influenced consumer spending patterns and may continue to affect demand across our categories. We monitor these conditions closely and adjust elements of our logistics, transportation, supply chain, and merchandising strategies as appropriate. Changes in consumer behavior may impact product mix, purchasing frequency, and promotional intensity, and we manage our operations with a focus on maintaining value, service levels, and operational discipline in varying economic environments. We are unable to predict the duration and ultimate impact of evolving macroeconomic conditions on the broader economy or our operations and liquidity. As such, macroeconomic risks and uncertainties remain. Please refer to the \u201cCautionary Note Regarding Forward-Looking Statements\u201d and the section titled \u201cRisk Factors\u201d in Item 1A of this 10-K Report. Fiscal Year End We have a 52- or 53-week fiscal year ending each year on the Sunday that is closest to January 31 of that year. Our 2025 fiscal year ended February 1, 2026 and included 52 weeks (\u201c Item 1. Business Overview Chewy, Inc. began operating as Chewy.com in 2011 and Chewy.com, LLC was formed as a Delaware limited liability company in October 2013. On March 16, 2016, Chewy.com, LLC converted from a Delaware limited liability company to a Delaware corporation and changed its name to Chewy, Inc. Chewy, Inc. completed the initial public offering of its Class A common stock, par value $0.01 per share (the \u201cClass A common stock\u201d), on June 18, 2019. Unless the context requires otherwise, references in this Annual Report on Form 10-K to \u201cChewy,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d refer to Chewy, Inc. and its consolidated subsidiaries. Our mission is to be the most trusted and convenient destination for pet parents and partners everywhere. We believe that we are the preeminent online source for pet products, supplies and prescriptions as a result of our broad selection of high-quality products and services, which we offer at competitive prices and deliver with an exceptional level of care and a personal touch to build brand loyalty and drive repeat purchasing. We seek to continually develop innovative ways for our customers to engage with us, as our websites and mobile applications allow our pet parents to manage their pets\u2019 health, wellness, and merchandise needs, while enabling them to conveniently shop for our products. We partner with approximately 4,000 of the best and most trusted brands in the pet industry, and we create and offer our own private brands. Through our websites and mobile applications, we offer our customers approximately 190,000 products and services offerings, to bring what we believe is a high-bar, customer-centric experience to our customers. By leveraging our extensive supply chain infrastructure consisting of fulfillment centers located in the U.S. and Canada, we are typically able to offer our products in a localized manner with the capability to serve over 80% of the U.S. population overnight and almost 100% in two days. Our Item 1A. Risk Factors The following are important factors that could affect our business, financial condition or results of operations and could cause actual results for future periods to differ materially from our anticipated results or other expectations, including those expressed in any forward-looking statements made in this Annu", "title": "CHWY - Chewy, Inc.", "url": "/company/CHWY/" }, { "kind": "company", "summary": "SIC 1000 Metal Mining; CIK 0000764065; latest 10-K filed 2026-02-09.", "text": "CLF - CLEVELAND-CLIFFS INC. SIC 1000 Metal Mining; CIK 0000764065; latest 10-K filed 2026-02-09. CLF CLEVELAND-CLIFFS INC. 0000764065 1000 Metal Mining ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management's Discussion and Analysis of Financial Condition and Results of Operations is designed to provide a reader of our financial statements with a narrative from the perspective of management on our financial condition, results of operations, liquidity and other factors that may affect our future results. The following discussion should be read in conjunction with the consolidated financial statements and related notes that appear in Part II \u2013 Item 8. Financial Statements and Supplementary Data of this Annual Report on Form 10-K. During the third quarter of 2025, we identified an immaterial error related to our accrual for certain employment costs, resulting in an understatement of Costs of goods sold in prior periods. Prior periods affected include the interim periods ended March 31, 2025 and June 30, 2025, and the interim and annual periods during the years 2022, 2023 and 2024. Refer to NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES for further information. Management's Discussion and Analysis of Financial Condition and Results of Operations included in this report discusses our financial condition and results of operations as of and for the years ended December 31, 2025 and 2024. A discussion related to our financial condition and results of operations for 2024 as compared to 2023 can be found in Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 25, 2025. OVERVIEW Throughout 2025, we continued to position the Company for long-term success and further established ourselves as a leading North America based steel producer, particularly for the automotive industry. We announced a potential strategic partnership with a top-ten global steel producer, optimized our operational footprint, moved away from non-core assets, signed multi-year fixed price contracts with major automotive customers and further reduced unit costs year-over-year. The operational changes to our footprint, along with our commercial and strategic initiatives, further strengthen our position as a North American leader in the steel industry and are expected to create value for all Company stakeholders. 2025 HIGHLIGHTS \u2022Record safety year since becoming a steel company with lowest Total Recordable Incident Rate (including contractors) of 0.8 per 200,000 hours worked, which represents a 43% decrease since 2021, our first full-year as a steel company. \u2022President Trump implemented 50% tariffs on imported steel from all major steel producing countries and 25% on imports of automobiles and certain automobile parts. \u2022Signed Memorandum of Understanding with POSCO, Korea's largest steelmaker, and the world's third largest steelmaker outside of China, to potentially form a strategic partnership as POSCO seeks to leverage our domestic operations. \u2022Optimized operational footprint and repositioned away from non-core assets, with minimal impact to our flat-rolled steel output. \u2022Signed multi-year fixed price contracts with major automotive customers, increasing our market share and securing historically high-margin business for years to come. \u2022Improved balance sheet flexibility and capital structure by extending all senior note maturities to 2029 and beyond. \u2022Successfully completed a production trial in collaboration with a major automotive OEM, in which our steel was stamped into exposed automotive steel parts with no defects using the customer's existing aluminum-forming equipment. \u2022Further reduced unit costs year-over-year. \u2022Announced commissioning of our new state-of-the-art bright anneal line at our Coshocton facility. \u2022Five-year contract that was initiated in conjunction with the closing of the AM USA Transaction to supply approximately 1.5 million net tons of semi-finished steel slab ITEM 1. BUSINESS INTRODUCTION We are a leading North America-based steel producer with focus on value-added sheet products, particularly for the automotive industry. We are vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling and tubing. Headquartered in Cleveland, Ohio, we employ approximately 25,000 people across our operations in the United States and Canada. COMPETITIVE STRENGTHS As a leading North America-based steel producer, we benefit from having the size and scale necessary in a competitive, capital intensive business. We have a unique vertically integrated profile from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling and tubing. This positioning gives us more predictable costs throughout our supply chain and more control over both our manufacturing inputs and our end-product destination. Our primary competitive strength lies within our automotive steel business. We are a leading supplier of automotive-grade steel in the U.S. Compared to other steel end markets, automotive steel is generally higher quality, more operationally and technologically intensive to produce, and requires significantly more devotion to customer service than other steel end markets. This dedication to service and the infrastructure in place to meet our automotive customers\u2019 demanding needs took decades to develop. We have continued to invest capital and resources to meet the requirements needed to serve the automotive industry. We continue to be an established and reliable supplier of automotive-grade steel and intend to bolster our position as an industry leader going forward. Due to its demanding nature, the automotive steel business typically generates higher through-the-cycle margins, making it a desirable end market. Demand for our automotive-grade s ITEM 1A. RISK FACTORS An investment in our common shares or other securities is subject to risks inherent in our businesses and the industries in which we operate. We describe below certain risks and uncertainties, the occurrences of which could have a material adverse effect on us. The risks and uncertainties described below include known material risks that we fa", "title": "CLF - CLEVELAND-CLIFFS INC.", "url": "/company/CLF/" }, { "kind": "company", "summary": "SIC 4955 Hazardous Waste Management; CIK 0000822818; latest 10-K filed 2026-02-18.", "text": "CLH - CLEAN HARBORS INC SIC 4955 Hazardous Waste Management; CIK 0000822818; latest 10-K filed 2026-02-18. CLH CLEAN HARBORS INC 0000822818 4955 Hazardous Waste Management ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Form 10-K, including information with respect to our plans, strategies, objectives, expectations and intentions for our business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in or implied by these forward-looking statements. Please also see the section titled \u201cDisclosure Regarding Forward-Looking Statements.\u201d Overview We are North America\u2019s leading provider of environmental and industrial services supporting our customers in finding environmentally responsible solutions to further their sustainability goals in today\u2019s world. Everywhere industry meets the environment, we strive to provide sustainable services and products that protect and restore North America\u2019s natural environment. We believe we operate, in the aggregate, the largest number of hazardous waste incinerators, landfills and treatment, storage and disposal facilities, or TSDFs, in North America. We serve over 350,000 customers, including the majority of Fortune 500 companies, across various markets including chemical and manufacturing, as well as numerous government agencies. These customers rely on us to safely deliver a broad range of services including but not limited to end-to-end hazardous waste management, emergency response, industrial cleaning and maintenance and recycling services. We are also a leading provider of parts cleaning and related environmental services to general manufacturing, automotive and commercial customers in North America and the largest re-refiner and recycler of used oil in North America. Performance of our segments is evaluated on several factors of which the primary financial measure is Adjusted EBITDA, a non-GAAP measure that is reconciled to our GAAP net income and described more fully below. The following is a discussion of how management evaluates our segments in regards to other factors including key performance indicators that management uses to assess the segments\u2019 results, as well as certain macroeconomic trends and influences that impact each reportable segment: \u2022Environmental Services - The Environmental Services segment results are driven by customer demand for our wide variety of services, the volume, pricing and mix of waste managed and project work requiring responsible waste handling and disposal. Environmental Services results are also impacted by the demand for planned and unplanned industrial related cleaning and maintenance services at customer sites and environmental cleanup services on a scheduled or emergency basis, including response to large-scale events such as major chemical spills, natural disasters, or other instances where immediate and specialized services are required. The Environmental Services segment results include the Safety-Kleen branches\u2019 core environmental service offerings of containerized waste disposal, parts washer and vacuum services. These results are driven by the volumes of waste collected from these customers, the overall number of parts washers placed at customer sites, and the demand for and frequency of other offered services. The results and integration of the acquired operations of HEPACO, which we acquired in March 2024, also impact the overall segment results as we integrated this business into our Field Services operations. In managing the business and evaluating performance, management tracks the volumes and mix of ITEM 1. BUSINESS General Clean Harbors, Inc., together with its subsidiaries, is a leading provider of environmental and industrial services throughout North America. Everywhere industry meets the environment, we strive to provide sustainable services and products that minimize environmental impact, maximize environmental benefit through reuse and recycling and support our customers\u2019 business needs. We are also the largest provider of parts cleaning and related environmental services to general manufacturing, automotive and commercial customers in North America and the largest re-refiner and recycler of used oil in North America. One of our primary goals is supporting our customers in providing innovative and environmentally responsible solutions to further their sustainability goals and solve complex environmental challenges. We have two operating segments through which we conduct our operations: (i) the Environmental Services segment and (ii) the Safety-Kleen Sustainability Solutions segment. \u2022Environmental Services - Our Environmental Services businesses offer an array of services to customers. We safely collect, transport, treat, recycle when suitable and dispose of hazardous and non-hazardous waste through our network of over 100 waste disposal facilities including incinerators; landfills; treatment, storage and disposal facilities, or TSDFs, wastewater treatment facilities; and solvent recycling centers. Our emergency response services leverage specialized equipment, expertise and responsiveness to support our customers. Our teams are also equipped to address our customer requirements related to per- and poly-fluorinated alkyl substances, or PFAS, offering a comprehensive range of services that include testing, water filtration, site remediation and disposal through our Total PFAS Solutions service offering. We leverage our assets to perform a wide range of industrial maintenance and specialty industrial services, both planned and unplanned. We collect ITEM 1A. RISK FACTORS An investment in our securities involves certain risks, including those described below. One should carefully consider these risk factors together with all of the information included or incorporated by reference in this report before investing in our securities. The risks described below are not intended to be exhaustiv", "title": "CLH - CLEAN HARBORS INC", "url": "/company/CLH/" }, { "kind": "company", "summary": "SIC 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens); CIK 0000022444; latest 10-K filed 2025-10-16.", "text": "CMC - COMMERCIAL METALS Co SIC 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens); CIK 0000022444; latest 10-K filed 2025-10-16. CMC COMMERCIAL METALS Co 0000022444 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our consolidated financial statements and the accompanying notes contained in this Annual Report. Our discussion and analysis of fiscal year 2025 compared to fiscal year 2024 is included herein. Our discussion and analysis of fiscal year 2024 compared to fiscal year 2023 can be found in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for the year ended August 31, 2024, which was filed with the SEC on October 17, 2024. OVERVIEW CMC has grown into an innovative solutions provider helping build a stronger, safer and more sustainable world. Today, through an extensive manufacturing network principally located in the U.S. and Central Europe, the Company offers products and technologies to meet the critical reinforcement needs of the global construction sector. CMC\u2019s solutions support early-stage 28 construction across a wide variety of applications, including infrastructure, non-residential, residential, industrial and energy generation and transmission. Our operations are conducted through three reportable segments: North America Steel Group, Emerging Businesses Group and Europe Steel Group. See Part I, Item 1, Business, of this Annual Report for further information regarding our business and reportable segments. Key Performance Indicators When evaluating our results, we compare net sales, in the aggregate and for each of our reportable segments, in the current period to net sales in the corresponding period. For the North America Steel Group and the Europe Steel Group segments, we focus on changes in average selling price per ton and tons shipped compared to the corresponding period for each of our vertically integrated product categories as these are the two variables that typically have the greatest impact on our net sales for those reportable segments. Of the products evaluated by changes in average selling price per ton and tons shipped within the North America Steel Group and Europe Steel Group segments, raw materials include ferrous and nonferrous scrap, steel products include rebar, merchant bar, light structural and other special sections and other steel products, such as billets and wire rod, and downstream products include fabricated rebar, steel fence posts and wire mesh. Evaluations of average selling price per ton and tons shipped for downstream products exclude post-tension cable, which is not measured on a per ton basis. Adjusted EBITDA is used by management to compare and evaluate the period-over-period underlying business operational performance of our reportable segments. Adjusted EBITDA is the sum of the Company's earnings before interest expense, income taxes, depreciation and amortization expense, impairment expense and unrealized gains and losses on undesignated commodity hedges. During the fourth quarter of 2025, the Company modified its method of calculating adjusted EBITDA to exclude the impact of unrealized gains and losses on undesignated commodity derivatives. This change was primarily driven by heightened volatility in copper forward markets, which introduced significant non-cash fluctuations unrelated to core operations. By removing this volatility, the revised metric provides a more representative view of operating performance and cash-generating capability. We evaluated the impact of this change on prior-period disclosures and have recast adjusted EBITDA for all periods presented in this Annual Report to conform to the new presentation. We did not revise the comparative analysis of results of operations for 2024 compared to 2023, as the change in methodology did not materially affect the comparability of adjusted EBITDA in earlier periods. Although there are many factors that can impac ITEM 1. BUSINESS DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS This annual report on Form 10-K (hereinafter referred to as the \"Annual Report\") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the \"Securities Act\"), Section 21E of the Securities Exchange Act of 1934, as amended (the \"Exchange Act\") and the Private Securities Litigation Reform Act of 1995. Actual results, performance or achievements could differ materially from those projected in the forward-looking statements as a result of a number of risks, uncertainties and other factors. For a discussion of important factors that could cause our results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by our forward-looking statements, please refer to Part I, Item 1A, Risk Factors and Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations in this Annual Report. References in this Annual Report to \"CMC,\" \"the Company,\" \"we,\" \"our\" and \"us\" refer to Commercial Metals Company and its subsidiaries unless otherwise indicated. Certain trademarks or service marks of CMC appearing in this Annual Report are the property of CMC and are protected under applicable intellectual property laws. Solely for convenience, our trademarks and tradenames referred to in this Annual Report may appear without the \u00ae or \u2122 symbols, but such references are not intended to indicate in any way that we will not assert, to the fullest extent under applicable law, our rights to these trademarks and tradenames. OVERVIEW Founded in 1915 as a single scrap yard in Dallas, Texas, CMC has become an innovative solutions provider helping build a stronger, safer and more sustainable world. Today, through an extensive manufacturing network principally located in the United States (\"U.S.\") and Central Europe, we offer products and technologies to meet the critical ITEM 1A. RISK FACTORS There are inherent risks and uncertainties associated with our business that could adversely affect our business, results of operations and financial condition. Set forth below are descriptions of those risks and uncertainties that we currently believe t", "title": "CMC - COMMERCIAL METALS Co", "url": "/company/CMC/" }, { "kind": "company", "summary": "SIC 3531 Construction Machinery & Equip; CIK 0001567094; latest 10-K filed 2026-02-26.", "text": "CNH - CNH Industrial N.V. SIC 3531 Construction Machinery & Equip; CIK 0001567094; latest 10-K filed 2026-02-26. CNH CNH Industrial N.V. 0001567094 3531 Construction Machinery & Equip Management's Discussion and Analysis The following Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is intended to promote understanding of the Company's financial condition and results of operations. The MD&A is provided as a supplement to, and should be read in conjunction with, the Consolidated Financial Statements and the accompanying Notes to the Consolidated Financial Statements. This discussion includes forward-looking statements, which, although based on assumptions that we consider reasonable, are subject to risks and uncertainties which could cause actual events or conditions to differ materially from those expressed or implied by the forward-looking statements. This MD&A should be read in conjunction with our discussion of cautionary statements and significant risks to the Company's business under \"Item 1A. Risk Factors\" of this Annual Report on Form 10-K. Global Business Conditions In 2025, we operated in a challenging environment characterized by lower industry demand in large agriculture, particularly in the Americas, elevated tariff and input\u2011cost pressures, and cautious farmer sentiment. We view 2025 as part of a cyclical downturn in agricultural equipment rather than a structural change in our end markets. Throughout the year, we prioritized price discipline, production and inventory management, cost\u2011reduction initiatives, and continued investment in Precision Technology and quality, with the aim of positioning CNH for improved performance as conditions normalize, particularly into 2026 and beyond. For a discussion of the Company's risks and uncertainties, see Part 1, Item 1A: \"Risk Factors\". Operating Results The operations, key financial measures, and financial analysis, differ significantly for manufacturing and distribution businesses (\"Industrial Activities\") and financial businesses (\"Financial Services\"); therefore, management believes that certain supplemental disclosures are important in understanding our consolidated operations and financial results. For further information, see \"Supplemental Information\" within this section, where we present supplemental consolidating data split by Industrial Activities and Financial Services. Transactions between Industrial Activities and Financial Services have been eliminated to arrive at the consolidated data. 2025 Compared to 2024 Consolidated Results of Operations [[GREPCENT_TABLE]] [[\"\",\"Years Ended December 31,\"],[\"(in millions of dollars)\",\"2025\",\"\",\"2024\"],[\"Revenues\"],[\"Net sales\",\"$\",\"15,346\",\"\",\"\",\"$\",\"17,060\"],[\"Finance, interest and other income\",\"2,749\",\"\",\"\",\"2,776\"],[\"Total Revenues\",\"18,095\",\"\",\"\",\"19,836\"],[\"Costs and Expenses\"],[\"Cost of goods sold\",\"12,389\",\"\",\"\",\"13,350\"],[\"Selling, general and administrative expenses\",\"1,876\",\"\",\"\",\"1,712\"],[\"Research and development expenses\",\"1,025\",\"\",\"\",\"924\"],[\"Restructuring expenses\",\"22\",\"\",\"\",\"118\"],[\"Interest expense\",\"1,482\",\"\",\"\",\"1,611\"],[\"Other, net\",\"681\",\"\",\"\",\"664\"],[\"Total Costs and Expenses\",\"17,475\",\"\",\"\",\"18,379\"],[\"Consolidated income before income taxes\",\"620\",\"\",\"\",\"1,457\"],[\"Income tax expense\",\"(184)\",\"\",\"\",\"(336)\"],[\"Equity in income of unconsolidated affiliates\",\"69\",\"\",\"\",\"138\"],[\"Net income\",\"505\",\"\",\"\",\"1,259\"],[\"Net income (loss) attributable to noncontrolling interests\",\"(5)\",\"\",\"\",\"13\"],[\"Net income attributable to CNH Industrial N.V.\",\"$\",\"510\",\"\",\"\",\"$\",\"1,246\"]] [[/GREPCENT_TABLE]] 48 Revenues We recorded revenues of $18,095 million in 2025, a decline of 8.8% compared to 2024. This decline was mainly due to lower shipments on decreased industry demand. See \"Business Segment Performance.\" Cost of Goods Sold Cost of goods sold were $12,389 million in 2025 compared to $13,350 million in 2024, a decrease of 7.2% year-over- year. As a percentage of net sales, cost of goods sold was 80.7% in 2025 (78.3% in 2024), the increase in the percentage from 2024 was due to lower production volumes and tariff costs. Selling, Gen Item 1. Business CNH Industrial N.V. (\"CNH\" or the \"Company\") was formed in 2013 by the business combination transaction between Fiat Industrial S.p.A. and its subsidiary CNH Global N.V.. CNH was incorporated on November 23, 2012, as a public limited liability company (naamloze vennootschap) under the laws of the Netherlands. The Company's principal office is at Cranes Farm Road, Basildon, Essex, SS14 3AD, United Kingdom (telephone number: +44-207-9251-964). CNH's agent for U.S. federal securities law purposes is Britton Worthen, c/o CNH Industrial America LLC, 711 Jorie Boulevard, Oak Brook, Illinois 60523 (telephone number +1-331-256-0594). Unless otherwise indicated or the context otherwise requires, as used in this Annual Report, the term \"CNH\", \"we\", \"us\", \"our\" or \"the Company\" refer to CNH Industrial N.V. together with its consolidated subsidiaries. Business Overview General CNH is a leading global equipment company that develops, manufactures and sells agricultural and construction equipment. In addition, CNH's Financial Services segment offers an array of financial products and services, including: \u2022Retail financing for end customers purchasing or leasing new and/or used CNH equipment and/or other manufacturers' products, as well as other retail financing programs. \u2022Wholesale financing to dealers. CNH's global network includes industrial, commercial and financial services subsidiaries located in 32 countries and a commercial presence in approximately 166 countries. We are committed to driving sustainable organic growth by strategically investing in initiatives that expand our market leadership, advance technology integration through our \"Iron + Tech\" strategy, with a focus on precision agriculture, automation, connectivity, and autonomy and strengthen our commercial presence across global agriculture and construction equipment industries. The key pillars of our organic growth include: \u2022Product and Technology Leadership: By advancing the integra Item 1A. Risk Factors We face many risks and uncertainties, any one of which could have a material adverse effect on our business, results of operations and financial condition. This section describes what we consider to be the most significant risks to our business based upon current knowledge, information and assumptions. This Annual Repor", "title": "CNH - CNH Industrial N.V.", "url": "/company/CNH/" }, { "kind": "company", "summary": "SIC 5099 Wholesale-Durable Goods, NEC; CIK 0001856525; latest 10-K filed 2026-03-24.", "text": "CNM - Core & Main, Inc. SIC 5099 Wholesale-Durable Goods, NEC; CIK 0001856525; latest 10-K filed 2026-03-24. CNM Core & Main, Inc. 0001856525 5099 Wholesale-Durable Goods, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following information should be read in conjunction with the consolidated financial statements included elsewhere in this Annual Report on Form 10-K. The following discussion may contain forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed below and elsewhere in this Annual Report on Form 10-K for a number of important factors, particularly those described under the caption \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Overview Core & Main, Inc. (\u201cCore & Main\u201d and collectively with its subsidiaries, the \u201cCompany\u201d) is a leading specialty distributor dedicated to advancing reliable infrastructure with local service, nationwide. With a focus on water, wastewater, storm drainage and fire protection products, and related services, we provide solutions to municipalities, private water companies and professional contractors across municipal, non-residential and residential end markets. Our specialty products and services are used primarily in the maintenance, repair, replacement and new construction of water, wastewater, storm drainage and fire protection infrastructure. We reach customers through a network of over 370 branches across the United States (\u201cU.S.\u201d) and Canada. Our products include pipes, valves, fittings, storm drainage products, fire protection products, meter products and other products. We complement our core products through additional offerings, including smart meter systems, fusible high-density polyethylene (\u201cfusible HDPE \u201c) piping solutions, specifically engineered treatment plant products, geosynthetics and erosion control products. The Company\u2019s services and capabilities allow for integration with customers and form part of their sourcing and procurement function. Basis of Presentation The Company is a holding company that indirectly owns Core & Main LP through its ownership interest in Core & Main Holdings, LP (\u201cHoldings\u201d). Core & Main\u2019s primary material assets are its direct and indirect ownership interest in Holdings and deferred tax assets associated with such ownership. The consolidated financial information of Core & Main presented herein, including the accompanying audited consolidated financial statements included in this Annual Report on Form 10-K, includes the consolidated financial information of Holdings and its subsidiaries. The limited partner interests of Holdings (\u201cPartnership Interests\u201d) not held by Core & Main are reflected as non-controlling interests in the condensed consolidated financial statements. Fiscal Year Our fiscal year is a 52- or 53-week period ending on the Sunday nearest to January 31st. Quarters within the fiscal year include 13-week periods, unless a fiscal year includes a 53rd week, in which case the fourth quarter of the fiscal year will be a 14-week period. The fiscal year ended February 1, 2026 (\u201cfiscal 2025\u201d) included 52 weeks, the fiscal year ended February 2, 2025 (\u201cfiscal 2024\u201d) included 53 weeks and the fiscal year ended January 28, 2024 (\u201cfiscal 2023\u201d) included 52 weeks. The next fiscal year ending January 31, 2027 (\u201cfiscal 2026\u201d) will include 52 weeks. Significant Events During Fiscal 2025 On December 1, 2025, the Company\u2019s board of directors authorized an increase of $500 million to the Company\u2019s share repurchase program (the \u201cRepurchase Program\u201d), bringing the total authorization to $1 billion. Shares repurchased under the Repurchase Program are retired immediately and are accounted for as a decrease to stockholders\u2019 equity. During fiscal 2025, the Company repurchased 3,173,594 shares of Class A common stock for a total of $155 million through open market transactions. Significant Events During Fiscal 2024 On February 9, 2024, Core & Main LP amended the terms of the Senior ABL Credit Facility (as defined in Note 6 to the audited consolidated financial statements i Item 1. Business Our Company Core & Main, Inc. (\u201cCore & Main\u201d and collectively with its subsidiaries, the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d) is a holding company and its primary material assets are its direct and indirect ownership interest in Core & Main Holdings, LP, a Delaware limited partnership (\u201cHoldings\u201d), and deferred tax assets associated with this ownership. Core & Main is a leading specialty distributor dedicated to advancing reliable infrastructure with local service, nationwide. With a focus on water, wastewater, storm drainage and fire protection products, and related services, we provide solutions to municipalities, private water companies and professional contractors across municipal, non-residential and residential end markets. Our specialty products and services are used primarily in the maintenance, repair, replacement and new construction of water, wastewater, storm drainage and fire protection infrastructure. We are one of only two national distributors operating across large and highly fragmented markets, which we estimate to represent approximately $44 billion in annual sales. As of February 1, 2026, we had a network of over 370 branch locations across the United States (\u201cU.S.\u201d) and Canada, which serve as a critical link between more than 5,000 suppliers and a diverse and long-standing base of over 60,000 customers. Our sales reach, technical product knowledge, broad product portfolio, customer service, project planning and delivery capabilities, customer service and ability to provide local expertise, nationwide, make us a critical partner to both our customers and suppliers. We offer a comprehensive portfolio of more than 225,000 products covering a full spectrum of specialized solutions to address aging water infrastructure, including pipes, valves & fittings, storm drainage products, fire protection products and smart metering products. Our products are generally unique to our industry and must meet municipal, state and federal specifica Item 1A. Risk Factors You should carefully consider the factors described below, in addition to the other information set forth in this Annual Report on Form 10-K. These risk factors are important to understanding the contents of this Annual Report on Form 10-K and of other reports. Should one or more of these risks be realized, it coul", "title": "CNM - Core & Main, Inc.", "url": "/company/CNM/" }, { "kind": "company", "summary": "SIC 6321 Accident & Health Insurance; CIK 0001224608; latest 10-K filed 2026-02-24.", "text": "CNO - CNO Financial Group, Inc. SIC 6321 Accident & Health Insurance; CIK 0001224608; latest 10-K filed 2026-02-24. CNO CNO Financial Group, Inc. 0001224608 6321 Accident & Health Insurance ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS. In this section, we review the consolidated financial condition of CNO and its consolidated results of operations for the years ended December 31, 2025, 2024 and 2023 and, where appropriate, factors that may affect future financial performance. Please read this discussion in conjunction with the consolidated financial statements and notes included in this Form 10-K. OVERVIEW We are a holding company for a group of insurance companies that develop, market and administer health insurance, annuity, individual life insurance and other insurance and financial services products. We focus on serving middle-income pre-retiree and retired Americans, which we believe are attractive, underserved, high growth markets. We sell our products through exclusive agents, independent producers (some of whom sell one or more of our product lines exclusively) and direct marketing. We view our operations as three insurance product lines (annuity, health and life) and the investment and fee income segments. Our segments are aligned based on their common characteristics, comparability of profit margins and the way the CODM makes operating decisions and assesses the performance of the business. Our insurance product line segments (annuity, health and life) include marketing, underwriting and administration of the policies our insurance subsidiaries sell. The business written in each of the three product categories through all of our insurance subsidiaries is aggregated allowing management and investors to assess the performance of each product category. When analyzing profitability of these segments, we use insurance product margin as the measure of profitability, which is: (i) insurance policy income; and (ii) net investment income allocated to the insurance product lines; less (i) insurance policy benefits; (ii) interest credited to policyholders; (iii) amortization of deferred acquisition costs and present value of future profits, (iv) non-deferred commissions; and (v) advertising expense. Net investment income is allocated to the product lines using the book yield of investments backing the block of business, which is applied to net insurance liabilities for the block in each period. Net insurance liabilities for the purpose of allocating investment income to product lines are equal to: (i) policyholder account values for interest sensitive products; (ii) total reserves before the fair value adjustments reflected in accumulated other comprehensive income (loss), if applicable, for all other products; less (iii) amounts related to reinsured business; (iv) deferred acquisition costs; (v) the present value of future profits; and (vi) the value of unexpired options credited to insurance liabilities. Income from insurance products is the sum of the insurance product margins of the annuity, health and life product lines, less expenses allocated to the insurance product lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Management believes insurance product margin and income from insurance products provides an additional understanding of the business and a more meaningful analysis of the results of our insurance product lines. We market our products through the Consumer and Worksite Divisions that reflect the customers served by the Company. The Consumer and Worksite Divisions are primarily focused on marketing insurance products, several types of which are sold in both divisions and underwritten in the same manner. The Consumer Division serves individual consumers, engaging with them on the phone, virtually, online, face-to-face with agents, or through a combination of sales channels. This structure unifies consumer capabilities into a single division and integrates the strength o ITEM 1. BUSINESS OF CNO. CNO is a holding company for a group of insurance companies that develop, market and administer health insurance, annuity, individual life insurance and other insurance and financial services products. The terms \"CNO Financial Group, Inc.\", \"CNO\", the \"Company\", \"we\", \"us\", and \"our\" as used in this report refer to CNO and its subsidiaries. Such terms, when used to describe insurance business and products, refer to the insurance business and products of CNO's insurance subsidiaries. We focus on serving middle-income pre-retiree and retired Americans, which we believe are attractive, underserved, high growth markets. We sell our products through exclusive agents, independent producers (some of whom sell one or more of our product lines exclusively) and direct marketing. As of December 31, 2025, we had total assets of $38.8 billion and shareholders' equity of $2.6 billion (which included an accumulated other comprehensive loss of $1.1 billion). For the year ended December 31, 2025, we had revenues of $4.5 billion and net income of $229.3 million. See our consolidated financial statements and accompanying footnotes for additional financial information about the Company and its segments. We view our operations as three insurance product lines (annuity, health and life) and the investment and fee income segments. Our segments are aligned based on their common characteristics, comparability of profit margins and the way the chief operating decision maker (\"CODM\") makes operating decisions and assesses the performance of the business. Our CODM is the Chief Executive Officer. We market our products through the Consumer and Worksite Divisions that reflect the customers served by the Company. The Consumer and Worksite Divisions are primarily focused on marketing insurance products, several types of which are sold in both divisions and underwritten in the same manner. The Consumer Division serves individual consumers, engaging with them on the ITEM 1A. RISK FACTORS. CNO and its businesses are subject to a number of risks including general business and financial risks. Any or all of such risks could have a material adverse effect on the business, financial condition or results of operations of CNO. In addition, please refer to the \"Cautionary Statement Regarding Forwar", "title": "CNO - CNO Financial Group, Inc.", "url": "/company/CNO/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001070412; latest 10-K filed 2026-02-10.", "text": "CNX - CNX Resources Corp SIC 1311 Crude Petroleum & Natural Gas; CIK 0001070412; latest 10-K filed 2026-02-10. CNX CNX Resources Corp 0001070412 1311 Crude Petroleum & Natural Gas ITEM 7.Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and related notes included elsewhere in this Form 10-K. The information provided below supplements, but does not form part of, CNX's financial statements. This discussion contains forward\u2011looking statements that are based on the views and beliefs of management, as well as assumptions and estimates made by management. Actual results could differ materially from any such forward\u2011looking statements as a result of various risk factors, including those that may not be in the control of management. For further information on items that could impact future operating performance or financial condition, please see \u201cPart I. Item 1A. Risk Factors\u201d and the section entitled \u201cForward\u2011Looking Statements.\u201d CNX does not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law. General CNX continually monitors factors that could cause actual results of operations to differ from historical results or current expectations. Examples include global events such as the current uncertainties in global financial markets, geopolitical tensions and announcements by the Organization of the Petroleum Exporting Countries that impact oil production, all of which have had an impact on global commodity prices. These and other factors could affect the Company\u2019s operations, earnings and cash flows for any period and could cause such results to not be comparable to those of the same period in previous years. The results presented in this Form 10-K are not necessarily indicative of future operating results. Natural Gas, NGL, and Oil Pricing Prices for natural gas, NGLs and oil that CNX produces significantly impact revenue and cash flows. In the current economic environment, CNX expects that commodity prices for some or all of the commodities we produce will remain volatile. In order to manage the market risk exposure of volatile natural gas prices in the future, CNX enters into various physical natural gas supply transactions with both gas marketers and end users for terms varying in length as well as financial hedges. However, this market volatility is beyond our control and may adversely impact our business, financial condition, results of operations and future cash flows. Inflation The inflationary environment over the last few years, primarily related to steel, diesel fuel and labor, continues to present risk for CNX and the broader natural gas industry. If inflation were to increase materially for any extended period of time, and CNX is unable to successfully mitigate the impact, our costs could increase further, thus having a greater impact on our financial position. CNX remains committed to our ongoing efforts to increase the efficiency of our operations and improve costs, which may, in part, offset any additional potential cost increases from inflation. 2025 Highlights: \u2022Proved developed reserves of 7.0 Tcfe as of December 31, 2025 \u2022Total sales volumes of 629.0 Bcfe \u2022Shale sales volumes of 590.8 Bcfe \u2022Repurchased 16.9 million shares of CNX common stock for $528 million on the open market at an average price of $31.00 (see Note 5 \u2013 Stock Repurchase in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for more information). \u2022On January 27, 2025, CNX completed the acquisition of Apex Energy II, LLC, (\u201cthe Apex Transaction\u201d) for cash consideration of approximately $518 million (see Note 4 \u2013 Acquisitions and Dispositions in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K for more information). 2026 Outlook: \u2022Our 2026 annual sales volumes are expected to be approximately 605 - 620 Bcfe. \u2022Our 2026 capital expenditures are expected to be approximately $556 ITEM 1.Business General CNX Resources Corporation (\u201cCNX,\u201d the \u201cCompany,\u201d or \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) is a premier independent ultra-low carbon intensity natural gas development, production, midstream and technology company centered in the Appalachian Basin. The majority of our operations are centered on unconventional shale formations, primarily the Marcellus Shale and Utica Shale, in Pennsylvania, Ohio and West Virginia. Additionally, we operate and develop Coalbed Methane (CBM) properties in Virginia. We believe that our extensive held-by-production acreage position and development inventory, combined with our regional operating expertise, extensive data set from development and non-operational participation wells, midstream infrastructure ownership, low-cost operations and legacy surface acreage position provide us with significant competitive advantages that position us for long-term value creation. CNX's Strategy and Corporate Values CNX\u2019s strategy is to use our substantial asset base, leading core operational competencies, technology development and innovation, and astute capital allocation methodologies to responsibly develop our resources and create long-term value for our shareholders. Our mission is to empower our team to embrace and drive innovative change that creates long-term per share value for our investors, enhances our communities and delivers energy solutions for today and tomorrow. CNX defines itself through its corporate values that serve as our road map and guide every aspect of our business as we strive to achieve our corporate mission: \u2022Responsibility: Be a safe and compliant operator; be a trusted community partner and respected corporate citizen; act with pride and integrity; \u2022Ownership: Be accountable for our actions and learn from our outcomes, both positive and negative; be calculated risk-takers and seek creative ways to solve problems; be prudent capital allocators; and \u2022Excellence: Be a lean, efficient, nimble organization; be a ITEM 1A.Risk Factors Investment in our securities is subject to various risks, including risks and uncertainties inherent in our business. In addition to the other information contained in this Form 10-K, the following risk factors related to our industry, business, operations, financial position, and performance should be considered in evalu", "title": "CNX - CNX Resources Corp", "url": "/company/CNX/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001803599; latest 10-K filed 2026-01-28.", "text": "CNXC - Concentrix Corp SIC 7389 Services-Business Services, NEC; CIK 0001803599; latest 10-K filed 2026-01-28. CNXC Concentrix Corp 0001803599 7389 Services-Business Services, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our historical consolidated financial statements and the notes to those consolidated financial statements. It contains forward-looking statements, which are subject to risk, uncertainties, and other factors that could cause actual results to differ materially from those projected or implied in the forward-looking statements. Please see \u201cRisk Factors\u201d and \u201cNote Regarding Forward-Looking Statements\u201d in this Annual Report on Form 10-K for a discussion of the uncertainties, risks and assumptions associated with these statements. The following discussion compares our results for the fiscal year ended November 30, 2025 to the fiscal year ended November 30, 2024. The discussion comparing our results for the fiscal year ended November 30, 2024 to the fiscal year ended November 30, 2023 is included within Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report on Form 10-K filed with the SEC on January 28, 2025, and is incorporated by reference herein. Unless otherwise indicated or except where the context otherwise requires, references to \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cthe Company,\u201d or \u201cConcentrix,\u201d in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations refer to Concentrix Corporation and its subsidiaries. Overview and Basis of Presentation Concentrix is a global technology and services leader that powers exceptional brand experiences and digital operations for more than 2,000 clients across the globe. We design, build, and run fully integrated, end-to-end solutions, including customer experience (\u201cCX\u201d) process optimization, technology innovation and design engineering, front- and back-office automation, analytics, and business transformation services to clients in five primary industry verticals. Our differentiated portfolio of solutions supports Fortune Global 500 clients across the globe in their efforts to deliver an optimized, consistent brand experience across all channels of communication, including voice, chat, email, GenAI- and agentic AI-powered self-service, social media, asynchronous messaging, and custom applications. We strive to deliver exceptional services globally supported by our deep industry knowledge, technology and security practices, talented people, and digital and analytics expertise. We generate revenue from performing services and providing technology that is generally tied to our clients\u2019 products and services. Any shift in business, demand, or the size of the market for our clients\u2019 products or services, or any failure of technology or failure of acceptance of our clients\u2019 products or services in the market may impact our business. The staff turnover rate in our business is high, as is the risk of losing experienced team members. High staff turnover rates may increase costs and decrease operating efficiencies and productivity. For more information on the risks associated with our business, please see \u201cRisk Factors\u201d in this Annual Report on Form 10-K. Webhelp Combination On September 25, 2023, we completed our acquisition (the \u201cWebhelp Combination\u201d) of all of the issued and outstanding capital stock (the \u201cShares\u201d) of Marnix Lux SA (\u201cWebhelp\u201d), from the holders thereof (the \u201cSellers\u201d). The purchase consideration for the acquisition of the Shares was valued at approximately $3,774.8 million, net of cash and restricted cash acquired. Revenue and Cost of Revenue We generate revenue through the provision of technology and services to our clients pursuant to client contracts. Our client contracts typically consist of a master services agreement, supported in most cases by multiple statements of work, which contain the terms and conditions of each contracted solution. Our client contracts can range from le ITEM 1. BUSINESS Our Company We are a global technology and services leader that powers exceptional brand experiences and digital operations for more than 2,000 clients across the globe. We design, build, and run fully integrated, end-to-end solutions \u2014 including customer experience (\u201cCX\u201d) process optimization, technology innovation and design engineering, front- and back-office automation, analytics, and business transformation services \u2014 for clients in five primary industry verticals. Our solutions help our clients drive deep understanding, full lifecycle engagement, and differentiated customer experiences for their brands. We strive to deliver exceptional services globally, supported by our deep industry knowledge, technology and security practices, talented people, and digital and analytics expertise. Our differentiated portfolio of solutions supports Fortune Global 500 and new economy companies across the globe in their efforts to deliver an optimized, consistent brand experience across all channels of communication, including voice, chat, email, generative AI (\u201cGenAI\u201d) and agentic AI-powered self-service, social media, asynchronous messaging, and other custom applications. We offer our clients integrated solutions to support the entirety of their customer lifecycles, transform their businesses, and solve business challenges: \u2022CX and user experience (\u201cUX\u201d) strategy and design; \u2022digital operations, including business-to-business (\u201cB2B\u201d) sales, performance marketing, customer loyalty, trust and safety, collections, and financial compliance; \u2022data analytics, enterprise intelligence, artificial intelligence (\u201cAI\u201d) readiness, and actionable insights; and \u2022innovative new approaches to enhancing the customer experience through the latest technological advancements in our industry, including GenAI and agentic AI technologies. Through our end-to-end capabilities, we believe we deliver better economic outcomes for our clients with solutions designed to meet thei ITEM 1A. RISK FACTORS This section discusses the most significant factors that could affect our business, results of operations, and financial condition. You should carefully consider the following risks and the other information contained in this Annual Report on Form 10-K in evaluating our company and our common stock. If any of the ", "title": "CNXC - Concentrix Corp", "url": "/company/CNXC/" }, { "kind": "company", "summary": "SIC 2086 Bottled & Canned Soft Drinks & Carbonated Waters; CIK 0000317540; latest 10-K filed 2026-02-18.", "text": "COKE - Coca-Cola Consolidated, Inc. SIC 2086 Bottled & Canned Soft Drinks & Carbonated Waters; CIK 0000317540; latest 10-K filed 2026-02-18. COKE Coca-Cola Consolidated, Inc. 0000317540 2086 Bottled & Canned Soft Drinks & Carbonated Waters Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of the Company is intended to help the reader understand our financial condition and results of operations and is provided as an addition to, and should be read in conjunction with, our consolidated financial statements and the accompanying notes to the consolidated financial statements. The consolidated financial statements include the accounts and the consolidated operations of the Company and its majority-owned subsidiaries. All comparisons are to the prior year unless specified otherwise. The periods presented are the fiscal years ended December 31, 2025 (\u201c2025\u201d) and December 31, 2024 (\u201c2024\u201d). Information concerning the fiscal year ended December 31, 2023 (\u201c2023\u201d) and a comparison of 2024 and 2023 may be found under \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company\u2019s Annual Report on Form 10\u2011K for 2024, filed with the SEC on February 20, 2025. The Company manages its business on the basis of two operating segments. Nonalcoholic Beverages represents the vast majority of the Company\u2019s consolidated net sales and income from operations. The additional operating segment, which includes the Red Classic subsidiaries, does not meet the quantitative threshold for separate reporting and, therefore, has been reported as \u201cAll Other.\u201d Executive Summary Net sales increased 4.8% to $7.23 billion in 2025, with standard physical case volume up 0.3% when compared to the prior year. The growth in net sales was primarily the result of annual pricing actions executed during the first quarter of 2025. For 2025, Sparkling and Still net sales increased 3.5% and 6.1%, respectively. The increase in Sparkling category net sales was driven primarily by sales of multi-pack, take-home packages sold within our large store, club and value channels. The increase in Still category net sales was driven primarily by the solid performance across our Still portfolio sold within large retail and convenience stores. Fiscal year 2025 had one fewer selling day compared to fiscal year 2024, which negatively impacted the annual volume comparison by approximately 0.3%, as further discussed in the \u201cComparable and Adjusted Results (Non-GAAP)\u201d section. For fiscal year 2025, Sparkling volume was flat while Still volume increased 1.0%. The steady Sparkling volume performance was driven by growth within zero-sugar and flavor offerings, offset by slower sales of Coca-Cola Original Taste during 2025. Within the Still portfolio, Monster, Powerade, BODYARMOR, Topo Chico and Core Power all achieved volume growth during the year, reflecting strength across our entire portfolio of brands and driving growth in net sales in 2025. Gross profit in 2025 increased $119.2 million, or 4.3%, while gross margin decreased 20 basis points to 39.7%. Aluminum costs, including the impact of elevated import tariffs, adversely affected our gross margin in 2025, particularly in the back half of the year. The reduction in gross margin also resulted from a shift in sales toward our Still portfolio, which generally have lower gross margins compared to Sparkling beverages. Selling, delivery and administrative (\u201cSD&A\u201d) expenses in 2025 increased $88.9 million, or 4.8%. SD&A expenses as a percentage of net sales in 2025 remained stable as compared to 2024. The increase in SD&A expenses was primarily driven by the cost of labor, which includes annual wage adjustments made earlier this year and an additional investment in the base wages of our front-line teammates, which became effective at the beginning of the third quarter of 2025. Income from operations in 2025 increased $30.3 million to $950.7 million and net income in 2025 declined $62.5 million to $570.6 million, as compared to 2024. On an adjusted basis, as defined in the \u201cComparable and Item 1.Business. Introduction Coca\u2011Cola Consolidated, Inc., a Delaware corporation (together with its majority-owned subsidiaries, \u201cCoca\u2011Cola Consolidated,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d), distributes, markets and manufactures nonalcoholic beverages in territories spanning 14 states and the District of Columbia. The Company was incorporated in 1980 and, together with its predecessors, has been in the nonalcoholic beverage manufacturing and distribution business since 1902. We are the largest Coca\u2011Cola bottler in the United States. Approximately 85% of our total bottle/can sales volume to retail customers consists of products of The Coca\u2011Cola Company, which include some of the most recognized and popular beverage brands in the world. We also distribute products for several other beverage companies, including Monster Energy Company (\u201cMonster Energy\u201d) and Keurig Dr Pepper Inc. (\u201cDr Pepper\u201d). Our Purpose is to honor God in all we do, to serve others, to pursue excellence and to grow profitably. Ownership As of December 31, 2025, J. Frank Harrison, III, Chairman of the Board of Directors and Chief Executive Officer of the Company, controlled 10,043,940 shares of the Company\u2019s Class B Common Stock, par value $1.00 per share (\u201cClass B Common Stock\u201d), which represented approximately 78% of the total voting power of the Company\u2019s outstanding Common Stock, par value $1.00 per share (\u201cCommon Stock\u201d), and Class B Common Stock on a consolidated basis. Beverage Products We offer a range of nonalcoholic beverage products and flavors, including both sparkling and still beverages, designed to meet the demands of our consumers. Sparkling beverages are carbonated beverages and the Company\u2019s principal sparkling beverage is Coca\u2011Cola. Still beverages include energy products and noncarbonated beverages such as bottled water, ready-to-drink tea, ready-to-drink coffee, enhanced water, juices and sports drinks. Our sales are divided into two main categories: (i) bottle/can sales Item 1A.Risk Factors. In addition to other information in this report, the following risk factors should be considered carefully in evaluating the Company\u2019s business. The Company\u2019s business, financial condition or results of operations could be materially and adversely affec", "title": "COKE - Coca-Cola Consolidated, Inc.", "url": "/company/COKE/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000887343; latest 10-K filed 2026-02-26.", "text": "COLB - COLUMBIA BANKING SYSTEM, INC. SIC 6022 State Commercial Banks; CIK 0000887343; latest 10-K filed 2026-02-26. COLB COLUMBIA BANKING SYSTEM, INC. 0000887343 6022 State Commercial Banks ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FORWARD-LOOKING STATEMENTS AND RISK FACTORS See the discussion of forward-looking statements and risk factors in Part I Item 1 and Item 1A of this Annual Report on Form 10-K. The following discussion and analysis of our financial condition and results of operations constitutes management's review of the factors that affected our financial and operating performance for the years ended December 31, 2025 and 2024. This discussion should be read in conjunction with the consolidated financial statements and notes thereto contained elsewhere in this Annual Report on Form 10-K. For a discussion of the year ended December 31, 2023, including a comparison to the year ended December 31, 2024, see Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, on Registrant's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 25, 2025. 40 Table of Contents EXECUTIVE OVERVIEW Acquisition of Pacific Premier \u2022On August 31, 2025, the Company completed its all-stock acquisition of Pacific Premier, the parent company of Pacific Premier Bank. Pursuant to the terms of the acquisition agreement, Pacific Premier stockholders received 0.9150 of a share of Columbia common stock for each share of Pacific Premier common stock they held. Systems conversion and branch consolidations are on track to be completed during the first quarter of 2026, supported by comprehensive cross-company teams led by Columbia's Integration Management Office. The acquisition rounds out our western footprint and strengthens our presence as a leading financial institution in the western United States. It also expands our product and service offerings, enabling us to deliver more comprehensive, needs-based financial solutions to both existing and prospective customers. For additional information regarding this acquisition, see Note 2 \u2013 Business Combinations and Note 9 \u2013 Goodwill and Other Intangible Assets in Item 8 of this Annual Report on Form 10-K. Financial Performance \u2022Earnings per diluted common share were $2.30 for the year ended December 31, 2025, compared to $2.55 for the year ended December 31, 2024. The decrease was driven by an increase in weighted-average diluted common shares outstanding as common shares were issued in connection with the Pacific Premier acquisition. The impact was partially offset by an increase in net income. \u2022Net income was $550 million for the year ended December 31, 2025, compared to $534 million for the year ended December 31, 2024. The increase was driven by higher net interest income and non-interest income, partially offset by an increase in non-interest expense due to higher expenses related to the acquisition. In addition, provision for credit losses increased, primarily due to the initial provision for credit losses attributed to the acquired non-PCD loans and unfunded commitments. \u2022Net interest income was $2.0 billion for the year ended December 31, 2025, as compared to $1.7 billion for the year ended December 31, 2024. The increase was driven by a larger average balance sheet and the impact of four months as a combined company due to the Pacific Premier acquisition, as well as a decrease in interest expense due to lower interest rates and a favorable shift in our funding mix. \u2022Net interest margin, on a tax equivalent basis, was 3.83% for the year ended December 31, 2025, compared to 3.57% for the year ended December 31, 2024. The increase was due to a reduction in the cost of interest-bearing liabilities, partially offset by lower average yields on interest-earning assets. Net interest margin also benefited from a favorable shift in our funding mix, reflecting a higher contribution from lower-cost customer deposits and a lower contribution from higher-cost wholesale funding sources, like brokered deposits and term debt. ITEM 1. BUSINESS. In this Annual Report on Form 10-K, we refer to Columbia Banking System, Inc. as the \"Company,\" \"Columbia,\" \"we,\" \"us,\" \"our,\" or similar references. Forward-Looking Statements This Annual Report on Form 10-K contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbor for \"forward-looking statements\" provided by the Private Securities Litigation Reform Act of 1995. These statements may include statements that expressly or implicitly predict future results, performance, or events. Statements other than statements of historical fact are forward-looking statements. You can find many of these statements by looking for words such as \"anticipates,\" \"expects,\" \"believes,\" \"estimates,\" \"intends,\" \"forecast,\" and words or phrases of similar meaning. We make forward-looking statements including, but not limited to, statements about derivatives and hedging; the results and performance of models and economic assumptions used in our calculation of the ACL; projected sources of funds and the Company's liquidity position and deposit level and types; our securities portfolio; loan sales; adequacy of our ACL, including the RUC; provision for credit losses; non-performing loans and future losses; our CRE portfolio, its collectability and subsequent charge-offs; resolution of non-accrual loans; mortgage volumes and the impact of rate changes; the economic environment; inflation and interest rates generally; litigation; dividends; junior subordinated debentures; fair values of certain assets and liabilities, including MSR values and sensitivity analyses; tax rates; deposit pricing; and the effect of accounting pronouncements and changes in accounting methodology. Forward-looking statements involve substantial risks and uncertainties, many of which are difficult to predict and are generally beyond our control. ITEM 1A. RISK FACTORS. The following is a discussion of what we currently believe are the most significant risks and uncertainties that may affect our business, financial condition, and future results. Risks Relating to our Operations A failure in or breach of our operational or security systems, or those of our third-party serv", "title": "COLB - COLUMBIA BANKING SYSTEM, INC.", "url": "/company/COLB/" }, { "kind": "company", "summary": "SIC 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl; CIK 0001050797; latest 10-K filed 2026-02-25.", "text": "COLM - COLUMBIA SPORTSWEAR CO SIC 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl; CIK 0001050797; latest 10-K filed 2026-02-25. COLM COLUMBIA SPORTSWEAR CO 0001050797 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with \"Special Note Regarding Forward-Looking Statements\", Item 1, Item 1A, and Item 8 of this Annual Report on Form 10-K. In addition, refer to Item 7 in our Annual Report on Form 10-K for the year ended December 31, 2024 for our discussion and analysis comparing financial condition and results of operations from 2024 to 2023. OVERVIEW As a global leader in designing, developing, marketing, and distributing outdoor, active and lifestyle products, our mission is to connect active people with their passions. We provide our products through our four brands: Columbia, SOREL, Mountain Hardwear, and prAna; and two major product categories: consisting of apparel, accessories and equipment products, and footwear products. Apparel, accessories and equipment products are provided by our Columbia, Mountain Hardwear and prAna brands. Footwear products are provided by our Columbia and SOREL brands. We sell our products in 115 countries and operate in four geographic segments: U.S., LAAP, EMEA, and Canada. Our business is affected by the general seasonal trends common to the industry, including seasonal weather and discretionary consumer shopping and spending patterns. Our products are marketed on a seasonal basis, and our sales are weighted substantially toward the third and fourth quarters, while our operating costs are more equally distributed throughout the year. ACCELERATE Growth Strategy In 2024, we announced the Columbia brand (the \"Brand\") ACCELERATE Growth Strategy. At its core, the ACCELERATE Growth Strategy is intended to elevate the Brand to target a younger and more active consumer while maintaining those consumers that have known and trusted Columbia to offer high quality products at an exceptional value. It is a multi-year effort centered around several consumer-centric shifts to the Brand, product and marketplace strategies, as well as enhanced ways of working. We believe successful operationalization of the ACCELERATE Growth Strategy can elevate the Brand and drive profitable growth. 2025 was an important milestone in this journey. The Columbia brand launched its new brand platform \"Engineered for Whatever\" through a global Brand campaign in print, on social and in-person. The Columbia brand also released certain new products designed with a younger, more active consumer in mind, and re-launched the U.S. Columbia.com website, with enhanced features and photography. We're encouraged with early indicators, which signal that our differentiated marketing communications and enhanced products are resonating with consumers, providing us confidence as we plan for future seasons. Through the ACCELERATE Growth Strategy, we are focused on achieving the following objectives: \u2022steward existing consumer segments while focusing on bringing new younger and active consumers into the Brand; \u2022elevate consumers' perception of the Brand; \u2022create product based on a consumer-centric product construct; \u2022enhance the positioning of the Brand globally, particularly in the U.S. marketplace; and \u2022deliver integrated full-funnel marketing. In addition, we are committed to investing in our company-wide strategic priorities with a renewed emphasis to: \u2022accelerate profitable growth; \u2022create iconic products that are differentiated, functional and innovative; \u2022drive brand engagement through increased, focused demand creation investments; \u2022enhance consumer experiences by investing in capabilities to delight and retain consumers; \u2022amplify marketplace excellence, with digitally-led, omni-channel, global distribution; and \u2022empower talent that is driven by our core values. Ultimately, we expect our investments to enable market share capture across our brand portfolio, expand gross margin, improve selling, general and administrative ITEM 1. BUSINESS GENERAL Founded in 1938 in Portland, Oregon, as a small, family-owned, regional hat distributor and incorporated in Oregon in 1961, Columbia Sportswear Company has grown to become a global leader in designing, developing, marketing, and distributing outdoor, active and lifestyle products, including apparel, footwear, accessories, and equipment. Unless the context indicates otherwise, the terms \"we,\" \"us,\" \"our,\" \"the Company,\" and \"Columbia\" refer to Columbia Sportswear Company, together with its wholly owned subsidiaries and entities in which it maintains a controlling financial interest. BRANDS AND PRODUCTS We connect active people with their passions by providing them with the products they need to seek inspiration and adventure. We meet the diverse needs of our customers and consumers through our four brands by designing, developing, marketing, and distributing our outdoor, active and lifestyle products, including apparel, footwear, accessories and equipment. Columbia\u00ae | Founded in 1938, our Columbia brand's mission is to unlock the outdoors for everyone. Our Columbia brand offers authentic, high-value outdoor apparel, footwear, accessories and equipment products suited for hiking, trail running, snow sports, and fishing and hunting activities, as well as everyday outdoor activities. SOREL\u00ae | Acquired in 2000, our SOREL brand has evolved from a men's utility boot brand into a contemporary lifestyle brand bringing style to the outdoors. Our SOREL brand leverages its rich heritage, innovation and style to offer distinct, compelling, and unexpected footwear to consumers around the world. Mountain Hardwear\u00ae | Acquired in 2003, our Mountain Hardwear brand's mission is to encourage and equip people to seek wilder paths. With over 30 years of wild wisdom, our Mountain Hardwear brand continues to offer premium technical apparel, accessories and equipment products for climbers, mountaineers, skiers, snowboarders, and trail athletes. prAna\u00ae | Acq Item 1A. RISK FACTORS In addition to the other information contained in this Annual Report on Form 10-K, the following risk factors should be considered carefully in evaluating our business. Our business, financial condition, results of operations, or cash flows may be materially advers", "title": "COLM - COLUMBIA SPORTSWEAR CO", "url": "/company/COLM/" }, { "kind": "company", "summary": "SIC 2844 Perfumes, Cosmetics & Other Toilet Preparations; CIK 0001024305; latest 10-K filed 2025-08-21.", "text": "COTY - COTY INC. SIC 2844 Perfumes, Cosmetics & Other Toilet Preparations; CIK 0001024305; latest 10-K filed 2025-08-21. COTY COTY INC. 0001024305 2844 Perfumes, Cosmetics & Other Toilet Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of the financial condition and results of operations of Coty Inc. and its consolidated subsidiaries should be read in conjunction with the information contained in the Consolidated Financial Statements and related notes included elsewhere in this document. When used in this discussion, the terms \u201cCoty,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d mean, unless the context otherwise indicates, Coty Inc. and its majority and wholly-owned subsidiaries. The following discussion contains forward-looking statements. See \u201cForward-Looking Statements\u201d and \u201cRisk Factors\u201d for a discussion on the uncertainties, risks and assumptions associated with these statements as well as any updates to such discussion as may be included in subsequent reports we file with the SEC. Actual results may differ materially and adversely from those contained in any forward-looking statements. The following discussion includes certain non-GAAP financial measures. See \u201cOverview\u2014Non-GAAP Financial Measures\u201d for a discussion of non-GAAP financial measures and how they are calculated. All dollar amounts in the following discussion are in millions of United States (\u201cU.S.\u201d) dollars, unless otherwise indicated. OVERVIEW We are one of the world\u2019s largest beauty companies, with an iconic portfolio of brands across fragrance, color cosmetics, and skin and body care. Our brands empower people to express themselves freely, creating their own visions of beauty; and we are committed to protecting the planet. We have sharpened our priorities to capitalize on structural tailwinds in the fragrance market. We are leveraging our leadership in fragrance innovation, licensing, and manufacturing to expand across price points, from mass to ultra-premium and across scenting formats. With slower growth in China\u2019s beauty market, we have shifted focus to a broader set of emerging markets and the U.S. In Consumer Beauty, we aim to improve performance and profitability through agile innovation, social media advocacy, and expansion into body mists and masstige fragrances. Skincare remains a strategic focus, but achieving scale takes time, and we will pursue this while remaining very mindful of the investment demand. We also continue to advance key sustainability priorities. Strategic Progress We have been making progress on our strategic priorities. In Consumer Beauty, we have implemented the relaunch of our top brands. We are now focusing on diversifying our business by overdriving mass fragrances and adjacencies, while accelerating our color cosmetics business through digital advocacy, channel diversification and on-trend innovation, all of which is intended to step change our Consumer Beauty profitability. In Prestige, we are accelerating our fragrance business with exceptional new launches and franchise-building extensions, expanding our premium and ultra-premium category portfolio, extending into the rapidly growing fragrance mist adjacency with multiple brands, while also enhancing the assortment of our Prestige cosmetic products. We are continuing to thoughtfully expand our skincare portfolio (which contributed a mid-single digit percentage of our fiscal 2025 net revenue). We continue to expand our e-commerce capabilities across our portfolio, through online launches, our digital advocacy strategy and active participation in key online shopping events. We are adjusting our strategy in step with the beauty market evolution. Our aim is to continue expanding our footprint and diversifying into a limited number of structurally profitable and growing beauty categories and geographic markets at scale. We are leveraging and overdriving our leadership position and best-in-class capabilities in global fragrances to fuel strong expansion\u2014 with fragrances already constituting more than 65% of our fiscal 2025 net revenues and an even larger portion of our profits. Item 1. Business. Overview Founded in 1904, Coty Inc. is one of the world\u2019s largest beauty companies with an iconic portfolio of brands across fragrance, color cosmetics, and skin and body care. Over the past few years, we have implemented a comprehensive transformation agenda (the \u201cTransformation Plan\u201d), focusing on our core go-to-market competencies, simplifying our capital structure and deleveraging our balance sheet. Following this transformation, we continue to make progress on our strategic priorities, including leveraging our leadership position and capabilities in global fragrances to fuel expansion. We will continue expanding our presence in a limited number of structurally profitable and growing beauty categories, in growth channels such as e-commerce and the Travel Retail channel, all while establishing Coty as an industry leader in sustainability. We have sharpened our priorities to capitalize on structural tailwinds in the fragrance market. We are leveraging our leadership in fragrance innovation, licensing, and manufacturing to expand across price points, from mass to ultra-premium. With slower growth in China\u2019s beauty market, we have shifted focus to a broader set of emerging markets and the U.S. In Prestige, we are accelerating our fragrance business with exceptional new launches and franchise-building extensions, expanding our premium and ultra-premium category portfolio, extending into the rapidly growing fragrance mist adjacency with multiple brands, while also enhancing assortment of our Prestige cosmetic products. In Consumer Beauty, we aim to improve performance and profitability through agile innovation, social media advocacy, and expansion into body mists and masstige fragrances. Skincare remains a strategic focus, but achieving scale takes time, and we will pursue this while remaining very mindful of the investment demands. We also continue to advance key sustainability priorities. All dollar amounts in the following discussion are in mi Item 1A. Risk Factors. You should consider the following risks and uncertainties and all of the other information in this Annual Report on Form 10-K and our other filings in connection with evaluating our business and the forward-looking information contained in this Annual Report on Form 10-K. Our business a", "title": "COTY - COTY INC.", "url": "/company/COTY/" }, { "kind": "company", "summary": "SIC 3100 Leather & Leather Products; CIK 0001530721; latest 10-K filed 2026-05-27.", "text": "CPRI - Capri Holdings Ltd SIC 3100 Leather & Leather Products; CIK 0001530721; latest 10-K filed 2026-05-27. CPRI Capri Holdings Ltd 0001530721 3100 Leather & Leather Products ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview Our Business Capri Holdings Limited is a global fashion luxury group consisting of iconic brands Michael Kors and Jimmy Choo. Our commitment to glamorous style and craftsmanship is at the heart of each of our luxury brands. We have built our reputation on designing exceptional, innovative products that cover the full spectrum of fashion luxury categories. Our strength lies in the unique DNA and heritage of each of our brands, the diversity and passion of our people and our dedication to the clients and communities we serve. Our Michael Kors brand was launched in 1981 by Michael Kors, a world-renowned designer, whose vision has taken the Company from its beginnings as an American luxury sportswear house to a global accessories, footwear and apparel company with a global distribution network that has presence in over 100 countries through Company-operated retail stores and e-commerce sites, leading department stores, specialty stores and select licensing partners. Michael Kors is a highly recognized fashion luxury brand in the Americas and Europe with strong brand awareness in other international markets. Michael Kors features distinctive designs, materials and craftsmanship with a Jet Set aesthetic that combines stylish elegance and a sporty attitude. Michael Kors offers three primary collections: the Michael Kors Collection line, the MICHAEL Michael Kors line and the Michael Kors Mens line. Michael Kors Collection establishes the aesthetic authority of the entire brand and is carried by select retail stores, our e-commerce sites, as well as in the finest luxury department stores in the world. MICHAEL Michael Kors has a strong focus on accessories, in addition to offering footwear and apparel. We have also been developing our men\u2019s business in recognition of the significant opportunity afforded by the Michael Kors brand\u2019s established fashion authority and the expanding men\u2019s market. Taken together, our Michael Kors collections target a broad customer base while retaining our premium luxury image. Our Jimmy Choo brand offers a distinctive, glamorous and fashion-forward product range that since its inception in 1996 has been anchored by women\u2019s luxury footwear, complemented by accessories, including handbags, small leather goods, jewelry, scarves and belts, as well as men\u2019s luxury footwear and accessories. In addition, certain categories, including fragrance and eyewear, are produced under licensing agreements. Jimmy Choo\u2019s design team is led by Sandra Choi, who has been the Creative Director for the brand since its inception in 1996. Jimmy Choo products are unique, instinctively seductive and chic. The brand offers classic and timeless luxury products, alongside innovative collections that are intended to set and lead fashion trends. Jimmy Choo is represented through its global store network, its e-commerce sites, as well as through the most prestigious department and specialty stores worldwide. On April 8, 2025, our Board of Directors made the decision to sell Versace to Prada, and a definitive agreement was entered into on April 10, 2025. Accordingly, we determined that the held for sale and discontinued operations criteria were met and we classified the results of operations and cash flows of our Versace business as discontinued operations in our consolidated statements of operations and comprehensive income (loss) and consolidated statements of cash flows for all periods presented. On December 2, 2025, we completed the sale of our Versace business. The related assets and liabilities associated with the discontinued operations are classified as held for sale in the consolidated balance sheet as of March 29, 2025. Unless otherwise noted, management\u2019s discussion and analysis of financial condition and results of operations only relates to our continuing operations. Refer to Note 4 - \u201cDiscontinued Operations\u201d to the a Item 1. Business Our Company Capri Holdings Limited (\u201cCapri\u201d) is a global fashion luxury group consisting of iconic brands Michael Kors and Jimmy Choo. Our commitment to glamorous style and craftsmanship is at the heart of each of our luxury brands. We have built our reputation on designing exceptional, innovative products that cover the full spectrum of fashion luxury categories. Our strength lies in the unique DNA and heritage of each of our brands, the diversity and passion of our people and our dedication to the clients and communities we serve. Our Brands Michael Kors Our Michael Kors brand was launched in 1981 by Michael Kors, a world-renowned designer, whose vision has taken the Company from its beginnings as an American luxury sportswear house to a global accessories, footwear and apparel company with a global distribution network that has presence in over 100 countries through Company-operated retail stores and e-commerce sites, leading department stores, specialty stores and select licensing partners. Michael Kors is a highly recognized fashion luxury brand in the Americas and Europe with strong brand awareness in other international markets. Michael Kors features distinctive designs, materials and craftsmanship with a Jet Set aesthetic that combines stylish elegance and a sporty attitude. Michael Kors offers three primary collections: the Michael Kors Collection line, the MICHAEL Michael Kors line and the Michael Kors Mens line. Michael Kors Collection establishes the aesthetic authority of the entire brand and is carried by select retail stores, our e-commerce sites, as well as in the finest luxury department stores in the world. MICHAEL Michael Kors has a strong focus on accessories, in addition to offering footwear and apparel. We have also been developing our men\u2019s business in recognition of the significant opportunity afforded by the Michael Kors brand\u2019s established fashion authority and the expanding men\u2019s market. Taken together, our Michae Item 1A. Risk Factors You should carefully read this entire report, including, without limitation, the following risk factors and the section of this annual report entitled \u201cSpecial Note On Forward-Looking Statements.\u201d Any of the following factors could materially adversely affect our business, results of operations and financial condition", "title": "CPRI - Capri Holdings Ltd", "url": "/company/CPRI/" }, { "kind": "company", "summary": "SIC 3490 Miscellaneous Fabricated Metal Products; CIK 0001944013; latest 10-K filed 2026-02-26.", "text": "CR - Crane Co SIC 3490 Miscellaneous Fabricated Metal Products; CIK 0001944013; latest 10-K filed 2026-02-26. CR Crane Co 0001944013 3490 Miscellaneous Fabricated Metal Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our Consolidated financial statements and related notes included under Item 8 of this Annual Report on Form 10-K. Crane Company has delivered innovation and technology-led solutions for customers since its founding in 1855. Today, Crane is a leading manufacturer of highly engineered components for challenging, mission-critical applications focused on the aerospace, defense, space and process industry end markets. The Company has two reporting segments: Aerospace & Advanced Technologies and Process Flow Technologies. Our strategy is to grow earnings and cash flow by focusing on the development and manufacturing of highly engineered industrial products for specific markets where our scale is a relative advantage, and where we can compete based on our proprietary and differentiated technology, our deep vertical expertise, and our responsiveness to unique and diverse customer needs. We continuously evaluate our portfolio, pursue acquisitions that complement our existing businesses and are accretive to our growth profile, selectively divest businesses where appropriate, and pursue internal mergers to improve efficiency. We strive to foster a performance-based culture focused on productivity and continuous improvement, to attract and retain a committed management team whose interests are directly aligned with those of our shareholders, and to maintain a focused, efficient corporate structure. We will continue to execute this strategy while remaining committed to the values of our founder, R.T. Crane, who resolved to conduct business \"in the strictest honesty and fairness; to avoid all deception and trickery; to deal fairly with both customers and competitors; to be liberal and just toward employees; and to put my whole mind upon the business.\" References to changes in \u201ccore sales\u201d or \u201ccore growth\u201d in this report include sales and the change in sales excluding the impact of foreign currency translation as well as acquisitions and divestitures from closing up to the first anniversary, of such acquisitions or divestitures. Due to rounding, numbers presented throughout this report may not add up precisely to totals we provide, and percentages may not precisely reflect the absolute figures. Recent Events and Transactions Acquisition of Druck, Panametrics and Reuter-Stokes On June 6, 2025, the Company entered into a definitive Purchase Agreement with the Baker Hughes Company for the acquisition of Druck, Panametrics and Reuter-Stokes. Collectively, they are leading providers of sensor-based technologies for aerospace, nuclear and process industries. The Company completed the acquisition on January 1, 2026. The Druck brand is being integrated into the Aerospace & Advanced Technologies segment. Panametrics and Reuter-Stokes brands are being integrated into the Process Flow Technologies segment. Acquisition of optek-Danulat On January 1, 2026, the Company completed the acquisition of optek-Danulat (\u201cOptek\u201d). Optek is a leading provider of inline process control optical measurement solutions for biopharma, pharmaceutical and other demanding markets. Optek is being integrated into the Process Flow Technologies segment. 22 Table of Contents MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Acquisitions and Items Affecting Comparability of Reported Results The comparability of our results for the years ended December 31, 2025, 2024 and 2023 is affected by the following significant items: Acquisitions On November 1, 2024, the Company completed the acquisition of Technifab Products, Inc. (\u201cTechnifab\u201d). Technifab, is a leading provider of vacuum insulated pipe systems and valves for cryogenic applications. Technifab has been integrated into the Process Flow Technologies segment. On Ma Item 1. Business General Crane Company has delivered innovation and technology-led solutions for customers since its founding in 1855. Today, Crane is a leading manufacturer of highly engineered components for challenging, mission-critical applications focused on the aerospace, defense, space and process industry end markets. The Company has two reporting segments: Aerospace & Advanced Technologies (\u201cAAT\u201d) and Process Flow Technologies (\u201cPFT\u201d). We have been committed to the highest standards of business conduct since our inception in 1855 when our founder, R.T. Crane, resolved \u201cto conduct my business in the strictest honesty and fairness; to avoid all deception and trickery; to deal fairly with both customers and competitors; to be liberal and just toward employees; and to put my whole mind upon the business.\u201d Our strategy is to grow earnings and cash flow by focusing on the development and manufacturing of highly engineered industrial products for specific markets where our scale is a relative advantage, and where we can compete based on our proprietary and differentiated technology, our deep vertical expertise, and our responsiveness to unique and diverse customer needs. We continuously evaluate our portfolio, pursue acquisitions that complement our existing businesses and selectively divest businesses where appropriate. We strive to foster a performance-based culture focused on productivity and continuous improvement, to attract and retain a committed management team whose interests are directly aligned with those of our shareholders, and to maintain a focused and efficient corporate structure. We operate a comprehensive set of business processes, philosophies and operational excellence tools to drive continuous improvement throughout our businesses (collectively, the Crane Business System). Beginning with a core value of integrity, we incorporate \u201cVoice of the Customer\u201d learnings (specific processes designed to capture our customers\u2019 requirements) and a bro Item 1A. Risk Factors Our business, financial condition, results of operations and cash flows may be affected by a number of factors including, but not limited to those set forth below. This discussion should be considered in conjunction with the discussion under the caption \u201cForward-Looking Information\u201d preceding Part I, the information set ", "title": "CR - Crane Co", "url": "/company/CR/" }, { "kind": "company", "summary": "SIC 6311 Life Insurance; CIK 0001889539; latest 10-K filed 2026-02-11.", "text": "CRBG - Corebridge Financial, Inc. SIC 6311 Life Insurance; CIK 0001889539; latest 10-K filed 2026-02-11. CRBG Corebridge Financial, Inc. 0001889539 6311 Life Insurance Item 7 | Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Glossary and Acronyms of Selected Insurance Terms and References Throughout this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d), we use certain terms and abbreviations, which are summarized in the Glossary, Certain Important Terms and Acronyms. Corebridge has incorporated into this discussion a number of cross-references to additional information included throughout this Annual Report on Form 10-K to assist readers seeking additional information related to a particular subject. In this Annual Report on Form 10-K, unless otherwise mentioned or unless the context indicates otherwise, we use the terms \u201cCorebridge,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d to refer to Corebridge Financial, Inc., a Delaware corporation, and its consolidated subsidiaries. We use the term \u201cCorebridge Parent\u201d to refer solely to Corebridge Financial, Inc., and not to any of its consolidated subsidiaries. This MD&A addresses the consolidated financial condition of Corebridge as of December 31, 2025, compared with December 31, 2024, and its consolidated results of operations for the years ended December 31, 2025, 2024 and 2023. In addition to historical data, this discussion contains forward-looking statements about our business operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. You should read the following analysis of our consolidated financial condition and results of operations in conjunction with the Consolidated Financial Statements and the statements under \u201cCautionary Statements Regarding Forward-Looking Information,\u201d included elsewhere in this Annual Report on Form 10-K , \u201cFinancial Statements and Supplementary Data\u201d and the \u201cRisk Factors\u201d section. Corebridge | 2025 Form 10-K 69 TABLE OF CONTENTS Index to Item 7 [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Executive Summary\",\"71\"],[\"Overview\",\"71\"],[\"Revenues\",\"71\"],[\"Benefits and Expenses\",\"71\"],[\"Significant Factors Impacting our Results\",\"72\"],[\"Corebridge\\u2019s Outlook - Macroeconomic, Industry and Regulatory Trends\",\"74\"],[\"Use of Non-GAAP Measures\",\"77\"],[\"Key Operating Metrics\",\"83\"],[\"Consolidated Results of Operations\",\"86\"],[\"Business Segment Operations\",\"88\"],[\"Individual Retirement\",\"89\"],[\"Group Retirement\",\"92\"],[\"Life Insurance\",\"95\"],[\"Institutional Markets\",\"97\"],[\"Corporate and Other\",\"99\"],[\"Investments\",\"101\"],[\"Overview\",\"101\"],[\"Key Investment Strategies\",\"101\"],[\"Credit Ratings\",\"104\"],[\"Significant Reinsurance Agreements and Update of Actuarial Assumptions and Models\",\"121\"],[\"Liquidity and Capital Resources\",\"123\"],[\"Overview\",\"123\"],[\"Liquidity and Capital Resources of Corebridge Parent and Intermediate Holding Companies\",\"123\"],[\"Liquidity and Capital Resources of Corebridge Insurance Subsidiaries\",\"124\"],[\"Short-Term and Long-Term Debt\",\"127\"],[\"Credit Ratings\",\"128\"],[\"Off-Balance Sheet Arrangements and Commercial Commitments\",\"129\"],[\"Accounting Policies and Pronouncements\",\"130\"],[\"Critical Accounting Estimates\",\"130\"],[\"Adoption of Accounting Pronouncements\",\"135\"],[\"Glossary\",\"136\"],[\"Certain Important Terms\",\"138\"],[\"Acronyms\",\"139\"]] [[/GREPCENT_TABLE]] Corebridge | 2025 Form 10-K 70 TABLE OF CONTENTS ITEM 7 | Executive Summary Executive Summary OVERVIEW We are one of the largest providers of retirement solutions and insurance products in the United States, committed to helping individuals plan, save for and achieve secure financial futures. We offer a broad set of products and services through our market leading Individual Retirement, Group Retirement, Life Insurance and Institutional Markets businesses, each of which features capabilities and industry experience we believe are difficult to replicate. These four businesses collectively seek to enha", "title": "CRBG - Corebridge Financial, Inc.", "url": "/company/CRBG/" }, { "kind": "company", "summary": "SIC 3021 Rubber & Plastics Footwear; CIK 0001334036; latest 10-K filed 2026-02-12.", "text": "CROX - Crocs, Inc. SIC 3021 Rubber & Plastics Footwear; CIK 0001334036; latest 10-K filed 2026-02-12. CROX Crocs, Inc. 0001334036 3021 Rubber & Plastics Footwear ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Business Overview Crocs, Inc. and its consolidated subsidiaries (collectively, the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) are engaged in the design, development, worldwide marketing, distribution, and sale of casual lifestyle footwear and accessories for all. We strive to be the world leader in innovative casual footwear for all, combining comfort and style with a value that consumers want. The vast majority of shoes within the Crocs Brand\u2019s collection contain Croslite\u2122 material, a proprietary, molded footwear technology, delivering extraordinary comfort with each step. The HEYDUDE Brand provides an innovative loafer concept that is differentiated through easy on and off, quality, and comfort. The broad appeal of our footwear has allowed us to market our products through a wide range of distribution channels. We currently sell our products in more than 85 countries, through two distribution channels: wholesale and direct-to-consumer. Our wholesale channel includes domestic and international multi-brand retailers, mono-branded partner stores, e-tailers, and distributors; our direct-to-consumer channel includes company-operated retail stores, company-operated e-commerce sites, and third-party marketplaces. Known or Anticipated Trends Based on our recent operating results and our assessment of the current operating environment, we anticipate certain trends will continue to impact our future operating results: \u2022We continue to operate in an environment where consumers are feeling the effects of elevated interest rates, inflation, and future expected price increases, among other things, and as a result, there is more pressure on discretionary spending. Given this, our wholesale partners are also acting cautiously. In addition, geopolitical tensions have increased across the globe. The United States (\u201cU.S.\u201d) has imposed tariffs on foreign imports from multiple countries, including, most relevant to us, an incremental tariff of 20%, 20%, 19%, 18%, and 19% on all imports from Vietnam, China, Indonesia, India, and Cambodia, respectively. We are continuing to monitor developments with respect to these policy changes and proposals. We are continuing to mitigate the potential impacts of tariffs and the resulting effect on the consumer, including diversifying our sourcing mix, refining our cost structure, and implementing select price increases. Refer to the risk factor under \u201cRisks Related to International Operations \u2014 Government actions and regulations, such as export restrictions, tariffs, and other trade protection measures could adversely affect our business\u201d included in Item 1A. Risk Factors of this Annual Report on Form 10-K for additional information. \u2022We have taken cost saving actions across the business that are designed to simplify the organization and reduce our cost base. These cost reduction initiatives include approximately $50 million of gross cost savings achieved for the year ended December 31, 2025, and approximately $100 million of gross cost savings identified for 2026. In connection with these initiatives, we incurred charges of just over $14 million during the year ended December 31, 2025, primarily related to operational workforce reductions. The estimates of the duration of these initiatives, the charges and expenditures that we expect to incur in connection therewith, and the timing thereof, are subject to a number of assumptions and actual amounts may differ materially from estimates. In addition, we may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of these initiatives. \u2022We are prioritizing returning to growth in North America for both brands, while making progress on our long-term strategic initiatives. Specifically for the Crocs Brand, we believe this will be driven by product innovation, diversification w ITEM 1. Business The Company Crocs, Inc. and our consolidated subsidiaries (collectively, the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) are engaged in the design, development, worldwide marketing, distribution, and sale of casual lifestyle footwear and accessories for all. We strive to be the world leader in innovative casual footwear, combining comfort and style with a value that consumers want. We have two reportable operating segments: the Crocs Brand and the HEYDUDE Brand, which are discussed in more detail in \u201cBusiness Segments and Geographic Information\u201d below. Our Vision At the heart of our brands are our consumers. We have brands with broad democratic appeal and accessible price points, which are aligned with global megatrends such as casualization, comfort, and personalization. The philosophy and vision for our brands have been important drivers of our results and, we believe, will continue to be important as we strive to realize the full global potential of our brands. Our enterprise growth priorities are currently centered around three strategic areas of focus: \u2022Ignite our icons through driving awareness and relevance for our brands \u2014 Central to our Crocs Brand\u2019s DNA are our clogs, sandals, and Jibbitz\u2122 charms, which are key product pillars that we believe will drive long-term growth. Our Classic Clog is our icon, and we continue to grow our broader clog silhouette with new designs, colors, graphics, licensed properties, and collaborations. The HEYDUDE Brand provides opportunity to play in a broader casual footwear market. The brand is known for its versatility, easy on and off characteristics, and comfort. The Wally and Wendy are distinct and innovative loafer silhouettes and represent our icons. \u2022Expand wearing occasions through thoughtful diversification of our product range to attract new and retain existing consumers \u2014 For the Crocs Brand, we see opportunity to diversify within our clog, sandal, personalization, and broader lifestyle product offering ITEM 1A. Risk Factors You should carefully consider the following risk factors and all other information presented within this Annual Report on Form 10-K. The risks set forth below are those that our management believes are applicable to our business and the industry in which we operate. These risks have the potential to have a material adverse effec", "title": "CROX - Crocs, Inc.", "url": "/company/CROX/" }, { "kind": "company", "summary": "SIC 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens); CIK 0000017843; latest 10-K filed 2025-08-12.", "text": "CRS - CARPENTER TECHNOLOGY CORP SIC 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens); CIK 0000017843; latest 10-K filed 2025-08-12. CRS CARPENTER TECHNOLOGY CORP 0000017843 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Background and General Our discussions below in this Item 7 should be read in conjunction with our consolidated financial statements, including the notes thereto, included in this Annual Report on Form 10-K. We are a producer and distributor of premium specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels and tool steels. We are a recognized leader in high-performance specialty alloy materials and process solutions for critical applications in the aerospace and defense, medical, energy, transportation and industrial and consumer markets. Founded in 1889, we have evolved to become a pioneer in premium specialty alloys, including nickel, cobalt, and titanium and material process capabilities that solve our customers' current and future material challenges. We primarily process basic raw materials such as nickel, cobalt, titanium, manganese, chromium, molybdenum, iron scrap and other metal alloying elements through various melting, hot forming and cold working facilities to produce finished products in the form of billet, bar, rod, wire and narrow strip in many sizes and finishes. We also produce certain metal powders and parts. Our sales are distributed directly from our production plants and distribution network as well as through independent distributors. Unlike many other specialty steel producers, we operate our own worldwide network of service and distribution centers. These service centers, located in the United States, Canada, Mexico, Europe and Asia allow us to work more closely with customers and to offer various just-in-time stocking programs. As part of our overall business strategy, we have sought out and considered opportunities related to strategic acquisitions and joint collaborations as well as possible business unit dispositions aimed at broadening our offering to the marketplace. We have participated with other companies to explore potential terms and structures of such opportunities and expect that we will continue to evaluate these opportunities. While we prepare our financial statements in accordance with U.S. generally accepted accounting principles (\"U.S. GAAP\"), we also utilize and present certain financial measures that are not based on or included in U.S. GAAP (we refer to these as \"Non-GAAP financial measures\"). Please see the section \"Non-GAAP Financial Measures\" below for further discussion of these financial measures, including the reasons why we use such financial measures and reconciliations of such financial measures to the nearest U.S. GAAP financial measures. 18 Table of Contents Business Trends Selected financial results for the past three fiscal years are summarized below: [[GREPCENT_TABLE]] [[\"\",\"\",\"Years Ended June 30,\"],[\"($ in millions, except per share data)\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Net sales\",\"\",\"$\",\"2,877.1\",\"\",\"\",\"$\",\"2,759.7\",\"\",\"\",\"$\",\"2,550.3\"],[\"Net sales excluding surcharge revenue (1)\",\"\",\"$\",\"2,346.1\",\"\",\"\",\"$\",\"2,167.7\",\"\",\"\",\"$\",\"1,848.0\"],[\"Operating income\",\"\",\"$\",\"521.8\",\"\",\"\",\"$\",\"323.1\",\"\",\"\",\"$\",\"133.1\"],[\"Adjusted operating income (1)\",\"\",\"$\",\"525.4\",\"\",\"\",\"$\",\"354.1\",\"\",\"\",\"$\",\"133.1\"],[\"Net income\",\"\",\"$\",\"376.0\",\"\",\"\",\"$\",\"186.5\",\"\",\"\",\"$\",\"56.4\"],[\"Diluted earnings per share\",\"\",\"$\",\"7.42\",\"\",\"\",\"$\",\"3.70\",\"\",\"\",\"$\",\"1.14\"],[\"Adjusted diluted earnings per share (1)\",\"\",\"$\",\"7.48\",\"\",\"\",\"$\",\"4.74\",\"\",\"\",\"$\",\"1.14\"],[\"Purchases of property, plant, equipment and software\",\"\",\"$\",\"154.3\",\"\",\"\",\"$\",\"96.6\",\"\",\"\",\"$\",\"82.3\"],[\"Adjusted free cash flow (1)\",\"\",\"$\",\"287.5\",\"\",\"\",\"$\",\"179.0\",\"\",\"\",\"$\",\"(67.6)\"],[\"Pounds sold (in thousands) (2)\",\"\",\"192,980\",\"\",\"\",\"206,302\",\"\",\"\",\"214,122\"]] [[/GREPCENT_TABLE]] (1) See the section \"Non-GAAP Financial Measures\" below for further discussion of these financial measures. (2) Pounds sold data includes Specialty Alloys Operations segment and Dynamet and Additive businesses from th Item 1. Business (a) General Development of Business: Carpenter Technology Corporation, founded in 1889, is engaged in the manufacturing, fabrication and distribution of specialty metals. As used throughout this report, unless the context requires otherwise, the terms \"Carpenter,\" \"Carpenter Technology,\" \"Company,\" \"Registrant,\" \"Issuer,\" \"we\" and \"our\" refer to Carpenter Technology Corporation. (b) Financial Information About Segments: We are organized in two reportable business segments: Specialty Alloys Operations (\"SAO\") and Performance Engineered Products (\"PEP\"). See Note 20 to our consolidated financial statements included in Item 8. \"Financial Statements and Supplementary Data\" for additional segment reporting information. (c) Narrative Description of Business: (1) General: We are a producer and distributor of premium specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels. We are a recognized leader in high-performance specialty alloy-based materials and process solutions for critical applications in the aerospace, defense, medical, transportation, energy, industrial and consumer markets. We have evolved to become a pioneer in premium specialty alloys, including titanium, nickel, and cobalt, as well as alloys specifically engineered for additive manufacturing processes and soft magnetics applications. Reportable Segments The SAO segment is comprised of the Company's major premium alloy and stainless steel manufacturing operations. This includes operations performed at mills primarily in Reading and Latrobe, Pennsylvania and surrounding areas as well as South Carolina and Alabama. The combined assets of the SAO segment are managed in an integrated manner to optimize efficiency and profitability across the total system. The PEP segment is comprised of the Company's differentiated operations. This segment includes the Dynamet titanium business, th Item 1A. Risk Factors There are inherent risks and uncertainties associated with all businesses that could adversely affect operating performances or financial conditions. The following discussion outlines the risks and uncertainties that management believes are the most material to our business. However, these are not the onl", "title": "CRS - CARPENTER TECHNOLOGY CORP", "url": "/company/CRS/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0000772406; latest 10-K filed 2026-05-21.", "text": "CRUS - CIRRUS LOGIC, INC. SIC 3674 Semiconductors & Related Devices; CIK 0000772406; latest 10-K filed 2026-05-21. CRUS CIRRUS LOGIC, INC. 0000772406 3674 Semiconductors & Related Devices ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Please read the following discussion in conjunction with our audited historical consolidated financial statements and notes thereto, which are included elsewhere in this Form 10-K. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains statements that are forward-looking. These statements are based on current expectations and assumptions that are subject to risk, uncertainties and other factors. Actual results could differ materially because of the factors discussed in Part I, Item 1A. \"Risk Factors\" of this Form 10-K and elsewhere in this report, as well as in the documents we file with the SEC, including our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Critical Accounting Estimates Our discussion and analysis of the Company\u2019s financial condition and results of operations are based upon the consolidated financial statements included in this report, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts. We evaluate the estimates on an on-going basis. We base these estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions. Our accounting policies are more fully described in Note 2 - Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements contained in Item 8. The Company considers the following accounting policies to involve the highest degree of judgment in the preparation of the consolidated financial statements: Inventory Valuation Inventories are stated at the lower of cost or net realizable value on a first-in, first-out basis. Cost is computed using standard costs, which approximate actual cost. The Company writes down inventories to net realizable value based on forecasted customer unit demand while taking into account product release schedules and product life cycles. The Company also reviews and writes down inventory, as appropriate, based on the age and condition of the inventory. Actual demand and market conditions may be different from those projected by management, which could have a material effect on our operating results and financial position. Uncertain Tax Positions The calculation of our tax liabilities involves assessing uncertainties with respect to the application of complex tax rules. Uncertain tax positions must meet a more likely than not threshold to be recognized in the financial statements and the tax benefits recognized are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon final settlement. The ultimate settlement of uncertain tax positions may differ from our estimates, which could result in the recognition of a tax benefit or an additional charge to the income tax provision in the relevant period. See Note 17 \u2014 Income Taxes of the Notes to Consolidated Financial Statements contained in Item 8 for additional details. Recently Issued Accounting Pronouncements For a discussion of recently issued accounting pronouncements, refer to Note 2 - Summary of Significant Accounting Policies, of the Notes to the Consolidated Financial Statements. Overview Cirrus Logic develops low-power, high-precision mixed-signal processing solutions for a broad range of customers. We track operating results in one reportable segment, but report revenue performance by product line: Audio and HPMS products. In fiscal year 2026, the Company continued to execute on our three-pronged strategy to grow Cirrus ITEM 1. Business Cirrus Logic, Inc. (\"Cirrus Logic,\" \"We,\" \"Us,\" \"Our,\" or the \"Company\") is a leader in low-power, high-precision mixed-signal processing solutions that create innovative user experiences for the world\u2019s top mobile and consumer applications. We were incorporated in California in 1984, became a public company in 1989 and were reincorporated in the State of Delaware in February 1999. Our primary facility, which houses engineering, sales and marketing, and administrative functions, is located in Austin, Texas. We also have offices in various other locations in the United States, United Kingdom, Taiwan, the People\u2019s Republic of China, South Korea, Japan, and Singapore. Our common stock, which has been publicly traded since 1989, is listed on the NASDAQ's Global Select Market under the symbol CRUS. We maintain a website with the address www.cirrus.com. We are not including the information contained on our website as a part of, or incorporating it by reference into, this Annual Report on Form 10-K. We make available free of charge through our website our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and amendments to these reports, as soon as reasonably practicable after we electronically file such material with, or furnish such material to the SEC. We also routinely post other important information on our website, including information specifically addressed to investors. We intend for the investor relations section of our website to be a recognized channel of distribution for disseminating information to the securities marketplace for purposes of complying with our disclosure obligations under SEC Regulation Fair Disclosure. To receive a free copy of this Annual Report on Form 10-K, please forward your written request to Cirrus Logic, Inc., Attn: Investor Relations, 800 W. 6th Street, Austin, Texas 78701, or via email at Investor@cirrus.com. In addition, the SEC maintains a website at www.sec.gov that c ITEM 1A. Risk Factors Our business faces significant risks. The risk factors set forth below may not be the only risks that we face and there is a risk that we may have failed to identify all possible risk factors. Additional risks that we are not aware of yet or that currently are not material may adversely affect our busine", "title": "CRUS - CIRRUS LOGIC, INC.", "url": "/company/CRUS/" }, { "kind": "company", "summary": "SIC 3060 Fabricated Rubber Products, NEC; CIK 0000790051; latest 10-K filed 2026-02-13.", "text": "CSL - CARLISLE COMPANIES INC SIC 3060 Fabricated Rubber Products, NEC; CIK 0000790051; latest 10-K filed 2026-02-13. CSL CARLISLE COMPANIES INC 0000790051 3060 Fabricated Rubber Products, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Carlisle Companies Incorporated (\u201cCarlisle,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a leading supplier of innovative building envelope products and solutions for more energy-efficient buildings. Through our building products businesses, Carlisle Construction Materials (\"CCM\") and Carlisle Weatherproofing Technologies (\"CWT\"), and family of leading brands, we deliver innovative, labor-reducing and environmentally responsible products and solutions to customers through the Carlisle Experience. Carlisle is committed to generating superior stockholder returns and maintaining a balanced capital deployment approach, including investments in our businesses, strategic acquisitions, share repurchases and continued dividend increases. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is designed to provide a reader of our financial statements with a narrative from the perspective of Company management. All references to \u201cNotes\u201d refer to our Notes to Consolidated Financial Statements in this Annual Report on Form 10-K. For more information regarding our consolidated results, segment results, and liquidity and capital resources for the year ended December 31, 2024, as compared to the year ended December 31, 2023, refer to \"Part II\u2014Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" in the Company's 2024 Annual Report on Form 10-K (the \"2024 Annual Report on Form 10-K\"). Executive Overview Throughout 2025, despite continued headwinds in new construction and a complex economic environment, we continued to execute against our Vision 2030 strategy, and we remain very confident in our ability to achieve our Vision 2030 financial objectives. Over the course of the year, we made progress on all our key pillars of Vision 2030. We increased investments in innovation to develop new market-leading products. We enhanced our emphasis on the Carlisle Operating System (\"COS\") and expanded automation in our factories to drive operational excellence. We added significant management talent and further elevated the Carlisle Experience to strengthen customer loyalty and service. And above all else, we continued to deliver on our commitment to being superior capital allocators. Carlisle\u2019s performance during 2025 adds to our history of resilience through the economic cycles and challenges we have faced over the years, such as the Covid pandemic. We delivered another solid year of cash flow, generating over $1 billion of operating cash flow, which continued to provide balance sheet optionality. As the M&A environment in 2025 was challenging, we turned a significant portion of that cash flow to share repurchases, as we continued to see this as a solid opportunity for capital deployment. At CCM, solid re-roofing demand, which represents approximately 70% of our commercial roofing business, continued to help stabilize our business as new construction markets work through the bottom of the cycle. At CWT, our recent acquisitions and operational initiatives contributed to revenue growth, and we are well-positioned to capitalize on the growing need for energy-efficient weatherproofing solutions. North America is the most attractive building-products market globally, supported by strong, long-term fundamentals including the demand for energy-efficient solutions, the need to improve labor productivity, and the recurring maintenance requirements of an aging non-residential building stock\u2014over 70% of which is more than 25 years old. Buildings are a critical and indispensable component of the physical economy. They must be built, maintained, and continuously improved. This structural reality reinforces the durability and necessity of our end markets. Carlisle\u2019s imperative business continues to benefit from a strong re-roofing market, and we continued to benefit from our position as a Item 1. Business. Overview Carlisle Companies Incorporated (\u201cCarlisle,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a leading supplier of innovative building envelope products and solutions for more energy-efficient buildings. Through our building products businesses, Carlisle Construction Materials and Carlisle Weatherproofing Technologies, and family of leading brands, Carlisle delivers innovative, labor reducing and environmentally responsible products and solutions to customers through the Carlisle Experience. Our Company website is www.carlisle.com, through which we make available, free of charge, our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and all amendments to those reports, as soon as reasonably practicable after these reports are electronically filed with or furnished to the Securities and Exchange Commission (\u201cSEC\u201d). Information on, or that can be accessed through, our website is not incorporated by reference and should not be considered part of this Annual Report on Form 10-K. All references to \"Notes\" refer to our Notes to Consolidated Financial Statements in this Annual Report on Form 10-K. Business Strategy We strive to be a leading manufacturer and supplier of innovative building envelope products and solutions that make buildings more energy-efficient in the markets we serve. Vision 2030, our strategic plan, builds on Carlisle\u2019s track record of success and our pivot to a pure play building products portfolio, leveraging mega trends around energy-efficiency, labor-savings, and the re-roofing cycle, to generate above market growth driven by innovation, the Carlisle Experience, and the Carlisle Operating System (\"COS\"). The key pillars of Vision 2030 are well-ingrained throughout the Company and guide our value-creating strategy. They include (1) driving above market organic revenue growth through continued investment in innovation, (2) maintaining best-in-class production, service, and delivery capa Item 1A. Risk Factors. The Company\u2019s business, financial condition, results of operations or cash flows can be affected by a number of factors, including those material factors set forth below, those set forth in our \u201cForward Looking Statements\u201d disclosure in Item 7 and those set forth elsewhere in this Annual Report on Fo", "title": "CSL - CARLISLE COMPANIES INC", "url": "/company/CSL/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001590717; latest 10-K filed 2026-02-12.", "text": "CTRE - CareTrust REIT, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001590717; latest 10-K filed 2026-02-12. CTRE CareTrust REIT, Inc. 0001590717 6798 Real Estate Investment Trusts ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The discussion below contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those which are discussed in the section titled \u201cRisk Factors.\u201d Also see \u201cStatement Regarding Forward-Looking Statements\u201d preceding Part I. The following discussion and analysis should be read in conjunction with our accompanying consolidated financial statements and the notes thereto. Our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is organized as follows: \u2022Overview \u2022Recent Developments \u2022Results of Operations \u2022Liquidity and Capital Resources \u2022Critical Accounting Estimates \u2022Impact of Inflation Overview CareTrust REIT is a self-administered, publicly-traded REIT engaged in the ownership, acquisition, financing, development and leasing of skilled nursing, senior housing and other healthcare-related properties. As of December 31, 2025, CareTrust REIT owned, directly or indirectly in consolidated joint ventures, and leased to independent operators, 407 skilled nursing facilities, senior housing communities and other properties consisting of 37,628 operational beds and units located in 32 states and the United Kingdom (the \u201cU.K.\u201d) with the highest concentration of properties by rental income located in California, the U.K., Texas, and Tennessee. As of December 31, 2025, we also had other real estate related investments consisting of four preferred equity investments, 16 real estate secured loans receivable and five mezzanine loans receivable with a carrying value of $899.3 million and one financing receivable with a carrying value of $92.2 million. During the fourth quarter of 2025, we began utilizing the structure authorized by the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as \u201cRIDEA\u201d) as permitted by the Housing and Economic Recovery Act of 2008 in connection with the establishment of a senior housing operating platform (\u201cSHOP\u201d) and completed our first SHOP acquisition in December 2025. As of December 31, 2025, CareTrust REIT also owned, indirectly in consolidated joint ventures, the properties and operations of three senior housing communities consisting of 270 units in Texas that are operated on our behalf by independent managers pursuant to the terms of separate management agreements under our SHOP platform. Recent Developments SHOP Communities During the fourth quarter of 2025, we began utilizing the RIDEA structure and established a SHOP platform through the acquisition of three senior housing communities. The Acquisition On May 8, 2025, we closed our acquisition (the \u201cCare REIT Acquisition\u201d) of Care REIT plc (\u201cCare REIT\u201d). In connection with this acquisition, on June 30, 2025, we also acquired substantially all of the assets of Impact Health Partners LLP, the investment manager of Care REIT (together with the Care REIT Acquisition, the \u201cAcquisition\u201d). We treat these acquisitions as a single transaction as they were entered into in contemplation of one another and were intended to achieve an overall economic effect. The Care REIT Acquisition was implemented by means of a court-sanctioned scheme of arrangement (the \u201cScheme\u201d) under Part 26 of the United Kingdom Companies Act of 2006. Under the terms of the Scheme, Care REIT stockholders received 108 pence in cash per share, totaling approximately $595.4 million. At closing, we also assumed Care 51 Table of Contents REIT\u2019s liabilities of approximately $290.9 million. In addition, we paid the partners of Impact Health Partners LLP approximately $6.8 million for substantially all of Impact Health Partners LLP\u2019s assets. Market Trends and Uncertainties Recent macroeconomic conditions, particularly market uncertainty, immigration restrictions and cha ITEM 1. Business Our Company CareTrust REIT is a self-administered, publicly-traded REIT engaged in the ownership, acquisition, financing, development and leasing of skilled nursing, senior housing and other healthcare-related properties. As of December 31, 2025, CareTrust REIT owned, directly or indirectly in consolidated joint ventures, and leased to independent operators, 407 skilled nursing facilities (each, a \u201cSNF\u201d), senior housing communities and other properties consisting of 37,628 operational beds and units located in 32 states and the United Kingdom (the \u201cU.K.\u201d), with the highest concentration of properties by rental income located in California, the U.K., Texas, and Tennessee. As of December 31, 2025, we also had other real estate related investments consisting of four preferred equity investments, 16 real estate secured loans receivable and five mezzanine loans receivable with a carrying value of $899.3 million and one financing receivable with a carrying value of $92.2 million. During the fourth quarter of 2025, we began utilizing the structure authorized by the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as \u201cRIDEA\u201d) as permitted by the Housing and Economic Recovery Act of 2008 in connection with the establishment of a senior housing operating portfolio (\u201cSHOP\u201d) platform, and completed our first SHOP acquisition in December 2025. As of December 31, 2025, CareTrust REIT also owned, indirectly in consolidated joint ventures, the properties and operations of three senior housing communities consisting of 270 units in Texas that are operated on our behalf by independent managers pursuant to the terms of separate management agreements. We generate revenues primarily by leasing healthcare-related properties to healthcare operators in triple-net lease arrangements, under which the tenant is solely responsible for the costs related to the property (including property taxes, insurance, maintenance and repair costs a ITEM 1A. Risk Factors Risks Related to Our Business and Operations We are dependent on the healthcare operators that lease our properties as well as the borrowers under our mortgage secured loans and mezzanine loans to successfully operate their businesses and make contractual payments, and an event that materially and adversely affects their bus", "title": "CTRE - CareTrust REIT, Inc.", "url": "/company/CTRE/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001298675; latest 10-K filed 2026-02-27.", "text": "CUBE - CubeSmart SIC 6798 Real Estate Investment Trusts; CIK 0001298675; latest 10-K filed 2026-02-27. CUBE CubeSmart 0001298675 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \u200b The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Report. Some of the statements we make in this section are forward-looking statements within the meaning of the federal securities laws. For a complete discussion of forward-looking statements, see the section in this Report entitled \u201cForward-Looking Statements\u201d. Certain risk factors may cause actual results, performance or achievements to differ materially from those expressed or implied by the following discussion. For a discussion of such risk factors, see the section in this Report entitled \u201cRisk Factors\u201d. \u200b Overview \u200b We are an integrated self-storage real estate company, and as such we have in-house capabilities in the design, development, acquisition, operation, leasing, and management of self-storage properties. The Parent Company\u2019s operations are conducted solely through the Operating Partnership and its subsidiaries. The Parent Company has elected to be taxed as a REIT for U.S. federal income tax purposes. As of December 31, 2025 and 2024, we owned (or partially owned and consolidated) 662 self-storage properties containing an aggregate of approximately 48.4 million rentable square feet and 631 self-storage properties containing an aggregate of approximately 45.8 million rentable square feet, respectively. As of December 31, 2025, we owned stores in the District of Columbia and the following 25 states: Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah and Virginia. In addition, as of December 31, 2025, we managed 862 stores for third parties (including 49 stores containing an aggregate of approximately 3.3 million rentable square feet as part of five separate unconsolidated real estate ventures) bringing the total number of stores we owned and/or managed to 1,524. As of December 31, 2025, we managed stores for third parties in the following 39 states: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington and Wisconsin. \u200b We derive substantially all of our revenue from customers who lease self-storage space at our stores and fees earned from managing stores. Therefore, our operating results depend materially on our ability to retain our existing customers and lease our available self-storage units to new customers while maintaining and, where possible, increasing our pricing levels. In addition, our operating results depend on the ability of our customers to make required rental payments to us. Our approach to the management and operation of our stores combines centralized marketing, revenue management and other operational support with local operations teams that provide market-level oversight and management. We believe this approach allows us to respond quickly and effectively to changes in local market conditions and maximize revenues by managing rental rates and occupancy levels. \u200b We typically experience seasonal fluctuations in the occupancy levels of our stores, which are generally slightly higher during the summer months due to increased moving activity. \u200b Our results of operations may be sensitive to changes in overall economic conditions that impact consumer spending, including discretionary spending and moving trends, as well as to increased bad debts due to economic pressures. Adverse economic conditions affecting dispo ITEM 1. BUSINESS \u200b Overview \u200b We are a self-administered and self-managed real estate company focused primarily on the ownership, operation, development, management, and acquisition of self-storage properties in the United States. \u200b The Parent Company was formed in July 2004 as a Maryland REIT. The Parent Company owns its assets and conducts its business through the Operating Partnership and its subsidiaries. The Parent Company controls the Operating Partnership as its sole general partner and, as of December 31, 2025, owned a 99.6% interest in the Operating Partnership. The Operating Partnership was formed in July 2004 as a Delaware limited partnership and has been engaged in virtually all aspects of the self-storage business, including the ownership, operation, development, management, and acquisition of self-storage properties. \u200b As of December 31, 2025, we owned (or partially owned and consolidated) 662 self-storage properties located in 25 states and in the District of Columbia containing an aggregate of approximately 48.4 million rentable square feet. As of December 31, 2025, approximately 88.1% of the rentable square footage at our owned stores was leased to approximately 399,000 customers, and no single customer represented a significant concentration of our revenues. As of December 31, 2025, we owned stores in the District of Columbia and the following 25 states: Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah and Virginia. In addition, as of December 31, 2025, we managed 862 stores for third parties (including 49 stores containing an aggregate of approximately 3.3 million rentable square feet as part of five separate unconsolidated real estate ventures) bringing the total 6 Table of Contents number of stores we owned and/or managed to 1,524. ITEM 1A. RISK FACTORS \u200b Overview \u200b An investment in our securities involves various risks. Investors should carefully consider the risks set forth below together with other information contained in this Report. These risks are not the only ones that we may face. Additional risks not presently known to us, or that we currently consider immaterial, may also ", "title": "CUBE - CubeSmart", "url": "/company/CUBE/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000025232; latest 10-K filed 2026-02-05.", "text": "CUZ - COUSINS PROPERTIES INC SIC 6798 Real Estate Investment Trusts; CIK 0000025232; latest 10-K filed 2026-02-05. CUZ COUSINS PROPERTIES INC 0000025232 6798 Real Estate Investment Trusts Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the selected financial data and the consolidated financial statements and notes. Overview of 2025 Performance and Company and Industry Trends Our strategy is to create value for our stockholders through ownership of the premier office portfolio in Sun Belt markets of the United States, with a particular focus on Austin, Atlanta, Charlotte, Tampa, Phoenix, Dallas, and Nashville. This strategy is based on a disciplined approach to capital allocation that includes opportunistic acquisitions, selective development, and timely dispositions of non-core assets, with a goal of maintaining a portfolio of newer and more efficient properties with lower capital expenditure requirements. To implement this disciplined approach, we maintain a simple, flexible, and low-leveraged balance sheet, which allows us to pursue compelling growth opportunities at the most advantageous points in the cycle. We utilize our strong local operating platforms within each of our major markets to implement this strategy. During 2025, we completed the strategic acquisition of an operating property, The Link, a 292,000 square foot lifestyle office property in Uptown Dallas, for a purchase price of $218.0 million. We also received repayment at par for two investments in real estate debt, secured by interests, respectively in Saint Ann Court in Dallas and Radius in Nashville of $138.0 million and $12.8 million, respectively, as well as loaned our Neuhoff joint venture partner $19.6 million at an interest rate of SOFR plus 625 basis points which the partner used to fund their portion of the joint venture loan repayment. Finally, we sold our bankruptcy claim with SVB Financial group for $4.6 million. During 2025, we completed an offering of the public senior notes maturing in 2030 generating net proceeds of $496.9 million to fund the acquisition of the Link and to pay off $250 million of privately placed senior notes. In conjunction with our loan to our joint venture partner mentioned above, the joint venture amended its existing Neuhoff construction loan, repaying $39.2 million of the outstanding principal, extending the maturity date to September 2026, and lowering the spread over SOFR to 300 basis points from 345 basis points. The joint venture has an option to extend the maturity date an additional 12 months, subject to conditions. Additionally, we sold 2.9 million shares under Forward Sales contracts at an average price of $30.44 per share. The future net settlement proceeds will be $88.5 million. During 2025, we leased a total of 2.1 million square feet of office space. Our office operating portfolio was 90.7% percent leased as of December 31, 2025 and the weighted average economic occupancy during the fourth quarter of 2025 was 88.3%. In 2025, the weighted average net effective rent per square foot, representing base rent excluding operating expense reimbursements and leasing costs, for leases with a term greater than one year, was $25.86 per square foot. Cash-basis net effective rent per square foot increased 3.5% on spaces that had been previously occupied in the past year. Cash-basis net effective rent represents net rent at the end of the term paid under the prior lease compared to the net rent at the beginning of the term paid under the current lease. Our same property net operating income for the year increased 2.4% on a straight-line basis and increased 0.9% on a cash-basis. We believe the Sun Belt, and in particular the seven Sun Belt markets listed above, will continue to outperform the broader office sector evidenced by a clear bifurcation between Sun Belt and Gateway market fundamentals. In addition, as the flight to quality trend accelerates among office users, we believe our trophy portfolio is well positioned to benefit from, and ultimately outperform in, the current real esta Item 1.Business Corporate Profile Cousins Properties Incorporated (the \u201cRegistrant\u201d or \u201cCousins\u201d), a Georgia corporation, is a fully integrated, self-administered, and self-managed real estate investment trust (\u201cREIT\u201d). Cousins conducts substantially all of its business through Cousins Properties LP (\"CPLP\"). Cousins owns in excess of 99% of CPLP and consolidates CPLP. CPLP wholly owns Cousins TRS Services LLC (\"CTRS\"), a taxable entity that owns and manages its own real estate portfolio and performs certain real estate related services. Cousins, CPLP, CTRS, and their subsidiaries develop, acquire, lease, manage, and own primarily Class A office properties and opportunistic mixed-use developments in the Sun Belt markets of the United States with a focus on lifestyle office properties in Austin, Atlanta, Charlotte, Tampa, Phoenix, Dallas, and Nashville. Cousins has elected to be taxed as a REIT and intends to, among other things, distribute at least 100% of its net taxable income to stockholders. Cousins' common stock trades on the New York Stock Exchange under the symbol \u201cCUZ.\u201d Cousins, CPLP, their subsidiaries, and CTRS combined are hereafter referred to as \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and the \u201cCompany.\u201d Our operations are conducted principally in the office real estate segment which we measure by geographical area. We consider \u201clifestyle offices\u201d to be well-located buildings that are modern structures or have been modernized to compete with newer buildings, are professionally managed and maintained, and offer a number and type of amenities that are in high demand by customers that are focused on the importance of the physical work environment in recruiting and retaining employees. We believe our \u201clifestyle office\u201d portfolio improves our ability to renew leases and obtain new customers which results in consistently higher occupancy than the remainder of the office buildings in our markets. We do not consider the expression \u201clifestyle office\u201d a classification of our prop Item 1A. Risk Factors Below are the risks we believe investors should consider carefully in evaluating an investment in our securities. General Risks of Owning and Operating Real Estate Our ownership of commercial real estate involves a number of risks, the effects of which could adversely affect our business. General ec", "title": "CUZ - COUSINS PROPERTIES INC", "url": "/company/CUZ/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001169561; latest 10-K filed 2026-05-11.", "text": "CVLT - COMMVAULT SYSTEMS INC SIC 7372 Services-Prepackaged Software; CIK 0001169561; latest 10-K filed 2026-05-11. CVLT COMMVAULT SYSTEMS INC 0001169561 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis along with our consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. The statements in this discussion regarding our expectations of our future performance, liquidity and capital resources, and other non-historical statements are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described under \"Risk Factors\" and elsewhere in this Annual Report on Form 10-K. Our actual results may differ materially from those contained in or implied by any forward-looking statements. For discussion comparing the period ended March 31, 2025 to March 31, 2024, please refer to our Annual Report on Form 10-K, filed with the SEC on May 05, 2025. Overview Commvault Systems, Inc. (\"Commvault\") is a provider of cyber resiliency solutions designed to help the enterprise protect, secure, and recover their data, applications, and identity systems in a world of increasing cyber threats and attacks. Commvault\u2019s offerings provide cyber resilience, including data protection, cyber recovery, data security, and governance, aiming to enable customers continuous business. Industry Our industry continues to be reshaped by accelerating data growth, increasingly sophisticated cyberattacks, the rapid adoption of AI, and the expansion of hybrid, multi-cloud, cloud-native and SaaS environments. Customers increasingly require a cyber resilience platform that brings together data security, identity resilience, real-time governance, threat detection, and verified clean recovery for structured and unstructured data, cloud-native applications, and AI workloads. Commvault Cloud is designed to help organizations secure, govern, and recover data and workloads anywhere to anywhere, while supporting compliance and operational resilience at scale. Sources of Revenues We generate revenues through subscription arrangements, which includes both term-based software licenses and SaaS, perpetual software licenses, customer support contracts and other services. A significant portion of our revenues comes from subscription arrangements, delivered on-premise through term-based licensing, or through cloud-based SaaS offerings. These arrangements are economically and contractually similar, as customers generally receive access to our software for a specified term under binding agreements. We are focused on these types of recurring revenue arrangements. We expect our subscription arrangements will continue to generate revenues from the renewals of term-based licenses and SaaS offerings sold in prior years. Any of our pricing models (capacity, instance-based, consumption, etc.) can be sold either through term-based licensing or via cloud-based SaaS offerings. In term-based license arrangements, software revenue is generally recognized when the software is delivered or made available for download. Revenue related to our SaaS offerings is generally recognized ratably over the contract period or, in consumption arrangements, as the solutions are consumed. Our customer support revenue includes support services for term\u2011based subscription customers and support contracts for perpetual license customers. Customer support includes software updates on a when-and-if-available basis, telephone support, integrated web-based support, and other premium support offerings. We sell our customer support contracts as a percentage of net software purchases. Customer support revenue is recognized ratably over the term of the customer support agreement, which is typically one year on our perpetual licenses and over the term on our term-based licenses, which typically range from one to three years. Our other services revenue consists primarily of professional service offerings, includin Item 1. Business Company Overview Commvault Systems, Inc. (\"Commvault\") is a provider of cyber resiliency solutions designed to help the enterprise protect, secure, and recover their data, applications, and identity systems in a world of increasing cyber threats and attacks. Commvault\u2019s offerings provide cyber resilience, including data protection, cyber recovery, data security, and governance, aiming to enable customers continuous business. Commvault delivers its solutions through Commvault Cloud, a cloud\u2011native platform that unifies data security, cyber recovery, and identity resilience across on\u2011premise, hybrid, multi\u2011cloud, and software\u2011as\u2011a\u2011service (\"SaaS\") environments. The platform is designed to support enterprise\u2011scale deployments and enables customers to manage resilience consistently across diverse infrastructure footprints and operating models. Commvault Cloud provides a comprehensive set of capabilities intended to help customers prepare for, withstand, and recover from cyber incidents such as ransomware, data corruption, infrastructure failures, and cyberattacks. These capabilities include AI\u2011assisted data discovery, classification, and monitoring; immutability and air\u2011gapped protection; automated verification of clean recovery points; and orchestrated recovery workflows that enable customers to restore data, applications, and supporting infrastructure at scale. Commvault\u2019s solutions are designed to support modern data architectures, including cloud\u2011native workloads, containerized applications, SaaS platforms, and AI\u2011driven data environments. Commvault also offers capabilities that support data residency, sovereignty, and regulatory requirements, so customers can retain control over where data is stored and recovered while maintaining consistent resilience across regions and jurisdictions. Commvault sells its offerings primarily through subscription\u2011based arrangements, including SaaS and term\u2011based subscriptions, and also offers perpetual license Item 1A. Risk Factors You should consider each of the following factors as well as the other information in this Annual Report in evaluating our business and our prospects. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we curren", "title": "CVLT - COMMVAULT SYSTEMS INC", "url": "/company/CVLT/" }, { "kind": "company", "summary": "SIC 3590 Misc Industrial & Commercial Machinery & Equipment; CIK 0000026324; latest 10-K filed 2026-02-12.", "text": "CW - CURTISS WRIGHT CORP SIC 3590 Misc Industrial & Commercial Machinery & Equipment; CIK 0000026324; latest 10-K filed 2026-02-12. CW CURTISS WRIGHT CORP 0000026324 3590 Misc Industrial & Commercial Machinery & Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") begins with an overview of our company, followed by economic and industry-wide factors impacting our company and the markets we serve, a discussion of the overall results of operations, and finally a more detailed discussion of those results within each of our reportable segments. COMPANY ORGANIZATION Curtiss-Wright Corporation is a global integrated business that provides highly engineered products, solutions, and services mainly to A&D markets, as well as critical technologies in demanding commercial nuclear power, process, and industrial markets. We maintain competitive positions in the majority of our key A&D and commercial end markets through engineering and technological leadership, consistent investments in research and development, precision manufacturing, and long-standing relationships. We continue to leverage our teams\u2019 collaborative efforts and the strength of our combined portfolio, while also seeking to build upon cross-market opportunities that may exist within our defense and commercial market technologies. Market Analysis and Economic Factors Curtiss-Wright\u2019s end market strategy is to grow leading market positions through the development of highly engineered products and services to deliver long-term profitable growth. We are well positioned on high performance platforms and benefit 28 from decades of engineering expertise and knowledge transfer. We are committed to investing in technologies and aligning our core competencies with new applications and evolving market trends. The Company\u2019s global portfolio spans across the defense, commercial aerospace, commercial nuclear power & process, and general industrial markets. Our end market diversification provides opportunities to drive growth in new products and markets through ongoing innovation and collaboration across the portfolio. It also helps mitigate the impact of volatility caused by industry and economic cycles. Economic Factors Impacting Our Markets Many of Curtiss-Wright\u2019s commercial businesses are driven in large part by global economic growth, primarily led by operations in the U.S., Canada, Europe, and China, and as measured by real gross domestic product (\"GDP\"). Our major geographical markets have seen economic growth rates weaken considerably over the past few years, due in large part to heightened macro uncertainty including rising inflation and the implementation of tariffs. In 2024, U.S. and Global GDP both grew 2.8%. In 2025, U.S. GDP is expected to grow approximately 2.2% according to various forecasts, despite a slightly less impactful headwind of rising inflation resulting from interest rate reductions. In 2026, based on a range of forecasts, growth in the U.S. economy is expected to slightly exceed 2025 levels despite continued economic uncertainty, as economists expect the U.S. Federal Reserve to implement further easing on interest rates to control inflation. In the global environment, which is influenced by international trade, economic conditions, as well as geopolitical and tariff uncertainty, global GDP is expected to grow approximately 2.9% in 2025, decrease to 2.7% in 2026, and remain well below 3% for the foreseeable future. Defense Curtiss-Wright maintains a strong presence across the naval, aerospace, and ground defense markets, which collectively represent approximately 58% of our annual net sales. Curtiss Wright provides vast platform and program diversity, where we support over 400 platforms and 3,000 programs worldwide. Our portfolio of products and services supports critical high-performance programs and platforms serving all branches of the U.S. military, in addition to a strong and growing international defense presence. The most significant portion of our defense revenues is comprised of long-term programs and primari Item 1. Business. GENERAL Curtiss-Wright Corporation is a Delaware corporation, with its principal executive office in Davidson, North Carolina. In this report, unless the context otherwise requires, \u201cCurtiss-Wright\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d, and \u201cour\u201d refer to Curtiss-Wright Corporation and its consolidated subsidiaries. BUSINESS DESCRIPTION Curtiss-Wright Corporation is a global integrated business that provides highly engineered products, solutions, and services mainly to Aerospace & Defense (\"A&D\") markets, as well as critical technologies in demanding commercial nuclear power, process, and industrial markets. Curtiss-Wright maintains a unique presence on high-performance platforms and critical applications that require our technical sophistication, and we benefit from decades of engineering expertise and knowledge transfer. Curtiss-Wright has been involved in numerous \u201cfirsts\u201d in the industry, and since the origin of many of our markets, including commercial aerospace (our history dates back to the Wright Brothers and their historical first manned flight), naval nuclear power (presence on the first nuclear naval vessel), commercial power (our products were utilized in the first commercial nuclear power plant), and defense electronics (use of commercial off-the-shelf (\"COTS\") electronics in military applications). Today, we maintain competitive positions in the majority of our key A&D and commercial end markets through engineering and technological leadership, precision manufacturing, and long-standing customer relationships where we are deeply embedded in our customers' workflows. We are committed to continuously driving innovation and investment in technologies, while also aligning our core competencies with new applications and evolving market trends. Our investments typically target the fastest growth vectors and secular trends that align with our strengths in attractive end markets. 4 Our portfolio of highly competitive technologies is relied upon Item 1A. Risk Factors. We have summarized the known, material risks to our business below. Our business, financial condition, results of operations and cash flows could be materially and adversely impacted if any of these risks materialize. Additional risk factors not currently known to us or tha", "title": "CW - CURTISS WRIGHT CORP", "url": "/company/CW/" }, { "kind": "company", "summary": "SIC 3490 Miscellaneous Fabricated Metal Products; CIK 0000025445; latest 10-K filed 2026-02-26.", "text": "CXT - Crane NXT, Co. SIC 3490 Miscellaneous Fabricated Metal Products; CIK 0000025445; latest 10-K filed 2026-02-26. CXT Crane NXT, Co. 0000025445 3490 Miscellaneous Fabricated Metal Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated and combined financial statements and related notes included under Item 8 of this Annual Report on Form 10-K. We are a leading provider of trusted technology solutions to secure, detect, and authenticate our customers\u2019 most valuable assets. Our primary end markets include governments and a wide range of consumer-related end markets including convenience merchandising (vending), retail and gaming. Our operations are comprised of two segments, Crane Payment Innovations (\u201cCPI\u201d) and Security and Authentication Technologies (\u201cSAT\u201d): \u2022CPI provides electronic equipment and software leveraging extensive and proprietary core capabilities with various detection and sensing technologies for applications including verification and authentication of payment transactions. CPI also provides advanced automation solutions, processing systems, field service solutions, remote diagnostics and productivity software solutions. \u2022SAT provides advanced security solutions based on proprietary technology for securing physical products, including banknotes, consumer goods and industrial products. SAT also provides brand protection, authentication solutions, and digital content protection across online marketplaces, social media platforms, and websites. We are committed to delivering shareholder value by focusing on our proprietary and differentiated technology and investing in core businesses to capitalize on opportunities to enhance organic growth. We maintain a strong balance sheet with financial flexibility, allowing us the ability to expand the business through strategic acquisitions into higher-growth adjacencies. We continuously evaluate our portfolio, pursue acquisitions that complement our existing businesses and are accretive to our growth profile, and selectively divest businesses where appropriate. We foster a performance-based culture with clearly defined values and utilize our well-established Crane Business System (CBS) to drive operational excellence and profitable growth. Due to rounding, numbers presented throughout this report may not add up precisely to totals we provide and percentages may not precisely reflect the absolute figures. Separation On April 3, 2023, Holdings was separated (the \u201cSeparation\u201d) into two independent, publicly-traded companies, Crane NXT, Co. and Crane Company (\u201cSpinCo\u201d) through a pro-rata distribution (the \u201cDistribution\u201d) of all the issued and outstanding common stock of SpinCo to the stockholders of Holdings. As part of the Separation, the Aerospace & Electronics, Process Flow Technologies and Engineered Materials businesses of Holdings were spun off to SpinCo. Also, as part of the Separation, Holdings retained the Payment and Merchandising Technologies business and was renamed \u201cCrane NXT, Co.\u201d on April 3, 2023. Following the consummation of the Separation, our common stock is listed under the symbol \u201cCXT\u201d on the New York Stock Exchange. Due to SpinCo\u2019s larger operations, greater tangible assets, greater fair value and greater net sales, in each case, relative to ours, among other factors, SpinCo was considered to be the \u201caccounting spinnor\u201d and therefore is the \u201caccounting successor\u201d to Holdings for accounting purposes, notwithstanding the legal form of the Separation. As such, our financial statements for periods prior to the Separation are comprised of combined carve-out financial statements representing only our operations, assets, liabilities and equity on a stand-alone basis derived from the consolidated financial statements and accounting records of Holdings. Separation Agreements On April 3, 2023, we entered into definitive agreements with SpinCo in connection with the Separation. The agreements set forth the terms and conditions of the Separation and provide a fra Item 1. Business General Crane NXT is a premier industrial technology company that provides proprietary and trusted technology solutions to secure, detect, and authenticate what matters most to its customers. The company is a pioneer in advanced, proprietary micro-optics technology for securing physical products, as well as digital authentication, and its sophisticated electronic equipment and associated software leverages proprietary core capabilities with detection and sensing technologies. We are comprised of two reporting segments: Crane Payment Innovations (\u201cCPI\u201d) and Security and Authentication Technologies (\u201cSAT\u201d). We are committed to delivering shareholder value by focusing on our proprietary and differentiated technology and investing in core businesses to capitalize on opportunities to enhance organic growth. We maintain a strong balance sheet with financial flexibility, allowing us the ability to expand the business through strategic acquisitions into higher-growth adjacencies. We continuously evaluate our portfolio, pursue acquisitions that complement our existing businesses and are accretive to our growth profile, and selectively divest businesses where appropriate. We foster a performance-based culture with clearly defined values and utilize our well-established Crane Business System (CBS) to drive operational excellence and profitable growth. Separation On April 3, 2023, Holdings was separated (the \u201cSeparation\u201d) into two independent, publicly-traded companies, Crane NXT, Co. and Crane Company (\u201cSpinCo\u201d), through a pro-rata distribution (the \u201cDistribution\u201d) of all the issued and outstanding common stock of SpinCo to the stockholders of Holdings. As part of the Separation, the Aerospace & Electronics, Process Flow Technologies and Engineered Materials businesses of Holdings were spun off to SpinCo. Also, as part of the Separation, Holdings retained the Payment and Merchandising Technologies business and was renamed \u201cCrane NXT, Co.\u201d on April 3, 2023 Item 1A. Risk Factors Our business, financial condition, results of operations and cash flows may be affected by several factors including but not limited to those set forth below. This discussion should be considered in conjunction with the discussion under the caption \u201cForward-Looking Information\u201d preceding Part I, the", "title": "CXT - Crane NXT, Co.", "url": "/company/CXT/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001061983; latest 10-K filed 2026-02-26.", "text": "CYTK - CYTOKINETICS INC SIC 2834 Pharmaceutical Preparations; CIK 0001061983; latest 10-K filed 2026-02-26. CYTK CYTOKINETICS INC 0001061983 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This discussion and analysis should be read in conjunction with our financial statements and accompanying notes included elsewhere in this report. Operating results are not necessarily indicative of results that may occur in future periods. Overview We are a biopharmaceutical company focused on discovering, developing and commercializing novel muscle activators and muscle inhibitors as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. We have discovered and are developing muscle-directed investigational medicines that may potentially improve the healthspan of people with devastating cardiovascular and neuromuscular diseases of impaired muscle function. Our research and development activities relating to the biology of muscle function have evolved from our knowledge and expertise regarding the cytoskeleton, a complex biological infrastructure that plays a fundamental role within every human cell. As a leader in muscle biology and the mechanics of muscle performance, we are discovering and developing small molecule drug candidates specifically engineered to impact muscle function and contractility with objective to build a sustainable specialty biopharmaceutical business. Our first commercial product is MYQORZO\u2122 (aficamten), 5 mg, 10 mg, 15 mg, and 20 mg tablets which the FDA approved in December 2025. MYQORZO has since been approved in both the European Union and China. MYQORZO is an allosteric and reversible inhibitor of cardiac myosin motor activity. The approval of MYQORZO included a risk evaluation and mitigation strategy (REMS) program to ensure the benefits of the drug outweigh the risk of heart failure due to systolic dysfunction. In patients with oHCM, myosin inhibition with MYQORZO reduces cardiac contractility and left ventricular outflow tract obstruction. MYQORZO became available for prescription to patients on January 27, 2026 in the United States. We expect that MYQORZO will be made available in the European Union (starting with Germany in the second quarter) and China in 2026 For further information regarding our business, refer to Part I, Item 1. Business of this Annual Report on Form 10-K. Liquidity and Capital Resources Our cash, cash equivalents, and investments and a summary of our borrowings and working capital as of December 31, 2025 and 2024 are summarized as follows (in millions): [[GREPCENT_TABLE]] [[\"\",\"\",\"December 31, 2025\",\"\",\"\",\"December 31, 2024\"],[\"\",\"\",\"(In millions)\"],[\"Financial assets:\"],[\"Cash and cash equivalents\",\"\",\"$\",\"122.5\",\"\",\"\",\"$\",\"94.9\"],[\"Short-term investments\",\"\",\"\",\"759.7\",\"\",\"\",\"\",\"981.2\"],[\"Long-term investments\",\"\",\"\",\"335.0\",\"\",\"\",\"\",\"145.1\"],[\"Total cash, cash equivalents, and marketable securities\",\"\",\"$\",\"1,217.2\",\"\",\"\",\"$\",\"1,221.2\"],[\"Borrowings:\"],[\"Term loans (including related derivative liabilities measured at fair value)\",\"\",\"$\",\"297.6\",\"\",\"\",\"$\",\"116.0\"],[\"Convertible notes, net\",\"\",\"\",\"890.6\",\"\",\"\",\"\",\"552.4\"],[\"Liabilities related to RPI transactions measured at fair value\",\"\",\"\",\"137.2\",\"\",\"\",\"\",\"137.0\"],[\"Total borrowings\",\"\",\"$\",\"1,325.4\",\"\",\"\",\"$\",\"805.4\"],[\"Working capital:\"],[\"Current assets\",\"\",\"$\",\"917.0\",\"\",\"\",\"$\",\"1,107.9\"],[\"Current liabilities\",\"\",\"\",\"202.5\",\"\",\"\",\"\",\"179.7\"],[\"Working capital\",\"\",\"$\",\"714.5\",\"\",\"\",\"$\",\"928.2\"]] [[/GREPCENT_TABLE]] 46 Table of Contents The following table shows a summary of our cash flows for the periods set forth below (in millions): [[GREPCENT_TABLE]] [[\"\",\"\",\"Years Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"\",\"\",\"(In millions)\"],[\"Net cash used in operating activities\",\"\",\"$\",\"(510.0\",\")\",\"\",\"$\",\"(395.9\",\")\",\"\",\"$\",\"(414.3\",\")\"],[\"Net cash (used in) provided by investing activities\",\"\",\"\",\"16.7\",\"\",\"\",\"\",\"(553.1\",\")\",\"\",\"\",\"239.3\"],[\"Net cash provided by financing activities\",\"\",\"\",\"524.5\",\"\",\"\",\"\",\"930.6\",\"\",\"\",\"\",\"221.3\"],[\"Total\" ITEM 1. BUSINESS Overview We are a biopharmaceutical company focused on discovering, developing and commercializing novel muscle activators and muscle inhibitors as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. We have discovered and are developing muscle-directed investigational medicines that may potentially improve the healthspan of people with devastating cardiovascular and neuromuscular diseases of impaired muscle function. Our first commercial product is MYQORZO\u2122 (aficamten), 5 mg, 10 mg, 15 mg, and 20 mg tablets, which the FDA approved in December 2025. MYQORZO is an allosteric and reversible inhibitor of cardiac myosin motor activity. The approval of MYQORZO included a risk evaluation and mitigation strategy (REMS) program to ensure the benefits of the drug outweigh the risk of heart failure due to systolic dysfunction. In patients with oHCM, myosin inhibition with MYQORZO reduces cardiac contractility and left ventricular outflow tract obstruction. MYQORZO became available for prescription to patients on or around January 27, 2026. In addition, in February 2026, the European Commission approved MYQORZO\u00ae (aficamten), 5 mg, 10 mg, 15 mg and 20 mg tablets for the treatment of symptomatic (New York Heart Association, NYHA, class II-III) oHCM in adult patients. Moreover, in December 2025, the China National Medical Products Administration approved MYQORZO for the treatment of adults with (New York Heart Association class II-III) oHCM, to improve exercise capacity and symptoms. Behind MYQORZO, we are making disciplined pipeline investments in investigational products that are at discovery, preclinical and clinical stages of research and development. All our research and development activities relate to the biology of muscle function and have evolved from our knowledge and expertise regarding the cytoskeleton, a complex biological infrastructure that plays a fundamental role within every human cell. ITEM 1A. RISK FACTORS In evaluating our business, you should carefully consider the following risks in addition to the other information in this report. Any of the following risks could materially and adversely affect our business, results of operations, financial condition, cash flows, reputation or your investment in our securities, and", "title": "CYTK - CYTOKINETICS INC", "url": "/company/CYTK/" }, { "kind": "company", "summary": "SIC 2070 Fats & Oils; CIK 0000916540; latest 10-K filed 2026-03-03.", "text": "DAR - DARLING INGREDIENTS INC. SIC 2070 Fats & Oils; CIK 0000916540; latest 10-K filed 2026-03-03. DAR DARLING INGREDIENTS INC. 0000916540 2070 Fats & Oils ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements that involve risks and uncertainties. The Company\u2019s actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth below under the heading \u201cForward Looking Statements\u201d and in Item 1A of this report under the heading \u201cRisk Factors.\u201d Fiscal Year 2025 Overview The Company is a global developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients, creating a wide range of ingredients and customized specialty solutions for customers in the pharmaceutical, food, pet food, feed, industrial, fuel, bioenergy and fertilizer industries. With operations on five continents, the Company collects and transforms all aspects of animal by-product streams into useable and specialty ingredients, such as collagen, edible fats, feed-grade fats, animal proteins and meals, plasma, pet food ingredients, organic fertilizers, yellow grease, fuel feedstocks, agriculture-based biofuels, natural casings and hides. The Company also recovers and converts recycled oils (used cooking oil and animal fats) into valuable fuel and feed ingredients and collects and processes residual bakery products into feed ingredients. In addition, the Company provides environmental services, such as grease trap collection and disposal services to food service establishments. The Company sells its products through a global network and operates within three industry segments: Feed Ingredients, Food Ingredients and Fuel Ingredients. The Feed Ingredients operating segment includes the Company\u2019s global activities related to (i) the collection and processing of beef, poultry and pork animal by-products in North America, Europe and South America into non-food grade oils and protein meals, (ii) the collection and processing of bakery residuals in North America into Cookie Meal\u00ae, which is predominantly used in poultry and swine rations, (iii) the collection and processing of used cooking oil in North America and South America into non-food grade fats, (iv) the collection and processing of porcine and bovine blood in China, Europe, North America and Australia into blood plasma powder and hemoglobin, (v) the processing of selected portions of slaughtered animals into a variety of meat products for use in pet food in Europe, North America and South America, (vi) the processing of cattle hides and hog skins in North America, (vii) the production of organic fertilizers using protein produced from the Company\u2019s animal by-products processing activities in North America and Europe, (viii) the rearing and processing of black soldier fly larvae into specialty proteins and fats for use in animal feed and pet food in North America, and (ix) the provision of grease trap services to food service establishments in North America. Non-food grade oils and fats produced and marketed by the Company are principally sold to third parties to be used as ingredients in animal feed and pet food, as an ingredient for the production of agriculture-based biofuels (such as renewable diesel and SAF), or to the oleo-chemical industry to be used as an ingredient in a wide variety of industrial applications. Protein meals, blood plasma powder and hemoglobin produced and marketed by the Company are sold to third parties to be used as ingredients in animal feed, pet food and aquaculture. The Food Ingredients operating segment includes the Company\u2019s global activities related to (i) the purchase and processing of beef and pork bone chips, beef hides, pig skins, and fish skins into collagen in Europe, China, South America and North America, (ii) the collection and processing of porcine and bovine intestines into natural casings in Europe and China, (iii) the extractio ITEM 1. BUSINESS GENERAL Founded by the Swift meat packing interests and the Darling family in 1882, Darling Ingredients Inc. (\u201cDarling\u201d, and together with its subsidiaries, the \u201cCompany\u201d or \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) was incorporated in Delaware in 1962 under the name \u201cDarling-Delaware Company, Inc.\u201d Darling changed its name from \u201cDarling-Delaware Company, Inc.\u201d to \u201cDarling International Inc.\u201d on December 28, 1993, and from \u201cDarling International Inc.\u201d to \u201cDarling Ingredients Inc.\u201d on May 6, 2014. The address of Darling's principal executive office is 5601 N MacArthur Boulevard, Irving, Texas, 75038, and its telephone number at this address is (972) 717-0300. OVERVIEW We are a global developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients, creating a wide range of ingredients and customized specialty solutions for customers in the pharmaceutical, food, pet food, animal feed, industrial, fuel, bioenergy and fertilizer industries. With operations on five continents, the Company collects and transforms all aspects of animal by-product streams into useable and specialty ingredients, such as collagen, edible fats, feed-grade fats, animal proteins and meals, plasma, pet food ingredients, organic fertilizers, yellow grease, fuel feedstocks, agriculture-based biofuels, natural casings and hides. The Company also recovers and converts recycled oils (used cooking oil and animal fats) into valuable fuel and feed ingredients, and collects and processes residual bakery products into feed ingredients. In addition, the Company provides environmental services, such as grease trap collection and disposal services to food service establishments. In fiscal year 2025, the Company generated $6.1 billion in revenues and $62.8 million in net income attributable to Darling. North America We are a leading provider of animal by-product processing, used cooking oil and bakery residual recycling and recovery solutions to the U.S. food industry. We ope ITEM 1A. RISK FACTORS An investment in Darling involves substantial risks. In consultation with your financial, tax and legal advisors, you should carefully consider, among other matters, the following risks described in, as well as the other information contained in or incorporated by reference into, this report. If any of the events described in the fo", "title": "DAR - DARLING INGREDIENTS INC.", "url": "/company/DAR/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001467623; latest 10-K filed 2026-02-20.", "text": "DBX - DROPBOX, INC. SIC 7372 Services-Prepackaged Software; CIK 0001467623; latest 10-K filed 2026-02-20. DBX DROPBOX, INC. 0001467623 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the section titled \u201cRisk Factors\u201d included elsewhere in this Annual Report on Form 10-K. For a comparison of our results of operations for the fiscal years ended December 31, 2024 and 2023 see Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 21, 2025. Overview Our modern economy runs on knowledge. Today, knowledge lives in the cloud as digital content, and Dropbox is where businesses and individuals can create, access, and share this content globally. We serve more than 700 million registered users across approximately 180 countries. Since our founding in 2007, our market opportunity grew as we\u2019ve expanded from keeping files in sync to keeping teams in sync. In a world where using technology at work can be fragmented and distracting, Dropbox makes it easy to focus on the work that matters. By solving these universal problems, we\u2019ve become invaluable to our users. The popularity of our platform allows us to scale efficiently. We\u2019ve built a thriving global business with 18.08 million paying users. Our Subscription Plans We generate revenue from individuals, families, teams, and organizations by selling subscriptions to our platform, which serve the varying needs of our diverse customer base. Our subscriptions include individual licenses through our Plus, Simple, Professional or Essentials plans, or multiple licenses through our Family plan or our Standard, Advanced, Business, Business Plus and Enterprise team plans. We also offer Dash, our AI-powered universal search tool, which we offer to teams at an additional cost. Each team or family represents a separately billed deployment that is managed through a single administrative dashboard. Teams must have a minimum of three users, but can also have more than tens of thousands of users. Families can have up to six users. Customers can choose between an annual or monthly plan, with a small number of large organizations on multi-year plans. A majority of our customers opt for our annual plan, although we have seen and may continue to see an increase in customers opting for our monthly plans. We typically bill our customers at the beginning of their respective terms and recognize revenue ratably over the term of the subscription period. International customers can pay in U.S. dollars or a select number of foreign currencies. Our premium subscription plans, such as Professional and Advanced, provide more functionality than our other subscription plans and have higher per user prices. Our team subscription plans offer robust capabilities for businesses, and the vast majority of Dropbox Business teams purchase our Standard or Advanced subscription plans. While our Enterprise subscription plan offers more opportunities for customization, companies can subscribe to any of these team plans for their business needs. We offer FormSwift, our cloud-based service that gives individuals and businesses a simple solution to create, complete, edit, and save critical business forms and agreements. Customers can choose between annual or monthly subscriptions based on their individual or business needs. We typically bill FormSwift customers at the beginning of their respective terms and recognize revenue ratably ov ITEM 1. BUSINESS Overview Dropbox, Inc. (the \u201cCompany\u201d, \u201cwe\u201d, or \u201cus\u201d) is the one place to keep life organized and keep work moving. We were founded in 2007 with a simple idea: Life would be a lot better if everyone could access their most important information anytime from any device. We\u2019ve largely accomplished that mission by building tools to help people work from anywhere\u2014and along the way we recognized that for most of our users, sharing and collaborating on the Dropbox, Inc. platform (\u201cDropbox\u201d) was even more valuable than storing files. Our market opportunity grew as we\u2019ve expanded from keeping files in sync to keeping teams in sync. Today, we are focused on reimagining the way work gets done by reducing the inordinate amount of time and energy the world spends on \u201cwork about work\u201d\u2014tedious tasks like searching for content, switching between applications, and managing workflows. We believe the need for our platform will continue to grow as teams become more fluid and global, and content is increasingly fragmented across incompatible tools and devices. Dropbox breaks down silos by centralizing the flow of information between the products and services our users prefer, even if they\u2019re not our own. In a world where using technology at work can be fragmented and distracting, Dropbox makes it easy to focus on the work that matters. By solving these universal problems, we\u2019ve become invaluable to our users. The popularity of our platform allows us to scale efficiently. We\u2019ve built a thriving global business with 18.08 million paying users as of December 31, 2025. What Sets Us Apart From our founding, we\u2019ve focused on simplifying the lives of our users. In a world where business software can be frustrating to use, challenging to integrate, and expensive to sell, we take a different approach. As businesses around the world adapt to a distributed environment, we are at the forefront of developing the technology to support them. We provide tools to help distribute ITEM 1A. RISK FACTORS Investing in our Class A common stock involves a high degree of risk. In addition to the other information set forth in this Annual Report, you should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled", "title": "DBX - DROPBOX, INC.", "url": "/company/DBX/" }, { "kind": "company", "summary": "SIC 3564 Industrial & Commercial Fans & Blowers & Air Purifing Equip; CIK 0000029644; latest 10-K filed 2025-09-26.", "text": "DCI - DONALDSON Co INC SIC 3564 Industrial & Commercial Fans & Blowers & Air Purifing Equip; CIK 0000029644; latest 10-K filed 2025-09-26. DCI DONALDSON Co INC 0000029644 3564 Industrial & Commercial Fans & Blowers & Air Purifing Equip Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) provides a comparison of the Company\u2019s results of operations, liquidity and capital resources for the years ended July 31, 2025 and 2024. A discussion of the changes in the Company\u2019s results of operations and liquidity and capital resources for the year ended July 31, 2024 from July 31, 2023 can be found in Part II, \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of the Company\u2019s Annual Report on Form 10-K for the year ended July 31, 2024 (the 2024 Annual Report), which was filed with the SEC on September 27, 2024. The MD&A should be read in conjunction with the Company\u2019s Consolidated Financial Statements and Notes included in Item 8 of this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties. The Company\u2019s actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed elsewhere in this Annual Report, particularly Item 1A, \u201cRisk Factors\u201d and in the Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. 18 Throughout this MD&A, the Company refers to measures used by management to evaluate performance, including a number of financial measures that are not defined under generally accepted accounting principles (GAAP) in the U.S. Excluding foreign currency translation from net sales and net earnings (i.e. constant currency) are not measures of financial performance under GAAP; however, the Company believes they are useful in understanding its financial results and provide comparable measures for understanding the operating results of the Company between different fiscal periods. Reconciliations within this MD&A provide more details on the use and derivation of these measures. Overview Founded in 1915, Donaldson Company, Inc. is a global leader in technology-led filtration products and solutions, serving a broad range of industries and advanced markets. Donaldson\u2019s diverse and skilled employees at more than 150 locations on six continents, 77 of which are manufacturing and/or distribution centers, partner with customers \u2014 from small business owners to the world\u2019s largest original equipment manufacturer (OEM) brands \u2014 to solve complex filtration challenges. Customers choose Donaldson's filtration solutions due to their stringent technical and performance requirements, the need for reliability and the value proposition of Donaldson's solutions and/or services. The Company\u2019s operating segments are Mobile Solutions, Industrial Solutions and Life Sciences. The Mobile Solutions segment is organized based on a combination of customers and products and consists of the Off-Road, On-Road and Aftermarket business units. Within these business units, products consist of replacement filters for both air and liquid filtration applications and filtration housings for new equipment production and systems related to exhaust and emissions. Applications include air filtration systems, fuel, lube and hydraulic systems, emissions systems and sensors, indicators and monitoring systems. Mobile Solutions sells to OEMs in the construction, mining, agriculture and transportation end markets and to independent distributors and OEM dealer networks. The Industrial Solutions segment is organized based on product type and consists of Industrial Air Filtration, Industrial Gases, Industrial Hydraulics, Power Generation and Aerospace and Defense products. These products are further organized by the Industrial Filtration Solutions and Aerospace and Defense business units. Within our industrial portfolio, the Company provides a wide product offering in the market to industrial customers consisting of equipment, ancillary components, replacement pa Item 1. Business The Company Founded in 1915, Donaldson Company, Inc. (the Company or Donaldson) is a global leader in technology-led filtration products and solutions, serving a broad range of industries and advanced markets. Donaldson\u2019s diverse and skilled employees at more than 150 locations on six continents, 77 of which are manufacturing and/or distribution centers, partner with customers \u2014 from small business owners to the world\u2019s largest original equipment manufacturer (OEM) brands \u2014 to solve complex filtration challenges. Customers choose Donaldson's filtration solutions due to their stringent technical and performance requirements, the need for reliability and the value proposition of Donaldson's solutions and/or services. Donaldson\u2019s four regions and their contributing share of fiscal year 2025 revenue are as follows: the U.S. and Canada 44.2%; Europe, Middle East and Africa (EMEA) 27.8%; Asia Pacific (APAC) 17.2%; and Latin America (LATAM) 10.8%. Below are the Company\u2019s manufacturing plants and distribution centers by region. Strategic Priorities The Company has three primary strategic priorities to drive profitable growth. Below are each of the priorities and areas of focus related to each priority. Extend Market Access - Grow Addressable Market by Extending Presence Across Adjacencies \u2022Significantly grow presence in bioprocessing markets organically and inorganically within Life Sciences segment \u2022Strengthen position across alternative power solutions through innovated and differentiated products Expand Technologies and Solutions - Leverage Foundational Filtration Capabilities to Expand Best-in-class Technology and Service Offerings \u2022Expand Industrial Solutions connected service offerings to gain additional aftermarket share \u2022Enhance digital experience through stronger data integration and navigation capabilities Pursue Strategic Acquisitions - Accelerate Long-term Growth Through Strategic Acquisitions in High-margin Areas \u2022Strengthen presen Item 1A. Risk Factors The Company\u2019s (we, our or us) business is subject to various risks and uncertainties. The following discussion outlines what we believe to be the risk factors that could materially and adversely affect our business, reputation, financial condition and results o", "title": "DCI - DONALDSON Co INC", "url": "/company/DCI/" }, { "kind": "company", "summary": "SIC 4610 Pipe Lines (No Natural Gas); CIK 0001915657; latest 10-K filed 2026-02-27.", "text": "DINO - HF Sinclair Corp SIC 4610 Pipe Lines (No Natural Gas); CIK 0001915657; latest 10-K filed 2026-02-27. DINO HF Sinclair Corp 0001915657 4610 Pipe Lines (No Natural Gas) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Item 7 contains \u201cforward-looking\u201d statements. See \u201cForward-Looking Statements\u201d at the beginning of this Annual Report on Form 10-K. In this document, the words \u201cwe,\u201d \u201cour,\u201d \u201cours\u201d and \u201cus\u201d refer only to HF Sinclair and its consolidated subsidiaries or to HF Sinclair or an individual subsidiary and not to any other person with certain exceptions. We use certain non-GAAP financial measures in our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d). For a description of each of the non-GAAP measures used in this MD&A, please refer to the discussion under \u201cReconciliations to Amounts Reported Under Generally Accepted Accounting Principles\u201d in Item 7 of Part II of this Annual Report on Form 10-K. This item should be read in conjunction with our Consolidated Financial Statements and the notes thereto included in this Annual Report. The comparison between the years ended December 31, 2024 and 2023 have been omitted from this Annual Report on Form 10-K for the year ended December 31, 2025, as such information can be found in Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed on February 20, 2025. 59 Table of Contents OVERVIEW We are an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and lubricants and specialty products. We own and operate refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah. We provide petroleum product and crude oil transportation, terminalling, storage and throughput services to our refineries and the petroleum industry. We market our refined products principally in the Southwest United States, the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states, and we supply high-quality fuels to more than 1,700 branded stations and license the use of the Sinclair brand to more than 350 additional locations throughout the country. We produce renewable diesel at two of our facilities in Wyoming and one facility in New Mexico. In addition, our subsidiaries produce and market base oils and other specialized lubricants in the United States, Canada and the Netherlands, and export products to more than 80 countries. Market Developments For the year ended December 31, 2025, Net income attributable to HF Sinclair stockholders was $579 million compared to $177 million for the year ended December 31, 2024. Adjusted refinery gross margin per produced barrel sold in our Refining segment for 2025 increased 47% over the year ended December 31, 2024. In the Refining segment, we saw improved refining margins in the Mid-Continent and West regions in 2025. Small refinery RINs waivers granted by the EPA increased adjusted refinery gross margins by $485 million. Additionally, our results were impacted by planned turnarounds at our Parco, Puget Sound and Tulsa refineries that were completed during 2025. For the first quarter of 2026, we expect to run between 585,000-615,000 barrels per day of crude oil, which reflects the planned turnarounds at our Puget Sound and Woods Cross refineries. In the Renewables segment, we saw lower volumes and margins. Margins were negatively impacted by the lower value of benefit from the recognition of the Producer\u2019s Tax Credit (\u201cPTC\u201d) in 2025 compared to the Blender\u2019s Tax Credit in 2024. Margins were also impacted by volatility in feedstock costs, RINs and LCFS prices. For the first quarter of 2026, we expect continued volatility in RINs and LCFS prices and to capture incrementally more value from the PTC. In the Marketing segment, we saw strong value in the Sinclair branded sites during 2025 as the marketing business provided a consistent sales channel with margin uplift for ou Item 1A.Risk Factors Risk Factor Summary Investing in us involves a degree of risk. You should carefully consider all information in this Annual Report on Form 10-K, including the Management\u2019s Discussion and Analysis section and the financial statements and related notes, prior to investing in our common stock. These risks and uncertainties include, but are not limited to, the following: Risks Related to our Business/Industry \u2022The prices of crude oil, renewable feedstocks, refined, finished lubricant and renewable diesel products materially affect our operating results and are dependent upon many factors that are beyond our control. \u2022Our operations are subject to catastrophic losses, operational hazards, unforeseen interruptions and other disruptive risks for which we may not be adequately insured. \u2022A disruption to or proration of the product distribution systems or manufacturing facilities we utilize could negatively impact our profitability. \u2022A material decrease in the supply, or a material increase in the price, of crude oil, renewable feedstocks or other raw materials or equipment available to our refineries and other facilities could significantly reduce our production levels and negatively affect our operations. \u2022To successfully operate our facilities, we are required to expend significant amounts for capital outlays and operating expenditures. If we are unable to complete capital projects at their expected costs or in a timely manner, our financial condition, results of operations or cash flows could be materially and adversely affected. \u2022The refining and marketing industry and the lubricants and specialties industry are highly competitive, and an increase in competition could adversely affect our earnings and profitability. \u2022Our business is subject to the risks of international operations. \u2022Negative publicity or an erosion of our business reputation could have a material adverse effect on our earnings, cash flows and financial condition. \u2022Potenti", "title": "DINO - HF Sinclair Corp", "url": "/company/DINO/" }, { "kind": "company", "summary": "SIC 5940 Retail-Miscellaneous Shopping Goods Stores; CIK 0001089063; latest 10-K filed 2026-03-27.", "text": "DKS - DICK'S SPORTING GOODS, INC. SIC 5940 Retail-Miscellaneous Shopping Goods Stores; CIK 0001089063; latest 10-K filed 2026-03-27. DKS DICK'S SPORTING GOODS, INC. 0001089063 5940 Retail-Miscellaneous Shopping Goods Stores ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Refer to \u201cForward-Looking Statements\u201d and Part I, Item 1A. \u201cRisk Factors\u201d. Business Overview We are a leading global sports retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories. Our banners include DICK\u2019S Sporting Goods, Golf Galaxy, Public Lands and Going Going Gone! stores in addition to the experiential retail concepts DICK\u2019S House of Sport and Golf Galaxy Performance Center which are all located across the United States. Additionally, as owner and operator of Foot Locker, which includes Foot Locker, Kids Foot Locker, Champs Sports, WSS and atmos banners, we serve the global sneaker community across North America, Europe, Asia and Australia, plus a licensed store presence in Europe, the Middle East and Asia. We also own and operate GameChanger, a youth sports mobile platform for live streaming, scheduling, communications and scorekeeping. When used in this Annual Report on Form 10-K, unless the context otherwise requires or specifies, any reference to \u201cyear\u201d is to our fiscal year, which ends on the Saturday closest to the end of January each year. When we refer to the \u201cDICK\u2019S Business\u201d in this Annual Report on Form 10-K (this \u201c10-K Report\u201d), we are describing our existing DICK\u2019S Sporting Goods operations, encompassing the DICK\u2019S Sporting Goods, Golf Galaxy, Going Going Gone! and Public Lands banners, as well as GameChanger. When we refer to the \u201cFoot Locker Business\u201d we are describing our newly acquired Foot Locker operations, including the Foot Locker, Kids Foot Locker, Champs Sports, WSS and atmos banners. Through our strategic pillars of athlete experience, differentiated product, brand engagement and teammate experience, we have transformed our DICK\u2019S Business to drive sustained profitable growth. As part of our strategy, we have meaningfully improved our merchandise assortment through our vertical brands and strong relationships with our key brand partners, which provide access to highly differentiated products. We have also enhanced our store selling culture and service model and incorporated additional experiential elements and technology into our stores to further engage our athletes. We continue to innovate our omni-channel athlete experience through our DICK\u2019S House of Sport stores, Golf Galaxy Performance Centers and our DICK\u2019S Field House stores, and believe that a key driver of our future omni-channel growth will include repositioning our store portfolio to grow these stores. In addition to these strategies and foundational improvements, consumers have also made what we believe will be lasting lifestyle changes in recent years, prioritizing sport and maintaining healthy, active lifestyles, which has increased demand for our products. We believe there is strength and momentum in the sports industry in the United States and expect this trend to continue in the near term, with continued excitement around women\u2019s sports, the 2026 FIFA World Cup and the 2028 Olympics. We believe that the convergence of sport and culture has never been stronger and that we are well-positioned for this opportunity. From this position of strength, we plan to continue to make investments in digital and in-store opportunities to further grow our market share through repositioning our store portfolio, driving continued growth across our key categories and accelerating our eCommerce channel. Acquisition of Foot Locker On September 8, 2025, we completed the acquisition of Foot Locker, a leading footwear and apparel retailer, for total purchase consid ITEM 1. BUSINESS General DICK\u2019S Sporting Goods, Inc. (together with its subsidiaries, referred to as \u201cthe Company\u201d, \u201cwe\u201d, \u201cus\u201d and \u201cour\u201d unless specified otherwise) is a leading global sports retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories. Our banners include DICK\u2019S Sporting Goods, Golf Galaxy, Public Lands and Going Going Gone! stores in addition to the experiential retail concepts DICK\u2019S House of Sport and Golf Galaxy Performance Center which are all located across the United States. Additionally, as owner and operator of Foot Locker, which includes Foot Locker, Kids Foot Locker, Champs Sports, WSS and atmos banners, we serve the global sneaker community across North America, Europe, Asia and Australia, plus a licensed store presence in Europe, the Middle East and Asia. We also own and operate GameChanger, a youth sports mobile platform for live streaming, scheduling, communications and scorekeeping. We were founded in 1948 in New York under the name Dick\u2019s Clothing and Sporting Goods, Inc. when Richard \u201cDick\u201d Stack, the father of Edward W. Stack, our Executive Chairman, opened his original bait and tackle store in Binghamton, New York. Edward W. Stack joined his father's business full-time in 1977 and in 1984 became President and Chief Executive Officer of the then two-store chain. In April 1999 we changed our name to DICK\u2019S Sporting Goods, Inc. In fiscal 2025, the Company acquired Foot Locker, a leading footwear and apparel retailer, and now has two reportable segments: DICK\u2019S and Foot Locker. When we refer to the \u201cDICK\u2019S Business\u201d in this Annual Report on Form 10-K, we are describing our existing DICK\u2019S Sporting Goods operations, encompassing the DICK\u2019S Sporting Goods, Golf Galaxy, Going Going Gone! and Public Lands banners, as well as GameChanger. Our employees are referred to as \u201cteammates\u201d and our customers are referred to as \u201cathletes\u201d for the DICK\u2019S Business. When we refer to th ITEM 1A. RISK FACTORS Risks Related to Our Industry and Macroeconomic Conditions Macroeconomic conditions may adversely affect consumer discretionary spending and our business, operations, liquidity, and financial results. Our business depends on consumer discretionary spending, and are ", "title": "DKS - DICK'S SPORTING GOODS, INC.", "url": "/company/DKS/" }, { "kind": "company", "summary": "SIC 6794 Patent Owners & Lessors; CIK 0001308547; latest 10-K filed 2025-11-18.", "text": "DLB - Dolby Laboratories, Inc. SIC 6794 Patent Owners & Lessors; CIK 0001308547; latest 10-K filed 2025-11-18. DLB Dolby Laboratories, Inc. 0001308547 6794 Patent Owners & Lessors ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those referred to herein due to a number of factors, including but not limited to key challenges listed below and risks described in Part I, Item 1A \"Risk Factors\" and elsewhere in this Annual Report on Form 10-K. We disclaim any duty to update any of the forward-looking statements after the date of this Annual Report on Form 10-K to conform our prior statements to actual results. Investors and others should note that we disseminate information to the public about our company, our products, services, and other matters through various channels, including our website (www.dolby.com), our investor relations website (http://investor.dolby.com), SEC filings, press releases, public conference calls, and webcasts, in order to achieve broad, non-exclusionary distribution of information to the public. We encourage investors and others to review the information we make public through these channels, as such information could be deemed to be material information. MACROECONOMIC CONDITIONS Our revenue can be negatively impacted by macroeconomic conditions, including but not limited to, the financial health of our licensees, inflation, heightened interest rates, foreign exchange rates, rising costs of material, increased shipping costs, tariffs and trade barriers, international conflicts, labor disputes, reduced discretionary consumer spending, and reduced new product investment by our customers. In particular, the U.S. has recently implemented tariffs on certain imports and some U.S. trading partners have implemented or announced retaliatory tariffs or other trade barriers. The situation is highly dynamic and the potential impacts are impossible to predict with certainty. For example, any increases in tariffs or other trade barriers may, directly or indirectly, increase the cost of producing or delivering our products, increase the costs to our licensees of licensing our technology, and may decrease demand for our products and services. If the costs or lead times required for our licensees to manufacture and export their products, such as consumer electronics products and cars, result in higher prices or longer lead times for end consumers, sales of those products may decrease and thus royalty payments payable to Dolby that are based on unit shipments may decrease. Any of the foregoing impacts could negatively impact our revenue from licensing and product sales. Macroeconomic conditions also impart substantial uncertainty into our operating environment and may lead to follow-on negative economic effects like recession or heightened inflation, each of which presents additional challenges for our business. Uncertainty or an adverse economic climate may cause delays or a decrease in the adoption of our technologies into new products by partners and licensees, or lead manufacturers to discontinue including our technology in their products or to seek price reductions. These conditions may impact consumer demand for our licensees\u2019 products that incorporate our technology and for our own products and services. Further, the noted macroeconomic conditions and related uncertainty may negatively impact transaction cycles and our recovery of revenue associated with past unauthorized or unreported usage. The future implications of these macroeconomic conditions on our business, results of operations and overall financial position remain uncertain. We continue to monitor the evolving macroeconomic environment, including the imposition of tariffs and other trade barriers, and the impact on our business. Further discussion of the potential impacts of these macroeconomic effects on our business can be found in Part I, Item 1A \"Risk Factors.\" LICENSING The majority of our revenue is derived from two licensing mo ITEM 1. BUSINESS OVERVIEW Founded in 1965, we are in the business of improving entertainment experiences by inventing and innovating technologies that advance audio and video capture, transmission, and playback. We enable highly compelling experiences in movies and TV shows, music, sports and more by meeting the needs of content creators, distributors, and consumer electronics manufacturers. We have been at the forefront of multiple audio and video revolutions over the last sixty years including the transitions from mono to stereo then surround, analog to digital, and terrestrial broadcasting to streaming. Our strength and durability stem from our ability to combine our expertise in signal processing with our close relationships with artists and other industry experts to continually bring to the creative community technology that allows them to express themselves in new and compelling ways. Dolby is synonymous with high-quality entertainment from a consumer perspective and has become critical to makers of consumer electronic devices as our technology is an important component in the creation and delivery of audio and video content. While some of our technology represents relatively elemental functions like audio signal compression that enable playback, we also offer technology that is innovating in emerging categories including spatial audio and high contrast video. We derive the majority of our revenue from licensing audio and video technology to electronics manufacturers, and a lesser portion of our revenue by offering premium audio and video technologies to cinema exhibitors. STRATEGY Key elements of our strategy include: Advancing the Science of Sight and Sound. We apply our understanding of the human senses, audio, and imaging engineering by collaborating with music, TV and movie creators, and innovating in emerging categories like user-generated content, sports and podcasts, to develop and update technologies aimed at enabling and improving how people ex ITEM 1A. RISK FACTORS The following risk factors and other information included in this Annual Report on Form 10-K should be carefully considered. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not currently known to us or that we currently deem less significant may al", "title": "DLB - Dolby Laboratories, Inc.", "url": "/company/DLB/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001582961; latest 10-K filed 2026-02-24.", "text": "DOCN - DigitalOcean Holdings, Inc. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001582961; latest 10-K filed 2026-02-24. DOCN DigitalOcean Holdings, Inc. 0001582961 7370 Services-Computer Programming, Data Processing, Etc. ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be considered together with our consolidated financial statements and related notes and other financial information included in Part II, Item 8. \u201cFinancial Statements and Supplementary Data\u201d of this Annual Report on Form 10-K. This discussion, particularly information with respect to our outlook, key trends and uncertainties, our plans and strategy for our business, and our performance and future success, includes forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those discussed below. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report, particularly in Part I, Item 1A. \u201cRisk Factors.\u201d In addition, for more information regarding key factors affecting our performance, see \u201cKey Factors Affecting Our Performance\u201d below. Overview DigitalOcean is an agentic inference cloud platform that helps AI and Digital Native Enterprises build, run, and scale intelligent applications with speed, simplicity, and predictable economics. The platform combines production-ready 49 GPU infrastructure, a full-stack cloud, model-first inference workflows, and an agentic experience layer to reduce operational complexity and accelerate time to production. Our customers include growing technology companies across numerous industry verticals ranging from online gaming to fintech to cybersecurity, among many others, and leverage our platform for a wide variety of use cases, such as building and hosting websites, developing new web and mobile applications, integrating AI into their businesses, and building AI products and applications, among many others. We believe that being simple, scalable and approachable, while offering a comprehensive range of integrated cloud and AI products, are our key differentiators, driving a broad range of customers around the world whose needs are not being fully met by larger cloud providers to build and grow their businesses on our platform. We offer a comprehensive set of cloud platform capabilities which span across Infrastructure-as-a-Service (\u201cIaaS\u201d), including Droplet virtual machines, storage and networking offerings; Platform-as-a-Service (\u201cPaaS\u201d) and Software-as-a-Service (\u201cSaaS\u201d), including Managed Hosting, Managed Database, Managed Kubernetes and Marketplace offerings. We also offer a comprehensive artificial intelligence and machine learning (\u201cAI/ML\u201d) platform - DigitalOcean Gradient\u00ae AI Agentic Cloud which includes Gradient AI Infrastructure with offerings such as GPU Droplets and Bare Metal GPUs; the Gradient AI Platform which offers various building block services including Large Language Models (\u201cLLMs\u201d); and Gradient AI Agents. We continue to invest in our platform to further penetrate the growing markets in which we operate. We generate revenue primarily from the usage of our agentic inference cloud platform by our customers. We recognize revenue largely based on the customer utilization of our offerings. While our pricing is primarily consumption-based and the majority of our customers use our platform on a month-to-month basis, a growing number of customers are using our platform for larger workloads and some of these customers are opting to enter into committed contracts, committing to a minimum spend on our platform. We serve a large number of customers that range in size from growing or scaled businesses that generate millions of dollars in revenue and serve millions of their own customers to individual developers testing or learning new technology for their own development. Thousands of new users come to DigitalOcean every month with some users intending only to utilize our platform for a discrete task, and other users are part of new or existing businesses that intend to opera ITEM 1. BUSINESS Overview Our mission is to empower AI-driven and digital-native businesses to build, run, and scale intelligent applications with speed, simplicity and predictable economics through an agentic inference cloud platform that reduces operational complexity and accelerates time to product. DigitalOcean is an agentic inference cloud platform that helps AI and Digital Native Enterprises build, run, and scale intelligent applications with speed, simplicity, and predictable economics. The platform combines production-ready GPU infrastructure, a full-stack cloud, model-first inference workflows, and an agentic experience layer to reduce operational complexity and accelerate time to production. Our customers include growing technology companies across numerous industry verticals ranging from online gaming to fintech to cybersecurity, among many others, and leverage our platform for a wide variety of use cases, such as building and hosting websites, developing new web and mobile applications, integrating AI into their businesses, and building AI products and applications, among many others. We believe that being simple, scalable and approachable, while offering a comprehensive range of integrated cloud and AI products, are our key differentiators, driving a broad range of customers around the world whose needs are not being fully met by larger cloud providers to build and grow their businesses on our platform. Our platform is designed to be simple, scalable and approachable by providing a variety of product offerings that were built with the needs of growing technology companies in mind. The simplicity of our platform allows users to focus on building and scaling their business instead of on managing their infrastructure. We offer a comprehensive set of cloud platform capabilities which span across Infrastructure-as-a-Service (\u201cIaaS\u201d), including Droplet virtual machines, storage and networking offerings; Platform-as-a-Service (\u201cPaaS\u201d) and Software-as-a-Ser ITEM 1A. RISK FACTORS Our operations and financial results and an investment in our common stock are subject to various risks and uncertainties. You should consider and read carefully all of the risks and uncertainties described below, as well as other information", "title": "DOCN - DigitalOcean Holdings, Inc.", "url": "/company/DOCN/" }, { "kind": "company", "summary": "SIC 7371 Services-Computer Programming Services; CIK 0001516513; latest 10-K filed 2026-05-19.", "text": "DOCS - Doximity, Inc. SIC 7371 Services-Computer Programming Services; CIK 0001516513; latest 10-K filed 2026-05-19. DOCS Doximity, Inc. 0001516513 7371 Services-Computer Programming Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and accompanying notes that are included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties, as described under the heading \u201cSpecial Note Regarding Forward-Looking Statements\u201d in this Annual Report on Form 10-K. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under the section titled \u201cRisk Factors\u201d or in other parts of this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. A discussion regarding our financial condition and results of operations for the fiscal year ended March 31, 2026 compared to the fiscal year ended March 31, 2025 is presented below. A discussion regarding our financial condition and results of operations for the fiscal year ended March 31, 2025 compared to the fiscal year ended March 31, 2024 can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 and filed with the SEC on May 20, 2025. Overview We are the leading digital platform for U.S. medical professionals, with over 3 million registered members2 as of March 31, 2026. Our registered members represent more than 85% of U.S. physicians, spanning all 50 states and every medical specialty, along with two-thirds of U.S. nurse practitioners and physician assistants, and approximately 90% of graduating U.S. medical students. As of March 31, 2026, the total number of U.S. physicians was approximately 1 million. We calculate U.S. physicians as all U.S. physicians (MDs/DOs) who are under the age of 76, not retired, hold an active medical license, and have a physician status on the National Provider Identifier (NPI) registry. To be included in our calculation of registered members as a percentage of U.S. physicians, we include those U.S. physicians who meet the above criteria and have registered on Doximity by claiming their pre-populated profile or creating a new profile. Our mission is to help every physician be more productive and provide better care for their patients. We are physician-first, putting technology to work for doctors instead of the other way around. That guiding principle has enabled Doximity to become an essential and trusted professional platform for physicians and their colleagues. We provide our members with AI-powered tools specifically built for medicine, enabling them to collaborate with colleagues, stay up to date with the latest medical news and research, manage their careers and on-call schedules, and conduct virtual patient visits. Our Clinical AI Suite supports the full day-to-day workflow of a physician, from patient communication to documentation to answering clinical questions. At the core of our platform is the largest medical professional network in the nation, which creates proximity within our community of doctors and other medical professionals. Verified members can search and connect with colleagues and specialists, which allows them to better coordinate patient care and streamline referrals. Our newsfeed addresses the ever increasing sub-specialization of medical expertise and volume of medical research by delivering news and information that is relevant to each physician's clinical practice. We also support physicians in their day-to-day practice of medicine with mobile-friendly and easy-to-use workflow tools such as voice and video dialer, secure messaging, digital faxing, and our Clinical AI Suite, including Ask (formerly DoxGPT) Item 1. Business Overview We are the leading physician-first tech company, with over 3 million registered members1 as of March 31, 2026. Our registered members represent more than 85% of U.S. physicians, spanning all 50 states and every medical specialty, along with two-thirds of U.S. nurse practitioners and physician assistants, and approximately 90% of graduating U.S. medical students. We calculate U.S. physicians as all U.S. physicians (MDs/DOs) who are under the age of 76, not retired, hold an active medical license, and have a physician status on the National Provider Identifier (NPI) registry. As of March 31, 2026, the total number of U.S. physicians was approximately 1 million. To be included in our calculation of registered members as a percentage of U.S. physicians, we include those U.S. physicians who meet the above criteria and have registered on Doximity by claiming their pre-populated profile or creating a new profile. Our mission is to help every physician be more productive and provide better care for their patients. We are physician-first, putting technology to work for doctors instead of the other way around. That guiding principle has enabled Doximity to become an essential and trusted professional platform for physicians and their colleagues. We provide our members with AI-powered tools specifically built for medicine, enabling them to collaborate with colleagues, stay up to date with the latest medical news and research, manage their careers and on-call schedules, and conduct virtual patient visits. Our Clinical AI Suite supports the full day-to-day workflow of a physician, from patient communication to documentation to answering clinical questions. At the core of our platform is the largest medical professional network in the nation, which creates proximity within our community of doctors and other medical professionals. Our focus on physician-centric product design and clinical productivity has led to high levels of adoption and endorsement Item 1A. Risk Factors A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K, including our consolidated financial", "title": "DOCS - Doximity, Inc.", "url": "/company/DOCS/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001261333; latest 10-K filed 2026-03-18.", "text": "DOCU - DOCUSIGN, INC. SIC 7372 Services-Prepackaged Software; CIK 0001261333; latest 10-K filed 2026-03-18. DOCU DOCUSIGN, INC. 0001261333 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. As discussed in the section titled \u201cNote Regarding Forward-Looking Statements,\u201d the following discussion and analysis contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and those discussed in the section titled \u201cRisk Factors\u201d under Part I, Item 1A in this Annual Report on Form 10-K. Our fiscal year ends January 31. Executive Overview of Fiscal 2026 Results Overview Docusign solutions bring agreements to life, accelerating and simplifying the process of doing business. Docusign\u2019s core offerings \u2014 our IAM platform, the world\u2019s leading e-signature solution, and CLM solution \u2014 allow organizations to boost productivity, accelerate contract review cycles, and transform agreement data into insights and actions, while providing a customer-centric experience. The Docusign IAM platform is a system of record that enables customers of all sizes to ingest a vast, complex body of agreements into a single repository, build agreement workflows that operate at scale, and take action on high-accuracy insights from agreement data. As of January 31, 2026, over 1.8 million customers and more than a billion users worldwide utilize Docusign to accelerate and simplify the process of doing business. We generate substantially all our revenue from sales of subscriptions, which accounted for 98%, 97% and 97% of our revenue in each of the years ended January 31, 2026, 2025 and 2024. Our subscription fees include the use of our products and access to customer support. Subscriptions generally range from one to three years, and substantially all our multi-year customers pay in annual installments, one year in advance. We also generate revenue from professional and other non-subscription services, which consists primarily of fees associated with providing new customers with deployment and integration services. Professional services and other revenue accounted for the remainder of total revenue in each of the years ended January 31, 2026, 2025 and 2024. We anticipate placing a greater focus on investing in customer success through professional services offered by partners. We believe it plays an important role in accelerating our customers\u2019 adoption of our products, which helps drive customer retention and expansion. One pillar of our long-term strategy is to evolve our go-to-market (\u201cGTM\u201d) channels from the historically direct sales-driven approach. We are currently investing in three routes to market, including direct sales, our partner channel, and digital self-service purchasing. We expect that Docusign\u2019s IAM platform will increasingly be offered across all three channels. We offer subscriptions to our products to businesses of all sizes, from global enterprises down to local, very small businesses (\u201cVSBs\u201d). We offer more than 1,100 active partner integrations with the applications that many of our customers already use so that they can create, commit and manage agreements directly within these applications. We have a diverse customer base spanning across virtually all industries and around the world with no significant customer concentration. No single customer accounted for more than 10% of total revenue in any of the periods presented. We focused initially on selling our products to commercial businesses and VSBs and later expanded our focus to target enterprise customers. The number of our customer ITEM 1. BUSINESS Overview Docusign solutions bring agreements to life, accelerating and simplifying the process of doing business. Docusign\u2019s core offerings \u2014 our Intelligent Agreement Management (\u201cIAM\u201d) platform, the world\u2019s leading e-signature solution, and contract lifecycle management (\u201cCLM\u201d) solution \u2014 allow organizations to boost productivity, accelerate contract review cycles, and transform agreement data into insights and actions, while providing a customer-centric experience. The Docusign IAM platform is a system of record that enables customers of all sizes to ingest a vast, complex body of agreements into a single repository, build agreement workflows that operate at scale, and take action on high-accuracy insights from agreement data. As of January 31, 2026, over 1.8 million customers and more than a billion users worldwide utilize Docusign to accelerate and simplify the process of doing business, and more than 25,000 customers are on IAM today. We offer subscriptions to our products to businesses of all sizes, from global enterprises down to very small businesses (\u201cVSBs\u201d). We offer more than 1,100 active partner integrations with the applications that many of our customers already use so that they can create, commit, and manage agreements directly within these applications. We have a diverse customer base spanning across virtually all industries and around the world with no significant customer concentration. No single customer accounted for more than 10% of total revenue in any of the periods presented. We focused initially on selling our products to commercial businesses and VSBs and later expanded our focus to target enterprise customers. As of January 31, 2026, we had a total of over 1.8 million customers, including approximately 280,000 direct enterprise and commercial customers managed through our sales force and partner channels, compared to nearly 1.7 million customers and over 260,000 direct enterprise and commercial customers as of January ITEM 1A. RISK FACTORS Risk Factors Summary These summary risks provide an overview of many of the risks we are exposed to in the normal course of our business. As a result, the following summary risks do not contain all the information that may be important to you, and you should read them together with the more detailed discussion of ", "title": "DOCU - DOCUSIGN, INC.", "url": "/company/DOCU/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001773383; latest 10-K filed 2026-05-20.", "text": "DT - Dynatrace, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001773383; latest 10-K filed 2026-05-20. DT Dynatrace, Inc. 0001773383 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. The following discussion and analysis contains forward-looking statements that involve risks and uncertainties. When reviewing the discussion below, you should keep in mind the substantial risks and uncertainties that could impact our business. In particular, we encourage you to review the risks and uncertainties described in the section titled \u201cRisk Factors\u201d under Part I, Item 1A in this Annual Report on Form 10-K. These risks and uncertainties could cause actual results to differ materially from those projected in forward-looking statements contained in this report or implied by past results and trends. Our fiscal year ends on March 31. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Overview Dynatrace combines broad and deep observability, continuous runtime application security, and advanced agentic AI operations to deliver answers and intelligence automation across IT operations, development, security, business, and executive teams. This unified approach enables organizations to optimize their rapidly evolving AI, cloud, and IT operations, accelerate secure software delivery, and improve digital performance. Our vision is a world where software works perfectly. Our customers include many of the world\u2019s largest enterprises which deploy the Dynatrace platform to support increasingly complex IT environments. As workloads scale and cybersecurity threats evolve, cloud modernization and rapid AI adoption have significantly increased data volume and complexity, rendering traditional monitoring or observability approaches insufficient for many organizations. We believe this positions Dynatrace to address a significant market opportunity through our differentiated platform, deep cloud ecosystem integrations, and trusted customer and partner relationships. We take Dynatrace to market through a combination of our global direct sales team and a network of partners, including GSIs, cloud providers, resellers and technology alliance partners. Dynatrace addresses customer needs at various scales and sizes, but our global direct sales team targets the largest 15,000 companies globally. We generate revenue primarily by selling subscriptions, which we define as SaaS agreements, term-based licenses, and maintenance and support agreements. The majority of our customers deploy Dynatrace as a SaaS solution to get the latest Dynatrace features and updates with greatly reduced administrative effort. We also provide options to deploy our platform in customer-provisioned infrastructure. Our DPS licensing model provides customers with a flexible, scalable, and transparent subscription for the modern cloud. Under the DPS licensing model, a customer makes a minimum annual spend commitment at the platform level and then consumes that commitment based on actual usage and a straightforward rate card. Any platform capability can be used in any quantity at any time based on the customer\u2019s evolving needs. The Dynatrace platform has been commercially available since 2016 and is the primary offering we sell. Fiscal 2026 Financial Highlights Our financial highlights for the year ended March 31, 2026 were: \u2022Our annual recurring revenue (\u201cARR\u201d) was $2,054 million as of March 31, 2026, which reflected 18% growth year-over-year; \u2022Our total revenue was $2,018 million, which reflected 19% growth year-over-year; \u2022Our subscription revenue was $1,930 million, which reflected 19% growth year-over-year; \u2022We delivered GAAP income from operations of $245 million and non-GAAP income from operations(1) of $592 million; and \u2022Our net cash provided by operating acti ITEM 1. BUSINESS Overview Dynatrace combines broad and deep observability, continuous runtime application security, and advanced agentic AI operations to deliver answers and intelligent automation across IT operations, development, security, business, and executive teams. This unified approach enables organizations to optimize their rapidly evolving AI, cloud, and IT operations, accelerate secure software delivery, and improve digital performance. Our vision is a world where software works perfectly. The Dynatrace platform is built to scale, partnering and integrating seamlessly into hybrid, multicloud ecosystems, including major hyperscalers such as Amazon Web Services (\u201cAWS\u201d), Microsoft Azure (\u201cAzure\u201d), and Google Cloud Platform (\u201cGCP\u201d), as well as traditional on-premises and mainframe solutions. Our customers include many of the world\u2019s largest enterprises which deploy the Dynatrace platform to support increasingly complex IT environments. As workloads scale and cybersecurity threats evolve, cloud modernization and rapid AI adoption have significantly increased data volume and complexity, rendering traditional monitoring and observability approaches insufficient for many organizations. We believe this positions Dynatrace to address a significant market opportunity through our differentiated platform, deep cloud ecosystem integrations, and trusted customer and partner relationships. Key Differentiators Dynatrace offers a fully integrated platform that brings together differentiated data, context, and intelligence layers. The Dynatrace platform\u2019s architecture is built for the scale and complexity of modern cloud and AI-driven observability and operations. We believe the Dynatrace platform is different from other offerings through three connected capabilities: \u2022Dynatrace has a unified data foundation. We store and consolidate all observability, security, and business data types, including logs, traces, metrics, real user data, events, sessions, and other tele ITEM 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Opera", "title": "DT - Dynatrace, Inc.", "url": "/company/DT/" }, { "kind": "company", "summary": "SIC 4922 Natural Gas Transmission; CIK 0001842022; latest 10-K filed 2026-02-19.", "text": "DTM - DT Midstream, Inc. SIC 4922 Natural Gas Transmission; CIK 0001842022; latest 10-K filed 2026-02-19. DTM DT Midstream, Inc. 0001842022 4922 Natural Gas Transmission Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This discussion contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about the midstream industry and our business and financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed in the sections entitled \"Forward-Looking Statements\" and \"Risk Factors.\" OVERVIEW Our Business We are an owner, operator, and developer of an integrated portfolio of natural gas midstream assets. We provide multiple, integrated natural gas services to customers through our Pipeline segment, which includes interstate pipelines, intrastate pipelines, storage systems, and gathering lateral pipelines, and through our Gathering segment. We also own joint venture interests in equity method investees which own and operate interstate pipelines that connect to our wholly owned assets. Our core assets strategically connect key demand centers in the Midwestern U.S., Eastern Canada and Northeastern U.S. regions to the premium production areas of the Marcellus/Utica natural gas formation in the Appalachian Basin and connect key demand centers and LNG export terminals in the Gulf Coast region to premium production areas of the Haynesville natural gas formation. We have an established history of stable, long-term growth with contractual cash flows from customers that include natural gas producers, local distribution companies, electric power generators, industrials, and national marketers. Our Strategy See discussion of our strategy under Part I, Items 1. and 2. \"Business and Properties\u2014Our Strategy\" of this Form 10-K. RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations includes financial information prepared in accordance with GAAP. The following sections discuss the operating performance and future outlook of our segments. Segment information includes intercompany revenues and expenses, as well as other income and deductions that are eliminated in the Consolidated Financial Statements. For purposes of the following discussion, any increases or decreases refer to the comparison of the year ended December 31, 2025 to the year ended December 31, 2024, or the year ended December 31, 2024 to the year ended December 31, 2023, as applicable. The following table summarizes our consolidated financial results: [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"Year Ended December 31,\"],[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"\",\"\",\"(millions, except per share amounts)\"],[\"Operating revenues\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"$\",\"1,243\",\"\",\"\",\"$\",\"981\",\"\",\"\",\"$\",\"922\"],[\"Net Income Attributable to DT Midstream\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"441\",\"\",\"\",\"354\",\"\",\"\",\"384\"],[\"Diluted Earnings per Common Share\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"$\",\"4.30\",\"\",\"\",\"$\",\"3.60\",\"\",\"\",\"$\",\"3.94\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"Year Ended December 31,\"],[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"\",\"\",\"\",\"(millions)\"],[\"Net Income Attributable to DT Midstream\"],[\"Pipeline\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"$\",\"370\",\"\",\"\",\"$\",\"276\",\"\",\"\",\"$\",\"278\"],[\"Gathering\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"71\",\"\",\"\",\"78\",\"\",\"\",\"106\"],[\"Total\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"$\",\"441\",\"\",\"\",\"$\",\"354\",\"\",\"\",\"$\",\"384\"]] [[/GREPCENT_TABLE]] 42 Pipeline The Pipeline segment consists of our interstate pipelines, intrastate pipelines, storage systems, gathering lateral pipelines and compression and surface facilities. This segment also includes our equity method investments. The Midwest Pipeline Acquisition assets and results of operations after the December 31, 2024 acquisition date are presented in o Item 1A. Risk Factors You should carefully consider the following risks and other information in this Form 10-K. Any of the following risks and uncertainties could materially adversely affect our business, financial condition and results of operations. Risks Relating to Our Business Operational Risks Any significant decrease in production or in demand of natural gas in our asset footprint could materially adversely affect our business, financial condition and results of operations. Our business is dependent on the continued availability of and demand for natural gas in our areas of operation, which include the Midwestern U.S., Canada, Northeastern U.S. and Gulf Coast regions. To maintain or increase the contracted capacity or the volume of natural gas gathered, transported and stored on our systems and cash flows associated therewith, our customers must continually obtain adequate supplies of natural gas. If new supplies of natural gas are not obtained to replace the natural decline in volumes from existing supply basins in our areas of operation, or if natural gas supplies are diverted to serve other markets, the overall volume of natural gas gathered, transported and stored on our systems would decline. The primary factors affecting our ability to obtain sources of natural gas include (i) the level of successful drilling activity near our systems, (ii) our ability to compete for volumes from successful new wells and (iii) our ability to compete successfully for volumes from sources connected to other pipelines. A reduction in the natural gas volumes supplied by producers for any of the factors mentioned above as well as national, regional, local, economic and political factors, including tariffs and periods of changing inflation, could result in reduced throughput on our systems and corresponding service revenues, which could materially adversely affect our business, financial condition and results of operations. In addition, demand for our services is depe", "title": "DTM - DT Midstream, Inc.", "url": "/company/DTM/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001562088; latest 10-K filed 2026-02-27.", "text": "DUOL - Duolingo, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001562088; latest 10-K filed 2026-02-27. DUOL Duolingo, Inc. 0001562088 7372 Services-Prepackaged Software Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and related notes included elsewhere in this Annual Report on Form 10-K. The following discussion contains forward-looking statements, such as those relating to our plans, objectives, expectations, intentions, and beliefs, that involve risks, uncertainties and assumptions. Our actual results could differ materially from these forward-looking statements as a result of many factors, including those discussed in Part I, Item 1A. \u201cRisk Factors,\u201d \u201cSpecial Note Regarding Forward-Looking Statements,\u201d and included elsewhere in this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any periods in the future. Amounts reported in millions are rounded based on the amounts in thousands. As a result, the sum of the components reported in millions may not equal the total amount reported in millions due to rounding. In addition, percentages presented are calculated from the underlying numbers in thousands and may not add to their respective totals due to rounding. Overview Our flagship app has organically become the world\u2019s most popular way to learn languages and the top-grossing Education app in the App Stores, offering over 250 total language courses to over 130 million monthly active users for the three months ended December 31, 2025. We believe that we have become the preeminent online destination for language learning due to our beautifully designed products, exceptional user engagement, and demonstrated learning efficacy. Our Business Model 58 Table of Contents How We Generate Revenue We use a freemium business model that relies on premium subscription offerings, advertising, and in-app-purchases (IAPs) to produce revenue. We believe the following key attributes of our freemium subscription business model are core to our success. \u2022Large Market: There is an enormous pool of potential language learners globally that HolonIQ estimates at approximately 2 billion people. \u2022Free Users: Since the majority of our learning content is not behind a paywall, anyone can download the Duolingo App, use it for as long as they like, and complete any of our courses free of charge. Our users are composed of both new and reengaged users, which we draw from a large market of learners. We also work to keep existing users engaged in the product. This has allowed us to scale to more than 130 million MAUs for the three months ended December 31, 2025. We have seen these millions of learners provide two benefits to our business model: \u25e6They become advocates for Duolingo and support our growth through positive word-of-mouth for our product, which enables us to make very selective, efficient, and targeted marketing investments. \u25e6Our users complete nearly 2 billion exercises every day, generating large amounts of data that powers our high-volume A/B testing and novel AI techniques. We use this data and the insights that come from it to continually improve both engagement and efficacy. \u2022Paid Subscriber Conversion: We convert free users to paid subscribers over time. We see stronger conversion from users that recently joined or reengage with the platform, but also see learners who use our product for months or even years before they decide to subscribe. This allows us to enjoy economic benefits from users well into their tenure on the platform. As of December 31, 2025, subscribers made up 9.2% of our average MAUs over the last twelve months as compared to 8.8% of our average MAUs during the year ended December 31, 2024. Subscription Our subscription offerings as of the date of this filing are called Super Duolingo and Duolingo Max. Super Duolingo offers learners additional features to enhance their learning experience. Duolingo M Item 1. Business Our mission is to develop the best education in the world and make it universally available. Although education can open the door to economic opportunity, it is also among the principal sources of inequality: the privileged can get the best education in the world, while those with fewer resources, especially in developing countries, may not be able to get even basic schooling. That is why we started Duolingo. We believe that everyone, regardless of how wealthy they are, should have access to high quality education. And today, the technology necessary to enable this is in the hands of billions of people, in the form of a smartphone. At Duolingo, we build products native to the smartphone\u2014bite-sized, on-demand and engaging\u2014to make learning accessible and effective, opening doors for everyone alike. Who We Are Duolingo is a technology company founded by two engineers, Luis von Ahn and Severin Hacker. Luis and Severin met at Carnegie Mellon University, where Luis was a professor in the Computer Science Department and Severin was his Ph.D. student. Luis, a MacArthur Fellow, grew up in Guatemala and witnessed firsthand the tremendous impact that access to high quality education can have on people\u2019s lives. Luis and Severin bonded over the dream of building an intelligent learning system informed by massive amounts of user engagement data that could deliver superior learning outcomes. Our team, which as of December 31, 2025, consisted of more than 900 passionate employees, including more than 430 engineers, aims to build the most sophisticated education platform in the world. We believe that by combining modern technology, the very best talent, and a mission-driven approach, we can create better learning experiences and meaningful improvements in efficacy. Our products are powered by sophisticated data analytics and AI and delivered with world-class art, animation, and design to make it easier for learners to stay motivated, master new material, and ac Item 1A. Risk Factors Our business, operations and financial results are subject to various risks and uncertainties that could materially adversely affect our business, financial condition, results of operations and the trading price of our Class A common stock. You should carefully consider the risks and uncertainties described below, togethe", "title": "DUOL - Duolingo, Inc.", "url": "/company/DUOL/" }, { "kind": "company", "summary": "SIC 1623 Water, Sewer, Pipeline, Comm & Power Line Construction; CIK 0000067215; latest 10-K filed 2026-03-09.", "text": "DY - DYCOM INDUSTRIES INC SIC 1623 Water, Sewer, Pipeline, Comm & Power Line Construction; CIK 0000067215; latest 10-K filed 2026-03-09. DY DYCOM INDUSTRIES INC 0000067215 1623 Water, Sewer, Pipeline, Comm & Power Line Construction Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis should be read in conjunction with our consolidated financial statements and the accompanying notes, as well as Part I, Item 1. Business, and Part I, Item 1A. Risk Factors, of this Annual Report on Form 10-K. 24 Table of Contents Introduction We are a leading provider of specialty contracting services focused on the digital infrastructure, telecommunications and utilities industries throughout the United States. These services include program management, planning, engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services for telecommunications and digital infrastructure providers. We also provide underground facility locating services for various utilities, including telecommunications providers, as well as other construction and maintenance services for electric and gas utilities. Additionally, we provide comprehensive building infrastructure solutions, including electrical, energy management, security, and fire safety systems for data centers and other critical facilities. We supply the labor, tools, and equipment necessary to provide these services to our customers. Demand for high-speed and low-latency connectivity is expanding, driven by data-intensive applications and mobile usage, necessitating extensive wireline network upgrades and extensions, new and expanding fiber and electrical infrastructure for data centers to meet the current and future needs of cloud compute, AI and advanced wireless network deployments. This widespread need for expanded and enhanced connectivity fuels significant opportunities within the digital infrastructure industry. Our relationships, national footprint, and ability to manage increasingly complex services differentiate us and we are confident in our ability to capitalize on industry opportunities. Our strategy centers on our core maintenance and operations services which provide a strong foundation to capitalize on other drivers of demand for digital infrastructure. These include multi-year fiber-to-the-home deployments throughout the United States, increasing fiber and electrical infrastructure builds to support hyperscaler data center growth, continued state and federal program spending to bridge the digital divide and wireless network modernization programs to meet increasing digital demands. The cyclical nature of the industries we serve affects demand for our services, and our contract revenues and results of operations exhibit seasonality as a significant portion of our Communications segment work is performed outdoors. The capital expenditure and maintenance budgets of our customers, and the related timing of approvals and seasonal spending patterns, influence our contract revenues and results of operations. Factors affecting our customers and their capital expenditure budgets include, but are not limited to, overall economic conditions, the introduction of new technologies, our customers\u2019 debt levels and capital structures, our customers\u2019 financial performance, and our customers\u2019 positioning and strategic plans. Other factors that may affect our customers and their capital expenditure budgets include the availability of state and federal funding, the implementation or enforcement of regulations or regulatory actions impacting our customers\u2019 businesses, merger or acquisition activity involving our customers, and the physical maintenance needs of our customers\u2019 infrastructure. Customer Relationships and Contractual Arrangements We have established relationships with many leading telecommunications providers, including telephone companies, cable multiple system operators, wireless carriers, telecommunications equipment and infrastructure providers, as well as electric and gas utilities and many leading general contractors specializing in data center construction. Our customer base is highly c Item 1. Business. Dycom Industries, Inc. (\u201cDycom,\u201d the \u201cCompany,\u201d \u201cwe,\u201d or \u201cus\u201d) is a leading provider of specialty contracting services focused on the digital infrastructure, telecommunications and utilities industries throughout the United States. Since our incorporation in the State of Florida in 1969, we have expanded our scope and service offerings organically and through acquisitions. Today, Dycom is made up of 38 operating companies that serve a diverse customer base across all 50 states from hundreds of field offices. Our deep industry knowledge, strong customer relationships, broad geographic presence and skilled workforce provide the scale needed to quickly execute on opportunities to service existing and new customers throughout urban and rural America. Dycom\u2019s operating companies provide a comprehensive portfolio of specialty services, including program management, planning, engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services. We also provide underground facility locating services for various utilities, including telecommunications providers, as well as other construction and maintenance services for electric and gas utilities. Additionally, with the acquisition of Power Solutions, LLC (\u201cPower Solutions\u201d) in the fourth quarter of fiscal 2026, we provide comprehensive building infrastructure solutions, including electrical, energy management, security, and fire safety systems for data centers and other critical facilities. Dycom supplies the expertise, labor, equipment, and tools necessary to provide services to our customers. Reportable Segments The Company\u2019s operations are organized in two reportable segments: Communications and Building Systems. Communications Segment The Communications segment is comprised of multiple operating segments which are managed on a decentralized basis, where each operating segment consists of a subsidiary (or in certain instances, the combination of two or more Item 1A. Risk Factors. Our business is subject to a variety of risks and uncertainties, including, but not limited to, the risks and uncertainties described below. You should read the following risk factors carefully in connection with evaluating our business and the forward-lookin", "title": "DY - DYCOM INDUSTRIES INC", "url": "/company/DY/" }, { "kind": "company", "summary": "SIC 6099 Functions Related To Depository Banking, NEC; CIK 0001029199; latest 10-K filed 2026-02-26.", "text": "EEFT - EURONET WORLDWIDE, INC. SIC 6099 Functions Related To Depository Banking, NEC; CIK 0001029199; latest 10-K filed 2026-02-26. EEFT EURONET WORLDWIDE, INC. 0001029199 6099 Functions Related To Depository Banking, NEC Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the consolidated financial statements and accompanying notes included elsewhere in this Annual Report on Form 10-K. This section of the Form 10-K generally discusses 2025 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Company Overview, Geographic Locations and Principal Products and Services Euronet is a leading financial technology solutions and payments provider. We offer payment and transaction processing and distribution solutions to financial institutions, retailers, service providers and individual consumers. Our primary product offerings include comprehensive ATM, POS, card outsourcing, card issuing and merchant acquiring services, software solutions, electronic distribution of prepaid mobile airtime and other electronic payment products, foreign currency exchange services and global money transfer services. We operate in the following three segments: 1) Our Electronic Funds Transfer (EFT) segment meets the needs of financial institutions and consumers through Euronet-owned and outsourced ATMs and POS terminals combined with value added and transaction processing services. We deploy and operate our own ATMs, providing ATM services for financial institutions and providing electronic payment processing solutions. EFT offers a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems. Transactions processed span a network of 56,818 ATMs, as of December 31, 2025, and approximately 610,000 POS terminals. 30 2) Our epay segment provides retail payment solutions and delivers innovative connections between the digital content of the world\u2019s leading brands and consumers. epay has one of the largest retail networks across Europe and Asia for the distribution of physical and digital third-party content, including branded payments, mobile, and alternative payments, partnering with 1,000+ of the world\u2019s leading brands. In addition, through our own products, we have leveraged our technology to solve business challenges, delivering scalable solutions to drive efficiency and effectiveness. Our comprehensive range of consumer products simplifies transactions and provides financial convenience across a wide range of branded payments. epay operates in 66 countries. We operate a network that includes approximately 749,000 POS terminals that enable electronic processing of prepaid mobile airtime \"top-up\" services and other digital media content. 3) Our Money Transfer segment provides global money transfers and currency exchange information in retail stores, apps, and websites through Ria Money Transfer, Xe and the Dandelion cross-border real-time payments network. Euronet\u2019s Money Transfer segment offers real-time, cross-border payments to consumers and businesses across 207 countries and territories, enabling banks, fintechs and big tech platforms to integrate an international payments solution into their own platforms. Ria Money Transfer offers real-time international money transfers with a special focus on emerging markets. In addition, Ria offers safe and affordable money transfers through a global network of cash locations and online. Xe offers web and app-based currency information and industry-leading consumer and business cross-border money transfer services. Customers can send money, buy property overseas, and execute other international payments via the Xe website or app. Dandelion offers consumer and business transaction processing and fulfillment with alternative Item 1. Business References in this report to \"we,\" \"our,\" \"us,\" the \"Company\" and \"Euronet\" refer to Euronet Worldwide, Inc. and its subsidiaries unless the context indicates otherwise. Business Overview General Overview Euronet is a leader in electronic payment and transaction processing solutions for Financial Institutions, Retailers, Service Providers, and Individual Consumers utilizing our global payments network, platforms, and technologies. Through a collection of diverse technologies and services, our business segments and solutions meet a wide variety of payments requirements and process transactions throughout the world. We move money in all the ways the world depends on. With a global footprint, we provide compliant solutions that make financial transactions easier, faster, and secure. Core Business Segments We operate in the following three segments as of December 31, 2025: Electronic Funds Transfer (\"EFT\") Segment Our Electronic Funds Transfer (\"EFT\") segment meets the needs of financial institutions and consumers through Euronet-owned and outsourced Automated Teller Machines (\"ATMs\") and Point-of-Sale (\"POS\") terminals combined with value added and transaction processing services. We deploy and operate our own ATMs, providing ATM services for financial institutions and providing electronic payment processing solutions. EFT offers a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems. Transactions processed span a network of 56,818 ATMs, as of December 31, 2025, and approximately 610,000 POS terminals. In 2025, the EFT Processing Segment accounted for approximately 30% of Euronet's consolidated revenues. epay Segment Our epay segment provides retail payment solutions and delivers innovative connections between the digital content of the world\u2019s leading brands and consumers. epay has one of the largest retail networks across Europe and Asia Pacific for the distribution Item 1A. Risk Factors Our operations are subject to a number of risks and uncertainties, including those described below. You should carefully consider the risks described below before making an investment decision. The risks and uncertainties described below are not necessarily organized in order", "title": "EEFT - EURONET WORLDWIDE, INC.", "url": "/company/EEFT/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000049600; latest 10-K filed 2026-02-11.", "text": "EGP - EASTGROUP PROPERTIES INC SIC 6798 Real Estate Investment Trusts; CIK 0000049600; latest 10-K filed 2026-02-11. EGP EASTGROUP PROPERTIES INC 0000049600 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis of results of operations and financial condition should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Annual Report on Form 10-K. OVERVIEW EastGroup\u2019s goal is to maximize shareholder value by being a leading provider in its markets of functional, flexible and quality business distribution space for location-sensitive customers (primarily in the 20,000 to 100,000 square foot range). The Company develops, acquires and operates distribution facilities, the majority of which are clustered around major transportation features in supply-constrained submarkets in high-growth regions. The Company\u2019s core markets are in the states of Texas, Florida, California, Arizona and North Carolina. During 2025, economic uncertainty and stock market volatility continued due to a number of factors, including persistent inflation, interest rate uncertainty, concerns about tariffs, supply chain or trade disruptions and geopolitical conflict. While these factors did not have a significant adverse impact on EastGroup\u2019s operations during 2025, they may adversely impact the Company in the future. Most of the Company\u2019s leases require the tenants to pay their pro rata share of operating expenses, including real estate taxes, insurance and common area maintenance, thereby reducing the Company\u2019s exposure to increases in operating expenses resulting from inflation or other factors. Additionally, most of the Company\u2019s leases include scheduled rent increases. In the event inflation causes increases in the Company\u2019s general and administrative expenses, or higher interest rates increase the Company\u2019s cost of doing business, such increased costs would not be passed through to tenants and could adversely affect the Company\u2019s results of operations. The Company continues to monitor inflation and interest rates, as well as the uncertainty resulting from the overall regulatory and economic environment. EastGroup believes its current operating cash flow and unsecured bank credit facilities provide the capacity to fund the operations of the Company, and the Company also believes it can issue common and/or preferred equity and obtain debt financing on currently acceptable terms. During 2025, EastGroup sold, and subsequently settled the issuance of, 33,120 shares of common stock directly through sales agents under its at-the-market (\u201cATM\u201d) common stock offering programs at a weighted average price of $183.15 per share, providing aggregate net proceeds to the Company of $6,005,000. During 2025, EastGroup entered into forward equity sale agreements with certain financial institutions acting as forward counterparties under its ATM programs with respect to 1,063,825 shares of common stock with an initial weighted average forward price of $181.89 per share. The Company did not receive any proceeds from the sale of common shares by the forward counterparties at the time it entered into forward equity sale agreements. Also during 2025, the Company settled outstanding forward equity sale agreements that were previously entered into by issuing 1,449,078 shares of common stock in exchange for net proceeds of approximately $258,066,000. During 2025, EastGroup also closed $250,000,000 of unsecured debt with a weighted average effectively fixed interest rate of 4.13%. EastGroup\u2019s financing and equity issuances are further described in Liquidity and Capital Resources. The Company\u2019s primary source of revenue is rental income. During 2025, EastGroup executed leases on 9,270,000 square feet of operating properties (15.1% of EastGroup\u2019s total square footage of 61,561,000 as of December 31, 2025). For new and renewal leases signed during 2025, average rental rates increased by 40.1% as compared to the former leases on the same spaces. On a diluted per share basis, Net Income Attrib ITEM 1. BUSINESS. The Company EastGroup Properties, Inc., which we refer to in this Annual Report as the \u201cCompany,\u201d \u201cEastGroup,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour,\u201d is an internally-managed equity REIT first organized in 1969. EastGroup is focused on the development, acquisition and operation of industrial properties in high-growth markets throughout the United States, primarily in the states of Texas, Florida, California, Arizona and North Carolina. EastGroup\u2019s strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply-constrained submarkets. EastGroup is a Maryland corporation, and its common stock is publicly traded on the New York Stock Exchange (\u201cNYSE\u201d) under the symbol \u201cEGP.\u201d The Company has elected to be taxed and intends to continue to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the \u201cInternal Revenue Code\u201d). Available Information The Company maintains a website at www.eastgroup.net. The Company posts to its website all of the reports it files or furnishes with the Securities and Exchange Commission (the \u201cSEC\u201d) pursuant to the Exchange Act, including its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and the exhibits and amendments to those reports, as soon as reasonably practicable after it electronically files or furnishes such materials to the SEC. In addition, the Company\u2019s website includes items related to corporate governance matters, including, among other things, the Company\u2019s corporate governance guidelines, charters of various committees of the Board of Directors, the Company's whistleblower program and the Company\u2019s code of ethics and business conduct applicable to all employees, officers and directors. The Company intends to disclose on its website any amendment to, or waiver of, any provision of this code of business conduct and ethics applicable to the Company\u2019s directors and executive officers that wo ITEM 1A. RISK FACTORS. In addition to the other information contained or incorporated by reference in this document, readers should carefully consider the following risk factors. Any of these risks or the occurrence of any one or more of the uncertainties described below could have a material adverse effect on the Company\u2019s fina", "title": "EGP - EASTGROUP PROPERTIES INC", "url": "/company/EGP/" }, { "kind": "company", "summary": "SIC 8060 Services-Hospitals; CIK 0000785161; latest 10-K filed 2026-02-26.", "text": "EHC - Encompass Health Corp SIC 8060 Services-Hospitals; CIK 0000785161; latest 10-K filed 2026-02-26. EHC Encompass Health Corp 0000785161 8060 Services-Hospitals Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) should be read in conjunction with the accompanying consolidated financial statements and related notes. This MD&A is designed to provide the reader with information that will assist in understanding our consolidated financial statements, the changes in certain key items in those financial statements from year to year, and the primary factors that accounted for those changes, as well as how certain accounting principles affect our consolidated financial statements. See \u201cCautionary Statement Regarding Forward-Looking Statements and Summary of Risk Factors\u201d on page ii of this report, which is incorporated herein by reference, for a description of important factors that could cause actual results to differ from expected results. See also Item 1A, Risk Factors. In addition, management\u2019s discussion and analysis of our results of operations and cash flows for the year ended December 31, 2024 compared to the year ended December 31, 2023 may be found in Part II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 28, 2025. Executive Overview Our Business We are the nation\u2019s largest owner and operator of inpatient rehabilitation hospitals in terms of patients treated, revenues, and number of hospitals. We provide specialized rehabilitative treatment, using advanced technology and intensive therapy, on an inpatient basis for patients recovering from a major injury or illness and seeking to regain functional ability, independence and quality of life. We operate hospitals in 39 states and Puerto Rico, with concentrations in Florida and Texas. As of December 31, 2025, we operated 173 inpatient rehabilitation hospitals. For additional information about our business, see Item 1, Business, and Item 1A, Risk Factors, of this report. 2025 Overview During 2025, Net operating revenues increased 10.5% over 2024 due primarily to volume growth and increased pricing. See the \u201cResults of Operations\u201d section of this Item for additional volume and pricing information. We continued our development and expansion efforts in 2025. We: \u2022began operating our new 40-bed inpatient rehabilitation hospital in Athens, Georgia with our joint venture partner Piedmont in March; \u2022began operating our new 60-bed inpatient rehabilitation hospital in Fort Myers, Florida with our joint venture partner Lee Healthcare Holdings, LLC in May; \u2022began operating our new 50-bed inpatient rehabilitation hospital in Daytona Beach, Florida in July; \u2022began operating our new 40-bed inpatient rehabilitation hospital in Danbury, Connecticut in September; \u2022began operating our new 50-bed inpatient rehabilitation hospital in St. Petersburg, Florida in October; \u2022began operating our new 50-bed inpatient rehabilitation hospital in Amarillo, Texas with our joint venture partner BSA Health System in November; \u2022began operating our new 50-bed inpatient rehabilitation hospital in Lake Worth, Florida in December; \u2022expanded our capacity by adding 177 new beds to existing hospitals (inclusive of our new 50-bed remote inpatient rehabilitation hospital in Wildwood, Florida (The Villages) which began operating in September); and 50 \u2022announced or continued the development of the following hospitals: [[GREPCENT_TABLE]] [[\"\",\"Expected open date\",\"Number of New Beds\"],[\"\",\"2026\",\"2027\"],[\"De novo projects(1)\"],[\"Irmo, South Carolina\",\"1Q26\",\"49\",\"\\u2014\"],[\"Concordville, Pennsylvania\",\"2Q26\",\"50\",\"\\u2014\"],[\"Loganville, Georgia(2)\",\"2Q26\",\"40\",\"\\u2014\"],[\"Norristown, Pennsylvania\",\"3Q26\",\"50\",\"\\u2014\"],[\"San Antonio, Texas\",\"4Q26\",\"50\",\"\\u2014\"],[\"Bangor, Maine\",\"4Q26\",\"50\",\"\\u2014\"],[\"Avondale, Arizona\",\"4Q26\",\"60\",\"\\u2 Item 1.Business Overview of the Company General We are the nation\u2019s largest owner and operator of inpatient rehabilitation hospitals in terms of patients treated, revenues, and number of hospitals. We provide specialized rehabilitative treatment, using advanced technology and intensive therapy, on an inpatient basis for patients recovering from a major injury or illness and seeking to regain functional ability, independence and quality of life. We operate hospitals in 39 states and Puerto Rico, with concentrations in Florida and Texas. As of December 31, 2025, we operated 173 inpatient rehabilitation hospitals. We are committed to delivering high-quality, cost-effective patient care. For 2025, we were named America\u2019s Most Awarded Leader in Inpatient Rehabilitation by Newsweek and Statista and ranked among Fortune\u2019s World\u2019s Most Admired Companies\u2122 and Forbes\u2019 Most Trusted Companies in America. Our common stock is traded on the New York Stock Exchange (symbol \u201cEHC\u201d). Our principal executive offices are located at 9001 Liberty Parkway, Birmingham, Alabama 35242, and the telephone number of the principal executive offices is (205) 967-7116. Our website address is www.encompasshealth.com. In addition to the discussion here, we encourage the reader to review Item 1A, Risk Factors, Item 2, Properties, and Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, which highlight additional considerations about our Company. The table below provides selected operating and financial data. [[GREPCENT_TABLE]] [[\"\",\"As of or for the Year Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Consolidated data:\",\"(Actual Amounts)\"],[\"Inpatient rehabilitation:\"],[\"Number of hospitals\",\"173\",\"\",\"166\",\"\",\"161\"],[\"Discharges\",\"263,299\",\"\",\"248,498\",\"\",\"229,480\"],[\"Number of licensed beds\",\"11,465\",\"\",\"11,094\",\"\",\"10,778\"],[\"Net operating revenues:\",\"\",\"(In Millions)\"],[\"Inpatient\",\"$\",\"5,756.3\",\"\",\"\",\"$\",\"5,230.5\",\"\",\"\",\"$\",\"4,693.8\"],[\"Othe Item 1A.Risk Factors Our business, operations, and financial position are subject to various risks. Some of these risks are described below, and the reader should take such risks into account in evaluating Encompass Health or any investment decision involving Encompass Health. This section does not describe all risks that may be applicable to us, our industr", "title": "EHC - Encompass Health Corp", "url": "/company/EHC/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001739104; latest 10-K filed 2026-02-24.", "text": "ELAN - Elanco Animal Health Inc SIC 2834 Pharmaceutical Preparations; CIK 0001739104; latest 10-K filed 2026-02-24. ELAN Elanco Animal Health Inc 0001739104 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Introduction Management\u2019s discussion and analysis of financial condition and results of operations (MD&A) is intended to assist the reader in understanding and assessing significant changes and trends related to our results of operations and financial position. This discussion and analysis should be read in conjunction with the consolidated financial statements and accompanying footnotes in Item 8 of Part II of this Form 10-K. Certain statements in this Item 7 of Part II of this Form 10-K constitute forward-looking statements. Various risks and uncertainties, including, but not limited to those discussed in \"Forward-Looking Statements and Risk Factor Summary\" and Item 1A. Risk Factors, may cause our actual results, financial position and cash flows to differ materially from these forward-looking statements. Business Overview Elanco is a global leader in animal health, dedicated to innovating and delivering products and services to prevent and treat disease in farm animals and pets. We partner with farmers, pet owners, veterinarians and society to create value and help our customers improve the health of animals in their care, while also making a meaningful impact on the communities we serve. Our diverse, durable product portfolio is sold in more than 90 countries and serves animals across many species, primarily: dogs and cats (collectively, pet health) and cattle, poultry, swine and sheep (collectively, farm animal). Our purpose \u2013 making life better for animals makes life better \u2013 inspires us to Go Beyond for animals, our customers, our people and society. With a heritage dating back to 1954, we operate our business in a single segment within the animal health industry, offering a diverse product portfolio of approximately 200 brands, which helps make us a trusted partner to pet owners, veterinarians and farm animal producers. Our products are generally sold worldwide to third-party distributors and independent retailers and directly to farm animal producers and veterinarians. Our omnichannel presence extends to both the veterinary clinic and retail markets, including e-commerce. Product Development and Regulatory Update A key element of our targeted value creation strategy is to drive revenue growth through portfolio development and product innovation. We continue to pursue the development of new chemical and biological molecules, as well as additional registrations and indications for current products. Our future growth and success depend on both our pipeline of new products, including new products we develop internally, with partners or obtain through licenses or acquisitions, and the life cycle management of our existing products. We believe we are an industry leader in animal health R&D, with a track record of successful product innovation, business development and commercialization. New product development, regulatory and product launch highlights throughout 2024 and 2025 include the following: Bovaer: In May 2024, the FDA completed its comprehensive, multi-year review of Bovaer (3-NOP), a first-in-class methane-reducing feed ingredient for use in lactating dairy cattle. Producers began feeding the product to cattle in the U.S. during the third quarter of 2024. Zenrelia: We received final FDA approval for Zenrelia, a JAK inhibitor targeting control of pruritus and atopic dermatitis in dogs, in September 2024. We launched Zenrelia in the U.S. shortly after final approval and have also received approval for Zenrelia in Australia, Brazil, Canada, the EU, Japan and the U.K. Additional reviews are ongoing in other markets. Credelio Quattro: In October 2024, we received final FDA approval for Credelio Quattro, a monthly chewable tablet for dogs that protects against fleas, ticks, heartworms, roundworms, hookworms and three different species of tapeworms. Credelio Quattro was launched in January 2025, and in December 2025 we ITEM 1. BUSINESS Overview Elanco Animal Health Incorporated and its subsidiaries (collectively, Elanco, the Company, we, us, or our) is a global leader in animal health, dedicated to innovating and delivering products and services to prevent and treat disease in farm animals and pets. We partner with farmers, pet owners, veterinarians and society to create value and help our customers improve the health of animals in their care, while also making a meaningful impact on the communities we serve. Our diverse, durable product portfolio is sold in more than 90 countries and serves animals across many species, primarily: dogs and cats (collectively, pet health) and cattle, poultry, swine and sheep (collectively, farm animal). Our purpose \u2013 making life better for animals makes life better \u2013 inspires us to Go Beyond for animals, our customers, our people and society. Go Beyond for Animals \u2013 Our strong portfolio, high-impact innovation, unique market approach and dedication to making life better allow us to go beyond for animals to address critical health needs and increase access to health products and services. Go Beyond for Customers \u2013 Our ability to reach the world's animals, along with our customer promise, to advocate, earn trust and solve big challenges to create value, allows us to go beyond for our customers, unlocking economic value for producers through science-based, scalable and sustainable solutions and supporting the professional wellness of veterinarians. Go Beyond for Our People \u2013 Our unique, purpose-driven culture encourages ownership, growth and wellbeing. We go beyond for our people by recruiting, retaining and empowering the workforce of the future, encouraging all of our people to operate like owners: ethically, safely and efficiently. Go Beyond for Society \u2013 Our commitment to improving the health of people through animals, delivering reliable products and safeguarding the food system allows us to go beyond for society by ensuring the health and ITEM 1A. RISK FACTORS Our business, financial condition and results of operations are subject to various risks, including but not limited to the risks described below. If any of such risks actually materializes, our business, financial condition and results of operations could be materially adversely affected. Risks Related", "title": "ELAN - Elanco Animal Health Inc", "url": "/company/ELAN/" }, { "kind": "company", "summary": "SIC 2844 Perfumes, Cosmetics & Other Toilet Preparations; CIK 0001600033; latest 10-K filed 2026-05-21.", "text": "ELF - e.l.f. Beauty, Inc. SIC 2844 Perfumes, Cosmetics & Other Toilet Preparations; CIK 0001600033; latest 10-K filed 2026-05-21. ELF e.l.f. Beauty, Inc. 0001600033 2844 Perfumes, Cosmetics & Other Toilet Preparations Item 7. Management\u2019s discussion and analysis of financial condition and results of operations. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. Unless otherwise stated, the following discussion and analysis are for the fiscal year ended March 31, 2026, compared to the fiscal year ended March 31, 2025. Discussion and analysis for the fiscal year ended March 31, 2025 compared to the year ended March 31, 2024 may be found in the section titled \u201cManagement\u2019s discussion and analysis of financial condition and results of operations\u201d in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, filed with the SEC on May 29, 2025. Overview and Business Trends e.l.f. Beauty, Inc., a Delaware corporation (\u201ce.l.f. Beauty\u201d and together with its subsidiaries, the \u201cCompany\u201d), is a multi-brand beauty company that offers inclusive, accessible, clean, vegan and cruelty free cosmetics and skin care products. The Company's mission is to make the best of beauty accessible to every eye, lip and face. We believe our ability to deliver cruelty free, clean, vegan and premium-quality products at accessible prices with broad appeal differentiates us in the beauty industry. Additionally, we believe the combination of our passionate team of owners, value proposition, powerhouse innovation, disruptive marketing engine and productivity model have positioned us well to navigate the competitive beauty market. The Company's family of brands consists of e.l.f. Cosmetics, e.l.f. SKIN, rhode, Naturium, and Well People. The Company's brands are available online and across leading beauty, mass-market and specialty retailers. The Company has strong relationships with its retail customers such as Target, Walmart, Amazon, Sephora and other leading retailers that have enabled the Company to expand distribution both domestically and internationally. For additional information regarding our business, see Part I, Item 1, \u201cBusiness.\u201d Update on Tariffs The majority of our products are sourced and manufactured in China and have been subject to a US 25% tariff since May 2019. Throughout 2025 we were subject to a range of tariff rates on imports from China ranging from 25% to as high as 170%. On July 31, 2025, the US administration issued a formal Executive Order modifying the reciprocal tariff regime under the IEEPA. However, in February 2026, the Supreme Court of the United States ruled that the IEEPA does not authorize the US administration to impose tariffs, and the tariffs paid by importers under the Executive Order are subject to refund. We are evaluating the impact of the Supreme Court ruling and the subsequent order issued by the CIT, and are monitoring related developments from the CBP regarding its plan to process refunds to importers of record, including the launch on April 20, 2026 of the CBP's Consolidated Administration and Processing of Entries (\u201cCAPE\u201d) system for submitting refund claims, as well as the administration\u2019s decision on whether or not to appeal the CIT\u2019s order. Effective February 24, 2026, the US administration has imposed a 10% global tariff under Section 122 of the Trade Act of 1974 that could remain in place for up to 150 days, and may, by legislative action, be extended. Multiple legal challenges to the Section 122 tariffs have been filed, and on May 7, 2026, the U.S. Court of International Trade ruled that the Section 122 tariffs are unlawful; however, the court's injunction applies only to the named plaintiffs, and the tariffs remain in effect for all other importers pending appeal. During the fiscal year 2026, the Company paid approximately $58.5 million of IEEPA Tariffs. These tariffs, as well as a government\u2019s adoption of \u201cbuy national\u201d and similar policies or retaliation by another government against such tariffs or polic Item 1. Business. Overview e.l.f. Beauty, Inc. (\u201ce.l.f. Beauty\u201d and together with our subsidiaries, the \u201cCompany,\u201d or \u201cwe\u201d) is a multi-brand beauty company that offers inclusive, accessible, clean, vegan and cruelty free cosmetics and skin care products. \u2022Our Vision. To be a different kind of beauty company by building brands that disrupt industry norms, shape culture and connect communities through positivity, inclusivity and accessibility. \u2022Our Mission. We make the best of beauty accessible to every eye, lip and face. \u2022Our Purpose. We make the world a better place for every eye, lip and face. Our Brands Our family of brands consists of e.l.f. Cosmetics, e.l.f. SKIN, rhode, Naturium and Well People. We transferred the Keys Soulcare brand to Alicia Keys in May 2026 and it is no longer part of our brand portfolio. Our brands are available online and across leading beauty, mass-market and specialty retailers. We have strong relationships with our retail customers such as Target, Walmart, Amazon, Sephora and other leading retailers that have enabled us to expand distribution both domestically and internationally. 2 Table of Contents [[GREPCENT_TABLE]] [[\"e.l.f. Cosmetics\",\"e.l.f. Cosmetics, our global flagship brand, makes the best of beauty accessible to every eye, lip and face by bringing together the best of beauty, culture and entertainment. Our superpower is delivering universally appealing, premium quality products at accessible prices that are e.l.f. clean and vegan, all double-certified by Leaping Bunny and PETA as cruelty-free. We are proud to have products made in Fair Trade Certified\\u2122 facilities.\"],[\"e.l.f. SKIN\",\"e.l.f. SKIN champions clean and kind skin care by making innovative, efficacious formulas at accessible prices with universal appeal. e.l.f. SKIN is e.l.f. clean and vegan, all double-certified by Leaping Bunny and PETA as cruelty-free. We are proud to have products made in Fair Trade Certified\\u2122 facilities.\"],[\"rhode\",\"rhode is Item 1A. Risk factors. Certain risks may have a material and/or adverse effect on our business, financial condition and results of operations. These risks include those described below and may include additional risks and uncertainties not presently known to us or that we currently deem immaterial. T", "title": "ELF - e.l.f. Beauty, Inc.", "url": "/company/ELF/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000895417; latest 10-K filed 2026-02-18.", "text": "ELS - EQUITY LIFESTYLE PROPERTIES INC SIC 6798 Real Estate Investment Trusts; CIK 0000895417; latest 10-K filed 2026-02-18. ELS EQUITY LIFESTYLE PROPERTIES INC 0000895417 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the consolidated financial statements and accompanying footnotes thereto included in this Annual Report on Form 10-K. 2025 Highlights We continued our strong performance in 2025, as marked by these key operational and financial accomplishments: \u2022Net income per share of common stock (\u201cCommon Share\u201d) on a fully diluted basis was $2.01 for the year ended December 31, 2025, 2.6% higher than the year ended December 31, 2024. \u2022FFO per Common Share on a fully diluted basis was $3.08 for the year ended December 31, 2025, 1.5% higher than the year ended December 31, 2024. \u2022Normalized FFO per Common Share on a fully diluted basis was $3.06 for the year ended December 31, 2025, 5.0% higher than the year ended December 31, 2024. \u20227.9% dividend increase in 2025 contributes to 5-year compounded annual dividend growth of 8.5%. This compares to average growth of 5.2% across the residential REIT sector (1) over the same 5-year period. \u2022Added 362 expansion sites during the year ended December 31, 2025. \u2022New home sales of 439 for the year ended December 31, 2025. \u2022During the year ended December 31, 2025, we repaid $86.9 million of secured debt at maturity. \u2022During the year ended December 31, 2025, we entered into a $240.0 million unsecured term loan agreement with an effective fixed interest rate of 4.74% maturing on May 15, 2030. Core Portfolio \u2022Core portfolio generated growth of 4.8% in income from property operations, excluding property management, for the year ended December 31, 2025, compared to the year ended December 31, 2024, exceeding our long-term quarterly average of 4.5%.(2) \u2022Core MH base rental income for the year ended December 31, 2025 increased by $39.2 million, or 5.5%, compared to the year ended December 31, 2024. \u2022Core Annual RV and marina base rental income for the year ended December 31, 2025 increased by $12.2 million, or 4.1%, compared to the year ended December 31, 2024. During the second half of 2025, we increased Annual RV occupancy by 506 sites on a net basis. \u2022Core property operating expenses, excluding property management, for the year ended December 31, 2025 increased by $5.8 million, or 1.0%, compared to the year ended December 31, 2024. Overview and Outlook We are a self-administered and self-managed real estate investment trust (\u201cREIT\u201d) with headquarters in Chicago, Illinois. We are a fully integrated owner of lifestyle-oriented properties (\u201cProperties\u201d) consisting of property operations and home sales and rental operations primarily within manufactured home (\u201cMH\u201d) and recreational vehicle (\u201cRV\u201d) communities and marinas. As of December 31, 2025, we owned or had an ownership interest in a portfolio of 453 Properties located throughout the United States and Canada containing 173,371 individual developed areas (\u201cSites\u201d). These Properties are located in 35 states and British Columbia. We invest in properties in sought-after locations near retirement and vacation destinations and urban areas across the United States with a focus on delivering an exceptional experience to our residents and guests that results in delivery of value to stockholders. Our business model is intended to provide an opportunity for increased cash flows and appreciation in value. We seek growth in earnings, Funds from Operations (\u201cFFO\u201d) and cash flows by enhancing the profitability and operation of our Properties and investments. We accomplish this by attracting and retaining high quality customers to our Properties, who take pride in our Properties and in their homes and efficiently managing our Properties by increasing occupancy, maintaining competitive market rents and controlling expenses. We also actively pursue opportunities that fit our acquisition criteria and are currently engaged in various stages of negotiations relating to the possible acquisition of Item 1. Business Equity LifeStyle Properties, Inc. General Equity LifeStyle Properties, Inc. (\u201cELS\u201d or the \u201cCompany\u201d), a Maryland corporation, together with MHC Operating Limited Partnership (the \u201cOperating Partnership\u201d) and its other consolidated subsidiaries (the \u201cSubsidiaries\u201d), are referred to herein as \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d. We are a fully integrated owner of lifestyle-oriented properties (\u201cProperties\u201d) consisting of property operations and home sales and rental operations primarily within manufactured home (\u201cMH\u201d) and recreational vehicle (\u201cRV\u201d) communities and marinas. We were formed in December 1992 to continue the property operations, business objectives and acquisition strategies of an entity that had owned and operated Properties since 1969. Mr. Samuel Zell served as Chairman of our Board of Directors (the \u201cBoard\u201d) from the Company\u2019s initial public offering until his passing in May 2023. Mr. Zell is recognized as a founder of the modern real estate investment trust (\u201cREIT\u201d) industry. Commencing with our taxable year ended December 31, 1993, we have elected to be taxed as a REIT for U.S. federal income tax purposes. We have a unique business model where we own the land which we lease to customers who own manufactured homes and cottages, RVs and/or boats either on a long-term or short-term basis. Our customers may lease individual developed areas (\u201cSites\u201d) or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. Compared to other types of real estate companies, our business model is characterized by low maintenance costs and low customer turnover costs. Our portfolio is geographically diversified across highly desirable locations near retirement and vacation destinations and urban areas across the United States. Our Properties generally attract retirees, vacationing families, second homeowners and first-time homebuyers by providing a community experience and a lower- Item 1A. Risk Factors The following risk factors could cause our actual results to differ materially from those expressed or implied in forward-looking statements made in this Form 10-K and presented elsewhere by our management from time to time. These risk factors may have a material adverse effect on our business", "title": "ELS - EQUITY LIFESTYLE PROPERTIES INC", "url": "/company/ELS/" }, { "kind": "company", "summary": "SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001289308; latest 10-K filed 2026-05-20.", "text": "ENS - EnerSys SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001289308; latest 10-K filed 2026-05-20. ENS EnerSys 0001289308 3690 Miscellaneous Electrical Machinery, Equipment & Supplies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our results of operations and financial condition for the fiscal years ended March 31, 2026 and 2025, should be read in conjunction with our audited Consolidated Financial Statements and the notes to those statements included in Item 8. Financial Statements and Supplementary Data, of this Annual Report on Form 10-K. Our discussion and analysis of our results of operations and financial condition for the fiscal years ended March 31, 2025 and 2024, has been omitted from this Form 10-K and can be found in Part II, \"Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Our discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, opinions, expectations, anticipations and intentions and beliefs. Actual results and the timing of events could differ materially from those anticipated in those forward-looking statements as a result of a number of factors. See \u201cCautionary Note Regarding Forward-Looking Statements,\u201d \u201cBusiness\u201d and \u201cRisk Factors,\u201d sections elsewhere in this Annual Report on Form 10-K. In the following discussion and analysis of results of operations and financial condition, certain financial measures may be considered \u201cnon-GAAP financial measures\u201d under the SEC rules. These rules require supplemental explanation and reconciliation, which is provided in this Annual Report on Form 10-K. EnerSys\u2019 management uses the non-GAAP measures, EBITDA and adjusted EBITDA, in its computation of compliance with loan covenants and adjusted EBITDA in evaluating its financial performance. These measures, as used by EnerSys, adjust net earnings determined in accordance with GAAP for interest, taxes, depreciation and amortization, and certain charges or credits as permitted by our credit agreements, that were recorded during the periods presented. These non-GAAP disclosures have limitations as analytical tools, should not be viewed as a substitute for cash flow or operating earnings determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company\u2019s results as reported under GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. This supplemental presentation should not be construed as an inference that the Company\u2019s future results will be unaffected by similar adjustments to operating earnings determined in accordance with GAAP. Overview EnerSys (the \u201cCompany,\u201d \u201cwe,\u201d or \u201cus\u201d) is a world leader in stored energy solutions for industrial applications. We design, manufacture, and distribute energy systems solutions, and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. Energy Systems, which combine power conversion, power distribution, energy storage, and enclosures, are used in the telecommunication, broadband, data center, and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive Power batteries and chargers are utilized in electric forklifts, automated guided vehicles (\"AGVs\"), and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, large over-the-road trucks, premium automotive, portable power solutions for soldiers in the field, medical and security systems applications. New Ventures provides energy storage and management systems for demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. We also provide aftermarket and customer support services to over 10,000 customers in more than 100 countries throug ITEM 1. BUSINESS Overview EnerSys (the \u201cCompany,\u201d \u201cwe,\u201d or \u201cus\u201d) is a world leader in stored energy solutions for industrial applications. We design, manufacture, and distribute energy systems solutions, and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. Energy Systems, which combine power conversion, power distribution, energy storage, and enclosures, are used in the telecommunication, broadband, data center, and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive Power batteries and chargers are utilized in electric forklifts, automated guided vehicles (\"AGVs\"), and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, large over-the-road trucks, premium automotive, portable power solutions for soldiers in the field, medical and security systems applications. New Ventures provides energy storage and management systems for demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. We also provide aftermarket and customer support services to over 10,000 customers in more than 100 countries through a network of distributors, independent representatives, and our internal sales force around the world. The Company's chief operating decision maker, or CODM (the Company's Chief Executive Officer), reviews financial information for purposes of assessing business performance and allocating resources, by focusing on the lines of business on a global basis. The Company identifies the following as its four operating segments, based on lines of business: \u2022Energy Systems - uninterruptible power systems, or \u201cUPS\u201d applications for computer and computer-controlled systems, as well as telecommunications systems, switchgear and electrical control systems used in industrial facilities and electric utili ITEM 1A. RISK FACTORS The following are certain risk factors that could materially and adversely affect our business, financial condition and our results of operations and could cause actual results to differ materially from our expectations and projections. Stockholders are cautioned that thes", "title": "ENS - EnerSys", "url": "/company/ENS/" }, { "kind": "company", "summary": "SIC 8051 Services-Skilled Nursing Care Facilities; CIK 0001125376; latest 10-K filed 2026-02-04.", "text": "ENSG - ENSIGN GROUP, INC SIC 8051 Services-Skilled Nursing Care Facilities; CIK 0001125376; latest 10-K filed 2026-02-04. ENSG ENSIGN GROUP, INC 0001125376 8051 Services-Skilled Nursing Care Facilities Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements and accompanying notes, which appear elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Annual Report on Form 10-K. See Part I.Item 1A., Risk Factors and Cautionary Note Regarding Forward-Looking Statements. For discussion of 2023 items and year-over-year comparisons between 2024 and 2023 that are not included in this 2025 Form 10-K, refer to \u201cItem 7. \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d found in our Form 10-K for the year ended December 31, 2024, that was filed with the Securities and Exchange Commission on February 5, 2025. Overview We are a provider of health care services across the post-acute care continuum. We engage in the operation, ownership, acquisition, development and leasing of skilled nursing, senior living and other healthcare related properties and ancillary businesses located in 17 states. Our independent subsidiaries, each of which strive to be the operation of choice in the communities they serve, provide a broad spectrum of services. As of December 31, 2025, we offered skilled nursing, long term acute care, senior living and rehabilitative care services through 373 skilled nursing and senior living facilities. Our real estate portfolio includes 158 owned real estate properties, which includes 120 facilities operated and managed by us, 38 operations leased to and operated by third-party operators and the Service Center location. Of the 38 third-party operations, one senior living operation is located on the same real estate property as a skilled nursing operation that we own and operate. 74 Table of Contents The Ensign Group, Inc. is a holding company with no direct operating assets, employees or revenues. Our subsidiaries are operated by separate, independent entities, each of which has its own management, employees and assets. In addition, certain of our wholly-owned subsidiaries including Ensign Services, Inc. and Cornet Limited, Inc., referred to collectively as the Service Center, provide centralized accounting, payroll, human resources, information technology, legal, risk management and other centralized services to the other independent subsidiaries. We also have a wholly-owned captive insurance subsidiary that provides some claims-made coverage to our independent subsidiaries for general and professional liability, as well as coverage for certain workers\u2019 compensation insurance liabilities and our captive real estate trust owns and operates our real estate portfolio. Our captive real estate investment trust, Standard Bearer, owns and manages our real estate business. References herein to the consolidated \u201cCompany\u201d and \u201cits\u201d assets and activities, as well as the use of the terms \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and similar terms in this Annual Report, are not meant to imply, nor should they be construed as meaning that The Ensign Group, Inc. has direct operating assets, employees or revenue, or that any of the subsidiaries are operated by The Ensign Group, Inc. Recent Activities We believe we exist to dignify and transform post-acute care. We set out a strategy to achieve our goal of ensuring our patients are receiving the best possible care through our ability to acquire, integrate and improve our operations. Our results serve as a strong indicator that our strategy is working and our transformation is underway. Our dedication to our cultural and operational fundamentals continues to deliver strong results. Refer to Results of Operations for further discussion. Operational Update \u2014 Our combined ITEM 1. BUSINESS Founded in 1999, The Ensign Group, Inc. (Ensign) is a holding company with independent subsidiaries that provide skilled nursing, senior living and rehabilitative services, as well as other ancillary businesses (including mobile diagnostics and medical transportation), in 17 states. As part of our investment strategy, we also acquire, lease and own healthcare real estate to service the post-acute care continuum through acquisition and investment opportunities in healthcare properties. For the year ended December 31, 2025, we generated approximately 95.6% of our revenue from our skilled nursing facilities. The remainder of our revenue is primarily generated from our real estate properties, senior living services and other ancillary services. OPERATIONS Overview As of December 31, 2025, we offered skilled nursing, senior living and rehabilitative care services through 373 skilled nursing and senior living facilities. Of the 373 facilities, we operate 253 facilities under long-term lease arrangements and have options to purchase 8 of those 253 facilities. Our real estate portfolio consists of 158 owned real estate properties, which includes 120 facilities operated and managed by us, 38 operations leased to and operated by third-party operators, and the Service Center's California location. Of the 38 third-party operations, one senior living operation is located on the same real estate property as a skilled nursing operation that we own and operate. Our Unique Approach and Structure The name \"Ensign\" is synonymous with a \"flag\" or a \"standard\" and refers to our goal of setting the standard by which all others in our industry are measured. We believe that through our efforts and leadership, we can foster a new level of patient care and professional competence at our independent subsidiaries and set a new industry standard for each patient we service. We view healthcare services primarily as a local business. We believe our success is largely driven Item 1A. RISK FACTORS We are providing the following summary of the risk factors contained in our Form 10-K to enhance the readability and accessibility of our risk factor disclosures. We encourage our stockholders to carefully review the risk factors contained in this Form 10-K in their entirety for additional inf", "title": "ENSG - ENSIGN GROUP, INC", "url": "/company/ENSG/" }, { "kind": "company", "summary": "SIC 3089 Plastics Products, NEC; CIK 0001101302; latest 10-K filed 2026-02-11.", "text": "ENTG - ENTEGRIS INC SIC 3089 Plastics Products, NEC; CIK 0001101302; latest 10-K filed 2026-02-11. ENTG ENTEGRIS INC 0001101302 3089 Plastics Products, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of the Company\u2019s consolidated financial condition and results of operations should be read along with the consolidated financial statements and the accompanying notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve numerous risks and uncertainties, including, but not limited to, those described in Item 1A, \u201cRisk Factors\u201d and the \u201cCautionary Statements\u201d section of this Item 7 below. You should review Item 1A \u201cRisk Factors\u201d of this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. The Company has elected to omit discussion of the earliest of the three years covered by the consolidated financial statements presented except for the segment analysis. Information pertaining to fiscal year 2023 results of operations and the year-over-year comparison of changes in our Financial Condition and Results of Operations as of and for the year ended December 31, 2024 and 2023 can be found in Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 12, 2025. Cautionary Statements This Annual Report on Form 10-K and the portions of the Company\u2019s Definitive Proxy Statement incorporated by reference in this Annual Report on Form 10-K contain \u201cforward-looking statements.\u201d The words \u201cbelieve,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201cforecast,\u201d \u201cproject,\u201d \u201cshould,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cwould\u201d or the negative thereof and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are based on current management expectations and assumptions only as of the date of this Annual Report on Form 10-K. They are not guarantees of future performance and they involve substantial risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. These risks and uncertainties include, but are not limited to, fluctuations in the demand for semiconductors; the impact of global economic uncertainty, including volatile financial markets, inflationary pressures and interest rate fluctuations, economic recessions, national debt and bank failures, raw material shortages, supply constraints, and price increases; supply chain interruptions and the Company\u2019s dependence on sole, single and limited source suppliers; operational, political and legal risks associated with the Company\u2019s international operations, including those related to geopolitical uncertainty and regional and global instabilities and hostilities, including, but not limited to, the ongoing conflicts between Ukraine and Russia, and between Israel and Hamas, as well as the global responses thereto; export controls, economic sanctions, and similar restrictions; the concentration and consolidation of the Company\u2019s customer base; the Company\u2019s ability to meet rapid demand shifts; the Company\u2019s ability to continue technological innovation and to introduce new products to meet customers\u2019 rapidly changing requirements; manufacturing and other operational disruptions or delays; IT system failures, network disruptions, and cybersecurity risks; tariffs, additional taxes and other protectionist measures resulting from international trade disputes, strained international relations and changes in foreign and national security policy; the risks associated with the use and manufacture of hazardous materials; goodwill impairment; challenges in attracting and retaining qualified personnel; the Company\u2019s ability t Item 1. Business. OUR COMPANY Entegris, Inc. (\u201cEntegris\u201d, \u201cthe Company\u201d, \u201cus\u201d, \u201cwe\u201d, or \u201cour\u201d) is a leading supplier of critical advanced materials and process solutions for the semiconductor and other high-technology industries. We leverage our unique breadth of capabilities to provide customers with innovative, science-based solutions to their toughest technology challenges, helping improve productivity and product performance in the most advanced manufacturing environments. Semiconductors, or integrated circuits, are key components in electronic devices that continue to transform how we live, communicate and work. Many products and emerging applications\u2014including artificial intelligence (\u201cAI\u201d), high-performance and cloud computing, smartphones, wearable technology, electric and autonomous vehicles, the Internet of Things, gaming, virtual/augmented reality, and smart healthcare\u2014 are expected to drive long-term secular demand for semiconductor and require faster, more powerful, more compact and more energy efficient semiconductors. Industry forecasts project semiconductor sales reaching approximately $1.6 trillion by 2030, which we believe will create significant opportunities for our products. As semiconductors move to smaller geometries and new device architectures, they require innovative materials and stringent purity standards throughout manufacturing. Entegris offers the industry\u2019s most comprehensive electronic materials portfolio, with core capabilities in materials science and materials purity, and complementary solutions that accelerate time to yield. We believe these capabilities are critical enablers of our customers\u2019 technology roadmaps. We expect these trends to create significant opportunities for our products, expand our served addressable market and increase Entegris\u2019 content per wafer, positioning us to outperform our markets over the long term. Our business is organized and operated in two operating segments. These segments share common busin Item 1A. Risk Factors. In addition to the other information in this Annual Report on Form 10-K, the following risk factors should be carefully considered in evaluating us and our common stock. Any of the following risks, many of which are beyond our control, could materially and adversely affect our financial condition, results of operations or cash", "title": "ENTG - ENTEGRIS INC", "url": "/company/ENTG/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001045450; latest 10-K filed 2026-02-26.", "text": "EPR - EPR PROPERTIES SIC 6798 Real Estate Investment Trusts; CIK 0001045450; latest 10-K filed 2026-02-26. EPR EPR PROPERTIES 0001045450 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote an understanding of our financial condition, results of operations, liquidity and certain other factors that may affect future results. MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and notes thereto included in this Annual Report on Form 10-K. The forward-looking statements included in this discussion and elsewhere in this Annual Report on Form 10-K involve risks and uncertainties, including anticipated financial performance, business prospects, industry trends, shareholder returns, performance of leases by tenants, performance on loans to customers and other matters, which reflect management\u2019s best judgment based on factors currently known. See \u201cCautionary Statement Concerning Forward-Looking Statements.\u201d Actual results and experience could differ materially from the anticipated results and other expectations expressed in our forward-looking statements as a result of a number of factors, including but not limited to those discussed in this Item and in Item 1A - \u201cRisk Factors.\u201d A discussion regarding our financial condition and results of operations for fiscal year 2025 compared to fiscal year 2024 is presented below. A discussion regarding our financial condition and results of operations for fiscal year 2024 compared to fiscal year 2023 is incorporated herein by reference and can be found under Item 7 of Part II of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 27, 2025. Overview Business Our primary long-term business objective is to enhance shareholder value by achieving predictable and increasing Funds From Operations As Adjusted (\"FFOAA\"), Adjusted Funds From Operations (\"AFFO\") and dividends per share. FFOAA and AFFO are non-GAAP financial measures and are defined and reconciled below in the section titled \"Non-GAAP Financial Measures.\" Our growth strategy focuses on acquiring or developing experiential properties in which we maintain a depth of knowledge and relationships, and which we believe offer sustained performance through most economic cycles. See Item 1 - \"Business\" for further discussion regarding our strategic rationale for our focus on experiential properties. Our investment portfolio includes ownership of and long-term mortgages on Experiential and Education properties. Substantially all of our owned single-tenant properties are leased pursuant to long-term, triple-net leases under which the tenants typically pay all operating expenses of the property. Tenants at our owned multi-tenant properties are typically required to pay common area maintenance charges to reimburse us for their pro-rata portion of these costs. We believe our management's knowledge and industry relationships have facilitated opportunities for us to acquire, finance and lease properties. Our strategy has been to structure leases and financings to ensure a positive spread between our cost of capital and the rentals or interest paid by our tenants. To avoid initial lease-up risks and produce a predictable income stream, we typically acquire or develop single-tenant properties that are pre-leased under long-term leases. We have also entered into certain joint ventures. We intend to continue entering into some or all of these types of arrangements in the foreseeable future. Historically, our primary challenges have been locating suitable properties, negotiating favorable lease or financing terms (on new or existing properties), managing our expanding portfolio and having a cost of capital that allows us to grow our investments in new properties beyond those funded primarily with free cash and disposition proceeds. As of December 31, 2025, our total assets were approximately $5.7 billion (after accum Item 1. Business General EPR Properties (\u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cEPR\u201d or the \u201cCompany\u201d) was formed on August 22, 1997 as a self-administered Maryland real estate investment trust (\u201cREIT\u201d), and an initial public offering of our common shares of beneficial interest (\u201ccommon shares\u201d) was completed on November 18, 1997. Since that time, we have been a leading net lease investor in experiential real estate, venues that create value by facilitating out-of-home leisure and recreation experiences where consumers choose to spend their discretionary time and money. We focus our underwriting of experiential property investments on key industry and property cash flow criteria, as well as the credit metrics of our tenants and customers. We believe that our position is further supported by the fact that our customers offer popular and affordable entertainment and social outlet options, particularly through our theatres, eat & play and cultural venues. Additionally, we believe we benefit from the regional destinations offered by our experiential lodging, ski, attractions and gaming properties, which are drive-to locations that do not require air travel. The Company remains focused on future growth targeted in experiential property types. Experiential properties have proven to be an enduring sector of the real estate industry and we believe our strategy of diversified growth, industry relationships and the knowledge of our management team, provides us with a distinct competitive advantage. This strategy aligns with the long-term consumer trends of the growing experiential economy and offers the potential for higher growth, increased diversification and better yields. Our Education portfolio, consisting of early childhood education centers and private schools, continues as a legacy investment and provides additional geographic and property diversity. We intend to ultimately dispose of our Education portfolio over time and recycle the proceeds into other experiential investments. As Item 1A. Risk Factors There are many risks and uncertainties that can affect our current or future business, operating results, financial condition or share price. The following discussion describes important factors that could adversely affect our current or future business, operating results, financial condition or share price. This dis", "title": "EPR - EPR PROPERTIES", "url": "/company/EPR/" }, { "kind": "company", "summary": "SIC 6411 Insurance Agents, Brokers & Service; CIK 0001333986; latest 10-K filed 2026-02-25.", "text": "EQH - Equitable Holdings, Inc. SIC 6411 Insurance Agents, Brokers & Service; CIK 0001333986; latest 10-K filed 2026-02-25. EQH Equitable Holdings, Inc. 0001333986 6411 Insurance Agents, Brokers & Service Executive Summary Overview We are one of America\u2019s leading financial services companies, providing: (i) advice and solutions for helping Americans set and meet their retirement goals and protect and transfer their wealth across generations; and (ii) a wide range of investment management insights, expertise and innovations to drive better investment decisions and outcomes for clients worldwide. We manage our business through three segments: Retirement, Asset Management and Wealth Management. We report certain activities and items that are not included in these segments in Corporate and Other. Prior period results have been revised in connection with updates to our reportable segments. See Note 21 of the Notes to the Consolidated Financial Statements for further information on our segments. We benefit from our complementary mix of businesses. This business mix provides diversity in our earnings sources, which helps offset fluctuations in market conditions and variability in business results, while offering growth opportunities. Overview of Recent Developments RGA Reinsurance Transaction On July 31, 2025, Equitable Financial, as well as Equitable America and Equitable Financial L&A (each a \u201cCeding Company\u201d and, collectively, the \u201cCeding Companies\u201d), completed the master transaction agreement with RGA entered into on February 23, 2025 pursuant to which and subject to the terms and conditions set forth in such agreement, RGA entered into reinsurance agreements, as reinsurer, with each Ceding Company, to effect the RGA Reinsurance Transaction. At the closing of the transaction, (i) each of Equitable Financial and Equitable America entered into a separate coinsurance and modified coinsurance agreement with RGA and (ii) Equitable Financial L&A entered into a coinsurance agreement with RGA, each with an effective date of April 1, 2025, pursuant to which each ceding company ceded to RGA a 75% quota share of such ceding company\u2019s in-force individual life insurance block and Closed Block. At the closing of the transaction, assets supporting the general account liabilities relating to the reinsured contracts were deposited into a trust account for the benefit of Equitable Financial and a trust account for the benefit of Equitable America and Equitable Financial L&A, which assets will secure RGA\u2019s obligations to each ceding company under the applicable reinsurance agreement. Equitable Financial and Equitable America reinsured the applicable separate accounts and closed block relating to the applicable reinsured contracts on a modified coinsurance basis. In addition, the investment of assets in each trust account will be subject to investment guidelines and certain capital adequacy related triggers will require enhanced funding. The reinsurance agreements also contain additional counterparty risk management and mitigation provisions. Each ceding company will continue to administer the applicable reinsured contracts. As part of the transaction, on June 16, 2025, ABLP entered into an investment advisory agreement with RGA, pursuant to which AB will manage certain assets to be specified representing approximately 70% of assets supporting the reserves associated with the ceded policies under the reinsurance agreements. Novation Effective January 17, 2025, Equitable Financial novated certain legacy variable annuity policies sold between 2006-2008, comprised of non-New York \u201cAccumulator\u201d policies containing fixed rate GMIB and/or GMDB guarantees reinsured by Venerable under the combined co-insurance and modified coinsurance basis agreement executed on June 1, 2021. 53 Table of Contents As a result of the novation of certain Legacy VA policies completed during the first quarter 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million. The negative net income impact is mostly driven by the reduction of the purchased MRB asset of $2.0 BUSINESS Overview Equitable Holdings is one of America\u2019s leading financial services companies and has helped clients prepare for their financial future with confidence since 1859. We are a leading provider of retirement, asset management and wealth management solutions for individual and institutional clients, and had $1.1 trillion of assets under management and administration as of December 31, 2025. Our business operates across three franchises: \u2022Equitable \u2014 Insurer providing retirement, income and protection strategies to individuals, families, institutions and small businesses across the United States; \u2022AllianceBernstein (\u201cAB\u201d) \u2014 Global active asset manager providing investment services to institutional investors, individuals, and private wealth clients; and \u2022Equitable Advisors \u2014 Wealth management platform providing holistic financial advice and investment, protection and risk management services to clients across the United States. Our strategy is to participate across the retirement value chain by acting as a product manufacturer (Equitable), asset manager (AB), and distributor (Equitable Advisors). We believe that having an integrated business model enables us to better serve our clients while also generating flywheel benefits across the enterprise, as each franchise works in tandem to convert the higher investment returns we secure for our clients through our financial advice and asset management activities into higher sales and net flows of Equitable retirement products. Our Organizational Structure We are a holding company that operates our business through several direct and indirect subsidiaries. The following organizational chart presents the ownership of our principal subsidiaries as of December 31, 2025. ______________ (1)We own an approximate 68% economic interest in AB through various wholly-owned subsidiaries. For additional information, see Note 1 of the Notes to the Consolidated Financial Statements. 5 Table of Contents Revenues and", "title": "EQH - Equitable Holdings, Inc.", "url": "/company/EQH/" }, { "kind": "company", "summary": "SIC 3569 General Industrial Machinery & Equipment, NEC; CIK 0001877322; latest 10-K filed 2026-02-20.", "text": "ESAB - ESAB Corp SIC 3569 General Industrial Machinery & Equipment, NEC; CIK 0001877322; latest 10-K filed 2026-02-20. ESAB ESAB Corp 0001877322 3569 General Industrial Machinery & Equipment, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is designed to provide a reader of our financial statements with a narrative from the perspective of Company\u2019s management. This MD&A is divided into five main sections: \u2022Overview; \u2022Outlook; \u2022Results of Operations; \u2022Liquidity and Capital Resources; and \u2022Critical Accounting Policies. The following MD&A should be read together with Part I, Item 1A. \u201cRisk Factors\u201d and the accompanying Consolidated Financial Statements and Notes to Consolidated Financial Statements (the \u201cNotes\u201d) included in Item 8. of this Form 10-K. The MD&A includes forward-looking statements. For a discussion of important factors that could cause actual results to differ materially from the results referred to in these forward-looking statements, see \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview See Part I, Item 1. \u201cBusiness\u201d of this Form 10-K for a discussion of ESAB\u2019s objectives and methodologies for delivering stockholder value. We are a focused premier industrial compounder. Our rich history of innovating products, workflow solutions and our business system, EBXai, enables our purpose of Shaping the world we imagineTM.. We conduct our operations through two reportable segments. These segments consist of the \u201cAmericas,\u201d which includes operations in North America and South America, and \u201cEMEA & APAC,\u201d which includes Europe, the Middle East, India, Africa and Asia Pacific. We serve a global customer base across multiple markets through a combination of direct sales and third-party distribution channels. Our customer base is highly diversified in the industrial end markets. Outlook We believe that we are well positioned to grow our businesses organically over the long term by enhancing our product offerings and expanding our customer base. We believe our business mix is well balanced between sales in high growth and developed markets, and equipment and consumables. We believe that our geographic and end market diversity helps mitigate the effects from cyclical industrial market exposures. Given this balance, management does not use indices other than general economic trends and business initiatives to predict the overall outlook for the Company. Instead, our individual businesses monitor key competitors and customers, including to the extent possible their sales, to gauge relative performance and outlook for the future. We expect strategic acquisitions to contribute to our growth. We believe that our extensive experience of acquiring and effectively integrating acquisition targets should enable us to capitalize on future opportunities. We believe our recent acquisitions are aligned with this strategic direction. Refer to Note 5, \u201cAcquisitions\u201d and Note 21, \u201cSubsequent Events\u201d in the accompanying Notes contained elsewhere in this Form 10-K for additional information. On January 31, 2026, the Company entered into an agreement to acquire Eddyfi, a global leader in advanced inspection and monitoring technologies headquartered in Quebec, Canada, for approximately $1.45 billion. The acquisition is expected to be funded with a combination of cash on hand, debt and approximately $318 million of fully committed equity. 2026 Eddyfi projected annual revenue is approximately $270 million. This acquisition is expected to be completed in mid-2026, subject to the receipt of applicable regulatory approvals and customary closing conditions. We face a number of challenges and opportunities, including the successful integration of acquired businesses, the application and expansion of our EBXai tools to improve business performance and the rationalization of assets and costs. We expect AI investment and infrastructure to contribute to supporting our margin expansion through initiatives such as operational 29 efficiencies. For additional information about these chal Item 1. Business General Founded in 1904, ESAB Corporation (\u201cESAB,\u201d \u201cwe\u201d or the \u201cCompany\u201d), is a focused premier industrial compounder. ESAB provides its partners with fabrication technology advanced equipment, consumables, gas control equipment, robotics and digital solutions. The Company\u2019s rich history of innovative products and workflow solutions and our business management system, ESAB Business Excellence (\u201cEBXai\u201d), enables the Company\u2019s purpose of Shaping the world we imagineTM. We formulate, develop, manufacture and supply consumable products and equipment, including cutting, joining and welding robotics, as well as gas control equipment. Our products are marketed under several brand names, most notably ESAB, providing a wide range of products with innovative technologies to solve challenges in virtually any industry. Our sales channels include both independent distributors and direct salespeople that, depending on geography and end market, sell our products to our end users. ESAB is based in North Bethesda, Maryland and employs approximately 10,300 associates and serves customers in approximately 150 countries. We believe our Company, which competes in a market expected to be approximately $45 billion by the end of 2028, is one of the prominent industry players with a substantial position in every major market in the world, combining global scale with regional agility to maximize growth and profits. We define our addressable market as established fabrication technology and gas control equipment products and new products in automation, software and services, and estimate its size based on public data from peer companies, customer surveys and market analysis conducted by our sales function. Approximately 52% of our 2025 revenues were derived from high growth markets, which we define as South America, Eastern Europe, India, Asia Pacific and the Middle East, and which are expected to grow at greater than twice the rate of more developed markets in North Americ Item 1A. Risk Factors An investment in our common stock involves a high degree of risk. The following discussion addresses material factors that make an investment in the Company speculative or risky. In determining whether to buy, hold or sell any of our securities you should carefully consider the risks and uncertainti", "title": "ESAB - ESAB Corp", "url": "/company/ESAB/" }, { "kind": "company", "summary": "SIC 6351 Surety Insurance; CIK 0001448893; latest 10-K filed 2026-02-18.", "text": "ESNT - Essent Group Ltd. SIC 6351 Surety Insurance; CIK 0001448893; latest 10-K filed 2026-02-18. ESNT Essent Group Ltd. 0001448893 6351 Surety Insurance ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the \"Selected Financial Data\" and our financial statements and related notes thereto included elsewhere in this report. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management\u2019s expectations. Factors that could cause such differences are discussed in the sections entitled \"Special Note Regarding Forward-Looking Statements\" and \"Risk Factors.\" We are not undertaking any obligation to update any forward-looking statements or other statements we may make in the following discussion or elsewhere in this document even though these statements may be affected by events or circumstances occurring after the forward-looking statements or other statements were made. Overview Essent Group Ltd. (collectively with its subsidiaries, \u201cEssent\u201d) serves the housing finance industry by offering private mortgage insurance and reinsurance, title insurance and settlement services to mortgage lenders, borrowers and investors to support homeownership. We have two reportable segments: Mortgage Insurance and Reinsurance. Essent Guaranty, Inc., our wholly-owned mortgage insurance subsidiary (\"Essent Guaranty\"), is approved by Fannie Mae and Freddie Mac and licensed to write coverage in all 50 states and the District of Columbia. For the years ended December 31, 2025, 2024 and 2023, our mortgage insurance operations generated new insurance written, or NIW, of approximately $46.6 billion, $45.6 billion and $47.7 billion, respectively. As of December 31, 2025, we had approximately $248.4 billion of mortgage insurance in force. The financial strength ratings of Essent Guaranty are A2 with a stable outlook by Moody's Investors Service, Inc. (\"Moody's\"), A- with a stable outlook by S&P Global Ratings (\"S&P\") and A (Excellent) with a stable outlook by A.M. Best Company (\"AM Best\"). Through our wholly-owned Bermuda-based subsidiary, Essent Reinsurance Ltd. (\"Essent Re\"), we reinsure U.S. mortgage risk in the GSE credit risk transfer market and provide underwriting consulting services to third-party reinsurers. As of December 31, 2025, Essent Re provided insurance or reinsurance relating to GSE risk share and other reinsurance transactions covering approximately $2.3 billion of risk. Essent Re also reinsures Essent Guaranty's NIW under a quota share reinsurance agreement. The insurer financial strength ratings of Essent Re are A- with a stable outlook by S&P and A (Excellent) with a stable outlook by A.M. Best. Prior to December 31, 2025, we disclosed one reportable segment, Mortgage Insurance, which was comprised of \"U.S. mortgage insurance\" and \"GSE and other mortgage risk share.\" Our mortgage insurance business and GSE and other mortgage risk share business each represented operating segments that were aggregated and disclosed as one reportable segment based on their shared economic characteristics and the similarities between the two operating segments. In the fourth quarter of 2025, Essent Re entered the Lloyd's of London market to reinsure certain property and casualty risks beginning in the first quarter of 2026. Considering the expansion of business and types of risks reinsured at Essent Re, our Chief Operating Decision Maker began to assess the performance of all third-party reinsurance as an operating segment as of December 31, 2025. To reflect this change, the GSE and other mortgage risk share operating segment is no longer aggregated with mortgage insurance and all third-party reinsurance is now disclosed as a separate reportable segment: Reinsurance. All prior period segment information has been recast to conform to the new segment presentation. We also offer title insurance products both directly and through a network of title insurance ITEM 1. BUSINESS OUR COMPANY We serve the housing finance industry by providing private mortgage insurance and reinsurance, and title insurance and settlement services to mortgage lenders, borrowers and investors to support homeownership. We conduct our operations through two primary business segments: Mortgage Insurance and Reinsurance. Our Mortgage Insurance segment offers private mortgage insurance for mortgages secured by residential properties located in the United States. We provide private mortgage insurance on residential first-lien mortgage loans in the U.S. (\u201cmortgage insurance\u201d) through Essent Guaranty, a Pennsylvania-domiciled monoline mortgage guaranty insurance company licensed in all 50 states and the District of Columbia and approved by Fannie Mae and Freddie Mac, and also offer other credit risk management solutions, including contract underwriting, to our customers. For the years ended December 31, 2025, 2024 and 2023, we generated private mortgage insurance new insurance written, or NIW, of approximately $46.6 billion, $45.6 billion and $47.7 billion, respectively. As of December 31, 2025, we had approximately $248.4 billion of private mortgage insurance in force. Our Reinsurance segment primarily reinsures U.S. mortgage risk in the GSE credit risk transfer market and provides underwriting consulting services to third-party reinsurers (\"GSE and other risk share\") through Bermuda-based Essent Re, a Class 3B insurer regulated by the Bermuda Monetary Authority. As of December 31, 2025, Essent Re provided insurance or reinsurance relating to GSE credit risk transfer and other reinsurance transactions covering approximately $2.3 billion of risk. Prior to December 31, 2025, we disclosed one reportable segment, Mortgage Insurance, which was comprised of \"U.S. mortgage insurance\" and \"GSE and other mortgage risk share.\" Our mortgage insurance business and GSE and other mortgage risk share business each represented operating segments that were aggr ITEM 1A. RISK FACTORS Our current business and future results may be affected by a number of risks and uncertainties, including those described below. The risks and uncertainties described below are not the only risks and uncertainties we face. Additional risks and uncertainties not currently known to us or that we currently deem immaterial also may impair our ", "title": "ESNT - Essent Group Ltd.", "url": "/company/ESNT/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001360901; latest 10-K filed 2026-02-20.", "text": "EVR - Evercore Inc. SIC 6282 Investment Advice; CIK 0001360901; latest 10-K filed 2026-02-20. EVR Evercore Inc. 0001360901 6282 Investment Advice Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with Evercore Inc.'s consolidated financial statements and the related notes included elsewhere in this Form 10-K. Key Financial Measures Revenue Total revenues reflect revenues from our Investment Banking & Equities and Investment Management business segments that include fees for services, transaction-related client reimbursements and other revenue. Net revenues reflect total revenues less interest expense. Investment Banking & Equities. Our Investment Banking & Equities segment earns fees from its clients for providing advice on mergers, acquisitions, divestitures, capital raising, leveraged buyouts, liability management and restructurings, private funds advisory and private capital markets services, activism and defense and similar corporate finance matters, and from underwriting and private placement activities, as well as commissions, fees and principal revenues from research and sales and trading activities. The amount and timing of the fees paid vary by the type of engagement or services provided. In general, advisory fees are paid at the time we sign an engagement letter, during the course of the engagement or when an engagement is completed. The majority of our revenue consists of advisory fees for which realizations are dependent on the successful completion of client transactions. A transaction can fail to be completed for many reasons which are outside of our control, including failure of parties to agree upon final terms with the counterparty, to secure necessary board or shareholder approvals, to secure necessary financing, to achieve necessary regulatory approvals, or due to adverse market conditions. In the case of bankruptcy engagements, fees may be subject to court approval. Underwriting fees are recognized when the offering has been deemed to be completed and placement fees are generally recognized at the time of the client's acceptance of capital or capital commitments. Commissions and Related Revenue includes commissions, which are recorded on a trade-date basis or, in the case of payments under commission sharing arrangements, on the date earned. Commissions and Related Revenue also includes subscription fees for the sale of research, as well as revenues from trades primarily executed on a riskless principal basis. Cash received before the subscription period ends is initially recorded as deferred revenue (a contract liability) and recognized as revenue over the remaining subscription period. Revenue trends in our advisory business generally are correlated to the volume of M&A activity, restructuring activity, which generally tends to be counter-cyclical to M&A, and capital advisory activity. Demand for these capabilities can vary in any given year or quarter for a number of reasons. For example, changes in our market share or the ability of our clients to close certain large transactions can cause our revenue results to diverge from the level of overall M&A, restructuring or capital advisory activity. Revenue trends in our equities business are correlated, in part, to market volumes, which generally decrease in periods of low market volatility or unfavorable market or economic conditions. See \"Liquidity and Capital Resources\" below for further information. Investment Management. Our Investment Management segment includes operations related to the Wealth Management business and interests in private equity funds which we do not manage. Revenue sources primarily include management fees, fiduciary fees and gains (or losses) on our investments. Management fees for third party clients generally represent a percentage of AUM. Fiduciary fees, which are generally a function of the size and complexity of each engagement, are individually negotiated. Gains and losses include both realized and unrealized gains and losses on principal investments, including thos Item 1. Business Overview Evercore is the leading independent investment banking firm in the world based on the dollar volume of announced worldwide merger and acquisition (\"M&A\") transactions on which we have advised in the last five years(1). When we use the term \"independent investment banking firm,\" we mean an investment banking firm that directly, or through its affiliates, does not engage in commercial banking or significant proprietary trading activities. We were founded on the belief that there is an opportunity within the investment banking industry for a firm free of the potential conflicts of interest created within large, multi-product, capital intensive financial institutions. We believe that maintaining standards of excellence and integrity in our core businesses demands a spirit of cooperation and hands-on participation more commonly found in smaller organizations. Since our inception, we have set out to build\u2014in the employees we choose and in the projects we undertake\u2014an organization dedicated to the highest caliber of professionalism and integrity. We operate globally through our two business segments: (i) Investment Banking & Equities and (ii) Investment Management. Investment Banking & Equities Our Investment Banking & Equities segment includes our investment banking business and our equities business. In 2025, our Investment Banking & Equities segment generated $3.69 billion, or 98% of our revenues, excluding Other Revenue, net, ($2.81 billion, or 97%, in 2024 and $2.28 billion, or 97%, in 2023) and earned 806 fees from clients for advisory and underwriting transactions. As we begin the year in 2026, our Investment Banking & Equities segment has 171 Investment Banking Senior Managing Directors and 39 Equities Senior Managing Directors with expertise and client relationships in a wide variety of industry sectors and a broad geographic reach.(2) Investment Banking Our investment banking business provides strategic advisory, liability manage Item 1A. Risk Factors Risks Related to Our Business Difficult market conditions may adversely affect our business in many ways, including reducing the volume and value of the transactions involving our Investment Banking & Equities business, which may materially reduce our revenue or income. As a financial services firm, our businesses are materially affected by con", "title": "EVR - Evercore Inc.", "url": "/company/EVR/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001069157; latest 10-K filed 2026-02-27.", "text": "EWBC - EAST WEST BANCORP INC SIC 6022 State Commercial Banks; CIK 0001069157; latest 10-K filed 2026-02-27. EWBC EAST WEST BANCORP INC 0001069157 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS TABLE OF CONTENTS [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"Page\"],[\"\",\"Overview\",\"35\"],[\"\",\"Financial Review\",\"36\"],[\"\",\"Results of Operations\",\"37\"],[\"\",\"\",\"Net Interest Income\",\"37\"],[\"\",\"\",\"Noninterest Income\",\"42\"],[\"\",\"\",\"Noninterest Expense\",\"43\"],[\"\",\"\",\"Income Taxes\",\"44\"],[\"\",\"\",\"Operating Segment Results\",\"44\"],[\"\",\"Balance Sheet Analysis\",\"47\"],[\"\",\"\",\"Debt Securities\",\"47\"],[\"\",\"\",\"Loan Portfolio\",\"49\"],[\"\",\"\",\"Foreign Outstandings\",\"55\"],[\"\",\"\",\"Deposits\",\"56\"],[\"\",\"\",\"Capital\",\"57\"],[\"\",\"\",\"Regulatory Capital and Ratios\",\"58\"],[\"\",\"Risk Management\",\"58\"],[\"\",\"\",\"Credit Risk Management\",\"59\"],[\"\",\"\",\"Liquidity Risk Management\",\"63\"],[\"\",\"\",\"Market Risk Management\",\"66\"],[\"\",\"Critical Accounting Estimates\",\"71\"],[\"\",\"Reconciliation of GAAP to Non-GAAP Financial Measures\",\"74\"]] [[/GREPCENT_TABLE]] 34 Overview The following discussion provides information about the results of operations, financial condition, liquidity and capital resources of the Company, including its subsidiary bank, East West Bank. This information is intended to facilitate the understanding and assessment of significant changes and trends related to the Company\u2019s results of operations and financial condition. This discussion and analysis should be read in conjunction with the Consolidated Financial Statements and the accompanying notes presented elsewhere in this Form 10-K. For information on our business, see Item 1. Business in this Form 10-K. Current Economic Developments Evolving trade policies and tariffs and recent government shutdowns raised concerns about inflation, supply chain disruptions, and slower economic growth. The uncertain business environment led to a softening in the labor market, as companies adopted more cautious hiring practices, while reduced immigration further limited labor supply. The residential mortgage and CRE markets moderated but housing affordability pressures remained elevated. The Federal Reserve, which resumed lowering interest rates in late 2025, now faces heightened policy complexity in 2026. The transition to a new Chairman of the Federal Reserve, which is expected after Chairman Jerome Powell\u2019s term expires in May 2026, adds additional uncertainty, particularly as leadership debates continue over balancing inflation risks against labor market softening. The economic uncertainty caused by these factors could result in decreased consumer spending and curb business investments. The Company monitors changes in economic and industry conditions and their impacts on the Company\u2019s business, customers, employees, communities and markets. Further discussion of the potential impacts on the Company\u2019s business due to the economic environment has been provided in Item 1A. \u2014 Risk Factors \u2014 Risks Related to Geographic and Political Uncertainties and \u2014 Risks Related to Financial Matters in this Form 10-K. 35 Financial Review Our MD&A analyzes the financial condition and results of operations of the Company for 2025 and 2024. Some tables include additional periods to comply with disclosure requirements or to illustrate trends in greater depth. The page locations of specific sections that we refer to are presented in the table of contents. To review our financial condition and results of operations for 2024 and a comparison between 2024 and 2023 results, see Item 7. MD&A of our 2024 Form 10-K, which was filed with the SEC on February 28, 2025. [[GREPCENT_TABLE]] [[\"($ and shares in thousands, except per share, and ratio data)\",\"\",\"2025\",\"\",\"2024\"],[\"Summary of operations:\"],[\"Net interest income before provision for credit losses\",\"\",\"$\",\"2,552,629\",\"\",\"\",\"$\",\"2,278,716\"],[\"Noninterest income\",\"\",\"379,227\",\"\",\"\",\"335,218\"],[\"Total revenue\",\"\",\"2,931,856\",\"\",\"\",\"2,613,934\"],[\"Provision for credit losses\",\"\",\"160,000\",\"\",\"\",\"174,000\"],[\"Noninterest expense\",\"\",\"1,046,396\",\"\",\"\",\"958,073\"],[\"Income before income taxes\",\"\",\"1,725,460 ITEM 1. BUSINESS Organization East West is a bank holding company incorporated in Delaware on August 26, 1998, and is registered under the Bank Holding Company Act of 1956, as amended (\u201cBHC Act\u201d). The Company commenced business on December 30, 1998 when, pursuant to a reorganization, it acquired all of the voting stock of East West Bank (\u201cEast West Bank\u201d or the \u201cBank\u201d), which became its principal asset. East West\u2019s principal business is to serve as a holding company for the Bank and other banking or banking-related subsidiaries that East West may establish or acquire. As of December 31, 2025, the Company had $80.4 billion in total assets, $56.1 billion in total net loans, $67.1 billion in total deposits, and $8.9 billion in total stockholders\u2019 equity. The Company operates in over 110 locations in the U.S. and Asia. In the U.S., the Bank\u2019s corporate headquarters and main administrative offices are located in California. Its 96 U.S. branches are located in California, Texas, New York, Washington, Georgia, Massachusetts and Nevada. In Asia, the Bank has branches in China and Hong Kong, and representative offices in China and Singapore. East West Bank has a commercial banking license in China through its subsidiary, East West Bank (China) Limited (\u201cEWCN\u201d), which makes it unique among U.S.-based regional banks. This license allows the Bank to have branches, make loans and accept deposits in China. The Bank continues to develop its international banking presence in Asia with its network of overseas branches and representative offices. In addition to facilitating traditional letters of credit and trade financing to businesses, these representative offices allow the Bank to assist existing clients and develop new business relationships. Through its branches and offices, the Bank focuses on growing its cross-border client base between the U.S. and Asia, helping U.S.-based businesses expand in Asia, and assisting companies based in Asia pursue business opportunities in t ITEM 1A. RISK FACTORS We, like other financial institutions, face numerous risks inherent to our business, results of operations, and financial condition, many of which are beyond our control. The risk factors described below relate to known risks that could materially impact our business, results of operations, financial condition and the ", "title": "EWBC - EAST WEST BANCORP INC", "url": "/company/EWBC/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0000939767; latest 10-K filed 2026-02-10.", "text": "EXEL - EXELIXIS, INC. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0000939767; latest 10-K filed 2026-02-10. EXEL EXELIXIS, INC. 0000939767 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Some of the statements under \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d are forward-looking statements. These statements are based on our current expectations, assumptions, estimates and projections about our business and our industry and involve known and unknown risks, uncertainties and other factors that may cause our company\u2019s or our industry\u2019s results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in, or contemplated by, the forward-looking statements. Our actual results and the timing of events may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such a difference include those discussed in \u201cItem 1A. Risk Factors\u201d as well as those discussed elsewhere in this Annual Report on Form 10-K. These and many other factors could affect our future financial and operating results. We undertake no obligation to update any forward-looking statement to reflect events after the date of this report. 59 Table of Contents Overview We are an oncology company innovating next-generation medicines and regimens at the forefront of cancer care. We have produced four marketed pharmaceutical products, two of which are formulations of our flagship molecule, cabozantinib, and we are steadily advancing and evolving our product pipeline portfolio, including our lead clinical asset, zanzalintinib, currently under review by the FDA for the treatment of certain forms of CRC, as well as the focus of an extensive late-stage clinical development program in other indications. With a rational and disciplined approach to investment, we are leveraging our internal experience and expertise and the strength of strategic partnerships, to identify and pursue opportunities across the landscape of scientific modalities, including small molecules and biotherapeutics, such as ADCs. Sales related to cabozantinib account for the majority of our revenues. Cabozantinib is an inhibitor of multiple tyrosine kinases, including MET, AXL, VEGF receptors and RET and has been approved by the FDA, and in 68 other countries for all or a combination of, the following indications: as CABOMETYX\u00ae (cabozantinib) tablets for advanced RCC (both alone and in combination with BMS\u2019 nivolumab (OPDIVO\u00ae)), previously treated HCC, previously treated, RAI-refractory DTC and previously treated, unresectable, locally advanced or metastatic, well-differentiated pNET and epNET; and as COMETRIQ\u00ae (cabozantinib) capsules for progressive MTC. For physicians treating these types of cancer, cabozantinib has become or is becoming an important medicine in their selection of effective therapies. The other two products resulting from our discovery efforts are: COTELLIC\u00ae (cobimetinib), an inhibitor of MEK, approved as part of multiple combination regimens to treat specific forms of advanced melanoma and marketed under a collaboration with Genentech (a member of the Roche Group); and MINNEBRO\u00ae (esaxerenone), an oral, non-steroidal, selective blocker of the mineralocorticoid receptor, approved for the treatment of hypertension in Japan and licensed to Daiichi Sankyo. We plan to continue leveraging our operating cash flows to advance a broad array of diverse biotherapeutics and small molecule programs for the treatment of cancer, as well as to support company-sponsored and externally sponsored clinical trials evaluating cabozantinib and zanzalintinib, a novel oral inhibitor of kinases including the TAM kinases (TYRO3, AXL, MER), MET and VEGF receptors. Our zanzalintinib development program includes a series of ongoing and planned pivotal trials to explore its therapeutic potential in CRC, ccRCC and nccRCC, NET and meningioma, as well as earlier-stage trials. Our pipeline programs in phase Item 1. Business. Overview Exelixis, Inc. (Exelixis, we, our or us) is an oncology company innovating next-generation medicines and regimens at the forefront of cancer care. We have produced four marketed pharmaceutical products, two of which are formulations of our flagship molecule, cabozantinib, and we are steadily advancing and evolving our product pipeline portfolio, including our lead clinical asset, zanzalintinib, currently under review by the U.S. Food and Drug Administration (FDA) for the treatment of certain forms of colorectal cancer (CRC), as well as the focus of an extensive late-stage clinical development program in other indications. With a rational and disciplined approach to investment, we are leveraging our internal experience and expertise and the strength of strategic partnerships, to identify and pursue opportunities across the landscape of scientific modalities, including small molecules and biotherapeutics, such as antibody-drug conjugates (ADCs). Sales related to cabozantinib account for the majority of our revenues. Cabozantinib is an inhibitor of multiple tyrosine kinases, including MET, AXL, VEGF receptors and RET and has been approved by the FDA, and in 68 other countries for all or a combination of, the following: as CABOMETYX\u00ae (cabozantinib) tablets for advanced renal cell carcinoma (RCC) (both alone and in combination with Bristol-Myers Squibb Company\u2019s (BMS) nivolumab (OPDIVO\u00ae)), previously treated hepatocellular carcinoma (HCC), previously treated, radioactive iodine (RAI)-refractory differentiated thyroid cancer (DTC) and previously treated, unresectable, locally advanced or metastatic, well-differentiated pancreatic neuroendocrine tumors (pNET) and extra-pancreatic neuroendocrine tumors (epNET); and as COMETRIQ\u00ae (cabozantinib) capsules for progressive, metastatic medullary thyroid cancer (MTC). For physicians treating these types of cancer, cabozantinib has become or is becoming an important medicine in their selection of effect Item 1A. Risk Factors. In addition to the risks discussed elsewhere in this report, the following are important factors that make an investment in our securities speculative or risky, and that could cause actual results or events to differ materially from those contained in any forward-looking state", "title": "EXEL - EXELIXIS, INC.", "url": "/company/EXEL/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001297989; latest 10-K filed 2026-02-24.", "text": "EXLS - ExlService Holdings, Inc. SIC 7389 Services-Business Services, NEC; CIK 0001297989; latest 10-K filed 2026-02-24. EXLS ExlService Holdings, Inc. 0001297989 7389 Services-Business Services, NEC ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion in connection with our consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. Some of the statements in the following discussion are forward looking statements. All references to years, unless otherwise noted, refer to our fiscal year, which ends on December 31. For example, a reference to \u201c2025\u201d or \u201cfiscal 2025\u201d means the 12-month period that ended on December 31, 2025. All references to quarters, unless otherwise noted, refer to the quarters of our fiscal year. Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on these statements because they are subject to numerous uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. These statements often include words such as \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cestimate\u201d or similar expressions. These statements are based on assumptions that we have made in light of our experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you read and consider this Annual Report on Form 10-K, you should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors include but are not limited to: \u2022our ability to maintain and grow client demand for our services and solutions, including anticipating and incorporating the latest technologies, for instance, artificial intelligence (\u201cAI\u201d), including generative AI, agentic AI into our offerings; \u2022use of AI technology presents competitive, operational, reputational and legal risks, and our use of AI technology may not be successful; \u2022impact on client demand by the selling cycle and terms of our client contracts, including for our AI-related offerings; \u2022our ability to attract and retain enough sufficiently trained employees to support our operations or any changes in the senior management team; \u2022our ability to accurately estimate and/or manage costs; \u2022our ability to adjust our pricing terms or effectively manage our asset utilization levels to meet the changing demands of our clients and potential clients; \u2022cyber security incidents, data breaches, additional cybersecurity and privacy risks from growing use of AI, or other unauthorized disclosure of sensitive or confidential client and employee data; \u2022reliance on third parties to deliver services and infrastructure for client critical services, and on third party data use rights for certain of our offerings; \u2022employee wage increases; \u2022failure to protect our intellectual property; \u2022our dependence on a limited number of clients and our ability to withstand the loss of a significant client; \u2022our ability to manage rapid infrastructure and personnel growth across countries, including losing key talent to competitors; \u2022our ability to successfully consummate or integrate strategic acquisitions including the impact from the impairment of goodwill and other intangible assets, if any; 29 Table of Contents \u2022legal liability arising out of customer and third party contracts; \u2022increasing competition in our industry, including from other providers ITEM 1. Business ExlService Holdings, Inc. (\u201cEXL,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or the \u201cCompany\u201d), incorporated in Delaware in 2002, is a global data and artificial intelligence (\u201cAI\u201d) company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world\u2019s leading corporations in industries including insurance, healthcare and life sciences, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have over 65,000 employees spanning six continents. Using our deep understanding of the industry that we have developed in over 25 years of managing critical business operations, we help enterprises unlock the full value of their structured and unstructured data and embed AI into their workflows. We deliver business outcomes for our clients at speed and scale, by reinventing their business models through advanced analytics and AI powered digital operations to help them achieve superior customer experience, higher productivity, cost efficiency and business growth. Our vision of being an indispensable partner for data and AI-led transformation reflects the long-term priorities of our clients' businesses across industry sectors, and we continue to evolve our offerings with a variety of AI services and solutions. One of our key assets is our global delivery network, which includes highly trained industry and process specialists across the United States, the United Kingdom, Latin America, South Africa, Europe and Asia (primarily India and the Philippines). We have operations centers in India, the United States, the Philippines, South Africa, Colombia, Bulgaria, Romania, the United Kingdom, the Czech Republic, Mexico and ITEM 1A. Risk Factors Risks Related to Our Business Our business depends on maintaining and growing client demand for our services and solutions, including by anticipating and incorporating the latest technology into our offerings, and a significant reduction in such demand, a failure to respond to the evolving technological envi", "title": "EXLS - ExlService Holdings, Inc.", "url": "/company/EXLS/" }, { "kind": "company", "summary": "SIC 3241 Cement, Hydraulic; CIK 0000918646; latest 10-K filed 2026-05-19.", "text": "EXP - EAGLE MATERIALS INC SIC 3241 Cement, Hydraulic; CIK 0000918646; latest 10-K filed 2026-05-19. EXP EAGLE MATERIALS INC 0000918646 3241 Cement, Hydraulic ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations executive summary We are a leading U.S. manufacturer of heavy construction products and light building materials. Our primary products, cement and gypsum wallboard, are essential for building, expanding, and repairing roads, highways, and residential, commercial, and industrial structures across America. Headquartered in Dallas, Texas, Eagle manufactures and sells its products through a network of more than 70 facilities spanning 21 states. Demand for our products is generally cyclical and seasonal, depending on economic and geographic conditions. General economic downturns or localized downturns in the regions where we have operations may have a material adverse effect on our business, financial condition, and results of operations. Our business is organized into two sectors: Heavy Materials, which includes the Cement and Concrete and Aggregates segments; and Light Materials, which includes the Gypsum Wallboard and Recycled Paperboard segments. Financial results and other information for the fiscal years ended March 31, 2026, and 2025, are presented on a consolidated basis and by business segment. The relative contribution to fiscal 2026 earnings by segment is shown below. We conduct one of our cement operations through a Joint Venture, Texas Lehigh Cement Company LP, which is located in Buda, Texas. We own a 50% interest in the Joint Venture and account for our interest under the equity method of accounting. We proportionately consolidate our 50% share of the Joint Venture\u2019s Revenue and Operating Earnings in the presentation of our Cement segment, which is the way management organizes financial information with respect to the segments within the Company for making operating decisions and assessing performance. 50 All our business activities are conducted in the United States. These activities include: \u2022 the mining of limestone for the manufacture, production, distribution, and sale of cement, including limestone cement (a basic construction material that is the essential binding ingredient in concrete) \u2022 the grinding and sale of slag \u2022 the mining of gypsum for the manufacture and sale of gypsum wallboard \u2022 the manufacture and sale of recycled paperboard to the gypsum wallboard industry and other paperboard converters \u2022 the sale of readymix concrete \u2022 the mining and sale of aggregates (crushed stone, sand, and gravel). On August 9, 2024, we finalized the Northern Kentucky Acquisition at a purchase price of approximately $24.9 million. The Northern Kentucky Acquisition is included in our Heavy Materials sector, and its results of operations are reported in the Concrete and Aggregates business segment beginning on August 9, 2024. On January 7, 2025, we completed the Western Pennsylvania Acquisition at a purchase price of approximately $150.0 million, subject to customary post-closing adjustments. The Western Pennsylvania Acquisition is included in our Heavy Materials sector, and its results of operations are reported in the Concrete and Aggregates business segment beginning in the fourth quarter of fiscal 2025. See Footnote (B) in the Audited Consolidated Financial Statements for more information regarding the Northern Kentucky and Western Pennsylvania Acquisitions (collectively, the Aggregates Acquisitions). MARKET CONDITIONS AND OUTLOOK Our fiscal 2026 results were generally strong, with record Revenue of $2.3 billion, Net Earnings of $423.8 million, and Diluted Earnings per Share of $13.16 per share. Our end markets remained resilient despite geopolitical, fiscal, and trade-policy disruptions and widespread uncertainty around future U.S. economic conditions. Year-over-year sales volume increased in our Heavy Materials Sector and declined in our Light Materials Sector. The macroeconomic environment continues to be constructive for our products. We expect demand for cement to remain steady in the near term supported ITEM 1. Business Overview Eagle Materials Inc., through its subsidiaries (the Company, which may be referred to as we, our, or us), is a leading U.S. manufacturer of heavy construction products and light building materials. Our primary products, Cement and Gypsum Wallboard, are essential for building, expanding, and repairing roads, highways, and residential, commercial, and industrial structures across America. Headquartered in Dallas, Texas, Eagle manufactures and sells its products through a network of more than 70 facilities spanning 21 states. Demand for our products is generally cyclical and seasonal, depending on economic and geographic conditions. The Company was founded in 1963 as a subsidiary of Centex Corporation (Centex). It operated as a public company under the name Centex Construction Products, Inc. from April 19, 1994, to January 30, 2004, at which time Centex completed a tax-free distribution of its shares to its shareholders, and the Company was renamed Eagle Materials Inc. (NYSE: EXP). Competitive Strengths We benefit from several competitive strengths that have enabled us to deliver consistently strong operating results and profitable growth through economic cycles. Strategically located plant network Our plants are located near both our raw material reserves and customers in high-growth U.S. markets. The proximity to raw materials and customers helps us manage our transportation and input costs. Our presence in several U.S. markets with higher-than-average population growth enables us to take advantage of long-term demand growth for construction and building materials, while reducing our exposure to individual regional construction cycles. The integrated nature of our cement and wallboard plant network enables us to minimize freight costs, move product between different plants in our network as needed, and supply customers from more than one plant when desirable. Decentralized operating structure with network-wide coordination The Compa ITEM 1A. Risk Factors The foregoing discussion of our business and operations should be read together with the risk factors set forth below. They describe various risks and uncertainties to which we are or may become subject, many of which are outside of our control. These risks and uncertainties have affected, or may in the future affect, our business, operations, ", "title": "EXP - EAGLE MATERIALS INC", "url": "/company/EXP/" }, { "kind": "company", "summary": "SIC 8742 Services-Management Consulting Services; CIK 0000851520; latest 10-K filed 2026-02-27.", "text": "EXPO - EXPONENT INC SIC 8742 Services-Management Consulting Services; CIK 0000851520; latest 10-K filed 2026-02-27. EXPO EXPONENT INC 0000851520 8742 Services-Management Consulting Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2024 and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report Form 10-K can be found in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended January 3, 2025. OVERVIEW Exponent is an engineering and scientific consulting firm providing solutions to complex problems. Exponent's interdisciplinary organization of scientists, physicians, engineers, and business consultants draws from more than 90 technical disciplines to solve the most pressing and complicated challenges facing stakeholders today. The firm leverages over 55 years of experience in analyzing accidents and failures to advise clients as they innovate their technologically complex products and processes, ensure the safety and health of their users, and address the challenges of sustainability. CRITICAL ACCOUNTING ESTIMATES In preparing our consolidated financial statements, we make assumptions, judgments and estimates that can have a significant impact on our revenue, operating income and net income, as well as on the value of certain assets and liabilities on our consolidated balance sheet. We base our assumptions, judgments and estimates on historical experience and various other factors that we believe to be reasonable under the circumstances. On a regular basis we evaluate our assumptions, judgments and estimates and make changes accordingly. We believe that the assumptions, judgments and estimates involved in accounting for revenue recognition and estimating the allowance for contract losses and doubtful accounts have the greatest potential impact on our consolidated financial statements, so we consider these to be our critical accounting policies. We discuss below the assumptions, judgments and estimates associated with these policies. Historically, our assumptions, judgments and estimates relative to our critical accounting policies have not differed materially from actual results. For further information on our critical accounting policies, see Note 1 of our Notes to Consolidated Financial Statements. Revenue recognition. We derive our revenues primarily from professional fees earned on consulting engagements, fees earned for the use of our equipment and facilities, as well as reimbursements for outside direct expenses associated with the services that are billed to our clients. Substantially all of our engagements are service contracts performed under time and material or fixed-price billing arrangements. For time and material and fixed-price service projects, revenue is generally recognized as the services are performed. For substantially all of our fixed-price service engagements, we recognize revenue based on the relationship of incurred labor hours at standard rates to our estimate of the total labor hours at standard rates we expect to incur over the term of the contract. Our estimate of total labor hours we expect to incur over the term of the contract is based on the nature of the project and our past experience on similar projects. We believe this methodology achieves a reliable measure of the revenue from the consulting services we provide to our customers under fixed-price contracts. Management judgments and estimates must be made and used in connection with the revenues recognized in any accounting period. These judgments and estimates include an assessment of the estimate as to the total effort required to complete fixed-price projects. Estimating the allowance for contract losses and doubtful accounts. We make estimates of our ability to collect accounts receivable and our unbilled but recognized work-in-process. In circumstances where we Item 1. Business GENERAL Exponent, Inc., together with its subsidiaries, (\u201cExponent\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d and \u201cour\u201d) is a science and engineering consulting firm that provides solutions to complex problems. Our interdisciplinary team of scientists, physicians, engineers, and business consultants draws from more than 90 technical disciplines to solve the most pressing and complicated challenges facing stakeholders today. The firm leverages over 55 years of experience in analyzing accidents and failures to advise clients as they innovate their technologically complex products and processes, ensure the safety and health of their users, and address the challenges of sustainability. The history of Exponent, Inc. goes back to 1967, with the founding of the partnership Failure Analysis Associates, which was incorporated the following year in California and reincorporated in Delaware as Failure Analysis Associates, Inc. in 1988. The Failure Group, Inc. was organized in 1989 as a holding company for Failure Analysis Associates, Inc. and changed its name to Exponent, Inc. in 1998. CLIENTS General Exponent serves clients in chemical, construction, consumer products, energy, food, beverage and nutrition, government, life sciences, insurance, manufacturing, technology, industrial equipment, transportation and other sectors of the economy. Many of our engagements are initiated directly by large corporations or by lawyers or insurance companies whose clients anticipate, or are engaged in, litigation related to their products, equipment, processes or services. The scope of our services in failure prevention and technology evaluation has grown as the technological complexity of products has increased over the years. During 2025, we provided services representing approximately 21%, 20%, 16% and 11% of revenues to clients in the consumer products industry, energy and utilities industries, transportation industry and chemical industry, respectively. Pricing and Terms of En Item 1A. Risk Factors Exponent operates in a rapidly changing environment that involves a number of uncertainties, some of which are beyond our control and may have a material adverse effect on our financial condition and results of operations. These uncertainties include, but are not limited to, those mentioned elsewhere ", "title": "EXPO - EXPONENT INC", "url": "/company/EXPO/" }, { "kind": "company", "summary": "SIC 6361 Title Insurance; CIK 0001472787; latest 10-K filed 2026-02-18.", "text": "FAF - First American Financial Corp SIC 6361 Title Insurance; CIK 0001472787; latest 10-K filed 2026-02-18. FAF First American Financial Corp 0001472787 6361 Title Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations CERTAIN STATEMENTS IN THIS ANNUAL REPORT ON FORM 10-K ARE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. THESE FORWARD-LOOKING STATEMENTS MAY CONTAIN THE WORDS \u201cBELIEVE,\u201d \u201cANTICIPATE,\u201d \u201cEXPECT,\u201d \u201cPLAN,\u201d \u201cPREDICT,\u201d \u201cESTIMATE,\u201d \u201cPROJECT,\u201d \u201cWILL BE,\u201d \u201cWILL CONTINUE,\u201d \u201cWILL LIKELY RESULT,\u201d OR OTHER SIMILAR WORDS AND PHRASES. RISKS AND UNCERTAINTIES EXIST THAT MAY CAUSE RESULTS TO DIFFER MATERIALLY FROM THOSE SET FORTH IN THESE FORWARD-LOOKING STATEMENTS. FACTORS THAT COULD CAUSE THE ANTICIPATED RESULTS TO DIFFER FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS INCLUDE THE FACTORS SET FORTH ON PAGES 4-5 OF THIS ANNUAL REPORT. THE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE THEY ARE MADE. THE COMPANY DOES NOT UNDERTAKE TO UPDATE FORWARD-LOOKING STATEMENTS TO REFLECT CIRCUMSTANCES OR EVENTS THAT OCCUR AFTER THE DATE THE FORWARD-LOOKING STATEMENTS ARE MADE. This Management\u2019s Discussion and Analysis contains the financial measure adjusted debt to capitalization ratio that is not presented in accordance with generally accepted accounting principles (\u201cGAAP\u201d) as it excludes the effects of secured financings payable. The Company is presenting this non-GAAP financial measure because it provides the Company\u2019s management and readers of this Annual Report on Form 10-K with additional insight into the financial leverage of the Company. The Company does not intend for this non-GAAP financial measure to be a substitute for any GAAP financial information. In this Annual Report on Form 10-K, this non-GAAP financial measure has been presented with, and reconciled to, the most directly comparable GAAP financial measure. Readers of this Annual Report on Form 10-K should use this non-GAAP financial measure only in conjunction with the comparable GAAP financial measure. Because not all companies use identical calculations, the presentation of adjusted debt to capitalization ratio may not be comparable to other similarly titled measures of other companies. Principles of Consolidation The consolidated financial statements have been prepared in accordance with GAAP and reflect the consolidated operations of the Company. The consolidated financial statements include the accounts of First American Financial Corporation, all controlled subsidiaries and any variable interest entities where the Company is deemed the primary beneficiary. All significant intercompany transactions and balances have been eliminated. Equity investments in which the Company exercises significant influence but does not control and is not the primary beneficiary, are accounted for using the equity method of accounting. Equity investments in which the Company does not exercise significant influence over the investee and without readily determinable fair values, or non-marketable equity securities, are accounted for at cost, less impairment, and are adjusted up or down for any observable price changes. 28 Reportable Segments The Company consists of the following reportable segments: \u2022 The title insurance and services segment issues title insurance policies on residential and commercial property in the United States and offers similar or related products and services internationally. This segment also provides closing and/or escrow services; accommodates tax-deferred exchanges of real estate; provides products, services and solutions designed to mitigate risk or otherwise facilitate real estate transactions; maintains, manages and provides access to title plant data and records; provides appraisals and other valuation-related products and services; provides lien release, document custodial and default-related products and services; provides document generation services; provides warehouse lending services; subservices mortgage loans; and provides ban Item 1. Business The Company First American Financial Corporation traces its heritage back to 1889. On June 1, 2010, its common stock was listed on the New York Stock Exchange under the ticker symbol \u201cFAF.\u201d First American\u2019s executive offices are located at 1 First American Way, Santa Ana, California 92707-5913 and its telephone number is (714) 250-3000. Unless otherwise indicated or otherwise required by the context, the terms \u201cwe,\u201d \u201cour,\u201d \u201cit,\u201d \u201cits,\u201d \u201cCompany\u201d and \u201cFirst American\u201d refer to First American Financial Corporation and its subsidiaries. General The Company, through its subsidiaries, is engaged in the business of providing title insurance, settlement services and other financial services and risk solutions through its title insurance and services segment and its home warranty segment. The title insurance and services segment provides title insurance, closing and/or escrow services and similar or related services domestically and internationally in connection with residential and commercial real estate transactions. The segment also provides products, services and solutions that are designed to mitigate risk in, or otherwise facilitate, real estate transactions. Many of these products, services and solutions involve the use of real property-related data, including data derived from the Company\u2019s proprietary databases. In addition, the segment provides banking, trust, warehouse lending, mortgage subservicing and wealth management services. The home warranty segment sells home warranty products. Our corporate segment consists of certain financing facilities, our venture investment portfolio, operating results related to our property and casualty insurance business, which no longer sells policies or has policies in force, and certain corporate services that support our business operations. The substantial majority of our business is dependent upon activity in the real estate and mortgage markets. Our strategy is to profitably grow our core title insura Item 1A. Risk Factors The following \u201crisk factors\u201d could materially and adversely affect the Company\u2019s business, operations, reputation, financial position or future financial performance. Some of the factors, events and contingencies discussed below may have occurred in the past, but the disclosures below are not representations as to w", "title": "FAF - First American Financial Corp", "url": "/company/FAF/" }, { "kind": "company", "summary": "SIC 2430 Millwood, Veneer, Plywood, & Structural Wood Members; CIK 0001519751; latest 10-K filed 2026-02-23.", "text": "FBIN - Fortune Brands Innovations, Inc. SIC 2430 Millwood, Veneer, Plywood, & Structural Wood Members; CIK 0001519751; latest 10-K filed 2026-02-23. FBIN Fortune Brands Innovations, Inc. 0001519751 2430 Millwood, Veneer, Plywood, & Structural Wood Members Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Introduction This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is a supplement to the accompanying consolidated financial statements and provides additional information on our business, recent developments, financial condition, liquidity and capital resources, cash flows and results of operations. MD&A is organized as follows: \u2022 Recent Developments: This section provides a summary of noteworthy recent developments in the most recently completed fiscal year in the operation of the business. \u2022 Overview: This section provides a general description of our business and a discussion of management\u2019s general outlook regarding market demand, our competitive position and product innovation, as well as additional recent developments we believe are important to understanding our results of operations and financial condition or in understanding anticipated future trends. \u2022 Basis of Presentation: This section provides a discussion of the basis on which our consolidated financial statements were prepared. \u2022 Results of Operations: This section provides an analysis of our results of operations for the fiscal years ended December 27, 2025, December 28, 2024 and December 30, 2023. \u2022 Liquidity and Capital Resources: This section provides a discussion of our financial condition as of December 27, 2025 and an analysis of our cash flows for each of the three years ended December 27, 2025, December 28, 2024 and December 30, 2023. This section also provides a discussion of our contractual obligations, other purchase commitments and customer credit risk that existed at December 27, 2025, as well as a discussion of our ability to fund our future commitments and ongoing operating activities through internal and external sources of capital. \u2022 Critical Accounting Estimates: This section identifies and summarizes those accounting policies that significantly impact our reported results of operations and financial condition and require significant judgment or estimates on the part of management in their application. Recent Developments In January 2025, we announced plans to consolidate our U.S. regional offices into one campus headquarters in Deerfield, Illinois to best position the Company and its brands for long-term growth. The decision is expected to deliver a world-class, collaborative office environment to fuel innovation, accelerate its digital solutions, and grow its core products. This significant investment was supported by annual tax credits offered through Illinois' Economic Development for a Growing Economy (\"EDGE\") program. We expect to qualify for these credits in 2025. In connection with these consolidation activities and related organizational and personnel changes, we will incur cash and non-cash charges related to employee relocation, severance, retention, non-cash asset related costs, lease exit costs, and other transition costs. The majority of charges have been incurred in 2025 with the remaining charges expected to be incurred in 2026. Overview We are an industry leading home, security and digital products company whose purpose is to elevate every life by transforming spaces into havens that is focused on the design, manufacture and sale of market-leading branded products in the following categories: plumbing and accessories, including digital water products, entry door and storm door systems, security and safety products, and outdoor performance materials used in decking and railing products. 22 For the year ended December 27, 2025, net sales based on country of destination were: [[GREPCENT_TABLE]] [[\"(In millions)\"],[\"United States\",\"\",\"$\",\"3,742.1\",\"\",\"\",\"\",\"84\",\"%\"],[\"Canada\",\"\",\"\",\"344.1\",\"\",\"\",\"8\"],[\"China\",\"\",\"\",\"147.2\",\"\",\"\",\"3\"],[\"Other international\",\"\",\"\",\"229.8\",\"\",\"\",\"5\"],[\"Total\",\"\",\"$\",\"4,463.2\",\"\",\"\",\"\",\"100\",\"%\"]] [[/GREPCENT_TABLE]] We believe that we have cert Item 1. Business. Cautionary Statement Concerning Forward-Looking Statements This Annual Report on Form 10-K contains certain \u201cforward-looking statements\u201d made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d), and Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d). Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief or expectations for our business, operations, financial performance or financial condition, in addition to statements regarding our expectations for the markets in which we operate, general business strategies, expected impacts from recently-announced organizational and leadership changes, the market potential of our brands, trends in the housing market, the potential impact of costs, including material and labor costs, the potential impact of inflation, expected capital spending, expected pension contributions, the expected effects of acquisitions, dispositions and other strategic transactions including the expected benefits and costs of the spin-off of MasterBrand, Inc. and the tax-free nature of the spin-off transaction, the anticipated effects of recently issued accounting standards on our financial statements, and other matters that are not historical in nature. Statements that include the words \u201cbelieves,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cintends,\u201d \u201cprojects,\u201d \u201cestimates,\u201d \u201cplans,\u201d \u201coutlook,\u201d \u201cpositioned\u201d, \u201cconfident,\u201d \u201copportunity\u201d, \"focus\" and similar expressions or future or conditional verbs such as \u201cwill,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201cmay\u201d, and \u201ccould\u201d are generally forward-looking in nature and not historical facts. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is based on current expectations, plans, estimates, assumptions and projections of our management about our industry, business a Item 1A. Risk Factors. There are inherent risks and uncertainties associated with our business that could adversely affect our business, financial condition or operating results. Set forth below are descriptions of those risks and uncertainties that we current", "title": "FBIN - Fortune Brands Innovations, Inc.", "url": "/company/FBIN/" }, { "kind": "company", "summary": "SIC 5900 Retail-Miscellaneous Retail; CIK 0000840489; latest 10-K filed 2026-02-09.", "text": "FCFS - FirstCash Holdings, Inc. SIC 5900 Retail-Miscellaneous Retail; CIK 0000840489; latest 10-K filed 2026-02-09. FCFS FirstCash Holdings, Inc. 0000840489 5900 Retail-Miscellaneous Retail Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations General The Company\u2019s primary business line is the operation of retail pawn stores, also known as \u201cpawnshops,\u201d which focus on serving cash- and credit-constrained consumers. The Company is the leading operator of pawn stores in the U.S., Latin America and the U.K. Pawn stores help customers meet small short-term cash needs by providing non-recourse pawn loans and buying merchandise directly from customers. Personal property, such as jewelry, electronics, tools, appliances, sporting goods and musical instruments, is pledged and held as collateral for the pawn loans over the term of the loan. Pawn stores also generate retail sales primarily from the merchandise acquired through collateral forfeitures and over-the-counter purchases from customers. The Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom with 286 store locations, on August 14, 2025, the date which the balance sheet and operating results of H&T were included in the Company\u2019s consolidated financial results. For further detail, see Note 3 of Notes to Consolidated Financial Statements. The Company is also a leading provider of customer payment solutions at the POS for retailers of consumer goods and services, which it conducts solely through AFF. The Company\u2019s customer payment solutions business line focuses on LTO products and facilitating other retail financing payment options across a large network of traditional and e-commerce merchant partners in the U.S. AFF\u2019s retail partners provide consumer goods and services to their customers and use AFF\u2019s LTO and retail finance solutions to facilitate payments on such transactions. The Company\u2019s two business lines are organized into four reportable segments. The U.S. pawn segment consists of pawn operations in 29 U.S. states and the District of Columbia; the Latin America pawn segment consists of pawn operations in Mexico, Guatemala, El Salvador and Colombia; and the U.K. pawn segment consists of pawn operations in England, Scotland and Wales. The retail POS payment solutions segment consists of the operations of AFF in the U.S. Financial information regarding the Company\u2019s revenue and long-lived assets by geographic area is provided in Note 17 of Notes to Consolidated Financial Statements. Critical Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (\u201cGAAP\u201d) requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities, related revenue and expenses, and disclosure of gain and loss contingencies at the date of the financial statements. Such estimates, assumptions and judgments are subject to a number of risks and uncertainties, which may cause actual results to differ materially from the Company\u2019s estimates. The critical accounting policies and estimates that could have a significant impact on the Company\u2019s results of operations are described in Note 2 of Notes to Consolidated Financial Statements. The Company believes the following critical accounting policies describe the more significant judgments and estimates used in the preparation of its consolidated financial statements. Pawn loans and revenue recognition \u2014 Pawn loans are secured by the customer\u2019s pledge of tangible personal property, which the Company holds during the term of the loan. If a pawn loan defaults, the Company relies on the sale of the pawned property to recover the principal amount of an unpaid pawn loan, plus a yield on the investment, as the Company\u2019s pawn loans are non-recourse against the customer. The Company accrues pawn loan fee revenue on a constant-yield basis over the life of the pawn loan for all pawns for which the Company deems collection to be probable based on historical pawn redemption statistics, which is included in accounts receivable, Item 1. Business Overview FirstCash Holdings, Inc., along with its wholly owned subsidiaries (together, \u201cFirstCash\u201d or the \u201cCompany\u201d), is the leading operator of pawn stores in the U.S., Latin America and the U.K. FirstCash\u2019s primary line of business is the operation of retail pawn stores, also known as \u201cpawnshops.\u201d The Company also operates a retail POS payment solutions business. The Company\u2019s two business lines are organized into four reportable segments: \u2022The U.S. pawn segment consists of pawn operations in 29 U.S. states and the District of Columbia \u2022The Latin America pawn segment consists of pawn operations in Mexico, Guatemala, El Salvador and Colombia \u2022The U.K. pawn segment consists of pawn operations in England, Scotland and Wales \u2022The retail POS payment solutions segment consists of the operations of American First Finance, LLC (\u201cAFF\u201d), which offers products in the U.S. The Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom with 286 store locations, on August 14, 2025, the date which the balance sheet and operating results of H&T were included in the Company\u2019s consolidated financial results. For further detail, see Note 3 of Notes to Consolidated Financial Statements. As of December 31, 2025, the Company operated over 3,300 pawnshops across its network. Pawn stores help customers meet small, short-term cash needs by providing non-recourse pawn loans and buying merchandise directly from customers. Personal property, such as jewelry, electronics, tools, appliances, sporting goods and musical instruments, is pledged and held as collateral for the pawn loans over the term of the loan. Pawn stores also generate retail sales primarily from the merchandise acquired through collateral forfeitures and over-the-counter purchases from customers. The Company\u2019s retail POS payment solutions business line consists solely of the operations of AFF, which focuses on LTO products and facilitating other retail financing payment Item 1A. Risk Factors Important risk factors that could materially affect the Company\u2019s business, financial condition or results of operations in future periods are described below. These factors are not intended to be an all-encompassing list of risks and uncertainties and are not the only risks and uncertainties facing the C", "title": "FCFS - FirstCash Holdings, Inc.", "url": "/company/FCFS/" }, { "kind": "company", "summary": "SIC 8742 Services-Management Consulting Services; CIK 0000887936; latest 10-K filed 2026-02-26.", "text": "FCN - FTI CONSULTING, INC SIC 8742 Services-Management Consulting Services; CIK 0000887936; latest 10-K filed 2026-02-26. FCN FTI CONSULTING, INC 0000887936 8742 Services-Management Consulting Services ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion and analysis of our consolidated financial condition, results of operations and liquidity and capital resources for each of the two years in the period ended December 31, 2025 and significant factors that could affect our prospective financial condition and results of operations. This discussion should be read in conjunction with our consolidated financial statements and notes included in Part II, Item 8, \u201cFinancial Statements and Supplementary Data\u201d of this Annual Report on Form 10-K (the \u201cAnnual Report\u201d). For a similar discussion and analysis of our results for the year ended December 31, 2024 compared to our results for the year ended December 31, 2023, refer to Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report for the year ended December 31, 2024, filed with the United States (\u201cU.S.\u201d) Securities and Exchange Commission (\u201cSEC\u201d) on February 20, 2025. Historical results and any discussion of prospective results may not indicate our future performance. Business Overview FTI Consulting, Inc., including its consolidated subsidiaries (collectively, the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cFTI Consulting\u201d) is a leading global expert firm for organizations facing crisis and transformation. Individually, each of our segments and practices is staffed with experts recognized for the depth of their knowledge and a track record of making an impact. We report financial results for the following five reportable segments: Our Corporate Finance segment focuses on the strategic, operational, financial, transactional and capital needs of our clients around the world. Our clients include companies, boards of directors, investors, private equity sponsors, lenders, and other financing sources and creditor groups, governments and other interested parties. We deliver a wide range of services centered around three core offerings: Transactions, Transformation and Turnaround & Restructuring. Our Forensic and Litigation Consulting (\u201cFLC\u201d) segment provides law firms, companies, boards of directors, government entities, private equity firms and other interested parties with a multidisciplinary and independent range of services across risk & investigations and disputes, supported by our data & analytics technology-enabled solutions, with a focus on highly regulated industries. Our services are centered around five core offerings: Construction, Projects & Assets and Environmental Solutions, Data & Analytics, Dispute Advisory Services, Healthcare Risk Management & Advisory and Risk & Investigations, which includes our cybersecurity and financial services-related offerings. Our Economic Consulting segment, including subsidiary Compass Lexecon LLC, provides law firms, companies, government entities and other interested parties with analyses of complex economic issues for use in international arbitration, legal and regulatory proceedings and strategic decision making and public policy debates around the world. We deliver a wide range of services centered around three core offerings: Antitrust & Competition Economics, Financial Economics and International Arbitration. Our Technology segment provides companies, law firms, private equity firms and government entities with a comprehensive global portfolio of digital insights and risk management, artificial intelligence (\u201cAI\u201d) and data services. Our professionals help organizations better address risk as the growing volume and variety of enterprise and emerging data intersects with legal, regulatory and compliance needs. We deliver a wide range of expert and AI-powered solutions driven by five core client needs: Blockchain & Digital Assets, Information Governance, Privacy & Security, Investigations, Litigation, and M&A, Antitrust and Competition. Our Strategic Communications segment develops and executes communicati ITEM 1. BUSINESS Unless otherwise indicated or required by the context, when we use the terms \u201cCompany,\u201d \u201cFTI Consulting,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour,\u201d we mean FTI Consulting, Inc., a Maryland corporation, and its consolidated subsidiaries. Company Overview General FTI Consulting is a leading global expert firm for organizations facing crisis and transformation. Individually, each of our segments and practices is staffed with experts recognized for the depth of their knowledge and a track record of making an impact. We report financial results for the following five reportable segments: \u2022Corporate Finance; \u2022Forensic and Litigation Consulting (\u201cFLC\u201d); \u2022Economic Consulting; \u2022Technology; and \u2022Strategic Communications. The Company renamed its Corporate Finance & Restructuring segment to Corporate Finance to better align with the segment\u2019s business activities, structure and strategy, as of December 31, 2025. The segment name change did not result in any change to the composition of the segment and has no impact on previously reported financial information. We work closely with our clients to help them anticipate and overcome complex business challenges and make the most of opportunities arising from factors such as the economy, financial and credit markets, governmental legislation and regulation, and litigation. We provide our clients with expert advice and solutions involving transactions, transformation, 1 turnaround & restructuring, construction, projects, assets & environmental solutions, data & analytics, dispute advisory services, healthcare risk management & advisory, risk & investigations, antitrust & competition economics, financial economics, international arbitration, blockchain & digital assets, information governance, privacy & security, investigations, litigation, M&A, antitrust and competition, corporate reputation, financial communications and public affairs. Our experienced professionals are recognized leaders in their chosen field not only fo ITEM 1A. RISK FACTORS All of the following risks, uncertainties and factors could materially and adversely affect our business, prospects, financial condition, results of operations, cash flows and liquidity. In addition to the risks, uncertainties and factors discussed below and elsewhere in this Annual Report, other risks", "title": "FCN - FTI CONSULTING, INC", "url": "/company/FCN/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000036029; latest 10-K filed 2026-02-25.", "text": "FFIN - FIRST FINANCIAL BANKSHARES INC SIC 6022 State Commercial Banks; CIK 0000036029; latest 10-K filed 2026-02-25. FFIN FIRST FINANCIAL BANKSHARES INC 0000036029 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to those listed in \u201cItem 1A \u2013 Risk Factors\u201d and in the \u201cCautionary Statement Regarding Forward-Looking Statements\u201d notice on page 1. Introduction As a financial holding company, we generate most of our revenue from interest on loans and investments, trust fees, gain on sale of mortgage loans and service charges and fees on deposit accounts. Our primary source of funding for our loans and investments are deposits held by our bank subsidiary, First Financial Bank. Our largest expenses are salaries and related employee benefits. We measure our performance by calculating our return on average assets, return on average equity, regulatory capital ratios, net interest margin and efficiency ratio, which is calculated by dividing noninterest expense by the sum of net interest income on a tax equivalent basis and noninterest income. The following discussion and analysis of the major elements of our consolidated balance sheets as of December 31, 2025 and 2024, and consolidated statements of earnings for the years 2023 through 2025 should be read in conjunction with our consolidated financial statements, accompanying notes, and selected financial data presented elsewhere in this Form 10-K. Critical Accounting Policies We prepare consolidated financial statements based on generally accepted accounting principles (\u201cGAAP\u201d) and customary practices in the banking industry. These policies, in certain areas, require us to make significant estimates and assumptions. We deem a policy critical if (1) the accounting estimate required us to make assumptions about matters that are highly uncertain at the time we make the accounting estimate; and (2) different estimates that reasonably could have been used in the current period, or changes in the accounting estimate that are reasonably likely to occur from period to period, would have a material impact on the financial statements. We deem our most critical accounting policies to be (1) our allowance for credit losses (\u201cACL\u201d) and our provision for credit losses and (2) our valuation of financial instruments. We have other significant accounting policies and continue to evaluate the materiality of their impact on our consolidated financial statements, but we believe these other policies either do not generally require us to make estimates and judgments that are difficult or subjective, or it is less likely they would have a material impact on our reported results for a given period. A discussion of (1) our allowance for credit losses and our provision for credit losses and (2) our valuation of financial instruments is included in Notes 1 and 10, respectively, to our Consolidated Financial Statements. It is difficult to estimate how potential changes in any one economic factor or input might affect the overall allowance because a wide variety of factors and inputs are considered in estimating the ACL and changes in those factors and inputs considered may not occur at the same rate and may not be consistent across all product types. Additionally, changes in factors and inputs may be directionally inconsistent, such that improvement in one factor may offset deterioration in others. A large driver to the ACL is the overall credit quality of the underlying credits. Deterioration or improvement in credit quality could have a significant impact on the overall level of ACL. Stock Repurchase On July 22, 2025, the Company\u2019s Board of Directors extended the authorization to repurchase up to 5,000,000 common shares through July 31, 2026. The prior authorization had been in place since July 27, 2021. The stock repurchase plan authorizes management to repurchase ITEM 1. BUSINESS General First Financial Bankshares, Inc., a Texas corporation (the \u201cCompany\u201d), is a financial holding company registered under the Bank Holding Company Act of 1956, as amended, or BHCA. As such, we are supervised by the Federal Reserve Board, as well as several other bank regulators. We were formed as a bank holding company in 1956 under the original name F & M Operating Company, but our banking operations date back to 1890, when Farmers and Merchants National Bank opened for business in Abilene, Texas. As of December 31, 2025, our wholly-owned subsidiaries, all of which are headquartered in Abilene, Texas, were: \u2022 First Financial Bank; \u2022 First Technology Services, Inc., a wholly-owned subsidiary of First Financial Bank; \u2022 FFB Investment Paris Fund, LLC, a wholly-owned subsidiary of First Financial Bank; \u2022 FFB Portfolio Management, Inc., a wholly-owned subsidiary of First Financial Bank; \u2022 First Financial Trust & Asset Management Company; and \u2022 First Financial Insurance Agency, Inc. Through our subsidiaries, we conduct a full-service commercial banking business. Our banking centers are located primarily in Central, North Central, Southeast and West Texas. As of December 31, 2025, we had 79 financial centers across Texas, with ten locations in Abilene, five locations in Bryan/College Station, three locations in Weatherford, two locations in Cleburne, Conroe, San Angelo, Stephenville, and Granbury, and one location each in Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Burleson, Cisco, Clyde, Cut and Shoot, Decatur, Eastland, El Campo, Fort Worth, Franklin, Fulshear, Glen Rose, Grapevine, Hereford, Huntsville, Keller, Kingwood, Lumberton, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby, Southlake, Spring, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Willis and Willow Park. Additionally, we oper ITEM 1A. RISK FACTORS Our business, financial condition, operating results and cash flows can be impacted by a number of factors, including but not limited to those set forth below, any one of which could cause our actual results to vary materially from recent results or from our anticipated future results and other forward-", "title": "FFIN - FIRST FINANCIAL BANKSHARES INC", "url": "/company/FFIN/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001056288; latest 10-K filed 2026-02-27.", "text": "FHI - FEDERATED HERMES, INC. SIC 6282 Investment Advice; CIK 0001056288; latest 10-K filed 2026-02-27. FHI FEDERATED HERMES, INC. 0001056288 6282 Investment Advice ITEM 7 \u2013 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with Item 1- Business, Item 1A \u2013 Risk Factors and Item 8 \u2013 Financial Statements and Supplementary Data. General Federated Hermes is a global leader in active investing with $902.6 billion in managed assets as of December 31, 2025. The majority of Federated Hermes\u2019 revenue is derived from advising Federated Hermes Funds and Separate Accounts in domestic and international public and private markets. Federated Hermes also derives revenue from providing administrative and other fund-related services (including distribution and shareholder servicing) as well as stewardship, real estate development and renewable energy project development services. For additional information on Federated Hermes\u2019 markets, see Item 1 \u2013 Business \u2013 Distribution Channels and Product Markets. Investment advisory fees, administrative service fees and certain fees for other services, such as distribution and shareholder service fees, are contract-based and are generally calculated as a percentage of the average net assets of managed investment portfolios. Federated Hermes\u2019 revenue is primarily dependent upon factors that affect the value of managed/serviced assets, including market conditions and the ability to attract and retain assets. Generally, managed assets in Federated Hermes\u2019 public market investment products and strategies (together with other offered services, as applicable, offerings) can be redeemed or withdrawn at any time with no advance notice requirement, while managed assets in Federated Hermes\u2019 private market investment offerings are subject to restrictions on withdrawals. Fee rates for Federated Hermes\u2019 services generally vary by asset and service type and can vary based on changes in asset levels. Generally, advisory fees charged for services provided to multi-asset and equity offerings are higher than advisory fees charged to alternative/private markets and fixed-income offerings, which in turn are higher than advisory fees charged to money market offerings. Likewise, Federated Hermes Funds typically have higher advisory fees than Separate Accounts. Similarly, revenue is also dependent upon the relative composition of average AUM across both asset and offering types. Federated Hermes can implement fee waivers, rebates or expense reimbursements for competitive reasons such as to maintain positive or zero net yields (Voluntary Yield-related Fee Waivers), to maintain certain fund expense ratios, to meet regulatory requirements or to meet contractual requirements (collectively, Fee Waivers). Since Federated Hermes\u2019 public market offerings are largely distributed and serviced through financial intermediary customers, Federated Hermes makes payments, out of its reasonable profits and other resources, to the financial intermediary customers that sell these offerings. These payments are generally calculated as a percentage of net assets attributable to the applicable financial intermediary and represent the vast majority of Distribution expense on the Consolidated Statements of Income. Certain components of Distribution expense can vary depending upon the asset type, distribution channel and/or the size of the customer relationship. Federated Hermes generally pays out a larger portion of the revenue earned from managed assets in money market, multi-asset, and fixed-income funds than the revenue earned from managed assets in equity and alternative/private markets funds. Federated Hermes\u2019 most significant operating expenses are Compensation and Related expense and Distribution expense. Compensation and Related expense includes base salary and wages, incentive compensation and other employee expenses, including payroll taxes and benefits. Incentive compensation, which includes share-based compensation, can vary depending on various fac ITEM 1 \u2013 BUSINESS General Federated Hermes, Inc., a Pennsylvania corporation, together with its consolidated subsidiaries (collectively, Federated Hermes) is a global leader in active investing with $902.6 billion in assets under management (AUM or managed assets) at December 31, 2025. Federated Hermes has been in the investment management business since 1955 and is one of the largest investment managers in the United States (U.S.). Federated Hermes also provides stewardship services to customers seeking a range of solutions for engagement, as well as real estate development and renewable energy project development services. In seeking to enhance long-term risk-adjusted investment performance, and create long-term financial value/wealth, for its customers and clients (collectively, including intermediaries, customers) consistent with its fiduciary duties and customer objectives, Federated Hermes has taken steps to integrate the proprietary insights from fundamental investment analysis, including governance, environmental and social factors and engagement interactions, into many of the products and strategies it manages. Federated Hermes operates in one operating segment, the investment management business. Federated Hermes sponsors, markets and provides investment-related services and strategies (collectively, as applicable, strategies) to various investment products, including sponsored investment companies and other funds (Federated Hermes Funds) and Separate Accounts (which include separately managed accounts (SMAs), institutional accounts, sub-advised funds and other managed products) in both domestic and international markets (such products, strategies and other services being, collectively and as applicable, offerings). In addition, Federated Hermes markets and provides stewardship, real estate development and renewable energy project development services to various domestic and international customers. Federated Hermes\u2019 principal source of revenue is inves ITEM 1A \u2013 RISK FACTORS Risk is inherent to Federated Hermes\u2019 investment management business and offerings. Global financial, securities, capital, commodities, currency, real estate, energy, credit and other markets (collectively, as applicable, markets) are inherently uncertain and subject participants to a variety of risks. If any of the f", "title": "FHI - FEDERATED HERMES, INC.", "url": "/company/FHI/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000036966; latest 10-K filed 2026-02-26.", "text": "FHN - FIRST HORIZON CORP SIC 6021 National Commercial Banks; CIK 0000036966; latest 10-K filed 2026-02-26. FHN FIRST HORIZON CORP 0000036966 6021 National Commercial Banks Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations TABLE OF ITEM 7 TOPICS [[GREPCENT_TABLE]] [[\"Introduction\",\"41\"],[\"Financial Performance Summary\",\"41\"],[\"Results of Operations\",\"42\"],[\"Analysis of Financial Condition\",\"48\"],[\"Capital\",\"63\"],[\"Risk Management\",\"67\"],[\"Market Uncertainties and Prospective Trends\",\"77\"],[\"Critical Accounting Policies and Estimates\",\"80\"],[\"Accounting Changes\",\"82\"],[\"Non-GAAP Information\",\"82\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"40\",\"2025 FORM 10-K ANNUAL REPORT\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"ITEM 7. MANAGEMENT'S DISCUSSION & ANALYSIS (MD&A)\"],[\"Table of Contents\"]] [[/GREPCENT_TABLE]] Introduction First Horizon Corporation (NYSE common stock trading symbol \u201cFHN\u201d) is a financial holding company headquartered in Memphis, Tennessee. FHN\u2019s principal subsidiary, and only banking subsidiary, is First Horizon Bank. Through the Bank and other subsidiaries, FHN offers commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. At December 31, 2025, FHN had over 450 business locations in 23 states, including over 400 banking centers in 12 states, and employed approximately 7,400 associates. This MD&A should be read in conjunction with the accompanying audited Consolidated Financial Statements and Notes to the Consolidated Financial Statements in Part II, Item 8 of this Form 10-K, as well as with the other information contained in this report. Financial Performance Summary Table 7.1 SELECTED FINANCIAL DATA [[GREPCENT_TABLE]] [[\"\",\"For the years ended December 31,\"],[\"(Dollars in millions, except per share data)\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Pre-provision net revenue (a)\",\"$\",\"1,345\",\"\",\"\",\"$\",\"1,155\",\"\",\"\",\"$\",\"1,388\"],[\"Diluted earnings per common share\",\"$\",\"1.87\",\"\",\"\",\"$\",\"1.36\",\"\",\"\",\"$\",\"1.54\"],[\"Return on average assets (b)\",\"1.22\",\"%\",\"\",\"0.97\",\"%\",\"\",\"1.12\",\"%\"],[\"Return on average common equity (c)\",\"11.30\",\"%\",\"\",\"8.80\",\"%\",\"\",\"11.01\",\"%\"],[\"Return on average tangible common equity (a) (d)\",\"14.01\",\"%\",\"\",\"10.99\",\"%\",\"\",\"14.10\",\"%\"],[\"Net interest margin (e)\",\"3.47\",\"%\",\"\",\"3.35\",\"%\",\"\",\"3.42\",\"%\"],[\"Noninterest income to total revenue (f)\",\"23.30\",\"%\",\"\",\"23.44\",\"%\",\"\",\"26.83\",\"%\"],[\"Efficiency ratio (g)\",\"60.66\",\"%\",\"\",\"62.06\",\"%\",\"\",\"59.91\",\"%\"],[\"Allowance for loan and lease losses to total loans and leases\",\"1.15\",\"%\",\"\",\"1.30\",\"%\",\"\",\"1.26\",\"%\"],[\"Net charge-offs (recoveries) to average loans and leases\",\"0.19\",\"%\",\"\",\"0.18\",\"%\",\"\",\"0.28\",\"%\"],[\"Total period-end equity to period-end assets\",\"10.90\",\"%\",\"\",\"11.09\",\"%\",\"\",\"11.38\",\"%\"],[\"Tangible common equity to tangible assets (a)\",\"8.37\",\"%\",\"\",\"8.37\",\"%\",\"\",\"8.48\",\"%\"],[\"Cash dividends declared per common share\",\"$\",\"0.60\",\"\",\"\",\"$\",\"0.60\",\"\",\"\",\"$\",\"0.60\"],[\"Book value per common share\",\"$\",\"17.53\",\"\",\"\",\"$\",\"16.00\",\"\",\"\",\"$\",\"15.17\"],[\"Tangible book value per common share (a)\",\"$\",\"14.20\",\"\",\"\",\"$\",\"12.85\",\"\",\"\",\"$\",\"12.13\"],[\"Common equity Tier 1\",\"10.63\",\"%\",\"\",\"11.20\",\"%\",\"\",\"11.40\",\"%\"],[\"Market capitalization\",\"$\",\"11,587\",\"\",\"\",\"$\",\"10,559\",\"\",\"\",\"$\",\"7,913\"]] [[/GREPCENT_TABLE]] (a)Represents a non-GAAP measure which is reconciled in the non-GAAP to GAAP reconciliation in Table 7.33. (b)Calculated using net income divided by average assets. (c)Calculated using net income available to common shareholders divided by average common equity. (d)Calculated using net income available to common shareholders divided by average tangible common equity. (e)Net interest margin is computed using total net interest income adjusted to an FTE basis assuming a statutory federal income tax rate of 21% and, where applicable, state income taxes. (f)Ratio is noninterest income excluding securities gains (losses) to total revenue excluding securities gains (losses). (g)Ratio is noninterest expense to total revenue excluding securities gains (losses). 2025 F Item 1. Business Our Businesses General First Horizon Corporation is a Tennessee corporation. We incorporated in 1968, and are headquartered in Memphis, Tennessee. We are registered as a bank holding company and have elected to be treated as a financial holding company. Our common stock is listed on the New York Stock Exchange under the symbol \u201cFHN.\u201d At December 31, 2025, we had total consolidated assets of $84 billion. We provide commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services principally through our wholly-owned subsidiary, First Horizon Bank. Founded in 1864 as First National Bank of Memphis, the Bank is a Tennessee banking corporation headquartered in Memphis, Tennessee. At December 31, 2025, the Bank had $84 billion in total assets, $68 billion in total deposits, and $64 billion in total loans (including certain leases, before considering the allowance for loan and lease losses). In addition to the Bank, as of December 31, 2025, First Horizon's consolidated operating subsidiaries include, but are not limited to: two subsidiaries which are registered with the SEC as investment advisors; two subsidiaries which are registered with the SEC as broker-dealers; and three subsidiaries which are licensed as insurance agencies. At December 31, 2025, First Horizon had over 450 business locations in 23 U.S. states, excluding off-premises ATMs. Most of those locations (412) were banking centers located in southern states, including Tennessee (137), North Carolina (78), Florida (74), and Louisiana (55). Loans Loan Portfolios Lending is a major source of revenue for us, and loans are our largest asset type. Table 1.1 shows our total loans (including certain leases) at year-end 2025, along with some details regarding the composition of our loans. Most of our loans are commercial. As shown in Table 1.1, our loans are broken into two major types: comme Item 1A. Risk Factors This Item highlights risks that could impact us in material ways. In this Item we have outlined risks that we believe are important to us at the present time. However, other risks may prove to be important in the future, and new risks may emerge at any time. We cannot predict all potential developments that could materially affect our fina", "title": "FHN - FIRST HORIZON CORP", "url": "/company/FHN/" }, { "kind": "company", "summary": "SIC 5331 Retail-Variety Stores; CIK 0001177609; latest 10-K filed 2026-03-19.", "text": "FIVE - FIVE BELOW, INC SIC 5331 Retail-Variety Stores; CIK 0001177609; latest 10-K filed 2026-03-19. FIVE FIVE BELOW, INC 0001177609 5331 Retail-Variety Stores ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion together with the consolidated financial statements and related notes included elsewhere in this Annual Report. The statements in this discussion regarding expectations of our future performance, liquidity and capital resources and other non-historical statements are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in Part I, Item 1A \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Our actual results may differ materially from those contained in or implied by any forward-looking statements. We operate on a fiscal calendar widely used by the retail industry that results in a given fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to January 31 of the following year. References to \"fiscal year 2026\" or \"fiscal 2026\" refer to the period from February 1, 2026 to January 30, 2027, which consists of a 52-week fiscal year. References to \"fiscal year 2025\" or \"fiscal 2025\" refer to the period from February 2, 2025 to January 31, 2026, which consists of a 52-week fiscal year. References to \"fiscal year 2024\" or \"fiscal 2024\" refer to the period from February 4, 2024 to February 1, 2025, which consists of a 52-week fiscal year. References to \"fiscal year 2023\" or \"fiscal 2023\" refer to the period from January 29, 2023 to February 3, 2024, which consists of a 53-week fiscal year. Overview Five Below, Inc. (collectively referred to herein with its wholly owned subsidiaries as \"we,\" \"us,\" or \"our\") is a rapidly growing specialty value retailer offering a broad range of trend-right, high-quality products loved by the kid and the kid in all of us. We offer a dynamic, edited assortment of exciting products, with most priced at $5 and below, including select brands and licensed merchandise across our category worlds. In fiscal 2019, we rolled out new pricing to our full chain, increasing prices on certain products over $5. Most of our products remain at $5 and below. As of January 31, 2026, we operated 1,921 stores in 46 states. We also offer our merchandise on the internet, through our fivebelow.com e-commerce website and mobile app, offering home delivery and the option to buy online and pick up in store. Additionally, we sell merchandise through on-demand third-party delivery services to enable our customers to shop online and receive convenient delivery. All e-commerce sales, which includes shipping and handling revenue, are included in net sales and are included in comparable sales. Our e-commerce expenses will have components classified as both cost of goods sold and selling, general and administrative expenses (including depreciation and amortization). We believe that our business model has resulted in strong financial performance when considered in light of the economic environment. Our comparable sales increased by 12.8% in fiscal 2025, decreased by 2.7% in fiscal 2024, and increased by 2.8% in fiscal 2023. We expanded our store base from 1,544 stores at the end of fiscal 2023 to 1,921 stores at the end of fiscal 2025 and we plan to open approximately 150 net new stores in fiscal 2026. Between fiscal 2023 and fiscal 2025, our net sales increased from $3.6 billion to $4.8 billion, representing a compounded annual growth rate of 15.7%. Over the same period, our operating income increased from $385.6 million to $457.4 million, representing a compounded annual growth rate of 8.9%. We expect to continue our strong growth in the future. By offering trend-right merchandise at differentiated price points, our stores have been successful in varying geographic regions, population densities and real estate settings. As of January 31, 2026, we operated stores in 46 states throughout the United States. We are primarily located ITEM 1. BUSINESS General Five Below, Inc. was incorporated in Pennsylvania in January 2002. Our principal executive office is located at 701 Market Street, Suite 300, Philadelphia, PA 19106 and our telephone number is (215) 546-7909. Our corporate website address is www.fivebelow.com. The information contained on, or accessible through, our corporate website does not constitute part of this Annual Report. As used herein, \u201cFive Below,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or \u201cour business\u201d refers to Five Below, Inc. (collectively with its wholly owned subsidiaries), except as expressly indicated or unless the context otherwise requires. As used herein, references to \u201ccrew\u201d refers to our employees, and references to \u201cshipcenters\u201d refers to our distribution and logistics centers. We purchase products in reaction to existing marketplace trends and, hence, refer to our products as \u201ctrend-right.\u201d We use the term \u201cdynamic\u201d merchandise to refer to the broad range and frequently changing nature of the products we display in our stores. We use the term \u201cpower\u201d shopping center to refer to an unenclosed shopping center with 250,000 to 750,000 square feet of gross leasable area that contains three or more \u201cbig box\u201d retailers (large retailers with floor space over 50,000 square feet) and various smaller retailers with a common parking area shared by the retailers. We use the term \u201clifestyle\u201d shopping center to refer to a shopping center or commercial development that is often located in suburban areas and combines the traditional retail functions of a shopping mall with leisure amenities oriented towards upscale consumers. We use the term \u201ccommunity\u201d shopping center to refer to a shopping area designed to serve a trade area of 40,000 to 150,000 people where the lead tenant is a variety discount, junior department store and/or supermarket. We use the term \u201ctrade area\u201d to refer to the geographic area from which a given retailer generates a majority of its customers. Trade areas vary ITEM 1A. RISK FACTORS You should carefully consider the following risks and uncertainties when reading this Annual Report. If any of the following risks actually occur, our business, financial condition and/or results of operations could be materially and adversely affected. In that event, the trading price of our common stock could decline. Altho", "title": "FIVE - FIVE BELOW, INC", "url": "/company/FIVE/" }, { "kind": "company", "summary": "SIC 3672 Printed Circuit Boards; CIK 0000866374; latest 10-K filed 2026-05-20.", "text": "FLEX - FLEX LTD. SIC 3672 Printed Circuit Boards; CIK 0000866374; latest 10-K filed 2026-05-20. FLEX FLEX LTD. 0000866374 3672 Printed Circuit Boards ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and notes thereto included in Item 8, \"Financial Statements and Supplementary Data.\" In addition to historical consolidated financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results could differ materially from those anticipated by these forward-looking statements as a result of many factors. We discuss factors that we believe could cause or contribute to these differences below and elsewhere in this report, including those set forth under Item 1A, \"Risk Factors.\" Refer to Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, for the results of operations discussion for the fiscal year ended March 31, 2025, compared to the fiscal year ended March 31, 2024, other than as described below with respect to segment results from operations. OVERVIEW We are the advanced, end-to-end manufacturing partner of choice that helps a diverse customer base design, build, deliver and manage innovative products that improve the world. Through the collective strength of a global workforce across approximately 30 countries with responsible, sustainable operations, we deliver technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets. The Company\u2019s full suite of specialized capabilities includes design and engineering, supply chain, manufacturing, and integrated services, plus a portfolio of power and cooling products. Over time, we have built differentiated scale and expertise across both technology-driven and regulated markets, enabling us to support customers with increasingly complex product, infrastructure, and compliance requirements. We partner with customers across a diverse set of industries including data center, healthcare, industrial, automotive, communications, and lifestyle. In the fourth quarter of fiscal year 2026, the Company changed how it reports its operating results to its Chief Operating Decision Maker (\u201cCODM\u201d), principally reflecting the growth of Flex\u2019s data center\u2011related businesses. As a result, the Company reorganized its operating structure and established a new operating and reportable segment, Cloud and Power Infrastructure (\u201cCPI\u201d) and updated its former segments from Flex Agility Solutions and Flex Reliability Solutions to Integrated Technology Solutions (\u201cITS\u201d) and Regulated Manufacturing Solutions (\u201cRMS\u201d). Certain prior\u2011period segment information has been recast to conform to the current presentation. The determination of the separate operating and reportable segments is based on several factors, including the nature of products and services, the nature of production processes, customer base, delivery channels and similar economic characteristics. Refer to note 1 \"Organization of the Company\" to the consolidated financial statements in Item 8, \"Financial Statements and Supplementary Data\" for further details on the segment change that took place in the fourth quarter of fiscal year 2026. As of March 31, 2026, we report our financial performance based on three operating and reportable segments as follows \u2022Integrated Technology Solutions (\"ITS\"), which is comprised of the following end markets: \u25e6Communications, high speed networking, enterprise, and satellite communications systems \u25e6Lifestyle, premium products across commercial, home and personal product categories \u2022Regulated Manufacturing Solutions (\"RMS\"), which is comprised of the following end markets: \u25e6Industrial, mission-critical automation, energy, and industrial infrastructure \u25e6Automotive, compute and power electro ITEM 1. BUSINESS OVERVIEW Flex is the advanced, end-to-end manufacturing partner of choice that helps a diverse customer base design, build, deliver and manage products that improve the world. Through the collective strength of a global workforce across approximately 30 countries with responsible, sustainable operations, we deliver technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets. The Company\u2019s full suite of specialized capabilities includes design and engineering, supply chain, manufacturing, and integrated services, plus a portfolio of power and cooling products. Over time, we have built differentiated scale and expertise across both technology-driven and regulated markets, enabling us to support customers with increasingly complex product, infrastructure, and compliance requirements. We partner with customers across a diverse set of industries including data center, healthcare, industrial, automotive, communications, and lifestyle. Reflecting the evolution of our portfolio and operating model, as of March 31, 2026, Flex's three operating and reportable segments were as follows, to serve distinct customer needs and end markets: \u2022Integrated Technology Solutions (\"ITS\"), which is comprised of the following end markets: \u25e6Communications, high speed networking, enterprise, and satellite communications systems \u25e6Lifestyle, premium products across commercial, home and personal product categories \u2022Regulated Manufacturing Solutions (\"RMS\"), which is comprised of the following end markets: \u25e6Industrial, mission-critical automation, energy, and industrial infrastructure \u25e6Automotive, compute and power electronics platforms, and integrated systems \u25e6Healthcare, regulated manufacturing for medical devices, drug delivery and equipment \u2022Cloud and Power Infrastructure (\"CPI\"), which is comprised of the following end markets: \u25e6Cloud and Cooling, integrated compute systems supporting power\u2011dense digital infrastructur ITEM 1A. RISK FACTORS Our business, financial condition, results of operations and prospects are subject to various risks and uncertainties, including those described below. You should carefully consider the following risks and all of the other information contained in this report, including our consolidated financial statements and related notes, before investing in any of ou", "title": "FLEX - FLEX LTD.", "url": "/company/FLEX/" }, { "kind": "company", "summary": "SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0000910073; latest 10-K filed 2026-02-27.", "text": "FLG - FLAGSTAR BANK, NATIONAL ASSOCIATION SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0000910073; latest 10-K filed 2026-02-27. FLG FLAGSTAR BANK, NATIONAL ASSOCIATION 0000910073 6036 Savings Institutions, Not Federally Chartered Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations OVERVIEW As part of our commitment to delivering long-term shareholder value and sustained value creation, we are executing a strategic transformation plan designed to evolve into a fully diversified bank with a strong balance sheet, a robust capital position, and consistent earnings power. Our plan is anchored in enterprise strategic priorities that drive our approach to transformation and growth. These priorities focus on transforming Flagstar into a top-tier, relationship-driven regional bank, creating a customer-centric culture that prioritizes valuable relationships, and building an effective risk management mindset that supports safe and sound operations. From these priorities, we have established key strategies that guide execution: driving transformation and financial resilience, growing our core operations, executing a disciplined commercial banking and lending strategy, enhancing operational efficiency, developing talent and leadership, and aligning regulatory and risk management. Since initiating this plan in 2024, we have made measurable progress, including making key leadership additions, reducing non-core assets, improving our funding mix, enhancing our financial resilience, improving our liquidity and achieving profitability in the three months ended December 31, 2025. We believe that the continued successful execution of this plan will drive sustainable earnings and position us to deliver long-term value to shareholders. RESULTS OF OPERATIONS Net Income For the year ended December 31, 2025, we reported a net loss of $177 million compared to a net loss of $1.1 billion for the corresponding period in 2024. The net loss attributable to common stockholders, which includes the impact from preferred dividends, for the year ended December 31, 2025 was $210 million or $0.50 per diluted share compared to the net loss attributable to common stockholders of $1.2 billion for the corresponding period in 2024 or $3.49 per diluted share. Net Interest Income Net interest income is our primary source of income. The amount of our net interest income is a function of the amount of interest-earning assets we hold, the manner in which we fund these assets, including interest-bearing liabilities, and the spread between the interest rates we earn on assets and the interest rates we pay on liabilities. These factors are influenced by both the pricing and mix of our interest-earning assets and our interest-bearing liabilities which, in turn, are impacted by various external factors, including the local economy, competition for loans and deposits, the monetary policy of the Federal Open Market Committee, and market interest rates. Our interest-bearing liabilities are comprised of customer deposits and funds we borrow. The cost of our deposits and most of our borrowed funds is largely based on short-term rates of interest, the level of which is partially impacted by the 45 Table of Contents actions of the Federal Open Market Committee. The yields on our held for-investment loans and investment securities are generally more sensitive to intermediate-term market interest rates. However, a significant portion of our held for investment loans have fixed rates and generally reset to intermediate-term market rates when they reach repricing dates. The following table sets forth certain information regarding our net interest income and average balance sheet for the periods indicated: Average yields are calculated by dividing the interest income produced by the average balance of interest-earning assets. Average costs are calculated by dividing the interest expense produced by the average balance of interest-bearing liabilities. The average balances for the periods are derived from average balances that are calculated daily. [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"(in millions)\",\"Av Item 1. Business General Where we say \"we,\" \"us,\" \"our,\" the \"Bank,\" the \"Company,\" or \"Flagstar,\" in this report we usually mean Flagstar Bank, National Association. Flagstar Bank, National Association, is a national banking association headquartered in Hicksville, New York which had $87.5 billion of assets, $61.0 billion of loans, deposits of $66.0 billion, and total stockholders\u2019 equity of $8.1 billion as of December 31, 2025. The Bank went public in 1993 and has grown organically and through a series of accretive mergers and acquisitions. We operate in a single reportable segment and have identified one reporting unit which is the same as our operating segment. We continue to assess our reportable segments and reporting units, which may result in a change to either or both in future reporting periods. Please refer to Note 23 - Segment Reporting. Internal Corporate Reorganization Effective October 17, 2025, the Bank became the successor reporting company to Flagstar Financial, Inc. (\"Flagstar Financial\"), the former holding company for the Bank, pursuant to an internal corporate reorganization to eliminate the Bank\u2019s holding company structure (the \u201cReorganization\u201d). In connection with the completion of the Reorganization, Flagstar Financial was merged with and into the Bank (the \u201cMerger\u201d), with the Bank continuing as the surviving entity. At the effective time of the Merger, the outstanding shares of Flagstar Financial\u2019s common stock and Series A preferred stock were cancelled and automatically converted into an equivalent number of shares of the Bank\u2019s common stock and Series A preferred stock. Flagstar Financial\u2019s Series B and Series D preferred stock were also converted into common stock of the Bank, except that such conversion was instead into non-voting equity securities that are substantially identical to the Series B and Series D preferred stock to the extent that ownership of the additional common stock would otherwise be prohibited by law or requi Item 1A. Risk Factors There are various risks and uncertainties that are inherent to our business. Primary among these are (1) interest rate risk; (2) credit risk; (3) financial statement risk; (4) liquidity and dividend risk (5) legal and regulatory risk; (6) financial and market risk,", "title": "FLG - FLAGSTAR BANK, NATIONAL ASSOCIATION", "url": "/company/FLG/" }, { "kind": "company", "summary": "SIC 1600 Heavy Construction Other Than Bldg Const - Contractors; CIK 0001124198; latest 10-K filed 2026-02-17.", "text": "FLR - FLUOR CORP SIC 1600 Heavy Construction Other Than Bldg Const - Contractors; CIK 0001124198; latest 10-K filed 2026-02-17. FLR FLUOR CORP 0001124198 1600 Heavy Construction Other Than Bldg Const - Contractors Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our financial statements. A discussion and analysis of the operating results of 2024 compared to 2023 are included in our 2024 10-K and have not been repeated in this 10-K. We continue to see solid client engagement across our markets and a robust and diverse pipeline of opportunities, particularly where accelerated schedules and critical business needs are driving investment. While some clients are pacing commitments due to cost pressures or commodity price softness, our teams are actively advancing engineering and design work so projects can move quickly once final decisions are made. These timing shifts impacted 2025 results, but we remain focused on disciplined execution, cost management, and positioning our clients for long\u2011term success. Developments in Our Business Revenue, profit and operating cash flow in 2025 was significantly impacted by a judgment on the long completed Santos project in Australia. We have appealed the Court decision and we are also working with our insurance carriers to address the obligations arising from the judgment and the costs related to the appeal. We recognized a reversal of revenue of $643 million during 2025, inclusive of committed insurance proceeds, representing the net payment to Santos made in the fourth quarter of 2025. 31 Table of Contents We slowed our execution activities at our joint venture in Mexico beginning in the second quarter of 2025 through much of the third quarter to minimize our working capital exposure to the joint venture's primary customer. The customer made significant progress payments through December 2025, which allowed us to execute a controlled restart of our project execution activities. Prior to November 2025, we converted 15 million of our 126 million NuScale voting shares (along with the associated ownership units in NuScale's operating subsidiary) into registered shares and sold all 15 million of those shares for net proceeds of $605 million. We converted the remaining 111 million of our NuScale voting shares (along with the associated ownership units in NuScale's operating subsidiary) into registered shares upon reaching agreement with NuScale in November 2025, including the following general attributes: \u2022Conversion of the 111 million remaining ownership units into NuScale registered shares on a one-to-one basis; \u2022For open market sales, daily limitations on our NuScale sales that vary depending on defined blackout dates for NuScale; \u2022Voting covenant whereby we will agree to affirmatively support the expansion of NuScale\u2019s authorized share count by up to 330 million shares; \u2022Imposition of NuScale trading limitations on any newly authorized shares through February 2026; \u202250% reduction in our benefits, if any, that may arise under the tax receivable agreement with NuScale; \u2022Modification of our exclusivity arrangement with NuScale; and \u2022Various mutual releases and non-disparagement provisions. In November 2025, through an indirect, wholly-owned subsidiary, we entered into a variable price forward sale agreement whereby we pledged and granted a security interest in 71 million of our remaining shares in NuScale, while maintaining continuing involvement and ownership rights, and committed to sell, convey, transfer, assign and deliver those shares at the final settlement date in the first quarter of 2026. Through our bank's execution, we completed the sale of all 71 million shares of NuScale on February 13, 2026, generating total proceeds of $1.35 billion. We expect to monetize the remaining 40 million shares of NuScale via similar structured programs and expect that all remaining ownership in NuScale should be sold by the second quarter of 2026. Our divestiture of the Stork business was substantially completed following the sale of Stork's U.K. operations in 2025. Stork's operat Item 1. Business Fluor is dedicated to building a better world by applying our world-class expertise to solve our clients' greatest challenges. We deliver professional and technical solutions that emphasize safety, operational excellence and capital efficiency for our clients. Incorporated in Delaware in September 2000, Fluor and its predecessors have served clients for over 110 years, consistently supporting development and progress. We believe we are poised to continue helping our clients meet similar needs into the foreseeable future. Through our subsidiaries and joint ventures, we stand among the world's leading professional services firms, offering EPC and project management services. We provide these services to our clients in diverse industries worldwide including life sciences, advanced technologies and manufacturing, data centers, mining and metals, gas and nuclear derived power, infrastructure, chemicals, LNG, and oil and gas production and fuels. We are also a service provider to the U.S. federal government and governments abroad. Our operations are organized into 3 principal segments: Urban Solutions, Energy Solutions and Mission Solutions. Additional activities are reported under our Other segment. Strategic Priorities We are guided by 4 strategic priorities for driving value creation for our shareholders: \u2022Drive growth across our portfolio by growing our market positions in energy addition, low carbon power, LNG, sustainable chemicals, data centers, semiconductors, critical metals and minerals and national security while maintaining our industry leading position in traditional oil & gas, chemicals, commodity mining, life sciences and supporting the DOE. \u2022Pursue contracts with fair and balanced commercial terms by focusing on pursuing contracts with more favorable, risk-adjusted terms that reward us for value, enhancing our business acumen, focusing on reimbursable terms and only considering fixed-price contracts for segments and scopes where Item 1A. Risk Factors We operate in a complex and rapidly changing global environment that involves numerous known and unknown risks and uncertainties that could materially adversely affect our business, financial condition, results of operations, and stock price. In evaluating our business, you should carefully c", "title": "FLR - FLUOR CORP", "url": "/company/FLR/" }, { "kind": "company", "summary": "SIC 3561 Pumps & Pumping Equipment; CIK 0000030625; latest 10-K filed 2026-02-17.", "text": "FLS - FLOWSERVE CORP SIC 3561 Pumps & Pumping Equipment; CIK 0000030625; latest 10-K filed 2026-02-17. FLS FLOWSERVE CORP 0000030625 3561 Pumps & Pumping Equipment ITEM 7.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations is provided to increase the understanding of, and should be read in conjunction with, the accompanying consolidated financial statements and notes. See \u201cItem 1A. Risk Factors\u201d and the section titled \u201cForward-Looking Information is Subject to Risk and Uncertainty\u201d included in this Annual Report on Form 10-K for the year ended December 31, 2025 (\"Annual Report\") for a discussion of the risks, uncertainties and assumptions associated with these statements. Unless otherwise noted, all amounts discussed herein are consolidated. EXECUTIVE OVERVIEW Our Company We are a world-leading manufacturer and aftermarket service provider of comprehensive flow control systems. We develop and manufacture precision-engineered flow control equipment integral to the movement, control and protection of the flow of materials in our customers\u2019 critical processes. Our product portfolio of pumps, valves, seals, automation and aftermarket services supports global infrastructure industries, including energy, chemical, power generation and general, which includes water management and pharmaceuticals, where our products and services enable customers to achieve their goals. Through our manufacturing platform and global network of QRCs, we offer a broad array of aftermarket equipment services, such as installation, advanced diagnostics and turnkey maintenance programs. As of December 31, 2025, we have approximately 16,000 employees globally and a footprint of manufacturing facilities and QRCs in approximately 48 countries. Our business model is significantly influenced by the capital and operating spending of global infrastructure industries for the placement of new products into service and maintenance spending for aftermarket services for existing operations. The worldwide installed base of our products is an important source of aftermarket revenue, where products are relied upon to maximize operating time of many key industrial processes. We continue to invest in our aftermarket strategy to provide local support to drive customer investments in our offerings and use of our services to replace or repair installed products. The aftermarket portion of our business also helps provide business stability during various economic periods. The aftermarket business, which is primarily served by our network of 152 QRCs (some of which are shared by our two business segments) located around the globe, provides a variety of service offerings for our customers including spare parts, service solutions, product life cycle solutions and other value-added services. It is generally a higher margin business compared to our original equipment business and a key component of our profitable growth strategy. Our operations are conducted through two business segments that are referenced throughout this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\"): \u2022FPD designs, manufactures, pretests, distributes, and services highly custom engineered pumps, pre-configured industrial pumps, pump systems, mechanical seals, auxiliary systems and replacement parts and related services; and \u2022FCD designs, manufactures, and distributes a broad portfolio of engineered-to-order and configured-to-order isolation valves, control valves, valve automation products and related equipment. Our business segments share a focus on industrial flow control technology and have a number of common customers. These segments also have complementary product offerings and technologies that are often combined in applications that provide us a net competitive advantage. Our segments also benefit from our global footprint, our economies of scale in reducing administrative and overhead costs to serve customers more cost effectively and our shared leadership for operational support functions ITEM 1. BUSINESS Unless the context otherwise indicates, references to \"Flowserve,\" \"the Company\" and such words as \"we,\" \"our\" and \"us\" include Flowserve Corporation and its subsidiaries. OVERVIEW Flowserve's goal is to create extraordinary flow control solutions to make the world better for everyone. We are a world-leading manufacturer and aftermarket service provider of comprehensive flow control systems. We develop and manufacture precision-engineered flow control equipment integral to the movement, control and protection of the flow of materials in our customers\u2019 critical processes. Our product portfolio of pumps, valves, seals, automation and aftermarket services supports global infrastructure industries, including energy, chemical, power generation and general, which includes water management and pharmaceuticals, where our products and services enable customers to achieve their goals. Through our manufacturing platform and global network of Quick Response Centers (\"QRCs\"), we offer a broad array of aftermarket equipment services, such as installation, advanced diagnostics and turnkey maintenance programs. Strategies Flowserve has a clear growth strategy as we transform our operations to better meet our customers' needs. Our overarching strategic objectives are to remain a global leader in the flow control industry and capitalize on growth through our traditional end markets as well as through specifically identified growth areas, such as the nuclear, energy transition and power generation markets. We seek to be recognized by our customers as the most trusted brand of flow control technology in terms of reliability and quality, which we believe will help maximize shareholder value. In pursuit of these objectives, we maintain a strategic plan that takes a balanced approach to integrating both short-term and long-term initiatives and accelerates growth through three key areas: diversification, decarbonization, and digitization (the \"3D Strategy\"). The goal ITEM 1A.RISK FACTORS Please carefully consider the following discussion of material factors, events, and uncertainties that make an investment in our securities risky. If any of the factors, events and contingencies discussed below or elsewhere in this Annual Report materialize, our business, financial condition, results of operations, cash flows,", "title": "FLS - FLOWSERVE CORP", "url": "/company/FLS/" }, { "kind": "company", "summary": "SIC 3661 Telephone & Telegraph Apparatus; CIK 0001408710; latest 10-K filed 2025-08-19.", "text": "FN - Fabrinet SIC 3661 Telephone & Telegraph Apparatus; CIK 0001408710; latest 10-K filed 2025-08-19. FN Fabrinet 0001408710 3661 Telephone & Telegraph Apparatus ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. In addition to historical information, this Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements relate to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our or our industry\u2019s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements include, but are not limited to, statements about: \u2022our goals and strategies; \u2022our and our customers\u2019 estimates regarding future revenues, operating results, expenses, capital requirements and liquidity; \u2022our belief that we will be able to maintain favorable pricing on our services; \u2022our expectation that the portion of our future revenues attributable to customers in regions outside of North America will increase compared with the portion of those revenues for fiscal year 2025; \u2022our expectation that our fiscal year 2026 selling, general and administrative (\u201cSG&A\u201d) expenses will increase compared to our fiscal year 2025 SG&A expenses; \u2022our expectation that our employee costs will increase in Thailand and the PRC; \u2022our future capital expenditures, including the expansion of our manufacturing capacity; \u2022the growth rates of our existing markets and potential new markets; \u2022our ability, and the ability of our customers and suppliers, to respond successfully to technological or industry developments; \u2022our expectations regarding the potential impact of macroeconomic conditions and international political instability on our business, financial condition and operating results; \u2022our suppliers\u2019 estimates regarding future costs; \u2022our ability to increase our penetration of existing markets and to penetrate new markets; \u2022our plans to diversify our sources of revenues; \u2022our plans to execute acquisitions; \u2022trends in the optical communications, automotive, industrial lasers and other markets, including trends to outsource the production of components used in those markets; \u2022our ability to attract and retain a qualified management team and other qualified personnel and advisors; and \u2022competition in our existing and new markets. These forward-looking statements are subject to certain risks and uncertainties that could cause our actual results to differ materially from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this Annual Report on Form 10-K, in particular, the risks discussed under the heading \u201cRisk Factors\u201d in Item 1A, as well as those discussed in other documents we file with the Securities and Exchange Commission. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. \u201cWe,\u201d \u201cus\u201d and \u201cour\u201d refer to Fabrinet and its subsidiaries. 35 Table of Contents Overview For an overview of our business, see PART I \u2013 ITEM 1. BUSINESS. Fiscal Years We utilize a 52-53 week fiscal year ending on the last Friday in June. Our fiscal years 2025, 2024, and 2023 ended on June 27, 2025, June 28, 2024, and June 30, 2023, and consisted of 52 weeks, 52 weeks and 53 weeks, respectively. Revenues We believe we are able to expand our relationships with existing customers and attract new customers due to, among other factors, our broad range of complex engineering and manufacturing service offerings, flexible low-cost manufacturing platform, process optimization capabilities, advanced supply chain mana ITEM 1.BUSINESS. Overview We provide advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (\u201cOEMs\u201d) of complex products such as optical communication components, modules and sub-systems, industrial lasers, automotive components, medical devices and sensors. We offer a broad range of advanced optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and testing. We are capable of producing a wide variety of high complexity products in any mix and any volume. Based on our extensive experience and the positive feedback we have received from our customers, we believe we are a global leader in providing these services to the optical communications, automotive, and industrial lasers markets. Our customer base includes companies in complex industries that require advanced precision manufacturing capabilities such as optical communications, automotive, industrial lasers, medical, and sensors. Our customers in these industries support a growing number of end-markets, including automotive, biotechnology, communications, materials processing, medical devices, metrology and semiconductor processing. In many cases, we are the sole outsourced manufacturing partner used by our customers for the products that we manufacture for them. Our revenues for the year ended June 27, 2025 (\u201cfiscal year 2025\u201d) increased by $536.3 million, or 18.6%, from $2.88 billion for the year ended June 28, 2024 (\u201cfiscal year 2024\u201d) to $3.42 billion for fiscal year 2025. Our percentage of revenues from optical communications products decreased from 79.4% in fiscal year 2024 to 76.6% in fiscal year 2025, while our percentage of revenues from automotive, industrial lasers, and other markets increased from 20.6% in fiscal y ITEM 1A.RISK FACTORS Investing in our ordinary shares involves a high degree of risk. You should carefully consider the following risks as well as the other information contained in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes, before investing in our ordinary shares. The risks and uncertainties described be", "title": "FN - Fabrinet", "url": "/company/FN/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000037808; latest 10-K filed 2026-02-24.", "text": "FNB - FNB CORP/PA/ SIC 6021 National Commercial Banks; CIK 0000037808; latest 10-K filed 2026-02-24. FNB FNB CORP/PA/ 0000037808 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) represents an overview of and highlights material changes to our financial condition and consolidated results of operations. This MD&A should be read in conjunction with the Consolidated Financial Statements and Notes presented in Item 8 of this Report. Results of operations for the periods included in this review are not necessarily indicative of results to be obtained during any future period. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This Report contains \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. Forward\u2011looking statements are those that do not relate to historical facts and that are based on current assumptions, beliefs, estimates, expectations and projections, many of which, by their nature, are inherently uncertain and beyond our control. Forward-looking statements may relate to various matters, including our financial condition, results of operations, plans, objectives, future performance, business or industry, and usually can be identified by the use of forward-looking words, such as \u201canticipates,\u201d \u201cassumes,\u201d \u201cbelieves,\u201d \u201ccan,\u201d \u201ccontinues,\u201d \u201ccould,\u201d \u201cenable,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cforecasts,\u201d \u201cgoal,\u201d \u201cintends,\u201d \u201clikely,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cobjective,\u201d \u201cplans,\u201d \u201cpositioned,\u201d \u201cpotential,\u201d \u201cprojects,\u201d \u201cremains,\u201d \u201cshould,\u201d \u201ctarget,\u201d \u201ctrend,\u201d \u201cwill,\u201d \u201cwould,\u201d or similar words or expressions or variations thereof, and the negative thereof, but these terms are not the exclusive means of identifying such statements. You should not place undue reliance on forward-looking statements, as they 36 Table of Contents are subject to risks and uncertainties, including, but not limited to, those described below. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make. There are various important factors that could cause future results to differ materially from historical performance and any forward-looking statements. Factors that might cause such differences, include, but are not limited to: \u2022the credit risk associated with the substantial amount of commercial loans and leases in our loan portfolio; \u2022the volatility of the mortgage banking business; \u2022changes in market interest rates, U.S. federal government shutdowns and the unpredictability of monetary, tax and other policies of government agencies, including tariffs or the imposition of new tariffs, trade wars, barriers or restrictions, or threats of such actions; \u2022the impact of changes in interest rates on the value of our investment securities portfolios; \u2022changes in our ability to obtain liquidity as and when needed to fund our obligations as they come due, including as a result of adverse changes to our credit ratings; \u2022the risk associated with uninsured deposit account balances; \u2022regulatory limits on our ability to receive dividends from our subsidiaries and pay dividends to our shareholders; \u2022our ability to recruit and retain qualified banking professionals; \u2022the financial soundness of other financial institutions and the impact of volatility in the banking sector on us; \u2022changes and instability in economic conditions and financial markets, in the regions in which we operate or otherwise, including a contraction of economic activity, economic downturn or uncertainty and international conflict; \u2022our ability to continue to invest in technological improvements as they become appropriate or necessary; \u2022any interruption in or breach in security of our information systems, or other cybersecurity risks; \u2022risks associated with reliance on third-party vendors and AI; \u2022risks associated with the use of models, estimations and assumptions in our business; \u2022the effects of adverse weather events and pub ITEM 1. BUSINESS Overview We are a Pennsylvania corporation, a bank holding company and a financial holding company. We are incorporated under the laws of the Commonwealth of Pennsylvania, and through our subsidiaries, we have been in business since 1864. Our headquarters is located at 626 Washington Place, Pittsburgh, Pennsylvania 15219. As a diversified financial services holding company, FNB, through our subsidiaries, provides a full range of financial services, principally to consumers, corporations, governments and small- to medium-sized businesses in our market areas through our subsidiary network, which is led by our largest subsidiary, FNBPA. Our business strategy focuses primarily on providing quality, consumer- and commercial-based financial services adapted to the needs of each of the markets we serve. We seek to maintain our community orientation by providing local management with certain autonomy in decision making, enabling them to respond to customer requests more quickly and to concentrate on efficiently delivering products and services within their market areas. However, we have centralized operations, support and risk functions (e.g., loan operations, treasury and enterprise risk management). The centralization of these processes enables us to maintain consistent quality of these functions and to achieve certain economies of scale. As of December 31, 2025, we have three reportable business segments: Community Banking, Wealth Management and Insurance. Our remaining operations are described in Other. As of December 31, 2025, we have 355 Community Banking branches in Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C. and Virginia. As of December 31, 2025, we had total assets of $50 billion, loans of $35 billion and deposits of $39 billion. See Item 7, MD&A, and Item 8, \u201cFinancial Statements and Supplementary Data,\u201d of this Report. Internet Information Our website is at www.fnbcorporation.com and info ITEM 1A. RISK FACTORS We are subject to numerous risks, many of which are inherent to our business. For information about how our risk oversight and management process operates, see Item 7 of this Report, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013 Risk Management.\u201d The following discussion highlights certain material risks th", "title": "FNB - FNB CORP/PA/", "url": "/company/FNB/" }, { "kind": "company", "summary": "SIC 5211 Retail-Lumber & Other Building Materials Dealers; CIK 0001507079; latest 10-K filed 2026-02-19.", "text": "FND - Floor & Decor Holdings, Inc. SIC 5211 Retail-Lumber & Other Building Materials Dealers; CIK 0001507079; latest 10-K filed 2026-02-19. FND Floor & Decor Holdings, Inc. 0001507079 5211 Retail-Lumber & Other Building Materials Dealers ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes thereto and other financial information included elsewhere in this filing. This discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those discussed in Item 1A, \u201cRisk Factors.\u201d See the cautionary note regarding forward-looking statements set forth at the beginning of this Annual Report. Overview Founded in 2000, Floor & Decor is a high-growth, differentiated, multi-channel specialty retailer of hard surface flooring and related accessories and seller of commercial surfaces with 270 warehouse-format stores across 39 states as of December 25, 2025. We believe our unique approach to selling hard surface flooring and our consistent and disciplined culture of innovation and reinvestment create a differentiated business model in the hard surface flooring category. We believe that we offer the broadest in-stock assortment of laminate and vinyl, tile, wood, and natural stone flooring and installation materials and decorative accessories, as well as adjacent categories, at everyday low prices. This positions us as the one-stop destination for our customers\u2019 entire hard surface flooring needs. We appeal to a variety of customers, including Pros and homeowners, which are comprised of DIY and BIY customers. Our warehouse-format stores, which average approximately 76,000 square feet, carry on average approximately 4,200 SKUs, approximately 1.0 million square feet of flooring products, and $2.7 million of inventory at cost as of December 25, 2025. We believe that our inspiring design centers and creative and informative visual merchandising also greatly enhance our customers\u2019 renovation experience. In addition to our stores, our website showcases our products. The following table presents a performance summary of our results of operations for fiscal years 2025 and 2024: [[GREPCENT_TABLE]] [[\"\",\"Fiscal Year Ended\"],[\"dollars in thousands\",\"December 25, 2025\",\"\",\"December 26, 2024\"],[\"Net sales\",\"$\",\"4,684,088\",\"\",\"$\",\"4,455,770\"],[\"Net income\",\"$\",\"208,647\",\"\",\"$\",\"205,872\"],[\"Adjusted EBITDA\",\"$\",\"538,171\",\"\",\"$\",\"512,504\"],[\"Comparable store sales\",\"(1.8)\",\"%\",\"\",\"(7.1)\",\"%\"],[\"Number of warehouse-format stores\",\"270\",\"\",\"251\"]] [[/GREPCENT_TABLE]] During fiscal 2025, we opened 20 new warehouse-format stores and closed one warehouse-format store, ending the year with 270 warehouse-format stores and five design studios. Additionally, we opened a new distribution center near Seattle, ending the year with five distribution centers. The housing market continued to be impacted by a number of macroeconomic factors during fiscal 2025, including elevated interest rates and higher home prices putting pressure on housing affordability, which resulted in low existing home sales. We believe these factors directly contributed to a slowdown in demand for flooring resulting in a year-over-year decline in our comparable store sales. These factors, coupled with rising construction costs, have made it difficult to achieve new store initial sales and profitability targets compared with those opened in prior years. Consequently, our more recent new store classes are experiencing lower first year sales and initial returns compared to new stores opened in years prior to 2022. To optimize our return on investment, we focus on strategically reducing the construction costs and operating expenses. Despite these macroeconomic challenges, we believe that our continued focus on providing exceptional value to customers through our broad assortment and everyday low price strategy, while remaining discipl ITEM 1. BUSINESS. Except where the context suggests otherwise, the terms \u201cFloor & Decor Holdings, Inc.,\u201d \u201cFloor & Decor,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to Floor & Decor Holdings, Inc., a Delaware corporation, together with its consolidated subsidiaries. Our fiscal year is the 52- or 53-week period ending on the Thursday on or preceding December 31. The following discussion contains references to fiscal 2026, fiscal 2025, fiscal 2024, fiscal 2023, fiscal 2022, and fiscal 2021, which represent our fiscal years ended or ending, respectively, December 31, 2026, December 25, 2025, December 26, 2024, December 28, 2023, December 29, 2022, and December 30, 2021. Fiscal years 2025, 2024, 2023, 2022 and 2021 are 52-week periods, and fiscal 2026 is a 53-week period. When a 53-week fiscal year occurs, the Company reports the additional week at the end of the fiscal fourth quarter. Our Company Founded in 2000, Floor & Decor is a high-growth, differentiated, multi-channel specialty retailer of hard surface flooring and related accessories and seller of commercial surfaces. Floor & Decor Holdings, Inc. was incorporated as a Delaware corporation in October 2010 in connection with the acquisition of Floor and Decor Outlets of America, Inc. in November 2010 by our previous sponsor owners. As of December 25, 2025, we operated 270 warehouse-format stores and five small-format design studios across 39 states. We believe that we offer the broadest in-stock assortment of laminate and vinyl, tile, wood, and natural stone flooring and installation materials and decorative accessories, as well as adjacent categories, at everyday low prices. This positions us as the one-stop destination for our customers\u2019 entire hard surface flooring needs. We appeal to a variety of customers, including professional installers and commercial businesses (\u201cPro\u201d) and homeowners, which are comprised of do-it-yourself customers (\u201cDIY\u201d) and buy-it-yourself customers, who buy our products for pro ITEM 1A. RISK FACTORS. You should carefully consider the risks described below, together with all of the other information included in this Annual Report, including our consolidated financial statements and the related notes thereto, before making an investment decision. The r", "title": "FND - Floor & Decor Holdings, Inc.", "url": "/company/FND/" }, { "kind": "company", "summary": "SIC 6361 Title Insurance; CIK 0001331875; latest 10-K filed 2026-02-26.", "text": "FNF - Fidelity National Financial, Inc. SIC 6361 Title Insurance; CIK 0001331875; latest 10-K filed 2026-02-26. FNF Fidelity National Financial, Inc. 0001331875 6361 Title Insurance Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the Consolidated Financial Statements and the Notes thereto and Selected Financial Data included elsewhere in this Annual Report. Overview For a description of our business, including descriptions of segments, see the discussion under Business in Item 1 of Part I of this Annual Report, which is incorporated by reference into this Item 7 of Part II of this Annual Report. On June 11, 2025, the Company effected a redomestication of the Company from the State of Delaware to the State of Nevada (the \u201cRedomestication\u201d). As of June 11, 2025, the affairs of the Company ceased to be governed by the Delaware General Corporation Law and the Company adopted a new certificate of incorporation and bylaws governed by the Nevada Revised Statutes. The Redomestication did not result in any change in the business, physical location, management, assets, liabilities, or net worth of the Company, nor did it result in any change in location of the Company\u2019s current employees, including management. The Redomestication did not affect any of the Company\u2019s material contracts with any third parties, and the Company\u2019s rights and obligations under those material contractual arrangements will continue to be the rights and obligations of the Company after the Redomestication. The daily business operations of the Company will continue as they were conducted prior to the Redomestication. The consolidated financial condition and results of operations of the Company immediately after consummation of the Redomestication remain the same as immediately before the Redomestication. Business Trends and Conditions Title Our Title segment revenue is closely related to the level of real estate activity that includes sales, mortgage financing and mortgage refinancing. Declines in the level of real estate activity or the average price of real estate sales will adversely affect our title insurance revenues. We have found that residential real estate activity is generally dependent on the following factors: \u2022mortgage interest rates; \u2022mortgage funding supply; \u2022housing inventory and home prices; \u2022supply and demand for commercial real estate; and \u2022the strength of the United States economy, including employment levels. The most recent forecast of the MBA, as of February 17, 2026, estimated (actual for fiscal year 2024) the size of the U.S. residential mortgage originations market as shown in the following table for 2024 - 2028 in its \"Mortgage Finance Forecast\" (in trillions): [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"2028\",\"\",\"2027\",\"\",\"2026\",\"\",\"2025\",\"\",\"2024\"],[\"Purchase transactions\",\"\",\"\",\"\",\"$\",\"1.5\",\"\",\"\",\"$\",\"1.5\",\"\",\"\",\"$\",\"1.4\",\"\",\"\",\"$\",\"1.4\",\"\",\"\",\"$\",\"1.3\"],[\"Refinance transactions\",\"\",\"\",\"\",\"$\",\"0.7\",\"\",\"\",\"$\",\"0.7\",\"\",\"\",\"$\",\"0.8\",\"\",\"\",\"$\",\"0.7\",\"\",\"\",\"$\",\"0.4\"],[\"Total U.S. mortgage originations forecast\",\"\",\"\",\"\",\"$\",\"2.2\",\"\",\"\",\"$\",\"2.2\",\"\",\"\",\"$\",\"2.2\",\"\",\"\",\"$\",\"2.1\",\"\",\"\",\"$\",\"1.7\"]] [[/GREPCENT_TABLE]] The Federal Reserve raised the benchmark interest rate from near zero as of March 2022 to a range between 5.25% and 5.50% in July 2023 in an effort to combat inflation. Following a decline in inflation in 2024, the Federal Reserve reduced the benchmark rate to a range of 4.25% and 4.50% as of December 31, 2024. The Federal Reserve further reduced the benchmark rate by 75 basis points in 2025 to a range of 3.50% and 3.75% as of December 31, 2025. Average interest rates for a 30-year fixed rate mortgage were averaged 6.6%, 6.7% and 6.8% during the years ended December 31, 2025, 2024 and 2023, respectively. A shortage in the supply of homes for sale, increasing home prices, varying mortgage interest rates, inflation, disrupted labor markets, and geopolitical uncertainties created a challenging residential real estate market in 2023, 2024, and 2025. In early 2026, the federal government implemented or Item 1. Business Introductory Note The following describes the business of Fidelity National Financial, Inc. and its subsidiaries. Except where otherwise noted, all references to \"we,\" \"us,\" \"our\", the \"Company\" or \"FNF\" are to Fidelity National Financial, Inc. and its subsidiaries, taken together. Overview We are a leading provider of (i) title insurance, escrow and other title-related services, including trust activities, trustee sales guarantees, recordings and reconveyances and home warranty and (ii) transaction services to the real estate and mortgage industries. FNF is one of the nation\u2019s largest title insurance companies operating through its title insurance underwriters - Fidelity National Title Insurance Company (\"FNTIC\"), Chicago Title Insurance Company (\"Chicago Title\"), Commonwealth Land Title Insurance Company (\"Commonwealth Land Title\"), Alamo Title Insurance (\"Alamo Title\") and National Title Insurance of New York Inc. (\"National Title of New York\") - which collectively issue more title insurance policies than any other title company in the United States. Through our subsidiary ServiceLink Holdings, LLC (\"ServiceLink\"), we provide mortgage transaction services including title-related services and facilitation of production and management of mortgage loans. We are also a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through our majority-owned subsidiary, F&G Annuities & Life, Inc. (\"F&G\"). On December 1, 2022, we completed our previously announced separation and distribution to our shareholders, on a pro rata basis, of approximately 15% of the common stock of F&G (the \"F&G Distribution\"). Following the F&G Distribution, we retained control of F&G through an approximate 85% ownership stake. The F&G Distribution was accomplished by the distribution of 68 shares of common stock, par value $0.001 per share, of F&G for every 1,000 shares of our common stock, par value $0.0001 per sha Item 1A. Risk Factors In addition to the normal risks of business, we are subject to significant risks and uncertainties, including those listed below and others described elsewhere in this Annual Report. Any of the risks described herein could result in a significant or material adverse effect on our results of operations or financial conditio", "title": "FNF - Fidelity National Financial, Inc.", "url": "/company/FNF/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001794669; latest 10-K filed 2026-02-27.", "text": "FOUR - Shift4 Payments, Inc. SIC 7389 Services-Business Services, NEC; CIK 0001794669; latest 10-K filed 2026-02-27. FOUR Shift4 Payments, Inc. 0001794669 7389 Services-Business Services, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to provide a reader of our consolidated financial statements with a narrative from the perspective of our management on our financial condition, results of operations, liquidity and certain other factors that may affect our future results. You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial data included elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review Item 1A of this Annual Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. A discussion regarding our financial condition and results of operation for the year ended December 31, 2025 compared to the year ended December 31, 2024 is presented below. A discussion regarding our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 is included under \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 19, 2025. Overview At Shift4, our mission is to boldly redefine commerce by simplifying complex payments ecosystems across the world. We are a leading independent provider of software and payment processing solutions in the U.S. We are also a leader in tax-free shopping (\u201cTFS\u201d) as a result of the acquisition of Global Blue Group Holding AG (\u201cGlobal Blue\u201d) in the third quarter of 2025. We power billions of transactions annually for hundreds of thousands of businesses in virtually every industry. We achieved our leadership position through decades of solving business and operational challenges facing our customers\u2019 overall commerce needs. Our merchants range in size from small owner-operated local businesses to multinational enterprises conducting commerce globally. Recent Developments Executive Chairman - NASA Administrator Appointment and Up-C Collapse In December 2025, Jared Isaacman, our Founder and former Executive Chairman, was sworn in as the administrator of NASA. Mr. Isaacman has announced his intention to retain the majority of his equity interest while reducing his voting power as noted below. Previously, in connection with his prior nomination for NASA administrator which was subsequently withdrawn, Mr. Isaacman submitted an Ethics Agreement to the Designated Agency Ethics Official at NASA. In the Ethics Agreement, Mr. Isaacman had committed to take certain steps to avoid any actual or apparent conflict of interest in the event he is confirmed. This included without limitation surrendering his high-vote shares, which would have reduced his corresponding voting power to approximately 25%, in line with his economic interest in the Company. On February 7, 2026, we entered into a Transaction Agreement to effect, among other things, the Up-C Collapse via a taxable exchange, and the assignment and waiver of Rook\u2019s rights under the TRA to us. The Simplification Transactions and other matters provided for in the Transaction Agreement will provide significant benefits to us, including being relieved of material future TRA payments, no longer having a stockholder with majority voting power and obtaining a waiver by Rook of its rights under Section 4 of the Stockholders Agreement, dated June 4, 2020, among ITEM 1. BUSINESS Our Company At Shift4, our mission is to boldly redefine commerce by simplifying complex payments ecosystems across the world. We are a leading independent provider of software and payment processing solutions in the U.S. and we are expanding our payment processing solutions to international markets. As a result of the acquisition of Global Blue Group Holding AG (\u201cGlobal Blue\u201d) in the third quarter of 2025 (\u201cGlobal Blue Merger\u201d) we are also a leader in tax-free shopping (\u201cTFS\u201d). Global Blue is a leading technology and travel services platform, primarily providing TFS, dynamic currency conversion, and payments solutions to many of the world\u2019s largest retail brands. We power billions of transactions annually for hundreds of thousands of businesses in virtually every industry. We achieved our leadership position through decades of solving business and operational challenges facing our customers\u2019 overall commerce needs. Our merchants range in size from small owner-operated local businesses to multinational enterprises conducting commerce globally. Merchants are often utilizing a variety of software and hardware tools to operate their businesses and stay competitive. However, the complexity of managing commerce across multiple channels, geographies, and systems with a variety of tools presents significant challenges. For example, a small business may rely on many disparate tools to manage operations, customer interactions, and payments. A large resort might use an even broader array of tools to handle online reservations, check-ins, dining, spa services, activities, parking, and more. Coordinating numerous systems from different providers while ensuring seamless payment acceptance and a good customer experience is becoming a growing challenge for businesses of all sizes. We aim to simplify and enhance the commerce experience for merchants, enabling them to focus on growing their business rather than navigating a patchwork of fragmented tools. By de ITEM 1A. RISK FACTORS Investing in our Class A common stock or our Preferred Stock involves a high degree of risk. You should carefully consider the risks described below, the other information in this Annual Report, including our consolidated financial statements and the related notes, as well as our other public filings", "title": "FOUR - Shift4 Payments, Inc.", "url": "/company/FOUR/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000921825; latest 10-K filed 2026-02-11.", "text": "FR - FIRST INDUSTRIAL REALTY TRUST INC SIC 6798 Real Estate Investment Trusts; CIK 0000921825; latest 10-K filed 2026-02-11. FR FIRST INDUSTRIAL REALTY TRUST INC 0000921825 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the sections of this Form 10-K titled \"Forward-Looking Statements\" and the Consolidated Financial Statements and Notes thereto appearing elsewhere in this Form 10-K. Summary of 2025 Our operating results were strong in 2025, highlighted by a 32.2% average increase in cash rental rates on new and renewal commenced leases, tenant retention of 71.0% and year-end in-service occupancy of 94.4%, demonstrating healthy demand. At December 31, 2025, we had six projects classified as under development, totaling approximately 1.1 million square feet of GLA with an aggregate estimated investment of approximately $187.1 million. This total includes two projects for which vertical construction commenced in the first quarter of 2026. During 2025, we completed several significant real estate transactions: \u2022We acquired three industrial properties located in our Phoenix market, totaling approximately 1.8 million square feet of GLA, from our Joint Venture for an aggregate price of $245.3 million, excluding transaction costs. The purchase price is net of our economic share of gain on sale and incentive fees we earned on the sale as well as other deferred fees. We also acquired a 0.1 million square foot industrial property in our Baltimore/D.C. market for a purchase price of $31.4 million, excluding transaction costs. \u2022We acquired one income-producing land parcel in our Northern California market for a purchase price of $10.6 million, excluding transaction costs and approximately 61.4 acres of land for development in our Philadelphia market for a purchase price of $15.7 million, excluding transaction costs. \u2022We sold seven industrial properties totaling approximately 0.3 million square feet of GLA, along with a land parcel, for gross proceeds of $42.3 million. We also completed the following financing activities during the year ended December 31, 2025: \u2022We declared an annual cash dividend of $1.78 per common share or Unit, an increase of 20.3% from 2024. \u2022In May, Fitch Ratings upgraded our long-term issuer default rating and underlying unsecured investments to BBB+ from BBB. \u2022In May, we issued $450.0 million of senior notes due January 2031, bearing a coupon rate of 5.25%. \u2022We exercised our first one-year extension option related to our $300.0 million term loan, extending the maturity date to August 2026 and amended our $200.0 million term loan to, among other things, extend the maturity to March 2028, with two optional one-year extensions. \u2022We entered into forward-starting swaps with an aggregate notional value of $350.0 million to fix SOFR on our unsecured term loans, replacing expiring swaps and extending hedge coverage through the maturity dates of our unsecured term loans. \u2022We amended our Unsecured Credit Facility to, among other changes, increase the borrowing capacity by $100.0 million to $850.0 million, eliminate the 10 basis point SOFR adjustment and extend the maturity date to March 2029, with two optional six-month extensions. \u2022At December 31, 2025, we had $664.9 million of available borrowing capacity under our Unsecured Credit Facility and held $72.7 million in cash and cash equivalents, excluding our Joint Venture partner's 6% share that we consolidate and report in our financial statements. 29 Results of Operations Comparison of Year Ended December 31, 2025 to Year Ended December 31, 2024 The tables below summarize our revenues, property expenses and depreciation and other amortization by various categories for the years ended December 31, 2025 and 2024. Same Store Properties: Same store properties include those that were owned and in service prior to January 1, 2024 and remained in service through December 31, 2025. Same store properties also includes developments and redevelopments placed in ser Item 1. Business Background First Industrial Realty Trust, Inc. is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust (\"REIT\") as defined in the Internal Revenue Code of 1986 (the \"Code\"). As of December 31, 2025, our in-service portfolio consisted of 414 industrial properties, located in 19 states, containing an aggregate of approximately 69.9 million square feet of gross leasable area (\"GLA\"). We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, a Delaware limited partnership formed on November 23, 1993 of which the Company is the sole general partner (the \"General Partner\"), with an approximate 97.0% ownership interest (\"General Partner Units\") at December 31, 2025. The Operating Partnership also conducts operations through several other limited partnerships (the \"Other Real Estate Partnerships\"), numerous limited liability companies (\"LLCs\") and certain taxable REIT subsidiaries (\"TRSs\"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. The noncontrolling interest in the Operating Partnership of approximately 3.0% at December 31, 2025, represents the aggregate partnership i Item 1A. Risk Factors Our operations involve various risks that could adversely affect our business, including our financial condition, our results of operations, our cash flow, our liquidity, our ability to make distributions to our stockholders and unitholders, the market price of the Company's common stock and", "title": "FR - FIRST INDUSTRIAL REALTY TRUST INC", "url": "/company/FR/" }, { "kind": "company", "summary": "SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0001681459; latest 10-K filed 2026-02-19.", "text": "FTI - TechnipFMC plc SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0001681459; latest 10-K filed 2026-02-19. FTI TechnipFMC plc 0001681459 3533 Oil & Gas Field Machinery & Equipment ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS EXECUTIVE OVERVIEW We are a global leader in energy projects, technologies, systems, and services. We have manufacturing operations worldwide, strategically located to facilitate efficient delivery of these products, technologies, systems, and services to our customers. We report our results of operations in two segments: Subsea and Surface Technologies. Management\u2019s determination of our reporting segments was made on the basis of our strategic priorities and corresponds to the manner in which our Chief Executive Officer reviews and evaluates operating performance to make decisions about resource allocations to each segment. A summarized description of our products and services and annual financial data for each segment can be found in Note 5 to our consolidated financial statements. 39 Total Company \u2022Inbound orders of $11.2 billion drove backlog growth of 15% year-over-year to $16.6 billion; \u2022Cash provided by operating activities increased 84% to $1.8 billion versus the prior year, with free cash flow growing 113% to $1.4 billion; \u2022Shareholder distributions more than doubled versus the prior year\u2014returning $1.0 billion through share repurchases and dividends\u2014and authorized additional share repurchases of up to $2 billion; \u2022Increased Company\u2019s financial flexibility by reducing total short-term and long-term debt by $455.2 million while maintaining cash and cash equivalents above $1.0 billion; and \u2022Reiterated our commitment to robust shareholder distributions, pledging to return at least 70% of free cash flow to shareholders in 2026. Subsea \u2022Delivered on our commitment to achieve $30 billion in Subsea inbound orders over the 3-year period ending 2025, including $10.1 billion of orders in 2025; \u2022Services inbound increased for a fifth consecutive year to more than $1.8 billion, supported by a growing installed base and aging infrastructure; \u2022Combination of direct awards, iEPCI\u2122 projects, and services exceeded 80% of Subsea inbound orders for the year, highlighting the strength of our differentiated offerings and innovative technologies; and \u2022New iEPCI\u2122 alliances with V\u00e5r Energi and Cairn Oil & Gas provide additional integrated opportunities. Surface Technologies \u2022Inbound orders of $1.1 billion were driven by international markets; and \u2022Revenue from international markets increased year-over-year, representing 65% of segment revenue; and \u2022Experienced further commercial success of iComplete\u00ae\u2014our high-performance, surface pressure containment ecosystem\u2014with increased client adoption in high activity basins. We finished the year having delivered on many notable achievements. Importantly, these results reflect major milestones on our more ambitious journey ahead. We enter 2026 with a strong market outlook and a further step-up in our targeted financial performance. BUSINESS OUTLOOK Overall Outlook \u2013 The global economy is expected to show moderate growth in 2026, led by India, China, and the United States. Resilient consumer spending and easing of monetary policy in key regions should be essential drivers of economic growth. Continued investment in artificial intelligence (AI) is expected to provide additional support. Shifting trade and inflation dynamics and an uneven global recovery present risk to the growth outlook. At the same time, persistent geopolitical conflicts underscore the strategic importance of energy security worldwide. In April 2025, OPEC+ members took actions to unwind a series of voluntary production cuts. After restoring over two million barrels of production, further output expansion was postponed to prevent oversupply and maintain market stability. Oil forecasts for Brent crude average between $50 and $60 per barrel in 2026, with increased supply expected to outpace growth in near-term demand. Natural gas prices are forecast to remain relatively stable, with rising demand from AI-driven data centers ITEM 1. BUSINESS Company Overview TechnipFMC plc (\u201cTechnipFMC,\u201d the \u201cCompany,\u201d \u201cwe,\u201d or \u201cour\u201d) is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services. With our proprietary technologies and comprehensive solutions, we transform our clients\u2019 project economics, unlocking new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions. Organized in two business segments - Subsea and Surface Technologies - we will continue driving change in the energy industry with our pioneering integrated ecosystems, technology leadership, and digital innovation. Each of our approximately 22,000 employees is driven by a commitment to our clients\u2019 success and a culture of execution excellence, purposeful innovation, and challenging industry conventions. History On January 17, 2017, FMC Technologies, Inc. and Technip S.A. combined through a merger of equals to create a global subsea leader, TechnipFMC, that would drive change by redefining the development of the subsea infrastructure used in the production of oil and natural gas through a new integrated commercial model. By integrating the complementary work scopes of the subsea production system (\u201cSPS\u201d) with the subsea umbilicals, risers, and flowlines (\u201cSURF\u201d) and installation vessels, we can more efficiently deliver an entire life of subsea development utilizing our integrated engineering, procurement, construction and installation model (\u201ciEPCI\u2122\u201d). As the only subsea provider to integrate these work scopes, we successfully created a new market and helped expand the deepwater opportunity set for our clients during a challenging market environment. iEPCI\u2122 has since grown to represent nearly one-third of the addressable subsea market, validating the benefits of our unique business model aimed at improving project economics by accelerating the delivery schedule of hydrocarbon productio ITEM 1A. RISK FACTORS Important risk factors that could impact our ability to achieve our anticipated operating results and growth plan goals are presented below. The following risk factors should be read in conjunction with discussions of our business and the factors affecting our business located elsewhere in this Annual Report on Form ", "title": "FTI - TechnipFMC plc", "url": "/company/FTI/" }, { "kind": "company", "summary": "SIC 8742 Services-Management Consulting Services; CIK 0001398659; latest 10-K filed 2026-02-26.", "text": "G - Genpact LTD SIC 8742 Services-Management Consulting Services; CIK 0001398659; latest 10-K filed 2026-02-26. G Genpact LTD 0001398659 8742 Services-Management Consulting Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis is meant to provide material information relevant to an assessment of the financial condition and results of operations of our company, including an evaluation of the amounts and uncertainties of cash flows from operations and from outside sources, so as to allow investors to better view our company from management\u2019s perspective. The following discussion should be read in conjunction with our audited consolidated financial statements and the related notes that appear elsewhere in this Annual Report on Form 10-K. In addition to historical information, this discussion includes forward-looking information that involves risks and assumptions, which could cause actual results to differ materially from management\u2019s expectations. See \u201cSpecial Note Regarding Forward-Looking Statements\u201d included elsewhere in this Annual Report on Form 10-K. Macroeconomic and business environment Our results of operations are affected by economic and geopolitical conditions, new and rapidly changing technologies, and shifting levels of business confidence. Since the beginning of 2025, economic uncertainty has increased in several markets globally, driven by shifting trade policy and the prospect of slowing global growth, which has impacted our business and may continue to impact our business in the future. Broad-based tariffs imposed by the U.S., and threatened or imposed retaliatory measures by other countries, have contributed to increased macroeconomic uncertainty in global markets, which may impact our revenue growth. Extended periods of slower sales cycles could have a material adverse effect on our business, financial position and results of operations. Geopolitical tensions have also continued to intensify globally. The Russia-Ukraine war and ongoing conflicts in the Middle East are contributing to global market volatility and regional instability. We do not have operations in Russia or Ukraine and have limited operations in Israel or other affected countries. To date, these conflicts have not had a material impact on our business, financial position or operations, but it is difficult to anticipate the future impacts of these conflicts and other geopolitical tensions on our business or our clients\u2019 businesses. For additional information about the risks we face, see Part I, Item 1A\u2014\u201cRisk Factors.\u201d Overview We are an agentic and advanced technology solutions company recognized for our deep industry knowledge, process intelligence and last-mile expertise. We have over 146,500 employees serving clients from more than 35 countries. Our 2025 net revenues were $5.1 billion, an increase of 6.6% year-over-year, or 6.4% on a constant currency1 basis. Net Revenues Revenue by top clients. The table below sets forth the percentage of our total net revenues derived from our largest clients in the years ended December 31, 2024 and 2025: [[GREPCENT_TABLE]] [[\"\",\"Percentage of Total Net Revenues\"],[\"\",\"Year ended December 31,\"],[\"\",\"2024\",\"\",\"2025\"],[\"Top five clients\",\"14.1\",\"%\",\"\",\"15.2\",\"%\"],[\"Top ten clients\",\"22.4\",\"%\",\"\",\"23.4\",\"%\"],[\"Top fifteen clients\",\"28.8\",\"%\",\"\",\"29.6\",\"%\"],[\"Top twenty clients\",\"34.2\",\"%\",\"\",\"34.4\",\"%\"]] [[/GREPCENT_TABLE]] We earn revenues pursuant to contracts that generally take the form of a master service agreement (\"MSA\"), which is a framework agreement that is then supplemented by statements of work (\"SOWs\"). Our MSAs specify the general terms applicable to the services we will provide. Our MSAs are generally for terms of three to seven years, although they may also have an indefinite term or be for terms of less than three years. In most cases they do not specify pricing terms or obligate the client to purchase a particular amount of services. We then enter into SOWs under an MSA, which specify particular services to be provided and the pricing terms. 1 Revenue growth on a Item 1. Business Genpact is an agentic and advanced technology solutions company recognized for its deep industry knowledge, process intelligence and last mile expertise. With decades of client trust and a strong partner ecosystem, we provide innovative solutions that transform how businesses run. Powered by a team with an active learning mindset and client centricity at its core, we deliver lasting value for the world's leading enterprises. We have over 146,500 employees and serve clients from more than 35 countries around the world. Our 2025 total net revenues were $5.1 billion. Genpact was established more than 25 years ago as the global capability center for the General Electric Company (\u201cGE\u201d). Our mandate was to perfect a set of shared business processes using Lean Six Sigma and other rigorous methodologies. The work was highly detailed and operationally complex, establishing Genpact as one of the world\u2019s leading business process experts. This operational discipline, combined with our end-to-end process view, granular data benchmarking capabilities, and operator-led approach has shaped our culture and core competencies in process design, data management, and industry domain knowledge. We believe this foundational process intelligence positions us to deliver differentiated AI and agentic solutions that address the operational complexities and \"last mile\" execution challenges our clients are facing. Today, we are embedding AI as a driver of enterprise-wide value \u2013 building agentic solutions that act and learn alongside humans with the potential to unlock transformational outcomes for the world\u2019s leading companies. We believe we are well positioned to help clients move from experimentation with AI to agentic operations. We sit at the heart of modern enterprise operations and are known globally for bringing deep domain and process expertise, last mile knowledge, rich operational data, and proprietary advanced technologies to transform business processes and del Item 1A. Risk Factors Risks Related to our Business and Operations AI and other advanced technologies are having, and are expected to continue to have, a significant impact on our industry and the markets in which we compete. The development and use of AI and other advanced technologies present competitive, reputational and legal risks, and ", "title": "G - Genpact LTD", "url": "/company/G/" }, { "kind": "company", "summary": "SIC 5651 Retail-Family Clothing Stores; CIK 0000039911; latest 10-K filed 2026-03-17.", "text": "GAP - GAP INC SIC 5651 Retail-Family Clothing Stores; CIK 0000039911; latest 10-K filed 2026-03-17. GAP GAP INC 0000039911 5651 Retail-Family Clothing Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Our Business We are a house of iconic American brands offering apparel, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, and Athleta brands. As of January 31, 2026, we had Company-operated stores in the United States, Canada, Japan, and Taiwan. Our products are available to customers both in stores and online, through Company-operated and franchise stores, websites, and third-party arrangements. We also have franchise agreements to operate Old Navy, Gap, Banana Republic, and Athleta throughout Asia, Europe, Latin America, the Middle East, and Africa. Under these agreements, third parties operate, or will operate, stores and websites that sell apparel and related products under our brand names. In addition to operating in the specialty, outlet, online, and franchise channels, we use our omni-channel capabilities to bridge the digital world and physical stores. The shopping experience is further enhanced by our omni-channel services, including buy online pick-up in store, order-in-store, and ship-from-store, as well as enhanced mobile-enabled experiences, which allow our customers to shop seamlessly across our brands and channels. Our brands have shared investments in supply chain and inventory management, which allows us to optimize efficiency and responsiveness in our operations. Most of the products sold under our brand names are designed by us and manufactured by independent sources globally. Overview Financial results for fiscal 2025 are as follows: \u2022Net sales for fiscal 2025 increased 2 percent to $15.4 billion compared with $15.1 billion for fiscal 2024. \u2022Store and franchise sales for fiscal 2025 increased 1 percent compared with fiscal 2024 and online sales for fiscal 2025 increased 4 percent compared with fiscal 2024. \u2022Gross profit for fiscal 2025 was $6.3 billion compared with $6.2 billion for fiscal 2024. Gross margin for fiscal 2025 was 40.8 percent compared with 41.3 percent for fiscal 2024. \u2022Operating income was $1.1 billion for both fiscal 2025 and fiscal 2024. \u2022Effective tax rate for fiscal 2025 was 27.9 percent compared with 25.8 percent for fiscal 2024. \u2022Net income for fiscal 2025 was $816 million compared with $844 million for fiscal 2024. \u2022Diluted earnings per share was $2.13 for fiscal 2025 compared with $2.20 for fiscal 2024. \u2022Merchandise inventory as of fiscal 2025 increased 7 percent compared with fiscal 2024. Over the last two years, we have focused on fixing the fundamentals, enabling us to perform while we transform. As we move into the next phase of our transformation, we are focused on building momentum through the following strategic priorities: \u2022delivering financial and operational rigor, through an optimized cost structure and disciplined execution; \u2022building our brands to increase relevance, while we elevate our product and customer experience to drive sustainable growth; \u2022optimizing our platform to drive scale by advancing capabilities that amplify and enable our brands; \u2022strengthening our culture by developing talent and fostering a high-performance environment; and \u2022continuing to integrate sustainability into business practices to support long-term growth. Our execution of these strategic priorities will position us to continue growing our core apparel business, while pursuing new strategic initiatives. We are expanding our beauty and accessories assortment, increasing customer engagement through our revamped loyalty program, and advancing technology capabilities throughout our organization. 25 Macroeconomic factors, including uncertainty surrounding global geopolitical instability, inflationary pressures, foreign currency fluctuations, and changes in interest rates, duties, tariffs, tax laws, and other restrictions as a result of government fiscal, monetary, trade, and tax policies, continue to create a complex and ch Item 1. Business. General The Gap, Inc. (Gap Inc., the \"Company,\" \"we,\" and \"our\") is a house of iconic American brands offering apparel, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, and Athleta brands. Gap Inc. is an omni-channel retailer, with sales to customers both in stores and online, through Company-operated and franchise stores, websites, and third-party arrangements. As of January 31, 2026, we had Company-operated stores in the United States, Canada, Japan, and Taiwan. We also have franchise agreements to operate Old Navy, Gap, Banana Republic, and Athleta throughout Asia, Europe, Latin America, the Middle East, and Africa. Under these agreements, third parties operate, or will operate, stores and websites that sell apparel and related products under our brand names. We also have licensing agreements with licensees to sell products using our brand names. In addition to operating in the specialty, outlet, online, and franchise channels, we use our omni-channel capabilities to bridge the digital world and physical stores. The shopping experience is further enhanced by our omni-channel services, including buy online pick-up in store, order-in-store, and ship-from-store, as well as enhanced mobile-enabled experiences, which allow our customers to shop seamlessly across our brands and channels. Our brands have shared investments in supply chain and information technology, which allows us to optimize efficiency and responsiveness in our operations. Old Navy. Old Navy is a North American value apparel brand that makes on-trend fashion accessible to everyone. The brand offers playful style with a combination of on-trend product, consistent quality, and great value. Old Navy opened its first store in 1994 in Colma, California and since then has expanded to more than 1,200 Company-operated stores including outlet locations, online, and additional franchise retail locations around the world. Gap. Item 1A. Risk Factors. Our past performance may not be a reliable indicator of future performance because actual future results and trends may differ materially depending on a variety of factors, including but not limited to the risks and uncertainties discussed below and in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in P", "title": "GAP - GAP INC", "url": "/company/GAP/" }, { "kind": "company", "summary": "SIC 4700 Transportation Services; CIK 0000040211; latest 10-K filed 2026-02-19.", "text": "GATX - GATX CORP SIC 4700 Transportation Services; CIK 0000040211; latest 10-K filed 2026-02-19. GATX GATX CORP 0000040211 4700 Transportation Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the financial condition and results of operations of GATX Corporation (\"GATX\", the \"Company,\" \"we,\" \"us,\" \"our,\" and similar terms) should be read in conjunction with the audited financial statements included in \"Item 8. Financial Statements and Supplementary Data\" in this Form 10-K. We based the discussion and analysis that follows on financial data we derived from the financial statements prepared in accordance with U.S. generally accepted accounting principles (\"GAAP\") and on certain other financial data that we prepared using non-GAAP components. For a reconciliation of these non-GAAP measures to the most comparable GAAP measures, see \u201cNon-GAAP Financial Measures\u201d at the end of this Item. This discussion does not include the comparison of prior year 2024 to 2023 financial results, which can be found in the Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 19, 2025. OVERVIEW We lease, operate, manage, and remarket long-lived, widely used assets, primarily in the rail market. We report our financial results through three primary business segments: Rail North America, Rail International, and Engine Leasing. Financial results for our tank container leasing business (\"Trifleet\") are reported in the Other segment. On May 29, 2025, GATX entered into a definitive agreement to acquire railcars from Wells Fargo Bank, N.A. (\"Wells Fargo\") through a newly formed joint venture (\"GABX\" or the \"GABX joint venture\") with Brookfield Infrastructure Partners L.P. and its institutional partners (collectively, \u201cBrookfield\u201d). The transaction formally closed on January 1, 2026 and consisted of approximately 101,000 railcars for approximately $4.2 billion. Initially, GATX's ownership share of GABX is 30%, with Brookfield's share at 70%. GATX will have the option to acquire up to 100% of GABX's equity over time. GATX also agreed to directly purchase approximately 200 locomotives from Wells Fargo for approximately $30.4 million, and Brookfield agreed to directly acquire Wells Fargo\u2019s rail finance lease portfolio. GATX will serve as manager of the railcars in GABX as well as the finance lease portfolio directly owned by Brookfield. In anticipation of the closing of the transaction, on December 31, 2025, GATX contributed equity of $385.3 million to GABX, Brookfield contributed equity of $899.0 million to GABX, and GABX executed a $2.96 billion term loan to fund the acquisition. GATX has guaranteed GABX's debt financing obligations. During 2025, GABX entered into deal contingent interest rate swaps in order to hedge the exposure on its anticipated debt financing. As of December 31, 2025, GABX is consolidated and is reported in the Rail North America segment, and its operations will be reflected within that segment for reporting periods after the closing of the transaction. See \"Note 26. Subsequent Events\" in Part II, Item 8 of this Form 10-K for further information. In the fourth quarter of 2025, GATX Rail Europe acquired 5,882 railcars from DB Cargo AG. The acquisition was an opportunity to grow and diversify the GRE fleet by adding a mix of favorable model types. In 2023, we sold our rail business in Russia (\"Rail Russia\"). Financial results were not material to our operations. In 2023, we sold the three remaining liquefied gas-carrying vessels (the \"Specialized Gas Vessels\") within the Engine Leasing segment. 28 DISCUSSION OF OPERATING RESULTS The following table shows a summary of our reporting segments and consolidated financial results for the years ended December 31 (dollars in millions, except per share data): [[GREPCENT_TABLE]] [[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Segment Revenues\"],[\"Rail North America\",\"$\",\"1,186.4\",\"\",\"\",\"$\",\"1,099.0\",\"\",\"\" Item 1. Business GENERAL GATX Corporation (\"GATX,\" the \"Company,\" \"we,\" \"us,\" \"our,\" and similar terms), a New York corporation founded in 1898, is a leading global railcar lessor, owning fleets in North America, Europe, and India. In addition, through GATX Engine Leasing (\"GEL\"), our wholly owned aircraft spare engine leasing business, and our joint ventures with Rolls-Royce plc (or affiliates thereof, collectively \u201cRolls-Royce\u201d), we own one of the largest aircraft spare engine lease portfolios in the world. We report our financial results through three primary business segments: Rail North America, Rail International, and Engine Leasing. Financial results for our tank container leasing business (\"Trifleet\") are reported in the Other segment. On May 29, 2025, GATX entered into a definitive agreement to acquire railcars from Wells Fargo Bank, N.A. (\"Wells Fargo\") through a newly formed joint venture (\"GABX\" or the \"GABX joint venture\") with Brookfield Infrastructure Partners L.P. and its institutional partners (collectively, \"Brookfield\"). The transaction formally closed on January 1, 2026 and consisted of approximately 101,000 railcars for approximately $4.2 billion. Initially, GATX's ownership share of GABX is 30%, with Brookfield's share at 70%. GATX will have the option to acquire up to 100% of GABX's equity over time. GATX also agreed to directly purchase approximately 200 locomotives from Wells Fargo for approximately $30.4 million, and Brookfield agreed to directly acquire Wells Fargo\u2019s rail finance lease portfolio. GATX will serve as manager of the railcars in GABX as well as the finance lease portfolio directly owned by Brookfield. In anticipation of the closing of the transaction, on December 31, 2025, GATX contributed equity of $385.3 million to GABX, Brookfield contributed equity of $899.0 million to GABX, and GABX executed a $2.96 billion term loan to fund the acquisition. GATX has guaranteed GABX's debt financing obligations. During 2025, GABX enter Item 1A. Risk Factors Investors should consider the risk factors described below as well as other information contained in this filing or our other filings with the SEC before investing in our securities. If any of the events described in the risk factors below occur, our business, financial condition and results of operations could be materially adversely a", "title": "GATX - GATX CORP", "url": "/company/GATX/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000868671; latest 10-K filed 2026-02-25.", "text": "GBCI - GLACIER BANCORP, INC. SIC 6022 State Commercial Banks; CIK 0000868671; latest 10-K filed 2026-02-25. GBCI GLACIER BANCORP, INC. 0000868671 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion is intended to provide a more comprehensive review of the Company\u2019s operating results and financial condition from management\u2019s perspective than can be obtained from reading the Consolidated Financial Statements alone. The information includes management\u2019s assessment of material information relevant to the Company\u2019s financial condition and results of operations, material events and uncertainties that are reasonably likely to cause reported information not to be indicative of future operating results or financial condition, and material financial and statistical information that the Company believes will enhance the investors\u2019 understanding of the Company and its financial results. The discussion should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in \u201cItem 8. Financial Statements and Supplementary Data.\u201d CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company\u2019s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as \u201cexpects,\u201d \u201canticipates,\u201d \u201cwill,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cbelieves,\u201d \u201cshould,\u201d \u201cprojects,\u201d \u201cseeks,\u201d \u201cestimates\u201d or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company\u2019s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those factors set forth under \u201cRisk Factors\u201d and in other sections in this Annual Report on Form 10-K, or the documents incorporated by reference: \u2022risks associated with lending and potential adverse changes in the credit quality of the Company\u2019s loan portfolio; \u2022changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company\u2019s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders\u2019 equity; \u2022legislative or regulatory changes, including the possibility of increases in FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increases or changes in banking and consumer protection regulations, that may adversely affect the Company\u2019s business and strategies; \u2022risks related to overall economic conditions, including the impact on the economy of a current or future government shutdown, an uncertain interest rate environment, inflationary pressures, future or recently passed legislation and the potential for significant additional changes in economic and trade policies in the current administration; \u2022risks to the Company\u2019s business and the business of the Company\u2019s customers arising from current or future tariffs or other trade restrictions, labor or supply chain issues, changes in labor force, or geopolitical instability, including the war in Ukraine, conflicts in the Middle East, and the potential for future conflicts or disruptions in other parts of the world; \u2022risks associated with the Company\u2019s ability to negotiate, complete, and successfully integrate acquisitions; \u2022costs or difficulties related to the completion and integration of future or recently Item 1. Business General Glacier Bancorp, Inc., headquartered in Kalispell, Montana, is a Montana corporation incorporated in 2004 as a successor corporation to the Delaware corporation originally incorporated in 1990. The terms \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d mean Glacier Bancorp, Inc. and its subsidiaries, when appropriate. The Company is a publicly-traded company and its common stock trades on the New York Stock Exchange (\u201cNYSE\u201d) under the symbol: GBCI. We provide a full range of banking services to individuals and businesses from 281 locations in Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona, Nevada, and Texas through our wholly-owned bank subsidiary, Glacier Bank (the \u201cBank\u201d). We offer a wide range of banking products and services, including: 1) retail banking; 2) business banking; 3) real estate, commercial, agriculture and consumer loans; and 4) mortgage origination and loan servicing. We serve individuals, small to medium-sized businesses, community organizations and public entities. For information regarding our lending, investment and funding activities, see \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d The Company includes the parent holding company and the Bank. As of December 31, 2025, the Bank consists of eighteen bank divisions and a corporate division. The bank divisions operate under separate names, management teams and advisory directors and consist of the following: [[GREPCENT_TABLE]] [[\"\\u2022\",\"The Foothills Bank (Yuma, Arizona) with operations in Arizona;\"],[\"\\u2022\",\"Bank of the San Juans (Durango, Colorado) with operations in Colorado;\"],[\"\\u2022\",\"Collegiate Peaks Bank (Buena Vista, Colorado) with operations in Colorado;\"],[\"\\u2022\",\"Citizens Community Bank (Pocatello, Idaho) with operations in Idaho;\"],[\"\\u2022\",\"Mountain West Bank (Coeur d\\u2019Alene, Idaho) with operations in Idaho and Washington;\"],[\"\\u2022\",\"First Bank of Montana (Lewistown, Montana) with operations i Item 1A. Risk Factors The following is a discussion of what we believe are the most significant risks and uncertainties that may affect our business, financial condition and future results of operations. These risks are not the only ones that we face. Other risks and uncertainties not currently known to us or currently believed to be mat", "title": "GBCI - GLACIER BANCORP, INC.", "url": "/company/GBCI/" }, { "kind": "company", "summary": "SIC 3412 Metal Shipping Barrels, Drums, Kegs & Pails; CIK 0000043920; latest 10-K filed 2024-12-23.", "text": "GEF - GREIF, INC SIC 3412 Metal Shipping Barrels, Drums, Kegs & Pails; CIK 0000043920; latest 10-K filed 2024-12-23. GEF GREIF, INC 0000043920 3412 Metal Shipping Barrels, Drums, Kegs & Pails ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The terms \u201cGreif,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d as used in this discussion refer to Greif, Inc. and its subsidiaries. Greif Business System 2.0 The Greif Business System is a quantitative, systematic and disciplined business process that Greif has utilized for nearly 20 years. Through our focus on continuous improvement on safety, people, mindset and culture, we have accelerated our processes to Greif Business System 2.0. We believe this System increases our ability to quickly scale and implement innovation, initiatives and best practices on a global basis. In turn, we expect this to facilitate improved productivity, efficiency and value creation. RESULTS OF OPERATIONS The discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with U.S. Generally Accepted Accounting Principles (\u201cGAAP\u201d). The preparation of these consolidated financial statements, in accordance with these principles, require us to make estimates and assumptions that affect the reported amount of assets and liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of our consolidated financial statements. Historical revenues and earnings may or may not be representative of future operating results due to various economic and other factors. See \u201cRisk Factors\u201d in Item 1A of this Form 10-K. The non-GAAP financial measures of EBITDA and Adjusted EBITDA are used throughout the following discussion of our results of operations, both for our consolidated and segment results. For our consolidated results, EBITDA is defined as net income, plus interest expense, net, plus debt extinguishment charges, plus income tax expense, plus depreciation, depletion and amortization, and Adjusted EBITDA is defined as EBITDA plus acquisition and integration related costs, plus restructuring charges, plus non-cash asset impairment charges, plus (gain) loss on disposal of properties, plants and equipment, net, plus (gain) loss on disposal of businesses, net, plus non-cash pension settlement (income) charges, plus other costs. Since we do not calculate net income by reportable segment, EBITDA and Adjusted EBITDA by reportable segment are reconciled to operating profit by reportable segment. In that case, EBITDA is defined as operating profit by reportable segment less other (income) expense, net, less non-cash pension settlement (income) charges, less equity earnings of unconsolidated affiliates, net of tax, plus depreciation, depletion and amortization expense for that reportable segment, and Adjusted EBITDA is defined as EBITDA plus acquisition and integration related costs, plus restructuring charges, plus non-cash asset impairment charges, plus (gain) loss on disposal of properties, plants and equipment, net, plus (gain) loss on disposal of businesses, net, plus non-cash pension settlement (income) charges, plus other costs, for that reportable segment. We use EBITDA and Adjusted EBITDA as financial measures to evaluate our historical and ongoing operations and believe that these non-GAAP financial measures are useful to enable investors to perform meaningful comparisons of our historical and current performance. The foregoing non-GAAP financial measures are intended to supplement and should be read together with our financial results. These non-GAAP financial measures should not be considered an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of this financial information should not place undue reliance on the non-GAAP financial measures. Change in Fiscal Year We are changing our fiscal year end, effective for the 2025 fiscal year. Our 2025 fiscal year will begin on November 1, 2024 and end on September 30, 2025, and accordingly, will con ITEM 1. BUSINESS General Development of Business We are a leading global producer of industrial packaging products and services with operations in over 35 countries. We offer a comprehensive line of rigid industrial packaging products, such as steel, fibre and plastic drums, rigid intermediate bulk containers, jerrycans and other small plastics, closure systems for industrial packaging products, transit protection products, water bottles and remanufactured and reconditioned industrial containers, and services, such as container life cycle management, logistics, warehousing and other packaging services. We produce and sell containerboard, corrugated sheets, corrugated containers and other corrugated products to customers in North America in industries such as packaging, automotive, food and building products. We also produce and sell coated recycled paperboard and uncoated recycled paperboard, some of which are used to produce and sell industrial products (tubes and cores, construction products and protective packaging). We also produce and sell bulk and specialty partitions made from both containerboard and uncoated recycled paperboard. In addition, we purchase and sell recycled fiber and produce and sell adhesives used in our paperboard products. We sell timber to third parties from our timberland in the southeastern United States that we manage to maximize long-term value. In addition, we sell, from time to time, timberland and special use land, which consists of surplus land, higher and better use (\u201cHBU\u201d) land and development land. Our customers range from Fortune 500 companies to medium and small-sized companies in a cross section of industries. Through the end of our 2024 fiscal year, our fiscal year began on November 1 and ended on October 31 of the following year. Any references in this Form 10-K to the years, or to any quarter of those years, relates to the fiscal year or quarter, as the case may be, ended in that year, unless otherwise stated. However, w ITEM 1A. RISK FACTORS Statements contained in this Form 10-K may be \u201cforward-looking\u201d within the meaning of Section 21E of the Exchange Act. Such forward-looking statements are subject to certain risks and uncertainties that could cause our operating results to differ materially from those projected. The following fact", "title": "GEF - GREIF, INC", "url": "/company/GEF/" }, { "kind": "company", "summary": "SIC 3561 Pumps & Pumping Equipment; CIK 0000042888; latest 10-K filed 2026-02-17.", "text": "GGG - GRACO INC SIC 3561 Pumps & Pumping Equipment; CIK 0000042888; latest 10-K filed 2026-02-17. GGG GRACO INC 0000042888 3561 Pumps & Pumping Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis reviews significant factors affecting the Company\u2019s consolidated results of operations, financial condition and liquidity. This discussion should be read in conjunction with our financial statements and the accompanying notes to the financial statements. A discussion of changes in our financial condition and the results of operations from the year ended December 27, 2024 compared to December 29, 2023 can be found in Part II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 27, 2024. The discussion is organized in the following sections: \u2022Overview \u2022Results of Operations \u2022Segment Results \u2022Financial Condition and Cash Flow \u2022Critical Accounting Estimates Overview Graco designs, manufactures and markets systems and equipment used to move, measure, mix, control, dispense and spray a wide variety of fluid and powder materials. The Company specializes in equipment for applications that involve difficult-to-handle materials with high viscosities, materials with abrasive or corrosive properties and multiple-component materials that require precise ratio control. Graco sells primarily through independent third-party distributors worldwide to industrial and contractor end users. Graco\u2019s business is classified by management into three reportable segments: Contractor, Industrial and Expansion Markets. Each segment is responsible for product development, manufacturing, marketing and sales of their products. Graco\u2019s key strategies include developing and marketing new products, leveraging products and technologies into additional, growing end-user markets, expanding distribution globally and completing strategic acquisitions that provide additional channels and technologies. Long-term financial growth targets accompany these strategies, including our objectives of 10 percent revenue growth and 12 percent consolidated net earnings growth per annum. We continue to develop new products in each operating segment that are expected to drive incremental sales growth, as well as continued refreshes and upgrades of existing product lines. Graco has made a number of strategic acquisitions that expand and complement organically developed products and provide new market and channel opportunities. Manufacturing is a key competency of the Company. Our management team in Minneapolis provides strategic manufacturing expertise and is also responsible for factories not fully aligned with a single division. Our largest manufacturing facilities are in the U.S. We also manufacture some of our products in Switzerland (Industrial segment), Italy (Industrial and Contractor segment), the P.R.C. (all segments), India (Contractor segment), Belgium (all segments) and Romania (Industrial segment). Our primary distribution facilities are located in the U.S., Belgium, Switzerland, United Kingdom, P.R.C., Japan, Italy, South Korea, India, Australia and Brazil. Results of Operations A summary of financial results follows (in millions except per share amounts): [[GREPCENT_TABLE]] [[\"\",\"2025\",\"\",\"2024\"],[\"Net Sales\",\"$\",\"2,236.6\",\"\",\"\",\"$\",\"2,113.3\"],[\"Operating Earnings\",\"624.8\",\"\",\"\",\"570.1\"],[\"Net Earnings\",\"521.8\",\"\",\"\",\"486.1\"],[\"Diluted Net Earnings per Common Share\",\"$\",\"3.08\",\"\",\"\",\"$\",\"2.82\"],[\"Adjusted (non-GAAP)(1):\"],[\"Operating Earnings, adjusted\",\"$\",\"610.7\",\"\",\"\",\"$\",\"577.8\"],[\"Net Earnings, adjusted\",\"498.8\",\"\",\"\",\"477.1\"],[\"Diluted Net Earnings per Common Share, adjusted\",\"$\",\"2.95\",\"\",\"\",\"$\",\"2.77\"]] [[/GREPCENT_TABLE]] (1) Excludes the impact of excess tax benefits from stock option exercises, contingent consideration fair value adjustments, certain non-recurring tax provision adjustments and prior year business reorganization charges. See 23 Table of Contents Financial Results Adjusted for Item 1. Business Graco Inc., together with its subsidiaries (\u201cGraco,\u201d \u201cus,\u201d \u201cwe,\u201d or \u201cour Company\u201d), is a multi-national manufacturing company. We supply technology and expertise for the management of fluids and coatings in industrial and commercial applications. We design, manufacture and market systems and equipment used to move, measure, mix, control, dispense and spray fluid and powder materials. Our equipment is used in manufacturing, processing, construction and maintenance industries. Graco is a Minnesota corporation and was incorporated in 1926. We specialize in providing equipment solutions for difficult-to-handle materials with high viscosities, abrasive or corrosive properties, and multiple component materials that require precise ratio control. We aim to serve niche markets, providing high customer value through product differentiation. Our products enable customers to reduce their use of labor, material and energy, improve quality and environmental performance. We make significant investments in developing innovative, high-quality products. We strive to grow into new geographic markets by strategically adding commercial and technical resources and third-party distribution in growing and emerging markets. We have grown our third-party distribution to have specialized experience in particular end-user applications. We leverage our product technologies for new applications and industries. We also make targeted acquisitions to broaden our product offerings, enhance our capabilities in the end-user markets we serve, expand our manufacturing and distribution base and potentially strengthen our geographic presence. These acquisitions may be integrated into existing Graco operations or may be managed as stand-alone operations. In 2025, we completed two acquisitions within the Contractor and Industrial segments. These acquisitions provide new product offerings, including mixing, shaking and automated material handling equipment for the Contractor segment and Item 1A. Risk Factors As a global manufacturer of systems and equipment designed to move, measure, mix, control, dispense and spray fluid and powder materials, our business is subject to various risks and uncertainties. Below are risk factors that could materially and adversely affect our business, financial condition and results of operations. Economic, Financial and", "title": "GGG - GRACO INC", "url": "/company/GGG/" }, { "kind": "company", "summary": "SIC 8200 Services-Educational Services; CIK 0000104889; latest 10-K filed 2026-02-25.", "text": "GHC - Graham Holdings Co SIC 8200 Services-Educational Services; CIK 0000104889; latest 10-K filed 2026-02-25. GHC Graham Holdings Co 0000104889 8200 Services-Educational Services MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION This analysis should be read in conjunction with the Consolidated Financial Statements and the notes thereto. Refer to Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in the Graham Holdings Company\u2019s 2024 Annual Report on Form 10-K for management\u2019s discussion and analysis of financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023. OVERVIEW Graham Holdings Company (the Company) is a diversified holding company whose operations include educational services, television broadcasting, healthcare, manufacturing and automotive dealerships. The Company has five business divisions, seven reportable segments and a group of companies that make up Other Businesses. The Company\u2019s business units are diverse and subject to different trends and risks. Education is the largest operating division of the Company, making up 35% of the Company\u2019s consolidated revenues in 2025 and having the largest operating income in 2025. Through its subsidiary Kaplan, Inc., the Company provides extensive worldwide education services for individuals, schools and businesses. The Company has devoted significant resources and attention to this division for many years, given its geographic and product diversity, the investment opportunities and growth prospects during this time, and challenges related to government regulation. Kaplan is organized into the following three operating segments: Kaplan International (KI), Kaplan Higher Education (KHE) and Supplemental Education. KI reported revenue and operating income growth for 2025 due largely to increases at UK Professional and Singapore, partially offset by declines at Pathways and Languages. KHE revenue and operating income improved due to an increase in the fees from Purdue University Global (Purdue Global). Supplemental Education revenues and operating results improved in 2025 due to growth in most of the program offerings. Television broadcasting was the Company\u2019s second largest business in 2025 from an operating income standpoint. The Company\u2019s television broadcasting division reported lower revenues and operating income in 2025, due largely to a significant decrease in political advertising revenue from the 2024 election cycle and declines in local and digital advertising revenue. Retransmission revenues, net of network fee expense, declined in 2025 with this trend expected to continue in the future due largely to adverse subscriber trends from cord cutting. The healthcare division has grown substantially over the last few years and provided meaningful operating cash flow from internal growth and acquisitions. Since 2019, the healthcare division has expanded from its home health and hospice operations into new lines of business. The largest of these is CSI Pharmacy Holding Company, LLC (CSI), which provides nursing care and prescription services for patients receiving in-home infusion treatments. CSI reported significant revenue growth and substantially higher operating results in 2025 from an expansion of infusion treatment offerings and patient service areas in 2025. Healthcare\u2019s home health and hospice revenue and operating results have also grown substantially in recent years, with investments to streamline operations and enhance patient care, along with a reduction in pension expense in 2025. The Company\u2019s manufacturing division has provided meaningful operating cash flow over the last few years, with Dekko experiencing improved revenues and operating results in 2025, and declines at Hoover in recent years. In July 2025, Hoover acquired Arconic Architectural Products, LLC, which manufactures aluminum cladding products and operates within the broader non-residential materials space. Automotive revenues and operating results declined in 2025 due largely to lower new and used vehicle sales and a decli Item 1. Business. Graham Holdings Company (the Company) is a diversified holding company whose operations include educational services, television broadcasting, manufacturing, healthcare, automotive dealerships and other businesses. Through Kaplan, Inc. (Kaplan), the Company provides a wide variety of educational services to students, schools, colleges, universities and businesses, both domestically and outside the United States (U.S.). Kaplan\u2019s educational services include academic preparation programs for international students, English-language programs, operations support services for pre-college, certificate, undergraduate and graduate programs, exam preparation for high school and graduate students and for professional certifications and licensures, career and academic advisement services to businesses, and a United Kingdom (U.K.) sixth-form college that prepares students for A-level examinations. The Company\u2019s television broadcasting segment owns and operates seven television broadcast stations and provides social media management tools designed to connect newsrooms with their users. The Company\u2019s healthcare segments provide in-home specialty pharmacy infusion therapies; home health, hospice and palliative services; applied behavior analysis therapy; physician services for allergy, asthma and immunology patients; in-home aesthetics; and healthcare software-as-a-service technology. The Company\u2019s manufacturing companies include a multi-product supplier to the commercial building industry, a manufacturer of electrical solutions, a manufacturer of lifting solutions, and a supplier of parts used in electric utilities and industrial systems. The Company\u2019s automotive business comprises eight dealerships and valet repair services. The Company\u2019s other businesses include restaurants; a custom framing company; a marketing solutions provider; a customer data and analytics software company; Slate and Foreign Policy magazines; a daily local news podcast and newsletter com Item 1A. Risk Factors. SUMMARY RISK FACTORS This risk factor summary does not contain all of the information that may be important to you, and you should read this risk factor summary together with the more detailed discussion of risks and uncertainties set forth following this section under the heading \u201cRisk Factors,\u201d as wel", "title": "GHC - Graham Holdings Co", "url": "/company/GHC/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001575965; latest 10-K filed 2026-02-19.", "text": "GLPI - Gaming & Leisure Properties, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001575965; latest 10-K filed 2026-02-19. GLPI Gaming & Leisure Properties, Inc. 0001575965 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of the financial condition and results of operations of Gaming and Leisure Properties, Inc. for the year ended December 31, 2025 should be read in conjunction with the audited consolidated Financial Statements and related notes thereto and other financial information contained elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our business and growth strategies, statements regarding the industry outlook and our expectations regarding the future performance of our business contained herein are forward looking statements. See \"Important Factors Regarding Forward-Looking Statements\" You should also review the \"Risk Factors\" section in Item 1A of this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by such forward-looking statements. All defined terms included herein have the same meaning as those set forth in the Notes to the Consolidated Financial Statements contained within this Annual Report on Form 10-K. Overview We generate our revenues from long-term, triple-net leases and real estate backed financing arrangements with leading regional gaming operators. As a result, our operating profile is characterized by stable and predictable cash flows, limited operating expenses and high margins because tenants are responsible for property level costs, maintenance capital, taxes, insurance and all utilities and other costs necessary or appropriate for the leased properties and the business conducted on the properties. Our results therefore depend primarily on the contractual rent terms in our leases, the timing and level of funded capital commitments, and our ability to refinance our debt obligations and/or issue new borrowings on attractive terms, rather than the daily volatility of gaming operations. Our operations also include interest income from loans that produce fixed or variable returns which may convert into leased rent upon project completion or stabilization. Key Trends That May Affect Our Business Tenant and Industry Performance The majority of our tenants (and respective guarantors, as applicable) under our lease agreements are leading gaming operators across the United States. Rental payments under our lease agreements comprise, and are expected to continue to comprise, a substantial majority of our revenues. Accordingly, we are dependent on, among other things, our tenants' (and 45 Table of Contents respective guarantors', as applicable) financial performance, the performance of the gaming properties and health of the economies where our leased properties are located. Property-level performance affects whether annual rent escalations are triggered for leases that require a minimum 1.8x rent coverage ratio, as well as for certain leases that include percentage rent provisions. However, percentage rent accounted for only 4.8% of our 2025 cash income. Key 2025 Highlights Operating Results \u2022Collected 100% of contractual rent in cash. \u2022Total revenues increased 4.1% year-over-year to $1.59 billion. \u2022Net income attributable to common shareholders increased 5.2% year-over-year to $825.1 million and net income attributable to common shareholders per diluted share increased 2.8% to $2.95. Significant Achievements \u2022Extended development funding commitments for the following projects: \u25e6Completed funding for PENN\u2019s M Resort hotel tower, which opened in December 2025, providing $150 million of financing at a 7.79% capitalization rate. \u25e6Completed funding for PENN\u2019s Hollywood Casino Joliet relocation, which opened in August 2025, providing $130 million of financing at a 7.75% capitalization rate. \u25e6Completed funding for Ca ITEM 1. BUSINESS Overview GLPI is a self-administered and self-managed Pennsylvania REIT. GLPI was incorporated on February 13, 2013, as a wholly-owned subsidiary of PENN Entertainment, Inc., formerly known as Penn National Gaming, Inc. (NASDAQ: PENN) (\"PENN\"). On November 1, 2013, PENN contributed to the Company, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with PENN's real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville (which are referred to as the \"TRS Properties\") and then spun-off GLPI to holders of PENN's common and preferred stock in a tax-free distribution (the \"Spin-Off\"). Since 2021, the Company has been structured as an umbrella partnership REIT under which substantially all of its business is conducted through GLP Capital, L.P. (\"GLP Capital\"), the day-to-day management of which is exclusively controlled by GLPI. GLPI has no material assets other than its investment in GLP Capital. GLPI issues equity from time to time and is obligated to contribute the net proceeds from those offerings to GLP Capital. As of December 31, 2025, GLPI owned 97.1% of the outstanding units of GLP Capital with the remaining units owned by third party limited partners who (directly or through affiliates) contributed properties to GLP Capital in exchange for consideration that was partially funded through the issuance of operating partnership units (\"OP Units\") and holders of long term incentive plan units (\"LTIP Units\"). The OP Units and LTIP Units once vested are exchangeable on a one for one basis for common shares of the Company. The Company's common stock is listed on the NASDAQ under the ticker symbol GLPI. All debt of the Company, including revolving credit facilities, term loans and senior unsecured notes, is incurred by GLP Capital and its subsidiaries. GLPI has fully and unconditionall ITEM 1A. RISK FACTORS Risk Factors Relating to Our Business The majority of our revenues are dependent on PENN and its subsidiaries. Any event that has a material adverse effect on PENN\u2019s business, financial position or results of operations may have a material adverse effect on our business, financial position or", "title": "GLPI - Gaming & Leisure Properties, Inc.", "url": "/company/GLPI/" }, { "kind": "company", "summary": "SIC 5734 Retail-Computer & Computer Software Stores; CIK 0001326380; latest 10-K filed 2026-03-24.", "text": "GME - GameStop Corp. SIC 5734 Retail-Computer & Computer Software Stores; CIK 0001326380; latest 10-K filed 2026-03-24. GME GameStop Corp. 0001326380 5734 Retail-Computer & Computer Software Stores ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the information contained in our consolidated financial statements, including the notes thereto. Statements regarding future economic performance, management\u2019s plans and objectives, and any statements concerning assumptions related to the foregoing contained in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations constitute forward-looking statements. Certain factors, which may cause actual results to vary materially from these forward-looking statements, accompany such statements or appear elsewhere in this Form 10-K, including the disclosures under Part I, Item 1A, \u201cRisk Factors.\u201d In Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, we provide a detailed analysis for fiscal 2025 compared to fiscal 2024. For a comparison of our results of operations for fiscal 2024 compared to fiscal 2023, see \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our annual report on Form 10-K for the fiscal year ended February 1, 2025, as filed with the SEC on March 25, 2025. OVERVIEW GameStop Corp. (\u201cGameStop,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or the \u201cCompany\u201d), a Delaware corporation established in 1996, is a leading specialty retailer offering games, collectibles, and entertainment products. As we navigate the evolving commercial landscape, our business model is expanding beyond traditional retail to include value creation through disciplined capital allocation. We view our significant cash and liquidity position as a strategic asset to be deployed into acquisitions, and control transactions that offer long-term value. In 2025, we drove our strategy (as described in Item 1) through the following initiatives: \u2022Growth of Collectibles. In 2025, we continued to expand our collectibles business, increasing its contribution from 19% of total sales in 2024 to 29% of total sales in 2025. This growth was driven in part by the rollout of our graded trading card submission services to all U.S. stores, expanded store space dedicated to collectibles, the continued development of our first-party repack offerings, and other strategic initiatives. \u2022Capital Allocation. In 2025, the Company opportunistically raised approximately $4.2 billion through the issuance of interest-free convertibles notes and generated more than $319 million in interest income through its disciplined treasury management activities. \u2022Profit Optimization \u2022Indirect Spend: We have focused on eliminating non-income generating expenditures. In 2025, we significantly reduced indirect costs and intend to continue this discipline in 2026. \u2022International Streamlining: We continued to evaluate our international operations for strategic relevance. In 2025, we divested our operations in Canada and shutdown our operations in New Zealand. \u2022Store Fleet Optimization: Each year, we conduct a comprehensive review of our store portfolio to identify underperforming locations for closure based on market conditions, operational performance, and other relevant factors. This review resulted in the closure of 727 stores in the United States during fiscal 2025. At this time, we do not anticipate closing a significant number of stores in fiscal 2026, as our domestic store footprint remains a core component of our logistics infrastructure strategy. \u2022New Initiatives. In 2025, the Company launched Power Packs, a new digital trading platform in partnership with Collectors Holdings, Inc, through its Professional Sports Authenticator (\"PSA\") division. Early beta results have been promising. Power Packs is an online e-commerce experience through which collectors purchase graded PSA trading cards that are securely stored in the PSA vault. Cards can be instantly sold back, traded, shipped to the collector, or held for future offers. STORE ITEM 1. BUSINESS General GameStop Corp. (\u201cGameStop,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or the \u201cCompany\u201d) offers games, collectibles, and entertainment products through its stores and ecommerce platforms. As we navigate the evolving commercial landscape, our business model is expanding beyond traditional retail to include value creation through disciplined capital allocation. We view our significant cash and other sources of liquidity as a strategic asset to be deployed into acquisitions and control transactions that offer long-term value. Our fiscal year is composed of the 52 or 53 weeks ending on the Saturday closest to the last day of January. Fiscal year 2025 consisted of the 52 weeks ended on January 31, 2026 (\"fiscal 2025\"). Fiscal year 2024 consisted of the 52 weeks ended on February 1, 2025 (\"fiscal 2024\") and fiscal year 2023 consisted of the 53 weeks ended on February 3, 2024 (\"fiscal 2023\"). Business Priorities Our strategy has evolved into two distinct but complementary pillars: \u2022Capital Allocation: Utilizing our significant capital resources to actively evaluate and execute on opportunities to acquire, invest in, or partner with businesses that offer long-term value. \u2022Operational Excellence: Maximizing the cash flow of our legacy retail business by optimizing our store fleet. Capital Deployment and Investment Strategy The Company views its balance sheet as a strategic asset. We continue to review the best use for our cash and other sources of liquidity, including potential control transactions and transformational acquisitions. While we do not limit our review to specific industries, our Investment Committee is actively evaluating opportunities that offer long-term value. Investment Policy & Guidelines Investments are made in accordance with the guidelines of an Investment Policy that is reviewed at least annually by the Board. Permissible investment instruments include cash and cash equivalents (e.g., bank obligations, money market funds, and commercial ITEM 1A. RISK FACTORS An investment in our Company involves a high degree of risk. You should carefully consider the risks below, together with the other information contained in this report and other filings we make with the SEC, before you make an investment decision with respect to our Company. The risks described below are not the", "title": "GME - GameStop Corp.", "url": "/company/GME/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001237831; latest 10-K filed 2026-02-24.", "text": "GMED - GLOBUS MEDICAL INC SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001237831; latest 10-K filed 2026-02-24. GMED GLOBUS MEDICAL INC 0001237831 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes included elsewhere in this Annual Report. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. You should review the \u201cRisk Factors\u201d and \u201cCautionary Note Concerning Forward-Looking Statements\u201d sections of this Annual Report for a discussion of certain of the important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements described in the following discussion and analysis. Certain amounts and percentages in this discussion and analysis have been rounded for convenience of presentation. This \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d generally discusses the fiscal years ended December 31, 2025 and 2024 and provides year-to-year comparisons between the fiscal years ended December 31, 2025 and 2024. Discussions of the fiscal year ended December 31, 2024 and year-to-year comparisons between the fiscal years ended December 31, 2024 and 2023 that are not included in this Annual Report can be found in \u201cPart II. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed on February 20, 2025. Overview We are an engineering-driven company with a history of rapidly developing and commercializing advanced products and procedures to assist surgeons in effectively treating their patients and to address new treatment options. With numerous products launched since the founding of the Company, we offer a comprehensive portfolio of innovative and differentiated technologies that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches. We separate our products and services into two major categories: Musculoskeletal Solutions and Enabling Technologies. NuVasive Merger On September 1, 2023, pursuant to that certain merger agreement (the \u201cNuVasive Merger Agreement\u201d) with NuVasive, Inc. (\u201cNuVasive\u201d) and Zebra Merger Sub Inc. a wholly owned subsidiary of the Company (\u201cZebra Merger Sub\u201d), Zebra Merger Sub merged with and into NuVasive, with NuVasive surviving as a wholly owned subsidiary of the Company (the \u201cNuVasive Merger\u201d). Under the NuVasive Merger Agreement, each share of common stock, par value $0.001 per share, of NuVasive issued and outstanding immediately prior to the effective time of the NuVasive Merger (other than certain excluded shares as described in the NuVasive Merger Agreement) was cancelled and converted into the right to receive 0.75 fully paid and non-assessable shares of Class A common stock of Globus, $0.001 par value per share, and the right to receive cash in lieu of fractional shares. Nevro Merger On April 3, 2025, pursuant to the terms of that certain merger agreement (the \u201cNevro Merger Agreement\u201d) with Nevro Corp. (\u201cNevro\u201d) and Palmer Merger Sub, Inc., a wholly owned subsidiary of the Company (\u201cPalmer Merger Sub\u201d), Palmer Merger Sub merged with and into Nevro (the \u201cNevro Merger\u201d and, together with the NuVasive Merger, the \u201cNuVasive and Nevro Mergers\u201d), with Nevro surviving as a wholly owned subsidiary of the Company. Upon the consummation of the Nevro Merger, each issued and outstanding share of common stock of Nevro, $0.001 par value per share, was cancelled and converted into the right to receive cash in an amount equal to $5.85 per share of common stock of Nevro, without interest and subject to any applicable withholding taxes. Product & Service Categories While we group our revenue into two categories, Musculoskeletal Solutions and Enabling Technologies, they are not limited to a particular technology, platform or s Item 1. Business Overview Globus Medical, Inc. (together, as applicable, with its consolidated subsidiaries, \u201cGlobus,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d), headquartered in Audubon, Pennsylvania, is a medical device company that develops and commercializes healthcare solutions whose mission is to improve the quality of life of patients with musculoskeletal disorders. Founded in 2003, Globus is committed to medical device innovation and delivering exceptional service to hospitals, ambulatory surgery centers and physicians to advance patient care and improve efficiency. Since inception, Globus has listened to the voice of the surgeon to develop practical solutions and products to help surgeons effectively treat patients and improve lives. Globus is an engineering-driven company with a history of rapidly developing and commercializing advanced products and procedures to address treatment challenges. With 9 product launches in 2025 and operations across 65 countries worldwide, we offer a comprehensive portfolio of innovative and differentiated technologies that are used to treat a variety of musculoskeletal conditions. Although we manage our business globally within one reportable segment, we separate our products and services into two major categories: Musculoskeletal Solutions and Enabling Technologies. NuVasive Merger As previously disclosed, on September 1, 2023, pursuant to that certain merger agreement (the \u201cNuVasive Merger Agreement\u201d) with NuVasive, Inc. (\u201cNuVasive\u201d) and Zebra Merger Sub Inc., a wholly owned subsidiary of the Company (\u201cZebra Merger Sub\u201d), Zebra Merger Sub, merged with and into NuVasive, with NuVasive surviving as a wholly owned subsidiary of the Company (the \u201cNuVasive Merger\u201d). Under the NuVasive Merger Agreement, each share of common stock, par value $0.001 per share, of NuVasive issued and outstanding immediately prior to the effective time of the NuVasive Merger (other than certain excluded shares as described in the NuVasive Merger Agree Item 1A. Risk Factors Risk factors that could cause our actual results to differ from our expectations and that could negatively impact our business, results of operations and financial condition are discussed below and elsewhere in this Annual Report on Form 10-K. If any of these risks actually occurs,", "title": "GMED - GLOBUS MEDICAL INC", "url": "/company/GMED/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000355811; latest 10-K filed 2026-02-24.", "text": "GNTX - GENTEX CORP SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000355811; latest 10-K filed 2026-02-24. GNTX GENTEX CORP 0000355811 3714 Motor Vehicle Parts & Accessories Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Results of Operations The following table sets forth for the periods indicated certain items from the Company\u2019s Consolidated Statements of Income expressed as a percentage of net sales and the percentage change in the dollar amount of each such item from that in the indicated previous year. [[GREPCENT_TABLE]] [[\"\",\"Percentage of Net Sales\",\"\",\"Percentage Change\"],[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"2025\",\"\",\"2024\"],[\"\",\"Year Ended December 31,\",\"\",\"Vs\",\"\",\"Vs\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\",\"\",\"2024\",\"\",\"2023\"],[\"Net Sales\",\"100.0\",\"%\",\"\",\"100.0\",\"%\",\"\",\"100.0\",\"%\",\"\",\"9.6\",\"%\",\"\",\"0.6\",\"%\"],[\"Cost of Goods Sold\",\"65.8\",\"\",\"\",\"66.7\",\"\",\"\",\"66.8\",\"\",\"\",\"8.1\",\"\",\"\",\"0.4\"],[\"Gross Margin\",\"34.2\",\"\",\"\",\"33.3\",\"\",\"\",\"33.2\",\"\",\"\",\"12.4\",\"\",\"\",\"1.1\"],[\"Operating Expenses:\"],[\"Engineering, Research and Development\",\"8.0\",\"\",\"\",\"7.8\",\"\",\"\",\"6.7\",\"\",\"\",\"12.0\",\"\",\"\",\"17.6\"],[\"Selling, General and Administrative\",\"7.0\",\"\",\"\",\"5.2\",\"\",\"\",\"4.9\",\"\",\"\",\"47.0\",\"\",\"\",\"7.5\"],[\"Severance Expense\",\"0.5\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"N/A\",\"\",\"N/A\"],[\"Impairment Charges\",\"\\u2014\",\"\",\"\",\"0.4\",\"\",\"\",\"\\u2014\",\"\",\"\",\"N/A\",\"\",\"N/A\"],[\"Total Operating Expenses:\",\"15.5\",\"\",\"\",\"13.5\",\"\",\"\",\"11.6\",\"\",\"\",\"26.1\",\"\",\"\",\"16.7\"],[\"Income From Operations\",\"18.7\",\"\",\"\",\"19.9\",\"\",\"\",\"21.6\",\"\",\"\",\"3.1\",\"\",\"\",\"(7.3)\"],[\"Other (Loss)/Income\",\"(0.5)\",\"\",\"\",\"0.5\",\"\",\"\",\"0.4\",\"\",\"\",\"(203.1)\",\"\",\"\",\"35.0\"],[\"Income Before Provision for Income Taxes\",\"18.2\",\"\",\"\",\"20.4\",\"\",\"\",\"22.0\",\"\",\"\",\"(2.4)\",\"\",\"\",\"(6.5)\"],[\"Provision for Income Taxes\",\"3.0\",\"\",\"\",\"2.9\",\"\",\"\",\"3.3\",\"\",\"\",\"12.8\",\"\",\"\",\"(11.6)\"],[\"Net Income Attributable to Gentex\",\"15.2\",\"%\",\"\",\"17.5\",\"%\",\"\",\"18.6\",\"%\",\"\",\"(4.9)\",\"%\",\"\",\"(5.6)\",\"%\"]] [[/GREPCENT_TABLE]] Results of Operations: 2025 to 2024 Net Sales In 2025, the Company's consolidated net sales increased by $221.0 million, or 10% compared to the prior year. The Company completed its acquisition of VOXX on April 1, 2025 and included VOXX's results in the Company's financial statements beginning at the start of the second quarter of calendar year 2025. Core Gentex sales were $2.27 billion for calendar year 2025, a 2% decline versus calendar year 2024, primarily driven by tariff and counter-tariff actions and resulting reduction in demand for exports of the Company's products into the China market. In the Company's primary regions of North America, Europe, and Japan/Korea, automotive revenues increased approximately 1% year-over-year for calendar year 2025, despite a 1% decline in light\u2011vehicle production in those same markets compared to 2024. For calendar year 2025, Gentex Automotive net sales without VOXX were $2.22 billion, which was a 2% decrease compared to $2.26 billion in 2024, and compared with a year-over-year decline in auto-dimming mirror shipments of 6%. Gentex Other net sales (not including VOXX) for calendar year 2025, which includes dimmable aircraft windows, fire protection products, medical products, and biometric products were $51.1 million, compared to Other net sales of $48.6 million in calendar year 2024. BioConnect, which operates in the Biometrics segment and was acquired on July 1, 2025, contributed total sales of $4.5 million to Gentex Other net sales for calendar year 2025. VOXX, which operates in the Automotive, Premium Audio and Other segments, contributed total net sales of $267.2 million for calendar year 2025. Cost of Goods Sold As a percentage of net sales, cost of goods sold decreased from 66.7% in 2024 to 65.8% in 2025. The year over year improvement in the gross margin was primarily the result of purchasing cost reductions, operational efficiencies, and favorable product mix, partially offset by tariff related costs that were not reimbursed during the year. On a year over year basis, improved labor costs and operational efficiencies had a positive impact of approximately 110 basis points and product mix had a positive impac Item 1. Business. (a)General Development of Business Gentex Corporation (the \"Company\") was incorporated as a Michigan corporation in 1974. The Company designs, develops, manufactures, markets, and supplies digital vision, connected car, premium audio, dimmable glass, fire protection technologies, medical devices, and consumer electronics, including: automatic-dimming rearview and non-dimming mirrors and electronics for the automotive industry; premium quality sound equipment and products, and other electronic products and accessories for the consumer electronics industry; dimmable aircraft windows for the aviation industry; and smoke alarms for the residential and commercial fire protection industry and signaling devices for the commercial fire protection industry. The Company\u2019s largest business segment involves designing, developing, manufacturing and marketing interior and exterior automatic-dimming automotive rearview mirrors that utilize proprietary electrochromic technology to dim in proportion to the amount of headlight glare from trailing vehicle headlamps. Within this business segment, the Company also designs, develops and manufactures various electronics that are value added features to the interior and exterior automotive rearview mirrors, as well as electronics for interior visors, overhead consoles, and other locations in the vehicle. The Company ships its products to all of the major automotive producing regions worldwide, which it supports with numerous sales, engineering and distribution locations worldwide. At its inception, the Company manufactured smoke detectors, a product line that has since evolved to include a variety of fire protection technologies. In the 1980's, the Company introduced an interior electromechanical automatic-dimming rearview mirror as an alternative to the manual day/night rearview mirrors for automotive applications, and later an interior electrochromic automatic-dimming rearview mirror for automotive application Item 1A. Risk Factors. Safe Harbor for Forward-Looking Statements. This Annual Report on Form 10-K contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements contained in this communication that are not purely historical are forward-looking sta", "title": "GNTX - GENTEX CORP", "url": "/company/GNTX/" }, { "kind": "company", "summary": "SIC 2650 Paperboard Containers & Boxes; CIK 0001408075; latest 10-K filed 2026-03-02.", "text": "GPK - GRAPHIC PACKAGING HOLDING CO SIC 2650 Paperboard Containers & Boxes; CIK 0001408075; latest 10-K filed 2026-03-02. GPK GRAPHIC PACKAGING HOLDING CO 0001408075 2650 Paperboard Containers & Boxes Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation Introduction This management's discussion and analysis of financial conditions and results of operations is intended to assist you in understanding the Company's past performance, financial condition and prospects. A detailed discussion of fiscal 2025 year-over-year changes can be found below and a detailed discussion of fiscal 2024 year-over-year changes can be found in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview of Business Graphic Packaging is a leading global provider of consumer goods packaging made from renewable or recycled materials. The Company designs and manufactures sustainable packaging solutions including cartons, multipack cartons, trays, carriers and paperboard canisters, as well as cups and bowls, made primarily from recycled paperboard, unbleached paperboard and bleached paperboard. Paperboard used in its packaging solutions comes from wood fiber, a renewable resource, and from recovered (reused) fiber. Graphic Packaging's consumer packaging is designed to be recycled, and the Company works across the value chain to make it easier for people to recycle. With this focus, the Company plays an active role in support of the move to a more circular economy and a sustainable future for generations to come. Graphic Packaging's commitment to reducing the environmental impact of everyday consumer packaging is fundamental to the Company's strategy, goals and business purpose. The Company serves a wide variety of consumer markets, from food and beverage, to foodservice, household products, beauty and heath care. Graphic Packaging produces packaging solutions at over 100 locations in 20 countries around the world, serving customers and brands ranging from local to multinational consumer products companies and retailers. The Company offers one of the most comprehensive ranges of packaging design, manufacturing and execution capabilities available. Graphic Packaging manufactures a significant amount of the paperboard that it uses to produce packaging solutions, primarily where it believes that self-manufacture provides it with a competitive advantage and allows the Company to deliver better, more consistent results for customers. The Company currently manufactures most of the paperboard it consumes in the Americas and purchases the majority of the paperboard it consumes in its International Paperboard Packaging operations from third parties. Graphic Packaging works closely with its customers to understand their needs and goals and to create new and innovative designs customized to their specific needs. The Company's approach serves to build and strengthen long-term relationships with purchasing, brand management, marketing and other key customer functions. The Company is organized to bring the full resources of its global and local innovation, design and manufacturing capabilities to all of its customers with the goal of delivering packaging solutions that are more circular, more functional and more convenient. The Company competes with a wide range of packaging companies whose primary raw materials are paperboard, plastic, multi-layer laminates, shrink film, paper, corrugated board, bio-based materials and other packaging materials. While circularity and sustainability are increasingly important to customers' purchase decisions, the Company also competes on the basis of product innovation, price and execution capabilities. Many of the Company's multi-year supply contracts include terms which provide for the pass through of certain costs including raw materials, energy, labor and other manufacturing costs with the intention of reducing exposure to the volatility of these costs, many of which are outside of the Company's control. The Company is implementing strategies to (i) deve Item 1. Business Overview Graphic Packaging Holding Company (\"GPHC\" and, together with its subsidiaries, the \"Company\") is committed to creating consumer packaging that makes a world of difference. The Company is a leading producer of consumer goods packaging made from renewable or recycled materials. The Company designs and manufactures sustainable packaging solutions including cartons, multipack cartons, trays, carriers, paperboard canisters, as well as cups and bowls made primarily from recycled paperboard, unbleached paperboard and bleached paperboard. The Company serves a wide variety of consumer markets, from food and beverage, to foodservice, household products, beauty and health care. The Company produces packaging solutions at over 100 locations in 20 countries around the world, serving customers ranging from local to multinational consumer products companies and retailers. The Company offers one of the most comprehensive ranges of packaging design, manufacturing and execution capabilities available. The Company currently manufactures most of the paperboard it consumes in the Americas and purchases the majority of the paperboard it consumes in its International Paperboard Packaging operations from third parties. Graphic Packaging works closely with its customers to understand their needs and goals and to create new and innovative designs customized to their specific needs. The Company's approach serves to build and strengthen long-term relationships with purchasing, brand management, marketing and other key customer functions. The Company is organized to bring the full resources of its global and local innovation, design and manufacturing capabilities to all of its customers with the goal of delivering packaging solutions that are more circular, more functional and more convenient. Acquisitions, Closures and Dispositions In May 2025, the Company closed its Middletown, Ohio, recycled paperboard manufacturing facility. For more information, see Note 18. Item 1A. Risk Factors Our operations and financial results could be affected by various risks, many of which are beyond our control. The following risks could affect (and in some cases have affected) the Company's actual results and could cause such results to differ materially from current estimates or expecta", "title": "GPK - GRAPHIC PACKAGING HOLDING CO", "url": "/company/GPK/" }, { "kind": "company", "summary": "SIC 3011 Tires & Inner Tubes; CIK 0000042582; latest 10-K filed 2026-02-10.", "text": "GT - GOODYEAR TIRE & RUBBER CO /OH/ SIC 3011 Tires & Inner Tubes; CIK 0000042582; latest 10-K filed 2026-02-10. GT GOODYEAR TIRE & RUBBER CO /OH/ 0000042582 3011 Tires & Inner Tubes ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. All per share amounts are diluted and refer to Goodyear net income (loss). OVERVIEW The Goodyear Tire & Rubber Company is one of the world\u2019s leading manufacturers of tires, with one of the most recognizable brand names in the world and operations in most regions of the world. We have a broad global footprint with 49 manufacturing facilities in 19 countries, including the United States. We operate our business through three operating segments representing our regional tire businesses: Americas; Europe, Middle East and Africa (\"EMEA\"); and Asia Pacific. This management's discussion and analysis provides comparisons of material changes in the consolidated financial statements for the years ended December 31, 2025 and 2024. For a comparison of the years ended December 31, 2024 and 2023, refer to Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024. Goodyear Forward Our multi-year transformation plan, called \u201cGoodyear Forward,\u201d that was intended to optimize our portfolio, deliver margin expansion and reduce leverage was completed in 2025. In furtherance of the goals set out in our Goodyear Forward plan, key activities included delivering gross proceeds of approximately $2.2 billion from portfolio optimization by completing the sales of our off-the-road (\u201cOTR\u201d) tire business, the Dunlop brand and our polymer chemicals business during 2025. In addition, we executed margin enhancement actions driving an annual, run-rate benefit of approximately $1.5 billion, including actions related to our manufacturing footprint, plant optimization, further improvement of our purchasing leverage, reduction of Selling, Administrative and General expenses (\u201cSAG\u201d), improvements in our supply chain planning and logistics, and brand optimization and tiering. We also improved our leverage, utilizing proceeds from divestitures to reduce our debt. On February 3, 2025, we completed the sale of our OTR tire business to The Yokohama Rubber Company, Limited (\u201cYokohama\u201d) pursuant to the terms of the Share and Asset Purchase Agreement, dated as of July 22, 2024 (the \u201cOTR Purchase Agreement\u201d). Yokohama acquired our OTR tire business for a purchase price of $905 million in cash, subject to certain adjustments set forth in the OTR Purchase Agreement. In conjunction with the sale of the OTR tire business, we entered into several ancillary agreements, including a trademark license agreement, whereby we license certain trademarks to Yokohama for an initial period of ten years from the date of the sale, and a product supply agreement, pursuant to which we will supply to Yokohama certain OTR tires for an initial period of up to five years, subject to the terms and conditions set forth therein, including an exit and asset relocation plan to be mutually agreed upon by the parties pursuant to which, beginning no earlier than the second anniversary of closing of the transaction, the production of those OTR tires will transition to Yokohama\u2019s facilities. The cash received of $905 million included $185 million for deferred amounts related to the trademark license and product supply agreements that are presented in operating activities and $720 million for proceeds that are presented in investing activities on our Consolidated Statements of Cash Flows. On May 7, 2025, we completed the sale of our rights to the Dunlop brand in Europe, North America and Oceania for consumer, commercial and other specialty tires, together with certain associated intellectual property and other intangible assets, for a purchase price of $526 million to Sumitomo Rubber Industries, Ltd. (\"SRI\") pursuant to the terms of the Purchase Agreement, dated as of January 7, 2025 (as amended, the \"Dunlop Purchase Agreement\"). SRI also paid us an up-front transition support fee of $105 million fo ITEM 1. BUSINESS. BUSINESS OF GOODYEAR The Goodyear Tire & Rubber Company (the \u201cCompany\u201d) is an Ohio corporation organized in 1898. Its principal offices are located at 200 Innovation Way, Akron, Ohio 44316-0001. Its telephone number is (330) 796-2121. The terms \u201cGoodyear,\u201d \u201cCompany\u201d and \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d wherever used herein refer to the Company together with all of its consolidated U.S. and foreign subsidiary companies, unless the context indicates to the contrary. We are one of the world\u2019s leading manufacturers of tires, engaging in operations in most regions of the world. In 2025, our net sales were $18,280 million and Goodyear net loss was $1,721 million. We develop, manufacture, distribute and sell tires for most applications. We are one of the world\u2019s largest operators of commercial truck service and tire retreading centers. We also operate approximately 750 retail outlets where we offer our products for sale to consumer and commercial customers and provide repair and other services. We manufacture our products in 49 manufacturing facilities in 19 countries, including the United States, and we have marketing operations in almost every country around the world. We employ approximately 63,000 full-time and temporary associates worldwide. AVAILABLE INFORMATION We make available free of charge on our website, http://www.goodyear.com, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports as soon as reasonably practicable after we file or furnish such reports to the Securities and Exchange Commission (the \u201cSEC\u201d). Our reports filed with the SEC may be found on the SEC's website at http://www.sec.gov. The information on our website and the SEC's website is not incorporated by reference in or considered to be a part of this Annual Report on Form 10-K. DESCRIPTION OF GOODYEAR\u2019S BUSINESS Goodyear\u2019s strategic vision is to be #1 in tires and service. We are committed to designing leading te ITEM 1A. RISK FACTORS. You should carefully consider the risks described below and other information contained in this Annual Report on Form 10-K when considering an investment decision with respect to our securities. Additional risks and uncertainties not presently known to us, or that we currently deem immaterial, may also impair our", "title": "GT - GOODYEAR TIRE & RUBBER CO /OH/", "url": "/company/GT/" }, { "kind": "company", "summary": "SIC 3443 Fabricated Plate Work (Boiler Shops); CIK 0000892553; latest 10-K filed 2026-02-27.", "text": "GTLS - CHART INDUSTRIES INC SIC 3443 Fabricated Plate Work (Boiler Shops); CIK 0000892553; latest 10-K filed 2026-02-27. GTLS CHART INDUSTRIES INC 0000892553 3443 Fabricated Plate Work (Boiler Shops) Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our results of operations and financial condition should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements. Actual results may differ materially from those discussed below. See \u201cForward-Looking Statements\u201d at the end of this discussion and Item 1A. \u201cRisk Factors\u201d for a discussion of the uncertainties, risks and assumptions associated with this discussion. Overview Chart Industries, Inc. is a global leader in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handling for the Nexus of Clean\u2122 - clean power, clean water, clean food, and clean industrials, regardless of molecule. The Company\u2019s unique product and solution portfolio across stationary and rotating equipment is used in every phase of the liquid gas supply chain, including engineering, service and repair and from installation to preventive maintenance and digital monitoring. Chart is a leading provider of technology, equipment and services related to LNG, hydrogen, biogas and CO2 capture among other applications. Chart is committed to excellence in ESG issues both for its company as well as its customers. With 62 global manufacturing locations and over 50 service centers from the United States to Asia, Australia, India, Europe the Middle East, Africa and South America, we maintain accountability and transparency to our team members, suppliers, customers and communities. Terminated Merger Agreement On June 3, 2025, Chart entered into an Agreement and Plan of Merger (the \u201cFlowserve Merger Agreement\u201d) with Flowserve Corporation, a New York corporation (\u201cFlowserve\u201d), Big Sur Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of Flowserve (\u201cFirst Merger Sub\u201d), and Napa Merger Sub LLC, a Delaware limited liability company and a direct wholly owned subsidiary of Flowserve (\u201cSecond Merger Sub\u201d). On July 28, 2025, Chart, Flowserve, First Merger Sub and Second Merger Sub, entered into a Termination Agreement pursuant to Section 9.01(a) of the Flowserve Merger Agreement, providing for the mutual termination of the Flowserve Merger Agreement and the abandonment of the transactions contemplated thereby, effective immediately upon execution of the Termination Agreement. In connection with the termination, Chart agreed to pay Flowserve a termination payment of $266 million, consisting of the $250 million termination fee provided for under the Flowserve Merger Agreement and an additional $16 million in expense reimbursement, as set forth in the Termination Agreement. Upon receipt of the termination payment, each party, on behalf of itself and its affiliates, released the other party and its affiliates from any and all claims relating to or arising out of the Flowserve Merger Agreement or the transactions contemplated thereby, subject to certain customary exceptions. Baker Hughes Merger Agreement On July 28, 2025, Chart entered into the Agreement and Plan of Merger, dated as of July 28, 2025 (as it may be amended from time to time, the \u201cMerger Agreement\u201d), by and among Baker Hughes Company (\u201cBaker Hughes\u201d), Tango Merger Sub, Inc. (\u201cMerger Sub\u201d), and Chart, providing for, among other things, the merger of Merger Sub with and into Chart (the \u201cMerger\u201d), with Chart surviving the Merger as a wholly owned subsidiary of Baker Hughes. On October 6, 2025, Chart\u2019s stockholders approved and adopted the Merger Agreement. With regulatory reviews still underway in certain jurisdictions, we presently expect closing in the second quarter of 2026, understanding that the timing may evolve as those processes progress. Macroeconomic Impacts Geopolitical instability continues to create uncertainty in the global economy, including the current conflict bet Item 1.Business THE COMPANY Overview Chart Industries, Inc., a Delaware corporation incorporated in 1992 (the \u201cCompany,\u201d \u201cChart,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d as used herein refers to Chart Industries, Inc. and our consolidated subsidiaries, unless the context indicates otherwise), is a global leader in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handling for the Nexus of Clean\u2122 - clean power, clean water, clean food, and clean industrials, regardless of molecule. The Company\u2019s unique product and solution portfolio across stationary and rotating equipment is used in every phase of the liquid gas supply chain, including engineering, service and repair and from installation to preventive maintenance and digital monitoring. Chart is a leading provider of technology, equipment and services related to liquefied natural gas (\u201cLNG\u201d), hydrogen, biogas and CO2 capture among other applications. Chart is committed to excellence in environmental, social and corporate governance (\u201cESG\u201d) issues both for its company as well as its customers. With 62 global manufacturing locations and over 50 service centers from the United States to Asia, Australia, India, Europe and South America, we maintain accountability and transparency to our team members, suppliers, customers and communities. Our primary customers are large, multinational producers and distributors of hydrocarbon, hydrogen and industrial gases and their end-users. We sell our products and services to more than 10,000 customers worldwide, having developed long-standing relationships with leading companies in the gas production, distribution and processing industries as well as those involved in LNG, chemicals and industrial gases. We have achieved this competitive position by capitalizing on our technical expertise, broad product and service offering, reputation for high quality global manufacturing, and by focusing on attractive, growth markets. We have an establ Item 1A.Risk Factors Investing in our common stock involves risk. You should carefully consider the risks described below, as well as the other information contained in this Annual Report on Form 10-K in evaluating your investment in us. If any of the following risks actually occur, our business, financial condit", "title": "GTLS - CHART INDUSTRIES INC", "url": "/company/GTLS/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001528396; latest 10-K filed 2025-09-11.", "text": "GWRE - Guidewire Software, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001528396; latest 10-K filed 2025-09-11. GWRE Guidewire Software, Inc. 0001528396 7372 Services-Prepackaged Software Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our consolidated financial statements and the related notes thereto included in Item 8 and the Risk Factors included in Item 1A of Part I of this Annual Report on Form 10-K. All information presented herein is based on our fiscal calendar. Unless otherwise stated, references in this Annual Report on Form 10-K to particular years or quarters refer to our fiscal years ended in July and the associated quarters of those fiscal years. We assume no obligation to revise or update any forward-looking statements for any reason, except as required by law. We have elected to omit discussion on the earliest of the three years covered by the consolidated financial statements presented. Refer to Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations located in our Form 10-K for the fiscal year ended July 31, 2024, filed on September 16, 2024, for reference to discussion of the fiscal year ended July 31, 2023, the earliest of the three fiscal years presented. Overview Guidewire is the platform that property and casualty (\u201cP&C\u201d) insurers rely on to engage with customers, innovate, and operate more efficiently. Our platform combines core systems of record with digital, analytics, and artificial intelligence (\u201cAI\u201d) capabilities. We serve insurers of all sizes, ranging from global carriers to regional and local providers, helping them navigate a rapidly changing insurance landscape. Our foundational core products, InsuranceSuite and InsuranceNow, are delivered primarily as cloud-based subscription services. Historically, InsuranceSuite has also been available for self-managed installations. These products serve as transactional systems of record, fully supporting insurance operations, including product definition, policy administration, claims management and billing. In addition, we provide digital engagement products that enable seamless sales, omnichannel service, and enhanced claims experiences for policyholders, agents, vendors, and field personnel. Our analytics products allow insurers to manage and use data more effectively, gain business insights, improve operational efficiency, and underwrite emerging risks. To support insurers worldwide, we localize our products to address diverse regulatory, language, and currency requirements. InsuranceSuite is a highly configurable and scalable product, delivered as a service, and primarily comprised of three core applications (PolicyCenter, ClaimCenter, and BillingCenter) that can be subscribed to separately or together. These applications are built on and optimized for our Guidewire Cloud Platform (\u201cGWCP\u201d) architecture and leverage our in-house cloud operations team. InsuranceSuite is designed to support multiple releases each year to accelerate delivery of new capabilities and ensure that cloud customers remain on the latest version and gain fast access to our innovation efforts. Additionally, InsuranceSuite embeds digital and analytics capabilities natively into our platform. Most new sales and implementations are for InsuranceSuite. InsuranceNow is a complete, cloud-based application that offers policy administration, claims management, and billing functionality, plus pre-integrated document production, analytics, and other capabilities, that increases agility without adding complexity. Like InsuranceSuite, InsuranceNow is hosted on GWCP and managed by our internal cloud operations team. InsuranceNow is currently only available in the United States, and is generally suited to mid-market carriers and managing general agents whose needs are often not as complex as a typical InsuranceSuite customer. We reach customers directly through our global sales team and in partnership with third-party global system integrators (\u201cSI\u2019s\u201d). Because our platform is central to insurers\u2019 operations, custo Item 1.Business Overview and Purpose Guidewire is the platform that property and casualty (\u201cP&C\u201d) insurers rely on to engage with customers, innovate, and operate more efficiently. Founded in 2001, we serve insurers of all sizes, ranging from global carriers to regional and local providers, helping them navigate a rapidly changing insurance market. Our platform combines core systems of record with digital, analytics, and artificial intelligence (\u201cAI\u201d) capabilities. Our foundational core products, InsuranceSuite and InsuranceNow, are delivered primarily as a cloud-based subscription service leveraging our proprietary cloud platform which we refer to as Guidewire Cloud Platform (\u201cGWCP\u201d). Historically, InsuranceSuite has also been available for self-managed installations. These products serve as transactional systems of record, fully supporting insurance operations, including product definition, policy administration, claims management and billing. To support our core products, we provide digital engagement offerings that enable seamless sales, omnichannel service, and enhanced claims experiences for policyholders, agents, vendors, and field personnel and analytics products that allow insurers to manage and use data more effectively, gain business insights, improve operational efficiency, and underwrite emerging risks. To support insurers worldwide, we localize our products to address diverse regulatory, language, and currency requirements. Additionally, we provide Guidewire Marketplace to empower customers pursuing innovation initiatives by offering a vetted collection of insurtech applications and to help them differentiate their businesses by allowing them to leverage capabilities from the Guidewire ecosystem. We reach customers directly through our global sales team and in partnership with third-party global system integrators (\u201cSIs\u201d). Because our platform is central to insurers\u2019 operations, customer evaluation cycles are often extensive, particularly when mul Item 1A.Risk Factors A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider such risks and uncertainties, together with the other information contained in this Annual Report on Form 10-K, and in our other public filings. If any of such risks and unc", "title": "GWRE - Guidewire Software, Inc.", "url": "/company/GWRE/" }, { "kind": "company", "summary": "SIC 4700 Transportation Services; CIK 0001852244; latest 10-K filed 2026-02-25.", "text": "GXO - GXO Logistics, Inc. SIC 4700 Transportation Services; CIK 0001852244; latest 10-K filed 2026-02-25. GXO GXO Logistics, Inc. 0001852244 4700 Transportation Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and related notes included elsewhere in this Annual Report. This Form 10-K contains certain forward-looking statements that are intended to be covered by the safe harbors created by The Private Securities Litigation Reform Act of 1995. Please see \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d for a discussion of the uncertainties, risks and assumptions associated with these statements. Also, the following discussion and analysis of our financial condition and results of operations generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 financial condition and year-to-year comparisons between 2024 and 2023 are not included in this Annual Report and can be found in Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. Business Overview GXO Logistics, Inc., together with its subsidiaries (\u201cGXO,\u201d the \u201cCompany,\u201d \u201cour\u201d or \u201cwe\u201d), is the largest pure-play contract logistics provider in the world and a foremost innovator in the industry. We provide our customers with high-value-added warehousing and distribution, order fulfillment, e-commerce, reverse logistics and other supply chain services differentiated by our ability to deliver technology-enabled, customized solutions at scale. Our customers rely on us to move their goods with high efficiency through their supply chains \u2014 from the moment goods arrive at our warehouses through fulfillment and distribution, and the management of returned products. Our customer base includes many blue-chip leaders in sectors that demonstrate high growth and/or durable demand, with significant growth potential through customer outsourcing of logistics services. We strive to provide all customers with consistent quality service and cutting-edge automation. We also collaborate with our largest customers on planning and forecasting and assist with network optimization, working with these customers to design or redesign their supply chains to meet specific goals, such as environmental, social and governance. Our multidisciplinary, consultative approach has led to many of our key customer relationships extending for years and expanding in scope. The most dramatic growth in demand in recent years has been in e-commerce and related sectors, including omnichannel retail and other direct-to-consumer channels. We expect to attract new customers and expand the services we provide to existing customers through new projects; thus earning more of their logistics spending. We use technology to manage advanced automation, labor productivity, sustainability, safety and the complex flow of goods within sophisticated warehouse environments. Our business model is asset-light and historically resilient in cycles, with high returns, strong free cash flow and visibility into revenue and earnings. The vast majority of our contracts with customers are long-term in nature, and our warehouse lease arrangements generally align with contract length. The Company has both fixed-price contracts (closed book or hybrid contracts) and cost-plus contracts (open book contracts). Most of our customer contracts contain both fixed and variable components. The fixed component is typically designed to cover warehouse, technology and equipment costs, while the variable component is determined based on expected volumes and associated labor costs. Under fixed-price contracts, the Company agrees to perform the specified work for a pre-determined price. To the extent the Company\u2019s actual costs vary from the estimates upon which the price was negotiated, the Company will generate Item 1. Business. Company Overview GXO Logistics, Inc., together with its subsidiaries (\u201cGXO,\u201d the \u201cCompany,\u201d \u201cour,\u201d or \u201cwe\u201d), is the largest pure-play contract logistics provider in the world and a foremost innovator in the industry. We provide our customers with high-value-added warehousing and distribution, order fulfillment, e-commerce, reverse logistics and other supply chain services differentiated by our ability to deliver technology-enabled, customized solutions at scale. As of December 31, 2025, our approximately 154,000 team members operated in 1,043 facilities worldwide totaling approximately 221 million square feet of space, primarily on behalf of large corporations that have outsourced their warehousing, distribution and other related activities to us. Our revenue is diversified among over one thousand customers, including many multinational corporations, across numerous verticals. Our customers rely on us to move their goods, with high efficiency, through their supply chains \u2014 from the moment goods arrive at our warehouses through fulfillment and distribution, and the management of returned products. Our customer base includes many blue-chip leaders in sectors that demonstrate high growth and/or durable demand, with significant growth potential through customer outsourcing of logistics services. GXO\u2019s common stock, par value of $0.01 per share, began trading on the New York Stock Exchange under the ticker symbol \u201cGXO\u201d on August 2, 2021. GXO was incorporated as a Delaware corporation in February 2021. Our Strategy We design and operate the most advanced warehouse solutions in the world. Our strategy is to help our customers manage their warehouse needs for optimal efficiency, using our network of people, technology and other physical assets. We deliver value to customers in the form of technological innovations, process efficiencies, cost efficiencies and reliable outcomes. Our services are highly responsive to customer goals, such as increasing Item 1A. Risk Factors. The following are important factors that could affect our financial performance and could cause actual results for future periods to differ materially from our anticipated results or other expectations, including those expressed in any forward-looking statements made in this Annual Report or our other filings with the S", "title": "GXO - GXO Logistics, Inc.", "url": "/company/GXO/" }, { "kind": "company", "summary": "SIC 7011 Hotels & Motels; CIK 0001468174; latest 10-K filed 2026-02-13.", "text": "H - Hyatt Hotels Corp SIC 7011 Hotels & Motels; CIK 0001468174; latest 10-K filed 2026-02-13. H Hyatt Hotels Corp 0001468174 7011 Hotels & Motels Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Part IV, Item 15, \"Exhibits and Financial Statement Schedule\u2014Consolidated Financial Statements.\" For our discussion and analysis of our liquidity and capital resources for the year ended December 31, 2024, compared to the year ended December 31, 2023, see Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" of our 2024 Form 10-K. In addition to historical data, this discussion contains forward-looking statements about our business, operations, and financial performance based on current expectations that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including but not limited to those discussed in \"Disclosure Regarding Forward-Looking Statements\" and Part I, Item 1A, \"Risk Factors\" included elsewhere in this annual report. Overview At December 31, 2025, our hotel portfolio consisted of 1,528 properties (372,763 rooms), including: \u2022682 managed properties (204,841 rooms), including 127 all-inclusive resorts (45,385 rooms), all of which we operate under management and hotel services agreements with third-party owners; \u2022700 franchised properties (129,242 rooms); \u202228 owned and leased properties (9,190 rooms), including 17 hotels (6,060 rooms), 6 operating leased all-inclusive resorts (1,262 rooms), 4 operating leased hotels (1,697 rooms), and 1 finance leased hotel (171 rooms), all of which we manage; \u202221 managed properties and 2 franchised properties owned or leased by unconsolidated hospitality ventures (7,477 rooms); \u202272 franchised properties (10,147 rooms) operated by an unconsolidated hospitality venture in connection with a master license agreement by Hyatt; including 6 properties (1,246 rooms) that are leased by the unconsolidated hospitality venture; and \u202223 all-inclusive resorts (11,866 rooms) operated by a consolidated hospitality venture. Our property portfolio also included: \u202222 vacation units (1,997 rooms) under the Hyatt Vacation Club brand and operated by third parties; and \u202242 residential units (4,696 rooms), which consist of branded residences that are either for sale or owned by a third-party and participating in a voluntary rental management program and are typically located within or adjacent to a Hyatt-branded full service hotel or in stand-alone developments. Additionally, we provide certain reservation and/or loyalty program services to hotels that are unaffiliated with our hotel portfolio and operate under other trade names or marks owned by such hotels or licensed by third parties. We also offer distribution and destination management services through ALG Vacations and distribution services through Mr & Mrs Smith, a boutique and luxury global travel platform. We believe our business model allows us to pursue more diversified revenue and income streams balancing both the advantages and risks associated with these lines of business. Our expertise and experience in each of these areas give us the flexibility to evaluate growth opportunities across our lines of business. Growth in the number of management and hotel services agreements and franchise agreements and earnings therefrom typically results in higher overall returns on invested capital because the capital investment under a typical management and hotel services agreement or franchise agreement is not significant. The capital required to build and maintain hotels we manage, franchise, or provide services to for third-party owners and franchisees is typically provided by the owner of the respective property with minimal capital required by us as the manager or franchisor. In certain instances, Hyatt has provided funding to owners for the acquisi Item 1. Business. Overview Hyatt Hotels Corporation is a global hospitality company with widely recognized, industry-leading brands and a tradition of innovation developed over our almost 70-year history. Hyatt's portfolio of properties consists of full service hotels and resorts, select service hotels, all-inclusive resorts, and other properties, including timeshare, fractional, and other forms of residential and vacation units. We also offer distribution and destination management services through ALG Vacations and distribution services through Mr & Mrs Smith, a boutique and luxury global travel platform. On June 17, 2025, we completed the acquisition of Playa Hotels & Resorts N.V. (\"Playa Hotels\" or the \"Playa Hotels Acquisition\"), a leading owner, operator, and developer of all-inclusive resorts in Mexico, the Dominican Republic, and Jamaica. At December 31, 2025, our hotel portfolio consisted of 1,528 hotels and all-inclusive resorts (372,763 rooms). See Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\u2014Overview\" for a breakdown of our portfolio. Our colleagues and hotel general managers are supported by our regional management teams, located in cities around the world, and our executive management team, headquartered in Chicago. Our offering includes brands across five distinct portfolios. The Luxury Portfolio includes Park Hyatt, Alila, Miraval, Impression by Secrets, and The Unbound Collection by Hyatt; the Lifestyle Portfolio includes Andaz, Thompson Hotels, The Standard, Dream Hotels, The StandardX, Breathless Resorts & Spas, JdV by Hyatt, Bunkhouse Hotels, and Me and All Hotels; the Inclusive Collection includes Zo\u00ebtry Wellness & Spa Resorts, Hyatt Ziva, Hyatt Zilara, Secrets Resorts & Spas, Dreams Resorts & Spas, Hyatt Vivid Hotels & Resorts, Bahia Principe Hotels & Resorts, Alua Hotels & Resorts, and Sunscape Resorts & Spas; the Classics Portfolio includes Grand Hyatt, Hyatt Regency, Destinati Item 1A. Risk Factors. In addition to the other information set forth in this annual report, you should consider carefully the risks and uncertainties described below, which could materially adversely affect our business, financial condition, results of operations, and cash flows. Risk Factors Summary The following is a summary of the principal risks and uncertainties descr", "title": "H - Hyatt Hotels Corp", "url": "/company/H/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000313143; latest 10-K filed 2026-05-20.", "text": "HAE - HAEMONETICS CORP SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000313143; latest 10-K filed 2026-05-20. HAE HAEMONETICS CORP 0000313143 3841 Surgical & Medical Instruments & Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Our Business Haemonetics is a global medical technology company dedicated to improving the quality, effectiveness and efficiency of health care. Our innovative solutions addressing critical medical needs include a suite of hospital technologies designed to advance standards of care and help enhance outcomes for patients; end-to-end plasma collection technologies to optimize operations for plasma centers; and products to enable blood centers to collect in-demand blood components. We view our operations and manage our business in three principal reporting segments: Plasma, Blood Center and Hospital. For that purpose, \u201cPlasma\u201d includes plasma collection devices and disposables, donor management software and supporting software solutions sold to plasma customers. \u201cBlood Center\u201d includes blood collection and processing devices and disposables for plasma, red cells and platelets. \u201cHospital\u201d is comprised of Interventional Technologies, which includes Vascular Closure, Sensor-Guided Technologies and Esophageal Protection product lines, and Blood Management Technologies, which includes Hemostasis Management, Cell Salvage and Transfusion Management product lines. Financial information concerning these segments is provided in Note 18, Segment and Enterprise-Wide Information, within the consolidated financial statements in Item 8 of this Annual Report on Form 10-K. We believe that Plasma and Hospital have the greatest growth potential and are well positioned to drive long-term value. Blood Center operates in more challenging markets, and we have sharpened our focus accordingly on targeted opportunities \u2013 particularly in plasma and platelets \u2013 while ensuring continued alignment of this business with our broader strategic objectives. Recent Developments Acquisitions Vivasure Medical Limited On January 9, 2026, we acquired all of the outstanding equity interests of Vivasure for a net purchase price of $164.4 million. The net purchase price included $60.2 million paid in cash at closing, net of $0.4 million cash acquired and after giving effect to the value of certain prior investments and loans we made to Vivasure, as well as other customary closing adjustments, and the fair value of contingent consideration of $20.7 million. The contingent consideration is based on sales growth over the three years following the completion of the acquisition and the achievement of certain other milestones, and is also subject to adjustments based on the value of certain prior investments and loans. The Company financed this transaction through available cash on hand. Vivasure is a Galway, Ireland-based company pioneering next-generation technology for percutaneous vessel closure. Vivasure\u2019s PerQseal Elite system uses a proprietary bioabsorbable patch to seal large-bore (up to 26 F) arteriotomies and venotomies from inside the vessel, offering a sutureless, fully absorbable solution for structural heart and endovascular procedures. In 2025, Vivasure submitted a premarket approval, or PMA, application to the FDA for the PerQseal Elite arterial closure system and received CE Mark in Europe for both arterial and venous indications. The addition of Vivasure expands our Hospital business unit portfolio in the interventional cardiology market and will be included in the Hospital reportable segment. Share Repurchase Programs In accordance with our previously announced three-year share repurchase program, During the fourth quarter of fiscal 2026, we repurchased $25.0 million of our common stock pursuant to a previously executed Rule 10b5-1 trading plan. The total number of shares repurchased pursuant to the Rule 10b5-1 trading plan was 360,457 at an average price per share upon final settlement of $69.36. Additionally, in March 2026, we completed a $75.0 million repurchase of our common stock pursuant to an ASR entered into with Goldman Sachs in February 2026. Th ITEM 1. BUSINESS Company Overview Haemonetics is a global medical technology company dedicated to improving the quality, effectiveness and efficiency of health care. Our innovative solutions addressing critical medical needs include a suite of hospital technologies designed to advance standards of care and help enhance outcomes for patients; end-to-end plasma collection technologies to optimize operations for plasma centers; and products to enable blood centers to collect in-demand blood components. When used in this report, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cHaemonetics\u201d and the \u201cCompany\u201d mean Haemonetics Corporation. We view our operations and manage our business in three principal reporting segments: Plasma, Blood Center and Hospital. For that purpose, \u201cPlasma\u201d includes plasma collection devices and disposables, donor management software and supporting software solutions sold to plasma customers. \u201cBlood Center\u201d includes blood collection and processing devices and disposables for plasma, red cells and platelets. \u201cHospital\u201d is comprised of Interventional Technologies, which includes Vascular Closure, Sensor-Guided Technologies and Esophageal Protection product lines, and Blood Management Technologies, which includes Hemostasis Management, Cell Salvage and Transfusion Management product lines. Financial information concerning these segments is provided in Note 18, Segment and Enterprise-Wide Information, within the consolidated financial statements in Item 8 of this Annual Report on Form 10-K. We believe that Plasma and Hospital have the greatest growth potential and are well positioned to drive long-term value. Blood Center operates in more challenging markets, and we have sharpened our focus accordingly on targeted opportunities \u2013 particularly in plasma and platelets \u2013 while ensuring continued alignment of this business with the Company\u2019s broader strategic objectives. Market and Products Product Lines and Franchises The following describes our principal products ITEM 1A. RISK FACTORS In addition to the other information contained in this Annual Report on Form 10-K and the exhibits hereto, the following risk factors should be considered carefully in evaluating our business. Our business, financial condition, cash flows or results of operations could be materially adversel", "title": "HAE - HAEMONETICS CORP", "url": "/company/HAE/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001159036; latest 10-K filed 2026-02-17.", "text": "HALO - HALOZYME THERAPEUTICS, INC. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001159036; latest 10-K filed 2026-02-17. HALO HALOZYME THERAPEUTICS, INC. 0001159036 2836 Biological Products, (No Diagnostic Substances) Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations In addition to historical information, the following discussion contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ substantially from those referred to herein due to a number of factors, including but not limited to risks described in the Part I, Item 1A. Risks Factors, and elsewhere in this Annual Report on Form 10-K. References to \u201cNotes\u201d are Notes included in our Notes to Consolidated Financial Statements in Part II, Item 8, in this Annual Report on Form 10-K. Overview Halozyme Therapeutics, Inc. is a biopharmaceutical company advancing disruptive solutions to improve patient experiences and outcomes for emerging and established therapies. As the innovators of ENHANZE\u00ae drug delivery technology (\u201cENHANZE\u201d) with our proprietary enzyme rHuPH20, our commercially validated solution is used to facilitate the subcutaneous (\u201cSC\u201d) delivery of injected drugs and fluids, with the goal of improving the patient experience with rapid SC delivery and reduced treatment burden. We license our technology to biopharmaceutical companies to collaboratively develop products that combine ENHANZE with our partners\u2019 proprietary compounds. We are also developing partner products with Hypercon\u2122 drug delivery technology (\u201cHypercon technology\u201d) and developing Surf Bio\u2019s drug delivery technology to expand the breadth of our drug delivery technology portfolio. Hypercon technology is an innovative microparticle technology that we expect will set a new standard in hyperconcentration of drugs and biologics by reducing the injection volume for the same dosage and expanding opportunities for at-home and health care provider administration. The Surf Bio hyperconcentration technology is being developed to create high antibody and biologic concentrations of up to 500 mg/mL, for delivery in a single auto-injector shot for at-home or in a health care provider\u2019s office use. We also develop, manufacture and commercialize, for ourselves or with our partners, drug-device combination products using our advanced auto-injector technologies that are designed to provide commercial or functional advantages such as improved convenience, reliability and tolerability, and enhanced patient comfort and adherence. Our ENHANZE partners\u2019 approved products and product candidates are based on rHuPH20, our patented recombinant human hyaluronidase enzyme. rHuPH20 works by breaking down hyaluronan, a naturally occurring carbohydrate that is a major component of the extracellular matrix of the SC space. This temporarily reduces the barrier to bulk fluid flow allowing for improved and more rapid SC delivery of high dose, high volume injectable biologics, such as monoclonal antibodies and other large therapeutic molecules, as well as small molecules and fluids. We refer to the application of rHuPH20 to facilitate the delivery of other drugs or fluids as ENHANZE. We license our ENHANZE technology to form collaborations with biopharmaceutical companies that develop and/or market drugs requiring or benefiting from injection via the SC route of administration. In the development of proprietary intravenous (\u201cIV\u201d) drugs combined with our ENHANZE technology, data have been generated supporting the potential for ENHANZE to reduce patient treatment burden, as a result of shorter duration of SC administration with ENHANZE compared to IV administration. ENHANZE may enable fixed-dose SC dosing compared to weight-based dosing typically required for IV administration, extend the dosing interval for drugs that are already administered subcutaneously and potentially allow for lower rates of infusion-related reactions. ENHANZE may enable more flexible treatment options such as home administration by a healthcare professional or potentially the patient or caregiver. Lastly, certain proprietary drugs co-formulated with ENHANZE have been granted additional e Item 1.Business Overview Halozyme Therapeutics, Inc. is a biopharmaceutical company advancing disruptive solutions to improve patient experiences and outcomes for emerging and established therapies. As the innovators of ENHANZE\u00ae drug delivery technology (\u201cENHANZE\u201d) with our proprietary enzyme, rHuPH20, our commercially validated solution is used to facilitate the subcutaneous (\u201cSC\u201d) delivery of injected drugs and fluids, with the goal of improving the patient experience with rapid SC delivery and reduced treatment burden. We license our technology to biopharmaceutical companies to collaboratively develop products that combine ENHANZE with our partners\u2019 proprietary compounds. We are also developing partner products with Hypercon\u2122 drug delivery technology (\u201cHypercon technology\u201d) and developing the Surf Bio drug delivery technology to expand the breadth of our drug delivery technology portfolio. Hypercon technology is an innovative microparticle technology that has been demonstrated in non-clinical testing to enable hyperconcentration of drugs and biologics and reduce the injection volume for the same dosage, potentially expanding opportunities for at-home and health care provider administration. The Surf Bio hyperconcentration technology is being developed to create high antibody and biologic concentrations of up to 500 mg/mL, for delivery in a single auto-injector shot for at-home or in a health care provider\u2019s office use. We also develop, manufacture and commercialize, for ourselves or with our partners, drug-device combination products using our advanced auto-injector technologies that are designed to provide commercial or functional advantages such as improved convenience, reliability and tolerability, and enhanced patient comfort and adherence. Our ENHANZE partners\u2019 approved products and product candidates are based on rHuPH20, our patented recombinant human hyaluronidase enzyme. rHuPH20 works by breaking down hyaluronan, a naturally occurring carbohydrate th Item 1A.Risk Factors Risks Related To Our Business If our partnered or proprietary product candidates do not receive and maintain regulatory approvals, or if approvals are not obtained in a timely manner, such failure or delay would substantially impact our ability to ge", "title": "HALO - HALOZYME THERAPEUTICS, INC.", "url": "/company/HALO/" }, { "kind": "company", "summary": "SIC 7000 Hotels, Rooming Houses, Camps & Other Lodging Places; CIK 0001674168; latest 10-K filed 2026-02-26.", "text": "HGV - Hilton Grand Vacations Inc. SIC 7000 Hotels, Rooming Houses, Camps & Other Lodging Places; CIK 0001674168; latest 10-K filed 2026-02-26. HGV Hilton Grand Vacations Inc. 0001674168 7000 Hotels, Rooming Houses, Camps & Other Lodging Places ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes that appear elsewhere in this Annual Report on Form 10-K. The following discussion and analysis of our financial condition and results of operations is for the year ended December 31, 2025 compared with the year ended December 31, 2024. Discussions of our financial condition and results of operations for the year ended December 31, 2024 compared to December 31, 2023 that have been omitted under this item can be found in Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission on March 3, 2025. Forward-Looking Statements This disclosure includes forward-looking statements; and actual results and events may differ substantially from those discussed or highlighted in these forward-looking statements. See \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Overview Our Business We are a global timeshare company engaged in developing, marketing, selling, managing and operating timeshare resorts, timeshare plans and ancillary reservation services, primarily under the Hilton Grand Vacations brand. During 2021, we completed the Diamond Acquisition, and on January 17, 2024, we completed the Bluegreen Acquisition. Our operations primarily consist of: selling VOIs for us and third parties; financing and servicing loans provided to consumers for their VOI purchases; operating resorts and timeshare plans; and managing our exchange programs through which our members may receive HGV Max benefits. Together our timeshare plans and exchange programs are collectively referred to as \u201cClubs\u201d. As of December 31, 2025, we have over 200 properties located in the United States (\u201cU.S.\u201d), Europe, Canada, the Caribbean, Mexico and Asia. A significant number of our properties and VOIs are concentrated in Florida, Europe, Hawaii, South Carolina, California, Arizona, Nevada and Virginia. Our properties feature spacious, condominium-style accommodations with superior amenities and quality service. We have rebranded many of the Diamond properties, and we expect to continue this process for a majority of the remaining Diamond properties. During 2025, we began rebranding certain Bluegreen properties to Hilton Grand Vacation brands. We anticipate rebranding the majority of the Bluegreen properties to meet Hilton brand standards. As of December 31, 2025, we had more than 720,000 members across our club offerings. Based on the type of Club membership, members have the flexibility to exchange their VOIs for stays at Hilton Grand Vacations resorts, properties in the Hilton system of 25 industry-leading brands with over 9,000 properties, or affiliated properties, as well as numerous experiential vacation options, such as cruises and guided tours, or they have the option to exchange their VOI for various other timeshare resorts throughout the world through an external exchange program, including travel services options. Our Segments We operate our business across two segments: (1) real estate sales and financing; and (2) resort operations and club management. Real Estate Sales and Financing Traditionally, timeshare operators have funded 100% of the investment necessary to acquire land and construct timeshare properties. We source VOIs through developed properties and fee-for-service and just-in-time agreements with third-party developers and have focused our inventory strategy on developing an optimal inventory mix. The fee-for-service agreements enable us to generate fees from the sales and marketing of the VOIs and Club memberships and from the management of the timeshare properties withou ITEM 1. Business Our History On January 3, 2017, HGV became an independent publicly traded company as a result of Hilton Worldwide Holdings Inc.'s (\u201cHilton\u201d) tax-free spin-off of each of HGV and Park Hotels & Resorts Inc. (\u201cPark\u201d). HGV's common stock is listed on the New York Stock Exchange under the symbol \u201cHGV.\u201d Following the spin-off, Hilton did not retain any ownership in HGV. In connection with the spin-off, we entered into agreements with Hilton and other third parties, including licenses to use the Hilton Grand Vacations brand. For more information regarding these agreements, see \u201c\u2014Business\u2014Agreements with Hilton Worldwide Holdings.\u201d On August 2, 2021, we completed the acquisition of Dakota Holdings, Inc. (\u201cDiamond\u201d), the parent of Diamond Resorts International (the \u201cDiamond Acquisition\u201d), by exchanging 100% of the outstanding equity interests of Diamond for shares of HGV common stock. As a result of the Diamond Acquisition, certain funds controlled by Apollo Global Management Inc. (\u201cApollo\u201d) and other minority shareholders, which previously owned 100% of Diamond, held 28% of HGV's common stock at the time the Diamond Acquisition was completed. On January 17, 2024 (the \u201cBluegreen Acquisition Date\u201d), we completed the acquisition of Bluegreen Vacations Holding Corporation (the \u201cBluegreen Acquisition\u201d) in an all-cash transaction, with total consideration of $1.6 billion, inclusive of net debt. Our Business We are a global timeshare company engaged in developing, marketing, selling, managing and operating timeshare resorts, timeshare plans and ancillary reservation services, primarily under the Hilton Grand Vacations brands. Our operations primarily consist of: selling VOIs for us and third parties; financing and servicing loans provided to consumers for their VOI purchases; operating resorts and timeshare plans; and managing our exchange programs through which members may receive HGV Max benefits. Together our timeshare plans and exchange programs are c ITEM 1A. Risk Factors Risk Factor Summary Our business is subject to a number of risks of which you should be aware before making an investment decision. These risks include, but are not limited to, the following: \u2022Macroeconomic and other factors beyond our control; \u2022Contraction ", "title": "HGV - Hilton Grand Vacations Inc.", "url": "/company/HGV/" }, { "kind": "company", "summary": "SIC 8011 Services-Offices & Clinics of Doctors of Medicine; CIK 0001773751; latest 10-K filed 2026-02-23.", "text": "HIMS - Hims & Hers Health, Inc. SIC 8011 Services-Offices & Clinics of Doctors of Medicine; CIK 0001773751; latest 10-K filed 2026-02-23. HIMS Hims & Hers Health, Inc. 0001773751 8011 Services-Offices & Clinics of Doctors of Medicine Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the consolidated financial statements and accompanying notes included in Part II, Item 8 of this Form 10-K. This section of the Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Form 10-K, and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. Our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. You should not rely on forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Except as required by law, we do not intend to update any of these forward-looking statements after the date hereof or to conform these statements to actual results or revised expectations. Forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section entitled \u201cRisk Factors\u201d in this Form 10-K. Unless otherwise indicated or the context otherwise requires, references in this discussion and analysis to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany,\u201d and \u201cHims & Hers\u201d refer to Hims & Hers Health, Inc. and its subsidiaries and variable interest entities. Overview Hims & Hers is a consumer-first platform transforming the way customers fulfill their health and wellness needs. Our mission is to help the world feel great through the power of better health. We believe that we have the technical infrastructure, distributed provider network, and access to clinical capabilities to lead the migration of routine office visits to a personalized, 64 Table of Contents digital, accessible format. The Hims & Hers platforms (collectively, our \u201cplatform\u201d) include access to a highly-qualified and technologically-capable provider network, a clinically-focused electronic medical records system, digital prescriptions, cloud-enabled pharmacy fulfillment, and personalization capabilities. Our digital platform enables access to treatments for a broad range of conditions, including primarily those related to sexual health, hair loss, hormone health, weight loss, dermatology, and mental health, as well as services such as comprehensive laboratory testing. Hims & Hers connects patients to licensed healthcare professionals who can prescribe medications when appropriate. Prescriptions are fulfilled online through licensed pharmacies, making accessing treatments simple, affordable, and straightforward. Through the Hims & Hers mobile applications, consumers can access a range of educational programs, wellness content, community support, and other services that promote lifelong health and wellness. In addition, we offer access to a range of health and wellness products designed to meet individual needs, which can include curated prescription and non-prescription products. Our products and Item 1. Business Overview Launched in 2017, Hims & Hers Health, Inc. (and together with its subsidiaries, \u201cHims & Hers\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d) has built a consumer-first platform transforming the way customers fulfill their health and wellness needs. We believe that the Company has the technical infrastructure, distributed provider network, and access to clinical capabilities to lead the migration of routine office visits to a personalized, digital, accessible format. The Hims & Hers platforms (collectively, our \u201cplatform\u201d) include access to a highly-qualified and technologically-innovative provider network, an electronic medical record system designed to support providers and customers, digital prescriptions, cloud pharmacy fulfillment, and personalization capabilities. Our digital platform enables access to treatments for a broad range of chronic conditions, including those related to sexual health, hair loss, hormone health, weight loss, dermatology, and mental health, as well as services such as comprehensive laboratory testing. Hims & Hers connects patients to licensed healthcare professionals who can prescribe medications when appropriate, including through personalized treatment plans, with prescriptions fulfilled online through licensed pharmacies. In addition, we also offer access to a range of non-prescription health and wellness products. Through the Hims & Hers mobile applications, consumers can access a range of educational programs, wellness content, community support, and other services that promote lifelong health and wellness. Since our founding, we have facilitated over fifty million telehealth consultations, enabling greater access to high-quality, convenient, affordable, personalized care for people in the United States, Canada, the United Kingdom, and the European Union (in Germany, the Republic of Ireland, France, and Spain). The mission of Hims & Hers is to help the world feel great through the power of better health. To fulf Item 1A. Risk Factors A description of the risks and uncertainties associated with our business and ownership of our Class A common stock is set forth below. You should carefully consider the risks described below, as well as the other information in this Annual Report on Form", "title": "HIMS - Hims & Hers Health, Inc.", "url": "/company/HIMS/" }, { "kind": "company", "summary": "SIC 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels); CIK 0000719413; latest 10-K filed 2026-02-17.", "text": "HL - HECLA MINING CO/DE/ SIC 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels); CIK 0000719413; latest 10-K filed 2026-02-17. HL HECLA MINING CO/DE/ 0000719413 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Hecla Mining Company and its subsidiaries (collectively the \u201cCompany,\u201d \u201cour,\u201d or \u201cwe\u201d). We use certain non-GAAP financial performance measures in our MD&A. For a detailed description of these measures, please see \u201cNon-GAAP Financial Performance Measures\u201d at the end of this item. This item should be read in conjunction with our Consolidated Financial Statements and the notes thereto included in this annual report. Overview Hecla Mining Company stands as the premier silver producer, with a rich heritage dating back to 1891. Our operations at Greens Creek, Lucky Friday and Keno Hill combined to produce 37% of 2024 silver production in the U.S. and Canada, complemented by significant gold production from Casa Berardi and Greens Creek. We began ramp-up of the Keno Hill mill during the second quarter of 2023. Our strategic positioning in the stable jurisdictions of U.S. and Canada provides us with distinct operational advantages and reduced political risk compared to our global peers. Our operational and strategic framework centers on four core pillars: 1. Achieving operational excellence through standardized systems and continuous improvement 2. Optimizing our portfolio through strategic reviews and targeting highest risk-adjusted return projects 3. Intensifying our focus on financial discipline with a rigorous capital allocation framework 4. Leveraging our position as North America's largest silver producer to meet growing demand from green technology markets Recent Developments On January 26, 2026, we announced the sale of our Hecla Quebec Inc. subsidiary which owns the Casa Berardi segment to Orezone for up to $593 million in total consideration. The transaction is expected to close in the first quarter of 2026, subject to the satisfaction of customary closing conditions. There can be no assurance that the transaction will be completed on the expected timeline or at all, or that we will receive the full anticipated consideration. Details of the consideration to be received are as follows: \u2022 Cash consideration of $160 million due upon closing; \u2022 Equity consideration of approximately 65.7 million Orezone common shares, to be issued upon closing, valued at $112 million as of January 26, 2026; \u2022 Deferred cash consideration of $30 million and $50 million to be paid at 18 months and 30 months, respectively, from closing; and \u2022 Contingent consideration of up to $241 million consisting of: o Production-based royalty payments of up to $211 million ($80/ounce for the first 500,000 ounces, then $180/ounce thereafter from open pit operations) o Permit receipt payment of $20 million upon grant of permits o Gold price-linked payment of up to $10 million at gold prices exceeding $4,200/ounce. The sale of Casa Berardi represents a disciplined portfolio optimization and focuses capital allocation on our differentiated silver assets, which we believe to represent significant growth and value creation opportunities. Upon closing, we will further solidify our position as a leading silver multi-asset mining company with what we believe to be the best revenue exposure to silver amongst our immediate peers and focused on operating in what we view to be the most favorable jurisdictions. We anticipate using the cash proceeds from the transaction for debt reduction and balance sheet strengthening, enhancing our financial flexibility and capacity to invest in strategic growth investments, positioning us to maximize value from our world-class silver portfolio. We are confident in Orezone's operational expertise and believe they are well-positioned to create additional value from Casa Berardi. 2025 Highlights Operational Achieve Item 1. Business For information regarding the organization of our business segments and our significant customers, see Note 4 of Notes to Consolidated Financial Statements. Information set forth in Items 1A and 2 below are incorporated by reference into this Item 1. Introduction Hecla Mining Company and its subsidiaries have provided precious and base metals to the U.S. and the world since 1891 (in this report, \u201cwe\u201d or \u201cour\u201d or \u201cus\u201d refers to Hecla Mining Company and our affiliates and subsidiaries, unless the context requires otherwise). We discover, acquire and develop mines and other mineral interests and produce and market (i) concentrates containing silver, gold, lead, zinc and copper, (ii) carbon material containing silver and gold, and (iii) unrefined dor\u00e9 containing silver and gold. In doing so, we intend to manage our business activities in a safe, environmentally responsible and cost-effective manner. The silver, zinc and precious metals concentrates and carbon material we produce are sold to custom smelters, metal traders and third-party processors, and the unrefined dor\u00e9 we produce is sold to refiners or further refined before sale of the metals to traders. As of December 31, 2025, we were organized and managed in four segments that encompass our operating mines and significant assets being Greens Creek, Lucky Friday, Keno Hill and Casa Berardi. Our current business strategy is to focus our financial and human resources in the following areas: \u2022 operating our properties safely, in an environmentally responsible and cost-effective manner; \u2022 strengthening our balance sheet to preserve our financial position in varying metals price and operational environments, improve our capital allocation framework with a focus on Return On Invested Capital (\"ROIC\") and generate free cash flow; \u2022 improving and optimizing operations at all sites, which includes incurring costs for new technologies and equipment, and implementing standardized systems and processe Item 1A. Risk Factors The following risks and uncertainties, together with the other information set forth in this report, should be carefully considered by those who invest in our securities. Any of the following material risk factors could adversely affect our business, financial condition or op", "title": "HL - HECLA MINING CO/DE/", "url": "/company/HL/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001302215; latest 10-K filed 2026-05-22.", "text": "HLI - HOULIHAN LOKEY, INC. SIC 6282 Investment Advice; CIK 0001302215; latest 10-K filed 2026-05-22. HLI HOULIHAN LOKEY, INC. 0001302215 6282 Investment Advice Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read together with our historical financial statements and related notes included elsewhere in this Form 10-K. Actual results and the timing of events may differ significantly from those expressed or implied in any forward-looking statements due to a number of factors, including those set forth in the sections entitled \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d and elsewhere in this Form 10-K. For discussion related to changes in financial condition and the results of operations for fiscal year 2024-related items, refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for fiscal year 2025, which was filed with the Securities and Exchange Commission on May 15, 2025. Executive Overview Established in 1972, Houlihan Lokey, Inc. is a leading global independent investment bank with expertise in mergers and acquisitions (\u201cM&A\u201d), capital markets, financial restructurings, liability management, and financial and valuation advisory services. We serve a diverse set of clients worldwide, including corporations, financial sponsors and government agencies. We provide our financial professionals with an integrated platform that enables them to deliver meaningful and differentiated advice to our clients. We advise our clients on critical strategic and financial decisions, employing a rigorous analytical approach coupled with deep product and industry expertise. We market our services through our product areas, our industry groups and our Financial Sponsors group, serving our clients in three business segments: Corporate Finance (\u201cCF\u201d), encompassing M&A and capital solutions; Financial Restructuring (\u201cFR\u201d), including restructurings both out-of-court and in formal bankruptcy or insolvency proceedings; and Financial and Valuation Advisory (\u201cFVA\u201d), including financial opinions and a variety of valuation and financial consulting services. As of March 31, 2026, we employed more than 1,900 financial professionals, including 354 Managing Directors. We plan to continue to grow our firm across industry sectors, geographies and products to deliver quality advice and innovative solutions to our clients, both organically and through acquisitions. We generate revenues primarily from providing advisory services on transactions that are subject to individually negotiated engagement letters that set forth our fees. A significant portion of our engagements include Progress Fees (as defined herein) and/or Completion Fees (as defined herein). The occurrence and timing of milestone-related payments, such as upon the closing of a transaction, are generally not within our control. Accordingly, revenue and net income in any period may not be indicative of full year results or the results of any other period and may vary significantly from year to year and quarter to quarter. Corporate expenses represent expenses that are not allocated to individual business segments such as those relating to our executive management, accounting, information technology, legal and compliance, marketing, and human capital groups, including related compensation expense for corporate employees. Business Environment and Outlook Economic and global financial conditions can materially affect our operational and financial performance. See the section entitled \u201cRisk Factors\u201d for a discussion of some of the factors that can affect our performance. Our fiscal year ends on March 31 of each year. For the fiscal year ended March 31, 2026, we earned revenues of $2.62 billion, an increase of 10% from the $2.39 billion earned during the fiscal year ended March 31, 2025. For the fiscal years ended March 31, 2026, 2025, and 2024, we earned revenues of $842 million, $687 million Item 1. Business Established in 1972, Houlihan Lokey, Inc. is a leading global independent investment bank with expertise in mergers and acquisitions (\u201cM&A\u201d), capital markets, financial restructurings, liability management, and financial and valuation advisory services. We serve a diverse set of clients worldwide, including corporations, financial sponsors and government agencies. We provide our financial professionals with an integrated platform that enables them to deliver meaningful and differentiated advice to our clients. We advise our clients on critical strategic and financial decisions, employing a rigorous analytical approach coupled with deep product and industry expertise. We market our services through our product areas, our industry groups and our Financial Sponsors group, serving our clients in three business segments: Corporate Finance (\u201cCF\u201d), encompassing M&A and capital solutions; Financial Restructuring (\u201cFR\u201d), including restructurings both out-of-court and in formal bankruptcy or insolvency proceedings; and Financial and Valuation Advisory (\u201cFVA\u201d), including financial opinions and a variety of valuation and financial consulting services. We are committed to a set of principles that serve as the backbone of our success. Independent advice and intellectual rigor, combined with consistent senior-level involvement, are hallmarks of our commitment to client service. Our entrepreneurial culture engenders our flexibility to collaborate across our business practices to provide world-class solutions for our clients. Our broad-based employee ownership serves to align the interests of employees and shareholders, and further encourages a collaborative environment where our CF, FR, and FVA professionals work together to solve our clients\u2019 most critical financial issues. We enter into businesses or offer services where we believe we can excel based on our expertise, analytical sophistication, industry focus and competitive dynamics. Finally, we remain inde Item 1A. Risk Factors Risks Related to Our Business Changing market conditions can adversely affect our business in many ways, including by reducing the volume and/or size of the transactions we advise on, which could materially reduce our revenue. As a financial services firm, we are materially affected by conditions in the global financial markets and ", "title": "HLI - HOULIHAN LOKEY, INC.", "url": "/company/HLI/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001433642; latest 10-K filed 2026-05-21.", "text": "HLNE - Hamilton Lane INC SIC 6282 Investment Advice; CIK 0001433642; latest 10-K filed 2026-05-21. HLNE Hamilton Lane INC 0001433642 6282 Investment Advice Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following information should be read in conjunction with the accompanying consolidated financial statements and related notes. See \u201cIndex to Consolidated Financial Statements of Hamilton Lane Incorporated.\u201d The following discussion may contain forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and elsewhere in this Form 10-K, particularly in \u201cRisk Factors\u201d, the \u201cSummary of Risk Factors\u201d and the \u201cCautionary Note Regarding Forward-Looking Information.\u201d Unless otherwise indicated, references in this Annual Report on Form 10-K to fiscal 2026, fiscal 2025 and fiscal 2024 are to our fiscal years ended March 31, 2026, 2025 and 2024, respectively. This section of this Form 10-K generally discusses fiscal 2026 and fiscal 2025 items and year-over-year comparisons between fiscal 2026 and fiscal 2025. A detailed discussion of fiscal 2024 items and year-over-year comparisons between fiscal 2025 and fiscal 2024 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Conditions and Results of Operations\u201d in Part II, Item 7. of our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, as filed with the SEC on May 30, 2025. Business Overview We are a global private markets investment solutions provider and operate our business in a single segment. We offer a variety of investment solutions to address our clients\u2019 needs across a range of private markets, including private equity, private credit, direct equity, real estate, infrastructure, other real assets, growth equity, venture capital and impact. These solutions are constructed from a range of investment types, including primary investments in funds managed by third-party managers, direct investments alongside such funds and acquisitions of secondary stakes in such funds, with a number of our clients utilizing multiple investment types. These solutions are offered in a variety of formats covering some or all phases of private markets investment programs: \u2022Customized Separate Accounts: We design and build customized portfolios of private markets funds and direct investments to meet our clients\u2019 specific portfolio objectives with regard to return, risk tolerance, diversification and liquidity. We generally have discretionary investment authority over our customized separate accounts, which comprised $91.7 billion of our AUM as of March 31, 2026. \u2022Specialized Funds: We invest and manage commingled specialized primary, secondary, private credit, direct equity and multi-strategy investment funds across the private markets, including those that focus on specific markets or strategies such as venture capital, infrastructure, real estate and impact. Our specialized funds include both drawdown funds and evergreen funds. For more information regarding how our specialized funds are structured and other key terms, see \u201cBusiness\u2014Fees and Other Key Contractual Terms\u2014Specialized Funds\u201d in Part I, Item 1 of this Form 10-K. Specialized funds comprised $50.1 billion of our AUM as of March 31, 2026. \u2022Advisory Services: We offer non-discretionary investment advisory services to assist clients in developing and implementing their private markets investment programs. Our investment advisory services include asset allocation, strategic plan creation, development of investment policies and guidelines, the screening and recommending of investments, the monitoring of and reporting on investments, and investment manager review and due diligence. Our advisory clients include some of the largest and most sophisticated private markets investors in the world. We had $905.3 billion of AUA as of March 31, 2026. 83 \u2022Dis Item 1. Business Our Company We are a global private markets investment solutions provider dedicated to private markets investing. Since our founding in 1991, we have partnered with clients to design, implement and oversee portfolios of private markets funds and direct investments to help them access a diversified set of investment opportunities worldwide. As of March 31, 2026, we had approximately $142 billion of discretionary assets under management (\u201cAUM\u201d), and approximately $905 billion of non-discretionary assets under advisement (\u201cAUA\u201d). Our clients include a broad range of investors from large global institutional investors to private wealth clients. Our clients rely on us for our private markets expertise, industry relationships, differentiated investment access, risk management capabilities, proprietary data advantages and analytical tools to navigate the complexity of private markets investing. While some institutional clients maintain their own internal investment teams, our clients look to us for additional expertise, advice and outsourcing capabilities. We also service a growing number of non-institutional clients from the private wealth channel, including family offices and high-net-worth individuals, who utilize our products and services to gain access to private markets opportunities. We currently have approximately 785 employees, including approximately 265 investment professionals, operating across 23 global offices supporting our platform and servicing our clients throughout the world. We offer a variety of investment solutions to address our clients\u2019 needs across a range of private markets, including private equity, private credit, real estate, infrastructure, other real assets, growth equity, venture capital and impact. These solutions are constructed from a range of investment types, including primary investments in funds managed by third-party managers, direct investments alongside such funds and acquisitions of secondary stakes in such f Item 1A. Risk Factors In addition to the other information set forth in this Form 10-K, you should carefully consider the following factors, which could materially affect our business, financial condition or results of operations. The risks described below are not the only risks that we face. Additional risks and uncertainties not currently known to us or", "title": "HLNE - Hamilton Lane INC", "url": "/company/HLNE/" }, { "kind": "company", "summary": "SIC 3751 Motorcycles, Bicycles & Parts; CIK 0000793952; latest 10-K filed 2026-02-26.", "text": "HOG - HARLEY-DAVIDSON, INC. SIC 3751 Motorcycles, Bicycles & Parts; CIK 0000793952; latest 10-K filed 2026-02-26. HOG HARLEY-DAVIDSON, INC. 0000793952 3751 Motorcycles, Bicycles & Parts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Harley-Davidson, Inc. operates in three segments: Harley-Davidson Motor Company (HDMC), LiveWire, and Harley-Davidson Financial Services (HDFS). Unless the context otherwise requires, all references to the \"Company\" include Harley-Davidson, Inc. and all its subsidiaries. The \u201c% Change\u201d figures included in the Results of Operations section were calculated using unrounded dollar amounts and may differ from calculations using the rounded dollar amounts presented. Certain \u201c% Change\u201d deemed not meaningful (NM) have been excluded. (1) Note Regarding Forward-Looking Statements 28 The Company intends that certain matters discussed in this report are \u201cforward-looking statements\u201d intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by reference to this footnote or because the context of the statement will include words such as the Company \u201cbelieves,\u201d \u201canticipates,\u201d \u201cexpects,\u201d \u201cplans,\u201d \"projects,\" \u201cmay,\u201d \u201cwill,\u201d \u201cestimates,\u201d \u201ctargets,\u201d \u201cintends,\u201d \"forecasts,\" \"seeks,\" \"sees,\" \"should,\" \"feels,\" \"commits,\" \"assumes,\" \"envisions,\" or words of similar meaning. Similarly, statements that describe or refer to future expectations, future plans, strategies, objectives, outlooks, targets, guidance, commitments or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated as of the date of this report. Certain of such risks and uncertainties are described in close proximity to such statements or elsewhere in this report, including in Item 1A. Risk Factors and under the Cautionary Statements section in this Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in the Overview and Guidance sections in this Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations are only made as of February 10, 2026 and the remaining forward-looking statements in this report are only made as of the date of the filing of this report (February 26, 2026), and the Company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Overview(1) During 2025, a challenging economic environment, including high-interest rates and depressed consumer sentiment resulting from economic uncertainty, continued to adversely impact consumer demand for premium discretionary products, including the Company's motorcycles. Net income attributable to Harley-Davidson, Inc. for 2025 was $338.7 million, or $2.78 per diluted share, down from $455.4 million, or $3.44 per diluted share, in 2024. Consolidated operating income in 2025 decreased $30.0 million compared to 2024 primarily due to unfavorable operating results in the HDMC segment. This was partially offset by higher operating income in the HDFS segment driven by a transaction the Company entered into with two counterparties, related to HDFS, during the second half of 2025 (HDFS Transaction) and lower operating losses in the LiveWire segment. HDMC segment operating loss was $28.7 million in 2025 compared to operating income of $277.8 million in 2024. The reduction in operating results was due primarily to lower motorcycle shipments, which fell in response to a decline in worldwide retail motorcycle sales. Operating income was also unfavorably impacted by unfavorable manufacturing leverage related to higher fixed costs per unit on lower production Item 1. Business General Harley-Davidson was founded in 1903. Harley-Davidson, Inc. was incorporated in 1981, at which time it purchased the Harley-Davidson\u00ae motorcycle business from AMF Incorporated in a management buyout. In 1986, Harley-Davidson, Inc. became publicly held. Unless the context otherwise requires, all references to the \u201cCompany\u201d include Harley-Davidson, Inc. and all of its subsidiaries. The Company has three reportable segments: Harley-Davidson Motor Company (HDMC), LiveWire, and Harley-Davidson Financial Services (HDFS). The Company's reportable segments, which are discussed in greater detail below, are strategic business units that offer different products and services and are managed separately based on the fundamental differences in their operations. Revenue by segment for the last three fiscal years was as follows (in thousands): [[GREPCENT_TABLE]] [[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"HDMC\",\"$\",\"3,578,308\",\"\",\"\",\"$\",\"4,121,906\",\"\",\"\",\"$\",\"4,844,594\"],[\"LiveWire\",\"25,671\",\"\",\"\",\"26,358\",\"\",\"\",\"38,298\"],[\"HDFS\",\"869,196\",\"\",\"\",\"1,038,538\",\"\",\"\",\"953,586\"],[\"\",\"$\",\"4,473,175\",\"\",\"\",\"$\",\"5,186,802\",\"\",\"\",\"$\",\"5,836,478\"]] [[/GREPCENT_TABLE]] Strategy(1) The Hardwire was the Company's 2021-2025 strategic plan which targeted long-term profitable growth, including enhancing the Company's position as the most desirable motorcycle brand in the world and driving value for its shareholders. The Hardwire strategic priorities included a focus on its most profitable motorcycle product segments, selective expansion into new and within existing product segments and markets, leading in the electric motorcycle market, growth beyond bikes into complementary businesses, enhancing the customer experience for riders and non-riders, and inclusive stakeholder management. The Hardwire strategy concluded at the end of 2025. The Company plans to announce its new strategic plan in conjunction with its first quarter 2026 earnings release. 3 Harley-Davidson Motor Comp Item 1A. Risk Factors An investment in Harley-Davidson, Inc. involves risks, including those discussed below. These risk factors should be considered carefully before deciding whether to invest in the Company. Operational Risks \u2022The Company\u2019s ability to remain competitive is dependent upon its capability to develop and success", "title": "HOG - HARLEY-DAVIDSON, INC.", "url": "/company/HOG/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001331520; latest 10-K filed 2026-02-27.", "text": "HOMB - HOME BANCSHARES INC SIC 6022 State Commercial Banks; CIK 0001331520; latest 10-K filed 2026-02-27. HOMB HOME BANCSHARES INC 0001331520 6022 State Commercial Banks Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis presents our consolidated financial condition and results of operations for the years ended December 31, 2025, 2024 and 2023. This discussion should be read together with the \u201cSummary Consolidated Financial Data,\u201d our consolidated financial statements and the notes thereto, and other financial data included in this document. In addition to the historical information provided below, we have made certain estimates and forward-looking statements that involve risks and uncertainties. Our actual results could differ significantly from those anticipated in these estimates and in the forward-looking statements as a result of certain factors, including those discussed in the section of this document captioned \u201cRisk Factors,\u201d and elsewhere in this document. Unless the context requires otherwise, the terms \u201cCompany,\u201d \u201cHBI,\u201d \u201cus,\u201d \u201cwe\u201d and \u201cour\u201d refer to Home BancShares, Inc. on a consolidated basis. General We are a bank holding company headquartered in Conway, Arkansas, offering a broad array of financial services through our wholly owned bank subsidiary, Centennial Bank (\u201cCentennial\u201d or the \"Bank\"). As of December 31, 2025, we had, on a consolidated basis, total assets of $22.88 billion, loans receivable, net, of $15.39 billion, total deposits of $17.48 billion, and stockholders\u2019 equity of $4.30 billion. We generate most of our revenue from interest on loans and investments, service charges, and mortgage banking income. Deposits and Federal Home Loan Bank (\"FHLB\") borrowed funds are our primary source of funding. Our largest expenses are interest on our funding sources, salaries and related employee benefits and occupancy and equipment. We measure our performance by calculating our net interest margin, return on average assets and return on average common equity. We also measure our performance by our efficiency ratio and efficiency ratio, as adjusted (non-GAAP). The efficiency ratio is calculated by dividing non-interest expense less amortization of core deposit intangibles by the sum of net interest income on a tax equivalent basis and non-interest income. The efficiency ratio, as adjusted, is a meaningful non-GAAP measure for management, as it excludes certain items and is calculated by dividing non-interest expense less amortization of core deposit intangibles by the sum of net interest income on a tax equivalent basis and non-interest income excluding certain items such as merger expenses, hurricane expenses and/or gains and losses. Table 1: Key Financial Measures [[GREPCENT_TABLE]] [[\"\",\"As of or for the Years Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"\",\"(Dollars in thousands, except per share data)\"],[\"Total assets\",\"$\",\"22,881,879\",\"\",\"\",\"$\",\"22,490,748\",\"\",\"\",\"$\",\"22,656,658\"],[\"Loans receivable\",\"15,686,209\",\"\",\"\",\"14,764,500\",\"\",\"\",\"14,424,728\"],[\"Allowance for credit losses\",\"(297,583)\",\"\",\"\",\"(275,880)\",\"\",\"\",\"(288,234)\"],[\"Total deposits\",\"17,479,957\",\"\",\"\",\"17,146,297\",\"\",\"\",\"16,787,711\"],[\"Total stockholders\\u2019 equity\",\"4,296,871\",\"\",\"\",\"3,961,025\",\"\",\"\",\"3,791,075\"],[\"Net income\",\"475,441\",\"\",\"\",\"402,241\",\"\",\"\",\"392,929\"],[\"Basic earnings per share\",\"$\",\"2.41\",\"\",\"\",\"$\",\"2.01\",\"\",\"\",\"$\",\"1.94\"],[\"Diluted earnings per share\",\"2.41\",\"\",\"\",\"2.01\",\"\",\"\",\"1.94\"],[\"Book value per share\",\"21.88\",\"\",\"\",\"19.92\",\"\",\"\",\"18.81\"],[\"Tangible book value per share (non-GAAP)(1)\",\"14.60\",\"\",\"\",\"12.68\",\"\",\"\",\"11.63\"],[\"Net interest margin(2)\",\"4.51\",\"%\",\"\",\"4.27\",\"%\",\"\",\"4.25\",\"%\"],[\"Efficiency ratio\",\"40.88\",\"\",\"\",\"42.74\",\"\",\"\",\"46.21\"],[\"Efficiency ratio, as adjusted (non-GAAP)(3)\",\"41.29\",\"\",\"\",\"42.65\",\"\",\"\",\"45.24\"],[\"Return on average assets\",\"2.10\",\"\",\"\",\"1.77\",\"\",\"\",\"1.77\"],[\"Return on average common equity\",\"11.61\",\"\",\"\",\"10.43\",\"\",\"\",\"10.82\"]] [[/GREPCENT_TABLE]] (1)See Table 31 for the non-GAAP tabular reconciliation. (2)Fully taxable equivalent (assuming an income tax rat Item 1. BUSINESS Company Overview Home BancShares, Inc. (\u201cHome BancShares,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cHBI\u201d or the \u201cCompany\u201d) is a Conway, Arkansas headquartered bank holding company registered under the federal Bank Holding Company Act of 1956. The Company\u2019s common stock is traded through the New York Stock Exchange under the symbol \u201cHOMB.\u201d We are primarily engaged in providing a broad range of commercial and retail banking and related financial services to businesses, real estate developers and investors, individuals and municipalities through our wholly owned community bank subsidiary \u2013 Centennial Bank. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. Although the Company has a diversified loan portfolio, at December 31, 2025 and 2024, commercial real estate loans represented 53.2% and 57.6% of gross loans and 194.3% and 214.6% of total stockholders\u2019 equity, respectively. The Company\u2019s total assets, total deposits, total revenue and net income for each of the past three years are as follows: [[GREPCENT_TABLE]] [[\"\",\"December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"\",\"(In thousands)\"],[\"Total assets\",\"$\",\"22,881,879\",\"\",\"\",\"$\",\"22,490,748\",\"\",\"\",\"$\",\"22,656,658\"],[\"Total deposits\",\"17,479,957\",\"\",\"\",\"17,146,297\",\"\",\"\",\"16,787,711\"],[\"Total revenue (net interest income plus non-interest income)\",\"1,090,869\",\"\",\"\",\"1,017,348\",\"\",\"\",\"996,879\"],[\"Net income\",\"475,441\",\"\",\"\",\"402,241\",\"\",\"\",\"392,929\"]] [[/GREPCENT_TABLE]] Home BancShares acquires, organizes and invests in community banks that serve attractive markets. Our community banking team is built around experienced bankers with strong local relationships. The Company was formed in 1998 by an investor group led by John W. Allison, our Chairman, and Robert H. \u201cBunny\u201d Adcock, Jr., one of our directors. Since opening our first subsidiary bank in 1999, we have acquired and integrated a total of 23 banks with locations in Arkansas, Florida, Texas and Alabama, including 18 banks Item 1A. RISK FACTORS Our business exposes us to certain risks. Risks and uncertainties that management is not aware of or focused on may also adversely affect our business and operation. The following is a discussion of the most significant risks and uncertainties that may affect our business, financial condition and future results. Risks", "title": "HOMB - HOME BANCSHARES INC", "url": "/company/HOMB/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001428336; latest 10-K filed 2026-03-17.", "text": "HQY - HEALTHEQUITY, INC. SIC 7389 Services-Business Services, NEC; CIK 0001428336; latest 10-K filed 2026-03-17. HQY HEALTHEQUITY, INC. 0001428336 7389 Services-Business Services, NEC Item 7. Management\u2019s discussion and analysis of financial condition and results of operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that reflect our plans, estimates and beliefs, and involve risks and uncertainties. Our actual results and the timing of certain events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those discussed in the section titled \u201cRisk factors\u201d included under Part I, Item 1A and elsewhere in this report. See \u201cSpecial note regarding forward-looking statements\u201d on page 1 of this Annual Report. Overview We are a leader and an innovator in providing technology-enabled services that empower consumers to make healthcare saving, spending, and investing decisions. We use our innovative technology to manage consumers' tax-advantaged HSAs and other CDBs offered by employers, including FSAs and HRAs, and to administer COBRA, commuter and other benefits. As part of our services, we provide consumers with payment processing services, personalized benefit information, access to healthcare solutions through our marketplace, and investment advice to grow their tax-advantaged healthcare savings. The core of our offerings is the HSA, a financial account through which consumers save, spend, and invest their healthcare dollars on a tax-advantaged basis. As of January 31, 2026, we administered 10.6 million HSAs, with balances totaling $36.5 billion, which we call HSA Assets, as well as 7.2 million complementary CDBs. We refer to the aggregate number of HSAs and other CDBs that we administer as Total Accounts, of which we had 17.8 million as of January 31, 2026. We reach consumers primarily through relationships with their employers, which we call Clients. We reach Clients primarily through relationships with benefits brokers and advisors, integrated partnerships with a network of health plans, benefits administrators, and retirement plan recordkeepers, which we call Network Partners, and a sales force that calls on Clients directly. As of January 31, 2026, our platforms were integrated with more than 200 Network Partners. We have increased our share of the growing HSA market from 4% in December 2010 to 20% as of June 2025, measured by HSA Assets. According to the 2025 Midyear Devenir HSA Research Report, as of June 2025, we were the largest HSA provider by number of accounts and the second largest HSA provider by HSA Assets. In addition, we believe we are the largest provider of other CDBs. We seek to differentiate ourselves through our service-driven culture, product breadth, ecosystem connectivity, and proprietary technology, which enables our members to better save, spend, and invest their healthcare dollars. Our proprietary technology allows us to help consumers optimize the value of their HSAs and other CDBs and gain confidence and skills in managing their healthcare costs as part of their financial security. Our ability to assist consumers is enhanced by our capacity to securely share data in both directions with others in the health, benefits, and retirement ecosystems. We earn revenue primarily from three sources: service, custodial, and interchange. We earn service revenue mainly from fees paid by our Clients, Network Partners, and members for the administration services we provide in connection with the HSAs and other CDBs we offer. Service revenue also includes revenues earned from invested HSA Assets and our marketplace. We earn custodial revenue primarily from HSA cash held by our insurance company partners, HSA cash held by our federally insured bank and credit union partners, which we collectively call our Depository Partners, and Client-held funds deposited with our Depository Pa Item 1. Business Company overview We are a leader and an innovator in providing technology-enabled services that empower consumers to make healthcare saving, spending, and investing decisions. We use our innovative technology to manage consumers' tax-advantaged health savings accounts (\u201cHSAs\u201d) and other consumer-directed benefits (\u201cCDBs\u201d) offered by employers, including flexible spending accounts and health reimbursement arrangements (\u201cFSAs\u201d and \u201cHRAs\u201d), and to administer Consolidated Omnibus Budget Reconciliation Act (\u201cCOBRA\u201d), commuter and other benefits. As part of our services, we provide consumers with payment processing services, personalized benefit information, access to healthcare solutions through our marketplace, and investment advice to grow their tax-advantaged healthcare savings. We believe the shift to greater consumer responsibility for healthcare costs will require a significant portion of consumers under the age of 65 with private health insurance in the United States to use offerings such as ours. The core of our offerings is the HSA, a financial account through which consumers save, spend, and invest their healthcare dollars on a tax-advantaged basis. As of January 31, 2026, we administered 10.6 million HSAs, with balances totaling $36.5 billion, which we call HSA Assets, as well as 7.2 million complementary CDBs. We refer to the aggregate number of HSAs and other CDBs that we administer as Total Accounts, of which we had 17.8 million as of January 31, 2026. We reach consumers primarily through relationships with their employers, which we call Clients. We reach Clients primarily through relationships with benefits brokers and advisors, integrated partnerships with a network of health plans, benefits administrators, and retirement plan recordkeepers, which we call Network Partners, and a sales force that calls on Clients directly. As of January 31, 2026, our platforms were integrated with more than 200 Network Partners. We have increased our Item 1A. Risk factors You should carefully consider the risks described below together with the other information set forth in this Annual Report on Form 10-K. If any of the risks described below are realized, our business, financial condition, results of operations, and prospects could be materially and adversely affected. Th", "title": "HQY - HEALTHEQUITY, INC.", "url": "/company/HQY/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001360604; latest 10-K filed 2026-02-13.", "text": "HR - Healthcare Realty Trust Inc SIC 6798 Real Estate Investment Trusts; CIK 0001360604; latest 10-K filed 2026-02-13. HR Healthcare Realty Trust Inc 0001360604 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Disclosure Regarding Forward-Looking Statements This report and other materials the Company has filed or may file with the SEC, as well as information included in oral statements or other written statements made, or to be made, by senior management of the Company, contain, or will contain, disclosures that are \u201cforward-looking statements.\u201d Forward-looking statements include all statements that do not relate solely to historical or current facts and can be identified by the use of words such as \u201cmay,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201cbelieve,\u201d \u201canticipate,\u201d \u201ctarget,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cestimate,\u201d \u201cproject,\u201d \u201ccontinue,\u201d \u201cshould,\u201d \u201ccould\u201d and other comparable terms. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of risks and uncertainties that could materially affect the Company\u2019s current plans and expectations and future financial condition and results. Such risks and uncertainties as more fully discussed in Item 1A \u201cRisk Factors\u201d of this report and in other reports filed by the Company with the SEC from time to time include, among other things, the following: Risks relating to our business and operations \u2022The Company's expected results may not be achieved; \u2022The Company\u2019s revenues depend on the ability of its tenants under its leases to generate sufficient income from their operations to make rental payments to the Company; \u2022The Company's results of operations have been and will continue to be impacted negatively by the Prospect Medical bankruptcy; \u2022Owning real estate and indirect interests in real estate is subject to inherent risks; \u2022The Company may incur impairment charges on its real estate properties or other assets; \u2022The Company has properties subject to purchase options that expose it to reinvestment risk and reduction in expected investment returns; \u2022If the Company is unable to promptly re-let its properties, if the rates upon such re-letting are significantly lower than the previous rates or if the Company is required to undertake significant expenditures or make significant leasing concessions to attract new tenants, then the Company\u2019s business, consolidated financial condition and results of operations would be adversely affected; \u2022Certain of the Company\u2019s properties are special purpose healthcare facilities and may not be easily adaptable to other uses; \u2022The Company has, and in the future may have more exposure to fixed rent escalators, which could lag behind inflation and the growth in operating expenses such as real estate taxes, utilities, insurance, and maintenance expense; \u2022The Company\u2019s real estate investments are illiquid and the Company may not be able to sell properties strategically targeted for disposition; \u2022The Company is subject to risks associated with the development and redevelopment of properties; \u2022The Company may make material acquisitions and undertake developments and redevelopments that may involve the expenditure of significant funds and may not perform in accordance with management\u2019s expectations; \u2022The Company is exposed to risks associated with geographic concentration; \u2022Many of the Company\u2019s leases are dependent on the viability of associated health systems. Revenue concentrations relating to these leases expose the Company to risks related to the financial condition of the associated health systems; \u2022Many of the Company\u2019s properties are held under ground leases. These ground leases contain provisions that may limit the Company\u2019s ability to lease, sell, or finance these properties; \u2022The Company may experience uninsured or underinsured losses; \u2022Damage from catastrophic weather and other natural events, whether caused by climate change or otherwise, could result in losses to the Company; 25 \u2022The Company faces risks associated with security breaches through cyber attacks, cyber intrusions, or otherwise, as well as other Item 1. Business Healthcare Realty Trust Incorporated is a self-managed and self-administered real estate investment trust (\u201cREIT\u201d) that owns, leases, manages, acquires, finances, develops and redevelops income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States. All references in this report to \"Healthcare Realty,\" the \"Company,\" \"we,\" \"us,\" or \"our\" mean Healthcare Realty Trust Incorporated together with its consolidated subsidiaries, including Healthcare Realty Holdings, L.P., or operating partnership (the \"OP\"). The Company operates so as to qualify as a REIT for federal income tax purposes. As a REIT, the Company is not subject to corporate federal income tax with respect to taxable income distributed to its stockholders. See \u201cItem 1A. Risk Factors\u201d for a discussion of risks associated with qualifying as a REIT. Real Estate Properties The Company had gross investments of approximately $10.3 billion in 502 consolidated real estate properties, construction in progress, redevelopments, financing receivables, financing lease right-of-use assets, land held for development and corporate property as of December 31, 2025, excluding held for sale assets. The Company had a weighted average ownership interest of approximately 30% in 61 real estate properties, excluding held for sale assets, held in unconsolidated joint ventures as of December 31, 2025. The Company provided leasing and property management services to approximately 93% of its portfolio nationwide as of December 31, 2025. The Company\u2019s real estate property investments by geographic area are detailed in Note 2 to the Consolidated Financial Statements. The following table details the Company's owned properties by facility type as of December 31, 2025: [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"December 31, 2025\"],[\"Dollars and square feet in thousands\",\"INVESTMENT\",\"SQUARE FEET\",\"NUMBER OF PROPERTIES\",\"OCCUPANCY 1\"],[\"Medical office/ou Item 1A. Risk Factors The following are some of the risks and uncertainties that could negatively affect the Company\u2019s consolidated financial condition, results of operations, business and prospects. These risk factors are grouped into three categories: risks relating to the Company\u2019s business and operations; risks relating to t", "title": "HR - Healthcare Realty Trust Inc", "url": "/company/HR/" }, { "kind": "company", "summary": "SIC 7200 Services-Personal Services; CIK 0000012659; latest 10-K filed 2025-08-15.", "text": "HRB - H&R BLOCK INC SIC 7200 Services-Personal Services; CIK 0000012659; latest 10-K filed 2025-08-15. HRB H&R BLOCK INC 0000012659 7200 Services-Personal Services ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS Our subsidiaries provide assisted and DIY tax preparation solutions through multiple channels (including in-person, online and mobile applications, virtual, and desktop software) and distribute H&R Block-branded services and products, including those of our bank partners, to the general public primarily in the U.S., Canada and Australia. Tax returns are either prepared by H&R Block tax professionals in one of our 6,701 company-owned or 2,013 franchise offices (as of March 31, 2025), virtually or via an online review or prepared and filed by our clients through our DIY tax solutions. We also offer small business solutions through our company-owned and franchise offices (including in-person, online and virtual) and online through Wave. We report a single segment that includes all of our continuing operations. A summary of our fiscal year 2025 results is as follows: \u2022Revenue increased $150.6 million, or 4.2%, largely due to increases in U.S. company-owned net average charge and tax return volume coupled with increases in DIY online paid net average charge. These increases were partially offset by lower interest and fee income on Emerald Advance\u00ae due to a decrease in EA loans originated. \u2022Operating expenses increased $128.0 million, or 4.6%, due to higher compensation and benefits, marketing, consulting, technology, and legal costs, partially offset by lower bad debt. \u2022Pretax income increased $19.1 million, or 2.5%. \u2022Net income from continuing operations of $609.5 million increased 1.9% from the prior year. \u2022EBITDA(1) of $976.3 million increased $13.2 million, or 1.4%. \u2022Diluted earnings per share from continuing operations increased $0.28, or 6.8%, and adjusted diluted earnings per share from continuing operations(1) increased $0.25, or 5.7%. (1) All non-GAAP measures are results from continuing operations. See \"Non-GAAP Financial Information\" at the end of this item for a reconciliation of non-GAAP measures. [[GREPCENT_TABLE]] [[\"24\",\"2025 Form 10-K | H&R Block, Inc.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"Consolidated \\u2013 Financial Results\",\"\",\"\",\"\",\"\",\"\",\"(in 000s, except per share amounts)\"],[\"Year ended June 30,\",\"\",\"2025\",\"\",\"2024\",\"\",\"$ Change\",\"\",\"% Change\"],[\"Revenues:\"],[\"U.S. tax preparation and related services:\"],[\"Assisted tax preparation\",\"\",\"$\",\"2,413,229\",\"\",\"\",\"$\",\"2,274,835\",\"\",\"\",\"$\",\"138,394\",\"\",\"\",\"6.1\",\"%\"],[\"Royalties\",\"\",\"192,877\",\"\",\"\",\"204,802\",\"\",\"\",\"(11,925)\",\"\",\"\",\"(5.8)\",\"%\"],[\"DIY tax preparation\",\"\",\"383,738\",\"\",\"\",\"349,812\",\"\",\"\",\"33,926\",\"\",\"\",\"9.7\",\"%\"],[\"Refund Transfers\",\"\",\"137,526\",\"\",\"\",\"142,249\",\"\",\"\",\"(4,723)\",\"\",\"\",\"(3.3)\",\"%\"],[\"Peace of Mind\\u00ae Extended Service Plan\",\"\",\"87,326\",\"\",\"\",\"93,087\",\"\",\"\",\"(5,761)\",\"\",\"\",\"(6.2)\",\"%\"],[\"Tax Identity Shield\\u00ae\",\"\",\"29,920\",\"\",\"\",\"33,386\",\"\",\"\",\"(3,466)\",\"\",\"\",\"(10.4)\",\"%\"],[\"Other\",\"\",\"58,318\",\"\",\"\",\"51,555\",\"\",\"\",\"6,763\",\"\",\"\",\"13.1\",\"%\"],[\"Total U.S. tax preparation and related services\",\"\",\"3,302,934\",\"\",\"\",\"3,149,726\",\"\",\"\",\"153,208\",\"\",\"\",\"4.9\",\"%\"],[\"Financial services:\"],[\"Emerald Card\\u00ae and SpruceSM\",\"\",\"72,888\",\"\",\"\",\"76,093\",\"\",\"\",\"(3,205)\",\"\",\"\",\"(4.2)\",\"%\"],[\"Interest and fee income on Emerald Advance\\u00ae\",\"\",\"28,958\",\"\",\"\",\"40,933\",\"\",\"\",\"(11,975)\",\"\",\"\",\"(29.3)\",\"%\"],[\"Total financial services\",\"\",\"101,846\",\"\",\"\",\"117,026\",\"\",\"\",\"(15,180)\",\"\",\"\",\"(13.0)\",\"%\"],[\"International\",\"\",\"246,993\",\"\",\"\",\"247,123\",\"\",\"\",\"(130)\",\"\",\"\",\"(0.1)\",\"%\"],[\"Wave\",\"\",\"109,222\",\"\",\"\",\"96,472\",\"\",\"\",\"12,750\",\"\",\"\",\"13.2\",\"%\"],[\"Total revenues\",\"\",\"$\",\"3,760,995\",\"\",\"\",\"$\",\"3,610,347\",\"\",\"\",\"$\",\"150,648\",\"\",\"\",\"4.2\",\"%\"],[\"Compensation and benefits:\"],[\"Field wages\",\"\",\"927,360\",\"\",\"\",\"869,002\",\"\",\"\",\"(58,358)\",\"\",\"\",\"(6.7)\",\"%\"],[\"Other wages\",\"\",\"306,999\",\"\",\"\",\"298,819\",\"\",\"\",\"(8,180)\",\"\",\"\",\"(2.7)\",\"%\"],[\"Benefits and other compensation\",\"\",\"250,729\",\"\",\"\",\"228,723\",\"\",\"\",\"(22,006)\",\"\",\"\",\"(9.6)\",\"%\" ITEM 1. BUSINESS OVERVIEW H&R Block provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small business solutions. We blend digital innovation with human expertise and care to help people get the best outcome at tax time and also be better with money by using our mobile banking app, Spruce\u2120. Through Block Advisors and Wave, we help small-business owners thrive with year-round bookkeeping, payroll, advisory and payment processing solutions. H&R Block, Inc. was organized as a corporation in 1955 under the laws of the State of Missouri. A complete list of our subsidiaries as of June 30, 2025 can be found in Exhibit 21. [[GREPCENT_TABLE]] [[\"During fiscal year 2025, we prepared\"],[\"11.3 million U.S. assisted tax returns(1)\"],[\"and our clients filed\"],[\"3.8 million DIY online paid tax returns(1)\"],[\"which contributed to our consolidated revenues of\"],[\"$3.8 billion,\"],[\"net income from continuing operations of\"],[\"$609.5 million,\"],[\"EBITDA(2) from continuing operations of\"],[\"$976.3 million,\"],[\"and diluted EPS from continuing operations of\"],[\"$4.42 per share.\"],[\"We repurchased\"],[\"6.5 million shares of our common stock,\"],[\"and declared dividends of\"],[\"$1.50 per share,\"],[\"which was an increase of\"],[\"$0.22, or 17.2%, per share from the prior year.\"]] [[/GREPCENT_TABLE]] (1) U.S. assisted tax returns prepared includes tax returns prepared in U.S. company-owned and franchise operations, including virtual returns. An assisted tax return is defined as a current or prior year individual or business tax return that has been accepted by the client. A DIY online paid return is defined as a current year individual or business tax return that has been accepted by the client. (2) See \"Non-GAAP Financial Information\" in Item 7 for a reconciliation of non-GAAP measures. [[GREPCENT_TABLE]] [[\"2\",\"2025 Form 10-K | H&R Block, Inc.\"]] [[/GREPCENT_TABLE]] RECENT DEVELOPMENTS On July ITEM 1A. RISK FACTORS Our business activities expose us to a variety of risks. Identifying, monitoring, and managing these risks is essential to the success of our operations and the financial soundness of H&R Block. Senior management and the Board of Directors, acting as a whole and through its committees, take an active role in our risk management process", "title": "HRB - H&R BLOCK INC", "url": "/company/HRB/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000750577; latest 10-K filed 2026-02-27.", "text": "HWC - HANCOCK WHITNEY CORP SIC 6022 State Commercial Banks; CIK 0000750577; latest 10-K filed 2026-02-27. HWC HANCOCK WHITNEY CORP 0000750577 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The objective of this discussion and analysis is to provide material information relevant to the assessment of the financial condition and results of operations of Hancock Whitney Corporation and its subsidiaries during the year ended December 31, 2025 and selected prior periods, including an evaluation of the amounts and certainty of cash flows from operations and outside sources. This discussion and analysis is intended to highlight and supplement financial and operating data and information presented elsewhere in this report, including the consolidated financial statements and related notes. The discussion contains forward-looking statements, which are subject to risks and uncertainties. Should one or more of these risks or uncertainties materialize, our actual results may differ from those expressed or implied by the forward-looking statements. See Forward-Looking Statements in Part I of this Annual Report. Non-GAAP Financial Measures Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations include non-GAAP measures used to describe our performance. A reconciliation of those measures to GAAP measures are provided in Table 1 \u201cConsolidated Financial Results\u201d and Table 31 \u201cQuarterly Consolidated Financial Results\u201d of this section. The following is an overview of the non-GAAP measures used and the reasons why management believes they are useful and important in understanding the Company\u2019s financial condition and results of operations included below. Consistent with the provisions of Subpart 229.1400 of Regulation S-K, \u201cDisclosures by Bank and Savings and Loan Registrants,\u201d we present net interest income, net interest margin and efficiency ratios on a fully taxable equivalent (te) basis. The te basis adjusts for the tax-favored status of interest income from certain loans and investments using the statutory federal tax rate (21% for all periods presented) to increase tax-exempt interest income to a taxable-equivalent basis. This measure is the preferred industry measurement of net interest income and it enhances comparability of net interest income arising from taxable and tax-exempt sources. We present certain additional non-GAAP financial measures to assist the reader with a better understanding of the Company\u2019s performance period over period, as well as to provide investors with assistance in understanding the success management has experienced in executing its strategic initiatives. The Company highlights certain items that are outside of our principal business and/or are not indicative of forward-looking trends in supplemental disclosure items below our GAAP financial data and presents certain \u201cAdjusted\u201d ratios that exclude these disclosed items. These adjusted ratios provide management and the reader with a measure that may be more indicative of forward-looking trends in our business, as well as demonstrates the effects of significant gains or losses and changes. We define Adjusted Pre-Provision Net Revenue as net income excluding provision expense and income tax expense, plus the taxable equivalent adjustment (as defined above), less supplemental disclosure items (as defined above). Management believes that adjusted pre-provision net revenue is a useful financial measure because it enables investors and others to assess the Company\u2019s ability to generate capital to cover credit losses through a credit cycle. We define Adjusted Revenue as net interest income (te) and noninterest income less supplemental disclosure items. We define Adjusted Noninterest Expense as noninterest expense less supplemental disclosure items. We define our Efficiency Ratio as noninterest expense to total net interest income (te) and noninterest income, excluding amortization of purchased intangibles and supplemental disclosure items, if applicable. Management believes adjusted revenue, adjusted noninterest expense and the ITEM 1. BUSINESS ORGANIZATION Hancock Whitney Corporation (the \u201cCompany\u201d) is registered with the Federal Reserve as a bank holding company and has elected to be treated as a financial holding company under the Bank Holding Company Act of 1956, as amended. The Company provides comprehensive financial services through its bank subsidiary, Hancock Whitney Bank (the \u201cBank\u201d), a Mississippi state bank, and other nonbank affiliates. Our principal executive offices are located at 2510 14th Street, Gulfport, Mississippi, 39501, and our telephone number is (800) 522-6542. Our common stock trades on the Nasdaq Global Select Market under the ticker symbol \u201cHWC.\u201d At December 31, 2025, our balance sheet totaled $35.5 billion, with loans of $24.0 billion and deposits of $29.3 billion. NATURE OF BUSINESS AND MARKETS The Bank offers a broad range of traditional and online banking services to commercial, small business and retail customers, providing a variety of transaction and savings deposit products, treasury management services, secured and unsecured loan products (including revolving credit facilities), letters of credit and similar financial guarantees. The Bank provides trust and investment management services to retirement plans, corporations and individuals and provides its customers with access to investment advisory and brokerage products. We offer other services through bank and nonbank subsidiaries. The Bank\u2019s subsidiaries Hancock Whitney Equipment Finance, LLC and Hancock Whitney Equipment Finance and Leasing, LLC provide commercial finance products to middle market and corporate clients, including leases and related structures. We have other subsidiaries of the Bank for purposes such as facilitating investments in new market tax credit activities and holding certain foreclosed assets. Our holding company\u2019s nonbank subsidiary, Hancock Whitney Investment Services, Inc., provides customers with access to fixed annuity and life insurance products, investment advisor ITEM 1A. RISK FACTORS We face a number of material risks and uncertainties in connection with our operations. Our business, results of operations and financial condition could be materially adversely affected by the factors described below. While we describe each risk separately, some of these risks are interrelated and certain risks coul", "title": "HWC - HANCOCK WHITNEY CORP", "url": "/company/HWC/" }, { "kind": "company", "summary": "SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers; CIK 0000717605; latest 10-K filed 2026-02-11.", "text": "HXL - HEXCEL CORP /DE/ SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers; CIK 0000717605; latest 10-K filed 2026-02-11. HXL HEXCEL CORP /DE/ 0000717605 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s discussion and analysis of the Company\u2019s financial condition and results of operations for the year ended December 31, 2025, and comparison to the year ended December 31, 2024 should be read in conjunction with the consolidated financial statements and notes of this Annual Report on Form 10-K. For discussion and analysis of financial condition and results of operations for 2024 compared to 2023 refer to Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report on Form 10-K, filed with the SEC on February 5, 2025, which is incorporated by reference into this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Business Overview [[GREPCENT_TABLE]] [[\"\",\"\",\"For the Years Ended December 31,\"],[\"(In millions)\",\"\",\"2025\",\"\",\"\",\"2024\"],[\"Net sales\",\"\",\"$\",\"1,893.9\",\"\",\"\",\"$\",\"1,903.0\"],[\"Gross margin %\",\"\",\"\",\"23.0\",\"%\",\"\",\"\",\"24.7\",\"%\"],[\"Operating income\",\"\",\"$\",\"171.6\",\"\",\"\",\"$\",\"186.1\"],[\"Operating income %\",\"\",\"\",\"9.1\",\"%\",\"\",\"\",\"9.8\",\"%\"],[\"Interest expense, net\",\"\",\"$\",\"37.7\",\"\",\"\",\"$\",\"31.2\"],[\"Income tax expense\",\"\",\"$\",\"25.6\",\"\",\"\",\"$\",\"22.8\"],[\"Net income\",\"\",\"$\",\"109.4\",\"\",\"\",\"$\",\"132.1\"]] [[/GREPCENT_TABLE]] Business Trends Since 2022, the Commercial Aerospace market and our business have seen signs of recovery from the economic impacts of the COVID-19 pandemic, driven by growth in air travel and an increase in aircraft build rates. The post-recovery period, however, has had many challenges across the markets Hexcel operates in, including delays in aircraft production rates, related to, among other impacts, global logistics, supply chain issues, economic conditions, inflationary pressures, tariff impacts, and effects from geopolitical issues and conflicts. While these challenges have had and may continue to have further negative impacts on our operations, supply chain, transportation networks and customers, all of which have and may continue to compress our financial results, we see positive indicators for a sustained recovery in commercial aircraft production and strong demand in the defense and space market as global defense budgets continue to increase as a result of an uncertain geopolitical environment and the development of new platforms. Beginning with the first quarter of 2025, sales are being reported for two markets, Commercial Aerospace, unchanged from past practice, and a new sales category titled Defense, Space & Other, which combines the previous Space & Defense market and the Industrial market. Sales amounts for the year ended December 31, 2024 have been reclassified for comparative purposes. In 2025, our Commercial Aerospace sales decreased 4.0% compared to 2024 primarily due to lower sales for certain Airbus and Boeing programs, partially offset by increased Other Commercial Aerospace sales driven by strength in regional jets. The demand for new commercial aircraft continues to be principally driven by airline passenger traffic (measured by revenue passenger miles) and the replacement rate for existing aircraft. The Commercial Aerospace industry continues to utilize a greater proportion of advanced composite materials with each new generation of aircraft. Defense, Space & Other sales in 2025 increased 5.4% compared to 2024. Year over year growth was led by military helicopters, including the Black Hawk and CH-53-K, as well as other military aircraft structures, launchers and satellites. Results of Operations We have two reportable segments: Composite Materials and Engineered Products. Although these segments provide customers with different products and services, they often overlap within our two end business markets: Commercial Aerospace and Defense, Space & Other. Therefore, we also find it meaningful to evaluate the sales of our segments through these business markets. Further discussion an ITEM 1. Business. General Hexcel Corporation and its subsidiaries (herein referred to as \u201cHexcel\u201d, \u201cthe Company\u201d, \u201cwe\u201d, \u201cus\u201d, or \u201cour\u201d), is a global leader in advanced lightweight composites technology. We propel the future of flight and transportation through excellence in advanced material lightweighting solutions that create a better world for us all. Our broad product range includes carbon fiber, specialty reinforcements, prepregs and other fiber-reinforced matrix materials, honeycomb, resins, engineered core and composite structures for use in commercial aerospace, defense and space, and industrial applications. We are a manufacturer of products within a single industry: Advanced Composites. We have two reportable segments: Composite Materials and Engineered Products. The Composite Materials segment is comprised of our carbon fiber, specialty reinforcements, resin systems, prepregs and other fiber-reinforced matrix materials, and honeycomb core product lines and pultruded profiles. The Engineered Products segment is comprised of lightweight high strength composite structures, radio frequency/electromagnetic interference (\u201cRF/EMI\u201d) and microwave absorbing materials, engineered core and specialty machined honeycomb products with added functionality. We serve international markets through manufacturing facilities, sales offices and representatives located in the Americas, Europe, Asia Pacific, India, and Africa. The following summaries describe the ongoing activities related to the Composite Materials and Engineered Products segments as of December 31, 2025. Composite Materials The Composite Materials segment manufactures and markets carbon fibers, fabrics, and specialty reinforcements, prepregs and other fiber-reinforced matrix materials, structural adhesives, honeycomb, molding compounds, tooling materials, polyurethane systems and laminates that are incorporated into many applications, including commercial and military aircraft, transportation (primarily ITEM 1A. Risk Factors You should carefully consider the following risk factors and all other information contained in this Annual Report on Form 10-K and the documents we incorporate by reference in this Annual Report on Form 10-K. Any of the following risks could materially and adversely ", "title": "HXL - HEXCEL CORP /DE/", "url": "/company/HXL/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000315709; latest 10-K filed 2026-02-26.", "text": "IBOC - INTERNATIONAL BANCSHARES CORP SIC 6022 State Commercial Banks; CIK 0000315709; latest 10-K filed 2026-02-26. IBOC INTERNATIONAL BANCSHARES CORP 0000315709 6022 State Commercial Banks MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations represents an explanation of significant changes in our financial position and results of our operations on a consolidated basis for the three-year period ended December 31, 2025. The following discussion should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025, and the Selected Financial Data and Consolidated Financial Statements included elsewhere herein. Special Cautionary Notice Regarding Forward-Looking Information Certain matters discussed in this report, excluding historical information, include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created by those sections. Although we believe such forward-looking statements are based on reasonable assumptions, no assurance can be given that every objective will be reached. The words \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cbelieve\u201d and \u201cproject,\u201d as well as other words or expressions of a similar meaning, are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this report. Such statements are based on current expectations, are inherently uncertain, are subject to risks and should be viewed with caution. Actual results and experience may differ materially from the forward-looking statements as a result of many factors. Risk factors that could cause actual results to differ materially from any results that we project, forecast, estimate, or budget in forward-looking statements include, among others, the following possibilities: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Local, regional, national, and international economic business conditions and the impact they may have on us, our customers, and such customers\\u2019 ability to transact profitable business with us, including the ability of our borrowers to repay their loans according to their terms or a change in the value of the related collateral.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Volatility and disruption in national and international financial markets.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"The imposition of new or increased international tariffs and the impact of potential retaliatory tariffs, which may impact our subsidiary banks\\u2019 business and operations with Mexico.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Government intervention in the U.S. financial system.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"The unavailability of funding from the FHLB, the Federal Reserve Bank (\\u201cFRB\\u201d) or other sources in the future could adversely impact our growth strategy, prospects, and performance.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Changes in consumer spending, borrowing, and saving habits.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Changes in interest rates and market prices, including changes in federal regulations on the payment of interest on demand deposits.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Changes in our ability to retain or access deposits due to changes in public confidence in the banking system and the potential threat of bank-run contagion fueled by, among other factors, economic instability, inflationary pressures, the public\\u2019s increased exposure to social media, and the rapid speed at which communication and coordination via social media can occur.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Changes in the capital markets we utilize, including changes in the interest rate environment that may reduce margins.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Changes in state and/o Item 1. Business General We are a registered multibank financial holding company providing a diversified range of commercial and retail banking services in our main banking and branch facilities located in north, south, central, and southeast Texas and the State of Oklahoma. We were organized and we operate as a bank holding company within the meaning of the Bank Holding Company Act of 1956 (BHCA). As a bank holding company, we may own one or more banks and may engage in activities closely related to banking. In this regard, we are subject to supervision and regulation by the Board of Governors of the Federal Reserve System (FRB). In addition, all five of our wholly owned banking subsidiaries are members of and subject to regulation by the Federal Deposit Insurance Corporation (FDIC). Our principal corporate offices are located in Laredo, Texas. Our principal assets at December 31, 2025, consisted of all the outstanding capital stock of four Texas state banking associations and one Oklahoma state banking corporation as follows: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"International Bank of Commerce, located in Laredo, Texas (IBC);\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Commerce Bank, located in Laredo, Texas (Commerce Bank);\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"International Bank of Commerce, located in Brownsville, Texas (IBC Brownsville);\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"International Bank of Commerce, located in Zapata, Texas (IBC Zapata); and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"International Bank of Commerce, located in Oklahoma City, Oklahoma (IBC-Oklahoma).\"]] [[/GREPCENT_TABLE]] \u200b These five subsidiary banks are collectively referred to in this report as our \u201cSubsidiary Banks.\u201d Our philosophy focuses on customer service as represented by the motto, \u201cWe Do More.\u201d Our Subsidiary Banks maintain a strong commitment to their local communities by, among other things, appointing Item 1A. Risk Factors Risk Factors An investment in the Company\u2019s common stock involves risks. The following is a description of the material risks and uncertainties that the Company believes affect its business and an investment in its common stock. If any of the risks described below were to occur, our financial condition, results o", "title": "IBOC - INTERNATIONAL BANCSHARES CORP", "url": "/company/IBOC/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0001057877; latest 10-K filed 2026-02-19.", "text": "IDA - IDACORP INC SIC 4911 Electric Services; CIK 0001057877; latest 10-K filed 2026-02-19. IDA IDACORP INC 0001057877 4911 Electric Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS In this MD&A section of this report, the general financial condition and results of operations for IDACORP and its subsidiaries and Idaho Power and its subsidiary are discussed. The discussion of IDACORP's and Idaho Power's general financial condition and results of operations for 2024 compared with 2023 can be found in their Annual Report on Form 10-K for the year ended December 31, 2024. See Part II - Item 7 - MD&A in that report for further information on the companies' prior period results of operations. While reading this MD&A, please refer to the accompanying consolidated financial statements of IDACORP and Idaho Power. Also refer to \"Cautionary Note Regarding Forward-Looking Statements\" and Part I - Item 1A - \"Risk Factors\" in this report for important information regarding forward-looking statements made in this MD&A section and elsewhere in this report. INTRODUCTION IDACORP is a holding company whose principal operating subsidiary is Idaho Power. IDACORP\u2019s common stock is listed and trades on the New York Stock Exchange under the trading symbol \"IDA\". Idaho Power is an electric utility whose rates and other matters are regulated by the IPUC, OPUC, and FERC. Idaho Power generates revenues and cash flows primarily from the sale and distribution of electricity to customers in its Idaho and Oregon service areas, as well as from the wholesale sale and transmission of electricity. On February 13, 2026, Idaho Power entered into a definitive agreement to sell its Oregon electric distribution business and associated distribution assets, as well as certain Oregon transmission assets, to OTEC. The closing of the transaction is subject to various conditions, including approvals of the OPUC, IPUC, and FERC. For further information regarding the proposed transaction, see Note 22 - \"Sale of Oregon Assets\" to the consolidated financial statements included in this report. Idaho Power is the parent of IERCo, a joint-owner of BCC, which mines and supplies coal to the Jim Bridger plant owned in part by Idaho Power. IDACORP\u2019s other notable subsidiaries include IFS, an investor in affordable housing and other real estate tax credit investments; and Ida-West, an operator of small PURPA-qualifying hydropower generation projects. EXECUTIVE OVERVIEW IDACORP is committed to its focus on competitive total returns and generating long-term value for shareholders. IDACORP\u2019s business strategy emphasizes Idaho Power as IDACORP\u2019s core business, since Idaho Power\u2019s regulated electric utility operations are the primary driver of IDACORP\u2019s operating results. This strategy is described in Part I, Item 1 - \"Business - Business Strategy\" of this report. Examples of IDACORP's and Idaho Power's achievements, notable events, and milestones during 2025 include the following: \u2022IDACORP achieved net income growth for an eighteenth consecutive year in 2025. \u2022Idaho Power continues to focus on timely recovery of costs and earning a reasonable return on investment. In December 2025, the IPUC approved a settlement stipulation (2025 Settlement Stipulation) related to the Idaho general rate case that Idaho Power had filed in May 2025, with new rates effective January 1, 2026. The 2025 Settlement Stipulation is described more fully in Note 3 - \"Regulatory Matters\" to the consolidated financial statements included in this report and in \"Regulatory Matters\" in this MD&A. \u2022Idaho Power's customer count grew 2.3 percent in 2025 and Idaho Power's MWh sales to retail customers in 2025 were the highest in its history, surpassing the previous record set in 2024, reflecting continued growth in its service area. \u2022In 2025, Idaho Power\u2019s reliability metrics continued to be among the best in company history, as Idaho Power provided uninterrupted service to its retail customers 99.97 percent of the time. \u2022Idaho Power\u2019s residential and business customer satisfaction remain strong \u2013 i ITEM 1. BUSINESS OVERVIEW Background IDACORP is a holding company incorporated in 1998 under the laws of the state of Idaho. Its principal operating subsidiary is Idaho Power. IDACORP is subject to the provisions of the Public Utility Holding Company Act of 2005, which provides the FERC and state utility regulatory commissions with access to books and records and imposes record retention and reporting requirements on IDACORP. Idaho Power was incorporated under the laws of the state of Idaho in 1989 as the successor to a Maine corporation that was organized in 1915 and began operations in 1916. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale, and purchase of electric energy and capacity and is regulated by the state regulatory commissions of Idaho and Oregon and by the FERC. Idaho Power is the parent of IERCo, a joint-owner of BCC, which mines and supplies coal to the Jim Bridger plant owned in part by Idaho Power. Idaho Power's utility operations constitute nearly all of IDACORP's current business operations. IDACORP\u2019s other notable subsidiaries include IFS, an investor in affordable housing and other real estate tax credit investments, and Ida-West, an operator of small PURPA-qualifying hydropower generation projects. IDACORP\u2019s and Idaho Power\u2019s principal executive offices are located at 1221 W. Idaho Street, Boise, Idaho 83702, and the telephone number is (208) 388-2200. UTILITY OPERATIONS Background Idaho Power provided electric utility service to approximately 664,000 retail customers in southern Idaho and eastern Oregon as of December 31, 2025. Approximately 561,000 of these customers are residential. Idaho Power\u2019s principal commercial and industrial customers are involved in food processing, electronics and general manufacturing, agriculture, health care, government, education, and information technology. Idaho Power also provides irrigation customers with electric utility service to operate irrigation pu ITEM 1A. RISK FACTORS IDACORP and Idaho Power operate in a highly regulated industry and business environment that involves significant risks, many of which are beyond the companies' control. The circumstances and factors set forth below should not be considered a complete list of potential risks that the companies may encounter. These risk factors, as well as additional ris", "title": "IDA - IDACORP INC", "url": "/company/IDA/" }, { "kind": "company", "summary": "SIC 6794 Patent Owners & Lessors; CIK 0001405495; latest 10-K filed 2026-02-05.", "text": "IDCC - InterDigital, Inc. SIC 6794 Patent Owners & Lessors; CIK 0001405495; latest 10-K filed 2026-02-05. IDCC InterDigital, Inc. 0001405495 6794 Patent Owners & Lessors Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. OVERVIEW The following discussion should be read in conjunction with the Consolidated Financial Statements and the Notes thereto contained in this Form 10-K. The following section generally discusses our financial condition and results of operations for our fiscal year ended December 31, 2025 compared to our fiscal year ended December 31, 2024. A discussion regarding our financial condition and results of operations for December 31, 2024 compared to our fiscal year ended December 31, 2023 can be found in Part II, Item 7 of our Annual Report on Form 10-K for fiscal year 2024, filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 6, 2025. Throughout the following discussion and elsewhere in this Form 10-K, we refer to \u201ccatch-up revenue.\u201d For variable and dynamic fixed-fee license agreements, \u201ccatch-up revenue\u201d primarily represents revenue associated with reporting periods prior to the execution of the license agreement. 28 Table of Contents Business InterDigital, Inc. (\"InterDigital\") is a global research and development company focused primarily on wireless, video, artificial intelligence (\"AI\"), and related technologies. We design and develop foundational technologies that enable connected, immersive experiences in a broad range of communications and entertainment products and services. We license our innovations worldwide to companies providing such products and services, including makers of wireless communications devices, consumer electronics, internet of things (\"IoT\") devices, cars and other motor vehicles and providers of cloud-based services such as video streaming. As a leader in wireless technology, our engineers have designed and developed a wide range of innovations that are used in wireless products and networks, from the earliest digital cellular systems to 5G and today's most advanced Wi-Fi technologies. We are also a leader in video processing and video encoding/decoding technology used in video-enabled products and services. Our AI research effort is focused on the intersection of AI with both wireless and video technologies. InterDigital is one of the largest pure research and development and licensing companies in the world, with one of the most significant patent portfolios of fundamental wireless and video technologies. As of December 31, 2025, InterDigital's wholly owned subsidiaries held a portfolio of more than 38,000 patents and patent applications related to wireless communications, video coding, display technology, and other areas relevant to communications and entertainment products and services. Our portfolio includes numerous patents and patent applications that we believe are or may be essential to existing standards, or may become essential to future standards, established by many Standards Development Organizations (\"SDOs\"). We have contributed technology to wireless standards including the 3G, 4G, 5G, and the development of 6G cellular standards and the IEEE 802.11 suite of standards. We have contributed technology to video standards including standards established by ISO/IEC Moving Picture Expert Group (MPEG), the ITU-T Video Coding Expert Group (VCEG), the Joint Collaborative Team on Video Coding (JCT-VC) and the Joint Video Expert Team (JVET), among others. We also develop technologies and associated patents enabling high dynamic range (HDR) production, distribution and display solutions. Our wireless portfolio has largely been built through internal investment in a world-class research team, supplemented by joint development projects with other companies, and select acquisitions of patents and companies. Our video technology portfolio combines patents and applications that InterDigital obtained through the acquisitions of the research and innovation unit and patent licensing business of visual technology industry leader Technicolor SA (the \"Technicolor Patent Acqui Item 1. BUSINESS. Overview InterDigital, Inc. (\"InterDigital\") is a global research and development company focused primarily on wireless, video, artificial intelligence (\"AI\"), and related technologies. We design and develop foundational technologies that enable connected, immersive experiences in a broad range of communications and entertainment products and services. We license our innovations worldwide to companies providing such products and services, including makers of wireless communications devices, consumer electronics, internet of things (\"IoT\") devices, cars and other motor vehicles and providers of cloud-based services such as video streaming. As a leader in wireless technology, our engineers have designed and developed a wide range of innovations that are used in wireless products and networks, from the earliest digital cellular systems to 5G and today's most advanced Wi-Fi technologies. We are also a leader in video processing and video encoding/decoding technology used in video-enabled products and services. Our AI research effort is focused on the intersection of AI with both wireless and video technologies. InterDigital is one of the largest pure research and development and licensing companies in the world, with one of the most significant patent portfolios of fundamental wireless and video technologies. As of December 31, 2025, InterDigital's wholly owned subsidiaries held a portfolio of more than 38,000 patents and patent applications related to wireless communications, video coding, display technology, and other areas relevant to communications and entertainment products and services. Our portfolio includes numerous patents and patent applications that we believe are or may be essential to existing standards, or may become essential to future standards, established by many Standards Development Organizations (\"SDOs\"). We have contributed technology to wireless standards including the 3G, 4G, 5G, and the development of 6G cellular standar Item 1A. RISK FACTORS. We face a variety of risks that may affect our business, financial condition, operating results, the trading price of our common stock, or any combination thereof. You should carefully consider the following information and the other information in this Form 10-K in evaluating our business and prospects and before making an", "title": "IDCC - InterDigital, Inc.", "url": "/company/IDCC/" }, { "kind": "company", "summary": "SIC 3826 Laboratory Analytical Instruments; CIK 0001110803; latest 10-K filed 2026-02-12.", "text": "ILMN - ILLUMINA, INC. SIC 3826 Laboratory Analytical Instruments; CIK 0001110803; latest 10-K filed 2026-02-12. ILMN ILLUMINA, INC. 0001110803 3826 Laboratory Analytical Instruments MANAGEMENT\u2019S DISCUSSION & ANALYSIS Our Management\u2019s Discussion and Analysis (MD&A) will help readers understand our results of operations, financial condition, and cash flow. It is provided in addition to the accompanying consolidated financial statements and notes. This MD&A is organized as follows: \u2022Management\u2019s Overview and Outlook. High level discussion of our operating results and significant known trends that affect our business. \u2022Results of Operations. Discussion of our revenues and expenses. \u2022Liquidity and Capital Resources. Discussion of key aspects of our consolidated statements of cash flows, changes in our financial position, and our financial commitments. \u2022Critical Accounting Policies and Estimates. Discussion of critical accounting policies and the significant assumptions, estimates, and judgments we make in applying such policies. \u2022Quantitative and Qualitative Disclosure about Market Risk. Discussion of our financial instruments\u2019 exposure to market risk. \u2022Recent Accounting Pronouncements. Summary of recent accounting pronouncements applicable to our consolidated financial statements. This MD&A generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Annual Report on Form 10-K for the fiscal year ended 2024. This MD&A discussion contains forward-looking statements that involve risks and uncertainties. See Consideration Regarding Forward-Looking Statements preceding the Business & Market Overview section of this report for additional factors relating to such statements. See Risk Factors within the Business & Market Information section of this report for a discussion of certain risk factors applicable to our business, financial condition, and results of operations. Operating results are not necessarily indicative of results that may occur in future periods. MANAGEMENT\u2019S OVERVIEW AND OUTLOOK This overview and outlook provide a high-level discussion of our operating results and significant known trends that affect our business. We believe an understanding of these trends is important to understanding our financial results for the periods being reported herein as well as our future financial performance. This summary is not intended to be exhaustive, nor is it intended to be a substitute for the detailed discussion and analysis provided elsewhere. About Illumina Our focus on innovation has established us as a global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture and other emerging segments. Our customers include leading genomic research centers, academic institutions, government laboratories, and hospitals, as well as pharmaceutical, biotechnology, commercial molecular diagnostic laboratories, and consumer genomics companies. Our comprehensive line of products addresses the scale of experimentation and breadth of functional analysis to advance disease research, drug development, and the development of molecular tests. This portfolio of leading-edge sequencing and array-based solutions addresses a range of genomic complexity and throughput, enabling researchers and clinical practitioners to select the best solution for their scientific challenge. 33 On June 24, 2024, we completed the Spin-Off of GRAIL into a new public company through the distribution of approximately 85.5% of the outstanding shares of common stock of GRAIL to Illumina stockholders on a pro rata basis. We retained approximately 14.5% of the shares of GRAIL common stock immediately following the Spin-Off. The disposition of GRAIL did not meet the criteria to be reported as a discontinued operation and accor", "title": "ILMN - ILLUMINA, INC.", "url": "/company/ILMN/" }, { "kind": "company", "summary": "SIC 2040 Grain Mill Products; CIK 0001046257; latest 10-K filed 2026-02-17.", "text": "INGR - Ingredion Inc SIC 2040 Grain Mill Products; CIK 0001046257; latest 10-K filed 2026-02-17. INGR Ingredion Inc 0001046257 2040 Grain Mill Products ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Unless otherwise indicated or the context otherwise requires, as used in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d the terms \u201cthe Company,\u201d \u201cIngredion,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d and similar terms refer to Ingredion Incorporated and its consolidated subsidiaries. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d should be read in conjunction with the Consolidated Financial Statements and related notes included elsewhere in this report. This discussion contains forward-looking statements that are subject to numerous risks and uncertainties. Actual results may differ materially from those expressed or implied in any forward-looking statements. See \u201cForward-Looking Statements\u201d above. Overview We are a leading global ingredient solutions provider that transforms grains, fruits, vegetables and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets. Our innovative ingredient solutions help customers stay on trend with simple ingredients and other in-demand ingredients. While we identify the impacts on our results of divestitures, acquisitions and investments, including investments in joint ventures that we account for as equity method investments, our discussion below also addresses results of operations excluding those impacts, where appropriate, to provide a more comparable and meaningful analysis. Results of Operations We have three reportable business segments: Texture & Healthful Solutions (\u201cT&HS\u201d), Food & Industrial Ingredients\u2013LATAM (\u201cF&II\u2013LATAM\u201d) and Food & Industrial Ingredients\u2013U.S./Canada (\u201cF&II\u2013U.S./Canada\u201d). In addition, operating segments that are not individually or collectively a reportable segment are grouped and classified as \u201cAll Other.\u201d Fluctuations in foreign currency exchange rates affect the U.S. dollar amounts of our foreign subsidiaries\u2019 net sales and expenses. For most of our foreign subsidiaries, the local foreign currency is the functional currency. Accordingly, net sales and expenses denominated in the functional currencies of these subsidiaries are translated into U.S. dollars at the applicable average exchange rates for the period. In 2025, Ingredion continued to optimize its global operations and lower corn costs to deliver healthy solutions to our customers. As a result, Net income attributable to Ingredion for 2025 was $729 million, which represented an increase of 13 percent from $647 million, a year which included a $90 million gain on the February 2024 sale of our South Korea operations. Diluted earnings per share were $11.18 for 2025, compared to $9.71 for 2024. Our operating income of $1,016 million for 2025 increased by 15 percent from operating income of $883 million for 2024. The results from 2024 included impairment charges for the cessation of operations at our manufacturing facilities in Vanscoy, Canada; Goole, United Kingdom; and Alcantara, Brazil. For 2025, net sales decreased 3 percent to $7.2 billion from 2024, which was primarily due to unfavorable price mix, including the pass through of lower corn costs, and lower volumes. For the Year Ended December 31, 2025 With Comparatives for the Year Ended December 31, 2024 Net sales. Net sales decreased 3 percent to $7.2 billion for 2025 compared to $7.4 billion for 2024. The decrease in net sales was driven by lower volume from each of the F&II segments and price mix, primarily from lower raw material costs, partially offset by T&HS favorable volumes. Cost of sales. Cost of sales decreased 4 percent to $5.4 billion for 2025 compared to $5.6 billion for 2024. The decrease in cost of sales was primarily due to lower raw material and input costs. As a result, our gross profit margin increased to 25 percent in 2025 compared to 24 percent in 2024. Operating expenses. Operat ITEM 1. BUSINESS Our Company Ingredion Incorporated (together with its consolidated subsidiaries, the \u201cCompany,\u201d \u201cIngredion,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d) is a leading global ingredient solutions provider that transforms grains, fruits, vegetables and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets. Our purpose is to bring the potential of people, nature and technology together to make life better. We develop, produce and sell a variety of food and beverage ingredients, primarily starches and sweeteners, for a broad range of customers in over 60 industries worldwide. Products Our innovative ingredient solutions help customers stay on trend with consumer-friendly, in-demand ingredients. Ingredion derives most of our products by processing corn and other starch-based materials, such as tapioca, potato, peas and rice. Our product lines include starches and sweeteners, animal feed products and edible corn oil. Our starch-based products include both food-grade and industrial starches, as well as biomaterials and non-GMO (genetically modified organism) products. Our sweetener products include glucose syrups, high maltose syrups, high fructose corn syrup, caramel color, dextrose, polyols, maltodextrins, glucose and syrup solids, high-intensity sweeteners, and various non-GMO products. Starches are an important component in a wide range of processed foods and non-food applications. Food companies use starches for adhesion, clouding, dusting, expansion, fat replacement, freshness, gelling, glazing, mouthfeel, stabilization and texture. The paper industry uses starches to provide strength properties as well as adhesion in the conversion of corrugated boxes, and various industrial companies use paper starches for enhanced drainage, fiber retention, oil and grease resistance, improved printability and biochemical oxygen demand control. Industrial starches are used in the production of cons ITEM 1A. RISK FACTORS There are many factors that could adversely affect our business, results of operations and cash flows, some of which are beyond our control. The following is a description of some important factors that may cause our business, results of operations, financial condition and cash flows in future periods to differ materially from those current", "title": "INGR - Ingredion Inc", "url": "/company/INGR/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001111928; latest 10-K filed 2026-02-23.", "text": "IPGP - IPG PHOTONICS CORP SIC 3674 Semiconductors & Related Devices; CIK 0001111928; latest 10-K filed 2026-02-23. IPGP IPG PHOTONICS CORP 0001111928 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors including, but not limited to, those discussed under Item 1A, \"Risk Factors.\" The following analysis generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 20, 2025. Overview We develop, manufacture and sell high-performance fiber lasers, fiber amplifiers, diode lasers and laser-based systems that are used for diverse applications, primarily in materials processing, medical and advanced applications. We also 33 Table of Contents manufacture and sell complementary products used with our lasers including optical delivery cables, fiber couplers, beam switches, optical processing heads, in-line sensors and chillers. We sell our products globally to original equipment manufacturers (\"OEMs\"), system integrators and end users. We market our products internationally, primarily through our direct sales force. Our major manufacturing facilities are located in the United States and Germany. In response to the risks from the Russia-Ukraine conflict and related sanctions, we have ceased new investment in our Belarusian operations and expanded our manufacturing operations in Germany, the United States and Italy, and have added manufacturing capacity in Poland to meet the demand for our products and our sales and support needs. We have sales and service offices and applications laboratories worldwide. We are vertically integrated such that we design and manufacture most of the key components used in our finished products, from semiconductor diodes to optical fiber preforms, finished fiber lasers and complementary products. Our vertically integrated operations allow us to reduce manufacturing costs, control quality, rapidly develop and integrate advanced products and protect our proprietary technology. Description of Our Net Sales, Costs and Expenses Net sales. We derive net sales primarily from the sale of fiber lasers, fiber amplifiers, diode lasers, laser and non-laser based systems and complementary products. We sell our products to OEMs that supply materials processing laser systems, medical laser systems and other laser systems to end users. We also sell our laser products and laser and non-laser based systems to end users. Our scientists and engineers work closely with OEMs, systems integrators and end users to analyze their system requirements and match appropriate fiber laser, amplifier or system specifications to those requirements. Our sales cycle varies substantially, ranging from a period of a few weeks to as long as one year or more, but is typically several months. Sales of our products are generally recognized upon shipment, provided that no obligations remain and collection of the receivable is reasonably assured. Sales of customized large scale material processing systems are recognized over time. Our sales typically are made on a purchase order basis rather than through long-term purchase commitments. We develop our products to standard specifications and use a common set of components within our product architectures. Our major products are based upon a common technology platform. We continually enhance these and ot ITEM 1. BUSINESS Our Company IPG Photonics Corporation (\"IPG\", the \"Company\", the \"Registrant\", \"we\", \"us\" or \"our\") develops, manufactures and sells high-performance fiber lasers, fiber amplifiers, diode lasers and laser-based systems that are used for diverse applications in materials processing, medical and advanced applications. Fiber lasers combine the advantages of semiconductor diodes, such as long life and high efficiency, with the high amplification and precise beam qualities of specialty optical fibers to deliver superior performance, reliability and usability. We sell our products globally to original equipment manufacturers (\"OEMs\"), system integrators and end users. We market our products internationally, primarily through our direct sales force. Our major manufacturing facilities are located in the United States and Germany. We have sales service offices and applications laboratories worldwide. We are vertically integrated such that we design and manufacture most of the key components used in our finished products, from semiconductor diodes to optical fiber preforms, finished fiber lasers and amplifiers. We manufacture complementary products used with our lasers including optical delivery cables, fiber couplers, beam switches, optical processing heads, in-line sensors and chillers. Our vertically integrated operations allow us to control quality, rapidly develop and integrate advanced products and protect our proprietary technology. We are listed on the Nasdaq Global Select Market (ticker: IPGP). We began operations in 1990, and we were incorporated in Delaware in 1998. Our principal executive offices are located at 377 Simarano Drive, Marlborough, Massachusetts 01752, and our telephone number is (508) 373-1100. Industry Overview Laser technology has revolutionized a broad range of applications and products in manufacturing, automotive, aerospace, medical, research, consumer electronics, semiconductors and communications. A laser converts ele ITEM 1A. RISK FACTORS The factors described below are the principal risks that could materially adversely affect our operating results and financial condition. Other factors may exist that we do not consider significant based on information that is currently available. In addition, new risks may emerge at any time and we cannot pred", "title": "IPGP - IPG PHOTONICS CORP", "url": "/company/IPGP/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001466085; latest 10-K filed 2026-02-17.", "text": "IRT - INDEPENDENCE REALTY TRUST, INC. SIC 6798 Real Estate Investment Trusts; CIK 0001466085; latest 10-K filed 2026-02-17. IRT INDEPENDENCE REALTY TRUST, INC. 0001466085 6798 Real Estate Investment Trusts ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management's Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help provide an understanding of our business, financial condition and results of operations. This MD&A should be read in conjunction with our Consolidated Financial Statements and the accompanying Notes to Consolidated Financial Statements included elsewhere in this Annual Report. This Annual Report, including the following MD&A, contains forward-looking statements regarding future events or trends that are intended to be made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We assume no obligation to update or supplement forward-looking statements because of subsequent events. Actual results may differ materially from the anticipated results discussed in these forward-looking statements. Factors which may cause our actual results or performance to differ materially from those contemplated by forward-looking statements include, but are not limited to, the following: [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Unfavorable changes in economic conditions, either nationally or regionally in one or more of the markets in which we operate, could adversely impact us;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Short-term leases expose us to the effects of declining rents;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Competition could limit our ability to lease our units or increase or maintain rental income;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Redevelopment risks could impact our profitability;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Impairment charges;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Labor and materials required for maintenance, repair, renovation or capital expenditure may be more expensive than anticipated or significantly delayed;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Competition could adversely affect our ability to acquire properties;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Our acquisition strategy may not produce the cash flows expected;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Failure to qualify as a REIT could have adverse consequences;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Litigation risks could affect our business;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"A cybersecurity incident and other technology disruptions could negatively impact our business;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Damage from catastrophic weather and other natural events could result in losses;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Volatility in capital markets may result in fluctuations in our share price;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Debt financing and other required capital may not be available to us or may only be available on adverse terms;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Substantial inflationary or deflationary pressures could adversely affect our financial condition or results of operations;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Rising interest rates could both increase our borrowing costs, thereby adversely affecting our cash flows and the amounts available for distribution to our stockholders, and decrease our share price, if investors seek higher yields through other ITEM 1. Business Our Company IRT, a Maryland corporation, is a self-administered and self-managed real estate investment trust (\u201cREIT\u201d) that acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. As of December 31, 2025, we owned and operated 114 multifamily apartment properties (including one owned through a consolidated joint venture) that contain an aggregate of 33,462 units in the following Southeastern and Midwestern states: Alabama, Colorado, Florida, Georgia, Indiana, Kentucky, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, and Texas. In addition, as of December 31, 2025, we owned one investment in real estate under development in Denver, Colorado that will, upon completion, contain 296 units. As of December 31, 2025, we also owned interests in four unconsolidated joint ventures, two of which own and operate multifamily apartment properties that contain an aggregate of 653 units and two that are developing multifamily apartment properties that will, upon completion, contain an aggregate of 642 units. We do not have any foreign operations and our business is not seasonal. Our principal executive offices are located at 1835 Market Street, Suite 2601, Philadelphia, PA 19103 and our telephone number is (267) 270-4800. Our Business Objective and Investment Strategies Our primary business objective is to provide attractive risk-adjusted returns to stockholders through diligent portfolio management, strong operational performance, and consistent returns on capital through distributions and capital appreciation. Our investment strategy is focused on the following: [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"gaining scale near major employment centers within key amenity-rich submarkets of non-gateway cities that offer good school districts, high-quality retail, and that are unlikely to experience substantial new apartment construction in the foreseeable future;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABL ITEM 1A. Risk Factors You should carefully consider these risk factors, together with all of the other information included in this Annual Report, including our consolidated financial statements and the related notes thereto, before you decide whether to make an investment in our securities. The Risk Factor Summary that f", "title": "IRT - INDEPENDENCE REALTY TRUST, INC.", "url": "/company/IRT/" }, { "kind": "company", "summary": "SIC 3561 Pumps & Pumping Equipment; CIK 0000216228; latest 10-K filed 2026-02-09.", "text": "ITT - ITT INC. SIC 3561 Pumps & Pumping Equipment; CIK 0000216228; latest 10-K filed 2026-02-09. ITT ITT INC. 0000216228 3561 Pumps & Pumping Equipment ITEM 7. MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements and the notes related thereto. As we noted earlier in the Forward-Looking and Cautionary Statements of this Annual Report on Form 10-K, this Part II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, and Part II, Item 7A, Quantitative and Qualitative Disclosures about Market Risk (along with other sections of this Annual Report), may contain forward-looking statements. The risks discussed in Part I, Item 1A, Risk Factors, and other risks identified in this Annual Report on Form 10-K could cause our actual results to differ materially from those expressed by such forward-looking statements. All comparisons included within this Part II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, refer to results for the year ended December 31, 2025 compared to the year ended December 31, 2024, unless stated otherwise. Additionally, all financial results and share repurchases other than per share amounts are reported in millions, unless stated otherwise. Per share amounts are reported in ones. Please refer to our Annual Report on Form 10-K (2024 Annual Report) for a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023. OVERVIEW ITT Inc., through its worldwide subsidiaries, is a diversified manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial and energy markets. Our product and service offerings are organized into three segments: Motion Technologies (MT), Industrial Process (IP), and Connect & Control Technologies (CCT). Refer to Part I, Item 1, Description of Business, for a further overview of our company, segments, products and service offerings, and other information about the business. Effective January 1, 2025, the Company changed its method of determining the cost for certain inventories from a last-in, first-out (LIFO) to first-in, first out (FIFO) for all inventories previously accounted for under LIFO. For additional information on the change in accounting principle, refer to Note 1, Description of Business and Basis of Presentation. Management\u2019s discussion and analysis of financial condition and results of operations have been adjusted to reflect the change in accounting principle. EXECUTIVE SUMMARY During 2025, we delivered strong financial results, which included revenue and operating income growth, operating margin expansion, EPS growth and effective deployment of capital. The following table provides a summary of key performance indicators for 2025 in comparison to 2024. [[GREPCENT_TABLE]] [[\"Revenue\",\"Operating Income\",\"Operating Margin\",\"\",\"EPS\"],[\"$3,939\",\"$685\",\"17.4%\",\"\",\"$6.11\"],[\"8.5% Increase\",\"0.9% Increase\",\"(130)bp Decrease\",\"\",\"(3.3)% Decrease\"],[\"Organic Revenue\",\"Adjusted Operating Income\",\"Adjusted Operating Margin\",\"\",\"Adjusted EPS\"],[\"$3,712\",\"$717\",\"18.2%\",\"\",\"$6.72\"],[\"4.8% Increase\",\"11.2% Increase\",\"40bp Increase\",\"\",\"14.3% Increase\"]] [[/GREPCENT_TABLE]] See the section titled \"Key Performance Indicators and Non-GAAP Measures\" for a definition and reconciliation of organic revenue, adjusted operating income, adjusted operating margin, and adjusted EPS. 29 Our 2025 results include: \u2022Revenue of $3,938.5 increased $307.8, or 8.5%, due to growth in each of our three business segments. IP drove significant growth with pump projects, CCT saw strength across connectors and components within the aerospace and defense markets, and MT continued to outperform with share gains in automotive and strength in rail, resulting in total ITT organic revenue growth of 4.8% for the year. In addition, the 2025 results included incremental revenue of $161.5, primarily from our 2024 acquisition of kSARIA, and benefitted from favorab ITEM 1A. RISK FACTORS We are subject to a wide range of factors that could materially affect future developments and performance. Because of these factors, past performance may not be a reliable indicator of future results. You should carefully consider, together with the other information contained in this Annual Report on Form 10-K, the risks and uncertainties described below. These risks may have a material adverse effect on our reputation, business, results of operations, financial condition, or cash flows. In addition to these risks, there may be additional risks and uncertainties that adversely affect our business, performance or financial condition in the future that are not presently known, are not currently believed to be significant or are not identified below because they are common to most or all companies. Business and Operating Risks Our operating results have been, and may continue to be, adversely affected by unfavorable or uncertain global macroeconomic and capital market conditions. Adverse global macroeconomic conditions, including due to heightened geopolitical tensions, inflation, slowing growth or a recession, currency fluctuations, new or increased tariffs or barriers to trade, tighter credit, higher interest rates, union strikes, and higher unemployment rates can negatively impact customer confidence, spending, and demand for our products and services. In addition, these conditions can negatively impact our customers and suppliers. A downturn in the economic environment can also lead to increased credit and collectability risk or slower collection on the Company's trade receivables, increased bankruptcy risk amongst our suppliers, the failure of derivative counterparties or other financial institutions, limitations on the ability of the Company to issue new debt, reduced liquidity, declines in the fair value of the Company's financial instruments, and increased impairment risk for the Company's goodwill and intangible assets. We have expe", "title": "ITT - ITT INC.", "url": "/company/ITT/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001232524; latest 10-K filed 2026-02-24.", "text": "JAZZ - Jazz Pharmaceuticals plc SIC 2834 Pharmaceutical Preparations; CIK 0001232524; latest 10-K filed 2026-02-24. JAZZ Jazz Pharmaceuticals plc 0001232524 2834 Pharmaceutical Preparations Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The purpose of the Management Discussion and Analysis is to present information that management believes is relevant to promote an understanding of our results of operations and cash flows for the fiscal year ended December 31, 2025 and our financial condition as of December 31, 2025 and should be read in conjunction with the consolidated financial statements and notes to consolidated financial statements included elsewhere in this Annual Report on Form 10\u2011K. This discussion contains forward-looking statements that involve risks and uncertainties. You should review the risks and uncertainties described in \u201cRisk Factors\u201d in Part I, Item 1A in this Annual Report on Form 10\u2011K for a discussion of important factors that could cause actual results to differ materially from those projected in forward-looking statements contained in this report or implied by past results and trends. Forward-looking statements are statements that attempt to forecast or anticipate future developments in our business, financial condition or results of operations. See the \u201cCautionary Note Regarding Forward-Looking Statements\u201d that appears at the beginning of this Annual Report on Form 10-K. These statements, like all statements in this report, speak only as of the date of this Annual Report on Form 10-K (unless another date is indicated), and we undertake no obligation to update or revise these statements in light of future developments. Overview Jazz Pharmaceuticals plc is a global biopharmaceutical company whose purpose is to innovate to transform the lives of patients and their families. We are dedicated to developing life-changing medicines for people with rare disease \u2013 often with limited or no therapeutic options. We have a diverse portfolio of medicines, including leading therapies addressing epilepsies, cancers and sleep disorders. Our patient-focused and science-driven approach powers pioneering R&D advancements across our robust pipeline of innovative therapeutics. Our strategy for growth is rooted in executing commercial launches and ongoing commercialization initiatives, advancing robust R&D programs and delivering impactful clinical results, effectively deploying capital to strengthen the prospects of achieving our short- and long-term goals through strategic corporate development, and delivering strong financial performance. We focus on rare disease, which often have high unmet needs and small patient populations, resulting in efficient, concentrated call points. We seek to identify and develop highly differentiated therapies for these patients that we expect will be long-lived assets and that we can support with an efficient commercialization model. In addition, we leverage our efficient, scalable operating model and integrated capabilities across our global infrastructure to effectively reach patients around the world. We continue to invest in pipeline programs that further our rare disease strategy. For a summary of our ongoing R&D activities, see \u201cBusiness\u2014Research and Development Progress\u201d in Part I, Item 1 of this Annual Report on Form 10-K. 81 Table of Contents Our lead marketed products, listed below, are approved in countries around the world to improve patient care. [[GREPCENT_TABLE]] [[\"Product\",\"Indications\",\"Initial Approval Date\",\"Markets\"],[\"Xywav\\u00ae (calcium, magnesium, potassium, and sodium oxybates)\",\"Treatment of cataplexy or EDS in patients seven years of age and older with narcolepsy.\",\"July 2020\",\"U.S.\"],[\"Treatment of IH in adults.\",\"August 2021\",\"U.S.\"],[\"Treatment of cataplexy in patients with narcolepsy.\",\"May 2023\",\"Canada\"],[\"Epidiolex\\u00ae (cannabidiol)\",\"Treatment of seizures associated with LGS, DS, or TSC in patients 1 year of age and older.\",\"June 2018 and July 2020\",\"U.S.\"],[\"Adjunctive therapy of seizures associated with LGS, DS, or TSC in patients 1 year of age and older.\",\"April and October 2021\",\"Isr Item 1.Business Overview Jazz Pharmaceuticals plc is a global biopharmaceutical company whose purpose is to innovate to transform the lives of patients and their families. We are dedicated to developing life-changing medicines for people with rare disease \u2013 often with limited or no therapeutic options. We have a diverse portfolio of medicines, including leading therapies addressing epilepsies, cancers and sleep disorders. Our patient-focused and science-driven approach powers pioneering R&D advancements across our robust pipeline of innovative therapeutics. Our lead marketed products, listed below, are approved in countries around the world to improve patient care. \u2022Xywav\u00ae (calcium, magnesium, potassium, and sodium oxybates) oral solution, a product approved by FDA in July 2020, and launched in the U.S. in November 2020 for the treatment of cataplexy or EDS in patients seven years of age and older with narcolepsy, and also approved by FDA in August 2021 for the treatment of IH in adults and launched in the U.S. in November 2021. Xywav contains 92% less sodium than Xyrem\u00ae. Xywav is also approved in Canada for the treatment of cataplexy in patients with narcolepsy. \u2022Epidiolex\u00ae (cannabidiol) oral solution, a product approved by FDA and launched in the U.S. in 2018 by GW and currently indicated for the treatment of seizures associated with LGS, DS, or TSC in patients one year of age or older; in the EU and Great Britain (where it is marketed as Epidyolex\u00ae) and other markets, it is approved for adjunctive treatment of seizures associated with LGS or DS, in conjunction with clobazam (EU and Great Britain only), in patients 2 years of age and older and for adjunctive treatment of seizures associated with TSC in patients 2 years of age and older. \u2022Ziihera\u00ae (zanidatamab-hrii), a product approved by FDA in November 2024 under FDA\u2019s accelerated approval pathway and launched in the U.S. in December 2024 for the treatment of adults with previously treated, unresectable or Item 1A.Risk Factors We have identified the following risks and uncertainties that may have a material adverse effect on our business, financial condition or results of operations. The risks described below are not the only ones we face. Additional risks not presently known to us or that we currently believe are immaterial", "title": "JAZZ - Jazz Pharmaceuticals plc", "url": "/company/JAZZ/" }, { "kind": "company", "summary": "SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0000096223; latest 10-K filed 2026-01-28.", "text": "JEF - Jefferies Financial Group Inc. SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0000096223; latest 10-K filed 2026-01-28. JEF Jefferies Financial Group Inc. 0000096223 6211 Security Brokers, Dealers & Flotation Companies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements This report may contain or incorporate by reference certain \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and/or the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about our future and statements that are not historical or current facts. These forward-looking statements are often preceded by the words \u201cshould,\u201d \u201cexpect,\u201d \u201cbelieve,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201ccould\u201d or similar expressions. Forward-looking statements may contain expectations regarding revenues, earnings, operations and other results, and may include statements of future performance, plans and objectives. Forward- looking statements also include statements pertaining to our strategies for future development of our business and products. Forward-looking statements represent only our belief regarding future events, many of which by their nature are inherently uncertain. It is possible that the actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Information regarding important factors that could cause actual results to differ, perhaps materially, from those in our forward-looking statements is contained in this report and other documents we file. You should read and interpret any forward-looking statement together with these documents, including the following: \u2022the description of our business contained in this report under the caption \u201cBusiness\u201d; \u2022the risk factors contained in this report under the caption \u201cRisk Factors\u201d; \u2022the discussion of our analysis of financial condition and results of operations contained in this report under the caption \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d herein; \u2022the discussion of our risk management policies, procedures and methodologies contained in this report under the caption \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u2014Risk Management\u201d herein; \u2022the consolidated financial statements and notes to the consolidated financial statements contained in this report; and \u2022cautionary statements we make in our public documents, reports and announcements. Any forward-looking statement speaks only as of the date on which that statement is made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made, except as required by applicable law. Our business, by its nature, does not produce predictable or necessarily recurring earnings. Our results in any given period can be materially affected by conditions in global financial markets, economic conditions generally and our own activities and positions. For a further discussion of the factors that may affect our future operating results, refer to the risk factors contained in this report under the caption \u201cRisk Factors\u201d. Our results of operations for the years ended November 30, 2025 (\u201c2025\u201d) and November 30, 2024 (\u201c2024\u201d) are discussed below. For a discussion of our results of operations for the year ended November 30, 2023 (\u201c2023\u201d) and our 2024 results of operations as compared to our 2023 results of operations, refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report Form 10-K for the year ended November 30, 2024, which was filed with the SEC on January 28, 2025. [[GREPCENT_TABLE]] [[\"17\",\"\",\"Jefferies Financial Group Inc.\"]] [[/GREPCENT_TABLE]] Consolidated Results of Operations Overview [[GREPCENT_TABLE]] [[\"$ in thousands\",\"2025\",\"2024\",\"% Change\"],[\"Net revenues ....................................................\",\"$7,3 Item 1. Business Introduction Jefferies Financial Group Inc. (\u201cJefferies,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a U.S.-headquartered global investment banking and capital markets firm. Our largest subsidiary, Jefferies LLC, a U.S. broker- dealer, was founded in the U.S. in 1962 and our first international operating subsidiary, Jefferies International Limited, a U.K. broker-dealer, was established in the U.K. in 1986. Our strategy focuses on driving momentum in our investment banking business, bringing value to clients and executing in our capital markets sales and trading businesses and growing our credit and alternative asset management platforms. We are always client focused first and committed to integration and collaboration across our businesses. Our global headquarters and executive offices are located at 520 Madison Avenue, New York, New York 10022. We also have regional headquarters in London and Hong Kong. Our primary telephone number is 212-284-2300 and our Internet address is jefferies.com where we make available, free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as well as proxy statements, as soon as reasonably practicable after we electronically file with the U.S. Securities and Exchange Commission (\u201cSEC\u201d) and can also be viewed at sec.gov. The following documents and reports are also available on our public website: \u2022Audit Committee Charter \u2022Code of Business Practice \u2022Compensation Committee Charter \u2022Corporate Governance Guidelines \u2022Corporate Social Responsibility Principles \u2022Reportable waivers, if any, from our Code of Business Practice by our executive officers \u2022Culture and Community Committee Charter \u2022Health and Safety Policy \u2022Human Rights Statement \u2022Nominating and Corporate Governance Committee Charter \u2022Risk and Liquidity Oversight Commit Item 1A. Risk Factors Factors Affecting Our Business The following factors describe some of the assumptions, risks, uncertainties and other factors that could adversely affect our business or that could necessitate unforeseen changes to the ways we operate our businesses or could otherwise result in changes that differ materially from our expectations. In additi", "title": "JEF - Jefferies Financial Group Inc.", "url": "/company/JEF/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001274173; latest 10-K filed 2026-02-25.", "text": "JHG - JANUS HENDERSON GROUP PLC SIC 6282 Investment Advice; CIK 0001274173; latest 10-K filed 2026-02-25. JHG JANUS HENDERSON GROUP PLC 0001274173 6282 Investment Advice ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Business Overview We are an independent global asset manager, specializing in active investment across all major asset classes. We actively manage a broad range of investment products for institutional and retail investors across four capabilities: Equities, Fixed Income, Multi-Asset and Alternatives. Our strategy is based on three strategic pillars \u2014 Protect & Grow, Amplify and Diversify \u2014 and is centered on the belief that a combination of relentless focus and disciplined execution across our core business will drive future success as a global active asset manager. Specifically, our strategy lays a strong foundation for sustained organic growth and opportunistic inorganic growth to create value for all of our stakeholders, including clients, shareholders and employees. We serve a diverse clientele worldwide, comprising intermediaries, institutional investors and self-directed clients. To cater to regional needs effectively, we maintain local presence across most markets and provide investment materials tailored to local customs, preferences and languages supported by our global distribution team. Segment Considerations We are a global asset manager and manage a range of investment products, operating across various product lines, distribution channels and geographic regions. However, information is reported to the chief operating decision-maker, our Chief Executive Officer (\u201cCEO\u201d), on an aggregated basis. Strategic and financial management decisions are determined centrally by our CEO and, on this basis, we operate as a single-segment investment management business. Revenue Revenue primarily consists of management fees, shareowner servicing fees and performance fees. Management fees are generally based on a percentage of the market value of our AUM and are calculated using either the daily, month-end or quarter-end average asset balance in accordance with contractual agreements. Accordingly, fluctuations in the financial markets have a direct effect on our operating results. Additionally, our AUM may outperform or underperform the financial markets and, therefore, may fluctuate in varying degrees from that of the general market. Performance fees are specified in certain fund and client contracts and are based on investment performance either on an absolute basis or compared to an established index over a specified period of time. These fees are often subject to an HWM. Performance fees are recognized at the end of the contractual period (typically monthly, quarterly or annually) if the stated performance criteria are achieved. Certain fund contracts allow for negative performance fees where there is underperformance against the relevant index. 2025 SUMMARY 2025 Highlights [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"We achieved solid investment performance, with 65%, 65%, 65% and 67% of our AUM outperforming benchmarks on a one-, three-, five- and 10-year basis, respectively, as of December 31, 2025.\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"AUM increased to $493.2 billion, up 30% from the year ended December 31, 2024.\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Net inflows for the year ended December 31, 2025, were $56.5 billion, compared to $2.4 billion of net inflows for the year ended December 31, 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"2025 diluted earnings per share of $5.23, or $4.78 on an adjusted basis, benefited from extraordinary annual performance fees. Refer to the Non-GAAP Financial Measures section for information on adjusted non-GAAP figures.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"On June 30, 2025, we entered into a strategic partnership with Guardian Life Insurance Company of America (\\u201cGuardian\\u201d), pursuant to which JHG will manage Guardian\\u2019s public fixed income asset portfolio, which consists of predominantly investment-g ITEM 1. BUSINESS Overview Janus Henderson Group plc (\u201cJHG,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and similar terms), a company incorporated and registered in Jersey, Channel Islands, is an independent global asset manager, specializing in investment management across all major asset classes. Through its predecessor companies, JHG traces its lineage back to 1934 when Henderson Group plc (\u201cHenderson\u201d) was founded. We are a client-focused global business with more than 2,300 employees worldwide and assets under management (\u201cAUM\u201d) of $493.2 billion as of December 31, 2025. We have operations in North America, the United Kingdom (\u201cUK\u201d), continental Europe, Latin America, the Middle East, Asia and Australia. Our mission is to help clients define and achieve superior financial outcomes through differentiated insights, disciplined investments and world-class service. We bring people and ideas together to help shape the futures of millions of people as we fulfill our purpose of \u201cInvesting in a brighter future together.\u201d We manage a broad range of investment products for institutional and retail investors across four capabilities: Equities, Fixed Income, Multi-Asset and Alternatives. Clients entrust money to us, either their own or money they manage or advise on for their clients, and expect us to deliver the benefits specified in their mandate or by the prospectus for the fund in which they invest. We measure the amount of these funds as AUM. AUM increases or decreases primarily depending on our ability to attract and retain client investments, on investment performance and as a function of market and currency movements. AUM is also impacted when we invest in new asset management teams or businesses or divest from existing businesses. Clients pay a management fee, which is usually calculated as a percentage of AUM. Certain investment products are also subject to performance fees, which vary based on when performance hurdles or other specified criteria are achieved. The lev ITEM 1A. RISK FACTORS An investment in our common stock involves various risks, including those mentioned below and those that are discussed from time to time in our periodic filings with the SEC. Investors should carefully consider these risks, along with the other information contained in this report, before making an investment decision regarding o", "title": "JHG - JANUS HENDERSON GROUP PLC", "url": "/company/JHG/" }, { "kind": "company", "summary": "SIC 6531 Real Estate Agents & Managers (For Others); CIK 0001037976; latest 10-K filed 2026-02-19.", "text": "JLL - JONES LANG LASALLE INC SIC 6531 Real Estate Agents & Managers (For Others); CIK 0001037976; latest 10-K filed 2026-02-19. JLL JONES LANG LASALLE INC 0001037976 6531 Real Estate Agents & Managers (For Others) ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis contains certain forward-looking statements generally identified by the words: anticipates, believes, estimates, expects, forecasts, plans, intends and other similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, achievements, plans, and objectives to be materially different from any future results, performance, achievements, plans, and objectives expressed or implied by such forward-looking statements. See the Cautionary Note Regarding Forward-Looking Statements after Part IV, Item 15. Exhibits and Financial Statement Schedules. We present our Management's Discussion and Analysis in the following sections: (1) A summary of our critical accounting policies and estimates; (2) Certain items affecting the comparability of results; (3) Certain market and other risks we face; (4) The results of our operations, first on a consolidated basis and then for each of our business segments; and (5) Liquidity and capital resources. In this Item, we discuss results for the years ended December 31, 2025 and 2024 and the comparison between these years. Discussions of results for the year ended December 31, 2023 and comparisons between 2024 and 2023 results can be found in Item 7 \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" of our Annual Report on Form 10-K for the year ended December 31, 2024. SUMMARY OF CRITICAL ACCOUNTING POLICIES AND ESTIMATES An understanding of our accounting policies is necessary for a complete analysis of our results, financial position, liquidity and trends. The preparation of our financial statements requires management to make certain critical accounting estimates and judgments that impact (i) the stated amount of assets and liabilities, (ii) disclosure of contingent assets and liabilities as of the date of the financial statements and (iii) the reported amounts of revenue and expenses during the reporting periods. These accounting estimates are based on management's judgment. We consider them to be critical because of their significance to the financial statements and the possibility future events may differ from current judgments, or that the use of different assumptions could result in materially different estimates. We review these estimates on a periodic basis to ensure reasonableness. Although actual amounts may differ from such estimated amounts, we believe such differences are not likely to be material. For additional detail regarding our critical accounting policies and estimates discussed below, see Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements, included in Item 8. Revenue Recognition We earn revenue from the following services (segments are bolded). \u2022Real Estate Management Services \u25e6Workplace Management \u25e6Project Management \u25e6Property Management \u25e6Portfolio Services and Other \u2022Leasing Advisory \u25e6Leasing \u25e6Advisory, Consulting and Other \u2022Capital Markets Services \u25e6Investment Sales, Debt/Equity Advisory and Other \u25e6Loan Servicing \u25e6Value and Risk Advisory \u2022Investment Management \u2022Software and Technology Solutions 41 Table of Contents Our services are generally earned and billed in the form of transaction commissions, advisory and management fees, and incentive fees. Some of the contractual terms related to the services we provide, and thus the revenue we recognize, can be complex, requiring us to make judgments about our performance obligations and the timing and extent of revenue to recognize. In addition, a significant portion of our revenue represents the reimbursement of costs we incur on behalf of clients. Goodwill and Other Intangible Assets Consistent with the services nature of the businesses we have acquired, the largest asset ITEM 1. BUSINESS COMPANY OVERVIEW Jones Lang LaSalle Incorporated, incorporated in 1997, is a Maryland corporation. References to \"JLL,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Jones Lang LaSalle Incorporated and include all of its consolidated subsidiaries, unless otherwise indicated or the context requires otherwise. Our common stock is listed on The New York Stock Exchange (\"NYSE\") under the symbol \"JLL.\" JLL is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500\u00ae company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Our clients vary greatly in size and include for-profit and not-for-profit entities, public-private partnerships and governmental (\"public sector\") entities. Through LaSalle Investment Management (also referred to as \"LaSalle\" or our \"Investment Management\" segment), we invest for clients on a global basis in both private assets and publicly traded real estate securities. Our global platform and diverse service and product offerings position us to take advantage of the opportunities in a consolidating industry and to successfully navigate the dynamic and challenging markets in which we compete worldwide. We use JLL as our principal trading name. Jones Lang LaSalle Incorporated remains our legal name. JLL is a ITEM 1A. RISK FACTORS In addition to other information set forth in this report, you should carefully consider the following risks that, based upon current knowledge, information and assumptions, could materially adversely affect our business, financial condition and results of operations. Some of these risks and uncertainties could a", "title": "JLL - JONES LANG LASALLE INC", "url": "/company/JLL/" }, { "kind": "company", "summary": "SIC 1531 Operative Builders; CIK 0000795266; latest 10-K filed 2026-01-23.", "text": "KBH - KB HOME SIC 1531 Operative Builders; CIK 0000795266; latest 10-K filed 2026-01-23. KBH KB HOME 0000795266 1531 Operative Builders Item 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Our discussion and analysis below is primarily focused on our 2025 and 2024 financial results, including comparisons of our year-over-year performance between these years. Discussion and analysis of our 2023 fiscal year specifically, as well as the year-over-year comparison of our 2024 financial performance to 2023, are located under Part II, Item 7 \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended November 30, 2024, filed with the SEC on January 24, 2025, which is available on our investor relations website at investor.kbhome.com and the SEC website at www.sec.gov. RESULTS OF OPERATIONS Overview. Revenues are generated from our homebuilding and financial services operations. The following table presents a summary of our consolidated results of operations (dollars in thousands, except per share amounts): [[GREPCENT_TABLE]] [[\"\",\"Years Ended November 30,\",\"\",\"Variance\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\",\"\",\"2025 vs 2024\",\"\",\"2024 vs 2023\"],[\"Revenues:\"],[\"Homebuilding\",\"$6,211,905\",\"\",\"$6,902,239\",\"\",\"$6,381,106\",\"\",\"(10)%\",\"\",\"8%\"],[\"Financial services\",\"24,309\",\"\",\"27,847\",\"\",\"29,523\",\"\",\"(13)\",\"\",\"(6)\"],[\"Total\",\"$6,236,214\",\"\",\"$6,930,086\",\"\",\"$6,410,629\",\"\",\"(10)%\",\"\",\"8%\"],[\"Pretax income:\"],[\"Homebuilding\",\"$519,210\",\"\",\"$802,028\",\"\",\"$731,783\",\"\",\"(35)%\",\"\",\"10%\"],[\"Financial services\",\"34,979\",\"\",\"48,890\",\"\",\"39,494\",\"\",\"(28)\",\"\",\"24\"],[\"Total\",\"554,189\",\"\",\"850,918\",\"\",\"771,277\",\"\",\"(35)\",\"\",\"10\"],[\"Income tax expense\",\"(125,400)\",\"\",\"(195,900)\",\"\",\"(181,100)\",\"\",\"36\",\"\",\"(8)\"],[\"Net income\",\"$428,789\",\"\",\"$655,018\",\"\",\"$590,177\",\"\",\"(35)%\",\"\",\"11%\"],[\"Earnings per share:\"],[\"Basic\",\"$6.28\",\"\",\"$8.70\",\"\",\"$7.25\",\"\",\"(28)%\",\"\",\"20%\"],[\"Diluted\",\"$6.15\",\"\",\"$8.45\",\"\",\"$7.03\",\"\",\"(27)%\",\"\",\"20%\"]] [[/GREPCENT_TABLE]] Housing market conditions in 2025 were challenging despite solid underlying drivers, mainly favorable demographic trends in population growth and household formation, along with relatively steady employment levels and an ongoing structural undersupply of new homes. Compared to 2024, demand was softer as tepid consumer confidence, macroeconomic and geopolitical uncertainties, affordability challenges and persistently elevated mortgage loan interest rates over the course of the year limited the pool of actionable buyers and caused many of those buyers to hesitate on making purchase decisions. At the same time, during 2025, we believe we executed well operationally, maintaining high customer satisfaction levels, further improving build times, lowering construction costs and balancing pace and price to optimize each asset. Additionally, to help navigate the current environment, we implemented a simplified sales strategy focused on providing a straightforward, transparent base price, with limited, if any, concessions or incentives, that is intended to offer to our customers a compelling value competitive with area resale home prices. With this strategy, which we began instituting on a community-by-community basis in mid-February 2025 to stimulate demand, we both reduced selling prices relative to applicable market conditions and lowered or eliminated other homebuyer concessions. With these market dynamics, our net orders in 2025 decreased 11% year over year to 11,596, and the pace of monthly net orders per community was 3.7 compared to 4.4 in 2024. Reflecting the price reductions we put in place per our sales strategy, and expanded on in certain underperforming communities to align with local demand, the value of our net orders for 2025 was down 17% year over year as a result of the decline in net orders and a 6% decrease in the overall average selling price of net orders to $463,200. In the 2025 fourth quarter, our net orders and net order value decreased 10% and 17%, respe Item 1.BUSINESS General KB Home is one of the largest and most trusted homebuilders in the U.S. We have been building homes for nearly 70 years, with over 700,000 homes built since our founding in 1957. We build a variety of new homes, including attached and detached single-family residential homes, townhomes and condominiums, designed primarily for first-time and first move-up, as well as second move-up and active adult, homebuyers. We offer homes in development communities, at urban in-fill locations and as part of mixed-use projects. Our homebuilding operations represent the majority of our business, accounting for 99.6% of our total revenues in 2025. Our financial services operations, which accounted for the remaining .4% of our total revenues in 2025, offer various insurance products to our homebuyers in the markets where we build homes and provide title services in certain of those markets. Our financial services operations also provide mortgage banking services, including residential consumer mortgage loan (\u201cmortgage loan\u201d) originations, to our homebuyers indirectly through KBHS Home Loans, LLC (\u201cKBHS\u201d), an unconsolidated joint venture between us and a third party. Unless the context indicates otherwise, the terms \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d used in this report refer to KB Home, a Delaware corporation, and its predecessors and subsidiaries. We also use the following terms in our business with the corresponding meanings: \u201chome\u201d is a single-family residence, whether it is a single-family home or other type of residential property; \u201chomes delivered\u201d are homes for which the sale has closed and title has passed to a customer; \u201ccommunity\u201d is a single development in which new homes are constructed as part of an integrated plan; \u201ccommunity count\u201d is the number of communities we have open for sales with at least five homes/lots left to sell; and \u201cproduct\u201d encompasses a home\u2019s floor plan design and interior/exterior style, amenities, functions and fe Item 1A.RISK FACTORS Although we have operated through a number of varying economic cycles, there are several risks that could affect our ability to conduct our business, which we discuss below. If any of these risks materialize, they could, among other things, (a) materially and adversely impact our results of operations and consolidated financial statements; and (b) cause our results to differ materially from the forward-looking and othe", "title": "KBH - KB HOME", "url": "/company/KBH/" }, { "kind": "company", "summary": "SIC 1600 Heavy Construction Other Than Bldg Const - Contractors; CIK 0001357615; latest 10-K filed 2026-02-26.", "text": "KBR - KBR, INC. SIC 1600 Heavy Construction Other Than Bldg Const - Contractors; CIK 0001357615; latest 10-K filed 2026-02-26. KBR KBR, INC. 0001357615 1600 Heavy Construction Other Than Bldg Const - Contractors Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Introduction The purpose of the MD&A is to provide our stockholders and other interested parties with information necessary to gain an understanding of our financial condition and disclose changes in our financial condition since the most recent fiscal year-end and results of operations during the current fiscal period as compared to the corresponding period of the preceding fiscal year. The MD&A should be read in conjunction with Part I of this Annual Report on Form 10-K as well as the consolidated financial statements and related notes included in Part II, Item 8 of this Annual Report on Form 10-K. HomeSafe, a joint venture with Tier One Relocation, informed us on June 18, 2025, that U.S. Transportation Command unexpectedly terminated HomeSafe's role in the Global Household Goods Contract. KBR owns a 72% interest in HomeSafe. As of January 2, 2026 all of HomeSafe operations, including run-off operations, have ceased. The financial results and financial position of HomeSafe are presented as discontinued operations in the consolidated statements of operations, consolidated balance sheets and consolidated statements of cash flows for all periods presented. See Note 21. \"Discontinued Operations\" to our consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K for more information. Unless otherwise indicated, any reference to statements of operations items in this \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" refers to results from continuing operations. Company Overview KBR Inc., a Delaware corporation (\"KBR\"), delivers science, technology, engineering and logistics support solutions to governments and companies around the world. Drawing from its culture of innovation and mission focus, KBR creates sustainable value by combining deep domain expertise with its full-life cycle capabilities to help clients meet their most pressing challenges. Our Business Segments KBR's business is organized into two core business segments and one non-core business segment as follows: Core business segments \u2022Mission Technology Solutions \u2022Sustainable Technology Solutions Non-core business segment \u2022Corporate See additional information on our business segments in Note 2. \"Business Segment Information\" to our consolidated financial statements and under \"Item 1. Business\" in this Annual Report on Form 10-K. Business Environment and Trends Mission Technology Outlook From October 1, 2025 through November 11, 2025 the U.S. government was shut down because Congress was unable to pass legislation providing appropriations authority for the government to continue to operate. Subsequent to the U.S. government shutdown starting on October 1, 2025, we experienced delays in project execution, collection of payments and contract awards. On November 12, 2025, a continuing resolution funding measure was enacted to finance all U.S. government activities through January 30, 2026. On February 3, 2026, the Consolidated Appropriations Act of 2026 was passed, which finalized defense appropriations for fiscal year 2026. This legislation provides for $839 billion in discretionary defense spending. In December 2025, the National Defense Authorization Act (\"NDAA\") was signed into law. The NDAA authorizes programs, projects and policies to be carried out with funds appropriated by Congress as part of the annual budgetary process. The NDAA supports up to approximately $901 billion in fiscal year 2026 funding for national defense. Additionally, the approved fiscal year 2026 budget for NASA is $24 billion. 47 On November 10, 2025, the DoW announced the Acquisition Transformation Strategy which aims to accelerate the delivery of operational capabilities by implementing organizational changes that enable acquisition speed, including greater flexibility and authority for trade-off decisions among speed, Item 1. Business Company Overview KBR, Inc., a Delaware corporation (\"KBR\" or, the \"Company\"), delivers science, technology, engineering and logistics support solutions to the U.S. federal government, allied nations and commercial clients around the world. Drawing from its culture of innovation and mission focus, KBR creates sustainable value by combining deep domain expertise with its full-life cycle capabilities to help clients meet their most pressing challenges. Our capabilities and offerings include the following: \u2022Leading national security and defense systems engineering; rapid prototyping; test and evaluation; aerospace acquisition support; data analytics and systems and platform integration; and sustainment engineering; \u2022Operational expertise in areas such as space domain awareness; C5ISR; human spaceflight and satellite operations; integrated supply chain and logistics; and military aviation support; \u2022Advanced digital, artificial intelligence, machine learning and information operations solutions in areas such as cyber analytics and cybersecurity; space and air dominance; connected battlespace; national security intelligence; data analytics; mission planning systems; virtual/augmented reality and technical training; and artificial intelligence and machine learning; \u2022Scientific research such as quantum science and computing; health and human performance; materials science; life science research; and earth sciences \u2022Engineering and project management solutions to advance energy security, sustainable decarbonization; energy transition and asset optimization; proprietary, sustainability-focused process licensing; energy transition and security advisory services; and digitally-enabled asset optimization solutions; and \u2022Professional advisory services across the defense, renewable energy and critical infrastructure sectors; KBR's strategic growth vectors include: \u2022Defense modernization; \u2022National security space superiority; \u2022Health and human performanc Item 1A. Risk Factors Risks Related to Operations of Our Business A significant portion of our revenues is generated by large, recurring business from certain significant customers, including the U.S. government. Any loss, cancellation or delay in one or more projects by our significant customers in the future could", "title": "KBR - KBR, INC.", "url": "/company/KBR/" }, { "kind": "company", "summary": "SIC 7373 Services-Computer Integrated Systems Design; CIK 0001867072; latest 10-K filed 2026-05-29.", "text": "KD - Kyndryl Holdings, Inc. SIC 7373 Services-Computer Integrated Systems Design; CIK 0001867072; latest 10-K filed 2026-05-29. KD Kyndryl Holdings, Inc. 0001867072 7373 Services-Computer Integrated Systems Design Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Included below are selected results and year-over-year comparisons for the years ended March 31, 2026, 2025 and 2024. The following discussion and analysis of our financial condition and results of operations should be read together with our audited consolidated financial statements and related notes included elsewhere in this report. For further information on the comparisons between the years ended March 31, 2025 and 2024 not covered in the \u201cSegment Results\u201d below, refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Amendment No. 1 to the Company\u2019s Annual Report on Form 10-K for the fiscal year ended March 31, 2025, which was filed with the SEC on February 17, 2026 (the \u201c2025 Form 10-K\u201d). Overview Kyndryl is a leading provider of mission-critical enterprise technology services, offering advisory, implementation and managed service capabilities to thousands of customers in more than 60 countries. As the world\u2019s largest IT infrastructure services provider, the Company designs, builds, manages and modernizes the complex information systems that the world depends on every day. The Company is organized, managed and classified into four reportable segments by geography: United States, Japan, Principal Markets and Strategic Markets. For additional information on these segments, refer to Note 4 \u2013 Segments to our consolidated financial statements included elsewhere in this report. Financial Performance Summary \u200b [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"Year Ended March 31,\"],[\"(Dollars in millions)\",\"\\u200b\",\"2026\",\"\\u200b\",\"2025\",\"\\u200b\",\"2024\"],[\"Revenue\",\"\\u200b\",\"$\",\"15,092\",\"\\u200b\",\"\\u200b\",\"$\",\"15,057\",\"\\u200b\",\"\\u200b\",\"$\",\"16,052\",\"\\u200b\"],[\"Revenue growth (GAAP)\",\"\\u200b\",\"\\u200b\",\"0\",\"%\",\"\\u200b\",\"\\u200b\",\"(6)\",\"%\",\"\\u200b\",\"\\u200b\",\"(6)\",\"%\"],[\"Revenue growth in constant currency*\",\"\\u200b\",\"\\u200b\",\"(3)\",\"%\",\"\\u200b\",\"\\u200b\",\"(4)\",\"%\",\"\\u200b\",\"\\u200b\",\"(6)\",\"%\"],[\"Net income (loss)\",\"\\u200b\",\"$\",\"198\",\"\\u200b\",\"\\u200b\",\"$\",\"252\",\"\\u200b\",\"\\u200b\",\"$\",\"(340)\",\"\\u200b\"],[\"Adjusted EBITDA*\",\"\\u200b\",\"$\",\"2,672\",\"\\u200b\",\"\\u200b\",\"$\",\"2,516\",\"\\u200b\",\"\\u200b\",\"$\",\"2,367\",\"\\u200b\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"*\",\"Revenue growth in constant currency and adjusted EBITDA are non-GAAP financial metrics. For definitions of these metrics and a reconciliation of adjusted EBITDA to the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, see \\u201c\\u2e3aSegment Results.\\u201d\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b \\u200b \\u200b\",\"March 31,\",\"\\u200b\",\"March 31,\"],[\"(Dollars in millions)\",\"\\u200b \\u200b \\u200b\",\"2026\",\"\\u200b \\u200b \\u200b\",\"2025\"],[\"Assets\",\"\\u200b\",\"$\",\"12,551\",\"\\u200b\",\"$\",\"10,452\"],[\"Liabilities\",\"\\u200b\",\"\\u200b\",\"11,259\",\"\\u200b\",\"\\u200b\",\"9,121\"],[\"Equity\",\"\\u200b\",\"\\u200b\",\"1,293\",\"\\u200b\",\"\\u200b\",\"1,331\"]] [[/GREPCENT_TABLE]] \u200b Fiscal 2026 Financial Performance For the year ended March 31, 2026, we reported $15.1 billion in revenue, unchanged compared to the year ended March 31, 2025. The revenue performance included a favorable currency exchange rate impact of three points. United States revenue decreased 2 percent, Japan revenue decreased 3 percent, Principal Markets revenue increased 4 percent and Strategic Markets revenue was unchanged, compared to the year ended March 31, 2025. During the period, the Company experienced growth in Kyndryl Consult and hyperscaler-related revenues and revenue performance was unfavorably impacted by lengthening sales cycles and evolving content from the Company\u2019s former parent in the Company\u2019 Item 1. Business. In this report, we use the terms \u201cKyndryl,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d to refer to Kyndryl Holdings, Inc. and its consolidated subsidiaries. Our Company Kyndryl is a leading provider of mission-critical enterprise technology services, offering advisory, implementation and managed service capabilities to thousands of customers in more than 60 countries. As the world\u2019s largest IT infrastructure services provider, the Company designs, builds, manages and modernizes the complex information systems that the world depends on every day. Our purpose is to design, build and manage secure and responsive private, public and multi-cloud environments to serve our customers\u2019 needs and accelerate their digital transformations. We offer services across a number of areas of expertise, such as cloud services, core enterprise services, applications, data and artificial intelligence (\u201cAI\u201d) services, digital workplace services, security and resiliency services and network and edge services as we continue to support our customers through technological change. Our services enable us to modernize and manage cloud, on-premises and hybrid IT environments as \u201cone\u201d for our customers, enabling them to scale seamlessly. To deliver these services, we rely on our global team of skilled practitioners. Our employees leverage their deep engineering expertise and extensive experience operating complex and heterogeneous technology environments to drive service quality and intellectual property development and develop and maintain our long-term trusted customer relationships. We partner with a broad ecosystem, including a wide range of hyperscale cloud providers, system integrators and independent software and technology vendors from startups to market leaders. This enables us to serve our customers with innovative technology capabilities that best fit their modernization needs, advancing their digital transformations, with automation and agentic AI-led solutions, and op Item 1A. Risk Factors. Our operations and financial results are subject to various risks and uncertainties, including but not limited to those described below, that could adversely affect our business, reputation, financial condition, results of operations, cash flows and the trading price of our commo", "title": "KD - Kyndryl Holdings, Inc.", "url": "/company/KD/" }, { "kind": "company", "summary": "SIC 4400 Water Transportation; CIK 0000056047; latest 10-K filed 2026-02-17.", "text": "KEX - KIRBY CORP SIC 4400 Water Transportation; CIK 0000056047; latest 10-K filed 2026-02-17. KEX KIRBY CORP 0000056047 4400 Water Transportation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Statements contained in this Form 10-K that are not historical facts, including, but not limited to, any projections contained herein, are forward-looking statements and involve a number of risks and uncertainties. Such statements involve risks and uncertainties. Such statements can be identified by the use of forward-looking terminology such as \u201cmay,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cestimate,\u201d or \u201ccontinue,\u201d or the negative thereof or other variations thereon or comparable terminology. The actual results of the future events described in such forward-looking statements in this Form 10-K could differ materially from those stated in such forward-looking statements. Among the factors that could cause actual results to differ materially are: adverse economic conditions, industry competition and other competitive factors, adverse weather conditions such as high water, low water, tropical storms, hurricanes, tsunamis, fog and ice, tornados, pandemics, marine accidents, lock delays or closures, fuel costs, interest rates, construction of new equipment by competitors, government and environmental laws and regulations, and the timing, magnitude and number of acquisitions made by the Company. For a more detailed discussion of factors that could cause actual results to differ from those presented in forward-looking statements, see Item 1A-Risk Factors. Forward-looking statements are based on currently available information and the Company assumes no obligation to update any such statements. For purposes of Management\u2019s Discussion, all net earnings per share attributable to Kirby common stockholders are \u201cdiluted earnings per share.\u201d The weighted average number of common shares outstanding applicable to diluted earnings per share for 2025, 2024, and 2023 were 56,045,000, 58,355,000, and 59,857,000, respectively. Refer to the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024 for management's discussion and analysis of financial condition and results of operations for 2024 compared to 2023. Overview The Company is the nation\u2019s largest domestic tank barge operator transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United States coasts. The Company transports petrochemicals, black oil, refined petroleum products and agricultural chemicals by tank barge. In addition, the Company participates in the transportation of dry-bulk commodities in United States coastwise trade. Through KDS, the Company provides equipment, after-market parts and services for power generation systems in applications that include behind the meter power systems and emergency backup systems, after-market and genuine replacement parts and services for engines, transmissions, reduction gears, electric motors, drives, and controls, specialized electrical distribution and controls systems, and related equipment used in power generation, marine, on-highway, oilfield services, and other industrial applications. The Company also rents equipment including generators, industrial compressors, high-capacity lift trucks, construction equipment and refrigeration trailers for use in a variety of industrial markets. The Company also manufactures and remanufactures specialized equipment, including pressure pumping units and electric fracturing systems, electric power generation equipment, and specialized electrical distribution and control equipment for data centers, oilfield service, railroad and other industrial customers. The following table summarizes key operating results of the Company (in thousands, except per share amounts): [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"Total revenues\",\"\",\"$\",\"3,364,050\",\"\",\"\",\"$\",\"3,265,876\",\"\",\"\",\"$\",\"3,091,640\"],[\"Net earnings attributable to Kirby\",\"\",\"$\",\"354,569\",\"\",\"\",\"$\",\"286,707 Item 1. Business THE COMPANY Kirby Corporation (the \u201cCompany\u201d) is the nation\u2019s largest domestic tank barge operator, transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United States coasts. The Company, through its marine transportation segment (\u201cKMT\u201d), transports petrochemicals, black oil, refined petroleum products, and agricultural chemicals by tank barge. In addition, the Company participates in the transportation of dry-bulk commodities in United States coastwise trade. Through its distribution and services segment (\u201cKDS\u201d), the Company provides equipment, after-market parts and services for power generation systems in applications that include behind the meter power systems and emergency backup systems, after-market and genuine replacement parts and services for engines, transmissions, reduction gears, electric motors, drives, and controls, specialized electrical distribution and controls systems, and related equipment used in power generation, marine, on-highway, oilfield services, and other industrial applications. The Company also rents equipment including generators, industrial compressors, high-capacity lift trucks, construction equipment and refrigeration trailers for use in a variety of industrial markets. The Company also manufactures and remanufactures specialized equipment, including pressure pumping units and electric fracturing systems, electric power generation equipment, and specialized electrical distribution and control equipment for data centers, oilfield service, railroad and other industrial customers. Unless the context otherwise requires, all references herein to the Company include the Company and its subsidiaries. The Company\u2019s principal executive office is located at 55 Waugh Drive, Suite 1000, Houston, Texas 77007, and its telephone number is 713-435-1000. The Company\u2019s mailing address is P.O. Box 1745, Houston, Texas 77251-1745. Kirby Corporatio Item 1A. Risk Factors In addition to the other information set forth elsewhere in this annual report, the following risk factors should be considered carefully when evaluating the Company, as its businesses, results of operations, or financial condition could be materially adversely affected by any of these risks. The following discussion does not attempt to ", "title": "KEX - KIRBY CORP", "url": "/company/KEX/" }, { "kind": "company", "summary": "SIC 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels); CIK 0001955520; latest 10-K filed 2026-02-20.", "text": "KNF - Knife River Corp SIC 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels); CIK 0001955520; latest 10-K filed 2026-02-20. KNF Knife River Corp 0001955520 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read together with our audited consolidated financial statements and related notes included elsewhere in this Annual Report. Among other things, those financial statements include more detailed information regarding the basis of presentation for the financial data included in the following discussion. Certain percentages presented in this discussion and analysis are calculated from the underlying whole-dollar amounts and therefore may not recalculate from the rounded numbers used for disclosure purposes. This discussion contains forward-looking statements about our business, operations and industry that involve risks and uncertainties, such as statements regarding management\u2019s plans, objectives, expectations and intentions. Future results and financial condition may differ materially from those currently anticipated as a result of the factors described under the sections entitled \u201cForward-Looking Statements\u201d and \u201cItem 1A. Risk Factors.\u201d Overview At Knife River, we are a people-first construction materials and contracting services company. We provide construction materials and contracting services to build safe roads, bridges and airport runways, and other critical infrastructure needs that connect people with where they want to go and with the supplies they need. We also champion a positive workplace culture by focusing on safety, training, compensation and work-life balance. We are one of the leading providers of crushed stone and sand and gravel in the United States and operate through four reportable segments, across 14 states: West, Mountain, Central and Energy Services. The geographic segments primarily provide aggregates, asphalt and ready-mix concrete, as well as related contracting services such as heavy-civil construction, asphalt paving, concrete construction, site development and grading. The Energy Services segment produces and supplies liquid asphalt and related services, primarily for use in asphalt road construction. As an aggregates-based construction materials and contracting services provider in the United States, our 1.3 billion tons of aggregate reserves provide the foundation for a vertically integrated business strategy, with approximately 35 percent of our aggregates in 2025 being used internally to support value-added downstream products (ready-mix concrete and asphalt) and contracting services (heavy-civil construction, laydown, asphalt paving, concrete construction, site development and grading services, bridges, and in some segments the manufacturing of prestressed concrete products). Our aggregate sites and associated asphalt and ready-mix plants are primarily in strategic locations near mid-sized, higher-growth markets, providing us with a transportation advantage for our materials that supports competitive pricing and increased margins. We provide our products and services to both public and private markets, with public markets tending to be more stable across economic cycles, which helps offset the cyclical nature of the private markets. 34 Index We provide various products and services and operate a variety of facility types, including aggregate quarries and mines, ready-mix concrete plants, asphalt plants and distribution facilities in the following states: \u2022West: Alaska, California, Hawaii, Oregon and Washington \u2022Mountain: Idaho, Montana and Wyoming \u2022Central: Iowa, Minnesota, North Dakota, South Dakota and Texas \u2022Energy Services: California, Iowa, Nebraska, Oregon, South Dakota, Texas, Washington and Wyoming The following table presents a summary of products and services provided, as well as modes of transporting those products: [[GREPCENT_TABLE]] [[\"\",\"Products and Services\",\"\",\"Modes of Transportation\"],[\"\",\"Aggregates\",\"\",\"Asphalt\",\"\",\"Ready-MixConcrete\",\"\",\"ConstructionServices\",\"\",\"Precast/PrestressedConcrete\",\"\",\"LiquidAsphalt\",\"\",\"Ce ITEM 1. BUSINESS Overview Knife River Corporation (referred to as we, our, us, the Company or Knife River) is an aggregates-based construction materials and contracting services provider in the United States. Our 1.3 billion tons of aggregate reserves provide the foundation for our vertically integrated business strategy, with approximately 35 percent of our aggregates in 2025 being used internally to support value-added downstream products (ready-mix concrete and asphalt) and contracting services (asphalt paving, heavy-civil construction, concrete construction, site development and grading services, and in some segments the manufacturing of prestressed concrete products). We are strategically focused on being the provider of choice in mid-size, higher-growth markets and are committed to our plan for continued growth and to delivering for our stakeholders\u2014customers, communities, employees and stockholders\u2014by executing on our Competitive EDGE initiatives and our four core values: People, Safety, Quality and the Environment. Through our network of 208 active aggregate sites, 135 ready-mix plants, 55 asphalt plants and 9 liquid asphalt terminals, we supply construction materials and contracting services to customers across 14 states. Our construction materials are sold to public and private-sector customers, including federal, state and municipal governments, as well as industrial, commercial and residential developers and other private parties. Our contracting services are primarily provided to public-sector customers for the development and servicing of highways, local roads, bridges and other public-infrastructure projects. We have broad access to high-quality aggregates in most of our markets, which forms the foundation of our vertically integrated business model. We share resources, including plants, equipment and people, across our various locations to maximize efficiency. We also transport our products by truck, rail and barge, depending on the particular ma ITEM 1A. RISK FACTORS Investing in our common stock involves a number of risks and uncertainties. The factors and other matters discussed herein are important factors that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements inclu", "title": "KNF - Knife River Corp", "url": "/company/KNF/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001669162; latest 10-K filed 2026-02-20.", "text": "KNSL - Kinsale Capital Group, Inc. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001669162; latest 10-K filed 2026-02-20. KNSL Kinsale Capital Group, Inc. 0001669162 6331 Fire, Marine & Casualty Insurance Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the accompanying notes included elsewhere in this Annual Report. The discussion and analysis below include certain forward-looking statements that are subject to risks, uncertainties and other factors described in \"Risk Factors\" that could cause actual results to differ materially from those expressed in, or implied by, those forward-looking statements. See \"Forward-Looking Statements.\" Year ended December 31, 2024 compared to year ended December 31, 2023 For a comparison of years ended December 31, 2024 and December 31, 2023, see \"Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" of our annual report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 21, 2025. Overview Founded in 2009, we are an established and growing specialty insurance company. We focus exclusively on the E&S market in the U.S., where we use our underwriting expertise to write coverages for hard-to-place, small- to medium-sized business risks and personal lines risks. We sell these insurance products in all 50 states, the District of Columbia, the Commonwealth of Puerto Rico and the U.S. Virgin Islands primarily through a network of independent insurance brokers. We have an experienced and cohesive management team that has an average of over 30 years of relevant experience. We have one reportable segment, our Excess and Surplus Lines Insurance segment, which offers P&C insurance products through the E&S market. In 2025, the percentage breakdown of our gross written premiums was 70.7% casualty and 29.3% property. Our commercial lines offerings and homeowner's coverage in the personal lines market represented 97.0% and 3.0% of our gross written premiums, respectively. Refer to Note 15 to the consolidated financial statements for gross written premiums by underwriting division. Our goal is to deliver long-term value for our stockholders by growing our business and generating attractive returns. We seek to accomplish this by generating consistent and strong underwriting profits while managing our capital prudently. We believe that we have built a company that is entrepreneurial and highly efficient, using our proprietary technology platform and leveraging the expertise of our highly-experienced employees in our daily operations. We believe our systems and technology are at the digital forefront of the insurance industry, allowing us to quickly collect and analyze data, thereby improving our ability to manage our business and reducing response times for our customers. We believe that we have differentiated ourselves from our competitors by effectively leveraging technology, vigilantly controlling expenses and maintaining control over our underwriting and claims management. Components of Our Results of Operations Gross written premiums Gross written premiums are the amounts received or to be received for insurance policies written or assumed by us during a specific period of time without reduction for policy acquisition costs, reinsurance costs or other deductions. The volume of our gross written premiums in any given period is generally influenced by: \u2022New business submissions; 40 Table of Contents \u2022Conversion of new business submissions into policies; \u2022Renewals of existing policies; and \u2022Average size and premium rate of bound policies. We earn insurance premiums on a pro rata basis over the term of the policy. Our insurance policies generally have a term of one year. Net earned premiums represent the earned portion of our gross written premiums, less that portion of our gross written premiums that is ceded to third-party reinsurers under our reinsurance agreements. Ceded written premiu Item 1. Business Kinsale is a property and casualty insurance company that focuses exclusively on the excess and surplus lines (\"E&S\") market in the U.S., where we can use our underwriting expertise to write coverages for hard-to-place risks. We sell these insurance products in all 50 states, the District of Columbia, the Commonwealth of Puerto Rico and the U.S. Virgin Islands primarily through a network of independent insurance brokers. Our experienced and cohesive management team has an average of over 30 years of relevant experience. Our goal is to deliver long-term value for our stockholders by growing our business and generating attractive returns. We seek to accomplish this by generating consistent and attractive underwriting profits while managing our capital prudently. Using our proprietary technology platform and leveraging the expertise of our highly-experienced employees in our daily operations, we have built a company that is entrepreneurial and highly efficient. We believe our systems and technology are at the digital forefront of the insurance industry and allow us to quickly collect and analyze data, thereby improving our ability to manage our business and reduce our response times to our customers. We believe that we have differentiated ourselves from our competitors by effectively leveraging technology, vigilantly controlling expenses and maintaining control over our underwriting and claims operations. We have significantly grown our business and have generated strong returns. During 2025, our gross written premiums increased by 5.7%, to $2.0 billion for the year ended December 31, 2025. Our return on equity and combined ratios were 29.3% and 75.9%, respectively, for the year ended December 31, 2025. Our operating return on equity, a non-GAAP financial measure, was 26.4% for the year ended December 31, 2025. We believe that we are well positioned to continue to capitalize on attractive opportunities in our target market and to prudently grow our Item 1A. Risk Factors You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K. The risks and uncertainties described below are not the only ones facing us. There may be additional risks and uncertainties of which we", "title": "KNSL - Kinsale Capital Group, Inc.", "url": "/company/KNSL/" }, { "kind": "company", "summary": "SIC 4213 Trucking (No Local); CIK 0001492691; latest 10-K filed 2026-02-19.", "text": "KNX - Knight-Swift Transportation Holdings Inc. SIC 4213 Trucking (No Local); CIK 0001492691; latest 10-K filed 2026-02-19. KNX Knight-Swift Transportation Holdings Inc. 0001492691 4213 Trucking (No Local) ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Certain acronyms and terms used throughout this Annual Report are specific to our company, commonly used in our industry, or are otherwise frequently used throughout our document. Definitions for these acronyms and terms are provided in the \"Glossary of Terms,\" available in the front of this document. Management's discussion and analysis of financial condition and results of operations should be read together with \"Business\" in Part I, Item 1 of this Annual Report, as well as the consolidated financial statements and accompanying footnotes in Part II, Item 8 of this Annual Report. This discussion contains forward-looking statements as a result of many factors, including those set forth under Part I, Item 1A. \"Risk Factors\" and Part I \"Cautionary Note Regarding Forward-looking Statements\" of this Annual Report, and elsewhere in this report. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from those discussed. Executive Summary Company Overview Knight-Swift Transportation Holdings Inc. is one of North America's largest and most diversified freight transportation companies, providing multiple full truckload, LTL, intermodal, and other complementary services. Our objective is to operate our business with industry-leading margins, continued organic growth, and growth through acquisitions while providing safe, high-quality, and cost-effective solutions for our customers. Knight-Swift uses a nationwide network of business units and terminals in the US and Mexico to serve customers throughout North America. In addition to operating one of the country's largest truckload fleets, Knight-Swift also contracts with third-party carriers to provide a broad range of transportation services to our customers while creating quality driving jobs for our driving associates and successful business opportunities for independent contractors. Our four reportable segments are Truckload, LTL, Logistics, and Intermodal. Additionally, we have various other operating segments, included within our All Other Segments. Key Financial Highlights During 2025, consolidated total revenue was $7.5 billion, which is a 0.8% increase over 2024. Consolidated operating income was $216.1 million in 2025, reflecting a decrease of 11.2% from 2024. Consolidated net income attributable to Knight-Swift decreased by 43.9% from 2024 to $65.9 million. \u2022Truckload \u2014 97.0% operating ratio during 2025, with a 2.8% decrease in revenue, excluding fuel surcharge and intersegment transactions, compared to 2024. \u2022LTL \u2014 97.4% operating ratio during 2025 with a 20.6% increase in revenue, excluding fuel surcharge. \u2022Logistics \u2014 96.0% operating ratio during 2025. Revenue per load increased by 4.7%, leading to a 0.1% increase in revenue, excluding intersegment transactions. \u2022Intermodal \u2014 102.1% operating ratio during 2025. Load count decreased 6.7%, partially offset by a 1.0% improvement in revenue per load resulting in a 19.2% decrease in operating loss. \u2022All Other Segments \u2014 Operating income was $14.4 million during 2025 as compared an operating loss of $26.2 million in 2024, which was largely as a result of winding down our third-party insurance program, ultimately ceasing operations at the end of the first quarter of 2024. \u2022Liquidity and Capital \u2014 During 2025, we generated $1.3 billion in operating cash flows. Our Free Cash Flow1 was $763.2 million. Note that operating cash flows for 2025 were increased by $478.2 million in sales proceeds funded under the new accounts receivable securitization program upon its closing on December 31, 2025, as further discussed below. From a financing perspective, during 2025 we paid down $380 million of outstanding term loan balances, $147.5 million in finance lease liabilities, and $161.6 million on operating lease liabilities. Additionally, we had ITEM 1. BUSINESS Certain acronyms and terms used throughout this Annual Report are specific to our company, commonly used in our industry, or are otherwise frequently used throughout our document. Definitions for these acronyms and terms are provided in the \"Glossary of Terms,\" available in the front of this document. Company Overview Knight-Swift Transportation Holdings Inc. is one of North America's largest and most diversified freight transportation companies, providing multiple full truckload, LTL, intermodal, and other complementary services. Our objective is to operate our business with industry-leading margins, continued organic growth and growth through acquisitions while providing safe, high-quality, cost-effective solutions for our customers. Knight-Swift uses a nationwide network of business units and terminals in the US and Mexico to serve customers throughout North America. In addition to operating one of the country's largest truckload fleets, Knight-Swift also contracts with third-party carriers to provide a broad range of transportation services to our customers while creating quality driving jobs for our driving associates and successful business opportunities for independent contractors. During 2025, we covered 1.8 billion loaded miles for shippers throughout North America, contributing to consolidated total revenue of $7.5 billion and consolidated operating income of $216.1 million. During 2025, the Truckload segment operated an average of 21,428 tractors (comprised of 19,395 company tractors and 2,033 independent contractor tractors) and 84,851 trailers. Our LTL segment operated an average of 4,164 tractors and 11,057 trailers. Additionally, the Intermodal segment operated an average of 595 tractors and 12,539 intermodal containers. Our four reportable segments are Truckload, LTL, Logistics, and Intermodal. We have historically grown through a combination of organic growth and through mergers and acquisitions (discussed below). Mergers and a ITEM 1A. RISK FACTORS When evaluating our company, the following risks should be considered in conjunction with the other information contained in this Annual Report. If we are unable to mitigate and/or are exposed to any of the following risks in the future, then there could be a material, adverse effect on o", "title": "KNX - Knight-Swift Transportation Holdings Inc.", "url": "/company/KNX/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001025996; latest 10-K filed 2026-02-11.", "text": "KRC - KILROY REALTY CORP SIC 6798 Real Estate Investment Trusts; CIK 0001025996; latest 10-K filed 2026-02-11. KRC KILROY REALTY CORP 0001025996 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion relates to our consolidated financial statements and should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this report. The results of operations discussion is combined for the Company and the Operating Partnership because there are no material differences in the results of operations between the two reporting entities. Forward-Looking Statements Statements contained in this \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d that are not historical facts may be forward-looking statements. Forward-looking statements include, among other things, statements or information concerning our plans, objectives, capital resources, portfolio performance, results of operations, projected future occupancy and rental rates, lease expirations, debt maturities, potential investments, strategies such as capital recycling, development and redevelopment activity, projected construction costs, projected construction commencement and completion dates, projected square footage of space that could be constructed on undeveloped land that we own, projected rentable square footage of or number of units in properties under construction or in the development pipeline, anticipated proceeds from capital recycling activity or other dispositions and anticipated dates of those activities or dispositions, projected increases in the value of properties, dispositions, future executive incentive compensation, pending, potential or proposed acquisitions, plans to grow our NOI and FFO, our ability to re-lease properties at or above current market rates, anticipated market conditions and demographics and other forward-looking financial data, as well as the discussion in \u201c\u2014Factors That May Influence Future Results of Operations,\u201d \u201c\u2014Liquidity and Capital Resource of the Company,\u201d and \u201c\u2014Liquidity and Capital Resources of the Operating Partnership.\u201d Forward-looking statements can be identified by the use of words such as \u201cbelieves,\u201d \u201cexpects,\u201d \u201cprojects,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cseeks,\u201d \u201capproximately,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cpro forma,\u201d \u201cestimates\u201d, or \u201canticipates\u201d and the negative of these words and phrases and similar expressions that do not relate to historical matters. Forward-looking statements are based on our current expectations, beliefs, and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends, and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results, and events may vary materially from those indicated or implied in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results, or events. Numerous factors could cause actual future performance, results, and events to differ materially from those indicated in the forward-looking statements, including, among others: \u2022global market and general economic conditions, including actual and potential tariffs and periods of heightened inflation, and their effect on us and our tenants; \u2022adverse economic or real estate conditions generally, and specifically, in the states of California, Texas, and Washington; \u2022risks associated with our investment in real estate assets, which are illiquid, and with trends in the real estate industry; \u2022defaults on or non-renewal of leases by tenants; \u2022any significant downturn in tenants\u2019 businesses, including bankruptcy, lack of liquidity or lack of funding, and the impact labor disruptions or strikes, such as episodic strikes in the media industry, may have on our tenants\u2019 businesses; \u2022our ability to re-lease property at or above current market rates; \u2022reduced demand for office space, including as a result of remote ITEM 1. BUSINESS The Company Kilroy Realty Corporation (the \u201cCompany\u201d) is a self-administered real estate investment trust (\u201cREIT\u201d) active in premier office, life science, and mixed-use property types in the United States. Our approach to modern business environments is designed to drive creativity and productivity for some of the world\u2019s leading technology, media, life science, and business services companies and we have been consistently recognized for our leadership in sustainability and building operations. We own, develop, acquire, and manage real estate assets, consisting primarily of premier office and life science properties in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, and Austin, which are markets we believe have strategic advantages and strong barriers to entry. The Company qualifies as a REIT under the Internal Revenue Code of 1986, as amended (the \u201cCode\u201d). We own our interests in all of our real estate assets through the Operating Partnership and conduct substantially all of our operations through the Operating Partnership, of which we owned an approximate 99.1% common general partnership interest as of December 31, 2025. The remaining approximate 0.9% common limited partnership interest in the Operating Partnership as of December 31, 2025 was owned by non-affiliated investors. With the exception of the Operating Partnership and property partnerships that we consolidate, all of our subsidiaries are wholly-owned. Our stabilized portfolio includes all of our properties with the exception of development and redevelopment properties currently committed for construction, under construction, or in the tenant improvement phase, undeveloped land, and real estate assets held for sale, if any. Our stabilized portfolio of operating properties was comprised of the following at December 31, 2025: [[GREPCENT_TABLE]] [[\"\",\"Number of Buildings\",\"\",\"Rentable Square Feet\",\"\",\"Number of Tenants\",\"\",\"Percentage Occupied (1)\"],[\"Stabilized Office ITEM 1A. RISK FACTORS The following section sets forth material factors that may adversely affect our business and operations. If any of the risks discussed herein were to occur, our business, financial condition, liquidity, results of operations, and our ability to service our debt and pay dividends, and make distributions to our security h", "title": "KRC - KILROY REALTY CORP", "url": "/company/KRC/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001286043; latest 10-K filed 2026-02-17.", "text": "KRG - KITE REALTY GROUP TRUST SIC 6798 Real Estate Investment Trusts; CIK 0001286043; latest 10-K filed 2026-02-17. KRG KITE REALTY GROUP TRUST 0001286043 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the accompanying audited consolidated financial statements and related notes thereto and Item 1A, \u201cRisk Factors,\u201d appearing elsewhere in this Annual Report on Form 10-K. In this discussion, unless the context suggests otherwise, the terms \u201cthe Company,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to Kite Realty Group Trust and its direct and indirect subsidiaries, including Kite Realty Group, L.P. Overview In the following overview, we discuss, among other things, the status of our business and properties, the effect that current U.S. economic conditions are having on our retail tenants and us, and the current state of the financial markets and how it impacts our financing strategy. Our Business and Properties Kite Realty Group Trust is a publicly held REIT that, through its majority-owned subsidiary, Kite Realty Group, L.P., owns interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development, and redevelopment of high-quality, open-air, grocery-anchored shopping centers and vibrant mixed-use assets that are primarily located in high-growth Sun Belt markets and select strategic gateway markets in the United States. Following our merger with RPAI in 2021, we became a top-five open-air shopping center REIT based upon market capitalization. We derive our revenue primarily from the collection of contractual rents and reimbursement payments from tenants under existing lease agreements at each of our properties. Therefore, our operating results depend materially on, among other things, the ability of our tenants to make required lease payments, the health and resilience of the U.S. retail sector, particularly in light of increased tariffs in 2025, interest rate volatility, job growth, the real estate market, and overall economic conditions. As of December 31, 2025, we own interests in a portfolio of 167 operating retail/mixed-use properties, including 159 wholly owned properties and eight properties owned through four unconsolidated joint ventures, totaling approximately 26.9 million square feet, excluding (i) two operating retail properties classified as held for sale as of December 31, 2025, (ii) Eastgate Crossing, a 152,682 square foot multi-tenant retail property in the Durham-Chapel Hill MSA that was reclassified from our operating portfolio in September 2025 due to significant disruption caused by severe flooding as a result of Tropical Storm Chantal, and (iii) two standalone office properties with 0.4 million square feet. Of the 167 operating retail/mixed-use properties, 10 contain an office component. We also own interests in one development project that is under construction as of December 31, 2025 and an additional two properties with future redevelopment opportunities. Inflation and Tariffs We continue to monitor the impact of inflation and tariffs on our operating and financial performance. Although inflation has moderated significantly from peak levels experienced during 2022, inflation may increase in the future as a result of multiple factors, including the tariffs implemented by the U.S. government in 2025 on imported goods from specific countries. These tariffs may lead to higher prices for many of the products that our tenants sell, potentially reducing consumer demand and spending and negatively impacting our tenants\u2019 sales volume and overall health. This, in turn, has and could in the future put downward pricing pressure on rents that we are able to charge to new or renewing tenants, such that rent spreads and, in some cases, our percentage rents could be adversely impacted. Additionally, uncertainty regarding the scope and duration of the current and potential tariffs can lead to significant business uncertainty, affecting our tenants\u2019 strategic planning and store expansion plans. Many of our leases contain ITEM 1. BUSINESS Unless the context suggests otherwise, references to \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or the \u201cCompany\u201d refer to Kite Realty Group Trust and our business and operations conducted through our directly or indirectly owned subsidiaries, including Kite Realty Group, L.P., our operating partnership (the \u201cOperating Partnership\u201d). Overview Kite Realty Group Trust is a publicly held REIT that, through its majority-owned subsidiary, Kite Realty Group, L.P., owns interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development, and redevelopment of high-quality, open-air, grocery-anchored shopping centers and vibrant mixed-use assets that are primarily located in high-growth Sun Belt markets and select strategic gateway markets in the United States. Following our merger with Retail Properties of America, Inc. (\u201cRPAI\u201d) in 2021, we became a top-five open-air shopping center REIT based upon market capitalization. We derive our revenue primarily from the collection of contractual rents and reimbursement payments from tenants under existing lease agreements at each of our properties. Therefore, our operating results depend materially on, among other things, the ability of our tenants to make required lease payments, the health and resilience of the U.S. retail sector, particularly in light of increased tariffs in 2025, interest rate volatility, job growth, the real estate market, and overall economic conditions. As of December 31, 2025, we owned interests in a portfolio of 167 operating retail/mixed-use properties, including 159 wholly owned properties and eight properties owned through four unconsolidated joint ventures, totaling approximately 26.9 million square feet, excluding (i) two operating retail properties classified as held for sale as of December 31, 2025, (ii) Eastgate Crossing, a 152,682 square foot multi-tenant retail property in the Durham-Chapel Hill MSA that was reclassified from our operating portfo ITEM 1A. RISK FACTORS The following factors, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this Annual Report on Form 10-K and presented elsewhere by management from time to time. These factors, among others, may have a material adverse effect on", "title": "KRG - KITE REALTY GROUP TRUST", "url": "/company/KRG/" }, { "kind": "company", "summary": "SIC 3760 Guided Missiles & Space Vehicles & Parts; CIK 0001069258; latest 10-K filed 2026-02-23.", "text": "KTOS - KRATOS DEFENSE & SECURITY SOLUTIONS, INC. SIC 3760 Guided Missiles & Space Vehicles & Parts; CIK 0001069258; latest 10-K filed 2026-02-23. KTOS KRATOS DEFENSE & SECURITY SOLUTIONS, INC. 0001069258 3760 Guided Missiles & Space Vehicles & Parts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. In addition to historical information, the following discussion contains forward-looking statements that are subject to risks and uncertainties. Our actual results may differ substantially from those expressed in or implied by any forward-looking statements herein due to a number of factors, including but not limited to the risks and uncertainties described in this Item 7, in Item 1A \u201cRisk Factors\u201d and elsewhere in this Annual Report. These forward-looking statements reflect our views and assumptions only as of the date such forward-looking statements are made. Except as required by law, we assume no responsibility for updating any forward-looking statements, whether as a result of new information, future events or otherwise. The following discussion should be read in conjunction with our audited Consolidated Financial Statements and the related notes and other financial information appearing elsewhere in this Annual Report and other reports and filings made with the SEC. For discussion related to changes in financial condition and the results of operations for fiscal year 2024-related items, refer to Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 29, 2024, which was filed with the Securities and Exchange Commission on February 26, 2025. Overview Kratos is a technology, hardware, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field relevant solutions that address our customers\u2019 mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos\u2019 approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as the innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low cost future manufacturing, which is a value add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe our probability of win is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of probability of win is greater or required investment is beyond Kratos comfort level. Kratos\u2019 primary business areas include, virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, hypersonic vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, command, control, communication, computing, combat, intelligence surveillance and reconnaissance (C5ISR) and microwave electronic products for missile, radar, air defense, missile defense, space, satellite, counter unmanned aircraft systems (CUAS), directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. We believe that there is a generational recapitalization of weapon systems and related defense industrial bases occurring globally, including with the United States and its allies, to address individual and potential collective peer and near peer threats, including Russia, China, North Korea and Iran. The Com Item 1. Business. Overview Kratos is a technology, hardware, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field relevant solutions that address our customers\u2019 mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos\u2019 approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as the innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low cost future manufacturing, which is a value add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe our probability of win is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of probability of win is greater or required investment is beyond Kratos comfort level. Kratos\u2019 primary business areas include, virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, hypersonic vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, command, control, communication, computing, combat, intelligence surveillance and reconnaissance (C5ISR) and microwave electronic produ Item 1A. Risk Factors. You should carefully consider the following risk factors and all other information contained herein as well as the information included in this Annual Report and other reports and filings made with the SEC in evaluating our business ", "title": "KTOS - KRATOS DEFENSE & SECURITY SOLUTIONS, INC.", "url": "/company/KTOS/" }, { "kind": "company", "summary": "SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001023128; latest 10-K filed 2026-02-25.", "text": "LAD - LITHIA MOTORS INC SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001023128; latest 10-K filed 2026-02-25. LAD LITHIA MOTORS INC 0001023128 5500 Retail-Auto Dealers & Gasoline Stations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion in conjunction with Item 1. Business, Item 1A. Risk Factors, and our Consolidated Financial Statements and Notes thereto. Overview We are a global automotive retailer ranked #124 on the Fortune 500 in 2025. As of February 25, 2026, we offered 54 brands of new vehicles and all brands of used vehicles in 458 stores in the United States, the United Kingdom, and Canada and online at over 400 websites. We offer a wide range of products and services including new and used vehicles, F&I products, and vehicle repair and maintenance aftersales. Financial Performance We experienced revenue growth across all major business lines in 2025 compared to 2024, driven by same store growth and complemented by acquisitions. Improvements in same store aftersales and third-party finance and insurance gross profit contributed to total company gross profit growth, partially offset by decreases in new and used vehicle gross profit. On a same store basis, new and used vehicle retail gross profit declined due to lower gross profit per unit as margins continued to normalize toward pre-pandemic levels. The decline in net income was driven by this margin normalization, higher SG&A as a percentage of gross profit, and a higher effective income tax rate, partially offset by lower interest expense. Segments We operate in two reportable segments: Vehicle Operations and Financing Operations. Our Vehicle Operations segment consists of all aspects of our auto merchandising and service operations, excluding financing provided by our Financing Operations segment. Our Financing Operations segment provides financing options to customers [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"25\"]] [[/GREPCENT_TABLE]] buying and leasing retail vehicles from our Vehicle Operations segment, as well as leasing vehicles from our fleet management division. Vehicle Operations [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"\",\"\",\"\",\"\",\"\",\"2025 vs. 2024\",\"\",\"\",\"\",\"2024 vs. 2023\"],[\"($ in millions, except per vehicle data)\",\"2025\",\"\",\"2024\",\"\",\"Change\",\"\",\"%\",\"\",\"2023\",\"\",\"Change\",\"\",\"%\"],[\"Revenues\"],[\"New vehicle\",\"$\",\"18,703.0\",\"\",\"\",\"$\",\"18,322.8\",\"\",\"\",\"$\",\"380.2\",\"\",\"\",\"2.1\",\"%\",\"\",\"$\",\"15,601.2\",\"\",\"\",\"$\",\"2,721.6\",\"\",\"\",\"17.4\",\"%\"],[\"Used vehicle\",\"13,371.5\",\"\",\"\",\"12,628.8\",\"\",\"\",\"742.7\",\"\",\"\",\"5.9\",\"\",\"\",\"10,897.3\",\"\",\"\",\"1,731.5\",\"\",\"\",\"15.9\"],[\"Finance and insurance\",\"1,473.6\",\"\",\"\",\"1,417.7\",\"\",\"\",\"55.9\",\"\",\"\",\"3.9\",\"\",\"\",\"1,337.0\",\"\",\"\",\"80.7\",\"\",\"\",\"6.0\"],[\"Aftersales\",\"4,086.8\",\"\",\"\",\"3,818.9\",\"\",\"\",\"267.9\",\"\",\"\",\"7.0\",\"\",\"\",\"3,206.8\",\"\",\"\",\"612.1\",\"\",\"\",\"19.1\"],[\"Total revenues\",\"37,634.9\",\"\",\"\",\"36,188.2\",\"\",\"\",\"1,446.7\",\"\",\"\",\"4.0\",\"\",\"\",\"31,042.3\",\"\",\"\",\"5,145.9\",\"\",\"\",\"16.6\"],[\"Gross profit\"],[\"New vehicle\",\"$\",\"1,169.2\",\"\",\"\",\"$\",\"1,285.5\",\"\",\"\",\"$\",\"(116.3)\",\"\",\"\",\"(9.0)\",\"%\",\"\",\"$\",\"1,428.0\",\"\",\"\",\"$\",\"(142.5)\",\"\",\"\",\"(10.0)\",\"%\"],[\"Used vehicle\",\"733.2\",\"\",\"\",\"723.7\",\"\",\"\",\"9.5\",\"\",\"\",\"1.3\",\"\",\"\",\"704.8\",\"\",\"\",\"18.9\",\"\",\"\",\"2.7\"],[\"Finance and insurance\",\"1,473.6\",\"\",\"\",\"1,417.7\",\"\",\"\",\"55.9\",\"\",\"\",\"3.9\",\"\",\"\",\"1,337.0\",\"\",\"\",\"80.7\",\"\",\"\",\"6.0\"],[\"Aftersales\",\"2,357.0\",\"\",\"\",\"2,134.1\",\"\",\"\",\"222.9\",\"\",\"\",\"10.4\",\"\",\"\",\"1,759.1\",\"\",\"\",\"375.0\",\"\",\"\",\"21.3\"],[\"Total gross profit\",\"5,733.0\",\"\",\"\",\"5,561.0\",\"\",\"\",\"172.0\",\"\",\"\",\"3.1\",\"\",\"\",\"5,228.9\",\"\",\"\",\"332.1\",\"\",\"\",\"6.4\"],[\"Gross profit margins\"],[\"New vehicle\",\"6.3\",\"%\",\"\",\"7.0\",\"%\",\"\",\"-70 bps\",\"\",\"\",\"\",\"9.2\",\"%\",\"\",\"-220 bps\"],[\"Used vehicle\",\"5.5\",\"\",\"\",\"5.7\",\"\",\"\",\"-20 bps\",\"\",\"\",\"\",\"6.5\",\"\",\"\",\"-80 bps\"],[\"Finance and insurance\",\"100.0\",\"\",\"\",\"100.0\",\"\",\"\",\"\\u2014 bps\",\"\",\"\",\"\",\"100.0\",\"\",\"\",\"\\u2014 bps\"],[\"Aftersales\",\"57.7\",\"\",\"\",\"55.9\",\"\",\"\",\"180 bps\",\"\",\"\",\"\",\"54.9\",\"\",\"\",\"100 bps\"],[\"Total gross profit margin\",\"15.2\",\"\",\"\",\"15.4\",\"\",\"\",\"-20 bps\",\"\",\"\",\"\",\"16.8\",\"\",\"\",\"-140 bps\"],[\"Units sold\"],[\"New vehicle\",\"402,575\",\"\",\"\",\"406,286\",\"\",\"\",\"(3,711)\",\"\",\"\",\"(0.9)\",\"%\",\"\", Item 1. Business As used in this Annual Report, the terms \u201cLithia,\u201d \u201cLithia and Driveway,\u201d \u201cLAD,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer collectively to Lithia Motors, Inc. and its subsidiaries, unless otherwise required by the context. Our store operations are conducted by our subsidiaries. Forward-Looking Statements Certain statements in this Annual Report, including in the sections entitled \u201cRisk Factors,\u201d \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d and \u201cBusiness\u201d constitute forward-looking statements within the meaning of the \u201cSafe Harbor\u201d provisions of the Private Securities Litigation Reform Act of 1995. Generally, you can identify forward-looking statements by terms such as \u201cproject,\u201d \u201coutlook,\u201d \u201ctarget,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201cseek,\u201d \u201cexpect,\u201d \u201cplan,\u201d \u201cintend,\u201d \u201cforecast,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201clikely,\u201d \u201censure,\u201d \u201cgoal,\u201d \u201cstrategy,\u201d \u201cfuture,\u201d \u201cmaintain,\u201d and \u201ccontinue\u201d or the negative of these terms or other comparable terms. Examples of forward-looking statements in this Form 10-K include, among others, statements regarding: \u2022The profitability of our strategy and growth \u2022Future market conditions, including anticipated vehicle and other sales, gross profit and inventory supply \u2022Our business strategy and plans, including our achieving our long-term financial targets \u2022The growth, expansion, make-up, and success of our network, including our finding accretive acquisitions that meet our target valuations and acquiring additional stores \u2022Annualized revenues from acquired stores or achieving target returns \u2022The growth and performance of our Driveway e-commerce home solution and DFC, their synergies and other impacts on our business and our ability to meet Driveway and DFC-related targets \u2022The impact of sustainable vehicles and other market and regulatory changes on our business, including evolving vehicle distribution models \u2022Our capital allocations and Item 1A. Risk Factors You should carefully consider the risks described below before making an investment decision. The risks described below are not the only ones facing our company. Additional risks not presently known to us, or that we currently deem immaterial, may also impair our business operations. Risks Related to", "title": "LAD - LITHIA MOTORS INC", "url": "/company/LAD/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001090425; latest 10-K filed 2026-02-20.", "text": "LAMR - LAMAR ADVERTISING CO/NEW SIC 6798 Real Estate Investment Trusts; CIK 0001090425; latest 10-K filed 2026-02-20. LAMR LAMAR ADVERTISING CO/NEW 0001090425 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This report contains forward-looking statements. These statements are subject to risks and uncertainties including those described in Item 1A under the heading \u201cRisk Factors,\u201d and elsewhere in this Annual Report, that could cause actual results to differ materially from those projected in these forward-looking statements. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document. These statements speak only as of the date of this document, and the Company undertakes no obligation to update or revise the statements, except as may be required by law. LAMAR ADVERTISING COMPANY The following is a discussion of the consolidated financial condition and results of operations of the Company for the years ended December 31, 2025 and 2024. This discussion should be read in conjunction with the consolidated financial statements of the Company and the related notes. Discussion of our results of operations for the years ended December 31, 2024 and 2023 can be found in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. OVERVIEW The Company\u2019s net revenues are derived primarily from the rental of advertising space on outdoor advertising displays owned and operated by the Company. We manage our business through three operating segments \u2013 billboard, logo and transit advertising. Revenue growth is based on many factors that include the Company\u2019s ability to increase occupancy of its existing advertising displays; raise advertising rates; and acquire new advertising displays and its operating results are therefore affected by general economic conditions, as well as trends in the advertising industry. Advertising spending is particularly sensitive to changes in general economic conditions, which affect the rates the Company is able to charge for advertising on its displays and its ability to maximize advertising sales or occupancy on its displays. Acquisitions and capital expenditures Historically, the Company has made strategic acquisitions of outdoor advertising assets to increase the number of outdoor advertising displays it operates in existing and new markets. The Company continues to evaluate and pursue strategic acquisition opportunities as they arise. The Company has financed its historical acquisitions and intends to finance any future acquisition activity from available cash, borrowings under the senior credit facility and the Accounts Receivable Securitization Program or through the issuance of debt or equity securities. See \u201cLiquidity and Capital Resources- Sources of Cash,\u201d for more information. During the year ended December 31, 2025, the Company completed multiple acquisitions for a total cash purchase price of approximately $191.1 million. See \u201cUses of Cash-Acquisitions,\u201d for more information. Additionally, Lamar Advertising Limited Partnership (\u201cLamar LP\u201d), the subsidiary operating partnership of the Company and Lamar Media, acquired Verde Outdoor at a value of $147.6 million through the issuance of 1,187,500 Common Units of Lamar LP. The Common Units were issued to the owners of Verde Outdoor as the consideration in connection with the acquisition, whereby the assets of Verde Outdoor were contributed to Lamar LP. The Verde Outdoor assets include more than 1,500 billboard faces across ten states. The Company\u2019s business requires expenditures for maintenance and capitalized costs associated with the construction of new billboard displays, the entrance into and renewal of logo sign and transit contracts, and the purchase of real estate and operating equipment. The following table presents a breakdown of capitalized expenditures for the past two years: [[GREPCENT_TABLE]] [[\"(In thousands)\",\"2025\",\"\",\"2024\"],[\"Billboard \\u2014 Traditional\",\"$\",\"34,967\",\"\",\"\",\"$\",\"28,490\"],[\"Billboard \\u2014 Digital\",\"90,937\",\"\",\"\",\"60,697\"],[\"Logos\",\"1 ITEM 1. BUSINESS GENERAL Lamar Advertising Company is one of the largest outdoor advertising companies in the United States based on number of displays and has operated under the Lamar name since 1902. We manage our business through three operating segments \u2013billboard, logo and transit advertising. We rent space for advertising on billboards, buses, shelters, benches, logo plates and in airport terminals. We offer our customers a fully integrated service, satisfying all aspects of their display requirements from ad copy production to placement and maintenance. We operate three types of outdoor advertising displays: billboards, logo signs and transit advertising displays. Billboards. As of December 31, 2025, we owned and operated approximately 159,300 billboard advertising displays in 45 states and Canada. We rent most of our advertising space on two types of billboards: bulletins and posters. \u2022Bulletins are generally large, illuminated advertising structures that are located on major highways and target vehicular traffic. \u2022Posters are generally smaller advertising structures that are located on major traffic arteries and city streets and target vehicular and pedestrian traffic. In addition to traditional billboards, we also rent space on digital billboards, which are generally located on major traffic arteries and city streets. As of December 31, 2025, we owned and operated approximately 5,500 digital billboard advertising displays in 43 states and Canada. Logo signs. We rent advertising space on logo signs located near highway exits. \u2022Logo signs generally advertise nearby gas, food, camping, lodging and other attractions. We are the largest provider of logo signs in the United States, operating 24 of the 28 privatized state logo sign contracts. As of December 31, 2025, we operated over 144,400 logo sign advertising displays in 24 states and the province of Ontario, Canada. Transit advertising displays. We also rent advertising space on the exterior and i ITEM 1A. RISK FACTORS Risks Related to Our Capital Structure The Company\u2019s substantial debt may adversely affect its business, financial condition and financial results. The Company has borrowed substantially in the past and will continue to borrow in the future. At December 31, 2025, Lamar Advertising Company\u2019s wholly owned ", "title": "LAMR - LAMAR ADVERTISING CO/NEW", "url": "/company/LAMR/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000842162; latest 10-K filed 2026-02-13.", "text": "LEA - LEAR CORP SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000842162; latest 10-K filed 2026-02-13. LEA LEAR CORP 0000842162 3714 Motor Vehicle Parts & Accessories ITEM 7 \u2013 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Executive Overview Lear Corporation is a global automotive technology leader in Seating and E-Systems, enabling superior in-vehicle experiences for consumers around the world. We supply complete seat systems, key seat components, complete electrical distribution and connection systems, high-voltage power distribution products, including battery disconnect units (\"BDUs\"), and low-voltage power distribution products and electronic controllers to all of the world's major automotive manufacturers. Lear is built on a foundation and strong culture of innovation, operational excellence, and engineering and program management capabilities. We use our product and process design and technological expertise, as well as our global reach and competitive manufacturing footprint, to achieve our financial goals and objectives. These include continuing to deliver profitable growth while balancing risks and returns, investing in product and process innovations to drive business growth and profitability, maintaining a strong balance sheet with investment grade credit metrics, and generating strong cash flow and returning excess cash to shareholders. Further, we have aligned our strategy with key trends affecting our business. At Lear, we are Making every drive betterTM by providing technology for safer, smarter and more comfortable journeys, while adhering to our values \u2014 Be Inclusive. Be Inventive. Get Results the Right Way. Our business is organized under two reporting segments: Seating and E-Systems. Each of these segments has a varied product and technology portfolio across a number of component categories. Further, we continuously evaluate this portfolio, aligning it with industry trends while balancing risk-adjusted returns, which allows us to offer value-added solutions to our customers. Our Seating business consists of the design, development, engineering and manufacture of complete seat systems and key seat components. Our capabilities in operations and supply chain management enable synchronized assembly and just-in-time delivery of complex complete seat systems at high volumes to our customers. As the most vertically integrated global seat supplier, our key seat component product offerings include seat trim covers; surface materials such as leather and fabric; seat mechanisms; seat cushioning; headrests; and thermal comfort systems such as seat heating, ventilation, active cooling, pneumatic lumbar and massage products. All of these products are compatible with traditional internal combustion engine (\"ICE\") architectures and electrified powertrains, including the full range of hybrid, plug-in hybrid and battery electric architectures. Our thermal comfort systems are facilitated by our seat system, component and integration capabilities, together with our competencies in electronics, sensors, software and algorithms. Our E-Systems business consists of the design, development, engineering and manufacture of complete electrical distribution and connection systems; high-voltage power distribution products, including BDUs; and low-voltage power distribution products and electronic controllers. These capabilities enable us to provide our customers with customizable solutions with optimized designs at competitive costs for both low-voltage and high-voltage vehicle architectures. \u2022Electrical distribution and connection systems utilize low-voltage and high-voltage wire and high-speed data cables to connect networks' electrical signals and manage electrical power within the vehicle for all types of powertrains \u2013 from traditional ICE architectures to the full range of electrified powertrains that require management of higher voltage and power. Key components of our electrical distribution and connection systems portfolio include wire harnesses, terminals and connectors, high-voltage battery connection systems and engineered components. High-volt ITEM 1 \u2013 BUSINESS In this Annual Report on Form 10-K (this \"Report\"), when we use the terms the \"Company,\" \"Lear,\" \"we,\" \"us\" and \"our,\" unless otherwise indicated or the context otherwise requires, we are referring to Lear Corporation and its consolidated subsidiaries. A substantial portion of the Company's operations are conducted through subsidiaries controlled by Lear Corporation. The Company is also a party to various joint venture arrangements. Certain disclosures included in this Report constitute forward-looking statements that are subject to risks and uncertainties. See Item 1A, \"Risk Factors,\" and Part II \u2014 Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations \u2014 Forward-Looking Statements.\" BUSINESS OF THE COMPANY General Lear Corporation is a global automotive technology leader in Seating and E-Systems, enabling superior in-vehicle experiences for consumers around the world. We supply complete seat systems, key seat components, complete electrical distribution and connection systems, high-voltage power distribution products, including battery disconnect units (\"BDUs\"), and low-voltage power distribution products and electronic controllers to all of the world's major automotive manufacturers. At Lear, we are Making every drive betterTM by providing technology for safer, smarter and more comfortable journeys, while adhering to our values \u2014 Be Inclusive. Be Inventive. Get Results the Right Way. We have 258 manufacturing, engineering and administrative locations in 36 countries. We continue to grow our business in every major automotive producing region of the world, both organically and through complementary acquisitions. We continue to evaluate our manufacturing footprint to optimize our cost structure. Lear is built on a foundation and strong culture of innovation, operational excellence, and engineering and program management capabilities. We use our product and process design and technological expertise, as ITEM 1A \u2013 RISK FACTORS Our business, financial condition, operating results and cash flows may be impacted by a number of factors. In addition to the factors affecting our business identified elsewhere in this Report, the material risk factors affecting our operations include the following: Risks Related to Our Business \u2022Our industry is cyc", "title": "LEA - LEAR CORP", "url": "/company/LEA/" }, { "kind": "company", "summary": "SIC 3540 Metalworkg Machinery & Equipment; CIK 0000059527; latest 10-K filed 2026-02-25.", "text": "LECO - LINCOLN ELECTRIC HOLDINGS INC SIC 3540 Metalworkg Machinery & Equipment; CIK 0000059527; latest 10-K filed 2026-02-25. LECO LINCOLN ELECTRIC HOLDINGS INC 0000059527 3540 Metalworkg Machinery & Equipment ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars in thousands, except per share amounts) This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read together with the Company\u2019s consolidated financial statements and other financial information included elsewhere in this Annual Report on Form 10-K. This Annual Report on Form 10-K contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those indicated in the forward-looking statements. See \"Item 1A. Risk Factors\" for more information regarding forward-looking statements. General The Company is a high-performance industrial machinery and technology leader who helps customers manufacture and maintain vital equipment and infrastructure. The Company\u2019s innovative solutions enable higher quality and productivity across a variety of processes including welding, cutting, brazing, machining, process automation, and field repair. 18 Table of Contents \u200b The Company\u2019s products include arc welding equipment, filler metals (welding, brazing and soldering consumables), cutting systems (laser, plasma and oxyfuel), wire feeding systems, fume control equipment, welding accessories, specialty gas regulators, mobile power equipment, wear solutions, software, and education solutions; as well as a comprehensive portfolio of automated solutions and system integration services for joining, cutting, material handling, module assembly, and end of line testing. Services include additive manufacturing, precision fabrication, wear services, upfitting, and training. \u200b Solutions range in technology and features from basic units used for personal, maintenance and light manufacturing use to highly sophisticated robotic solutions for complex fabrication and production activities. The Company invests in the research and development of its solutions in order to continue its market leading product offering and improve the quality, productivity and sustainability of its solutions. In addition, the Company actively protects its innovations with patents and trade secrets globally. The Company believes its significant investment in research and development, its highly trained technical sales force and its extensive distributor network provide a competitive advantage in the marketplace. The Company\u2019s products are sold globally through industrial distributors, direct to end users, retailers and wholesalers. The Company\u2019s major end-user markets include: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"general fabrication,\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"energy (oil and gas, power generation and process industries),\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"heavy industries (heavy fabrication, ship building and maintenance and repair),\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"automotive and transportation, and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"construction and infrastructure.\"]] [[/GREPCENT_TABLE]] The Company has, through wholly owned subsidiaries, manufacturing and automation facilities located in the United States, Australia, Austria, Brazil, Canada, China, Colombia, Denmark, France, Germany, India, Italy, Mexico, Poland, Portugal, Romania, South Korea, Spain, Turkey and the United Kingdom. The principal raw materials essential to the Company\u2019s business are steel, electronic components, engines, brass, copper, silver, aluminum alloys, robotic components and various chemicals, all of which are normally available for purchase in the open market. In 2025, the U.S. government announced a series of tariffs on imported goods into the U.S., which prompted retaliatory actions from some of its trading partners. The Company has taken actions to address the impact of these trade policies and while the Company cannot predict the ultimate impact on its business, the Company will continue to mo ITEM 1. BUSINESS General As used in this Annual Report on Form 10-K, the term \"Company,\" except as otherwise indicated by the context, means Lincoln Electric Holdings, Inc. and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest. Founded in 1895 and incorporated in the state of Ohio in 1906 as The Lincoln Electric Company, the Company reorganized into a holding company structure as Lincoln Electric Holdings, Inc. in 1998. The Company is a high-performance industrial machinery and technology leader who helps customers manufacture and maintain vital equipment and infrastructure. The Company\u2019s innovative solutions enable higher quality and productivity across a variety of processes including welding, cutting, brazing, machining, process automation, and field repair. Solutions The Company\u2019s products include arc welding equipment, filler metals (welding, brazing and soldering consumables), cutting systems (laser, plasma and oxyfuel), wire feeding systems, fume control equipment, welding accessories, specialty gas regulators, mobile power equipment, wear solutions, software, and education solutions; as well as a comprehensive portfolio of automated solutions and system integration services for joining, cutting, material handling, module assembly, and end of line testing. Services include additive manufacturing, precision fabrication, wear services, upfitting, and training. Solutions range in technology and features from basic units used for personal, maintenance and light manufacturing use to highly sophisticated robotic solutions for complex fabrication and production activities. Manufacturing Footprint The Company has, through wholly owned subsidiaries, manufacturing and automation facilities in 20 countries located in the United States, Australia, Austria, Brazil, Canada, China, Colombia, Denmark, France, Germany, India, Italy, Mexico, Poland, Portugal, Romania, South Korea, Spain, Turkey and the United Kingdom. Reportable ITEM 1A. RISK FACTORS From time to time, information we provide, statements by our employees or information included in our filings with the SEC may contain forward-looking statements that are not historical facts. Those statements are \u201cforward-looking\u201d within the meaning of the Private Securities Litigation Reform Ac", "title": "LECO - LINCOLN ELECTRIC HOLDINGS INC", "url": "/company/LECO/" }, { "kind": "company", "summary": "SIC 3613 Switchgear & Switchboard Apparatus; CIK 0000889331; latest 10-K filed 2026-02-19.", "text": "LFUS - LITTELFUSE INC /DE SIC 3613 Switchgear & Switchboard Apparatus; CIK 0000889331; latest 10-K filed 2026-02-19. LFUS LITTELFUSE INC /DE 0000889331 3613 Switchgear & Switchboard Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion of the Company's financial condition and results of operations should be read together with the Consolidated Financial Statements and notes to those statements included in Item 8 of Part II of this Annual Report on Form 10-K. BUSINESS For a description of the Company\u2019s business, segments and product offerings, see Item 1, Business. 2025 EXECUTIVE OVERVIEW Net sales were $2,386.3 million, which increased by $195.5 million, or 8.9%, in 2025 compared to 2024 including $49.0 million, or 2.2% of incremental net sales, from the Dortmund Fab acquisition (defined below) in the semiconductor business within the Electronics segment and $17.6 million or 0.8% of favorable changes in foreign exchange rates. The remaining increase in net sales was primarily due to higher volume of $104.5 million in the electronics products business within the Electronics segment and $32.8 million in the Industrial segment due to higher end market demand and favorable pricing. The Company recognized a net loss of $71.7 million, or $2.89 per diluted share, in 2025 compared to net income of $100.2 million, or $4.00 per diluted share in 2024. The net loss was primarily impacted by a $301.2 million non-cash goodwill impairment charge for the Electronics-Semiconductor reporting unit within the Electronics segment during the fourth quarter of 2025, partially offset by higher operating income of $50.2 million within the Electronics segment driven by the electronics products business and increases of $26.2 million and $16.7 million in operating income across the Transportation and Industrial segments, respectively. Net cash provided by operating activities was $433.8 million in the fiscal year 2025, an increase of $66.1 million, compared to $367.6 million in the fiscal year 2024. The increase in net cash provided by operating activities was primarily due to higher cash earnings compared to prior year. On December 11, 2025, the Company completed the acquisition of Basler Electric Company (\"Basler\"). Basler is a leading designer and manufacturer of innovative electrical control and protection solutions for high-growth industrial markets including grid and utility infrastructure, power generation and data center. At the time of acquisition, Basler had annualized sales of approximately $130 million. The business is reported within the Company\u2019s Industrial segment. The total purchase consideration was $350.3 million, net of cash acquired, subject to a working capital adjustment. On December 31, 2024, the Company completed the acquisition of a 200mm wafer fab located in Dortmund, Germany (\u201cDortmund Fab\u201d) from Elmos Semiconductor SE. The total purchase price for the Dortmund Fab was approximately \u20ac94 million, of which a \u20ac37.2 million down payment (approximately $40.5 million) was paid in the third quarter of 2023 after regulatory approvals, and \u20ac56.7 million (approximately $58.8 million) was paid at closing. The business is reported in the Electronics-Semiconductor business within the Company\u2019s Electronics segment. Other Risk The Company uses various metals in the manufacturing of its products, including copper, zinc, tin, gold, silver, and ruthenium. Worldwide demand, availability, and pricing of these raw materials have been volatile. In recent years, the prices of many of these raw materials continue to fluctuate, and in many cases increase, and fluctuations may persist in the future. Also in the fourth quarter and through the date of filing, precious metal commodity pricing has significantly increased. If the Company must pay more for certain materials, it could reduce our profit margin or otherwise have a material adverse effect on our business and financial results. Recently, the U.S. government has imposed extensive tariffs on goods imported from several countries, including, without limitation, China, Mexico and Canada, as well as certa ITEM 1. BUSINESS. GENERAL Littelfuse, Inc., was incorporated under the laws of the State of Delaware in 1991. References herein to the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cLittelfuse\u201d refer to Littelfuse, Inc. and its subsidiaries. References herein to \u201c2025\u201d, \u201cfiscal 2025\u201d or \u201cfiscal year 2025\u201d refer to the fiscal year ended December 27, 2025. References herein to \u201c2024\u201d, \u201cfiscal 2024\u201d or \u201cfiscal year 2024\u201d refer to the fiscal year ended December 28, 2024. References herein to \u201c2023\u201d, \u201cfiscal 2023\u201d or \u201cfiscal year 2023\u201d refer to the fiscal year ended December 30, 2023. The Company operates on a 52-53 week fiscal year (4-4-5 basis) ending on the Saturday closest to December 31. OVERVIEW Founded in 1927, Littelfuse is a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world. Across more than 20 countries, and with approximately 17,000 global associates, the Company leverages its position as a scaled supplier of passive electronics and protection components, complemented by high-value-add power semiconductor capabilities. Our market leadership and extensive brand equity are underpinned by a broad, multi-technology portfolio that addresses the critical needs of our global customer base. As our end markets transition toward higher power and energy density, customers face escalating challenges related to system safety and energy efficiency. Consequently, our essential technologies are increasingly integral to our customers' evolving architectures. Our engineering teams are frequently embedded within our customers' research and development (\"R&D\") processes, collaborating on the design-in of next-generation solutions. The Company maintains a robust global manufacturing and operational footprint, strategically located in-region with both customers and supply chain partners. This provides a significant competitive advantage, enabling us to navigate complex and evolving environments with agility. Our financial performance i ITEM 1A. RISK FACTORS. The Company\u2019s business, financial condition, and results of operations are subject to various risks and uncertainties, including the risk factors it has identified below. Any of the following risk factors could materially and adversely affect the Company\u2019s business, financial condition, or results of", "title": "LFUS - LITTELFUSE INC /DE", "url": "/company/LFUS/" }, { "kind": "company", "summary": "SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0001639691; latest 10-K filed 2026-02-25.", "text": "LIVN - LivaNova PLC SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0001639691; latest 10-K filed 2026-02-25. LIVN LivaNova PLC 0001639691 3845 Electromedical & Electrotherapeutic Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes, which appear elsewhere in this Report. Certain percentages presented in this discussion and analysis are calculated from the underlying whole-dollar amounts and therefore may not tie to percentages recalculated from the rounded numbers used for disclosure purposes. The following discussion, analysis, and comparisons generally focus on the operating results for 2025, 2024, and 2023. LivaNova has elected to omit certain discussions on the earliest of the three years covered in this Report. Refer to Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations located in LivaNova\u2019s Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 25, 2025, for reference to the discussion of 2023, the earliest of the three fiscal years presented. Description of the Business LivaNova PLC is a market-leading global medical technology company. The Company designs, develops, manufactures, markets, and sells products, therapies, and services that are consistent with LivaNova\u2019s mission to \u201ccreate ingenious medical solutions that ignite patient turnarounds.\u201d LivaNova is a public limited company organized under the laws of England and Wales and is headquartered in London, England. LivaNova\u2019s ordinary shares are listed for trading on the Nasdaq under the symbol \u201cLIVN.\u201d Macroeconomic Environment and Global Supply Chain The current macroeconomic environment, including FX volatility, inflationary pressures, and geopolitical instability, and global supply chain challenges have impacted and may continue to impact LivaNova\u2019s business, results of operations, cash flows, and financial condition. Furthermore, LivaNova continues to experience logistical, capacity, and labor constraints. However, to date, the Company\u2019s supply of raw materials and the production and distribution of finished products have not been materially affected. The Company continues to respond to such challenges. While LivaNova has business continuity plans in place, the impact of the ongoing challenges the Company is navigating, along with their potential escalation, may adversely affect its business. In addition, the impact that the imposition of tariffs and changes to global trade policies could have on the Company\u2019s results of operations is uncertain. A significant number of LivaNova\u2019s Cardiopulmonary products and component parts are sourced and produced outside of the U.S., including in Italy and Germany. Similarly, LivaNova manufactures its Neuromodulation products in the U.S., which are then often distributed internationally. For additional information, refer to \u201cItem 1A. Risk Factors\u201d in this Report. Cybersecurity Incident As previously disclosed, in November 2023, LivaNova detected a cybersecurity incident that resulted in a disruption of portions of the Company\u2019s IT systems. As a result, the Company engaged external cybersecurity experts, coordinated with law enforcement, implemented remediation measures, and notified affected individuals and regulators as required by applicable law. The incident was contained, and the Company\u2019s mitigation efforts are considered complete. For further discussion on related legal and regulatory matters, refer to \u201cNote 11. Commitments and Contingencies\u201d in LivaNova\u2019s consolidated financial statements in this Report. Through December 31, 2025, LivaNova incurred direct costs totaling $13.1 million in connection with this cybersecurity incident, including $1.5 million, $9.0 million and $2.6 million for the years ended December 31, 2025, 2024, and 2023, respectively. The total direct costs incurred primarily include external cybersecurity expert and legal fees, system restoration costs, and $1.2 million related to a class action settlement, and do not include busin ITEM 1. BUSINESS Description of the Business and Background LivaNova PLC is a market-leading global medical technology company. The Company designs, develops, manufactures, markets, and sells products, therapies, and services that are consistent with LivaNova\u2019s mission to \u201ccreate ingenious medical solutions that ignite patient turnarounds.\u201d LivaNova is a public limited company organized under the laws of England and Wales and is headquartered in London, England. LivaNova\u2019s ordinary shares are listed for trading on the Nasdaq under the symbol \u201cLIVN.\u201d Business Overview LivaNova identifies operating segments based on how it manages, evaluates, and internally reports its business activities to allocate resources, develop and execute its strategy, and assess performance. LivaNova has two reportable segments: Cardiopulmonary and Neuromodulation. \u201cOther\u201d includes non-allocated corporate expenses and the non-cannula results of the Company\u2019s former ACS segment, which was wound down during 2024. For additional information regarding LivaNova\u2019s reportable segments, historical financial information, and methodology for the presentation of financial results, refer to \u201cPart IV, Item 15. Exhibits and Financial Statement Schedules\u201d of this Report. Cardiopulmonary LivaNova\u2019s Cardiopulmonary segment is engaged in the design, development, manufacture, marketing, and sale of cardiopulmonary products, including HLMs, oxygenators, autotransfusion systems, perfusion tubing systems, cannulae, and other related accessories, and provides services related to certain of these products. In particular, the Cardiopulmonary segment includes the Essenz Perfusion System, the Company\u2019s next-generation HLM with an embedded patient monitor for tailored patient care strategies and sensing technology for data-driven decision-making during CPB procedures. CPB is frequently utilized in various heart-related medical procedures and allows surgical teams to oxygenate and circulate a patient\u2019s blood, pr ITEM 1A. RISK FACTORS An investor should carefully consider the risks described below, as well as other information contained in this Report and in LivaNova\u2019s other filings with the SEC. The Company\u2019s business, results of operations, cash flows, and financial condition could be materially and adversely affected b", "title": "LIVN - LivaNova PLC", "url": "/company/LIVN/" }, { "kind": "company", "summary": "SIC 2835 In Vitro & In Vivo Diagnostic Substances; CIK 0001521036; latest 10-K filed 2026-02-26.", "text": "LNTH - Lantheus Holdings, Inc. SIC 2835 In Vitro & In Vivo Diagnostic Substances; CIK 0001521036; latest 10-K filed 2026-02-26. LNTH Lantheus Holdings, Inc. 0001521036 2835 In Vitro & In Vivo Diagnostic Substances Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with the consolidated financial statements and the related notes included in Item 8 of this Annual Report on Form 10-K (\u201cForm 10-K\u201d). This discussion contains forward-looking statements related to future events and our future financial performance that are based on current expectations and subject to risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth in Part I, Item 1A. \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward Looking Statements.\u201d included in this Form 10-K. This section discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 have been excluded from this Form 10-K and can be found in \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (\u201cSEC\u201d) on February 26, 2025. Overview Our Business We are the leading radiopharmaceutical-focused company committed to enabling clinicians to Find, Fight and Follow disease to deliver better patient outcomes. We classify our products into three product categories: Radiopharmaceutical Oncology, Precision Diagnostics, and Strategic Partnerships and Other Revenue. Our Radiopharmaceutical Oncology product helps healthcare professionals (\u201cHCPs\u201d) Find, Fight and Follow cancer. Our Precision Diagnostic products assist HCPs to Find and Follow diseases. Our Strategic Partnerships include biomarkers and digital solutions in support of our partners\u2019 therapeutic development, out-licensing agreements for non-core assets and optimization of our assets geographically, as well as contract development and manufacturing organization (\u201cCDMO\u201d) revenue generated by Evergreen. Our commercial products are used by cardiologists, internal medicine physicians, neurologists, nuclear medicine physicians, oncologists, radiologists, sonographers, technologists, and urologists working in a variety of clinical settings. We believe that our diagnostic products provide information that enables HCPs to better detect and characterize, or rule out, disease, with the potential to achieve better patient outcomes, reduce patient risk, and limit overall costs. We produce and market our products throughout the United States (the \u201cUnited States\u201d or the \u201cU.S.\u201d), selling primarily to hospitals, independent imaging centers and government facilities. We generally sell our products outside the United States through a combination of direct distribution in Canada, third-party distribution relationships in Europe, Canada, Australia, Asia-Pacific, Central America and South America and by licensing exclusive rights to develop and commercialize certain products outside the United States. We are headquartered in Massachusetts, with offices in New Jersey, Canada, Germany, Switzerland, Sweden and the United Kingdom. Recent Developments During 2025, we announced multiple strategic transactions, which shape and sharpen our strategic focus within the radiopharmaceutical industry. A brief description of these transactions is summarized below. Sale of SPECT Business On January 1, 2026, we completed the sale of our single-photon emission computerized tomography (\u201cSPECT\u201d) business to SHINE Technologies, LLC (\u201cSHINE\u201d), a wholly-owned subsidiary of Illuminated Holdings, Inc. We are entitled to receive total consideration of up to $155.0 million, consisting of cash, a convertible installment note, a term note and contingent earnout payments. Under the terms of the definitive agreement, SHINE acquired the assets and liabilities associated with Item 1. Business Overview We are the leading radiopharmaceutical-focused company committed to enabling clinicians to Find, Fight and Follow disease to deliver better patient outcomes. We classify our products into three product categories: Radiopharmaceutical Oncology, Precision Diagnostics, and Strategic Partnerships and Other Revenue. Our Radiopharmaceutical Oncology product helps healthcare professionals (\u201cHCPs\u201d) Find, Fight and Follow cancer. Our Precision Diagnostic products assist HCPs to Find and Follow diseases. Our Strategic Partnerships include biomarkers and digital solutions in support of our partners\u2019 therapeutic development, out-licensing agreements for non-core assets and optimization of our assets geographically, and contract development and manufacturing organization (\u201cCDMO\u201d) revenue generated by Evergreen. Our commercial products are used by cardiologists, internal medicine physicians, neurologists, nuclear medicine physicians, oncologists, radiologists, sonographers, technologists, and urologists working in a variety of clinical settings. We believe that our diagnostic products provide information that enables HCPs to better detect and characterize, or rule out, disease, with the potential to achieve better patient outcomes, reduce patient risk, and limit overall costs. We produce and market our products throughout the United States (the \u201cUnited States\u201d or the \u201cU.S.\u201d), selling primarily to hospitals, independent imaging centers and government facilities. We generally sell our products outside the United States through a combination of direct distribution and third-party distribution relationships in Europe, Canada, Australia, Asia-Pacific, Central America and South America and by licensing exclusive rights to develop and commercialize certain products outside the United States. We are headquartered in Massachusetts, with offices in New Jersey, Canada, Germany, Switzerland, Sweden and the United Kingdom. Leadership Transition Plan Effective Item 1A. Risk Factors You should carefully consider the following risks. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that adversely a", "title": "LNTH - Lantheus Holdings, Inc.", "url": "/company/LNTH/" }, { "kind": "company", "summary": "SIC 8200 Services-Educational Services; CIK 0001434588; latest 10-K filed 2026-02-18.", "text": "LOPE - Grand Canyon Education, Inc. SIC 8200 Services-Educational Services; CIK 0001434588; latest 10-K filed 2026-02-18. LOPE Grand Canyon Education, Inc. 0001434588 8200 Services-Educational Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations for the years ended December 31, 2025 and 2024 should be read in conjunction with our consolidated financial statements and related notes that appear in Item 8, Consolidated Financial Statements and Supplementary Data. In addition to historical information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in Special Note Regarding Forward-Looking Statements and in Item 1A, Risk Factors. Executive Overview GCE is a publicly traded education services company dedicated to serving colleges and universities. GCE has developed significant technological solutions, infrastructure and operational processes to provide services to these institutions on a large scale. GCE\u2019s most significant university partner is GCU, a comprehensive regionally accredited university that offers graduate and undergraduate degree programs, emphases and certificates across ten colleges both online, on ground at its campus in Phoenix, Arizona and at 11 off-campus classroom and laboratory sites. We also provide education services to numerous university partners across the United States. In the healthcare field, we work in partnership with universities and healthcare networks across the country, offering healthcare-related academic programs at off-campus classroom and laboratory sites located near healthcare providers and developing high-quality, career-ready graduates, who enter the workforce ready to meet the demands of the healthcare industry. In addition, we have provided certain services to a university partner to assist them in expanding their online graduate programs. As of December 31, 2025, GCE provides education services to 20 university partners across the United States. We seek to add additional university partners and to introduce additional programs with both our existing partners and with new partners. We may engage with both new and existing university partners to offer healthcare programs, online only or hybrid programs, or, as is the case for our most significant partner, GCU, both healthcare and other programs. In addition, we have centralized a number of services that historically were provided separately to university partners of Orbis Education; therefore, we refer to all university partners as \u201cGCE partners\u201d or \u201cour partners\u201d. We do disclose significant information for GCU, such as enrollments, due to its size in comparison to our other university partners. Critical Accounting Policies and Estimates The discussion of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP. During the preparation of these consolidated financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and related disclosures. On an ongoing basis, we evaluate our estimates and assumptions, including those discussed below. We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. The results of our analysis form the basis for making assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions, and the impact of such differences may be material to our consolidated financial statements. We believe that the followi Item 1. Business Overview Grand Canyon Education, Inc., a Delaware corporation (\u201cGCE\u201d or the \u201cCompany\u201d) is a publicly traded education services company dedicated to serving colleges and universities. GCE has developed significant technological solutions, infrastructure and operational processes to provide services to these institutions on a large scale. GCE\u2019s most significant university partner is Grand Canyon University (\u201cGCU\u201d), an Arizona non-profit corporation that operates a comprehensive regionally accredited university that offers graduate and undergraduate degree programs, emphases and certificates across ten colleges both online and on ground at its campus in Phoenix, Arizona and at eleven off-campus classroom and laboratory sites. As of December 31, 2025, GCE provided education services and support to over 136,200 students with more than 131,800 students enrolled in GCU\u2019s programs, emphases and certificates. We also provide education services to numerous university partners across the United States. In the healthcare field, we work in partnership with universities and healthcare networks across the country, offering healthcare-related academic programs at off-campus classroom and laboratory sites located near healthcare providers and developing high-quality, career-ready graduates who enter the workforce ready to meet the demands of the healthcare industry. In addition, we have provided certain services to a university partner to assist them in expanding their online graduate programs. As of December 31, 2025, GCE provides education services to 20 university partners across the United States. We seek to add additional university partners and to introduce additional programs with both our existing partners and with new partners. We may engage with both new and existing university partners to offer healthcare programs, online only or hybrid programs, or, as is the case for our most significant partner, GCU, both healthcare and other programs. We do dis Item 1A. Risk Factors There are many factors that affect our business, financial condition, operating results, and cash flows as well as the market price for our securities. The following is a description of important factors that may cause our actual results of operations in future periods to differ materially fro", "title": "LOPE - Grand Canyon Education, Inc.", "url": "/company/LOPE/" }, { "kind": "company", "summary": "SIC 2400 Lumber & Wood Products (No Furniture); CIK 0000060519; latest 10-K filed 2026-02-17.", "text": "LPX - LOUISIANA-PACIFIC CORP SIC 2400 Lumber & Wood Products (No Furniture); CIK 0000060519; latest 10-K filed 2026-02-17. LPX LOUISIANA-PACIFIC CORP 0000060519 2400 Lumber & Wood Products (No Furniture) ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our Consolidated Financial Statements and related Notes and other financial information appearing elsewhere in this annual report on Form 10-K, and with Part II, Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our annual report on Form 10-K for our fiscal year ended December 31, 2024, filed with the SEC on February 19, 2025, which provides a discussion of our financial condition and results of operations for fiscal year 2024 compared to fiscal year 2023. The changes to our reportable segments in the current year did not have a material impact on our previously reported consolidated results of operations or financial position. Prior\u2011period segment information has been recast to conform to the current period presentation. The following discussion includes forward-looking statements that are based on the beliefs of our management, as well as assumptions made by, and information currently available to, our management. We encourage you to review the risks and uncertainties described in the sections titled \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d above. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. 30 OVERVIEW General We are a leading provider of high-performance building solutions that meet the demands of builders, remodelers, and homeowners worldwide. We have leveraged our expertise serving the new home construction, repair and remodeling, and outdoor structures markets to become an industry leader known for innovation, quality, and reliability. To serve these markets, we operate in two reportable segments: Siding and OSB. Executive Summary In 2025, net sales dropped year over year by $233 million to $2.7 billion. Siding revenue increased by $131 million, or 8%, to $1.7 billion, attributable to 4% higher sales volumes and a 4% increase in prices. OSB revenue fell by $352 million to $832 million, primarily due to lower prices and sales volumes. Net income declined year over year by $275 million to $146 million ($2.08 per diluted share). The primary drivers behind this decrease were a $252 million reduction in Adjusted EBITDA, and increases of $38 million in impairment charges, $24 million in foreign currency losses, $19 million in depreciation expense, and $10 million in stock-based compensation. Additionally, the absence of $14 million in business exit credits recognized in 2024 and a $7 million decrease in investment income contributed to the overall decline. These impacts were partially offset by a $90 million reduction in the tax provision. The year-over-year decrease in Adjusted EBITDA was driven by several factors, including a $292 million adverse effect from lower OSB prices and reduced sales volumes, partially offset by $91 million from higher Siding sales volumes and improved sales mix. In addition to price and volume impacts, the change in Adjusted EBITDA included increases of $11 million in marketing investments, $9 million in selling, general, and administrative expenses, $7 million of mill overhead and inventory absorption, and $8 million in tariff costs. The remaining decrease in Adjusted EBITDA relates to a decline of $15 million in Other Adjusted EBITDA, which primarily includes LPSA, corporate, and other minor products and services. Adjusted EBITDA is a non-GAAP Financial measure. Please see \"Non-GAAP Financial Measures\" below for more information about our use of non-GAAP financial measures in this annual report on Form 10-K and the reconciliation of Adjusted EBITDA to net income. Demand for Building Products Demand for our products correlates positively with new home construction and repair and remodeling activity in North Am ITEM 1. Business GENERAL We are a leading provider of high-performance building solutions that meet the demands of builders, remodelers, and homeowners worldwide. Serving the new home construction, repair and remodeling, and outdoor structures markets, we have leveraged our expertise to become an industry leader known for innovation, quality, reliability, and sustainability. The principal customers for our building solutions are retailers, wholesalers, and home building and industrial businesses in North America and South America. Since our founding in 1972, LP has been Building a Better World\u2122 by helping customers construct beautiful, durable homes while shareholders build lasting value. We are headquartered in Nashville, Tennessee, and as of December 31, 2025, we operate more than 20 manufacturing facilities across North and South America. The table below summarizes net sales in 2025 (dollar amounts in millions): [[GREPCENT_TABLE]] [[\"\",\"Net Sales\",\"\",\"Percentage of 2025 Net Sales\"],[\"Siding\",\"$\",\"1,689\",\"\",\"\",\"62\",\"%\"],[\"Oriented Strand Board (OSB)\",\"832\",\"\",\"\",\"31\",\"%\"],[\"Other\",\"187\",\"\",\"\",\"7\",\"%\"],[\"\",\"$\",\"2,708\"]] [[/GREPCENT_TABLE]] OUR BUSINESS The Company conducts business through three operating segments: Siding, OSB and LPSA. In the fourth quarter of 2025, the Company determined that LPSA did not meet the reportable segment criteria and beginning with the fourth quarter of 2025, the financial information for the LPSA operating segment is included in Other. These changes had no impact on our consolidated results of operations or financial position. Prior period segment information has been recast to conform to our current presentation. Our other operating segments, Siding and OSB remain reportable operating segments. Other now comprises our South American operations and other products that are not individually significant. See \u201cNote 15 - Segment Information\u201d of the Notes to the Consolidated Financial Statements included in Item 8 of this annual r ITEM 1A. Risk Factors You should be aware that the occurrence of any of the events described in this Risk Factors section and elsewhere in this annual report on Form 10-K or in any other of our filings with the SEC could have a material adverse effect on our business, financial position, results of operations and c", "title": "LPX - LOUISIANA-PACIFIC CORP", "url": "/company/LPX/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0000855658; latest 10-K filed 2026-02-13.", "text": "LSCC - LATTICE SEMICONDUCTOR CORP SIC 3674 Semiconductors & Related Devices; CIK 0000855658; latest 10-K filed 2026-02-13. LSCC LATTICE SEMICONDUCTOR CORP 0000855658 3674 Semiconductors & Related Devices Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview Lattice develops technologies that we monetize through differentiated programmable logic semiconductor products, silicon-enabling products, system solutions, design services, and technology licenses. Lattice is the low power programmable leader. We solve customer problems across the network, from the Edge to the Cloud, in the Communications, Computing, Industrial, Automotive, and Consumer markets. Our technology, long-standing relationships, and commitment to world-class support lets our customers quickly and easily unleash their innovation to create a smart, secure, and connected world. Lattice has focused its strategy on delivering programmable logic products and related solutions based on low power, small size, and ease of use. We also serve our customers with IP licensing and various other services. Our product development activities include new proprietary products, advanced packaging, existing product enhancements, software development tools, soft IP, and system solutions for high-growth applications such as Edge AI, wireless and wireline infrastructure, platform security, and factory automation. This discussion and analysis of financial condition and results of operations should be read in conjunction with our consolidated financial statements and accompanying notes included in Part II, Item 8. \"Financial Statements and Supplementary Data\" of this report. Discussions of results for prior periods (fiscal 2024 compared to fiscal 2023) are incorporated by reference from our Annual Report on Form 10-K for the year ended December 28, 2024. Critical Accounting Policies and Use of Estimates Critical accounting policies are those that are both most important to the portrayal of a company's financial condition and results of operations, and that require management's most difficult, subjective, and complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments affecting the amounts reported in our consolidated financial statements and the accompanying notes. We base our estimates and judgments on historical experience, knowledge of current conditions, and our beliefs of what could occur in the future considering available information. While we believe that our estimates, assumptions, and judgments are reasonable, they are based on information available when made, and because of the uncertainty inherent in these matters, actual results may differ materially from these estimates under different assumptions or conditions. We evaluate our estimates and judgments on an ongoing basis. We believe the following accounting policies and the related estimates are critical in the portrayal of our financial condition and results of operations, and require management's most difficult, subjective, or complex judgments. See Note 1 - Basis of Presentation and Significant Accounting Policies to our Consolidated Financial Statements in Part II, Item 8 of this report for further information on the significant accounting policies and methods used in the preparation of the consolidated financial statements. Revenue from Contracts with Customers We recognize revenue upon satisfaction of performance obligations when control of promised goods or services has been transferred to our customers. We measure revenue based on the amount of consideration we expect to be entitled to in exchange for products or services. For revenue recognized on both sales to distributors and related to royalties, the amount of consideration we expect to be entitled to receive is based on estimates that require assumptions and judgments relating to trends in recent and historical activity. See Note 1 - Basis of Presentation and Significant Accounting Policies to our Consolidated Financia Item 1. Business Overview Lattice Semiconductor Corporation and its subsidiaries (\u201cLattice,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) develop technologies that we monetize through differentiated programmable logic semiconductor products, silicon-enabling products, system solutions, design services, and technology licenses. Lattice is the low power programmable leader. We solve customer problems across the network, from the Edge to the Cloud, in the Communications, Computing, Industrial, Automotive, and Consumer markets. Our technology, long-standing relationships, and commitment to world-class support lets our customers quickly and easily unleash their innovation to create a smart, secure, and connected world. Our field programmable gate array (\"FPGA\") devices enable us to provide our customers with a strong, growing base of control, connect, and compute technologies. We believe there are multiple growth areas that will allow us to increase our addressable market. In particular, we believe there are several emerging trends in servers, infrastructure, and smart devices that are opportunities for Lattice: [[GREPCENT_TABLE]] [[\"\\u25cf\",\"With the growth of hyperscale data centers, our \\u201cprocessor agnostic\\u201d solutions are ideal for dataplane, control, and connect functions in enterprise and data center server applications.\"],[\"\\u25cf\",\"With the continued data center network expansion, as well as continued Communications infrastructure build-out from 5G deployment and beyond, Lattice solutions are being adopted to control and connect a variety of functions in critical systems.\"],[\"\\u25cf\",\"Vision and intelligence in systems are increasing electrification and the proliferation of sensors in smart factories, smart homes, and automobiles. Our low power, small form factor solutions are ideal for systems and sensor applications.\"],[\"\\u25cf\",\"With the increase in artificial intelligence (\\\"AI\\\") and a multitude of applications at the network edge, Lattice devices suppor ITEM 1A. Risk Factors The following risk factors and all of the other information included in this Annual Report on Form 10-K should be carefully considered in their entirety before making an investment decision relating to our common stock. If any of the risks described below occur, our business, financial", "title": "LSCC - LATTICE SEMICONDUCTOR CORP", "url": "/company/LSCC/" }, { "kind": "company", "summary": "SIC 4213 Trucking (No Local); CIK 0000853816; latest 10-K filed 2026-02-24.", "text": "LSTR - LANDSTAR SYSTEM INC SIC 4213 Trucking (No Local); CIK 0000853816; latest 10-K filed 2026-02-24. LSTR LANDSTAR SYSTEM INC 0000853816 4213 Trucking (No Local) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements The following is a \u201csafe harbor\u201d statement under the Private Securities Litigation Reform Act of 1995. Statements contained in this document that are not based on historical facts are \u201cforward-looking statements.\u201d This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations and other sections of this Form 10-K contain forward-looking statements, such as statements which relate to Landstar\u2019s business objectives, plans, strategies and expectations. Terms such as \u201canticipates,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cintention,\u201d \u201cexpects,\u201d \u201cplans,\u201d \u201cpredicts,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cwill,\u201d the negative thereof and similar expressions are intended to identify forward-looking statements. Such statements are by nature subject to uncertainties and risks, including but not limited to: decreased demand for transportation services; U.S. trade relationships and potential or imposed tariffs; an increase in the frequency or severity of accidents or other claims; unfavorable development of existing accident claims; dependence on third party insurance companies; dependence on independent commission sales agents; dependence on third party capacity providers; the impact of the Russian conflict with Ukraine on the operations of certain independent commission sales agents, including the Company\u2019s second largest such agent by revenue in the 2025 fiscal year; substantial industry competition; disruptions or failures in the Company\u2019s computer systems; cyber and other information security incidents; dependence on key vendors; potential changes in taxes; status of independent contractors; regulatory and legislative changes; regulations focused on diesel emissions and other air quality matters; regulations requiring the purchase and use of zero-emission vehicles; intellectual property; acquisitions and investments; and other operational, financial or legal risks or uncertainties detailed in this and Landstar\u2019s other SEC filings from time to time and described in Item 1A in this Form 10-K under the heading \u201cRisk Factors.\u201d These risks and uncertainties could cause actual results or events to differ materially from historical results or those anticipated. Investors should not place undue reliance on such forward-looking statements and the Company undertakes no obligation to publicly update or revise any forward-looking statements. Introduction Landstar System, Inc. and its subsidiary, Landstar System Holdings, Inc. (collectively referred to herein with their subsidiaries and other affiliated companies as \u201cLandstar\u201d or the \u201cCompany\u201d), is a technology-enabled, asset-light provider of integrated transportation management solutions delivering safe, specialized transportation services to a broad range of customers utilizing a network of agents, third party capacity providers and employees. The Company offers services to its customers across multiple transportation modes, with the ability to arrange for individual shipments of freight to comprehensive third party logistics solutions to meet all of a customer\u2019s transportation needs. Landstar provides services principally throughout the United States and to a lesser extent in Canada and Mexico, and between the United States and Canada, Mexico and other countries around the world. The Company\u2019s services emphasize safety, cargo security, information coordination and customer service and are delivered through a network of approximately 960 independent commission sales agents and over 70,000 third party capacity providers, primarily truck capacity providers, linked together by a series of digital technologies which are provided and coordinated by the Company. The nature of the Company\u2019s business is such that a significant portion of its operating costs varies directly with revenue. Landstar markets its integrated transportation management solutions primarily through indepe", "title": "LSTR - LANDSTAR SYSTEM INC", "url": "/company/LSTR/" }, { "kind": "company", "summary": "SIC 5311 Retail-Department Stores; CIK 0000794367; latest 10-K filed 2026-03-27.", "text": "M - Macy's, Inc. SIC 5311 Retail-Department Stores; CIK 0000794367; latest 10-K filed 2026-03-27. M Macy's, Inc. 0000794367 5311 Retail-Department Stores Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is intended to promote understanding of the results of operations and financial condition of the Company. MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying Notes to Financial Statements (Part II, Item 8 of this Form 10-K). This section generally discusses the results of operations for 2025 compared to 2024 and 2023. The discussion that follows includes a comparison of our results of operations and liquidity and capital resources for the fiscal years ended January 31, 2026 to February 1, 2025 and February 3, 2024. For a full discussion of changes from the fiscal year ended February 1, 2025 to the fiscal year ended February 3, 2024, refer to Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of the Company's Annual Report on Form 10-K for the fiscal year ended February 1, 2025 (filed March 21, 2025). This section also contains forward-looking statements that reflect the Company's plans, estimates and beliefs. The Company's actual results could materially differ from those discussed in these forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those discussed below and elsewhere in this report, particularly in \"Risk Factors\" and \"Forward-Looking Statements.\" Fiscal 2025 Overview and Company Strategy The Company completed its second year of the execution of its Bold New Chapter strategy, which is focused on the needs of our customer and is centered on an enhanced omni-channel shopping experience across all three of our nameplates. This strategy prioritizes improving the shopping environment and elevating the customer experience, while closing underproductive Macy's stores to focus resources and investments on its go-forward enterprise. During fiscal 2025, the Company continued to make progress on the three pillars within the Bold New Chapter strategy, as follows: \u2022Strengthen and Reimagine Macy's nameplate \u25e6Reimagine 125 Locations: In early February 2025, we overlaid successful initiatives from the First 50 locations to an additional 75 stores for a total of 125 reimagined Macy's locations. The investments in the additional 75 stores have continued emphasis on customer experience, and build on learnings from the first year of our Bold New Chapter strategy. The Reimagine 125 locations outperformed the rest of the Macy's fleet in 2025. These locations are now better organized, easier to shop and have a more compelling visual presentation. Within each category we are driving higher interest and engagement through increased differentiation. We are carving out floor space to leverage new trends while maintaining a presence in existing categories and brands. \u25e6Revitalize assortment: Our assortment matrix evolution continues to gain traction as we elevate our product curation to deliver a more compelling mix of newness and fashion. Our merchants continue to be focused on clarity of offering, enhanced variety and reduced redundancies. Our strong balance sheet, large addressable market and loyal customer base are attractive differentiators to brands and partners. Our off-price concept, Backstage, and digital Macy's Marketplace remained strong. Backstage and Marketplace fill white space in our assortments and help us maintain loyal customers seeking more price and brand variety. \u25e6Customer Experience: We are supporting our omnichannel customer experience by investing in colleagues that includes rolling out enhanced education, a tiered approach to staffing and events and dedicated colleagues for specific merchandise areas. In addition, we are taking a more localized approach to enable store-level empowerment and deliver against di Item 1. Business. General Macy\u2019s, Inc. (the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d) is a premier omnichannel retail organization that operates 665 stores, websites and mobile applications under three iconic brands: Macy's, Bloomingdale's and Bluemercury. The Company sells a wide range of merchandise, including apparel and accessories, cosmetics, home furnishings and other consumer goods and operates across a broad spectrum that spans from value-conscious, off-price shoppers to premium luxury consumers. Macy\u2019s, Inc. leverages its multi-brand, multi-category and multi-channel model to provide a high level of flexibility to read and react to shifting consumer demand and caters to an annual customer base of nearly 40 million active consumers. \u2022Macy\u2019s is a modern department store that provides a wide range of merchandise, encompassing men's, women's and children's apparel and accessories, cosmetics, home furnishings and other consumer goods. Macy's seeks to attract a broad, middle-to-higher-income customer base by offering compelling, high-quality products, competitive pricing and trusted customer service across its physical and digital channels. To serve different customer segments and trade areas, Macy\u2019s operates full-line and smaller format locations and provides an off-price retail concept through its Macy\u2019s Backstage nameplate. \u2022Founded over 150 years ago, Bloomingdale\u2019s represents the Company's upscale, premium contemporary-to-luxury department store offering. Bloomingdale's caters to an affluent, multigenerational customer base and positions itself as a store of discovery through vibrant, highly curated shopping environments anchored by exceptional customer service. Bloomingdale\u2019s serves different customer segments and trade areas through its full-line and smaller format locations, Bloomies, as well as its off-price retail concept, Bloomingdale\u2019s The Outlet. In addition, Bloomingdale\u2019s maintains a global presence through its licensed partnerships in Dubai, United A Item 1A. Risk Factors. In evaluating the Company, the risks described below and the matters described under \u201cForward-Looking Statements\u201d should be considered carefully. Such risks and matters are numerous and diverse, may be experienced continuously or intermittently, and may vary in intensity and effect. Although the risks are organized by heading, and each ", "title": "M - Macy's, Inc.", "url": "/company/M/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001056696; latest 10-K filed 2026-02-04.", "text": "MANH - MANHATTAN ASSOCIATES INC SIC 7372 Services-Prepackaged Software; CIK 0001056696; latest 10-K filed 2026-02-04. MANH MANHATTAN ASSOCIATES INC 0001056696 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations All statements, trend analyses, and other information contained in the following discussion relative to markets for our products and trends in revenue, gross margins, and anticipated expense levels, as well as other statements including words such as \u201cmay,\u201d \u201cexpect,\u201d \u201cforecast,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cbelieve,\u201d \u201ccould,\u201d \u201cseek,\u201d \u201cproject,\u201d \u201cestimate,\u201d and other similar expressions constitute forward-looking statements. These forward-looking statements are subject to business and economic risks and uncertainties, including those discussed under the caption \u201cRisk Factors\u201d in Item 1A of this Form 10-K, and our actual results of operations may differ materially from those contained in the forward-looking statements. This section of our Annual Report on Form 10-K discusses our financial condition, results of operations, and liquidity and capital resources for the fiscal years ended December 31, 2025 and 2024, and year-to-year comparisons between fiscal 2025 and fiscal 2024 in accordance with U.S. Generally Accepted Accounting Principles (\u201cGAAP\u201d). A discussion of our financial condition, results of operations, and liquidity and capital resources for the fiscal year ended December 31, 2024 and 2023 and year-to-year comparisons between fiscal 2024 and fiscal 2023 that is not included in this Annual Report on Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed on February 7, 2025. Business Overview We develop, sell, deploy, service and maintain software solutions designed to manage supply chains, inventory and omnichannel operations for retailers, wholesalers, manufacturers, logistics providers and other organizations. Our customers include many of the world\u2019s premier and most profitable brands. Our business model is singularly focused on the development and implementation of complex commerce enablement software solutions that are designed to optimize supply chains, and retail store operations including POS effectiveness and efficiency for our customers. We have five principal sources of revenue: \u2022 cloud subscriptions, including software as a service (SaaS) and hosting of software; \u2022 licenses of our software; \u2022 customer support services and software enhancements (collectively, \u201cmaintenance\u201d) related to software licenses; \u2022 professional services, including solutions planning and implementation, related consulting, customer training, and reimbursements from customers for out-of-pocket expenses (collectively, \u201cservices\u201d); and \u2022 hardware sales. In 2025, we generated $1,081.4 million in total revenue, with a revenue mix of: cloud subscriptions 38%; software license 1%; maintenance 12%; services revenue 47%; and hardware 2%. We have three geographic reportable segments: the Americas, EMEA, and APAC. Geographic revenue is based on the location of the sale. Our international revenue was approximately $373.5 million and $346.2 million for the years ended December 2025 and 2024, respectively, which represents approximately 35%, and 33% of our total revenue for the years ended December 2025 and 2024, respectively, respectively. International revenue includes all revenue derived from sales to customers outside the United States. At December 31, 2025, we employed approximately 4,370 employees worldwide. We have offices in Australia, Chile, China, France, Germany, India, Italy, Japan, the Netherlands, Singapore, Spain, and the United Kingdom, as well as representatives in Mexico and reseller partnerships in Latin America, Eastern Europe, the Middle East, South Africa, and Asia. Future Expectations While we remain cautious about the global economy, our results for the full year ended December 31, 2025 exceeded our expectations due to solid demand for our cloud solutions. Item 1. Business Overview Manhattan Associates was founded in 1990 in Manhattan Beach, California and incorporated in Georgia in 1998. References in this filing to the \u201cCompany,\u201d \u201cManhattan,\u201d \u201cManhattan Associates,\u201d \u201cwe,\u201d \u201cour,\u201d and \u201cus\u201d refer to Manhattan Associates, Inc., our predecessors, and our wholly-owned and consolidated subsidiaries. Our principal executive offices are located at 2300 Windy Ridge Parkway, Tenth Floor, Atlanta, Georgia 30339, and our telephone number is 770-955-7070. We develop, sell, deploy, service and maintain software solutions designed to manage supply chains, inventory and omnichannel operations for retailers, wholesalers, manufacturers, logistics providers and other organizations. Our customers include many of the world\u2019s premier and most profitable brands. We run our Manhattan Active\u00ae applications in the cloud and deliver them as subscription-based software as a service (\"SaaS\"). Its architecture is highly differentiated among enterprise application providers, particularly within the Omni Channel and Supply Chain categories. We believe our application architecture delivers a versionless yet highly extensible experience for our customers. We offer our customers access to new innovation on a quarterly basis, ensuring all customers are running on a single fully up-to-date codebase. With AI-driven insights and zero downtime updates, Manhattan delivers innovation seamlessly into customer environments without the need for planned maintenance windows. Manhattan Associates develops modern, cloud-based, supply chain commerce solutions that help our customers in three distinct areas of their business: \u2022 Supply Chain Execution - We provide companies with the tools needed to manage distribution and optimize transportation costs throughout their entire commercial network. We consolidate all distribution, labor, automation, transportation, and yard management in a unified solution that continuously adapts and scales to our customers\u2019 business Item 1A. Risk Factors You should consider the following and other risk factors in evaluating our business or an investment in our common stock. The occurrence of adverse events described in the following risk factors or other adverse events not described in the following risk factors could have a material adverse effect on ", "title": "MANH - MANHATTAN ASSOCIATES INC", "url": "/company/MANH/" }, { "kind": "company", "summary": "SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0000937556; latest 10-K filed 2026-02-27.", "text": "MASI - MASIMO CORP SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0000937556; latest 10-K filed 2026-02-27. MASI MASIMO CORP 0000937556 3845 Electromedical & Electrotherapeutic Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read this discussion together with the financial statements, related notes and other financial information included in this Annual Report on Form 10-K. The following discussion may contain predictions, estimates and other forward-looking statements that involve a number of risks and uncertainties, including those discussed under Item 1A\u2014\u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. These risks could cause our actual results to differ materially from any future performance suggested below. 62 Table of Contents Recent Developments On February 16, 2026, the Company entered into the Merger Agreement with Danaher and Merger Sub, pursuant to which, among other things, the Merger will occur, whereby Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation and a wholly owned subsidiary of Danaher. As set forth in the Merger Agreement, at the effective time of the Merger, each share of common stock of the Company (other than any shares owned by Parent, Merger Sub or the Company or any of their wholly owned subsidiaries or shares in respect of which appraisal has been duly demanded, and not effectively withdrawn or otherwise waived or lost, pursuant to Section 262 of the General Corporation Law of the State of Delaware) issued and outstanding immediately prior to the effective time of the Merger will be automatically converted into the right to receive $180.00 in cash, without interest. The Merger is expected to close in the second half of 2026, subject to customary closing conditions, including approval by our stockholders and the receipt of required regulatory approvals. If the Merger is completed, our common stock will be delisted from the Nasdaq Stock Market and deregistered under the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable following the effective time. In connection with the proposed Merger, we have incurred significant costs in the first quarter of fiscal 2026 and expect to continue to incur additional financial advisory, legal, accounting, and other professional fees prior to the completion of the Merger, which could be significant. Additional information about the Merger Agreement and the Merger will be set forth in the Company\u2019s Definitive Proxy Statement on Schedule 14A that will be filed with the SEC. Executive Overview We are a global medical technology company that develops and produces a wide array of industry-leading monitoring technologies, including innovative measurements technologies, sensors, and patient monitors. Powered by the Masimo Hospital Automation\u2122 and Masimo SafetyNet\u00ae platforms, Masimo connectivity, automation, telehealth and telemonitoring solutions are improving and automating patient care in the hospital. Healthcare Our healthcare business develops, manufactures and markets a variety of noninvasive patient monitoring technologies, hospital automation\u00ae and connectivity solutions and remote monitoring devices. Our healthcare products and patient monitoring solutions generally incorporate a monitor or circuit board, proprietary single-patient use or reusable sensors, software, cables and other services. We primarily sell our products to hospitals, emergency medical service (EMS) providers, home care providers, physician offices, veterinarians, long-term care facilities and through our direct sales force, distributors and original equipment manufacturer (OEM) partners, such as GE Healthcare, Hillrom, Mindray, Philips, Physio-Control, Zoll, among others. Our core measurement technologies are our breakthrough Measure-through Motion and Low Perfusion\u2122 pulse oximetry, known as Masimo Signal Extraction Technology\u00ae (SET\u00ae) pulse oximetry, and advanced rainbow\u00ae Pulse CO-Oximetry parameters such as noninvasive hemoglobin (SpHb\u00ae), alongside many other modalities, including brain function monit ITEM 1. BUSINESS Overview We are a global medical technology company that develops and produces a wide array of industry-leading monitoring technologies, including innovative measurements, sensors, and patient monitors. Powered by the Masimo Hospital Automation\u2122 and Masimo SafetyNet\u00ae platforms, Masimo connectivity, automation, and telehealth and telemonitoring solutions are improving and automating care delivery in the hospital. Healthcare Our healthcare business develops, manufactures and markets a variety of noninvasive patient monitoring technologies, hospital automation\u00ae and connectivity solutions, and remote monitoring devices. Our healthcare products and patient monitoring solutions generally incorporate a monitor or circuit board, proprietary single-patient use or reusable sensors, software and/or cables. We primarily sell our products to hospitals, emergency medical service providers, home care providers, physician offices, veterinarians, and long-term care facilities through our direct sales force, distributors and original equipment manufacturer (OEM) partners, such as GE Healthcare, Hillrom, Mindray, Philips, Physio-Control and Zoll, among others. Our core measurement technologies are our breakthrough Measure-through Motion and Low Perfusion\u2122 pulse oximetry, known as Masimo Signal Extraction Technology\u00ae (SET\u00ae) pulse oximetry, and advanced rainbow\u00ae Pulse CO-Oximetry parameters such as noninvasive hemoglobin (SpHb\u00ae), alongside many other modalities, including brain function monitoring, hemodynamic monitoring, regional oximetry, acoustic respiration rate monitoring, capnography and gas monitoring, and telehealth solutions. Our measurement technologies are available on many types of devices, from bedside hospital monitors like the Root\u00ae Patient Monitoring and Connectivity Hub, to various handheld and portable devices, and to the tetherless Radius PPG\u00ae, Radius VSM\u00ae and Masimo SafetyNet\u00ae remote patient surveillance solution. The Masimo Hospital Automa ITEM 1A. RISK FACTORS The following risk factors and other information included in this Annual Report on Form 10-K should be carefully considered. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we presently deem less significant", "title": "MASI - MASIMO CORP", "url": "/company/MASI/" }, { "kind": "company", "summary": "SIC 3942 Dolls & Stuffed Toys; CIK 0000063276; latest 10-K filed 2026-02-23.", "text": "MAT - MATTEL INC /DE/ SIC 3942 Dolls & Stuffed Toys; CIK 0000063276; latest 10-K filed 2026-02-23. MAT MATTEL INC /DE/ 0000063276 3942 Dolls & Stuffed Toys Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with the consolidated financial statements and the related notes. See Item 8 \"Financial Statements and Supplementary Data.\" Amounts shown in millions or billions within this Item 7 may not sum due to rounding. Mattel has omitted discussion of 2023 results where it would be redundant to the discussion previously included in Part II, Item 7 \"Management's Discussion and Analysis of Financial Condition and Results of Operations,\" of Mattel's Annual Report on Form 10-K for the year ended December 31, 2024. The following discussion includes currency exchange rate impact, a non-GAAP financial measure within the meaning of Regulation G promulgated by the SEC (\"Regulation G\"), to supplement the financial results as reported in accordance with generally accepted accounting principles in the United States (\"GAAP\"). The currency exchange rate impact reflects the portion (expressed as a percentage) of changes in Mattel's reported results that are attributable to fluctuations in currency exchange rates. Mattel uses this non-GAAP financial measure to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its operating and financial performance. Management believes that the disclosure of this non-GAAP financial measure provides useful supplemental information to investors to allow them to better evaluate ongoing business performance and certain components of Mattel's results. This measure is not, and should not be viewed as, a substitute for GAAP financial measures. The following discussion also includes the use of gross billings, a key performance indicator. Gross billings represent amounts invoiced to customers. It does not include the impact of sales adjustments, such as trade discounts and other allowances. Mattel presents changes in gross billings as a metric for comparing its aggregate, categorical, brand, and geographic results to highlight significant trends in Mattel's business. Changes in gross billings are discussed because, while Mattel records the details of sales adjustments in its financial accounting systems at the time of sale, such sales adjustments are generally recorded by customer and not associated with categories, brands, or individual products. Overview Mattel is a leading global play and family entertainment company and owner of one of the most iconic brand portfolios in the world. Mattel's mission is to create innovative products and experiences that inspire fans, entertain audiences, and develop children through play, and its purpose is to empower generations to explore the wonder of childhood and reach their full potential. Mattel is focused on the following new brand-centric strategy to grow its IP driven play and family entertainment business: \u2022Grow its toy brands with more breakthrough innovation and adult fans and collectors, as well as evolved demand creation; \u2022Expand its direct-to-consumer and commercial reach through first party data, retail development, and new channels; \u2022Broaden content offering in film, television, and short-form content, accelerate licensing in consumer products, location-based entertainment, and publishing, and expand with new business models; \u2022Scale digital play through mobile games self-publishing, Mattel163 mobile games studio, licensing, and creator platforms; and \u2022Optimize operations and leverage AI across its systems and supply chain. Recent Developments 2025 was marked by uncertainty in U.S. trade dynamics that affected retailer ordering patterns for much of the year. Although U.S. retailers had delayed orders during the second and third quarters of 2025, there was a significant acceleration in orders in the fourth quarter. Despite overall growth in the fourth quarter, growth was less than anticipated in the United States and Mattel's full year results were below expectations. Fu Item 1. Business. Throughout this report \"Mattel\" refers to Mattel, Inc. and/or one or more of its subsidiaries. Mattel is a leading global play and family entertainment company and owner of one of the most iconic brand portfolios in the world. Mattel's mission is to create innovative products and experiences that inspire fans, entertain audiences, and develop children through play, and its purpose is to empower generations to explore the wonder of childhood and reach their full potential. Mattel is focused on the following new brand-centric strategy to grow its intellectual property (\"IP\") driven play and family entertainment business: \u2022Grow its toy brands with more breakthrough innovation and adult fans and collectors, as well as evolved demand creation; \u2022Expand its direct-to-consumer and commercial reach through first party data, retail development, and new channels; \u2022Broaden content offering in film, television, and short-form content, accelerate licensing in consumer products, location-based entertainment, and publishing, and expand with new business models; \u2022Scale digital play through mobile games self-publishing, Mattel163 mobile games studio, licensing, and creator platforms; and \u2022Optimize operations and leverage artificial intelligence (\"AI\") across its systems and supply chain. Mattel is the owner of a portfolio of iconic brands and partners with global entertainment companies to license other IP. Mattel's portfolio of owned and licensed brands and products are organized into the following categories: Dolls\u2014including brands such as Barbie, American Girl, Disney Princess, Disney Frozen, Monster High, Polly Pocket, and KPop Demon Hunters. Mattel's Dolls portfolio is driven by the flagship Barbie brand and a collection of complementary brands offered globally. Empowering girls since 1959, Barbie has inspired the limitless potential in every girl, sparking imaginations and shaping futures through play. Monster High, a character-driven franchise, en Item 1A. Risk Factors. If any of the risks, events, and uncertainties described below actually occurs, Mattel's business, financial condition and results of operations could be adversely affected, and such effects could at times be material. The risk factors listed below are not exhaustive. Other sections of this Annual Report on Form 10-K include additional factors th", "title": "MAT - MATTEL INC /DE/", "url": "/company/MAT/" }, { "kind": "company", "summary": "SIC 8731 Services-Commercial Physical & Biological Research; CIK 0001668397; latest 10-K filed 2026-02-10.", "text": "MEDP - Medpace Holdings, Inc. SIC 8731 Services-Commercial Physical & Biological Research; CIK 0001668397; latest 10-K filed 2026-02-10. MEDP Medpace Holdings, Inc. 0001668397 8731 Services-Commercial Physical & Biological Research Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and the notes thereto included elsewhere in this Annual Report on Form 10-K to provide an understanding of our results of operations, financial condition and cash flows. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. For a comparison of our results of operations for the fiscal years ended December 31, 2024 and December 31, 2023, see \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 11, 2025. This item and the related - 31 - Table of Contents discussion contain forward-looking statements reflecting current expectations that involve risks and uncertainties. Actual results and the timing of events may differ materially from those indicated in such forward-looking statements. Factors that may cause such differences include, but are not limited to, those discussed under the \u201cForward-Looking Statements\u201d above and \u201cItem IA. Risk Factors\u201d in Part I of this Annual Report on Form 10-K. Business Overview We are one of the world\u2019s leading CROs by revenue, solely focused on providing scientifically-driven outsourced clinical development services to the biotechnology, pharmaceutical and medical device industries. Our mission is to accelerate the global development of safe and effective medical therapeutics. We differentiate ourselves from our competitors by our disciplined operating model centered on providing full-service Phase I-IV clinical development services and our therapeutic expertise. We believe this combination results in timely and cost-effective delivery of clinical development services for our customers. We believe that we are a partner of choice for small- and mid-sized biopharmaceutical companies based on our ability to consistently utilize our full-service, disciplined operating model to deliver timely and high-quality results for our customers. We focus on conducting clinical trials across all major therapeutic areas, with particular strength in Oncology, Metabolic Disease, Cardiology, Central Nervous System, or CNS, and Antiviral and Anti-infective, or AVAI. Our global platform includes approximately 6,200 employees across 46 countries, providing our customers with broad access to diverse markets and patient populations as well as local regulatory expertise and market knowledge. How We Generate Revenue We earn fees through the performance of services detailed in our customer contracts. Contract scope and pricing is typically based on either a fixed-fee or unit-of-service model, with consideration of activities performed by third parties, as well as ancillary costs necessary to deliver on the contract scope that are reimbursable by our customers. Our contracts can range in duration from a few months to several years. These contracts are individually priced and negotiated based on the anticipated project scope, including the complexity of the project and the performance risks inherent in the project. The majority of our contracts are structured with an upfront fee that is collected at the time of contract signing, and the balance of the fee is collected over the duration of the contract either through an arranged billing schedule or upon completion of certain performance targets or defined milestones. Revenue, which is distinct from billing and cash receipt, is recognized based on the satisfaction of the individual performance obligations identified in each contract. Substantially all of our customer contracts consist of a single performance obligation, as the promise to transfer the individual services defined in the contra Item 1. Business Overview We are one of the world\u2019s leading clinical contract research organizations, or CROs, by revenue, solely focused on providing scientifically-driven outsourced clinical development services to the biotechnology, pharmaceutical and medical device industries. Our mission is to accelerate the global development of safe and effective medical therapeutics. We differentiate ourselves from our competitors by our disciplined operating model centered on providing full-service Phase I-IV clinical development services and our therapeutic expertise. We believe this combination results in timely and cost-effective delivery of clinical development services for our customers. We believe that we are a partner of choice for small and mid-sized biopharmaceutical companies based on our ability to consistently utilize our full-service, disciplined operating model to deliver timely and high-quality results for our customers. Accordingly, our business strategy aims to continue to expand our market share in the growing Phase I-IV CRO market as we conduct clinical trials across all major therapeutic areas, with particular strength in Oncology, Metabolic, Cardiology, Antiviral and Anti-infective (AVAI) and Central Nervous System (CNS). Our Revenues: Markets and Clinical Development Services Before a new drug can be commercialized, it often must undergo extensive pre-clinical and clinical testing and regulatory review to verify safety and efficacy. CROs provide a comprehensive range of product development services for Phase I-IV clinical trials. These clinical trials are separated into distinct phases in order to thoroughly evaluate the product. We generate our revenues by providing a full suite of services supporting the entire clinical development process from Phase I to Phase IV across a wide range of therapeutic areas. Medical Department: Our medical department consists of therapeutic leads who provide strategic direction for study design and planning, train Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should consider carefully the risks and uncertainties described below, together with the other information included in this report. The occurrence of any of the following risks may materially an", "title": "MEDP - Medpace Holdings, Inc.", "url": "/company/MEDP/" }, { "kind": "company", "summary": "SIC 3580 Refrigeration & Service Industry Machinery; CIK 0000769520; latest 10-K filed 2026-03-04.", "text": "MIDD - MIDDLEBY Corp SIC 3580 Refrigeration & Service Industry Machinery; CIK 0000769520; latest 10-K filed 2026-03-04. MIDD MIDDLEBY Corp 0000769520 3580 Refrigeration & Service Industry Machinery Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Special Note Regarding Forward-Looking Statements This report contains \"forward-looking statements\" subject to the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which could cause the company's actual results, performance or outcomes to differ materially from those expressed or implied in the forward-looking statements. The following are some of the important factors that could cause the company's actual results, performance or outcomes to differ materially from those discussed in the forward-looking statements: \u2022changing market conditions; \u2022the possibility that the proposed spin-off of the company\u2019s Food Processing business will not be consummated within the anticipated time period or at all and that the company may not realize all or any of the expected benefits of the spin-off; \u2022volatility in earnings resulting from goodwill impairment losses, which may occur irregularly and in varying amounts; \u2022variability in financing costs; \u2022quarterly variations in operating results; \u2022dependence on key customers; \u2022risks associated with the company's foreign operations, including market acceptance and demand for the company's products and the company's ability to manage the risk associated with the exposure to foreign currency exchange rate fluctuations and tariffs; \u2022the company's ability to protect its trademarks, copyrights and other intellectual property; \u2022the impact of competitive products and pricing; \u2022the impact of announced management and organizational changes; \u2022the state of the credit markets and consumer credit; 21 Table of Contents \u2022intense competition in the company's business segments including the impact of both new and established global competitors; \u2022unfavorable tax law changes and tax authority rulings; \u2022cybersecurity attacks and other breaches in security; \u2022the continued ability to realize profitable growth through the sourcing and completion of strategic acquisitions; \u2022the timely development and market acceptance of the company's products; and \u2022the availability and cost of raw materials. The company cautions readers to carefully consider the statements set forth in the section entitled \"Item 1A. Risk Factors\" of this filing and discussion of risks included in the company's SEC filings. Discontinued Operations On December 4, 2025, the company entered into a partnership interest purchase agreement to sell a 51% stake in its Residential Kitchen Equipment Group to an affiliate of 26North Partners LP in a transaction valuing the business at $885 million (the \u201cResidential Transaction\u201d). The Residential Transaction was completed on February 2, 2026. Following the close of the Residential Transaction, the company owns a 49% non-controlling interest in a new standalone joint venture holding the business. The company received net cash proceeds of approximately $565 million and a $135 million promissory note from the joint venture, subject to future closing adjustments. The results of the Residential Kitchen Equipment Group are presented as discontinued operations in the company\u2019s Consolidated Financial Statements. The Residential Kitchen Equipment Group was historically presented as a reportable segment. See Notes 1 and 12 to the Consolidated Financial Statements for further details. Proposed Separation Transaction On February 25, 2025, the company announced its intent to separate its Food Processing business through a spin-off of the Food Processing business, under which the stock of Food Processing, as a new independent publicly traded company, will be distributed to Middleby\u2019s shareholders. As of the date hereof, Middleby is targeting completion of the separation in the second quarter of 2026, subject to certain customary conditions, including, among others, final approval by the company\u2019s Board of Di Item 1. Business General The Middleby Corporation, a Delaware corporation (\u201cMiddleby\u201d or the \u201ccompany\u201d), through its operating subsidiary Middleby Marshall Inc., a Delaware corporation (\u201cMiddleby Marshall\u201d) and its subsidiaries, is a leader in the design, manufacture, marketing, distribution, and service of a broad line of (i) foodservice equipment, integrated IoT solutions and universal controllers used in all types of commercial restaurants and institutional kitchens and (ii) food preparation, cooking, baking, chilling and packaging equipment for food processing operations. Founded in 1888 as a manufacturer of baking ovens, Middleby Marshall Oven Company was acquired in 1983 by TMC Industries Ltd., a publicly traded company that changed its name in 1985 to The Middleby Corporation. The company has established itself as a leading provider of (i) commercial restaurant equipment and (ii) food processing equipment as a result of its acquisition of industry leading brands and through the introduction of innovative products. The company's annual reports on Form 10-K, including this Annual Report on Form 10-K, as well as the company's quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to such reports are available, free of charge, on the company's website, www.middleby.com. These reports are available as soon as reasonably practicable after they are electronically filed with or furnished to the Securities and Exchange Commission (\u201cSEC\u201d). Discontinued Operations On December 4, 2025, the company entered into a partnership interest purchase agreement to sell a 51% stake in its Residential Kitchen Equipment Group to an affiliate of 26North Partners LP in a transaction valuing the business at $885 million (the \u201cResidential Transaction\u201d). The Residential Transaction was completed on February 2, 2026. Following the close of the Residential Transaction, the company owns a 49% non-controlling interest in a new standalone joint venture holding t Item 1A. Risk Factors The company\u2019s business, results of operations, cash flows and financial condition are subject to various risks including, but not limited to, those set forth below. Any of these risks, as well as risks not currently known to the company or that are currently deemed to be immaterial, may adversely affect the company\u2019s busin", "title": "MIDD - MIDDLEBY Corp", "url": "/company/MIDD/" }, { "kind": "company", "summary": "SIC 3823 Industrial Instruments For Measurement, Display, and Control; CIK 0001049502; latest 10-K filed 2026-02-24.", "text": "MKSI - MKS INC SIC 3823 Industrial Instruments For Measurement, Display, and Control; CIK 0001049502; latest 10-K filed 2026-02-24. MKSI MKS INC 0001049502 3823 Industrial Instruments For Measurement, Display, and Control Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) describes principal factors affecting the results of operations, financial condition, cash flows and liquidity, as well as our critical accounting policies and estimates that require significant judgment and thus have the most significant potential impact on our consolidated financial statements, and is intended to better allow investors to view the Company from management\u2019s perspective. This section focuses on material events and uncertainties known to management that are reasonably likely to cause reported financial information not to be necessarily indicative of our future operating results or of our future financial condition. This section provides an analysis of our financial results for the year ended December 31, 2025 compared to the year ended December 31, 2024. For the discussion and analysis covering the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 25, 2025. As a result of rounding, there may be immaterial differences in amounts presented and certain calculations may not sum to the total number expressed in each category or tie to a corresponding schedule. Overview MKS Inc., formerly known as MKS Instruments, Inc. (\u201cMKS,\u201d the \u201cCompany,\u201d \u201cour,\u201d or \u201cwe\u201d), was founded in 1961 as a Massachusetts corporation. We enable technologies that transform our world. We deliver foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications. We apply our broad science and engineering capabilities to create instruments, subsystems, systems, process control solutions and specialty chemicals technology that improve process performance, optimize productivity and enable unique innovations for many of the world\u2019s leading technology and industrial companies. Our solutions are critical to addressing the challenges of miniaturization and complexity in advanced device manufacturing by enabling increased power, speed, feature enhancement and optimized connectivity. Our solutions are also critical to addressing ever-increasing performance requirements across a wide array of specialty industrial applications. Current Trade Environment As the global trade landscape continues to evolve to address trade imbalances, national security concerns, and market access issues, including the imposition of significant tariffs on numerous global trading partners and the expansion of various export controls, we continue to implement strategies to strengthen supplier diversification, explore alternative sourcing geographies and optimize logistics routes. Our efforts are designed to mitigate cost impacts, maintain operational efficiency, and support supply chain continuity against current and future regulatory risks. Segments We have three divisions, which are our reportable segments: Vacuum Solutions Division (\u201cVSD\u201d), Photonics Solutions Division (\u201cPSD\u201d) and Materials Solutions Division (\u201cMSD\u201d). VSD delivers foundational technology solutions for semiconductor manufacturing, electronics and packaging and specialty industrial applications. VSD products are derived from our core competencies in vacuum technologies, including pressure measurement and control, flow measurement and control, gas and vapor delivery, gas composition analysis, electronic control technology, reactive gas generation and delivery, power generation and delivery, and fiber optic temperature and position sensing. PSD provides a broad range of instruments, components and subsystems to leading edge semiconductor manufacturing, electronics and packaging and specialt Item 1. Business MKS Inc., formerly known as MKS Instruments, Inc. (\u201cMKS,\u201d the \u201cCompany,\u201d \u201cour,\u201d or \u201cwe\u201d), was founded in 1961 as a Massachusetts corporation. We enable technologies that transform our world. We deliver foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications. We apply our broad science and engineering capabilities to create instruments, subsystems, systems, process control solutions and specialty chemicals technology that improve process performance, optimize productivity and enable unique innovations for many of the world\u2019s leading technology and industrial companies. Our solutions are critical to addressing the challenges of miniaturization and complexity in advanced device manufacturing by enabling increased power, speed, feature enhancement and optimized connectivity. Our solutions are also critical to addressing ever-increasing performance requirements across a wide array of specialty industrial applications. Where You Can Find More Information We file reports, proxy statements and other documents with the Securities and Exchange Commission (the \u201cSEC\u201d). Our SEC filings are available to you on the SEC\u2019s website at http://www.sec.gov. Our website is http://www.mks.com. We are not including the information contained in our website as part of, or incorporating it by reference into, this Annual Report on Form 10-K. We make available free of charge through our website our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d), as soon as reasonably practicable after we electronically file such materials with, or furnish them to, the SEC. Markets and Applications Since our inception, we have focused on satisfying the needs of our customers by establishing long-term collab Item 1A. Risk Factors This section describes certain risks we face in our business. Additional risks that we do not yet know of or that we currently believe are immaterial may also impair our business. If any of the events or circumstances described in this section actually occurs, our busi", "title": "MKSI - MKS INC", "url": "/company/MKSI/" }, { "kind": "company", "summary": "SIC 3350 Rolling Drawing & Extruding of Nonferrous Metals; CIK 0000089439; latest 10-K filed 2026-02-25.", "text": "MLI - MUELLER INDUSTRIES INC SIC 3350 Rolling Drawing & Extruding of Nonferrous Metals; CIK 0000089439; latest 10-K filed 2026-02-25. MLI MUELLER INDUSTRIES INC 0000089439 3350 Rolling Drawing & Extruding of Nonferrous Metals FINANCIAL REVIEW The Financial Review section of our Annual Report on Form 10-K consists of the following: Management\u2019s Discussion and Analysis of Results of Operations and Financial Condition (MD&A), the Consolidated Financial Statements, and Other Financial Information, all of which include information about our significant accounting policies, practices, and the transactions that impact our financial results. The following MD&A describes the principal factors affecting the results of operations, liquidity and capital resources, contractual cash obligations, and the critical accounting estimates of the Company. The following discussion compares our results for the year ended December 27, 2025 to the year ended December 28, 2024. The discussion comparing our results for the year ended December 28, 2024 to the year ended December 30, 2023 is included within the MD&A in our 2024 Annual Report on Form 10-K and is incorporated herein by reference. The discussion in the Financial Review section should be read in conjunction with the other sections of this Annual Report, particularly \u201cItem 1: Business\u201d and our other detailed discussion of risk factors included in this MD&A. OVERVIEW We are a leading manufacturer of copper, brass, and aluminum products. The range of products we manufacture is broad: copper tube and fittings; line sets; brass rod, bar, and shapes; aluminum and brass forgings; aluminum impact extrusions; refrigeration valves and fittings; compressed gas valves; pressure vessels; steel nipples; insulated flexible duct systems; and high-quality wire and cable solutions. We also resell brass and plastic plumbing valves, plastic fittings, malleable iron fittings, faucets, and plumbing specialty products. Mueller\u2019s operations are located throughout the United States and in Canada, Mexico, Great Britain, South Korea, the Middle East, and China. Each of the reportable segments is composed of certain operating segments that are aggregated primarily by the nature of products offered as follows: \u2022Piping Systems: The Piping Systems segment is composed of Domestic Piping Systems Group, Great Lakes Copper, European Operations, Trading Group, Jungwoo-Mueller (our South Korean joint venture), and Mueller Middle East (our Bahraini joint venture). The Domestic Piping Systems Group manufactures and distributes copper tube, fittings, and line sets. These products are manufactured in the U.S., sold in the U.S., and exported to markets worldwide. Great Lakes Copper manufactures copper tube and line sets in Canada and sells the products primarily in the U.S. and Canada. European Operations manufacture copper tube in the United Kingdom, which is sold throughout Europe. The Trading Group manufactures pipe nipples and sources products for import distribution in North America. Jungwoo-Mueller manufactures copper-based joining products that are sold worldwide. Mueller Middle East manufactures copper tube and serves markets in the Middle East and Northern Africa. The Piping Systems segment sells products to wholesalers in the plumbing and refrigeration markets, distributors to the manufactured housing and recreational vehicle industries, building material retailers, and air-conditioning original equipment manufacturers (OEMs). \u2022Industrial Metals: The Industrial Metals segment is composed of Brass Rod, Impacts & Micro Gauge, Brass Value-Added Products, Precision Tube, and Nehring Electrical Works Company (Nehring). The segment manufactures and sells brass rod, bar, and shapes; aluminum and brass forgings; aluminum impact extrusions; gas valves and assemblies; specialty copper, copper alloy, and aluminum tube; and high-quality wire and cable solutions. The segment manufactures and sells its products primarily to domestic OEMs in the industrial, transportation, construction, heating, ventilation, and air-conditioning, plumbing, refrigeration, energy, telecommunication, and electrical transmission and distribution markets. \u2022Cli ITEM 1. BUSINESS Introduction Mueller Industries, Inc. (the Company) is a leading manufacturer of copper, brass, and aluminum products. The range of products we manufacture is broad: copper tube and fittings; line sets; steel nipples; brass rod, bar, and shapes; aluminum and brass forgings; aluminum impact extrusions; refrigeration valves and fittings; compressed gas valves; pressure vessels; insulated flexible duct systems; and high-quality wire and cable solutions. We also resell brass and plastic plumbing valves, plastic fittings, malleable iron fittings, faucets, and plumbing specialty products. Our operations are located throughout the United States and in Canada, Mexico, Great Britain, South Korea, the Middle East, and China. The Company was incorporated in Delaware on October 3, 1990. Each of our reportable segments is composed of certain operating segments that are aggregated primarily by the nature of products offered. These are the Piping Systems, Industrial Metals, and Climate segments. Certain administrative expenses and expenses related primarily to retiree benefits at inactive operations are combined into the Corporate and Eliminations classification. Financial information concerning segments and geographic information appears under \u201cNote 3 \u2013 Segment Information\u201d in the Notes to Consolidated Financial Statements, which is incorporated herein by reference. New housing starts and commercial construction are important determinants of our sales to the heating, ventilation, and air-conditioning (HVAC), refrigeration, and plumbing markets because the principal end use of a significant portion of our products is in the construction of single and multi-family housing and commercial buildings. Repairs and remodeling projects are also important drivers of underlying demand for these products. In addition, our products are used in various transportation, automotive, and industrial applications. Piping Systems Segment The Piping Systems segment is ITEM 1A. RISK FACTORS The Company is exposed to risk as it operates its businesses. To provide a framework to understand our operating environment, we are providing a brief explanation of the more significant risks associated with our businesses. Although we have tried to identify and discuss key risk factors,", "title": "MLI - MUELLER INDUSTRIES INC", "url": "/company/MLI/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001032220; latest 10-K filed 2025-11-20.", "text": "MMS - MAXIMUS, INC. SIC 7389 Services-Business Services, NEC; CIK 0001032220; latest 10-K filed 2025-11-20. MMS MAXIMUS, INC. 0001032220 7389 Services-Business Services, NEC Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read together with our audited consolidated financial statements and the related notes thereto for the fiscal years ended September 30, 2025, 2024, and 2023, included in Item 8. Financial Statements and Supplementary Data. The discussion below contains management's comments on our business strategy and outlook, and such discussions contain forward-looking statements. These forward-looking statements reflect the expectations, beliefs, plans, and objectives of management about future financial performance and assumptions underlying management's judgment concerning the matters discussed, and accordingly involve estimates, assumptions, judgments, and uncertainties. Our actual results could differ materially from those discussed in the forward-looking statements, and the discussion below is not necessarily indicative of future results. Factors that could cause or contribute to any differences include, but are not limited to, those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in \"Item 1A. Risk Factors\" and in \"Special Note Regarding Forward-Looking Statements.\" A discussion of our results of operations, backlog, and liquidity and capital resources for fiscal year September 30, 2024, including comparisons to fiscal year 2023, can be found in last year's Annual Report on Form 10-K. Business Overview For an overview of our business, including our business segments and discussion of the services we provide, see Item 1. Business of this Annual Report on Form 10-K. Financial Overview A number of factors have affected our fiscal year 2025 results, the most significant of which we have listed below. More detail on these changes is presented below within our \"Results of Operations\" section. \u2022Our business has grown organically, mostly from the expansion of our U.S. Federal Services Segment. \u2022During the first quarter of fiscal year 2025, we sold our businesses in Australia and Korea. This sale resulted in a loss and increased our full-year tax rate. However, this sale, and similar sales made in fiscal year 2024, have streamlined our international businesses and resulted in improved results in our Outside the U.S. Segment. \u2022Our operating cash flows remain strong and our overall leverage is relatively low, allowing us to make significant purchases of our own common stock. 33 Table of Contents Results of Operations The following table sets forth, for the fiscal years indicated, information derived from our statements of operations. In preparing our discussion and analysis of these results, we focused on the comparison between fiscal years 2025 and 2024. [[GREPCENT_TABLE]] [[\"Table MD&A 1: Consolidated Results of Operations\"],[\"\",\"For the Year Ended September 30,\"],[\"\",\"2025\",\"\",\"2024\"],[\"\",\"(dollars in thousands, except per share data)\"],[\"Revenue\",\"$\",\"5,431,276\",\"\",\"\",\"$\",\"5,306,197\"],[\"Cost of revenue\",\"4,097,833\",\"\",\"\",\"4,054,545\"],[\"Gross profit\",\"1,333,443\",\"\",\"\",\"1,251,652\"],[\"Gross profit percentage\",\"24.6 %\",\"\",\"23.6 %\"],[\"Selling, general, and administrative expenses\",\"713,107\",\"\",\"\",\"671,583\"],[\"Selling, general, and administrative expenses as a percentage of revenue\",\"13.1 %\",\"\",\"12.7 %\"],[\"Amortization of intangible assets\",\"92,047\",\"\",\"\",\"91,570\"],[\"Operating income\",\"528,289\",\"\",\"\",\"488,499\"],[\"Operating margin\",\"9.7 %\",\"\",\"9.2 %\"],[\"Interest expense\",\"84,080\",\"\",\"\",\"82,440\"],[\"Other (income)/expense, net\",\"(640)\",\"\",\"\",\"(450)\"],[\"Income before income taxes\",\"444,849\",\"\",\"\",\"406,509\"],[\"Provision for income taxes\",\"125,815\",\"\",\"\",\"99,595\"],[\"Effective tax rate\",\"28.3 %\",\"\",\"24.5 %\"],[\"Net income\",\"$\",\"319,034\",\"\",\"\",\"$\",\"306,914\"],[\"Earnings per share:\"],[\"Basic\",\"$\",\"5.56\",\"\",\"\",\"$\",\"5.03\"],[\"Diluted\",\"$\",\"5.51\",\"\",\"\",\"$\",\"4.99\"]] [[/GREPCENT_TABLE]] Our business segments have different fac Item 1. Business General Maximus, a Virginia corporation established in 1975 and celebrating its 50th anniversary this year, is a leading provider of tech-enabled services to government agencies. By moving people, technology, and government forward, Maximus helps improve the delivery of public services for more than 100 million American citizens, as well as citizens in the U.K., Canada, and the Middle East, amid complex technological, health, economic, and social challenges. As a trusted and accountable partner to primarily U.S. federal and state customers, we proudly design, develop, and deliver innovative and efficient programs that improve government\u2019s effectiveness in serving its citizens. We create value for our customers through our ability to translate public policy into operating models that achieve outcomes for governments at scale. Our work covers a broad array of services, including the operation of large health insurance eligibility and enrollment programs; clinical services, including assessments, appeals, and independent medical reviews; and technology services. These services benefit from an industry with increasing demand, constrained government budgets, and an increased focus on technology as governments prioritize modernization. We also demonstrate the ability to move quickly, ranging from digitally enabled contact center support services for natural disaster response to swift establishments of public health and safety initiatives. Our past and future success is based upon our strategic priorities that we believe are aligned with long-term demand characteristics and bipartisan programs that shape the role of government in serving its citizens. \u2022Tech-Enabled Customer Service. Maximus applies advances in business intelligence, predictive analytics and emerging technologies to advance a government agency\u2019s mission. We proactively detect and resolve barriers to reach target populations. In doing so, we aim to achieve higher levels of satisfaction, Item 1A. Risk Factors Our operations are subject to many risks that could adversely affect our future financial condition, results of operations, and cash flows, and, therefore, the market value of our securities. The risks described below highlight some of the factors that have affected and, in the future, could affect our operations. Additio", "title": "MMS - MAXIMUS, INC.", "url": "/company/MMS/" }, { "kind": "company", "summary": "SIC 3590 Misc Industrial & Commercial Machinery & Equipment; CIK 0000067887; latest 10-K filed 2025-11-26.", "text": "MOG-A - MOOG INC. SIC 3590 Misc Industrial & Commercial Machinery & Equipment; CIK 0000067887; latest 10-K filed 2025-11-26. MOG-A MOOG INC. 0000067887 3590 Misc Industrial & Commercial Machinery & Equipment Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and the related notes appearing elsewhere in this report. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those under the heading \u201cRisk Factors\u201d in Item 1A of this report. OVERVIEW We are a worldwide designer, manufacturer and systems integrator of high-performance precision motion and fluid controls and control systems for a broad range of applications in aerospace and defense and industrial markets. Within the aerospace and defense market, our products and systems include: \u2022Defense market - primary and secondary flight controls and components for military aircraft, tactical and strategic missile steering controls, defense ground vehicle systems including turreted weapon systems and various other defense product components. \u2022Commercial aircraft market - primary and secondary flight controls and components for commercial aircraft. \u2022Space market - satellite avionics, propulsion and positioning controls and components, launcher thrust vector controls and components, as well as integrated space vehicles. In the industrial market, our products are used in a wide range of applications including: \u2022Industrial market - various components and systems used in applications including: heavy industrial machinery used for metal forming and pressing, flight simulation motion control systems, energy exploration and generation products, material and automotive structural and fatigue testing systems, as well as liquid cooling pumps used in data centers. \u2022Medical market - pumps and sets for enteral clinical nutrition and infusion therapy, slip rings used in CT scan medical equipment and various components used in ultrasonic sensors and surgical handpieces. We operate under four segments, Space and Defense, Military Aircraft, Commercial Aircraft and Industrial. Our principal manufacturing facilities are located in the United States, Philippines, United Kingdom, Germany, Italy, Costa Rica, China, Netherlands, Japan, Canada, India and Lithuania. Under ASC 606, 64% of revenue was recognized over time for the year ended September 27, 2025, using the cost-to-cost method of accounting. The over-time method of revenue recognition is predominantly used in Space and Defense, Military Aircraft and Commercial Aircraft. We use this method for U.S. Government contracts and repair and overhaul arrangements as we are creating or enhancing assets that the customer controls. In addition, many of our large commercial contracts qualify for over-time accounting as our performance does not create an asset with an alternative use and we have an enforceable right to payment for performance completed to date. For the year ended September 27, 2025, 36% of revenue was recognized at the point in time control transferred to the customer. This method of revenue recognition is used most frequently in Industrial. We use this method for commercial contracts in which the asset being created has an alternative use. We determine the point in time control transfers to the customer by weighing the five indicators provided by ASC 606. When control has transferred to the customer, profit is generated as cost of sales is recorded and as revenue is recognized. Our products and technologies affect millions of people worldwide. Our solutions preserve national security, ensure safe air transportation, reduce industrial factory emissions and enhance patients' lives, while driving innovation. Our engineers collaboratively design and manufacture the most advanced motion control products, to the highest quali Item 1. Business. Description of the Business. Moog is a worldwide designer, manufacturer and systems integrator of high performance precision motion and fluid controls and control systems for a broad range of applications in aerospace and defense and industrial markets. We have four operating segments: Space and Defense, Military Aircraft, Commercial Aircraft and Industrial. Additional information describing the business and comparative segment revenues, operating profits and related financial information for 2025, 2024 and 2023 are provided in Note 22 - Segments, of Item 8, Financial Statements and Supplementary Data, of this report. Distribution. Our sales and marketing organization consists of individuals possessing highly specialized technical expertise. This expertise is required in order to effectively evaluate a customer\u2019s precision control requirements and to facilitate communication between the customer and our engineering staff. Our sales staff is the primary contact with customers. Manufacturers\u2019 representatives are used to cover certain domestic aerospace markets. Distributors are used selectively to cover certain industrial and medical markets. Industry and Competitive Conditions. We experience considerable competition in our aerospace and defense and industrial markets across tier one and tier two suppliers as well as vertically integrated primes. We believe that the principal points of competition in our markets are product quality, reliability, price, design and engineering capabilities, product development, conformity to customer specifications, timeliness of delivery, effectiveness of the distribution organization and quality of support after the sale. We believe we compete effectively on all of these bases. Competitors to our Military and Commercial Aircraft segments specialize in precision flight control and control systems manufacturing. Competitors to our space market specialize in thrust vector controls and spacecraft engines, mechanisms, Item 1A. Risk Factors. Our business, financial condition and results of operations face many risks, many of which are not exclusively within our control. The known, material risks to our business summarized below should be carefully considered together with all the other information included in this report, ", "title": "MOG-A - MOOG INC.", "url": "/company/MOG-A/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001289419; latest 10-K filed 2026-02-13.", "text": "MORN - Morningstar, Inc. SIC 6282 Investment Advice; CIK 0001289419; latest 10-K filed 2026-02-13. MORN Morningstar, Inc. 0001289419 6282 Investment Advice Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The discussion included in this section, as well as under \"Item 1\u2014Business\" and other sections of this Report, contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as \"aim,\" \u201ccommitted,\u201d \u201cconsider,\u201d \u201cestimate,\u201d \u201cfuture,\u201d \u201cgoal,\u201d \u201cis designed to,\u201d \u201cmaintain,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cobjective,\u201d \u201congoing,\u201d \u201ccould,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cpossible,\u201d \u201cpotential,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cpredict,\u201d \u201cprospects\u201d, \u201ccontinue,\u201d \u201cseek,\u201d \u201cstrategy,\u201d \u201cstrive,\u201d \u201cwill,\u201d \u201cwould,\u201d \"determine,\" \"evaluate,\" or the negative thereof, and similar expressions. These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. For us, these risks and uncertainties include, among others: \u2022failing to achieve the anticipated benefits of the Center for Research in Security Prices, LLC (CRSP) acquisition; \u2022failing to maintain and protect our brand, independence, and reputation; \u2022failing to prevent and/or mitigate cybersecurity events and the failure to protect confidential information, including personal information about individuals; \u2022changing economic and market conditions, including prolonged volatility, recessions, or downturns affecting the financial, data and software sectors and global financial markets, fluctuating interest rates, and the impacts of global trade policies, may negatively impact our financial results, including those of our asset-based businesses; \u2022compliance failures, regulatory action, or changes in or expansion of laws applicable to our regulated businesses; \u2022failing to innovate or streamline our product and service offerings or meet or anticipate our clients\u2019 changing needs; \u2022the impact of AI technologies on our business, as well as legal and reputational risks as they are incorporated into our products and tools; \u2022failing to detect errors in our products or methodology or our products performing improperly due to defects, malfunctions, or similar problems; \u2022failing to recruit, develop, and retain qualified employees; \u2022failing to scale our operations and increase productivity in order to implement our business plans and strategies, including failing to manage costs related thereto; \u2022liability for any losses that result from errors in our automated advisory tools or errors in the use of the information and data we collect; \u2022inadequacy of our operational risk management and business continuity programs to address materially disruptive events; \u2022our strategic transactions, acquisitions, dispositions, and investments in companies or technologies failing to yield expected business or financial benefits, negatively impacting our operating results and our ability to deliver long-term value to shareholders; \u2022triggering events for impairment of goodwill or assets; \u2022failing to maintain growth across our businesses due to changes in geopolitics and the regulatory landscape; \u2022failing to recognize deferred revenue; \u2022liability relating to the information and data we collect, store, use, create, and distribute or the reports that we publish or are produced by our software products; \u2022the potential adverse effect of our indebtedness (and rising interest rates) on our cash flow and financial and operational flexibility; \u2022liability, costs, and reputational risks relating to environmental, social, and governance considerations; \u2022our dependence on third-party service providers in our operations; \u2022inadequacy of our insurance coverage; 38 Table of Contents \u2022challenges in accounting for tax complexities in the global jurisdictions we operate in c Item 1. Business Our Mission Our mission is to empower investor success. We deliver connected data, independent research, investor-first tools, and long-term portfolio strategies with a focus on removing frictions that can slow decisions, cloud markets, and drive up costs. Our Business Morningstar, Inc. is a leading global provider of independent investment insights. Our core competencies are data, research, design, and technology, and we employ each of these to create products built on the depth and breadth of our data that are designed to clearly convey complex investment information. We offer a variety of products and solutions that serve a wide range of market participants. We structure our business to help investors in three key areas: Through our Morningstar Direct Platform and PitchBook segments and Morningstar Sustainalytics products, our customers can access a wide selection of investment data, research, ratings, and tools on our proprietary desktop or web-based software platforms; through direct data feeds and application programming interfaces (APIs); and via artificial intelligence (AI) integrations, which offer AI-ready access to data, research, and capabilities through Model Context Protocol (MCP) and intelligent agents. We also offer access via third parties in our alliances and redistributors customer segment. Through our Morningstar Wealth and Morningstar Retirement segments, we provide investment management services to individuals and advisors, with approximately $378.0 billion in assets under management and advisement (AUMA) as of December 31, 2025. In addition, we offer a broad range of indexes that can be used as performance benchmarks and as the basis for investment products and other portfolio strategies through our Morningstar Indexes products. Finally, through our Morningstar Credit segment, we provide investors with credit ratings, research, data, and credit analytics solutions that we believe contribute to the transparency of inter Item 1A. Risk Factors Risk Factors You should carefully consider the risks and uncertainties described below and all of the other information included in this Report when deciding whether to invest in our common stock or otherwise evaluating our business. If any of the following risks or uncertainties materialize, our business, financial condition, or operating results cou", "title": "MORN - Morningstar, Inc.", "url": "/company/MORN/" }, { "kind": "company", "summary": "SIC 1000 Metal Mining; CIK 0001801368; latest 10-K filed 2026-02-26.", "text": "MP - MP Materials Corp. / DE SIC 1000 Metal Mining; CIK 0001801368; latest 10-K filed 2026-02-26. MP MP Materials Corp. / DE 0001801368 1000 Metal Mining ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our Consolidated Financial Statements and related notes appearing elsewhere in this annual report on Form 10-K for the year ended December 31, 2025 (this \u201cAnnual Report\u201d). A discussion of changes in our consolidated and segment results of operations and/or cash flows between years ended December 31, 2024 and 2023, has been omitted from this Annual Report, but may be found in \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, Comparison of the Years Ended December 31, 2024, 2023, and 2022,\u201d of our annual report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission on February 28, 2025. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. The actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, but not limited to, those set forth under \u201cItem 1A. Risk Factors\u201d and elsewhere in this Annual Report. See also \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Executive Overview MP Materials Corp., including its subsidiaries (\u201cwe,\u201d \u201cour,\u201d \u201cus\u201d and the \u201cCompany\u201d), is the largest producer of rare earth materials in the Western Hemisphere. We own and operate the Mountain Pass Rare Earth Mine and Processing Facility (\u201cMountain Pass\u201d) located near Mountain Pass, San Bernardino County, California, the only rare earth mining and processing site of scale in North America. Rare earth products are critical inputs in hundreds of existing and emerging clean-tech applications including electric vehicles and wind turbines as well as robotics, drones, and defense applications. Additionally, we own and operate a rare earth metal, alloy and magnet manufacturing facility in Fort Worth, Texas (\u201cIndependence\u201d or the \u201cIndependence Facility\u201d). Our reportable segments, which are primarily based on our internal organizational structure and types of products, are our two operating segments\u2014Materials and Magnetics. The Materials segment represents our upstream and midstream operations, which primarily consist of Mountain Pass, a fully integrated mining and refining facility producing refined rare earth oxides (\u201cREO\u201d) and related products. The Materials segment generates revenue primarily from sales of neodymium-praseodymium (\u201cNdPr\u201d) oxide and metal, primarily sold to customers in Japan, South Korea, and broader Asia. The Materials segment historically generated the majority of its revenue from sales of rare earth concentrate primarily to a distributor that, in turn, typically sold that product to refiners in China. The Magnetics segment represents our downstream magnet manufacturing and related operations, which currently consist of the Independence Facility, a fully integrated metal, alloy, and magnet manufacturing plant. The Magnetics segment began generating revenue from sales of magnetic precursor products to a single customer in the U.S. in the first quarter of 2025 and commenced the manufacturing of neodymium-iron-boron (\u201cNdFeB\u201d) permanent magnets in December 2025. Certain rare earth elements (\u201cREE\u201d) serve as critical inputs for the rare earth magnets inside the electric motors and generators powering carbon-reducing technologies such as hybrid and electric vehicles (referred to collectively as \u201cxEVs\u201d), advanced electronics, aerospace and defense systems, energy products, robotics and many other high-growth, advanced technologies. Our integrated operations combine low production costs with high environmental standards, thereby restoring American leadership to a critical industry with a strong commitment to sustainability. Highlights from the year ended December 31, 2025, includ ITEM 1. BUSINESS Overview MP Materials Corp., including its subsidiaries (the \u201cCompany,\u201d \u201cMP Materials,\u201d \u201cwe,\u201d \u201cour,\u201d and \u201cus\u201d), is the largest producer of rare earth materials in the Western Hemisphere. Headquartered in Las Vegas, Nevada, the Company owns and operates the Mountain Pass Rare Earth Mine and Processing Facility (\u201cMountain Pass\u201d) located near Mountain Pass, San Bernardino County, California, the only rare earth mining and processing site of scale in North America. Additionally, the Company owns and operates a rare earth metal, alloy and magnet manufacturing facility in Fort Worth, Texas (\u201cIndependence\u201d or the \u201cIndependence Facility\u201d), where the Company produces and sells magnetic precursor products and commenced the manufacturing of neodymium-iron-boron (\u201cNdFeB\u201d) permanent magnets in December 2025. The Company\u2019s operations are organized into two reportable segments: Materials and Magnetics. The Materials segment represents the upstream and midstream operations of the Company, which primarily consist of Mountain Pass, a fully integrated mining and refining facility producing refined rare earth oxides and related products. The Materials segment generates revenue primarily from sales of neodymium-praseodymium (\u201cNdPr\u201d) oxide and metal, primarily sold to customers in Japan, South Korea, and broader Asia. The Materials segment historically generated the majority of its revenue from sales of rare earth concentrate primarily to a distributor that, in turn, typically sold that product to refiners in China. The Magnetics segment represents the downstream magnet manufacturing and related operations of the Company, which currently consist of the Independence Facility, a fully integrated metal, alloy, and magnet manufacturing plant. The Magnetics segment began generating revenue from sales of magnetic precursor products to General Motors Company (NYSE: GM) (\u201cGM\u201d) in the U.S. in the first quarter of 2025. On July 9, 2025, the Company entered into definitive ITEM 1A. RISK FACTORS Investing in our securities involves a high degree of risk. Investors should carefully consider the risks described below and all of the other information we file with the SEC before deciding to invest in our common stock. If any of the events or developments described below occur, our business, prospects, financial condition, or results of", "title": "MP - MP Materials Corp. / DE", "url": "/company/MP/" }, { "kind": "company", "summary": "SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0000066570; latest 10-K filed 2026-02-12.", "text": "MSA - MSA Safety Inc SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0000066570; latest 10-K filed 2026-02-12. MSA MSA Safety Inc 0000066570 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the historical financial statements and other financial information included elsewhere in this annual report on Form 10-K. This discussion may contain forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed in the sections of this annual report entitled \u201cForward-Looking Statements\u201d and \u201cRisk Factors.\u201d This section generally discusses the results of our operations for the year ended December 31, 2025, compared to the year ended December 31, 2024. For a discussion on the year ended December 31, 2024, compared to the year ended December 31, 2023, please refer to Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 14, 2025. MSA Safety Incorporated (\"MSA\") is organized into four geographical operating segments that are aggregated into two reportable segments: Americas and International. The Americas segment is comprised of our operations in North America and Latin America geographies. The International segment is comprised of our operations of all geographies outside of the Americas. Certain global expenses are allocated to each segment in a manner consistent with where the benefits from the expenses are derived. Please refer to Note 9\u2014Segment Information of the consolidated financial statements in Part II Item 8 of this Form 10-K for further information. On May 6, 2025, we acquired M&C TechGroup and its affiliated companies (\"M&C\") in a transaction valued at approximately $189 million, net of cash acquired. Headquartered in Ratingen, Germany, M&C provides a comprehensive range of gas analysis systems that detect, measure and monitor gases in critical environments. M&C\u2019s product portfolio includes systems and solutions for gas sampling, gas conditioning, as well as advanced process control. Refer to Note 15\u2014Acquisitions to the consolidated financial statements in Part II Item 8 of this Form 10-K for further information. 25 Table of Contents BUSINESS OVERVIEW MSA is the global leader in advanced safety products, technology and solutions. Driven by its singular mission of safety, the Company has been at the forefront of safety innovation since 1914, protecting workers and facility infrastructure around the world across a broad range of diverse end markets while creating sustainable value for shareholders. We tailor our product and solution offerings and distribution strategy to satisfy distinct customer preferences that vary across geographic regions. To best serve these customer preferences, we have organized our business into four geographical operating segments that are aggregated into two reportable segments: Americas and International. In 2025, 67% and 33% of our net sales were made by our Americas and International segments, respectively. Americas. Our largest manufacturing and research and development facilities are located in the United States. We serve our markets across the Americas with manufacturing facilities in the U.S., Mexico and Brazil. Operations in the other countries within the Americas segment focus primarily on sales and distribution in their respective home country markets. International. Our International segment includes companies in Europe, the Middle East and Africa (\"EMEA\") and the Asia Pacific region. In our largest International subsidiaries (in Germany, France, U.K., Ireland and Item 1. Business Overview\u2014MSA Safety Incorporated (the \"Company\" or \"MSA\") is the global leader in advanced safety products, technology and solutions. Driven by its singular mission of safety, the Company has been at the forefront of safety innovation since 1914, protecting workers and facility infrastructure around the world across a broad range of diverse end markets while creating sustainable value for shareholders. The Company's comprehensive product line, which is governed by rigorous safety standards across highly regulated industries, is used to protect workers and facility infrastructures around the world in a broad range of markets, including fire service, energy, utility, construction, and industrial manufacturing applications as well as heating, ventilation, air conditioning and refrigeration (\"HVAC-R\"). The Company's principal product categories are detection, fire service and industrial personal protective equipment (\"PPE\"). In addition to its principal product categories, MSA continues to deploy and grow its MSA+\u2122 ecosystem, its turnkey approach to MSA hardware, software, and services to simplify and improve safety operations for customers while delivering recurring revenue. The Company\u2019s leading market positions across various products in our portfolio are supported and enabled by a strong commitment to investing in new product development that continually raises the bar for safety equipment performance, all while upholding an unwavering commitment to integrity. We dedicate significant resources to research and development, which allows us to produce innovative safety products and solutions that are often first to market and usually protected by intellectual property. Our global product development teams include cross-functional associates throughout the Company, including research and development, marketing, sales, operations and quality management. Our engineers and technical associates work closely with the safety industry\u2019s leading standards-se Item 1A. Risk Factors RISKS RELATED TO LEGAL AND REGULATORY CHALLENGES Claims of injuries or potential safety issues or quality concerns could be made against our various subsidiaries. Our products and solutions are often used in high-risk and unpredictable environments and our mission, r", "title": "MSA - MSA Safety Inc", "url": "/company/MSA/" }, { "kind": "company", "summary": "SIC 5084 Wholesale-Industrial Machinery & Equipment; CIK 0001003078; latest 10-K filed 2025-10-23.", "text": "MSM - MSC INDUSTRIAL DIRECT CO INC SIC 5084 Wholesale-Industrial Machinery & Equipment; CIK 0001003078; latest 10-K filed 2025-10-23. MSM MSC INDUSTRIAL DIRECT CO INC 0001003078 5084 Wholesale-Industrial Machinery & Equipment ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Overview MSC is a leading North American distributor of a broad range of metalworking and MRO products and services. We help our customers drive greater productivity, profitability and growth with approximately 2.5 million products, inventory management and other supply chain solutions, and deep expertise from more than 80 years of working with customers across industries. We continue to implement our strategies to gain market share, generate new customers, increase sales to existing customers, and diversify our customer base. Our experienced team of more than 7,000 associates works with our customers to help drive results for their businesses, from keeping operations running efficiently today to continuously rethinking, retooling and optimizing for a more productive tomorrow. We offer approximately 2.5 million active, saleable SKUs through our catalogs; our brochures; our E-commerce channels, including the MSC website; our inventory management solutions; and our customer care centers, customer fulfillment centers, regional inventory centers and warehouses. We service our customers from five customer fulfillment centers, nine regional inventory centers, 38 warehouses and five manufacturing locations. Many of our products are carried in stock, and orders for these in-stock products are typically fulfilled the day on which the order is received. Our business model centers on delivering value-added services that address complex procurement challenges for our customers, with a focus on reducing total procurement costs and enabling just-in-time delivery through integrated solutions. We focus on offering inventory, process and procurement solutions that reduce supply chain costs and improve plant floor productivity for our customers. We aim to achieve ongoing cost reductions throughout our business by implementing cost-savings strategies and leveraging our existing infrastructure. Additionally, we support our customers' growth and profitability by ensuring operational efficiency through technologies such as our VMI, CMI and vending programs \u2014 helping reduce downtime and ensure critical products are available when and where they are needed. Our vending machines in service totaled 29,611 as of August 30, 2025, compared to 27,003 as of August 31, 2024, and our in-plant programs totaled 411 locations as of August 30, 2025, compared to 342 as of August 31, 2024. Our sales force, which focuses on a more complex and high-touch role, drives value for our customers by enabling them to achieve higher levels of growth, profitability and productivity. Our field sales and service associate headcount was 2,636 at August 30, 2025 compared to 2,697 at August 31, 2024. 24 Table of Contents The chart below displays a comparison of our net sales from fiscal year 2024 through fiscal year 2025: 1 Both fiscal years 2025 and 2024 had 252 sales days 2 Pricing and other is comprised of changes in customer and product mix, discounting and other items. 3 Individual amounts may not agree to the annual total due to rounding. Highlights Highlights during fiscal year 2025 include the following: \u2022We generated $333.7 million of cash from operations compared to $410.7 million in fiscal year 2024. The decrease was primarily from lower net income and a decline in inventories in the prior year period. \u2022We had net payments of $21.5 million on our credit facilities and private placement debt compared to net borrowings of $53.5 million in fiscal year 2024. \u2022We repurchased $39.3 million of Class A Common Stock compared to $187.7 million in fiscal year 2024, excluding excise taxes in both years. The higher share repurchase volume in the prior year included shares purchased to offset the share dilution resulting from the Reclassification. \u2022We paid out an aggregate $189.7 million in regular cash dividends, compared to an aggregate $187.3 million in regular cash divid ITEM 1. BUSINESS. General MSC is a leading North American distributor of a broad range of metalworking and maintenance, repair and operations (\u201cMRO\u201d) products and services. With a history of driving innovation in industrial product distribution for more than 80 years, we help solve our manufacturing customers\u2019 metalworking and MRO challenges. Through our technical metalworking expertise and inventory management and other supply chain solutions, our team of more than 7,000 associates helps to keep our customers\u2019 manufacturing operations up and running and to improve their efficiency, productivity and profitability. We serve a broad range of customers throughout the United States, Canada, Mexico and the United Kingdom, from individual machine shops to Fortune 1000 manufacturing companies to government agencies such as the United States General Services Administration and the United States Department of Defense. We operate a sophisticated network of five customer fulfillment centers, nine regional inventory centers, 38 warehouses (36 in North America and two in other foreign countries) and five manufacturing locations. Our customer fulfillment centers are located in or near Harrisburg, Pennsylvania; Atlanta, Georgia; Elkhart, Indiana; Reno, Nevada; and Hanover Park, Illinois. We offer approximately 2.5 million active, saleable stock-keeping units (\u201cSKUs\u201d) through our E-commerce channels, including our website, https://www.mscdirect.com (the \u201cMSC website\u201d); our inventory management solutions; our catalogs; our brochures; and our customer care centers, customer fulfillment centers, regional inventory centers and warehouses. We carry many of the products we sell in our inventory, so that orders for these in-stock products are processed and fulfilled the day the order is received. We offer next-day delivery nationwide in the United States for qualifying orders placed by 8 p.m. Eastern Time. Our customers can choose among many convenient ways to place orders: the MSC we ITEM 1A. RISK FACTORS. In addition to the other information in this Report, the following factors should be considered in evaluating the Company and its business. Our future operating results depend upon many factors and are subject to various risks and 10 Table of Contents uncertainties. Th", "title": "MSM - MSC INDUSTRIAL DIRECT CO INC", "url": "/company/MSM/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001520006; latest 10-K filed 2026-02-26.", "text": "MTDR - Matador Resources Co SIC 1311 Crude Petroleum & Natural Gas; CIK 0001520006; latest 10-K filed 2026-02-26. MTDR Matador Resources Co 0001520006 1311 Crude Petroleum & Natural Gas Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report. The following discussion contains \u201cforward-looking statements\u201d that reflect our future plans, estimates, beliefs and expected performance. We caution that assumptions, expectations, projections, intentions or beliefs about future events may, and often do, vary from actual results, and the differences can be material. Some of the key factors that could cause actual results to vary from our expectations include changes in oil or natural gas prices, the timing of planned capital expenditures, availability under our Credit Agreement and the San Mateo Credit Facility, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting our oil and natural gas and midstream operations, the condition of the capital markets generally, as well as our ability to access them, the proximity to and capacity of gathering, processing and transportation facilities, availability and integration of acquisitions, uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting our business, as well as those factors discussed below and elsewhere in this Annual Report, all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. See \u201cCautionary Note Regarding Forward-Looking Statements.\u201d For a comparison of our results of operations for the years ended December 31, 2024 and December 31, 2023, see \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 25, 2025. Overview We are an independent energy company founded in July 2003 engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Our current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. We also have operations in the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, we conduct midstream operations in support of, and to provide flow assurance for, our exploration, development and production operations and provide natural gas processing, oil transportation services, oil, natural gas and produced water gathering services and produced water disposal services to third parties. 2025 Operational Highlights During the year ended December 31, 2025, we completed and began producing oil and natural gas from 151 gross (121.2 net) operated and 107 gross (8.1 net) horizontal non-operated wells in the Delaware Basin. We did not conduct any operated drilling and completion activities on our leasehold properties in Northwest Louisiana during 2025, although we did participate in the drilling and completion of 12 gross (0.1 net) non-operated Haynesville shale wells that began producing in 2025. We have built significant optionality into our drilling program, which should generally allow us to decrease or increase the number of rigs we operate as necessary based on changing commodity prices and other factors. We were able to achieve D/C/E capital expenditures for 2025 of $1.53 billion, which was within our estimated range for 2025 D/C/E capital expenditures of $1.47 to $1.55 billion, as provided on October 21, 2025. Substantially all of our 2025 capital expenditures were directed to (i) the further delineation and development of our leasehold position in the Delaware Basin, (ii) the acquisitio Item 1. Business. In this Annual Report, (i) references to \u201cwe,\u201d \u201cour\u201d or the \u201cCompany\u201d refer to Matador Resources Company and its subsidiaries as a whole (unless the context indicates otherwise), (ii) references to \u201cMatador\u201d refer solely to Matador Resources Company, (iii) references to the \u201cAmeredev Acquisition\u201d refer to the acquisition of Ameredev Stateline II, LLC from affiliates of EnCap Investments L.P., including (a) certain oil and natural gas producing properties and undeveloped acreage located in Lea County, New Mexico and Loving and Winkler Counties, Texas, and (b) an approximate 19% stake in the parent company of Pi\u00f1on Midstream, LLC, which was completed by a subsidiary of the Company on September 18, 2024, (iv) references to the \u201cAdvance Acquisition\u201d refer to the acquisition of Advance Energy Partners Holdings, LLC from affiliates of EnCap Investments L.P., including certain oil and natural gas producing properties, undeveloped acreage and midstream assets located primarily in Lea County, New Mexico and Ward County, Texas, that was completed by a subsidiary of the Company on April 12, 2023, and the acquisition of additional interests from affiliates of EnCap Investments L.P., including overriding royalty interests and royalty interests in certain oil and natural gas properties located primarily in Lea County, New Mexico on December 1, 2023, (v) references to \u201cSan Mateo\u201d refer to San Mateo Midstream, LLC, collectively with its subsidiaries (including, as of December 18, 2024, Pronto), and (vi) references to \u201cPronto\u201d refer to Pronto Midstream, LLC, together with its subsidiary. For certain oil and natural gas terms used in this Annual Report, see the \u201cGlossary of Oil and Natural Gas Terms\u201d included in this Annual Report. General We are an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventio Item 1A. Risk Factors. Summary of Risk Factors The following is a summary of some of the risks and uncertainties that could materially adversely affect our business, financial condition, results of operations and cash flows. You should read this summary together with the more detailed risk factors contained below. Risks R", "title": "MTDR - Matador Resources Co", "url": "/company/MTDR/" }, { "kind": "company", "summary": "SIC 6351 Surety Insurance; CIK 0000876437; latest 10-K filed 2026-02-25.", "text": "MTG - MGIC INVESTMENT CORP SIC 6351 Surety Insurance; CIK 0000876437; latest 10-K filed 2026-02-25. MTG MGIC INVESTMENT CORP 0000876437 6351 Surety Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Introduction As used below, \u201cwe\u201d and \u201cour\u201d refer to MGIC Investment Corporation\u2019s consolidated operations or to MGIC Investment Corporation, as a separate entity, as the context requires. References to \"we\" and \"our\" in the context of debt obligations refer to MGIC Investment Corporation. See the \"Glossary of terms and acronyms\" for definitions and descriptions of terms used throughout this annual report. The risk factors contained in Item 1A discuss trends and uncertainties affecting us and are an integral part of the MD&A. The following is a discussion and analysis of the financial conditions and results of operations for the years ended December 31, 2025 and 2024, including comparisons between 2025 and 2024. Comparisons between 2024 and 2023 have been omitted from this Form 10-K, but can be found in \"Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC. Forward Looking and Other Statements As discussed under \u201cForward Looking Statements and Risk Factors\u201d in \"Item 1. Business - A. General\" of this Report, actual results may differ materially from the results contemplated by forward looking statements. We are not undertaking any obligation to update any forward looking statements or other statements we may make in the following discussion or elsewhere in this document even though these statements may be affected by events or circumstances occurring after the forward looking statements or other statements were made. Therefore, no reader of this document should rely on these statements being current as of any time other than the time at which this document was filed with the Securities and Exchange Commission. MGIC Investment Corporation 2025 Form 10-K | 44 Overview The following discussion highlights factors influencing our financial results and results of operations and may not contain all of the information that is important to readers of this Annual Report. It should be read in conjunction with the consolidated financial statements and related notes found under Item 8. contained herein. Through MGIC, the principal subsidiary of MGIC Investment Corporation, we serve lenders throughout the United States helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality through the use of private mortgage insurance. As of December 31, 2025 MGIC had $303.1 billion of primary IIF. Business Environment Mortgage Insurance Market The strong credit quality of our insurance portfolio reflects several years of favorable housing fundamentals, and in our view, favorable risk characteristics on our recently insured loans. Our IIF increased during the year as a result of an increase in NIW offset partially by cancellations. Refer to \"Mortgage Insurance Portfolio\" for information on our NIW mix during 2025. Our NIW is affected by the total mortgage originations, the percentage of total mortgage originations using PMI, and our market share within the PMI industry. The total amount of mortgage originations is generally influenced by the level of new and existing home sales, interest rates, the percentage of homes purchased for cash, and the level of refinance activity. PMI market share of total mortgage originations is influenced by the mix of purchase and refinance originations. PMI market share is also impacted by the market share of total originations of the FHA and VA, and other alternatives to mortgage insurance, including GSE programs that may reduce or eliminate the demand for mortgage insurance. The increase in total mortgage originations in 2025 as compared with 2024 reflects a modest decrease in interest rates during 2025 contributing to an increase in refinance and purchase originations during the year. Total mortgage originations are forecasted to be higher Item 1. Business See the \"Glossary of terms and acronyms\" for definitions and descriptions of terms used throughout this annual report. A. General We are a holding company and through wholly-owned subsidiaries we provide private mortgage insurance, other mortgage credit risk management solutions, and ancillary services. In 2025, our total revenues were $1.2 billion and our primary NIW was $60.2 billion. As of December 31, 2025, our direct primary IIF was $303.1 billion and our direct primary RIF was $81.2 billion. For further information about our results of operations, see our consolidated financial statements in Item 8 and our MD&A in Item 7. As of December 31, 2025, our principal mortgage insurance subsidiary, MGIC, was licensed in all 50 states of the United States, the District of Columbia, Puerto Rico and Guam. During 2025, we wrote new insurance in each of those jurisdictions. 2026 Business Strategies Our business strategies are to 1) maximize the value we create through our mortgage credit enhancement activities; 2) differentiate ourselves through our customer experience; 3) advance our competitive advantage through our digital and analytical capabilities; 4) excel at acquiring, managing and distributing mortgage credit risk and the related capital; 5) maintain financial strength through economic cycles; and 6) foster an environment that attracts and retains the best talent and positions our people to succeed. 2025 Accomplishments Following are several of our 2025 accomplishments that furthered our business strategies. \u2022Earned $738 million of net income ($3.14 per diluted share) for the year, compared to $763 million ($2.89 per diluted share) in 2024. \u2022Paid $800 million of cash dividends from MGIC to our holding company, a 7% increase from the $750 million paid in 2024. \u2022Maintained financial strength and capital flexibility while returning approximately $915 million in capital to shareholders: \u25aaEnded 2025 with $1.1 billion of cash and investments Item 1A. Risk Factors As used below, \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d refer to MGIC Investment Corporation\u2019s consolidated operations or to MGIC Investment Corporation, as the context requires; and \u201cMGIC\u201d refers to Mortgage Guaranty Insurance Corporation. Risk Factors Relating to the Mortgage Insurance Industry and its Regulation Economic downturns and/or declines in home price", "title": "MTG - MGIC INVESTMENT CORP", "url": "/company/MTG/" }, { "kind": "company", "summary": "SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0000812011; latest 10-K filed 2025-09-29.", "text": "MTN - VAIL RESORTS INC SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0000812011; latest 10-K filed 2025-09-29. MTN VAIL RESORTS INC 0000812011 7990 Services-Miscellaneous Amusement & Recreation ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) should be read in conjunction with the Consolidated Financial Statements and notes related thereto included in this Form 10-K. To the extent that the following MD&A contains statements which are not of a historical nature, such statements are forward-looking statements which involve risks and uncertainties. These risks include, but are not limited to, those discussed in Item 1A. \u201cRisk Factors\u201d in this Form 10-K. The following discussion and analysis should be read in conjunction with the Forward-Looking Statements section and Item 1A. \u201cRisk Factors,\u201d each included in this Form 10-K. The MD&A includes discussion of financial performance within each of our three segments. We have chosen to specifically include segment Reported EBITDA (defined as segment net revenue less segment operating expense, plus segment equity investment income or loss, and for the Real Estate segment, plus gain or loss on sale of real property) in the following discussion because we consider this measurement to be a significant indication of our financial performance. We utilize segment Reported EBITDA in evaluating our performance and in allocating resources to our segments. Net Debt (defined as long-term debt, net plus long-term debt due within one year less cash and cash equivalents) is included in the following discussion because we consider this measurement to be a significant indication of our available capital resources. We also believe that Net Debt is an important measurement as it is an indicator of our ability to obtain additional capital resources for our future cash needs. Resort Reported EBITDA (defined as the combination of segment Reported EBITDA of our Mountain and Lodging segments), Total Reported EBITDA (which is Resort Reported EBITDA plus segment Reported EBITDA from our Real Estate segment) and Net Debt are not measures of financial performance or liquidity defined under accounting principles generally accepted in the United States (\u201cGAAP\u201d). Refer to the end of the Results of Operations section for a 43 reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA and Resort Reported EBITDA, and long-term debt, net to Net Debt. Items excluded from Resort Reported EBITDA, Total Reported EBITDA and Net Debt are significant components in understanding and assessing financial performance or liquidity. Resort Reported EBITDA, Total Reported EBITDA and Net Debt should not be considered in isolation or as an alternative to, or substitute for, net income, net change in cash and cash equivalents or other financial statement data presented in the Consolidated Financial Statements. Because Resort Reported EBITDA, Total Reported EBITDA and Net Debt are not measurements determined in accordance with GAAP and are thus susceptible to varying calculations, Resort Reported EBITDA, Total Reported EBITDA and Net Debt, as presented herein, may not be comparable to other similarly titled measures of other companies. In addition, our segment Reported EBITDA (i.e. Mountain, Lodging and Real Estate), the measure of segment profit or loss required to be disclosed in accordance with GAAP, may not be comparable to other similarly titled measures of other companies. Overview Our operations are grouped into three integrated and interdependent segments: Mountain, Lodging and Real Estate. We refer to \u201cResort\u201d as the combination of the Mountain and Lodging segments. The Mountain, Lodging and Real Estate segments represented approximately 89%, 11% and 0%, respectively, of our net revenue for Fiscal 2025. Mountain Segment In the Mountain segment, the Company operates the following 42 destination mountain resorts and regional ski areas (collectively, \u201cResorts\u201d): *Denotes a destination mountain resort, which generally receives a mean ITEM 1.BUSINESS. General Vail Resorts, Inc., together with its subsidiaries, is referred to throughout this document as \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or the \u201cCompany.\u201d Vail Resorts, Inc., a Delaware corporation, was organized as a holding company in 1997 and operates through various subsidiaries. Our operations are grouped into three reportable segments: Mountain, Lodging and Real Estate, which represented approximately 89%, 11% and 0%, respectively, of our net revenue for our fiscal year ended July 31, 2025 (\u201cFiscal 2025\u201d). Our Mountain segment operates 42 world-class destination mountain resorts and regional ski areas (collectively, our \u201cResorts\u201d). Additionally, the Mountain segment includes ancillary services, primarily including ski school, dining and retail/rental operations. In the Lodging segment, we own and/or manage a collection of luxury hotels and condominiums under our RockResorts brand, other strategic lodging properties and a large number of condominiums located in proximity to our North American mountain resorts, National Park Service (\u201cNPS\u201d) concessioner properties including the Grand Teton Lodge Company (\u201cGTLC\u201d), which operates destination resorts in Grand Teton National Park, a Colorado resort ground transportation company and mountain resort golf courses. We refer to \u201cResort\u201d as the combination of the Mountain and Lodging segments. Our Real Estate segment owns, develops and sells real estate in and around our resort communities. For financial information and other information about the Company\u2019s segments and geographic areas, see Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and Item 8. \u201cFinancial Statements and Supplementary Data.\u201d 4 Mountain Segment In the Mountain segment, the Company operates the following 42 destination mountain resorts and regional ski areas, including five resorts within the top ten most visited resorts in the United States for the 2024/2025 North American ski season: *Denote ITEM 1A.RISK FACTORS. Our operations and financial results are subject to various risks and uncertainties that could adversely affect our financial position, results of operations and cash flows. The risks described below should carefully be considered together with the other information contained in this repo", "title": "MTN - VAIL RESORTS INC", "url": "/company/MTN/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001493594; latest 10-K filed 2025-11-14.", "text": "MTSI - MACOM Technology Solutions Holdings, Inc. SIC 3674 Semiconductors & Related Devices; CIK 0001493594; latest 10-K filed 2025-11-14. MTSI MACOM Technology Solutions Holdings, Inc. 0001493594 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION. This Management\u2019s Discussion and Analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes that appear elsewhere in this Annual Report. In addition to historical information, the following discussion contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ substantially and adversely from those referred to herein due to a number of factors, including but not limited to those described below and in \u201cItem 1A - Risk Factors\u201d and elsewhere in this Annual Report. The following section generally discusses our financial condition and results of operations for our fiscal year ended October 3, 2025 (\u201cfiscal year 2025\u201d) compared to our fiscal year ended September 27, 2024 (\u201cfiscal year 2024\u201d). A discussion regarding our financial condition and results of operations for fiscal year 2024 compared to our fiscal year ended September 29, 2023 (\u201cfiscal year 2023\u201d) can be found in Part II, Item 7 of our Annual Report on Form 10-K for fiscal year 2024, filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on November 12, 2024. OVERVIEW We design and manufacture semiconductor products and solutions for I&D, Data Center and Telecom industries. Headquartered in Lowell, Massachusetts, we have more than 70 years of application expertise, with silicon, GaAs, GaN and InP fabrication, manufacturing, assembly and test, and operational facilities throughout North America, Europe and Asia. We design, develop and manufacture differentiated semiconductor products and solutions for customers who demand high performance, quality and reliability. We offer a broad portfolio of thousands of standard and custom devices, which include ICs, MCMs, diodes, amplifiers, switches and switch limiters, passive and active components and RF and optical subsystems, which make up dozens of product lines that service over 6,000 end customers in our three primary markets. Our semiconductor products are electronic components that our customers generally incorporate into larger electronic systems, such as wireless basestations, high-capacity optical networks, data center networks, radar, medical systems, satellite networks and test and measurement applications. Our primary end markets are: (1) I&D, which includes military and commercial radar, RF jammers, electronic countermeasures, communication data links, space-related electronics and various wired and wireless multi-market applications, which include industrial, medical, test and measurement and scientific applications; (2) Data Center, which includes intra-Data Center, DCI applications, at 100G, 200G, 400G, 800G, 1.6T, 3.2T and higher speeds, enabled by our broad portfolio of analog ICs and photonic components for high speed connectivity customers; and (3) Telecom, which includes carrier infrastructure such as long-haul/metro, 5G and 6G infrastructure, SATCOM and FTTx/PON, among others. See \u201cItem 1 - Business\u201d for additional information. 29 Basis of Presentation We have one reportable operating segment and all intercompany balances have been eliminated in consolidation. We have a 52 or 53-week fiscal year ending on the Friday closest to the last day of September. Fiscal year 2025 included 53 weeks and fiscal years 2024 and 2023 each consisted of 52 weeks. To offset the effect of holidays, for fiscal years in which there are 53 weeks, we typically include the extra week in the first quarter of our fiscal year. Our first quarter of fiscal year 2025, ended January 3, 2025, included 14 weeks. Description of Our Revenue Revenue. Our revenue is derived from sales of high-performance RF, microwave, millimeter wave, optical and photonic semiconductor products. We design, integrate, manufacture and package differentiated, semiconductor-based products that we sell to customers thro ITEM 1. BUSINESS Overview We design, develop and manufacture differentiated semiconductor products and solutions for the Industrial and Defense (\u201cI&D\u201d), Data Center and Telecommunications (\u201cTelecom\u201d) industries for customers who demand high performance, quality and reliability. We are headquartered in Lowell, Massachusetts, with operational facilities throughout North America, Europe and Asia. We have more than 70 years of application expertise, combined with expertise in analog and mixed signal circuit design, compound semiconductor fabrication (including gallium arsenide (GaAs), gallium nitride (GaN), indium phosphide (InP) and specialized silicon), advanced packaging and back-end assembly and test. We offer a broad portfolio of thousands of standard and custom devices, which include integrated circuits (\u201cICs\u201d), multi-chip modules (MCM), diodes, amplifiers, switches and switch limiters, passive and active components and radio frequency (RF) and optical subsystems, which make up dozens of product lines that service over 6,000 end customers in our three primary markets. Our products are electronic components that our customers generally incorporate into larger electronic systems, such as wireless basestations, high-capacity optical networks, data center networks, radar, medical systems, satellite networks and test and measurement applications. Our primary end markets are: (1) I&D, which includes military and commercial radar, RF jammers, electronic countermeasures, communication data links, space-related electronics and various wired and wireless multi-market applications, which include industrial, medical, test and measurement and scientific applications; (2) Data Center, which includes intra-Data Center, Data Center Interconnect (DCI) applications, at 100G, 200G, 400G, 800G, 1.6T and higher speeds, enabled by our broad portfolio of analog ICs and photonic components for high speed connectivity customers; and (3) Telecom, which includes carrier infrastructure suc ITEM 1A. RISK FACTORS Our business involves a high degree of risk. You should carefully consider the following risks and other information in this Annual Report in evaluating the Company and its common stock. If any of the following risks actually occurs, our business, financi", "title": "MTSI - MACOM Technology Solutions Holdings, Inc.", "url": "/company/MTSI/" }, { "kind": "company", "summary": "SIC 1623 Water, Sewer, Pipeline, Comm & Power Line Construction; CIK 0000015615; latest 10-K filed 2026-02-26.", "text": "MTZ - MASTEC INC SIC 1623 Water, Sewer, Pipeline, Comm & Power Line Construction; CIK 0000015615; latest 10-K filed 2026-02-26. MTZ MASTEC INC 0000015615 1623 Water, Sewer, Pipeline, Comm & Power Line Construction ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our business, financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and notes thereto in Item 8 of this Form 10-K. The discussion below contains forward-looking statements that are based upon our current expectations and is subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to inaccurate assumptions and known or unknown risks and uncertainties, including those identified in \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and Item 1A. \u201cRisk Factors.\u201d General Economic, Market and Regulatory Conditions We have experienced, and may continue to experience, direct and indirect negative effects on our business and operations from economic, market and regulatory conditions, including the level of interest rates; inflationary effects on the costs of labor, materials and fuel; supply chain disruptions; uncertainty related to the implementation and pace of spending under governmental programs and initiatives related to infrastructure and other industrial investment, delays and uncertainty related to project permitting and/or other regulatory matters or uncertainty; climate, environmental and sustainability-related matters; changes in technology, tax and other incentives; potential market volatility that could negatively affect demand for future projects, and/or delay existing project timing or cause increased project costs; and public health matters. Additionally, the effects of ongoing geopolitical events that are outside of our control, could potentially increase volatility and uncertainty in the energy and capital markets, which could delay projects and/or negatively affect demand for future projects. During the year ended December 31, 2025, the U.S. government announced or imposed a variety of tariff or other trade actions, in response to which many countries have announced retaliatory trade actions, including tariffs on U.S. exports or bans by foreign countries on certain of their exports. These actions have increased the cost of importing certain construction materials into the U.S., including steel, concrete, copper and solar panels, and have caused disruption and uncertainty to both international trade and supply chains, in turn affecting project demand and timing. More recently, on February 20, 2026, the U.S. Supreme Court ruled that certain trade tariffs imposed by the U.S. federal government under the IEEPA were unconstitutional. Following the U.S. Supreme Court\u2019s decision, the U.S. presidential administration announced its intention to invoke other laws to collect tariffs and announced new tariffs on imports from all countries, in addition to any existing non-IEEPA tariffs. Significant uncertainty remains regarding the status of existing and newly announced tariffs, potential changes or pauses to such tariffs, tariff levels, and whether further additional tariffs or other retaliatory actions may be imposed, modified, or suspended. While the duration, extent and effects of these tariffs and trade actions cannot be predicted with certainty, these policy changes could impact our ability to execute projects and have a material adverse effect on our business, financial condition, and results of operations. Further, on July 4, 2025, OBBBA was signed into law in the United States increasing federal support for oil and gas production while reducing support for renewable energy and infrastructure. Notably, the OBBBA accelerates the phaseout of certain clean energy tax credits established under the IRA, including the clean electricity investment and clean energy production credits for solar and wind projects, which may reduce longer term demand for such projects. Under the new provisions, these credits will no longer be available for projects pl ITEM 1. BUSINESS We are a leading North American infrastructure engineering and construction company focused primarily on engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber; power delivery infrastructure, including transmission, distribution, grid hardening and modernization, environmental planning and compliance; power generation infrastructure, primarily from clean energy and renewable sources; pipeline infrastructure, including for natural gas, water and carbon capture sequestration pipelines and pipeline integrity services; heavy civil and industrial infrastructure, including roads, bridges and rail; and environmental remediation services. Our customers are primarily in these industries. Including our predecessor companies, we have been in business for over 95 years. As of December 31, 2025, we had approximately 36,000 employees and 810 locations. We offer our services under the MasTec\u00ae and other service marks and we are ranked among the top five contractors within Engineering News-Record\u2019s Top 400 Contractors. We provide integrated, solutions-based services to a diversified base of customers and a significant portion of our services are provided under master service and other service agreements, which are generally multi-year agreements. The remainder of our work is generated pursuant to contracts for specific projects or jobs that require the construction or installation of an entire infrastructure system or specified units within an infrastructure system. We seek to grow and diversify our business both organically and through acquisitions and/or strategic arrangements in order to deepen our market presence and customer base, broaden our geographic reach and expand our service offerings. In 2021, we initiated a significant transformation of our end-market business operations to focus on the nation\u2019s transition to low-carbon energy sources and posit ITEM 1A. RISK FACTORS Our business is subject to a variety of risks and uncertainties, including, but not limited to, the risks and uncertainties described below. Additional risks and uncertainties not known to us or not described below could also negatively affect our operations. If any of the ris", "title": "MTZ - MASTEC INC", "url": "/company/MTZ/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0000717423; latest 10-K filed 2026-02-25.", "text": "MUR - MURPHY OIL CORP SIC 1311 Crude Petroleum & Natural Gas; CIK 0000717423; latest 10-K filed 2026-02-25. MUR MURPHY OIL CORP 0000717423 1311 Crude Petroleum & Natural Gas Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read together with the consolidated financial statements and accompanying notes to consolidated financial statements, which are included in Item 8 of this Annual Report on Form 10-K. This MD&A includes forward-looking statements that involve certain risks and uncertainties. See \u201cForward-Looking Statements\u201d at the end of this section and \u201cRisk Factors\u201d under Item 1A. Discussion and analysis of 2023 results and year-over-year comparisons between 2024 and 2023 are not included in this Form 10-K and can be found in \u201cItem 7\u201d of the 2024 Annual Report on Form 10-K available via the SEC\u2019s website at www.sec.gov and on our website at www.murphyoilcorp.com. Murphy Oil Corporation is a worldwide oil and natural gas E&P company with both onshore and offshore operations and properties. The Company produces oil and natural gas primarily in the U.S. and Canada and explores for crude oil, natural gas and NGLs in targeted areas worldwide. A more detailed description of the Company\u2019s significant assets can be found in \u201cItem 1\u201d of this Form 10-K report. The analysis and discussion in this section includes amounts attributable to a noncontrolling interest (NCI) in MP GOM, unless otherwise noted. Significant Company financial and operational highlights during 2025 were as follows: \u2022Generated net income of $138.8 million ($104.2 million excluding NCI) and net cash provided by operating activities of $1,247.8 million; \u2022Produced 189 thousand BOEPD (182 thousand BOEPD excluding NCI); \u2022Repurchased 3.6 million shares of common stock under the share repurchase program for $100.0 million ($100.8 million including excise taxes and fees) under the capital allocation plan1; \u2022Achieved 101% (103% excluding NCI) total proved reserve replacement with year-end proved reserves of 730.0 million MMBOE (715.0 MMBOE excluding NCI); \u2022Closed the strategic acquisition of the Pioneer floating production, storage and offloading vessel (FPSO) in the Gulf of America for a gross purchase price of $125.0 million; and \u2022Drilled oil discoveries at the Lac Da Hong-1X (Pink Camel), Block 15-1/05 and Hai Su Vang-1X (Golden Sea Lion), Block 15-2/17 exploration wells in Vietnam. Subsequent to year end: \u2022Issued $500.0 million of 6.50% senior notes due in 2034 and used proceeds to redeem an aggregate $227.5 million of senior notes due in 2027 and 2028; \u2022Upsized senior unsecured revolving credit facility from $1.35 billion to $2.00 billion and extended maturity from 2029 to 2031; \u2022Drilled oil discoveries at Cello #1 (Mississippi Canyon 385) and Banjo #1 (Mississippi Canyon 385) exploration wells in the Gulf of America, and announced a dry hole at Civette-1X (Block CI-502) and Caracal-1X (Block CI-102) in C\u00f4te d\u2019Ivoire; and \u2022Increased the quarterly cash dividend to $0.35 per share, which on an annualized basis would be $1.40 per share. 1 Details of the capital allocation plan can be found as part of the Company\u2019s Form 8-K filed on August 4, 2022 and Form 8-K filed on August 8, 2024. The Company\u2019s Board of Directors has authorized a share repurchase program whereby the Company can repurchase up to $1,100.0 million of the Company\u2019s common stock. 32 Table of Contents PART II Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations - Continued Murphy\u2019s continuing operations generate revenue by producing oil and natural gas in the U.S. and Canada and then selling these products to customers. The Company\u2019s revenue is affected by the prices of oil and natural gas. In order to make a profit and generate cash in its E&P business, revenue generated from the sales of oil and natural gas produced must exceed the combined costs of producing these products and expenses related to exploration, administration and capital borrowing from len Item 1. BUSINESS Summary Murphy Oil Corporation is a global oil and natural gas exploration and production (E&P) company, with both onshore and offshore operations and properties. As used in this report, the terms Murphy, Murphy Oil, we, our, its and Company may refer to Murphy Oil Corporation or any one or more of its consolidated subsidiaries. The Company was originally incorporated in Louisiana in 1950 as Murphy Corporation. It was reincorporated in Delaware in 1964, at which time it adopted the name Murphy Oil Corporation. In 2013, the United States (U.S.) refining and marketing business was separated from Murphy Oil Corporation\u2019s oil and natural gas E&P business. For reporting purposes, Murphy\u2019s E&P activities are subdivided into three geographic segments, including the U.S., Canada and all other countries. Additionally, the Corporate segment includes interest income, interest expense, foreign exchange effects, corporate risk management activities and administrative costs not allocated to the E&P segments. The Company\u2019s corporate headquarters are located in Houston, Texas. In addition to the following information about each business activity, data about Murphy\u2019s operations, properties and business segments, including revenues by class of products and financial information by geographic area, are provided on pages 32 through 43, 77 through 81, 103 through 108, and 111 through 126 of this Form 10-K report. As part of the Company\u2019s underlying operations, the Company is continually monitoring its greenhouse gas (GHG) emissions and impact on the environment as well as other social and environmental aspects of its business. See \u201cSustainability\u201d on page 9. Interested parties may obtain the Company\u2019s public disclosures filed with the Securities and Exchange Commission (SEC), including Form 10-K, Form 10-Q, Form 8-K and other documents, by accessing the Investor Relations section of Murphy Oil Corporation\u2019s Website at www.murphyoilcorp.com. Exploration and Produc Item 1A. RISK FACTORS The Company faces risks in the normal course of business and through global, regional and local events that could have an adverse impact on its reputation, operations, and financial performance. The Board exercises oversight of the Company\u2019s enterprise risk management program, which includes strategic, operational, cybersecurity", "title": "MUR - MURPHY OIL CORP", "url": "/company/MUR/" }, { "kind": "company", "summary": "SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001573516; latest 10-K filed 2026-02-18.", "text": "MUSA - Murphy USA Inc. SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001573516; latest 10-K filed 2026-02-18. MUSA Murphy USA Inc. 0001573516 5500 Retail-Auto Dealers & Gasoline Stations Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cManagement\u2019s Discussion and Analysis\u201d or \"MD&A\") is the Company\u2019s analysis of its financial performance and of significant trends that may affect future performance. It should be read in conjunction with the consolidated financial statements and notes included in this Annual Report on Form 10-K. This section of this Form 10-K generally discusses 2025 and 2024 items and the year-to-year comparison between 2025 and 2024. Discussions of 2023 items and the year-to-year comparisons between 2024 and 2023 are not included in this Form 10-K and can be found in the Form 10-K for the year ended December 31, 2024, filed on February 20, 2025. For purposes of this Management\u2019s Discussion and Analysis, references to \u201cMurphy USA\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d, and \"our\" refer to Murphy USA Inc. and its subsidiaries on a consolidated basis. Management\u2019s Discussion and Analysis is organized as follows: \u2022Executive Overview \u2014 This section provides an overview of our business and the results of operations and financial condition for the periods presented. It includes information on the basis of presentation with respect to the amounts presented in the Management\u2019s Discussion and Analysis and a discussion of the trends affecting our business. \u2022Results of Operations \u2014 This section provides an analysis of our results of operations, including the results of our operating segment for the two years ended December 31, 2025. \u2022Capital Resources and Liquidity \u2014 This section provides a discussion of our financial condition and cash flows as of and for the two years ended December 31, 2025. It also includes a discussion of our capital structure and available sources of liquidity. \u2022Critical Accounting Policies \u2014 This section describes the accounting policies and estimates that we consider most important for our business and that require significant judgment. Executive Overview Our Business The Company owns and operates a chain of retail stores that market gasoline and other merchandise under the brand names of Murphy USA\u00ae and Murphy Express, most of which are located in close proximity to Walmart stores, principally in the Southeast, Midwest and Southwest areas of the United States. We also have a mix of convenience stores and retail gasoline stores in New Jersey and New York that operate under the QuickChek\u00ae brand, comprising our Northeast region. At December 31, 2025, we had a total of 1,800 Company stores in 27 states, of which 1,649 were Murphy branded and 151 were under the QuickChek brand. We also market petroleum products to unbranded wholesale customers through a mixture of Company-owned and third-party terminals. Basis of Presentation Murphy USA was incorporated in March 2013, and until the separation from Murphy Oil Corporation was completed on August 30, 2013, it had not commenced operations and had no material assets, liabilities or commitments. The financial information presented in this Management's Discussion and Analysis is derived from the consolidated financial statements of Murphy USA Inc. and its subsidiaries for all periods presented. Our QuickChek subsidiaries previously used a weekly retail calendar where each quarter had 13 weeks until November 2025, when its period end was aligned with the rest of the Company. For 2025, the QuickChek results cover the period December 28, 2024 to December 31, 2025. For 2024, the QuickChek results cover the 32 period December 30, 2023 to December 27, 2024. The difference in the timing of the period ends is immaterial to the overall consolidated results and all future periods will be aligned. Trends Affecting Our Business Our operations are significantly impacted by the gross margins we receive on our fuel and merchandise sales. The fuel gross margins are commodity-based, change daily and are volatil Item 1. BUSINESS Murphy USA Inc. (\"Murphy USA\", the \"Company\", \"we\", \"us\", or \"our\") was incorporated in Delaware on March 1, 2013 and holds, through its subsidiaries, the former U.S. retail marketing business of its former parent company, Murphy Oil Corporation (\u201cMurphy Oil\u201d), plus other assets and liabilities of Murphy Oil that supported the activities of the U.S. retail marketing operations. In addition, on January 29, 2021, the Company acquired Quick Chek Corporation (\"QuickChek\" or \"QC\"), a privately held convenience store chain. Our business consists primarily of the marketing of retail motor fuel products and convenience merchandise through a network of 1,800 retail stores located in 27 states, of which 1,649 were branded as Murphy stores and 151 were branded as QuickChek stores. The majority of our existing and new-to-industry (\"NTI\") retail gasoline stores operate under the brand names of Murphy USA and Murphy Express. Plans are underway to transition all existing Murphy Express branded stores to the Murphy USA brand name. These locations operate within close proximity to Walmart stores or within preferred markets across 25 states in the Southeast, Southwest, and Midwest regions of the United States. We also operate a combination of convenience stores and convenience stores with retail gasoline located in New Jersey and New York under the brand name of QuickChek and comprises our Northeast region. In addition, we market fuel to unbranded wholesale customers through a mixture of Company-owned and third-party product distribution terminals and pipeline positions. We are an independent publicly traded company, with low-price, high-volume fuel retail outlets selling convenience merchandise through low-cost small store formats and kiosks, as well as larger format stores that have a broader range of merchandise and food and beverage offerings which are driven by key strategic relationships and experienced management. Our business is subject to various risks. F Item 1A. RISK FACTORS You should carefully consider each of the following risks and all of the other information contained in this Annual Report on Form 10-K. Our business, prospects, financial condition, results of operations or cash flows could be materially and adversely affected by any of these risks, and, as a result, ", "title": "MUSA - Murphy USA Inc.", "url": "/company/MUSA/" }, { "kind": "company", "summary": "SIC 2030 Canned, Frozen & Preservd Fruit, Veg & Food Specialties; CIK 0000057515; latest 10-K filed 2025-08-21.", "text": "MZTI - MARZETTI CO SIC 2030 Canned, Frozen & Preservd Fruit, Veg & Food Specialties; CIK 0000057515; latest 10-K filed 2025-08-21. MZTI MARZETTI CO 0000057515 2030 Canned, Frozen & Preservd Fruit, Veg & Food Specialties Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Our fiscal year begins on July 1 and ends on June 30. Unless otherwise noted, references to \u201cyear\u201d pertain to our fiscal year; for example, 2025 refers to fiscal 2025, which is the period from July 1, 2024 to June 30, 2025. The following discussion should be read in conjunction with our consolidated financial statements and the notes thereto in Item 8 of this Annual Report on Form 10-K. The forward-looking statements in this section and other parts of this report involve risks, uncertainties and other factors, including statements regarding our plans, objectives, goals, strategies, and financial performance. Our actual results could differ materially from the results anticipated in these forward-looking statements as a result of factors set forth under the caption \u201cForward-Looking Statements\u201d and those set forth in Item 1A of this Annual Report on Form 10-K. Our discussion of results for 2025 compared to 2024 is included herein. For discussion of results for 2024 compared to 2023, see our 2024 Annual Report on Form 10-K. OVERVIEW Business Overview The Marzetti Company is a manufacturer and marketer of specialty food products for the retail and foodservice channels. Our financial results are presented as two reportable segments: Retail and Foodservice. Costs that are directly attributable to either Retail or Foodservice are charged directly to the appropriate segment. Costs that are deemed to be indirect, excluding corporate expenses and other unusual significant transactions, are allocated to the two reportable segments using a reasonable methodology that is consistently applied. Over 95% of our products are sold in the United States. Foreign operations and export sales have not been significant in the past and are not expected to be significant in the future based upon existing operations. We do not have any fixed assets located outside of the United States. Our business has the potential to achieve future growth in sales and profitability due to attributes such as: \u2022leading Retail market positions in several product categories with a high-quality perception; \u2022recognized innovation in Retail products; \u2022a broad customer base in both Retail and Foodservice accounts; \u2022well-regarded culinary expertise among Foodservice customers; \u2022long-standing Foodservice customer relationships that help to support strategic licensing opportunities in Retail; \u2022demonstrated success with strategic licensing programs in Retail through both new and established relationships in the foodservice industry; \u2022recognized leadership in Foodservice product development; \u2022experience in integrating complementary business acquisitions; and \u2022historically strong cash flow generation that supports growth opportunities. Our goal is to grow both Retail and Foodservice segment sales over time by: \u2022introducing new products and expanding distribution; \u2022leveraging the strength of our Retail brands to increase current product sales; \u2022expanding Retail growth through strategic licensing agreements; \u2022continuing to rely upon the strength of our reputation in Foodservice product development and quality; and \u2022acquiring complementary businesses. With respect to long-term growth, we continually evaluate the future opportunities and needs for our business specific to our plant infrastructure, IT platforms and other initiatives to support and strengthen our operations. Recent examples of resulting investments include: \u2022the acquisition of a sauce and dressing production facility in the Atlanta, Georgia area in February 2025; \u2022a significant capacity expansion project for our Marzetti dressing and sauce facility in Horse Cave, Kentucky that was fully operational beginning in March 2023; and \u2022our enterprise resource planning system (\u201cERP\u201d) project and related initiatives, Project Ascent, that reached completion of the implementation phase in August 2023. Project As Item 1. Business GENERAL DEVELOPMENT OF BUSINESS Company Overview Reflecting the evolution and growth of our company, Lancaster Colony Corporation changed its name to The Marzetti Company effective June 27, 2025. Since the divestiture of our last non-food businesses in 2014, Lancaster Colony Corporation operated as a food-only business best-known by our customers, licensing partners, suppliers, and employees as Marzetti. While Lancaster Colony Corporation will always be an important part of our heritage, changing our company name to The Marzetti Company provides a single brand identity for our business across all stakeholders. As The Marzetti Company, we are positioned for further growth in today\u2019s food industry with an authentic brand name rooted in quality, innovation and collaboration. The Marzetti Company, an Ohio corporation, is a manufacturer and marketer of specialty food products for the retail and foodservice channels. Our principal executive offices are located at 380 Polaris Parkway, Suite 400, Westerville, Ohio 43082 and our telephone number is 614-224-7141. Our vision is to be The Better Food Company \u2013 the industry leader in creating great tasting food and cultivating deep and lasting relationships with customers and consumers \u2013 while fulfilling our corporate purpose To Nourish Growth With All That We Do. Our company goals are to bring delicious food to the table and to deliver top quartile financial performance and top quartile product quality, safety and customer satisfaction while attracting, retaining and rewarding top quartile people. To achieve these goals, we are focused on the three pillars of our strategic growth plan: 1.Accelerate our base business growth; 2.Simplify our supply chain to reduce our costs and grow our margins; and 3.Expand our core business with our Retail licensing program and complementary mergers and acquisitions. As used in this Annual Report on Form 10-K and except as the context otherwise may require, the terms \u201c Item 1A. Risk Factors An investment in our common stock is subject to certain risks inherent in our business. Before making an investment decision, investors should carefully consider the risks and uncertainties described below, together with all of the other information included or incorporated by reference in this", "title": "MZTI - MARZETTI CO", "url": "/company/MZTI/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0000914475; latest 10-K filed 2026-02-11.", "text": "NBIX - NEUROCRINE BIOSCIENCES INC SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0000914475; latest 10-K filed 2026-02-11. NBIX NEUROCRINE BIOSCIENCES INC 0000914475 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations section contains forward-looking statements pertaining to, among other things, the commercialization of our product and product candidates, the expected continuation of our collaborative agreements, the progress, timing, results or implications of clinical trials and other development activities, our plans and timing with respect to seeking regulatory approvals, the period of time that our existing capital resources will meet our funding requirements, and our financial results of operations. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various risks and uncertainties, including those set forth in this Annual Report on Form 10-K under the heading \u201cItem 1A. Risk Factors.\u201d See \u201cForward-Looking Statements\u201d in Part I of this Annual Report on Form 10-K. Overview Neurocrine Biosciences is a neuroscience-focused, biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs. We are dedicated to discovering, developing, and commercializing life-changing treatments for patients with under-addressed neurological, psychiatric, endocrine, and immunological disorders. Our portfolio of products includes U.S. Food and Drug Administration (FDA) approved treatments for tardive dyskinesia (TD), chorea associated with Huntington's disease, classic congenital adrenal hyperplasia due to 21-hydroxylase deficiency (CAH), and endometriosis and uterine fibroids in collaboration with AbbVie Inc. (AbbVie). In addition, we have a diversified portfolio of multiple compounds in mid- to late-phase development across our core therapeutic areas and an expanding early-phase pipeline that includes a range of modalities including small molecules, peptides, proteins, antibodies, conjugates, and gene therapies. We launched INGREZZA\u00ae (valbenazine) in the U.S. as the first FDA-approved drug for the treatment of TD in May 2017 and for the treatment of chorea associated with Huntington's disease in August 2023 and launched CRENESSITY\u00ae (crinecerfont) in the U.S. as a first-in-class FDA-approved treatment of CAH in December 2024. We estimate that TD affects approximately 800,000 people in the U.S., that approximately 90% of the 40,000 people in the U.S. affected by Huntington\u2019s disease will develop chorea, and that CAH affects at least 20,000 people in the U.S. Key elements of our commercial strategy include maximizing the opportunities in INGREZZA and CRENESSITY through consistent and effective commercial execution, continued development of valbenazine as the best-in-class treatment for new patient populations, and to lead the evolving understanding of vesicular monoamine transporter 2 (VMAT2) biology and its role in disease. Net product sales of INGREZZA were $2.51 billion for 2025, $2.31 billion for 2024, and $1.84 billion for 2023 and accounted for a significant portion of our total net product sales during each of these years. Net product sales of CRENESSITY were $301.2 million for 2025 during its first full-year of launch. 2025 Business Highlights \u2022Total net product sales for 2025 increased $503.3 million, or 21.6%, to $2.83 billion, reflecting increased net product sales of CRENESSITY, which was launched in the U.S. as a first-in-class FDA-approved treatment of CAH in December 2024, and INGREZZA, driven by record total prescriptions on strong patient demand, partially offset by a lower net price due to new market access investments to support long-term growth. \u2022In October 2025, we announced the planned expansion of the INGREZZA and CRENESSITY sales teams to maximize our commercial momentum. The expansion is expected to be completed by the end of the first quarter of 2026. \u2022Appointed Sanjay Keswani, M.D., as Chief Medical Officer (CMO) and member of our execu Item 1. Business Overview Neurocrine Biosciences is a neuroscience-focused, biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs. We are dedicated to discovering, developing, and commercializing life-changing treatments for patients with under-addressed neurological, psychiatric, endocrine, and immunological disorders. Our portfolio of products includes U.S. Food and Drug Administration (FDA) approved treatments for tardive dyskinesia (TD), chorea associated with Huntington's disease, classic congenital adrenal hyperplasia due to 21-hydroxylase deficiency (CAH), and endometriosis and uterine fibroids in collaboration with AbbVie Inc. In addition, we have a diversified portfolio of multiple compounds in mid- to late-phase development across our core therapeutic areas and an expanding early-phase pipeline that includes a range of modalities including small molecules, peptides, proteins, antibodies, conjugates, and gene therapies. We launched INGREZZA\u00ae (valbenazine) in the U.S. as the first FDA-approved drug for the treatment of TD in May 2017 and for the treatment of chorea associated with Huntington's disease in August 2023 and launched CRENESSITY\u00ae (crinecerfont) in the U.S. as a first-in-class FDA-approved treatment of CAH in December 2024. We estimate that TD affects approximately 800,000 people in the U.S., that approximately 90% of the 40,000 people in the U.S. affected by Huntington\u2019s disease will develop chorea, and that CAH affects at least 20,000 people in the U.S. Key elements of our commercial strategy include maximizing the opportunities in INGREZZA and CRENESSITY through consistent and effective commercial execution, continued development of valbenazine as the best-in-class treatment for new patient populations, and to lead the evolving understanding of vesicular monoamine transporter 2 (VMAT2) biology and its role in disease. INGREZZA net product sales were $2.51 billion for 2025, $2.31 billion for 2024, Item 1A. Risk Factors The following information sets forth risk factors that could cause our actual results to differ materially from those contained in forward-looking statements we have made in this Annual Report on Form 10-K and those we may make from time to time. If any of t", "title": "NBIX - NEUROCRINE BIOSCIENCES INC", "url": "/company/NBIX/" }, { "kind": "company", "summary": "SIC 2860 Industrial Organic Chemicals; CIK 0001282637; latest 10-K filed 2026-02-12.", "text": "NEU - NEWMARKET CORP SIC 2860 Industrial Organic Chemicals; CIK 0001282637; latest 10-K filed 2026-02-12. NEU NEWMARKET CORP 0001282637 2860 Industrial Organic Chemicals ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) discusses NewMarket's results of operations, general financial condition, and liquidity. The MD&A should be read in conjunction with Item 1, \"Business\" and the Consolidated Financial Statements in Item 8, \"Financial Statements and Supplementary Data.\" Specific Note references within this Item are to the Notes to the Consolidated Financial Statements included in Item 8, \"Financial Statements and Supplementary Data.\" Forward-Looking Statements The following discussion, as well as other discussions in this Annual Report on Form 10-K, contains forward-looking statements about future events and expectations within the meaning of the Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current expectations and projections about future results. When we use words in this document such as \u201canticipates,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cprojects,\u201d \u201cexpects,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cmay,\u201d \u201cwill,\u201d and similar expressions, we do so to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding future prospects of growth in the petroleum additives or specialty materials markets, other trends in these markets, our ability to maintain or increase our market share, and our future capital expenditure levels and our future financial results. We believe our forward-looking statements are based on reasonable expectations and assumptions, within the bounds of what we know about our business and operations. However, we offer no assurance that actual results will not differ materially from our expectations due to uncertainties and factors that are difficult to predict and beyond our control. Factors that could cause actual results to differ materially from expectations include, but are not limited to, the availability of raw materials and distribution systems; disruptions at production facilities, including single-sourced facilities; hazards common to chemical businesses; the ability to respond effectively to technological changes in our industries; failure to protect our intellectual property rights; sudden, sharp, or prolonged raw material price increases; competition from other manufacturers; current and future governmental regulations; the loss of significant customers; termination or changes to contracts with contractors and subcontractors of the U.S. government or directly with the U.S. government; failure to attract and retain a highly-qualified workforce; an information technology system failure or security breach; the occurrence or threat of extraordinary events, including natural disasters, terrorist attacks, wars, and health-related epidemics; risks related to operating outside of the United States, including tariffs and trade policy; political, economic, and regulatory factors concerning our products; the impact of substantial indebtedness on our operational and financial flexibility; the impact of fluctuations in foreign exchange rates; resolution of environmental liabilities or legal proceedings; limitation of our insurance coverage; our inability to realize expected benefits from investment in our infrastructure or from acquisitions, or our inability to successfully integrate acquisitions into our business; and the underperformance of our pension assets resulting in additional cash contributions to our pension plans. Risk factors are discussed in Item 1A. \u201cRisk Factors.\u201d You should keep in mind that any forward-looking statement made by us in this discussion or elsewhere speaks only as of the date on which we make it. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. We have no duty to, and do not intend to, update or revise th ITEM 1. BUSINESS NewMarket Corporation (NewMarket) (NYSE: NEU) is a holding company and is the parent company of Afton Chemical Corporation (Afton), Ethyl Corporation (Ethyl), American Pacific Corporation (AMPAC), Calca Solutions, LLC (Calca), NewMarket Services Corporation (NewMarket Services), and NewMarket Development Corporation (NewMarket Development). We acquired Calca on October 1, 2025. Each of our subsidiaries manages its own assets and liabilities. Afton manufactures and sells petroleum additives, while Ethyl markets antiknock compounds in North America and performs contracted manufacturing and related services. AMPAC is a manufacturer of specialty materials primarily used in solid rocket motors for the aerospace and defense industries, and Calca is a producer of hydrazine products used primarily in aerospace and defense applications. NewMarket Development manages the real property that we own in Virginia. NewMarket Services provides various administrative services to NewMarket, Afton, Ethyl, AMPAC, Calca, and NewMarket Development. NewMarket Services expenses are billed to each subsidiary pursuant to services agreements between the companies. References in this Annual Report on Form 10-K to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and \u201cNewMarket\u201d are to NewMarket Corporation and its consolidated subsidiaries, unless the context indicates otherwise. As a specialty chemicals company, Afton develops and manufactures highly formulated lubricant and fuel additive packages and markets and sells these products worldwide. Afton is one of the largest lubricant and fuel additives companies in the world. Lubricant and fuel additives are necessary products for efficient and reliable operation of vehicles and machinery. From custom-formulated additive packages to market-general additives, we believe Afton provides customers with products and solutions that make engines run smoother, machines last longer, and fuels burn cleaner. Through an open, flexible, and collaborative style, Af ITEM 1A. RISK FACTORS Our business is subject to many factors that could have a material adverse effect on our future performance, results of operations, financial condition, or cash flows and could cause our actual results to differ materially from those expressed 12 Table of Contents or implied by forward-looking statements made in this Annu", "title": "NEU - NEWMARKET CORP", "url": "/company/NEU/" }, { "kind": "company", "summary": "SIC 4924 Natural Gas Distribution; CIK 0000070145; latest 10-K filed 2025-11-21.", "text": "NFG - NATIONAL FUEL GAS CO SIC 4924 Natural Gas Distribution; CIK 0000070145; latest 10-K filed 2025-11-21. NFG NATIONAL FUEL GAS CO 0000070145 4924 Natural Gas Distribution Item 7 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations OVERVIEW The Company is a diversified energy company engaged principally in the production, gathering, transportation, storage and distribution of natural gas. The Company operates an integrated business, with assets centered in western New York and Pennsylvania, being utilized for, and benefiting from, the production and transportation of natural gas from the Appalachian Basin. The common geographic footprint of the Company\u2019s subsidiaries enables them to share management, labor, facilities and support services across various businesses and pursue coordinated projects designed to produce and transport natural gas from the Appalachian Basin to markets in the eastern United States and Canada. The Company\u2019s efforts in this regard are not limited to affiliated projects. The Company has also been designing and building pipeline projects for the transportation of natural gas for non-affiliated natural gas customers in the Appalachian Basin. In addition to expansion projects, the Company continues to focus on the ongoing modernization of its regulated Pipeline and Storage and Utility assets. In the Company\u2019s 2024 Form 10-K and its Form 10-Qs for the first three quarters of 2025, the Company previously reported financial results for four business segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. The division of the Company\u2019s operations into reportable segments is based upon a combination of factors including differences in products and services as well as regulatory environment. During the quarter ended September 30, 2025, the president and chief executive officer determined that the Exploration and Production segment and Gathering segment should be treated as one operating segment in order to provide more clarity for management and investors as to the interdependence of both Seneca and Midstream Company in bringing Appalachian natural gas to market. As a result, the Company is now reporting financial results for three business segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. Prior year segment information shown below has been recast to reflect this change in presentation. Refer to Item 1, Business, for a more detailed description of each of the segments. Fiscal 2025 Highlights This Item 7, MD&A, provides information concerning: 1.The critical accounting estimates of the Company; 2.Changes in revenues and earnings of the Company under the heading, \u201cResults of Operations;\u201d 3.Operating, investing and financing cash flows under the heading \u201cCapital Resources and Liquidity\u201d and; 4.Other Matters, including: (a) 2025 and projected 2026 funding for the Company\u2019s pension and other post-retirement benefits; (b) disclosures and tables concerning market risk sensitive instruments; (c) rate matters in the Company\u2019s New York, Pennsylvania and FERC-regulated jurisdictions; (d) environmental matters; (e) new authoritative accounting and financial reporting guidance; and (f) effects of inflation. The information in MD&A should be read in conjunction with the Company\u2019s financial statements in Item 8 of this report, which includes a comparison of our Results of Operations and Capital Resources and Liquidity for fiscal 2025 and fiscal 2024. For a discussion of the Company\u2019s earnings, refer to the Results of Operations section below. A discussion of changes in the Company\u2019s results of operations from fiscal 2023 to fiscal 2024 for the Utility segment, the Pipeline and Storage segment, and All Other and Corporate operations has been omitted from this Form 10-K, but may be found in Item 7, MD&A, of the Company\u2019s Form 10-K for the fiscal year ended September 30, 2024, filed with the SEC on November 22, 2024. Changes in the Integrated Upstream and Gathering segment\u2019s results of operations from fiscal 2023 to fiscal 2024 have been included in this Form 10-K, which has been recast to reflect th Item 1 Business The Company and its Subsidiaries National Fuel Gas Company (the Registrant), incorporated in 1902, is a holding company organized under the laws of the State of New Jersey. The Registrant owns directly or indirectly all of the outstanding securities of its subsidiaries. Reference to \u201cthe Company\u201d in this report means the Registrant, the Registrant and its subsidiaries or the Registrant\u2019s subsidiaries as appropriate in the context of the disclosure. Also, all references to a certain year in this report relate to the Company\u2019s fiscal year ended September 30 of that year unless otherwise noted. The Company is a diversified energy company engaged principally in the production, gathering, transportation, storage and distribution of natural gas. The Company operates an integrated business, with assets centered in western New York and Pennsylvania, being used for, and benefiting from, the production and transportation of natural gas from the Appalachian Basin. Current natural gas production development activities are focused in the Marcellus and Utica shales, geological formations that are present nearly a mile or more below the surface in the Appalachian region of the United States. Pipeline development activities are designed to transport natural gas production to both existing and new markets. The common geographic footprint of the Company\u2019s subsidiaries enables them to share management, labor, facilities and support services across various businesses and pursue coordinated projects designed to produce and transport natural gas from the Appalachian Basin to markets in the eastern United States and Canada. The Company reports financial results for three business segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. 1. The Integrated Upstream and Gathering segment is composed of the operations of Seneca Resources Company, LLC and National Fuel Gas Midstream Company, LLC, both Pennsylvania limited liability companies. Seneca is Item 1A Risk Factors STRATEGIC RISKS The Company is dependent on capital and credit markets to successfully execute its business strategies. The Company relies upon short-term bank borrowings, commercial paper markets and longer-term capital markets to finance capital requirements not satisfied by cash flow from operations. The Company i", "title": "NFG - NATIONAL FUEL GAS CO", "url": "/company/NFG/" }, { "kind": "company", "summary": "SIC 4924 Natural Gas Distribution; CIK 0000356309; latest 10-K filed 2025-11-20.", "text": "NJR - NEW JERSEY RESOURCES CORP SIC 4924 Natural Gas Distribution; CIK 0000356309; latest 10-K filed 2025-11-20. NJR NEW JERSEY RESOURCES CORP 0000356309 4924 Natural Gas Distribution ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS CRITICAL ACCOUNTING ESTIMATES We prepare our financial statements in accordance with GAAP. Application of these accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingencies during the reporting period. We regularly evaluate our estimates, including those related to the calculation of the fair value of derivative instruments, acquisitions, regulatory assets, income taxes, pension and postemployment benefits other than pensions and contingencies related to environmental matters and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. In the normal course of business, estimated amounts are subsequently adjusted to actual results that may differ from estimates. Regulatory Accounting NJNG and Adelphia are subject to accounting requirements resulting from the effects of rate regulation. Specifically, NJNG and Adelphia record regulatory assets when it is considered probable that certain operating costs will be recoverable from customers in future periods and record regulatory liabilities when it is probable that future obligations to customers exist. Regulatory decisions can have an impact on the recovery of costs, the rate of return earned on investment and the timing and amount of assets to be recovered by rates. For NJNG, the BPU\u2019s regulation of rates is premised on the full recovery of prudently incurred costs and a reasonable rate of return on invested capital. Decisions to be made by the BPU in the future will impact the accounting for regulated operations, including decisions about the amount of allowable costs and return on invested capital included in rates and any refunds that may be required. If the BPU indicates that recovery of all or a portion of a regulatory asset is not probable or does not allow for recovery of and a reasonable return on investments in property, plant and equipment, a charge to income would be made in the period of such determination. Environmental Costs At the end of each fiscal year, NJNG, with the assistance of an independent consulting firm, updates the environmental review of its MGP sites, including its potential liability for investigation and remedial action. From this review, NJNG estimates expenditures necessary to remediate and monitor these MGP sites. NJNG\u2019s estimate of these liabilities is developed from then-currently available facts, existing technology and current laws and regulations. In accordance with accounting standards for contingencies, NJNG\u2019s policy is to record a liability when it is probable that the cost will be incurred and can be reasonably estimated. NJNG will determine a range of liabilities and will record the most likely amount. If no point within the range is more likely than any other, NJNG will accrue the lower end of the range. Since we believe that recovery of these expenditures, as well as related litigation costs, is probable through the regulatory process, we record a regulatory asset corresponding to the related accrued liability. Accordingly, NJNG records an MGP remediation liability and a corresponding regulatory asset on the Consolidated Balance Sheets, which is based on the most likely amount. The actual costs to be incurred by NJNG are dependent upon several factors, including final determination of remedial action, changing technologies and governmental regulations and the ultimate ability of other r ITEM 1. BUSINESS ORGANIZATIONAL STRUCTURE New Jersey Resources Corporation is a New Jersey corporation and a diversified energy services holding company whose principal business is the distribution of natural gas through a regulated utility, investing in and operating clean energy projects and natural gas storage and transportation assets, and providing other retail and wholesale energy services to customers. We are an exempt holding company under Section 1263 of the Energy Policy Act of 2005. Our primary subsidiaries include the following: New Jersey Natural Gas Company provides regulated natural gas utility service to residential and commercial customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean and Sussex counties in New Jersey and participates in the off-system sales and capacity release markets. NJNG, a local natural gas distribution company, is regulated by the BPU and comprises the Company\u2019s Natural Gas Distribution segment. NJR Clean Energy Ventures Corporation includes the results of operations and assets related to the Company\u2019s unregulated capital investments in clean energy projects. NJRCEV comprises the Company\u2019s Clean Energy Ventures segment. NJR Energy Services Company, LLC maintains and transacts around a portfolio of physical assets consisting of natural gas transportation and storage contracts in the U.S. NJRES also provides unregulated wholesale energy management services to other energy companies and natural gas producers. NJRES comprises our Energy Services segment. NJR Midstream Holdings Corporation, which comprises the Storage and Transportation segment, invests in energy-related ventures through its subsidiaries: NJR Midstream Company, which includes our wholly-owned subsidiaries of Leaf River, located in southeastern Mississippi, and Adelphia, located i ITEM 1A. RISK FACTORS When considering any investment in our securities, investors should consider the following risk factors, as well as the information contained under the caption \u201cInformation Concerning Forward-Looking Statements,\u201d in analyzing our present and future business performance. While this list is not exhaustive, management also places no priority or likelihood based on their descriptions or order of presentation. Listed below, not necessarily in order of importance or probability of occurrence, are the most significant risk factors applicable to us. Unless indicated otherwise or the content requires otherwise, references below to \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d sho", "title": "NJR - NEW JERSEY RESOURCES CORP", "url": "/company/NJR/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001043219; latest 10-K filed 2026-02-12.", "text": "NLY - ANNALY CAPITAL MANAGEMENT INC SIC 6798 Real Estate Investment Trusts; CIK 0001043219; latest 10-K filed 2026-02-12. NLY ANNALY CAPITAL MANAGEMENT INC 0001043219 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS All references to \u201cAnnaly,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d mean Annaly Capital Management, Inc. and all entities owned by us, except where it is made clear that the term means only the parent company. Refer to the section titled \u201cGlossary of Terms\u201d located at the end of this Item 7 for definitions of commonly used terms in this annual report on Form 10-K. This section of our Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our annual report on Form 10-K for the year ended December 31, 2024. 48 ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES Item 7. Management\u2019s Discussion and Analysis [[GREPCENT_TABLE]] [[\"INDEX TO ITEM 7. MANAGEMENT\\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS\"],[\"\",\"Page\"],[\"Overview\",\"50\"],[\"Business Environment\",\"50\"],[\"Economic Environment\",\"52\"],[\"Income Tax Reform\",\"53\"],[\"Results of Operations\",\"53\"],[\"Net Income (Loss) Summary\",\"54\"],[\"Non-GAAP Financial Measures\",\"55\"],[\"Earnings Available for Distribution, Earnings Available for Distribution Attributable to Common Stockholders, Earnings Available for Distribution Per Average Common Share and Annualized EAD Return on Average Equity\",\"55\"],[\"Premium Amortization Expense\",\"57\"],[\"Economic Leverage and Economic Capital Ratios\",\"57\"],[\"Interest Income (excluding PAA), Economic Interest Expense and Economic Net Interest Income (excluding PAA)\",\"58\"],[\"Experienced and Projected Long-term CPR\",\"59\"],[\"Average Yield on Interest Earning Assets (excluding PAA), Net Interest Spread (excluding PAA), Net Interest Margin (excluding PAA), and Average Economic Cost of Interest Bearing Liabilities\",\"60\"],[\"Economic Interest Expense and Average Economic Cost of Interest Bearing Liabilities\",\"61\"],[\"Other Income (Loss)\",\"62\"],[\"General and Administrative Expenses\",\"62\"],[\"Return on Average Equity\",\"63\"],[\"Unrealized Gains and Losses - Available-for-Sale Investments\",\"63\"],[\"Financial Condition\",\"64\"],[\"Residential Securities\",\"64\"],[\"Contractual Obligations\",\"67\"],[\"Commitments and Contractual Obligations with Unconsolidated Entities\",\"67\"],[\"Capital Management\",\"67\"],[\"Stockholders\\u2019 Equity\",\"68\"],[\"Capital Stock\",\"68\"],[\"Leverage and Capital\",\"69\"],[\"Risk Management\",\"70\"],[\"Risk Appetite\",\"70\"],[\"Governance\",\"70\"],[\"Description of Risks\",\"72\"],[\"Liquidity and Funding Risk Management\",\"72\"],[\"Funding\",\"72\"],[\"Excess Liquidity\",\"74\"],[\"Maturity Profile and Interest Rate Sensitivity\",\"75\"],[\"Stress Testing\",\"76\"],[\"Liquidity Management Policies\",\"76\"],[\"Investment/Market Risk Management\",\"76\"],[\"Credit Risk Management\",\"77\"],[\"Counterparty Risk Management\",\"78\"],[\"Operational Risk Management\",\"78\"],[\"Compliance, Regulatory and Legal Risk Management\",\"80\"],[\"Critical Accounting Estimates\",\"80\"],[\"Valuation of Financial Instruments\",\"80\"],[\"Residential Securities\",\"80\"],[\"Residential Mortgage Loans\",\"81\"],[\"MSR\",\"81\"],[\"Interest Rate Swaps\",\"81\"],[\"Revenue Recognition\",\"82\"],[\"Consolidation of Variable Interest Entities\",\"82\"],[\"Use of Estimates\",\"82\"],[\"Glossary of Terms\",\"83\"]] [[/GREPCENT_TABLE]] 49 ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES Item 7. Management\u2019s Discussion and Analysis Overview We are a leading diversified capital manager with investment strategies across mortgage finance. Our principal business objective is to generate net income for distribution to our stockholders and optimize our returns through prudent management of our diversified investment strategies. We are an internally-managed Maryland corporation founded in 1997 that has elected to be taxed as a REIT. Our common stock ITEM 1. BUSINESS PART I ITEM 1. BUSINESS \u201cAnnaly,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d refers to Annaly Capital Management, Inc. and our wholly-owned subsidiaries, except where it is made clear that the term means only the parent company. Refer to the section titled \u201cGlossary of Terms\u201d located at the end of Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d for definitions of certain of the commonly used terms in this annual report on Form 10-K. The following description of our business should be read in conjunction with the Consolidated Financial Statements and the related Notes thereto, and the information set forth under the heading \u201cSpecial Note Regarding Forward-Looking Statements\u201d in Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d INDEX TO ITEM 1. BUSINESS [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Business Overview\",\"2\"],[\"Business and Investment Strategy\",\"2\"],[\"Our Portfolio and Capital Allocation Policy\",\"3\"],[\"Risk Appetite\",\"3\"],[\"Capital Structure and Financing\",\"4\"],[\"Operating Platform\",\"5\"],[\"Risk Management\",\"6\"],[\"Information about our Executive Officers\",\"6\"],[\"Human Capital\",\"7\"],[\"Regulatory Requirements\",\"8\"],[\"Competition\",\"9\"],[\"Corporate Governance\",\"9\"],[\"Distributions\",\"10\"],[\"Available Information\",\"10\"]] [[/GREPCENT_TABLE]] 1 ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES ITEM 1. BUSINESS Business Overview Introduction We are a leading diversified capital manager with investment strategies across residential mortgage finance. Our principal business objective is to generate net income for distribution to our stockholders and optimize our returns through prudent management of our diversified investment strategies. We are an internally-managed Maryland corporation founded in 1997 that has elected to be taxed as a real estate investment trust (\u201cREIT\u201d). Our common stock is listed on the New York Stock Exchange under the symbol \u201cNLY.\u201d We use our cap Item 1A. Risk Factors ITEM 1A. RISK FACTORS An investment in our stock involves a number of risks. Before making an investment decision, you should carefully consider all of the risks described in this annual report on Form 10-K. If any of the risks discussed in this annual report on Form 10-K actually occur, our busines", "title": "NLY - ANNALY CAPITAL MANAGEMENT INC", "url": "/company/NLY/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000751364; latest 10-K filed 2026-02-11.", "text": "NNN - NNN REIT, INC. SIC 6798 Real Estate Investment Trusts; CIK 0000751364; latest 10-K filed 2026-02-11. NNN NNN REIT, INC. 0000751364 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations This section generally discusses 2025 and 2024 and year-to-year comparisons. Discussions of 2024 and 2023 year-to-year comparisons that are not included in this annual report on Form 10-K can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of the Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (\"Commission\" or \"SEC\") on February 11, 2025. The term \"NNN\" or the \"Company\" refers to NNN REIT, Inc. and its consolidated subsidiaries. NNN may elect to treat certain of its subsidiaries as taxable real estate investment trust subsidiaries. Forward-Looking Statements The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. NNN makes statements in this section that are forward-looking statements within the meaning of the federal securities laws. For a complete discussion of forward-looking statements, see the section in this report entitled \"Forward-Looking Statements.\" Certain risks may cause NNN's actual results, performance or achievements to differ materially from those expressed or implied by the following discussion. For a discussion of such risk factors, see \"Item 1A. Risk Factors.\" Overview NNN, a Maryland corporation, is a fully integrated real estate investment trust (\"REIT\") formed in 1984. NNN acquires, owns, invests in and develops high-quality properties that are leased primarily to tenants under long-term, net leases, with minimal ongoing capital expenditures and are primarily held for investment (\"Properties\" or \"Property Portfolio\" or individually a \"Property\"). As of December 31, 2025, NNN owned 3,692 Properties in all 50 states, the District of Columbia and Puerto Rico, with an aggregate gross leasable area of approximately 39,578,000 square feet and a weighted average remaining lease term of 10.2 years. As of December 31, 2025, 98.3 percent of the Properties were leased. NNN's management team focuses on certain key indicators to evaluate the financial condition and operating performance of NNN. Key indicators include items such as: the composition of the Property Portfolio (such as tenant, line of trade and geographic diversification), the occupancy rate of the Property Portfolio, certain financial performance metrics and profitability measures, industry trends and industry performance compared to that of NNN. NNN evaluates the creditworthiness of its significant current and prospective tenants. This evaluation may include reviewing available financial statements, store level financial performance, press releases, public credit ratings from major credit rating agencies, industry news publications and financial market data (debt and equity pricing). NNN may also evaluate the business and operations of its significant tenants, including past payment history and periodically meeting with senior management of certain tenants. NNN continues to maintain its diversification by tenant, line of trade and geography. NNN's top line of trade concentrations are the automotive service (18.6%), convenience stores (16.3%), restaurants (including full and limited service) (14.3%), entertainment (7.2%) and dealerships (6.6%) sectors. NNN's management believes these sectors present attractive investment opportunities. The Property Portfolio is geographically concentrated in regions of historically above-average population growth, including the southeastern (25.3%) and southern (24.6%) United States (\"U.S.\"). Given these concentrations, any financial hardship within these sectors or geographic regions could have a material adverse effect on the financial condition and operating performance of NNN. 25 As of December 31, 2025 and 2024, the Property Portfolio remained at least Item 1. Business The Company Overview NNN, a Maryland corporation, is a fully integrated real estate investment trust (\"REIT\") formed in 1984. The common shares of NNN REIT, Inc. are traded on the New York Stock Exchange (the \"NYSE\") under the ticker symbol \"NNN.\" NNN acquires, owns, invests in and develops high-quality properties that are leased primarily to tenants under long-term, net leases, with minimal ongoing capital expenditures and are primarily held for investment (\"Properties\" or \"Property Portfolio,\" or individually a \"Property\"). NNN owned 3,692 Properties in all 50 states, the District of Columbia and Puerto Rico, with an aggregate gross leasable area of approximately 39,578,000 square feet and a weighted average remaining lease term of 10.2 years as of December 31, 2025. As of December 31, 2025, 98.3 percent of the Properties were leased. Competition NNN faces active competition from many sources, both domestically and internationally, for net-lease investment opportunities in commercial real estate. Competitors may be willing to accept rates of return, prices, lease terms, other transaction terms or levels of risk that NNN finds unacceptable. Qualification as a REIT NNN has made an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the \"Code\"), and related regulations and intends to continue to operate so as to remain qualified as a REIT for federal income tax purposes. NNN generally will not be subject to federal income taxes on taxable income it distributes to stockholders, provided it meets certain other requirements for qualifying as a REIT. If NNN fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four years following the year during which qualification is lost. Such an event could materially Item 1A. Risk Factors Carefully consider the following risks and all of the other information set forth in this Annual Report on Form 10-K, including the consolidated financial statements and the notes thereto. If any of the events or developments described below were actually to occur, NNN's business, financial condition or results of operation", "title": "NNN - NNN REIT, INC.", "url": "/company/NNN/" }, { "kind": "company", "summary": "SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0001021860; latest 10-K filed 2026-02-12.", "text": "NOV - NOV Inc. SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0001021860; latest 10-K filed 2026-02-12. NOV NOV Inc. 0001021860 3533 Oil & Gas Field Machinery & Equipment ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General Overview The Company is a leading independent provider of equipment and technology to the upstream oil and gas industry. With operations in approximately 503 locations across six continents, NOV designs, manufactures and services a comprehensive line of drilling, well servicing and offshore production and construction equipment; sells and rents drilling motors, specialized downhole tools, and rig instrumentation; performs inspection and internal coating of oilfield tubular products; provides drill cuttings separation, management and disposal systems and services; and provides expendables and spare parts used in conjunction with the Company\u2019s large installed base of equipment. NOV also manufactures coiled tubing, high-pressure fiberglass tubing, and sells and rents advanced in-line inspection equipment to makers of oil country tubular goods. More recently, by applying its deep knowledge in technology, the Company has helped advance solutions supporting alternative forms of energy. The Company has a long tradition of pioneering innovations which improve the cost-effectiveness, efficiency, safety, and environmental impact of oil and gas operations. NOV\u2019s revenue and operating results are principally directly related to the level of worldwide oil and gas drilling and production activities and the profitability and cash flow of oil and gas companies and drilling contractors, which in turn are affected by current and anticipated prices of oil and gas. Oil and gas prices have been and are likely to continue to be volatile. See Item 1A. \u201cRisk Factors\u201d. Unless indicated otherwise, results of operations are presented in accordance with accounting principles generally accepted in the United States (\u201cGAAP\u201d). Certain reclassifications have been made to the prior year financial statements to conform with the 2025 presentation. The Company discloses Adjusted Operating Profit (defined as Operating Profit excluding gains and losses on sales of fixed assets, and, when applicable, pre-tax Other Items (as defined below under \u201cExecutive Summary\u201d)) and Adjusted EBITDA (defined as Operating Profit excluding depreciation, amortization, gains and losses on sales of fixed assets, and, when applicable, pre-tax Other Items) in its periodic earnings press releases and other public disclosures to provide investors additional information about the results of ongoing operations. See Non-GAAP Financial Measures and Reconciliations in Results of Operations for an explanation of our use of non-GAAP financial measures and reconciliations to their corresponding measures calculated in accordance with GAAP. Operating Environment Overview NOV\u2019s results are dependent on, among other things, the level of worldwide oil and gas drilling, well remediation activity, the price of crude oil and natural gas, capital spending by exploration and production companies and drilling contractors, and worldwide oil and gas inventory levels. Key industry indicators for the past three years include the following: [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"% increase (decrease)\"],[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"2025 v\",\"\",\"\",\"2025 v\"],[\"\",\"\",\"2025*\",\"\",\"\",\"2024*\",\"\",\"\",\"2023*\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"Active Drilling Rigs:\"],[\"U.S.\",\"\",\"\",\"562\",\"\",\"\",\"\",\"600\",\"\",\"\",\"\",\"689\",\"\",\"\",\"\",\"(6.3\",\")%\",\"\",\"\",\"(18.4\",\")%\"],[\"Canada\",\"\",\"177\",\"\",\"\",\"188\",\"\",\"\",\"177\",\"\",\"\",\"\",\"(5.9\",\")%\",\"\",\"\",\"\\u2014\",\"%\"],[\"International\",\"\",\"\",\"1,082\",\"\",\"\",\"\",\"1,162\",\"\",\"\",\"\",\"948\",\"\",\"\",\"\",\"(6.9\",\")%\",\"\",\"\",\"14.1\",\"%\"],[\"Worldwide\",\"\",\"\",\"1,821\",\"\",\"\",\"\",\"1,950\",\"\",\"\",\"\",\"1,814\",\"\",\"\",\"\",\"(6.6\",\")%\",\"\",\"\",\"0.4\",\"%\"],[\"West Texas Intermediate Crude Prices (per barrel)\",\"\",\"$\",\"65.46\",\"\",\"\",\"$\",\"76.55\",\"\",\"\",\"$\",\"77.64\",\"\",\"\",\"\",\"(14.5\",\")%\",\"\",\"\",\"(15.7\",\")%\"],[\"Natural Gas Prices ($/mmbtu)\",\"\",\"$\",\"3.53\",\"\",\"\",\"$\",\"2.19\",\"\",\"\",\"$\",\"2.54\",\"\",\"\",\"\",\"61.2\",\"%\",\"\",\"\",\"39.0\",\"%\"]] [[/GRE ITEM 1. BUSINESS General NOV Inc. (\u201cNOV\u201d or the \u201cCompany\u201d) is a leading independent equipment and technology provider to the global energy industry. NOV and its predecessor companies have spent over 160 years helping transform oil and gas development and improving its cost-effectiveness, efficiency, safety, and environmental impact. NOV\u2019s extensive proprietary technology portfolio supports the industry\u2019s drilling, completion, and production needs. With unmatched cross-segment capabilities, scope, and scale, NOV continues to develop and introduce technologies that further enhance the economics and efficiencies of energy production, with a focus on digital, automation, and robotics solutions. Lower-cost, reliable sources of energy significantly contribute to raising the global standard of living by powering economic development, enabling better infrastructure and facilitating the production of goods and services that improve quality of life. Over the past few decades, the Company has pioneered and refined key technologies to improve the economic viability of frontier resources, including unconventional and deepwater oil and gas. More recently, by applying its deep expertise and technology, NOV has developed solutions to improve the economics of alternative energy sources. NOV serves major-diversified, national, and independent service companies, contractors, and energy producers in 57 countries. NOV operates under two segments, Energy Equipment and Energy Products and Services. Business Strategy and Competitive Strengths NOV\u2019s primary business objective is to generate above-average, long-term capital returns. NOV is focused on further enhancing its position as a leading independent global energy technology and equipment provider by delivering solutions that help lower the marginal cost and environmental footprint associated with energy development and production. NOV\u2019s strategy is to capitalize on economies of scale that arise from its position as a leading pro ITEM 1A. RISK FACTORS You should carefully consider the risks described below, in addition to other information contained or incorporated by reference herein. Realization of any of the following risks could have a material adverse effect on our business, financial condition, cash flows and results of operations. Industry Environment a", "title": "NOV - NOV Inc.", "url": "/company/NOV/" }, { "kind": "company", "summary": "SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001076930; latest 10-K filed 2026-02-23.", "text": "NOVT - NOVANTA INC SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001076930; latest 10-K filed 2026-02-23. NOVT NOVANTA INC 0001076930 3690 Miscellaneous Electrical Machinery, Equipment & Supplies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) should be read in conjunction with the Consolidated Financial Statements and Notes included in Item 8 of this Annual Report on Form 10-K. The MD&A contains certain forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. These forward-looking statements include, but are not limited to, our future financial results and our financial condition; our belief that the Purchasing Managers Index may provide an indication of the impact of general economic conditions on our sales into the advanced industrial end market; our strategy; drivers of revenue growth and our growth expectations in various markets; management\u2019s plans and objectives for future operations, expenditures and product development, and investments in research and development; business prospects; potential of future product releases and expansion of our product and service offerings; anticipated revenue performance; industry trends; market conditions; our competitive position; the loss of sales, or significant reduction in orders from, any major customers; our ability to contain or reduce costs; changes in economic and political conditions; changes in accounting principles; changes in actual or assumed tax liabilities; expectations regarding tax exposures; anticipated reinvestment of future earnings and dividend policy; anticipated expenditures in regard to the Company\u2019s benefit plans; future acquisitions and integration and anticipated benefits from acquisitions and dispositions; anticipated economic benefits and expected costs of restructuring programs; ability to repay our indebtedness; our intentions regarding the use of cash; expectations regarding legal and regulatory requirements, including environmental requirements, and our compliance thereto; and other statements that are not historical facts. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various important factors, including those set forth in Item 1A of this Annual Report on Form 10-K under the heading \u201cRisk Factors.\u201d The words \u201canticipates,\u201d \u201cbelieves,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cfuture,\u201d \u201cestimates,\u201d \u201cplans,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201cpotential,\u201d \u201ccontinues,\u201d and similar words or expressions (as well as other words or expressions referencing future events, conditions or circumstances) identify forward looking statements. Readers should not place undue reliance on any such forward looking statements, which speak only as of the date they are made. Management and the Company disclaim any obligation to publicly update or revise any such statements to reflect any change in its expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those contained in the forward looking statements, except as required under applicable law. Business Overview Novanta Inc. and its subsidiaries (collectively referred to as the \u201cCompany\u201d, \u201cNovanta\u201d, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d) is a leading global supplier of core technology solutions that give medical, life science, and advanced industrial original equipment manufacturers (\u201cOEMs\u201d) a competitive advantage. We combine deep proprietary technology expertise and competencies in precision medicine, precision manufacturing, robotics and automation, and advanced surgery with a proven ability to solve complex technical challenges. This enables us to engineer proprietary technology so Item 1. Business Overview Novanta Inc. and its subsidiaries (collectively referred to as the \u201cCompany\u201d, \u201cNovanta\u201d, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d) is a leading global supplier of core technology solutions that give medical, life science, and advanced industrial original equipment manufacturers (\u201cOEMs\u201d) a competitive advantage. We combine deep proprietary technology expertise and competencies in precision medicine, precision manufacturing, robotics and automation, and advanced surgery with a proven ability to solve complex technical challenges. This enables us to engineer proprietary technology solutions that deliver extreme precision and performance, tailored to our customers' demanding applications. The Company was founded and initially incorporated in Massachusetts in 1968 as General Scanning, Inc. (\u201cGeneral Scanning\u201d). In 1999, General Scanning merged with Lumonics Inc. The post-merger entity, GSI Lumonics Inc., continued under the laws of the Province of New Brunswick, Canada. In 2005, the Company changed its name to GSI Group Inc. Through a series of strategic divestitures and acquisitions, the Company transformed from one that was more focused on the semiconductor industry to one that primarily develops and supplies components and sub-systems to OEMs in the medical and advanced industrial markets. The Company changed its name to Novanta Inc. in May 2016. Strategy Our strategy is to drive sustainable, profitable growth through short-term and long-term initiatives, including: \u2022 disciplined focus on our diversified business model of providing proprietary technology solutions to long life-cycle OEM customer platforms in attractive medical and advanced industrial niche markets; \u2022 improving our business mix to increase medical sales as a percentage of total revenue by: - introducing new products aimed at attractive medical applications, such as minimally invasive and robotic surgery, ophthalmology, patient monitoring, drug delivery, clinical laboratory testing and life s Item 1A. Risk Factors The following risk factors could have a material adverse effect on our business, financial position, results of operations and cash flows and could cause the market value of our common shares to fluctuate or decline. These risk factors may not include all of the im", "title": "NOVT - NOVANTA INC", "url": "/company/NOVT/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001618563; latest 10-K filed 2026-02-26.", "text": "NSA - National Storage Affiliates Trust SIC 6798 Real Estate Investment Trusts; CIK 0001618563; latest 10-K filed 2026-02-26. NSA National Storage Affiliates Trust 0001618563 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the financial statements and notes thereto included in Item 8. \"Financial Statements and Supplementary Data\" as well as Item 1. \"Business,\" Item 1A. \"Risk Factors,\" and Item 2. \"Properties,\" respectively, in this Annual Report on Form 10-K. Overview National Storage Affiliates Trust is a fully integrated, self-administered and self-managed real estate investment trust organized in the state of Maryland on May 16, 2013. We have elected and we believe that we have qualified to be taxed as a REIT commencing with our taxable year ended December 31, 2015. We serve as the sole general partner of our operating partnership, a Delaware limited partnership formed on February 13, 2013 to conduct our business, which is focused on the ownership, operation, and acquisition of self storage properties located predominantly within the top 100 MSAs throughout the United States. Our vice chairperson of the board of trustees and former chairperson of the board of trustees and chief executive officer, Arlen D. Nordhagen, co-founded SecurCare Self Storage, Inc. in 1988 to invest in and manage self storage properties. While growing SecurCare to over 150 self storage properties, Mr. Nordhagen recognized a market opportunity for a differentiated public self storage REIT that would leverage the benefits of national scale by integrating multiple experienced regional self storage operators with local operational focus and expertise, which we refer to as our former PRO structure. Although the PRO structure contributed significantly to our growth over the last decade, the internalization of the PRO structure, which occurred on July 1, 2024, was always a part of our long term vision. Over time, largely through our unconsolidated real estate ventures, retirement of PROs and the internalization of our PRO structure, we have developed a full service internally-staffed property management platform. Our Structure Through our property management platform, we direct, manage and control the day-to-day operations and affairs of our consolidated properties and our unconsolidated real estate ventures. As of December 31, 2025, our property management platform managed and controlled substantially all of our 801 consolidated properties and 262 of our unconsolidated real estate venture properties. The properties are primarily managed by us under the brands of iStorage, Move It, Northwest, RightSpace, SecurCare and Southern. We earn certain customary fees for managing and operating the properties in the unconsolidated real estate ventures and we facilitate tenant insurance and/or tenant warranty protection programs for tenants at these properties in exchange for half of all proceeds from such programs. Our Consolidated Properties We seek to own properties that are well located in high quality sub-markets with highly accessible street access and attractive supply and demand characteristics, providing our properties with strong and stable cash flows that are less sensitive to the fluctuations of the general economy. Many of these markets have multiple barriers to entry against increased supply, including zoning restrictions against new construction and new construction costs that we believe are higher than our properties' fair market value. We maintain an active acquisition pipeline that we expect will continue to drive our future growth. As of December 31, 2025, we owned a geographically diversified portfolio of 801 self storage properties, located in 33 states and Puerto Rico, comprising approximately 51.1 million rentable square feet, configured in approximately 403,000 storage units. Our Unconsolidated Real Estate Ventures We seek to opportunistically partner with institutional funds and other institutional investors and other third parties t Item 1. Business General National Storage Affiliates Trust is a fully integrated, self-administered and self-managed real estate investment trust organized in the state of Maryland on May 16, 2013. We have elected and we believe that we have qualified to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015. We serve as the sole general partner of our operating partnership subsidiary, NSA OP, LP (our \"operating partnership\"), a Delaware limited partnership formed on February 13, 2013 to conduct our business, which is focused on the ownership, operation, and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas (\"MSAs\") throughout the United States. As of December 31, 2025, we held ownership interests in and operated a geographically diversified portfolio of 1,063 self storage properties located in 37 states and Puerto Rico, comprising approximately 69.4 million rentable square feet, configured in approximately 548,000 storage units, excluding three properties classified as held for sale that were sold to a third party in January 2026. We completed our initial public offering in 2015 and our common shares of beneficial interest, $0.01 par value per share (\"common shares\"), are listed on the New York Stock Exchange under the symbol \"NSA.\" 4 Table of Contents Our vice chairperson of the board of trustees and former chairperson of the board of trustees and chief executive officer, Arlen D. Nordhagen, co-founded SecurCare Self Storage, Inc. in 1988 to invest in and manage self storage properties. While growing SecurCare to over 150 self storage properties, Mr. Nordhagen recognized a market opportunity for a differentiated public self storage REIT that would leverage the benefits of national scale by integrating multiple experienced regional self storage operators with local operational focus and expertise, which we refer to as our former PRO structure. Item 1A. Risk Factors An investment in our common shares involves a high degree of risk. Before making an investment decision, you should carefully consider the following risk factors, together with the other information contained in this Annual Report on Form 10-K. If any of the risks discussed in this ", "title": "NSA - National Storage Affiliates Trust", "url": "/company/NSA/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001618732; latest 10-K filed 2025-09-24.", "text": "NTNX - Nutanix, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001618732; latest 10-K filed 2025-09-24. NTNX Nutanix, Inc. 0001618732 7372 Services-Prepackaged Software Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition, results of operations and cash flows should be read in conjunction with the consolidated financial statements and the related notes thereto included elsewhere in this Annual Report on Form 10-K. The last day of our fiscal year is July 31. Our fiscal quarters end on October 31, January 31, April 30 and July 31. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \"Risk Factors\" or in other parts of this Annual Report on Form 10-K. See also \"Special Note Regarding Forward-Looking Statements\" above. For a discussion of our results of operations for the fiscal year ended July 31, 2024 as compared to the fiscal year ended July 31, 2023, please refer to Part II, Item 7, \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations,\u201d of our Annual Report on Form 10-K filed with the SEC on September 19, 2024. Overview Nutanix, Inc. (\"we,\" \"us,\" \"our,\" or \"Nutanix\") is a hybrid multicloud computing leader, offering organizations a unified software platform for running applications and AI and managing data anywhere. Our vision is to simplify the deployment and operation of the increasingly distributed landscape of apps and data while freeing organizations to focus on business goals. Our mission is to delight customers with an open, secure platform with rich data services that increases their ability to take advantage of new technologies such as cloud native and AI, optimizes how they run their organizations today, and accelerates innovation, efficiency, and growth. The Nutanix Cloud Platform is designed to enable organizations to build hybrid multicloud infrastructure, providing a consistent cloud operating model with a single platform for running applications and managing data in core data centers, at the edge, and in public clouds, while supporting customer choice across server platforms, storage options, public and managed clouds, and container and virtualization platforms. The Nutanix Cloud Platform supports a wide variety of workloads with varied compute, storage, and network requirements, including business-critical applications, data platforms (including SQL, NoSQL, and vector databases and business intelligence applications), enterprise AI workloads (including machine learning, generative AI, and agentic AI), general-purpose workloads (including system infrastructure, networking, and security), end-user computing and virtual desktop infrastructure services, and cloud native applications (including modern, containerized applications). We originally pioneered hyperconverged infrastructure (\"HCI\") to break down legacy silos by merging compute, storage and networking into a single software-defined data center platform. We continued to innovate and developed Nutanix AHV, our native hypervisor that offers enterprise-grade virtualization and built-in Kubernetes support. To provide our customers with more choice, we further engineered our software solutions to run on a variety of server platforms and with a variety of external storage providers, decoupling our software from the underlying hardware and powering a variety of hybrid multi cloud deployments, as part of our previously-completed transition from a hardware company to a software company. Most recently, we have extended our software platform support to include external storage from qualified partners. To provide our customers with the flexibility to choose their preferred license levels and durations based on their specific business needs, we reshaped our licensing by completing a transition to a subscription-based business model. In addition to enabling enterpris ITEM 1. Business Overview Nutanix, Inc. (\"we,\" \"us,\" \"our,\" or \"Nutanix\") is a hybrid multicloud computing leader, offering organizations a unified software platform for running applications and AI and managing data anywhere. Our vision is to simplify the deployment and operation of the increasingly distributed landscape of apps and data while freeing organizations to focus on business goals. Our mission is to delight customers with an open, secure platform with rich data services that increases their ability to take advantage of new technologies such as cloud native and AI, optimizes how they run their organizations today, and accelerates innovation, efficiency, and growth. The Nutanix Cloud Platform is designed to enable organizations to build hybrid multicloud infrastructure, providing a consistent cloud operating model with a single platform for running applications and managing data in core data centers, at the edge, and in public clouds, while supporting customer choice across server platforms, storage options, public and managed clouds, and container and virtualization platforms. The Nutanix Cloud Platform supports a wide variety of workloads with varied compute, storage, and network requirements, including business-critical applications, data platforms (including SQL, NoSQL, and vector databases and business intelligence applications), enterprise AI workloads (including machine learning, generative AI, and agentic AI), general-purpose workloads (including system infrastructure, networking, and security), end-user computing and virtual desktop infrastructure services, and cloud native applications (including modern, containerized applications). We originally pioneered hyperconverged infrastructure (\"HCI\") to break down legacy silos by merging compute, storage and networking into a single software-defined data center platform. We continued to innovate and developed Nutanix AHV, our native hypervisor that offers enterprise-grade virtualization and built-in Item 1A. Risk Factors You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K, including our consolidated financial statements and related notes, before making a decision to invest in our securities. The risks and uncertainties d", "title": "NTNX - Nutanix, Inc.", "url": "/company/NTNX/" }, { "kind": "company", "summary": "SIC 3843 Dental Equipment & Supplies; CIK 0001757073; latest 10-K filed 2026-02-12.", "text": "NVST - Envista Holdings Corp SIC 3843 Dental Equipment & Supplies; CIK 0001757073; latest 10-K filed 2026-02-12. NVST Envista Holdings Corp 0001757073 3843 Dental Equipment & Supplies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS INTRODUCTION Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our business is designed to provide a reader of our financial statements with a narrative from the perspective of management. You should read the following discussion in conjunction with the sections entitled \u201cEnvista Holdings Corporation Audited Annual Consolidated Financial Statements\u201d included in this Annual Report on Form 10-K. This section of the Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussion of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Form 10-K, and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is divided into six sections: \u25e6Overview \u25e6Results of Operations \u25e6Liquidity and Capital Resources \u25e6Qualitative and Quantitative Disclosures About Market Risk \u25e6Critical Accounting Estimates \u25e6New Accounting Standards OVERVIEW General We provide products that are used to diagnose, treat and prevent disease and ailments of the teeth, gums and supporting bone, as well as to improve the aesthetics of the human smile. We help our customers deliver the best possible patient care through industry-leading dental consumables, solutions, technologies, and services. With leading brand names, innovative technology and strong market positions, we are a leading worldwide provider of a wide range of solutions to support dental implants, orthodontic treatments, and diagnostic solutions, as well as general dental consumable products, equipment and services, and are dedicated to driving technological innovations that help dental professionals improve clinical outcomes and enhance productivity. Our research and development, manufacturing, sales, distribution, service and administrative facilities are located in more than 30 countries across North America, Asia, Europe, the Middle East and Latin America. During 2025, 53% of our sales were derived from customers outside the U.S. As a global provider of dental consumable products, equipment and services, our operations are affected by worldwide, regional and industry-specific economic and political factors. Given the wide range of dental products, software and services provided and geographies served, we do not use any indices other than general economic trends to predict our overall outlook. Our individual businesses monitor key competitors and customers, including to the extent possible their sales, to gauge relative performance and the outlook for the future. As a result of our geographic and product line diversity, we face a variety of opportunities and challenges, including rapid technological development in most of our served markets, the expansion and evolution of opportunities in emerging markets, trends and costs associated with a global labor force, consolidation of our competitors, trade restrictions and tariffs, and increasing regulation. We operate in a highly competitive business environment in most markets, and our long-term growth and profitability will depend in particular on our ability to expand our business in emerging geographies and emerging market segments, identify, consummate and integrate appropriate acquisitions, develop innovative and differentiated new products and services, expand and improve the effectiveness of our sales force, continue to reduce costs and improve operating efficiency and quality and effectively address the demands of an increasingly regulated global environment. We are making significant investments to address the rapid pace of technological change in our served markets and to globalize our manufactur ITEM 1. BUSINESS Overview Envista is a global family of more than 30 trusted dental brands, including Nobel Biocare, Ormco, DEXIS, and Kerr, united by a shared purpose: to partner with professionals to improve lives. We help our customers deliver the best possible patient care through industry-leading products, solutions, and technology. Our comprehensive portfolio, including dental implants and treatment options, orthodontics, and digital imaging technologies, covers a wide range of dentists' clinical needs for diagnosing, treating, and preventing dental conditions as well as improving the human smile. We further support the dental community with leading solutions in restoratives, endodontics, rotary, infection prevention, and loupes. We were formed in 2018 as a wholly-owned subsidiary of Danaher Corporation. In 2019, we completed our initial public offering and separated from Danaher Corporation. With a foundation comprised of the proven Envista Business System (\u201cEBS\u201d) methodology, an experienced leadership team, and a strong culture grounded in continuous improvement, commitment to innovation, and deep customer focus, we are well equipped to meet the end-to-end needs of dental professionals worldwide. We are one of the largest global dental products companies, with strong positions in some of the most attractive segments of the dental products industry. We serve dental professionals in over 130 countries through one of the largest commercial organizations in the dental products industry and through our distribution partners. In 2025, we generated total sales of $2.7 billion, of which approximately 85% were derived from sales of consumable products, services, and spare parts. Our business is operated through two segments: Specialty Products & Technologies, which is comprised of our Dental Implant Solutions and Orthodontic Solutions businesses, and Equipment & Consumables, which is comprised of our Diagnostic and Consumables Solutions businesses. The followin ITEM 1A. RISK FACTORS You should carefully consider the risks and uncertainties described below, together with the information included elsewhere in this Annual Report on Form 10-K and other documents we file with the SEC. The risks and uncertainties described below are those that we have identified as material, but are not the only", "title": "NVST - Envista Holdings Corp", "url": "/company/NVST/" }, { "kind": "company", "summary": "SIC 3550 Special Industry Machinery (No Metalworking Machinery); CIK 0001720635; latest 10-K filed 2026-02-17.", "text": "NVT - nVent Electric plc SIC 3550 Special Industry Machinery (No Metalworking Machinery); CIK 0001720635; latest 10-K filed 2026-02-17. NVT nVent Electric plc 0001720635 3550 Special Industry Machinery (No Metalworking Machinery) ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management's Discussion and Analysis of Financial Condition and Results of Operations refers to and should be read in conjunction with the audited consolidated financial statements and the corresponding notes included in ITEM 8. Forward-looking statements This report contains statements that we believe to be \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words \"targets,\" \"plans,\" \"believes,\" \"expects,\" \"intends,\" \"will,\" \"likely,\" \"may,\" \"anticipates,\" \"estimates,\" \"projects,\" \"forecasts,\" \"should,\" \"would,\" \"could,\" \"positioned,\" \"strategy,\" \"future,\" \"are confident,\" or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Among these factors are adverse effects on our business operations or financial results, including the overall global economic and business conditions impacting our business; the ability to achieve the benefits of our restructuring plans; the ability to successfully identify, finance, complete and integrate acquisitions, including the Electrical Products Group acquisition; competition and pricing pressures in the markets we serve; impacts of tariffs; volatility in currency exchange rates, interest rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; inability to mitigate material and other cost inflation; risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging and transportation; increased risks associated with operating foreign businesses, including risks associated with military conflicts; the ability to deliver backlog and win future project work; failure of markets to accept new product introductions and enhancements; the impact of changes in laws and regulations, including those that limit U.S. tax benefits; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating goals. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission (the \"SEC\"), including this Annual Report on Form 10-K. All forward-looking statements speak only as of the date of this report. nVent Electric plc assumes no obligation, and disclaims any obligation, to update the information contained in this report. The following is the discussion and analysis of changes in the financial condition and results of operations for fiscal year 2025 compared to fiscal year 2024. The discussion and analysis of fiscal year 2023 and changes in the financial condition and results of operations for fiscal year 2024 compared to fiscal year 2023 that are not included in this Form 10-K may be found in Part II, ITEM 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 18, 2025. Overview The terms \"us,\" \"we,\" \"our,\" \"the Company\" or \"nVent\" refer to nVent Electric plc. nVent is a leading global provider of electrical connection and protection solutions. We believe our inventive electrical solutions enable safer systems and ensure a more secure world. We connect and protect some of the world's most critical electrical systems to make them safer, more efficient and resilient. We design, manufactur ITEM 1. BUSINESS COMPANY OVERVIEW nVent is a leading global provider of electrical connection and protection solutions. We believe our inventive electrical solutions enable safer systems and ensure a more secure world. We connect and protect some of the world's most critical electrical systems to make them safer, more efficient and resilient. We design, manufacture, market, install and service high performance products and solutions that connect and protect mission critical equipment, buildings and essential processes. We have a comprehensive portfolio of bus systems, cable management, control buildings, cooling solutions, both liquid and air, electrical connections, enclosures, equipment protection, power connections and power management solutions, and switchgear systems, and we are recognized globally for quality, reliability and innovation. Our broad range of products and solutions support infrastructure, industrial, commercial and residential, and energy applications around the world. Our solutions help our customers improve energy efficiency, ensure resiliency and protection, increase customer productivity, enhance safety and contribute to more sustainable operations. At nVent, we operate across two segments: Systems Protection and Electrical Connections. In 2025, we renamed our Enclosures segment to Systems Protection and our Electrical & Fastening Solutions segment to Electrical Connections. Our portfolio of premier, industry-leading brands, some of which have a history spanning over 100 years, includes nVent CADDY, ERICO, HOFFMAN, ILSCO, SCHROFF and TRACHTE. Unless the context otherwise indicates, references herein to \"nVent,\" the \"Company,\" and such words as \"we,\" \"us,\" and \"our\" include nVent Electric plc and its consolidated subsidiaries. Our principal office is in London, United Kingdom and our management office in the United States (\"U.S.\") is in Minneapolis, Minnesota. The Company was incorporated in Ireland on May 30, 2017. Although our juris ITEM 1A. RISK FACTORS You should carefully consider all of the information in this document and the following risk factors before making an investment decision regarding our securities. Any of the following risks could materially and adversely affect our business, financial conditio", "title": "NVT - nVent Electric plc", "url": "/company/NVT/" }, { "kind": "company", "summary": "SIC 4931 Electric & Other Services Combined; CIK 0001993004; latest 10-K filed 2026-02-12.", "text": "NWE - NorthWestern Energy Group, Inc. SIC 4931 Electric & Other Services Combined; CIK 0001993004; latest 10-K filed 2026-02-12. NWE NorthWestern Energy Group, Inc. 0001993004 4931 Electric & Other Services Combined ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following includes a discussion of our results of operations and cash flows for the year ended December 31, 2025 compared to the year ended December 31, 2024, on both a consolidated basis and on a segment basis. For a discussion of our financial results and cash flows for the year ended December 31, 2024 compared with the year ended December 31, 2023, see Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024. This discussion should be read in conjunction with our Consolidated Financial Statements and related notes contained elsewhere in this Annual Report on Form 10-K. For additional information related to our segments, see Note 22 - Segment and Related Information, to the Consolidated Financial Statements. Non-GAAP Financial Measure The following discussion includes financial information prepared in accordance with GAAP, as well as another financial measure, Utility Margin, that is considered a \u201cnon-GAAP financial measure.\u201d Generally, a non-GAAP financial measure is a numerical measure of a company\u2019s financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. We define Utility Margin as Operating Revenues less fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion) as presented in our Consolidated Statements of Income. This measure differs from the GAAP definition of Gross Margin due to the exclusion of Operating and maintenance, Property and other taxes, and Depreciation and depletion expenses, which are presented separately in our Consolidated Statements of Income. The following discussion includes a reconciliation of Utility Margin to Gross Margin, the most directly comparable GAAP measure. We believe that Utility Margin provides a useful measure for investors and other financial statement users to analyze our financial performance in that it excludes the effect on total revenues caused by volatility in energy costs and associated regulatory mechanisms. This information is intended to enhance an investor's overall understanding of results. Under our various state regulatory mechanisms, as detailed below, our supply costs are generally collected from customers. In addition, Utility Margin is used by us to determine whether we are collecting the appropriate amount of energy costs from customers to allow for recovery of operating costs, as well as to analyze how changes in loads (due to weather, economic or other conditions), rates and other factors impact our results of operations. Our Utility Margin measure may not be comparable to that of other companies' presentations or more useful than the GAAP information provided elsewhere in this report. OVERVIEW NorthWestern Energy Group, doing business as NorthWestern Energy, provides electricity and/or natural gas to approximately 850,300 customers in Montana, South Dakota, Nebraska, and Yellowstone National Park. Our operations in Montana and Yellowstone National Park are conducted through our subsidiary, NW Corp, and our operations in South Dakota and Nebraska are conducted through our subsidiary, NWE Public Service. As you read this discussion and analysis, refer to our Consolidated Statements of Income, which present the results of our operations for 2025, 2024 and 2023. Following is a discussion of our strategy and significant trends. On August 18, 2025, we entered into the Merger Agreement with Black Hills and Merger Sub that provides for an all-stock merger of equals between NorthWestern and Black Hills. The Merger Agreement provides for Merger Sub to merge with and into NorthWestern, with NorthWestern continuing as the surviving entity and a direct wholly owned subsidiary ITEM 1. BUSINESS OVERVIEW NorthWestern Energy - Delivering a Bright Future NorthWestern Energy Group, doing business as NorthWestern Energy, provides essential energy infrastructure and valuable services that enrich lives and empower communities while serving as long-term partners to our customers and communities. We work to deliver safe, reliable, and innovative energy solutions that create value for customers, communities, employees, and investors. We do this by providing low-cost and reliable service performed by highly-adaptable and skilled employees. We provide electricity and / or natural gas to approximately 850,300 customers in Montana, South Dakota, Nebraska, and Yellowstone National Park. Upon the completion of the holding company reorganization in 2023, NW Corp became a subsidiary of NorthWestern Energy Group. Our operations in Montana and Yellowstone National Park are conducted through our subsidiary, NW Corp, and our operations in South Dakota and Nebraska are conducted through our subsidiary, NWE Public Service. We have provided service in South Dakota and Nebraska since 1923 and in Montana since 2002. On August 18, 2025, we entered into the Merger Agreement with Black Hills and Merger Sub, that provides for an all-stock merger of equals between NorthWestern and Black Hills (the Merger). The Merger Agreement provides for Merger Sub to merge with and into NorthWestern, with NorthWestern continuing as the surviving entity and a direct wholly owned subsidiary of Black Hills, which would assume the new corporate name of Bright Horizon Energy as the resulting parent company of the combined corporate group. The Merger will combine the strengths of both companies, resulting in an organization with greater scale, financial stability, and operational expertise. It is designed to create a stronger, more resilient energy company focused on delivering safe, reliable, and affordable energy solutions to customers. Pursuant to the Merger Agreement, at the effect ITEM 1A. RISK FACTORS You should carefully consider the risk factors described below, as well as all other information available to you, before making an investment in our common stock or other securities. Although the risks are organized by heading, and each risk is described separately, many ", "title": "NWE - NorthWestern Energy Group, Inc.", "url": "/company/NWE/" }, { "kind": "company", "summary": "SIC 4833 Television Broadcasting Stations; CIK 0001142417; latest 10-K filed 2026-02-27.", "text": "NXST - NEXSTAR MEDIA GROUP, INC. SIC 4833 Television Broadcasting Stations; CIK 0001142417; latest 10-K filed 2026-02-27. NXST NEXSTAR MEDIA GROUP, INC. 0001142417 4833 Television Broadcasting Stations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and related Notes included in Part IV, Item 15(a) of this Annual Report on Form 10-K. As a result of our deemed controlling financial interests in the consolidated VIEs in accordance with U.S. GAAP, we consolidate the financial position, results of operations and cash flows of these VIEs as if they were wholly owned entities. We believe this presentation is meaningful for understanding our financial performance. Refer to Note 2 to our Consolidated Financial Statements for a discussion of our determinations of VIE consolidation under the related authoritative guidance. The following discussion of our financial position and results of operations includes the consolidated VIEs\u2019 financial position and results of operations. Executive Summary 2025 Highlights \u2022 Entered into a definitive agreement to acquire TEGNA Inc. for $6.2 billion in a transaction expected to be accretive to Nexstar\u2019s standalone Adjusted Free Cash Flow. The transaction is subject to regulatory approvals and is anticipated to close by the second half of 2026. \u2022 Returned approximately $351 million of capital to shareholders through repurchases of common stock and dividends. \u2022 Renewed distribution agreements in the fourth quarter, covering more than 60% of our subscriber base. \u2022 Acquired the assets of WBNX-TV, an independent full power television station serving the Cleveland, OH market for a $22 million cash purchase price. On September 1, 2025, the station became affiliated with The CW. \u2022 Completed the refinancing of senior secured credit facilities on June 27, 2025, reducing the interest margin, increasing capacity under our revolver, and extending the maturities. During 2025, the Company repaid $185 million of its debt. Overview of Operations As of February 26, 2026, we owned, operated, programmed or provided sales and other services to 201 full power television stations and one AM radio station, including those owned by VIEs, in 116 markets in 40 states and the District of Columbia. The stations are affiliates of ABC, NBC, FOX, CBS, The CW, MNTV and other broadcast television networks. Through various local service agreements, we provided sales, programming and other services to 37 full power television stations owned by independent third parties, of which 35 full power television stations are VIEs that are consolidated into our financial statements. See Note 2 to our Consolidated Financial Statements included in Part IV, Item 15(a) of this Annual Report on Form 10-K for a discussion of the local service agreements we have with these independent third parties. We do not own the consolidated VIEs or their television stations. However, we are deemed under U.S. GAAP to have controlling financial interests for financial reporting purposes in these entities because of (i) the local service agreements we have with their stations, (ii) our (excluding The CW) guarantee of the obligations incurred under Mission\u2019s senior secured credit facility, (iii) our power over significant activities affecting the consolidated VIEs\u2019 economic performance, including budgeting for advertising revenue, advertising sales and, in some cases, hiring and firing of sales force personnel and (iv) purchase options granted by each consolidated VIE which permit us to acquire the assets and assume the liabilities of each of these VIEs\u2019 stations, subject to FCC consent. In compliance with FCC regulations for all the parties, each of the consolidated VIEs maintains complete responsibility for and control over programming, finances and personnel for its stations. As of December 31, 2025, we also own an 80.8% ownership interest in The CW, the fifth major broadcast network in the U.S., NewsNation, a national news network, two multicast networks, Antenna TV and REWIND TV, multicast netwo Item 1. Business Company Overview We are a leading diversified media company that produces and distributes engaging local and national news, sports and entertainment content across our television and digital platforms, including more than 317,000 hours of programming produced annually by our business units. Nexstar owns America\u2019s largest local television broadcasting group comprised of top network affiliates, with over 200 owned or partner stations in 116 U.S. markets in 40 states and the District of Columbia reaching over 225 million people. Nexstar\u2019s national television properties include an 80.8% interest in The CW Network, LLC (\u201cThe CW\u201d), the fifth major broadcast network in the U.S., NewsNation, a national news network providing \u201cNews for All Americans,\u201d two popular entertainment multicast networks, Antenna TV and REWIND TV, and a 31.3% ownership stake in Television Food Network, G.P. (\u201cTV Food Network\u201d). The Company\u2019s portfolio of digital assets, including its local TV station apps and websites, The Hill and NewsNationNow.com, is collectively a Top 10 U.S. digital news and information property, attracting over 90 million monthly unique users on average during 2025 according to Comscore. On August 18, 2025, we entered into a definitive Agreement and Plan of Merger (the \u201cMerger Agreement\u201d) to acquire the outstanding equity of TEGNA (such transaction, the \u201cMerger\u201d). TEGNA owns and operates 64 television stations and two radio stations in 51 DMAs in the U.S. The Merger is anticipated to close by the second half of 2026. For more information see the \u201cMerger Agreement with TEGNA\u201d paragraph later in this Item 1. We are a Delaware corporation formed in 1996. Our principal offices are at 545 E. John Carpenter Freeway, Suite 700, Irving, TX 75062. Our telephone number is (972) 373-8800 and our website is http://www.nexstar.tv. The information contained on, or accessible through, our website is not part of this Annual Report on Form 10-K and is not incorporated herei Item 1A. Risk Factors You should carefully consider the risks described below and all of the information contained in this document. The risks and uncertainties described below are not the only risks and uncertainties that the Company faces. Additional risks and uncertainties not presently known to the Company o", "title": "NXST - NEXSTAR MEDIA GROUP, INC.", "url": "/company/NXST/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001852131; latest 10-K filed 2026-05-19.", "text": "NXT - Nextpower Inc. SIC 3674 Semiconductors & Related Devices; CIK 0001852131; latest 10-K filed 2026-05-19. NXT Nextpower Inc. 0001852131 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Unless the context requires otherwise, references in this Annual Report on Form 10-K to \u201cNextpower\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d and \u201cour\u201d shall mean, prior to the IPO, Nextpower LLC (\"Nextpower LLC\" or the \u201cLLC\u201d, formerly Nextracker LLC) and its consolidated subsidiaries, and following the IPO and the related transactions completed in connection with the IPO, Nextpower Inc. and its consolidated subsidiaries. References in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations to \u201cFlex\u201d refer to Flex Ltd., a Singapore incorporated public company limited by shares and having a registration no. 199002645H, and its consolidated subsidiaries, unless the context otherwise indicates. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is designed to provide a reader of our consolidated financial statements with a narrative from the perspective of the Company\u2019s management. This section of this Annual Report on Form 10-K discusses fiscal year 2026 and 2025 items and year-to-year comparisons between fiscal year 2026 and 2025. Discussions of fiscal year 2025 items and year-to-year comparisons between fiscal year 2025 and fiscal year 2024 are not included in this Annual Report on Form 10-K and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K, filed with the SEC on May 22, 2025. You should read the following discussion in conjunction with the notes to the consolidated financial statements and other information included elsewhere in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion and analysis contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current expectations that involve risks, uncertainties and assumptions. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, the words \u201cbelieves,\u201d \u201canticipates,\u201d \u201cplans,\u201d \u201cexpects,\u201d \u201cintends\u201d and similar expressions are intended to identify forward-looking statements. Our actual results and timing of selected events may differ materially from those results anticipated and discussed in the forward-looking statements as a result of many factors. Factors that might cause such a discrepancy include, but are not limited to, those discussed under the sections titled \u201cLiquidity and Capital Resources\u201d below and \u201cRisk Factors.\u201d All forward-looking statements in this document are based on information available to us as of the date of this Annual Report on Form 10-K and we assume no obligation to update any such forward-looking statements, except as required by law. OVERVIEW We are a leading global provider of solar and energy technology solutions for utility-scale power plants. Founded in 2013 by our Chief Executive Officer, Dan Shugar, we pioneered and remain the global market leader in solar tracking systems. We now deliver an integrated suite of structural, electrical, and digital solutions across the full lifecycle of solar power plants, from design and construction through operations and maintenance. Our integrated solutions are designed to streamline project execution, increase energy yield and long-term reliability, and enhance customer return on investment (\u201cROI\u201d). We have shipped more than 160 GW of solar tracker systems as of March 31, 2026 to projects on six continents for use in utility-scale and distributed generation solar applications. Our customers include engineering, procurement and construction firms (\"EPCs\"), as well as solar project developers and owners. Developers originate projects, select and acquire sites, obtain permits, select con ITEM 1. BUSINESS Unless the context requires otherwise, references in this Annual Report on Form 10-K to \u201cNextpower,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d mean Nextpower Inc. and its consolidated subsidiaries (formerly known as Nextracker Inc.) Our vision We envision a world electrified by clean energy. Our mission Our mission is to be the trusted partner delivering the world\u2019s most intelligent, reliable, and productive clean-power technology. Overview We are a leading global provider of solar and energy technology solutions for utility-scale power plants. Founded in 2013 by our Chief Executive Officer, Dan Shugar, we pioneered and remain the global market leader in solar tracking systems. We now deliver an integrated suite of structural, electrical, and digital solutions across the full lifecycle of solar power plants, from design and construction through operations and maintenance. Our integrated solutions are designed to streamline project execution, increase energy yield and long-term reliability, and enhance customer return on investment (\u201cROI\u201d). The solar tracker market plays a key part in driving the global energy transition by increasing energy production and improving the levelized cost of energy (\u201cLCOE\u201d). The majority of utility-scale projects installed today in mature markets such as the United States, India, Latin America, Australia and parts of Europe use solar trackers, and adoption of solar tracker technology continues to grow in developing solar markets such as the Middle East and Africa. We have developed the next generation of solar trackers that enable rows to move independently, providing further benefits to customers. Our intelligent independent row tracking system incorporates proprietary technology that we believe produces more energy, lowers operating costs, is easier to deploy, and has greater reliability compared to linked row, other independent tracker products and fixed-tilt systems. Our TrueCapture\u00ae energy yield management system ITEM 1A. RISK FACTORS Our business and our ability to execute our strategy are subject to many risks. These risks and uncertainties include, but are not limited to, the following: Summary of Risk Factors \u2022The demand for solar energy and, in turn, our products is impacted by many factors outside of our control, and if such demand doe", "title": "NXT - Nextpower Inc.", "url": "/company/NXT/" }, { "kind": "company", "summary": "SIC 2711 Newspapers: Publishing or Publishing & Printing; CIK 0000071691; latest 10-K filed 2026-02-27.", "text": "NYT - NEW YORK TIMES CO SIC 2711 Newspapers: Publishing or Publishing & Printing; CIK 0000071691; latest 10-K filed 2026-02-27. NYT NEW YORK TIMES CO 0000071691 2711 Newspapers: Publishing or Publishing & Printing ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our consolidated financial condition as of December 31, 2025, and results of operations for the two years ended December 31, 2025. Please read this item together with our Consolidated Financial Statements and the related Notes included in this Annual Report. For comparison of results of operations for the fiscal years ended December 31, 2024, and December 31, 2023 see Part II, Item 7 of our 2024 Annual Report on Form 10-K, filed with the SEC on February 27, 2025. Significant components of the management\u2019s discussion and analysis of financial condition and results of operations section include: [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"PAGE\"],[\"Executive Overview:\",\"The executive overview section provides a summary of The New York Times Company and our business.\",\"31\"],[\"Results of Operations:\",\"The results of operations section provides an analysis of our results on a consolidated basis.\",\"35\"],[\"Non-Operating Items:\",\"The non-operating items section discusses certain non-operating items.\",\"42\"],[\"Non-GAAP Financial Measures:\",\"The non-GAAP financial measures section provides a comparison of our non-GAAP financial measures to the most directly comparable GAAP measures for the two years ended December 31, 2025, and December 31, 2024.\",\"43\"],[\"Liquidity and Capital Resources:\",\"The liquidity and capital resources section provides a discussion of our cash flows for the two years ended December 31, 2025, and December 31, 2024, and restricted cash, capital expenditures and third-party financing, commitments and contingencies existing as of December 31, 2025.\",\"47\"],[\"Critical Accounting Estimates:\",\"The critical accounting estimates section provides detail with respect to accounting policies that are considered by management to require significant judgment and use of estimates and that could have a significant impact on our financial statements.\",\"51\"]] [[/GREPCENT_TABLE]] EXECUTIVE OVERVIEW We are a global media organization focused on creating and distributing high-quality news and information that help our audience understand and engage with the world. We believe that our original, independent and high-quality reporting, storytelling, expertise and journalistic excellence set us apart from other sources and are at the heart of what makes our journalism worth paying for. For further information, see \u201cItem 1 \u2014 Business \u2013 Overview\u201d and \u201c\u2013 Our Strategy.\u201d We generate revenues principally from the sale of subscriptions and advertising. Subscription revenues consist of revenues from standalone and multiproduct bundle subscriptions to our digital products and subscriptions to and single-copy and bulk sales of our print products. Advertising revenue is derived from the sale of our advertising products and services. The Company changed the revenue caption \u201cOther\u201d on its Consolidated Statement of Operations to \u201cAffiliate, licensing and other\u201d beginning with the quarter ended March 31, 2025. Affiliate, licensing and other revenues primarily consist of revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in our Company Headquarters, our live events business and retail commerce. Our main operating costs are employee-related costs. In the accompanying analysis of financial information, we present certain information derived from our consolidated financial information but not presented in our financial statements prepared in accordance with generally accepted accounting principles in the United States of America (\u201cGAAP\u201d). We are presenting in this report supplemental non-GAAP financial performance measures that may exclude depreciation, amortization, severance, non-operating retirement costs and certain identified special items, as applicable. In addition, we present our free ITEM 1. BUSINESS OVERVIEW The New York Times Company and, unless the context otherwise requires, its consolidated subsidiaries are referred to collectively in this Annual Report on Form 10-K as the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus.\u201d We are a global media organization focused on creating and distributing high-quality news and information that help our audience understand and engage with the world, and this mission has contributed to our success. We believe that The Times\u2019s original, independent and high-quality reporting, storytelling, expertise and journalistic excellence set us apart from other sources and are at the heart of what makes our journalism worth paying for. The quality of our coverage has been widely recognized with many industry and peer accolades, including more Pulitzer Prizes and citations than any other news organization. The Company includes our digital and print products and related businesses, including: \u2022our core news product, The New York Times (\u201cThe Times\u201d), which is available on our mobile application, on our website (NYTimes.com) and as a printed newspaper, and associated content, such as our podcasts; \u2022our other interest-specific products, including The Athletic (our sports media product), Audio (our audio offering available as a separate subscription through our news app), Cooking (our recipes and cooking content product) and Games (our puzzle games product), which are available on mobile applications and websites, and Wirecutter (our product review and recommendation offering); and \u2022our related businesses, such as our licensing operations, our commercial printing operations and other products and services under The Times brand. As of December 31, 2025, we had approximately 12.78 million total subscribers, more than at any point in our history. We generate revenues principally from the sale of subscriptions and advertising. Subscription revenues consist of revenues from standalone and multiproduct bundle subscriptions to our digita ITEM 1A. RISK FACTORS This section highlights specific risks that could affect us and our business. You should carefully consider each of the following risks, as well as the other information included in this Annual Report on Form 10-K. Our business, financial condition, results of operations and/or", "title": "NYT - NEW YORK TIMES CO", "url": "/company/NYT/" }, { "kind": "company", "summary": "SIC 3290 Abrasive, Asbestos & Misc Nonmetallic Mineral Prods; CIK 0001370946; latest 10-K filed 2026-02-25.", "text": "OC - Owens Corning SIC 3290 Abrasive, Asbestos & Misc Nonmetallic Mineral Prods; CIK 0001370946; latest 10-K filed 2026-02-25. OC Owens Corning 0001370946 3290 Abrasive, Asbestos & Misc Nonmetallic Mineral Prods ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) is intended to help investors understand Owens Corning, our operations and our present business environment. MD&A is provided as a supplement to, and should be read in conjunction with, our Consolidated Financial Statements and the accompanying Notes thereto contained in this Annual Report on Form 10-K. Unless the context requires otherwise, the terms \u201cOwens Corning,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cits,\u201d and \u201cour\u201d in this Annual Report on Form 10-K refer to Owens Corning and its subsidiaries. This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. GENERAL Owens Corning is a building products leader committed to building a sustainable future through material innovation. As described below, the Company has three reportable segments: Roofing, Insulation and Doors. Through these lines of business, the Company manufactures and sells products that provide durable, sustainable and energy-efficient solutions. We are a market leader in many of our major product categories. EXECUTIVE OVERVIEW Net (loss) earnings from continuing operations attributable to Owens Corning were a loss of $188 million in 2025, compared to earnings of $947 million in 2024. The Company generated $2,268 million in adjusted earnings before interest, taxes, depreciation and amortization (\u201cAdjusted EBITDA\u201d) from continuing operations in 2025, compared to $2,468 million in 2024. See the Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization From Continuing Operations section of the MD&A for further information regarding Adjusted EBITDA from continuing operations, including the reconciliation to Net (loss) earnings from continuing operations attributable to Owens Corning. Segment earnings before interest, taxes, depreciation and amortization (\u201cEBITDA\u201d) performance compared to 2024 decreased $121 million in our Roofing segment, decreased $97 million in our Insulation segment and remained flat in our Doors segment. Within our Corporate, Other and Eliminations category, General corporate expenses and other decreased by $18 million. Goodwill Impairment In 2025, as a result of interim goodwill impairment testing, we recorded $1,135 million in pre-tax non-cash impairment charges, equal to the excess of the Doors reporting unit's carrying value over its fair value. The remaining balance of goodwill for the Doors reporting unit of $380 million as of December 31, 2025 continues to be at risk for future impairment. 2025 Share Repurchase Program On May 13, 2025, the Board of Directors approved the 2025 Repurchase Authorization. The 2025 Repurchase Authorization enables the Company to repurchase shares through the open market, privately negotiated, or other transactions. The actual number of shares repurchased will depend on timing, market conditions and other factors and will be at the Company\u2019s discretion. This authorization is in addition to the previously announced share repurchase program. Glass Reinforcements Divestiture On February 13, 2025, the Company entered into the GR agreement for the sale of our global GR business for a purchase price of approximately $436 million, less costs to sell. As of December 31, 2025, the estimated purchase price was $474 million, net of cash, and less costs to sell. The change since signing is due to the changes in customary and transaction-specific price adjustments which are subject to further changes through the date of the final closing adjustments. The GR business, histor ITEM 1. BUSINESS Unless the context requires otherwise, the terms \u201cOwens Corning,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cits,\u201d and \u201cour\u201d in this Annual Report on Form 10-K refer to Owens Corning and its subsidiaries. OVERVIEW Owens Corning is a building products leader committed to building a sustainable future through material innovation. Our products provide durable, sustainable, and energy-efficient solutions that leverage our unique capabilities and market-leading positions to help our customers win and grow. Our roofing products and systems enhance curb appeal and protect people\u2019s homes. Our insulation products conserve energy and improve acoustics, fire resistance and air quality in the spaces where people live, work and play. Our doors and door systems provide comfort, safety and style for the interior and exterior of homes. We are global in scope, human in scale with approximately 25,000 total employees in 31 countries dedicated to generating value for our customers and shareholders and making a difference in the communities where we work and live. Founded in 1938 and based in Toledo, Ohio, Owens Corning recorded net sales in 2025 of $10.1 billion. Glass Reinforcements Divestiture On February 13, 2025, the Company entered into a definitive agreement (\"GR Agreement\") for the sale of our global glass reinforcements (\u201cGR\u201d) business for a purchase price of approximately $436 million, less costs to sell. As of December 31, 2025, the estimated purchase price was $474 million, net of cash, less costs to sell. The change since signing is due to the changes in customary and transaction-specific price adjustments which are subject to further changes through the date of the final closing adjustments. The GR business, historically part of the Company\u2019s Composites segment, manufactures, fabricates, and sells glass fiber reinforcements for a wide variety of applications in wind energy, infrastructure, industrial, transportation and consumer markets. The sale will complete Owens Corning ITEM 1A. RISK FACTORS We discuss in this section some of the risk factors that could materially and adversely affect our business, financial condition, value and results of operations. You should consider these risk factors in connection with evaluating the forward-looking statements contained in this A", "title": "OC - Owens Corning", "url": "/company/OC/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0001021635; latest 10-K filed 2026-02-18.", "text": "OGE - OGE ENERGY CORP. SIC 4911 Electric Services; CIK 0001021635; latest 10-K filed 2026-02-18. OGE OGE ENERGY CORP. 0001021635 4911 Electric Services Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following combined discussion is separately filed by OGE Energy and OG&E. However, OG&E does not make any representations as to information related solely to OGE Energy or the subsidiaries of OGE Energy other than itself. Overview OGE Energy is a holding company whose primary investment provides electricity in Oklahoma and western Arkansas. OGE Energy's electric company operations are conducted through its wholly-owned subsidiary, OG&E, which generates, transmits, distributes and sells electric energy in Oklahoma and western Arkansas and are reported through OGE Energy's electric company business segment. OG&E's rates are subject to regulation by the OCC, the APSC and the FERC. OG&E was incorporated in 1902 under the laws of the Oklahoma Territory and is the largest electric company in Oklahoma, with a franchised service territory that includes Fort Smith, Arkansas and the surrounding communities. OG&E sold its retail natural gas business in 1928 and is no longer engaged in the natural gas distribution business. The accounts of OGE Energy and its wholly-owned subsidiaries, including OG&E, are included in OGE Energy's consolidated financial statements. All intercompany transactions and balances are eliminated in such consolidation. Recent Developments OG&E's Regulatory Matters On March 27, 2025, the OCC issued a final order approving the settlement agreement relating to OG&E's 2023 general rate review and approved the ALJ report on the remaining one MW issue with one exception. OG&E also issued its 2025 IRP to the OCC and APSC and has filed for and/or received preapproval, in both Oklahoma and Arkansas, of certain generation and capacity investments identified by OG&E's IRP and related request for proposals process. These matters, as well as other regulatory matters, are discussed in Note 14 within \"Item 8. Financial Statements and Supplementary Data.\" Legislative Matters Federal On July 4, 2025, the legislation known as the \u201cOne Big Beautiful Bill\u201d was signed into law, which includes significant changes to federal tax law and other regulatory provisions that may impact the Registrants. The Registrants will consider the legislation\u2019s provisions, such as changes to tax credits for renewables, and the potential impact on future investment decisions. Oklahoma In May 2025, SB 998 was passed into law and became effective August 29, 2025. This legislation allows rate-regulated retail electric service providers, such as OG&E, to receive CWIP recovery of new natural gas generation capacity, if those proposed generation sources are approved by the OCC under existing statutory review procedures, and sets specific timelines for the OCC to review proposed projects. SB 998 also allows utilities to establish a regulatory asset to defer 90 percent of depreciation expense and return associated with qualified plant investments, that are not classified as transmission or new generation, for recovery over an allowed 20-year period in a future rate review filing. OG&E began deferring such costs to a regulatory asset in September 2025, as further discussed in Note 1 within \"Item 8. Financial Statements and Supplementary Data.\" Arkansas In March 2025, Act 373 was signed into law by the Governor of Arkansas. Act 373 enables rate-regulated retail electric providers, such as OG&E, to receive CWIP recovery of \"strategic investments,\" including (i) new electric generating facilities, including transportation and storage facilities for associated fuel, (ii) upgrades, expansions, or fuel conversions of electric generating facilities, including transportation and storage facilities for associated fuel, and (iii) new or upgraded electric transmission facilities, including substations. All projects are subject to review and approval by the APSC. Act 373 further authorizes use of a rider to recover approved strategic investments that are not being r Item 1. Business. Introduction OGE Energy is a holding company whose primary investment provides electricity in Oklahoma and western Arkansas. OGE Energy's electric company operations are conducted through its wholly-owned subsidiary, OG&E, which generates, transmits, distributes and sells electric energy in Oklahoma and western Arkansas and are reported through OGE Energy's electric company business segment. OG&E's rates are subject to regulation by the OCC, the APSC and the FERC. OG&E was incorporated in 1902 under the laws of the Oklahoma Territory and is the largest electric company in Oklahoma, with a franchised service territory that includes Fort Smith, Arkansas and the surrounding communities. OG&E sold its retail natural gas business in 1928 and is no longer engaged in the natural gas distribution business. OGE Energy exited its former midstream business in 2022 as a result of selling all equity securities of Energy Transfer that were previously held by OGE Energy. The Registrants' principal executive offices are located at 321 North Harvey, P.O. Box 321, Oklahoma City, Oklahoma, 73101-0321 (telephone 405-553-3000). OGE Energy's website address is www.oge.com. Through OGE Energy's website, OGE Energy makes available, free of charge, the Registrants' annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as reasonably practicable after such material is electronically filed with or furnished to the Securities and Exchange Commission. OGE Energy's website and the information contained therein or connected thereto are not intended to be incorporated into this Form 10-K and should not be considered a part of this Form 10-K. Reports filed with the Securities and Exchange Commission are also made available on its website at www.sec.gov. Strategy OGE Energy's purpose is to energize life, prov Item 1A. Risk Factors. In the discussion of risk factors set forth below, unless the context otherwise requires, the terms \"we,\" \"our\" and \"us\" refer to the Registrants. In addition to the other information in this Form 10-K and other documents filed by us and/or our subsidiaries with the Securities and Exchange Commission from time to time, the following factors", "title": "OGE - OGE ENERGY CORP.", "url": "/company/OGE/" }, { "kind": "company", "summary": "SIC 4924 Natural Gas Distribution; CIK 0001587732; latest 10-K filed 2026-02-19.", "text": "OGS - ONE Gas, Inc. SIC 4924 Natural Gas Distribution; CIK 0001587732; latest 10-K filed 2026-02-19. OGS ONE Gas, Inc. 0001587732 4924 Natural Gas Distribution ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with our audited consolidated financial statements and the Notes to Consolidated Financial Statements in this Annual Report. We have disclosed non-GAAP financial measures of adjusted net income and adjusted net income per share. Management and the Board of Directors use these non-GAAP financial measures, in addition to GAAP financial measures, to evaluate financial performance, specifically impacts from certain regulatory mechanisms designed to mitigate regulatory lag, understand and compare operating results across accounting periods, and for planning and forecasting. These non-GAAP financial measures are additional information and should not be considered as alternatives to, or more meaningful than, the related GAAP financial measures or comparable to similar measures used by other companies. EXECUTIVE SUMMARY We are a 100-percent regulated natural gas distribution company. As such, our regulators determine the rates we are allowed to charge for our service based on the revenue requirements needed to achieve our authorized rates of return. We earn revenues from the delivery of natural gas, but do not earn a profit on the natural gas that we deliver, as those costs are passed through to our customers at cost. The primary components of our revenue requirements are the amount of capital invested in our business, which is also known as rate base, our allowed rate of return on our capital investments, and our recoverable operating expenses, including depreciation, interest expense, and income taxes. The variable component of our rates is dependent on the consumption of natural gas, which is impacted primarily by the weather and, to a lesser extent, economic activity. While we have WNA mechanisms that adjust customers\u2019 bills when actual HDDs differ from normalized HDDs, these mechanisms are in place for only a portion of the year, except in Kansas, and do not offset all fluctuations in usage resulting from weather variability. Accordingly, the weather can have either a positive or negative impact on our financial performance. Our financial performance is contingent on a number of factors, including: (1) our regulatory construct, including the rates we are allowed to charge for our service, and the authorized rates of return on our investments in rate base; (2) the consumption of natural gas, which impacts the amount of natural gas revenues derived from the variable component of our rates; (3) customer growth; (4) our operating performance; and (5) the perceived value of natural gas relative to other energy sources, particularly electricity, which influences our customers\u2019 choice of natural gas to provide a portion of their energy needs. We are subject to regulatory requirements for pipeline integrity, pipeline and cyber security, and environmental compliance. These requirements impact our operating expenses and the level of capital expenditures required for compliance. Historically, our regulators have allowed recovery of these expenditures. However, because integrity and environmental regulations are frequently changing, our capital and operating expenditures to comply are changing as well. Although we believe our regulators will continue to allow recovery of such expenditures in the future, we will continue to make these expenditures with no assurance about if, or over what period, we will be permitted to recover them. RECENT DEVELOPMENTS Infrastructure Initiative - On December 18, 2025, we announced an infrastructure initiative to support economic growth and enhance energy reliability in southeast Oklahoma. Once operational, the new pipeline will deliver over 100 Bcf of natural gas annually in southeast Oklahoma, including servicing Western Farmers Electric Cooperative\u2019s natural gas-fueled generation at its Hugo plant. The project includes a 43-mile, natural ITEM 1. BUSINESS OUR BUSINESS ONE Gas, Inc. is incorporated under the laws of the state of Oklahoma. Our common stock is listed on the NYSE and the NYSE Texas under the trading symbol \u201cOGS,\u201d and is included in the S&P MidCap 400 Index. We are a 100-percent regulated natural gas distribution utility, headquartered in Tulsa, Oklahoma, and one of the largest publicly traded natural gas utilities in the United States. We are the successor to the company founded in 1906 as Oklahoma Natural Gas Company, which became ONEOK, Inc. (NYSE: OKE) in 1980. On January 31, 2014, ONE Gas officially separated from ONEOK, Inc. We provide natural gas distribution services to approximately 2.3 million customers. We are the largest natural gas distributor in Oklahoma and Kansas and the third largest in Texas, in terms of customers. We primarily serve residential, commercial, and transportation customers in all three states. Our largest natural gas distribution markets, in terms of customers, are Oklahoma City and Tulsa, Oklahoma; Kansas City, Wichita, and Topeka, Kansas; and Austin and El Paso, Texas. Our three divisions, Oklahoma Natural Gas, Kansas Gas Service, and Texas Gas Service, distribute natural gas to approximately 89 percent, 72 percent, and 13 percent of the natural gas distribution customers in Oklahoma, Kansas, and Texas, respectively. OUR STRATEGY Our mission is to deliver natural gas for a better tomorrow. Our business strategy is focused on: \u2022Engaged and High-performing Workforce - Our employees are the foundation of the Company. Our success begins with a culture built on our core values and a commitment to engaging people to do their best work in an inclusive environment. Every employee makes a difference and contributes to our success. \u2022Safe Operations - We are committed, first and foremost, to pursuing a zero-incident and 100-percent compliance safety culture. We deploy a variety of operational and damage prevention procedures and technologies to monitor, pr ITEM 1A. RISK FACTORS Our investors should consider the following risks that could affect us and our business. Although we believe we have discussed the key factors, our investors need to be aware that other risks may prove to be important in the future. New risks may emerge at any time, and we cannot predict such risks or estimate the extent to which they ", "title": "OGS - ONE Gas, Inc.", "url": "/company/OGS/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000888491; latest 10-K filed 2026-02-09.", "text": "OHI - OMEGA HEALTHCARE INVESTORS INC SIC 6798 Real Estate Investment Trusts; CIK 0000888491; latest 10-K filed 2026-02-09. OHI OMEGA HEALTHCARE INVESTORS INC 0000888491 6798 Real Estate Investment Trusts Item 7 \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis is based primarily on the Consolidated Financial Statements of Omega Healthcare Investors, Inc. presented in conformity with U.S. generally accepted accounting principles (\u201cGAAP\u201d) for the periods presented and should be read together with the notes thereto contained in this Annual Report on Form 10-K. Other important factors are identified in \u201cForward-Looking Statements\u201d and \u201cItem 1A \u2013 Risk Factors\u201d above. Our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is organized as follows: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Business Overview\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Outlook, Trends and Other Conditions\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"2025 and Recent Highlights\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Results from Operations\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Funds from Operations\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Liquidity and Capital Resources\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Supplemental Guarantor Information\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Critical Accounting Policies and Estimates\"]] [[/GREPCENT_TABLE]] Business Overview Omega Healthcare Investors, Inc. (\u201cParent\u201d) is a Maryland corporation that, together with its consolidated subsidiaries has elected to be taxed as a REIT for federal income tax purposes. Omega is structured as an umbrella partnership REIT (\u201cUPREIT\u201d) under which all of Omega\u2019s assets are owned directly or indirectly by, and all of Omega\u2019s operations are conducted directly or indirectly through, its operating partnership subsidiary, Omega OP. As of December 31, 2025, Parent owned approximately 95% of the issued and outstanding units of partnership interest in Omega OP (\u201cOmega OP Units\u201d), and other investors owned approximately 5% of the outstanding Omega OP Units. 36 Table of Contents Omega has one reportable segment consisting of investments in healthcare-related real estate properties located in the United States (\u201cU.S.\u201d), the United Kingdom (\u201cU.K.\u201d) and Canada. Our core business is to provide financing and capital to the long-term healthcare industry with a particular focus on skilled nursing facilities (\u201cSNFs\u201d), assisted living facilities (\u201cALFs\u201d) (including care homes in the U.K.), and to a lesser extent, independent living facilities (\u201cILFs\u201d), rehabilitation and acute care facilities (\u201cspecialty facilities\u201d) and continuing care retirement community (\u201cCCRCs\u201d). Our core portfolio consists of our long-term leases and real estate loans with healthcare operating companies and affiliates (collectively, our \u201coperators\u201d). Real estate loans consist of mortgage loans and other real estate loans that are primarily collateralized by a first, second or third mortgage lien or a leasehold mortgage on, or an assignment of the partnership interest in the related properties. Additionally, during the fourth quarter of 2025, we began utilizing the structure authorized by the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as \u201cRIDEA\u201d), whereby we own and operate healthcare facilities through third-party managers (collectively, our \u201cmanagers\u201d). In addition to our core investments, we make loans to operators and/or their principals. These loans, which may be either unsecured or secured by the collateral of the borrower, are classified as non-real estate loans. From time to time, we also acquire equity interests in joint ventures or entities that support the long-term healthcare industry and our operators, which may include ancillary service or technology companies, and in operating companies. As of December 31, 2025, our portfolio of real estate investments consisted of 1,027 operating healthcare facilities (including properties associated with mortg Item 1 \u2013 Business Overview Omega Healthcare Investors, Inc. (\u201cParent\u201d) is a Maryland corporation that invests in healthcare-related real estate properties located in the United States (\u201cU.S.\u201d), the United Kingdom (\u201cU.K.\u201d) and Canada, which investments comprise our one reportable segment. Omega became a publicly traded company listed on the New York Stock Exchange in 1992. Our primary objective is to provide strong returns to our investors, while serving as the preferred capital partner to our third-party healthcare operating companies and affiliates (collectively, our \u201coperators\u201d) and other third-party high quality healthcare operators so they can concentrate on providing a high level of care for their resident-patients. Parent, together with its consolidated subsidiaries (collectively, \u201cOmega\u201d or \u201cCompany\u201d) has elected to be taxed as a REIT for federal income tax purposes. Omega is structured as an umbrella partnership REIT (\u201cUPREIT\u201d) under which all of Omega's assets are owned directly or indirectly by, and all of Omega's operations are conducted directly or indirectly through, its operating partnership subsidiary, OHI Healthcare Properties Limited Partnership (collectively with subsidiaries, \u201cOmega OP\u201d). As of December 31, 2025, Parent owned approximately 95% of the issued and outstanding units of partnership interest in Omega OP (\u201cOmega OP Units\u201d), and other investors owned approximately 5% of the outstanding Omega OP Units. Property Types Our investment portfolio primarily consists of skilled nursing facilities (\u201cSNFs\u201d), assisted living facilities (\u201cALFs\u201d), including care homes in the U.K., independent living facilities (\u201cILFs\u201d), rehabilitation and acute care facilities (\u201cspecialty facilities\u201d) and continuing care retirement communities (\u201cCCRCs\u201d). The following is a summary of our various property types. [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Skilled nursing facilities \\u2013 SNFs provide services that include daily nursing, therapeutic rehabilitation, social Item 1A \u2013 Risk Factors This section discusses material risk factors that may affect our business, operations and financial condition. It does not describe all risks and uncertainties applicable to us, our industry or ownership of our securities. If any of the following risks, or any other risks and uncertainties that", "title": "OHI - OMEGA HEALTHCARE INVESTORS INC", "url": "/company/OHI/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001660134; latest 10-K filed 2026-03-05.", "text": "OKTA - Okta, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001660134; latest 10-K filed 2026-03-05. OKTA Okta, Inc. 0001660134 7372 Services-Prepackaged Software Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. Amounts reported in millions are rounded based on the amounts in thousands. As a result, the sum of the components reported in millions may not equal the total amount reported in millions due to rounding. In addition, percentages presented may not add to their respective totals or recalculate due to rounding. In addition to historical financial information, the following discussion contains forward-looking statements that are based upon current plans, expectations and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under the section titled \u201cRisk Factors\u201d under Part I, Item 1A of this Annual Report on Form 10-K. Our fiscal year ends January 31. References to fiscal 2026, for example, refer to the fiscal year ended January 31, 2026. Overview We are the leading independent identity partner. Our Okta Platform and Auth0 Platform enable our customers to securely connect the right people to the right technologies and services at the right time. Every day, thousands of organizations and millions of people use our platforms to securely access a wide range of cloud, mobile, web and Software-as-a-Service (\u201cSaaS\u201d) applications, on-premises servers, application programming interfaces (\u201cAPIs\u201d), IT infrastructure providers, and services from a multitude of devices. For IT and security leaders, the Okta Platform governs the seamless and secure access by human users and non-human identities (\u201cNHIs\u201d) to the applications they need to do their most important work. We are expanding these capabilities to include AI agents with the introduction of new product offerings currently in development and early access. Developers leverage our Okta Platform and Auth0 Platform to securely and efficiently embed identity for both human users and, increasingly, AI agents into the software they build, allowing them to innovate and focus on their core mission. Our customers consist of leading global organizations ranging from the largest enterprises to small- and medium-sized businesses, universities, nonprofits and government agencies. We partner with a broad range of application, IT infrastructure and security vendors through our Okta Integration Network. As of January 31, 2026, we had over 7,000 integrations with these cloud, mobile and web applications, and IT infrastructure and security vendors. We employ a SaaS business model and generate revenue primarily by selling multi-year subscriptions to our cloud-based offerings. We focus on attracting and retaining our customers by building on and increasing the value we provide to them over time. This commitment to our customers\u2019 success helps drive increased customer investment in the number of users of our Okta Platform and Auth0 Platform and adoption of our additional product offerings. We sell our product offerings directly through our field and inside sales teams, as well as indirectly through our network of channel partners, including cloud marketplaces, resellers, system integrators and other distribution partners. Our subscription fees include the use of our service and our technical support and management of our platforms. We base subscription fees primarily on the solutions used and the number of users on our platforms. We typically invoice customers in advance in annual installments for subscriptions to our platforms. Our revenue is relatively predictable as a result of our subscription-based business model, which constituted approximately 98% of total revenue for fiscal 2026. Future growth may be impacted by longer sal Item 1. Business Overview We are the leading independent identity partner. Our vision is to free everyone to safely use any technology, and we believe identity is the key to making that happen. Our purpose is to bring simple and secure digital access to people and organizations everywhere. Our Okta Platform and Auth0 Platform enable our customers to securely connect the right people to the right technologies and services at the right time. Identity is becoming the most critical layer of an organization\u2019s security. The acceleration of digital transformation, cloud adoption and the evolving security threat landscape continue to drive a shift in how organizations securely manage the identity of their employees, contractors and partners. As organizations shift from network-based security models to a Zero Trust security model focused on adaptive and context-aware controls, identity has become the most reliable way to manage user access and protect digital assets. In addition to these established drivers, the emergence of artificial intelligence (\u201cAI\u201d) and the deployment of AI agents may, over time, create new opportunities for identity management. We see a potential long-term opportunity for our platforms to serve as a unified, independent control plane for non-human identities (\u201cNHIs\u201d) and AI agents, a distinct class of identity that requires authenticated, secure access to sensitive resources at a scale and speed exceeding traditional security models designed for human users. While adoption is in its early stages, we believe the inherent challenges of governing NHIs and agentic identities may drive increased demand for our solutions as these technologies and customer adoption continue to mature. Our platforms help organizations effectively harness the power of cloud, mobile, web, and AI technologies by securing and governing users and connecting them with the applications and technology they need. Every day, thousands of organizations and millions of people use ou Item 1A. Risk Factors A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider the risks and uncertainties described below, as well as the other information in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes and \u201cManageme", "title": "OKTA - Okta, Inc.", "url": "/company/OKTA/" }, { "kind": "company", "summary": "SIC 3670 Electronic Components & Accessories; CIK 0001005284; latest 10-K filed 2026-02-19.", "text": "OLED - UNIVERSAL DISPLAY CORP \\PA\\ SIC 3670 Electronic Components & Accessories; CIK 0001005284; latest 10-K filed 2026-02-19. OLED UNIVERSAL DISPLAY CORP \\PA\\ 0001005284 3670 Electronic Components & Accessories ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the section entitled \u201cSelected Financial Data\u201d in this report and our Consolidated Financial Statements and related notes to this report. This discussion and analysis contains forward-looking statements based on our current expectations, assumptions, estimates and projections. These forward-looking statements involve risks and uncertainties. Our actual results could differ materially from those indicated in these forward-looking statements as a result of certain factors, as more fully discussed in Item 1A of this report, entitled \u201cRisk Factors.\u201d OVERVIEW We are a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display applications, such as mobile phones, televisions, monitors, wearables, tablets, portable media devices, notebook computers, personal computers, automotive applications and specialty lighting products. Since 1994, we have been engaged and expect to continue to be primarily engaged, in funding and performing research and development activities relating to OLED technologies and materials, and commercializing these technologies and materials. We derive our revenue primarily from the following: \u2022 sales of OLED materials for evaluation, development and commercial manufacturing; \u2022 intellectual property and technology licensing; \u2022 technology development and support, including third-party collaboration efforts and providing support to third parties for commercialization of their OLED products; and \u2022 contract research services in the areas of chemical materials synthesis research, development and commercialization for non-OLED applications. Material sales relate to our sale of OLED materials for incorporation into our customers\u2019 commercial OLED products or for their OLED development and evaluation activities. Material sales are generally recognized at the time title passes, which is typically at the time of shipment or at the time of delivery, depending upon the contractual agreement between the parties. We receive license and royalty payments under certain commercial, development and technology evaluation agreements, some of which are non-refundable advances. These payments may include royalty and license fees made pursuant to license agreements and also license fees included as part of certain commercial supply agreements. These payments are included in the estimate of total contract consideration by customer and recognized as revenue over the contract term based on material units sold at the estimated per unit fee over the life of the contract. On December 2, 2022, we entered into a commercial patent license agreement with Samsung Display Co., Ltd. (SDC), replacing a previous license agreement that had been in place since 2018. This agreement, which covers the manufacture and sale of specified OLED display materials, was effective as of January 1, 2023 and lasts through the end of 2027 with an additional two-year extension option for SDC. Under this agreement, we are being paid a license fee, which includes quarterly and annual payments over the agreement term. The agreement conveys to SDC the non-exclusive right to use certain of our intellectual property assets for a limited period of time that is less than the estimated life of the assets At the same time that we entered into the current commercial license agreement with SDC, we also entered into a material purchase agreement with SDC, which lasts for the same term as the license agreement and is subject to the same extension option. This new material purchase agreement replaced a previous purchase agreement that had been in place since 2018. Under the material purchase agreement, SDC agrees to purchase from us a minimum amount of red and green phosphores ITEM 1. BUSINESS Our Company We are a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. OLEDs are thin, lightweight and power-efficient solid-state devices that emit light that can be manufactured on both flexible and rigid substrates, making them highly suitable for use in full-color displays and as lighting products. OLED displays are capturing a growing share of the display market, especially in the mobile phone, television, monitor, wearable, tablet, notebook and personal computer, augmented reality (AR), virtual reality (VR) and automotive markets. We believe that this is because OLEDs offer potential advantages over competing display technologies with respect to power efficiency, contrast ratio, viewing angle, video response time, form factor and manufacturing cost. We also believe that OLED lighting products have the potential to replace many existing light sources in the future because of their high-power efficiency, excellent color rendering index, low operating temperature and novel form factor. Our technology leadership, our current intellectual property position, and our more than 20 years of experience working closely with leading OLED display manufacturers are some of the competitive advantages that should enable us to continue to share in the revenues from OLED displays and lighting products as they continue to gain wider adoption. Our primary business strategy is to (1) develop new OLED materials and sell existing and new materials to product manufacturers for display applications, such as mobile phones, televisions, monitors, wearables, tablets, portable media devices, notebook computers, personal computers and automotive applications, and specialty lighting products; and (2) further develop and either license or otherwise commercialize our proprietary OLED material, device design and manufacturing technologies to th ITEM 1A. RISK FACTORS You should carefully consider the following risks and uncertainties when reading this Annual Report on Form 10-K. The following factors, as well as other factors affecting our operating results and financial condition, could cause our actual future results and financial conditi", "title": "OLED - UNIVERSAL DISPLAY CORP \\PA\\", "url": "/company/OLED/" }, { "kind": "company", "summary": "SIC 5331 Retail-Variety Stores; CIK 0001639300; latest 10-K filed 2026-03-19.", "text": "OLLI - Ollie's Bargain Outlet Holdings, Inc. SIC 5331 Retail-Variety Stores; CIK 0001639300; latest 10-K filed 2026-03-19. OLLI Ollie's Bargain Outlet Holdings, Inc. 0001639300 5331 Retail-Variety Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion together with the financial statements and related notes included elsewhere in this Annual Report on Form 10-K. The statements in this discussion regarding expectations of our future performance, liquidity and capital resources and other non-historical statements are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in \u201cItem 1A, Risk Factors\u201d and \u201cCautionary note regarding forward-looking statements.\u201d Our actual results may differ materially from those contained in or implied by any forward-looking statements. We operate on a fiscal calendar widely used by the retail industry that results in a given fiscal year consisting of a 52- or 53-week period ending on the Saturday nearer January 31 of the following year. References to \u201c2025\u201d refer to the 52-week fiscal year ended January 31, 2026 and references to \u201c2024\u201d refer to the 52-week fiscal year ended February 1, 2025. References to \u201c2026\u201d refer to the 52-week fiscal year ending January 30, 2027. Overview Ollie\u2019s Bargain Outlet is a leading off-price retailer of brand name household products. Since our founding in 1982, the Company\u2019s mission has been to sell Good Stuff Cheap\u00ae. We do this through a flexible buying model that focuses on closeout merchandise and excess inventory from suppliers and manufacturers around the world. Our stores offer Real Brands! Real Bargains! \u00ae in a treasure hunt shopping environment at prices up to 70% below traditional retailers. Our highly experienced merchandise team is constantly scouring the market and leveraging deep, long-standing relationships across the supply chain to find the best products at the best prices. We focus on buying cheap and selling cheap, and source products as unique buying opportunities present themselves. While the individual products sold in our stores are constantly changing, our overall merchandise mix is designed to save people money on a wide variety of brand name household products that they need and use in their everyday lives. Our primary point of differentiation against other retailers is the pricing of our products. Our goal is to be the lowest priced retailer of any product offered by our stores. We believe our flexible business model, opportunistic buying strategy, low cost structure, experienced merchant team with deep relationships across the vendor community, and long history of experience of buying and selling closeout merchandise and excess inventory differentiates us from traditional retailers. Since the founding of Ollie\u2019s in 1982, our principal growth strategy has been the opening of new stores. Historically, we have expanded our store base by opening new stores organically. More recently, we have expanded our store base through acquiring former store locations of bankrupt retailers through the bankruptcy auction process. Our growth strategy continuously evaluates the best opportunities in the marketplace and combines organic new store openings with the acquisition of store locations. We follow a contiguous unit growth strategy that combines backfilling existing markets and states with entering new markets and states in a contiguous manner. As of January 31, 2026 we have grown to 645 stores in 34 states. While we are focused on driving comparable store sales and managing our expenses, the biggest driver of our net sales and profitability growth has historically been the opening of new stores. As we continue to grow, we believe we will have greater access to brand name closeout merchandise and an increased deal selection, resulting in more potential offerings for our customers. Our ability to grow and our results of operations may be impacted by additional factors and uncertainties, such as consumer spending levels, which are subject Item 1. Business. Overview Ollie\u2019s Bargain Outlet Holdings, Inc. and subsidiaries (collectively referred to as the \u201cCompany\u201d or \u201cOllie\u2019s\u201d) is a leading off-price retailer of brand name household products. Since our founding in 1982, the Company\u2019s mission has been to sell Good Stuff Cheap\u00ae. We do this through a flexible buying model that focuses on closeout merchandise and excess inventory from suppliers and manufacturers around the world. Our stores offer Real Brands! Real Bargains! \u00ae in a treasure hunt shopping environment at prices up to 70% below traditional retailers. Our flexible business model, which includes an opportunistic buying strategy, and long history of experience of buying and selling closeout merchandise and excess inventory, differentiates us from traditional retailers. Our highly experienced merchandise team is constantly scouring the market and leveraging deep, long-standing relationships across the supply chain to find the best products at the best prices. We focus on buying cheap and selling cheap, and source products as unique buying opportunities present themselves. While the individual products sold in our stores are constantly changing, our overall merchandise mix is designed to save people money on a wide variety of brand name household products that they need and use in their everyday lives. We operate one reportable industry segment. See Note 12, \u201cSegment Reporting and Entity-Wide Information,\u201d to our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K. On January 31, 2026, we operated 645 retail stores in 34 states. Our stores offer a broad selection of brand name products in a no-frills, warehouse-style treasure hunt shopping experience, and our merchandise assortment is constantly changing. Flexible Business Model We operate a unique and flexible business model that combines an opportunistic buying strategy with a broad and changing assortment of brand name household products sold at ITEM 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. You should carefully consider the following risk factors, as well as other information in this Annual Report on Form 10-K, before deciding whether to invest in the shares of our common stock. The occurrence of any of the events de", "title": "OLLI - Ollie's Bargain Outlet Holdings, Inc.", "url": "/company/OLLI/" }, { "kind": "company", "summary": "SIC 2800 Chemicals & Allied Products; CIK 0000074303; latest 10-K filed 2026-02-20.", "text": "OLN - OLIN Corp SIC 2800 Chemicals & Allied Products; CIK 0000074303; latest 10-K filed 2026-02-20. OLN OLIN Corp 0000074303 2800 Chemicals & Allied Products Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS BUSINESS BACKGROUND Olin Corporation (Olin, the Company, we or our) is a Virginia corporation, incorporated in 1892, having its principal executive offices in Clayton, MO. We are a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. Our operations are concentrated in three business segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. All of our business segments are capital-intensive manufacturing businesses. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride (EDC) and vinyl chloride monomer (VCM), methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products and potassium hydroxide. The Epoxy segment produces and sells a full range of epoxy materials and precursors, including aromatics (acetone and phenol), allyl chloride, epichlorohydrin, liquid epoxy resins, solid epoxy resins and formulated solutions products such as converted epoxy resins and additives. The Winchester segment produces and sells sporting ammunition, reloading components, small caliber military ammunition and components, industrial cartridges and clay targets, along with contracted U.S. military project revenue. RECENT DEVELOPMENTS AND HIGHLIGHTS Overview Net loss was $(100.5) million for 2025 compared to net income of $108.6 million for 2024, a decrease of $209.1 million. The decrease in results from the prior year was primarily due to lower operating results across all of our business segments. Diluted net loss per share was $(0.88) for 2025 compared to diluted net income per share of $0.91 for 2024, a decrease of $1.79 per share, or 197%. Chlor Alkali Products and Vinyls reported segment income was $181.1 million for 2025 compared to segment income of $296.4 million for 2024. Chlor Alkali Products and Vinyls 2025 segment income included a $75.0 million pretax charge associated with a litigation loss contingency related to a VCM customer dispute and 2024 segment income included a $93.6 million penalty associated with Hurricane Beryl. The remaining decrease of $133.9 million in segment income from the prior year was primarily due to lower pricing, primarily EDC, and higher raw material and operating costs, including planned maintenance turnaround expenses, partially offset by higher volumes and the 45V Tax Credit (defined below in Other Items). Epoxy reported segment loss was $(103.5) million for 2025 compared to segment loss of $(85.0) million for 2024. Epoxy\u2019s 2024 segment loss included a $32.7 million penalty associated with Hurricane Beryl. The remaining decrease of $51.2 million in Epoxy segment results, as compared to the prior year, was primarily due to higher operating costs, including unabsorbed fixed manufacturing costs incurred from planned inventory reductions and planned maintenance turnarounds, partially offset by improved volumes. Global epoxy demand remains challenged, with continued market saturation from subsidized Asian competition. Winchester reported segment income of $67.7 million for 2025 compared to segment income of $237.9 million for 2024. Winchester segment results were lower than in the prior year primarily due to decreased commercial ammunition sales volumes and pricing, along with higher raw material and operating costs, including commodity metal and propellant costs, partially offset by higher military project revenue. Liquidity and Share Repurchases During 2025, we repurchased and retired 2.2 million shares of common stock at a total value of $50.5 million. As of December 31, 2025, we had $1.9 billion of remaining authorization to repurchase shares of our common stock under our 2022 Repurchase Authorization and 2024 Repurchase Authorization (both defined in Liquidity and Capital Resources) pro Item 1. BUSINESS GENERAL Olin Corporation (Olin, the Company, we or our) is a Virginia corporation, incorporated in 1892, having its principal executive offices in Clayton, MO. We are a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. Our operations are concentrated in three business segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. All of our business segments are capital-intensive manufacturing businesses. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride (EDC) and vinyl chloride monomer (VCM), methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products and potassium hydroxide, which represented 54% of 2025 sales. The Epoxy segment produces and sells a full range of epoxy materials and precursors, including aromatics (acetone and phenol), allyl chloride, epichlorohydrin, liquid epoxy resins, solid epoxy resins and formulated solutions products such as converted epoxy resins and additives, which represented 20% of 2025 sales. The Winchester segment produces and sells sporting ammunition, reloading components, small caliber military ammunition and components, industrial cartridges and clay targets, along with contracted U.S. military project revenue, which represented 26% of 2025 sales. See our discussion of our segment disclosures contained in Item 7\u2014\u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d GOVERNANCE We maintain a website at www.olin.com. Our reports on Form 10-K, Form 10-Q and Form 8-K, as well as amendments to those reports, are available free of charge on our website, as soon as reasonably practicable after we file the reports with the Securities and Exchange Commission (SEC). Also, a copy of our electronically filed materials can be obtained at www.sec.gov. Our Principles Item 1A. RISK FACTORS In addition to the other information in this Form 10-K, the following factors should be considered in evaluating Olin and our business. All of our forward-looking statements should be considered in light of these factors. The following summarizes the risks and uncertainties that we consider to be material and that may adversely affec", "title": "OLN - OLIN Corp", "url": "/company/OLN/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000707179; latest 10-K filed 2026-02-19.", "text": "ONB - OLD NATIONAL BANCORP /IN/ SIC 6021 National Commercial Banks; CIK 0000707179; latest 10-K filed 2026-02-19. ONB OLD NATIONAL BANCORP /IN/ 0000707179 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"General Overview\",\"36\"],[\"Corporate Developments in 2025\",\"36\"],[\"Business Outlook\",\"37\"],[\"Financial Highlights\",\"38\"],[\"Non-GAAP Financial Measures\",\"40\"],[\"Results of Operations\",\"43\"],[\"Financial Condition\",\"48\"],[\"Risk Management\",\"54\"],[\"Material Contractual Obligations, Commitments, and Contingent Liabilities\",\"65\"],[\"Critical Accounting Estimates\",\"66\"]] [[/GREPCENT_TABLE]] The following is an analysis generally discussing our results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024, and financial condition as of December 31, 2025 and 2024. This discussion and analysis should be read in conjunction with our consolidated financial statements and related notes. This discussion contains forward-looking statements concerning our business. Readers are cautioned that, by their nature, forward-looking statements are based on estimates and assumptions and are subject to risks, uncertainties, and other factors. Actual results may differ materially from our expectations that are expressed or implied by any forward-looking statement. The discussion in Item 1A, \u201cRisk Factors,\u201d lists some of the factors that could cause our actual results to vary materially from those expressed or implied by any forward-looking statements, and such discussion is incorporated into this discussion by reference. For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. GENERAL OVERVIEW Old National is the sixth largest commercial bank headquartered in the Midwest by asset size and ranks among the top 25 banking companies headquartered in the United States. The Company\u2019s corporate headquarters and principal executive office are located in Evansville, Indiana with commercial and consumer banking operations headquartered in Chicago, Illinois. Through our wholly owned banking subsidiary and non-bank affiliates, we provide a wide range of services primarily throughout the Midwest and Southeast regions of the United States. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. CORPORATE DEVELOPMENTS IN 2025 Old National\u2019s 2025 results were driven by the completion and successful integration of Bremer and a focus on fundamentals\u2014core deposit growth to support loan expansion, positive operating leverage, disciplined credit management, and healthy liquidity and capital ratios. We once again showed our unwavering commitment to shareholders, clients, team members, and communities. Our peer-leading deposit franchise, disciplined loan growth, strong credit quality, well-managed expenses, and dedicated team members who are committed to our clients and communities enabled us to exceed our expectations that we set as we began 2025. Highlights experienced in 2025 included: \u2022completion of our Bremer partnership on May 1, 2025, solidifying our position as a premier mid-size bank; \u2022net income applicable to common shareholders of $653.1 million, or $1.79 per diluted common share; \u2022peer-leading, low-cost deposit franchise; loan to deposit ratio of 89%; \u2022growth in total deposits of 35%, 5% excluding Bremer; \u2022disciplined loan growth of 34%, 5% excluding Bremer; \u2022disciplined expense management with an efficiency ratio of 55.10%; \u2022stable credit metrics, including net charge-offs to average loans of 0.25%; and \u2022tangible book value per share growth of 15%. 36 Results for 2025 were impacted by $140.9 million of merger-related expenses, $75.6 million of CECL Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired ITEM 1. BUSINESS COMPANY PROFILE Old National Bancorp, the financial holding company of Old National Bank, our wholly owned banking subsidiary (\u201cOld National Bank\u201d), is incorporated in the state of Indiana, is the sixth largest Midwestern-headquartered bank by asset size with consolidated assets of $72.2 billion at December 31, 2025, and ranks among the top 25 banking companies headquartered in the United States. The Company\u2019s corporate headquarters and principal executive office are located in Evansville, Indiana with commercial and consumer banking operations headquartered in Chicago, Illinois. Through Old National Bank and our non-bank affiliates, we provide a wide range of services primarily throughout the Midwest and Southeast regions of the United States. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. THE BANK Old National Bank traces its roots to 1834 and at December 31, 2025, operated 346 banking centers located primarily throughout the Midwestern and Southeastern United States, including Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, North Carolina, North Dakota, Tennessee, and Wisconsin. Each of the banking centers of Old National Bank provides a group of similar community banking services, including such products and services as commercial, real estate, and consumer loans; deposits; and private banking, capital markets, brokerage, wealth management, trust, and investment advisory services. We earn interest income on loans as well as fee income from the origination of loans and from providing other services to our clients. Lending activities include loans to individuals, which primarily consist of home equity lines of credit, residential real estate loans, and consumer loans, and loans to commercial clients, which include commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing ITEM 1A. RISK FACTORS There are a number of risks and uncertainties that could adversely affect Old National\u2019s business, financial condition, results of operations or cash flows, and access to liquidity, thereby affecting an investment in our Common Stock. Strategic, Financial, and Competition Risks Economic conditions have affected and ", "title": "ONB - OLD NATIONAL BANCORP /IN/", "url": "/company/ONB/" }, { "kind": "company", "summary": "SIC 3829 Measuring & Controlling Devices, NEC; CIK 0000704532; latest 10-K filed 2026-02-24.", "text": "ONTO - ONTO INNOVATION INC. SIC 3829 Measuring & Controlling Devices, NEC; CIK 0000704532; latest 10-K filed 2026-02-24. ONTO ONTO INNOVATION INC. 0000704532 3829 Measuring & Controlling Devices, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Executive Summary We are a worldwide leader in the design, development, manufacture and support of process control tools that perform macro-defect inspection and metrology, lithography systems, and process control analytical software used by semiconductor and advanced packaging device manufacturers. We deliver comprehensive solutions throughout the semiconductor fabrication process with our families of proprietary products that provide critical yield-enhancing information, enabling microelectronic device manufacturers to drive down costs and time to market of their devices. We provide process and yield management solutions used in both wafer processing facilities, often referred to as \u201cfront-end\u201d manufacturing, and in device packaging and test facilities, commonly referred to as \u201cback-end\u201d manufacturing. Our advanced process control software portfolio includes powerful solutions for standalone tools, groups of tools, or factory-wide suites to enhance productivity and achieve significant cost savings. Our principal market is semiconductor capital equipment. Semiconductors packaged as ICs, or \u201cchips,\u201d are used in consumer electronics, server and enterprise systems, mobile computing (including smart phones and tablets), data storage devices, and embedded automotive and control systems. Our core focus is the measurement and control of the structure, composition, and geometry of semiconductor devices as they are fabricated on silicon wafers to improve device performance and manufacturing yields. Our products and services are used by our customers who manufacture many types of ICs for a multitude of applications, each having unique manufacturing challenges. This includes ICs to enable information processing and management (logic ICs), memory storage (NAND, 3D-NAND, NOR, and DRAM), analog devices (e.g., Wi-Fi and 5G radio ICs, power devices), MEMS sensor devices (accelerometers, pressure sensors, microphones), image sensors, and other end markets including components for AI, hard disk drives, LEDs, and power management. The semiconductor and electronics industries have also been characterized by constant technological innovation. We believe that, over the long term, our customers will continue to invest in advanced technologies and new materials to enable smaller design rules and higher density applications that fuel demand for process control equipment. The following table summarizes certain key financial information for the periods indicated below: [[GREPCENT_TABLE]] [[\"\",\"Year Ended\"],[\"\",\"January 3, 2026\",\"\",\"\",\"December 28, 2024\"],[\"\",\"(in thousands, except for percentages and per share data)\"],[\"Revenue\",\"$\",\"1,005,263\",\"\",\"\",\"$\",\"987,321\"],[\"Gross profit\",\"$\",\"499,770\",\"\",\"\",\"$\",\"515,308\"],[\"Gross profit as a percent of revenue\",\"\",\"49.7\",\"%\",\"\",\"\",\"52.2\",\"%\"],[\"Total operating expenses\",\"$\",\"366,843\",\"\",\"\",\"$\",\"328,205\"],[\"Net income\",\"$\",\"136,759\",\"\",\"\",\"$\",\"201,670\"],[\"Diluted earnings per share\",\"$\",\"2.78\",\"\",\"\",\"$\",\"4.06\"]] [[/GREPCENT_TABLE]] \u2022 In fiscal 2025, revenue increased 2% compared to fiscal 2024, primarily due to higher sales to NAND and OSAT customers as well as revenue attributed to the acquired Semilab USA business, partially offset by lower sales to Foundry and DRAM customers. \u2022 Gross profit as a percentage of revenue decreased to 49.7% for fiscal 2025 compared to 52.2% for fiscal 2024. This was primarily driven by write-downs of excess and obsolete inventory, restructuring costs related to infrastructure transition and costs related to contract manufacturing set-up in fiscal 2025. \u2022 The increase in operating expenses in fiscal 2025 compared to fiscal 2024 was primarily due to increased restructuring expenses, transaction and amortization costs related to the acquisition of Semilab USA, research and development project costs and compensation cost. Our cash, cash equivalents and marketable securities bala Item 1. Business. General Onto Innovation\u00ae is a worldwide leader in the design, development, manufacture and support of metrology and inspection tools for the semiconductor industry, including process control tools that perform optical metrology and inspection on patterned and unpatterned wafers, including macro defect inspection of both 2D and 3D wafer features, wafer substrate and panel substrate lithography systems, and process control analytical software. Our products are primarily used by silicon wafer manufacturers, semiconductor integrated circuit (\u201cIC\u201d) fabricators, and advanced packaging manufacturers operating in the semiconductor market. Our products are also used for process control in a number of other specialty device manufacturing markets, including light emitting diodes (\u201cLED\u201d), vertical-cavity surface-emitting lasers (\u201cVCSEL\u201d), micro-electromechanical systems (\u201cMEMS\u201d), CMOS image sensors (\u201cCIS\u201d), silicon and compound semiconductor (SiC and GaN) power devices, analog devices, RF filters, data storage, and certain industrial and scientific applications. We provide process and yield management solutions used in bare silicon wafer production and wafer processing facilities, often referred to as \u201cfront-end\u201d manufacturing, and advanced packaging of chips and test facilities, or \u201cback-end\u201d manufacturing, through a portfolio of standalone systems for optical metrology, macro-defect inspection, packaging lithography, as well as transparent and opaque thin film measurements. Our automated and integrated metrology systems measure critical dimensions, device structures, topography, shape, and various thin film compositions, including three-dimensional features and film thickness, as well as optical and material properties. Our primary areas of focus include products that provide critical yield-enhancing and actionable information, which is used by microelectronic device manufacturers to improve yield and time to market of their next-generation devices. Our s Item 1A. Risk Factors. Below is a summary of the principal factors and uncertainties that make investing in our company risky. You should read this summary together with the more detailed description of each risk factor contained further below. Risks Related to Our Operations \u2022 If we do not manage our supply ch", "title": "ONTO - ONTO INNOVATION INC.", "url": "/company/ONTO/" }, { "kind": "company", "summary": "SIC 8082 Services-Home Health Care Services; CIK 0001014739; latest 10-K filed 2026-02-24.", "text": "OPCH - Option Care Health, Inc. SIC 8082 Services-Home Health Care Services; CIK 0001014739; latest 10-K filed 2026-02-24. OPCH Option Care Health, Inc. 0001014739 8082 Services-Home Health Care Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is designed to assist the reader in understanding our consolidated financial statements, the changes in certain key items in those financial statements from year-to-year and the primary factors that accounted for those changes as well as how certain accounting principles affect our consolidated financial statements. Except for the historical information contained herein, the following discussion contains forward-looking statements that are subject to known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. We discuss such risks, uncertainties and other factors throughout this Annual Report and specifically under the caption \u201cForward-Looking Statements\u201d and in Item 1A. \u201cRisk Factors\u201d in this Annual Report. In addition, the following discussion of financial condition and results of operations should be read in conjunction with the consolidated financial statements and notes thereto appearing in Item 8 in this Annual Report. Business Overview Option Care Health and its wholly-owned subsidiaries provide infusion therapy and other ancillary healthcare services through a national network of 196 locations around the United States. Our national footprint enables us to collaborate with health systems and national payers to provide high quality care at an appropriate cost in a comfortable setting. We have established key relationships that allow us access to local resources to ensure responsiveness to our patients\u2019 needs. At the center of everything we do is the patient. This is the driving force behind all of our actions and the partnerships that we have broadly across the healthcare ecosystem. 29 Table of Contents Composition of Results of Operations The following results of operations include the accounts of Option Care Health and our subsidiaries for the years ended December 31, 2025 and 2024. Gross Profit Gross profit represents our net revenue less cost of revenue. Net Revenue. Infusion and related healthcare services revenue is reported at the estimated net realizable amounts from third-party payers and patients for goods sold and services rendered. When pharmaceuticals are provided to a patient, revenue is recognized upon delivery of the goods. When nursing services are provided, revenue is recognized when the services are rendered. Due to the nature of the healthcare industry and the reimbursement environment in which the Company operates, certain estimates are required to record revenue and accounts receivable at their net realizable values at the time goods or services are provided. Inherent in these estimates is the risk that they will have to be revised or updated as additional information becomes available. Specifically, the complexity of many third-party billing arrangements and the uncertainty of reimbursement amounts for certain services from certain payers may result in adjustments to amounts originally recorded. Cost of Revenue. Cost of revenue consists of the actual cost of pharmaceuticals and other medical supplies dispensed to patients. In addition to product costs, cost of revenue includes warehousing costs, purchasing costs, depreciation expense relating to revenue-generating assets, such as infusion pumps, shipping and handling costs, and wages and related costs for the pharmacists, nurses, and all other employees and contracted workers directly involved in providing service to the patient. The Company receives volume-based rebates and prompt payment discounts from some of its pharmaceutical and medical supplies vendors. These payments are recorded as a reduction of inventory and are accounted for as a reduction of cost of revenue when the related inventory is sold. Operating Costs a Item 1. Business Overview Option Care Health, Inc. (\u201cOption Care Health\u201d, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, or the \u201cCompany\u201d) is the largest independent provider of home and alternate site infusion services through its national network of 196 locations in 43 states. Option Care Health draws on over 40 years of clinical care experience to offer patient-centered, cost-effective infusion therapy. Option Care Health\u2019s infusion services include the clinical management of infusion therapy, nursing support and care coordination. Option Care Health\u2019s multidisciplinary team of more than 5,000 clinicians, including pharmacists, pharmacy technicians, nurses and dietitians, are able to provide infusion service coverage for nearly all patients across the United States (\u201cU.S.\u201d) needing treatment for complex and chronic medical conditions. On April 7, 2015, HC Group Holdings II, Inc. (\u201cHC II\u201d) and its sole shareholder, HC Group Holdings I, LLC. (\u201cHC I\u201d), collectively acquired Walgreens Infusion Services, Inc. and its subsidiaries from Walgreen Co., and the business was rebranded as Option Care, Inc. (\u201cOption Care\u201d). On March 14, 2019, HC I and HC II entered into a definitive agreement to merge with and into a wholly-owned subsidiary of BioScrip, Inc. (\u201cBioScrip\u201d) (the \u201cMerger\u201d), a national provider of infusion and home care management solutions, which was completed on August 6, 2019 (the \u201cMerger Date\u201d). Following the close of the Merger, BioScrip was rebranded as Option Care Health, Inc. Option Care Health contracts with managed care organizations, third-party payers, hospitals, physicians and other referral sources to provide pharmaceuticals and complex compounded solutions to patients for intravenous delivery in the patients\u2019 homes or other nonhospital settings. Our services are provided in coordination with, and under the direction of, the patient\u2019s physician. Our multidisciplinary team of clinicians, including pharmacists, nurses, and dietitians, work with the physician to develop a Item 1A. Risk Factors Investors should carefully consider the following Company-specific and general risk factors. Company-Specific Risk Factors Our revenue and profitability could decline if the pharmaceutical industry undergoes certain changes, including limiting or discontinuing research, development, production and ", "title": "OPCH - Option Care Health, Inc.", "url": "/company/OPCH/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0001296445; latest 10-K filed 2026-02-26.", "text": "ORA - ORMAT TECHNOLOGIES, INC. SIC 4911 Electric Services; CIK 0001296445; latest 10-K filed 2026-02-26. ORA ORMAT TECHNOLOGIES, INC. 0001296445 4911 Electric Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our results of operations, financial condition and liquidity in conjunction with our consolidated financial statements and the related notes. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report including information with respect to our plans and strategies for our business, statements regarding the industry outlook, our expectations regarding the future performance of our business, and the other non-historical statements contained herein are forward-looking statements. See \u201cCautionary Note Regarding Forward-Looking Statements.\u201d You should also review Item 1A \u2014 \u201cRisk Factors\u201d for a discussion of important factors that could cause actual results to differ materially from the results described herein or implied by such forward-looking statements. General Recent Developments The most significant recent developments for our Company and business during 2025 and 2026 to date are described below: \u2022In February 2026, we entered into a long-term geothermal portfolio PPA to supply up to 150MW of new geothermal capacity to support Google\u2019s data center\u2019s energy needs, through NV Energy\u2019s Clean Transition Tariff program. The portfolio structure is expected to enable the development of multiple new geothermal projects across Nevada, with energy deliveries anticipated to commence between 2028 and 2030 as projects reach commercial operations. Per the PPA structure, the contract term begins with the first geothermal project achieving commercial operations and extends 15 years beyond the final project\u2019s commercial operations date. The agreement and related energy supply arrangements are subject to approval by the Nevada PUC, which is expected in the second half of 2026. \u2022In January 2026, we acquired Hoku, a recently built operational solar-plus-storage facility on the Big Island of Hawaii, from Innergex Renewable Energy Inc. for total cash consideration of $80.5 million. The acquired assets include a 30MW solar PV facility paired with a 30MW/120MWh battery energy storage system, which achieved commercial operation in March 2025 and is fully operational. All output from the facility is sold under a 25-year fixed-price power purchase agreement with HECO. \u2022In January 2026, we made a $25 million investment in Sage Geosystems Inc. (\u201cSage\u201d) as part of Sage\u2019s Series B financing round. This investment represents an important milestone in our strategy to expand our EGS portfolio and capabilities and supports the continued development and commercialization of next-generation geothermal technology. In August 2025, we also announced the signing of a strategic commercial agreement with Sage. Under the terms of the agreement, Sage will pilot its advanced pressure geothermal technology to extract geothermal heat energy from hot dry rock at an existing Ormat power plant. This collaboration aims to significantly reduce the time needed to bring geothermal energy to market and is expected to enhance the Company\u2019s operational efficiency while accelerating the implementation of next-generation geothermal solutions. The strategic commercial agreement was closed. \u2022In January 2026, we were awarded the Telaga Ranu geothermal working area concession in Indonesia following a competitive tender process. The concession is located in Halmahera, North Maluku, within one of Indonesia\u2019s highest approved feed-in tariff zones and has the potential to support up to approximately 40MW of baseload geothermal generation capacity. This award strengthens our long-term development pipeline and supports our continued growth strategy in Indonesia. \u2022In January 2026, we entered into a new 20-year PPA with Switch, Inc., a leading provider of data center infrastructure, pursuant to which Switch will purchase approximately 13MW of carbon-free geothermal capacity from our Salt ITEM 1. BUSINESS Overview We are a leading vertically integrated company primarily engaged in the geothermal power business. We leverage our core capabilities, proprietary technologies, and global presence to expand our activities in conventional geothermal development, recovered energy generation and emerging geothermal technologies, including piloting of new EGS technologies. In addition, we are expanding into different complementary energy solutions, including stand alone utility scale energy storage services and solar PV generation (including hybrid geothermal and solar PV as well as solar plus energy storage). Our objective is to become a leading global provider of renewable energy and to help mitigate climate change by providing reliable base-load and flexible alternatives to carbon-intensive energy sources. To support this objective, we have adopted a strategic plan focused on several key initiatives to expand our business, including advancing EGS through collaborations and pilot projects, diversifying our renewable energy offerings, and leveraging our operational expertise to drive long-term growth. We currently conduct our business activities in three business segments: \u2022Electricity Segment. In the Electricity segment, we develop, build, own and operate geothermal, solar PV and recovered energy-based power plants in the United States and geothermal power plants in other countries around the world and sell the electricity they generate. Since the beginning of 2025, we have increased our commercial operation by 115MW from geothermal and solar PV power plants, achieved through both organic growth and M&A. Through organic development, 6MW were contributed by the repowering of the Beowawe geothermal plant, 17MW, our proportional share, by the Ijen geothermal facility in Indonesia, and 42MW by the Arrowleaf solar PV plant, which is connected to an energy storage system. Furthermore, we acquired an additional 20MW from the Blue Mountain geothermal plant after ITEM 1A. RISK FACTORS The following risk factors should be read carefully in connection with evaluating us and this Annual Report. Certain statements in \u201cRisk Factor\u201d are forward-looking statements. See \u201cCautionary Note Regarding Forward-Looking Statements\u201d elsewhere in this Annual Report. Risks Related to the Company\u2019s Business and Operation Our", "title": "ORA - ORMAT TECHNOLOGIES, INC.", "url": "/company/ORA/" }, { "kind": "company", "summary": "SIC 6351 Surety Insurance; CIK 0000074260; latest 10-K filed 2026-02-26.", "text": "ORI - OLD REPUBLIC INTERNATIONAL CORP SIC 6351 Surety Insurance; CIK 0000074260; latest 10-K filed 2026-02-26. ORI OLD REPUBLIC INTERNATIONAL CORP 0000074260 6351 Surety Insurance Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations ($ in Millions, Except Share Data) OVERVIEW This management discussion and analysis of financial condition and results of operations pertains to the consolidated accounts of Old Republic International Corporation, its subsidiaries, and any variable interest entities that meet the requirements for consolidation (collectively, \"Old Republic\", \"ORI\", or \"the Company\"). The Company conducts its business through a number of operating companies, which utilize one or more insurance company subsidiaries to issue their policies, and is organized into two segments: Specialty Insurance and Title Insurance. The Republic Financial Indemnity Group (RFIG) Run-off business through the effective date of its sale of May 31, 2024 and a small life and accident insurance business, together accounting for 0.1% of consolidated operating revenues for the year ended December 31, 2025, and 0.3% of consolidated assets as of that date, are included within the Corporate & Other caption of this report. The consolidated accounts are presented in conformity with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) of accounting principles generally accepted in the United States of America (GAAP). As a publicly held company, Old Republic utilizes GAAP to comply with the financial reporting requirements of the Securities and Exchange Commission (SEC). The FASB and the SEC periodically issue various releases, most of which require additional financial statement disclosures and provide related application guidance. Recent guidance issued by the FASB is summarized further in the Notes to Consolidated Financial Statements where applicable. As a state regulated financial institution vested with the public interest, however, business of the Company's insurance subsidiaries is managed pursuant to the laws, regulations, and accounting practices of the various states in the U.S. and those of a small number of other jurisdictions outside the U.S. in which they operate. In comparison with GAAP, the statutory accounting practices generally reflect greater conservatism and comparability among insurers and are intended to address the primary financial security interests of policyholders and their beneficiaries. Additionally, these practices also affect a significant number of important factors such as product pricing, risk bearing capacity and capital adequacy, the determination of federal income taxes payable currently among ORI's tax-consolidated entities, and the upstreaming of dividends and payment of interest and principal on surplus notes by insurance subsidiaries to the parent holding company. The major differences between these statutory accounting practices and GAAP are summarized in Note 1 in the Notes to Consolidated Financial Statements. The insurance business is distinguished from most others in that the prices (premiums) charged for most products are set without knowing what the ultimate loss costs will be. The Company also cannot know exactly when claims will be paid, which may be many years after a policy was issued or expired. This casts Old Republic as a risk-taking enterprise managed for the long run. Old Republic therefore conducts its business with a primary focus on achieving favorable underwriting results over cycles, and on maintaining a sound financial condition to support its long-term obligations to policyholders and their beneficiaries. To achieve these objectives, adherence to insurance risk management principles is stressed, and asset diversification and quality are emphasized. In addition, management engages in an ongoing assessment of operating risks that could adversely affect the Company's business and reputation. In addition to income arising from Old Republic's basic underwriting and related services functions, significant investment income is earned from invested funds generated by those functions and f Item 1 - Business ($ in Millions, Except Share Data) (a) General Description of Business. Old Republic International Corporation is a Chicago-based holding company engaged in the business of insurance underwriting and related services. It conducts its business through a number of operating companies, which utilize one or more insurance company subsidiaries to issue their policies, and is organized into two segments: Specialty Insurance and Title Insurance. References herein to such segments apply to the Company's subsidiaries engaged in these respective segments of business. The results of the Republic Financial Indemnity Group (RFIG) Run-off business, previously a reportable segment, are deemed immaterial and reflected within the Corporate & Other caption of this report through the effective date of its sale of May 31, 2024, along with the results of a small life and accident insurance business. \"Old Republic\" or \"the Company\" refers to Old Republic International Corporation, its subsidiaries, and any variable interest entities that meet the requirements for consolidation, as the context requires. The insurance business is distinguished from most others in that the prices (premiums) charged for most products are set without knowing what the ultimate loss costs will be. The Company also cannot know exactly when claims will be paid, which may be many years after a policy was issued or expired. This casts Old Republic as a risk-taking enterprise managed for the long run. Old Republic therefore conducts its business with a primary focus on achieving favorable underwriting results over cycles, and on maintaining a sound financial condition to support its long-term obligations to policyholders and their beneficiaries. To achieve these objectives, adherence to insurance risk management principles is stressed, and asset diversification and quality are emphasized. The underwriting principles encompass: \u2022Employing disciplined risk selection, evaluation, and pricing pract Item 1A - Risk Factors In evaluating the Company, the factors described below should be considered carefully. The occurrence or reoccurrence of one or more of these events could significantly and adversely affect the Company\u2019s business, financial condition, and results of operations. RISKS RELATING TO OLD REPUBLIC AND ITS BUSIN", "title": "ORI - OLD REPUBLIC INTERNATIONAL CORP", "url": "/company/ORI/" }, { "kind": "company", "summary": "SIC 3711 Motor Vehicles & Passenger Car Bodies; CIK 0000775158; latest 10-K filed 2026-02-17.", "text": "OSK - OSHKOSH CORP SIC 3711 Motor Vehicles & Passenger Car Bodies; CIK 0000775158; latest 10-K filed 2026-02-17. OSK OSHKOSH CORP 0000775158 3711 Motor Vehicles & Passenger Car Bodies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL Oshkosh Corporation is a global industrial technology company that designs and deploys advanced technologies to empower everyday heroes who build, serve and protect communities around the world. Across construction, firefighting, aviation, refuse collection, defense and delivery industries, we create purpose-built vehicles, equipment and integrated ecosystems that are safe, intuitive and highly productive. As an innovator and integrator, we work directly with our customers to solve real-world challenges \u2013 developing and applying breakthrough technologies in autonomy, artificial intelligence, connectivity and electrification. Through these advancements, we make some of the world\u2019s toughest jobs safe, efficient, sustainable and connected \u2014 delivering measurable impact for the people who depend on us every day. Major products manufactured and marketed by each of the Company\u2019s business segments are as follows: Access \u2014 aerial work platforms and telehandlers used in a wide variety of construction, industrial, agricultural, vegetation management and maintenance applications to position workers and materials at elevated heights. Access customers include equipment rental companies, construction contractors and home improvement centers. The Access segment also manufactures carriers and wreckers sold to towing companies. Vocational \u2014 custom and commercial firefighting vehicles and equipment sold to municipal fire departments; aviation ground support products, gate equipment and airport services sold to commercial airlines, airports, air-freight carriers, ground handling customers and the military; aircraft rescue and firefighting (ARFF) vehicles sold to airports and the U.S. military; refuse and recycling collection vehicles sold to commercial and municipal waste haulers; field service vehicles and truck-mounted cranes sold to mining, construction and equipment rental companies; simulators, mobile command vehicles and other emergency vehicles sold to fire departments and other governmental units; and front-discharge concrete mixers sold to ready-mix companies. Transport \u2014 tactical vehicles, trailers and parts sold to the U.S. military and to other militaries around the world and delivery vehicles for the United States Postal Service (USPS). All estimates referred to in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d refer to the Company\u2019s estimates as of February 17, 2026. OVERVIEW The Company experienced a dynamic and unpredictable international trade environment throughout 2025. The continuously-changing environment contributed to economic uncertainty and the Company saw some customers being judicious with spending on new equipment. Tariffs enacted in the U.S. during the year cost the Company $35 million, or $0.42 per share. Despite all of this, the Company reported solid 2025 earnings per share of $10.02. Driven by the dedication and hard work of its more than 18,000 team members, the Company made tremendous progress on its initiatives during the year. As a result of increased production rates, sales of delivery vehicles were up $365 million, or 352%, in 2025 compared to 2024. The Access segment reported an operating income margin of 11.2% in an environment where sales were down 13.0%. Continued production throughput in the Vocational segment contributed, in large part, to the 12.6% increase in Vocational segment sales over the prior year, while increasing margins to 14.7%, an increase of 270 basis points over 2024. Higher Vocational segment sales and higher sales in the delivery vehicle business as well as improved pricing nearly offset the decline in revenue in the access equipment and defense businesses. Improved communications with customers led to strong customer advances, resulting in cash flows from operations in 2025 of $783 million, an increase of $233 million from 2024 ITEM 1. BUSINESS The Company Oshkosh Corporation is a global industrial technology company that designs and deploys advanced technologies to empower everyday heroes who build, serve and protect communities around the world. Across construction, firefighting, aviation, refuse collection, defense and delivery industries, we create purpose-built vehicles, equipment and integrated ecosystems that are safe, intuitive and highly productive. As an innovator and integrator, we work directly with our customers to solve real-world challenges \u2013 developing and applying breakthrough technologies in autonomy, artificial intelligence, connectivity and electrification. Through these advancements, we make some of the world\u2019s toughest jobs safe, efficient, sustainable and connected \u2014 delivering measurable impact for the people who depend on us every day. The Company has three reportable segments: Access, Vocational and Transport, which comprised 43%, 36% and 20%, respectively, of the Company\u2019s 2025 consolidated net sales. Oshkosh\u2019s leading brands include a wide range of purpose-built vehicles and equipment for a diverse set of end markets. Our innovations are scalable and adaptable, often expanding across many of our businesses. We believe collaboration across our diverse, resilient portfolio drives breakthroughs in technology, supply chain, materials integration and manufacturing across markets. The Company generated approximately 20% of its net sales in both 2025 and 2024, and 19% in 2023, from sales to the United States (U.S.) government, a substantial majority of which were under multi-year contracts and programs in the defense vehicle market. See Note 24 of the Notes to Consolidated Financial Statements for financial information related to the Company's reportable segments. The Access segment designs and manufactures access and material handling equipment for use in a wide range of construction, industrial, agricultural, vegetation management and maintenance applications to ITEM 1A. RISK FACTORS The Company's financial position, results of operations and cash flows are subject to various risks, many of which are not exclusively within the Company's control, which may cause actual performance to differ materially from historical or projected future performance. Investors should carefully consider in", "title": "OSK - OSHKOSH CORP", "url": "/company/OSK/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001792580; latest 10-K filed 2026-02-23.", "text": "OVV - Ovintiv Inc. SIC 1311 Crude Petroleum & Natural Gas; CIK 0001792580; latest 10-K filed 2026-02-23. OVV Ovintiv Inc. 0001792580 1311 Crude Petroleum & Natural Gas Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The MD&A is intended to provide a narrative description of the Company\u2019s business from management\u2019s perspective, which includes an overview of Ovintiv\u2019s consolidated 2025 results and year-over-year comparisons between 2025 and 2024 results. This MD&A should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes for the year ended December 31, 2025 (\u201cConsolidated Financial Statements\u201d), which are included in Item 8 of this Annual Report on Form 10-K. Discussion and analysis of 2023 results and year-over-year comparisons between 2024 and 2023 results that are not included in this Form 10-K, can be found in Item 7 of the 2024 Annual Report on Form 10-K. Common industry terms and abbreviations are used throughout this MD&A and are defined in the Definitions, Conversions and Conventions sections of this Annual Report on Form 10-K. This MD&A includes the following sections: \u2022 Executive Overview \u2022 Results of Operations \u2022 Liquidity and Capital Resources \u2022 Accounting Policies and Estimates \u2022 Non-GAAP Measures Executive Overview Strategy Ovintiv aims to be a leading North American energy producer and is focused on developing its high-quality multi-basin portfolio of oil and natural gas producing plays as part of its strategy outlined in Items 1 and 2 of this Annual Report on Form 10-K. Ovintiv is committed to delivering quality returns from its capital investment, generating significant cash flows and providing durable cash returns to its shareholders through the commodity price cycle. The Company aims to achieve its strategic priorities through execution excellence, disciplined capital allocation, and commercial acumen and risk management. In addition, the Company is dedicated to driving progress in the area of sustainability, aligning with its commitment to corporate responsibility. In support of the Company\u2019s commitment to enhancing shareholder value, Ovintiv utilizes its shareholder return framework to provide competitive returns to shareholders while strengthening its balance sheet. Ovintiv continually monitors and evaluates changing market conditions to maximize cash flows, mitigate risks and renew its premium well inventory. The Company\u2019s high-quality assets, located in the United States and Canada, form a multi-basin, multi-product portfolio which enables flexible and efficient investment of capital that supports the Company\u2019s strategy. Ovintiv seeks to deliver results in a socially and environmentally responsible manner. Best practices are deployed across its assets, allowing the Company to capitalize on operational efficiencies and decrease emissions intensity. The Company\u2019s sustainability reporting, which outlines its key metrics, targets and relative progress achieved, can be found in the Company Outlook section of this MD&A and on the Company\u2019s sustainability website. Underpinning Ovintiv\u2019s strategy are core values of one, agile, innovative and driven, which guide the organization to be collaborative, responsive, flexible and determined. The Company is committed to excellence with a passion to drive corporate financial performance and shareholder value. For additional information on Ovintiv\u2019s strategy, its reporting segments and the plays in which the Company operates, refer to Items 1 and 2 of this Annual Report on Form 10-K. For additional information on the segmented results, refer to Note 2 to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10\u2011K. In evaluating its operations and assessing its leverage, Ovintiv reviews performance-based measures such as Non\u2011GAAP Cash Flow and debt-based metrics such as Debt to Adjusted Capitalization, Debt to EBITDA and Debt 51 to Adjusted EBITDA, which are non-GAAP measures and do not have any standardized meaning under U.S. GAAP. These measures may not be similar to measures presented by other i ITEM 1A. Risk Factors Our business and operations, and our industry in general, are subject to a variety of risks. If any event arising from the risk factors set forth below occurs, our business, financial condition, results of operations, liquidity, the trading prices of our securities and in some cases our reputation could be materially and adversely affected. When assessing the materiality of the foregoing risk factors, we consider several qualitative and quantitative factors, including, but not limited to, financial, operational, environmental, regulatory, reputational and safety aspects of the identified risk factor. The risks described below may not be the only risks we face, as our business, operations and industry may also be subject to risks that we do not yet know of, or that we currently believe are immaterial. The disclosures in this section reflect our beliefs and opinions as to factors that could materially and adversely affect us in the future. References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not such factors have occurred in the past. The Company\u2019s risk factors are summarized as market; operational; environmental; financial; regulatory; tax and general risks associated with business and industry. Market Risks \u2022 A substantial or extended decline in oil, NGLs or natural gas prices, or a substantial increase in oil, NGLs and natural gas price differentials, could have a material adverse effect on our business, financial condition, results of operations, and the trading prices of our securities. \u2022 The trading price of our securities, including our common stock, is subject to volatility. \u2022 Fluctuations in exchange rates could affect expenses or result in realized and unrealized losses. Operational Risks \u2022 Our ability to operate and complete projects is dependent on numerous factors outside of our control. \u2022 Our operations involve many risks, some of wh", "title": "OVV - Ovintiv Inc.", "url": "/company/OVV/" }, { "kind": "company", "summary": "SIC 3572 Computer Storage Devices; CIK 0001474432; latest 10-K filed 2026-03-25.", "text": "P - Everpure, Inc. SIC 3572 Computer Storage Devices; CIK 0001474432; latest 10-K filed 2026-03-25. P Everpure, Inc. 0001474432 3572 Computer Storage Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Investors should read the following discussion and analysis of our financial condition and results of operations together with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed in the section titled \u201cRisk Factors\u201d and in other parts of this Annual Report on Form 10-K. See also the section titled \u201cNote Regarding Forward-Looking Statements\u201d in this report. Our fiscal year end is the first Sunday after January 30. The following discussion of our financial condition and results of operations covers fiscal 2026 and fiscal 2025 items and year-over-year comparisons between fiscal 2026 and fiscal 2025. Discussions of fiscal 2024 items and year-over-year comparisons between fiscal 2025 and 2024 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended February 2, 2025, that was filed with the SEC on March 27, 2025. Overview Everpure, formerly known as Pure Storage, is a global technology company providing an integrated storage and data management platform. Data is foundational to our customers\u2019 business transformation and increasingly central to their operational resilience and competitive differentiation. As data volumes expand and artificial intelligence (AI) becomes more deeply embedded in customers' operations, the ability to store, manage, govern, and derive greater value from their data is becoming as important as the infrastructure used to store it. We began as a provider of flash-based storage systems. Over time, we have evolved into a company that delivers a cloud experience with an intelligent, unified storage and data management platform (the Everpure Platform) that virtualizes data across on-premises, hybrid, public cloud, and edge environments into a single storage layer with consistent control, built-in automation and continuous modernization. We are executing a focused strategy to modernize and simplify data center infrastructure for customers as AI adoption increases and power, space, and operational constraints intensify. Our vision of an all-flash data center integrates our foundation of simplicity and reliability with four major market trends that are impacting all organizations: (1) the shift towards modernizing data infrastructure with all-flash technology; (2) the growth of modern cloud-native applications; (3) increasing demand for data storage delivered as a service; and (4) increasing demand for data storage to support accelerating AI adoption while managing rising energy costs. With the Everpure Platform, customers can build their own Enterprise Data Cloud (EDC), an architectural approach to storage and data management that allows organizations to centrally manage a virtualized cloud of data with unified control \u2014 spanning on-premises, hybrid, and public cloud environments \u2014 enabling intelligent, autonomous data management and consistent governance across the entire environment. Components of Results of Operations Revenue We derive revenue primarily from sales of our integrated storage hardware and embedded licensed software products and storage-as-a-service offerings that comprise our Everpure Platform. Product revenue includes sales of our FlashArray and FlashBlade solutions, royalties from hyperscaler shipments, and sales of Portworx by Everpure term software licenses. Subscription services revenue includes sales of our portfolio of Evergreen, Portworx by Everpure, and Everpure Cloud consumption and subscript Item 1. Business. OVERVIEW Everpure, formerly known as Pure Storage, is a global technology company providing an integrated storage and data management platform. Data is foundational to our customers\u2019 business transformation and increasingly central to their operational resilience and competitive differentiation. As data volumes expand and artificial intelligence (AI) becomes more deeply embedded in customers' operations, the ability to store, manage, govern, and derive greater value from their data is becoming as important as the infrastructure used to store it. We began as a provider of flash-based storage systems. Over time, we have evolved into a company that delivers a cloud experience with an intelligent, unified storage and data management platform (the Everpure Platform) that virtualizes data across on-premises, hybrid and public cloud, and edge environments into a single storage layer with consistent control, built-in automation and continuous modernization. We are executing a focused strategy to modernize and simplify data infrastructure for customers as AI adoption increases and power, space, and operational constraints intensify. Our vision of an all-flash data center integrates our foundation of simplicity and reliability with four major market trends that are impacting all organizations: 1) The shift towards modernizing data infrastructure with all-flash technology; 2) The growth of modern cloud-native applications; 3) Increasing demand for data storage delivered as a service; and 4) Increasing demand for data storage to support accelerating AI adoption while managing rising energy costs. With the Everpure Platform, customers can build their own Enterprise Data Cloud (EDC), an architectural approach to storage and data management that allows organizations to centrally manage a virtualized cloud of data with unified control \u2014 spanning on-premises, hybrid, and public cloud environments \u2014 enabling intelligent, autonomous data management and consis Item 1A. Risk Factors. Investing in our Class A common stock, which we refer to as our \u201ccommon stock\u201d, involves a high degree of risk. Investors should carefully consider the risks and uncertainties described below, together with all of the other information contained in this report, including our consolidated financial statements and the related notes ap", "title": "P - Everpure, Inc.", "url": "/company/P/" }, { "kind": "company", "summary": "SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001019849; latest 10-K filed 2026-02-27.", "text": "PAG - PENSKE AUTOMOTIVE GROUP, INC. SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001019849; latest 10-K filed 2026-02-27. PAG PENSKE AUTOMOTIVE GROUP, INC. 0001019849 5500 Retail-Auto Dealers & Gasoline Stations Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including those discussed in \"Item 1A. Risk Factors\" and \"Forward-Looking Statements.\" We have acquired, disposed, and initiated a number of businesses during the periods presented and addressed in this Management's Discussion and Analysis of Financial Condition and Results of Operations. Our financial statements include the results of operations of those businesses from the date acquired or when they commenced operations. Our period-to-period results of operations may vary depending on the dates of acquisitions or disposals. 31 Table of Contents Overview We are a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. We operate dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia, and we are one of the largest retailers of commercial trucks in North America for Freightliner. We also distribute and retail commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. We employ over 27,700 people worldwide. Additionally, we own 28.9% of Penske Transportation Solutions, a business that employs over 42,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 396,600 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts, and provides innovative transportation, supply chain, and technology solutions to its customers. Business Overview In 2025, our business generated $31.8 billion in total revenue, which is comprised of approximately $27.5 billion from retail automotive dealerships, $3.4 billion from retail commercial truck dealerships, and $922.6 million from commercial vehicle distribution and other operations. We generated $5.2 billion in gross profit, which is comprised of $4.5 billion from retail automotive dealerships, $542.3 million from retail commercial truck dealerships, and $192.3 million from commercial vehicle distribution and other operations. Retail Automotive. We are one of the largest global automotive retailers as measured by the $27.5 billion in total retail automotive dealership revenue we generated in 2025. We are diversified geographically with 61% of our total retail automotive dealership revenues in 2025 generated in the U.S. and Puerto Rico and 39% generated outside of the U.S. We offer over 40 vehicle brands with 71% of our retail automotive franchised dealership revenue generated from premium brands, such as Audi, BMW, Land Rover, Lexus, Mercedes-Benz, and Porsche, and 23% of revenue generated from volume non-U.S. brands such as Toyota and Honda in 2025. As of December 31, 2025, we operated 365 retail automotive franchised dealerships, of which 148 are located in the U.S. and 217 are located outside of the U.S., principally in the U.K. As of December 31, 2025, we also operated 15 used vehicle dealerships, with six dealerships in the U.S. operating under the brand name CarShop, eight dealerships in the U.K. operating under the brand name Sytner Select, and one dealership in Australia operating under the brand name Penske Select. We retailed and wholesaled, including agency units, more than 583,000 vehicles in 2025. In addition to selling new and used vehicles, we generate higher-margin revenue at each of our dealerships through maintenance and repair services, the sale and placement of third-party finance and insurance products, third-party extended service and maintenance contracts, replacement and aftermarket automotive products, and at Item 1. Business We are a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. We operate dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia, and we are one of the largest retailers of commercial trucks in North America for Freightliner. We also distribute and retail commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. We employ over 27,700 people worldwide. Additionally, we own 28.9% of Penske Transportation Solutions, a business that employs over 42,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 396,600 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts, and provides innovative transportation, supply chain, and technology solutions to its customers. Business Overview In 2025, our business generated $31.8 billion in total revenue, which is comprised of approximately $27.5 billion from retail automotive dealerships, $3.4 billion from retail commercial truck dealerships, and $922.6 million from commercial vehicle distribution and other operations. We generated $5.2 billion in gross profit, which is comprised of $4.5 billion from retail automotive dealerships, $542.3 million from retail commercial truck dealerships, and $192.3 million from commercial vehicle distribution and other operations. Retail Automotive. We are one of the largest global automotive retailers as measured by the $27.5 billion in total retail automotive dealership revenue we generated in 2025. We are diversified geographically with 61% of our total retail automotive dealership revenues in 2025 generated in the U.S. and Puerto Rico and 39% generated outside of the U.S. We offer over 40 vehicle brands with 71% of our retail automotive franchised dealership revenue generated from premium br Item 1A. Risk Factors Our business, financial condition, results of operations, cash flows, prospects, and the prevailing market price and performance of our common stock may be affected by a number of factors, including the matters discussed below. Certain statements and information set ", "title": "PAG - PENSKE AUTOMOTIVE GROUP, INC.", "url": "/company/PAG/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001734722; latest 10-K filed 2026-03-25.", "text": "PATH - UiPath, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001734722; latest 10-K filed 2026-03-25. PATH UiPath, Inc. 0001734722 7372 Services-Prepackaged Software Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and related notes for the fiscal year ended January 31, 2026 included elsewhere in this Annual Report on Form 10-K. This discussion, particularly with respect to our future results of operations or financial condition, business strategy, and plans and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading \u201cSpecial Note Regarding Forward-Looking Statements\u201d in this Annual Report on Form 10-K. Readers should review the disclosure under the heading \u201cRisk Factors\u201d in Part I, Item 1A of this Annual Report on Form 10-K for a discussion of important factors that could cause our actual results to differ materially from those anticipated in these forward-looking statements. Our fiscal quarters end on April 30, July 31, and October 31, and our fiscal year ends January 31. References to fiscal years 2026, 2025, and 2024 in this Annual Report on Form 10-K refer to our fiscal years ended January 31, 2026, 2025, and 2024, respectively. A discussion regarding our financial condition and our results of operations for fiscal year 2026 compared to fiscal year 2025 is presented below. For a discussion regarding our results of operations for fiscal year 2025 compared to fiscal year 2024 see the 2025 Form 10-K, under the section titled \"Management's Discussion and Analysis of Financial Condition and Results of Operations,\" which is incorporated herein by reference. 59 Table of Contents Overview Building upon decades of leadership in automation, UiPath is pioneering the evolution from rule-based automation to intelligent, agentic automation. The UiPath Platform\u2122 uniquely combines controlled agency, developer flexibility, and seamless integration to help organizations scale agentic automation safely and confidently. Committed to security, governance, and interoperability, we support enterprises as they transition into a future where automation delivers on the full potential of AI to transform industries. Historically, we have grown our revenue and ARR significantly by helping customers adopt automation as a tool, process by process, to unlock human potential. Today, our automation platform builds upon this experience by providing our customers with a foundation for enterprise-scale agentic automation. Our results of operations and financial condition are impacted by the macroeconomic factors affecting our industry, including the proliferation of cloud-based applications, the cost of skilled human capital, and the global demand for agentic automation solutions. While our business is influenced by these macroeconomic factors, our results of operations are more directly affected by certain company-specific factors, including: \u2022our ability to attract new customers, which depends on a number of other factors, including our ability to drive awareness of the benefits and power of agentic automation among our existing and prospective customers, the effectiveness and pricing of our products, the offerings of our competitors, and competition among resellers; \u2022our ability to increase sales to existing customers, which depends on factors such as our customers\u2019 satisfaction with our platform, competition, and pricing, and overall changes in our customers\u2019 propensity to invest in automation; \u2022our ability to grow our partner base and execute on all aspects of partner relationships, which depends on the competitiveness of our platform and the profitability of our relationship for our partners and potential partners; \u2022our ability to sustain innovation and automation leadership in order to maintain our competitive advantage, which depends on our capacity to invest in research and development to expan Item 1. Business Overview First established in Bucharest, Romania in 2005, UiPath was incorporated in Delaware in 2015 as a company principally focused on building and managing automations, starting with computer vision technology and user interface automations in our initial RPA offering, which remains the foundation of our platform today. Over the course of the past several years, we have followed a strategy of leveraging advances in AI to broaden our capabilities. Building upon decades of leadership in automation, UiPath is pioneering the evolution from rule-based automation to intelligent agentic automation. The UiPath Platform\u2122 uniquely combines controlled agency, developer flexibility, and seamless integration to help organizations scale agentic automation safely and confidently. Committed to security, governance, and interoperability, we support enterprises as they transition into a future where automation delivers on the full potential of AI to transform industries. Our platform empowers customers to combine automation, AI agents, and people, delivering end-to-end process orchestration that drives innovation. Trends Shaping Our Industry The following are key trends affecting our industry, business outlook, and product strategy: [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"AI necessitates reinvention.\"],[\"\",\"\",\"\",\"\",\"AI's disruptions compel organizations to make bold changes in how they operate, compete, and allocate work. It's now clear that agent-centric operating models can dramatically outperform traditional ways of working\\u2014 making it imperative for enterprises to reinvent themselves as agentic organizations. The agentic era marks a radical redivision of labor between people and virtual workers. AI agents are extending automation into high-value, judgment-based processes such as decision making and risk management\\u2014 creating new opportunities, including the ability to build software internally that would have otherwise been purchased. At the same tim Item 1A. Risk Factors Our operations and financial results are subject to various risks and uncertainties, including those described below. The reader should consider and read carefully all of the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K, including the secti", "title": "PATH - UiPath, Inc.", "url": "/company/PATH/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001068851; latest 10-K filed 2026-02-26.", "text": "PB - PROSPERITY BANCSHARES INC SIC 6022 State Commercial Banks; CIK 0001068851; latest 10-K filed 2026-02-26. PB PROSPERITY BANCSHARES INC 0001068851 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Special Cautionary Notice Regarding Forward-Looking Statements Statements and financial discussion and analysis contained in this Annual Report on Form 10-K that are not statements of historical fact constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the Company\u2019s control. Forward-looking statements can be identified by words such as \u201cbelieves,\u201d \u201cintends,\u201d \u201cexpects,\u201d \u201cplans,\u201d \u201cwill\u201d and similar references to future periods. Many possible events or factors could affect the future financial results and performance of the Company and could cause such results or performance to differ materially from those expressed in the forward-looking statements. These possible events or factors include, but are not limited to: \u2022 changes in the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations resulting in, among other things, a deterioration in credit quality or reduced demand for credit, including the result and effect on the Company\u2019s loan portfolio and allowance for credit losses; \u2022 adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, the Company\u2019s stock price, liquidity and regulatory responses to these developments (including increases in the cost of the Company\u2019s deposit insurance assessments); \u2022 the Company\u2019s ability to effectively manage its liquidity risk and the availability of capital and funding; \u2022 volatility in interest rates and market prices, which could reduce the Company\u2019s net interest margins, asset valuations and expense expectations; \u2022 prolonged periods of high inflation and their effects on the Company\u2019s business, profitability and stock price; \u2022 changes in the levels of loan prepayments and the resulting effects on the value of the Company\u2019s loan portfolio; \u2022 changes in local economic and business conditions, including fluctuations in the price of oil, natural gas and other commodities, which adversely affect the Company\u2019s customers and their ability to transact profitable business with the Company, including the ability of the Company\u2019s borrowers to repay their loans according to their terms or a change in the value of the related collateral; \u2022 the potential impacts of climate change; \u2022 increased competition for deposits and loans adversely affecting balances, rates and terms; \u2022 the risks relating to the pending acquisition of Stellar Bancorp, Inc. and the recent acquisitions of American and Southwest including, without limitation: the risk that the Stellar acquisition will not close; the diversion of management's time on issues related to the acquisitions and integration; unexpected transaction costs, including the costs of integrating operations; the risk that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies; the risk of deposit and customer attrition; regulatory enforcement and litigation risk; unexpected operating and other costs; the risk of customer and employee loss and business disruptions; increased competitive pressures and solicitations of customers by competitors; \u2022 the timing, impact and other uncertainties of any future acquisitions, including the pending acquisition of Stellar, and the Company\u2019s ability to identify suitable future acquisition candidates, the success or failure in the integration of their operations, and the ability to enter new markets successfully and capitalize on growth opportunities; \u2022 the risk that the regu ITEM 1. BUSINESS General Prosperity Bancshares, Inc.\u00ae, a Texas corporation (the \u201cCompany\u201d), was formed in 1983 as a vehicle to acquire the former Allied Bank in Edna, Texas, which was chartered in 1949 as The First National Bank of Edna and is now known as Prosperity Bank. The Company is a registered financial holding company that derives substantially all of its revenues and income from the operation of its bank subsidiary, Prosperity Bank\u00ae (\u201cProsperity Bank\u00ae\u201d or the \u201cBank\u201d). The Bank provides a wide array of financial products and services to businesses and consumers throughout Texas and Oklahoma. As of December 31, 2025, the Bank operated 283 full-service banking locations: 62 in the Houston area, including The Woodlands; 33 in the South Texas area including Corpus Christi and Victoria; 61 in the Dallas/Fort Worth area; 22 in the East Texas area; 31 in the Central Texas area including Austin and San Antonio; 45 in the West Texas area including Lubbock, Midland-Odessa, Abilene, Amarillo and Wichita Falls; 15 in the Bryan/College Station area; 6 in the Central Oklahoma area; and 8 in the Tulsa, Oklahoma area. The Company\u2019s principal executive office is located at Prosperity Bank Plaza, 4295 San Felipe in Houston, Texas and its telephone number is (281) 269-7199. The Company\u2019s website address is www.prosperitybankusa.com. The Company\u2019s market consists of the communities served by its banking centers. The diverse nature of the economies in each local market served by the Company provides the Company with a varied customer base and allows the Company to spread its lending risk throughout a number of different industries including professional service firms and their principals, manufacturing, tourism, recreation, petrochemicals, farming and ranching. The Company\u2019s market areas outside of Houston, Dallas, Corpus Christi, San Antonio, Lubbock, Austin, Tulsa and Oklahoma City are dominated by either small community banks or branches of larger regional banks. Managemen ITEM 1A. RISK FACTORS An investment in the Company\u2019s common stock involves risks. The following is a description of the material risks and uncertainties that the Company believes affect its business and an investment in the common stock. Additional risks and uncertainties that the Company is unaware of, or that it currently deems immat", "title": "PB - PROSPERITY BANCSHARES INC", "url": "/company/PB/" }, { "kind": "company", "summary": "SIC 2911 Petroleum Refining; CIK 0001534504; latest 10-K filed 2026-02-12.", "text": "PBF - PBF Energy Inc. SIC 2911 Petroleum Refining; CIK 0001534504; latest 10-K filed 2026-02-12. PBF PBF Energy Inc. 0001534504 2911 Petroleum Refining ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following review of our results of operations and financial condition should be read in conjunction with \u201cItem 1. Business\u201d, \u201cItem 1A. Risk Factors\u201d, \u201cItem 2. Properties\u201d, and \u201cItem 8. Financial Statements and Supplementary Data,\u201d respectively, included in this Annual Report on Form 10-K. In this Item 7, we discuss results for the years ended December 31, 2025 and 2024 and comparisons of the results for the years ended December 31, 2025 and 2024. Discussions of results for the year ended December 31, 2023 and comparisons of the results for the years ended December 31, 2024 and 2023 can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of the Company's annual report on Form 10-K for the year ended December 31, 2024. CAUTIONARY STATEMENT FOR THE PURPOSE OF SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This Annual Report on Form 10-K contains certain \u201cforward-looking statements,\u201d as defined in the Private Securities Litigation Reform Act of 1995 (\u201cPSLRA\u201d), of expected future developments that involve risks and uncertainties. You can identify forward-looking statements because they contain words such as \u201cbelieves,\u201d \u201cexpects,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201cseeks,\u201d \u201capproximately,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cestimates,\u201d \u201canticipates\u201d or similar expressions that relate to our strategy, plans or intentions. All statements we make relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results or to our strategies, objectives, intentions, resources and expectations regarding future industry trends are forward-looking statements made under the safe harbor provisions of the PSLRA except to the extent such statements relate to the operations of a partnership or limited liability company. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those that we expected. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based on many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations, which we refer to as \u201ccautionary statements,\u201d are disclosed under \u201cItem 1A. Risk Factors,\u201d and \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and elsewhere in this Annual Report on Form 10-K. All forward-looking information in this Annual Report on Form 10-K and subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements. Some of the factors that we believe could affect our results include: \u2022supply, demand, prices, and other market conditions for our products or crude oil, including volatility in commodity prices or constraints arising from federal, state or local governmental actions or environmental and/or social activists that reduce crude oil production or availability in the regions in which we operate our pipelines and facilities; \u2022rate of inflation, including increases due to tariffs and other trade measures that may be proposed or enacted, and its impact on supply and demand, pricing, and supply chain disruption; \u2022the effects related to, or resulting from, geopolitical conflict around the world, including Russi ITEM 1. BUSINESS Overview and Corporate Structure We are one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. We sell our products throughout the Northeast, Midwest, Gulf Coast and West Coast of the United States, as well as in other regions of the United States, Canada and Mexico and are able to ship products to other international destinations. We own and operate six domestic oil refineries and related assets and own a 50% interest in the Renewable Diesel Facility through our SBR equity method investment. Our refineries have a combined processing capacity, known as throughput, of approximately 1,000,000 bpd, and a weighted-average Nelson Complexity Index of 12.8 based on current operating conditions. The complexity and throughput capacity of our refineries are subject to change dependent upon configuration changes we make to respond to market conditions, as well as a result of investments made to improve our facilities and maintain compliance with environmental and governmental regulations. We operate in two reportable business segments: Refining and Logistics. Our six oil refineries are all engaged in the refining of crude oil and other feedstocks into petroleum products, and represent the Refining segment. PBFX operates certain logistical assets such as crude oil and refined products terminals, pipelines, and storage facilities, which represent the Logistics segment. PBF Energy is a holding company whose primary asset is a controlling equity interest in PBF LLC. We are the sole managing member of PBF LLC and operate and control all of the business and affairs of PBF LLC. We consolidate the financial results of PBF LLC and its subsidiaries and record a noncontrolling interest in our consolidated financial statements representing the economic interests of the members of PBF LLC other than PBF Energy (as defined below ITEM 1A. RISK FACTORS Summary of Risk Factors Investing in our common stock involves a degree of risk. These risks are discussed more fully below and include, but are not limited to, the following, any of which could have a material adverse effect on our financial condition, results of operations and cash flows: Risks Relating to Our Business and Industry", "title": "PBF - PBF Energy Inc.", "url": "/company/PBF/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001591698; latest 10-K filed 2025-08-06.", "text": "PCTY - Paylocity Holding Corp SIC 7372 Services-Prepackaged Software; CIK 0001591698; latest 10-K filed 2025-08-06. PCTY Paylocity Holding Corp 0001591698 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The statements included herein that are not based solely on historical facts are \u201cforward looking statements.\u201d Such forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties. Our actual results could differ materially from those anticipated by us in these forward-looking statements as a result of various factors, including those discussed below and under Part I, Item 1A. \u201cRisk Factors.\u201d The following discussion of our financial condition and results of operations covers fiscal 2025 and 2024 items and year-over-year comparisons between fiscal 2025 and 2024. Discussion of fiscal 2023 items and year-over-year comparisons between fiscal 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended June 30, 2024 that was filed with the SEC on August 2, 2024. Overview We are a leading cloud-based provider of human capital management, or HCM, payroll and spend management software solutions that deliver a comprehensive platform for the modern workforce. Our platform offers an intuitive, easy-to-use product suite that helps businesses streamline and automate HR, payroll and spend management processes, attract and retain talent, and build culture and connection with their employees. We are expanding the spend management capabilities of our platform beyond expense management to include accounts payable automation, corporate cards, and procurement capabilities through the acquisition of Airbase Inc. in October 2024. This integrated platform will enable HR and finance leaders to manage all their spend, including payroll, on a single platform. Effective management of human capital and business-related spend is a core function in all organizations and requires a significant commitment of resources. Our cloud-based software solutions, combined with our unified database architecture, are highly flexible and configurable and feature a modern, intuitive user experience. Our platform offers automated data integration with hundreds of third-party partner systems, such as 401(k), benefits and insurance provider systems. We plan to continue to invest in research and development efforts that will allow us to offer a broader selection of products to new and existing clients focused on experiences that solve our clients\u2019 challenges. We believe there is a significant opportunity to grow our business by increasing our number of clients, and we intend to invest in our business to achieve this purpose. We market and sell our solutions through our direct sales force. Our sales and marketing expenses have increased as we have added sales representatives and related sales and marketing personnel. We intend to continue to grow our sales and marketing organization across new and existing geographic territories. In addition to growing our number of clients, we intend to grow our revenue over the long term by increasing the number of solutions that clients purchase from us. To do so, we must continue to enhance and grow the number of solutions we offer to advance our platform. We also believe that delivering a positive service experience is an essential element of our ability to sell our solutions and retain our clients. We supplement our comprehensive software solutions with an integrated implementation and client service organization, all of which are designed to meet the needs of our clients and sales prospects. We expect to continue to invest in and grow our implementation and client service organization as our client base grows. We will continue to invest across our entire organization as we continue to grow our business over the long term. These investments include increasing the number of personnel across all functiona Item 1. Business. Overview We are a leading cloud-based provider of human capital management, or HCM, payroll and spend management software solutions that deliver a comprehensive platform for the modern workforce. Our platform offers an intuitive, easy-to-use product suite that helps businesses streamline and automate HR, payroll and spend management processes, attract and retain talent, and build culture and connection with their employees. Excluding clients acquired through acquisitions, as of June 30, 2025, we provided our software-as-a-service, or SaaS, solutions to approximately 41,650 clients across the U.S., which on average had over 150 employees. Effective management of human capital and business-related spend is a core function in all organizations and requires a significant commitment of resources. Organizations are faced with an ever-changing employment landscape, the complexity of increasingly geographically dispersed employees, and managing hybrid workplaces. At the same time, employees\u2019 expectations are rising, and organizations need to prioritize communication, connection, and collaboration among their employees to differentiate how they attract and retain talent and build a culture of loyalty. Many companies also are operating without the infrastructure, expertise or personnel to implement or support large and complex systems in today\u2019s dynamic environment. Existing solutions offered by third-party service providers can have limited capabilities and configurability while other enterprise-focused software vendors can be prohibitively expensive and time-consuming to implement and manage. We believe that modern organizations are better served by SaaS solutions designed to meet their unique needs, delivering fast time to value, and providing their employees with the most engaging experience available. 1 Table of Contents Our software solutions provide the following key benefits to our clients: \u2022Single Platform with Flexible Data \u2013 The foundation Item 1A. Risk Factors. Our business, growth prospects, financial condition or operating results could be materially adversely affected by any of these risks, as well as other risks not currently known to us or that are currently considered immaterial. The trading price of our common stock could decline due to any of the risks", "title": "PCTY - Paylocity Holding Corp", "url": "/company/PCTY/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001013857; latest 10-K filed 2026-02-10.", "text": "PEGA - PEGASYSTEMS INC SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001013857; latest 10-K filed 2026-02-10. PEGA PEGASYSTEMS INC 0001013857 7374 Services-Computer Processing & Data Preparation ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS NON-GAAP MEASURES Our non-GAAP financial measures should only be read in conjunction with our consolidated financial statements prepared in accordance with GAAP. We believe that these measures help investors understand our core operating results and prospects, which is consistent with how management measures and forecasts our performance without the effect of often one-time charges and other items outside our normal operations. Management uses these measures to assess the performance of the company's operations and establish operational goals and incentives. They are not a substitute for financial measures prepared under U.S. GAAP. A reconciliation of GAAP and non-GAAP measures is located with each non-GAAP measure. 24 BUSINESS OVERVIEW We develop, market, license, host, and support enterprise software that helps organizations optimize decisions and processes in real-time so they can deliver outcomes that transform their business. Our powerful platform for enterprise AI decisioning and workflow automation enables the world\u2019s leading brands and government agencies to hyper-personalize customer experiences, automate customer service, and streamline operations, mission-critical business processes, and workflows, and transform legacy systems. Clients can leverage our AI technology and scalable architecture to accelerate their digital transformation. In addition, our sales and client success teams, world-class partners, and clients can leverage Blueprint to rapidly prototype and accelerate the development and deployment of applications quickly and collaboratively. We focus on enterprise-scale businesses and government agencies that require advanced solutions to distinguish themselves in the competitive markets they serve. Our solutions achieve and facilitate differentiation by increasing business agility, driving growth and modernization, improving productivity, attracting and retaining customers, and reducing risk. Along with our partners, we deliver solutions tailored by industry. Performance metrics We use performance metrics to analyze and assess our overall performance, make operating decisions, and forecast and plan for future periods, including: ACV represents the annualized value of our active contracts as of the measurement date. The contract's total value is divided by its duration in years to calculate ACV. ACV is a performance measure that we believe provides useful information to our management and investors. [[GREPCENT_TABLE]] [[\"(Dollars in thousands)\",\"December 31, 2024\",\"\",\"December 31, 2025\",\"\",\"Change\",\"\",\"Constant Currency Change\"],[\"Pega Cloud\",\"$\",\"652,443\",\"\",\"\",\"$\",\"866,612\",\"\",\"\",\"$\",\"214,169\",\"\",\"33\",\"%\",\"\",\"28\",\"%\"],[\"Maintenance\",\"291,807\",\"\",\"\",\"288,873\",\"\",\"\",\"(2,934)\",\"\",\"(1)\",\"%\",\"\",\"(4)\",\"%\"],[\"Subscription services\",\"944,250\",\"\",\"\",\"1,155,485\",\"\",\"\",\"211,235\",\"\",\"22\",\"%\",\"\",\"18\",\"%\"],[\"Subscription license\",\"427,268\",\"\",\"\",\"452,902\",\"\",\"\",\"25,634\",\"\",\"6\",\"%\",\"\",\"4\",\"%\"],[\"\",\"$\",\"1,371,518\",\"\",\"\",\"$\",\"1,608,387\",\"\",\"\",\"$\",\"236,869\",\"\",\"17\",\"%\",\"\",\"14\",\"%\"]] [[/GREPCENT_TABLE]] Reconciliation of ACV and constant currency ACV [[GREPCENT_TABLE]] [[\"(in millions, except percentages)\",\"December 31, 2024\",\"\",\"December 31, 2025\",\"\",\"1-Year Change\"],[\"ACV\",\"$\",\"1,372\",\"\",\"\",\"$\",\"1,608\",\"\",\"\",\"17\",\"%\"],[\"Impact of changes in foreign exchange rates\",\"\\u2014\",\"\",\"\",\"(46)\"],[\"Constant currency ACV\",\"$\",\"1,372\",\"\",\"\",\"$\",\"1,562\",\"\",\"\",\"14\",\"%\"]] [[/GREPCENT_TABLE]] Note: Constant currency ACV is calculated by applying the December 31, 2024 foreign exchange rates to current period shown. 25 [[GREPCENT_TABLE]] [[\"(Dollars in thousands)\",\"2024\",\"\",\"2025\",\"\",\"Change\"],[\"Cash provided by operating activities\",\"$\",\"345,926\",\"\",\"\",\"$\",\"505,227\",\"\",\"\",\"46\",\"%\"],[\"Investment in property and equipment\",\"(7,712)\",\"\",\"\",\"(14,504)\"],[\"Free cash flow (1)\",\"$\",\"338,214\",\"\",\"\",\"$\",\"490,723\",\"\",\"\",\"45\",\"%\"],[\"Supplemental ITEM 1. BUSINESS Our Business We develop, market, license, host, and support enterprise software that helps organizations optimize decisions and processes in real-time so they can deliver outcomes that transform their business. Our powerful platform for enterprise artificial intelligence (\u201cAI\u201d) decisioning and workflow automation enables the world\u2019s leading brands and government agencies to hyper-personalize customer experiences, automate customer service, and streamline operations, mission-critical business processes, and workflows, and transform legacy systems. Clients can leverage our AI technology and scalable architecture to accelerate their digital transformation. In addition, our sales and client success teams, world-class partners, and clients can leverage Pega BlueprintTM (\u201cBlueprint\u201d) to rapidly prototype and accelerate the development and deployment of applications quickly and collaboratively. To grow our business, we intend to: \u2022Increase market share by developing and delivering a platform for enterprise AI decisioning and workflow automation for buyers in marketing, sales, service, operations, and IT that can work together seamlessly with maximum competitive differentiation; \u2022Deepen and expand our relationships with existing clients; \u2022Establish relationships with new clients; \u2022Continue to scale our marketing efforts to support how today\u2019s buyers discover, evaluate, and choose products and services; \u2022Deepen partnerships with systems integrators and hyperscalers to drive sales and delivery of our products; and \u2022Leverage partner-branded Blueprints to extend our market reach with strategic partners. Whether we are successful depends, in part, on our ability to: \u2022Execute our marketing and sales strategies; \u2022Manage our expenses appropriately as we grow our organization; \u2022Develop new products and enhance our existing products; and \u2022Incorporate acquired technologies into our solutions and the unified Pega Platform\u2122. Our Products Pega Infinity 4 ITEM 1A. RISK FACTORS The risks and uncertainties described below are not the only ones we face. Events that we do not currently anticipate, or expect to be immaterial, may also materially adversely affect our results of operations, cash flows, and financial condition. Risks Related to Our Business and Industry If we", "title": "PEGA - PEGASYSTEMS INC", "url": "/company/PEGA/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001321732; latest 10-K filed 2026-02-25.", "text": "PEN - Penumbra Inc SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001321732; latest 10-K filed 2026-02-25. PEN Penumbra Inc 0001321732 3841 Surgical & Medical Instruments & Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes included elsewhere in this Form 10-K. This discussion and other parts of this report contain forward-looking statements that involve risk and uncertainties, such as statements of our plans, objectives, expectations, and intentions. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Form 10-K, our actual results could differ materially from the results described in or implied by these forward-looking statements. A discussion of our results of operations for the year ended December 31, 2024 as compared to the year ended December 31, 2023 is included in Part II, Item 7. \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 18, 2025, and is incorporated by reference into this Form 10-K. Overview References herein to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany,\u201d and \u201cPenumbra,\u201d refer to Penumbra, Inc. and its consolidated subsidiaries unless expressly indicated or the context requires otherwise. Penumbra, the world\u2019s leading thrombectomy company, is focused on developing the most innovative technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia. Our broad portfolio, which includes computer assisted vacuum thrombectomy (CAVT), centers on removing blood clots from head-to-toe with speed, safety, and simplicity. Our team focuses on developing, manufacturing and marketing novel products for use by specialist physicians and other healthcare providers to drive improved clinical and health outcomes. We believe that the cost-effectiveness of our products is attractive to our customers. Since our founding in 2004, we have invested heavily in our product development and commercial expansion that has established the foundation of our global organization. We have successfully developed, obtained regulatory clearance or approval for, and introduced products into the thrombectomy market since 2007, access market since 2008, embolization market since 2011, and neurosurgical market since 2014. We expect to continue to develop and build our portfolio of products, including our thrombectomy, embolization, and access technologies, while iterating on our currently available products. Generally, when we introduce a next generation product or a new product designed to replace a current product, sales of the earlier generation product or the product replaced decline. Our research and development activities are centered around the development of new products and clinical activities designed to support our regulatory submissions and demonstrate the effectiveness of our products. We attribute our success to our culture built on cooperation, our highly efficient product innovation process, our disciplined approach to product and commercial development, our deep understanding of our target end markets and our relationships with specialist physicians and other healthcare providers. We believe these factors have enabled us to rapidly innovate in a highly efficient manner. We sell our products to healthcare providers primarily through our direct sales organization in the United States, most of Europe, Canada, Australia and Singapore, as well as through distributors in select international markets. We generated revenue of $1,403.7 million, $1,194.6 million and $1,058.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. This represents an annual increase of 17.5% and of 12.9%, respectively. We generated income from operations of $189.2 million, $9.3 million and $73.6 million for the years ended Decembe ITEM 1. BUSINESS. Overview References herein to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany,\u201d and \u201cPenumbra,\u201d refer to Penumbra, Inc. and its consolidated subsidiaries unless expressly indicated or the context requires otherwise. Penumbra, the world\u2019s leading thrombectomy company, is focused on developing the most innovative technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia. Our broad portfolio, which includes computer assisted vacuum thrombectomy (CAVT), centers on removing blood clots from head-to-toe with speed, safety, and simplicity. Our team focuses on developing, manufacturing and marketing novel products for use by specialist physicians and other healthcare providers to drive improved clinical and health outcomes. We believe that the cost-effectiveness of our products is attractive to our customers. Since our founding in 2004, we have invested heavily in our product development and commercial expansion that has established the foundation of our global organization. We have successfully developed, obtained regulatory clearance or approval for, and introduced products into the thrombectomy market since 2007, access market since 2008, embolization market since 2011, and neurosurgical market since 2014. We expect to continue to develop and build our portfolio of products, including our thrombectomy, embolization, and access technologies, while iterating on our currently available products. Generally, when we introduce a next generation product or a new product designed to replace a current product, sales of the earlier generation product or the product replaced decline. Our research and development activities are centered around the development of new products and clinical activities designed to support our regulatory submissions and demonstrate the effectiveness of our products. We attribute our success to our culture built on cooperation, our highly efficient product in ITEM 1A. RISK FACTORS. This Form 10-K contains forward-looking information based on our current expectations. Because our business is subject to many risks and our actual results may differ materially from any forward-looking statements made by or on behalf of us, this section includes a discussion of important facto", "title": "PEN - Penumbra Inc", "url": "/company/PEN/" }, { "kind": "company", "summary": "SIC 5141 Wholesale-Groceries, General Line; CIK 0001618673; latest 10-K filed 2025-08-13.", "text": "PFGC - Performance Food Group Co SIC 5141 Wholesale-Groceries, General Line; CIK 0001618673; latest 10-K filed 2025-08-13. PFGC Performance Food Group Co 0001618673 5141 Wholesale-Groceries, General Line Item 7. Management Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with the audited Consolidated Financial Statements and the Notes thereto included in Item 8. Financial Statements and Supplementary Data (\u201cItem 8\u201d) of this Form 10-K. In addition to historical consolidated financial information, this discussion contains forward-looking statements that reflect our plans, estimates, and beliefs and involve numerous risks and uncertainties, including those described in Item 1A. Risk Factors. Actual results may differ materially from those contained in any forward-looking statements. You should carefully read \u201cSpecial Note Regarding Forward-Looking Statements\u201d in this Form 10-K. The following includes a comparison of our consolidated results of operations, our segment results and financial position for fiscal years 2025 and 2024. For a comparison of our consolidated results of operations, segment results and financial position for fiscal years 2024 and 2023, see Item 7 of Part II, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the fiscal year ended June 29, 2024, filed with the SEC on August 14, 2024, which remains materially consistent with the recast prior period results disclosed herein reflecting the updates made to our reportable segments in the third quarter of fiscal 2025 discussed below. Our Company We market and distribute over 250,000 food and food-related products to customers across the United States from approximately 155 distribution facilities to over 300,000 customer locations in the food-away-from-home industry. We offer our customers a broad assortment of products including our proprietary-branded products, nationally branded products, and products bearing our customers\u2019 brands. Our product assortment ranges from \u201ccenter-of-the-plate\u201d items (such as beef, pork, poultry, and seafood), frozen foods, and groceries to candy, snacks, and beverages. We also sell disposables, cleaning and kitchen supplies, and related products used by our customers, as well as cigarettes and other nicotine products. In addition to the products we offer to our customers, we provide value-added services by allowing our customers to benefit from our industry knowledge, scale, and expertise in the areas of product selection and procurement, menu development, and operational strategy. Based on the Company\u2019s organizational structure and how the Company\u2019s management reviews operating results and makes decisions about resource allocation, the Company has three reportable segments: Foodservice, Convenience, and Specialty. Our Foodservice segment distributes a broad line of national brands, customer brands, and our proprietary-branded food and food-related products, or \u201cPerformance Brands.\u201d Foodservice sells to independent and multi-unit chain restaurants and other institutions such as schools, healthcare facilities, business and industry locations, and retail establishments. Our chain customers are multi-unit restaurants with five or more locations and include some of the most recognizable family and casual dining restaurant chains. Our Convenience segment distributes candy, snacks, beverages, cigarettes, other nicotine products, food and foodservice related products and other items to convenience stores across North America. Our Specialty segment distributes candy, snacks, beverages, and other food items nationally to vending, office coffee service, theater, retail, and other channels and utilizes third-party carriers to deliver direct to consumers for our supplier partners and to our customers whose order sizes are too small to be served effectively by our truck network. We believe our diverse segments provide substantial opportunities for cross-segment collaboration to better serve our customers, including business developm Item 1. Business Performance Food Group Company, through its subsidiaries, markets and distributes more than 250,000 food and food-related products to customers across North America, from our 155 distribution centers to over 300,000 customer locations in the food-away-from-home industry. Our approximately 43,000 employees serve a diverse mix of customers, from independent and chain restaurants to schools, business and industry locations, hospitals, vending distributors, office coffee service distributors, retailers, convenience stores, and theaters. We source our products from various suppliers and serve as an important partner to our suppliers by providing them access to our broad customer base. In addition to the products we offer to our customers, we provide value-added services by allowing our customers to benefit from our industry knowledge, scale, and expertise in the areas of product selection and procurement, menu development, and operational strategy. On October 8, 2024, the Company acquired Cheney Bros., Inc. (\u201cCheney Brothers\u201d), expanding our Foodservice operations in the Southeastern portion of the United States. Refer to Note 4. Business Combinations within the Notes to Consolidated Financial Statements included in Part II, Item 8. Financial Statements (\u201cItem 8\u201d) for additional details regarding the acquisition of Cheney Brothers. Our Segments The Company regularly monitors for changes in facts and circumstances that would necessitate changes in its determination of operating segments. In the third quarter of fiscal 2025, the Company updated its operating segments to reflect the manner in which the business is managed. Based on changes to the Company\u2019s organizational structure and how operating results are reviewed and decisions about resource allocations are made, certain operations and administrative and corporate costs previously reported in Corporate & All Other are now included in the Foodservice segment. In the third quarter of fiscal 2025, th Item 1A. Risk Factors Risks Relating to Our Business and Industry Periods of difficult economic conditions, a public health crisis, other macroeconomic or geopolitical events and heightened uncertainty in the financial markets may affect consumer spending and confidence, which can adversely affect our ", "title": "PFGC - Performance Food Group Co", "url": "/company/PFGC/" }, { "kind": "company", "summary": "SIC 3790 Miscellaneous Transportation Equipment; CIK 0000931015; latest 10-K filed 2026-02-13.", "text": "PII - Polaris Inc. SIC 3790 Miscellaneous Transportation Equipment; CIK 0000931015; latest 10-K filed 2026-02-13. PII Polaris Inc. 0000931015 3790 Miscellaneous Transportation Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion pertains to the results of operations and financial position of the Company and should be read in conjunction with the Consolidated Financial Statements and the Notes thereto included elsewhere in this Annual Report. This section of this Annual Report generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview 2025 sales totaled $7.2 billion and were approximately flat as compared to 2024. This was primarily driven by decreased shipments and lower net pricing driven by higher promotional costs, mostly offset by product mix. Our gross profit of $1.4 billion decreased seven percent from $1.5 billion in 2024. Gross profit, as a percentage of sales, decreased primarily due to incremental tariff charges, lower net pricing driven by higher promotional costs and increased incentive compensation costs, partially offset by favorable operational costs and reduced warranty expense. Full year net loss attributable to Polaris Inc. was $465.5 million, or $8.18 net loss per diluted share, compared to 2024 full year net income attributable to Polaris Inc. of $110.8 million, or $1.95 per diluted share. These decreases were primarily the result of impairment and other charges recorded as a result of the Indian Motorcycle business being classified as held for sale, goodwill and other intangible asset impairment charges recorded, incremental tariff charges and increased incentive compensation costs, partially offset by favorable operating costs. We reported Adjusted EBITDA of $410.2 million in 2025 compared to $635.4 million in 2024. For information on how we define and calculate Adjusted EBITDA, and a reconciliation from net (loss) income to Adjusted EBITDA, see \u201cNon-GAAP Financial Measures\u201d. On October 10, 2025, we entered into a definitive agreement to sell a majority interest in the Indian Motorcycle business. During the year ended December 31, 2025, operating results of the Indian Motorcycle business were reported in our On Road segment and its assets and liabilities were classified as held for sale as of December 31, 2025. The sale closed in the first quarter of 2026. On January 29, 2026, we announced that our Board of Directors declared a quarterly cash dividend of $0.68 per share for the first quarter of 2026, a one percent increase from the prior quarterly cash dividend, representing the 31st consecutive year of increased dividends to shareholders. Global Economic Conditions We continue to monitor macroeconomic trends and uncertainties and changes in international trade relations and trade policy, including those related to tariffs. The U.S. government has implemented a general tariff on all imports from countries not exempted under certain trade reciprocity criteria and elevated tariffs have been imposed on imports from major trading partners. Impacted countries have and may impose retaliatory tariffs, and such actions could give rise to an escalation of other trade measures by the countries subjected to such tariffs. Although the validity of certain tariffs are being challenged in litigation pending before the Supreme Court of the United States, there can be no guarantee about the outcome of such proceedings. The tariff policy environment is rapidly evolving and there is no guarantee that additional or increased tariffs will not be imposed. We currently procure components from countries subject to such tariffs, which are utilized in our facilities in the United States and Mexico. A portion of our annual sales originate from products manufactured in ou Item 1. Business Polaris Inc., formerly known as Polaris Industries Inc., a Delaware corporation, was formed in 1994 and is the successor to Polaris Industries Partners LP. The terms \u201cPolaris,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d as used herein refer to the business and operations of Polaris Inc., its subsidiaries and its predecessors, which began doing business in 1954. We design, engineer, manufacture and market powersports vehicles which include: off-road vehicles (\u201cORV\u201d), including all-terrain vehicles (\u201cATV\u201d) and side-by-side vehicles; military and commercial ORVs; snowmobiles; moto-roadsters; quadricycles; and boats. We also design and manufacture or source parts, garments and accessories (\u201cPG&A\u201d), which includes aftermarket accessories and apparel. Our products are sold online and through dealers and distributors principally located in the United States, Canada, Western Europe, Australia, and Mexico. Business Segments We operate in three business segments; Off Road, On Road, and Marine. Our products are sold through a network of approximately 2,400 independent dealers in North America. Internationally, products are sold through 25 subsidiaries to over 1,500 independent international dealers and 70 independent distributors that serve over 90 countries outside of North America. A majority of our dealers and distributors are multi-line and also carry competitor products; however, some dealers carry our full line of products and, while relatively consistent, the actual number of dealers carrying our products can vary from time to time. Off Road: The Off Road segment primarily consists of ORVs and snowmobiles. ORVs are four-wheel vehicles designed for off-road use and traversing a wide variety of terrain, including dunes, trails, and mud. The vehicles can be multi-passenger or single passenger, are used for recreation in sports such as fishing and hunting and for trail and dune riding, and for utility purposes on farms, ranches, and construction sites. The O Item 1A. Risk Factors The following are factors known to us that could materially adversely affect our business, financial condition, cash flows, or operating results, as well as adversely affect the value of an investment in our common stock. Macroeconomic Risks Our business may be sensitive to economic conditions, including ", "title": "PII - Polaris Inc.", "url": "/company/PII/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001506293; latest 10-K filed 2026-02-12.", "text": "PINS - PINTEREST, INC. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001506293; latest 10-K filed 2026-02-12. PINS PINTEREST, INC. 0001506293 7370 Services-Computer Programming, Data Processing, Etc. Item 7. Management's discussion and analysis of financial condition and results of operations The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results could differ materially from these forward-looking statements as a result of many factors, including those discussed in \u201cRisk Factors\u201d and \u201cNote About Forward-Looking Statements\u201d included elsewhere in this Annual Report on Form 10-K. A discussion regarding our financial condition and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024 is presented below. A discussion regarding our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 is included under \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. Overview of 2025 results Our key financial and operating results as of and for the year ended December 31, 2025 are as follows: \u2022Revenue was $4,221.8 million, an increase of 16% on a reported and 15% on a constant currency basis compared to 2024. \u2022MAUs were 619 million, an increase of 12% compared to December 31, 2024. \u2022Share-based compensation expense was $880.5 million, an increase of $114.7 million compared to 2024. \u2022Income from operations was $319.9 million, an increase of $140.1 million compared to 2024. \u2022Net income was $416.9 million and Adjusted EBITDA was $1,270.0 million. \u2022Net cash provided by operating activities was $1,284.3 million and free cash flow was $1,251.9 million. \u2022Cash, cash equivalents and marketable securities were $2,467.2 million. \u2022Headcount was 5,265. 47 Part II Trends in user metrics Monthly Active Users. We define an MAU as an authenticated Pinterest user who visits our website, opens our mobile application or interacts with Pinterest through one of our browser or site extensions, such as the Save button, at least once during the 30-day period ending on the date of measurement. The number of MAUs does not include Shuffles users unless they would otherwise qualify as MAUs. We present MAUs based on the number of MAUs measured on the last day of the current period. We calculate average MAUs based on the average of the number of MAUs measured on the last day of the current period and the last day prior to the beginning of the current period. MAUs are the primary metric by which we measure the scale of our active user base. Quarterly monthly active users (in millions) Note: U.S. and Canada, Europe and Rest of World may not sum to Global due to rounding. Europe includes Russia and Turkey for our reporting of Revenue, MAUs and ARPU by geographic region. 48 Part II A portion of our MAUs visit Pinterest on a weekly basis. We define a weekly active user (\u201cWAU\u201d) as an authenticated Pinterest user who visits our website, opens our mobile application or interacts with Pinterest through one of our browser or site extensions, such as the Save button, at least once during the seven-day period ending on the date of measurement. As of December 31, 2025, the proportion of WAUs to MAUs, which has stayed relatively consistent over time, was 62%. As of December 31, 2025, global MAUs increased compared to December 31, 2024, primarily due to our ongoing investments in relevance and personalization. 49 Part II Trends in monetization metrics Revenue. We calculate revenue by user geography based on our estimate of the geographic location of our users when they perform a revenue-generating activity. The geography of our users affects our revenue and financial results because we currently o Item 1. Business Overview Pinterest is an AI-powered visual search and discovery platform, positioned at the intersection of search, social, and commerce. We offer a unique and differentiated experience that enables people to go from inspiration to action all on one consumer internet property. Pinterest can be accessed through our mobile application or the web. People use Pinterest to find useful, relevant ideas\u2014and then bring them to life. People don\u2019t always have the words to describe what they\u2019re looking for, but often know it when they see it. As they browse Pinterest content (called \u201cPins\u201d), they fine-tune their tastes and find the perfect idea. Users interact with the platform in dynamic multi-session journeys to find inspiration, curate their latest look, plan their next project and shop from great brands. This happens at a massive scale, with billions of searches and saves per month, with the vast majority of queries being visual. The unique, first party, intent-based signal we receive from user actions on Pinterest helps power the AI based recommendation systems that we use to surface relevant and engaging content to our users. AI also plays a central role in how we drive value for our advertisers, who come to Pinterest to reach our users with high commercial intent. The inspiration-to-action journey on Pinterest aligns with the advertiser marketing funnel, allowing us to help brands reach customers at every stage, from discovery to purchase, through digital ads. We believe users and advertisers intentionally choose Pinterest because of our efforts to create a positive and more brand safe environment. As a result, we make deliberate decisions through our policies and product development and aim to deliver on that experience, creating value for advertisers who can showcase their product and services in an inspiring and positive environment. Our Users and Our Platform 619 million monthly active users from around the world come to Pinterest to find new Item 1A. Risk factors Investing in our Class A common stock involves a high degree of risk. In addition to the other information set forth in this Annual Report, you should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 1", "title": "PINS - PINTEREST, INC.", "url": "/company/PINS/" }, { "kind": "company", "summary": "SIC 7011 Hotels & Motels; CIK 0001617406; latest 10-K filed 2026-02-20.", "text": "PK - Park Hotels & Resorts Inc. SIC 7011 Hotels & Motels; CIK 0001617406; latest 10-K filed 2026-02-20. PK Park Hotels & Resorts Inc. 0001617406 7011 Hotels & Motels Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying consolidated financial statements, related notes included thereto and Item 1A., \u201cRisk Factors,\u201d appearing elsewhere in this Annual Report on Form 10-K. For the discussion and analysis of our 2023 financial condition and results of operations compared to 2024, refer to Item 7., \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024. Overview We have a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. We currently have interests in 34 hotels consisting of premium-branded hotels and resorts with approximately 23,000 rooms, located in prime U.S. markets and its territories. Our strategic focus is on our Core portfolio, with our consolidated Core hotels contributing approximately 90% of our Hotel Adjusted EBITDA. Over 96% of rooms in our Core portfolio are luxury and upper upscale, and our Core hotels are located in major urban and convention areas, such as New York City, Washington, D.C., Chicago, Boston, New Orleans and Denver; and premier resorts in key leisure destinations, including Hawaii, Orlando, Key West and Miami Beach; as well as hotels in select airport and suburban locations. Our objective is to be the preeminent lodging real estate investment trust (\u201cREIT\u201d), focused on consistently delivering superior, risk-adjusted returns to stockholders through active asset management and a thoughtful external growth strategy, while maintaining a strong and flexible balance sheet. As a pure-play real estate company with direct access to capital and independent financial resources, we believe our enhanced ability to implement compelling return on investment initiatives represents a significant embedded growth opportunity, particularly for our Core portfolio. Finally, given our scale and investment expertise, we believe we will be able to successfully execute single-asset and portfolio acquisitions and dispose of all 13 remaining Non-Core hotels to further enhance the value and diversification of our assets throughout the lodging cycle. As a result of a shift in our business strategy to dispose of all Non-Core hotels, we now operate our business through three operating segments, our consolidated Core hotels, consolidated Non-Core hotels and unconsolidated hotels. Only our consolidated Core hotels and consolidated Non-Core hotels are reportable segments. Refer to Note 14: \u201cBusiness Segment Information\u201d in our audited consolidated financial statements included elsewhere within this Annual Report on Form 10-K for additional information regarding our operating segments. Basis of Presentation The consolidated financial statements reflect our financial position, results of operations and cash flows, in conformity with U.S. generally accepted accounting principles (\u201cU.S. GAAP\u201d). Refer to Note 2: \u201cBasis of Presentation and Summary of Significant Accounting Policies\u201d in our audited consolidated financial statements included elsewhere within this Annual Report on Form 10-K for additional information. Outlook Economic disruptions, including as a result of elevated interest and inflation rates, may adversely affect our business by affecting consumer sentiment and demand for travel. Heightened uncertainty due to ongoing changes to trade policy, tax policy and disruptions to government spending has resulted in inflationary concerns and changes in demand and travel preferences, which may affect the lodging industry. Additionally, geopolitical conflicts and trends may continue to decrease inbound international travel. During 2025, we relied on the performance of our hotels and active asset management to mitigate the effects of current macroeco Item 1. Business Our Company We are one of the largest publicly-traded lodging real estate investment trusts (\u201cREIT\u201d) with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. As of February 20, 2026, our portfolio consists of 34 premium-branded hotels and resorts with approximately 23,000 rooms, located in prime United States (\u201cU.S.\u201d) markets with high barriers to entry. Our strategic focus is on our 21 Core hotels, including one unconsolidated joint venture, with our consolidated Core hotels contributing approximately 90% of our Hotel Adjusted EBITDA. All of our rooms are located in the U.S. and its territories, and over 96% of rooms in our Core portfolio are luxury and upper upscale. We are focused on consistently delivering superior risk-adjusted returns to stockholders through active asset management and a thoughtful external growth strategy, with a strategic focus on our Core portfolio, while maintaining a strong and flexible balance sheet. Park Intermediate Holdings LLC (our \u201cOperating Company\u201d) directly or indirectly holds all of our assets and conducts all of our operations. We are structured as a traditional umbrella partnership REIT (\u201cUPREIT\u201d). Park Parent is the managing member of our Operating Company, and PK Domestic REIT Inc., a direct subsidiary of Park Parent, is a member of our Operating Company. We may, in the future, issue interests in (or from) our Operating Company in connection with acquiring hotels, financing, issuance of equity compensation or other purposes. Our Business and Growth Strategies Our objective is to be the preeminent lodging REIT, focused on consistently delivering superior, risk-adjusted returns to stockholders through active asset management and a thoughtful external growth strategy, with a strategic focus on our Core portfolio, while maintaining a strong and flexible balance sheet. We intend to pursue our objective by divesting our Non-Core hotels to further Item 1A. Risk Factors. Owning our common stock involves a number of significant risks. You should consider carefully the following risk factors. If any of the following risks, as well as additional risks and uncertainties not currently known to us or that we currently deem immaterial, occur, our business, liquidity, financial condition and resul", "title": "PK - Park Hotels & Resorts Inc.", "url": "/company/PK/" }, { "kind": "company", "summary": "SIC 7997 Services-Membership Sports & Recreation Clubs; CIK 0001637207; latest 10-K filed 2026-02-25.", "text": "PLNT - Planet Fitness, Inc. SIC 7997 Services-Membership Sports & Recreation Clubs; CIK 0001637207; latest 10-K filed 2026-02-25. PLNT Planet Fitness, Inc. 0001637207 7997 Services-Membership Sports & Recreation Clubs ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Unless the context requires otherwise, references in this report to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Planet Fitness, Inc. and its consolidated subsidiaries. Discussions of fiscal 2023 items and year-to-year comparisons between fiscal 2024 and fiscal 2023 that are not included in this Form 10-K can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our annual report on Form 10-K for the fiscal year ended December 31, 2024. Overview We are one of the largest and fastest-growing franchisors and operators of fitness centers in the world by number of members and locations, with a highly recognized national brand. Our mission is to enhance people\u2019s lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, which we call the Judgement Free Zone. Our bright, clean clubs are typically 20,000 square feet, with a large selection of high-quality Planet Fitness-branded cardio, circuit- and strength-training equipment and friendly staff trainers who offer unlimited free fitness instruction to all our members in small groups. We offer this differentiated fitness experience starting at only $15 per month to new members for our standard Classic Card membership. This attractive value proposition is designed to appeal to a broad population, inclusive of all fitness levels from beginners to athletes. We and our franchisees fiercely protect Planet Fitness\u2019 community atmosphere\u2014a place where you do not need to be fit before joining and where progress toward achieving your fitness goals (big or small) is supported and applauded by our staff and fellow members. As of December 31, 2025, we had approximately 20.8 million members and 2,896 clubs in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia and Spain. Of our 2,896 clubs, 2,604 were franchisee-owned and 292 were corporate-owned. As of December 31, 2025, we had contractual commitments to open approximately 750 new clubs. 44 Table of Contents Composition of Revenues, Expenses and Cash Flows Revenues We generate revenue from three primary sources: \u2022Franchise segment revenue: Franchise segment revenue relates to services we provide to support our franchisees and includes royalties, contributions to our NAFs (\u201cNAF revenue\u201d), franchise fees, upfront fees from ADAs, transfer fees, equipment placement revenue, membership join fees and other fees associated with our franchisee-owned clubs. Franchise segment revenue generally does not include the sale of tangible products by us to our franchisees. This source of revenue comprised 35.4% and 35.8% of our total revenue for the years ended December 31, 2025 and 2024, respectively. \u2022Corporate-owned club segment revenue: Includes monthly membership dues, enrollment fees, annual fees, other fees paid by our members, and retail sales. This source of revenue comprised 41.2% and 42.5% of our total revenue for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, approximately 92% of members at our corporate clubs paid their monthly dues by EFT. \u2022Equipment segment revenue: Includes equipment revenue for new franchisee-owned clubs as well as replacement equipment for existing franchisee-owned clubs, in the U.S., Canada and Mexico. Franchisee-owned clubs are generally required to replace their equipment every five to nine years. This source of revenue comprised 23.4% and 21.7% of our total revenue for the years ended December 31, 2025 and 2024, respectively. See Item 8: Financial Statements and Supplementary Data - Note 2(e) for further discussion on our revenue streams and revenue recognition policies. Expenses We primarily incur the following expenses: \u2022Cost of revenue: Primarily includes the direct costs associated with equipment sales, including freight costs, to new an Item 1. Business Planet Fitness, Inc. is a Delaware corporation formed on March 16, 2015. Planet Fitness, Inc. Class A common stock trades on the New York Stock Exchange under the symbol \u201cPLNT.\u201d Our Company Fitness for everyone We are one of the largest and fastest-growing franchisors and operators of fitness centers in the world by number of members and locations, with a highly recognized national brand. Our mission is to enhance people\u2019s lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, which we call the Judgement Free Zone. Our bright, clean clubs are typically 20,000 square feet, with a large selection of high-quality Planet Fitness-branded cardio, circuit- and strength-training equipment and friendly staff trainers who offer unlimited free fitness instruction to all our members in small groups. We offer this differentiated fitness experience starting at only $15 per month to new members for our standard Classic Card membership. This attractive value proposition is designed to appeal to a broad population, inclusive of all fitness levels from beginners to athletes. We and our franchisees fiercely protect Planet Fitness\u2019s community atmosphere\u2014a place where you do not need to be fit before joining and where progress toward achieving your fitness goals (big or small) is supported and applauded by our staff and fellow members. In 2025, we recorded revenues of $1.3 billion and had system-wide sales of $5.3 billion, which we define as monthly dues and annual fees billed by us and our franchisees. We ended the year with approximately 20.8 million members and 2,896 clubs (2,604 franchisee-owned and 292 corporate-owned) located in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia and Spain. System-wide sales for 2025 included $4.7 billion attributable to franchisee-owned clubs, from which we generate royalty revenue, and $552.2 million attributable to our corporate-owned clubs. I Item 1A. Risk Factors We could be adversely impacted by various risks and uncertainties. If any of these risks actually occur, our business, financial condition, operating results, cash flow and prospects may be materially and adversely affected. As a result, the trading price of our Class A common stoc", "title": "PLNT - Planet Fitness, Inc.", "url": "/company/PLNT/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0002082866; latest 10-K filed 2026-03-02.", "text": "PNFP - Pinnacle Financial Partners, Inc. SIC 6021 National Commercial Banks; CIK 0002082866; latest 10-K filed 2026-03-02. PNFP Pinnacle Financial Partners, Inc. 0002082866 6021 National Commercial Banks ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion of our financial condition at December 31, 2025 and 2024 and our results of operations for each of the years in the three-year period ended December 31, 2025. The purpose of this discussion is to focus on information about our financial condition and results of operations which is not otherwise apparent from our consolidated financial statements. The following discussion and analysis should be read along with our consolidated financial statements and the related notes included elsewhere herein, as well as the information included in Part I Item 1A \"Risk Factors\", and under the caption \"Forward-Looking Statements\". This Item generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included, and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 25, 2025. January 1, 2026 Merger with Synovus Financial Corp. On July 24, 2025, Pinnacle Financial entered into the Merger Agreement with Synovus and New Pinnacle, a newly formed Georgia corporation jointly owned by Pinnacle Financial and Synovus. The Merger Agreement provided that, upon the terms and subject to the conditions set forth therein, (i) Pinnacle Financial and Synovus would each simultaneously merge with and into New Pinnacle (such mergers, collectively, the Merger), with New Pinnacle continuing as the surviving corporation in the Merger and named Pinnacle Financial Partners, Inc., and (ii) immediately following the effectiveness of the FRS Membership (as described elsewhere in this Annual Report on Form 10-K), Synovus Bank would merge with and into Pinnacle Bank, with Pinnacle Bank as the surviving entity in the Bank Merger. After receiving the necessary approvals from the Federal Reserve System, the TDFI , and the Georgia Department of Banking and Finance, the Merger was completed January 1, 2026. Refer to \"Part II - Item 8. Financial Statements - Note 24 - Subsequent Event\" in this Annual Report on Form 10-K. Selected Financial Data Set forth below is certain selected financial data related to the Company's operations for 2025, 2024 and 2023: [[GREPCENT_TABLE]] [[\"(dollars in thousands, except per share data)\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Total assets\",\"$\",\"57,706,053\",\"\",\"\",\"$\",\"52,589,449\",\"\",\"\",\"$\",\"47,959,883\"],[\"Loans, net of unearned income\",\"39,154,002\",\"\",\"\",\"35,485,776\",\"\",\"\",\"32,676,091\"],[\"Allowance for credit losses\",\"441,540\",\"\",\"\",\"414,494\",\"\",\"\",\"353,055\"],[\"Total securities\",\"9,157,207\",\"\",\"\",\"8,381,268\",\"\",\"\",\"7,323,887\"],[\"Goodwill, core deposit and other intangible assets\",\"1,878,619\",\"\",\"\",\"1,870,683\",\"\",\"\",\"1,874,438\"],[\"Deposits and securities sold under agreements to repurchase\",\"47,712,969\",\"\",\"\",\"43,073,236\",\"\",\"\",\"38,749,299\"],[\"Advances from FHLB\",\"1,778,329\",\"\",\"\",\"1,874,134\",\"\",\"\",\"2,138,169\"],[\"Subordinated debt and other borrowings\",\"426,704\",\"\",\"\",\"425,821\",\"\",\"\",\"424,938\"],[\"Shareholders' equity\",\"7,043,715\",\"\",\"\",\"6,431,881\",\"\",\"\",\"6,035,788\"],[\"Statement of Operations Data:\"],[\"Interest income\",\"$\",\"2,795,632\",\"\",\"\",\"$\",\"2,698,098\",\"\",\"\",\"$\",\"2,353,368\"],[\"Interest expense\",\"1,247,371\",\"\",\"\",\"1,332,508\",\"\",\"\",\"1,091,250\"],[\"Net interest income\",\"1,548,261\",\"\",\"\",\"1,365,590\",\"\",\"\",\"1,262,118\"],[\"Provision for credit losses\",\"107,245\",\"\",\"\",\"120,589\",\"\",\"\",\"93,596\"],[\"Net interest income after provision for credit losses\",\"1,441,016\",\"\",\"\",\"1,245,001\",\"\",\"\",\"1,168,522\"],[\"Noninterest income\",\"506,590\",\"\",\"\",\"371,178\",\"\",\"\",\"433,253\"],[\"Noninterest expense\",\"1,167,728\",\"\",\"\",\"1,034,970\",\"\",\"\",\"887,769\"],[\"Income before income taxes\",\"779,878\",\"\",\"\",\"581,209\",\"\",\"\",\"714,006\"],[\"Income tax expense\",\"138,013\", ITEM 1. BUSINESS OVERVIEW Pinnacle Financial Partners is a financial holding company headquartered in Nashville, Tennessee, with approximately $57.7 billion in total assets as of December 31, 2025. At December 31, 2025, the holding company was the parent company of Pinnacle Bank, a Tennessee state-chartered bank, and owned 100% of the capital stock of Pinnacle Bank. The firm started operations on October 27, 2000, in Nashville, Tennessee, and, as of December 31, 2025, had grown through a combination of acquisitions and organic growth to 141 offices from which it conduct branch banking operations, including 50 in Tennessee, 42 in North Carolina, 21 in South Carolina, 10 in Virginia, five in Georgia, six in Alabama, three in Kentucky, two in Maryland and two in Florida. On July 24, 2025, we entered into the Merger Agreement. Pursuant to the Merger Agreement, (i) we and Synovus each simultaneously merged with and into New Pinnacle (such mergers, collectively, the \u201cMerger\u201d), with New Pinnacle continuing as the surviving corporation in the Merger headquartered in Atlanta, Georgia and named Pinnacle Financial Partners, Inc., (ii) immediately following the effective time of the Merger (the \u201cEffective Time\u201d), Pinnacle Bank became a member bank of the Federal Reserve System (the \u201cFRS Membership\u201d), and (iii) immediately following the effectiveness of the FRS Membership, Synovus Bank, a Georgia-chartered bank and wholly-owned subsidiary of Synovus (\u201cSynovus Bank\u201d), merged with and into Pinnacle Bank (the \u201cBank Merger\u201d, and the effective time of the Bank Merger, the \u201cBank Merger Effective Time\u201d), with Pinnacle Bank continuing as the surviving entity in the Bank Merger and as a wholly-owned subsidiary of New Pinnacle. Pinnacle Bank continues to operate under the name \u201cPinnacle Bank\u201d and remains headquartered in Nashville, Tennessee. In connection with the Merger, (i) each share of common stock of Synovus, par value $1.00 per share (\u201cSynovus Common Stock\u201d), issued and outsta ITEM 1A. RISK FACTORS Investing in our common stock involves various risks which are particular to our company, our industry and our market areas. If any of the following risks were to occur, we may not be able to conduct our business as currently planned and our results of operations and financial condit", "title": "PNFP - Pinnacle Financial Partners, Inc.", "url": "/company/PNFP/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0000784977; latest 10-K filed 2026-02-17.", "text": "POR - PORTLAND GENERAL ELECTRIC CO /OR/ SIC 4911 Electric Services; CIK 0000784977; latest 10-K filed 2026-02-17. POR PORTLAND GENERAL ELECTRIC CO /OR/ 0000784977 4911 Electric Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Forward-Looking Statements The information in this report includes statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements that relate to expectations, beliefs, plans, assumptions and objectives concerning future results of operations, business prospects, loads, outcome of litigation and regulatory proceedings, capital expenditures, market conditions, events or performance, and other matters. Words or phrases such as \u201canticipates,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cmay,\u201d \u201cplans,\u201d \u201cpredicts,\u201d \u201cprojects,\u201d \u201cwill,\u201d \u201ccontinue,\u201d \u201cshould,\u201d \u201cbased on,\u201d \u201cconsiders,\u201d \u201ccould,\u201d \u201cexpected,\u201d \u201cforecast,\u201d \u201cgoals,\u201d \u201cneeds,\u201d \u201cpromises,\u201d \u201csubject to,\u201d \u201cstrategic imperatives,\u201d \u201ctargets,\u201d or similar expressions are intended to identify such forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed. PGE\u2019s expectations, beliefs and projections are expressed in good faith and are believed by the Company to have a reasonable basis including, but not limited to, management\u2019s examination of historical operating trends and data contained either in internal records or available from third parties, but there can be no assurance that PGE\u2019s expectations, beliefs, or projections will be achieved or accomplished. In addition to any assumptions and other factors and matters referred to specifically in connection with forward-looking statements, risks, uncertainties and other important factors that could cause actual results or outcomes for PGE to differ materially from those discussed in such forward-looking statements include: \u2022 New or revised governmental policies, executive orders, legislative actions, and regulatory audits, investigations and actions, including those of the FERC, the OPUC, and the Internal Revenue Service with respect to allowed rates of return, financings, electricity pricing and price structures, acquisition and disposal of facilities and other assets, construction and operation of plant facilities, transmission of electricity, recovery of power costs, operating expenses, deferrals, timely recovery of costs, and capital investments, energy trading activities, tax credits, and current or prospective wholesale and retail competition; 42 Table of Contents \u2022 uncertainties associated with increased energy demand or significant accelerated growth in demand due to new data centers, including the concentration of data centers, and the ability to obtain regulatory approvals, environmental, and other permits to construct new facilities in a timely manner; \u2022 economic conditions that result in decreased demand for electricity, reduced revenue from sales of excess energy during periods of low wholesale market prices, impaired financial stability of vendors and service providers and elevated levels of uncollectible customer accounts; \u2022 increases to operating costs that could result from changes to trade tariffs, rising inflation and volatility in interest rates; \u2022 the impacts of changes in the tax code, including tax rates, minimum tax rates, adjustments made to deferred tax assets and liabilities, and changes impacting the availability of and ability to transfer tax credits; \u2022 risks and uncertainties related to current or future All-Source Request for Proposals (RFP) projects, including, but not limited to regulatory processes, transmission capabilities, system interconnections, inflationary impacts, supply chain constraints, supply cost increases (including application of trade tariffs), permitting and construction delays, available tax credits, counterparty credit risk, and legislative uncertainty; \u2022 changing customer expectations and choices ITEM 1. BUSINESS. General Portland General Electric Company (PGE or the Company), a vertically-integrated electric utility with corporate headquarters located in Portland, Oregon, is engaged in the generation, wholesale purchase and sale, transmission, distribution, and retail sale of electricity to customers in the state of Oregon (State). The Company operates as a cost-based, regulated electric utility with revenue requirements and customer prices determined based on the forecasted cost to serve retail customers and a reasonable rate of return as determined by the Public Utility Commission of Oregon (OPUC). PGE meets its retail load requirement with both Company-owned generation and power purchased in the wholesale market. The Company participates in the wholesale market through the purchase and sale of electricity, natural gas, and environmental credits in an effort to obtain reasonably-priced power to serve its retail customers, manage risk, and administer its long-term wholesale contracts. PGE, incorporated in 1930, is publicly-owned, with its common stock listed on the New York Stock Exchange (NYSE). The Company operates as a single business segment, with revenues and costs related to its business activities maintained and analyzed on a total electric operations basis. PGE owns unregulated, non-utility property that it utilizes for its corporate headquarters. PGE\u2019s State-approved service area allocation of 4,000 square miles is located entirely within Oregon and includes 51 incorporated cities. During 2025, the Company added 10,000 customers, and as of December 31, 2025, served a total of approximately 960,000 retail customers. Available Information PGE\u2019s periodic and current reports, and amendments to those reports, are available and may be accessed free of charge through the Investors section of the Company\u2019s website at PortlandGeneral.com as soon as reasonably practicable after the reports are electronically filed with, or furnished to, the United Stat ITEM 1A. RISK FACTORS. When evaluating PGE and any investment in its securities, investors should consider carefully the following risk factors and all other information contained in this Annual Report on Form 10-K and in the other documents that the Company files from time to time with the SEC. The events described in the risk f", "title": "POR - PORTLAND GENERAL ELECTRIC CO /OR/", "url": "/company/POR/" }, { "kind": "company", "summary": "SIC 2040 Grain Mill Products; CIK 0001530950; latest 10-K filed 2025-11-21.", "text": "POST - Post Holdings, Inc. SIC 2040 Grain Mill Products; CIK 0001530950; latest 10-K filed 2025-11-21. POST Post Holdings, Inc. 0001530950 2040 Grain Mill Products ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion summarizes the significant factors affecting the consolidated operating results, financial condition, liquidity and capital resources of Post Holdings, Inc. This discussion should be read in conjunction with the financial statements under Item 8 of this report and the \u201cCautionary Statement on Forward-Looking Statements\u201d on page 1 of this report. The terms \u201cour,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cCompany\u201d and \u201cPost\u201d as used herein refer to Post Holdings, Inc. and its subsidiaries. The following should be read in conjunction with the discussion and analysis of our fiscal 2024 results compared to our fiscal 2023 results, including any related discussion of fiscal 2023 results and activity, which can be found in Item 7 under the title \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended September 30, 2024, and such discussion and analysis is incorporated by reference herein. OVERVIEW We are a consumer packaged goods holding company, operating in four reportable segments. Our products are sold through a variety of channels, including grocery, club and drug stores, mass merchandisers, foodservice, food ingredient and eCommerce. At September 30, 2025, our reportable segments were as follows: \u2022Post Consumer Brands: primarily North American ready-to-eat (\u201cRTE\u201d) cereal and granola, pet food and nut butters; \u2022Weetabix: primarily United Kingdom (the \u201cU.K.\u201d) RTE cereal, muesli and protein-based shakes; \u2022Foodservice: primarily egg and potato products; and \u2022Refrigerated Retail: primarily side dish, egg, cheese and sausage products. Acquisitions Fiscal 2025 On July 1, 2025, we completed our acquisition of all of the preferred stock and the remaining common equity interest that we did not already own in 8th Avenue Food & Provisions, Inc. (\u201c8th Avenue\u201d). 8th Avenue is a manufacturer and distributor of branded and private label dry pasta and private label nut butters, granola and dried fruit and nut products, which is reported in our Post Consumer Brands segment. On March 3, 2025, we completed our acquisition of Potato Products of Idaho, L.L.C. (\u201cPPI\u201d), a manufacturer and packager of refrigerated and frozen potato products, which is reported in our Refrigerated Retail and Foodservice segments. Fiscal 2024 On December 1, 2023, we completed our acquisition of substantially all of the assets of Perfection Pet Foods, LLC (\u201cPerfection\u201d), which manufactures and packages private label and co-manufactured pet food and baked treat products and is reported in our Post Consumer Brands segment. Also on December 1, 2023, we completed our acquisition of Deeside Cereals I Ltd (\u201cDeeside\u201d), a private label cereal manufacturer based in the U.K., which is reported in our Weetabix segment. For additional information on our acquisitions, refer to Note 5 within \u201cNotes to Consolidated Financial Statements\u201d in Item 8 of this report. Expected Divestiture of Held for Sale Assets and Liabilities In August 2025, we entered into an agreement to sell 8th Avenue\u2019s pasta business (the \u201cPasta Business\u201d), which is expected to close in the first quarter of fiscal 2026. During the year ended September 30, 2025, the Pasta Business\u2019s operating results were reported in our Post Consumer Brands segment and its assets and liabilities were classified as held for sale as of September 30, 2025. Market and Company Trends Our Company, as well as the consumer packaged goods industry in which we operate, has been impacted by the following trends which have impacted our results of operations and may continue to impact our results of operations in the future, including: \u2022inflationary pressures on input costs across all segments of our business and impacts of tariffs (refer to the \u201cCommodity Trends and Seasonality\u201d section below); and 38 Table of Contents \u2022outbreaks of highly pathogeni ITEM 1. BUSINESS Introduction We are a consumer packaged goods holding company with businesses operating in the center-of-the-store, refrigerated, foodservice and food ingredient categories. Unless otherwise stated or the context otherwise indicates, all references in this Form 10-K to \u201cPost,\u201d \u201cthe Company,\u201d \u201cus,\u201d \u201cour\u201d or \u201cwe\u201d mean Post Holdings, Inc. and its subsidiaries. Post is a Missouri corporation incorporated on September 22, 2011. On February 3, 2012, Post completed its legal separation via a tax free spin-off from its former parent company. On February 6, 2012, Post common stock began trading on the New York Stock Exchange under the ticker symbol \u201cPOST\u201d. We operate in four reportable segments: \u2022Post Consumer Brands: Includes branded and private label ready-to-eat (\u201cRTE\u201d) cereals and granola from the businesses of Post Foods, LLC, MOM Brands Company, LLC, which Post acquired in May 2015, Weetabix North America, which Post acquired as part of its acquisition of Weetabix Limited in July 2017 referred to below, certain private label RTE cereal operations, which Post acquired in June 2021, and 8th Avenue Food & Provisions, Inc. (\u201c8th Avenue\u201d), the transactions related to which are discussed below under \u201cRecent Strategic Transactions,\u201d peanut butter under the Peter Pan brand, which Post acquired in January 2021, private label peanut butter and other nut butters, pasta and dried fruit and nut products from 8th Avenue and branded and private label pet food, the brands and operations of which Post acquired in April 2023 and December 2023 (collectively, the \u201cPet Acquisitions\u201d); \u2022Weetabix: Includes the businesses of Weetabix Limited, which Post acquired in July 2017 and which produces and distributes branded and private label RTE cereal, hot cereals and other cereal-based food products and muesli primarily outside of North America, Lacka Foods Limited, which Post acquired in April 2022 and which distributes and markets protein-based shakes under the UFIT bra ITEM 1A. RISK FACTORS In addition to the factors discussed elsewhere in this report, the following risks and uncertainties, some of which have occurred and any of which may occur in the future, could have material adverse impacts on our businesses, financial condition, results of operations and cash flows. Although the risks below are organized by heading, and each ris", "title": "POST - Post Holdings, Inc.", "url": "/company/POST/" }, { "kind": "company", "summary": "SIC 2015 Poultry Slaughtering and Processing; CIK 0000802481; latest 10-K filed 2026-02-12.", "text": "PPC - PILGRIMS PRIDE CORP SIC 2015 Poultry Slaughtering and Processing; CIK 0000802481; latest 10-K filed 2026-02-12. PPC PILGRIMS PRIDE CORP 0000802481 2015 Poultry Slaughtering and Processing Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Executive Summary Overview We are one of the largest protein companies in the world, and as a vertically integrated company, we are able to control nearly every phase of the production process, which helps us manage food safety and quality, control margins, and improve customer service. This gives us the opportunity to continue to create growth and development opportunities, further increasing our position as a leading domestic and global protein company. We reported net income attributable to Pilgrim\u2019s Pride Corporation of $1.1 billion, or $4.54 per diluted common share, and profit before tax totaling $1.5 billion, for 2025. These operating results included gross profit of $2.4 billion and generated $1.4 billion of cash from operations. We generated consolidated operating margins of 8.7% with operating margins of 10.7%, 5.1%, and 7.9% in our U.S., Europe, and Mexico reportable segments, respectively. During 2025, we generated EBITDA and Adjusted EBITDA of $2.1 billion and $2.3 billion, respectively. A reconciliation of net income to EBITDA and Adjusted EBITDA is included later in \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in this annual report. We operate on the basis of a 52/53-week fiscal year that ends on the Sunday falling on or before December 31. Any reference we make to a particular year applies to our fiscal year and not the calendar year. Fiscal years 2025 and 2024 were both 52-week fiscal years. Global Economic Conditions Our business is subject to global inflationary trends. U.S. consumer price index inflation rose 2.7% in the twelve months ended December 2025. The fluctuations were driven by policy changes, supply chain dynamics, and consumer spending behavior. U.K. consumer price index inflation rose 3.6% in the twelve months ended December 2025, driven by increases in alcohol and tobacco and transportation costs, as well as smaller increases in food and restaurant prices. The E.U. region saw a slight decrease in the year-over-year inflation rate to 2.0% for the twelve months ended December 2025, primarily driven by decreased energy prices, offset by rising food prices. The Russia-Ukraine war's impact on the global feed ingredient and energy markets continues to be less pronounced than during the initial onset of the war, but there remain many risks and uncertainties that may impact global markets. Mexico consumer price index inflation declined to 3.7% in the twelve months ended December 2025 partially driven by decreases in fresh agricultural prices and energy, partially offset by increases in services, such as restaurants and food services, as well as, prepared food prices and food, beverages, and tobacco prices. The British pound strengthened against the U.S. dollar during 2025. The Mexican peso weakened against the U.S. dollar during 2025, but future trends will be impacted by economic uncertainties in Mexico and with their primary trading partners, such as the U.S. We are monitoring changes in tariffs and trade policies both in the U.S. and throughout other countries where we operate and do business. Changes to these policies may impact our export sales and international operations. Our U.S. business is primarily characterized with inputs being made in country and our products being sold in country, demonstrated by our export sales from the U.S. accounting for less than 3% of our total net sales. The impact of trade policy changes is uncertain and evolving; however, we do not anticipate material impacts to our results of operations. We will continue to monitor potential impacts and take mitigation actions as necessary. We generally respond to these challenges in global economic conditions through discussions with customers to mitigate the impact of extraordinary costs we experience. We also continue to focus on operational initiatives that aim to deliver Item 1. Business Company Overview Pilgrim\u2019s Pride Corporation (referred to herein as \u201cPilgrim\u2019s,\u201d \u201cPPC,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or similar terms) is primarily engaged in the production, processing, marketing and distribution of fresh, frozen and value-added chicken and pork products to retailers, distributors and foodservice operators. JBS S.A., through its indirect wholly-owned subsidiaries (together, \u201cJBS\u201d), beneficially owns 82.28% of our outstanding common stock. We market our balanced portfolio of fresh, prepared and value-added meat products to a diverse set of customers across the U.S., the U.K. and Europe, Mexico and in over 120 other countries. Our sales efforts are largely targeted towards the foodservice industry, principally chain restaurants and food processors, such as Chick-fil-A\u00ae and retail customers, including grocery store chains and wholesale clubs, such as Kroger\u00ae, Costco\u00ae, Publix\u00ae and H-E-B\u00ae in the U.S., chain restaurants such as McDonald\u2019s\u00ae and grocery store chains such as Sainsbury\u2019s, Tesco and Waitrose in the U.K. and Europe, and grocery store chains such as Wal-Mart\u00ae in Mexico. As a vertically integrated company, we are able to control nearly every phase of the production process, which helps us manage food safety and quality, control margins and improve customer service. Our plants are strategically located to ensure that customers timely receive fresh products. With our global network of approximately 4,500 growers, 36 feed mills, 50 hatcheries, 39 processing plants, 28 prepared foods cook plants, 38 distribution centers, 10 protein conversion facilities and five pet food plants, we believe we are well-positioned to supply the growing demand for our products. We operate on the basis of a 52/53-week fiscal year ending on the Sunday falling on or before December 31. Any reference we make to a particular year (for example 2025) in the notes to these Consolidated Financial Statements applies to our fiscal year and not the calen Item 1A. Risk Factors The following risk factors should be read carefully in connection with evaluating our business and the forward-looking information contained in this annual report on Form 10-K. Any of the following risks could materially adversely affect our business, operations, industry or financial position or", "title": "PPC - PILGRIMS PRIDE CORP", "url": "/company/PPC/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001658566; latest 10-K filed 2026-02-26.", "text": "PR - Permian Resources Corp SIC 1311 Crude Petroleum & Natural Gas; CIK 0001658566; latest 10-K filed 2026-02-26. PR Permian Resources Corp 0001658566 1311 Crude Petroleum & Natural Gas ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying consolidated financial statements and related notes in \u201cItem 8. Financial Statements and Supplementary Data\u201d in this Annual Report. The following discussion and analysis contain forward-looking statements that reflect our future plans, estimates, beliefs and expected performance. The forward-looking statements are dependent upon events, risks and uncertainties that may be outside our control. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, future market prices for oil, NGLs and natural gas, future production volumes, estimates of proved reserves, capital expenditures, economic and competitive conditions, inflation, regulatory changes, and other uncertainties, as well as those factors discussed in \u201cCautionary Statement Concerning Forward-Looking Statements\u201d and \u201cItem 1A. Risk Factors\u201d in this Annual Report, all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may or may not occur. We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law. Overview We are an independent oil and natural gas company focused on driving returns to our stockholders through the acquisition, optimization and development of high-return oil and natural gas properties. Our assets and operations are located in the Permian Basin, with a concentration in the core of the Delaware Basin. Our principal business objective is to increase shareholder value by efficiently developing our oil and natural gas assets, with an overall objective of improving our rates of return and generating sustainable free cash flow. Market Conditions Our revenue, profitability and ability to return cash to stockholders can depend substantially on factors beyond our control, such as economic, political and regulatory developments. Prices for crude oil, NGLs and natural gas have experienced significant fluctuations in recent years and may continue to fluctuate widely in the future. Concerns regarding global economic growth, elevated interest rates, inflation, increases in global oil supply, tariffs and international trade policies have resulted in lower oil prices over the past year. Despite recent geopolitical tensions and strong global demand, higher than anticipated supply increases from OPEC and their potential impact to global inventories resulted in further downward pressure on prices through the end of 2025. Throughout 2024 and 2025, natural gas prices in the Permian Basin were negatively impacted by low demand as a result of pipeline capacity constraints out of the basin, pipeline maintenance, and higher production levels. These factors have led to lower or, during certain periods, negative regional gas prices being realized for natural gas sales at the Waha hub in West Texas resulting in lower gas realizations on our production sold at these regional price points. The oil and natural gas industry is cyclical, and it is likely that commodity prices, as well as commodity price differentials, will continue to be volatile due to fluctuations in global supply and demand, inventory levels, geopolitical events, federal and state government regulations weather conditions, growth in alternative energy sources, supply chain constraints and other factors. The following table highlights the quarterly average price trends for NYMEX WTI spot prices for crude oil and NYMEX Henry Hub index price for natural gas since the first quarter of 2023: [[GREPCENT_TABLE]] [[\"\",\"2023\",\"\",\"2024\",\"\",\"2025\"],[\"\",\"Q1\",\"\",\"Q2\",\"\",\"Q3\",\"\",\"Q4\",\"\",\"Q1\",\"\",\"Q2\",\"\",\"Q3\",\"\",\"Q4\", ITEM 1A. RISK FACTORS You should carefully consider the following risk factors together with all of the other information included in this Annual Report and our other reports filed with the SEC before investing in our securities. The occurrence of one or more of these risks could materially and adversely affect our business, our financial condition, and the results of our operations, which in turn could negatively impact the value of our securities. Risks Related to Commodity Prices Commodity prices are volatile, and a sustained period of low commodity prices for oil, NGLs and natural gas could adversely affect our business, financial condition and results of operations. The prices we receive for our oil, NGLs and natural gas heavily influence our revenue, cash flows, profitability, access to capital, future rate of growth and carrying value of our properties. Oil, NGLs and natural gas are commodities, and their prices may fluctuate widely in response to relatively minor changes in the actual and expected supply of and demand for oil, NGLs and natural gas and market uncertainty. Historically, oil, NGL and natural gas prices have been volatile and subject to fluctuations relating to a variety of additional factors that are beyond our control, including: \u2022worldwide and regional economic conditions impacting the global supply of and demand for oil, NGLs and natural gas; \u2022the price and quantity of foreign imports of oil, NGLs and natural gas; \u2022political and economic conditions in or affecting other producing regions or countries, including the Middle East, Russia, Eastern Europe, Africa and South America, such as the recent developments in Venezuela; \u2022actions of OPEC, its members and other state-controlled oil companies relating to oil price and production controls; \u2022actions of U.S., European Union and other governments and governmental organizations relating to Russia\u2019s oil, NGLs and natural gas, including through sanctions, import restrictions and commodity p", "title": "PR - Permian Resources Corp", "url": "/company/PR/" }, { "kind": "company", "summary": "SIC 6311 Life Insurance; CIK 0001475922; latest 10-K filed 2026-02-27.", "text": "PRI - Primerica, Inc. SIC 6311 Life Insurance; CIK 0001475922; latest 10-K filed 2026-02-27. PRI Primerica, Inc. 0001475922 6311 Life Insurance ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to inform the reader about matters affecting the financial condition and results of operations of Primerica, Inc. (the \u201cParent Company\u201d) and its subsidiaries (collectively, \u201cwe\u201d, \u201cus\u201d or the \u201cCompany\u201d) for the three-year period ended December 31, 2025. As a result, the following discussion should be read in conjunction with the consolidated financial statements and accompanying notes that are included elsewhere in this report. This discussion contains forward-looking statements that constitute our plans, estimates and beliefs. These forward-looking statements involve numerous risks and uncertainties, including, but not limited to, those discussed in \u201cItem 1A. Risk Factors\u201d. Actual results may differ materially from those contained in any forward-looking statements. This section generally discusses 2025 and 2024 items and comparisons between 2025 and 2024 results. We also present 2023 items and comparisons between 2024 and 2023 results in this section. However, discussions of comparisons between 2024 and 2023 are not included in this section but rather can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission on February 28, 2025 (the \u201c2024 MD&A\u201d). This MD&A is divided into the following sections: \u2022 Business Trends and Conditions \u2022 Factors Affecting Our Results \u2022 Critical Accounting Estimates \u2022 Results of Operations \u2022 Financial Condition \u2022 Liquidity and Capital Resources The Company previously reported a Senior Health segment, which consisted of e-TeleQuote Insurance, Inc. and subsidiaries, a marketer of Medicare-related insurance products underwritten by third-party health insurance carriers to eligible Medicare beneficiaries (the \u201cSenior Health business\u201d) that was disposed of as of September 30, 2024, and is now reported in discontinued operations for all periods presented. Refer to Note 2 (Discontinued Operations) to our consolidated financial statements included elsewhere in this report for further details. Business Trends and Conditions The relative strength and stability of the financial markets and economies in the United States and Canada affect our growth and profitability. Our business is, and we expect will continue to be, influenced by a number of industry-wide and product-specific trends and conditions. Economic conditions, including unemployment levels, inflation and consumer confidence, influence investment and spending decisions by middle-income consumers, who are generally our primary clients. These conditions and factors also impact prospective recruits\u2019 perceptions of the business opportunity that becoming an independent sales representative offers. Consumer spending and borrowing levels affect how consumers evaluate their savings and debt management plans. In addition, equity market returns and interest rates impact consumer demand for the investment and savings products we distribute. Our customers\u2019 perception of the strength of the capital markets may also influence their decisions to invest in the investment and savings products we distribute. We believe the economic conditions impacting middle-income households underscore their increasing need for our financial education, products and services to assist them in reaching the long-term goal of becoming financially independent. The financial and distribution results of our operations in Canada, as reported in U.S. dollars, are affected by changes in the currency exchange rate. As a result, changes in the Canadian dollar exchange rate may significantly affect the results of our business for all amounts translated and reported in U.S. dollars. The ITEM 1. BUSINESS. Primerica, Inc. (\u201cPrimerica\u201d or the \u201cParent Company\u201d and, together with its direct and indirect subsidiaries, \u201cwe\u201d, \u201cus\u201d or the \u201cCompany\u201d) is a leading provider of financial products and services to middle-income households in the United States and Canada with 151,524 life insurance-licensed sales representatives as of December 31, 2025. These independent licensed representatives (\u201cindependent sales representatives\u201d or \u201cindependent sales force\u201d) assist our clients in meeting their needs for term life insurance, which we underwrite, and mutual funds, annuities, managed investments, and other financial products, which we distribute primarily on behalf of third parties. We insured over 5.5 million lives and had approximately 3.1 million client investment accounts as of December 31, 2025. Our business model uniquely positions us to reach underserved middle-income consumers in a cost-effective manner and has proven itself in both favorable and challenging economic environments. Our purpose is to create financially independent families. Our strategic vision, in support of this purpose, is to build unparalleled financial services distribution capabilities that enable our clients, independent sales force, home office associates and stockholders to achieve their financial goals. The guiding principles that underlie our strategic vision are serving middle-income families, maximizing the success of the independent sales force, preserving and strengthening our culture, and protecting our business model. Our strategic plan includes the following growth pillars: \u2022 Understand and solve the financial challenges faced by current and prospective clients; \u2022 Enable leaders in the independent sales force to grow their teams and build new leaders, expanding our distribution capabilities across business lines; \u2022 Expand representative and client digital experiences to create connected conversations; \u2022 Deepen our talent pool to ensure our success, now and in the fut ITEM 1A. RISK FACTORS. Risks Related to Our Distribution Structure Our failure to continue to attract new recruits, retain independent sales representatives or license or maintain the licensing of independent sales representatives would materially adversely affect our business, financial condition and results of operations. New independent sales representatives provide us ", "title": "PRI - Primerica, Inc.", "url": "/company/PRI/" }, { "kind": "company", "summary": "SIC 7373 Services-Computer Integrated Systems Design; CIK 0000275880; latest 10-K filed 2026-02-11.", "text": "PSN - PARSONS CORP SIC 7373 Services-Computer Integrated Systems Design; CIK 0000275880; latest 10-K filed 2026-02-11. PSN PARSONS CORP 0000275880 7373 Services-Computer Integrated Systems Design Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis is intended to help investors understand our business, financial condition, results of operations, liquidity and capital resources. You should read this discussion together with our consolidated financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. Certain amounts may not foot due to rounding. The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements in this discussion are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Actual results may differ materially from those contained in any forward-looking statements. PARSONS CORPORATION Enabling a safer, smarter, and more interconnected world. Federal Solutions Technology-driven solutions for defense and intelligence customers SEGMENTS Critical Infrastructure Engineered solutions for complex physical and digital infrastructure challenges FINANCIAL SNAPSHOT $4B FY 2019 Revenue Critical Infrastructure52% Federal Solutions48% $4.3BFY 2019 Contract Awards Critical Infrastructure41% Federal Solutions59% KEY FACTS AND FIGURES 75Years of History ~ 16KEmployees 11%Revenue Growth (FY 2019) 1.1XTTM Book-to-Bill $8.0BBacklog as of 12/31/2019 z Overview We are a leading provider of the integrated solutions and services required in today\u2019s complex security environment and a world of digital transformation. We deliver innovative technology-driven solutions to customers worldwide. We have developed significant expertise and differentiated capabilities in key areas of cyber and intelligence, space and missile defense, critical infrastructure protection, transportation, environmental remediation and urban development. By combining our talented team of professionals and advanced technology, we solve complex technical challenges to enable a safer, smarter, more secure and more connected world. 57 We operate in two reporting segments, Federal Solutions and Critical Infrastructure. Our Federal Solutions business is an advanced technology provider to the U.S. government. Our Critical Infrastructure business provides integrated design and engineering services for complex physical and digital infrastructure around the globe. Our employees provide services pursuant to contracts that we are awarded by the customer and specific task orders relating to such contracts. These contracts are often multi-year, which provides us backlog and visibility on our revenues for future periods. Many of our contracts and task orders are subject to renewal and rebidding at the end of their term, and some are subject to the exercise of contract options and issuance of task orders by the applicable government entity. In addition to focusing on increasing our revenues through increased contract awards and backlog, we focus our financial performance on margin expansion and cash flow. Key Metrics We manage and assess the performance of our business by evaluating a variety of metrics. The following table sets forth selected key metrics (in thousands, except Book-to-Bill): [[GREPCENT_TABLE]] [[\"\",\"\",\"December 31, 2025\",\"\",\"\",\"December 31, 2024\",\"\",\"\",\"December 31, 2023\"],[\"Awards\",\"\",\"$\",\"6,371,950\",\"\",\"\",\"$\",\"7,039,272\",\"\",\"\",\"$\",\"5,996,780\"],[\"Backlog (1)\",\"\",\"$\",\"8,716,788\",\"\",\"\",\"$\",\"8,893,915\",\"\",\"\",\"$\",\"8,592,271\"],[\"Book-to-Bill\",\"\",\"\",\"1.0\",\"\",\"\",\"\",\"1.0\",\"\",\"\",\"\",\"1.1\"]] [[/GREPCENT_TABLE]] (1) Difference between our backlog of $8.7 billion and our remaining unsatisfied performance obligations, or RUPO, of $7.1 billion, each as of December 31, 2025, is due to (i) unissued task orders and unexercised option year Item 1. Business. Overview Parsons is a leading provider of the solutions and services required to support the complex security environment, unprecedented global infrastructure demand, and a world of digital transformation impacting our customers. For more than 81 years, we have solved our customers\u2019 most challenging problems and enabled a safer, smarter, more secure, and more connected world thanks to a culture of creativity, a focus on delivery, and a mission-focused workforce. We are established as a leading provider of integrated solutions and services that solve emerging customer challenges by leveraging our depth of experience and expertise in the markets where we operate. Today, that legacy of success has never been more true or more important, with Parsons uniquely positioned to deliver innovative solutions to our customers\u2019 most challenging current and emerging requirements. We have significant expertise and differentiated capabilities in six growing, enduring and profitable end markets including cyber and electronic warfare, space and missile defense, critical infrastructure protection, transportation, water and environment, and urban development. Leveraging both organic and inorganic investments, we have positioned ourselves as a technologically differentiated leader in each end market. By exploiting digital technology and artificial intelligence (AI), we will continue to drive accelerated growth, create transformative solutions, and enhance efficiency. Example areas include assured position, navigation and timing (A-PNT), counter unmanned aircraft systems, advanced traffic management systems, biometrics, and non-kinetic effectors. Additionally, our unique, complementary and diverse portfolio enables us to realize synergies in sectors including but not limited to events management, critical infrastructure protection, energy resilience, aviation modernization, and emerging contaminant elimination. Our longstanding relationships with a wide-ranging globa Item 1A. Risk Factors. You should carefully consider the risks described below and the other information contained in this Annual Report, including our consolidated financial statements and the related notes, before making an investment decision. Our business, financial condition and results of operations could be ma", "title": "PSN - PARSONS CORP", "url": "/company/PSN/" }, { "kind": "company", "summary": "SIC 2320 Men's & Boys' Furnishgs, Work Clothg, & Allied Garments; CIK 0000078239; latest 10-K filed 2026-03-31.", "text": "PVH - PVH CORP. /DE/ SIC 2320 Men's & Boys' Furnishgs, Work Clothg, & Allied Garments; CIK 0000078239; latest 10-K filed 2026-03-31. PVH PVH CORP. /DE/ 0000078239 2320 Men's & Boys' Furnishgs, Work Clothg, & Allied Garments Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations OVERVIEW The following discussion and analysis is intended to help you understand us, our operations and our financial performance. It should be read in conjunction with our consolidated financial statements and the accompanying notes, which are included elsewhere in this report. We are one of the largest global apparel companies in the world, with a history going back over 140 years. We have been listed on the New York Stock Exchange for over 100 years. We generated revenue of $9.0 billion, $8.7 billion, and $9.2 billion in 2025, 2024 and 2023 respectively, with over 70% of our revenue in 2025, 2024 and 2023 generated outside of the United States. Our global iconic lifestyle brands, TOMMY HILFIGER and Calvin Klein, together generated over 95% of our revenue during each of 2025 and 2024, and over 90% of our revenue during 2023. In addition to TOMMY HILFIGER and Calvin Klein, which are owned, we previously owned a portfolio of other brands, which primarily consisted of Warner\u2019s, Olga and True&Co., which we owned until November 27, 2023. We also license Van Heusen, Nike and other brands for certain product categories. PVH+ Plan The PVH+ Plan is our multi-year, strategic plan to build Calvin Klein and TOMMY HILFIGER into the most desirable lifestyle brands in the world and make PVH the leading brand building group in our sector. A description of the plan can be seen in Item 1 of this report under the heading \u201cOur Business Strategy.\u201d RESULTS OF OPERATIONS Macroeconomic Environment The conflict in the Middle East, which began in March 2026, has resulted in increased fuel and oil costs, the strengthening of the United States dollar against other currencies, in particular the euro, and volatility in world financial markets. These and other factors may lead to broader macroeconomic implications that could have a significant impact on our business including a decline in consumer spending and inventory availability. The length, scope and intensity of the conflict is unknown. As a result, there is significant uncertainty regarding the extent to which the conflict and its broader macroeconomic implications will impact our business, financial condition and results of operations in 2026. Inflation and other macroeconomic pressures, such as tariffs (discussed further below), elevated interest rates and the risk of recession, continue to create a complex and challenging retail environment globally, particularly in North America. Macroeconomic factors have had and may continue to have a negative impact on consumer demand for apparel and related products globally. Beginning in the first quarter of 2025, the United States government announced additional tariffs on goods imported into the United States, with incremental tariffs on products imported from most countries and economic unions, and the potential for further increases and revisions or terminations to existing trade agreements. In response, some countries and economic unions announced retaliatory tariffs on United States exports and other trade restrictions. In February 2026, the U.S. Supreme Court ruled that many of the tariffs imposed by the U.S. federal government were unconstitutional. In response to that decision, the U.S. President issued an executive order imposing tariffs pursuant to Section 122 of the Trade Act of 1974 for 150 days, effective on February 24, 2026. The outlook on further trade policy actions is unclear, including whether further additional tariffs or other retaliatory actions may be imposed, modified, or suspended. These actions have led to significant volatility and uncertainty in global markets. We continue to analyze the impact of incremental tariffs on our business and are taking steps to mitigate our tariff exposure to the extent possible. Mitigation strategies have included, and may continue to more significantly include further sourcing optimization, n Item 1. Business Introduction Unless the context otherwise requires, the terms \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d refer to PVH Corp. and its subsidiaries. Our fiscal years are based on the 52-53 week period ending on the Sunday closest to February 1 and are designated by the calendar year in which the fiscal year commences. References to a year are to our fiscal year, unless the context requires otherwise. Our 2025 year commenced on February 3, 2025 and ended on February 1, 2026; our 2024 year commenced on February 5, 2024 and ended on February 2, 2025; and our 2023 year commenced on January 30, 2023 and ended on February 4, 2024. References in this report to the brand names TOMMY HILFIGER, TOMMY JEANS, Calvin Klein, Calvin Klein Jeans, Calvin Klein Underwear, Calvin Klein Sport, Calvin Klein Collection, which are owned, Warner\u2019s, Olga and True&Co., which we owned until November 27, 2023, Van Heusen and Nike, which we license for certain product categories, and to other brand names owned by us or licensed to us by third parties, are to registered and common law trademarks and are identified by italicizing the brand name. Company Information We were incorporated in the State of Delaware in 1976 as the successor to a business begun in 1881. Our principal executive offices are located at 285 Madison Avenue, New York, New York 10017; our telephone number is (212) 381-3500. We make available at no cost, on our corporate website, PVH.com, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we have electronically filed such material with the Securities and Exchange Commission (\u201cSEC\u201d). All such filings are also available on the SEC\u2019s website at sec.gov. We also make available at no cost on PVH.com, the charters of the committees of the PVH Corp. Board of Directors, as well as our Corporate Governa Item 1A. Risk Factors The following risk factors should be read in conjunction with the other information set forth herein when evaluating our business and the forward-looking statements made herein. The occurrence of one or more of the circumstances or events described below could have a mate", "title": "PVH - PVH CORP. /DE/", "url": "/company/PVH/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001107843; latest 10-K filed 2026-02-20.", "text": "QLYS - QUALYS, INC. SIC 7372 Services-Prepackaged Software; CIK 0001107843; latest 10-K filed 2026-02-20. QLYS QUALYS, INC. 0001107843 7372 Services-Prepackaged Software Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion in conjunction with our consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. You should carefully review and consider the information regarding our financial condition and results of operations set forth under Part II-Item 7 (Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations) in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 21, 2025, for an understanding of our results of operations and liquidity discussions and analysis comparing fiscal year 2024 to fiscal year 2023, which information is hereby incorporated by reference. In addition to historical information, this discussion contains forward-looking statements that involve risks and uncertainties that could cause our actual results to differ materially from our expectations, as discussed in \"Forward-Looking Statements\" in Part I of this Annual Report on Form 10-K. Factors that could cause such differences include, but are not limited to, those described in the section titled \"Risk Factors\" and elsewhere in this Annual Report on Form 10-K. Overview We are a leading provider of a cloud-based platform delivering information technology (IT), security and compliance solutions that enable organizations to identify security risks to their IT infrastructures, help protect their IT systems and applications from ever-evolving cyber-attacks and achieve compliance with internal policies and external regulations. Our cloud platform addresses the growing security and compliance complexities and risks that are amplified by the dissolving boundaries between IT infrastructures and web environments, the rapid adoption of cloud computing, containers and serverless IT models, and the proliferation of geographically dispersed IT assets. Our integrated suite of IT, security and compliance solutions delivered on Qualys' Enterprise TruRisk Platform enables our customers to identify and manage their IT and operational technology (OT) assets, collect and analyze large amounts of IT security data, discover and prioritize vulnerabilities, quantify cyber risk exposure, recommend and implement remediation actions and verify the implementation of such actions. Organizations use our integrated suite of solutions to cost-effectively obtain a unified view of their internal and external IT and OT asset inventory as well as security and compliance posture across globally-distributed IT infrastructures as our solution offers a single platform for IT, information security, application security, endpoint, developer security and cloud teams. We were founded and incorporated in December 1999 with a vision of transforming the way organizations secure and protect their IT infrastructure and applications and initially launched our first cloud solution, Vulnerability Management (VM), in 2000. As VM gained acceptance, we introduced additional solutions to help customers manage increasing IT, security and compliance requirements. Today, the suite of solutions that we offer on our cloud platform and refer to as the Qualys Cloud Apps help our customers detect, measure, prioritize and remediate cyber risk spanning a range of assets across on-premises, endpoints, cloud, containers, and mobile environments. We provide our solutions through a software-as-a-service model, primarily with renewable annual subscriptions. These subscriptions require customers to pay a fee in order to access each of our cloud solutions. We generally invoice our customers for the entire subscription amount at the start of the subscription term, and the invoiced amounts are treated as deferred revenues and are recognized ratably over the term of each subscription. We continue to experience revenue growth from our existing customers as they renew and purchase Item 1. Business Overview We are a leading provider of a cloud-based platform delivering information technology (IT), security and compliance solutions. Our integrated suite of IT, security and compliance solutions delivered on Qualys' Enterprise TruRisk Platform enables our customers to: 1) identify and manage their internal and external IT and operational technology (OT) assets across on-premises, endpoints, cloud, containers, and mobile environments; 2) collect and analyze large amounts of IT security data; 3) discover and prioritize vulnerabilities; 4) quantify cyber risk exposure; 5) recommend and implement remediation actions; and 6) verify the implementation of such actions. This helps organizations protect their systems and applications from ever-evolving cyber-attacks and helps achieve compliance with internal policies and external regulations. Our cloud platform addresses the growing IT, security and compliance complexities and risks that are amplified by the dissolving boundaries between IT infrastructures and web environments, the rapid adoption of cloud computing, containers and serverless IT models, and the proliferation of geographically dispersed IT assets. Organizations use our integrated suite of solutions to cost-effectively obtain a unified view of their internal and external IT and OT asset inventory as well as security and compliance posture across globally-distributed IT infrastructures as our solution offers a single platform for IT, information security, application security, endpoint, developer security and cloud teams. IT infrastructures are more complex and globally-distributed today than ever before, as organizations of all sizes increasingly rely upon a myriad of interconnected information systems and related assets, such as servers, databases, web applications, routers, switches, desktops, laptops, other physical and virtual infrastructure, and numerous external networks and cloud services. In this environment, new and evolving Item 1A. Risk Factors An investment in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, and all other information contained in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes, before making a decision to invest in ou", "title": "QLYS - QUALYS, INC.", "url": "/company/QLYS/" }, { "kind": "company", "summary": "SIC 7510 Services-Auto Rental & Leasing (No Drivers); CIK 0000085961; latest 10-K filed 2026-02-11.", "text": "R - RYDER SYSTEM INC SIC 7510 Services-Auto Rental & Leasing (No Drivers); CIK 0000085961; latest 10-K filed 2026-02-11. R RYDER SYSTEM INC 0000085961 7510 Services-Auto Rental & Leasing (No Drivers) ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with our consolidated financial statements and related notes contained in Part II, Item 8 of this Annual Report on Form 10-K. The following MD&A describes the principal factors affecting our results of operations, financial resources, liquidity, contractual cash obligations and critical accounting estimates during 2025, compared with 2024. A detailed discussion of the year 2024 compared with 2023 is not included herein and can be found in the MD&A section in our 2024 Annual Report on Form 10-K, filed with the SEC on February 12, 2025, which is incorporated herein by reference. Our results of operations and financial condition are influenced by a number of factors including: macroeconomic and other market conditions, including pricing and demand; used vehicle sales; customer contracting activity and retention; maintenance costs; residual value estimate changes; currency exchange rate fluctuations; customer preferences; inflation; fuel and energy prices; insurance costs; interest rates; labor costs; unemployment levels; tax rates; changes in accounting or regulatory requirements; and cybersecurity attacks. This MD&A includes certain forward-looking statements that are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. We caution readers that certain important factors could cause actual results and events to differ significantly from those expressed. This MD&A should be read in conjunction with our discussion of cautionary statements and significant risks to the business under Part I, Item 1A. \"Risk Factors\u201d and \"Special Note Regarding Forward-Looking Statements\" sections included in this Annual Report. Certain prior period amounts have been reclassified to conform with the current period presentation. This MD&A includes certain non-GAAP financial measures. Please refer to the \u201cNon-GAAP Financial Measures\u201d section of this MD&A for information on these non-GAAP measures, including reconciliations to the most comparable GAAP financial measure and the reasons why we believe each measure is useful to investors. OVERVIEW General Ryder is a leading logistics and transportation company. We report our financial performance based on three business segments: (1) Fleet Management Solutions (FMS), which provides full service leasing, commercial rental and vehicle maintenance services; (2) Supply Chain Solutions (SCS), which provides fully integrated logistics solutions; and (3) Dedicated Transportation Solutions (DTS), which provides turnkey transportation solutions, including dedicated vehicles, professional drivers, management and administrative support. Dedicated transportation services provided as part of an operationally integrated, multi-service supply chain solution to SCS customers are primarily reported in the SCS business segment. Further information on our business and business segments are presented in Part I, Item 1, \"Business\", and in Note 3, \"Segment Reporting\" of the Notes to Consolidated Financial Statements included in Part II, Item 8, \"Financial Statements and Supplementary Data\" in this Annual Report. 2025 HIGHLIGHTS \u2022Diluted EPS from continuing operations of $11.99, up 8% from prior year \u2022Comparable EPS (a non-GAAP measure) from continuing operations of $12.92, up 8% from prior year, reflecting higher contractual earnings across all business segments, as well as share repurchases, partially offset by lower used vehicle sales and rental results \u2022Adjusted Return on Equity (ROE) (a non-GAAP measure) of 17%, compared to 16% in prior year \u2022Total revenue of $12.7 billion, consistent with prior year \u2022Operating revenue (a non-GAAP measure) of $1 ITEM 1. BUSINESS OVERVIEW Ryder System, Inc. (Ryder) is a leading provider of outsourced logistics and transportation services throughout North America. We offer port\u2011to\u2011door solutions that integrate every step of the supply chain, including international inbound flows and cross\u2011border logistics, fleet and transportation management, warehousing, manufacturing support and multi-channel final delivery. Our complementary business segments provide a broad range of value-added solutions, which provides our customers with a seamless, end\u2011to\u2011end logistics network designed to reduce complexity and improve speed, reliability and efficiency across the entire flow of goods. Ryder connects every link in the supply chain, moving products smoothly from ports and suppliers all the way to customers\u2019 doorsteps as illustrated below. We report our financial performance based on three business segments: (1) Fleet Management Solutions (FMS), which provides full service leasing, commercial rental and vehicle maintenance services; (2) Supply Chain Solutions (SCS), which provides fully integrated logistics solutions; and (3) Dedicated Transportation Solutions (DTS), which provides turnkey transportation solutions, including dedicated vehicles, professional drivers, management and administrative support. Dedicated transportation services provided as part of an operationally integrated, multi-service supply chain solution to SCS customers are primarily reported in the SCS business segment. 1 ___________________ As of and for the year ended December 31, 2025. FMS total revenue includes eliminations We operate in highly competitive markets. Our customers select us based on numerous factors including service quality, price, technology and service offerings. As an alternative to using our services, customers may choose to provide these services themselves or obtain similar services from other third parties. Our customer base reflects a variety of industries as shown below (as a percentag ITEM 1A. RISK FACTORS The following is a cautionary discussion of the material risks and uncertainties that management believes affect us. Any of the following risks, as well as risks that are not currently known to us or that we currently deem immaterial, could materially affect our business, financial condition or resu", "title": "R - RYDER SYSTEM INC", "url": "/company/R/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001046102; latest 10-K filed 2026-02-25.", "text": "RBA - RB GLOBAL INC. SIC 7389 Services-Business Services, NEC; CIK 0001046102; latest 10-K filed 2026-02-25. RBA RB GLOBAL INC. 0001046102 7389 Services-Business Services, NEC ITEM 7: MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This discussion and analysis should be read in conjunction with the \u201cCautionary Note Regarding Forward-Looking Statements\u201d, Part I, Item 1A: Risk Factors, and the consolidated financial statements and the notes thereto included in Part II, Item 8. Financial Statements and Supplementary Data of this Annual Report on Form 10-K. This section discusses 2025 results compared with 2024 results. Discussions of 2024 results compared with 2023 results that are not included herein can be found in Part II, Item 7: Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Actual results could differ materially from those expressed or implied in any forward-looking statements due to various factors, including those set forth under Part I, Item 1A: Risk Factors in this Annual Report on Form 10-K. In the accompanying analysis of financial information, we sometimes use non-GAAP measures. Refer to the Non-GAAP Measures section of this discussion and analysis for the definitions of, and reasons we use, these non-GAAP measures and the reconciliations to their most directly comparable GAAP measures. Unless otherwise indicated, all amounts in the following tables are in millions, except per share amounts. Overview For a complete overview of our business, refer to Part I, Item 1: Business of this Annual Report on Form 10-K. Sectors discussed below are organized by asset class and include automotive, commercial, construction and transportation (\u201cCC&T\u201d), and other. Automotive includes automobiles, including passenger vehicles and buses. CC&T includes equipment needed for earth moving, lift and material handling, as well as vocational and commercial trucks and trailers. Other primarily includes assets and equipment in the agricultural, forestry and energy industries, government surplus assets, smaller consumer recreational transportation items and parts sold in our vehicle dismantling business until June 21, 2025, the date of its deconsolidation in connection with the LKQ SYNETIQ transaction described in Part II, Item 8: Financial Statements and Supplementary Data - Note 4 Loss on Deconsolidation and Recognition of Equity Method Investment. Each respective sector includes salvage and non-salvage transactions. Key Operating Metrics We regularly review a number of metrics, including the following key operating metrics, to evaluate our business, measure our performance, identify trends affecting our business, and make operating decisions. We believe these key operating metrics are useful to investors because management uses these metrics to assess the growth of our business and the effectiveness of our operational strategies. Gross Transaction Value (\u201cGTV\u201d): Represents total proceeds from all items sold on our auctions and online marketplaces, third-party online marketplaces, private brokerage services and other disposition channels. GTV is not a measure of financial performance, liquidity, or revenue, and is not presented in the Company\u2019s consolidated financial statements. Inventory return: Inventory sales revenue less cost of inventory sold. Inventory rate: Inventory return divided by inventory sales revenue. Total lots sold: A single asset to be sold or a group of assets bundled for sale as one unit. Low value assets are sometimes bundled into a single lot, collectively referred to as \u201csmall value lots.\u201d Financial Highlights For the year ended December 31, 2025, as compared to the year ended December 31, 2024: \u2022Total GTV increased 2% to $16.2 billion. \u2022Total revenue increased 7% to $4.6 billion. \u2022Service revenue increased 4% to $3.5 billion. \u2022Inventory sales revenue increased 18% to $1.1 billion. \u2022Net income increased 4% to $427.6 million. \u2022Net income available to common stockholders increased 3% to $382.2 million. \u2022Di ITEM 1: BUSINESS Company Overview Established in 1958, the Company is a leading, omnichannel marketplace and trusted provider of value-added insights, services and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Through our global network of auction sites and digital platform, we serve customers worldwide across a variety of asset classes, including automotive, construction, commercial transportation, government surplus, lifting and material handling, energy, mining and agriculture. Our marketplace brands include Ritchie Bros., the world's largest auctioneer of commercial assets and vehicles offering online bidding, and IAA, a leading global digital marketplace connecting vehicle buyers and sellers. Our portfolio of brands also includes Rouse Services (\u201cRouse\u201d), which provides complete end-to-end asset management and market data-driven intelligence; SmartEquip, an innovative technology platform that supports customers' management of the equipment lifecycle and integrates parts procurement with both original equipment manufacturers (\u201cOEMs\u201d) and dealers; and VeriTread, an online marketplace for heavy haul transport. Our sectors are organized by asset class and include automotive, commercial, construction and transportation (\u201cCC&T\u201d), and other. Automotive includes automobiles, including passenger vehicles and buses. CC&T includes equipment needed for earth moving, lift and material handling, as well as vocational and commercial trucks and trailers. Other primarily includes assets and equipment in the agricultural, forestry and energy industries, government surplus assets, smaller consumer recreational transportation items and parts sold in our vehicle dismantling business until June 21, 2025, the date of its deconsolidation in connection with the LKQ SYNETIQ transaction described in Part II, Item 8: Financial Statements and Supplementary Data - Note 4 Loss on Deconsolidation and Recognition of Equity Method Investment. E ITEM 1A: RISK FACTORS An investment in our common stock involves a high degree of risk. In addition to the other information included in this Annual Report on Form 10-K, you should carefully consider each of the risks described below before purchasing our common shares. The risk factors set forth below are not the only risks that may affect our business", "title": "RBA - RB GLOBAL INC.", "url": "/company/RBA/" }, { "kind": "company", "summary": "SIC 3562 Ball & Roller Bearings; CIK 0001324948; latest 10-K filed 2026-05-15.", "text": "RBC - RBC Bearings INC SIC 3562 Ball & Roller Bearings; CIK 0001324948; latest 10-K filed 2026-05-15. RBC RBC Bearings INC 0001324948 3562 Ball & Roller Bearings ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The financial and business analysis below provides information that we believe is relevant to an assessment and understanding of our consolidated financial position, results of operations and cash flows. This financial and business analysis should be read in conjunction with the consolidated financial statements and related notes. All references to \u201cNotes\u201d in this Item 7 refer to the \u201cNotes to Consolidated Financial Statements\u201d included in Item 8 of this Annual Report on Form 10-K. The following discussion contains statements reflecting our views about our future performance that constitute \u201cforward-looking statements\u201d within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. See the information provided in Part I, Item 1A. \u201cRisk Factors\u201d of this Annual Report on Form 10-K under the heading \u201cCautionary Statement as to Forward-Looking Information.\u201d General We are a well-known international manufacturer of highly engineered precision bearings, components and essential systems for the Aerospace & Defense and Industrial markets. Our precision solutions are integral to the manufacture and operation of most machines and mechanical systems, reduce wear to moving parts, facilitate proper power transmission, and reduce damage and energy loss caused by friction. While we manufacture products in all major bearing categories, we focus primarily on the higher end of the bearing market where we believe our value-added manufacturing and engineering capabilities enable us to differentiate ourselves from our competitors and enhance profitability. We believe our unique expertise has enabled us to garner leading positions in many of the product markets in which we primarily compete. With 65 facilities in 11 countries, of which 44 are manufacturing facilities, we have been able to significantly broaden our end markets, products, customer base and geographic reach. We have a fiscal year consisting of 52 or 53 weeks, ending on the Saturday closest to March 31. Based on this policy, fiscal 2026 had 52 weeks and fiscal 2025 had 52 weeks. We currently operate under two reportable business segments \u2013 Aerospace & Defense and Industrial: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Aerospace & Defense. This segment represents the end markets for the Company\\u2019s highly engineered bearings and precision components used in commercial aerospace, defense aerospace, defense marine, defense ground vehicles, missiles and guided munitions, and space and satellite applications.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Industrial. This segment represents the end markets for the Company\\u2019s highly engineered bearings, gearing and precision components used in various industrial applications including: construction, mining, forestry, energy, agricultural and other machinery; aggregate and cement handling; food and beverage manufacturing; grain, and agricultural product handling; metals and mining material handling; chemicals, oil and gas production; warehousing and logistics; manufacturing automation and semiconductor equipment; power generation; waste and water management; rail and transportation.\"]] [[/GREPCENT_TABLE]] We use gross margin as the primary measurement to assess the financial performance of each reportable segment. End market and channel sales within our segments are based on internal definitions and metrics considered by management and are periodically reviewed and updated prospectively. The markets for our products are cyclical, and we have endeavored to mitigate this cyclicality by entering into single and sole-source relationships and long-term purchase agreements, through diversification across multiple market segments within the Aerospace & Defense and Industrial segments, by increasing sales to the aftermarket, and by focusing on developing highly customized solutions. Currently, o", "title": "RBC - RBC Bearings INC", "url": "/company/RBC/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001571283; latest 10-K filed 2026-02-11.", "text": "REXR - Rexford Industrial Realty, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001571283; latest 10-K filed 2026-02-11. REXR Rexford Industrial Realty, Inc. 0001571283 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the sections of this Annual Report on Form 10-K entitled \u201cRisk Factors,\u201d \u201cForward-Looking Statements,\u201d \u201cBusiness\u201d and our audited consolidated financial statements and the related notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements reflecting current expectations that involve risks and uncertainties. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in the section entitled \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. 60 Company Overview Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service REIT focused on owning and operating industrial properties in Southern California infill markets. We were formed as a Maryland corporation on January 18, 2013 and Rexford Industrial Realty, L.P. (the \u201cOperating Partnership\u201d), of which we are the sole general partner, was formed as a Maryland limited partnership on January 18, 2013. Through our controlling interest in our Operating Partnership and its subsidiaries, we acquire, own, improve, reposition, develop, lease and manage industrial real estate principally located in Southern California infill markets, and from time to time, acquire or provide mortgage debt secured by industrial zoned property or property suitable for industrial development. From time to time we also sell assets as part of our capital allocation strategy. We are organized and conduct our operations to qualify as a REIT under the Code, and generally are not subject to federal taxes on our income to the extent we distribute our income to our shareholders and maintain our qualification as a REIT. As of December 31, 2025, our consolidated portfolio consisted of 419 properties with approximately 51.2 million rentable square feet. Our goal is to generate attractive risk-adjusted returns for our stockholders by providing superior access to industrial property investments and mortgage debt investments secured by industrial property in high-barrier Southern California infill markets. Periodically we also engage in mortgage debt investments secured by industrial zoned property or property suitable for industrial development within these markets. Our target markets provide us with opportunities to acquire both stabilized properties generating favorable cash flow, as well as properties or land parcels where we can enhance returns over time through value-add repositioning and developments. Scarcity of available space and high barriers limiting new construction of for-lease product all contribute to create superior long-term supply/demand fundamentals within our target infill Southern California industrial property markets. With our vertically integrated operating platform and extensive value-add investment and management capabilities, we believe we are positioned to capitalize upon the opportunities in our markets to achieve our objectives. Management Update In November 2025, the Company announced that Laura Clark, Chief Operating Officer, will assume the role of Chief Executive Officer effective April 1, 2026, as part of the Company\u2019s leadership succession plan. Ms. Clark was appointed to the Board of Directors in November 2025 and will succeed Co\u2011Chief Executive Officers Howard Schwimmer and Michael Frankel, who will depart from their roles effective March 31, 2026. Mr. Schwimmer and Mr. Frankel will continue to serve as members of the Board of Directors until their terms expire at the Company\u2019s 2026 Annual Meeting of Stockholders. Management does not expect the leadership transition to disrupt the Company\u2019s operations. Following the November 2025 announcement, the Company began certain operating and capital initiatives, includin Item 1. Business Company Overview References to \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cour company,\u201d or \u201cthe Company\u201d refer to Rexford Industrial Realty, Inc., a Maryland corporation, together with our consolidated subsidiaries (unless the context requires otherwise), including Rexford Industrial Realty, L.P., a Maryland limited partnership, of which we are the sole general partner and which we refer to in this report as our Operating Partnership. In statements regarding qualification as a REIT, such terms refer solely to Rexford Industrial Realty, Inc. We are a self-administered and self-managed full-service REIT focused on owning, operating and acquiring industrial properties in Southern California infill markets. Our goal is to generate attractive risk-adjusted returns for our stockholders by providing superior access to industrial property investments and mortgage debt investments secured by industrial property in high-barrier Southern California infill markets. We were formed as a Maryland corporation on January 18, 2013 and Rexford Industrial Realty, L.P. (the \u201cOperating Partnership\u201d), of which we are the sole general partner, was formed as a Maryland limited partnership on January 18, 2013. Through our controlling interest in our Operating Partnership and its subsidiaries, we acquire, own, improve, reposition, develop, lease and manage industrial real estate primarily located in Southern California infill markets, and from time to time, acquire or provide mortgage debt secured by industrial property. We also sell assets programmatically as part of our capital allocation strategy. As of December 31, 2025, our consolidated portfolio consisted of 419 properties with approximately 51.2 million rentable square feet. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the \u201cCode\u201d), commencing with our taxable year ended December 31, 2013. We are generally not subject to federal taxes on our income to the extent we distribute our REIT taxabl Item 1A. Risk Factors Set forth below are some (but not all) of the factors that could adversely affect our performance and financial condition. Moreover, we operate in a highly competitive and rapidly-changing environment. New risk factors emerge from time to time, and it is not possible for us to predict ", "title": "REXR - Rexford Industrial Realty, Inc.", "url": "/company/REXR/" }, { "kind": "company", "summary": "SIC 6311 Life Insurance; CIK 0000898174; latest 10-K filed 2026-02-20.", "text": "RGA - REINSURANCE GROUP OF AMERICA INC SIC 6311 Life Insurance; CIK 0000898174; latest 10-K filed 2026-02-20. RGA REINSURANCE GROUP OF AMERICA INC 0000898174 6311 Life Insurance Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Index to Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Cautionary Note Regarding Forward-Looking Statements\",\"40\"],[\"Overview\",\"41\"],[\"Industry Trends\",\"43\"],[\"Critical Accounting Estimates\",\"44\"],[\"Consolidated Results of Operations\",\"48\"],[\"Results of Operations by Segment\",\"53\"],[\"\",\"U.S. and Latin America Operations\",\"53\"],[\"\",\"Canada Operations\",\"56\"],[\"\",\"Europe, Middle East and Africa Operations\",\"57\"],[\"\",\"Asia Pacific Operations\",\"59\"],[\"\",\"Corporate and Other\",\"61\"],[\"Liquidity and Capital Resources\",\"63\"]] [[/GREPCENT_TABLE]] Cautionary Note Regarding Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance and growth potential of the Company. Forward-looking statements often contain words and phrases such as \u201canticipate,\u201d \u201cassume,\u201d \u201cbelieve,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cif,\u201d \u201cintend,\u201d \u201clikely,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201cpro forma,\u201d \u201cproject,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cwould,\u201d and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. Forward-looking statements are based on management\u2019s current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievements could differ materially from those set forth in, contemplated by or underlying the forward-looking statements. Factors that could also cause results or events to differ, possibly materially, from those expressed or implied by forward-looking statements, include, among others: (1) changes in mortality, morbidity, policyholder behavior, claims experience, investment returns, interest rates, expenses and other factors as compared to our pricing assumptions; (2) investment results, whether from changes in economic, capital- and credit-market conditions, asset selection, or otherwise, and their impact on the Company\u2019s investment securities, liquidity, portfolio yields, credit quality, access to capital, cost of capital, and amount of capital required for regulatory and contractual purposes; (3) changes in the Company\u2019s financial strength and credit ratings and the effect of such changes on the Company; (4) the availability, amount, cost, and market value of collateral necessary for regulatory reserves, capital, and client obligations; (5) changes in laws and regulations, tax policy and rates, accounting standards, and privacy, data security and cybersecurity regulations applicable to the Company and actions by regulators with authority over the Company\u2019s operations, as well as regulatory restrictions on the ability of Company subsidiaries to pay dividends to the Company; (6) the impact of general economic conditions in the U.S. and globally, including as a result of inflation, interest rate levels, geopolitical instability, and impacts from the imposition of, or changes in tariffs, as well as the stability of and actions by governments, central banks, and economies in jurisdictions where the Company operates, affecting interest rates, markets generally, or the demand for insurance and reinsurance; (7) the stability and financial performance of clients, reinsurers, third-party investment managers and other institutions and the effects of the Company\u2019s dependence on such third parties; (8) the effectiveness of the Company\u2019s risk management strategy, po Item 1. BUSINESS Overview Reinsurance Group of America, Incorporated (\u201cRGA\u201d) is an insurance holding company that was formed on December 31, 1992. The consolidated financial statements herein include the assets, liabilities, and results of operations of RGA and its subsidiaries, all of which are wholly owned. The terms \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d and \u201cour\u201d in this Annual Report on Form 10-K refer to RGA and its subsidiaries. The Company is a leading global provider of traditional life and health, and asset-intensive reinsurance, with operations in the U.S., Latin America, Canada, Europe, the Middle East, Africa, Asia and Australia. Reinsurance is an arrangement under which an insurance company, the \u201creinsurer,\u201d agrees to indemnify another insurance company, the \u201cceding company,\u201d for all or a portion of the insurance and/or investment risks underwritten by the ceding company. Reinsurance is designed to: i.reduce the net amount at risk on individual risks, thereby enabling the ceding company to increase the volume of business it can underwrite, as well as increase the maximum risk it can underwrite on a single risk; ii.enhance the ceding company\u2019s financial strength and surplus position; iii.stabilize operating results by leveling fluctuations in the ceding company\u2019s loss experience; and iv.assist the ceding company in meeting applicable regulatory requirements. The Company has the following geographic-based and business-based operational segments: \u2022U.S. and Latin America; \u2022Canada; \u2022Europe, Middle East and Africa (\u201cEMEA\u201d); \u2022Asia Pacific; and \u2022Corporate and Other. Geographic-based operations are further segmented into traditional and financial solutions businesses. The Company\u2019s segments primarily write traditional reinsurance and financial solutions business that is wholly or partially retained in one or more of RGA\u2019s insurance subsidiaries. See \u201cSegments\u201d for more information concerning the Company\u2019s operating segments. Traditional Reinsurance Tradi Item 1A. RISK FACTORS In the Risk Factors below, we refer to the Company as \u201cwe,\u201d \u201cus,\u201d or \u201cour.\u201d Investing in our securities involves certain risks. Any of the following risks could materially adversely affect our business, financial condition or results of operations. These risks are not exclusive, and additional risks to which we are subject include, b", "title": "RGA - REINSURANCE GROUP OF AMERICA INC", "url": "/company/RGA/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0000730272; latest 10-K filed 2026-02-26.", "text": "RGEN - REPLIGEN CORP SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0000730272; latest 10-K filed 2026-02-26. RGEN REPLIGEN CORP 0000730272 2836 Biological Products, (No Diagnostic Substances) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Information pertaining to fiscal years 2024 and 2023 was included in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024, on pages 39 through 52 under Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d which was filed with the SEC on March 14, 2025. 27 Table of Contents Repligen and its subsidiaries, collectively doing business as Repligen Corporation (\u201cRepligen\u201d, \u201cwe\u201d, \u201cour\u201d, or \u201cthe Company\u201d) is a global life sciences company that develops and commercializes highly innovated bioprocessing technologies and systems that increase efficiencies and flexibility in the process of manufacturing biological drugs. As the overall market for biologics continues to grow and expand, our customers \u2013 primarily large biopharmaceutical companies and contract development and manufacturing organizations (\u201cCDMOs\u201d) and other life sciences companies (integrators) \u2013 face critical production cost, capacity, quality and time pressures. Our products help enable customers to address these concerns, both accelerating development and improving yields. We are committed to inspiring advances in bioprocessing as a trusted partner in the production of critical biologic drugs \u2013 including monoclonal antibodies (\u201cmAbs\u201d) and mAb derivatives like antibody drug conjugates, recombinant proteins, RNA-based therapeutics and vaccines and cell and gene therapies \u2013 that are improving human health worldwide. For more information regarding our business, products and acquisitions, see above sections in Part I, Item 1. \"Business\", included in this Annual Report on Form 10-K. Macroeconomic Trends As a result of our global presence, a significant portion of our revenue and expenses is denominated in currencies other than the United States (\u201cU.S.\u201d) dollar. We are therefore subject to non-U.S. exchange exposure. Exchange rates can be volatile and a substantial weakening or strengthening of foreign currencies against the U.S. dollar could increase or reduce our revenue and gross profit margin and impact the comparability of results from period to period. We have experienced, and expect to continue to experience, cost inflation, primarily in raw materials and other supply chain costs, as a result of global macroeconomic trends, including global geopolitical conflicts and labor shortages. Actions taken to mitigate supply chain disruptions and inflation, including price increases and productivity improvements, have generally been successful in offsetting the impact of these trends. We continue to monitor the effects of tariffs implemented by the Trump administration and the potential imposition of modified or additional tariffs. 2025 Acquisition Acquisition of 908 Devices PAT Portfolio On March 4, 2025, the Company completed its acquisition of 908 Devices Inc.\u2019s (\u201c908 Devices\u201d) desktop portfolio of four devices for bioprocessing process analytical technology applications (\u201cPAT Portfolio\u201d). In connection with the transaction, Repligen also acquired facilities, employees, equipment and lease obligations for facilities in North Carolina and Braunschweig, Germany as well as certain working capital balances related to the PAT Portfolio. This transaction is referred to as the 908 Devices PAT Portfolio acquisition. The addition of these desktop assets complements and strengthens Repligen\u2019s differentiated PAT Portfolio that provides its biopharmaceutical and CDMO customers with actionable insights to optimize development processes and improve manufacturing efficiencies. Critical Accounting Policies and Estimates The preparation of our financial statements and related disclosures require us to make estimates, assumptions and judgments. We believe the accounting policies described below, some of which require estimates, assumptions and judgments, have the greatest potential impact on our financial statemen ITEM 1. BUSINESS The following discussion of our business contains forward-looking statements that involve risks and uncertainties. When used in this report, the words \u201cintend,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cplan\u201d and \u201cexpect\u201d and similar expressions as they relate to us are included to identify forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements and are a result of certain factors, including those set forth under \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K (\u201cForm 10-K\u201d). References throughout this Form 10-K to \u201cRepligen Corporation\u201d, \u201cRepligen\u201d, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, or the \u201cCompany\u201d refer to Repligen Corporation and its subsidiaries, taken as a whole, unless the context otherwise indicates. Overview Repligen Corporation is a global life sciences company that develops and commercializes highly innovative bioprocessing technologies and systems that increase efficiencies and flexibility in the process of manufacturing biological drugs. As the overall market for biologics continues to grow and expand, our primary customers \u2013 global biopharmaceutical companies, contract development and manufacturing organizations and other life science companies (integrators) \u2013 face critical production cost, capacity, quality and time pressures. Built to address these concerns, our products help set new standards for the way biologics are manufactured. We are committed to inspiring advances in bioprocessing as a trusted partner in the production of critical biologic drugs \u2013 including monoclonal antibodies (\u201cmAbs\u201d) and mAb derivatives like antibody drug conjugates, recombinant proteins, RNA-based therapeutics and vaccines and cell and gene therapies (\u201cC\u201d) \u2013 that are improving human health worldwide. We currently operate as one bioprocessing business, with a comprehensive suite of products to serve both upstream and downstream processes in biological drug manufacturing. Building o ITEM 1A. RISK FACTORS Investors should carefully consider the risk factors described below before making an investment decision. If any of the events described in the following risk factors occur, our business, financial condition or results of operations could be materially harmed. In that case, the trading ", "title": "RGEN - REPLIGEN CORP", "url": "/company/RGEN/" }, { "kind": "company", "summary": "SIC 6795 Mineral Royalty Traders; CIK 0000085535; latest 10-K filed 2026-02-19.", "text": "RGLD - ROYAL GOLD INC SIC 6795 Mineral Royalty Traders; CIK 0000085535; latest 10-K filed 2026-02-19. RGLD ROYAL GOLD INC 0000085535 6795 Mineral Royalty Traders ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General Presentation This Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, generally discusses year-to-year comparisons between the year ended December 31, 2025 and the year ended December 31, 2024. A discussion of the changes in our financial condition and results of operations for the year ended December 31, 2023 has been omitted from this report, but may be found in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 13, 2025, which is available free of charge on the SEC\u2019s website at www.sec.gov and our website at www.royalgold.com. Overview of Our Business We acquire and manage precious metal streams, royalties, and similar interests. We seek to acquire existing stream and royalty interests or finance projects that are in production, development or exploration stage in exchange for stream or royalty interests. We manage our business under two segments: \u2022Acquisition and Management of Stream Interests \u2014 A metal stream is a purchase agreement that provides, in exchange for an upfront deposit payment, the right to purchase all or a portion of one or more metals produced from a mine, at a price determined for the life of the transaction by the purchase agreement. As of December 31, 2025, we owned stream interests relating to 18 production stage properties and 5 development stage properties. Stream interests accounted for 67% of our total revenue for each of the years ended December 31, 2025 and 2024. We expect stream interests to continue representing a significant portion of our total revenue. \u2022Acquisition and Management of Royalty Interests \u2014 Royalties are non-operating interests in mining projects that provide the right to revenue or metals produced from the project after deducting specified costs, if any. As of December 31, 2025, we owned royalty interests relating to 63 production stage properties, 24 development stage properties and 254 exploration stage properties, of which we consider 76 to be evaluation stage properties. We use \u201cevaluation stage\u201d to describe exploration stage properties that contain mineral resources and on which operators are engaged in the search for mineral reserves. Royalty interests accounted for 33% of our total revenue for each of the years ended December 31, 2025 and 2024. We do not conduct mining operations on the properties in which we hold stream and royalty interests, and we generally are not required to contribute to capital costs, exploration costs, environmental costs or other operating costs on those properties (except for the joint venture interest in Hod Maden). We are continually reviewing opportunities to grow our portfolio, whether through the creation or acquisition of new or existing stream or royalty interests or other acquisition activity. We generally have acquisition opportunities in various stages of review. Our review process may include, for example, engaging consultants and advisors to analyze an opportunity; analysis of technical, financial, legal, and other confidential information of an opportunity; submission of indications of interest and term sheets; participation in preliminary discussions and negotiations; and involvement as a bidder in competitive processes. Business Highlights and Uncertainties Acquisition of Sandstorm Gold and Horizon Copper On October 20, 2025, we acquired all of the issued and outstanding common shares of Sandstorm Gold Ltd. (\u201cSandstorm\u201d) and Horizon Copper Corp. (\u201cHorizon\u201d), collectively referred to as \u201cthe Transaction.\u201d Sandstorm and Horizon were global resource-based companies based in Vancouver, British Columbia, that held interests in mining assets, including royalty and stream interests, on mining projects across various stages of development. With respect to the Transaction, Royal Gold issued 18.6 million shares of common stock ITEM 1. BUSINESS Overview We acquire and manage precious metal streams, royalties, and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in production, development or in the exploration stage in exchange for stream or royalty interests. We do not conduct mining operations on the properties in which we hold stream and royalty interests and are generally not required to contribute to capital costs, environmental costs, or other operating costs on the properties. Please refer to Item 2, Properties, for a discussion of the developments at our principal properties. We are continually reviewing opportunities to grow our portfolio, whether through the creation or acquisition of new or existing stream or royalty interests or other acquisition activity. We generally have acquisition opportunities in various stages of review. Our review process may include, for example, engaging consultants and advisors to analyze an opportunity; analysis of financial, legal (including corporate governance) and technical (including environmental issues concerning air, water and biodiversity and social impacts) and other confidential information regarding an opportunity; submission of indications of interest and term sheets; participation in preliminary discussions and negotiations; and involvement as a bidder in competitive processes. As discussed in further detail throughout this report, some key business highlights and developments for the year ended December 31, 2025 were as follows: \u2022We had record revenue of $1.0 billion for the year ended December 31, 2025, compared to $719.4 million for the comparable prior year period, representing a 43% increase. \u2022We generated a record $704.8 million of net operating cash flow for the year ended December 31, 2025, compared to $529.5 million for the comparable prior year period, representing a 33% increase. \u2022We increased our calendar year dividend to $1.90 per basic share, which is paid i ITEM 1A. RISK FACTORS You should carefully consider the risks described in this section. Our future performance is subject to risks and uncertainties that could have a material adverse effect on our business, results of operations, and financial condition and the trading price of our common stock. We may be subject to other risks and uncertainties not pre", "title": "RGLD - ROYAL GOLD INC", "url": "/company/RGLD/" }, { "kind": "company", "summary": "SIC 5712 Retail-Furniture Stores; CIK 0001528849; latest 10-K filed 2026-04-01.", "text": "RH - RH SIC 5712 Retail-Furniture Stores; CIK 0001528849; latest 10-K filed 2026-04-01. RH RH 0001528849 5712 Retail-Furniture Stores ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This management\u2019s discussion and analysis of financial condition and results of operations (\u201cMD&A\u201d), contains forward-looking statements that are subject to risks and uncertainties. Refer to \u201cSpecial Note Regarding Forward-Looking Statements and Market Data\u201d and Item 1A\u2014Risk Factors in this Annual Report for a discussion of the risks, uncertainties and assumptions associated with these statements. MD&A should be read in conjunction with our historical consolidated financial statements and related notes thereto and the other disclosures contained elsewhere in this Annual Report. The results of operations for the periods reflected herein are not necessarily indicative of results that may be expected for future periods, and our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including but not limited to those listed in Item 1A\u2014Risk Factors and included elsewhere in this Annual Report. The discussion of our financial condition and changes in our results of operations, liquidity and capital resources is presented in this section for fiscal 2025 and a comparison to fiscal 2024. The discussion for fiscal 2024 and a comparison to fiscal 2023 has been omitted from this Annual Report, but is included in Item 7\u2014Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended February 1, 2025, filed with the Securities and Exchange Commission (\u201cSEC\u201d) on April 2, 2025. MD&A is a supplement to our consolidated financial statements within Part II of this Annual Report and is provided to enhance an understanding of our results of operations and financial condition. Our MD&A includes these primary sections: Overview. This section provides a general description of our business, including our key value-driving strategies and an overview of certain known trends and uncertainties. Factors Affecting Our Results of Operations. This section discusses certain factors that affect our results of operations, including our strategic initiatives, our ability to source and distribute products effectively, consumer preferences and demand, overall economic trends and fluctuations in quarterly results. How We Assess the Performance of Our Business. This section discusses financial and operating measures that affect our results of operations, including net revenues, gross profit and gross margin, selling, general and administrative expenses, operating income and operating margin, and net income and the related non-GAAP measures, in addition to demand, EBITDA and adjusted EBITDA. Basis of Presentation and Results of Operations. This section provides our consolidated statements of income and other financial and operating data, including a comparison of our results of operations in the current period as compared to the prior year\u2019s comparative period, as well as non-GAAP measures we use for operational decision-making and as a means to evaluate period-to-period comparisons. Liquidity and Capital Resources. This section provides an overview of our sources and uses of cash and our financing arrangements, including our credit facilities and debt arrangements, in addition to the cash requirements for our business, such as our capital expenditures. Critical Accounting Policies and Estimates. This section discusses the accounting policies and estimates that involve a higher degree of judgment or complexity and are most significant to reporting our consolidated results of operations and financial position, including the significant estimates and judgments used in the preparation of our consolidated financial statements. Overview We are a leading retailer and luxury lifestyle brand operating primarily in the home furnishings market. Our curated and fully integrated assortments are presented consistently across ITEM 1. BUSINESS Overview RH (collectively, \u201cwe,\u201d \u201cus,\u201d or the \u201cCompany\u201d) is a leading retailer and luxury lifestyle brand operating primarily in the home furnishings market. Our curated and fully integrated assortments are presented consistently across our sales channels, including our retail locations, websites and Sourcebooks. We offer merchandise assortments across a number of categories, including furniture, lighting, textiles, bathware, d\u00e9cor, outdoor and garden, and baby, child and teen furnishings. Our retail business is fully integrated across our multiple channels of distribution. We position our Galleries as showrooms for our brand, while our websites and Sourcebooks act as virtual and print extensions of our physical spaces, respectively. We operate our retail locations throughout the United States, Canada and Europe, and we have an integrated RH Hospitality experience in 25 of our Design Gallery locations, which includes restaurants and wine bars. Key Value-Driving Strategies In order to achieve our long-term strategies of product transformation, platform expansion and cash generation as well as drive growth across our business, we are focused on the following key strategies and business initiatives: Product Elevation. We believe we have built the most comprehensive and compelling collection of luxury home furnishings under one brand in the world. Our products are presented across multiple collections, categories and channels that we control, and we believe their desirability and exclusivity have enabled us to achieve strong revenues and margins. Our customers know our brand concepts as RH Interiors, RH Modern, RH Outdoor, RH Beach House, RH Ski House, RH Baby & Child, RH Teen and Waterworks. Our strategy is to continue to elevate the design and quality of our product. Beginning with the mailing of our RH Interiors Sourcebook in the fall of 2023 and with additional Sourcebook mailings throughout 2024 and 2025, we have introduced the most prolif ITEM 1A. RISK FACTORS Certain factors may have a material adverse effect on our business, financial condition, and results of operations. You should consider carefully the risks and uncertainties described below, in addition to other information contained in this Annual Report, including our consolidated financial statements and related notes. The events and consequences discussed in th", "title": "RH - RH", "url": "/company/RH/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000084246; latest 10-K filed 2026-02-20.", "text": "RLI - RLI CORP SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000084246; latest 10-K filed 2026-02-20. RLI RLI CORP 0000084246 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u200b OVERVIEW \u200b RLI Corp. is a U.S.-based, specialty insurance company that underwrites select property, casualty and surety products through three major subsidiaries collectively known as RLI Insurance Group (Group). Our focus is on niche markets and developing unique products that are tailored to customers\u2019 needs. We hire underwriters and claim examiners with deep expertise and provide exceptional customer service and support. We maintain a highly diverse product portfolio and underwrite for profit in all market conditions. In 2025, we achieved our 30th consecutive year of underwriting profitability. Over the 30-year period, we averaged an 87.9 combined ratio. This drives our ability to provide shareholder returns in three different ways: the underwriting income itself, net investment income from our investment portfolio and long-term appreciation in our equity portfolio. \u200b We measure the results of our insurance operations by monitoring growth and profitability across three distinct business segments: property, casualty and surety. Growth is measured in terms of gross premiums written, and profitability is analyzed through underwriting income and combined ratios. \u200b KEY PERFORMANCE MEASURES \u200b The following is a list of key performance measures found throughout this report, including definitions, relationships to GAAP measures and explanations of their importance to our operations. \u200b Underwriting Income \u200b Underwriting income or profit represents one measure of the pretax profitability of our insurance operations and is derived by subtracting losses and settlement expenses, policy acquisition costs and insurance operating expenses from net premiums earned, which are all GAAP financial measures. Each of these components are presented in the statements of earnings but are not subtotaled. However, this information is available in total and by segment in note 11 to the consolidated financial statements within Item 8, Financial Statements and Supplementary Data. The nearest comparable GAAP measure is earnings before income taxes which, in addition to underwriting income, includes net investment income, net realized gains or losses, net unrealized gains or losses on equity securities, general corporate expenses, debt costs and our portion of earnings from unconsolidated investees. A reconciliation of net earnings to underwriting income follows: \u200b [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"Year ended December 31,\"],[\"(in thousands)\",\"\",\"2025\",\"\",\"2024\"],[\"Net earnings\",\"\\u200b\",\"$\",\"403,337\",\"\\u200b\",\"$\",\"345,779\"],[\"Income tax expense\",\"\\u200b\",\"\\u200b\",\"102,644\",\"\\u200b\",\"\\u200b\",\"81,772\"],[\"Earnings before income taxes\",\"\\u200b\",\"$\",\"505,981\",\"\\u200b\",\"$\",\"427,551\"],[\"Equity in earnings of unconsolidated investees\",\"\\u200b\",\"\\u200b\",\"3,924\",\"\\u200b\",\"\\u200b\",\"4,869\"],[\"General corporate expenses\",\"\\u200b\",\"\\u200b\",\"17,028\",\"\\u200b\",\"\\u200b\",\"15,880\"],[\"Interest expense on debt\",\"\\u200b\",\"\\u200b\",\"5,358\",\"\\u200b\",\"\\u200b\",\"6,331\"],[\"Net unrealized gains on equity securities\",\"\\u200b\",\"\\u200b\",\"(43,247)\",\"\\u200b\",\"\\u200b\",\"(81,734)\"],[\"Net realized gains\",\"\\u200b\",\"\\u200b\",\"(65,116)\",\"\\u200b\",\"\\u200b\",\"(19,966)\"],[\"Net investment income\",\"\\u200b\",\"\\u200b\",\"(159,739)\",\"\\u200b\",\"\\u200b\",\"(142,278)\"],[\"Underwriting income\",\"\\u200b\",\"$\",\"264,189\",\"\\u200b\",\"$\",\"210,653\"]] [[/GREPCENT_TABLE]] \u200b Combined Ratio \u200b The combined ratio, which is derived from components of underwriting income, is a common industry performance measure of profitability for underwriting operations and is calculated in two components. The loss ratio is loss and settlement expenses divided by net premiums earned. The expense ratio reflects the sum of policy acquisition costs and insurance operating expenses divided by net premiums earned. All items included in these components of the combined rati Item 1. Business \u200b RLI Corp. was founded in 1965. References to \u201cthe Company,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d or like terms refer to the business of RLI Corp. and its subsidiaries. We underwrite select property, casualty and surety products through major subsidiaries collectively known as RLI Insurance Group. We conduct operations through three insurance companies. RLI Insurance Company (RLI Ins.), a subsidiary of RLI Corp. and our principal insurance subsidiary, writes multiple lines of insurance on an admitted basis in all 50 states, the District of Columbia, Puerto Rico, the Virgin Islands and Guam. Mt. Hawley Insurance Company (Mt. Hawley), a subsidiary of RLI Ins., writes excess and surplus lines insurance on a non-admitted basis in all 50 states, the District of Columbia, Puerto Rico, the Virgin Islands and Guam. Contractors Bonding and Insurance Company (CBIC), a subsidiary of RLI Ins., writes multiple lines of insurance on an admitted basis in all 50 states and the District of Columbia. Each of our insurance companies is domiciled in Illinois. We have no material foreign operations. \u200b As a specialty insurance company with a niche focus, we offer insurance coverages in the specialty admitted and excess and surplus markets. We distribute our property, casualty and surety products through locations across the country that market to wholesale and retail brokers, independent agents and carrier partners. We offer limited coverages on a direct basis to select insureds, as well as various reinsurance coverages. We also write a limited amount of business under agreements with managing general agents under the direction of our product leadership. \u200b We make our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed with or furnished to the Securities and Exchange Commission (SEC) available free of charge on our website (http://www.rlicorp.com). Information contained on our website is not intended to be inc Item 1A. Risk Factors \u200b Insurance Industry \u200b Our results of operations and revenues may fluctuate as a result of many factors, including cyclical changes in the insurance industry, which may cause the price of our securities to be volatile. \u200b The results of operations of companies in the property and casualty insurance industry historically have been sub", "title": "RLI - RLI CORP", "url": "/company/RLI/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0000917273; latest 10-K filed 2026-02-18.", "text": "RMBS - RAMBUS INC SIC 3674 Semiconductors & Related Devices; CIK 0000917273; latest 10-K filed 2026-02-18. RMBS RAMBUS INC 0000917273 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 as described in more detail under \u201cNote Regarding Forward-Looking Statements.\u201d Our forward-looking statements are based on current expectations, forecasts and assumptions and are subject to risks, uncertainties and changes in condition, significance, value and effect. As a result of the factors described herein, and in the documents incorporated herein by reference, including, in particular, those factors described under \u201cRisk Factors,\u201d we undertake no obligation to publicly disclose any revisions to these forward-looking statements to reflect events or circumstances occurring subsequent to filing this report with the Securities and Exchange Commission. The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes that are included elsewhere in this report. Business Overview Rambus is a global semiconductor company providing industry-leading chips and silicon IP for data-intensive computing systems, focusing on data center and artificial intelligence (\u201cAI\u201d) infrastructure. As a pioneer with over three decades of advanced semiconductor design experience, Rambus is at the forefront of enabling the next era of AI-driven computing, addressing the critical challenges of signal and power integrity at increasingly extreme data rates in the data center, edge and client markets. We are a leader in high-performance memory subsystems, offering a balanced and diverse portfolio of products, IP and patents that maximize performance and security in computationally intensive systems. The ongoing proliferation of AI is placing unprecedented demands on computing infrastructure, requiring massive amounts of processor performance and extremely high memory bandwidth. As workloads grow in size and diversity, system performance becomes memory bound, making the memory interface technology a critical determinant of overall throughput. This persistent gap between processor performance and memory subsystem capabilities remains one of the largest bottlenecks in high performance compute systems. In addition, power management is increasingly important to optimize system efficiency and thermals as the power-performance demands continue to rise. Rambus is well positioned to address these challenges. Leveraging our deep expertise in memory technology and innovative architectures, we provide industry-leading memory interface chips that enable the highest bandwidth, capacity and power efficient server memory modules, maximizing memory performance and reliability for the most demanding data-intensive workloads. Beyond the data center, server-class technologies are waterfalling into client devices to bring these same benefits to end-user systems, such as AI personal computers (\u201cPCs\u201d). Our strategic objectives include focusing our product portfolio and research around our core strength in semiconductors, optimizing operational efficiency and leveraging strong cash generation to reinvest for growth. We continue to maximize synergies across our businesses and customer base, leveraging the significant overlap in our ecosystem of customers, partners and influencers. Our product and technology roadmap, as well as our go-to-market strategy, are driven by the application-specific requirements of our focus markets. Executive Summary Our continued execution delivered strong results during fiscal year 2025, driven by increased demand for our memory interface chips and stability from our royalties revenue. Highlights from our annual results for the year ended December 31, 2025 were as follows: \u2022 Revenue of $707.6 million; \u2022 Operating expenses of $303.0 million; \u2022 Diluted net income per share of $2.11; and \u2022 Net cash provided by operating Item 1. Business Overview Rambus is a global semiconductor company providing industry-leading chips and silicon IP for data-intensive computing systems, focusing on data center and artificial intelligence (\u201cAI\u201d) infrastructure. As a pioneer with over three decades of advanced semiconductor design experience, Rambus is at the forefront of enabling the next era of AI-driven computing, addressing the critical challenges of signal and power integrity at increasingly extreme data rates in the data center, edge and client markets. We are a leader in high-performance memory subsystems, offering a balanced and diverse portfolio of products, IP and patents that maximize performance and security in computationally intensive systems. The ongoing proliferation of AI is placing unprecedented demands on computing infrastructure, requiring massive amounts of processor performance and extremely high memory bandwidth. As workloads grow in size and diversity, system performance becomes memory bound, making the memory interface technology a critical determinant of overall throughput. This persistent gap between processor performance and memory subsystem capabilities remains one of the largest bottlenecks in high performance compute systems. In addition, power management is increasingly important to optimize system efficiency and thermal performance as the power-performance demands continue to rise. Rambus is well positioned to address these challenges. Leveraging our deep expertise in memory technology and innovative architectures, we provide industry-leading memory interface chips that enable the highest bandwidth, capacity and power efficient server memory modules, maximizing memory performance and reliability for the most demanding data-intensive workloads. Beyond the data center, server-class technologies are migrating into client devices to bring these same benefits to end-user systems, such as AI personal computers (\u201cPCs\u201d). Furthermore, the growing adoption of AI and heter Item 1A. Risk Factors Because of the following factors, as well as other variables affecting our operating results, past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods. See also \u201cNote Regarding Forward-Looking Statements\u201d at th", "title": "RMBS - RAMBUS INC", "url": "/company/RMBS/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000913144; latest 10-K filed 2026-02-11.", "text": "RNR - RENAISSANCERE HOLDINGS LTD SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000913144; latest 10-K filed 2026-02-11. RNR RENAISSANCERE HOLDINGS LTD 0000913144 6331 Fire, Marine & Casualty Insurance ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion and analysis of our results of operations for 2025 compared to 2024, as well as our liquidity and capital resources at December 31, 2025. This discussion and analysis should be read in conjunction with the audited consolidated financial statements and notes thereto included in this filing. This filing contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results described or implied by these forward-looking statements. See \u201cNote on Forward-Looking Statements.\u201d For a discussion and analysis of our results of operations for 2024 compared to 2023, please refer to the disclosures set forth under the heading \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d on pages 51-99 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 12, 2025. In this Form 10-K, references to \u201cRenaissanceRe\u201d refer to RenaissanceRe Holdings Ltd. (the parent company) and references to \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and the \u201cCompany\u201d refer to RenaissanceRe Holdings Ltd. together with its subsidiaries, unless the context requires otherwise. Defined terms used throughout this Form 10-K are included in the \u201cGlossary of Defined Terms\u201d at the end of \u201cPart I, Item 1. Business\u201d of this Form 10-K. All dollar amounts referred to in this Form 10-K are in U.S. dollars unless otherwise indicated. Due to rounding, numbers presented in the tables included in this Form 10-K may not add up precisely to the totals provided. 53 INDEX TO MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"OVERVIEW\",\"55\"],[\"SELECTED CONSOLIDATED FINANCIAL DATA\",\"58\"],[\"SUMMARY OF CRITICAL ACCOUNTING ESTIMATES\",\"59\"],[\"Claims and Claim Expense Reserves\",\"59\"],[\"Premiums and Related Expenses\",\"65\"],[\"Reinsurance Recoverable\",\"66\"],[\"Fair Value Measurements and Impairments\",\"67\"],[\"Income Taxes\",\"69\"],[\"SUMMARY RESULTS OF OPERATIONS\",\"71\"],[\"FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES\",\"85\"],[\"Financial Condition\",\"85\"],[\"Liquidity and Cash Flows\",\"85\"],[\"Capital Resources\",\"90\"],[\"Reserve for Claims and Claim Expenses\",\"91\"],[\"Investments\",\"92\"],[\"Ratings\",\"95\"],[\"SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION\",\"97\"],[\"CURRENT OUTLOOK\",\"99\"]] [[/GREPCENT_TABLE]] 54 OVERVIEW RenaissanceRe is a global provider of reinsurance and insurance. We provide property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, we have offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the U.K., and the U.S. Our mission is to match desirable risk with efficient capital, and our vision is to be the best underwriter. We believe that this will allow us to produce superior returns for our shareholders over the long term, and enable our purpose to protect communities and enable prosperity. We seek to accomplish these goals by delivering a value proposition composed of leadership, expertise and partnership, through our operation as an integrated system of three competitive advantages: superior risk selection, superior customer relationships and superior capital management. Our current business strategy focuses predominantly on writing reinsurance. We apply our reinsurance lens of approaching risks as a portfolio to the insurance business that we write, primarily though delegated authority arrangements. Through our Capital Partners unit we create and manage innovative joint ventures and managed funds, which provide access to the portfolios our underwriters build. Additionally, we pursue several other opportunities, such as executing customized reinsurance transactions to assume or cede risk, and managing certain strategic investments. We continually explore appropriate an ITEM 1. BUSINESS In this Form 10-K, references to \u201cRenaissanceRe\u201d refer to RenaissanceRe Holdings Ltd. (the parent company) and references to \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and the \u201cCompany\u201d refer to RenaissanceRe Holdings Ltd. together with its subsidiaries, unless the context requires otherwise. Defined terms used throughout this Form 10-K are included in the \u201cGlossary of Defined Terms\u201d at the end of \u201cPart I, Item 1. Business\u201d of this Form 10-K. We have also included a \u201cGlossary of Selected Insurance and Reinsurance Terms\u201d at the end of \u201cPart I, Item 1. Business\u201d of this Form 10-K. All dollar amounts referred to in this Form 10-K are in U.S. dollars unless otherwise indicated. Due to rounding, numbers presented in the tables included in this Form 10-K may not add up precisely to the totals provided. OVERVIEW RenaissanceRe is a global provider of reinsurance and insurance. We provide property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, we have offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the U.K., and the U.S. Our mission is to match desirable risk with efficient capital, and our vision is to be the best underwriter. We believe that this will allow us to produce superior returns for our shareholders over the long term, and enable our purpose to protect communities and enable prosperity. We seek to accomplish these goals by delivering a value proposition composed of leadership, expertise and partnership, through our operation as an integrated system of three competitive advantages: superior risk selection, superior customer relationships and superior capital management. Our current business strategy focuses predominantly on writing reinsurance. We apply our reinsurance lens of approaching risks as a portfolio to the insurance business that we write, primarily though delegated authority arrangements. Through our Capital Partners unit we create and m ITEM 1A. RISK FACTORS Factors that could have a material impact on our results of operations or financial condition are outlined below. Additional risks not presently known to us or that we currently deem insignificant may also impair our business or results of operations as they become known or as facts and circumstan", "title": "RNR - RENAISSANCERE HOLDINGS LTD", "url": "/company/RNR/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001635088; latest 10-K filed 2026-05-20.", "text": "ROIV - Roivant Sciences Ltd. SIC 2834 Pharmaceutical Preparations; CIK 0001635088; latest 10-K filed 2026-05-20. ROIV Roivant Sciences Ltd. 0001635088 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of Roivant\u2019s financial condition and results of operations should be read in conjunction with Roivant\u2019s consolidated financial statements and notes to those statements included elsewhere in this Annual Report on Form 10-K. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties. Roivant\u2019s actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors. Please see \u201cForward-Looking Statements\u201d and \u201cRisk Factors\u201d in this Annual Report on Form 10-K. Our fiscal year ends on March 31 and our fiscal quarters end on June 30, September 30 and December 31. Overview Roivant is a biopharmaceutical company that aims to improve the lives of patients by accelerating the development and commercialization of medicines that matter. Roivant\u2019s pipeline includes brepocitinib, a potent small molecule inhibitor of JAK1 and TYK2 currently under review at the FDA for the treatment of dermatomyositis and also in late stage development for the treatment of non-infectious uveitis, cutaneous sarcoidosis and lichen planopilaris; IMVT-1402, a fully human monoclonal antibody targeting FcRn in development across several IgG-mediated autoimmune indications; and mosliciguat, an inhaled sGC activator in development for pulmonary hypertension associated with interstitial lung disease. We advance our pipeline by creating nimble subsidiaries or \u201cVants\u201d to develop and commercialize our medicines and technologies. Beyond therapeutics, Roivant also incubates discovery-stage companies and health technology startups complementary to its biopharmaceutical business. Components of Results of Operations Revenue Revenue primarily relates to amounts earned in connection with license agreements, as well as revenue generated by subscription and service-based fees. Cost of revenues Our cost of revenues primarily relates to subscription and service-based revenue recognized for the use of technology developed and consists primarily of employee, hosting and third-party data costs. Research and development expenses Research and development expenses consist mainly of costs incurred in connection with the discovery and development of our product candidates. Research and development expenses primarily include the following: \u2022Program-specific costs, including direct third-party costs, which include expenses incurred under agreements with contract research organizations (\u201cCROs\u201d) and contract manufacturing organizations (\u201cCMOs\u201d), manufacturing costs in connection with producing materials for use in conducting nonclinical and clinical studies, the cost of consultants who assist with the development of our product candidates on a program-specific basis, investigator grants, sponsored research and any other third-party expenses directly attributable to the development of our product candidates. \u2022Unallocated internal costs, including: \u2022employee-related expenses, such as salaries, share-based compensation and benefits, for research and development personnel; and \u2022other research and development related expenses that are not allocated to a specific program. Research and development activities will continue to be central to our business model. We anticipate that our research and development expenses will increase for the foreseeable future as we advance our product candidates with additional studies and our in-licensed assets through preclinical studies and clinical trials, as well as acquire or discover new product candidates. 137 Table of Contents The duration, costs and timing of preclinical studies and clinical trials of our product candidates will depend on a variety of factors that include, but are not limited to, the following: \u2022the scope, rate of progress, expense and resu ITEM 1. BUSINESS Overview Roivant is a biopharmaceutical company that aims to improve the lives of patients by accelerating the development and commercialization of medicines that matter. Roivant\u2019s pipeline includes brepocitinib, a potent small molecule inhibitor of JAK1 and TYK2 currently under review at the FDA for the treatment of dermatomyositis and also in late stage development for the treatment of non-infectious uveitis, cutaneous sarcoidosis and lichen planopilaris; IMVT-1402, a fully human monoclonal antibody targeting FcRn in development across several IgG-mediated autoimmune indications; and mosliciguat, an inhaled sGC activator in development for pulmonary hypertension associated with interstitial lung disease. We advance our pipeline by creating nimble subsidiaries or \u201cVants\u201d to develop and commercialize our medicines and technologies. Beyond therapeutics, Roivant also incubates discovery-stage companies and health technology startups complementary to its biopharmaceutical business. Pipeline The following table summarizes selected product candidates from our pipeline. [[GREPCENT_TABLE]] [[\"Product Candidate\",\"\",\"Indication\",\"\",\"Vant\",\"\",\"Modality\",\"\",\"Phase\"],[\"Brepocitinib\",\"\",\"Dermatomyositis\",\"\",\"Priovant\",\"\",\"Small Molecule\",\"\",\"PDUFA Date 3Q 2026\"],[\"Brepocitinib\",\"\",\"Non-Infectious Uveitis\",\"\",\"Priovant\",\"\",\"Small Molecule\",\"\",\"Phase 3*\"],[\"Brepocitinib\",\"\",\"Cutaneous Sarcoidosis\",\"\",\"Priovant\",\"\",\"Small Molecule\",\"\",\"Phase 3*\"],[\"Brepocitinib\",\"\",\"Lichen Planopilaris\",\"\",\"Priovant\",\"\",\"Small Molecule\",\"\",\"Phase 2b/3*\"],[\"IMVT-1402\",\"\",\"Difficult-to-Treat Rheumatoid Arthritis\",\"\",\"Immunovant\",\"\",\"Biologic\",\"\",\"Phase 2/3*\"],[\"IMVT-1402\",\"\",\"Graves\\u2019 Disease\",\"\",\"Immunovant\",\"\",\"Biologic\",\"\",\"Phase 2/3*\"],[\"IMVT-1402\",\"\",\"Myasthenia Gravis\",\"\",\"Immunovant\",\"\",\"Biologic\",\"\",\"Phase 2/3*\"],[\"IMVT-1402\",\"\",\"Chronic Inflammatory Demyelinating Polyneuropathy\",\"\",\"Immunovant\",\"\",\"Biologic\",\"\",\"Phase 2/3*\"],[\"IMVT-1402\",\"\",\"Sj\\u00f Item 1A. RISK FACTORS Our business involves a high degree of risk. You should carefully consider the risks described below, together with the other information contained in this Annual Report on Form 10-K, including the section entitled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our audited consolidated financial statemen", "title": "ROIV - Roivant Sciences Ltd.", "url": "/company/ROIV/" }, { "kind": "company", "summary": "SIC 2851 Paints, Varnishes, Lacquers, Enamels & Allied Prods; CIK 0000110621; latest 10-K filed 2025-07-24.", "text": "RPM - RPM INTERNATIONAL INC/DE/ SIC 2851 Paints, Varnishes, Lacquers, Enamels & Allied Prods; CIK 0000110621; latest 10-K filed 2025-07-24. RPM RPM INTERNATIONAL INC/DE/ 0000110621 2851 Paints, Varnishes, Lacquers, Enamels & Allied Prods Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS CRITICAL ACCOUNTING POLICIES AND ESTIMATES Our financial statements include all our majority-owned and controlled subsidiaries. Investments in less-than-majority-owned joint ventures over which we have the ability to exercise significant influence are accounted for under the equity method. Preparation of our financial statements requires the use of estimates and assumptions that affect the reported amounts of our assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We continually evaluate these estimates, including those related to our allowances for doubtful accounts; reserves for excess and obsolete inventories; allowances for recoverable sales and/or value-added taxes; uncertain tax positions; useful lives of property, plant and equipment; goodwill and other intangible assets; environmental, warranties and other contingent liabilities; income tax valuation allowances; pension plans; and the fair value of financial instruments. We base our estimates on historical experience, our most recent facts and other assumptions that we believe to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of our assets and liabilities. Actual results, which are shaped by actual market conditions, may differ materially from our estimates. We have identified below the accounting policies and estimates that are the most critical to our financial statements. Goodwill We test our goodwill balances at least annually, or more frequently as impairment indicators arise, at the reporting unit level. Our annual impairment assessment date has been designated as the first day of our fourth fiscal quarter. Our reporting units have been identified at the component level, which is one level below our operating segments. We follow the Financial Accounting Standards Board (\u201cFASB\u201d) guidance found in ASC 350 that simplifies how an entity tests goodwill for impairment. It provides an option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, and whether it is necessary to perform a quantitative goodwill impairment test. We assess qualitative factors in each of our reporting units that carry goodwill. Among other relevant events and circumstances that affect the fair value of our reporting units, we assess individual factors such as: \u2022 a significant adverse change in legal factors or the business climate; \u2022 an adverse action or assessment by a regulator; \u2022 unanticipated competition; \u2022 a loss of key personnel; and \u2022 a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or otherwise disposed. We assess these qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. The quantitative process is required only if we conclude that it is more likely than not that a reporting unit\u2019s fair value is less than its carrying amount. However, we have an unconditional option to bypass a qualitative assessment and proceed directly to performing the quantitative analysis. We applied the quantitative process during our annual goodwill impairment assessments performed during the fourth quarters of fiscal 2025, 2024 and 2023. In applying the quantitative test, we compare the fair value of a reporting unit to its carrying value. If the calculated fair value is less than the current carrying value, then impairment of the reporting unit exists. Calculating the fair value of a reporting unit requires our use of estimates and assumptions. We use significant judgment in determining the most appropriate method to establish the fair v Item 1. Business. THE COMPANY RPM International Inc., a Delaware corporation, succeeded to the reporting obligations of RPM, Inc., an Ohio corporation, following a 2002 reincorporation transaction. RPM, Inc. was originally incorporated in 1947 under the name Republic Powdered Metals, Inc. and changed its name to RPM, Inc. in 1971. As used herein, the terms \u201cRPM,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d refer to RPM International Inc. and all our consolidated subsidiaries, unless the context indicates otherwise. Our principal executive offices are located at 2628 Pearl Road, Medina, Ohio 44256, and our telephone number is (330) 273-5090. BUSINESS Our subsidiaries manufacture, market and sell various specialty chemical product lines, including high-quality specialty paints, infrastructure rehab and repair products, protective coatings, roofing systems, sealants and adhesives, focusing on the maintenance and improvement needs of the construction, industrial, specialty and consumer markets. Our family of products includes those marketed under brand names such as API, Carboline, CAVE, DAP, Day-Glo, Dri-Eaz, Dryvit, Euclid, EUCO, Fibergrate, Fibregrid, Fibrecrete, Flecto, Flowcrete, Gator, Grupo PV, Hummervoll, illbruck, Kemtile, Key Resin, Nudura, Mohawk, The Pink Stuff, Prime Resins, Rust-Oleum, Specialty Polymer Coatings, Stonhard, Strathmore, TCI, Toxement, Tremco, Tuf-Strand, Universal Sealants, Viapol, Watco and Zinsser. As of May 31, 2025, our subsidiaries marketed products in approximately 163 countries and territories and operated manufacturing facilities in approximately 118 locations in Argentina, Australia, Belgium, Brazil, Canada, Chile, Colombia, France, Germany, India, Italy, Malaysia, Mexico, The Netherlands, New Zealand, Poland, South Africa, South Korea, Spain, the United Arab Emirates, the United Kingdom, and the United States. Approximately 30% of our sales are generated in international markets through a combination of exports to and direct sales in Item 1A. Risk Factors. As a global supplier of paint, coatings, roofing, construction and related products and services, we operate in a business environment that includes risks. Each of the risks described in this section may adversely affect some or all of our businesses, the re", "title": "RPM - RPM INTERNATIONAL INC/DE/", "url": "/company/RPM/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0000315852; latest 10-K filed 2026-02-24.", "text": "RRC - RANGE RESOURCES CORP SIC 1311 Crude Petroleum & Natural Gas; CIK 0000315852; latest 10-K filed 2026-02-24. RRC RANGE RESOURCES CORP 0000315852 1311 Crude Petroleum & Natural Gas ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion is intended to assist you in understanding our business and results of operations together with our present financial condition and should be read in conjunction with the information under Item 8. Financial Statements and Supplementary Data and other financial information found elsewhere in this Form 10-K. See also matters referenced in the foregoing pages under \"Disclosures Regarding Forward-Looking Statements.\" The following tables and discussions set forth key operating and financial data for the years ended December 31, 2025 and 2024. For similar discussions of the year ended December 31, 2024 compared to December 31, 2023 results, refer to Item 7. Managements\u2019 Discussion and Analysis of Financial Condition and Results of Operations under Part II of our annual report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 25, 2025. Overview of Our Business We are an independent natural gas, NGLs and oil company engaged in the exploration, development and acquisition of natural gas, NGLs and oil properties located in the Appalachian region of the United States. We operate in one segment and have a single company-wide management team that administers all properties as a whole rather than by discrete operating segments. We measure financial performance as a single enterprise and not on an area-by-area basis. Our overarching business objective is to build stockholder value through returns-focused development of natural gas, NGLs and oil properties. Our strategy to achieve our business objective is to generate consistent cash flows from reserves and production through internally generated drilling projects occasionally coupled with complementary acquisitions and divestitures. Currently, our investment portfolio is focused on high quality natural gas and NGLs assets in the Commonwealth of Pennsylvania. Our revenues, profitability and future growth depend substantially on prevailing prices for natural gas, NGLs and oil and on our ability to economically find, develop, acquire, produce and sell these reserves. Commodity prices have been and are expected to remain volatile. We believe we are well-positioned to manage any challenges that could occur during price variations and that we can endure the continued fluctuations in current and future commodity prices by: \u2022 exercising discipline in our capital investments; \u2022 maintaining a competitive cost structure; \u2022 diversifying sales outlets; \u2022 managing price risk through partial hedging of our production; \u2022 maintaining a strong balance sheet; and \u2022 optimizing drilling, completion and operational efficiencies. Prices for natural gas, NGLs, and oil fluctuate widely and affect: \u2022 our revenues, profitability and cash flow; \u2022 the amount of cash flow available to us for reinvestment or return to our stockholders; \u2022 the quantity of natural gas, NGLs and oil that we can economically produce; \u2022 the quantity of natural gas, NGLs and oil shown as proved reserves; and \u2022 our ability to borrow and raise additional capital, if needed. We prepare our financial statements in conformity with U.S. GAAP, which require us to make estimates and assumptions that affect our reported results of operations and the amount of our reported assets, liabilities and proved natural gas, NGLs and oil reserves. We use the successful efforts method of accounting for our natural gas, NGLs and oil activities. Outlook for 2026 As we enter 2026, we believe we are positioned for sustainable long-term success. For 2026, we expect our capital budget to be in the range of $650 million to $700 million for natural gas, NGLs and oil related activities, excluding any potential acquisitions, for which we do not budget. As has been our historical practice, we will periodically review our capital expenditures throughout the year and may adjust the budget based on ITEM 1A. RISK FACTORS While we utilize robust processes and resources to identify and manage risks, we are subject to various risks and uncertainties in the course of our business, some of which are comparable to the risks any business is exposed to and some that are unique to our operations. The following summarizes the known material risks and uncertainties that may adversely affect our business, financial condition or results of operations. When considering making or maintaining an investment in our securities, you should carefully consider the risk factors included below as well as those matters referenced in the section entitled Disclosures Regarding Forward-Looking Statements and other information included and incorporated by reference into this Annual Report on Form 10-K. These risks are not the only risks we face. Our business could also be impacted by additional risks and uncertainties not currently known to us or that we believe not to be material based on the information we have at this time. If any of the events described below as risks actually occur, it could materially harm our business, financial condition or results of operations or impair our ability to implement our business plans or complete development activities as expected. In that case, the market price of our common stock could decline or, if severe enough, the entire value of an investment in our securities could become worthless. Economic risks related to our business Volatility of natural gas, NGLs and oil prices affects our cash flow and capital resources and could significantly hamper our ability to operate economically. Natural gas, NGLs and oil prices are volatile, and a decline in prices could adversely affect our profitability and financial condition. As a commodity business, the oil and gas industry is typically cyclical and we expect the volatility to continue. Natural gas prices are likely to affect us the most because approximately 65% of our proved reserves were natural gas", "title": "RRC - RANGE RESOURCES CORP", "url": "/company/RRC/" }, { "kind": "company", "summary": "SIC 3569 General Industrial Machinery & Equipment, NEC; CIK 0000082811; latest 10-K filed 2026-02-20.", "text": "RRX - REGAL REXNORD CORP SIC 3569 General Industrial Machinery & Equipment, NEC; CIK 0000082811; latest 10-K filed 2026-02-20. RRX REGAL REXNORD CORP 0000082811 3569 General Industrial Machinery & Equipment, NEC ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars In Millions Except Per Share Data, Unless Otherwise Noted) Overview General Regal Rexnord Corporation (NYSE: RRX) (\u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or the \u201cCompany\u201d) and its associates around the world help create a better tomorrow by providing sustainable solutions that power, transmit and control motion. The Company\u2019s electric motors and air moving subsystems provide the power to create motion. A portfolio of highly engineered power transmission components and subsystems efficiently transmits motion to power industrial applications. The Company's automation offering, comprised of controllers, drives, precision motors, and actuators, controls motion in applications ranging from factory automation to precision tools used in surgical applications. We are headquartered in Milwaukee, Wisconsin and have manufacturing, sales and service facilities worldwide. As of December 31, 2025, the Company, including its subsidiaries, employed approximately 28,700 full-time people in its global manufacturing, sales, and service facilities and corporate offices. For the year ended December 31, 2025, we reported annual net sales of $5.9 billion compared to $6.0 billion for the year ended December 31, 2024. Our company is comprised of three operating segments: Automation & Motion Control (\"AMC\"), Industrial Powertrain Solutions (\"IPS\"), and Power Efficiency Solutions (\"PES\"). A description of our three operating segments is as follows: \u2022The AMC segment designs, produces and services conveyor products, conveying automation subsystems, aerospace components, precision motion control solutions, high-efficiency miniature servo motors, controls, drives and linear actuators, as well as power management products that include automatic transfer switches, paralleling switchgear, and customized modular electric pod solutions (\"E-Pods\") that comprise relevant power and thermal management content . The segment sells into markets that include discrete factory automation, food and beverage, aerospace, general industrial, medical and data center. \u2022The IPS segment designs, produces and services a broad portfolio of highly-engineered transmission products, including mounted and unmounted bearings, couplings, mechanical power transmission drives and components, gearboxes and gear motors, clutches, brakes, and industrial powertrain components and solutions. Increasingly, the segment produces industrial powertrain solutions, which are integrated sub-systems comprised of Regal Rexnord motors plus the critical power transmission components that efficiently transmit motion using power generated by the motor to various industrial applications. The segment serves a broad range of markets that include general industrial, metals and mining, energy, discrete automation and commercial HVAC. \u2022The PES segment designs and produces fractional to approximately 5 horsepower AC and DC motors, electronic variable speed controls, electronic drives, fans and blowers, as well as integrated air moving subsystems comprised of two or more of these components. The segment's products are used in residential and commercial HVAC, and in a wide range of general commercial applications. On September 23, 2023, we signed an agreement to sell our industrial motors and generators businesses which represented the substantial majority of the Industrial Systems operating segment. The transaction closed on April 30, 2024. See Note 3 - Acquisitions and Divestitures and Note 5 - Segment Information of the Notes to the Consolidated Financial Statements for further information and a description of the Company's operating segments, respectively. We have omitted discussion of trends comparing 2023 to 2024 as this information has been previously disclosed within Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations of our 10-K for the year ended December 31, 2024 filed w ITEM 1 - BUSINESS Our Company Regal Rexnord Corporation (NYSE: RRX) (\u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or the \u201cCompany\u201d) and its associates around the world help create a better tomorrow by providing sustainable solutions that power, transmit and control motion. The Company\u2019s electric motors and air moving subsystems provide the power to create motion. A portfolio of highly engineered power transmission components and subsystems efficiently transmits motion to power industrial applications. The Company's automation offering, comprised of controllers, drives, precision motors, and actuators, controls motion in applications ranging from factory automation to precision tools used in surgical applications. The Company is headquartered in Milwaukee, Wisconsin and has manufacturing, sales and service facilities worldwide. The Company is comprised of three operating segments: Automation & Motion Control (\"AMC\"), Industrial Powertrain Solutions (\"IPS\"), and Power Efficiency Solutions (\"PES\"). A description of the three operating segments is as follows: \u2022The AMC segment designs, produces and services conveyor products, conveying automation subsystems, aerospace components, precision motion control solutions, high-efficiency miniature servo motors, controls, drives and linear actuators, as well as power management products that include automatic transfer switches, paralleling switchgear, and customized modular electric pod solutions (\"E-Pods\") that comprise relevant power and thermal management content. The segment sells into markets that include discrete factory automation, food and beverage, aerospace, general industrial, medical and data center. \u2022The IPS segment designs, produces and services a broad portfolio of highly-engineered transmission products, including mounted and unmounted bearings, couplings, mechanical power transmission drives and components, gearboxes and gear motors, clutches, brakes, and industrial powertrain components and solutions. Increasingly, the segment prod ITEM 1A - RISK FACTORS You should carefully consider each of the risks described below, together with all of the other information contained in this Annual Report on Form 10-K, and our other SEC filings, before making an investment decision with respect to our securities. The risks described below are n", "title": "RRX - REGAL REXNORD CORP", "url": "/company/RRX/" }, { "kind": "company", "summary": "SIC 5051 Wholesale-Metals Service Centers & of fices; CIK 0000861884; latest 10-K filed 2026-02-26.", "text": "RS - RELIANCE, INC. SIC 5051 Wholesale-Metals Service Centers & of fices; CIK 0000861884; latest 10-K filed 2026-02-26. RS RELIANCE, INC. 0000861884 5051 Wholesale-Metals Service Centers & of fices ITEM 1. BUSINESS \u200b Reliance operates a network of companies providing diversified metal solutions and is the largest metals service center company in North America (U.S. and Canada) based on revenues, with 2025 net sales of $14.29 billion. \u200b We have been in business over 85 years since our original organization on February 3, 1939, operating a single metals service center in Los Angeles, California fabricating steel reinforcing bar. Our common stock has traded on the New York Stock Exchange (\u201cNYSE\u201d) for over 30 years under the symbol \u201cRS\u201d since our September 16, 1994 initial public offering. \u200b We believe we have a unique and sustainable business model predicated on the following key attributes: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Diversity of Products, Customers and Services\"]] [[/GREPCENT_TABLE]] As of December 31, 2025, we operated through a network of approximately 310 locations in 41 U.S. states and 10 foreign countries. We distribute a full line of over 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and other specialty steel products. \u200b We service more than 125,000 customers in a variety of industries, including consumer products, general manufacturing, non-residential construction (including infrastructure and renewable energy), transportation (rail, truck trailer and shipbuilding), aerospace (commercial, military, defense and space), energy (oil and natural gas), electronics and semiconductor fabrication, industrial machinery and heavy industry (agricultural, construction and mining equipment). We also service the auto industry, primarily through our toll processing operations where we process customer-owned metal for a fee. \u200b We believe that our diversification by product, end market and geography help mitigate volatility in metals pricing and changing end market conditions. We are not dependent on any particular customer or industry because we process and distribute a broad variety of m ITEM 1A. RISK FACTORS \u200b Set forth below are the risks that we believe are material to our investors. Our business, results of operations and financial condition may be materially adversely affected due to any of the following risks. The risks described below are not the only ones we face. Additional risks of which we are not presently aware or that we currently believe are immaterial may also harm our business. \u200b Risks Related to Our Business and Industry \u200b The costs that we pay for metals fluctuate due to a number of factors beyond our control, and such fluctuations could adversely affect our operating results, particularly in periods in which metals price increases are not supported by underlying demand and we are unable to fully pass our higher metal costs to our customers or during periods of declining metals prices and we are unable to quickly lower our inventory costs on hand. \u200b We purchase large quantities of carbon steel, aluminum, stainless steel, alloy, and other metal products, which we sell to a variety of customers. Our profitability is largely dependent upon the prices of the steel, aluminum and other metals we sell to our customers. Pricing for our products generally has a much more significant impact on our results of operations than customer demand levels. If pricing declines, we will typically generate lower levels of gross profit and pretax income dollars. The price of metals we purchase and the price we charge our customers for the products we sell fluctuate based on many factors outside of our control, including general economic conditions (both domestic and international), competition, production levels, raw material costs, customer demand levels, governmental policies, import duties and other trade restrictions, currency fluctuations and surcharges imposed by our suppliers. \u200b Metals prices are volatile due to, among other things, fluctuations in foreign and domestic production capacity, raw material availability and related pricing", "title": "RS - RELIANCE, INC.", "url": "/company/RS/" }, { "kind": "company", "summary": "SIC 6411 Insurance Agents, Brokers & Service; CIK 0001849253; latest 10-K filed 2026-02-13.", "text": "RYAN - RYAN SPECIALTY HOLDINGS, INC. SIC 6411 Insurance Agents, Brokers & Service; CIK 0001849253; latest 10-K filed 2026-02-13. RYAN RYAN SPECIALTY HOLDINGS, INC. 0001849253 6411 Insurance Agents, Brokers & Service ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis summarizes the significant factors affecting the consolidated operating results, financial condition, liquidity, and cash flows of the Company as of and for the periods presented below. The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and the related notes included elsewhere in this Annual Report on Form 10-K. The discussion contains forward-looking statements that are based on the beliefs of management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed below and in the sections entitled \u201cRisk Factors\u201d and \u201cInformation Concerning Forward-Looking Statements\u201d. The following discussion provides commentary on the financial results derived from our audited financial statements for the years ended December 31, 2025, 2024, and 2023, prepared in accordance with U.S. GAAP. In addition, we regularly review the following Non-GAAP measures when assessing performance: Organic revenue growth rate, Adjusted compensation and benefits expense, Adjusted compensation and benefits expense ratio, Adjusted general and administrative expense, Adjusted general and administrative expense ratio, Adjusted EBITDAC, Adjusted EBITDAC margin, Adjusted net income, Adjusted net income margin, and Adjusted diluted earnings per share. See \u201cNon-GAAP Financial Measures and Key Performance Indicators\u201d for further information. Overview Founded by Patrick G. Ryan in 2010, we are a service provider of specialty products and solutions for insurance brokers, agents, and carriers. We provide distribution, underwriting, product development, administration, and risk management services by acting predominantly as a wholesale broker and a managing underwriter or a program administrator with delegated authority from insurance carriers. Our mission is to provide industry-leading innovative specialty insurance solutions for insurance brokers, agents, and carriers. For retail insurance agents and brokers, we assist in the placement of complex or otherwise hard-to-place risks. For insurance and reinsurance carriers, we predominantly work with retail and wholesale insurance brokers to source, onboard, underwrite, and service these same types of risks. A significant majority of the premiums we place are bound in the E&S market, which includes Lloyd\u2019s of London. There is often significantly more flexibility in terms, conditions, and rates in the E&S market relative to the Admitted or \u201cstandard\u201d insurance market. We believe that the additional freedom to craft bespoke terms and conditions in the E&S market allows us to best meet the needs of our trading partners, provide unique solutions, and drive innovation. We believe our success has been achieved by providing best-in-class intellectual capital, leveraging our trusted and long-standing relationships, and developing differentiated solutions at a scale unmatched by many of our competitors. Significant Events and Transactions Corporate Structure We are a holding company and our sole material asset is a controlling equity interest in New LLC, which is also a holding company and its sole material asset is a controlling equity interest in the LLC. The Company operates and controls the business and affairs of, and consolidates the financial results of, the LLC through New LLC. We conduct our business through the LLC. As the LLC is substantively the same as New LLC, for the purpose of this discussion we will refer to both New LLC and the LLC as the \u201cLLC\u201d. The LLC is a limited liability company taxed as a partnership for income tax purposes, and its taxable income or loss is passed through to its members, includi ITEM 1. BUSINESS Overview Founded by Patrick G. Ryan in 2010, Ryan Specialty is an international specialty insurance intermediary that provides specialty products, solutions, and services for insurance brokers, agents, and carriers. We provide distribution, underwriting, product development, administration, and risk management services through our wholesale brokerage platform and, on behalf of insurance carriers, through delegated underwriting authority via our managing underwriter, binding authority, and national program operations. Our expertise spans an extensive array of property, casualty, professional lines, transportation, personal lines, workers\u2019 compensation, and employee benefits insurance. Our mission is to provide industry-leading innovative solutions for insurance brokers, agents, and carriers. For retail insurance brokers, we assist in the placement of complex or otherwise hard-to-place risks. For insurance carriers, we work with retail and wholesale insurance brokers to source, onboard, underwrite, and service these same types of risks. A significant majority of the premiums we place are bound in the E&S market, which includes Lloyd\u2019s of London, which we refer to as Lloyd\u2019s. There is often significantly more flexibility in terms, conditions, and rates in the E&S market relative to the Admitted or \u201cstandard\u201d insurance market. We believe that the additional freedom to craft bespoke terms and conditions in the E&S market allows us to best meet the needs of our trading partners, provide unique solutions, and drive innovation. We believe our success has been achieved by providing best-in-class intellectual capital, leveraging our trusted and long-standing relationships, and developing differentiated solutions at a scale unmatched by many of our competitors. Our plan for continued growth includes positioning ourselves as a pioneer in ever-changing markets, attracting and developing industry-leading talent, broadening our product offerings ITEM 1A. RISK FACTORS Our operating and financial results are subject to various risks and uncertainties. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that affect us. If a", "title": "RYAN - RYAN SPECIALTY HOLDINGS, INC.", "url": "/company/RYAN/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000052827; latest 10-K filed 2026-02-23.", "text": "RYN - RAYONIER INC SIC 6798 Real Estate Investment Trusts; CIK 0000052827; latest 10-K filed 2026-02-23. RYN RAYONIER INC 0000052827 6798 Real Estate Investment Trusts Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OBJECTIVE The objective of the Management\u2019s Discussion and Analysis is to detail material information, events, uncertainties and other factors impacting the Company and the Operating Partnership and to provide investors an understanding of \u201cManagement\u2019s perspective.\u201d Item 7, Management\u2019s Discussion and Analysis (MD&A) highlights the critical areas for evaluating our performance which includes a discussion on the reportable segments, liquidity and capital, and critical accounting estimates. The MD&A is provided as a supplement to, and should be read in conjunction with, our financial statements and notes. EXECUTIVE SUMMARY In June 2025, we completed the sale of our 77% interest in a New Zealand joint venture. Consequently, these operations are classified as discontinued operations for all periods presented. See Note 2 \u2014 Discontinued Operations for additional information. Effective with the third quarter of 2025, we realigned our reporting segments to reflect how our CODM, the Chief Executive Officer, evaluates performance and allocates capital. As part of the realignment, the previously reported Trading segment\u2019s log trading activities conducted in the U.S. South and Pacific Northwest are now reported in the respective Southern Timber or Pacific Northwest Timber segments based on geographical location for all periods presented. See Note 3 \u2014 Segment and Geographical Information for further discussion of our reportable segments. On January 30, 2026, Rayonier completed its merger with PotlatchDeltic Corporation (\u201cPotlatchDeltic\u201d) in a merger-of-equals transaction. Under the terms of the merger agreement, PotlatchDeltic stockholders received 1.8185 Rayonier common shares and $0.61 in cash for each PotlatchDeltic share held. In connection with the closing, we issued approximately 140.9 million Rayonier common shares. This transaction significantly expands our timberland portfolio and introduces wood products manufacturing capabilities, enhancing our scale, geographic diversity, and long-term growth prospects. The merger is expected to be accounted for as a business combination with Rayonier as the acquirer. Additional details regarding the transaction are provided in Note 1 \u2014 Summary of Significant Accounting Policies. The following MD&A reflects our continuing operations as of December 31, 2025. Consequently, these disclosures do not include the impact of the PotlatchDeltic merger, which was completed as a subsequent event on January 30, 2026. Where applicable, we have specifically noted the anticipated effects of the merger or references to the combined company. For details regarding the divestiture of our New Zealand joint venture, see Note 2 \u2014 Discontinued Operations. OUR COMPANY We are a leading timberland real estate investment trust (\u201cREIT\u201d) with assets located in some of the most productive softwood timber growing regions in the United States. Our revenues, operating income and cash flows are primarily derived from the following core business segments: Southern Timber, Pacific Northwest Timber, and Real Estate. We own or lease under long-term agreements approximately 2.0 million acres of timberland and real estate in Alabama, Arkansas, Florida, Georgia, Louisiana, Oregon, South Carolina, Texas and Washington. Across our timberland management segments, we sell standing timber (primarily at auction to third parties) and delivered logs. Sales from our timber segments include all activities related to the harvesting of timber and other value-added activities such as the licensing of properties for hunting, the leasing of properties for mineral extraction and cell towers, and revenue from land-based solutions such as carbon capture and storage and solar. We believe we are the second largest publicly-traded timberland REIT and one of the largest private timberland owners in the United States. Our Real Estate business manages Item 1. BUSINESS GENERAL We are a leading timberland real estate investment trust (\u201cREIT\u201d) with assets located in some of the most productive softwood timber growing regions in the United States. We invest in timberlands and actively manage them to provide current income and attractive long-term returns to our shareholders. We operate through an umbrella partnership real estate investment trust (\u201cUPREIT\u201d) structure, where our Operating Partnership and its subsidiaries own our assets. Rayonier is the sole general partner of the Operating Partnership. 2025 STRATEGIC DEVELOPMENTS In June 2025, we completed the sale of our 77% interest in the New Zealand joint venture. Consequently, these operations are classified as discontinued operations for all periods presented. See Note 2 \u2014 Discontinued Operations for additional information. Effective with the third quarter of 2025, we realigned our reporting segments to reflect how our chief operating decision maker (\u201cCODM\u201d), the Chief Executive Officer, evaluates performance and allocates capital. As part of the realignment, the previously reported Trading segment\u2019s log trading activities conducted in the U.S. South and Pacific Northwest are now reported in the respective Southern Timber or Pacific Northwest Timber segments based on geographical location for all periods presented. See Note 3 \u2014 Segment and Geographical Information for further discussion of our reportable segments. 1 Table of Contents CORE BUSINESS SEGMENTS Our revenues, operating income and cash flows are primarily derived from three core segments: Southern Timber, Pacific Northwest Timber, and Real Estate. As of December 31, 2025, we owned or leased under long-term agreements approximately 2.0 million acres of timberlands located in the U.S. South (1.69 million acres) and U.S. Pacific Northwest (307,000 acres). We also seek to maximize the value of our land portfolio by pursuing higher and better use (\u201cHBU\u201d) land sale opportunities. COMPANY HISTORY Item 1A. RISK FACTORS Our operations are subject to a number of risks. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in this Annual Report on Form 10-K. If any of the events described in the following risk factors actually occur, our business, financial condition or", "title": "RYN - RAYONIER INC", "url": "/company/RYN/" }, { "kind": "company", "summary": "SIC 4213 Trucking (No Local); CIK 0001177702; latest 10-K filed 2026-02-24.", "text": "SAIA - SAIA INC SIC 4213 Trucking (No Local); CIK 0001177702; latest 10-K filed 2026-02-24. SAIA SAIA INC 0001177702 4213 Trucking (No Local) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations generally discusses our 2025 and 2024 results and year-to-year comparisons between 2025 and 2024. Discussions of our 2023 results and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the Securities and Exchange Commission on February 24, 2025. Cautionary Note Regarding Forward-Looking Statements The Securities and Exchange Commission (the SEC) encourages companies to disclose forward-looking information so that investors can better understand the future prospects of a company and make informed investment decisions. This Annual Report on Form 10-K, including \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d contains these types of statements, which are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as \u201canticipate,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cproject,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cpredict,\u201d \u201cbelieve,\u201d \u201cshould,\u201d \u201cpotential\u201d and similar words or expressions are intended to identify forward-looking statements. Investors should not place undue reliance on forward-looking statements, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, except as otherwise required by applicable law. All forward-looking statements reflect the present expectation of future events of our management as of the date of this Annual Report on Form 10-K and are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors, risks, uncertainties and assumptions include, but are not limited to, the following: \u2022 general economic conditions including downturns or inflationary periods in the business cycle; \u2022 operation within a highly competitive industry and the adverse impact from downward pricing pressures, including in connection with fuel surcharges, and other factors; \u2022 industry-wide external factors largely out of our control; \u2022 cost and availability of qualified drivers, dock workers, mechanics and other employees, purchased transportation and fuel; \u2022 inflationary increases in expenses and corresponding reductions of profitability; \u2022 cost and availability of diesel fuel and fuel surcharges; \u2022 cost and availability of insurance coverage and claims expenses and other expense volatility, including for personal injury, cargo loss and damage, workers\u2019 compensation, employment and group health plan claims; \u2022 failure to successfully execute the strategy to expand our service geography; \u2022 unexpected liabilities resulting from the acquisition of real estate assets; \u2022 costs and liabilities from the disruption in or failure of our technology or equipment essential to our operations, including as a result of cyber incidents, security breaches, malware or ransomware attacks; \u2022 risks arising from remote work, including increased risk of related cybersecurity incidents; \u2022 failure to keep pace with technological developments; \u2022 liabilities and costs arising from the use of artificial intelligence; \u2022 labor relations, including the adverse impact should a portion of our workforce become unionized; \u2022 cost, availability and resale value of real property and revenue equipment; \u2022 supply chain disruption and delays on new equipment delivery; \u2022 changes in U.S. trade policy and the impact of tariffs; \u2022 capacity and highway infrastructure constraints; \u2022 risks arising from international business operations and relationships; \u2022 seasonal Item 1. Business Overview Saia, Inc., through its wholly-owned subsidiaries, is a transportation company headquartered in Johns Creek, Georgia (Saia, Inc. together with its subsidiaries, the Company or Saia). We provide national less-than-truckload (LTL) services through a single integrated organization. While approximately 97% of our revenue is derived from transporting LTL shipments, we also offer customers a wide range of other value-added services, including brokered truckload and expedited transportation and other logistics services across North America. Founded in 1924, Saia Motor Freight Line, LLC (Saia LTL Freight), a wholly-owned subsidiary of Saia, Inc., is a leading LTL carrier that provides direct service to the 48 contiguous states and provides LTL services to Canada and Mexico through relationships with third-party interline carriers. Saia LTL Freight specializes in offering its customers a range of LTL services including time-definite and expedited options. Saia LTL Freight primarily provides its customers with solutions for shipments between 100 and 10,000 pounds. As of December 31, 2025, Saia operated a network comprised of 213 owned and leased terminals, plus three general offices and one warehouse. At December 31, 2025, Saia LTL Freight owned approximately 7,700 tractors and 26,500 trailers, including equipment acquired with finance leases. Over the past five years, Saia has invested in excess of $2.5 billion in capital expenditures, primarily for real estate, revenue equipment and technology. These real estate investments have been made to support Saia\u2019s long-term strategy of expanding our footprint in both new and existing markets in order to be closer to our customers and position us to gain market share. Investments in equipment and technology have supported this growth while maintaining and modernizing our fleet, resulting in improved fuel efficiency, enhanced safety features and reduced carbon emissions. In addition, we have invested in Item 1A. Risk Factors Certain factors may have a material adverse effect on our business, financial condition, and results of operations. You should carefully consider the risks and uncertainties described below, together with all the other information included in this Annual Report on Form 10-K, including our financial statements and the related notes. Our business, financial cond", "title": "SAIA - SAIA INC", "url": "/company/SAIA/" }, { "kind": "company", "summary": "SIC 7373 Services-Computer Integrated Systems Design; CIK 0001571123; latest 10-K filed 2026-03-16.", "text": "SAIC - Science Applications International Corp SIC 7373 Services-Computer Integrated Systems Design; CIK 0001571123; latest 10-K filed 2026-03-16. SAIC Science Applications International Corp 0001571123 7373 Services-Computer Integrated Systems Design Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations, and quantitative and qualitative disclosures about market risk should be read in conjunction with our consolidated financial statements and the related notes included in this Form 10-K, as well as Part II, Item 7 \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Form 10-K for the year ended January 31, 2025, which provides additional information on comparisons of fiscal 2025 and 2024. It contains forward-looking statements (which may be identified by words such as those described in \u201cRisk Factors\u2014Forward-Looking Statement Risks\u201d in Part I, Item 1A of this report), including statements regarding our intent, belief, or current expectations with respect to, among other things, trends affecting our financial condition or results of operations; backlog; our industry; government budgets and spending; market opportunities; the impact of competition; and the impact of acquisitions and divestitures. Such statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statements as a result of various factors. Risks, uncertainties and assumptions that could cause or contribute to these differences include those discussed below and elsewhere in this report, particularly in \u201cRisk Factors\u201d in Part I, Item 1A of this report. Due to such risks, uncertainties and assumptions, you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. We do not undertake any obligation to update these factors or to publicly announce the results of any changes to our forward-looking statements due to future results or developments. We use the terms \"SAIC,\" the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d to refer to Science Applications International Corporation and its consolidated subsidiaries. We utilize a 52/53 week fiscal year ending on the Friday closest to January 31, with fiscal quarters typically consisting of 13 weeks. Fiscal 2026 began on February 1, 2025 and ended on January 30, 2026, fiscal 2025 began on February 3, 2024 and ended on January 31, 2025, and fiscal 2024 began on February 4, 2023 and ended on February 2, 2024. Business Overview We are a leading technology integrator providing full life cycle services and solutions in the technical, engineering and mission and enterprise information technology (\"IT\") markets. We developed our brand by addressing our customers\u2019 mission critical needs and solving their most complex problems for over 50 years. As one of the largest pure-play technology service providers to the U.S. government, we serve markets of significant scale and opportunity. Our primary customers are the departments and agencies of the U.S. government. We serve our customers through approximately 1,700 active contracts and task orders and employ approximately 23,000 individuals who are led by an experienced executive team of proven industry leaders. Our long history of serving the U.S. government has afforded us the ability to develop strong and longstanding relationships with some of the largest customers in the markets we serve. Substantially all of our revenues and tangible long-lived assets are generated and located in the United States. Effective February 3, 2024, the first day of fiscal 2025, we completed a business reorganization which replaced our previous two operating sectors with five customer facing business groups supported by the enterprise organizations, including the Innovation Factory. The five business groups, which are also our operating segments, are aggregated into two reportable segments for financial reporting purposes given the similarity in economic and qualitative characteristics, and based on the nature of the customers they se Item 1. Business The Company Science Applications International Corporation (herein referred to as \u201cSAIC,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) is a leading provider of technical, engineering and mission and enterprise information technology (\"IT\") services primarily to the U.S. government. The Company provides these services for large, complex projects with a targeted emphasis on higher-end, differentiated technology services and solutions that accelerate and transform secure and resilient digital environments through systems design, development, modernization, integration, and sustainment to drive enterprise and mission outcomes. Our end-to-end IT offerings span the entire spectrum of our customers' IT infrastructure. Our business has a long and successful history of over 50 years serving all military forces (Army, Air Force, Navy, Marines, Coast Guard, and Space Force) and agencies of the Department of War (\"DoW\", formerly referred to as the Department of Defense), National Aeronautics and Space Administration (\"NASA\"), U.S. Department of State, Department of Justice, Department of Homeland Security and members of the Intelligence Community. We serve our customers through approximately 1,700 active contracts and task orders. We have approximately 23,000 employees that are led by an experienced executive team of proven industry leaders. Effective February 3, 2024, the first day of fiscal 2025, we completed a business reorganization which replaced our previous two operating sectors with five customer facing business groups supported by the enterprise organizations, including the Innovation Factory. The five business groups, which are also our operating segments, are aggregated into two reportable segments for financial reporting purposes given the similarity in economic and qualitative characteristics, and based on the nature of the customers they serve. Our two reportable segments are the Defense and Intelligence segment and the Civilian segment. The Defense Item 1A. Risk Factors In your evaluation of our Company and business, you should carefully consider the risks and uncertainties described below, together with information included elsewhere within this report and other documents we file with the SEC. These r", "title": "SAIC - Science Applications International Corp", "url": "/company/SAIC/" }, { "kind": "company", "summary": "SIC 2082 Malt Beverages; CIK 0000949870; latest 10-K filed 2026-02-24.", "text": "SAM - BOSTON BEER CO INC SIC 2082 Malt Beverages; CIK 0000949870; latest 10-K filed 2026-02-24. SAM BOSTON BEER CO INC 0000949870 2082 Malt Beverages Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Our Annual Report on Form 10-K for the year ended December 27, 2025 includes a discussion and analysis of our financial condition and results of operations for the years ended December 28, 2024 and December 30, 2023 in Item 7 of Part II, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements In this Form 10-K and in other documents incorporated herein, as well as in oral statements made by the Company, statements that are prefaced with the words \u201cmay,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201ccontinue,\u201d \u201cestimate,\u201d \u201cproject,\u201d \u201cintend,\u201d \u201cdesigned,\u201d and similar expressions, are intended to identify forward-looking statements regarding events, conditions, and financial trends that may affect the Company\u2019s future plans of operations, business strategy, results of operations, and financial position. These statements are based on the Company\u2019s current expectations and estimates as to prospective events and circumstances about which the Company can give no firm assurance. Further, any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward-looking statement to reflect future events or circumstances. Forward-looking statements should not be relied upon as a prediction of actual future financial condition or results. These forward-looking statements, like any forward-looking statements, involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include the factors set forth above and the other information set forth in this Form 10-K. Introduction The Boston Beer Company is engaged in the business of producing and selling alcohol beverages primarily in the domestic market and, to a lesser extent, in selected international markets. The Company\u2019s revenues are primarily derived by selling its beverages to Distributors, who in turn sell the products to retailers and drinkers. The Company competes primarily in the combined Beyond beer and Traditional beer market (\"US Beer Market\"). Beyond beer includes flavored malt beverages, hard seltzer, hard cider, spirits based ready to drink beverages (\u201cspirits RTDs\u201d) and other emerging beverages. Traditional beer generally includes mass domestics, imports, domestic specialties and craft beer. Results of Operations Year Ended December 27, 2025 (52 weeks) Compared to Year Ended December 28, 2024 (52 weeks) [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended (in thousands, except per barrel)\"],[\"\",\"\",\"Dec. 27 2025\",\"\",\"\",\"Dec. 28 2024\",\"\",\"\",\"Amount change\",\"\",\"\",\"% change\",\"\",\"\",\"Per barrel change\",\"\",\"\",\"Per barrel % change\"],[\"Barrels sold\",\"\",\"\",\"\",\"\",\"\",\"7,140\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"7,493\",\"\",\"\",\"\",\"\",\"\",\"\",\"(353\",\")\",\"\",\"\",\"(4.7\",\")%\"],[\"\",\"\",\"\",\"\",\"\",\"Per barrel\",\"\",\"\",\"% of net revenue\",\"\",\"\",\"\",\"\",\"\",\"Per barrel\",\"\",\"\",\"% of net revenue\"],[\"Net revenue\",\"\",\"$\",\"1,964,994\",\"\",\"\",\"$\",\"275.21\",\"\",\"\",\"\",\"100.0\",\"%\",\"\",\"$\",\"2,012,926\",\"\",\"\",\"$\",\"268.64\",\"\",\"\",\"\",\"100.0\",\"%\",\"\",\"$\",\"(47,932\",\")\",\"\",\"\",\"(2.4\",\")%\",\"\",\"$\",\"6.57\",\"\",\"\",\"\",\"2.4\",\"%\"],[\"Cost of goods\",\"\",\"\",\"1,012,414\",\"\",\"\",\"\",\"141.79\",\"\",\"\",\"\",\"51.5\",\"%\",\"\",\"\",\"1,119,194\",\"\",\"\",\"\",\"149.36\",\"\",\"\",\"\",\"55.6\",\"%\",\"\",\"\",\"(106,780\",\")\",\"\",\"\",\"(9.5\",\")%\",\"\",\"\",\"(7.57\",\")\",\"\",\"\",\"(5.1\",\")%\"],[\"Gross profit\",\"\",\"\",\"952,580\",\"\",\"\",\"\",\"133.41\",\"\",\"\",\"\",\"48.5\",\"%\",\"\",\"\",\"893,732\",\"\",\"\",\"\",\"119.27\",\"\",\"\",\"\",\"44.4\",\"%\",\"\",\"\",\"58,848\",\"\",\"\",\"\",\"6.6\",\"%\",\"\",\"\",\"14.14\",\"\",\"\",\"\",\"11.9\",\"%\"],[\"Advertising, promotional, and selling expenses\",\"\",\"\",\"609,953\",\"\",\"\",\"\",\"85.43\",\"\",\"\",\"\",\"31.0\",\"%\",\"\",\"\",\"552,033\",\"\",\"\",\"\",\"73.67\",\"\",\"\",\"\",\"27.4\",\"%\",\"\",\"\",\"57,920\",\"\",\"\",\"\",\"10.5\",\"%\",\"\",\"\",\"11.76\",\"\",\"\",\"\",\"16.0\",\"%\"],[\"General and administrative expenses\",\"\",\"\",\"190,790\",\"\",\"\",\"\",\"26.72\",\"\",\"\",\"\",\"9.7\",\"%\",\"\",\"\",\"189,906\",\"\",\"\",\"\",\"25 Item 1. Business General The Boston Beer Company, Inc. and certain subsidiaries (the \u201cCompany\u201d) are engaged in the business of selling alcohol beverages throughout the United States and in selected international markets, under the trade names \u201cThe Boston Beer Company\u00ae\u201d, \u201cTwisted Tea Brewing Company\u00ae\u201d, \u201cHard Seltzer Beverage Company\u201d, \u201cAngry Orchard\u00ae Cider Company\u201d, \u201cDogfish Head\u00ae Craft Brewery\u201d, \u201cDogfish Head Distilling Co.\u201d, \u201cAngel City\u00ae Brewing Company\u201d, \u201cConey Island\u00ae Brewing Company\u201d, \"Green Rebel Brewing Co.\", \u201cTeaPot Worldwide\u201d, \u201cSun Cruiser Beverage Co.\",\"American Fermentation Company LLC\", and \"Sinless Spirits Company\". The Company produces alcohol beverages, including flavored malt beverages, hard seltzer, beer, hard cider, spirits based ready to drink beverages (\u201cspirits RTDs\u201d) and distilled spirits at Company-owned breweries and its cidery and under contract arrangements at other production facilities. The four primary Company-owned breweries are focused on production and research and development, including breweries located in Boston, Massachusetts (the \u201cBoston Brewery\u201d), Cincinnati, Ohio (the \u201cCincinnati Brewery\u201d), Milton, Delaware (the \u201cMilton Brewery\u201d) and Breinigsville, Pennsylvania (the \u201cPennsylvania Brewery\u201d). These breweries, with the exception of the Pennsylvania Brewery, have tap rooms for retail sales on site. The Company also operates smaller local breweries that are mainly focused on brewing and packaging beers for retail sales on site at tap rooms and gift shops, restaurant activities and developing innovative and traditional beers. These two ongoing local breweries are located in Boston, Massachusetts (the \u201cSamuel Adams Boston Downtown Tap Room\u201d) and Rehoboth, Delaware (\u201cDogfish Head Brewings and Eats\u201d). The Company announced it will close its local brewery in Los Angeles, California (the \u201cAngel City Brewery\") effective April 30, 2026. In addition, the Company owns an apple orchard and cidery located in Walden, New York (the \u201cOrchard\u201d Item 1A. Risk Factors In addition to the other information in this Annual Report on Form 10-K, the risks described below should be carefully considered before deciding to invest in shares of the Company\u2019s Class A Common Stock. These are risks and uncertainties that management believes are most likely to be material and therefore are most important for an invest", "title": "SAM - BOSTON BEER CO INC", "url": "/company/SAM/" }, { "kind": "company", "summary": "SIC 3724 Aircraft Engines & Engine Parts; CIK 0002025410; latest 10-K filed 2026-02-26.", "text": "SARO - StandardAero, Inc. SIC 3724 Aircraft Engines & Engine Parts; CIK 0002025410; latest 10-K filed 2026-02-26. SARO StandardAero, Inc. 0002025410 3724 Aircraft Engines & Engine Parts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is intended to help you understand StandardAero, Inc. The MD&A is a discussion of our financial condition and results of operations and should be read in conjunction with our audited historical consolidated financial statements and the accompanying notes elsewhere in this Annual Report. Some of the information included in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, include forward-looking statements that involve risks and uncertainties that should be reviewed. Our future results and financial condition may differ materially from those we currently anticipate. You should review the \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cPart I. Item 1A. Risk Factors\u201d sections of this Annual Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. For purposes of this section, references to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to StandardAero, Inc. and its subsidiaries. The following is a discussion and analysis of, and a comparison between, our results of operations for the years ended December 31, 2025 and 2024. For a discussion and analysis of, and a comparison between, our results of operations for the years ended December 31, 2024 and 2023 refer to Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Form 10-K filed with the SEC on March 12, 2025. Overview We believe that we are the world\u2019s largest independent, pure-play provider of aerospace engine aftermarket services for fixed and rotary wing aircraft, serving the commercial, military and business aviation end markets. We provide a comprehensive suite of critical, value-added aftermarket solutions, including scheduled and unscheduled engine maintenance, repair and overhaul, engine component repair, on-wing and field service support, asset management and engineering solutions. We serve a crucial role in the engine aftermarket value chain, connecting engine OEMs with aircraft operators through our aftermarket services, maintaining longstanding relationships with both. We command a leading reputation that is based upon our strong track record of safety, reliability and operational performance built over our more than 100 years of successful operations in the aerospace aftermarket. Operating Segments We manage our business in line with our service offerings with two reportable segments: Engine Services and Component Repair Services. Our Engine Services segment provides a full suite of aftermarket services, including maintenance, repair and overhaul, on-wing and field service support, asset management, and engineering and related solutions to customers in the commercial aerospace, military and helicopter, and business aviation end markets. Revenue in the Engine Services segment is primarily derived from the repair and overhaul of a wide variety of gas turbine engines and auxiliary power units that power fixed and rotary wing aircraft. We also provide complementary maintenance, repair, upgrade and other related services for airframes and avionics systems in the business aviation and helicopter end markets. Cost of revenue consists primarily of cost of materials, direct labor and overhead. Our Component Repair Services segment provides engine component and accessory repairs to commercial aerospace, military and other end markets. Revenue in the Component Repair Services segment is derived from the engine piece part and accessory repairs that we perform, repair development engineering and other related services, and some engine new part manu ITEM 1. BUSINESS The Company We believe that we are the world\u2019s largest independent, pure-play provider of aerospace engine aftermarket services for fixed and rotary wing aircraft, serving the commercial, military and business aviation end markets. We provide a comprehensive suite of critical, value-added aftermarket solutions, including scheduled and unscheduled engine maintenance, repair and overhaul, engine component repair, on-wing and field service support, asset management and engineering solutions. We serve a crucial role in the engine aftermarket value chain, connecting engine original equipment manufacturers (\"OEMs\") with aircraft operators through our aftermarket services, maintaining longstanding relationships with both. We command a leading reputation that is based upon our strong track record of safety, reliability and operational performance built over our more than 100 years of successful operations in the aerospace aftermarket. We are also one of the largest independent engine component repair platforms globally, providing services to commercial aerospace, military, land and marine and oil and gas end markets. We have made substantial investments in our Component Repair Services business, which provides attractive margins, significant growth opportunities and synergies with our Engine Services business. OEM Authorizations and Licenses OEMs grant certain participants in the engine and airframe services market authorizations or licenses to perform repair and overhaul services on the products they manufacture. OEMs maintain close commercial control of their authorized maintenance networks and in certain cases grant a limited number of authorizations or licenses. We hold exclusive or semi-exclusive licenses directly with the OEM as the only independent service provider in North America officially authorized to service a number of our platforms, including the Rolls-Royce RB211-535, AE 1107, AE 2100 and AE 3007, the Honeywell HTF7000, and the Safran A ITEM 1A. RISK FACTORS An investment in our common stock involves a high degree of risk. Before making an investment decision, you should carefully consider the risks and uncertainties set forth below, together with the financial and other information included elsewhere in this Annual Report. If any of the risks discussed in", "title": "SARO - StandardAero, Inc.", "url": "/company/SARO/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001492298; latest 10-K filed 2026-02-12.", "text": "SBRA - Sabra Health Care REIT, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001492298; latest 10-K filed 2026-02-12. SBRA Sabra Health Care REIT, Inc. 0001492298 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The discussion below contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those which are discussed in Part I, Item 1A, \u201cRisk Factors.\u201d Also see \u201cStatement Regarding Forward-Looking Statements\u201d preceding Part I. The following discussion and analysis should be read in conjunction with our accompanying consolidated financial statements and the notes thereto. Our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is organized as follows: \u2022Overview \u2022Critical Accounting Policies and Estimates \u2022Recently Issued Accounting Standards Updates \u2022Results of Operations \u2022Liquidity and Capital Resources \u2022Concentration of Credit Risk \u2022Skilled Nursing Facility Reimbursement Rates Overview We expect to grow our investment portfolio while diversifying our portfolio by tenant, facility type and geography within the healthcare sector. We plan to achieve these objectives primarily through making investments directly or indirectly in healthcare real estate, including the development of purpose-built healthcare facilities with select developers. We also intend to achieve our objective of diversifying our portfolio by tenant and facility type through select asset sales and other arrangements with our tenants. Market Trends and Uncertainties Our operations have been and are expected to continue to be impacted by economic and market conditions. Increases in operating expenses, inflation and increased volatility in public equity and fixed income markets have led to increased costs and limited the availability of capital. To the extent that our tenants, borrowers and Senior Housing - Managed portfolio have faced or will face the negative impacts of such conditions, they may be unable to meet their obligations to us or experience a deterioration in operating results. If our tenants and borrowers default on these obligations, such defaults could result in the determination that the full amounts of our investments are not recoverable, which could result in an impairment charge. Further, prolonged deterioration in the operating results for our investments in our Senior Housing - Managed portfolio could result in the determination that the full amounts of our investments are not recoverable, which could result in an impairment charge. We regularly monitor the effects of economic and market conditions, as well as actions by national, state and local government administrations and regulatory agencies that affect healthcare policy and general market conditions, on our operations and financial position, as well as on the operations and financial position of our tenants and borrowers, in order to respond and adapt to the ongoing changes in our operating environment. See Part I, Item 1A, \u201cRisk Factors\u201d for additional discussion of these risks, as well as the uncertainties we and our tenants and borrowers may face as a result. Acquisitions During the year ended December 31, 2025, we acquired 11 Senior Housing - Managed communities, three of which were acquired through a consolidated joint venture in which we have a 95% equity interest, and acquired 24 units on the campus of one of our Senior Housing - Leased communities for aggregate consideration of $434.5 million, including acquisition costs. Additionally, during the year ended December 31, 2025, we purchased the operations of four Senior Housing - Managed communities previously leased to the tenant under triple-net operating leases for $19.7 million. See Note 3, \u201cRecent Real Estate Acquisitions (Consolidated),\u201d in the Notes to Consolidated Financial Statements for additional information regarding these investments. 33 Dispositions During the year ended December 31, 2025, we completed the sale of 14 skilled ITEM 1. BUSINESS Overview We operate as a self-administered, self-managed REIT that, through our subsidiaries, owns and invests in real estate serving the healthcare industry. Our primary business consists of acquiring, financing and owning real estate property to be leased to third-party tenants in the healthcare sector. We primarily generate revenues by leasing properties to tenants and owning properties operated by third-party property managers throughout the United States (\u201cU.S.\u201d) and Canada. Our investment portfolio is primarily comprised of skilled nursing/transitional care facilities, senior housing communities (\u201cSenior Housing - Leased\u201d), behavioral health facilities, and specialty hospitals and other facilities, in each case leased to third-party operators; senior housing communities operated by third-party property managers pursuant to property management agreements (\u201cSenior Housing - Managed\u201d); investments in joint ventures; loans receivable; and preferred equity investments. We expect to grow our investment portfolio while diversifying our portfolio by tenant, facility type and geography within the healthcare sector. We plan to achieve these objectives primarily through making investments directly or indirectly in healthcare real estate, including the development of purpose-built healthcare facilities with select developers. We also intend to achieve our objective of diversifying our portfolio by tenant and facility type through select asset sales and other arrangements with our tenants. We employ a disciplined approach in our healthcare real estate investment strategy by investing in assets that provide attractive opportunities for dividend growth and appreciation of asset values, while maintaining balance sheet strength and liquidity, thereby creating long-term stockholder value. We elected to be treated as a REIT with the filing of our U.S. federal income tax return for the taxable year beginning January 1, 2011. We believe that we have been or ITEM 1A. RISK FACTORS The following describes the risks and uncertainties that could cause our actual results to differ materially from those presented in our forward-looking statements. The risks and uncertainties described below are not the only ones we face but do represent those risks and uncertainties that we believe ", "title": "SBRA - Sabra Health Care REIT, Inc.", "url": "/company/SBRA/" }, { "kind": "company", "summary": "SIC 7200 Services-Personal Services; CIK 0000089089; latest 10-K filed 2026-02-12.", "text": "SCI - SERVICE CORP INTERNATIONAL SIC 7200 Services-Personal Services; CIK 0000089089; latest 10-K filed 2026-02-12. SCI SERVICE CORP INTERNATIONAL 0000089089 7200 Services-Personal Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The Company We are North America\u2019s largest provider of deathcare products and services, with a network of funeral service locations and cemeteries unequaled in geographic scale and reach. At December 31, 2025, we operated 1,485 funeral service locations and 500 cemeteries (including 312 funeral service/cemetery combination locations), which are geographically diversified across 44 states, eight Canadian provinces, the District of Columbia, and Puerto Rico. Our funeral and cemetery operations consist of funeral service locations, cemeteries, funeral service/cemetery combination locations, crematoria, and other related businesses, which enable us to serve a wide array of customer needs. We sell cemetery property and funeral and cemetery merchandise and services at the time of need and on a preneed basis. We strive to offer families exceptional service in planning life celebrations and personalized remembrances. Our Dignity Memorial\u00ae brand serves approximately 700,000 families each year with professionalism, compassion, and attention to detail. Our financial position is enhanced by our $17.0 billion backlog of future revenue from both trust and insurance-funded preneed sales at December 31, 2025. Preneed selling provides us with a strategic opportunity to gain future market share. We also believe it adds to the stability and predictability of our revenue and cash flows. While revenue on the majority of preneed merchandise and service sales is deferred until the time of need, sales of preneed cemetery property provide opportunities for full current revenue recognition to the extent that the property is developed and available for use. We have adequate liquidity and a favorable debt maturity profile, which allow us to reinvest and grow our business as well as return capital to shareholders through share repurchases and dividends. Factors affecting our operating results include: demographic trends in terms of population growth and average age, which impact death rates and number of deaths; establishing and maintaining leading market share positions supported by strong local heritage and relationships; effectively responding to increasing cremation trends by selling complementary services and merchandise; controlling salary and merchandise costs; and exercising pricing leverage related to our atneed revenue. The average revenue per funeral contract is influenced by the mix of traditional and cremation services as our average revenue for cremations is lower than that for traditional burials. To further enhance revenue opportunities, we continue to focus on our cremation customers' preferences and remaining relevant by developing additional memorialization merchandise and services that specifically appeal to cremation customers. We believe the presentation of these additional merchandise and services through our customer-facing technology improves our customers' experience by reducing administrative burdens and allowing them to visualize the enhanced product and service offerings, which we believe will help drive increases in the average revenue for a cremation in future periods. While economic conditions, inflation, and consumer confidence may affect the timing or mix of customer purchases, demand is generally deferred rather than lost. Accordingly, demand for these products and services has historically been less sensitive to economic cycles than other discretionary consumer purchases. For further discussion of our key operating metrics, see our \"Cash Flow\" and \u201cResults of Operations\u201d sections below. For a discussion of our results of operations and liquidity and capital resources for the fiscal year ended December 31, 2024, see 24 Service Corporation International PART II Management\u2019s Discussion and Analysis of Financial Condition, Liquidity and Capital Resources and Results of Operations in Part II, Item 7 of our Annual Report on Item 1. Business General We are North America\u2019s largest provider of deathcare products and services, with a network of funeral service locations and cemeteries unequaled in geographic scale and reach. At December 31, 2025, we operated 1,485 funeral service locations and 500 cemeteries (including 312 funeral service/cemetery combination locations), which are geographically diversified across 44 states, eight Canadian provinces, the District of Columbia, and Puerto Rico. We are well known for our Dignity Memorial\u00ae brand, North America's first transcontinental brand of deathcare products and services. Our other brands include Dignity Planning\u2122, National Cremation Society\u00ae, Advantage\u00ae Funeral and Cremation Services, Funeraria del Angel\u2122, Making Everlasting Memories\u00ae, Neptune Society\u2122 and Trident Society\u2122. Our funeral service and cemetery operations consist of funeral service locations, cemeteries, funeral service/cemetery combination locations, crematoria, and other related businesses, which enable us to serve a wide array of customer needs. We sell cemetery property and funeral and cemetery merchandise and services at the time of need and on a preneed basis. Human Capital Management At December 31, 2025, we employed 17,869 full-time individuals and 7,318 part-time individuals. Of the full-time associates, 16,556 were employed in the funeral and cemetery operations and 1,313 were employed in corporate areas of our business. Approximately 2.2% of our associates are represented by unions. Although labor disputes occur from time to time, relations with associates are generally considered favorable. We reach out to our associates for feedback throughout their employment at SCI using a variety of voluntary employee surveys in an effort to determine if we are meeting the needs and expectations of our workforce. In 2025, building on our past workplace surveys, we launched our We Listen Survey, which measures engagement across areas including recognition, growth, communica Item 1A. Risk Factors Cautionary Statement on Forward-Looking Statements The statements in this Form 10-K that are not historical facts are forward-looking statements made in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. These statements may be accompanied by ", "title": "SCI - SERVICE CORP INTERNATIONAL", "url": "/company/SCI/" }, { "kind": "company", "summary": "SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0000350894; latest 10-K filed 2026-02-23.", "text": "SEIC - SEI INVESTMENTS CO SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0000350894; latest 10-K filed 2026-02-23. SEIC SEI INVESTMENTS CO 0000350894 6211 Security Brokers, Dealers & Flotation Companies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. (In thousands, except share and per-share data) This discussion reviews and analyzes the consolidated financial condition, the consolidated results of operations and other factors that may affect future financial performance. This discussion should be read in conjunction with the Consolidated Financial Statements and Notes to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K. Refer to Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024 for the discussion of the results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, which is incorporated by reference herein. Certain information contained in this discussion is or may be considered forward-looking. Forward-looking statements relate to future operations, strategies, financial results, expenditures and other uses of capital or other developments. Forward-looking statements are based upon estimates and assumptions that involve certain judgments, risks and uncertainties, many of which are beyond our control or are subject to change. Although we believe our assumptions are reasonable, they could be inaccurate. Our actual future revenues and income could differ materially from our expected results. Further information about factors that could materially affect our results of operations and financial condition include, but are not limited to, the discussion contained in Item 1A, Risk Factors, in this Annual Report on Form 10-K. We have no obligation to publicly update or revise any forward-looking statements. Overview Consolidated Summary SEI Investments Company is a leading global provider of financial technology, operations, and asset management services within the financial services industry. Our core capabilities unify technology, operations, and asset management to power clients\u2019 transformation across advice, asset management, and administration. We deliver modular or end\u2011to\u2011end solutions through a single, modern infrastructure that integrates platform technology, custody, operations, and investment expertise. Investment processing fees are earned as either monthly fees for contracted services or as a percentage of the market value of our clients' assets processed on our platforms. Investment operations and investment management fees are earned as a percentage of assets under management, administration or advised assets. As of December 31, 2025, through our subsidiaries and partnerships in which we have a significant interest, we manage, advise or administer approximately $1.9 trillion in assets. Condensed Consolidated Statements of Operations for the years ended 2025, 2024 and 2023 were: [[GREPCENT_TABLE]] [[\"Year Ended December 31,\",\"\",\"2025\",\"\",\"2024\",\"\",\"Percent Change*\",\"\",\"2023\",\"\",\"Percent Change\"],[\"Revenues\",\"\",\"$\",\"2,297,381\",\"\",\"\",\"$\",\"2,125,151\",\"\",\"\",\"8\",\"%\",\"\",\"$\",\"1,919,793\",\"\",\"\",\"11\",\"%\"],[\"Expenses\",\"\",\"1,670,070\",\"\",\"\",\"1,573,410\",\"\",\"\",\"6\",\"%\",\"\",\"1,495,269\",\"\",\"\",\"5\",\"%\"],[\"Income from operations\",\"\",\"627,311\",\"\",\"\",\"551,741\",\"\",\"\",\"14\",\"%\",\"\",\"424,524\",\"\",\"\",\"30\",\"%\"],[\"Gain on sale of business\",\"\",\"94,412\",\"\",\"\",\"\\u2014\",\"\",\"\",\"NM\",\"\",\"\\u2014\",\"\",\"\",\"NM\"],[\"Equity in earnings of unconsolidated affiliates\",\"\",\"132,685\",\"\",\"\",\"135,741\",\"\",\"\",\"(2)\",\"%\",\"\",\"126,930\",\"\",\"\",\"7\",\"%\"],[\"Other income and expense items\",\"\",\"61,925\",\"\",\"\",\"59,275\",\"\",\"\",\"4\",\"%\",\"\",\"43,201\",\"\",\"\",\"37\",\"%\"],[\"Income before income taxes\",\"\",\"916,333\",\"\",\"\",\"746,757\",\"\",\"\",\"23\",\"%\",\"\",\"594,655\",\"\",\"\",\"26\",\"%\"],[\"Income taxes\",\"\",\"198,783\",\"\",\"\",\"165,566\",\"\",\"\",\"20\",\"%\",\"\",\"132,397\",\"\",\"\",\"25\",\"%\"],[\"Net income\",\"\",\"717,550\",\"\",\"\",\"581,191\",\"\",\"\",\"23\",\"%\",\"\",\"462,258\",\"\",\"\",\"26\",\"%\"],[\"Less: Net income attributable to non-controlling interests\",\"\",\"2,245\",\"\",\"\",\"\\u2014\",\"\",\"\",\"NM\",\"\",\"\\u Item 1. Business. Corporate overview SEI Investments Company (together, with its subsidiaries unless otherwise noted, \u201cSEI\u201d or the \u201cCompany\u201d) is a leading global provider of financial technology, operations, and asset management solutions that connect the financial services ecosystem across advice, asset management, and administration. Our enterprise operating model unifies technology, trust\u2011based custody, and investment management to help clients more effectively deploy their capital, whether that\u2019s money, time, or talent, so they can better serve their clients and achieve their growth objectives. We are headquartered in Oaks, Pennsylvania, and over 5,000 employees support clients from service centers located in the United States, United Kingdom, Ireland, Canada, continental Europe, India, and South Africa. In 2025, we earned approximately 57% of our revenue from technology and operations outsourcing and 38% from asset management fees, with the remainder attributable to professional services and other ancillary services. We provide these services across four core client-oriented business segments; Investment Managers, Private Banks, Investment Advisors, and Institutional Investors. SEI serves leading institutions globally, including 8 of the top 20 U.S. banks and 43 of the top 100 investment managers worldwide, and we manage, advise or administer approximately $1.9 trillion in assets. In December 2025, we completed the first stage of our strategic investment in Stratos Wealth Holdings (Stratos), a network of affiliated companies focused on supporting the success of financial advisors across business models and affiliation structures, reinforcing SEI's footprint in the advice segment and complementing our administration and asset management platforms. Core capabilities and competitive differentiation SEI\u2019s core capabilities unify technology, operations, and asset management to power clients\u2019 transformation across advice, asset management, and administration. Item 1A. Risk Factors. We believe that the risks and uncertainties described below are those that impose the greatest threat to the sustainability of our business. However, there are other risks and uncertainties that exist that may be unknown to us or, in the present opinion of our management, do", "title": "SEIC - SEI INVESTMENTS CO", "url": "/company/SEIC/" }, { "kind": "company", "summary": "SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0000720672; latest 10-K filed 2026-02-24.", "text": "SF - STIFEL FINANCIAL CORP SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0000720672; latest 10-K filed 2026-02-24. SF STIFEL FINANCIAL CORP 0000720672 6211 Security Brokers, Dealers & Flotation Companies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of the financial condition and results of operations of our company should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in this Annual Report on Form 10-K for the year ended December 31, 2025. Unless otherwise indicated, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or \u201cour company\u201d in this report refer to Stifel Financial Corp. and its wholly owned subsidiaries. Executive Summary We operate as a financial services and bank holding company. We have built a diversified business serving private clients, institutional investors, and investment banking clients located across the U.S., Europe, and Canada. Our principal activities are: (i) private client services, including securities transaction and financial planning services; (ii) institutional equity and fixed income sales, trading, and research, and municipal finance; (iii) investment banking services, including mergers and acquisitions, public offerings, and private placements; and (iv) retail and commercial banking, including personal and commercial lending programs. Our core philosophy is based upon a tradition of trust, understanding, and studied advice. We attract and retain experienced professionals by fostering a culture of entrepreneurial, long-term thinking. We provide our private, institutional, and corporate clients quality, personalized service, with the theory that if we place clients\u2019 needs first, both our clients and our company will prosper. Our unwavering client and associate focus have earned us a reputation as one of the nation\u2019s leading wealth management and investment banking firms. We have grown our business both organically and through opportunistic acquisitions. We plan to maintain our focus on revenue growth with a continued appreciation for the development of quality client relationships. Within our private client business, our efforts will be focused on recruiting experienced financial advisors with established client relationships. Within our capital markets business, our focus continues to be on providing quality client management and product diversification. In executing our growth strategy, we will continue to seek out opportunities that allow us to take advantage of consolidation, whereby allowing us to increase market share in our private client and institutional group businesses. Stifel Financial Corp., through its wholly owned subsidiaries, is principally engaged in retail brokerage; securities trading; investment banking; investment advisory; retail, consumer, and commercial banking; and related financial services. Our major geographic area of concentration is throughout the United States, the United Kingdom, Europe, and Canada. Our principal customers are individual investors, corporations, municipalities, and institutions. Our ability to attract and retain highly skilled and productive associates is critical to the success of our business. Accordingly, compensation and benefits comprise the largest component of our expenses, and our performance is dependent upon our ability to attract, develop, and retain highly skilled associates who are motivated and committed to providing the highest quality of service and guidance to our clients. On April 7, 2025, the Company acquired a portion of B. Riley Financial, Inc.\u2019s traditional wealth management business, a deal that added 36 advisors with approximately $4 billion in assets under management. Consideration for this transaction consisted of cash from operations. On June 2, 2025, the Company acquired Bryan, Garnier & Co. (\u201cBryan Garnier\u201d), an independent full-service investment bank focused on European technology and healthcare companies. Bryan Garnier\u2019s product suite includes mergers & acquisitions advisory, private and public growth financing solutions, and institutional sales and execution. Bryan Garnier is headquartered in Europe with of ITEM 1. BUSINESS Stifel Financial Corp. is a Delaware corporation and a financial holding company headquartered in St. Louis. We were organized in 1983. Our principal subsidiary is Stifel, Nicolaus & Company, Incorporated (\u201cStifel\u201d), a full-service retail and institutional wealth management and investment banking firm. Stifel is the successor to a partnership founded in 1890. Our other subsidiaries include Stifel Independent Advisors, LLC (\u201cSIA\u201d), an independent contractor broker-dealer firm; Keefe, Bruyette & Woods, Inc. (\u201cKBW\u201d), a broker-dealer firm; Stifel Nicolaus Europe Limited (\u201cSNEL\u201d), our European subsidiary; Stifel Nicolaus Canada Inc. (\u201cSNC\u201d), our Canadian subsidiary; Stifel Bank & Trust and Stifel Bank, retail and commercial banks, Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. (collectively, \u201cStifel Trust\u201d), our trust companies (collectively \u201cStifel Bancorp\u201d); and 1919 Investment Counsel, LLC, an asset management firm. Unless the context requires otherwise, the terms \u201cthe Company,\u201d \u201cour company,\u201d \u201cwe,\u201d and \u201cour,\u201d as used herein, refer to Stifel Financial Corp. and its subsidiaries. We have a 135-year operating history and have built a diversified business serving private clients, institutional investors, and investment banking clients located across the country. Our principal activities are: \u2022 Private client services, including securities transaction and financial planning services; \u2022 Institutional equity and fixed income sales, trading and research, and municipal finance; \u2022 Investment banking services, including mergers and acquisitions, public offerings, and private placements; and \u2022 Retail and commercial banking, including personal and commercial lending programs. Our core philosophy is based upon a tradition of trust, understanding, and studied advice. We attract and retain experienced professionals by fostering a culture of entrepreneurial, long-term thinking. We provide our private, institutional, and corporate clients qu ITEM 1A. RISK FACTORS Our operations and financial results are subject to various risks and uncertainties, including those described below, which could adversely affect our business, financial condition, results of operations, liquidity and the trading price of our common stock. The list of ris", "title": "SF - STIFEL FINANCIAL CORP", "url": "/company/SF/" }, { "kind": "company", "summary": "SIC 5411 Retail-Grocery Stores; CIK 0001575515; latest 10-K filed 2026-02-19.", "text": "SFM - Sprouts Farmers Market, Inc. SIC 5411 Retail-Grocery Stores; CIK 0001575515; latest 10-K filed 2026-02-19. SFM Sprouts Farmers Market, Inc. 0001575515 5411 Retail-Grocery Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with the consolidated financial statements and related notes that are included elsewhere in this Annual Report on Form 10-K as well as \"Part II\u2014Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\" included in our Annual Report on Form 10-K for the fiscal year ended December 29, 2024 filed with the SEC on February 20, 2025, which provides comparisons of fiscal 2024 and fiscal 2023. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d or in other parts of this Annual Report on Form 10-K. Please also see the section entitled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Business Overview Sprouts Farmers Market offers a unique specialty grocery experience featuring an open layout with fresh produce at the heart of the store. Sprouts inspires wellness naturally with a carefully curated assortment of better-for-you products paired with purpose-driven people. We continue to bring the latest in wholesome, innovative products made with lifestyle-friendly ingredients such as organic, plant-based and gluten-free. From our founding in 2002, we have grown rapidly, significantly increasing our sales, store count and profitability. Headquartered in Phoenix with 477 stores in 24 states as of December 28, 2025, we are one of the largest and fastest growing specialty retailers of fresh, natural and organic food in the United States. 35 Table of Contents Outlook We continue to execute on our long-term growth strategy that we believe is transforming our company and driving profitable growth, focusing on the following areas: \u2022Win with Target Customers. We are focusing attention on our target customers, identified through research as \u2018health enthusiasts\u2019 and \u2018selective shoppers\u2019, where there is ample opportunity to gain share within these customer segments. We believe our business can continue to grow by leveraging existing strengths in a unique assortment of better-for-you, quality products and by providing a full omnichannel offering through delivery or pickup via our website or the Sprouts app. \u2022Market Expansion. We are delivering unique smaller stores with expectations of stronger returns, while maintaining the approachable, fresh-focused farmer\u2019s market heritage Sprouts is known for. From 2021 through 2025, we have opened 112 new stores and remodeled one store featuring our updated format. Our geographic store expansion and new store placement will intersect where our target customers live, in markets with growth potential and supply chain support, which we believe will provide a long runway of approximately 10% annual unit growth. \u2022Create an Advantaged Supply Chain. We believe our network of distribution centers can drive efficiencies across the chain and support growth plans. To further deliver on our fresh commitment and reputation, as well as to increase our local offerings and improve financial results, we aspire to ultimately position fresh distribution centers within a 250-mile radius of stores. As a step to improve our fresh supply chain, in 2025 we began the transition to a self-distribution model for meat and seafood through our fresh distribution centers. As a result, we are better leveraging our existing distribution center capacity, and approximately 80% of our stores were within 250 miles of a distribution center as of December 28, 2025. \u2022Customer Engagement and Personalization. We believe we are elevating our national brand recognition and positioning by telling our unique brand story rooted in product innovation and dif Item 1. Business Sprouts Farmers Market offers a unique specialty grocery experience featuring an open layout with fresh produce at the heart of the store. Sprouts inspires wellness naturally with a carefully curated assortment of better-for-you products paired with purpose-driven people. We continue to bring the latest in wholesome, innovative products made with lifestyle-friendly ingredients such as organic, plant-based and gluten-free. From our founding in 2002, we have grown rapidly, significantly increasing our sales, store count and profitability. Headquartered in Phoenix with 477 stores in 24 states as of December 28, 2025, we are one of the largest and fastest growing specialty retailers of fresh, natural and organic food in the United States. Our Growth Strategy We continue to execute on our long-term growth strategy that we believe is driving profitable growth, focusing on the following areas: \u2022Win with Target Customers. We are focusing attention on our target customers, identified through research as \u2018health enthusiasts\u2019 and \u2018selective shoppers\u2019, where there is ample opportunity to gain share within these customer segments. We believe our business can continue to grow by leveraging existing strengths in a unique assortment of better-for-you, quality products and by providing a full omnichannel offering through delivery or pickup via our website or the Sprouts app. \u2022Market Expansion. We are delivering unique smaller stores with expectations of stronger returns, while maintaining the approachable, fresh-focused farmer\u2019s market heritage Sprouts is known for. From 2021 through 2025, we have opened 112 new stores and remodeled one store featuring our updated format. Our geographic store expansion and new store placement will intersect where our target customers live, in markets with growth potential and supply chain support, which we believe will provide a long runway of approximately 10% annual unit growth. \u2022Create an Advantaged Supply Chain. We believe Item 1A. Risk Factors The disclosures in this section reflect our beliefs and opinions as to factors that may have a material adverse effect on our business, financial condition and results of operations. The risks and uncertainties described below are those that we have identified as material, but are not the only risks and unce", "title": "SFM - Sprouts Farmers Market, Inc.", "url": "/company/SFM/" }, { "kind": "company", "summary": "SIC 2510 Household Furniture; CIK 0001206264; latest 10-K filed 2026-02-27.", "text": "SGI - SOMNIGROUP INTERNATIONAL INC. SIC 2510 Household Furniture; CIK 0001206264; latest 10-K filed 2026-02-27. SGI SOMNIGROUP INTERNATIONAL INC. 0001206264 2510 Household Furniture ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes thereto included elsewhere in this Report. Unless otherwise noted, all of the financial information in this Report is consolidated financial information for the Company, including Mattress Firm's financial results for the period February 5, 2025 through December 31, 2025 (the \"stub period\"). The forward-looking statements in this discussion regarding the mattress and pillow industries, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements in this discussion are subject to numerous risks and uncertainties. See \"Special Note Regarding Forward-Looking Statements\" and Part I, ITEM 1A of this Report. Our actual results may differ materially from those contained in any forward-looking statements. For results of operations comparisons relating to years ending December 31, 2024 and 2023, refer to our annual report on Form 10-K, Part II, ITEM 7: Management's Discussion and Analysis of Financial Condition and Results of Operations filed with the Securities and Exchange Commission on February 28, 2025. In this discussion and analysis, we discuss and explain the consolidated financial condition and results of operations for the years ended December 31, 2025 and 2024, including the following topics: \u2022an overview of our business and strategy; \u2022results of operations, including our net sales and costs in the periods presented as well as changes between periods; \u2022expected sources of liquidity for future operations; and \u2022our use of certain non-GAAP financial measures. Business Overview General We are the world's largest bedding company, dedicated to transforming how the world sleeps. With superior capabilities in design, manufacturing, distribution and retail, we deliver breakthrough sleep solutions and serve the evolving needs of consumers in over 100 countries worldwide through our fully-owned businesses, Tempur Sealy, Mattress Firm and Dreams. We operate in three segments: Mattress Firm, Tempur Sealy North America and Tempur Sealy International. These segments are strategic business units that are managed separately. Our Mattress Firm segment consists of retail stores and distribution centers located in the U.S. Our Tempur Sealy North America segment consists of manufacturing, distribution and retail subsidiaries and licensees located in the U.S., Canada and Mexico (other than Mattress Firm retail and distribution locations). Our Tempur Sealy International segment consists of manufacturing, distribution and retail subsidiaries, joint ventures and licensees located in Europe, Asia-Pacific and Latin America (other than Mexico). Corporate operating expenses are not included in any of the segments and are presented separately as a reconciling item to consolidated results. We evaluate segment performance based on net sales, gross profit and operating income. For additional information refer to Note 15, \"Business Segment Information,\" included in Part II, ITEM 8 \"Financial Statements and Supplementary Data,\" of this Report. Our portfolio includes the most highly recognized brands in the industry, including Tempur-Pedic\u00ae, Sealy\u00ae and Stearns & Foster\u00ae, and our global omni-channel platform enables us to meet consumers wherever they shop, offering a personal connection and innovation to provide a unique retail experience and tailored solutions. 17 Table of Contents As of December 31, 2025, Somnigroup operated 2,852 company-owned stores, including 2,174 Mattress Firm stores, Tempur Sealy owned stores, Dreams stores and joint venture stores. Our distribution model operates through an omni-channel strategy. The Mattress Firm segment sells products through one channel: Direct. The Tempur Sealy North America and Tempur Sealy International segments ITEM 1. BUSINESS General Somnigroup is the world's largest bedding company, dedicated to enriching people's lives through the power of a good night's sleep and transforming how the world sleeps. With superior capabilities in design, manufacturing, distribution and retail, we deliver breakthrough sleep solutions and serve the evolving needs of consumers in over 100 countries worldwide through our fully-owned businesses, Tempur Sealy, Mattress Firm and Dreams. Our portfolio includes the most highly recognized brands in the industry, including Tempur-Pedic\u00ae, Sealy\u00ae and Stearns & Foster\u00ae, and our global omni-channel platform enables us to meet consumers wherever they shop, offering a personal connection and innovation to provide a unique retail experience and tailored solutions. Somnigroup has a strong competitive presence in the bedding marketplace with a leadership position that comes from product and service quality, culture, strategy and people, backed with financial strength and a disciplined approach to returning value to shareholders. On February 5, 2025, we completed the previously announced acquisition of Mattress Firm, the nation's largest mattress specialty retailer. The total purchase price was approximately $5.1 billion, net of cash acquired of $0.3 billion. The aggregate purchase price consisted of $3.1 billion in cash and approximately 34.2 million shares of common stock valued at $65.65 per share, which represents the simple average of the opening and closing price per share of our common stock on the NYSE on the trading day immediately prior to the date of acquisition, with the value of any fractional shares paid in cash. In connection with the closing of the Mattress Firm Acquisition, we amended our Certificate of Incorporation to change our name to \"Somnigroup International Inc.\" effective February 18, 2025. The name Somnigroup reflects our position as a global holding company and provider of sleep solutions with a portfolio of bedding busine ITEM 1A. RISK FACTORS The following risk factors and other information included in this Report should be carefully considered. Please also see \"Special Note Regarding Forward-Looking Statements\" on page 3. Risks related to our Business and Economic Environment We operate in a highly competitive industry and if we are unable to compete su", "title": "SGI - SOMNIGROUP INTERNATIONAL INC.", "url": "/company/SGI/" }, { "kind": "company", "summary": "SIC 8090 Services-Misc Health & Allied Services, NEC; CIK 0001822479; latest 10-K filed 2026-02-24.", "text": "SHC - Sotera Health Co SIC 8090 Services-Misc Health & Allied Services, NEC; CIK 0001822479; latest 10-K filed 2026-02-24. SHC Sotera Health Co 0001822479 8090 Services-Misc Health & Allied Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read this Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This MD&A contains forward-looking statements that are based on management\u2019s current expectations, estimates and projections about our business and operations. Our actual results may differ materially from those currently anticipated and expressed in such forward-looking statements as a result of various factors, including the factors we describe in Item 1A, \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. OVERVIEW We are a leading global provider of mission-critical end-to-end sterilization solutions, lab testing and advisory services for the healthcare industry. We are driven by our mission: Safeguarding Global Health\u00ae. We provide end-to-end sterilization as well as microbiological and analytical lab testing and advisory services to help ensure that medical, pharmaceutical and food products are safe for healthcare practitioners, patients and consumers in the United States and around the world. Our services are an essential aspect of our customers\u2019 manufacturing processes and supply chains, helping to ensure sterilized medical products reach healthcare practitioners and patients. Most of these services are necessary for our customers to satisfy applicable government requirements. 45 We serve our customers throughout their product lifecycles, from product design to manufacturing and delivery, helping to promote the sterility, effectiveness and safety of their products for the end user. We operate across two core businesses: sterilization services and lab services. Each of our businesses has a longstanding record and is a leader in its respective market, supported and connected by our core capabilities including deep end market, regulatory, technical and logistics expertise. The combination of Sterigenics, our terminal sterilization business, and Nordion, our Co-60 supply business, makes us the only vertically integrated global gamma sterilization provider in the sterilization industry. This provides us with additional insights and allows us to better serve our customers. For financial reporting purposes, our sterilization services business is comprised of two reportable segments, Sterigenics and Nordion, and our lab services business constitutes a third reportable segment, Nelson Labs. For the year ended December 31, 2025, we achieved net revenues of $1,163.6 million, net income of $77.9 million, Adjusted Net Income of $245.4 million and Adjusted EBITDA of $593.8 million. Adjusted Net Income and Adjusted EBITDA are financial measures not based on any standardized methodology prescribed by U.S. Generally Accepted Accounting Principles (\u201cGAAP\u201d). For the definition of Adjusted Net Income and Adjusted EBITDA and the reconciliation of these non-GAAP measures from net income, please see \u201cNon-GAAP Financial Measures.\u201d TRENDS AND KEY FACTORS AFFECTING OUR RESULTS OF OPERATIONS We expect that our performance and financial condition will continue to be driven by the key trends impacting our industries, customers and their end markets as outlined in Item 1, \u201cBusiness.\u201d In addition, we believe the following trends and key factors have underpinned our recent operating results and may continue to affect our performance and financial condition in future periods. \u2022Business and market conditions. Consolidated net revenues for the year ended December 31, 2025 increased by 5.7% from the year ended December 31, 2024, driven by sustained favorability in pricing and volume/mix. All three reportable segments reported segment income growth for the year ended December 31, 2025. \u2022Investment initiatives. We continue to advance our growth-related investments, including our two active capacity expansion projects within the Sterigenics segment, Item 1. Business General Information We are a leading global provider of mission-critical end-to-end sterilization solutions, lab testing and advisory services for the healthcare industry. We are driven by our mission: Safeguarding Global Health\u00ae. We provide end-to-end sterilization as well as microbiological and analytical lab testing and advisory services to help ensure that medical, pharmaceutical and food products are safe for healthcare practitioners, patients and consumers in the United States and around the world. In 2025, our customers included over 40 of the top 50 medical device companies and nine of the top ten global pharmaceutical companies (based on revenue). Our services are an essential aspect of our customers\u2019 manufacturing processes and supply chains, helping to ensure sterilized medical products reach healthcare practitioners and patients. Most of our services are necessary for our customers to satisfy applicable government requirements. We are a trusted partner to customers in over 50 countries. We strive to give our customers confidence that their products meet regulatory, safety and effectiveness requirements. With our industry-recognized scientific and technological expertise, we help to ensure the safety of millions of patients and healthcare practitioners around the world. Across our 62 facilities worldwide, we have over 3,000 employees who are dedicated to safety and quality. Our Businesses Sterilization Services Our sterilization services business is comprised of Sterigenics and Nordion. Sterigenics We are a leading global provider of outsourced terminal sterilization and irradiation services and have provided sterilization services for over 90 years. We offer a globally integrated platform for our customers in the medical device, pharmaceutical, food safety, and advanced applications markets, with facilities strategically located to be convenient to our customers\u2019 manufacturing sites and distribution hubs or routes. Terminal ster Item 1A. Risk Factors We describe below certain risks that could adversely affect our business, prospects, financial condition or results of operations. While we believe we have identified and discussed below the key risks affecting our business, there may be additional risks and uncertainties that are not prese", "title": "SHC - Sotera Health Co", "url": "/company/SHC/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000230557; latest 10-K filed 2026-02-09.", "text": "SIGI - SELECTIVE INSURANCE GROUP INC SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000230557; latest 10-K filed 2026-02-09. SIGI SELECTIVE INSURANCE GROUP INC 0000230557 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Forward-Looking Statements The terms \"Company,\" \"we,\" \"us,\" and \"our\" refer to Selective Insurance Group, Inc. (the \"Parent\") and its subsidiaries, except as expressly indicated or the context otherwise requires. Certain statements in this Annual Report on Form 10-K, including information incorporated by reference, are \u201cforward-looking statements\u201d defined in the Private Securities Litigation Reform Act of 1995 (\"PSLRA\"). The PSLRA provides a forward-looking statement safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements discuss our intentions, beliefs, projections, estimations, or forecasts of future events and financial performance. They involve known and unknown risks, uncertainties, and other factors that may cause our or our industry's actual results, activity levels, or performance to materially differ from those in or implied by the forward-looking statements. In some cases, forward-looking statements include the words \"may,\" \"will,\" \"could,\" \"would,\" \"should,\" \"expect,\" \"plan,\" \"anticipate,\" \"attribute,\" \"confident,\" \"strong,\" \"target,\" \"project,\" \"intend,\" \"believe,\" \"estimate,\" \"predict,\" \"potential,\" \"pro forma,\" \"seek,\" \"likely,\" \"continue,\" or comparable terms. Our forward-looking statements are only predictions; we cannot guarantee or assure that such expectations will prove correct. We undertake no obligation to publicly update or revise any forward-looking statements for any reason except as required by law. We discuss the factors that could cause our actual results to differ materially from our projections, forecasts, or estimates in forward-looking statements in Item 1A. \"Risk Factors.\" of this Form 10-K. These risk factors may not be exhaustive. We operate in a constantly changing business environment, and new risk factors may emerge at any time. We cannot predict these new risk factors, their impact on our businesses, or the extent to which one or any combination of factors may cause actual results to differ materially from any forward-looking statements. Given these risks, uncertainties, and assumptions, the forward-looking events we discuss might not occur. Introduction We classify our business into four reportable segments: \u2022Standard Commercial Lines; \u2022Standard Personal Lines; \u2022Excess and Surplus Lines (\"E&S Lines\"); and \u2022Investments. For more details about these segments, refer to Note 1. \"Organization\" and Note 12. \"Segment Information\" in Item 8. \"Financial Statements and Supplementary Data.\" of this Form 10-K. We write our Standard Commercial and Standard Personal Lines products and services through nine of our insurance subsidiaries, some of which participate in the federal government's National Flood Insurance Program's (\"NFIP\") Write Your Own Program (\"WYO\"). We write our E&S products through another subsidiary, Mesa Underwriters Specialty Insurance 37 Table of Contents Company (\"MUSIC\"), a nationally-authorized non-admitted platform for customers who generally cannot obtain coverage in the standard marketplace. Collectively, we refer to our ten insurance subsidiaries as the \"Insurance Subsidiaries.\" The following is Management's Discussion and Analysis (\"MD&A\") of our financial condition and consolidated results of operations, including an evaluation of the amounts and certainty of cash flows from operations and outside sources, trends, and uncertainties that may have a material impact in future periods. The MD&A discusses and analyzes our 2025 results compared to 2024. Investors should read the MD&A in conjunction with Item 8. \"Financial Statements and Supplementary Data.\" of this Form 10-K. For discussion and analysis of our 2024 results compared to 2023, refer to Item 7. \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. I Item 1. Business. Overview Selective Insurance Group, Inc. (\"Parent\") is a New Jersey insurance holding company incorporated in 1977. It owns ten property and casualty insurance subsidiaries (\"Insurance Subsidiaries\") that sell products and services only in the United States (\"U.S.\") and exclusively through independent insurance agents and wholesale brokers. Nine of our Insurance Subsidiaries are licensed by various state insurance departments as admitted carriers, allowing them to write specific property and casualty lines in the standard market. The tenth subsidiary is authorized as a non-admitted carrier to write property and casualty insurance in the excess and surplus (\"E&S\") lines market. Throughout this document, we refer to the Parent and the Insurance Subsidiaries collectively as \"we,\" \"us,\" or \"our.\" We use \"Parent\" when appropriate to distinguish it from the Insurance Subsidiaries. Specific terms related to the property and casualty industry are defined in a glossary attached as Exhibit 99.1 to this Form 10-K. We have a long and successful history in the property and casualty insurance industry dating back to our 1926 founding. We list our common (stock symbol \"SIGI\") and preferred (stock symbol \"SIGIP\") stocks on the Nasdaq Global Select Market. In 2025, AM Best Company (\"AM Best\") ranked us as the 34th largest property and casualty group in its annual \"Top 200 U.S. Property/Casualty Writers\" list based on 2024 net premiums written (\"NPW\"). Our current AM Best financial strength rating is \"A+\" (Superior). Strategic Advantages Our competitive and crowded market requires us to clearly articulate and demonstrate our value proposition to customers, distribution partners, employees, and investors. We believe our five key sustainable competitive advantages are: \u2022A unique operating model that places empowered decision-makers alongside our customers and distribution partners. \u2022A franchise-value distribution model, characterized by close and meaningful bus Item 1A. Risk Factors. Certain risk factors can significantly impact our business, liquidity, capital resources, results of operations, financial condition, and debt ratings. These risk factors might affect, alter, or change actions we take to execute our long-term capital strategy. Examples include, without", "title": "SIGI - SELECTIVE INSURANCE GROUP INC", "url": "/company/SIGI/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001451809; latest 10-K filed 2026-02-11.", "text": "SITM - SITIME Corp SIC 3674 Semiconductors & Related Devices; CIK 0001451809; latest 10-K filed 2026-02-11. SITM SITIME Corp 0001451809 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) should be read in conjunction with the financial statements and the notes thereto included elsewhere in this Annual Report on Form 10-K. The MD&A contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act that involve risks and uncertainties, which are discussed under Part I, Item 1A. Overview The ability to accurately measure and reference time has been essential to humankind\u2019s greatest inventions and technological advances. Timing technology has continued to evolve over centuries, underpinning broader technological evolution and is the heartbeat of digital electronic systems. Timing ensures that the system runs smoothly and reliably by providing and distributing clock signals to various critical components such as central processing units, communication and interface ICs, and radio frequency components. As electronics evolve to deliver higher performance, connectivity, and intelligence, even in increasingly challenging environments, while also being more complex and size-constrained, we believe they will require more sophisticated semiconductor-based timing solutions that cannot be developed in legacy quartz crystal-based technologies. Precision timing, a category that SiTime created (\"Precision Timing\") fills this need with the performance, resilience, reliability, power, size, and cost that is required by these applications. We are a leading provider of Precision Timing solutions to the global electronics industry. Our Precision Timing products are the heartbeat of our customers\u2019 electronic systems, providing the timing functionality that is needed for electronics to operate reliably and accurately. We provide Precision Timing solutions that are differentiated by high performance, high resilience, and high reliability, along with programmability, small size, and low power consumption. Our products have been designed into over 400 applications across our target markets, including artificial intelligence (\"AI\") systems, datacenter, communications, enterprise, automotive, industrial, aerospace, defense, mobile, Internet of Things (\u201cIoT\u201d), and consumer. Our current solutions include various types of oscillators, as well as clock integrated circuits (\u201cICs\u201d), resonators, and synchronization software. We believe that the total timing market is approximately $11 billion in size and growing. Since our founding, we have focused on the high-end portion of the market, i.e. Precision Timing. Historically, our revenue has been substantially derived from sale of oscillator systems across our target end markets. In 2025, we have benefitted from the strong growth in AI datacenter deployments. Our all-silicon solutions are based on four fundamental areas of technical expertise: micro-electro-mechanical systems (\u201cMEMS\u201d), analog mixed-signal design, advanced system-level integration, and software. This expertise, along with the knowledge of our customers' systems, gives our products a significant edge as we address customers\u2019 complex timing problems. In this aspect, we believe we are different than quartz-based oscillator and resonator providers, who typically have expertise in designing and manufacturing resonator components, but usually outsource the analog circuit design and packaging. We also have a deep understanding of the mechanical, electrical, and thermal properties of materials, which is a key requirement for developing our proprietary MEMS processes. To maximize MEMS first-silicon success, we have also developed our own MEMS simulation tools. We are also different in that our MEMS resonators are made using semiconductor technology which has significant benefits in features, performance, manufacturing, and cost, while the quartz resonator and oscillator suppliers use q Item 1. Business Overview The ability to accurately measure and reference time has been essential to humankind\u2019s greatest inventions and technological advances. Timing technology has continued to evolve over centuries, underpinning broader technological evolution and is the heartbeat of digital electronic systems. Timing ensures that the system runs smoothly and reliably by providing and distributing clock signals to various critical components such as central processing units, communication and interface ICs, and radio frequency components. As electronics evolve to deliver higher performance, connectivity, and intelligence, even in increasingly challenging environments, while also being more complex and size-constrained, we believe they will require more sophisticated semiconductor-based timing solutions that cannot be developed in legacy quartz crystal-based technologies. Precision timing, a category that SiTime created (\"Precision Timing\") fills this need with the performance, resilience, reliability, power, size, and cost that is required by these applications. We are a leading provider of Precision Timing solutions to the global electronics industry. Our Precision Timing products are the heartbeat of our customers\u2019 electronic systems, providing the timing functionality that is needed for electronics to operate reliably and accurately. We provide Precision Timing solutions that are differentiated by high performance, high resilience, and high reliability, along with programmability, small size, and low power consumption. Our products have been designed into over 400 applications across our target markets, including artificial intelligence (\"AI\") systems, datacenter, communications, enterprise, automotive, industrial, aerospace, defense, mobile, Internet of Things (\u201cIoT\u201d), and consumer. Our current solutions include various types of oscillators, as well as clock integrated circuits (\u201cICs\u201d), resonators, and synchronization software. We believe that the total t Item 1A. Risk Factors. Risks Related to Our Business and Our Industry Global macroeconomic conditions have harmed and may continue to harm our business. We are a global company and therefore our business, results of operations, and financial condition are impacted by global macroeconomic conditions. Macroeconomic events such as risi", "title": "SITM - SITIME Corp", "url": "/company/SITM/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001038074; latest 10-K filed 2026-02-10.", "text": "SLAB - SILICON LABORATORIES INC. SIC 3674 Semiconductors & Related Devices; CIK 0001038074; latest 10-K filed 2026-02-10. SLAB SILICON LABORATORIES INC. 0001038074 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and related notes thereto included elsewhere in this report. This discussion contains forward-looking statements. Please see the \u201cCautionary Statement\u201d and \u201cRisk Factors\u201d above for discussions of the uncertainties, risks and assumptions associated with these statements. Our fiscal year-end financial reporting periods are a 52- or 53-week fiscal year that ends on the Saturday closest to December 31. Fiscal 2025 had 53 weeks with the extra week occurring in the first quarter of the year. Fiscal 2024 and 2023 had 52 weeks. Fiscal 2025, 2024, and 2023 ended on January 3, 2026, December 28, 2024, and December 30, 2023, respectively. Recent Developments As announced on February 4, 2026, we entered into an Agreement and Plan of Merger (the \u201cMerger Agreement\u201d) with Texas Instruments Incorporated (\u201cParent\u201d) and Caldwell Merger Corp., a wholly-owned direct subsidiary of Parent (\u201cMerger Subsidiary\u201d), pursuant to which Merger Subsidiary will merge with and into Silicon Laboratories Inc. (the \u201cMerger\u201d), and we will survive the Merger as a wholly-owned direct subsidiary of Parent. At the effective time of the Merger, each share of our common stock outstanding as of immediately prior to the effective time (other than dissenting shares or any shares of our common stock held by us as treasury stock or owned by Parent or any of our or Parent\u2019s subsidiaries) will be cancelled and converted into the right to receive $231.00 in cash, without interest. The transactions contemplated by the Merger Agreement were unanimously approved by our board of directors, and the Merger is expected to close in the first half of 2027, subject to customary closing conditions, including approval by our stockholders and the receipt of required regulatory approvals. In connection with the proposed Merger, we have incurred significant costs in the first quarter of fiscal 2026 and expect to continue to incur financial advisory, legal, accounting, and other professional fees prior to the completion of the Merger, which could be significant. Impact of Macroeconomic Conditions In recent years, the global economic environment has experienced inflationary pressure, high interest rates, and geopolitical tension, and we have experienced declines in revenues as our customers slowed purchases to reduce existing inventories in a softening market. There continues to be uncertainty regarding international trade relations and trade policy, including those related to tariffs. The situation concerning the imposition of additional tariffs and trade restrictions by the U.S. and other jurisdictions continues to evolve, and we cannot be certain of the outcome, which could adversely impact demand for our products, costs, customers, suppliers, and general economic conditions. Additionally, continued geopolitical instability, including the ongoing war in Ukraine and conflicts in the Middle East, as well as the risk of inflation, slower GDP growth, or recession, and the weakening U.S. dollar, have added to the uncertainty. The extent of the impact of the macroeconomic and geopolitical environment on our operational and financial performance will depend on future developments, which are uncertain, but could materially affect our business, results of operations, access to sources of liquidity, and financial condition. Although we saw sequential improvements in revenues over the course of fiscal 2025, the extent of the continued impact, or any new impact, of macroeconomic conditions on our operational and financial performance will depend on future developments, their impact to the business of our suppliers and/or customers, and other items identified under \u201cRisk Factors\u201d above, all of which are uncertain and cannot be predicted. Overv Item 1. Business Overview Silicon Laboratories Inc. is a leader in secure, intelligent wireless technology for a more connected world. Our integrated hardware and software platforms, intuitive development tools, industry-leading ecosystem, and robust support help customers build advanced devices for industrial, commercial, home, and life applications. We make it easy for developers to solve complex wireless challenges throughout the product lifecycle and get to market quickly with innovative solutions that transform industries, grow economies, and improve lives. We are pioneers in wireless innovation and have spent over two decades simplifying the complexity of radio frequency (\u201cRF\u201d) from silicon to cloud. Our leading platform, purpose-built for the Internet of Things (\u201cIoT\u201d), helps customers quickly create secure, intelligent, wireless connected devices. Our team and technology assist customers in solving development challenges, including energy efficiency, to build connected devices for applications that support better health, innovative infrastructure, and sustainable cities. Our semiconductor devices leverage standard complementary metal oxide semiconductor (\u201cCMOS\u201d), a low-cost, widely available process technology. CMOS technology enables smaller, more cost-effective, and energy-efficient solutions. Our software expertise allows us to develop products for markets where intelligent data capture, high-performance processing, and communication are increasingly important product differentiators. We also focus design and engineering efforts on technologies that simplify and accelerate customer adoption of security features engineered into our silicon chips. Our expertise in analog-intensive, mixed-signal integrated chip (\u201cIC\u201d) design in CMOS, as well as in software development allows us to create new and innovative products that are highly integrated and secure, simplifying our customers\u2019 designs and improving their time-to-market. Pending Merger with Texas Item 1A. Risk Factors Risk Factors Summary Risks Related to the Proposed Merger \u2022We may not complete the proposed Merger within the time frame we anticipate, or at all, which could have an adverse effect on our business, financial condition, results of operations, cash flows and stock price \u2022Uncertainties associated", "title": "SLAB - SILICON LABORATORIES INC.", "url": "/company/SLAB/" }, { "kind": "company", "summary": "SIC 3411 Metal Cans; CIK 0000849869; latest 10-K filed 2026-02-26.", "text": "SLGN - SILGAN HOLDINGS INC SIC 3411 Metal Cans; CIK 0000849869; latest 10-K filed 2026-02-26. SLGN SILGAN HOLDINGS INC 0000849869 3411 Metal Cans ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis is intended to assist you in understanding our consolidated financial condition and results of operations for the three-year period ended December 31, 2025. Our consolidated financial statements and the accompanying notes included elsewhere in this Annual Report contain detailed information that you should refer to in conjunction with the following discussion and analysis. 28 GENERAL We are a leading manufacturer and supplier of sustainable rigid packaging solutions for the world's essential consumer goods products. We currently produce dispensing and specialty closures for the fragrance and beauty, food, beverage, personal and health care, home care and lawn and garden markets; steel and aluminum containers for pet and human food and general line products; and custom designed plastic containers for the pet and human food, consumer health and pharmaceutical, personal care, home care, lawn and garden and automotive markets. We are a leading worldwide manufacturer of dispensing and specialty closures, a leading manufacturer of metal containers in North America and Europe, the largest manufacturer of metal food containers in North America with a unit volume market share in the United States for the year ended December 31, 2025 of more than half of the market, and a leading manufacturer of custom containers in North America for a variety of markets. Our objective is to increase shareholder value by efficiently deploying capital and management resources to grow our business through acquisitions and organically, reduce operating costs, build sustainable competitive positions, or franchises. We have grown our net sales and income from operations largely through acquisitions but also through organic growth, and we continue to evaluate acquisition opportunities in the consumer goods packaging market. SALES GROWTH We have increased net sales and market share in our dispensing and specialty closures, metal containers, and custom containers businesses through both acquisitions and organic growth. As a result, we have expanded and diversified our customer base, geographic presence and product lines. We are a leading worldwide manufacturer of dispensing systems and specialty closures for fragrance and beauty, food, beverage, personal and health care, home care and lawn and garden products. Since 2003, following our acquisition of the White Cap closures operations in the United States, net sales of our dispensing and specialty closures business have increased to $2.7 billion in 2025 as a result of both acquisitions and organic growth, representing a compound annual growth rate of approximately 12.4 percent over that period. We intend to pursue further acquisition opportunities in the dispensing and specialty closures markets, including in dispensing systems, such as our acquisition of Weener Packaging in October 2024. Additionally, we expect to continue to generate organic growth in our dispensing and specialty closures business, particularly in dispensing systems. In 2025, net sales for our dispensing and specialty closures business increased approximately 17.5 percent as compared to 2024 primarily as a result of the inclusion of net sales of Weener Packaging and higher organic unit volumes for high value dispensing products. Volume growth in dispensing products was offset by lower volumes for specialty closures for the North American beverage markets, primarily due to adverse weather that impacted consumption patterns in the first half of 2025. For 2026, we expect higher volumes in our dispensing and specialty closures business as compared to 2025, with continued growth in dispensing products. We are a leading manufacturer and supplier of metal containers in North America and Europe, primarily as a result of our acquisitions but also as a result of growth with existing customers. During the past 37 y ITEM 1. BUSINESS. GENERAL We are a leading manufacturer of sustainable rigid packaging solutions for the world's essential consumer goods products. We had consolidated net sales of approximately $6.5 billion in 2025. Our products are used for a wide variety of end markets and we operate 121 manufacturing plants in North America, Europe, Asia and South America. Our products include: \u2022dispensing and specialty closures for fragrance and beauty, food, beverage, personal and health care, home care and lawn and garden products; \u2022steel and aluminum containers for pet and human food and general line products; and \u2022custom designed plastic containers for pet and human food, consumer health and pharmaceutical, personal care, home care, lawn and garden and automotive products. We are a leading worldwide manufacturer and supplier of dispensing and specialty closures for the fragrance and beauty, food, beverage, personal and health care, home care and lawn and garden markets. Our leadership position in dispensing and specialty closures is a result of our ability to provide customers with market leading innovation and high levels of quality, service and technological support. Our dispensing and specialty closures business provides customers with an extensive variety of innovative dispensing systems and proprietary specialty closures solutions that ensure closure quality and safety, as well as state-of-the-art capping/sealing equipment and detection systems to complement our product offering. We have 63 dispensing and specialty closure manufacturing facilities located in North America, Europe, Asia and South America, from which we serve over 100 countries throughout the world. We also have three joint ventures for dispensing and specialty closure products in countries that we do not serve directly. In addition, we license our technology for metal closures to five other manufacturers for various markets that we do not serve directly. For 2025, our dispensing and specialty clos ITEM 1A. RISK FACTORS. The following are certain risk factors that could materially and adversely affect our business, financial condition or results of operations. Additional risks and uncertainties not currently known to us or that we currently view as immaterial may also materially and adversely affect our business, financial condition or results of operations. ", "title": "SLGN - SILGAN HOLDINGS INC", "url": "/company/SLGN/" }, { "kind": "company", "summary": "SIC 6141 Personal Credit Institutions; CIK 0001032033; latest 10-K filed 2026-02-19.", "text": "SLM - SLM Corp SIC 6141 Personal Credit Institutions; CIK 0001032033; latest 10-K filed 2026-02-19. SLM SLM Corp 0001032033 6141 Personal Credit Institutions Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis also contains forward-looking statements and should be read in conjunction with the disclosures and information contained in \u201cForward-Looking and Cautionary Statements\u201d and Part I, Item 1A. \u201cRisk Factors\u201d in this Annual Report on Form 10-K. Through this discussion and analysis, we intend to provide the reader with some narrative context for how our management views our consolidated financial statements, additional context within which to assess our operating results, and information on the quality and variability of our earnings, liquidity, and cash flows. Overview The following discussion and analysis presents a review of our business and operations as of and for the year ended December 31, 2025. Changes to Federal Student Loan Programs On July 4, 2025, H.R.1 (\u201cH.R.1\u201d) was enacted into law. H.R.1 implements significant reforms to the federal student loan program, including: \u2022Limiting Parent PLUS loans to $20,000 per student, per year, with an aggregate, per student limit of $65,000; \u2022Eliminating Graduate PLUS loans, which previously allowed graduate students to borrow up to the full cost of attendance; and \u2022Limiting the amount graduate students can borrow to $20,500 per year with a $100,000 lifetime limit, and the amount professional graduate students can borrow to $50,000 per year with a $200,000 lifetime limit through the Unsubsidized Stafford loan program (these amounts are in addition to the amount borrowed for undergraduate education). All federal student loan program changes are to be effective for new borrowers beginning July 1, 2026, and will not apply to borrowers who begin borrowing prior to that date. We anticipate that these changes to the federal student loan program will present opportunities for a gradual and positive impact on our overall Private Student Loan originations volume in the coming years. As we continue the near-term planning, growth, and scaling of our origination expansion initiative and our strategic partnership funding model, we may see trends or uncertainties from increased marketing, technology, infrastructure, and operational costs, which may result in margin and/or expense pressures. These expected investments are necessary to support the execution of these new initiatives, which address anticipated increases in demand for Private Education Loans and related financial products (particularly in light of recent changes to federal higher education funding). Strategic Imperatives To further focus our business and increase stockholder value, we continue to advance our strategic imperatives. Our primary focus is driving innovation to maximize the sustainable growth and profitability of our core private student loan business. Additionally, we aim to accelerate the growth of new lines of business to attract more customers requiring our products and services. We are also focused on building the data infrastructure, technology, and talent required to compete in a digital world. We seek to create a customer-centric brand as an education solutions company that supports students and families through their higher education journey. We are focused on driving greater internal commitment to our mission, brand, and strategy, while we evolve our structure and risk capabilities to support our core private student loan business and emerging new businesses. Key Financial Measures Set forth below are brief summaries of our key financial measures. Our operating results are primarily driven by net interest income from our Private Education Loan portfolio, gains and losses on loan sales, provision expense for credit losses, and operating expenses. The growth of our business and the strength of Item 1. Business Our Company Mission SLM Corporation, more commonly known as Sallie Mae, is the premier financial brand in higher education. As an education solutions company, we provide students and their families with the products and services needed to confidently and successfully navigate their higher education journey. We support students and families navigating to, through, and immediately after higher education. We simplify the college planning process and advance higher education access and completion by providing free tools, resources, scholarships, and responsible financing options. We believe education, in all forms, is the foundation for success, an equalizer of opportunities, and a proven pathway to economic mobility. Higher education increases lifetime wages and enables economic mobility. For example, data from the U.S. Bureau of Labor and Statistics confirms those with bachelor\u2019s degrees earn 66 percent more than those with a high school diploma.1 Those with advanced degrees earn an even greater percentage than those with a high school diploma.1 This effect is multigenerational, as children of parents who are college educated are more likely to earn a bachelor\u2019s degree than students whose parents did not go to college. Most would agree our society prospers and becomes more economically inclusive when each of its members is provided access to post-secondary education.2 Education represents a transformative investment in one\u2019s future that yields our country\u2019s next nurses, teachers, engineers, business leaders, and more. Our History While the Sallie Mae name has existed for more than 50 years, the company that operates as Sallie Mae today, SLM Corporation, was formed in late 2013 and includes its wholly owned subsidiary, Sallie Mae Bank, an industrial bank established in 2005 (the \u201cBank\u201d). On April 30, 2014, we legally separated (the \u201cSpin-Off\u201d) from another public company that is now named Navient Corporation (\u201cNavient\u201d), which is in the education Item 1A. Risk Factors SUMMARY OF RISK FACTORS Below is a summary of the principal factors that make an investment in our securities risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below and should be carefully considered, together ", "title": "SLM - SLM Corp", "url": "/company/SLM/" }, { "kind": "company", "summary": "SIC 2870 Agricultural Chemicals; CIK 0000825542; latest 10-K filed 2025-11-25.", "text": "SMG - SCOTTS MIRACLE-GRO CO SIC 2870 Agricultural Chemicals; CIK 0000825542; latest 10-K filed 2025-11-25. SMG SCOTTS MIRACLE-GRO CO 0000825542 2870 Agricultural Chemicals ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The purpose of this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is to provide an understanding of our financial condition and results of operations by focusing on changes in certain key measures from year-to-year. This MD&A includes the following sections: \u2022Executive summary \u2022Results of operations \u2022Segment results \u2022Liquidity and capital resources \u2022Regulatory matters \u2022Critical accounting estimates Executive Summary U.S. Consumer consists of our consumer lawn and garden business in the United States. Hawthorne consists of our indoor and hydroponic gardening business. Other primarily consists of our consumer lawn and garden business in Canada. Corporate consists of general and administrative expenses and certain other income and expense items not allocated to the operating segments. See \u201cSEGMENT RESULTS\u201d below for additional information regarding our evaluation of segment performance. Through our U.S. Consumer and Other segments, we are the leading marketer of branded consumer lawn and garden products in North America. Our products are marketed under some of the most recognized brand names in the industry. Our key consumer lawn and garden brands include Scotts\u00ae Turf Builder\u00ae lawn fertilizer and Scotts\u00ae grass seed products; Miracle-Gro\u00ae soil, plant food and gardening products; Ortho\u00ae herbicide and pesticide products; and Tomcat\u00ae rodent control and animal repellent products. We are the exclusive agent of Monsanto for the marketing and distribution of certain of Monsanto\u2019s consumer Roundup\u00ae branded products within the United States and certain other specified countries. In addition, we have an equity interest in Bonnie Plants, LLC, a joint venture with AFC, focused on planting, growing, developing, distributing, marketing and selling live plants. Through our Hawthorne segment, we are a leading provider of nutrients, lighting and other materials used for indoor and hydroponic gardening in North America. Our signature brands include General Hydroponics\u00ae, Gavita\u00ae, Botanicare\u00ae, Gro Pro\u00ae, Mother Earth\u00ae, Grower\u2019s Edge\u00ae, HydroLogic Purification System\u00ae and CYCO\u00ae. As a leading consumer branded lawn and garden company, our product development and marketing efforts are largely focused on providing innovative and differentiated products and continually increasing brand and product awareness to inspire consumers to create retail demand. We have implemented this model for a number of years by focusing on research and development, advertising and consumer activation programs with our customers to support and promote our consumer lawn and garden products and brands. We continually explore new and innovative ways to communicate with consumers. We believe that we receive a significant benefit from these expenditures and we anticipate continued growth in these investments in the future, with the continuing objective of driving category growth and profitably maintaining and/or increasing market share. Our consumer lawn and garden business in any year is susceptible to weather conditions in the markets in which our products are sold. These climate conditions may adversely impact the sale of certain products or increase demand for other products thereby making the overall impact of abnormal or extreme weather conditions on us difficult to predict. We believe that our diversified product line and our geographic diversification reduce this risk, although to a lesser extent in a year in which unfavorable weather is geographically widespread and extends across a significant portion of the lawn and garden season. We also believe that weather conditions in any one year, positive or negative, do not materially impact longer-term category growth trends. Due to the seasonal nature of the consumer lawn and garden business, significant portions of our U.S. Consumer and Other segment net sales ship to our ITEM 1. BUSINESS Company Description and Development of the Business The discussion below describes the business conducted by The Scotts Miracle-Gro Company, an Ohio corporation (\u201cScotts Miracle-Gro\u201d and, together with its subsidiaries, the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d), including general developments in our business during fiscal 2025. Each reference in this Annual Report on Form 10-K (\u201cForm 10-K\u201d) to a \u201cfiscal\u201d year is to our fiscal year ended or ending, as applicable, on September 30 of the referenced year. For additional information on recent business developments, see \u201cITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS\u201d of this Form 10-K. Through our U.S. Consumer and Other segments, we are the leading marketer of branded consumer lawn and garden products in North America. Our products are marketed under some of the most recognized brand names in the consumer lawn and garden industry. Our key consumer lawn and garden brands include Scotts\u00ae Turf Builder\u00ae lawn fertilizer and Scotts\u00ae grass seed products; Miracle-Gro\u00ae soil, plant food and gardening products; Ortho\u00ae herbicide and pesticide products; and Tomcat\u00ae rodent control and animal repellent products. We are the exclusive agent of Monsanto Company, a subsidiary of Bayer AG (\u201cMonsanto\u201d), for the marketing and distribution of certain of Monsanto\u2019s consumer Roundup\u00ae1 branded products within the United States (\u201cU.S.\u201d) and certain other specified countries. In addition, we have an equity interest in Bonnie Plants, LLC, a joint venture with Alabama Farmers Cooperative, Inc. (\u201cAFC\u201d), focused on planting, growing, developing, distributing, marketing and selling live plants. Through our Hawthorne segment, we are a leading provider of nutrients, lighting and other materials used for indoor and hydroponic gardening in North America. Our signature brands include General Hydroponics\u00ae, Gavita\u00ae, Botanicare\u00ae, Gro Pro\u00ae, Mother Earth\u00ae, Grower\u2019s Edge\u00ae, HydroLogic Purification Sy ITEM 1A. RISK FACTORS Cautionary Note Regarding Forward-Looking Statements This Form 10-K, including the exhibits hereto and the information incorporated by reference herein, as well as our 2025 Annual Report to Shareholders (our \u201c2025 Annual Report\u201d), contain \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 19", "title": "SMG - SCOTTS MIRACLE-GRO CO", "url": "/company/SMG/" }, { "kind": "company", "summary": "SIC 3630 Household Appliances; CIK 0001957132; latest 10-K filed 2026-03-02.", "text": "SN - SharkNinja, Inc. SIC 3630 Household Appliances; CIK 0001957132; latest 10-K filed 2026-03-02. SN SharkNinja, Inc. 0001957132 3630 Household Appliances Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provide information that management believes is relevant to an assessment and understanding of our results of operations and financial condition. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our audited consolidated financial statements and the related notes appearing elsewhere in this Annual Report. Some of the information contained in this discussion and analysis includes forward-looking statements that involve risks, uncertainties and assumptions. You should read the \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d sections of this Annual Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Information pertaining to the year ended December 31, 2025 and discussions related to year-over-year comparisons between 2024 and 2023 are included in \u201cItem 5. Operating and Financial Review and Prospects\u201d of our Annual Report on Form 20-F for the year ended December 31, 2024, as filed with the SEC on March 31, 2025, and incorporated herein by reference. Overview SharkNinja is a global product design and technology company that creates innovative 5-star rated lifestyle solutions for consumers around the world. We have built two billion-dollar brands that drive strong growth and innovation across the 38 sub-categories in which we compete today. We have a proven track record of entering and establishing leadership positions by disrupting the market across household product categories, including Cleaning, Cooking and Beverage, Food Preparation, and Beauty and Home Environment. The Company has identified two operating segments, Domestic and International, based on geographic sales regions for which discrete financial information is available. Domestic consists of the United States and Canada, and International consists of markets outside the United States and Canada. The Company has determined that these two operating segments meet the aggregation criteria in ASC 280-10-50-11 and therefore are aggregated into one reportable segment. See \u201cNote 3 - Segment Reporting\u201d to our audited consolidated financial statements found within \u201cItem 8. Financial Statements and Supplementary Data\u201d in this Annual Report for additional information. Our success is centered around our advanced engineering and innovation capabilities coupled with our deep understanding of consumer needs. We relentlessly seek to deliver innovative home appliances at compelling value in order to delight consumers. Our continued growth in sales and increasing market share demonstrate that our products deliver lifestyle solutions that meet our consumers\u2019 evolving needs and desires. We drive high brand engagement through our dynamic approach to solutions-driven storytelling in categories that we believe have not been historically known for high engagement. This solutions-driven approach focuses on educating the consumer on our innovative solution to a consumer problem that makes their experience more efficient and more enjoyable. Our differentiated storytelling complements our innovative products across a variety of channels, including in-store, online, across social media and on television. This approach engages current and new consumers, fueling demand for our solutions across a variety of categories. Utilizing this strategy, we have built a global community of passionate brand ambassadors who we believe value our innovation, quality and performance. 66 We sell our products using an omnichannel distribution strategy that consists primarily of retail and direct-to-consumer (\u201cDTC\u201d) channels. Our retail channel covers brick-and-mortar retailers, e-commerce platforms and multic Item 1. Business At SharkNinja, our mission is to positively impact people\u2019s lives every day in every home in our global markets. The Company has identified two operating segments, Domestic and International, which are aggregated into one reportable segment that derives revenues from customers through the sale of the Company\u2019s small household appliances, which are sold under two brands, Shark and Ninja. SharkNinja: World-Class Household Appliance Brands Built on Continuous, Disruptive Innovation SharkNinja is a global product design and technology company that creates 5-star rated lifestyle solutions through innovative products for consumers around the world. We seek to leverage our global, agile and cross-functional engineering know-how, product development and manufacturing expertise along with our solutions-driven marketing to increase the efficiency, convenience and enjoyment of consumers\u2019 daily tasks and improve everyday lives. We have built two billion-dollar brands, Shark and Ninja, and have a proven track record of establishing leadership positions by disrupting numerous household product categories, including Cleaning Appliances, Cooking and Beverage Appliances, Food Preparation Appliances and Beauty and Home Environment Appliances. We have successfully gained market share across geographies, taking share from competitors priced both above and below our offerings. We believe our success is centered around our advanced engineering and innovation capabilities coupled with our deep understanding of consumer needs, enabling us to solve consumer problems that others either do not see or are unable to solve. We are driven by our relentless pursuit of perfection to deliver innovative products at compelling value to delight consumers. We regularly analyze consumers\u2019 interactions with small home appliances and leverage consumer reviews across multiple platforms, which we refer to as our \u201calways-on\u201d approach. Our global product design and engineering team applie Item 1A. Risk Factors You should consider carefully the following risks, together with the financial and other information contained in this Annual Report, which we believe are the principal risks that we face. If any of the following risks or uncertainties actually occurs, our business, financial condition and results of operations could be materially ", "title": "SN - SharkNinja, Inc.", "url": "/company/SN/" }, { "kind": "company", "summary": "SIC 5045 Wholesale-Computers & Peripheral Equipment & Software; CIK 0001177394; latest 10-K filed 2026-01-27.", "text": "SNX - TD SYNNEX CORP SIC 5045 Wholesale-Computers & Peripheral Equipment & Software; CIK 0001177394; latest 10-K filed 2026-01-27. SNX TD SYNNEX CORP 0001177394 5045 Wholesale-Computers & Peripheral Equipment & Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations For an understanding of TD SYNNEX and the significant factors that influenced our performance during the past three fiscal years, the following discussion and analysis of our financial condition and results of operations should be read in conjunction with the description of the business appearing in Item 1 of this Report and Item 8 Financial Statements and Supplementary Data included elsewhere in this Report. Amounts in certain tables appearing in this Report may not add or compute due to rounding. This section of this Annual Report on Form 10-K generally discusses fiscal years 2025 and 2024 items and year-to-year comparisons between fiscal years 2025 and 2024. Discussions of fiscal year 2023 items and year-to-year comparisons between fiscal years 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of the Company's Annual Report on Form 10-K for the fiscal year ended November 30, 2024 filed with the SEC on January 24, 2025. In addition to historical information, the MD&A contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include, but are not limited to, those matters discussed under the heading \u201cNote Regarding Forward-looking Statements.\u201d Our actual results could differ materially from those anticipated by these forward\u2011looking statements due to various factors, including, but not limited to, those set forth under Item 1A. Risk Factors of this Annual Report on Form 10-K and elsewhere in this document. Overview We are a Fortune 100 corporation and a leading global distributor and solutions aggregator for the information technology (\"IT\") ecosystem. We serve a critical role, bringing products from the world's leading and emerging technology vendors to market, and helping our customers create solutions best suited to maximize business outcomes for their end-user customers. Economic and Industry Trends We are highly dependent on the end-market demand for IT products, and on our partners' strategic initiatives and business models. This end-market demand is influenced by many factors including the introduction of new IT products and software by OEM suppliers, replacement cycles for existing IT products, trends toward cloud computing, overall economic growth and general business activity. A difficult and challenging economic environment due to the continued persistence of inflation, elevated interest rates, market volatility and adverse effects on product demand connected to geopolitical developments including tariff uncertainty, or other factors may also lead to decline in the IT industry or increased price-based competition. Our systems design and integration solutions business is highly dependent on the demand for cloud infrastructure, and the number of key customers and suppliers in the market. Our business includes operations in the Americas, Europe and Asia-Pacific and Japan (\"APJ\"), so we are affected by demand for our products in those regions, as well as the impact of fluctuations in foreign currency exchange rates compared to the U.S. dollar. Acquisitions We continually seek to augment organic growth in our business with strategic acquisitions of businesses and assets that complement and expand our existing capabilities. We also divest businesses that we deem no longer strategic to our ongoing operations. We seek to acquire new OEM relationships, enhance our supply chain and integration capabilities, the services we provide to our customers and OEM suppliers, and expand our geographic footprint. On July 1, 2025, we completed the acquisition of Apptium Technologies, LLC and its subsidiaries (\"Apptium\"), a software development company and provider of a cloud commerce platform that represents a critical investment in our techn Item 1. Business Overview We are a Fortune 100 corporation and a leading global distributor and solutions aggregator for the information technology (\"IT\") ecosystem. We serve a critical role, bringing products from the world's leading and emerging technology vendors to market, and helping our customers create solutions best suited to maximize business outcomes for their end-user customers. We aggregate and distribute IT hardware, software, and systems including personal computing devices and peripherals, mobile phones and accessories, printers, server and datacenter infrastructure, hybrid cloud, security, networking, communications and storage solutions, and system components. We also design and deliver purpose-built server, storage and networking solutions for the hyperscale computing infrastructure market. We operate in three reportable segments based on our geographic regions: the Americas, Europe and Asia-Pacific and Japan (\"APJ\"). 3 Table of Contents We have been in business since 1980 and have headquarters in both Clearwater, Florida and Fremont, California. We were originally incorporated in the State of California as COMPAC Microelectronics, Inc. in November 1980, and we changed our name to SYNNEX Information Technologies, Inc. in February 1994. We later reincorporated in the State of Delaware under the name of SYNNEX Corporation in October 2003. On September 1, 2021, SYNNEX Corporation acquired Tech Data Corporation, a Florida corporation (\u201cTech Data\u201d) through a series of mergers, which resulted in Tech Data becoming an indirect subsidiary of TD SYNNEX Corporation (collectively, the \"Merger\"). On October 22, 2021, as a result of the Merger we filed with the Secretary of State of the State of Delaware a Certificate of Amendment to the Company\u2019s Restated Certificate of Incorporation to change our corporate name from SYNNEX Corporation to TD SYNNEX Corporation, effective November 3, 2021. Our Strategy Digital transformation and the migration to cloud Item 1A. Risk Factors The following discussion is divided into several sections. The first section, which begins immediately following this paragraph, captioned \"Risks Related to Our Business and Operations\" discusses some of the risks that may affect our business, results of operations and financial ", "title": "SNX - TD SYNNEX CORP", "url": "/company/SNX/" }, { "kind": "company", "summary": "SIC 2800 Chemicals & Allied Products; CIK 0002064953; latest 10-K filed 2026-02-19.", "text": "SOLS - Solstice Advanced Materials Inc. SIC 2800 Chemicals & Allied Products; CIK 0002064953; latest 10-K filed 2026-02-19. SOLS Solstice Advanced Materials Inc. 0002064953 2800 Chemicals & Allied Products ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This section should be read in conjunction with the audited Consolidated Financial Statements and related Notes included in this Annual Report on Form 10-K, as well as the information contained in the section of this report titled Item 1. \u201cBusiness.\u201d This section contains forward-looking statements. See the sections of this Annual Report on Form 10-K titled \u201cCautionary Statement Concerning Forward-Looking Statements\u201d and Item 1A. \u201cRisk Factors\u201d for a discussion of the uncertainties, risks and assumptions associated with these forward-looking statements that could cause future results to differ materially from those reflected in this section. The financial information discussed below and included in this Annual Report on Form 10-K may not necessarily reflect what our financial condition, results of operations or cash flows would have been had we been a standalone company during the full periods presented or what our financial condition, results of operations and cash flows may be in the future. Discussions related to the financial condition and results of operations for the year ended December 31, 2024 in comparison to the year ended December 31, 2023 have been omitted. For such omitted discussions, refer to Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations included in the Company\u2019s final Information Statement, dated as of October 17, 2025 (the \u201cInformation Statement\u201d), attached as Exhibit 99.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on October 17, 2025. OVERVIEW Business Overview Solstice Advanced Materials Inc. (\u201cSolstice,\u201d \u201cSolstice Advanced Materials,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or the \u201cCompany\u201d) is a global, differentiated advanced materials company and a leading global provider of refrigerants, blowing agents, conversion services for the nuclear energy sector, semiconductor materials, protective fibers and healthcare packaging. We operate through two segments, reported as Refrigerants & Applied Solutions (\u201cRAS\u201d) and Electronic & Specialty Materials (\u201cESM\u201d). Our business is recognized as an industry innovator as well as a technology and quality leader, supported by some of the industry\u2019s most well-known brands. Our RAS segment is a leading manufacturer of low global warming potential (\u201cLGWP\u201d) refrigerants, blowing agents, solvents, and aerosol materials, as well as conversion services for the nuclear energy sector. RAS serves the end markets of cooling, air conditioning and refrigeration (\u201cHVAC/R\u201d), automotive, nuclear energy, building and appliance insulation, and healthcare. RAS products include, among others, LGWP refrigerants, blowing agents, aerosol propellants, cleaning solvents, high-barrier pharmaceutical packaging materials and conversion services for nuclear energy providers. Our products are distributed and sold through well-known brands like Solstice, Genetron, and Aclar. Our ESM segment is a leading provider of electronic materials, high-strength fibers and laboratory life science chemicals. ESM primarily serves the semiconductor, defense, pharmaceutical and construction end markets. ESM products include, among others, sputtering targets, lightweight high-strength fibers and high-purity life science solutions. Our products are distributed and sold through well-known brands like Spectra, Fluka, and Hydranal. In 2025, we served over 3,000 customers across a wide range of end markets in approximately 120 countries and territories. Our global presence included 20 manufacturing sites, four standalone research and development (\u201cR&D\u201d) sites and approximately 4,100 employees as of December 31, 2025. Spin-off from Honeywell On October 8, 2024, Honeywell International Inc. (\u201cHoneywell\u201d) announced its plan to spin-off its Advanced Materials business into an independent, U.S. publicly traded company through a pro rata distribution of all o ITEM 1. BUSINESS Our Company Solstice Advanced Materials Inc. (\u201cSolstice,\u201d \u201cSolstice Advanced Materials,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or the \u201cCompany\u201d) is a global, differentiated advanced materials company and a leading global provider of refrigerants, blowing agents, conversion services for the nuclear energy sector, semiconductor materials, protective fibers and healthcare packaging. We operate through two segments, reported as Refrigerants & Applied Solutions (\u201cRAS\u201d) and Electronic & Specialty Materials (\u201cESM\u201d). Our business is recognized as an industry innovator as well as a technology and quality leader, supported by some of the industry\u2019s most well-known brands. Our RAS segment is a leading manufacturer of low global warming potential (\u201cLGWP\u201d) refrigerants, blowing agents, solvents, and aerosol materials, as well as conversion services for the nuclear energy sector. RAS serves the end markets of cooling, air conditioning and refrigeration (\u201cHVAC/R\u201d), automotive, nuclear energy, building and appliance insulation, and healthcare. RAS products include, among others, LGWP refrigerants, blowing agents, aerosol propellants, cleaning solvents, high-barrier pharmaceutical packaging materials and conversion services for nuclear energy providers. Our products are distributed and sold through well-known brands like Solstice, Genetron, and Aclar. Our ESM segment is a leading provider of electronic materials, high-strength fibers and laboratory life science chemicals. ESM primarily serves the semiconductor, defense, pharmaceutical and construction end markets. ESM products include, among others, sputtering targets, lightweight high-strength fibers and high-purity life science solutions. Our products are distributed and sold through well-known brands like Spectra, Fluka, and Hydranal. We benefit from strong secular demand resulting from certain growing trends, including government regulated sustainability targets, semiconductor production, healthcare and life sciences, defense ITEM 1A. RISK FACTORS Summary of Risk Factors Below is a summary of the principal factors that make an investment in our common stock risky, including risks relating to our business and operations, the Spin-off and our ongoing relationship with Honeywell, and our common stock and the securities market. T", "title": "SOLS - Solstice Advanced Materials Inc.", "url": "/company/SOLS/" }, { "kind": "company", "summary": "SIC 2650 Paperboard Containers & Boxes; CIK 0000091767; latest 10-K filed 2026-02-26.", "text": "SON - SONOCO PRODUCTS CO SIC 2650 Paperboard Containers & Boxes; CIK 0000091767; latest 10-K filed 2026-02-26. SON SONOCO PRODUCTS CO 0000091767 2650 Paperboard Containers & Boxes Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (the \u201cMD&A\u201d) is intended to help the reader understand the Company, its operations and its present business environment. The MD&A is provided as a supplement to, and should be read in conjunction with, the Company\u2019s Consolidated Financial Statements and the accompanying notes thereto contained in Item 8 of this Form 10-K. The MD&A contains forward-looking statements, including, without limitation, statements relating to the Company\u2019s plans, strategies, objectives, expectations, intentions and resources. Such forward-looking statements should be read in conjunction with our disclosures under \u201cForward-Looking Statements\u201d and under \u201cItem 1A. Risk Factors\u201d of this Annual Report on Form 10-K. The Company\u2019s financial statements are prepared in conformity with U.S. GAAP. Sonoco\u2019s management considers a variety of both GAAP and non-GAAP financial and operating measures in assessing the Company\u2019s financial performance. The key GAAP measures used are net sales, operating profit, gross profit margin, net income attributable to Sonoco and diluted earnings per share. The key non-GAAP measures used are Adjusted operating profit, Adjusted net income attributable to Sonoco, Adjusted diluted earnings per share, and Adjusted EBITDA. For information about the Company\u2019s use of non-GAAP measures and reconciliations of these measures to the most directly comparable GAAP measures see \u201cNon-GAAP Financial Measures\u201d below. Management may also assess year-over-year changes in operating performance in terms of productivity savings or usage, which is driven by procurement savings or losses, production efficiencies or inefficiencies and the effect of fixed cost reduction initiatives. Management views productivity as a measure of operational excellence of the business and uses it to evaluate improvements in manufacturing efficiency, including automation, and other fixed and variable cost reduction initiatives. Management provides investors with this information to evaluate Sonoco\u2019s operating results in a manner similar to how management evaluates operating performance. The Company calculates productivity savings as the difference between applicable current period costs and prior year costs, excluding the impact of estimated inflation or deflation, and volume changes where appropriate. The MD&A in this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2024 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. Discontinued Operations The Company\u2019s decision in December 2024 to sell TFP represented a major strategic shift in operations. Therefore, in accordance with applicable accounting guidance, the results of TFP are presented as discontinued operations in the Consolidated Statements of Income and, as such, have been excluded from both continuing operations and segment results for all periods presented in this Annual Report on Form 10-K and the assets and liabilities of TFP are classified as assets and liabilities of discontinued operations in the Consolidated Balance Sheets. The Consolidated Statements of Comprehensive Income, Changes in Total Equity, and Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operations. All amounts, percentages and disclosures for all periods presented in this Annual Report on Form 10-K reflect only the continuing operations of Sonoco unless otherwise noted. On April 1, 2025, the Company completed the sale of TFP to TOPPAN for approximately $1.8 billion on a cash-free and deb Item 1. Business. (a) General Development of Business \u2013 Sonoco Products Company (\u201cSonoco,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) is a South Carolina corporation founded in Hartsville, South Carolina, in 1899 as the Southern Novelty Company with the guiding principle that People Build Businesses by doing the right things. At its beginnings in 1899, a team of 12 people worked from a rented warehouse to produce the Company\u2019s first product, a cone-shaped paper yarn carrier used for winding and transporting yarn. Since most of the textile cones of that day were wooden, paper cones were a novelty. The Company soon became the leading producer of cones in the United States. The Southern Novelty Company continued to diversify its product line and add new operations around the country. In 1923, the Southern Novelty Company name was changed to Sonoco Products Company, or \u201cSonoco,\u201d using the first two letters from each word of its original name. Sonoco is now a multi-billion dollar global designer, developer, and manufacturer of a variety of highly engineered and sustainable packaging serving multiple end markets. As of December 31, 2025, the Company had approximately 265 locations in 37 countries, serving some of the world\u2019s best-known brands around the globe. Sonoco is committed to creating sustainable products, services, and programs for the environment and our customers, employees, and communities that support our corporate purpose: Better Packaging. Better Life. Our goal is to bring more to packaging than just the package by offering integrated packaging solutions that help define brand personalities, create unique customer experiences, and enhance the quality of products. We seek to help our customers solve their packaging challenges by connecting insights to innovation and developing customized solutions that are tailored to the customers\u2019 goals and objectives. On December 4, 2024, the Company completed the acquisition of Eviosys, Europe\u2019s leading food cans, ends and Item 1A. Risk Factors. We are subject to risks and uncertainties that could adversely affect our business, reputation, consolidated financial condition, results of operations and cash flows, ability to pay dividends, and the trading price of our securities. These factors could also cause our actual results to materially differ ", "title": "SON - SONOCO PRODUCTS CO", "url": "/company/SON/" }, { "kind": "company", "summary": "SIC 3540 Metalworkg Machinery & Equipment; CIK 0000088205; latest 10-K filed 2026-02-25.", "text": "SPXC - SPX Technologies, Inc. SIC 3540 Metalworkg Machinery & Equipment; CIK 0000088205; latest 10-K filed 2026-02-25. SPXC SPX Technologies, Inc. 0000088205 3540 Metalworkg Machinery & Equipment ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (in millions, except share data) The following should be read in conjunction with our consolidated financial statements and the related notes thereto. Unless otherwise indicated, amounts provided in Item 7 pertain to continuing operations only. Potential Impacts of Geopolitical Conflicts Ongoing geopolitical conflicts, and governmental actions implemented in response to these conflicts, did not have a significant adverse impact on our operating results during the periods presented. We are monitoring the availability of certain raw materials that are supplied by businesses in the countries impacted by these conflicts. However, at this time, we do not expect the potential adverse impact to be material to our operating results. These conflicts have created significant additional demand for certain products within our communication technologies business. The longer-term impact of these global events on our business is currently unknown due to the uncertainty around their duration and broader impact. Impacts of Tariffs and Other Cost Increases Beginning in 2025, the U.S. government announced significant additional tariffs on goods imported to the U.S., which have subsequently been modified, including by extending the date the announced tariffs would become applicable. In response, certain governments have announced significant retaliatory tariffs on goods imported from the U.S. We continue to analyze the impact of these announced tariffs on our business. While these new tariffs did not have a direct material impact on our results of operations in fiscal year 2025, we are unable to determine the full impact of such tariffs, if implemented on announced terms, on our results of operations or general economic conditions in relevant global and North American markets. We believe that our diverse set of businesses, along with our strong balance sheet and available liquidity, position us well to manage the direct adverse impacts of the announced tariffs. We have taken actions to manage near-term costs and cash flows, and implemented actions to address potential material sourcing challenges we could face over the near-term. Lastly, we will continue to assess the actual and expected impacts of the tariffs and the need for further actions. Executive Overview Revenues for 2025 totaled $2,265.1, compared to $1,983.9 in 2024 (and $1,741.2 in 2023). The increase in revenues during 2025, compared to 2024, was due primarily to (i) inorganic revenue growth resulting from the Ing\u00e9nia and Sigma & Omega acquisitions within the HVAC reportable segment and the KTS acquisition within the Detection and Measurement reportable segment and (ii) organic revenue growth within the HVAC and Detection and Measurement reportable segments. The increase in revenues during 2024, compared to 2023 was due primarily to (i) inorganic revenue growth resulting from the Ing\u00e9nia, ASPEQ, and TAMCO acquisitions (each within the HVAC reportable segment) and (ii) organic revenue growth within the HVAC reportable segment. For 2025, operating income totaled $350.4, compared to $308.3 in 2024 (and $221.9 in 2023). Additional details on certain matters noted above as well as significant items impacting the financial results for 2025, 2024, and 2023 are as follows: 2025: \u2022On January 27, 2025, we completed the acquisition of KTS \u25e6The purchase price for KTS was $340.0, inclusive of amounts related to future service obligations of certain existing employees of $46.5 and net of an adjustment to the purchase price of $2.4 received during 2025 related to acquired working capital. \u25e6The post-acquisition operating results of KTS are included within our Detection and Measurement reportable segment. \u2022On April 15, 2025, we completed the acquisition of Sigma & Omega \u25e6The purchase price for Sigma & Omega was $143.3, net of (i) an adjustment to the purchase price of $0.3 received during 202 ITEM 1. Business (All currency and share, except per share, amounts are in millions) Forward-Looking Information Some of the statements in this document and any documents incorporated by reference, including any statements as to operational and financial projections, constitute \u201cforward-looking statements\u201d within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d) and Section 27A of the Securities Act of 1933, as amended. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our businesses\u2019 or our industries\u2019 actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. Such statements may address our plans, our strategies, our prospects, changes and trends in our business and the markets in which we operate under the heading \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d (\u201cMD&A\u201d) or in other sections of this document. In some cases, you can identify forward-looking statements by terminology such as \u201cmay,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201cexpect,\u201d \u201cplan,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201cpotential\u201d or \u201ccontinue\u201d or the negative of those terms or other comparable terminology. Particular risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, include the following: cyclical changes and specific industry events in our markets; changes in anticipated capital investment and maintenance expenditures by customers; changes in economic conditions in relevant global and North American markets, including as a result of the imposition, or threat of imposition of tariffs, including any new or increased tariffs announced by the U.S. government and any retaliatory tariffs announced in response t ITEM 1A. Risk Factors (All currency and share amounts are in millions) You should consider the risks described below and elsewhere in our documents filed with the SEC before investing in any of our securities. We may amend, supplement or add to the risk factors described below from time to time in future reports filed wi", "title": "SPXC - SPX Technologies, Inc.", "url": "/company/SPXC/" }, { "kind": "company", "summary": "SIC 4924 Natural Gas Distribution; CIK 0001126956; latest 10-K filed 2025-11-14.", "text": "SR - SPIRE INC SIC 4924 Natural Gas Distribution; CIK 0001126956; latest 10-K filed 2025-11-14. SR SPIRE INC 0001126956 4924 Natural Gas Distribution Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (Dollars in millions, except per share and per unit amounts) INTRODUCTION This section analyzes the financial condition and results of operations of Spire, Spire Missouri, and Spire Alabama. Refer to Item 1, Business, for descriptions of the businesses and the Company\u2019s reportable segments. This Item 7 includes management\u2019s discussion and analysis of financial results including changes in earnings and costs from the prior periods, as well as their financial condition and liquidity. Unless otherwise indicated, references to years herein are references to the fiscal years ending September 30 for the Company and its subsidiaries. Reference is made to \u201cForward-Looking Statements\u201d and Item 1A, Risk Factors, in Part I, which describe important factors that could cause actual results to differ from expectations and non-historical information contained herein. In addition, the following discussion should be read in conjunction with the audited financial statements and accompanying notes thereto of Spire, Spire Missouri and Spire Alabama included in Item 8, Financial Statements and Supplementary Data. NON-GAAP MEASURES Net income, earnings per share and operating income reported by Spire, Spire Missouri and Spire Alabama are determined in accordance with GAAP. Spire, Spire Missouri and Spire Alabama also provide the non-GAAP financial measures of adjusted earnings, adjusted earnings per share and contribution margin. Management and the Board of Directors use non-GAAP financial measures, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting, to determine incentive compensation and to evaluate financial performance. These non-GAAP operating metrics should not be considered as alternatives to, or more meaningful than, the related GAAP measures. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are provided on the following pages. Adjusted Earnings and Adjusted Earnings Per Share Adjusted earnings and adjusted earnings per share are non-GAAP measures that exclude from net income, as applicable, the impacts of fair value accounting and timing adjustments associated with energy-related transactions, the impacts of acquisition, divestiture and restructuring activities, and the largely non-cash impacts of impairments and other non-recurring or unusual items such as certain regulatory, legislative or GAAP standard-setting actions. In addition, adjusted earnings per share would exclude the impact, in the fiscal year of issuance, of any shares issued to finance acquisitions that have yet to be included in adjusted earnings. The fair value and timing adjustments are made in instances where the accounting treatment differs from what management considers the economic substance of the underlying transaction, including the following: \u2022 Net unrealized gains and losses on energy-related derivatives that are required by GAAP fair value accounting associated with current changes in the fair value of financial and physical transactions prior to their completion and settlement. These unrealized gains and losses result primarily from two sources: 1) changes in the fair values of physical and/or financial derivatives prior to the period of settlement; and 2) ineffective portions of accounting hedges, required to be recorded in earnings prior to settlement, due to differences in commodity price changes between the locations of the forecasted physical purchase or sale transactions and the locations of the underlying hedge instruments; \u2022 Lower of cost or market adjustments to the carrying value of commodity inventories resulting when the net realizable value of the commodity falls below its original cost, to the extent that those commodities are economically hedged; and \u2022 Realized ga Item 1. Business OVERVIEW Spire Inc. (\u201cSpire\u201d or the \u201cCompany\u201d) was formed in 2000 and is the holding company for Spire Missouri Inc. (\u201cSpire Missouri\u201d), Spire Alabama Inc. (\u201cSpire Alabama\u201d), other gas utilities, and gas-related businesses. Spire Missouri was formed in 1857, and Spire Alabama was formed in 1948 by the merger of two gas companies. Spire is committed to transforming its business and pursuing growth through growing organically, investing in infrastructure, and advancing through innovation. The Company has three reportable business segments: Gas Utility, Gas Marketing and Midstream, which are further described below. The Gas Utility segment includes the regulated operations of Spire Missouri, Spire Alabama, Spire Gulf Inc. (\u201cSpire Gulf\u201d) and Spire Mississippi Inc. (\u201cSpire Mississippi\u201d) (collectively, the \u201cUtilities\u201d). Due to the seasonal nature of the Utilities\u2019 business and the volumetric Spire Missouri rate design, earnings of Spire and each of the Utilities are typically concentrated during the heating season of November through April of each fiscal year. The Gas Marketing segment includes Spire Marketing Inc. (\u201cSpire Marketing\u201d), a wholly owned subsidiary providing natural gas marketing services. The Midstream segment includes Spire STL Pipeline LLC (\u201cSpire STL Pipeline\u201d), Spire MoGas Pipeline LLC (\u201cSpire MoGas Pipeline\u201d), and Spire Storage (consisting of the operations of Spire Storage West LLC and Spire Storage Salt Plains LLC), which are subsidiaries engaged in the transportation and storage of natural gas. Other components of the Company\u2019s consolidated information include Spire\u2019s subsidiaries engaged in the operation of a propane pipeline and risk management, among other activities, and unallocated corporate items, including certain debt and associated interest costs. Company News and Information Spire uses its website, SpireEnergy.com, as its primary channel for distribution of important information including news releases, analyst pres Item 1A. Risk Factors Spire\u2019s, Spire Missouri\u2019s and Spire Alabama\u2019s businesses and financial results are subject to a number of risks and uncertainties, including those set forth below. The risks described below are those management considers to be material. When considering any investment in these companies\u2019 securities, investors should carefully consider the followi", "title": "SR - SPIRE INC", "url": "/company/SR/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000764038; latest 10-K filed 2026-02-20.", "text": "SSB - SouthState Bank Corp SIC 6022 State Commercial Banks; CIK 0000764038; latest 10-K filed 2026-02-20. SSB SouthState Bank Corp 0000764038 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Forward-Looking Statements Statements included in this Report, which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward looking statements are based on, among other things, management\u2019s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, and the economy. Words and phrases such as \u201cmay,\u201d \u201capproximately,\u201d \u201ccontinue,\u201d \u201cshould,\u201d \u201cexpects,\u201d \u201cprojects,\u201d \u201canticipates,\u201d \u201cis likely,\u201d \u201clook ahead,\u201d \u201clook forward,\u201d \u201cbelieves,\u201d \u201cwill,\u201d \u201cintends,\u201d \u201cestimates,\u201d \u201cstrategy,\u201d \u201cplan,\u201d \u201ccould,\u201d \u201cpotential,\u201d \u201cpossible\u201d and variations of such words and similar expressions are intended to identify such forward-looking statements. We caution readers that forward-looking statements are subject to certain risks, uncertainties and assumptions that are difficult to predict with regard to, among other things, timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, those risks listed under \u201cSummary of Risk Factors\u201d starting on page 22 of this Report. For any forward-looking statements made in this Report or in any documents incorporated by reference into this Report, we claim the protection of the safe harbor for forward looking statements contained in the Private Securities Litigation Reform Act of 1995. All forward-looking statements speak only as of the date they are made and are based on information available at that time. We do not undertake any obligation to update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. All subsequent written and oral forward-looking statements by us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this Report. Additional information with respect to factors that may cause actual results to differ materially from those contemplated by our forward looking statements may also be included in other reports that we file with the SEC. We caution that the foregoing list of risk factors is not exclusive and not to place undue reliance on forward looking statements. Introduction The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) describes SouthState Bank Corporation and its subsidiary\u2019s results of operations for the year ended December 31, 2025 as compared to the year ended December 31, 2024, and also analyzes our financial condition as of December 31, 2025 as compared to December 31, 2024. Like most banking institutions, we derive most of our income from interest we receive on our loans and investments. Our primary source of funds for making these loans and investments is our deposits, on most of which we pay interest. Consequently, one of the key measures of our success is the amount of net interest income, or the difference between the income on our interest-earning assets, such as loans and investments, and the expense on our interest-bearing liabilities, such as deposits. Another key measure is the spread between the yield we earn on these interest-earning assets and the rate we pay on our interest-bearing liabilities or the net interest margin. \u200b There are risks inherent in all loans, so we maintain an allowance for credit losses to absorb our estimate of probable losses on existing loans that may become uncollectible. W Item 1. Business. Overview SouthState Bank Corporation (\u201cWe,\u201d \u201cOur,\u201d \u201cSouthState\u201d or the \u201cCompany\u201d) is a financial holding company headquartered in Winter Haven, Florida. During the third quarter of 2025, the Company was redomiciled to the state of Florida by merging SouthState Corporation, a South Carolina corporation, with and into SouthState Bank Corporation, a Florida corporation that was wholly-owned by SouthState Corporation prior to such merger, and adopting its name. We provide a wide range of banking services and products to our customers through our wholly owned bank subsidiary, SouthState Bank, National Association (the \u201cBank\u201d), a national banking association, from our headquarters branch in Winter Haven, Florida and, as of December 31, 2025, a 342-branch network located throughout Florida, South Carolina, Texas, Georgia, Colorado, North Carolina, Alabama, and Virginia. In addition, the Company owns SSB Insurance Corp., a captive insurance subsidiary pursuant to Section 831(b) of the U.S. Tax Code, which has been in dissolution since 2024. We do not engage in any significant operations other than the ownership of our banking subsidiary. \u200b Through the Bank, we operate a correspondent banking and capital markets service division for over 1,200 small and medium sized community financial institutions, credit unions, and money managers throughout the United States. Based primarily in Atlanta, Georgia and Birmingham, Alabama, this division earns commissions on fixed income security sales, fees from hedging services, loan brokerage fees and consulting fees for services related to these activities. In addition, the Bank operates SouthState Securities Corp. (formally known as SouthState|DuncanWilliams Securities Corp., \u201cSouthState Securities\u201d), a full-service registered broker dealer headquartered in Memphis, Tennessee. The services offered by SouthState Securities are complementary to the Bank\u2019s correspondent banking and capital markets businesses and provide Item 1A. Risk Factors. Summary of Risk Factors Below is a summary of the principal factors that make an investment in our common stock speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found belo", "title": "SSB - SouthState Bank Corp", "url": "/company/SSB/" }, { "kind": "company", "summary": "SIC 3420 Cutlery, Handtools & General Hardware; CIK 0000920371; latest 10-K filed 2026-02-27.", "text": "SSD - Simpson Manufacturing Co., Inc. SIC 3420 Cutlery, Handtools & General Hardware; CIK 0000920371; latest 10-K filed 2026-02-27. SSD Simpson Manufacturing Co., Inc. 0000920371 3420 Cutlery, Handtools & General Hardware Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Each of the terms the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d and similar terms used herein refer collectively to Simpson Manufacturing Co., Inc., a Delaware corporation, and its wholly-owned subsidiaries, including Simpson Strong-Tie Company Inc., unless otherwise stated. The Company regularly uses its website to post information regarding its business and governance. The Company encourages investors to use http://www.simpsonmfg.com as a source of information about the Company. The information on our website is not incorporated by reference into this report or other material we file with or furnish to the SEC, except as explicitly noted or as required by law. The following discussion and analysis provide information which management believes is relevant to an assessment and understanding of the Company\u2019s consolidated financial condition and results of operations. This discussion should be read in conjunction with the accompanying Consolidated Financial Statements and notes thereto included in this report. \u201cStrong-Tie\u201d and our other trademarks appearing in this report are our property. This report contains additional trade names and trademarks of other companies. We do not intend our use or display of other companies\u2019 trade names or trademarks to imply an endorsement or sponsorship of us by such companies, or any relationship with any of these companies. Overview We design, manufacture and sell building construction products that are of high quality and performance, easy to use and cost-effective for customers. We operate in three business segments determined by geographic region: North America, Europe and 1 Average price paid per share of common shares repurchased excludes excise tax. As of January 1, 2024, the Company's share repurchases are subjected to a 1.0% excise tax enacted by the Inflation Reduction Act of 2022. The amount of excise tax incurred is included in the Company's Consolidated Statement of Stockholders' Equity for the year ended December 31, 2025. 2 Pursuant to the $120.0 million repurchase authorization from the Board of Directors on October 23, 2025 which expired on December 31, 2025. See \u201cNote 5 \u2014 Stockholder's Equity\u201d. 29 Asia/Pacific. Within the North America segment, our sales efforts are dedicated to serving customers across the following end-use markets: \u2022Residential; \u2022Commercial; \u2022Original Equipment Manufacturers (\u201cOEM\u201d); \u2022National Retail; and \u2022Component Manufacturers Our organic growth opportunities are focused on expanding product lines with our current customers while also identifying new market share gain opportunities within our core product and market competencies. To grow in these markets, we aspire to be among the leaders in engineered load-rated construction building products and systems, as well as digital product offerings. We intend to leverage our engineering expertise, deep-rooted relationships with top builders, engineers, contractors, code officials and distributors, and our ongoing commitment to testing, research and innovation. Importantly, we have existing products, testing results, distribution and manufacturing capabilities to support our ambitions. Achieving this growth will depend on expanding our sales and marketing efforts to promote our products across end users and distribution channels, broadening our customer base, and introducing new products over time. Our commitment to continuous improvement has fostered our core Company ambitions, which we will pursue including: \u2022Strengthen our values-based culture; \u2022Be the business partner of choice; \u2022Strive to be an innovative leader in the markets we operate; \u2022Drive above market volume growth relative to U.S. housing starts; \u2022Maintain an operating income margin at or above 20%; and \u2022Deliver earnings per share growth ahead of net revenue growth. Since announced in 2021, we have made great progress on our key growth initiativ Item 1. Business. Company Background Simpson Manufacturing Co., Inc. (\u201cSimpson,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour,\u201d) through its subsidiaries, including, Simpson Strong-Tie Company Inc. (\u201cSST\u201d), designs, engineers and is a leading manufacturer of structural solutions primarily for wood and concrete. These solutions help customers design and build safer and stronger structures. The Company is relentlessly focused on providing customers with best in-class field support, technical expertise, digital tools, and training. Our research, rigorous testing, and focus on innovation enable us to design cost-effective, high-performing, and easy-to-install solutions for a multitude of applications in wood, steel, and concrete structures. In addition, the Company provides engineering and professional services to support product specification and adoption, while continuing to expand its digital tools and design, planning, and estimating software. The Company has continuously manufactured structural connectors since 1956 and believes that it benefits from the strong name recognition of the Simpson Strong-Tie\u00ae brand in residential, light industrial, and commercial markets. In recent years, the Company has maintained its historical operations in North America while focusing on increasing product penetration within its existing markets and customer base. The Company markets its products domestically in North America, primarily in the United States and Canada, serving the residential construction, commercial construction, original equipment manufacturer (\u201cOEM\u201d), component manufacturer and national retail markets. Products for wood construction are used in light-frame building applications and include connectors, truss plates, screw fastening systems, fasteners, pre-fabricated lateral-force resisting systems, and automated saws and equipment used in the fabrication of wall, floor, and truss assemblies. Products for concrete construction are used in concrete, masonry and steel build Item 1A. Risk Factors. Investing in the Company's common stock involves a high degree of risk. You should carefully review the following discussion of the risks that may affect our business, results of operations and financial condition, as well as our consolidated financial statements and notes thereto", "title": "SSD - Simpson Manufacturing Co., Inc.", "url": "/company/SSD/" }, { "kind": "company", "summary": "SIC 3823 Industrial Instruments For Measurement, Display, and Control; CIK 0001477294; latest 10-K filed 2026-02-27.", "text": "ST - Sensata Technologies Holding plc SIC 3823 Industrial Instruments For Measurement, Display, and Control; CIK 0001477294; latest 10-K filed 2026-02-27. ST Sensata Technologies Holding plc 0001477294 3823 Industrial Instruments For Measurement, Display, and Control ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis is intended to help the reader understand our business, financial condition, results of operations, and liquidity and capital resources. You should read the following discussion in conjunction with Item 1: Business and our Financial Statements, each included elsewhere in this Annual Report on Form 10-K (this \"Report\"). The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity and capital resources, and other non-historical statements are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in Item 1A: Risk Factors included elsewhere in this Report. Our actual results may differ materially from those contained in or implied by any forward-looking statements. Overview We innovate on behalf of our broad array of customers, solving some of their most difficult engineering challenges by providing sensors and sensor-rich solutions, electrical protection components and systems, and other products. Solving these mission-critical challenges enables us to deliver differentiated value for both our customers and shareholders, while also investing in our growth opportunities and our people. Refer to Item 1: Business included in this Report for additional discussion on our business. We believe regulatory requirements for safer vehicles, higher fuel efficiency, and lower emissions, as well as customer demand for operator productivity and convenience, drive the need for advancements in powertrain management, efficiency, safety, and operator controls. These advancements lead to sensor growth rates that we expect to exceed underlying production growth in many of our key end markets, which we expect will continue to offer us significant growth opportunities. Fiscal year 2025 highlights In fiscal year 2025, we reduced our total gross debt by $354.0 million. These repayments brought our gross outstanding indebtedness at December 31, 2025 to $2.9 billion, representing a net leverage ratio of 2.7x, compared to gross indebtedness of $3.2 billion as of December 31, 2024 (representing a net leverage ratio of 3.0x). Net leverage ratio, discussed throughout this Item 7: Management's Discussion and Analysis of Financial Condition and Results of Operations (this \"MD&A\"), is a financial measure not presented in accordance with U.S. generally accepted accounting principles (\"GAAP\"). Refer to Non-GAAP Financial Measures included elsewhere in this MD&A for additional information related to our use of net leverage ratio. Fiscal year 2025 financial summary Our consolidated revenue decreased 5.8% in fiscal year 2025 from the prior year. Excluding an increase of 0.6% attributed to changes in foreign currency exchange rates and a decrease of 6.5% due to the effect of divestitures, net revenue increased 0.1% on an organic basis. Organic revenue growth (or decline), discussed throughout this MD&A, is a financial measure not presented in accordance with U.S. GAAP. Refer to Non-GAAP Financial Measures included elsewhere in this MD&A for additional information related to our use of organic revenue growth (or decline). Organic revenue growth was primarily driven by content growth in our Industrials business segment. Operating income for fiscal year 2025 increased $88.2 million, or 59.1%, to $237.5 million (6.4% of net revenue) compared to $149.3 million (3.8% of net revenue) in the prior year. This increase was primarily driven by $98.5 million of lower net restructuring and other charges, and a $65.5 million decrease in intangible asset amortization charges, partially offset by lower revenue and a $75.6 million increase in goodwill impairment charges in the current period. Refer to Results of Operations included elsewhere in this MD&A for a ITEM 1. BUSINESS The Company The reporting company is Sensata Technologies Holding plc, a public limited company incorporated under the laws of England and Wales, and its consolidated subsidiaries, collectively referred to as the \"Company,\" \"Sensata,\" \"we,\" \"our,\" and \"us.\" We are a global industrial technology company that strives to help our customers and partners safely deliver a cleaner, more efficient, electrified, and connected world. For more than 100 years, we have been developing and innovating a wide range of customized solutions that address increasingly complex engineering and operating performance requirements for our customers' mission-critical applications. We present financial information for three reportable segments, Automotive, Industrials, and Aerospace, Defense, and Commercial Equipment. We develop, manufacture, and sell sensors and sensor-rich solutions, electrical protection components and systems, and other products. Our sensors are used by our customers to translate a physical parameter, such as pressure, temperature, position, or location of an object, into electronic signals that our customers\u2019 products and solutions can act upon. Our electrical protection portfolio (which includes both components and systems) is composed of various switches, fuses, inverters, energy storage systems, high-voltage distribution units, controllers, and software, and includes high-voltage contactors and other products embedded within systems to maximize their efficiency and performance and ensure safety. Other products and services we provide include power conversion systems, which include inverters, converters, and rectifiers for renewable energy generation, green hydrogen production, electric vehicle charging stations, and microgrid applications, as well as industrial and defense applications. Customers Our customers in the Automotive reportable segment include leading global automotive original equipment manufacturers (\"OEMs\") and the companies tha ITEM 1A. RISK FACTORS The following are important factors that could cause actual results or events to differ materially from those contained in any forward-looking statements made by us or on our behalf. Investors should carefully consider these risks ", "title": "ST - Sensata Technologies Holding plc", "url": "/company/ST/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001479094; latest 10-K filed 2026-02-11.", "text": "STAG - STAG Industrial, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001479094; latest 10-K filed 2026-02-11. STAG STAG Industrial, Inc. 0001479094 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this report. For the definitions of certain terms used in the following discussion, refer to Item 1, \u201cBusiness - Certain Definitions\u201d included elsewhere in this report. Overview We are a REIT focused on the acquisition, ownership, and operation of industrial properties throughout the United States. Our platform is designed to (i) identify properties for acquisition that offer relative value across CBRE-EA Tier 1 industrial property types and tenants through the principled application of our proprietary risk assessment model, (ii) provide growth through 34 Table of Contents sophisticated industrial operation and an attractive opportunity set, and (iii) capitalize our business appropriately given the characteristics of our assets. We are a Maryland corporation and our common stock is publicly traded on the NYSE under the symbol \u201cSTAG.\u201d We are organized and conduct our operations to maintain our qualification as a REIT under Sections 856 through 860 of the Code, and generally are not subject to federal income tax to the extent we currently distribute our income to our stockholders and maintain our qualification as a REIT. We remain subject to state and local taxes on our income and property and to U.S. federal income and excise taxes on our undistributed income. Our qualification and taxation as a REIT depend upon our ability to meet on a continuing basis, through actual annual operating results, qualification tests in the federal income tax laws. Those tests involve the percentage of income that we earn from specified sources, the percentage of our assets that falls within specified categories, the diversity of our capital stock ownership and the percentage of our earnings that we distribute. As of December 31, 2025, we owned 601 buildings in 41 states with approximately 120.0 million rentable square feet. We own both single- and multi-tenant properties, although the majority of our portfolio is single-tenant. As of December 31, 2025, our buildings were approximately 96.4% leased, with no single tenant accounting for more than approximately 2.8% of our total annualized base rental revenue and no single industry accounting for more than approximately 11.4% of our total annualized base rental revenue. We own all of our properties and conduct substantially all of our business through our Operating Partnership, which we control and manage. As of December 31, 2025, we owned approximately 98.1% of the common units in our Operating Partnership, and our current and former executive officers, directors, senior employees and their affiliates, and other third parties owned the remaining 1.9%. Factors That May Influence Future Results of Operations Our ability to increase revenues or cash flow will depend in part on our (i) external growth, specifically acquisition activity, and (ii) internal growth, specifically occupancy and rental rates on our portfolio. A variety of other factors, including those noted below, also affect our future results of operations. Outlook The industrial real estate business is affected by general macro-economic trends including recent changes in interest rates, inflation, trade policies, fiscal policy, technology (e.g., artificial intelligence), and geopolitical tensions. These factors are key drivers of financial market and economic volatility. In 2025, U.S. real gross domestic product (\u201cGDP\u201d) declined 0.5% in the first quarter before increasing 3.8% and 4.3% in the subsequent two quarters, respectively. Labor conditions are slowing, with unemployment rising to 4.4% as of December 2025 compared to 4.1% at the end of June 2025. In the fourth quarter of 2025, following weaker employment data, the Federal Open Market C Item 1. Business Certain Definitions In this report: \u201cCash Rent Change\u201d means the percentage change in the base rent of the lease commenced during the period compared to the base rent of the Comparable Lease for assets included in the Operating Portfolio. The calculation compares the first base rent payment due after the lease commencement date compared to the base rent of the last monthly payment due prior to the termination of the lease, excluding holdover rent. Rent under gross or similar type leases are converted to a net rent based on an estimate of the applicable recoverable expenses. \u201cComparable Lease\u201d means a lease in the same space with a similar lease structure as compared to the previous in-place lease, excluding new leases for space that was not occupied under our ownership. \u201cGAAP\u201d means generally accepted accounting principles in the United States of America. \u201cNew Lease\u201d means a lease that is signed for an initial term equal to or greater than 12 months for any vacant space, including a lease signed by a new tenant or an existing tenant that is expanding into new (additional) space. \u201cOccupancy rate\u201d means the percentage of total leasable square footage for which either revenue recognition has commenced in accordance with GAAP or the lease term has commenced as of the close of the reporting period, whichever occurs earlier. \u201cOperating Portfolio\u201d means all buildings that were acquired stabilized or have achieved Stabilization. The Operating Portfolio excludes non-core flex/office buildings, buildings contained in the Value Add Portfolio, and buildings classified as held for sale. \u201cRenewal Lease\u201d means a lease signed by an existing tenant to extend the term for 12 months or more, including (i) a renewal of the same space as the current lease at lease expiration, (ii) a renewal of only a portion of the current space at lease expiration, or (iii) an early renewal or workout, which ultimately does extend the original term for 12 months or more. \u201cSt Item 1A. Risk Factors The following risk factors and other information included in this report should be carefully considered. The risks and uncertainties described below are not the only risks we face. Additional risks and uncertainties not presently known to us or that we may currently deem immaterial also may impair our business oper", "title": "STAG - STAG Industrial, Inc.", "url": "/company/STAG/" }, { "kind": "company", "summary": "SIC 1600 Heavy Construction Other Than Bldg Const - Contractors; CIK 0000874238; latest 10-K filed 2026-02-26.", "text": "STRL - STERLING INFRASTRUCTURE, INC. SIC 1600 Heavy Construction Other Than Bldg Const - Contractors; CIK 0000874238; latest 10-K filed 2026-02-26. STRL STERLING INFRASTRUCTURE, INC. 0000874238 1600 Heavy Construction Other Than Bldg Const - Contractors Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d is provided to assist readers in understanding our financial performance during the periods presented and significant trends that may impact our future performance. This discussion should be read in conjunction with our Consolidated Financial Statements and the related notes thereto. OVERVIEW General\u2014Sterling operates through a variety of subsidiaries within three segments specializing in E-Infrastructure, Transportation and Building Solutions in the United States, primarily across the Southern, Northeastern, Mid-Atlantic and Rocky Mountain regions and the Pacific Islands. E-Infrastructure Solutions provides advanced, large-scale site development services and mission-critical electrical services for data centers, semiconductor fabrication, manufacturing, distribution centers, warehousing, power generation and more. Transportation Solutions includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, rail and storm drainage systems. Building Solutions includes residential and commercial concrete foundations for single-family and multi-family homes, parking structures, elevated slabs, other concrete work, plumbing services, and surveys for new single-family residential builds. From strategy to operations, we are committed to sustainability by operating responsibly to safeguard and improve society\u2019s quality of life. Caring for our people and our communities, our customers and our investors \u2013 that is The Sterling Way. SIGNIFICANT TRANSACTIONS RHB Deconsolidation\u2014Since 2012, the Company has held a 50% ownership interest in Road and Highway Builders, LLC (\u201cRHB\u201d), with Rich Buenting holding the remaining 50% ownership interest. Historically, the Company fully consolidated the entity as a result of its exercise of control of the entity. On December 31, 2024, the parties executed an amendment to the RHB operating agreement to ensure the continuation of this mutually beneficial relationship while addressing the evolving needs and interest of both parties. This amendment modified the way RHB would be dispositioned in the event of the death or disability of Mr. Buenting and provides that in such event, Sterling and Mr. Buenting\u2019s estate must agree on one of four alternatives: (1) continuation of the existing ownership structure, (2) acquisition of Sterling\u2019s 50% interest by Mr. Buenting\u2019s estate at fair market value, (3) acquisition of Mr. Buenting\u2019s 50% interest by Sterling at fair market value or (4) the joint sale of RHB to a third party at fair market value. Under GAAP, this contractual change required Sterling to no longer consolidate RHB\u2019s results with its own and to use equity method accounting with respect to Sterling\u2019s interest in the entity. Beginning January 1, 2025, the Company reports its portion of RHB\u2019s income as a single line item (\u201cOther operating income (expense), net\u201d) in the Consolidated Statements of Operations and reports its interest in RHB at December 31, 2024, and thereafter, as a single line item (\u201cInvestment in unconsolidated subsidiary\u201d) in the Consolidated Balance Sheets. RHB\u2019s revenue is no longer included in Sterling\u2019s consolidated revenue in 2025 and Sterling\u2019s consolidated backlog figures as of December 31, 2024, and thereafter, do not include RHB\u2019s backlog. Drake Acquisition\u2014During the first quarter of 2025, Sterling acquired Drake Concrete, LLC (\u201cDrake\u201d) (the \u201cDrake Acquisition\u201d). Drake provides concrete slabs for residential home builders in the Dallas-Fort Worth market. The acquisition strengthens Sterling\u2019s geographic footprint within the DFW metroplex and expands and deepens the customer base, given limited customer overlap with Tealstone. The purchase price was $25 million in cash plus a four year earn-out opportunity. The results of Drake are included in our Bui Item 1. Business Overview of the Company\u2019s Business Sterling Infrastructure, Inc. (\u201cSterling\u201d or \u201cthe Company\u201d) operates through a variety of subsidiaries within three segments specializing in E-Infrastructure, Transportation and Building Solutions in the United States, primarily across the Southern, Northeastern, Mid-Atlantic and Rocky Mountain regions and the Pacific Islands. E-Infrastructure Solutions provides advanced, large-scale site development services and mission-critical electrical services for data centers, semiconductor fabrication, manufacturing, distribution centers, warehousing, power generation and more. Transportation Solutions includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, rail and storm drainage systems. Building Solutions includes residential and commercial concrete foundations for single-family and multi-family homes, parking structures, elevated slabs, other concrete work, plumbing services, and surveys for new single-family residential builds. From strategy to operations, we are committed to sustainability by operating responsibly to safeguard and improve society\u2019s quality of life. Caring for our people and our communities, our customers and our investors \u2013 that is The Sterling Way. In this report, unless the context otherwise indicates, \u201cSterling,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d means Sterling and its consolidated subsidiaries. In addition, references to \u201cNote\u201d or \u201cNotes\u201d refer to the Notes to the Consolidated Financial Statements, included in Item 8 of Part II of this annual report on Form 10-K, unless indicated otherwise. Business Strategy Since 2016, our strategic vision has been based on the following elements and objectives: [[GREPCENT_TABLE]] [[\"Strategic Elements\",\"\",\"Strategic Objectives\"],[\"Solidifying the base\",\"\",\"Risk Reduction\"],[\"Growing high margin products and services\",\"\",\"Bottom-Line Growth\"],[\"Expansion into adjacent markets\",\"\",\"Exceed Peer Performance\"],[\"\",\"\", Item 1A. Risk Factors The following discussion of risk factors contains forward-looking statements. These risk factors may be important to understanding other statements in this annual report on Form 10-K. The following information should be read in conjunc", "title": "STRL - STERLING INFRASTRUCTURE, INC.", "url": "/company/STRL/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001465128; latest 10-K filed 2026-02-25.", "text": "STWD - STARWOOD PROPERTY TRUST, INC. SIC 6798 Real Estate Investment Trusts; CIK 0001465128; latest 10-K filed 2026-02-25. STWD STARWOOD PROPERTY TRUST, INC. 0001465128 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of the Company should be read in conjunction with our accompanying Consolidated Financial Statements included in Item 8 of this Form 10\u2011K. Certain statements we make under this Item 7 constitute \u201cforward\u2011looking statements\u201d under the Private Securities Litigation Reform Act of 1995. See \u201cSpecial Note Regarding Forward\u2011Looking Statements\u201d preceding Part I of this Form 10\u2011K. You should consider our forward\u2011looking statements in light of our Consolidated Financial Statements and other financial information appearing elsewhere in this Form 10\u2011K and our other filings with the SEC. Business Objectives Our objective is to provide attractive risk\u2011adjusted returns to our investors over the long\u2011term, primarily through dividends and secondarily through capital appreciation. We intend to achieve our objective by originating and acquiring target assets to create a diversified investment portfolio that is financed in a manner that is designed to deliver attractive returns across a variety of market conditions and economic cycles. We are focused on our three core competencies: transaction access, asset analysis and selection, and identification of attractive relative values within the real estate debt and equity markets. Since our IPO in August 2009, we have evolved from a company focused on opportunistic acquisitions of real estate debt assets from distressed sellers to that of a full\u2011service real estate finance platform that is primarily focused on the origination and acquisition of commercial real estate debt and equity investments across the capital structure, in the U.S., Europe and Australia. With the Starwood brand, market presence, and lending/asset management platform that we have developed, we are focused primarily on the following opportunities: (1)Continue to expand our market presence as a leading provider of acquisition, refinance, development and expansion capital to large real estate projects (greater than $75 million) in infill locations, and other attractive market niches where our size and scale give us an advantage to provide a \u201cone-stop\u201d lending solution for real estate developers, owners and operators; (2)Continue to expand our investment activities in subordinate CMBS and revenues from special servicing; (3)Continue to expand our capabilities in syndication and securitization, which serve as a source of attractively priced, matched-term financing; (4)Continue to leverage our Investing and Servicing Segment\u2019s sourcing and credit underwriting capabilities to expand our overall footprint in the commercial real estate debt markets; (5)Expand our investment activities in both (i) targeted real estate equity investments (including net lease and triple net lease commercial properties) and (ii) residential mortgage finance; and (6)Expand our originations and acquisitions of infrastructure debt investments. Economic Environment Although the Federal Reserve began to lower interest rates in September 2025, after having held rates steady for a year, it is not clear what actions it may take going forward given the uncertain economic effects of tariffs which increase the possibility of an economic slowdown as well as inflationary pressures in the U.S. Elevated interest rates and tariffs over time may adversely affect our borrowers and our tenants. Higher costs may dampen consumer spending and slow income growth, which may negatively impact the collateral underlying certain of our loans and certain of our commercial assets subject to net lease whose customer base could be adversely impacted. Rates can also impact the value of real estate, including the real estate we own as well as the real estate collateralizing our loans. It remains difficult to predict the full impact of recent events and any future changes in tariffs, interest rates, Item 1. Business. The following description of our business should be read in conjunction with the information included elsewhere in this Form 10\u2011K for the year ended December 31, 2025. This discussion contains forward\u2011looking statements that involve risks and uncertainties. Actual results could differ significantly from the results discussed in the forward\u2011looking statements due to the factors set forth in \u201cRisk Factors\u201d and elsewhere in this Form 10\u2011K. References in this Form 10\u2011K to \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d or the \u201cCompany\u201d refer to Starwood Property Trust, Inc. and its subsidiaries. General Starwood Property Trust, Inc. (\u201cSTWD\u201d and, together with its subsidiaries, \u201cwe\u201d or the \u201cCompany\u201d) is a Maryland corporation that commenced operations in August 2009, upon the completion of our initial public offering (\u201cIPO\u201d). We are focused primarily on originating, acquiring, financing and managing mortgage loans and other real estate investments in the United States (\u201cU.S.\u201d), Europe and Australia. As market conditions change over time, we may adjust our strategy to take advantage of changes in interest rates and credit spreads as well as economic and credit conditions. We have four reportable business segments as of December 31, 2025 and we refer to the investments within these segments as our target assets: \u2022Real estate commercial and residential lending (the \u201cCommercial and Residential Lending Segment\u201d)\u2014engages primarily in originating, acquiring, financing and managing commercial first mortgages, non-agency residential mortgages (\u201cresidential loans\u201d), subordinated mortgages, mezzanine loans, preferred equity, commercial mortgage-backed securities (\u201cCMBS\u201d), residential mortgage-backed securities (\u201cRMBS\u201d) and other real estate and real estate-related debt investments in the U.S., Europe and Australia (including distressed or non-performing loans). Our residential loans are secured by a first mortgage lien on residential property and primarily consist of non-agency residenti Item 1A. Risk Factors Risks Related to Our Relationship with Our Manager We are dependent on Starwood Capital Group, including our Manager and their key personnel, who provide services to us through the management agreement, and we may not find a suitable replacement for our Manager and Starwood Capital Group ", "title": "STWD - STARWOOD PROPERTY TRUST, INC.", "url": "/company/STWD/" }, { "kind": "company", "summary": "SIC 4923 Natural Gas Transmisison & Distribution; CIK 0001692115; latest 10-K filed 2026-02-25.", "text": "SWX - Southwest Gas Holdings, Inc. SIC 4923 Natural Gas Transmisison & Distribution; CIK 0001692115; latest 10-K filed 2026-02-25. SWX Southwest Gas Holdings, Inc. 0001692115 4923 Natural Gas Transmisison & Distribution Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Southwest Gas Holdings is a holding company that owns all of the shares of common stock of Southwest Gas; until April 22, 2024, all of the shares of common stock of Centuri; and until February 14, 2023, all of the shares of common stock of MountainWest. The Company\u2019s businesses were managed within three separate reportable segments until February 2023, our Natural Gas Distribution segment (Southwest Gas), our Utility Infrastructure Services segment (Centuri), and our Pipeline and Storage segment (MountainWest). After February 2023 and until August 2025, the businesses were managed within two reportable segments, our Natural Gas Distribution segment (Southwest Gas) and our Utility Infrastructure Services segment (Centuri). After the deconsolidation of Centuri in August 2025, our business is solely comprised of our Natural Gas Distribution segment. Consistent with the Company\u2019s earlier determination to simplify the Company\u2019s portfolio of businesses, the Company completed the Centuri IPO in April 2024. From the Centuri IPO and through September 2025, the Company completed a series of sales of its remaining interests in Centuri. The Company completed subsequent sales of Centuri stock in May through September 2025. Following the August, 11, 2025 transaction, the Company owned 30.9% of Centuri, at which time it no longer had a financial controlling interest in Centuri and therefore met the requirements for deconsolidation. On September 5, 2025, the Company sold its remaining shares of Centuri common stock and no longer owns any shares of Centuri nor has any governance rights afforded to it under the Separation Agreement. Our business includes Southwest Gas, which is engaged in the business of purchasing, distributing, and transporting natural gas for customers in portions of Arizona, Nevada, and California. Southwest Gas is the largest regulated distributor of natural gas in Arizona and Nevada, and also distributes and transports natural gas for customers in portions of California. Additionally, through its subsidiaries, Southwest Gas operates two regulated interstate pipelines, including Great Basin, serving portions of Nevada and California. Southwest Gas makes investments in infrastructure to support customer demand associated with population growth and economic development activity and the safe and reliable operation of its system through adherence to integrity management programs. As of December 31, 2025, Southwest Gas had approximately 2,281,000 residential, commercial, industrial, and other natural gas customers, of which 1,224,000 customers were located in Arizona, 849,000 in Nevada, and 208,000 in California. First-time meter sets were approximately 37,000 in 2025, of which 21,000 were located in Arizona, 15,000 in Nevada, and 1,000 in California; compared to 41,000 in 2024, of which 23,000 were located in Arizona, 17,000 in Nevada, and 1,000 in California. Residential and commercial customers represented over 99% of the total customer base. During 2025, 53% of operating margin (gas operating revenues less the net cost of gas sold) was earned in Arizona, 35% in Nevada, and 12% in California. During this same period, Southwest Gas earned 85% of its operating margin from residential and small commercial customers, 4% from other sales customers, and 11% from transportation customers. These general patterns are expected to remain materially consistent for the foreseeable future, subject to the ultimate outcome of the Great Basin Expansion Project. Refer to Potential 2028 Great Basin Expansion Project discussion below. Southwest Gas recognizes operating revenues from the distribution and transportation of natural gas (and related services) to customers. Operating margin is a financial measure defined by management as Regulated operations revenues less the net cost of gas sold. However, operating margin is not specifically defined i Item 1. BUSINESS The Company, a Delaware corporation, is a holding company headquartered in Las Vegas, Nevada, owning all of the shares of common stock of Southwest Gas and, until the Centuri IPO on April 22, 2024, all of the shares of common stock of Centuri. The Company operated two reportable segments until August 2025, the Natural Gas Distribution segment (Southwest Gas) and Utility Infrastructure Services segment (Centuri). After the deconsolidation of Centuri in August 2025, the business is solely comprised of the Natural Gas Distribution segment. The Company is incorporated in Delaware, and Southwest Gas is incorporated in California. The Company, through its operating wholly-owned subsidiary Southwest Gas, engages in the business of purchasing, distributing, and transporting natural gas for its customers. Southwest Gas is a dynamic energy company committed to exceeding the expectations of its more than two million customers throughout Arizona, Nevada, and California by providing safe and reliable service while innovating sustainable energy solutions to fuel the growth in its communities. Southwest Gas and its subsidiaries provide regulated natural gas delivery services to customers in portions of Arizona, Nevada, and California to meet heating, cooking, and other household needs in residential communities across these territories, as well as to facilitate the ongoing business operations of commercial and industrial customers. Southwest Gas makes investments in infrastructure to support customer demand associated with population growth and economic development activity, and the safe and reliable operation of its system through adherence to integrity management programs. Public utility rates, practices, facilities, and service territories of Southwest Gas are subject to regulatory oversight. The timing and amount of rate relief can materially impact results of operations. Natural gas purchases and the timing of related recoveries can materially impact liqui Item 1A. RISK FACTORS Described below (and in Item 7A. Quantitative and Qualitative Disclosures about Market Risk of this report) are risk factors that we have identified that may have a material negative impact on our future financial performance or affect whether we achieve the goals", "title": "SWX - Southwest Gas Holdings, Inc.", "url": "/company/SWX/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0000817720; latest 10-K filed 2025-08-21.", "text": "SYNA - SYNAPTICS Inc SIC 3674 Semiconductors & Related Devices; CIK 0000817720; latest 10-K filed 2025-08-21. SYNA SYNAPTICS Inc 0000817720 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward-Looking Statements and Factors That May Affect Results You should read the following discussion and analysis in conjunction with our financial statements and related notes contained elsewhere in this report. This discussion contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those set forth elsewhere in this report and under \u201cItem 1A. Risk Factors.\u201d Introduction In this section, we will discuss the results of our operations and changes in financial condition for fiscal 2025 compared to fiscal 2024. Discussions of our fiscal 2023 items and year-to-year comparisons between our fiscal 2024 and 2023 that are not included in this Form 10-K can be found in \u201cPart II \u2013 Item 7. Management\u2019s Discussion and Analysis of Financial Conditions and Results of Operations\u201d in our fiscal 2024 Annual Report on Form 10-K for the fiscal year ended June 29, 2024. Overview We are a leading worldwide developer and fabless supplier of premium mixed signal semiconductor solutions. We develop solutions that integrate the audio, touch and vision interfaces with embedded processing capabilities that are paired with wireless connectivity. We believe our results to date reflect the combination of our customer focus and the strength of our intellectual property and our engineering know-how, which allow us to develop or engineer products and solutions that meet the demanding design specifications of our OEMs. In fiscal 2025, we achieved revenue growth with net revenue increasing 12% to $1,074.3 million compared to $959.4 million in fiscal 2024. The growth was primarily driven by strong execution in our Core IoT product category. Net revenue from Core IoT of $272.4 million increased by 53% compared to $177.6 million a year ago. This growth was fueled primarily by strong demand for our wireless connectivity products and the inclusion of sales from our Broadcom transaction. Enterprise and Automotive net revenue of $610.1 million increased by 7% compared to $570.0 million a year ago. The net increase was primarily driven by growth across our enterprise product portfolio, partially offset by a decrease in automotive revenue due to softness in the automotive sector. Mobile net revenue of $191.8 million decreased by 9% compared to $211.8 million a year ago, primarily as a result of the end-of-life shipments to a large U.S. mobile customer. During the year, we launched multiple products expanding our product portfolios and accelerated our position in Edge AI and wireless connectivity through partnerships and licensing transactions. We are collaborating with Google\u2019s research team to build the next-generation platform for Edge AI devices. We executed an agreement with Broadcom in the third quarter of fiscal 2025 to acquire certain assets and obtain non-exclusive licenses relating to Broadcom\u2019s Wi-Fi technology. We acquired these set of assets in order to solidify our leadership position for end-to-end AI IoT connectivity. Acquiring these assets allows us to expand our portfolio of Wi-Fi 8 combination devices that include advanced Bluetooth features, additional Wi-Fi 7 combination devices, ultrawide band intellectual property (which we can integrate into future IoT devices) and combination front-end modules. This transaction expands our field of use, allowing all our Wi-Fi products to compete in AR/VR, Android smartphones and consumer audio markets and secures our wireless roadmap for the next five years. We introduced the S3930 touch controller, featuring multi-frequency-region parallel sensing and the industry\u2019s smallest high-performance footprint. This innovation enables consistent, low-latency touch performance in ultra-thin, bendable devices. The new solution is more cost-effect ITEM 1. BUSINESS Overview Synaptics designs and delivers AI-enabled edge solutions that bring AI closer to end users and transform how we engage with intelligent connected devices, whether at home, at work or on the move. We are a strategic partner for many global original equipment manufacturers, (\u201cOEM\u201d), offering custom silicon and software platforms for edge AI, wireless connectivity and human interface technologies. Our Synaptics Astra\u2122 AI-native and Veros\u2122 wireless solutions combine embedded compute, connectivity and multimodal sensing to support intuitive, secure and seamless digital experiences. From touch, display and biometrics to AI-enabled wireless connectivity, video, vision, audio, speech and security processing, our solutions support the next generation of intelligent devices that enhance how people live, work and interact with technology. We were initially incorporated in California in 1986 and were re-incorporated in Delaware in 2002. Our fiscal year is the 52- or 53-week period ending on the last Saturday in June. The fiscal years presented in this report are the 52-week periods ended June 28, 2025 and June 24, 2023, and the 53-week period ended June 29, 2024. Target Markets and Products We are a leader in human interface technologies, enabling innovative and intuitive user experiences across a wide range of intelligent devices. Our portfolio includes touch, display, biometrics, voice, audio, processor, wireless and multimedia products built on rich research and development (\u201cR&D\u201d), a broad intellectual property portfolio and established supply chain partnerships. Designed for mobile, personal computers (\u201cPC\u201d), smart home, industrial and automotive applications, our solutions combine ease of use, functionality, performance and aesthetics to help make digital lives more productive, secure and enjoyable. We focus on three primary markets. Our product offerings within those target markets are as follows: Core IoT Applications Markets Wireless ITEM 1A. RISK FACTORS Investing in our securities involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this report, including under the headings \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and \u201c", "title": "SYNA - SYNAPTICS Inc", "url": "/company/SYNA/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001077428; latest 10-K filed 2026-02-10.", "text": "TCBI - TEXAS CAPITAL BANCSHARES INC/TX SIC 6022 State Commercial Banks; CIK 0001077428; latest 10-K filed 2026-02-10. TCBI TEXAS CAPITAL BANCSHARES INC/TX 0001077428 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations Selected income statement data and key performance indicators are presented in the table below: [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"Year Ended December 31,\"],[\"(dollars in thousands except per share data)\",\"\",\"\",\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Net interest income\",\"\",\"\",\"\",\"\",\"$\",\"1,028,637\",\"\",\"\",\"$\",\"901,300\",\"\",\"\",\"$\",\"914,123\"],[\"Provision for credit losses\",\"\",\"\",\"\",\"\",\"55,000\",\"\",\"\",\"67,000\",\"\",\"\",\"72,000\"],[\"Non-interest income\",\"\",\"\",\"\",\"\",\"227,142\",\"\",\"\",\"31,046\",\"\",\"\",\"161,419\"],[\"Non-interest expense\",\"\",\"\",\"\",\"\",\"768,069\",\"\",\"\",\"758,285\",\"\",\"\",\"756,947\"],[\"Income before income taxes\",\"\",\"\",\"\",\"\",\"432,710\",\"\",\"\",\"107,061\",\"\",\"\",\"246,595\"],[\"Income tax expense\",\"\",\"\",\"\",\"\",\"102,466\",\"\",\"\",\"29,553\",\"\",\"\",\"57,454\"],[\"Net income\",\"\",\"\",\"\",\"\",\"330,244\",\"\",\"\",\"77,508\",\"\",\"\",\"189,141\"],[\"Preferred stock dividends\",\"\",\"\",\"\",\"\",\"17,250\",\"\",\"\",\"17,250\",\"\",\"\",\"17,250\"],[\"Net income available to common stockholders\",\"\",\"\",\"\",\"\",\"$\",\"312,994\",\"\",\"\",\"$\",\"60,258\",\"\",\"\",\"$\",\"171,891\"],[\"Basic earnings per common share\",\"\",\"\",\"\",\"\",\"$\",\"6.86\",\"\",\"\",\"$\",\"1.29\",\"\",\"\",\"$\",\"3.58\"],[\"Diluted earnings per common share\",\"\",\"\",\"\",\"\",\"$\",\"6.79\",\"\",\"\",\"$\",\"1.28\",\"\",\"\",\"$\",\"3.54\"],[\"Net interest margin\",\"\",\"\",\"\",\"\",\"3.35\",\"%\",\"\",\"3.03\",\"%\",\"\",\"3.17\",\"%\"],[\"Return on average assets (\\u201cROA\\u201d)\",\"\",\"\",\"\",\"\",\"1.04\",\"%\",\"\",\"0.25\",\"%\",\"\",\"0.64\",\"%\"],[\"Return on average common equity (\\u201cROE\\u201d)\",\"\",\"\",\"\",\"\",\"9.59\",\"%\",\"\",\"2.04\",\"%\",\"\",\"6.15\",\"%\"],[\"Efficiency ratio(1)\",\"\",\"\",\"\",\"\",\"61.2\",\"%\",\"\",\"81.3\",\"%\",\"\",\"70.4\",\"%\"],[\"Non-interest income to average earning assets\",\"\",\"\",\"\",\"\",\"0.74\",\"%\",\"\",\"0.11\",\"%\",\"\",\"0.57\",\"%\"],[\"Non-interest expense to average earning assets\",\"\",\"\",\"\",\"\",\"2.50\",\"%\",\"\",\"2.57\",\"%\",\"\",\"2.66\",\"%\"]] [[/GREPCENT_TABLE]] (1) Non-interest expense divided by the sum of net interest income and non-interest income. Year ended December 31, 2025 compared to year ended December 31, 2024 The Company reported net income of $330.2 million and net income available to common stockholders of $313.0 million for the year ended December 31, 2025, compared to net income of $77.5 million and net income available to common stockholders of $60.3 million for the same period in 2024. On a fully diluted basis, earnings per common share was $6.79 for the year ended December 31, 2025, compared to $1.28 for the same period in 2024. ROE was 9.59% and ROA was 1.04% for the year ended December 31, 2025, compared to 2.04% and 0.25%, respectively, for the same period in 2024. The increase in net income for the year ended December 31, 2025 compared to the same period in 2024 resulted primarily from increases in net interest income and non-interest income. The increase in non-interest income was primarily the result of a $179.6 million loss on sale of available-for-sale debt securities recognized in 2024 in connection with a strategic balance sheet repositioning undertaken by the Company. Details of the changes in the various components of net income are discussed below. 32 Taxable Equivalent Net Interest Income Analysis - Year to Date(1) [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31, 2025\",\"\",\"Year Ended December 31, 2024\",\"\",\"Year Ended December 31, 2023\"],[\"(dollars in thousands)\",\"Average Balance\",\"Revenue / Expense\",\"Yield / Rate\",\"\",\"Average Balance\",\"Revenue / Expense\",\"Yield / Rate\",\"\",\"Average Balance\",\"Revenue / Expense\",\"Yield / Rate\"],[\"Assets\"],[\"Investment securities(2)\",\"$\",\"4,575,954\",\"\",\"$\",\"188,990\",\"\",\"4.03\",\"%\",\"\",\"$\",\"4,386,458\",\"\",\"$\",\"148,219\",\"\",\"3.17\",\"%\",\"\",\"$\",\"4,162,931\",\"\",\"$\",\"108,294\",\"\",\"2.37\",\"%\"],[\"Interest bearing cash and cash equivalents\",\"3,203,594\",\"\",\"137,815\",\"\",\"4.30\",\"%\",\"\",\"3,940,590\",\"\",\"203,406\",\"\",\"5.16\",\"%\",\"\",\"4,353,911\",\"\",\"220,976\",\"\",\"5.08\",\"%\"],[\"Loans held for sale(3)\",\"95\",\"\",\"2\",\"\",\"2.60\",\"%\",\"\",\"25,855\",\"\",\"2,432\",\"\",\"9.41\",\"%\",\"\",\"33,166\",\"\",\"2,856\",\"\",\"8.61\",\"% ITEM 1. BUSINESS Background Texas Capital Bancshares, Inc. (\u201cTCBI\u201d or the \u201cCompany\u201d) is a registered bank holding company and a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. TCBI is headquartered in Dallas, with primary banking offices in Austin, Dallas, Fort Worth, Houston and San Antonio, and has built a network of clients across the country. The Company\u2019s business activities are conducted primarily through its wholly-owned bank subsidiary Texas Capital Bank (the \u201cBank\u201d) and its wholly-owned non-bank subsidiary, TCBI Securities Inc., doing business as Texas Capital Securities. The Bank is a Texas state-chartered bank. Texas Capital Securities is a registered broker-dealer with the SEC and a member of the Financial Industry Regulatory Authority (\u201cFINRA\u201d) and Municipal Securities Rulemaking Board (\u201cMSRB\u201d). The Company was incorporated as a Delaware corporation in 1996 and commenced banking operations in 1998. Effective September 19, 2025, the Bank became a member of the Federal Reserve System. As a result, the Board of Governors of the Federal Reserve System assumed the role as the Bank\u2019s primary federal regulator, succeeding the Federal Deposit Insurance Corporation. The Texas Department of Banking continues to serve as the Bank\u2019s primary state regulator. Business Strategy and Markets The Company was founded with an entrepreneurial culture and a mission to build a commercial banking presence across Texas. Drawing on the banking experience and business and community ties of management, the Company\u2019s strategy has evolved to become the leading Texas-based full-service financial services firm that can seamlessly serve the best clients in its markets through the entirety of their life cycles. A core tenet of this strategy is the maintenance of financial resiliency through market and rate cycles enabling the Company to serve its clients, access markets, and support its communities ITEM 1A. RISK FACTORS The Company is subject to risk. The following discussion, along with management\u2019s discussion and analysis and the financial statements and footnotes, sets forth the most significant risks and uncertainties that management believes could adversely affect the business, financial condition or results of operatio", "title": "TCBI - TEXAS CAPITAL BANCSHARES INC/TX", "url": "/company/TCBI/" }, { "kind": "company", "summary": "SIC 3537 Industrial Trucks, Tractors, Trailors & Stackers; CIK 0000097216; latest 10-K filed 2026-02-13.", "text": "TEX - TEREX CORP SIC 3537 Industrial Trucks, Tractors, Trailors & Stackers; CIK 0000097216; latest 10-K filed 2026-02-13. TEX TEREX CORP 0000097216 3537 Industrial Trucks, Tractors, Trailors & Stackers ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS BUSINESS DESCRIPTION Terex is a global industrial equipment manufacturer of materials processing machinery, waste and recycling solutions, mobile elevating work platforms (MEWPs), and equipment for the electric utility industry. We design, build, and support products used in maintenance, manufacturing, energy, waste and recycling, minerals and materials management, construction, and the entertainment industry. We provide lifecycle support to our customers through our global parts and services organization, and offer complementary digital solutions, designed to help our customers maximize their return on their investment. Certain Terex products and solutions enable customers to reduce their impact on the environment including electric and hybrid offerings that deliver quiet and emission-free performance, products that support renewable energy, and products that aid in the recovery of useful materials from various types of waste. Our products are manufactured in North America, Europe, and Asia Pacific and sold worldwide. We engage with customers through all stages of the product life cycle, from initial specification to parts and service support. We report our business in the following segments: (i) ES, (ii) MP, and (iii) Aerials. Further information about our reportable segments appears below and in Note B \u2013 \u201cBusiness Segment Information\u201d in the Notes to Consolidated Financial Statements. Non-GAAP Measures In this document, we refer to various GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures. These non-GAAP measures may not be comparable to similarly titled measures being disclosed by other companies. Management believes that presenting these non-GAAP financial measures provide investors with additional analytical tools which are useful in evaluating our operating results and the ongoing performance of our underlying businesses because they (i) provide meaningful supplemental information regarding financial performance by excluding impact of one-time items and other items affecting comparability between periods, (ii) permit investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate our core operating performance across periods, and (iii) otherwise provide supplemental information that may be useful to investors in evaluating our financial results. We do not, nor do we suggest that investors consider, such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Non-GAAP measures also include translation effect of foreign currency exchange rate changes on net sales, gross profit, selling, general & administrative (\u201cSG&A\u201d) expenses and operating profit. As changes in foreign currency exchange rates have a non-operating impact on our financial results, we believe excluding effects of these changes assists in assessment of our business results between periods. We calculate the translation effect of foreign currency exchange rate changes by translating current period results using rates that the comparable prior periods were translated at to isolate the foreign exchange component of fluctuation from the operational component. We calculate a non-GAAP measure of free cash flow. We define free cash flow as Net cash provided by (used in) operating activities less Capital expenditures, net of proceeds from sale of capital assets. We believe this measure of free cash flow provides management and investors further useful information on cash generation or use in our primary operations. We discuss forward-looking information related to expected earnings before interest, taxes, depreciation and amortization (\u201cEBITDA\u201d) and earnings per share (\u201cEPS\u201d) excluding the impact of potential future acquisitions, divestitures, restructuring, tariffs, trade policies and ITEM 1. BUSINESS GENERAL Our Company was incorporated in Delaware in October 1986 as Terex U.S.A., Inc. Since that time, we have changed significantly, and much of this change has been historically accomplished through acquisitions and managing our portfolio of companies by divestiture of non-core businesses and products. Today, Terex is a global industrial equipment manufacturer of materials processing machinery, waste and recycling solutions, mobile elevating work platforms (MEWPs), and equipment for the electric utility industry. We design, build and support products used in maintenance, manufacturing, energy, waste and recycling, minerals and materials management, construction, and the entertainment industry. We provide lifecycle support to our customers through our global parts and services organization, and offer complementary digital solutions, designed to help our customers maximize their return on their investment. Certain Terex products and solutions enable customers to reduce their impact on the environment including electric and hybrid offerings that deliver quiet and emission-free performance, products that support renewable energy, and products that aid in the recovery of useful materials from various types of waste. Our products are manufactured in North America, Europe, and Asia Pacific and sold worldwide. We engage with customers through all stages of the product life cycle, from initial specification to parts and service support. We identify our operating segments according to how business activities are managed and evaluated. We report our business in the following reportable segments: (i) Environmental Solutions (\u201cES\u201d), (ii) Material Processing (\u201cMP\u201d) and (iii) Aerials. Our Environmental Solutions Group (\u201cESG\u201d) and Utilities operating segments share similar economic characteristics and are aggregated into one reportable segment, ES. Further information about our industry and reportable segments appears in Part II, Item 7. \u2013 \u201cManagement\u2019s D ITEM 1A. RISK FACTORS You should carefully consider the following material risks, together with the cautionary statement under the caption \u201cForward-Looking Information\u201d above and the other information included in this report. Although the risks are organized by headings, and each risk is discussed separately, many ", "title": "TEX - TEREX CORP", "url": "/company/TEX/" }, { "kind": "company", "summary": "SIC 8062 Services-General Medical & Surgical Hospitals, NEC; CIK 0000070318; latest 10-K filed 2026-02-17.", "text": "THC - TENET HEALTHCARE CORP SIC 8062 Services-General Medical & Surgical Hospitals, NEC; CIK 0000070318; latest 10-K filed 2026-02-17. THC TENET HEALTHCARE CORP 0000070318 8062 Services-General Medical & Surgical Hospitals, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS INTRODUCTION TO MANAGEMENT\u2019S DISCUSSION AND ANALYSIS The purpose of this section, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d), is to provide a narrative explanation of our financial statements that enables investors to better understand our business, to enhance our overall financial disclosures, to give context to the analysis of our financial information, and to provide information about the quality of, and potential variability of, our financial condition, results of operations and cash flows. MD&A, which should be read in conjunction with the accompanying Consolidated Financial Statements, includes the following sections: \u2022Management Overview \u2022Sources of Revenue for Our Hospital Operations and Services Segment \u2022Results of Operations \u2022Liquidity and Capital Resources \u2022Recently Issued Accounting Standards \u2022Critical Accounting Estimates Our business consists of our Hospital Operations and Services (\u201cHospital Operations\u201d) segment and our Ambulatory Care segment. Our Hospital Operations segment is comprised of our acute care and specialty hospitals, a network of employed physicians and ancillary outpatient facilities. At December 31, 2025, our subsidiaries operated 50 hospitals serving primarily urban and suburban communities in eight states. Our Hospital Operations segment also included 132 outpatient facilities, namely urgent care centers, imaging centers, off-campus hospital emergency departments and micro\u2011hospitals, at December 31, 2025. In addition, our Hospital Operations segment provides revenue cycle management and value\u2011based care services to hospitals, health systems, physician practices, employers and other clients through Conifer Health Solutions, LLC. Our Ambulatory Care segment, through USPI Holding Company, Inc. (together with its subsidiaries, \u201cUSPI\u201d), held ownership interests in 533 ambulatory surgery centers (each, an \u201cASC\u201d), 401 of which are consolidated, and 26 surgical hospitals, eight of which are consolidated, in 37 states at December 31, 2025. USPI\u2019s facilities offer a range of procedures and service lines, including, among other specialties: orthopedics, total joint replacement, and spinal and other musculoskeletal procedures; gastroenterology; pain management; otolaryngology (ear, nose and throat); ophthalmology; and urology. Unless otherwise indicated, all financial and statistical information included in MD&A relates to our continuing operations, with dollar amounts expressed in millions (except per adjusted admission and per adjusted patient day amounts). Continuing operations information includes the results of all facilities operated during any portion of the periods presented, and it reflects the performance of those facilities only for the time periods in which we operated them. Continuing operations information excludes the results of our hospitals and other businesses classified as discontinued operations for accounting purposes. We believe this presentation is useful to investors because continuing operations information reflects the impact of the addition or disposition of individual hospitals and other operations on our volumes, revenues and expenses. In certain cases, information presented in MD&A for our Hospital Operations segment is described as presented on a same\u2011hospital basis, which includes facilities we operated for the entirety of the periods presented. For the years ended December 31, 2025 and 2024, information presented on a same-hospital basis includes the results of our same 47 hospitals and those outpatient centers we operated throughout both years, and excludes the results of: (1) three hospitals located in South Carolina and certain related operations (the \u201cSC Hospitals\u201d) we sold in January 2024; (2) four hospitals and certain related operations located in Orange County and Los Angeles County, California (the \u201cOCLA CA Ho ITEM 1. BUSINESS OVERVIEW Tenet Healthcare Corporation (\u201cTenet\u201d) is a diversified healthcare services company with its headquarters in Dallas, Texas, and a Global Business Center (\u201cGBC\u201d) in the Philippines that supports various enterprise-wide administrative functions. We operate our expansive, nationwide care delivery network through direct and indirect subsidiaries, as well as downstream partnerships and joint ventures; the terms \u201cwe,\u201d \u201cour\u201d and \u201cus,\u201d as used in this report and unless otherwise stated or indicated by the context, refer to Tenet and these entities. Our business is organized into two separate reporting segments \u2013 Hospital Operations and Services (\u201cHospital Operations\u201d) and Ambulatory Care. At December 31, 2025, our Hospital Operations segment was comprised of: (1) 50 acute care and specialty hospitals, a network of employed physicians, and 132 outpatient facilities, including urgent care centers (each, a \u201cUCC\u201d), imaging centers, off-campus hospital emergency departments (\u201cEDs\u201d) and micro\u2011hospitals; and (2) the revenue cycle management and value\u2011based care services we provide to hospitals, health systems, physician practices, employers and other clients through Conifer Health Solutions, LLC. Our Ambulatory Care segment is comprised of the operations of USPI Holding Company, Inc. (together with its subsidiaries, \u201cUSPI\u201d), which held ownership interests in 533 ambulatory surgery centers (each, an \u201cASC\u201d) and 26 surgical hospitals at December 31, 2025. Additional information about our reporting segments is provided below; statistical data for the segments can be found in Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, of Part II of this report (\u201cMD&A\u201d). OPERATIONS In 2025, we continued to strengthen our organization and expand the care we provide while remaining committed to quality, safety and operational excellence. We enhanced access to higher-acuity services in our communities, advanced ambulatory su ITEM 1A. RISK FACTORS Our business is subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual operating results or financial performance to be materially different from our expectations and make an investment in our securities risk", "title": "THC - TENET HEALTHCARE CORP", "url": "/company/THC/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000944695; latest 10-K filed 2026-02-20.", "text": "THG - HANOVER INSURANCE GROUP, INC. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000944695; latest 10-K filed 2026-02-20. THG HANOVER INSURANCE GROUP, INC. 0000944695 6331 Fire, Marine & Casualty Insurance Management\u2019s discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements. These statements have been prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The following critical accounting estimates are those which we believe affect the more significant judgments and estimates used in the preparation of our financial statements. Additional information about other significant accounting policies and estimates may be found in Note 1 \u2013 \u201cSummary of Significant Accounting Policies\u201d in the Notes to Consolidated Financial Statements. RESERVE FOR LOSSES AND LOSS EXPENSES See \u201cReserve for Losses and Loss Adjustment Expenses\u201d within \u201cResults of Operations \u2013 Segments\u201d for a discussion of our critical accounting estimates for loss reserves. REINSURANCE RECOVERABLE BALANCES See \u201cReinsurance Recoverables\u201d in Part I \u2013 Item 1 for information on our reinsurance recoverable balances. PENSION BENEFIT OBLIGATIONS We currently have a qualified defined benefit plan and several smaller non\u2013qualified benefit plans. In order to measure the liabilities and expenses associated with these plans, we must make various estimates and key assumptions, including discount rates used to value liabilities, assumed rates of return on plan assets, employee turnover rates and anticipated mortality rates. These estimates and assumptions are reviewed at least annually and are based on our historical experience, as well as current facts and circumstances. In addition, we use outside actuaries to assist in measuring the liabilities and expenses associated with our defined benefit pension plan. Two significant assumptions used in the determination of benefit plan obligations and expenses that are dependent on market factors, which have been subject to a greater level of volatility in recent years, are the discount rate and the return on plan asset assumptions. The discount rate enables us to state expected future benefit payments as a present value on the measurement date. We also use this discount rate in the determination of our pre-tax pension expense or benefit. A higher discount rate decreases the present value of benefit obligations and decreases pension expense. We determined our discount rate for the qualified benefit plan utilizing independent yield curves which provide for a portfolio of high quality bonds that are expected to match the cash flows of our pension plans. Bond information used in the yield curve included only those rated Aa or better as of December 31, 2025 and 2024, respectively, and had been rated by at least two well-known rating agencies. The discount rates used to value liabilities in our qualified pension plan were 5.75% and 6.125% as of December 31, 2025 and 2024, respectively. To determine the expected long-term return on plan assets, we generally consider historical mean returns by asset class for passive indexed strategies, as well as current and expected asset allocations, and adjust for certain factors that we believe will have an impact 57 Table of Contents on future returns. Actual returns on plan assets in any given year seldom result in the achievement of the expected rate of return on assets. Actual returns on plan assets in excess of these expected returns will generally reduce our net actuarial losses (or increase actuarial gains) that are reflected in the accumulated other comprehensive loss balance in shareholders\u2019 equity, whereas actual returns on plan assets that are less than expected returns will generally increase our net actuarial losses (or decrease actuarial gains) that are reflected in accumulated other comprehensive loss. These ITEM 1 \u2014 BUSINESS ORGANIZATION The Hanover Insurance Group, Inc. (\u201cTHG\u201d or the \u201cCompany\u201d) is a holding company organized as a Delaware corporation in 1995. We trace our roots to as early as 1852, when The Hanover Fire Insurance Company was founded. Our primary business operations are property and casualty insurance products and services. We market our products and services through independent agents and brokers in the United States (\u201cU.S.\u201d). Our consolidated financial statements include the accounts of THG; The Hanover Insurance Company (\u201cHanover Insurance\u201d) and Citizens Insurance Company of America (\u201cCitizens\u201d), which are our principal property and casualty subsidiaries; and other insurance and non-insurance subsidiaries. INFORMATION ABOUT SEGMENTS GENERAL We conduct our business operations through four reporting segments: Core Commercial, Specialty, Personal Lines and Other. Interest expense related to our corporate debt is reported separately from the earnings of these reporting segments. In our Core Commercial, Specialty and Personal Lines segments, we underwrite our insurance products through Hanover Insurance, Citizens and other THG subsidiaries. We distribute them through select independent agents and brokers throughout the U.S. Our Other segment is comprised primarily of earnings and expenses related to our holding company. Our agency and customer-centric strategy focuses on providing specialized insurance products and services with an emphasis on disciplined underwriting and pricing, quality claims handling and customer service. We continue to prudently grow and diversify our product offerings and geographic business mix to strengthen our position as one of the top property and casualty insurers focused on the independent agency distribution channel in the U.S. In 2025, we generated approximately $6.3 billion in net premiums written, an increase of 3.9% from the prior year. Information with respect to each of our segments is included in \u201cResults of O ITEM 1A\u2013RISK FACTORS RISK FACTORS AND FORWARD-LOOKING STATEMENTS The following important factors, among others, in some cases have affected, and in the future could affect, our actual results and could cause our actual results to differ materially from historical results and from those expressed in any fo", "title": "THG - HANOVER INSURANCE GROUP, INC.", "url": "/company/THG/" }, { "kind": "company", "summary": "SIC 3716 Motor Homes; CIK 0000730263; latest 10-K filed 2025-09-24.", "text": "THO - THOR INDUSTRIES INC SIC 3716 Motor Homes; CIK 0000730263; latest 10-K filed 2025-09-24. THO THOR INDUSTRIES INC 0000730263 3716 Motor Homes ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Unless otherwise indicated, all Dollar and Euro amounts are presented in thousands except per share data. Our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) should be read in conjunction with the Company\u2019s Consolidated Financial Statements and Notes thereto included in Item 8 of this Report. The discussion below is a comparison of the results of operations and changes in financial condition for the fiscal years ended July 31, 2025 and 2024. The comparison of, and changes between, the fiscal years ended July 31, 2024 and 2023 can be found within \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in our Annual Report on Form 10-K for the fiscal year ended July 31, 2024, as filed with the SEC on September 24, 2024. Executive Summary We were founded in 1980 and have grown to become the largest manufacturer of recreational vehicles (\u201cRVs\u201d) in the world based on units sold and revenue. We are also the largest manufacturer of RVs in North America, and one of the largest manufacturers of RVs in Europe. In North America, according to Statistical Surveys, Inc. (\u201cStat Surveys\u201d), for the six months ended June 30, 2025, THOR\u2019s current combined U.S. and Canadian market share based on units was approximately 39.1% for travel trailers and fifth wheels combined and approximately 48.3% for motorhomes. In Europe, according to the European Caravan Federation (\u201cECF\u201d), EHG\u2019s current market share for the six months ended June 30, 2025 based on units was approximately 26.1% for motorcaravans and campervans combined and approximately 17.3% for caravans. Our business model includes decentralized operating units, and our RV products are primarily sold to independent, non-franchise dealers who, in turn, retail those products. The Company also sells component parts to both RV and other original equipment manufacturers, including aluminum extruded components, and sells aftermarket component parts through dealers and retailers. Our growth has been achieved both organically and through acquisition, and our strategy is designed to increase our profitability by driving innovation, servicing our customers, manufacturing quality products, improving the efficiencies of our facilities and making strategic growth acquisitions. We generally do not finance dealers directly, but we do provide repurchase agreements to the dealers\u2019 floor plan lenders. We generally have financed our growth through a combination of internally generated cash flows from operations and, when needed, outside credit facilities. Capital acquisitions of $121,616 in fiscal 2025 were made primarily for purchases of land, production building additions and improvements and replacing machinery and equipment used in the ordinary course of business. See Note 2 to the Consolidated Financial Statements for capital acquisitions by segment. The impact of consumer confidence, which historically has been highly correlated with RV retail sales, and the impact of inflation on the availability of discretionary funds of our end consumers, combined with higher interest rates compared to recent years impacting both our independent dealers and the end consumer, had a negative impact on demand for our products at both the wholesale and retail levels during fiscal 2025, particularly in North America, and are expected to continue to impact the remainder of calendar year 2025 and into calendar 2026. These risks to our business are more fully described in Part 1, Item 1A \u201cRisk Factors\u201d of this Report. Significant Fiscal 2025 Events Tax Reform The One Big Beautiful Bill Act (\u201cOBBB\u201d) was signed into law on July 4, 2025. The OBBB includes a broad range of tax reform provisions affecting businesses including, but not limited to, 100% bonus depreciation, expensing of U.S.-based research and development costs, interest expense ded ITEM 1. BUSINESS General Our Company was founded in 1980 and has grown to become the largest manufacturer of recreational vehicles (\u201cRVs\u201d) in the world. We are also the largest manufacturer of RVs in North America, and one of the largest manufacturers of RVs in Europe. The Company manufactures a wide variety of RVs in the United States (\u201cU.S.\u201d) and Europe, and sells those vehicles, as well as related parts and accessories, primarily to independent, non-franchise dealers throughout the United States, Canada and Europe. We are incorporated in Delaware and are the successor to a corporation of the same name which was incorporated in Nevada on July 29, 1980. Our principal executive office is located at 52700 Independence Ct., Elkhart, Indiana 46514 and our telephone number is (574) 970-7460. Our Internet address is www.thorindustries.com. We maintain copies of our recent filings with the Securities and Exchange Commission (\u201cSEC\u201d), available free of charge, on our web site. Unless the context otherwise requires or indicates, all references to \u201cTHOR\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cour\u201d and \u201cus\u201d refer to THOR Industries, Inc. and its subsidiaries. Our principal North American recreational vehicle operating subsidiaries are Airstream, Inc. (\u201cAirstream\u201d), Heartland Recreational Vehicles, LLC (\u201cHeartland\u201d, which will be reported as a component of Jayco beginning in fiscal 2026), Jayco, Inc. (\u201cJayco\u201d), Keystone RV Company (\u201cKeystone\u201d), K.Z., Inc. (\u201cKZ\u201d), Thor Motor Coach, Inc. (\u201cThor Motor Coach\u201d) and Tiffin Motorhomes, Inc. (\u201cTiffin Group\u201d). Our European recreational vehicle operations include nine primary RV production locations producing numerous brands within Europe, including Buccaneer, Buerstner, Carado, CrossCamp, Dethleffs, Elddis, Eriba, Etrusco, Hymer, Laika, LMC, Niesmann+Bischoff, Sunlight and Xplore. North American Recreational Vehicles For the fiscal years ended July 31, 2025, 2024 and 2023, THOR, through its operating subsidiaries, is the largest manufacturer of R ITEM 1A. RISK FACTORS The following risk factors should be considered carefully in addition to the other information contained in this filing. The risks and uncertainties described below are not the only ones we face and represent risks that our management believes are currently material to our Company and our business. Additional risks and uncertainties not presentl", "title": "THO - THOR INDUSTRIES INC", "url": "/company/THO/" }, { "kind": "company", "summary": "SIC 3562 Ball & Roller Bearings; CIK 0000098362; latest 10-K filed 2026-02-13.", "text": "TKR - TIMKEN CO SIC 3562 Ball & Roller Bearings; CIK 0000098362; latest 10-K filed 2026-02-13. TKR TIMKEN CO 0000098362 3562 Ball & Roller Bearings Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (Dollars in millions, except per share data) OVERVIEW Introduction: The Timken Company designs and manufactures a growing portfolio of engineered bearings and industrial motion products, and provides related services. With more than a century of knowledge and innovation, the Company continuously improves the reliability and efficiency of global machinery and equipment to move the world forward. The Company\u2019s growing portfolio features many strong brands, such as Timken\u00ae, GGB\u00ae, PT Tech\u00ae, Torsion Control Products\u00ae, Philadelphia Gear\u00ae, Cone Drive\u00ae, CGI\u00ae, Rollon\u00ae, Nadella\u00ae, Rosa Sistemi\u00ae, Diamond\u00ae, Drives\u00ae, Groeneveld\u00ae, BEKA\u00ae, Des-Case\u00ae, Lovejoy\u00ae, PT Tech\u00ae, Torsion Control Products\u00ae and Lagersmit\u00ae. Timken posted $4.6 billion in sales in 2025 and employs approximately 19,000 people globally, operating in 44 countries. The Company operates under two reportable segments: (1) Engineered Bearings and (2) Industrial Motion. The following further describes these business segments: \u2022Timken\u2019s Engineered Bearings segment features a broad range of product designs serving OEMs and end-users worldwide. Timken is a leading authority on tapered roller bearings and leverages its position by applying engineering know-how and technology across its entire bearing portfolio, which includes tapered, spherical and cylindrical roller bearings; plain bearings, metal-polymer bearings and rod end bearings; thrust and specialty ball bearings; and housed or mounted bearings. The Engineered Bearings portfolio features the Timken\u00ae, GGB\u00ae and Fafnir\u00ae brands and serves customers across global industries, including wind energy, agriculture, construction, food and beverage, metals and mining, automotive and truck, aerospace, rail and more. \u2022Timken\u2019s Industrial Motion segment includes a diverse and growing portfolio of engineered products, including industrial drives, automatic lubrication systems, linear motion products and systems, chains, belts, couplings, filtration systems, seals, and industrial clutches and brakes that keep systems running efficiently. Industrial Motion also includes industrial drivetrain services, which return equipment to like-new condition. The Industrial Motion portfolio features many strong brands, including Philadelphia Gear\u00ae, Cone Drive\u00ae, CGI\u00ae, Spinea\u00ae, Rollon\u00ae, Nadella\u00ae, Rosa Sistemi\u00ae, Groeneveld\u00ae, BEKA\u00ae, Des-Case\u00ae, Diamond\u00ae, Drives\u00ae, Timken\u00ae Belts, Lovejoy\u00ae, PT Tech\u00ae, Torsion Control Products\u00ae and Lagersmit\u00ae. Industrial Motion products are used across a broad range of industries, including solar energy, automation, construction, agriculture and turf, passenger rail, marine, aerospace, packaging and logistics, medical and more. Timken creates value by understanding customer needs and applying its know-how to serve a broad range of customers in attractive markets and industries across the globe. The Company\u2019s business strengths include its product technology, end-market diversity, geographic reach and aftermarket mix. Timken collaborates with OEMs to improve equipment efficiency with its engineered products and captures subsequent equipment replacement cycles by selling largely through independent channels in the aftermarket. Timken focuses its international efforts and footprint in regions of the world where strong macroeconomic factors such as urbanization, infrastructure development, industrialization and sustainability create demand for its products and services. The Company's strategy has three primary elements: Profitable Growth. The Company intends to expand into new and existing markets by leveraging its collective knowledge of materials science, friction management and power transmission to create value for Timken customers. Using a customer-centric and highly collaborative technical selling approach, the Company places particular emphasis on creating unique solutions for challenging and/or demanding applications. The Company Item 1. Business General: As used herein, the term \u201cTimken\u201d or the \u201cCompany\u201d refers to The Timken Company and its subsidiaries unless the context otherwise dictates. Timken designs and manages a portfolio of engineered bearings and industrial motion products, and provides related services. The Company\u2019s growing portfolio features many strong brands, including Timken\u00ae, GGB\u00ae, Philadelphia Gear\u00ae, Cone Drive\u00ae, CGI\u00ae, Rollon\u00ae, Nadella\u00ae, Rosa Sistemi\u00ae, Diamond\u00ae, Drives\u00ae, Groeneveld\u00ae, BEKA\u00ae, Des-Case\u00ae, Lovejoy\u00ae, PT Tech\u00ae, Torsion Control Products\u00ae and Lagersmit\u00ae. The Company was founded in 1899 by Henry Timken, who received two patents on the design of a tapered roller bearing. Timken remains the world's leading authority on tapered roller bearings and has leveraged that expertise to develop a full portfolio of industry-leading engineered bearings and industrial motion products. Timken built its reputation as a global leader by applying its knowledge of metallurgy, friction management and industrial motion to increase the reliability and efficiency of its customers' equipment across a diverse range of industries. Today, the Company's global footprint consists of 116 manufacturing facilities and service centers, 29 technology and engineering centers, and 74 distribution centers and warehouses, supported by a team comprised of approximately 19,000 employees. Timken operates in 44 countries around the globe. Major Customers: The Company sells products and services to a diverse customer base globally, including customers in the following market sectors: industrial distribution, renewable energy, automation, automotive original equipment (\"OE\"), agriculture/turf, rail, aerospace, auto/truck aftermarket, construction, services, metals and mining, heavy truck OE, and marine. No single customer accounts for more than 5% of total net sales. Products: Timken manufactures and manages global supply chains for multiple product lines including engineered bearings and industrial mo Item 1A. Risk Factors The following are certain risk factors that could affect our business, financial condition and results of operations. The risks that are described below are not the only ones that we face. These risk factors should be considered in connection with evaluating forward-looking statements contained in this Annual Report on Form 10-K because these ", "title": "TKR - TIMKEN CO", "url": "/company/TKR/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0001622536; latest 10-K filed 2026-02-26.", "text": "TLN - Talen Energy Corp SIC 4911 Electric Services; CIK 0001622536; latest 10-K filed 2026-02-26. TLN Talen Energy Corp 0001622536 4911 Electric Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) should be read in conjunction with the Annual Financial Statements and the accompanying notes included elsewhere in this Report. This MD&A discusses activity for the years ended December 31, 2025 (Successor) and December 31, 2024 (Successor). The operating results for the period from May 18 through December 31, 2023 (Successor) and for the period from January 1 through May 17, 2023 (Predecessor) are not comparable with the operating results for the years presented in this MD&A due to the application of fresh start accounting after our Emergence from Restructuring in May 2023. See \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our 2024 Annual Report on Form 10-K, filed with the SEC on February 28, 2025, for a discussion of the activities and results of operations for each of these periods. The discussion contains forward-looking statements as well as estimates regarding market and industry data, which involve risks, uncertainties, and assumptions. See \u201cCautionary Note Regarding Forward-Looking Information\u201d and \u201cMarket and Industry Data\u201d for additional information. Dollars are in millions, unless otherwise noted. Recent Developments Cornerstone Acquisition On January 15, 2026, we entered into the Cornerstone Merger Agreement to acquire from affiliates of Energy Capital Partners (\u201cECP\u201d) the 875 MW Waterford Energy Center and 456 MW Darby Generating Station, both located in Ohio, and the 1,120 MW Lawrenceburg Power Plant located in Indiana, for an aggregate purchase price of $3.45 billion, consisting of $2.55 billion in cash, subject to working capital and other customary adjustments, and 2,400,000 shares of Talen common stock, valued at approximately $900 million at the time of the entry into the Cornerstone Merger Agreement. The Company expects the cash portion of the purchase price to be funded from the proceeds of new indebtedness. The stock consideration will be subject to lock-ups of 90 days on 50% of the stock consideration and 180 days on the remaining stock consideration. 33 Form 10-K Table of Contents The addition of these assets to Talen\u2019s portfolio will increase generation capacity by approximately 2.5 GW of natural gas generation, substantially expanding Talen\u2019s presence in the western PJM market and adding additional efficient baseload generation assets to its fleet. In connection with the stock consideration, at the closing of the Cornerstone Acquisition, we intend to enter into the Cornerstone RRA with certain parties thereto substantially in the form attached to this Report as Exhibit 4.16. Pursuant to the terms of the Cornerstone RRA, the Company will agree to use its commercially reasonable efforts to file a registration statement on Form S-3 under the Securities Act of 1933, as amended, to register the TEC common stock issued pursuant to the Cornerstone Merger Agreement with the SEC within three business days (and in any event within five business days) after issuance. See also \u201cItem 1A. Risk Factors\u2014Financial and Equity Risks\u2014A number of factors could adversely affect the market price or trading volume of our common stock, even if our business is doing well, including but not limited to substantial sales of our common stock by existing shareholders, future issuances of equity or debt securities by us, and (or) research or reports published by financial analysts.\u201d The proposed Cornerstone Acquisition is subject to regulatory approvals and the satisfaction of other customary closing conditions, and is expected to close early in the second half of 2026. See Note 17 to the Annual Financial Statements for additional information on the Cornerstone Acquisition and \u201cItem 1A. Risk Factors\u2014Risks Related to the Cornerstone Acquisition\u201d of this Report for a di ITEM 1. BUSINESS Talen is a leading independent power producer and energy infrastructure company dedicated to powering the future. We own and operate approximately 13.1 GW of power infrastructure in the United States, including 2.2 GW of nuclear power and a significant dispatchable fossil fleet. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, with our generation fleet principally located in the Mid-Atlantic, Ohio, and Montana. Our team is committed to generating power safely and reliably and delivering the most value per megawatt produced. Talen is also powering the digital infrastructure revolution. We are well-positioned to serve this growing industry, as artificial intelligence data centers increasingly demand more reliable power. Our Operations Our Fleet The following discussion provides a brief overview of our fleet. See \u201cItem 2. Properties\u201d for additional information on each of our facilities Highly efficient baseload generation. We own and operate over 5.7 GW of low- and zero-carbon baseload generation, including a 90% interest in, the 2.5 GW Susquehanna facility, the seventh largest nuclear-powered generation facility in the U.S. In 2025, we produced approximately 17 TWh of reliable, zero-carbon power from Susquehanna at a low all-in cost of approximately $27 per MWh, while also maintaining excellent safety and operational performance (when measured by standards adopted by the nuclear industry). While Susquehanna has typically comprised approximately half of our total annual generation, we recently added an additional 2.8 GW of low-carbon generation\u2014the equivalent of more than the entire Susquehanna plant\u2014through our recent acquisitions of Freedom and Guernsey, which are some of the new newest, most highly-efficient H-class combined-cycle baseload natural gas facilities in the market. We also recently entered into an agreement to acquire the Lawrenceburg Power Plant and Waterford Energy Center, combin ITEM 1A. RISK FACTORS You should carefully read and consider all the risks and uncertainties described below, as well as the other information included in this Report, including the Annual Financial Statements. Although we believe the following discussion includes the key risks affecting our business, new risks and uncertainties emerge from time to time, and ", "title": "TLN - Talen Energy Corp", "url": "/company/TLN/" }, { "kind": "company", "summary": "SIC 1531 Operative Builders; CIK 0001562476; latest 10-K filed 2026-02-18.", "text": "TMHC - Taylor Morrison Home Corp SIC 1531 Operative Builders; CIK 0001562476; latest 10-K filed 2026-02-18. TMHC Taylor Morrison Home Corp 0001562476 1531 Operative Builders ITEM 7 | MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ITEM 7 | MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General Overview Our principal business is residential homebuilding and the development of lifestyle communities with operations across 12 states. We provide a collection of homes across a wide range of price points to appeal to a variety of consumer groups. We design, build and sell single and multi-family detached and attached homes in traditionally high growth markets for entry-level, move-up, and resort lifestyle buyers. Our homebuilding segments operate under the Taylor Morrison and Esplanade brand names. We also have a \u201cBuild-to-Rent\u201d homebuilding business which operates under the Yardly brand name. In addition, we provide financial services to customers through our wholly owned mortgage subsidiary, TMHF, title services through our wholly owned title services subsidiary, Inspired Title, and homeowner\u2019s insurance policies through our insurance agency, TMIS. For reporting purposes, Taylor Morrison Home Corporation (\u201cTMHC\u201d) and Taylor Morrison Communities, Inc. (\"TM Communities\") are substantially similar, with no material differences. Our business is organized into multiple homebuilding operating components, and a financial services component, all of which are organized as four operating segments: East, Central, West and Financial Services, as follows: [[GREPCENT_TABLE]] [[\"East\",\"Atlanta, Charlotte, Jacksonville, Naples, Orlando, Raleigh, Sarasota, and Tampa\"],[\"Central\",\"Austin, Dallas, Denver, Houston, and Indianapolis\"],[\"West\",\"Bay Area, Las Vegas, Phoenix, Pacific Northwest, Sacramento, and Southern California\"],[\"Financial Services\",\"Taylor Morrison Home Funding, Inspired Title Services, and Taylor Morrison Insurance Services\"]] [[/GREPCENT_TABLE]] (1) During the year ended December 31, 2025, we combined our Portland and Seattle divisions to become Pacific Northwest. Annual Overview and Business Strategy We benefit from a dynamic and flexible operating strategy that allows us to serve a broad range of consumers and respond to market and economic conditions, community by community, to maximize our financial performance. This flexible but prudent approach allows for shifts in our pricing strategies, community openings, financing incentives, starts volume and land investments to minimize risk and recalibrate affordability, while maintaining strong performance metrics. We continuously adjust sales prices and our finance product offerings across our portfolio based on market conditions to drive sales while also protecting the value of our backlog. Pricing adjustments are utilized in a variety of ways including finance incentives, adjustments to the pricing of lot premiums, options and upgrades, and in some instances base price of the home. Each community\u2019s buyer profile mix of adjustments is dependent on its backlog, inventory, duration, and competitive dynamics. Our balance sheet remained strong at December 31, 2025, ending the year with approximately $1.8 billion in total liquidity, a homebuilding debt-to-capitalization ratio of 26.0% on a gross basis and 17.8% net of unrestricted cash. We believe we have a balanced capital allocation approach and continue to allocate capital and manage our land portfolio to acquire assets that have attractive characteristics, including access to preferred schools, shopping, recreation and transportation facilities. In connection with our overall land inventory management and investment process, our management team reviews these considerations, as well as other financial metrics, to decide the highest and best use of our capital. Factors Affecting Comparability of Results For the years ended December 31, 2025, 2024, and 2023 we recognized $28.8 million, $5.0 million, and $11.8 million in inventory impairment charges, respectively. Impairment charges are recorded to Cost of home closings o", "title": "TMHC - Taylor Morrison Home Corp", "url": "/company/TMHC/" }, { "kind": "company", "summary": "SIC 7011 Hotels & Motels; CIK 0001361658; latest 10-K filed 2026-02-18.", "text": "TNL - Travel & Leisure Co. SIC 7011 Hotels & Motels; CIK 0001361658; latest 10-K filed 2026-02-18. TNL Travel & Leisure Co. 0001361658 7011 Hotels & Motels ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS BUSINESS AND OVERVIEW We are a global provider of hospitality services and travel products with the following two reportable segments: \u2022Vacation Ownership \u2014 develops, markets, and sells vacation ownership interests (\u201cVOIs\u201d) to individual consumers, provides consumer financing in connection with the sale of VOIs, and provides property management services at resorts. This segment is wholly comprised of our Vacation Ownership business line. \u2022Travel and Membership \u2014 operates a variety of travel businesses, including vacation exchange brands, travel technology platforms, travel memberships, and direct-to-consumer rentals. This segment is comprised of our Exchange and Travel Club business lines. Economic Conditions and Key Business Trends During 2025, our business saw continued demand for leisure travel which resulted in higher Gross VOI sales and Adjusted EBITDA growth at our Vacation Ownership business, as compared to the prior year. Tour flow increased year\u2011over\u2011year in the fourth quarter, as well as for the full year. We believe this tour increase, coupled with a significant increase in volume per guest (\u201cVPGs\u201d) as compared to the prior year, highlights consumers\u2019 recognition of the value proposition of our products. Such value proposition becomes especially apparent during periods of inflation when the costs of other accommodation types are rising. Although consumer sentiment progressively declined throughout 2025, our Vacation Ownership business is benefited by the fact that the majority of our owners do not have loans and are therefore less dependent on economic conditions when making travel decisions, which provides opportunities for upgrade sales. At our Travel and Membership business, 2025 continued to reflect the impacts of exchange headwinds, which resulted in lower revenues. This decline was primarily attributed to a reduction in member counts and an increasing mix of exchange members with club affiliations. Exchange members with club affiliations have historically demonstrated a lower propensity to transact, which has contributed to a decline in exchange transactions. This decline was partially offset by continued growth in Travel Club transactions. Exchange revenue per transaction remained flat compared to the prior year, while Travel Club revenue per transaction declined. However, the overall improvement in Travel Club transactions outpaced the decline in revenue per transaction leading to increased revenue for this subset of the business, supporting this segment\u2019s performance. Given recent declines in the number of exchange members, this business may be negatively impacted in the future if we are required to purchase additional inventory to supplement the inventory supplied by exchange members. While we continue to benefit from the changes we made to our marketing criteria to strengthen sales efficiencies and improve the performance of our vacation ownership contract receivables (\u201cVOCR\u201d) portfolio, similar to a number of other companies, we are experiencing some pressure on our loan portfolio primarily due to delinquencies remaining elevated over historical levels. We have seen an improvement in interest rates on our variable rate corporate borrowings which positively impacted our interest expense during 2025. Interest expense was also benefitted by savings associated with refinancing our revolving credit facility at the end of the second quarter, which reduced the associated interest rate spread on borrowings by 25 basis points at all pricing levels, and the refinancing of our $350 million notes in the third quarter with a nearly 50 basis point interest rate reduction. We anticipate further interest savings following the refinancing of our Term Loan B facility, which occurred at the end of the fourth quarter and reduced the interest rate on this facility by 50 basis points (see Note 15\u2014Debt to the Consolidated ITEM 1. BUSINESS Company Overview Travel + Leisure Co. is a leading leisure travel company. We provide vacation experiences and travel inspiration to millions of owners, members, and subscribers through our diverse portfolio of products and services. Travel + Leisure Co. has the following segments as of December 31, 2025: \u2022Vacation Ownership includes the world\u2019s largest vacation ownership business based on number of owners and resorts, with 797,000 owner families and more than 280 vacation club resort locations. We provide vacation ownership experiences under popular hospitality and leisure brands, including Club Wyndham, WorldMark, Margaritaville Vacation Club, Sports Illustrated Resorts, Eddie Bauer Adventure Club, and Accor Vacation Club. \u2022Travel and Membership includes our Exchange and Travel Club business lines. RCI is the world\u2019s largest exchange company based on the number of members and affiliated resorts, with 3.3 million members and 3,600 affiliated resorts in its network. Our Travel Club business line seeks to capture a greater share of its members\u2019 travel budgets by offering a variety of tailored travel products and services to closed user groups, including through Travel + Leisure GO, RCI, and Travel + Leisure For Business, our business-to-business (\u201cB2B\u201d) private-label travel club solutions for associations, organizations, and other partners. History and Development Our corporate history can be traced back to the formation of Hospitality Franchise Systems (\u201cHFS\u201d) in 1990. In December 1997, HFS merged with CUC International, Inc. to form Cendant Corporation (\u201cCendant\u201d), which then expanded further 3 Table of Contents through the addition of vacation rentals and vacation ownership businesses. On July 31, 2006, Cendant distributed all of the shares of its subsidiary, Wyndham Worldwide Corporation (\u201cWyndham Worldwide\u201d), to the holders of Cendant common stock. On August 1, 2006, we commenced \u201cregular way\u201d trading on the New York Stock Exchange ITEM 1A. RISK FACTORS You should carefully consider each of the following risk factors and all of the other information set forth in this report. Based on the information currently known to us, we believe that the following information identifies the material risk factors affecting our company. However, the risks and uncertainties we face are not limited to those set", "title": "TNL - Travel & Leisure Co.", "url": "/company/TNL/" }, { "kind": "company", "summary": "SIC 1531 Operative Builders; CIK 0000794170; latest 10-K filed 2025-12-19.", "text": "TOL - Toll Brothers, Inc. SIC 1531 Operative Builders; CIK 0000794170; latest 10-K filed 2025-12-19. TOL Toll Brothers, Inc. 0000794170 1531 Operative Builders ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (\u201cMD&A\u201d) This discussion and analysis is based on, should be read together with, and is qualified in its entirety by, the Consolidated Financial Statements and Notes thereto in Item 15(a)1 of this Form 10-K, beginning at page F-1. It also should be read in conjunction with the disclosure under \u201cForward-Looking Statements\u201d in Part I of this Form 10-K. When this report uses the words \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and the \u201cCompany,\u201d they refer to Toll Brothers, Inc. and its subsidiaries, unless the context otherwise requires. References herein to fiscal year refer to our fiscal years ended or ending October 31. Unless otherwise stated in this report, net contracts signed represents a number or value equal to the gross number or value of contracts signed during the relevant period, less the number or value of contracts cancelled during the relevant period, which includes contracts that were signed during the relevant period and in prior periods. Backlog consists of homes under contract but not yet delivered to our home buyers (\u201cbacklog\u201d). Backlog conversion represents the percentage of homes delivered in the period from backlog at the beginning of the period (\u201cbacklog conversion\u201d). OVERVIEW Our Business We design, build, market, sell, and arrange financing for an array of luxury residential single-family detached, attached, master-planned, resort-style golf, and urban low-, mid-, and high-rise communities, principally on land we develop and improve. In recent years, we have pursued a strategy of broadening our product lines, price points and geographic footprint, as well as increasing the number of spec homes that we sell relative to our traditional build-to-order homes. We cater to luxury first-time, move-up, empty-nester (move-down), active-adult, and second-home buyers in the United States. From time to time, we also design, build, market, and sell high-density, high-rise urban luxury condominiums, which we endeavor to do with third-party joint venture partners. At October 31, 2025, we were operating in 24 states and in the District of Columbia. In the five years ended October 31, 2025, we delivered 52,203 homes from 1,061 communities, including 11,292 homes from 556 communities in fiscal 2025. At October 31, 2025, we had 1,137 communities in various stages of planning, development or operations containing approximately 76,100 home sites that we owned or controlled through options. At fiscal year-end, we were selling from 446 of these communities. We operate our own architectural, engineering, mortgage, title, land development, insurance, smart home technology and landscaping subsidiaries. We also develop master-planned and golf course communities as well as operate, in certain regions, our own lumber distribution, house component assembly and component manufacturing operations. In addition to our residential for-sale business, we have also developed and, in some cases operated, for-rent apartments generally through joint ventures. In September 2025, we announced plans to exit this business over time. See the section entitled \u201cApartment Living\u201d below. We have investments in various unconsolidated entities, including our Land Development Joint Ventures, Home Building Joint Ventures and Rental Property Joint Ventures. Financial Highlights In fiscal 2025, we recognized $10.97 billion of revenues, consisting of $10.84 billion of home sales revenues and $124.5 million of land sales and other revenues, and net income of $1.35 billion, as compared to $10.85 billion of revenues, consisting of $10.56 billion of home sales revenues and $283.4 million of land sales and other revenues, and net income of $1.57 billion in fiscal 2024. Land sales and other revenue, pre-tax income and net income in fiscal 2024 included $185.0 million, $175.2 million and $124.1 million, respectively, related to the sale of a single parcel of land in northern Virginia ITEM 1. BUSINESS Toll Brothers, Inc., a corporation incorporated in Delaware in May 1986, began doing business through predecessor entities in 1967. When this report uses the words \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and the \u201cCompany,\u201d it refers to Toll Brothers, Inc. and its subsidiaries, unless the context otherwise requires. References herein to fiscal year refer to our fiscal years ended or ending October 31. General We design, build, market, sell, and arrange financing for an array of luxury residential single-family detached home, attached home, master-planned, and urban low-, mid-, and high-rise communities. In recent years, we have pursued a strategy of broadening our product lines, price points and geographic footprint, as well as increasing the number of quick move-in (or \u201cspec\u201d) homes that we sell relative to our traditional build-to-order homes. We cater to luxury first-time, move-up, empty-nester (move-down), active-adult and second-home buyers in the United States. We also design, build, market, and sell high-density, high-rise urban luxury condominiums with third-party joint venture partners through Toll Brothers City Living\u00ae (\u201cCity Living\u201d). At October 31, 2025, we were operating in 24 states and in the District of Columbia. In the five years ended October 31, 2025, we delivered 52,203 homes from 1,061 communities, including 11,292 homes from 556 communities in fiscal 2025. At October 31, 2025, we had 1,137 communities in various stages of planning, development or operations containing approximately 76,100 home sites that we owned or controlled through options. At fiscal year-end, we were selling from 446 of these communities. Backlog consists of homes under contract but not yet delivered to our home buyers. We had a backlog of $5.49 billion (4,647 homes) at October 31, 2025; we expect to deliver approximately 98% of these homes in fiscal 2026. We operate our own architectural, engineering, mortgage, title, land development, insurance, smart home technology and ITEM 1A. RISK FACTORS Risks Related to Our Business and Industry Housing market demand fluctuations have adversely affected, and may continue to adversely affect our business, results of operations, and financial condition. Demand for our homes is subject to fluctuations and difficult to predict, often due to factors outside of our control, such as employ", "title": "TOL - Toll Brothers, Inc.", "url": "/company/TOL/" }, { "kind": "company", "summary": "SIC 2400 Lumber & Wood Products (No Furniture); CIK 0001069878; latest 10-K filed 2026-02-25.", "text": "TREX - TREX CO INC SIC 2400 Lumber & Wood Products (No Furniture); CIK 0001069878; latest 10-K filed 2026-02-25. TREX TREX CO INC 0001069878 2400 Lumber & Wood Products (No Furniture) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements regarding our expected financial position and operating results, our business strategy, our financing plans, forecasted demographic and economic trends relating to our industry and similar matters are forward-looking statements. These statements can sometimes be identified by our use of forward-looking words such as \u201cmay,\u201d \u201cwill,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend\u201d or similar expressions. We cannot promise you that our expectations in such forward-looking statements will turn out to be correct. Our actual results could be materially different from our expectations because of various factors, including the factors discussed under \u201cItem 1A. Risk Factors.\u201d These statements are also subject to risks and uncertainties that could cause the Company\u2019s actual operating results to differ materially. Such risks and uncertainties include, but are not limited to, the extent of market acceptance of the Company\u2019s current and newly developed products; the costs associated with the development and launch of new products and the market acceptance of such new products; the sensitivity of the Company\u2019s business to general economic conditions; the impact of seasonal and weather-related demand fluctuations on inventory levels in the distribution channel and sales of the Company\u2019s products; the availability and cost of third-party transportation services for the Company\u2019s products and raw materials; the Company\u2019s ability to obtain raw materials, including scrap polyethylene, wood fiber and other materials used in making our products, at acceptable prices; increasing inflation and tariffs in the macro-economic environment; the Company\u2019s ability to maintain product quality and product performance at an acceptable cost; the Company\u2019s ability to increase throughput and capacity to adequately match supply with demand; the level of expenses associated with warranty claims, product replacement and consumer relations expenses related to product quality; the highly competitive markets in which the Company operates; cyber-attacks, security breaches or other security vulnerabilities; the impact of current and upcoming data privacy laws and the EU General Data Protection Regulation and the related actual or potential costs and consequences; material adverse impacts from global public health pandemics and geopolitical conflicts; and material adverse impacts related to labor shortages or increases in labor costs. OVERVIEW The following MD&A is intended to help the reader understand the operations and current business environment of the Company. The MD&A is provided as a supplement to \u2014 and should be read in conjunction with \u2014 our Consolidated Financial Statements and the accompanying notes thereto contained in \u201cItem 8. Financial Statements and Supplementary Data\u201d of this report. MD&A includes the following sections: \u2022 Our Business \u2014 a general description of our business, a brief overview of our products, and highlights for the twelve months ended December 31, 2025. \u2022 Critical Accounting Estimates \u2014 a discussion of accounting policies that require critical judgments and estimates. \u2022 Results of Operations \u2014 an analysis of our consolidated results of operations for 2025 and 2024 and year-to-year comparisons. An analysis of our consolidated results of operations for 2024 and 2023 and year-to-year comparisons between 2024 and 2023 can be found in MD&A in Part II, Item 7 of the Company\u2019s Form 10-K for the year ended December 31, 2024. \u2022 Liquidity and Capital Resources \u2014 an analysis of cash flows, contractual obligations, and a discussion of our capital and other cash requirements. \u2022 New Accounti", "title": "TREX - TREX CO INC", "url": "/company/TREX/" }, { "kind": "company", "summary": "SIC 7320 Services-Consumer Credit Reporting, Collection Agencies; CIK 0001552033; latest 10-K filed 2026-02-27.", "text": "TRU - TransUnion SIC 7320 Services-Consumer Credit Reporting, Collection Agencies; CIK 0001552033; latest 10-K filed 2026-02-27. TRU TransUnion 0001552033 7320 Services-Consumer Credit Reporting, Collection Agencies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of TransUnion\u2019s financial condition and results of operations is provided as a supplement to, and should be read in conjunction with Part I, Item 1A, \u201cRisk Factors,\u201d and Part II, Item 8, \u201cFinancial Statements and Supplementary Information,\u201d including TransUnion\u2019s audited consolidated financial statements and the accompanying notes. In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including but not limited to those discussed in \u201cCautionary Notice Regarding Forward-Looking Statements\u201d and Part I, Item 1A, \u201cRisk Factors.\u201d References in this discussion and analysis to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to TransUnion and its direct and indirect subsidiaries, including TransUnion Intermediate Holdings, Inc. and Trans Union LLC. Overview TransUnion is a leading global information and insights company that makes trust possible between businesses and consumers, helping people around the world access opportunities that can lead to a higher quality of life. That trust is built on TransUnion\u2019s ability to deliver safe, innovative solutions with credibility and consistency. We call this Information for Good. We have built robust data and analytics assets for a large portion of the adult population in the markets we serve. We use our OneTru solution enablement platform to centralize data management, identity resolution, AI-powered analytics, enabling more persistent identity resolution with sharper, more contextualized insights. We use these insights, combined with our industry expertise, to develop relevant solutions to solve customers\u2019 needs, including credit risk, marketing and fraud mitigation. Because of our work, customers can better understand consumers in order to make more informed decisions, earn consumer trust through personalized experiences, and extend the appropriate opportunities, tools and offers. In turn, we believe consumers can be confident that their data identities will result in better offers and opportunities. Our solutions enable businesses to manage and measure credit risk, market to new and existing customers, verify consumer identities, and mitigate fraud. We have deep domain expertise across a number of attractive industries, which we also refer to as verticals, including Financial Services and Emerging Verticals, which includes Insurance, Technology, Retail and E-Commerce, Telecommunications, Media, Tenant & Employment Screening, Collections, and Public Sector. In addition, consumers use our solutions to view their credit profiles, access analytical tools that help them understand and manage their personal financial information, and take precautions against identity theft. We have a global presence in over 30 countries and territories across North America, Latin America, Europe, Africa, India and Asia Pacific. Our addressable market includes the global data and analytics market, which continues to grow as companies increasingly recognize the benefits of data and analytics-based decision making, and as consumers recognize the important role that their data identities play in their ability to procure goods and services and prevent fraud. There are several underlying trends supporting this market growth, including the proliferation of data, advances in technology such as AI that enable data to be processed more quickly and efficiently to provide business insights, and growing demand for these business insights across industries and geographies. We have grown our business by expanding the breadth and depth of our data, strengthening our analytics capabilities, expanding into co ITEM 1 BUSINESS Overview TransUnion is a leading global information and insights company that makes trust possible between businesses and consumers, helping people around the world access opportunities that can lead to a higher quality of life. That trust is built on TransUnion\u2019s ability to deliver safe, innovative solutions with credibility and consistency. We call this Information for Good. We have built robust data and analytics assets for a large portion of the adult population in the markets we serve. We use our OneTru solution enablement platform to centralize data management, identity resolution and Artificial Intelligence (\u201cAI\u201d) powered analytics, enabling more persistent identity resolution with sharper, more contextualized insights. We use these insights, combined with our industry expertise, to develop relevant solutions to solve customers\u2019 needs, including credit risk, marketing and fraud mitigation. Because of our work, customers can better understand consumers in order to make more informed decisions, earn consumer trust through personalized experiences, and extend the appropriate opportunities, tools and offers. In turn, we believe consumers can be confident that their data identities will result in better offers and opportunities. Our solutions enable businesses to manage and measure credit risk, market to new and existing customers, verify consumer identities, and mitigate fraud. We have deep domain expertise across a number of attractive industries, which we also refer to as verticals, including our Financial Services and Emerging Verticals, which includes Insurance, Technology, Retail and E-Commerce, Telecommunications, Media, Tenant & Employment Screening, Collections and Public Sector. In addition, consumers use our solutions to view their credit profiles, access analytical tools that help them understand and manage their personal financial information, and take precautions against identity theft. We have a global presence in over 30 countri ITEM 1A. RISK FACTORS You should carefully consider the following risks as well as the other information included in this report, including \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our financial statements and related notes. Any of the follow", "title": "TRU - TransUnion", "url": "/company/TRU/" }, { "kind": "company", "summary": "SIC 3524 Lawn & Garden Tractors & Home Lawn & Gardens Equip; CIK 0000737758; latest 10-K filed 2025-12-17.", "text": "TTC - TORO CO SIC 3524 Lawn & Garden Tractors & Home Lawn & Gardens Equip; CIK 0000737758; latest 10-K filed 2025-12-17. TTC TORO CO 0000737758 3524 Lawn & Garden Tractors & Home Lawn & Gardens Equip ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is intended to provide a reader of our Consolidated Financial Statements with a narrative from the perspective of management on our financial condition, results of operations, liquidity, and certain other factors that may affect our future results. Our Consolidated Financial Statements and Notes to Consolidated Financial Statements are included in Part II, Item 8, \"Financial Statements and Supplementary Data,\" of this Annual Report on Form 10-K and all references in this MD&A to the Notes to Consolidated Financial Statements can be found in Part II, Item 8, \"Financial Statements and Supplementary Data,\" of this Annual Report on Form 10-K. Unless expressly stated otherwise, the comparisons presented in this MD&A refer to the year-over-year comparison of changes in our financial condition and results of operations as of and for the fiscal years ended October 31, 2025 and 2024. Discussion of fiscal 2023 items and the year-over-year comparison of changes in our financial condition and results of operations as of and for the fiscal years ended October 31, 2024 and 2023 can be found in Part II, Item 7, \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\" of our Annual Report on Form 10-K for the fiscal year ended October 31, 2024. Statements that are not historical are forward-looking and involve risks and uncertainties, including those discussed in Part I, Item 1A, \"Risk Factors,\" and elsewhere in this Annual Report on Form 10-K. These risks and uncertainties could cause our actual results to differ materially from any future performance suggested throughout this MD&A. Our MD&A is presented as follows: \u2022Company Overview \u2022Results of Operations \u2022Business Segments \u2022Financial Position \u2022Non-GAAP Financial Measures \u2022Critical Accounting Policies and Estimates Throughout this MD&A, we have provided financial and liquidity measures that are not calculated or presented in accordance with U.S. GAAP (\"non-GAAP financial measures,\" \"adjusted\" before specified financial measures, and \"non-GAAP liquidity measures\"), as information supplemental and in addition to the most directly comparable financial measures presented in this Annual Report on Form 10-K that are calculated and presented in accordance with U.S. GAAP. We believe that these non-GAAP financial measures, when considered in conjunction with our Consolidated Financial Statements prepared in accordance with U.S. GAAP, provide investors with useful supplemental financial information to better understand our core operational performance and cash flows. These non-GAAP financial measures, however, should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the most directly comparable U.S. GAAP financial measures. Reconciliations of non-GAAP financial measures to the most directly comparable reported U.S. GAAP financial measures are included in the section titled \"Non-GAAP Financial Measures.\" COMPANY OVERVIEW Executive Summary Our fiscal 2025 results included the following items of significance that are provided in summary format here and described in greater detail throughout the \"Results of Operations,\" \"Business Segments,\" and \"Financial Position\" sections: \u2022Consolidated net sales for fiscal 2025 were $4,510.4 million, a decrease of 1.6 percent compared to $4,583.8 million in fiscal 2024. \u2022Professional segment net sales for fiscal 2025 were $3,624.0 million, an increase of 1.9 percent compared to $3,556.9 million in fiscal 2024. \u2022Residential segment net sales for fiscal 2025 were $858.4 million, a decrease of 14.0 percent compared to $998.3 million in fiscal 2024. \u2022Gross margin was 33.4 percent in fiscal 2025, a decrease of 40 basis points compared to 33.8 percent in fiscal 20 ITEM 1. BUSINESS Introduction We design, manufacture, market and sell professional turf maintenance equipment and services; turf irrigation systems; landscaping equipment and lighting products; snow and ice management products; agricultural irrigation (\"ag-irrigation\") systems; rental, specialty and underground construction equipment; and residential yard and snow thrower products. Our purpose is to help our customers enrich the beauty, productivity, and sustainability of the land. Our products are marketed and sold worldwide through a network of distributors, dealers, mass retailers, hardware retailers, equipment rental centers, and home centers, as well as online and direct to end-users under the primary trademarks of Toro\u00ae, Ditch Witch\u00ae, eXmark\u00ae, Spartan\u00ae, BOSS\u00ae, Ventrac\u00ae, American Augers\u00ae, Subsite\u00ae, HammerHead\u00ae, Radius\u00ae, Perrot\u00ae, Hayter\u00ae, Unique Lighting Systems\u00ae, Irritrol\u00ae, and Lawn-Boy\u00ae, most of which are registered in the United States (\"U.S.\") and/or in the primary countries outside the U.S. where we market our products branded under such trademarks. We focus on innovation and quality in our products, customer service, manufacturing, and marketing. We strive to provide innovative, well-built, and dependable products supported by an extensive service network. We commit to funding research, development, and engineering activities in order to improve and enhance existing products and develop new products. Through these efforts, we seek to be responsive to trends that may affect our target markets now and in the future. A significant portion of our net sales has historically been, and we expect will continue to be, attributable to new and enhanced products. We define new products as those introduced in the current and previous two fiscal years. We have continued to complement our brands, enhance our product portfolios, and improve our technologies through innovation and strategic acquisitions over the more than 100 years we have been in business, including m ITEM 1A. RISK FACTORS The following are material risk factors known to us that could materially adversely affect our business, reputation, operating results, industry, financial position, or future financial or operational performance. The risks described below are not the only risks we face. Additional risks not pres", "title": "TTC - TORO CO", "url": "/company/TTC/" }, { "kind": "company", "summary": "SIC 8711 Services-Engineering Services; CIK 0000831641; latest 10-K filed 2025-11-20.", "text": "TTEK - TETRA TECH INC SIC 8711 Services-Engineering Services; CIK 0000831641; latest 10-K filed 2025-11-20. TTEK TETRA TECH INC 0000831641 8711 Services-Engineering Services Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following analysis of our financial condition and results of operations should be read in conjunction with Part I of this report, as well as our consolidated financial statements and accompanying notes in Item 8. The following analysis contains forward-looking statements about our future results of operations and expectations. Our actual results and the timing of events could differ materially from those described herein. See Part 1, Item 1A, \"Risk Factors\" for a discussion of the risks, assumptions and uncertainties affecting these statements. The discussion and analysis for fiscal 2024 compared to fiscal 2023 can be found under Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Annual Report on Form 10-K for the fiscal year ended September 29, 2024. 32 OVERVIEW OF RESULTS AND BUSINESS TRENDS General. Our revenue growth of 4.7% in fiscal 2025 was primarily due to increased activity in the U.S. state and local and U.S. federal government client sectors. The overall growth includes $80 million from our recent acquisitions, that did not have comparable revenue for fiscal 2024. Excluding the impact of these acquisitions, our revenue increased 3.2% compared to last fiscal year. The table below presents our revenue by client sector (amounts in thousands): [[GREPCENT_TABLE]] [[\"\",\"Fiscal Year Ended\"],[\"\",\"September 28, 2025\",\"\",\"September 29, 2024\",\"\",\"Change\"],[\"\",\"\",\"\",\"$\",\"\",\"%\"],[\"Client sector\"],[\"U.S. federal government (1)\",\"$\",\"1,718,831\",\"\",\"\",\"$\",\"1,675,996\",\"\",\"\",\"$\",\"42,835\",\"\",\"\",\"2.6%\"],[\"U.S. state and local government\",\"789,968\",\"\",\"\",\"613,185\",\"\",\"\",\"176,783\",\"\",\"\",\"28.8\"],[\"U.S. commercial\",\"899,298\",\"\",\"\",\"909,642\",\"\",\"\",\"(10,344)\",\"\",\"\",\"(1.1)\"],[\"International (2)\",\"2,034,493\",\"\",\"\",\"1,999,856\",\"\",\"\",\"34,637\",\"\",\"\",\"1.7\"],[\"Total\",\"$\",\"5,442,590\",\"\",\"\",\"$\",\"5,198,679\",\"\",\"\",\"$\",\"243,911\",\"\",\"\",\"4.7%\"]] [[/GREPCENT_TABLE]] (1) Includes revenue generated under U.S. federal government contracts performed outside the United States. (2) Includes revenue generated from non-U.S. clients, primarily in Australia, Canada and the United Kingdom. U.S. Federal Government [[GREPCENT_TABLE]] [[\"\",\"Fiscal Year Ended\"],[\"\",\"September 28, 2025\",\"\",\"September 29, 2024\",\"\",\"Change\"],[\"\",\"\",\"\",\"$\",\"\",\"%\"],[\"\",\"($ in thousands)\"],[\"Revenue\",\"$\",\"1,718,831\",\"\",\"\",\"$\",\"1,675,996\",\"\",\"\",\"$\",\"42,835\",\"\",\"\",\"2.6%\"]] [[/GREPCENT_TABLE]] Our U.S. federal government sector grew 2.6% in fiscal 2025 primarily due to increased disaster response work related to the Palisades and Eaton fires in Southern California, which occurred in early January 2025. The revenue growth also includes approximately $35 million of revenue from recent acquisitions that did not have comparable revenue in fiscal 2024. On January 20, 2025, President Trump signed Executive Order 14169, titled \"Reevaluating and Realigning United States Foreign Aid\", which initiated a 90-day pause on all U.S. foreign development assistance programs to assess their alignment with U.S. foreign policy objectives with few exemptions. Following a six-week review, on February 27, 2025, U.S. Secretary of State Rubio announced the cancellation of 83% of USAID programs, totaling approximately 5,200 contracts. Subsequently, we were notified that virtually all of our contracts with USAID were terminated for convenience with immediate effect. In fiscal 2025, our U.S. federal government revenue included $576.4 million from USAID programs compared to $677.2 million last fiscal year. We currently expect no significant USAID revenue in fiscal 2026. However, we do expect our U.S. federal revenue to grow next fiscal year, excluding USAID and disaster response activities. U.S. State and Local Government [[GREPCENT_TABLE]] [[\"\",\"Fiscal Year Ended\"],[\"\",\"September 28, 2025\",\"\",\"September 29, 2024\",\"\",\"Change\"],[\"\",\"\",\"\",\"$\",\"\",\"%\"],[\"\",\"($ in Item 1. Business General Tetra Tech, Inc. (\"Tetra Tech\") is a leading global provider of high-end consulting and engineering services that focuses on water, environment and sustainable infrastructure. We are a global company that is Leading with Science\u00ae to provide innovative solutions for our public and private clients. We typically begin at the earliest stage of a project by identifying technical solutions and developing execution plans tailored to our clients' needs and resources. Tetra Tech is Leading with Science\u00ae to provide sustainable and resilient solutions to our clients' most complex needs. Engineering News-Record (\"ENR\"), the engineering industry's leading magazine, has ranked Tetra Tech #1 in Water Treatment and Desalination for 12 years in a row. In 2025, we were also ranked #1 in consulting studies, environmental management, environmental science, wind power, hydro plants, site assessment and compliance, and green government offices. ENR also ranked Tetra Tech in the Top 10 in numerous categories, including dams and reservoirs, marine and port facilities, power, solar power, solid waste, chemical and soil remediation, and hazardous waste. Our reputation for high-end consulting and engineering services and our ability to develop solutions for water and environmental management has supported our growth for more than 50 years. Our market leading climate mitigation and adaptation services are solving our clients' most complex challenges related to coastal flooding, water security, energy transition and biodiversity protection. Today, we are proud to be making a difference in people\u2019s lives worldwide through our high-end consulting, engineering and technology service offerings. In fiscal 2025, we worked on over 100,000 projects, in more than 100 countries on all seven continents, with more than 25,000 associates. We are Leading with Science\u00ae throughout our operations, with domain experts across multiple disciplines supported by our advanced analytics Item 1A. Risk Factors We operate in a changing environment that involves numerous known and unknown risks and uncertainties that could materially adversely affect our operations. Set forth below and elsewhere in this report and in other documents we file with the SEC are descriptions of the risks and uncertainties that could cause our actual result", "title": "TTEK - TETRA TECH INC", "url": "/company/TTEK/" }, { "kind": "company", "summary": "SIC 3672 Printed Circuit Boards; CIK 0001116942; latest 10-K filed 2026-02-17.", "text": "TTMI - TTM TECHNOLOGIES INC SIC 3672 Printed Circuit Boards; CIK 0001116942; latest 10-K filed 2026-02-17. TTMI TTM TECHNOLOGIES INC 0001116942 3672 Printed Circuit Boards ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This financial review presents our operating results for each of our three most recent fiscal years and our financial condition as of December 29, 2025. Except for historical information contained herein, the following discussion contains forward-looking statements which are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. We discuss such risks, uncertainties, and other factors throughout this Report and specifically under Item 1A, Risk Factors of Part I of this Report. In addition, the following discussion should be read in connection with the information presented in our consolidated financial statements and the related notes to our consolidated financial statements. COMPANY OVERVIEW We are a leading global manufacturer of technology products, including mission systems, RF components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including PCBs and substrates. We focus on providing time-to-market and volume production of advanced technology products and offer a one-stop design, engineering, and manufacturing solution to our customers. This solution allows us to align technology development with the diverse needs of our customers and to enable them to reduce the time required to develop new products and bring them to market. We serve a diversified customer base consisting of approximately 1,300 customers in various markets throughout the world, including aerospace and defense, data center computing, automotive, medical, industrial, and instrumentation, and networking. Our customers include OEMs, EMS providers, ODMs, distributors, and government agencies (both domestic and allied foreign governments). RECENT DEVELOPMENTS On July 9, 2025, we announced the acquisition of a facility in Eau Claire, Wisconsin, as well as land rights for an additional future manufacturing site in Penang, Malaysia. We believe the Eau Claire, Wisconsin facility comes equipped with the necessary infrastructure to support advanced technology PCB manufacturing and enhances our ability to support future high-volume U.S. production of advanced technology PCBs across key markets, particularly data center computing and networking for generative AI applications. In addition, we acquired land rights for ten acres in Penang to establish a new production site that we anticipate will align with customers\u2019 increasing interests in supply chain diversification beyond China. The future Penang facility will be in close proximity to our existing facility and will enable us to deliver cost-competitive, high-quality advanced technology PCB manufacturing to commercial markets such as data center computing, networking, and medical, industrial, and instrumentation. Together, these new investments support our strategy to offer regionally optimized, globally connected manufacturing solutions for our customers. We previously announced we are in the process of constructing a new advanced technology PCB manufacturing facility in Syracuse, New York. We expect that our new facility will bring advanced technology capability for our domestic high-volume production of ultra-HDI PCBs in support of national security requirements. The building construction is complete, equipment is arriving, and we are beginning to install and test equipment setups. Volume production in this facility is expected to commence in the second half of 2026. 30 FINANCIAL OVERVIEW Our customers include both OEMs and EMS providers. We sell to OEMs both directly and indirectly through EMS providers. For such indirect sales, we measure customers based on OEM companies as they are the ultimate end customers. Sales to our ten largest customers collectively accounted for 55%, 42%, and 41% of our net sales in 2025, 2024, and 2023, ITEM 1. BUSINESS General We are a leading global manufacturer of technology products, including mission systems, RF components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including PCBs and substrates. In 2025, we generated approximately $2.9 billion in net sales and ended the year with approximately 18,200 employees worldwide. We currently operate a total of 24 specialized facilities in North America and Asia. We focus on providing time-to-market and volume production of advanced technology products and offer a one-stop design, engineering, and manufacturing solution to our customers. This solution allows us to align technology development with the diverse needs of our customers and to enable them to reduce the time required to develop new products and bring them to market. We serve a diversified customer base consisting of approximately 1,300 customers in various markets throughout the world, including aerospace and defense, data center computing, automotive, medical, industrial, and instrumentation, and networking. Our customers include OEMs, EMS providers, ODMs, distributors, and government agencies (both domestic and allied foreign governments). We report our worldwide operations based on three reportable segments: (1) A&D, which consists of 13 domestic system, subsystem, and PCB fabrication plants; (2) Commercial, which consists of three domestic PCB fabrication plants, four PCB fabrication plants in China, one in Malaysia, and one in Canada; and (3) RF&S Components, which consists of one domestic RF component plant and one RF component plant in China. Each segment operates predominantly in the same industries with facilities that produce customized products for our customers and use similar means of product distribution. Additional information on our reportable segments and product information is contained in Part II, Item 8, Note 4, Segment Information, of the Notes to Consolidated Financial Statements. ITEM 1A. RISK FACTORS An investment in our common stock involves a high degree of risk. You should carefully consider the factors described below, in addition to those discussed elsewhere in this Report, in analyzing an investment in our common stock. If any of the events described below occurs, our business, financial condition, and resul", "title": "TTMI - TTM TECHNOLOGIES INC", "url": "/company/TTMI/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001447669; latest 10-K filed 2026-02-24.", "text": "TWLO - TWILIO INC SIC 7372 Services-Prepackaged Software; CIK 0001447669; latest 10-K filed 2026-02-24. TWLO TWILIO INC 0001447669 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion contains forward-looking statements that are based upon current plans, expectations and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under Part I, Item 1A, \u201cRisk Factors\u201d in this Annual Report on Form 10-K. This Item generally discusses our results of operations for the year ended December 31, 2025, compared to the year ended December 31, 2024. For a discussion of our results of operations for the year ended December 31, 2024, compared to the year ended December 31, 2023, please refer to Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 26, 2025, and incorporated herein by reference. Overview We envision a world in which every digital interaction is amazing. By combining our leading communications capabilities with rich contextual data and AI, we provide the infrastructure for businesses of all sizes to revolutionize how they engage with their customers by delivering seamless, trusted, and personalized customer experiences at scale. We offer highly customizable communications APIs that enable developers to embed numerous forms of messaging, voice, email, and video interactions into their customer-facing applications, as well as software products that target specific engagement needs, including our digital engagement centers, marketing campaigns, and user authentication and identity solutions. This combination of flexible APIs and software solutions, together with our customer data capabilities, helps businesses of all sizes and across numerous industries to benefit from smarter and more streamlined engagement at every step of the customer journey, including reduced customer acquisition costs, lasting loyalty, and increased customer value. The value proposition of our offerings has become stronger and our products have become more strategic to our customers as businesses are increasingly prioritizing building more personalized and differentiated customer engagement experiences through digital channels. On January 1, 2025, we realigned our business unit structure into a functional support model under one organization. We believe that operating as one organization best positions us as we seek to deliver one trusted, smart and integrated platform that enables more personalized communications and engagements for customers. In the third quarter of 2025, we modified the presentation of the financial information that is regularly reviewed by our Chief Executive Officer, who is also our Chief 44 Table of Contents Operating Decision Maker (\u201cCODM\u201d), to reflect this realignment and the change in how management currently views and operates the business. These changes required us to re-evaluate our operating segment structure and resulted in the conclusion that starting with the third quarter of 2025 and as of December 31, 2025, we had one operating and reportable segment, which comprised all of the consolidated Company. For a comprehensive overview of our business, our platform and our products refer to Part I, Item 1, \u201cBusiness,\u201d included elsewhere in this Annual Report on Form 10-K. Factors Affecting Our Results of Operations We are focused on innovation and durable, profitable growth. To increase revenue and grow market share, we intend to drive product innovation, leverage predictive and generative AI, further enhan Item 1. Business Overview We envision a world in which every digital interaction is amazing. By combining our leading communications capabilities with rich contextual data and artificial intelligence (\u201cAI\u201d), we provide the infrastructure for businesses of all sizes to revolutionize how they engage with their customers by delivering seamless, trusted, and personalized customer experiences at scale. We offer highly customizable communications application programming interfaces (\u201cAPIs\u201d) that enable developers to embed numerous forms of messaging, voice, email, and video interactions into their customer-facing applications, as well as software products that target specific engagement needs, including our digital engagement centers, marketing campaigns, and user authentication and identity solutions. This combination of flexible APIs and software solutions, together with our customer data capabilities, helps businesses of all sizes and across numerous industries to benefit from smarter and more streamlined engagement at every step of the customer journey, including reduced customer acquisition costs, lasting loyalty, and increased customer value. The value proposition of our offerings has become stronger and our products have become more strategic to our customers as businesses are increasingly prioritizing building more personalized and differentiated customer engagement experiences through digital channels. We have experienced substantial growth in our business since inception, and as of December 31, 2025, we had over 402,000 Active Customer Accounts representing organizations from small and medium-sized businesses to large enterprises across a broad range of industries. Our growth has predominantly been organic as a result of new customer acquisition, as well as customers increasing their usage of our products, extending their usage of our products to new applications, or adopting new products that we offer. We have also fueled our growth through strategic acquisi Item 1A. Risk Factors Investing in our Class A common stock (\u201ccommon stock\u201d) involves a high degree of risk. A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on F", "title": "TWLO - TWILIO INC", "url": "/company/TWLO/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0001108426; latest 10-K filed 2026-02-27.", "text": "TXNM - TXNM ENERGY INC SIC 4911 Electric Services; CIK 0001108426; latest 10-K filed 2026-02-27. TXNM TXNM ENERGY INC 0001108426 4911 Electric Services ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations for TXNM is presented on a combined basis, including certain information applicable to PNM and TNMP. This report uses the term \u201cCompany\u201d when discussing matters of common applicability to TXNM, PNM, and TNMP. The MD&A for PNM and TNMP is presented as permitted by Form 10-K General Instruction I (2) as amended by the FAST Act. For additional information related to the earliest of the two years presented please refer to the Company\u2019s 2023 Annual Report on Form 10-K. A reference to a \u201cNote\u201d in this Item 7 refers to the accompanying Notes to Consolidated Financial Statements included in Part II, Item 8, unless otherwise specified. Certain of the tables below may not appear visually accurate due to rounding. MD&A FOR TXNM EXECUTIVE SUMMARY Overview TXNM is a holding company with two regulated electric utilities, PNM and TNMP, serving approximately 842,000 residential, commercial, and industrial customers New Mexico and Texas. TXNM was incorporated in the State of New Mexico in 2000 and its common stock trades on the New York Stock Exchange under the symbol TXNM. A - 25 Table of Contents Recent Developments Merger On May 18, 2025, TXNM, Parent, and Merger Sub (both Parent and Merger Sub are affiliates of Blackstone Infrastructure) entered into the Merger Agreement pursuant to which Merger Sub will merge with and into TXNM, with TXNM surviving the Merger as a direct, wholly-owned subsidiary of Parent. Pursuant to the Merger Agreement, each issued and outstanding share of the common stock of TXNM (other than those listed in Note 22) at the Effective Time will be converted into the right to receive $61.25 in cash, without interest. The proposed Merger has been unanimously approved by the Board and was approved by the TXNM shareholders at a special meeting held on August 28, 2025. The waiting period under the HSR Act in connection with the Merger has expired without any objections or concerns having been raised, both the FCC and FERC approved the application, and the PUCT approved the unanimous settlement, satisfying four of the conditions to closing of the Merger Agreement. Consummation of the Merger remains subject to the satisfaction or waiver of certain customary conditions, including, without limitation, no Legal Restraint, and the receipt of certain required regulatory approvals (including the NMPRC and the NRC). TXNM has filed applications for regulatory approval of the Merger with the NMPRC (Note 17). The Merger Agreement does not contain any financing condition and is currently expected to close in the second half of 2026. On December 11, 2025, TXNM and Blackstone Infrastructure reached a unanimous settlement with parties in the Merger proceeding filed with the PUCT, that was approved on February 6, 2026. On February 20, 2026, FERC approved the proposed Merger rejecting claims related to data centers, private equity ownership, and speculative cross-subsidization relying on existing state ring-fencing protections in New Mexico and Texas. See Note 17. Vision, Values and Business Objectives TXNM\u2019s vision is to create a clean and bright energy future while fulfilling its purpose to work together with customers and communities to meet their energy needs. TXNM\u2019s core values of Safety, Caring and Integrity are the foundation for the Company\u2019s business objectives focused on safety excellence and customer satisfaction, including reliability. To reach these objectives, the Company is committed to: \u2022Preparing our workforce with the knowledge and skills to thrive in a customer-focused world \u2022Purposefully delivering an intentional customer experience that exceeds our evolving customer and stakeholder expectations \u2022Enabling an environmentally sustainable future and deploying technologically advanced solutions that empower and benefit c ITEM 1.BUSINESS THE COMPANY Overview TXNM Energy, Inc. (\u201cTXNM\u201d), is a holding company with two regulated electric utilities, PNM and TNMP, serving approximately 842,000 residential, commercial, and industrial customers in New Mexico and Texas. TXNM was incorporated in the State of New Mexico in 2000. Vision, Values and Business Objectives TXNM\u2019s vision is to create a clean and bright energy future while fulfilling its purpose to work together with customers and communities to meet their energy needs. TXNM\u2019s core values of Safety, Caring and Integrity are the foundation for the Company\u2019s business objectives focused on safety excellence and customer satisfaction, including reliability. To reach these objectives, the Company is committed to: \u2022Preparing our workforce with the knowledge and skills to thrive in a customer-focused world \u2022Purposefully delivering an intentional customer experience that exceeds our evolving customer and stakeholder expectations \u2022Enabling an environmentally sustainable future and deploying technologically advanced solutions that empower and benefit customers \u2022Demonstrating the relationship between customer excellence and our dedicated focus on financial strength Meeting the business objectives above will drive key financial results: \u2022Earning authorized returns on regulated businesses \u2022Delivering at or above industry-average long-term earnings growth, with a dividend payout ratio between 50 and 60 percent of earnings \u2022Maintaining investment grade credit ratings The Company believes that maintaining strong and modern electric infrastructure is critical to ensuring reliability and supporting economic growth. PNM and TNMP strive to balance service affordability with infrastructure investment to maintain a high level of electric reliability and to deliver a safe and superior customer experience. Both PNM and TNMP seek cost recovery for their investments through general rate cases, periodic cost of service filings, and various rate ri ITEM 1A. RISK FACTORS The business and financial results of TXNM, PNM, and TNMP are subject to a number of risks and uncertainties, many of which are beyond their control, including those set forth below and in MD&A, Note 16, and Note 17. For other factors that may cause actual results to differ materially from those indicated in any forward-looking statement contained in thi", "title": "TXNM - TXNM ENERGY INC", "url": "/company/TXNM/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0001289460; latest 10-K filed 2026-02-27.", "text": "TXRH - Texas Roadhouse, Inc. SIC 5812 Retail-Eating Places; CIK 0001289460; latest 10-K filed 2026-02-27. TXRH Texas Roadhouse, Inc. 0001289460 5812 Retail-Eating Places ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The discussion and analysis below of the financial condition and results of operations for Texas Roadhouse, Inc. (the \"Company,\" \"we,\" \"our,\" and/or \"us\") should be read in conjunction with the consolidated financial statements and the notes to such financial statements (pages F-1 to F-28), \"Forward-looking Statements\" (page 3), and Risk Factors set forth in Item 1A. Further, the discussion and analysis below generally discusses 2025 items and year-to-year comparisons between 2025 and 2024. Discussions of 2024 items and year-to-year comparisons between 2024 and 2023 are not included in this Annual Report on Form 10-K and can be found in \"Management\u2019s Discussion and Analysis of Financial Conditions and Results of Operations\" in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 28, 2025. Our Company Texas Roadhouse, Inc. is a growing restaurant company operating predominantly in the casual dining segment. Our late founder, W. Kent Taylor, started the business in 1993 with the opening of the first Texas Roadhouse restaurant in Clarksville, Indiana. Since then, we have grown to three concepts with 816 restaurants in 49 states, one U.S. territory, and ten foreign countries. As of December 30, 2025, our 816 restaurants included: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"714 company restaurants, of which 694 were wholly-owned and 20 were majority-owned. The results of operations of company restaurants are included in our consolidated statements of income. The portion of income attributable to noncontrolling interests in company restaurants that are majority-owned is reflected in the line item net income attributable to noncontrolling interests in our consolidated statements of income. Of the 714 company restaurants, we operated 648 as Texas Roadhouse restaurants, 56 as Bubba\\u2019s 33 restaurants, and ten as Jaggers restaurants.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"102 franchise restaurants, of which 14 we have a 5.0% to 10.0% ownership interest. The income derived from our minority interests in these franchise restaurants is reported in the line item equity income from investments in unconsolidated affiliates in our consolidated statements of income. Of the 102 franchise restaurants, 36 were domestic Texas Roadhouse restaurants, five were domestic Jaggers restaurants, 60 were international Texas Roadhouse restaurants, including two restaurants in a U.S. territory, and one was an international Jaggers restaurant.\"]] [[/GREPCENT_TABLE]] We have contractual arrangements that grant us the right to acquire at pre-determined formulas the remaining equity interests in 18 of the 20 majority-owned company restaurants and 36 of the 41 domestic franchise restaurants. Throughout this report, we use the term \"restaurants\" to include Texas Roadhouse and Bubba\u2019s 33, unless otherwise noted. Presentation of Financial and Operating Data We operate on a fiscal year that ends on the last Tuesday in December. Fiscal year 2025 was 52 weeks in length, and the fourth quarter was 13 weeks in length. Fiscal year 2024 was 53 weeks in length, and the fourth quarter was 14 weeks in length. Long-term Strategies to Grow Earnings Per Share and Create Shareholder Value Our long-term strategies with respect to increasing net income and earnings per share, along with creating shareholder value, include the following: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Expanding Our Restaurant Base. We continue to evaluate opportunities to develop restaurants in existing markets and in new domestic and international markets. Domestically, we remain focused primarily on markets where we believe a significant demand for our restaurants exists because of population size, income levels, the presence of shopping and entertainment centers, and a significant employment base. In addition, we continue to ITEM 1. BUSINESS Texas Roadhouse, Inc. (the \"Company,\" \"we,\" \"our,\" and/or \"us\") was incorporated under the laws of the state of Delaware in 2004. The principal executive office is located in Louisville, Kentucky. Introduction The Company is a growing restaurant company operating predominantly in the casual dining segment. Our late founder, W. Kent Taylor, started the business in 1993 with the opening of the first Texas Roadhouse restaurant in Clarksville, Indiana. Since then, we have grown to three concepts with 816 restaurants in 49 states, one U.S. territory, and ten foreign countries. Our mission statement is \"Legendary Food, Legendary Service\u00ae\" and our core values are \"Passion, Partnership, Integrity, and Fun with Purpose.\" Our operating strategy is designed to position each of our restaurants as the local hometown favorite for a broad segment of consumers seeking high quality, affordable meals served with friendly, attentive service. This strategy guides our purpose statement of \"Serving Communities Across America and the World.\" Restaurant Concepts As of December 30, 2025, we owned and operated 714 restaurants and franchised an additional 102 restaurants. Of the 714 restaurants we owned and operated, we operated 648 as Texas Roadhouse restaurants, 56 as Bubba\u2019s 33 restaurants, and ten as Jaggers restaurants. Of the 102 franchise restaurants, 36 were domestic Texas Roadhouse restaurants, five were domestic Jaggers restaurants, 60 were international Texas Roadhouse restaurants, including two restaurants in a U.S. territory, and one was an international Jaggers restaurant. Texas Roadhouse is a moderately priced, full-service, casual dining restaurant concept offering an assortment of specially seasoned and aged steaks hand-cut daily on the premises and cooked to order over open grills. In addition to steaks, we also offer our guests a selection of ribs, seafood, chicken, pork chops, pulled pork, and vegetable plates, and an assortment of hamburgers, salad ITEM 1A. RISK FACTORS Careful consideration should be given to the risks described below. If any of the risks and uncertainties described in the cautionary factors described below actually occur, our business, financial condition, results of operations, liquidity, and the trading price of our common stock could be materially and adversely affect", "title": "TXRH - Texas Roadhouse, Inc.", "url": "/company/TXRH/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000729986; latest 10-K filed 2026-02-27.", "text": "UBSI - UNITED BANKSHARES INC/WV SIC 6022 State Commercial Banks; CIK 0000729986; latest 10-K filed 2026-02-27. UBSI UNITED BANKSHARES INC/WV 0000729986 6022 State Commercial Banks Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FORWARD-LOOKING STATEMENTS Congress passed the Private Securities Litigation Act of 1995 to encourage corporations to provide investors with information about the company\u2019s anticipated future financial performance, goals, and strategies. The act provides a safe haven for such disclosure; in other words, protection from unwarranted litigation if actual results are not the same as management expectations. United desires to provide its shareholders with sound information about past performance and future trends. Consequently, any forward-looking statements contained in this report, in a report incorporated by reference to this report, or made by management of United in this report, in any other reports and filings, in press releases and in oral statements, involve numerous assumptions, risks and uncertainties. Forward-looking statements can be identified by the use of the words \u201cexpect,\u201d \u201cmay,\u201d \u201ccould,\u201d \u201cintend,\u201d \u201cproject,\u201d \u201cestimate,\u201d \u201cbelieve,\u201d \u201canticipate,\u201d and other words of similar meaning. Such forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Therefore, undue reliance should not be placed upon these estimates and statements. United cannot assure that any of these statements, estimates, or beliefs will be realized and actual results may differ from those contemplated in these \u201cforward-looking statements.\u201d United undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. The discussion in Item 1A, \u201cRisk Factors,\u201d lists some of the factors that could cause United\u2019s actual results to vary materially from those expressed or implied by any forward-looking statements, and such discussion is incorporated into this discussion by reference. 35 DEVELOPMENTS On January 10, 2025, United consummated its acquisition of Atlanta-based Piedmont Bancorp, Inc. (\u201cPiedmont\u201d). As of January 10, 2025, Piedmont had total assets of approximately $2.4 billion, total loans of approximately $2.1 billion, total liabilities of approximately $2.2 billion, total deposits of approximately $2.1 billion, and total shareholders\u2019 equity of approximately $202 million. During the first quarter of 2024, United consolidated its mortgage delivery channels by consolidating George Mason\u2019s and Crescent\u2019s mortgage origination and sales business with United Bank. United had previously exited the third-party origination (\u201cTPO\u201d) business during the fourth quarter of 2023 as part of this consolidation. United continues to offer mortgage products through its bank mortgage channel with previous George Mason offices re-branded under the United umbrella. The consolidation streamlined operations and will enhance the customer experience. ECONOMIC AND TRADE POLICY UNCERTAINTY United continues to monitor the potential impact of evolving trade policies, including the threat of additional tariffs imposed by the United States. While no specific tariffs have been implemented during the reporting period that materially affect United\u2019s operations, the potential for future changes in cross-border trade arrangements and import/export duties contributes to broader economic uncertainty. Management has considered these risks in its forward-looking assessments and determined that, as of the reporting date, there are no material adverse effects on United\u2019s financial position, results of operations, or estimates related to credit losses or asset impairments. THE ONE BIG BEAUTIFUL BILL ACT On July 4, 2025, President Trump signed into law H.R. 1, The One Big Beautiful Bill Act (\u201cOBBBA\u201d). There was no significant financial statement impact reflected in the year of 2025. However, the Company will continue to evaluate and apply the provisions of the OBBBA but does not expect any material impact on its consolidated financial Item 1. BUSINESS Organizational History and Subsidiaries United Bankshares, Inc. (\u201cUnited,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or the \u201cCompany\u201d) is a West Virginia corporation registered as a financial holding company pursuant to the Bank Holding Company Act of 1956, as amended. United was incorporated on March 26, 1982, organized on September 9, 1982, and began conducting business on May 1, 1984 with the acquisition of three wholly-owned subsidiaries. Since its formation in 1982, United has acquired thirty-three banking institutions. United has one banking subsidiary \u201cdoing business\u201d under the name of United Bank, operating under the laws of Virginia. United Bank offers a full range of commercial and retail banking services and products. United also owns nonbank subsidiaries which engage in other community banking services such as asset management, real property title insurance, financial planning, mortgage banking, and brokerage services. Web Site Address United\u2019s web site address is \u201cwww.ubsi-inc.com\u201d. United makes available free of charge on its web site the annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments thereto, as soon as reasonably practicable after United files such reports with the Securities and Exchange Commission (\u201cSEC\u201d). The reference to United\u2019s web site does not constitute incorporation by reference of the information contained in the web site and should not be considered part of this document. The SEC also maintains a website at www.sec.gov that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC. Business of United As a financial holding company, United\u2019s present business is community banking. As of December 31, 2025, United\u2019s consolidated assets approximated $33.7 billion and total shareholders\u2019 equity approximated $5.5 billion. United is permitted to acquire other banks and bank holding companies, as well as thrift instituti Item 1A. RISK FACTORS United is subject to risks inherent to the Company\u2019s business. The material risks and uncertainties that management believes affect the Company are described below. Before making an investment decision, you should carefully consider the risks and uncertainties described below together with all of the other informa", "title": "UBSI - UNITED BANKSHARES INC/WV", "url": "/company/UBSI/" }, { "kind": "company", "summary": "SIC 2421 Sawmills & Planting Mills, General; CIK 0000912767; latest 10-K filed 2026-02-25.", "text": "UFPI - UFP INDUSTRIES INC SIC 2421 Sawmills & Planting Mills, General; CIK 0000912767; latest 10-K filed 2026-02-25. UFPI UFP INDUSTRIES INC 0000912767 2421 Sawmills & Planting Mills, General Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. UFP Industries, Inc. is a holding company with subsidiaries in the United States, Mexico, Canada, Spain, India and Australia that design, manufacture, and supply products made from wood, wood and non-wood composites, and other materials to three segments: retail, packaging, and construction. We are headquartered in Grand Rapids, Michigan. This report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management\u2019s beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like \u201canticipates,\u201d \u201cbelieves,\u201d \u201cconfident,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cforecasts,\u201d \u201clikely,\u201d \u201cplans,\u201d \u201cprojects,\u201d \u201cshould,\u201d variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. We do not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in currency and inflation; fluctuations in the price of lumber; adverse economic conditions in the markets we serve; concentration of sales to customers; vertical integration strategies; excess capacity or supply chain challenges; our ability to make successful business acquisitions; government regulations, particularly involving environmental and safety regulations; adverse or unusual weather conditions; inbound and outbound transportation costs; alternatives to replace treated wood products; cybersecurity breaches; tariffs on import and export sales; and potential pandemics. Certain of these risk factors as well as other risk factors and additional information are included in our reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission, included under Item 1A above. OVERVIEW We are pleased to present this overview of 2025. Our results for 2025 include the following highlights: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Our net sales decreased 5% compared to 2024, which was comprised of a 2% decrease in selling prices and a 3% decrease in unit sales. The overall decrease in our selling prices is primarily due to more competitive pricing in our Site-Built business unit. The overall organic unit decline consists of a 7% decrease in our Retail segment and a 1% decrease in our Packaging segment, while unit sales in our Construction segment were flat compared to 2024. An acquired business contributed a 1% unit increase in our Packaging segment. We believe we maintained or gained market share in each of our business units.\"]] [[/GREPCENT_TABLE]] 20 Table of Contents [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Our gross profits decreased by $167 million, or 14%, compared to last year, exceeding our 3% decrease in unit sales. By segment, gross profits decreased by $81 million in Construction, $36 million in Packaging, and $43 million in Retail. The overall decrease in our gross profits is primarily due to the decline in unit sales as a result of weaker demand, which also resulted in more competitive pricing.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Our operating profits decreased $128 million, or 26%, compared to last year. The overall decrease is a result of the decline in gross profits above which was partially offset by a $44 million decrease in selling, general, and adminis Item 1. Business. General Development of the Business. UFP Industries, Inc. (\u201cwe,\u201d \u201cour,\u201d \u201cthe Company,\u201d or \u201cUFP\u201d) is a holding company with subsidiaries throughout the United States, Mexico, Canada, Spain, India and Australia that design, manufacture and supply products made from wood, wood and non-wood composites, and other materials to three segments: retail, packaging, and construction. We are headquartered in Grand Rapids, Michigan. For information relating to current developments in our business please see \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" in Item 7 below. Financial Information About Segments. ASC 280, Segment Reporting (\u201cASC 280\u201d) defines operating segments as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (\u201cCODM\u201d) in deciding how to allocate resources and in assessing performance. Our business segments consist of UFP Retail Solutions (\u201cRetail\u201d), UFP Packaging (\u201cPackaging\u201d) and UFP Construction (\u201cConstruction\u201d), and align with the end markets we serve. Among other advantages, this structure allows for a more specialized and focused sales approach, more efficient use of resources and capital, and quicker introduction of new products and services. We manage the operations of our individual locations primarily through a market-centered reporting structure under which each location is included in a business unit and business units are included in our Retail, Packaging, and Construction segments. In the case of locations that serve multiple segments, results are allocated and accounted for by segment. The exception to this market-centered reporting and management structure is our International segment, which comprises our packaging operations in Mexico, Canada, Spain, India and Australia, and sales and buying offices in other parts of the world, and our Ardellis segment, which represents our wholly owne Item 1A. Risk Factors. Pressures from various global and national macroeconomic events, including heightened inflation, uncertainty regarding future interest rates, foreign currency exchange rate fluctuations, recent adverse weather conditions, geo-political events, and potential governmental responses to these events hav", "title": "UFPI - UFP INDUSTRIES INC", "url": "/company/UFPI/" }, { "kind": "company", "summary": "SIC 4932 Gas & Other Services Combined; CIK 0000884614; latest 10-K filed 2025-11-21.", "text": "UGI - UGI CORP /PA/ SIC 4932 Gas & Other Services Combined; CIK 0000884614; latest 10-K filed 2025-11-21. UGI UGI CORP /PA/ 0000884614 4932 Gas & Other Services Combined ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS MD&A discusses our results of operations for Fiscal 2025 and Fiscal 2024, and our financial condition. For discussion of our results of operations and cash flows for Fiscal 2024 compared with Fiscal 2023, refer to \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Fiscal 2024 Annual Report on Form 10-K, filed with the SEC on November 26, 2024. MD&A should be read in conjunction with Items 1 and 2, \u201cBusiness and Properties,\u201d Item 1A, \u201cRisk Factors,\u201d and the Consolidated Financial Statements, including \u201cSegment Information\u201d in Note 22 to Consolidated Financial Statements. Because most of our businesses sell or distribute energy products used in large part for heating purposes, our results are significantly influenced by temperatures in our service territories, particularly during the heating-season months of October through March. Accordingly, our results of operations, after adjusting for the effects of gains and losses on derivative instruments not associated with current-period transactions as further discussed below, are significantly higher in our first and second fiscal quarters. Recent Developments Global LPG Business Transactions As part of the Company\u2019s ongoing global LPG business portfolio optimization efforts, the Company is strategically divesting operations in non-core markets to focus resources where it can achieve superior operational results and deliver enhanced customer value. UGI International. In October 2025, UGI International, through a wholly-owned subsidiary, entered into a definitive agreement to divest its LPG distribution business located in Austria. The Company expects to recognize a gain upon closing, which is expected in the first quarter of Fiscal 2026. In June 2025, UGI International, through a wholly-owned subsidiary, completed the sale of UniverGas, its LPG distribution business in Italy. In conjunction with the sale, the Company recorded a pre-tax loss of $50 million in Fiscal 2025. In June 2025, UGI International, through a wholly-owned subsidiary, entered into a definitive agreement to divest its cylinder business in the United Kingdom. Accordingly, the assets and liabilities associated with this business, primarily comprised of long-lived assets, have been classified as held for sale at September 30, 2025. During Fiscal 2025, the Company recognized a non-cash, pre-tax impairment charge of $3 million to record such assets at estimated fair value less costs to sell. The sale was completed in October 2025. AmeriGas Propane. In September 2025, AmeriGas OLP completed the sale of its propane business located in Hawaii. The transaction included the sale of approximately 750,000 gallons of propane storage facilities and multiple delivery fleet assets. In conjunction with the sale, the Company recorded a pre-tax gain of $17 million in Fiscal 2025. See Note 5 to Consolidated Financial Statements for additional information. Non-GAAP Financial Measures UGI management uses \u201cadjusted net income attributable to UGI Corporation\u201d and \u201cadjusted diluted earnings per share,\u201d both of which are non-GAAP financial measures, when evaluating UGI\u2019s overall performance. Management believes that these non-GAAP measures provide meaningful information to investors about UGI\u2019s performance because they eliminate gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions and other significant discrete items that can affect the comparison of period-over-period results. 47 Table of Contents UGI does not designate its commodity and certain foreign currency derivative instruments as hedges under GAAP. Volatility in net income attributable to UGI Corporation can occur as a result of gains and losses on such derivative instruments not associated with current-period transactions. These gains and losses re ITEM 1A. RISK FACTORS There are many factors that may affect our business, financial condition and results of operations, many of which are not within our control, including the following risks relating to: (1) the demand for our products and services and our ability to grow our customer base; (2) our business operations, including internal and external factors that may impact our operational continuity; (3) our international operations; (4) our supply chain and our ability to obtain and transport adequate quantities of LPG; (5) government regulation and oversight; and (6) general factors that may impact our business and our shareholders. Investors should carefully consider, together with the other information contained in this Report, the risks and uncertainties described below. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, also may materially affect our business, financial condition and results of operations. No priority or significance is intended by, nor should be attached to, the order in which the risk factors appear. Risks Relating to the Demand for Our Products and Services and Our Ability to Grow Our Customer Base Our business is seasonal and decreases in the demand for our energy products and services because of warmer-than-normal heating season weather or unfavorable weather conditions may adversely affect our results of operations. Because many of our customers rely on our energy products and services to heat their homes and businesses, our results of operations are adversely affected by warmer-than-normal heating season weather. Weather conditions have a significant impact on the demand for our energy products and services for both heating and agricultural purposes. Accordingly, the volume of our energy products sold is at its highest during the peak heating season of October through March and is directly affected by the severity of the winter weather. For example, historically, approximatel", "title": "UGI - UGI CORP /PA/", "url": "/company/UGI/" }, { "kind": "company", "summary": "SIC 8734 Services-Testing Laboratories; CIK 0001901440; latest 10-K filed 2026-02-19.", "text": "ULS - UL Solutions Inc. SIC 8734 Services-Testing Laboratories; CIK 0001901440; latest 10-K filed 2026-02-19. ULS UL Solutions Inc. 0001901440 8734 Services-Testing Laboratories ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis includes a comparison of the Company\u2019s results of operations, financial condition and liquidity and capital resources for the years ended December 31, 2025 and 2024 and should be read in conjunction with the Company\u2019s consolidated financial statements and the related notes which are included in this Annual Report. For a comparison of our results of operations, financial condition and liquidity and capital resources for the years ended December 31, 2024 and 2023, see \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 20, 2025, which discussion is incorporated herein by reference. This discussion and analysis contains forward-looking statements that involve risks and uncertainties about the Company\u2019s business and operations. The Company\u2019s actual results and the timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those the Company describes under \u201cRisk Factors\u201d in Part I Item 1A of this Annual Report. See \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Additionally, the Company\u2019s historical results are 66 not necessarily indicative of the results that may be expected for any period in the future. The Company has reclassified certain amounts in prior period financial statements to conform to the current period\u2019s presentation. References to \u201cUL Solutions\u201d and the \u201cCompany\u201d refer to UL Solutions Inc. and its consolidated subsidiaries as a whole, unless the context otherwise requires. Business Overview UL Solutions is a global safety science leader with a distinguished and trusted brand that dates back to its founding in 1894 as part of the nonprofit Underwriters Electrical Bureau, a predecessor to Underwriters Laboratories Inc. (\u201cUL Research Institutes\u201d), ULSE Inc. (\u201cUL Standards & Engagement\u201d) and UL Solutions. As of December 31, 2025, the Company provided independent third-party testing, inspection and certification (\u201cTIC\u201d) services and related software and advisory (\u201cS&A\u201d) offerings to more than 80,000 customers in over 110 countries. UL Solutions is the largest TIC services provider headquartered in North America (by revenue), and it maintains a leadership position across additional global markets, including Europe and Asia. The Company conducts its operations across four major service categories: (1) Certification Testing of products, components and systems according to standards and regulatory requirements and other design and performance specifications; (2) Ongoing Certification Services to validate the ongoing compliance of previously certified products, components and systems; (3) Non-certification Testing and Other Services, which includes performance testing for customer or other requirements that may not be required by any regulation and may not result in a certification, as well as other services, including advisory and technical services; and (4) Software, comprising software as a service (\u201cSaaS\u201d) and license-based software solutions, including implementation and training services related to software. The Company\u2019s primary addressable market is the highly fragmented outsourced product TIC market, where the Company provides (1) testing, inspection and certification services for a wide array of products, components, assets and supply chains in the consumer and industrial end markets, and (2) emerging product lifecycle services, asset and sustainability performance advisory and supply chain services. Demand for outsourced TIC services is increasing across the markets the Company serves as a result of new emerging technologies, evolving global safety regulations and standards, increases in global trade and shorter product lifecycles. With ITEM 1. Business Our Company UL Solutions Inc. (together with its consolidated subsidiaries, \u201cUL Solutions\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cour\u201d, and \u201cus\u201d) is a global safety science leader that provides Testing, Inspection and Certification (\u201cTIC\u201d) services and related software and advisory offerings to customers worldwide. We work for a safer world. Our mission drives our actions, inspires our employees and is the key to our success. We strive to be our customers\u2019 most trusted science-based safety, security and sustainability partner. Our history dates back to our founding in 1894 as part of the nonprofit Underwriters Electrical Bureau, a predecessor to Underwriters Laboratories Inc. (\u201cUL Research Institutes\u201d), UL Standards & Engagement and UL Solutions. UL Research Institutes is the sole member of UL Standards & Engagement, which controls the majority of the voting power of our common stock. As the largest TIC services provider headquartered in North America (by revenue) with a global network of laboratories, we provided a comprehensive set of product safety, security and sustainability solutions to more than 80,000 customers across over 110 countries in 2025. Our distinguished heritage and our long history of operating at the forefront of safety science enables us to achieve and maintain more than 650 technical accreditations and 76 commercial software solutions, and to remain active in over 1,200 standards panels and technical committees globally, which underpins the expertise we offer to our customers. Furthermore, we offer over 350 independent third-party conformity assessment services around the world and are capable of testing and certifying against over 4,000 global standards, which affords us vast insight into the safety of products across a wide range of end markets and geographies. We are the owner of the iconic UL-in-a-circle certification mark (the \u201cUL Mark\u201d) that appears on billions of products around the world. We offer our customers global market access ITEM 1A. Risk Factors UL Solutions\u2019 business is subject to various risks and uncertainties. The following summary highlights some of the risks the Company is exposed to in the normal course of its business activities. If any of these risks actually occur, the Company\u2019s business, financial condition and results of operations could ", "title": "ULS - UL Solutions Inc.", "url": "/company/ULS/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000101382; latest 10-K filed 2026-02-26.", "text": "UMBF - UMB FINANCIAL CORP SIC 6021 National Commercial Banks; CIK 0000101382; latest 10-K filed 2026-02-26. UMBF UMB FINANCIAL CORP 0000101382 6021 National Commercial Banks ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis This Management\u2019s Discussion and Analysis highlights the material changes in the results of operations and changes in financial condition for each of the three years in the period ended December 31, 2025. It should be read in conjunction with the accompanying Consolidated Financial Statements, Notes to Consolidated Financial Statements, and other financial statistics appearing elsewhere in this Annual Report on Form 10-K. Results of operations for the periods included in this review are not necessarily indicative of results to be attained during any future period. CAUTIONARY NOTICE ABOUT FORWARD-LOOKING STATEMENTS From time to time the Company has made, and in the future will make, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as \u201cbelieve,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201cproject,\u201d \u201coutlook,\u201d \u201cforecast,\u201d \u201ctarget,\u201d \u201ctrend,\u201d \u201cplan,\u201d \u201cgoal,\u201d or other words of comparable meaning or future-tense or conditional verbs such as \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cwould,\u201d or \u201ccould.\u201d Forward-looking statements convey the Company\u2019s expectations, intentions, or forecasts about future events, circumstances, results, or aspirations, in each case as of the date such forward-looking statements are made. This report, including any information incorporated by reference in this report, contains forward-looking statements. The Company also may make forward-looking statements in other documents that are filed or furnished with the SEC. In addition, the Company may make forward-looking statements orally or in writing to investors, analysts, members of the media, or others. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond the Company\u2019s control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. While no list of assumptions, risks, or uncertainties could be complete, some of the factors that may cause actual results or other future events, circumstances, or aspirations to differ from those in forward-looking statements include: \u2022 local, regional, national, or international business, economic, or political conditions or events; \u2022 changes in laws or the regulatory environment, including as a result of financial-services legislation or regulation; \u2022 changes in monetary, fiscal, or trade laws or policies, including as a result of actions by central banks or supranational authorities; \u2022 the pace and magnitude of interest rate movements; \u2022 changes in accounting standards or policies; \u2022 shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including changes in market liquidity or volatility or changes in interest or currency rates; \u2022 changes in spending, borrowing, or saving by businesses or households; \u2022 the Company\u2019s ability to effectively manage capital or liquidity or to effectively attract or deploy deposits; \u2022 changes in any credit rating assigned to the Company or its affiliates; \u2022 adverse publicity or other reputational harm to the Company; \u2022 changes in the Company\u2019s corporate strategies, the composition of its assets, or the way in which it funds those assets; \u2022 the Company\u2019s ability to develop, maintain, or market products or services or to absorb unanticipated costs or liabilities associated with those products or services; 36 \u2022 the Company\u2019s ability to innovate to anticipate the needs of current or future customers, ITEM 1. BUSINESS General UMB Financial Corporation (together with its consolidated subsidiaries, unless the context requires otherwise, the Company) is a financial holding company that is headquartered in Kansas City, Missouri. The Company provides banking services and asset servicing to its customers in the United States and around the globe. The Company was organized as a corporation under Missouri law in 1967 and is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended (the BHCA) and a financial holding company under the Gramm-Leach-Bliley Act of 1999, as amended (the GLBA). The Company currently owns all of the outstanding stock of one national bank and several nonbank subsidiaries. On January 31, 2025, the Company acquired all of the outstanding stock of Heartland Financial USA, Inc., a Delaware corporation (HTLF), in an all-stock transaction, issuing a total of 23.6 million shares of the Company\u2019s common stock and 4.6 million depositary shares, each representing a 1/400th interest in a share of the Company\u2019s 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A (the Company\u2019s preferred stock). Pursuant to the Agreement and Plan of Merger, dated as of April 28, 2024, (i) HTLF merged with and into the Company, with the Company continuing as the surviving corporation and (ii) one day after the closing date of the acquisition of HTLF by the Company, HTLF\u2019s wholly owned bank subsidiary, a Colorado-chartered non-member bank (HTLF Bank), merged with and into UMB Bank, National Association, the Company\u2019s national bank subsidiary (the Bank), with the Bank continuing as the surviving bank. On April 29, 2024, the Company also announced that in connection with the execution of the merger agreement, it entered into a forward sale agreement with BofA Securities, Inc. or its affiliate to issue 2.8 million shares of its common stock. The underwriters were granted an option to purchase up to an additional 420 thous ITEM 1A. RISK FACTORS Financial-services companies routinely encounter and address risks and uncertainties. In the following paragraphs, the Company describes some of the principal risks and uncertainties that could adversely affect its business, results of operations, financial condition (including capital and liquidity), or prospects or the valu", "title": "UMBF - UMB FINANCIAL CORP", "url": "/company/UMBF/" }, { "kind": "company", "summary": "SIC 6321 Accident & Health Insurance; CIK 0000005513; latest 10-K filed 2026-02-17.", "text": "UNM - Unum Group SIC 6321 Accident & Health Insurance; CIK 0000005513; latest 10-K filed 2026-02-17. UNM Unum Group 0000005513 6321 Accident & Health Insurance ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The discussion and analysis presented in this section should be read in conjunction with the \"Cautionary Statement Regarding Forward-Looking Statements\" included below the Table of Contents, \"Risk Factors\" included herein Item 1A, and the Consolidated Financial Statements and notes thereto included in Item 8. TABLE OF CONTENTS [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"Page\"],[\"Executive Summary\",\"38\"],[\"Reconciliation of Non-GAAP and Other Financial Measures\",\"42\"],[\"Critical Accounting Estimates\",\"45\"],[\"Consolidated Operating Results\",\"54\"],[\"Segment Results\",\"56\"],[\"Unum US Segment\",\"57\"],[\"Unum International Segment\",\"66\"],[\"Colonial Life Segment\",\"72\"],[\"Closed Block Segment\",\"75\"],[\"Corporate Segment\",\"79\"],[\"Investments\",\"80\"],[\"Liquidity and Capital Resources\",\"86\"]] [[/GREPCENT_TABLE]] 37 Table of Contents Executive Summary 2025 Operating Performance and Capital Management For 2025, we reported net income of $738.5 million, or $4.27 per diluted common share, compared to net income of $1,779.1 million, or $9.46 per diluted common share, in 2024. Included in our results for 2025 are: \u2022A net investment loss of $106.6 million before tax and $83.5 million after tax, or $0.49 per diluted common share; \u2022Amortization of the cost of reinsurance of $116.7 million before tax and $92.2 million after tax, or $0.53 per diluted common share; \u2022Amortization of the deferred gain on reinsurance of $9.0 million before tax and $7.1 after tax, or $0.04 per diluted common share; \u2022Non-contemporaneous reinsurance of $29.6 million before tax and $23.3 million after tax, or $0.14 per diluted common share; \u2022A net reserve increase related to assumption updates of $478.5 million before tax and $377.8 million after tax, or $2.18 per diluted common share; \u2022A settlement loss on the U.S. pension plan annuity purchase of $103.8 million before tax and $82.0 million after tax, or $0.47 per diluted common share; and \u2022An accelerated charitable contribution of $20.0 million before tax and $15.8 million after tax, or $0.09 per diluted common share. Included in our results for 2024 are: \u2022A net investment loss of $34.6 million before tax and $27.0 million after tax, or $0.14 per diluted common share; \u2022Amortization of the cost of reinsurance of $41.4 million before tax and $32.7 million after tax, or $0.17 per diluted common share; \u2022Non-contemporaneous reinsurance of $25.1 million before tax and $19.9 million after tax, or $0.11 per diluted common share; \u2022A net reserve decrease related to assumption updates of $357.4 million before tax and $282.6 million after tax, or $1.50 per diluted common share; and \u2022A loss resulting from a legal settlement of $15.3 million before tax and $12.1 million after tax, or $0.06 per diluted common share. Excluding these items, after-tax adjusted operating income for 2025 was $1,406.0 million, or $8.13 per diluted common share compared to $1,588.2 million, or $8.44 per diluted common share for 2024. See \"Closed Block Long-Term Care and Unum US Individual Disability Reinsurance Transaction\", \"Settlement Loss on the U.S. Pension Plan Annuity Purchase\", \"Accelerated Charitable Contribution\", \"Loss on Legal Settlement\" and \"Reconciliation of Non-GAAP and Other Financial Measures\" contained herein in this Item 7 and Notes 3, 11, 14 and 15 contained herein Item 8 for a reconciliation of these items. Our Unum US segment reported income before income tax and net investment gains and losses of $1,427.6 million in 2025 compared to $1,582.8 million in 2024, which include the reserve assumption updates that occurred during the third quarters of 2025 and 2024. Also included in our Unum US segment results for 2025, are the amortization of the deferred gain on reinsurance and the impact of non-contemporaneous reinsurance both of which resulted from the Closed Block long-term care and Unum US individual disability reinsurance transaction (For ITEM 1. BUSINESS General Unum Group, a Delaware general business corporation, and its insurance and non-insurance subsidiaries, which collectively with Unum Group we refer to as the Company, operate in the United States, the United Kingdom, Poland, and, to a limited extent, in certain other countries. The principal operating subsidiaries in the United States are Unum Life Insurance Company of America (Unum America), Provident Life and Accident Insurance Company (Provident), The Paul Revere Life Insurance Company (Paul Revere Life), Colonial Life & Accident Insurance Company, Unum Insurance Company, Starmount Life Insurance Company (Starmount), in the United Kingdom, Unum Limited, and in Poland, Unum Zycie TUiR S.A. (Unum Poland). We are a leading provider of financial protection benefits in the United States and the United Kingdom. Our products include disability, life, accident, critical illness, dental and vision, and other related services. We market our products primarily through the workplace. We have three core operating segments: Unum US, Unum International, and Colonial Life. Our other operating segments are the Closed Block and Corporate segments. These segments are discussed more fully under \"Reportable Segments\" included herein in this Item 1. Business Strategies The benefits we provide help the working world thrive throughout life's moments and protect people from the financial hardship of illness, injury, or loss of life. As a leading provider of employee benefits, we offer a broad portfolio of products and services through the workplace that provide support when it is needed most. Specifically, we offer disability, life and voluntary products, on both individual and group bases, as well as provide certain fee-based services. These products and services, which can be sold stand-alone or combined with other coverages, help employers of all sizes attract and retain the talented and capable workforce they need to succeed while protecting the incomes ITEM 1A. RISK FACTORS Overview We face a wide range of risks, and our continued success depends on our ability to identify and appropriately manage our risk exposures. Discussed below are factors that may adversely affect our business, results of operations, or financial condition. Any one or more of the following factors may cause our actual results for various fina", "title": "UNM - Unum Group", "url": "/company/UNM/" }, { "kind": "company", "summary": "SIC 5140 Wholesale-Groceries & Related Products; CIK 0001665918; latest 10-K filed 2026-02-12.", "text": "USFD - US Foods Holding Corp. SIC 5140 Wholesale-Groceries & Related Products; CIK 0001665918; latest 10-K filed 2026-02-12. USFD US Foods Holding Corp. 0001665918 5140 Wholesale-Groceries & Related Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis is intended to help the reader understand the Company, our financial condition and results of operations and our present business environment. It should be read together with our consolidated financial statements and related notes contained elsewhere in this Annual Report. The following discussion and analysis contain certain financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the U.S. (\u201cGAAP\u201d). We believe these non-GAAP financial measures provide meaningful supplemental information about our operating performance and liquidity. Information regarding reconciliations of and the rationale for these measures is discussed in \u201cNon-GAAP Reconciliations\u201d below. The following includes a comparison of our consolidated results of operations for fiscal years 2025 and 2024. For a comparison of our consolidated results of operations for fiscal years 2024 and 2023, see Item 7 of Part II, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d, of our Annual Report on Form 10-K for the fiscal year ended December 28, 2024, filed with the SEC on February 13, 2025. Overview At US Foods, we strive to inspire and empower chefs and foodservice operators to bring great food experiences to consumers. This mission is supported by our strategy of WE HELP YOU MAKE IT\u00ae, which is centered on bringing three key elements to the forefront for our customers; (1) More Quality products, including our large portfolio of Exclusive Brands, (2) More Tools, centering on our MOX\u0113\u00ae business platform, and lastly, (3) More Deliveries, enabled by our traditional broadline services, Pronto\u00ae program and convenient delivery options. We operate as one business with standardized business processes, shared systems infrastructure, and an organizational model that optimizes national scale with local execution, allowing us to manage our business as a single operating segment. We have centralized activities where scale matters and our local field structure focuses on customer-facing activities. Operating Metrics Case growth\u2014Case growth, by customer type (e.g., independent restaurants) is reported as of a point in time. Customers periodically are reclassified, based on changes in size or other characteristics, and when those changes occur, the respective customer\u2019s historical volume is included within the new classification. Organic growth\u2014Organic growth includes growth from operating businesses that have been reflected in our results of operations for at least 12 months. Fiscal Year 2025 Highlights Financial Highlights\u2014Total case volume increased 1.0% compared to the prior year driven by a 3.3% increase in independent restaurant case volume, a 4.4% increase in healthcare volume and a 2.9% increase in hospitality volume, partially offset by a 3.5% decrease in chain volume. Total organic case volume increased 0.4% in fiscal year 2025, which includes 2.7% organic independent restaurant case volume growth. Net sales increased $1,547 million, or 4.1%, in fiscal year 2025 driven primarily by case volume growth and food cost inflation of 2.6%. Gross profit increased $330 million, or 5.1%, to $6,864 million in fiscal year 2025, primarily as a result of an increase in total case volume, improved cost of goods sold and inventory management. As a percentage of net sales, gross profit was 17.4% in fiscal year 2025 and 17.3% in fiscal year 2024. Total operating expenses increased $230 million, or 4.2%, to $5,665 million in fiscal year 2025, primarily as a result of an increase in total case volume and higher distribution, selling and administrative costs, partially offset by continued distribution productivity improvement as well as actions to streamline administrative processes and costs. As a percentage of net sales, operating expenses were 14.4% in Item 1. Business US Foods Holding Corp. and its consolidated subsidiaries are referred to in this Annual Report as \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d the \u201cCompany,\u201d or \u201cUS Foods.\u201d US Foods Holding Corp. conducts all of its operations through its wholly owned subsidiary US Foods, Inc. (\u201cUSF\u201d) and its subsidiaries. Our Company At US Foods, we strive to inspire and empower chefs and foodservice operators to bring great food experiences to consumers. This mission is supported by our brand promise of WE HELP YOU MAKE IT\u00ae. Our promise brings three key elements to the forefront for our customers; (1) more quality products, like our large and diverse Exclusive Brand portfolio that is based on consistency, freshness and innovation, (2) more tools, centering on our industry-leading ecommerce platform, MOX\u0113\u00ae, and (3) more deliveries, with expanded options for on-time delivery enabled by our traditional broadline services and our convenient and flexible Pronto\u00ae program. We operate as one business with standardized business processes, shared systems infrastructure, and an organizational model that optimizes national scale with local execution, allowing us to manage our business as a single operating segment. We have centralized activities where scale matters and our local field structure focuses on customer-facing activities. We supply approximately 250,000 customer locations nationwide. These customer locations include independent restaurants, chain restaurants, healthcare, hospitality, government and education customers. We provide fresh, frozen, and dry food products, as well as non-food items, sourced from thousands of suppliers. Over 4,000 sales associates manage customer relationships at local, regional, and national levels. Our sales associates are supported by sophisticated marketing and category management capabilities, as well as a sales support team that includes world-class chefs, new business development managers and others that help us provide more comprehensive service to our Item 1A. Risk Factors We are subject to many risks and uncertainties. Some of these risks and uncertainties, including those described below, may cause our business, financial condition and results of operations to vary, and they may materially or adversely affect our financial performance. The risks and ", "title": "USFD - US Foods Holding Corp.", "url": "/company/USFD/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001082554; latest 10-K filed 2026-02-25.", "text": "UTHR - UNITED THERAPEUTICS Corp SIC 2834 Pharmaceutical Preparations; CIK 0001082554; latest 10-K filed 2026-02-25. UTHR UNITED THERAPEUTICS Corp 0001082554 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our consolidated financial statements and related notes to our consolidated financial statements. All statements in this filing are made as of the date this Report is filed with the SEC. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events, or otherwise. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations and other sections of this Report contain forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These statements, which are based on our beliefs and expectations about future outcomes and on information available to us through the date this Report on Form 10-K is filed with the SEC, include, among others, statements related to the following: \u2022Expectations of revenues, expenses, profitability, cash flows, and growth in the number of patients being treated with our products, including continued growth in sales of Tyvaso DPI, and anticipated growth in the number of patients with PH-ILD being treated with our Tyvaso products; \u2022The sufficiency of our cash on hand to support operations; \u2022Our ability to obtain and maintain domestic and international regulatory approvals; \u2022Our ability to maintain attractive pricing and reimbursement levels for our products, in light of increasing competition, including from generic products, and pressure from government and other payers to decrease the costs associated with healthcare, including the potential impact of the IRA on our business and the Trump administration\u2019s most favored nation pricing initiatives; \u2022The expected volume and timing of sales of our commercial products, as well as potential future commercial products, including the anticipated effect of various research and development efforts on sales of these products; \u2022The timing and outcome of clinical studies, other research and development efforts, and related regulatory filings and approvals; \u2022The outcome of pending and potential future legal and regulatory actions by the U.S. Food and Drug Administration (FDA) and other regulatory and government enforcement agencies related to our products and potential competitive products; \u2022The timing and outcome of ongoing litigation, including the lawsuit filed against us by Sandoz and Liquidia PAH, LLC (formerly known as RareGen); our patent and trade secret litigation with Liquidia related to Yutrepia; Liquidia\u2019s patent lawsuit against us related to Tyvaso DPI; and our litigation with Humana Inc., United Healthcare Services, Inc., MSP Recovery Claims, Series LLC, and related entities; \u2022The impact of competing therapies on sales of our commercial products, including the impact of generic versions of Remodulin; established therapies such as Uptravi\u00ae; and newer therapies such as Merck\u2019s Winrevair and Liquidia\u2019s Yutrepia; \u2022The expectation that we will be able to manufacture sufficient quantities and maintain adequate inventories of our commercial products, through both our in-house manufacturing capabilities and third-party manufacturing sites (including our plans to expand manufacturing capacity for Tyvaso DPI); \u2022Expectations regarding the amount and timing of capital expenditures to construct new facilities to support our product development and commercialization efforts, including our xenotransplantation-related facilities; \u2022Expectations regarding the timing and impact of our business development efforts; \u2022The adequacy of our intellectual property protection and the validity and expiration dates of the patents we own or license, as well as the regulatory exclusivity periods for our products; \u2022Any statements that include the words \u201cbelieve,\u201d \u201cseek,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cforeca Item 1. Business Overview Founded by our Chairperson and Chief Executive Officer, Martine Rothblatt, to find a cure for her daughter\u2019s life-threatening rare disease, pulmonary arterial hypertension (PAH), United Therapeutics advances therapies for people living with serious diseases with unmet medical needs. Our mission is to transform the treatment of rare diseases and expand the availability of transplantable organs through innovative organ manufacturing technologies. As a public benefit corporation (PBC), we aim to deliver meaningful impacts for our patients, our people, our shareholders, and other stakeholders. Our public benefit purpose, as outlined in our charter and approved by our shareholders, is to provide a brighter future for patients through (a) the development of novel pharmaceutical therapies; and (b) technologies that expand the availability of transplantable organs. We market and sell the following commercial therapies in the United States to treat PAH: \u2022Tyvaso DPI\u00ae (treprostinil) Inhalation Powder (Tyvaso DPI); \u2022Tyvaso\u00ae (treprostinil) Inhalation Solution (Nebulized Tyvaso), which includes the Tyvaso Inhalation System; \u2022Remodulin\u00ae (treprostinil) Injection (Remodulin); and the Remunity\u00ae and RemunityPRO\u2122 Pumps for Remodulin (Remunity); \u2022Orenitram\u00ae (treprostinil) Extended-Release Tablets (Orenitram); and \u2022Adcirca\u00ae (tadalafil) Tablets (Adcirca). Tyvaso DPI and Nebulized Tyvaso are also approved by the U.S. Food and Drug Administration (FDA) to treat pulmonary hypertension associated with interstitial lung disease (PH-ILD). In the United States, we also market and sell an oncology product, Unituxin\u00ae (dinutuximab) Injection (Unituxin), which is approved by the FDA for the treatment of high-risk neuroblastoma. Outside the United States, we derive revenues from sales of Nebulized Tyvaso, Remodulin, and Unituxin. We also have products in development for PAH, idiopathic pulmonary fibrosis (IPF), and progressive pulmonary fibrosis (PPF), and other Item 1A. Risk Factors Investing in our securities involves uncertainty and risk due to a variety of factors. You should carefully consider each of the following risks and all of the other information contained in this Report and in other documents that we file with, or furnish to, the SEC before making any investment decision with resp", "title": "UTHR - UNITED THERAPEUTICS Corp", "url": "/company/UTHR/" }, { "kind": "company", "summary": "SIC 1381 Drilling Oil & Gas Wells; CIK 0000314808; latest 10-K filed 2026-02-20.", "text": "VAL - Valaris Ltd SIC 1381 Drilling Oil & Gas Wells; CIK 0000314808; latest 10-K filed 2026-02-20. VAL Valaris Ltd 0000314808 1381 Drilling Oil & Gas Wells Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following information should be read in conjunction with \"Item 1A. Risk Factors\" and our consolidated financial statements and the notes thereto in \"Item 8. Financial Statements and Supplementary Data\" of this report. The discussion of our results of operations and liquidity in this section includes comparisons for the years ended December 31, 2025 and 2024. For a similar discussion, including comparisons for the years ended December 31, 2024 and 2023, see \u201cPart II. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 20, 2025. INTRODUCTION Our Business We are a leading provider of offshore contract drilling services to the international oil and gas industry with operations in almost every major offshore market across six continents. Our fleet of offshore drilling rigs is among the largest in the world and includes one of the highest specification ultra-deepwater fleets, as well as a leading premium jackup fleet. As of February 20, 2026, we own 46 rigs, including 13 drillships, two semisubmersible rigs, 31 jackup rigs and a 50% equity interest in ARO, our 50/50 unconsolidated joint venture with Saudi Aramco, which owns an additional nine rigs. Our customers include many of the leading international and government-owned oil and gas companies, in addition to many independent operators. We are among the most geographically diverse offshore drilling companies with global operations. The markets in which we operate include the Gulf of America, South America, the North Sea, the Mediterranean, the Middle East, Africa and Asia Pacific. We provide drilling services on a day rate contract basis. Under day rate contracts, we provide an integrated drilling service that includes the provision of a drilling rig and rig crews for which we receive a daily rate that may vary between the full rate and zero rate throughout the duration of the contractual term, depending on the operations of the rig. We also may receive lump-sum fees or similar compensation for the mobilization, demobilization and capital upgrades of our rigs. Our customers bear substantially all of the costs of constructing the well and supporting drilling operations as well as the economic risk relative to the success of the well. Our Industry The offshore drilling industry is cyclical and primarily influenced by global energy demand, oil and gas supply dynamics and customer capital allocation decisions. Periods of oil oversupply generally place downward pressure on commodity prices, while periods of undersupply can result in higher and more volatile oil prices, influencing investment decisions across the upstream sector. While the oil market is currently in a period of oversupply, industry fundamentals are generally viewed as constructive over the medium to long term. Market participants generally expect the current oil supply imbalance to shift to a structurally tighter market over the next few years, driven by past underinvestment in upstream development and slowing production growth from non-OPEC sources. Industry studies, including those published by the International Energy Agency and the U.S. Energy Information Administration, indicate that substantial upstream investment is required to offset natural field declines and maintain existing production levels. 51 Against this backdrop, customers continue to emphasize the need for sustained investment in oil and gas to support secure, reliable and affordable energy supply, with increasing focus on offshore developments, particularly in deepwater. Compared to other sources of supply, deepwater projects typically offer large resource potential, competitive project economics and lower carbon intensity per barrel. Despite near-term commodity price uncertainty, customers are conti Item 1. Business General Valaris Limited is a global offshore contract drilling company. Unless the context requires otherwise, the terms \"Valaris,\" \"Company,\" \"we,\" \"us\" and \"our\" refer to Valaris Limited together with all its subsidiaries and predecessors. We are a leading provider of offshore contract drilling services to the international oil and gas industry with operations in almost every major offshore market across six continents. Our fleet of offshore drilling rigs is among the largest in the world and includes one of the highest specification ultra-deepwater fleets, as well as a leading premium jackup fleet. As of February 20, 2026, we own 46 rigs, including 13 drillships, two semisubmersible rigs, 31 jackup rigs and a 50% equity interest in ARO, our 50/50 unconsolidated joint venture with Saudi Aramco, which owns an additional nine rigs. Our customers include many of the leading international and government-owned oil and gas companies, in addition to many independent operators. We are among the most geographically diverse offshore drilling companies with global operations. The markets in which we operate include the Gulf of America, South America, the North Sea, the Mediterranean, the Middle East, Africa and Asia Pacific. We provide drilling services on a day rate contract basis. Under day rate contracts, we provide an integrated drilling service that includes the provision of a drilling rig and rig crews for which we receive a daily rate that may vary between the full rate and zero rate throughout the duration of the contractual term, depending on the operations of the rig. We also may receive lump-sum fees or similar compensation for the mobilization, demobilization and capital upgrades of our rigs. Our customers bear substantially all of the costs of constructing the well and supporting drilling operations as well as the economic risk relative to the success of the well. Pending Business Combination with Transocean On February 9, 2026, Valaris Item 1A. Risk Factors Risks Related to the Business Combination Our pending Business Combination may be delayed or not occur at all for a variety of reasons, some of which are outside of the parties\u2019 control, and if these conditions are not satisfied, the Business Combination Agreement may be terminated and the Business Combination may not be completed. On Febr", "title": "VAL - Valaris Ltd", "url": "/company/VAL/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001111335; latest 10-K filed 2026-02-19.", "text": "VC - VISTEON CORP SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001111335; latest 10-K filed 2026-02-19. VC VISTEON CORP 0001111335 3714 Motor Vehicle Parts & Accessories Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) is intended to help the reader understand the results of operations, financial condition, and cash flows of the Company. MD&A is provided as a supplement to, and should be read in conjunction with, the Company\u2019s consolidated financial statements and related notes appearing in Item 8 of this Annual Report on Form 10-K \u201cFinancial Statements and Supplementary Data\u201d. Executive Summary Strategic Priorities Visteon is a global automotive technology company serving the mobility industry, dedicated to creating more enjoyable, connected, and safe driving experiences. The Company's platforms leverage proven, scalable hardware and software solutions that enable the digital, electric, and autonomous evolution of its global automotive customers. The automotive mobility market is expected to grow faster than underlying vehicle production volumes as the vehicle shifts from analog to digital, incorporates increased connectivity through onboard computing, software and cloud-enabled features, and includes more advanced safety features. The Company has laid out the following strategic priorities: \u2022Technology Innovation - The Company is an established global leader in cockpit electronics and is positioned to provide solutions as the industry transitions to the next generation automotive cockpit experience. The cockpit is becoming fully digital, connected, automated, and voice enabled. The Company's broad portfolio of digital cockpit and electrification electronics positions Visteon to support these macro trends in the automotive industry. \u2022Long-Term Growth - The Company has continued to win business at a rate that exceeds current sales levels by demonstrating product quality, technical and development capability, new product innovation, reliability, timeliness, product design, manufacturing capability, and flexibility, as well as overall customer service. \u2022Balanced Capital Allocation with a Strong Balance Sheet - The Company continues to maintain a strong balance sheet to withstand near-term industry volatility and support a balanced capital allocation framework. The Company is primarily focused on allocating capital to high-returning organic initiatives that increase internal capabilities, attractive inorganic growth opportunities, and returning capital to shareholders. In March 2023, the Company announced a $300 million share repurchase program maturing at the end of 2026. The Company has repurchased $226 million of Company common stock under this program. During the year ended December 31, 2025, the Company paid a total of $15 million of quarterly cash dividends. During the year ended December 31, 2025, Visteon paid a net cash outlay of $50 million on inorganic growth to acquire a user experience electronics engineering consulting and consumer research company. 23 Financial Results The pie charts below highlight the sales breakdown for Visteon for the year ended December 31, 2025. *Regional sales are based on the geographic region where sale originates and not where customer is located (excludes inter-regional eliminations). Global Automotive Market Conditions and Production Levels Global light-vehicle production rose approximately 4% in 2025, based on January 2026 S&P Global data, while production volumes for the Company\u2019s key customers decreased around 1%. In North America, retail demand remained resilient with U.S. seasonally adjusted retail sales above 16 million units in 2025, although electric-vehicle (\u201cEV\u201d) purchases softened in the fourth quarter following accelerated buying activity ahead of expiring tax credits. Industry production declined slightly, and production at the Company\u2019s major customers declined at a slightly higher rate. In Europe, industry production decreased slightly compared to the prior year, while production at the Company\u2019s top customers declined at a higher rate. Item 1.Business Description of Business Visteon Corporation (the \"Company\" or \"Visteon\") is a global automotive technology company serving the mobility industry, dedicated to creating more enjoyable, connected, and safe driving experiences. The Company's platforms leverage proven, scalable hardware and software solutions that enable the digital, electric, and autonomous evolution of the Company's global automotive customers, including BMW, Ford, Geely, General Motors, Honda, Jaguar/Land Rover, Mahindra, Mazda, Mercedes-Benz, Mitsubishi, Nissan, Renault, Stellantis, Tata, Toyota, and Volkswagen. Visteon products and services align with key industry trends and include digital instrument clusters, information displays, infotainment, cockpit domain controllers, CognitoAITM, battery management systems, high voltage power electronics, and engineering services. Visteon is headquartered in Van Buren Township, Michigan, and has an international network of manufacturing operations, technical centers, and joint venture operations dedicated to the design, development, manufacture, and support of its product offerings and its global customers. The Company's manufacturing and engineering footprint is primarily located in Brazil, Bulgaria, China, India, Japan, Mexico, Portugal, Slovakia, Thailand, and Tunisia. The Company\u2019s Industry The Company operates in the automotive industry which is cyclical and highly sensitive to general economic conditions. The Company believes that future success in the automotive industry is, in part, dependent on alignment with customers to support their efforts to effectively meet the challenges associated with the following trends and developments in the global automotive industry: \u2022Electronic content and connectivity - Digital and portable technologies have dramatically influenced the lifestyle of today\u2019s consumers, who expect products that enable such a lifestyle. The vehicle cockpit is transforming into a fully digital and connected environme Item 1A. Risk Factors Set forth below are some of the most significant risks and uncertainties facing the Company. Additional risks and uncertainties, including those not presently known or that the Company believes to be immaterial, also may adversely affect the Company. Should any such risks and uncertainties develop into actual events, the", "title": "VC - VISTEON CORP", "url": "/company/VC/" }, { "kind": "company", "summary": "SIC 2320 Men's & Boys' Furnishgs, Work Clothg, & Allied Garments; CIK 0000103379; latest 10-K filed 2026-05-20.", "text": "VFC - V F CORP SIC 2320 Men's & Boys' Furnishgs, Work Clothg, & Allied Garments; CIK 0000103379; latest 10-K filed 2026-05-20. VFC V F CORP 0000103379 2320 Men's & Boys' Furnishgs, Work Clothg, & Allied Garments ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. OVERVIEW VF Corporation (together with its subsidiaries, collectively known as \u201cVF\u201d or the \u201cCompany\u201d) is a portfolio of leading outdoor and active brands, including The North Face\u00ae, Vans\u00ae and Timberland\u00ae. VF is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities, and shareholders. VF is diversified across brands, product categories, channels of distribution, geographies and consumer demographics. We own a broad portfolio of brands in the apparel, footwear, equipment and accessories categories. Our products are marketed to consumers through our wholesale channel, primarily in specialty stores, national chains, mass merchants, department stores, independently-operated partnership stores and with strategic digital partners. Our products are also marketed to consumers through our own direct-to-consumer operations, which include VF-operated stores, concession retail stores, brand e-commerce sites and other digital platforms. VF is organized by groupings of brands and businesses represented by its reportable segments for financial reporting purposes. The two reportable segments are Outdoor and Active. All other brands that have not been aggregated within the reportable segments described above, which do not meet the quantitative threshold to be disclosed as a separate reportable segment, have been grouped within an \u201cAll Other\u201d category. BASIS OF PRESENTATION VF operates and reports using a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. All references to the years ended March 2026 (\u201cFiscal 2026\u201d), March 2025 (\u201cFiscal 2025\u201d) and March 2024 (\u201cFiscal 2024\u201d) relate to the 52-week fiscal years ended March 28, 2026, March 29, 2025, and March 30, 2024, respectively. The following discussion and analysis focuses on our financial results for the years ended March 2026 and 2025 and year-to-year comparisons between these years. A discussion of our results of operations for the year ended March 2025 compared to the year ended March 2024 is included in Part II, Item 7. \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended March 29, 2025, filed with the SEC on May 22, 2025, and is incorporated by reference into this Form 10-K. All per share amounts are presented on a diluted basis. All percentages shown in the tables below and the discussion that follows have been calculated using unrounded numbers. References to the year ended March 2026 foreign currency amounts and impacts below reflect the changes in foreign exchange rates from the year ended March 2025 when translating foreign currencies into U.S. dollars. VF\u2019s most significant foreign currency exposure relates to business conducted in euro-based countries. Additionally, VF conducts business in other developed and emerging markets around the world with exposure to foreign currencies other than the euro. On September 15, 2025, VF entered into a definitive agreement with Bluestar Alliance LLC to sell the Dickies\u00ae brand business (\u201cDickies\u201d). On November 12, 2025, VF completed the sale of Dickies. All references to the impact of Dickies divestiture below represent the difference between Dickies revenue recognized in the third quarter of Fiscal 2026 (through the date of sale) and the amount of Dickies revenue recognized in the third and fourth quarters of Fiscal 2025. The Company determined that the sale of Dickies did not represent a strategic shift that would have a major effect on the Company's operations and financial results, and therefore did not qualify for presentation as a discontinued operation. Refer to Note 3 to VF's consolidated financial statements for additional information on the divestiture. In the first quarter of Fiscal ITEM 1. BUSINESS. V.F. Corporation, founded in 1899, is a portfolio of leading outdoor and active brands, including The North Face\u00ae, Vans\u00ae and Timberland\u00ae. VF is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities and shareholders. Unless the context indicates otherwise, the terms \u201cVF,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d used herein refer to V.F. Corporation and its consolidated subsidiaries. All references to \u201cFiscal 2026\u201d relate to VF's current fiscal year which ran from March 30, 2025 through March 28, 2026. Unless otherwise noted, all discussion below, including amounts and percentages for all periods, reflect the results of operations and financial condition of VF\u2019s continuing operations. As such, the Supreme\u00ae brand business (\u201cSupreme\u201d) that was sold on October 1, 2024 has been excluded. The sale of the Dickies\u00ae brand business (\u201cDickies\u201d) on November 12, 2025, did not qualify for presentation as a discontinued operation and is therefore included within VF's continuing operations, through the date of sale. Business Model VF is diversified across brands, product categories, channels of distribution, geographies and consumer demographics. We own a broad portfolio of brands in the apparel, footwear, equipment and accessories categories. Our largest brands are The North Face\u00ae, Vans\u00ae and Timberland\u00ae. Our products are marketed to customers through our wholesale channel, primarily in specialty stores, national chains, mass merchants, department stores, independently-operated partnership stores and with strategic digital partners. Our products are also marketed to consumers through our own direct-to-consumer operations, which include VF-operated stores, concession retail stores, brand e-commerce sites and other digital platforms. Revenues from the direct-to-consumer business represented 44% of VF\u2019s total Fiscal 2026 revenues. I ITEM 1A. RISK FACTORS. The following risk factors should be read carefully in connection with evaluating VF\u2019s business and the forward-looking statements contained in this Form 10-K. These disclosures reflect VF\u2019s beliefs and opinions as to factors that could materially and adversely affect VF and its se", "title": "VFC - V F CORP", "url": "/company/VFC/" }, { "kind": "company", "summary": "SIC 3679 Electronic Components, NEC; CIK 0000751978; latest 10-K filed 2026-03-02.", "text": "VICR - VICOR CORP SIC 3679 Electronic Components, NEC; CIK 0000751978; latest 10-K filed 2026-03-02. VICR VICOR CORP 0000751978 3679 Electronic Components, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview A discussion regarding our results of operations for the year ended December 31, 2024, compared to the year ended December 31, 2023, was included in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024, on pages 24 and 26-28 under Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d, which was filed with the SEC on March 3, 2025. We design, develop, manufacture, and market modular power components and power systems for converting electrical power for use in electrically-powered devices. Our competitive position is supported by innovations in product design and achievements in product performance, largely enabled by our focus on the research and development of advanced technologies and processes, often implemented in proprietary semiconductor circuitry, materials, and packaging. Many of our products incorporate patented or proprietary implementations of high-frequency switching topologies enabling power system solutions that are more efficient and much smaller than conventional alternatives. Our strategy emphasizes demonstrable product differentiation and a value proposition based on competitively superior solution performance, advantageous design flexibility, and a compelling total cost of ownership. While we offer a wide range of alternating current (\u201cAC\u201d) and direct current (\u201cDC\u201d) power conversion products, we consider our core competencies to be associated with 48V DC distribution, which offers numerous inherent cost and performance advantages over lower distribution voltages. However, we also offer products addressing other DC voltage standards (e.g., 380V for power distribution in data centers, 110V for rail applications, 28V for military and avionics applications, and 24V for industrial automation). Based on design, performance, and form factor considerations, as well as the range of evolving applications for which our products are appropriate, we categorize our product portfolios as either \u201cAdvanced Products\u201d or \u201cBrick Products.\u201d The Advanced Products category consists of our more recently introduced products, which are largely used to implement our proprietary Factorized Power Architecture\u2122 (\u201cFPA\u201d), an innovative power distribution architecture enabling flexible, rapid power system design using individual components optimized to perform a specific conversion function. The Brick Products category largely consists of our broad and well-established families of integrated power converters, incorporating multiple conversion stages, used in conventional power systems architectures. Given the growth profiles of the markets we serve with our Advanced Products line and our Brick Products line, our strategy involves a continuing transition in organizational focus, emphasizing investment in our Advanced Products line and targeting high growth market segments with a low-mix, high-volume operational model, while maintaining a profitable business in the mature market segments we serve with our Brick Products line with a high-mix, low-volume operational model. The applications in which our Advanced Products and Brick Products are used are typically in the higher-performance, higher-power segments of the market segments we serve. With our Advanced Products, we generally serve large Original Equipment Manufacturers (\u201cOEMs\u201d), Original Design Manufacturers (\u201cODMs\u201d), and their contract manufacturers, with sales currently concentrated in the data center and hyperscaler segments of enterprise computing, in which our products are used for power delivery on server motherboards, in server racks, and across datacenter infrastructure. We have established a leadership position in the emerging market segment for powering high-performance processors used for acceleration of applications associated with artificial intelligence (\u201cAI\u201d). Our customers in the AI market s ITEM 1. BUSINESS Overview We design, develop, manufacture, and market modular power components and power systems for converting electrical power (expressed as \u201cwatts,\u201d and represented by the symbol \u201cW\u201d, with wattage being the product of voltage, expressed as \u201cvolts,\u201d and represented by the symbol \u201cV,\u201d and current, expressed as \u201camperes,\u201d and represented by the symbol \u201cI\u201d). In electrically-powered devices utilizing alternating current (\u201cAC\u201d) voltage from a primary AC source (for example, a wall outlet), a power system converts AC voltage into the stable direct current (\u201cDC\u201d) voltage necessary to power subsystems and/or individual applications and devices (known as \u201cloads\u201d). In many electronic devices, this DC voltage may be further converted to one or more voltages and currents required by a range of loads. In equipment utilizing DC voltage from a primary DC source (for example, a battery) or a secondary source (such as an AC-DC converter), the initial DC voltage similarly may require further conversion. A power system most commonly incorporates four voltage conversion functions: transformation, isolation, rectification, and regulation. 2 Table of Contents Transformation refers to the process of increasing or decreasing an AC voltage; isolation refers to the electrical separation, for safety, of primary and secondary voltages in a transformer; rectification refers to the process of converting a voltage from AC to DC and/or from DC to AC; and regulation refers to the process of providing a near constant voltage under a range of line and load conditions. Because numerous applications requiring different voltages, currents, and varied power ratings may exist within an electronically-powered device, and system power architectures themselves vary, we offer an extensive range of products and accessories in numerous application-specific configurations. We believe our product offering is among the most comprehensive in the market segments we serve. In addition to offeri ITEM 1A. RISK FACTORS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Actual results could differ materially from those projected in the forward-looking statements as a result of, among other factors, the risk facto", "title": "VICR - VICOR CORP", "url": "/company/VICR/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000714310; latest 10-K filed 2026-02-27.", "text": "VLY - VALLEY NATIONAL BANCORP SIC 6021 National Commercial Banks; CIK 0000714310; latest 10-K filed 2026-02-27. VLY VALLEY NATIONAL BANCORP 0000714310 6021 National Commercial Banks Item 7. Management\u2019s Discussion and Analysis (MD&A) of Financial Condition and Results of Operations The purpose of this analysis is to provide the reader with information relevant to understanding and assessing Valley\u2019s results of operations and financial condition for each of the past two years. In order to fully appreciate this analysis, the reader is encouraged to review the consolidated financial statements and accompanying notes thereto appearing under Item 8 of this Report, and statistical data presented in this document. For comparison of our results of operations for the years ended December 31, 2024 and 2023, please refer to Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025. Cautionary Statement Concerning Forward-Looking Statements This Report, both in MD&A and elsewhere, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management\u2019s confidence and strategies and management\u2019s expectations about our business, new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by forward-looking terminology such as \u201cintend,\u201d \u201cshould,\u201d \u201cexpect,\u201d \u201cbelieve,\u201d \u201cview,\u201d \u201copportunity,\u201d \u201callow,\u201d \u201ccontinues,\u201d \u201creflects,\u201d \u201cwould,\u201d \u201ccould,\u201d \u201ctypically,\u201d \u201cusually,\u201d \u201canticipate,\u201d \u201cmay,\u201d \u201cestimate,\u201d \u201coutlook,\u201d \u201cproject\u201d or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Factors, in addition to risk factors listed under Item 1A. of this Report, that may differ materially from those contemplated in these forward-looking statements include, but are not limited to: \u2022the impact of market interest rates and monetary and fiscal policies of the U.S. federal government and its agencies in connection with prolonged inflationary pressures, which could have a material adverse effect on our clients, our business, our employees, and our ability to provide services to our customers; [[GREPCENT_TABLE]] [[\"2025 Form 10-K\",\"40\"]] [[/GREPCENT_TABLE]] \u2022the impact of unfavorable macroeconomic conditions or downturns, including instability or volatility in financial markets resulting from the impact of tariffs/import fees and other trade policies and practices, any retaliatory actions, related market uncertainty, or other factors; U.S. government debt default or rating downgrade; unanticipated loan delinquencies; loss of collateral; decreased service revenues; increased business disruptions or failures; reductions in employment; and other potential negative effects on our business, employees or clients caused by factors outside of our control, such as new legislation and policy changes under the current U.S. presidential administration, any shutdown of the U.S federal government, geopolitical instabilities or events, natural and other disasters, including severe weather events and other climate-related risks, health emergencies, acts of terrorism, or other external events; \u2022the impact of any potential instability within the U.S. financial sector or future bank failures, including the possibility of a run on deposits by a coordinated deposit base, and the impact of any actual or perceived concerns regarding the soundness, or creditworthiness, of other financial institutions, including any resulting disruption within the financial markets, increased expenses, including FDIC insurance assessments, or adverse impact on our stock price, deposits or our ability to borrow or raise capital; \u2022the impact of negative public opinion regarding Valley or banks in general that damages our reputation and adversely impacts business and revenues; \u2022changes in the statutes, regulations, policies, enfo Item 1. Business The disclosures set forth in this item are qualified by Item 1A. Risk Factors and the section captioned \u201cCautionary Statement Concerning Forward-Looking Statements\u201d in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") of this Report and other cautionary statements set forth elsewhere in this Report. General Founded in 1927, Valley National Bancorp, is a registered bank holding company and financial holding company with the Federal Reserve under the BHC Act, headquartered in Morristown, New Jersey. At December 31, 2025, Valley had consolidated total assets of $64.1 billion, total net loans of $49.6 billion, total deposits of $52.2 billion and total shareholders\u2019 equity of $7.8 billion. Valley\u2019s principal subsidiary, Valley National Bank (commonly referred to as the \u201cBank\u201d in this Report), has been chartered as a national banking association under the laws of the United States since 1927 and currently has 230 branch offices located in New Jersey, New York, Florida, Alabama, California, and Illinois. Valley, through the Bank and its subsidiaries, offers a full suite of national and regional banking solutions through various commercial, private banking, retail, insurance and wealth management financial services products. Valley provides personalized service and customized solutions to assist its customers with their financial service needs. Our solutions include, but are not limited to, traditional consumer and commercial deposit and lending products, commercial real estate financing, asset-based loans, small business loans, equipment financing, insurance and wealth management solutions, and personal financing solutions, such as residential mortgages, home equity loans and automobile financing. Valley also offers niche financial services, including loan and deposit products for homeowners associations, cannabis-related business banking and venture banking, which we offer nationally. In addition t Item 1A. Risk Factors An investment in our securities is subject to risks inherent to our business. The material risks and uncertainties that management believes may affect Valley are described below. Before making an investment decision, you should carefully consider the risks and uncertainties described below together with all", "title": "VLY - VALLEY NATIONAL BANCORP", "url": "/company/VLY/" }, { "kind": "company", "summary": "SIC 3440 Fabricated Structural Metal Products; CIK 0000102729; latest 10-K filed 2026-02-24.", "text": "VMI - VALMONT INDUSTRIES INC SIC 3440 Fabricated Structural Metal Products; CIK 0000102729; latest 10-K filed 2026-02-24. VMI VALMONT INDUSTRIES INC 0000102729 3440 Fabricated Structural Metal Products ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward\u2011Looking Statements Management\u2019s discussion and analysis, along with other sections of this annual report, contain forward\u2011looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on assumptions that management has made in light of experience in the industries in which the Company operates, as well as management\u2019s perceptions of historical trends, current conditions, anticipated future developments, and other factors deemed to be relevant. However, these statements are not guarantees of future performance or results. They are subject to risks, uncertainties (some beyond the Company\u2019s control), and various assumptions. Management believes these forward\u2011looking statements are based on reasonable assumptions. However, many factors could cause actual financial results to differ materially from expectations. These factors include, among others, risk factors described in the Company\u2019s reports to the SEC, as well as future economic and market conditions, industry trends, Company performance and financial results, operational efficiencies, availability and pricing of raw materials, availability and market acceptance of new products, product pricing, domestic and international competition, and actions or policy changes by domestic and foreign governments. The following discussion and analysis provide information that management considers relevant for assessing and understanding the Company\u2019s consolidated results of operations and financial position. This discussion should be read in conjunction with the Consolidated Financial Statements and related notes. This section primarily discusses fiscal 2025 and fiscal 2024, including year-over-year comparisons. Discussions regarding fiscal 2023 and associated comparisons, which are not included on Form 10-K, can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 28, 2024. \u200b 22 Table of Contents FISCAL 2025 COMPARED WITH FISCAL 2024 Results of Operations [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"Fiscal Year Ended\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"December 27,\",\"\\u200b\",\"December 28,\",\"\\u200b\",\"Percent\"],[\"Dollars in thousands, except per-share amounts\",\"\\u200b\",\"2025\",\"\\u200b\",\"2024\",\"\\u200b\",\"Change\"],[\"Consolidated\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Net sales\",\"\\u200b\",\"$\",\"4,104,102\",\"\\u200b\",\"$\",\"4,075,034\",\"\",\"0.7%\"],[\"Gross profit\",\"\\u200b\",\"\",\"1,239,936\",\"\\u200b\",\"\",\"1,241,212\",\"\",\"(0.1%)\"],[\"as a percentage of net sales\",\"\\u200b\",\"\",\"30.2%\",\"\\u200b\",\"\",\"30.5%\",\"\\u200b\",\"\\u200b\"],[\"Selling, general, and administrative expenses\",\"\\u200b\",\"\",\"717,633\",\"\\u200b\",\"\",\"716,628\",\"\\u200b\",\"0.1%\"],[\"as a percentage of net sales\",\"\\u200b\",\"\",\"17.5%\",\"\\u200b\",\"\",\"17.6%\",\"\\u200b\",\"\\u200b\"],[\"Impairment of long-lived assets\",\"\\u200b\",\"\\u200b\",\"91,337\",\"\\u200b\",\"\",\"\\u2014\",\"\\u200b\",\"NM\"],[\"Realignment charges\",\"\\u200b\",\"\\u200b\",\"15,390\",\"\\u200b\",\"\",\"\\u2014\",\"\\u200b\",\"NM\"],[\"Operating income\",\"\\u200b\",\"\",\"415,576\",\"\\u200b\",\"\",\"524,584\",\"\\u200b\",\"(20.8%)\"],[\"as a percentage of net sales\",\"\\u200b\",\"\",\"10.1%\",\"\\u200b\",\"\",\"12.9%\",\"\\u200b\",\"\\u200b\"],[\"Net interest expense\",\"\\u200b\",\"\",\"32,353\",\"\\u200b\",\"\",\"51,539\",\"\\u200b\",\"(37.2%)\"],[\"Effective tax rate\",\"\\u200b\",\"\",\"6.3%\",\"\\u200b\",\"\",\"25.2%\",\"\\u200b\",\"\\u200b\"],[\"Net earnings attributable to Valmont Industries, Inc.\",\"\\u200b\",\"\",\"350,273\",\"\\u200b\",\"\",\"348,259\",\"\\u200b\",\"0.6%\"],[\"Diluted earnings per share\",\"\\u200b\",\"$\",\"16.79\",\"\\u200b\",\"$\",\"17.19\",\"\\u200b\",\"(2.3%)\"],[\"Infrastructure\",\"\\u200b\",\"\",\"\\u200b\",\"\\u200b\",\"\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Net sales\",\"\\u200b\",\"$\",\"3,089,732\",\"\\u200b\",\"$\",\"2,998,381\",\"\\u200b\",\"3.0%\"] ITEM 1. BUSINESS Valmont Industries, Inc., along with its subsidiaries (collectively referred to as the \u201cCompany,\u201d \u201cValmont,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d), is a diversified manufacturer of products and services for infrastructure and agriculture markets. Founded in 1946 and headquartered in Omaha, Nebraska, our purpose is to conserve resources and improve life. We have been publicly traded since 1968, with our shares listed on the New York Stock Exchange under the ticker symbol \u201cVMI.\u201d Segments Our reportable segments are as follows: Infrastructure: This segment consists of the manufacture and distribution of products and solutions to serve the infrastructure markets of utility, lighting, transportation, telecommunications, and solar, along with coatings services to protect metal products. Agriculture: This segment consists of the manufacture of center pivot and linear irrigation equipment components for agricultural markets, including aftermarket parts and tubular products, and advanced technology solutions for precision agriculture. Further information on the principal products, services, markets, competition, and distribution methods for each of our two reportable segments is provided below. Infrastructure Segment Products and Services [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Utility: We design, engineer, and manufacture structures made of steel, pre-stressed concrete, and composites to support the infrastructure necessary for electrical transmission, substations, and distribution applications within the utility industry. Transmission involves moving high-voltage power from generation sources to consumption points, while substations play a crucial role in transforming electricity to make it suitable for both transmission and distribution to end-users.\"]] [[/GREPCENT_TABLE]] Our scalable solutions feature innovative designs that address the growing demand for reliable energy, especially considering increasing concerns about grid resilience due to natural disasters like ITEM 1A. RISK FACTORS The following risk factors describe various risks that may affect our business, financial condition, and operations. 8 Table of Contents Economic and Business Risks The ultimate consumers of our products operate in cyclical industries, which have experienced significant downturns that have adve", "title": "VMI - VALMONT INDUSTRIES INC", "url": "/company/VMI/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000899689; latest 10-K filed 2026-02-09.", "text": "VNO - VORNADO REALTY TRUST SIC 6798 Real Estate Investment Trusts; CIK 0000899689; latest 10-K filed 2026-02-09. VNO VORNADO REALTY TRUST 0000899689 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS [[GREPCENT_TABLE]] [[\"\",\"Page Number\"],[\"Overview\",\"35\"],[\"Critical Accounting Estimates\",\"42\"],[\"Net Operating Income At Share by Segment for the Years Ended December 31, 2025 and 2024\",\"43\"],[\"Results of Operations for the Year Ended December 31, 2025 Compared to December 31, 2024\",\"46\"],[\"Related Party Transactions\",\"49\"],[\"Liquidity and Capital Resources\",\"50\"],[\"Funds From Operations for the Years Ended December 31, 2025 and 2024\",\"56\"]] [[/GREPCENT_TABLE]] 34 Introduction The following discussion should be read in conjunction with the financial statements and related notes included under Part II, Item 8 of this Annual Report on Form 10-K. Our Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") within this section is focused on the years ended December 31, 2025 and 2024, including year-to-year comparisons between these years. Our MD&A for the year ended December 31, 2023, including year-to-year comparisons between 2024 and 2023, can be found in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Overview Vornado Realty Trust (\u201cVornado\u201d) is a fully\u2011integrated real estate investment trust (\u201cREIT\u201d) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P., (the \u201cOperating Partnership\u201d) a Delaware limited partnership. Accordingly, Vornado\u2019s cash flow and ability to pay dividends to its shareholders are dependent upon the cash flow of the Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors. Vornado is the sole general partner of and owned approximately 91.3% of the common limited partnership interest in the Operating Partnership as of December 31, 2025. All references to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d mean, collectively, Vornado, the Operating Partnership and those subsidiaries consolidated by Vornado. We own and operate office and retail properties with a concentration in the New York metropolitan area. In addition, we have a 32.4% interest in Alexander\u2019s, Inc. (\u201cAlexander\u2019s\u201d) (NYSE: ALX), which owns five properties in the greater New York metropolitan area, as well as interests in other real estate and investments. Our business objective is to maximize Vornado shareholder value, which we measure by the total return provided to our shareholders. Below is a table comparing Vornado\u2019s performance to the FTSE Office and the MSCI US REIT Index (\u201cMSCI\u201d) for the following periods ended December 31, 2025: [[GREPCENT_TABLE]] [[\"\",\"Total Return(1)\"],[\"\",\"Vornado\",\"\",\"FTSE Office\",\"\",\"MSCI\"],[\"Three-month\",\"(16.1\",\"%)\",\"\",\"(13.1\",\"%)\",\"\",\"(1.7\",\"%)\"],[\"One-year\",\"(19.1\",\"%)\",\"\",\"(14.0\",\"%)\",\"\",\"3.0\",\"%\"],[\"Three-year\",\"70.4\",\"%\",\"\",\"6.6\",\"%\",\"\",\"27.3\",\"%\"],[\"Five-year\",\"6.9\",\"%\",\"\",\"(18.9\",\"%)\",\"\",\"37.5\",\"%\"],[\"Ten-year\",\"(38.3\",\"%)\",\"\",\"(11.4\",\"%)\",\"\",\"74.2\",\"%\"]] [[/GREPCENT_TABLE]] ________________________________________ (1)Past performance is not necessarily indicative of future performance. We intend to achieve this objective by continuing to pursue our investment philosophy and to execute our operating strategies through: \u2022maintaining a superior team of operating and investment professionals and an entrepreneurial spirit; \u2022investing in properties in select markets, such as New York City, where we believe there is a high likelihood of capital appreciation; \u2022acquiring quality properties at a discount to replacement cost and where there is a significant potential for higher rents; \u2022developing and redeveloping properties to increase returns and maximize value; and \u2022investing in operating companies that have a significant real estate component. We expect to finance our growth from acquisitions, developments, ITEM 1. BUSINESS Vornado is a fully\u2011integrated REIT and conducts its business through, and substantially all of its interests in properties are held by, the Operating Partnership, a Delaware limited partnership. Accordingly, Vornado\u2019s cash flow and ability to pay dividends to its shareholders are dependent upon the cash flow of the Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors. Vornado is the sole general partner of and owned approximately 91.3% of the common limited partnership interest in the Operating Partnership as of December 31, 2025. We currently own all or portions of: New York: \u202251 Manhattan operating properties consisting of: \u202219.2 million square feet of office space in 26 of the properties; \u20222.3 million square feet of street retail space in 45 of the properties; \u20221,331 units in two Manhattan residential properties; \u2022Multiple development sites and redevelopment projects, including 350 Park Avenue, Sunset Pier 94 Studios, 623 Fifth Avenue, the Hotel Pennsylvania site (PENN 15) and other PENN district sites; \u2022A 32.4% interest in Alexander\u2019s, Inc. (\u201cAlexander\u2019s\u201d) (NYSE: ALX), which owns five properties in the greater New York metropolitan area, including 731 Lexington Avenue, the 1.1 million square foot Bloomberg, L.P. headquarters building, and The Alexander, a 312-unit apartment tower in Queens; \u2022Signage throughout the PENN District and Times Square; and \u2022Building Maintenance Services LLC (\"BMS\"), a wholly owned subsidiary, which provides cleaning and security services for our buildings and third parties. Other Real Estate and Investments: \u2022The 3.7 million square foot THE MART in Chicago; \u2022A 70% controlling interest in 555 California Street, a three-building office complex in San Francisco\u2019s financial district aggregating 1.8 million square feet; and \u2022Other real estate and investments. OBJECTIVES AND STRATEGY Our business objective is to maximize Vornado sh ITEM 1A. RISK FACTORS Material factors that may adversely affect our business, operations and financial condition are summarized below. We refer to the equity and debt securities of both Vornado and the Operating Partnership as our \u201csecurities\u201d and the investors who own shares of Vornado or units of the Operating Partnership, or both, as our \u201cequity holders", "title": "VNO - VORNADO REALTY TRUST", "url": "/company/VNO/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0002074176; latest 10-K filed 2026-02-25.", "text": "VNOM - Viper Energy, Inc. SIC 1311 Crude Petroleum & Natural Gas; CIK 0002074176; latest 10-K filed 2026-02-25. VNOM Viper Energy, Inc. 0002074176 1311 Crude Petroleum & Natural Gas ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with our consolidated financial statements and notes thereto presented in Item 8. Financial Statements and Supplementary Data of this report. The following discussion contains \u201cforward-looking statements\u201d that reflect our future plans, estimates, beliefs, and expected performance. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors discussed further in Item 1A. Risk Factors and Cautionary Statement Regarding Forward-Looking Statements of this report. Overview We are a publicly traded Delaware corporation focused on owning and acquiring mineral and royalty interests in oil and natural gas properties primarily in the Permian Basin. We operate in one reportable segment. The following discussion includes a comparison of our results of operations, including changes in our operating income, and liquidity and capital resources for fiscal year 2025 and fiscal year 2024. A discussion of changes in our results of operations from fiscal year 2024 compared to fiscal year 2023 has been omitted from this report, but may be found in Part II. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 26, 2025, and is incorporated by reference in this report from such prior Annual Report on Form 10-K. Recent Developments 2026 Activity Increase in Repurchase Program Authorization On February 18, 2026, our board of directors approved an increase in authorization under our existing repurchase program from $750 million to $1.75 billion, excluding excise tax. As of February 20, 2026, approximately $1.2 billion remains available for future repurchases under our repurchase program, excluding excise tax. Cash Dividends On February 18, 2026, our board of directors approved (i) an increase to our annual base dividend to $1.52 per share of Class A Common Stock beginning with the dividend payable for the fourth quarter of 2025, and (ii) a combined quarterly base and variable cash dividend of $0.52 per share of Class A Common Stock and $0.65 per OpCo Unit payable on March 12, 2026. Divestiture of Non-Permian Assets On February 9, 2026, we completed the Non-Permian Divestiture for net cash proceeds of approximately $617 million, subject to customary post-closing adjustments. The divested properties consisted of approximately 9,400 net royalty acres in the Denver-Julesburg, Eagle Ford and Williston basins with current production of approximately 4,750 BO/d. Proceeds from the Non-Permian Divestiture were used to repay the Term Loan (as defined below) and to reduce borrowings outstanding on the 2025 Revolving Credit Facility (as defined below). 2025 Activity Acquisitions Update Sitio Acquisition On August 19, 2025, we completed the Sitio Acquisition in an all-equity transaction valued at approximately $4.0 billion, including customary transaction costs and post-closing adjustments and the partial retirement of Sitio\u2019s net debt of approximately $1.2 billion. The mineral and royalty interests acquired in the Sitio Acquisition represent approximately 25,300 net royalty acres in the Permian Basin and approximately 9,000 net royalty acres in the Denver-Julesburg, Eagle Ford and Williston basins, for total acreage of approximately 34,300 net royalty acres. 29 Table of Contents 2025 Drop Down On May 1, 2025, we completed the 2025 Drop Down for consideration consisting of (i) $873 million in cash including customary post-closing adjustments, and (ii) the issuance of 69,626,640 OpCo Units and an equivalent number of shares of our Class B Common Stock (collectively, the \u201cDrop Down Equity Issuance\u201d). The mineral and royalty interests acquired in the 2025 Drop Down ITEM 1A. RISK FACTORS The nature of our business activities subjects us to certain hazards and risks. The following is a summary of the material risks relating to our business activities. We could also face additional risks and uncertainties not currently known to us or that we currently deem to be immaterial. If any of these risks actually occurs, it could materially harm our business, financial condition or results of operations and the trading price of our shares could decline. Risks Related to Our Business Geopolitics and market conditions for oil and natural gas, and particularly volatility in prices for oil and natural gas, have in the past adversely affected, and may in the future adversely affect, our revenue, cash flows, profitability, growth and production. From the beginning of 2023 through the end of 2025, WTI has ranged from $55.27 to $93.68 per Bbl, and the Henry Hub price of natural gas has ranged from $1.58 to $5.29 per MMBtu. Regional and worldwide economic activity, changes in trade or other government policies or regulations, including with respect to U.S. energy and monetary policies, tariffs or other 14 Table of Contents trade barriers and any resulting trade tensions, regional conflicts and political instability, extreme weather conditions, and actions taken by OPEC+, continued to contribute to economic and pricing volatility. These factors and the volatility of the energy markets make it extremely difficult to predict future oil and natural gas price movements with any certainty. If the prices of oil and natural gas decline, our operations and financial condition may be materially and adversely affected. Our business may be also adversely impacted by any future government rule, regulation or order that may impose production limits, as well as pipeline capacity and storage constraints in the Permian Basin where we have mineral and royalty interests. Diamondback and certain of our other operators increased production on our acreage durin", "title": "VNOM - Viper Energy, Inc.", "url": "/company/VNOM/" }, { "kind": "company", "summary": "SIC 3824 Totalizing Fluid Meters & Counting Devices; CIK 0001786842; latest 10-K filed 2026-02-12.", "text": "VNT - Vontier Corp SIC 3824 Totalizing Fluid Meters & Counting Devices; CIK 0001786842; latest 10-K filed 2026-02-12. VNT Vontier Corp 0001786842 3824 Totalizing Fluid Meters & Counting Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is designed to provide a reader of our financial statements with a narrative from the perspective of management and is intended to help the reader understand our results of operations and financial condition. Our MD&A should be read in conjunction with our Consolidated Financial Statements and the accompanying Notes to the Consolidated Financial Statements included elsewhere in this Annual Report. Discussion and analysis of our financial condition and results of operations as of and for the year ended December 31, 2024 compared to December 31, 2023 is included under the heading \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K filed for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission on February 13, 2025. OVERVIEW General Vontier is a global industrial technology company uniting productivity, automation and multi-energy technologies to meet the needs of a rapidly evolving, more connected mobility ecosystem. Leveraging leading market positions, decades of domain expertise and unparalleled portfolio breadth, Vontier powers the way the world moves, delivering smart, safe and sustainable solutions to our customers and the planet. Vontier has a culture of continuous improvement and innovation built upon the foundation of the Vontier Business System and embraced by colleagues worldwide. Refer to \u201cItem 1. Business \u2013 General\u201d included in this Annual Report for a discussion of our strategies for delivering long-term shareholder value. We operate through three reportable segments which align to our three operating segments: (i) Mobility Technologies, which provides digitally enabled equipment and solutions to support efficient operations across the mobility ecosystem, including point-of-sale and payment systems, workflow automation solutions, telematics, data analytics, software platform for electric vehicle charging networks, and integrated solutions for alternative fuel dispensing; (ii) Repair Solutions, which manufactures and distributes aftermarket vehicle repair tools, toolboxes, automotive diagnostic equipment and software through a network of mobile franchisees; and (iii) Environmental & Fueling Solutions, which provides environmental and fueling hardware and software, and aftermarket solutions for global fueling infrastructure. Our Coats business, which was divested during January 2024, is presented in Other for periods prior to the divestiture. Outlook We expect core sales to increase on a year-over-year basis in 2026. Our outlook is subject to various assumptions and risks, including but not limited to the impact of changes in United States and international trade policies, other changes in governmental policies or regulations, the resilience and durability of the economies of the United States and other critical regions, the condition of global supply chains, including the availability of electronic components, the impact of international conflicts, including Russia-Ukraine and conflicts in the Middle East and market conditions in key end product segments. Additional uncertainties are identified in \u201cInformation Relating to Forward-Looking Statements\u201d and \u201cRisk Factors\u201d in this Form 10-K. We continue to monitor the macroeconomic and geopolitical conditions which may impact our business, including monetary and fiscal policies, changes in the banking system and investment and taxation policy initiatives being considered in the United States and by the Organization for Economic Co-operation and Development. We also continue to monitor the Russia-Ukraine conflict, conflicts in the Middle East and political and economic conditions in Latin America and the impact on our business and operations. As of the filing date of ITEM 1. BUSINESS General Vontier Corporation (\u201cVontier,\u201d the \u201cCompany,\u201d \u201cwe,\u201d or \u201cour\u201d) is a global industrial technology company uniting productivity, automation and multi-energy technologies to meet the needs of a rapidly evolving, more connected mobility ecosystem. Leveraging leading market positions, decades of domain expertise and unparalleled portfolio breadth, Vontier powers the way the world moves, delivering smart, safe and sustainable solutions to our customers and the planet. Vontier Corporation is a Delaware corporation that was incorporated in 2019 in connection with the separation of Vontier from Fortive Corporation (\u201cFortive\u201d) on October 9, 2020, as an independent, publicly-traded company. In this Annual Report on Form 10-K, the terms \u201cVontier\u201d or the \u201cCompany\u201d refer to either Vontier Corporation or to Vontier Corporation and its consolidated subsidiaries, as the context requires. We are headquartered in Raleigh, North Carolina and serve three end markets, convenience retail, fleet solutions and auto repair, marketing our products and services to retail and commercial fueling operators, convenience store operators, car wash operators, electric vehicle charging network operators, fleet owners/operators and commercial vehicle repair businesses. Our research and development, manufacturing, sales, distribution, service and administration operations are located in approximately 25 countries primarily across North America, Asia Pacific, Europe and Latin America. Guided by our shared purpose to mobilize the future and create a better world, we embrace a culture of continuous improvement and innovation through the Vontier Business System (\u201cVBS\u201d). By rigorously applying our proprietary growth, lean, and leadership tools, we consistently enhance performance across innovation, product development, supply chain, sales, marketing and leadership. Our commitment to VBS drives long-term shareholder value by fueling customer satisfaction, profitability and strat ITEM 1A. RISK FACTORS You should carefully consider the risks and uncertainties described below, together with the information included elsewhere in this Annual Report on Form 10-K and other documents we file with the SEC. The risks and uncertainties described below are those that we have identified as material, but ar", "title": "VNT - Vontier Corp", "url": "/company/VNT/" }, { "kind": "company", "summary": "SIC 6311 Life Insurance; CIK 0001535929; latest 10-K filed 2026-02-20.", "text": "VOYA - Voya Financial, Inc. SIC 6311 Life Insurance; CIK 0001535929; latest 10-K filed 2026-02-20. VOYA Voya Financial, Inc. 0001535929 6311 Life Insurance Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations For the purposes of this discussion, the terms \"Voya,\" \"the Company,\" \"we,\" \"our,\" and \"us\" refer to Voya Financial, Inc. and its subsidiaries. The following discussion and analysis presents a review of our results of operations for the years ended December 31, 2025 and 2024, and financial condition as of December 31, 2025 and 2024. This item should be read in its entirety and in conjunction with the Consolidated Financial Statements and related notes contained in Part II, Item 8. of this Annual Report on Form 10-K. For discussion and analysis of our results of operations for the years ended December 31, 2024 and 2023, refer to our 2024 Annual Report on Form 10-K filed with the SEC on February 21, 2025. In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. See the Note Concerning Forward-Looking Statements. Overview We are a leading provider of workplace benefits and savings solutions and technologies to U.S. employers, enabling better financial outcomes for their employees and for those who depend on their employees through our retirement solutions, retail wealth services, and a comprehensive portfolio of benefits products. We are also a leading international asset manager, built on a foundation of institutional-quality fixed income and private asset strategies, with a well-established presence in U.S. markets [[GREPCENT_TABLE]] [[\"\",\"47\"]] [[/GREPCENT_TABLE]] Table of Contents and a large and growing business managing retail and institutional equity, fixed income and blended strategies for clients in Europe and Asia. We have returned approximately $380 million of capital to our shareholders through share repurchases and dividends and generated excess capital of approximately $775 million during 2025, while making strategic investments in our Retirement, Investment Management and Employee Benefits businesses. We are focused on executing our mission to make a secure financial future possible\u2014one person, one family and one institution at a time. Voya\u2019s scale, business mix, risk profile, and strong excess capital generation are competitive differentiators, and we have a clear path to increasing excess capital generation and Adjusted operating earnings growth via net revenue growth, margin expansion, and disciplined capital management. On August 5, 2025, we announced we would return to using our prior segment names \u2014 Retirement and Employee Benefits, replacing Wealth Solutions and Health Solutions, respectively. The naming convention better reflects and aligns with the services and solutions we provide today in the client markets served by those segments. The change in names did not affect the amounts reported by segment in our financial statements. We will continue to provide our products and services through three segments: Retirement, Investment Management and Employee Benefits. Retirement Our Retirement segment provides retirement plan solutions and administration technology and services to employers. These products and services include full-service and recordkeeping-only defined contribution plan administration, stable value and fixed general account investment products, and non-qualified plan administration. It also includes tools, guidance, and services to promote the financial well-being and retirement security of employees. Additionally, we provide individual retirement accounts and financial guidance and advisory services that enables us to deepen relationships with our retirement plan participants. Revenue is earned from a diverse and complementary business mix and consists primarily of fee and investment income. Fee incom Item 1. Business For the purposes of this discussion, the terms \"Voya,\" \"the Company,\" \"we,\" \"our,\" and \"us\" refer to Voya Financial, Inc. and its subsidiaries. We are a leading provider of workplace benefits and savings solutions and technologies to U.S. employers, enabling better financial outcomes for their employees and for those who depend on their employees through our retirement solutions, retail wealth services, and a comprehensive portfolio of benefits products. We are also a leading international asset manager, built on a foundation of institutional-quality fixed income and private asset strategies, with a well-established presence in U.S. markets and a large and growing business managing retail and institutional equity, fixed income and blended strategies for clients in Europe and Asia. Voya has over 18 million individual customer relationships and more than 50 thousand employer and institutional client relationships across its businesses, as of December 31, 2025. We are committed to business practices centered on a culture of service to our customers, clients, colleagues and communities. Our approximately 11,000 employees (as of December 31, 2025), throughout the U.S. and in our global services capability center in India, are united by our Company's purpose: together we fight for everyone's opportunity for a better financial future. We offer our products and services through a broad group of financial intermediaries, independent producers, affiliated advisors and dedicated sales specialists throughout the U.S., and also offer investment management services to international clients. We provide our workplace benefits and savings products to employers across every segment of the U.S. economy, in private, public, and tax-exempt markets, from small businesses with fewer than 50 employees to the largest corporations and public-sector employers in the country. Through our retirement platform and associated retail wealth capabilities, we reach nearly Item 1A. Risk Factors We face a variety of risks that are substantial and inherent in our business, including market, liquidity, credit, strategic, operational, legal, regulatory and reputational risks. The following is a summary of the material factors that could adversely affect our business, sales, revenues, AUM, reputation, results of operations, liquidity, profitab", "title": "VOYA - Voya Financial, Inc.", "url": "/company/VOYA/" }, { "kind": "company", "summary": "SIC 2990 Miscellaneous Products of Petroleum & Coal; CIK 0001674910; latest 10-K filed 2025-11-21.", "text": "VVV - VALVOLINE INC SIC 2990 Miscellaneous Products of Petroleum & Coal; CIK 0001674910; latest 10-K filed 2025-11-21. VVV VALVOLINE INC 0001674910 2990 Miscellaneous Products of Petroleum & Coal ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements and the accompanying Notes to Consolidated Financial Statements included in Item 8 of Part II of this Annual Report on Form 10-K. Unless otherwise noted, disclosures herein relate solely to the Company\u2019s continuing operations. BUSINESS OVERVIEW AND PURPOSE As the quick, easy, trusted leader in automotive preventive maintenance, Valvoline is creating shareholder value by driving the full potential of its core business, delivering sustainable network growth, and continuing to innovate to meet the evolving needs of customers and the car parc. With average customer ratings that indicate high levels of service satisfaction, Valvoline and the Company\u2019s franchise partners simplify vehicle care so customers can do what drives them. This includes approximately 15-minute stay-in-your-car oil changes; battery, bulb and wiper replacements; tire rotations; and other manufacturer recommended maintenance services. The Company operates and franchises approximately 2,200 service center locations through its Valvoline Instant Oil ChangeSM (\u201cVIOC\u201d) and Valvoline Great Canadian Oil Change (\u201cGCOC\u201d) retail locations and supports over 240 locations through its Express CareTM platform. Valvoline's fiscal year ends on September 30 of each year. RECENT DEVELOPMENTS Refranchising Valvoline sold 67 company-owned stores to existing and new franchise partners through the completion of three transactions that occurred in the fourth quarter of fiscal 2024 and the first quarter of fiscal 2025 (the \u201cRefranchising Transactions\u201d). These conversions, combined with executed development agreements, are expected to provide accelerated growth in the respective markets and deliver long-term value to shareholders. The Refranchising Transactions impact the comparability of financial results year-over-year as further discussed further below. During October 2025, the Company entered into an agreement and completed the sale of 10 company-owned service center stores and related net assets to a franchisee. The Company will derecognize the related net assets and expects to recognize a gain on sale in the first quarter of fiscal 2026 to reflect the completion of this transaction. Breeze Autocare In February 2025, Valvoline signed a definitive agreement to acquire Breeze Autocare from Greenbriar. Breeze Autocare is an independent provider of automotive quick lube and other preventive maintenance services operating predominantly under the Oil Changers brand, with an extensive footprint in California, Texas, and the Midwest. In November 2025, Valvoline received clearance from the Federal Trade Commission (\u201cFTC\u201d) to close the acquisition of Breeze Autocare subject to a Decision and Order from the FTC. Valvoline will acquire 207 Breeze Autocare stores, and consistent with the Decision and Order, Valvoline will divest 45 of those locations to 31 Mainstreet Auto, LLC (\u201cMainstreet\u201d), for a net purchase price of $593 million, subject to (i) adjustments for store acquisitions and sale-leaseback transactions completed by Breeze Autocare since signing and (ii) customary closing adjustments. The Breeze Autocare acquisition is expected to close on December 1, 2025, with the divestiture to Mainstreet occurring shortly thereafter. The Company intends to fund the Breeze Autocare acquisition with a newly issued $740 million Term Loan B commensurate with the closing of the transaction with excess proceeds being used to pay down outstanding debt. FISCAL 2025 OVERVIEW Key operating highlights from continuing operations are presented below, each of which is discussed more fully in this Annual Report on Form 10-K: [[GREPCENT_TABLE]] [[\"6%\",\"$389.9 million\",\"2%\"],[\"Growth in Net revenues\",\"Operating income from continuing operations\",\"Growth in Diluted EPS\"],[\"$3.5 billion\",\"$59. ITEM 1. BUSINESS Overview Valvoline Inc. is a leader in automotive preventive maintenance delivering convenient and trusted services in its retail stores throughout the United States (\u201cU.S.\u201d) and Canada. The terms \u201cValvoline,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cmanagement,\u201d and \u201cour\u201d as used herein refer to Valvoline Inc., its predecessors and its consolidated subsidiaries, except where the context indicates otherwise. As the quick, easy, trusted leader in automotive preventive maintenance, Valvoline is creating shareholder value by driving the full potential of its core business, delivering sustainable network growth, and continuing to innovate to meet the evolving needs of customers and the car parc. With average customer ratings that indicate high levels of service satisfaction, Valvoline and the Company\u2019s franchise partners simplify vehicle care so customers can do what drives them. This includes approximately 15-minute stay-in-your-car oil changes; battery, bulb and wiper replacements; tire rotations; and other manufacturer recommended maintenance services. The Company operates and franchises approximately 2,200 service center locations through its Valvoline Instant Oil ChangeSM (\u201cVIOC\u201d) and Valvoline Great Canadian Oil Change (\u201cGCOC\u201d) retail locations and supports over 240 locations through its Express CareTM platform. For over 15 decades, Valvoline has consistently adapted to address changing technologies and customer needs and is well positioned to service evolving vehicle maintenance needs with its growing network of stores. Company background Established in 1866, Valvoline has a history of innovation spanning nearly 160 years when Dr. John Ellis founded Valvoline by discovering the lubricating properties of distilled crude oil and formulated the world's first petroleum-based lubricant. Valvoline was trademarked seven years later in 1873, making it the first trademarked motor oil brand in the U.S. Soon thereafter, as vehicle ownership rapidly grew, Valvoline ITEM 1A. RISK FACTORS The following risks could materially and adversely affect Valvoline\u2019s business, operations, financial position or future financial performance. This information should be considered when reviewing this Annual Report on Form 10-K, including Management\u2019s Discussion and Analysis of Financial Condition and Results of Oper", "title": "VVV - VALVOLINE INC", "url": "/company/VVV/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001212545; latest 10-K filed 2026-02-23.", "text": "WAL - WESTERN ALLIANCE BANCORPORATION SIC 6022 State Commercial Banks; CIK 0001212545; latest 10-K filed 2026-02-23. WAL WESTERN ALLIANCE BANCORPORATION 0001212545 6022 State Commercial Banks Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion is designed to provide insight on the financial condition and results of operations of Western Alliance Bancorporation and its subsidiaries and should be read in conjunction with \u201cItem 8. Financial Statements and Supplementary Data\u201d of this Form 10-K. This discussion and analysis contains forward-looking statements that involve risk, uncertainties, and assumptions. Certain risks, uncertainties, and other factors, including, but not limited to, those set forth under \u201cForward-Looking Statements\u201d at the beginning of Part I of this Form 10-K and those discussed in Part I, Item 1A of this Form 10-K under the heading \"Risk Factors,\" may cause actual results to differ materially from those projected in the forward-looking statements. For a comparison of the 2024 results to the 2023 results and other 2023 information not included herein, refer to \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. Recent Developments CRE Exposure The Company's loan portfolio includes significant credit exposure to the CRE market, with CRE related loans comprising approximately 27% and 30% of total loans at December 31, 2025 and 2024, respectively. Approximately 14% and 16% of CRE loans, excluding construction and land loans, were owner occupied at December 31, 2025 and 2024, respectively, and 4% were non-owner occupied office loans at both December 31, 2025 and 2024. In response to changing conditions in the CRE market, the Company has been proactive in establishing enhanced monitoring policies and procedures as it relates to its CRE loans and has undertaken actions to limit the growth of its CRE portfolio. During the year ended December 31, 2025, the Company recognized gross charge-offs on CRE non-owner occupied loans totaling $55.5 million, which primarily related to office properties. As the Company is focused on moving nonperforming loans through its standard credit resolution process, the Company took possession of five CRE office properties during the year ended December 31, 2025, which drove the net increase in other assets acquired through foreclosure from December 31, 2024. While the Company believes its reserve levels are adequate, CRE market conditions may worsen, which could result in further deterioration of asset quality in this portfolio. Legal Dispute Related to Credit Facility In August 2025, the Bank initiated a lawsuit in connection with its note finance revolving credit facility to Cantor Group V, LLC, alleging fraud by the borrower for failing to provide collateral loans in first position, seeking appointment of a receiver and recovery of funds, and other forms of relief and damages related to claims against the borrower. Management evaluated the existing collateral based on \u201cas-is\u201d appraisals and believes it covers the obligation. Updated collateral appraisals are expected in March 2026. In addition, under certain circumstances such as fraud, the Bank holds both a limited guaranty and full guaranty from two ultra-high net worth individuals. Despite the collateral coverage and guaranties, the Bank moved the $98.5 million facility to nonaccrual status and established a specific allowance of $29.6 million for this loan as of September 30, 2025, which remained unchanged through December 31, 2025. 35 Table of Contents Financial Overview and Highlights WAL is a bank holding company headquartered in Phoenix, Arizona, incorporated under the laws of the state of Delaware. WAL provides a full spectrum of customized loan, deposit and treasury management capabilities, including funds transfer and other digital payment offerings, through its wholly-owned banking subsidiary, WAB. Effective as of October 4, 2025, the Company completed its brand unity initiative, consolidating its le Item 1.Business. Organization Structure and Description of Services WAL is a bank holding company headquartered in Phoenix, Arizona, incorporated under the laws of the state of Delaware. WAL provides a full spectrum of customized loan, deposit, and treasury management capabilities, including funds transfer and other digital payment offerings through its wholly-owned banking subsidiary, WAB. Effective as of October 4, 2025, the Company completed its brand unity initiative, consolidating its legacy division bank brands: ABA, BON, FIB, Bridge, and TPB, under a single unified name, Western Alliance Bank. The Company also serves business customers through a national platform of specialized financial services, including mortgage banking services through AmeriHome and digital payment services for the class action legal industry. In addition, the Company has the following non-bank subsidiaries: CSI, a captive insurance company formed and licensed under the laws of the state of Arizona and established as part of the Company's overall enterprise risk management strategy and WATC, which provides corporate trust services and levered loan administration solutions. WAL also has unconsolidated subsidiaries used as business trusts in connection with issuance of trust-preferred securities as described in \"Note 12. Qualifying Debt\" in Item 8 of this Form 10-K. Bank Subsidiary At December 31, 2025, WAL has the following bank subsidiary: [[GREPCENT_TABLE]] [[\"Bank Name\",\"\",\"Headquarters\",\"\",\"\",\"\",\"Location Cities\",\"\",\"Total Assets\",\"\",\"Net Loans\",\"\",\"Deposits\"],[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"(in millions)\"],[\"Western Alliance Bank\",\"\",\"Phoenix, Arizona\",\"\",\"\",\"\",\"Arizona: Chandler, Flagstaff, Gilbert, Mesa, Phoenix, Scottsdale, and Tucson\",\"\",\"$\",\"92,736\",\"\",\"\",\"$\",\"61,714\",\"\",\"\",\"$\",\"77,639\"],[\"Nevada: Carson City, Fallon, Henderson, Las Vegas, Mesquite, Reno, and Sparks\"],[\"California: Beverly Hills, Carlsbad, Costa Mesa, Irvine, La Mesa, Los Angeles, Oakland, Pleasanton, San Diego Item 1A.Risk Factors. Investing in our common stock involves various risks, many of which are specific to our business. The discussion below addresses the material risks and uncertainties, of which we are currently aware, that could have a material adverse effect on our business, results of operations, and financial condit", "title": "WAL - WESTERN ALLIANCE BANCORPORATION", "url": "/company/WAL/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000801337; latest 10-K filed 2026-02-27.", "text": "WBS - WEBSTER FINANCIAL CORP SIC 6021 National Commercial Banks; CIK 0000801337; latest 10-K filed 2026-02-27. WBS WEBSTER FINANCIAL CORP 0000801337 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis provides information that management believes is necessary to understand the Company\u2019s consolidated financial condition, results of operations, and cash flows for the year ended December 31, 2025, as compared to the year ended December 31, 2024. This information should be read in conjunction with the Consolidated Financial Statements, and the accompanying Notes thereto, contained in Part II - Item 8. Financial Statements and Supplementary Data, as well as other information set forth throughout this report. For discussion and analysis of the Company\u2019s consolidated financial condition, results of operations, and cash flows for the year ended December 31, 2024, as compared to the year ended December 31, 2023, please refer to Part II - Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 3, 2025. The Company\u2019s consolidated financial condition, results of operations, and cash flows for the year ended December 31, 2025, are not necessarily indicative of results that may be attained in future periods. Economic Outlook Actions and announcements related to changes in trade policies and other economic policies and practices, including tariffs, have created significant economic uncertainty in the U.S., which could contribute to higher inflation, increase the risk of a recession, and introduce further uncertainty as to the pace and direction of interest rate changes. Events such as these are outside of our control, but nonetheless may alter customer behavior, including borrowing, repayment, investment, and deposit practices, which could, in turn, adversely impact our business and financial results in future periods. While we cannot predict the potential impact that these changes and economic developments may have on us or our customers, we believe that our diverse businesses, strong capital position, unique deposit profile, and solid risk management framework allow us to operate in a range of economic environments. Proposed Transaction with Banco Santander On February 3, 2026, Webster entered into a Transaction Agreement with Banco Santander and Webster Virginia Corporation, a wholly owned subsidiary of Webster incorporated in the State of Virginia. The Transaction Agreement provides that, upon the terms and subject to the conditions set forth therein, Banco Santander will acquire Webster in two steps. First, Webster will merge with and into Webster Virginia Corporation, with Webster Virginia Corporation continuing as the surviving corporation in such merger. Second, immediately following the completion of such merger, Banco Santander will acquire all outstanding shares of Webster Virginia Corporation through a statutory share exchange. Based on Banco Santander\u2019s closing stock price on February 2, 2026, the Transaction has an aggregate value of approximately $12.3 billion. Under the terms of the Transaction Agreement, holders of Webster common stock will receive $48.75 in cash and 2.0548 ADSs (or Ordinary Shares in certain circumstances) for each share of Webster common stock that they own. The Transaction Agreement contains customary representations and warranties, covenants, and closing conditions. Completion of the Transaction remains subject to approval by the Federal Reserve and the European Central Bank, approval by the stockholders of each company, and other customary closing conditions. The Transaction is expected to close in the second half of 2026. 39 Table of Contents Results of Operations The following table summarizes selected financial highlights and key performance indicators: [[GREPCENT_TABLE]] [[\"\",\"Years ended December 31,\"],[\"(In thousands, except per share and ratio data)\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Income and performance ratio ITEM 1. BUSINESS General The Company is a bank holding company that has elected to be treated as a financial holding company under the BHC Act, incorporated under the laws of Delaware in 1986, and headquartered in Stamford, Connecticut. As of December 31, 2025, the Company had $84.1 billion in total consolidated assets. The Bank is a commercial bank with a national bank charter focused on providing financial products and services to businesses, individuals, and families. While its core footprint spans the Northeast from the New York metropolitan area to Rhode Island and Massachusetts, certain businesses operate in extended geographies. The Bank offers three differentiated lines of business: Commercial Banking, Healthcare Financial Services, and Consumer Banking. Proposed Transaction with Banco Santander On February 3, 2026, Webster entered into a Transaction Agreement with Banco Santander and Webster Virginia Corporation, a wholly owned subsidiary of Webster incorporated in the State of Virginia. The Transaction Agreement provides that, upon the terms and subject to the conditions set forth therein, Banco Santander will acquire Webster in two steps. First, Webster will merge with and into Webster Virginia Corporation, with Webster Virginia Corporation continuing as the surviving corporation in such merger. Second, immediately following the completion of such merger, Banco Santander will acquire all outstanding shares of Webster Virginia Corporation through a statutory share exchange. Based on Banco Santander\u2019s closing stock price on February 2, 2026, the Transaction has an aggregate value of approximately $12.3 billion. Under the terms of the Transaction Agreement, holders of Webster common stock will receive $48.75 in cash and 2.0548 ADSs (or Ordinary Shares in certain circumstances) for each share of Webster common stock that they own. The Transaction Agreement contains customary representations and warranties, covenants, and closing conditions. Completion o ITEM 1A. RISK FACTORS Investment in our stock involves risks and uncertainties, some of which are inherent in the financial services industry and others of which are more specific to our business. The discussion in the paragraphs below addresses the material risks and uncertainties, of which we are currently aware, that could adverse", "title": "WBS - WEBSTER FINANCIAL CORP", "url": "/company/WBS/" }, { "kind": "company", "summary": "SIC 5063 Wholesale-Electrical Apparatus & Equipment, Wiring Supplies ; CIK 0000929008; latest 10-K filed 2026-02-13.", "text": "WCC - WESCO INTERNATIONAL INC SIC 5063 Wholesale-Electrical Apparatus & Equipment, Wiring Supplies ; CIK 0000929008; latest 10-K filed 2026-02-13. WCC WESCO INTERNATIONAL INC 0000929008 5063 Wholesale-Electrical Apparatus & Equipment, Wiring Supplies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with the audited consolidated financial statements and notes thereto included in Item 8 of this Annual Report on Form 10-K. The matters discussed herein may contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from expectations. Certain of these risks are set forth in Item 1A of this Annual Report on Form 10-K. In this Item 7, \u201cWesco\u201d refers to WESCO International, Inc., and its subsidiaries and its predecessors unless the context otherwise requires. References to \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and the \u201cCompany\u201d refer to Wesco and its subsidiaries. In addition to the results provided in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d), our discussion and analysis of financial condition and results of operations includes certain non-GAAP financial measures, which are defined further below. These financial measures include organic sales growth, earnings before interest, taxes, depreciation and amortization (\u201cEBITDA\u201d), adjusted EBITDA, adjusted EBITDA margin, financial leverage, adjusted selling, general and administrative expenses, adjusted income from operations, adjusted other non-operating expense (income), adjusted provision for income taxes, adjusted income before income taxes, adjusted net income, adjusted net income attributable to WESCO International, Inc., adjusted net income attributable to common stockholders, and adjusted earnings per diluted share. We believe that these non-GAAP measures are helpful to users of our financial statements as they provide a better understanding of our financial condition and results of operations on a comparable basis. Additionally, certain non-GAAP measures either focus on or exclude items impacting comparability of results, allowing users to more easily compare our financial performance from period to period. Management uses certain non-GAAP financial measures in its evaluation of the performance of the Company\u2019s operating segments and in the determination of incentive compensation. Management does not use these non-GAAP financial measures for any purpose other than the reasons stated above. Company Overview Wesco, headquartered in Pittsburgh, Pennsylvania, is a leading provider of business-to-business distribution, logistics services and supply chain solutions. We employ approximately 21,000 people, maintain relationships with more than 35,000 suppliers, and serve nearly 130,000 customers worldwide. With millions of products, end-to-end supply chain services, and significant digital capabilities, Wesco provides innovative solutions to meet customer needs across commercial and industrial businesses, technology companies, telecommunications providers, and utilities. Our innovative solutions include supply chain management, logistics and transportation, procurement, warehousing and inventory management, as well as kitting and labeling, limited assembly of products and installation enhancement. We operate more than 700 sites, including distribution centers, fulfillment centers and sales offices, in approximately 50 countries, providing a local presence for customers and a global network to serve multi-location businesses and global corporations. We have operating segments comprising three strategic business units: Electrical & Electronic Solutions (\u201cEES\u201d), Communications & Security Solutions (\u201cCSS\u201d) and Utility & Broadband Solutions (\u201cUBS\u201d). These operating segments are equivalent to our reportable segments. See Item 1, \u201cBusiness\u201d in this Annual Report on Form 10-K for a description of each of our reportable segments and their business activities. Business Highlights Our financial results reflect strong sales in 2025, highlighted by a 7.8% year-over-year increase in reported net sales. Organic sales increas Item 1. Business. In this Annual Report on Form 10-K, \u201cWesco\u201d refers to WESCO International, Inc., and its subsidiaries and its predecessors unless the context otherwise requires. References to \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and the \u201cCompany\u201d refer to Wesco and its subsidiaries. The Company WESCO International, Inc. (\u201cWesco International\u201d) and its subsidiaries (collectively, \u201cWesco\u201d or the \u201cCompany\u201d), headquartered in Pittsburgh, Pennsylvania, is a leading provider of business-to-business distribution, logistics services and supply chain solutions. We employ approximately 21,000 people, maintain relationships with more than 35,000 suppliers, and serve nearly 130,000 customers worldwide. With millions of products, end-to-end supply chain services and significant digital capabilities, Wesco provides innovative solutions to meet customer needs across commercial and industrial businesses, technology companies, telecommunications providers, and utilities. Our innovative solutions include supply chain management, logistics and transportation, procurement, warehousing and inventory management, as well as kitting and labeling, limited assembly of products and installation enhancement. Wesco operates more than 700 sites, including distribution centers, fulfillment centers and sales offices in approximately 50 countries, providing a local presence for customers and a global network to serve multi-location businesses and global corporations. Business Segments and Industry Overview Wesco has operating segments comprising three strategic business units consisting of Electrical & Electronic Solutions (\u201cEES\u201d), Communications & Security Solutions (\u201cCSS\u201d) and Utility & Broadband Solutions (\u201cUBS\u201d). The following is a description of each of our business segments and the industries in which they operate. Electrical & Electronic Solutions The EES segment, serving customers in over 50 countries, is a North American leader, and supplies a broad range of products and solutions primarily to con Item 1A. Risk Factors. The following factors, among others, could cause our actual results to differ materially from the forward-looking statements we make. All forward-looking statements attributable to us or persons working on our behalf are expressly qualified ", "title": "WCC - WESCO INTERNATIONAL INC", "url": "/company/WCC/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001309108; latest 10-K filed 2026-02-13.", "text": "WEX - WEX Inc. SIC 7389 Services-Business Services, NEC; CIK 0001309108; latest 10-K filed 2026-02-13. WEX WEX Inc. 0001309108 7389 Services-Business Services, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The discussion below focuses on the factors affecting our consolidated results of operations for the years ended December 31, 2025 and 2024, financial condition at December 31, 2025 and 2024 and, when appropriate, factors that may affect our future financial performance, unless stated otherwise. This discussion should be read in conjunction with the consolidated financial statements and notes to the consolidated financial statements within Part II - Item 8 of this Annual Report on Form 10-K. Our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, is presented in the following sections:\u20222025 Highlights and Year in Review \u2022Our Segments\u2022Results of Operations \u2022Application of Critical Accounting Estimates \u2022Recently Adopted and New Accounting Standards\u2022Liquidity and Capital Resources 2025 Highlights and Year in Review Company Highlights The following graphs present a comparative, summarized view of selected results. The \u201cOther Key Metric\u201d included below is considered by management to be of particular importance to our overall performance in 2025 as it provides enhanced information and data underlying our financial results. A more extensive list of the key performance indicators regularly used by management to evaluate our performance is included by segment within the Results of Operations section later in this MD&A. 53 [[GREPCENT_TABLE]] [[\"Table of Contents\",\"PART II\"]] [[/GREPCENT_TABLE]] GAAP Measures (in millions except per share data): Total revenues Net income attributable to shareholders Net income attributable to shareholders per diluted share Net cash provided by operating activities Non-GAAP Measures (in millions except per share data):(1) Adjusted net income attributable to shareholders Adjusted net income attributable to shareholders per diluted share Adjusted free cash flow Other Key Metric (in millions): Total volume processed across the Company(2) (1)Adjusted net income attributable to shareholders, adjusted net income attributable to shareholders per diluted share, and adjusted free cash flow are supplemental non-GAAP financial measures of operating performance. Refer to the sections titled Non-GAAP Financial Measures That Supplement GAAP Measures and Liquidity and Capital Resources later in this MD&A for more information and for a reconciliation of the non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP. (2)Total volume processed across the Company includes purchases on WEX-issued accounts as well as purchases issued by others using a WEX platform. 54 [[GREPCENT_TABLE]] [[\"Table of Contents\",\"PART II\"]] [[/GREPCENT_TABLE]] Our Segments WEX has three reportable segments: Mobility, Benefits, and Corporate Payments. Through our Mobility segment, we are a leader in fleet payment solutions, transaction processing, and information management. We support fleets of all sizes, globally, through our proprietary closed-loop networks and a suite of software solutions that help manage fuel, EV charging, and operational workflows. Our Benefits segment provides SaaS software integrated with payment solutions that simplify employee benefits administration. We offer a broad range of consumer-directed health accounts, benefit administration services, and compliance solutions. WEX Inc. also serves as an IRS-designated non-bank custodian, while WEX Bank provides HSA depository services. Our Corporate Payments segment delivers global B2B payment solutions that integrate virtual payments into customer and partner workflows. We support accounts payable automation, embedded payment use cases across industries, and white-label programs for financial institutions through our issuing capabilities and payment technology. The Company\u2019s segment-allocated operating expenses consist of the following: Cost of Services \u2022Process ITEM 1. BUSINESS Company Overview WEX is a global commerce platform that provides seamlessly embedded, personalized payments solutions across three business segments: Mobility, Benefits, and Corporate Payments. Our purpose is to simplify the business of running a business. That purpose has become increasingly relevant as organizations face rising complexity driven by fragmented systems, manual workflows, increasing costs, and greater compliance demands. These challenges slow decision-making and introduce additional operational risk. Leveraging our deep industry expertise, WEX has developed platforms and proprietary networks that address these issues by delivering the technologies and services that enable our customers to achieve greater speed and efficiency, cost savings, accuracy, and insight across financial and administrative workflows. WEX\u2019s products and services are built for scale, processing hundreds of billions of dollars in transactions each year across our Mobility, Corporate Payments, and Benefits segments. Both in our direct-to-corporate and partner channels, customers benefit from this scale. By bringing payments, data, and processes together within customers\u2019 existing systems, we transform everyday transactions into payment intelligence that helps organizations protect margins, optimize cash flow, reduce risk, and navigate the growing complexity of today\u2019s global economy. WEX\u2019s solutions span the following three business segments: \u2022Mobility. Our Mobility segment is a global leader in fleet payment solutions, transaction processing, and information management. We support fleets of all sizes globally through our proprietary closed-loop networks and a suite of software solutions that help manage fuel, EV charging, and operational workflows. \u2022Benefits. Our Benefits segment provides SaaS software integrated with payment solutions that simplify employee benefits administration. We offer a broad range of consumer-directed health accounts, benefit admini ITEM 1A. RISK FACTORS The risks and uncertainties described below are not the only risks and uncertainties that we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. If any of those risks actually occurs, our business, financial condition, results of operations and cash f", "title": "WEX - WEX Inc.", "url": "/company/WEX/" }, { "kind": "company", "summary": "SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0001603923; latest 10-K filed 2026-02-04.", "text": "WFRD - Weatherford International plc SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0001603923; latest 10-K filed 2026-02-04. WFRD Weatherford International plc 0001603923 3533 Oil & Gas Field Machinery & Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. As used in this item, \u201cWeatherford\u201d, \u201cthe Company,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Weatherford International plc, a public limited company organized under the laws of Ireland, and its subsidiaries on a consolidated basis. The following discussion should be read in conjunction with the earlier section \u201cItem 1. Business\u201d and our Consolidated Financial Statements and Notes thereto included later in \u201cItem 8. Financial Statements and Supplementary Data.\u201d Our discussion includes various forward-looking statements about our markets, the demand for our products and services and our future results. These statements include certain risks and uncertainties. For information about these risks and uncertainties, refer to the section entitled \u201cForward-Looking Statements\u201d and the section entitled \u201cItem 1A. Risk Factors.\u201d The following section generally discusses our financial condition and results of operations for fiscal year ended December 31, 2025 compared to fiscal year ended December 31, 2024. Please refer to our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 6, 2025, for a discussion regarding our financial condition and results of operations for fiscal year ended December 31, 2024 as compared to fiscal year ended December 31, 2023. Industry Trends Demand for our industry\u2019s products and services is driven by many factors, including commodity prices, the number of oil and gas rigs and wells drilled, depth and drilling conditions of wells, number of well completions, age of existing wells, reservoir depletion, regulatory environment, and the level of workover activity worldwide. Lower oil and natural gas prices and lower rig count generally correlate to lower exploration and production spending, and higher oil and natural gas prices and higher rig count generally correlate to higher exploration and production spending. Therefore, our financial results are significantly affected by oil and natural gas prices as well as rig counts. As shown in the following tables, as of December 31, 2025 oil prices and rig counts were notably lower than at December 31, 2024. The drop in oil prices and rig counts since December 31, 2024 has coincided with reduced activity levels across our industry. Henry Hub natural gas prices increased as of December 31, 2025 compared to December 31, 2024, driven by both U.S. domestic gas demand and investment decisions on adding new export liquified natural gas capacity. Gas production additions, largely driven by positive liquified natural gas sentiment ahead of actual capacity additions, were sourced from a backlog of drilled but uncompleted wells and deferred start-ups. The table below shows the average oil and natural gas prices for West Texas Intermediate (\u201cWTI\u201d) and Brent North Sea (\u201cBrent\u201d) crude oil and Henry Hub (\u201cHH\u201d) natural gas. [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\"],[\"\",\"\",\"2025\",\"2024\"],[\"Oil price - WTI (1)\",\"\",\"$\",\"65.46\",\"\",\"$\",\"76.55\"],[\"Oil price - Brent (1)\",\"\",\"$\",\"69.10\",\"\",\"$\",\"80.53\"],[\"Natural Gas price - HH (2)\",\"\",\"$\",\"3.53\",\"\",\"$\",\"2.19\"],[\"(1) Oil price measured in dollars per barrel (rounded to the nearest $0.01)\"],[\"(2) Natural gas price measured in dollars per million British thermal units (Btu), or MMBtu\"]] [[/GREPCENT_TABLE]] Weatherford International plc \u2013 2025 Form 10-K | 25 Table of Contents Item 7 | MD&A The table below shows historical average rig counts based on the weekly Baker Hughes Company rig count information. [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\"],[\"\",\"\",\"2025\",\"2024\"],[\"North America\",\"\",\"738\",\"\",\"786\"],[\"International (1)\",\"\",\"1,080\",\"\",\"1,162\"],[\"Worldwide\",\"\",\"1,818\",\"\",\"1,948\"],[\"(1) Prior period international rig count figures were retroactively adjusted by Baker Hughes in the third quarter of 2025.\"]] [[/GREPCENT_TABLE]] In addition, there may be future impacts and effects on our Item 1. Business. Weatherford International plc, an Irish public limited company, together with its subsidiaries (\u201cWeatherford,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d), is a leading global energy services company providing equipment and services used in the drilling, evaluation, well construction, completion, production, intervention, and responsible abandonment of wells in the oil and natural gas exploration and production industry as well as new energy platforms. We conduct business in approximately 75 countries, answering the challenges of the energy industry with approximately 305 operating locations including manufacturing, research and development, service, and training facilities. Our operational performance is reviewed and managed across the life cycle of the well, and we report in three segments (1) Drilling and Evaluation, (2) Well Construction and Completions, and (3) Production and Intervention. Our principal executive offices are located at 2000 St. James Place, Houston, Texas 77056, and our telephone number at that location is +1.713.836.4000. Our internet address is www.weatherford.com. General information about us, including our corporate governance policies, code of business conduct and charters for the committees of our Board of Directors, can be found on our website, and such information provided on our website, is not incorporated by reference into this Form 10-K. On our website we make available, free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and amendments to those reports filed or furnished as soon as reasonably practicable after we electronically file or furnish them to the Securities and Exchange Commission (\u201cSEC\u201d). The SEC maintains a website that contains our reports, proxy and information statements, and our other SEC filings. The address of that site is www.sec.gov. Strategy Our objective is to create value for our shareholders across industry cycles by en Item 1A. Risk Factors. An investment in our securities involves various risks. You should consider carefully all the risk factors described below, the matters discussed herein under \u201cForward-Looking Statements\u201d and other information included and incorporated by reference in this Form 10-K, as well as i", "title": "WFRD - Weatherford International plc", "url": "/company/WFRD/" }, { "kind": "company", "summary": "SIC 7011 Hotels & Motels; CIK 0001722684; latest 10-K filed 2026-02-19.", "text": "WH - WYNDHAM HOTELS & RESORTS, INC. SIC 7011 Hotels & Motels; CIK 0001722684; latest 10-K filed 2026-02-19. WH WYNDHAM HOTELS & RESORTS, INC. 0001722684 7011 Hotels & Motels Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. (Unless otherwise noted, all amounts are in millions, except share and per share amounts) References herein to \u201cWyndham Hotels,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d refer to Wyndham Hotels & Resorts, Inc. and its consolidated subsidiaries. The Company is a leading global hotel franchisor, licensing its renowned hotel brands to hotel owners in approximately 100 countries around the world. Our primary segment is hotel franchising which principally consists of licensing our lodging brands and providing related services to third-party hotel owners and others. 25 Table of Contents Beginning with the first quarter of 2023, as a result of the changes in our Hotel Management segment including the exit from the select-service management business, the sale of our two owned hotels and the exit from substantially all of its U.S. full-service management business, the Hotel Management segment no longer met the quantitative thresholds to be disclosed as a reportable segment. As a result, we aggregated, on a prospective basis, the remaining hotel management business, which is predominately the full-service international managed business within our Hotel Franchising segment. Beginning in the second quarter of 2025, we revised our reporting methodology to exclude the impact of all rooms under the Super 8 China master license agreement from our reported system size, RevPAR and royalty rate, and corresponding growth metrics. Our financial results will continue to reflect fees due from the Super 8 master licensee in China, which contributed approximately $2 million to our full-year 2025 consolidated adjusted EBITDA. All system size, RevPAR and royalty rates presented for prior years have been recasted throughout this Annual Report to exclude the impact from all rooms associated with our Super 8 master licensee in China to conform to current year presentation. During the preparation of our year-end 2025 financial statements, we became aware that a large European franchisee, Revo Hospitality Group (\u201cRevo\u201d) filed for insolvency proceedings under self-administration for most of its operating entities. As a result, we have evaluated the recoverability of the carrying value of assets associated with Revo as of December 31, 2025 and have recorded charges of $160 million, of which $86 million were reported within impairments and $74 million were reported within operating expenses on the Consolidated Statements of Income. The Consolidated Financial Statements presented herein have been prepared on a stand-alone basis. The Consolidated Financial Statements include our assets, liabilities, revenues, expenses and cash flows and all entities in which we have a controlling financial interest. SELECTED FINANCIAL DATA The following selected historical consolidated statement of income data for the years ended December 31, 2025, 2024 and 2023 and the selected historical consolidated balance sheet data as of December 31, 2025 and 2024 are derived from the audited Consolidated Financial Statements of Wyndham Hotels & Resorts included elsewhere in this report. The selected historical consolidated statement of income data for the years ended December 31, 2022 and 2021 and the selected historical consolidated balance sheet data as of December 31, 2023, 2022 and 2021 are derived from audited consolidated financial statements of Wyndham Hotels & Resorts businesses that are not included in this report. The selected historical consolidated financial data below should be read together with the audited Consolidated Financial Statements of Wyndham Hotels & Resorts, including the notes thereto and the other financial information included elsewhere in this report. 26 Table of Contents [[GREPCENT_TABLE]] [[\"\",\"\",\"As of or For the Year Ended December 31,\"],[\"($ in millions, except per share amounts and RevPAR)\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\",\"\",\"2022\",\"\",\"2021\"],[\"Statemen Item 1. Business. Wyndham Hotels & Resorts, Inc. (\u201cWyndham Hotels\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cour\u201d or \u201cus\u201d) is the world\u2019s largest hotel franchising company by number of franchised properties, with over 8,300 affiliated hotels and approximately 869,000 rooms located in approximately 100 countries and welcoming approximately 138 million guests annually worldwide. We operate a hotel portfolio of 25 brands. Our 25 brands are primarily located in secondary and tertiary cities and approximately 80% of the U.S. population lives within ten miles of at least one of our affiliated hotels. Our mission is to make hotel travel possible 2 Table of Contents for all. Wherever people go, Wyndham will be there to welcome them. We boast a remarkably asset-light business model dramatically limiting our capital needs. Our widely recognized brands with select-service focus offer a breadth of options for franchisees and a wide range of price points and experiences for our guests. We are a global leader in the economy, midscale and upper midscale chain scales where our brands represent approximately 19% of branded rooms in the United States. The following charts illustrate our system size (by rooms) as of December 31, 2025: ______________________ (a)Royalty contribution by geography for 2025 was as follows: U.S. 77%, Canada 6%, EMEA 8%, LATAM 3%, and Asia Pacific 6%. (b)EMEA is representative of Europe, the Middle East, Eurasia and Africa. (c)LATAM is representative of Latin America and the Caribbean. Beginning in the second quarter of 2025, we revised our reporting methodology to exclude the impact of all rooms under the Super 8 China master license agreement from our reported system size, RevPAR and royalty rate, and corresponding growth metrics. Our financial results will continue to reflect fees due from the Super 8 master licensee in China, which contributed approximately $2 million to our full-year 2025 consolidated adjusted EBITDA. All system size, RevPAR and royalty rates p Item 1A. Risk Factors. RISK FACTORS You should carefully consider each of the following risk factors and all of the other information set forth in this report. Based on the information currently known to us, we believe that the following information identifies the most significant risk factors affecting our Company. However, the risks and uncertaint", "title": "WH - WYNDHAM HOTELS & RESORTS, INC.", "url": "/company/WH/" }, { "kind": "company", "summary": "SIC 3630 Household Appliances; CIK 0000106640; latest 10-K filed 2026-02-11.", "text": "WHR - WHIRLPOOL CORP /DE/ SIC 3630 Household Appliances; CIK 0000106640; latest 10-K filed 2026-02-11. WHR WHIRLPOOL CORP /DE/ 0000106640 3630 Household Appliances ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of the results of operations and financial condition of the Company and generally discusses the results of operations for the current year compared to prior two years. MD&A is provided as a supplement to, and should be read in connection with, the Consolidated Financial Statements and Notes to the Consolidated Financial Statements included in this Form 10-K. Certain references to particular information in the Notes to the Consolidated Financial Statements are made to assist readers. OVERVIEW Whirlpool's full-year net sales declined by approximately 7%, due to the deconsolidation of the European major domestic appliance business, which occurred on April 1, 2024. Earnings available to Whirlpool was $318 million (net earnings margin of 2.2%), or $5.66 per share, compared to net earnings (loss) available to Whirlpool of $(323) million (net earnings (loss) margin of (1.9)%), or $(5.87) per share in the same prior-year period, primarily due to non-cash charges related to the European transaction and Maytag trade name impairment in the prior period. Net earnings margins benefited from strong cost take out actions of approximately $200 million, including product and supply chain cost efficiencies and the gain related to the ownership stake reduction in Whirlpool India, partially offset by the incremental cost of tariffs, JennAir trade name impairment, currency, and continued marketing and technology investments. Cash provided by operating activities were $470 million, compared to $835 million in 2024, primarily driven by lower earnings and higher working capital requirement to support product transitions. Capital expenditures were $389 million in 2025 and $451 million in 2024. 32 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - (CONTINUED) RESULTS OF OPERATIONS The following table summarizes the consolidated results of operations: [[GREPCENT_TABLE]] [[\"\",\"\",\"December 31,\"],[\"Consolidated - In Millions (except per share data)\",\"\",\"2025\",\"\",\"Better/(Worse) %\",\"\",\"2024\",\"\",\"Better/(Worse) %\",\"\",\"2023\"],[\"Net sales\",\"\",\"$\",\"15,524\",\"\",\"\",\"(6.5)%\",\"\",\"$\",\"16,607\",\"\",\"\",\"(14.6)%\",\"\",\"$\",\"19,455\"],[\"Gross margin\",\"\",\"2,386\",\"\",\"\",\"(7.6)\",\"\",\"2,581\",\"\",\"\",\"(18.6)\",\"\",\"3,170\"],[\"Selling, general and administrative\",\"\",\"1,633\",\"\",\"\",\"3.0\",\"\",\"1,684\",\"\",\"\",\"15.5\",\"\",\"1,993\"],[\"Restructuring costs\",\"\",\"63\",\"\",\"\",\"20.5\",\"\",\"79\",\"\",\"\",\"nm\",\"\",\"16\"],[\"Impairment of goodwill and other intangibles\",\"\",\"106\",\"\",\"\",\"nm\",\"\",\"381\",\"\",\"\",\"nm\",\"\",\"\\u2014\"],[\"(Gain) loss on sale and disposal of businesses\",\"\",\"(280)\",\"\",\"\",\"nm\",\"\",\"264\",\"\",\"\",\"nm\",\"\",\"106\"],[\"Interest and sundry (income) expense\",\"\",\"(20)\",\"\",\"\",\"(25.9)\",\"\",\"(27)\",\"\",\"\",\"nm\",\"\",\"71\"],[\"Interest expense\",\"\",\"341\",\"\",\"\",\"4.7\",\"\",\"358\",\"\",\"\",\"(2.0)\",\"\",\"351\"],[\"Income tax expense\",\"\",\"142\",\"\",\"\",\"nm\",\"\",\"10\",\"\",\"\",\"87.0\",\"\",\"77\"],[\"Net earnings (loss) available to Whirlpool\",\"\",\"318\",\"\",\"\",\"nm\",\"\",\"(323)\",\"\",\"\",\"nm\",\"\",\"481\"],[\"Diluted net earnings available to Whirlpool per share\",\"\",\"$\",\"5.66\",\"\",\"\",\"nm\",\"\",\"$\",\"(5.87)\",\"\",\"\",\"nm\",\"\",\"$\",\"8.72\"]] [[/GREPCENT_TABLE]] nm: not meaningful Consolidated net sales for 2025 decreased by 6.5% compared to 2024, primarily driven by the deconsolidation of our European major domestic appliance business, which occurred on April 1, 2024. Excluding the impact of foreign currency, net sales for 2025 decreased 5.4% compared to 2024. Consolidated net sales for 2024 decreased 14.6% compared to 2023, primarily driven by the deconsolidation of our European major domestic appliance business. Excluding the impact of foreign currency, net sales for 2024 decreased 13.7% compared to 2023. The chart below summarizes the balance of net sales by operating segment for 2025, 2024 and 2023 ITEM 1. BUSINESS Our Company Improving life at home has been at the heart of our business for 114 years \u2013 it is why we exist and why we are passionate about what we do. Whirlpool Corporation (\"Whirlpool\"), committed to being the best kitchen and laundry company, in constant pursuit of improving life at home, was incorporated in 1955 under the laws of Delaware and was founded in 1911. Whirlpool manufactures products in four countries and markets products in nearly every country around the world. We have received worldwide recognition for accomplishments in a variety of business and social efforts, including leadership, diversity, innovative product design, business ethics, environmental sustainability, social responsibility and community involvement. Whirlpool had approximately $16 billion in annual net sales and 41,000 employees in 2025. We conduct our business through three operating segments: Major Domestic Appliances (\u201cMDA\u201d) North America; MDA Latin America; and Small Domestic Appliances (\u201cSDA\u201d) Global. As of December 31, 2025, the operations previously reported within the MDA Asia segment are no longer reported as a segment as a result of the deconsolidation of Whirlpool India. Prior period segment information has been recast to retrospectively reflect this change. The MDA Europe segment, which is presented within our results through the first quarter of 2024, was deconsolidated as of April 1, 2024. For additional information, see Note 15 and Note 16 to the Consolidated Financial Statements. As used herein, and except where the context otherwise requires, \"Whirlpool,\" \"the Company,\" \"we,\" \"us,\" and \"our\" refer to Whirlpool Corporation and its consolidated subsidiaries. Our Strategic Architecture Our strategic architecture is the foundational component that drives our shareholder value creation strategy. Below were the key components of our strategic architecture for 2025. 3 Portfolio Transformation Whirlpool Corporation is committed to delivering signif ITEM 1A. RISK FACTORS This report contains statements referring to Whirlpool that are not historical facts and are considered \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which are intended to take advantage of the \"safe harbor\" provisions of the Private Securities Litigation Refo", "title": "WHR - WHIRLPOOL CORP /DE/", "url": "/company/WHR/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0001636222; latest 10-K filed 2026-02-18.", "text": "WING - Wingstop Inc. SIC 5812 Retail-Eating Places; CIK 0001636222; latest 10-K filed 2026-02-18. WING Wingstop Inc. 0001636222 5812 Retail-Eating Places Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) should be read in conjunction with the accompanying audited consolidated financial statements and notes. Forward-looking statements in this MD&A are not guarantees of future performance and may involve risks and uncertainties that could cause actual results to differ materially from those projected. Refer to \u201cCautionary Note Regarding Forward-Looking Statements\u201d elsewhere in this report and \u201cItem 1A. Risk Factors\u201d for a discussion of these risks and uncertainties. A comparison of our results of operations and cash flows for fiscal year 2024 compared to fiscal year 2023 can be found under \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended December 28, 2024, filed with the SEC on February 19, 2025. We operate on a 52- or 53-week fiscal year ending on the last Saturday of each calendar year. Our fiscal quarters are comprised of 13 weeks, with the exception of the fourth quarter of a 53-week year, which contains 14 weeks. Fiscal years 2025, 2024 and 2023 each contain 52 weeks. Overview Wingstop is the largest fast casual chicken wings-focused restaurant chain in the world and has demonstrated strong, consistent growth. As of December 27, 2025, we had a total of 3,056 restaurants in our system. Our restaurant base is approximately 98% franchised, with 2,999 franchised locations (including 470 international locations) and 57 company-owned restaurants as of December 27, 2025. We generate revenues by charging royalties, advertising fees and franchise fees to our franchisees and by operating a number of our own restaurants. We plan to grow our business by opening new franchised restaurants and increasing our same store sales, while leveraging our franchise model to create shareholder value. We have added over 1,000 net new units, representing a 56.0% increase in our system-wide footprint, and achieved system-wide sales growth of 95.1% since the beginning of fiscal year 2023. We believe our asset-light, highly-franchised business model generates strong operating margins and requires low capital expenditures, creating shareholder value through strong and consistent operating cash flow and capital-efficient growth. Highlights for Fiscal Year 2025 \u2022System-wide sales increased 12.1% over the prior fiscal year to approximately $5.3 billion; \u2022System-wide restaurant count increased 19.2% over the prior fiscal year to a total of 3,056 worldwide locations, driven by 493 net unit openings; \u2022Domestic same store sales decreased 3.3% over the prior fiscal year; \u2022Company-owned domestic same store sales increased 2.6% over the prior fiscal year; \u2022Digital sales increased to 73.2% of system-wide sales; \u2022Domestic AUV of $2.0 million; \u2022Total revenue increased 11.4% over the prior fiscal year to $696.9 million; \u2022Net income increased 60.3% over the prior fiscal year to $174.3 million, or $6.21 per diluted share, compared to $108.7 million, or $3.70 per diluted share in the prior fiscal year; \u2022Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures, were $114.5 million, or $4.08 per diluted share, compared to $110.3 million, or $3.75 per diluted share, in the prior fiscal year; and \u2022Adjusted EBITDA, a non-GAAP measure, increased 15.2% to $244.2 million, compared to $212.1 million in the prior fiscal year. 30 Key Performance Indicators Key measures that we use in evaluating our restaurants and assessing our business include the following: Number of restaurants. Management reviews the number of new restaurants, the number of closed restaurants, and the number of acquisitions and divestitures of restaurants to assess net new restaurant growth, system-wide sales, royalty and franchise fee revenue, and company-owned resta Item 1. Business Throughout this report, unless the context indicates otherwise, Wingstop Inc. (NASDAQ: WING) and its consolidated subsidiaries are referred to as the \u201cCompany,\u201d \u201cWingstop,\u201d or in the first-person notations of \u201cwe,\u201d \u201cus,\u201d and \u201cour.\u201d General Wingstop is the largest fast casual chicken wings-focused restaurant chain in the world, with more than 3,050 locations worldwide. The first Wingstop opened in Garland, Texas in 1994, and we began franchising Wingstop restaurants in 1997. Since 2015, Wingstop Inc.\u2019s common stock has traded on the Nasdaq Global Select Market under the symbol \u201cWING.\u201d We are dedicated to serving the world flavor through an unparalleled guest experience and offering of classic wings, boneless wings, tenders, and chicken sandwiches, always cooked to order, and hand-sauced-and-tossed in 12 bold, distinctive flavors. The Company is primarily a franchisor, with approximately 98% of Wingstop\u2019s restaurants currently owned and operated by independent franchisees. We operate in a single segment for reporting purposes and generate revenues by charging royalties, advertising fees, and franchise fees to our franchisees and by operating a number of our own restaurants. We believe our asset-light, highly-franchised business model generates strong operating margins and requires low capital expenditures, creating stockholder value through strong and consistent free cash flow and capital-efficient growth. Our Brand It is our mission to serve the world flavor. We offer our guests fresh, cooked-to-order wings, tenders, and chicken sandwiches with bold, layered flavors that touch all of the senses, and we complement our wings, tenders, and chicken sandwiches with seasoned fries and fresh, hand-cut carrots and celery. We round out the flavor experience with ranch and bleu cheese dips that are made in-house daily. We never use heat lamps or microwaves in the preparation of our food. Our 12 flavor offerings, along with limited time offerings of spec Item 1A. Risk Factors Risks Related to Our Business and Our Industry If we fail to successfully implement our growth strategy, which includes opening new restaurants, our ability to increase our revenue and operating profits could be materially adversely affected. Our growth strategy relies substantially upon new restaurant development by existing and new franchisees, a", "title": "WING - Wingstop Inc.", "url": "/company/WING/" }, { "kind": "company", "summary": "SIC 2860 Industrial Organic Chemicals; CIK 0001262823; latest 10-K filed 2026-02-26.", "text": "WLK - WESTLAKE CORP SIC 2860 Industrial Organic Chemicals; CIK 0001262823; latest 10-K filed 2026-02-26. WLK WESTLAKE CORP 0001262823 2860 Industrial Organic Chemicals Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis is management's perspective of our current financial condition and results of operations and should be read in conjunction with \"Items 1A. \"Risk Factors\" and \"Item 8. Financial Statements and Supplementary Data\" included in this report. This discussion and analysis includes the years ended December 31, 2025 and 2024 and comparison between such years. The discussion for the year ended December 31, 2023 and comparison between the years ended December 31, 2024 and 2023 have been omitted from this Annual Report on Form 10-K for the year ended December 31, 2025, as such information can be found in Part II, \"Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\" of our Annual Report on Form 10-K for the year ended December 31, 2024 which was filed with the Securities and Exchange Commission on February 25, 2025. The following discussion includes forward-looking statements that involve certain risks and uncertainties. See \"Cautionary Statement Regarding Forward-Looking Statements\" included within this report. Overview We are a vertically integrated global manufacturer and marketer of both housing and infrastructure products and performance and essential materials. We operate in two principal operating segments, Housing and Infrastructure Products (HIP) and Performance and Essential Materials (PEM). The HIP segment includes Westlake Royal Building Products, Westlake Pipe & Fittings and Westlake Global Compounds. The PEM segment includes Westlake North American Chlorovinyls, Westlake European & Asian Chlorovinyls, Westlake Olefins and Polyethylene and Westlake Epoxy. We are highly integrated along our materials chain with significant downstream integration from ethylene and chlor-alkali (chlorine and caustic soda) into vinyls, polyethylene (PE) and epoxy. We also have substantial downstream integration from polyvinyl chloride (PVC) into our HIP segment for our residential building products, PVC pipe and fittings, and PVC compounds. Recent Developments Acquisition of ACI/Perplastic Group On January 5, 2026, we completed the acquisition of the ACI/Perplastic Group (collectively, \"ACI\"), a global compounding solutions businesses, for a preliminary purchase price of approximately \u20ac92.4 million, subject to certain adjustments. ACI is a Portugal-based international manufacturer of specialty compound materials serving primarily the wire and cable sectors with manufacturing locations in Portugal, Mexico, Tunisia and Romania. Closures of Certain North American Chlorovinyls Facilities and Styrene Plant Facility In the fourth quarter of 2025, under our asset optimization initiative, we ceased operation of certain of our North American chlorovinyl production facilities, including (i) our PVC plant at the Aberdeen, Mississippi site (ii) our vinyl chloride monomer (\"VCM\") plant at the Lake Charles, Louisiana North site, and (iii) one of our diaphragm chlor-alkali units at the Lake Charles, Louisiana South site, as well as (iv) our styrene production plant located at the Lake Charles, Louisiana site. We plan to continue supplying customers with PVC, VCM and chlor-alkali products from our seven other North American chlorovinyl facilities. The total costs recognized in the fourth quarter of 2025 and reflected in the PEM segment operating results as a result of these closures was $393 million, of which $386 million was included in restructuring, transaction and integration-related costs and $7 million related to write-downs of inventory that was included in costs of sales in the Company's consolidated statements of operations. The total cost of $393 million included a non-cash charge of $317 million representing accelerated depreciation, accelerated amortization and assets write-offs, asset retirement obligation costs of $52 million, employee severance and separation costs of Item 1. Business Overview Westlake Corporation is a vertically integrated global manufacturer and marketer of both housing and infrastructure products and performance and essential materials that are designed to enhance the lives of people every day. Our products include some of the most widely used materials in the world, which are fundamental to many diverse consumer and industrial markets, including residential construction, flexible and rigid packaging, automotive, healthcare, water treatment, wind turbines, coatings as well as other durable and non-durable goods. We operate in two principal operating segments, Housing and Infrastructure Products (HIP) and Performance and Essential Materials (PEM). We are highly integrated along our materials chain with significant downstream integration from ethylene and chlor-alkali (chlorine and caustic soda) into vinyls, polyethylene (PE) and epoxy. We also have substantial downstream integration from polyvinyl chloride (\"PVC\") into our HIP segment for our residential building products, PVC pipe and fittings and PVC compounds. Our Strategy and History As a global manufacturer of housing and infrastructure products and performance and essential materials, we focus on delivering value to our customers, creating sustainable shareholder value, and developing a rewarding work environment for our employees. We are committed to produce products that are enhancing the lives of people every day. We do this by providing innovative and useful products while maintaining high standards of customer service and operational excellence with a commitment to managing costs. We continually explore external and internal growth opportunities that complement our existing products and our integrated structure, help us reduce costs by optimizing our asset footprint and improve productivity. We began operations in 1986 and since then, we have grown rapidly into an integrated global producer of building products and chemicals through effectively Item 1A. Risk Factors Risk Factor Summary Risks Related to Our Business, Industry and Operations \u2022Cyclicality in the petrochemical industry has in the past, and may in the future, result in reduced operating margins or operating losses. \u2022Our Performance and Essential Materials business could suffer if commodity product exports by other countri", "title": "WLK - WESTLAKE CORP", "url": "/company/WLK/" }, { "kind": "company", "summary": "SIC 7900 Services-Amusement & Recreation Services; CIK 0001319161; latest 10-K filed 2025-11-20.", "text": "WMG - Warner Music Group Corp. SIC 7900 Services-Amusement & Recreation Services; CIK 0001319161; latest 10-K filed 2025-11-20. WMG Warner Music Group Corp. 0001319161 7900 Services-Amusement & Recreation Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Annual Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act. Actual results and the timing of events could differ materially from those projected in forward-looking statements due to a number of factors, including those described under \u201cItem 1A. Risk Factors\u201d and elsewhere in this Annual Report. See \u201cSpecial Note Regarding Forward-Looking Statements.\u201d You should read the following discussion of our financial condition and results of operations in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this Annual Report. Discussion of FY 2023 items and year-over-year comparisons between FY 2024 and FY 2023 can be found in Item 7\u2014Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024. INTRODUCTION The Company is the direct parent of Holdings, which is the direct parent of Acquisition Corp. Acquisition Corp. is one of the world\u2019s major music entertainment companies. The Company and Holdings are holding companies that conduct substantially all of their business operations through their subsidiaries. The terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cours\u201d and the \u201cCompany\u201d refer collectively to Warner Music Group Corp. and its consolidated subsidiaries, except where otherwise indicated. Management\u2019s discussion and analysis of financial condition and results of operations (\u201cMD&A\u201d) is provided as a supplement to the consolidated financial statements and related notes thereto included elsewhere herein to help provide an understanding of our financial condition, changes in financial condition and results of our operations. MD&A is organized as follows: \u2022Business overview. This section provides a general description of our business, as well as a discussion of factors that we believe are important in understanding our results of operations and comparability and in anticipating future trends. \u2022Results of operations. This section provides an analysis of our results of operations for the fiscal years ended September 30, 2025 and September 30, 2024. This analysis is presented on both a consolidated and segment basis. \u2022Financial condition and liquidity. This section provides an analysis of our cash flows for the fiscal years ended September 30, 2025 and September 30, 2024, as well as a discussion of our financial condition and liquidity as of September 30, 2025. The discussion of our financial condition and liquidity includes recent debt financings and a summary of the key debt covenant compliance measures under our debt agreements. \u2022Critical accounting policies and estimates. This section identifies those accounting policies that are considered important to the Company\u2019s results of operations and financial condition, require significant judgment and involve significant management estimates. The Company\u2019s significant accounting policies, including those considered to be critical accounting policies, are summarized in Note 2 to the accompanying consolidated financial statements. Use of Adjusted OIBDA We evaluate our operating performance based on several factors, including Adjusted OIBDA. We define Adjusted OIBDA as operating income (loss) adjusted to exclude the following items: (i) non-cash depreciation of tangible assets, (ii) non-cash amortization of intangible assets, (iii) non-cash stock-based compensation and other related expenses, (iv) gains or losses on divestitures, (v) expenses related to restructuring and transformation initiatives, which includes costs associated with the Company\u2019s financial transformation initiative to design and implement new information technology and upgrade our finance infrastructure, and (vi) executive transition costs. Items ITEM 1. BUSINESS Introduction Warner Music Group Corp. (the \u201cCompany\u201d) was formed on November 21, 2003. We are the direct parent of WMG Holdings Corp. (\u201cHoldings\u201d), which is the direct parent of WMG Acquisition Corp. (\u201cAcquisition Corp.\u201d). Acquisition Corp. is one of the world\u2019s major music entertainment companies. The Company and Holdings are holding companies that conduct substantially all of their business operations through their subsidiaries. The terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cours\u201d and the \u201cCompany\u201d refer collectively to Warner Music Group Corp. and its consolidated subsidiaries, unless the context refers only to Warner Music Group Corp. as a corporate entity. Acquisition of Warner Music Group by Access Industries Pursuant to the Agreement and Plan of Merger, dated as of May 6, 2011 (the \u201cMerger Agreement\u201d), by and among the Company, AI Entertainment Holdings LLC (formerly Airplanes Music LLC), a Delaware limited liability company (\u201cParent\u201d) and an affiliate of Access Industries, Inc., and Airplanes Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (\u201cMerger Sub\u201d), on July 20, 2011 (the \u201cMerger Closing Date\u201d), Merger Sub merged with and into the Company with the Company surviving as a wholly owned subsidiary of Parent (the \u201cMerger\u201d). In connection with the Merger, the Company delisted its common stock from the New York Stock Exchange (the \u201cNYSE\u201d). Initial Public Offering On June 5, 2020, the Company went public again and completed an initial public offering (\u201cIPO\u201d) of Class A common stock of the Company, par value $0.001 per share (\u201cClass A Common Stock\u201d). The Company listed its shares on the NASDAQ stock market under the ticker symbol \u201cWMG.\u201d The offering consisted entirely of secondary shares sold by Access Industries, LLC (collectively with its affiliates, \u201cAccess\u201d) and certain related selling stockholders. Following the completion of the IPO, Access and its affiliates continue to hold all of the Class B common stock of th ITEM 1A. RISK FACTORS In addition to the other information contained in this Annual Report, certain risk factors should be considered carefully in evaluating our business. The risks and uncertainties described below may not be the only ones facing us. Additional risks and uncertainties that we do not currentl", "title": "WMG - Warner Music Group Corp.", "url": "/company/WMG/" }, { "kind": "company", "summary": "SIC 3086 Plastics Foam Products; CIK 0001604028; latest 10-K filed 2026-05-21.", "text": "WMS - ADVANCED DRAINAGE SYSTEMS, INC. SIC 3086 Plastics Foam Products; CIK 0001604028; latest 10-K filed 2026-05-21. WMS ADVANCED DRAINAGE SYSTEMS, INC. 0001604028 3086 Plastics Foam Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Our fiscal year begins on April 1 and ends on March 31. Unless otherwise noted, references to \u201cyear\u201d pertain to our fiscal year. For example, \u201c2026\u201d refers to fiscal 2026, which is the period from April 1, 2025 to March 31, 2026. The following discussion and analysis of our financial condition and results of our operations should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that are based on the beliefs of our management, as well as assumptions made by, and information currently available to, our management. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in the sections titled \u201cItem 1A. Risk Factors\u201d and \u201cCautionary Statement About Forward-Looking Statements\u201d included elsewhere in this Annual Report on Form 10-K. Please read the following discussion together with the sections titled \u201cItem 1A. Risk Factors\u201d and our consolidated financial statements, including the related notes, included in \u201cItem 8. Financial Statements and Supplementary Data\u201d of this Form 10-K. Overview We are the leading manufacturer of innovative water management solutions in the stormwater and onsite wastewater industries, providing superior drainage solutions for use in the construction and agriculture marketplaces. Our innovative products, for which we hold many patents, are used across a broad range of end markets and applications, including non-residential, infrastructure and agriculture applications. We have established a leading position in many of these end markets by leveraging our national sales and distribution platform, industry-acclaimed engineering support, overall product breadth and scale plus manufacturing excellence. Key Factors Affecting Our Results of Operations Product Demand - There are numerous factors that influence demand for our products. Our businesses are cyclical in nature and sensitive to general economic conditions, primarily in the United States, Canada, Mexico and South America. The non-residential, residential, agricultural and infrastructure markets we serve are affected by the availability of credit, lending practices, interest rates and unemployment rates. Demand for new homes, farm income, commercial development and highway infrastructure spending have a direct impact on our financial condition and results of operations. Accordingly, the following factors may have a direct impact on our business in the markets in which our products are sold: \u2022the strength of the economy; \u2022the amount and type of non-residential and residential construction; \u2022funding for infrastructure spending; \u2022farm income and agricultural land values; \u2022inventory of improved housing lots; \u2022changes in raw material and commodity prices; \u2022the availability and cost of credit; \u2022non-residential occupancy rates; and \u2022demographic factors such as population growth and household formation. Growth in Allied Products - Our Allied Products include storm and onsite wastewater chambers, PVC drainage structures, fittings, stormwater filters and water separators. These products complement our pipe products and allow us to offer a comprehensive water management solution to our customers and drive organic growth. Our leading market position in pipe products allows us to cross-sell Allied Products effectively. Our comprehensive offering of Allied Products can also increase pipe sales in certain markets. Allied Products are less sensitive to resin prices since resin prices represent a smaller percentage of the cost for Allied Products. Our leading position in the pipe market has allowed us to increase organic growth of our Allied Products, and we also expect to exp Item 1. Business COMPANY OVERVIEW Unless the context otherwise indicates or requires, as used in this Annual Report on Form 10-K, the terms \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cADS\u201d and the \u201cCompany\u201d refer to Advanced Drainage Systems, Inc. and its directly- and indirectly-owned subsidiaries as a combined entity, except where it is clear that the terms mean only Advanced Drainage Systems, Inc. exclusive of its subsidiaries. The term \u201cInfiltrator\u201d refers to Infiltrator Water Technologies, LLC, our wholly-owned subsidiary. ADS is the leading manufacturer of innovative water management solutions in the stormwater and onsite wastewater industries, providing superior drainage solutions to manage the world\u2019s most precious resource: water. Our innovative products are used across a broad range of end markets and applications, including residential, non-residential, infrastructure and agriculture applications. We have established a leading position in many of these end markets by leveraging our national sales and distribution platform, market share model, industry-acclaimed engineering support, overall product breadth and scale plus manufacturing excellence. Our best-in-class product portfolio, go-to-market strategy and material conversion strategy helped drive consistent above market growth. On February 2, 2026, we completed the acquisition of National Diversified Sales (\u201cNDS\u201d). NDS is a leading designer and manufacturer of residential stormwater and drainage solutions focused on managing surface and subsurface water around homes. NDS develops durable, easy\u2011to\u2011install products that help homeowners and contractors control runoff, prevent water damage, and protect landscapes and foundations. This combination brings together complementary water management solutions to expand our offerings. By adding NDS\u2019 expertise in residential water management solutions, access boxes and irrigation to our product portfolio, we further enhance our capabilities as a comprehensive provider of full-scale Item 1A. Risk Factors Please carefully consider the risks described below, together with all other information included or incorporated by reference in this Annual Report on Form 10-K. If any of the following risks actually occur, our business, financial condition, results of operations and cash flows could be materially adversely ", "title": "WMS - ADVANCED DRAINAGE SYSTEMS, INC.", "url": "/company/WMS/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001025378; latest 10-K filed 2026-02-11.", "text": "WPC - W. P. Carey Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001025378; latest 10-K filed 2026-02-11. WPC W. P. Carey Inc. 0001025378 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in understanding our financial statements and the reasons for changes in certain key components of our financial statements from period to period. This item also provides our perspective on our financial position and liquidity, as well as certain other factors that may affect our future results. The following discussion should be read in conjunction with our consolidated financial statements in Item 8 of this Report and the matters described under Item 1A. Risk Factors. Please see our Annual Report on Form 10-K for the year ended December 31, 2024 for discussion of our financial condition and results of operations for the year ended December 31, 2023. Refer to Item 1. Business for a description of our business. Financial Highlights During the year ended December 31, 2025, we completed the following (as further described in the consolidated financial statements): Real Estate Investments \u2022We acquired 31 investments totaling $2.0 billion (Note 5, Note 6). \u2022We completed three construction projects at a cost totaling $68.9 million (Note 5). \u2022We acquired a 47.50% ownership interest in the partnership that owns the Las Vegas Retail Complex for $5.0 million (Note 8). In addition, we funded approximately $3.2 million for a construction loan on this project during the year ended December 31, 2025. Through December 31, 2025, we have funded $250.9 million (Note 6, Note 8). \u2022We committed to fund 11 construction projects totaling $277.3 million (on a consolidated basis). We currently expect to complete the projects in 2026 and 2027 (Note 5, Note 6). Dispositions \u2022We disposed of 128 properties for total proceeds, net of selling costs, of $1.5 billion, including (i) 63 self-storage operating properties for total proceeds, net of selling costs, of $772.2 million, and (ii) one student housing operating property for proceeds, net of selling costs, of $77.8 million (Note 16). Financing and Capital Markets Transactions \u2022In February 2025, we repaid our $450 million of 4.000% Senior Notes due 2025 at maturity (Note 11). \u2022On March 31, 2025, we refinanced our \u20ac500.0 million Unsecured Term Loan due 2029, extending the maturity date by three years to April 2029. In conjunction with this refinancing, we executed variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate at 2.00% through the end of 2027, for a total annual interest rate of approximately 2.80% as of December 31, 2025 (inclusive of the current spread) (Note 11). \u2022On March 31, 2025, we executed variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate on our \u00a3270.0 million GBP Term Loan due 2028 at 3.92% through the end of 2027, for a total annual interest rate of approximately 4.72% as of December 31, 2025 (inclusive of the current spread) (Note 11). \u2022On July 10, 2025, we completed an underwritten public offering of $400.0 million of 4.650% Senior Notes due 2030, at a price of 99.088% of par value. These 4.650% Senior Notes due 2030 have a five-year term and are scheduled to mature on July 15, 2030 (Note 11). \u2022We sold 6,258,496 shares of common stock during the year ended December 31, 2025 through our ATM Forwards at a weighted-average gross price of $67.53 per share, for anticipated gross proceeds of approximately $422.6 million as of December 31, 2025. As of the date of this Report, all of these shares of common stock sold through our ATM Forwards remain unsettled (Note 13). \u2022We repaid non-recourse mortgage debt outstanding totaling $265.1 million with a weighted-average interest rate of 4.5% (Note 11). [[GREPCENT_TABLE]] [[\"\",\"W. P. Carey 2025 10-K \\u2013 24\"]] [[/GREPCENT_TABLE]] Dividends to Stockholders We declared cash dividends totaling $3.620 per share, comprised of f Item 1. Business. General Development of Business W. P. Carey Inc. (\u201cW. P. Carey\u201d or the \u201cCompany\u201d) is an internally-managed diversified REIT that, together with our consolidated subsidiaries and predecessors, is a leading owner of commercial real estate, net-leased to companies located primarily in the United States and Europe on a long-term basis. The vast majority of our revenues originate from lease revenue provided by our real estate portfolio, which is comprised primarily of single-tenant industrial, warehouse, and retail facilities that are critical to our tenants\u2019 operations. Our portfolio is comprised of 1,682 properties, net-leased to 371 tenants in 25 countries. As of December 31, 2025, approximately 61% of our contractual minimum annualized base rent (\u201cABR\u201d) was generated by properties located in the United States and approximately 33% was generated by properties located in Europe. As of that same date, our portfolio included 16 operating properties, comprised of 11 self-storage properties, four hotels, and one student housing property. During the year ended December 31, 2025, we sold 63 self-storage operating properties. In September 2023, we announced a plan to exit the office assets within our portfolio by (i) spinning-off 59 office properties into Net Lease Office Properties, a Maryland real estate investment trust (\u201cNLOP\u201d), so that it became a separate publicly-traded REIT (the \u201cSpin-Off\u201d), and (ii) implementing an asset sale program to dispose of certain office properties retained by us (the \u201cOffice Sale Program\u201d), which was completed in 2024 (Note 1). On November 1, 2023, we completed the Spin-Off, contributing 59 office properties to NLOP (Note 3). Following the closing of the Spin-Off, NLOP operates as a separate publicly-traded REIT, which we externally manage pursuant to certain advisory agreements (the \u201cNLOP Advisory Agreements\u201d). Founded in 1973, we became a publicly traded company listed on the New York Stock Exchange (\u201cNYSE\u201d) in 1998 Item 1A. Risk Factors. Our business, results of operations, financial condition, and ability to pay dividends could be materially adversely affected by various risks and uncertainties, including those enumerated below, which could cause such results to differ materially from those in any forward-looking statements. You should not consider this list", "title": "WPC - W. P. Carey Inc.", "url": "/company/WPC/" }, { "kind": "company", "summary": "SIC 5070 Wholesale-Hardware & Plumbing & Heating Equipment & Supplies; CIK 0000105016; latest 10-K filed 2026-02-27.", "text": "WSO - WATSCO INC SIC 5070 Wholesale-Hardware & Plumbing & Heating Equipment & Supplies; CIK 0000105016; latest 10-K filed 2026-02-27. WSO WATSCO INC 0000105016 5070 Wholesale-Hardware & Plumbing & Heating Equipment & Supplies Management\u2019s discussion and analysis of financial condition and results of operations is based upon the consolidated financial statements, which have been prepared in accordance with U.S. Generally Accepted Accounting Principles. The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amount of revenues and expenses during the reporting period. Actual results may differ from these estimates under different assumptions or conditions. At least quarterly, management reevaluates its judgments and estimates, which are based on historical experience, current trends, and various other assumptions that are believed to be reasonable under the circumstances. Our significant accounting policies are discussed in Note 1 to our audited consolidated financial statements included in this Annual Report on Form 10-K. Management believes that the following accounting estimates include a higher degree of judgment and/or complexity and are reasonably likely to have a material impact on our financial condition or results of operations and, thus, are considered critical accounting estimates. Management has discussed the development and selection of critical accounting estimates with the Audit Committee of the Board of Directors and the Audit Committee has reviewed the disclosures relating to critical accounting estimates. Allowance for Doubtful Accounts An allowance for doubtful accounts is maintained for estimated losses resulting from the inability of customers to make the required payments. We typically do not require our customers to provide collateral. Accounting for doubtful accounts contains uncertainty because management must use judgment to assess the collectability of these accounts. When preparing these estimates, management considers several factors, including the aging of a customer\u2019s account, past transactions with customers, 3 creditworthiness of specific customers, historical trends, and other information, including potential impacts of business and economic conditions. Our business and our customers\u2019 businesses are seasonal. Sales are lowest during the first and fourth quarters, and past due accounts receivable balances as a percentage of total trade receivables generally increase during these quarters. We review our accounts receivable reserve policy periodically, reflecting current risks, trends, and changes in industry conditions. The allowance for doubtful accounts was $14.6 million and $15.8 million at December 31, 2025 and 2024, respectively, a decrease of $1.2 million. Accounts receivable balances greater than 90 days past due as a percentage of accounts receivable at December 31, 2025 decreased to 1.4% from 1.6% at December 31, 2024. These decreases were primarily attributable to an improvement in the underlying quality of our accounts receivable portfolio at December 31, 2025. Although we believe the allowance for doubtful accounts is sufficient, a decline in economic conditions could lead to the deterioration in the financial condition of our customers, resulting in an impairment of their ability to make payments and requiring additional allowances that could materially impact our consolidated results of operations. We believe our exposure to customer credit risk is limited due to the large number of customers comprising our customer base and their dispersion across many different geographical regions. Additionally, we mitigate credit risk through credit insurance programs. Inventories Inventory adjustments are established to report inventories at the lower of cost using the weighted-average and the first-in, first-out methods, or net realizable value. As part of the valuation process, inventories are adjusted to reflect excess, slow-moving, and damaged goods. The valuation process ITEM 1. BUSINESS General Watsco, Inc. and its subsidiaries (collectively, \u201cWatsco,\u201d the \u201cCompany\u201d, or \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) was incorporated in Florida in 1956 and is the largest distributor of air conditioning, heating and refrigeration equipment and related parts and supplies (\u201cHVAC/R\u201d) in the HVAC/R distribution industry in North America. At December 31, 2025, we operated from 695 locations in 43 U.S. States, Canada, Mexico and Puerto Rico with additional market coverage on an export basis to portions of Latin America and the Caribbean, through which we serve more than 130,000 active contractors that service the replacement and new construction markets. Our revenues in HVAC/R distribution have increased from $64.1 million in 1989 to $7.2 billion in 2025, resulting from our strategic acquisition of companies with established market positions and subsequent building of revenues and profit through a combination of additional locations, introduction of new products, expansion with industry Original Equipment Manufacturers (\u201cOEMs\u201d) and vendors, technology innovation, and other initiatives. Our principal executive office is located at 2665 South Bayshore Drive, Suite 901, Miami, Florida 33133, and our telephone number is (305) 714-4100. Our website address on the Internet is www.watsco.com and e-mails may be sent to info@watsco.com. Information contained on, or available through, our website is not incorporated by reference in, or made a part of, this report. Air Conditioning, Heating and Refrigeration Industry The HVAC/R distribution industry is highly fragmented. According to data published in the November 2024 IBIS World Industry Report for Heating and Air Conditioning Wholesaling in the U.S., the HVAC/R distribution industry has more than 2,100 distribution companies with an aggregate estimated annual market size of $74.0 billion. The estimated annual market on an installed basis, which adds the contractor\u2019s value to the market size, for residential HVAC/R pro ITEM 1A. RISK FACTORS Business Risk Factors Supplier Concentration and Supply Chain Risks The Company\u2019s top ten suppliers accounted for 85% of our purchases during 2025, including 62% from Carrier and 8% from Rheem. Products supplied by Carrier include a diverse variety of brands of HVA", "title": "WSO - WATSCO INC", "url": "/company/WSO/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001015328; latest 10-K filed 2026-02-26.", "text": "WTFC - WINTRUST FINANCIAL CORP SIC 6022 State Commercial Banks; CIK 0001015328; latest 10-K filed 2026-02-26. WTFC WINTRUST FINANCIAL CORP 0001015328 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion highlights the significant factors affecting the operations and financial condition of Wintrust for the three years ended December 31, 2025. The detailed financial discussion focuses on 2025 results compared to 2024. This discussion and analysis should be read in conjunction with the Company\u2019s Consolidated Financial Statements and Notes thereto within this Annual Report on Form 10-K. For a discussion of 2024 results compared to 2023, refer to Part II, Item 7, \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d of the Wintrust Annual Report on Form 10-K for the year ended December 31, 2024 filed on February 28, 2025. OPERATING SUMMARY Wintrust\u2019s key measures of profitability and balance sheet changes are shown in the following table: [[GREPCENT_TABLE]] [[\"\",\"\",\"Years Ended December 31,\",\"\",\"Percentage (%) or Basis Point (bp) Change\",\"\",\"Percentage (%) or Basis Point (bp) Change\"],[\"(Dollars in thousands, except per share data)\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\",\"\",\"2024 to 2025\",\"\",\"2023 to 2024\"],[\"Net income\",\"\",\"$\",\"823,844\",\"\",\"\",\"$\",\"695,045\",\"\",\"\",\"$\",\"622,626\",\"\",\"\",\"19\",\"%\",\"\",\"12\",\"%\"],[\"Pre-tax income, excluding provision for credit losses (non-GAAP) (1)\",\"\",\"1,213,960\",\"\",\"\",\"1,048,136\",\"\",\"\",\"959,471\",\"\",\"\",\"16\",\"\",\"\",\"9\"],[\"Net income per common share \\u2014 Diluted\",\"\",\"11.40\",\"\",\"\",\"10.31\",\"\",\"\",\"9.58\",\"\",\"\",\"11\",\"\",\"\",\"8\"],[\"Net revenue (2)\",\"\",\"2,725,992\",\"\",\"\",\"2,450,860\",\"\",\"\",\"2,271,970\",\"\",\"\",\"11\",\"\",\"\",\"8\"],[\"Net interest income\",\"\",\"2,224,052\",\"\",\"\",\"1,962,535\",\"\",\"\",\"1,837,864\",\"\",\"\",\"13\",\"\",\"\",\"7\"],[\"Net interest margin\",\"\",\"3.52\",\"%\",\"\",\"3.51\",\"%\",\"\",\"3.66\",\"%\",\"\",\"1\",\"bp\",\"\",\"(15)\",\"bps\"],[\"Net interest margin - fully taxable-equivalent (non-GAAP) (1)\",\"\",\"3.53\",\"\",\"\",\"3.53\",\"\",\"\",\"3.68\",\"\",\"\",\"\\u2014\",\"\",\"\",\"(15)\"],[\"Net overhead ratio (3)\",\"\",\"1.51\",\"\",\"\",\"1.54\",\"\",\"\",\"1.64\",\"\",\"\",\"(3)\",\"\",\"\",\"(10)\"],[\"Non-interest income to average assets\",\"\",\"0.75\",\"\",\"\",\"0.82\",\"\",\"\",\"0.81\",\"\",\"\",\"(7)\",\"\",\"\",\"1\"],[\"Non-interest expense to average assets\",\"\",\"2.26\",\"\",\"\",\"2.36\",\"\",\"\",\"2.45\",\"\",\"\",\"(10)\",\"\",\"\",\"(9)\"],[\"Return on average assets\",\"\",\"1.23\",\"\",\"\",\"1.17\",\"\",\"\",\"1.16\",\"\",\"\",\"6\",\"\",\"\",\"1\"],[\"Return on average common equity\",\"\",\"12.13\",\"\",\"\",\"12.32\",\"\",\"\",\"12.90\",\"\",\"\",\"(19)\",\"\",\"\",\"(58)\"],[\"Return on average tangible common equity (non-GAAP) (1)\",\"\",\"14.43\",\"\",\"\",\"14.58\",\"\",\"\",\"15.23\",\"\",\"\",\"(15)\",\"\",\"\",\"(65)\"],[\"At end of period\"],[\"Total assets\",\"\",\"$\",\"71,142,046\",\"\",\"\",\"$\",\"64,879,668\",\"\",\"\",\"$\",\"56,259,934\",\"\",\"\",\"10\",\"%\",\"\",\"15\",\"%\"],[\"Total loans, excluding loans held-for-sale\",\"\",\"53,105,101\",\"\",\"\",\"48,055,037\",\"\",\"\",\"42,131,831\",\"\",\"\",\"11\",\"\",\"\",\"14\"],[\"Total deposits\",\"\",\"57,717,191\",\"\",\"\",\"52,512,349\",\"\",\"\",\"45,397,170\",\"\",\"\",\"10\",\"\",\"\",\"16\"],[\"Total shareholders\\u2019 equity\",\"\",\"7,258,715\",\"\",\"\",\"6,344,297\",\"\",\"\",\"5,399,526\",\"\",\"\",\"14\",\"\",\"\",\"17\"],[\"Average loans to average deposits ratio\",\"\",\"92.6\",\"%\",\"\",\"93.8\",\"%\",\"\",\"93.1\",\"%\",\"\",\"(120)\",\"bps\",\"\",\"70\",\"bps\"],[\"Book value per common share (1)\",\"\",\"$\",\"102.03\",\"\",\"\",\"$\",\"89.21\",\"\",\"\",\"$\",\"81.43\",\"\",\"\",\"14\",\"%\",\"\",\"10\",\"%\"],[\"Tangible book value per common share (non-GAAP) (1)\",\"\",\"88.66\",\"\",\"\",\"75.39\",\"\",\"\",\"70.33\",\"\",\"\",\"18\",\"\",\"\",\"7\"],[\"Common equity to assets ratio (1)\",\"\",\"9.6\",\"%\",\"\",\"9.1\",\"%\",\"\",\"8.9\",\"%\",\"\",\"50\",\"bps\",\"\",\"20\",\"bps\"],[\"Tangible common equity ratio (non-GAAP) (1)\",\"\",\"8.5\",\"\",\"\",\"7.8\",\"\",\"\",\"7.7\",\"\",\"\",\"70\",\"\",\"\",\"10\"],[\"Market price per common share\",\"\",\"$\",\"139.82\",\"\",\"\",\"$\",\"124.71\",\"\",\"\",\"$\",\"92.75\",\"\",\"\",\"12\",\"%\",\"\",\"34\",\"%\"],[\"Allowance for loan and unfunded lending-related commitment losses to total loans\",\"\",\"0.87\",\"%\",\"\",\"0.91\",\"%\",\"\",\"1.01\",\"%\",\"\",\"(4)\",\"bps\",\"\",\"(10)\",\"bps\"],[\"Non-performing loans to total loans\",\"\",\"0.35\",\"\",\"\",\"0.36\",\"\",\"\",\"0.33\",\"\",\"\",\"(1)\",\"\",\"\",\"3\"]] [[/GREPCENT_TABLE]] (1)See \u201cNon-GAAP Financial Measures/Ratios\u201d for additional info ITEM 1. BUSINESS Overview Wintrust Financial Corporation, an Illinois corporation (\u201cwe,\u201d \u201cWintrust\u201d or \u201cthe Company\u201d), which was incorporated in 1992, is a financial holding company based in Rosemont, Illinois, with total assets of approximately $71.1 billion as of December 31, 2025. We provide community-oriented, personal and commercial banking services to customers generally located in the Chicago metropolitan area, southern Wisconsin, northwest Indiana and west Michigan (\u201cour market area\u201d) through our sixteen wholly-owned-banking subsidiaries (collectively, the \u201cbanks\u201d), as well as the origination of residential mortgages for sale into the secondary market through Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A. (\u201cBarrington Bank\u201d). In addition, we provide specialty finance services, including financing for the payment of property and casualty insurance premiums and life insurance premiums (\u201cpremium finance receivables\u201d) on a national basis through FIRST Insurance Funding, a division of our wholly-owned subsidiary Lake Forest Bank & Trust Company, N.A. (\u201cLake Forest Bank\u201d), and Wintrust Life Finance, a division of Lake Forest Bank, and in Canada through our premium finance company, First Insurance Funding of Canada Inc. (\u201cFIFC Canada\u201d), an indirect subsidiary of Lake Forest Bank, lease financing and other direct leasing opportunities through our wholly-owned subsidiary, Wintrust Asset Finance, Inc. (\u201cWintrust Asset Finance\u201d), and short-term accounts receivable financing and outsourced administrative services through our wholly-owned subsidiary, Tricom, Inc. of Milwaukee (\u201cTricom\u201d). Further, we provide a full range of wealth management services primarily to customers in our market area through four separate subsidiaries, Wintrust Private Trust Company, N.A. (\u201cWPT\u201d), Wintrust Investments, LLC (\u201cWintrust Investments\u201d), Great Lakes Advisors, LLC (\u201cGreat Lakes Advisors\u201d or \u201cGLA\u201d) and Chicago Deferred Exchange Company, LLC (\u201cCDEC\u201d). Our Busines ITEM 1A. RISK FACTORS Risk Factors Summary The summary of risks below provides an overview of the principal risks we are exposed to in the normal course of our business activities. This summary does not contain all of the information provided in the detailed discussion of risks that follows this summary and should be read toget", "title": "WTFC - WINTRUST FINANCIAL CORP", "url": "/company/WTFC/" }, { "kind": "company", "summary": "SIC 4941 Water Supply; CIK 0000078128; latest 10-K filed 2026-02-26.", "text": "WTRG - Essential Utilities, Inc. SIC 4941 Water Supply; CIK 0000078128; latest 10-K filed 2026-02-26. WTRG Essential Utilities, Inc. 0000078128 4941 Water Supply Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations OVERVIEW The following discussion and analysis of our financial condition and results of operations should be read together with our Consolidated Financial Statements and accompanying Notes included in this Annual Report. This discussion contains forward-looking statements that are based on management\u2019s current expectations, estimates, and projections about our business, operations, and financial performance. All dollar amounts are in thousands of dollars, except per share amounts. The Company Essential Utilities, Inc., (Essential Utilities, the Company, we, us, or our), a Pennsylvania corporation, is the holding company for regulated utilities providing water, wastewater, or natural gas services to an estimated 5.5 million people in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, Virginia, and Kentucky under the Aqua and Peoples brands. One of our largest operating subsidiaries, Aqua Pennsylvania, Inc. (Aqua Pennsylvania), provides water or wastewater services to approximately one-half of the total number of water or wastewater customers we serve. These customers are located in the suburban areas in counties north and west of the City of Philadelphia and in 28 other counties in Pennsylvania. Our other regulated water or wastewater utility subsidiaries provide similar services in seven additional states. Our Peoples subsidiaries provide natural gas service to approximately 747,000 customers in western Pennsylvania and Kentucky. Approximately 95% of the total number of natural gas utility customers we serve are in western Pennsylvania. Lastly, the Company\u2019s market-based activities are conducted through Aqua Resources, Inc. and certain other non-regulated subsidiaries of Peoples. Aqua Resources offers, through a third-party, water and sewer service line protection solutions and repair services to households. Other non-regulated subsidiaries of Peoples provide utility service line protection services to households and operate gas marketing and production businesses. Recent Developments Execution of Agreement and Plan of Merger with American Water On October 26, 2025, American Water Works Company, Inc. (\u201cAmerican Water\u201d), Alpha Merger Sub, Inc., a direct wholly owned subsidiary of American Water (\u201cMerger Sub\u201d), and the Company, entered into an Agreement and Plan of Merger (the \u201cMerger Agreement\u201d). The Merger Agreement provides that upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Company (the \u201cMerger\u201d), with the Company surviving the Merger as a wholly owned subsidiary of American Water. Subject to the terms and conditions of the Merger Agreement, at the time at which the Merger becomes effective (the \u201cEffective Time\u201d), each share of the Company\u2019s common stock, par value $0.50 per share (\u201cEssential Common Stock\u201d), issued and outstanding immediately prior to the Effective Time, other than any shares of Essential Common Stock owned by American Water or Merger Sub or by the Company as treasury stock (in each case, other than restricted shares), will be converted into the right to receive 0.305 shares of validly issued, fully paid and nonassessable shares of common stock, par value $0.01 per share, of American Water (\u201cAmerican Water Common Stock\u201d) (the aggregate number of such shares of American Water Common Stock to be issued in the Merger). On February 10, 2026, at the respective special shareholder meetings of the Company and American Water, each company\u2019s shareholders approved the merger-related proposals, satisfying certain of the conditions to closing. Consummation of the Merger is subject to certain remaining customary conditions, including the receipt of certain governmental approvals, including (a) the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and ( Item 1. Business The Company Essential Utilities, Inc., referred to as \u201cEssential Utilities\u201d, \u201cEssential\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d, or \u201cour\u201d, a Pennsylvania corporation, is the holding company for regulated utilities providing water, wastewater, or natural gas services to an estimated 5.5 million people in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, Virginia, and Kentucky under the Aqua and Peoples brands. One of our largest operating subsidiaries, Aqua Pennsylvania, Inc., or Aqua Pennsylvania, accounted for approximately 57% of operating revenues and approximately 72% of income for our Regulated Water segment in 2025. As of December 31, 2025, Aqua Pennsylvania provided water or wastewater services to approximately one-half of the total number of water and wastewater customers we serve. Aqua Pennsylvania\u2019s service territory is located in the suburban areas in counties north and west of the City of Philadelphia and in 28 other counties in Pennsylvania. Our other regulated water or wastewater utility subsidiaries provide similar services in seven additional states. Our Peoples subsidiaries provide natural gas service to approximately 747,000 customers in western Pennsylvania and Kentucky. Approximately 95% of the total number of natural gas utility customers we serve are in western Pennsylvania. The Company also operates market-based activities, conducted through its non-regulated subsidiaries, that provide utility service line protection solutions and repair services to households and gas marketing and production activities. Currently, the Company seeks to acquire businesses in the U.S. regulated sector, focusing on water and wastewater utilities and to opportunistically pursue growth ventures in select market-based activities, such as infrastructure opportunities that are supplementary and complementary to our regulated water utility businesses. 1 Table of Contents On October 26, 2025, we entered into an Agreement and Plan of Mer Item 1A. Risk Factors In addition to the other information included in this Annual Report, the following factors should be considered in evaluating our business and future prospects. Any of the following risks, either alone or taken together, could materially harm our business, financial condition, and results of operations. If one or more of these ", "title": "WTRG - Essential Utilities, Inc.", "url": "/company/WTRG/" }, { "kind": "company", "summary": "SIC 3490 Miscellaneous Fabricated Metal Products; CIK 0000795403; latest 10-K filed 2026-02-23.", "text": "WTS - WATTS WATER TECHNOLOGIES INC SIC 3490 Miscellaneous Fabricated Metal Products; CIK 0000795403; latest 10-K filed 2026-02-23. WTS WATTS WATER TECHNOLOGIES INC 0000795403 3490 Miscellaneous Fabricated Metal Products Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. \u200b Overview \u200b We are a leading supplier of products and solutions that manage and conserve the flow of fluids and energy into, through and out of buildings in the commercial, industrial and residential markets in the Americas, Europe and Asia-Pacific, Middle East and Africa (\u201cAPMEA\u201d). For over 150 years, we have designed and produced valve systems that safeguard and regulate water systems, energy efficient heating and hydronic systems, drainage systems and water filtration technology that helps purify and conserve water. We earn revenue and income almost exclusively from the sale of our products. Our principal product and solution categories include: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u00b7\",\"Residential and commercial flow control and protection\\u2014includes products and solutions typically sold into plumbing and hot water applications such as backflow preventers, water pressure regulators, temperature and pressure relief valves, thermostatic mixing valves, leak detection and protection products, commercial washroom solutions, hydration solutions and emergency safety products and equipment. Many of our flow control and protection products are now smart and connected enabled, warning of leaks, floods, freezing temperatures and other hazards with alerts to Building Management Systems (\\u201cBMS\\u201d) and/or personal devices giving our customers greater insight into their water management and the ability to shut off the water supply to avoid waste and mitigate damage.\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u00b7\",\"Heating, ventilation and air conditioning (\\u201cHVAC\\u201d) and gas\\u2014includes commercial, institutional and industrial high-efficiency boilers, water heaters and heating solutions, hydronic and electric heating systems for under floor radiant applications, custom heat and hot water solutions, hydronic pump groups for boiler manufacturers and alternative energy control packages, and flexible stainless steel connectors for natural and liquid propane gas in commercial food service and residential applications. Most of our HVAC products and solutions feature advanced controls enabling customers to easily connect to the BMS for better monitoring, control and operation.\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Drainage and water re use\\u2014includes drainage products and engineered rainwater harvesting solutions for commercial, industrial, marine and residential applications, including connected roof drain systems.\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Water quality\\u2014includes point-of-use, point-of-entry, closed loop, cooling tower, and other water applications used for water filtration, monitoring, conditioning and scale prevention systems for commercial, marine, light industrial and residential applications.\"]] [[/GREPCENT_TABLE]] \u200b Our business is reported in three geographic segments: Americas, Europe, and APMEA. We distribute our products through four primary distribution channels: wholesale, original equipment manufacturers (\u201cOEMs\u201d), specialty, and do-it-yourself (\u201cDIY\u201d). \u200b We believe the factors relating to our future growth include continued product innovation that meets the needs of our customers and our end markets; our ability to continue to make selective acquisitions, both in our core markets as well as in complementary markets; regulatory requirements relating to the quality and conservation of water and the safe use of water; increased demand for clean water; and continued enforcement of plumbing and building codes. Our acquisition strategy focuses on businesses that promote our key macro themes around safety and regulation, energy efficiency and water conservation. We target businesses that we believe will provide us with one or more of the following: an entry into new markets and/or new geographies, improved channel access, unique and/or propri Item 1. BUSINESS. \u200b In this Annual Report on Form 10-K, references to \u201cthe Company,\u201d \u201cWatts Water,\u201d \u201cWatts,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d refer to Watts Water Technologies, Inc. and its consolidated subsidiaries. \u200b Overview \u200b Watts Regulator Co. was founded by Joseph E. Watts in 1874 in Lawrence, Massachusetts. Watts Regulator Co. started as a small machine shop supplying parts to the New England textile mills of the 19th century. Since then, Watts has grown into a global manufacturer and become one of the world\u2019s leading providers of water technologies and solutions that are designed to promote safety, energy efficiency, and water conservation for commercial and residential buildings. Watts Water Technologies, Inc. was incorporated in Delaware in 1985 and is the parent company of Watts Regulator Co. \u200b Our strategy is to be the preferred supplier of differentiated products and solutions that manage and conserve the flow of fluids and energy into, through and out of buildings in the commercial and residential markets of the Americas, Europe, and Asia-Pacific, Middle East and Africa (\u201cAPMEA\u201d), our three geographic segments. Within this framework, we focus upon three themes: safety and regulation, energy efficiency and water conservation. This strategy provides us with a platform to increase our earnings through sales growth, both organic and inorganic, and the systematic reduction of manufacturing costs and operational expenses. \u200b Our strategy is to expand organically by introducing new, complementary products and solutions in existing markets, by enhancing our preferred brands, by promoting plumbing code development to drive the need for safety and quality products and by continually improving merchandising in our wholesale and retail distribution channels. We focus on selling solutions to our customers that integrate a variety of our product offerings. We target selected new products and geographic markets based on growth potential, including our ability to lever Item 1A. RISK FACTORS. \u200b Industry Risk Factors \u200b Economic cycles, particularly those involving reduced levels of commercial and residential starts and remodeling, may have adverse effects on our revenues and operating results. \u200b We have experienced and expect to continue to experience fluctuations in revenu", "title": "WTS - WATTS WATER TECHNOLOGIES INC", "url": "/company/WTS/" }, { "kind": "company", "summary": "SIC 3620 Electrical Industrial Apparatus; CIK 0000108312; latest 10-K filed 2025-11-25.", "text": "WWD - Woodward, Inc. SIC 3620 Electrical Industrial Apparatus; CIK 0000108312; latest 10-K filed 2025-11-25. WWD Woodward, Inc. 0000108312 3620 Electrical Industrial Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis should be read together with the Consolidated Financial Statements and Notes included in this report. Dollar and number of share amounts contained in this discussion and elsewhere in this Annual Report on Form 10-K are in thousands, except per share amounts. For a discussion of the 2024 Results of Operations, including a discussion of the financial results for the fiscal year ended September 30, 2024 compared to the fiscal year ended September 30, 2023, refer to Part I, Item 7 of our Annual Report on Form 10-K filed with the SEC on November 26, 2024. OVERVIEW We enhance the global quality of life and sustainability by optimizing energy use through improved efficiency and lower emissions. We are an independent designer, manufacturer, and services provider of control solutions for the aerospace and industrial markets. We design, produce, and service reliable, efficient, low-emission, and high-performance energy control products for diverse applications in challenging environments. We have production and assembly facilities primarily in the United States, Europe, and Asia, and promote our products and services through our worldwide locations. Our strategic focus is providing energy control and optimization solutions for the aerospace and industrial markets. The precise and efficient control of energy, including motion, fluid, combustion, and electrical energy, is a growing requirement in the markets we serve, and we have developed and are executing on strategies to leverage the macro trends of reducing greenhouse gases, commercializing space, and accelerating the digital age. To facilitate a cleaner world, we are partnering with our customers to enable their equipment to be more efficient, capable of utilizing clean burning fuels, advancing fuel cells, and the integration of renewable power in both commercial and defense operations. Our core technologies can be leveraged across our markets and customer applications, enabling us to develop and integrate cost-effective and state-of-the-art fuel, combustion, fluid, actuation, and electronic systems. We focus primarily on serving OEMs and equipment packagers, partnering with them to bring superior component and system solutions to their demanding applications. We also provide service repair, maintenance, replacement, and other service support for our installed products. Our components and integrated systems optimize performance of commercial aircraft, defense aircraft, military ground vehicles and other equipment, gas and steam turbines, industrial diesel, gas, bio-diesel and dual-fuel reciprocating engines, and electrical power systems. Our innovative motion, fluid, combustion, and electrical energy control systems help our customers offer more cost-effective, cleaner, and more reliable equipment. Global Business Conditions As global trade dynamics continue to evolve, the impact of increased trade tensions and related tariffs with U.S. trading partners remains a key factor in shaping global economic activity, supply chains, and market stability. Future tariff adjustments may emerge as countries negotiate trade agreements, respond to geopolitical shifts, and address the challenges of inflation and global competition. We expect increased cost pressure resulting from the already announced tariffs, and there are uncertainties surrounding future tariff policy changes and enforcement. However, the Company\u2019s production and supply bases are largely in the same regions where our products are sold, which we believe will mitigate our exposure. Woodward is closely tracking costs from our supply base and customer forecasts regarding the potential impact of currently announced tariff levels, changes to such levels, and actual and potential retaliatory trade actions. We have experienced and are expecting minimal levels of cost pressure as a result of the im Item 1. Business General We are an independent designer, manufacturer, and services provider of control solutions for the aerospace and industrial markets. Our innovative fluid energy, combustion control, electrical energy, and motion control systems help customers offer cleaner, more reliable, and more efficient equipment. Our customers include leading original equipment manufacturers and end users of their products. We have production and assembly facilities primarily in the United States, Europe, and Asia, and promote our products and services through our worldwide locations. Our strategic focus is providing energy control and optimization solutions for the aerospace and industrial markets. The precise and efficient control of energy, including motion, fluid, combustion, and electrical energy, is a growing requirement in the markets we serve. Our customers look to us to optimize the efficiency, emissions, and operation of power equipment in both commercial and defense operations. Our core technologies leverage well across our markets and customer applications, enabling us to develop and integrate cost-effective and state-of-the-art fuel, combustion, fluid, actuation, and electronic systems. We focus primarily on serving original equipment manufacturers (\u201cOEMs\u201d) and equipment packagers, partnering with them to bring superior component and system solutions to their demanding applications. We also provide repair, maintenance, replacement, and other services support for our installed products. We have traditionally referred to this part of our business as \u201caftermarket\u201d; however, to better reflect the nature and scope of these offerings, we will now refer to it as \u201cservices\u201d. Woodward was established in 1870, incorporated in 1902, and is headquartered in Fort Collins, Colorado. The mailing address of our world headquarters is 1081 Woodward Way, Fort Collins, Colorado 80524. Our telephone number at that location is (970) 482-5811, and our website is www.woodward.c Item 1A. Risk Factors The following summarizes important factors that could individually, or together with one or more other factors, affect our business, financial condition, results of operations, and/or cash flows: Industry Risks We operate in highly competitive industries and, if we are unable to compete effectively in one or mo", "title": "WWD - Woodward, Inc.", "url": "/company/WWD/" }, { "kind": "company", "summary": "SIC 4700 Transportation Services; CIK 0001166003; latest 10-K filed 2026-02-05.", "text": "XPO - XPO, Inc. SIC 4700 Transportation Services; CIK 0001166003; latest 10-K filed 2026-02-05. XPO XPO, Inc. 0001166003 4700 Transportation Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview XPO is a leading provider of freight transportation services, with company-specific avenues for value creation. We use our proprietary technology to move goods efficiently through supply chains for approximately 55,000 customers in North America and Europe. Our company has two reportable segments: North American Less-Than-Truckload (\u201cLTL\u201d), the largest component of our business; and European Transportation. Our North American LTL segment includes the results of our trailer manufacturing operation. Within the tables presented, certain amounts may not add due to the use of rounded numbers. Unless otherwise indicated, percentages presented are calculated from the underlying numbers in millions. Refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, for a discussion of our financial condition and results of operations for full year 2024, compared with full year 2023. Impacts of Notable External Conditions As a leading provider of freight transportation services, our business can be impacted to varying degrees by factors beyond our control. The overall freight environment continues to be recessionary, due to a mix of macroeconomic pressures on supply and demand. Importantly, we see significant growth potential ahead in our major markets, and we intend to continue expanding our business by investing in capacity for the long-term, gaining profitable market share and aligning price with the value we provide. Examples of factors that may affect our results include elevated interest rates; economic inflation, which may have a negative effect on certain of our operating costs, such as salaries, wages and employee benefits, fuel and insurance; uncertainty regarding the impacts of tariffs imposed, revoked or reciprocated between the U.S. and its trading partners, including impacts on import costs, export competitiveness and end-market demand for our customers\u2019 products; and the ongoing reluctance of some shippers to route goods through areas unsettled by conflict. We mitigate inflationary pressure with mechanisms in our customer contracts, including fuel surcharge clauses and general rate increases; and we believe that U.S. demand for LTL services may increase when interest rates decrease or tariff uncertainties subside, as both dynamics historically correlate to a rebound in industrial activity. We cannot predict how future macroeconomic conditions, supply chain constraints or conflicts may adversely affect our results of operations. [[GREPCENT_TABLE]] [[\"\",\"\",\"31\"]] [[/GREPCENT_TABLE]] Consolidated Summary Financial Results [[GREPCENT_TABLE]] [[\"\",\"\",\"Years Ended December 31,\",\"\",\"Percent of Revenue\"],[\"(Dollars in millions)\",\"\",\"2025\",\"\",\"2024\",\"\",\"\",\"\",\"2025\",\"\",\"2024\"],[\"Revenue\",\"\",\"$\",\"8,157\",\"\",\"\",\"$\",\"8,072\"],[\"Salaries, wages and employee benefits\",\"\",\"3,424\",\"\",\"\",\"3,377\",\"\",\"\",\"\",\"\",\"42.0\",\"%\",\"\",\"41.8\",\"%\"],[\"Purchased transportation\",\"\",\"1,662\",\"\",\"\",\"1,701\",\"\",\"\",\"\",\"\",\"20.4\",\"%\",\"\",\"21.1\",\"%\"],[\"Fuel, operating expenses and supplies\",\"\",\"1,571\",\"\",\"\",\"1,589\",\"\",\"\",\"\",\"\",\"19.3\",\"%\",\"\",\"19.7\",\"%\"],[\"Operating taxes and licenses\",\"\",\"83\",\"\",\"\",\"80\",\"\",\"\",\"\",\"\",\"1.0\",\"%\",\"\",\"1.0\",\"%\"],[\"Insurance and claims\",\"\",\"167\",\"\",\"\",\"134\",\"\",\"\",\"\",\"\",\"2.0\",\"%\",\"\",\"1.7\",\"%\"],[\"Gains on sales of property and equipment\",\"\",\"(17)\",\"\",\"\",\"(40)\",\"\",\"\",\"\",\"\",\"(0.2)\",\"%\",\"\",\"(0.5)\",\"%\"],[\"Depreciation and amortization expense\",\"\",\"521\",\"\",\"\",\"490\",\"\",\"\",\"\",\"\",\"6.4\",\"%\",\"\",\"6.1\",\"%\"],[\"Pre-Con-way acquisition environmental matter\",\"\",\"35\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\",\"0.4\",\"%\",\"\",\"\\u2014\",\"%\"],[\"Legal matters\",\"\",\"(13)\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\",\"(0.2)\",\"%\",\"\",\"\\u2014\",\"%\"],[\"Transaction and integration costs\",\"\",\"8\",\"\",\"\",\"53\",\"\",\"\",\"\",\"\",\"0.1\",\"%\",\"\",\"0.7\",\"%\"],[\"Restructuring costs\",\"\",\"59\",\"\",\"\",\"27\",\"\",\"\",\" ITEM 1. BUSINESS Company Overview XPO, Inc., together with its subsidiaries, is a leading provider of freight transportation services, with company-specific avenues for value creation. We use our proprietary technology to move goods efficiently through supply chains for approximately 55,000 customers in North America and Europe. As of December 31, 2025, we had approximately 37,000 employees and 592 locations in 17 countries. Our company has two reportable segments: North American Less-Than-Truckload (\u201cLTL\u201d), the largest component of our business; and European Transportation. North American LTL Segment LTL in North America is a bedrock industry providing a critical service to the economy, with secular growth drivers, a favorable pricing environment and an established competitive landscape. XPO has one of the largest LTL networks in North America, with approximately 9% share of the U.S. market, estimated to be $53 billion in 2024. For the full year 2025, we moved approximately 16 billion pounds of freight through our network with a customer-focused organization of truck drivers, service center teams and sales professionals, facilitated by our proprietary technology. Our network serves approximately 37,000 shippers with critical geographic density and day-definite domestic services to approximately 99% of U.S. zip codes, as well as cross-border services to Mexico, Canada and the Caribbean. We operate the business to high service standards for on-time delivery and damage-free transport, while [[GREPCENT_TABLE]] [[\"\",\"\",\"4\"]] [[/GREPCENT_TABLE]] balancing our network to leverage our fixed costs. In 2025, we developed new linehaul models that use artificial intelligence (AI) to improve the efficiency of our freight flows, piloted routing innovations for pickup-and-delivery operations and continued to improve productivity with real-time labor analytics at the service center level. Our proprietary developments in intelligent automation and AI-enabled decision-mak ITEM 1A. RISK FACTORS The following are important factors that could affect our financial performance and could cause actual results for future periods to differ materially from our anticipated results or other expectations, including those expressed in any forward-looking statements made in this Annual Report or our other filings with the SEC or in oral presentations such", "title": "XPO - XPO, Inc.", "url": "/company/XPO/" }, { "kind": "company", "summary": "SIC 3843 Dental Equipment & Supplies; CIK 0000818479; latest 10-K filed 2026-02-26.", "text": "XRAY - DENTSPLY SIRONA Inc. SIC 3843 Dental Equipment & Supplies; CIK 0000818479; latest 10-K filed 2026-02-26. XRAY DENTSPLY SIRONA Inc. 0000818479 3843 Dental Equipment & Supplies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is a discussion and analysis of the financial condition and results of the operations of DENTSPLY SIRONA Inc. and its consolidated subsidiaries for the year ended December 31, 2025. This discussion should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. The discussion summarizing the significant factors affecting the results of operations and financial condition of DENTSPLY SIRONA Inc. for the year ended December 31, 2024 can be found in Part II, \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024 (the \u201c2024 Annual Report\u201d), which was filed with the Securities and Exchange Commission on February 27, 2025. 29 OVERVIEW DENTSPLY SIRONA Inc. (\u201cDentsply Sirona\u201d or the \u201cCompany\u201d), is the world\u2019s largest diversified manufacturer of professional dental products and technologies, with a 139-year history of innovation and service to the dental industry and a vision of improving oral health and continence care globally. Dentsply Sirona develops, manufactures, and markets comprehensive solutions, including technologically advanced dental equipment supported by cloud-enabled software solutions as well as dental products and healthcare consumable products in urology and enterology under a strong portfolio of world-class brands. Dentsply Sirona\u2019s innovative products provide high-quality, effective, and connected solutions to advance patient care and deliver better, safer, and faster dentistry. Dentsply Sirona\u2019s worldwide headquarters is located in Charlotte, North Carolina. The Company\u2019s shares of common stock are listed in the United States on the Nasdaq stock market under the symbol XRAY. 2025 Operational Summary For the year ended December 31, 2025, \u2022Net sales decreased 3.0% compared to the prior year. On a constant currency basis (a Non-GAAP measure as defined under the heading \u201cKey Performance Measurements\u201d below), net sales decreased 4.3% for the year ended December 31, 2025 compared to the prior year. Net sales were positively impacted by approximately 1.3% due to the weakening of the U.S. dollar over 2025. \u2022Net loss was $598 million as compared to net loss of $910 million for the prior year, primarily due to lower goodwill and intangible asset impairment charges of $650 million compared to $1,014 million in the prior year. Diluted loss per share was $3.00 compared to diluted loss per share of $4.48 in the prior year. \u2022Cash flow from operations was $235 million, as compared to $461 million in the prior year. BUSINESS Segments The Company conducts business through four reportable segments: (1) Connected Technology Solutions, (2) Essential Dental Solutions, (3) Orthodontic and Implant Solutions, and (4) Wellspect Healthcare. For further information on each of these segments including the product lines which comprise them, refer to Item 8, Note 6, Segment and Geographic Information, in the Notes to Consolidated Financial Statements of this Form 10-K. Recent Developments As previously disclosed in the Company\u2019s Current Report on Form 8-K filed January 14, 2026, the Company entered into new non-exclusive distribution agreements with Patterson Dental Holdings, a leading supplier of products and services to the dental health end market, for the distribution of dental equipment in the United States. This renewed partnership reflects both companies\u2019 commitment to supporting dental professionals with advanced technologies and expert service while setting a clear focus on driving growth and innovation in the years ahead. The impact of global economic co Item 1. Business Overview DENTSPLY SIRONA Inc. (\u201cDentsply Sirona\u201d or the \u201cCompany\u201d) is the world\u2019s largest diversified manufacturer of professional dental products and technologies, with a 139-year history of innovation and service to the dental industry and a vision of improving oral health and continence care globally. Dentsply Sirona develops, manufactures, and markets comprehensive solutions, including technologically advanced dental equipment supported by cloud-enabled software solutions as well as dental products and healthcare consumable products in urology and enterology under a strong portfolio of world-class brands. Dentsply Sirona\u2019s innovative products provide high-quality, effective, and connected solutions to advance patient care and deliver better, safer, and faster dentistry. Dentsply Sirona\u2019s worldwide headquarters is located in Charlotte, North Carolina. The Company\u2019s shares of common stock are listed in the United States on the Nasdaq stock market under the symbol XRAY. Dentsply Sirona\u2019s headquarters and principal operations are located in the United States of America (\u201cU.S.\u201d or \u201cUnited States\u201d) and the Company sells products globally through its foreign subsidiaries to customers in approximately 140 countries. Dentsply Sirona has a long-established presence in the European market, particularly in Germany, Sweden, France, the United Kingdom (\u201cUK\u201d), Italy, and Switzerland. The Company also has a significant market presence in the Asia-Pacific region, Central and South America, the Middle East region, and Canada. Our Company\u2019s mission is to transform oral health and continence care with innovative products, solutions and services through an engaged workforce. Principal Products and Product Categories The professional dental industry encompasses the diagnosis, treatment and prevention of disease and ailments of the teeth, gums and supporting bone. The Company offers a broad suite of dental products which together provide digital workflows for de Item 1A. Risk Factors RISKS RELATED TO OUR BUSINESSES We rely heavily on information technology to operate our businesses and product portfolios, and any cyber incidents could harm our operations and have a material impact on our business and financial results. We are exposed to the risk of cyber incidents, which can result from delibera", "title": "XRAY - DENTSPLY SIRONA Inc.", "url": "/company/XRAY/" }, { "kind": "company", "summary": "SIC 3949 Sporting & Athletic Goods, NEC; CIK 0001670592; latest 10-K filed 2026-02-27.", "text": "YETI - YETI Holdings, Inc. SIC 3949 Sporting & Athletic Goods, NEC; CIK 0001670592; latest 10-K filed 2026-02-27. YETI YETI Holdings, Inc. 0001670592 3949 Sporting & Athletic Goods, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis contains forward-looking statements within the meaning of the federal securities laws, and should be read in conjunction with the disclosures we make concerning risks and other factors that may affect our business and operating results, including those set forth in Part I, Item 1A, \u201cRisk Factors\u201d of this Report. The information contained in this section should also be read in conjunction with our consolidated financial statements and related notes and the information contained elsewhere in this Report. See also \u201cForward-Looking Statements\u201d immediately prior to Part I, Item 1, \u201cBusiness\u201d in this Report. A discussion of our results of operations and cash flows for the year ended December 28, 2024 compared to the year ended December 30, 2023 are included in Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Form 10-K for the year ended December 28, 2024, which was filed with the SEC on February 24, 2025. Business Overview Headquartered in Austin, Texas, YETI is a global designer, retailer, and distributor of innovative outdoor products. From coolers and drinkware to bags and apparel, YETI products are built to meet the unique and varying needs of diverse outdoor pursuits, whether in the remote wilderness, at the beach, or anywhere life takes you. By consistently delivering high-performing, exceptional products, we have built a strong following of brand loyalists throughout the world, ranging from serious outdoor enthusiasts to individuals who simply value products of uncompromising quality and design. We have an unwavering commitment to outdoor and recreation communities, and we are relentless in our pursuit of building superior products for people to confidently enjoy life outdoors and beyond. We distribute our products through a balanced omni-channel platform, consisting of our wholesale and direct-to-consumer (\u201cDTC\u201d) channels. In our wholesale channel, we sell our products through select national and regional accounts and an assemblage of independent retail partners throughout the United States, Canada, Australia, New Zealand, the United Kingdom, Europe, and Japan, among others. We carefully evaluate and select retail partners that have an image and approach that are consistent with our premium brand and pricing. Our national and regional specialty retailers in the United States include Dick\u2019s Sporting Goods, REI, Academy Sports + Outdoors, Bass Pro Shops, Ace Hardware, Scheels, and Tractor Supply Company. In our international regions, our notable retailers include FGL Sports and SportChek in Canada, BCF and Rebel in Australia, and GO Outdoors in the United Kingdom. We sell our products in our DTC channel to customers on our websites, through YETI Authorized on the Amazon Marketplace, as well as in our retail stores. Additionally, we offer customized products with licensed marks and original artwork primarily to our DTC channel, through our corporate sales program, on our websites, and at select retail stores, as well as certain wholesale partners. Our corporate sales program offers customized products to corporate customers for a wide-range of events and activities, and in certain instances may also offer products to re-sell. Product Introductions and Updates During the first quarter of 2025, we expanded our bag offerings with the launch of the new Ranchero backpack in two sizes and introduced new seasonal colorways across our Drinkware and Coolers & Equipment categories. During the second quarter of 2025, we expanded our bottles and jugs offerings with the launch of the new Rambler Travel Bottle in two sizes and introduced the redesigned and improved Rambler Jug in two sizes. We continued the expansion of our tableware offerings with the launch of the new Rambler Insulated Bowls in six sizes and expanded our cookware offerings w Item 1. Business Overview Headquartered in Austin, Texas, YETI is a global designer, retailer, and distributor of innovative outdoor products. From coolers and drinkware to bags and apparel, YETI products are built to meet the unique and varying needs of diverse outdoor pursuits, whether in the remote wilderness, at the beach, or anywhere life takes you. By consistently delivering high-performing, exceptional products, we have built a strong following of brand loyalists throughout the world, ranging from serious outdoor enthusiasts to individuals who simply value products of uncompromising quality and design. We have an unwavering commitment to outdoor and recreation communities, and we are relentless in our pursuit of building superior products for people to confidently enjoy life outdoors and beyond. We were founded in 2006 by avid outdoorsmen, Roy and Ryan Seiders, who were frustrated with equipment that could not keep pace with their interests in hunting and fishing. By utilizing forward-thinking designs and advanced manufacturing techniques, they developed a nearly indestructible hard cooler with superior ice retention. Our original hard cooler not only delivered exceptional performance, it anchored an authentic, passionate, and durable bond among customers and our company. Our principal corporate offices are located in Austin, Texas. Unless the context requires otherwise, references to \u201cYETI,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d used herein refer to YETI Holdings, Inc. and its consolidated subsidiaries. We have a 52- or 53-week fiscal year that ends on the Saturday closest in proximity to December 31, such that each quarterly period will be 13 weeks in length, except during a 53-week year when the fourth quarter will be 14 weeks. Our fiscal year ended January 3, 2026 (\u201c2025\u201d) was 53 weeks. Our fiscal years ended December 28, 2024 (\u201c2024\u201d) and December 30, 2023 (\u201c2023\u201d) were 52 weeks each. Unless otherwise stated, references to particular years, quarters, Item 1A. Risk Factors Our business, financial condition and operating results can be affected by a number of risks and uncertainties, whether currently known or unknown, any one or more of which could, directly or indirectly, cause our actual results of operations and financial condition to vary materially from past, or fr", "title": "YETI - YETI Holdings, Inc.", "url": "/company/YETI/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000109380; latest 10-K filed 2026-02-24.", "text": "ZION - ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ SIC 6021 National Commercial Banks; CIK 0000109380; latest 10-K filed 2026-02-24. ZION ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ 0000109380 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Key Corporate Objectives Our strategic objective is to achieve balanced growth in customers, pre\u2011tax net income, and shareholder returns. We provide a wide range of business products and related services to a broad customer base, which helps create balance, diversify risks, and support the communities we serve. While all business lines play an important role in generating long\u2011term value, our strategy is centered on five key growth areas: commercial banking, small business banking, capital markets, wealth management, and consumer banking. These growth areas are supported by six strategic enablers that guide effective execution across the organization: 1.People and Empowerment \u2014 We prioritize employee development by investing in training programs and providing our teams with the tools and resources necessary to enhance their capabilities. 2.Technology \u2014 We invest in innovative technologies to improve operational efficiency and enable us to remain competitive. 3.Marketing \u2014 We implement targeted marketing strategies to strengthen our local brands, attract new clients, deepen existing relationships, and enhance overall customer engagement. 4.Operational Excellence \u2014 We invest in and support ongoing improvements to safely and securely deliver value to our customers. 30 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES 5.Risk Management \u2014 We apply disciplined risk management practices to promote prudent decision-making and maintain appropriate oversight. 6.Data and Analytics \u2014 We invest in relevant enterprise data and analytic tools to enable informed decision-making and support localized execution. We allocate resources to achieve our growth and profitability objectives by delivering high\u2011quality products and services and by strengthening our customer relationships. Serving as a trusted advisor and supporting customers\u2019 operational needs contributes to relatively stable deposits and ongoing relationship growth. Key strategic initiatives focus on supporting commercial customer growth, expanding small business lending, enhancing capital markets capabilities, broadening access to wealth management services, and strengthening consumer deposit relationships. Collectively, these initiatives are critical to sustaining long-term growth and stability. As previously described, we operate through seven separately managed affiliate banks supported by an enterprise\u2011level \u201cOther\u201d segment. This organizational model is central to achieving our strategic objectives by enabling local decision\u2011making and strong customer focus at the affiliate level, while maintaining disciplined governance, risk management, capital allocation, and shared technology and operations at the enterprise level. RESULTS OF OPERATIONS Our Financial Performance This section, along with other sections of this report, presents information regarding our 2025 financial performance, compared with the prior year. For more information about our 2024 results compared with 2023, see the relevant sections of MD&A included in our 2024 Form 10-K. Growth rates equal to or exceeding 100% are designated as not meaningful (\u201cNM\u201d), as they typically result from a low base period. [[GREPCENT_TABLE]] [[\"Net Earnings Applicable to Common Shareholders(in millions)\",\"\",\"Diluted EPS\",\"\",\"Adjusted PPNR(in millions) 1\",\"\",\"Efficiency ratio1\"]] [[/GREPCENT_TABLE]] 1 For information on non-GAAP financial measures, see page 84. Our financial performance in 2025 reflected solid growth compared with the prior year, with notable increases in net earnings applicable to common shareholders, diluted earnings per share (\u201cEPS\u201d), and adjusted pre-provision net revenue (\u201cPPNR\u201d). Diluted EPS increased to $6.01, up 21% from $4.95 in 2024, driven by higher net interest income and noninterest income, partially offset by increased noninterest expense. The efficiency ratio improv ITEM 1. BUSINESS DESCRIPTION OF BUSINESS Zions Bancorporation, National Association (\u201cZions Bancorporation, N.A.,\u201d \u201cthe Bank,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d) is a bank headquartered in Salt Lake City, Utah, with annual net revenue (net interest income and noninterest income) of $3.4 billion in 2025, and total assets of approximately $89 billion at December 31, 2025. We provide a wide range of banking products and related services, primarily in 11 Western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. At December 31, 2025, we had more than one million customers, served through 407 branches and various online, mobile, and digital channels, and we had 9,195 full-time equivalent employees. Our operations are organized principally through seven separately managed, geographically defined bank divisions, which we refer to as \u201caffiliates,\u201d or \u201caffiliate banks,\u201d each operating under its own local brand and management team: Zions Bank; California Bank & Trust (\u201cCB&T\u201d); Amegy Bank (\u201cAmegy\u201d); National Bank of Arizona (\u201cNBAZ\u201d); Nevada State Bank (\u201cNSB\u201d); Vectra Bank Colorado (\u201cVectra\u201d); and The Commerce Bank of 5 Table of Contents ZIONS BANCORPORATION, NATIONAL ASSOCIATION AND SUBSIDIARIES Washington (\u201cTCBW\u201d), which also operates as The Commerce Bank of Oregon in Oregon. These affiliate banks constitute our primary operating segments. We emphasize local authority and accountability, including locally informed pricing and product customization, to maximize customer satisfaction, strengthen community relationships, and improve profitability and shareholder returns. The affiliate banks are supported by an enterprise-level segment\u2014referred to as the \u201cOther\u201d segment\u2014 which provides governance and risk oversight, capital allocation, and strategic objectives, and includes centralized technology infrastructure, back-office operations, and certain business lines that are not managed through the affiliate structure. For more in ITEM 1A. RISK FACTORS Our ability to generate revenue and expand our business is inherently linked to the prudent and strategic management of risk. These risks are comprehensively defined within our Risk Management Framework, which serves as the foundation for our enterprise-wide approach to ris", "title": "ZION - ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/", "url": "/company/ZION/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001748824; latest 10-K filed 2026-02-27.", "text": "AAMI - Acadian Asset Management Inc. SIC 6282 Investment Advice; CIK 0001748824; latest 10-K filed 2026-02-27. AAMI Acadian Asset Management Inc. 0001748824 6282 Investment Advice Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Unless we state otherwise or the context otherwise requires, references in this Annual Report on Form 10-K to the \u201cCompany\u201d, \u201cAcadian Asset Management\u201d, \u201cAcadian\u201d or \u201cAAMI\u201d refer to Acadian Asset Management Inc., and references to \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d refer to AAMI and its consolidated subsidiaries. References to Hold Co refer to AAMI and its subsidiaries excluding Acadian Asset Management LLC (\u201cAcadian LLC\u201d). Unless we state otherwise or the context otherwise requires, references in this Annual Report on Form 10-K to \u201cOM plc\u201d refer to Old Mutual plc, our former parent. None of the information in this Annual Report on Form 10-K constitutes either an offer or a solicitation to buy or sell Acadian LLC\u2019s products or services, nor is any such information a recommendation for Acadian LLC\u2019s products or services. The following discussion of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and related notes which appear in this Annual Report on Form 10-K in Item 8, Financial Statements and Supplementary Data. This discussion contains forward-looking statements that involve risks and uncertainties. See \u201cForward-Looking Statements\u201d for more information. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Annual Report on Form 10-K. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, is designed to provide a reader of our financial statements with a narrative from the perspective of our management on our financial condition, results of operations, liquidity and certain other factors that may affect our future results. Our MD&A is presented in five sections: \u2022Overview provides a brief description of our business. It includes information on our reporting segment, a summary of The Economics of Our Business and an explanation of How We Measure Performance using a non-GAAP measure which we refer to as economic net income, or ENI. This section also provides a Summary Results of Operations and information regarding our Assets Under Management by strategy, client type and client location, and net flows by segment, client type and client location. \u2022U.S. GAAP Results of Operations for the years ended December 31, 2025, 2024 and 2023 includes an explanation of changes in our U.S. GAAP revenue, expense and other items over the last three years as well as key U.S. GAAP operating metrics. \u2022Non-GAAP Supplemental Performance Measure\u2014Economic Net Income and Segment Analysis includes an explanation of the key differences between U.S. GAAP net income and ENI, the key measure management uses to evaluate our performance. This section also provides a reconciliation between U.S. GAAP net income attributable to controlling interests and ENI for the years ended December 31, 2025, 2024 and 2023, as well as a reconciliation of key ENI operating items including ENI revenue and ENI operating expenses. This section also provides key non-GAAP operating metrics. In addition, this section provides segment analysis for our business segment. \u2022Capital Resources and Liquidity discusses our key balance sheet data. This section discusses Cash Flows from the business; Working Capital and Long-Term Debt; Borrowings and Debt; Other Compensation Liabilities; Adjusted EBITDA; Future Capital Needs; and Commitments, Contingencies and Off-Balance Sheet Obligations. The discussion of Adjusted EBITDA includes an explanation of how we calculate Adjusted EBITDA and a reconciliation of U.S. GAAP net income attributable to controlling interests to Adjusted EBITDA. 33 \u2022Critical Accounting Policies and Estimates provides a discussion of the key accounting policies and estimates that we believe are the most critical to an understan Item 1. Business. Overview We are a holding company that operates a systematic investment management business through our majority owned subsidiary, Acadian Asset Management LLC (\u201cAcadian LLC\u201d). With approximately $178 billion of assets under management as of December 31, 2025, Acadian LLC offers institutional investors across the globe access to a diversified array of systematic investment strategies designed to meet a range of risk and return objectives. The ownership structure of Acadian LLC provides incentives for growth and prudent business management across multiple generations of Acadian LLC partners, who retain meaningful levels of equity in their own business to preserve strong alignment of interests between us, Acadian LLC, their clients, and our stockholders. Our profit-sharing model enables us to participate directly in margin expansion as Acadian LLC grows. Acadian LLC comprises our Quant & Solutions reportable segment. Acadian LLC Acadian LLC, founded in 1986, is a leading systematic investment manager with approximately $178 billion in AUM as of December 31, 2025. Acadian LLC pursues a fundamentally grounded, data-rich, and highly structured approach to investing that seeks to identify and exploit systematic and structural inefficiencies in the markets. Acadian LLC applies a range of investment and risk considerations to a universe of 65,000-plus securities taken from over 150 global markets. Acadian LLC manages strategies in developed and developing markets. Notable product lines and capabilities include Emerging Equity, Non-U.S. Equity, Global Equity, Small Cap Equity, Enhanced Equity, Equity Extensions, Systematic Credit, and Alternatives. Acadian LLC predominantly invests on behalf of a wide range of institutional clients across the globe, including public and private funds, endowments and foundations. The firm\u2019s clients were domiciled in more than 40 countries across the globe as of December 31, 2025. The firm has over 100 investment and Item 1A. Risk Factors You should carefully consider the following risk factors in addition to the other information included or incorporated by reference in this Annual Report on Form 10-K before investing in our common stock. Any of the following risks could have a material adverse effect on our business, financial condition, results of o", "title": "AAMI - Acadian Asset Management Inc.", "url": "/company/AAMI/" }, { "kind": "company", "summary": "SIC 5531 Retail-Auto & Home Supply Stores; CIK 0001158449; latest 10-K filed 2026-02-13.", "text": "AAP - ADVANCE AUTO PARTS INC SIC 5531 Retail-Auto & Home Supply Stores; CIK 0001158449; latest 10-K filed 2026-02-13. AAP ADVANCE AUTO PARTS INC 0001158449 5531 Retail-Auto & Home Supply Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of financial condition and results of operations should be read in conjunction with the Company\u2019s consolidated financial statements and related notes that appear elsewhere in this Annual Report. The Company\u2019s discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties, such as the Company\u2019s plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under the section titled \u201cPart I. Item 1A. Risk Factors\u201d of this Annual Report. The discussion of the Company\u2019s financial condition and changes in the Company\u2019s results of operations, liquidity and capital resources for the fiscal year ended December 28, 2024 (\u201c2024\u201d) compared with the fiscal year ended December 30, 2023 (\u201c2023\u201d) has been omitted from this Form 10-K, but are included in \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of the Company\u2019s Annual Report on Form 10-K for 2024, filed with the Securities and Exchange Commission (\u201cSEC\u201d) on February 26, 2025. Amounts are presented in millions, except per share data, unless otherwise stated. Management Overview The Company's results from continuing operations for the fiscal year ended January 3, 2026 included the benefit of one additional week (the \"53rd week\") as compared to the fiscal year ended December 28, 2024, which contained 52 weeks. A high-level summary of the Company\u2019s financial results and other highlights from 2025 includes: \u2022 Net sales from continuing operations during fiscal 2025 were $8.6 billion, a decrease of 5.4% compared with fiscal 2024, driven by lower sales as a result of store closures executed under the 2024 Restructuring Plan, partially offset by the impact of the 53rd week. Comparable store sales increased 0.8%. \u2022 Gross profit margin from continuing operations for fiscal 2025 was 43.4% of net sales, an increase of 592 basis points compared with fiscal 2024, primarily due to the adverse impact on gross profit margin in fiscal 2024 from inventory-related charges under the 2024 Restructuring Plan. \u2022 Operating loss from continuing operations for 2025 was $43 million, an improvement of $670 million as compared to fiscal 2024. As a percentage of net sales, operating loss was (0.5)%, an improvement of 734 basis points compared with fiscal 2024. This change was primarily attributable to lower restructuring and related expenses in fiscal 2025 compared to 2024, including inventory-related charges related to the 2024 Restructuring Plan. \u2022 Cash flows used in operating activities from continuing operations was $46 million during fiscal 2025, a decrease of 132.6% compared with fiscal 2024, primarily attributable to a reduction in our accounts payable and cash charges related to the 2024 Restructuring Plan. \u2022 Diluted earnings per share (\u201cDiluted EPS\u201d) from continuing operations resulted in earnings of $1.13 during 2025 compared with a loss of $9.80 in 2024. Refer to \u201cResults of Operations\u201d and \u201cLiquidity and Capital Resources\u201d of this Annual Report for further details on the Company\u2019s results. Business and Risk Update The Company continues to make progress on the various elements of its business plan, which is focused on improving the customer experience, margin expansion, and driving consistent execution for both professional and DIY customers. To achieve these improvements, the Company has undertaken planned strategic actions to help build a foundation for long-term success across the organization, which include: \u2022 Completion of the optimization of our U.S. asset footprint under the 2024 Restructuring Plan; \u2022 Issuance of $1.95 billion in Senior Unsecured Notes (as defined below) and redemption of th Item 1. Business. Unless the context otherwise requires, the \u201cCompany,\u201d \u201cAdvance,\u201d and similar terms refer to Advance Auto Parts, Inc., its subsidiaries and their respective operations on a consolidated basis. The Company\u2019s fiscal year consists of 52 or 53 weeks ending on the Saturday closest to December 31st each year. The Company\u2019s fiscal year ended January 3, 2026 (\u201c2025\u201d) included fifty-three weeks of operations. The Company\u2019s previous two fiscal years ended on December 28, 2024 (\u201c2024\u201d) and December 30, 2023 (\u201c2023\u201d), respectively, each included fifty-two weeks of operations. Overview Advance Auto Parts, Inc. and its subsidiaries is a leading automotive aftermarket parts provider in North America, serving both professional installers (\u201cprofessional\u201d) and \u201cdo-it-yourself\u201d (\u201cDIY\u201d) customers, as well as independently-owned operators. The Company\u2019s stores offer a broad selection of brand names, original equipment manufacturer (\u201cOEM\u201d) and owned brand automotive replacement parts, accessories, batteries and maintenance items for domestic and imported cars, vans, sport utility vehicles and light and heavy-duty trucks. As of January 3, 2026, the Company operated 4,305 stores primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. In addition, as of January 3, 2026, we served 809 independently owned Carquest branded stores across the same geographic locations served by our stores in addition to Mexico and various Caribbean islands. Our stores operate primarily under the trade names \u201cAdvance Auto Parts\u201d and \u201cCarquest\u201d. The Company was founded in 1929 as Advance Stores Company, Incorporated, and operated as a retailer of general merchandise, including automotive parts, until the 1980s. During the 1980s, the Company began shifting its focus, specifically targeting the sale of automotive parts and accessories to DIY customers. The Company initiated the professional delivery program in 1996 and has served professi Item 1A. Risk Factors. One should consider carefully the risks and uncertainties described below together with the other information included in this Annual Report on Form 10-K, including without limitation, the Company\u2019s consolidated financial statements and related notes thereto and Item 7. Management\u2019s Discussion and", "title": "AAP - ADVANCE AUTO PARTS INC", "url": "/company/AAP/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001500217; latest 10-K filed 2026-02-06.", "text": "AAT - American Assets Trust, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001500217; latest 10-K filed 2026-02-06. AAT American Assets Trust, Inc. 0001500217 6798 Real Estate Investment Trusts ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the audited historical consolidated financial statements and notes thereto appearing in \u201cItem 8. Financial Statements and Supplementary Data\u201d of this report. As used in this section, unless the context otherwise requires, \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and \u201cour company\u201d mean American Assets Trust, Inc., a Maryland corporation and its consolidated subsidiaries, including American Assets Trust, L.P. In statements regarding qualification as a REIT, such terms refer solely to American Assets Trust, Inc. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward looking statements as a result of various factors, including those set forth under \u201cItem 1A. Risk Factors\u201d or elsewhere in this document. See \u201cItem 1A. Risk Factors\u201d and \u201cForward-Looking Statements.\u201d Overview Our Company We are a full service, vertically integrated and self-administered REIT that owns, operates, acquires and develops high quality office, retail, multifamily and mixed-use properties in attractive, high-barrier-to-entry markets in Southern California, Northern California, Washington, Oregon, Texas, and Hawaii. As of December 31, 2025, our portfolio was comprised of twelve office properties; eleven retail shopping centers; a mixed-use property consisting of a 369-room all-suite hotel and a retail shopping center; and seven multifamily properties. Additionally, as of December 31, 2025, we owned land at two of our properties that we classified as held for development or construction in progress. La Jolla Commons - Land, related to the development of La Jolla Commons III, was previously classified as held for development. The development of La Jolla Commons III is now complete and the building, inclusive of the land, was placed in operations as of April 1, 2025. Our core markets include San Diego, California; the San Francisco Bay Area, California; Bellevue, Washington; Portland, Oregon, and Oahu, Hawaii. American Assets Trust, Inc., as the sole general partner of our Operating Partnership, has control of our Operating Partnership and owned 78.95% of our Operating Partnership as of December 31, 2025. Accordingly, we consolidate the assets, liabilities and results of operations of our Operating Partnership. Taxable REIT Subsidiary On November 5, 2010, we formed American Assets Services, Inc., a Delaware corporation that is wholly owned by our Operating Partnership and which we refer to as our services company. We have elected, together with our services company, to treat our services company as a taxable REIT subsidiary for federal income tax purposes. A taxable REIT subsidiary generally may provide non-customary and other services to our tenants and engage in activities that we may not engage in directly without adversely affecting our qualification as a REIT, provided a taxable REIT subsidiary may not operate or manage a lodging facility or provide rights to any brand name under which any lodging facility is operated. We may form additional taxable REIT subsidiaries in the future, and our Operating Partnership may contribute some or all of its interests in certain wholly owned subsidiaries or their assets to our services company. Any income earned by our taxable REIT subsidiaries will not be included in our taxable income for purposes of the 75% or 95% gross income tests, except to the extent such income is distributed to us as a dividend, in which case such dividend income will qualify under the 95%, but not the 75%, gross income test. Because a taxable REIT subsidiary is subject to federal income tax and state and local income tax (where applicable) as a regular corporation, the income earned by our taxable REIT subsidiaries generally will be subject to an additional leve ITEM 1.BUSINESS General Unless otherwise indicated or unless the context requires otherwise, references to \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d and \u201cour company\u201d refer to American Assets Trust, Inc., a Maryland corporation, together with our consolidated subsidiaries, including American Assets Trust, L.P., a Maryland limited partnership, of which we are the sole general partner and which we refer to in this report as our Operating Partnership. In statements regarding qualification as a REIT, such terms refer solely to American Assets Trust, Inc. We are a full service, vertically integrated and self-administered real estate investment trust, or REIT, that owns, operates, acquires and develops high quality office, retail, multifamily and mixed-use properties in attractive, high-barrier-to-entry markets in Southern California, Northern California, Washington, Oregon, Texas and Hawaii. As of December 31, 2025, our portfolio is comprised of twelve office properties; eleven retail shopping centers; a mixed-use property consisting of a 369-room all-suite hotel and a retail shopping center; and seven multifamily properties. Additionally, as of December 31, 2025, we owned land at two of our properties that we classified as held for development and construction in progress. Our core markets include San Diego, California; the San Francisco Bay Area, California; Bellevue, Washington; Portland, Oregon and Oahu, Hawaii. American Assets Trust, Inc. is a Maryland corporation that was formed on July 16, 2010 to acquire the entities owning various controlling and noncontrolling interests in real estate assets owned and/or managed by Ernest S. Rady or his affiliates, including the Ernest Rady Trust U/D/T March 13, 1983, or the Rady Trust, and did not have any operating activity until the consummation of our initial public offering and the related acquisition of such interest on January 19, 2011. After the completion of our initial public offering and the related acquisitions, our operations have bee ITEM 1A.RISK FACTORS The following section includes the most significant factors that may adversely affect our business and operations. The risk factors describe risks that may affect these statements but are not all-inclusive, particularly with respect to possible future events. Moreover, we operate in a ver", "title": "AAT - American Assets Trust, Inc.", "url": "/company/AAT/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000351569; latest 10-K filed 2026-02-26.", "text": "ABCB - Ameris Bancorp SIC 6022 State Commercial Banks; CIK 0000351569; latest 10-K filed 2026-02-26. ABCB Ameris Bancorp 0000351569 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW During 2025, the Company reported net income of $412.2 million, or $6.00 per diluted share, compared with $358.7 million, or $5.19 per diluted share, in 2024. The Company\u2019s net income as a percentage of average assets for 2025 and 2024 was 1.54% and 1.38%, respectively, while the Company\u2019s net income as a percentage of average shareholders\u2019 equity was 10.52% and 10.01%, respectively. Reported net income for the year ended December 31, 2025 includes $70.2 million in provision for credit losses, primarily related to an increase in the provision for unfunded commitments, updated economic forecasts, organic loan growth and changes in the portfolio mix, compared with a provision of $58.8 million in 2024 resulting from organic growth in loans and the updated economic forecast. Highlights of the Company\u2019s performance in 2025 include the following: \u2022Growth in tangible book value per share1 of 14.5%, from $38.59 at the end of 2024 to $44.18 at the end of 2025; \u2022Earning asset growth of $1.32 billion, or 5.5%; \u2022Organic growth in loans of $773.6 million, or 3.73%; \u2022Growth in total deposits of $653.5 million, or 3.01%; \u2022Total non-performing assets as a percentage of total assets declined to 0.44% at December 31, 2025, compared with 0.47% at December 31, 2024; and \u2022Increased share repurchases totaling $77.1 million of stock, or 1,155,570 shares during 2025. ______________________________________________________________________________________________________ 1 A reconciliation of non-GAAP financial measures can be found in the following tables. [[GREPCENT_TABLE]] [[\"Tangible Book Value per Share Reconciliation\"],[\"\",\"December 31,\"],[\"(dollars in thousands except per share data)\",\"2025\",\"\",\"2024\"],[\"Total shareholders' equity\",\"$\",\"4,076,028\",\"\",\"\",\"$\",\"3,751,522\"],[\"Less:\"],[\"Goodwill\",\"1,015,646\",\"\",\"\",\"1,015,646\"],[\"Other intangibles, net\",\"54,824\",\"\",\"\",\"70,761\"],[\"Total tangible shareholders' equity\",\"$\",\"3,005,558\",\"\",\"\",\"$\",\"2,665,115\"],[\"Period end number of shares\",\"68,022,316\",\"\",\"\",\"69,068,609\"],[\"Book value per share\",\"$\",\"59.92\",\"\",\"\",\"$\",\"54.32\"],[\"Tangible book value per share\",\"$\",\"44.18\",\"\",\"\",\"$\",\"38.59\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"Non-performing Portfolio Assets Reconciliation\"],[\"\",\"December 31,\"],[\"(dollars in thousands)\",\"2025\",\"\",\"2024\"],[\"Nonaccrual portfolio loans\",\"$\",\"84,711\",\"\",\"\",\"$\",\"90,206\"],[\"Other real estate owned\",\"2,918\",\"\",\"\",\"2,433\"],[\"Repossessed assets\",\"4\",\"\",\"\",\"9\"],[\"Accruing loans delinquent 90 days or more\",\"8,492\",\"\",\"\",\"17,733\"],[\"Non-performing portfolio assets\",\"$\",\"96,125\",\"\",\"\",\"$\",\"110,381\"],[\"Serviced GNMA-guaranteed mortgage nonaccrual loans\",\"24,347\",\"\",\"\",\"12,012\"],[\"Total non-performing assets\",\"$\",\"120,472\",\"\",\"\",\"$\",\"122,393\"],[\"Total assets\",\"27,515,879\",\"\",\"26,262,050\"],[\"Non-performing portfolio assets as a percent of total assets\",\"0.35\",\"%\",\"\",\"0.42\",\"%\"],[\"Total non-performing assets as a percent of total assets\",\"0.44\",\"%\",\"\",\"0.47\",\"%\"]] [[/GREPCENT_TABLE]] 35 CRITICAL ACCOUNTING POLICIES AND ESTIMATES Ameris has established certain accounting and financial reporting policies to govern the application of accounting principles generally accepted in the United States of America (\u201cGAAP\u201d) in the preparation of its financial statements. Our significant accounting policies are described in Note 1 to the consolidated financial statements. Certain accounting policies involve significant judgments and assumptions by management which have a material impact on the carrying value of certain assets and liabilities; management considers these accounting policies to be critical accounting policies. The judgments and assumptions used by management are based on historical experience and other factors which are believed to be reasonable under the circumstances. Because of the nature of the judgments and assumptions made by management, actual results could diffe ITEM 1. BUSINESS OVERVIEW We are a financial holding company whose business is conducted primarily through our wholly owned banking subsidiary, Ameris Bank (the \u201cBank\u201d), which provides a full range of banking services to its retail and commercial customers who are primarily concentrated in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina. The Company\u2019s executive office is located at 3490 Piedmont Road N.E., Suite 1550, Atlanta, Georgia 30305, our telephone number is (404) 639-6500 and our internet address is www.amerisbank.com. We operate 163 full-service domestic banking offices. We do not operate in any foreign countries. At December 31, 2025, we had approximately $27.52 billion in total assets, $22.14 billion in total loans, $22.38 billion in total deposits and $4.08 billion of shareholders\u2019 equity. Our deposits are insured, up to applicable limits, by the Federal Deposit Insurance Corporation (the \u201cFDIC\u201d). We make our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act available free of charge on our website at www.amerisbank.com as soon as reasonably practicable after we electronically file such material with the SEC. These reports are also available without charge on the SEC\u2019s website at www.sec.gov. The Parent Company Our primary business as a bank holding company is to manage the business and affairs of the Bank. As a bank holding company, we perform certain shareholder and investor relations functions and seek to provide financial support, if necessary, to the Bank. Ameris Bank Our principal subsidiary is the Bank, which is headquartered in Atlanta, Georgia and operates financial centers primarily concentrated in select markets in Georgia, Alabama, Florida, North Carolina and South Carolina. These locations serve distinct communities in our business areas with autonomy but do so a ITEM 1A. RISK FACTORS An investment in our Common Stock is subject to risks inherent in our business, many of which are beyond our control. The material risks and uncertainties that management believes currently affect Ameris are described below. Before making an investment decision, you should carefully consider the risks and uncertainties described below, t", "title": "ABCB - Ameris Bancorp", "url": "/company/ABCB/" }, { "kind": "company", "summary": "SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001144980; latest 10-K filed 2026-02-20.", "text": "ABG - ASBURY AUTOMOTIVE GROUP INC SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001144980; latest 10-K filed 2026-02-20. ABG ASBURY AUTOMOTIVE GROUP INC 0001144980 5500 Retail-Auto Dealers & Gasoline Stations Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations This MD&A should be read in conjunction with the accompanying audited consolidated financial statements and notes. Forward-looking statements in this MD&A are not guarantees of future performance and may involve risks and uncertainties that could cause actual results to differ materially from those projected. Refer to the \"Forward-Looking Statements\" and Part I, Item 1A. Risk Factors for a discussion of these risks and uncertainties. An analysis of our consolidated results of operations for 2024 and 2023 and year-to-year comparisons between 2024 and 2023 can be found in MD&A in Part II, Item 7 of the Company\u2019s Form 10-K for the year ended December 31, 2024. OVERVIEW We are one of the largest automotive retailers in the United States. As of December 31, 2025, through our Dealerships segment, we owned and operated 223 new vehicle franchises (171 dealership locations), representing 36 brands of automobiles, within 15 states. We also operated 39 collision centers, and Total Care Auto, Powered by Asbury (\"TCA\"), our F&I product provider. Our stores offer an extensive range of automotive products and services, including new and used vehicles; parts and service, which include repair and maintenance services, replacement parts, and collision repair service; and finance and insurance products. The finance and insurance products are provided by both TCA and independent third parties. The F&I products offered by TCA are sold through affiliated dealerships. For the year ended December 31, 2025, our new vehicle revenue brand mix consisted of 40% imports, 32% luxury, and 28% domestic brands. The Company manages its operations in two reportable segments: Dealerships and TCA. Our Dealerships segment revenues are derived primarily from: (i) the sale of new vehicles; (ii) the sale of used vehicles to individual retail customers (\"used retail\") and to other dealers at auction (\"wholesale\") (the terms \"used retail\" and \"wholesale\" are collectively referred to as \"used\"); (iii) repair and maintenance services, collision repair, the sale of automotive replacement parts, and the reconditioning of used vehicles (collectively referred to as \"parts and service\"); and (iv) the arrangement of third-party vehicle financing and the sale of a number of vehicle protection products. F&I products are offered by dealerships to customers in connection with the purchase of vehicles through either TCA or independent third parties. We evaluate the results of our new and used vehicle sales based on unit volumes and gross profit per vehicle sold, our parts and service operations based on aggregate gross profit, and our F&I business based on F&I gross profit per vehicle sold. Amounts presented have been calculated using non-rounded amounts for all periods presented and therefore certain amounts may not compute due to rounding. Our Dealerships segment gross profit margin varies with our revenue mix. Historically, the sales of new vehicles generally results in a lower gross profit margin than used vehicle sales, sales of parts and service, and sales of F&I products. As a result, when used vehicle, parts and service, and F&I revenue increase as a percentage of total revenue, we expect our overall gross profit margin to increase. However, during and after the COVID-pandemic, new vehicle gross profit margins have been above historical levels and higher than used vehicle gross margins as a result of inventory disruptions from supply chain issues. Our TCA segment revenues, reflected in F&I revenue, net, are derived from the sale of various vehicle protection products including vehicle service contracts, GAP, prepaid maintenance contracts, and appearance protection contracts. These products are sold through company-owned dealerships. TCA's F&I revenues also include investment gains or losses and income earned associated with the performance of TCA's investment portfolio. Our T Item 1. BUSINESS Asbury Automotive Group, Inc., a Delaware corporation organized in 2002, is a Fortune 500 company and one of the largest franchised automotive retailers in the United States. Our mission is to put the guest experience first and follow our \"North Star,\" i.e., to be the most guest-centric automotive retailer in the industry. We follow three key principles to guide us: (1) have a fun, supportive and inclusive culture where team members thrive personally while building meaningful bonds with one another; (2) be great brand ambassadors and exceptional stewards of capital for our partners who fuel our mission; and (3) be caring professionals who strive to delight our guests and foster love for the brand. Our strong organizational culture and purposeful mission allow us to continuously deliver best-in-class experiences to our guests. As of December 31, 2025, we owned and operated 223 new vehicle franchises, representing 36 brands of automobiles at 171 dealership locations, 39 collision centers, and Total Care Auto, Powered by Asbury (\"TCA\" or \"TCA Business\"), our finance and insurance (\"F&I\") product provider, within 15 states. Our store operations are conducted by our subsidiaries and the Company operates in two reportable segments, Dealerships and TCA. We offer an extensive range of automotive products and services fulfilling the entire vehicle ownership lifecycle, including new and used vehicles; parts and service, which includes vehicle repair and maintenance services; replacement parts and collision repair services (collectively referred to as \"parts and services\" or \"P&S\"); and F&I products, including arranging vehicle financing through third parties and aftermarket products such as extended service contracts, guaranteed asset protection (\"GAP\") debt cancellation and prepaid maintenance. We strive for a diversified mix of products, services, brands and geographic locations which allows us to reduce our reliance on any one manufacturer, minimize the Item 1A. Risk Factors In addition to the other information contained, referred to or incorporated by reference into this report, you should consider carefully the following factors when evaluating our business and before making an investment decision. Our business, operations, ability to i", "title": "ABG - ASBURY AUTOMOTIVE GROUP INC", "url": "/company/ABG/" }, { "kind": "company", "summary": "SIC 7340 Services-To Dwellings & Other Buildings; CIK 0000771497; latest 10-K filed 2025-12-19.", "text": "ABM - ABM INDUSTRIES INC /DE/ SIC 7340 Services-To Dwellings & Other Buildings; CIK 0000771497; latest 10-K filed 2025-12-19. ABM ABM INDUSTRIES INC /DE/ 0000771497 7340 Services-To Dwellings & Other Buildings ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following MD&A is intended to facilitate an understanding of the results of operations and financial condition of ABM. This MD&A is provided as a supplement to, and should be read in conjunction with, our Financial Statements. This MD&A contains both historical and forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. We make forward-looking statements related to future expectations, estimates, and projections that are uncertain and often contain words such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cforecast,\u201d \u201cintend,\u201d \u201clikely,\u201d \u201cmay,\u201d \u201coutlook,\u201d \u201cplan,\u201d \u201cpredict,\u201d \u201cshould,\u201d \u201ctarget,\u201d or other similar words or phrases. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and assumptions that are difficult to predict. Factors that might cause such differences include, but are not limited to, those discussed in Part 1. of this Form 10-K under Item 1A., \u201cRisk Factors,\u201d which are incorporated herein by reference. Our future results and financial condition may be materially different from those we currently anticipate. Throughout the MD&A, amounts and percentages may not recalculate due to rounding. Unless otherwise indicated, all information in the MD&A and references to years are based on our fiscal year, which ends on October 31. Business Overview ABM is a leading provider of integrated facility solutions, customized by industry, with a mission to make a difference, every person, every day. Our principal operations are in the United States, and in 2025 our U.S. operations generated approximately 92% of our revenues. Strategic Growth We remain focused on long-term, profitable growth by delivering valued service offerings to both new and existing clients within our industry groups and across our many service lines. Our revenue growth strategy is predicated on pursuing new sales and targeting a favorable retention rate among existing contracts. Cross-selling and up-selling projects and services is also an integral part of our strategy. We believe our strategic growth initiatives, coupled with our continued focus on marketing, capital, and sales resources, will increase profitability. ELEVATE Transformation Through our ELEVATE strategy, as described in Item 1., \u201cBusiness,\u201d we continue to focus our efforts on: \u2022the client experience, by serving as a trusted advisor who can provide innovative multiservice solutions and consistent service delivery; \u2022the team member experience, by investing in workforce management, training, developing the next generation of ABM leaders, and building on our inclusive culture; and \u2022our use of technology and data to power client and employee experiences with cutting-edge data and analytics, processes, and tools that we expect to fundamentally change how we operate our business. We believe that our technology and data investments will enable: the development and deployment of client-facing technology to improve service delivery to our clients; the use of advanced data analytics for sales targeting, employee retention, and recruiting; and the upgrade of our Enterprise Resource Planning and payroll systems. 23 Developments and Trends Restructuring Program In the fourth quarter of 2025, we launched a restructuring program to further streamline our operations and improve the efficiency of our support functions. This initiative is intended to enhance overall organizational effectiveness and ensure alignment between our cost structure and strategic growth objectives. Once fully implemented in 2026, this program is expected to deliver approximately $35.0 million of annualized cost savings. During the fourth quarter of 2025, we recorded $13.4 million in restructuring charges related to these actions and expect to record additional $2.0 ITEM 1. BUSINESS. General ABM Industries Incorporated, which operates through its subsidiaries (collectively referred to as \u201cABM,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or the \u201cCompany\u201d), is a leading provider of facility maintenance, engineering and infrastructure solutions with a mission to make a difference, every person, every day. Our history dates back to 1909, when American Building Maintenance Company began as a window washing company in San Francisco with one employee. In 1985, we were incorporated in Delaware under the name American Building Maintenance Industries, Inc., as the successor to the business originally founded in 1909. In 1994, we changed our name to ABM Industries Incorporated. Since that time, we have grown into a multi-segment facility solutions company, primarily through strategic acquisitions and new service offerings, increasing our revenue to more than $8.5 billion. The acquisitions of OneSource and Linc Group in the early 2000s established ABM as a leader in the commercial janitorial market and also enhanced our ability to be a full-service facility solutions provider with new service offerings, including lighting, mechanical, and electrical \u201ctechnical solutions.\u201d With demand increasing for industry-specific service providers, the acquisition of Air Serv established \u201cAviation\u201d as our first industry group. In recent years, we have strategically acquired companies in the United Kingdom (\u201cUK\u201d) and the Republic of Ireland (\u201cIreland\u201d), which expanded our janitorial and technical solutions businesses overseas. In 2015, we began a comprehensive transformational initiative (\u201c2020 Vision\u201d) to drive long-term, profitable growth through an industry-based, go-to-market approach. Through this initiative, we centralized key functional areas and industry groups, strengthened our sales capabilities, and initiated investments in service delivery tools and processes to help support standard operating practices that we believe remain foundational to our long-term succes ITEM 1A. RISK FACTORS. The following risks, some of which have occurred and any of which may occur in the future, could materially and adversely affect our business, financial condition, cash flows, results of operations, and/or the trading price of our common stock. The risks described below identify the ", "title": "ABM - ABM INDUSTRIES INC /DE/", "url": "/company/ABM/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001253986; latest 10-K filed 2026-02-27.", "text": "ABR - ARBOR REALTY TRUST INC SIC 6798 Real Estate Investment Trusts; CIK 0001253986; latest 10-K filed 2026-02-27. ABR ARBOR REALTY TRUST INC 0001253986 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion in conjunction with the sections of this report entitled \u201cForward-Looking Statements\u201d and \u201cRisk Factors,\u201d along with the historical consolidated financial statements including related notes, included in this report. Overview Through our Structured Business, we invest in a diversified portfolio of structured finance assets in the multifamily, SFR and commercial real estate markets, primarily consisting of bridge loans, in addition to mezzanine loans, junior participating interests in first mortgages and preferred equity. We also invest in real estate-related joint ventures and may directly acquire real property and invest in real estate-related notes and certain mortgage-related securities. Through our Agency Business, we originate, sell and service a range of multifamily finance products through Fannie Mae and Freddie Mac, Ginnie Mae, FHA and HUD. We retain the servicing rights and asset management responsibilities on substantially all loans we originate and sell under the GSE and HUD programs. We are an approved Fannie Mae DUS lender, seller/servicer nationally, a Freddie Mac Optigo\u00ae Conventional Loan and SBL lender, seller/servicer nationally and a HUD MAP and LEAN senior housing/healthcare lender nationally. We also originate and retain the servicing rights on permanent financing loans underwritten using the guidelines of our existing agency loans sold to the GSEs, which we refer to as \u201cPrivate Label\u201d loans and originate and sell finance products through CMBS programs. We either sell the Private Label loans instantaneously or pool and securitize them and sell certificates in the securitizations to third-party investors, while retaining the highest risk bottom tranche certificate of the securitization. We conduct our operations to qualify as a REIT. A REIT is generally not subject to federal income tax on its taxable income that is distributed to its stockholders; provided that at least 90% of its taxable income is distributed and provided that certain other requirements are met. Our operating performance is primarily driven by the following factors: Net interest income earned on our investments. Net interest income represents the amount by which the interest income earned on our assets exceeds the interest expense incurred on our borrowings. If the yield on our assets increases or the cost of borrowings decreases, this will have a positive impact on earnings. However, if the yield earned on our assets decreases or the cost of borrowings increases, this will have a negative impact on earnings. Net interest income is also directly impacted by the size and performance of our asset portfolio. We recognize the bulk of our net interest income from our Structured Business. Additionally, we recognize net interest income from loans originated through our Agency Business, which are generally sold within 60 days of origination. Fees and other revenues recognized from originating, selling and servicing mortgage loans through the GSE and HUD programs. Revenue recognized from the origination and sale of mortgage loans consists of gains on sale of loans (net of any direct loan origination costs incurred), commitment fees, broker fees, loan assumption fees and loan origination fees. These gains and fees are collectively referred to as gain on sales, including fee-based services, net. We record income from MSRs at the time of commitment to the borrower, which represents the fair value of the expected net future cash flows associated with the rights to service mortgage loans that we originate, with the recognition of a corresponding asset upon sale. We also record servicing revenue which consists of fees received for servicing mortgage loans, net of amortization on the MSR assets recorded. Although we have long-established relationships with the GSE and HUD agencies, our operating performance would be Item 1. Business In this Annual Report on Form 10-K we refer to Arbor Realty Trust, Inc. and subsidiaries as \u201cArbor,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or the \u201cCompany\u201d unless we specifically state otherwise, or the context indicates otherwise. Overview Arbor is a Maryland corporation formed in 2003. We are a nationwide real estate investment trust (\u201cREIT\u201d) and direct lender, providing loan origination and servicing for commercial real estate assets. We operate through two business segments: our Structured Loan Origination and Investment Business, or \u201cStructured Business,\u201d and our Agency Loan Origination and Servicing Business, or \u201cAgency Business.\u201d Through our Structured Business, we invest in a diversified portfolio of structured finance assets in the multifamily, single-family rental (\u201cSFR\u201d) and commercial real estate markets, primarily consisting of bridge loans, in addition to mezzanine loans, junior participating interests in first mortgages and preferred equity. We also invest in real estate-related joint ventures and may directly acquire real property and invest in real estate-related notes and certain mortgage-related securities. Through our Agency Business, we originate, sell and service a range of multifamily finance products through the Federal National Mortgage Association (\u201cFannie Mae\u201d) and the Federal Home Loan Mortgage Corporation (\u201cFreddie Mac,\u201d and together with Fannie Mae, the government-sponsored enterprises, or \u201cGSEs\u201d), the Government National Mortgage Association (\u201cGinnie Mae\u201d), Federal Housing Authority (\u201cFHA\u201d) and the U.S. Department of Housing and Urban Development (together with Ginnie Mae and FHA, \u201cHUD\u201d). We retain the servicing rights and asset management responsibilities on substantially all loans we originate and sell under the GSE and HUD programs. We are an approved Fannie Mae Delegated Underwriting and Servicing (\u201cDUS\u201d) lender nationally, a Freddie Mac Optigo\u00ae Conventional Loan and Small Balance Loan (\"SBL\") lender, seller/servicer, nationally Item 1A. Risk Factors The commercial real estate markets have experienced a prolonged dislocation driven by inflation and high interest rates, which has persisted longer than anticipated. The elevated and unpredictable interest rate environment has resulted in, and may continue to result in, decreased real estate values, ", "title": "ABR - ARBOR REALTY TRUST INC", "url": "/company/ABR/" }, { "kind": "company", "summary": "SIC 3440 Fabricated Structural Metal Products; CIK 0001739445; latest 10-K filed 2026-02-27.", "text": "ACA - Arcosa, Inc. SIC 3440 Fabricated Structural Metal Products; CIK 0001739445; latest 10-K filed 2026-02-27. ACA Arcosa, Inc. 0001739445 3440 Fabricated Structural Metal Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to provide a reader of our financial statements with a narrative from the perspective of our management on our financial condition, results of operations, liquidity, and certain other factors that may affect our future results. Our MD&A is presented in the following sections: \u2022Company Overview \u2022Market Outlook \u2022Executive Overview \u2022Results of Operations \u2022Liquidity and Capital Resources \u2022Contractual Obligations and Commercial Commitments \u2022Critical Accounting Policies and Estimates \u2022Recent Accounting Pronouncements \u2022Forward-Looking Statements Our MD&A should be read in conjunction with our Consolidated Financial Statements in Item 8, \u201cFinancial Statements and Supplementary Data,\u201d of this Annual Report on Form 10-K. Company Overview Arcosa, Inc. and its consolidated subsidiaries (\u201cArcosa,\u201d \u201cCompany,\u201d \u201cwe,\u201d or \u201cour\u201d), headquartered in Dallas, Texas, is a provider of infrastructure-related products and solutions with leading brands serving construction, engineered structures, and transportation markets in North America. Arcosa is a Delaware corporation and was incorporated in 2018. Market Outlook \u2022Within our Construction Products segment, market demand remains healthy overall when seasonal weather conditions have been normal, supported by increased infrastructure spending and private non-residential activity. The outlook for single-family residential housing continues to be impacted by higher interest rates and home affordability, which has negatively impacted volumes. We have been successful in managing inflationary cost pressures through proactive price increases. \u2022Within our Engineered Structures segment, our backlog for utility and related structures as of December 31, 2025 was $434.9 million, up 5% from the prior year, and provides strong production visibility for 2026. In utility structures, order and inquiry activity continues to be healthy, as customers remain focused on grid hardening and reliability initiatives, along with increasing demand for electricity stemming from AI-driven projects. Due to increased demand, we are currently in the process of converting an idled wind tower facility to utility structures, which is expected to be operational in the second-half of 2026. We are evaluating our Engineered Structures footprint for additional opportunities to increase capacity to meet elevated demand. \u2022The Inflation Reduction Act (\"IRA,\") enacted in August 2022, was a significant catalyst for order activity for our wind towers business, also within the Engineered Structures segment. The IRA included a long-term extension of the Production Tax Credit (\"PTC\") for new wind farm projects and introduced new Advanced Manufacturing Production (\"AMP\") tax credits for companies that domestically manufacture and sell clean energy equipment in the U.S. Shortly following the passage of the IRA, we received new wind tower orders of $1.1 billion for delivery in 2023 through 2028, and we opened a new plant in New Mexico that started delivering towers in the second quarter of 2024. As of December 31, 2025, we have delivered roughly half of the orders we received in the wake of the IRA. Uncertainty around potential changes in renewable energy policy under the current U.S. presidential administration tempered additional order activity. The One Big Beautiful Bill Act (\u201cOBBBA\u201d), which was enacted on July 4, 2025, includes several provisions that roll-back, phase out, repeal, and/or add stricter eligibility requirements for, several tax incentives applicable to wind and solar projects. The OBBBA terminates the IRA's AMP tax credits for wind towers sold after 2027. Also, under the OBBBA, wind farm projects that begin construction after July 4, 2026, and are not placed in service before the end of 2027, will not be eligible for the P Item 1. Business. General Description of Business. Arcosa, Inc. and its consolidated subsidiaries (\u201cArcosa,\u201d \u201cCompany,\u201d \u201cwe,\u201d or \u201cour\u201d), headquartered in Dallas, Texas, is a provider of infrastructure-related products and solutions with leading brands serving construction, engineered structures, and transportation markets in North America. Arcosa is a Delaware corporation and was incorporated in 2018. Our individual businesses have built reputations for quality, service, and operational excellence over decades. Arcosa serves a broad spectrum of infrastructure-related markets and is strategically focused on driving organic and disciplined acquisition growth to capitalize on the fragmented nature of many of the industries in which we operate. With Arcosa\u2019s current platform of businesses and additional growth opportunities, we are well-aligned with key market trends, such as the replacement and growth of aging transportation infrastructure, investments in grid-hardening and connecting renewables to the grid, and the expansion of data centers and rise in electricity consumption. Our principal executive offices are located at 500 N. Akard Street, Suite 400, Dallas, Texas 75201. Our telephone number is 972-942-6500, and our Internet website address is www.arcosa.com. We make available free of charge on our website our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments thereto, as soon as reasonably practicable after such material is filed with, or furnished to, the Securities and Exchange Commission (\u201cSEC\u201d). Information on our Investor Relations page and on our website is not part of this Annual Report on Form 10-K or any of our other securities filings unless specifically incorporated herein by reference. Long-Term Vision. We are united in our shared purpose to continue to fulfill the strategic pillars of our long-term vision. Overview. Arcosa's three segments are made up of leading businesses that serve critic Item 1A. Risk Factors. Arcosa's business, liquidity and financial condition, results of operations, and stock price may be impacted by a number of factors. In addition to the factors discussed elsewhere in this report, the following risks and uncertainties could materially harm its business, liquidity and financial condition, results o", "title": "ACA - Arcosa, Inc.", "url": "/company/ACA/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001070494; latest 10-K filed 2026-02-26.", "text": "ACAD - ACADIA PHARMACEUTICALS INC SIC 2834 Pharmaceutical Preparations; CIK 0001070494; latest 10-K filed 2026-02-26. ACAD ACADIA PHARMACEUTICALS INC 0001070494 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our consolidated financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this report. Past operating results are not necessarily indicative of results that may occur in future periods. This discussion contains forward-looking statements, which involve a number of risks and uncertainties. Such forward-looking statements include statements about the benefits to be derived from our products and our product candidates, the potential market opportunities for our products and our product candidates, our strategy for the commercialization of our products, our plans for exploring and developing our products for additional indications, the commercialization of DAYBUE or trofinetide in jurisdictions other than the U.S., our plans and timing with respect to seeking regulatory approvals, the potential commercialization of any of our product candidates that receive regulatory approval, the progress, timing, results or implications of clinical trials and other development milestones and activities involving our products and our product candidates, our strategy for discovering, developing and, if approved, commercializing our product candidates, our existing and potential future collaborations, our estimates of future payments, revenues and profitability, our estimates regarding our capital requirements, future expenses and need for additional financing, the potential or expected impacts of geopolitical and macroeconomic developments, possible changes in legislation, and other statements that are not historical facts, including statements which may be preceded by the words \u201caims,\u201d \u201canticipates,\u201d \u201cbelieves,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201chopes,\u201d \u201cintends,\u201d \u201cmay,\u201d \u201cplans,\u201d \u201cpotential\u201d \u201cpredicts,\u201d \u201cpro forma,\u201d \u201cprojects,\u201d \u201cseeks,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cwould,\u201d or similar words. In addition, statements that \u201cwe believe\u201d and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain. For forward-looking statements, we claim the protection of the Private Securities Litigation Reform Act of 1995. Readers of this report are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update or revise publicly any forward-looking statements except as required by law. Forward-looking statements are not guarantees of performance. Actual results or events may differ materially from those anticipated in our forward-looking statements as a result of various factors, including those set forth under the section captioned \u201cRisk Factors\u201d elsewhere in this report. Information in the following discussion for a yearly period means for the year ended December 31 of the indicated year. Overview Background We are a biopharmaceutical company focused on turning scientific promise into meaningful innovation that makes the difference for underserved neurological and rare disease communities around the world. We have two core franchises in neurological and rare diseases. Our neurological disease franchise is anchored by the commercial product NUPLAZID (pimavanserin), which is the first and only drug approved by the FDA for the treatment of hallucinations and delusions associated with PDP. Our rare disease franchise is anchored by the commercial product DAYBUE, which is the first and Item 1. Business. Company Overview We are a biopharmaceutical company focused on turning scientific promise into meaningful innovation that makes the difference for underserved neurological and rare disease communities around the world. We have two core franchises in neurological and rare diseases. Our neurological disease franchise is anchored by the commercial product NUPLAZID (pimavanserin), which is the first and only drug approved by the U.S. Food and Drug Administration (FDA) for the treatment of hallucinations and delusions associated with Parkinson\u2019s disease psychosis (PDP). Our rare disease franchise is anchored by the commercial product DAYBUE, which is the first and only drug approved for the treatment of Rett syndrome. Net product sales from these two commercial products totaled $1,071.5 million for 2025, compared with $957.8 million for 2024. In addition to these commercial products, we have a portfolio of product candidates and research programs that are designed to address significant unmet medical needs in neurological and rare diseases. In order to achieve significant long-term growth, we plan to develop our current portfolio, expand our pipeline of early- and late-stage product candidates and expand into areas of rare disease that are adjacent to our existing franchises, including through strategic business development, and make use of our internal capabilities and knowledge. Our most advanced current product candidate is remlifanserin (formerly ACP-204) for the treatment of Alzheimer\u2019s disease psychosis (ADP) and Lewy Body Dementia Psychosis (LBDP). In November 2023, we initiated a Phase 2 study evaluating the efficacy and safety of remlifanserin for the treatment of hallucinations and delusions associated with ADP. We initiated an additional Phase 2 study of remlifanserin in LBDP in September 2025. In the fourth quarter of 2025, we initiated a Phase 2 study of ACP-211 for the treatment of major depressive disorder (MDD). We have several pro Item 1A. Risk Factors. You should consider carefully the following information about the risks described below, together with the other information contained in this Annual Report and in our other public filings, in evaluating our business. If any of the following risks actually occurs, our business, financial cond", "title": "ACAD - ACADIA PHARMACEUTICALS INC", "url": "/company/ACAD/" }, { "kind": "company", "summary": "SIC 8093 Services-Specialty Outpatient Facilities, NEC; CIK 0001520697; latest 10-K filed 2026-02-27.", "text": "ACHC - Acadia Healthcare Company, Inc. SIC 8093 Services-Specialty Outpatient Facilities, NEC; CIK 0001520697; latest 10-K filed 2026-02-27. ACHC Acadia Healthcare Company, Inc. 0001520697 8093 Services-Specialty Outpatient Facilities, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K contains \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any statements that address future results or occurrences. In some cases you can identify forward-looking statements by terminology such as \u201cmay,\u201d \u201cmight,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201ccould\u201d or the negative thereof. Generally, the words \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccontinue,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201cproject,\u201d \u201cplan\u201d and similar expressions identify forward-looking statements. In particular, statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance are forward-looking statements. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, many of which are outside of our control, which could cause our actual results, performance or achievements to differ materially from any results, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the following: \u2022 the impact of internal or governmental investigations, regulatory actions, whistleblower lawsuits and other legal proceedings; \u2022 our dependence on key management personnel, key executive and local facility management personnel, the failure to attract and retain such personnel, including our Chief Executive Officer, and the impact of any disruptions from the recent transition of various executives; \u2022 the impact of competition for staffing, labor shortages and higher turnover rates on our labor costs and profitability; \u2022 the impact of inflationary pressure and interest rate volatility; \u2022 compliance with laws and government regulations; \u2022 our indebtedness, our ability to meet our debt obligations, and our ability to incur substantially more debt; \u2022 the impact of payments received from the government and third-party payors on our revenue and results of operations; \u2022 the impact of volatility in the global capital and credit markets, as well as significant developments in macroeconomic and political conditions that are out of our control, including any effects that a U.S. government shutdown, tariffs or trade disputes may have on financial markets and macroeconomic conditions; \u2022 the impact of general economic and employment conditions on our business and future results of operations, including increased construction and other costs due to inflation, the imposition of tariffs or trade disputes; \u2022 the impact from changes in expectations resulting from actuarial and other reviews of our liability reserves and other aspects of our business; \u2022 difficulties in successfully integrating the operations of acquired facilities or realizing the potential benefits and synergies of our acquisitions and joint ventures; \u2022 our ability to recruit and retain quality psychiatrists and other physicians, nurses, counselors and other medical support personnel; \u2022 the occurrence of patient incidents, which could result in negative media coverage, adversely affect the price of our securities and result in incremental regulatory burdens and governmental investigations; \u2022 the impact of class action and other claims brought against us or our facilities including claims for damages for personal injuries, medi Item 1. Business. Overview Our business strategy is to become the indispensable behavioral healthcare provider for the high-acuity and complex needs patient population. We are committed to providing the communities we serve with high-quality, cost-effective behavioral healthcare services, while growing our business, increasing profitability and creating long-term value for our stockholders. This strategy includes five growth pathways: expansions of existing facilities, joint venture partnerships, de novo facilities, acquisitions and expansion across our continuum of care. At December 31, 2025, we operated 277 behavioral healthcare facilities with over 12,500 beds in 40 states and Puerto Rico. During the year ended December 31, 2025, we added 1,089 beds, consisting of 311 added to existing facilities and 778 added through the opening of one wholly-owned facility and five joint venture facilities, and we closed five facilities totaling 382 beds. The five joint venture facilities opened during the year ended December 31, 2025, were through partnerships with Henry Ford Health, Geisinger Health, Ascension Seton, Fairview Health Services, and ECU Health. During the year ended December 31, 2025, we opened 15 CTCs. We are the leading publicly traded pure-play provider of behavioral healthcare services in the U.S. Management believes that we are positioned as a leading platform in a highly fragmented industry under the direction of an experienced management team that has significant industry expertise. Management expects to take advantage of several strategies that are more accessible as a result of our increased size and geographic scale, including continuing a national marketing strategy to attract new patients and referral sources, increasing our volume of out-of-state referrals, providing a broader range of services to new and existing patients and clients and selectively pursuing opportunities to expand our facility and bed count through acquisitions, wholly-owned de Item 1A. Risk Factors Risk Factors Summary We are subject to a variety of risks and uncertainties, including financial risks, operational risks, human capital risks, legal proceedings and regulatory risks and certain general risks, which could have a material adverse effect on o", "title": "ACHC - Acadia Healthcare Company, Inc.", "url": "/company/ACHC/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0000935036; latest 10-K filed 2026-02-26.", "text": "ACIW - ACI WORLDWIDE, INC. SIC 7372 Services-Prepackaged Software; CIK 0000935036; latest 10-K filed 2026-02-26. ACIW ACI WORLDWIDE, INC. 0000935036 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview ACI Worldwide delivers transformative software solutions that power intelligent payments orchestration in real time so banks, merchants, and billers can drive growth, while continuously modernizing their payment infrastructures, simply and securely. With 50 years of trusted payments expertise, we combine our global footprint with a local presence to offer enhanced payment experiences to stay ahead of constantly changing payment challenges and opportunities. Our products are sold and supported directly and through distribution networks covering three geographic regions \u2013 the Americas, EMEA, and Asia Pacific. Each region has its own globally coordinated sales force, supplemented with local independent resellers and/or distributor networks. Our products and solutions are marketed under the ACI Worldwide brand and used globally by banks of all sizes, central banks, intermediaries, merchants, and billers, such as third-party electronic payment processors, payment associations, switch interchanges, and a wide range of transaction-generating endpoints, including ATMs, merchant POS terminals, bank branches, mobile phones, tablets, corporations, and internet commerce sites. We derive a majority of our revenues from domestic operations and believe we have large opportunities for growth in international markets, as well as continued expansion domestically in the United States. We also continue to maintain centers of expertise in Timisoara, Romania, and Pune and Bangalore in India, as well as key operational centers such as in Cape Town, South Africa and in multiple locations in the United States. Our business and operating results are influenced by trends such as information technology spending levels, the growth rate of digital payments, mandated regulatory changes, and changes in the number and type of customers in the financial services industry, as well as economic growth, and purchasing habits. Key trends that currently impact our strategies and operations include: Increasing digital payment transaction volumes. The adoption of digital payments continues to accelerate, driven by the increased adoption of instant payments and other financial inclusion efforts of countries throughout the world, with countries such as India, Brazil, Indonesia, Malaysia, and most recently Colombia, growing dramatically. Contactless payments adoption for in-person payments was thrust forward in response to the COVID-19 pandemic, and that usage has not abated. ACI leverages growth in transaction volumes through the licensing of payment technologies to banks and intermediaries seeking to take advantage of that growth, supporting 44 global payment schemes and providing the central infrastructure to 11 central banks directly operating the scheme using ACI software. With the launch of ACI Connetic, our comprehensive cloud-native payments hub solution available as a SaaS solution, participating in this growth is now accessible to banks of all sizes, significantly increasing ACI\u2019s addressable market for software solutions. ISO 20022 and enhanced payment standards. In 2024 and 2025, banks and processors across the globe achieved major milestones with the certification and go-live of ISO 20022 compliance across the major wires networks, including Fedwire, Swift, CHAPS, and CHIPS. ACI solutions were instrumental in this new initiative, regularly processing more than two-thirds of Fedwire payments traffic and approximately 15% of Swift payments traffic globally. These go-live events were highly consequential in financial services globally, and with the enhanced data standards described, the financial system stands to be easier to secure and provide much richer analytics. Adoption of cloud technology. ACI has recognized the industry\u2019s technical inflection point as financial institutions transition from traditional on\u2011premises infrastructure to private and ITEM 1. BUSINESS General ACI develops, markets, installs, and supports a broad line of software solutions that deliver intelligent payments orchestration to banks, merchants, and billers. ACI powers the world's payments ecosystem by supporting any channel, any network, and any payment type. Our solutions support the new payment experiences that help power customers' growth and drive innovation. Our intelligent payments orchestration solutions empower customers to modernize their payments infrastructure to support the transactions their businesses need to stay ahead - at scale and without downtime. At ACI, we build software solutions that make complex payments simple and secure for the world\u2019s leading financial institutions and large enterprises. Our solutions and services are used globally by banks of all sizes, central banks, intermediaries, merchants, and billers, as well as third-party digital payment processors, payment associations, switch interchanges, and a wide range of transaction-generating endpoints, including automated teller machines (\u201cATM\u201d), merchant point-of-sale (\u201cPOS\u201d) terminals, bank branches, mobile phones, tablets, corporations, and internet commerce sites. The authentication, authorization, switching, settlement, fraud-checking, and reconciliation of digital payments is a complex activity due to the large number of locations and variety of sources from which transactions can be generated, the large number of participants in the market, high transaction volumes, geographically dispersed networks, differing types of authorization, and varied reporting requirements. These activities are typically performed online and are conducted 24 hours a day, seven days a week. ACI combines a global perspective with a local presence to tailor digital payment solutions for our customers. We believe that we have one of the most diverse and robust digital payment solution portfolios in the industry with application software spanning the entire payments value c ITEM 1A. RISK FACTORS We operate in a rapidly changing technological and economic environment that presents numerous risks. Many of these risks are beyond our control and are driven by factors that often cannot be predicted. The following discussion highlights some of these risks. Risks Related to Our Business and Operations T", "title": "ACIW - ACI WORLDWIDE, INC.", "url": "/company/ACIW/" }, { "kind": "company", "summary": "SIC 3559 Special Industry Machinery, NEC; CIK 0001113232; latest 10-K filed 2026-02-26.", "text": "ACLS - AXCELIS TECHNOLOGIES INC SIC 3559 Special Industry Machinery, NEC; CIK 0001113232; latest 10-K filed 2026-02-26. ACLS AXCELIS TECHNOLOGIES INC 0001113232 3559 Special Industry Machinery, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. \u200b Certain statements in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d are forward-looking statements that involve risks and uncertainties. Words such as may, will, should, would, anticipates, expects, intends, plans, believes, seeks, estimates and similar expressions identify such forward-looking statements. The forward-looking statements contained herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements. Factors that might cause such a difference include, among other things, those set forth under \u201cLiquidity and Capital Resources\u201d and \u201cRisk Factors\u201d and others discussed elsewhere in this Annual Report on Form 10-K. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management\u2019s analysis only as of the date hereof. We assume no obligation to update these forward-looking statements to reflect actual results or changes in factors or assumptions affecting forward-looking statements, except as may be required by law. \u200b Overview \u200b The semiconductor capital equipment industry is subject to cyclical swings in capital spending by semiconductor chip manufacturers. Capital spending is influenced by demand for semiconductors and the products using them, the utilization rate and capacity of existing semiconductor chip manufacturing facilities and changes in semiconductor technology, all of which are outside of our control. As a result, our revenue may fluctuate from year to year and period to period. Our established cost structure does not vary significantly with changes in volume. We may also experience fluctuations in operating results and cash flows depending on our revenue level. \u200b Revenue for 2025 was $839.0 million, compared to $1,017.9 million in 2024. Systems revenue for 2025 was $571.0 million, compared to $782.6 million in 2024. Gross margin percent for the year was 44.9% compared to 44.7% in 2024. Operating profit was $119.3 million in 2025, compared to $210.8 million in 2024. Net income for the year was $120.2 million, compared to $201.0 million in 2024. \u200b The Company is in a strong competitive position. A focused strategy on ion implant, combined with the hard work and dedication of our employees and the encouragement and support of our customers and suppliers, enabled us to achieve numerous critical milestones in our drive to market leadership. Important accomplishments in 2025 included: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"We delivered revenue of $839.0 million in 2025 and earnings per share of $3.80.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"We remained a technology leader and supplier of choice in the implant-intensive power device segment, which accounted for 55% of the value of our 2025 system shipments.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"We continued working to expand our footprint with existing and new customers and currently have four Purion evaluation systems in the field at strategic customer sites in key market segments.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"We continued our investment in our Customer Solutions & Innovation (\\u201cCS&I\\u201d) aftermarket business to drive financial growth and increased customer satisfaction levels, including the \\u201cDigital Tool Box,\\u201d an innovative service offering with online training, remote diagnosis and install, and automated troubleshooting guide.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"We received 16 customer satisfaction awards in 2025. In addition, Axcelis was named to the 2024 editions of Forbes\\u2019 List of America\\u2019s Best Mid-Cap Companies and to Fortune Magazine\\u2019s 2024 lists of the Top 100 Fastest Growing Companies.\"]] [[/GREPCENT_TABLE]] \u200b We cont Item 1. Business. \u200b Overview of Our Business \u200b Axcelis Technologies, Inc. (\u201cAxcelis,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) designs, manufactures and services ion implantation and other processing equipment used in the fabrication of semiconductor chips. We believe that our Purion family of products offers the most innovative implanters available on the market today. We sell to leading semiconductor chip manufacturers worldwide. The ion implantation business represented 98.2% of our revenue in 2025, with the remaining 1.8% of revenue derived from aftermarket sales associated with other legacy processing systems. In addition to equipment, we provide extensive aftermarket lifecycle products and services, including used tools, spare parts, equipment upgrades, maintenance services and customer training. \u200b Axcelis\u2019 business commenced in 1978 and its current corporate entity was incorporated in Delaware in 1995. We are headquartered in Beverly, Massachusetts and maintain an internet site at www.axcelis.com. On or through our website, investors may access, free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d) as soon as reasonably practicable after we electronically file such material with, or furnish it to, the U.S. Securities and Exchange Commission (\u201cSEC\u201d). Our website and the information contained therein or connected thereto shall not be deemed to be incorporated into this Annual Report on Form 10-K. \u200b Revenue for 2025 was $839.0 million, compared to $1,017.9 million in 2024. Systems revenue for 2025 was $571.0 million, compared to $782.6 million in 2024. Gross margin percent for 2025 was 44.9% compared to 44.7% in 2024. Operating profit for 2025 was $119.3 million, compared to $210.8 million in 2024. Net income for 2025 was $120.2 million, compared t Item 1A. Risk Factors. \u200b Risks Related to Our Business and Industry \u200b Set forth below and elsewhere in this Annual Report on Form 10-K and in other documents we file with the SEC are risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements co", "title": "ACLS - AXCELIS TECHNOLOGIES INC", "url": "/company/ACLS/" }, { "kind": "company", "summary": "SIC 3559 Special Industry Machinery, NEC; CIK 0001680062; latest 10-K filed 2026-03-02.", "text": "ACMR - ACM Research, Inc. SIC 3559 Special Industry Machinery, NEC; CIK 0001680062; latest 10-K filed 2026-03-02. ACMR ACM Research, Inc. 0001680062 3559 Special Industry Machinery, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the audited consolidated financial statements and related notes included in this report. In addition to historical information, the following discussion contains forward-looking statements that involves risks, uncertainties and assumptions. See \u201cForward-Looking Statements and Statistical Data\u201d at page 3 of this report. Please read \u201cItem 1A. Risk Factors\u201d for a discussion of factors that could cause our actual results to differ materially from our expectations Overview ACM Research was incorporated in California in 1998 and redomesticated in Delaware in 2016. We perform strategic planning, marketing, and financial activities at our global corporate headquarters in Fremont, California. ACM Research is neither a mainland China operating company nor do we conduct our operations in mainland China through the use of VIEs. We supply advanced, innovative capital equipment developed for the global semiconductor industry. Fabricators of advanced integrated circuits, or chips, can use our wet-cleaning and other front-end processing tools in numerous steps to improve product yield, even at increasingly advanced process nodes. We have designed these tools for use in fabricating foundry, logic and memory chips, including DRAM 3D NAND-flash memory chips, power semiconductor and compound 48 Table of Contents semiconductor chips. We also develop, manufacture and sell a range of advanced packaging tools to wafer assembly and packaging customers. We are focused on building a strategic portfolio of intellectual property to support and protect our key innovations. We conduct a substantial majority of our product development, manufacturing, support and services in mainland China, with additional product development and subsystem production in Korea. Substantially all of our tools are built to order at our Lingang manufacturing facilities in Shanghai. See \u201cItem 2. Properties,\u201d of Part I of this report. Our experience has shown that chip manufacturers in mainland China and throughout Asia demand equipment meeting their specific technical requirements and prefer building relationships with local suppliers. We will continue to seek to leverage our local presence to address the growing market for semiconductor manufacturing equipment in the region by working closely with regional chip manufacturers to understand their specific requirements, encourage them to adopt our SAPS, TEBO, Tahoe, ECP, furnace, PECVD, Track, and other technologies, and enable us to design innovative products and solutions to address their needs. Our Independent Registered Public Accounting Firm The U.S. Holding Foreign Companies Accountable Act, or the HFCA Act, requires that the Public Company Accounting Oversight Board, or the PCAOB, determine whether it is unable to inspect or investigate completely registered public accounting firms located in a non-U.S. jurisdiction because of a position taken by one or more authorities in any non-U.S. jurisdiction. Ernst & Young Hua Ming LLP, or E&Y our independent registered public accounting firm for the fiscal year ended December 31, 2025, is based in mainland China. Should the PCAOB determine that it is unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, including E&Y, ACM Research could be transferred to the SEC's \u201cConclusive list of issuers identified under the HFCA,\u201d (\"Conclusive List\"). See \u201cItem 1A. Risk Factors\u2014Risks Related to International Aspects of Our Business\u2014We could be adversely affected if we are unable to comply with recent and proposed legislation and regulations regarding improved access to audit and other information and audit inspections of accounting firms operating in mainland China\u201d of this report for more information. Under current regulations, if ACM Research wer Item 1. Business Overview We supply advanced, innovative capital equipment developed for the global semiconductor industry. Our products are designed to address yield-critical and performance-sensitive process steps that become increasingly difficult as semiconductor devices scale to smaller geometries and more complex structures. We focus on developing differentiated process solutions that enable effective particle removal, uniform material deposition, and reliable process control, while helping customers manage cost of ownership, throughput, and environmental considerations. We believe this approach has supported broader adoption of our tools across multiple technology nodes and device types. Fabricators of advanced integrated circuits, or chips, can use our wet-cleaning, plating, furnace, PECVD, track, and other front-end processing equipment in numerous steps to improve product yield, even at increasingly advanced process nodes. We have designed these products for use in fabricating foundry, logic and memory chips, including dynamic random-access memory, or DRAM, and 3D NAND-flash memory chips. We also develop, manufacture and sell a range of advanced packaging equipment to wafer assembly and packaging customers. Revenue from single wafer cleaning, Tahoe and semi-critical cleaning equipment totaled $626.0 million, or 69.5% of total revenue in 2025, $578.9 million, or 74.0% of total revenue in 2024, and $403.9 million, or 72.4% of total revenue in 2023. Revenue from ECP (front-end packaging), furnace and other technologies totaled $199.6 million, or 22.1% of total revenue in 2025, $151.1 million, or 19.3% of total revenue, in 2024, and $103.4 million, or 18.5% of total revenue in 2023. Revenue from advanced packaging (excluding ECP), services and spares totaled $75.8 million, or 8.4% of total revenue in 2025, $52.2 million, or 6.7% of total revenue in 2024, and $50.5 million, or 9.1% of total revenue in 2023. Selling prices for our tools generally range f Item 1A. Risk Factors Investing in Class A common stock involves a high degree of risk. You should consider and read carefully all of the risks and uncertainties described below, as well as other information contained in this report, including the consolidated financial statements and related notes set forth in \u201cItem 8. Financial St", "title": "ACMR - ACM Research, Inc.", "url": "/company/ACMR/" }, { "kind": "company", "summary": "SIC 6411 Insurance Agents, Brokers & Service; CIK 0001823529; latest 10-K filed 2026-02-27.", "text": "ACT - Enact Holdings, Inc. SIC 6411 Insurance Agents, Brokers & Service; CIK 0001823529; latest 10-K filed 2026-02-27. ACT Enact Holdings, Inc. 0001823529 6411 Insurance Agents, Brokers & Service Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our consolidated financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and related notes for the years ended December 31, 2025, 2024 and 2023 included in Item 8 of this Annual Report. This discussion includes forward-looking statements and involves numerous risks, uncertainties and assumptions that could cause actual results to differ materially from management\u2019s expectations. For factors that could cause such differences refer to the sections entitled \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cItem 1A. Risk Factors.\u201d We are not undertaking any obligation to update any forward-looking statements or other statements we may make in the following discussion or elsewhere in this document even though these statements may be affected by events or circumstances occurring after the forward-looking statements or other statements were made. Future results could differ significantly from the historical results presented in this section. References to EHI, the \u201cCompany,\u201d \u201cwe\u201d or \u201cour\u201d herein are, unless the context otherwise requires, to EHI on a consolidated basis. Overview of Business We are a leading private mortgage insurance company, having served the United States housing finance market since 1981, and operate in all 50 states and the District of Columbia. Our mortgage insurance products provide credit protection to mortgage lenders, covering a portion of the unpaid principal balance of Low Down Payment Loans in the event of a default. Our business objective is to leverage our competitive strengths to drive market share, maintain our strong capitalization and strong earnings profile and deliver attractive risk-adjusted returns to our stockholders. We also offer mortgage and credit-related insurance and reinsurance through our other subsidiaries, including our wholly owned Bermuda-based subsidiary, Enact Re. We primarily generate revenues by providing mortgage credit protection to our customers in exchange for premiums, which we set based on our evaluation of the underlying risk we insure. Once the premium rate is established and coverage is activated, the premium rate remains unchanged for the first ten years of the policy; thereafter the premium rate resets to a lower rate used for the remaining life of the policy. In general, we can only cancel coverage for a failure to pay premiums or at servicer direction when the borrowers achieve the required amount of home equity. Our premium rate is applied predominantly to the original loan balance to determine either a monthly payment that the lender adds to the borrower\u2019s monthly loan payment or a single upfront payment made by either the borrower or lender at loan closing. The amount of premiums earned from our insurance portfolio and the timing of premium recognition are also affected by persistency rate, which we measure as the percentage of loans that remain on our books based on the annualized cancellations for the period. We also employ a CRT program to transfer a portion of our risk through traditional XOL and quota share reinsurance arrangements and the issuance of ILNs. In exchange, we cede a negotiated amount of our premiums to the reinsurers and ILN investors that participate in our CRT transactions. Importantly, our CRT program helps to manage risk in our operating model and spread the risk of loss across our counterparties while also providing capital relief. We also invest our premiums in high quality, predominantly fixed income assets with the primary business objectives of preserving capital, generating investment income and maintaining sufficient liquidity to cover our operating expenses and pay future claims. The investment income generated through our investment portfolio is another significant source of our revenues. We generate profits thro Item 1. Business Overview We are a leading private mortgage insurance company serving the United States housing finance market since 1981 with a mission to help people buy a house and keep it their home. We operate in all 50 states and the District of Columbia. Our principal mortgage insurance customers are originators of residential mortgage loans who typically determine which mortgage insurer or insurers they will use for the placement of mortgage insurance written on loans they originate. As a private mortgage insurer, we play a critical role in the United States housing finance system. We are engaged in the business of writing and assuming residential mortgage guaranty insurance. The insurance covers a portion of the unpaid principal balance of Low Down Payment Loans (mortgage loans where the loan amount exceeds 80% of the value of the home) and protects lenders and investors against certain losses resulting from nonpayment of loans secured by mortgages, deeds of trust, or other instruments constituting a first lien on residential real estate. We facilitate the sale of mortgages to the secondary market, including to private investors as well as the Federal National Mortgage Association (\u201cFannie Mae\u201d) and the Federal Home Loan Mortgage Corporation (\u201cFreddie Mac\u201d). Fannie Mae and Freddie Mac are government-sponsored enterprises (collectively referred to as the \u201cGSEs\u201d). Credit protection and liquidity through secondary market sales allow mortgage lenders to increase their lending capacity, manage risk and expand financing access to prospective homeowners, many of whom are first time home buyers (\u201cFTHBs\u201d). We have a large and diverse customer base and maintain enduring relationships across the mortgage origination market, including with national banks, non-bank mortgage lenders, local mortgage bankers, community banks and credit unions. In 2025, we provided new insurance coverage to approximately 1,600 customers. For the full years ended December 31, 2025, 2024 Item 1A. Risk Factors You should carefully consider the following risks. These risks could materially affect our business, results of operations or financial condition, cause the trading price of our common stock to decline materially or cause our actual results to differ materially from those expected or those e", "title": "ACT - Enact Holdings, Inc.", "url": "/company/ACT/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001273685; latest 10-K filed 2026-02-20.", "text": "ADAM - ADAMAS TRUST, INC. SIC 6798 Real Estate Investment Trusts; CIK 0001273685; latest 10-K filed 2026-02-20. ADAM ADAMAS TRUST, INC. 0001273685 6798 Real Estate Investment Trusts Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General We are an internally-managed REIT for U.S. federal income tax purposes focused on strategically deploying capital across complementary businesses to generate durable earnings and long-term value for stockholders through disciplined portfolio management and an operating platform designed to capture opportunities across real estate and capital markets. Our current investment portfolio includes credit sensitive single-family and multi-family assets, as well as other types of fixed-income investments such as Agency RMBS. Through our wholly-owned subsidiary, Constructive, we also originate business purpose loans for residential real estate investors. On September 3, 2025, we changed our name from New York Mortgage Trust, Inc. to Adamas Trust, Inc. Executive Summary Since 2023, we have actively repositioned our investment portfolio with the objective of enhancing recurring income for our stockholders. Our investment strategy since that time has focused on acquiring assets with less price sensitivity to credit deterioration, like Agency RMBS, and short duration, higher-coupon investments, like business purpose loans. We have also prioritized optimizing our financing structures and expanding our network of originator partnerships to support increased acquisition volumes. The year ended December 31, 2025 represented a strategically significant period for the Company. The year was marked by our corporate rebranding, acquisition of Constructive, earnings growth, record investment activity and further execution of the Company\u2019s capital rotation strategy designed to enhance recurring income, improve portfolio liquidity and strengthen our operating platform. Net income attributable to common stockholders was $101.1 million, or $1.12 per share, for the year ended December 31, 2025. Earnings available for distribution (\u201cEAD\u201d) per common share, a non-GAAP financial measure, increased 141% year-over-year to $0.89 per share. GAAP book value per share as of December 31, 2025 increased 3.4% to $9.60 and adjusted book value per share as of December 31, 2025 rose 2.7% to $10.63, resulting in an economic return of 12.72% and 11.01% on GAAP book value per share and adjusted book value per share, respectively, for 2025. Supported by this sustained earnings momentum, our Board of Directors declared quarterly dividends of $0.23 per share in the third and fourth quarters of 2025, a 15% increase from the first and second quarters, equating to a 12.6% dividend yield as of December 31, 2025. During the year ended December 31, 2025, we achieved the highest level of annual investment activity in our history, expanding our investment portfolio by approximately $3.1 billion, or 42%, to $10.5 billion. Total acquisitions of $6.1 billion were primarily concentrated in Agency RMBS and business purpose loans, including $4.1 billion of Agency investments and $1.7 billion of business purpose loans. Our disciplined capital allocation continued to emphasize liquidity, stability, and shorter-duration exposure, with Agency RMBS now representing greater than a majority of our capital. We believe this repositioning has enhanced the resilience of our earnings profile and strengthened our ability to navigate evolving market conditions. On July 15, 2025, we completed the acquisition of the remaining 50% interest in Constructive, resulting in full ownership and consolidation of Constructive\u2019s financial results beginning in the third quarter of 2025. Constructive operates in 48 states and originated approximately $1.8 billion of loans over the year ended December 31, 2025, including $864.9 million since July 15, 2025. From July 15, 2025 to December 31, 2025, Constructive generated $26.6 million of mortgage banking income from origination and sale activity and incurred $8.1 million of direct loan origination costs. We believe our integration of Constructive expands the Com Item 1. BUSINESS Certain Defined Terms In this Annual Report on Form 10-K we refer to Adamas Trust, Inc., together with its consolidated subsidiaries, as \u201cAdamas,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cCompany,\u201d or \u201cour,\u201d unless we specifically state otherwise or the context indicates otherwise, and we refer to our wholly-owned taxable real estate investment trust (\u201cREIT\u201d) subsidiaries as \u201cTRSs\u201d and our wholly-owned qualified REIT subsidiaries as \u201cQRSs.\u201d In addition, the following defines certain of the commonly used terms in this report: \u2022\u201cABS\u201d refers to debt and/or equity tranches of securitizations backed by various asset classes including, but not limited to, automobiles, aircraft, credit cards, equipment, franchises, recreational vehicles and student loans; \u2022\u201cAgency ARMs\u201d refers to Agency RMBS comprised of adjustable-rate and hybrid adjustable-rate RMBS; \u2022\u201cAgency fixed-rate RMBS\u201d refers to Agency RMBS comprised of fixed-rate RMBS; \u2022\u201cAgency investments\u201d refers to Agency RMBS and TBAs; \u2022\u201cAgency RMBS\u201d refers to RMBS representing interests in or obligations backed by pools of residential loans guaranteed by a government sponsored enterprise (\u201cGSE\u201d), such as the Federal National Mortgage Association (\u201cFannie Mae\u201d) or the Federal Home Loan Mortgage Corporation (\u201cFreddie Mac\u201d), or an agency of the U.S. government, such as the Government National Mortgage Association (\u201cGinnie Mae\u201d); \u2022\u201cARMs\u201d refers to adjustable-rate residential loans; \u2022\u201cbusiness purpose loans\u201d refers to (i) short-term loans that are collateralized by residential properties and are made to investors who intend to rehabilitate and sell the residential property for a profit or (ii) loans that finance (or refinance) non-owner occupied residential properties that are rented to one or more tenants; \u2022\u201cCDO\u201d refers to collateralized debt obligation and includes debt that permanently finances the residential loans held in Consolidated SLST, the Company's residential loans held in securitization trusts and a non-Agency RMBS re Item 1A. RISK FACTORS Summary of Risk Factors Below is a summary of the principal factors that make an investment in our securities speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary and other risks that we face can be found belo", "title": "ADAM - ADAMAS TRUST, INC.", "url": "/company/ADAM/" }, { "kind": "company", "summary": "SIC 4841 Cable & Other Pay Television Services; CIK 0001803696; latest 10-K filed 2026-02-26.", "text": "ADEA - Adeia Inc. SIC 4841 Cable & Other Pay Television Services; CIK 0001803696; latest 10-K filed 2026-02-26. ADEA Adeia Inc. 0001803696 4841 Cable & Other Pay Television Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion is intended to promote understanding of the results of operations and financial condition and should be read in conjunction with our consolidated financial statements and notes thereto. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons of 2025 against 2024. A discussion regarding 2023 items and year-to-year comparisons of 2024 against 2023 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The following discussion of our financial condition and results of operations should be read together with the audited consolidated financial statements and notes to the consolidated financial statements included elsewhere in this Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed under \u201cRisk Factors\u201d in Part I, Item 1A above. Business Overview Adeia Inc. (formerly known as Xperi Holding Corporation) (\u201cAdeia\u201d, \u201cwe\u201d) is a leading IP licensing platform in the consumer and entertainment space, with an extensive portfolio of media and semiconductor intellectual property and approximately 13,750 media and semiconductor patent assets worldwide. In order to serve an increasingly connected world, we invent, develop, and license fundamental innovations that enhance billions of devices and shape the way millions of people explore and experience entertainment. Our inventions are key enabling technologies that drive how consumers interact with entertainment and devices at home and on the go around the world. Our foundational technologies help elevate content and improve how audiences connect with it in a way that is more intelligent, immersive and personal. Our innovative solutions help power smart devices, entertainment experiences and more, and have created a unified ecosystem that reaches highly-engaged consumers and uncovered new business opportunities. Headquartered in Silicon Valley with more than 35 years of operating experience, we have approximately 150 full-time employees, with substantially all of our employees located in the U.S. Macroeconomic Conditions Macroeconomic conditions due to inflation, geopolitical instability and global health events have in the past, and may in the future have, an adverse impact on our business. For example, such conditions may cause volatility in the markets we serve, particularly the broad consumer electronics market. Impacts from adverse macroeconomic conditions may negatively impact our financial condition and results of operations, which could result in an impairment of our long-lived assets, including goodwill, and increased credit losses. Although a significant portion of our revenue is derived from fixed-fee and minimum-guarantee arrangements from large, well-capitalized customers, our per-unit and variable-fee based revenue will continue to be susceptible to global health concerns, outbreaks, pandemics, armed conflict, geopolitical factors, trade regulations and tariffs, market volatility, labor shortages, supply chain disruptions, microchip shortages, changes in demand for semiconductors and market downturns. Reportable Segments We operate and report in one segment: IP Licensing. We believe that this structure reflects our current operational and financial management and provides the best structure for us to focus on growth opportunities. Our Chief Executive Officer has be Item 1. Business Corporate Information Our principal executive offices are located at 3025 Orchard Parkway, San Jose, California. Our telephone number is 408-473-2500. We maintain a corporate website at www.adeia.com. The reference to our website does not constitute incorporation by reference of the information contained on this website. Adeia and the Adeia logo are trademarks or registered trademarks of Adeia Inc. or its affiliated companies in the U.S. All other company, brand and product names may be trademarks or registered trademarks of their respective companies. Overview We (the \u201cCompany,\u201d \u201cAdeia,\u201d \u201cwe,\u201d \u201cour,\u201d and \u201cus\u201d) are a technology company and an innovation incubator. We have spent decades investing in advanced research and development to create market-leading technologies for the entertainment, media, consumer electronics, and semiconductor industries. Our innovative solutions support practically every aspect of consumers\u2019 day-to-day interaction with media, consumer electronics and entertainment, enabling our customers to build customized, next-generation solutions for users around the globe. We believe our commitment to and investment in innovation has resulted in a leading intellectual property (\u201cIP\u201d) licensing platform in these industries, with an extensive portfolio of media and semiconductor IP. In order to serve an increasingly connected world, we invent, develop, acquire and license fundamental innovations that enhance billions of devices and shape the way millions of people explore and experience entertainment and technology across a variety of platforms. Ideas are at the heart of our business and are embedded in our name, which means \u201cto license\u201d in Greek. Licensing these ideas is how we go to market \u2013 by making our ideas broadly available to the media and semiconductor industries. Our innovations address one of the biggest consumer trends in entertainment today \u2013 the massive proliferation of entertainment content and the rapidly changing Item 1A. Risk Factors Our operations and financial results are subject to various risks and uncertainties, including those described below, that could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our common stock. Risk Factor Summary The following is a summary of ", "title": "ADEA - Adeia Inc.", "url": "/company/ADEA/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001368514; latest 10-K filed 2026-02-25.", "text": "ADMA - ADMA BIOLOGICS, INC. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001368514; latest 10-K filed 2026-02-25. ADMA ADMA BIOLOGICS, INC. 0001368514 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. The various sections of this discussion contain a number of forward-looking statements, all of which are based on our current expectations and could be materially affected by the uncertainties and risk factors described throughout this Annual Report. See \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Our actual results may differ materially. OVERVIEW Our Business ADMA Biologics, Inc. (the \u201cCompany,\u201d \u201cADMA,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a U.S. based, end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases. Our targeted patient populations include immune-compromised individuals who suffer from an underlying immune deficiency disorder or who may be immune-suppressed for medical reasons. Through our ADMA BioManufacturing business segment, we currently have three products with U.S. Food and Drug Administration (the \u201cFDA\u201d) approval, all of which are currently marketed and commercially available: (i) ASCENIV (Immune Globulin Intravenous, Human \u2013 slra 10% Liquid), an Intravenous Immune Globulin (\u201cIVIG\u201d) product indicated for the treatment of Primary Humoral Immunodeficiency (\u201cPI\u201d), also known as Primary Immunodeficiency Disease (\u201cPIDD\u201d) or Inborn Errors of immunity in adults and adolescents, for which we received FDA approval in April 2019 and commenced first commercial sales in October 2019; (ii) BIVIGAM (Immune Globulin Intravenous, Human), an IVIG product indicated for the treatment of PI, and for which we received FDA approval in May 2019 and commenced commercial sales in August 2019; and (iii) Nabi-HB (Hepatitis B Immune Globulin, Human), which is indicated for the treatment of acute exposure to blood containing HBsAg and other listed exposures to Hepatitis B. We seek to develop a pipeline of plasma-derived therapeutics, including a product based on our most recently approved patent application under U.S. Patent Nos. 10,259,865 and 11,084,870 related to methods of treatment and prevention of S. pneumonia infection for an immunoglobulin manufactured to contain standardized antibodies to numerous serotypes of S. pneumoniae. We have successfully completed production of a pilot-scale batch and are conducting animal studies for our S. pneumoniae hyperimmune globulin program, SG-001. We anticipate submitting a pre-Investigational New Drug (\u201cIND\u201d) package to the FDA in fiscal year 2026, which could enable us to progress development of SG-001 directly into a registrational clinical trial. In September 2025, a Commissioner\u2019s National Priority Voucher (CNPV) application was submitted and, if accepted, could accelerate FDA review by two fiscal quarters or more. Our products and product candidates are intended to be used by physician specialists focused on caring for immune-compromised patients with or at risk for certain infectious diseases. We manufacture these products at our FDA-licensed, plasma fractionation and purification facility located in Boca Raton, FL with a peak annual processing capability of up to 600,000 liters (the \u201cBoca Facility\u201d). Based on current production yields, our completed and ongoing supply chain enhancements and capacity expansion initiatives, we believe this facility has the potential to produce sufficient quantities of our immune globulin (\u201cIG\u201d) products. Through our ADMA BioCenters subsidiary, we currently operate eight source plasma collection facilities in the U.S., all of which hold FDA licenses. This business unit, which we refer to as our Plasma Collection Centers business segment, provides us with the b Business Unless the context otherwise requires, references in this Business section to \u201cADMA,\u201d \u201cADMA Biologics,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to ADMA Biologics, Inc., a Delaware corporation, as well as its wholly owned subsidiaries, ADMA BioManufacturing, LLC, a Delaware limited liability company (\u201cADMA BioManufacturing\u201d), ADMA BioCenters Georgia Inc., a Delaware corporation (\u201cADMA BioCenters\u201d) and ADMA Plasma Biologics, Inc., a Delaware corporation (\u201cADMA Plasma Biologics\u201d). Overview We are a U.S. based end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases. Our targeted patient populations include immune-compromised individuals who suffer from an underlying immune deficiency disorder or who may be immune-suppressed for medical reasons. Through our ADMA BioManufacturing business segment, we currently have three products with U.S. Food and Drug Administration (the \u201cFDA\u201d) approval, all of which are currently marketed and commercially available: (i) ASCENIV (Immune Globulin Intravenous, Human \u2013 slra 10% Liquid), an Intravenous Immune Globulin (\u201cIVIG\u201d) product indicated for the treatment of Primary Humoral Immunodeficiency (\u201cPI\u201d), also known as Primary Immunodeficiency Disease (\u201cPIDD\u201d) or Inborn Errors of Immunity, in adults and adolescents, for which we received FDA approval in April 2019 and commenced first commercial sales in October 2019; (ii) BIVIGAM, an IVIG product indicated for the treatment of PI in adults and pediatric patients two years of age and older, and for which we received FDA approval in May 2019 and commenced commercial sales in August 2019; and (iii) Nabi-HB (Hepatitis B Immune Globulin, Human), which is indicated for the treatment of acute exposure to blood containing HBsAg and other listed exposures to Hepatitis B. We seek to develop a pipeline of", "title": "ADMA - ADMA BIOLOGICS, INC.", "url": "/company/ADMA/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001670541; latest 10-K filed 2025-11-18.", "text": "ADNT - Adient plc SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001670541; latest 10-K filed 2025-11-18. ADNT Adient plc 0001670541 3714 Motor Vehicle Parts & Accessories Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Presentation of Information Unless the context requires otherwise, references to \u201cAdient plc\u201d or \u201cAdient\u201d refer to Adient plc and its consolidated subsidiaries. The information presented herein are based on management\u2019s perspective of Adient\u2019s results of operations. Forward-Looking Statements Adient has made statements in this section and other parts of this Annual Report on Form 10-K that are management\u2019s perspective of forward-looking information and, therefore, are subject to risks and uncertainties. All statements in this Form 10-K other than statements of historical fact are statements that are, or could be, deemed \u201cforward-looking statements\u201d, within the meaning of the Private Securities Litigation Reform Act of 1995. In this Form 10-K, statements regarding Adient's future financial position, sales, costs, earnings, cash flows, other measures of results of operations, capital expenditures or debt levels and plans, objectives, outlook, targets, guidance or goals are forward-looking statements. Words such as \u201cfuture,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201ccould,\u201d \u201ccan,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cshould,\u201d \u201cforecast,\u201d \u201cpredict,\u201d \u201cproject\u201d or \u201cplan\u201d or terms of similar meaning are also generally intended to identify forward-looking statements. Adient cautions that these statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond Adient\u2019s control, that could cause Adient\u2019s actual results to differ materially from those expressed or implied by such forward-looking statements, including, among others, risks related to: the effects of local and national economic, credit and capital market conditions (including the persistence of high interest rates, vehicle affordability and volatile currency exchange rates) on the global economy, increased competitive pressures in the EMEA and Asia regions from Chinese OEMs, uncertainties in U.S. administrative policy regarding trade agreements, tariffs and other international trade relations, automotive vehicle production levels, mix and schedules, as well as the concentration of exposure to certain automotive manufacturers particularly new entrants in the China market, shifts in market shares among vehicles, vehicle segments or away from vehicles on which Adient has significant content, changes in consumer demand, risks associated with Adient\u2019s joint ventures, volatile energy markets, Adient\u2019s ability and timing of customer recoveries for increased input costs, the availability of raw materials and component products (including components required by Adient\u2019s customers for the manufacture of vehicles), risks associated with warranty and product recall and product liability exposures, geopolitical uncertainties such as the Ukraine and Middle East conflicts and the impact on the regional and global economies and additional pressure on supply chain and vehicle production, the ability of Adient to effectively launch new business at forecast and profitable levels, the ability of Adient to successfully identify suitable opportunities for organic investment and/or acquisitions and to integrate such investments and/or acquisitions, work stoppages, including due to strikes, supply chain disruptions and similar events, wage inflationary pressures due to labor shortages and new labor negotiations, the ability of Adient to execute its restructuring plans and achieve the desired benefit, the ability of Adient to meet debt service requirements and terms of future financing, the impact of global tax reform legislation, the impact of more aggressive positions taken by tax authorities, potential adjustment of the value of deferred tax assets, global climate change and related emphasis on sustainability matters by various stakeholders, and the ability of Adient to achieve its sustainability-related goals, cancellation of, or changes t Item 1. Business Adient plc (\u201cAdient\u201d) is a global leader in the automotive seating supply industry with leading market positions in the Americas, Europe and Asia and maintains longstanding relationships with the largest global automotive original equipment manufacturers (\u201cOEMs\u201d). Adient's proprietary technologies extend into virtually every area of automotive seating solutions, including complete seating systems, frames, mechanisms, foam, head restraints, armrests and trim covers. Adient is a global seat supplier with the capability to design, develop, engineer, manufacture, and deliver complete seat systems and components in every major automotive producing region in the world. Adient designs, manufactures and markets a full range of seating systems and components for passenger cars, commercial vehicles and light trucks, including vans, pick-up trucks and sport/crossover utility vehicles. Adient operates approximately 200 wholly- and majority-owned manufacturing, assembly or sequencing facilities, with operations in 29 countries. Additionally, Adient has partially-owned affiliates in China, Asia, Europe and North America. Through its global footprint and vertical integration, Adient leverages its capabilities to drive growth in the automotive seating industry. Adient's business model is focused on developing and maintaining long-term customer relationships, which allows Adient to successfully grow with leading global OEMs. Adient and its engineers work closely with customers as vehicle platforms are developed, which results in close ties with key decision makers at OEM customers. Business Organization and Strategy Global Manufacturing Footprint Adient is a global leader in automotive seating. With more than 65,000 employees operating in approximately 200 manufacturing, assembly or sequencing facilities in 29 countries worldwide, Adient produces and delivers automotive seating for all vehicle classes and all major OEMs. From complete seating systems to individ Item 1A. Risk Factors The following discussion of risk factors contains forward-looking statements. These risk factors may be important to understanding other statements in this Form 10-K. The following information should be read in conjunction with Part II, Item 7, \u201cManagement's Discussion and Analysis of Financial Condition and R", "title": "ADNT - Adient plc", "url": "/company/ADNT/" }, { "kind": "company", "summary": "SIC 7381 Services-Detective, Guard & Armored Car Services; CIK 0001703056; latest 10-K filed 2026-03-02.", "text": "ADT - ADT Inc. SIC 7381 Services-Detective, Guard & Armored Car Services; CIK 0001703056; latest 10-K filed 2026-03-02. ADT ADT Inc. 0001703056 7381 Services-Detective, Guard & Armored Car Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Table of Contents \u2022Introduction \u2022Business and Basis of Presentation \u2022Key Performance Indicators \u2022Trends, Uncertainties, and Factors Affecting Operating Results \u2022Results of Operations \u2022Non-GAAP Measures \u2022Liquidity and Capital Resources \u2022Critical Accounting Estimates \u2022Accounting Pronouncements INTRODUCTION The following section should be read in conjunction with our consolidated financial statements and the related notes thereto included elsewhere in this Annual Report. This section is intended to (i) provide material information relevant to the assessment of our results of operations and cash flows; (ii) enhance the understanding of our financial condition, changes in financial condition, and results of operations; and (iii) discuss material events and uncertainties known to management that are reasonably likely to cause reported financial information not to be necessarily indicative of future performance or of future financial condition. Included below are year-over-year comparisons between 2025 and 2024. For information on year-over-year comparisons between 2024 and 2023, refer to Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our annual report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 27, 2025 (the \u201c2024 Annual Report\u201d). We are including the explanation of Adjusted Earnings per share (\u201cEPS\u201d) for 2024 as compared to 2023 below as we began presenting Adjusted EPS as a key performance indicator in the first quarter of 2025. The following section contains forward-looking statements about our business, operations, and financial performance based on current plans and estimates involving risks, uncertainties, and assumptions, which could differ materially from actual results. Factors that could cause such differences are discussed in the sections of this Annual Report titled Item 1A \u201cRisk Factors\u201d and \u201cCautionary Statements Regarding Forward-Looking Statements.\u201d Unless otherwise noted, the discussions below relate to our continuing operations. BUSINESS AND BASIS OF PRESENTATION ADT is a leading provider of security, interactive, and smart home solutions serving residential and small business customers in the U.S. Our mission is to empower people to protect and connect what matters most with safe, smart, and sustainable solutions, delivered through innovative offerings, unrivaled safety, and a premium experience because we believe that everyone deserves to feel safe. Our vision is to: \u2022provide protection that is always on, always ready, powered by artificial intelligence and our expert team; \u2022enable real time and split-second response, with deeper information and context during emergencies and all the times in between; \u2022deliver a personalized experience that lives and evolves with the customer, tailored to lifestyles and life stages; and \u2022offer solutions for everyone, across all U.S. households, small businesses, and families through a variety of use cases\u2014protection that follows people, not just properties. As technology continues to get smarter and more capable, we are evolving toward a platform-centric software-as-a-product model. Our efforts are increasingly centered on our proprietary ADT+ application, which is designed to serve as a foundational ecosystem for both professionally installed and self-installed solutions, integrating human expertise with ambient sensing capabilities. 50 Table of Contents All financial information presented in this section has been prepared in U.S. dollars and in accordance with generally accepted accounting principles in the United States of America (\u201cGAAP\u201d), excluding our Non-GAAP measures, and includes the accounts of ADT Inc. and its subsidiaries. All intercompany transactions have been eliminated. As a result of the Commercial Divestiture and ADT Solar Exit, unless otherwise ITEM 1. BUSINESS. TABLE OF CONTENTS \u2022Company Overview \u2022Key Business Developments \u2022Segment and Geographic Information \u2022Products and Services \u2022Our Market \u2022Competition \u2022Resources Material to our Business \u2022Seasonality \u2022Government Regulation and Other Regulatory Matters \u2022Human Capital and Workplace Initiatives \u2022Available Information COMPANY OVERVIEW Our Business ADT Inc., together with its wholly-owned subsidiaries (collectively, the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d and \u201cADT\u201d), is a leading provider of security, interactive, and smart home solutions serving residential and small business customers in the United States (\u201cU.S.\u201d). Our mission is to empower people to protect and connect what matters most through innovative offerings, unrivaled safety, and a premium experience because we believe that everyone deserves to feel safe. We are strategically evolving toward a platform-centric model focused on integrated home intelligence. Our efforts are increasingly centered on our proprietary ADT+ application, which is designed to serve as a foundational ecosystem for both professionally installed and self-installed solutions, integrating human expertise with ambient sensing capabilities. We primarily conduct business under the ADT brand, which we believe is a key competitive advantage for us and a contributor to our success due to the importance customers place on reputation and trust when purchasing home security products and services. The strength of our brand, which first became associated with home security services in 1874, is based upon a long-standing record of delivering high-quality, reliable products and services; expertise in system sales, installation, and monitoring; and superior customer care, all driven by our industry-leading experience and knowledge. As of December 31, 2025, we had approximately 6.1 million security monitoring service subscribers. We serve our customers through our nationwide sales and service offices (\u201cSSOs\u201d), monitoring and sup ITEM 1A. RISK FACTORS. In addition to risks and uncertainties in the ordinary course of business that are common to all businesses, important factors that are specific to our industry and the Company could have a material adverse effect on our business, financial condition, results of operations, and cash flows. You should carefully consider th", "title": "ADT - ADT Inc.", "url": "/company/ADT/" }, { "kind": "company", "summary": "SIC 8082 Services-Home Health Care Services; CIK 0001468328; latest 10-K filed 2026-02-24.", "text": "ADUS - Addus HomeCare Corp SIC 8082 Services-Home Health Care Services; CIK 0001468328; latest 10-K filed 2026-02-24. ADUS Addus HomeCare Corp 0001468328 8082 Services-Home Health Care Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion together with our Consolidated Financial Statements and the related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements about our business and operations. Our actual results may differ materially from those we currently anticipate as a result of the factors we describe under \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K and other risks as well as other factors that are not currently known to us, that we currently consider immaterial or that are not specific to us, such as general economic conditions. The discussion of our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, included in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) can be found in the Annual Report on Form 10-K for the year ended December 31, 2024. Overview We are a home care services provider operating three segments: personal care, hospice and home health. Our services are principally provided in-home under agreements with federal, state and local government agencies, managed care organizations, commercial insurers and private individuals. Our consumers are predominantly \u201cdual eligible,\u201d meaning they are eligible to receive both Medicare and Medicaid benefits. Managed care revenues accounted for 37.0%, 34.8% and 36.6% of our revenue during the years ended December 31, 2025, 2024, and 2023 respectively. A summary of certain consolidated financial and statistical data results for 2025, 2024 and 2023 are provided in the table below. [[GREPCENT_TABLE]] [[\"\",\"\",\"For the Years Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"\",\"\",\"(Amounts in Thousands, except States and Locations)\"],[\"Net service revenues\",\"\",\"$\",\"1,422,530\",\"\",\"\",\"$\",\"1,154,599\",\"\",\"\",\"$\",\"1,058,651\"],[\"Net income\",\"\",\"$\",\"95,910\",\"\",\"\",\"$\",\"73,598\",\"\",\"\",\"$\",\"62,516\"],[\"Total assets\",\"\",\"$\",\"1,437,308\",\"\",\"\",\"$\",\"1,412,634\",\"\",\"\",\"$\",\"1,024,426\"],[\"Adjusted EBITDA (1)\",\"\",\"$\",\"179,984\",\"\",\"\",\"$\",\"140,290\",\"\",\"\",\"$\",\"121,020\"],[\"States served at period end\",\"\",\"\",\"23\",\"\",\"\",\"\",\"23\",\"\",\"\",\"\",\"22\"],[\"Locations at period end\",\"\",\"\",\"262\",\"\",\"\",\"\",\"258\",\"\",\"\",\"\",\"219\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"(1)\",\"The Company defines adjusted EBITDA as earnings before net interest expense, taxes, depreciation, amortization, acquisition expense, stock-based compensation expense, restructuring and other non-recurring costs, the gain or loss on the sale of assets, the impairment of operating lease assets, the impact of New York retroactive rate increases, and the impact of New York accounts receivable settlements. Adjusted EBITDA is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (\\u201cGAAP\\u201d). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP. Additionally, our calculation of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Management believes that Adjusted EBITDA is useful to investors, management and others in evaluating the Company\\u2019s operating performance, to provide investors with insight and consistency in the Company\\u2019s financial reporting and to present a basis for comparison of the Company\\u2019s business operations among periods, and to facilitate comparison with the results of the Company\\u2019s peers. Additionally, we believe that Adjusted EBITDA is a measure widely used by securities analysts, investors and others to evaluate the financial performance of other public companies. The financial results presented in accordance with U.S. GAAP and a rec ITEM 1. BUSINESS Overview Addus has been providing home care services since 1979. We operate three segments: personal care, hospice, and home health. Our services are principally provided in-home under agreements with federal, state and local government agencies, managed care organizations, commercial insurers and private individuals. Our consumers are predominantly \u201cdual eligible,\u201d meaning they are eligible to receive both Medicare and Medicaid benefits. As of December 31, 2025, we provided services in 23 states through approximately 262 offices. For the year ended December 31, 2025, we served approximately 107,000 discrete consumers. We continue to drive organic growth while also growing through acquisitions, focusing on growth in the states in which we have a presence while adding clinical care services to our offerings. As of December 31, 2025, we provide all three levels of care, personal care, home health and hospice services, in Ohio, Tennessee, Illinois and New Mexico and strategically continue to pursue other markets. A summary of our financial results is provided in the table below. [[GREPCENT_TABLE]] [[\"\",\"\",\"For the Years Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\"],[\"\",\"\",\"(Amounts in Thousands)\"],[\"Personal care\",\"\",\"$\",\"1,089,215\",\"\",\"\",\"$\",\"856,581\"],[\"Hospice\",\"\",\"\",\"262,542\",\"\",\"\",\"\",\"228,191\"],[\"Home health\",\"\",\"\",\"70,773\",\"\",\"\",\"\",\"69,827\"],[\"Total net service revenue by segment\",\"\",\"$\",\"1,422,530\",\"\",\"\",\"$\",\"1,154,599\"],[\"Net income\",\"\",\"$\",\"95,910\",\"\",\"\",\"$\",\"73,598\"],[\"Total assets\",\"\",\"$\",\"1,437,308\",\"\",\"\",\"$\",\"1,412,634\"]] [[/GREPCENT_TABLE]] Our services and operating model address a number of crucial needs across the healthcare continuum. Care provided in the home generally costs less than facility-based care and is typically preferred by consumers and their families. By providing services in the home to the elderly and others who require long-term care and support with the activities of daily living, we lower the cost of chroni ITEM 1A. RISK FACTORS Any of the risks described below, and the risks described elsewhere in this Form 10-K, could have a material adverse effect on our business and consolidated financial condition, results of operations and cash flows, cause the trading price of our common stock to decline and cause the actual out", "title": "ADUS - Addus HomeCare Corp", "url": "/company/ADUS/" }, { "kind": "company", "summary": "SIC 5651 Retail-Family Clothing Stores; CIK 0000919012; latest 10-K filed 2026-03-30.", "text": "AEO - AMERICAN EAGLE OUTFITTERS INC SIC 5651 Retail-Family Clothing Stores; CIK 0000919012; latest 10-K filed 2026-03-30. AEO AMERICAN EAGLE OUTFITTERS INC 0000919012 5651 Retail-Family Clothing Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is intended to help the reader understand the Company, our operations and our present business environment. MD&A is provided as a supplement to \u2014 and should be read in conjunction with \u2014 our consolidated financial statements and the accompanying Notes thereto contained in Part II, Item 8 \u2013 Financial Statements and Supplementary Data \" \u2014 of this report. This MD&A generally discusses Fiscal 2025 and Fiscal 2024 and provides year-to-year comparisons between Fiscal 2025 and Fiscal 2024. Discussions of Fiscal 2023 and year-to-year comparisons between Fiscal 2024 and Fiscal 2023 that are not included in this Annual Report can be found in \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" in Part II. Item 7 of our annual report on Form 10-K for the fiscal year ended February 1, 2025. Introduction This MD&A is organized as follows: [[GREPCENT_TABLE]] [[\"\\u2022Executive Overview\"],[\"\\u2022Key Performance Indicators\"],[\"\\u2022Current Trends and Outlook\"],[\"\\u2022Results of Operations\"],[\"\\u2022Non-GAAP Information\"],[\"\\u2022Liquidity and Capital Resources\"],[\"\\u2022Critical Accounting Estimates\"],[\"\\u2022Recent Accounting Pronouncements\"]] [[/GREPCENT_TABLE]] Executive Overview We are a leading global specialty retailer offering high-quality, on-trend clothing, accessories and personal care products at affordable prices under our American Eagle\u00ae and Aerie\u00ae brands. We have two reportable segments, American Eagle and Aerie. Our Chief Operating Decision Maker (defined as our CEO) analyzes segment results and allocates resources between segments based on adjusted operating income, which is a non-GAAP financial measure. See \"Non-GAAP Information\" below and Note 14, Segment Reporting, to the Consolidated Financial Statements included herein for additional information. Key Performance Indicators Our management evaluates the following items, which are considered key performance indicators, in assessing our performance: Comparable Sales \u2014 Comparable sales and comparable sales changes provide a measure of sales growth for stores and channels open at least one year over the comparable prior-year period. In fiscal years following those with 53 weeks, the prior-year period is shifted by one week to compare similar calendar weeks. A store is included in comparable sales in the 13th month of operation. However, stores that have a gross square footage change of 25% or greater due to a remodel are removed from the comparable sales base, but are included in total sales. These stores are returned to the comparable sales base in the 13th month following the remodel. Sales from American Eagle, Aerie, Todd Snyder, and Unsubscribed stores, as well as sales from AEO Direct and other digital channels, are included in total comparable sales. Sales from licensed stores are not included in comparable sales. Individual American Eagle and Aerie brand comparable sales disclosures include sales from stores and AEO Direct. Omni-Channel Sales Performance \u2014 Our management utilizes the following quality of sales metrics in evaluating our omni-channel sales performance: comparable sales, average unit retail price, total transactions, units per transaction, and consolidated comparable traffic. We include these metrics in our discussion within this MD&A when we believe that they enhance the understanding of the matter being discussed. Investors may find them useful as such. Each of these metrics is defined as follows (except comparable sales, which is defined separately above): 33 \u2022 Average unit retail price represents the selling price of our goods. It is the cumulative net sales divided by the net units sold for a period of time. \u2022 Total transactions represents the count of customer transactions over a period of time (inc Item 1. Business. Company Overview American Eagle Outfitters, Inc. (the \"Company,\" \"AEO,\" \"we,\" \"us,\" and \"our\") is a leading global specialty retailer with a portfolio of beloved apparel brands. We operate and license nearly 1,500 retail stores worldwide and are online at www.ae.com and www.aerie.com in the U.S. and internationally. Rooted in optimism, inclusivity, and authenticity, AEO\u2019s brands empower every customer to celebrate their unique personal style. We offer casual, comfortable, timeless outfitting and high-quality products that are made to last under the American Eagle (\"AE\") brand, and intimates, apparel, activewear, and swim collections under the Aerie and OFFLINE by Aerie brands. We sell directly to consumers through our retail channels, which includes online, stores, and concession-based shops-within-shops. We operate stores in the U.S., Canada, and Mexico. We also have license agreements with third parties to operate American Eagle and Aerie stores and online marketplace businesses throughout Asia (including India), Europe, Latin America, and the Middle East. We also operate Todd Snyder New York (\"Todd Snyder\"), a premium menswear brand; and Unsubscribed, which focuses on consciously made, slow fashion. Through the end of Fiscal 2025, we operated Quiet Platforms, which primarily served as AEO's regionalized fulfillment center network while also utilizing excess space to service appropriate third-party customers. In Fiscal 2025, as part of our continued supply chain network optimization project, we made the decision to close the Quiet Platforms business and discontinue services for all third-party customers. Refer to Note 15, Impairment, Restructuring and Other Charges, to the Consolidated Financial Statements included herein for additional information. Operating Segments The Company has identified two operating segments (American Eagle brand and Aerie brand) that also represent our reportable segments and reflect the Chief Operating Decision M Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should consider and carefully read all of the risks and uncertainties described below, as well as other information included in this Annual Report and in our other public filings. The risks described below are not the only ones f", "title": "AEO - AMERICAN EAGLE OUTFITTERS INC", "url": "/company/AEO/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001984060; latest 10-K filed 2026-02-24.", "text": "AESI - Atlas Energy Solutions Inc. SIC 1311 Crude Petroleum & Natural Gas; CIK 0001984060; latest 10-K filed 2026-02-24. AESI Atlas Energy Solutions Inc. 0001984060 1311 Crude Petroleum & Natural Gas Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read together with Item 1, \u201cBusiness,\u201d and the Consolidated Financial Statements and the related notes in Item 8 of this Annual Report. For the purposes of this discussion, references to \u201cAtlas Inc.\u201d are to AESI Holdings Inc. (f/k/a Atlas Energy Solutions Inc.) for periods prior to the completion of the Up-C Simplification, and to Atlas Energy Solutions Inc. (f/k/a New Atlas HoldCo Inc.) for periods subsequent to the Up-C Simplification. References to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and like expressions are to Atlas Inc. together with its subsidiaries. This discussion contains forward-looking statements as a result of many factors, including those set forth under the section titled \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and Item 1A. \u201cRisk Factors,\u201d and elsewhere in this Annual Report. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from those discussed in or implied by forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report, particularly in Item 1A. \u201cRisk Factors.\u201d We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law. We use Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted EBITDA less Capital Expenditures, Adjusted Free Cash Flow Margin, Adjusted EBITDA less Capital Expenditures Margin, Adjusted Free Cash Flow Conversion, Contribution Margin, Maintenance Capital Expenditures and Net Debt herein as non-GAAP measures of our financial performance. For further discussion of Contribution Margin, EBITDA, Adjusted EBITDA and Adjusted Free Cash Flow, see the section titled \u201cNon-GAAP Financial Measures\u201d in this Item 7 of this Annual Report. We define various terms to simplify the presentation of information in this Annual Report. All share amounts are presented in thousands. Overview We are a low-cost producer of high-quality, locally sourced 100 mesh and 40/70 sand used as a proppant during the well completion process. Proppant is necessary to facilitate the recovery of hydrocarbons from oil and natural gas wells. One hundred percent of our sand reserves are located in Texas within the Permian Basin and our operations consist of proppant production and processing facilities, including four facilities near Kermit, Texas (together, the \u201cKermit facilities\u201d), a fifth facility near Monahans, Texas (the \u201cMonahans facility\u201d), and the OnCore distributed mining network. We operate a differentiated logistics platform that is designed to increase the efficiency, safety and sustainability of the oil and natural gas industry primarily within the Permian Basin. This includes our fleet of fit-for-purpose trucks, trailers, wellsite equipment, and the Dune Express, an overland conveyor infrastructure solution. We have also begun integrating autonomous driving technologies in certain of our fit-for-purpose trucks, creating the first semi-autonomous oilfield logistics network in an effort to increase our automation of the oil and gas proppant supply chain. We also provide distributed power solutions through a fleet of natural gas-powered reciprocating generators primarily supporting production and artificial lift operations across major United States resource basins. Our generators are designed for heavy-duty, harsh environments for mission critical power needs. Our in-house manufacturing and remanufacturing capabilities, coupled with critical in-field service, provide quality control and standardization across the fleet ensuring market-leading uptime. Our Predecessor The predecessor of Atlas Inc. consists of Atlas LLC and certain Item 1. Business. Overview Atlas Energy Solutions Inc. is a leading proppant producer, logistics, and distributed power solutions provider, primarily serving the Permian Basin of West Texas and New Mexico. We operate our business through two reportable segments: Sand and Logistics and Power. Our mission is to improve human beings\u2019 access to the hydrocarbons that power our lives, and, by doing so, we maximize the value creation for our stockholders. Value creation for our shareholders is our fundamental goal. In order to fulfill our mission and create value for our shareholders, we strive to optimize the outcomes for our broader stakeholders, including our employees and the communities in which we operate. We are proud of the fact that our approach to innovation in the hydrocarbon industry drives efficiencies creating value for our shareholders, while also delivering differentiated social and environmental progress. The Company has driven innovation designed to provide industry-leading environmental benefits by reducing energy consumption, emissions, and our aerial footprint. We call this Sustainable Environmental and Social Progress, and it is driven by shareholder value creation. We were founded in 2017 by Ben M. \"Bud\" Brigham, our Executive Chairman, and are led by an entrepreneurial team with a history of constructive disruption bringing significant and complementary experience to this enterprise, including the perspective of longtime E&P operators, which provides for an elevated understanding of the end users of our products and services. Our executive management team has a proven track record with a history of generating positive returns and value creation. Our experience as E&P operators was instrumental to our understanding of the opportunity created by in-basin sand production and supply in the Permian Basin, which we view as North America\u2019s premier shale resource and which we believe will remain its most active through economic cycles. Segments Sand an Item 1A. Risk Factors. There are numerous factors that affect our business and operating results, many of which are beyond our control. The following is a summary of significant factors that might cause our future results to differ materially from those currently expected. The risks described below are not the ", "title": "AESI - Atlas Energy Solutions Inc.", "url": "/company/AESI/" }, { "kind": "company", "summary": "SIC 6531 Real Estate Agents & Managers (For Others); CIK 0001495932; latest 10-K filed 2026-02-24.", "text": "AGNT - AGNT, Inc. SIC 6531 Real Estate Agents & Managers (For Others); CIK 0001495932; latest 10-K filed 2026-02-24. AGNT AGNT, Inc. 0001495932 6531 Real Estate Agents & Managers (For Others) Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements and accompanying notes included in Part II, Item 8 of this Annual Report. This Item generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included, and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. All dollar amounts presented below are in USD thousands except share amounts and per share data and as otherwise noted. 2025 Business Developments The Company announces new agent offerings, markets, and business updates at various times during the year. Significant announcements during the year ended December 31, 2025 included the following: First Quarter 2025: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Announced expansion into Peru.\"]] [[/GREPCENT_TABLE]] Second Quarter 2025: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Announced expansion into Ecuador and T\\u00fcrkiye.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Launched Land and Ranch Division, empowering agents serving rural, recreational, and agricultural properties.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Launched the Co-Sponsor Program, allowing agents to name both a Primary Sponsor and a Co-Sponsor.\"]] [[/GREPCENT_TABLE]] 21 Table of Contents [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Launched U.S. open-sourced Seller Advisory: Risks of Limited Market Exposure form.\"]] [[/GREPCENT_TABLE]] Third Quarter 2025: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Announced expansion into Japan.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Appointed Jesse Hill as Chief Financial Officer of eXp World Holdings, Inc.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Launched CRM of Choice, allowing agents to choose from three leading customer relationship management platforms.\"]] [[/GREPCENT_TABLE]] Fourth Quarter 2025: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Announced expansion into Romania and the Netherlands.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Launched Sports and Entertainment Division, empowering agents serving clients in the sports and entertainment industries.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Appointed Carrie Lysenko as Chief Technology Officer of eXp Realty and Holly Mabery as Chief Brokerage Officer of eXp Realty.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Launched LYVVETM, the Company\\u2019s global property search platform aggregating listings and related data across multiple countries.\"]] [[/GREPCENT_TABLE]] Market Conditions and Industry Trends Our performance is closely tied to housing market activity, which is influenced by economic conditions such as employment, consumer confidence, mortgage availability, interest rates, and the balance of supply and demand. Periods of economic growth and lower interest rates generally support higher home sales activity, while rising rates, affordability constraints, or broader economic slowdowns may reduce transaction volumes and pricing. Regulatory developments, geopolitical events, and shifts in consumer sentiment can also affect housing demand. In 2025, U.S. home sales were relatively flat compared to 2024, and home sales prices increased 1.7%, according to the NAR. Inventory levels remain constrained, and new housing construction activity decreased during the year. These conditions may continue to limit transaction volumes in the near term. Despite these challenges, we believe the Company is positioned for growth with a strong base of agents, an efficient cloud-based operating model, and low fixed costs. This structure allows us to adapt quickly to market changes while supporting Item 1. BUSINESS General The Company owns and oversees a diversified portfolio of service-oriented businesses. These businesses are integrated through the Company\u2019s advanced enabling technology platform which enables collaboration and operational leverage across its ecosystem. The Company\u2019s strategic focus is the continued expansion of its real estate brokerage operations by delivering a differentiated value proposition to agents\u2014centered on industry-leading economics, ownership opportunities, and access to tools and services that support long-term professional growth. Through disciplined investment in technology, education, and affiliated services, the Company seeks to provide a scalable platform where real estate professionals can grow their businesses and adapt to an evolving real estate marketplace. A core element of the Company\u2019s value proposition is its commitment to cooperation, transparency, and consumer-centric practices, which the Company views as essential to a healthy, open real estate marketplace and a key differentiator in attracting and retaining professional agents. Throughout 2025, the Company also introduced new programs and specialized divisions designed to support agents in growing and expanding their businesses across a range of property types. In the second quarter of 2025, the Company launched its Land and Ranch Division, to support agents specializing in rural, recreational, and agricultural properties. During the fourth quarter of 2025, the Company launched its Sports and Entertainment Division, aimed at supporting agents serving clients in the sports and entertainment sectors. In addition, during the second quarter of 2025, the Company introduced its Co-Sponsor Program, allowing agents to designate both a primary sponsor and a co-sponsor, as well as a U.S. open-sourced Seller Advisory: Risks of Limited Market Exposure form, in line with the Company\u2019s commitment to transparency and education. The Company also continued to invest in its Item 1A. RISK FACTORS In addition to the other information set forth in this Annual Report, you should carefully consider the following factors, which could materially affect the Company\u2019s business, financial condition or results of operations in future periods. The risks described below are not the only risks facing the Company. Addit", "title": "AGNT - AGNT, Inc.", "url": "/company/AGNT/" }, { "kind": "company", "summary": "SIC 6351 Surety Insurance; CIK 0001273813; latest 10-K filed 2026-02-27.", "text": "AGO - ASSURED GUARANTY LTD SIC 6351 Surety Insurance; CIK 0001273813; latest 10-K filed 2026-02-27. AGO ASSURED GUARANTY LTD 0001273813 6351 Surety Insurance ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS For a more detailed description of events, trends and uncertainties, as well as the capital, liquidity, credit, operational and market risks and the critical accounting policies and estimates affecting the Company, the following discussion and analysis of the Company\u2019s financial condition and results of operations should be read in its entirety with the Company\u2019s consolidated financial statements and accompanying notes which appear elsewhere in this Form 10-K. The following discussion and analysis of the Company\u2019s financial condition and results of operations contains forward looking statements that involve risks and uncertainties. See \u201cForward Looking Statements\u201d for more information. The Company\u2019s actual results could differ materially from those anticipated in these forward looking statements as a result of various factors, including those discussed below and elsewhere in this Form 10-K, particularly under the headings \u201cRisk Factors\u201d and \u201cForward Looking Statements.\u201d Discussion related to the results of operations for the Company\u2019s comparison of 2024 results to 2023 results have been omitted in this Form 10-K. The Company\u2019s comparison of 2024 results to 2023 results is included in the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, under Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Overview Business The Company reports its results of operations in two distinct segments, Insurance and Asset Management, consistent with the manner in which the Company\u2019s chief operating decision maker reviews the business to assess performance and allocate resources. The Company\u2019s Corporate division and other activities (including financial guaranty VIEs (FG VIEs) and CIVs) are presented separately. In the Insurance segment, the Company provides credit protection products to the U.S. and non-U.S. public finance (including infrastructure) and structured finance markets. The Company participates in the asset management business through its ownership interest in Sound Point. See Part I, Item 1. Business \u2013 Asset Management, and Item 8. Financial Statements and Supplementary Data, Note 1. Business and Basis of Presentation. The Corporate division primarily consists of the results of holding companies that have issued public equity or debt. The Other category primarily includes the effect of consolidating FG VIEs and CIVs (FG VIE and CIV consolidation). See Item 8. Financial Statements and Supplementary Data, Note 2. Segment Information. Financial Strength Ratings Demand for the financial guaranties issued by the Company\u2019s financial guaranty insurance subsidiaries may be impacted by changes in the credit ratings assigned to them by the rating agencies. The financial strength ratings (or similar ratings) assigned to AGL\u2019s financial guaranty insurance subsidiaries, along with the date of the most recent rating action (or confirmation) by the rating agency assigning the rating, are shown in the table below. [[GREPCENT_TABLE]] [[\"\",\"S&P\",\"\",\"KBRA\",\"\",\"Moody\\u2019s\",\"\",\"A.M. Best Company, Inc.\"],[\"AG\",\"AA (stable) (6/30/25)\",\"\",\"AA+ (stable) (8/4/25)\",\"\",\"A1 (stable) (7/10/24)\",\"\",\"\\u2014\"],[\"AG Re\",\"AA (stable) (6/30/25)\",\"\",\"\\u2014\",\"\",\"\\u2014\",\"\",\"\\u2014\"],[\"AGRO\",\"AA (stable) (6/30/25)\",\"\",\"\\u2014\",\"\",\"\\u2014\",\"\",\"A+ (stable) (7/19/25)\"],[\"AGUK\",\"AA (stable) (6/30/25)\",\"\",\"AA+ (stable) (8/4/25)\",\"\",\"A1 (stable) (7/10/24)\",\"\",\"\\u2014\"],[\"AGE\",\"AA (stable) (6/30/25)\",\"\",\"AA+ (stable) (8/4/25)\",\"\",\"\\u2014\",\"\",\"\\u2014\"]] [[/GREPCENT_TABLE]] In addition, the Company\u2019s life and annuity reinsurance subsidiary, Assured Life Re, is rated BBB (Outlook Positive) (1/28/26) by Fitch Ratings, Inc. Ratings are subject to continuous rating agency review and revision or withdrawal at any time. In addition, the Company periodically assesses the value of each rating assig ITEM 1. BUSINESS Overview Assured Guaranty Ltd. (AGL and, together with its subsidiaries, Assured Guaranty or the Company) is a Bermuda-based holding company that provides, through its wholly-owned operating subsidiaries, credit protection products to the U.S. and non-U.S. public finance (including infrastructure) and structured finance markets. Assured Guaranty also participates in the asset management business. Through its financial guaranty insurance subsidiaries, the Company applies its credit underwriting judgment, risk management skills and capital markets experience primarily to offer financial guaranty insurance, including nonpayment insurance, that protects holders of debt instruments and other monetary obligations from defaults in scheduled payments. If an obligor defaults on a scheduled payment due on an obligation, such as scheduled principal or interest payment (collectively, debt service), the Company is required under its unconditional and irrevocable financial guaranty to pay the shortfall of the scheduled amount to the holder of the obligation, but generally cannot be required by the holder to pay on an accelerated basis. The Company markets its financial guaranty insurance directly to issuers and underwriters of public finance and structured finance securities as well as to investors in such obligations. The Company guarantees obligations issued principally in the U.S. and the United Kingdom (U.K.), and also guarantees obligations issued in other countries and regions, including Western Europe and Australia. The Company also provides specialty insurance and reinsurance on transactions with risk profiles similar to those of its structured finance exposures written in financial guaranty form. The Company participates in the asset management business through its ownership interest in Sound Point Capital Management, LP (Sound Point, LP) and certain of its investment management affiliates (together with Sound Point, LP, Sound Point), as described ITEM 1A. RISK FACTORS You should carefully consider the following information, together with the information contained in AGL\u2019s other filings with the SEC. The risks and uncertainties discussed below are not the only ones the Company faces. However, these are the risks that the Company\u2019s management believes are material. The Company may face additional risks o", "title": "AGO - ASSURED GUARANTY LTD", "url": "/company/AGO/" }, { "kind": "company", "summary": "SIC 1700 Construction - Special Trade Contractors; CIK 0000100591; latest 10-K filed 2026-03-26.", "text": "AGX - ARGAN INC SIC 1700 Construction - Special Trade Contractors; CIK 0000100591; latest 10-K filed 2026-03-26. AGX ARGAN INC 0000100591 1700 Construction - Special Trade Contractors ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. This section of our 2026 Annual Report may include projections, assumptions and beliefs that are intended to be \u201cforward-looking statements.\u201d They should be read while considering our cautionary statement regarding \u201cforward-looking statements\u201d presented at the beginning of this 2026 Annual Report. The following discussion summarizes the financial position of Argan, Inc. and its subsidiaries as of January 31, 2026, and the results of their operations for Fiscal 2026 and - 23 - Table of Contents Fiscal 2025, and should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in Item 8 of this 2026 Annual Report. Refer to \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company\u2019s Annual Report on Form 10-K for the year ended January 31, 2025, that was filed with the SEC on March 27, 2025, for a discussion of financial trends, variance drivers and other significant matters for Fiscal 2025 as compared with Fiscal 2024. Overview The Company is primarily a construction firm that conducts operations through its wholly-owned subsidiaries across three distinct reportable business segments. Power: Our Power segment provides a full range of engineering, procurement, construction, commissioning, maintenance, project development and technical consulting services to the power generation market. The customers include primarily independent power producers, public utilities, power plant equipment suppliers and other commercial firms with significant power requirements. Customer projects are located in the U.S., Ireland and the U.K. Industrial: Our Industrial segment provides field services supporting new plant construction and plant additions for industrial facilities primarily located in the Southeast region of the U.S. The segment also fabricates, delivers, and installs metal components, including piping systems and pressure vessels, and performs maintenance turnarounds, shutdowns, and emergency mobilizations. Teledata: Our Teledata segment provides project management, construction, installation, maintenance, repair, and emergency response services across power distribution and information, communications, and data networks. The segment\u2019s customers include commercial and industrial organizations, as well as state and federal government agencies, primarily throughout the Mid-Atlantic region of the U.S. Project Backlog As of January 31, 2026 and 2025, our consolidated project backlog amount of $2.9 billion and $1.4 billion, respectively, consisted substantially of projects within our Power segment. The amount of our project backlog reported at a point in time represents the expected revenues from the remaining work on projects where the scope is sufficiently defined and the contract value can be reasonably estimated. While the inclusion of contract values in project backlog involves management judgment based on the facts and circumstances, we typically include the value of the contract in project backlog upon receiving a notice to proceed from the project owner. In making the determination of project backlog, management may consider several factors, including terms of the contract, the degree of project financing and permitting, and historical experience with similar contracts. The start of new projects is primarily controlled by project owners and delays may occur that are beyond our control. We are committed to the construction of state-of-the-art, natural gas-fired power plants, as important elements of our country\u2019s electricity-generation mix now and in the future. We target natural gas-fired power plants, renewable energy plants, energy storage, and industrial construction opportunities in the U.S., and natural gas-fired power plants and biomass power plants in Ireland and the U.K. Our vision is to safely contribute to the constructi ITEM 1. BUSINESS. Argan, Inc. (\u201cArgan\u201d) is primarily an engineering and construction firm that conducts its operations through its wholly-owned subsidiaries across three distinct reportable business segments: Power, Industrial, and Teledata. Argan and these consolidated subsidiaries are hereinafter collectively referred to as the \u201cCompany.\u201d Through the Power segment, we provide a full range of engineering, procurement, construction, commissioning, maintenance, project development, and technical consulting services to the power generation market. The customers include primarily independent power producers, public utilities, power plant equipment suppliers and other commercial firms with significant power requirements. Customer projects are located in the United States (the \u201cU.S.\u201d), the Republic of Ireland (\u201cIreland\u201d) and the United Kingdom (the \u201cU.K.\u201d). The Industrial segment provides on-site services that support new plant construction and additions, maintenance turnarounds, shutdowns and emergency mobilizations for industrial operations primarily located in the Southeast region of the U.S. and that may include the fabrication, delivery and installation of metal components such as piping systems and pressure vessels. The Teledata segment provides project management, construction, installation, maintenance, repair, and emergency response services across power distribution and information, communications, and data networks. The segment\u2019s customers include commercial and industrial organizations, as well as state and federal government agencies, primarily throughout the Mid-Atlantic region of the U.S. Together, these segments enable us to serve a wide range of client needs across power generation, industrial construction, and teledata infrastructure, establishing our presence as a diversified provider in the construction and engineering sectors. Holding Company Structure Argan was organized as a Delaware corporation in May 1961. Argan operates as a holding compa ITEM 1A. RISK FACTORS. Our business is challenged by a changing environment that involves many known and unknown risks and uncertainties. The risks described below discuss factors that have affected and/or could affect us in the future. There may be others. We may be affected by risks that are currently unknown to us or are immaterial", "title": "AGX - ARGAN INC", "url": "/company/AGX/" }, { "kind": "company", "summary": "SIC 7373 Services-Computer Integrated Systems Design; CIK 0000078749; latest 10-K filed 2026-05-21.", "text": "AGYS - AGILYSYS INC SIC 7373 Services-Computer Integrated Systems Design; CIK 0000078749; latest 10-K filed 2026-05-21. AGYS AGILYSYS INC 0000078749 7373 Services-Computer Integrated Systems Design Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. In \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d (MD&A), management explains the general financial condition and results of operations for Agilysys and subsidiaries including: \u2014 what factors affect our business; \u2014 what our earnings and costs were; \u2014 why those earnings and costs were different from the year before; \u2014 where the earnings came from; \u2014 how our financial condition was affected; and \u2014 where the cash will come from to fund future operations. The MD&A analyzes changes in specific line items in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows and provides information that management believes is important to assessing and understanding our consolidated financial condition and results of operations. This discussion should be read in conjunction with the Consolidated Financial Statements and related Notes that appear in Item 8 of this Annual Report titled, \u201cFinancial Statements and Supplementary Data.\u201d Information provided in the MD&A may include forward-looking statements that involve risks and uncertainties. Many factors could cause actual results to be materially different from those contained in the forward-looking statements. See \u201cForward-Looking Information\u201d on page 3 of this Annual Report and Item 1A \u201cRisk Factors\u201d in Part I of this Annual Report for additional information concerning these items. Management believes that this information, discussion, and disclosure is important in making decisions about investing in Agilysys. Overview Recent Developments Macroeconomic Conditions During the year ended March 31, 2026, global macroeconomic conditions were, and continue to be, influenced by a number of factors, including, but not limited to, political unrest, armed conflicts, changes to tariffs and trade policies, labor shortages and natural disasters. We believe such conditions are impacting customer spending and provider pricing decisions resulting in decreased demand, increased costs, and reduced margins particularly in areas outside of the United States. Book4Time On August 20, 2024, we acquired Book4Time Parent, Inc. (Book4Time), a global leader in spa management SaaS software, as further described in Note 16, Business Combination, to our consolidated financial statements included under Part II, Item 8 of this annual report. The cash consideration for the acquisition totaled $145.8 million of net cash, partially funded by a credit agreement (the Credit Agreement) we entered into on August 16, 2024 (the Credit Agreement Closing Date), with the lenders party thereto and Bank of America, N.A., as lender and administrative agent, as further described in Note 15, Debt, to our consolidated financial statements included under Part II, Item 8 of this annual report. Our Business Agilysys has been a leader in hospitality software for more than 45 years, delivering innovative cloud-native SaaS and on-premise solutions for hotels, multi-amenity resorts, cruise lines, casinos, corporate foodservice management, restaurants, universities, stadiums, and healthcare facilities. The Company\u2019s software solutions include point-of-sale (POS), property management (PMS), inventory and procurement, payments, and related applications that manage and enhance the entire guest journey. Agilysys is also known for its world-class customer-centric service. Many of the top hospitality companies around the world use Agilysys solutions to improve guest loyalty, drive revenue growth, and increase operational efficiencies. The Company has one reportable segment serving the global hospitality industry. Agilysys operates across the Americas, Europe, the Middle East, Africa, Asia-Pacific, and India with headquarters located in Alpharetta, GA. Our top priority is increasing shareholder value by improving operating and financial performance and profitably growing the bus Item 1. Business. Overview Agilysys has been a leader in hospitality software for more than 45 years, delivering innovative cloud-native SaaS and on-premise solutions for hotels, multi-amenity resorts, cruise lines, casinos, corporate foodservice management, restaurants, universities, stadiums, and healthcare facilities. The Company\u2019s software solutions include point-of-sale (POS), property management (PMS), inventory and procurement, payments, and related applications that manage and enhance the entire guest journey. Agilysys is also known for its world-class customer-centric service. Many of the top hospitality companies around the world use Agilysys solutions to improve guest loyalty, drive revenue growth, and increase operational efficiencies. Agilysys operates across the Americas, Europe, the Middle East, Africa, Asia-Pacific, and India with headquarters located in Alpharetta, GA. The Company has one reportable segment serving the global hospitality industry. Our principal executive offices are located at 3655 Brookside Parkway, Suite 300, Alpharetta, Georgia, 30022. Reference herein to any particular year or quarter refers to periods within our fiscal year ended March 31. For example, fiscal 2026 refers to the fiscal year ended March 31, 2026. History and Significant Events Organized in 1963 as Pioneer-Standard Electronics, Inc., an Ohio corporation, we began operations as a distributor of electronic components and, later, enterprise computer solutions. Exiting the former business in fiscal 2003 with the sale of our Industrial Electronic Division, we used the proceeds to reduce debt and fund growth of our enterprise solutions business. This included acquiring businesses focused on higher-margin and more specialized solutions for the hospitality and retail industries. At the same time, we changed our name to Agilysys, Inc. In fiscal 2004, we acquired Inter-American Data, Inc., which allowed us to become the leading developer and provider of technology s Item 1A. Risk Factors. Risks Relating to Our Business Markets, Competition, and Operations Our business is impacted by changes in macroeconomic and global conditions. Because we conduct our business internationally, changes in global, national, or regional economies, governmental policies (including in areas such as tariffs", "title": "AGYS - AGILYSYS INC", "url": "/company/AGYS/" }, { "kind": "company", "summary": "SIC 8082 Services-Home Health Care Services; CIK 0001725255; latest 10-K filed 2026-02-24.", "text": "AHCO - AdaptHealth Corp. SIC 8082 Services-Home Health Care Services; CIK 0001725255; latest 10-K filed 2026-02-24. AHCO AdaptHealth Corp. 0001725255 8082 Services-Home Health Care Services Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with AdaptHealth Corp.'s (\"AdaptHealth\" or the \"Company\") consolidated financial statements and the accompanying notes included in this report. All amounts presented are in accordance with U.S. generally accepted accounting principles (\"U.S. GAAP\"), except as noted. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management's expectations. Factors that could cause such differences include, but are not limited to, those discussed in Item 1A, \"Risk Factors,\" of this Annual Report on Form 10-K. Certain amounts that appear in this section may not sum due to rounding. AdaptHealth Corp. Overview AdaptHealth is a national leader in providing patient-centered, healthcare-at-home solutions including home medical equipment (\"HME\"), medical supplies, and related services. The Company operates under four reportable segments that align with its product categories: (i) Sleep Health, (ii) Respiratory Health, (iii) Diabetes Health, and (iv) Wellness at Home. A description of the products and services provided within each of the Company\u2019s four reportable segments is provided below. Sleep Health The Sleep Health segment provides sleep therapy equipment, supplies and related services (including continuous positive airway pressure and BiLevel services) to individuals for the treatment of obstructive sleep apnea. 39 Respiratory Health The Respiratory Health segment provides oxygen and home mechanical ventilation equipment and supplies and related chronic therapy services to individuals for the treatment of respiratory diseases, such as chronic obstructive pulmonary disease and chronic respiratory failure. Diabetes Health The Diabetes Health segment provides medical devices, including continuous glucose monitors and insulin pumps, and related services to patients for the treatment of diabetes. Wellness at Home The Wellness at Home segment provides home medical equipment and services to patients in their homes including those who have been discharged from acute care and other facilities. The segment tailors a service model to patients who are adjusting to new lifestyles or navigating complex disease states by providing essential medical supplies and durable medical equipment. The Company services beneficiaries of Medicare, Medicaid and commercial insurance payors. As of December 31, 2025, AdaptHealth serviced approximately 4.3 million patients annually in all 50 states through its network of approximately 640 locations in 48 states. The Company's principal executive offices are located at 555 East North Lane, Suite 5075, Conshohocken, Pennsylvania 19428. Impact of Inflation The cost to manufacture and distribute the equipment and products that AdaptHealth purchases from vendors and provides to patients is influenced by the cost of materials, labor, shipping, and transportation, including fuel costs. Current and future inflationary effects may be driven by, among other things, general inflationary cost increases, supply chain disruptions and governmental stimulus or fiscal policies. Increases in inflation could impact the overall demand for AdaptHealth\u2019s products and services, availability of materials, its costs for labor, equipment and products, shipping, warehousing and other operational overhead and the margins it is able to realize on its products, all of which could have an adverse impact on AdaptHealth\u2019s business, financial position, results of operations and cash flows. Additionally, it is not certain whether AdaptHealth would be able to pass increased costs onto customers to offset inflationary pressures. AdaptHealth has experienced inflationary pressure and higher costs as a result of increased cost of materials, labor, shipping an Item 1. Business AdaptHealth Corp. and subsidiaries (\"AdaptHealth\" or \"the Company\") is a national leader in providing patient-centered, healthcare-at-home solutions including home medical equipment (\u201cHME\u201d), medical supplies, and related services. The Company operates under four reportable segments that align with its product categories: (i) Sleep Health, (ii) Respiratory Health, (iii) Diabetes Health, and (iv) Wellness at Home. A description of the products and services provided within each of the Company\u2019s four reportable segments is provided below. Sleep Health The Sleep Health segment provides sleep therapy equipment, supplies and related services (including continuous positive airway pressure and BiLevel services) to individuals for the treatment of obstructive sleep apnea. Respiratory Health The Respiratory Health segment provides oxygen and home mechanical ventilation equipment and supplies and related chronic therapy services to individuals for the treatment of respiratory diseases, such as chronic obstructive pulmonary disease and chronic respiratory failure. Diabetes Health The Diabetes Health segment provides medical devices, including continuous glucose monitors and insulin pumps, and related services to patients for the treatment of diabetes. Wellness at Home The Wellness at Home segment provides home medical equipment and services to patients in their homes including those who have been discharged from acute care and other facilities. The segment tailors a service model to patients who are adjusting to new lifestyles or navigating complex disease states by providing essential medical supplies and durable medical equipment. The Company services beneficiaries of Medicare, Medicaid and commercial insurance payors. As of December 31, 2025, AdaptHealth serviced approximately 4.3 million patients annually in all 50 states through our network of approximately 640 locations in 48 states. The Company's principal executive offices are located at 555 Ea Item 1A. Risk Factors We operate in a rapidly changing environment that involves a number of risks. The following discussion highlights some of these risks and others are discussed elsewhere in this report. These and other risks could materially adversely affect our business, revenue, financial condition and results of operations. ", "title": "AHCO - AdaptHealth Corp.", "url": "/company/AHCO/" }, { "kind": "company", "summary": "SIC 2221 Broadwoven Fabric Mills, Man Made Fiber & Silk; CIK 0000819793; latest 10-K filed 2026-02-27.", "text": "AIN - ALBANY INTERNATIONAL CORP /DE/ SIC 2221 Broadwoven Fabric Mills, Man Made Fiber & Silk; CIK 0000819793; latest 10-K filed 2026-02-27. AIN ALBANY INTERNATIONAL CORP /DE/ 0000819793 2221 Broadwoven Fabric Mills, Man Made Fiber & Silk ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand the results of operations and financial condition of the Company. MD&A is provided as a supplement to, and should be read in conjunction with, our Consolidated Financial Statements and the accompanying Notes included under Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K. The MD&A generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results or Operations\u201d in the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 26, 2025, incorporated herein by reference. Business Environment Overview and Trends We conduct our business under two reportable segments: Machine Clothing (\u201cMC\u201d) and Albany Engineered Composites (\u201cAEC\u201d) each rooted in similar materials sciences know-how that forms a common approach to customer value proposition in design and manufacturability. MC competes on the basis of its deep industry knowledge, customer reputation and customer service and global advanced textile manufacturing capabilities, which has enabled it to develop a robust and market leading product offering that can be tailored to customer specific requirements. AEC competes on the basis of its innovative technology solutions, extensive composite manufacturing capabilities and 34 Index capacity that enable it to offer high quality specific part and assembly solutions that achieve its customers\u2019 application performance requirements. General Global, economic, and political conditions, changes in raw material and commodity prices and supply, labor availability and costs, inflation, interest rates, potential changes in U.S. government policy positions, including changes in Department of Defense policies or priorities, geopolitical conflicts and strained international relations, U.S. and non-U.S. tax law changes, foreign currency exchange rates, sanctions, tariffs, energy costs and supply, and the impact from natural disasters and weather conditions create uncertainties that could impact our businesses. Machine Clothing During 2025, the MC segment delivered a resilient performance, with several areas performing well despite uneven market dynamics. In Asia, softer demand\u2014across Paper Machine Clothing & Engineered Fabrics\u2014contributed to regional pressure, while EF also declined due to strategic divestment and planned plant consolidation in Europe. Packaging and Tissue continued to perform well, supported by growth across most regions. Publication grades remained under structural pressure, and the MC segment expects publication grade paper demand to continue declining into 2026 and beyond, offset by growing demand for tissue grade products. Looking ahead to 2026, we expect Packaging and Tissue to remain positive contributors, with sales in Europe and the Americas holding broadly stable, while Asia\u2019s trajectory remains uncertain. We believe the MC segment is well-positioned in key markets, with high-quality, low-cost production in growth markets, substantially lower fixed costs in mature markets, and continued strength in new product development, technical product support, and manufacturing technology. Some of the markets in which MC's products are sold are expected to have volume trends that are in line with global GDP. Despite pricing and demand pressures on revenue growth, the MC segment is expected to improve earnings in the future through technological innovations, particularly within the pressing market, manufacturing productivity efficiencies and cost controls. The MC segment has be Item 1. BUSINESS General Founded in 1895, Albany International Corp. is a global leader in advanced textiles and materials processing specializing in designing and manufacturing high-performance engineered fabrics and composite components and assemblies that serve industries such as paper, industrial manufacturing, and aerospace. The terms the Registrant, the Company, Albany, we, us, or our mean Albany International Corp. and its subsidiaries, unless the context indicates another meaning. The following description of our business should be read in conjunction with \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d within Item 7 of this Annual Report on Form 10-K, including the information contained therein under the heading \u201cBusiness Environment Overview and Trends.\u201d Business Segments The Company operates under two business segments: Machine Clothing and Albany Engineered Composites. Following is a table of Net revenues by segment for years ended December 31, 2025, 2024, and 2023. [[GREPCENT_TABLE]] [[\"(in thousands)\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Machine Clothing\",\"\",\"$\",\"708,066\",\"\",\"\",\"$\",\"749,907\",\"\",\"\",\"$\",\"670,768\"],[\"Albany Engineered Composites\",\"\",\"474,747\",\"\",\"\",\"480,708\",\"\",\"\",\"477,141\"],[\"Total net revenues\",\"\",\"$\",\"1,182,813\",\"\",\"\",\"$\",\"1,230,615\",\"\",\"\",\"$\",\"1,147,909\"]] [[/GREPCENT_TABLE]] The table that sets forth certain segment financial performance metrics and selected balance sheet data appears in Note 3, Reportable Segments and Geographic Data, of the Notes to the Consolidated Financial Statements, in Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K. Machine Clothing The Machine Clothing (\u201cMC\u201d) segment is the world\u2019s leading producer of custom-designed fabrics and high-speed process belts critical in the manufacture of all grades of paper products characterized primarily as Paper Machine Clothing (\u201cPMC\u201d). MC supplies highly engineered consumable permeable, Item 1A. RISK FACTORS The risks and uncertainties described below are those that we have identified as material, but are not the only risks and uncertainties facing the Company. This list is not all-inclusive or necessarily in order of importance. If any of the events contemplated by the ", "title": "AIN - ALBANY INTERNATIONAL CORP /DE/", "url": "/company/AIN/" }, { "kind": "company", "summary": "SIC 3720 Aircraft & Parts; CIK 0000001750; latest 10-K filed 2025-07-22.", "text": "AIR - AAR CORP SIC 3720 Aircraft & Parts; CIK 0000001750; latest 10-K filed 2025-07-22. AIR AAR CORP 0000001750 3720 Aircraft & Parts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars in millions) Background and Forward-Looking Statements The following discussion and analysis of our financial condition and results of operations, and quantitative and qualitative disclosures about market risk should be read in conjunction with our consolidated financial statements and the related notes included in this Form 10-K. For a discussion of the comparison of fiscal 2024 and 2023, refer to Part II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended May 31, 2024 (filed July 19, 2024). Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contain certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may also be identified because they contain words such as \u2018\u2018anticipate,\u2019\u2019 \u2018\u2018believe,\u2019\u2019 \u2018\u2018continue,\u2019\u2019 \u2018\u2018could,\u2019\u2019 \u2018\u2018estimate,\u2019\u2019 \u2018\u2018expect,\u2019\u2019 \u2018\u2018intend,\u2019\u2019 \u2018\u2018likely,\u2019\u2019 \u2018\u2018may,\u2019\u2019 \u2018\u2018might,\u2019\u2019 \u2018\u2018plan,\u2019\u2019 \u2018\u2018potential,\u2019\u2019 \u2018\u2018predict,\u2019\u2019 \u2018\u2018project,\u2019\u2019 \u2018\u2018seek,\u2019\u2019 \u2018\u2018should,\u2019\u2019 \u2018\u2018target,\u2019\u2019 \u2018\u2018will,\u2019\u2019 \u2018\u2018would,\u2019\u2019 or similar expressions and the negatives of those terms. These forward-looking statements are based on the beliefs of management, as well as assumptions and estimates based on information available to us as of the dates such assumptions and estimates are made, and are subject to certain risks and uncertainties, including those factors discussed under Item 1A, \u201cRisk Factors,\u201d that could cause actual results to differ materially from those anticipated. Should one or more of those risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described. Those events and uncertainties are difficult or impossible to predict accurately and many are beyond our control. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. General Overview We report our activities in four business segments: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Parts Supply, primarily consisting of our sales of used serviceable material (\\u201cUSM\\u201d), including aircraft, engine and airframe parts and components and distribution of new parts (\\u201cDistribution\\u201d);\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Repair & Engineering, primarily consisting of our maintenance, repair, and overhaul (\\u201cMRO\\u201d) services across airframes (\\u201cAirframe MRO\\u201d) and components (\\u201cComponent Services\\u201d);\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Integrated Solutions, primarily consisting of our fleet management and operations of customer-owned aircraft, customized performance-based supply chain logistics programs in support of the U.S. Department of Defense (\\u201cDoD\\u201d) and foreign governments, flight hour component inventory and repair programs for commercial airlines, and integrated software solutions, including Trax; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Expeditionary Services, primarily consisting of products and services supporting the movement of equipment and personnel by the U.S. and foreign governments and non-governmental organizations.\"]] [[/GREPCENT_TABLE]] Our chief operating decision making officer (\u201cCODM\u201d) is our Chief Executive Officer and he evaluates performance on our operating segments using operating income as the primary profitability measure. Our operating segments are aligned principally around differences in products and services. The Company has not aggregated operating segments for purposes of identifying reportable segments. Inter-segment sales are recorded at fair value which results ITEM 1.BUSINESS General AAR CORP. and its subsidiaries are referred to herein collectively as \u201cAAR,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d unless the context indicates otherwise. AAR was incorporated in 1955 and we are a leading independent provider of solutions to the global aviation aftermarket. We offer a broad line of products and services to commercial and government aerospace customers. We operate globally in over 20 countries through four business segments: Parts Supply, Repair & Engineering, Integrated Solutions and Expeditionary Services. In fiscal 2025, we continued our efforts to optimize our products and services portfolio to position us for continued strong growth as well as to respond to the industry\u2019s increased demand for aftermarket services. Double-digit sales growth in our new parts Distribution activities was a key contributor to improvements in profitability. Our fiscal 2023 investment in Trax has enabled us to scale to win the business from some of the largest airlines and maintenance, repair and overhaul (\u201cMRO\u201d) providers. We also continued our integration of our fiscal 2024 Product Support acquisition and have realized significant synergies while our broader Component Services activities have benefited from these additional capabilities, expanded global footprint, and higher margin offerings brought through the acquisition. As part of our portfolio optimization efforts, we divested our Landing Gear Overhaul (\u201cLGO\u201d) business to better focus on our core segments and highest margin offerings. We have made further investments to continue to strengthen our existing businesses, including in digital technologies, to help transform our service delivery and the aviation industry while contributing to improved profitability. In our Airframe MRO activities, digital advancements have driven efficiencies contributing to significant profitability improvement, and we continue to make progress toward additional maintenance capacity through the construction of ITEM 1A.RISK FACTORS The following is a description of the principal risks inherent in our business. Any of the risks and uncertainties described below could materially and adversely affect our business, financial condition, and results of operations and should be considered in evaluating us. You should not interpret the disclosure of any risk factor to imply that the risk has n", "title": "AIR - AAR CORP", "url": "/company/AIR/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000899629; latest 10-K filed 2026-02-13.", "text": "AKR - ACADIA REALTY TRUST SIC 6798 Real Estate Investment Trusts; CIK 0000899629; latest 10-K filed 2026-02-13. AKR ACADIA REALTY TRUST 0000899629 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. OVERVIEW As of December 31, 2025, we owned or held an ownership interest in 228 properties through our REIT Portfolio and Investment Management platform, including properties in development or redevelopment. These properties primarily consist of street and urban retail, and suburban shopping centers located in high-barrier to entry, supply-constrained markets. For a detailed summary of our wholly owned and partially owned properties and their physical occupancy as of December 31, 2025, see Item 2. Properties. Our revenues are predominantly derived from rental income from operating properties, including tenant expense reimbursements, and are offset by property-level operating costs and corporate overhead. This recurring income stream reflects the stability of our core REIT portfolio and is complemented by value creation through development, redevelopment, and our Investment Management activities. We also invest selectively in first mortgage loans and other real estate-backed notes through our Structured Finance program, either directly or via affiliated entities. This program serves as an additional source of returns and enhances portfolio diversification. We engage in development and redevelopment initiatives to unlock inherent property value and address shifting tenant and market requirements. As of December 31, 2025, our REIT Portfolio included 13 development properties and 12 redevelopment properties, along with one redevelopment project within Investment Management. For further information, refer to Item 2. Properties\u2014Development Activities and Note 2. 43 SIGNIFICANT ACTIVITIES DURING THE year ended December 31, 2025 AND SUBSEQUENT EVENTS See Note 12 in the Notes to Consolidated Financial Statements for an overview of our three reportable segments: REIT Portfolio, Investment Management and Structured Financing. For purposes of the tables included below, these segments are abbreviated as \u201cREIT\u201d, \u201cIM\u201d and \u201cSF\u201d, respectively. Investments Acquisitions During the year ended December 31, 2025, the following properties were acquired (Note 2) (dollars in thousands): [[GREPCENT_TABLE]] [[\"Property Name\",\"\",\"Portfolio\",\"\",\"Ownership\",\"\",\"Acquisition Date\",\"\",\"Location\",\"\",\"GLA\",\"\",\"\",\"Purchase Price\"],[\"REIT Portfolio\"],[\"106 Spring Street\",\"\",\"REIT\",\"\",\"100%\",\"\",\"January 9, 2025\",\"\",\"New York Metro\",\"\",\"\",\"5,936\",\"\",\"\",\"$\",\"55,137\"],[\"73 Wooster Street\",\"\",\"REIT\",\"\",\"100%\",\"\",\"January 9, 2025\",\"\",\"New York Metro\",\"\",\"\",\"8,896\",\"\",\"\",\"\",\"25,459\"],[\"Renaissance Portfolio (a)\",\"\",\"REIT\",\"\",\"48%\",\"\",\"January 23, 2025\",\"\",\"Washington DC Metro\",\"\",\"\",\"225,865\",\"\",\"\",\"\",\"117,936\"],[\"95, 97, and 107 North 6th Street\",\"\",\"REIT\",\"\",\"100%\",\"\",\"April 9, 2025\",\"\",\"New York Metro\",\"\",\"\",\"21,100\",\"\",\"\",\"\",\"59,668\"],[\"85 5th Avenue\",\"\",\"REIT\",\"\",\"100%\",\"\",\"April 11, 2025\",\"\",\"New York Metro\",\"\",\"\",\"13,092\",\"\",\"\",\"\",\"47,014\"],[\"70 and 93 North 6th Street\",\"\",\"REIT\",\"\",\"100%\",\"\",\"June 4, 2025\",\"\",\"New York Metro\",\"\",\"\",\"21,713\",\"\",\"\",\"\",\"50,323\"],[\"2117 N. Henderson Avenue\",\"\",\"REIT\",\"\",\"100%\",\"\",\"July 31, 2025\",\"\",\"Dallas Metro\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"904\"],[\"Investment Management\"],[\"Pinewood Square (b)\",\"\",\"IM\",\"\",\"100%\",\"\",\"March 19, 2025\",\"\",\"Southeast\",\"\",\"\",\"204,002\",\"\",\"\",\"\",\"68,207\"],[\"The Avenue West Cobb (b)\",\"\",\"IM\",\"\",\"100%\",\"\",\"September 30, 2025\",\"\",\"Southeast\",\"\",\"\",\"254,446\",\"\",\"\",\"\",\"62,701\"]] [[/GREPCENT_TABLE]] (a) On January 23, 2025, we acquired an additional 48% economic ownership interest, increasing our existing 20% interest to 68%, in the Renaissance Portfolio, which is primarily located in Washington D.C. The 48% interest was acquired for a purchase price of $117.9 million, based upon a gross portfolio fair value of $245.7 million, which included existing aggregate mortgage loan indebtedness of $156.1 million (Note 7). Prior to the acquisition, we accounted for our 20% interest under the equity method of accounting ITEM 1. BUSINESS. GENERAL Acadia Realty Trust (the \u201cTrust\u201d, and collectively with its consolidated subsidiaries, the \u201cCompany\u201d, \u201cAcadia\u201d, \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d) is a fully-integrated, Maryland-formed equity REIT focused on the ownership, acquisition, development, and management of high-quality retail properties located primarily in high-barrier-to-entry, supply-constrained, densely populated metropolitan areas in the United States. Acadia owns and operates a core real estate portfolio of street and open-air retail properties in the nation\u2019s most dynamic corridors (\u201cREIT Portfolio\u201d), along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles (\u201cInvestment Management\u201d). All assets are held by, and operations conducted through, Acadia Realty Limited Partnership (the \u201cOperating Partnership\u201d) and its affiliated entities. As of December 31, 2025, the Trust controlled approximately 96% of the Operating Partnership as the sole general partner, entitling us to share in any cash distributions and profits and losses proportionate to our interest. Limited partners primarily include entities or individuals that contributed property interests in exchange for common or preferred units of limited partnership interest (\u201cCommon OP Units\u201d or \u201cPreferred OP Units\u201d, and collectively, \u201cOP Units\u201d), as well as employees awarded restricted Common OP Units as long-term incentive compensation (\u201cLTIP Units\u201d). Holders of Common OP and LTIP Units generally have the right to exchange their units on a one-for-one basis for our common shares of beneficial interest (\u201cCommon Shares\u201d). This structure is commonly referred to as an umbrella partnership \u201cREIT\u201d, or \u201cUPREIT\u201d. As of December 31, 2025, we owned or held an ownership interest in 228 properties through our REIT Portfolio and Investment Management platform (Note 1). The majority of our operating income is derived from rental revenues from operating properties ITEM 1A. RISK FACTORS. Set forth below are the risk factors that we believe are material to our investors. You should carefully consider these risk factors, together with all of the other information included in this Report, including our consolidated financial statements and related notes thereto, before you decide whether to make", "title": "AKR - ACADIA REALTY TRUST", "url": "/company/AKR/" }, { "kind": "company", "summary": "SIC 3523 Farm Machinery & Equipment; CIK 0000897077; latest 10-K filed 2026-03-02.", "text": "ALG - ALAMO GROUP INC SIC 3523 Farm Machinery & Equipment; CIK 0000897077; latest 10-K filed 2026-03-02. ALG ALAMO GROUP INC 0000897077 3523 Farm Machinery & Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Executive Summary and Outlook This report contains forward-looking statements that are based on Alamo Group\u2019s current expectations. Actual results in future periods may differ materially from those expressed or implied because of a number of risks and uncertainties which are discussed below and in the Forward-Looking Information section beginning on page 14. We continued to experienced strong demand for industrial equipment products in 2025, while demand for vegetation products was mixed. Agricultural, tree care and recycling markets remained weak. Operating margins declined as strong performance in the Industrial Equipment Division only partially offset lower margins in the Vegetation Management Division. Market conditions continue to be mixed. Demand for governmental and industrial products is healthy and vegetation product demand remains weak by soft commodity pricing, elevated interest rates, and reduced housing construction activity. 2025 Performance In 2025, the Company's net sales decreased by 2% and net income decreased by 10% compared to 2024. The decrease in net sales was primarily driven by the ongoing lower demand in tree care and recycling markets and operational challenges in the Vegetation Management Division related to consolidation of certain operations. Additionally, the sale of Herschel Parts on August 16, 2024, had an unfavorable impact on year-over-year sales, though immaterial for total Company results for the year. These challenges were only partially offset by strong sales growth in the Industrial Equipment Division. Net income was impacted by the CEO transition costs, acquisition and integration expenses, and ongoing restructuring efforts. Additional pressure on net income resulted from market-driven revenue declines and production inefficiencies in the Vegetation Management Division. Strong demand and solid margins in the Industrial Equipment Division only partially offset these challenges. The Company's Vegetation Management Division experienced a 17% decrease in net sales and a 59% decline in income from operations for the full year of 2025 compared to 2024. While continued market weakness and operational challenges led to lower revenue, the Division\u2019s backlog increased 6% reflecting potential market stabilization. The Company continues to implement cost-saving initiatives and enhancement of operational efficiencies in an effort to improve operating margins. The Company's Industrial Equipment Division reported a 13% increase in net sales for the full year of 2025 compared to 2024. Sales growth was strong in all product lines, led by excavators, vacuum trucks and snow, followed by sweepers & safety. Income from operations for 2025 rose 19% versus 2024, driven by increased demand, greater operational efficiencies, and an improvement in supply chain performance. Consolidated income from operations was $152 million for the full year of 2025 compared to $165 million for the full year of 2024, a decrease of 8%, impacted by CEO transition costs, acquisition and integration expenses, and ongoing restructuring efforts. As part of our ongoing efforts to optimize operations in both of our Divisions, we have relocated applicable product families, sold the Gibson City, IL facility, repurposed one facility to support other brands, and completed initial set-ups for portions of the production lines. Over the next approximately one to two quarters, we plan to finish the remaining line installations and increase production. During this transition, we expect temporary production inefficiencies, duplicate costs, and shipment-timing effects that may pressure revenue and gross margin, along with potentially one-time expenses related to relocation and facility exit. Following completion, we expect improved capacity utilization, service levels and structural cost reductions. The anticipated timing, costs and benefits are Item 1. Business Unless the context otherwise requires, the terms \u201cthe Company,\u201d \"Alamo Group,\" \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d refer to Alamo Group Inc. and its subsidiaries on a consolidated basis. General The Company is a leader in the manufacture and sale of high-quality, purpose-built industrial and vegetation management equipment. We serve end-markets such as infrastructure building and maintenance, industrial construction, public works, land maintenance, agriculture and tree care. Our products are sold to independent equipment dealers and directly to contractors and municipalities. Product categories include vocational products (vacuum trucks, street sweepers, roadside safety equipment, excavators, and snow removal equipment) and light machinery (tractor mounted mowing equipment, land maintenance and recycling equipment) as well as related after-market parts and services. The Company operates two divisions: the Industrial Equipment Division and the Vegetation Management Division. Founded in 1969, the Company has approximately 3,800 employees and operates 27 manufacturing facilities in North America, Canada, Europe, Brazil and Australia. The corporate offices of Alamo Group Inc. are located in Seguin, Texas. The predecessor corporation to Alamo Group Inc. was incorporated in the State of Texas in 1969, as a successor to a business that began selling mowing equipment in 1955, and Alamo Group Inc. was reincorporated in the State of Delaware in 1987. History Since its founding in 1969, the Company has focused on satisfying customer needs through geographic market expansion, product development and refinement, and selected acquisitions. The Company\u2019s first products were based on rotary cutting technology. Through acquisitions, the Company added flail cutting technology in 1983 and sickle-bar cutting technology in 1984. The Company entered the agricultural mowing markets in 1986 with the acquisition of Rhino Products Inc. (\u201cRhino\u201d), a leading manufacturer in this field Item 1A. Risk Factors You should carefully consider each of the risks described below, together with all of the other information contained in this Annual Report on Form 10-K, before making an investment decision with respect to the Company\u2019s securities. If any of the following risks develop into actual events, the Company\u2019s business, financial ", "title": "ALG - ALAMO GROUP INC", "url": "/company/ALG/" }, { "kind": "company", "summary": "SIC 4512 Air Transportation, Scheduled; CIK 0001362468; latest 10-K filed 2026-02-26.", "text": "ALGT - Allegiant Travel CO SIC 4512 Air Transportation, Scheduled; CIK 0001362468; latest 10-K filed 2026-02-26. ALGT Allegiant Travel CO 0001362468 4512 Air Transportation, Scheduled Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis presents factors that had a material effect on our results of operations during the years ended December 31, 2025 and 2024. Unless otherwise expressly stated, for discussion and analysis of 2024 and a comparison of our 2024 results to 2023 results, please refer to our Annual Report on Form 10-K for the year ended December 31, 2024, under Part II Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations. Also discussed is our financial position as of December 31, 2025 and 2024. Investors should read this discussion in conjunction with our consolidated financial statements, including the notes thereto, appearing elsewhere in this annual report. This discussion and analysis contains forward-looking statements. Please refer to the section entitled \u201cDisclosure Regarding Forward-Looking Statements\u201d at the beginning of this annual report on Form 10-K for a discussion of the uncertainties, risks and assumptions associated with these statements. 39 2025 Highlights \u2022In January 2026, announced a definitive merger agreement under which Allegiant plans to acquire Sun Country Airlines \u2022Record total airline-only operating revenue of $2.5 billion, up 4.3 percent year-over-year \u2022Achieved controllable completion of 99.9% for the year \u2022Airline-only operating CASM, excluding fuel and special charges of 8.04 cents, down 6.1 percent as compared with full-year 2024, on capacity growth of 12.6 percent \u2022During the year, expanded the network by announcing 54 new routes, including service to eight new cities: Atlantic City (NJ), Burbank (CA), Columbia (MO), Fort Myers (FL), Huntsville (AL), La Crosse (WI), Philadelphia (PA), and Trenton (NJ) \u2022Ranked 2nd best airline among major US carriers in the Wall Street Journal's \"The Best and Worst Airlines of 2025\" \u2022The only US Airline named by Newsweek as one of America's Most Loved Brands 2025 \u2022Named Best Airline Credit Card by USA TODAY's Readers' Choice Awards for the seventh consecutive year and Best Frequent Flyer Program by USA TODAY's Readers' Choice Awards for the second consecutive year \u2022$139.6 million in total co-brand credit card remuneration received from Bank of America, up 3.6 percent from the prior year \u2022Ended the year with 21 million total active Allways Rewards members \u2022Completed the sale of Sunseeker Resort on September 4, 2025 \u2022Published the company's fourth annual sustainability report AIRCRAFT Operating Fleet The following table sets forth the number and type of aircraft in service and operated by us as of the dates indicated. All of the aircraft in our fleet as of December 31, 2025 are owned by us except as indicated in the footnotes to the table: [[GREPCENT_TABLE]] [[\"\",\"As of December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"A320(1)\",\"79\",\"\",\"\",\"87\",\"\",\"\",\"92\"],[\"A319(2)\",\"28\",\"\",\"\",\"34\",\"\",\"\",\"34\"],[\"737-8200\",\"16\",\"\",\"\",\"4\",\"\",\"\",\"\\u2014\"],[\"Total\",\"123\",\"\",\"\",\"125\",\"\",\"\",\"126\"]] [[/GREPCENT_TABLE]] (1)Includes 23 aircraft under finance lease and 9 aircraft under operating lease as of December 31, 2025, and 23 aircraft under finance lease and 13 aircraft under operating lease as of December 31, 2024 and December 31, 2023. As of December 31, 2025, excludes three aircraft under operating lease which have been removed from service pending redelivery. (2)As of December 31, 2025, excludes three aircraft under operating lease which have been removed from service pending redelivery. Includes four aircraft under operating lease as of December 31, 2024, and December 31, 2023. As of December 31, 2025, we are party to forward purchase agreements for 34 aircraft with 11 deliveries expected in 2026, 15 in 2027, and the remainder in 2028. The timing of these deliveries is based on management's best estimates and differs from the contract in place. Refer to Part I - Item 2. Properties for further detail regarding o Item 1. Business Overview We are a leisure travel company focused on providing travel and leisure services and products to residents of under-served cities in the United States. Our vision is to be the leading airline in the communities we serve, offering reliable, nonstop travel at unbeatable value. We were founded in 1997 and, in conjunction with our initial public offering in 2006, we incorporated in the state of Nevada. Our unique business model provides diversified revenue streams from various travel services and product offerings which distinguish us from other travel companies. We operate a low-cost, low utilization passenger airline marketed primarily to leisure travelers in under-served cities, allowing us to sell air transportation both on a stand-alone basis and bundled with the sale of air-related and third party services and products. In addition, we provide air transportation under fixed fee flight arrangements. Our developed nation-wide route network, pricing philosophy, direct distribution, award-winning loyalty programs, advertising, and product offerings built around relationships with premier leisure companies, are all intended to appeal to leisure travelers and make it attractive for them to purchase air travel and related services and products from us. Below is a brief description of the travel services and products we provide to our airline customers: Scheduled service air transportation. We provide scheduled air transportation on limited-frequency, nonstop flights predominantly between under-served cities and popular leisure destinations. As of February 1, 2026, we were selling travel on 578 routes to 126 cities. Of these routes, 433 of them are unique city pairs which do not have any current nonstop competition with other airlines. As of February 1, 2026, our operating fleet consisted of 16 Boeing 737 series aircraft and 106 Airbus A320 series aircraft. In this document, references to \"Airbus A320 series aircraft\" are intended to describe Item 1A. Risk Factors Readers should carefully consider the risks described below before making an investment decision. Our business, financial condition or results of operations could be materially and adversely affected by any of these risks. The trading price of our common stock could decline due to any of these risks, and investors may", "title": "ALGT - Allegiant Travel CO", "url": "/company/ALGT/" }, { "kind": "company", "summary": "SIC 6324 Hospital & Medical Service Plans; CIK 0001832466; latest 10-K filed 2026-02-27.", "text": "ALHC - Alignment Healthcare, Inc. SIC 6324 Hospital & Medical Service Plans; CIK 0001832466; latest 10-K filed 2026-02-27. ALHC Alignment Healthcare, Inc. 0001832466 6324 Hospital & Medical Service Plans Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with the consolidated financial statements and accompanying notes, which appear elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Annual Report on Form 10-K. See Part I. Item 1A. Risk Factors and Cautionary Note Regarding Forward-Looking Statements. For discussion of 2023 items and year-over-year comparisons between 2024 and 2023 that are not included in this Form 10-K, refer to Item 7. \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" found in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 27, 2025. Overview Alignment is a next generation, consumer-centric and clinically focused platform designed to improve the healthcare experience for seniors. We deliver this experience through our Medicare Advantage plans, which are customized to meet the needs of a diverse array of seniors. Our innovative model of consumer-centric healthcare is purpose-built to provide seniors with care as it should be: high quality, low cost and accompanied by a vastly improved consumer experience. We combine a proprietary technology platform and a high-touch clinical model that enhances our members\u2019 lifestyles and health outcomes while simultaneously controlling costs, which allows us to reinvest savings back into our platform and products to directly benefit the senior consumers. We have grown Health Plan Membership, which we define as members enrolled in our health maintenance organization (\"HMO\") and preferred provider organization (\"PPO\") contracts (the \"Alignment Health Plan\"), from approximately 13,000 at inception to 236,300 as of December 31, 2025, representing a 30% compound annual growth rate across 45 markets and 5 states. Our ultimate goal is to bring this differentiated, advocacy-driven healthcare experience to millions of senior consumers in the United States and to become the most trusted senior healthcare brand in the country. For the 2025 plan year, Alignment offered plans in 45 markets across California (22 markets), North Carolina (16 markets), Nevada (2 markets), Arizona (3 markets) and Texas (2 markets). There are approximately 8.4 million Medicare-eligible seniors in our current markets. Factors Affecting Our Performance Our unique clinical model, led by employed clinical teams known as Care Anywhere, acts upon insights derived from our proprietary technology platform, AVA. This integration between our technology and employed care model is a key element of our business with capabilities that we expect to impact our future performance. AVA\u2019s data insights, combined with the clinical control of our care model, enable us to personalize and manage our member relationships, care quality, and to coordinate and manage risk with our provider partners. AVA\u2019s unified platform, analytical tools and data across the healthcare ecosystem enable us to produce consistent outcomes, unit economics and support new member growth. Additionally, our historical financial performance has been, and we expect our financial performance in the future will be, driven by our ability to: \u2022Capitalize on Our Existing Market Growth Opportunity: Our ability to attract and retain members to grow in our existing markets depends on our ability to offer a superior value proposition. We routinely take market share from large established players in highly competitive markets, a key source of our health plan membership growth in excess of the industry average. We believe that there are still significant opportunities for future g Item 1. Business. Our Mission: Improve Healthcare, One Senior at a Time Alignment Healthcare was founded in 2013 with one mission: improve healthcare, one senior at a time. We pursue this mission by focusing on our core values: \u2022always put the senior first; \u2022support the doctor; \u2022use data and technology to revolutionize care; and \u2022act with a serving heart. We created Alignment after our own families faced frustrating experiences within the fragmented healthcare system. Without an advocate to create an integrated, high quality healthcare experience for them, our loved ones were left to navigate a care delivery and insurance landscape fraught with confusion and complexity. Seniors across the country are systemically and disproportionately impacted by the lack of care coordination, transparency and clear information. Furthermore, they are disadvantaged by misaligned incentives that dominate today\u2019s healthcare system. As one of our most vulnerable populations, seniors across America need and deserve better. We put our combined decades of healthcare experience to work to create the Alignment model, incorporating best practices learned over our years serving seniors. Through the combination of this experienced, mission-driven team with purpose-built technology, we have found a way to address the unmet health and wellness needs of seniors. We aim to bring this senior-first healthcare experience to millions in the United States, become the most trusted senior healthcare brand in the country, and ultimately \u201cdo well by doing good.\u201d Business Overview Alignment is a next generation, consumer-centric and clinically focused platform designed to improve the healthcare experience for seniors enrolled in Medicare who choose a private Medicare Advantage plan. Our goal is to provide seniors with easier access to care, better coordination among providers, fewer gaps in care and avoidable hospital visits, and support that meets them where they are\u2014at home, online, or in their c Item 1A. Risk Factors. Our business involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes thereto, ", "title": "ALHC - Alignment Healthcare, Inc.", "url": "/company/ALHC/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001520262; latest 10-K filed 2026-02-25.", "text": "ALKS - Alkermes plc. SIC 2834 Pharmaceutical Preparations; CIK 0001520262; latest 10-K filed 2026-02-25. ALKS Alkermes plc. 0001520262 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following should be read in conjunction with our consolidated financial statements and related notes beginning on page F-1 of this Annual Report. The following discussion contains forward-looking statements. Actual results may differ significantly from those projected in the forward-looking statements. See \u201cCautionary Note Concerning Forward-Looking Statements\u201d on page 3 of this Annual Report. Factors that might cause future results to differ materially from those projected in the forward-looking statements also include, but are not limited to, those discussed in \u201cItem 1A\u2014Risk Factors\u201d and elsewhere in this Annual Report. A detailed discussion of our 2023 financial condition and results of operations, and of 2024 year-over-year changes as compared to 2023, can be found in \u201cItem 7\u2014Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 12, 2025. Overview We have a portfolio of proprietary products that we manufacture, market and/or sell in the U.S., which in 2025 was comprised of ARISTADA, ARISTADA INITIO, LYBALVI and VIVITROL. We also earned manufacturing and/or royalty revenues on net sales of products commercialized by our licensees, the most significant of which in 2025 were the long-acting INVEGA products and VUMERITY. We expect ARISTADA, ARISTADA INITIO, LYBALVI, VIVITROL and VUMERITY, and our new product, LUMRYZ, which we acquired and began to market and sell in the U.S. in February 2026, to generate significant revenues for us in the near- and medium-term as we believe these products are singular or competitively advantaged products in their classes. In 2025, our net income from continuing operations was $241.7 million, as compared to $372.1 million in 2024. The decrease in net income from continuing operations of $130.5 million was primarily due to an increase in total expenses of $84.9 million and a decrease of $182.8 million in manufacturing and royalty revenues. These items were partially offset by an increase in product sales, net of $101.1 million and a decrease in our income tax provision of $21.8 million. These items are discussed in further detail within the \u201cResults of Operations\u201d section below. Business Update In October 2025, we entered into the Transaction Agreement with Avadel, which was subsequently amended in November 2025, pursuant to which we agreed to acquire the entire issued and to be issued ordinary share capital of Avadel for consideration of (i) $21.00 per Avadel Share, payable in cash at closing and (ii) a non-transferable CVR entitling holders of Avadel Shares to a potential additional cash payment of $1.50 per Avadel Share, contingent upon achievement of a certain specified milestone. On February 12, 2026, we successfully completed the Avadel Acquisition, adding both LUMRYZ to our portfolio of proprietary commercial products and a commercial organization with experience in narcolepsy. During the three months ended December 31, 2025, we incurred costs of approximately $10.0 million in connection with the Avadel Acquisition. In May 2024, we completed the sale of the Athlone Facility to Novo and entered into subcontracting arrangements to continue certain development and manufacturing activities performed at the Athlone Facility, which concluded by the end of 2025. 63 Results of Operations Product Sales, Net Our product sales, net, consisted of sales of ARISTADA, ARISTADA INITIO, LYBALVI and VIVITROL, primarily to wholesalers, specialty distributors and pharmacies. The following table presents the adjustments deducted from product sales, gross to arrive at product sales, net, for sales of these products during the years ended December 31, 2025 and 2024: [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"(In millions, except for % of Sales)\",\"202 Item 1. Business The following discussion contains forward-looking statements. Actual results may differ significantly from those expressed or implied in the forward-looking statements. See \u201cCautionary Note Concerning Forward-Looking Statements\u201d on page 3 of this Annual Report. Factors that might cause future results to differ materially from those expressed or implied in the forward-looking statements include, but are not limited to, those discussed in \u201cItem 1A\u2014Risk Factors\u201d and elsewhere in this Annual Report. Overview Alkermes plc is a global biopharmaceutical company that seeks to develop innovative medicines in the field of neuroscience. We have a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia, bipolar I disorder and narcolepsy, and a pipeline of clinical and preclinical candidates in development for neurological disorders. Headquartered in Ireland, we also have a corporate office and R&D center in Massachusetts and a manufacturing facility in Ohio. In October 2025, we and Avadel Pharmaceuticals plc (\u201cAvadel\u201d) entered into a definitive transaction agreement, subsequently amended in November 2025 (the \u201cTransaction Agreement\u201d), pursuant to which we agreed to acquire the entire issued and to be issued ordinary share capital of Avadel for consideration of (i) $21.00 per ordinary share, nominal value $0.01 per share, of Avadel (each, an \u201cAvadel Share\u201d), payable in cash at closing and (ii) a non-transferable contingent value right (the \u201cCVR\u201d) entitling holders of Avadel Shares to a potential additional cash payment of $1.50 per Avadel Share, contingent upon achievement of a certain specified milestone (the \u201cAvadel Acquisition\u201d). On February 12, 2026, we successfully completed the Avadel Acquisition, adding both LUMRYZ to our portfolio of proprietary commercial products and a commercial organization with experience in narcolepsy. Marketed Products The key marketed products discussed below ha Item 1A. Risk Factors You should consider carefully the risks described below in addition to the financial and other information contained in this Annual Report, including our financial statements and related notes thereto and the matters addressed under the caption \u201cCautionary Note Concerning Forward-Looking Statements,\u201d and in our other public ", "title": "ALKS - Alkermes plc.", "url": "/company/ALKS/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001459200; latest 10-K filed 2026-02-19.", "text": "ALRM - Alarm.com Holdings, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001459200; latest 10-K filed 2026-02-19. ALRM Alarm.com Holdings, Inc. 0001459200 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review Item 1A. \"Risk Factors\" and \"Special Note Regarding Forward-Looking Statements\" in this Annual Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview Alarm.com is the leading platform for intelligently connected properties. Our cloud-based platform offers an expansive suite of IoT solutions addressing global opportunities in the residential, multi-family, small business, enterprise commercial and energy markets. Alarm.com\u2019s solution suite includes security, video surveillance and video analytics, energy management, access control, electric utility grid management, active shooter detection, water management, personal safety and data-rich emergency response. During 2025, our platforms processed more than 365 billion data points generated by over 170 million connected devices. We believe this scale of subscribers, connected devices and data operations makes us the leader in the connected property market. Alarm.com has established a global network of trusted service provider partners who distribute our solutions to their customers. Our service provider partners represent a wide range of independent businesses, and are experts at selling, installing and supporting our technology. They depend on the Alarm.com platform for connected property technology and to operate and manage their businesses efficiently. Alarm.com primarily generates SaaS and license revenue through our service provider partners, who resell our services and pay us monthly fees. Contracts with our service provider partners typically have an initial term of one year, with subsequent renewal terms of one year. Our service provider partners have indicated that they typically have three to five-year service contracts with residential and commercial property owners who use our solutions. We also generate hardware and other revenue, primarily from our service provider partners and distributors. Our hardware sales include connected devices that enable our services, such as video cameras, video recorders, gunshot detection sensors, gateway modules and smart thermostats. We believe our network of service providers and the length of our service relationships with residential and commercial property owners, combined with our robust SaaS platforms and over 20 years of operating experience, contribute to a compelling business model. Our solutions are designed to make both residential and commercial properties safer, smarter and more efficient. Our technology platforms support property owners who subscribe to our services, the hardware partners who manufacture devices that integrate with our platforms and the service provider partners who install and maintain our solutions. 58 The Alarm.com platform enables our service provider partners to address the needs of a broad range of residential and commercial customers. They can deploy interactive security, video monitoring, property automation, access control, energy management, gunshot detection, water management, vehicle and fleet management, and personal safety solutions as stand-alone offerings or as integrated solutions. Executive Overview and Highlights of 2025 and 2024 Results We primarily generate SaaS and license revenu ITEM 1. BUSINESS Overview Alarm.com is the leading platform for intelligently connected properties. Our cloud-based platform offers an expansive suite of Internet of Things, or IoT, solutions addressing global opportunities in the residential, multi-family, small business, enterprise commercial and energy markets. Alarm.com\u2019s solution suite includes security, video surveillance and video analytics, energy management, access control, electric utility grid management, active shooter detection, water management, personal safety and data-rich emergency response. During 2025, our platforms processed more than 365 billion data points generated by over 170 million connected devices. We believe this scale of subscribers, connected devices and data operations makes us the leader in the connected property market. Alarm.com has established a global network of trusted service provider partners who distribute our solutions to their customers. Our service provider partners represent a wide range of independent businesses, and are experts at selling, installing and supporting our technology. They depend on the Alarm.com platform for connected property technology and to operate and manage their businesses efficiently. Alarm.com primarily generates SaaS and license revenue through our service provider partners, who resell our services and pay us monthly fees. Contracts with our service provider partners typically have an initial term of one year, with subsequent renewal terms of one year. Our service provider partners have indicated that they typically have three to five-year service contracts with residential and commercial property owners who use our solutions. We also generate hardware and other revenue, primarily from our service provider partners and distributors. Our hardware sales include connected devices that enable our services, such as video cameras, video recorders, gunshot detection sensors, gateway modules and smart thermostats. We believe our network of service pr ITEM 1A. RISK FACTORS Risks Related to Our Business and Industry Our actual operating results may differ significantly from any guidance provided. Our guidance, including forward-looking statements, is prepared by management and is qualified by, and subject to, a number of assumptions and estimates that, while presen", "title": "ALRM - Alarm.com Holdings, Inc.", "url": "/company/ALRM/" }, { "kind": "company", "summary": "SIC 7363 Services-Help Supply Services; CIK 0001142750; latest 10-K filed 2026-02-20.", "text": "AMN - AMN HEALTHCARE SERVICES INC SIC 7363 Services-Help Supply Services; CIK 0001142750; latest 10-K filed 2026-02-20. AMN AMN HEALTHCARE SERVICES INC 0001142750 7363 Services-Help Supply Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion in conjunction with our consolidated financial statements and the notes thereto and other financial information included elsewhere in this Annual Report on Form 10-K. Certain statements in this \u201cManagement\u2019s Discussion and Analysis (\u201cMD&A\u201d) of Financial Condition and Results of Operations\u201d are \u201cforward-looking statements.\u201d See \u201cSpecial Note Regarding Forward-Looking Statements\u201d under Item 1, \u201cBusiness.\u201d We intend this MD&A section to provide you with a narrative from the perspective of our management on our financial condition, results of operations, liquidity and certain other factors that may affect our future results. The following sections comprise this MD&A: \u2022Overview of Our Business \u2022Operating Metrics \u2022Recent Trends \u2022Results of Operations \u2022Liquidity and Capital Resources \u2022Critical Accounting Policies and Estimates \u2022Recent Accounting Pronouncements Overview of Our Business We provide technology-enabled healthcare workforce solutions and staffing services to healthcare organizations across the nation. The Company provides access to a comprehensive network of healthcare professionals through its recruitment strategies and breadth of career opportunities. We help providers optimize their workforce to reduce complexity and increase efficiency. Our total talent solutions include vendor neutral and managed services programs (\u201cMSP\u201d), clinical and interim healthcare leaders, temporary staffing, permanent placement, executive search, vendor management systems (\u201cVMS\u201d), recruitment process outsourcing, language services, revenue cycle solutions, labor disruption and other services. Clients include acute-care hospitals, community health centers and clinics, physician practice groups, retail and urgent care centers, home health facilities, schools and many other healthcare settings. Through our nurse and allied solutions segment, we provide hospitals, other healthcare facilities, and schools with a comprehensive set of staffing solutions, including direct, vendor neutral, and managed services solutions in which we manage and staff all the temporary and permanent nursing and allied staffing needs, as well as the revenue cycle management needs, of a client. A majority of our placements in this segment are under our managed services solution. Through our physician and leadership solutions segment, we place physicians of all specialties, as well as dentists and advanced practice providers, with clients on a temporary basis, generally as independent contractors. We also recruit physicians and healthcare leaders and executives for permanent placement and place interim leaders and executives across all healthcare settings. The interim healthcare leaders and executives we place are typically placed on contracts with assignment lengths ranging from a few days to one year. Through our technology and workforce solutions segment, we provide hospitals and other healthcare facilities with a range of workforce solutions, including: (1) language services, (2) software-as-a-service (\u201cSaaS\u201d)-based VMS technologies through which our clients can self-manage the procurement of contingent clinical labor and their internal float pool, (3) workforce optimization services that include advisory, planning, and analytics, and (4) recruitment process outsourcing services in which we recruit, hire and/or onboard permanent clinical and nonclinical positions on behalf of our clients. For the year ended December 31, 2025, we recorded revenue of $2,730.4 million, as compared to $2,983.8 million for 2024. We recorded net loss of $(95.7) million for 2025, as compared to $(147.0) million for 2024. Nurse and allied solutions segment revenue comprised 60% and 61% of total consolidated revenue for the years ended December 31, 2025 and 2024, respectively. Physician and leadership solutions segment revenue comprised 26% and 2 Item 1. Business Overview of Our Company and Business Strategy AMN Healthcare empowers the future of care through one of the nation\u2019s broadest network of highly-qualified healthcare professionals. As the leader and innovator in total talent solutions for the healthcare sector in the United States, we tailor our solutions to our clients\u2019 workforce challenges and goals, and provide staffing, talent optimization strategies, and technology solutions to support caregivers and patient care. We are passionate about all aspects of our mission to: \u2022Deliver the right talent and insights to help healthcare organizations optimize their workforce. \u2022Provide healthcare professionals opportunities to do their best work toward high-quality patient care. \u2022Create an innovative and values-based culture in which our team members can achieve their goals. Our solutions enable our clients to build a quality, cost effective workforce, increase efficiency, and elevate the patient experience. Our comprehensive suite of talent solutions provides management, staffing, recruitment, language services, technology and related services to build and manage all or part of our clients\u2019 healthcare workforce needs. We offer temporary and permanent career opportunities to our healthcare professionals, from nurses, physicians, and allied health professionals to healthcare leaders and executives in a variety of settings across the nation. Our strategy is designed to support growth in the number and size of customer relationships and expansion of the markets we serve as care delivery settings continue to evolve and expand. Driving increased adoption of our numerous talent solutions through cross-selling will deepen and broaden our customer relationships. We will continue to innovate, develop and invest in new, complementary service and technology solutions that optimize and manage our clients\u2019 workforce, enhance the patient experience, better engage our talent network and expand into different heal Item 1A. Risk Factors You should carefully read the following risk factors in connection with evaluating us and the forward-looking statements contained in this Annual Report on Form 10-K. Any of the following risks could materially adversely affect our business or our consolidated operating results, financial condition or cas", "title": "AMN - AMN HEALTHCARE SERVICES INC", "url": "/company/AMN/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001297184; latest 10-K filed 2026-02-26.", "text": "AMPH - Amphastar Pharmaceuticals, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001297184; latest 10-K filed 2026-02-26. AMPH Amphastar Pharmaceuticals, Inc. 0001297184 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following is a discussion and analysis of the consolidated operating results, financial condition, liquidity and cash flows of our company as of and for the periods presented below. The following discussion and analysis should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in Item 8 under the heading \u201cFinancial Statements and Supplementary Data.\u201d This discussion contains forward-looking statements that are based on the beliefs of our management, as well as assumptions made by and information currently available to, our management. Actual results could differ materially from those discussed in or implied by forward-looking statements. These risks, uncertainties and other factors include among others, those identified under the \u201cSpecial Note About Forward-Looking Statements,\u201d above and described in greater detail elsewhere in this Annual Report on Form 10-K, particularly in Item 1A, under the heading \u201cRisk Factors.\u201d In this section, we generally discuss the results of our operations for the year ended December 31, 2025, compared to the year ended December 31, 2024. For a discussion of the year ended December 31, 2024, to the year ended December 31, 2023, please refer to Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 3, 2025, which discussion is hereby incorporated herein by reference. \u200b Overview We are a biopharmaceutical company focusing on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, and intranasal products, as well as active pharmaceutical ingredient, or API products. We currently manufacture and sell over 25 prescription pharmaceutical products, and an over-the-counter product, Primatene MIST\u00ae. Our largest products by net revenues currently include BAQSIMI\u00ae, Primatene MIST\u00ae, epinephrine, glucagon, and lidocaine. \u200b We are currently developing a portfolio of generic abbreviated new drug applications, or ANDAs, biologics license applications, or BLAs, including biosimilar insulin product candidates, and proprietary product candidates, which are in various stages of development and target a variety of indications. One ANDA and one biosimilar insulin candidate are currently on file with the FDA. To complement our internal growth and expertise, we have in-licensed several early-stage proprietary products and have made several strategic acquisitions of companies, products and technologies. These acquisitions collectively have strengthened our core injectable and inhalation product technology infrastructure by providing additional manufacturing, marketing, and research and development capabilities, including the ability to manufacture raw materials, APIs, and other components for our products. \u200b Macroeconomic Trends and Uncertainties \u200b Recent worldwide events and macroeconomic factors, such as international trade relations, tariffs, new legislation and regulations, changes in administration, taxation or monetary policy changes, public sector budgetary cycles and funding authorization in the United States, political and civil unrest, global conflicts, supply chain disruptions, heightened inflationary pressures, and fluctuating interest rates, as well as rising healthcare costs among other factors, also increase volatility in the global economy and continue to pose challenges to our business. For example, there is significant uncertainty relating to tariffs. While all of our finished products and four of our APIs are manufactured in the United States, we import APIs, starting materials for APIs, and components from various countries. \u200b See \u201cPart I \u2013 Item 1A, Risk Factors\u201d for further discussion of the potential adverse impact of u Item 1. Business. \u200b Overview \u200b We are a biopharmaceutical company focusing on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, and intranasal products, as well as active pharmaceutical ingredient, or API products. We currently manufacture and sell over 25 prescription pharmaceutical products, and an over-the-counter product, Primatene MIST\u00ae. \u200b Our largest products by net revenues currently include BAQSIMI\u00ae glucagon nasal powder, or BAQSIMI\u00ae, Primatene MIST\u00ae, glucagon, epinephrine, and lidocaine. \u200b In June 2023, we completed our acquisition of BAQSIMI\u00ae, the first and only nasally administered glucagon for the treatment of severe hypoglycemia in people with diabetes, and it is currently available in the United States and 26 international markets. \u200b In May 2024, the FDA approved our albuterol sulfate inhalation aerosol, which we launched in August 2024. \u200b In August 2025, the FDA approved our iron sucrose injection, USP 50mg/2.5mL, 100mg/5mL, and 200mg/10mL in single-dose vials, which we launched in the August 2025. \u200b In December 2025, the FDA approved our teriparatide injection, USP 560mcg/2.24mLsingle-patient-use prefilled pen, which we launched in the December 2025. \u200b In February 2026, the FDA approved our Ipratropium Bromide HFA inhalation aerosol, 17 mcg/actuation, which we plan to launch early in the second quarter of 2026. \u200b For the years ended December 31, 2025, 2024, and 2023, we recorded net revenues of $719.9 million, $732.0 million, and $644.4 million, respectively. We recorded net income of $98.1 million, $159.5 million, and $137.5 million for the years ended December 31, 2025, 2024, and 2023, respectively. \u200b We are currently developing a portfolio of generic abbreviated new drug applications, or ANDAs, biologics license applications, or BLAs, including biosimilar insulin product candidates and proprietary product candidates, which are in various stages of development Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes thereto. Ou", "title": "AMPH - Amphastar Pharmaceuticals, Inc.", "url": "/company/AMPH/" }, { "kind": "company", "summary": "SIC 1221 Bituminous Coal & Lignite Surface Mining; CIK 0001704715; latest 10-K filed 2026-02-27.", "text": "AMR - Alpha Metallurgical Resources, Inc. SIC 1221 Bituminous Coal & Lignite Surface Mining; CIK 0001704715; latest 10-K filed 2026-02-27. AMR Alpha Metallurgical Resources, Inc. 0001704715 1221 Bituminous Coal & Lignite Surface Mining Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides a narrative of our results of operations and financial condition for the years ended December 31, 2025 and 2024. The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and related notes and the risk factors included elsewhere in this Annual Report on Form 10-K. For discussion on results of operations and financial condition pertaining to 2023 and year-over-year comparisons between 2024 and 2023, refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. The following discussion includes forward-looking statements about our business, financial condition and results of operations, including discussions about management\u2019s expectations for our business. These statements represent projections, beliefs and expectations based on current circumstances and conditions and in light of recent events and trends, and you should not construe these statements either as assurances of performance or as promises of a given course of action. Instead, various known and unknown factors are likely to cause our actual performance and management\u2019s actions to vary, and the results of these variances may be both material and adverse. Refer to \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and \u201cItem 1A. Risk Factors.\u201d Market Overview Supply-related issues, including December 2025 and January 2026 flooding in Queensland, Australia, impacted metallurgical markets in recent months. Due to constraints on Australian met coal supply, a divergence between the Australian-linked indices and the U.S. East Coast markets significantly expanded, with spreads also widening between the premium grade low vol. coal and lower quality high vol. coals. Despite supply-related moves like these, the global metallurgical coal markets are still structurally influenced by steel demand, which is linked to economic conditions, policy decisions, geopolitical tensions, tariffs and ongoing trade negotiations, all of which could impact met coal pricing. Metallurgical coal prices experienced varied movements across the indices during the fourth quarter of 2025. Of the four indices Alpha closely monitors, the Australian Premium Low Volatile index represents the largest move, an increase of 14.6%. The Australian Premium Low Volatile index increased from $190.20 per metric ton on October 1, 2025, to $218.00 per metric ton on December 31, 2025. The U.S. East Coast Low Volatile index rose from $177.00 per metric ton in October to $185.00 per metric ton by the end of December, an increase of 4.5%. By contrast, the U.S. East Coast High Volatile A index fell from $152.50 per metric ton at the beginning of the quarter to $150.50 per metric ton at the end of the quarter, and the U.S. East Coast High Volatile B index decreased from $144.50 per metric ton to $144.20 per metric ton at the quarter\u2019s close. Since then, all four indices have increased from their end-of-quarter levels. As of February 16, 2026, the Australian Premium Low Volatile increased to $242.50 per metric ton from its quarter-close level. The U.S. East Coast Low Volatile, High Volatile A, and High Volatile B indices measured $198.00, $160.00, and $150.00 per ton, respectively, as of the same date. The world manufacturing Purchasing Managers\u2019 Index (\u201cPMI\u201d) recorded a three-month high in January with a PMI of 50.9, up from December\u2019s PMI of 50.4. China\u2019s PMI moved slightly higher from 50.1 in December to 50.3 in January. India, an important market for Alpha, had a PMI of 55.4 in January, up from December\u2019s two-year low of 55.0. The United States\u2019 PMI rose to 52.4 in January from its December level of 51.8. Europe\u2019s January PMI was 49.5, an increase from a nine-month low of 48.8 in December. Braz Item 1. Business Unless otherwise indicated or the context otherwise requires, references in this \u201cItem 1. Business\u201d section to \u201cthe combined company,\u201d \u201cwe,\u201d \u201cus\u201d and other similar terms refer to Alpha Metallurgical Resources, Inc. and its consolidated subsidiaries (previously Contura Energy, Inc. and its consolidated subsidiaries). Certain terms that are used throughout this Annual Report on Form 10-K but not otherwise defined are defined under the \"Glossary\" herein. Disclosures in this \u201cItem 1. Business\u201d section should be read in conjunction with \u201cItem 1A. Risk Factors\u201d for further discussion of factors impacting our business. Our Company We are a Tennessee-based mining company with operations in Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, we reliably supply metallurgical coal products to the steel industry. We operate highly productive, cost-competitive coal mines across the CAPP coal basin. Our portfolio of mining operations consists of 14 active underground mines, five active surface mines and eight active coal preparation plants, as well as one underground mine, one surface mine, and one coal preparation plant that have been temporarily idled. We own a 65.0% interest in Dominion Terminal Associates (\u201cDTA\u201d), a coal export terminal in Newport News, Virginia. DTA provides us with the ability to fulfill a broad range of customer coal quality requirements through coal blending, while also providing storage capacity and transportation flexibility. We predominantly produce metallurgical (\u201cmet\u201d) coal, which is shipped to domestic and international steel and coke producers. Although our strategic focus is on the production of met coal, we also produce thermal coal as byproduct and it is primarily sold to large utilities and industrial customers both in the United States and across the world. Refer to Notes 21 and 22 to the Consolidated Financial Statements for geographical information about our c Item 1A. Risk Factors Summary Investment in our securities is subject to various risks, including risks and uncertainties inherent in our business. As detailed in the following pages, these risks include, but are not limited to, the following: \u2022Risks relating to our indus", "title": "AMR - Alpha Metallurgical Resources, Inc.", "url": "/company/AMR/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001723128; latest 10-K filed 2026-02-27.", "text": "AMRX - Amneal Pharmaceuticals, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001723128; latest 10-K filed 2026-02-27. AMRX Amneal Pharmaceuticals, Inc. 0001723128 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Amneal Pharmaceuticals, Inc. (the \u201cCompany\u201d, \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) is a diversified, global biopharmaceutical company that develops, manufactures, markets, and distributes a diverse portfolio of essential medicines. Our Affordable Medicines segment includes retail generics, injectables, and biosimilars. In our Specialty segment, we offer a portfolio of branded pharmaceuticals focused primarily on central nervous system and endocrine disorders. Through our AvKARE segment, we are a distributor of pharmaceuticals and other products for the U.S. federal government, retail, and institutional markets. We operate principally in the U.S., India, and Ireland. Refer to the section \u201cSegments\u201d below for an overview of our segments. Prior to the Reorganization (as defined herein), we were a holding company, whose principal assets were common units (the \u201cAmneal Common Units\u201d) of Amneal Pharmaceuticals, LLC (\u201cAmneal\u201d). As of September 30, 2023, we held 50.4% of the Amneal Common Units and the group, together with their affiliates and certain assignees, who owned Amneal when it was a private company (the \u201cAmneal Group\u201d) held the remaining 49.6%. On November 7, 2023, we implemented a plan pursuant to which we and Amneal reorganized and simplified our corporate structure by eliminating our umbrella partnership-C-corporation structure and converting to a more traditional structure whereby all stockholders hold their voting and economic interests directly through the public company (the \u201cReorganization\u201d). Effective with the Reorganization, we hold 100% of the Amneal Common Units and consolidate the financial statements of Amneal and its subsidiaries. Refer to Note 1. Nature of Operations in our consolidated financial statements for additional information about the Reorganization. The following discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth under Item 1A. Risk Factors and under the heading Forward-Looking Statements in this Annual Report on Form 10-K. The following discussion and analysis, as well as other sections in this report, should be read in conjunction with the consolidated financial statements and related notes to consolidated financial statements included elsewhere herein. For a discussion of our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, see \u201cResults of Operations\u201d and \u201cLiquidity and Capital Resources\u201d under Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission on February 28, 2025. Overview Segments We have three reportable segments: Affordable Medicines, Specialty, and AvKARE. Affordable Medicines Our Affordable Medicines segment includes over 280 product families covering an extensive range of dosage forms and delivery systems, including both immediate and extended-release oral solids, powders, liquids, sterile injectables, nasal sprays, inhalation and respiratory products, biosimilar products, ophthalmics, films, transdermal patches and topicals. We focus on developing products that have substantial barriers-to-entry due to complex drug formulations or manufacturing, or legal or regulatory challenges. Generic products, particularly in the U.S., generally contribute most significantly to revenues and gross margins at the time of their launch, and even more so in periods of market exclusivity, or in periods of limited generic competition. As such, the timing of new product introductions can have a significant impact on our financial results. The entrance into the market of additional competition gene Item 1. Business Overview Amneal Pharmaceuticals, Inc. (the \u201cCompany\u201d, \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) is a diversified, global biopharmaceutical company that develops, manufactures, markets, and distributes a diverse portfolio of essential medicines. Our Affordable Medicines segment includes retail generics, injectables, and biosimilars. In our Specialty segment, we offer a portfolio of branded pharmaceuticals focused primarily on central nervous system and endocrine disorders. Through our AvKARE segment, we are a distributor of pharmaceuticals and other products for the U.S. federal government, retail, and institutional markets. We operate principally in the United States (\u201cU.S.\u201d), India, and Ireland. Refer to the section \u201cSegments of the Business\u201d below for an overview of our segments. Corporate Structure We are a holding company, whose principal assets are common units (the \u201cAmneal Common Units\u201d) of Amneal Pharmaceuticals, LLC (\u201cAmneal\u201d). Immediately prior to the Reorganization (as defined herein), we held 50.4% of the Amneal Common Units and the group, together with their affiliates and certain assignees, who owned Amneal when it was a private company (the \u201cMembers\u201d or the \u201cAmneal Group\u201d) held the remaining 49.6%. On November 7, 2023, we implemented a plan pursuant to which the Company and Amneal reorganized and simplified our corporate structure by eliminating our umbrella partnership-C-corporation structure and converting to a more traditional C-corporation structure whereby all stockholders hold their voting and economic interests directly through the public company (the \u201cReorganization\u201d). Effective with the Reorganization, we hold 100% of the Amneal Common Units and continue to consolidate the financial statements of Amneal and its subsidiaries. Refer to Note 1. Nature of Operations for additional information about the Reorganization. Although we had a minority economic interest in Amneal prior to March 2023, we were Amneal\u2019s sole managing member (and we continu Item 1A. Risk Factors An investment in our common stock involves a high degree of risk. In deciding whether to invest in our common stock, you should consider carefully the following risk factors, as well as the other information included in this Annual Report on Form 10-K. The materialization of any of these risk", "title": "AMRX - Amneal Pharmaceuticals, Inc.", "url": "/company/AMRX/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001018979; latest 10-K filed 2026-02-27.", "text": "AMSF - AMERISAFE INC SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001018979; latest 10-K filed 2026-02-27. AMSF AMERISAFE INC 0001018979 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The financial and business analysis below provides information which the Company believes is relevant to an assessment and understanding of its consolidated financial position, results of operations and cash flows. The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes thereto included in Item 8 of this report. This discussion includes forward-looking statements that are not guarantees of future performance and are not necessarily indicative of future operating results. See \u201cCautionary Statement Regarding Forward-Looking Statements\u201d in Part I above for further discussion. Overview We are a holding company that markets and underwrites workers\u2019 compensation insurance through its insurance subsidiaries. Workers\u2019 compensation insurance covers statutorily prescribed benefits that employers are obligated to provide to their employees who are injured in the course and scope of their employment. Our business strategy is focused on providing this coverage to small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, agriculture, services, manufacturing, and maritime. Employers engaged in hazardous industries pay substantially higher than average rates for workers\u2019 compensation insurance compared to employers in other industries, as measured per payroll dollar. The higher premium rates are due to the nature of the work performed and the inherent workplace danger of our target employers. Hazardous industry employers also tend to have less frequent but more severe claims as compared to employers in other industries due to the nature of their businesses. We provide proactive safety reviews of most employers\u2019 workplaces. These safety reviews are a vital component of our underwriting process and also promote safer workplaces. We utilize proactive claims management practices that we believe permit us to effectively manage the overall cost of our claims. In addition, our audit services ensure that our policyholders pay the appropriate premiums required under the terms of their policies and enable us to monitor payroll patterns that cause underwriting, safety or fraud concerns. We believe that the higher premiums typically paid by our policyholders, together with our disciplined underwriting and safety, claims and audit services, provide us with the opportunity to earn attractive returns for our shareholders. We actively market our insurance in 27 states through independent agencies, as well as through our wholly-owned insurance agency subsidiary, Amerisafe General Agency, Inc. We are also licensed in an additional 20 states, the District of Columbia and the U.S. Virgin Islands. Two of the key financial measures that we use to evaluate our performance are return on average equity and growth in book value per share adjusted for dividends paid to shareholders. We calculate return on average equity by dividing annual net income by the average of annual shareholders\u2019 equity. Our return on average equity was 18.5% in 2025, 20.2% in 2024 and 20.4% in 2023. We calculate book value per share by dividing ending shareholders\u2019 equity by the number of common shares outstanding. Our book value per share was $13.39 at December 31, 2025, $13.51 at December 31, 2024 and $15.28 at December 31, 2023. We paid cash dividends of $2.56 per share in 2025, $4.48 per share in 2024 and $4.86 per share in 2023. Investment income is an important element of our net income. Because the period of time between our receipt of premiums and the ultimate settlement of claims is often several years or longer, we are able to invest cash from premiums for significant periods of time. As a result, we are able to generate more investment income from our premiums as compared to insurance companies that operate in other l Item 1. Business. Overview AMERISAFE, Inc. is a specialty provider of workers\u2019 compensation insurance focused on small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, agriculture, services, manufacturing, and maritime. Since commencing operations in 1986, we have gained significant experience underwriting the complex workers\u2019 compensation exposures inherent in these industries. We provide coverage to employers under state and federal workers\u2019 compensation laws. These laws prescribe wage replacement and medical care benefits that employers are obligated to provide to their employees who are injured in the course and scope of their employment. Our workers\u2019 compensation insurance policies provide benefits to injured employees for, among other things, temporary or permanent disability, death and medical and hospital expenses. The benefits payable and the duration of those benefits are set by state or federal law. The benefits vary by jurisdiction, the nature and severity of the injury and the wages of the employee. The employer, who is the policyholder, pays the premiums for coverage. Hazardous industry employers tend to have less frequent but more severe claims, as compared to employers in other industries, due to the nature of their businesses. Injuries that occur are often severe in nature including death, dismemberment, paraplegia and quadriplegia. As a result, employers engaged in hazardous industries pay substantially higher than average rates for workers\u2019 compensation insurance compared to employers in other industries, as measured per payroll dollar. The higher premium rates are due to the nature of the work performed and the inherent workplace danger of our target policyholders. We employ a proactive, disciplined approach to underwriting employers and providing comprehensive services intended to lessen the overall incidence and cost of workplace injuries. We provide safety services at employers Item 1A. Risk Factors Investing in our securities involves a high degree of risk and uncertainties. In evaluating the Company, the factors described below should be considered carefully together with the other risks described in this annual report, including, but not limited to, under the captions \"Business\" in Item 1, \"Risk F", "title": "AMSF - AMERISAFE INC", "url": "/company/AMSF/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0002011286; latest 10-K filed 2025-11-25.", "text": "AMTM - Amentum Holdings, Inc. SIC 7389 Services-Business Services, NEC; CIK 0002011286; latest 10-K filed 2025-11-25. AMTM Amentum Holdings, Inc. 0002011286 7389 Services-Business Services, NEC Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the other sections of this information statement, including our audited consolidated financial statements, and notes thereto, \u201cRisk Factors,\u201d and \u201cCautionary Note Regarding Forward-Looking Statements.\u201d This discussion contains forward-looking statements that involve risks and uncertainties, all of which are based on our current expectations and could be materially affected by the uncertainties and other factors described throughout this information statement and particularly in the sections entitled \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements.\u201d You should review those sections for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. References to \u201cAmentum\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cour\u201d or \u201cus\u201d refer to Amentum Holdings, Inc. and its subsidiaries unless otherwise stated or indicated by context. Overview We are a global advanced engineering and technology solutions provider to a broad base of U.S. and allied government agencies, and customers in international and commercial markets, supporting programs of critical national importance across energy and environmental, intelligence, space, defense, civilian and commercial end-markets. We offer a broad reach of capabilities including energy, environmental remediation, intelligence and counter threat solutions, data fusion and analytics, engineering and integration, advanced test, training and readiness, and citizen solutions. As a leading provider of differentiated technology solutions, we have built a repertoire of deep customer knowledge, enabling us to engage our customers across multiple capabilities and markets. Underpinned by a strong culture of ethics and safety, Amentum is committed to operational excellence and successful execution. We conduct our business activities and report financial results as two reportable segments: Digital Solutions (\u201cDS\u201d) and Global Engineering Solutions (\u201cGES\u201d). The DS segment provides advanced digital and data-driven solutions including intelligence analytics, space system development, cybersecurity, and next generation IT across the federal government and commercial clients. The GES segment provides large-scale environmental remediation, nuclear power solutions, platform engineering, sustainment and supply chain management across all 7 continents for the U.S. government and allied nations. The presentation of financial results as two reportable segments is consistent with the way the Company operates its business and the manner in which our chief operating decision maker (\u201cCODM\u201d), currently our Chief Executive Officer, manages the operations of the Company for purposes of allocating resources and assessing performance. Budgetary and Regulatory Environment In fiscal year 2025, we generated approximately 81% of our revenues from contracts with the U.S. federal government, either as a prime contractor or a subcontractor to other contractors engaged in work for the U.S. federal government. We carefully follow the U.S. federal budget, legislative and contracting trends and activities and evolve our strategies accordingly. In May 2025, the President\u2019s U.S. federal government fiscal year (\u201cGFY\u201d) 2026 budget request was submitted to Congress. As compared to the GFY 2025 budget, the GFY 2026 budget request maintained defense discretionary spending at $892 billion, reduced non-defense discretionary spending by approximately 21% to $557 billion, and increased GFY 2026 defense spending to $1.01 trillion, an increase of 13% from the GFY 2025 enacted level. Final appropriations legislation for GFY 2026 was not passed as of October 1, 2025, the first d Item 1. Business Business Overview Amentum Holdings, Inc. (herein referred to as \u201cwe\u201d, \u201cour\u201d, \u201cus\u201d, \u201cthe Company\u201d and \u201cAmentum\u201d), a Delaware corporation, is a global advanced engineering and technology solutions provider to a broad base of U.S. and allied government agencies, and customers in international and commercial markets. On September 27, 2024, Amentum was formed through the completion of a merger between the legacy Amentum business and a spin-off of the Jacobs Solutions Inc. (\u201cJacobs\u201d) Critical Mission Solutions business and portions of the Jacobs Divergent Solutions business (the \u201cTransaction\u201d). The Transaction brought together two premier government services companies with complementary capabilities and a deep understanding of our customers\u2019 missions and priorities developed over more than 100 years as trusted engineering and technical experts. We operate our business activities and report financial results as two reportable segments: Digital Solutions (\u201cDS\u201d) and Global Engineering Solutions (\u201cGES\u201d). Our history as a trusted partner to the U.S. federal government and our advanced engineering and technology expertise enable us to lead and support our customers\u2019 most complex programs. Our broad capabilities support technology-driven, full mission lifecycle solutions that align with modernization priorities for a wide array of customers across energy and environmental, intelligence, space, defense, civilian and commercial end-markets. We believe our scale and breadth of capabilities position us well in the marketplace as our customers\u2019 requirements increasingly necessitate a full lifecycle partner equipped with next-generation engineering solutions to solve their most complex challenges. Our workforce of approximately 50,000 continues to be rooted in a strong purpose-driven culture. Our mission-oriented and highly skilled personnel enable us to serve a diverse range of requirements for our customers. In the U.S., these customers include the Department o Item 1A. Risk Factors You should carefully consider the risks described below, together with all of the additional, following risks and other information contained in this Annual Report on Form 10-K, including Part II - Item 7 - Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. T", "title": "AMTM - Amentum Holdings, Inc.", "url": "/company/AMTM/" }, { "kind": "company", "summary": "SIC 5150 Wholesale-Farm Product Raw Materials; CIK 0000821026; latest 10-K filed 2026-02-18.", "text": "ANDE - Andersons, Inc. SIC 5150 Wholesale-Farm Product Raw Materials; CIK 0000821026; latest 10-K filed 2026-02-18. ANDE Andersons, Inc. 0000821026 5150 Wholesale-Farm Product Raw Materials Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand the results of operations and financial condition of the Company. MD&A is provided as a supplement to, and should be read in conjunction with, our Consolidated Financial Statements and the accompanying Notes to Financial Statements (Part II, Item 8 of this Form 10-K). This section generally discusses the results of our operations for the year ended December 31, 2025, compared to the year ended December 31, 2024. For a discussion of the year ended December 31, 2024, compared to the year ended December 31, 2023, please refer to Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 19, 2025. Executive Overview Effective January 1, 2025, the Company realigned its organizational structure to better reflect updates in management reporting resulting in a change in reportable segments. As a result, the former Trade segment was combined with the former Nutrient & Industrial segment in the newly formed Agribusiness segment along with several smaller business lines being moved between the Agribusiness and Renewables segments. All prior period segment information has been recast to conform to the current year presentation. The agricultural commodity-based business is one in which changes in selling prices generally move in relationship to changes in purchase prices. Therefore, increases or decreases in prices of the commodities that the business deals in will have a relatively equal impact on sales and merchandising revenues and cost of sales and merchandising revenues and a much less significant impact on gross profit. As a result, changes in sales and merchandising revenues between periods may not necessarily be indicative of the overall performance of the business and greater emphasis should be placed on changes in gross profit. Agribusiness The Agribusiness segment's operating results declined from the prior year as the segment faced difficult market conditions, including an oversupplied market, low commodity prices, and muted volatility through much of the year. These conditions kept commercial activity more short-term in nature, creating margin pressure in our merchandising business. We saw improvement through the record fall corn harvest, as our western footprint was able to accumulate good volumes at favorable values. In addition, our eastern footprint was able to recognize good elevation margins on corn from strong export and ethanol demand in the last part of the year. The premium ingredient business continued its steady performance, leveraging recent investments into this space. The fertilizer business benefited a large spring application season with the highest corn plantings in recent history. Our complementary asset footprint should provide some uplift in 2026, with more traditional basis appreciation opportunities in the west, while continued export demand would benefit elevation margins for the eastern assets. Sorghum exports remained strong into early 2026 which we expect will benefit our Skyland Grain, LLC (\"Skyland\") and Houston port export assets. As on-farm grain volumes come to market, merchandising opportunities may arise. Domestic premium ingredient demand is also expected to stay solid and should continue to support recent capital growth investments. Expected corn plantings are higher than historical average, which may drive demand for nitrogen products, but volumes will be dependent on farmer economics. Total Agribusiness grain storage space capacity at company-owned or leased grain facilities, including temporary pile storage, was approximately 271 million and 291 million bushels at December 31, 2025, and 2024, respectively. Item 1. Business Company Overview The Andersons, Inc. (the \"Company\") is a leading, nimble North American agriculture and renewable fuels company. Founded in Maumee, Ohio in 1947, the Company is a significant player in the North American agricultural and renewable fuels supply chains. Segment Descriptions The Company's operations are classified into two reportable business segments: Agribusiness and Renewables. Both of these segments are organized based upon the nature of products and services offered and aligns with the management structure. See Note 10 to the Consolidated Financial Statements in Item 8 for information regarding business segments. Agribusiness The Agribusiness segment is a diversified business focusing on capturing profits through relationships with agricultural producers and end users as both a supplier and customer. This includes merchandising and managing logistics across a wide range of commodities as well as being a manufacturer, distributor, and retailer of agricultural and related plant nutrients. The segment specializes in the movement of physical commodities such as: whole grains, grain products, feed ingredients and domestic fuel products among other agricultural commodities. The Company has a broad geographic footprint with a diversified portfolio of physical commodities, although the principal commodities sold by the Company are corn, wheat and soybeans. Exported commodity sales are made both through intermediaries and direct shipments to foreign countries. We also handle bulk agricultural fertilizers, produce specialized high-value nutrient products, and service a variety of industrial and consumer markets with related products. In support of our commodity handling activities, Agribusiness also operates grain elevators across the United States and Canada where income is earned on commodities bought and sold through the elevator, commodities that are purchased and conditioned for resale, and commodities that are held in inventor Item 1A. Risk Factors The Company's operations are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in this Form 10-K and could have a material adverse impact on the financial results of the Company. The risks described below are not the only risks facing the Compa", "title": "ANDE - Andersons, Inc.", "url": "/company/ANDE/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001023024; latest 10-K filed 2026-02-27.", "text": "ANIP - ANI PHARMACEUTICALS INC SIC 2834 Pharmaceutical Preparations; CIK 0001023024; latest 10-K filed 2026-02-27. ANIP ANI PHARMACEUTICALS INC 0001023024 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Please read the following discussion in conjunction with Item 1A. (\u201cRisk Factors\u201d) and our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K. Some of the statements in the following discussion are forward-looking statements. See the discussion about forward-looking statements on page 1 of this Annual Report on Form 10-K, as actual results may differ materially from those contained in any forward-looking statements. This section generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2024 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 28, 2025. Executive Overview ANI Pharmaceuticals is a diversified bio-pharmaceutical company. The Company's mission is \u201cServing Patients, Improving Lives\u201d by developing, manufacturing, and commercializing therapeutics through its Rare Disease, Generics, and Brands businesses. On September 16, 2024, the Company acquired Alimera. In connection with the Merger, the Company added a growing and durable franchise, ILUVIEN\u00ae (fluocinolone acetonide intravitreal implant) 0.19 mg, which has received marketing authorization and reimbursement in the United States (\u201cU.S.\u201d) and 24 countries for the treatment of diabetic macular edema (\u201cDME\u201d) and YUTIQ\u00ae (fluocinolone acetonide intravitreal implant) 0.18 mg, available in the U.S. for the treatment of non-infectious uveitis affecting the posterior segment of the eye (\u201cNIU-PS\u201d). Subsequent to the acquisition of Alimera, we expanded the label for ILUVIEN to include an indication for chronic NIU-PS in addition to its then-current indication in DME in the U.S. The Company owns and operates three pharmaceutical manufacturing facilities, including two facilities in Baudette, Minnesota, and one in East Windsor, New Jersey, which collectively are capable of producing oral solid dose products, as well as semi-solids, liquids and topicals, controlled substances, and potent products that must be manufactured in a fully-contained environment. The Company ceased operations at another manufacturing facility in Oakville, Ontario as of March 31, 2023. In February 2024, our Canadian subsidiary entered into an agreement for the purchase and sale of the Oakville site, for a purchase price of $19.2 million Canadian Dollars, or approximately $14.2 million, based on the then-current exchange rate. The sale closed on March 28, 2024. See Note 4 \"Restructuring Canada Operations\" in the notes to the consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K. On August 13, 2024, the Company entered into a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the financial institutions party thereto as lenders (the \"2024 Credit Agreement\"), which provides for aggregate principal commitments consisting of (i) a senior secured delayed-draw term loan facility in an aggregate principal amount of $325.0 million, and (ii) a senior secured revolving credit facility in an aggregate commitment amount of $75.0 million ($74.9 million of which remains undrawn), which may be used for revolving credit loans, swingline loans and letters of credit. On August 13, 2024, the Company completed an offering of $316.25 million aggregate principal amount of the Company's Convertible Senior Notes due 2029 (the \u201cNotes\u201d). The Notes are due September 1, 2029, unless earlier repurchased, redeemed, or converted. After deducting the initial purchasers\u2019 discounts and commissions of approximately $9.5 million, but before deducting the Company\u2019s offering expenses, the net proceeds to the Co Item 1. Business ANI Pharmaceuticals is a diversified bio-pharmaceutical company. The Company's mission is \u201cServing Patients, Improving Lives\u201d by developing, manufacturing, and commercializing therapeutics through its Rare Disease, Generics, and Brands businesses. On September 16, 2024, the Company acquired Alimera Sciences, Inc. (\"Alimera\"). In connection with the acquisition, the Company added two new products, ILUVIEN\u00ae (\"ILUVIEN\") and YUTIQ\u00ae (\"YUTIQ\"). See Note 3 \"Business Combination\" in the notes to the consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K. During March 2025, the FDA approved an expanded label for ILUVIEN to include an indication for the treatment of chronic non-infectious uveitis affecting the posterior segment of the eye (\"NIU-PS\") in addition to the then-current indication of Diabetic Macular Edema (\"DME\"). The Company is currently marketing ILUVIEN for both indications in the U.S. ILUVIEN was already approved for both DME and NIU-PS outside the U.S., including in seventeen European countries. During the second quarter of 2025, the Company transitioned promotional efforts in the U.S. from YUTIQ to ILUVIEN with its combined label of DME and NIU-PS. The Company owns and operates three pharmaceutical manufacturing facilities, including two facilities in Baudette, Minnesota and one in East Windsor, New Jersey, which collectively are capable of producing oral solid dose products, as well as semi-solids, liquids and topicals, controlled substances, and potent products that must be manufactured in a fully-contained environment. The Company ceased operations at another manufacturing facility in Oakville, Ontario as of March 31, 2023. See Note 4 \"Restructuring Canada Operations\" in the notes to the consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K. On August 13, 2024, the Company entered into a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the Item 1A. Risk Factors Risk Factor Summary Investing in our common stock involves a high degree of risk. Below is a summary of the principal risks that could adversely affect our business, financial position and operating results: \u2022Our approved products, including Cortrophin Gel and ILUVIEN, may not achieve commercializati", "title": "ANIP - ANI PHARMACEUTICALS INC", "url": "/company/ANIP/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000784199; latest 10-K filed 2026-02-18.", "text": "AORT - ARTIVION, INC. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000784199; latest 10-K filed 2026-02-18. AORT ARTIVION, INC. 0000784199 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes included elsewhere in this filing. The discussion contains forward-looking statements that involve known and unknown risks and uncertainties, including those set forth under Part I, Item 1A.\u201cRisk Factors\u201d of this Form 10-K. The following discussion and analysis do not include certain items related to the year ended December 31, 2023, including year-to-year comparisons between the year ended December 31, 2024 and the year ended December 31, 2023. For a comparison of our results of operations for the fiscal years ended December 31, 2024 and December 31, 2023, see Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025. 41 Table of Contents Overview Artivion, Inc. (\u201cArtivion,\u201d the \u201cCompany,\u201d \u201cwe,\u201d or \u201cus\u201d), is a leader in the manufacturing, processing, and distribution of medical devices and implantable human tissues used in cardiac and vascular surgical procedures for patients with aortic disease. We have four major product families: aortic stent grafts, On-X mechanical heart valves and related surgical products, surgical sealants, and implantable cardiac and vascular human tissues. Aortic stent grafts include aortic arch stent grafts, abdominal stent grafts, and synthetic vascular grafts. Aortic arch stent grafts include our E-vita Open NEO, E-vita Open Plus, Arcevo LSA, AMDS, NEXUS ONE, NEXUS DUO, and NEXUS TRE, and E-vita Thoracic 3G products. Abdominal stent grafts include our E-xtra Design Engineering, E-nside, Artivex, E-tegra, E-ventus BX, Tuva BX, and E-liac products. Surgical sealants include BioGlue Surgical Adhesive (\u201cBioGlue\u201d) products. In addition to these four major product families, we sell or distribute PhotoFix bovine surgical patches (\u201cPhotoFix\u201d) and CardioGenesis cardiac laser therapy (prior to our abandonment of that business as of June 2023). We began to manufacture and supply PerClot\u00ae hemostatic powder (\u201cPerClot\u201d) during the second quarter of 2023 (as part of the Transitional Manufacturing and Supply Agreement (\u201cTMSA\u201d) of the Baxter Transaction, described below). For the year ended December 31, 2025 we reported annual revenues of $441.3 million, increasing 14% over the prior year. Excluding the effects of foreign exchange, revenues increased 13% over the prior year. The increase in revenues was due to increases in revenues from aortic stent grafts, On-X products, and surgical sealants, partially offset by a decrease in revenues from other products and preservation services, and certain limited impacts resulting from the Cybersecurity incident. For the year ended December 31, 2025 we reported a net income of $9.8 million. See the \u201cResults of Operations\u201d section below for additional analysis of the full year 2025 results. See Part I, Item 1, \u201cBusiness,\u201d for further discussion of our business and activities during 2025. Critical Accounting Policies A summary of our significant accounting policies is included in Part II, Item 8, Note 1 of the \u201cNotes to Consolidated Financial Statements.\u201d We believe that the consistent application of these policies enables us to provide users of the financial statements with useful and reliable information about our operating results and financial condition. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the US, which require us to make estimates and assumptions. The following are accounting policies that we believe are most important to the portrayal of our financial condition and results of operations and may involve a higher degree of judgment and complexity. Deferred Preservation Costs Def Item 1. Business. Overview Artivion, Inc. (\u201cArtivion,\u201d the \u201cCompany,\u201d \u201cwe,\u201d or \u201cus\u201d), is a leader in the manufacturing, processing, and distribution of medical devices and implantable human tissues used in cardiac and vascular surgical procedures for patients with aortic disease. We have four major product families: aortic stent grafts, On-X\u00ae mechanical heart valves and related surgical products (\u201cOn-X\u201d products), surgical sealants, and implantable cardiac and vascular human tissues. Aortic stent grafts include aortic arch stent grafts, abdominal stent grafts, and synthetic vascular grafts. Aortic arch stent grafts include our E-vita\u00ae Open NEO, E-vita Open Plus, Arcevo\u2122 LSA Hybrid Stent Graft System (\u201cArcevo LSA\u201d), the Ascyrus Medical Dissection Stent (\u201cAMDS\u201d) hybrid prosthesis, the NEXUS ONETM (\u201cNEXUS ONE\u201d), NEXUS DUOTM (\u201cNEXUS DUO\u201d), and NEXUS TRETM (\u201cNEXUS TRE\u201d) aortic arch stent graft systems (the \u201cNEXUS family of products\u201d), and E-vita Thoracic 3G products. Abdominal stent grafts include our E-xtra Design Engineering, E-nsideTM, ArtivexTM, E-tegraTM, E-ventusTM BX, TuvaTM BX, and E-liacTM products. Surgical sealants include BioGlue\u00ae Surgical Adhesive (\u201cBioGlue\u201d) products. In addition to these four major product families, we sell or distribute PhotoFix\u00ae bovine surgical patches (\u201cPhotoFix\u201d) and CardioGenesis\u00ae cardiac laser therapy (prior to our abandonment of the business as of June 30, 2023). We began to manufacture and supply PerClot\u00ae hemostatic powder (\u201cPerClot\u201d) during the second quarter of 2023 (as part of the Transitional Manufacturing and Supply Agreement (\u201cTMSA\u201d) of the Baxter Transaction). Corporate Structure Our main operating subsidiaries include JOTEC GmbH (\u201cJOTEC\u201d), a Hechingen, Germany-based endovascular and surgical products company acquired on December 1, 2017, On-X Life Technologies, Inc. (\u201cOn-X LTI\u201d), an Austin, Texas-based mechanical heart valve company acquired on January 20, 2016, Ascyrus Medical GmbH, a manufacturing entity acquired in S Item 1A. Risk Factors. Risks Relating to Our Business Our business involves a variety of risks and uncertainties, known and unknown, including, among others, the risks discussed below. These risks should be carefully considered together with the other information provided in this Annual Report on Form 10-K and ", "title": "AORT - ARTIVION, INC.", "url": "/company/AORT/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001387467; latest 10-K filed 2025-08-28.", "text": "AOSL - ALPHA & OMEGA SEMICONDUCTOR Ltd SIC 3674 Semiconductors & Related Devices; CIK 0001387467; latest 10-K filed 2025-08-28. AOSL ALPHA & OMEGA SEMICONDUCTOR Ltd 0001387467 3674 Semiconductors & Related Devices Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion of the financial condition and results of our operations in conjunction with our consolidated financial statements and the notes to those statements included elsewhere in this annual report. Our consolidated financial statements contained in this annual report are prepared in accordance with U.S. GAAP. Overview We are a designer, developer, and global supplier of a broad range of discrete power devices, wide band gap power devices, power management ICs and modules, including a wide portfolio of Power MOSFET, SiC, IGBT, IPM, TVS, HV Gate Drivers, Power IC, and Digital Power products. Our portfolio of power semiconductors includes approximately 2,800 products, and has grown with the introduction of over 100 new products in the fiscal year ended June 30, 2025, and over 100 and 60 new products in the fiscal years ended June 30, 2024 and 2023, respectively. Our teams of scientists and engineers have developed extensive intellectual properties and technical knowledge that encompass major aspects of power semiconductors, which we believe enables us to introduce and develop innovative products to address the increasingly complex power requirements of advanced electronics. We have an extensive patent portfolio that consists of 949 patents and 64 patent applications in the United States as of June 30, 2025. We also have a total of 961 foreign patents, which primarily were based on our research and development efforts through June 30, 2025. We differentiate ourselves by integrating our expertise in technology, design and advanced manufacturing and packaging to optimize product performance and cost. Our portfolio of products targets high-volume applications, including personal computers, graphic cards, game consoles, home appliances, power tools, smart phones, battery packs, consumer and industrial motor controls and power supplies for computers, servers and telecommunications equipment. During fiscal year 2025, we accelerated the development of new technology platforms which allowed us to introduce 33 medium and high voltage MOSFET products, targeting primarily the power supply markets and industrial markets, as well as 11 low voltage MOSFET products primarily for the communication market. In addition, we introduced 38 Power IC new products for computing applications, communication and consumer markets. Our business model leverages global resources, including research and development and manufacturing in the United States and Asia. Our sales and technical support teams are localized in several growing markets. We operate an 8-inch wafer fabrication facility located in Hillsboro, Oregon, or the Oregon Fab, which is critical for us to accelerate proprietary technology development, new product introduction and improve our financial performance. To meet the market demand for the more mature high volume products, we also utilize the wafer manufacturing capacity of selected third party foundries. For assembly and test, we primarily rely upon our in-house facilities in China. In addition, we utilize subcontracting partners for industry standard packages. We believe our in-house packaging and testing capability provides us with a competitive advantage in proprietary packaging technology, product quality, cost and sales cycle time. On March 29, 2016, we formed a joint venture (the \u201cJV Company\u201d) with two investment funds owned by the Municipality of Chongqing (the \u201cChongqing Funds\u201d), for the purpose of constructing and operating a power semiconductor packaging, testing and 12-inch wafer fabrication facility (\u201cFab\u201d) in the LiangJiang New Area of Chongqing, China. As of December 1, 2021, we owned 50.9%, and the Chongqing Funds owned 49.1% of the equity interest in the JV Company. The joint venture was accounted under the provisions of the consolidation guidance since we had controlling financial interests until D Item 1.Business Forward Looking Statements This Annual Report on Form 10-K and the documents incorporated herein by reference contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the \u201csafe harbor\u201d created by those sections. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. In some cases, you can identify forward-looking statements by terms such as \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cintend,\u201d \u201cwould,\u201d \u201cexpect,\u201d \u201cplan,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cproject,\u201d \u201cpredict,\u201d \u201cpotential\u201d and similar expressions intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance, time frames or achievements to be materially different from any future results, performance, time frames or achievements expressed or implied by the forward-looking statements. We discuss many of these risks, uncertainties and other factors in this Annual Report on Form 10-K in greater detail in Item 1A.\u201cRisk Factors.\u201d Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. Also, these forward-looking statements represent our estimates and assumptions only as of the date of this filing. You should read this Annual Report on Form 10-K in its entirety and with the understanding that our actual future results may be materially different from what we expect. We hereby qualify our forward-looking statements by these cautionary statements. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information Item 1A.Risk Factors Our operations and financial results are subject to various risks and uncertainties, including those described below, that could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our common stock. Risk Factor", "title": "AOSL - ALPHA & OMEGA SEMICONDUCTOR Ltd", "url": "/company/AOSL/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001517302; latest 10-K filed 2026-02-20.", "text": "APAM - Artisan Partners Asset Management Inc. SIC 6282 Investment Advice; CIK 0001517302; latest 10-K filed 2026-02-20. APAM Artisan Partners Asset Management Inc. 0001517302 6282 Investment Advice Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the results of operations and financial condition of the Company should be read in conjunction with the \u201cForward-Looking Statements\u201d disclosure preceding Part I and the \u201cRisk Factors\u201d set forth in Item 1A of Part I of this Annual Report on Form 10\u2011K, each of which describe our risks, uncertainties and other important factors in more detail. Overview and Recent Highlights We are a global multi-asset investment platform focused on providing a broad range of high-value added investment strategies in growing asset classes to sophisticated clients around the world. As of December 31, 2025, our 11 autonomous investment teams managed a total of 26 investment strategies across multiple asset classes and investment styles. We focus on attracting, retaining and developing talented investment professionals and creating an environment in which each investment team is provided ample resources and support, transparent and direct financial incentives, a high degree of investment autonomy, and a long-term time horizon. We create new investment strategies when we identify opportunities to add value for clients, oftentimes through the use of a broad array of securities, instruments, and techniques (which we call degrees of freedom) to differentiate returns and manage risk. We offer our investment management capabilities primarily to sophisticated investors that operate with institutional decision-making processes and longer-term investment horizons. We employ knowledgeable and investment focused relationship managers who are directly aligned with our investment teams, and we pair them with regional and distribution channel experts. We provide access to our investment strategies through multiple investment vehicles, including separate accounts and different types of pooled vehicles. As of December 31, 2025, approximately 74% of our AUM were managed for clients and investors domiciled in the U.S. and 26% of our AUM were managed for clients and investors domiciled outside of the U.S. As a high value-added investment manager we expect that long-term investment performance will be the primary driver of our long-term business and financial results. If we maintain and evolve existing investment strategies and launch new investment strategies that meet the needs of and generate attractive outcomes for sophisticated asset allocators, we believe that we will continue to generate strong business and financial results. Over shorter time periods, changes in our business and financial results are largely driven by market conditions and fluctuations in our AUM that may not necessarily be the result of our long-term investment performance or the long-term demand for our strategies. For this reason, we expect that our business and financial results will be lumpy over time. We strive to maintain a financial model that is transparent and predictable. We derive nearly all of our revenues from investment management fees, most of which are based on a specified percentage of clients\u2019 average AUM. A majority of our expenses, including most of our compensation expense, vary directly with changes in our revenues. We invest thoughtfully to support our investment teams and future growth, while also paying out to stockholders and partners a majority of the cash that we generate from operations through dividends and distributions. We expect to continue to invest in the growth of the business, with a focus on adding new investment capabilities and more degrees of freedom in areas where both opportunity and client demand exist, and in which we can differentiate our active management and add value for clients. Financial highlights for 2025 included the following: \u2022During the year ended December 31, 2025, our AUM increased to $179.9 billion, an increase of $18.7 billion, or 12%, compared to $161.2 billion at December 31, 2024, as a re Item 1. Business Overview Founded in 1994, Artisan is a global multi-asset investment platform focused on providing high value-added active investment strategies in growing asset classes to sophisticated clients around the world. Since our founding, we have maintained a business model that is designed to maximize our ability to produce attractive investment results for our clients, and we believe this model has contributed to our success in doing so. We focus on attracting, retaining and developing talented investment professionals by creating an environment in which each investment team is provided ample resources and support, transparent and direct financial incentives, a high degree of investment autonomy, and a long-term time horizon. Each of our investment teams is led by one or more experienced portfolio managers and applies its own unique investment philosophy and process. We believe this autonomous investment team structure promotes independent analysis and accountability among our investment professionals, which we believe promotes superior investment results. Each of our investment teams manages one or more investment strategies, each of which is designed to have a clearly articulated and consistent investment process that is well-understood by clients and managed to achieve long-term performance. Over our firm\u2019s history, we have broadened our investment management capabilities in a disciplined manner that we believe is consistent with our overall philosophy of offering high value-added investment strategies. We have expanded our investment platform by launching new strategies managed by our existing investment teams, as well as by establishing or acquiring new investment teams when the ideal opportunity to do so arises. New investment strategies we have developed use a broad array of securities, instruments and techniques (which we call degrees of freedom) to differentiate returns and manage risk. We launch a new strategy when we believe it has the po Item 1A. Risk Factors Human Capital Risks The loss of key investment professionals or senior members of our distribution and management teams could have a material adverse effect on our business. Our success depends on our ability to attract, retain and motivate, including through competitive compensation packages", "title": "APAM - Artisan Partners Asset Management Inc.", "url": "/company/APAM/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001418121; latest 10-K filed 2026-02-23.", "text": "APLE - Apple Hospitality REIT, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001418121; latest 10-K filed 2026-02-23. APLE Apple Hospitality REIT, Inc. 0001418121 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with Item 8, the Consolidated Financial Statements and Notes thereto, the introduction of Part I regarding \u201cForward-Looking Statements,\u201d and Item 1A, \u201cRisk Factors\u201d appearing elsewhere in this Annual Report on Form 10-K. Overview The Company is a Virginia corporation that has elected to be treated as a REIT for U.S. federal income tax purposes. The Company is self-advised and invests in income-producing real estate, primarily in the lodging sector, in the U.S. As of December 31, 2025, the Company owned 217 hotels with an aggregate of 29,583 guest rooms located in urban, high-end suburban and developing markets throughout 37 states and the District of Columbia and substantially all of the Company\u2019s hotels operated under Marriott or Hilton brands. As of December 31, 2025, the hotels are operated and managed under separate management agreements with one of 16 hotel management companies, none of which are affiliated with the Company. The Company\u2019s common shares are listed on the NYSE under the ticker symbol \u201cAPLE.\u201d Recent Hotel Portfolio Activities The Company continually monitors market conditions and attempts to maximize shareholder value by investing in properties that it believes provide superior value over the long term. Consistent with this strategy and the Company\u2019s focus on investing in rooms-focused hotels, during the year ended December 31, 2025, the Company acquired two hotels for an aggregate purchase price of approximately $117.0 million: an existing 126-guest-room Homewood Suites in Tampa, Florida and a newly constructed 260-guest-room Motto in Nashville, Tennessee that was purchased at the completion of development. The Company utilized its available cash, proceeds from the sales of properties, which included proceeds from two separate 1031 Exchanges, and borrowings under its unsecured credit facilities to fund these acquisitions. The Company plans to utilize its available cash, net proceeds from the sale of shares under the ATM program, proceeds from the sales of properties or borrowings under its unsecured credit facilities for any future hotel acquisitions. As of December 31, 2025, the Company had one outstanding contract, which was entered into during the third quarter of 2025, for the potential purchase of a hotel in Anchorage, Alaska for an expected purchase price of approximately $65.5 million. The hotel is under development as a 160-guest-room AC Hotel and is currently planned to be completed and opened for business in the fourth quarter of 2027. As of December 31, 2025, a $2.0 million contract deposit (refundable if the seller does not meet its obligations under the contract) had been paid. If the closing occurs, the Company plans to utilize its available cash or borrowings, including borrowings under its unsecured credit facilities available at closing, to purchase the hotel under contract. Although the Company is working towards acquiring this hotel, there are a number of conditions to closing that have not yet been satisfied, and there can be no assurance that closing on this hotel will occur under the outstanding purchase contract. If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the purchase contract and acquire this hotel. As this hotel is under development, at this time, the seller has not met all of the conditions to closing. During the third quarter of 2025, the Company entered into a contract with a third party to develop a dual-branded property, consisting of an AC Hotel and a Residence Inn, on Company-owned land in Las Vegas, Nevada, adjacent to its existing SpringHill Suites. The Company expects to spend a total of approximately $143.7 million to develop the hotels, which are currently planned to be completed and opened for business in the second quarter of 2028. Upon c Item 1. Business The Company, formed in November 2007 as a Virginia corporation, is a self-advised REIT that invests in income-producing real estate, primarily in the lodging sector, in the United States (\u201cU.S.\u201d). The Company has elected to be treated as a REIT for U.S. federal income tax purposes. As of December 31, 2025, the Company owned 217 hotels with an aggregate of 29,583 guest rooms located in urban, high-end suburban and developing markets throughout 37 states and the District of Columbia (\u201cD.C.\u201d) and substantially all of the Company\u2019s hotels operated under Marriott or Hilton brands. As of December 31, 2025, the hotels are operated and managed under separate management agreements with one of 16 hotel management companies, none of which are affiliated with the Company. The Company\u2019s common shares are listed on the New York Stock Exchange (\u201cNYSE\u201d) under the ticker symbol \u201cAPLE.\u201d The Company has no foreign operations or assets, and its operating structure includes only one reportable segment. Refer to Part II, Item 8, for the Consolidated Financial Statements and Notes thereto, appearing elsewhere in this Annual Report on Form 10-K. Business Objectives The Company is one of the largest hospitality REITs in the U.S., in both the number of hotels and guest rooms, with significant geographic and brand diversity. The Company\u2019s primary business objective is to maximize shareholder value by achieving long-term growth in cash available for distributions to its shareholders. The Company has pursued and will continue to pursue this objective through the following investment strategies: \u2022 pursuing thoughtful capital allocation with selective acquisitions and dispositions of primarily rooms-focused hotels in the upscale sector of the lodging industry; \u2022 employing broad geographic diversification of its investments; \u2022 franchising and collaborating with leading brands in the sector; \u2022 utilizing strong experienced operators for its hotels and enhancing their performa Item 1A. Risk Factors The Company has identified the following significant risk factors which may affect, among other things, the Company\u2019s business, financial position, results of operations, operating cash flows, market value, and ability to service its debt obligations and make distributions to its shareho", "title": "APLE - Apple Hospitality REIT, Inc.", "url": "/company/APLE/" }, { "kind": "company", "summary": "SIC 3231 Glass Products, Made of Purchased Glass; CIK 0000006845; latest 10-K filed 2026-04-24.", "text": "APOG - APOGEE ENTERPRISES, INC. SIC 3231 Glass Products, Made of Purchased Glass; CIK 0000006845; latest 10-K filed 2026-04-24. APOG APOGEE ENTERPRISES, INC. 0000006845 3231 Glass Products, Made of Purchased Glass ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is intended to assist the reader in understanding our financial condition and results of operations, including an evaluation of the amounts and certainty of cash flows from operations and from outside sources, and is provided as a supplement to and should be read in conjunction with the consolidated financial statements and related notes in Item 8. Financial Statements and Supplementary Data in this Form 10-K. Additional information about results of operations and financial condition for fiscal 2025 and 2024 (including the detailed discussion of the prior fiscal year 2025 to 2024 year-over-year changes) can be found in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations sections in our Annual Report on Form 10-K for the year ended March 1, 2025. Overview We are a leading provider of architectural products and services for enclosing buildings, and high-performance coating products used in applications for preservation, protection and enhanced viewing. Our four reporting segments are: Architectural Metals, Architectural Services, Architectural Glass, and Performance Surfaces. On October 31, 2025, the Company announced the separation of its Chief Executive Officer. In connection with this separation agreement, the Board of Directors approved the accelerated vesting of certain outstanding unvested restricted stock awards and performance share unit awards previously granted. See Note 13 to our Consolidated Financial Statements for additional information. In the first quarter of fiscal 2026, we announced Project Fortify Phase 2 to drive cost efficiencies, primarily in the Architectural Metals, Architectural Services and Corporate Segments. An extension of Phase 2 was announced on January 7, 2026 to drive additional cost savings in Architectural Metals and Corporate. Phase 2 focused on further optimizing our operating footprint and aligning resources to enable a more effective operating model. The actions of Phase 2 resulted in $27.4 million of pre-tax charges and are expected to deliver annualized pre-tax cost savings of approximately $26 million. The actions associated with Phase 2 were substantially completed in the fourth quarter of fiscal 2026. See Note 18 to our Consolidated Financial Statements for additional information. As a result of a March 2025 appellate court decision confirming a December 2022 arbitration award, the Company paid the arbitration award, including accrued post-judgment interest, in the amount of $24.7 million, on April 7, 2025. As a result of the decision, we recorded expense of $9.4 million, which represents the impact of the award amount net of existing reserves and estimated insurance proceeds. This impact was recorded in cost of goods sold in the fourth quarter of fiscal 2025. See Note 10 to our Consolidated Financial Statements for additional information. During the third quarter of fiscal 2025, we acquired UW Solutions for $240.9 million. UW Solutions is a U.S. based, vertically integrated manufacturer of high-performance coated substrates, differentiated by its proprietary formulations and coating application processes. The business serves a broad range of customers in attractive end markets, including building products for distribution centers and manufacturing facilities, as well as premium products for the graphic arts market. See Note 17 to our Consolidated Financial Statements for additional information. Non-GAAP Financial Measures In addition to reporting financial results in accordance with U.S. GAAP, we also provide certain non-GAAP financial measures. These measures are not in accordance with, nor are they a substitute for U.S. GAAP measures, and may not be comparable to similarly titled measures used by other companies. For each of these non-GAAP measures, ITEM 1. BUSINESS The Company Apogee Enterprises, Inc. (Apogee, we, us, our or the Company) was incorporated under the laws of the State of Minnesota in 1949. We are a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications. Segment Information We have four reporting segments: \u2022The Architectural Metals Segment designs, engineers, fabricates and finishes aluminum window, curtainwall, storefront and entrance systems used primarily in non-residential construction. In fiscal 2026, this segment accounted for approximately 36% of our net sales. \u2022The Architectural Services Segment integrates technical services, project management, and field installation services to design, engineer, fabricate, and install architectural curtainwall and other fa\u00e7ade-related systems used primarily in non-residential construction. In fiscal 2026, this segment accounted for approximately 31% of our net sales. \u2022The Architectural Glass Segment cuts, treats, coats and fabricates high-performance glass used in custom window and wall systems used primarily in non-residential buildings. In fiscal 2026, this segment accounted for approximately 19% of our net sales. \u2022The Performance Surfaces Segment develops and manufactures high-performance coated materials for a variety of applications, including wall decor, museums, graphic design, digital displays, architectural interiors, and industrial flooring. In fiscal 2026, this segment accounted for approximately 14% of our net sales. Strategy Throughout fiscal 2026, we executed the strategy introduced in November 2021, which strengthened our organization through the implementation of the Apogee Management System, drove improvements to our cost structure and manufacturing footprint, and increased leverage of administrative functions across the enterprise. This strategy also contributed to meaningful safety improvements and a more focused product and service port ITEM 1A. RISK FACTORS Our businesses face many risks. Any of the risks discussed below, or elsewhere in this Form 10-K or our other filings with the Securities and Exchange Commission, could have a material adverse impact on our business, financial condition or operating results. Market and Industry Ris", "title": "APOG - APOGEE ENTERPRISES, INC.", "url": "/company/APOG/" }, { "kind": "company", "summary": "SIC 4213 Trucking (No Local); CIK 0000894405; latest 10-K filed 2026-02-25.", "text": "ARCB - ARCBEST CORP /DE/ SIC 4213 Trucking (No Local); CIK 0000894405; latest 10-K filed 2026-02-25. ARCB ARCBEST CORP /DE/ 0000894405 4213 Trucking (No Local) ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \u200b ArcBest Corporation\u2122 (together with its subsidiaries, the \u201cCompany,\u201d \u201cArcBest\u00ae,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d) is a multibillion\u2011dollar integrated logistics company that leverages technology and a full suite of solutions across multiple modes of transportation to meet our customers\u2019 supply chain needs. Our operations are conducted through two reportable operating segments: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Asset-Based, which consists of ABF Freight System, Inc. and certain other subsidiaries (\\u201cABF Freight\\u201d); and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Asset-Light, which includes MoLo Solutions, LLC (\\u201cMoLo\\u201d), Panther Premium Logistics\\u00ae (\\u201cPanther\\u201d), and certain other subsidiaries.\"]] [[/GREPCENT_TABLE]] \u200b For more information, see additional segment descriptions in Part I, Item 1 (Business) and in Note M to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K. \u200b On February 28, 2023, the Company sold FleetNet America, Inc. (\u201cFleetNet\u201d), a wholly owned subsidiary of the Company, for an aggregate adjusted cash purchase price of $100.9 million, including post-closing adjustments. Following the sale, FleetNet\u00ae was reported as discontinued operations. As such, historical results of FleetNet have been excluded from both continuing operations and segment results for all periods presented. Unless otherwise indicated, all amounts in this Annual Report on Form 10-K refer to continuing operations, including comparisons to the prior year. \u200b ORGANIZATION OF INFORMATION \u200b Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is provided to assist readers in understanding our financial performance during the periods presented and significant trends which may impact our future performance, including the principal factors affecting our results of operations, liquidity and capital resources, and critical accounting policies. MD&A includes additional information about significant accounting policies, practices, and the transactions that underlie our financial results. This discussion should be read in conjunction with our consolidated financial statements and the related notes thereto included in Part II, Item 8 of this Annual Report on Form 10-K. MD&A includes forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from the statements made in this section due to a number of factors that are discussed in Part I (Forward-Looking Statements) and Part I, Item 1A (Risk Factors) of this Annual Report on Form 10-K. MD&A is comprised of the following: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Results of Operations includes:\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"an overview of consolidated results with 2025 compared to 2024, and a consolidated Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (\\u201cAdjusted EBITDA\\u201d) reconciliation to net income;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"a financial summary and analysis of our Asset-Based segment results of 2025 compared to 2024, including a discussion of key actions and events that impacted the results;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"a financial summary and analysis of our Asset-Light segment results for 2025 compared to 2024, including a discussion of key actions and events that impacted the results; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"a discussion of other matters impacting operating results, including effects of inflation, current economic conditions, environmental and legal matters, and information technology and cybersecurity.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Liquidity and Capital Resources provides an analysis of key elements of the cash flow statements, borrowing capacity, ITEM 1.BUSINESS \u200b ArcBest Corporation \u200b ArcBest Corporation\u2122 (together with its subsidiaries, the \u201cCompany,\u201d \u201cArcBest,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d) is a multibillion-dollar integrated logistics company that leverages technology and a full suite of solutions across multiple modes of transportation to meet our customers\u2019 supply chain needs. We serve as a single end-to-end logistics partner with global reach. Through our integrated approach and customer-led mindset, combined with our technology, expertise, and scale, we ensure our customers have the right solutions and capacity to meet their evolving supply chain needs. \u200b The Company, which was incorporated in Delaware in 1966 and is headquartered in Fort Smith, Arkansas, started over a century ago as a local Arkansas freight hauler. Today, as a result of organic growth, strategic acquisitions, and visionary leadership, we are a logistics powerhouse with 14,000 employees across nearly 250 campuses and service centers. Our customers are at the center of our strategy. Through meaningful investments in strategic initiatives and a strong emphasis on disruptive technology and advanced analytics, we deliver customized solutions that are diverse and flexible enough to meet our customers\u2019 needs. \u200b Business Description \u200b As an integrated logistics company, ArcBest is growth-oriented and digitally enabled to deliver reliable, innovative solutions through a variety of ground, air, and ocean transportation solutions, including our less-than-truckload (\u201cLTL\u201d) carrier \u2013 ABF Freight\u00ae, our truckload service \u2013 MoLo Solutions, LLC\u00ae (\u201cMoLo\u201d), our managed transportation solutions, and our ground expedite fleet \u2013 Panther Premium Logistics\u00ae (\u201cPanther\u201d). Through our managed transportation solutions, we partner with customers to create and execute logistics strategies that increase operational efficiencies, reduce costs, and give customers better insights into their supply chains. We also offer household goods moving through U-Pack\u00ae. Our ITEM 1A.RISK FACTORS \u200b Our business is subject to a variety of material risks that we have identified and could also be affected by additional risks and uncertainties that are not currently known to us or that we currently deem to be immaterial. This Risk Factors section discusses the material risks relating to our business activities, including those affecting the ", "title": "ARCB - ARCBEST CORP /DE/", "url": "/company/ARCB/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001467760; latest 10-K filed 2026-02-10.", "text": "ARI - Apollo Commercial Real Estate Finance, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001467760; latest 10-K filed 2026-02-10. ARI Apollo Commercial Real Estate Finance, Inc. 0001467760 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our financial statements and accompanying notes included in Item 8. \"Financial Statements and Supplementary Data\" of this annual report on Form 10-K. Overview We are a Maryland corporation and have elected to be taxed as a REIT for U.S. federal income tax purposes. We primarily originate, acquire, invest in and manage performing commercial first mortgage loans, subordinate financings, and other commercial real estate-related debt investments. These asset classes are referred to as our target assets. We are externally managed and advised by the Manager, an indirect subsidiary of Apollo, a global, high-growth alternative asset manager with assets under management of approximately $938.4 billion as of December 31, 2025. The Manager is led by an experienced team of senior real estate professionals who have significant expertise in underwriting and structuring commercial real estate financing transactions. We benefit from Apollo's global infrastructure and operating platform, through which we are able to source, evaluate and manage potential investments in our target assets. Proposed Transactions with Athene On January 27, 2026, we entered into the Purchase Agreement with Athene. In connection with the Asset Sale, we also entered into the Management Agreement Side Letter with Operating LLC and the Manager, and the Expense Reimbursement Letter Agreement with Apollo Management Holdings. The Company is externally managed and advised by the Manager, which is a subsidiary of Apollo, and each of Athene and Apollo Management Holdings is a subsidiary of Apollo. The Purchase Agreement provides that, upon the terms and subject to the conditions set forth in the Purchase Agreement, Athene will purchase from the Company, and the Company will sell to Athene, the Loans as of the Closing, other than two loans with a combined total principal balance of $146 million, as of December 31, 2025, currently held by the Company which are expected to be repaid prior to the Closing. Refer to \"Note 20 - Subsequent Events\" to the accompanying consolidated financial statements for further detail. Current Market Conditions Certain external events such as public health issues, natural disasters, political and economic instability abroad, concerns regarding the stability of the sovereign debt of certain European countries, and other geopolitical issues, have adversely impacted the global economy and have contributed to significant volatility in financial markets. Due to various uncertainties caused by such external events and recent macroeconomic trends, including inflation and higher interest rates, further business risks could arise. Some of the factors that impacted us to date and may continue to affect us are outlined in Item 1A. \"Risk Factors\". Results of Operations Our results of operations discuss fiscal years ended December 31, 2025 and 2024 items and year-to-year comparisons between fiscal years ended December 31, 2025 and 2024. Discussions of prior period items and year-to-year comparisons between fiscal years ended December 31, 2024 and 2023 can be found in our \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of our annual report on Form 10-K for the fiscal year ended December 31, 2024. Net Income (Loss) Available to Common Stockholders For the years ended December 31, 2025 and 2024, our net income (loss) available to common stockholders was $114.4 million, or $0.81 per diluted share of common stock, and ($131.9) million, or ($0.97) per diluted share of common stock, respectively. 45 Operating Results The following table sets forth information regarding our consolidated results of operations and certain key operating metrics for the years ended December 31, 2025 and 2024 ($ in thousands): [[GREPCENT_TABLE]] [[\"\",\"\",\"Year ended\" Item 1. Business All currency figures expressed herein are expressed in thousands, except share or per share amounts. GENERAL Apollo Commercial Real Estate Finance, Inc. is a corporation that has elected to be taxed as a REIT for U.S. federal income tax purposes and primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments. These asset classes are referred to as our target assets. We are externally managed and advised by the Manager, an indirect subsidiary of Apollo Global Management, Inc. (together with its subsidiaries, \"Apollo\"), a global, high-growth alternative asset manager with assets under management of approximately $938.4 billion as of December 31, 2025. The Manager is led by an experienced team of senior real estate professionals who have significant experience in underwriting and structuring commercial real estate financing transactions. We benefit from Apollo's global infrastructure and operating platform, through which we are able to source, evaluate and manage potential investments in our target assets. Our principal business objective is to acquire our target assets in order to provide attractive risk adjusted returns to our stockholders over the long term, primarily through dividends and secondarily through capital appreciation. As of December 31, 2025, we held a diversified portfolio comprised of approximately $8.7 billion of commercial mortgage loans and $62.2 million of subordinate loans and other lending assets. As of December 31, 2025, we had financed this portfolio with $6.3 billion of secured debt arrangements, $746.3 million senior secured term loans (the \"Term Loans\"), and $500.0 million of 4.625% Senior Secured Notes due 2029 (the \"2029 Notes\"). Additionally, as of December 31, 2025, we held $842.9 million of real estate assets, and $425.8 million of related financing. We are a Maryland corporation that was organi Item 1A. Risk Factors Our business and operations are subject to a number of risks and uncertainties, the occurrence of which could adversely affect our business, financial condition, results of operations and ability to make distributions to stockholders and could cause the value of our ca", "title": "ARI - Apollo Commercial Real Estate Finance, Inc.", "url": "/company/ARI/" }, { "kind": "company", "summary": "SIC 7381 Services-Detective, Guard & Armored Car Services; CIK 0001736946; latest 10-K filed 2026-02-27.", "text": "ARLO - Arlo Technologies, Inc. SIC 7381 Services-Detective, Guard & Armored Car Services; CIK 0001736946; latest 10-K filed 2026-02-27. ARLO Arlo Technologies, Inc. 0001736946 7381 Services-Detective, Guard & Armored Car Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with \"Note about Forward-Looking Statements\", Part I, Item 1A \"Risk Factors,\" and our audited consolidated financial statements and the accompanying notes to the financial statements included under Item 8 of this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed under \u201cRisk Factors\u201d in Part I, Item 1A above. Business and Executive Overview Arlo is transforming the ways in which people can protect everything that matters to them with advanced home, business, and personal security services that combine a globally scaled cloud platform, advanced monitoring and analytics capabilities, and award-winning app-controlled devices to create a personalized security ecosystem. Arlo\u2019s deep expertise in cloud services, cutting-edge AI and computer vision analytics, wireless connectivity and intuitive user experience design delivers seamless, smart home security for Arlo users that is easy to setup and engage with every day. Our highly secure, cloud-based platform provides users with visibility, insight and a powerful means to help protect and connect in real-time with the people and things that matter most, from any location with a Wi-Fi or a cellular connection \u2013 all rooted in a commitment to safeguard privacy for our users and their personal data. Since the launch of our first product in December 2014, we have shipped over 42.7 million smart security devices. As of December 31, 2025, the Arlo platform had approximately 12.1 million cumulative registered accounts across more than 100 countries around the world coupled with approximately 5.7 million cumulative paid accounts and annual recurring revenue of $330.5 million. We conduct business across three geographic regions\u2014(i) the Americas; (ii) Europe, Middle-East and Africa (\u201cEMEA\u201d); and (iii) Asia Pacific (\u201cAPAC\u201d)\u2014and we primarily generate revenue by selling paid subscription services, as well as devices through retail, wholesale distribution, wireless carrier channels, security solution providers, and Arlo\u2019s direct to consumer store. For the years ended December 31, 2025 and 2024, we generated total revenue of $529.3 million and $510.9 million, respectively. Income from operations was $6.1 million and our loss from operations was $34.9 million for the years ended December 31, 2025 and 2024, respectively. Our goal is to continue to develop innovative, world-class smart security solutions to expand and further monetize our current and future user and paid account bases. We believe that the growth of our business is dependent on many factors, including our ability to innovate and launch successful new products on a timely basis and grow our installed base, to increase subscription-based recurring revenue, to invest in channel and other strategic partnerships and to continue our global expansion. We expect to increase our investment in research and development going forward as we continue to introduce new and innovative products and services to enhance the Arlo platform and compete for engineering talent. We also expect our sales and marketing expenses to increase in the future as we invest in marketing to drive demand for our products and services. 61 Table of Contents Key Business Metrics In addition to the measures presented in our consolidated financial statements, we use the following key metrics to evaluate our business, measure our performance, Item 1. Business Overview Arlo Technologies, Inc. (\u201cwe\u201d or \u201cArlo\u201d) is transforming the ways in which people can protect everything that matters to them with advanced home, business, and personal security services that combine a globally scaled cloud platform, advanced monitoring and analytics capabilities, and award-winning app-controlled devices to create a personalized security ecosystem. Arlo\u2019s deep expertise in cloud services, cutting-edge artificial intelligence (\u201cAI\u201d) and computer vision analytics, wireless connectivity and intuitive user experience design delivers seamless, smart home security for Arlo users that is easy to setup and engage with every day. Our highly secure, cloud-based platform provides users with visibility, insight and a powerful means to help protect and connect in real-time with the people and things that matter most, from any location with a Wi-Fi or a cellular connection \u2013 all rooted in a commitment to safeguard privacy for our users and their personal data. To date, we have launched subscription services such as Arlo Secure, Arlo Total Security, and Arlo Safe, and several categories of award-winning smart security devices, including smart Wi-Fi and LTE-enabled cameras, video doorbells, floodlight cameras and home security systems. In addition, Arlo\u2019s broad compatibility allows the platform to seamlessly integrate with third-party internet-of-things (\u201cIoT\u201d) products and protocols, such as Amazon Alexa, Apple HomeKit, Apple TV, Google Assistant, and Samsung SmartThings. We plan to continue to introduce new smart security devices to the Arlo platform both in cameras and other categories, increase the number of registered accounts on our platform, keep them highly engaged through our mobile app and generate incremental recurring revenue by offering them paid subscription services. Market Our total addressable market consists of individuals and business owners who use smart security devices to protect their loved ones and property. Ou Item 1A. Risk Factors Investing in our common stock involves substantial risk. You should consider carefully the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including our financial statements and the related ", "title": "ARLO - Arlo Technologies, Inc.", "url": "/company/ARLO/" }, { "kind": "company", "summary": "SIC 4922 Natural Gas Transmission; CIK 0001389050; latest 10-K filed 2026-02-26.", "text": "AROC - Archrock, Inc. SIC 4922 Natural Gas Transmission; CIK 0001389050; latest 10-K filed 2026-02-26. AROC Archrock, Inc. 0001389050 4922 Natural Gas Transmission Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Financial Statements, the notes thereto, and the other financial information appearing elsewhere in this Form 10\u2013K. The following discussion includes forward\u2013looking statements that involve certain risks and uncertainties. See \u201cForward\u2013Looking Statements\u201d and Part I, Item 1A. \u201cRisk Factors\u201d in this Form 10\u2013K. This section primarily discusses 2025 and 2024 items and comparisons between these years. For a discussion of changes from 2023 to 2024 and other financial information related to 2024, refer to Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10\u2013K for the year ended December 31, 2024 filed with the SEC on February 25, 2025. 42 Table of Contents \u200b Overview We are an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping our customers produce, compress and transport natural gas in a safe and environmentally responsible way. We are a premier provider of natural gas compression services, in terms of total compression fleet horsepower, to customers in the energy industry throughout the U.S., and a leading supplier of aftermarket services to customers that own compression equipment in the U.S. We operate in two business segments: contract operations and aftermarket services. Our contract operations business primarily includes designing, sourcing, owning, installing, operating, servicing, repairing and maintaining our owned fleet of natural gas compression equipment to provide natural gas compression services to our customers. Our aftermarket services business provides a full range of services to support the compression needs of our customers that own compression equipment, including operations, maintenance, overhaul and reconfiguration services and sales of parts and components. Significant 2025 Transactions Third Amendment to the Amended and Restated Credit Agreement On December 12, 2025, we amended our Amended and Restated Credit. We did not incur any transaction costs related to the Third Amendment to the Amended and Restated Credit Agreement. See Note 15 (\u201cLong-Term Debt\u201d) for further details. 2027 Notes Redemption On November 17, 2025, we repurchased our 2027 Notes. The 2027 Notes were redeemed at 100% of their $300.0 million aggregate principal amount plus accrued and unpaid interest of approximately $2.6 million with borrowings under the Credit Facility. We recorded a debt extinguishment loss of $0.9 million related to unamortized debt issuance costs during the fourth quarter of 2025. Flowco Disposition On August 1, 2025, we completed the sale of certain contract operations customer agreements and approximately 155 compressors, comprising approximately 47,000 horsepower, used to provide compression services under those agreements along with other supporting assets. Goodwill, customer-related intangible assets and deferred revenue were allocated based on a ratio of the horsepower sold relative to the total horsepower of the asset group. See Note 4 (\u201cBusiness Transactions\u201d) for further details. NGCS Acquisition On May 1, 2025, we completed the NGCS Acquisition, whereby we acquired all of the issued and outstanding equity interests in NGCS, including a fleet of approximately 326,000 operating horsepower and an 18,000 horsepower backlog of contracted new equipment, for aggregate total consideration of $349.4 million. Total consideration consisted of $296.5 million in cash, of which we paid $265.1 million to NGCSI sellers and $31.4 million to NGCSE sellers, and approximately 2.3 million shares of common stock issued to NGCSE sellers with an NGCS acquisition date fair value of $53.0 million. The cash portion of the purchase price was funded with bo Item 1. Business We are an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping our customers produce, compress and transport natural gas in a safe and environmentally responsible way. We are a premier provider of natural gas compression services, in terms of total compression fleet horsepower, to customers in the energy industry throughout the U.S., and a leading supplier of aftermarket services to customers that own compression equipment in the U.S. Our business supports a must\u2013run service that is essential to the production, processing, transportation and storage of natural gas. We operate in two business segments: [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Contract Operations \\u2013 Our contract operations business primarily includes designing, sourcing, owning, installing, operating, servicing, repairing and maintaining our owned fleet of natural gas compression equipment to provide natural gas compression services to our customers.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Aftermarket Services \\u2013 Our aftermarket services business provides a full range of services to support the compression needs of our customers that own compression equipment, including operations, maintenance, overhaul and reconfiguration services and sales of parts and components.\"]] [[/GREPCENT_TABLE]] Natural Gas Compression Industry Overview Natural gas compression is a mechanical process whereby the pressure of a given volume of natural gas is increased to a desired higher pressure for transportation from one point to another. It is essential to the production and transportation of natural gas. Compression is also critical to minimizing flaring and reducing the waste of natural gas and natural gas liquids that results from insufficient gathering and processing capacity. Compression is typically required throughout the natural gas production and transportation cycle, including at the wellhead, throughout gathe Item 1A. Risk Factors As described in \u201cForward\u2013Looking Statements,\u201d this Form 10\u2013K contains forward\u2013looking statements regarding us, our business and our industry. The risk factors described below, among others, could cause our actual results to differ materially from the expectations reflected in the forward\u2013looking statements. If any of the following ri", "title": "AROC - Archrock, Inc.", "url": "/company/AROC/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001428205; latest 10-K filed 2026-02-18.", "text": "ARR - Armour Residential REIT, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001428205; latest 10-K filed 2026-02-18. ARR Armour Residential REIT, Inc. 0001428205 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations 41 You should read the following discussion and analysis of our financial condition and results of operations together with \u201cRisk Factors,\u201d and \u201cSpecial Note Regarding Forward-Looking Statements,\u201d that appear elsewhere in this Form 10-K. This discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, those presented under \u201cRisk Factors\u201d included in this Form 10-K. References to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or the \u201cCompany\u201d are to ARMOUR Residential REIT, Inc. (\u201cARMOUR\u201d) and its subsidiaries. References to \u201cACM\u201d are to ARMOUR Capital Management LP, a Delaware limited partnership. ARMOUR owns a 10.8% equity interest in BUCKLER Securities LLC (\"BUCKLER\"), a Delaware limited liability company and a FINRA-regulated broker-dealer, controlled by ACM. Refer to the Glossary of Terms for definitions of capitalized terms and abbreviations used in this report. The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this report. All per share amounts, common shares outstanding and stock-based compensation amounts for all periods reflect the effect of our Reverse Stock Split. U.S. dollar and share amounts are presented in thousands, except per share amounts or as otherwise noted. Overview We are a Maryland corporation managed by ACM, an investment advisor registered with the SEC (see Note 8 and Note 14 to the consolidated financial statements). We have elected to be taxed as a REIT under the Code. We believe that we are organized in conformity with the requirements for qualification as a REIT under the Code and our manner of operations enables us to meet the requirements for taxation as a REIT for federal income tax purposes. ARMOUR brings private capital into the mortgage markets to support home ownership for a broad and diverse spectrum of Americans. We seek to create stockholder value through thoughtful investment and risk management of a leveraged and diversified portfolio of MBS. We rely on the decades of experience of our management team for (i) MBS securities portfolio analysis and selection, (ii) access to equity capital and repurchase financing on potentially attractive rates and terms, and (iii) hedging and liquidity strategies to moderate interest rate and MBS price risk. We prioritize maintaining common share dividends appropriate for the intermediate term rather than focusing on short-term market fluctuations. We are deeply committed to implementing sustainable environmental, responsible social, and prudent governance practices that improve our work and our world. We strive to contribute to a healthy, sustainable environment by utilizing resources efficiently. As an organization, we create a relatively small environmental footprint. Still, we are focused on minimizing the environmental impact of our business where possible. At December 31, 2025, our investments in securities included MBS, issued or guaranteed by a U.S. GSE, such as Fannie Mae, Freddie Mac, or a government agency such as Ginnie Mae (collectively, Agency Securities) and U.S. Treasury Securities. At December 31, 2024, we invested solely in MBS. Our investment in securities consist primarily of fixed rate loans. Our charter permits us to invest in MBS backed by fixed rate, hybrid adjustable rate and adjustable rate home loans as well as unsecured notes and bonds issued by GSEs, U.S. Treasury Securities and money market instruments. We earn returns on the spread between the yield on our assets and our costs, including the interest cost of the funds we borrow, after giving effect to our hedges. We identify and acquire MBS, finance our Item 1. Business 1 References to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or the \u201cCompany\u201d are to ARMOUR Residential REIT, Inc. (\u201cARMOUR\u201d) and its subsidiaries. References to \u201cACM\u201d are to ARMOUR Capital Management LP, a Delaware limited partnership. ARMOUR owns a 10.8% equity interest in BUCKLER Securities LLC (\"BUCKLER\"), a Delaware limited liability company and a FINRA-regulated broker-dealer, which is under common control with ACM. Refer to the Glossary of Terms for definitions of capitalized terms and abbreviations used in this report. U.S. dollar and share amounts are presented in thousands, except per share amounts or as otherwise noted. ARMOUR is an externally managed Maryland corporation incorporated in 2008. The Company is managed by ACM, an investment advisor registered with the Securities and Exchange Commission (\"SEC\") (which registration the Company provides notice of to the state of Florida) (see Note 8 and Note 14 to the consolidated financial statements). We have elected to be taxed as a real estate investment trust (\"REIT\") under the Internal Revenue Code of 1986, as amended (the \"Code\"). We believe that we are organized in conformity with the requirements for qualification as a REIT under the Code and our manner of operations enables us to meet the requirements for taxation as a REIT for federal income tax purposes (See Real Estate Investment Trust Requirements section below). All per share amounts, common shares outstanding and stock-based compensation amounts for all periods presented reflect our one-for-five reverse stock split (the \"Reverse Stock Split\"), which was effective September 29, 2023. No other reclassifications have been made to previously reported amounts. Strategies ARMOUR brings private capital into the mortgage markets to support home ownership for a broad and diverse spectrum of Americans. We seek to create stockholder value through thoughtful investment and risk management of a leveraged and diversified portfolio of MBS. We rely on the decades Item 1A. Risk Factors 7 You should consider carefully all of the risks described below together with the other information contained in this Annual Report on Form 10-K, before making a decision to invest in our securities. This Annual Report on Form 10-K also contains forward-looking statements that involve risk", "title": "ARR - Armour Residential REIT, Inc.", "url": "/company/ARR/" }, { "kind": "company", "summary": "SIC 5940 Retail-Miscellaneous Shopping Goods Stores; CIK 0001817358; latest 10-K filed 2026-03-17.", "text": "ASO - Academy Sports & Outdoors, Inc. SIC 5940 Retail-Miscellaneous Shopping Goods Stores; CIK 0001817358; latest 10-K filed 2026-03-17. ASO Academy Sports & Outdoors, Inc. 0001817358 5940 Retail-Miscellaneous Shopping Goods Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations for the year ended January 31, 2026 (\u201c2025\u201d) and the year ended February 1, 2025 (\u201c2024\u201d) should be read together with our consolidated financial statements and related notes included elsewhere in this Annual Report for the fiscal year ended January 31, 2026 (this \u201cAnnual Report\u201d). Year-to-year comparisons between 2024 and 2023 have been omitted from this Annual Report, but may be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the year ended February 1, 2025. This discussion contains forward-looking statements that involve risks and uncertainties. See the section of this Annual Report entitled \u201cCautionary Statement Regarding Forward-Looking Statements.\u201d When reviewing the discussion below, you should keep in mind the substantial risks and uncertainties that characterize our business. Known material factors that could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this discussion or otherwise made by our management, are described in the \u201cPart I. Item 1A. Risk Factors\u201d section of this Annual Report. Any reference in this Annual Report to \u201cyear\u201d or any year in particular refers to our fiscal year, which represents the fifty-two or fifty-three week period ending on the Saturday closest to January 31. Unless otherwise specified, all comparisons or changes regarding 2025 are made to 2024. All references in this discussion and analysis to \u201c2025\u201d, \u201c2024\u201d and \u201c2023\u201d or like terms relate to our fiscal years as follows: [[GREPCENT_TABLE]] [[\"Fiscal Year\",\"\",\"Ended\",\"\",\"Weeks\"],[\"2025\",\"\",\"January 31, 2026\",\"\",\"52\"],[\"2024\",\"\",\"February 1, 2025\",\"\",\"52\"],[\"2023\",\"\",\"February 3, 2024\",\"\",\"53\"]] [[/GREPCENT_TABLE]] Overview We are a leading full-line sporting goods and outdoor recreation retailer in the United States. Our mission is to provide \u201cFun for All\u201d and we fulfill this mission with a localized merchandising strategy and value proposition that deeply connect with a broad range of consumers. Our product assortment focuses on key categories of outdoors, sports & recreation, apparel, and footwear (representing 31%, 22%, 27% and 20% of our 2025 net sales, respectively) through both leading national brands and a portfolio of private label brands, which go well beyond traditional sporting goods and apparel offerings. Our business is subject to seasonal fluctuations. A significant portion of our net sales and profits is driven by summer holidays, such as Memorial Day, Father\u2019s Day and Independence Day, during the second quarter. Our net sales and profits are also impacted by the July/August back-to-school selling season during the second and third quarters, the November/December holiday selling season, and in part by the sales of cold weather sporting goods and apparel during the fourth quarter. As of January 31, 2026, we operated 322 stores that range in size from approximately 40,000 to 130,000 gross square feet, with an average size of approximately 70,000 gross square feet, throughout 21 contiguous states located primarily in the southern United States. Our stores are supported by approximately 23,000 team members, three distribution centers, and our e-commerce platform, which includes our website at www.academy.com and our mobile app. Additionally, we are deepening our customer relationships, further integrating our e-commerce platform with our stores and driving operating efficiencies by developing our omnichannel capabilities such as our mobile app, optimizing the website experience and upgrading our fulfillment capabilities. 43 The following table summarizes store activity for the periods indi Item 1. Business The following discussion and analysis of our financial condition and results of operations should be read together with our financial statements and related notes included elsewhere in this Annual Report for the fiscal year ended January 31, 2026. This discussion contains forward-looking statements that involve risks and uncertainties. See the section of this Annual Report entitled \u201cCautionary Statement Regarding Forward-Looking Statements.\u201d When reviewing the discussion below, you should keep in mind the substantial risks and uncertainties that characterize our business. Known material factors that could affect our financial performance and actual results, and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this discussion or otherwise made by our management, are described in the \u201cRisk Factors\u201d section of this Annual Report. Who We Are Academy Sports + Outdoors is a leading full-line sporting goods and outdoor recreation retailer in the United States. Originally founded in 1938 as a family business in Texas, we now operate 322 stores across 21 contiguous states as of January 31, 2026. Our mission is to provide \u201cFun for All\u201d and we fulfill this mission with a localized merchandising strategy and value proposition that deeply connect with a broad range of consumers. Our product assortment focuses on key categories of outdoor, sports & recreation, apparel, and footwear (representing 31%, 22%, 27% and 20% of our 2025 net sales, respectively) through both leading national brands and a portfolio of 19 private label brands, which go well beyond traditional sporting goods and apparel offerings. We believe the following attributes differentiate us from our competitors: \u2022Value-based assortment that enables our customers to participate and have fun, no matter their budget. \u2022Broad assortment that extends beyond sporting goods and apparel to outdoor recreation and is localized f Item 1A. Risk Factors Investing in our securities involves a high degree of risk. In addition to the other information contained in this Annual Report, you should consider the following risk factors before investing in our securities. Risks in this section are grouped in the followi", "title": "ASO - Academy Sports & Outdoors, Inc.", "url": "/company/ASO/" }, { "kind": "company", "summary": "SIC 3531 Construction Machinery & Equip; CIK 0000792987; latest 10-K filed 2026-02-25.", "text": "ASTE - ASTEC INDUSTRIES INC SIC 3531 Construction Machinery & Equip; CIK 0000792987; latest 10-K filed 2026-02-25. ASTE ASTEC INDUSTRIES INC 0000792987 3531 Construction Machinery & Equip ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and the related notes included in Item 8 of this Annual Report on Form 10-K for the year ended December 31, 2025. The results of operations and other information included herein are not necessarily indicative of the financial condition, results of operations and cash flows that may be expected in future periods. This Annual Report on Form 10-K, including matters discussed in this Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements relating to our plans, estimates and beliefs that involve important risks and uncertainties. See \"Safe Harbor Statements Under the Private Securities Litigation Reform Act\" and Part I, Item 1A. Risk Factors 24 Table of Contents for a discussion of uncertainties and assumptions that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. A similar discussion of 2023 items and year-to-year comparisons between 2024 and 2023 can be found in Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024. The financial condition and results of operations discussed in this Management's Discussion and Analysis of Financial Condition and Results of Operations are those of Astec Industries, Inc. and its consolidated subsidiaries, collectively, the \"Company,\" \"Astec,\" \"we,\" \"our\" or \"us.\" Business Overview We design, engineer, manufacture, market and service equipment and components used primarily in asphalt and concrete road building and related construction activities, as well as certain other products. Our products are used in each phase of road building, from quarrying and crushing the aggregate to application of the road surface. We also offer industrial automation controls and telematics platforms as well as manufacture certain equipment and components unrelated to road construction, including equipment for the mining, quarrying, construction, demolition, land clearing and recycling industries and port and rail yard operators; industrial heat transfer equipment; commercial whole-tree pulpwood chippers; horizontal grinders; blower trucks; commercial and industrial burners; and combustion control systems. Our products are marketed both domestically and internationally primarily to asphalt and concrete producers; highway and heavy equipment contractors; utility contractors; sand and gravel producers; construction, demolition, recycling and crushing contractors; forestry and environmental recycling contractors; mine and quarry operators; port and inland terminal authorities; power stations and domestic and foreign government agencies. In addition to equipment sales, we manufacture and sell replacement parts for equipment in each of our product lines and replacement parts for some competitors' equipment. The distribution and sale of replacement parts is an integral part of our business. Executive Summary Highlights of our financial results as of and for the year ended December 31, 2025 as compared to the prior year include the following: \u2022Net sales were $1,410.4 million, an increase of 8.1% \u2022Gross profit was $374.2 million, an increase of 14.1% \u2022Income from operations was $65.9 million, an increase of 184.1% \u2022Net income attributable to Astec was $38.8 million, an increase of 802.3% \u2022Diluted income per share was $1.68, an increase of 784.2% \u2022Backlog was $514.1 million, an increase of 22.5% Significant Items Impacting Financial Results in 2025 TerraSource Acquis ITEM 1. BUSINESS Our Company We design, engineer, manufacture, market and service equipment and components used primarily in asphalt and concrete road building and related construction activities, as well as other products discussed below. Our products are used in each phase of road building, from quarrying and crushing the aggregate to application of the road surface. We also offer industrial automation controls and telematics platforms as well as manufacturing certain equipment and components unrelated to road construction, including equipment for the mining, quarrying, construction, demolition, land clearing, energy, hydro-electric and recycling industries and port and rail yard operators; industrial heat transfer equipment; commercial whole-tree pulpwood chippers; horizontal grinders; blower trucks; commercial and industrial burners; and combustion control systems. Our products are marketed both domestically and internationally primarily to asphalt and concrete producers; highway and heavy equipment contractors; utility contractors; sand and gravel producers; construction, demolition, recycling and crushing contractors; forestry and environmental recycling contractors; mine and quarry operators; port and inland terminal authorities; power stations and domestic and foreign government agencies. In addition to equipment sales, we manufacture and sell replacement parts for equipment in each of our product lines and replacement parts for some competitors' equipment. The distribution and sale of replacement parts is an integral part of our business. Corporate Strategic Objectives Our OneASTEC Vision is: To build industry changing solutions that create life-changing opportunities. Our strategic pillars are aligned to support our Vision and are focused on our employees, our customers and our innovation. Empowered, Enabled and Engaged Employees We strive to develop empowered, enabled and engaged employees by providing competitive compensation and benefits, offerin ITEM 1A. RISK FACTORS The following risks are considered material to our business, operating results and financial condition based upon current knowledge, information and assumptions. This discussion of risk factors should be considered closely in conjunction with Part II, 10 Table of Contents Item 7. Management's Discussion and Analy", "title": "ASTE - ASTEC INDUSTRIES INC", "url": "/company/ASTE/" }, { "kind": "company", "summary": "SIC 8742 Services-Management Consulting Services; CIK 0001083446; latest 10-K filed 2026-03-12.", "text": "ASTH - Astrana Health, Inc. SIC 8742 Services-Management Consulting Services; CIK 0001083446; latest 10-K filed 2026-03-12. ASTH Astrana Health, Inc. 0001083446 8742 Services-Management Consulting Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following management\u2019s discussion and analysis should be read in conjunction with the audited consolidated financial statements and the notes thereto included in Part II, Item 8, \u201cFinancial Statements and Supplementary Data\u201d of this Annual Report on Form 10-K. In this section, \u201cwe,\u201d \u201cour,\u201d \u201cours,\u201d and \u201cus\u201d refer to Astrana Health, Inc. (\u201cAstrana\u201d) and its consolidated subsidiaries and affiliated entities, as appropriate, including its consolidated variable interest entities (\u201cVIEs\u201d). Overview Astrana Health, Inc. is a leading physician-centric, technology-powered, risk-bearing healthcare management company. Leveraging its proprietary population health management and healthcare delivery platform, Astrana operates an integrated, value-based healthcare model, that aims to empower the providers in its network to deliver the highest quality of care to its patients in a cost-effective manner. Together with our affiliated physician groups and consolidated entities, we cost-effectively provide coordinated outcomes-based medical care. Through our risk-bearing organizations (\u201cRBOs\u201d) with more than 20,000 contracted physicians, we were responsible for coordinating the care for approximately 1.6 million patients, primarily in California, as of December 31, 2025. These covered patients are managed care members whose health coverage is provided either through their employers, directly from a health plan, or as a result of their eligibility for Medicaid or Medicare benefits. Our managed patients benefit from an integrated approach that places physicians at the center of patient care and utilizes sophisticated risk management techniques and clinical protocols to deliver high-quality, cost-effective care. Industry Trends The One Big Beautiful Bill Act (the \u201cOBBBA\u201d), signed on July 4, 2025, introduces Medicaid work-requirement pilots and tighter provider tax rules beginning in 2026. We expect to see tax impacts from the following changes, including the restoration of 100% bonus depreciation, allowing the current year deduction of research and development expenses, and changing the 163j interest limitation from earnings before tax to EBITDA. We anticipate the OBBBA will not have a material impact on tax expense and did not identify a material impact in 2025. While we are still evaluating the full downstream effects, we believe Astrana is well-positioned to navigate these changes and view these headwinds as manageable. Our diversified footprint, strong track record of Medicaid performance, and investment in care-enablement infrastructure provide meaningful insulation. We remain focused on maintaining continuity of care and supporting our state partners through this policy transition. On January 26, 2026, the Centers for Medicare & Medicaid Services (\u201cCMS\u201d) issued an advance notice detailing proposed 2027 Medicare Advantage payment rates (the \u201c2027 Advance Notice\u201d). CMS accepted comments on the 2027 Advance Notice until February 25, 2026 and intends to publish the final 2027 rate announcement no later than April 6, 2026. If the proposed rates are finalized, we anticipate impact to the Medicare line of business. We expect the impact of the proposed risk adjustment model changes to be materially less significant for Astrana than for the broader Medicare Advantage market. While we are still evaluating the full downstream effects, we believe Astrana is well-positioned to navigate these changes and view these headwinds as manageable. 69 Table of Contents 2025 Highlights Acquired Businesses and Assets Certain businesses and assets of Prospect Medical Holdings, Inc. (collectively, \u201cProspect\u201d) (such acquisition, the \u201cProspect Acquisition\u201d) On July 1, 2025, we completed our previously announced acquisition of Prospect, including its California-licensed health plan (Prospect Health Plan), its medical groups in multiple states (Prospect Medical Gro Item 1. Business Overview Astrana is a leading physician-centric, technology-powered, risk-bearing healthcare company. Leveraging its proprietary end-to-end technology solutions, Astrana operates an integrated healthcare delivery platform that enables providers to successfully participate in value-based care arrangements, thus empowering them to deliver accessible, high-quality care to patients in a cost-effective manner. We, together with our affiliated physician groups and consolidated subsidiaries and VIEs, provide coordinated outcome-based care, serving patients covered by private or public insurance provided through Medicare, Medicaid, and health maintenance organizations (\u201cHMOs\u201d), with a small portion of our revenue coming from non-insured patients. We provide care coordination services to each major constituent of the healthcare delivery system, including patients, families, primary care physicians, specialists, acute care hospitals, alternative sites of inpatient care, physician groups, and health plans. Our physician network consists of primary care physicians, specialist physicians, physician and specialist extenders, and hospitalists. Astrana\u2019s common stock is listed on The Nasdaq Stock Market LLC (\u201cNasdaq\u201d) and trades under the symbol \u201cASTH.\u201d Led by a leadership team with several decades of experience, we have built a company and culture focused on physicians providing high-quality medical care, population health management, and patient care coordination. Through our integrated health network of more than 20,000 contracted physicians, we were responsible for coordinating value-based care for approximately 1.6 million patients as of December 31, 2025. As a result, we believe we are well-positioned to capitalize on the shift in the U.S. healthcare industry toward value-based and results-oriented healthcare, with a focus on patient satisfaction, high-quality care, and cost efficiency. We implement and operate different innovative healthcare models, prima Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of F", "title": "ASTH - Astrana Health, Inc.", "url": "/company/ASTH/" }, { "kind": "company", "summary": "SIC 3576 Computer Communications Equipment; CIK 0001580808; latest 10-K filed 2026-02-25.", "text": "ATEN - A10 Networks, Inc. SIC 3576 Computer Communications Equipment; CIK 0001580808; latest 10-K filed 2026-02-25. ATEN A10 Networks, Inc. 0001580808 3576 Computer Communications Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations (\u201cMD&A\u201d) should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this document. In addition to historical information, the MD&A contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include, but are not limited to, those matters discussed under the heading \u201cForward-looking Statements.\u201d Our actual results could differ materially from those anticipated by these forward\u2011looking statements due to various factors, including, but not limited to, those set forth under Item 1A. Risk Factors of this Annual Report on Form 10-K and elsewhere in this document. This section of this Annual Report on Form 10-K generally discusses fiscal 2025 and 2024 items and year-to-year comparisons between fiscal 2025 and 2024. Discussions of fiscal 2024 items and year-to-year comparisons between fiscal 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 25, 2025. Overview We are a global provider of secure application and network solutions that protect, optimize, and scale business-critical systems across on-premises, hybrid cloud, and edge environments. Our network infrastructure and security products are designed to enable large enterprises, service providers, and cloud platforms worldwide to deliver performance, reliability, and protection against cyber threats, while preparing their networks for the demands of artificial intelligence (\u201cAI\u201d) and next-generation applications. We sell our solutions globally to service providers and enterprises who are looking to modernize and secure their digital infrastructure and application. Our service provider customers rely on scalable, efficient, and secure networks to deliver connectivity, cloud and other services that may generate revenue to their customers. Our enterprise customers require secure application delivery, AI-ready infrastructure, and are increasingly concerned about the landscape of cybersecurity threats across their complex networks and emerging AI workloads. Our end-customers operate in a variety of industries, including telecommunications, technology, industrial, retail, financial, gaming, education and government. Since inception, our customer base has grown significantly. A10\u2019s portfolio brings together secure application delivery, DDoS and API protection, and unified management into a cohesive platform that integrates with existing network architectures and leading public cloud environments. We deliver these capabilities through flexible deployment models, including software, cloud-native, and hardware form factors that are tailored to the scale and requirements of our customers. We generate revenue primarily from the sale of our secure networking and cybersecurity solutions and related support services. These offerings are delivered through a combination of direct and channel-based sales, with most customers purchasing maintenance and support alongside their initial deployment and renewing that support as contracts expire. We derive revenue from two sources: (i) products revenue, which includes hardware, perpetual software licenses and subscription offerings, which include term-based license agreements; and (ii) services revenue, which includes post contract support (\u201cPCS\u201d), professional services, training and software-as-a-service (\u201dSaaS\u201d) offerings. Revenue for term-based license agreements is recognized at a point in time when the Company delivers the software license to the customer and over time once the subscription term has commenc Item 1. Business Overview We are a global provider of secure application and network infrastructure solutions that enable enterprises and service providers to deliver high-performance, reliable, and protected digital services across on-premises, hybrid cloud, and distributed environments. Our solutions are designed to operate in mission-critical environments where availability, scalability, low latency, and security are essential. We provide integrated capabilities spanning application delivery, traffic management, distributed denial of service (\u201cDDoS\u201d) protection, application and application programming interfaces (\u201cAPI\u201d) security, and centralized management. Our portfolio is built on a unified software architecture that allows customers to deploy consistent performance and security policies across physical, virtual, containerized, and cloud-native environments. We serve customers worldwide across industries including telecommunications, technology, financial services, public sector, industrial, retail, gaming, and education. Our service provider customers rely on our solutions to support large-scale network infrastructure and deliver connectivity and managed services. Our enterprise customers use our solutions to secure and optimize business-critical applications, modernize hybrid architectures, and address increasingly complex cybersecurity requirements, including those associated with artificial intelligence (\u201cAI\u201d) enabled workloads. We generate revenue primarily from the sale of secure networking and cybersecurity solutions and related maintenance and support services. Our offerings are delivered through a combination of direct sales and channel partners. Customers typically purchase maintenance and support alongside initial deployments and renew those services over time. We are continuing to expand subscription, term-based, and software-focused offerings to support recurring revenue growth and flexible customer consumption models. In February 2025, we ac Item 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this report and in our other public filings. The risks and uncertainties described below are not the only ", "title": "ATEN - A10 Networks, Inc.", "url": "/company/ATEN/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001921963; latest 10-K filed 2026-02-13.", "text": "ATMU - Atmus Filtration Technologies Inc. SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001921963; latest 10-K filed 2026-02-13. ATMU Atmus Filtration Technologies Inc. 0001921963 3714 Motor Vehicle Parts & Accessories Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The discussion and analysis presented below provides information which management believes is relevant to an assessment and understanding of Atmus Filtration Technologies Inc. (the \u201cCompany,\u201d \u201cAtmus,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d) consolidated results of operations and financial condition. The discussion should be read in conjunction with Atmus\u2019 consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described under the heading \u201cRisk Factors.\u201d Actual results may differ materially from those contained in any forward-looking statements. Unless the context otherwise requires, references in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d to 35 Table of Contents \u201cAtmus\u201d is intended to mean the business and operations of Atmus Filtration Technologies Inc. and its consolidated subsidiaries. The following is the discussion and analysis of changes in the financial condition and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. A discussion of the changes in the financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 can be found in Part II, \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 21, 2025. Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including, without limitation, those that are based on current expectations, estimates and projections about the industries in which we operate and management\u2019s views, plans, objectives, projections, beliefs and assumptions. Forward-looking statements may be identified by the use of words such as \u201canticipates,\u201d \u201cexpects,\u201d \u201cforecasts,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cbelieves,\u201d \u201cseeks,\u201d \u201cestimates,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cmay\u201d or words of similar meaning. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance, discussions of future operations, impact of planned acquisitions and dispositions, our strategy for growth, product development activities, regulatory approvals, market position, expenditures and the effects of the Separation and IPO (each as defined in Note 1, Description of the Business, to our Consolidated Financial Statements included herein). These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which we refer to as \u201cfuture factors,\u201d which are difficult to predict. If the underlying assumptions prove correct, or known or unknown risks or uncertainties materialize, our actual outcomes, results and financial condition may differ materially from what is expressed, implied or forecasted in such forward-looking statements. Risks and uncertainties include, but are not limited to: \u2022Significant customer concentration among Cummins, PACCAR, and the Traton Group; \u2022The loss of a top OEM relationship or changes in the preferences of Atmus' aftermarket end-users; \u2022 Deriving significant earnings from investees that Atmus does not directly control; \u2022Significant competition in the markets Atmus serves; \u2022Ability to attract and retain qualified personnel; \u2022Strategic transactions, such as acquisitions, divestitures, and joint ventures; \u2022Management of productivity improvements; \u2022Work stoppages and other labor matters; \u2022Variability in material Item 1. Business Overview Atmus is one of the global leaders of filtration products for on-highway commercial vehicles and off-highway agriculture, construction, mining and power generation vehicles and equipment. Atmus designs and manufactures advanced filtration products, principally under the Fleetguard brand, that enable lower emissions and provide superior asset protection. Atmus estimates that approximately 14% of Atmus\u2019 net sales in 2025 were generated through first-fit sales to original equipment manufacturers (\u201cOEM\u201ds), where Atmus\u2019 products are installed as components for new vehicles and equipment, and approximately 86% were generated in the aftermarket, where Atmus\u2019 products are installed as replacement or repair parts, leading to a strong recurring revenue base. Building on Atmus\u2019 more than 65-year history, Atmus continues to grow and differentiate itself through its global footprint, comprehensive offering of premium products, technology leadership and multi-channel path to market. For the year ended December 31, 2025, Atmus generated $1,764.3 million in Net sales, $207.4 million in Net income and $353.5 million in Adjusted EBITDA. See \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations - Non-GAAP Measures\u201d in this Annual Report on Form 10-K for a description of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to Net income, the most directly comparable financial measure calculated in accordance with U.S. GAAP. Atmus\u2019 Business Strategy The company has four pillars as part of its strategy to create value for customers and drive profitable growth. Below are each of the priorities and areas of focus related to each priority. Grow share in first-fit in core markets \u2022Grow market share with leading OEMs. \u2022Enhanced product content per vehicle. \u2022Accelerate new product development. \u2022Support technology transitions with leading OEMs. Accelerate profitable growth in the aftermarket \u2022Expand Atmus\u2019 product portfol Item 1A. Risk Factors These risk factors could materially affect our business, financial condition, results of operations and cash flows. These risk factors are not exhaustive and investors are encouraged to perform their own investigation with respect to the business, financial condition and prospects o", "title": "ATMU - Atmus Filtration Technologies Inc.", "url": "/company/ATMU/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000883948; latest 10-K filed 2026-02-26.", "text": "AUB - Atlantic Union Bankshares Corp SIC 6022 State Commercial Banks; CIK 0000883948; latest 10-K filed 2026-02-26. AUB Atlantic Union Bankshares Corp 0000883948 6022 State Commercial Banks ITEM 7. - MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis provides information about the major components of our results of operations, financial condition, liquidity, and capital resources. This discussion and analysis should be read in conjunction with our \u201cConsolidated Financial Statements,\u201d our \u201cNotes to the Consolidated Financial Statements,\u201d and the other financial data included in this report, which include our significant accounting policies, presented in Item 8 \u201cFinancial Statements and Supplementary Data\u201d contained in this Form 10-K. Amounts are rounded for presentation purposes; however, some of the percentages presented are computed based on unrounded amounts. In the following discussion and analysis, we provide certain financial information determined by methods other than in accordance with GAAP. These non-GAAP financial measures are a supplement to GAAP, which we use to prepare our financial statements, and should not be considered in isolation or as a substitute for comparable measures calculated in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to non-GAAP financial measures of other companies. We use the non-GAAP financial measures discussed herein in our analysis of our performance. Management believes that these non-GAAP financial measures provide additional understanding of our ongoing operations, enhance the comparability of our results of operations with prior periods and show the effects of significant gains and charges in the periods presented without the impact of items or events that may obscure trends in our underlying performance. Non-GAAP financial measures may be identified with the symbol (+) and may be labeled as adjusted. Refer to the \u201cNon-GAAP Financial Measures\u201d section within this Item 7 for more information about these non-GAAP financial measures, including a reconciliation of these measures to the most directly comparable GAAP financial measures. CRITICAL ACCOUNTING ESTIMATES We prepare our consolidated financial statements based on the application of accounting and reporting policies in accordance with GAAP and general practices within the banking industry. Our financial position and results of operations are affected by management\u2019s application of accounting policies, which require the use of estimates, assumptions, and judgments, which may prove inaccurate or are subject to variations. Changes in underlying factors, estimates, assumptions, or judgements could result in material changes in our consolidated financial position and/or results of operations. Certain accounting policies inherently have a greater reliance on the use of estimates, assumptions and judgments and, as such, have a greater possibility of producing results that could be materially different than originally reported. We have identified the allowance for loan and lease losses, fair value measurements, valuation of deferred tax assets, and valuation of acquired assets and liabilities as accounting policies that require the most difficult, subjective or complex judgments and, as such, could be most subject to revision as new or additional information becomes available or circumstances change. Therefore, we evaluate these accounting policies and related critical accounting estimates on an ongoing basis and update them as needed. Management has discussed these accounting policies and the critical accounting estimates summarized below with the Audit Committee of the Board of Directors. We provide additional information about our critical accounting estimates below in \u201cCritical Accounting Estimates\u201d in this Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of this Form 10-K. Our significant accounting policies are discussed in detail in Note 1 \u201cSummary of Significant Accounting Policies\u201d in the \u201cNotes to the Consolidated Financial Statements\u201d contained in ITEM 1. BUSINESS. GENERAL Overview Atlantic Union Bankshares Corporation is a financial holding company and bank holding company organized under the laws of the Commonwealth of Virginia and registered under the BHCA. We are headquartered in Richmond, Virginia and provide a wide range of financial services and products to commercial and retail clients through our wholly owned subsidiary bank, Atlantic Union Bank, a Federal Reserve member bank charted under the laws of the Commonwealth of Virginia. \u200b The Bank is headquartered in Richmond, Virginia and operates branches and ATMs located in Virginia, Maryland, Washington, D.C., and North Carolina. In addition, our non-bank financial services affiliates include Atlantic Union Equipment Finance, Inc., which provides equipment financing; AUB Investments, Inc., which provides investment services; and Atlantic Union Capital Markets, Inc., which provides capital market services. \u200b At December 31, 2025, we had $37.6 billion in assets, $27.8 billion in LHFI, $30.5 billion in deposits, and $5.0 billion in stockholders\u2019 equity. \u200b Recent Developments \u200b Acquisition of Sandy Spring Bancorp, Inc. On April 1, 2025, we completed our merger with Sandy Spring, the bank holding company for Sandy Spring Bank, and we successfully completed the integration of Sandy Spring branches and operations on October 14, 2025. With the acquisition of Sandy Spring, we acquired more than 50 branches in Virginia, Maryland, and Washington, D.C., enhancing our presence in Northern Virginia and Maryland. CRE Loan Sale \u200b On June 26, 2025, we completed the sale of performing CRE loans acquired in the Sandy Spring acquisition with an unpaid principal balance of $2.0 billion, which we marked to fair value at $1.8 billion and classified as held for sale as of the April 1, 2025 acquisition date. The CRE loan sale transaction generated a $10.9 million pre-tax gain, net of transaction expenses, for the year ended 2025. Under the terms of the loan purc ITEM 1A. RISK FACTORS. An investment in our securities involves risks and uncertainties. In addition to the other information set forth in this Form 10-K, including the information addressed under \u201cForward-Looking Statements,\u201d investors in our securities should carefully consider the risk factors discussed below. These factors co", "title": "AUB - Atlantic Union Bankshares Corp", "url": "/company/AUB/" }, { "kind": "company", "summary": "SIC 4931 Electric & Other Services Combined; CIK 0000104918; latest 10-K filed 2026-02-25.", "text": "AVA - AVISTA CORP SIC 4931 Electric & Other Services Combined; CIK 0000104918; latest 10-K filed 2026-02-25. AVA AVISTA CORP 0000104918 4931 Electric & Other Services Combined ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This section of this Annual Report on Form 10-K generally discusses financial statement items and comparisons between 2025 and 2024. Discussion of 2023 financial statement items and comparisons between 2024 and 2023 not included in this Form 10-K can be found in \u201cManagement's Discussion and Analysis of Financial Conditions and Results of Operations\u201d in Part II, Item 7 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Business Segments As of December 31, 2025, we have two reportable business segments, Avista Utilities and AEL&P. We also have other businesses which do not represent a reportable business segment and are conducted by various direct and indirect subsidiaries of Avista Corp. See \u201cPart I, Item 1. Business \u2013 Company Overview\u201d for further discussion of our business segments. The following table presents net income (loss) for each of our business segments and the other businesses, for the year ended December 31 (dollars in millions): [[GREPCENT_TABLE]] [[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"Avista Utilities\",\"\",\"$\",\"201\",\"\",\"\",\"$\",\"179\",\"\",\"\",\"$\",\"167\"],[\"AEL&P\",\"\",\"\",\"6\",\"\",\"\",\"\",\"8\",\"\",\"\",\"\",\"9\"],[\"Other non-reportable segment loss\",\"\",\"\",\"(14\",\")\",\"\",\"\",\"(7\",\")\",\"\",\"\",\"(5\",\")\"],[\"Net income\",\"\",\"$\",\"193\",\"\",\"\",\"$\",\"180\",\"\",\"\",\"$\",\"171\"]] [[/GREPCENT_TABLE]] Executive Overview Overall Results Net income increased primarily due to the effects of general rate cases. This increase in earnings was partially offset by increases in other operating expenses, depreciation and amortization expense, taxes other than income taxes and interest expense. The increase in net income was also partially offset by a $9 million refund to be issued to customers for adjustments related to Colstrip investments. See \"Regulatory Matters\" for further details regarding the Colstrip final order. In addition, increased investment losses associated with lower valuations of certain investments in our portfolio decreased net income at our other businesses when compared to 2024. More detailed explanations of the fluctuations are provided in the results of operations and business segment discussions (Avista Utilities, AEL&P, and the other businesses) that follow this summary. Resource Adequacy Extreme weather events, both in summer and winter, have occurred in the Pacific Northwest. These events have resulted in system load peaks that were higher than anticipated. Historically, we have had excess capacity as compared to peak load, but during some extreme events, we have had to purchase short-term energy from the wholesale market to meet demand when our energy resources were not operating at full capacity or were otherwise unavailable. These weather events have highlighted the growing need for additional generating capacity both on our system and in the Pacific Northwest region. The transition to clean energy (including the replacement of emitting facilities with non-emitting facilities, which are impacted by conditions outside of our control), and electrification, combined with expected load growth, and the transfer of our interest in Colstrip, also factor into the need for additional generation. We also see the need for expanded transmission infrastructure to provide access to additional resources and improve reliability in our region. In November 2024, we signed a non-binding memorandum of understanding to join the North Plains Connector transmission line project that plans to construct a transmission line from Bismarck, North Dakota to Colstrip, Montana. 43 AVISTA CORPORATION Current Hydroelectric Conditions and Outlook Due to precipitation and warm weather, our hydroelectric generation in January and February (to date) has been above normal. Due to the warm weather, the average current level of snowpack in the areas serving our hydroelectric facilities is below normal. The amount of hydroelectric gener ITEM 1. BUSINESS COMPANY OVERVIEW Avista Corp., incorporated in the territory of Washington in 1889, is primarily an electric and natural gas utility with certain other business ventures. Our corporate headquarters is in Spokane, Washington, the second-largest city in Washington. Spokane serves as the business, transportation, medical, industrial and cultural hub of the Inland Northwest region (eastern Washington and northern Idaho). Regional services include government and higher education, medical services, retail trade and finance. Through our subsidiary AEL&P, we also provide electric utility services in Juneau, Alaska. As of December 31, 2025, we have two reportable business segments as follows: \u2022 Avista Utilities \u2013 an operating division of Avista Corp., comprising the regulated utility operations in Washington, Idaho, Oregon and Montana. Avista Utilities provides electric distribution and transmission, and natural gas distribution services in parts of eastern Washington and northern Idaho. Avista Utilities also provides natural gas distribution service in parts of northeastern and southwestern Oregon. Avista Utilities has electric generating facilities in Washington, Idaho, Oregon and Montana. Avista Utilities also supplies electricity to a small number of customers in Montana. Avista Utilities also engages in wholesale purchases and sales of electricity and natural gas as an integral part of energy resource management and its load-serving obligation. \u2022 AEL&P \u2013 a regulated utility providing electric services in Juneau, Alaska that is a wholly-owned subsidiary and the primary operating subsidiary of AERC. We have other businesses, including venture fund investments, real estate investments, as well as certain other investments made by Avista Capital, which is a direct, wholly-owned subsidiary of Avista Corp. These activities do not represent a reportable business segment and are conducted by various direct and indirect subsidiaries of Avista Corp. Total ITEM 1A. RISK FACTORS RISK FACTORS The following factors could have a significant impact on our operations, results of operations, financial condition or cash flows. These factors could cause future results or outcomes to differ materially from those discussed in our reports filed with the SEC (including this Annual Report on Form 10-K), and els", "title": "AVA - AVISTA CORP", "url": "/company/AVA/" }, { "kind": "company", "summary": "SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0001606498; latest 10-K filed 2026-02-24.", "text": "AVNS - AVANOS MEDICAL, INC. SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0001606498; latest 10-K filed 2026-02-24. AVNS AVANOS MEDICAL, INC. 0001606498 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Introduction Avanos is a medical technology company focused on delivering clinically superior medical device solutions that help patients get back to the things that matter. We are committed to addressing some of today\u2019s most important healthcare needs, including providing a vital lifeline for nutrition to patients from hospital to home, and reducing the use of opioids while helping patients move from surgery to recovery. We develop, manufacture and market our recognized brands globally and hold leading market positions in multiple categories across our portfolio. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to provide investors with an understanding of our recent performance, financial condition and prospects and should be read in conjunction with the consolidated financial statements contained in Item 8, \u201cFinancial Statements and Supplementary Data\u201d in this Annual Report on Form 10-K. The following will be discussed and analyzed: \u2022Goodwill and Intangibles Impairment; \u2022Restructuring Activities; \u2022Business Acquisitions; \u2022Sales of Assets; \u2022Discontinued Operations; \u2022Risks Related to Tariffs \u2022Results of Operations and Related Information; \u2022Liquidity and Capital Resources; \u2022Critical Accounting Policies and Use of Estimates; and \u2022Legal Matters. Goodwill and Intangibles Impairment In the second quarter of 2025, our market capitalization decreased to the extent that we determined that it was more likely than not that the fair value of one of our two reporting units was below its carrying value. Accordingly, we completed an interim goodwill impairment test as of June 30, 2025, using a combination of income and market approaches to determine the fair value of the reporting units. Consequently, we concluded that the fair value of the Pain Management and Recovery (\u201cPM&R\u201d) reporting unit was below its carrying value. As a result, we recorded a $77.0 million impairment to goodwill, which is included in \u201cGoodwill and intangibles impairment\u201d in the accompanying consolidated income statements. In our most recent goodwill impairment test on July 1, 2025, we determined that the fair value of our reporting units equaled or exceeded the net carrying amount of our reporting units. In the fourth quarter of 2024, we assessed the recoverability of a certain asset group which resulted in an impairment loss of $100.2 million. This impairment loss is included in \u201cGoodwill and intangibles impairment\u201d in the accompanying consolidated income statements. A roll-forward of our intangible assets is presented in Note 6, \u201cSupplemental Balance Sheet Information\u201d. In the fourth quarter of 2024, we determined it was more likely than not that the fair value of our medical devices reporting unit may be below its carrying value. Accordingly, we completed an interim goodwill impairment test as of December 1, 2024, and recorded a $336.5 million impairment to goodwill, which is included in \u201cGoodwill and intangibles impairment\u201d in the accompanying consolidated income statements. Restructuring Activities In January 2023, we initiated the Transformation Process, a three-year restructuring initiative pursuant to which we have: (i) combined our Chronic Care and Pain Management franchises into a single commercial organization focused on the SNS and PM&R product categories; (ii) rationalized our product portfolio, including certain low-margin, low-growth product categories, through targeted divestitures (such as the RH Divestiture and the sale of our HA assets); (iii) undertaken additional cost management activities aimed at enhancing the Company\u2019s operating profitability; and (iv) pursued efficient capital allocation strategies, including through acquisitions that meet the Company\u2019s strategic and financial criteria (such as the Nexus Acquisition and the Diros Acquisition). The initial restructuri ITEM 1. BUSINESS Overview Avanos Medical, Inc. is a medical technology company focused on delivering clinically superior medical device solutions that help patients get back to the things that matter. Headquartered in Alpharetta, Georgia, we are committed to addressing some of today\u2019s most important healthcare needs, including providing a vital lifeline for nutrition to patients from hospital to home, and reducing the use of opioids while helping patients move from surgery to recovery. We develop, manufacture and market our recognized brands globally and hold leading market positions in multiple categories across our portfolio. Unless the context indicates otherwise, the terms \u201cAvanos,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d refer to Avanos Medical, Inc. and its consolidated subsidiaries. We were originally incorporated in Delaware in 2014. The address of our principal executive offices is 5405 Windward Parkway, Suite 100 South, Alpharetta, Georgia 30004, and our telephone number is (844) 428-2667. We conduct our business in two operating and reportable segments that provide our medical device products to healthcare providers and patients. We have manufacturing facilities in the United States, Mexico and Canada. Within our reportable segments, we provide a portfolio of innovative product offerings focused on Specialty Nutrition Systems and Pain Management and Recovery to improve patient outcomes and reduce the cost of care. Specialty Nutrition Systems (\u201cSNS\u201d) is a portfolio of products including: \u2022Enteral feeding, which includes products such as our MIC-KEY\u00ae enteral feeding tubes and Corpak\u00ae patient feeding solutions. In the years ended December 31, 2025, 2024 and 2023, our MIC-KEY enteral feeding tubes (the \u201cMIC-KEY Products\u201d) and our Corpak feeding solutions (the \u201cCorpak Products\u201d) each accounted for more than 10% of our consolidated net sales. \u2022Neonate solutions, which includes NeoMed\u00ae neonatal and pediatric feeding solutions and Nexus TKO\u2122 anti-reflux need ITEM 1A. RISK FACTORS Our business faces many risks and uncertainties. Any of the risks discussed below, as well as factors described in other places in this Annual Report on Form 10-K, or in our other filings with the SEC, could materially adversely affect our business, consolidated financi", "title": "AVNS - AVANOS MEDICAL, INC.", "url": "/company/AVNS/" }, { "kind": "company", "summary": "SIC 3089 Plastics Products, NEC; CIK 0000007431; latest 10-K filed 2026-02-24.", "text": "AWI - ARMSTRONG WORLD INDUSTRIES INC SIC 3089 Plastics Products, NEC; CIK 0000007431; latest 10-K filed 2026-02-24. AWI ARMSTRONG WORLD INDUSTRIES INC 0000007431 3089 Plastics Products, NEC ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Armstrong World Industries, Inc. (\u201cAWI\u201d) is a Pennsylvania corporation incorporated in 1891. This discussion should be read in conjunction with the financial statements, the accompanying notes, the cautionary note regarding forward-looking statements and risk factors included in this Form 10-K. Overview AWI is an Americas leader in the design and manufacture of innovative interior and exterior architectural applications including ceilings, specialty walls and exterior metal solutions. We manufacture and source products made of numerous materials, including mineral fiber, fiberglass, metal, felt, architectural resin and glass, wood, wood fiber and glass-reinforced-gypsum. We also manufacture ceiling suspension system (grid) products through a joint venture with Worthington Enterprises, Inc. called Worthington Armstrong Venture (\u201cWAVE\u201d). Acquisitions In December 2025, we acquired all of the issued and outstanding stock of FGM-Parallel LLC (\u201cParallel\u201d), based in Englewood, Colorado. Parallel is a designer and manufacturer of extruded aluminum products primarily used in exterior architectural applications. The operations, assets and liabilities of Parallel are included in our Architectural Specialties segment. In September 2025, we acquired all of the issued and outstanding stock of Geometrik Manufacturing, Inc. (\u201cGeometrik\u201d), based in Kelowna, British Columbia, Canada. Geometrik is a designer and manufacturer of wood acoustical ceiling and wall systems. The operations, assets and liabilities of Geometrik are included in our Architectural Specialties segment. In December 2024, we acquired all of the issued and outstanding stock of A. Zahner Company (\u201cZahner\u201d), based in Kansas City, Missouri. Zahner is a designer and manufacturer of exterior metal architectural solutions. The operations, assets and liabilities of Zahner are included in our Architectural Specialties segment. In April 2024, we acquired all of the issued and outstanding membership interests in 3form, LLC (\u201c3form\u201d), based in Salt Lake City, Utah from Hunter Douglas, Inc. 3form is a designer and manufacturer of architectural resin and glass products used for specialty walls, partitions and ceilings. The operations, assets and liabilities of 3form are included in our Architectural Specialties segment. In January 2024, we entered into a strategic partnership and equity investment in Overcast Innovations LLC (\u201cOvercast\u201d) with McKinstry Essention, LLC whereby we contributed $5.5 million in exchange for an initial 19.5% ownership interest in Overcast (currently 19.2%). Overcast is a solutions company offering prefabricated ceiling cloud systems, modular grid platforms and engineering design services to reduce waste and inefficiencies in the built environment. Our investment and equity earnings and losses in Overcast are included in our Unallocated Corporate segment. In October 2023, we acquired a portion of the business and certain assets of Insolcorp, LLC (\u201cInsolcorp\u201d), based in Albemarle, North Carolina. Insolcorp develops, tests and manufactures energy saving products deployed in building and roofing installations. The acquired operations, assets and liabilities of Insolcorp are included in our Mineral Fiber segment. In July 2023, we acquired all of the issued and outstanding stock of BOK Modern, LLC (\u201cBOK\u201d), based in San Rafael, California. BOK is a designer of exterior metal architectural solutions. The operations, assets and liabilities of BOK are included in our Architectural Specialties segment. Manufacturing Plants As of December 31, 2025, we operated 22 manufacturing plants, including 19 plants located within the U.S. and three plants in Canada. WAVE operates seven additional plants in the U.S. to produce suspension system (grid) products, which we use and sell in our ceiling systems. 23 Reportable Segments Our operating segments are as follows: Mineral F ITEM 1. BUSINESS Armstrong World Industries, Inc. (\u201cAWI\u201d or the \u201cCompany\u201d) is a Pennsylvania corporation incorporated in 1891. When we refer to \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d in this report, we are referring to AWI and its subsidiaries. AWI is an Americas leader in the design and manufacture of innovative interior and exterior architectural applications including ceilings, specialty walls and exterior metal solutions. We manufacture and source products made of numerous materials, including mineral fiber, fiberglass, metal, felt, architectural resin and glass, wood, wood fiber and glass-reinforced-gypsum. We also manufacture ceiling suspension system (grid) products through a joint venture with Worthington Enterprises, Inc. called Worthington Armstrong Venture (\u201cWAVE\u201d). Reportable Segments Our operating segments are as follows: Mineral Fiber, Architectural Specialties and Unallocated Corporate. Mineral Fiber \u2013 produces suspended mineral fiber and fiberglass ceiling systems. Our mineral fiber products offer various performance attributes such as acoustical control, rated fire protection, and energy efficiency, along with other health and sustainability features and aesthetic appeal. Ceiling products are primarily sold to resale distributors, ceiling systems contractors and wholesalers, and retailers (including large home centers). The Mineral Fiber segment also includes the results of WAVE, which manufactures and sells suspension system (grid) products and ceiling component products that are invoiced by both AWI and WAVE. Segment results relating to WAVE consist primarily of equity earnings and reflect our 50% equity interest in the joint venture. Ceiling component products consist of ceiling perimeters and trim, in addition to grid products that support drywall ceiling systems, structural and walkable grid systems. For some customers, WAVE sells its suspension system products to AWI for resale to customers. Mineral Fiber segment results reflect those sales transactions. T ITEM 1A. RISK FACTORS Risks Related to Our Operations Sales fluctuations and changes in our relationships with key customers could have a material adverse effect on our financial condition, liquidity or results of operations. The loss, reduction, or fluctuation of sales to key customers, including national home center customers o", "title": "AWI - ARMSTRONG WORLD INDUSTRIES INC", "url": "/company/AWI/" }, { "kind": "company", "summary": "SIC 4941 Water Supply; CIK 0001056903; latest 10-K filed 2026-02-18.", "text": "AWR - AMERICAN STATES WATER CO SIC 4941 Water Supply; CIK 0001056903; latest 10-K filed 2026-02-18. AWR AMERICAN STATES WATER CO 0001056903 4941 Water Supply Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides information on AWR\u2019s consolidated operations and assets, and includes specific references to (i) GSWC, AWR\u2019s regulated water utility segment, (ii) BVES, AWR\u2019s regulated electric utility segment, (iii) ASUS and its subsidiaries, collectively, AWR\u2019s contracted services segment, and (iv) AWR (parent) where applicable. Included in the following analysis is a discussion of Registrant\u2019s operations in terms of earnings per share by business segment and AWR (parent), which equals each business segment\u2019s recorded earnings and adjusted earnings (if applicable) divided by AWR\u2019s weighted average number of diluted Common Shares. The impact of a one-time tax benefit recorded in 2024 at the water segment has been excluded in the analysis when communicating AWR\u2019s consolidated and water segment results for the years ended December 31, 2025 and 2024. This adjustment has been excluded from the analysis to help facilitate comparisons of AWR\u2019s performance from period to period. All of the measures discussed above are derived from consolidated financial information of Registrant, but are not presented in our financial statements that are prepared in accordance with Generally Accepted Accounting Principles in the United States (\u201cGAAP\u201d). These items constitute \u201cnon-GAAP financial measures\u201d under Securities and Exchange Commission rules, which supplement our GAAP disclosures but should not be considered as an alternative to the respective GAAP measures. Furthermore, the non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other registrants. AWR uses earnings per share by business segment and AWR (parent), a non-GAAP financial measure, as an important measure in evaluating its operating results and believes it provides investors with clarity surrounding the performance of its segments. AWR reviews this measurement regularly and compares it to historical periods and to its operating budget. Reconciliations of this measure and of diluted earnings per share as adjusted to AWR\u2019s consolidated diluted earnings per share prepared in accordance with GAAP are included in the discussion under the section titled \u201cSummary Results by Segment.\u201d Overview Factors affecting our financial performance are summarized under the Overview section in Item 1. Business and Item 1A. Risk Factors. The U.S. government announced a comprehensive set of tariffs in the second quarter. Following the pause of certain of these tariffs, the majority of the previously announced tariffs have been implemented. The U.S. government has continued to indicate that they could impose additional tariffs on particular countries and to impose global tariffs on certain goods. Such tariffs could impact our results of operations by increasing the costs of various goods, including construction materials. Management is actively engaged with vendors and business partners to reduce financial risks of tariffs; however, the impact of such tariffs is subject to uncertainties regarding whether the U.S. government ultimately imposes additional tariffs, the timing of their implementation, the magnitude of such tariffs and possible exemption for certain goods, among other unknowns. Water and Electric Segments: GSWC\u2019s revenues, operating income and cash flows are earned primarily through delivering potable water to homes and businesses in California. BVES\u2019s revenues, operating income and cash flows are primarily earned through delivering electricity in the Big Bear area of San Bernardino County, California. Rates charged to GSWC and BVES customers are authorized by the CPUC. These rates are intended to allow recovery of operating costs and a reasonable rate of return on invested capital. GSWC and BVES plan to continue seeking additional rate increases in future years from the CPUC to recover operating and supply costs, Item 1. Business This annual report on Form 10-K is a combined report being filed by two separate Registrants, American States Water Company (\u201cAWR\u201d) and Golden State Water Company (\u201cGSWC\u201d). References in this report to \u201cRegistrant\u201d are to AWR and GSWC, collectively, unless otherwise specified. GSWC makes no representations as to the information contained in this report relating to AWR and its subsidiaries, other than GSWC. AWR makes its annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments to those reports, available free of charge through its website, www.aswater.com, as soon as those reports are electronically filed with or furnished to the Securities and Exchange Commission (\u201cSEC\u201d). Such reports are also available on the SEC\u2019s website at www.sec.gov. AWR also makes available free of charge its code of conduct, its guidelines on significant governance issues, its recoupment policy, its insider trading policy and the charters of its Nominating and Governance Committee, Compensation Committee and Audit and Finance Committee through its website or by calling (877) 463-6297. Overview AWR is the parent company of GSWC, Bear Valley Electric Service, Inc. (\u201cBVES\u201d) and American States Utility Services, Inc. (\u201cASUS\u201d) (and its wholly-owned subsidiaries: Fort Bliss Water Services Company (\u201cFBWS\u201d), Old Dominion Utility Services, Inc. (\u201cODUS\u201d), Terrapin Utility Services, Inc. (\u201cTUS\u201d), Palmetto State Utility Services, Inc. (\u201cPSUS\u201d), Old North Utility Services, Inc. (\u201cONUS\u201d), Emerald Coast Utility Services, Inc. (\u201cECUS\u201d), Fort Riley Utility Services, Inc. (\u201cFRUS\u201d), Bay State Utility Services LLC (\u201cBSUS\u201d), and Patuxent River Utility Services LLC (\u201cPRUS\u201d)). AWR has three reportable segments: water, electric and contracted services. Within the segments, AWR has three principal business units, water and electric service utility operations conducted through its regulated utilities GSWC and BVES, respectively, and contracted s Item 1A. Risk Factors You should carefully read the risks described below and other information in this Form 10-K in order to understand certain risks of our business. Overview of Risk Factors We have three business segments, water utility, electric utility and contracted services, each of which are subject to different risks as further discussed below. ", "title": "AWR - AMERICAN STATES WATER CO", "url": "/company/AWR/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0001299709; latest 10-K filed 2025-08-21.", "text": "AX - Axos Financial, Inc. SIC 6035 Savings Institution, Federally Chartered; CIK 0001299709; latest 10-K filed 2025-08-21. AX Axos Financial, Inc. 0001299709 6035 Savings Institution, Federally Chartered ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis contains forward-looking statements that are based upon current expectations. Forward-looking statements involve risks and uncertainties. Our actual results and the timing of events could differ materially from those expressed or implied in our forward-looking statements due to various important factors, including those set forth under \u201cRisk Factors\u201d in Item 1A. and elsewhere in this Annual Report on Form 10-K. The following discussion and analysis should be read together with the Consolidated Financial Statements, including the related notes included elsewhere in this Annual Report on Form 10-K. OVERVIEW The Consolidated Financial Statements include the accounts of Axos Financial, Inc. (\u201cAxos\u201d) and its wholly owned subsidiaries, Axos Bank (the \u201cBank\u201d or \u201cAxos Bank\u201d) and Axos Nevada Holding, LLC (\u201cAxos Nevada Holding\u201d), collectively, the \u201cCompany.\u201d Axos, the Bank, three lending-related entities and Axos Nevada Holding comprise substantially all of the Company\u2019s assets and liabilities and revenues and expenses. The Bank, its wholly owned subsidiaries, and the activities of three lending-related entities, constitute the Banking Business Segment. Axos Nevada Holding owns Axos Securities, LLC, which owns Axos Clearing LLC (\u201cAxos Clearing\u201d), a clearing broker-dealer, Axos Invest, Inc., a registered investment advisor, and Axos Invest LLC, an introducing broker-dealer. Axos Securities, LLC and its consolidated subsidiaries constitute the Securities Business Segment. Axos Bank provides consumer and business banking products through its low-cost distribution channels and affinity partners. Axos Clearing and Axos Invest LLC, provide comprehensive securities clearing services to introducing broker-dealers and registered investment advisor correspondents and digital investment advisory services to retail investors, respectively. Axos Financial, Inc.\u2019s common stock is listed on the NYSE under the symbol \u201cAX\u201d and is a component of the Russell 2000\u00ae Index and the S&P SmallCap 600\u00ae Index, among other indices. MERGERS AND ACQUISITIONS From time to time, we undertake acquisitions or similar transactions consistent with our operating and growth strategies. On August 23, 2023, the Company acquired approximately $52 million of marine floor financing loans at par value along with other assets for an additional $2 million, primarily consisting of servicing rights as well as certain employees. The transaction was accounted for as an asset acquisition and such assets are included in the Company\u2019s Consolidated Balance Sheets as of June 30, 2025. On December 7, 2023, the Company acquired from the Federal Deposit Insurance Corporation (\u201cFDIC\u201d) two loan portfolios, comprising both purchased credit deteriorated (\u201cPCD\u201d) and non-PCD loans, with an aggregate unpaid principal balance of $1.3 billion at a fair value of $901.5 million, reflecting a non-credit-related discount of $306.8 million and an allowance for credit losses on PCD loans of $70.1 million, (the \u201cFDIC Loan Purchase\u201d). Also included in the acquisition were certain related interest rate derivative assets and liabilities with a fair value of $109.0 million and $104.4 million, respectively, as of the date of the acquisition and whose maturities generally align with those of the loans acquired. The acquisition of the non-PCD loans and interest rate derivatives was accounted for as a purchase of financial assets and liabilities, and the Company recognized a $92.4 million gain on the transaction included in \u201cGain on acquisition\u201d in the Consolidated Statement of Income. There were no other significant acquisitions undertaken during fiscal years 2025, 2024 or 2023. CRITICAL ACCOUNTING ESTIMATES The following discussion and analysis of our financial condition and results of operations is based upon our Consolidated Financial Statements and the notes thereto, which ITEM 1. BUSINESS Overview Our Company is a technology-driven, diversified financial services company with approximately $24.8 billion in assets and approximately $39.4 billion of assets under custody and/or administration at Axos Clearing LLC (\u201cAxos Clearing\u201d). Our client-centric, technology-enabled services model provides secure and scalable banking, clearing and custody, and investment advisory solutions to retail and business customers. Axos Bank (the \u201cBank\u201d) provides consumer and commercial banking products and services through its digital online and mobile banking platforms, low-cost distribution channels and affinity partners. Our Bank offers deposit and lending products to customers nationwide including consumer and business checking, savings and time deposit accounts and single family and multifamily residential mortgages, commercial real estate mortgages and loans, fund and lender finance loans, asset-based loans, auto loans, retail and floor plan marine loans and other consumer loans. Our Bank generates non-interest income from consumer and business products and services, including fees from loans originated for sale, deposit account service fees, prepayment fees, loan servicing fees, as well as technology and payment transaction processing fees. We offer securities products and services to independent registered investment advisors (\u201cRIAs\u201d) and introducing broker dealers (\u201cIBDs\u201d) through Axos Clearing and Axos Advisor Services (\u201cAAS\u201d) and direct-to-consumer securities trading and digital investment management products through Axos Invest, Inc. (\u201cAxos Invest\u201d). AAS and Axos Clearing generate interest and asset- and transaction-based fee income by providing comprehensive securities custody services to RIAs and clearing, stock lending, and margin lending services to IBDs respectively. Axos Invest generates fee income from self-directed securities trading and digital wealth management services. Our common stock is listed on the New York Stock Exchange under ITEM 1A. RISK FACTORS An investment in our common stock is subject to risks inherent in our business. Before making an investment decision, you should carefully consider the risks and uncertainties described below together with all of the other information included in this report. In addition to the risks", "title": "AX - Axos Financial, Inc.", "url": "/company/AX/" }, { "kind": "company", "summary": "SIC 3559 Special Industry Machinery, NEC; CIK 0000933974; latest 10-K filed 2025-12-04.", "text": "AZTA - Azenta, Inc. SIC 3559 Special Industry Machinery, NEC; CIK 0000933974; latest 10-K filed 2025-12-04. AZTA Azenta, Inc. 0000933974 3559 Special Industry Machinery, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those discussed below and in the forward-looking statements. Factors that could cause or contribute to these differences include, without limitation, those discussed in \u201cInformation Related to Forward-Looking Statements\u201d and Part I, Item 1A, \u201cRisk Factors\u201d included above in this Annual Report on Form 10-K. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, describes principal factors affecting the results of our operations, financial condition and liquidity, as well as our critical accounting policies and estimates that require significant judgment and thus have the most significant potential impact on our consolidated financial statements included elsewhere in this Annual Report on Form 10-K. All dollar amounts in the below MD&A are presented in U.S. dollars, unless otherwise noted or the context otherwise provides. In connection with the preparation of our fiscal year 2025 financial statements, we identified errors in our previously issued financial statements. We evaluated the impact of the errors and concluded they were not material, individually or in the aggregate, to any previously issued interim or annual consolidated financial statements. We have reflected these corrections in the consolidated financial statements for the periods ending September 30, 2025, 2024 and 2023 included in this Form 10-K. The figures in this MD&A have been similarly revised, where applicable, to reflect the impact of such corrections. Refer to Note 2, \u201cSummary of Significant Accounting Policies\u201d, and Note 20, \u201cRevision of Previously Issued Quarterly Information (Unaudited)\u201d, in Item 8 of this Form 10-K for additional information. Our MD&A is organized as follows: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Overview. This section provides a general description of our business and operating segments as well as a brief discussion and overall analysis of our business and financial performance, including key developments affecting us during the fiscal years ended September 30, 2025 and 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Critical Accounting Policies and Estimates. This section discusses accounting policies and estimates that require us to exercise subjective or complex judgments in their application. We believe these accounting policies and estimates are important to understanding the assumptions and judgments incorporated in our reported financial results.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Results of Operations. This section provides an analysis of our financial results for the fiscal year ended September 30, 2025 compared to the fiscal year ended September 30, 2024 and the fiscal year ended September 30, 2024 compared to the fiscal year ended September 30, 2023.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Liquidity and Capital Resources. This section provides an analysis of our liquidity and changes in cash flows, as well as a discussion of contractual commitments.\"]] [[/GREPCENT_TABLE]] Discontinued Operations During the first quarter of fiscal year 2025, we announced that we are pursuing a sale of our B Medical Systems business, a manufacturer and global distributor of medical refrigeration devices based in Luxembourg. This strategic action is intended to simplify our portfolio and allow management to focus on driving revenue growth and profitability in our core Sample Management Solutions and Multiomics segmen Item 1. Business Overview We are a leading global provider of biological and chemical compound sample exploration and management solutions for the life sciences industry. We entered the life sciences market in 2011, leveraging our in-house precision automation and cryogenics capabilities that we were then applying in the semiconductor manufacturing market. This led us to develop and provide solutions for automated ultra-cold storage. Since then, we have expanded our life sciences offerings through internal investments and through a series of acquisitions. We support our customers from research and clinical development to commercialization with our sample management and automated storage systems, as well as genomic services expertise to help our customers bring impactful therapies to market faster. We understand the importance of sample integrity and offer a broad portfolio of products and services supporting customers at every stage of the life cycle of samples, including procurement, automated storage systems, genomic services and a multitude of sample consumables, informatics and data software, along with sample repository services. Our expertise, global footprint, and leadership positions enable us to be a trusted global partner to pharmaceutical, biotechnology and life sciences research institutions. In total, we employ approximately 3,000 full-time employees, part-time employees and contingent workers worldwide as of September 30, 2025 and have sales in approximately 95 countries. We are headquartered in Burlington, Massachusetts and have operations in North America, Asia and Europe. Our Company was founded in 1978 and became a leading automation provider and partner to the global semiconductor manufacturing industry. We divested the last of our semiconductor businesses in February 2022 for $2.9 billion in cash and since then operate solely as a life sciences company. On December 1, 2021, we changed our corporate name from \u201cBrooks Automation, Inc.\u201d to \u201cAz Item 1A. Risk Factors Factors That May Affect Future Results Investing in Azenta common stock involves a high degree of risk. You should carefully consider the following risks and uncertainties, together with the other information in this Annual Report on Form 10-K, including our consolidated financial statements and related notes included un", "title": "AZTA - Azenta, Inc.", "url": "/company/AZTA/" }, { "kind": "company", "summary": "SIC 3470 Coating, Engraving & Allied Services; CIK 0000008947; latest 10-K filed 2026-04-22.", "text": "AZZ - AZZ INC SIC 3470 Coating, Engraving & Allied Services; CIK 0000008947; latest 10-K filed 2026-04-22. AZZ AZZ INC 0000008947 3470 Coating, Engraving & Allied Services Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion together with \"Item 8. Financial Statements and Supplementary Data.\" This discussion contains forward-looking statements regarding our business and operations; see \"Forward-Looking Statements\" at the beginning of this Annual Report on Form 10-K. Our actual results may differ materially from those we currently anticipate as a result of the factors we describe under \"Item 1A. Risk Factors\" and elsewhere in this Annual Report on Form 10-K. A discussion regarding our financial condition and results of operations as well as our liquidity and capital resources for fiscal year 2025 compared to fiscal year 2024 can be found under \"Item 7. Management's Discussion and Analysis\" in our Annual Report on Form 10-K for the fiscal year ended February 28, 2025, filed with the SEC on April 21, 2025, which such discussion is hereby incorporated by reference. Overview We are a provider of hot-dip galvanizing and coil coating solutions to a broad range of end-markets in North America. We operate three distinct business segments, the AZZ Metal Coatings segment, the AZZ Precoat Metals segment, and the AZZ Infrastructure Solutions segment, which consists of the Company's 40% investment in the AVAIL JV joint venture. Our discussion and analysis of financial condition and results of operations is presented for each of our segments, along with corporate costs and other costs not specifically identifiable to a segment. References herein to fiscal years are to the twelve-month periods that end in February of the relevant calendar year. For example, the twelve-month period ended February 28, 2026 is referred to as \"fiscal 2026,\" \"fiscal year 2026\", \"current year\" or \"current period\", and the twelve-month period ended February 28, 2025 is referred to as \"fiscal 2025,\" \"fiscal year 2025,\" \"prior year\" or \"prior year period.\" Business Operations Update Our results for the year ended February 28, 2026 were favorably impacted primarily by the recognition of equity in earnings for the AVAIL JV, which included the gain from AVAIL's sale of the Electrical Products Group and the Welding Services Business, and by the growth in demand for our manufactured solutions in the electrical, construction and industrial end markets. The equity in earnings from the AVAIL JV was the primary contributor to net income available to common shareholders of $317.3 million for the year ended February 28, 2026. Our operating results for fiscal 2026, including operating results by segment, are described in the summary on the following page, and detailed descriptions can be found below under \u201cResults of Operations.\u201d Our operations generated $525.4 million of cash in fiscal 2026. The components of our liquidity and descriptions of our cash flows, capital investments, and other utilities, construction and matters impacting our liquidity and capital resources can be found below under \"Liquidity and Capital Resources.\" Outlook While it is difficult to predict future North American economic activity and its impact on the demand for our galvanizing and coil coating solutions, as well the impact that political or regulatory developments may have on us, we have noted several factors below that have impacted or may impact our results of operations during the first quarter of fiscal 2027. \u2022Sales prices in our AZZ Metal Coatings segment are expected to remain consistent with current levels. Fluctuations in product mix, along with competitive market pressures, may impact selling price. \u2022Sales prices in our AZZ Precoat Metals segment are expected to increase on average from past levels, resulting from passing through higher pricing on specified materials along with increased overall selling prices, although fluctuations in mix may impact the average selling price. \u2022Demand in our AZZ Metal Coatings and AZZ Precoat Metals segments is expected to follow our Item 1. Business AZZ Inc. (\"AZZ\", the \"Company\", \"our\" or \"we\") was established in 1956 and incorporated under the laws of the state of Texas. We are a provider of hot-dip galvanizing and coil coating solutions to a broad range of end markets in North America. We have three distinct operating segments: the AZZ Metal Coatings segment, the AZZ Precoat Metals segment, and the AZZ Infrastructure Solutions segment. Our AZZ Metal Coatings segment is a leading provider of metal coating solutions for corrosion protection, including hot-dip galvanizing, spin galvanizing, powder coating, anodizing and plating to the North American steel fabrication industry and other industries. The AZZ Precoat Metals segment provides aesthetic and corrosion protective coatings and related value-added services for steel and aluminum coil, primarily serving the construction; appliance; heating, ventilation, and air conditioning (HVAC); container; transportation and other end markets in North America. The AZZ Infrastructure Solutions segment (\"AIS\") represents our 40% non-controlling interest in the AIS Investment Holdings LLC (the \"AVAIL JV\"). AIS Investment Holdings LLC is primarily dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in markets worldwide. Strategy AZZ is North America's leading independent post-fabrication hot-dip galvanizing and coil coating solutions company with leading positions in markets we serve. Our business segments provide sustainable, unmatched metal coating solutions that reduce emissions, extend the lifecycle, and enhance the appearance of buildings products and infrastructure that are essential to everyday life. We strive to provide high quality manufactured solutions to our customers while delivering long-term value to our shareholders by: \u2022Integrating human capital, diversity and environmental initiative Item 1A. Risk Factors Our business is subject to a variety of risks, including, but not limited to, the risks described below. We believe the risks described below are the most significant risks and uncertainties facing our business. Additional risks and uncertainties not known to us or not described below may also impair our business operat", "title": "AZZ - AZZ INC", "url": "/company/AZZ/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001169770; latest 10-K filed 2026-02-27.", "text": "BANC - BANC OF CALIFORNIA, INC. SIC 6021 National Commercial Banks; CIK 0001169770; latest 10-K filed 2026-02-27. BANC BANC OF CALIFORNIA, INC. 0001169770 6021 National Commercial Banks ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Annual Report on Form 10-K. In addition to historical data, this discussion and analysis contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results or outcomes may differ materially from those in this discussion and analysis as a result of various factors, including but not limited to those discussed in \"Risk Factors\" in Item 1A of this Form 10-K. For the discussion of the financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, refer to \"Part II\u2014Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 3, 2025, which is incorporated herein by reference. Overview Banc of California, Inc., a Maryland corporation, was incorporated in March 2002 and serves as the holding company for its wholly owned subsidiary, Banc of California (the \u201cBank\u201d), a California state-chartered bank and a member of the FRB. When we refer to the \"parent\" or the \u201cholding company,\" we are referring to Banc of California, Inc., the parent company, on a stand-alone basis. When we refer to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or the \u201cCompany,\u201d we are referring to Banc of California, Inc. and its consolidated subsidiaries including the Bank, collectively. The Bank is one of the nation\u2019s premier relationship-based business banks, providing banking and treasury management services to small, middle-market, and venture-backed businesses. The Bank offers a broad range of loan and deposit products and services through 79 full-service branches located throughout California and in Denver, Colorado, and Durham, North Carolina, as well as through regional offices nationwide. The Bank also provides full-service payment processing solutions to its clients and serves the Community Association Management industry nationwide with its technology-forward platform, SmartStreet\u2122. The Bank is committed to its local communities by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more. Presentation of Results \u2013 PacWest Bancorp Merger On November 30, 2023, PacWest Bancorp merged with and into Banc of California, Inc. (the \u201cMerger\u201d), which remained the legal corporation and completed a $400 million equity capital raise. The Merger, an all-stock transaction, was treated as a reverse merger for accounting, making PacWest Bancorp the acquirer for financial reporting, though Banc of California, Inc. was the legal acquirer. Financial results before November 30, 2023, reflect only PacWest Bancorp and results for December 2023 included the combined company. The shares issued and outstanding, earnings per share, and all references to share quantities or metrics were retrospectively restated to reflect the Merger, and Banc of California, Inc, assets and liabilities were recorded at fair value as of the merger date. Refer to \"Note 2. Business Combinations\" in Item 8 of this Form 10-K for additional information on this merger. Recent Events Stock Repurchase Program On March 17, 2025, we announced that our Board of Directors authorized the repurchase of up to $150.0 million of our common stock. On April 23, 2025, the Company announced an upsize of its stock repurchase program from $150.0 million to $300.0 million and expanded the program to cover both the Company's common stock and depositary shares representing its preferred stock. The repurchase authorization expires in March 2026. During the year ended December 31, 2025, the Company repurchased a tota ITEM 1. BUSINESS General Banc of California, Inc., a Maryland corporation, was incorporated in March 2002 and serves as the holding company for its wholly owned subsidiary, Banc of California (the \u201cBank\u201d), a California state-chartered bank and a member of the FRB. When we refer to the \u201cparent\u201d or the \u201cholding company,\u201d we are referring to Banc of California, Inc., the parent company, on a stand-alone basis. When we refer to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or the \u201cCompany,\u201d we are referring to Banc of California, Inc. and its consolidated subsidiaries including the Bank, collectively. As a bank holding company, the holding company is subject to ongoing and comprehensive supervision, regulation, examination, and enforcement by the FRB. As a California state-chartered bank that is a member of the FRB, the Bank is subject to ongoing and comprehensive supervision, regulation, examination, and enforcement by the DFPI and the FRB. On November 30, 2023, Banc of California, Inc. completed its transformational merger with PacWest Bancorp (\u201cPacWest\u201d), pursuant to which PacWest merged into Banc of California, Inc., (the \"Merger\") with Banc of California, Inc. continuing as the surviving legal corporation, and, as of December 1, 2023, Banc of California, N.A. merged into Pacific Western Bank, with Pacific Western Bank continuing under the Banc of California name and brand as the Bank. See \"Note 2. Business Combinations\" in Item 8 of this Form 10-K for additional information. Our principal executive office is currently located at 11611 San Vicente Boulevard, Suite 500, Los Angeles, California, and our telephone number is (855) 361-2262. Our common stock trades on the New York Stock Exchange under the trading symbol \u201cBANC\u201d and our Series F preferred depositary shares trade on the New York Stock Exchange under the trading symbol \u201cBANC/PF.\u201d The Bank is one of the nation\u2019s premier relationship-based business banks, providing banking and treasury management services to small, middle-market, a ITEM 1A. RISK FACTORS An investment in our securities is subject to certain risks. Prospective and current investors in our securities should carefully consider the following risks, together with all the other information contained in this Annual Report on Form 10-K, including the sections titled \u201cForward-Looking Information\u201d", "title": "BANC - BANC OF CALIFORNIA, INC.", "url": "/company/BANC/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000760498; latest 10-K filed 2026-02-26.", "text": "BANF - BANCFIRST CORP /OK/ SIC 6021 National Commercial Banks; CIK 0000760498; latest 10-K filed 2026-02-26. BANF BANCFIRST CORP /OK/ 0000760498 6021 National Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis presents factors that the Company believes are relevant to an assessment and understanding of the Company\u2019s financial position and results of operations for the three years ended December 31, 2025. This discussion and analysis should be read in conjunction with the consolidated financial statements and notes thereto and the selected consolidated financial data included herein. FORWARD-LOOKING STATEMENTS The Company may make forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 with respect to earnings, credit quality, corporate objectives, interest rates and other financial and business matters. Forward-looking statements include estimates and give management\u2019s current expectations or forecasts of future events. The Company cautions readers that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, including economic conditions; the performance of financial markets and interest rates; legislative and regulatory actions and reforms; competition; as well as other factors, all of which change over time. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as \u201cbelieves\u201d, \u201canticipates\u201d, \u201cexpects\u201d, \u201cintends\u201d, \u201ctargeted\u201d, \u201ccontinue\u201d, \u201cremain\u201d, \u201cwill\u201d, \u201cshould\u201d, \u201cmay\u201d and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: \u2022 The effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters. \u2022 Changes in fiscal, monetary or regulatory policy may have adverse consequences including impacts to the labor market, tariffs and inflation which may impact our financial performance. \u2022 Changes in the regulatory environment for the banking industry, including rule-making, supervision, examination and enforcement. \u2022 The increased time, effort and staffing needs related to ongoing and/or changed regulations from regulatory bodies could negatively impact noninterest expense. \u2022 Local, regional, national and international economic conditions, including the effect of a government shutdown, and the impact they may have on the Company and its customers. \u2022 Inflation, including wage inflation, energy prices, securities markets and monetary fluctuations. \u2022 Changes in oil and gas commodity prices and the potential impact to the related loan portfolio as well as the overall impact to the regional economic environment. \u2022 Changes in interest rates. \u2022 Potential impacts of adverse developments in the banking industry that could impact customer confidence. \u2022 Further shift in deposit mix from noninterest-bearing deposits to interest-bearing deposits could negatively impact net interest margin. \u2022 Changes in the financial performance and/or condition of the Company\u2019s borrowers, including the impact of higher interest rates. \u2022 Changes in consumer spending, borrowing and savings habits. \u2022 Changes in the mix of loan sectors and types or the level of Item 1. Business. General BancFirst Corporation (the \u201cCompany\u201d) is a financial holding company headquartered in Oklahoma City, Oklahoma and registered under the Bank Holding Company Act of 1956, as amended (the \u201cBHC Act\u201d). It conducts a vast majority of its operating activities through its wholly-owned subsidiary, BancFirst (\u201cBancFirst\u201d), an Oklahoma state-chartered bank headquartered in Oklahoma City, Oklahoma. The Company also conducts operating activities through its wholly-owned subsidiaries, Pegasus Bank (\u201cPegasus\u201d), a Texas state-chartered bank headquartered in Dallas, Texas, Worthington Bank (\"Worthington\"), a Texas state-chartered bank headquartered in Arlington, Texas and, prior to its merger with BancFirst in February 2026, American Bank of Oklahoma (\u201cABOK\u201d), an Oklahoma state-chartered bank headquartered in Collinsville, Oklahoma. In addition, the Company owns 100% of the common securities of BFC Capital Trust II (a Delaware business trust), 100% of Council Oak Partners LLC, an Oklahoma limited liability company engaging in investing activities, 100% of BancFirst Insurance Services, Inc., an Oklahoma business corporation operating as an independent insurance agency, 100% of BFC-PNC, LLC, an operating subsidiary to hold other real estate owned and 80% of Calimesa Town Center, LLC an operating subsidiary to hold other real estate owned. The Company was incorporated as United Community Corporation in July 1984 to become a bank holding company. In June 1985, it merged with seven Oklahoma bank holding companies that had operated under common ownership and the Company has conducted business as a bank holding company since that time. Over the next several years, the Company acquired additional banks and bank holding companies, and in November 1988, the Company changed its name to BancFirst Corporation. Effective April 1, 1989, the Company consolidated its 12 subsidiary banks and formed BancFirst. Over the following decades, the Company has continued to expand", "title": "BANF - BANCFIRST CORP /OK/", "url": "/company/BANF/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000946673; latest 10-K filed 2026-02-25.", "text": "BANR - BANNER CORP SIC 6022 State Commercial Banks; CIK 0000946673; latest 10-K filed 2026-02-25. BANR BANNER CORP 0000946673 6022 State Commercial Banks Item 7 \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in understanding our financial condition and results of operations. The information contained in this section should be read in conjunction with the Consolidated Financial Statements and accompanying Notes to the Consolidated Financial Statements contained in this Form 10-K. Executive Overview Banner\u2019s successful execution of its super community bank model and strategic initiatives has delivered solid core operating results and profitability over the last several years. The Company\u2019s longer term strategic initiatives continue to focus on originating high-quality assets and client acquisition, which we believe will continue to generate strong revenue while maintaining the Company\u2019s moderate risk profile. 2025 Financial Highlights \u2022Net interest margin, on a tax equivalent basis, was 3.96% compared to 3.75% in the prior year. \u2022Revenues were $660.7 million for the year ended December 31, 2025, compared to $608.6 million for the prior year. \u2022Adjusted revenue* (the total of net interest income and total non-interest income adjusted for the net gain or loss on the sale of securities, the net change in valuation of financial instruments, and gains or losses incurred on building and lease exits) was $661.5 million for the year ended December 31, 2025, compared to $614.8 million for the prior year. \u2022Net interest income was $587.9 million for the year ended December 31, 2025, compared to $541.7 million for the prior year. \u2022Mortgage banking revenue was $13.2 million for the year ended December 31, 2025, compared to $12.2 million in the prior year. \u2022Income from deposit fees and other service charges was $43.2 million for the year ended December 31, 2025, compared to $43.4 million for the prior year. \u2022Return on average assets was 1.21% for year ended December 31, 2025, compared to 1.07% for the prior year. \u2022Net loans receivable increased 3% to $11.56 billion at December 31, 2025, compared to $11.20 billion a year ago. \u2022Total deposits were $13.74 billion at December 31, 2025, compared to $13.51 billion a year ago. \u2022Core deposits represented 89% of total deposits at December 31, 2025. \u2022Non-performing assets were $51.2 million, or 0.31% of total assets, at December 31, 2025, compared to $39.6 million, or 0.24% of total assets, a year ago. \u2022The allowance for credit losses - loans was $160.3 million, or 1.37% of total loans receivable, at December 31, 2025, compared to $155.5 million, or 1.37% of total loans receivable a year ago. \u2022Cash dividends paid to shareholders were $1.94 per share, up from $1.92 per share paid in the prior year. \u2022Common shareholders\u2019 equity per share increased to $57.08 at December 31, 2025, compared to $51.49 a year ago. \u2022Tangible common shareholders\u2019 equity per share* increased 14% to $46.09 at December 31, 2025, compared to $40.57 a year ago. * Represents a non-GAAP financial measure. For a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure, see \u201cNon-GAAP Financial Measures\u201d below. 33 Table of Contents Selected Financial Data: The following condensed consolidated statements of financial condition and operations and selected performance ratios as of December 31, 2025, 2024 and 2023, and for the years then ended have been derived from our audited consolidated financial statements. [[GREPCENT_TABLE]] [[\"FINANCIAL CONDITION DATA:\"],[\"\",\"December 31\"],[\"(In thousands, except shares)\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Total assets\",\"$\",\"16,354,488\",\"\",\"\",\"$\",\"16,200,037\",\"\",\"\",\"$\",\"15,670,391\"],[\"Cash and securities (1)\",\"3,400,097\",\"\",\"\",\"3,607,933\",\"\",\"\",\"3,687,302\"],[\"Loans receivable, net\",\"11,561,411\",\"\",\"\",\"11,199,135\",\"\",\"\",\"10,660,812\"],[\"Deposits\",\"13,743,146\",\"\",\"\",\"13,514,398\",\"\",\"\",\"13,029,497\"],[\"Borrowings\",\"336,866\",\"\",\"\",\"563,012\",\"\",\"\",\" Item 1 \u2013 Business General Banner is a bank holding company incorporated in the State of Washington which wholly owns one subsidiary bank, Banner Bank. The Bank is a Washington-chartered commercial bank that conducts business from its main office in Walla Walla, Washington and, as of December 31, 2025, it had 135 branch offices and 15 loan production offices located in Washington, Oregon, California, Idaho, Utah and Nevada. Banner is subject to regulation by the Federal Reserve. The Bank is subject to regulation by the Washington State Department of Financial Institutions-Division of Banks (the DFI) and the Federal Deposit Insurance Corporation (the FDIC). As of December 31, 2025, we had total consolidated assets of $16.35 billion, net loans of $11.56 billion, total deposits of $13.74 billion, and total shareholders\u2019 equity of $1.95 billion. Banner\u2019s common stock is traded on the NASDAQ Global Select Market under the ticker symbol \u201cBANR.\u201d The Bank is a regional bank that offers a wide variety of commercial banking services and financial products to individuals, businesses and public sector entities in its primary market areas. The Bank\u2019s primary business is that of traditional banking institutions \u2014 accepting deposits and originating loans in locations surrounding our offices in Washington, Oregon, California, Idaho, Utah and Nevada. The Bank is also an active participant in secondary loan markets, engaging in mortgage banking operations through the origination and sale of one- to four-family residential loans. Lending activities include commercial business and commercial real estate loans, agriculture business loans, construction, land and land development loans, one- to four-family residential loans, multifamily real estate loans, U.S. Small Business Administration (SBA) loans and consumer loans. We continue to invest in our delivery platform across the franchise with a primary emphasis on strengthening our presence in the higher growth regions of our markets Item 1A \u2013 Risk Factors An investment in our common stock is subject to risks inherent in our business. Before making an investment decision, you should carefully consider the risks and uncertainties described below together with all the other information included in this report. The risks described below are not the only ones we face. Additional risks and uncertainties no", "title": "BANR - BANNER CORP", "url": "/company/BANR/" }, { "kind": "company", "summary": "SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001108134; latest 10-K filed 2026-03-02.", "text": "BBT - Beacon Financial Corp SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001108134; latest 10-K filed 2026-03-02. BBT Beacon Financial Corp 0001108134 6036 Savings Institutions, Not Federally Chartered Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Introduction Beacon Financial Corporation, a Delaware corporation, is the holding company for Beacon Bank & Trust and its subsidiaries and Clarendon Private. The Company offers a wide range of commercial, business and retail banking services, including a full complement of cash management products, foreign exchange services, on-line and mobile banking services, consumer and residential loans and investment advisory services. Clarendon Private is a registered investment advisor with the SEC. Through Clarendon Private and the Trust and Investments Division of the Bank, the Company offers a wide range of wealth management services to individuals, families, endowments and foundations to help these clients meet their long-term financial goals. As a full-service financial institution with 147 banking offices throughout New England and New York, the Bank and its subsidiaries focus their efforts on developing and deepening long-term banking relationships with qualified customers through a full complement of products, excellent customer service, and strong risk management. The competition for loans and leases and deposits remains strong, with growth and pricing influenced by the FRB's interest rate-setting actions. Management's scenario analysis of deposit sensitivity to the current rate environment and customer demand for non-depository investment alternatives suggests further deposit mix migration and increased sensitivity to interest rates. As the interest rate environment resets to a more normal, upward-sloping yield curve with shorter-term interest rates lower than longer term interest rates, management expects the net interest margin to increase modestly. This is due to deposit and wholesale funding costs repricing at lower rates, while loans do not reprice at the same magnitude, as well as the accretions from the purchase accounting marks. If both short- and long-term interest rates fall, net interest income models, using a projected flat balance sheet with stable deposit balances, forecast that a parallel decrease in rates will have a negative impact on the Company's net interest income, net interest spread, and net interest margin. While the Company's current asset sensitivity rate is approximately 40%, shifting to a more asset sensitive balance sheet could have additional pressure on interest margins. As discussed above, changes in interest rates could also precipitate a change in the mix and volume of the Company's deposits and loans. The future operating results of the Company will depend on its ability to maintain or increase the current net interest income, manage credit risk, increase sources of non-interest income, while managing non-interest expenses. The Company\u2019s common stock is traded on the New York Stock Exchange under the symbol \u201cBBT.\u201d Executive Overview Balance Sheet Total assets increased $11.3 billion, or 95.0%, to $23.2 billion as of December 31, 2025 from $11.9 billion as of December 31, 2024. The increase was primarily due to the assets assumed in the Transaction. The Transaction created a $23 billion Northeast franchise by combining Legacy Berkshire\u2019s stable, more rural funding base with Legacy Brookline\u2019s commercial lending focus in metro markets. The highly-complementary geographic footprints had minimal branch overlap ensuring minimal market disruption while also providing business diversification, fee income opportunities and improved competitive positioning. The Transaction also created meaningful near-term cost synergies while positioning the Company to benefit from future economies of scale. Total loans and leases increased $8.3 billion, or 84.4%, to $18.0 billion as of December 31, 2025 from $9.8 billion as of December 31, 2024. The increase was primarily due to the loans assumed in the Transaction partially offset by the sales of $332.6 million of purchased mortgage loans acquired in the Tr Item 1. Business General Beacon Financial Corporation, a Delaware corporation, is the holding company for Beacon Bank & Trust and its subsidiaries and Clarendon Private. The Company offers a wide range of commercial, business and retail banking services, including a full complement of cash management products, foreign exchange services, on-line and mobile banking services, consumer and residential loans and wealth management services. Clarendon Private is a registered investment advisor with the SEC. Through Clarendon Private and the Trust and Investments Division of the Bank, the Company offers a wide range of wealth management services to individuals, families, endowments and foundations to help these clients meet their long-term financial goals. As a full-service financial institution with 147 banking offices throughout New England and New York, the Bank and its subsidiaries focus their efforts on developing and deepening long-term banking relationships with qualified customers through a full complement of products, excellent customer service, and strong risk management. The Company's headquarters and executive management are located at 131 Clarendon Street, Boston, Massachusetts 02116, and its telephone number is 617-425-4600. Completion of Merger of Equals On September 1, 2025, the Company completed its merger of equals with Brookline Bancorp, Inc. (\u201cLegacy Brookline\u201d), pursuant to the Agreement and Plan of Merger, dated as of December 16, 2024, by and among the Company, Commerce Acquisition Sub, Inc. and Legacy Brookline (the \u201cMerger Agreement\u201d). On September 1, 2025, Commerce Acquisition Sub, Inc. merged with and into Legacy Brookline (the \u201cMerger\u201d), immediately followed by the merger of Legacy Brookline with and 1 Table of Contents into the Company (the \u201cHoldco Merger\u201d), with the Company as the resulting corporation. The Company also changed its name from Berkshire Hills Bancorp, Inc. to Beacon Financial Corporation and changed the New York Stoc Item 1A. Risk Factors Before deciding to invest in us or deciding to maintain or increase your investment, you should carefully consider the risks described below, in addition to the other information contained in this report and in our other filings with the SEC. The risks and uncertainties described below", "title": "BBT - Beacon Financial Corp", "url": "/company/BBT/" }, { "kind": "company", "summary": "SIC 5030 Wholesale-Lumber & Other Construction Materials; CIK 0001328581; latest 10-K filed 2026-02-24.", "text": "BCC - BOISE CASCADE Co SIC 5030 Wholesale-Lumber & Other Construction Materials; CIK 0001328581; latest 10-K filed 2026-02-24. BCC BOISE CASCADE Co 0001328581 5030 Wholesale-Lumber & Other Construction Materials ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Understanding Our Financial Information This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Form 10-K. The following discussion includes statements that are forward-looking statements and are based on the beliefs of our management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the section entitled \"Cautionary Statement Concerning Forward-Looking Statements\" and in \"Item 1A. Risk Factors.\" References to \"fiscal year\" or \"fiscal\" refer to our fiscal year ending on December 31 in each calendar year. The following sections discuss our financial condition and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Annual Report on Form 10-K for the year ended December 31, 2024. Overview Company Background Boise Cascade is a large, integrated building materials distributor and wood products manufacturer with widespread operations throughout the United States (U.S.) and one manufacturing facility in Canada. We completed an initial public 32 Table of Contents offering of our common stock on February 11, 2013. We have two reportable segments: (i) Building Materials Distribution (BMD), which is a wholesale distributor of building materials; and (ii) Wood Products, which primarily manufactures engineered wood products (EWP) and plywood. For more information, see Note 3, Revenues, and Note 15, Segment Information, of the Notes to Consolidated Financial Statements in \"Item 8. Financial Statements and Supplementary Data\" and \"Item 1. Business\" of this Form 10-K. Our products are used in the construction of new residential housing, including single-family, multi-family, and manufactured homes, the repair-and-remodeling of existing housing, the construction of light industrial and commercial buildings, and other industrial applications. We have a broad base of customers, which includes a diverse mix of dealers, home improvement centers, leading wholesalers, specialty distributors, and industrial converters. During 2025, approximately 71% of our Wood Products segment sales, or approximately 75% and 51% of our Wood Products segment's EWP and plywood sales volumes, respectively, were to our BMD segment. Executive Summary We recorded income from operations of $183.3 million during the year ended December 31, 2025, compared with $490.0 million during the same period in the prior year. In our BMD segment, income decreased $81.2 million to $222.2 million for the year ended December 31, 2025, from $303.4 million for the year ended December 31, 2024. The decline in segment income was driven by a gross margin decrease of $48.8 million, resulting primarily from lower gross margins on commodity and EWP products, offset partially by improved gross margins on general line products. In addition, selling and distribution expenses and depreciation and amortization expense increased $21.8 million and $9.2 million, respectively. In our Wood Products segment, income decreased by $225.6 million to $5.8 million for the year ended December 31, 2025, from $231.5 million for the year ended December 31, 2024. The decrease in segment income was due primarily to lower EWP and plywood sales prices and sales volumes, as w ITEM 1. BUSINESS Boise Cascade is one of the largest U.S. wholesale distributors of building materials and a leading manufacturer of engineered wood products (EWP) and plywood in North America. As used in this Form 10-K, the terms \"Boise Cascade,\" \"we,\" and \"our\" refer to Boise Cascade Company and its consolidated subsidiaries. As a leading distributor and manufacturer of building materials, we bring people, products, and services together to build strong homes, businesses, and communities that stand the test of time. Segment Overview Our two reportable segments, Building Materials Distribution and Wood Products, operate with a high degree of integration. Our Building Materials Distribution segment (BMD) operates a nationwide network of distribution facilities that sell a broad line of building materials, including oriented strand board (OSB), plywood, and lumber (collectively referred to as commodities); general line items such as siding, composite decking, doors and millwork, metal products, roofing, and insulation; and EWP. In our Wood Products segment, we manufacture laminated veneer lumber (LVL), I-joists, and laminated beams, which are collectively referred to as EWP. In addition, we manufacture structural, appearance, and industrial grade plywood panels, and ponderosa pine lumber. BMD is the largest customer of our Wood Products segment. Substantially all of BMD's EWP is sourced from our Wood Products segment, with the remaining products we distribute sourced from a broad vendor base of third-party suppliers ranging from large manufacturers to small regional producers. Our products are used in the construction of new residential housing, including single-family, multi-family, and manufactured homes, the repair-and-remodeling of existing housing, the construction of light industrial and commercial buildings, and other industrial applications. We have a broad base of national and local customers, which includes a diverse mix of dealers, home improvement ITEM 1A. RISK FACTORS You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" and our consolidated financial statements and relat", "title": "BCC - BOISE CASCADE Co", "url": "/company/BCC/" }, { "kind": "company", "summary": "SIC 2800 Chemicals & Allied Products; CIK 0000009326; latest 10-K filed 2026-02-20.", "text": "BCPC - BALCHEM CORP SIC 2800 Chemicals & Allied Products; CIK 0000009326; latest 10-K filed 2026-02-20. BCPC BALCHEM CORP 0000009326 2800 Chemicals & Allied Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (All amounts in thousands, except share and per share data) The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and the related notes included in this report. Refer to Part II, Item 7 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (filed with the SEC on February 21, 2025) for additional discussion of our financial condition and results of operations for the year ended December 31, 2023. In addition, discussion of year-to-year comparisons between 2024 and 2023 are not included in this Annual Report on Form 10-K, and can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Those statements in the following discussion that are not historical in nature should be considered to be forward-looking statements that are inherently uncertain. See \u201cCautionary Statement Regarding Forward-Looking Statements.\u201d Overview We develop, manufacture, distribute and market specialty performance ingredients and products for the nutritional, food, pharmaceutical, animal health, plant nutrition, sterilization, fumigation, and industrial markets. Our three reportable segments are strategic businesses that offer products and services to different markets: Human Nutrition and Health, Animal Nutrition and Health, and Specialty Products, as more fully described in Note 10, Segment Information, of the consolidated financial statements. Sales and production of products outside of our reportable segments and other minor business activities are included in \"Other and Unallocated\". Recent Developments Anti-Dumping Investigation in the European Union In late June 2025, the European Commission announced that it would impose provisional duties between 95.4% and 120.8% on imports into the European Union of choline chloride originating in the People\u2019s Republic of China, effective July 1, 2025. The investigation was initiated by the European Commission in late October 2024, following a complaint lodged by Balchem Italia Srl and another complainant. On December 19, 2025, the European Commission published their final decision to set definitive duties between 90.0% and 115.9%. Further, the European Commission set rules to make it clear that the country of origin of choline chloride, regardless of form, will be the country where the chemical reaction between trimethylamine hydrochloride and ethylene oxide takes place. 20 Table of Contents Segment Results We sell products for all three segments through our own sales force, independent distributors, and sales agents. The following tables summarize consolidated net sales by segment and business segment earnings from operations for the three years ended December 31, 2025, 2024 and 2023 (in thousands): [[GREPCENT_TABLE]] [[\"Business Segment Net Sales\"],[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Human Nutrition and Health\",\"\",\"$\",\"659,387\",\"\",\"\",\"$\",\"600,258\",\"\",\"\",\"$\",\"550,751\"],[\"Animal Nutrition and Health\",\"\",\"230,852\",\"\",\"\",\"214,710\",\"\",\"\",\"238,326\"],[\"Specialty Products\",\"\",\"140,976\",\"\",\"\",\"132,749\",\"\",\"\",\"125,965\"],[\"Other and Unallocated (1)\",\"\",\"5,946\",\"\",\"\",\"5,967\",\"\",\"\",\"7,397\"],[\"Total\",\"\",\"$\",\"1,037,161\",\"\",\"\",\"$\",\"953,684\",\"\",\"\",\"$\",\"922,439\"],[\"Business Segment Earnings From Operations\"],[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Human Nutrition and Health\",\"\",\"$\",\"153,906\",\"\",\"\",\"$\",\"135,957\",\"\",\"\",\"$\",\"102,419\"],[\"Animal Nutrition and Health\",\"\",\"18,687\",\"\",\"\",\"14,013\",\"\",\"\",\"27,576\"],[\"Specialty Products\",\"\",\"42,901\",\"\",\"\",\"39,906\",\"\",\"\",\"34,579\"],[\"Other and Unallocated (1)\",\"\",\"(6,168)\",\"\",\"\",\"(6,967)\",\"\",\"\",\"(5,381)\"],[\"Total\",\"\",\"$\",\"209,326\",\"\",\"\",\"$\",\"182,909\",\"\",\"\",\"$\",\"159,193\"],[\"(1) Other and Unallocated consists of a Item 1. Business (All amounts in thousands, except share and per share data) General Balchem Corporation (\u201cBalchem,\u201d the \u201cCompany,\u201d \u201cwe\u201d or \u201cus\u201d), was incorporated in the State of Maryland in 1967. We develop, manufacture, distribute and market specialty performance ingredients and products for the nutritional, food, pharmaceutical, animal health, plant nutrition, sterilization, fumigation, and industrial markets. Our three reportable segments are strategic businesses that offer products and services to different markets: Human Nutrition and Health, Animal Nutrition and Health, and Specialty Products. Sales and production of products outside of our reportable segments and other minor business activities are included in \"Other and Unallocated\". We sell our products through our own sales force, independent distributors and sales agents. Financial information concerning our business, business segments and geographic information appears in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations under Item 7 below and in the Notes to our Consolidated Financial Statements included under Item 8 below, which information is incorporated herein by reference. Human Nutrition and Health The Human Nutrition and Health (\"HNH\") segment provides human grade choline nutrients and mineral amino acid chelated products for nutrition and health applications. Choline is recognized to play a key role in the development and structural integrity of brain cell membranes in infants, processing dietary fat, reproductive development and neural functions, such as memory and muscle function. The Company's mineral amino acid chelates, specialized mineral salts, and mineral complexes are used as raw materials for inclusion in premier human nutrition products; proprietary technologies have been combined to create an organic molecule in a form the body can readily assimilate. Sales growth for human nutrition applications is reliant on differentiation from lower-c Item 1A. Risk Factors We discuss our expectations regarding future performance, events and outcomes in this Form 10-K, quarterly and annual reports, press releases and other written and oral communications. All statements except for historical and present factual information are \u201cforward-looking statements\u201d and are based on financial data and business pla", "title": "BCPC - BALCHEM CORP", "url": "/company/BCPC/" }, { "kind": "company", "summary": "SIC 8351 Services-Child Day Care Services; CIK 0001437578; latest 10-K filed 2026-02-26.", "text": "BFAM - BRIGHT HORIZONS FAMILY SOLUTIONS INC. SIC 8351 Services-Child Day Care Services; CIK 0001437578; latest 10-K filed 2026-02-26. BFAM BRIGHT HORIZONS FAMILY SOLUTIONS INC. 0001437578 8351 Services-Child Day Care Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations generally discusses our results of operations for the fiscal years ended December 31, 2025 and 2024 and provides comparisons between such fiscal years. For discussion and comparison for the fiscal years ended December 31, 2024 and 2023, see \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 27, 2025. The following discussion of our financial condition and results of operations should be read in conjunction with the audited consolidated financial statements and related notes appearing in Item 8 of this Annual Report on Form 10-K. This discussion contains forward-looking statements and involves numerous risks and uncertainties. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and generally contain words such as \u201cbelieves,\u201d \u201cexpects,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201ccould,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cseeks,\u201d \u201cprojects,\u201d \u201capproximately,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201copportunity,\u201d \u201ccontinues,\u201d \u201cestimates,\u201d \u201cpossible,\u201d \u201cpotential,\u201d \u201canticipates\u201d or similar expressions. Our forward-looking statements are subject to risks and uncertainties, which may cause actual results to differ materially from those projected or implied by the forward-looking statements. Forward-looking statements are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. You should not place undue reliance on forward-looking statements, which speak only as of the date hereof. See \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d for a discussion of factors that could cause our actual results to differ from those expressed or implied by forward-looking statements. Overview We are a leading provider of high-quality early education and child care, comprehensive back-up care solutions, and educational advisory services. Our offerings are designed to support both working families and employers\u2019 workforce strategies by supporting their employees across life and career stages, and improving employee recruitment, engagement, productivity, retention, and career advancement. We provide services primarily under multi-year contracts with employer-clients who offer early education and child care, back-up care, and educational advisory services as part of their employee benefits package. At December 31, 2025, we operated 1,010 early education and child care centers, consisting of 597 centers in North America and 413 centers outside North America. We have the capacity to serve approximately 115,000 children in the United States, the United Kingdom, the Netherlands, Australia and India. We seek to cluster centers in geographic areas to enhance operating efficiencies and to create a leading market presence. At December 31, 2025, we had more than 1,450 client relationships with employers across a diverse array of industries, including more than 220 Fortune 500 companies. At December 31, 2025, we managed child care centers on behalf of single employers in the following industries and also managed lease/consortium locations in approximately the following proportions: [[GREPCENT_TABLE]] [[\"\",\"Percentage of Centers\"],[\"Classification\",\"North America\",\"\",\"Outside North America\"],[\"Employer locations:\"],[\"Healthcare and Pharmaceuticals\",\"22.5\",\"%\",\"\",\"2.0\",\"%\"],[\"Government and Higher Education\",\"12.5\",\"\",\"\",\"2.0\"],[\"Financial Services\",\"7.5\",\"\",\"\",\"2.0\"],[\"Consumer\",\"7.5\",\"\",\"\",\"\\u2014\"],[\"Professional Services and Other\",\"5.0\",\"\",\"\",\"\\u2014\"],[\"Industrial/Manufacturing\",\"2.5\",\"\",\"\",\"1.0\"],[\"Technology\",\"2.5\",\"\",\"\",\"\\u2014\"],[\"\",\"60.0\",\"\",\"\",\"7.0\"],[\"Lease/consortium l Item 1. Business Our Company For 40 years, Bright Horizons has been a champion for working families \u2014 designing and delivering innovative education and care solutions. We are a leading provider of high-quality early education and child care, comprehensive back-up care solutions and educational advisory services. Our offerings support both working families and employers\u2019 workforce strategies by supporting their employees across life and career stages, and improving employee recruitment, engagement, productivity, retention, and career advancement. We provide services primarily under multi-year contracts with employer-clients who offer early education and child care, back-up care, and educational advisory services as part of their employee benefits package. We are committed to providing the highest quality education and care across all of our offerings, underpinned by rigorous quality standards, research-informed practices and a focus on measurable outcomes for families and employers. We are organized in three reportable segments, which are aligned with our service offerings as follows: \u2022Full service center-based child care (71% of our revenue in 2025); \u2022Back-up care (25% of our revenue in 2025); and \u2022Educational advisory services (4% of our revenue in 2025). As of December 31, 2025, we served more than 1,450 employers across a diverse array of industries, including more than 220 Fortune 500 companies. As of December 31, 2025, we operated 1,010 early education and child care centers with the capacity to serve approximately 115,000 children in the United States, the United Kingdom, the Netherlands, Australia, and India. Our History Guided by our HEART principles \u2014 Honesty, Excellence, Accountability, Respect, and Teamwork \u2014 we have operated early education and child care centers for employers and working families since 1986. In 1998, we transformed our organization through the merger of Bright Horizons, Inc. and Corporate Family Solutions, Inc., both then Nasd Item 1A. Risk Factors The following risk factors and other information included in this Annual Report should be carefully considered. Set forth below are certain risks related to our business, industry and common stock that could have an adverse effect on our operations. The risks describ", "title": "BFAM - BRIGHT HORIZONS FAMILY SOLUTIONS INC.", "url": "/company/BFAM/" }, { "kind": "company", "summary": "SIC 6141 Personal Credit Institutions; CIK 0001101215; latest 10-K filed 2026-02-13.", "text": "BFH - BREAD FINANCIAL HOLDINGS, INC. SIC 6141 Personal Credit Institutions; CIK 0001101215; latest 10-K filed 2026-02-13. BFH BREAD FINANCIAL HOLDINGS, INC. 0001101215 6141 Personal Credit Institutions Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A). The following discussion and analysis of our results of operations and financial condition should be read in conjunction with our audited Consolidated Financial Statements and related Notes included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis constitutes forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and elsewhere in this Annual Report on Form 10-K, particularly under \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Unless otherwise specified, references to Notes to our audited Consolidated Financial Statements are to the Notes to our audited Consolidated Financial Statements as of December 31, 2025 and 2024 and for years ended December 31, 2025, 2024 and 2023. OVERVIEW We are a tech-forward financial services company that provides simple, personalized payment, lending, and saving solutions to millions of U.S. consumers. Our payment solutions, including Bread Financial general purpose credit cards and savings products, empower our customers and their passions for a better life. Additionally, we deliver growth for some of the most recognized brands in travel and entertainment, health and beauty, jewelry and specialty apparel through our private label and co-brand credit cards and pay-over-time products providing choice and value to our shared customers. We have continued to diversify our product mix with our brand partners through growth of our co-brand credit card programs, which, relative to our private label credit card programs, have higher credit sales per account and an improved credit risk mix that generally results in higher transactor balances, lower delinquencies and late fees, as well as lower losses. We also offer our proprietary credit cards along with the expansion of our Bread Pay products, which are our installment loans and \u201csplit-pay\u201d offerings. Our partner base consists of large consumer-based businesses, including well-known brands such as (alphabetically) AAA, Academy Sports + Outdoors, Caesars, Dell Technologies, Hard Rock International, the NFL, Raymour & Flanigan, Saks Fifth Avenue, Signet, Ulta and Victoria\u2019s Secret, as well as small- and medium-sized businesses (SMBs). Our partner base is well diversified across a broad range of industries and retail verticals, including travel and entertainment, specialty apparel, health and beauty, jewelry, sporting goods, technology and electronics, as well as home and furniture. We believe our comprehensive suite of payment, lending and saving solutions, along with our related marketing and data and analytics, offers us a significant competitive advantage with products relevant across all customer segments (Gen Z, Millennial, Gen X and Baby Boomers). The breadth and quality of our product and service offerings, coupled with our customer-centric approach, have enabled us to establish and maintain long-standing partner relationships. We operate our business through a single reportable segment, with our primary source of revenue being from Interest and fees on loans from our various credit card and other loan products, and to a lesser extent from contractual relationships with our brand partners. Throughout this report, unless stated or the context implies otherwise, the terms \u201cBread Financial,\u201d \u201cBFH,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d refer to Bread Financial Holdings, Inc. and its subsidiaries on a consolidated basis. References to \u201cParent Company\u201d refer to Bread Financial Holdings, Inc. on a parent-only standalone basis. In addition, in this report we may refer to the retailers and other companies with whom we do business as our \u201cpartner Item 1. Business. We are a tech-forward financial services company that provides simple, personalized payment, lending, and saving solutions to millions of U.S. consumers. Our payment solutions, including Bread Financial general purpose credit cards and savings products, empower our customers and their passions for a better life. Additionally, we deliver growth for some of the most recognized brands in travel and entertainment, health and beauty, jewelry and specialty apparel through our private label and co-brand credit cards and pay-over-time products providing choice and value to our shared customers. We have continued to diversify our product mix with our brand partners through growth of our co-brand credit card programs, which, relative to our private label credit card programs, have higher credit sales per account and an improved credit risk mix that generally results in higher transactor balances, lower delinquencies and late fees, as well as lower losses. We also offer our proprietary credit cards along with the expansion of our Bread Pay products, which are our installment loans and \u201csplit-pay\u201d offerings. Our partner base consists of large consumer-based businesses, including well-known brands such as (alphabetically) AAA, Academy Sports + Outdoors, Caesars, Dell Technologies, Hard Rock International, the NFL, Raymour & Flanigan, Saks Fifth Avenue, Signet, Ulta and Victoria\u2019s Secret, as well as small- and medium-sized businesses (SMBs). Our partner base is well diversified across a broad range of industries and retail verticals, including travel and entertainment, specialty apparel, health and beauty, jewelry, sporting goods, technology and electronics, as well as home and furniture. We believe our comprehensive suite of payment, lending and saving solutions, along with our related marketing and data and analytics, offers us a significant competitive advantage with products relevant across all customer segments (Gen Z, Millennial, Gen X and Baby Boome Item 1A. Risk Factors. RISK FACTORS This section should be carefully reviewed, in addition to the other information appearing in this Form 10-K, including the sections entitled \u201cRisk Management\u201d and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our audited Consolid", "title": "BFH - BREAD FINANCIAL HOLDINGS, INC.", "url": "/company/BFH/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000907254; latest 10-K filed 2026-02-27.", "text": "BFS - SAUL CENTERS, INC. SIC 6798 Real Estate Investment Trusts; CIK 0000907254; latest 10-K filed 2026-02-27. BFS SAUL CENTERS, INC. 0000907254 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the Consolidated Financial Statements and related footnotes included elsewhere in this Annual Report on Form 10-K. We make statements in this section that are forward-looking statements within the meaning of the federal securities laws. For a complete discussion of forward-looking statements, see the section in this report entitled \"Forward-Looking Statements.\" Certain risks may cause our actual results, performance or achievements to differ materially from those expressed or implied by the following discussion. For a discussion of such risk factors, see \"Item 1A. Risk Factors.\" Overview The Company's primary strategy is to continue to diversify its assets through development of transit-oriented, residential mixed-use projects and expansion of and additions to its grocery-anchored Shopping Centers in the Washington, DC/Baltimore metropolitan area. The Company's operating strategy also includes improvement of the operating performance of its assets, internal growth of its Shopping Centers through the addition of pad sites, and supplementing its development pipeline with selective redevelopment and renovations of its core Shopping Centers. The Company has a pipeline of entitled sites in its portfolio, some of which are currently Shopping Centers, for development of up to 2,500 apartment units and 850,000 square feet of retail and office space. All such sites are located proximate to Washington Metropolitan Area Transit Authority red line Metro stations in Montgomery County, Maryland. In addition, the Company recently entered into a lease with Publix to develop a new grocery store at Ashland Square in Prince William County, Virginia. When complete, Ashland Square is expected to ultimately comprise approximately 124,000 square feet of retail space including the 50,325 square foot Publix, three existing pad sites, four additional pad sites and approximately 30,000 square feet of small shop space. The Company intends to selectively add free-standing pad site buildings within its Shopping Center portfolio and replace underperforming tenants with tenants that generate strong traffic, including anchor stores such as grocery stores. The Company has two executed leases and six leases are under negotiation for a total of eight more pad sites. In recent years, there has been a limited amount of quality properties for sale. Management believes it will continue to be challenging to identify acquisition opportunities for investment in existing and new shopping center and mixed-use properties into the near future. It is management\u2019s view that several of the sub-markets in which the Company operates have, or are expected to have in the future, attractive supply/demand characteristics. The Company will continue to evaluate acquisition, development and redevelopment as integral parts of its overall business plan. Actions taken by the Federal government will likely continue to impact the office, retail and residential real estate markets in the Washington, DC/Baltimore metropolitan area over the coming years. Because the majority of the Company\u2019s property net operating income is produced by our Shopping Centers, we continually monitor the implications of government policy changes, as well as shifts in consumer demand between on-line and in-store shopping, on future shopping center construction and retailer store expansion and closure plans. Based on our observations, we continue to adapt our marketing and merchandising strategies in ways to maximize our future performance. The Company's commercial leasing percentage, on a same property basis, which excludes the impact of properties not in operation for the entirety of the comparable periods, decreased to 94.6% at December 31, 2025, from 95.2% at December 31, 2024. The Company maintains a ratio of total debt to total asset val Item 1. Business General Saul Centers, Inc. (\u201cSaul Centers\u201d) was incorporated under the Maryland General Corporation Law in 1993, and operates as a REIT under the Internal Revenue Code of 1986, as amended (the \u201cCode\u201d). The Company is required to annually distribute at least 90% of its REIT taxable income (excluding net capital gains) to its stockholders and meet certain organizational and other requirements. Saul Centers has made and intends to continue to make regular quarterly distributions to its stockholders. Saul Centers, together with its wholly-owned subsidiaries and the limited partnerships of which Saul Centers or one of its subsidiaries is the sole general partner, are referred to collectively as the \u201cCompany.\u201d B. Francis Saul II serves as Chairman of the Board of Directors (the \u201cBoard\u201d) and Chief Executive Officer of Saul Centers. The Company\u2019s primary strategy is to continue to focus on diversification of its assets through development of transit-oriented, residential mixed-use projects and expansion of and additions to its grocery-anchored shopping centers in the Washington, DC/Baltimore metropolitan area. The Company\u2019s operating strategy also includes improvement of the operating performance of its assets, internal growth of its Shopping Centers through the addition of pad sites, and supplementing its development pipeline with selective redevelopment and renovations of its core Shopping Centers. Saul Centers was formed to continue and expand the shopping center business previously owned and conducted by the B. F. Saul Real Estate Investment Trust (the \u201cSaul Trust\u201d), the B. F. Saul Company and certain other affiliated entities, each of which is controlled by B. Francis Saul II and his family members (collectively, the \u201cSaul Organization\u201d). In 1993, in connection with this restructuring, members of the Saul Organization transferred to Saul Holdings Limited Partnership, a newly formed Maryland limited partnership (the \u201cOperating Partnership\u201d), and two Item 1A. Risk Factors RISK FACTORS Carefully consider the following risks and all of the other information set forth in this Annual Report on Form 10-K, including the consolidated financial statements and the notes thereto. If any of the events or developments described below were actually to occur, the Company\u2019s business, finan", "title": "BFS - SAUL CENTERS, INC.", "url": "/company/BFS/" }, { "kind": "company", "summary": "SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services; CIK 0001094831; latest 10-K filed 2026-03-02.", "text": "BGC - BGC Group, Inc. SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services; CIK 0001094831; latest 10-K filed 2026-03-02. BGC BGC Group, Inc. 0001094831 6200 Security & Commodity Brokers, Dealers, Exchanges & Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read together with our Consolidated Financial Statements and notes to those statements, as well as the \u201cSpecial Note on Forward-Looking Information\u201d relating to forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act included elsewhere in this Annual Report on Form 10-K and the cautionary statements relating to forward-looking statements below. The objective of this Management\u2019s Discussion and Analysis is to allow investors to view the Company from management\u2019s perspective, considering items that have had and could have a material impact on future operations. This discussion summarizes the significant factors affecting our results of operations and financial condition as of and during the years ended December 31, 2025, 2024, and 2023. FORWARD-LOOKING CAUTIONARY STATEMENTS Our actual results and the outcome and timing of certain events may differ significantly from the expectations discussed in the forward-looking statements. Factors that might cause or contribute to such a discrepancy include, but are not limited to, the factors set forth below: \u2022macroeconomic and other challenges and uncertainties, including those resulting from the conflict between Ukraine and Russia, conflicts in the Middle East, Latin America and other ongoing or new conflicts in those or other regions or jurisdictions, downgrades of U.S. Treasuries, fluctuating global interest rates, current or expected inflation rates and the Federal Reserve\u2019s responses thereto, stagflation, fluctuations in the value of global currencies, including the U.S. dollar, liquidity concerns regarding and changes in capital requirements for banking and financial institutions, changes in the U.S. and global economies and financial markets, including economic activity, employment levels, global trade relations, volatility in tariffs imposed by the U.S. and foreign governments and other factors driving trade uncertainty, reductions in government spending, recession fears, infrastructure spending, supply chain issues and increased technology costs, market liquidity, and energy costs, as well as the various actions taken in response to these challenges and uncertainties by governments, central banks and others, including consumers and corporate clients and customers, as well as potential changes in these factors; \u2022market conditions and volatility, including fluctuations in interest rates and trading volumes, the level of worldwide governmental debt issuances, austerity programs, government stimulus packages, increases or decreases in deficits and the impact of changing government tax rates, interpretations of tax law and policy, repatriation rules, deductibility of interest, and other changes or potential changes to monetary policy, changing regulatory requirements or changes in legislation, regulations and priorities, possible turmoil across regional banks and certain global investment banks, volatility in the demand for the products and services we provide, possible disruptions in trading, potential deterioration of equity and debt capital markets and cryptocurrency markets, and potential economic downturns, including recessions, and similar effects, which may not be predictable in future periods; \u2022our ability to access the capital markets as needed or on reasonable terms and conditions; \u2022our ability to enter and succeed in new markets or develop new products, offerings, trade desks, marketplaces, or services for existing or new clients and, to pursue new operations and business initiatives, including our ability to develop new Fenics platforms and products, to successfully launch new initiatives which could require significant capital and significant efforts by management, including engaging partners on satisfactory terms, to man ITEM 1. BUSINESS Throughout this document, the terms the \u201cCompany,\u201d \u201cBGC,\u201d \u201cwe,\u201d \u201cour,\u201d and \u201cus,\u201d refer to: (i) following the closing of the Corporate Conversion, effective at 12:02 am Eastern Time on July 1, 2023, BGC Group, Inc. and its consolidated subsidiaries, including BGC Partners, Inc.; and (ii) prior to the closing of the Corporate Conversion, BGC Partners, Inc. and its consolidated subsidiaries. Our Business We are a leading global marketplace, data, and financial technology company across the ECS and financial markets. We specialize in the brokerage and trade execution of a broad range of ECS products, including listed derivatives and physical commodities in the oil and refined, and environmental and energy transition, markets, as well as ship chartering. Additionally, we provide brokerage services across fixed income securities such as government bonds and corporate bonds, as well as interest rate derivatives and credit derivatives, foreign exchange, equities and futures and options. Our business also provides network and connectivity solutions, market data and related information services, and post-trade services. Our integrated platform is designed to provide flexibility to customers with regard to price discovery, trade execution and transaction processing, as well as accessing liquidity through our platforms, for transactions executed either OTC or through an exchange. Through our electronic brands, we offer multiple trade execution, market data and information services, market infrastructure and connectivity services, as well as post-trade services. BGC and leading global investment banks and market making firms have partnered to create FMX, part of the BGC Group of companies, which includes a U.S. interest rate futures exchange, a cash U.S. Treasuries platform and spot foreign exchange platform. Our clients include many of the world\u2019s largest banks, broker-dealers, trading firms, hedge funds, governments, corporations, investment firms, co ITEM 1A. RISK FACTORS An investment in shares of our Class A common stock, the BGC Group Notes, the BGC Partners Notes, or our other securities or those of BGC Partners involves risks and uncertainties, including the potential loss of all or a part of your investment. The following a", "title": "BGC - BGC Group, Inc.", "url": "/company/BGC/" }, { "kind": "company", "summary": "SIC 3672 Printed Circuit Boards; CIK 0000863436; latest 10-K filed 2026-02-24.", "text": "BHE - BENCHMARK ELECTRONICS INC SIC 3672 Printed Circuit Boards; CIK 0000863436; latest 10-K filed 2026-02-24. BHE BENCHMARK ELECTRONICS INC 0000863436 3672 Printed Circuit Boards Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and notes thereto in Part II, Item 8 of this Report. You should also bear in mind the Risk Factors set forth in Part I, Item 1A, of this Report, any of which could materially and adversely affect the Company\u2019s business, operating results, financial condition and the actual results of the matters addressed by the forward-looking statements contained in the following discussion. For discussion and analysis regarding our financial condition and results of operations for the year ended December 31, 2024 as compared to the year ended December 31, 2023, refer to Part II, Item 7 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 24, 2025, as amended on February 27, 2025. For a discussion of the correction of an immaterial error see Note 1 to the consolidated financial statements in Part II, Item 8 of this report. 2025 OVERVIEW Sales for 2025 and 2024 were both $2.7 billion. During 2025, sales to customers in our various industry sectors fluctuated from 2024 as follows: \u2022 Semi-Cap increased by 2% \u2022 Industrial remained flat \u2022 Medical increased by 7% \u2022 A&D increased by 19% \u2022 AC&C decreased by 27% Revenue was flat year-over-year primarily due to increases in A&D, Medical, and Semi-Cap, which were offset by a decrease in AC&C sales. Our sales depend on the success of our customers, some of which operate in businesses associated with rapid technological change and consequent product obsolescence. Developments adverse to our major customers or their products, the availability of electronic component supply, or the failure of a major customer to pay for components or services have adversely affected us by not allowing us to fulfill our total customer demand. A substantial percentage of our sales are made to a small number of customers, and the loss of a major customer, if not replaced, would adversely affect us. Sales to our ten largest customers represented 51% and 50% of our total sales in 2025 and in 2024, respectively. Sales to Applied Materials, Inc. and subsidiaries, our largest customer in 2025 and 2024 represented 14% of our total sales in both 2025 and 2024. After a period of unprecedented global labor and supply disruptions, we have seen a general easing of certain material constraints across commodity categories, with the exception of older technologies where semiconductor original equipment manufacturers are not adding incremental capacity. The lack of capacity regarding these older technologies could constrain our ability to produce the full demand forecasts we are receiving from customers needing those parts. Lead times are also improving from the previous highs that prompted many suppliers to categorize some of their constrained components with non-cancellable and non-returnable business terms. Until recently, these constraints led to last-minute allocations and created inefficiencies in our operations, as well as increased costs to us and our customers. We experience fluctuations in gross profit from period to period. Different programs contribute different gross profits depending on the type of services involved, location of production, size of the program, complexity of the product and level of material costs associated with the various products. Moreover, new programs can contribute relatively less to our gross profit in their early stages when manufacturing volumes are usually lower, resulting in inefficiencies and unabsorbed manufacturing overhead costs. During periods of low production volume, we generally have unabsorbed manufacturing overhead costs and reduced gross profit. Gross profit can also be impacted by higher costs associated with other situations, such as supply chain constraints. This includes supply chain premiums for excess component costs paid to s Item 1. Business This Annual Report on Form 10-K (Report) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts and may include words such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201cforecast,\u201d \u201cstrategy,\u201d \u201cposition,\u201d \u201ccontinue,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201ccould,\u201d \u201cpredict,\u201d and similar expressions of the negative or other variations thereof. In particular, statements, expressed or implied, concerning the outlook and guidance of Benchmark Electronics, Inc. (the Company) for first quarter and fiscal year 2026 results, future operating results or margins, the ability to generate sales and income or cash flow, expected revenue mix, the Company\u2019s business strategy and strategic initiatives, the Company\u2019s repurchases of shares of its common stock, the Company\u2019s expectations regarding restructuring charges, stock-based compensation expense, amortization of intangibles, award of any tax incentives and capital expenditures, and the Company\u2019s intentions concerning the payment of dividends, among others, are forward-looking statements. Although the Company believes these statements are based on and derived from reasonable assumptions, they involve risks, uncertainties and assumptions, that are beyond the Company\u2019s ability to control or predict, relating to operations, markets and the business environment generally, including those discussed under Part I, Item 1A of this Annual Report on Form 10-K for the year ended December 31, 2025 (the Report) and in any of the Company\u2019s subsequent reports filed with the Securities and Exchange Commission (SEC). Events relating to the possibility of customer demand fluctuations, supply chain constraints, continuing inflationary pressures, the effect Item 1A. Risk Factors The following risk factors should be read carefully when reviewing the Company\u2019s business, the forward-looking statements contained in this Report, and the other statements the Company or its representatives make from time to time. Any of the following risk factors could materially and adversely affect the C", "title": "BHE - BENCHMARK ELECTRONICS INC", "url": "/company/BHE/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0001013488; latest 10-K filed 2026-03-02.", "text": "BJRI - BJs RESTAURANTS INC SIC 5812 Retail-Eating Places; CIK 0001013488; latest 10-K filed 2026-03-02. BJRI BJs RESTAURANTS INC 0001013488 5812 Retail-Eating Places ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) of Financial Condition and Results of Operations is intended to help you understand our Company, our operations and our current operating environment. For an understanding of the significant factors that influenced our performance, the MD&A should be read in conjunction with the Consolidated Financial Statements and related Notes to Consolidated Financial Statements included in Part II, Item 8 - Financial Statements and Supplementary Data of our Annual Report. Our MD&A consists of the following sections: \u2022 Overview - a brief description of our business, financial highlights, strategy to increase shareholder value, key performance indicators, known and anticipated trends \u2022 Results of Operations - an analysis of our Consolidated Statements of Operations for fiscal year 2025 compared to fiscal year 2024 \u2022 Liquidity and Capital Resources - an analysis of cash flows, including capital expenditures, share issuance and repurchase activity, dividends, contractual obligations and commitments, and known trends that may impact liquidity \u2022 Critical Accounting Policies and Estimates - a discussion of accounting policies that require critical judgments and estimates, including new accounting standards, when applicable OVERVIEW As of February 27, 2026, we own and operate 219 restaurants located in 31 states as described in Item 2 - Properties - \u201cRestaurant Locations\u201d in this Form 10-K. Our restaurants are open every day of the year except for Thanksgiving and Christmas. All of our restaurants currently offer take-out and delivery services. Additionally, all of our restaurants offer a call-ahead or online wait list, on-line ordering for dine-in, guest pick-up or curbside delivery and reservations for large parties. Our menu features BJ\u2019s award\u2011winning, signature deep-dish pizza, our proprietary craft and other beers, as well as a wide selection of appetizers, entr\u00e9es, pastas, sandwiches, specialty salads and desserts, including our Pizookie\u00ae dessert. Our proprietary craft beer is produced at four of our restaurants with in-house brewing facilities, our Texas brewpub locations and by independent third-party brewers using our proprietary recipes. 25 Financial Highlights for Fiscal 2025 Notable fiscal 2025 financial highlights compared to fiscal 2024 include: \u2022 Total revenues increased 3.1% to $1.4 billion \u2022 Total restaurant operating weeks increased 0.9% \u2022 Comparable restaurant sales increased 2.0% \u2022 Net income of $48.8 million compared to $16.7 million \u2022 Diluted net income per share of $2.16 compared to $0.70 Strategy to Increase Shareholder Value Our goal is to increase shareholder value by increasing our adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), earnings per share and return on invested capital through: \u2022 Growing restaurant revenue through positive comparable sales and new restaurant growth \u2022 Increasing restaurant margins through sales leverage, cost savings and culinary and menu strategies \u2022 Enhancing new restaurant economics through restaurant margin improvement and new restaurant prototype optimization \u2022 Returning capital to shareholders through share repurchase program Key Performance Indicators and Non-GAAP Financial Measures Key measures that we use in evaluating our restaurants and assessing our business include the following: Comparable Restaurant Sales. In calculating comparable restaurant sales, we include a restaurant in the comparable base after it has been open for 18 months. This measure highlights the performance of existing restaurants, while excluding the impact of new restaurant openings and closures. Comparable restaurant sales increased 2.0% for fiscal 2025. Weekly Sales Average. We calculate each restaurant\u2019s average weekly sales to understand and manage the business trends and expectations. Our ITEM 1. BUSINESS INTRODUCTION BJ\u2019s Restaurants is a leading full-service restaurant brand differentiated by a high-quality, varied menu with compelling value, a dining experience that offers our customers (referred to as \u201cguests\u201d) best-in-class service, hospitality and enjoyment, in a high-energy, welcoming and approachable atmosphere. BJ\u2019s is a national restaurant chain that, as of February 27, 2026, owns and operates 219 restaurants located in 31 states. The first BJ\u2019s restaurant opened in 1978 in Orange County, California, and was a small sit-down pizzeria that featured Chicago style deep-dish pizza with a unique California twist. In 1996, we introduced our proprietary craft beers and expanded the BJ\u2019s concept to a full-service, high-energy restaurant when we opened our first large format restaurant with an on-site brewing operation in Brea, California. Today our restaurants feature a broad menu with approximately 90 menu items designed to offer something for everyone including: slow roasted entrees and wings, EnLIGHTened Entrees\u00ae such as our Cherry Chipotle Glazed Salmon, our original signature deep-dish pizza, and the world-famous Pizookie\u00ae dessert. We also offer our award-winning BJ\u2019s craft beers, which are produced at four in-house brewing facilities, two standalone brewpubs and by independent third-party brewers using our proprietary recipes, alongside a full bar featuring innovative cocktails. Our Internet address is https://www.bjsrestaurants.com. Electronic copies of our Annual Report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K are available, free of charge, by visiting the \u201cInvestors\u201d section of our website. We caution that the information on our website is not part of this or any other reports we file with, or furnish to, the SEC. 1 BUSINESS STRATEGY We compete in the full-service segment of the domestic restaurant industry, which is a large, highly fragmented segment with estimated annual sales in the $100+ billi ITEM 1A. RISK FACTORS The risk factors presented below may affect our future operating results, financial position and cash flows. The risks described in this Item 1A and other sections of this Annual Report on Form 10-K are not exhaustive and are not the only risks we may ever face in our business. We operate in a very competitive and rapidly changing environment", "title": "BJRI - BJs RESTAURANTS INC", "url": "/company/BJRI/" }, { "kind": "company", "summary": "SIC 5651 Retail-Family Clothing Stores; CIK 0000885245; latest 10-K filed 2026-04-01.", "text": "BKE - BUCKLE INC SIC 5651 Retail-Family Clothing Stores; CIK 0000885245; latest 10-K filed 2026-04-01. BKE BUCKLE INC 0000885245 5651 Retail-Family Clothing Stores ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements and notes thereto of the Company included in this Form 10-K. The following is management\u2019s discussion and analysis of certain significant factors which have affected the Company\u2019s financial condition and results of operations during the periods included in the accompanying consolidated financial statements included in this Form 10-K. EXECUTIVE OVERVIEW Company management considers the following items to be key performance indicators in evaluating Company performance. Comparable Store Sales \u2013 Stores are deemed to be comparable stores if they were open in the prior year on the first day of the fiscal period being presented. Stores which have been remodeled, expanded, and/or relocated, but would otherwise be included as comparable stores, are not excluded from the comparable store sales calculation. Online sales are included in comparable store sales. Management considers comparable store sales to be an important indicator of current Company performance, helping leverage certain fixed costs when results are positive. Negative comparable store sales results could reduce net sales and have a negative impact on operating leverage, thus reducing net earnings. Merchandise Margin \u2013 Management evaluates the components of merchandise margin including initial markup and the amount of markdowns during a period. Any inability to obtain acceptable levels of initial markups or any significant increase in the Company\u2019s use of markdowns could have an adverse effect on the Company\u2019s gross margin and results of operations. Merchandise margin is net sales less merchandise cost of good sold (COGS), as further described in Footnote N, \"Segment Reporting\". Operating Margin \u2013 Operating margin is a good indicator for management of the Company\u2019s success. Operating margin can be positively or negatively affected by comparable store sales, merchandise margins, occupancy costs, and the Company\u2019s ability to control operating costs. Cash Flow and Liquidity (working capital) \u2013 Management reviews current cash and short-term investments along with cash flow from operating, investing, and financing activities to determine the Company\u2019s short-term cash needs for operations and expansion. The Company believes that existing cash, short-term investments, and operating cash flow will be sufficient to fund current and long-term anticipated capital expenditures and working capital requirements for the next several years. 20 RESULTS OF OPERATIONS The following table sets forth certain financial data expressed as a percentage of net sales and the percentage change in the dollar amount of such items compared to the prior period: [[GREPCENT_TABLE]] [[\"\",\"Percentage of Net Sales\",\"\",\"Percentage Increase\"],[\"\",\"For Fiscal Years Ended\",\"\",\"(Decrease)\"],[\"\",\"January 31, 2026\",\"\",\"February 1, 2025\",\"\",\"February 3, 2024\",\"\",\"Fiscal Year 2024 to 2025\",\"\",\"Fiscal Year 2023 to 2024\"],[\"Net sales\",\"100.0\",\"%\",\"\",\"100.0\",\"%\",\"\",\"100.0\",\"%\",\"\",\"6.6\",\"%\",\"\",\"(3.4)\",\"%\"],[\"Cost of sales (including buying, distribution, and occupancy costs)\",\"51.0\",\"%\",\"\",\"51.3\",\"%\",\"\",\"50.9\",\"%\",\"\",\"5.9\",\"%\",\"\",\"(2.7)\",\"%\"],[\"Gross profit\",\"49.0\",\"%\",\"\",\"48.7\",\"%\",\"\",\"49.1\",\"%\",\"\",\"7.3\",\"%\",\"\",\"(4.2)\",\"%\"],[\"Selling expenses\",\"23.7\",\"%\",\"\",\"24.1\",\"%\",\"\",\"23.1\",\"%\",\"\",\"5.2\",\"%\",\"\",\"0.7\",\"%\"],[\"General and administrative expenses\",\"5.1\",\"%\",\"\",\"4.8\",\"%\",\"\",\"4.5\",\"%\",\"\",\"13.2\",\"%\",\"\",\"2.2\",\"%\"],[\"Income from operations\",\"20.2\",\"%\",\"\",\"19.8\",\"%\",\"\",\"21.5\",\"%\",\"\",\"8.3\",\"%\",\"\",\"(11.0)\",\"%\"],[\"Other income, net\",\"1.1\",\"%\",\"\",\"1.4\",\"%\",\"\",\"1.4\",\"%\",\"\",\"(10.6)\",\"%\",\"\",\"(9.6)\",\"%\"],[\"Income before income taxes\",\"21.3\",\"%\",\"\",\"21.2\",\"%\",\"\",\"22.9\",\"%\",\"\",\"7.1\",\"%\",\"\",\"(10.9)\",\"%\"],[\"Income tax expense\",\"5.1\",\"%\",\"\",\"5.1\",\"%\",\"\",\"5.5\",\"%\",\"\",\"6.5\",\"%\",\"\",\"(10.1)\",\"%\"],[\"Net income\",\"16.2\",\"%\",\"\",\"16.1\",\"%\",\"\",\"17.4\" ITEM 1 - BUSINESS The Buckle, Inc. (the \"Company\") is a retailer of medium to better-priced casual apparel, footwear, and accessories for fashion-conscious men, women, and kids. As of January 31, 2026, the Company operated 440 retail stores in 42 states throughout the United States under the names \"Buckle\" and \"Buckle Youth.\" The Company markets a wide selection of casual apparel including denims, other casual bottoms, tops, sportswear, outerwear, accessories, and footwear. The Company emphasizes personalized attention to its customers and provides customer services such as free hemming, free gift-packaging, the Buckle private label credit card, and a guest loyalty program. Most stores are located in regional shopping malls and lifestyle centers. In recent years, however, the Company has successfully relocated several of its stores in smaller and middle markets from enclosed malls into power center locations, with continued plans for pursuing more such relocation opportunities in the future. The majority of the Company's central office functions, including purchasing, pricing, accounting, marketing, and distribution, are controlled from its corporate offices and distribution center in Kearney, Nebraska. The Company\u2019s men\u2019s buying team is located in Overland Park, Kansas. Incorporated in Nebraska in 1948, the Company commenced business under the name Mills Clothing, Inc., a conventional men's clothing store with only one location. In 1967, a second store, under the trade name Brass Buckle, was purchased. In the early 1970s, the store image changed to that of a jeans store with a wide selection of denims and shirts. The first branch store was opened in Columbus, Nebraska, in 1976. In 1977, the Company began selling young women's apparel and opened its first mall store. The Company changed its corporate name to The Buckle, Inc. on April 23, 1991 and has experienced significant growth since that time, operating 440 stores in 42 states at the end of fiscal 2025. All re ITEM 1A - RISK FACTORS In management\u2019s judgment, the following are material risk factors that might make an investment in the Company speculative or risky: Business and Industry Risks: Dependence on Merchandising/Fashion Sensitivity. The Company\u2019s success is largely dependent upon its ability to gauge the fashion tastes of its customers and to p", "title": "BKE - BUCKLE INC", "url": "/company/BKE/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0001504008; latest 10-K filed 2026-02-26.", "text": "BKU - BankUnited, Inc. SIC 6035 Savings Institution, Federally Chartered; CIK 0001504008; latest 10-K filed 2026-02-26. BKU BankUnited, Inc. 0001504008 6035 Savings Institution, Federally Chartered Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis is intended to assist readers in understanding the consolidated financial condition and results of operations of BankUnited, Inc. and its subsidiary (the \"Company\", \"we\", \"us\" and \"our\") and should be read in conjunction with the consolidated financial statements, accompanying footnotes and supplemental financial data included herein. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management's expectations. Factors that could cause such differences are discussed in the sections entitled \"Forward-looking Statements\" and \"Risk Factors.\" We assume no obligation to update any of these forward-looking statements. Management's discussion and analysis presents the more significant factors that affected our financial condition as of December 31, 2025, and results of operations for the year then ended, including in comparison to the prior year ended December 31, 2024. Refer to Item 7 \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" included in our Annual Report on Form 10-K filed with the SEC on February 28, 2025, for a discussion and analysis of the more significant factors that affected the year ended December 31, 2024, including in comparison to the year ended December 31, 2023. Our Vision and Strategic Priorities Our vision is to build a leading regional commercial and small business bank, with a distinctive value proposition based on strong service-oriented relationships, robust digital enabled customer experiences, and operational excellence with an entrepreneurial work environment that empowers employees to deliver their best. Our strategic priorities, focused on improving core profitability, include: \u2022Grow core customer relationships on both sides of the balance sheet; \u2022Continue to improve the funding profile - growth in core deposit relationships is paramount: \u25e6Grow NIDDA particularly in national deposit verticals, middle-market and small business; \u25e6Invest in payments technology and leverage treasury solutions to enhance deposit acquisition and promote customer retention; \u2022Improve the asset mix, transitioning to a mix of assets with higher risk-adjusted returns: \u25e6Rebalance the loan portfolio toward higher-yielding commercial lending as lower-yielding residential loans roll off, driving NIM expansion through mix shift; \u25e6Continue to de-emphasize the BFG portfolio; \u2022Focus on key markets and geographies, specifically Florida, Texas, Georgia and New Jersey; \u2022Play where we can win, focusing on sectors where our delivery model is a differentiator; \u2022Innovate with solutions that solve customer pain points; \u2022Invest in organic growth capabilities - people, processes, products and technology - while managing expense growth; \u2022Prioritize nimble technology architecture and digital capabilities; \u2022Retain the ability to pivot nimbly when opportunities arise; \u2022Maintain robust liquidity and capital levels, while returning excess capital to shareholders as appropriate; \u2022Continue to closely monitor and manage credit; \u2022While our primary growth strategy is organic, we will continue to monitor the M&A landscape. Some of the challenges we face in executing on our strategic priorities, some of which may impact the banking industry more broadly, include: \u2022Execution of our strategic objectives is highly dependent on our ability to grow core client relationships. Competition for deposits and loans in our markets is intense with respect to the variety and quality of products and services offered, 30 delivery channels, service levels and pricing. The economic health of our primary markets, monetary and fiscal policy, our ability to attract and retain talent and our ability to deliver technology and product solutio Item 1. Business Overview BankUnited, Inc., with total consolidated assets of $35.0 billion at December 31, 2025, is a bank holding company with one direct wholly-owned subsidiary, BankUnited, collectively, the Company. BankUnited, a national banking association headquartered in Miami Lakes, Florida, with operations in Florida, New York Tri-State, Dallas, Atlanta, and Charlotte. BankUnited provides a full range of consumer and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions, and offers certain commercial lending and deposit products through national platforms and certain consumer deposit products through an online channel. Our core business strategy is to build a leading regional commercial and small business bank with a distinctive value proposition based on strong service-oriented relationships, robust digital enabled customer experiences and operational excellence, and with an entrepreneurial work environment that empowers employees to deliver their best. To date, we have executed our strategy primarily through organic growth and anticipate that we will most likely continue to do so, although we will evaluate and consider opportunities to engage in merger and acquisition activity when they arise. Our Products and Services Lending General\u2014Our primary lending focus is to serve small, middle-market and larger corporate businesses with a variety of financial products and services while maintaining a disciplined credit culture. We offer a full array of lending products that cater to our customers' needs and have attracted and invested in experienced relationship management teams in our primary lending markets. Commercial loans\u2014Our commercial loans, which are generally made to growing small business, middle-market and larger corporate entities and non-profit organizations, include secured and unsecured lines of credit, formula-based lines of credit, equipment loans, owner-occu Item 1A. Risk Factors An investment in our common stock is subject to risks inherent in our business. The material risks and uncertainties that management believes affect us are described below. Before making an investment decision, you should carefully consider the risks and uncertainties described below, together with all of the o", "title": "BKU - BankUnited, Inc.", "url": "/company/BKU/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001666134; latest 10-K filed 2026-02-26.", "text": "BL - BLACKLINE, INC. SIC 7372 Services-Prepackaged Software; CIK 0001666134; latest 10-K filed 2026-02-26. BL BLACKLINE, INC. 0001666134 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read together with the financial statements and the related notes set forth in Item 8, \u201cFinancial Statements and Supplementary Data.\u201d The following discussion also contains forward-looking statements, which are based upon current plans, expectations, and beliefs. These statements involve risks and uncertainties. See Part I, \u201cSpecial Note Regarding Forward-Looking Statements\u201d for a discussion of the forward-looking statements contained below and Part I, Item 1A, \u201cRisk Factors\u201d for a discussion of certain risks that could cause our actual results to differ materially from the results anticipated in such forward-looking statements. This discussion and analysis deals with comparisons of material changes in the consolidated financial statements for fiscal 2025 and fiscal 2024. For the comparison of fiscal 2024 and fiscal 2023, see Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our 2024 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 21, 2025. Overview We provide a unified, scalable, and flexible platform tailored to the evolving needs of the Office of the CFO and deliver a purpose-built suite of applications that address critical processes, including record-to-report and invoice-to-cash. Our software and services provide critical technology and industry-leading practices that deliver accurate, efficient, and intelligent financial operations. We are a holding company and conduct our operations through our wholly-owned subsidiary, BlackLine Systems. At December 31, 2025, we had 4,394 customers, exclusive of on-premise software. Additionally, we continue to build strategic relationships with technology vendors, professional services firms, business process outsourcers, and resellers. Our cloud-based solutions, delivered by our BlackLine Studio360 Platform, include Account Reconciliations, Transaction Matching, Task Management, Reporting & Analysis, Journal Entry, Journals Risk Analyser, Account Analysis, Consolidation, Compliance, Smart Close for SAP, Cash Application, Credit & Risk Management, Collections Management, Disputes & Deductions Management, Team & Task Management, AR Intelligence, Electronic Invoicing & Payments, Intercompany Create, Intercompany Balance & Resolve, and Intercompany Net & Settle. In September 2025, we launched Verity, a comprehensive suite of AI capabilities that provides finance and accounting teams with a digital workforce of embedded and auditable AI. Verity is integrated throughout our solutions and supports a broad range of use cases across our customers\u2019 financial operations, offering flexible capabilities that help deliver best practices across end-to-end record-to-report and invoice-to-cash processes. We derived approximately 95% of our revenue from subscriptions to our cloud-based software platform and approximately 5% from professional services for the year ended December 31, 2025. Our subscription contracts have initial non-cancellable terms of one year to three years with renewal options. The majority of new contracts in 2025 and 2024 carried an initial non-cancellable term of three years. In 2025, we updated our pricing model to reflect the value of our solutions based on factors such as product mix, organization size, and volumetrics (e.g. number of transactions or entities). We typically invoice subscription fees annually in advance, which are initially recorded as deferred revenue and recognized ratably over the contract term. First-year subscription fees are generally payable within 30 days of contract execution, with subsequent fees due upon renewal. Professional services consist primarily of implementation and consulting services. Our products are available for immediate use upon granting customer Item 1. Business Overview The Office of the Chief Financial Officer (\u201cCFO\u201d) is relied upon to deliver timely and accurate financial reporting and business insights. The CFO role has evolved from traditional accounting processes to driving growth, profitability, and governance across the enterprise to improve business outcomes while finance and accounting teams are facing unprecedented system and process complexity, growing data volumes, and evolving regulatory requirements, coupled with expanding roles and responsibilities. As a result, digital transformation has become a top priority for CFOs, as they require powerful technology to meet these demands. At BlackLine, our mission is to inspire, power, and guide digital finance transformation for the Office of the CFO. Our secure, flexible, and scalable cloud-based platform empowers finance and accounting teams to achieve future-ready financial operations, modernizing processes for mid-size and enterprise organizations across all industries. Many organizations rely on enterprise resource planning (\u201cERP\u201d) systems to manage general ledger activities. However, these systems often fail to address end-to-end processes that occur across other systems and in spreadsheets, hampering an organization\u2019s ability to deliver accurate data, insights, controls, and transparency. Our platform connects data and processes at their origin, enhancing financial reporting integrity, streamlining activities, and delivering faster insights. This approach drives immediate impact and sustained value, maximizes cash flow, and accelerates the record-to-report and invoice-to-cash processes. Our platform integrates with the leading ERP systems offered by Workday, Inc., SAP SE (\u201cSAP\u201d), Oracle Corporation, Microsoft Dynamics 365 (\u201cMicrosoft Dynamics\u201d), an application offered by Microsoft Corporation (\u201cMicrosoft\u201d), Sage Intacct, Inc., and NetSuite, Inc. It also connects to diverse financial data sources, including banks, point-of-sale, treasury Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our con", "title": "BL - BLACKLINE, INC.", "url": "/company/BL/" }, { "kind": "company", "summary": "SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0000834365; latest 10-K filed 2026-02-26.", "text": "BLFS - BIOLIFE SOLUTIONS INC SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0000834365; latest 10-K filed 2026-02-26. BLFS BIOLIFE SOLUTIONS INC 0000834365 3845 Electromedical & Electrotherapeutic Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Company Overview We are a life sciences company that develops, manufactures, and markets bioproduction products and services which are designed to improve quality and de-risk biologic manufacturing, distribution, and transportation in the cell and gene therapy industry. Our products are used in basic and applied research and commercial manufacturing of biologic-based therapies. Customers use our products to maintain the health and function of biologic material during sourcing, manufacturing, and distribution. Our current portfolio of bioproduction products and services is comprised of one revenue line that contains three main offerings: \u2022Cell processing and other products \u25e6Biopreservation media \u25e6Human platelet lysate media (\u201chPL\u201d), cryogenic cryogenic and ultralow temperature containers, and automated cell-processing fill machines \u25e6Automated thawing devices On October 6, 2025, the Company entered into the SAVSU Purchase Agreement by and between the Company and the SAVSU Buyer for the sale by the Company of all SAVSU Interests to the SAVSU Buyer. Upon the execution of the SAVSU Purchase Agreement, the SAVSU business is presented in the accompanying Consolidated Financial Statements as 35 Table of Contents a discontinued operation for all periods presented. See Note 3: Discontinued operations within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report for further details regarding the divestiture. On April 4, 2025, pursuant to the PanTHERA Purchase Agreement by and among the Company, the PanTHERA Sellers, the PanTHERA Buyer Sub, and Dr. Jason Acker, solely in his capacity as Sellers\u2019 Representative, the Company acquired the remaining 90% of the issued and outstanding shares of common stock of PanTHERA not owned by the Company in the PanTHERA Transaction. See Note 2: Acquisition within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report for further details regarding the transaction. On November 14, 2024, the Company entered into the CBS Purchase Agreement with CBS Buyer and CBS for the sale by the Company of all of the issued and outstanding CBS Shares to CBS Buyer. Upon the execution of the CBS Purchase Agreement, the CBS business is presented in the accompanying Consolidated Financial Statements as a discontinued operation for all periods presented. See Note 3: Discontinued operations within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report for further details regarding the divestiture. On November 12, 2024, the Company entered into the SciSafe Purchase Agreement with the Sci Safe Buyer for the sale by Seller of all of the issued and outstanding SciSafe Shares to SciSafe Buyer. Upon the execution of the SciSafe Purchase Agreement, the SciSafe business is presented in the accompanying Consolidated Financial Statements as a discontinued operation for all periods presented. See Note 3: Discontinued operations within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report for further details regarding the divestiture. On April 17, 2024, the Company sold all of the issued and outstanding shares of common stock of Global Cooling to GCI Holdings pursuant to the Global Cooling Purchase Agreement. Upon the execution of the Global Cooling Purchase Agreement, the Global Cooling business is presented in the accompanying Consolidated Financial Statements as a discontinued operation for all periods presented. See Note 3: Discontinued operations within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report for further details regarding the divestiture. We currently operate as one bioproduction products and services business which supports several steps in the biologic material manufacturing and delivery process. Our portfolio of tools and services focuses on biopreservation media and cell processing produ ITEM 1. BUSINESS The following discussion of our business contains forward-looking statements that involve risks and uncertainties (see the section entitled \u201cForward-Looking Statements\u201d herein). Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those factors set forth under \u201cRisk Factors\u201d and elsewhere in this Form 10-K. Overview We are a life sciences company that develops, manufactures, and markets bioproduction products and services which are designed to improve quality and de-risk biologic manufacturing, distribution, and transportation in the cell and gene therapy (\"CGT\") industry. Our products are used in basic and applied research and commercial manufacturing of biologic-based therapies. Customers use our products to maintain the health and function of biologic material during sourcing, manufacturing, and distribution. We currently operate as one bioproduction products and services business which supports several steps in the biologic material manufacturing and delivery process. Our portfolio of tools and services focuses on biopreservation media and cell processing products. We have in-house expertise in cryobiology and the broader CGT workflow, and continue to evaluate opportunities to maximize the value of our product platforms for our extensive customer base through organic growth innovations, partnerships, and acquisitions. Recent divestitures and acquisitions On October 6, 2025, the Company entered into a Limited Liability Company Membership Interest Purchase Agreement (the \u201cSAVSU Purchase Agreement\u201d), by and between the Company and Peli BioThermal LLC, a Delaware limited liability company (\u201cSAVSU Buyer\u201d), for the sale by the Company of all of the issued and outstanding limited liability company membership interests (the \u201cSAVSU Interests\u201d) of SAVSU Cleo Technologies, LLC, a Delaware limited liability company (\"SAVSU\"), to SAVSU Buyer (the \u201cSAVSU Divest ITEM 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Annual Report, including our financial statements and related notes and \u201cManagement\u2019s ", "title": "BLFS - BIOLIFE SOLUTIONS INC", "url": "/company/BLFS/" }, { "kind": "company", "summary": "SIC 3824 Totalizing Fluid Meters & Counting Devices; CIK 0000009092; latest 10-K filed 2026-02-17.", "text": "BMI - BADGER METER INC SIC 3824 Totalizing Fluid Meters & Counting Devices; CIK 0000009092; latest 10-K filed 2026-02-17. BMI BADGER METER INC 0000009092 3824 Totalizing Fluid Meters & Counting Devices ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Long Term Business Trends Significant infrastructure investment needs, aging workforce, increasing regulations and a focus on climate change and sustainability are driving companies and utilities to better manage critical resources like water across the globe. Some customers measure fluids to identify leaks and/or misappropriation for cost control or add measurement points to automate manufacturing. Other customers employ measurement to comply with government mandates and laws including those associated with process and discharge water quality monitoring. The Company provides flow measurement technology critical to providing baseline usage data and to quantify reductions as customers attempt to reduce consumption. For example, once water usage metrics are better understood, a strategy for water-use reduction can be developed with specific water-reduction initiatives targeted to those areas where it is most viable. With the Company\u2019s technology, customers have found costly leaks, pinpointed equipment in need of repair, and identified areas for process improvements. Increasingly, customers in the utility water market are interested in more frequent and diverse data collection and the use of water metering, pressure and quality analytics to evaluate water distribution activity. Specifically, AMI technology enables water utilities to capture readings from each meter at more frequent and variable intervals. There are more than 50,000 water utilities in the United States and the Company estimates that approximately 40% of their respective connections have converted to an AMI radio solution. The Company believes it is well positioned to meet the continuing conversion trends to AMI with its comprehensive radio and software solutions. In addition, certain water utilities are converting from mechanical to static meters. Ultrasonic water metering maintains a high level of measurement accuracy over the life of the meter, reducing a utility\u2019s non-revenue water. The Company has over a decade of proven reliability in the market with its ultrasonic meters. As noted above, customers are increasingly looking for more frequent and diverse data to holistically manage their water networks. As a leading provider of water quality, pressure management, sewer line and lift station monitoring solutions, we are able to meet these needs and enhance the scope of actionable data for customers to measure, conserve and protect water. Our BlueEdge tailorable smart water solutions provide actionable information through data analytics derived from an interconnected and interoperable network of sensors and devices that enable people and organizations to efficiently use and conserve water. Badger Meter is well positioned to benefit from the adoption of smart water solutions. Our strong relationships with telecommunication providers such as AT&T and Verizon (among others) allows us to stay abreast of emerging cellular technology changes to provide the premier infrastructure-free AMI solution. Revenue and Product Mix As the water industry continues to evolve, the Company has been at the forefront of innovation across measurement hardware (metering, water quality, pressure sensors, sewer monitoring, etc.) and communication and software technologies in order to meet its customers\u2019 increasing expectations for accurate and actionable data and insights. As technologies such as ORION Cellular and BEACON digital solutions have become more widely adopted, the Company\u2019s revenue from SaaS has increased significantly and is margin accretive. The Company also seeks opportunities for additional revenue enhancement. For instance, the Company has made inroads into select regional markets outside the U.S. such as the Middle East, U.K. and others with our BlueEdge offering. The Company sometimes oversees and supervises field installation of its products and provides training and o ITEM 1. BUSINESS Badger Meter, Inc. (the Company) is a leading innovator, manufacturer and marketer of products incorporating flow measurement, quality, control and other system solutions serving markets worldwide. The Company was incorporated in 1905. Throughout this 2025 Annual Report on Form 10-K, the words \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to the Company. Available Information The Company's internet address is http://www.badgermeter.com. The Company makes available free of charge through its website its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports, on the same day they are electronically filed with, or furnished to, the Securities and Exchange Commission. The Company is not including the information contained on or available through its website as a part of, or incorporating such information by reference into, this Annual Report on Form 10-K. Market Overview, Products and Solutions With more than a century of water technology innovation, Badger Meter is a global provider of industry leading water management solutions, with approximately 95% of net sales derived from water-related applications. Badger Meter's offerings, marketed as BlueEdge\u00ae, represent a suite of tailorable solutions that connect water management technology, software, and support services to deliver insights enabling the proactive management of water across the water cycle. These tailorable solutions encompass measurement and control hardware, connectivity and communication, data visualization and software-delivered actionable insights as well as ongoing support and expertise essential to optimize customers' operations and contribute to the sustainable use and protection of the world\u2019s most precious resource. The Company\u2019s measurement and control hardware, instruments and sensors primarily include the following product families: \u2022 meters that measure the flow of water and other fluids and are known for accuracy, long-las ITEM 1A. RISK FACTORS Shareholders, potential investors and other readers are urged to consider the significant business risks described below in addition to the other information set forth or incorporated by reference in this 2025 Annual Report on Form 10-K, including the \u201cSpecial Note Regarding Forward Looking", "title": "BMI - BADGER METER INC", "url": "/company/BMI/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001424182; latest 10-K filed 2026-02-19.", "text": "BNL - Broadstone Net Lease, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001424182; latest 10-K filed 2026-02-19. BNL Broadstone Net Lease, Inc. 0001424182 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand our results of operations and financial condition. This MD&A is provided as a supplement to, and should be read in conjunction with, our Consolidated Financial Statements and the accompanying Notes to the Consolidated Financial Statements appearing in Item 8. \u201cFinancial Statements and Supplementary Data\u201d in this Annual Report on Form 10-K. Overview We are an industrial-focused, diversified net lease real estate investment trust (\u201cREIT\u201d) that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. As of 44 Table of Contents December 31, 2025, our portfolio includes 771 properties, with 764 properties located in 44 U.S. states and seven properties located in four Canadian provinces. We expect to achieve growth in revenues and earnings through our three core building blocks, which are (1) embedded same store net operating income growth through best-in-class portfolio rent escalations, stable rent collections, minimal credit losses, strong lease rollover outcomes, accretive recycling, and revenue generating capital expenditures with existing tenants, (2) build-to-suit developments, and (3) a diversified acquisition pipeline. We focus on investing in real estate that is operated by creditworthy single tenants in industries characterized by positive business drivers and trends. We target properties that are an integral part of the tenants\u2019 businesses and are therefore opportunities to secure long-term net leases through which our tenants are able to retain operational control of their strategically important locations, while allocating their debt and equity capital to fund core business operations rather than real estate ownership. \u2022Diversified Investment Strategy. We invest in real estate through property acquisitions, revenue generating capital expenditures, build-to-suit developments, and transitional capital. Our investments in these alternatives fluctuate from time to time depending on macroeconomic conditions and business or market trends. Our strong relationships with brokers, developers, and tenants provides access to off-market and marketed investment opportunities. Off-market transactions are characterized by a lack of a formal marketing process and a lack of widely disseminated marketing materials. Marketed transactions are often characterized by extensive buyer competition. For all investments, we seek to maintain our portfolio\u2019s diversification by property type, geography, tenant, and industry in an effort to reduce fluctuations in income caused by under-performing individual real estate assets or adverse economic conditions affecting an entire industry or geographic region. \u2022Diversified Portfolio. As of December 31, 2025, our portfolio comprised approximately 41.6 million rentable square feet of operational space, was highly diversified based on property type, geography, tenant, and industry, and was cross-diversified within each (e.g., property-type diversification within a geographic concentration): \u2022Property Type: We are primarily diversified across industrial and retail property types. Within these sectors, we have meaningful concentrations in distribution and warehouse, manufacturing, food processing, general merchandise, quick service restaurants, and casual dining. \u2022Geographic Diversification: Our properties are located in 44 U.S. states and four Canadian provinces, with no single geographic concentration exceeding 10.2% of our ABR. \u2022Tenant and Industry Diversification: Our properties are occupied by 206 different commercial tenants who operate 197 distinct brands that are diversified across 57 varying industries, with no single tenant accounting for more than 3.9% of Item 1. Business The Company We are an industrial-focused, diversified net lease real estate investment trust (\u201cREIT\u201d) that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. As of December 31, 2025, our portfolio includes 771 properties, with 764 properties located in 44 U.S. states and seven properties located in four Canadian provinces. We expect to achieve growth in revenues and earnings through our three core building blocks, which are (1) embedded same store net operating income growth through best-in-class portfolio rent escalations, stable rent collections, minimal credit losses, strong lease rollover outcomes, accretive recycling, and revenue generating capital expenditures with existing tenants, (2) build-to-suit developments, and (3) a diversified acquisition pipeline. We focus on investing in real estate that is operated by creditworthy single tenants in industries characterized by positive business drivers and trends. We target properties that are an integral part of the tenants\u2019 businesses and are therefore opportunities to secure long-term net leases through which our tenants are able to retain operational control of their strategically important locations, while allocating their debt and equity capital to fund core business operations rather than real estate ownership. \u2022Diversified Investment Strategy. We invest in real estate through property acquisitions, revenue generating capital expenditures, build-to-suit developments, and transitional capital. Our investments in these alternatives fluctuate from time to time depending on macroeconomic conditions and business or market trends. Our strong relationships with brokers, developers, and tenants provides access to off-market and marketed investment opportunities. Off-market transactions are characterized by a lack of a formal marketing process and a lack of widely disseminated marketing materials. Mar Item 1A. Risk Factors Summary Risk Factors You should carefully consider the matters discussed in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K for factors you should consider before investing in our common stock: \u2022Single-tenant leases involve significant risks of tenant default and tenant vacancies, which cou", "title": "BNL - Broadstone Net Lease, Inc.", "url": "/company/BNL/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000046195; latest 10-K filed 2026-02-24.", "text": "BOH - BANK OF HAWAII CORP SIC 6022 State Commercial Banks; CIK 0000046195; latest 10-K filed 2026-02-24. BOH BANK OF HAWAII CORP 0000046195 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following MD&A is intended to help the reader understand the Company and its operations and is focused on our fiscal 2025 and 2024 financial results, including comparisons of year-to-year performance between these years. Discussion and analysis of our 2023 fiscal year, as well as the year-to-year comparison between fiscal 2024 and 2023, are included in Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 4, 2025. Forward-Looking Statements This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts and may include statements concerning, among other things, the anticipated economic and business environment in our service area and elsewhere, credit quality and other financial and business matters in future periods, our future results of operations and financial position, our business strategy and plans and our objectives and future operations. Words such as \u201cbelieves,\u201d \u201canticipates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201ctargeted,\u201d and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We also may make forward-looking statements in our other documents filed with or furnished to the U.S. Securities and Exchange Commission (the \u201cSEC\u201d). In addition, our senior management may provide forward-looking statements orally to analysts, investors, representatives of the media and others. Given these risks and uncertainties, you should not place undue reliance on any forward-looking statement as a prediction of our actual results. 24 Table of Contents Our forward-looking statements are based on numerous assumptions, any of which could prove to be inaccurate, and actual results may differ materially from those projected because of a variety of risks and uncertainties, including, but not limited to: (1) Our business is sensitive to regional business and economic conditions, in particular those of Hawai\u02bbi, Guam and other Pacific Islands; (2) Our loan portfolio is largely secured by real estate, and a downturn in the real estate market may adversely affect our results of operations; (3) Significant changes to the size, structure, powers and operations of the federal government, the effects of any prolonged shutdown of the federal government, changes to U.S. economic policies, and uncertainties regarding the potential for these changes may cause economic disruptions that could, in turn, adversely impact our business, results of operations and financial condition; (4) A sustained period of high inflation could pose a risk to local economies and the financial performance of the Bank; (5) Climate change and the governmental responses to it could have a material adverse impact on the Bank and its customers; (6) Disruptions, instability and failures in the banking industry may negatively impact us; (7) Any reduction in defense spending by the federal government in the state of Hawai\u02bbi could adversely impact the economy in Hawai\u02bbi and the Pacific Islands; (8) Changes in interest rates could adversely impact our results of operations and capital; (9) Our allowance for credit losses may prove to be insufficient to absorb losses or appropriately reflect, at any given time, the inherent risk of loss in our loan portfolio; (10) Consumer protection initiatives and court decisions related to the foreclosure process affect our remedies as a creditor; (11) Changes in the capital markets could materially affect the level of assets under management and the demand for our other fee-based services; (12) The Parent\u2019s liquidity is dependent on dividends from the Bank; Item 1. Business General Bank of Hawaii Corporation (\u201cBank of Hawai\u2018i Corporation\u201d or the \u201cParent\u201d) is a Delaware corporation and a bank holding company (\u201cBHC\u201d) headquartered in Honolulu, Hawai\u2018i. The Parent\u2019s principal operating wholly-owned subsidiary, Bank of Hawai\u2018i (\u201cBank of Hawai\u02bbi\u201d or the \u201cBank\u201d), was organized on December 17, 1897, and is chartered by the State of Hawai\u2018i. The Bank\u2019s deposits are insured by the Federal Deposit Insurance Corporation (the \u201cFDIC\u201d) and the Bank is a member of the Federal Reserve System. The Bank, directly and through its subsidiaries, provides a broad range of financial products and services primarily to customers in Hawai\u02bbi, Guam, and other Pacific Islands. References to \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d or \u201cthe Company\u201d refer to the Parent and its subsidiaries and are consolidated for financial reporting purposes. We are organized into three business segments for management reporting purposes: Consumer Banking, Commercial Banking, and Treasury and Other. See Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d (\u201cMD&A\u201d) and Note 12 in Item 8. \u201cNotes to Consolidated Financial Statements\u201d for more information. Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports can be found free of charge on our website at www.boh.com as soon as reasonably practicable after such material is electronically filed with or furnished to the U.S. Securities and Exchange Commission (the \u201cSEC\u201d). The SEC maintains a website, www.sec.gov, which contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Our Corporate Governance Guidelines; charters of the Audit Committee, the Human Resources and Compensation Committee, and the Nominating and Corporate Governance Committee; and our Code of Business Conduct and Ethics are available on our website at www.boh.com. Printed copies of th Item 1A. Risk Factors There are a number of risks and uncertainties, including those material risk factors described below, that could negatively affect our business, financial condition, results of operations, liquidity and the trading price of our common stock. To the extent that any of the information in this Form 10-K constitutes for", "title": "BOH - BANK OF HAWAII CORP", "url": "/company/BOH/" }, { "kind": "company", "summary": "SIC 5661 Retail-Shoe Stores; CIK 0001610250; latest 10-K filed 2026-05-14.", "text": "BOOT - Boot Barn Holdings, Inc. SIC 5661 Retail-Shoe Stores; CIK 0001610250; latest 10-K filed 2026-05-14. BOOT Boot Barn Holdings, Inc. 0001610250 5661 Retail-Shoe Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion in conjunction with the consolidated financial statements and the accompanying notes included elsewhere in this annual report. The statements in the following discussion and analysis regarding expectations about our future performance, liquidity and capital resources and any other non-historical statements in this discussion and analysis are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those described under \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d elsewhere in this annual report. Our actual results could differ materially from those contained in or implied by any forward-looking statements. 40 Table of Contents We have omitted discussion of our fiscal 2025 results where it would be redundant of information previously disclosed. For a comparison of our fiscal 2025 versus fiscal 2024 results, please see the discussion previously included in Part II, Item 7 of our fiscal 2025 Annual Report on Form 10-K filed with the SEC on May 15, 2025. \u200b Overview We are the largest lifestyle retail chain devoted to western and work-related footwear, apparel and accessories in the United States. As of March 28, 2026, we operated 539 stores in 49 states, as well as our e-commerce platform, which includes our websites, mobile app, and third-party marketplaces. Our stores feature a comprehensive assortment of brands and styles, coupled with attentive, knowledgeable store associates. Our product offering is anchored by an extensive selection of western and work boots and is complemented by a wide assortment of coordinating apparel and accessories. Many of the items that we offer are basics or necessities for our customers\u2019 daily lives and typically represent enduring styles that are not meaningfully impacted by changing fashion trends. We strive to offer an authentic, one-stop shopping experience that fulfills the everyday lifestyle needs of our customers, and as a result, many of our customers make purchases in both the western and work wear sections of our stores. We target a broad and growing demographic, ranging from passionate western and country enthusiasts, to workers seeking dependable, high-quality footwear and clothing. Our broad geographic footprint, which comprises more than four times as many stores as our nearest direct competitor that sells primarily western and work wear, provides us with significant economies of scale, enhanced supplier relationships, the ability to recruit and retain high quality store associates and the ability to reinvest in our business at levels that we believe exceed those of our competition. Growth Strategies and Outlook Over the long-term we plan to continue to expand our business, increase our sales growth and profitability and enhance our competitive position by executing the following strategies: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"strengthening omni-channel capabilities;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"driving same store sales growth;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"merchandise margin expansion and building our exclusive brand portfolio; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"expanding our store base.\"]] [[/GREPCENT_TABLE]] Since the founding of Boot Barn in 1978, we have grown both organically and through successful strategic acquisitions of competing chains. We have rebranded and remerchandised the acquired chains under the Boot Barn banner, resulting in sales increases over their original concepts. We believe that our business model and scale provide us with competitive advantages that have contributed to our consistent financial performance, generating sufficient cash flow to support national growth. How We Assess the Performance of Our Business In assessing the performance of our Item 1. Business. Our Company We are the largest lifestyle retail chain devoted to western and work-related footwear, apparel and accessories in the United States. With 539 stores in 49 states as of March 28, 2026, we have more than four times as many stores as 1 Table of Contents our nearest direct competitor that sells primarily western and work wear, and believe we have the potential to grow our domestic store base to 1,200 stores. Our stores, which are typically freestanding or located in strip centers, average 11,400 selling square feet and feature a comprehensive assortment of brands and styles, coupled with attentive, knowledgeable store associates. We target a broad and growing demographic, ranging from passionate western and country enthusiasts to workers seeking dependable, high-quality footwear and apparel. We strive to offer an authentic, one-stop shopping experience that fulfills the everyday lifestyle needs of our customers and, as a result, many of our customers make purchases in both the western and work wear sections of our stores. Our store environment, product offering and marketing materials represent the aesthetics of the true American West, country music and rugged, outdoor work. These threads are woven together in our vision, \u201cTo offer everyone a piece of the American spirit \u2013 one handshake at a time.\u201d Our product offering is anchored by an extensive selection of western and work boots and is complemented by a wide assortment of coordinating apparel and accessories. Many of the items that we offer are basics or necessities for our customers\u2019 daily lives and typically represent enduring styles that are not meaningfully impacted by changing fashion trends. Accordingly, a majority of our inventory is kept in stock through automated replenishment programs. Our boot selection, which comprises approximately one-third of each store\u2019s selling square footage space, is merchandised on self-service fixtures, with western and work boots presented in Item 1A. Risk Factors Summary of Risk Factors Below is a summary of the principal factors that make an investment in our common stock speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below under the", "title": "BOOT - Boot Barn Holdings, Inc.", "url": "/company/BOOT/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001372612; latest 10-K filed 2026-03-09.", "text": "BOX - BOX INC SIC 7372 Services-Prepackaged Software; CIK 0001372612; latest 10-K filed 2026-03-09. BOX BOX INC 0001372612 7372 Services-Prepackaged Software Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed in the section titled \u201cRisk Factors\u201d and in other parts of this Annual Report on Form 10-K. A discussion regarding our financial condition and results of operations for the year ended January 31, 2026 compared to the year ended January 31, 2025 is presented below. A discussion regarding our financial condition and results of operations for the year ended January 31, 2025 compared to the year ended January 31, 2024 can be found under Part II, Item 7 of our Annual Report on Form 10-K for the year ended January 31, 2025, filed with the SEC on March 10, 2025, which is available on the SEC\u2019s website at www.sec.gov. Overview Box is the leading ICM provider. Box gives organizations a single platform for their unstructured data \u2013 which typically represents about 90% of all data within an organization. This data is content \u2013 from blueprints to wireframes, videos to documents, proprietary formats to PDFs \u2013 and it is the source of an organization\u2019s unique value. The Box ICM platform enables our customers to securely manage the entire content lifecycle, from the moment a file is created or ingested to when it is shared, edited, published, approved, signed, classified, and retained. Box keeps content secure and compliant, while also allowing easy access and sharing of this content from anywhere, on any device \u2013 both within the organization and with external partners. With our SaaS platform, customers can work with their content as they need \u2013 from secure external collaboration and workspaces to e-signature processes and content workflows \u2013 improving employee productivity and accelerating business processes. IT teams can establish a space for compliant content management, and developers can easily create customized portals for white-labeled content collaboration. Administrators have a wide range of security, data protection, and compliance features they can activate to help meet legal and regulatory requirements, internal policies, and industry standards. The Box ICM platform enables a broad range of high-value business use cases and integrates with more than 1,500 leading business applications. With hundreds of file formats and media types supported, Box is compatible with multiple application environments, operating systems, and devices \u2013 ensuring that workers can securely access their critical business content whenever and wherever they need it. We offer our solution to our customers as a subscription-based service, with subscription fees based on the requirements of our customers, including the number of users and functionality deployed. The duration of our contracts with customers ranges from one to three years or more, and we typically invoice our customers at the beginning of the term, in annual, multi-year, quarterly or monthly installments. We recognize revenue as we satisfy our performance obligations. Accordingly, due to our subscription model, we recognize revenue for our subscription services ratably over the term of the contract. Our objective is to build an enduring business that creates sustainable revenue and earnings growth over the long term. To best achieve this objective, we focus on growing the number of users and paying organizations through direct field sales, direct inside sales, indirect channel sales and through word-of-mouth by individual users, some of whom use our services at no cost. Individual users and orga Item 1. BUSINESS Overview Box is the leading Intelligent Content Management (ICM) provider. Box gives organizations a single platform for their unstructured data \u2013 which typically represents about 90% of all data within an organization. This data is content \u2013 from blueprints to wireframes, videos to documents, proprietary formats to PDFs \u2013 and it is the source of an organization\u2019s unique value. The Box ICM platform enables our customers to securely manage the entire content lifecycle, from the moment a file is created or ingested to when it is shared, edited, published, approved, signed, classified, and retained. Box keeps content secure and compliant, while also allowing easy access and sharing of this content from anywhere, on any device \u2013 both within the organization and with external partners. With our Software-as-a-Service (SaaS) platform, customers can work with their content as they need \u2013 from secure external collaboration and workspaces to e-signature processes and content workflows \u2013 improving employee productivity and accelerating business processes. IT teams can establish a space for compliant content management, and developers can easily create customized portals for white-labeled content collaboration. Administrators have a wide range of security, data protection, and compliance features they can activate to help meet legal and regulatory requirements, internal policies, and industry standards. The Box ICM platform enables a broad range of high-value business use cases and integrates with more than 1,500 leading business applications. With hundreds of file formats and media types supported, Box is compatible with multiple application environments, operating systems, and devices \u2013 ensuring that workers can securely access their critical business content whenever and wherever they need it. Our go-to-market strategy includes selling the entire platform to an organization with the full set of Box capabilities. During that sales process, we partner with Item 1A. RISK FACTORS Investing in our securities involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including in the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operati", "title": "BOX - BOX INC", "url": "/company/BOX/" }, { "kind": "company", "summary": "SIC 3990 Miscellaneous Manufacturing Industries; CIK 0000746598; latest 10-K filed 2025-09-04.", "text": "BRC - BRADY CORP SIC 3990 Miscellaneous Manufacturing Industries; CIK 0000746598; latest 10-K filed 2025-09-04. BRC BRADY CORP 0000746598 3990 Miscellaneous Manufacturing Industries Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview Brady Corporation is a global manufacturer and supplier of identification solutions and workplace safety products that identify and protect premises, products and people. The Company is organized and managed on a geographic basis with two reportable segments: Americas & Asia and Europe & Australia. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our audited consolidated financial statements and the notes to those statements (Item 8) in this Annual Report on Form 10-K. The following discussion is intended to help the reader understand the results of operations and financial condition of the Company for the year ended July 31, 2025 compared to the year ended July 31, 2024. A discussion regarding our financial condition and results of operations for fiscal 2024 compared to fiscal 2023 can be found under Item 7 in our Annual Report on Form 10-K for the year ended July 31, 2024, filed with the SEC on September 6, 2024, which is available on the SEC's website at www.sec.gov and our corporate website at www.bradyid.com/corporate/investors and such information is incorporated by reference herein. References in this Annual Report on Form 10-K to \u201corganic sales\u201d refer to sales calculated in accordance with U.S. GAAP, excluding the impact of foreign currency translation, sales recorded from divested companies up to the first anniversary of their divestiture and sales recorded from acquired companies prior to the first anniversary date of their acquisition. The Company\u2019s organic sales disclosures exclude the effects of foreign currency translation as foreign currency translation is subject to volatility that can obscure underlying business trends. Management believes that the non-GAAP financial measure of organic sales is meaningful to investors as it provides them with useful information to aid in identifying underlying sales trends in our businesses and facilitating comparisons of our sales performance with prior periods. Macroeconomic Conditions and Trends The Company's operations and financial performance are subject to the risks and uncertainties inherent in the global economic environment, including inflationary pressures, supply chain disruptions, and other macroeconomic challenges. These pressures may impact the Company's business, financial condition and results of operations as the global economic outlook remains uncertain. In recent months, the U.S. government introduced incremental import tariffs on goods imported into the U.S. from numerous countries, triggering reciprocal tariffs and other actions from many countries on goods exported from the U.S. Trade policies of the U.S. and other countries, including China, are complex and rapidly evolving. Our strategy of manufacturing products near the point of sale reduces our overall exposure to tariffs, though certain sourced inputs and manufactured items remain subject to incremental tariffs. Our business has incurred, and expects to continue to incur, additional costs as it relates to these incremental tariffs for the foreseeable future. The Company has taken and will continue to take action to mitigate inflationary pressures caused by the incremental tariffs through a combination of targeted price increases and surcharges, strategic sourcing adjustments, product portfolio optimization, as well as our ongoing efforts to drive sustainable efficiency gains in our operations and administrative structures. Notwithstanding the uncertain situation relating to tariffs, we believe our financial strength positions us well to continue investing in acquisitions and organic growth opportunities, such as expanded sales channels, marketing programs, and research and development (\u201cR&D\u201d). We remain focused on driving sustainable efficiency gains and automation across our operations and selling, general and adminis Item 1. Business General Development of Business Brady was incorporated under the laws of the state of Wisconsin in 1914. Brady is a global manufacturer and supplier of identification solutions and workplace safety products that identify and protect premises, products and people. The ability to provide customers with a broad range of proprietary, customized and diverse products for use in various applications across multiple industries and geographies, along with a commitment to quality and service, have made Brady a leader in many of its markets. The Company is organized and managed on a geographic basis with two reportable segments: Americas & Asia and Europe & Australia. The Americas & Asia segment is comprised of our operations in North America, South America and Asia, while the Europe & Australia segment is comprised of our operations in Europe, the Middle East, Africa and Australia. This regional operating structure provides a framework to align local execution with global scale and supports consistent integration of acquired businesses. The Company\u2019s primary objective is to build upon its market position and increase shareholder value by enabling a highly competent and experienced organization to focus on the following key competencies: 3 Table of Contents \u2022Innovative products \u2014 Technologically-advanced, proprietary products that drive revenue growth and sustain gross profit margins through continuous research and development (\u201cR&D\u201d) investment and close collaboration with customers on application-specific needs \u2022Customer experience \u2014 Understanding customer needs and providing a high level of service through dedicated account support, localized technical expertise, and integrated tools that enhance responsiveness and ease of doing business \u2022Global leadership position in niche markets \u2014 Leveraging strong distribution networks, application knowledge, and long-standing relationships to maintain leadership in specialized identification and safety markets Item 1A. Risk Factors Investors should carefully consider the risks set forth below and all other information contained in this report and other documents we file with the SEC. The risks and uncertainties described below are those that we have identified as material, but are not the only risks and uncertainties facing us. Our busine", "title": "BRC - BRADY CORP", "url": "/company/BRC/" }, { "kind": "company", "summary": "SIC 8082 Services-Home Health Care Services; CIK 0001865782; latest 10-K filed 2026-02-27.", "text": "BTSG - BrightSpring Health Services, Inc. SIC 8082 Services-Home Health Care Services; CIK 0001865782; latest 10-K filed 2026-02-27. BTSG BrightSpring Health Services, Inc. 0001865782 8082 Services-Home Health Care Services Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion analyzes our financial condition and results of operations and should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. See \u201cForward-Looking Statements.\u201d When reviewing the discussion below, you should keep in mind the substantial risks and uncertainties that characterize our business. Known material factors that could affect our financial performance and actual results, and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this discussion or otherwise made by our management, are described in \u201cRisk Factors.\u201d Factors that could cause or contribute to such difference are not limited to those identified in \u201cRisk Factors.\u201d Overview We are a leading home and community-based healthcare services platform, focused on delivering complementary pharmacy and provider services to complex patients. We have a differentiated approach to care delivery, with an integrated and scaled model that addresses critical services that the highest-need and highest-cost patients require. With a focus on Senior and Specialty patients, our platform provides pharmacy and provider services (both clinical and supportive care in nature) in lower-cost home and community settings largely to Medicare, Medicaid, and commercially-insured populations. Our presence spans all 50 states, we serve over 465,000 patients daily through our approximately 10,500 clinical providers and pharmacists, and our services make a profound impact in the lives and communities of the people we serve. We have built a significant presence and capability in delivering complementary and high-touch daily healthcare services and programs to complex patients in their homes and in communities in order to address their multiple health needs and requirements more completely, through two reportable segments: Pharmacy Solutions and Provider Services. In pharmacy, we leverage our national infrastructure to provide daily medication therapy management to various customer and patient types wherever they reside in the community, including home and in-clinic infusion patients, oncology and other specialty patients in their homes, residents of independent and senior living communities, people receiving hospice care, neuro and Behavioral clients\u2019 and patients\u2019 homes, residents of skilled nursing and rehabilitation facilities, hospital patients, and the homes of Seniors who are on a significant number of medications. Within provider services, we address the clinical and supportive care needs of Senior and Specialty populations, including neuro patients, primarily in their homes, as well as some clinic and community settings. Our clinical services consist of home health and hospice and rehab therapy, and our supportive care services address activities of daily living and social determinants of health as well. We also provide home-based primary care for patients in senior living communities, long-term care, and individual homes to directly manage and optimize patient outcomes and to enable value-based care. By providing these complementary and necessary services for complex patients, our care model is designed to address multiple patient needs and better integrate health services delivery to improve quality and patient experiences, while reducing overall costs. Discontinued Operations On January 17, 2025, the Company entered into a purchase agreement with National Mentor Holding, Inc. to divest our community living services, home and community based waiver programs, and intermediate care facilities (the \u201cCommunity Living business\u201d), for $835 million, subject to typical adjustments for working capital and other customary items. We expect Item 1. Business Who We Are We are a leading home and community-based healthcare services platform, focused on delivering complementary pharmacy and provider services to complex patients. We have a differentiated approach to care delivery, with an integrated and scaled model that addresses critical services that the highest-need and highest-cost patients require. With a focus on Senior and Specialty patients, which includes Behavioral populations, our platform provides pharmacy and provider services (both clinical and supportive care in nature) in lower-cost home and community settings largely to Medicare, Medicaid, and commercially-insured populations. We are an essential part of our nation\u2019s health delivery network as a front-line provider of high-quality and cost-effective care to a large and growing number of people, who increasingly require a combination of specialized solutions to enable holistic health care management. Our presence spans all 50 states, we serve over 465,000 patients daily through our approximately 10,500 clinical providers and pharmacists, and our services make a profound impact in the lives and communities of the people we serve. Our model focuses on delivering high-touch and coordinated services to medically complex clients and patients, which is a large, growing, and underserved population in the U.S. healthcare system. These high-need and high-cost Senior and Specialty patients comprise a market of over $2.0 trillion across our business. The chronic conditions and long-term health needs of these patients not only represent an outsized share of health care spend today, according to RAND Health Care, but we believe that they are expected to also drive a disproportionate share of future expenditures. Americans with five or more chronic conditions make up over 12% of the population and account for 41% of total health care spending, on average spending 14 times more on health services than those without chronic conditions. These patients mo Item 1A. Risk Factors Investing in our securities involves a high degree of risk. You should carefully consider the risks and uncertainties described below and the other information set forth in this Annual Report on Form 10-K before deciding to invest in our securities. Risks Relate", "title": "BTSG - BrightSpring Health Services, Inc.", "url": "/company/BTSG/" }, { "kind": "company", "summary": "SIC 1221 Bituminous Coal & Lignite Surface Mining; CIK 0001064728; latest 10-K filed 2026-02-19.", "text": "BTU - PEABODY ENERGY CORP SIC 1221 Bituminous Coal & Lignite Surface Mining; CIK 0001064728; latest 10-K filed 2026-02-19. BTU PEABODY ENERGY CORP 0001064728 1221 Bituminous Coal & Lignite Surface Mining Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The Company\u2019s discussion and analysis of the year ended December 31, 2025 compared to the year ended December 31, 2024 is included herein. For discussion and analysis of the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to Item 7 of Part II, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Peabody\u2019s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 20, 2025 and is incorporated by reference herein. Non-GAAP Financial Measures The following discussion of Peabody\u2019s results of operations includes references to and analysis of Adjusted EBITDA and Total Segment Costs, which are financial measures not recognized in accordance with U.S. generally accepted accounting principles (U.S. GAAP). Adjusted EBITDA is used by the chief operating decision maker, defined as Peabody\u2019s President and Chief Executive Officer, as the primary financial metric to measure each segment\u2019s operating performance against expected results and to allocate resources, including capital investment in mining operations and potential expansions. Total Segment Costs is also used by management as a component of a metric to measure each segment\u2019s operating performance. Also included in the following discussion of Peabody\u2019s results of operations are references to Revenue per Ton, Costs per Ton and Adjusted EBITDA Margin per Ton for each reportable segment. These metrics are used by management to measure each reportable segment\u2019s operating performance. Management believes Costs per Ton and Adjusted EBITDA Margin per Ton best reflect controllable costs and operating results at the reportable segment level. The Company considers all measures reported on a per ton basis to be operating/statistical measures; however, the Company includes reconciliations of the related non-GAAP financial measures (Adjusted EBITDA and Total Segment Costs) in the \u201cReconciliation of Non-GAAP Financial Measures\u201d section contained within this Item 7. [[GREPCENT_TABLE]] [[\"Peabody Energy Corporation\",\"2025 Form 10-K\",\"56\"]] [[/GREPCENT_TABLE]] Table of Contents Peabody believes non-GAAP measures are used by investors to measure its operating performance. These measures are not intended to serve as alternatives to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies. Refer to the \u201cReconciliation of Non-GAAP Financial Measures\u201d section contained within this Item 7 for definitions and reconciliations to the most comparable measures under U.S. GAAP. Overview In 2025, Peabody sold 122.0 million tons of coal. As of December 31, 2025, the Company reports its results of operations primarily through the following reportable segments: Seaborne Thermal, Seaborne Metallurgical, Powder River Basin and Other U.S. Thermal. The Company\u2019s seaborne operating platform is primarily export focused with customers spread across several countries, with a portion of its thermal and metallurgical coal sold within Australia. Generally, revenue from individual countries varies year by year based on electricity and steel demand, the strength of the global economy, governmental policies and several other factors, including those specific to each country. The Company classifies its seaborne mines within the Seaborne Thermal or Seaborne Metallurgical reportable segments based on the primary customer base and coal reserve type of each mining operation. A small portion of the coal mined by the Seaborne Thermal reportable segment is of a metallurgical grade. Similarly, a small portion of the coal mined by the Seaborne Metallurgical reportable segment is of a thermal grade. Additionally, the Company may market some of its metallurgical coal products as a thermal coal product from time to time depending on market conditions. P Item 1. Business. Overview Peabody is a leading producer of metallurgical and thermal coal. The Company owned interests in 16 active coal mining operations located in the United States (U.S.) and Australia at December 31, 2025. Included in that count is Peabody\u2019s 50% equity interest in Middlemount Coal Pty Ltd. (Middlemount). During 2025, Peabody continued to advance the development of the Centurion Mine, an underground longwall metallurgical coal mine in Queensland, Australia. Full-scale longwall production commenced in February 2026. The mine is expected to enhance both the quantity and quality of the Company\u2019s production from the Seaborne Metallurgical reportable segment. As part of Peabody\u2019s ongoing asset optimization program, whereby its coal reserves, coal resources and surface properties are regularly reviewed for various commercial opportunities, various workstreams were advanced during 2025. These workstreams related to projects such as the evaluation of rare earth element (REE) and critical mineral (CM) potential; power generation from coal mine gas; and continued development of renewable energy projects on certain reclaimed mining lands held by the Company. Segment and Geographic Information As of December 31, 2025, Peabody reports its results of operations primarily through the following reportable segments: Seaborne Thermal, Seaborne Metallurgical, Powder River Basin and Other U.S. Thermal. Refer to Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d for additional information regarding the Company\u2019s segments. Note 21. \u201cSegment and Geographic Information\u201d to the accompanying consolidated financial statements is incorporated herein by reference and also contains segment and geographic financial information. Mining Locations The maps that follow display Peabody\u2019s active and development mine locations as of December 31, 2025. Also shown are the primary ports that the Company uses for its coal Item 1A. Risk Factors. The Company operates in a rapidly changing environment that involves a number of risks. The following highlights some of these risks and others are discussed elsewhere in this report. These and other risks could materially and adversely affect the Company\u2019s business, financial condition, prospect", "title": "BTU - PEABODY ENERGY CORP", "url": "/company/BTU/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001061630; latest 10-K filed 2026-02-11.", "text": "BXMT - BLACKSTONE MORTGAGE TRUST, INC. SIC 6798 Real Estate Investment Trusts; CIK 0001061630; latest 10-K filed 2026-02-11. BXMT BLACKSTONE MORTGAGE TRUST, INC. 0001061630 6798 Real Estate Investment Trusts ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Annual Report on Form 10-K. In addition to historical data, this discussion and analysis contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results or outcomes may differ materially from those in this discussion and analysis as a result of various factors, including but not limited to those discussed in Part, 1. Item 1A, \u201cRisk Factors\u201d in this Annual Report on Form 10-K. Introduction Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major markets, and sponsored by experienced, well-capitalized real estate investment owners and operators. We finance our investments in a variety of ways, including borrowing under secured credit facilities, issuing collateralized loan obligations, or CLOs, other securitization transactions, syndicating senior loans and/or participations, and other forms of asset-level financing, depending on our view of the most prudent financing option available for each of our investments. We are externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol \u201cBXMT.\u201d We benefit from the deep knowledge, experience and information advantages of our Manager, which is a part of Blackstone Real Estate. Blackstone Real Estate was founded in 1991 and is the world\u2019s largest owner of commercial real estate, with $319.3 billion of investor capital under management as of December 31, 2025. Blackstone Real Estate operates as one globally integrated business with 787 real estate professionals globally as of December 31, 2025 and investments in North America, Europe, Asia and Latin America. In the United States, Blackstone Real Estate is one of the largest owners of rental housing, industrial, office, hospitality and retail assets. The market-leading real estate expertise derived from the strength of the Blackstone platform deeply informs our credit and underwriting process, and we believe it gives us the tools to manage the assets in our portfolio and work with our borrowers throughout periods of economic stress and uncertainty. We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding company and conduct our business primarily through our various subsidiaries. 2025 Highlights Operating results: \u2022GAAP net income of $109.6 million, or $0.64 per share, Distributable Earnings was a loss of $245.3 million, or $1.43 per share, and Distributable Earnings prior to charge-offs of CECL reserves was $317.6 million, or $1.86 per share, with dividends declared of $320.6 million, or $1.88 per share. \u2022Book value per share of $20.75 as of December 31, 2025, which is net of cumulative CECL reserves of $1.76 per share and accumulated depreciation and amortization of owned real estate assets of $0.47 per share. Investment portfolio: \u2022Investment Portfolio of $20.0 billion ITEM 1.BUSINESS References herein to \u201cBlackstone Mortgage Trust,\u201d \u201ccompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d refer to Blackstone Mortgage Trust, Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise. Our Company Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major markets, and sponsored by experienced, well-capitalized real estate investment owners and operators. We finance our investments in a variety of ways, including borrowing under secured credit facilities, issuing collateralized loan obligations, or CLOs, other securitization transactions, syndicating senior loans and/or participations, and other forms of asset-level financing, depending on our view of the most prudent financing option available for each of our investments. We are externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol \u201cBXMT.\u201d Our principal executive offices are located at 345 Park Avenue, New York, New York 10154. We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion from registration under the Investment Company Act. We are organized as a holding company and conduct our business primarily through our various subsidiaries. We operate our business as one s ITEM 1A.RISK FACTORS Risks Related to Our Investments Our investments expose us to risks associated with debt or credit-oriented real estate investments generally. We seek to originate, acquire, and manage senior loans and other debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, a", "title": "BXMT - BLACKSTONE MORTGAGE TRUST, INC.", "url": "/company/BXMT/" }, { "kind": "company", "summary": "SIC 4841 Cable & Other Pay Television Services; CIK 0001632127; latest 10-K filed 2026-02-26.", "text": "CABO - Cable One, Inc. SIC 4841 Cable & Other Pay Television Services; CIK 0001632127; latest 10-K filed 2026-02-26. CABO Cable One, Inc. 0001632127 4841 Cable & Other Pay Television Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and accompanying notes included in this Annual Report on Form 10-K, as well as the discussion in the section of this Annual Report on Form 10-K entitled \u201cBusiness.\u201d This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may vary materially from those expressed or implied by these forward-looking statements due to a number of factors, including those discussed in the sections of this Annual Report on Form 10-K entitled \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and \u201cRisk Factors.\u201d Throughout this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d all totals, percentages and year-over-year changes are calculated using exact numbers. Minor differences may exist due to rounding. Overview We are a leading broadband communications provider delivering exceptional service and enabling our customers to thrive and stay connected to what matters most. Through Sparklight, the brand our customers know and trust, we are transforming the future of connectivity with a commitment to innovation, reliability and customer experience. We serve our customers with technologically advanced fiber-based infrastructure that provides for delivery of a full suite of data, video and voice products. We believe our robust infrastructure and cutting-edge technology keep our customers connected and help drive progress in education, business and everyday life. We believe the services we provide are critical to the development of new businesses and drive economic growth in the non-metropolitan, secondary and tertiary markets that we serve in 24 Western, Midwestern and Southern states. As of December 31, 2025, approximately 75% of our customers were located in seven states: Arizona, Idaho, Mississippi, Missouri, Oklahoma, South Carolina and Texas. We provided services to approximately 1.0 million residential and business customers out of approximately 2.9 million passings as of December 31, 2025. Of these customers, approximately 999,000 subscribed to data services, 88,000 subscribed to video services and 94,000 subscribed to voice services as of December 31, 2025. We generate substantially all of our revenues through three primary product lines. Ranked by share of our total revenues during 2025, they are residential data (60.1%), business data (15.3%) and residential video (12.5%). The profit margins, growth rates and/or capital intensity of these three primary product lines vary significantly due to competition, product maturity and relative costs. In 2025, our Adjusted EBITDA margins for residential data and business data are estimated to be approximately three and four times greater, respectively, than for residential video. We define Adjusted EBITDA margin for a product line as Adjusted EBITDA attributable to that product line divided by revenue attributable to that product line (see \u201cUse of Adjusted EBITDA\u201d below for the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income (loss), which is the most directly comparable GAAP measure). This margin disparity is largely the result of significant programming costs and retransmission fees incurred to deliver residential video services, which in each of the last three years represented between 59% and 63% of total residential video revenues. Neither of our other primary product lines has direct costs representing as substantial a portion of revenues as programming costs and retransmission fees represent for residential video, and indirect costs are generally allocated on a per PSU basis. We focus on growing our higher margin businesses, namely residential data and business data services. Our strategy ackno ITEM 1 BUSINESS Overview Cable One, Inc. (\u201cCable One,\u201d \u201cus,\u201d \u201cour,\u201d \u201cwe\u201d or the \u201cCompany\u201d) is a leading broadband communications provider delivering exceptional service and enabling our customers to thrive and stay connected to what matters most. Through Sparklight\u00ae, the brand our customers know and trust, we are transforming the future of connectivity with a commitment to innovation, reliability and customer experience. We serve our customers with technologically advanced fiber-based infrastructure that provides for delivery of a full suite of data, video and voice products. We believe our robust infrastructure and cutting-edge technology keep our customers connected and help drive progress in education, business and everyday life. We believe the services we provide are critical to the development of new businesses and drive economic growth in the non-metropolitan, secondary and tertiary markets that we serve in 24 Western, Midwestern and Southern states. As of December 31, 2025, approximately 75% of our customers were located in seven states: Arizona, Idaho, Mississippi, Missouri, Oklahoma, South Carolina and Texas. We provided services to approximately 1.0 million residential and business customers out of approximately 2.9 million passings as of December 31, 2025. Of these customers, approximately 999,000 subscribed to data services, 88,000 subscribed to video services and 94,000 subscribed to voice services as of December 31, 2025. The following map shows the locations of our consolidated markets as of December 31, 2025: We generate substantially all of our revenues through three primary product lines. Ranked by share of our total revenues during 2025, they are residential data (60.1%), business data (15.3%) and residential video (12.5%). The profit margins, growth rates and/or capital intensity of these three primary product lines vary significantly due to competition, product maturity and relative costs. 3 Table of Contents In 2025, our adjusted ear ITEM 1A. RISK FACTORS You should carefully consider all of the information in this Annual Report on Form 10-K and each of the risks described below, which we believe are the principal risks that we face. Some risks relate principally to the securities markets and ownership of our common stock. Any of the following risks could ", "title": "CABO - Cable One, Inc.", "url": "/company/CABO/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0000887596; latest 10-K filed 2026-02-23.", "text": "CAKE - CHEESECAKE FACTORY INC SIC 5812 Retail-Eating Places; CIK 0000887596; latest 10-K filed 2026-02-23. CAKE CHEESECAKE FACTORY INC 0000887596 5812 Retail-Eating Places ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d), which contains forward-looking statements, should be read in conjunction with our audited consolidated financial statements and related notes in Part IV, Item 15 of this report, the \u201cRisk Factors\u201d included in Part I, Item 1A of this report and the cautionary statements included throughout this report. The inclusion of supplementary analytical and related information herein may require us to make estimates and assumptions to enable us to fairly present, in all material respects, our analysis of trends and expectations with respect to our results of operations and financial position. We utilize a 52/53-week fiscal year ending on the Tuesday closest to December 31 for financial reporting purposes. Fiscal years 2025, 2024 and 2023 each consisted of 52 weeks. Fiscal year 2026 will consist of 52 weeks. The following MD&A includes a discussion comparing our results in fiscal 2025 to fiscal 2024. For a discussion comparing our results from fiscal 2024 to fiscal 2023, refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 24, 2025. Geopolitical and Other Macroeconomic Impacts to our Operating Environment In recent years, our operating results were impacted by geopolitical and macroeconomic events, causing supply chain challenges and significantly increased commodity and wage inflation. Our commodity and wage inflationary environment began returning to more historical levels in fiscal 2024. The impact of ongoing geopolitical and macroeconomic events, including evolving government policies and global trade and tariff dynamics, could lead to further wage inflation, product and services cost inflation, disruptions in the supply chain, staffing challenges, shifts in consumer behavior, and delays in new restaurant openings. Adverse weather conditions and natural disasters may further exacerbate a number of these factors. Any of these factors may have an adverse impact on our business and materially adversely affect our financial performance. General The Cheesecake Factory Incorporated is a leader in experiential dining. We are culinary forward and relentlessly focused on hospitality. As of February 23, 2026, we owned and operated 368 restaurants throughout the United States and Canada under brands including The Cheesecake Factory\u00ae (216 locations), North Italia\u00ae (48 locations), Flower Child\u00ae (43 locations) and additional brands within our FRC portfolio (55 locations). Internationally, 35 The Cheesecake Factory\u00ae restaurants operate under licensing agreements. Our bakery division operates two facilities that produce quality cheesecakes and other baked products for our restaurants, international licensees and third-party bakery customers. Overview Our strategy is driven by our commitment to deliver exceptional food and hospitality, and is centered primarily on menu innovation, service and operational execution to differentiate our concepts and drive competitively strong performance that is sustainable over the long-term. Financially, we are focused on prudently managing expenses at our restaurants, bakery facilities and corporate support center, while leveraging our scale, purchasing power and operational discipline to support financial performance. 40 Table of Contents Investing in new Company-owned restaurant development is our top long-term capital allocation priority, with a focus on opening our concepts in premier locations within both new and existing markets. We plan to continue expanding The Cheesecake Factory, North Italia and Flower Child concepts. In addition, our FRC subsidiary serves as an incubator, innovating new food, dining and hospitality experience ITEM 1. BUSINESS General The Cheesecake Factory Incorporated is a leader in experiential dining. We are culinary forward and relentlessly focused on hospitality. As of February 23, 2026, we owned and operated 368 restaurants throughout the United States and Canada under brands including The Cheesecake Factory\u00ae (216 locations), North Italia\u00ae (48 locations), Flower Child\u00ae (43 locations) and additional brands within our Fox Restaurant Concepts (\u201cOther FRC\u201d) portfolio (55 locations). Internationally, 35 The Cheesecake Factory\u00ae restaurants operate under licensing agreements. Our bakery division operates two facilities that produce quality cheesecakes and other baked products for our restaurants, international licensees and third-party bakery customers. Our business originated in 1972 when Oscar and Evelyn Overton founded a small bakery in the Los Angeles area. In 1978, their son, David Overton, our Chairman of the Board and Chief Executive Officer, led the creation and opening of the first The Cheesecake Factory restaurant in Beverly Hills, California. In 1992, the Company was incorporated in Delaware as The Cheesecake Factory Incorporated (referred to herein as the \u201cCompany\u201d or as \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d). Our executive offices are located at 26901 Malibu Hills Road, Calabasas Hills, California 91301, and our telephone number is (818) 871-3000. We maintain a general website at www.thecheesecakefactory.com, as well as websites for our bakery and other brands, including www.northitalia.com, www.iamaflowerchild.com and www.foxrc.com. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, all amendments to those reports and our proxy statements are available on our general website at no charge, as soon as reasonably practicable after these materials are filed with or furnished to the SEC. Our filings are also available on the SEC\u2019s website at www.sec.gov. The content of our websites is not incorporated by reference into this ITEM 1A. RISK FACTORS An investment in our common stock involves risks and uncertainties. In addition to the information contained elsewhere in this Annual Report on Form 10-K and other filings that we make with the SEC, you should carefully read and consider the risks described below before making an investment decision. The occurrence of any of the followi", "title": "CAKE - CHEESECAKE FACTORY INC", "url": "/company/CAKE/" }, { "kind": "company", "summary": "SIC 0200 Agricultural Prod-Livestock & Animal Specialties; CIK 0000016160; latest 10-K filed 2025-07-22.", "text": "CALM - CAL-MAINE FOODS INC SIC 0200 Agricultural Prod-Livestock & Animal Specialties; CIK 0000016160; latest 10-K filed 2025-07-22. CALM CAL-MAINE FOODS INC 0000016160 0200 Agricultural Prod-Livestock & Animal Specialties Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations - HPAI . Given historical consumption trends, we believe that general demand for eggs in the U.S. increases basically in line with the overall U.S. population growth; however, specific events can impact egg supply and consumption in a particular period, as occurred with the 2015 HPAI outbreak, the COVID-19 pandemic (particularly during 2020), and the most recent HPAI outbreaks starting in early 2022. For fiscal 2025, shell egg household penetration is approximately 97%. According to the USDA\u2019s Economic Research Service, estimated annual per capita consumption in the United States between 2020 and 2024 varied, ranging from 271 to 288 eggs which is directly impacted by available supply. The USDA calculates per capita consumption by dividing total shell egg disappearance in the U.S. by the U.S. population. The most significant shift in demand in recent years has been among specialty eggs, particularly cage-free eggs. For additional information, see \u201cSpecialty Eggs\u201d below. 6 Prices for Shell Eggs Wholesale shell egg sales prices are a critical component of revenue for the Company. Wholesale shell egg prices are volatile, cyclical, and impacted by a number of factors, including consumer demand, seasonal fluctuations, the number and productivity of laying hens in the U.S. and outbreaks of agricultural diseases such as HPAI. We believe the majority of conventional shell eggs sold in the U.S. in the retail and foodservice channels are sold at prices that take into account, in varying ways, independently quoted and certified wholesale market prices, such as those published by Urner Barry Publications, Inc. (\u201cUB\u201d) or the USDA for shell eggs; however, grain-based or variations of cost plus arrangements are also commonly utilized. Wholesale prices for cage-free eggs are quoted by independent sources such as UB and USDA. There is no independently quoted wholesale market price for other specialty eggs such as nutritionally enhanced, organic, pasture-raise and free-range eggs. Specialty eggs are typically sold at prices and terms negotiated directly with customers and in the case of cage-free eggs, can be sold at prices that take into account independently quoted markets. Historically, prices for specialty eggs have generally been higher due to customer and consumer willingness to pay more for specialty eggs. The weekly average price for the southeast region for large white conventional shell eggs as quoted by UB is shown below for the past three fiscal years along with the five-year average price. The actual prices that we realize on any given transaction will not necessarily equal quoted market prices because of the individualized terms that we negotiate with individual customers which are influenced by many factors. As further discussed in Part II. Item 7. Management\u2019s Discussion and Analysis \u2013 Results of Operations , egg prices in fiscal 2023 through fiscal 2025 were significantly impacted by HPAI. Our pricing for shell eggs is negotiated with our customers on individual terms. We sell our shell eggs at prices based on formulas that take into account, in varying ways, independently quoted regional wholesale market prices for shell eggs, formulas related to our costs of production, such as grain-based and variations of cost-plus arrangements, or hybrid models including cost of production and wholesale market prices. The majority of our conventional eggs are priced and sold under frameworks that generally utilize market-based formulas tied to independently quoted regional wholesale market quotes. BUSINESS Our Business We are the largest producer and distributor of shell eggs in the United States. Our mission is to be the most sustainable producer and reliable supplier of consistent, high quality fresh shell eggs, egg products and prepared foods in the United States. Our operating approach is built around operational excellence, a \"Culture of Sustainability\" and creating value for our stockholders, customers, team members and communities. We sell most of our products throughout much of the United States (\u201cU.S.\u201d) and aim to maintain efficient, state-of-the-art operations located close to our customers. We were founded in 1957 and are headquartered in Ridgeland, Mississippi. The Company has one operating and one reporting segment, which is the production, packaging, marketing and distribution of shell eggs, egg products and prepared foods. Our integrated operations consist of hatching chicks, growing and maintaining flocks 5 of pullets, layers and breeders, manufacturing feed, and producing, processing, packaging, and distributing shell eggs. Layers are mature female chickens, pullets are female chickens usually less than 18 weeks of age, and breeders are male and female chickens used to produce fertile eggs to be hatched for egg production flocks. Our total flock as of May 31, 2025 consisted of approximately 48.3 million layers and 11.5 million pullets and breeders. Many of our customers rely on us to provide most of their shell egg needs, including specialty and conventional eggs. Specialty eggs encompass a broad range of products. We classify cage-free, organic, brown, free-range, pasture-raised and nutritionally enhanced eggs as specialty eggs for accounting and reporting purposes. We classify all other shell eggs as conventional products. While we report separat", "title": "CALM - CAL-MAINE FOODS INC", "url": "/company/CALM/" }, { "kind": "company", "summary": "SIC 4899 Communications Services, NEC; CIK 0001406666; latest 10-K filed 2026-02-20.", "text": "CALX - CALIX, INC SIC 4899 Communications Services, NEC; CIK 0001406666; latest 10-K filed 2026-02-20. CALX CALIX, INC 0001406666 4899 Communications Services, NEC ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the \u201cSecurities Act\u201d) and the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). All statements other than statements of historical facts are statements that could be deemed forward-looking statements. These statements are based on current expectations, estimates, forecasts and projections about the industry in which we operate and the beliefs and assumptions of our management. In some cases, forward-looking statements can be identified by the use of words such as \u201cbelieve,\u201d \u201ccould,\u201d \u201cexpect,\u201d \u201cmay,\u201d \u201cestimate,\u201d \u201ccontinue,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cshould,\u201d \u201cplan,\u201d \u201cpredict,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cproject,\u201d \u201cpotential,\u201d or the negative thereof or other comparable terminology. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our business and industry and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict, including those identified in the Risk Factors discussed in Item 1A, in the discussion below, as well as in other sections of this Annual Report on Form 10-K. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. All forward-looking statements and reasons why results may differ included in this report are made as of the date hereof, and we assume no obligation to update these forward-looking statements or reasons why actual results might differ. Overview We develop, market and sell platform, cloud and managed services, which are powered by agentic AI, that enable CSPs providers of all types and sizes to innovate and transform their businesses to focus on delivering outstanding subscriber experiences and become CXPs. The platform combines the Calix Agent Workforce\u2122 with intelligent appliances, software, cloud and fully integrated SmartLife\u2122 managed services to enable simplified business models that acquire, retain and grow subscribers and revenue. Calix Customer Success guides service providers through every stage of their transformation journey with expertise across technology, business and market insights. Our partner community extends innovation so customers can grow their businesses across markets at scale. With deep broadband expertise and an end-to-end approach from the datacenters\u2019 access edge to every residential, business and municipal subscriber location, Calix enables any service provider to simplify operations, engagement, and service; innovate for their subscribers; and grow value for members, investors, and the communities they serve. This focus on subscriber experience allows CXPs to expand their brand through increased subscriber acquisition, loyalty and revenue while reducing their operating costs. We market our platform, cloud and managed services to CSPs globally through our direct sales force as well as select resellers. Our customers range from smaller, regional service providers to some of the world\u2019s largest service providers. We have approximately 1,600 active customers that have deployed passive optical, Active Ethernet or point-to-point Ethernet fiber access networks or our subscriber premise appliances. Our revenue and potential revenue growth will depend on, among other things, our ability to develop, market and sell our platform and managed services to strategically aligned customers of all types such as MSPs, local and competitive exchange carriers, cable MSOs, WISPs, fiber overbuilders such as municipalities, ITEM 1. Business Company Overview Calix was founded in 1999. We develop, market and sell platform, cloud and managed services, which are powered by agentic AI, that enable communication service providers (\u201cCSPs\u201d) of all types and sizes to innovate and transform their businesses to focus on delivering outstanding subscriber experiences and become CXPs. The platform combines the Calix Agent Workforce\u2122 with intelligent appliances, software, cloud and fully integrated SmartLife\u2122 managed services to enable simplified business models that acquire, retain and grow subscribers and revenue. Calix Customer Success guides service providers through every stage of their transformation journey with expertise across technology, business and market insights. Our partner community extends innovation so customers can grow their businesses across markets at scale. With deep broadband expertise and an end-to-end approach from the datacenters\u2019 access edge to every residential, business and municipal subscriber location, Calix enables any service provider to simplify operations, engagement, and service; innovate for their subscribers; and grow value for members, investors, and the communities they serve. This focus on subscriber experience allows CXPs to expand their brand through increased subscriber acquisition, loyalty and revenue while reducing their operating costs. This is our mission: to transform service providers of all types and sizes into CXPs and enable them to simplify, innovate and grow. We believe our platform offers a competitive edge to CXPs at a critical time of increasing competition. With the increase in both private and public funding of broadband access, we anticipate at least two fiber-to-the-home providers vying for subscribers in every market. These providers have a choice: become a speed provider focused on offering the fastest speeds at the lowest price, or become an experience provider focused on delivering innovative, value-added services that improve ITEM 1A. Risk Factors We have identified the following additional risks and uncertainties that may affect our business, financial condition and/or results of operations. Investors should carefully consider the risks described below, together with the other information set forth in this Annual Report on Form 10-K, before making any investment decisi", "title": "CALX - CALIX, INC", "url": "/company/CALX/" }, { "kind": "company", "summary": "SIC 3949 Sporting & Athletic Goods, NEC; CIK 0000837465; latest 10-K filed 2026-02-27.", "text": "CALY - Callaway Golf Co SIC 3949 Sporting & Athletic Goods, NEC; CIK 0000837465; latest 10-K filed 2026-02-27. CALY Callaway Golf Co 0000837465 3949 Sporting & Athletic Goods, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the Consolidated Financial Statements, the related notes and the section \u201cImportant Notice to Investors Regarding Forward-Looking Statements\u201d that appear herein. This section of this Annual Report on Form 10-K generally discusses: (i) 2025 and 2024 items and year-to-year comparisons between 2025 and 2024 and (ii) 2024 and 2023 items and year-to-year comparisons between 2024 and 2023 due to restatement of prior period amounts to reflect reporting for our discontinued operations. Divestitures of Topgolf and Jack Wolfskin In 2025, we executed a strategic realignment to focus on our core Golf Equipment and complementary soft goods businesses. On May 31, 2025, we sold the Jack Wolfskin business to a subsidiary of ANTA Sports Products Limited for approximately $290.0 million, net of cash retained and customary working capital adjustments. On November 17, 2025, we entered into a definitive agreement to sell a 60% stake in our Topgolf and Toptracer businesses to private equity funds managed by Leonard Green & Partners, L.P., at an equity value of approximately $1,100.0 million. The transaction closed effective January 1, 2026, with the Company retaining a 40% interest in Topgolf, which will be accounted for under the equity method. In connection with the sale and related financing transactions, we received approximately $800.0 million in net proceeds, after working capital adjustments and transaction expenses, subject to customary purchase price adjustments. As a result of these divestitures, the operating results of Jack Wolfskin and Topgolf are reported in discontinued operations for all periods presented in this Form 10-K. Critical Accounting Estimates Our discussion and analysis of our results of operations, financial condition and liquidity are based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, shareholders\u2019 equity, revenues and expenses, as well as related disclosures of contingent assets and liabilities. We base our estimates and assumptions on historical experience and other assumptions that we believe are reasonable under the circumstances at that time. Actual results may differ from these estimates under different assumptions or circumstances. We review our estimates on an ongoing basis to ensure that changes in our business and new information is appropriately reflected as it becomes available. We believe the critical accounting estimates discussed below affect our more significant estimates and assumptions used in the preparation of our consolidated financial statements. For a complete discussion of all of our significant accounting policies, see Note 2. \u201cSummary of Significant Accounting Policies\u201d in the Notes to Consolidated Financial Statements in this Form 10-K. Sales Programs The amount of revenue we recognize is based on the amount of consideration we ultimately expect to receive from customers, which involves certain estimates and assumptions, including estimates for sales returns as well as estimates for our short-term sales programs, sales promotions and price concessions. These estimates are based on amounts earned or expected to be claimed by customers on the related sales. We record an estimate for anticipated returns at the time the sale is recognized. This estimate is based on historical returns data as well as current economic trends, changes in customer demands and the sell-through of products. If actual sales returns are significantly different than the recorded estimated amount, we may be exposed to material losses or gains. Assuming there had been a 10% increase over the recorded estimated sales returns reserve for the year ended December 31, 202 Item 1. Business OVERVIEW Callaway Golf Company, together with our wholly owned subsidiaries (collectively, the \u201cCompany,\u201d \u201cCallaway Golf,\u201d \u201cCallaway,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d), is a leading golf equipment, gear and apparel company with a portfolio of global brands, including Callaway Golf, Odyssey, TravisMathew and OGIO. Through an unwavering commitment to innovation and premium craftsmanship, Callaway designs, manufactures, and sells high-performance golf clubs, golf balls, apparel, bags, and other accessories\u2014setting the standard for performance in the game of golf. Our products are distributed globally through a mix of on-course, specialty retail, wholesale, direct-to-consumer and international channels. We were originally incorporated in California in 1982 under the name, \u201cCallaway Golf Company,\u201d with a primary focus on the design, manufacture and sale of high-quality golf clubs. In 1992, we became a publicly-traded corporation on the New York Stock Exchange under the ticker symbol \u201cELY,\u201d and in 1999, we reincorporated in the State of Delaware. In 2000, we entered into the golf ball business with the release of our first golf ball product, and over time we expanded our product offerings to include golf balls, golf bags and accessories, and premium golf and active lifestyle apparel through a combination of organic development and strategic acquisitions, including OGIO and TravisMathew in 2017. In 2019, we acquired Jack Wolfskin, a global outdoor apparel brand, which expanded our presence beyond the golf category, and in 2021, we completed a merger with Topgolf, a leading technology-enabled golf entertainment business that includes state-of-the-art golf and entertainment venues and proprietary Toptracer ball-tracking technology. On September 6, 2022, we changed our corporate name from \u201cCallaway Golf Company\u201d to \u201cTopgolf Callaway Brands Corp.\u201d, and, on September 7, 2022, we changed our New York Stock Exchange ticker symbol from \u201cELY\u201d to \u201cMODG.\u201d Beginning in Item 1A. Risk Factors Certain Factors Affecting Callaway Golf Company Our business, operations and financial condition are subject to various risks and uncertainties. We urge you to carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including those ", "title": "CALY - Callaway Golf Co", "url": "/company/CALY/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001494259; latest 10-K filed 2026-02-19.", "text": "CARG - CarGurus, Inc. SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001494259; latest 10-K filed 2026-02-19. CARG CarGurus, Inc. 0001494259 7374 Services-Computer Processing & Data Preparation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or elsewhere in this Annual Report, including information with respect to our plans and strategy for our business and our performance and future success, includes forward\u2011looking statements that involve risks and uncertainties. See \u201cSpecial Note Regarding Forward-Looking Statements.\u201d You should review the \u201cRisk Factors\u201d section of this Annual Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward\u2011looking statements contained in the following discussion and analysis. We qualify all of our forward-looking statements by such cautionary statements. In this discussion, we use financial measures that are considered non-GAAP financial measures under SEC rules. These rules regarding non-GAAP financial measures require supplemental explanation and reconciliation, which are included elsewhere in this Annual Report. Investors should not consider non-GAAP financial measures in isolation from or in substitution for, financial information presented in compliance with U.S. generally accepted accounting principles, or GAAP. This section of this Annual Report discusses 2025, 2024, and 2023 items and year-to-year comparisons between 2025 and 2024 and between 2024 and 2023. In the third quarter of 2025 we began to wind-down the operations of CarOffer. The wind-down of CarOffer was completed and the business was considered abandoned for accounting purposes as of December 31, 2025. We have presented the financial results of CarOffer as discontinued operations in our consolidated financial statements for all periods presented, except for the consolidated statements of comprehensive income, the consolidated statements of redeemable noncontrolling interest and stockholders\u2019 equity, and the consolidated statements of cash flows. These statements have not been separately reclassified and discontinued operations are included within each for all periods presented. For further information, refer to Note 3 to our consolidated financial statements included elsewhere in this Annual Report. Unless indicated otherwise, the information below relates to our continuing operations and does not include the results of discontinued operations. The discussion of 2024 and 2023 financial condition, results of operations, and year-to-year comparisons within the sections below have been revised to conform with this current period presentation. The period\u2011to\u2011period comparison of financial results is not necessarily indicative of future results. Company Overview CarGurus is a multinational automotive platform helping consumers and dealers confidently buy and sell vehicles. Founded in 2006 with a mission to bring more trust and transparency to car shopping, CarGurus is the No. 1 visited automotive shopping site in the U.S.1 with the largest selection of inventory and network of dealers2. CarGurus\u2019 selection, trusted automotive insights, and data-driven products and solutions support each shopper\u2019s journey \u2014 from online research and shopping to in-dealership decisions \u2014 to empower them at every step. CarGurus provides dealers a personalized, predictive intelligence platform with software solutions that helps them run their businesses more efficiently and profitably at all stages of inventory acquisition and pricing, marketing, and conversion to sale. We have subsidiaries in the U.S., Canada, Ireland, and the U.K. and we operate the following marketplaces: [[GREPCENT_TABLE]] [[\"U.S., U.K., and Canada\",\"U.S.\",\"U.K.\"]] [[/GREPCENT_TABLE]] 1 Similarweb: Traffic Insig Item 1. Business. Who We Are CarGurus is a multinational automotive platform helping consumers and dealers confidently buy and sell vehicles. Founded in 2006 with a mission to bring more trust and transparency to car shopping, CarGurus is the No. 1 visited automotive shopping site in the U.S.1 with the largest selection of inventory and network of dealers2. CarGurus\u2019 selection, trusted automotive insights, and data-driven products and solutions support each shopper\u2019s journey \u2014 from online research and shopping to in-dealership decisions \u2014 to empower them at every step. CarGurus provides dealers a personalized, predictive intelligence platform with software solutions that helps them run their businesses more efficiently and profitably at all stages of inventory acquisition and pricing, marketing, and conversion to sale. We operate the following marketplaces: [[GREPCENT_TABLE]] [[\"U.S., U.K., and Canada\",\"U.S.\",\"U.K.\"]] [[/GREPCENT_TABLE]] 1 Similarweb: Traffic Insights (Cars.com, Autotrader.com, TrueCar.com, CARFAX.com Listings (defined as CARFAX.com Total Visits minus Vehicle History Reports)), Q4 2025, U.S. 2 Compared to Autotrader.com, Cars.com, TrueCar.com, and CARFAX.com (Joreca as of December 31, 2025) Through our platform\u2019s evolution, our ultimate goal remains the same: to empower our customers by giving them all the technology and information they need to buy or sell any car, anywhere, at the right price, and in the right way for them. At CarGurus, we give people the power to reach their destination. Discontinued Operations and Reportable Segments During the first three quarters of the year ended December 31, 2025, we managed our business and reported earnings through two reportable segments: \u2022 U.S. Marketplace: Derived revenue from marketplace services for our dealer customers within the U.S. \u2022 Digital Wholesale: Primarily derived revenue from our Dealer-to-Dealer and Instant Max Cash Offer services sold on our CarOffer platform. On August 6, 202 Item 1A. Risk Factors. Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, some of which have previously occurred and any of which may occur in the future, together with all of the other information contained in thi", "title": "CARG - CarGurus, Inc.", "url": "/company/CARG/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000907471; latest 10-K filed 2025-11-25.", "text": "CASH - PATHWARD FINANCIAL, INC. SIC 6021 National Commercial Banks; CIK 0000907471; latest 10-K filed 2025-11-25. CASH PATHWARD FINANCIAL, INC. 0000907471 6021 National Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. This section should be read in conjunction with the following parts of this Form 10-K: Part I, Item 1 \u201cBusiness,\u201d Part II, Item 7A, \u201cQuantitative and Qualitative Disclosures About Market Risk,\u201d and Part II, Item 8 \u201cFinancial Statements and Supplementary Data.\u201d GENERAL The Company, a registered BHC that has elected to be a financial holding company, is a Delaware corporation, the principal assets of which are all the issued and outstanding shares of the Bank, a chartered national bank, the accounts of which are insured up to applicable limits by the FDIC as administrator of the DIF. Unless the context otherwise requires, references herein to the Company include Pathward Financial and the Bank, and all direct or indirect subsidiaries of Pathward Financial on a consolidated basis. EXECUTIVE SUMMARY Financial Highlights for the 2025 Fiscal Fourth Quarter \u2022Total revenue for the fourth quarter was $186.7 million, an increase of $7.2 million, or 4%, compared to the same quarter in fiscal 2024, primarily driven by an increase of 13% in noninterest income. \u2022Net interest margin (\"NIM\") increased 14 basis points to 7.46% for the fourth quarter from 7.32% during the same period of last year, primarily driven by an improved earning asset mix from continued balance sheet optimization. \u2022Total gross loans and leases at September 30, 2025 increased $589.7 million, to $4.66 billion compared to September 30, 2024 and decreased $78.4 million when compared to June 30, 2025. The primary driver for the sequential decrease was due to the Company moving $144.1 million of its held for investment consumer finance portfolio to held for sale due to a purchase agreement being signed during the 2025 fiscal fourth quarter. On October 3, 2025, the Company closed on the sale of more than half of the held for sale consumer finance portfolio. \u2022During the 2025 fiscal fourth quarter, the Company repurchased 180,740 shares of common stock at an average share price of $82.95. As of September 30, 2025, there were 4,937,816 shares available for repurchase under the current common stock share repurchase program. Subsequent Events Management has evaluated and identified subsequent events that occurred after September 30, 2025. See Note 21. Subsequent Events for details on these events. FINANCIAL CONDITION At September 30, 2025, the Company\u2019s total assets decreased to $7.17 billion compared to $7.53 billion at September 30, 2024, primarily due to reductions of $512.3 million in loans held for sale, $413.4 million in securities AFS, and $37.8 million in cash and cash equivalents, partially offset by growth of $589.7 million in loans and leases. Total cash and cash equivalents were $120.6 million at September 30, 2025, decreasing from $158.3 million at September 30, 2024. The decrease was primarily due to the repayment of short-term borrowings partially offset by the proceeds from the sale of the commercial insurance premium finance business, net transaction costs, the sale of the transportation portfolio within the Company's working capital lending solutions, and the sale of debt securities AFS during the fiscal year ended September 30, 2025. The Company maintains its cash investments primarily in interest-bearing overnight deposits with the FHLB of Des Moines and the FRB. At September 30, 2025, the Company did not have any federal funds sold. 58 Table of Contents The Company's investment security balances at September 30, 2025 totaled $1.36 billion, as compared to $1.77 billion at September 30, 2024. The decrease was primarily related to the sale of investment securities AFS during the first, second, and fourth quarters of fiscal 2025 and normal paydown activity of investment security balances during the fiscal year. The Company\u2019s portfolio of securities customarily consists primarily of MBS, which have expected lives much shorter than the stated final matur Item 1. Business. General Pathward Financial, a registered bank holding company (\"BHC\") that has elected to be a financial holding company (\"FHC\"), was incorporated in Delaware on June 14, 1993. Pathward Financial's principal assets are all the issued and outstanding shares of the Bank, a chartered national bank, the accounts of which are insured up to applicable limits by the Federal Deposit Insurance Corporation (\"FDIC\") as administrator of the Deposit Insurance Fund (\u201cDIF\u201d). Unless the context otherwise requires, references herein to the Company include Pathward Financial and the Bank, and all subsidiaries of Pathward Financial, direct or indirect, on a consolidated basis. As a nationwide provider of payments and commercial finance products, the Company has offices across the country. The principal executive office is located at 5501 South Broadband Lane, Sioux Falls, South Dakota, 57108. Its telephone number at that address is (877) 497-7497. The Company is subject to comprehensive regulation and supervision. See \"Regulation and Supervision\" herein. The Company's purpose of powering financial inclusion means individuals and businesses deserve access to financial solutions. It is why for the past two decades Pathward Financial has been building solutions to help those who have been underserved by traditional banking providers. The Company strives to remove barriers to financial access and promote economic mobility by working with third parties to provide responsible, secure, high quality financial products that contribute to the social and economic benefit of communities at the core of the real economy. Pathward Financial aims to increase financial availability, choice, and opportunity across two business lines: Partner Solutions and Commercial Finance. These strategic business lines provide support to individuals and businesses. As a nationally chartered bank, Pathward sits at the hub of the financial ecosystem where traditional banking and financial t Item 1A. Risk Factors. We are subject to various risks, including those described below that, individually or in the aggregate, could cause our actual results to differ materially from expected or historical results. Our business could be harmed, perhaps materially, by any of these risks, as well as other risks that we have not identified, ", "title": "CASH - PATHWARD FINANCIAL, INC.", "url": "/company/CASH/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000861842; latest 10-K filed 2026-03-02.", "text": "CATY - CATHAY GENERAL BANCORP SIC 6022 State Commercial Banks; CIK 0000861842; latest 10-K filed 2026-03-02. CATY CATHAY GENERAL BANCORP 0000861842 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations General The following discussion is intended to provide information to facilitate the understanding and assessment of the consolidated financial condition and results of operations of the Bancorp and its subsidiaries for the year ended December 31,2025, as compared to 2024. It should be read in conjunction with this Annual Report and the audited Consolidated Financial Statements and Notes appearing elsewhere in this Annual Report. For discussion and analysis of the Company\u2019s 2024 results, as compared to 2023, refer to Part II - Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 28, 2025. The following discussion and analysis of our financial condition and results of operations contains forward-looking statements. These statements are based on current expectations and assumptions, which are subject to risks and uncertainties. See \u201cForward-Looking Statements\u201d and \u201cRisk Factors Summary.\u201d Actual results could differ materially because of various factors, including but not limited to those discussed in \u201cRisk Factors,\u201d under Part I, Item 1A of this Annual Report. The financial information presented herein includes the accounts of the Bancorp, its subsidiaries, including the Bank, and the Bank\u2019s consolidated subsidiaries. All material transactions between these entities are eliminated. Critical Accounting Policies The discussion and analysis of our financial condition and results of operations are based upon our Consolidated Financial Statements, which have been prepared in accordance with GAAP. The preparation of the Consolidated Financial Statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities at the date of our Consolidated Financial Statements. Actual results may differ from these estimates under different assumptions or conditions. Certain accounting policies that are fundamental to understanding our financial condition and results of operations involve significant judgments and assumptions by management that have a material impact on the carrying value of certain assets and liabilities. Management considers such accounting policies to be critical accounting policies. The judgments and assumptions used by management are based on historical experience and other factors that are believed to be reasonable under the circumstances. Management believes the following are critical accounting policies that require the most significant judgments and estimates used in the preparation of the Consolidated Financial Statements: Allowance for Credit Losses (\u201cACL\u201d) on Loans Held for Investment The Bank maintains the allowance for credit losses at a level that the Bank considers appropriate to absorb the estimated and known risks in the loan portfolio and off-balance sheet unfunded credit commitments. Allowance for credit losses is comprised of the allowance for loan losses and the reserve for off-balance sheet unfunded credit commitments. With this risk management objective, the Bank\u2019s management has an established monitoring system that it believes is designed to identify individually evaluated and potential problem loans, and to permit periodic evaluation of impairment and the appropriate level of the allowance for credit losses in a timely manner. 35 Table of Contents In addition, the Company\u2019s Board of Directors has established a written credit policy that includes a credit review and control system that the Board of Directors believes should be effective in ensuring that the Bank maintains an appropriate allowance for credit losses. The Board of Directors provides oversight for the allowance evaluation process, inclu Item 1. Business Business of Bancorp Overview Cathay General Bancorp (the \u201cBancorp\u201d on a parent-only basis, and the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d on a consolidated basis) is a corporation that was organized in 1990 under the laws of the State of Delaware. The Bancorp is the holding company of Cathay Bank, a California state-chartered commercial bank (\u201cCathay Bank\u201d or the \u201cBank\u201d), and twelve limited partnerships investing in affordable housing investments in which the Bank is the sole limited partner. The Bancorp also owns 100% of the common stock of five statutory business trusts created for the purpose of issuing capital securities. Our principal place of business is located at 777 North Broadway, Los Angeles, California 90012, with our main telephone number at (213) 625-4700. Certain of our administrative offices are located at 9650 Flair Drive, El Monte, California 91731. Our common stock is traded on the NASDAQ Global Select Market, and our trading symbol is \u201cCATY\u201d. The Bancorp is regulated as a bank holding company by the Board of Governors of the Federal Reserve System (\u201cFederal Reserve\u201d). Cathay Bank is regulated as a California commercial bank by the California Department of Financial Protection and Innovation (\u201cDFPI\u201d) and the Federal Deposit Insurance Corporation (\u201cFDIC\u201d). At December 31, 2025, we had $24.23 billion in total consolidated assets, $19.94 billion in net loans, $20.89 billion in deposits, and $2.93 billion in shareholders\u2019 equity. Subsidiaries of Bancorp In addition to Cathay Bank, the Bancorp has the following subsidiaries: Cathay Capital Trust I, Cathay Statutory Trust I, Cathay Capital Trust II, Cathay Capital Trust III and Cathay Capital Trust IV. The Bancorp established Cathay Capital Trust I in June 2003, Cathay Statutory Trust I in September 2003, Cathay Capital Trust II in December 2003, Cathay Capital Trust III in March 2007, and Cathay Capital Trust IV in May 2007 (collectively, the \u201cTrusts\u201d) as subsidiaries. The Tru Item 1A. Risk Factors Ownership of our common stock involves certain risks. The risks and uncertainties described below are not the only ones we face. Understanding these risks is important to understanding any statement in this Annual Report on Form 10-K. You should carefully read and consider the risks and uncertainties described below together with all o", "title": "CATY - CATHAY GENERAL BANCORP", "url": "/company/CATY/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0001067294; latest 10-K filed 2025-09-26.", "text": "CBRL - CRACKER BARREL OLD COUNTRY STORE, INC SIC 5812 Retail-Eating Places; CIK 0001067294; latest 10-K filed 2025-09-26. CBRL CRACKER BARREL OLD COUNTRY STORE, INC 0001067294 5812 Retail-Eating Places ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) provides information which management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. MD&A should be read in conjunction with the Consolidated Financial Statements and notes thereto. Readers should also carefully review the information presented under the section entitled \u201cRisk Factors\u201d and other cautionary statements in this report. All dollar amounts (other than per share amounts) reported or discussed in this MD&A are shown in thousands. References in MD&A to a year or quarter are to our fiscal year or quarter unless expressly noted or the context clearly indicates otherwise. This overview summarizes the MD&A, which includes the following sections: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Executive Overview \\u2013 a general description of our business, the restaurant and retail industries, our strategic priorities and our key performance indicators.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Results of Operations \\u2013 an analysis of our consolidated statements of income presented in our Consolidated Financial Statements.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Liquidity and Capital Resources \\u2013 an analysis of our primary sources of liquidity, capital expenditures and material commitments.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Critical Accounting Estimates \\u2013 a discussion of accounting policies that require critical judgments and estimates.\"]] [[/GREPCENT_TABLE]] 38 Table of Contents The following MD&A includes a discussion of 2025 and 2024 items and year-to-year comparisons between the years ended August 01, 2025 and August 02, 2024. Discussion of 2023 items and year-to-year comparisons between the years ended August 02, 2024 and July 28, 2023 that are not included in this MD&A can be found in \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our annual report on Form 10-K for the year ended August 02, 2024, filed with the SEC on September 27, 2024. EXECUTIVE OVERVIEW Cracker Barrel Old Country Store, Inc. (the \u201cCompany,\u201d \u201cour\u201d or \u201cwe\u201d) is a publicly traded (Nasdaq: CBRL) company that, through its operations and those of certain subsidiaries, is principally engaged in the operation and development of the Cracker Barrel Old Country Store\u00ae (\u201cCracker Barrel\u201d) concept. Each Cracker Barrel store consists of a restaurant with a gift shop. The restaurants serve breakfast, lunch and dinner. The gift shop offers a variety of decorative and functional items specializing in rocking chairs, holiday gifts, toys, apparel and foods. As of September 12, 2025, the Company operated 657 Cracker Barrel stores located in 43 states. The Company also owns Maple Street Biscuit Company (\u201cMSBC\u201d), a breakfast and lunch fast casual concept. As of September 12, 2025, the Company operated 68 MSBC locations in ten states. Strategic Priorities Management believes that the Cracker Barrel brand remains one of the strongest and most differentiated brands in the restaurant industry, and we plan to continue to leverage and build on that strength as a core competitive component of our business strategy. Our long-term strategy is anchored on three overarching business imperatives: driving relevancy, delivering food and experiences guests love, and growing profitability. We believe there are significant challenges in the macroeconomic outlook for the coming quarters, including continued volatility of inflation and interest rates, higher consumer debt levels and lower savings rates, as well as the potential uncertainty associated with the geopolitical environment and global trade among other factors. However, despite these challenges, we remain focused on delivering lo ITEM 1. BUSINESS OVERVIEW Cracker Barrel Old Country Store, Inc. is principally engaged in the operation and development of the Cracker Barrel Old Country Store\u00ae concept (\u201cCracker Barrel\u201d). Originally founded in 1969, we are headquartered in Lebanon, Tennessee and are organized under the laws of the State of Tennessee. We maintain a website at crackerbarrel.com. We make available free of charge through our website our periodic and other reports filed with or furnished to the SEC pursuant to the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d), as soon as reasonably practicable after we file such material with, or furnish it to, the SEC. Information on our website is not deemed to be incorporated by reference into this Annual Report on Form 10-K or any other filings that we make from time to time with the SEC. As of September 12, 2025, we operated 657 Cracker Barrel stores in 43 states and 68 Maple Street Biscuit Company stores in 10 states. The following description of our business should be read in conjunction with the information in Part II of this report under the caption \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and \u201cItem 8. Financial Statements and Supplementary Data.\u201d Cracker Barrel Old Country Store Concept Our Cracker Barrel stores are intended to appeal to both the traveler and the local customer, and we believe they have consistently been a consumer favorite. We pride ourselves on our consistent quality, value and friendly service. As of September 12, 2025, no Cracker Barrel stores were franchised. In 2024, we announced our multi-year strategic plan. The multi-year strategic plan is anchored on three overarching business imperatives: driving relevancy, delivering food and an experience guests love, and growing profitability. We have undertaken certain initiatives as part of these imperatives, including modifying capital allocation to support increased investment in the business to ITEM 1A. RISK FACTORS Investing in our securities involves a degree of risk. Persons buying our securities should carefully consider the risks described below and the other information contained in this Annual Report on Form 10-K and other filings that we make from time to time with the SEC, including our consolidat", "title": "CBRL - CRACKER BARREL OLD COUNTRY STORE, INC", "url": "/company/CBRL/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000723188; latest 10-K filed 2026-02-27.", "text": "CBU - COMMUNITY FINANCIAL SYSTEM, INC. SIC 6021 National Commercial Banks; CIK 0000723188; latest 10-K filed 2026-02-27. CBU COMMUNITY FINANCIAL SYSTEM, INC. 0000723188 6021 National Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u200b This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) primarily reviews the financial condition and results of operations of the Company for the past two years, although in some circumstances a period longer than two years is covered in order to comply with SEC disclosure requirements or to more fully explain long-term trends. The following discussion and analysis should be read in conjunction with the Company\u2019s Consolidated Financial Statements and related notes that appear on pages 77 through 148. All references in the discussion to the financial condition and results of operations refer to the consolidated position and results of the Company and its subsidiaries taken as a whole. \u200b Unless otherwise noted, all earnings per share (\u201cEPS\u201d) figures disclosed in the MD&A refer to diluted EPS. The term \u201cthis year\u201d and equivalent terms refer to results in calendar year 2025, \u201clast year\u201d and equivalent terms refer to calendar year 2024, and all references to income statement results correspond to full-year activity unless otherwise noted. For a discussion of 2024 results as compared with 2023 results, see Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Annual Report on Form 10-K for the year ended December 31, 2024. \u200b This MD&A contains certain forward-looking statements with respect to the financial condition, results of operations, and business of the Company. These forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements are provided under the caption \u201cForward-Looking Statements\u201d beginning on page 70. \u200b \u200b 37 Table of Contents Critical Accounting Policies and Estimates \u200b As a result of the complex and dynamic nature of the Company\u2019s business, management must exercise judgment in selecting and applying the most appropriate accounting policies for its various areas of operations. The policy decision process not only ensures compliance with the current accounting principles generally accepted in the United States of America (\u201cGAAP\u201d), but also reflects management\u2019s discretion with regard to choosing the most suitable methodology for reporting the Company\u2019s financial performance. It is management\u2019s opinion that the accounting estimates covering certain aspects of the business have more significance than others due to the relative importance of those areas to overall performance, or the level of subjectivity in the selection process. These estimates affect the reported amounts of assets and liabilities as well as disclosures of revenues and expenses during the reporting period. Actual results could meaningfully differ from these estimates. Management considers its critical accounting estimates those that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on the Company\u2019s financial condition or results of operations. Management believes that the critical accounting estimates include the allowance for credit losses; actuarial assumptions associated with the pension, post-retirement, and other employee benefit plans; and the carrying value of goodwill and other intangible assets. A summary of the significant accounting policies used by management is disclosed in Note A, \u201cSummary of Significant Accounting Policies,\u201d starting on page 83. \u200b Allowance for Credit Losses \u200b The allowance for credit losses (\u201cACL\u201d) represents management\u2019s judgment of an estimated amount of lifetime losses on outstanding loans at the balance sheet date. This is estimated using relevant available information from internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. The determination of the app Item 1. Business \u200b Community Financial System, Inc. (the \u201cCompany\u201d) was incorporated on April 15, 1983, under the Delaware General Corporation Law. Its principal office is located at 333 Butternut Drive, Syracuse, New York 13214. The Company\u2019s business philosophy is to operate as a diversified financial services enterprise providing a broad array of banking and other financial services to retail, commercial, institutional and governmental customers. The Company is a registered financial holding company which wholly-owns two significant subsidiaries: Community Bank, N.A. (the \u201cBank\u201d or \u201cCBNA\u201d), and Benefit Plans Administrative Services, Inc. (\u201cBPAS\u201d). As of December 31, 2025, BPAS owns five subsidiaries: Benefit Plans Administrative Services, LLC (\u201cBPA\u201d), a provider of defined contribution plan administration services; Northeast Retirement Services, LLC (\u201cNRS\u201d), a provider of institutional transfer agency, master recordkeeping services, fund administration, trust, and retirement plan services; BPAS Actuarial & Pension Services, LLC (\u201cBPAS-APS\u201d), a provider of actuarial and benefit consulting services; BPAS Trust Company of Puerto Rico, a provider of trust and benefit plan administration services; and Hand Benefits & Trust Company (\u201cHB&T\u201d), a provider of collective investment fund administration and institutional trust services. NRS owns one subsidiary, Global Trust Company, Inc. (\u201cGTC\u201d), a non-depository trust company which provides fiduciary services for collective investment trusts and other products. HB&T owns one subsidiary, Hand Securities, Inc. (\u201cHSI\u201d), an introducing broker-dealer. \u200b As of December 31, 2025, the Bank operates 192 full-service branches and 8 drive-thru only locations throughout 42 counties of Upstate New York, 9 counties of Northeastern Pennsylvania, 12 counties of Vermont, 1 county of Western Massachusetts and 1 county of Southern New Hampshire, offering a range of commercial and retail banking services. The Bank owns the following operati Item 1A. Risk Factors \u200b There are risks inherent in the Company\u2019s business. The material risks and uncertainties that management believes affect the Company are described below. Adverse experience with these could have a material impact on the Company\u2019s financial condition and results of operations. The Risk Committee", "title": "CBU - COMMUNITY FINANCIAL SYSTEM, INC.", "url": "/company/CBU/" }, { "kind": "company", "summary": "SIC 2800 Chemicals & Allied Products; CIK 0001627223; latest 10-K filed 2026-02-24.", "text": "CC - Chemours Co SIC 2800 Chemicals & Allied Products; CIK 0001627223; latest 10-K filed 2026-02-24. CC Chemours Co 0001627223 2800 Chemicals & Allied Products Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) supplements the Consolidated Financial Statements and the related notes thereto included elsewhere herein to help provide an understanding of our financial condition, changes in our financial condition, and the results of our operations for the periods presented. For the year ended December 31, 2023, and changes from the year ended December 31, 2023 to the year ended December 31, 2024, management\u2019s discussion and analysis pertaining to our financial condition, changes in our financial condition, and the results of our operations have been omitted from this MD&A and may be found in Item 7 \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations as included in our Annual Report on Form 10-K for the year ended December 31, 2024. This MD&A should be read in conjunction with the Consolidated Financial Statements and the related notes thereto included elsewhere in this Annual Report on Form 10-K. Our forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized. These statements, as well as our historical performance, are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond our control. Additionally, there may be other risks and uncertainties that we are unable to identify at this time or that we do not currently expect to have a material impact on our business. Factors that could cause or contribute to these differences include, but are not limited to, the risks, uncertainties, and other factors discussed within Item 1A \u2013 Risk Factors in this Annual Report on Form 10-K. Overview We are a leading, global provider of performance chemicals that are key inputs in end-products and processes in a variety of industries. We deliver customized solutions with a wide range of industrial and specialty chemical products for markets, including refrigeration and air conditioning, paints and coatings, plastics, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. Our principal products include refrigerants, titanium dioxide (\"TiO2\") pigment and industrial fluoropolymer resins. We manage and report our operating results through three principal reportable segments: Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials. Our Thermal & Specialized Solutions segment is a leading, global provider of refrigerants, thermal management solutions, propellants, blowing agents, and specialty solvents. Our Titanium Technologies segment is a leading, global provider of TiO2 pigment, a premium white pigment used to deliver whiteness, brightness, opacity, and protection in a variety of applications. Our Advanced Performance Materials segment is a leading, global provider of high-end polymers and advanced materials that deliver unique attributes, including low friction coefficients, extreme temperature resistance, weather resistance, ultraviolet and chemical resistance, and electrical insulation. Our Performance Chemicals and Intermediates business is presented under Other Segment. Recent Developments Sale of Former Taiwan Titanium Technologies Site In January 2026, we, through our subsidiary, The Chemours (Taiwan) Company Limited, entered into the Purchase Agreements with four entities affiliated with each other: Century Wind Power Co., Ltd., Century Iron and Steel Industrial Co., Ltd., Century Huaxin Wind Energy Co., Ltd. and Mr. Lai Wen-Hsiang, to sell ten parcels of land in Kuan Yin, Taiwan, for a total purchase price of approximately $360 million. We anticipate that the sale of the Property will be completed through one or more closings, which are expected to occur by mid-year 2026, subject to the satisfaction of certain closi Item 1. BUSINESS Overview The Chemours Company (herein referred to as \u201cwe\u201d, \u201cus\u201d, or \u201cour\u201d) is a leading, global provider of performance chemicals that are key inputs in end-products and processes in a variety of industries. We deliver customized solutions with a wide range of industrial and specialty chemical products for markets, including refrigeration and air conditioning, paints and coatings, plastics, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. Our principal products include refrigerants, titanium dioxide (\u201cTiO2\u201d) pigment and industrial fluoropolymer resins. We manage and report our operating results through three principal reportable segments: Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials. Our Thermal & Specialized Solutions segment is a leading, global provider of refrigerants, thermal management solutions, propellants, blowing agents, and specialty solvents. Our Titanium Technologies segment is a leading, global provider of TiO2 pigment, a premium white pigment used to deliver whiteness, brightness, opacity, and protection in a variety of applications. Our Advanced Performance Materials segment is a leading, global provider of high-end polymers and advanced materials that deliver unique attributes, including low friction coefficients, extreme temperature resistance, weather resistance, ultraviolet and chemical resistance, and electrical insulation. We operate 28 major production facilities located in eight countries and serve approximately 2,400 customers across a wide range of end-markets in approximately 110 countries. Many of our commercial and industrial relationships span decades. Our customer base includes a diverse set of companies, many of which are leaders in their respective industries. Our sales are not materially dependent on any single customer. As of December 31, 2025, no one individual customer represented more than 10% of our consolidated net sal Item 1A. RISK FACTORS Our operations could be affected by various risks, many of which are beyond our control. Based on current information, we believe that the following identifies the material risk factors that could affect our business, results of operations, or financial condition. Past financial performance may not be a reliable indicator of", "title": "CC - Chemours Co", "url": "/company/CC/" }, { "kind": "company", "summary": "SIC 4899 Communications Services, NEC; CIK 0001158324; latest 10-K filed 2026-02-20.", "text": "CCOI - COGENT COMMUNICATIONS HOLDINGS, INC. SIC 4899 Communications Services, NEC; CIK 0001158324; latest 10-K filed 2026-02-20. CCOI COGENT COMMUNICATIONS HOLDINGS, INC. 0001158324 4899 Communications Services, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis together with our consolidated financial statements and related notes included in this report. The discussion in this report contains forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. The cautionary statements made in this report should be read as applying to all related forward-looking statements wherever they appear in this report. Factors that could cause or contribute to these differences include those discussed in \u201cItem 1A. Risk Factors,\u201d as well as those discussed elsewhere. You should read \u201cItem 1A. Risk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Our actual results could differ materially from those discussed here. Factors that could cause or contribute to these differences include, but are not limited to: Our acquisition of Sprint Communications, now called Cogent Fiber, LLC, including difficulties integrating our business with the Cogent Fiber Business, which may result in the combined company not operating as effectively and efficiently as expected; government policies worldwide; vaccination and in-office requirements, delays in the delivery of network equipment or optical fiber, loss of key right-of-way agreements, future economic instability in the global economy, including the risk of economic recession and bank failures and liquidity concerns at certain other banks, which could affect spending on Internet services; the impact of changing foreign exchange rates (in particular the Euro to US dollar and Canadian dollar to US dollar exchange rates) on the translation of our non-US dollar denominated revenues, expenses, assets and liabilities into US dollars; legal and operational difficulties in new markets; our ability to maintain our regulatory licenses that are required in the markets in which we operate; the imposition of a requirement that we contribute to the US Universal Service Fund on the basis of our Internet revenue; changes in government policy and/or regulation, including rules regarding data protection, cyber security and net neutrality; increasing competition leading to lower prices for our services; our ability to attract new customers and to increase and maintain the volume of traffic on our network; the ability to maintain our Internet peering and right-of-way arrangements on favorable terms; our ability to renew our long-term leases of optical fiber and right-of-way agreements that comprise our network; our reliance on a limited number of equipment vendors, and the potential for hardware or software problems associated with such equipment; our inability to obtain the equipment necessary for our expansion plans and customer requirements; tariffs imposed on equipment we purchase for our network or other similar government-imposed fees and charges; the dependence of our network on the quality and dependability of third-party fiber and right-of-way providers; our ability to retain certain customers that comprise a significant portion of our revenue base; the management of network failures and/or disruptions; our ability to make payments on our indebtedness as they become due and outcomes in litigation, risks associated with variable interest rates under our Swap Agreement as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, this Annual Report on Form 10-K for the year ended December 31, 2025 and our Quarterly Reports on Form 10-Q. Acquisition of Cogent Fiber Business On May 1, 2023 (the \u201cClosing Date\u201d), Cogent Infrastructure, Inc. (now Cogent Infrastructure, LLC), a Delaware corporation and our direct wholly owned subsidiary (the \u201cBuyer\u201d, \u201cCogent Infrastructure\u201d, \u201cwe\u201d or \u201cus\u201d), closed on its acquisition of the U.S. long-haul fiber network (including the no ITEM 1. BUSINESS Description of business We are a facilities-based provider of low-cost, high-speed Internet access, private network services, optical wavelength and optical transport services and data center colocation space and power. Our network is specifically designed and optimized to transmit packet-routed data. We deliver our services to a diverse global base of businesses, communications service providers and other bandwidth-intensive organizations in 57 countries across North America, Europe, South America, Asia, Oceania and Africa. We are a Delaware corporation headquartered in Washington, DC. We provide our on-net Internet access and private network services to corporate, net-centric and enterprise customers. Our corporate customers are typically located in multi-tenant office buildings and consist of law firms, financial services firms, advertising and marketing firms, health care providers, educational institutions and other professional services businesses. Our net-centric customers include access networks comprised of other internet service providers (\u201cISPs\u201d), telephone companies, mobile operators and cable television companies as well as bandwidth-intensive users that leverage our network to deliver content to end users. Content delivery customers include over the top media service providers, content delivery networks, web hosting companies, and commercial content and application software providers. These net-centric customers generally receive our services in carrier neutral colocation facilities or in our own data centers. We operate data centers throughout North America and Europe that allow our customers to collocate their equipment and access our network. Additionally, as part of our acquisition of the Cogent Fiber Business (as defined below) we acquired a number of \u201cEnterprise\u201d customers that are larger than our historical customer base. We have continued to serve these acquired Enterprise customers and have expanded our target market to inc ITEM 1A. RISK FACTORS Market Risks Our growth and financial health are subject to a number of economic risks. A downturn in the world economy, especially the economies of North America and Europe, would negatively impact our growth. Our net-centric business would be particularly impacted ", "title": "CCOI - COGENT COMMUNICATIONS HOLDINGS, INC.", "url": "/company/CCOI/" }, { "kind": "company", "summary": "SIC 1531 Operative Builders; CIK 0001576940; latest 10-K filed 2026-01-29.", "text": "CCS - Century Communities, Inc. SIC 1531 Operative Builders; CIK 0001576940; latest 10-K filed 2026-01-29. CCS Century Communities, Inc. 0001576940 1531 Operative Builders ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis of our financial condition and results of operations is intended to help the reader understand our Company, business, operations and current business environment and is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the related notes to those statements included elsewhere in this Form 10-K. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under \u201cRisk Factors\u201d in Part I, Item 1A of this Form 10-K and elsewhere in this Form 10-K. We use certain non-GAAP financial measures that we believe are important for purposes of comparison to prior periods. This information is also used by our management to measure the profitability of our ongoing operations and analyze our business performance and trends. Some of the numbers included herein have been rounded for the convenience of presentation. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Business Overview We are engaged in the development, design, construction, marketing and sale of single-family attached and detached homes in 16 states. In many of our projects, in addition to building homes, we entitle and develop the underlying land. We build and sell homes under our Century Communities and Century Complete brands. Our Century Communities brand has an emphasis on serving the affordable homebuilding market but offers a wide range of buyer profiles including: entry-level, first and second time move-up, and lifestyle homebuyers, and provides our homebuyers with the limited ability to personalize their homes through certain option and upgrade selections. Our Century Complete brand targets entry-level homebuyers, primarily sells homes through retail studios, centralized locations and the internet, and generally provides no option or upgrade selections. Our homebuilding operations are organized into the following five reportable segments: West, Mountain, Texas, Southeast, and Century Complete. Our indirect wholly-owned subsidiaries, Inspire Home Loans Inc., Parkway Title, LLC, IHL Home Insurance Agency, LLC, and IHL Escrow Inc., which provide mortgage, title, insurance brokerage, and escrow services, respectively, primarily to our homebuyers, have been identified as our Financial Services segment. Additionally, our Century Living segment is engaged in the development, construction, management, and sales of multi-family rental properties, currently all located in Colorado. While we offer homes that appeal to a broad range of entry-level, move-up, and lifestyle homebuyers, our offerings are heavily weighted towards providing affordable housing options in each of our homebuyer segments. Additionally, we prefer building move-in-ready homes over built-to-order homes, which we believe allows for a faster construction process, advantageous pricing with subcontractors, and shortened time period from home sale to home delivery, thus allowing our customers greater certainty on their financing and allowing us to more appropriately price the homes and deploy our capital. Of the 10,387 new homes delivered during the year ended December 31, 2025, approximately 94% of our deliveries were made to entry-level homebuyers that were be ITEM 1.BUSINESS. Overview Century Communities, Inc., a Delaware corporation (which we refer to as \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cCCS,\u201d or the \u201cCompany\u201d), together with its subsidiaries, is engaged in the development, design, construction, marketing and sale of single-family attached and detached homes in 16 states. In many of our projects, in addition to building homes, we entitle and develop the underlying land. We build and sell homes under our Century Communities and Century Complete brands. Our Century Communities brand has an emphasis on serving the affordable homebuilding market but offers a wide range of buyer profiles including: entry-level, first and second time move-up, and lifestyle homebuyers, and provides our homebuyers with the limited ability to personalize their homes through certain option and upgrade selections. Our Century Complete brand targets entry-level homebuyers, primarily sells homes through retail studios, centralized locations and the internet, and generally provides no option or upgrade selections. Our homebuilding operations are organized into the following five reportable segments: West, Mountain, Texas, Southeast, and Century Complete. Our indirect wholly-owned subsidiaries, Inspire Home Loans Inc., Parkway Title, LLC, IHL Home Insurance Agency, LLC, and IHL Escrow Inc., which provide mortgage, title, insurance brokerage and escrow services, respectively, primarily to our homebuyers, have been identified as our Financial Services segment. Additionally, our Century Living segment is engaged in the development, construction, management, and sales of multi-family rental properties, currently all located in Colorado. While we offer homes that appeal to a broad range of entry-level, move-up, and lifestyle homebuyers, our offerings are heavily weighted towards providing affordable housing options in each of our homebuyer segments. Additionally, we prefer building move-in-ready homes over built-to-order homes, which we believe allows for a faster ITEM 1A.RISK FACTORS Our business, operating results, financial condition, stock price, and future prospects are subject to risks and uncertainties. The risks described below are not the only ones we face. Additional risks, including those not currently known or considered immaterial, could materially and adversely affect our business, oper", "title": "CCS - Century Communities, Inc.", "url": "/company/CCS/" }, { "kind": "company", "summary": "SIC 2820 Plastic Material, Synth Resin/Rubber, Cellulos (No Glass); CIK 0001306830; latest 10-K filed 2026-02-24.", "text": "CE - Celanese Corp SIC 2820 Plastic Material, Synth Resin/Rubber, Cellulos (No Glass); CIK 0001306830; latest 10-K filed 2026-02-24. CE Celanese Corp 0001306830 2820 Plastic Material, Synth Resin/Rubber, Cellulos (No Glass) Results of Operations Financial Highlights [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"Change\"],[\"\",\"(In $ millions, except percentages)\"],[\"Statement of Operations Data\"],[\"Net sales\",\"9,544\",\"\",\"\",\"10,268\",\"\",\"\",\"(724)\"],[\"Gross profit\",\"1,952\",\"\",\"\",\"2,336\",\"\",\"\",\"(384)\"],[\"Selling, general and administrative (\\\"SG&A\\\") expenses\",\"(899)\",\"\",\"\",\"(1,033)\",\"\",\"\",\"134\"],[\"Other (charges) gains, net\",\"(1,581)\",\"\",\"\",\"(1,744)\",\"\",\"\",\"163\"],[\"Gain (loss) on disposition of businesses and assets, net\",\"(5)\",\"\",\"\",\"(14)\",\"\",\"\",\"9\"],[\"Operating profit (loss)\",\"(786)\",\"\",\"\",\"(720)\",\"\",\"\",\"(66)\"],[\"Equity in net earnings (loss) of affiliates\",\"127\",\"\",\"\",\"196\",\"\",\"\",\"(69)\"],[\"Non-operating pension and other postretirement employee benefit (expense) income\",\"55\",\"\",\"\",\"(20)\",\"\",\"\",\"75\"],[\"Interest expense\",\"(701)\",\"\",\"\",\"(676)\",\"\",\"\",\"(25)\"],[\"Refinancing expense\",\"(68)\",\"\",\"\",\"\\u2014\",\"\",\"\",\"(68)\"],[\"Interest income\",\"24\",\"\",\"\",\"33\",\"\",\"\",\"(9)\"],[\"Dividend income - equity investments\",\"122\",\"\",\"\",\"128\",\"\",\"\",\"(6)\"],[\"Earnings (loss) from continuing operations before tax\",\"(1,220)\",\"\",\"\",\"(1,019)\",\"\",\"\",\"(201)\"],[\"Earnings (loss) from continuing operations\",\"(1,130)\",\"\",\"\",\"(1,526)\",\"\",\"\",\"396\"],[\"Earnings (loss) from discontinued operations\",\"(21)\",\"\",\"\",\"(8)\",\"\",\"\",\"(13)\"],[\"Net earnings (loss)\",\"(1,151)\",\"\",\"\",\"(1,534)\",\"\",\"\",\"383\"],[\"Net earnings (loss) attributable to Celanese Corporation\",\"(1,165)\",\"\",\"\",\"(1,542)\",\"\",\"\",\"377\"],[\"Other Data\"],[\"Depreciation and amortization\",\"760\",\"\",\"\",\"801\",\"\",\"\",\"(41)\"],[\"SG&A expenses as a percentage of Net sales\",\"9.4\",\"%\",\"\",\"10.1\",\"%\"],[\"Operating margin(1)\",\"(8.2)\",\"%\",\"\",\"(7.0)\",\"%\"],[\"Other (charges) gains, net\"],[\"Restructuring\",\"(68)\",\"\",\"\",\"(107)\",\"\",\"\",\"39\"],[\"Asset impairment losses\",\"(1,513)\",\"\",\"\",\"(1,639)\",\"\",\"\",\"126\"],[\"Plant/office closures\",\"\\u2014\",\"\",\"\",\"2\",\"\",\"\",\"(2)\"],[\"Total Other (charges) gains, net\",\"(1,581)\",\"\",\"\",\"(1,744)\",\"\",\"\",\"163\"]] [[/GREPCENT_TABLE]] _____________________________ (1)Defined as Operating profit (loss) divided by Net sales. [[GREPCENT_TABLE]] [[\"\",\"As of December 31,\"],[\"\",\"2025\",\"\",\"2024\"],[\"\",\"(In $ millions)\"],[\"Balance Sheet Data\"],[\"Cash and cash equivalents\",\"1,263\",\"\",\"\",\"962\"],[\"Short-term borrowings and current installments of long-term debt - third party and affiliates\",\"1,204\",\"\",\"\",\"1,501\"],[\"Long-term debt, net of unamortized deferred financing costs\",\"11,394\",\"\",\"\",\"11,078\"],[\"Total\",\"12,598\",\"\",\"\",\"12,579\"]] [[/GREPCENT_TABLE]] 37 Table of Contents Factors Affecting Business Segment Net Sales The percentage increase (decrease) in Net sales attributable to each of the factors indicated for each of our business segments is as follows: Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 [[GREPCENT_TABLE]] [[\"\",\"Volume\",\"\",\"Price\",\"\",\"Currency\",\"\",\"\",\"\",\"Total\"],[\"\",\"(In percentages)\"],[\"Engineered Materials\",\"(4)\",\"\",\"\",\"(1)\",\"\",\"\",\"1\",\"\",\"\",\"\",\"\",\"(4)\"],[\"Acetyl Chain\",\"(6)\",\"\",\"\",\"(6)\",\"\",\"\",\"1\",\"\",\"\",\"\",\"\",\"(11)\"],[\"Total Company\",\"(4)\",\"\",\"\",\"(4)\",\"\",\"\",\"1\",\"\",\"\",\"\",\"\",\"(7)\"]] [[/GREPCENT_TABLE]] Consolidated Results Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 Net sales decreased $724 million, or 7%, for the year ended December 31, 2025 compared to the same period in 2024 primarily due to: \u2022lower volume in our Engineered Materials and Acetyl Chain segments, primarily driven by weaker global economic conditions and decreased global demand; and \u2022lower pricing in our Acetyl Chain segment, primarily due to an environment with greater supply than demand, as well as our Engineered Materials segment, primarily due to competitive market dynamics, and product mix; partially offset by: \u2022a favorable currency impact, primarily resulting from a stronger euro relative to the U.S. dollar. Operating loss increased $66 million, or 9%, for the year ended December 31, 2025 compared to the same period in 2024 primarily due to: \u2022lower Net sales across our seg Item 1. Business Basis of Presentation In this Annual Report on Form 10-K, the term \"Celanese\" refers to Celanese Corporation, a Delaware corporation, and not its subsidiaries. The terms \"Company,\" \"we,\" \"our\" and \"us\" refer to Celanese and its subsidiaries on a consolidated basis. The term \"Celanese U.S.\" refers to the Company's subsidiary, Celanese US Holdings LLC, a Delaware limited liability company, and not its subsidiaries. Industry This Annual Report on Form 10-K includes industry data obtained from industry publications and surveys, as well as our own internal company surveys. Third-party industry publications, surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable. Overview We are a global chemical and specialty materials company. We are a global producer of high performance engineered polymers that are used in a variety of high-value applications, as well as one of the world's largest producers of acetyl products, which are intermediate chemicals for nearly all major industries. As a recognized innovator in the chemicals industry, we engineer and manufacture a wide variety of products essential to everyday living. Our broad product portfolio serves a diverse set of end-use applications including automotive, chemical additives, construction, consumer and industrial adhesives, medical, consumer electronics, energy storage, filtration, paints and coatings, paper and packaging, industrial applications and textiles. Our products enjoy leading global positions due to our differentiated business models, large global production capacity, operating efficiencies, proprietary technology and competitive cost structures. Our large and diverse global customer base primarily consists of major companies across a broad array of industries. We hold geographically balanced global positions and participate in diversified end-use applications. We combine a demonstrated track record of execution Item 1A. Risk Factors The following risks could materially and adversely affect our business, financial condition, cash flows and results of operations, and the trading price of our common stock or outstanding senior notes could decline. These risk factors do not identify all risks that we face; our ", "title": "CE - Celanese Corp", "url": "/company/CE/" }, { "kind": "company", "summary": "SIC 5190 Wholesale-Miscellaneous Nondurable Goods; CIK 0000887733; latest 10-K filed 2025-11-26.", "text": "CENT - CENTRAL GARDEN & PET CO SIC 5190 Wholesale-Miscellaneous Nondurable Goods; CIK 0000887733; latest 10-K filed 2025-11-26. CENT CENTRAL GARDEN & PET CO 0000887733 5190 Wholesale-Miscellaneous Nondurable Goods Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following is management\u2019s discussion of the financial results, liquidity and other key items related to our performance. This discussion should be read in conjunction with our consolidated financial statements and the related notes and other financial information appearing elsewhere in this Form 10-K. This Form 10-K contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those indicated in forward-looking statements. See \u201cForward-Looking Statements\u201d and \u201cItem 1A \u2013 Risk Factors.\u201d Business Overview Central Garden & Pet Company is a leading manufacturer and distributor of branded and private label products for the lawn & garden and pet supplies markets in the United States. In fiscal 2025, our consolidated net sales were $3.1 billion, of which our Pet segment, or Pet, accounted for approximately $1.8 billion and our Garden segment, or Garden, accounted for approximately $1.3 billion. In fiscal 2025, our operating income was $250 million, consisting of income from our Pet segment of $216 million, income from our Garden segment of $142 million and corporate expenses of $108 million. Fiscal 2025 Financial Highlights Financial summary: \u2022Net sales for fiscal 2025 decreased $71.4 million, or 2.2%, to $3.1 billion. Pet net sales decreased $30.8 million, or 1.7%, and Garden net sales decreased $40.6 million, or 3.0%. \u2022Gross profit for fiscal 2025 increased $53.6 million, or 5.7%, to $997.3 million and gross margin increased 240 basis points in fiscal 2025 to 31.9%, from 29.5% in fiscal 2024. On a non-GAAP basis, gross margin increased 210 basis points in fiscal 2025. \u2022Our operating income increased $64.7 million, or 34.9%, to $250.0 million in fiscal 2025. On a non-GAAP basis, operating income increased $42.2 million, or 19.0%, in fiscal 2025. \u2022Net income for fiscal 2025 was $162.8 million, or $2.55 per share on a diluted basis compared to $108.0 million, or $1.62 per share on a diluted basis in fiscal 2024. On a non-GAAP basis, net income in fiscal 2025 was $174.2 million, or $2.73 per share on a diluted basis compared to $142.4 million, or $2.13 per share on a diluted basis in fiscal 2024. Recent Developments: Wind-down of U.K. Operations In March 2025, we decided to wind-down our operations in the United Kingdom, which also served certain European markets, and move to a direct-export model. During fiscal 2025, we incurred approximately $10.0 million of one-time closure costs, including $5.6 million in cost of goods sold and $4.4 million in selling, general and administrative expense. The amounts were primarily related to the liquidation of inventory and receivables, severance and legal costs. Facility Closures During fiscal 2025, we began the consolidation of two legacy distribution facilities in Ontario, California and Salt Lake City, Utah into a new modern facility in Salt Lake City, Utah, reflecting our ongoing network optimization initiative to achieve a simpler, more efficient distribution network. As a result, we recognized $5.0 million in selling, general and administrative expense, composed primarily of charges for lease and severance costs. Fiscal 2025 Stock Repurchases During fiscal 2025, we repurchased 3.2 million shares of our non-voting common stock (CENTA) and 1.4 million shares of our voting common stock (CENT) on the open market at an aggregate cost of $148.4 million. As of September 27, 2025, we had $46.5 million remaining under our 2024 Repurchase Authorization. Tax Reform On July 4, 2025, H.R. 1, commonly known as the \u201cOne Big Beautiful Bill Act\u201d (the \u201cOBBBA\u201d), was enacted into law. The OBBBA contains numerous federal tax provisions including modifications to the capitalization of research and development expenses, limitations on deductions for interest expense, and accelerated fixed asset depreciation. Because the OBBBA was enacted durin Item 1. Business Our Company Central Garden & Pet Company (\u201cCentral\u201d) is a market leader in the U.S. pet and garden industries. For more than 40 years, we have delivered innovative, trusted solutions that help lawns grow greener, gardens bloom bigger, pets live healthier, and communities grow stronger. We operate through two reportable segments: Pet and Garden. Our Pet segment offers a broad range of products for dog and cat supplies, including treats and chews, toys, beds and containment, grooming items, waste management and training pads. We also provide supplies for aquatics, small animals, reptiles and pet birds, such as toys, enclosures, habitats, bedding, food and supplements, equine and livestock products, animal and household health solutions and insect control items. This segment also includes live fish and small animals as well as outdoor cushions. Products are sold under well-recognized brands including Aqueon\u00ae, Best Bully Sticks\u00ae, Cadet\u00ae, C&S\u00ae, Comfort Zone\u00ae, Farnam\u00ae, Four Paws\u00ae, Kaytee\u00ae, Nylabone\u00ae, Zilla\u00ae and Zo\u00ebcon\u00ae. Our Garden segment includes lawn and garden consumables such as grass seed; vegetable, flower and herb packet seed; wild bird feed, bird houses and other birding accessories; weed, grass, and other herbicides, insecticide and pesticide products; fertilizers and live plants. Brands in this segment include 3D\u00ae, Amdro\u00ae, Ferry-Morse\u00ae, Pennington\u00ae and Sevin\u00ae. The charts below present product classes that accounted for approximately 10% or more of our consolidated net sales and the percentage of net sales represented by segment for fiscal 2025. Strategy Our Central to Home strategy reflects our purpose of nurturing happy and healthy homes and our ambition to lead the pet and garden industries. Our goal is to grow net sales, operating income and cash flows by developing innovative products, expanding market share, acquiring complementary businesses and partnering with our customers to grow the categories we serve. We manage our business wi Item 1A. Risk Factors. This Form 10-K contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of factors both in and out of our control, including the risks faced by us described", "title": "CENT - CENTRAL GARDEN & PET CO", "url": "/company/CENT/" }, { "kind": "company", "summary": "SIC 3334 Primary Production of Aluminum; CIK 0000949157; latest 10-K filed 2026-03-03.", "text": "CENX - CENTURY ALUMINUM CO SIC 3334 Primary Production of Aluminum; CIK 0000949157; latest 10-K filed 2026-03-03. CENX CENTURY ALUMINUM CO 0000949157 3334 Primary Production of Aluminum Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Century Aluminum Company and its subsidiaries (collectively, \u201cCentury,\u201d the \u201cCompany,\u201d \u201cour\u201d and \u201cwe\u201d) and should be read in conjunction with the accompanying consolidated financial statements and related notes thereto in Item 8. Financial Statements and Supplementary Data and in Item 1A. Risk Factors. This MD&A contains \u201cforward-looking statements\u201d - See \u201cForward-Looking Statements\u201d above. The following discussion and analysis are for the year ended December 31, 2025, compared with the same period in 2024 unless otherwise stated. For discussion and analysis of the year ended December 31, 2024, compared with the same period in 2023, please refer to \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" included in Part II, Item 7. of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the \"SEC\") on March 3, 2025. 33 Table of Contents Overview We are a global producer of alumina and primary aluminum with production facilities in the United States. Iceland and Jamaica. Our primary aluminum smelters are concentrated in the U.S. and Iceland, while in Jamaica we maintain a 55% joint venture interest in the Jamalco alumina refinery, from which we off-take a commensurate amount of alumina production. We intend for the majority of our Jamalco off-take to be consumed internally at our primary aluminum smelters in a vertical integration model. We also own a carbon anode production facility located in the Netherlands. Carbon anodes are consumed in the production of primary aluminum. Vlissingen supplies carbon anodes to our aluminum smelter in Iceland. Each of our aluminum smelters in the United States produces anodes at on-site facilities. The key determinants of our results of operations and cash flow from operations are as follows: \u2022the price of primary aluminum, which is based on the London Metal Exchange (\"LME\") and other exchanges, plus any regional premiums and value-added product premiums; \u2022the cost of goods sold, the principal components of which are electrical power, alumina, carbon products, labor and other controllable costs, which in aggregate represent more than 84% of our cost of goods sold; and \u2022our production volume and product mix. Recent Developments New Smelter Project On January 26, 2026, we announced that we had entered into a joint development agreement with EGA to build the first new primary aluminum smelter in the United States since our Mt. Holly facility came online in 1980. Under the joint development agreement, EGA will own 60 percent of the joint venture, with Century Aluminum owning the remaining 40 percent. The new plant, to be built in Inola, Oklahoma, is expected to produce 750,000 tonnes of aluminum per year, more than doubling current U.S. production. Construction of the project is expected to start by the end of 2026, subject to the completion of detailed engineering work, completion of negotiations with Public Service Company of Oklahoma on a competitive long-term power supply agreement and the negotiation of a definitive joint venture agreement with EGA. Sale of Hawesville On February 2, 2026, we completed the sale of our Hawesville, Kentucky facility to an affiliate of Terawulf, Inc. for $200.0 million in cash and a 6.8% non-dilutive minority equity interest in the Terawulf affiliate that intends to develop and own a high-performance computing/artificial intelligence data center on the site (the \u201cData Center Minority Interest\u201d). A large portion of the proceeds are intended to be deployed to expand our domestic primary aluminum production capacity through the restart of the last potline Item 1. Business Overview Century Aluminum Company is a global producer of primary aluminum and operates aluminum reduction facilities, or \"smelters,\" in the United States and Iceland. Aluminum is an internationally traded commodity, and its price is effectively determined on the London Metal Exchange (the \"LME\"), plus applicable regional and value-added product premiums. Our smelters produce standard-grade and value-added primary aluminum products. Our current annual production capacity was approximately 770,000 tonnes per year (\"tpy\") as of December 31, 2025. We produced approximately 638,000 tonnes of primary aluminum in 2025. In addition to our primary aluminum assets, we have a 55% joint venture interest in the Jamalco bauxite mining operation and alumina refinery in Jamaica (\"Jamalco\"). The remaining 45% interest in Jamalco is indirectly owned by the Government of Jamaica. Century's share of Jamalco's production capacity is approximately 770,000 tpy. We also own a carbon anode production facility located in the Netherlands (\"Vlissingen\"). Carbon anodes are consumed in the production of primary aluminum. Vlissingen supplies carbon anodes to our aluminum smelter in Grundartangi, Iceland. Each of our aluminum smelters in the United States produces anodes at on-site facilities. At Century, we aim to provide innovative and reliable aluminum products to our customers, a safe and sustainable workplace for our people and the communities in which we operate, and a compelling value proposition for our stockholders. We seek to operate our businesses in a responsible manner by balancing the twin priorities of (i) maintaining a strong balance sheet across commodity cycles and (ii) making investments to lower our cost structure, expand our production capacity, and increase our competitiveness. Century has invested significant capital in recent years to increase production and grow our product portfolio to include more value-added aluminum products to better serve our Item 1A. Risk Factors The following describes certain of the risks and uncertainties we face that could materially and adversely affect our business, financial condition and results of operation, and cause our future results to differ materially from our current results and from those anticipated in our forward-looking statements. ", "title": "CENX - CENTURY ALUMINUM CO", "url": "/company/CENX/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001827090; latest 10-K filed 2026-02-26.", "text": "CERT - Certara, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001827090; latest 10-K filed 2026-02-26. CERT Certara, Inc. 0001827090 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. For purposes of this Management's Discussion and Analysis of Financial Condition and Results of Operations section, we use the terms \"Certara Inc.\", \"Company\", \u201cwe\u201d, \u201cus\u201d, and \u201cour\u201d to refer to Certara, Inc. You should read the following discussion of our financial condition and results of operations in conjunction with our audited consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report and our audited consolidated financial statements and notes thereto. As discussed in the section titled \u201cSpecial Note Regarding Forward Looking Statements,\u201d the following discussion and analysis, in addition to historical financial information, contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in the section titled \u201cRisk Factors\u201d under Part I, Item 1A above. For a discussion of our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, see \u201cResults of Operations\u201d and \u201cLiquidity and Capital Resources\u201d under Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report on Form 10-K. We intend the discussion of our financial condition and results of operations that follows to provide information that will assist the reader in understanding our consolidated financial statements, the changes in certain key items in those financial statements from year to year, and the primary factors that accounted for those changes, as well as how certain accounting principles, policies and estimates affect our Consolidated Financial Statements. Executive Overview We are a global leader in biosimulation science, technology and consulting services for using Model-Informed Drug Development (\u201cMIDD\u201d) in the global biopharmaceutical and biotech industry. MIDD is an approach that utilizes biological and statistical models derived from preclinical, clinical, and evidence data to inform decision-making in drug research and development, and commercialization. Biosimulation is a critical component of MIDD that uses computer-aided mathematical simulation of biological processes and systems to understand the action of a drug in a human body or a population of humans. Our goal is to enable the life science industry to use data, modeling, and analytics to make better decisions during drug research, development and commercialization to increase productivity rates and vastly reduce development costs. Drug development is necessarily a highly regulated process involving the collection of vast amounts of laboratory, clinical and evidence data, and there are many failures at every step along the way that add to total cost. On average, the pharmaceutical industry spends more than $290 billion annually on research and development(\u201cR&D\u201d). Generally, companies spend an average of $6.2 billion per FDA-approved drug to develop one new medicine, including the cost of failures, according to \u201cAnalysis of pharma R&D productivity - a new perspective needed\u201d on Drug Discovery Today. Our technology and scientists incorporate modern advances in scientific understanding, drug research and development experience, data analysis, and AI, resulting in significant opportunities to decrease the cost and increase the odds of new drug approval and commercial success. Our approach to AI is grounded in our long-standing expertise in mechanistic and empirical modeling. We deploy AI capabilities within validated scientific frameworks and expert-led workflows, rather than as standalone automated systems. This expert-in-the-loop model allows us to leverage native AI capabilities in a manner that is consistent with regulat Item 1. Business. Our Company We are a global leader in biosimulation science, technology, and consulting services for using Model-Informed Drug Development (\u201cMIDD\u201d) in the global biopharmaceutical and biotech industry. MIDD is an approach that utilizes biological and statistical models derived from preclinical, clinical, and evidence data to inform decision-making in drug research and development, and commercialization. Biosimulation is a critical component of MIDD that uses computer-aided mathematical simulation of biological processes and systems to understand the action of a drug in a human body or a population of humans. Biosimulation and hereby MIDD can increase the probability of success in bringing a new drug to market, accelerate its development and decrease the costs of drug development. There are many examples of currently approved drugs where models were successfully used in discovery, preclinical, first-in-human dose predictions, clinical trial simulations and protocol design, and for drug interaction label claims. Biosimulation is also used to support drug development beyond the approval stage; examples include determining formulation or manufacturing changes and label extensions. In addition, MIDD strategies are increasingly utilized to help predict commercial success, a critical part of the drug research and development process as new products must be both approved by regulators and adopted by the market. The diagram below shows the different areas of expertise that come together to enable MIDD. Our organization has been purposefully designed to include all these capabilities to collectively enable a new model of drug research and development for our clients. 6 Table of Contents Our goal is to enable the life sciences industry to use data, modeling, and analytics to make better decisions during drug research, development and commercialization to increase productivity rates and vastly reduce development costs. The pharmaceutical industry spends Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the following risk factors together with other information in this filing, including our consolidated financial statements and related notes included elsewhere in this filing, before deciding whether to invest in shares of our", "title": "CERT - Certara, Inc.", "url": "/company/CERT/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0001490906; latest 10-K filed 2025-11-26.", "text": "CFFN - Capitol Federal Financial, Inc. SIC 6035 Savings Institution, Federally Chartered; CIK 0001490906; latest 10-K filed 2025-11-26. CFFN Capitol Federal Financial, Inc. 0001490906 6035 Savings Institution, Federally Chartered Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis is intended to assist in understanding the financial condition, results of operations, liquidity, and capital resources of the Company. The Bank comprises almost all of the consolidated assets and liabilities of the Company and the Company is dependent primarily upon the performance of the Bank for the results of its operations. Because of this relationship, references to management actions, strategies and results of actions apply to both the Bank and the Company except where the context indicates otherwise. Executive Summary The following summary should be read in conjunction with the Management's Discussion and Analysis of Financial Condition and Results of Operations section in its entirety. The Company recognized net income of $68.0 million, or $0.52 per share, for fiscal year 2025 compared to net income of $38.0 million, or $0.29 per share, for the prior fiscal year. The increase in net income was due mainly to higher net interest and non-interest income, partially offset by higher non-interest expense. Non-interest income was lower in the prior fiscal year due mainly to the net losses on the sale of securities associated with the securities strategy. See additional discussion regarding the securities strategy in the \"Securities Strategy to Improve Earnings\" section below. Excluding the effects of the net loss associated with the securities strategy, earnings per share (\"EPS\") would have been $0.37 for the prior fiscal year. The increase in EPS, excluding the effects of the net loss associated with the securities strategy, was due primarily to higher net interest income in the current fiscal year. The net interest margin increased 19 basis points, from 1.77% for the prior fiscal year to 1.96% for the current fiscal year. The increase was due mainly to higher yields on the loan portfolio due to the continued shift of loan balances from the one- to four-family loan portfolio to the higher yielding commercial loan portfolio, which outpaced the increase in the cost of deposits. The Bank continues to transition from a primarily retail oriented financial institution to one with an expanded focus on commercial customers by strategically growing all aspects of commercial banking through investments in technology, people, products, and services. The Bank is active in commercial lending markets even when the lending opportunity is outside of the Bank's local footprint. For additional discussion, see the \"Strategic Banking Initiatives\" section below. The Company's efficiency ratio was 58.33% for the current fiscal year compared to 66.91% for the prior fiscal year. Excluding the net losses from the securities strategy, the efficiency ratio would have been 61.97% for the prior fiscal year. The improvement in the efficiency ratio, excluding the net losses from the securities strategy, was due primarily to higher net interest income compared to the prior fiscal year, partially offset by higher non-interest expense. The Company's operating expense ratio for the current fiscal year was 1.22% compared to 1.17% for the prior fiscal year. The operating expense ratio was higher in the current fiscal year due mainly to higher non-interest expense. Total assets were $9.78 billion at September 30, 2025, an increase of $251.1 million from September 30, 2024. The increase was due primarily to growth in the loan portfolio, which was largely funded with deposit growth, mainly through the Bank's high yield savings account offering. Total loans receivable increased $204.6 million from September 30, 2024. The increase was due mainly to the commercial loan portfolio, which increased $607.0 million, or approximately 40%, during the current fiscal year, due primarily to commercial real estate loan growth. The increase was partially offset by a decrease of $400.0 million in one- to four-family loans. It is expected th Item 1. Business General The Company is a Maryland corporation with its common stock traded on the Global Select tier of the NASDAQ Stock Market. The Bank is a wholly-owned subsidiary of the Company and is a federally chartered and insured savings bank headquartered in Topeka, Kansas. The Bank continues to transition from a retail oriented financial institution to one with an expanded focus on commercial customers by strategically growing all aspects of commercial banking through investment in technology, people, products, and services. We attract deposits primarily from the general public and from businesses, and invest those funds primarily in commercial loans, either secured by real estate or for commercial and industrial purposes, and in permanent loans secured by first mortgages on owner-occupied, one- to four-family residences. The Bank is active in commercial lending markets even when the lending opportunity is outside of the Bank's local footprint. We also participate with other lenders in commercial loans, and have previously purchased loans from correspondent lenders secured by mortgages on one- to four-family residences but we suspended that line of business in June 2024. The Bank invests in certain investment securities and mortgage-backed securities (\"MBS\"). The Bank funds our lending and investing activities from deposits and Federal Home Loan Bank of Topeka (\"FHLB\") borrowings. We offer a variety of deposit accounts having a wide range of interest rates and terms, which generally include savings accounts, money market accounts, interest-bearing and non-interest-bearing checking accounts, and certificates of deposit with terms ranging from 91 days to 120 months. We also offer a broad range of banking services, including a full suite of treasury management services designed to support commercial customers in managing their financial operations efficiently and securely. By leveraging treasury management services, we help businesses streamline their o Item 1A. Risk Factors There are risks inherent in the Bank's and Company's business. The following is a summary of material risks and uncertainties relating to the operations of the Bank and the Company. Adverse experiences with these could have a material impact on the Company's ", "title": "CFFN - Capitol Federal Financial, Inc.", "url": "/company/CFFN/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000726854; latest 10-K filed 2026-02-25.", "text": "CHCO - CITY HOLDING CO SIC 6021 National Commercial Banks; CIK 0000726854; latest 10-K filed 2026-02-25. CHCO CITY HOLDING CO 0000726854 6021 National Commercial Banks Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations Statistical Information The information noted below is provided pursuant to Guide 3 - Statistical Disclosure by Bank Holding Companies and 17 CFR \u00a7 229.1400. [[GREPCENT_TABLE]] [[\"Description of Information\",\"\",\"PageReference\"],[\"Item I.\",\"Distribution of Assets, Liabilities and Stockholders'\"],[\"\",\"Equity; Interest Rates and Interest Differential\"],[\"\",\"a.\",\"Average Balance Sheets\",\"34\"],[\"\",\"b.\",\"Analysis of Net Interest Earnings\",\"35\"],[\"\",\"c.\",\"Rate Volume Analysis of Changes in Interest Income and Expense\",\"35\"],[\"II.\",\"Investment Portfolio\"],[\"\",\"a.\",\"Maturity Schedule of Investments\",\"45\"],[\"III.\",\"Loan Portfolio\"],[\"\",\"a.\",\"Types of Loans\",\"45\"],[\"\",\"b.\",\"Maturities and Sensitivity to Changes in Interest Rates\",\"45\"],[\"\",\"c.\",\"Other Interest Bearing Assets\",\"None\"],[\"\",\"d.\",\"Risk Elements\",\"76\"],[\"V.\",\"Deposits\"],[\"\",\"a.\",\"Breakdown of Deposits by Categories, Average Balance and Average Rate Paid\",\"34\"],[\"\",\"b.\",\"Maturity Schedule of Uninsured Time Certificates of Deposit\",\"51\"],[\"VI.\",\"Return on Equity and Assets\",\"33\"],[\"VII.\",\"Short-term Borrowings\",\"40\"]] [[/GREPCENT_TABLE]] 30 CITY HOLDING COMPANY City Holding Company (the \"Company\"), a West Virginia corporation headquartered in Charleston, West Virginia, is a registered financial holding company under the Bank Holding Company Act and conducts its principal activities through its wholly owned subsidiary, City National Bank of West Virginia (\"City National\"). City National is a retail and consumer-oriented community bank with 96 bank branches in West Virginia (58), Kentucky (22), Virginia (13) and southeastern Ohio (3). City National provides credit, deposit, and wealth and investment management services to its customers in a broad geographical area that includes many rural and small community markets in addition to larger cities including Charleston (WV), Huntington (WV), Martinsburg (WV), Ashland (KY), Lexington (KY), Winchester (VA) and Staunton (VA). In the Company's key markets, the Company's primary subsidiary, City National, often ranks in the top three relative to deposit market share and the top two relative to branch share (Charleston/Huntington MSA, Beckley/Lewisburg counties, Staunton MSA and Winchester, VA/WV Eastern Panhandle counties). In addition to its branch network, City National's delivery channels include automated-teller-machines (\"ATMs\"), interactive-teller-machines (\"ITMs\"), mobile banking, debit cards, interactive voice response systems, and internet technology. The Company\u2019s business activities are currently limited to one reportable business segment, which is community banking. See Note Three for additional information on the Company's reportable business segment. CRITICAL ACCOUNTING POLICIES AND ESTIMATES The accounting policies of the Company conform to U.S. generally accepted accounting principles and require management to make estimates and develop assumptions that affect the amounts reported in the financial statements and related footnotes. These estimates and assumptions are based on information available to management as of the date of the financial statements. Actual results could differ significantly from management\u2019s estimates. As this information changes, management\u2019s estimates and assumptions used to prepare the Company\u2019s financial statements and related disclosures may also change. The most significant accounting policies followed by the Company are presented in Note One of the Notes to Consolidated Financial Statements included herein. Based on the valuation techniques used and the sensitivity of financial statement amounts to the methods, assumptions, and estimates underlying those amounts, management has identified: (i) the determination of the allowance for credit losses and (ii) income taxes accounting to be the accounting areas that require the most subjective or complex judgments and, as such, could be most subject to Item 1.Business City Holding Company (the \"Company\" or \"City Holding\" or the \"Parent Company\") is a financial holding company headquartered in Charleston, West Virginia. The Company conducts its principal activities through its wholly-owned subsidiary, City National Bank of West Virginia (\"City National\"). City National provides banking, wealth and investment management and other financial solutions through its network of 96 bank branches and 934 full-time equivalent associates located in West Virginia, Kentucky, Virginia and southeastern Ohio. The Company\u2019s business activities are currently limited to one reportable business segment, which is community banking. The principal products produced and services rendered by City National include: \u2022Commercial Banking - City National offers a full range of commercial banking services to corporations and other business customers. Loans are provided for a variety of business purposes, including financing for commercial and industrial projects, income producing commercial real estate, owner-occupied real estate and construction and land development. City National also provides deposit services for commercial customers, including treasury management, lockbox and other cash management services. City National provides merchant credit card services through an agreement with a third-party vendor. \u2022Consumer Banking - City National provides banking services to consumers, including checking, savings and money market accounts as well as certificates of deposit and individual retirement accounts. In addition, City National provides consumers with installment and real estate loans and lines of credit. City National also offers credit cards through an agreement with a third-party vendor. \u2022Mortgage Banking - City National provides mortgage banking services, including fixed and adjustable-rate mortgages, construction financing, land loans, production of conventional and government insured mortgages, secondary marketing and mortgage ser Item 1A.Risk Factors An investment in the Company\u2019s common stock is subject to risks inherent to the Company\u2019s business. The material risks and uncertainties that management believes affect the Company are described below. The risks and uncertainties described below are not the only ones facing the Company. Additional risks and uncertainties ", "title": "CHCO - CITY HOLDING CO", "url": "/company/CHCO/" }, { "kind": "company", "summary": "SIC 5141 Wholesale-Groceries, General Line; CIK 0001517175; latest 10-K filed 2026-02-24.", "text": "CHEF - Chefs' Warehouse, Inc. SIC 5141 Wholesale-Groceries, General Line; CIK 0001517175; latest 10-K filed 2026-02-24. CHEF Chefs' Warehouse, Inc. 0001517175 5141 Wholesale-Groceries, General Line Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with information included in Item 8 of this report. Unless otherwise indicated, the terms \u201cCompany\u201d, \u201cChefs\u2019 Warehouse\u201d, \u201cwe\u201d, \u201cus\u201d, and \u201cour\u201d refer to The Chefs\u2019 Warehouse, Inc. and its subsidiaries. All dollar amounts included in the tables in the following discussion are presented in thousands. Overview and Recent Developments Overview We are a premier distributor of specialty foods in the leading culinary markets in the United States, the Middle East and Canada. We offer more than 90,000 stock-keeping units (\u201cSKUs\u201d), ranging from high-quality specialty foods and ingredients to basic ingredients and staples, produce and center-of-the-plate proteins, such as beef, seafood and poultry. We serve more than 55,000 Core Customer locations, primarily located in our twenty-three geographic markets across the United States, the Middle East and Canada, and the majority of our customers are independent restaurants and fine dining establishments. Our Allen Brothers subsidiary sells certain of our center-of-the-plate products directly to consumers. We believe several key differentiating factors of our business model have enabled us to execute our strategy consistently and profitably across our expanding customer base. These factors consist of a portfolio of distinctive and hard-to-find specialty food products, an extensive selection of center-of-the-plate proteins, a highly trained and motivated sales force, strong sourcing capabilities, a fully integrated warehouse management system, a highly sophisticated distribution and logistics platform and a focused, seasoned management team. In recent years, our sales to existing and new customers have increased through the continued growth in demand for specialty food and center-of-the-plate products in general; increased market share driven by our large percentage of sophisticated and experienced sales professionals, our high-quality customer service and our extensive breadth and depth of product offerings, including, as a result of our acquisitions; the expansion of our existing distribution centers; our entry into new distribution centers, including the construction of new distribution centers that serve our markets in Las Vegas, Oman, Denver, Portland, San Francisco, United Arab Emirates, Philadelphia and Miami; and the import and sale of our proprietary brands. Through these efforts, we believe that we have been able to expand our customer base, enhance and diversify our product selections, broaden our geographic penetration and increase our market share. Recent Acquisition On October 1, 2025, we entered into an asset purchase agreement to acquire substantially all of the assets of Italco Food Products (\u201cItalco\u201d), a specialty food distributor based in Denver, Colorado. The purchase price was $16.5 million and is subject to customary working capital true-ups. The assets acquired consist primarily of inventory, accounts receivable and goodwill and other intangibles and are not material to our consolidated financial statements. Our Growth Strategies and Outlook We continue to invest in our people, facilities and technology in an effort to achieve the following objectives and maintain our premier position within the specialty foodservice distribution market: \u2022sales and service territory expansion; \u2022operational excellence and high customer service levels; \u2022expanded purchasing programs and improved buying power; \u2022product innovation and new product category introduction; \u2022operational efficiencies through system enhancements and consolidation of truck routes and facilities; and \u2022operating expense reduction through the centralization of general and administrative functions. Our growth has allowed us to improve upon our organization\u2019s infrastructure, open new distribution facilities and pursue selective acquisitions. Over the last s Item 1. BUSINESS We are a premier distributor of specialty food and center-of-the-plate products in the United States, the Middle East, and Canada. We are focused on serving the specific needs of chefs who own and/or operate some of the leading menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolateries, cruise lines, casinos and specialty food stores in the United States, the Middle East, and Canada (collectively, our \u201cCore Customers\u201d). We believe that we have a distinct competitive advantage in serving these customers as a result of our extensive selection of distinctive and hard-to-find specialty and center-of-the-plate food products, our product knowledge and our customer service. We define specialty food products as gourmet foods and ingredients that are of the highest grade, quality or style as measured by their uniqueness, exotic origin or particular processing method. Our product portfolio includes over 90,000 stock-keeping units (\u201cSKUs\u201d) from more than 4,000 different suppliers and is comprised primarily of imported and domestic specialty food products, such as artisan charcuterie, specialty cheeses, unique oils and vinegars, truffles, caviar, chocolate and pastry products. We also offer an extensive line of center-of-the-plate products, including custom cut beef, seafood and hormone-free poultry, as well as produce and broadline food products, such as cooking oils, butter, eggs, milk and flour. When marketing our products to our customers, we focus our efforts on chefs, and we believe that, by offering a wide selection of both distinctive and hard-to-find products, together with center-of-the-plate proteins and staple broadline food products, we are able to differentiate ourselves from larger, traditional broadline foodservice distributors, while simultaneously enabling our customers to utilize us as their primary foodservice distributor. Additionally, we mar Item 1A. RISK FACTORS Our business, financial condition and results of operations are subject to various risks and uncertainties, including those described below and elsewhere in this Annual Report on Form 10-K. This section discusses factors that, individually or in the aggregate, we think could cause our actual results to d", "title": "CHEF - Chefs' Warehouse, Inc.", "url": "/company/CHEF/" }, { "kind": "company", "summary": "SIC 1389 Oil & Gas Field Services, NEC; CIK 0001958086; latest 10-K filed 2026-03-23.", "text": "CLB - Core Laboratories Inc. /DE/ SIC 1389 Oil & Gas Field Services, NEC; CIK 0001958086; latest 10-K filed 2026-03-23. CLB Core Laboratories Inc. /DE/ 0001958086 1389 Oil & Gas Field Services, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Core Laboratories Inc. is a Delaware corporation. We were established in 1936 and are one of the world\u2019s leading providers of proprietary and patented reservoir description and production enhancement services and products to the oil and gas industry, primarily through client relationships with many of the world\u2019s major, national and independent oil companies. On May 1, 2023, Core Laboratories N.V. completed its previously announced redomestication transaction (the \u201cRedomestication Transaction\u201d), which through a series of steps, resulted in the merger of Core Laboratories N.V., a holding company in the Netherlands, with and into Core Laboratories Luxembourg S.A., a public limited liability company incorporated under the laws of Luxembourg, with Core Laboratories Luxembourg S.A. surviving, and subsequently the migration of Core Laboratories Luxembourg S.A. out of Luxembourg and its domestication as Core Laboratories Inc., a Delaware corporation. See Note 1 - Description of Business of the Notes to the Consolidated Financial Statements. We operate our business in two segments. These complementary operating segments provide different services and products and utilize different technologies for evaluating and improving reservoir performance and increasing oil and gas recovery from new and existing fields: \u2022 Reservoir Description: Encompasses the characterization of petroleum reservoir rock and reservoir fluids samples to increase production and improve recovery of crude oil and natural gas from our clients\u2019 reservoirs. We provide laboratory-based analytical and field services to characterize properties of crude oil and crude oil-derived products to the oil and gas industry. Services associated with these fluids include determining the quality and measuring the quantity of the reservoir fluids and their derived products, such as gasoline, diesel and biofuels. We also provide proprietary and joint industry studies based on these types of analyses and manufacture associated laboratory equipment. In addition, we provide reservoir description capabilities that support various activities associated with energy transition projects, including services that support carbon capture, utilization and storage, geothermal projects, and the evaluation and appraisal of mining activities around lithium and other elements necessary for energy storage. \u2022 Production Enhancement: Includes services and manufactured products associated with reservoir well completions, perforations, stimulation, production and well abandonment. We provide integrated diagnostic services to evaluate and monitor the effectiveness of well completions and to develop solutions aimed at increasing the effectiveness of enhanced oil recovery projects. General Overview We provide services as well as design and produce products which enable our clients to evaluate and improve reservoir performance and increase oil and gas recovery from new and existing fields. These services and products are generally in higher demand when our clients are investing capital in their field development programs that are designed to increase productivity from existing fields or when exploring for, appraising and developing new fields. Our clients\u2019 investment in capital expenditure programs tends to correlate over the longer term to oil and natural gas commodity prices. During periods of higher, stable prices, our clients generally invest more in capital expenditures and, during periods of lower or volatile commodity prices, they tend to invest less. Consequently, the level of capital expenditures by our clients impacts the demand for our services and products. The following table summarizes the annual average and year-end worldwide and U.S. rig counts for the years ended December 31, 2025, 2024 and 2023, as well as the annual average and year-end spot price of a barrel of West Texas Intermediate (\u201cWTI\u201d) ITEM 1. BUSINESS General Core Laboratories Inc. is a Delaware corporation. We were established in 1936 and are one of the world\u2019s leading providers of proprietary and patented reservoir description and production enhancement services and products to the oil and gas industry, primarily through client relationships with many of the world\u2019s major, national and independent oil companies. These services and products can enable our clients to evaluate and improve reservoir performance and increase oil and gas recovery from their new and existing fields. We make measurements on reservoir rocks, reservoir fluids (crude oil, natural gas and water) and their derived products. In addition, we assist clients in evaluating subsurface targets associated with Carbon Capture and Sequestration (\u201cCCS\u201d) projects or initiatives. We have over 70 offices in more than 50 countries and have approximately 3,300 employees. On May 1, 2023, Core Laboratories N.V. completed its previously announced redomestication transaction (the \u201cRedomestication Transaction\u201d), which through a series of steps, resulted in the merger of Core Laboratories N.V., a holding company in the Netherlands, with and into Core Laboratories Luxembourg S.A., a public limited liability company incorporated under the laws of Luxembourg, with Core Laboratories Luxembourg S.A. surviving, and subsequently the migration of Core Laboratories Luxembourg S.A. out of Luxembourg and its domestication as Core Laboratories Inc., a Delaware corporation. See Note 1 - Description of Business of the Notes to the Consolidated Financial Statements. References to \u201cCore Laboratories\u201d, \u201cCore Lab\u201d, \u201cthe Company\u201d, \u201cwe\u201d, \u201cour\u201d, \u201cus\u201d and similar phrases are used throughout this Annual Report on Form 10-K (this \u201cForm 10-K\u201d) and relate collectively to Core Laboratories Inc. and its consolidated affiliates. Business Strategy Our business strategy is to provide advanced technologies that improve reservoir performance by (i) continuing the developm ITEM 1A. RISK FACTORS Our forward-looking statements are based on assumptions that we believe to be reasonable but that may not prove to be accurate. All of our forward-looking information is, therefore, subject to risks and uncertainties that could cause actual results to differ materially from the results expect", "title": "CLB - Core Laboratories Inc. /DE/", "url": "/company/CLB/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0000827876; latest 10-K filed 2025-11-25.", "text": "CLSK - CLEANSPARK, INC. SIC 6199 Finance Services; CIK 0000827876; latest 10-K filed 2025-11-25. CLSK CLEANSPARK, INC. 0000827876 6199 Finance Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations ($ presented in 000's, except for bitcoin price) Forward-Looking Statements The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes to those statements that are included elsewhere in this Annual Report on Form 10-K. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors. We use words such as anticipate, estimate, plan, project, continuing, ongoing, expect, believe, intend, may, will, should, could, and similar expressions to identify forward-looking statements. See \u201cForward-Looking Statements.\u201d Business Overview We are a data center developer, until recently focused exclusively on bitcoin mining. We focus on providing scalable, energy-efficient digital infrastructure across the United States. We independently own, lease and operate a large portfolio of data centers and power assets with locations in Georgia, Tennessee, Mississippi and Wyoming for a total contracted power capacity of approximately 1,027 MW as of September 30, 2025. In October 2025, we acquired property and secured long-term power supply agreements in Texas to support the development of a next-generation data center campus. We intend to continue our growth in these regions and are actively developing plans for additional capacity in these states and other domestic regions. We had an independent data center operation in Massena, NY subject to a hosting agreement that operated 50 MW, which expired on December 31, 2024. The parties commenced wind-down procedures upon expiration. All MW allocated to the Company have been vacated as of September 30, 2025. We have no intention to mine, purchase or hold any other crypto assets at this time or in the foreseeable future, and we did not hold any other crypto asset as of September 30, 2025. We design our infrastructure to responsibly secure and support both bitcoin mining and AI and HPC workloads. We cultivate trust and transparency among our employees and the communities where we operate. Bitcoin Mining Bitcoin mining has historically been our principal revenue generating business activity. Factors such as access to specialized mining servers, energy, electricity cost, environmental factors (such as cooling capacity) and location play important roles in mining. As of September 30, 2025, our operating mining units produced an average computing power of 45.6 EH/s, reaching a peak of 50 EH/s during the period. In bitcoin mining, \u201chashrate\u201d is a measure of the computing and processing power and speed by which a mining computer mines and processes transactions on the bitcoin network. We expect to continue increasing our computing power through 2025 and beyond as we expand infrastructure at our owned sites in Tennessee and across our portfolio of data centers in Georgia, Mississippi, and Wyoming, while also pursuing regional expansion opportunities and evaluating strategic acquisition targets. A company\u2019s computing power, measured in hashrate, is a significant driver of its bitcoin mining revenue, and when compared to the global hashrate, determines the company\u2019s market share, making hashrate one of the most important metrics for evaluating bitcoin mining companies. We owned approximately 336,544 miners, of which approximately 241,934 were in service as of September 30, 2025. The remainder primarily consists of new machines that are ready for installation at expansion sites, are under evaluation for relocation, or are awaiting repair. Our miners range in age from 1-57 months and have an average age of approximately 15 months. Effective May 2 Item 1. Business As used in this Annual Report on Form 10-K, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany,\u201d \u201cCleanSpark, Inc.\u201d and \u201cCleanSpark\u201d mean CleanSpark, Inc. and its consolidated subsidiaries, unless otherwise indicated. Dollar amounts presented in this Annual Report on Form 10-K are presented in thousands, except per share amounts, bitcoin price, and information set forth under the heading \u201cBitcoin Mining Operations\u201d. Overview CleanSpark is a data center developer, until recently focused exclusively on bitcoin mining. We independently own, lease and operate a large portfolio of data centers and power assets across the United States with locations in Georgia, Tennessee, Mississippi and Wyoming for a total contracted power capacity of approximately 1,027 megawatts (\u201cMW\u201d) as of September 30, 2025. We intend to continue our growth in these regions and are actively developing plans for additional capacity in these states and other domestic regions. We have no intention to mine, purchase or hold any crypto assets other than bitcoin at this time or in the foreseeable future, and we did not hold any other crypto asset as of September 30, 2025. We design our infrastructure to efficiently, profitably and responsibly secure and support both bitcoin mining and AI and HPC workloads. We are currently analyzing our portfolio and pipeline of potential new developments and expansions of existing sites to identify opportunities for the maximum return on investment, which may include bitcoin mining, AI and HPC hosting and leasing, or a combination of both. We cultivate trust and transparency among our employees and the communities where we operate. Through CleanSpark and our wholly owned subsidiaries, we have operated in the bitcoin mining sector since December 2020. We had an independent bitcoin mining operation in Massena, NY subject to a hosting agreement that operated 50 MW, which expired on December 31, 2024. The parties commenced wind-down procedures upon expiration. Item 1A. Risk Factors We are subject to various risks that may materially harm our business, prospects, financial condition and results of operations. An investment in our common stock is speculative and involves risk. In evaluating an investment in shares of our common stock, you should carefully consider the risks described below, together with the other in", "title": "CLSK - CLEANSPARK, INC.", "url": "/company/CLSK/" }, { "kind": "company", "summary": "SIC 7830 Services-Motion Picture Theaters; CIK 0001385280; latest 10-K filed 2026-02-18.", "text": "CNK - Cinemark Holdings, Inc. SIC 7830 Services-Motion Picture Theaters; CIK 0001385280; latest 10-K filed 2026-02-18. CNK Cinemark Holdings, Inc. 0001385280 7830 Services-Motion Picture Theaters Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Cinemark Holdings, Inc. (\u201cHoldings\u201d) is a holding company and its wholly-owned subsidiary is Cinemark USA, Inc. Holdings consolidates Cinemark USA, Inc. and its subsidiaries, or \u201cCUSA\u201d, for financial statement purposes. CUSA\u2019s operating revenue and operating expenses comprise nearly 100% of Holdings\u2019 revenue and operating expenses. As such, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) that follows is for Holdings and CUSA in all material respects, unless otherwise noted. Differences between the operations and results of Holdings and CUSA are separately disclosed and explained. Where it is important to distinguish between Holdings and CUSA, specific reference is made to either Holdings or CUSA. Otherwise, all references to \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cthe Company\u201d or \u201cCinemark\u201d relate to Cinemark Holdings, Inc. and its consolidated subsidiaries. The following discussion and analysis should be read in conjunction with the financial statements and accompanying notes included in this report. This discussion may contain forward-looking statements. See \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d for a discussion of the uncertainties and risks associated with these statements. Discussion regarding our financial condition and results of operations for 2024 compared with 2023 is included in Item 7 of the Company\u2019s 2024 Annual Report on Form 10-K filed on February 16, 2024. Overview We are a leader in the theatrical exhibition industry, with theaters in the U.S., Brazil, Argentina, Chile, Colombia, Peru, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, and Paraguay. As of December 31, 2025, we managed our business under two reportable segments \u2013 U.S. markets and international markets. See Note 20 to the consolidated financial statements. The success of the theatrical exhibition industry is contingent upon several key factors, including the volume of new film content available, the box office performance of new film content released, the duration of the exclusive theatrical release window, and evolving consumer behavior with competition from other forms of in-and-out-of-home entertainment. Revenue and Expenses We generate revenue primarily from filmed entertainment box office receipts and concession sales, with additional revenue from screen advertising, screen rental and other revenue streams, such as transactional fees, studio trailer placements, promotional income, meeting rentals, and games located in some of our facilities. Filmed entertainment box office receipts include traditional content from studios as well as alternative entertainment, such as foreign and faith-based films, concert events, and other special events in our theaters. NCM provides our domestic theaters with various forms of in-theater advertising. Our Flix Media subsidiaries provide screen advertising and alternative content for our international circuit and for other international exhibitors. Films released during the year ended December 31, 2025 included A Minecraft Movie, Lilo & Stitch, Superman, Jurassic World: Rebirth, Zootopia 2, Wicked: For Good, Sinners, The Fantastic Four: First Steps, How to Train Your Dragon, and Avatar: Fire and Ash, among other films. Films scheduled for release in 2026 include The Super Mario Galaxy Movie, Spider-Man: Brand New Day, Avengers: Doomsday, Toy Story 5, Minions 3, Moana, The Mandalorian & Grogu, The Odyssey, Jumanji 3 and Dune: Part Three, among other films. Film rental costs are variable in nature and fluctuate with our admissions revenue. Film rental costs as a percentage of revenue are generally higher for periods in which more blockbuster films are released. Advertising costs, which are expensed as incurred, are primarily related to expanding our customer base, increasing the frequency of visits and growing loyalty. Item 1. Business We are a leader and one of the most geographically diverse operators in the theatrical exhibition industry. As of December 31, 2025, we operated 496 theaters and 5,637 screens in the United States, or \u201cU.S.\u201d, and Latin America. Our U.S. circuit operated 303 theaters and 4,241 screens and our Latin America circuit operated 193 theaters and 1,396 screens across 13 countries. Our significant and diverse presence in the U.S. and Latin America has made us an important distribution channel for movie studios and other content providers. We believe our portfolio of high-quality theaters with multiple platforms and amenities provides a preferred destination for moviegoers. As of December 31, 2025, we managed our business under two reportable segments: U.S. markets and international markets. See Note 20 to the consolidated financial statements. Theatrical Exhibition Industry Overview The success of the theatrical exhibition industry is contingent upon several key factors, including the volume of new film and other content available, the box office performance of new film content released, the duration of the exclusive theatrical release window, and evolving consumer behavior with competition from other forms of in-and-out-of home entertainment. Domestic Preliminary estimates indicate that North American industry box office revenues were approximately $8.9 billion for 2025. Films leading the box office during the year ended December 31, 2025 included A Minecraft Movie, Lilo & Stitch, Superman, Jurassic World: Rebirth, Zootopia 2, Wicked: For Good, Sinners, The Fantastic Four: First Steps, How to Train Your Dragon, and Avatar: Fire and Ash, among other films. Films scheduled for release in 2026 include The Super Mario Galaxy Movie, Spider-Man: Brand New Day, Avengers: Doomsday, Toy Story 5, Minions 3, Moana, The Mandalorian & Grogu, The Odyssey, Jumanji 3 and Dune: Part Three, among other films. International Preliminary estimates for Latin American i Item 1A. Risk Factors An investment in Holdings\u2019 common stock or our debt securities involves risks and uncertainties, and our actual results and future trends may differ materially from our past or projected future performance. We urge investors to consider carefully the risk factors described below, in addition to the o", "title": "CNK - Cinemark Holdings, Inc.", "url": "/company/CNK/" }, { "kind": "company", "summary": "SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0000816956; latest 10-K filed 2026-02-17.", "text": "CNMD - CONMED Corp SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0000816956; latest 10-K filed 2026-02-17. CNMD CONMED Corp 0000816956 3845 Electromedical & Electrotherapeutic Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our Consolidated Financial Statements and related notes contained elsewhere in this report. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Amounts reported in millions within this Form 10-K are computed based on the amounts in thousands, and therefore, the sum of the components may not equal the total amount reported in millions due to rounding. Additionally, certain columns and rows within tables may not sum due to rounding. Overview of CONMED Corporation CONMED Corporation is a medical technology company that provides devices and equipment for surgical procedures. The Company\u2019s products are used by surgeons and other healthcare professionals in a variety of specialties including orthopedics, general surgery, gynecology, thoracic surgery and gastroenterology. Our product lines consist of orthopedic surgery and general surgery. Orthopedic surgery consists of sports medicine instrumentation and lower extremities instrumentation and implants, small bone, large bone and specialty powered surgical instruments as well as imaging systems for use in minimally invasive surgical procedures and service fees related to the promotion and marketing of sports medicine allograft tissue. General surgery consists of a complete line of endo-mechanical instrumentation for minimally invasive laparoscopic and gastrointestinal procedures, smoke evacuation devices, a line of cardiac monitoring products as well as electrosurgical generators and related instruments. These product lines as a percentage of consolidated net sales are as follows: [[GREPCENT_TABLE]] [[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Orthopedic surgery\",\"42\",\"%\",\"\",\"42\",\"%\",\"\",\"43\",\"%\"],[\"General surgery\",\"58\",\"\",\"\",\"58\",\"\",\"\",\"57\"],[\"Consolidated net sales\",\"100\",\"%\",\"\",\"100\",\"%\",\"\",\"100\",\"%\"]] [[/GREPCENT_TABLE]] A significant amount of our products are used in surgical procedures with approximately 86% of our revenues derived from the sale of single-use products. Our capital equipment offerings also facilitate the ongoing sale of related single-use products and accessories, thus providing us with a recurring revenue stream. We manufacture substantially all of our products in facilities located in the United States and Mexico. We market our products both domestically and internationally directly to customers and through distributors. International sales approximated 44% in 2025, 43% in 2024 and 44% in 2023. Business Environment In recent years, the Company has been impacted by the macro-economic environment, including inflationary pressures, and we have been experiencing higher manufacturing and operating costs as well as ongoing supply chain challenges. In addition, our results of operations are being impacted by tariffs placed on imported goods to the United States as well as exporting of products to other countries. We continue to monitor our spending and expenses in light of these factors. This will likely continue to impact our results of operations and we therefore engaged a consulting firm in 2025 to evaluate and propose improvements in our manufacturing operations. We are actively working to mitigate this impact. See \"Item 1A. Risk Factors\" for more information. During 2025, we performed a product portfolio review. This resulted in the discontinuation of certain products and cancellation of planned new product lines as further described below. In addition, on December 5, 2025, we announced our intent to exit our g Item 1. Business Forward Looking Statements This Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (\u201cForm 10-K\u201d) contains certain forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and information relating to CONMED Corporation (\u201cCONMED\u201d, the \u201cCompany\u201d, \u201cwe\u201d or \u201cus\u201d \u2014 references to \u201cCONMED\u201d, the \u201cCompany\u201d, \u201cwe\u201d or \u201cus\u201d shall be deemed to include our direct and indirect subsidiaries unless the context otherwise requires) which are based on the beliefs of our management, as well as assumptions made by and information currently available to our management. When used in this Form 10-K, the words \u201cestimate\u201d, \u201cproject\u201d, \u201cbelieve\u201d, \u201canticipate\u201d, \u201cintend\u201d, \u201cexpect\u201d and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, including those identified under the caption \u201cItem 1A-Risk Factors\u201d and elsewhere in this Form 10-K which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: \u2022general economic and business conditions, including, without limitation, a potential economic downturn, supply chain challenges and constraints, including the availability and cost of materials, the effects of inflation, and increased interest rates; \u2022compliance with and changes in laws and regulatory requirements; \u2022the failure of any enterprise-wide software programs or information technology systems, or potential disruption associated with updating or implementing new software programs or information technology systems; \u2022the risk of an information security breach, including a cybersecurity breach; \u2022the possibility that United States or foreign regulatory and/or administrative agencies may initiate enf Item 1A. Risk Factors An investment in our securities, including our common stock, involves a high degree of risk. Investors should carefully consider the specific factors set forth below as well as the other information included or incorporated by reference in this Form 10-K. See \u201cForward Looking Statements\u201d. (i) Risks Re", "title": "CNMD - CONMED Corp", "url": "/company/CNMD/" }, { "kind": "company", "summary": "SIC 1220 Silver Ores; CIK 0001710366; latest 10-K filed 2026-02-17.", "text": "CNR - Core Natural Resources, Inc. SIC 1220 Silver Ores; CIK 0001710366; latest 10-K filed 2026-02-17. CNR Core Natural Resources, Inc. 0001710366 1220 Silver Ores ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The Company\u2019s discussion and analysis includes a comparison of the year ended December 31, 2025 to the year ended December 31, 2024. A similar discussion and analysis that compares the year ended December 31, 2024 to the year ended December 31, 2023 may be found in Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024, which is incorporated herein by reference. All amounts discussed are in millions of U.S. dollars, unless otherwise indicated. All tons discussed are on a clean coal equivalent basis. Recent Developments Merger On January 14, 2025, the Company completed the Merger with Arch. Pursuant to the terms of the Merger Agreement, Merger Sub merged with and into Arch, with Arch continuing as the surviving corporation and as a wholly-owned subsidiary of the Company. See Note 2\u2014Merger with Arch in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Report for additional information. 61 Table of Contents Prior to the completion of the Merger, the Company consisted of two reportable segments, the PAMC segment and the Core Marine Terminal segment. Following completion of the Merger, the Company adjusted its internal reporting structure, and the Company\u2019s chief operating decision maker (\u201cCODM\u201d) changed the manner in which he measures financial performance and allocates resources. Thus, the Company reassessed its reporting segments, and the Company now consists of four reportable segments: (1) the High CV Thermal segment; (2) the Metallurgical segment; (3) the Powder River Basin (\u201cPRB\u201d) segment; and (4) the Core Marine Terminal segment. Accordingly, the manner in which the Company reports its operations has been changed retrospectively, and all relevant prior period amounts have been recast to reflect this change. Combustion-Related Activity at Leer South Mine On January 13, 2025, a combustion-related activity was reported at the Leer South mine, located in Barbour County, West Virginia. The Company temporarily sealed the Leer South mine\u2019s active longwall panel in order to extinguish such activity. The Company resumed development work with continuous miners in February 2025, and Company personnel and regulatory officials re-entered the sealed area of the mine on June 10, 2025. Thereafter, ventilation to the full mine was re-established, hydraulic pressure along the longwall face was restored and an extensive evaluation of the mine\u2019s major equipment and infrastructure was conducted. As expected, the longwall suffered insignificant damage by the combustion event, and major components and systems remain in good condition. On June 26, 2025, the operating team found it necessary to evacuate the mine again and begin restoring pumpable seals to the affected area in the wake of an increase in carbon monoxide levels. In December 2025, the Company recovered the major longwall mining equipment, repositioned it and resumed longwall operations. Following the repositioning, the Company permanently sealed the affected area. The Company incurred fire extinguishment and idle costs of $101 million at Leer South in 2025 for which it is pursuing recoveries under its relevant insurance policies. The Company\u2019s initial advancement of insurance proceeds was $19.4 million. The Company will continue to pursue all avenues for additional recoveries. One Big Beautiful Bill Act On July 4, 2025, the One Big Beautiful Bill Act (the \u201cOBBBA\u201d) was signed into law by the President of the U.S. Several provisions included in the OBBBA are expected to benefit the Company, including language designating U.S.-produced metallurgical coal as a \u201ccritical material\u201d under Internal Revenue Code Section 45X (Advanced Manufacturing Production Credit), through which the Company will be eligible for a 2.5% monetizable tax credit on pro ITEM 1. BUSINESS General We are a world-class producer and exporter of high-quality, low-cost coals, including metallurgical and thermal coals. We play an essential role in meeting the world\u2019s growing need for energy, steel, cement and other infrastructure solutions. Our products have global access due to our ownership interests in two marine export terminals and access to several other third-party owned terminals. We and our predecessors have been mining coal, primarily in the Appalachian Basin, since 1864. The Company was incorporated in Delaware on June 21, 2017 and became an independent, publicly-traded company on November 28, 2017 when our former parent separated its coal business and natural gas business into two independently traded public companies. We began regular-way trading under the name CONSOL Energy Inc. and ticker symbol CEIX on the New York Stock Exchange on November 29, 2017. On January 14, 2025, we completed our all-stock merger of equals transaction with Arch pursuant to the Merger Agreement announced on August 21, 2024. Additionally, pursuant to the Merger Agreement, the Company was renamed \u201cCore Natural Resources, Inc.\u201d and began trading under the ticker symbol \u201cCNR\u201d on January 15, 2025. The address of our principal executive offices is 275 Technology Drive, Suite 101, Canonsburg, Pennsylvania 15317. We maintain a website at http://www.corenaturalresources.com/. The information contained in or connected to the website will not be deemed to be incorporated in this Report, and you should not rely on any such information in making an investment decision. All dollar amounts discussed in this section are in millions of U.S. dollars, except for per share amounts, and unless otherwise indicated. Our Mission The Company\u2019s mission is to become the world\u2019s leading provider of essential coal-based natural resources in support of human progress. We are committed to providing essential coal-based products necessary for infrastructure development, ITEM 1A. RISK FACTORS You should carefully consider the following risks and other information in this Annual Report on Form 10-K in evaluating us and our common stock. The risk factors have been separated into three groups: risks related to our business, risks related to our common stock and the securities market and risks related to our Merger with Arch. Any", "title": "CNR - Core Natural Resources, Inc.", "url": "/company/CNR/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001284812; latest 10-K filed 2026-02-27.", "text": "CNS - COHEN & STEERS, INC. SIC 6282 Investment Advice; CIK 0001284812; latest 10-K filed 2026-02-27. CNS COHEN & STEERS, INC. 0001284812 6282 Investment Advice Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Annual Report on Form 10-K and other documents filed by us contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), which reflect management\u2019s current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words such as \u201coutlook,\u201d \u201cbelieves,\u201d \u201cexpects,\u201d \u201cpotential,\u201d \u201ccontinues,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cseeks,\u201d \u201capproximately,\u201d \u201cpredicts,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cestimates,\u201d \u201canticipates\u201d or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these forward-looking statements. We believe that these factors include, but are not limited to, the risks described in Item 1A. Risk Factors of this Annual Report on Form 10-K. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in this Annual Report on Form 10-K. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. Cohen & Steers, Inc. (CNS), a Delaware corporation formed in 2004, and its subsidiaries are collectively referred to as the Company, we, us or our. The following discussion includes a comparison of our results for 2025 and 2024. For a comparison of our results for 2024 and 2023, see Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 21, 2025, and is incorporated herein by reference. Executive Overview General We are a global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, we are headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore. Refer to Part I. Item 1 Business Overview for an overview of our business. Macroeconomic Environment Global economic conditions remained volatile throughout 2025, with heightened uncertainty persisting into the fourth quarter. Fiscal policy shifts, evolving monetary strategies, and ongoing trade tensions continued to shape the macroeconomic landscape. Key developments included the passage of new U.S. tax legislation, the Federal Reserve\u2019s initiation of an interest rate cutting cycle, historically large revisions to economic data, and the longest U.S. government shutdown on record. These factors, combined with diverging policy responses across major economies, influenced investor sentiment and drove significant asset flows across regions and sectors. Central banks remained focused on balancing inflation risks against mounting evidence of slowing growth, while elevated trade and policy uncertainty added further complexity to the operating environment. Despite these challenges, we maintained our disciplined approach, leveraging our portfolio management expertise and robust risk management framework. Our continued emphasis on prudent cost control and operational efficiency has positioned us to navigate this complex environment and adapt to evolving market conditions. 21 Investment Performance as of December 31, 2025 _________________________ (1) Past performance is no guarantee of future results. Outperformance is determined by comparing the annualized investment performance of each investment strategy to the performance of s Item 1. Business Overview Cohen & Steers, founded in 1986, is a global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore, we serve institutional and individual investors around the world. Cohen & Steers, Inc. (CNS) was organized as a Delaware corporation on March 17, 2004. CNS is the holding company for its direct and indirect subsidiaries, including Cohen & Steers Capital Management, Inc. (CSCM), Cohen & Steers Securities, LLC (CSS), Cohen & Steers UK Limited (CSUK), Cohen & Steers Ireland Limited (CSIL), Cohen & Steers Asia Limited (CSAL), Cohen & Steers Japan Limited (CSJL) and Cohen & Steers Singapore Private Limited (CSSG). CNS and its subsidiaries are collectively referred to as the Company, we, us or our. Our global distribution is concentrated in two channels: wealth and institutional. The wealth channel includes a variety of intermediaries such as global private banks, U.S. wirehouses, independent and regional broker dealers, bank trusts, registered investment advisers and discretionary portfolio managers using global custody or clearing platforms. The institutional channel comprises sovereign wealth funds, public and private pension and retirement plans, insurance companies, endowments, foundations, and global investment consultants who support these institutions. Investment Vehicles We manage three types of investment vehicles: open-end funds, institutional accounts and closed-end funds. Open-end Funds Open-end funds include U.S. and non-U.S. open-end funds for which we serve as investment adviser that offer and issue new shares continuously as investors subscribe and redeem shares when investors sell. The share price for purchases and redemptions is determined by each fund\u2019s net asset v Item 1A. Risk Factors Risks Related to our Business A decline in the absolute or relative performance or value of real estate securities, or the attractiveness of real estate portfolios or investment strategies, would have an adverse effect on the assets we manage and our revenue. As of December 31, 2025, approximately 63.8% of the assets we managed was concentr", "title": "CNS - COHEN & STEERS, INC.", "url": "/company/CNS/" }, { "kind": "company", "summary": "SIC 5045 Wholesale-Computers & Peripheral Equipment & Software; CIK 0001050377; latest 10-K filed 2026-02-24.", "text": "CNXN - PC CONNECTION INC SIC 5045 Wholesale-Computers & Peripheral Equipment & Software; CIK 0001050377; latest 10-K filed 2026-02-24. CNXN PC CONNECTION INC 0001050377 5045 Wholesale-Computers & Peripheral Equipment & Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u200b The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, is intended to promote an understanding of our results of operations and financial condition. MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying notes thereto included in Part II, Item 8 of this Annual Report on Form 10-K. This section discusses the results of operations for the year ended December 31, 2025 and year-to-year comparison between the year ended December 31, 2025 and the year ended December 31, 2024. Discussion of the year ended December 31, 2024 and the year-to-year comparison between the year ended December 31, 2024 and the year ended December 31, 2023 can be found in Part II, Item 7 \u201cManagement\u2019s Discussions and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024. Our MD&A also includes discussion of certain forward-looking trends and other statements that predict or anticipate future business or financial results that are subject to important factors that could cause our actual results to differ materially from those indicated. See \u201cCautionary Note Concerning Forward-Looking Statements\u201d and \u201cItem 1A. Risk Factors\u201d of this Annual Report on Form 10-K. \u200b OVERVIEW \u200b We are a Fortune 1000 Global Solutions Provider that simplifies IT, guiding the connection between people and technology. Our dedicated account managers partner with customers to design, deploy, and support cutting-edge IT environments using the latest hardware, software, and services. We provide a wide range of IT solutions, from the desktop to the cloud\u2014including computer systems, data center solutions, security, AI, software and peripheral equipment, networking communications, and other products and accessories that we develop internally and secure from manufacturers, distributors, and other suppliers. Our TSSO and state-of-the-art ISO 9001:2015 SOC 2 Type 2 certified TIDC offer end-to-end services related to the design, configuration, and implementation of IT solutions. Our team also provides a comprehensive portfolio of managed services and professional services. These services are performed by our personnel and by third-party providers. Our GlobalServe offering ensures worldwide coverage for our multinational customers, delivering global procurement solutions through our network of in-country suppliers in over 150 countries. \u200b The \u201cConnection\u201d brand includes Connection Enterprise Solutions, Connection Business Solutions, and Connection Public Sector Solutions, which provide IT solutions and services to enterprise, SMBs, and public sector markets. \u200b Financial results for each of our segments are included in the financial statements attached hereto. We generate sales through (i) outbound inside sales and field sales contacts by sales representatives focused on the business, educational, healthcare, retail, manufacturing, and government markets, (ii) our websites, and (iii) direct responses from customers responding to our advertising media. We offer a broad selection of over 460,000 products at competitive prices, including products from vendors like Apple, Cisco, Dell Inc., HP Inc., Hewlett-Packard Enterprise, Intel, Lenovo, Microsoft Corporation, and VMware by Broadcom, and we partner with more than 1,600 suppliers. We are able to leverage our state-of-the art logistic capabilities to rapidly ship product to customers. \u200b As a value-added reseller in the IT supply chain, we do not manufacture IT hardware or software products. We are dependent on our suppliers\u2014manufacturers and distributors that historically have only sold to resellers rather than directly to end users. However, certain manufacturers have, on multiple occasions, sold or attempted to sell directly to our custo Item 1. Business \u200b GENERAL \u200b We are a Fortune 1000 Global Solutions Provider that simplifies IT, guiding the connection between people and technology. Our dedicated account managers partner with customers to design, deploy, and support cutting-edge IT environments using the latest hardware, software, and services. We provide a wide range of IT solutions, from the desktop to the cloud\u2014including computer systems, data center solutions, security, artificial intelligence, or AI, software and peripheral equipment, networking communications, and other products and accessories that we develop internally and secure from manufacturers, distributors, and other suppliers. Our Technology Solutions and Services Organization, or TSSO, and state-of-the-art ISO 9001:2015 SOC 2 Type 2 certified Technology Integration and Distribution Center, or TIDC, offer end-to-end services related to the design, configuration, and implementation of IT solutions. Our team also provides a comprehensive portfolio of managed services and professional services. These services are performed by our personnel and by third-party providers. Our GlobalServe offering ensures worldwide coverage for our multinational customers, delivering global procurement solutions through our network of in-country suppliers in over 150 countries. \u200b The \u201cConnection\u201d brand includes Connection Enterprise Solutions, Connection Business Solutions, and Connection Public Sector Solutions. We united all of our subsidiaries into one cohesive brand, reflecting the promise of our blue arc and our mission to connect people with technology that enhances growth, elevates productivity, and empowers innovation. These entities represent our three operating segments and their respective markets: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Connection Enterprise Solutions \\u2013 serving large enterprise customers\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Connection Business Solutions \\u2013 serving small- to medium-sized bus Item 1A. Risk Factors \u200b You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K and our other public filings with the SEC. The risks described below are not the only risks facing our Co", "title": "CNXN - PC CONNECTION INC", "url": "/company/CNXN/" }, { "kind": "company", "summary": "SIC 2080 Beverages; CIK 0001482981; latest 10-K filed 2026-02-18.", "text": "COCO - Vita Coco Company, Inc. SIC 2080 Beverages; CIK 0001482981; latest 10-K filed 2026-02-18. COCO Vita Coco Company, Inc. 0001482981 2080 Beverages Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under the section titled \u201cRisk Factors\u201d or in other parts of this Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Except as otherwise noted, all references to 2025 refer to the year ended December 31, 2025, all references to 2024 refer to the year ended December 31, 2024 and all references to 2023, refer to the year ended December 31, 2023. This section of this Annual Report on Form 10-K generally discusses the years ended December 31, 2025 and 2024 and year-over-year comparisons between the years ended December 31, 2025 and 2024. Discussions of the periods prior to the year ended December 31, 2024 that are not included in this Annual Report on Form 10-K are found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024 and the discussion therein for the year ended December 31, 2024 compared to the year ended December 31, 2023. Overview The Vita Coco Company pioneered packaged coconut water in 2004 and we have extended our business into other categories. Our mission is to deliver great tasting, natural and nutritious products that we believe are better for consumers and better for the world. We are one of the largest brands globally in the coconut and other plant waters category, and a large supplier of Private Label coconut water. Our branded portfolio is led by our Vita Coco brand, which is the leader in the coconut water category in the U.S., and also includes coconut oil, juice, and milk offerings. Our portfolio also includes PWR LIFT, a protein-infused fitness drink. We also previously offered Runa, a plant-based energy drink inspired by the guayusa plant native to Ecuador, which we ceased selling in December 2023 and impaired all remaining assets in September 2025. Additionally, we supply Private Label products to key retailers in both the coconut water and coconut oil categories and generate revenue from bulk product sales to beverage and food companies. We source our coconut water from a diversified global network of approximately 16 factories across six countries supported by thousands of coconut farmers. As we do not own any of these factories, our supply chain is a fixed asset-lite 42 Table of Contents model designed to better react to changes in the market or consumer preferences. We also work with co-packers to support local packaging and repacking of our products and to better service our customers\u2019 needs. Vita Coco is available in over 35 countries, with our primary markets in North America, the United Kingdom, and Germany. Our primary markets for Private Label are North America and Europe. Our products are distributed primarily through club, food, drug, mass, convenience, e-commerce, and food service channels. Our products are also available in a variety of on-premise locations such as corporate offices, fitness clubs, airports, and educational institutions. Key Factors Affecting Our Performance We believe that the growth of our business and our future success are dependent upon many factors, including the key trends and uncertainties highlighted below: Risks Associated with our Supply Chain and Shipping Our global asset-light supply chain model has been an integral part of our ability to efficie Item 1. Business. Overview The Vita Coco Company pioneered packaged coconut water in 2004 and we have extended our business into other categories. Our mission is to deliver great tasting, natural and nutritious products that we believe are better for consumers and better for the world. We are one of the largest brands globally in the coconut and other plant waters category, and a large supplier of Private Label coconut water. Our branded portfolio is led by our Vita Coco brand, which is the leader in the coconut water category in the United States, and also includes coconut oil, juice, and milk offerings. Our portfolio also includes PWR LIFT, a protein-infused fitness drink. We previously offered Runa, a plant-based energy drink inspired by the guayusa plant native to Ecuador, which we ceased selling in December 2023 and impaired all remaining assets in September 2025, and Ever & Ever, a sustainably packaged water, which we ceased producing in 2024. We supply Private Label products to key retailers in both the coconut water and coconut oil categories. We source our coconut water from a diversified global network of approximately 16 factories across six countries, supported by thousands of coconut farmers. As we do not own any of these factories, our supply chain is an asset-light model designed to better react to changes in the market or consumer preferences. We also work with co-packers across three countries to support local packaging and repacking of our products and to better service our customers\u2019 needs. Vita Coco is available in over 35 countries, with our primary markets in North America, the United Kingdom (the \"U.K.\"), and Germany. Our primary markets for Private Label are North America and Europe. Our products are distributed primarily through club, food, drug, mass, convenience, e-commerce and a variety of on-premise locations such as corporate offices, fitness clubs, airports, and educational institutions. History The Vita Coco Company, Inc., form Item 1A. Risk Factors. Our business involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K. This section contains forward-looking statements. You should refer to the explanation of the qualifications and limitations on forward-looking statem", "title": "COCO - Vita Coco Company, Inc.", "url": "/company/COCO/" }, { "kind": "company", "summary": "SIC 3825 Instruments For Meas & Testing of Electricity & Elec Signals; CIK 0000021535; latest 10-K filed 2026-02-17.", "text": "COHU - COHU INC SIC 3825 Instruments For Meas & Testing of Electricity & Elec Signals; CIK 0000021535; latest 10-K filed 2026-02-17. COHU COHU INC 0000021535 3825 Instruments For Meas & Testing of Electricity & Elec Signals Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. OVERVIEW Cohu is a global supplier of equipment and services optimizing semiconductor manufacturing yield and productivity. We serve global semiconductor manufacturers and test subcontractors with a broad portfolio of products and services. For the fiscal year ending December 27, 2025, our net sales increased 12.7%, year-over-year, to $453.0 million. Revenue from our capital equipment products is primarily driven by customers\u2019 capital expenditures and operating budgets, which can fluctuate significantly based on variations in their business conditions. These expenditures depend on current and anticipated market demand for semiconductor devices and the products that incorporate them. In contrast, revenue from our recurring products\u2014such as test consumables and services\u2014is influenced by the volume of semiconductor devices tested and the ongoing introduction of new technologies by our customers. As a result, recurring generally provides a more stable source of revenue and exhibits less cyclicality than capital equipment products. Global macroeconomic and geopolitical factors have recently impacted the semiconductor industry. Higher cost of capital, slowing demand, and elevated inventory levels have led many semiconductor companies to reduce costs, delay capacity expansions, and implement workforce reductions. Current year\u2019s net sales were driven by stronger demand for mobile and AI-based computing applications. While the global macroeconomic environment continues to weigh on automotive, industrial, and consumer segments, demand for mobile and AI-based computing applications helped offset these pressures. In response to economic conditions, on February 19, 2025, we initiated a global restructuring program designed to improve profitability while maintaining investment in product development. To offset dilution from share-based compensation plans, we repurchased 432,288 shares of our common stock for approximately $8.6 million during fiscal 2025. We remain focused on building a well-balanced and resilient business model, executing on customer design wins, and developing innovative products. We are expanding market opportunities with new solutions and are encouraged by growing demand for semiconductor testing and inspection used in AI data centers. Despite near-term industry weakness, we believe our long-term market drivers remain intact, supported by increasing semiconductor complexity, quality demands, test intensity, automation, smart manufacturing initiatives, and the proliferation of electronics across automotive, mobile, industrial, computing, and consumer markets. Application of Critical Accounting Estimates and Policies Our discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We base our estimates on historical experience, forecasts and on various other assumptions that are believed to be reasonable under the circumstances; however actual results may differ from those estimates under different assumptions or conditions. The methods, estimates and judgments we use in applying our accounting policies have a significant impact on the results we report in our financial statements. Some of our accounting policies require us to make difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Our critical accounting estimates that we believe are the most important to investors\u2019 understanding of our financial results and condition require complex mana Item 1. Business. Cohu, Inc. (\u201cCohu\u201d, \u201cwe\u201d, \u201cour\u201d, \u201cus\u201d and the \u201cCompany\u201d) was founded in 1947 and is a global supplier of equipment and services optimizing semiconductor manufacturing yield and productivity. Cohu\u2019s differentiated and broad product portfolio enables optimized yield and productivity, accelerating customers\u2019 manufacturing time-to-market. Our products and services provide enabling capability and technology to customers that deliver connectivity around the globe, autonomous driving to our cities, high-performance computing to enable artificial intelligence (\u201cAI\u201d) applications, advanced medical equipment to improve lives, robotic automation to accelerate productivity, and much more. Cohu\u2019s recurring revenue consists of interface products, services, spares, upgrades, configuration tooling, and software analytics, supporting a resilient and scalable business model which complements the systems revenue driven by the capital expenditure of our customers. Our active equipment installed base exceeds 25,000 systems, serving over 280 high-volume manufacturing facilities across 108 customers in 31 countries. Cohu\u2019s strategy is centered on innovation, with substantial research and development (\u201cR&D\u201d) investments in product development. Cohu is capitalizing on high-growth opportunities in high-bandwidth memory (\u201cHBM\u201d) inspection, high performance processor test in AI applications (CPUs, embedded-NPUs, discrete and integrated GPUs, ASICs and xPUs), mixed signal devices, silicon carbide (\u201cSiC\u201d) and gallium nitride (\u201cGaN\u201d) wide bandgap test, and AI-driven software analytics. Our employees around the world are challenged every day to design, build and deliver technology and business solutions to meet our customers\u2019 requirements. Our Products and Services Cohu is a leading supplier of semiconductor test automation and interface solutions, and a growing provider of semiconductor test equipment, inspection and metrology solutions, and software analytics to optimize s Item 1A. Risk Factors. In addition to the other information in this Annual Report on Form 10-K, you should carefully consider the risk factors discussed in this Annual Report on Form 10-K in evaluating Cohu and our business (the \u201crisk factors\u201d). If any of the identified risks actually ", "title": "COHU - COHU INC", "url": "/company/COHU/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001267565; latest 10-K filed 2026-02-26.", "text": "COLL - COLLEGIUM PHARMACEUTICAL, INC SIC 2834 Pharmaceutical Preparations; CIK 0001267565; latest 10-K filed 2026-02-26. COLL COLLEGIUM PHARMACEUTICAL, INC 0001267565 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes appearing elsewhere in this Form 10-K. The following discussion contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results and the timing of certain events could differ materially from those anticipated in these forward-looking statements as a result of many factors. We discuss factors that we believe could cause or contribute to these differences below and elsewhere in this Form 10-K, including those set forth under \u201cForward-looking Statements\u201d and \u201cRisk Factors,\u201d as revised and supplemented by those risks described from time to time in other reports which we file with the SEC. Our discussion and analysis of our financial condition and results of operations for the year ended December 31, 2025 as compared to December 31, 2024 are discussed below. For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, refer to Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. Overview Our mission is to build a leading, diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions. We have developed, licensed, and acquired a portfolio of meaningfully differentiated products for use in the treatment of attention deficit hyperactivity disorder (\u201cADHD\u201d) and moderate to severe pain. We commercialize our products, consisting of Jornay PM, Belbuca, Xtampza ER, Nucynta ER and Nucynta IR (collectively the \u201cNucynta Products\u201d), and Symproic, in the United States. 45 Table of Contents Jornay PM is a central nervous system (\u201cCNS\u201d) stimulant prescription medicine that contains methylphenidate HCl, a Schedule II methylphenidate, which was approved by the U.S. Food and Drug Administration (\u201cFDA\u201d) in August 2018 for the treatment of ADHD in people six years of age and older and currently the only FDA-approved stimulant medication that is dosed in the evening. We began recognizing product revenue related to Jornay PM in September 2024 following our acquisition of Ironshore Therapeutics Inc. (\u201cIronshore\u201d) (the \u201cIronshore Acquisition\u201d). Belbuca is a buccal film that contains buprenorphine, a Schedule III opioid, and was approved by the FDA in October 2015 for severe and persistent pain that requires an extended treatment period with a daily opioid analgesic and for which alternative options are inadequate. We began shipping and recognizing product revenue related to Belbuca in March 2022 following our acquisition of BioDelivery Sciences International, Inc. (\u201cBDSI\u201d). Xtampza ER, an abuse-deterrent, extended-release, oral formulation of oxycodone, is a Schedule II opioid and was approved by the FDA in April 2016 for the management of severe and persistent pain that requires an extended treatment period with a daily opioid analgesic and for which alternative treatment options are inadequate. We commercially launched Xtampza ER in June 2016. The Nucynta Products are extended-release (\u201cER\u201d) and immediate-release (\u201cIR\u201d) oral formulations of tapentadol, a Schedule II opioid. In November 2008, the FDA approved Nucynta ER and Nucynta IR. Nucynta ER is indicated for the management of severe and persistent pain that requires an extended treatment period with a daily opioid analgesic, including neuropathic pain associated with diabetic peripheral neuropathy in adults, and for which alternate treatment options are inadequate. Nucynta IR is indicated for the management of acute pain severe enough to require an opioid analgesic and for which alternative treatments are inadequate in adults and pediatric patients aged 6 years and old Item 1. Business Overview Our mission is to build a leading, diversified biopharmaceutical company committed to improving the lives of people living with serious medical conditions. We have developed, licensed, and acquired a portfolio of meaningfully differentiated products for use in the treatment of attention deficit hyperactivity disorder (\u201cADHD\u201d) and moderate to severe pain. We commercialize our products, consisting of Jornay PM, Belbuca, Xtampza ER, Nucynta ER and Nucynta IR (collectively the \u201cNucynta Products\u201d), and Symproic, in the United States. Jornay PM On September 3, 2024, we acquired Ironshore, which had developed and obtained commercial approval to market Jornay PM in the United States. Jornay PM is a central nervous system (\u201cCNS\u201d) stimulant prescription medicine that contains methylphenidate HCl, a Schedule II methylphenidate, which was approved by the U.S. Food and Drug Administration (\u201cFDA\u201d) in August 2018 for the treatment of ADHD in people six years of age and older and currently the only FDA-approved stimulant medication that is dosed in the evening. The acquisition of Ironshore expands our business beyond pain management and establishes a commercial presence in neuropsychiatry via the ADHD market. Belbuca Belbuca is a buccal film that contains buprenorphine, a Schedule III opioid, and was approved by the FDA in October 2015 for severe and persistent pain that requires an extended treatment period with a daily opioid analgesic and for which alternative options are inadequate. Xtampza ER Xtampza ER is an abuse-deterrent, extended-release, oral formulation of oxycodone, a Schedule II opioid. Xtampza ER is formulated using our novel abuse-deterrent technology platform, DETERx, which provides extended-release delivery, which is designed to deter abuse and misuse (e.g., crushing, chewing, heating, and injecting). This technology combines an active opioid ingredient with a fatty acid and waxes to form microspheres that are filled into a caps Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. Investors should carefully consider the risks described below, as well as all other information included in this Annual Report on Form 10-K, including our financial statements, the notes thereto and the section entitled \u201cManagement\u2019s ", "title": "COLL - COLLEGIUM PHARMACEUTICAL, INC", "url": "/company/COLL/" }, { "kind": "company", "summary": "SIC 8093 Services-Specialty Outpatient Facilities, NEC; CIK 0002014596; latest 10-K filed 2026-02-26.", "text": "CON - Concentra Group Holdings Parent, Inc. SIC 8093 Services-Specialty Outpatient Facilities, NEC; CIK 0002014596; latest 10-K filed 2026-02-26. CON Concentra Group Holdings Parent, Inc. 0002014596 8093 Services-Specialty Outpatient Facilities, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read this discussion together with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. As discussed in the section titled \u201cForward-Looking Statements,\u201d the following discussion and analysis contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and those discussed in the section titled \u201cRisk Factors\u201d in Part I, Item 1A of this Annual Report on Form 10-K. This section of this Annual Report on 10-K generally discusses the results of operations for the years ended December 31, 2025 and December 31, 2024 and year-to-year comparisons between those years. For discussion of the year ended December 31, 2023 items and year-to-year comparisons between the years ended December 31, 2024 and December 31, 2023 that are not included in this Annual Report on Form 10-K, refer to Item 7\u2014\u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company\u2019s Annual Report on Form 10-K, that was filed with the Securities and Exchange Commission on March 3, 2025. Overview We were founded in 1979 and have grown to be the largest provider of occupational health services in the United States by number of locations. Our national presence enables us to provide access to high-quality care that supports our mission to improve the health of America\u2019s workforce. As of December 31, 2025, we operated 628 stand-alone occupational health centers in 41 states and 411 onsite health clinics at employer worksites in 44 states. We also have expanded our reach via our telemedicine program serving 43 states and the District of Columbia. In total, we deliver services across 47 states and the District of Columbia. We had approximately 13,000 colleagues and affiliated physicians and clinicians as of December 31, 2025 who supported the delivery of an extensive suite of services, including occupational and consumer health services and other direct-to-employer care to approximately 53,000 patients each business day on average during 2025. Our patients are generally employed by our main customers \u2014 employers across the United States. Our business is organized into three operating segments based primarily on the type or location of occupational health services provided: \u2022 Occupational health centers: Our occupational health centers operating segment encompasses the services we deliver at our 628 occupational health center facilities across the United States. In this operating segment, we serve all types of employers, from Fortune 100 companies to small businesses. The occupational health services provided in this operating segment include workers\u2019 compensation and employer services, and we also provide consumer health services. \u2022 Onsite health clinics: Our onsite health clinics operating segment delivers occupational health services and/or employer-sponsored primary care services at an employer\u2019s workplace, including mobile health services and episodic specialty testing services \u2014 we deliver our services at 411 permanent on-site locations and multiple other employer locations through our episodic services. In this operating segment, we serve medium to large-sized employers. \u2022 Other businesses: Our other businesses operating segment is comprised of several complementary services to our core occupational health services offering and includes Concentra Telemed, Concentra Pharmacy, and Concentra Medical Compliance Administration. In this operating segment, we serve all types of employers. All three operating segments are aggregated into a single r Item 1. Business. Overview We were founded in 1979 and have grown to be the largest provider of occupational health services in the United States by number of locations. Our national presence enables us to provide access to high-quality care that supports our mission to improve the health of America\u2019s workforce. As of December 31, 2025, we operated 628 stand-alone occupational health centers in 41 states and 411 onsite health clinics at employer worksites in 44 states. We also have expanded our reach via our telemedicine program serving 43 states and the District of Columbia. In total, we deliver services across 47 states and the District of Columbia. We had approximately 13,000 colleagues and affiliated physicians and clinicians as of December 31, 2025 who supported the delivery of an extensive suite of services, including occupational and consumer health services and other direct-to-employer care to approximately 53,000 patients each business day on average during 2025. Our patients are generally employed by our main customers \u2014 employers across the United States. Our business is organized into three operating segments: occupational health centers, onsite health clinics, and other businesses. The operating segments are based primarily on the type or location of occupational health services provided. All three operating segments are aggregated into a single reportable segment in our consolidated financial statements based on similar services provided, service delivery process involved, target customers, and similar economic characteristics. For the year ended December 31, 2025 our revenue was $2,163.4 million, with approximately 93% from occupational health centers, approximately 5% from onsite health clinics, and approximately 2% from other businesses. Across our operating segments, we offer a diverse and comprehensive array of services, including workers\u2019 compensation, employer services and consumer health services. Significant Events Nova Acquisition Ef Item 1A. Risk Factors. Summary of Risk Factors The following is a summary of the principal factors that make an investment in Concentra speculative or risky: Risks Related to Our Business, Industry and Operations \u2022If the frequency of work-related injuries and illnesses decline,", "title": "CON - Concentra Group Holdings Parent, Inc.", "url": "/company/CON/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001088856; latest 10-K filed 2026-02-24.", "text": "CORT - CORCEPT THERAPEUTICS INC SIC 2834 Pharmaceutical Preparations; CIK 0001088856; latest 10-K filed 2026-02-24. CORT CORCEPT THERAPEUTICS INC 0001088856 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand our results of operations and financial condition and is provided as a supplement to, and should be read in conjunction with our audited consolidated financial statements and the accompanying notes to financial statements, risk factors and other disclosures included in this Form 10-K. Our consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (\u201cU.S. GAAP\u201d). We make statements in this section that are \u201cforward-looking\u201d within the meaning of the federal securities laws. For a complete discussion of such statements and the potential risks and uncertainties that may affect their accuracy, see the \u201cRisk Factors,\u201d \u201cOverview\u201d and \u201cLiquidity and Capital Resources\u201d sections of this Form 10-K. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included, and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview We are a commercial-stage company engaged in the discovery and development of medications to treat severe endocrinologic, oncologic, metabolic and neurologic disorders by modulating the effects of the hormone cortisol. Since 2012, we have marketed Korlym in the United States for the treatment of patients suffering from hypercortisolism (also known as \u201cCushing\u2019s syndrome\u201d). In June 2024, we made an authorized generic version of Korlym available. Our portfolio of proprietary selective cortisol modulators consists of four structurally distinct series totaling more than 1,000 compounds. Hypercortisolism (Cushing\u2019s syndrome) Our Products. We sell our Products using sales representatives to call on physicians caring for patients with hypercortisolism. We also have a field-based force of medical science liaisons. From 2017 until 2025, we used an exclusive specialty pharmacy vendor, Optime and a specialty distributor to distribute our Products and provide logistical support to physicians and patients. In June 2025, we notified Optime that it would cease to be our exclusive specialty pharmacy and in October 2025, we delivered a notice of termination of our agreement with them, effective January 8, 2026. In the fourth quarter of 2025, substantially all of our specialty pharmacy services were transferred from Optime to Curant. After the first quarter of 2026, Optime will no longer provide specialty pharmacy services related to our Products. Our policy is that no patient with hypercortisolism will be denied access to our Products for financial reasons. To help us achieve that goal, we have patient support programs and donate money to independent charitable foundations that help patients pay for all aspects of their hypercortisolism care, whether or not that care includes taking our Products. Because most people who suffer from hypercortisolism are undiagnosed or inadequately treated, we have developed and continue to refine and expand programs to educate physicians and patients about screening for hypercortisolism and the role our Products can play in treating patients with the disorder. In 2023 and 2024, we conducted the CATALYST study to determine the prevalence of hypercortisolism in patients with difficult-to-control diabetes (defined as HbA1c of 7.5 percent or higher) despite receiving optimum treatment. Of the 1,057 patients enrolled in the first phase of CATALYST, 23.8 percent were found to have hypercortisolism. These patients were offered the chance to enter CATALYST\u2019s second phase, in which 136 eligible patients were randomized 2:1 to receive either Korlym or placebo for 24 weeks. The primary endpoint of CATALYST\u2019s second phas ITEM 1. BUSINESS Overview We are a commercial-stage company engaged in the discovery and development of medications to treat severe endocrinologic, oncologic, metabolic and neurologic disorders by modulating the effects of the hormone cortisol. Cortisol plays a significant role in the body\u2019s response to stress and is essential for survival. Cortisol influences metabolism and the immune system and contributes to emotional stability. Cortisol levels follow a diurnal rhythm that is essential to health, peaking upon awakening and decreasing during the day. Insufficient cortisol activity may lead to dehydration, hypotension, shock, fatigue and hypoglycemia. Excessive cortisol activity, known as hypercortisolism, may lead to hypertension, diabetes, impaired glucose tolerance, obesity, fatty liver disease, depressed mood, psychosis, wasting of the arms and legs, edema, fatigue, insomnia and other problems. Cortisol reduces a patient\u2019s immune response to oncogenesis, shields certain cancer cells from the apoptotic effects of chemotherapy and facilitates the growth of others. Pre-clinical and clinical data indicate that modulating cortisol activity may improve outcomes in patients with fatty liver disease and metabolic dysfunction-associated steatohepatitis (\u201cMASH\u201d), which are precursors of liver fibrosis and cirrhosis. Pre-clinical and clinical data also suggest that modulating cortisol activity may lead to treatments for patients with amyotrophic lateral sclerosis (\u201cALS\u201d). 1 Since 2012, we have marketed Korlym in the United States for the treatment of patients suffering from hypercortisolism (also known as \u201cCushing\u2019s syndrome\u201d). In June 2024, we made an authorized generic version of Korlym available for the same indication. The challenge in treating a patient with hypercortisolism is modulating cortisol\u2019s effects without either inappropriately suppressing them or disrupting cortisol\u2019s normal diurnal rhythm. Simply reducing or destroying the ability of the body to mak ITEM 1A. RISK FACTORS Investing in our common stock involves significant risks. Before investing, carefully consider the risks described below and the other information in this Annual Report on Form 10-K, including our consolidated financial statements and related notes. The risks and uncertainties described below are t", "title": "CORT - CORCEPT THERAPEUTICS INC", "url": "/company/CORT/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000701347; latest 10-K filed 2026-02-27.", "text": "CPF - CENTRAL PACIFIC FINANCIAL CORP SIC 6022 State Commercial Banks; CIK 0000701347; latest 10-K filed 2026-02-27. CPF CENTRAL PACIFIC FINANCIAL CORP 0000701347 6022 State Commercial Banks ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management's discussion and analysis of financial condition and results of operations should be read in conjunction with the accompanying Consolidated Financial Statements under \"Part II, Item 8. Financial Statements and Supplementary Data.\" Forward-Looking Statements and Factors that Could Affect Future Results Certain statements contained in this annual report on Form 10-K that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the \"Act\"), notwithstanding that such statements are not specifically identified. In addition, certain statements may be contained in our future filings with the U.S. Securities and Exchange Commission (\"SEC\"), in press releases, and in oral and written statements made by us, or with our approval, that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, capital expenditures, payment or nonpayment of dividends, net interest income, capital position, credit losses, net interest margin, or other financial items; (ii) statements of plans, objectives, and expectations of Central Pacific Financial Corp. (the \"Company\") or its management or Board of Directors, including those relating to business plans, use of capital resources, products or services, and regulatory developments or actions; (iii) statements of future economic performance including anticipated performance results from our business initiatives; and (iv) any statements of the assumptions underlying or relating to any of the foregoing. Words such as \"believe,\" \"plan,\" \"anticipate,\" \"aim,\" \"seek\", \"expect,\" \"intend,\" \"forecast,\" \"hope,\" \"target,\" \"continue,\" \"remain,\" \"estimate,\" \"goal,\" \"will,\" \"should,\" \"may,\" and other similar expressions, are intended to identify forward-looking statements, although such terminology is not the exclusive means of doing so. While we believe that our forward-looking statements and their underlying assumptions are reasonably based, such statements are inherently subject to risks and uncertainties that may cause actual results to differ materially from expectations. Factors that may lead to such differences include, but are not limited to: \u2022the persistence or resurgence of current inflationary pressures in the United States and our market areas, and their effect on market interest rates, economic conditions, and credit quality; \u2022the impact of the current U.S. administration's economic policies, including potential international tariffs, geopolitical instability, trade tensions, and other cost-cutting or fiscal initiatives; \u2022disruptions in the economy, including the effects of government shutdown(s) and supply chain disruptions; \u2022labor contract disputes, and potential strikes impacting both the U.S. National and Hawaii economies; \u2022adverse trends in the real estate or construction industries, including rising inventory levels or declining property values; \u2022deterioration in borrowers' financial performance leading to increased loan delinquencies, asset quality issues, or loan losses; \u2022the impact of local, national, and international economies and natural disasters (such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, or earthquakes) on our markets and major industries within Hawaii; \u2022weakness in domestic economic conditions, including higher unemployment levels, instability in the financial industry, deterioration in the real estate markets, and declines in consumer or business confidence; \u2022revisions to estimates of reserve requirements under applicable regulatory and accounting standards; \u2022the adverse effects of bank failures on customer ITEM 1. BUSINESS General Central Pacific Financial Corp. is a Hawaii corporation and a registered bank holding company under the Bank Holding Company Act of 1956, as amended (the \"BHC Act\"). CPF was organized on February 1, 1982, and serves as the holding company for its principal subsidiary, Central Pacific Bank. The Bank was incorporated in its present form in the State of Hawaii on March 16, 1982, following a holding company reorganization. Its predecessor entity was originally incorporated in the State of Hawaii on January 15, 1954. CPF reports financial results on a fiscal year ending December 31, and operates as a single reportable segment: banking operations. Throughout this document, \"Central Pacific Bank\" is referred to as \"our Bank\" or \"the Bank\" and \"the Company,\" \"we,\" \"us\" or \"our,\" refers to Central Pacific Financial Corp. on a consolidated basis. The terms \"Central Pacific Financial Corp.,\" \"CPF,\" or \"the holding company\", refers to the parent company on a standalone basis. Branch Network Through our Bank and its subsidiaries, we provide full-service commercial banking through 27 bank branches and 55 ATMs located across the State of Hawaii. Our administrative and main offices are located in Honolulu, and we operate 20 branches on the island of Oahu. In addition, we have four branches on Maui, two on Hawaii Island, and one on Kauai. Products and Services Central Pacific Bank offers a full range of deposit and lending products and services to consumer and business customers. These include accepting demand, money market, savings, and time deposits, as well as originating commercial and industrial, construction, commercial real estate, residential mortgage, home equity, and consumer loans. We also offer cash management, digital banking, fiduciary and investment management services. Our Bank's deposits are insured by the Federal Deposit Insurance Corporation (\"FDIC\") up to applicable limits. The Bank became a member of the Federal Reserve System ITEM 1A. RISK FACTORS Our business faces significant risks, including credit, market/liquidity, operational, legal/regulatory and strategic/reputation risks. The factors described below may not be the only risks we face and are not intended to serve as a comprehensive listing or be applicable only to the category of risk under which they are disclosed. The risks described below ar", "title": "CPF - CENTRAL PACIFIC FINANCIAL CORP", "url": "/company/CPF/" }, { "kind": "company", "summary": "SIC 4923 Natural Gas Transmisison & Distribution; CIK 0000019745; latest 10-K filed 2026-02-25.", "text": "CPK - CHESAPEAKE UTILITIES CORP SIC 4923 Natural Gas Transmisison & Distribution; CIK 0000019745; latest 10-K filed 2026-02-25. CPK CHESAPEAKE UTILITIES CORP 0000019745 4923 Natural Gas Transmisison & Distribution ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. This section provides management\u2019s discussion of Chesapeake Utilities and its consolidated subsidiaries, with specific information on results of operations, liquidity and capital resources, as well as discussion of how certain accounting principles affect our financial statements. It includes management\u2019s interpretation of our financial results and our operating segments, the factors affecting these results, the major factors expected to affect future operating results as well as investment and financing plans. This discussion should be read in conjunction with our consolidated financial statements and notes thereto in Item 8, Financial Statements and Supplementary Data. Several factors exist that could influence our future financial performance, some of which are described in Item 1A, Risk Factors. They should be considered in connection with forward-looking statements contained in this Annual Report, or otherwise made by or on behalf of us, since these factors could cause actual results and conditions to differ materially from those set out in such forward-looking statements. Earnings per share (\"EPS\") and Adjusted EPS information is presented on a diluted basis, unless otherwise noted. Acquisition of FCG On November 30, 2023, we completed the acquisition of FCG for $922.8 million in cash, including working capital adjustments as defined in the agreement that were settled during the first quarter of 2024, pursuant to the stock purchase agreement with Florida Power & Light Company. Upon completion of the acquisition, FCG became a wholly-owned subsidiary of the Company and is included within our Regulated Energy segment. FCG currently serves approximately 125,000 residential and commercial natural gas customers across eight counties in Florida, including Miami-Dade, Broward, Brevard, Palm Beach, Hendry, Martin, St. Lucie and Indian River. Results for FCG are included within our consolidated results from the acquisition date. In June 2023, FCG received approval from the Florida PSC for a $23.3 million total increase in base revenue in connection with its May 2022 rate case filing. The new rates, which became effective as of May 1, 2023, included the transfer of its SAFE program provisions from a rider clause to base rates, an increase in rates associated with a liquefied natural gas facility, and approval of FCG's proposed RSAM with a $25.0 million reserve amount. The RSAM was recorded as either an increase or decrease to accrued removal costs on the balance sheet, with a corresponding increase or decrease to depreciation and amortization expense. At December 31, 2024, the RSAM reserve had been completely utilized. In February 2025, FCG filed a depreciation study with the Florida PSC. The application is requesting approval of revised annual depreciation rates, as well as a reduction related to a reserve imbalance that would be amortized over a two-year period. The outcome of the application was subject to review and approval by the Florida PSC. In February 2026, the Florida PSC approved a $6.8 million reserve imbalance to be amortized over the remaining life of the assets, with the revised depreciation rates effective as of January 1, 2025. Non-GAAP Financial Measures This document, including the tables herein, include references to both Generally Accepted Accounting Principles (\"GAAP\") and non-GAAP financial measures, including Adjusted Gross Margin, Adjusted Net Income and Adjusted EPS. A \"non-GAAP financial measure\" is generally defined as a numerical measure of a company's historical or future performance that includes or excludes amounts, or that is subject to adjustments, so as to be different from the most directly comparable measure calculated or presented in accordance with GAAP. Our management believes certain non-GAAP financial measures, when considered together with GAAP financial measures, provide information tha ITEM 1. Business. Corporate Overview and Strategy Chesapeake Utilities Corporation is a Delaware corporation formed in 1947 with operations primarily in the Mid-Atlantic region, North Carolina, South Carolina, Florida and Ohio. We are an energy delivery company engaged in the distribution of natural gas, electricity and propane, the transmission of natural gas, the generation of electricity and steam, and in providing mobile compressed natural gas and other energy-related services to our customers. Our strategy is focused on growing earnings from a stable, regulated energy delivery foundation and investing in related businesses and services that together provide opportunities for returns greater than traditional utility returns. We seek to identify and develop opportunities across the energy value chain, with emphasis on regulated midstream and downstream investments that are accretive to earnings per share and create opportunities to continue our record of top tier returns on equity relative to our peer group. The Company\u2019s growth strategy includes the continued investment and expansion of the Company\u2019s regulated operations that provide a stable base of earnings, as well as investments in other related non-regulated businesses and services including sustainable investments, such as renewable natural gas related investments. Currently, the Company\u2019s growth strategy is focused on the following platforms, including:\u2022Prudently deploying investment capital.\u25e6Optimizing the earnings growth in our existing businesses, which includes organic growth, territory expansions, and new products and services. \u25e6Identification and pursuit of additional pipeline expansions, including new interstate and intrastate transmission projects.\u25e6Growth of Marlin Gas Services\u2019 CNG transport business and expansion into LNG and RNG transport services as well as methane capture.\u25e6Identifying and undertaking additional strategic propane acquisitions that provide a larger foundation in current mar ITEM 1A. RISK FACTORS. The risks described below fall into three broad categories related to (1) financial risks, (2) operational risks, and (3) regulatory, legal and environmental risks, all of which may affect our operations and/or the financial performance of our regulated and unregulated ener", "title": "CPK - CHESAPEAKE UTILITIES CORP", "url": "/company/CPK/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001369568; latest 10-K filed 2026-02-25.", "text": "CPRX - CATALYST PHARMACEUTICALS, INC. SIC 2834 Pharmaceutical Preparations; CIK 0001369568; latest 10-K filed 2026-02-25. CPRX CATALYST PHARMACEUTICALS, INC. 0001369568 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read together with the Consolidated Financial Statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis may contain forward-looking statements that involve certain risks, assumptions and uncertainties that could cause actual results to differ materially from those implied or described by the forward-looking statements. Future results could differ materially from the discussion that follows for many reasons, including the factors described in Part I, Item 1A. \u201cRisk Factors\u201d in this Annual Report on Form 10-K, as well as those described in future reports filed with the SEC. Introduction Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to provide an understanding of our financial condition, changes in financial condition and results of operations. The discussion and analysis is organized as follows: \u2022 Overview. This section provides a general description of our business and information about our business that we believe is important in understanding our financial condition and results of operations. \u2022 Basis of Presentation. This section provides information about key accounting estimates and policies that we followed in preparing our consolidated financial statements for the 2025 fiscal year. \u2022 Critical Accounting Policies and Estimates. This section discusses those accounting policies that are both considered important to our financial condition and results of operations and require significant judgment and estimates on the part of management in their application. All of our significant accounting policies, including the critical accounting policies, are also summarized in the notes to our accompanying consolidated financial statements. \u2022 Results of Operations. This section provides an analysis of our results of operations for the three fiscal years presented in the accompanying consolidated statements of operations and comprehensive income. \u2022 Liquidity and Capital Resources. This section provides an analysis of our cash flows, capital resources, off-balance sheet arrangements, and our outstanding commitments, if any. \u2022 Caution Concerning Forward-Looking Statements. This section discusses how certain forward-looking statements made throughout this MD&A and in other sections of this report are based on management\u2019s present expectations about future events and are inherently susceptible to uncertainty and changes in circumstance. Overview We are a commercial-stage, patient-centric biopharmaceutical company focused on in-licensing, developing, and commercializing novel high-quality medicines for patients living with rare and difficult to treat diseases. We currently sell three commercial stage drug products, FIRDAPSE\u00ae (amifampridine), AGAMREE\u00ae (vamorolone), and FYCOMPA\u00ae (perampanel). We are also currently seeking to further expand our product portfolio, with a focus on acquiring the rights to immediately and near-term accretive assets to treat rare (orphan) diseases across therapeutic areas, including clinical-stage opportunities with established proof of concept. With an unwavering patient focus embedded in everything we do, we are committed to providing innovative, best-in-class medications with the hope of making a meaningful positive impact on those affected by these conditions. Currently, we have a total of 58 field personnel supporting FIRDAPSE\u00ae and AGAMREE\u00ae. We also have 19 patient assistance liaisons and insurance navigation support personnel who support both FIRDAPSE\u00ae and AGAMREE\u00ae. Finally, we have 19 medical science liaisons who help educate the medical community about scientific literature concerning our drug products and the diseases they treat. When we launched AGAMREE\u00ae in March 2024, we utilized the FIRDAPSE\u00ae commerci", "title": "CPRX - CATALYST PHARMACEUTICALS, INC.", "url": "/company/CPRX/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001609253; latest 10-K filed 2026-03-02.", "text": "CRC - California Resources Corp SIC 1311 Crude Petroleum & Natural Gas; CIK 0001609253; latest 10-K filed 2026-03-02. CRC California Resources Corp 0001609253 1311 Crude Petroleum & Natural Gas ITEM 7MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with other sections of this report, including but not limited to, Part I, Item 1 and 2 \u2013 Business and Properties and Part II, Item 8 \u2013 Financial Statements and Supplementary Data. See Part II, Item 7 \u2013 Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024 (2024 Annual Report) for our analysis of the changes in our consolidated statements of operations and statements of cash flows for the year ended December 31, 2024 compared to December 31, 2023. Basis of Presentation All financial information presented consists of our consolidated results of operations, financial position and cash flows unless otherwise indicated. We have eliminated all intercompany transactions and accounts. We account for our share of oil and natural gas production activities, in which we have a direct working interest by reporting our proportionate share of assets, liabilities, revenues, costs and cash flows within the relevant lines on our balance sheets and statements of operations and cash flows. In applying the equity method of accounting, our investments in our unconsolidated subsidiaries are recognized either at cost, as is the case with Carbon TerraVault JV HoldCo, LLC, or at fair value if acquired in a business combination, as is the case for Midway Sunset Cogeneration Company. These investments are then adjusted for our proportionate share of income or loss in addition to contributions and distributions. Supply Chain and Inflation We continued to experience relatively flat pricing from our suppliers during the year ended December 31, 2025 compared to the prior year. U.S. tariff policy regarding both country of origin and material type remains highly uncertain and subject to future changes. During 2025, the United States expanded tariff rates on imported goods including a 50% tariff on the steel and aluminum value of imported products. If sustained, these expanded tariff rates could increase our cost of oilfield goods and extend delivery lead times over the longer term. We have taken measures to limit the effects of potential price increases caused by the recent expansion of U.S. tariffs by entering into fixed price contracts with terms of one to three years for a significant majority of our materials and services based on our current expected development plans. We also pre-purchased inventory prior to the implementation of the tariffs and continue to purchase from vendors who source domestic content to limit the impact of foreign tariffs on our business. Overall, we expect minimal impact from tariffs on our supply chain in 2026. However, if the current tariff regime persists or expands, our inventory, capital and operating costs could increase over the long term. Statement of Operations Analysis Consolidated Results of Operations Our consolidated results of operations include the results of Berry beginning December 18, 2025, the closing date of the Berry Merger. Our consolidated results of operations include the results of Aera beginning July 1, 2024, the closing date of the Aera Merger. For more information on the Berry Merger and the Aera Merger, see Part II, Item 8 \u2013 Financial Statements and Supplementary Data, Note 2 Business Combinations. The Aera Merger and related integration activities significantly impacted the comparability of our financial results for the year ended December 31, 2025 compared to the prior year. For financial information related to our subsidiaries designated as Unrestricted Subsidiaries under the 2026 Senior Notes Indenture, 2029 Senior Notes Indenture and 2034 Senior Notes Indenture, see Part II, Item 8 \u2013 Financial Statements and Supplementary Data, Note 18 Condensed Consolidating Financial Information. 61 Year Ended December 31, 2025 vs. 2024 The following tab Business We are an independent energy and carbon management company advancing the energy transition. We are committed to environmental stewardship while safely providing local, responsibly sourced energy. We are also focused on maximizing the value of our land, mineral ownership, and energy expertise for decarbonization by developing carbon capture and storage (CCS) and other emissions reducing projects. Our business is organized into two reporting segments: oil and natural gas and carbon management. Our oil and natural gas segment explores for, develops and produces crude oil and condensate, natural gas liquids and natural gas in major producing basins located in California and Utah. As of December 31, 2025, our proved reserves totaled an estimated 654 MMBoe, of which 541 MMBbl were crude oil and condensate reserves, 37 MMBbl were NGL reserves and 455 Bcf, or 76 MMBoe, were natural gas reserves. As of December 31, 2025, we held approximately 2 million net mineral acres. Our operated asset base spans 68 distinct fields with approximately 22,000 net operated wells. We had average net production of approximately 138 MBoe/d (79% oil) for the year ended December 31, 2025. Our carbon management segment, which we refer to as Carbon TerraVault, is focused on building, installing, operating and maintaining CO2 capture equipment, transportation assets and underground storage facilities. Our carbon management segment also owns an investment in the Carbon TerraVault JV. For more information on our segments, refer to Part II, Item 7 \u2013 Management's Discussion and Analysis of Financial Condition and Results of Operations, Segment Results of Oil and Natural Gas Operations and Results of our Carbon Management Segment, and Part II, Item 8 \u2013 Financial Statements and Supplementary Data, Note 16 Segment Information. Berry Merger On September 14, 2025, we entered into an agreement to combine with Berry in an all-stock transaction. Berry was an independent energy company that owned ITEM 1A RISK FACTORS Described below are certain risks and uncertainties that could adversely affect our business, financial condition, results of operations or cash flow. These risks are not the only risks we face. Our business could also be affected materially and adversely by other risks and uncertainties that are not ", "title": "CRC - California Resources Corp", "url": "/company/CRC/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001866175; latest 10-K filed 2026-02-25.", "text": "CRGY - Crescent Energy Co SIC 1311 Crude Petroleum & Natural Gas; CIK 0001866175; latest 10-K filed 2026-02-25. CRGY Crescent Energy Co 0001866175 1311 Crude Petroleum & Natural Gas Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Management's Discussion and Analysis of Financial Condition and Results of Operations is intended to provide the reader of the financial statements with a narrative from the perspective of management on the financial condition, results of operations, liquidity and certain other factors that may affect the Company's operating results. The following discussion and analysis should be read in conjunction with the Consolidated Financial Statements and related Notes included in \"Item 8. Financial Statements and Supplementary Data\" of this Annual Report and also with \"Part I., Item 1A. Risk Factors\" of this Annual Report. The following information updates the discussion of our financial condition provided in our previous filings, and analyzes the changes in the results of operations between the years ended December 31, 2025 and 2024. Refer to our 2024 Annual Report filed February 26, 2025 for discussion and analysis of the changes in results of operations between the years 62 Table of Contents ended December 31, 2024 and 2023. The following discussion contains forward-looking statements that reflect our future plans, estimates, beliefs and expected performance. The forward-looking statements are dependent upon events, risks and uncertainties that may be outside our control. Our actual results could differ materially from those discussed in these forward- looking statements. Factors that could cause or contribute to such differences include, but are not limited to, commodity price volatility, capital requirements and uncertainty of obtaining additional funding on terms acceptable to the Company, realized oil, natural gas and NGL prices, the timing and amount of future production of oil, natural gas and NGLs, shortages of equipment, supplies, services and qualified personnel, as well as those factors discussed below and elsewhere in this Annual Report , particularly under \u201cRisk Factors\u201d and \u201cCautionary Statement Regarding Forward Looking statements,\u201d all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law. Business overview Crescent is a differentiated energy company committed to delivering value through a disciplined, returns-driven growth through acquisition strategy and consistent return of capital. Our long-life, balanced portfolio combines significant cash flow from stable production with a deep, high-quality development inventory. Our activities are focused in the Eagle Ford, Permian and Uinta Basins, and we own minerals and royalty interests across premier U.S. oil and natural gas basins, primarily operated by large, well-capitalized companies, with a core focus in the Eagle Ford. Our Class A Common Stock trades on the NYSE under the symbol \u201cCRGY.\u201d Geopolitical developments and economic environment During the last several years, prices of crude oil, natural gas and NGLs have experienced periodic downturns and sustained volatility, impacted by geopolitical events, such as Russia\u2019s invasion of Ukraine and the related sanctions imposed on Russia, Hamas' attack against Israel and the ensuing conflict and escalation of tensions in the Middle East, including the conflict with Iran, recent developments in Venezuela, supply chain constraints, elevated interest rates, U.S. international trade and tariff policy developments and responses thereto and costs of capital and political and regulatory uncertainties. Furthermore, the United States has experienced, and may continue to experience, a significant inflationary environment, which began in 2022 that, along with international geopolitical risks and market responses to the announcement of certain tariff policies by the Trump Administration, has contributed to concerns o Item 1A. Risk Factors Described below are certain risks that we believe are applicable to our business and the oil and gas industry in which we operate. Investors should read carefully the following factors as well as the cautionary statements referred to in \"Cautionary Statement Regarding Forward-Looking Statements\" herein. If any of the risks and uncertainties described below or elsewhere in this Annual Report actually occur, the Company's business, financial condition or results of operations could be materially adversely affected. Risks related to the oil and natural gas industry and our operations Oil, natural gas and NGL prices are volatile. A sustained decline in prices could adversely affect our business, financial condition and results of operations, liquidity and our ability to meet our financial commitments or cause us to delay our planned capital expenditures. Our revenues, operating results, profitability, liquidity and ability to grow depend primarily upon the prices we receive for the oil, natural gas and NGL we sell. We require substantial expenditures to replace our oil, natural gas and NGL reserves, sustain production and fund our business plans, including our development plan. Low oil, natural gas and NGL prices resulting from reduced demand, which may be caused by the conflicts in Ukraine and Israel, substitution of renewable forms of energy for oil and gas, actions of OPEC and other factors materially affected our revenues, particularly before the effects of commodity derivatives, operating results and cash flows. Global oil, natural gas and NGL demand may negatively affect the amount of cash available for capital expenditures and debt repayment, our ability to borrow money or raise additional capital and, as a result, could have a material adverse effect on our business, prospects, financial condition, results of operations and cash flows. In addition, low prices may reduce the quantities of oil, natural gas and NGL reserves that may be eco", "title": "CRGY - Crescent Energy Co", "url": "/company/CRGY/" }, { "kind": "company", "summary": "SIC 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl; CIK 0001060822; latest 10-K filed 2026-02-27.", "text": "CRI - CARTERS INC SIC 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl; CIK 0001060822; latest 10-K filed 2026-02-27. CRI CARTERS INC 0001060822 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion of our results of operations and current financial condition. You should read this discussion in conjunction with our consolidated historical financial statements and notes included elsewhere in this Annual Report on Form 10-K. Our discussion of our results of operations and financial condition contains certain forward-looking statements within the meaning of the federal securities laws relating to our future performance. We based these statements on assumptions that we consider reasonable. Actual results may differ materially from those suggested by our forward-looking statements for various reasons including those discussed under \u201cRisk Factors\u201d in Part I, Item 1A of this Annual Report on Form 10-K. Those risk factors expressly qualify all subsequent oral and written forward-looking statements attributable to us or persons acting on our behalf. Except for any ongoing obligations to disclose material information as required by federal securities laws, we do not have any intention or obligation to update forward-looking statements after we file this Annual Report on Form 10-K. For a comparison of our results for fiscal year 2024 to our results for fiscal year 2023 and other financial information related to fiscal year 2023, refer to Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our 2024 Annual Report on Form 10-K, filed with the SEC on February 25, 2025. Fiscal Years Our fiscal year ends on the Saturday in December or January nearest December 31. Every five or six years, our fiscal year includes an additional 53rd week of results. Fiscal 2025 ended on January 3, 2026, and contained 53 calendar weeks. Fiscal 2024 ended on December 28, 2024, and fiscal 2023 ended on December 30, 2023, both contained 52 calendar weeks. The 53rd week in fiscal 2025 contributed approximately $37 million of incremental consolidated net sales. Certain expenses increased in relationship to the additional net sales from the 53rd week, while other expenses, such as fixed costs and expenses incurred on a calendar-month basis, did not increase. The consolidated gross margin for the additional net sales from the 53rd week is comparable to the consolidated gross margin for fiscal 2025. Our Business We are North America\u2019s largest and most-enduring apparel company exclusively for babies and young children. Our core brands are Carter\u2019s and OshKosh B\u2019gosh (or \u201cOshKosh\u201d), iconic and among the sector\u2019s most trusted names. Our exclusive Carter\u2019s brands are developed for Walmart, Target, and Amazon. Our emerging brands include Little Planet, crafted with organic fabrics and sustainable materials, Otter Avenue, a toddler-focused apparel brand, and Skip Hop, baby essentials from tubs to toys. Our purpose is to embrace the wonder of childhood and uplift those shaping the future. We believe our brands are complementary to one another in product offering and aesthetic. Each brand is uniquely positioned in the marketplace and offers great value to families with young children. Our multichannel, global business model, which includes retail stores, eCommerce, mobile app, and wholesale distribution channels, as well as omni-channel capabilities in the United States and Canada, enables us to reach a broad range of consumers around the world. At the end of fiscal 2025, our channels included 1,068 company-operated retail stores in North America, eCommerce websites, approximately 19,500 wholesale locations in North America, as well as our international wholesale accounts and licensees who operate in over 1,100 locations outside of North America in over 90 countries. Segments We have three operating and reportable segments: U.S. Retail, U.S. Wholesale, and International. Our U.S. Retail segment consists of revenue primarily from sales of products in the United States through our retail stores, eCo ITEM 1. BUSINESS Overview We are North America\u2019s largest and most-enduring apparel company exclusively for babies and young children. Our core brands are Carter\u2019s and OshKosh B\u2019gosh (or \u201cOshKosh\u201d), iconic and among the sector\u2019s most trusted names. Our exclusive Carter\u2019s brands, which consist of Child of Mine, Just One You, and Simple Joys, are developed for Walmart, Target, and Amazon. Our emerging brands include Little Planet, crafted with organic fabrics and sustainable materials, Otter Avenue, a toddler-focused apparel brand, and Skip Hop, baby essentials from tubs to toys. Established in 1865, our Carter\u2019s brand is recognized and trusted by consumers for high-quality apparel and accessories for children in sizes newborn to 14. Established in 1895, OshKosh is a well-known brand, trusted by consumers for high-quality apparel and accessories for children in sizes newborn to 14, with a focus on playclothes for toddlers and young children. We acquired OshKosh in 2005. Established in 2003, the Skip Hop brand rethinks, reenergizes, and reimagines durable necessities to create higher value, superior quality, and award-winning products for parents, babies, and toddlers. We acquired Skip Hop in 2017. Launched in 2021, the Little Planet brand focuses on sustainable clothing through the sourcing of mostly organic cotton as certified under the Global Organic Textile Standard (\u201cGOTS\u201d), a global textile processing standard for organic fibers. This brand includes a wide assortment of baby and toddler apparel, accessories, and sleepwear. Launched in July 2025, Otter Avenue is a toddler brand that focuses on functionality designed to encourage independence, while combining fun, sophistication, and fashion-forward styles. This brand includes a curated assortment of toddler apparel and accessories. Additionally, Child of Mine, an exclusive Carter\u2019s brand, is sold at Walmart, Just One You, an exclusive Carter\u2019s brand, is sold at Target, and Simple Joys, an exclusive Carter\u2019s ITEM 1A. RISK FACTORS Risk Factors Summary The following is a summary of the principal risks and uncertainties described in more detail in this Annual Report on Form 10-K for the year ended January 3, 2026. Risks Related to Global and Macroeconomic Conditions \u2022Our business is sensitive to overall ", "title": "CRI - CARTERS INC", "url": "/company/CRI/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0000023194; latest 10-K filed 2026-02-19.", "text": "CRK - COMSTOCK RESOURCES INC SIC 1311 Crude Petroleum & Natural Gas; CIK 0000023194; latest 10-K filed 2026-02-19. CRK COMSTOCK RESOURCES INC 0000023194 1311 Crude Petroleum & Natural Gas ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with our selected historical consolidated financial data and our accompanying consolidated financial statements and the notes to those financial statements included elsewhere in this report. The following discussion includes forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this report, particularly in \"Risk Factors\" and \"Cautionary Note Regarding Forward-Looking Statements.\" Overview We are an independent energy company engaged in the acquisition, exploration, development and production of natural gas and oil in the United States. Our assets are concentrated in the Haynesville and Bossier shale located in North Louisiana and East Texas, a premier natural gas basin with superior economics due to the geographic proximity to Gulf Coast natural gas markets. We own interests in 1,724 producing natural gas and oil wells (959.7 net to us) and we operate 1,074 of these wells. We use the successful efforts method of accounting, which allows only for the capitalization of costs associated with developing proven natural gas and oil properties as well as exploration costs associated with successful exploration activities. Accordingly, our exploration costs consist of costs we incur to acquire seismic data used for exploration, impairments of our unevaluated leasehold where we were not successful in discovering reserves and the costs of unsuccessful exploratory wells that we drill. We generally sell our natural gas and oil at current market prices at the point where our wells connect to third party purchaser pipelines or terminals. We have entered into certain transportation and treating agreements with midstream and pipeline companies to transport a substantial portion of our natural gas production to long-haul gas pipelines. We market our products in several different ways depending upon a number of factors, including the availability of purchasers for the product, the availability and cost of pipelines near our wells, market prices, pipeline constraints and operational flexibility. Accordingly, our revenues are heavily dependent upon the prices of and demand for natural gas. Natural gas prices have historically been volatile and are likely to remain volatile in the future. Our operating costs are generally comprised of several components, including costs of our field personnel, insurance, repair and maintenance costs, production supplies, fuel used in operations, transportation costs, workover expenses and state production and ad valorem taxes. Like all natural gas and oil exploration and production companies, we face the challenge of replacing our reserves. Although in the past we have offset the effect of declining production rates from existing properties through successful acquisition and drilling efforts, there can be no assurance that we will be able to continue to offset production declines or maintain production at current rates through future acquisitions or drilling activity. Our operations and facilities are subject to extensive federal, state and local laws and regulations relating to the exploration for, and the development, production and transportation of, natural gas and oil, and operating safety. Future laws or regulations, any adverse changes in the interpretation of existing laws and regulations or our failure to comply with existing legal requirements may have an adverse effect on our business, results of operations and financial condition. Applicable environmental regulations require us to remove our equipment after production has ceased, to plug and abandon our wells and to remediate any environm ITEM 1. BUSINESS We are a leading independent natural gas producer operating primarily in the Haynesville shale, a premier natural gas basin located in North Louisiana and East Texas with superior economics given its geographical proximity to the Gulf Coast natural gas markets. As of December 31, 2025, substantially all of our proved natural gas and oil reserves were in the Haynesville and Bossier shale plays. We are focused on creating value through the development of our substantial inventory of highly economic drilling opportunities in the Haynesville and Bossier shales and through our exploration activities in our Western Haynesville play. Our common stock is listed and traded on the New York Stock Exchange and New York Stock Exchange Texas under the symbol \"CRK\". Our operations are concentrated in Louisiana and Texas. Our natural gas and oil properties are estimated to have proved reserves of 7.0 Tcfe with a PV 10 Value of $4.5 billion as of December 31, 2025 based on SEC prices. Our proved reserves are principally natural gas, which were 41% developed as of December 31, 2025 with an average reserve life of approximately 16 years. Using NYMEX futures market natural gas and oil prices as of December 31, 2025, proved reserves are estimated at 7.2 Tcfe with a PV 10 Value of $5.2 billion. Using these prices, our proved reserves were 40% developed as of December 31, 2025, with an average reserve life of approximately 16 years. Strengths High Quality Properties. As of December 31, 2025, we have 1,069,991 acres (802,769 net) prospective for the Haynesville and Bossier shale plays, located in North Louisiana and East Texas, including our extension of the plays in our Western Haynesville area. Our Haynesville/Bossier shale properties have extensive development and exploration potential. Advances in drilling and completion technology have allowed us to increase the reserves recovered through drilling longer horizontal lateral lengths, drilling horseshoe wells and app ITEM 1A. RISK FACTORS You should carefully consider the following material risk factors as well as the other information contained or incorporated by reference in this report, as these important factors, among others, could cause our actual results to differ from our expected or historical results. It is not possible to ", "title": "CRK - COMSTOCK RESOURCES INC", "url": "/company/CRK/" }, { "kind": "company", "summary": "SIC 3577 Computer Peripheral Equipment, NEC; CIK 0001743759; latest 10-K filed 2026-02-25.", "text": "CRSR - Corsair Gaming, Inc. SIC 3577 Computer Peripheral Equipment, NEC; CIK 0001743759; latest 10-K filed 2026-02-25. CRSR Corsair Gaming, Inc. 0001743759 3577 Computer Peripheral Equipment, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion of our financial condition and results of operations in conjunction with the consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from such forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the section Item 1A, \u201cRisk Factors\u201d and below in Item 7A, \u201cQuantitative and Qualitative Disclosures about Market Risk\u201d. Overview We are a leading global provider and innovator of high-performance products for gamers and digital creators, such as streamers, vloggers and broadcasters, many of which build their own PCs using our components. Our industry-leading gaming products help digital athletes, from casual gamers to committed professionals, perform at their peak across PC or console platforms, and our streaming products enable creators, particularly streamers, to produce studio-quality content to share with friends or to broadcast to millions of fans. Our PC components products offer our customers multiple options to build their customized gaming and workstation desktop PCs. Our solution is the most complete suite of products that address the most critical components for both game performance and streaming. Our product offering is enhanced by our two proprietary software platforms: iCUE and the Elgato streaming suite for content creators, including our Stream Deck control software, which provide unified, intuitive performance, aesthetic control and customization across our Corsair hardware ecosystem and Elgato streaming products. We also offer digital services to enhance the customer experience by integrating esports, Elgato's marketplace, customer care and extended warranty into our product offerings. We group our products into two categories (operating segments): \u2022 Gamer and Creator Peripherals. Includes our high-performance gaming keyboards, mice, headsets, controllers, and streaming products, which includes capture cards, Stream Decks, microphones, teleprompters, and audio interfaces, our Facecam streaming cameras, studio accessories, command center displays, sim racing products, and gaming furniture, among others. \u2022 Gaming Components and Systems. Includes our high-performance power supply units, cooling solutions, computer cases, and DRAM modules, as well as high-end prebuilt and custom-built gaming PCs and laptops, and AI workstations, among others. We are committed to continuing to grow in our current markets as well as new markets through the development of innovative technologies and by entering into new categories through organic growth or acquisitions. In recent years, we have entered into several new markets, for example the camera market for content creators and the sim racing market for gamers. We continue to expand our product portfolio and in 2025, we launched 105 new products. On September 19, 2024, we completed the acquisition of the Fanatec Business for $43.7 million. The Fanatec sim racing product line, which fully complements our gaming PCs, gaming and streaming peripherals, has expanded our business in these markets. Fanatec\u2019s results of operations are included in our consolidated statements of operations with effect from September 19, 2024. Summary of Financial Results Our net revenue was $1,472.5 million, $1,316.4 million, and $1,459.9 million for the years ended December 31, 2025, 2024, and 2023, respectively. Our gross margin was 28.9%, 24.9%, and 24.7% for the years ended December 31, 2025, 2024, and 2023, respectively. We had net losses of $16.2 million, $85.2 million, and $2.6 million for the years ended December 31, 2025, 2024, and 2023, Item 1. Business. Overview Corsair Gaming, Inc. (also referred to in this document as \u201cCorsair,\u201d \u201cwe,\u201d the \u201ccompany,\u201d or the \u201cregistrant\u201d) is a leading global provider and innovator of high-performance products for gamers and digital creators such as streamers, vloggers and broadcasters. Our industry-leading gaming products help digital athletes, from casual gamers to committed professionals, perform at their peak across personal computer (\u201cPC\u201d), sim racing and console platforms, and our streaming products enable creators, particularly streamers, to produce studio-quality content to share with friends or to broadcast to millions of fans. Our PC components products offer our customers multiple options to build their customized gaming and workstation desktop PCs. We design and sell high-performance gaming and streaming peripherals, components and systems to enthusiasts globally. We have served the market for three decades and we believe many of our products maintain leading market share positions, according to external market data and internal estimates. We have built a passionate base of loyal customers due to our brand authenticity and reputation as a provider of innovative and finely engineered products that deliver a high level of performance. Our solution is the most complete suite of products among our major competitors and addresses the most critical components for both game performance and streaming. Our product offering is enhanced by our two proprietary software platforms: iCUE for gamers and the Elgato software suite for content creators, including our Stream Deck control software. These software platforms provide unified, intuitive performance, aesthetic control and customization across their respective product families. We also offer digital services to enhance the customer experience by integrating esports, Elgato's marketplace, customer care and extended warranty into our product offerings. We group our products into two categories (operating segme", "title": "CRSR - Corsair Gaming, Inc.", "url": "/company/CRSR/" }, { "kind": "company", "summary": "SIC 6411 Insurance Agents, Brokers & Service; CIK 0000874866; latest 10-K filed 2026-05-22.", "text": "CRVL - CORVEL CORP SIC 6411 Insurance Agents, Brokers & Service; CIK 0000874866; latest 10-K filed 2026-05-22. CRVL CORVEL CORP 0000874866 6411 Insurance Agents, Brokers & Service MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations may include certain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, (the \"Securities Act\") and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation statements with respect to anticipated future operating and financial performance, growth and acquisition opportunities and other similar forecasts and statements of expectation. Words such as \u201cexpects,\u201d \u201canticipates,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cpredicts,\u201d \u201cbelieves,\u201d \u201cseeks,\u201d \u201cestimates,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d \u201cstrive,\u201d \u201congoing,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201ccould,\u201d \u201cshould,\u201d as well as variations of these words and similar expressions, are intended to identify these forward-looking statements. Forward-looking statements made by the Company and its management are based on estimates, projections, beliefs and assumptions of management at the time of such statements and are not guarantees of future performance. The Company disclaims any obligations to update or revise any forward-looking statement based on the occurrence of future events, the receipt of new information or otherwise. Actual future performance, outcomes, and results may differ materially from those expressed in forward-looking statements made by the Company and its management as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include without limitation; general industry and economic conditions, including a decreasing number of national claims due to a decreasing number of injured workers; competition from other managed care companies and third party administrators; the Company\u2019s ability to renew or maintain contracts with its customers on favorable terms or at all; the ability to expand certain areas of the Company\u2019s business; growth in the Company\u2019s sale of TPA services; shifts in customer demands; increases in operating expenses, including employee wages, benefits, and medical inflation; the ability of the Company to produce market-competitive software; cost of capital and capital requirements; on the Company\u2019s ability to attract and retain key personnel; the impact of potential cybersecurity incidents on the Company\u2019s business; existing and possible litigation and legal liability in the course of operations and the Company\u2019s ability to resolve such litigation; changes in regulations affecting the workers\u2019 compensation, insurance and healthcare industries in general; governmental and public policy changes, including but not limited to legislative and administrative law and rule implementation or change; the impact of recently issued accounting standards on the Company\u2019s consolidated financial statements; the availability of financing in the amounts, at the times, and on the terms necessary to support the Company\u2019s future business, and the other risks identified in Part I, Item 1A of this Annual Report, \u201cRisk Factors.\u201d Overview The Company is an independent nationwide provider of medical cost containment and managed care services designed to address the escalating medical costs of workers\u2019 compensation benefits, automobile insurance claims, and group health insurance benefits. The Company\u2019s services are provided to insurance companies, TPAs, governmental entities, and self-administered employers to assist them in managing the medical costs of workers\u2019 compensation, group health and auto insurance, and monitoring the quality of care provided to claimants. Network Solutions Services The Company\u2019s network solutions services are designed to reduce the price paid by its customers for medical services rendered in workers\u2019 compensation cases, automobile insurance policies, and group health insurance policies. The network solutions services offered by the Company include automated medical fee auditing, Item 1. Business. INTRODUCTION CorVel is an independent nationwide provider of medical cost containment and managed care services designed to address the escalating medical costs of workers\u2019 compensation benefits, automobile insurance claims, and group health insurance. CorVel applies certain technology, including artificial intelligence, machine learning, and natural language processing, to enhance the management of episodes of care and the related health-care costs. We provide services to insurance companies, third-party administrators (\u201cTPAs\u201d), government entities, and self-administered employers to assist them in managing the increasing medical costs of workers\u2019 compensation, group health and auto insurance, and monitoring the quality of care provided to claimants. Our diverse suite of solutions combines our integrated technologies with a human touch. CorVel\u2019s customized services, delivered locally, are backed by a national team to support its clients, as well as their customers and patients. The Company\u2019s services include claims management, bill review, preferred provider networks, utilization management, case management, pharmacy services, directed care, and Medicare services. CorVel delivers its solutions three ways \u2013 as a fully integrated claims-management program, as discrete standalone services, or as targeted add-ons that enhance an existing client workflow. Integrated, end-to-end bundled programs are designed primarily for customers that are self-insured employers who want a single, turnkey partner. Conversely, individual modules and \u00e0\u2011la\u2011carte add-ons tend to fit larger scale relationships, where insurance carriers or TPAs plug specific CorVel capabilities into a broader service stack. CorVel was incorporated in Delaware in 1987, and its principal executive offices are located at 5128 Apache Plume Road, Suite 400, Fort Worth, Texas 76109. The Company\u2019s telephone number is (817) 390-1416. The Company maintains a nationwide presence across a network o Item 1A. Risk Factors. Past financial performance is not necessarily a reliable indicator of future performance, and investors in our common stock should not use historical performance to anticipate results or future period trends. Investing in our common stock involves a high degree of risk. Investors should consider carefully", "title": "CRVL - CORVEL CORP", "url": "/company/CRVL/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000798359; latest 10-K filed 2026-02-17.", "text": "CSR - CENTERSPACE SIC 6798 Real Estate Investment Trusts; CIK 0000798359; latest 10-K filed 2026-02-17. CSR CENTERSPACE 0000798359 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the Consolidated Financial Statements and notes appearing elsewhere in this report. Historical results and trends which might appear in the Consolidated Financial Statements should not be interpreted as being indicative of future operations. This and other sections of this Report contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. See \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Executive Summary We are a real estate investment trust, or REIT that owns, manages, acquires, redevelops, and develops apartment communities. We primarily focus on investing in markets characterized by stable and growing economic conditions, strong employment, and an attractive quality of life that we believe, in combination, lead to higher demand for our apartment homes and retention of our residents. As of December 31, 2025, we owned 61 apartment communities consisting of 12,262 homes as detailed in Item 2 - Properties. Property owned, as presented in the Consolidated Balance Sheets, was $2.5 billion at December 31, 2025 and 2024. Renting apartment homes is our primary source of revenue, and our business objective is to provide great homes. We strive to maximize resident satisfaction and retention by investing in high-quality assets in desirable locations and developing and training team members to create vibrant apartment communities through resident-centered operations. We believe that delivering superior resident experiences will drive consistent profitability for our business and shareholders. We have paid quarterly distributions every quarter since our first distribution in 1971. Significant Transactions and Events for the Year Ended December 31, 2025 Highlights. For the year ended December 31, 2025, our highlights included the following: \u2022Net Income was $1.02 per diluted share for the year ended December 31, 2025, compared to Net Loss of $1.27 per diluted share for the year ended December 31, 2024; \u2022Core funds from operations (\u201cCFFO\u201d) per diluted share, a non-GAAP measure, increased 1.0% to $4.93 from $4.88 (refer to reconciliations of Funds from Operations and Core Funds from Operations beginning on page 32 for additional detail); \u2022Operating income increased to $64.5 million for the year ended December 31, 2025 compared to $20.5 million for the prior year; and \u2022Same-store year-over-year net operating income growth of 3.5% driven by same-store revenue growth of 2.4% (refer to Reconciliation of Operating Income (Loss) to Net Operating Income beginning on page 29 for additional detail). Acquisitions and Dispositions. During the year ended December 31, 2025, we completed the following transactions in furtherance of our strategic plan: \u2022Disposed of twelve non-core apartment communities throughout Minnesota and one corporate office building for an aggregate sales price of $215.5 million; \u2022Acquired Railway Flats in Loveland, Colorado, an apartment community consisting of 420 homes for an aggregate purchase price of $132.2 million, which included the assumption of $76.5 million in mortgage debt; and \u2022Acquired Sugarmont, our first apartment community in Salt Lake City, Utah, consisting of 341 homes for an aggregate purchase price of $149.0 million. Financing Transactions. During the year ended December 31, 2025, we completed the following financing transactions: \u2022Repurchased 62,973 shares at an average price of $54.86 per share, including commissions. Outlook We intend to continue our focus on maximizing the financial performance of th Item 1. Business OVERVIEW Centerspace (\u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cCenterspace,\u201d or the \u201cCompany\u201d) is a real estate investment trust (\u201cREIT\u201d) organized under the laws of North Dakota that is focused on the ownership, management, acquisition, development, and redevelopment of apartment communities. Our current emphasis is on making operational enhancements that will improve our residents\u2019 experience, redeveloping some of our existing apartment communities to meet current market demands, and acquiring new apartment communities in large, attractive markets, including the Minneapolis/St. Paul, Denver, Boulder/Fort Collins, and Salt Lake City metropolitan areas. We focus on investing in markets characterized by stable and growing economic conditions, strong employment, and an attractive quality of life that we believe, in combination, lead to higher demand for our apartment homes and retention of our residents. As of December 31, 2025, we owned 61 apartment communities, containing 12,262 homes and having a total real estate investment amount, net of accumulated depreciation, of $1.9 billion. Our corporate headquarters is located in Minot, North Dakota. We also have a corporate office in Minneapolis, Minnesota. Website and Available Information Our internet address is www.centerspacehomes.com. We make available, free of charge, through the \u201cSEC filings\u201d tab under the Investors section of our website, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, amendments to such reports, proxy statements for our Annual Meetings of Shareholders, and other documents filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after such reports are filed with or furnished to the SEC. These reports are also available at www.sec.gov. We also make press releases, investor presentations, and certain supplemental information available on our website. Current copies of our Code of Conduct; Code of Ethics Item 1A. Risk Factors We face certain risks related to our ownership of apartment communities and operation of our business. Set forth below are the risks that we believe are material to our shareholders and unitholders. You should carefully consider the following risks in evaluating our properties, business, and operations. Our business, financial condition,", "title": "CSR - CENTERSPACE", "url": "/company/CSR/" }, { "kind": "company", "summary": "SIC 2891 Adhesives & Sealants; CIK 0001624794; latest 10-K filed 2026-05-26.", "text": "CSW - CSW INDUSTRIALS, INC. SIC 2891 Adhesives & Sealants; CIK 0001624794; latest 10-K filed 2026-05-26. CSW CSW INDUSTRIALS, INC. 0001624794 2891 Adhesives & Sealants ITEM 7: MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis is provided to increase the understanding of, and should be read in conjunction with, the accompanying consolidated financial statements and notes. See \u201cItem 1A. Risk Factors\u201d and the \u201cForward-Looking Statements\u201d included in this Annual Report for a discussion of the risks, uncertainties and assumptions associated with these statements. Unless otherwise noted, all amounts discussed herein are consolidated. EXECUTIVE OVERVIEW Our Company We are a diversified industrial growth company with a strategic focus on providing niche, value-added products in the end markets we serve. We operate in three business segments: Contractor Solutions, Specialized Reliability Solutions and Engineered Building Solutions. Our products include mechanical products for heating, ventilation, air conditioning and refrigeration (\"HVAC/R\"), plumbing products, grilles, registers and diffusers (\"GRD\"), building safety solutions and high-performance specialty lubricants and sealants. End markets that we serve include HVAC/R, architecturally-specified building products, plumbing, general industrial, energy, mining, electrical and rail transportation. Our manufacturing operations are concentrated in the United States (\u201cU.S.\u201d), Vietnam and Canada, and we have distribution operations in the U.S., Australia, Canada and the United Kingdom (\u201cU.K.\u201d). Our products are sold directly to end-users or through designated channels in over 100 countries around the world, primarily including the U.S., Canada, the U.K. and Australia. Drawing on our innovative and proven technologies, we seek to deliver solutions primarily to contractors that place a premium on superior performance and reliability. We believe our brands are well known in the specific end markets we serve and have a reputation for high quality. We rely on both organic growth and inorganic growth through acquisitions to provide an increasingly broad portfolio of performance optimizing solutions that meet our customers\u2019 ever-changing needs. We have a successful record of making attractive, synergistic acquisitions in support of this objective, and we remain focused on identifying additional acquisition opportunities in our core end markets. Many of our products are used to protect the capital assets of our customers that are expensive to repair or replace and are critical to their operations. We have a source of recurring revenue from the maintenance, repair and overhaul and consumable nature of many of our products. We also provide some custom engineered products that strengthen and enhance our customer relationships. The reputation of our product portfolio is built on more than 100 well-respected brand names, such as AC Guard\u00ae, Air Sentry\u00ae, Aspen ManufacturingTM, Balco\u00ae, Cover Guard\u00ae, Deacon\u00ae, Duckt-Strip\u00ae, Dust Free\u00ae, Falcon Stainless\u00ae, Greco\u00ae, Hydrotex\u00ae, Jet-Lube\u00ae, Kopr-Kote\u00ae, Leak Freeze\u00ae, MARS\u00ae, Metacaulk\u00ae, No. 5\u00ae, OilSafe\u00ae, PF WaterWorksTM, ProAction Fluids\u00ae, PSP ProductsTM, RectorSeal\u00ae, Safe-T-Switch\u00ae, Shoemaker Manufacturing\u00ae, Smoke Guard\u00ae, TRUaire\u00ae, Turbo 200\u00ae and Whitmore\u00ae. Since February 2025, the President of the United States has issued various executive orders to regulate imports by imposing country-specific tariffs on multiple nations around the world, including Vietnam and China, which are relevant to our business due to our manufacturing presence in Vietnam and our use of third-party manufacturing in China and other foreign countries. In addition, the United States has imposed and/or reimposed certain commodity-specific tariffs, including tariffs on steel, aluminum and copper, which are used as inputs for some of our products. We have responded by negotiating cost reductions with certain suppliers, transitioning certain sources of supply, and by raising prices to our customers on certain products across our three segments to partially offset the impact. In F ITEM 1: BUSINESS General CSW is a diversified industrial growth company with a strategic focus on providing niche, value-added products in the end markets we serve. We operate in three business segments: Contractor Solutions, Specialized Reliability Solutions and Engineered Building Solutions. Our products include mechanical products for heating, ventilation, air conditioning and refrigeration (\"HVAC/R\"), plumbing products, grilles, registers and diffusers (\"GRD\"), building safety solutions and high-performance specialty lubricants and sealants. End markets that we serve include HVAC/R, architecturally-specified building products, plumbing, general industrial, energy, rail transportation, mining and electrical. Our manufacturing operations are concentrated in the United States (\u201cU.S.\u201d), Vietnam and Canada, and we have distribution operations in the U.S., Australia, Canada and the United Kingdom (\u201cU.K.\u201d). Our products are sold directly to end-users or through designated channels in over 100 countries around the world, primarily in the U.S., Canada, the U.K. and Australia. Drawing on our innovative and proven technologies, we seek to deliver solutions primarily to our contractors that place a premium on superior performance and reliability. We believe our brands are well known in the specific end markets we serve and have a reputation for high quality. We rely on both organic growth and inorganic growth through acquisitions to provide an increasingly broad portfolio of performance optimizing solutions that meet our customers\u2019 ever-changing needs. We have a successful record of making attractive and synergistic acquisitions that support expansion of our broad portfolio of solutions, and we remain focused on identifying additional acquisition opportunities in our core end markets. Through our operating companies, we have a well-established legacy of providing high quality products accompanied by dependable service and attention to customer satisfaction. We also have ITEM 1A: RISK FACTORS Consider carefully the following risk factors, which we believe are the principal risks that we face and of which we are currently aware, and the other information in this Annual Report, including our consolidated financial statements and related notes to those financial statements. It is possible that additional risk", "title": "CSW - CSW INDUSTRIALS, INC.", "url": "/company/CSW/" }, { "kind": "company", "summary": "SIC 3826 Laboratory Analytical Instruments; CIK 0001831915; latest 10-K filed 2026-02-26.", "text": "CTKB - Cytek Biosciences, Inc. SIC 3826 Laboratory Analytical Instruments; CIK 0001831915; latest 10-K filed 2026-02-26. CTKB Cytek Biosciences, Inc. 0001831915 3826 Laboratory Analytical Instruments Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. See \u201cSpecial Note Regarding Forward-Looking Statements\u201d at the beginning of this Annual Report on Form 10-K. Our actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in Part I, Item 1A \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. Unless the context requires otherwise, references in this Annual Report on Form 10-K to \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Cytek Biosciences, Inc. The following is a discussion and year-to-year comparisons of our financial condition and results of operations for the years ended December 31, 2025 and 2024. For a discussion of the results of operations and financial condition for the years ended December 31, 2024 and year-to-year comparisons between 2024 and 2023, please refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d section of our Annual Report on Form 10-K filed with the SEC on February 28, 2025. Overview We are a leading cell analysis solutions company advancing the next generation of research and clinical tools with our novel technical approach of leveraging the full spectrum of fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells (\u201cFull Spectrum Profiling\u201d or \u201cFSP\u201d technology). Our goal is to become the premier cell analysis company through continued innovation that facilitates scientific advances in biomedical research and clinical applications. Our FSP platform includes instruments, accessories, reagents, software and services to provide a comprehensive and integrated suite of solutions for our customers. Our FSP cell analyzers, the Cytek Aurora, Northern Lights and Cytek Aurora Evo systems, deliver high-resolution, high-content and high-sensitivity cell analysis and addresses the inherent limitations of other technologies by providing a higher level of multiplexing with exquisite sensitivity, more flexibility and increased efficiency, all at a lower cost for performance. Additionally, our Cytek Aurora cell sorter (\u201cAurora CS system\u201d) leverages our FSP technology to further broaden our potential applications across cell analysis. Each system is supported by our highly intuitive, proprietary embedded SpectroFlo software, our reagents, and our service offerings to provide a comprehensive, end-to-end platform of solutions for our customers. Since our first U.S. commercial launch in mid-2017, we have sold and deployed our instruments to customers around the world, including pharmaceutical companies, biopharma companies, academic research centers, and contract research organizations (\u201cCROs\u201d). In addition to our FSP product portfolio, pursuant to an acquisition in February 2023, we offer conventional flow and image-based flow cytometry instrumentation and related products and services under the Amnis\u00ae and Guava\u00ae brands, which provide insights into all facets of cellular phenotypes and morphology. Amnis instruments and applications are important tools in the investigation of cell morphology, intracellular translocation and cell-cell interaction in a variety of research areas, including immunology, neurobiology, stem cell research and cell biology. Guava flow cytometers expand our core instrument offerings, adding cost-effective, entry-level and personal instrument options with microcapillary-based fluidics for cell analysis. The Guava microcapillary-based flow cytometers are mainly adopted by entry to mid-range flow cytometry users who are looking for easy-to-use and cost-effective solutions for Item 1. Business Overview We are a leading cell analysis solutions company advancing the next generation of research and clinical tools with our novel technical approach of leveraging the full spectrum of fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells (\u201cFull Spectrum Profiling\u201d or \u201cFSP\u201d technology). Our goal is to become the premier cell analysis company through continued innovation that facilitates scientific advances in biomedical research and clinical applications. Biological systems are highly complex, and scientists are challenged by the multitude of questions that remain unanswered. Analysis at the single-cell level is essential to understand these complex systems. Identifying the correct cell in the context of a given biological question can have profound implications for drug development and health care decisions. It is essential to correlate information derived from multiple cell analysis approaches and to translate what is known at the gene level to the actual cell function. As a result, there is growing demand for deep content through high dimensional cell analysis and for solutions that can provide a complete picture of cellular biological processes and interactions. To achieve this, scientists need to phenotype and isolate rare events or unique populations down to the single-cell level through highly resolvable multi-dimensional cell analysis. While flow cytometry is a widely used tool for single cell analysis, conventional flow cytometry, mass cytometry and early approaches to spectral flow cytometry technologies have historically been challenged due to limited dimensionality, sub-optimal resolution, low throughput, high cost for performance and/or significant technical expertise required to operate systems. Full Spectrum Profiling\u2122 (FSP\u00ae) Technology Our patented FSP technology optimizes sensitivity and accuracy through its unique optical and electronic designs that utilize an innovative method of ligh Item 1A. Risk Factors Our operations and financial results are subject to numerous risks and uncertainties, including those described below, which may have a material and adverse effect on our business, results of operations, cash flows, financial conditions, and the trading price of our common stock. The ris", "title": "CTKB - Cytek Biosciences, Inc.", "url": "/company/CTKB/" }, { "kind": "company", "summary": "SIC 3672 Printed Circuit Boards; CIK 0000026058; latest 10-K filed 2026-02-24.", "text": "CTS - CTS CORP SIC 3672 Printed Circuit Boards; CIK 0000026058; latest 10-K filed 2026-02-24. CTS CTS CORP 0000026058 3672 Printed Circuit Boards Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview CTS Corporation (\"CTS\", \"we\", \"our\" or \"us\") is a leading designer and manufacturer of products that Sense, Connect and Move. Our vision is to be a leading provider of sensing and motion devices as well as connectivity components, enabling an intelligent and seamless world. These devices are categorized by their ability to Sense, Connect or Move. Sense products provide vital inputs to electronic systems. Connect products allow systems to function in synchronization with other systems. Move products ensure required movements are effectively and accurately executed. We are committed to achieving our vision by continuing to invest in the development of products, technologies and talent within these categories. We manufacture sensors, actuators and connectivity components in North America, Europe, and Asia. CTS provides highly engineered products to OEMs and tier one suppliers in the aerospace and defense, industrial, medical, and transportation markets, and the U.S. Government. There is an increasing proliferation of sensing and motion applications within various markets we serve. In addition, the increasing connectivity of various devices to the internet results in greater demand for communication bandwidth and data storage, increasing the need for our connectivity products. Our success is dependent on the ability to execute our strategy to support these trends. We are subject to challenges including periodic market softness, competition from other suppliers, changes in technology, and the ability to add new customers, launch new products or penetrate new markets. Results of Operations: Year Ended December 31, 2025 versus Year Ended December 31, 2024 (Amounts in thousands, except percentages and per share amounts): The following table highlights changes in significant components of the Consolidated Statements of Earnings for the years ended December 31, 2025, and December 31, 2024: [[GREPCENT_TABLE]] [[\"\",\"\",\"Years Ended December 31,\",\"\",\"\",\"\",\"\",\"\",\"Percent of Net Sales\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"Percent Change\",\"\",\"\",\"2025\",\"\",\"\",\"2024\"],[\"Net sales\",\"\",\"$\",\"541,318\",\"\",\"\",\"$\",\"514,756\",\"\",\"\",\"\",\"5.2\",\"%\",\"\",\"\",\"100\",\"%\",\"\",\"\",\"100\",\"%\"],[\"Cost of goods sold\",\"\",\"\",\"333,292\",\"\",\"\",\"\",\"327,201\",\"\",\"\",\"\",\"1.9\",\"\",\"\",\"\",\"61.6\",\"\",\"\",\"\",\"63.6\"],[\"Gross margin\",\"\",\"\",\"208,026\",\"\",\"\",\"\",\"187,555\",\"\",\"\",\"\",\"10.9\",\"\",\"\",\"\",\"38.4\",\"\",\"\",\"\",\"36.4\"],[\"Selling, general and administrative expenses\",\"\",\"\",\"98,720\",\"\",\"\",\"\",\"88,285\",\"\",\"\",\"\",\"11.8\",\"\",\"\",\"\",\"18.2\",\"\",\"\",\"\",\"17.2\"],[\"Research and development expenses\",\"\",\"\",\"25,268\",\"\",\"\",\"\",\"23,388\",\"\",\"\",\"\",\"8.0\",\"\",\"\",\"\",\"4.7\",\"\",\"\",\"\",\"4.5\"],[\"Restructuring charges\",\"\",\"\",\"1,396\",\"\",\"\",\"\",\"4,697\",\"\",\"\",\"\",\"(70.3\",\")\",\"\",\"\",\"0.3\",\"\",\"\",\"\",\"0.9\"],[\"Total operating expenses\",\"\",\"\",\"125,384\",\"\",\"\",\"\",\"116,370\",\"\",\"\",\"\",\"7.7\",\"\",\"\",\"\",\"23.2\",\"\",\"\",\"\",\"22.6\"],[\"Operating earnings\",\"\",\"\",\"82,642\",\"\",\"\",\"\",\"71,185\",\"\",\"\",\"\",\"16.1\",\"\",\"\",\"\",\"15.3\",\"\",\"\",\"\",\"13.8\"],[\"Total other income (expense), net\",\"\",\"\",\"1,129\",\"\",\"\",\"\",\"(2,604\",\")\",\"\",\"\",\"(143.4\",\")\",\"\",\"\",\"0.2\",\"\",\"\",\"\",\"(0.5\",\")\"],[\"Earnings before taxes\",\"\",\"\",\"83,771\",\"\",\"\",\"\",\"68,581\",\"\",\"\",\"\",\"22.1\",\"\",\"\",\"\",\"15.5\",\"\",\"\",\"\",\"13.3\"],[\"Income tax expense\",\"\",\"\",\"18,454\",\"\",\"\",\"\",\"13,109\",\"\",\"\",\"\",\"40.8\",\"\",\"\",\"\",\"3.4\",\"\",\"\",\"\",\"2.5\"],[\"Net earnings\",\"\",\"$\",\"65,317\",\"\",\"\",\"$\",\"55,472\",\"\",\"\",\"\",\"17.7\",\"%\",\"\",\"\",\"12.1\",\"%\",\"\",\"\",\"10.8\",\"%\"],[\"Dilu Item 1. Business CTS Corporation (\"CTS\", \"we\", \"our\", \"us\" or the \"Company\") is a global manufacturer of sensors, connectivity components, and actuators. CTS was established in 1896 as a provider of high-quality telephone products and was incorporated as an Indiana corporation in February 1929. Our principal executive offices are located in Lisle, Illinois. We design, manufacture, and sell a broad line of sensors, connectivity components, and actuators primarily to original equipment manufacturers (\"OEMs\"), tier one suppliers for the aerospace and defense, industrial, medical, and transportation markets, and the U.S. Government. Our vision is to be a leading provider of sensing and motion devices as well as connectivity components, enabling an intelligent and seamless world. These devices are categorized by their ability to Sense, Connect or Move. Sense products provide vital inputs to electronic systems. Connect products allow systems to function in synchronization with other systems. Move products ensure required movements are effectively and accurately executed. We are committed to achieving our vision by continuing to invest in the development of products, technologies, and talent within these categories. We operate manufacturing facilities in North America, Asia, and Europe. Sales and marketing are accomplished through our sales engineers. We also utilize independent manufacturers' representatives and distributors to extend our sales capability. See the Consolidated Financial Statements and Notes included in Part II, Item 8 of this Annual Report on Form 10-K for financial information regarding the Company. PRODUCTS BY MAJOR MARKETS Our products perform specific electronic functions for a given product family and are intended for use in products assembled by our customers. The following table identifies major products by industry. Products are sold to industry OEMs, tier one suppliers, distributors and the U.S. Government. [[GREPCENT_TABLE]] [[\"Product De Item 1A. Risk Factors The following are certain risk factors that could affect our business, financial condition and operating results. These risk factors should be considered in connection with evaluating forward-looking statements contained in this Annual Report on Form 10-K or in any other reports filed or furnished by us, because these factors could cause our ac", "title": "CTS - CTS CORP", "url": "/company/CTS/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001488813; latest 10-K filed 2026-02-27.", "text": "CUBI - Customers Bancorp, Inc. SIC 6022 State Commercial Banks; CIK 0001488813; latest 10-K filed 2026-02-27. CUBI Customers Bancorp, Inc. 0001488813 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis should be read in conjunction with \u201cBusiness - Summary\u201d and the Bancorp\u2019s consolidated financial statements and related notes for the year ended December 31, 2025. For the comparison of the years ended December 31, 2024 and 2023, refer to Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for our fiscal year ended December 31, 2024, filed with the SEC on February 28, 2025. Overview Like most financial institutions, Customers derives the majority of its income from interest it receives on its interest-earning assets, such as loans, leases and investments. Customers\u2019 primary source of funds for making these loans, leases and investments are its deposits and borrowings, on which it pays interest. Consequently, one of the key measures of Customers\u2019 success is the amount of its net interest income, or the difference between the interest income on its interest-earning assets and the interest expense on its interest-bearing liabilities, such as deposits and borrowings. Another key measure is the difference between the interest income generated by interest-earning assets and the interest expense on interest-bearing liabilities, relative to the amount of average interest-earning assets, which is referred to as net interest margin. There is credit risk inherent in loans and leases requiring Customers to maintain an ACL to absorb credit losses on existing loans and leases that may become uncollectible. Customers maintains this allowance by charging a provision for credit losses on loans and leases against its operating earnings. Customers has included a detailed discussion of this process in \u201cNOTE 2 \u2013 SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION\u201d to Customers\u2019 audited consolidated financial statements, as well as several tables describing its ACL in \u201cNOTE 7 \u2013 LOANS AND LEASES RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES\u201d to Customers\u2019 audited consolidated financial statements. Impact of Macroeconomic and Banking Industry Uncertainties, Tariffs, and Military Conflicts At its December 2025 meeting, the Federal Reserve enacted a 25 basis point reduction in the federal funds rate, and held the rate unchanged at its January 2026 meeting. Although inflation remains slightly elevated and above the Federal Reserve\u2019s stated 2% target and is not anticipated to fall below that threshold until 2028, it cited the weakening labor market as the key consideration for adopting a less restrictive monetary position. The Federal Reserve has stated that they would assess incoming data, the evolving outlook and the balance of risks in further lowering the federal funds rate. Significant uncertainties exist as to the extent and timing of future rate cuts and their effects on the economic conditions. Significant uncertainties as to future economic conditions continue to exist, including risks of higher inflation, changes in U.S. trade policies including the imposition of tariffs and retaliatory tariffs on its trading partners, elevated liquidity risk to the U.S. banking system and the exposure to the U.S. commercial real estate market, particularly to the regional banks, disruptions to global supply chain and labor markets, and higher oil and commodity prices exacerbated by the military conflicts between Russia and Ukraine and in the Middle East. Customers has maintained higher levels of liquidity, reserves for credit losses on loans and leases and off-balance sheet credit exposures and strong capital ratios, and shifted the mix of its loan portfolio towards low credit risk commercial loans with floating or adjustable interest rates during the period of high interest rates. As the interest rates begin to decline, Customers has been reducing the Bank\u2019s asset sensitivity through derivative hedging a Item 1. Business Customers Bancorp is a bank holding company engaged in banking activities through its wholly owned subsidiary, Customers Bank, collectively referred to as \u201cCustomers\u201d herein. Customers is a forward-thinking bank with strong risk management that provides commercial and consumer customers the stability and trust inherent in working with an established and regulated financial institution. The Bank has diversified lending activities that build overall franchise value and a high-tech, high-touch, branch-light strategy that serves its customers through a single-point-of-contact private banking strategy. The Bank serves commercial businesses, through community, SBA, and private client groups. The Bank also serves corporate businesses nationwide, including healthcare, real estate specialty finance, fund finance, technology and venture capital banking, financial institutions group, mortgage finance and commercial equipment financing, as well as commercial real estate companies in the Bank\u2019s geographic markets and provides payments and treasury services. The Bank serves consumers through its branch network, provides residential mortgages, and personal loan and deposit products including through relationships with fintech companies and Banking-as-a-Service to fintech companies. Business Summary Customers Bancorp and its wholly owned subsidiary, Customers Bank, provide banking products, primarily loans and deposits, to businesses and consumers through its branches, limited production offices and administrative offices in Berks County and Southeastern Pennsylvania (Bucks, Chester and Philadelphia Counties); New York (Westchester and Suffolk Counties, and Manhattan); Hamilton, New Jersey; Boston, Massachusetts; Providence, Rhode Island; Portsmouth, New Hampshire; California (Southern California and the Bay Area); Nevada (Las Vegas and Reno); and other locations. The Bank has a diversified lending business consisting of geographically in-market commercia Item 1A. Risk Factors Summary of Risk Factors Our business is subject to a number of risks and a summary of the significant risk factors is set forth below. These risks are discussed in more detail following this summary and should be read together with this summary and considered along with other information contained in this report before i", "title": "CUBI - Customers Bancorp, Inc.", "url": "/company/CUBI/" }, { "kind": "company", "summary": "SIC 6500 Real Estate; CIK 0002027317; latest 10-K filed 2026-02-10.", "text": "CURB - Curbline Properties Corp. SIC 6500 Real Estate; CIK 0002027317; latest 10-K filed 2026-02-10. CURB Curbline Properties Corp. 0002027317 6500 Real Estate Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion contains forward-looking statements based upon the Company\u2019s current expectations that involve risks and uncertainties. The historical audited combined financial statements prior to the Spin-Off do not represent the financial statements of a legal entity, but rather a combination of entities under common control that have been \u201ccarved-out\u201d of SITE Centers\u2019 consolidated financial statements. Accordingly, the Company\u2019s actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cForward-Looking Statements; Risk Factor Summary,\u201d Item 1A. \u201cRisk Factors,\u201d or in other parts of this Form 10-K. EXECUTIVE SUMMARY Curbline Properties Corp. is a Maryland corporation formed to own and manage a portfolio of convenience shopping centers. The Operating Partnership is a Delaware limited partnership formed to serve as Curbline\u2019s majority-owned partnership subsidiary and to own, through affiliates, all of the real estate properties and assets. The Operating Partnership\u2019s capital includes common general and limited partnership interests in the Operating Partnership (\u201cCommon Units\u201d) and LTIP Units, as defined in the partnership agreement (together with the Common Units, the \u201cOP Units\u201d). As of December 31, 2025, Curbline held an approximately 99.1% ownership interest in the Operating Partnership with the remaining OP Units held by members of management. As of December 31, 2025, the Company\u2019s portfolio consisted of 176 convenience shopping centers aggregating 4.8 million square feet of owned gross leasable area (\u201cGLA\u201d). At December 31, 2025, the aggregate occupancy of the Company\u2019s operating shopping center portfolio was 94.1%, and the average ABR per occupied square foot was $34.52. Prior to the Company\u2019s Spin-Off on October 1, 2024, the Company was a wholly owned subsidiary of SITE Centers Corp. (\u201cSITE Centers\u201d). Convenience shopping centers are generally positioned on the curbline of well-trafficked intersections and major vehicular corridors, offering excellent access and visibility, dedicated parking and often include drive-thru units, with approximately half of the Company\u2019s properties having at least one drive-thru unit as of December 31, 2025. Convenience shopping centers generally consist of a homogenous row of primarily small-shop units leased to a diversified mixture of national, regional and local service and restaurant tenants that cater to daily convenience trips from the growing suburban population and typically experience more customer foot traffic per square foot than anchored retail. The property type has the opportunity to generate above-average, occupancy-neutral cash flow growth driven by high retention rates and limited operating capital expenditures given the standardized site plan and the depth of leasing prospects that can utilize existing square footage and provide significant tenant diversification. As of December 31, 2025, the average GLA of a property in the Curbline portfolio was approximately 27,000 square feet with 94% of base rent generated by units less than 10,000 square feet. Prior to the Spin-Off The historical results of operations and liquidity and capital resources of Curbline prior to the Spin-Off do not represent the historical results of operations and liquidity and capital resources of a legal entity, but rather a combination of entities under common control that have been \u201ccarved-out\u201d of SITE Centers\u2019 consolidated financial statements and presented on a combined basis, in each case, in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d). The preparation of the financial results of the Company prior to the Spin-Off required management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the relevant reporting Item 1. BUSINESS Overview Curbline Properties Corp., a Maryland corporation (the \u201cCompany\u201d or \u201cCurbline\u201d), is primarily engaged in the business of owning, leasing, acquiring, and managing convenience shopping centers positioned on the curbline of well-trafficked intersections and major vehicular corridors in suburban, high household income communities. All of Curbline\u2019s properties are located in the United States and are geographically diversified, principally across the Southeast, Mid-Atlantic, Southwest and Mountain regions, along with Texas. At December 31, 2025, the aggregate occupancy of the Company\u2019s portfolio of 176 properties, which aggregated 4.8 million square feet of gross leasable area (\u201cGLA\u201d), was 94.1% and the average annualized base rent (\u201cABR\u201d) per occupied square foot was $34.52. The primary source of the Company\u2019s income is generated from the rental of the Company\u2019s convenience shopping centers to tenants. Convenience shopping centers are generally positioned on the curbline of well-trafficked intersections and major vehicular corridors, offering excellent access and visibility, dedicated parking and often include drive-thru units, with approximately half of Curbline properties having at least one drive-thru unit as of December 31, 2025. The properties generally consist of a homogenous row of primarily small-shop units leased to a diversified mixture of national, regional and local service and restaurant tenants that cater to daily convenience trips from the growing suburban population. The property type\u2019s standardized site plans and the depth of leasing prospects that can utilize existing square footage generally reduce operating capital expenditures relative to other retail real estate formats and provide significant tenant diversification. As of December 31, 2025, the average GLA of a property in the Curbline portfolio was approximately 27,000 square feet with 94% of base rent generated by units less than 10,000 square feet. On October 1, 20 Item 1A. RISK FACTORS Below are some of the risks and uncertainties that could cause our actual results and future events to differ materially from those set forth or contemplated in our forward-looking statements. The risks and uncertainties described below are not the only ones we face but do represent those risks and uncertainties that we believ", "title": "CURB - Curbline Properties Corp.", "url": "/company/CURB/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000354647; latest 10-K filed 2026-02-27.", "text": "CVBF - CVB FINANCIAL CORP SIC 6022 State Commercial Banks; CIK 0000354647; latest 10-K filed 2026-02-27. CVBF CVB FINANCIAL CORP 0000354647 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion provides information about the results of operations, financial condition, liquidity, and capital resources of CVB Financial Corp. and its wholly owned subsidiary. This information is intended to facilitate the understanding and assessment of significant changes and trends related to our financial condition and the results of our operations. This discussion and analysis should be read in conjunction with this Annual Report on Form 10-K, and the audited consolidated financial statements and accompanying notes presented elsewhere in this report. CRITICAL ACCOUNTING POLICIES The preparation of these consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities at the date of our financial statements. Actual results may differ from these estimates under different assumptions or conditions. Critical accounting policies are defined as those that are reflective of significant judgments and uncertainties, and are essential to understanding Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following is a summary of the more judgmental and complex accounting estimates and principles. In each area, we have identified the variables most important in the estimation process. We have used the best information available to make the necessary estimates to value the related assets and liabilities. Actual performance that differs from our estimates and future changes in the key variables could change future valuations and impact the results of operations. Allowance for Credit Losses (\u201cACL\u201d) \u2014 Our allowance for credit losses is based upon lifetime loss rate models developed from an estimation framework that uses historical lifetime loss experiences to derive loss rates at a collective pool level. We measure the expected credit losses on a collective (pooled) basis for those loans that share similar risk characteristics. We have three collective loan pools: Commercial Real Estate, Commercial and Industrial, and Consumer. Our ACL amounts are largely driven by portfolio characteristics, including loss history and various risk attributes, and the economic outlook for certain macroeconomic variables. Risk attributes for commercial real estate loans include original loan to value ratios, origination year, loan seasoning, and macroeconomic variables that include GDP growth, commercial real estate price index and unemployment rate. Risk attributes for commercial and industrial loans include internal risk ratings, borrower industry sector, loan credit spreads and macroeconomic variables that include unemployment rate and BBB spread. The macroeconomic variables for Consumer include unemployment rate and GDP. The Commercial Real Estate methodology is applied over commercial real estate loans, a portion of construction loans, and a portion of SBA loans. The Commercial and Industrial methodology is applied over a substantial portion of the Company\u2019s commercial and industrial loans, all dairy & livestock and agribusiness loans, municipal lease receivables, as well as the remaining portion of SBA loans. The Consumer methodology is applied to SFR mortgage loans, consumer loans, as well as the remaining construction loans. In addition to determining the quantitative life of loan loss rate to be applied against the amortized cost basis of the portfolio segments, management reviews current conditions and forecasts to determine whether adjustments are needed to ensure that the life of loan loss rates reflect both the current state of the portfolio, and expectations for macroeconomic changes. Our methodology for assessing the appropriateness of the allowance is reviewed on a regular basis and considers overall risks in the Bank\u2019s loan portf ITEM 1. BUSINESS CVB Financial Corp. CVB Financial Corp. (referred to herein on an unconsolidated basis as \u201cCVB\u201d and on a consolidated basis as \u201cwe\u201d, \u201cour\u201d or the \u201cCompany\u201d) is a bank holding company incorporated in California on April 27, 1981 and registered with the Board of Governors of the Federal Reserve System (\u201cFederal Reserve\u201d) under the Bank Holding Company Act of 1956, as amended (the \u201cBHCA\u201d). The Company commenced business on December 30, 1981 when, pursuant to a reorganization, it acquired all of the voting stock of Chino Valley Bank. On March 29, 1996, Chino Valley Bank changed its name to Citizens Business Bank, and on December 15, 2025, Citizens Business Bank changed its name to Citizens Business Bank, National Association (\u201cCBB\u201d or the \u201cBank\u201d). The Bank is our principal asset. The Company has one inactive subsidiary, Chino Valley Bancorp. CVB\u2019s principal business is to serve as a holding company for the Bank and for other banking or banking related subsidiaries, which the Company may establish or acquire. CVB has not engaged in any other material activities to date. As a legal entity separate and distinct from its subsidiaries, CVB\u2019s principal source of funds is, and will continue to be, dividends paid by and other funds advanced from the Bank and capital raised directly by CVB. Legal limitations are imposed on the amount of dividends that may be paid and loans that may be made by the Bank to CVB. See \u201cItem 1. Business \u2014 Regulation and Supervision \u2014 Dividends.\u201d As of December 31, 2025, the Company had $15.63 billion in total consolidated assets, $8.62 billion in net loans, $12.07 billion in deposits, and $2.30 billion in shareholders\u2019 equity. The principal executive offices of CVB and the Bank are located at 701 North Haven Avenue, Suite 350, Ontario, California. Our phone number is (909) 980-4030. Citizens Business Bank, National Association The Bank commenced operations on August 9, 1974. Effective December 15, 2025, the Bank converted from a ITEM 1A. RISK FACTORS In the course of conducting our business operations, we are exposed to a variety of risks. Some of these risks are inherent in the financial services industry and others are more specific to our own business. Together with the other information on the risks we face and our management of risk contained in this Annual R", "title": "CVBF - CVB FINANCIAL CORP", "url": "/company/CVBF/" }, { "kind": "company", "summary": "SIC 2451 Mobile Homes; CIK 0000278166; latest 10-K filed 2026-05-22.", "text": "CVCO - CAVCO INDUSTRIES, INC. SIC 2451 Mobile Homes; CIK 0000278166; latest 10-K filed 2026-05-22. CVCO CAVCO INDUSTRIES, INC. 0000278166 2451 Mobile Homes ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward-Looking Statements This Annual Report includes \"forward-looking statements\" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. In general, all statements included or incorporated in this Annual Report that are not historical in nature are forward-looking. These may include statements about the Company's plans, strategies and prospects under the headings \"Business\" and \"Management's Discussion and Analysis of Financial Condition and Results of Operations.\" Forward-looking statements are often characterized by the use of words such as \"believes,\" \"estimates,\" \"expects,\" \"projects,\" \"may,\" \"will,\" \"intends,\" \"plans,\" or \"anticipates,\" or by discussions of strategy, plans or intentions. Forward-looking statements are typically included, for example, in discussions regarding the manufactured housing and site-built housing industries; our financial performance and operating results; our liquidity and financial resources; our outlook with respect to the Company and the manufactured housing business in general; the expected effect of certain risks and uncertainties on our business, financial condition and results of operations; economic conditions and consumer confidence; changes in interest rates; potential acquisitions, strategic investments and other expansions; operational and legal risks; how we may be affected by a pandemic or other infectious outbreak; labor shortages and the pricing and availability of raw materials; governmental regulations and legal proceedings; the availability of favorable consumer and wholesale manufactured home financing; and the ultimate outcome of our commitments and contingencies. Forward-looking statements involve risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, many of which are beyond our control. To the extent that our assumptions and expectations differ from actual results, our ability to meet such forward-looking statements, including the ability to generate positive cash flow from operations, may be significantly hindered. Factors that could affect our results and cause them to materially differ from those contained in the forward-looking statements include, without limitation, those discussed under Item 1A, \"Risk Factors,\" and elsewhere in this Annual Report. We expressly disclaim any obligation to update any forward-looking statements contained in this Annual Report, whether as a result of new information, future events or otherwise, except as required by law. For all of these reasons, you should not place undue reliance on any such forward-looking statements included in this Annual Report. Introduction The following should be read in conjunction with the Company's Consolidated Financial Statements and the related Notes that appear in Part IV of this Annual Report. References to \"Note\" or \"Notes\" pertain to the Notes to the Consolidated Financial Statements. Company Outlook It is difficult to predict the future of housing demand, employee availability, our supply chain or the Company's performance and operations. Our home order backlog at March 28, 2026 was approximately $195 million in wholesale sales values, down $2 million from $197 million one year earlier. Distributors may cancel orders prior to production without penalty. After production of a particular home has commenced, the order becomes non-cancelable and the distributor is obligated to take delivery of the home. Accordingly, until production of a particular home has commenced, we do not consider order backlog to be firm orders. We continue to focus on balancing the production levels and workforce size with the demand for our product offerings to maximize efficienci ITEM 1. BUSINESS General Cavco Industries, Inc., a Delaware corporation, was formed on June 30, 2003, as a successor corporation to previous Cavco entities operating since 1965. Headquartered in Phoenix, Arizona, we design and produce factory-built homes primarily distributed through a network of independent and Company-owned retailers, planned community operators and residential developers. We are one of the largest producers of manufactured homes in the United States, based on reported wholesale shipments. We are also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Our finance subsidiary, CountryPlace Acceptance Corp. (\"CountryPlace\"), is an approved Federal National Mortgage Association (\"FNMA\" or \"Fannie Mae\") and Federal Home Loan Mortgage Corporation (\"FHLMC\" or \"Freddie Mac\") seller/servicer, and a Government National Mortgage Association (\"GNMA\" or \"Ginnie Mae\") mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard Casualty Company (\"Standard Casualty\"), provides property and casualty insurance primarily to owners of manufactured homes. The terms \"Cavco,\" \"us,\" \"we,\" \"our,\" the \"Company,\" and any other similar terms refer to Cavco Industries, Inc. and its consolidated subsidiaries, unless otherwise indicated in this Annual Report on Form 10-K for the fiscal year ended March 28, 2026 (\"Annual Report\"). We construct homes using an assembly-line process in which each module or floor section is completed in stages. This assembly-line process is designed to be flexible in order to accommodate customer requested customizations. Our operations include a total of 33 homebuilding production lines, 31 located throughout the United States and two production lines in Mexico. We distribute our homes through a large network of independent distribution points in 48 states and Canada and 92 Comp ITEM 1A. RISK FACTORS Described below are certain risks to our business and the industry in which we operate. You should carefully consider the risks described below, together with the financial information and other information contained in this Annual Report and in our other public disclosures. If any of the following risks actually occurs, our bus", "title": "CVCO - CAVCO INDUSTRIES, INC.", "url": "/company/CVCO/" }, { "kind": "company", "summary": "SIC 2911 Petroleum Refining; CIK 0001376139; latest 10-K filed 2026-02-18.", "text": "CVI - CVR ENERGY INC SIC 2911 Petroleum Refining; CIK 0001376139; latest 10-K filed 2026-02-18. CVI CVR ENERGY INC 0001376139 2911 Petroleum Refining Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition, results of operations and cash flows should be read in conjunction with our consolidated financial statements and related notes and with the statistical information and financial data included elsewhere in this Report, as well as Part I, Item 1, \u201cBusiness\u201d and Part I, Item 1A, \u201cRisk Factors\u201d of this Report. References to \u201cCVR Energy\u201d, \u201cCVR\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d, and \u201cour\u201d may refer to consolidated subsidiaries of CVR Energy, including CVR Partners, as the context may require. This discussion and analysis covers the years ended December 31, 2025 and 2024 and includes year-to-year comparisons between such periods. The discussions of the year ended December 31, 2023 and year-to-year comparisons between the years December 31, 2025 | 46 Table of Contents ended December 31, 2024 and 2023 are not included in this Report but can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed on February 19, 2025, and such discussions are incorporated by reference into this Report. Reflected in this discussion and analysis is how management views the Company\u2019s current financial condition and results of operations, along with key external variables and management\u2019s actions that may impact the Company. This discussion may contain forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this Report. Company Overview CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing industry (the \u201cPetroleum Segment\u201d), the renewable fuels industry (the \u201cRenewables Segment\u201d), and the nitrogen fertilizer manufacturing industry through its interest in CVR Partners, LP, a publicly traded limited partnership (the \u201cNitrogen Fertilizer Segment\u201d or \u201cCVR Partners\u201d). The Petroleum Segment is an \u201cindependent petroleum refiner\u201d, in that it does not have crude oil exploration or production operations and is a marketer of high value transportation fuels primarily in the form of gasoline and diesel fuels. The Renewables Segment refines feedstocks, including soybean oil, corn oil, and other related renewable feedstocks, into renewable diesel. CVR Partners produces and markets nitrogen fertilizers primarily in the form of urea ammonium nitrate (\u201cUAN\u201d) and ammonia. During 2025, we operated under three reportable segments: petroleum, renewables, and nitrogen fertilizer, which are referred to in this document as our \u201cPetroleum Segment\u201d, our \u201cRenewables Segment\u201d, and our \u201cNitrogen Fertilizer Segment\u201d, respectively. In December 2025, the Company reverted the renewable diesel unit (\u201cRDU\u201d) at the refinery located in Wynnewood, Oklahoma (the \u201cWynnewood Refinery\u201d) back to hydrocarbon processing service, considering the unfavorable economics of the renewables business and to optimize feedstock and relieve certain logistical constraints within the refining business. The Company maintains the option to switch back to renewable diesel service if incentivized to do so. Refer to Part II, Item 8, Note 4 (\u201cLong-Term Assets\u201d) of this Report for further discussion. Company Developments As previously announced, on August 22, 2025, the U.S. Environmental Protection Agency (the \u201cEPA\u201d) issued a decision document to the Company\u2019s subsidiary, Wynnewood Refining Company, LLC (\u201cWRC\u201d), affirming the validity of its previous grant of WRC\u2019s petitions for small refinery hardship relief under the RFS for WRC\u2019s 2017 and 2018 compliance periods, granting 100 percent waivers for WRC\u2019s 2019 a Item 1. Business Overview CVR Energy, Inc. is a diversified holding company, formed in September 2006, primarily engaged in the petroleum refining and marketing industry, the renewable fuels industry, and the nitrogen fertilizer manufacturing industry through its interest in CVR Partners, LP, a publicly traded limited partnership (\u201cCVR Partners\u201d). As used in this Annual Report on Form 10-K, the terms \u201cCVR Energy\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d, or \u201cour\u201d generally include the Company\u2019s subsidiaries, including CVR Partners and its subsidiaries, as consolidated subsidiaries of the Company, unless otherwise noted or implied. As of December 31, 2025, we had three reportable segments as follows: \u2022Petroleum Segment includes the refining and marketing of high value transportation fuels which consist of gasoline, diesel, jet fuel, and distillates. The Petroleum Segment also includes activities related to crude gathering and logistics that support the refinery operations. \u2022Renewables Segment includes the refining of renewable feedstocks, such as soybean oil, corn oil, and other renewable feedstocks, into renewable diesel and marketing of renewables products. \u2022Nitrogen Fertilizer Segment includes the production and distribution of nitrogen fertilizer products, primarily in the form of ammonia and urea ammonium nitrate (\u201cUAN\u201d), for the farming industry. In December 2025, the Company reverted the renewable diesel unit (\u201cRDU\u201d) at the Wynnewood Refinery (defined below) back to hydrocarbon processing service, considering the unfavorable economics of the renewables business and to optimize feedstock and relieve certain logistical constraints within the refining business. While the Company maintains the option to switch back to renewable diesel service if incentivized to do so, this reversion is expected to result in changes to the Company\u2019s reportable segments in 2026, subject to completion of financial reporting assessments. As of December 31, 2025, no changes have been made Item 1A. Risk Factors The following risks should be considered together with the other information contained in this Report and all of the information set forth in our filings with the SEC. If any of the following risks or uncertainties develops into actual events, our petroleum, renewables, and/or nitrogen fertilizer businesses, financial conditions, or results of operat", "title": "CVI - CVR ENERGY INC", "url": "/company/CVI/" }, { "kind": "company", "summary": "SIC 8200 Services-Educational Services; CIK 0000730464; latest 10-K filed 2025-08-07.", "text": "CVSA - Covista Inc. SIC 8200 Services-Educational Services; CIK 0000730464; latest 10-K filed 2025-08-07. CVSA Covista Inc. 0000730464 8200 Services-Educational Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This management\u2019s discussion and analysis of financial condition and results of operations (\u201cMD&A\u201d) should be read with and is qualified in its entirety by the Consolidated Financial Statements and the notes thereto included in this report. It should also be read in conjunction with the Cautionary Disclosure Regarding Forward-Looking Statements (see the Introduction section preceding Part I), the Risk Factors (see Item 1A. \u201cRisk Factors\u201d), and the Financial Aid and Legislative and Regulatory Requirements (see Item 1. \u201cBusiness\u201d) disclosures set forth in this report. Adtalem reports on a fiscal year period ending on June 30. Throughout this MD&A, we sometimes use information derived from the Consolidated Financial Statements in Item 8. \u201cFinancial Statements and Supplementary Data\u201d and the notes thereto but not presented in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d). Certain of these items are considered \u201cnon-GAAP financial measures\u201d under the Securities and Exchange Commission (\u201cSEC\u201d) rules. See the \u201cNon-GAAP Financial Measures and Reconciliations\u201d 35 Table of Contents section for the reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures. Certain items presented in tables may not sum due to rounding. Percentages presented are calculated from the underlying numbers in thousands. Discussions throughout this MD&A are based on continuing operations unless otherwise noted. The MD&A should be read in conjunction with the Consolidated Financial Statements in Item 8. \u201cFinancial Statements and Supplementary Data\u201d and the notes thereto. The following discussion is on the comparison between fiscal year 2025 and fiscal year 2024 results. For a discussion on the comparison between fiscal year 2024 and fiscal year 2023 results, see the MD&A included in Adtalem\u2019s Annual Report on Form 10-K for the fiscal year ended June 30, 2024, as filed with the SEC. Segments We present three reportable segments as follows: Chamberlain \u2013 This segment includes the operations of Chamberlain, which offers degree and certificate programs in the nursing and health professions postsecondary education industry. Walden \u2013 This segment includes the operations of Walden, which offers degree and certificate programs, including those in nursing, education, counseling, business, information technology, psychology, public health, social work and human services, public administration and public policy, and criminal justice. Medical and Veterinary \u2013 This segment includes the operations of AUC, RUSM, and RUSVM, collectively referred to as the \u201cmedical and veterinary schools,\u201d which offers degree and certificate programs in the medical and veterinary postsecondary education industry. \u201cHome Office\u201d includes activities not allocated to a reportable segment. Financial and descriptive information about Adtalem\u2019s reportable segments is presented in Note 19 \u201cSegment Information\u201d to the Consolidated Financial Statements in Item 8. \u201cFinancial Statements and Supplementary Data.\u201d Fiscal Year 2025 Highlights Financial and operational highlights for fiscal year 2025 include: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Adtalem revenue increased 12.9%, or $203.6 million, to $1,788.3 million in fiscal year 2025 compared to the prior year driven by increased revenue across all of our segments.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Net income increased 73.3%, or $100.3 million, to $237.1 million in fiscal year 2025 compared to the prior year. This increase was primarily driven by an increase in revenue along with decreases in interest expense, business integration expense, amortization of acquired intangible assets, and litigation reserves, partially offset by increases in asset impairments, strategic advisory costs, labor and other costs to support increased enrollment, Item 1. Business Overview In this Annual Report on Form 10-K, Adtalem Global Education Inc., together with its subsidiaries, is collectively referred to as \u201cAdtalem,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d or similar references. Adtalem was incorporated under the laws of the State of Delaware in August 1987. Our executive offices are located at 233 South Wacker Drive, Chicago, Illinois, 60606, and the telephone number is (312) 651-1400. Adtalem is the leading healthcare educator in the U.S. and a systemically important solution for preparing a diverse talent workforce that meets the needs of the healthcare industry. The purpose of Adtalem is to empower students to achieve their goals, find success, and make inspiring contributions to our global community. Adtalem is comprised of five like-kind institutions, with programs focusing on healthcare, including nursing, social and behavioral sciences, medicine, veterinary medicine, and more. Adtalem operates Chamberlain University (\u201cChamberlain\u201d), Walden University (\u201cWalden\u201d), American University of the Caribbean School of Medicine (\u201cAUC\u201d), Ross University School of Medicine (\u201cRUSM\u201d), and Ross University School of Veterinary Medicine (\u201cRUSVM\u201d), which comprises more than 90,000 students learning at multiple campuses and online. Adtalem\u2019s institutions have an alumni community of approximately 350,000. Adtalem is a mission driven organization, committed to delivering highly qualified healthcare clinicians to urban and rural communities as a scaled provider of workers to the U.S. healthcare system. Adtalem remains focused on expanding access to aspiring students through a seamless student experience, leveraging innovative learning technologies, bringing new programs to market, and utilizing our Growth with Purpose operating model to provide the infrastructure necessary to meet the needs of where, when, and how students learn best. Adtalem aims to create value for society and its stakeholders by offering responsive educational programs that Item 1A. Risk Factors Adtalem\u2019s business operations are subject to numerous risks and uncertainties, some of which are not entirely within our control. Investors should carefully consider the risk factors described below and all other information contained in this Annual Report on Form 10-K before making an investment decision with respect to Adtalem\u2019", "title": "CVSA - Covista Inc.", "url": "/company/CVSA/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0001567683; latest 10-K filed 2026-02-24.", "text": "CWEN - Clearway Energy, Inc. SIC 4911 Electric Services; CIK 0001567683; latest 10-K filed 2026-02-24. CWEN Clearway Energy, Inc. 0001567683 4911 Electric Services Item 7 \u2014 Management\u2019s Discussion and Analysis of Financial Condition and the Results of Operations As you read this discussion and analysis, refer to the Company\u2019s Consolidated Statements of Operations to this Form 10-K. Also refer to Item 1 \u2014 Business and Item 1A \u2014 Risk Factors, which include detailed discussions of various items impacting the Company\u2019s business, results of operations and financial condition. Discussions of the year ended December 31, 2023 that are not included in this Annual Report on Form 10-K and year-to-year comparisons of the year ended December 31, 2024 and the year ended December 31, 2023 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and the Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. The discussion and analysis below has been organized as follows: \u2022Executive Summary, including a description of the business and significant events that are important to understanding the results of operations and financial condition; \u2022Results of operations, including an explanation of significant differences between the periods in the specific line items of the consolidated statements of operations; \u2022Financial condition addressing liquidity position, sources and uses of cash, capital resources and requirements, commitments and off-balance sheet arrangements; \u2022Known trends that may affect the Company\u2019s results of operations and financial condition in the future; and \u2022Critical accounting policies which are most important to both the portrayal of the Company\u2019s financial condition and results of operations, and which require management\u2019s most difficult, subjective or complex judgment. 49 Executive Summary Introduction and Overview Clearway Energy, Inc., together with its consolidated subsidiaries, or the Company, is a publicly-traded energy infrastructure investor with a focus on investments in clean energy and owner of modern, sustainable and long-term contracted assets across North America. The Company is sponsored by Clearway Energy Group LLC, or CEG. The Company is one of the largest owners of clean energy generation assets in the U.S. The Company\u2019s portfolio comprises approximately 12.9 GW of gross capacity in 27 states, including approximately 10.1 GW of wind, solar and battery energy storage systems, or BESS, and approximately 2.8 GW of dispatchable combustion-based power generation assets included in the Flexible Generation segment that provide critical grid reliability services. Through this environmentally-sound, diversified and primarily contracted portfolio, the Company endeavors to provide its investors with stable and growing dividend income. The majority of the Company\u2019s revenues are derived from long-term contractual arrangements for the output or capacity from these assets. The weighted average remaining contract duration of the Company\u2019s Renewables & Storage segment offtake agreements was approximately 12 years as of December 31, 2025 based on CAFD. Significant Events Third-Party Acquisitions \u2022On October 3, 2025, the Company entered into a binding agreement to acquire a 613 MW operational solar portfolio located in eight states, or the Deriva Solar Portfolio, from Deriva Energy, LLC for a base purchase price of approximately $305 million in cash, subject to certain customary price adjustments. For 12 facilities in the Deriva Solar Portfolio located in the Western U.S. and comprising of 227 MW, the Company will co-invest in a 50/50 joint venture with a third-party cash equity investor. The weighted average remaining contract duration of the Deriva Solar Portfolio is approximately 10 years. After factoring in estimated closing adjustments and proceeds from facility-level financings, including the third-party cash equity investor in a subset of the Deriva Solar Portfolio, the Company expects its net capital commitment to acquire the Deriva Solar Portfolio to be between $210 million and Item 1 \u2014 Business General Clearway Energy, Inc., together with its consolidated subsidiaries, or the Company, is a publicly-traded energy infrastructure investor with a focus on investments in clean energy and owner of modern, sustainable and long-term contracted assets across North America. The Company was formed as a Delaware corporation on December 20, 2012. The Company is sponsored by Clearway Energy Group LLC, or CEG. The Company is one of the largest owners of clean energy generation assets in the U.S. The Company\u2019s portfolio comprises approximately 12.9 GW of gross capacity in 27 states, including approximately 10.1 GW of wind, solar and battery energy storage systems, or BESS, and approximately 2.8 GW of dispatchable combustion-based power generation assets included in the Flexible Generation segment that provide critical grid reliability services. In 2025, 98% of the Company\u2019s total generation was attributable to renewable energy and storage assets. Through this environmentally-sound, diversified and primarily contracted portfolio, the Company endeavors to provide its investors with stable and growing dividend income. The majority of the Company\u2019s revenues are derived from long-term contractual arrangements for the output or capacity from these assets. The weighted average remaining contract duration of the Company\u2019s Renewables & Storage segment offtake agreements was approximately 12 years as of December 31, 2025 based on CAFD. A complete listing of the Company\u2019s interests in operating facilities as of December 31, 2025 can be found in Item 2 \u2014 Properties. The Company is the sole managing member of Clearway Energy LLC and operates and controls all of its business and affairs and consolidates the financial results of Clearway Energy LLC and its subsidiaries. Clearway Energy LLC is a holding company for the companies that directly and indirectly own and operate the Company\u2019s assets. The Company consolidates the results of Clearway Energy LLC through its Item 1A \u2014 Risk Factors Summary of Risk Factors The Company\u2019s business is subject to numerous risks and uncertainties, discussed in more detail in the following section. These risks include, among others, the following key risks: Risks Related to the Company\u2019s Business \u2022The Company\u2019s ability to grow and make investments or acquisitions through cash on ha", "title": "CWEN - Clearway Energy, Inc.", "url": "/company/CWEN/" }, { "kind": "company", "summary": "SIC 6500 Real Estate; CIK 0001628369; latest 10-K filed 2026-02-19.", "text": "CWK - Cushman & Wakefield Ltd. SIC 6500 Real Estate; CIK 0001628369; latest 10-K filed 2026-02-19. CWK Cushman & Wakefield Ltd. 0001628369 6500 Real Estate Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and related notes thereto included elsewhere in this Annual Report. As discussed in \u201cCautionary Note Regarding Forward-Looking Statements\u201d in this Annual Report, the following discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results may materially differ from those discussed in such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and those discussed in \u201cRisk Factors\u201d in Part I, Item 1A in this Annual Report. Our fiscal year ends December 31. Overview Cushman & Wakefield is a leading global commercial real estate services firm driven to solve complex problems for real estate occupiers and investors. Led by an experienced executive team, our approximately 53,000 employees in over 350 offices and nearly 60 countries provide exceptional problem-solving, advisory and execution across the built environment. Our business is focused on meeting the increasing demands of our clients through comprehensive global offerings including (i) Services, (ii) Leasing, (iii) Capital markets and (iv) Valuation and other services. Recent Developments and Outlook On November 27, 2025, we completed a court-approved scheme of arrangement in the U.K., pursuant to which a new Bermudan holding company, Cushman & Wakefield Ltd. became the sole shareholder of Cushman & Wakefield plc and the parent company of the entire group of Cushman & Wakefield companies (the \u201cRedomiciliation\u201d). The Redomiciliation resulted in the Cushman & Wakefield group parent company changing its jurisdiction of incorporation from England and Wales to Bermuda. This transaction has not and is not expected to have any material change on our day-to-day operations. Year-to-Date Results: \u2022Revenue of $10.3 billion for the year ended December 31, 2025 increased 9% from the year ended December 31, 2024. \u25e6Services revenue increased 4% (or 6% excluding the impact of the sale of a non-core Services business in August 2024), reflecting continued momentum across all segments. \u25e6Leasing revenue increased 8%, driven primarily by office and industrial leasing in the Americas. \u25e6Capital markets revenue increased 19%, with strong performance across all segments and asset classes. \u25e6Valuation and other revenue increased 9%. \u2022Net income of $88.2 million for the year ended December 31, 2025 decreased $43.1 million from the year ended December 31, 2024. Diluted earnings per share for 2025 was $0.38 compared to $0.56 for 2024. \u25e6Recognized a one-time other-than-temporary impairment loss of $177.0 million on our investment in the Greystone JV. \u25e6Adjusted EBITDA (as defined below) of $656.2 million increased 13% from the year ended December 31, 2024. \u2022Net cash provided by operating activities of $340.4 million for 2025 increased $132.4 million from 2024. \u2022In 2025, we completed three repricings of our Term Loans due in 2030, achieving the lowest credit spread in the Company\u2019s history. We also elected to prepay $300.0 million in principal outstanding under the Company\u2019s Term Loans. \u2022Liquidity as of December 31, 2025 was $1.8 billion, consisting of availability on the Company\u2019s undrawn revolving credit facility of $1.0 billion and cash and cash equivalents of $0.8 billion. 29 Table of Contents Macroeconomic Trends and Uncertainty Demand for our services is largely dependent on the relative strength of the global and regional commercial real estate markets, which are highly sensitive to general macroeconomic conditions. Improvements in several underlying macroeconomic factors drove growth and continued resilience in many asset classes and service lines in 2025, as evidenced by revenue gro Item 1. Business. Cushman & Wakefield Ltd. (together with its subsidiaries, \u201cCushman & Wakefield,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cours\u201d and \u201cus\u201d) is a leading global commercial real estate services firm driven to solve complex problems for real estate occupiers and investors. Led by an experienced executive team, our approximately 53,000 employees in over 350 offices and nearly 60 countries provide exceptional problem-solving, advisory and execution across the built environment, and manage approximately 6.5 billion square feet of commercial real estate globally. Our business is focused on meeting the increasing demands of our clients through comprehensive global offerings including (i) Services, (ii) Leasing, (iii) Capital markets and (iv) Valuation and other services. In 2025, 2024 and 2023, we generated revenues of $10.3 billion, $9.4 billion and $9.5 billion, respectively. Since 2014, we have built a company with the scale and global footprint to effectively serve our multinational and local clients\u2019 needs. Today, Cushman & Wakefield is one of the top three real estate services providers as measured by revenue and workforce. We have gained third-party recognition as a provider and employer of choice, having consistently been named in the top four in our industry\u2019s leading brand study, the Lipsey Company\u2019s Top 25 Commercial Real Estate Brands, and a leading global outsourcing service provider by the International Association of Outsourcing Professionals. We are a firm built around the belief that Better never settles. As an organization and as individuals, we will never settle for the world that\u2019s been built, but relentlessly drive it forward for our clients, colleagues and communities. Our core values (Driven, Resilient, Inclusive, Visionary and Entrepreneurial) drive our business, create inspiration and help us provide value-added services to the built environment every day. We have built an integrated and scalable platform that we believe is well positioned to suppo Item 1A. Risk Factors. An investment in our common shares involves risks and uncertainty, including, but not limited to, the risk factors described below. If any of the risks described below actually occur, our business, financial condition and results of operations could be materially and adversely affected. You should carefully consider the risks and uncertainties", "title": "CWK - Cushman & Wakefield Ltd.", "url": "/company/CWK/" }, { "kind": "company", "summary": "SIC 4953 Refuse Systems; CIK 0000911177; latest 10-K filed 2026-02-20.", "text": "CWST - CASELLA WASTE SYSTEMS INC SIC 4953 Refuse Systems; CIK 0000911177; latest 10-K filed 2026-02-20. CWST CASELLA WASTE SYSTEMS INC 0000911177 4953 Refuse Systems ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and notes thereto, and other financial information, included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements and involves numerous risks and uncertainties. Our actual results may differ materially from those contained in any forward-looking statements. 32 Table of Contents Discussion and analysis of our financial condition and results of operations for the fiscal year ended December 31, 2024 (\u201cfiscal year 2024\u201d) compared to our financial condition and results of operations for the fiscal year ended December 31, 2023 (\u201cfiscal year 2023\u201d), is included under the heading Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the Securities and Exchange Commission on February 18, 2025. Company Overview Casella Waste Systems, Inc., a Delaware corporation, and its wholly-owned subsidiaries (collectively, \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d), is a regional, vertically integrated solid waste services company. We provide resource management expertise and services to residential, commercial, municipal, institutional and industrial customers, primarily in the areas of solid waste collection and disposal, transfer, recycling and organics services. We provide integrated solid waste services with operating locations in eleven states: Vermont, New Hampshire, New York, Massachusetts, Connecticut, Maine, Pennsylvania, Delaware, New Jersey, Maryland and West Virginia, with our headquarters located in Rutland, Vermont. We manage our solid waste operations on a geographic basis through three regional operating segments, the Eastern, Western and Mid-Atlantic regions, each of which provides a comprehensive range of non-hazardous solid waste services. We manage our resource renewal operations through the Resource Solutions operating segment, which leverages our core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a comprehensive solution for our larger commercial, municipal, institutional and industrial customers that have more diverse waste and recycling needs. Legal, tax, information technology, human resources, certain finance and accounting and other administrative functions are included in our Corporate Entities segment. For financial information concerning our reportable operating segments refer to Note 21. Segment Reporting to our consolidated financial statements included under \u201cItem 8. Financial Statements and Supplementary Data\u201d of this Annual Report on Form 10-K. As of January 31, 2026, we owned and/or operated 86 solid waste collection operations, 72 transfer stations, 32 recycling and processing facilities, eight Subtitle D landfills, two landfill gas-to-energy facilities and one landfill permitted to accept construction and demolition materials. Acquisitions and Divestitures Acquisitions We have made in the past, and we expect to make in the future, acquisitions to densify existing operations, expand service areas, and grow services for our customers. These acquisitions may include \u201ctuck-in\u201d acquisitions within our existing markets, assets that are adjacent to or outside of our existing markets, or larger, more strategic acquisitions. In addition, from time to time, we may acquire businesses that are complementary to our core business strategy. We face competition for acquisition targets, particularly the larger and more meaningful targets, but we believe that our strong relationships and reputation help to offset this factor. We have a business development team that identifies acquisition candidates, categorizes the opportunity by strategic fit ITEM 1. BUSINESS Overview Casella Waste Systems, Inc. is a regional, vertically integrated solid waste services company. We provide resource management expertise and services to residential, commercial, municipal, institutional and industrial customers, primarily in the areas of solid waste collection and disposal, transfer, recycling and organics services. 3 Table of Contents We provide integrated solid waste services with operating locations in eleven states: Vermont, New Hampshire, New York, Massachusetts, Connecticut, Maine, Pennsylvania, Delaware, New Jersey, Maryland and West Virginia, with our headquarters located in Rutland, Vermont. We manage our solid waste operations on a geographic basis through three regional operating segments, the Eastern, Western and Mid-Atlantic regions, each of which provides a comprehensive range of non-hazardous solid waste services. We manage our resource renewal operations through the Resource Solutions operating segment, which leverages our core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a comprehensive solution for our larger commercial, municipal, institutional and industrial customers that have more diverse waste and recycling needs. Legal, tax, information technology, human resources, certain finance and accounting and other administrative functions are included in our Corporate Entities segment. For more information about our reportable operating segments, please see \u201cOperational Overview.\u201d For financial information concerning our reportable operating segments refer to \u201cItem 7. Management\u2019s Discussion and Analysis of Results of Operations and Financial Condition\u201d and \u201cItem 8. Financial Statements and Supplementary Data\u201d of this Annual Report on Form 10-K. Our website is www.casella.com. We make available, free of charge through our website, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Prox ITEM 1A. RISK FACTORS The following factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made in this Annual Report on Form 10-K and presented elsewhere by management from time to time. The risks and uncertainties described below are those that we have identified as material, but are", "title": "CWST - CASELLA WASTE SYSTEMS INC", "url": "/company/CWST/" }, { "kind": "company", "summary": "SIC 4941 Water Supply; CIK 0001035201; latest 10-K filed 2026-02-27.", "text": "CWT - CALIFORNIA WATER SERVICE GROUP SIC 4941 Water Supply; CIK 0001035201; latest 10-K filed 2026-02-27. CWT CALIFORNIA WATER SERVICE GROUP 0001035201 4941 Water Supply Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following sections include a discussion of results for fiscal 2025 compared to fiscal 2024 as well as certain 2023 results. The comparative results for fiscal 2024 with fiscal 2023 generally have not been included in this Form 10-K, but may be found in \u201cPart II - Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. Overview Net Income Attributable to California Water Service Group In 2025 and 2024, net income attributable to California Water Service Group was $128.2 million and $190.8 million, respectively. Earnings per diluted common share decreased $1.10 from $3.25 to $2.15, or 33.8%, in 2025. The $62.6 million decrease in net income was primarily due to a decrease in operating revenue of $36.7 million primarily as a result of a decrease in customer usage of $12.7 million and the cumulative adjustment for the impacts of the 2021 CA GRC, retroactive to January 1, 2023, that was recorded in 2024, partially offset by an increase in rates of $69.6 million. Total operating expenses also increased by $18.0 million. The total operating expense increase was primarily due to an increase in water production costs of $11.5 million, an increase in administrative and general expenses of $2.1 million, an increase in other operations expenses of $11.6 million, an increase in depreciation and amortization expenses of $12.5 million, and an increase in property and other taxes of $3.7 million. These increases were partially offset by a decrease in income tax expense of $24.7 million. Additionally, net interest expense increased by $9.1 million due to higher average outstanding borrowings, partially offset by lower interest rates. The net income benefit of the 2021 CA GRC from 2023 interim rate relief was approximately $64.0 million, or $1.09 earnings per diluted common share, that is included in 2024 results. Critical Accounting Policies and Estimates We maintain our accounting records in accordance with accounting principles generally accepted in the United States of America and as directed by the Commissions to which our operations are subject. The process of preparing financial statements requires the use of estimates on the part of management. The estimates used by management are based on historic experience and an understanding of current facts and circumstances. A summary of our significant accounting policies is listed in Note 2 of the Notes to Consolidated Financial Statements. The following sections describe those policies where the level of subjectivity, judgment, and variability of estimates could have a material impact on the financial condition, operating performance, and cash flows of the business. Regulated Utility Accounting Because our primary business is operating a regulated business, we are subject to the accounting rules and standards for regulated utilities. The Commissions in the states in which we operate establish rates that are designed to permit the recovery of the cost of service and a return on investment. We capitalize and record regulatory assets for costs that would otherwise be charged to expense if it is probable that the incurred costs will be recovered in future rates. Regulatory assets are amortized over the future periods that the costs are expected to be recovered. If costs expected to be incurred in the future are currently being recovered through rates, we record those expected future costs as regulatory liabilities. In addition, we record regulatory liabilities when it is probable the Commissions will require a refund to be made to our customers over future periods. Determining probability requires significant judgment by management and includes, but is not limited to, consideration of testimony presented in regulatory hearings, proposed regulatory decisions, final reg Item 1. Business. Forward-Looking Statements This annual report, including all documents incorporated by reference, contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 (the PSLRA). The forward-looking statements are intended to qualify under provisions of the federal securities laws for \u201csafe harbor\u201d treatment established by the PSLRA. Forward-looking statements in this annual report are based on currently available information, expectations, estimates, assumptions and projections, and our management\u2019s beliefs, assumptions, judgments and expectations about us, the water utility industry and general economic conditions. These statements are not statements of historical fact. When used in our documents, statements that are not historical in nature, including words like \u201cwill,\u201d \u201cwould,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cbelieves,\u201d \u201cmay,\u201d \u201ccould,\u201d \u201cestimates,\u201d \u201cassumes,\u201d \u201canticipates,\u201d \u201cprojects,\u201d \u201cprogress,\u201d \u201cpredicts,\u201d \u201chopes,\u201d \u201ctargets,\u201d \u201cforecasts,\u201d \u201cshould,\u201d \u201cseeks,\u201d \u201cindicates,\u201d or variations of these words or similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements in this annual report include, but are not limited to, statements describing our intention, indication or expectation regarding our financial performance, dividends or targeted payout ratio, our expectations, anticipations or beliefs regarding governmental, legislative, judicial, administrative or regulatory timelines, regulatory compliance, decisions, approvals, authorizations, requirements or other actions, including plans and proposals pursuant to and timing of the California Water Service Company (Cal Water)\u2019s general rate case (GRC) filed on July 8, 2024 (2024 CA GRC) and the GRCs filed by our other subsidiaries, the anticipated closing and timing of acquisition of Nexus Water Group\u2019s (Nexus) Nevada and Oregon utilities, and the remaining membership interests in BVRT Uti Item 1A. Risk Factors. In evaluating our business, you should carefully consider the following discussion of material risks, events, and uncertainties that make an investment in us speculative or risky in addition to the other information in this annual report on Form 10-K. A manifestation of any of the following risks and uncertainties could, i", "title": "CWT - CALIFORNIA WATER SERVICE GROUP", "url": "/company/CWT/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001569345; latest 10-K filed 2026-03-19.", "text": "CXM - Sprinklr, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001569345; latest 10-K filed 2026-03-19. CXM Sprinklr, Inc. 0001569345 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Form 10-K. This discussion, particularly information with respect to our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading \u201cSpecial Note Regarding Forward-Looking Statements\u201d in this Form 10-K. You should review the disclosure under the heading \u201cRisk Factors\u201d in this Form 10-K for a discussion of important factors that could cause our actual results to differ materially from those anticipated in these forward-looking statements. This section of our Form 10-K discusses our financial condition and results of operations for the fiscal years ended January 31, 2026, 2025, and 2024 and year-to-year comparisons between fiscal year 2026 and fiscal year 2025. Year-to-year comparisons between fiscal year 2025 and fiscal year 2024 that are not included in this Form 10-K can be found in \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Form 10-K for the fiscal year ended January 31, 2025, filed on March 21, 2025. Certain prior quarterly and annual amounts have been reclassified to conform to the current period presentation. Overview Sprinklr provides a Unified Customer Experience Management (\u201cUnified-CXM\u201d) platform designed to help organizations manage customer interactions across multiple channels and teams. Our AI-native platform enables customer-facing teams, from Customer Service to Marketing, to collaborate across internal silos, communicate with customers across digital and traditional channels and leverage AI to deliver improved customer experiences at scale. Sprinklr has four main product suites: Sprinklr Social, Sprinklr Insights, Sprinklr Marketing and Sprinklr Service. We believe that these four suites enable large and leading brands to more effectively reach, engage and listen to their customers on the channel of their choice. We continue to invest in the unified platform and develop new features and enhancements to each suite in response to evolving customer needs. Our Unified-CXM platform utilizes an architecture purpose-built for managing Customer Experience Management (\u201cCXM\u201d) data and is powered by proprietary AI, collaborative workflow, automation, broad-based listening and customer-led governance. This architecture is designed to help enterprises analyze massive amounts of unstructured and structured data. We generate revenue primarily from the sale of subscriptions to our Unified-CXM platform and related professional services. Our platform includes products that are licensed on a per-user basis as well as products that are licensed based on different tiers of volume. Our customer base is diverse, spanning global enterprises across a broad array of industries and geographies, as well as marketing agencies, government departments, non-profit and educational institutions. As of January 31, 2026, we had 1,677 customers in more than 90 countries, with our platform supporting over 150 languages. This compares to 1,930 customers as of January 31, 2025. The decrease in total customers year-over-year was primarily due to a strategic refinement of our customer profile and an increased focus on top-tier enterprise customers. We define our large customers as those with at least $1.0 million in subscription revenue on a trailing 12-month basis. As of January 31, 2026, we had 141 large customers, compared to 149 as of January 31, 2025. While the number of large customers decreased, the average subscription revenue per customer in this cohort increased, reflecting our focus on higher- Item 1. Business Who We Are Sprinklr provides a Unified Customer Experience Management (\u201cUnified-CXM\u201d) platform that helps organizations manage customer interactions across channels and teams. Our artificial intelligence (\u201cAI\u201d)\u2011native platform enables customer-facing teams, from Customer Service to Marketing, to collaborate across internal silos, communicate with customers across digital and traditional channels, and leverage AI to deliver better customer experiences at scale. Our mission is to empower companies to deliver next generation, unified journeys that reimagine the customer\u2019s experience. Overview Companies are increasingly moving from transactional to unified customer experiences. This has been driven by a shift from traditional channels, like email and phone, to an ever-expanding universe of digital channels, like messaging, chat, text and social. Consumer experiences today are shaped by each interaction they have with a brand, which include physical, in-person engagements, as well as digital engagements through online customer support, websites, social media or AI tools. And, given how people connect and transact today, companies face challenges when customer interactions occur across disparate systems. To elevate the consumer experience, they seek to unify every touchpoint along the customer journey and strive to ensure seamless and consistent customer experiences in person and online. They want to instantly communicate with consumers who move fluidly across dozens of channels and resolve customer pain points in real-time and in personalized ways. For large enterprises, reliance on customer relationship management (\u201cCRM\u201d) systems and backward-looking customer information like names, addresses and birthdates is not sufficient to meet today\u2019s demands for seamless conversational experiences or prepare for the future of 360-degree immersive experiences. Sprinklr\u2019s purpose is to provide an AI-native unified platform purpose-built to help enterprises uni Item 1A. Risk Factors. Our operations and financial results are subject to various risks and uncertainties, including those described below. You should consider and read carefully all of the risks and uncertainties described below, together with all of the other information contained in this Form 10-K, including the section titled \u201cManage", "title": "CXM - Sprinklr, Inc.", "url": "/company/CXM/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001070985; latest 10-K filed 2026-02-20.", "text": "CXW - CoreCivic, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001070985; latest 10-K filed 2026-02-20. CXW CoreCivic, Inc. 0001070985 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Annual Report on Form 10-K, or this Annual Report. In this Annual Report, we use the term, the \"Company,\" \"CoreCivic,\" \"we,\" \"us,\" and \"our\" to refer to CoreCivic, Inc. and its subsidiaries unless context indicates otherwise. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, but not limited to, those described under \"Part I, Item 1A. Risk Factors\" and included in other portions of this report. OVERVIEW We are a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. Through three segments, CoreCivic Safety, CoreCivic Community, and CoreCivic Properties, we provide a broad range of solutions to government partners that serve the public good through corrections and detention management, a network of residential reentry centers to help address America's recidivism crisis, and government real estate solutions. We have been a flexible and dependable partner for government for over 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. As of December 31, 2025, through our CoreCivic Safety segment, we operated 44 correctional and detention facilities, 40 of which we owned or controlled via a long-term lease, with a total design capacity of approximately 68,000 beds. Through our CoreCivic Community segment, we operated 20 residential reentry centers, which we owned or controlled via a long-term lease, with a total design capacity of approximately 4,000 beds. In addition, through our CoreCivic Properties segment, we owned five properties, with a total design capacity of approximately 8,000 beds. We are the nation's largest owner of partnership correctional, detention, and residential reentry facilities and one of the largest operators of such facilities in the United States. Our size and experience provide us with significant credibility with our current and prospective customers, and enable us to generate economies of scale in purchasing power for food services, health care and other supplies and services we offer to our government partners. See \"Part I, Item 1. Business \u2013 Overview\" for a description of how we are organized. Our Business The solutions we provide to our federal customers continue to be a significant component of our business. We provide an essential governmental service, and believe our ability to provide flexible solutions and fulfill emergent needs of our federal customers would be very difficult and costly to replicate in the public sector. Upon his inauguration on January 20, 2025, President Trump issued nine executive actions intended to secure the borders of the United States and remove illegal immigrants, prioritizing those with criminal histories. These initial orders included the declaration of a national emergency at the United States southern border. Also included in these executive actions was the issuance of an executive order titled \"Protecting the American People Against Invasion\" which calls on the federal government to faithfully execute the immigration laws of the United States, including the removal of aliens, particularly those who threaten the safety of the American people. This executive order calls on the Secretary of Homeland Security to \u201ctake all appropriate action and allocate all legally available resources or establish contracts to construct, operate, control, or use facilities to detain removable aliens\u201d and \u201ctake all appropriate actions to ensure the detention of aliens ap ITEM 1. BUSINESS. Overview We are a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. Through three segments, CoreCivic Safety, CoreCivic Community, and CoreCivic Properties, we provide a broad range of solutions to government partners that serve the public good through corrections and detention management, a network of residential reentry centers to help address America's recidivism crisis, and government real estate solutions. We have been a flexible and dependable partner for government for over 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. We are the nation's largest owner of partnership correctional, detention, and residential reentry facilities and one of the largest operators of such facilities in the United States. As of December 31, 2025, through our CoreCivic Safety segment, we operated 44 correctional and detention facilities, 40 of which we owned or controlled via a long-term lease, with a total design capacity of approximately 68,000 beds. Through our CoreCivic Community segment, we owned and operated 20 residential reentry centers, which we owned or controlled via a long-term lease, with a total design capacity of approximately 4,000 beds. In addition, through our CoreCivic Properties segment, we owned five properties, with a total design capacity of approximately 8,000 beds. In addition to providing fundamental residential services, our correctional, detention, and residential reentry facilities offer a variety of rehabilitation and educational programs, including basic education, faith-based services, life skills and employment training, and substance abuse treatment. These services are intended to help reduce recidivism and to prepare individuals in our care for their successful reentry into society upon their release. We also provide ITEM 1A. RISK FACTORS. As the owner and operator of correctional, detention, and residential reentry facilities, we are subject to certain risks and uncertainties associated with, among other things, the corrections and detention industry, pending or threatened litigation in which we are involved, real estate ownership, and our indebte", "title": "CXW - CoreCivic, Inc.", "url": "/company/CXW/" }, { "kind": "company", "summary": "SIC 7011 Hotels & Motels; CIK 0001590895; latest 10-K filed 2026-02-17.", "text": "CZR - Caesars Entertainment, Inc. SIC 7011 Hotels & Motels; CIK 0001590895; latest 10-K filed 2026-02-17. CZR Caesars Entertainment, Inc. 0001590895 7011 Hotels & Motels Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with, and is qualified in its entirety by, the audited consolidated financial statements and the notes thereto and other financial information included elsewhere in this Annual Report on Form 10-K. Caesars Entertainment, Inc., a Delaware corporation, and its subsidiaries, may be referred to as the \u201cCompany,\u201d \u201cCEI,\u201d \u201cCaesars,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d or the \u201cRegistrant.\u201d We also refer to (i) our Consolidated Financial Statements as our \u201cFinancial Statements,\u201d (ii) our Consolidated Balance Sheets as our \u201cBalance Sheets,\u201d (iii) our Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss) as our \u201cStatements of Operations,\u201d and (iv) our Consolidated Statements of Cash Flows as our \u201cStatements of Cash Flows.\u201d References to numbered \u201cNotes\u201d refer to Notes to our Consolidated Financial Statements included in Item 8. The statements in this discussion regarding our expectations of our future performance, liquidity and capital resources, and other non-historical statements are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties. Our actual results may differ materially from those contained in or implied by any forward-looking statements. See \u201cCautionary Statements Regarding Forward-Looking Information.\u201d Table of Contents 33 Objective This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to be a narrative explanation of the financial statements and other statistical data that should be read in conjunction with the accompanying financial statements to enhance an investor\u2019s understanding of our financial condition, changes in financial condition and results of operations. Our objectives are: (i) to provide a narrative explanation of our financial statements that will enable investors to see the Company through the eyes of management; (ii) to enhance the overall financial disclosure and provide the context within which financial information should be analyzed; and (iii) to provide information about the quality of, and potential variability of, our earnings and cash flows so that investors can ascertain the likelihood of whether past performance is indicative of future performance. Overview We are a geographically diversified gaming and hospitality company that was founded in 1973 by the Carano family with the opening of the Eldorado Hotel Casino in Reno, Nevada. Beginning in 2005, we grew through a series of acquisitions, including the acquisition of MTR Gaming Group, Inc. in 2014, Isle of Capri Casinos, Inc. in 2017, Tropicana Entertainment, Inc. in 2018, Caesars Entertainment Corporation in 2020, and William Hill PLC in 2021. Our ticker symbol on the NASDAQ Stock Market is \u201cCZR.\u201d We own, lease or manage an aggregate of 52 domestic properties in 18 states with approximately 51,400 slot machines, video lottery terminals and e-tables, approximately 2,700 table games and approximately 45,600 hotel rooms as of December 31, 2025. In addition, we have other properties in North America that are authorized to use the brands and marks of Caesars Entertainment, Inc. Our primary source of revenue is generated by our gaming operations, which includes our casino properties, retail and online sports betting and online gaming. Additionally, we utilize our hotels, restaurants, bars, entertainment, racing, retail shops and other services to attract customers to our properties. As of December 31, 2025, we owned 22 of our casinos and leased 24 casinos in the U.S. We lease 18 casinos from VICI Properties L.P., a Delaware limited partnership (\u201cVICI\u201d) pursuant to a regional lease, a Las Vegas lease and a Joliet lease (the \u201cVICI Leases\u201d). In addition, we lease six casinos from GLP Capital, L.P., the operating partnership of Gaming and Leisure Properties, Item 1. Business Overview We are a geographically diversified gaming and hospitality company that was founded in 1973 by the Carano family with the opening of the Eldorado Hotel Casino in Reno, Nevada. Beginning in 2005, we grew through a series of acquisitions, including the acquisition of MTR Gaming Group, Inc. in 2014, Isle of Capri Casinos, Inc. in 2017, Tropicana Entertainment, Inc. in 2018, Caesars Entertainment Corporation in 2020, and William Hill PLC in 2021. Our ticker symbol on the NASDAQ Stock Market is \u201cCZR.\u201d Our primary source of revenue is generated by our gaming operations, which includes our casino properties, retail and online sports betting and online gaming. Additionally, we utilize our hotels, restaurants, bars, entertainment, racing, retail shops and other services to attract customers to our properties. As of December 31, 2025, we own, lease or manage an aggregate of 52 domestic properties in 18 states. We also operate and conduct sports wagering across 34 jurisdictions in North America, 27 of which offer online sports betting, and operate iGaming in five jurisdictions in North America. We currently operate the Caesars Sportsbook app, the Caesars Racebook app, the Caesars Palace Online Casino app and the Horseshoe Online Casino app. We expect to continue to grow our operations in the Caesars Digital segment as new jurisdictions legalize retail and online sports betting and iGaming. In addition, we have other properties in North America that are authorized to use the brands and marks of Caesars Entertainment, Inc., as well as other non-gaming properties. We lease certain real property assets from third parties, including GLP Capital, L.P., the operating partnership of Gaming and Leisure Properties, Inc. (\u201cGLPI\u201d) and VICI Properties L.P., a Delaware limited partnership (\u201cVICI\u201d). See Item 2. \u201cProperties,\u201d for more information about our properties. Business Operations Our consolidated business is composed of complementary businesses that Item 1A. Risk Factors Risks Relating to Operating Our Business We face substantial competition and expect that such competition will continue. The gaming industry is highly competitive and competition is intense in most of the markets in which we operate. We compete with a variety of gaming operations, including land-based casinos, dockside casinos, ri", "title": "CZR - Caesars Entertainment, Inc.", "url": "/company/CZR/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000026780; latest 10-K filed 2026-02-27.", "text": "DAN - DANA Inc SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000026780; latest 10-K filed 2026-02-27. DAN DANA Inc 0000026780 3714 Motor Vehicle Parts & Accessories Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (Dollars in millions) The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial statements and accompanying notes in Item 8. Management Overview We are a global provider of high-technology products to virtually every major on-highway vehicle manufacturer in the world. Our technologies include drive systems (axles, driveshafts and transmissions); electrodynamic technologies (motors, inverters, software and control systems, battery-management systems, and fuel cell plates); sealing solutions (gaskets, seals, cam covers, and oil pan modules); thermal-management technologies (transmission and engine oil cooling, battery and electronics cooling, charge air cooling, and thermal-acoustical protective shielding); and digital solutions (active and passive system controls and descriptive and predictive analytics). We serve our global light vehicle and medium/heavy vehicle markets through two business units \u2013 Light Vehicle Drive Systems (Light Vehicle) and Commercial Vehicle Drive and Motion Systems (Commercial Vehicle). We have a diverse customer base and geographic footprint which minimizes our exposure to individual market and segment declines. In 2025, 60% of our sales came from North American operations and 40% from operations throughout the rest of the world. Our sales by operating segment were Light Vehicle \u2013 70% and Commercial Vehicle \u2013 30%. Operational and Strategic Initiatives Our strategy builds on our strong technology foundation and leverages our resources across the organization while driving a customer-centric focus, expanding our global markets, and delivering innovative solutions for the mobility markets we serve. Central to our strategy is leveraging our core operations. This foundational element enables us to infuse strong operational disciplines throughout the strategy, making it practical, actionable, and effective. We are achieving improved profitability by actively improving our cost structure and gaining efficiencies across all of our operations and functions. Our customers remain at the center of our value system. These relationships are strengthened as we are physically located where we need to be in order to provide unparalleled service. We prioritize our customers\u2019 needs as we engineer solutions that differentiate their products while making it easier to do business by streamlining our commercial organization. Our customer-centric focus has uniquely positioned us to win more than our fair share of new business and capitalize on future customer outsourcing initiatives. Dana has embarked on a strategic plan to focus on core on-highway markets and accelerate value creation by improving its cost structure, increasing its efficiency, and creating a more focused and nimble Dana. Recent Strategic Actions Cost reduction initiatives \u2014 During the fourth quarter of 2024, we announced further actions to support sustained long-term profitability and enhanced cash flow generation. This includes substantial reduction in selling, general and administrative costs and aligning engineering expenses to match current industry dynamics, including the ongoing delay in the adoption of electric vehicles. We expect to deliver annualized savings of $325 through 2026. Approximately $260 of annualized savings was realized through 2025 with an additional $65 to be realized in 2026. See Summary of Consolidated Results and Segment Results of Operations in Item 7 and Note 4 of our consolidated financial statements in Item 8 for additional information. Segment realignment \u2014 Through December 2024, we managed our operations globally through four operating segments. Our Light Vehicle and Power Technologies segments primarily supported light vehicle original equipment manufacturers (OEMs) with products for light trucks, SUVs, CUVs, vans and passenger cars. Our Co Item 1. Business General Dana Incorporated (Dana), with history dating back to 1904, is headquartered in Maumee, Ohio. We are a world leader in providing power-conveyance and energy-management solutions for on-highway vehicles. The company's portfolio improves the efficiency, performance, and sustainability of light and commercial vehicles. From axles, driveshafts, transmissions, sealing and thermal products to electrification products including motors, inverters, controllers, e-sealing, e-thermal and digital solutions, we enable the propulsion of internal combustion engine (ICE), hybrid and electric powered vehicles by supplying nearly every major on-highway vehicle manufacturer in the world. As of December 31, 2025 excluding the Off-Highway business which is presented as a discontinued operation, we employed approximately 26,900 people and operated in 24 countries. The terms \u201cDana,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d are references to Dana. These references include the subsidiaries of Dana unless otherwise indicated or the context requires otherwise. Recent Strategic Actions Cost reduction initiatives \u2014 During the fourth quarter of 2024, we announced further actions to support sustained long-term profitability and enhanced cash flow generation. This includes substantial reduction in selling, general and administrative costs and aligning engineering expenses to match current industry dynamics, including the ongoing delay in the adoption of electric vehicles. We expect to deliver annualized savings of $325 through 2026. Approximately $260 of annualized savings was realized through 2025 with an additional $65 to be realized in 2026. See Summary of Consolidated Results and Segment Results of Operations in Item 7 and Note 4 of our consolidated financial statements in Item 8 for additional information. Segment realignment \u2014 Through December 2024, we managed our operations globally through four operating segments. Our Light Vehicle and Power Technologies segments primarily supp Item 1A. Risk Factors We are impacted by events and conditions that affect the light vehicle and commercial vehicle markets that we serve, as well as by factors specific to Dana. Among the risks that could materially adversely affect our business, financial condition or results of operations are the following, many of which are interrelated. Risk ", "title": "DAN - DANA Inc", "url": "/company/DAN/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001841408; latest 10-K filed 2026-03-02.", "text": "DAVE - Dave Inc./DE SIC 6199 Finance Services; CIK 0001841408; latest 10-K filed 2026-03-02. DAVE Dave Inc./DE 0001841408 6199 Finance Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of the Company\u2019s financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes related thereto which are included in \u201cItem 8. Financial Statements and Supplementary Data\u201d of this Annual Report on Form 10-K. Certain information contained in the discussion and analysis set forth below includes forward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth under \u201cCautionary Note Regarding Forward-Looking Statements,\u201d \u201cItem 1A. Risk Factors\u201d and elsewhere in this Annual Report on Form 10-K. Overview Company Overview Dave was founded in 2017 to provide a faster, more transparent, and lower-cost alternative to traditional financial institutions for Americans living paycheck to paycheck. Through our mobile-first platform, we deliver innovative financial products designed to help underserved consumers manage their money more effectively. Our mission is to level the financial playing field by providing intuitive, transparent, and accessible solutions that empower our Members to navigate life's financial challenges with confidence. Since inception, over 19 million Members have signed up for the Dave app, with over 14 million having used at least one of our products. We have provided Members with over $22 billion in ExtraCash, offering critical liquidity when they need it most, and have donated over $25 million to charity and important causes. Customers value our products, as demonstrated by more than 750,000 App Store reviews with an average 4.8-star rating. Dave has earned multiple Best Place to Work recognitions from Built In over the past several years, reflecting our ongoing investment in becoming an exceptional workplace. Market Opportunity According to the Financial Health Network in 2025, approximately 185 million Americans, representing 69% of the U.S. population, are classified as financially \"coping\" or \"vulnerable,\" up from 66% in 2021. A December 2025 PYMNTS report found that 67% of U.S. consumers were living paycheck to paycheck, up from 57% in 2021. This population pays approximately $43 billion annually in basic checking fees and over $225 billion in annual fees and interest for short-term credit, according to FHN research. We estimate our total addressable market to be approximately 185 million Americans who do not have access to affordable and effective banking solutions. We believe these high costs reflect the cost structure of incumbents. Legacy institutions with brick-and-mortar networks, antiquated technology, and inefficient customer acquisition strategies have significant costs to serve, which they pass on to customers. By leveraging technology and AI, we have dramatically reduced our cost to serve, enabling us to provide banking and credit products at lower costs with a stronger value proposition. Comparability of Financial Information Our future results of operations and financial position may not be comparable to historical results as a result of the consummation of the Business Combination. Key Factors Affecting Operating Results Our future operating results and cash flows depend on Member growth and activity, product expansion, competition, industry trends, and general economic conditions. Member Acquisition and Engagement Revenue growth depends on efficiently acquiring new Members and driving product cross-sell. In fiscal year 2025, customer acquisition cost remained stable at approximately $19 while payback periods have improved to under four months, our fastest on record, reflecting our focus on directing acquisition spend toward the highest return opportunities. 57 ARPU expansion is primarily driven by ExtraCash volume and the adoption of Dave Checking by Members. Dave D ITEM 1. BUSINESS Unless otherwise noted or the context otherwise requires, the disclosures in this Item 1 refer to Dave Inc. and its consolidated subsidiaries following the consummation of the Business Combination. Company Overview Dave Inc. (\"Dave,\" the \"Company,\" \"we,\" \"us,\" or \"our\") is one of the nation's leading neobanks, providing a mobile-first financial services platform designed to help everyday Americans manage their money more effectively. We serve millions of Members who are often underserved by traditional financial institutions, offering them access to short-term liquidity, fee-free banking, and financial management tools at a fraction of the cost of incumbents. Founded in 2017 and inspired by the story of David vs. Goliath, we set out to challenge legacy banking by leveraging technology to expand financial access and improve consumer financial health. Our mission is to level the financial playing field by providing intuitive, transparent, and accessible solutions that empower our Members to navigate life's financial challenges with confidence. Since inception, over 19 million Members have signed up for the Dave app, with over 14 million having used at least one of our products. Our flagship product, ExtraCash, provides Members with up to $500 of short-term credit (in the form of discretionary overdraft through a bank partner) to bridge liquidity gaps between paychecks, without interest, late fees, or credit checks. We use our proprietary AI-powered underwriting engine, CashAI, to evaluate each Member's cash flow in real-time, enabling us to extend credit responsibly while maintaining strong unit economics. To date, we have provided Members with over $22 billion in ExtraCash, offering critical liquidity when they need it most. We complement ExtraCash with Dave Checking, a fee-free demand deposit account with FDIC pass-through insurance, and a suite of personal financial management tools. As part of our commitment to giving back, we have donated o Item 1A. Risk Factors. In the course of conducting our business operations, we are exposed to a variety of risks. Any of the risk factors we describe below have affected or could materially adversely affect our business, financial condition and results of operations. The market price of shares of our common stock could decline, possibly significantly or permanently, if one o", "title": "DAVE - Dave Inc./DE", "url": "/company/DAVE/" }, { "kind": "company", "summary": "SIC 3578 Calculating & Accounting Machines (No Electronic Computers); CIK 0000028823; latest 10-K filed 2026-02-12.", "text": "DBD - DIEBOLD NIXDORF, Inc SIC 3578 Calculating & Accounting Machines (No Electronic Computers); CIK 0000028823; latest 10-K filed 2026-02-12. DBD DIEBOLD NIXDORF, Inc 0000028823 3578 Calculating & Accounting Machines (No Electronic Computers) MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. OVERVIEW. Management\u2019s discussion and analysis of financial condition and results of operations should be read in conjunction with the consolidated financial statements and accompanying notes that appear within this annual report on Form 10-K. Business Drivers. The Company's operating model is based upon product sales and service contract base. Business drivers of the Company's future performance include, but are not limited to: demand for self-service and automation from Banking and Retail customers driven by the evolution of consumer behavior; demand for cost efficiencies and better usage of real estate for bank branches and retail stores as they transform their businesses to meet the needs of their customers while facing macro-economic challenges; demand for services on distributed IT assets such as ATMs, POS and SCO, including managed services and professional services; timing of product upgrades and/or replacement cycles for ATMs, POS and SCO; demand for software products and professional services; demand for security products and services for the financial, retail and commercial sectors; and demand for innovative technology in connection with the Company's strategy. RESULTS OF OPERATIONS. This Results of Operations focuses on discussion of 2025 and 2024 results. [[GREPCENT_TABLE]] [[\"Total Net Sales\",\"Years ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"\",\"\",\"$ Change\",\"\",\"% Change\"],[\"Services\",\"$\",\"1,608.6\",\"\",\"\",\"$\",\"1,587.4\",\"\",\"\",\"\",\"\",\"$\",\"21.2\",\"\",\"\",\"1.3\",\"%\"],[\"Products\",\"1,188.4\",\"\",\"\",\"1,175.4\",\"\",\"\",\"\",\"\",\"13.0\",\"\",\"\",\"1.1\",\"%\"],[\"Total Banking\",\"2,797.0\",\"\",\"\",\"2,762.8\",\"\",\"\",\"\",\"\",\"34.2\",\"\",\"\",\"1.2\",\"%\"],[\"Services\",\"560.3\",\"\",\"\",\"563.0\",\"\",\"\",\"\",\"\",\"(2.7)\",\"\",\"\",\"(0.5)\",\"%\"],[\"Products\",\"448.4\",\"\",\"\",\"425.3\",\"\",\"\",\"\",\"\",\"23.1\",\"\",\"\",\"5.4\",\"%\"],[\"Total Retail\",\"1,008.7\",\"\",\"\",\"988.3\",\"\",\"\",\"\",\"\",\"20.4\",\"\",\"\",\"2.1\",\"%\"],[\"Total Net Sales\",\"$\",\"3,805.7\",\"\",\"\",\"$\",\"3,751.1\",\"\",\"\",\"\",\"\",\"$\",\"54.6\",\"\",\"\",\"1.5\",\"%\"]] [[/GREPCENT_TABLE]] Banking net sales increased $34.2 or 1.2%, driven by a net favorable currency impact, favorable cash recycler product mix and increased pricing. Banking net sales represented 73.5% and 73.7% of total net sales for the years ended December 31, 2025 and 2024, respectively. Retail net sales increased $20.4 or 2.1%, driven by a net favorable currency impact and higher product volumes associated with second half demand turnaround, offset by temporary IT\u2011related disruptions at certain large customers, which reduced service activity and delayed scheduled work during the year. Retail net sales represented 26.5% and 26.3% of total net sales for the years ended December 31, 2025 and 2024, respectively. [[GREPCENT_TABLE]] [[\"Gross Margin\",\"Years ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"$ Change\",\"\",\"% Change\"],[\"Gross profit - services\",\"$\",\"520.4\",\"\",\"\",\"$\",\"533.5\",\"\",\"\",\"$\",\"(13.1)\",\"\",\"\",\"(2.5)\",\"%\"],[\"Gross profit - products\",\"440.8\",\"\",\"\",\"386.5\",\"\",\"\",\"54.3\",\"\",\"\",\"14.0\",\"%\"],[\"Total gross profit\",\"$\",\"961.2\",\"\",\"\",\"$\",\"920.0\",\"\",\"\",\"$\",\"41.2\",\"\",\"\",\"4.5\",\"%\"],[\"Gross margin - services\",\"24.0\",\"%\",\"\",\"24.8\",\"%\"],[\"Gross margin - products\",\"26.9\",\"%\",\"\",\"24.1\",\"%\"],[\"Total gross margin\",\"25.3\",\"%\",\"\",\"24.5\",\"%\"]] [[/GREPCENT_TABLE]] Service gross margin decreased 80 basis points primarily due to operational cost pressures and other investments associated with business expansion, including an enhanced service tool platform for technicians and a centralized state of the art repair center. Product margin increased 280 basis points primarily due to favorable geographic and product mix, as well as improved pricing. 8 Table of Contents [[GREPCENT_TABLE]] [[\"Operating Expenses\",\"Years ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"$ Change\",\"\",\"% Change\"],[\"Selling and administrative expense\",\"$\",\"632.5\",\"\",\"\",\"$\",\"643.6\",\"\",\"\",\"$\",\"(11.1)\",\"\",\"\",\"(1.7)\",\"%\"],[\"Research, development and engineer BUSINESS GENERAL. Diebold Nixdorf, Incorporated (collectively with its subsidiaries, the Company) automates, digitizes and transforms the way people bank and shop. As a leading global technology and services partner to many of the world\u2019s top financial institutions and retailers, our integrated solutions connect digital and physical channels for consumers conveniently, securely and efficiently. The Company has a presence in more than 100 countries with approximately 20,000 employees worldwide. Unless otherwise stated, U.S. dollar amounts within this annual report on Form 10-K are listed in millions. Properties. The Company owns or leases and operates key manufacturing facilities and connected administrative spaces in North Canton, Ohio, Manaus, Brazil and Paderborn, Germany totaling approximately 2,700,000 square feet. The Company leases one building at the Paderborn, Germany site and owns the others. The North Canton, Ohio and Manaus, Brazil sites are leased by the Company. Our properties are utilized by both our Banking and Retail segments. The Company considers that its properties are generally in good condition, well maintained, and are suitable and adequate to carry on the Company\u2019s business. Strategy. The Company seeks to continually enhance the consumer journeys at bank and retail locations while simultaneously streamlining cost structures and business processes through the smart integration of hardware, software and services. The Company partners with other leading technology companies and regularly refines its research and development (R&D) spend to continually improve and tailor needed solutions that support a better transaction experience for consumers. Strategic Priorities. The Company has established foundational priorities to support its business for the current environment and beyond. We are committed to a journey of continuous improvement, focusing on key elements to consistently deliver stakeholder value, driven by four elements: Grow the Busine", "title": "DBD - DIEBOLD NIXDORF, Inc", "url": "/company/DBD/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001062231; latest 10-K filed 2026-02-13.", "text": "DCH - Dauch Corp SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001062231; latest 10-K filed 2026-02-13. DCH Dauch Corp 0001062231 3714 Motor Vehicle Parts & Accessories Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) COMPANY OVERVIEW Effective January 26, 2026, American Axle & Manufacturing Holdings, Inc. changed its name to Dauch Corporation. As used in this report, except as otherwise indicated in information incorporated by reference, references to \u201cour Company,\u201d \"we,\" \"our,\" \"us\" or \u201cDauch\u201d mean Dauch Corporation and its subsidiaries and predecessors, collectively. Dauch Corporation is a premier Driveline and Metal Forming supplier serving the global automotive industry with a powertrain-agnostic product portfolio that supports electric, hybrid, and internal combustion vehicles. The company is headquartered in Detroit, Michigan, with operations that span 24 countries and more than 175 locations. Formed through the acquisition of Dowlais Group plc and its subsidiaries - GKN Automotive and GKN Powder Metallurgy, Dauch unites deep engineering roots with global manufacturing capabilities and an entrepreneurial spirit to move mobility forward. We are a primary supplier of driveline components to General Motors Company (GM) for its full-size rear-wheel drive (RWD) light trucks, sport utility vehicles (SUV), and crossover vehicles manufactured in North America, supplying a significant portion of GM's rear axle and four-wheel drive and all-wheel drive (4WD/AWD) axle requirements for these vehicle platforms. We also supply GM with various products from our Metal Forming segment. Sales to GM were approximately 44% of our consolidated net sales in 2025, 42% in 2024, and 39% in 2023. We are also a supplier to Ford Motor Company (Ford) for driveline system products on certain vehicle programs including the Bronco Sport, Maverick, Escape and Lincoln Nautilus, and we also sell various products to Ford from our Metal Forming segment. Sales to Ford were approximately 15% of our consolidated net sales in 2025, 13% in 2024, and 12% in 2023. We also supply driveline system products to Stellantis N.V. (Stellantis) for programs including the heavy-duty Ram full-size pickup truck and its derivatives. In addition, we sell various products to Stellantis from our Metal Forming segment. Sales to Stellantis were approximately 13% of our consolidated net sales in both 2025 and 2024, and 16% in 2023. No other customer represented 10% or more of consolidated net sales during these periods. Acquisition of Dowlais Group plc On February 3, 2026, we completed our previously announced acquisition of Dowlais Group plc (Dowlais) whereby we acquired the entire issued share capital of Dowlais (the Business Combination). Pursuant to the Business Combination, Dowlais shareholders received for each Dowlais ordinary share: 0.0881 shares of new Company common stock and 43 pence per share in cash (approximately $0.59 per share as of the closing date), resulting in the issuance of approximately 117 million shares (and an increase in authorized shares from 150 million to 375 million shares) and a total purchase price of approximately $1.7 billion. Following the close of the transaction, the combined company is headquartered in Detroit, Michigan and led by the Company's Chairman and CEO. Disposition of AAM India Manufacturing Corporation Pvt., Ltd. During 2025, we completed the sale of our commercial vehicle axle business and related assets in India (AAM India Manufacturing Corporation Pvt., Ltd.) to Bharat Forge Limited (BFL) for approximately $65 million, net of closing adjustments (the India Sale Agreement). For the years ended December 31, 2025 and 2024, we recorded impairment charges of $8 million and $12 million, respectively, to reduce the carrying value of this business to fair value less costs to sell. 28 Uncertainty Associated with Tariffs and Trade Relations In 2025, the U.S. government implemented tariffs and increased certain existing tariffs on various products including assembled vehicles and automotive parts and components imported into the U.S., and ther Item 1.Business Effective January 26, 2026, American Axle & Manufacturing Holdings, Inc. changed its name to Dauch Corporation. As used in this report, except as otherwise indicated in information incorporated by reference, references to \u201cour Company,\u201d \"we,\" \"our,\" \"us\" or \u201cDauch\u201d mean Dauch Corporation and its subsidiaries and predecessors, collectively. General Development of Business The Company, a Delaware corporation, is a successor to American Axle & Manufacturing of Michigan, Inc., a Michigan corporation, pursuant to a migratory merger between these entities in 1999. In 2017, we acquired Metaldyne Performance Group, Inc. (MPG), with MPG becoming a wholly-owned subsidiary of the Company. On February 3, 2026, we completed our previously announced acquisition of Dowlais Group plc (Dowlais) whereby we acquired the entire issued share capital of Dowlais (the Business Combination). Pursuant to the Business Combination, Dowlais shareholders received for each Dowlais ordinary share: 0.0881 shares of new Company common stock and 43 pence per share in cash (approximately $0.59 per share as of the closing date), resulting in the issuance of approximately 117 million shares (and an increase in authorized shares from 150 million to 375 million shares) and a total purchase price of approximately $1.7 billion. Following the close of the transaction, the combined company is headquartered in Detroit, Michigan and led by the Company's Chairman and CEO. Narrative Description of Business Company Overview Dauch Corporation is a premier Driveline and Metal Forming supplier serving the global automotive industry with a powertrain-agnostic product portfolio that supports electric, hybrid, and internal combustion vehicles. The company is headquartered in Detroit, Michigan, with operations that span 24 countries and more than 175 locations. Formed through the acquisition of Dowlais Group plc and its subsidiaries - GKN Automotive and GKN Powder Metallurgy, Dauch unites deep engi Item 1A.Risk Factors The following risk factors and other information included in this Annual Report on Form 10-K should be considered as our business, financial condition, operating results and cash flows could be materially adversely affected if any of the following risks occur. Risks Related to Our Operations Our business has been, and could ", "title": "DCH - Dauch Corp", "url": "/company/DCH/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000846617; latest 10-K filed 2026-02-20.", "text": "DCOM - Dime Commercial Bancshares, Inc. /NY/ SIC 6021 National Commercial Banks; CIK 0000846617; latest 10-K filed 2026-02-20. DCOM Dime Commercial Bancshares, Inc. /NY/ 0000846617 6021 National Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations In this Annual Report on Form 10-K, unless otherwise mentioned, the terms the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d and \u201cour\u201d refer to Dime Community Bancshares, Inc. and our wholly-owned subsidiary, Dime Community Bank (the \u201cBank\u201d). We use the term \u201cHolding Company\u201d to refer solely to Dime Community Bancshares, Inc. and not to our consolidated subsidiary. Overview Dime Community Bancshares, Inc., a New York corporation, is a bank holding company formed in 1988. On a parent-only basis, the Company has minimal operations, other than as owner of Dime Community Bank. The Company is dependent on dividends from its wholly-owned subsidiary, Dime Community Bank, its own earnings, additional capital raised, and borrowings as sources of funds. The information in this report reflects principally the financial condition and results of operations of the Bank. The Bank's results of operations are primarily dependent on its net interest income, which is the difference between interest income on loans and investments and interest expense on deposits and borrowings. The Bank also generates non-interest income, such as fee income on deposit and loan accounts, merchant credit and debit card processing programs, loan swap fees, investment services, income from its title insurance subsidiary, and net gains on sales of securities and loans and other assets. The level of non-interest expenses, such as salaries and benefits, occupancy and equipment costs, other general and administrative expenses, expenses from the Bank\u2019s title insurance subsidiary, and income tax expense, further affects our net income. Critical Accounting Estimates Critical accounting estimates are those estimates made in accordance with U.S. Generally Accepted Accounting Principles (\u201cGAAP\u201d) that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on the financial condition or the results of the operations of the Registrant. Note 1 Summary of Significant Accounting Policies (page 53), to the Company\u2019s Audited Consolidated Financial Statement for the year ended December 31, 2025 contains a summary of significant accounting policies. These critical accounting estimates involve a significant degree of complexity and require management to make difficult and subjective judgments which often necessitate assumptions or estimates about highly uncertain matters. Policies with respect to the methodologies used to determine the allowance for credit losses on loans held for investment are important to the presentation of the Company\u2019s consolidated financial condition and results of operations. The use of different judgments, assumptions or estimates could result in material variations in the Company\u2019s consolidated results of operations or financial condition. Management has reviewed the following critical accounting estimates and related disclosures with its Audit Committee. Allowance for Credit Losses on Loans Held for Investment Methods and Assumptions Underlying the Estimate The allowance for credit losses is established and maintained through a provision for credit losses based on expected losses inherent in our loan portfolio. Management evaluates the adequacy of the allowance on a quarterly basis, and additions to the allowance are charged to expense and realized losses, net of recoveries, are charged against the allowance. 26 Table of Contents Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In determining the allowance for credit losses for loans that share similar risk characteristics, the Company utilizes a model which compares the amortized cost basis of the loan to the net present value of expected cash flows to be collected. Expected credit losses are determined by aggregating the individual cash flows and calculating a lo Item 1. Business General Dime Community Bancshares, Inc. (the \u201cCompany\u201d) is engaged in commercial banking and financial services through its wholly-owned subsidiary, Dime Community Bank (the \u201cBank\u201d). The Bank was established in 1910 and is headquartered in Hauppauge, New York. The Company was incorporated under the laws of the State of New York in 1988 to serve as the holding company for the Bank. The Company functions primarily as the holder of all of the Bank\u2019s common stock. Our bank operations also include Dime Abstract LLC (\u201cDime Abstract\u201d), a wholly-owned subsidiary of the Bank, which is a broker of title insurance services. For over a century, we have maintained our focus on building customer relationships in our market area. Our mission is to grow through the provision of exceptional service to our customers, our employees, and the community. We strive to achieve excellence in financial performance and build long-term shareholder value. We engage in providing full service commercial and consumer banking services, including accepting time, savings and demand deposits from the businesses, consumers, and local municipalities in our market area. These deposits, together with funds generated from operations and borrowings, are invested primarily in: (1) commercial real estate (\u201cCRE\u201d) loans; (2) multi-family mortgage loans; (3) residential mortgage loans; (4) secured and unsecured commercial and consumer loans; (5) home equity loans; (6) construction and land loans; (7) Federal Home Loan Bank (\u201cFHLB\u201d), Federal National Mortgage Association (\u201cFannie Mae\u201d), Government National Mortgage Association (\u201cGinnie Mae\u201d) and Federal Home Loan Mortgage Corporation (\u201cFreddie Mac\u201d) mortgage-backed securities, collateralized mortgage obligations and other asset backed securities; (8) U.S. Treasury securities; (9) New York State and local municipal obligations; (10) U.S. Government-sponsored enterprise (\u201cU.S. GSE\u201d) securities; and (11) corporate bonds. We also offer the Certi Item 1A. Risk Factors Risks Related to our Loan Portfolio The concentration of our loan portfolio in loans secured by commercial, multi-family and residential real estate properties located in Greater Long Island and Manhattan could materially adversely affect our financial condition and results of ope", "title": "DCOM - Dime Commercial Bancshares, Inc. /NY/", "url": "/company/DCOM/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001622194; latest 10-K filed 2026-02-23.", "text": "DEA - Easterly Government Properties, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001622194; latest 10-K filed 2026-02-23. DEA Easterly Government Properties, Inc. 0001622194 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion of our results of operations and financial condition in conjunction with the audited consolidated financial statements and related notes thereto as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 and the sections entitled \u201cRisk Factors,\u201d \u201cForward Looking Statements,\u201d \u201cBusiness,\u201d and \u201cProperties\u201d contained elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed in the sections of this Annual Report on Form 10-K entitled \u201cRisk Factors\u201d and \u201cForward Looking Statements.\u201d Overview References to \u201cEasterly,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d and \u201cour company\u201d refer to Easterly Government Properties, Inc., a Maryland corporation, together with our consolidated subsidiaries including Easterly Government Properties LP, a Delaware limited partnership, which we refer to herein as our operating partnership. We present certain financial information and metrics \u201cat Easterly Share,\u201d which is calculated on an entity-by-entity basis. \u201cAt Easterly Share\u201d information, which we also refer to as being \u201cat share,\u201d \u201cpro rata,\u201d \u201cour pro rata share\u201d or \u201cour share\u201d is not, and is not intended to be, a presentation in accordance with accounting principles generally accepted in the United States of America (\u201cGAAP\u201d). We are an internally managed real estate investment trust, or REIT, focused primarily on the acquisition, development and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential functions. We generate approximately 90% of our revenue by leasing our properties to such agencies, either directly or through the U.S. General Services Administration, which we refer to herein as the GSA. Our objective is to generate attractive risk-adjusted returns for our stockholders over the long term through dividends and capital appreciation. We focus primarily on acquiring, developing and managing U.S. Government-leased properties that are essential to supporting the mission of the tenant agency and strive to be a partner of choice for the U.S. Government, working closely with the tenant agency to meet its needs and objectives. We continue to pursue opportunities to add properties to our portfolio, including acquiring properties leased to state and local governments with strong creditworthiness and other opportunities that directly or indirectly support the mission of select government agencies. As of December 31, 2025, we wholly owned 93 operating properties and ten operating properties through an unconsolidated joint venture (the \u201cJV\u201d) in the United States encompassing approximately 10.4 million leased square feet (9.8 million pro rata), including 93 operating properties that were leased primarily to U.S. Government tenant agencies, six operating properties leased to tenant agencies of a U.S. state or local government and four operating properties that were entirely leased to private tenants. As of December 31, 2025, our operating properties were 97% leased. For purposes of calculating percentage leased, we exclude from the denominator total square feet that was unleased and to which we attributed no value at the time of acquisition. In addition, we wholly owned three properties under development that we expect will encompass approximately 0.2 million leased square feet upon completion. Our operating partnership holds substantially all of our assets and conducts substantially all of our business. We are the sol Item 1. Business General References to \u201cEasterly,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d and \u201cour company\u201d refer to Easterly Government Properties, Inc., a Maryland corporation, together with our consolidated subsidiaries including Easterly Government Properties LP, a Delaware limited partnership, which we refer to herein as our operating partnership. We present certain financial information and metrics \u201cat Easterly Share,\u201d which is calculated on an entity-by-entity basis. At Easterly Share information, which we also refer to as being \u201cat share,\u201d \u201cpro rata,\u201d \u201cour pro rata share\u201d or \u201cour share\u201d is not, and is not intended to be, a presentation in accordance with accounting principles generally accepted in the United States of America (\u201cGAAP\u201d). We are an internally managed real estate investment trust, or REIT, focused primarily on the acquisition, development and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential functions. We generate approximately 90% of our revenue by leasing our properties to such agencies either directly or through the U.S. General Services Administration (\u201cGSA\u201d). Our objective is to generate attractive risk-adjusted returns for our stockholders over the long term through dividends and capital appreciation. We focus primarily on acquiring, developing and managing U.S. Government-leased properties that are essential to supporting the mission of the tenant agency and strive to be a partner of choice for the U.S. Government, working closely with the tenant agency to meet its needs and objectives. We continue to pursue opportunities to add properties to our portfolio, including acquiring properties leased to state and local governments with strong creditworthiness and other opportunities that directly or indirectly support the mission of select government agencies. As of December 31, 2025, we wholly owned 93 operating properties and ten operating properties through an unconsolidated joint venture (the \u201cJV\u201d) Item 1A. Risk Factors Set forth below are the risks that we believe are material to our investors and they should be carefully considered. These risks are not all of the risks that we face and other factors not presently known to us or that we currently believe are immaterial may also affect ", "title": "DEA - Easterly Government Properties, Inc.", "url": "/company/DEA/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001364250; latest 10-K filed 2026-02-20.", "text": "DEI - Douglas Emmett Inc SIC 6798 Real Estate Investment Trusts; CIK 0001364250; latest 10-K filed 2026-02-20. DEI Douglas Emmett Inc 0001364250 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our Forward Looking Statements disclaimer and our consolidated financial statements and related notes in Item 15 of this Report. During 2025, our results of operations were impacted by: (i) various transactions - see \"Acquisitions, Debt and Equity Transactions, Development and Repositioning Projects, and Other Transactions\" further below, and (ii) the consolidation of Partnership X. See Note 3 to our consolidated financial statements in Part IV, Item 15 of this Report. Business Description Douglas Emmett, Inc. is a fully integrated, self-administered and self-managed REIT. Through our interest in our Operating Partnership and its subsidiaries and our consolidated JVs, we are one of the largest owners and operators of high-quality office and multifamily properties in Los Angeles County, California and in Honolulu, Hawaii. We focus on owning, acquiring, developing and managing a substantial market share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities. For the purpose of reporting key operating metrics, commencing with the fourth quarter of 2024, we are focused on the properties in our In-Service Portfolio. Our In-Service Portfolio consists of our Total Portfolio excluding our Development Portfolio. The Development Portfolio consists of two multifamily properties and one office property whose operations are significantly limited by the development activity and are excluded from our In-Service Portfolio statistics and operating metrics. Our portfolio statistics and operating metrics as of December 31, 2025 were as follows: [[GREPCENT_TABLE]] [[\"\",\"\",\"In-Service Portfolio\",\"\",\"Development Portfolio\",\"\",\"Total Portfolio\"],[\"\",\"Office Portfolio\"],[\"\",\"Number of Properties\",\"69\",\"\",\"\",\"1\",\"\",\"\",\"70\"],[\"\",\"Rentable square feet\",\"17,526,068\",\"\",\"456,205\",\"\",\"17,982,273\"],[\"\",\"Multifamily Portfolio\"],[\"\",\"Number of Properties\",\"13\",\"\",\"2\",\"\",\"15\"],[\"\",\"Number of Units\",\"4,410\",\"\",\"1,035\",\"\",\"5,445\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"In-Service Portfolio Leasing Statistics\"],[\"\",\"Office Portfolio\"],[\"\",\"Leased Rate\",\"80.4\",\"%\"],[\"\",\"Occupancy Rate\",\"78.0\",\"%\"],[\"\",\"Multifamily Portfolio Leased Rate\",\"99.5\",\"%\"]] [[/GREPCENT_TABLE]] Revenues by Segment and Location During 2025, revenues from our Total Portfolio were derived as follows: ____ 41 Acquisitions, Debt and Equity Transactions, and Development and Repositioning Projects Acquisitions, Debt and Equity Transactions During the first quarter of 2025: \u2022A consolidated JV that we manage, and in which we own a 30% interest, acquired a 17-story 247,000 square foot office property located at 10900 Wilshire Boulevard in Westwood. Title to the property was transferred following the purchase of a secured note by the respective JV. \u2022We modified and extended a $335.0 million term loan for seven years, effective March 3, 2025. The loan is secured by an office property. The loan consists of a $200 million note that bears interest at 4.5%, of which 2.825% is accrued, and a $135 million note that accrues interest at 6.0%. The accrued interest for both notes is due at maturity and is not subject to compounding. The weighted average face rate on the principal balance is 5.10%, and the effective rate as a result of the non-compounding is 4.57%. \u2022During March 2025, we closed a $127.2 million loan and used part of the proceeds to pay off a $102.4 million loan. The interest rate is fixed at 4.99% and the loan matures in April 2030. During the second quarter of 2025: \u2022In May 2025, one of our consolidated JVs made a $70.0 million loan principal payment to extend a term loan for up to two years. The related loan's interest rate swaps expired in April 2025, and in May 2025, the JV purchased an in Item 1. Business Overview Douglas Emmett, Inc. is a fully integrated, self-administered and self-managed REIT. We are one of the largest owners and operators of high-quality office and multifamily properties located in premier coastal submarkets in Los Angeles and Honolulu. Through our interest in our Operating Partnership, its subsidiaries, and our consolidated JVs, we focus on owning, acquiring, developing and managing a substantial market share of top-tier office properties and premier multifamily communities in neighborhoods with significant supply constraints, high-end executive housing and key lifestyle amenities. Our properties are located in the Beverly Hills, Brentwood, Burbank, Century City, Olympic Corridor, Santa Monica, Sherman Oaks/Encino, Warner Center/Woodland Hills and Westwood submarkets of Los Angeles County, California, and in Honolulu, Hawaii. We intend to increase our market share in our existing submarkets and may enter into other submarkets with similar characteristics where we believe we can gain significant market share. The terms \"us,\" \"we\" and \"our\" as used in this Report refer to Douglas Emmett, Inc. and its subsidiaries on a consolidated basis. At December 31, 2025, our Total Portfolio consisted of (i) an 18.0 million square foot office portfolio, which included a 456 thousand square foot office property under development, (ii) 5,445 multifamily apartment units, which included 1,035 apartment units under development, and (iii) fee interests in two parcels of land from which we receive rent under ground leases. For more information, see Item 2 \"Properties\" of this Report. As of December 31, 2025, our portfolio consisted of the following (including ancillary retail space and excluding two parcels of land from which we receive rent under ground leases): [[GREPCENT_TABLE]] [[\"\",\"Total Portfolio\"],[\"Office\"],[\"Wholly-owned properties\",\"52\"],[\"Consolidated JV properties\",\"18\"],[\"Total\",\"70\"],[\"Multifamily\"],[\"Wholly-owned properties\",\"12\" Item 1A. Risk Factors The following risk factors are what we believe to be the most significant risk factors that could adversely affect our business and operations, including, without limitation, our financial condition, REIT status, results of operations and cash flows, our ability to service our debt and pay dividends to our stockholder", "title": "DEI - Douglas Emmett Inc", "url": "/company/DEI/" }, { "kind": "company", "summary": "SIC 1531 Operative Builders; CIK 0001825088; latest 10-K filed 2026-02-24.", "text": "DFH - Dream Finders Homes, Inc. SIC 1531 Operative Builders; CIK 0001825088; latest 10-K filed 2026-02-24. DFH Dream Finders Homes, Inc. 0001825088 1531 Operative Builders ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying financial statements and related notes thereto. Unless the context otherwise requires, the terms \u201cDream Finders,\u201d \u201cDFH,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Dream Finders Homes, Inc. and its subsidiaries. The following discussion and analysis of our financial condition and results of operations is intended to help the reader understand our business, operations and present business environment and is provided as a supplement to, and should be read together with the sections entitled \u201cRisk Factors,\u201d and the financial statements and the accompanying notes included elsewhere in this Form 10-K. In addition, the statements in this discussion and analysis regarding outlook, our expectations regarding the performance of our business, anticipated financial results and liquidity are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in \u201cForward-Looking Statements\u201d and in \u201cRisk Factors\u201d above. Our actual results may differ materially from those contained in or implied by any forward-looking statements.\" Business Overview and Outlook We design, build and sell homes primarily in high-growth markets using our asset-light lot acquisition strategy. Our primary focus is on constructing and selling single-family homes across entry-level, first-time move-up, second-time move-up and active adult markets, as well as homes under built-for-rent contracts. To fully serve our homebuyers and capture ancillary business opportunities, we have financial services operations that offer mortgage banking solutions and title insurance\u2014inclusive of agency and underwriting services. Additionally, we offer homeowners insurance and adjacent products to homebuyers. Homebuyers across our markets continue to face significant affordability challenges, especially in entry-level price points. These challenges have been exacerbated by macroeconomic uncertainty and have resulted in a decline in consumer confidence. Considering this backdrop, we remain focused on providing competitive pricing relative to market demand, predominately through providing mortgage buydown commitments and incentives that align with each sales cycle. While we face intense competition as well as macroeconomic and political headwinds in the short term, we are committed to our land-light strategy, our operational improvements and to building a high-quality, affordable product that meets our customers\u2019 needs and differentiates us in our markets. Our long-term outlook remains positive; we are optimistic about future housing demand, especially given the undersupply of homes in the U.S. 37 Table of Contents Recent Developments Sawgrass Marriott In the fourth quarter of 2025, we entered into a strategic partnership to acquire the Sawgrass Marriott Golf Resort & Spa in Ponte Vedra Beach, Florida, a 66-acre parcel adjacent to the renowned PLAYERS Stadium Course at TPC Sawgrass. This partnership provides opportunities to expand our lot pipeline and supports our future growth and profitability. 38 Table of Contents Results of Consolidated Operations The following table summarizes our results of operations and other financial data (in thousands, except per share amounts and percentages) for the periods indicated: [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\"],[\"Income before taxes:\"],[\"Homebuilding\",\"$\",\"241,575\",\"\",\"\",\"$\",\"399,783\"],[\"Financial services\",\"35,023\",\"\",\"\",\"31,308\"],[\"Other(1)\",\"7,504\",\"\",\"\",\"6,763\"],[\"Income before taxes\",\"284,102\",\"\",\"\",\"437,854\"],[\"Income tax expense\",\"(66,698)\",\"\",\"\",\"(97,272)\"],[\"Net income\",\"217,404\",\"\",\"\",\"340,582\"],[\"Net income attributable to noncontrolling i ITEM 1. BUSINESS Company Overview We design, build and sell homes primarily in high-growth markets using our asset-light lot acquisition strategy. Our primary focus is on constructing and selling single-family homes across entry-level, first-time move-up, second-time move-up and active adult homes. We also sell homes to third-party investors that intend to lease the homes (\u201cbuilt-for-rent contracts\u201d). Our home offerings are marketed under various brands, including Dream Finders Homes, DF Luxury, Reverie Active Adult Lifestyle by Dream Finders Homes, Craft Homes and Coventry Homes. To fully serve our homebuyers and capture ancillary business opportunities, we have financial services operations that offer mortgage banking solutions primarily through our wholly owned mortgage banking business, Jet HomeLoans, LP (\u201cJet HomeLoans\u201d), as well as title insurance services\u2014inclusive of agency services primarily through DF Title, LLC, doing business as Golden Dog Title & Trust and Golden Dog Title (\u201cDF Title\u201d), and residential and commercial underwriting services through Alliant National Title Insurance Company, Inc. (\u201cAlliant Title\u201d). Additionally, we offer homeowners insurance and adjacent products to homebuyers. Since breaking ground on our first home on January 1, 2009, we have closed over 46,500 homes through December 31, 2025 and have been profitable every year since inception. The following is a summary of our history: 2009 \u2013 Began homebuilding operations in the Jacksonville, Florida market 2013 \u2013 Entered the Savannah, Georgia market 2014 \u2013 Entered the Denver, Colorado market 2015 \u2013 Entered the Austin, Texas and Orlando, Florida markets 2017 \u2013 Entered the Washington D.C. metropolitan area, with a particular focus on the Northern Virginia and Maryland markets 2019 \u2013 Entered the Hilton Head and Bluffton, South Carolina markets with our acquisition of Village Park Homes, LLC 2020 \u2013 Entered the Charlotte, Fayetteville, Raleigh, Piedmont Triad (consisting of Gr ITEM 1A. RISK FACTORS Discussions of our business and operations included in this Annual Report on Form 10-K should be read together with the risk factors set forth below. These risk factors describe various material risks and uncertainties we are or may become subject to, many of which are difficult to predict or are beyond our control. These risks and unce", "title": "DFH - Dream Finders Homes, Inc.", "url": "/company/DFH/" }, { "kind": "company", "summary": "SIC 7380 Services-Miscellaneous Business Services; CIK 0001669811; latest 10-K filed 2026-02-17.", "text": "DFIN - Donnelley Financial Solutions, Inc. SIC 7380 Services-Miscellaneous Business Services; CIK 0001669811; latest 10-K filed 2026-02-17. DFIN Donnelley Financial Solutions, Inc. 0001669811 7380 Services-Miscellaneous Business Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) should be read together with the Company\u2019s audited Consolidated Financial Statements and the related notes thereto, as well as Part I, Item 1. Business of this Annual Report. MD&A contains a number of forward-looking statements, all of which are based on the Company\u2019s current expectations and could be affected by the risks and uncertainties, as well as other factors, described throughout this Annual Report, particularly in \u201cSpecial Note Regarding Forward-Looking Statements\u201d and Part I, Item 1A. Risk Factors. Business For a description of the Company\u2019s business and services and products offerings, refer to Part I, Item 1. Business of this Annual Report. The Company separately reports its net sales and related cost of sales for its software solutions, tech-enabled services and print and distribution offerings. The Company\u2019s software solutions consist of ActiveDisclosure, Arc Suite and Venue. The Company\u2019s tech-enabled services offerings consist of document composition, compliance-related SEC EDGAR filing services and transactional solutions. The Company\u2019s print and distribution offerings primarily consist of conventional and digital printed products and related shipping. Segments The Company operates its business through four operating and reportable segments: Capital Markets \u2013 Software Solutions, Capital Markets \u2013 Compliance and Communications Management, Investment Companies \u2013 Software Solutions and Investment Companies \u2013 Compliance and Communications Management. Corporate is not an operating segment and consists primarily of unallocated SG&A activities and associated expenses including, in part, executive, legal, finance and certain facility costs. In addition, certain expenses and income of employee benefits plans, such as pension plans expense (income) as well as share-based compensation expense, are included in Corporate and not allocated to the operating segments. For a description of the Company\u2019s operating segments, refer to Part I, Item 1. Business of this Annual Report. The Company\u2019s operating segments are components of the business for which discrete financial information is available and reviewed regularly by the Company\u2019s chief operating decision maker (\u201cCODM\u201d), the Company\u2019s Chief Executive Officer. The CODM regularly reviews segment net sales and Segment Adjusted EBITDA to assess segment performance and to decide how to allocate resources. Segment Adjusted EBITDA is defined as earnings before interest expense, net, income tax expense, depreciation and amortization and adjusted to exclude the impact of certain costs, expenses, gains, losses and other items, as further described in Note 15, Segment Information, which management believes are not indicative of ongoing operations and segment performance. See Note 15, Segment Information, for a reconciliation of Segment Adjusted EBITDA to consolidated earnings before income taxes. Executive Overview Net sales for the year ended December 31, 2025 decreased by $14.9 million, or 1.9%, to $767.0 million from $781.9 million for the year ended December 31, 2024, including a $0.8 million, or 0.1%, increase due to changes in foreign currency exchange rates. Net sales decreased primarily due to lower tech-enabled services net sales of $22.5 million, primarily driven by lower capital markets compliance volumes, and lower print and distribution net sales of $21.1 million, primarily driven by lower investment companies and capital markets compliance volumes, partially offset by higher software solutions net sales of $28.7 million, primarily due to higher ActiveDisclosure net sales of $12.7 million and higher Arc Suite net sales of $12.3 million. Income from operations for the year ended December 31, 2025 increased by $4.5 million, or 3.3%, to $141.1 million from $136.6 m ITEM 1. BUSINESS Company Overview DFIN is a leading global provider of compliance and regulatory software and services, supporting its clients\u2019 complex capital markets transactions and essential financial reporting at every stage of the corporate lifecycle and fueling end-to-end investment company regulatory compliance needs. The Company provides regulatory filing and deal solutions via its software, technology-enabled services and print and distribution solutions to public and private companies, mutual funds and other regulated investment firms, to serve its clients\u2019 regulatory and compliance needs. DFIN helps its clients comply with applicable regulations where and how they want to work in a digital world, providing numerous solutions tailored to each client\u2019s business needs. The prevailing trend is toward clients choosing to utilize the Company\u2019s software solutions, in conjunction with its tech-enabled services, to meet their document and filing needs, while at the same time shifting away from physical print and distribution of documents, except for when it is still regulatorily required or requested by clients. The Company serves its clients\u2019 regulatory and compliance needs throughout their respective life cycles. For its capital markets clients, the Company offers solutions that allow companies to comply with U.S. Securities and Exchange Commission (\u201cSEC\u201d) regulations and support their corporate financial transactions and regulatory/financial reporting through the use of digital document creation and online content management tools; filing agent services, where applicable; solutions to facilitate clients\u2019 communications with their investors; and virtual data rooms and other deal management solutions. For investment companies clients, the Company provides solutions that allow investment companies to comply with SEC regulations and support financial and regulatory reporting through the use of content management and technology-enabled solutions for creating, co ITEM 1A. RISK FACTORS The Company\u2019s consolidated results of operations, financial position and cash flows can be adversely affected by various risks. These risks include the principal factors listed below and other matters set forth in the Annual Report. You should carefull", "title": "DFIN - Donnelley Financial Solutions, Inc.", "url": "/company/DFIN/" }, { "kind": "company", "summary": "SIC 3576 Computer Communications Equipment; CIK 0000854775; latest 10-K filed 2025-11-21.", "text": "DGII - DIGI INTERNATIONAL INC SIC 3576 Computer Communications Equipment; CIK 0000854775; latest 10-K filed 2025-11-21. DGII DIGI INTERNATIONAL INC 0000854775 3576 Computer Communications Equipment ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Our management\u2019s discussion and analysis should be read in conjunction with our consolidated financial statements and other information in this Annual Report on Form 10-K. We have omitted discussion of the earliest of the three years covered by our consolidated financial statements presented in this report because that disclosure was already included in our Annual Report on Form 10-K for fiscal 2024, filed with the SEC on November 22, 2023. You are encouraged to reference Part II, Item 7, within that report, for a discussion of our financial condition and result of operations for fiscal 2023 compared to fiscal 2024. SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This Form 10-K contains certain statements that are \"forward-looking statements\" as that term is defined under the Private Securities Litigation Reform Act of 1995, and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-Looking Statements This discussion contains forward-looking statements that are based on management\u2019s current expectations and assumptions. These statements often can be identified by the use of forward-looking terminology such as \"assume,\" \"believe,\" \"continue,\" \"estimate,\" \"expect,\" \"intend,\" \"may,\" \"plan,\" \"potential,\" \"project,\" \"should,\" or \"will\" or the negative thereof or other variations thereon or similar terminology. Among other items, these statements relate to expectations of the business environment in which Digi operates, projections of future performance, including but not limited to expectations regarding the Company\u2019s profitability and net cash position, inventory levels, supply chain normalization, perceived marketplace opportunities, debt repayments, attributions of potential acquisitions and statements regarding our mission and vision. Such statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions. Among others, these include risks related to our ability to realize synergies and operating benefits from acquisitions, like our recent acquisition of Jolt completed in August 2025, ongoing and varying inflationary and deflationary pressures around the world and the monetary and trade policies of governments globally as well as present and ongoing concerns about a potential recession, the potential for longer than expected sales cycles, the ability of companies like us to operate a global business in such conditions as well as negative effects on product demand and the financial solvency of customers and suppliers in such conditions, risks related to ongoing supply chain challenges that continue to impact businesses globally, regulatory risks that include, but are not limited to, the potential expansion of tariffs and potential changes to regulations impacting the functionality or compliance of our products, risks related to cybersecurity, data breaches and data privacy, risks arising from military conflicts such as those in Ukraine and the Middle East, the highly competitive market in which we operate, rapid changes in technologies that may displace products sold by us, declining prices of networking products, our reliance on distributors and other third parties to sell our products, the potential for significant purchase orders to be canceled or changed, delays in product development efforts, uncertainty in user acceptance of our products, the ability to integrate our products and services with those of other parties in a commercially accepted manner, potential liabilities that can arise if any of our products have design or manufacturing defects, our ability to integrate and realize the expected benefits of acquisitions, our ability to defend or settle satisfactorily any litigation, the impact of natural disasters and other events beyond our control that ITEM 1. BUSINESS General Background and Product Offerings Digi International Inc. (\"Digi\u00ae,\" \"we,\" \"our,\" or \"us\") was incorporated in 1985 as a Minnesota corporation. We reorganized as a Delaware corporation in 1989 in conjunction with our initial public offering. Our common stock trades on the Nasdaq Global Select Market tier of the Nasdaq Stock Market LLC (the \"Nasdaq\") under the symbol DGII. Our World Headquarters is located at 9350 Excelsior Blvd., Suite 700, Hopkins, Minnesota 55343. The telephone number at our World Headquarters is (952) 912-3444. We are a leading global provider of business and mission-critical Internet of Things (\"IoT\") connectivity products, services and solutions. We help our customers deploy, monitor and manage critical communications infrastructures that deliver important information in demanding environments with high levels of security and reliability. We have two reportable segments under applicable accounting standards: (i) IoT Products & Services; and (ii) IoT Solutions. Our IoT Products & Services segment offers products and services that help original equipment manufacturers (\"OEMs\") as well as enterprise and government customers create and deploy secure IoT connectivity solutions. These include embedded and wireless modules, console servers, enterprise and industrial routers as well as other infrastructure management equipment to meet our customers' IoT communication requirements. In addition, this segment provides our customers with device management platform services, as well as other professional services to enable customers to capture and manage data from devices connected to networks. Our IoT Solutions segment consists of our SmartSense by Digi\u00ae business and our Managed Network\u2013as\u2013a-Service (\u201cMNaaS\u201d) business acquired via our November 2021 acquisition of Ventus Wireless, LLC and affiliated entities (\"Ventus\"). SmartSense by Digi offers wireless temperature and other condition-based monitoring services as well as employe ITEM 1A. RISK FACTORS Multiple risk factors exist which could have a material effect on our operations, results of operations, financial position, liquidity, capital resources and common stock. Operational Risks We depend on manufacturing relationships and a broad set of suppliers, some of whom provide us with ", "title": "DGII - DIGI INTERNATIONAL INC", "url": "/company/DGII/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0000029002; latest 10-K filed 2026-02-10.", "text": "DIOD - DIODES INC /DEL/ SIC 3674 Semiconductors & Related Devices; CIK 0000029002; latest 10-K filed 2026-02-10. DIOD DIODES INC /DEL/ 0000029002 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following section discusses management\u2019s view of the financial condition, results of operations and cash flows of Diodes Incorporated and its subsidiaries (collectively, \u201cthe Company,\u201d \u201cour Company,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cours,\u201d or \u201cus\u201d) and should be read together with the consolidated financial statements and the notes to consolidated financial statements included elsewhere in this Annual Report on Form 10-K. The following discussion contains forward-looking statements and information relating to our Company. We generally identify forward-looking statements by the use of terminology such as \u201cmay,\u201d \u201cwill,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cestimate,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cproject,\u201d or similar phrases or the negatives of such terms. We base these statements on our beliefs as well as assumptions we made using information currently available to us. Such statements are subject to risks, uncertainties and assumptions, including those identified in Part I, Item 1A.\u201cRisk Factors,\u201d as well as other matters not yet known to us or not currently considered material by us. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements do not guarantee future performance and should not be considered as statements of fact. You should not unduly rely on these forward-looking statements, which speak only as of the date of this Annual Report on Form 10-K. Unless required by law, we undertake no obligation to publicly update or revise any forward-looking statements to reflect new information or future events or otherwise. The Private Securities Litigation Reform Act of 1995 (the \u201cAct\u201d) provides certain \u201csafe harbor\u201d provisions for forward-looking statements. All forward-looking statements made in this Annual Report on Form 10-K are made pursuant to the Act. A discussion of our results of operations for the year ended December 31, 2025 compared to December 31, 2024 is included below. For a discussion and comparison of the results of our operations for the year ended December 31, 2024 with the year ended December 31, 2023, refer to \u201cManagement's Discussion and Analysis of Financial Conditions and Results of Operations\u201d in our Form 10-K for the year ended December 31, 2024 filed with the SEC on February 14, 2025. General Diodes Incorporated, together with its subsidiaries (collectively the \u201cCompany,\u201d \u201cwe,\u201d or \u201cour\u201d (Nasdaq: DIOD)), delivers high-quality semiconductor products to the world\u2019s leading companies in the automotive, industrial, computing, consumer electronics, and communications markets. We leverage our expanded product portfolio of analog and power solutions combined with a flexible hybrid manufacturing model that meet customers\u2019 needs. Our broad range of application-specific products, delivered through a total solutions sales approach and supported by global operations including engineering, testing, manufacturing, and customer service, enable us to be a premier provider for high-growth markets. For more information, visit www.diodes.com. We operate from the following locations, with additional support offices throughout the world: \u2022 Corporate Headquarters Plano, Texas, United States \u2022 Design, Engineering, and Marketing Shanghai, Yangzhou, Shenzhen, and Hong Kong, China Oldham, England Greenock, Scotland Bratislava, Slovakia New Taipei City, Hsinchu, and Tainan, Taiwan Milpitas, California, and Plano, Texas, United States \u2022 Wafer Fabrication Shanghai and Wuxi, China Oldham, England Greenock, Scotland Hsinchu, Taiwan South Portland, Maine, United States \u2022 Assembly and Test Shanghai, Chen Item 1. Business. GENERAL Diodes Incorporated, together with its subsidiaries (collectively the \u201cCompany,\u201d \u201cwe,\u201d or \u201cour\u201d (Nasdaq: DIOD)), delivers high-quality semiconductor products to the world\u2019s leading companies in the automotive, industrial, computing, consumer electronics, and communications markets. We leverage our expanded product portfolio of analog and power solutions combined with a flexible hybrid manufacturing model that meet customers\u2019 needs. Our broad range of application-specific products, delivered through a total solutions sales approach and supported by global operations including engineering, testing, manufacturing, and customer service, enable us to be a premier provider for high-growth markets. For more information, visit www.diodes.com. We operate from the following locations, with additional support offices throughout the world: \u2022 Corporate Headquarters Plano, Texas, United States \u2022 Design, Engineering, and Marketing Shanghai, Yangzhou, Shenzhen, and Hong Kong, China Oldham, England Greenock, Scotland Bratislava, Slovakia New Taipei City, Hsinchu, and Tainan, Taiwan Milpitas, California, and Plano, Texas, United States \u2022 Wafer Fabrication Shanghai and Wuxi, China Oldham, England Greenock, Scotland Hsinchu, Taiwan South Portland, Maine, United States \u2022 Assembly and Test Shanghai, Chengdu, and Wuxi, China Neuhaus am Rennweg, Germany Chongli, Taiwan \u2022 Sales, Warehouse, and Logistics Hong Kong, Shanghai, Beijing, Shenzhen, Wuhan, Qingdao, and Xiamen, China Oldham, England Frankfurt and Munich, Germany Milan, Italy Tokyo, Japan Singapore Seongnam-si, South Korea New Taipei City, Taiwan Milpitas, California and Plano, Texas, United States The Company\u2019s manufacturing facilities have achieved certifications in the internationally recognized standards of ISO 9001:2015, ISO 14001:2015, and, for automotive products, IATF 16949:2016 and the Company is also C-TPAT certified. We believe these quality awards reflect the sup Item 1A. Risk Factors. Investing in our Common Stock involves a high degree of risk. You should carefully consider the following risks and other information in this Annual Report before you make any trading decisions regarding our Common Stock. Our business, financial condition, or operating results may suffer if any of the following risks are realized. Additional risk", "title": "DIOD - DIODES INC /DEL/", "url": "/company/DIOD/" }, { "kind": "company", "summary": "SIC 2780 Blankbooks, Looseleaf Binders & Bookbindg & Relatd Work; CIK 0000027996; latest 10-K filed 2026-02-13.", "text": "DLX - DELUXE CORP SIC 2780 Blankbooks, Looseleaf Binders & Bookbindg & Relatd Work; CIK 0000027996; latest 10-K filed 2026-02-13. DLX DELUXE CORP 0000027996 2780 Blankbooks, Looseleaf Binders & Bookbindg & Relatd Work ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") provides a comprehensive overview of our financial condition, results of operations, and key factors affecting our performance. The following sections are included: \u2022Executive Overview that discusses what we do and our operating results at a high level; \u2022Consolidated Results of Operations; Restructuring and Integration Expense; and Segment Results that includes a more detailed discussion of our revenue and expenses; \u2022Cash Flows and Liquidity and Capital Resources that discusses key aspects of our cash flows, financial commitments, capital structure, and financial position; and 25 \u2022Critical Accounting Estimates that discusses the accounting policies and estimates that require management to make complex judgments and assumptions and their application can have a material impact on our financial condition and results of operations. Forward-Looking Statements This MD&A discussion contains forward-looking statements that involve risks and uncertainties. Please refer to Part I, Item 1A, Risk Factors, for a detailed discussion of known material risks and important information to consider when evaluating our forward-looking statements. The Private Securities Litigation Reform Act of 1995 (the \"Reform Act\") provides a \u201csafe harbor\u201d for forward-looking statements to encourage companies to provide prospective information. Statements using terms such as \u201cshould result,\u201d \u201cbelieve,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cexpect,\u201d \u201danticipate,\u201d \u201cestimate,\u201d \u201cproject,\u201d \u201coutlook,\u201d \"forecast,\" and similar expressions are intended to indicate forward-looking statements under the Reform Act. Use of Non-GAAP Financial Measures This MD&A includes financial information prepared in accordance with accounting principles generally accepted in the U.S. (\"GAAP\"). We also present certain non-GAAP financial measures, including free cash flow, net debt, adjusted diluted earnings per share (EPS), consolidated adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), and consolidated adjusted EBITDA margin. We believe that these non-GAAP financial measures, when reviewed alongside GAAP financial measures, can provide additional insight into our operating performance. Consequently, these measures are also used internally for management reporting. Non-GAAP measures should be considered alongside, but not as substitutes for, GAAP financial measures. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely solely on any single financial measure. Our non-GAAP financial measures may not be comparable to similarly titled measures used by other companies and therefore, may not facilitate useful comparisons. Reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the Consolidated Results of Operations section. Scope of Discussion The following discussion and analysis focuses on our consolidated financial results for the years ended December 31, 2025 and December 31, 2024. For a comparison of results for the years ended December 31, 2024 and December 31, 2023, please refer to Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission (SEC) on February 21, 2025, and is incorporated by reference herein. We encourage you to read this discussion in conjunction with our consolidated financial statements and related notes in Part II, Item 8 of this report, to gain a full understanding of our financial performance and the factors influencing our results. EXECUTIVE OVERVIEW We empower businesses to build stronger customer relationships through a broad range of trusted, technology-enabled solutions designed to facilitate payments, ITEM 1. BUSINESS COMPANY OVERVIEW In 2025, Deluxe Corporation proudly celebrated its 110th anniversary, marking over a century of business excellence. Our enduring success is a testament to our innovation, our ability to adapt to the evolving needs of our customers, and the trust they place in us. We have transformed into a trusted Payments and Data company, serving small and medium-sized businesses, financial institutions, and some of the world's largest consumer brands. Our products and services are delivered through four business segments, primarily catering to clients and customers across North America. [[GREPCENT_TABLE]] [[\"Business Segment\",\"\",\"Category\",\"\",\"Percentage of 2025 consolidated revenue\",\"\",\"Description\"],[\"Merchant Services\",\"\",\"Merchant services solutions\",\"\",\"18.7\",\"%\",\"\",\"Merchant in-store, online, and mobile payment solutions that provide tools to accept electronic payments, such as debit cards, credit cards, and other forms of payment\"],[\"B2B Payments\",\"\",\"Treasury management solutions\",\"\",\"10.5\",\"%\",\"\",\"Automated receivables technology, including remittance and lockbox processing, remote deposit capture, and cash application, as well as payment acceptance solutions\"],[\"\",\"Other payment solutions\",\"\",\"3.1\",\"%\",\"\",\"Integrated accounts payable disbursements, including eChecks, as well as Deluxe Payment Exchange, including digital and print and mail payments, also Medical Payment Exchange and fraud and security services\"],[\"\",\"\",\"Total\",\"\",\"13.6\",\"%\"],[\"Data Solutions\",\"\",\"Data-driven marketing\",\"\",\"13.5\",\"%\",\"\",\"Data analytics and marketing services for business-to-business and business-to-consumer marketing\"],[\"\",\"Other web-based solutions\",\"\",\"0.9\",\"%\",\"\",\"Financial institution profitability reporting and business incorporation services\"],[\"\",\"\",\"Total\",\"\",\"14.4\",\"%\"],[\"Print\",\"\",\"Checks\",\"\",\"32.4\",\"%\",\"\",\"Printed business and personal checks\"],[\"\",\"Forms and other business products\",\"\",\"10.5\",\"%\",\"\",\"Business essentials, including business ITEM 1A. RISK FACTORS We are subject to a variety of risks and uncertainties that could materially affect our business, financial condition, and future results of operations. Many of these risks are beyond our control and may cause actual outcomes to differ significantly from our current expectati", "title": "DLX - DELUXE CORP", "url": "/company/DLX/" }, { "kind": "company", "summary": "SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0001599617; latest 10-K filed 2026-02-26.", "text": "DNOW - DNOW Inc. SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0001599617; latest 10-K filed 2026-02-26. DNOW DNOW Inc. 0001599617 3533 Oil & Gas Field Machinery & Equipment ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management's Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) and other parts of this report contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and information relating to us that are based on the beliefs of our management as well as assumptions made by, and information currently available to, us. Generally, words such as \u201canticipates\u201d, \u201cassumes\u201d, \u201cbelieves\u201d, \u201cbudget\u201d, \u201cestimates\u201d, \u201cexpects\u201d, \u201cgoal\u201d, \u201cguidance\u201d, \u201cplans\u201d, \u201cmay\u201d, \u201cwill\u201d, \u201cmight\u201d, \u201cwould\u201d, \u201cshould\u201d, \u201cseeks\u201d, \u201cproject\u201d, \u201cpredict\u201d, \u201cpotential\u201d, \u201cobjective\u201d, \u201ccurrently\u201d, \u201ccontinue\u201d, \u201cintends\u201d, \u201coutlook\u201d, \u201cforecasts\u201d, \u201ctargets\u201d, \u201creflects,\u201d \u201ccould\u201d, or other similar words and phrases identify forward-looking statements, although some forward-looking statements could be expressed differently. These statements reflect our current views and beliefs with respect to future events as of the date hereof, are not historical facts or guarantees of future performance and involve risks and uncertainties that are difficult to predict and many of which are outside of our control. Further, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. See \u201cNote About Forward-Looking Statements\u201d at the beginning of this report for further discussion. All forward-looking statements made in this report are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this report will increase with the passage of time. We undertake no obligation, and disclaim any duty, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in our expectations or otherwise, except to the extent required by applicable law. Basis of Presentation The accompanying consolidated financial information includes the accounts of the Company and its consolidated subsidiaries. All intercompany transactions and accounts have been eliminated. Variable interest entities for which the Company is the primary beneficiary are fully consolidated with the equity held by the outside stockholders and their portion of net (loss) income reflected as noncontrolling interest in the accompanying consolidated financial statements. Reclassification Certain amounts in the prior period financial statements have been reclassified to conform with the Company's current period presentation. Specifically, amounts previously reported in \u201cOther assets\u201d have been reclassified to \u201cOperating right-of-use assets\u201d. In the fourth quarter of 2025, the Company elected to begin presenting a subtotal for gross profit and changed the terminology used in our reporting from \u201cwarehousing, selling and administrative\u201d to \u201cselling, general and administrative expenses\u201d on the consolidated statements of operations. These reclassifications have no effect on previously reported total assets, total liabilities and stockholders\u2019 equity, or net (loss) income on the Company's consolidated financial statements. Change in Accounting Principles During the fourth quarter of 2025, DNOW changed its inventory valuation method for U.S. inventories from the moving average cost method to the Last-In, First-Out (\u201cLIFO\u201d) method. The Company determined that retrospective application for periods prior to fiscal year 2023 was impracticable due to the need to establish a base-year cost and reconstruct historical layers because records of inventory purchases and sales are no longer available for all prior years. However, the Company has all of the information necessary to apply the LIFO method on a prospective basis beginning in 2023. The Company determined that LIFO is preferable under ASC 250 because it better reflects the current cost of inventory in cost of goods sold, given the commodity-like nature of DNOW ITEM 1. BUSINESS Overview DNOW Inc., (\u201cDNOW\u201d or the \u201cCompany\u201d), headquartered in Houston, Texas, was incorporated in Delaware on November 22, 2013. On June 2, 2014, DNOW stock began regular trading on the New York Stock Exchange under the ticker symbol \u201cDNOW\u201d. We are a premier provider of energy and industrial solutions, serving as a global leader in the distribution of pipe, valves and fittings (\u201cPVF\u201d), and pumps, as well as in the fabrication, assembly and testing of process and production equipment. We provide a broad mix of quality products customers require to build and maintain essential infrastructure and operating equipment across the upstream, midstream, gas utilities, downstream, energy transition and industrial markets. We deliver a comprehensive range of value-added supply chain solutions and technical product expertise, supported by advanced digital offerings to customers globally. On June 26, 2025, DNOW entered into an Agreement and Plan of Merger (the \u201cMerger Agreement\u201d) with MRC Global Inc. (\u201cMRC Global\u201d) in an all-stock transaction, inclusive of MRC Global\u2019s debt. On November 6, 2025 (the \u201cClosing Date\u201d), DNOW completed its acquisition of MRC Global. See Note 20 \u201cAcquisitions\u201d of the Notes to Consolidated Financial Statements (Part IV, Item 15 of this Form 10-K) for additional information. Following the acquisition, we continue to leverage the existing brand equity, reputation and customer loyalty of MRC Global, including its MRCGO\u2122 digital commerce platform and established supply chain and distribution leadership, while operating under DNOW corporate stewardship. 3 General We are a premier provider of energy and industrial solutions with a legacy of more than 160 years as a leading distributor of PVF, gas products, pumps, fabricated process and production equipment and a wide range of MRO consumables and related products. We operate across diversified sectors of the energy value chain and industrial end-markets, including: \u2022 Upstream: explo ITEM 1A. RISK FACTORS You should carefully consider each of the following risks in addition to all other information contained or incorporated herein. These risks relate principally to our business and the industry in which we operate or to the securities markets generally and ownership of our common stock. Our business, prospects,", "title": "DNOW - DNOW Inc.", "url": "/company/DNOW/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000868780; latest 10-K filed 2026-02-27.", "text": "DORM - Dorman Products, Inc. SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000868780; latest 10-K filed 2026-02-27. DORM Dorman Products, Inc. 0000868780 3714 Motor Vehicle Parts & Accessories ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d should be read in conjunction with the Consolidated Financial Statements and related notes thereto included in ITEM 8 of this Annual Report on Form 10-K. The matters discussed in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve significant risks and uncertainties. See the \u201cCautionary Statement on Forward-Looking Information\u201d above and PART I, ITEM 1A, \u201cRisk Factors\u201d in this Annual Report on Form 10-K for additional information regarding forward-looking statements and the factors that could cause actual results to differ materially from those anticipated in the forward-looking statements. In ITEM 7, we discuss 2025 and 2024 results and comparisons of 2025 results to 2024 results. Discussions of 2023 results and comparisons of 2023 results to 2024 results can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in PART II, ITEM 7 of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. Overview We are one of the leading suppliers of replacement and upgrade parts in the motor vehicle aftermarket industry, serving passenger cars, light-, medium-, and heavy-duty trucks, as well as specialty vehicles, including utility terrain vehicles (\"UTVs\") and all-terrain vehicles (\"ATVs\"). We operate through three business segments: Light Duty, Heavy Duty, and Specialty Vehicle, consistent with the sectors of the motor vehicle aftermarket industry in which we operate. For more information on our segments, refer to Note 8, \u201cSegment Information,\u201d to the Consolidated Financial Statements, included under ITEM 8. As of December 31, 2025, we marketed approximately 144,000 distinct parts compared to approximately 138,000 as of December 31, 2024, many of which we designed and engineered. This number excludes private-label stock keeping units and other variations in how we market, package, and distribute our products, includes distinct parts of acquired companies, and reflects distinct parts that have been discontinued at the end of their lifecycle. Our products are sold under our various brand names, under our customers\u2019 private-label brands, or in bulk. We are one of the leading aftermarket suppliers of parts that were traditionally available to consumers only from OEMs or salvage yards. These parts include, among others, leaf springs, intake manifolds, exhaust manifolds, oil filters and coolers, window regulators, radiator fan assemblies, tire pressure monitor sensors, exhaust gas recirculation (\"EGR\") coolers, driveshafts, UTV windshields, and complex electronics modules. We generate most of our net sales from customers in North America, primarily in the United States. Our products are sold primarily through aftermarket retailers, including their online platforms; dealers; and national, regional, and local warehouse distributors and specialty markets. We also distribute aftermarket parts outside the United States, with sales primarily into Canada and Mexico, and to a lesser extent, Europe, the Middle East, and Australia. We may experience significant fluctuations from quarter to quarter in our results of operations due to the timing of orders placed by our customers, as well as our ability and the ability of our suppliers to deliver products ordered by our customers. The introduction of new products and product lines to customers, as well as business acquisitions, may also cause significant fluctuations from quarter to quarter. Business Performance Summary Net sales increased 6% to $2,130.3 million in 2025 from $2,009.2 million in 2024. Net income increased 7% to $204.2 million in 2025 from $190.0 mil ITEM 1. Business. General We are one of the leading suppliers of replacement and upgrade parts in the motor vehicle aftermarket industry, serving passenger cars, light-, medium-, and heavy-duty trucks, as well as specialty vehicles, including utility terrain vehicles (\"UTVs\") and all-terrain vehicles (\"ATVs\"). As of December 31, 2025, we marketed approximately 144,000 distinct parts compared to approximately 138,000 as of December 31, 2024, many of which we designed and engineered. This number excludes private-label stock keeping units and other variations in how we market, package, and distribute our products, includes distinct parts of acquired companies, and reflects distinct parts that have been discontinued at the end of their lifecycle. Our products are sold under our various brand names, under our customers\u2019 private-label brands, or in bulk. We are one of the leading aftermarket suppliers of parts that were traditionally available to professional installers and consumers only from original equipment manufacturers (\"OEMs\") or salvage yards. These parts include, among others, leaf springs, intake manifolds, exhaust manifolds, oil filters and coolers, window regulators, radiator fan assemblies, tire pressure monitor sensors, exhaust gas recirculation (\"EGR\") coolers, driveshafts, UTV windshields, and complex electronics modules. For 2025, approximately 76% of our products were sold under brands we own, and the remainder of our products were sold for resale under customers' private labels, other brands, or in bulk. We generate most of our net sales from customers in North America, primarily in the United States. Our products are sold primarily through aftermarket retailers, including their online platforms; dealers; and national, regional, and local wholesale distributors and specialty markets. We also distribute aftermarket parts outside the United States, with sales primarily into Canada and Mexico, and to a lesser extent, Europe, the Middle East, and Austral ITEM 1A. Risk Factors In addition to the other information set forth in this report, you should carefully consider the following factors, which could materially affect our business, financial condition, or future results. The risks described below, which are listed in no particular order, are not the only risks", "title": "DORM - Dorman Products, Inc.", "url": "/company/DORM/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001298946; latest 10-K filed 2026-02-27.", "text": "DRH - DiamondRock Hospitality Co SIC 6798 Real Estate Investment Trusts; CIK 0001298946; latest 10-K filed 2026-02-27. DRH DiamondRock Hospitality Co 0001298946 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this report. This discussion contains forward-looking statements about our business. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in \"Special Note About Forward-Looking Statements\" and \"Risk Factors\" contained in this Annual Report on Form 10-K and in our other reports that we file from time to time with the SEC. Overview DiamondRock Hospitality Company (the \u201cCompany\u201d, \u201cwe\u201d, or \"our\") is a self-managed and self-administered lodging-focused real estate investment trust (\"REIT\") that owns a portfolio of premium hotels and resorts. As of December 31, 2025, we owned 35 hotels with 9,595 rooms located in 26 markets in the United States. The markets that we target for ownership are those that we believe align with our strategic objectives, which include those in destination markets with constrained supply trends, those that provide geographic diversity relative to our existing portfolio, and those we consider to have high demand growth potential. We are an owner, as opposed to an operator, of the hotels in our portfolio. As an owner, we receive all operating profits or losses generated by our hotels after we pay fees to the hotel managers, which are based on the revenues and profitability of the hotels, and the hotel brands, in certain cases, which are based on the revenues of the hotels. Each hotel is positioned to maximize its cash flow and value; accordingly, we choose to operate nearly 40% of our portfolio as an independent hotel and the remainder are operated under a brand owned by one of the leading global lodging brand companies (Marriott International, Hilton Worldwide, or IHG Hotels & Resorts). We are a REIT for U.S. federal income tax purposes. We conduct our business through a traditional umbrella partnership REIT, or UPREIT, in which our hotel properties are owned by our operating partnership, DiamondRock Hospitality Limited Partnership, or subsidiaries of our operating partnership. The Company is the sole general partner of our operating partnership and owns 99.5% of the limited partnership units (\u201ccommon OP units\u201d) of our operating partnership as of December 31, 2025. The remaining 0.5% of the common OP units are held by third parties and current and former executive officers of the Company. See Note 9 for additional disclosures related to common OP units. Key Indicators of Financial Condition and Operating Performance We use a variety of operating and other information to evaluate the financial condition and operating performance of our business. These key indicators include financial information that is prepared in accordance with U.S. Generally Accepted -40- Table of Contents Accounting Principles (\u201cU.S. GAAP\u201d), as well as other financial information that is not prepared in accordance with U.S. GAAP. In addition, we use other information that may not be financial in nature, including statistical information and comparative data. We use this information to measure the performance of individual hotels, groups of hotels and/or our business as a whole. We periodically compare historical information to our internal budgets as well as industry-wide information. These key indicators include: \u2022Occupancy percentage; \u2022Average Daily Rate (\u201cADR\u201d); \u2022Rooms Revenue per Available Room (\u201cRevPAR\u201d); \u2022 \u2022Total Revenue per Available Room (\u201cTotal RevPAR\u201d); \u2022Earnings Before Interest, Income Taxes, Depreciation and Amortization (\u201cEBITDA\u201d), Earnings Before Interest, Income Taxes, Depreciation and Amortization for real estate (\u201cEBITDAre\u201d), Adjusted EBITDA, and Hotel Adjusted EBITDA; and \u2022Funds From Operations (\u201cFFO\u201d) and Adjusted FFO. Occupancy, ADR, RevPAR, Item 1. Business Overview DiamondRock Hospitality Company is a self-managed and self-administered lodging-focused real estate investment trust (\"REIT\") that owns a portfolio of premium hotels and resorts. As of December 31, 2025, we owned 35 hotels with 9,595 rooms located in 26 markets in the United States. The markets that we target for ownership are those that we believe align with our strategic objectives, which include those in destination markets with constrained supply trends, those that provide geographic diversity relative to our existing portfolio, and those we consider to have high demand growth potential. Each hotel is positioned to maximize its cash flow and value; accordingly, we choose to operate nearly 40% of our portfolio as an independent hotel and the remainder are operated under a brand owned by one of the leading global lodging brand companies (Marriott International, Hilton Worldwide, or IHG Hotels & Resorts). We are an owner, as opposed to an operator, of the hotels in our portfolio. As an owner, we receive all operating profits or losses generated by our hotels after we pay fees to the hotel managers, which are based on the revenues and profitability of the hotels, and the hotel brands, in certain cases, which are based on the revenues of the hotels. Our goal is to deliver long-term stockholder returns that exceed those generated by our peers through a combination of dividends and enduring capital appreciation. We are committed to following sound corporate governance practices and to maintaining transparent communications with our stockholders. Our primary business is to acquire, own, renovate and asset manage premium hotel properties in the United States. All of our hotels are managed by a third party, either an independent operator or a brand operator, such as Marriott. Our Company We commenced operations in July 2004 and became a public reporting company in May 2005. Our common stock is listed and traded on The Nasdaq Stock Market L Item 1A. Risk Factors Set forth below are the risks that we believe are material to our investors and should be carefully considered. These risks are not all of the risks we face and other factors not presently known to us or that we currently believe are immaterial may also affect our business if they occur. This section co", "title": "DRH - DiamondRock Hospitality Co", "url": "/company/DRH/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001819928; latest 10-K filed 2026-02-26.", "text": "DV - DoubleVerify Holdings, Inc. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001819928; latest 10-K filed 2026-02-26. DV DoubleVerify Holdings, Inc. 0001819928 7370 Services-Computer Programming, Data Processing, Etc. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes appearing elsewhere within this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks, uncertainties and assumptions. You should read the \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d sections of this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. The following generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussion of historical items and year-to-year comparisons between 2024 and 2023 that are not included in this discussion can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024. References to \u201cNotes\u201d are notes included in our consolidated financial statements appearing elsewhere in this Annual Report on Form 10-K. Company Overview We are one of the industry\u2019s leading media effectiveness platforms that leverages AI to drive superior outcomes for global brands. By creating more effective, transparent ad transactions, we make the digital advertising ecosystem stronger, safer and more secure, thereby preserving the fair value exchange between buyers and sellers of digital media. 46 Table of Contents Our solutions are integrated across the entire digital advertising ecosystem, including programmatic platforms, social media channels, and digital publishers. We deliver unique data analytics through our customer interface, DV Pinnacle, to provide detailed insights into our customers\u2019 media performance on both direct and programmatic media buying platforms and across all key digital media channels, formats, and devices, with coverage spanning 110 countries where our customers activate our solutions. Our customers include many of the largest global advertisers and digital ad platforms and publishers. We provide a consistent, cross-platform measurement standard across all major forms of digital media, making it easier for advertisers and supply-side customers to assess performance across all of their digital ads and optimize business outcomes in real-time. Our company was founded in 2008 and introduced our first brand suitability solution in 2010. We launched our first viewability and fraud solutions in 2013 and 2014, respectively. As the global digital advertising market has evolved, we have continued to expand our measurement capabilities and market coverage through new product innovation, increasing our international footprint and new platform partnerships. We introduced our first programmatic platform integrations in 2015, followed by our inaugural social media platform partnership in 2017, and expanded further with the launch of our CTV certification program in 2020. We have experienced rapid growth and achieved significant profitability in recent years as evidenced by the following: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"We generated revenue of $748.3 million for the year ended December 31, 2025 and $656.8 million for the year ended December 31, 2024, representing an increase of 14%.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Our net income was $50.7 million for the year ended December 31, 2025 and $56.2 million for the year ended December 31, 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Our Adjusted EBITDA was Item 1. Business Our Company We are one of the industry\u2019s leading media effectiveness platforms that leverages artificial intelligence (\u201cAI\u201d) to drive superior outcomes for global brands. By creating more effective, transparent ad transactions, we make the digital advertising ecosystem stronger, safer and more secure, thereby preserving the fair value exchange between buyers and sellers of digital media. As the global digital advertising market has evolved, we have continued to expand our capabilities since our founding in 2008 through new product innovation and partnerships across emerging programmatic media buying platforms and digital media channels, including social and CTV. The advertising industry continues to experience an expanding array of digital channels and platforms. Aggregating self-reported data from a large number of publishers, social channels and programmatic platforms across an advertiser\u2019s digital ad spend makes it difficult for the advertiser to form an accurate, unbiased view of how and where its ad budget is spent and the effectiveness of that spend. As ad fraud has proliferated across the Internet and other digital channels and advertisers provide even greater focus on finding content that is aligned with their brand strategy, advertisers are utilizing independent, third-party solutions to protect their brand equity and optimize the performance of their digital media investments. Our technology addresses advertiser needs by providing unbiased data analytics that enable advertisers to increase the effectiveness, quality and return on their digital advertising investments while maintaining transparency and accountability. Our proprietary DV Authentic Ad metric is our definitive metric of digital media quality, which measures whether a digital ad is displayed in a fraud-free, brand-suitable environment and is fully viewable in the intended geography. Our solutions deliver this metric to our customers in real time, allowing them to access cri Item 1A. Risk Factors RISK FACTORS Investing in our common stock involves a high degree of risk. You should consider and read carefully all of the risks and uncertainties described below, as well as other information contained in this Annual Report on Form 10-K, including", "title": "DV - DoubleVerify Holdings, Inc.", "url": "/company/DV/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001688568; latest 10-K filed 2026-05-08.", "text": "DXC - DXC Technology Co SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001688568; latest 10-K filed 2026-05-08. DXC DXC Technology Co 0001688568 7374 Services-Computer Processing & Data Preparation ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Introduction The purpose of the Management's Discussion and Analysis (\u201cMD&A\u201d) is to present information that management believes is relevant to an assessment and understanding of our results of operations and cash flows for the fiscal year ended March 31, 2026 and our financial condition as of March 31, 2026. The MD&A is provided as a supplement to, and should be read in conjunction with, our financial statements and notes. The MD&A is organized in the following sections: \u2022Background \u2022Results of Operations \u2022Liquidity and Capital Resources \u2022Critical Accounting Estimates The following discussion includes a comparison of our results of operations and liquidity and capital resources for fiscal 2026 and fiscal 2025. A comparison of our results of operations and liquidity and capital resources for fiscal 2025 and fiscal 2024 may be found in \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d on Form 10-K filed with the Securities and Exchange Commission on May 15, 2025. Background DXC is a leading enterprise technology and innovation partner delivering software, services, and solutions to global enterprises and public sector organizations \u2014 helping them harness AI to drive outcomes at a time of exponential change with speed. With deep expertise in Managed Infrastructure Services, Application Modernization, and Industry-Specific Software Solutions, DXC modernizes, secures, and operates some of the world\u2019s most complex technology estates. We generate revenue by offering a wide range of information technology services and solutions primarily in North America, Europe, Asia, and Australia. Effective April 1, 2025 (fiscal year 2026), we began reporting our financial results under a new segment structure designed to better reflect the Company\u2019s operational structure and the delivery of end-to-end IT services. The new structure includes three reportable segments: Consulting & Engineering Services (\"CES\"), Global Infrastructure Services (\"GIS\"), and Insurance Software & Services (\"Insurance\"). Key Metrics Key revenue, profitability and cash flow metrics for fiscal 2026 compared to fiscal 2025 are included below. We have presented organic revenue, adjusted earnings before income taxes, and adjusted diluted earnings per share on a non-GAAP basis. For more information see \u201cNon-GAAP Financial Measures.\u201d \u2022Revenues of $12.64 billion, down 1.8% year-over-year (down 4.8% on an organic basis); \u2022EBIT was $353 million with a corresponding margin of 2.8%. Adjusted EBIT was $970 million, down 4.8% year-over-year with a corresponding margin of 7.7%; \u2022Diluted earnings per share of $0.10, compared to $2.10 in fiscal 2025; adjusted diluted earnings per share of $3.23, compared to $3.43 in fiscal 2025; \u2022Cash generated from operations was $1,248 million, less capital expenditures of $535 million, resulted in free cash flow of $713 million, compared to free cash flow of $687 million in the prior-year \u2022Book-to-bill ratio (contract awards divided by annual revenue) of 0.98x, compared to 1.03x during fiscal 2025. 39 Segment Highlights - Fiscal Year 2026 Consulting & Engineering Services \u2022Revenue was $5,023 million, down 0.8% year-over-year (down 3.8% on an organic basis). \u2022Segment profit was $518 million, down 10.7% year-over-year, with a corresponding margin of 10.3%. \u2022Book-to-bill ratio of 1.10x, compared to 1.08x during fiscal 2025. Global Infrastructure Services \u2022Revenue was $6,342 million, down 3.9% year-over-year (down 7.2% on an organic basis). \u2022Segment profit was $432 million, up 0.2% year-over-year, with a corresponding margin of 6.8%. \u2022Book-to-bill ratio of 0.94x, compared to 1.04x during fiscal 2025. Insurance Software & Services \u2022Revenue was $1,279 million, up 5.4% year-over-year (up 3.6% on an organic basis). \u2022Segment profit was $129 million, down 20.4% year-over-year, with a correspon ITEM 1. BUSINESS Overview DXC Technology is a leading enterprise technology and innovation partner delivering software, services, and solutions to global enterprises and public sector organizations - helping them harness AI to drive outcomes at a time of exponential change with speed. With deep expertise in Managed Infrastructure Services, Application Modernization, and Industry-Specific Software Solutions, DXC modernizes, secures, and operates some of the world\u2019s most complex technology estates. DXC serves a global client base, including many Fortune 500 companies, supported by approximately 115,000 employees in 60 countries. We operate through three reportable segments that align with how management assesses performance of the business and allocates resources - Consulting & Engineering Services (\"CES\"), Global Infrastructure Services (\"GIS\"), and Insurance Software & Services (\"Insurance\") - delivering solutions that modernize operations and drive innovation across our customers' entire IT estate. Across these segments, we embed AI, automation and data-driven capabilities into our services and solutions to improve efficiency, enhance operations and support better business outcomes for clients. Our approach is anchored in our proprietary Xponential framework, which integrates governance, automation and human expertise to help clients transition from pilot use cases to scaled, production-level deployment in a responsible and controlled manner. In addition, we have established a Core Track and Fast Track approach to guide the evolution of our portfolio. Core Track enhances our existing offerings through AI and automation to improve efficiency, strengthen competitiveness and bring our portfolio to its full potential. Fast Track develops AI-native and highly AI-infused solutions to address evolving client needs and expand opportunities across our segments. Segments and Services \u2022Consulting & Engineering Services \u2013 Helps businesses use AI and data analytics to im ITEM 1A. RISK FACTORS Our operations and financial results are subject to various risks and uncertainties. Any of the following risks could have a material adverse effect on our business, financial condition, results of operations, or prospects, and the actual outcome of matters as to which forward-looking statements are", "title": "DXC - DXC Technology Co", "url": "/company/DXC/" }, { "kind": "company", "summary": "SIC 5084 Wholesale-Industrial Machinery & Equipment; CIK 0001020710; latest 10-K filed 2026-02-26.", "text": "DXPE - DXP ENTERPRISES INC SIC 5084 Wholesale-Industrial Machinery & Equipment; CIK 0001020710; latest 10-K filed 2026-02-26. DXPE DXP ENTERPRISES INC 0001020710 5084 Wholesale-Industrial Machinery & Equipment ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the Consolidated Financial Statements and related notes contained within Item 8 - Financial Statements and Supplementary Data and the other financial information found elsewhere in this Report. Management\u2019s Discussion and Analysis uses forward-looking statements that involve certain risks and uncertainties as described previously in our Disclosure Regarding Forward-looking Statements and Item 1A. Risk Factors. 31 Table of Contents NON-GAAP FINANCIAL MEASURES In an effort to provide investors with additional information regarding our results of operations as determined by U.S. GAAP, we disclose non-GAAP financial measures. The non-GAAP financial measures we provide in this report should be viewed in addition to, and not as an alternative for, results prepared in accordance with U.S. GAAP. Our primary non-GAAP financial measures are organic sales (\"Organic Sales\"), sales per business day (\"Sales per Business Day\"), organic sales per business day (\"Organic Sales per Business Day\"), free cash flow (\"Free Cash Flow\"), earnings before interest, taxes, depreciation and amortization (\"EBITDA\") adjusted EBITDA (\"Adjusted EBITDA\"), EBITDA Margin, and Adjusted EBITDA Margin. The non-GAAP financial measures presented may differ from similarly titled non-GAAP financial measures presented by other companies, and other companies may not define these non-GAAP financial measures in the same way. These measures are not substitutes for their comparable U.S. GAAP financial measures. Management uses these non-GAAP financial measures to assist in comparing our performance on a consistent basis for purposes of business decision making by removing the impact of certain items that management believes do not directly reflect our underlying operations. Management believes that presenting our non-GAAP financial measures is useful to investors because it (i) provides investors with meaningful supplemental information regarding financial performance by excluding certain items, (ii) permits investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provides supplemental information that may be useful to investors in evaluating our results. We believe that the presentation of these non-GAAP financial measures, when considered together with the corresponding U.S. GAAP financial measures and the reconciliations to those measures, provides investors with additional understanding of the factors and trends affecting our business than could be obtained absent these disclosures. Refer to the Non-GAAP Financial Measures and Reconciliation section below for detailed reconciliations of our non-GAAP financial measures. Matters Affecting Comparability Our results of operations are not directly comparable on a year-over-year basis due to various prior acquisitions and the varying size and number of acquisitions in any comparable period. Accordingly, the results of acquisitions are included subsequent to their respective acquisition dates and the Company provides detail around Organic and Acquisition Sales as defined in our Key Business Metrics. During the twelve months ended December 31, 2025, acquisition sales were $96.0 million compared to $98.5 million for the twelve months ended December 31, 2024. General Overview The Company is a leading North American distributor of technical products and services. Our comprehensive knowledge, specialized services and leading brands serve MRO, OEM and capital equipment end users in virtually all industrial markets through our multi-channel capabilities that provide choice, convenience, expertise, timely response and an overall ease of doing business. The Company's products are marketed in the U.S., Canada, Mexico, U.A.E., India, and Sau ITEM 1. Business Company Overview Founded in 1908, DXP Enterprises, Inc. (together with our subsidiaries, hereinafter referred to as \u201cDXP\u201d or the \u201cCompany\u201d or by the terms such as we, our, or us) was incorporated in Texas in 1996 to be the successor to SEPCO Industries, Inc. Since our predecessor company was founded, we have primarily been engaged in the business of distributing maintenance, repair and operating (\u201cMRO\u201d) products, equipment and service to customers in a variety of end markets including the general industrial, energy, food & beverage, chemical, transportation, water and wastewater. The Company is organized into three business segments: Service Centers (\u201cSC\u201d), Innovative Pumping Solutions (\u201cIPS\u201d) and Supply Chain Services (\u201cSCS\u201d). Sales, income from operations, total assets, and other financial information for our business segments are presented in Note 20 \u2013 Segment Reporting to the Consolidated Financial Statements in Item 8. Financial Statements and Supplementary Data. Summary Sales and Income from Operations by Business Segment ______________________________________________________________________________________________________ ______________________________________________________________________________________________________ Our total sales have increased from $125 million in 1996 to $2.0 billion in 2025 through a combination of internal growth and business acquisitions. The following table shows, as of the end of the last 10 fiscal years, our consolidated sales; total number of locations; the number of SC facilities, IPS facilities, SCS customer sites; and the corresponding sales and average sales per business segment location: 4 Table of Contents Ten Year Consolidated and Business Segment Summary [[GREPCENT_TABLE]] [[\"($ in millions)\",\"\",\"2025\",\"2024(1)\",\"2023(1)\",\"2022\",\"2021\",\"2020\",\"2019\",\"2018\",\"2017\",\"2016\"],[\"Sales\",\"\",\"$\",\"2,016\",\"\",\"$\",\"1,802\",\"\",\"$\",\"1,679\",\"\",\"$\",\"1,481\",\"\",\"$\",\"1,114\",\"\",\"$\",\"1,005\",\"\",\"$\",\"1,265\",\"\",\"$\", ITEM 1A. Risk Factors We are subject to various risks and uncertainties in the course of our business. Investing in the Company involves risk. In deciding whether to invest in the Company, you should carefully consider the risk factors below as well as those matters referenced in the foregoing pages under \u201cDis", "title": "DXPE - DXP ENTERPRISES INC", "url": "/company/DXPE/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0000703351; latest 10-K filed 2025-08-15.", "text": "EAT - BRINKER INTERNATIONAL, INC SIC 5812 Retail-Eating Places; CIK 0000703351; latest 10-K filed 2025-08-15. EAT BRINKER INTERNATIONAL, INC 0000703351 5812 Retail-Eating Places ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help you understand our Company, our operations and our current operating environment. For an understanding of the significant factors that influenced our performance, the MD&A should be read in conjunction with the Consolidated Financial Statements and related Notes to Consolidated Financial Statements included in Part II, Item 8 - Financial Statements and Supplementary Data of this report. Our MD&A consists of the following sections: \u2022Overview - a brief description of our business and a discussion on the external trends impacting our business; \u2022Results of Operations - an analysis of the Consolidated Statements of Comprehensive Income included in the Consolidated Financial Statements; \u2022Liquidity and Capital Resources - an analysis of cash flows, including capital expenditures, aggregate contractual obligations, financing activity, and known trends that may impact liquidity, including off-balance sheet arrangements; and \u2022Critical Accounting Estimates - a discussion of accounting policies that require critical judgments and estimates, including recent accounting pronouncements. The following MD&A includes a discussion comparing our results in fiscal 2025 to fiscal 2024. For a discussion comparing our results from fiscal 2024 to fiscal 2023, refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended June 26, 2024, filed with the SEC on August 21, 2024. The Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States, and include the accounts of Brinker International, Inc. and our wholly-owned subsidiaries. All 24 Table of Contents intercompany accounts and transactions have been eliminated in consolidation. We have a 52 or 53 week fiscal year ending on the last Wednesday in June. We utilize a 13 week accounting period for quarterly reporting purposes, except in years containing 53 weeks when the fourth quarter contains 14 weeks. Fiscal 2025, Fiscal 2024, and Fiscal 2023 which ended on June 25, 2025, June 26, 2024, and June 28, 2023, respectively, each contained 52 weeks. All amounts within the MD&A are presented in millions unless otherwise specified. OVERVIEW The Company is principally engaged in the ownership, operation, development, and franchising of the Chili\u2019s\u00ae Grill & Bar (\u201cChili\u2019s\u201d) and Maggiano\u2019s Little Italy\u00ae (\u201cMaggiano\u2019s\u201d) restaurant brands. Our two restaurant brands, Chili\u2019s and Maggiano\u2019s, are both operating segments and reporting units. Refer to Part I, Item 1 - Business of this document for additional information about our business and operational strategies. Operating Environment During the recent years, our operating results were impacted by geopolitical and other macroeconomic events, leading to higher than usual inflation on wages and food and beverage costs. Geopolitical and other macroeconomic events have led, and in the future may lead to, wage inflation, staffing challenges, product cost inflation and/or disruptions in the supply chain that impact our restaurants\u2019 ability to obtain the products needed to support their operation. Such events could also negatively affect consumer spending potentially reducing guest traffic and/or reducing the average amount guests spend in our restaurants. RESULTS OF OPERATIONS The following table sets forth selected operating data: [[GREPCENT_TABLE]] [[\"\",\"Fiscal Years Ended\"],[\"\",\"June 25, 2025\",\"\",\"June 26, 2024\"],[\"\",\"Dollars\",\"\",\"As a percentage(1)\",\"\",\"Dollars\",\"\",\"As a percentage(1)\"],[\"Revenues\"],[\"Company sales\",\"$\",\"5,335.3\",\"\",\"\",\"99.1\",\"%\",\"\",\"$\",\"4,371.1\",\"\",\"\",\"99.0\",\"%\"],[\"Franchise revenues\",\"48.9\",\"\",\"\",\"0.9\",\"%\",\"\",\"44.0\",\"\",\"\",\"1.0\",\"%\"],[\"Total revenues\" ITEM 1. BUSINESS General References to \u201cBrinker,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d in this Form 10-K refer to Brinker International, Inc. and its subsidiaries and any predecessor companies of Brinker International, Inc. We own, develop, operate and franchise the Chili\u2019s\u00ae Grill & Bar (\u201cChili\u2019s\u201d) and Maggiano\u2019s Little Italy\u00ae (\u201cMaggiano\u2019s\u201d) restaurant brands. The Company was organized under the laws of the State of Delaware in 1983 to 3 Table of Contents succeed to the business operated by Chili\u2019s, Inc., a Texas corporation, which was organized in 1977. We completed the acquisition of Maggiano\u2019s in 1995. References to \u201cfiscal\u201d or \u201cfiscal year\u201d are to the fiscal year ended of the applicable year. For example, fiscal 2025 refers to the fiscal year ended June 25, 2025. Restaurant Brands Chili\u2019s Grill & Bar Chili\u2019s is a recognized leader in the casual dining industry and the flagship brand of Dallas-based Brinker International, Inc. Chili\u2019s has been operating restaurants for over 50 years and enjoys a global presence with restaurants in the United States, 27 other countries and two United States territories. Whether domestic or international, or franchised, Chili\u2019s is dedicated to delivering delicious and craveable food with value-centric offerings such as \u201c3 for Me\u201d starting at only $10.99, as well as dining experiences in a vibrant atmosphere intended to make everyone feel special. Our menu features bold, Southwest inspired American favorites, and Chili\u2019s has built a reputation for big mouth burgers, sizzling fajitas, crispy Chicken Crispers\u00ae, hand-shaken margaritas, and the social-media-famous Triple Dipper. We believe our focus on these five core equities, simplifying our menu, being intentional about our fun laid-back Chilihead culture, and maintaining our strong Chilihead hospitality allow Chili\u2019s to differentiate its high-quality food and service from other casual dining restaurants. In fiscal 2025, entr\u00e9e selections at our Company-owned restaurants ITEM 1A. RISK FACTORS Various risks and uncertainties could affect our business. In addition to the information contained elsewhere in this report and other filings that we make with the SEC, the risk factors described below could have a material impact on our business, financial condition, results of operations, cash flows or the trading price of o", "title": "EAT - BRINKER INTERNATIONAL, INC", "url": "/company/EAT/" }, { "kind": "company", "summary": "SIC 1531 Operative Builders; CIK 0002015845; latest 10-K filed 2026-02-25.", "text": "ECG - Everus Construction Group, Inc. SIC 1531 Operative Builders; CIK 0002015845; latest 10-K filed 2026-02-25. ECG Everus Construction Group, Inc. 0002015845 1531 Operative Builders Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following information should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this 2025 Annual Report on Form 10-K (\u201c2025 Annual Report\u201d). The following discussion may contain forward-looking statements that are based upon current expectations and are subject to uncertainty and changes in circumstances. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those factors discussed in the following and elsewhere in this 2025 Annual Report, particularly in the sections entitled \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cItem 1A. Risk Factors.\u201d References to the \u201cCompany,\u201d \u201cEverus,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to Everus Construction Group, Inc. and its consolidated subsidiaries, unless otherwise stated or indicated by context. For a discussion and analysis of our results of operations and financial condition for the year ended December 31, 2024, as compared to the year ended December 31, 2023, refer to Part II. Item 7A. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission on February 28, 2025, which is available free of charge on the SEC\u2019s website at www.sec.gov and our corporate website at investors.everus.com. Overview We are a leading construction solutions provider offering specialty contracting services to a diverse set of end markets, which are provided to commercial, industrial, institutional, renewables, service, transportation, utility and other customers. We operate throughout most of the United States through two reportable, operating segments: Electrical & Mechanical (\u201cE&M\u201d): Contracting services including construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, renewables infrastructure and mechanical piping and services in both the public and private sectors. Transmission & Distribution (\u201cT&D\"): Contracting services including construction and maintenance of overhead and underground electrical, gas, communication infrastructure and transportation-related lighting, as well as the manufacture and distribution of overhead and underground transmission line construction equipment and tools. We focus on safely executing projects; providing a superior return on investment by building new and strengthening existing customer relationships; ensuring quality service; effectively managing costs; retaining, developing and recruiting talented employees; growing through organic and strategic acquisition opportunities; and focusing efforts on projects that will permit higher margins while properly managing risk. The growth we have experienced in recent years is due in part to the project awards in the end markets and submarkets served and the ability to support national customers in most of the regions in which we operate. Our strong presence in the Western, Midwestern and Eastern regions of the United States has driven opportunities in data centers, high tech, hospitality and utilities, while customer expansion nationwide continues to extend our reach through partnerships through our 15 wholly owned operating companies. At Everus, people are our core, and we prioritize integrity, safety and growth through comprehensive training, hands-on development, safety compliance metrics and strong union partnerships to instill a safety first culture and ethical leadership across all levels. Strategy and Challenges We face challenges, which are not under direct control of the business, in the markets in which we operate, including those described in the section entitled \u201cItem 1A. Risk Factors\u201d included elsewhere in this 2025 Annual Rep Item 1. BUSINESS References in this 2025 Annual Report to the \u201cCompany\u201d,\u201cEverus\u201d, \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d refer to Everus Construction Group, Inc., a Delaware corporation, and its subsidiaries. References in this 2025 Annual Report to \u201cMDU Resources\u201d refer to MDU Resources Group, Inc., a Delaware corporation, and its subsidiaries (other than, after the Distribution, Everus and its subsidiaries), unless the context otherwise requires. References to Everus\u2019 historical business and operations refer to the business and operations of Everus Construction, Inc. (formerly known as MDU Construction Services Group, Inc.) (\u201cEverus Construction\u201d) prior to the Separation and refer to Everus after the Separation. The Separation On November 2, 2023, MDU Resources announced its intent to pursue a tax-free spinoff of Everus Construction (formerly known as MDU Construction Services Group, Inc.) from MDU Resources (the \u201cSeparation\u201d). Prior to the Separation, Everus Construction was the construction services segment of MDU Resources and operated as a wholly owned subsidiary of CEHI, LLC (\u201cCentennial\u201d), which is a wholly owned subsidiary of MDU Resources. In anticipation of the Separation, MDU Resources formed a new wholly owned subsidiary, Everus Construction Group, Inc., that became the new parent company of Everus Construction. On October 31, 2024, MDU Resources completed the Separation by transferring Everus Construction, inclusive of all its assets and liabilities, to Everus and distributing 100% of Everus\u2019 outstanding common stock to holders of record of MDU Resources\u2019 common stock as of the close of business on October 21, 2024 (the \u201cDistribution\u201d). The Separation was completed as a generally tax-free spin-off for U.S. federal income tax purposes. Following the Separation and Distribution, Everus became an independent, publicly traded company and is listed on the New York Stock Exchange under the ticker symbol \u201cECG.\u201d Our Company We are a leading construction solutions provider Item 1A. RISK FACTORS Our business and financial results are subject to a number of risks and uncertainties. The risk factors and other matters discussed herein are important factors that could cause our actual results or outcomes to differ materially from those discussed in the forward-looking statements included elsewhere in th", "title": "ECG - Everus Construction Group, Inc.", "url": "/company/ECG/" }, { "kind": "company", "summary": "SIC 6153 Short-Term Business Credit Institutions; CIK 0001084961; latest 10-K filed 2026-02-25.", "text": "ECPG - ENCORE CAPITAL GROUP INC SIC 6153 Short-Term Business Credit Institutions; CIK 0001084961; latest 10-K filed 2026-02-25. ECPG ENCORE CAPITAL GROUP INC 0001084961 6153 Short-Term Business Credit Institutions Item 7\u2014Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis is intended to help investors understand our business, financial condition, results of operations, liquidity and capital resources. You should read this discussion together with our consolidated financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. This Annual Report on Form 10-K contains \u201cforward-looking statements\u201d relating to Encore Capital Group, Inc. (\u201cEncore\u201d) and its subsidiaries (which we may collectively refer to as the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d) within the meaning of the securities laws. The words \u201cbelieve,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201cproject,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cwill,\u201d \u201cmay,\u201d and similar expressions often characterize forward-looking statements. These statements may include, but are not limited to, projections of collections, revenues, income or loss, estimates of capital expenditures, plans for future operations, products or services, and financing needs or plans, as well as assumptions relating to these matters. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we caution that these expectations or predictions may not prove to be correct or we may not achieve the financial results, savings or other benefits anticipated in the forward-looking statements. These forward-looking statements are necessarily estimates reflecting the best judgment of our senior management and involve a number of risks and uncertainties, some of which may be beyond our control or cannot be predicted or quantified, that could cause actual results to differ materially from those suggested by the forward-looking statements. Many factors including, but not limited to, those set forth in this Annual Report on Form 10-K under \u201cPart I, Item 1A\u2014Risk Factors,\u201d could cause our actual results, performance, achievements, or industry results to be very different from the results, performance, achievements or industry results expressed or implied by these forward-looking statements. Our business, financial condition, or results of operations could also be materially and adversely affected by other factors besides those listed. Forward-looking statements speak only as of the date the statements were made. We do not undertake any obligation to update or revise any forward-looking statements to reflect new information or future events, or for any other reason, even if experience or future events make it clear that any expected results expressed or implied by these forward-looking statements will not be realized. In addition, it is generally our policy not to make any specific projections as to future earnings, and we do not endorse projections regarding future performance that may be made by third parties. Our Business We are an international specialty finance company providing debt recovery solutions and other related services for consumers across a broad range of financial assets. We primarily purchase portfolios of defaulted consumer receivables at deep discounts to face value and manage them by working with individuals as they repay their obligations and work toward financial recovery. Defaulted receivables are consumers\u2019 unpaid financial commitments to credit originators, including banks, credit unions, consumer finance companies and commercial retailers. Defaulted receivables may also include receivables subject to bankruptcy proceedings. We also provide debt servicing and other portfolio management services to credit originators for non-performing loans in Europe. Encore Capital Group, Inc. (\u201cEncore\u201d) has three business units: MCM, which consists of Midland Credit Management, Inc. and its subsidiaries and domestic affiliates; Cabot, which consists of Cabot Credit Management Limited and its subsidiaries and European affiliates, and LAAP, which is comprised of our investments and operations in Latin Amer Item 1\u2014Business Our Business We are an international specialty finance company providing debt recovery solutions and other related services for consumers across a broad range of financial assets. We primarily purchase portfolios of defaulted consumer receivables at deep discounts to face value and manage them by working with individuals as they repay their obligations and work toward financial recovery. Defaulted receivables are consumers\u2019 unpaid financial obligations to credit originators, including banks, credit unions, consumer finance companies and commercial retailers. Defaulted receivables may also include receivables subject to bankruptcy proceedings. We also provide debt servicing and other portfolio management services to credit originators for non-performing loans in Europe. Through Midland Credit Management, Inc. and its domestic affiliates (collectively, \u201cMCM\u201d) we are a market leader in portfolio purchasing and recovery in the United States. Through Cabot Credit Management Limited and its subsidiaries and European affiliates (collectively, \u201cCabot\u201d) we are one of the largest credit management services providers in Europe and the United Kingdom. These are our primary operations. We also have additional international investments and operations as we have explored new asset classes and geographies including: (1) our subsidiary Encore Asset Reconstruction Company (\u201cEARC\u201d) in India and (2) an investment in portfolio in Mexico. We refer to these additional international operations as our Latin America and Asia-Pacific (\u201cLAAP\u201d) operations. To date, operating results from LAAP have not been significant to our total consolidated operating results. Our long-term growth strategy is focused on continuing to invest in our core portfolio purchasing and recovery business in the United States and United Kingdom and strengthening and developing our business in France and Spain. As a result, descriptions of our operations in Part I - Item 1 of this Form 10-K will focu Item 1A\u2014Risk Factors There are risks and uncertainties in our business that could cause our actual results to differ from those anticipated. We urge you to read these risk factors carefully in connection with evaluating our business and in connection with the forward-looking statements and ot", "title": "ECPG - ENCORE CAPITAL GROUP INC", "url": "/company/ECPG/" }, { "kind": "company", "summary": "SIC 6500 Real Estate; CIK 0001411342; latest 10-K filed 2026-03-02.", "text": "EFC - Ellington Financial Inc. SIC 6500 Real Estate; CIK 0001411342; latest 10-K filed 2026-03-02. EFC Ellington Financial Inc. 0001411342 6500 Real Estate Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Executive Summary Our primary objective is to generate attractive risk-adjusted total returns for our stockholders. We seek to attain this objective by utilizing an opportunistic strategy to make investments, without restriction as to ratings, structure, or position in the capital structure, that we believe compensate us appropriately for the risks associated with them rather than targeting a specific yield. At any particular point in time, depending on how we perceive the market's pricing of risk both generally and across sectors, we may favor higher-risk assets or we may favor lower-risk assets, or a combination of the two, in the interests of portfolio diversification or other considerations. We conduct all of our operations and business activities through the Operating Partnership. As of December 31, 2025, we had an ownership interest of approximately 99.1% in the Operating Partnership. The remaining ownership interest of approximately 0.9% in the Operating Partnership represents the interests in the Operating Partnership that are owned by an affiliate of our Manager, our current and certain former directors, and certain current and former Ellington employees and their related parties, and is reflected in our financial statements as a non-controlling interest. We are externally managed and advised by our Manager, an affiliate of Ellington. Ellington is a registered investment adviser with a 31-year history of investing in the Agency and credit markets. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the \"Code\"). Provided that we maintain our qualification as a REIT, we generally will not be subject to U.S. federal, state, and local income tax on our REIT taxable income that is currently distributed to our stockholders. Any taxes paid by a domestic taxable REIT subsidiary (\"TRS\") will reduce the cash available for distribution to our stockholders. REITs are subject to a number of organizational and operational requirements, including a requirement that they currently distribute at least 90% of their annual REIT taxable income excluding net capital gains. On December 14, 2023, we completed a merger between Arlington Asset Investment Corp., a Virginia corporation (\"Arlington\"), and our subsidiary EF Merger Sub Inc., a Virginia corporation (such transaction, the \"Arlington Merger\"). We have two reportable segments, the Investment Portfolio Segment and the Longbridge Segment. In our Investment Portfolio Segment, we invest in a diverse array of financial assets, including residential and commercial mortgage loans; residential mortgage-backed securities (\"RMBS\"), including RMBS for which the principal and interest payments are guaranteed by a U.S. government agency or a U.S. government-sponsored entity (\"Agency RMBS\"); commercial mortgage-backed securities (\"CMBS\"); consumer loans and asset-backed securities (\"ABS\") including ABS backed by consumer loans; investments referencing mortgage servicing rights on traditional forward mortgage loans (\"Forward MSR-related investments\"); collateralized loan obligations (\"CLOs\"); non-mortgage- and mortgage-related derivatives; debt and equity investments in loan origination companies; and other strategic investments. We refer to the portion of our investment portfolio excluding Agency RMBS as our credit portfolio. Our Longbridge Segment is focused on the origination and servicing of, and investment in, reverse mortgage loans, including associated financial assets, financing, hedging, and allocated expenses. Longbridge Financial, LLC (\"Longbridge\") originates home equity conversion mortgage loans (\"HECM loans\"), which are insured by the Federal Housing Administration (\"FHA\"), and non-FHA-insured reverse mortgage loans, which we refer to as \"proprietary reverse mortgage loans.\" HECM loans are generally eligible for securitization into HECM-backed MBS Item 1. Business Except where the context suggests otherwise, references in this Annual Report on Form 10-K to \"EFC,\" \"we,\" \"us,\" and \"our\" refer to Ellington Financial Inc. and its consolidated subsidiaries, including Ellington Financial Operating Partnership LLC, our operating partnership subsidiary, which we refer to as our \"Operating Partnership.\" References in this Annual Report on Form 10-K to (1) \"common shares\" refer to shares of our common stock, $0.001 par value per share and (2) \"common stockholders\" refer to holders of shares of our common stock. We conduct all of our operations and business activities through our Operating Partnership. Our \"Manager\" refers to Ellington Financial Management LLC, our external manager, \"Ellington\" refers to Ellington Management Group, L.L.C. and its affiliated investment advisory firms, including our Manager, and \"Manager Group\" refers collectively to officers and directors of EFC, and partners and affiliates of Ellington (including families and family trusts of the foregoing). In certain instances, references to our Manager and services to be provided to us by our Manager may also include services provided by Ellington and its other affiliates from time to time. Special Note Regarding Forward-Looking Statements When used in this Annual Report on Form 10-K, in future filings with the Securities and Exchange Commission, or the \"SEC,\" or in press releases or other written or oral communications, statements which are not historical in nature, including those containing words such as \"believe,\" \"expect,\" \"anticipate,\" \"estimate,\" \"project,\" \"plan,\" \"continue,\" \"intend,\" \"should,\" \"would,\" \"could,\" \"goal,\" \"objective,\" \"will,\" \"may,\" \"seek,\" or similar expressions or their negative forms or references to strategy, plans or intentions, are intended to identify \"forward-looking statements\" within the meaning of Section 27A of the Securities Act of 1933, as amended, or the \"Securities Act,\" and Section 21E of the Securities Exc Item 1A. Risk Factors Summary of Risk Factors Risks Related To Our Investments and Investment Activities \u2022Difficult conditions in the mortgage, real estate, and financial markets, including economic downturns, inflation, elevated interest rates, declining property values, and tightening credit availability, could adversely affect the value of our inve", "title": "EFC - Ellington Financial Inc.", "url": "/company/EFC/" }, { "kind": "company", "summary": "SIC 7363 Services-Help Supply Services; CIK 0000890564; latest 10-K filed 2026-02-25.", "text": "EFOR - Everforth Inc SIC 7363 Services-Help Supply Services; CIK 0000890564; latest 10-K filed 2026-02-25. EFOR Everforth Inc 0000890564 7363 Services-Help Supply Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the other sections of this 2025 10-K, including the Special Note on Forward-Looking Statements and Part I, Item 1A. Risk Factors. OVERVIEW ASGN provides IT solutions across the commercial and government sectors. ASGN operates through two segments, Commercial and Federal Government. The Commercial Segment, which is the largest segment, provides consulting, creative digital marketing, and permanent placement services primarily to Fortune 1000 and large mid-market companies. The Federal Government Segment provides advanced IT solutions in data and AI, cybersecurity, and enterprise transformation to some of the world's leading agencies in the public and private sectors. Virtually all of the Company's revenues are generated in the United States. Critical Accounting Policies and Estimates Our financial statements are prepared in conformity with accounting principles generally accepted in the United States (\"GAAP\"), which require us to make certain assumptions and related estimates affecting the amounts reported in the consolidated financial statements. Actual results could differ from those estimates. Critical accounting policies are those we believe are both most important to the portrayal of our financial condition and results and require our most difficult, subjective or complex judgments, often because we must make estimates about matters that are inherently uncertain. Judgments and uncertainties affecting the application of those policies may result in materially different amounts being reported under different conditions or using different assumptions. We believe the accounting policies and estimates most critical in understanding the judgments involved in preparing our financial statements are goodwill and acquired intangible assets. Recognition of Goodwill and Acquired Intangible Assets \u2014 Determining the fair value of goodwill and intangible assets requires management's judgment, the use of significant estimates and assumptions and, in some cases, the utilization of independent valuation experts. The most critical assumptions utilized in this determination are the future cash flow estimates associated with the acquired businesses, as well as discount rates and royalty rates applied to those cash flow estimates. Recoverability of Goodwill and Trademarks \u2014 Goodwill and trademarks are evaluated for impairment annually on October 31st, or more frequently if an event occurs or circumstances change, including but not limited to, a significant decrease in expected revenues or cash flows; an adverse change in the business environment, regulatory environment or legal factors; or a substantial sustained decline in the market capitalization of our stock. Goodwill is tested at the reporting unit level, which is generally an operating segment or one level below the operating segment level, where a business operates and for which discrete financial information is available and reviewed by segment management. The Company's only identifiable indefinite-lived intangible assets are its trademarks. When evaluating goodwill and trademarks for impairment, the Company may first perform a qualitative assessment to determine whether it is more likely than not that there has been an impairment. A qualitative assessment takes into consideration (i) macroeconomic, industry and market conditions; (ii) cost factors; (iii) overall financial performance compared with prior projections, including changes in assumptions since the last quantitative assessment; (iv) future performance and projections; (v) the excess of fair value over carrying value as of the most recent quantitative assessment performed; and (vi) other relevant entity-specific events. The decision to perform a qualitative assessment in a given year is influenced by a number of factors including the significance of the excess of th Item 1. Business Overview and History ASGN Incorporated (\"ASGN,\" \"our\", \"we,\" or \"us\") is a leading provider of information technology (IT) solutions to the commercial and government sectors. In November 2025, ASGN announced its intent to rebrand to Everforth, a new parent brand that will unify our six brands \u2014 Apex Systems, Creative Circle, CyberCoders, ECS, GlideFast, and TopBloc \u2014 under a single identity. Everforth is a leading technology and digital engineering company with six core solution areas: (i) Cloud and Infrastructure, (ii) Data and AI, (iii) Software Development and Engineering, (iv) Customer Experience, (v) Cybersecurity, and (vi) Enterprise Platforms. Through proprietary assets, accelerators, and proven expertise, Everforth delivers measurable outcomes that help organizations adapt, innovate, and thrive. Our Company operates through two segments, Commercial and Federal Government, and across six industries, which together promote balance, strength, and resiliency throughout economic cycles. The transition from ASGN to Everforth is slated for the first half of 2026. Our Company has grown through a combination of organic growth and strategic acquisitions. Over the last five years, we completed six acquisitions which align with our strategy to offer higher-end, higher-value IT consulting solutions and digital engineering capabilities. We have built a sizable consulting platform, with 62 percent of our 2025 consolidated revenues in a combination of commercial and federal government IT consulting work. Our clients set rigorous requirements for expertise, technological proficiency, and solutions capabilities. Their expectations have increased as we\u2019ve evolved our business. To meet their requirements, we leverage a deep talent pool of professionals that has been expertly built over decades. This enables us to differentiate our Company in the marketplace, by quickly identifying and building tailored, just-in-time teams for our clients. We support clien Item 1A. Risk Factors Our business is subject to various risks, including, but not limited to those described below, any of which could adversely affect our results of operations and financial condition, and as a result, could cause a decline in the trading price of our common stock. Profitability and Operational Risks If we are not able to", "title": "EFOR - Everforth Inc", "url": "/company/EFOR/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001050441; latest 10-K filed 2026-03-09.", "text": "EGBN - EAGLE BANCORP INC SIC 6022 State Commercial Banks; CIK 0001050441; latest 10-K filed 2026-03-09. EGBN EAGLE BANCORP INC 0001050441 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (\"MD&A\") The following discussion provides information about the results of operations, financial condition, liquidity, asset quality, and capital resources of the Company as of and for the periods indicated. The Company\u2019s primary subsidiary is the Bank, and the Company\u2019s other direct and indirect active subsidiaries are Bethesda Leasing, LLC, Eagle Insurance Services, LLC and Landroval Municipal Finance, Inc. This discussion and analysis should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto, appearing elsewhere in this report. We have omitted discussion of the earliest of the three years covered by our consolidated financial statements presented in this report as that disclosure is included in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (\"SEC\") on February 27, 2025. You can reference the discussion and analysis of our results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2024 in \"Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" within that report. Caution About Forward Looking Statements. This report contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. These forward looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements and are typically identified with words such as \"may,\" \"will,\" \"can,\" \"anticipates,\" \"believes,\" \"expects,\" \"plans,\" \"outlook,\" \"estimates,\" \"potential,\" \"assume,\" \"probable,\" \"possible,\" \"continue,\" \"should,\" \"could,\" \"would,\" \"strive,\" \"seeks,\" \"deem,\" \"projections,\" \"forecast,\" \"consider,\" \"indicative,\" \"uncertainty,\" \"likely,\" \"unlikely,\" \"likelihood,\" \"unknown,\" \"attributable,\" \"depends,\" \"intends,\" \"generally,\" \"feel,\" \"typically,\" \"judgment,\" \"subjective\" and similar words or phrases. These forward looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward looking statements. The following factors, among others, could cause our financial performance to differ materially from that expressed in such forward looking statements: \u2022Changes in the general economic, political, social and health conditions, including the macroeconomic and other challenges and uncertainties resulting from the effects of pandemics and natural disasters; \u2022The timely development of competitive new products and services and the acceptance of these products and services by new and existing customers; \u2022The willingness of customers to substitute competitors\u2019 products and services for our products and services; \u2022Our management of liquidity risks in our operations, including, but not limited to, risks related to customer deposits, deposits in excess of the Federal Deposit Insurance Corporation (\"FDIC\") insurance coverage limits, access to capital markets and securities and market values; \u2022The effect of acquisitions we may make, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions; \u2022Our management of risks inherent in our real estate loan portfolio, and the risk of a prolonged downturn in t ITEM 1. BUSINESS In this report, unless otherwise expressly stated or the context otherwise requires, the terms \"we,\" \"us,\" the \"Company,\" \"Eagle\" and \"our\" refer to Eagle Bancorp, Inc. and our subsidiaries on a consolidated basis, except in the description of any of our securities, in which case these terms refer solely to Eagle Bancorp, Inc. and not to any of our subsidiaries. References to \"EagleBank\" or \"Bank\" refer to EagleBank, which is our principal operating subsidiary. This report contains additional trade names and trademarks of other companies. We do not intend our use or display of other companies' trade names or trademarks to imply an endorsement or sponsorship of us by such companies or any relationship with any of these companies. Eagle Bancorp, Inc. (the \"Company\"), headquartered in Bethesda, Maryland, was incorporated under the laws of the State of Maryland on October 28, 1997, to serve as the bank holding company for EagleBank (the \"Bank\"). The Company was formed by a group of local businessmen and professionals with significant prior experience in community banking in the Company\u2019s market area, together with an experienced community bank senior management team. The Bank, a Maryland chartered commercial bank, which is a member of the Federal Reserve System (\"Federal Reserve Board,\" \"Federal Reserve\" or \"FRB\"), is the Company\u2019s principal operating subsidiary. It commenced banking operations on July 20, 1998. The Bank currently operates twelve branch offices: six in Suburban Maryland; three located in the District of Columbia; and three in Northern Virginia. The Bank also has four lending centers and utilizes various digital capabilities, including remote deposit services and mobile banking services. The Bank maintains its physical presence via branches and lending centers consistent with its strategic plan. The Bank has three active direct subsidiaries: Bethesda Leasing, LLC, Eagle Insurance Services, LLC and Landroval Municipal Finance, Inc. ITEM 1A. RISK FACTORS An investment in our securities involves risks. Before making an investment decision, you should carefully read and consider the risk factors described below as well as the other information included in this report and other documents we file with the SEC, as the same may be updated from time to time. Any of these risks, if th", "title": "EGBN - EAGLE BANCORP INC", "url": "/company/EGBN/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001379041; latest 10-K filed 2026-02-26.", "text": "EIG - Employers Holdings, Inc. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001379041; latest 10-K filed 2026-02-26. EIG Employers Holdings, Inc. 0001379041 6331 Fire, Marine & Casualty Insurance Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements, the accompanying notes thereto, and the financial statement schedules included in Item 8 and Item 15 of this report. In addition to historical information, the following discussion contains forward-looking statements that are subject to risks and uncertainties and other factors described in Item 1A of this report. Our actual results in future periods may differ from those referred to herein due to several factors, including the risks described in the sections entitled \"Risk Factors\" and \"Forward-Looking Statements\" elsewhere in this report. General We are a Nevada holding company. Through our insurance subsidiaries, we provide workers' compensation insurance coverage to small and mid-sized businesses engaged in lower hazard industries. Workers' compensation insurance is provided under a statutory system wherein most employers are required to provide coverage for their employees' medical, disability, vocational rehabilitation, and/or death benefit costs for work-related injuries or illnesses. We provide workers' compensation insurance throughout most of the United States, with a concentration in California, where 46% of our 2025 gross written premiums were generated. Our revenues primarily consist of net premiums earned, net investment income, and net realized and unrealized gains and losses on investments. The insurance industry is highly competitive, and there is significant competition in the national workers' compensation industry that is based on price and quality of services. We compete with other specialty workers' compensation carriers, state agencies, multi-line insurance companies, professional employer organizations, self-insurance funds, and state insurance pools. We target small to mid-sized businesses, as we believe that this market is traditionally characterized by higher profitability and stronger persistency when compared to the U.S. workers' compensation insurance industry in general. We believe we can price our policies at levels that are competitive and profitable over the long-term given our expertise in underwriting and claims handling in this market segment. Our underwriting approach is to consistently underwrite small to mid-sized business accounts at appropriate and competitive prices without sacrificing long-term profitability and stability for short-term revenue growth. Overview Summary Financial Results Our net income was $10.8 million, $118.6 million, and $118.1 million in 2025, 2024, and 2023, respectively. The key factors that affected our financial performance during those years included: \u2022Gross premiums written decreased 2.6% in 2025 and increased 1.1% in 2024, each compared to the previous year; \u2022Net premiums earned increased 1.7% in 2025 and 3.8% in 2024, each compared to the previous year; \u2022Net investment income increased 9.1% in 2025 and 0.5% in 2024, each compared to the previous year; \u2022Net realized and unrealized (losses) gains on investments were $(20.4) million, $24.1 million, and $22.7 million in 2025, 2024, and 2023, respectively; \u2022Losses and LAE increased 27.5% in 2025 and 12.4% in 2024, each compared to the previous year; \u2022Commission expense decreased 3.3% in 2025 and increased 1.2% in 2024, each compared to the previous year; \u2022Underwriting expenses decreased 6.3% in 2025 and 1.9% in 2024, each compared to the previous year; \u2022Underwriting (loss) income was $(83.2) million, $15.6 million, and $36.2 million in 2025, 2024, and 2023, respectively; and \u2022Other non-recurring expenses were $1.1 million in 2025 and $11.0 million 2023. We did not incur any such expenses in 2024. 29 Summary of Year Ended December 31, 2025 Our underwriting results for the year ended December 31, 2025 reflect moderate growth in net premiu Item 1. Business General Employers Holdings, Inc. (EHI) is a holding company, which was incorporated in Nevada in 2005, with subsidiaries that are specialty providers of workers' compensation insurance and related services focused on small and mid-sized businesses engaged in lower hazard industries. In February 2026, we launched a new excess workers' compensation product that will be offered to self-insured enterprises in several jurisdictions across the United States (U.S.). We had 623 full-time employees at December 31, 2025 and our corporate headquarters are located at 5340 Kietzke Lane, Suite 202, Reno, Nevada, 89511. We operate throughout the U.S. with the exception of North Dakota, Ohio, Washington and Wyoming, which are served exclusively by their state funds. We offer insurance through Employers Insurance Company of Nevada (EICN), Employers Compensation Insurance Company (ECIC), Employers Preferred Insurance Company (EPIC), Employers Assurance Company (EAC) and Cerity Insurance Company (CIC), each of which has been assigned an AM Best Company, Inc. (AM Best) financial strength rating of \"A\" (Excellent). Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, amendments to those reports, and Proxy Statements for our Annual Meetings of Stockholders are available free of charge on our website at www.employers.com as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Our website also provides access to reports filed by our directors, executive officers and certain significant stockholders pursuant to Section 16 of the Securities Exchange Act of 1934 (Exchange Act). In addition, our Corporate Governance Guidelines, Code of Business Conduct and Ethics, Code of Ethics for Senior Financial Officers, Related Person Transactions Policy, and charters for the Audit, Finance and Investment, Board Governance and Nominating, Executive, Human Capital Management and Compensation, and Risk Item 1A. Risk Factors Investing in our common stock involves risks. When evaluating the Company, you should carefully consider the risks described below, together with all the information included or incorporated by reference in this report. The risks facing the Company include, but are not limited to, those described bel", "title": "EIG - Employers Holdings, Inc.", "url": "/company/EIG/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001872789; latest 10-K filed 2025-11-25.", "text": "EMBC - Embecta Corp. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001872789; latest 10-K filed 2025-11-25. EMBC Embecta Corp. 0001872789 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis should be read in conjunction with the Consolidated Financial Statements and accompanying notes presented in Item 8 of this Annual Report on Form 10-K. Within the tables presented throughout this discussion, certain columns may not add due to the use of rounded numbers for disclosure purposes. Percentages and earnings per share amounts presented are calculated from the underlying amounts. Dollar amounts are in millions except per share amounts or as otherwise specified. References to years throughout this discussion relate to our fiscal years, which end on September 30. Company Overview We are a leading global medical device company focused on providing solutions to improve the health and well-being of people living with diabetes. In the 100-year history of our business, we believe that our products have become some of the most widely recognized and respected brands in diabetes management in the world. We estimate that our products are used by approximately 30 million people in over 100 countries for insulin administration and to aid with the daily management of diabetes. Our business traces its origins to 1924, when BD developed the first dedicated insulin syringe. Since then, we have built a world-class organization with a unique manufacturing, supply chain and commercial footprint. 34 We have a broad portfolio of marketed products, including a variety of pen needles, syringes and safety injection devices. Our pen needles are sterile, single-use, medical devices, designed to be used in conjunction with pen injectors that inject insulin or other diabetes medications. We also sell safety pen needles, which have shields on both ends of the cannula that automatically deploy after the injection to help prevent needlestick exposure and injury during injection and disposal. Our traditional and safety pen needles are compatible and frequently used with widely available pen injectors in the market today. In addition to pen needles, we sell sterile, single-use insulin syringes, which are used to inject insulin drawn from insulin vials. We also sell safety insulin syringes, which have a sliding safety shield that can be activated with one-hand after the injection to help prevent needlestick exposure and injury during injection and disposal. We primarily sell our products to wholesalers and distributors that sell to retail and institutional channels who in turn sell to patients or use the products to deliver insulin injections to patients. Key Trends Affecting Our Results of Operations Competition. The regions in which we conduct our business and the medical devices industry in general are highly competitive. We face significant competition from a wide range of companies in a highly regulated industry. These include large companies with multiple product lines, some of which may have greater financial and marketing resources than us, as well as smaller more specialized companies. Non-traditional entrants, such as technology companies, are also entering into the diabetes care industry and its adjacent markets, some of which may have greater financial and marketing resources than us. Pricing Pressures. We face significant pricing pressures from competitors in the pen needle and insulin syringe categories who not only can provide competitive products at lower costs, but also provide payors and customers with more choices for formulary partners in these categories. In addition, the increased scrutiny by regulators on healthcare spending, which accelerated in light of the COVID-19 pandemic, along with a shift towards volume-based procurement and group purchasing organizations, which generally values lower cost over product features, benefits and quality, have placed significant pressure on Embecta to lower price in both developed and emerging markets. These trends may reduce our operating margins, which Item 1. Business. General Embecta Corp. (also referred to herein as \"Embecta\") is a leading global medical device company, primarily focused on providing solutions to improve the health and well-being of people living with diabetes. All references in this Form 10-K to \"Embecta\", \"the Company\", \"we\", \"our\" or \"us\" refer to Embecta Corp., a Delaware corporation, and its subsidiaries, unless otherwise indicated by the context. Building on our 100-year centennial, we believe that our products have become one of the most widely recognized and respected brands in diabetes management throughout the world. We estimate that our products are used by more than 30 million people in over 100 countries for insulin administration and to aid with the daily management of diabetes. We have a broad portfolio of marketed products, including a variety of pen needles, syringes and safety injection devices. Our conventional pen needles are sterile, single-use, medical devices, designed to be used in conjunction with pen injectors that inject insulin or other diabetes medications. We also sell safety pen needles, which have shields on both ends of the cannula that automatically deploy after the injection to help prevent needlestick exposure and injury during injection and disposal. Our conventional and safety pen needles are compatible and frequently used with widely available pen injectors in the market today. In addition to pen needles, we sell sterile, single-use insulin syringes, which are used to inject insulin drawn from insulin vials. We also sell safety insulin syringes, which have a sliding safety arm that can be activated with one-hand after the injection to help protect healthcare workers from needlestick injuries. In addition to selling pen needles, syringes and safety devices, we seek to promote advances in diabetes care through thought leadership, and engagement with the diabetes community, healthcare providers and other stakeholders. In addition, we intend to continue t Item 1A. Risk Factors. You should carefully consider the following risks and other information in this Annual Report on Form 10-K in evaluating Embecta and Embecta common stock. The summary below provides an overview of many of the risks and uncertainties we encounter that are described in this Annual Report on F", "title": "EMBC - Embecta Corp.", "url": "/company/EMBC/" }, { "kind": "company", "summary": "SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers; CIK 0000915389; latest 10-K filed 2026-02-13.", "text": "EMN - EASTMAN CHEMICAL CO SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers; CIK 0000915389; latest 10-K filed 2026-02-13. EMN EASTMAN CHEMICAL CO 0000915389 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Critical Accounting Estimates\",\"34\"],[\"Non-GAAP Financial Measures\",\"37\"],[\"Overview\",\"42\"],[\"Results of Operations\",\"42\"],[\"Summary by Operating Segment\",\"46\"],[\"Sales by Customer Location\",\"49\"],[\"Liquidity and Other Financial Information\",\"49\"],[\"Inflation\",\"52\"],[\"Recently Issued Accounting Standards\",\"52\"]] [[/GREPCENT_TABLE]] This Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is based upon the consolidated financial statements of Eastman Chemical Company (\"Eastman\" or the \"Company\"), which have been prepared in accordance with accounting principles generally accepted in the United States (\"GAAP\"), and should be read in conjunction with the Company's consolidated financial statements and related notes, included in Part II, Item 8 of this Annual Report on Form 10-K (this \"Annual Report\"). All references to earnings per share (\"EPS\") contained in this report are to diluted EPS unless otherwise noted. EBIT is the GAAP measure earnings before interest and taxes. For a discussion of the year ended December 31, 2024, compared to the year ended December 31, 2023, please read \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of Eastman's Annual Report on Form 10-K for the year ended December 31, 2024. 33 Table of Contents MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS CRITICAL ACCOUNTING ESTIMATES In preparing the consolidated financial statements in conformity with GAAP, management must make decisions which impact the reported amounts and the related disclosures. Such decisions include the selection of the appropriate accounting principles to be applied and assumptions on which to base estimates and judgments that affect the reported amounts of assets, liabilities, sales revenue and expenses, fair value of disposal groups, and related disclosure of contingent assets and liabilities. On an ongoing basis, Eastman evaluates its estimates, including those related to impairment of long-lived assets, environmental costs, pension and other postretirement benefits, and income taxes. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Management believes the critical accounting estimates described below are the most important to the fair presentation of the Company's financial condition and results. These estimates require management's most significant judgments in the preparation of the Company's consolidated financial statements. Impairment of Long-Lived Assets Definite-lived Assets Properties and equipment and definite-lived intangible assets to be held and used by Eastman are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The review of properties and equipment and the review of definite-lived intangible assets is performed at the asset group level, which is the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. If the carrying amount is not considered to be recoverable, an analysis of potential impairment is triggered. An impairment is recognized for the excess of the carrying amount of the asset over the estimated fair value. The Company's assumptions to estimate cash flows in the evaluation of impairment related to long-lived assets are subject to change and impairments may be required in the future resulting in a charge to earnings. Good ITEM 1. BUSINESS [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Corporate Overview\",\"6\"],[\"Business Strategy\",\"7\"],[\"Financial Strategy\",\"9\"],[\"Business Segments\",\"9\"],[\"Advanced Materials Segment\",\"9\"],[\"Additives & Functional Products Segment\",\"11\"],[\"Chemical Intermediates Segment\",\"12\"],[\"Fibers Segment\",\"13\"],[\"Eastman Chemical Company General Information\",\"15\"]] [[/GREPCENT_TABLE]] 5 Table of Contents CORPORATE OVERVIEW Eastman Chemical Company (\"Eastman\" or the \"Company\") is a global specialty materials company that produces a broad range of products found in items people use every day. Eastman began business in 1920 for the purpose of producing chemicals for Eastman Kodak Company's photographic business and became a public company, incorporated in Delaware, on December 31, 1993. Eastman has 36 manufacturing facilities and has equity interests in four manufacturing joint ventures in 12 countries that supply products to customers throughout the world. See \"Properties\" in Part I, Item 2 of this Annual Report on Form 10-K (this \"Annual Report\"). The Company's headquarters and largest manufacturing facility are located in Kingsport, Tennessee. With a robust portfolio of specialty businesses, Eastman works with customers to deliver innovative products and solutions with a commitment to safety and sustainability. Eastman's businesses are managed and reported in four operating segments: Advanced Materials (\"AM\"), Additives & Functional Products (\"AFP\"), Chemical Intermediates (\"CI\"), and Fibers. See \"Business Segments\". In the first years as a stand-alone company, Eastman was diversified between commodity and more specialty chemical businesses. Beginning in 2004, the Company refocused its strategy and changed its businesses and portfolio of products, first by the divestiture and discontinuance of under-performing assets and commodity businesses and initiatives (including divestiture in 2004 of resins, inks, and monomers product lines, divestiture in 2006 of the ITEM 1A. RISK FACTORS In addition to factors described elsewhere in this Annual Report, the following are the material known factors, risks, and uncertainties that could cause actual results to differ materially from those in the forward-looking statements made in this Annual Report and elsewhere from time to ", "title": "EMN - EASTMAN CHEMICAL CO", "url": "/company/EMN/" }, { "kind": "company", "summary": "SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0001420800; latest 10-K filed 2026-02-26.", "text": "ENOV - Enovis CORP SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0001420800; latest 10-K filed 2026-02-26. ENOV Enovis CORP 0001420800 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is designed to provide a reader of our financial statements with a narrative from the perspective of Company\u2019s management. This MD&A is divided into four main sections: \u2022Overview \u2022Results of Operations \u2022Liquidity and Capital Resources \u2022Critical Accounting Policies MD&A should be read together with Part I, Item 1A. \u201cRisk Factors\u201d and the accompanying Consolidated Financial Statements and Notes to Consolidated Financial Statements included in Item 8. of this Form 10-K. The MD&A includes forward-looking statements. For a discussion of important factors that could cause actual results to differ materially from the results referred to in these forward-looking statements, see \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview Enovis is a medical technology company focused on developing clinically differentiated solutions that generate measurably better patient outcomes and transform workflows by manufacturing and distributing high-quality medical devices with a broad range of products used for reconstructive surgery, rehabilitation, pain management and physical therapy. Our products address the continuum of patient care from injury prevention to rehabilitation after surgery or injury or from degenerative disease, enabling people to regain or maintain their natural motion. Please see Part I, Item 1. \u201cBusiness\u201d for a discussion of Enovis\u2019s objectives and methodologies for delivering shareholder value. Enovis conducts its operations through two operating segments: Prevention & Recovery (\u201cP&R\u201d) and Reconstructive (\u201cRecon\u201d). \u2022P&R - a leader in orthopedic solutions, providing devices, software and services across the patient care continuum from injury prevention to rehabilitation after surgery or injury or from degenerative disease. \u2022Recon - innovation market-leader positioned in the fast-growing surgical implant business, offering a comprehensive suite of reconstructive joint products for the hip, knee, shoulder, elbow, foot, ankle, and finger along with surgical productivity tools. We have a global footprint, with production facilities in North America, Europe, Africa, and Asia. We serve a global customer base across multiple markets through a combination of direct sales and third-party distribution channels. Our customer base is highly diversified in the medical markets. Integral to our operations is our business management system, EGX. EGX is our culture and includes our values and behaviors, a comprehensive set of tools, and repeatable, teachable processes that we use to drive continuous improvement and create superior value for our customers, shareholders and associates. We believe that our management team\u2019s access to, and experience in, the application of the EGX methodology is one of our primary competitive strengths. Results of Operations The following discussion of Results of Operations addresses the comparison of the periods presented. Our management evaluates the operating results of each of its reportable segments based upon Net sales and Adjusted EBITDA as defined in the \u201cNon-GAAP Measures\u201d section. Items Affecting Comparability of Reported Results Our financial performance and growth are driven by many factors, principally our ability to serve customers with market-leading delivery and innovation; the mix of products sold in any period; the impact of competitive forces, economic and market conditions; reimbursement levels for products in certain medical sales channels; availability of capital and attractive acquisition opportunities; our ability to continuously improve our cost structure; fluctuations in the relationship of foreign currencies to the U.S. dollar; and our ability to pass cost increases on to customers through pricing. These key factors have impacted our results 38 of operations in the past and Item 1. Business General Enovis Corporation (the \u201cCompany\u201d, \u201cEnovis\u201d, \u201cwe\u201d or \u201cus\u201d) is a medical technology company focused on developing clinically differentiated solutions that generate measurably better patient outcomes and transform workflows by manufacturing, and distributing high-quality medical devices with a broad range of products used for reconstructive surgery, rehabilitation, pain management and physical therapy. Our products address the continuum of patient care from injury prevention to rehabilitation after surgery or injury or from degenerative disease, enabling people to regain or maintain their natural motion. We seek to leverage our Enovis Growth Excellence business system (\u201cEGX\u201d), a set of tools, processes, and culture, to continuously improve our ability to enable great patient outcomes and to drive and fuel growth. During the year ended December 31, 2025, we completed four acquisitions within our Reconstructive segment and three acquisitions within our Prevention & Recovery segment. These small acquisitions added complementary prevention & recovery product offerings, expanded distribution partners for the Company\u2019s surgical implant products in Europe, and added a complementary surgical product technology. See Note 5 \u201cAcquisitions and Divestitures\u201d for further information. Our business management system, EGX, is integral to our operations. EGX is our culture and incorporates our values and drives our behaviors. EGX consists of a comprehensive set of tools, and repeatable, teachable processes that we use to drive continuous improvement and create superior value for our customers, shareholders and associates. We believe that our management team\u2019s access to, and experience in, the application of the EGX methodology is one of our primary competitive strengths. Each year, Enovis associates in every business develop strategic and operating plans that are based on the principle of the Voice of the Customer. In these plans, we are clear about our ma Item 1A. Risk Factors An investment in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with the information included elsewhere in this Form 10-K and other documents we file with the SEC. The risks and uncertainties des", "title": "ENOV - Enovis CORP", "url": "/company/ENOV/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001463101; latest 10-K filed 2026-02-17.", "text": "ENPH - Enphase Energy, Inc. SIC 3674 Semiconductors & Related Devices; CIK 0001463101; latest 10-K filed 2026-02-17. ENPH Enphase Energy, Inc. 0001463101 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following section generally discusses 2025 results compared to 2024 results. Discussion of 2024 results compared to 2023 results to the extent not included in this report can be found in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. Business Overview and 2025 Highlights We are a global energy technology company. We deliver smart, easy-to-use solutions that manage solar generation, storage and communication on one platform. Our intelligent microinverters work with virtually every solar panel made, and when paired with our smart technology, result in one of the industry\u2019s best-performing clean energy systems. As of December 31, 2025, we have shipped approximately 86.4 million microinverters, and more than 5.1 million Enphase residential and commercial systems have been deployed in over 160 countries. We sell primarily to solar distributors who combine our products with others, including solar module products and racking systems, and resell to installers in each target region. In addition to our solar distributors, we sell directly to select large installers, OEMs and strategic partners. Our OEM customers include solar module manufacturers who integrate our microinverters with their solar module products and resell to both distributors and installers. Strategic partners include a variety of companies, including industrial equipment suppliers, module companies, energy suppliers and developers of third-party solar finance offerings (such as TPOs). We also sell certain products and services to homeowners primarily in support of our warranty services and legacy product upgrade programs, via our online store. During fiscal year 2025, our priorities included providing excellent customer service; scaling U.S. manufacturing and advancing product qualification to take advantage of both the Section 48E investment tax credit and the AMPTC under Section 45X of the Code; enhancing our Enphase Energy System offering through continued product innovation and system integration; broadening our ecosystem capabilities through collaboration with utilities and the development of VPPs; strengthening partnerships with installers and TPOs through safe harbor agreements; and increasing operating efficiencies while reducing costs. Enphase Energy, Inc. | 2025 Form 10-K | 49 Table of Contents To mitigate supply chain risks and tariff exposure and to leverage U.S. manufacturing incentives, we continued to operate our domestic manufacturing footprint, including our in\u2011house manufacturing facility and our partnership with Flex. These arrangements maintained a combined manufacturing capacity of approximately five-million microinverters per quarter. Beginning in the second half of 2024, we began shipping residential and commercial microinverters and batteries with higher domestic content from U.S. manufacturing facilities, which are expected to help certain solar and battery projects qualify for the domestic content bonus tax credit. The domestic content bonus tax credit is only available to commercial asset owners, which includes commercial businesses adding solar and power purchase agreements/lease providers who own residential solar projects. Events Affecting our Business and Operations As we have a growing global footprint, we are subject to risk and exposure from the evolving macroeconomic environment, including the effects of increased global inflationary pressures, tariffs and interest rates, fluctuations in foreign currency exchange rates, potential economic slowdowns or recessions, geopolitical pressures and potential regulatory changes, including the unknown impacts of current and future trade regulations. We continuously monitor the direct and indirect impacts of these circumstances on our business and financial results. One Big Beautiful Bill Act. In July 2025, the OBBBA was enacted, introducing mat Item 1. Business Enphase Energy, Inc. | 2025 Form 10-K | 6 Table of Contents Our Company We are a global energy technology company originally founded in March 2006. We deliver smart, easy-to-use solutions that manage solar generation, storage and communication on one platform. Our intelligent microinverters work with virtually every solar panel made, and when paired with our smart technology, result in one of the industry\u2019s best-performing clean energy systems. For the first time in the evolution of our centuries-old grid, people can get paid for the clean energy they produce and share with their communities, helping to build a new energy future that harnesses the sun. This clean, free, abundant source of energy can power our lives and ultimately help greatly reduce our dependence on fossil fuels. As of December 31, 2025, we have shipped approximately 86.4 million microinverters, and more than 5.1 million Enphase residential and commercial systems have been deployed in over 160 countries. We design, develop, manufacture and sell home energy solutions that manage energy generation, energy storage, and control and communications on one intelligent platform. We have revolutionized the solar industry by bringing a systems approach to solar technology and by pioneering a semiconductor-based microinverter that converts energy at the individual solar module level and, combined with our proprietary networking and software technologies, provides advanced energy monitoring and control. This is vastly different than a string inverter system using string modules, whether with or without an optimizer, which only converts the energy of the entire array of solar modules from a single high voltage electrical unit and lacks intelligence about the energy producing capacity of the solar array. The Enphase\u00ae Energy System brings a high technology, networked approach to solar generation plus energy storage, by leveraging our design expertise across power electronics, semiconduc Item 1A. Risk Factors We have identified the following risks and uncertainties that may have a material adverse effect on our business, financial condition or results of operations. The risks described below are not the only ones we face. Additional risks not presently known to us or that we currently believe are not material ma", "title": "ENPH - Enphase Energy, Inc.", "url": "/company/ENPH/" }, { "kind": "company", "summary": "SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001632790; latest 10-K filed 2025-11-18.", "text": "ENR - ENERGIZER HOLDINGS, INC. SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001632790; latest 10-K filed 2025-11-18. ENR ENERGIZER HOLDINGS, INC. 0001632790 3690 Miscellaneous Electrical Machinery, Equipment & Supplies Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion is a summary of the key factors management considers necessary in reviewing the Company's results of operations, operating segment results, and liquidity and capital resources. Statements in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) that are not historical may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You should read the following MD&A in conjunction with the audited Consolidated Financial Statements and corresponding notes included elsewhere in this Annual Report. This MD&A contains forward-looking statements. The matters discussed in these forward-looking statements are subject to risk, uncertainties, and other factors that could cause actual results to differ materially from those projected or implied in the forward-looking statements. Please see Part I. Item 1A \u201cRisk Factors\u201d above and \u201cForward-Looking Statements\u201d for a discussion of the uncertainties, risks and assumptions associated with these statements. All amounts discussed are in millions of U.S. dollars, unless otherwise indicated. Forward-Looking Statements This document contains both historical and forward-looking statements. Forward-looking statements are not based on historical facts but instead reflect our expectations, estimates or projections concerning future results or events, including, without limitation, the future sales, gross margins, costs, earnings, cash flows, tax rates and performance of the Company. These statements generally can be identified by the use of forward-looking words or phrases such as \"believe,\" \"expect,\" \"expectation,\" \"anticipate,\" \"may,\" \"could,\" \"intend,\" \"belief,\" \"estimate,\" \"plan,\" \"target,\" \"predict,\" \"likely,\" \"should,\" \"forecast,\" \"outlook,\" or other similar words or phrases. These statements are not guarantees of performance and are inherently subject to known and unknown risks, uncertainties and assumptions that are difficult to predict and could cause our actual results to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or projections will be achieved. The forward-looking statements included in this document are only made as of the date of this document and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements including, but not limited to, those discussed in Part I, Item 1A, \u201cRisk Factors,\" as updated from time to time in the Company\u2019s SEC filings. Non-GAAP Financial Measures The Company reports its financial results in accordance with accounting principles generally accepted in the U.S. (\"GAAP\"). However, management believes that certain non-GAAP financial measures provide users with additional meaningful comparisons to the corresponding historical or future period, and are used for management incentive compensation. These non-GAAP financial measures exclude items that are not reflective of the Company's on-going operating performance, such as restructuring and related costs, network transition costs, acquisition and integration costs, fiscal 2023 (\"FY23\") and fiscal 2024 (\"FY24\") production credits, a litigation matter, an impairment on intangible assets, the loss/(gain) on extinguishment/modification of debt, the December 2023 Argentina Economic Reform and the settlement loss on U.S. pension annuity buyout. In addition, these measures help investors to analyze year-over-year comparability when excluding currency fluctuations as well as other Company initiatives that are not on-going. Item 1. Business. Additional information required by this item is incorporated herein by reference to Part II, Item 7, \"Management's Discussion and Analysis of Financial Conditions and Results of Operations\" (MD&A); and Notes 1 and 2 to our Consolidated Financial Statements. Unless the context indicates otherwise, the terms \u201cEnergizer,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d in this Annual Report on Form 10-K, we mean Energizer Holdings, Inc. and its subsidiaries on a consolidated basis, unless we state or the context implies otherwise. Energizer, through its operating subsidiaries, is a global diversified household products leader in batteries, auto care and portable lights. Energizer is one of the world\u2019s largest manufacturers, marketers and distributors of household and specialty batteries; automotive appearance, performance, refrigerant and freshener products; and portable lights. Information about our recent acquisitions can be found in the MD&A and Note 4 to our Consolidated Financial Statements. Energizer is the beneficiary of over 100 years of expertise in the battery and portable lighting products industries and is recognized worldwide for innovation, quality and dependability across its brands which include Energizer\u00ae, Eveready\u00ae and Rayovac\u00ae brands which are marketed and sold around the world. Energizer's shares of common stock are traded on the New York Stock Exchange under the symbol \"ENR.\" We use the Energizer name and logo as our trademark as well as those of our subsidiaries. Product names appearing throughout are trademarks of Energizer. This section also may refer to brand names, trademarks, service marks and trade names of other companies and organizations, and these brand names, trademarks, service marks and trade names are the property of their respective owners. Unless indicated otherwise, the information concerning our industry contained in this Annual Report is based on Energizer\u2019s general knowledge of and expectations concerning the industr Item 1A. Risk Factors. In the course of conducting our business operations, we are exposed to a variety of risks, some of which are inherent in our industry and others of which are more specific to our own businesses. The discussion below addresses the material fac", "title": "ENR - ENERGIZER HOLDINGS, INC.", "url": "/company/ENR/" }, { "kind": "company", "summary": "SIC 6141 Personal Credit Institutions; CIK 0001529864; latest 10-K filed 2026-02-20.", "text": "ENVA - Enova International, Inc. SIC 6141 Personal Credit Institutions; CIK 0001529864; latest 10-K filed 2026-02-20. ENVA Enova International, Inc. 0001529864 6141 Personal Credit Institutions ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. RECENT DEVELOPMENTS Grasshopper On December 10, 2025, we entered into a merger agreement with Grasshopper Bancorp, Inc. (\u201cGrasshopper\u201d) under which we will acquire Grasshopper for an aggregate purchase price valued at approximately $369 million at signing to be paid in a combination of cash and newly issued shares. Under the terms of the merger agreement, Grasshopper will merge with and into us, with us continuing as the surviving corporation and, immediately following the merger, an interim national bank and wholly-owned subsidiary of ours will merge with and into Grasshopper Bank, a wholly-owned subsidiary of Grasshopper, with Grasshopper Bank continuing as the surviving bank. The merger agreement was unanimously approved by the Boards of Directors of each of the Company and Grasshopper. On February 2, 2026, Grasshopper held a special meeting of its stockholders in connection with the merger, at which the merger agreement was approved. The transaction remains subject to regulatory approvals from the Office of the Comptroller of the Currency and the Federal Reserve and other customary closing conditions, and is expected to close during the second half of 2026. Founded in 2019, Grasshopper Bank is a leading client-first, full-service digital bank offering digital financial solutions for commercial and consumer customers, including fintech-focused Banking-as-a-Service and API banking platforms, commercial and Small Business Administration lending and consumer banking. RECENT REGULATORY DEVELOPMENTS Consumer Financial Protection Bureau (\u201cCFPB\u201d) On November 15, 2023, we consented to the issuance of a Consent Order by the CFPB pursuant to which we agreed, without admitting or denying any of the facts or conclusions, to pay a civil money penalty of $15 million. The Consent Order related to issues, the majority of which were self-disclosed, including payment processing and debiting errors. Effective August 29, 2025, the CFPB terminated the Consent Order in full and waived any alleged non-compliance therewith. In October 2017, the CFPB issued its final rule entitled \u201cPayday, Vehicle Title, and Certain High-Cost Installment Loans\u201d (the \u201cSmall Dollar Rule\u201d), which covers certain consumer loans that we offer. While the ability to repay provisions were rescinded in 2020, the payment provisions remain in effect. These provisions require that if a consumer has two consecutive failed payment attempts, the lender must obtain the consumer\u2019s new and specific authorization to make further withdrawals from the consumer\u2019s bank account. Additionally, lenders must provide certain notices to consumers before attempting a first payment withdrawal or an unusual withdrawal and after two consecutive failed withdrawal attempts. Following a series of constitutional challenges, the Supreme Court upheld the constitutionality of the funding structure of the CFPB and the Fifth Circuit upheld the Small Dollar Rule. On March 28, 2025, the CFPB issued a press release entitled \u201cCFPB Offers Regulatory Relief for Small Loan Providers\u201d indicating that the CFPB \u201cwill not prioritize enforcement or supervision actions with regard to any penalties or fines associated with the Payment Withdrawal provisions and the Payment Disclosure provisions once they become operative on March 30, 2025.\u201d The CFPB also indicated that it is contemplating issuing a notice of proposed rulemaking to narrow the scope of the Small Dollar Rule. If the CFPB elects to prioritize enforcement and we are not able to execute payment process and customer notification changes effectively because of unexpected complexities, costs or otherwise, we cannot guarantee that the Small Dollar Rule will not have a material adverse impact on our business, prospects, results of operations, financial condition and cash flows. On March 30, 2023, the CFPB issued its final rule to implement Section 1071 of the Dodd ITEM 1. BUSINESS Overview We are a leading technology and analytics company focused on providing online financial services. In 2025, we extended approximately $7.8 billion in credit or financing to borrowers. As of December 31, 2025, we offered or arranged loans or draws on lines of credit to consumers in 37 states in the United States and Brazil. We also offered or arranged financing to small businesses in 49 states and Washington D.C. in the United States. We use our proprietary technology, analytics and customer service capabilities to quickly evaluate, underwrite and fund loans or provide financing, allowing us to offer consumers and small businesses credit or financing when and how they want it. Our customers include the large and growing number of consumers and small businesses that have bank accounts but use alternative financial services because of their limited access to more traditional credit from banks, credit card companies and other lenders. We were an early entrant into online lending, launching our online business in 2004, and through December 31, 2025, we have completed approximately 69.3 million customer transactions and collected more than 95 terabytes of currently accessible customer behavior data since launch, allowing us to better analyze and underwrite our specific customer base. We have significantly diversified our business over the past several years having expanded the markets we serve and the financing products we offer. These financing products include installment loans and line of credit accounts. We believe our customers highly value our products and services as an important component of their personal or business finances because our products are convenient, quick and often less expensive than other available alternatives. We attribute the success of our business to our advanced and innovative technology systems, the proprietary analytical models we use to predict the performance of loans and finance receivables, our sophisticated ITEM 1A. RISK FACTORS Risk Factors Summary The summary of risks below provides an overview of the principal risks we are exposed to in the normal course of our business activities: Risks Related to Our Business and Industry \u2022 Our business is highly regulated, and if we fail to comply with applicable laws, regulation", "title": "ENVA - Enova International, Inc.", "url": "/company/ENVA/" }, { "kind": "company", "summary": "SIC 3590 Misc Industrial & Commercial Machinery & Equipment; CIK 0000006955; latest 10-K filed 2025-10-17.", "text": "EPAC - ENERPAC TOOL GROUP CORP SIC 3590 Misc Industrial & Commercial Machinery & Equipment; CIK 0000006955; latest 10-K filed 2025-10-17. EPAC ENERPAC TOOL GROUP CORP 0000006955 3590 Misc Industrial & Commercial Machinery & Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis is intended to assist the reader in understanding our results of operations and financial condition. Management\u2019s Discussion and Analysis is provided as a supplement to, and should be read in conjunction with, our audited consolidated financial statements included in Item 8. \"Financial Statements and Supplementary Data\". Background The Company has one reportable segment, the Industrial Tools & Service (\"IT&S\") segment, and an Other operating segment, which does not meet the criteria to be considered a reportable segment. The IT&S segment is primarily engaged in the design, manufacture and distribution of branded hydraulic and mechanical tools, and in providing services and tool rental to the refinery/petrochemical; general industrial; industrial maintenance, repair and operations (\"MRO\"); machining & manufacturing; power generation; infrastructure; mining and other markets. Financial information related to the Company's reportable segment is included in Note 16, \"Business Segment, Geographic and Customer Information\" in the notes to the consolidated financial statements. Business Update Our businesses provide an array of products and services across multiple markets and geographies which results in significant diversification. The IT&S segment and the Company are well-positioned to drive shareholder value through a sustainable business strategy built on well-established brands, broad global distribution and end markets, clear focus on the core tools and services business and disciplined capital deployment. Our Business Model Our long-term goal is to create sustainable returns for our shareholders through above-market growth in our core business, expanding our margins, generating strong cash flow and being disciplined in the deployment of our capital. We intend to grow through execution of our organic growth strategy, focused on key vertical markets that benefit from long-term macro trends, driving customer driven innovation, expansion of our digital ecosystem to acquire and engage customers, and an expansion in emerging markets such as Asia Pacific. In addition to organic growth, we also focus on margin expansion through operational efficiency techniques, including Lean, continuous improvement and 80/20, to drive productivity and lower costs, as well as optimizing our selling, general and administrative expenses through consolidation and shared service implementation. We also apply these techniques and pricing actions to offset commodity increases and inflationary pricing. Finally, cash flow generation is critical to achieving our financial and long-term strategic objectives. We believe driving profitable growth and margin expansion will result in cash flow generation, which we seek to supplement through minimizing primary working capital. We intend to allocate the cash flow that results from the execution of our strategy in a disciplined way toward investment in our businesses, maintaining our strong balance sheet, disciplined M&A program and opportunistically returning capital to shareholders. We anticipate the compounding effect of reinvesting in our business will fuel further growth and profitable returns. General Business Update In March 2022, the Company announced the start of its ASCEND transformation program (\u201cASCEND\u201d). ASCEND\u2019s key initiatives included accelerating organic growth strategies, improving operational excellence and production efficiency by utilizing a Lean approach, and driving greater efficiency and productivity in selling, general and administrative expense by better leveraging resources to create a more efficient and agile organization. 19 In October 2023, the Company announced that during fiscal 2023, the Company had realized approximately $54 million of annual operating profit from execution of the ASCEND program and would no longer be breakin Item 1. Business General Enerpac Tool Group Corp. is a premier industrial tools, services, technology, and solutions provider serving a broad and diverse set of customers and end markets for mission-critical applications in more than 100 countries. Enerpac Tool Group's businesses are global leaders in providing high pressure hydraulic tools, controlled force products and solutions for precise positioning of heavy loads that help customers safely and reliably tackle some of the most challenging jobs around the world. The Company was founded in 1910 and is headquartered in Milwaukee, Wisconsin. The Company has one reportable segment, the Industrial Tools & Services (\"IT&S\") Segment. The IT&S segment is primarily engaged in the design, manufacture and distribution of branded hydraulic and mechanical tools and in providing services and tool rental to the refinery/petrochemical; general industrial; industrial maintenance, repair and operations (\"MRO\"); machining & manufacturing; power generation; infrastructure; mining; and other markets. Financial information related to the Company's reportable segment is included in Note 16, \"Business Segment, Geographic and Customer Information\" in the notes to the consolidated financial statements. The Company has an Other operating segment, which does not meet the criteria to be considered a reportable segment. Our businesses provide an array of products and services across multiple markets and geographies, which results in significant diversification. The IT&S segment and the Company are well-positioned to drive shareholder value through a sustainable business strategy built on well-established brands, broad global distribution and end markets, clear focus on the core tools and services business, and disciplined capital deployment. Our Business Model Our long-term goal is to create sustainable returns for our shareholders through above-market growth in our core business, expanding our margins, generating strong cash flow, Item 1A. Risk Factors The risks and uncertainties described below are those that we have identified as material but are not the only risks and uncertainties facing the Company. If any of the events contemplated by the following risks occurs, our business, financial 5 condition, or results", "title": "EPAC - ENERPAC TOOL GROUP CORP", "url": "/company/EPAC/" }, { "kind": "company", "summary": "SIC 7371 Services-Computer Programming Services; CIK 0001352010; latest 10-K filed 2026-02-26.", "text": "EPAM - EPAM Systems, Inc. SIC 7371 Services-Computer Programming Services; CIK 0001352010; latest 10-K filed 2026-02-26. EPAM EPAM Systems, Inc. 0001352010 7371 Services-Computer Programming Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and the related notes included elsewhere in this annual report. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management\u2019s expectations. Factors that could cause such differences are discussed in the sections entitled \u201cForward-Looking Statements\u201d and \u201cPart I. Item 1A. Risk Factors.\u201d We assume no obligation to update any of these forward-looking statements. Executive Summary We have used our software engineering expertise to become a leading global provider of digital engineering, cloud and AI-enabled transformation services, as well as a leading business and experience consulting partner for global enterprises and ambitious startups. We address our clients\u2019 transformation challenges by fusing EPAM Continuum\u2019s integrated strategy, experience and technology consulting with our 30+ years of engineering execution to speed our clients\u2019 time to market and drive greater value from their digital investments. We leverage AI to deliver transformative solutions that accelerate our clients' digital innovation and enhance their competitive edge. Through platforms like EPAM AI/RUN\u2122 and initiatives like DIALX Lab\u2122, we integrate advanced AI technologies into tailored business strategies, driving significant industry impact and fostering continuous innovation. Through increased specialization in focused verticals and a continued emphasis on strategic partnerships, we are able to deliver technology transformation from start to finish, leveraging agile methodologies, proven client collaboration frameworks, engineering excellence tools, hybrid teams and our award-winning proprietary global delivery platform. 28 Table of Contents Our clients depend on us to solve their complex technical challenges and rely on our expertise in core engineering, advanced technologies, digital design and intelligent enterprise development. We combine our software engineering heritage with strategic business and innovation consulting, design thinking, and physical-digital capabilities to deliver end-to-end digital transformation services for our clients. We focus on building long-term partnerships with our clients in a market that is constantly challenged by the pressures of digitization through our innovative strategy and scalable software solutions, integrated advisory, business consulting and experience design, and a continually evolving mix of advanced capabilities. Our global delivery model and centralized support functions, combined with the benefits of scale from the shared use of fixed-cost resources, enhance our productivity levels and enable us to better manage the efficiency of our global operations. As a result, we have created a delivery base whereby our applications, tools, methodologies and infrastructure allow us to seamlessly deliver services and solutions from our global delivery centers to our clients across the world. Our teams of consultants, designers, architects, engineers and trainers have the capabilities and skill sets to deliver business results. Business Update Regarding the War in Ukraine Russia\u2019s attack on Ukraine has had, and could continue to have a material adverse effect on our operations. As of December 31, 2025, Ukraine continues to be a significant delivery location with a large number of delivery professionals operating from safe locations at levels of productivity consistent with those achieved prior to the attack. We have maintained our $100 million humanitarian aid commitment to our people in Ukraine, and as of December 31, 2025, we have $10.1 million remaining to be expensed under this humanitarian commitment. Item 1. Business Overview EPAM has used its software engineering expertise to become a leading global provider of digital engineering, cloud and artificial intelligence-enabled transformation services, and a leading business and experience consulting partner for global enterprises and ambitious start-ups. We address our clients\u2019 transformation challenges by fusing EPAM Continuum\u2019s integrated strategy, experience and technology consulting with our 30+ years of engineering execution to speed our clients\u2019 time to market and drive greater value from their innovations and digital investments. We leverage AI to deliver transformative solutions that accelerate our clients' digital innovation and enhance their competitive edge. Through platforms like EPAM AI/RUN\u2122 and initiatives like DIALX Lab\u2122, we integrate advanced AI technologies into tailored business strategies, driving significant industry impact and fostering continuous innovation. We deliver business and technology transformation from start to finish, leveraging agile methodologies, proven client collaboration frameworks, engineering excellence tools, multidisciplinary teams and our award-winning proprietary global delivery platform. We support our clients while enabling them to reimagine their businesses through a digital lens. In a business landscape that is constantly challenged by the pressures of digitization, we focus on building long-term partnerships with our clients through innovative and scalable software solutions, integrated strategy, experience and technology consulting, and a continually evolving mix of advanced capabilities. Our historical core competencies, which include software development and product engineering services, combined with our work alongside global leaders in enterprise software platforms and emerging technology companies, laid the foundation for the evolution of our other offerings. These include advanced technology software solutions, intelligent enterprise services, and digita Item 1A. Risk Factors Our operations and financial results are subject to various risks and uncertainties that could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our common stock. Listed below, not necessarily in order of importance or probability", "title": "EPAM - EPAM Systems, Inc.", "url": "/company/EPAM/" }, { "kind": "company", "summary": "SIC 2844 Perfumes, Cosmetics & Other Toilet Preparations; CIK 0001096752; latest 10-K filed 2025-11-18.", "text": "EPC - EDGEWELL PERSONAL CARE Co SIC 2844 Perfumes, Cosmetics & Other Toilet Preparations; CIK 0001096752; latest 10-K filed 2025-11-18. EPC EDGEWELL PERSONAL CARE Co 0001096752 2844 Perfumes, Cosmetics & Other Toilet Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. (in millions, except per share data) The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and the accompanying notes included in this Annual Report on Form 10-K. The following discussion may contain forward-looking statements that reflect our plans, estimates and beliefs and involve risks, uncertainties and assumptions. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those discussed in Item 1A. Risk Factors and \u201cForward-Looking Statements\u201d included within this Annual Report on Form 10-K. Non-GAAP Financial Measures While we report financial results in accordance with GAAP, this discussion also includes non-GAAP measures. These non-GAAP measures are referred to as \u201cadjusted\u201d or \u201corganic\u201d and exclude items which are considered by the Company as unusual or non-recurring, and which may have a disproportionate positive or negative impact on the Company\u2019s financial results in any particular period. Reconciliations of non-GAAP measures are included within this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. This non-GAAP information is provided as a supplement to, not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. We use this non-GAAP information internally to make operating decisions and believe it is helpful to investors because it allows more meaningful period-to-period comparisons of ongoing operating results. Given certain significant events, we view the use of non-GAAP measures that take into account the impact of these unique events as particularly valuable in understanding our underlying operational results and providing insights into future performance. The information can also be used to perform trend analysis and to better identify operating trends that may otherwise be masked or distorted by the types of items that are excluded. This non-GAAP information is also a component in determining management\u2019s incentive compensation. Finally, we believe this information provides more transparency. The following provides additional detail on our non-GAAP measures for the periods presented: \u2022We analyze net sales and segment profit on an organic basis to better measure the comparability of results between periods. Organic net sales and organic segment profit exclude the impact of changes in foreign currency translation. \u2022Segment profit will be impacted by fluctuations in translation and transactional foreign currency. The impact of currency was applied to segments using management\u2019s best estimate. \u2022Additionally, we utilize \u201cadjusted\u201d non-GAAP measures, including adjusted gross margin, adjusted selling general and administrative (\u201cSG&A\u201d), adjusted operating income, adjusted effective tax rate, adjusted net earnings, and adjusted diluted net earnings per share internally to make operating decisions. All comparisons are with the same period in the prior year, unless otherwise noted. 27 Executive Summary The following is a summary of key results for fiscal 2025, 2024 and 2023. Net earnings and diluted earnings per share (\u201cEPS\u201d) for the time periods presented were impacted by certain costs or income, as described in the table below. The impact of these items on reported net earnings and EPS are provided as a reconciliation of net earnings and EPS to adjusted net earnings and adjusted diluted EPS, both of which are non-GAAP measures. Fiscal 2025 \u2022Net sales for fiscal 2025 decreased $30.2, or 1.3%, to $2,223.5, including a $0.2 unfavorable impact due to currency movements. Organic net sales decreased $30.0, or 1.3%. International markets delivered organic growth of 3.5%, driven by higher volumes and increas Item 1. Business. (in millions, except per share data) Overview Edgewell Personal Care Company, and its subsidiaries, is one of the world\u2019s largest manufacturers and marketers of personal care products in the Wet Shave, Sun and Skin Care, and Feminine Care segments. With operations in approximately 20 countries, our products are widely available in more than 50 countries. History and Development We were incorporated in the State of Missouri on September 23, 1999 and, prior to April 2000, were a wholly-owned subsidiary of Ralston Purina Company. On April 1, 2000, all of the outstanding shares of our common stock were distributed to shareholders of Ralston Purina Company and we became an independent publicly-owned company. During the years that followed, we implemented a strategy of acquiring several personal care brands, which created the foundation for the company we are today. In 2003, we completed the acquisition of the Schick-Wilkinson Sword business (\u201cSWS\u201d) from Pfizer, Inc., the second largest manufacturer and marketer of men\u2019s and women\u2019s wet shave products in the world at that time. Our portfolio of wet shave products includes: Hydro\u00ae and Quattro\u00ae men\u2019s shaving systems; Hydro Silk\u00ae, Quattro for Women\u00ae, Intuition\u00ae and Silk Effects\u00ae Plus women\u2019s shaving systems; and the Hydro, Quattro, Xtreme 3\u00ae, Slim Twin\u00ae, Slim Triple\u00ae, Skintimate and Extra3\u2122 disposables. SWS has over 100 years of history in the shaving products industry with a reputation for high quality and innovation in shaving technology. SWS products are sold throughout the world. In 2007, we acquired Playtex Products, Inc. (\u201cPlaytex\u201d), a leading manufacturer and marketer of well-recognized brands such as Playtex\u00ae feminine care products, Wet Ones\u00ae pre-moistened wipes, and Banana Boat\u00ae and Hawaiian Tropic\u00ae sun care products, thereby expanding our branded consumer products portfolio. In 2009, we completed the acquisition of the Edge\u00ae and Skintimate\u00ae shave preparation brands from S.C. Johnson & Son, Item 1A. Risk Factors. The following risks and uncertainties could materially adversely affect our business, results of operations, financial condition and cash flows. We may amend or supplement the risk factors described below from time to time in other reports we file with the SEC. Macroe", "title": "EPC - EDGEWELL PERSONAL CARE Co", "url": "/company/EPC/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001728951; latest 10-K filed 2026-02-11.", "text": "EPRT - ESSENTIAL PROPERTIES REALTY TRUST, INC. SIC 6798 Real Estate Investment Trusts; CIK 0001728951; latest 10-K filed 2026-02-11. EPRT ESSENTIAL PROPERTIES REALTY TRUST, INC. 0001728951 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and the related notes included elsewhere in this report, as well as the \"Business\" section of this report. Some of the information contained in this discussion and analysis or set forth elsewhere in this report, including information with respect to our plans and strategies for our business, includes forward\u2011looking statements that involve risks and uncertainties. You should read \"Item 1A. Risk Factors\" and the \"Special Note Regarding Forward\u2011Looking Statements\" sections of this report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by these forward\u2011looking statements. Overview We are an internally managed real estate company that acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to middle-market companies operating service-oriented or experience-based businesses. We generally invest in and lease freestanding, single-tenant commercial real estate facilities where a tenant services its customers and conducts activities that are essential to the generation of the tenant\u2019s sales and profits. As of December 31, 2025, 91.5% of our $555.0 million of annualized base rent was attributable to properties operated by tenants in service-oriented and experience-based businesses. \"Annualized base rent\" means annualized contractually specified cash base rent in effect on December 31, 2025 for all of our leases (including those accounted for as loans or direct financing leases) commenced as of that date and annualized cash interest on our mortgage loans receivable as of that date. We were organized on January 12, 2018 as a Maryland corporation. We elected to be taxed as a REIT for U.S. federal income tax purposes beginning with the year ended December 31, 2018, and we believe that our current organization, operations and intended distributions will allow us to continue to so qualify. Our common stock is listed on the NYSE under the symbol \u201cEPRT\u201d. Our primary business objective is to maximize stockholder value by generating attractive risk-adjusted returns through owning, managing and growing a diversified portfolio of commercially desirable properties. As of December 31, 2025, we had a portfolio of 2,300 properties (inclusive of one undeveloped land parcel and 150 properties which secure our investments in mortgage loans receivable) that was diversified by tenant, industry, concept and geography, had annualized base rent of $555.0 million and was 99.7% occupied. Our portfolio is built based on the following core investment attributes: Diversification. As of December 31, 2025, our portfolio was 99.7% occupied by tenants operating 659 different brands, or concepts, across 48 states, with none of our tenants contributing more than 3.4% of our annualized base rent. Our goal is that, over time, no more than 5% of our annualized base rent will be derived from any single-tenant or more than 1% from any single property. Long Lease Term. As of December 31, 2025, our leases had a weighted average remaining lease term of 14.4 years (based on annualized base rent), with 5.2% of our annualized base rent attributable to leases expiring prior to January 1, 2031. Our properties generally are subject to long-term net leases that we believe provide us a stable base of revenue from which to grow our portfolio. Significant Use of Sale-Leaseback Investments. We seek to acquire properties owned and operated by middle-market businesses and lease the properties back to the operators pursuant to our standard lease form. During the year ended December 31, 2025, 95% of our investments were sale-leaseback transactions. Significant Use of Master Leases. As of December 31, 2025, 6 Item 1. Business. We are an internally managed real estate company that acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to middle-market companies operating service-oriented or experience-based businesses. We have assembled a diversified portfolio using a disciplined strategy that focuses on properties leased to tenants in businesses including, but not limited to: \u2022Car washes, \u2022Medical and dental services, 4 \u2022Early childhood education, \u2022Quick service restaurants, \u2022Entertainment, \u2022Automotive services, \u2022Casual dining restaurants, \u2022Convenience stores, \u2022Equipment rental and sales, \u2022Health and fitness, and \u2022Grocery. We believe that, in general, properties leased to tenants in these industries and similar businesses are essential to the generation of the tenants' sales and profits. We also believe that these businesses have favorable growth potential and, because of their nature, they are more insulated from the competitive pressures presented by e-commerce than many other businesses. We completed our initial public offering in June 2018 and we qualified to be taxed as a REIT beginning with our taxable year ended December 31, 2018. As of December 31, 2025, 91.5% of our total annualized base rent of $555.0 million was attributable to properties operated by tenants in service-oriented and experience-based businesses. \"Annualized base rent\" means annualized contractually specified cash base rent in effect on December 31, 2025 for all of our leases (including those accounted for as loans or direct financing leases) commenced as of that date and annualized cash interest on our mortgage loans receivable as of that date. Our primary business objective is to maximize stockholder value by generating attractive risk-adjusted returns through owning, managing and growing a diversified portfolio of commercially desirable properties. We have grown significantly since commencing our operations and investment activiti Item 1A. Risk Factors. There are many factors that may adversely affect us, some of which are beyond our control. The occurrence of any of the following risks could materially and adversely impact our financial condition, results of operations, cash flows and liquidity, prospects, the market price ", "title": "EPRT - ESSENTIAL PROPERTIES REALTY TRUST, INC.", "url": "/company/EPRT/" }, { "kind": "company", "summary": "SIC 3669 Communications Equipment, NEC; CIK 0000866706; latest 10-K filed 2025-12-01.", "text": "ESE - ESCO TECHNOLOGIES INC SIC 3669 Communications Equipment, NEC; CIK 0000866706; latest 10-K filed 2025-12-01. ESE ESCO TECHNOLOGIES INC 0000866706 3669 Communications Equipment, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the Consolidated Financial Statements and Notes thereto and refers to our results from continuing operations except where noted. On May 20, 2025, the Company announced it had entered into a definitive agreement to sell VACCO Industries (VACCO) to RBC Bearings Incorporated (RBC), an international manufacturer and marketer of highly engineered precision bearings and products, headquartered in Oxford, Connecticut. The Company completed this divestiture on July 18, 2025. The Company received net proceeds from the sale of approximately $270 million and recorded a $172.6 million after-tax gain on the sale in the fourth quarter of 2025. The Company used the proceeds from the sale to primarily pay down debt. The VACCO business is reflected as discontinued operations in the Consolidated Financial Statements and related notes for all periods presented, in accordance with accounting principles generally accepted in the United States of America (GAAP). The sale of VACCO represents a strategic shift for the Company to exit the Space business. Net sales from the VACCO business were $102.9 million, $107.6 million and $100.2 million for the period October 1, 2024 through July 18, 2025 and years ending September 30, 2024 and 2023, respectively. Pretax earnings (loss) from the VACCO business were $13.7 million, $(1.1) million and $8.6 million for the years ending September 30, 2025, 2024 and 2023, respectively. See Note 3 to the Consolidated Financial Statements for further discussion. Selected financial information for each of our business segments is provided in the discussion below and in Note 10 to the Company\u2019s Consolidated Financial Statements. 19 Table of Contents This section includes comparisons of certain 2025 financial information to the same information for 2024. Year-to-year comparisons of the 2024 financial information to the same information for 2023 are contained in Item 7 of our Form 10-K for 2024 filed with the Securities and Exchange Commission on November 29, 2024 and available through the SEC\u2019s website at https://www.sec.gov/edgar/searchedgar/companysearch.html. Introduction We classify our business operations into three segments for financial reporting purposes, although for reporting certain financial information we treat Corporate activities as a separate segment. Our three operating segments during 2025 were Aerospace & Defense (A&D), Utility Solutions Group (USG), and RF Test & Measurement (Test). Our operating segments are comprised of the following primary operating subsidiaries: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"A&D: PTI Technologies Inc. (PTI); Crissair, Inc. (Crissair); Globe Composite Solutions, LLC (Globe, which also includes Westland Technologies, Inc.); Mayday Manufacturing Co. (Mayday); and since April 25, 2025, ESCO Maritime Solutions (or Maritime), consisting of ESCO Maritime Solutions, Ltd., DNE Technologies, Inc.(DNE), EMS Development Corporation (EMS), Measurement Systems, Inc. (MSI) and PMES I Limited.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"USG: Doble Engineering Company (Doble), Morgan Schaffer Ltd. (Morgan Schaffer), and I.S.A. \\u2013 Altanova Group S.r.l. and affiliates (Altanova); and NRG Systems, Inc. (NRG) (except as the context may otherwise indicate, Doble also includes Morgan Schaffer, Altanova and ESCO\\u2019s other USG segment subsidiaries other than NRG).\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Test: ETS-Lindgren Inc. (ETS-Lindgren) and MPE Limited (MPE) (except as the context may otherwise indicate, ETS-Lindgren also includes MPE and ESCO\\u2019s other Test segment subsidiaries).\"]] [[/GREPCENT_TABLE]] A&D. PTI and Crissair primarily design and manufacture specialty filtration products, including hydraulic filter elements and fluid control devices used in commercial and defense aerospace applic Item 1. Business The Company The Registrant is ESCO Technologies Inc. (NYSE: ESE), sometimes referred to in this report as ESCO. Except where the context indicates otherwise, the terms \u201cCompany\u201d, \u201cwe\u201d, \u201cour\u201d and \u201cus\u201d are used in this report to refer to ESCO together with its subsidiaries through which its businesses are conducted. We are: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"A global provider of highly engineered components and systems for aviation, Navy, defense and industrial customers;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"An industry leader in designing and manufacturing radio frequency (RF) test and measurement products and systems; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"A provider of diagnostic instruments, software and services to industrial power users and the electric utility and renewable energy industries.\"]] [[/GREPCENT_TABLE]] Our business is focused on generating predictable and profitable long-term growth in sales and earnings through continued expansion of our product offerings across each of our business segments. Our corporate strategy is centered on a multi-segment portfolio serving our established high-growth, high-margin end markets through a number of wholly-owned direct and indirect subsidiaries. Our stock is listed on the New York Stock Exchange, where its ticker symbol is \u201cESE\u201d. Our fiscal year ends September 30. Throughout this Annual Report, unless the context indicates otherwise, references to a year (for example 2025) refer to our fiscal year ending on September 30 of that year, and references to the \u201cConsolidated Financial Statements\u201d refer to our Consolidated Financial statements included in the Financial Information section of this Annual Report beginning on page F-1, an Index to which is provided on page F-1. We classify our business operations into three segments for financial reporting purposes, although for reporting certain financial information we treat Corporate activities as a sepa Item 1A. Risk Factors This Form 10-K, including Item 1, \u201cBusiness,\u201d Item 2, \u201cProperties,\u201d Item 3, \u201cLegal Proceedings,\u201d Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d and Item 7A, \u201cQuantitative and Qualitative Disclosures About Market Risk,\u201d contains \u201cforward-looking statements\u201d with", "title": "ESE - ESCO TECHNOLOGIES INC", "url": "/company/ESE/" }, { "kind": "company", "summary": "SIC 2890 Miscellaneous Chemical Products; CIK 0001590714; latest 10-K filed 2026-02-18.", "text": "ESI - Element Solutions Inc SIC 2890 Miscellaneous Chemical Products; CIK 0001590714; latest 10-K filed 2026-02-18. ESI Element Solutions Inc 0001590714 2890 Miscellaneous Chemical Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management's Discussion and Analysis of Financial Condition and Results of Operations section should be read in conjunction with \u201cFinancial Statements and Supplementary Data\u201d included in Part II, Item 8 of this 2025 Annual Report and our audited Consolidated Financial Statements and notes thereto included elsewhere in this 2025 Annual Report. \u201cOverview\u201d and \"2025 Highlights\" briefly present our business and certain significant events addressed in this section or elsewhere in this 2025 Annual Report. This 2025 Annual Report should be read in its entirety for a complete description of our business and discussion of these events. Overview Element Solutions, incorporated in Delaware in January 2014, is a leading global specialty chemicals technology company whose businesses supply a broad range of solutions that enhance the performance of products people use every day. Developed in multi-step technological processes, these innovative solutions enable customers' manufacturing processes in multiple high-value industries, including consumer electronics, power electronics, semiconductor fabrication, high-performance computing, communications and data storage infrastructure, automotive systems, industrial surface finishing and offshore energy. Our product innovation and product extensions are expected to continue to drive sales growth in both new and existing markets while expanding margins through a consistent focus on increasing customer value propositions. Our operations are organized into two segments: Electronics and Specialties. In 2025, we achieved net sales of $2.55 billion, to which our Electronics and Specialties segments contributed approximately 70% and 30%, respectively. Each of our segments is described below: Electronics \u2013 The Electronics segment researches, formulates and sells specialty chemicals and material process technologies for all types of electronics hardware from complex printed circuit board designs to advanced semiconductor packaging. In high-performance datacenters, mobile communications, computers, automobiles and aerospace equipment, its products are an integral part of the electronics manufacturing process and the functionality of end-products. The segment's \"wet chemistries\" for metallization, surface treatments and solderable finishes form the physical circuitry pathways and its \"assembly materials,\" such as SMT, pastes, fluxes and adhesives, join those pathways together. The segment provides solutions through the following businesses: Assembly Solutions, Circuitry Solutions and Semiconductor Solutions. Specialties \u2013 The Specialties segment researches, formulates and sells specialty chemicals and material process technologies that enhance surfaces or improve industrial processes in diverse industrial sectors from automotive trim to transcontinental infrastructure to high-design faucets. Its products include chemical systems that protect and decorate metal and plastic surfaces and chemistries used in water-based hydraulic control fluids for offshore energy production. The segment's products are used in the aerospace, automotive, construction, consumer electronics and oil and gas production end-markets. The segment provides solutions through the following businesses: Industrial Solutions and Energy Solutions. On February 28, 2025, we completed the sale of our flexographic printing plate business, MacDermid Graphics Solutions. 2025 Highlights \u2022Portfolio Optimization - On February 28, 2025, we completed the sale of our flexographic printing plate business, MacDermid Graphics Solutions, for approximately $320 million, net of disposed cash. MacDermid Graphics Solutions was reported within the Specialties segment. The sale resulted in a gain of $66.5 million. \u2022EFC Acquisition - On January 2, 2026, we completed the acquisition of EFC Gases & Advanced Materials, a provider of high-purity specialty gases Item 1. Business Unless the context otherwise indicates or requires, all product names, trade names, trademarks, service marks or logos used in this 2025 Annual Report are part of our intellectual property, although the \u201c\u00ae\u201d and \u201cTM\u201d trademark designations may have been omitted. For financial and other information about our segments and the geographic areas in which we do business, see \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7, \"Financial Statements and Supplementary Data\" in Part II, Item 8, as well as Note 1, \"Background and Basis of Presentation\" and Note 22, \"Segment Information\" to our audited Consolidated Financial Statements, all included in this 2025 Annual Report. Business Overview Element Solutions, incorporated in Delaware in January 2014, is a leading global specialty chemicals technology company whose businesses supply a broad range of solutions that enhance the performance of products people use every day. Developed in multi-step technological processes, these innovative solutions enable customers' manufacturing processes in multiple high-value industries, including consumer electronics, power electronics, semiconductor fabrication, high-performance computing, communications and data storage infrastructure, automotive systems, industrial surface finishing and offshore energy. Our product innovation and product extensions are expected to continue to drive sales growth in both new and existing markets while expanding margins through a consistent focus on increasing customer value propositions. We believe the majority of our businesses hold strong positions in the high-growth markets we serve. Our extensive global teams of specially trained scientists and engineers develop our solutions, and our expert sales and service organizations ensure our customers' needs are met every day. Our customer-centric innovation means we develop technologies to meet the already-identified needs of our cur Item 1A. Risk Factors The following discussion of \"risk factors\" identifies the material factors that may have a material adverse effect on our business, financial condition or results of operations. Potential investors should carefully consider these risks and the other information in this 2025 Annual Report when evaluati", "title": "ESI - Element Solutions Inc", "url": "/company/ESI/" }, { "kind": "company", "summary": "SIC 2511 Wood Household Furniture, (No Upholstered); CIK 0000896156; latest 10-K filed 2025-08-22.", "text": "ETD - ETHAN ALLEN INTERIORS INC SIC 2511 Wood Household Furniture, (No Upholstered); CIK 0000896156; latest 10-K filed 2025-08-22. ETD ETHAN ALLEN INTERIORS INC 0000896156 2511 Wood Household Furniture, (No Upholstered) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is designed to provide a reader of our financial statements with a narrative from the perspective of our management on our financial condition, results of operations, liquidity and certain other factors that may affect our future results. The MD&A is based upon, and should be read in conjunction with Item 7A. Quantitative and Qualitative Disclosures About Market Risks and our Consolidated Financial Statements and related Notes included under Item 8 of this Annual Report on Form 10-K. Executive Overview Who We Are. Founded in 1932, Ethan Allen is a leading interior design company, manufacturer and retailer in the home furnishings marketplace. We are a global luxury home fashion brand that is vertically integrated from product design through home delivery, which offers clients stylish product offerings, artisanal quality and personalized service. We are known for the quality and craftsmanship of our products as well as for the exceptional personal service from design to delivery. We provide complimentary interior design service to our clients and sell a full range of home furnishings through a retail network of design centers located throughout the U.S. and internationally as well as online at ethanallen.com. Ethan Allen design centers represent a mix of locations operated by independent licensees and Company-operated locations. At June 30, 2025, the Company operates 142 retail design centers, 137 located in the U.S. and five in Canada. Our independently operated design centers are located in the U.S., Asia, the Middle East and Europe. During fiscal 2025, we opened four new design centers in Middleton, WI, Toronto, Canada, Peoria, AZ and Watchung, NJ that showcase our unique vision of American style while combining complimentary interior design services with technology. We also own and operate eleven manufacturing facilities, including four manufacturing plants, one sawmill, one rough mill and a kiln dry lumberyard in the U.S., three upholstery manufacturing plants in Mexico and one case goods manufacturing plant in Honduras. Approximately 75% of our furniture is manufactured in our North American plants. In addition, we contract with various suppliers located in Europe, Asia and other various countries to import products that support our business. We executed well throughout the fiscal year as the Company remained focused on five key areas: talent, service, marketing, technology and social responsibility. These areas of focus along with our interior design professionals combining personal service with technology contributed to Ethan Allen recently being named America\u2019s #1 Premium Retailer by Newsweek, for the third year in a row. Our strategic initiatives to further strengthen our talent, introduce new products, run strong marketing campaigns, invest in our North American manufacturing, and maintain our logistics network throughout North America has positioned us well. Business Model. Our vertical integration is a competitive advantage for us. Our North American manufacturing and logistics operations are an integral part of an overall strategy to maximize production efficiencies and maintain this competitive advantage. Our business model is to maintain continued focus on (i) providing relevant product offerings, (ii) capitalizing on the professional and personal service offered to our customers by our interior design professionals, (iii) leveraging the benefits of our vertical integration including a manufacturing presence in North America, (iv) investing in new technologies across key aspects of our vertically integrated business, (v) maintaining a strong logistics network, (vi) communicating our messages with strong marketing campaigns, and (vii) utilizing our website, ethanallen.com, as a key marketing tool to drive traffic ITEM 1. BUSINESS Overview Ethan Allen is a leading interior design company, manufacturer and retailer in the home furnishings marketplace. We are a global luxury home fashion brand that is vertically integrated from product design through home delivery, which offers our customers stylish product offerings, artisanal quality, and personalized service. We are known for the quality and craftsmanship of our products as well as for the exceptional personal service from design to delivery, and for our commitment to social responsibility and sustainable operations. Our strong network of entrepreneurial leaders and interior designers provide complimentary interior design service to our clients and sell a full range of home furnishing products through a retail network of design centers located throughout the United States (\u201cU.S.\u201d) and abroad as well as online at ethanallen.com. Ethan Allen design centers represent a mix of locations operated by independent licensees and Company-operated locations. At June 30, 2025, the Company operates 142 retail design centers with 137 located in the U.S. and five in Canada. Our 45 independently operated design centers are located in the U.S., Asia, the Middle East and Europe. We manufacture approximately 75% of our furniture in our North American manufacturing plants and have been recognized for product quality and craftsmanship since we were founded in 1932. We own and operate eleven manufacturing facilities, including four manufacturing plants, one sawmill, one rough mill and one kiln dry lumberyard in the U.S., three manufacturing plants in Mexico and one manufacturing plant in Honduras. The Company also partners with suppliers located in Europe, Asia, and other countries to produce and import various products that support the business. We regularly update display presentations and floor plans, strengthen the qualifications of our designers through training and certifications and combine technology with personal service in our desig ITEM 1A. RISK FACTORS The following risks could materially and adversely affect our business, financial condition, cash flows, results of operations and the trading price of our common stock could decline. These risk factors do not identify all risks that we face; our operations could also be", "title": "ETD - ETHAN ALLEN INTERIORS INC", "url": "/company/ETD/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001370637; latest 10-K filed 2026-02-19.", "text": "ETSY - ETSY INC SIC 7389 Services-Business Services, NEC; CIK 0001370637; latest 10-K filed 2026-02-19. ETSY ETSY INC 0001370637 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our Consolidated Financial Statements and related notes and other financial information included elsewhere in this Annual Report. This discussion, particularly information with respect to our outlook, key trends and uncertainties, and our plans and strategy for our business, performance, and future success, includes forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report, particularly in Part I, Item 1A, \u201cRisk Factors.\u201d We have omitted discussion of 2023 results and year-to-year comparisons of 2024 and 2023 where it would be redundant to the discussion previously included in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. Overview Business Etsy operates two-sided online marketplaces that connect millions of creative entrepreneurs with buyers around the world. The Etsy marketplace is the global destination for unique, creative goods from independent sellers, connecting artisans with thoughtful consumers seeking items that reflect their tastes and values. We also operate Depop Limited (\u201cDepop\u201d), a leading fashion resale marketplace acquired in 2021. On February 15, 2026 Etsy and eBay Inc. (\u201ceBay\u201d) entered into a Sale and Purchase Agreement (the \u201cPurchase Agreement\u201d) for eBay to purchase Depop, for $1.2 billion in cash, subject to certain adjustments as set forth in the Purchase Agreement. The sale is currently expected to close in the second quarter of 2026, subject to regulatory approval and certain other closing conditions as set forth in the Purchase Agreement. Etsy will continue to own and operate Depop through such time as the transaction is completed, with Depop\u2019s financial results classified as discontinued operations on Etsy\u2019s consolidated financial statements for both current and prior periods beginning in the first quarter of fiscal year 2026. In keeping with our current capital allocation approach, Etsy plans to utilize the proceeds from this transaction for general corporate purposes, continued share repurchases, and investment in the Etsy marketplace. On June 2, 2025, we completed the sale of Reverb Holdings, Inc. (\u201cReverb\u201d), our musical instrument marketplace, and on August 10, 2023, we completed the sale of the parent holding company of Elo7 Servi\u00e7os de Inform\u00e1tica S.A. (\u201cElo7\u201d), a Brazil-based marketplace for handmade and unique items. The results of Reverb, until its sale on June 2, 2025, and Elo7, through its sale on August 10, 2023, are included in all financial results and other metrics discussed in this report, unless otherwise noted. We generate revenue primarily from marketplace activities, including transaction fees (inclusive of offsite advertising), payments processing fees, and listing fees, as well as from optional seller services, which primarily include on-site advertising and shipping labels. Key Operating and Financial Metrics We collect and analyze operating and financial data to evaluate the health and performance of our business and allocate our resources (such as capital, people, and technology investments). We provide Etsy marketplace standalone information in certain instances where particularly relevant. See \u201cNon-GAAP Financial Measures\u201d for more information regarding our use of Adjusted EBITDA, Adjusted EBITDA margin, and free cash flow, and reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure. 52 Table of Contents Our financial measures and key operating metrics are (in thousands, except percentages): [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\",\"\",\"% (Decline) Item 1. Business. Overview Our Mission to Keep Commerce Human \u201cKeep Commerce Human\u201d reflects our belief that creativity and connection set us apart in an increasingly automated world. We see lasting value in businesses that balance people, planet, and profit, and we strive to align our growth strategy with this principle\u2014using our platform to foster entrepreneurship and sustainable economic impact. You can read more about Etsy\u2019s Impact strategy beginning on page 9. About our Company Etsy operates two-sided online marketplaces that connect millions of creative entrepreneurs with buyers around the world. The Etsy marketplace is the global destination for unique, creative goods from independent sellers, connecting artisans with thoughtful consumers seeking items that reflect their tastes and values. We also operate Depop Limited (\u201cDepop\u201d), a leading fashion resale marketplace acquired in 2021. Total consolidated Gross Merchandise Sales (\u201cGMS\u201d) in 2025 was $11,916.9 million. Of this, Etsy marketplace GMS was $10,460.7 million or 87.8% of the total and Depop generated $1,074.9 million (or 9.0% of the total) of GMS. On February 15, 2026, Etsy and eBay Inc. (\u201ceBay\u201d) entered into a Sale and Purchase Agreement (the \u201cPurchase Agreement\u201d) for eBay to purchase Depop, for $1.2 billion in cash, subject to certain adjustments as set forth in the Purchase Agreement. The sale is currently expected to close in the second quarter of 2026, subject to regulatory approval and certain other closing conditions as set forth in the Purchase Agreement. Etsy will continue to own and operate Depop through such time as the transaction is completed, with Depop\u2019s financial results classified as discontinued operations on Etsy\u2019s consolidated financial statements for both current and prior periods beginning in the first quarter of fiscal year 2026. In keeping with our current capital allocation approach, Etsy plans to utilize the proceeds from this transaction for general corporate purposes, Item 1A. Risk Factors. Investing in our securities involves a high degree of risk. You should consider carefully the risks and uncertainties described below, our Consolidated Financial Statements and related notes, and the other information in this Annual Report. If any of these risks actually occur, our business, financial condition, results of operat", "title": "ETSY - ETSY INC", "url": "/company/ETSY/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001559865; latest 10-K filed 2026-03-02.", "text": "EVTC - EVERTEC, Inc. SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001559865; latest 10-K filed 2026-03-02. EVTC EVERTEC, Inc. 0001559865 7374 Services-Computer Processing & Data Preparation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) focuses on discussion of our 2025 results as compared to our 2024 results. For discussion of our 2024 results as compared to our 2023 results, see \u201cPart II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\u201d within our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 3, 2025. See Note 1 to the Audited Consolidated Financial Statements for additional information about the Company and the basis of presentation of our financial statements. You should read the following discussion and analysis in conjunction with the financial statements and related notes appearing elsewhere herein. This MD&A contains forward-looking statements that involve risks and uncertainties. Our actual results may differ from those indicated in the forward-looking statements. See \u201cForward-Looking Statements and Risk Factor Summary\u201d for a discussion of the risks, uncertainties and assumptions associated with these statements. Overview EVERTEC is a leading full-service transaction-processing business and financial technology provider in Latin America, Puerto Rico and the Caribbean, providing a broad range of merchant acquiring, payment services and business solutions. We believe we are one of the largest merchant acquirers in Latin America based on total number of transactions and we also believe we are the largest merchant acquirer in the Caribbean. We serve 26 countries out of 24 offices, including our headquarters in Puerto Rico. We own and operate the ATH network, which we believe is one of the leading debit networks in Latin America. We process over ten billion transactions annually through a system of electronic payment networks in Puerto Rico and Latin America and provide a comprehensive suite of services for core banking, cash processing, fulfillment in Puerto Rico and a \"one stop shop\" set of products for the financial sector in Latin America, which include solutions such as core banking, investments, asset management, pension funds and consortium. Additionally, we offer managed services, managed security services and payment transactions fraud monitoring to all the regions where we do business. We serve a diversified customer base of leading financial institutions, merchants, corporations, and government agencies with \u201cmission-critical\u201d technology solutions that enable them to issue, process and accept transactions securely. We believe our business is well-positioned to continue to expand across the fast-growing Latin America region. We are differentiated, in part, by our diversified business model, which enables us to provide our varied customer base with a broad range of transaction-processing services from a single source across numerous channels and geographic markets. We believe this capability provides several competitive advantages that will enable us to continue to penetrate our existing customer base with complementary new services, gain new customers, develop new sales channels, and enter new markets. We believe these competitive advantages include: \u2022Our ability to provide competitive products; \u2022Our ability to provide in one package a range of services that traditionally had to be sourced from different vendors; \u2022Our ability to serve customers with disparate operations in several geographies with technology solutions that enable them to manage their business as one enterprise; and \u2022Our ability to capture and analyze data across the transaction-processing value chain and use that data to provide value-added services that are differentiated from those offered by pure-play vendors that serve only one portion of the transaction-processing value chain (such as only merchant acquiring or only payment services). Our broad suite of services spans the ent Item 1. Business Except as otherwise indicated or unless the context otherwise requires, (a) the terms \u201cEVERTEC,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cour Company\u201d and \u201cthe Company\u201d refer to EVERTEC, Inc. and its subsidiaries on a consolidated basis and, (b) the term \u201cEVERTEC Group\u201d refers to EVERTEC Group, LLC and its predecessor entities and their subsidiaries on a consolidated basis. EVERTEC Inc.\u2019s subsidiaries include Holdings, EVERTEC Group; EVERTEC Dominicana, SAS; Evertec Chile Holdings SpA; Evertec Chile SpA; Evertec Chile Global SpA; Evertec Chile Servicios Profesionales SpA; Paytrue S.A.; Caleidon; S.A.; Evertec Brasil Solutions Inform\u00e1tica S.A. (\"EVERTEC BR\"); EVERTEC Panam\u00e1, S.A.; EVERTEC Costa Rica, S.A. (\u201cEVERTEC CR\u201d); Zunify Payments Ltda; EVERTEC Guatemala, S.A.; Evertec Colombia, SAS;, EVERTEC USA, LLC; OPG Technology Corp.; Evertec Placetopay, SAS (\"PlacetoPay\"); BBR Chile, SpA and BBR Per\u00fa, S.A.C.,(collectively \"BBR\"); Paysmart Pagamentos Eletronicos Ltda, Issuer Holding Ltda. and Issuer Institui\u00e7\u00e3o de Pagamentos Ltda (collectively \"paySmart\"); EVERTEC M\u00e9xico Servicios de Procesamiento, S.A. de C.V.; Sinqia S.A.,Torq. Inova\u00e7\u00e3o Digital Ltda, Sinqia Tecnologia Ltda., Homie do Brasil Inform\u00e1tica S.A., Rosk Software S.A., Lote 45 Participa\u00e7\u00f5es S.A., and Compliasset S.A. (collectively \"Sinqia\"); Grandata, Inc., Grandata Mexico, S.A. de C.V., Grandata USA, Inc. and Big Data Analytics SA (collectively \"Grandata\"); and Nubity S.R.L., Nubity Inc., Nubity Cloud, S.A.P.I. de C.V. (collectively \"Nubity\") and Tecnobank Tecnologia Banc\u00e1ria S.A. (\u201cTecnobank\u201d). Neither EVERTEC nor EVERTEC Intermediate Holdings, LLC conducts any operations other than with respect to its indirect or direct ownership of EVERTEC Group. Company Overview EVERTEC is a leading full-service transaction-processing business and financial technology provider in Latin America, Puerto Rico and the Caribbean, providing a broad range of merchant acquiring, payment services and business solutions. We believe w Item 1A. Risk Factors Readers should carefully consider, in connection with other information disclosed in this Report, the risks and uncertainties described below. The following discussion sets forth risks that we believe are material to our stockholders and prospective stockholders. The occurrence o", "title": "EVTC - EVERTEC, Inc.", "url": "/company/EVTC/" }, { "kind": "company", "summary": "SIC 3576 Computer Communications Equipment; CIK 0001078271; latest 10-K filed 2025-08-18.", "text": "EXTR - EXTREME NETWORKS INC SIC 3576 Computer Communications Equipment; CIK 0001078271; latest 10-K filed 2025-08-18. EXTR EXTREME NETWORKS INC 0001078271 3576 Computer Communications Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Business Overview The following discussion should be read with the Consolidated Financial Statements and the related notes in Part II, Item 8 of this Annual Report on Form 10-K. The following discussion is based upon our Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K, which have been prepared in accordance with U.S. generally accepted accounting principles. In the course of operating our business, we routinely make decisions as to the timing of the payment of invoices, the collection of receivables, the manufacturing and shipment of products, the fulfillment of orders, the purchase of supplies, and the building of inventory and service parts, among other matters. Each of these decisions has some impact on the financial results for any given period. In making these decisions, we consider various factors including contractual obligations, customer satisfaction, competition, internal and external financial targets and expectations, and financial planning objectives. For further information about our critical accounting policies and estimates, see \u201cCritical Accounting Policies and Estimates\u201d included in this \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations.\u201d Extreme Networks, Inc., together with its subsidiaries (collectively referred to as \u201cExtreme\u201d and as \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d) is a leading provider of cloud networking solutions and industry leading services and support. We were incorporated in California in May 1996 and reincorporated in Delaware in March 1999. Our corporate headquarters are located in Morrisville, North Carolina. We derive a majority of our revenues from the sale of our networking equipment, software subscriptions and services, and related maintenance contracts. Extreme is a leader in AI-powered cloud networking, focused on delivering simple and secure solutions that help businesses address challenges and enable connections among devices, applications, and users. We push the boundaries of technology, leveraging the powers of artificial intelligence, analytics, and automation and have industry leading support services. Tens of thousands of customers globally trust Extreme to drive value, foster innovation, and overcome extreme challenges. Extreme also designs, develops, and manufactures wired, wireless, and SD-WAN infrastructure equipment. Our Extreme Platform ONE solution, announced in December 2024 and made generally available in July 2025, is a technology platform that reduces the complexity for enterprises by seamlessly integrating networking, security and AI solutions into a single platform. AI-powered automation includes conversational, interactive and autonomous AI agents\u2014to assist, advise and accelerate the productivity of networking, security and business teams\u2014designed to reduce the time to complete complex tasks. Our global footprint provides service to some of the world\u2019s leading names in business across verticals such as large sports and entertainment venues, hospitality, retail, transportation and logistics, education, government, healthcare, manufacturing and service providers. We derive all our revenues from the sale of our networking equipment, software subscriptions, and related maintenance contracts. Fiscal Year The Company uses a fiscal calendar year ending on June 30. All references herein to \u201cfiscal 2025\u201d or \u201c2025\"; \u201cfiscal 2024\u201d or \u201c2024\u201d; \u201cfiscal 2023\u201d or \u201c2023\u201d represent the fiscal years ended, respectively. 35 Results of Operations The following is a summary of our results of operations during the fiscal year ended June 30, 2025: \u2022 Net revenues of $1,140.1 million, increased 2.0% from fiscal 2024 net revenues of $1,117.2 million. \u2022 Product revenues of $704.5 million, increased 0.7% from fiscal 2024 product revenues of $699.3 million. \u2022 Subscription and support revenues of $435.6 million, increased 4.2% Item 1. Business Overview Extreme Networks, Inc. (EXTR) (collectively referred to as \u201cExtreme,\u201d \u201cCompany,\u201d and as \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d) is a leader in AI-powered cloud networking, focused on delivering simple and secure solutions that help businesses address challenges and enable connections among devices, applications, and users. We push the boundaries of technology, leveraging the powers of artificial intelligence (\u201cAI\u201d), analytics, and automation and have industry leading support services. Tens of thousands of customers globally trust Extreme to drive value, foster innovation, and overcome extreme challenges. Extreme also designs, develops, and manufactures wired, wireless, and software-defined wide area network (\u201cSD-WAN\u201d) infrastructure equipment. Our Extreme Platform ONETM solution, announced in December 2024 and made generally available in July 2025, is a technology platform that is designed to reduce complexity for enterprises by seamlessly integrating networking, security and AI solutions into a single platform. AI-powered automation includes conversational, interactive and autonomous AI agents\u2014to assist, advise and accelerate the productivity of networking, security and business teams\u2014reducing the time to complete complex tasks. Our global footprint provides service to some of the world\u2019s leading names in business across verticals such as large sports and entertainment venues, hospitality, retail, transportation and logistics, education, government, healthcare, manufacturing and service providers. We derive all our revenues from the sale of our networking equipment, software subscriptions, and related maintenance contracts. Our global headquarters is located at 2121 RDU Center Drive, Suite 300, Morrisville, North Carolina 27560, and our telephone number is (408) 579-2800. We have several corporate offices in the United States and international locations. Our website is www.extremenetworks.com. Industry Background Enterprises across every industry are Item 1A. Risk Factors We face a number of risks and uncertainties which may have a material and adverse effect on our business, operations, industry, financial condition, operating results or future financial performance. While we believe we have identified and discussed below the key risk factors affecting our business, the", "title": "EXTR - EXTREME NETWORKS INC", "url": "/company/EXTR/" }, { "kind": "company", "summary": "SIC 3851 Ophthalmic Goods; CIK 0001710155; latest 10-K filed 2026-03-04.", "text": "EYE - National Vision Holdings, Inc. SIC 3851 Ophthalmic Goods; CIK 0001710155; latest 10-K filed 2026-03-04. EYE National Vision Holdings, Inc. 0001710155 3851 Ophthalmic Goods Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion contains management\u2019s discussion and analysis of our financial condition and results of operations and should be read together with the consolidated financial statements and the related notes thereto included elsewhere in this Form 10-K (this \u201cForm 10-K\u201d). This discussion contains forward-looking statements that reflect our plans, estimates and beliefs and involve numerous risks and uncertainties, including, but not limited to, those described in the \u201cRisk Factors\u201d section included in Part I. Item 1A. in this Form 10-K, as such risk factors may be updated from time to time in our periodic filings with the SEC. Actual results may differ materially from those contained in any forward-looking statements. You should carefully read \u201cSpecial Note Regarding Forward-Looking Statements\u201d in this Form 10-K. We conduct substantially all of our activities through our indirect wholly-owned subsidiary, NVI, and its subsidiaries. We operate on a retail fiscal calendar that results in a given fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to December 31. In a 52-week fiscal year, each quarter contains 13 weeks of operations; in a 53-week fiscal year, each of the first, second and third quarters includes 13 weeks of operations and the fourth quarter includes 14 weeks of operations. References herein to \u201cfiscal year 2025\u201d relate to the 53 weeks ended January 3, 2026, references 42 Table of Contents herein to \u201cfiscal year 2024\u201d relate to the 52 weeks ended December 28, 2024 and references herein to \u201cfiscal year 2023\u201d relate to the 52 weeks ended December 30, 2023. The disclosures contained in this Form 10-K are made only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law. For further information, please see \u201cRisk Factors\u201d and \u201cForward-Looking Statements.\u201d Overview We are one of the largest optical retailers in the United States (\u201cU.S.\u201d) and a leader in the value segment of the U.S. optical retail industry. We believe that vision is central to quality of life and that people deserve to see their best to live their best. Our mission is to help people by making quality eye care and eyewear more affordable and accessible. We achieve this by providing eye exams, eyeglasses and contact lenses to consumers across the nation. Our range of quality product offerings at multiple price points makes us an attractive destination for consumers of all income levels. As of January 3, 2026, our 2025 fiscal year end, we reach our customers through a diverse portfolio of 1,250 retail stores across four brands, our associated omni-channel consumer websites, and our dedicated e-commerce consumer website. Brand and Segment Information As of January 3, 2026, our operations consisted of one reportable segment. During fiscal year 2024, our Walmart store operations, including our former Legacy reportable segment (\u201cLegacy\u201d) and components of our AC Lens operating segment met the requirements to be classified as discontinued operations. \u2022Owned & Host \u2013 As of fiscal year end 2025, our owned brands consisted of 1,057 America\u2019s Best Contacts and Eyeglasses (\u201cAmerica\u2019s Best\u201d) retail stores and 122 Eyeglass World retail stores. In America\u2019s Best stores, vision care services are provided by optometrists employed by us or by independent professional corporations or similar entities. America\u2019s Best stores are primarily located in high-traffic strip centers next to value-focused retailers. Eyeglass World locations offer eye exams, provided by optometrists employed either by us or independent professional corporations or similar entities, and have on-site optical laboratories that enable stores to quickly fulfill many customer orders and make repairs on site. Eyeglass World stor Item 1. Business National Vision Holdings, Inc., a Delaware corporation, and its consolidated subsidiaries are referred to here as \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cthe Company,\u201d or \u201cNational Vision.\u201d National Vision Holdings, Inc. conducts substantially all of its activities through its indirect, wholly-owned subsidiary, National Vision, Inc. (\u201cNVI\u201d), and NVI\u2019s subsidiaries. We operate under one reportable segment, our Owned & Host segment, which includes our two owned brands, America\u2019s Best Contacts and Eyeglasses (\u201cAmerica\u2019s Best\u201d) and Eyeglass World, as well as our Host brands, Vista Optical locations within select Fred Meyer stores and Vista Optical locations on select military bases. See Part II. Item 8. Note 15. \u201cSegment Reporting\u201d for more information. Our Strategy & Transformation We are one of the largest optical retailers in the United States (\u201cU.S.\u201d) and a leader in the value segment of the U.S. optical retail industry. We believe that vision is central to quality of life and that people deserve to see their best to live their best. Our mission is to help people by making quality eye care and eyewear more affordable and accessible. We achieve this by providing eye exams, eyeglasses and contact lenses to consumers across the nation. Our range of quality product offerings at multiple price points makes us an attractive destination for consumers of all income levels. As of January 3, 2026, our 2025 fiscal year end, we reach our customers through a diverse portfolio of 1,250 retail stores across four brands, our associated omni-channel consumer websites, and our dedicated e-commerce consumer website, DiscountContacts.com. Historically, our business model primarily targeted lower-income consumers with a go-to-market strategy focused on merchandise and messaging of the lowest price. We evolved our operating model in light of the impact of Covid to address changing consumer and doctor preferences, including the introduction of cutting edge remote telehealth capabilities Item 1A. Risk Factors You should carefully consider the risks described below and the other information contained in this report and other filings that we make from time to time with the SEC, including our consolidated financial statements and accompanying notes. Any of the following risks could materially adversely affect our busines", "title": "EYE - National Vision Holdings, Inc.", "url": "/company/EYE/" }, { "kind": "company", "summary": "SIC 5900 Retail-Miscellaneous Retail; CIK 0000876523; latest 10-K filed 2025-11-13.", "text": "EZPW - EZCORP INC SIC 5900 Retail-Miscellaneous Retail; CIK 0000876523; latest 10-K filed 2025-11-13. EZPW EZCORP INC 0000876523 5900 Retail-Miscellaneous Retail ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is intended to inform the reader about matters affecting the financial condition and results of operations of EZCORP, Inc. and its subsidiaries (collectively, \u201cwe,\u201d \u201cus\u201d, \u201cour\u201d or the \u201cCompany\u201d) for the two-year period ended September 30, 2025. The following discussion should be read together with our consolidated financial statements and accompanying notes included in \u201cPart II, Item 8 \u2014 Financial Statements and Supplementary Data.\u201d This discussion and analysis contains forward-looking statements, and our actual results could differ materially from those anticipated in these forward-looking statements. See \u201cPart I, Item 1A \u2014 Risk Factors\u201d and \u201cCautionary Statement Regarding Risks and Uncertainties That May Affect Future Results\u201d below. Business Development 2032 Senior Notes In March 2025, we issued $300.0 million aggregate principal amount of the Company\u2019s 7.375% senior notes due 2032 (the \u201c2032 Senior Notes\u201d), for which $300.0 million remains outstanding as of September 30, 2025. See Note 8 of Notes to the Consolidated Financial Statements included in \u201cPart II, Item 8 - Financial Statements and Supplementary Data\u201d of this Report for further discussion. 2025 Convertible Notes During April 2025, holders converted approximately $97.0 million in principal amount of the 2025 Convertible Notes into approximately 6.1 million shares of our Class A common stock, with payments of cash in lieu of any fractional shares. On May 1, 2025, we repaid the remaining principal balance of $6.4 million with cash. See Note 8 of Notes to the Consolidated Financial Statements included in \u201cPart II, Item 8 - Financial Statements and Supplementary Data\u201d of this Report for further discussion. Acquisitions In fiscal 2025, we closed on the acquisition of 47 stores across 13 states in Mexico. The stores, operating under the names \u201cMonte Providencia\u201d and \u201cTu Empe\u00f1o Efectivo\u201d offer traditional pawn loans, as well as auto pawn transactions, some of which are in standalone auto pawn stores. Additionally, we acquired 4 stores located in the U.S. during fiscal 2025. See Note 3 of Notes to Consolidated Financial Statements included in \u201cPart II, Item 8 - Financial Statements and Supplementary Data\u201d for further discussion of the Mexico acquisition. Share Repurchase Program On November 11, 2025, the Board of Directors (\u201cBoard\u201d) approved a new share repurchase program which will replace the previous program that expired on May 3, 2025. See Note 9: Common Stock And Stock Compensation of Notes to Consolidated Financial Statements included in \u201cPart II, Item 8 \u2014 Financial Statements and Supplemental Data\u201d. Under the new program, we are authorized to repurchase up to $50 million of our Class A Non-Voting common shares over the next three years. Execution of the program will be responsive to fluctuating market conditions and valuations, liquidity needs and the expected return on investment compared to other opportunities. The amount and timing of purchases will be dependent on a variety of factors, including stock price, trading volume, general market conditions, legal and regulatory requirements, general business conditions, the level of cash flows, and corporate considerations determined by management and the Board, such as liquidity and capital needs and the availability of attractive alternative investment opportunities. The Board of Directors has reserved the right to modify, suspend or terminate the program at any time. Results of Operations Non-GAAP Financial Information To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we provide certain other non-GAAP financial information on a constant currency basis (\u201cconstant currency\u201d) and \u201csame-store\u201d basis. We use constant currency results to evaluate our Latin America Pawn o ITEM 1. BUSINESS Purpose, Vision and Strategy EZCORP, Inc. is a leading provider of pawn services in the United States (\u201cU.S.\u201d) and Latin America with 1,360 locations and approximately 8,500 Team Members. We are a Delaware corporation headquartered in Austin, Texas. Our purpose statement: \u201cWe exist to serve our customers\u2019 short-term cash and pre-owned retail needs, helping them to live and enjoy their lives. We are driven by a diverse team with a passion for pawn who are motivated to be their best \u2014 because our customers, families, stakeholders, and the communities and environment in which we live deserve it.\u201d This purpose is supported by a customer-centric strategy that includes the following: \u2022Providing fast, easy and simple access to cash; \u2022Serving our customers in a friendly and respectful way; \u2022Always being competitive and fair; \u2022Passionately serving customer needs; \u2022Building enduring relationships; and \u2022Recognizing and rewarding customer loyalty. That strategy consists of three fundamental pillars: \u2022Strengthen the Core \u2014 Relentless focus on superior execution and operational excellence in our pawn business. \u2022Cost Efficiency and Simplification \u2014 Shape a culture of cost efficiency through ongoing focus on simplification and optimization. \u2022Innovate and Grow \u2014 Broaden customer engagement to serve more customers more frequently in more locations. And we rely on four foundational capabilities to execute our strategy and achieve our purpose: \u2022Team Members \u2014 We enable diverse, engaged and tenured teams with a true passion for pawnbroking. \u2022IT and Data Modernization \u2014 We modernize our IT and data assets to capitalize on growth opportunities and create greater value at every customer interaction. \u2022Risk Management and Building a Culture of Compliance \u2014 We are continually focused on strengthening our capabilities to manage operational, financial, regulatory, compliance, information security and reputational risk. \u2022Sustainability \u2014 We prioritize develo ITEM 1A. RISK FACTORS There are many risks and uncertainties that may affect our operations, performance, development and results. Many of these risks are beyond our control. The following is a description of the important risk factors that may affect our business. If any of these risks were to occur, our business, financial condition or results of operations could be ", "title": "EZPW - EZCORP INC", "url": "/company/EZPW/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001649749; latest 10-K filed 2026-02-26.", "text": "FBK - FB Financial Corp SIC 6022 State Commercial Banks; CIK 0001649749; latest 10-K filed 2026-02-26. FBK FB Financial Corp 0001649749 6022 State Commercial Banks ITEM 7 \u2014 Management's Discussion and Analysis of Financial Condition and Results of Operations Overall Objective The following is a discussion of our financial condition at December 31, 2025 and 2024, and our results of operations for the years ended December 31, 2025 and 2024, and should be read in conjunction with our audited consolidated financial statements included elsewhere herein. The purpose of this discussion is to focus on information about our financial condition and results of operations which is not otherwise apparent from our consolidated financial statements. This discussion and analysis contains forward-looking statements that are subject to certain risks and uncertainties and are based on certain assumptions that we believe are reasonable but may prove to be inaccurate. Certain risks, uncertainties and other factors, including those set forth in the \u201cCautionary note regarding forward-looking statements\u201d and \u201cRisk Factors\u201d sections of this Annual Report, may cause actual results to differ materially from those projected results discussed in the forward-looking statements appearing in this discussion and analysis. We assume no obligation to update any of these forward-looking statements. Discussion and analysis of our financial condition and results of operations for the years ended December 31, 2024 and 2023 are included in the respective sections within \u201cItem 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report filed on Form 10-K with the SEC for the year ended December 31, 2024. Overview We are a financial holding company headquartered in Nashville, Tennessee. We operate primarily through our wholly-owned subsidiary bank, FirstBank, and its subsidiaries. FirstBank provides a comprehensive suite of commercial and consumer banking services to clients in select markets in Tennessee, Alabama, Kentucky, Georgia and North Carolina. As of December 31, 2025, our footprint included 90 full-service branches serving markets across Tennessee, including Nashville, Chattanooga, Knoxville, Memphis, and Jackson in addition to Bowling Green, Kentucky, Columbus and Newnan, Georgia and Birmingham, Anniston, Huntsville, and Auburn, Alabama. Additionally, our banking services extend to community markets throughout our footprint. FirstBank also provides retail mortgage banking services utilizing its bank branch network and mortgage banking offices strategically located throughout the southeastern United States. As of December 31, 2025, we had total assets of $16.30 billion, loans held for investment of $12.38 billion, total deposits of $13.91 billion, and total shareholders\u2019 equity of $1.95 billion. We operate through two segments, Banking and Mortgage. We generate most of our revenue in our Banking segment from interest on loans and investments, loan-related fees, trust and investment services and deposit-related fees. Our primary source of funding for our loans is customer deposits, however we have other sources of funds including unsecured credit lines, brokered CDs, and other borrowings. We generate most of our revenue in our Mortgage segment from origination fees and gains on sales in the secondary mortgage loan market, as well as from mortgage servicing revenues. Developments in 2025 Mergers and acquisitions Southern States Bancshares, Inc. On July 1, 2025, the Company completed its merger with Southern States Bancshares, Inc. and its wholly-owned subsidiary, Southern States Bank, with FB Financial Corporation continuing as the surviving entity. This merger strengthens the Company\u2019s presence in existing markets, such as Birmingham and Huntsville, Alabama, while expanding the Company\u2019s footprint further into Alabama and Georgia. The Company acquired total assets of $2.83 billion, total loans of $2.27 billion and assumed total deposits of $2.47 billion. Under the terms of the agreement, each outstanding share of Southern States common stock was converted into ITEM 1A - Risk Factors Our operations and financial results are subject to various risks and uncertainties, including, but not limited to, the material risks described below. Many of these risks are beyond our control although efforts are made to manage and mitigate those risks while simultaneously optimizing operational and financial results. The occurrence of any of the following risks, as well as risks of which we are currently unaware or currently deem immaterial, could materially and adversely affect our assets, business, cash flows, condition (financial or otherwise), liquidity, prospects, results of operations and the trading price of our common stock. It is impossible to predict or identify all such factors and, as a result, you should not consider the following factors to be a complete discussion of the risks, uncertainties and assumptions that could materially and adversely affect our assets, business, cash flows, condition (financial or otherwise), liquidity, prospects, results of operations and the trading price of our common stock. In addition, certain statements in the following risk factors constitute forward-looking statements. Please refer to the section entitled \u201cCautionary note regarding forward-looking statements\u201d included in this Annual Report. CREDIT AND LOAN RISK The majority of our assets are loans, which if not repaid would result in losses to the Bank. Making any loan involves various risks, including risks inherent in dealing with individual borrowers, risks of nonpayment, risks resulting from uncertainties as to the future value of collateral and cash flows available to service debt, and risks resulting from changes in economic and market conditions. Our credit risk approval and monitoring procedures may fail to identify or reduce these credit risks, and they cannot completely eliminate all credit risks related to our loan portfolio. If the overall economic climate, including employment rates, real estate markets, interest rates and", "title": "FBK - FB Financial Corp", "url": "/company/FBK/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000811589; latest 10-K filed 2026-02-25.", "text": "FBNC - FIRST BANCORP /NC/ SIC 6022 State Commercial Banks; CIK 0000811589; latest 10-K filed 2026-02-25. FBNC FIRST BANCORP /NC/ 0000811589 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Results of Operations and Financial Condition This MD&A is intended to assist readers in understanding our results of operations and changes in financial position for the past three years. It should be read in conjunction with the consolidated financial statements and accompanying notes included in Item 8 of this Report. This discussion may contain forward-looking statements that involve risks and uncertainties. Our actual results could differ significantly from those anticipated in forward-looking statements as a result of various factors. Overview and 2025 Highlights The Company is a bank holding company headquartered in Southern Pines, North Carolina. We provide diversified financial services primarily though the Bank, our principal subsidiary, including commercial and consumer banking services, mortgage lending, SBA lending, accounts receivable financing, and investment advisory services. As of December 31, 2025, the Bank had 113 branches in North Carolina and South Carolina and 1,353 full-time equivalent employees. We have grown organically as well as through strategic acquisitions as discussed previously in \"Recent Developments and Acquisitions\". 2025 Financial Highlights: \u2022Return on average assets was 0.89% for the year ended December 31, 2025, as compared to 0.63% for the prior year. Return on average common equity was 7.16% for the year ended December 31, 2025, as compared to 5.38% for the prior year. As discussed below, the returns for 2025 and 2024 were impacted by securities loss transactions as well as Hurricane Helene provisions. \u2022Total assets at December 31, 2025 were $12.7 billion, a 4.3% increase from a year earlier. \u2022Total loans outstanding expanded by $0.6 billion, or 7.8%, during the year. Loans totaled $8.7 billion at December 31, 2025. \u2022Credit quality continued to be strong with the NPA to total assets ratio at 0.30% as of December 31, 2025, consistent with December 31, 2024. Net charge offs as a percentage of average loans were 0.10% for 2025, as compared to 0.07% for the prior year. \u2022Capital remained strong with a total CET1 ratio of 14.10%, down from 14.35% for the prior year, and total risk-based capital ratio of 16.12% as of December 31, 2025, a decrease from 16.63% for the prior year. The decrease during 2025 in risk-based capital ratios was driven by loan growth, which carries a higher risk weight than short term investments, along with the repayment of $18.0 million of subordinated debt. \u2022Net income was $111.0 million, or $2.68 diluted EPS, for 2025 compared to net income of $76.2 million, or $1.84 diluted EPS, for 2024. As noted below, 2025 results were impacted by $71.6 million of securities loss from transactions that took place during the third and fourth quarter of 2025 and the $11.1 million reversal of provision related to Hurricane Helene throughout the year. See the following for discussion of changes to net income: \u2022Net interest income for 2025 increased $66.0 million, or 19.9%, driven by increased interest income and lower interest expense. The NIM was 3.40% for 2025, an increase of 51 basis points from the prior year. \u2022Total interest income increased $38.0 million in 2025 as compared to 2024, driven by higher interest income on loans of $21.1 million related to a combination of higher volumes of average balances and increased yields. Interest income on securities increased $20.5 million, primarily the result of increased yields driven by the securities loss-earnback transactions in late 2024 and the second half of 2025. \u2022Interest income on other interest-earning assets, primarily overnight funds, decreased $3.7 million, primarily the result of lower volumes along with the decrease in the federal funds rate. \u2022The 2025 decrease in interest expense of $28.0 million was driven by lower money market rates in late 2025, which resulted in repricing of our deposits and a corresponding $19.6 million decrease in 31 Table of Contents Item 1. Business General Description The Company is the fourth largest commercial bank holding company headquartered in North Carolina. At December 31, 2025, the Company had total consolidated assets of $12.7 billion, total loans of $8.7 billion, total deposits of $10.7 billion, and shareholders\u2019 equity of $1.7 billion. Our principal activity is the ownership and operation of the Bank, a state-chartered bank with its headquarters in Southern Pines, North Carolina, through which we engage in a full range of banking activities. Our principal executive offices are located at 205 SE Broad St., Southern Pines, North Carolina 28387, and our telephone number is (910) 246-2500. The Company was incorporated in North Carolina on December 8, 1983 for the purpose of acquiring 100% of the outstanding common stock of the Bank through a stock-for-stock exchange. The Bank began banking operations in 1935 as the Bank of Montgomery, named for the county in which it originally operated. In 1985, its name was changed to First Bank and in September 2013, the Company and the Bank moved their headquarters and main offices to Southern Pines, North Carolina. As of December 31, 2025, the Bank had two wholly-owned subsidiaries, Magnolia Financial and First Troy SPE, LLC. Magnolia Financial is a business financing company that offers accounts receivable financing and factoring, inventory financing, and purchase order financing throughout the southeastern United States. First Troy SPE, LLC is a holding entity for certain foreclosed real estate. SBA Complete, which was in the process of dissolution as of December 31, 2024, was formerly a subsidiary of the Bank and specialized in providing consulting services for financial institutions across the country related to SBA loan origination and servicing. The Company is the parent of a series of statutory business trusts organized for the purpose of issuing trust preferred debt securities that qualify as regulatory capital. For purposes of the di Item 1A. Risk Factors In addition to other information contained in this Report that may affect us, the risk factors summarized below, as well as any cautionary language in this Report, provide examples of the most significant risks, uncertainties, and events that could have a material adverse effect on our business, including our operating results a", "title": "FBNC - FIRST BANCORP /NC/", "url": "/company/FBNC/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001057706; latest 10-K filed 2026-02-27.", "text": "FBP - FIRST BANCORP /PR/ SIC 6022 State Commercial Banks; CIK 0001057706; latest 10-K filed 2026-02-27. FBP FIRST BANCORP /PR/ 0001057706 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (\u201cMD&A\u201d) The following MD&A relates to the accompanying audited consolidated financial statements of First BanCorp. (the \u201cCorporation,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or \u201cFirst BanCorp.\u201d) and should be read in conjunction with such financial statements and the notes thereto. This section also presents certain financial measures that are not based on generally accepted accounting principles in the United States of America (\u201cGAAP\u201d). See \u201cNon-GAAP Financial Measures and Reconciliations\u201d below for information about why non-GAAP financial measures are presented, reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures, and references to non-GAAP financial measures reconciliations presented in other sections. The detailed financial discussion that follows focuses on 2025 results compared to 2024. For a discussion of 2024 results compared to 2023, see Part I, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in the Corporation\u2019s Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 28, 2025. In this discussion and analysis of our financial condition and results of operations, we have included information that may constitute \u201cforward-looking statements\u201d within the meaning of the safe harbor provisions of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside our control. By identifying these statements for you in this manner, we are alerting you to the possibility that our actual results, financial condition, liquidity and capital actions may differ materially from the anticipated results, financial condition, liquidity and capital actions in these forward-looking statements. Important factors that could cause our results, financial condition, liquidity and capital actions to differ from those in these statements include, among others, those described in \u201cRisk Factors\u201d in Part I, Item 1A of this Form 10-K. EXECUTIVE SUMMARY First BanCorp. is a diversified financial holding company headquartered in San Juan, Puerto Rico offering a full range of financial products to consumers and commercial customers through various subsidiaries. First BanCorp. is the holding company of FirstBank Puerto Rico (\u201cFirstBank\u201d or the \u201cBank\u201d) and FirstBank Insurance Agency. Through its wholly -owned subsidiaries, the Corporation operates in Puerto Rico, the United States Virgin Islands (\u201cUSVI\u201d), the British Virgin Islands (\u201cBVI\u201d), and the state of Florida, concentrating on commercial banking, residential mortgage loans, credit cards, personal loans, small loans, auto loans and leases, and insurance agency activities. Significant Events Economy and Market Update Economic conditions in Puerto Rico remained generally stable during 2025. The unemployment rate decreased from 5.63% in 2024 to 5.56% in 2025, remaining near historic lows and reflecting a resilient labor market with steady labor force participation. In the broader U.S. economy, momentum moderated during the second half of 2025 following a strong first half. Labor market indicators softened but remained orderly, with slower hiring activity and a modest increase in unemployment. The U.S. unemployment rate stood at 4.3% in January, unchanged from August 2025, underscoring a transition toward a more balanced labor market rather than a deterioration in employment conditions. In response to these trends, Business GENERAL First BanCorp. is a publicly owned financial holding company that is subject to regulation, supervision and examination by the Federal Reserve Board. The Corporation was incorporated under the laws of the Commonwealth of Puerto Rico in 1948 to serve as the bank holding company for FirstBank. Through its subsidiaries, including FirstBank, the Corporation provides full-service commercial and consumer banking services, mortgage banking services, automobile financing, insurance agency services, and other financial products and services in Puerto Rico, the U.S., the USVI and the BVI. As of December 31, 2025, the Corporation had total assets of $19.1 billion, including loans held for investment of $13.1 billion, total deposits of $16.7 billion, and total stockholders\u2019 equity of $2.0 billion. The Corporation has two wholly-owned subsidiaries: FirstBank and FirstBank Insurance Agency, Inc. (\u201cFirstBank Insurance Agency\u201d). FirstBank is a Puerto Rico-chartered commercial bank, and FirstBank Insurance Agency is a Puerto Rico-chartered insurance agency. FirstBank is subject to the supervision, examination and regulation of both the Office of the Commissioner of Financial Institutions of Puerto Rico (\u201cOCIF\u201d) and the FDIC. Deposits are insured through the FDIC Deposit Insurance Fund (the \u201cDIF\u201d). In addition, within FirstBank, the Bank\u2019s USVI operations are subject to regulation and examination by the USVI Division of Banking Insurance, and Financial Regulation; its BVI operations are subject to regulation by the BVI Financial Services Commission; and its operations in the state of Florida are subject to regulation and examination by the Florida Office of Financial Regulation. The Consumer Financial Protection Bureau (\u201cCFPB\u201d) regulates FirstBank\u2019s consumer financial products and services. FirstBank Insurance Age", "title": "FBP - FIRST BANCORP /PR/", "url": "/company/FBP/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001562528; latest 10-K filed 2026-02-25.", "text": "FBRT - Franklin BSP Realty Trust, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001562528; latest 10-K filed 2026-02-25. FBRT Franklin BSP Realty Trust, Inc. 0001562528 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the accompanying financial statements of Franklin BSP Realty Trust, Inc. the notes thereto and other financial information included elsewhere in this Annual Report on Form 10-K. As used herein, the terms \"the Company,\" \"we,\" \"our\" and \"us\" refer to Franklin BSP Realty Trust, Inc., a Maryland corporation and, as required by context, to FBRT OP LLC, a Delaware limited liability company, which we refer to as the \"OP,\" and to its subsidiaries. We are externally managed by Benefit Street Partners L.L.C. (our \"Advisor\"). This discussion contains forward-looking statements reflecting the Company\u2019s current expectations, estimates and assumptions concerning events and financial trends that may affect our future operating results or financial position. Actual results and timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in the sections of this Annual Report on Form 10-K entitled \u201cRisk Factors\u201d and \u201cForward-Looking Statements.\u201d Overview The Company is a Maryland corporation and has made tax elections to be treated as a real estate investment trust (\"REIT\") for U.S. federal income tax purposes since 2013. Substantially all of our business is conducted through the OP, a Delaware limited liability company. We are the managing member of the OP and directly or indirectly held 91% of the common units of membership interests in the OP as of December 31, 2025. The Company\u2019s operations are organized into two business units: (i) Commercial Real Estate Financing, and (ii) Agency Business. The Commercial Real Estate Financing unit primarily focuses on originating, acquiring and asset managing commercial real estate debt investments, including first mortgage loans, subordinated mortgage loans, mezzanine loans and participations in such loans. Secondarily, this unit also invests in and asset manages real estate securities, with a historical focus on commercial mortgage-backed securities (\"CMBS\"), commercial real estate collateralized loan obligation bonds and single asset single borrower bonds (collectively \"CMBS bonds\"), collateralized debt obligations (\"CDOs\") and other securities. Through this unit the Company also originates conduit loans which the Company intends to sell through its TRS into CMBS securitization transactions, and owns real estate that was either acquired by the Company through foreclosure, deed-in-lieu of foreclosure or that was purchased for investment. On July 1, 2025, through a wholly owned subsidiary, we acquired NewPoint Holdings JV LLC (\u201cNewPoint\u201d), which now comprises our Agency Business unit. Through this unit, we originate, sell and service a range of multifamily finance products under programs offered by government-sponsored enterprises (\u201cGSEs\u201d), such as the Federal National Mortgage Association (\u201cFannie Mae\u201d) and Federal Home Loan Mortgage Corporation (\u201cFreddie Mac\u201d) and by government agencies (\u201cAgencies\u201d), such as the Government National Mortgage Association (\u201cGinnie Mae\u201d) and the Federal Housing Administration, a division of the U.S. Department of Housing and Urban Development (together with Ginnie Mae, \u201cHUD\u201d). We retain the servicing rights and asset management responsibilities on substantially all loans we originate and sell under the GSE and HUD programs. We are an approved Fannie Mae Delegated Underwriting and Servicing (\u201cDUS\u201d) lender, a Freddie Mac Program Plus Seller/Servicer, a Multifamily Accelerated Processing (\u201cMAP\u201d) and Section 232 LEAN lender for HUD and a Ginnie Mae issuer. Additionally, the Company services external portfolios of commercial real estate financing products. We are managed by the Advisor pursuant to an advisory agreement, as amended on August 18, 2021 (the \"Advisory Agreement\"). The Advisor manages our affairs on a day-t Item 1. Business Franklin BSP Realty Trust, Inc. (the \u201cCompany\u201d), is a real estate finance company, formed as a Maryland corporation, that has elected to be treated as a real estate investment trust (\u201cREIT\u201d) for U.S. federal income tax purposes since 2013. Substantially all of the Company\u2019s business is conducted through FBRT OP LLC, a Delaware limited liability company (the \u201cOP\u201d) and to its subsidiaries. The Company is the managing member of the OP and directly or indirectly held 91% of the common units of membership interests in the OP as of December 31, 2025. As discussed in more detail below, the Company\u2019s operations are organized into two business units: (i) Commercial Real Estate Financing, and (ii) Agency Business. On July 1, 2025, through a wholly owned subsidiary, the Company acquired NewPoint Holdings JV LLC (\u201cNewPoint\u201d), which now comprises the Company\u2019s Agency Business unit. The Company is externally managed by Benefit Street Partners L.L.C. (the \u201cAdvisor\u201d) pursuant to an advisory agreement, as amended on August 18, 2021 (the \u201cAdvisory Agreement\u201d). The Advisor manages our affairs on a day-to-day basis. The Advisor receives compensation and fees for services related to the investment and management of our assets and our operations. Established in 2008, the Advisor's credit platform manages funds for institutions and high-net-worth investors across various credit funds and complementary strategies including high yield, levered loans, private/opportunistic debt, liquid credit, structured credit and commercial real estate debt. These strategies complement each other as they all leverage the sourcing, analytical, compliance, and operational capabilities that encompass the platform. The Advisor is a wholly-owned subsidiary of Franklin Resources, Inc., which together with its various subsidiaries operates as \u201cFranklin Templeton.\u201d As of December 31, 2025, we had 223 employees, all of which are employees of NewPoint. Investment Objectives Our objective is to Item 1A. Risk Factors Risk Related to Our Financing Strategy We have a significant amount of indebtedness and may need to incur more in the future. We have substantial indebtedness. In connection with executing our business strategies, we expect to evaluate the possibility of originating, funding, and a", "title": "FBRT - Franklin BSP Realty Trust, Inc.", "url": "/company/FBRT/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000712537; latest 10-K filed 2026-03-02.", "text": "FCF - FIRST COMMONWEALTH FINANCIAL CORP /PA/ SIC 6021 National Commercial Banks; CIK 0000712537; latest 10-K filed 2026-03-02. FCF FIRST COMMONWEALTH FINANCIAL CORP /PA/ 0000712537 6021 National Commercial Banks ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis represents an overview of the financial condition and the results of operations of First Commonwealth and its subsidiaries, as of and for the years ended December 31, 2025, and 2024. The purpose of this discussion is to focus on information concerning our financial condition and results of operations that is not readily apparent from the Consolidated Financial Statements. In order to obtain a more thorough understanding of this discussion, you should refer to the Consolidated Financial Statements, the notes thereto and to other financial information presented in this Annual Report. Refer to Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K filed with the SEC on March 2, 2026 for a discussion and analysis of the factors that affected periods prior to 2025. Company Overview First Commonwealth provides a diversified array of consumer and commercial banking services through our bank subsidiary, FCB. We also provide trust and wealth management services through FCB and insurance products through FCIA. At December 31, 2025, FCB operated 126 community banking offices throughout Pennsylvania and Ohio, as well as Business Centers in Canfield, Canton, Hudson, Independence and Lewis Center, Ohio and Pittsburgh and Berwyn, Pennsylvania. Our consumer services include internet, mobile and telephone banking, an automated teller machine network, personal checking accounts, interest-earning checking accounts, savings accounts, health savings accounts, insured money market accounts, debit cards, investment certificates, fixed and variable rate certificates of deposit, mortgage loans, secured and unsecured installment loans, construction and real estate loans, safe deposit facilities, credit cards, credit lines with overdraft checking protection and IRA accounts. Commercial banking services include commercial lending and leasing, small and high-volume business checking accounts, on-line account management services, ACH origination, payroll direct deposit, commercial cash management services and repurchase agreements. We also provide trust and asset management services and a full complement of auto, home and business insurance as well as term life insurance. We offer annuities, mutual funds and stock and bond brokerage services through an arrangement with a broker-dealer and insurance brokers. Most of our commercial customers are small and mid-sized businesses in Pennsylvania and Ohio. As a financial institution with a focus on traditional banking activities, we earn the majority of our revenue through net interest income, which is the difference between interest earned on loans and investments and interest paid on deposits and borrowings. Growth in net interest income is dependent upon balance sheet growth and maintaining or increasing our net interest margin, which is net interest income (on a fully taxable-equivalent basis) as a percentage of our average interest-earning assets. We also generate revenue through fees earned on various services and products that we offer to our customers and through sales of assets, such as loans, investments or properties. These revenue sources are offset by provisions for credit losses on loans, operating expenses and income taxes. General economic conditions also affect our business by impacting our customers\u2019 need for financing, thus affecting loan growth, as well as impacting the credit strength of existing and potential borrowers. Critical Accounting Policies and Significant Accounting Estimates First Commonwealth\u2019s accounting and reporting policies conform to accounting principles generally accepted in the United States of America (\u201cGAAP\u201d) and predominant practice in the banking industry. The preparation of financial statements in accordance with GAAP requires management to make estimates ITEM 1. Business Overview First Commonwealth Financial Corporation (\u201cFirst Commonwealth,\u201d the \u201cCompany\u201d or \u201cwe\u201d) is a financial holding company headquartered in Indiana, Pennsylvania. First Commonwealth's operating subsidiaries include First Commonwealth Bank (\"FCB\" or the \"Bank\"), First Commonwealth Insurance Agency, Inc. (\"FCIA\") and FRAMAL. We provide a diversified array of consumer and commercial banking services through our bank subsidiary, FCB. We also provide trust and wealth management services through FCB and offer insurance products through FCIA. At December 31, 2025, we had total assets of $12.3 billion, total loans of $9.8 billion, total deposits of $10.3 billion and shareholders\u2019 equity of $1.6 billion. Our principal executive office is located at 601 Philadelphia Street, Indiana, Pennsylvania 15701, and our telephone number is (724) 349-7220. FCB is a Pennsylvania bank and trust company. At December 31, 2025, the Bank operated 126 community banking offices in 30 counties throughout western and central Pennsylvania and throughout Ohio, as well as commercial lending operations in Business Centers in Canfield, Canton, Hudson, Independence and Lewis Center, Ohio and Pittsburgh and Berwyn Pennsylvania. The Bank also operates a network of 132 automated teller machines, or ATMs, at various branch offices and offsite locations. All of our ATMs are part of the NYCE and MasterCard/Cirrus networks, both of which operate nationwide. The Bank is also a member of the Allpoint ATM network, which allows surcharge-free access to over 55,000 ATMs and the \u201cFreedom ATM Alliance,\u201d which affords cardholders surcharge-free access to a network of over 350 ATMs in over 50 counties in Pennsylvania, Maryland, New York, and Ohio. Historical and Recent Developments FCB began in 1934 as First National Bank of Indiana. First National Bank of Indiana changed its name to National Bank of the Commonwealth in 1971 and became a subsidiary of First Commonwealth in 1983. Since the ITEM 1A. Risk Factors An investment in our common stock is subject to risks inherent to our business. The material risks and uncertainties that management believes affect us are described below. Before making an investment decision, you should carefully consider the risks and uncertainties described below", "title": "FCF - FIRST COMMONWEALTH FINANCIAL CORP /PA/", "url": "/company/FCF/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001650132; latest 10-K filed 2026-02-12.", "text": "FCPT - Four Corners Property Trust, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001650132; latest 10-K filed 2026-02-12. FCPT Four Corners Property Trust, Inc. 0001650132 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Statements contained in this Annual Report on Form 10-K, including the documents that are incorporated by reference, that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d) and Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d). Also, when Four Corners Property Trust, Inc. uses any of the words \u201canticipate,\u201d \u201cassume,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d or similar expressions, Four Corners Property Trust, Inc. is making forward-looking statements. Although management believes that the expectations reflected in such forward-looking statements are based upon present expectations and reasonable assumptions, actual results could differ materially from those set forth in the forward-looking statements. Certain factors that could cause actual results or events to differ materially from those anticipated or projected are described in the section entitled \u201cRisk Factors\u201d. These factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission. Given these uncertainties, readers are cautioned not to place undue reliance on such statements, which speak only as of the date of this Annual Report on Form 10-K or any document incorporated herein by reference. Four Corners Property Trust, Inc. undertakes no obligation to publicly release any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this Annual Report on Form 10-K. Any references to \u201cFCPT,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d refer to Four Corners Property Trust, Inc. as an independent, publicly traded, self-administered company. Overview We are a Maryland corporation and a real estate investment trust (\u201cREIT\u201d) which owns, acquires and leases properties for use in the restaurant and retail industries. Substantially all of our business is conducted through Four Corners Operating Partnership, LP (\u201cFCPT OP\u201d), a Delaware limited partnership of which we are a majority limited partner and our wholly owned subsidiary, Four Corners GP, LLC (\u201cFCPT GP\u201d), is its sole general partner. We believe that we have operated in conformity with the requirements for qualification and taxation as a REIT for the taxable year ended December 31, 2025, and we intend to continue to operate in a manner that will enable us to maintain our qualification as a REIT. Our revenues are primarily generated by leasing properties to tenants through net lease arrangements under which the tenants are primarily responsible for ongoing costs relating to the properties, including utilities, property taxes, insurance, common area maintenance charges, and maintenance and repair costs. We focus on income producing properties leased to high quality tenants in major markets across the United States. We also generate revenues by operating seven LongHorn Steakhouse restaurants located in the San Antonio, Texas area (the \u201cKerrow Restaurant Operating Business\u201d) pursuant to franchise agreements with Darden. In addition to managing our existing properties, our strategy includes investing in additional restaurant and retail properties to grow and diversify our existing portfolio. We expect this acquisition strategy will decrease our reliance on Darden over time. We intend to purchase properties that are well located, occupied by durable concepts, with creditworthy tenants whose operating cash flows are expected to meaningfully exceed their lease payments to us. We seek to improve the probability of successful tenant renewal at the end of initial lease terms by acquiring properties that have high levels of operator profitability compared to rent payments and have absolute rent levels that generally reflect market rates. In 2025, FCPT engaged in various real estate transactions for a total inv Item 1. Business. Unless the context indicates otherwise, all references to \u201cFCPT,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d include Four Corners Property Trust, Inc. and all of its consolidated subsidiaries. History The Company was incorporated in Maryland in July 2015. The Company was formed as a wholly owned subsidiary of Darden Restaurants, Inc. (\"Darden\") and became an independent publicly traded company four months later following the completion of its separation from Darden in November 2015. Business Overview We are a real estate investment trust (\u201cREIT\u201d) which owns, acquires and leases properties for use in the restaurant and retail industries. Substantially all of our business is conducted through Four Corners Operating Partnership, LP (\u201cFCPT OP\u201d), a Delaware limited partnership of which we are a majority limited partner and our wholly owned subsidiary, Four Corners GP, LLC (\u201cFCPT GP\u201d), is its sole general partner. We believe that we have operated in conformity with the requirements for qualification and taxation as a REIT for the taxable year ended December 31, 2025, and we intend to continue to operate in a manner that will enable us to maintain our qualification as a REIT. Our revenues are primarily generated by leasing properties to tenants through net lease arrangements under which the tenants are primarily responsible for ongoing costs relating to the properties, including utilities, property taxes, insurance, common area maintenance charges, and maintenance and repair costs. We focus on income producing properties leased to high quality tenants in major markets across the United States. We also generate revenues by operating the Kerrow Restaurant Operating Business pursuant to franchise agreements with Darden. In addition to managing our existing properties, our strategy includes investing in additional restaurant and retail properties to grow and diversify our existing portfolio. We expect this acquisition strategy will decrease our reliance on Dar Item 1A. Risk Factors. Various risks and uncertainties could affect our business. Any of the risks described below or elsewhere in this report or our other filings with the SEC could have a material impact on our business, financial condition or results of operations. It is not possible to predict o", "title": "FCPT - Four Corners Property Trust, Inc.", "url": "/company/FCPT/" }, { "kind": "company", "summary": "SIC 0100 Agricultural Production-Crops; CIK 0001047340; latest 10-K filed 2026-02-19.", "text": "FDP - DEL MONTE CORP SIC 0100 Agricultural Production-Crops; CIK 0001047340; latest 10-K filed 2026-02-19. FDP DEL MONTE CORP 0001047340 0100 Agricultural Production-Crops Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read in conjunction with the information contained in our consolidated financial statements and the notes thereto. The following discussion includes forward-looking statements that involve certain risks and uncertainties, including, but not limited to, those described in Part I, Item 1A. Risk Factors of this Annual Report on Form 10-K. Our actual results may differ materially from those discussed below. See \u201cSpecial Note Regarding Forward-Looking Statements\u201d below and Part I, Item 1A. Risk Factors, of this Annual Report on Form 10-K. Overview We are one of the world\u2019s leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and marketer of prepared fruit and vegetables, juices, beverages and snacks in Europe, Africa and the Middle East. We market our products worldwide under the Del Monte\u00ae brand, a symbol of product innovation, quality, freshness and reliability since 1892. Our major sales markets are organized as follows: North America, Europe, the Middle East (which includes North Africa) and Asia. Our global sourcing and logistics system allows us to provide regular delivery of consistently high-quality produce and value-added services to our customers. Our major producing operations are located in North, Central and South America, Asia and Africa. Our business is comprised of three reportable segments, two of which represent our primary businesses of fresh and value-added products and banana, and one that represents our other ancillary businesses. \u2022Fresh and value-added products - includes pineapples, fresh-cut fruit, fresh-cut vegetables (which includes fresh-cut salads), melons, vegetables, non-tropical fruit (which includes grapes, apples, citrus, blueberries, strawberries, pears, peaches, plums, nectarines, cherries and kiwis), other fruit and vegetables, avocados, and prepared foods (which includes prepared fruit and vegetables, juices, other beverages, and meals and snacks). \u2022Banana \u2022Other products and services - includes our third-party freight and logistic services business, our Jordanian poultry and meats business and our specialty ingredients business (previously referred to as our biomass initiatives). Fiscal Year Our fiscal year end is the last Friday of the calendar year, unless the first Friday subsequent to the end of the calendar year is January 1st (in which case our year end is January 1st). Fiscal year 2025 had 52 weeks and ended on December 26, 2025. Fiscal year 2024 had 52 weeks and ended on December 27, 2024. Fiscal year 2023 had 52 weeks and ended on December 29, 2023. Current Macroeconomic Environment and Geopolitical Environment Starting in fiscal year 2021, we began experiencing inflationary and cost pressures due to volatility and disruption in the global economy. These conditions, which increased our production and distribution costs, were driven by a multitude of external factors including rising interest rates, restrictions and economic impacts related to the COVID-19 pandemic, currency fluctuations, supply chain disruptions and geopolitical conflicts. Based on the stabilization of inflation in certain key markets during the latter part of 2023, we have not established further inflation-justified price increases and surcharges during 2024 and 2025. We are actively monitoring region-specific macroeconomic factors to mitigate increases in our costs, if necessary. Throughout 2025, the U.S. government has signaled or announced numerous changes to its trade policy, including changes to existing trade agreements and the use of tariffs to enforce trade policy. The tariffs impact various jurisdictions we sell into and from which we purchase or source, including Costa Rica, Guatemala and Ecuador where we source the Item 1. Business Business Overview Fresh Del Monte Produce Inc. (the \u201cCompany,\u201d \u201cwe\u201d or \u201cus\u201d) is one of the world\u2019s leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared fruit and vegetables, juices, beverages and snacks in Europe, Africa and the Middle East. We market our products worldwide primarily under the Del Monte\u00ae brand, a symbol of product innovation, quality, freshness and reliability since 1892. Our global sourcing and logistics network allows us to provide consistent delivery of high-quality products and value-added services to our customers. We have leading market positions in the following product categories and we believe we are: \u2022the largest marketer of fresh pineapples in the United States, and a leading marketer in other markets worldwide; \u2022the third-largest marketer of bananas in the United States, and a leading marketer in other markets worldwide; and \u2022a leading marketer of: \u25e6fresh-cut fruit in the United States, Japan, Saudi Arabia, South Korea, United Arab Emirates, and the United Kingdom; \u25e6fresh-cut vegetables in North America, South Korea, Kuwait, United Arab Emirates, Japan, and Saudi Arabia; \u25e6avocados in the United States; and \u25e6canned fruit in Europe, Africa, and the Middle East. Our vision is to inspire healthy lifestyles through wholesome and convenient products. Our strategy is founded on six goals: 1 Table of Contents Our business is comprised of three reportable segments, two of which represent our primary businesses of fresh and value-added products and banana, and one that represents our other ancillary businesses. \u2022Fresh and value-added products - includes pineapples, fresh-cut fruit, fresh-cut vegetables (which includes fresh-cut salads), melons, vegetables, non-tropical fruit (which includes grapes, apples, citrus, blueberries, strawberries, pears, peaches, plums, nectarines, cherries and Item 1A.Risk Factors Summary of Principal Risk Factors We are subject to many risks and uncertainties that may affect our future financial performance and our stock price. Some of the risks and uncertainties that may cause our financial performance to vary or that may materially or adversely affect our financial performance or stock price as outlined b", "title": "FDP - DEL MONTE CORP", "url": "/company/FDP/" }, { "kind": "company", "summary": "SIC 3621 Motors & Generators; CIK 0000038725; latest 10-K filed 2026-02-20.", "text": "FELE - FRANKLIN ELECTRIC CO INC SIC 3621 Motors & Generators; CIK 0000038725; latest 10-K filed 2026-02-20. FELE FRANKLIN ELECTRIC CO INC 0000038725 3621 Motors & Generators ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Discussion of the year-over-year comparison of changes in the Company's financial condition and results of operation as of and for the fiscal years ended December 31, 2024 and December 31, 2023 can be found in Part II, Item 7. \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. In the first quarter of 2025, the Company acquired Barnes de Colombia S.A. (\"Barnes\"), a leading manufacturer and distributor of industrial and commercial pumps based in Colombia. Also in the first quarter of 2025, the Company acquired PumpEng Pty Ltd (\"PumpEng\"), an Australia-based company that specializes in the design, manufacture and service of submersible pumps for the mining sector. Acquisitions contributed $48.9 million in incremental net sales in 2025. Refer to Note 3 \u2013 Acquisitions in the Notes to Consolidated Financial Statements included in Part II, Item 8, \"Financial Statements and Supplementary Data\" of this Annual Report on Form 10-K for additional information on the Barnes and PumpEng acquisitions. In 2025, the Company completed the process of settling the Franklin Electric Co,, Inc. Pension Plan and a partial settlement of the Franklin Electric Co. Restoration plan resulting in a pre-tax pension settlement charge of $54.9 million related to actuarial losses previously recorded in Accumulated Other Comprehensive Loss. Refer to Note 10 in Item 8 of this Annual Report on Form 10-K for additional information on the pension settlement charge. 2025 vs. 2024 OVERVIEW Net sales in 2025 were $2.1 billion and increased 5 percent, as compared to the prior year. The sales increases were due to the incremental sales impact from recent acquisitions, price realization and higher volumes. The Company's consolidated gross profit was $755.9 million and $717.3 million, respectively, for 2025 and 2024, and increased 5 percent from the prior year. Diluted earnings per share was $3.22 for 2025, a decrease of $0.64 from the prior year. Diluted earnings per share for 2025 was negatively impacted by the pension settlement charge of $41.5 million net of tax benefit ($54.9 million gross of tax benefit) related to actuarial losses previously recorded in Accumulated Other Comprehensive Loss. Refer to Note 10 in Item 8 of this Annual Report on Form 10-K for additional information on the pension settlement charge. RESULTS OF OPERATIONS Net Sales Net sales in 2025 were $2.1 billion and increased 5 percent compared to the prior year. The sales growth in 2025 was due to incremental sales impact from recent acquisitions of approximately 3 percent, price realization, and favorable volumes. Sales were negatively impacted by changes in foreign exchange rates, principally due to the strengthening of the U.S. Dollar relative to the Argentine Peso, Turkish Lira and Brazilian Real. However, the Company increased prices in the local currency to offset the impact of currency devaluation in the Argentina and Turkey highly inflationary economies. As a result, the net negative impact of foreign currency exchange rates on net sales was less than 1 percent in 2025. [[GREPCENT_TABLE]] [[\"\",\"Net Sales\"],[\"(In millions)\",\"2025\",\"\",\"2024\",\"\",\"2025 v 2024\"],[\"Water Systems\",\"$\",\"1,256.4\",\"\",\"\",\"$\",\"1,184.0\",\"\",\"\",\"$\",\"72.4\"],[\"Energy Systems\",\"299.0\",\"\",\"\",\"273.7\",\"\",\"\",\"25.3\"],[\"Distribution\",\"700.7\",\"\",\"\",\"685.5\",\"\",\"\",\"15.2\"],[\"Eliminations\",\"(124.8)\",\"\",\"\",\"(121.9)\",\"\",\"\",\"(2.9)\"],[\"Consolidated\",\"$\",\"2,131.3\",\"\",\"\",\"$\",\"2,021.3\",\"\",\"\",\"$\",\"110.0\"]] [[/GREPCENT_TABLE]] Net Sales-Water Systems Water Systems net sales increased 6 percent in 2025, as compared to the prior year. The sales growth in 2025 was due to incremental sales impact from recent acquisitions of approximately 4 percent and price realization. Water Systems net sales in the U.S. and Canada increased 3 pe ITEM 1. BUSINESS Description of the Business Franklin Electric Co., Inc. (\u201cFranklin Electric\u201d or the \u201cCompany\u201d) is an Indiana corporation founded in 1944 and incorporated in 1946. Named after America\u2019s pioneer electrical engineer, Benjamin Franklin, Franklin Electric manufactured the first water-lubricated submersible motor for water systems and the first submersible motor for fueling systems. With 2025 revenue of approximately $2.1 billion, the Company designs, manufactures and distributes water and fuel pumping systems, composed primarily of submersible motors, pumps, electronic controls, water treatment systems, and related parts and equipment. The Company\u2019s water pumping systems move fresh and wastewater for the residential, agricultural and other industrial end markets. The Company also sells various groundwater equipment products to well installation contractors, including water pumping systems, through its and third-party distribution branches located in the U.S. With a growing global footprint, the Company has also evolved into a top supplier of submersible fueling systems at gas stations, making pumps, pipes, electronic controls and monitoring devices. The Company\u2019s products are sold worldwide by its employee sales force and independent manufacturing representatives. The Company offers normal and customary trade terms to its customers, no significant part of which is of an extended nature. Special inventory requirements are not necessary, and customer merchandise return rights do not extend beyond normal warranty provisions. Franklin Electric\u2019s Key Factors for Success While maintaining a culture of safety and lean principles, Franklin Electric strives to deliver quality, availability, service, innovation, and cost in every encounter the Company has with stakeholders, including direct or indirect customers, employees, shareholders, and suppliers. These key factors for success are a roadmap for the Company's growth as a global provider of water and ener ITEM 1A. RISK FACTORS The following describes the principal risks affecting the Company and its business. Additional risks and uncertainties, not presently known to the Company, could negatively impact the Company\u2019s results of operations or financial condition in the future. Risks Related to the Industry Reduced housing starts adversely affe", "title": "FELE - FRANKLIN ELECTRIC CO INC", "url": "/company/FELE/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000708955; latest 10-K filed 2026-02-19.", "text": "FFBC - FIRST FINANCIAL BANCORP /OH/ SIC 6021 National Commercial Banks; CIK 0000708955; latest 10-K filed 2026-02-19. FFBC FIRST FINANCIAL BANCORP /OH/ 0000708955 6021 National Commercial Banks Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This annual report contains forward-looking statements. See the Forward-Looking Statements section that follows for further information on the risks and uncertainties associated with forward-looking statements. The following discussion and analysis is presented by management to facilitate the understanding of the financial condition, cash flows, changes in financial condition and results of operations of First Financial Bancorp. Management's discussion and analysis identifies trends and material changes that occurred during the reporting periods presented and should be read in conjunction with the Consolidated Financial Statements and accompanying Notes. Certain reclassifications of prior years' amounts have been made to conform to current year presentation. Such reclassifications had no effect on net earnings, total assets, liabilities and shareholders' equity. EXECUTIVE SUMMARY First Financial Bancorp. is a $21.1 billion financial holding company headquartered in Cincinnati, Ohio. The Company primarily operates through First Financial Bank, an Ohio-chartered commercial bank with 134 full service banking centers at December 31, 2025. First Financial provides banking and financial services products to business and retail clients through its six lines of business: Commercial, Retail Banking, Mortgage Banking, Wealth Management, Investment Commercial Real Estate and Commercial Finance. The Commercial Finance business lends to targeted industry verticals and has a national geographic footprint. Wealth Management, operating under the brand of Yellow Cardinal Advisory Group, had $3.9 billion in assets under management as of December 31, 2025, and provides the following services: financial planning, investment management, trust administration, estate settlement, business succession planning services, brokerage services and retirement planning. Additional information about First Financial, including its products, services and banking locations, is available on the Company's website at www.bankatfirst.com. The major components of First Financial\u2019s operating results for 2025, 2024 and 2023 are summarized in Table 1 \u2013 Financial Summary and are discussed in greater detail in the sections that follow. MARKET STRATEGY First Financial develops a competitive advantage by utilizing a local market focus to provide superior service and build long-term relationships with clients while helping them achieve greater financial success. First Financial serves a combination of metropolitan and community markets in Ohio, Indiana, Kentucky and Illinois through its full-service banking centers. First Financial's investment in community markets is an important part of the Bank's core funding base and has historically provided stable, low-cost funding sources. First Financial also has certain specialty lending platforms that extend beyond the geographic footprint of its banking centers. These specialty finance businesses provide insurance premium financing, equipment lease financing, franchise financing and funding to clients within the financial services industry. First Financial\u2019s market selection process includes multiple factors, but markets are primarily chosen for their potential for long-term profitability and growth. First Financial intends to concentrate plans for future growth and capital investment within its current markets, and will continue to evaluate additional growth opportunities in metropolitan markets located within, or in close proximity to, the Company's current geographic footprint. Additionally, First Financial may assess strategic acquisitions that provide product line extensions or industry verticals that complement its existing business and diversify its product suite and revenue streams. BUSINESS COMBINATIONS Westfield Bancorp First Financial Bancorp acquired Westfield Bancorp, Inc., an Ohio corporation, effective Novembe Item 1. Business. First Financial Bancorp. First Financial Bancorp., an Ohio corporation (First Financial or the Company), was formed in 1982. First Financial is a mid-sized, regional bank holding company headquartered in Cincinnati, Ohio, which has elected to become a financial holding company. References in this Form 10-K to \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d refer, as the context requires, to First Financial and its subsidiaries, collectively or to First Financial as the holding company. First Financial engages in the business of commercial banking and other banking and banking-related activities through its wholly-owned subsidiary, First Financial Bank (the Bank), which was founded in 1863. Effective December 30, 2016, the Bank converted its charter to an Ohio state chartered bank from a nationally chartered bank. The range of banking services provided by First Financial to individuals and businesses includes commercial lending, real estate lending and consumer financing. Real estate loans are loans secured by a mortgage lien on the real property of the borrower, which may either be residential property (one to four family residential housing units) or commercial property (owner-occupied and/or investor income producing real estate, such as apartments, shopping centers, or office buildings). Risk of loss related to lending activities is managed by adherence to standard loan policies that establish certain levels of performance prior to the extension of a loan to the borrower. In addition, First Financial offers deposit products that include interest-bearing and noninterest-bearing accounts, time deposits and cash management services for retail and commercial customers. A full range of trust and wealth management services is also provided through First Financial\u2019s Wealth Management line of business. Commercial and industrial loans are made to all types of businesses for a variety of purposes including, but not limited to, inventory, receivables and equipment. First F Item 1A. Risk Factors. The risks listed here are not the only risks we face. Additional risks that are not presently known, or that we presently deem to be immaterial, also could have a material effect on our financial condition, results of operations, business and prospects. You should carefully consider the following risk factors that", "title": "FFBC - FIRST FINANCIAL BANCORP /OH/", "url": "/company/FFBC/" }, { "kind": "company", "summary": "SIC 6311 Life Insurance; CIK 0001934850; latest 10-K filed 2026-02-26.", "text": "FG - F&G Annuities & Life, Inc. SIC 6311 Life Insurance; CIK 0001934850; latest 10-K filed 2026-02-26. FG F&G Annuities & Life, Inc. 0001934850 6311 Life Insurance Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations for the years ended December 31, 2025, December 31, 2024 and December 31, 2023 should be read together with, and is qualified in its entirety by reference to, our Consolidated Financial Statements and related notes included elsewhere in this Annual Report on Form 10-K which have been prepared in accordance with GAAP. The following discussion may contain forward-looking statements based on assumptions we believe to be reasonable. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in \u201cRisk Factors\u201d and \u201cNote Regarding Forward-Looking Statements.\u201d Our Results of Operations discussion and analysis presents a review for the years ended December 31, 2025, 2024 and 2023, and year-over-year comparisons between these years. For a discussion of our 2024 results of operations, including year-over-year comparison to the year ended December 31, 2023, refer to Part I, Item 7 of our Annual Report on Form 10-K, which was filed with the SEC on February 28, 2025. Overview The following describes the business of F&G Annuities & Life, Inc. and its subsidiaries. Except where otherwise noted in this Report, all references to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany,\u201d or \u201cF&G\u201d are to F&G Annuities & Life, Inc. and its subsidiaries, taken together. For a description of our business see the discussion under \u201cBusiness\u201d in Item 1 of Part I of this Annual Report on Form 10-K, and Note A - Business and Summary of Significant Accounting Policies in Part II - Item 8 of this Annual Report on Form 10-K, which are incorporated by reference into this Item 7 of Part II of this Annual Report on Form 10-K. Business Trends and Conditions The following factors represent some of the key trends and uncertainties that have influenced the development of the Company and its historical financial performance, and we believe these key trends and uncertainties will continue to influence the business and financial performance of the Company in the future. Market Conditions Market conditions can change rapidly with significant positive or negative impacts on our results. Volatility can pressure sales and reduce demand as consumers hesitate to make financial decisions. We anticipate various macroeconomic factors will continue to drive uncertainty and instability, which could have a significant impact on the Company during fiscal year 2026. These factors include, among others, consumer spending, business investment, government spending, government shutdown, the volatility and strength of the capital markets, investor and consumer confidence, foreign currency exchange rates, commodity prices, inflation levels, changes in trade policy, tariffs and trade sanctions on goods, trade wars, United States-China relations and supply chain disruptions. In light of increasing uncertainty in the markets we serve, we are unable to predict how long the current environment will last or the significance of the financial and operational impacts to us. To enhance the attractiveness and profitability of our products and services, we continually monitor the behavior of our customers, as evidenced by annuitization rates and lapse rates, which vary in response to changes in market conditions. See \u201cPart I. Item 1A. Risk Factors\u201d in this Annual Report on Form 10-K for further discussion of risk factors that could affect market conditions. 81 Interest Rate Environment Some of our products include guaranteed minimum crediting rates, most notably our fixed rate annuities. As of December 31, 2025 and December 31, 2024, our reserves, net of reinsurance, and average crediting rate on our fixed rate a Item 1. Business Overview Founded in 1959, F&G is a leading provider of insurance solutions serving retail annuity and life customers as well as institutional clients. Our mission is to help people turn their aspirations into reality. As of December 31, 2025, F&G has approximately 778,000 policyholders who count on the safety and protection of our fixed annuity and life insurance products. We also serve approximately 145,000 plan participants who will receive their pension payments from F&G through our pension risk transfer solutions. Through our insurance subsidiaries, including Fidelity & Guaranty Life Insurance Company (\u201cFGL Insurance\u201d) and Fidelity & Guaranty Life Insurance Company of New York (\u201cFGL NY Insurance\u201d), we market a broad portfolio of annuities, including fixed indexed annuities (\u201cFIAs\u201d), registered index-linked annuities (\u201cRILAs\u201d), (together referred to as \u201cindexed annuities\u201d), multi-year guarantee annuities (\u201cMYGAs\u201d) as well as pension risk transfer (\u201cPRT\u201d) solutions, indexed universal life (\u201cIUL\u201d) insurance and institutional funding agreements. On June 1, 2020, F&G was acquired by Fidelity National Financial, Inc. (\u201cFNF\u201d). We have benefited from financial strength ratings upgrades since the acquisition; S&P and Fitch upgraded to A- in June 2020, Moody\u2019s upgraded to A3 in July 2023, and A.M. Best upgraded to A in January 2024. These upgrades are valued by our distribution partners and positioned us to quickly expand our business in our existing channels and gain access to new markets. Gross sales increased from $4.5 billion for the full year 2020 to $14.6 billion in 2025. With our success in expanding distribution under FNF\u2019s ownership, we have grown assets under management (\u201cAUM\u201d) from $26.5 billion at the time of acquisition to $57.6 billion as of December 31, 2025. We now operate in and source significant premiums from three distinct retail channels and two institutional markets versus a single channel prior to the acquisition by FNF in June Item 1A. Risk Factors You should carefully consider the following risks and other information in this Annual Report on Form 10-K in evaluating F&G and our common stock. The occurrence of any of the following risks could materially and adversely affect our business, financial condition, prospects, results of operations and cash flows. In such case, th", "title": "FG - F&G Annuities & Life, Inc.", "url": "/company/FG/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000036377; latest 10-K filed 2026-02-27.", "text": "FHB - FIRST HAWAIIAN, INC. SIC 6022 State Commercial Banks; CIK 0000036377; latest 10-K filed 2026-02-27. FHB FIRST HAWAIIAN, INC. 0000036377 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \u200b Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K, including the documents incorporated by reference herein, contains, and from time to time our management may make, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as \u201cmay,\u201d \u201cmight,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201ccontinue,\u201d \u201cwill,\u201d \u201canticipate,\u201d \u201cseek,\u201d \u201cestimate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cprojection,\u201d \u201cwould,\u201d \u201cannualized\u201d and \u201coutlook,\u201d or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause our actual results to differ materially from those indicated in these forward-looking statements, including the following: the geographic concentration of our business; current and future market and economic conditions generally or in Hawaii, Guam and Saipan in particular, including inflationary pressures and interest rate environment; our dependence on the real estate markets in which we operate; concentrated exposures to certain asset classes and individual obligors; the effect of changes in interest rates on our business, including our net interest income, net interest margin, the fair value of our investment securities, and our mortgage loan originations, mortgage servicing rights and mortgage loans held for sale; the future value of the investment securities that we own; the possibility of a deterioration in credit quality in our portfolio; the possibility we might underestimate the credit losses inherent in our loan and lease portfolio; our ability to attract and retain customer deposits; our inability to receive dividends from our Bank, pay dividends to our common stockholders and satisfy obligations as they become due; our access to sources of liquidity and capital to address our liquidity needs; our ability to attract and retain skilled employees or changes in our management personnel; our ability to maintain our Bank's reputation; the failure to properly use and protect our customer and employee information and data; the possibility of employee misconduct or mistakes; the actual or perceived soundness of other financial institutions; the effectiveness of our risk management and internal disclosure controls and procedures; our ability to keep pace with technological changes; any failure or interruption of our information and communications systems; our ability to effectively compete with other financial services companies and the effects of competition in the financial services industry on our business; our ability to identify and address cybersecurity risks; the occurrence of fraudulent activity or effect of a material breach of, or disruption to, the security of any of our or our vendors\u2019 systems; the development and use of AI; our ability to successfully develop and commercialize new or enhanced prod ITEM 1. BUSINESS \u200b The disclosures set forth in this item are qualified by Item 1a. Risk Factors and the section captioned \u201cCautionary Note Regarding Forward-Looking Statements\u201d in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of this report and other cautionary statements set forth elsewhere in this report. \u200b General \u200b First Hawaiian, Inc. (\u201cFHI\u201d or the \u201cParent\u201d), a bank holding company, owns 100% of the outstanding common stock of First Hawaiian Bank (\u201cFHB\u201d or the \u201cBank\u201d). References to \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d or the \u201cCompany\u201d refer to the Parent and its wholly-owned subsidiary, FHB, for purposes of discussion in this Annual Report on Form 10-K. FHI is a bank holding company incorporated in the state of Delaware and headquartered in Honolulu, Hawaii. Our wholly-owned bank subsidiary, FHB, was founded in 1858 under the name Bishop & Company and was the first successful banking partnership in the Kingdom of Hawaii and the second oldest bank formed west of the Mississippi River. As of December 31, 2025, FHB is the largest bank headquartered in Hawaii as measured by loans and leases and net income. As of December 31, 2025, we had $14.3 billion of gross loans and leases and $2.8 billion of stockholders\u2019 equity. We generated $276.3 million of net income or diluted earnings per share of $2.20 for the year ended December 31, 2025. Through the Bank, we operate a network of 49 branches in Hawaii (45 branches), Guam (3 branches) and Saipan (1 branch). We provide a diversified range of banking services to consumer and commercial customers, including deposit products, lending services and wealth management and trust services. Through our distribution channels, we offer a variety of deposit products to our customers, including checking and savings accounts and other types of deposit accounts. We offer comprehensive commercial banking services to middle market and large Hawaii-based businesses with strong balance sheets and hig ITEM 1A. RISK FACTORS \u200b Ownership of our common stock involves a significant degree of risk and uncertainty. The material risks and uncertainties that management believes affect us are described below. Any of the following risks, as well as risks that we do not know or currently deem immaterial, could have a material adverse effect on our busi", "title": "FHB - FIRST HAWAIIAN, INC.", "url": "/company/FHB/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000860413; latest 10-K filed 2026-02-26.", "text": "FIBK - FIRST INTERSTATE BANCSYSTEM INC SIC 6022 State Commercial Banks; CIK 0000860413; latest 10-K filed 2026-02-26. FIBK FIRST INTERSTATE BANCSYSTEM INC 0000860413 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025. We make statements in this section that are forward-looking statements within the meaning of the federal securities laws. All of such forward-looking statements are expressly qualified by reference to the cautionary statements provided under the caption \u201cCautionary Note Regarding Forward-Looking Statements\u201d included on page 1 in Part I of this report. Furthermore, a number of known and unknown factors may cause our actual results, performance or achievements to differ materially from those expressed or implied by the following discussion. Therefore, you are encouraged to read in its entirety the information provided under the caption \u201cRisk Factors\u201d included under Item 1A in Part I of this report for a discussion of risk factors that may negatively impact our expected results, performance, or achievements discussed below. Non-GAAP Financial Measures In addition to financial measures presented in accordance with generally accepted accounting principles (\u201cGAAP\u201d) in the United States, this document contains non-GAAP financial measures where management believes it would be helpful to understand our results of operations or financial position. The Company\u2019s management believes that the non-GAAP financial measures provide additional information about ongoing operations and enhance comparability of results of operations with prior periods by presenting financial results without the impact of items or events that may obscure trends in the Company\u2019s underlying performance. This information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found herein. Fully-Taxable Equivalent Basis. The Company adjusts its net interest income to include its interest income on a fully-taxable equivalent (FTE) basis and further adjusts to exclude purchase accounting interest accretion on acquired loans. Interest income, yields, and ratios on an FTE basis are considered non-GAAP financial measures. Net interest margin (FTE) is calculated as annualized net interest income on an FTE basis divided by average earning assets. Management believes net interest income on an FTE basis provides an insightful picture of the interest margin for comparison purposes. The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The FTE basis assumes a federal statutory tax rate of 21 percent. These measures are considered standard measures of comparison within the banking industry. We encourage readers to consider the Consolidated Financial Statements and other financial information contained in this Form 10-K in their entirety, and not to rely on any single financial measure. See Non-GAAP Financial Measures included herein for a reconciliation to the most directly comparable GAAP financial measures. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that other companies might calculate these measures differently. These non-GAAP disclosures should not be considered an alternative to the Company\u2019s GAAP results. Executive Overview We are a financial and bank holding company headquartered in Billings, Montana. As of December 31, 2025, we had consolidated assets of $26.6 billion, deposits of $22.1 billion, loans held for investment of $15.2 billion, and total stockholders\u2019 equity of $3 Item 1. Business Our Company We are a financial and bank holding company focused on community banking. Since our incorporation in Montana in 1971, we have grown both organically and through strategic acquisitions. As of February 20, 2026, we operated 290 banking offices, including branches and detached drive-up facilities, in communities across 12 states\u2014 Colorado, Idaho, Iowa, Minnesota, Missouri, Montana, Nebraska, North Dakota, Oregon, South Dakota, Washington, and Wyoming. Through our bank subsidiary, First Interstate Bank, we deliver a comprehensive range of banking products and services\u2014including online and mobile banking\u2014to individuals, businesses, government entities, and others throughout our market areas. We are proud to provide financial services and products to clients that participate in a wide variety of industries, including: [[GREPCENT_TABLE]] [[\"\\u2022Agriculture\",\"\",\"\\u2022Healthcare\",\"\",\"\\u2022Professional services\",\"\",\"\\u2022Technology\"],[\"\\u2022Construction\",\"\",\"\\u2022Hospitality\",\"\",\"\\u2022Real Estate Development\",\"\",\"\\u2022Tourism\"],[\"\\u2022Education\",\"\",\"\\u2022Housing\",\"\",\"\\u2022Retail\",\"\",\"\\u2022Wholesale trade\"],[\"\\u2022Governmental services\"]] [[/GREPCENT_TABLE]] Our common stock is traded on the NASDAQ Global Select Market, or NASDAQ, under the symbol \u201cFIBK.\u201d Since our initial public offering, we have expanded our market reach through organic growth and strategic acquisitions, including our acquisitions of Mountain West Bank, United Bank, N.A., Flathead Bank of Bigfork, Bank of the Cascades, Inland Northwest Bank, Idaho Independent Bank, Community 1st Bank, and Great Western Bank. Our current strategy emphasizes disciplined organic growth by deepening and expanding full client relationships across deposits, lending and fee-based services. As of December 31, 2025, we had consolidated assets of $26.6 billion, deposits of $22.1 billion, loans held for investment of $15.2 billion, and total stockholders\u2019 equity of $3.4 billion. Our visi Item 1A. Risk Factors Like other financial institutions and bank holding companies, the success of our business is subject to a number of risks and uncertainties, many of which are outside of our control. The material risks and uncertainties of which we are currently aware are set forth below under headings that are provide", "title": "FIBK - FIRST INTERSTATE BANCSYSTEM INC", "url": "/company/FIBK/" }, { "kind": "company", "summary": "SIC 2086 Bottled & Canned Soft Drinks & Carbonated Waters; CIK 0000069891; latest 10-K filed 2026-07-01.", "text": "FIZZ - NATIONAL BEVERAGE CORP SIC 2086 Bottled & Canned Soft Drinks & Carbonated Waters; CIK 0000069891; latest 10-K filed 2026-07-01. FIZZ NATIONAL BEVERAGE CORP 0000069891 2086 Bottled & Canned Soft Drinks & Carbonated Waters ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW The following Management\u2019s Discussion and Analysis of Operations is intended to provide information about the Company\u2019s operations and business environment and should be read in conjunction with our Consolidated Financial Statements and the accompanying Notes contained in Item 8 of this report. National Beverage Corp. is incorporated in Delaware and began trading as a public company on the NASDAQ Stock Market in 1991. In this report, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cCompany\u201d and \u201cNational Beverage\u201d mean National Beverage Corp. and its subsidiaries unless indicated otherwise. National Beverage Corp. innovatively refreshes America with a distinctive portfolio of sparkling waters, juices, energy drinks (Power+ Brands) and, to a lesser extent, carbonated soft drinks. We believe our creative product designs, innovative packaging and imaginative flavors, along with our corporate culture and philosophy, make National Beverage unique as a stand-alone entity in the beverage industry. National Beverage Corp., in recent years, has transformed into an innovative, healthier refreshment company. From our corporate philosophy to product development and marketing, we are converting consumers to a \u2018Better for You\u2019 thirst quencher that cares compassionately for their nutritional health. We are committed to our quest to innovate for the joy, benefit and enjoyment of our consumers\u2019 healthier lifestyle. The majority of our brands are geared to the active and health-conscious consumer including sparkling waters, energy drinks and juices. Our portfolio of Power+ Brands includes LaCroix\u00ae sparkling waters; Clear Fruit\u00ae non-carbonated water beverages enhanced with fruit flavor; Rip It\u00ae energy drinks and shots; and Everfresh\u00ae, Everfresh Premier Varietals\u2122 and Mr. Pure\u00ae 100% juice and juice-based products. Additionally, we produce and distribute carbonated soft drinks including Shasta\u00ae and Faygo\u00ae, iconic brands whose consumer loyalty spans more than 135 years. Our strategy seeks the profitable growth of our products by (i) developing healthier beverages in response to the global shift in consumer buying habits and tailoring our beverage portfolio to the preferences of a diverse mix of \u2018crossover consumers\u2019 \u2013 a growing group desiring a healthier alternative to artificially sweetened and high-caloric beverages; (ii) emphasizing unique flavor development and variety throughout our brands that appeal to multiple demographic groups; (iii) maintaining points of difference through innovative marketing, packaging and consumer engagement and (iv) responding faster and more creatively to changing consumer trends than larger competitors who are burdened by legacy production and distribution complexity and costs. Presently, our primary market focus is the United States. Certain of our beverages are also distributed on a limited basis in other countries and options to expand distribution to other regions are being pursued. To service a diverse customer base that includes numerous national retailers, as well as thousands of smaller \u201cup-and-down-the-street\u201d accounts, we utilize a hybrid distribution system consisting of warehouse and direct-store delivery. The warehouse delivery system allows our retail partners to further maximize their assets by utilizing their ability to pick up beverages at our warehouses, further lowering their/our product costs. Our operating results are affected by numerous factors, including fluctuations in the costs of raw materials, supply chain disruptions, holiday and seasonal programming and weather conditions. Beverage sales are seasonal with higher sales volume realized during the summer months. See \u201cItem 1A. Risk Factors\u201d in Part I of this report for additional information about risks and uncertainties facing our Company. RESULTS OF OPERATIONS The following section generally discusses the fiscal years ended May 2, 2026 (\u201cFiscal ITEM 1. BUSINESS GENERAL Recently commemorating its 40th anniversary, National Beverage Corp. innovatively refreshes America with a distinctive portfolio of sparkling waters, juices, energy drinks and, to a lesser extent, carbonated soft drinks. We believe our creative product designs, innovative packaging and imaginative flavors, along with our corporate culture and philosophy, make National Beverage unique as a stand-alone entity in the beverage industry. Points of differentiation include the following: Healthy Transformation \u2013 We focus on developing and delighting consumers with healthier beverages in response to the global shift in consumer buying habits and lifestyles. We believe our portfolio targets the preferences of a diverse mix of consumers including \u2018crossover consumers\u2019 \u2013 a growing group desiring healthier alternatives to artificially sweetened or high-calorie beverages. Creative Innovations \u2013 Building on a rich tradition of flavor and brand innovation with more than a 135-year history of development with iconic brands such as Shasta\u00ae and Faygo\u00ae, we have extended our flavor and essence leadership and technical expertise to the sparkling water category. Unique flavors and our naturally-essenced beverages are developed and tested in-house and made commercially available after extensive concept and sensory evaluation. We believe our variety of distinctive flavors provides us with a competitive advantage with today\u2019s consumers who demand variety and refreshing beverage alternatives. Innovation Ethic \u2013 We believe that innovative marketing, packaging and consumer engagement is more effective in today\u2019s marketplace than traditional higher-cost national advertising. In addition to our cost-effective social media platforms, we utilize regionally-focused marketing programs and in-store \u201cbrand ambassadors\u201d to interact with and obtain feedback from our consumers. We also believe the design of our packages and the overall optical effect of their placement on t ITEM 1A. RISK FACTORS In addition to other information in this Annual Report on Form 10-K, the following risk factors should be considered carefully in evaluating the Company\u2019s business. Our business, financial condition, results of operations and cash flows could be materially and adve", "title": "FIZZ - NATIONAL BEVERAGE CORP", "url": "/company/FIZZ/" }, { "kind": "company", "summary": "SIC 2000 Food and Kindred Products; CIK 0001128928; latest 10-K filed 2026-02-25.", "text": "FLO - FLOWERS FOODS INC SIC 2000 Food and Kindred Products; CIK 0001128928; latest 10-K filed 2026-02-25. FLO FLOWERS FOODS INC 0001128928 2000 Food and Kindred Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with Item 1., Business, and the Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements included in this Form 10-K. The following information contains forward-looking statements which involve certain risks and uncertainties. See Forward-Looking Statements at the beginning of this Form 10-K. Any reference to sales refers to net sales inclusive of allowances and deductions against gross sales for variable consideration and consideration payable to customers. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is segregated into four sections, including: \u2022 Executive overview \u2014 provides a summary of our operating performance and cash flows, industry trends, and our strategic initiatives. \u2022 Critical accounting estimates \u2014 describes the accounting areas where management makes critical estimates to report our financial condition and results of operations. \u2022 Results of operations \u2014 an analysis of the company\u2019s consolidated results of operations for Fiscal 2025 compared to Fiscal 2024 as presented in the Consolidated Financial Statements. Refer to the Annual Report on Form 10-K for the fiscal year ended December 28, 2024 for a discussion of the results of operations for Fiscal 2024 compared to Fiscal 2023. \u2022 Liquidity, capital resources and financial position \u2014 analyzes cash flow, contractual obligations, and certain other matters affecting the company\u2019s financial position. MATTERS AFFECTING COMPARABILITY The company operates on a 52-53 week fiscal year ending the Saturday nearest December 31. Fiscal 2025 consisted of 53 weeks and Fiscal 2024 consisted of 52 weeks. Fiscal 2026 will consist of 52 weeks. Furthermore, comparative results from quarter to quarter are impacted by the company's fiscal reporting calendar. Internal financial results and key performance indicators are reported on a weekly basis to ensure the same number of Saturdays and Sundays in comparable months to allow for consistent four-week progression analysis. This results in our first quarter consisting of sixteen weeks while the remaining three quarters have twelve weeks (except in cases where there is an extra week every five or six years in the fourth quarter). Accordingly, interim results may not be indicative of subsequent interim period results, or comparable to prior or subsequent interim period results, due to differences in the lengths of the interim periods. Additionally, detailed below are expense items affecting comparability that will provide additional context while reading this discussion: [[GREPCENT_TABLE]] [[\"\",\"\",\"Fiscal 2025\",\"\",\"\",\"Fiscal 2024\",\"\",\"\",\"Footnote\"],[\"\",\"\",\"53 weeks\",\"\",\"\",\"52 weeks\",\"\",\"\",\"Disclosure\"],[\"\",\"\",\"(Amounts in thousands)\"],[\"Business process improvement costs\",\"\",\"$\",\"3,368\",\"\",\"\",\"$\",\"4,529\",\"\",\"\",\"Note 2\"],[\"Restructuring charges\",\"\",\"\",\"6,083\",\"\",\"\",\"\",\"7,403\",\"\",\"\",\"Note 5\"],[\"Restructuring-related implementation costs\",\"\",\"\",\"19,529\",\"\",\"\",\"\",\"2,979\",\"\",\"\",\"Note 5\"],[\"Plant closure costs and impairment of assets\",\"\",\"\",\"7,397\",\"\",\"\",\"\",\"10,310\",\"\",\"\",\"Note 2\"],[\"Impairment of intangible assets\",\"\",\"\",\"135,981\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"Note 2, 10\"],[\"Acquisition and integration-related costs\",\"\",\"\",\"17,904\",\"\",\"\",\"\",\"2,008\",\"\",\"\",\"Note 6\"],[\"Loss on inferior ingredient\",\"\",\"\",\"2,657\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"Note 2\"],[\"Legal settlements and related costs\",\"\",\"\",\"902\",\"\",\"\",\"\",\"3,800\",\"\",\"\",\"Note 23\"],[\"Pension plan settlement loss\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"241\",\"\",\"\",\"Note 21\"],[\"\",\"\",\"$\",\"193,821\",\"\",\"\",\"$\",\"31,270\"]] [[/GREPCENT_TABLE]] Business process improvement costs related to the transformation strategy initiatives. In the second half of Fiscal 2020, we launched initiatives to transform our business, including an upgrade to our information system, as well as investments in e Item 1. Business The Company Flowers Foods, Inc. (which we reference to herein as \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d the \u201ccompany,\u201d \u201cFlowers\u201d or \u201cFlowers Foods\u201d), founded in 1919 as a Georgia corporation and headquartered in Thomasville, Georgia, is currently the second-largest producer and marketer of packaged bakery foods in the United States (\u201cU.S.\u201d). Our principal products include breads, buns, rolls, snack items (bars, cakes, cookies, and crackers), bagels, English muffins, tortillas, and baking mixes and are sold under a variety of brand names, including Nature\u2019s Own, Dave\u2019s Killer Bread (\u201cDKB\u201d), Canyon Bakehouse, Simple Mills, Wonder, and Tastykake. Our brands are among the best known in the U.S. baking industry. Many of our brands have a major presence in the product categories in which they compete. Flowers\u2019 strategic priorities include developing our team, focusing on our brands, prioritizing our margins, and proactively seeking out smart, disciplined acquisitions and are described further in the following section. We believe that executing on our strategic priorities will drive future growth and margin expansion and deliver meaningful shareholder value over time. Simple Mills Acquisition On February 21, 2025, the company completed the acquisition of 100% of the equity interests of Purposeful Foods Holdings, Inc., the parent company of Simple Mills, Inc. (\"Simple Mills\"), maker of a premium brand of better-for-you crackers, cookies, snack bars, and baking mixes. The acquisition expands the company\u2019s presence in the better-for-you snacking category, diversifies our category exposure, and enhances the company's growth and margin prospects. Founded in 2012, Simple Mills is a market-leading natural brand and its products are made with simple ingredients, pioneered from using nutrient-dense nut, seed, and vegetable flours, attracting natural and mainstream consumers alike. Simple Mills' products are available nationwide across more than 30,000 natural and conventional sto Item 1A. Risk Factors You should carefully consider the risks described below, together with the other information included in this report, in considering our business and prospects. The risks and uncertainties described below are not the only ones facing us. These risk factors are not listed in any order of significance. Additional risks and", "title": "FLO - FLOWERS FOODS INC", "url": "/company/FLO/" }, { "kind": "company", "summary": "SIC 2800 Chemicals & Allied Products; CIK 0000037785; latest 10-K filed 2026-02-27.", "text": "FMC - FMC CORP SIC 2800 Chemicals & Allied Products; CIK 0000037785; latest 10-K filed 2026-02-27. FMC FMC CORP 0000037785 2800 Chemicals & Allied Products ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview FMC Corporation is a global agricultural sciences company dedicated to providing farmers innovative solutions that increase the productivity and resilience of their land. We operate in a single distinct business segment. We develop, market and sell all three major classes of crop protection chemicals (insecticides, herbicides and fungicides) as well as biologicals, crop nutrition, and seed treatment products, which we group as plant health. FMC\u2019s innovative crop protection solutions help growers produce food, feed, fiber and fuel for an expanding world population while adapting to a changing environment. FMC is committed to discovering new insecticide, herbicide, and fungicide active ingredients, product formulations and pioneering technologies that are consistently better for the planet. FORWARD-LOOKING INFORMATION Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are \"forward-looking\" and provide other than historical information, including statements contained herein, in FMC\u2019s other filings with the SEC, and in reports or letters to FMC stockholders. In some cases, FMC has identified forward-looking statements by such words or phrases as \"will likely result,\" \"is confident that,\" \"expect,\" \"expects,\" \"should,\" \"could,\" \"may,\" \"will continue to,\" \"believe,\" \"believes,\" \"anticipates,\" \"predicts,\" \"forecasts,\" \"estimates,\" \"projects,\" \"potential,\" \"intends\" or similar expressions identifying \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on management\u2019s current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. Additional factors include, among other things, the risk factors and other cautionary statements filed with the SEC included within this Form 10-K as well as other SEC filings and public communications. FMC cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement. FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date of such statements or to reflect the occurrence of anticipated events, except as otherwise required by law. India Held for Sale Business In July 2025, the Board of Directors approved a plan to divest the Company\u2019s commercial business in India in response to ongoing commercial challenges in the country. FMC plans to continue to actively participate in the India market through a supply agreement with the eventual buyer of the business for its patented and data-protected portfolio, ranging from new diamide technologies to active ingredients and biologicals. The Company will continue its active ingredients manufacturing operations in India. The sale process is underway and is expected to conclude in 2026; and, therefore, the assets related to this business are classified as held for sale beginning in the third quarter of 2025. However, there is no assurance that we will be able to complete the divestment in the expected timeline and on favorable terms, or that we will be able to successfully enter into a supply agreement with the buyer. Although the business does not qualify for recognition a ITEM 1. BUSINESS General FMC Corporation is a global agricultural sciences company dedicated to providing farmers with innovative solutions that increase the productivity and resilience of their land. We operate in a single distinct business segment. We develop, market and sell all three major classes of crop protection chemicals (insecticides, herbicides and fungicides) as well as biologicals, crop nutrition, and seed treatment products, which we group as plant health. FMC\u2019s innovative crop protection solutions help growers produce food, feed, fiber and fuel for an expanding world population while adapting to a changing environment. FMC is committed to discovering new insecticide, herbicide, and fungicide active ingredients, product formulations and pioneering technologies that are consistently better for the planet. FMC Strategy We are a tier-one leader in the agrochemicals/crop protection market. Our position in the market is driven by our technology and innovation, as well as our geographic balance and crop diversity. As announced in February 2026, the FMC Board of Directors has authorized the exploration of strategic options, including but not limited to, the sale of the company to unlock shareholder value and ensure that the growth and core portfolios are best positioned for long-term success. FMC's four new active ingredients, along with its broader development pipeline, are unique and transformative. The company believes there is significant opportunity to enhance shareholder value by accelerating growth and delivering enhanced financial results with additional investment in these technologies. The strategic review is at a preliminary stage, and there can be no assurance that the process will result in any transaction. FMC remains focused on executing our 2026 operational priorities, which include strengthening the balance sheet, improving the competitiveness of our core portfolio, managing our post-patent Rynaxypyr\u00ae active strategy and supporting g ITEM 1A. RISK FACTORS Among the factors that could have an impact on our ability to achieve operating results and meet our other goals are: Risks Related to Business and Industry Conditions Our business faces competition, which could affect our ability to maintain or raise prices, successfully enter certain markets or retain our market position. Competition f", "title": "FMC - FMC CORP", "url": "/company/FMC/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001039399; latest 10-K filed 2026-02-20.", "text": "FORM - FORMFACTOR INC SIC 3674 Semiconductors & Related Devices; CIK 0001039399; latest 10-K filed 2026-02-20. FORM FORMFACTOR INC 0001039399 3674 Semiconductors & Related Devices Item 7: Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. In addition to historical consolidated financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions as described under the \u201cNote Regarding Forward-Looking 27 Statements\u201d that appears earlier in this Annual Report on Form 10-K. Our actual results could differ materially from those anticipated by these forward-looking statements as a result of many factors, including those discussed under \u201cItem 1A: Risk Factors\u201d and elsewhere in this Annual Report on Form 10-K. Overview FormFactor, Inc., headquartered in Livermore, California, is a leading provider of electrical and optical test and measurement technologies along the full semiconductor product lifecycle - from characterization, modeling, reliability, and design de-bug, to qualification and production test. We provide a broad range of high-performance probe cards, analytical probes, probe stations, thermal systems, and cryogenic systems to both semiconductor companies and scientific institutions. Our products provide electrical and optical information from a variety of semiconductor and electro-optical devices and integrated circuits from early research, through development, to high-volume production. Customers use our products and services to accelerate profitability by optimizing device performance, reducing scrap, and improving yields. We operate in two reportable segments consisting of the Probe Cards segment and the Systems segment. Sales of our probe cards and analytical probes are included in the Probe Cards segment, while sales of our probe stations, thermal systems and cryogenic systems are included in the Systems segment. Highlights during fiscal year 2025 include the following: \u2022Achieved record annual revenue of $785.0 million. \u2022Purchased a manufacturing site in Texas, which is expected to begin ramping production in late fiscal 2026. \u2022Benefited from growth driven by exposure to end markets supporting artificial intelligence\u2013related infrastructure, including HBM. \u2022Made meaningful progress in establishing customer engagements to further diversify our customer base. We generated net income of $54.4 million in fiscal 2025 compared to net income of $69.6 million in fiscal 2024 and net income of $82.4 million in fiscal 2023. The decrease in net income in fiscal 2025 compared to fiscal 2024 was primarily due to the gain on sale of business recognized in fiscal 2024 from the sale of our China operations that did not repeat in fiscal 2025. Excluding the impact from the fiscal 2024 gain, our financial performance was driven by record revenue levels led by strong growth in our DRAM product segment, particularly with demand for HBM chips utilized in generative artificial intelligence applications. Despite this revenue growth, gross margins declined year over year, though third and fourth quarters have shown meaningful improvement in gross margins compared to the first half of fiscal 2025 and second half of fiscal 2024. The decrease in net income in fiscal 2024 compared to fiscal 2023 was primarily due to a reduced gain on sale of business with the fiscal 2024 gain from the sale of our China operations being less than the fiscal 2023 gain from the sale of our FRT business further described below. Excluding the impact of gains in each period, our financial performance was driven by the strengthening of certain areas of the semiconductor industry, which increased demand in some markets within our Probe Cards segment, particularly with demand for HBM chips utilized in generative artificial intelligence applications and the ramp of new mobile application Item 1: Business General FormFactor, Inc. is a leading provider of electrical and optical test and measurement technologies along the full semiconductor product lifecycle - from characterization, modeling, reliability, and design de-bug, to qualification and production test. We provide a broad range of high-performance probe cards, analytical probes, probe stations, thermal systems, and cryogenic systems to both semiconductor companies and scientific institutions. Our products provide electrical and optical information from a variety of semiconductor and electro-optical devices and integrated circuits from early research, through development, to high-volume production. Customers use our products and services to accelerate profitability by optimizing device performance, reducing scrap, and improving yields. Founded in 1993, we introduced our first product in 1995. From time to time, we have acquired businesses to help transform our business into a semiconductor test and measurement market leader with greater scale, diversification, breadth and market opportunities from Lab to Fab. We continue to evaluate opportunities to acquire businesses and technologies to further these goals. As of December 27, 2025, we operate in two reportable segments consisting of the Probe Cards segment and the Systems segment. Sales of our probe cards and analytical probes are included in the Probe Cards segment, while sales of our probe stations, thermal systems and cryogenic systems are included in the Systems segment. Products We design, manufacture and sell multiple product lines, including probe cards, analytical probes, probe stations, thermal systems, cryogenic systems, and related services. Probe Cards. Our probe cards utilize a variety of technologies and product architectures, including micro-electromechanical systems (MEMS) technologies. We use advanced design and automation technologies to enable rapid and cost-effective manufacturing of resilient composite contact ele Item 1A: Risk Factors In addition to the other information in this Annual Report on Form 10-K, you should carefully consider the risk factors discussed in this Annual Report on Form 10-K in evaluating FormFactor and our business. If any of the identified risks actually occur, our business, financial condition and results of operations could be ", "title": "FORM - FORMFACTOR INC", "url": "/company/FORM/" }, { "kind": "company", "summary": "SIC 3751 Motorcycles, Bicycles & Parts; CIK 0001424929; latest 10-K filed 2026-02-27.", "text": "FOXF - FOX FACTORY HOLDING CORP SIC 3751 Motorcycles, Bicycles & Parts; CIK 0001424929; latest 10-K filed 2026-02-27. FOXF FOX FACTORY HOLDING CORP 0001424929 3751 Motorcycles, Bicycles & Parts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations, generally, as of and for fiscal years 2025 and 2024 should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. For discussion related to the results of operations and changes in financial condition for fiscal year 2024 compared to fiscal year 2023 refer to Part II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our fiscal year 2024 Form 10-K, which was filed with the SEC on February 28, 2025. The purpose of this discussion is to focus on information concerning our financial condition and results of operations that is not readily apparent from our consolidated financial statements and related notes. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. You should review the \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements\u201d sections of this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We design, engineer, manufacture and market performance-defining products and systems for customers worldwide. Our premium brands on performance-defining products and systems are used primarily on bikes, side-by-sides, on-road vehicles with and without off-road capabilities, off-road vehicles and trucks, motorcycles, all terrain vehicles (\u201cATVs\u201d), snowmobiles, and specialty vehicles and applications. In addition, we also offer premium baseball and softball gear and equipment. Virtually all of our revenue was from our product sales. Miscellaneous sources of revenue such as service-related repair work and the associated sale of parts represented less than 2% of our sales in each of the years ended January 2, 2026, January 3, 2025 and December 29, 2023. We determined that we operate in three reportable segments: PVG, AAG, and SSG. Our products fall into the following three categories: \u2022powered vehicles, including side-by-sides, certain on-road vehicles with and without off-road capabilities, off-road vehicles and trucks, ATVs, snowmobiles, specialty vehicles and applications, including military, motorcycles, and commercial trucks; \u2022aftermarket applications, mainly consisting of products for off-road vehicles and trucks, side-by-sides, on-road vehicles with or without off-road capabilities, specialty vehicles and applications as well as lift kits and components with our shock products and aftermarket accessory packages; and \u2022specialty sports products, which consist primarily of bike suspension, component products, and gear and equipment for baseball and softball. The following table summarizes percentages of net sales by segment: [[GREPCENT_TABLE]] [[\"\",\"\",\"For the fiscal years ended\"],[\"\",\"\",\"January 2, 2026\",\"\",\"January 3, 2025\",\"\",\"December 29, 2023\"],[\"Powered Vehicles Group\",\"\",\"33\",\"%\",\"\",\"33\",\"%\",\"\",\"36\",\"%\"],[\"Aftermarket Applications Group\",\"\",\"32\",\"%\",\"\",\"30\",\"%\",\"\",\"38\",\"%\"],[\"Specialty Sports Group\",\"\",\"35\",\"%\",\"\",\"37\",\"%\",\"\",\"26\",\"%\"],[\"\",\"\",\"100\",\"%\",\"\",\"100\",\"%\",\"\",\"100\",\"%\"]] [[/GREPCENT_TABLE]] Sales attributable to countries outside the U.S. are based on shipment location. Our international sales, however, do not necessarily reflect the location of the end users of our products as many of our products are incorporated into bikes that are assembled at international locations and then shipped back to the U.S. [[GREPCENT_TABLE]] [[\"\",\"\",\"For the fiscal years ended\"],[\"\",\"\",\"January 2, 2026\",\"\",\"January 3, 2025\",\"\",\"December 29, 2023\"],[\"North America\",\"\",\"76\",\"%\",\"\",\"79\", ITEM 1. BUSINESS Our company, Fox Factory Holding Corp., is a global leader in the design, engineering, manufacturing and marketing of premium products and systems that deliver championship-level performance for customers worldwide. Fox Factory Holding Corp. is the holding company of Fox Factory, Inc. As used herein, \u201cFox Factory,\u201d \u201cFOX,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d and similar terms refer to Fox Factory Holding Corp. and its subsidiaries, unless the context indicates otherwise. Our premium brand, performance-defining products and systems are used primarily on bicycles (\u201cbikes\u201d), side-by-side vehicles (\u201cside-by-sides\u201d), on-road vehicles with and without off-road capabilities, off-road vehicles and trucks, all-terrain vehicles (\u201cATVs\u201d), snowmobiles, motorcycles and specialty vehicles and applications. In addition, we also offer premium baseball and softball gear and equipment. Some of our products are specifically designed and marketed to some of the leading cycling and powered vehicle original equipment manufacturers (\u201cOEMs\u201d), while others are distributed to consumers through a global network of dealers and distributors and through direct-to-consumer channels. Fox Factory, Inc., our operating subsidiary, was incorporated in California in 1978. Fox Factory Holding Corp. was incorporated in Delaware on December 28, 2007. In October 2018, we announced the relocation of our business headquarters from Scotts Valley, California to Braselton, Georgia, which was effective on December 31, 2018. In June 2021, we established a principal executive office in Duluth, Georgia. In August 2013, we completed an initial public offering (\u201cIPO\u201d) of our common stock. Our common stock is traded on the NASDAQ Global Select Market (the \u201cNASDAQ\u201d) under the symbol \u201cFOXF.\u201d Description of our business We design, engineer, manufacture and market performance-defining products and systems used primarily on bikes, off-road vehicles and trucks, side-by-sides, on-road vehicles with and without o ITEM 1A. RISK FACTORS Our business, financial condition, operating results and prospects could be materially and adversely affected by various risks and uncertainties that are described herein. In addition to the risks and uncertainties discussed elsewhere in this Annual Report on Form 10-K, you should carefully consid", "title": "FOXF - FOX FACTORY HOLDING CORP", "url": "/company/FOXF/" }, { "kind": "company", "summary": "SIC 2040 Grain Mill Products; CIK 0001611647; latest 10-K filed 2026-02-23.", "text": "FRPT - Freshpet, Inc. SIC 2040 Grain Mill Products; CIK 0001611647; latest 10-K filed 2026-02-23. FRPT Freshpet, Inc. 0001611647 2040 Grain Mill Products ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed in these forward-looking statements as a result of various factors, including those set forth in \u201cRisk Factors.\u201d The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements included elsewhere in this report. For more information regarding our consolidated results and liquidity and capital resources for the year ended December 31, 2024 as compared to the year ended December 31, 2023, refer to \"Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" in the Company's 2024 Annual Report on Form 10-K, which information is incorporated herein by reference. Overview Freshpet's mission is to elevate the way we feed our pets with fresh food that nourishes all. We were inspired by the rapidly growing view among pet owners that their dogs and cats are a part of their family, leading them to demand healthier pet food choices. Since Freshpet's inception in 2006, we have created a comprehensive business model to deliver wholesome pet food that pet parents can trust, and in the process, we believe we have become one of the fastest growing pet food companies in North America. Our business model is difficult for others to replicate and we see significant opportunity for future growth by leveraging the unique elements of our business, including our brand, our product know-how, our Freshpet Kitchens, our refrigerated distribution, our Freshpet Fridges and our culture. Components of our Results of Operations Net Sales Our net sales are derived from the sale of fresh pet food products to retailers, through direct sales and distributor arrangements. Our products are primarily sold to consumers through a fast-growing network of company-owned branded refrigerators, known as Freshpet Fridges, located in our customers\u2019 stores. We continue to roll out Freshpet Fridges at leading retailers across North America and parts of Europe and have installed Freshpet Fridges in approximately 30,235 retail stores as of December 31, 2025. Our products are sold under the Freshpet brand name with ingredients, packaging and labeling customized by class of retail. Sales are recorded net of discounts, returns and promotional allowances. Our net sales growth strategy is driven by the following key factors: \u2022Increasing sales velocity from the average Freshpet Fridge due to increasing awareness, trial and adoption of Freshpet products and innovation. Our investments in marketing and advertising help to drive awareness and trial at each point of sale. \u2022Increasing distribution and penetration of Freshpet products in major classes of retail, including Grocery, Mass, International, Digital, Pet Specialty, and Club. The impact of new Freshpet Fridge installations on our net sales varies by retail class and depends on numerous factors including store traffic, refrigerator size, placement within the store, and proximity to other stores that carry our products. Digital orders include any purchases made online, including our direct-to-consumer business, and may also be fulfilled by our Freshpet Fridge network in brick and mortar stores. \u2022Consumer trends including long-term growth in pet ownership, pet humanization and a focus on health and wellness. \u2022At times we increase our sales price to offset any adverse movement in input costs. Gross Profit Our gross profit is net of costs of goods sold, which include the costs of product manufacturing, product ingredients, packaging materials and inbound freight, as well as depreciation and amortization and non-cash share-based compensation. We expect to continue to mitigate any adverse movement in input costs through a combination of cost ma ITEM 1. BUSINESS Overview Freshpet, Inc. (\u201cFreshpet,\u201d the \u201cCompany,\u201d \"we\" or \"our\") is disrupting the over $56.0 billion United States pet food industry by driving consumers to reassess conventional dog and cat food offerings that have remained essentially unchanged for decades. We position our brand to benefit from mainstream trends of growing pet humanization and consumer focus on health and wellness. We price our products to be accessible to the average consumer, providing us with broad demographic appeal and allowing us to penetrate multiple classes of retail, including grocery, mass, international, digital, pet specialty, and club. We have successfully expanded our network of Freshpet Fridges within leading blue-chip retail chains. The strength of our business model extends to our customers, who we believe find that Freshpet grows their pet category sales, drives higher traffic, increases shopper frequency and delivers category leading margins. As of December 31, 2025, our household penetration within the United States was approximately 15.2 million households. Additionally, we believe that there are opportunities to expand our network into international markets as demonstrated by our initiatives in the U.K. market. Our Industry We primarily compete in the United States dog and cat food market. The pet food market has historically been resilient as consumers continue to spend on their pets even during economic downturns, and we believe pet food spending in North America will increase long-term. We believe the following trends will drive growth in our industry: Pet ownership. There are currently approximately 98 million dog or cat food buying households in the United States, meaning that approximately 73% of total households are buying dog and/or cat food, according to Numerator. Pet humanization. According to Numerator, 90% of United States dog households view their pets as members of the family. As pets are increasingly viewed as companions, friends and ITEM 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. The following is a discussion of the risks, uncertainties and assumptions that we believe are material to our business, which should be considered in conjunction with the other information contained in this report, including our consolidated financial statements and accompanying no", "title": "FRPT - Freshpet, Inc.", "url": "/company/FRPT/" }, { "kind": "company", "summary": "SIC 3711 Motor Vehicles & Passenger Car Bodies; CIK 0000277509; latest 10-K filed 2026-02-25.", "text": "FSS - FEDERAL SIGNAL CORP /DE/ SIC 3711 Motor Vehicles & Passenger Car Bodies; CIK 0000277509; latest 10-K filed 2026-02-25. FSS FEDERAL SIGNAL CORP /DE/ 0000277509 3711 Motor Vehicles & Passenger Car Bodies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Objective Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is designed to provide information that is supplemental to, and shall be read together with, the consolidated financial statements and the accompanying notes included in Item 8, Financial Statements and Supplementary Data, in this Form 10-K. Information in MD&A is intended to provide an analysis of our financial condition and results of operations from management\u2019s perspective and assist the reader in obtaining an understanding of (i) the consolidated financial statements, (ii) the Company\u2019s business segments and how the results of those segments impact the Company\u2019s results of operations and financial condition as a whole, and (iii) how certain accounting principles affect the Company\u2019s consolidated financial statements, and to provide discussion of material events and uncertainties known to management that are reasonably likely to cause reported financial information not to be indicative of future operating results or future financial condition. See below for discussion and analysis of our financial condition and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. See Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 26, 2025, for a detailed discussion of our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023. Executive Summary The Company is a leading global manufacturer and supplier of (i) vehicles and equipment for maintenance and infrastructure end-markets, including sewer cleaners, industrial vacuum loaders, safe-digging trucks, street sweepers, waterblasting equipment, refuse collection vehicles, road-marking and line-removal equipment, dump truck bodies, trailers, metal extraction support equipment, and multi-purpose maintenance vehicles, and (ii) public safety equipment, such as vehicle lightbars and sirens, industrial signaling equipment, public warning systems, and general alarm/public address systems. Product offerings also include certain products manufactured by other companies, such as third-party refuse and recycling collection vehicles. In addition, we engage in the sale of parts, service and repair, equipment rentals, and training as part of a comprehensive aftermarket offering to our customer base. We operate 26 manufacturing facilities in five countries and provide products and integrated solutions to municipal, governmental, industrial, and commercial customers in all regions of the world. As described in Note 17 \u2013 Segment Information in Item 8, Financial Statements and Supplementary Data, in this Form 10-K the Company\u2019s business units are organized in two reportable segments: the Environmental Solutions Group and the Safety and Security Systems Group. Operating and Financial Performance in 2025 Conditions in our end markets remained strong throughout 2025, with robust demand for our products and services. We continued to execute against our organic growth initiatives, and with contributions from recent acquisitions and additional efficiency gains resulting from the application of our eighty-twenty initiatives, we were able to sustain a high level of financial performance. During the year, we increased production levels at several of our facilities, helping us to deliver record financial results for our stockholders, with 17% net sales growth, double-digit earnings improvement, expansion of margins, and improved cash flow generation. Included among the Company\u2019s highlights in 2025 were the following: \u2022Net sales for the year ended December 31, 2025 were $2.18 billion, the highest level in our history, and an increase of $319 Item 1. Business. Federal Signal Corporation, founded in 1901, was reincorporated as a Delaware corporation in 1969. The Company designs, manufactures, and supplies a suite of products and integrated solutions for municipal, governmental, industrial, and commercial customers. The Company\u2019s portfolio of products that it manufactures includes (i) vehicles and equipment for maintenance and infrastructure end-markets, including sewer cleaners, industrial vacuum loaders, vacuum- and hydro-excavation trucks (collectively, \u201csafe-digging trucks\u201d), street sweepers, waterblasting equipment, refuse collection vehicles, road-marking and line-removal equipment, dump truck bodies, trailers, metal extraction support equipment, and multi-purpose maintenance vehicles, and (ii) public safety equipment, such as vehicle lightbars and sirens, industrial signaling equipment, public warning systems, and general alarm/public address systems. In addition, the Company engages in the sale of parts, service and repair, equipment rentals, and training as part of a comprehensive aftermarket offering to its customers. The Company operates 26 principal manufacturing facilities in five countries and provides products and integrated solutions to customers in all regions of the world. Narrative Description of Business Products manufactured and supplied, and services rendered, by the Company are divided into two reportable segments: the Environmental Solutions Group and the Safety and Security Systems Group. The individual operating businesses are organized as such because they share certain characteristics, including technology, marketing, distribution, and product application, which create long-term synergies. Corporate contains those items that are not included in the Company\u2019s reportable segments. Financial information concerning the Company\u2019s two reportable segments for each of the three years in the period ended December 31, 2025, is included in Note 17 \u2013 Segment Information in Item 8, Fi Item 1A. Risk Factors. We may occasionally make forward-looking statements and estimates such as forecasts and projections of our future performance or statements of our plans and objectives. These forward-looking statements may be contained in, but are not limited to, filings with the SEC, including this For", "title": "FSS - FEDERAL SIGNAL CORP /DE/", "url": "/company/FSS/" }, { "kind": "company", "summary": "SIC 7340 Services-To Dwellings & Other Buildings; CIK 0001727263; latest 10-K filed 2026-02-26.", "text": "FTDR - Frontdoor, Inc. SIC 7340 Services-To Dwellings & Other Buildings; CIK 0001727263; latest 10-K filed 2026-02-26. FTDR Frontdoor, Inc. 0001727263 7340 Services-To Dwellings & Other Buildings ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following information should be read in conjunction with the audited consolidated financial statements and related notes thereto included in Item 8 of this Annual Report on Form 10-K. The following discussion may contain forward-looking statements that reflect our plans, estimates and beliefs. The cautionary statements discussed in \u201cCautionary Statement Concerning Forward-Looking Statements\u201d and elsewhere in this Annual Report on Form 10-K should be read as applying to all forward-looking statements wherever they appear in this Annual Report on Form 10-K. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those factors discussed below and elsewhere in this Annual Report on Form 10-K, particularly in \u201cCautionary Statement Concerning Forward-Looking Statements\u201d and \u201cRisk Factors\u201d included in Item 1A of this Annual Report on Form 10-K. For a discussion of our results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, see \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II of our 2024 Annual Report on Form 10-K filed with the SEC on February 27, 2025, which specific discussion is incorporated herein by reference. Overview Frontdoor is the leading provider of home warranties and new home builder warranties in the United States, as measured by revenue, and operates primarily under the American Home Shield, HSA, OneGuard, Landmark and 2-10 HBW brands. Our customizable home warranties help customers protect and maintain their homes, typically their most valuable asset, from costly and unplanned breakdowns of essential home systems and appliances. Our home warranty customers usually subscribe to an annual service plan agreement that covers the repair or replacement for breakdowns that generally occur as a result of normal wear and tear of major components of up to 29 home systems and appliances, including electrical, plumbing, HVAC systems, water heaters, refrigerators, dishwashers and ranges/ovens/cooktops, as well as optional coverages for pools, spas and pumps. We also offer non-warranty home services, including our New HVAC upgrade and installation of Moen water shut-off devices, and select home maintenance offerings. Non-warranty services are marketed to our existing warranty customer base, enabling incremental revenue opportunities beyond traditional warranty coverage. As of December 31, 2025, we had approximately 2.1 million active home warranties across all brands in the United States. We also offer new home builder warranty solutions, which deliver value to both builders and homeowners through a suite of builder warranty products and support services. We offer flexible builder-backed and insurance-backed warranty options covering workmanship, home distribution systems, and structural components. Additional add-on programs provide service request management for warranties and claims administration for structural warranties. On December 19, 2024, we completed the acquisition of all of the issued and outstanding common stock of 2-10 HBW pursuant to a purchase agreement dated June 3, 2024 for aggregate cash consideration of $585 million, subject to certain customary adjustments including the amount of cash acquired, debt, seller transaction expenses, working capital and regulatory capital in the business of 2-10 HBW. Following the settlement of all contractual adjustments, the aggregate cash consideration paid was $580 million. See Note 7 to the audited consolidated financial statements included in Item 8 of this Annual Report on Form 10-K for further information on this acquisition. As a part of the 2-10 HBW Acquisition, we entered into an amendment to our Credit Agreement, which became effective on December 19, 2 ITEM 1. BUSINESS Overview Frontdoor is the leading provider of home warranties and new home builder warranties in the United States, as measured by revenue, and operates under the American Home Shield, HSA, OneGuard, Landmark and 2-10 HBW brands. Our customizable home warranties help customers protect and maintain their homes, typically their most valuable asset, from costly and unplanned breakdowns of essential home systems and appliances. Our home warranty customers frequently use our services, as we handle approximately 3.8 million home warranty service requests annually utilizing our nationwide network of approximately 17,000 qualified independent professional contractor firms in a wide range of trades and with diverse skills and capabilities. We provide our customers with a compelling value proposition by offering financial protection against unplanned and expensive home repairs, coupled with the convenience of having repairs guaranteed by us and completed by experienced professionals whose quality levels are regularly monitored. In addition to our home warranties, we continue to focus on and expand our non-warranty services, including our New HVAC upgrade program and Moen smart water shut-off value partnership program. We also offer new home builder warranty solutions, which deliver value to both builders and homeowners through a suite of builder warranty products and support services. As of December 31, 2025, we had approximately 2.1 million active home warranties across all brands in the United States, including our American Home Shield, HSA, OneGuard, Landmark and 2-10 HBW brands. Our home warranty customers usually subscribe to an annual service plan agreement that covers the repair or replacement for breakdowns that generally occur as a result of normal wear and tear of major components of up to 29 home systems and appliances, including electrical, plumbing, HVAC systems, water heaters, refrigerators, dishwashers and ranges/ovens/cooktops, as well as o ITEM 1A. RISK FACTORS In addition to the other information contained in this Annual Report on Form 10-K and the exhibits hereto, you should carefully consider the following risk factors in evaluating our business. Our business, financial condition or results of operations could be materially adversely affecte", "title": "FTDR - Frontdoor, Inc.", "url": "/company/FTDR/" }, { "kind": "company", "summary": "SIC 8071 Services-Medical Laboratories; CIK 0001965040; latest 10-K filed 2026-02-26.", "text": "FTRE - Fortrea Holdings Inc. SIC 8071 Services-Medical Laboratories; CIK 0001965040; latest 10-K filed 2026-02-26. FTRE Fortrea Holdings Inc. 0001965040 8071 Services-Medical Laboratories ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (in millions) The following discussion and analysis is intended to provide a summary of significant factors relevant to the financial performance and condition of Fortrea Holdings Inc., which we refer to in this discussion and analysis as \u201cFortrea,\u201d the \u201cCompany,\u201d \u201cour\u201d and \u201cwe\u201d. Prior to the spin-off which was completed on June 30, 2023 (the \u201cSpin\u201d or \u201cthe Separation\u201d), Fortrea existed and functioned as part of Labcorp Holdings Inc., which we refer to in this discussion and analysis as \u201cLabcorp\u201d or \u201cFormer Parent.\u201d The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated and combined financial statements and corresponding notes and other financial information included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that are based upon current expectations and are subject to uncertainty and changes in circumstances. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in Part I, Item 1A. \u201cRisk Factors.\u201d Actual results may differ materially from these expectations. See \u201cCautionary Statement Concerning Forward-Looking Statements.\u201d Company Overview Fortrea, a Delaware corporation incorporated on January 31, 2023, is a leading global contract research organization (\u201cCRO\u201d) providing biopharmaceutical product and medical device development solutions to pharmaceutical, biotechnology and medical device customers. We offer customers highly flexible delivery models that include Full Service, Functional Service Provider (\u201cFSP\u201d), and Hybrid Service structures. We have a rich history of providing clinical development services for over 30 years across more than 20 therapeutic areas, first as Covance and later as Labcorp Drug Development. On June 30, 2023, we completed the Spin from Labcorp. We leverage our global scale, scientific and therapeutic expertise, clinical data insights, technology innovation, industry network and decades of experience as a standalone company and as a business unit prior to the Spin to deliver tailored solutions to our customers. With what we believe is a distinctive market offering, Fortrea meets growing global demand for clinical development services. 56 Table of Contents Our team of approximately 14,300 employees is able to conduct operations in approximately 100 countries and delivers comprehensive phase I \u2013 IV clinical trial management, clinical pharmacology, and consulting services for our customers. Our offering is scaled to deliver focused and agile solutions to customers globally, streamlining the biopharmaceutical product, and medical device development process. Industry Outlook For information about the industry outlook and markets that we operate in, refer to Part I, Item I. \u201cMarket Opportunity\u201d. Separation from Labcorp On June 30, 2023, we completed the Spin from Labcorp through a pro-rata distribution of one share of Fortrea common stock for every share of Labcorp common stock held at the close of business on the record date of June 20, 2023. Fortrea began to trade as a separate public company (NASDAQ: FTRE) on July 3, 2023. The consolidated and combined statements of operations include costs for certain centralized functions and programs provided and administered by Labcorp that were allocated to us in the periods presented prior to the Spin. These centralized functions and programs include, but are not limited to, legal, tax, treasury, risk management, sales expenses, IT, human resources, finance, supply chain, executive leadership and stock-based compensation. These expenses were allocated to us based on direct usage when identifiable or, when not directly identifiable, on the ITEM 1. BUSINESS Overview Fortrea Holdings Inc. is a leading global contract research organization (\u201cCRO\u201d), providing biopharmaceutical product and medical device development solutions to pharmaceutical, biotechnology and medical device customers. We provide phase I through IV clinical trial management, clinical pharmacology, and consulting services for our customers. For more than 30 years, we have supported our global pharmaceutical, biotechnology, and medical device customers across more than 20 therapeutic areas, providing agile delivery models that include Full Service, Functional Service Provider (\u201cFSP\u201d), and Hybrid structures. We believe we are well positioned to leverage our global scale, scientific and therapeutic expertise, access to clinical data-driven insights, industry network, and decades of experience to bring customers distinctive, expert solutions. Our team of approximately 14,300 employees is able to conduct operations in approximately 100 countries. Our solutions streamline the biopharmaceutical product and medical device development process. Fortrea combines decades of domain expertise with the nimbleness required to meet market demand for flexible engagements with large and small customers, delivering solutions that bring life-changing treatments to patients faster and creating value for all stakeholders. Our expertise in the biopharmaceutical product and medical device development process has enabled us to design service offerings to better meet the needs of customers. We manage our business in one reporting segment \u2014 Clinical Services. Fortrea Holdings Inc. was formed through a spin-off of the CRO business, which we refer to as the \u201cSpin\u201d or the \u201cSeparation,\u201d from Labcorp Holdings Inc., which we refer to herein as \u201cLabcorp\u201d or \u201cFormer Parent\u201d. All references in this Form 10-K to \u201cFortrea\u201d, \u201cthe Company\u201d, \u201cwe\u201d, \u201cour\u201d or \u201cus\u201d refer to Fortrea Holdings Inc., a Delaware corporation, and its subsidiaries, unless otherwise indicated by the con ITEM 1A. RISK FACTORS The following are certain risk factors that could affect our business, financial condition, results of operations, and cash flows. The risks that are highlighted below are not the only risks that we face. Investors should carefully consider each of the following risks and all of the other information con", "title": "FTRE - Fortrea Holdings Inc.", "url": "/company/FTRE/" }, { "kind": "company", "summary": "SIC 2891 Adhesives & Sealants; CIK 0000039368; latest 10-K filed 2026-01-22.", "text": "FUL - FULLER H B CO SIC 2891 Adhesives & Sealants; CIK 0000039368; latest 10-K filed 2026-01-22. FUL FULLER H B CO 0000039368 2891 Adhesives & Sealants Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview H.B. Fuller Company is a global formulator, manufacturer and marketer of adhesives and other specialty chemical products. We have three reportable segments: Hygiene, Health and Consumable Adhesives, Engineering Adhesives and Building Adhesive Solutions. See Operating Segment Results for further discussion of changes to our operating segments in fiscal 2025. The Hygiene, Health and Consumable Adhesives operating segment manufactures and supplies adhesives products in the assembly, packaging, converting, nonwoven, hygiene, health and beauty, flexible packaging, graphic arts and envelope markets. The Engineering Adhesives operating segment provides high-performance adhesives to the transportation, electronics, clean energy, aerospace and defense, textile, appliance and heavy machinery markets. The Building Adhesive Solutions operating segment manufactures and provides specialty adhesives, sealants, tapes and application devices for commercial building roofing systems, heavy infrastructure projects, road/highway transportation applications, telecom/5G utilities, industrial LNG plants, building envelope applications, HVAC insulation systems, performance woodworking and insulating glass. Total Company When reviewing our financial statements, it is important to understand how certain external factors impact us. These factors include: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Changes in the prices of our raw materials that are primarily derived from refining crude oil and natural gas,\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Global supply of and demand for raw materials,\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Economic growth rates, and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Currency exchange rates compared to the U.S. dollar.\"]] [[/GREPCENT_TABLE]] We purchase thousands of raw materials, the majority of which are petroleum/natural gas derivatives. The price of these derivatives impacts the cost of our raw materials. However, the supply of and demand for key raw materials has a greater impact on our costs. As demand increases in high-growth areas, the supply of key raw materials may tighten, resulting in certain materials being put on allocation. Natural disasters, such as hurricanes, also can have an impact as key raw material producers are shut down for extended periods of time. We continually monitor capacity utilization figures, market supply and demand conditions, feedstock costs and inventory levels, as well as derivative and intermediate prices, which affect our raw materials. With approximately 75 percent of our cost of sales accounted for by raw materials, our financial results are extremely sensitive to changing costs in this area. 14 Table of Contents The pace of economic growth directly impacts certain industries to which we supply products. For example, adhesives-related revenues from durable goods customers in areas such as appliances, furniture and other woodworking applications tend to fluctuate with the overall economic activity. In our Building Adhesive Solutions operating segment and business components such as insulating glass, revenues tend to move with more specific economic indicators such as housing starts and other construction-related activity. The movement of foreign currency exchange rates as compared to the U.S. dollar impacts the translation of the foreign entities\u2019 financial statements into U.S. dollars. As foreign currencies weaken against the U.S. dollar, our revenues and costs decrease as the foreign currency-denominated financial statements translate into fewer U.S. dollars. The fluctuations of the Euro, British pound sterling, Turkish lira, Egyptian pound, Brazilian real, Mexican peso and Chinese renminbi against the U.S. dollar have the largest impact on our financial results as compared to all other currencies. In 2025, currency fluctuation Item 1. Business H.B. Fuller Company was founded in 1887 and incorporated as a Minnesota corporation in 1915. Our stock is traded on the New York Stock Exchange (\u201cNYSE\u201d) under the ticker symbol FUL. As used herein, \u201cH.B. Fuller,\u201d \u201cwe,\" \u201cus,\u201d \u201cour,\u201d \u201cmanagement\u201d or \u201ccompany\u201d includes H.B. Fuller and its subsidiaries unless otherwise indicated. Where we refer to 2025, 2024 and 2023 herein, the reference is to our fiscal years ended November 29, 2025, November 30, 2024, and December 2, 2023, respectively. We are a leading worldwide formulator, manufacturer and marketer of adhesives, sealants and other specialty chemical products. Sales operations span 34 countries in North America, Europe, Latin America, Asia Pacific, India, the Middle East and Africa. Industrial adhesives represent our core product offering, which help improve the performance of our customers\u2019 products or improve their manufacturing processes. Customers use our adhesives products in manufacturing common consumer and industrial goods, including food and beverage containers, disposable diapers, medical products, windows, doors, appliances, sportswear, footwear, multi-wall bags, water filtration products, insulation, textiles, automobiles, recreational vehicles, buses, trucks and trailers, marine products, solar energy systems, electronics and products for the aerospace and defense industries. In addition, we have established a variety of product offerings for residential, commercial and industrial construction markets, including sealing and waterproofing solutions for roads, highways, bridges and utilities; pressure-sensitive adhesives, tapes and sealants for the commercial roofing industry and pressure sensitive adhesives that enable contractors and do-it-yourself consumers to complete construction projects more reliably and efficiently. We also provide our customers with technical support and unique solutions designed to address their specific needs. As of November 30, 2024, our three operating seg Item 1A. Risk Factors As a global manufacturer of adhesives, sealants and other specialty chemical products, we operate in a business environment that is subject to various risks and uncertainties. Below are the most significant factors that could adversely affect our business, financial condition and results of operations. 6 Table of Contents Strategic and Ope", "title": "FUL - FULLER H B CO", "url": "/company/FUL/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000700564; latest 10-K filed 2026-02-27.", "text": "FULT - FULTON FINANCIAL CORP SIC 6021 National Commercial Banks; CIK 0000700564; latest 10-K filed 2026-02-27. FULT FULTON FINANCIAL CORP 0000700564 6021 National Commercial Banks Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations This Management's Discussion relates to the Corporation, a financial holding company registered under the BHCA and incorporated under the laws of the Commonwealth of Pennsylvania, and its wholly-owned subsidiaries. Management's Discussion should be read in conjunction with the Consolidated Financial Statements and other financial information presented in this Annual Report on Form 10-K. OVERVIEW The Corporation is a financial holding company, which, through its wholly-owned banking subsidiary, provides a full range of consumer and commercial financial services in Pennsylvania, Delaware, Maryland, New Jersey and Virginia. The Corporation generates the majority of its revenue through net interest income, or the difference between interest earned on loans and investments and interest paid on deposits and borrowings. Growth in net interest income is dependent upon balance sheet growth and maintaining or increasing the NIM, which is FTE net interest income as a percentage of average interest-earning assets. The Corporation also generates revenue through fees earned on the various services and products offered to its customers and through gains on sales of assets, such as loans, investments and properties. Offsetting these revenue sources are provisions for credit losses on loans and OBS credit risks, non-interest expenses and income taxes. Merger On November 24, 2025, the Corporation entered into the Merger Agreement with Blue Foundry. Under the terms of the Merger Agreement, Blue Foundry will merge with and into the Corporation, with the Corporation continuing as the surviving corporation. The combined company will operate under the Corporation's name and will trade under the ticker symbol \"FULT.\" Shareholders of Blue Foundry approved the Merger at the Blue Foundry special shareholder meeting on January 29, 2026, and all regulatory approvals required to complete the Merger have been obtained. Subject to the satisfaction of the remaining customary closing conditions in the Merger Agreement, we expect the Merger to close on or about April 1, 2026. Blue Foundry Bank is expected to be merged with and into Fulton Bank in the third quarter of 2026. The Corporation developed a comprehensive integration plan with respect to the Merger and will expense direct costs as incurred. These direct costs related to the Merger totaled $1.1 million for the year ending December 31, 2025. Costs related to the Merger are included in acquisition-related expenses in the Consolidated Statements of Income. The following table presents a summary of the Corporation's earnings and selected performance ratios: [[GREPCENT_TABLE]] [[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"\",\"(dollars in thousands, except per share)\"],[\"Net income\",\"$\",\"391,609\",\"\",\"$\",\"288,743\",\"\",\"$\",\"284,280\"],[\"Net income available to common shareholders\",\"$\",\"381,361\",\"\",\"$\",\"278,495\",\"\",\"$\",\"274,032\"],[\"Net income available to common shareholders per share (diluted)\",\"$\",\"2.08\",\"\",\"$\",\"1.57\",\"\",\"$\",\"1.64\"],[\"Operating net income available to common shareholders per share(1)\",\"$\",\"2.16\",\"\",\"$\",\"1.85\",\"\",\"$\",\"1.71\"],[\"Return on average assets\",\"1.23\",\"%\",\"\",\"0.95\",\"%\",\"\",\"1.04\",\"%\"],[\"Operating return on average assets(1)\",\"1.28\",\"%\",\"\",\"1.11\",\"%\",\"\",\"1.08\",\"%\"],[\"Return on average common shareholders' equity\",\"12.09\",\"%\",\"\",\"9.83\",\"%\",\"\",\"11.24\",\"%\"],[\"Operating return on average common shareholders' equity (tangible)(1)\",\"15.70\",\"%\",\"\",\"14.81\",\"%\",\"\",\"15.21\",\"%\"],[\"Net interest margin(2)\",\"3.51\",\"%\",\"\",\"3.42\",\"%\",\"\",\"3.42\",\"%\"],[\"Efficiency ratio(1)\",\"57.6\",\"%\",\"\",\"60.8\",\"%\",\"\",\"60.5\",\"%\"],[\"Non-performing assets to total assets\",\"0.58\",\"%\",\"\",\"0.69\",\"%\",\"\",\"0.56\",\"%\"],[\"Net charge-offs to average loans, annualized\",\"0.21\",\"%\",\"\",\"0.19\",\"%\",\"\",\"0.14\",\"%\"]] [[/GREPCENT_TABLE]] (1)Represents a financial measure derived by methods other than GAAP. See reconciliation of this non-GAAP financial measu Item 1. Business General The Corporation was incorporated under the laws of Pennsylvania on February 8, 1982 and became a bank holding company through the acquisition of all of the outstanding stock of Fulton Bank on June 30, 1982. In 2000, we became a financial holding company as defined in the GLBA, which gave us the ability to expand our financial services activities under our holding company structure. See \"Item 1. Business - Competition and - Supervision and Regulation.\" We directly own 100% of the common stock of Fulton Bank and five non-bank entities. On November 24, 2025, the Corporation entered into the Merger Agreement with Blue Foundry. Under the terms of the Merger Agreement, Blue Foundry will merge with and into the Corporation, with the Corporation continuing as the surviving corporation. The combined company will operate under the Corporation's name and will trade under the ticker symbol \"FULT.\" Shareholders of Blue Foundry approved the Merger at the Blue Foundry special shareholder meeting on January 29, 2026, and all regulatory approvals required to complete the Merger have been obtained. Subject to the satisfaction of the remaining customary closing conditions in the Merger Agreement, we expect the Merger to close on or about April 1, 2026. Blue Foundry Bank is expected to be merged with and into Fulton Bank in the third quarter of 2026. On April 26, 2024, Fulton Bank completed the Republic First Transaction. On July 1, 2022, the Corporation completed the acquisition of 100% of the outstanding common stock of Prudential Bancorp. Prudential Bancorp's wholly-owned subsidiary, Prudential Bank, became our wholly-owned subsidiary. Prudential Bank merged with and into Fulton Bank on November 5, 2022. Our Internet address is www.fultonbank.com. Electronic copies of our 2025 Annual Report on Form 10-K are available free of charge by visiting \"Investor Relations - Financials\" at www.fultonbank.com. Electronic copies of Quarterly Reports on Form 10-Q a Item 1A. Risk Factors An investment in our securities involves certain risks, including, among others, the risks described below. In addition to the other information contained in this Annual Report on Form 10-K, you should carefully consider the following risk factors. Additional risks and uncertainties not presently known to us or", "title": "FULT - FULTON FINANCIAL CORP", "url": "/company/FULT/" }, { "kind": "company", "summary": "SIC 7900 Services-Amusement & Recreation Services; CIK 0001999001; latest 10-K filed 2026-02-26.", "text": "FUN - Six Flags Entertainment Corporation/NEW SIC 7900 Services-Amusement & Recreation Services; CIK 0001999001; latest 10-K filed 2026-02-26. FUN Six Flags Entertainment Corporation/NEW 0001999001 7900 Services-Amusement & Recreation Services ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Merger Agreement with Former Six Flags On July 1, 2024, the previously announced merger of equals transaction contemplated by the Merger Agreement, by and among CopperSteel HoldCo, Inc., Cedar Fair, Former Six Flags and Copper Merger Sub, was completed. Upon the consummation of the Mergers, the separate legal existences of each of Copper Merger Sub, Cedar Fair and Former Six Flags ceased, and the Combined Company changed its name to \u201cSix Flags Entertainment Corporation\u201d. The Combined Company trades on the New York Stock Exchange under the ticker symbol \"FUN\". References to the \"Partnership,\" \"Cedar Fair,\" or \"Former Cedar Fair\" are to Cedar Fair prior to the Mergers, and references to the \"Combined Company\" and the \"Company\" are to Cedar Fair, Former Six Flags and Copper Merger Sub after giving effect to the Mergers. The Mergers were entered into to create a leading amusement park operator with an expanded and diversified property portfolio, improved guest experience utilizing the complementary operating capabilities of Cedar Fair and Former Six Flags, and the opportunity for accelerated investment in the Cedar Fair and Former Six Flags properties with the cash flows of the Combined Company. For additional information, see the Explanatory Note in this Annual Report on Form 10-K and Note 2 to the accompanying consolidated financial statements. The Six Flags Merger was accounted for as a business combination using the acquisition method of accounting. Former Cedar Fair has been determined to be the accounting acquirer and the predecessor for financial statement purposes. Accordingly, unless indicated otherwise, financial results and disclosures within this Management's Discussion and Analysis as of December 31, 2025, as of December 31, 2024, and for the year ended December 31, 2025 reflect the Combined Company's operations. Financial results and disclosures for the year ended December 31, 2024 include only Cedar Fair's results before giving effect to the Mergers through June 30, 2024 and include Combined Company results from July 1, 2024 through December 31, 2024. Business Overview The Company is North America's largest regional amusement park operator with 26 amusement parks, 15 separately gated water parks and nine resorts. Of the 41 amusement and water parks, 37 are located in the United States, two are located in Mexico and two are located in Canada. The parks generate revenues from sales of (1) admission to amusement parks and water parks, (2) food, merchandise and games both inside and outside the parks, and (3) accommodations, extra-charge products, and other revenue sources. The Company's principal costs and expenses, which include salaries and wages, operating and maintenance supplies, insurance, advertising, utilities and lease payments, are relatively fixed for a typical operating season and do not vary significantly with attendance. The Company's principal costs and expenses have recently been impacted by increased wage rates, driven both by market rates and statutory rates, higher insurance costs, and general inflation affecting the costs of inventory, services and supplies. The Company acquires rides, attractions, inventory, and supplies from foreign countries, of which many rides and attractions require specialized manufacturing. Changes in import tariffs and trade policies have resulted and may continue to result in increased costs. Potential market disruptions could result in the inability to acquire certain goods timely or at all. The Company's operations are seasonal. In 2025, approximately 70% of annual attendance and revenue occurred during the second and third quarters. As a result, a substantial portion of the Company's revenues are expected to be generated from Memorial Day through Labor Day with the major portion concentrated during the peak vacation months of July and August. The fall season is also impo ITEM 1. BUSINESS. The Company is North America's largest regional amusement park operator with 26 amusement parks, 15 separately gated water parks and nine resort properties. Of the 41 amusement and water parks, 37 are located in the United States, two are located in Mexico and two are located in Canada. The parks are family-oriented, with recreational facilities for people of all ages, and provide clean and attractive environments with exciting rides and immersive entertainment. The Company generates revenue from sales of admission to the amusement parks and water parks, from purchases of food, merchandise and games both inside and outside the parks, from the sale of accommodations and other extra-charge products, and other revenue sources. The Company purchases rides and attractions, inventory, operating and maintenance supplies, and services from a variety of suppliers both domestic and abroad. The Company's operations are seasonal. In 2025, approximately 70% of annual attendance and revenue occurred during the second and third quarters. As a result, a substantial portion of the Company's revenues are expected to be generated from Memorial Day through Labor Day with the major portion concentrated during the peak vacation months of July and August. The demographic groups that are most important to the business are families and young people ages 12 through 24. Families are believed to be attracted by a combination of rides, live entertainment and the clean, wholesome atmosphere. Young guests are believed to be attracted by the action-packed rides. The Company conducts active advertising campaigns in its major market areas geared toward these two groups. The Company's U.S. parks are located in geographically diverse markets across the country and serve each of the top 10 designated market areas, as determined by a survey of radio markets published by The Nielsen Company in fall 2025. DESCRIPTION OF THE PARKS [[GREPCENT_TABLE]] [[\"Park\",\"\",\"Year Developed/Acquir ITEM 1A. RISK FACTORS. Risks Related to the Integration of the Combined Company The Company may be unable to integrate the businesses of Former Six Flags and Former Cedar Fair successfully or realize the anticipated benefits of the Mergers. On July 1, 2024, Former ", "title": "FUN - Six Flags Entertainment Corporation/NEW", "url": "/company/FUN/" }, { "kind": "company", "summary": "SIC 4731 Arrangement of Transportation of Freight & Cargo; CIK 0000912728; latest 10-K filed 2026-03-11.", "text": "FWRD - FORWARD AIR CORP SIC 4731 Arrangement of Transportation of Freight & Cargo; CIK 0000912728; latest 10-K filed 2026-03-11. FWRD FORWARD AIR CORP 0000912728 4731 Arrangement of Transportation of Freight & Cargo Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This section of this Annual Report on Form 10-K generally discusses our results of operations and financial condition for the year ended December 31, 2025. For a discussion of similar topics for the years ended December 31, 2024 and December 31, 2023, please refer to \u201cItem 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Form 10-K, filed on March 24, 2025, which is incorporated herein by reference. Overview We are a leading asset-light freight provider of transportation services, including LTL, truckload and intermodal drayage services across the United States and in Canada and Mexico. We offer premium services that typically require precision execution, such as expedited transit, delivery during tight time windows and special handling. We utilize an asset-light strategy to minimize our investments in equipment and facilities and to reduce our capital expenditures. Globally, we provide customized asset-light, high-touch logistics and value-added services with deep customer relationships in high-growth end markets. Our services are classified into three reportable segments: Expedited Freight, Omni Logistics and Intermodal. Our Expedited Freight segment provides expedited regional, inter-regional and national LTL services. Expedited Freight also offers customers local pick-up and delivery and other services including truckload, shipment consolidation and deconsolidation, warehousing, customs brokerage and other handling. Our Omni Logistics segment provides a full suite of global logistics services. Services include air and ocean freight consolidation and forwarding, customs brokerage, time-definite transportation services, contract logistics, which includes warehousing and value-added services, as well as other supply chain solutions. Our Intermodal segment provides first- and last-mile high value intermodal container drayage services both to and from seaports and railheads. Intermodal also offers dedicated contract and CFS warehouse and handling services, and in select locations, linehaul and LTL services. Our operations, particularly our network of hubs and terminals, represent substantial fixed costs. Consequently, our ability to increase our earnings depends in significant part on our ability to increase the amount of freight and the revenue per pound or shipment for the freight shipped or moved through our network. Additionally, our earnings depend on the growth of other services, such as LTL pickup and delivery, which will allow us to maintain revenue growth in a challenging freight environment. We continue to focus on creating synergies across our services, particularly with services offered in our Expedited Freight reportable segment. Synergistic opportunities include the ability to share resources, in particular our fleet resources. With respect to our Expedited Freight and Intermodal reportable segments, in addition to our financial results, we monitor and analyze a number of key operating statistics in order to manage these segments and evaluate their operating performance. These key operating statistics are defined below and are referred to throughout the discussion of the financial results of our Expedited Freight and Intermodal reportable segments. Our key operating statistics should not be interpreted as better measurements of our results than income from operations as determined under GAAP. As we continue to integrate the legacy Omni business, we measure and manage the performance of the Omni Logistics segment based on its revenue and income. We have not identified, nor do we utilize, any key operating statistics necessary to understand the operating results of our Omni Logistics reportable segment. As we continue to integrate the Omni and Forward businesses, we are also developing how we organize and manage our product offerings. While we continue to mana Item 1. Business Overview Forward Air Corporation (\u201cForward\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cour\u201d, or \u201cus\u201d) is a leading asset-light provider of transportation services. We provide ground transportation, air and ocean forwarding, intermodal drayage services and contract logistics across North and South America, Europe and Asia. We also provide customized asset-light, high-touch logistics and supply chain management solutions with deep customer relationships in high-growth end markets. We offer premium services that typically require precision execution, such as expedited transit, delivery during tight time windows and special handling. We utilize an asset-light strategy to minimize our investments in equipment and facilities and to reduce our capital expenditures. Forward was founded in 1981 in Greeneville, Tennessee. In 2025, the Company changed its state of incorporation from Tennessee to Delaware and moved its headquarters from Greeneville to Dallas, Texas. Our common stock is listed on the Nasdaq Global Select Market under the symbol \u201cFWRD\u201d. Omni Acquisition On January 25, 2024 (the \u201cClosing Date\u201d), we completed the acquisition of Omni Newco LLC (\u201cOmni\u201d) pursuant to the Agreement and Plan of Merger, dated as of August 10, 2023 (the \u201cMerger Agreement\u201d, and as amended by Amendment No. 1, dated as of January 22, 2024, the \u201cAmended Merger Agreement\u201d) (the \u201cOmni Acquisition\u201d). The Omni acquisition is discussed in detail within Note 3, Acquisitions to our Consolidated Financial Statements included in this Annual Report on Form 10-K. Services Provided Our services are classified into three reportable segments: Expedited Freight, Omni Logistics, and Intermodal. For financial information relating to each of our business segments, see Note 12, Segment Reporting to our Consolidated Financial Statements included in this Annual Report on Form 10-K. Expedited Freight. We operate a comprehensive network in the continental United States that provides expedited regional, inter-reg Item 1A. Risk Factors The following are important risk factors that could affect our financial performance and could cause actual results for future periods to differ materially from our anticipated results or other expectations, including those expressed in any forward-looking statements made in this Ann", "title": "FWRD - FORWARD AIR CORP", "url": "/company/FWRD/" }, { "kind": "company", "summary": "SIC 3743 Railroad Equipment; CIK 0000923120; latest 10-K filed 2025-10-28.", "text": "GBX - GREENBRIER COMPANIES INC SIC 3743 Railroad Equipment; CIK 0000923120; latest 10-K filed 2025-10-28. GBX GREENBRIER COMPANIES INC 0000923120 3743 Railroad Equipment Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Executive Summary We operate in two reportable segments: 1. Manufacturing - We design, build and market freight railcars in North America and Europe. We are also a leading provider of freight railcar wheel services, component parts, maintenance and retrofitting services in North America. 2. Leasing & Fleet Management - We own a lease fleet of railcars that originate primarily from our manufacturing operations. We offer railcar management, regulatory compliance services and leasing services to railroads and other railcar owners in North America. We also place railcars on lease to customers and sell the railcars with leases attached to investors. We operate an integrated business model which we believe is difficult to duplicate and provides greater value for our customers and investors. We continue to operate in an environment characterized by ongoing macroeconomic uncertainty, including inflationary pressures, potential impacts from global trade tensions and tariffs and volatility in foreign exchange and interest rates. We believe that a sustained economic slowdown or continued supply chain disruption could significantly affect our operations and financial performance. Such developments could impact our business both directly and indirectly. Direct impacts may include higher costs for raw materials, labor and manufacturing inputs. Indirectly, a weaker macroeconomic environment could reduce demand for new railcar orders and leasing activity. Despite these potential headwinds, we believe we are well-positioned to continue to execute on our multi-year strategy. In addition, we believe our integrated business model provides flexibility across economic cycles. We maintain a diversified customer base and disciplined approach to managing working capital and operating costs. While we believe that macroeconomic uncertainty is affecting demand across the markets in which we operate, we delivered strong results in 2025, which included the following: \u2022 Expanded our Margin as a percentage of Revenue from 15.8% in 2024 to 18.7% in 2025. \u2022 Increased Net earnings attributable to Greenbrier by $44.0 million or 27.5% compared to the prior year. \u2022 Generated $266 million of Net cash provided by operating activities. \u2022 Increased our owned lease fleet by 1,500 railcars, representing a 9.7% increase since August 31, 2024. \u2022 Renewed and extended our $600 million domestic revolving facility and $250 million term loan in May 2025, extending the maturity date of both instruments until 2030. 34 We believe our results highlight our continued focus on our strategic plan as we remain focused on increasing recurring revenue, expanding aggregate gross margin and raising return on invested capital. Recurring revenue is defined as Leasing & Fleet Management revenue excluding the impact of syndication transactions. With a global footprint, supply chain and customer base, we are focused on navigating the impact of changing trade policies, such as tariffs, as well as general geopolitical and macroeconomic uncertainty. In the fourth quarter of 2025, we continued the rationalization of our European operations and approved the closure of manufacturing facilities in Poland and T\u00fcrkiye. Combined with the closure of one of our manufacturing facilities in Romania announced earlier this year, our European headcount is expected to be reduced by 30% while maintaining the same production capacity. Financial Highlights Despite the challenging operating environment, we accomplished the following in 2025: \u2022 Margin as a percentage of Revenue improved by 2.9% to 18.7% for the year ended August 31, 2025. The increase from the prior year was driven by operating efficiencies in our Manufacturing segment. \u2022 Earnings from operations increased by $35.6 million or 11.0% compared to the prior year. The increase was primarily attributed to an increase in Margin in our Manufact Item 1. BUSINESS Introduction We are a leading international supplier of equipment and services to global freight transportation markets. Through our wholly-owned subsidiaries and consolidated and unconsolidated joint ventures, we design, build and market freight railcars in North America, Europe and Brazil. We are a leading provider of freight railcar wheel services, component parts, maintenance and sustainable conversion services in North America. We own a lease fleet of railcars that originate primarily from our manufacturing operations. We offer railcar management, regulatory compliance services and leasing services to railroads and other railcar owners in North America. We operate an integrated business model that combines freight car manufacturing, wheel services, railcar maintenance, component parts, leasing and fleet management services. Our model is designed to provide customers with a comprehensive set of freight car product and service solutions by utilizing our substantial engineering, mechanical and technical capabilities, as well as our experienced commercial personnel. Our integrated model allows us to develop cross-selling opportunities and synergies among our reportable segments thereby enhancing our margins. We believe our integrated model is difficult to duplicate and provides greater value for our customers and investors. We operate in two reportable segments: Manufacturing and Leasing & Fleet Management. Effective September 1, 2024, we combined our former Maintenance Services and Manufacturing segments into a single reportable segment, Manufacturing. The combined Manufacturing reportable segment reflects a comprehensive production operation that allows us to streamline production processes and resources to better serve our customers. Separately, we renamed our former Leasing & Management Services reportable segment to Leasing & Fleet Management. These changes reflect the realignment of our organizational structure and reporting regularly pro Item 1A. RISK FACTORS The following risks could materially and adversely affect our business, financial condition, operating results, liquidity and cash flows, prospects, and stock price. These risks do not identify all risks that we face; other factors, events, or uncertainties currently unknown to us or that we currently do not consider to present s", "title": "GBX - GREENBRIER COMPANIES INC", "url": "/company/GBX/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001743725; latest 10-K filed 2026-03-05.", "text": "GDYN - GRID DYNAMICS HOLDINGS, INC. SIC 7372 Services-Prepackaged Software; CIK 0001743725; latest 10-K filed 2026-03-05. GDYN GRID DYNAMICS HOLDINGS, INC. 0001743725 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the accompanying notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current plans, expectations, and beliefs, involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements. You should review the section titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d for a discussion of forward-looking statements and in Item 1A, \u201cRisk Factors\u201d for a discussion of factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis and elsewhere in this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Overview Grid Dynamics Holdings, Inc. (\u201cGrid Dynamics,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) is an enterprise artificial intelligence (\u201cAI\u201d) transformation partner for the Fortune 1000. We combine deep AI expertise with proven enterprise-scale delivery to help clients identify where to invest in AI, build systems that work at scale, and capture real business value from AI deployments. The building blocks of AI have always been our foundation \u2014 distributed systems, real-time data, machine learning algorithms, and natural language processing. What has changed is that these capabilities have now converged into Enterprise AI. This technical heritage is matched with business acumen. We solve the most pressing technical challenges and enable positive business outcomes for enterprise companies. A key differentiator is our nearly two decades of technology leadership and pioneering enterprise AI expertise. This is supported by deep capabilities and ongoing investment in data and machine learning platform engineering, cloud platform and product engineering, Internet of Things and edge computing, and digital engagement services. Fiscal Year Highlights The following table sets forth a summary of Grid Dynamics\u2019 financial results for the periods indicated: [[GREPCENT_TABLE]] [[\"\",\"Year ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"\",\"\",\"\",\"% of revenues\",\"\",\"\",\"\",\"% of revenues\",\"\",\"\",\"\",\"% of revenues\"],[\"\",\"(in thousands, except percentages and per share data)\"],[\"Revenues\",\"$\",\"411,827\",\"\",\"\",\"100.0\",\"%\",\"\",\"$\",\"350,571\",\"\",\"\",\"100.0\",\"%\",\"\",\"$\",\"312,910\",\"\",\"\",\"100.0\",\"%\"],[\"Gross profit\",\"142,348\",\"\",\"\",\"34.6\",\"%\",\"\",\"127,005\",\"\",\"\",\"36.2\",\"%\",\"\",\"113,146\",\"\",\"\",\"36.2\",\"%\"],[\"Loss from operations\",\"(1,895)\",\"\",\"\",\"(0.5)\",\"%\",\"\",\"(2,105)\",\"\",\"\",\"(0.6)\",\"%\",\"\",\"(5,580)\",\"\",\"\",\"(1.8)\",\"%\"],[\"Net income/(loss)\",\"9,668\",\"\",\"\",\"2.3\",\"%\",\"\",\"4,041\",\"\",\"\",\"1.2\",\"%\",\"\",\"(1,765)\",\"\",\"\",\"(0.6)\",\"%\"],[\"Diluted income/(loss) per share\",\"$\",\"0.11\",\"\",\"\",\"n/a\",\"\",\"$\",\"0.05\",\"\",\"\",\"n/a\",\"\",\"(0.02)\",\"\",\"\",\"n/a\"],[\"Non-GAAP Financial information\"],[\"Non-GAAP EBITDA(1)\",\"53,792\",\"\",\"\",\"13.1\",\"%\",\"\",\"52,474\",\"\",\"\",\"15.0\",\"%\",\"\",\"44,246\",\"\",\"\",\"14.1\",\"%\"],[\"Non-GAAP net income(1)\",\"35,129\",\"\",\"\",\"8.5\",\"%\",\"\",\"37,222\",\"\",\"\",\"10.6\",\"%\",\"\",\"31,684\",\"\",\"\",\"10.1\",\"%\"],[\"Non-GAAP diluted EPS(1)\",\"0.40\",\"\",\"\",\"n/a\",\"\",\"0.47\",\"\",\"\",\"n/a\",\"\",\"0.41\",\"\",\"\",\"n/a\"]] [[/GREPCENT_TABLE]] __________________________ (1)Non-GAAP EBITDA, Non-GAAP net income and Non-GAAP diluted EPS are non-GAAP financial measures. See \u201cNon-GAAP Measures\u201d below for additional information and reconciliations to the most directly comparable GAAP financial measures. Our key metrics for the year ended December 31, 2025 are: \u2022Revenues: Total revenues increased 17.5% year-over-year to a record $411.8 million, driven by demand across our core verticals and contribution ITEM 1. BUSINESS Business Overview Grid Dynamics Holdings, Inc. (\u201cGrid Dynamics,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) is an Enterprise Artificial Intelligence (\u201cAI\u201d) transformation partner for the Fortune 1000. We combine deep AI expertise with proven enterprise-scale delivery to help clients identify where to invest in AI, deliver systems that work at scale, and capture real business value from AI deployments. The building blocks of AI have always been our foundation \u2014 distributed systems, real-time data, machine learning algorithms, and natural language processing. What has changed is that these capabilities have now converged into Enterprise AI. This technical heritage is matched with business acumen. We solve the most pressing technical challenges and enable positive business outcomes for enterprise companies. A key differentiator is our nearly two decades of technology leadership and pioneering enterprise AI expertise. This is supported by deep capabilities and ongoing investment in data and machine learning platform engineering, cloud platform and product engineering, Internet of Things (\u201cIoT\u201d) and edge computing, and digital engagement services. Founded in 2006, Grid Dynamics is headquartered in Silicon Valley with offices across the Americas, Europe, and India. Industry Background and Grid Dynamics Strategic Differentiators Grid Dynamics serves as the strategic architect and technical expert for Fortune 1000 companies transitioning into AI-driven enterprises. As the industry moves from automating business processes to automating decision-making itself, we provide the specialized engineering required to navigate this shift. Enterprises are increasingly moving away from off-the-shelf software toward custom-engineered solutions that leverage proprietary data, specific business processes, and competitive differentiators. This evolution drives significant demand for partners that can deliver AI implementations that work at enterprise scale and provide a me ITEM 1A. RISK FACTORS This Annual Report on Form 10-K contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, the risk factors set forth below. The ris", "title": "GDYN - GRID DYNAMICS HOLDINGS, INC.", "url": "/company/GDYN/" }, { "kind": "company", "summary": "SIC 1520 General Bldg Contractors - Residential Bldgs; CIK 0000923796; latest 10-K filed 2026-02-25.", "text": "GEO - GEO GROUP INC SIC 1520 General Bldg Contractors - Residential Bldgs; CIK 0000923796; latest 10-K filed 2026-02-25. GEO GEO GROUP INC 0000923796 1520 General Bldg Contractors - Residential Bldgs Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Introduction The following discussion and analysis provides information which management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of numerous factors including, but not limited to, those described above under \u201cItem 1A. Risk Factors,\u201d and \u201cForward-Looking Statements - Safe Harbor\u201d below. The discussion should be read in conjunction with the consolidated financial statements and notes thereto. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and are incorporated herein by reference. We specialize in the ownership, leasing and management of secure, reentry facilities and processing centers and the provision of community-based services in the United States, Australia and South Africa. We own, lease and operate a broad range of secure facilities including maximum, medium and minimum-security facilities, processing centers, and community-based reentry facilities. We offer counseling, education and/or treatment for alcohol and drug abuse problems at most of the domestic facilities we manage. We are also a provider of innovative compliance technologies, industry-leading monitoring services, and evidence-based supervision and treatment programs for community-based parolees, probationers and pretrial defendants. Additionally, we have a contract with ICE to provide supervision and reporting services designed to improve the participation of non-detained aliens in the immigration court system. We develop new facilities based on contract awards, using our project development expertise and experience to design, construct and finance what we believe are state-of-the-art facilities that maximize security and efficiency. We also provide secure transportation services for offender and detainee populations as contracted domestically and in the United Kingdom through our joint venture GEOAmey. As of December 31, 2025, our worldwide operations included the management and/or ownership of approximately 75,000 beds at 95 correctional, detention and reentry facilities, including idle facilities, and also included the provision of servicing individuals in a community-based environment on behalf of federal, state and local correctional agencies located throughout the country. For the years ended December 31, 2025 and 2024, we had consolidated revenues of $2.6 billion and $2.4 billion, respectively and we maintained an average company-wide facility occupancy rate of 89.2% including 68,157 active beds and excluding 6,646 idle beds for the year ended December 31, 2025, and 87.2% including 67,604 active beds and excluding 11,675 idle beds for the year ended December 31, 2024. Critical Accounting Policies and Estimates The consolidated financial statements in this report are prepared in conformity with U.S. generally accepted accounting principles, or GAAP. As such, we are required to make certain estimates, judgments, and assumptions that we believe are reasonable based upon the information available. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. A summary of our significant accounting policies is described in Note 1 Item 1. Business As used in this report, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cGEO\u201d and the \u201cCompany\u201d refer to The GEO Group, Inc., its consolidated subsidiaries and its unconsolidated affiliates, unless otherwise expressly stated or the context otherwise requires. General We specialize in the ownership, leasing and management of secure facilities, processing centers and reentry facilities and the provision of community-based services in the United States, Australia and South Africa. We own, lease and operate a broad range of secure facilities including maximum, medium and minimum-security facilities, processing centers, as well as community-based reentry facilities. We develop new facilities based on contract awards, using our project development expertise and experience to design, construct and finance what we believe are state-of-the-art facilities. We provide innovative technologies, industry-leading monitoring services, and evidence-based supervision and treatment programs for community-based programs. We also provide secure transportation services domestically and in the United Kingdom through our joint venture GEOAmey Ltd. (\u201cGEOAmey\u201d). As of December 31, 2025, our worldwide operations include the management and/or ownership of approximately 75,000 beds at 95 secure and community-based facilities, including idle facilities, and also includes the provision of reentry and electronic monitoring and supervision services for thousands of individuals, including an array of technology products including radio frequency, GPS, and alcohol monitoring devices. We provide a diversified scope of services on behalf of our government agency partners: \u2022 our secure facility management services involve the provision of security, administrative, rehabilitation, education, and food services at secure services facilities; \u2022 our reentry services involve supervision of individuals in community-based programs and reentry centers and the provision of temporary housing, programming, empl Item 1A. Risk Factors Summary of Risk Factors The risk factors summarized and detailed below could materially adversely affect our business, financial condition, or results of operations, impair our future prospects and/or cause the price of our common stock to decline. Additional risks not currently known to us", "title": "GEO - GEO GROUP INC", "url": "/company/GEO/" }, { "kind": "company", "summary": "SIC 3442 Metal Doors, Sash, Frames, Moldings & Trim; CIK 0000050725; latest 10-K filed 2025-11-19.", "text": "GFF - GRIFFON CORP SIC 3442 Metal Doors, Sash, Frames, Moldings & Trim; CIK 0000050725; latest 10-K filed 2025-11-19. GFF GRIFFON CORP 0000050725 3442 Metal Doors, Sash, Frames, Moldings & Trim Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (Unless otherwise indicated, all references to years or year-end refer to the fiscal year ending September 30 and dollars are in thousands, except per share data) OVERVIEW The Company Griffon Corporation (the \u201cCompany,\u201d \u201cGriffon,\u201d \"we\" or \"us\") is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries with acquisition and growth opportunities as well as divestitures. As long-term investors, we intend to continue to grow and strengthen our existing businesses, and to diversify further through investments in our businesses and acquisitions. The Company was founded in 1959, is a Delaware corporation headquartered in New York, N.Y. and is listed on the New York Stock Exchange (NYSE:GFF). Griffon conducts its operations through two reportable segments: \u2022Home and Building Products (\"HBP\") conducts its operations through Clopay Corporation (\"Clopay\"). Founded in 1964, Clopay is the largest manufacturer and marketer of garage doors and rolling steel doors in North America. Residential and commercial sectional garage doors are sold through professional dealers and leading home center retail chains throughout North America under the brands Clopay, Ideal, and Holmes. Rolling steel door and grille products designed for commercial, industrial, institutional, and retail use are sold under the Clopay, Cornell and Cookson brands. HBP revenue was 63%, 61% and 59% of Griffon\u2019s consolidated revenue in 2025, 2024 and 2023, respectively. \u2022Consumer and Professional Products (\u201cCPP\u201d) is a global provider of branded consumer and professional tools; residential, industrial and commercial fans; home storage and organization products; and products that enhance indoor and outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including AMES, since 1774, Hunter, since 1886, True Temper, and ClosetMaid. CPP revenue was 37%, 39% and 41% of Griffon\u2019s consolidated revenue in 2025, 2024 and 2023, respectively. On July 1, 2024, Griffon announced that its subsidiary, The AMES Companies, Inc., (\"AMES\") expanded the scope of its Australian operations by acquiring substantially all the assets of Pope, a leading Australian provider of residential watering products, from The Toro Company (NYSE:TTC) for a purchase price of approximately AUD 21,800 (approximately $14,500) in cash. This is CPP's seventh acquisition in Australia since 2013, and further expands AMES's product portfolio in the Australian market. Pope generated over $25,000 in revenue in its first full year of operations. Griffon announced in May 2023 that CPP was expanding its global sourcing strategy to include long handled tools, material handling, and wood storage and organization product lines for the U.S. market. This initiative was successfully completed as of September 30, 2024. Refer to Note 10 - Restructuring Charges for further detail. 30 CONSOLIDATED RESULTS OF OPERATIONS 2025 Compared to 2024 Revenue for the year ended September 30, 2025 of $2,519,926 decreased 4% compared to $2,623,520 for the year ended September 30, 2024. The decrease was due to a 10% decline in revenue at CPP, while HBP's revenue remained consistent with the prior year. Gross profit for 2025 was $1,058,005 compared to $1,019,935 in 2024. Gross profit as a percent of sales (\u201cgross margin\u201d) for 2025 and 2024 was 42.0% and 38.9%, respectively. In 2025, gross profit did not include any nonrecurring charges; however, in 2024, gross profit included restructuring charges of $35,806 and amortization of $491 related to the fair value step-up of acquired inventory sold in connection with the Pope acquisition. Excluding these charges from 2024, gross profit would have b Item 1. Business Overview Griffon Corporation (the \u201cCompany,\u201d \u201cGriffon,\u201d \"we,\" or \"us\") is a diversified management and holding company that conducts business through wholly-owned subsidiaries. The Company, founded in 1959, is a Delaware corporation headquartered in New York, N.Y. and is listed on the New York Stock Exchange (NYSE:GFF). Business Strategy Our strategic objective is to maintain leading positions in the markets we serve by providing innovative, branded products with superior quality and industry-leading service. We place emphasis on our iconic and well-respected brands, which helps to differentiate us and our offerings from our competitors and strengthens our relationship with our customers and those who ultimately use our products. Through operating a diverse portfolio of businesses, we expect to reduce variability caused by external factors such as market cyclicality, seasonality, and weather. We achieve diversity by providing various product offerings and brands through multiple sales and distribution channels and conducting business across multiple countries which we consider our home markets. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries with acquisition and growth opportunities as well as divestitures. As long-term investors, we intend to continue to grow and strengthen our existing businesses, and to diversify further through investments in our businesses and acquisitions. Since 2017, we have undertaken a series of transformative transactions to strengthen our core business and increase shareholder value. We divested our specialty plastics business in 2018 and our defense electronics (Telephonics) business in 2022 to focus on our core markets and improve our free cash flow conversion. In our Home and Building Products (\"HBP\") segment, we acquired CornellCookson, Inc. in 2018, which has established us as Item 1A. Risk Factors Griffon\u2019s business, financial condition, operating results and cash flows can be impacted by a number of factors which could cause Griffon\u2019s actual results to vary materially from recent or anticipated future results. The risk factors discussed in this section should be carefully considered with all of t", "title": "GFF - GRIFFON CORP", "url": "/company/GFF/" }, { "kind": "company", "summary": "SIC 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl; CIK 0000821002; latest 10-K filed 2026-03-24.", "text": "GIII - G III APPAREL GROUP LTD /DE/ SIC 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl; CIK 0000821002; latest 10-K filed 2026-03-24. GIII G III APPAREL GROUP LTD /DE/ 0000821002 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION. \u200b Unless the context otherwise requires, \u201cG-III,\u201d \u201cCompany,\u201d \u201cus,\u201d \u201cwe\u201d and \u201cour\u201d refer to G-III Apparel Group, Ltd. and its subsidiaries. References to fiscal years refer to the year ended or ending on January 31 of that year. For example, our fiscal year ending January 31, 2026 is referred to as \u201cfiscal 2026.\u201d \u200b We consolidate the accounts of all of our wholly-owned and majority-owned subsidiaries. Fabco Holding B.V. (\u201cFabco\u201d), a Dutch joint venture limited liability company, was 75% owned by us through April 16, 2024 and was treated as a consolidated majority-owned subsidiary. Effective April 17, 2024, we acquired the remaining 25% interest in Fabco that we did not previously own and, as a result, Fabco began being treated as a wholly-owned subsidiary. AWWG Investments B.V. (\u201cAWWG\u201d) is a Dutch corporation that was 12.1% owned by us from May 3, 2024 through July 18, 2024 and was accounted for using the cost method of accounting. Effective July 19, 2024, we acquired an additional 6.6% minority interest in AWWG, increasing our total ownership interest to 18.7% and, as a result, AWWG began being accounted for under the equity method of accounting. All material intercompany balances and transactions have been eliminated. \u200b Karl Lagerfeld Holding B.V. (\u201cKLH\u201d), a Dutch limited liability company that is wholly-owned by us, Vilebrequin International SA (\u201cVilebrequin\u201d), a Swiss corporation that is wholly-owned by us, certain other subsidiaries and AWWG report results on a calendar year basis rather than on the January 31 fiscal year basis used by G-III. Accordingly, the results of KLH, Vilebrequin, certain other subsidiaries and AWWG are and will be included in our financial statements for the year ended or ending closest to G-III\u2019s fiscal year. For example, for G-III\u2019s fiscal year ended January 31, 2026, the results of KLH, Vilebrequin, certain other subsidiaries and AWWG are included for the year ended December 31, 2025. Our retail operations segment uses a 52/53-week fiscal year. Our fiscal years ended January 31, 2026 and 2025 were both 52-week fiscal years for the retail operations segment. Our fiscal year ended January 31, 2024 was a 53-week fiscal year for the retail operations segment. For fiscal 2026, 2025 and 2024, the retail operations segment ended on January 31, 2026, February 1, 2025 and February 3, 2024, respectively. In fiscal 2024, the net sales and operating results generated by the 53rd week of our retail operations segment were not material. \u200b The following presentation of management\u2019s discussion and analysis of our consolidated financial condition and results of operations should be read in conjunction with our financial statements, the accompanying notes and other financial information appearing elsewhere in this Report. \u200b A discussion with respect to a comparison of the results of operations of fiscal 2025 compared to the fiscal year ended January 31, 2024, other financial information related to fiscal 2024 and information with respect to Liquidity and Capital Resources at January 31, 2024 and for fiscal 2025 is contained under the headings \u201cResults of Operations\u201d and \u201cLiquidity and Capital Resources\u201d in Item 7 of our Annual Report on Form 10-K for the fiscal year ended January 31, 2025. \u200b Overview \u200b G-III is a global leader in fashion with expertise in design, sourcing, distribution and marketing, which enables us to fuel growth across a portfolio of over 30 globally recognized owned and licensed brands anchored by our key owned brands DKNY, Donna Karan, Karl Lagerfeld and Vilebrequin. We develop products across a diverse range of lifestyle categories which include outerwear, dresses, sportswear, suit separates, athleisure, jeans, swimwear, as well as handbags, footwear, small leather goods, cold weather accessories and luggage. Our brands are positioned to sell at various price points with global di ITEM 1. BUSINESS. \u200b Unless the context otherwise requires, \u201cG-III,\u201d \u201cCompany,\u201d \u201cus,\u201d \u201cwe\u201d and \u201cour\u201d refer to G-III Apparel Group, Ltd. and its subsidiaries. References to fiscal years refer to the year ended or ending on January 31 of that year. For example, our fiscal year ended January 31, 2026 is referred to as \u201cfiscal 2026.\u201d \u200b G-III Apparel Group, Ltd. is a Delaware corporation that was formed in 1989. We and our predecessors have conducted our business since 1974. \u200b Company Overview \u200b G-III is a global leader in fashion with expertise in design, sourcing, distribution and marketing, which enables us to fuel growth across a portfolio of over 30 globally recognized owned and licensed brands, anchored by our key owned brands DKNY, Donna Karan, Karl Lagerfeld and Vilebrequin. We develop products across a diverse range of lifestyle categories which include outerwear, dresses, sportswear, suit separates, athleisure, jeans, swimwear, as well as handbags, footwear, small leather goods, cold weather accessories and luggage. Our brands are positioned to sell at various price points with global distribution across a diverse mix of channels and geographies to reach a broad range of consumers. \u200b Our Brands \u200b G-III\u2019s success is driven by our expertise and ability to leverage our best-in-class capabilities and strong corporate foundation to enable our heritage and emerging fashion brands to reach their full potential at scale. With a merchant-driven philosophy, we create compelling fashion that meets the needs of the market and resonate with global consumers across categories, channels and geographies. G-III's highly developed infrastructure in design and sourcing, combined with our well-established relationships with manufacturers and retailers, enables us to deliver significant value to our partners and quickly bring product to market. This formula, powered by our talented team and financial strength, drives long-term brand potential. \u200b We currently market ITEM 1A. RISK FACTORS. \u200b The following risk factors should be read carefully in connection with evaluating our business and the forward-looking statements contained in this Annual Report on Form 10-K. Any of the following risks could materially adversely affect our business, our ", "title": "GIII - G III APPAREL GROUP LTD /DE/", "url": "/company/GIII/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001192448; latest 10-K filed 2026-02-23.", "text": "GKOS - GLAUKOS Corp SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001192448; latest 10-K filed 2026-02-23. GKOS GLAUKOS Corp 0001192448 3841 Surgical & Medical Instruments & Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and related notes included in this Annual Report on Form 10-K. This discussion and analysis and other parts of this Annual Report on Form 10-K contain forward-looking statements that reflect our current plans, expectations, estimates and beliefs that involve risks, uncertainties and assumptions, such as statements regarding our plans, objectives, expectations, intentions and projections. Our actual results and the timing of selected events may differ materially from those discussed in these forward-looking statements. You should carefully read Item 1A - \u201cRisk Factors\u201d included in this Annual Report on Form 10-K to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section entitled \u201cSpecial Note Regarding Forward-Looking Statements and Industry Data.\u201d Overview We are an ophthalmic pharmaceutical and medical technology company focused on developing novel, dropless platform therapies and commercializing associated products for the treatment of glaucoma, corneal disorders and retinal disease. We first developed Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the traditional glaucoma treatment paradigm, launching our first MIGS device commercially in 2012. In 2024, we commenced commercialization activities for iDose TR, an intracameral procedural pharmaceutical implant designed to continuously deliver therapeutic levels of a proprietary formulation of travoprost inside the eye for extended periods of time. We also offer commercially a proprietary bio-activated pharmaceutical therapy for the treatment of a rare corneal disorder, keratoconus, that was approved by the United States (U.S.) Food and Drug Administration (FDA) in 2016. Beyond our approved products, we continue to develop and advance a robust pipeline of novel, dropless platform technologies designed to advance the standard of care and improve outcomes for patients suffering from chronic eye diseases. Financial Overview The most important financial indicators that we use to assess our business are net sales, gross margin, operating expenses, and cash on hand. [[GREPCENT_TABLE]] [[\"\",\"\",\"December 31,\",\"\",\"\",\"\",\"December 31,\"],[\"\",\"\",\"2025\",\"\",\"\",\"\",\"2024\"],[\"Net sales\",\"\",\"$\",\"507,442\",\"\",\"\",\"\",\"$\",\"383,481\"],[\"Gross margin\",\"\",\"\",\"56\",\"\",\"%\",\"\",\"\",\"75\",\"%\"],[\"Operating expenses\",\"\",\"$\",\"482,361\",\"\",\"\",\"\",\"$\",\"411,820\"],[\"Cash, cash equivalents, short-term investments and restricted cash\",\"\",\"$\",\"282,594\",\"\",\"\",\"\",\"$\",\"323,648\"]] [[/GREPCENT_TABLE]] Please see Results of Operations and Liquidity and Capital Resources below for a detailed discussion of each of the above items including analysis of the fluctuations from year to year. We incurred net losses of $187.7 million, $146.4 million and $134.7 million for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively and as of December 31, 2025, we had an accumulated deficit of $933.1 million. Recent Developments On October 20, 2025, we announced U.S. FDA approval for Epioxa indicated for the treatment of keratoconus. Epioxa represents an advancement in keratoconus care, offering an incision-free alternative to traditional corneal cross-linking procedures. Epioxa is the first FDA-approved, incision-free, topical drug therapy that does not require removal of the corneal epithelium and is designed to eliminate the pain associated with epithelium removal, streamline the procedure, and minimize recovery. We announced plans to begin commercializing Epioxa in the first quarter of 2026. Accordingly, we assessed our long-lived assets 42 Table of Contents for impairment and determined that our remaining developed tec ITEM 1. BUSINESS Overview Glaukos is an ophthalmic pharmaceutical and medical technology company focused on developing novel, dropless therapies and commercializing associated products for the treatment of glaucoma, corneal disorders, and retinal disease. We first developed Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the traditional glaucoma treatment paradigm, launching our first MIGS device, the iStent, commercially in 2012. In 2024, we commenced commercialization activities for iDose\u00ae TR, a first-of-its-kind, long-duration, intracameral procedural pharmaceutical implant designed to continuously deliver glaucoma drug therapy inside the eye for extended periods of time. We also offer commercially proprietary bio-activated pharmaceutical therapies for the treatment of corneal disorders. Beyond our approved products, we continue to develop and advance a robust pipeline of novel, dropless platform technologies designed to meaningfully advance the standard of care and improve outcomes for patients suffering from chronic eye diseases. Ophthalmic diseases and disorders are a national and global health concern and, as the population ages, the number of individuals with vision impairment and blindness is increasing. Moreover, improving access to cost-effective tools is increasing the diagnosis of sight-threatening ocular diseases globally and driving demand for innovative products, technologies, and therapies that improve clinical outcomes, demonstrate favorable safety profiles and provide ease of use and reliability. In response to the significant unmet needs that exist within ophthalmology we have designed commercial and development-stage solutions to provide ophthalmologists and other eye care professionals with various treatment options. Our commercial solutions and development-stage product candidates include: \u2022 procedural pharmaceuticals based on an intracameral drug delivery technology designed to reduce intraocular pressure (IOP) by delivering Item 1A. Risk Factors The risks and uncertainties discussed below are not the only ones facing our business but do represent those risks that we believe are material to us. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also harm our business. Please read the cautio", "title": "GKOS - GLAUKOS Corp", "url": "/company/GKOS/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001526113; latest 10-K filed 2026-02-25.", "text": "GNL - Global Net Lease, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001526113; latest 10-K filed 2026-02-25. GNL Global Net Lease, Inc. 0001526113 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the accompanying financial statements. The following information contains forward-looking statements, which are subject to risks and uncertainties. Should one or more of these risks or uncertainties materialize, actual results may differ materially from those expressed or implied by the forward-looking statements. Please see \u201cForward-Looking Statements\u201d elsewhere in this report for a description of these risks and uncertainties. Overview We are an internally managed real estate investment trust for United States (\u201cU.S.\u201d) federal income tax purposes (\u201cREIT\u201d) that focuses on acquiring and managing a global portfolio of income producing net lease assets across the U.S. and Western and Northern Europe. As of December 31, 2025, we owned 820 properties consisting of 40.7 million rentable square feet, which were 97% leased, with a weighted-average remaining lease term of 6.1 years. Based on the percentage of annualized rental income on a straight-line basis as of December 31, 2025, approximately 74% of our properties were located in the U.S. and Canada and approximately 26% were located in Europe. In addition, as of December 31, 2025, our portfolio was comprised of 46% Industrial & Distribution properties, 27% Retail properties and 27% Office properties. These represent our three reportable segments and the percentages are calculated using annualized straight-line rent converted from local currency into the U.S. Dollar (\u201cUSD\u201d) as of December 31, 2025. The straight-line rent includes amounts for tenant concessions. Our properties are leased to primarily \u201cInvestment Grade\u201d rated tenants in well established markets in the U.S. and Europe. For our purposes, \u201cInvestment Grade\u201d includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of the tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant\u2019s obligation under the lease) or tenants that are identified as investment grade by using a proprietary Moody\u2019s Analytics tool, which generates an implied rating by measuring an entity\u2019s probability of default. Ratings information is as of December 31, 2025. A total of 66% of our rental income on an annualized straight-line basis for leases in place as of December 31, 2025 was derived from Investment Grade rated tenants, comprised of 34% leased to tenants with an actual investment grade rating and 32% leased to tenants with an implied investment grade rating. The Multi-Tenant Retail Disposition During the six months ended June 30, 2025, we completed the Multi-Tenant Retail Disposition (as discussed above). The results of operations of the Multi-Tenant Retail Portfolio are currently reported as part of discontinued operations (see Note 2 \u2014 Summary of Significant Accounting Policies and Note 3 \u2014 Multi-Tenant Retail Disposition to our consolidated financial statements included in this Annual Report on Form 10-K for additional information). The Acquisition of The Necessity Retail REIT and the Internalization On the Acquisition Date, the REIT Merger and the Internalization Merger were consummated (collectively, the \u201cMergers\u201d). See Note 4 \u2014 The Mergers to our consolidated financial statements included in this Annual Report on Form 10-K for additional information. Significant Accounting Estimates and Accounting Policies Set forth below is a summary of the significant accounting estimates and accounting policies that management believes are important to the preparation of our financial statements. Certain of our accounting estimates are particularly important for an understanding of our financial position and results of operations, and require the application of significant judgment by our management. As a result, these estimates Item 1. Business. Overview We are an internally managed real estate investment trust for United States (\u201cU.S.\u201d) federal income tax purposes (\u201cREIT\u201d) that focuses on acquiring and managing a global portfolio of income producing net lease assets across the U.S. and Western and Northern Europe. As of December 31, 2025, we owned 820 properties consisting of 40.7 million rentable square feet, which were 97% leased, with a weighted-average remaining lease term of 6.1 years. Based on the percentage of annualized rental income on a straight-line basis as of December 31, 2025, approximately 74% of our properties were located in the U.S. and Canada and approximately 26% were located in Europe. In addition, as of December 31, 2025, our portfolio was comprised of 46% Industrial & Distribution properties, 27% Retail properties and 27% Office properties. These represent our three reportable segments and the percentages are calculated using annualized straight-line rent converted from local currency into the U.S. Dollar (\u201cUSD\u201d) as of December 31, 2025. The straight-line rent includes amounts for tenant concessions. The Multi-Tenant Retail Disposition During the six months ended June 30, 2025, we completed the sale of 99 of our multi-tenant retail properties (the \u201cMulti-Tenant Retail Portfolio\u201d) to RCG Venture Holdings, LLC (\u201cRCG\u201d) pursuant to a purchase and sale agreement, dated as of February 25, 2025 (the \u201cMulti-Tenant Retail Disposition\u201d). The results of operations of the Multi-Tenant Retail Portfolio are currently reported as part of discontinued operations (see Note 2 \u2014 Summary of Significant Accounting Policies and Note 3 \u2014 Multi-Tenant Retail Disposition to our consolidated financial statements included in this Annual Report on Form 10-K for additional information). The Acquisition of The Necessity Retail REIT and the Internalization On September 12, 2023 (the \u201cAcquisition Date\u201d), the REIT Merger and the Internalization Merger (both as defined in Note 4 \u2014 The Merger Item 1A. Risk Factors Set forth below are the risk factors that we believe are material to our investors and a summary thereof. The occurrence of any of the risks discussed in this Annual Report on Form 10-K could have a material adverse effect on our business, financial condition, results of operations and ability to pay divid", "title": "GNL - Global Net Lease, Inc.", "url": "/company/GNL/" }, { "kind": "company", "summary": "SIC 6311 Life Insurance; CIK 0001276520; latest 10-K filed 2026-02-27.", "text": "GNW - GENWORTH FINANCIAL INC SIC 6311 Life Insurance; CIK 0001276520; latest 10-K filed 2026-02-27. GNW GENWORTH FINANCIAL INC 0001276520 6311 Life Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our consolidated financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and related notes included in \u201cItem 8\u2014Financial Statements and Supplementary Data.\u201d Item 7 of our Annual Report on Form 10-K generally discusses year-to-year comparisons between the years ended December 31, 2025 and 2024. In addition, this Form 10-K also includes discussions of information related to 2023 and year-to-year comparisons between 2024 and 2023 for our Closed Block segment, which has been recast to reflect the change in our reportable segments. All other detailed comparative discussions between 2024 and 2023 that were not 60 Table of Contents impacted by the change in reportable segments, including our Enact segment, can be found in \u201cItem 7\u2014Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. Overview Our business Genworth Financial offers mortgage insurance products through its majority-owned subsidiary, Enact Holdings, a leading provider of private mortgage insurance in the United States through its mortgage insurance subsidiaries. Genworth Financial also has start-up businesses whereby it offers fee-based services, advice, consulting and other aging-care services through CareScout Services and long-term care insurance products through CareScout Insurance. Genworth Financial\u2019s legacy insurance subsidiaries no longer offer or sell long-term care insurance, life insurance or annuity products. However, these subsidiaries continue to service and manage their in-force blocks of business and may still issue a limited number of certificates under existing group long-term care insurance policies. We report our business results through two segments: Enact and Closed Block. In addition to our two reportable segments, we disclose other business activities and operating results in Corporate and Other, including our start-up businesses, CareScout Services and CareScout Insurance. Our financial information The financial information in this Annual Report on Form 10-K has been derived from our consolidated financial statements. Revenues and expenses Our revenues consist primarily of the following: \u2022Premiums. Premiums consist primarily of premiums earned on insurance products for mortgage, long-term care and term life insurance. \u2022Net investment income. Net investment income represents the income earned on our investments. For discussion of the change in net investment income, see the comparison for this line item under \u201c\u2014Investments and Derivative Instruments.\u201d \u2022Net investment gains (losses). Net investment gains (losses) consist primarily of realized gains and losses from the sale of our investments, credit losses, and unrealized gains and losses on equity securities, limited partnership investments and derivative instruments. For discussion of the change in net investment gains (losses), see the comparison for this line item under \u201c\u2014Investments and Derivative Instruments.\u201d \u2022Policy fees and other income. Policy fees and other income consist primarily of fees assessed against policyholder and contractholder account values, surrender charges, cost of insurance assessed on universal and term universal life insurance policies, advisory and administration service fees assessed on investment contractholder account values, broker-dealer commission revenues, fee revenue from contract underwriting services and other fees. Our expenses consist primarily of the following: \u2022Benefits and other changes in policy reserves. Benefits and other changes in policy reserves consist primarily of benefits paid, interest accretion expense and other reserve activity related to future policy benefits for long-term care insurance, life insurance, and fixed and", "title": "GNW - GENWORTH FINANCIAL INC", "url": "/company/GNW/" }, { "kind": "company", "summary": "SIC 5411 Retail-Grocery Stores; CIK 0001771515; latest 10-K filed 2026-03-04.", "text": "GO - Grocery Outlet Holding Corp. SIC 5411 Retail-Grocery Stores; CIK 0001771515; latest 10-K filed 2026-03-04. GO Grocery Outlet Holding Corp. 0001771515 5411 Retail-Grocery Stores ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion of our financial condition and results of operations in conjunction with the consolidated financial statements and related notes thereto included in \"Item 8. Financial Statements and Supplementary Data.\" This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those described in \"Item 1A. Risk Factors\" or set forth in other sections of this report. See \"Special Note Regarding Forward-Looking Statements\" in this report. For discussion related to the results of operations and changes in financial condition for fiscal 2024 compared to fiscal 2023 refer to \"Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II of the Annual Report on Form 10-K for the fiscal year ended December 28, 2024 (\"2024 Form 10-K\"). We operate on a fiscal year that ends on the Saturday closest to December 31st each year. References to fiscal 2026, fiscal 2025, fiscal 2024, and fiscal 2023 refer to the fiscal years ended January 2, 2027, January 3, 2026, December 28, 2024, and December 30, 2023, respectively. Our 2025 fiscal year consisted of 53 weeks while our 2024 and 2023 fiscal years consisted of 52 weeks. As used in this report, references to \"Grocery Outlet,\" \"the Company,\" \"the registrant,\" \"we,\" \"us\" and \"our,\" refer to Grocery Outlet Holding Corp. and its consolidated subsidiaries unless otherwise indicated or the context requires otherwise. Overview We are a growth-oriented extreme value retailer of quality, name-brand consumables and fresh products sold primarily through a network of independently operated stores. Our flexible buying model allows us to offer quality, name-brand opportunistic products at prices generally 40% to 70% below those of conventional retailers. Our Grocery Outlet stores are primarily run by entrepreneurial IOs who create a neighborhood feel through personalized customer service and a localized product offering. As of January 3, 2026, we had 570 stores in California, Washington, Oregon, Pennsylvania, Tennessee, Idaho, Nevada, Maryland, Ohio, New Jersey, North Carolina, Georgia, Alabama, Delaware, Kentucky and Virginia. Recent Trends and Developments The extent of the continuing impact of the factors set forth below on our operational and financial performance will depend on many factors, including certain factors outside of our control. Macroeconomic Conditions. Over the past several years, our business has been and continues to be impacted by macroeconomic conditions including supply chain and labor challenges, varying rates of inflation, tariffs, and changes in consumer behavior, and our IOs have been impacted by staffing challenges and increased labor costs and utility costs within their businesses. In recent periods, comparable store sales have been negatively impacted by decreased average transaction size. We are actively pursuing initiatives to increase average transaction size through our deployment of enhanced in-store merchandising and execution to further improve the shopping experience. Tariffs, such as those recently implemented or proposed by the U.S. government on goods imported from other countries, may result in cost increases on some of the products we sell, such as fresh meat and general merchandise that we import from impacted countries, as well as the materials and supplies we use for store construction. Tariffs may also negatively affect consumer sentiment. The tariff environment remains highly dynamic and specific tariffs applicable to our business continue to evolve. While we are regularly re-evaluating the potential impact of implemented and proposed tariffs, the short-term impact of price increases d ITEM 1. BUSINESS Our Company Grocery Outlet is a growth-oriented extreme value retailer of quality, name-brand consumables and fresh products sold primarily through a network of independently operated stores. As of January 3, 2026, we had 570 stores in California, Washington, Oregon, Pennsylvania, Tennessee, Idaho, Nevada, Maryland, Ohio, New Jersey, North Carolina, Georgia, Alabama, Delaware, Kentucky and Virginia. Our headquarters is in Emeryville, California. Each of our stores offers a fun, treasure hunt shopping experience in an easy-to-navigate, small-box format. An ever-changing assortment of \"WOW!\" deals, complemented by everyday staple products, generates customer excitement and encourages frequent visits from bargain-minded shoppers. Our flexible buying model allows us to offer quality, name-brand opportunistic products at prices generally 40% to 70% below those of conventional retailers. Our Grocery Outlet stores are primarily run by entrepreneurial independent operators (\"IOs\") who create a neighborhood feel through personalized customer service and a localized product offering. This differentiated approach has historically driven positive comparable store sales growth. Our differentiated model for buying and selling delivers a \"WOW!\" shopping experience, which generates customer excitement, inspires loyalty and supports profitable sales growth: \u2022How we buy: We source quality, name-brand consumables and fresh products opportunistically through a centralized purchasing team that leverages long-standing and actively managed supplier relationships to acquire merchandise at significant discounts. Our speed and efficiency in responding to supplier needs, combined with our specialized supply chain capabilities and flexible merchandising strategy, enhance our access to discounted products and allow us to turn inventory quickly and profitably. Our buyers proactively source on-trend products based on changing consumer preferences, including a wide selection ITEM 1A. RISK FACTORS The following risk factors are important to understanding various statements in this Form 10-K or elsewhere. The factors described below, individually or in the aggregate, could materially adversely affect our business, business prospects, financial condition, operating results, cash flows and stock price, an", "title": "GO - Grocery Outlet Holding Corp.", "url": "/company/GO/" }, { "kind": "company", "summary": "SIC 4899 Communications Services, NEC; CIK 0001537054; latest 10-K filed 2026-02-27.", "text": "GOGO - Gogo Inc. SIC 4899 Communications Services, NEC; CIK 0001537054; latest 10-K filed 2026-02-27. GOGO Gogo Inc. 0001537054 4899 Communications Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis is intended to help the reader understand our business, financial condition, results of operations, liquidity and capital resources. You should read this discussion in conjunction with our consolidated financial statements and the related notes contained in this Annual Report on Form 10-K. The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements in this discussion are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described under \u201cRisk Factors\u201d in this report. Our actual results may differ materially from those contained in or implied by any forward-looking statements. Our fiscal year ends December 31 and, unless otherwise noted, references to years or fiscal are for fiscal years ended December 31. See \u201c\u2014 Results of Operations.\u201d Company Overview The Company is the only multi-orbit, multi-band in-flight connectivity provider offering connectivity technology purpose-built for business and military/government aviation. We have a holistic approach of providing broadband connectivity services to our customers from small to large aircraft and heavy jets through our ATG technology and integrated LEO and GEO satellite solutions provided by multiple satellite constellations owned by our satellite network partners. We aim to deliver to our customers consistent, global tip-to-tail connectivity with a suite of software, hardware, and advanced infrastructure supported by a 24/7/365 in-person customer support team to fit their every need. Our Company\u2019s chief operating decision maker (\u201cCODM\u201d), who is the Chief Executive Officer, makes resource and operating decisions by evaluating the performance and business results on a consolidated basis. As we do not have multiple segments, we do not present segment information in this Annual Report on Form 10-K. Factors and Trends Affecting Our Results of Operations We believe that our operating and business performance is driven by various factors that affect the business and military/government aviation industries, including trends affecting the travel industry and trends affecting the customer bases that we target, as well as factors that affect wireless Internet service providers and general macroeconomic factors. Key factors that may affect our future performance include: \u2022 our ability to implement on a timely basis and costs associated with the ongoing implementation of our technology roadmap, including installation of and/or upgrades to the ATG Broadband technologies we currently offer, Gogo 5G, Gogo Galileo, LTE and any other next generation or other new technology that we develop or acquire; \u2022 our ability to manage issues and related costs that may arise in connection with the implementation of our technology roadmap, including technological issues and related remediation efforts and technological shifts, failures or delays on the part of antenna, chipset, and other equipment developers and providers or satellite network providers, some of which are single-source; \u2022 our ability to license additional spectrum and make other improvements to our ATG network and operations as technology and user expectations change; \u2022 the number of aircraft in service in our markets, including consolidations or changes in fleet size by one or more of our large-fleet customers; \u2022 the economic environment and other trends that affect both business and leisure aviation travel; \u2022 disruptions to supply chains in the aviation industry and installations of our equipment driven by, among other things, labor shortages; \u2022 the extent of our customers\u2019 adoption of our products and services, which is affected by, among other things, willingne Item 1. Business Company Overview Gogo Inc. (\u201cGogo\u201d, the \u201cCompany\u201d, \u201cwe\u201d or \u201cus\u201d) is the only multi-orbit, multi-band in-flight connectivity provider offering connectivity technology purpose-built for business and military/government aviation. We have a holistic approach of providing broadband connectivity services to our customers from small to large aircraft and heavy jets through our air-to-ground (\u201cATG\u201d) technology and integrated low earth orbit (\u201cLEO\u201d) and geostationary earth orbit (\u201cGEO\u201d) satellite solutions provided by multiple satellite constellations owned by our satellite network partners. We aim to deliver to our customers consistent, global tip-to-tail connectivity with a suite of software, hardware, and advanced infrastructure supported by a 24/7/365 in-person customer support team to fit their every need. By leveraging our multi-orbit, multi-band in-flight connectivity solutions, our global footprint, including a mature sales force and technical support, we can provide our customers with essential market access, speed, bandwidth, greater reliability, redundancy, and responsiveness that they need around the world. Our connectivity solutions are used by business and military/government aviation customers in over 100 countries, many of which view our products and services as critical to their daily operations and integral to their communications and business infrastructure. We also serve our growing military/government customer base by providing cost-effective, turnkey in-flight connectivity that integrates innovative, commercially proven technologies and software to deliver mission-tailored capabilities. We believe that, with our innovative solutions and tailored customer service, we are well-positioned to compete in the evolving in-flight connectivity market, which is undergoing significant change driven by several catalysts. The most significant technological advancement that is driving change in our industry today is the introduction of LEO satell Item 1A. Risk Factors You should consider and read carefully all of the risks and uncertainties described below, as well as other information included in this Annual Report on Form 10-K, including our consolidated financial statements and related notes. The risks described below are not the only ones facing us. The occurrence of any of the following ris", "title": "GOGO - Gogo Inc.", "url": "/company/GOGO/" }, { "kind": "company", "summary": "SIC 3949 Sporting & Athletic Goods, NEC; CIK 0001672013; latest 10-K filed 2026-02-27.", "text": "GOLF - Acushnet Holdings Corp. SIC 3949 Sporting & Athletic Goods, NEC; CIK 0001672013; latest 10-K filed 2026-02-27. GOLF Acushnet Holdings Corp. 0001672013 3949 Sporting & Athletic Goods, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion contains management\u2019s discussion and analysis of our financial condition and results of operations and should be read together with \u201cItem 1A \u2013 Risk Factors\u201d and our audited consolidated financial statements and the notes thereto included elsewhere in this Annual Report. This discussion contains forward\u2011looking statements that reflect our plans, estimates and beliefs and involve numerous risks and uncertainties, including but not limited to those described in the \u201cRisk Factors\u201d section of this report. Actual results may differ materially from those contained in any forward\u2011looking statements. You should carefully read the \u201cSpecial Note Regarding Forward\u2011Looking Statements\u201d section of this report following the Table of Contents. Overview We are the global leader in the design, development, manufacture and distribution of performance-driven golf products, and these products are widely recognized for their quality excellence. Today, we are the steward of two of the most revered brands in golf\u2014Titleist, one of golf\u2019s leading performance equipment brands, and FootJoy, one of golf\u2019s leading performance wearable brands. Our target market is dedicated golfers, who are the cornerstone of the worldwide golf industry. These dedicated golfers are avid and skill-biased, prioritize performance and commit the time, effort and money to improve their game. We seek to leverage a pyramid of influence product and promotion strategy, whereby our products are the most played by the world\u2019s best players, creating aspirational appeal for a broad range of golfers who want to emulate the performance of the game\u2019s best players. We believe our differentiated focus on performance and quality excellence, enduring connections with dedicated golfers and favorable and market-differentiating mix of consumable and durable products have been the key drivers of our financial performance. Basis of Presentation The accompanying results have been prepared in conformity with accounting principles generally accepted in the United States (\u201cU.S. GAAP\u201d). These consolidated financial statements include the accounts of Acushnet Holdings Corp. and Acushnet Company, including Acushnet Company's wholly-owned subsidiaries and less than wholly-owned subsidiaries, which include variable interest entities (\u201cVIE\u201d) in which Acushnet Company is the primary beneficiary. In addition, investments in entities over which the Company has significant influence but not control are accounted for using the equity method of accounting. The Company conducts substantially all its business through Acushnet Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. We have three reportable segments. These segments include Titleist golf equipment, FootJoy golf wear and Golf gear. Segment operating income (loss) includes directly attributable expenses and certain shared costs of corporate administration that are allocated to the operating segments, but excludes certain other costs, such as interest expense, net; restructuring costs; the non-service cost component of net periodic benefit cost; transaction fees; as well as other non-operating gains and losses that are not allocated to the reportable segments. Key Factors Affecting Our Results of Operations Rounds of Play We generate substantially all of our sales from the sale of golf-related products, including golf balls, golf clubs, golf shoes, golf gloves, golf gear and golf apparel. The demand for golf-related products in general, and golf balls in particular, is directly related to the number of golf participants and the number of rounds of golf being played by these participants. The game of golf remained in high demand in 2025, with the number of on-course golf participants in the U.S. increasing for the eighth consecutive year. Worldwide, the number o ITEM 1. BUSINESS Overview We are the global leader in the design, development, manufacture and distribution of performance\u2011driven golf products, and these products are widely recognized for their quality excellence. Our mission\u2014to be the performance and quality leader in every golf product category in which we compete\u2014has remained consistent since we entered the golf ball business in 1932. Today, we are the steward of two of the most revered brands in golf\u2014Titleist, one of golf\u2019s leading performance equipment brands, and FootJoy, one of golf\u2019s leading performance wearable brands. Titleist has been the #1 ball in professional golf for over 75 years and FootJoy has been the #1 shoe on the PGA Tour for eight decades. Our target market is dedicated golfers, who are the cornerstone of the worldwide golf industry. These dedicated golfers are avid and skill\u2011biased, prioritize performance and commit the time, effort and money to improve their game. We believe our focus on innovation and process excellence yields golf products that represent superior performance and consistent product quality, which are the key attributes sought after by dedicated golfers. Many of the game\u2019s professional players, who represent the most dedicated golfers, prefer our products, thereby validating our performance and quality promise while also driving brand awareness. We seek to leverage a pyramid of influence product and promotion strategy, whereby our products are the most played by the world\u2019s best players, creating aspirational appeal for a broad range of golfers who want to emulate the performance of the game\u2019s best players. Dedicated golfers view premium golf shops, such as on\u2011course golf shops and golf specialty retailers, as preferred retail channels for golf products of superior performance and product quality. As a result, we have committed to being one of the preferred and trusted partners to premium golf shops worldwide. We believe this commitment provides us a retail ITEM 1A. RISK FACTORS Summary Risk Factors Below is a summary of some of the principal risks that could adversely affect our business, operations and financial results: Risks Related to Our Business and Industry \u2022A reduction in the number of rounds of golf played or in the number of golf participants could materially adversely affect our busi", "title": "GOLF - Acushnet Holdings Corp.", "url": "/company/GOLF/" }, { "kind": "company", "summary": "SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001031203; latest 10-K filed 2026-02-13.", "text": "GPI - GROUP 1 AUTOMOTIVE INC SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001031203; latest 10-K filed 2026-02-13. GPI GROUP 1 AUTOMOTIVE INC 0001031203 5500 Retail-Auto Dealers & Gasoline Stations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with Part I, including the matters set forth in Item 1A. Risk Factors, and our Consolidated Financial Statements and notes thereto included elsewhere in this Form 10-K. Refer to Item 1. Business \u2014 General for an overview of our operations. Additionally, refer to Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report on Form 10-K for management\u2019s discussion and analysis of financial condition and results of operations for the fiscal year 2024 compared to fiscal year 2023. Overview Our operating results reflect the combined performance of each of our interrelated business activities. Historically, various facets of our business have been directly or indirectly impacted by a variety of supply/demand factors, including vehicle inventories, government trade policies, consumer confidence, consumer transportation preferences, discretionary spending levels, availability and affordability of consumer credit, new vehicle introductions and innovations, manufacturer incentives, weather patterns, fuel prices, inflation and interest rates. For example, during periods of sustained economic downturn or significant supply/demand imbalances, new vehicle sales may be negatively impacted as consumers tend to shift their purchases to used vehicles. Some consumers may delay their purchasing decisions altogether, electing instead to continue to maintain and repair their existing vehicles. In such cases, however, we believe the new vehicle sales impact on our overall business is mitigated by our ability to offer other products and services, such as used vehicles and parts, as well as maintenance, repair and collision services. In addition, our ability to expediently adjust our cost structure in response to changes in new vehicle sales volumes also tempers any negative impact of such sales volume changes. Recent Events Changes in trade policy, tariffs and other governmental actions during the Current Year introduced additional uncertainty for the automotive industry. On November 4, 2025, President Donald Trump issued an executive order directing federal agencies to modify the U.S. tariff schedules for designated Chinese-origin goods under an existing bilateral arrangement. While we do not directly import vehicles or parts from China, tariff changes may affect OEM pricing for vehicles, components, and accessories sourced from Chinese suppliers. We are monitoring subsequent agency actions to evaluate any impact on vehicle and parts costs. Effective November 1, 2025, a proclamation under Section 232 imposed 25% tariffs on imported medium- and heavy-duty trucks and parts. It also granted a 3.75% production credit through 2030 for vehicles and engines assembled in the U.S. The measure is expected to affect vehicle costs, sourcing, and production decisions across the automotive industry, particularly for companies involved in the distribution and sale of medium- and heavy-duty vehicles. Separately, effective retroactive to August 7, 2025, an order implementing the U.S.\u2013Japan Agreement generally set a 15% duty on automobiles and auto parts from Japan, adjusted for existing tariff rates, replacing higher additional duties previously applied to these products. Effective June 23, 2025, the U.S.\u2013U.K. Economic Prosperity Deal established an annual quota allowing 100,000 U.K.-made vehicles to enter the U.S. at a total 10% tariff, with imports above the quota subject to 25%. It also set a 10% total tariff on U.K.-origin parts for use in U.K.-made vehicles imported into the U.S. On March 26, 2025, a separate Section 232 action imposed a 25% tariff on imported automobiles and certain parts. Subsequent U.S. Department of Commerce procedures provided partial relief for United States-Mexico-Canada Agreement-qualifying vehicles and allowed manufacturers w Item 1. Business General Group 1 Automotive, Inc. is a leading operator in the automotive retail industry. We sell and/or lease new and used cars and light trucks; arrange related vehicle financing; sell service and insurance contracts; provide automotive maintenance and repair services; and sell vehicle parts retail and wholesale. We have operations in geographically diverse markets that extend across 17 states in the U.S. and 62 towns and cities in the U.K. As of December 31, 2025, our retail network consists of 145 dealerships and 21 collision centers in the U.S. and 109 dealerships and 11 collision centers in the U.K. Dealership Operations Our new vehicle revenues include new vehicle sales and lease transactions, completed at our dealerships or via our digital platform. We sell retail used vehicles directly to our customers at our dealerships and via our digital platform and wholesale our used vehicles at third-party auctions. We sell replacement parts and provide both warranty and non-warranty maintenance and repair services at each of our franchised dealerships, as well as provide collision repair services at the 32 collision centers that we operate. We also sell parts to wholesale customers. Revenues from our F&I operations consist primarily of fees for arranging financing and selling vehicle service and insurance contracts in connection with the retail sale of a new or used vehicle. We offer a wide variety of third-party finance, vehicle service and insurance products in a convenient manner at competitive prices. The following charts present total revenues and gross profit contribution from our operations by new vehicles, used vehicles, parts and service and F&I for the year ended December 31, 2025 (\u201cCurrent Year\u201d): 3 The following chart presents our diversity of new vehicle unit sales by manufacturer for the Current Year: The following table shows our new vehicle unit sales geographic mix for the Current Year and our franchise count as of December 3 Item 1A. Risk Factors The following risks have had or in the future could have a material adverse effect on our business and results of operations. Market and Industry Risks Availability and demand for and pricing of our products and services may be adversely impacted by economic conditions, financial d", "title": "GPI - GROUP 1 AUTOMOTIVE INC", "url": "/company/GPI/" }, { "kind": "company", "summary": "SIC 1531 Operative Builders; CIK 0001373670; latest 10-K filed 2026-02-25.", "text": "GRBK - Green Brick Partners, Inc. SIC 1531 Operative Builders; CIK 0001373670; latest 10-K filed 2026-02-25. GRBK Green Brick Partners, Inc. 0001373670 1531 Operative Builders ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS For business overview and developments during the year ended December 31, 2025, refer to Part I, Item 1 of this Annual Report on Form 10-K. Overview and Outlook Our key financial and operating metrics are home deliveries, home closings revenue, average sales price of homes delivered, net new home orders, which refers to the number of sales contracts executed reduced by the number of sales contracts canceled during the relevant period, and homebuilding gross margin. Our results for each key financial and operating metric, as compared to the year ended December 31, 2024, are provided below: [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended\"],[\"\",\"\",\"December 31, 2025\"],[\"New homes delivered\",\"\",\"Increased by 4.2%\"],[\"Home closings revenue\",\"\",\"Increased by 1.0%\"],[\"Average sales price of homes delivered\",\"\",\"Decreased by 3.1%\"],[\"Net new home orders\",\"\",\"Increased by 3.1%\"],[\"Homebuilding gross margin percentage\",\"\",\"Decreased by 330 bps\"]] [[/GREPCENT_TABLE]] The results achieved in our key metrics compared to last year are largely driven by our strategic focus on infill and infill-adjacent locations in high growth markets, our land approach to self-develop raw land into finished lots that are held on our balance sheet, and our reduced cycle times. Our home deliveries and net new home orders increased 4.2% and 3.1%, respectively. Home closings revenue remained relatively unchanged mainly due to a 3.1% decrease in the average sales price of homes delivered, which also resulted in a lower homebuilding gross margin percentage. We remain focused on disciplined land acquisition and operational efficiency to drive long-term value, even as we navigate a more competitive pricing environment. We believe we operate in some of the most desirable housing markets in the nation and that increasing demand and supply levels in our target markets create favorable conditions for our future growth. As of October 2025, Texas, Florida and Georgia were ranked first, second and fifth, respectively, in terms of single-family building permits issued according to the National Association of Home Builders. Results of Operations Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 Residential Units Revenue and New Homes Delivered The table below represents residential units revenue and new homes delivered for the years ended December 31, 2025 and December 31, 2024 (dollars in thousands): [[GREPCENT_TABLE]] [[\"\",\"\",\"Years Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"Change\",\"\",\"%\"],[\"Home closings revenue\",\"\",\"$\",\"2,091,258\",\"\",\"\",\"$\",\"2,069,756\",\"\",\"\",\"$\",\"21,502\",\"\",\"\",\"1.0\",\"%\"],[\"Mechanic\\u2019s lien contracts revenue\",\"\",\"219\",\"\",\"\",\"380\",\"\",\"\",\"(161)\",\"\",\"\",\"(42.4)\",\"%\"],[\"Residential units revenue\",\"\",\"$\",\"2,091,477\",\"\",\"\",\"$\",\"2,070,136\",\"\",\"\",\"$\",\"21,341\",\"\",\"\",\"1.0\",\"%\"],[\"New homes delivered\",\"\",\"3,943\",\"\",\"\",\"3,783\",\"\",\"\",\"160\",\"\",\"\",\"4.2\",\"%\"],[\"Average sales price of homes delivered\",\"\",\"$\",\"530.4\",\"\",\"\",\"$\",\"547.1\",\"\",\"\",\"$\",\"(16.7)\",\"\",\"\",\"(3.1)\",\"%\"]] [[/GREPCENT_TABLE]] The $21.3 million increase in residential units revenue was driven by the 4.2% increase in the number of homes delivered partially offset by a 3.1% decrease in average sales price of new homes delivered. The increase in new homes delivered was primarily driven by our Trophy Signature Homes and CB JENI Homes brands. The decrease in the average sales price of homes delivered was attributable to product mix, higher incentives, discounts, and closing costs to sustain order pace. 25 TABLE OF CONTENTS New Home Orders and Backlog The table below represents new home orders and backlog related to our builder operations segments, excluding mechanic\u2019s liens contracts (dollars in thousands): [[GREPCENT_TABLE]] [[\"\",\"\",\"Years Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"Change\",\"\",\"%\"],[\"Net new home orders\",\"\",\"3,795\",\"\",\"\",\"3,681\",\"\",\"\",\"114\",\"\",\"\",\"3.1\",\"% ITEM 1. BUSINESS Green Brick Partners, Inc. and its subsidiaries (\u201cGreen Brick\u201d, \u201cthe Company\u201d, \u201cwe\u201d or \u201cus\u201d) is a diversified homebuilding and land development company. We acquire and develop land and build homes through our seven brands of builders in three major markets. Our core markets are in the high growth U.S. metropolitan areas of Dallas-Fort Worth (\u201cDFW\u201d), Austin, and Houston, Texas, and Atlanta, Georgia, as well as the Treasure Coast, Florida area. We handle every stage of homebuilding, from acquiring and developing land, securing entitlements, designing homes, constructing properties, to providing title, mortgage, and insurance agency services. We also manage marketing and sales, and the creation of master planned communities. We believe we offer higher quality homes with more distinctive designs and floor plans than those built by our competitors at comparable prices. Many of our communities are located in premium locations and have high-end common areas and amenities. We seek to enhance our homebuyers\u2019 experience by utilizing high-quality materials, and building well-crafted homes. We seek to not only maximize value over the long term but to mitigate risks in the event of a downturn by minimizing leverage, controlling costs, and quickly reacting to regional and local market trends We are a leading lot developer in our markets and believe that our strict operating discipline provides us with a competitive advantage in seeking to maximize returns while minimizing risk. As of December 31, 2025, we owned or had under contract approximately 48,900 home sites in high-growth submarkets throughout the DFW, Austin, Houston, and Atlanta metropolitan areas and the Treasure Coast, Florida market. We previously referred to \u201clots controlled\u201d, which included only lots past feasibility studies for which we did not hold title, but had the contractual right to acquire. However, as of December 31, 2025, we revised our definition of lots controlled to \u201clots under contr ITEM 1A. RISK FACTORS Set forth below are the risks that we believe are material to our investors. Any of these risks could significantly and adversely affect our business, financial condition and results of operations. You should carefully consider the risks described below, together with the other information included in this Annual Repor", "title": "GRBK - Green Brick Partners, Inc.", "url": "/company/GRBK/" }, { "kind": "company", "summary": "SIC 6411 Insurance Agents, Brokers & Service; CIK 0001726978; latest 10-K filed 2026-02-19.", "text": "GSHD - Goosehead Insurance, Inc. SIC 6411 Insurance Agents, Brokers & Service; CIK 0001726978; latest 10-K filed 2026-02-19. GSHD Goosehead Insurance, Inc. 0001726978 6411 Insurance Agents, Brokers & Service Item 7. Management\u2019s discussion and analysis of financial condition and results of operations Overview The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under \u201cRisk factors\u201d and elsewhere in this Annual Report. This discussion includes references to non-GAAP financial measures as defined in the rules of the Securities and Exchange Commission (\"the SEC\"). We present such non-GAAP financial measures, specifically, Core Revenue, Adjusted EBITDA and Adjusted EPS non-GAAP financial measures, as we believe such information is of interest to the investment community because it provides additional meaningful methods of evaluating certain aspects of the Company\u2019s operating performance from period to period on a basis that may not be otherwise apparent under U.S. GAAP, and these provide a measure against which our businesses may be assessed in the future. Our methods of calculating these measures may differ from those used by other companies and therefore comparability may be limited. These financial measures should be viewed in addition to, not in lieu of, the consolidated financial statements for the year ended December 31, 2025. See \"Non-GAAP Financial Measures\" below for further discussion of our Core Revenue, Adjusted EBITDA and Adjusted EPS non-GAAP financial measures We are a rapidly growing personal lines independent insurance agency, reinventing the traditional approach to distributing personal lines products and services throughout the United States. We were founded with one vision in mind\u2014to provide clients with superior insurance coverage at the best available price and in a timely manner. By leveraging our differentiated business model and innovative technology platform, we are able to deliver a superior insurance experience to our clients. The following discussion contains references to the years ended December 31, 2025, December 31, 2024, and December 31, 2023. See Goosehead\u2019s Annual Report on Form 10-K for the year ended December 31, 2024 for a discussion of the changes from year ended December 31, 2023 to the year ended December 31, 2024. Financial Highlights for 2025: \u2022Total revenue increased 16% from 2024 to $365.3 million; Core Revenues*, a non-GAAP measure, of $317.9 million increased 16% over 2024 \u2022Total Written Premiums Placed increased 17% from 2024 to $4.4 billion \u2022Net income decreased by $4.7 million from 2024 to $44.5 million, or 12% of total revenues \u2022Adjusted EBITDA*, a non-GAAP measure, increased by 14% from 2024 to $113.6 million, or 31% of total revenues \u2022Basic earnings per share was $1.11 and Adjusted EPS*, a non-GAAP measure, was $1.86 for the year ended December 31, 2025. \u2022Policies in Force increased 14% from December 31, 2024 to 1.9 million at December 31, 2025. \u2022Corporate sales headcount increased 17% from December 31, 2024 to 489 at December 31, 2025. \u25e6As of December 31, 2025, 261 of these corporate sales agents had less than one year of tenure and 228 had greater than one year of tenure. \u2022Operating franchises decreased 9% from December 31, 2024 to 1,009 at December 31, 2025. \u25e6As of December 31, 2025, 87 operating franchises had less than one year of tenure and 922 operating franchisees had greater than one year of tenure. \u25e6Total franchise agents increased 1% from December 31, 2024 to 2,113 at December 31, 2025. 53 *Core Revenue, Adjusted EBITDA and Adjusted EPS are non-GAAP measures. Reconciliation of Total Core Revenue Item 1. Business Company overview We are a rapidly growing independent insurance agency, reinventing the traditional approach to distributing personal lines policies throughout the United States. Our differentiated business model and innovative technology platform have enabled us to deliver insurance customers a superior experience, as evidenced by our 77 Net Promoter Score, which is 3.5x the 2024 Industry Average according to Qualtrics XM Institute. To fully appreciate the value of our model, there are three lenses with which you can view us \u2013 from the perspective of 1) the insurance buyer; 2) the agent; and 3) the carrier. Insurance buyer perspective Insurance buyers desire to have the right coverage, based on their risk tolerance, at the lowest possible price, written with a reputable company who will respond quickly and fairly when they need to file a claim \u2013 desires that we believe only an independent insurance agent can fulfill. Clients want to accomplish this in a simple, fast, and convenient way that leverages technology to make the client experience effortless. We have built a model that combines a choice product portfolio, knowledgeable sales and service agents, and proprietary technology to deliver on these expectations. Choice product platform Today\u2019s insurance buyer expects choice; we believe that tomorrow\u2019s insurance buyer will demand it. We believe that most insurance buyers currently buying through single-product platforms are either over-paying or not properly covered because 1) their current insurance company does not offer the appropriate coverage or 2) valuable coverages were removed to make the pricing competitive. We are able to solve that by partnering with over 200 carriers and using technology to shop for our clients and quickly identify the carrier that is targeting their segment of the market. This allows us to provide value by finding the right coverage at the lowest price so that the client does not have to spend hours shopping for Item 1A. Risk factors An investment in our Class A common stock involves a high degree of risk. You should carefully consider the following risks, as well as the other information contained in this Annual Report on Form 10-K, before making an investment in our Class A common stock. If any of the following risks act", "title": "GSHD - Goosehead Insurance, Inc.", "url": "/company/GSHD/" }, { "kind": "company", "summary": "SIC 3560 General Industrial Machinery & Equipment; CIK 0001718512; latest 10-K filed 2026-02-12.", "text": "GTES - Gates Industrial Corp plc SIC 3560 General Industrial Machinery & Equipment; CIK 0001718512; latest 10-K filed 2026-02-12. GTES Gates Industrial Corp plc 0001718512 3560 General Industrial Machinery & Equipment Item 7: Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our audited consolidated financial statements and related notes thereto included elsewhere in this annual report. This discussion and analysis addresses Fiscal 2025 compared to Fiscal 2024. For discussion and analysis of our financial condition and results of operations for Fiscal 2024 compared to Fiscal 2023, see Management's Discussion and Analysis of Financial Condition and Results of Operations, in Part II, Item 7 of our Annual Report on Form 10-K for Fiscal 2024, which is incorporated herein by reference. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management\u2019s expectations. Factors that could cause such differences are discussed in \u201cForward-Looking Statements\u201d and \u201cRisk Factors\u201d above. Our Company We are a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. We offer a broad portfolio of products to diverse aftermarket channel customers, and to original equipment manufacturers (\u201cOEM\u201d) as specified components, with the majority of our revenue coming from aftermarket channels. Our products are used in applications across numerous end markets, including automotive aftermarket, automotive OEM, diversified industrial, industrial off-highway, industrial on-highway, energy and resources, and personal mobility. Our net sales have historically been, and remain, highly correlated with industrial activity and utilization, and not with any single end market given the diversification of our business and high exposure to the aftermarket channel. We sell our products globally under the Gates brand, which is recognized by distributors, equipment manufacturers, installers and end users as a premium brand for quality and technological innovation; this reputation has been built over more than 110 years since Gates\u2019 founding in 1911. Within the diverse end markets we serve, our highly engineered products are often critical components in applications for which the cost of downtime is high relative to the cost of our products, resulting in the willingness of end users to pay a premium for superior performance and availability. These applications subject our products to normal wear and tear, resulting in natural, and often preventative, aftermarket cycles that drive high-margin, recurring revenue. Our product portfolio represents one of the broadest ranges of power transmission and fluid power products in the markets we serve, and we maintain long-standing relationships with a diversified group of well-known customers throughout the world. As a leading designer, manufacturer and marketer of highly engineered, mission-critical products, we have become an industry leader across most of our end markets and the regions in which we operate. Business Trends The diversification of our business limits our exposure to trends in any given end market. In addition, a majority of our sales are generated from customers in aftermarket channels, who serve primarily a large base of installed equipment that follows a natural maintenance cycle that is somewhat less susceptible to various trends that affect our end markets. Such trends include infrastructure investment and construction activity, agricultural production and related commodity prices, commercial and passenger vehicle production, miles driven and fleet age, evolving regulatory requirements related to emissions and fuel economy and oil and gas prices and production. Key indicators of our performance include industrial production, industrial sales and manufacturer shipments. During Fiscal 2025, sales into aftermarket channels accounted for approximately 68% of our total net sales. Our aftermarket sales cover a very broad range of app Item 1. Business We are a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. We offer a broad portfolio of products to diverse aftermarket channel customers, and to original equipment manufacturers (\u201cOEM\u201d) as specified components, with the majority of our revenue coming from aftermarket channels. Our products are used in applications across numerous end markets, including automotive aftermarket, automotive OEM, diversified industrial, industrial off-highway, industrial on-highway, energy and resources, and personal mobility. Our net sales have historically been, and remain, highly correlated with industrial activity and utilization, and not with any single end market given the diversification of our business and high exposure to the aftermarket channel. We sell our products globally under the Gates brand, which is recognized by distributors, equipment manufacturers, installers and end users as a premium brand for quality and technological innovation; this reputation has been built over more than 110 years since Gates\u2019 founding in 1911. Within the diverse end markets we serve, our highly engineered products are often critical components in applications for which the cost of downtime is high relative to the cost of our products, resulting in the willingness of end users to pay a premium for superior performance and availability. These applications subject our products to normal wear and tear, resulting in natural, and often preventative, aftermarket cycles that drive high-margin, recurring revenue. Our product portfolio represents one of the broadest ranges of power transmission and fluid power products in the markets we serve, and we maintain long-standing relationships with a diversified group of well-known customers throughout the world. As a leading designer, manufacturer and marketer of highly engineered, mission-critical products, we have become an industry leader across most of our end markets and the regions in Item 1A. Risk Factors The risk factors noted in this section, and other factors noted throughout this annual report, describe certain risks and uncertainties that could cause our actual results to differ materially from those contained in any forward-looking statement and should be conside", "title": "GTES - Gates Industrial Corp plc", "url": "/company/GTES/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001794515; latest 10-K filed 2026-02-12.", "text": "GTM - ZoomInfo Technologies Inc. SIC 7372 Services-Prepackaged Software; CIK 0001794515; latest 10-K filed 2026-02-12. GTM ZoomInfo Technologies Inc. 0001794515 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and related notes included elsewhere in this Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such difference include, but are not limited to, those identified below and those discussed in the sections titled \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d included elsewhere in this Form 10-K. Numerical figures included in this Form 10-K are subject to immaterial rounding adjustments. Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them. Overview ZoomInfo is a global leader in modern go-to-market software, data, and intelligence for sales, marketing, operations, and recruiting teams. Our go-to-market intelligence platform empowers businesses with AI-ready insights, trusted data, agent-assisted selling and advanced automation providing sales, marketing, operations, and recruiting professionals accurate information and insights on the organizations and professionals they target. This enables our customers to shorten sales cycles and increase win rates by empowering sellers, marketers, and recruiters to efficiently deliver the right message to the right person at the right time in the right way. ZoomInfo is the modern go-to-market intelligence platform, consisting of three distinct layers that build upon each other: \u2022Our Intelligence Layer is the foundation of our data-driven strategy. Our best-in-class data, curated through first- and third-party sources, includes billions of data points about companies and contacts, such as intent, hierarchy, location, and financial information. \u2022Our Orchestration Layer integrates and enriches our data sources. At this stage, our products assign and route data, leads, and insights to the appropriate people. This creates a dataset that is continuously updated and can be used to power automated business workflows. Our services connect with major CRM system providers enabling sales operations professionals to access a suite of products, services, and solutions to ingest, match, enrich, and connect data feeds into multiple systems. \u2022Our Engagement Layer allows sales, marketing, operations, and recruiting professionals to put data-driven insights into action to identify and communicate with prospects and customers. Go-to-market professionals use our engagement layer for multi-touch and multi-channel sales engagement, web meeting recording, transcription, insight generation, and coaching. Marketers drive awareness, lead generation, and deal acceleration campaigns through account-based marketing, advertising, and onsite conversion optimization solutions including chat functionality. Recruiters and talent acquisition professionals can locate and reach more better suited candidates, use pipeline management tools to collaborate and organize the hiring process, and automate aspects of the candidate outreach process by more efficiently finding and engaging candidates. We generate substantially all of our revenue from sales of subscriptions to our platform. Subscriptions include the use of our platform and access to customer support. Subscriptions generally range from one to three years in length. About 53% of customer contracts (based on annualized value) are multi-year agreements. We typically bill our customers at the beginning of each annual, semi-annual, or quarterly period and recognize revenue ratably over the term of the subscription period. We sell access to our platform to both new and existing customers. We price our subscriptions based on the functionali ITEM 1. BUSINESS Overview ZoomInfo is a global leader in modern go-to-market software, data, and intelligence for sales, marketing, operations, and recruiting teams. Our go-to-market intelligence platform empowers businesses with AI-ready insights, trusted data, agent-assisted selling and advanced automation providing sales, marketing, operations, and recruiting professionals accurate information and insights on the organizations and professionals they target. This enables our customers to shorten sales cycles and increase win rates by empowering sellers, marketers, and recruiters to efficiently deliver the right message to the right person at the right time in the right way. ZoomInfo is the modern go-to-market intelligence platform, consisting of three distinct layers that build upon each other: \u2022Our Intelligence Layer is the foundation of our data-driven strategy. Our best-in-class data, curated through first- and third-party sources, includes billions of data points about companies and contacts, such as intent, hierarchy, location, and financial information. \u2022Our Orchestration Layer integrates and enriches our data sources. At this stage, our products assign and route data, leads, and insights to the appropriate people. This creates a dataset that is continuously updated and can be used to power automated business workflows. Our services connect with major CRM system providers enabling sales operations professionals to access a suite of products, services, and solutions to ingest, match, enrich, and connect data feeds into multiple systems. \u2022Our Engagement Layer allows sales, marketing, operations, and recruiting professionals to put data-driven insights into action to identify and communicate with prospects and customers. Go-to-market professionals use our engagement layer for multi-touch and multi-channel sales engagement, web meeting recording, transcription, insight generation, and coaching. Marketers drive awareness, lead generation, and deal accelerat ITEM 1A. RISK FACTORS We are subject to various risks that could have a material adverse effect on our business, financial condition, results of operations, or cash flows. Although it is not possible to predict or identify all such risks and uncertainties, they may include, but are not limited to, the factors discuss", "title": "GTM - ZoomInfo Technologies Inc.", "url": "/company/GTM/" }, { "kind": "company", "summary": "SIC 6500 Real Estate; CIK 0001052752; latest 10-K filed 2026-02-12.", "text": "GTY - GETTY REALTY CORP /MD/ SIC 6500 Real Estate; CIK 0001052752; latest 10-K filed 2026-02-12. GTY GETTY REALTY CORP /MD/ 0001052752 6500 Real Estate Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is intended to help the reader understand our operations and our present business environment from the perspective of management. The following discussion and analysis should be read in conjunction with the \u201cCautionary Note Regarding Forward-Looking Statements\u201d; \u201cItem 1A. Risk Factors\u201d; and the consolidated financial statements and related notes in \u201cItem 8. Financial Statements and Supplementary Data\u201d in this Annual Report on Form 10-K. We use certain non-GAAP measures that are more fully described below under the caption \u201c\u2014Supplemental Non-GAAP Measures,\u201d which we believe are appropriate supplemental non-GAAP measures of the performance of REITs used by our management, as well as REIT analysts. This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2024 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in \"Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. General Real Estate Investment Trust We are a net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. Our portfolio includes convenience stores, express tunnel car washes, automotive service centers (gasoline and repair, oil and maintenance, tire and battery, and collision), drive-thru quick service restaurants, and certain other freestanding retail properties. As of December 31, 2025, our portfolio included 1,174 properties, including 1,145 properties owned by us and 29 properties that we leased from third-party landlords. As a REIT, we are not subject to federal corporate income tax on the taxable income we distribute to our stockholders. In order to continue to qualify for taxation as a REIT, we are required, among other things, to distribute at least 90% of our ordinary taxable income to our stockholders each year. Our Properties Our 1,174 properties are located in 44 states and Washington D.C., and our typical property is located in a larger metropolitan area and is used as a convenience store, express tunnel car wash, automotive service center, drive thru quick service restaurant, or certain other freestanding retail uses. Many of our properties are located at highly trafficked urban intersections or conveniently close to highway entrances or exit ramps. As of December 31, 2025, we leased 1,169 of our properties to tenants under triple-net leases, including 962 properties leased under 62 separate unitary or master triple-net leases, and 207 properties leased under single unit triple-net leases. These leases generally provide for an initial term of 15 or 20 years, with options for successive renewal terms of up to 20 years, and periodic rent escalations. As of December 31, 2025, our weighted average remaining lease term, excluding renewal options, was 9.9 years. Substantially all of our properties are leased on triple-net basis to convenience store operators, petroleum distributors, express tunnel car wash operators and other automotive-related and retail tenants. Our tenants either operate their business at our properties directly or, in the case of certain convenience stores and gasoline and repair stations, sublet our properties and supply fuel to third parties that operate the businesses. For additional information regarding risks related to our tenants\u2019 dependence on the performance of the industry, see \u201cItem 1A. Risk Factors\u2014Risks Related to Our Business and Operations\u2014Significant number of our tenants depend on the same industry for their revenues\u201d in this Annual Report o Item 1. Business Company Profile Getty Realty Corp. (\u201cGetty Realty,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and the \u201cCompany\u201d) (NYSE: GTY), a Maryland corporation, is a publicly traded, net lease real estate investment trust (\u201cREIT\u201d) specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. Our predecessor was founded in 1955 and our common stock was listed on the New York Stock Exchange (\u201cNYSE\u201d) in 1997. Unless otherwise expressly stated or the context otherwise requires, the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d as used herein refer to Getty Realty and its owned and controlled subsidiaries. Our portfolio includes convenience stores, express tunnel car washes, automotive service centers (gasoline and repair, oil and maintenance, tire and battery, and collision), drive-thru quick service restaurants, and certain other freestanding retail properties. Our 1,174 properties as of December 31, 2025 are located in 44 states and Washington, D.C., and our tenants operate under a variety of national and regional retail brands. We are internally managed by our management team, which has extensive experience acquiring, financing, developing and managing convenience, automotive and other single tenant retail real estate. We elected to be treated as a REIT under the federal income tax laws beginning January 1, 2001. The Internal Revenue Code permits a qualifying REIT to deduct dividends paid, thereby effectively eliminating corporate level federal income tax and making the REIT a pass-through vehicle for federal income tax purposes if certain REIT qualifications are met. To meet the applicable requirements of the Internal Revenue Code, a REIT must, among other things, invest substantially all of its assets in interests in real estate (including mortgages and other REITs) or cash and government securities, derive most of its income from rents from real property or interest on loans secured by mortgages on real property, and distri Item 1A. Risk Factors We are subject to various risks, many of which are beyond our control. As a result of these and other factors, we may experience material fluctuations in our future operating results on a quarterly or annual basis, which could materially and adversely affect our business, financial condition, results of operations, liquidity, ability t", "title": "GTY - GETTY REALTY CORP /MD/", "url": "/company/GTY/" }, { "kind": "company", "summary": "SIC 1600 Heavy Construction Other Than Bldg Const - Contractors; CIK 0000861459; latest 10-K filed 2026-02-13.", "text": "GVA - GRANITE CONSTRUCTION INC SIC 1600 Heavy Construction Other Than Bldg Const - Contractors; CIK 0000861459; latest 10-K filed 2026-02-13. GVA GRANITE CONSTRUCTION INC 0000861459 1600 Heavy Construction Other Than Bldg Const - Contractors Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General We deliver infrastructure solutions for public and private clients primarily in the United States. We are one of the largest diversified, vertically integrated civil contractors and construction materials producers in the United States. Within the public sector, we primarily concentrate on infrastructure projects, including the construction of streets, roads, highways, mass transit facilities, airport infrastructure, bridges, dams, power-related facilities, utilities, tunnels, water well drilling and other infrastructure-related projects. Within the private sector, we perform various services such as site preparation, mining services and infrastructure services for commercial and industrial sites, railways, residential development, energy development, as well as provide construction management professional services. We own and lease aggregate reserves and own processing plants that are vertically integrated into our construction operations and we also produce construction materials for sale to third parties. We have vertically integrated operations across Alaska, Arizona, California, Kentucky, Louisiana, Mississippi, Nevada, Oregon, Tennessee, Utah and Washington in addition to regional civil construction home markets in the Midwest, Florida and Texas. Our Construction segment also operates national businesses within the Tunnel division and the Federal division, which performs civil construction across the continental United States and Guam, the Industrial & Energy division, which primarily focuses on commercial solar construction projects, and the Layne division, which performs water well drilling, rehabilitation services and mineral exploration services. Our reportable segments are the same as our operating segments and correspond with how our chief operating decision maker, or decision-making group (our \u201cCODM\u201d), regularly reviews financial information to allocate resources and assess performance. We previously identified our CODM as our Chief Executive Officer (\u201cCEO\u201d) and our Chief Operating Officer (\u201cCOO\u201d). Following our COO's retirement on July 4, 2025, our CEO assumed sole responsibility as the CODM. Our reportable segments are: Construction and Materials. The Construction segment focuses on construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure and site development for use by the general public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities and energy companies. It also provides construction of various complex projects including infrastructure and site development, mining, public safety, tunnel, solar, battery storage and other power-related projects. The Materials segment focuses on production and delivery of aggregates, asphalt concrete, liquid asphalt and recycled materials for internal use in our construction projects and for sale to third parties. See Note 21 of \u201cNotes to the Consolidated Financial Statements\u201d for additional information about our reportable segments. The five primary economic drivers of our business are (i) the overall health of the U.S. economy including access to resources (labor, supplies and subcontractors); (ii) federal, state and local public funding levels; (iii) population growth resulting in public and private development; (iv) the need to build, replace or repair aging infrastructure; and (v) the pricing of certain commodity related products. A stagnant or declining economy will generally result in reduced demand for construction and construction materials in the private sector. This reduced demand increases competition for private sector projects and will ultimately also increase competition in the public sector as companies migrate from bidding on scarce private sector work to projects in the public sector. In addition, a stagn Item 1. BUSINESS Introduction Granite Construction Company was incorporated in 1922. In 1990, Granite Construction Incorporated was formed as the holding company for Granite Construction Company and its wholly-owned and consolidated subsidiaries and was incorporated in Delaware. Unless otherwise indicated, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cCompany\u201d and \u201cGranite\u201d refer to Granite Construction Incorporated and its wholly-owned and consolidated subsidiaries. We deliver infrastructure solutions for public and private clients primarily in the United States. We are one of the largest diversified, vertically integrated civil contractors and construction materials producers in the United States. Within the public sector, we primarily concentrate on infrastructure projects, including the construction of streets, roads, highways, mass transit facilities, airport infrastructure, bridges, dams, power-related facilities, utilities, tunnels, water well drilling and other infrastructure-related projects. Within the private sector, we perform various services such as site preparation, mining services and infrastructure services for commercial and industrial sites, railways, residential development, energy development, as well as provide construction management professional services. We own and lease aggregate reserves, and we own processing plants that are vertically integrated into our construction operations. We also produce construction materials for sale to third parties. We have vertically integrated operations across Alaska, Arizona, California, Kentucky, Louisiana, Mississippi, Nevada, Oregon, Tennessee, Utah and Washington in addition to regional civil construction home markets in the Midwest, Florida and Texas. Our Construction segment also operates national businesses within the Tunnel division and the Federal division, which performs civil construction across the continental United States and Guam, the Industrial & Energy division, which primarily focuses on commercial s Item 1A. RISK FACTORS Set forth below and elsewhere in this report and in other documents we file with the SEC are various risks and uncertainties that could cause our actual results to differ materially from the results contemplated by the forward-looking statemen", "title": "GVA - GRANITE CONSTRUCTION INC", "url": "/company/GVA/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001109242; latest 10-K filed 2026-02-27.", "text": "HAFC - HANMI FINANCIAL CORP SIC 6021 National Commercial Banks; CIK 0001109242; latest 10-K filed 2026-02-27. HAFC HANMI FINANCIAL CORP 0001109242 6021 National Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This discussion presents management\u2019s analysis of the financial condition and results of operations as of and for the years ended December 31, 2025, 2024 and 2023. This discussion should be read in conjunction with our Consolidated Financial Statements and the Notes related thereto presented elsewhere in this Report. See also \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Critical Accounting Policies We have established various accounting policies that govern the application of GAAP in the preparation of our Consolidated Financial Statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions to arrive at the carrying value of assets and liabilities and amounts reported as revenues and expenses. Our financial position and results of operations can be materially affected by these estimates and assumptions. Critical accounting policies are those policies that are most important to the determination of our financial condition and results of operations and that require management to make assumptions and estimates that are subjective or complex. Our significant accounting policies are discussed in the \u201cNotes to Consolidated Financial Statements, Note 1 \u2014 Summary of Significant Accounting Policies.\u201d Management believes that the following policy is critical. Allowance for credit losses and Allowance for credit losses related to off-balance sheet items Effective January 1, 2025, we changed our methodology for estimating expected credit losses on our loan portfolio in accordance with Accounting Standards Update (\u201cASU\u201d) 2016-23, Financial Instruments \u2013 Credit Losses. Previously, we primarily used a Probability of Default/Loss Given Default (\u201cPD/LGD\") model to determine the allowance for credit losses. Following a periodic review of the credit loss estimation process, we concluded that a historical loss rate approach, adjusted for current conditions and reasonable and supportable economic forecasts, more appropriately reflects the expected credit losses for our loan portfolio. This change is considered a change in accounting estimate resulting from a change in methodology and assumptions, and is accounted for prospectively in accordance with ASC 250-10-45-17 through 45-18. Our allowance for credit losses methodologies incorporate a variety of risk considerations, both quantitative and qualitative, that management believes is appropriate at each reporting date. Quantitative factors are driven by aggregated industry loss rate history and the weighting of various macroeconomic forecast models, which are made up of a number of specific economic factors, including unemployment rates, gross domestic product growth rates, U.S. Treasury rates, BBB spreads, and Commercial Real Estate Price Index growth rates. Further, the Bank's own loan portfolio characteristics are incorporated as quantitative considerations, including risk ratings, collateral values, delinquencies, and non-performing loans. Quantitative factors are incorporated through the use of Moody's economic scenarios. We use qualitative factors to adjust the allowance calculation for risks not considered by the quantitative calculations. Qualitative factors considered in our methodologies include the Bank's historical loan loss trends, concentrations of credit, loan policy exception rate trends, changes in lending management and staff, quality of the loan review system, and changes in prepayment rates. Certain quantitative and qualitative factors used to estimate credit losses and establish an allowance for credit losses are subject to uncertainty. The adequacy of our allowance for credit losses is sensitive to changes in current and forecasted economic conditions that may affect the ability of borrowers to make contractual payments as well as the value of the collateral securing such payments. Although managemen Item 1. Business General Hanmi Financial Corporation (\u201cHanmi Financial,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a Delaware corporation incorporated in 2000 to be the holding company for Hanmi Bank (the \u201cBank\u201d) and is subject to the Bank Holding Company Act of 1956, as amended (the \u201cBHCA\u201d). Our principal office is located at 900 Wilshire Boulevard, Suite 1250, Los Angeles, California 90017, and our telephone number is (213) 382-2200. Hanmi Bank, the primary subsidiary of Hanmi Financial, is a state-chartered bank incorporated under the laws of the State of California in 1981, and licensed pursuant to the California Financial Code. The Bank\u2019s deposit accounts are insured under the Federal Deposit Insurance Act up to applicable limits thereof. The California Department of Financial Protection and Innovation (the \u201cDFPI\u201d) is the Bank\u2019s primary state bank regulator and the FDIC is its primary federal regulator. The Bank\u2019s headquarters are located at 3660 Wilshire Boulevard, Penthouse Suite A, Los Angeles, California 90010. The Bank is a community bank conducting general business banking, with its primary market encompassing the Korean-American community and other multi-ethnic communities across California, Colorado, Georgia, Illinois, New Jersey, New York, Texas, Virginia and Washington. The Bank\u2019s full-service offices are located in markets where many of the businesses are owned by immigrants and other minority groups. The Bank\u2019s client base reflects the multi-ethnic composition of these communities. The Bank\u2019s revenues are derived primarily from interest and fees on loans, interest and dividends on securities and other interest-earning assets, service charges and fees on deposit accounts and sales of SBA and mortgage loans. A summary of revenues for the periods indicated follows: [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"\",\"(dollars in thousands)\"],[\"Interest and fees on loans\",\"$\",\"375,760\",\"\",\"\",\"\",\"84.5\",\"%\",\"\", Item 1A. Risk Factors You should carefully consider the risks and uncertainties described below, together with the information included elsewhere in this Report and other documents we file with the SEC. The following risks and uncertainties described below are those that we have identified as material. Events or circumstances arising", "title": "HAFC - HANMI FINANCIAL CORP", "url": "/company/HAFC/" }, { "kind": "company", "summary": "SIC 6799 Investors, NEC; CIK 0001561894; latest 10-K filed 2026-02-13.", "text": "HASI - HA Sustainable Infrastructure Capital, Inc. SIC 6799 Investors, NEC; CIK 0001561894; latest 10-K filed 2026-02-13. HASI HA Sustainable Infrastructure Capital, Inc. 0001561894 6799 Investors, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our financial statements and accompanying notes included in Item 8. Financial Statements and Supplementary Data, of this Form 10-K. Refer to \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d on our Form 10-K for the year ended December 31, 2024 for a discussion of our results for the year ended December 31, 2024 and a comparison of our results of operations for the fiscal years ended December 31, 2024 and December 31, 2023. Overview We are an investor in sustainable infrastructure assets advancing the energy transition. With more than $16 billion in managed assets, our investment strategy is focused primarily on long-lived real assets that generate long-term recurring cash flows. We generate recurring income from net investment income from our portfolio, from income through our residual ownership in securitization and co-investment structures, and from asset management and other services. We also generate income through gain-on-sale securitization transactions, broker/dealer and other services. We are internally managed by an executive team that has extensive relevant industry knowledge and experience, and have a team of over 170 full-time investment, operating, and technical professionals. We have long-standing relationships with the leading U.S. clean energy project developers, owners and operators, utilities, and energy service companies (\u201cESCOS\u201d), which provide recurring, programmatic investment and fee-generating opportunities, while also enabling scale benefits and operational and transactional efficiencies. We completed approximately $4.3 billion of transactions during 2025 and $2.3 billion in 2024. As of December 31, 2025, our managed assets total approximately $16.1 billion, and generally fall into one of three categories: (1) our Portfolio, which represents investments we have retained on our balance sheet, (2) fee-generating assets in our co-investment structures that are not in our Portfolio but held by our investment partners in these structures, and (3) assets we have securitized by transferring all or a portion of the economics of the investment, typically using securitization trusts, to institutional investors in exchange for cash and/or residual interests in the assets and in some cases, ongoing fees. As of December 31, 2025, we held approximately $7.6 billion of assets in our Portfolio, and we also managed approximately $8.5 billion in securitization trusts or co-investment vehicles that are not consolidated on our balance sheet. See \u201cItem 1. Business\u201d for a further discussion of our business, investing strategy, and financing strategy. Market Conditions The market for sustainable infrastructure assets in which our investments are predominantly focused continues to grow, powered by a number of long-term trends impacting the U.S. economy and energy markets. These include, but are not limited to (1) expectations for faster growth in U.S. electricity demand, (2) heightened concerns about inflation and, in turn, greater prioritization of lower cost electricity sources like solar power and wind power, (3) broader recognition of the links between climate change and human activities, combined with greater awareness of, and concern about, the increase in frequency and magnitude of environmental disasters that have led to damages and losses costing hundreds of billions of dollars per year, and (4) greater attention to the need for grid resilience and reliability, as well as national energy security. Altogether, this is expected to lead to significant increase in U.S. load growth which would require an increase in electric generation capacity through the rest of this decade and beyond. First and foremost, there have been significant changes in the outlook for U.S. power demand, with load growth now expected to Item 1. Business COMPANY OVERVIEW HASI is an investor in sustainable infrastructure assets advancing the energy transition. Our investment strategy is focused on actively partnering with clients to deploy capital primarily in income-generating real assets that are supported by long-term recurring cash flows. This strategy has enabled us to generate attractive risk-adjusted returns and provide stockholders with diversified exposure to the energy transition. We are internally managed by an executive team that has extensive relevant industry knowledge and experience, and oversees a team of over 170 full-time investment, operating, and technical professionals. We have long-standing, programmatic relationships with some of the leading U.S. clean energy project developers, owners and operators, utilities, and energy service companies, which provide recurring, investment and fee-generating opportunities, while also enabling scale benefits and operational and transactional efficiencies. Partnering with these clients, we make investments in a variety of asset classes across our three primary climate solutions markets: [[GREPCENT_TABLE]] [[\"Behind the Meter\",\"\",\"Grid-Connected\",\"\",\"Fuels, Transport, and Nature\"],[\"(BTM)\",\"\",\"(GC)\",\"\",\"(FTN)\"],[\"\\u2022Residential solar and storage\",\"\",\"\\u2022Utility-scale solar\",\"\",\"\\u2022Renewable natural gas\"],[\"\\u2022Community, commercial, and industrial solar and storage\",\"\",\"\\u2022Onshore wind\",\"\",\"\\u2022Fleet decarbonization\"],[\"\\u2022Energy efficiency\",\"\",\"\\u2022Battery energy storage systems\",\"\",\"\\u2022Ecological restoration\"]] [[/GREPCENT_TABLE]] Through December 31, 2025, we have cumulatively closed more than 1,300 investments spanning more than 150 different clients over a period of 30 years. Our investments take many forms, including equity, joint ventures, real estate, receivables or securities, and other financing transactions. With over $16 billion in Managed Assets, including a Portfolio of $7.6 billion in assets retain Item 1A. Risk Factors Our business and operations are subject to a number of risks and uncertainties, the occurrence of which could adversely affect our business, financial condition, consolidated results of operations and ability to make distributions to stockholders and could cause the value of our capital stock t", "title": "HASI - HA Sustainable Infrastructure Capital, Inc.", "url": "/company/HASI/" }, { "kind": "company", "summary": "SIC 3580 Refrigeration & Service Industry Machinery; CIK 0001834622; latest 10-K filed 2026-02-25.", "text": "HAYW - Hayward Holdings, Inc. SIC 3580 Refrigeration & Service Industry Machinery; CIK 0001834622; latest 10-K filed 2026-02-25. HAYW Hayward Holdings, Inc. 0001834622 3580 Refrigeration & Service Industry Machinery ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Our Company The Company is a leading global designer and manufacturer of a broad portfolio of pool equipment, outdoor living products and industrial flow control products. The Company benefits from a large installed base, recurring aftermarket demand (such as the ongoing repair, replacement, remodeling and upgrading of equipment for existing pools) and from a history of innovation, which together support long-term growth and cash generation. Our engineered products, which include various energy-efficient and more environmentally sustainable offerings, enhance the pool owner\u2019s outdoor living lifestyle while also delivering high quality water, pleasant ambiance and ease of use for the ultimate backyard experience. Aftermarket replacements and upgrades to higher value IoT and energy efficient models are a primary growth driver for our business. We have an estimated North American residential pool market share of approximately 33%. We believe that we are well-positioned for future growth. We estimate aftermarket sales represent approximately 85% of North American residential pool net sales and are generally recurring in nature since these products are critical to the ongoing operation of pools given requirements for water quality and sanitization. Our product replacement cycle of approximately eight to 11 years drives multiple replacement opportunities over the typical life of a pool, creating opportunities to generate aftermarket product sales as pool owners repair, remodel and upgrade their pools. We estimate aftermarket sales based upon feedback from certain representative customers and management\u2019s interpretation of available industry and government data, and not upon our GAAP net sales results. The Company has seven manufacturing facilities worldwide, which are located in North Carolina, Georgia, Tennessee, Rhode Island, Spain (two) and China, and other facilities in the United States, Canada, France and Australia. Segments Our business is organized into two reportable segments: NAM and E&RW. The Company determined its reportable segments based on how the Chief Operating Decision Maker (\u201cCODM\u201d) reviews the Company\u2019s operating results in assessing performance and allocating resources. The Company's CODM is the President and Chief Executive Officer. NAM and E&RW accounted for approximately 85% and 15% of total net sales, respectively, for both Fiscal Year 2025 and Fiscal Year 2024. NAM manufactures and sells a complete line of residential and commercial swimming pool equipment and supplies in the United States and Canada and manufactures and sells flow control products. E&RW manufactures and sells residential and commercial swimming pool equipment and supplies in Europe, Central and South America, the Middle East, Australia and other Asia Pacific countries. Key Trends and Uncertainties Regarding Our Existing Business The following trends and uncertainties affect the period-to-period comparability of our results of operations and may affect our financial performance in the future: \u2022Seasonality. Our business is seasonal, with sales typically higher in the second and fourth quarters. Seasonality is influenced by the timing of customer purchasing patterns and the Company\u2019s \u201cEarly Buy\u201d Program, which features price discounts and extended payment terms. These purchasing patterns can impact inventory levels, accounts receivable and cash flows during the year. Revenue is recognized upon shipment of products, which cannot be returned after 10 days from receipt of goods. For more information, see \u201c\u2014Key Factors and Measures We Use to Evaluate Our Business\u2014Net Sales.\u201d We aim to keep our manufacturing plants running at a constant level throughout the year and consequently we generally build inventory in the first and third quarters and inventory is sold-down in the second and fourth quarters. Our accounts receivable balance increases fro ITEM 1. BUSINESS Overview We are a leading global designer and manufacturer of a broad portfolio of pool equipment, outdoor living products and industrial flow control products. With the pool as the centerpiece of the growing outdoor living space, the pool industry has attractive market characteristics, including significant aftermarket requirements, such as the ongoing repair, replacement, remodeling and upgrading of equipment for existing pools, innovation-led growth opportunities and a favorable industry structure. We are a leader in this market, with a highly recognized brand, one of the largest installed bases of pool equipment in the world, decades-long relationships with our key channel partners and trade customers, and a history of technological innovation. Our engineered products, which include various energy-efficient and more environmentally sustainable offerings, enhance the pool owner\u2019s outdoor living lifestyle while delivering high quality water, pleasant ambiance and ease of use. Aftermarket replacements and 2 upgrades to higher value Internet of Things (\u201cIoT\u201d) and energy-efficient models are a primary growth driver for our business, as aftermarket sales have represented approximately 85% of net sales. We estimate aftermarket sales based on feedback from certain representative customers and management\u2019s interpretation of available industry and government data, and not on our GAAP net sales results. Segments We operate in a global pool equipment market with an installed base that we estimate to be approximately 25 million pools globally. North America and Europe are the two largest pool markets, accounting for an estimated 67% of the total global installed base and 85% of total equipment sales according to market studies. Our business is organized into two reportable segments: North America (\u201cNAM\u201d) and Europe & Rest of World (\u201cE&RW\u201d). We determined our operating segments based on how the Chief Operating Decision Maker (\u201cCODM\u201d) reviews the Compan ITEM 1A. RISK FACTORS In addition to the risks stated elsewhere in this Annual Report on Form 10-K, set forth below are certain risk factors that we believe are material. If any of these risks occur, our business, financial condition, results of operations, cash flows and reputation could be harmed.", "title": "HAYW - Hayward Holdings, Inc.", "url": "/company/HAYW/" }, { "kind": "company", "summary": "SIC 1220 Silver Ores; CIK 0001691303; latest 10-K filed 2026-02-12.", "text": "HCC - WARRIOR MET COAL, INC. SIC 1220 Silver Ores; CIK 0001691303; latest 10-K filed 2026-02-12. HCC WARRIOR MET COAL, INC. 0001691303 1220 Silver Ores ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides a narrative of our results of operations and financial condition for the years ended December 31, 2025 and December 31, 2024. You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and related notes appearing elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business and related financing, includes forward\u2011looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in \u201cPart I, Item 1A. Risk Factors,\u201d our actual results could differ materially from the results described in, or implied by, the forward\u2011looking statements contained in the following discussion and analysis. Please see \u201cForward-Looking Statements.\u201d For a discussion and analysis of our results of operations and financial condition for the year ended December 31, 2023, please refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview We are a U.S.-based, environmentally and socially minded supplier to the global steel industry. We are dedicated entirely to mining non-thermal steelmaking coal used as a critical component of steel production by metal manufacturers in Europe, South America and Asia. We are a large-scale, low-cost producer and exporter of premium quality steelmaking coal, also known as hard coking coal (\u201cHCC\u201d), operating highly efficient longwall operations in our underground mines based in Alabama. In October 2025, we commenced operations at our transformational Blue Creek mine eight months ahead of schedule. As of December 31, 2025, our three operating underground mines had approximately 179.3 million metric tons of recoverable reserves and our Blue Creek mine contained 54.0 million metric tons of recoverable reserves. As a result of our high-quality coal, our Mine No. 7 steelmaking coal realized price has historically been in line with, or at a slight discount to, the Platts Premium Low Volatility (\"LV\") Free-On-Board Australian Index (the \"S&P Platts Index\"). Our Mine No. 4 and Blue Creek steelmaking coals are a High Volatility A (\"HVA\") quality coal that typically trades at a discount to the price of coal from Mine No. 7. We primarily target the East Coast High Vol A index for sales of our Mine No. 4 and Blue Creek coals that are destined for the Atlantic Basin. Whereas we target a variety of indices, including Platts Premium Low Vol and Platts Low Vol HCC for sales destined to the Pacific Basins. Our Blue Creek coal is also primarily sold into Asia and is sold on a cost and freight (\"CFR\") basis. Our steelmaking coal, mined from the Southern Appalachian portion of the Blue Creek coal seam, is characterized by low-to-high volatile matter, low sulfur, high fluidity, and high strength. These qualities make our coal ideally suited as a coking coal for the manufacture of steel. We sell substantially all of our steelmaking coal production to global steel producers. Steelmaking coal, which is converted to coke, is a critical input in the steel production process. Steelmaking coal is both consumed domestically in the countries where it is produced and exported by several of the largest producing countries, such as China, Australia, the United States, Canada and Russia. Therefore, demand for our coal will be highly correlated to conditions in the global steelmaking industry. The steelmaking industry\u2019s demand for steelmaking coal is affected by a number of factors, including the cyclical nature of that industry\u2019s business, technological developmen Item 1. Business Overview Warrior Met Coal, Inc. (together with its subsidiaries, the \"Company\" or \"Warrior\") is a U.S.-based, environmentally and socially minded supplier to the global steel industry headquartered in Brookwood, Alabama. We are dedicated entirely to mining non-thermal steelmaking coal used as a critical component of steel production by metal manufacturers in Europe, South America and Asia. We are a large-scale, low-cost producer and exporter of premium quality met or steelmaking coal, also known as hard coking coal (\u201cHCC\u201d), operating highly efficient longwall operations in our underground mines based in Alabama, Mine No. 4, Mine No. 7 and Blue Creek. Our steelmaking coal production totaled 9.3 million metric tons in 2025. Our natural gas operations remove and sell natural gas from our owned and leased coal seams by reducing natural gas levels in our mines. We operate as a one reportable segment. See the consolidated financial statements beginning on page F-1 of this Annual Report for our consolidated revenues, profit/loss and total assets. Our Competitive Strengths We believe that we have the following competitive strengths: Leading pure play steelmaking coal producer focused on premium steelmaking coal products. Unlike other publicly listed U.S. coal companies, substantially all of our revenue is derived from the sale of premium steelmaking coal in the global seaborne markets. Our resources are primarily allocated to the mining, transportation and marketing of steelmaking coal. The premium nature of our steelmaking coal makes it ideally suited as a base feed coal for steel makers and our Mine No. 7 steelmaking coal is a low volatility (\"Low Vol\") coal that results in price realizations near or above the S&P Global Platts Index (as defined below). Our Mine No. 4 and Blue Creek steelmaking coals are a high volatility (\"High Vol\") A quality coal that typically trades at a discount to the price of coal from Mine No. 7. We primarily target the Eas Item 1A. Risk Factors Our business involves substantial risks. Any of the risk factors described below or elsewhere in this Annual Report could significantly and adversely affect our business prospects, financial condition and results of operations. The risks described below are not the only ones facing us. Additional risks and uncertainties not presently ", "title": "HCC - WARRIOR MET COAL, INC.", "url": "/company/HCC/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001400810; latest 10-K filed 2026-02-26.", "text": "HCI - HCI Group, Inc. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001400810; latest 10-K filed 2026-02-26. HCI HCI Group, Inc. 0001400810 6331 Fire, Marine & Casualty Insurance ITEM 7 \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our consolidated financial statements and the related notes thereto included elsewhere in this Annual Report on Form 10-K. This section is intended to (i) provide material information relevant to the assessment of our results of operations and cash flows; (ii) enhance the understanding of our financial condition, changes in financial condition, and results of operations; and (iii) discuss material events and uncertainties known to management that are reasonably likely to cause reported financial information not to be necessarily indicative of future performance or of future financial condition. Included below are year-over-year comparisons between 2025 and 2024. For information on year-over-year comparisons between 2024 and 2023, refer to Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the 2024 Annual Report on Form 10-K, which was filed with the SEC on February 28, 2025. The following discussion and analysis contains forward-looking statements about our business, operations, and financial performance based on current plans and estimates involving risks, uncertainties, and assumptions, which could differ materially from actual results. Factors that could cause such differences are discussed in the sections of this Annual Report titled Item 1A \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements.\u201d BUSINESS AND BASIS OF PRESENTATION We are primarily engaged in the property and casualty insurance business. We provide various homeowners\u2019 property and casualty insurance products for properties located in the State of Florida, which is our primary market, as well as in other states in the northeast and southeast regions of the U.S. Our insurance operations are supported by other insurance-related subsidiaries within the consolidated group. Exzeo provides turn-key insurance technology and operations solutions based on a proprietary platform of purpose-built software and data analytics applications that are specifically designed for the property and casualty insurance ecosystem. We utilize Exzeo's internally developed software technologies to identify profitable underwriting opportunities, drive efficiency in claim processing and settlements, and streamline operations across our insurance operations and other insurance-related businesses. We also provide AIF services for reciprocal insurance exchanges owned by their policyholders. Although we do not have any equity interest in the reciprocal insurance exchanges, we are required to consolidate them as their primary beneficiary. In addition, we have a commercial real estate group that is primarily engaged in the business of developing and operating commercial properties for investment purposes or for our own use. We identify our segments based on the manner in which our Chief Executive Officer, who is the chief operating decision maker, evaluates performance and makes decisions regarding the allocation of resources. We have five reportable segments: Insurance Operations, Exzeo, Reciprocal Exchange Operations, Real Estate, and Corporate and Other. Due to their economic characteristics, our property and casualty insurance division and reinsurance operations, excluding the insurance operations under Reciprocal Exchange Operations, are grouped together into one reportable segment under Insurance Operations. The Exzeo segment includes insurance technology and operations solutions for property and casualty insurance carriers. The Reciprocal Exchange Operations segment represents the insurance operations of consolidated reciprocal insurance exchanges that are owned by their policyholders. The Real Estate segment relates to our commercial real estate group that is primarily engaged in the business of developing and operating commercial properties for in ITEM 1 \u2013 Business Our Business HCI Group, Inc., together with its subsidiaries (collectively, \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d the \u201cCompany,\u201d or \u201cHCI\u201d), is primarily engaged in the property and casualty insurance business. We provide various homeowners\u2019 property and casualty insurance products for properties located in the State of Florida, which is our primary market, as well as in other states in the northeast and southeast regions of the United States (\u201cU.S.\u201d). Our insurance operations are supported by other insurance-related subsidiaries within the consolidated group. Exzeo Group, Inc. (formerly known as TypTap Insurance Group, Inc.) (\u201cExzeo\u201d), a majority-owned subsidiary, provides turn-key insurance technology and operations solutions based on a proprietary platform of purpose-built software and data analytics applications that are specifically designed for the property and casualty insurance ecosystem. We utilize Exzeo's internally developed software technologies to identify profitable underwriting opportunities, drive efficiency in claim processing and settlements, and streamline operations across our insurance operations and other insurance-related businesses. We also provide attorney-in-fact (\u201cAIF\u201d) services for reciprocal insurance exchanges owned by their policyholders. Although we do not have any equity interest in the reciprocal insurance exchanges, we are required to consolidate them as their primary beneficiary. In addition, we have a commercial real estate group that is primarily engaged in the business of developing and operating commercial properties for investment purposes or for our own use. Formation and Key Business Developments HCI Group, Inc. was incorporated in the State of Florida in 2006 and our common stock is currently listed on the New York Stock Exchange (\u201cNYSE\u201d) under the symbol \u201cHCI.\u201d The following highlights key updates to our business over the past three years: \u2022 February 2024 \u2013 Condo Owners Reciprocal Exchange (\u201cCORE\u201d), a consolidated r ITEM 1A \u2013 Risk Factors Our business is subject to a number of risks, including those described below, which could have a material effect on our results of operations, financial condition or liquidity and could cause our operating results to vary significantly from period to period. Business and operational risks Our historical rev", "title": "HCI - HCI Group, Inc.", "url": "/company/HCI/" }, { "kind": "company", "summary": "SIC 8050 Services-Nursing & Personal Care Facilities; CIK 0000731012; latest 10-K filed 2026-02-13.", "text": "HCSG - HEALTHCARE SERVICES GROUP INC SIC 8050 Services-Nursing & Personal Care Facilities; CIK 0000731012; latest 10-K filed 2026-02-13. HCSG HEALTHCARE SERVICES GROUP INC 0000731012 8050 Services-Nursing & Personal Care Facilities Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of our operations in conjunction with our Consolidated Financial Statements and the related notes to those statements included elsewhere in this report. This discussion contains forward-looking statements reflecting our current expectations that involve risks and uncertainties. Our actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in the section entitled \u201cRisk Factors,\u201d and elsewhere in this report on Form 10-K. We are on a calendar year end, and except where otherwise indicated, \u201c2025\u201d refers to the year ended December 31, 2025, and \u201c2024\u201d refers to the year ended December 31, 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Results of Operations The following discussion is intended to provide the reader with information that will be helpful in understanding our financial statements, including the changes in certain key items when comparing financial statements period to period. We also intend to provide the primary factors that accounted for those changes as well as a summary of how certain accounting principles affect our financial statements. In addition, we are providing information about the financial results of our two operating segments to further assist in understanding how these segments and their results affect our consolidated results of operations. This discussion should be read in conjunction with our consolidated financial statements as of and for the years ended December 31, 2025 and 2024 and the notes accompanying those financial statements. Overview We provide management, administrative and operating expertise and services to the housekeeping, laundry, linen, facility maintenance and dietary service departments of primarily healthcare facilities, including nursing homes, retirement complexes, rehabilitation centers and hospitals located throughout the United States. We provide such services to approximately 2,800 facilities throughout the continental United States as of December 31, 2025. We believe we are the largest provider of housekeeping, laundry and dietary management services to the long-term care industry in the United States. 18 Table of Contents We provide services primarily pursuant to full-service agreements with our customers. Under such agreements, we are responsible for the day-to-day management of the employees located at our customers\u2019 facilities, as well as for the provision of certain supplies. We also provide services on the basis of management-only agreements for a limited number of customers. Under a management-only agreement, we provide management and supervisory services while the customer facility retains payroll responsibility for the non-supervisory staff. In certain management-only agreements, the Company maintains responsibility for purchasing supplies. Our agreements with customers typically provide for a renewable service term cancellable by either party upon 30 to 90 days\u2019 notice after an initial period of 60 to 120 days. We are organized into two reportable segments: housekeeping, laundry, linen and other services (\u201cEnvironmental Services\u201d or \u201cEVS\u201d), and dietary department services (\u201cDietary\u201d). EVS services consist of managing our customers\u2019 housekeeping departments, which are principally responsible for the cleaning, disinfecting and sanitizing of resident rooms and common areas of the customers\u2019 facilities, as well as the laundering and processing of the bed linens, uniforms, resident pe Item 1A. Risk Factors You should carefully consider the risk factors we have described below, as well as other related information contained within this Annual Report on Form 10-K as these factors could materially and adversely affect our business, results of operations, financial condition and cash flows. We believe that the risks described below are our most significant risk factors but there may be risks and uncertainties that are not currently known to us or that we currently deem to be immaterial. Risks Related to Macroeconomic Conditions We have been, and may continue to be, adversely affected by inflationary and market fluctuations, including the impact of potential future tariffs, impacting the cost of products consumed in providing our services and our cost of labor. Additionally, we rely on a certain limited number of vendors for a substantial portion of EVS and Dietary supplies. Macroeconomic factors, including uncertainty surrounding global geopolitical instability, inflationary pressures, changes in interest rates and evolving government fiscal, monetary, trade and tax policies continue to contribute to an ever-changing operating environment. The United States has recently implemented changes to its trade policy, including increased tariffs on certain imported goods, pursuant to executive orders and related administrative actions. These measures may increase input costs, contribute to inflationary pressures, and heighten volatility in global supply chains. Recent tariffs on certain imported goods have increased, and may continue to increase, the cost of some supplies and food products used in delivering our services. While these cost increases have not materially impacted our business to-date, sustained or expanded tariffs could adversely affect our business, results of operations, financial condition and/or cash flows in future periods. In addition, uncertainty surrounding future changes in U.S. trade policy may further contribute to volatility in", "title": "HCSG - HEALTHCARE SERVICES GROUP INC", "url": "/company/HCSG/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0000354707; latest 10-K filed 2026-02-27.", "text": "HE - HAWAIIAN ELECTRIC INDUSTRIES INC SIC 4911 Electric Services; CIK 0000354707; latest 10-K filed 2026-02-27. HE HAWAIIAN ELECTRIC INDUSTRIES INC 0000354707 4911 Electric Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS HEI and Hawaiian Electric (in the case of Hawaiian Electric, only the information related to Hawaiian Electric and its subsidiaries): The following discussion should be read in conjunction with the Consolidated Financial Statements and the related Notes that appear in Item 8 of this report. For information on factors that may cause HEI\u2019s and Hawaiian Electric\u2019s actual future results to differ from those currently contemplated by the relevant forward-looking statements, see \u201cCautionary Note Regarding Forward-Looking Statements\u201d at the front of this report and \u201cRisk Factors\u201d in Item 1A. The general discussion of HEI\u2019s consolidated results should be read in conjunction with the Electric utility discussion that follows. HEI Consolidated Executive overview and strategy. HEI is a holding company with operations primarily focused on Hawaii\u2019s electric utility sector after selling its bank operations on December 31, 2024. In 2017, HEI formed Pacific Current to make investments in non-regulated renewable energy and sustainable infrastructure projects. On December 30, 2024, HEI, ASB, and ASB Hawaii, a wholly owned subsidiary of HEI and ASB\u2019s parent holding company, entered into investment agreements to sell 90.1% of the common stock of ASB to various investors, including certain ASB officers and directors of ASB. The sale transaction closed on December 31, 2024 and no investor acquired more than 9.9% of the common stock of ASB. The proceeds from the sale were used to repay a ratable portion of each of HEI\u2019s senior notes in April 2025. Subsequent to the sale, HEI has one reportable segment: Electric utility. HEI and its other subsidiaries which are not reportable segments are grouped and reported as an \u201cAll Other\u201d non-reportable segment. Electric utility. Hawaiian Electric, Hawaii Electric Light and Maui Electric (Utilities) are regulated operating electric public utilities engaged in the production, purchase, transmission, distribution and sale of electricity on the islands of Oahu; Hawaii; and Maui, Lanai and Molokai, respectively. All Other. The All Other segment primarily comprises the results of Pacific Current, which invested in non-regulated clean energy and sustainable infrastructure in the State of Hawaii to help reach the state\u2019s sustainability goals, and HEI\u2019s corporate-level operating, general and administrative expenses. Subsequent to the Maui windstorm and wildfires, HEI and Pacific Current have suspended new investments and undertook a comprehensive review of strategic options for the assets of Pacific Current. As part of HEI\u2019s comprehensive review of strategic options for Pacific Current, all investments of Pacific Current that were made through its subsidiaries were sold in 2025, except for Mahipapa, its remaining operating subsidiary which is in the process of being sold. The All Other segment also includes ASB Hawaii, which previously owned ASB, and a 40% interest in GLST1, an entity created for the specific purpose of holding HEI\u2019s and Hawaiian Electric\u2019s first liability installment payment pursuant to the settlement agreements to settle the tort-related claims in the litigation arising out of the Maui windstorm and wildfires. A major focus of HEI\u2019s financial strategy is to grow core earnings/profitability at the Utilities in a controlled risk manner and optimize operating, capital and tax efficiencies in order to support its dividend and deliver shareholder value. HEI also continues to work on strategic financing plans to raise capital necessary to fund the settlement of wildfire tort claims. Recent developments. See also \u201cRecent developments\u201d in Hawaiian Electric\u2019s MD&A and Note 2 of the Consolidated Financial Statements which includes recent updates and disclosures relating to the Maui windstorm and wildfires. On September 5, 2025, HEI and Hawaiian Electric each amended their senior unsecured revolving credit f ITEM 1. BUSINESS HEI Consolidated HEI and subsidiaries and lines of business. HEI is a holding company with its subsidiaries principally engaged in electric utility and non-regulated renewable/sustainable infrastructure businesses operating in the State of Hawaii. As a holding company, HEI\u2019s sources of funds are primarily dividends from its Electric utility operating subsidiaries, borrowings, and sales of equity. The rights of HEI and its creditors and shareholders to participate in any distribution of the assets of any of HEI\u2019s subsidiaries are subject to the prior claims of the creditors of such subsidiary, except to the extent that claims of HEI in its capacity as a creditor are recognized as primary. The abilities of certain of HEI\u2019s subsidiaries to pay dividends or make other distributions to HEI are subject to contractual and regulatory restrictions (see Note 15 of the Consolidated Financial Statements). HEI is headquartered in Honolulu, Hawaii and has one reportable segment: Electric utility. HEI and its other subsidiaries which are not reportable segments are grouped and reported as an \u201cAll Other\u201d non-reportable segment. Electric utility. Hawaiian Electric and its operating utility subsidiaries, Hawaii Electric Light Company, Inc. (Hawaii Electric Light) and Maui Electric Company, Limited (Maui Electric), are regulated electric public utilities that provide essential electric service to approximately 95% of Hawaii\u2019s population through the operation of five separate grids that serve communities on the islands of Oahu, Hawaii, Maui, Lanai and Molokai. See also \u201cElectric utility\u201d section below. All Other. The All Other non-reportable segment is composed of HEI\u2019s corporate-level operating, general and administrative expenses and the results of Pacific Current, LLC (Pacific Current). Pacific Current was formed in September 2017 to focus on investing in non-regulated clean energy and sustainable infrastructure in the State of Hawaii to help reach the state ITEM 1A. RISK FACTORS The businesses of HEI and its subsidiaries involve numerous risks which, if realized, could have a material and adverse effect on the Company\u2019s financial statements. For additional information for certain risk factors enumerated below and other risks of the Company and its operations, see \u201cCautionary Note Regardin", "title": "HE - HAWAIIAN ELECTRIC INDUSTRIES INC", "url": "/company/HE/" }, { "kind": "company", "summary": "SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001046025; latest 10-K filed 2026-02-27.", "text": "HFWA - HERITAGE FINANCIAL CORP /WA/ SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001046025; latest 10-K filed 2026-02-27. HFWA HERITAGE FINANCIAL CORP /WA/ 0001046025 6036 Savings Institutions, Not Federally Chartered ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion and analysis of our financial condition and results of operations and should be read in conjunction with our financial statements and notes thereto included in Item 8 Financial Statements and Supplementary Data of this Form 10-K. In addition to historical information, this discussion contains forward\u2011looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management\u2019s expectations. Factors that could cause such differences are discussed in the sections of this Form 10-K entitled \u201cCautionary Note Regarding Forward Looking Statements\u201d and Item 1A. Risk Factors. Management\u2019s discussion focuses on 2025 results compared to 2024 results. For a discussion of 2024 results compared to 2023 results, refer to Part II, Item 7 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 27, 2025. Overview Heritage Financial Corporation is a bank holding company which primarily engages in the business activities of our wholly-owned financial institution subsidiary, Heritage Bank. We provide financial services to our customers in our market areas with an ongoing strategic focus on our commercial banking relationships, market expansion and asset quality. The Company\u2019s business activities generally are limited to passive investment activities and oversight of its investment in the Bank. Accordingly, the information set forth in this report relates primarily to the Bank\u2019s operations. Our business consists primarily of commercial lending and deposit relationships with small- to medium-sized businesses and their owners in our market areas, as well as attracting deposits from the general public. We also make real estate construction and land development loans, consumer loans and residential real estate loans on single family properties located primarily in our markets. 33 Table of Contents Our core profitability depends primarily on our net interest income. Net interest income is the difference between interest income, which is the income that we earn on interest earning assets, consisting primarily of loans and investment securities, and interest expense, which is the amount we pay on our interest bearing liabilities, consisting primarily of deposits and borrowings. Management manages the repricing characteristics of the Company's interest earning assets and interest bearing liabilities to protect net interest income from changes in market interest rates and changes in the shape of the yield curve. Like most financial institutions, our net interest income is significantly affected by general and local economic conditions, particularly changes in market interest rates, and by governmental policies and actions of regulatory agencies. Net interest income is additionally affected by changes in the volume and mix of interest earning assets, interest earned on these assets, the volume and mix of interest bearing liabilities and interest paid on these liabilities. Our net income is affected by many factors, including the provision for credit losses on loans. The provision for credit losses on loans is dependent on changes in the loan portfolio and management\u2019s assessment of the collectability of the loan portfolio, as well as prevailing economic and market conditions. Management believes that the ACL on loans reflects the amount that is appropriate to provide for current expected credit losses in our loan portfolio based on the CECL methodology. Net income is also affected by noninterest income and noninterest expense. Noninterest income primarily consists of gains or losses on the sale of investment securities, service charges and other fees, card revenue and other income. Noninterest expense primarily ITEM 1. BUSINESS Overview Heritage Financial Corporation is a bank holding company that was incorporated in the State of Washington in August 1997. We are primarily engaged in the business of planning, directing, and coordinating the business activities of our wholly-owned subsidiary and single reportable segment, Heritage Bank. Heritage Bank is headquartered in Olympia, Washington and conducts business from its 50 branch offices located throughout Washington State, the greater Portland, Oregon area, Eugene, Oregon and Boise, Idaho and its one loan production office in Spokane, Washington as of December 31, 2025. Heritage Bank also does business under the Whidbey Island Bank name on Whidbey Island, Washington. On January 31, 2026, Heritage completed its acquisition of Olympic and Olympic\u2019s wholly-owned banking subsidiary, Kitsap Bank. The acquisition added 16 branch offices to the franchise, doing business under the Kitsap Bank name as a division of Heritage Bank. The deposits of the Bank are insured by the FDIC. Our business consists primarily of commercial lending and deposit relationships with small and medium-sized businesses and their owners in our market areas and attracting deposits from the general public. We also make real estate construction and land development loans and consumer loans. 6 Table of Contents Recent Acquisition On January 31, 2026, the Company completed its acquisition of Olympic Bancorp, Inc., a bank holding company headquartered in Port Orchard, Washington, pursuant to the Agreement and Plan of Bank Merger, dated as of September 25, 2025, by and between the Company and Olympic (the \"merger agreement\"), whereby Olympic merged with and into the Company, and subsequently Kitsap Bank, Olympic's wholly-owned banking subsidiary, merged with and into the Bank. Pursuant to the terms of the merger agreement, Olympic shareholders received 45.0 shares of Heritage common stock for each share of Olympic common stock based on a fixed exch ITEM 1A. RISK FACTORS Investing in the Company\u2019s common stock involves a high degree of risk. The material risks and uncertainties that management believes affect the Company are described below. Before you decide to invest, you should carefully review and consider the risks described below, tog", "title": "HFWA - HERITAGE FINANCIAL CORP /WA/", "url": "/company/HFWA/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000921082; latest 10-K filed 2026-02-10.", "text": "HIW - HIGHWOODS PROPERTIES, INC. SIC 6798 Real Estate Investment Trusts; CIK 0000921082; latest 10-K filed 2026-02-10. HIW HIGHWOODS PROPERTIES, INC. 0000921082 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis in conjunction with the accompanying Consolidated Financial Statements and related notes contained elsewhere herein. Disclosure Regarding Forward-Looking Statements Some of the information in this Annual Report may contain forward-looking statements. Such statements include statements about our plans, strategies and prospects under this section and under the heading \u201cItem 1. Business.\u201d You can identify forward-looking statements by our use of forward-looking terminology such as \u201cmay,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201ccontinue\u201d or other similar words. Although we believe that our plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that our plans, intentions or expectations will be achieved. When considering such forward-looking statements, you should keep in mind important factors that could cause our actual results to differ materially from those contained in any forward-looking statement, including the following: \u2022the financial condition of our customers could deteriorate; \u2022our assumptions regarding potential losses related to customer financial difficulties could prove incorrect; \u2022counterparties under our debt instruments, particularly our revolving credit facility, may attempt to avoid their obligations thereunder, which, if successful, would reduce our available liquidity; \u2022we may not be able to lease or re-lease second generation space, defined as previously occupied space that becomes available for lease, quickly or on as favorable terms as old leases; \u2022we may not be able to lease newly constructed buildings as quickly or on as favorable terms as originally anticipated; \u2022we may not be able to complete development, acquisition, reinvestment, disposition or joint venture projects as quickly or on as favorable terms as anticipated; \u2022development activity in our existing markets could result in an excessive supply relative to customer demand; \u2022our markets may suffer declines in economic and/or office employment growth; \u2022increases in interest rates could increase our debt service costs; \u2022increases in operating expenses could negatively impact our operating results; \u2022natural disasters and climate change could have an adverse impact on our cash flow and operating results; \u2022we may not be able to meet our liquidity requirements or obtain capital on favorable terms to fund our working capital needs and growth initiatives or repay or refinance outstanding debt upon maturity; and \u2022the Company could lose key executive officers. This list of risks and uncertainties, however, is not intended to be exhaustive. You should also review the other cautionary statements we make in \u201cItem 1A. Risk Factors\u201d set forth in this Annual Report. Given these uncertainties, you should not place undue reliance on forward-looking statements. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements to reflect any future events or circumstances or to reflect the occurrence of unanticipated events. 29 Table of Contents Executive Summary Our vision is to be a leader in the evolution of commercial real estate for the benefit of our customers, our communities and those who invest with us. Our mission is to create environments and experiences that inspire our teammates and our customers to achieve more together. We are in the work-placemaking business and believe that by creating exceptional environments and experiences, we can deliver greater value to our customers, their teammates and, in turn, our shareholders. By creating and operating commute-worthy places, we support the growth and success of our customers and contribute to the vitality of our communities. Our simple strategy is to own and operate high-quality workplaces in the BBDs within our fo ITEM 1. BUSINESS General Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded real estate investment trust (\u201cREIT\u201d). The Company is a fully integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. Our Common Stock is traded on the New York Stock Exchange (\u201cNYSE\u201d) under the symbol \u201cHIW.\u201d As of December 31, 2025, the Company owned all of the Preferred Units and 109.5 million, or 98.2%, of the Common Units in the Operating Partnership. Limited partners owned the remaining 2.0 million Common Units. Generally, the Operating Partnership is obligated to redeem each Common Unit at the request of the unitholder for cash equal to the value of one share of Common Stock based on the average of the market price for the 10 trading days immediately preceding the notice date of such redemption, provided that the Company, at its option, may elect to acquire any such Common Units presented for redemption for cash or one share of Common Stock. The Common Units owned by the Company are not redeemable. The Company was incorporated in Maryland in 1994. The Operating Partnership was formed in North Carolina in 1994. Our executive offices are located at 150 Fayetteville Street, Suite 1400, Raleigh, NC 27601, and our telephone number is (919) 872-4924. Our primary business is the operation, acquisition and development of office properties. There are no material inter-segment transactions. See Note 15 to our Consolidated Financial Statements for a summary of the rental and other revenues, rental property and other expenses, net operating income and assets for each reportable segment. Our website is www.highwoods.com. In addition to this Annual Report, all quarterly and current reports, proxy statements and other information are made available, without charge, on our website as soon as reasonably practicable afte ITEM 1A. RISK FACTORS An investment in our securities involves various risks. Investors should carefully consider the following risk factors in conjunction with the other information contained in this Annual Report before trading in our securities. If any of these risks actually occur, our business, results of operations, prosp", "title": "HIW - HIGHWOODS PROPERTIES, INC.", "url": "/company/HIW/" }, { "kind": "company", "summary": "SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0000851310; latest 10-K filed 2026-02-24.", "text": "HLIT - HARMONIC INC. SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0000851310; latest 10-K filed 2026-02-24. HLIT HARMONIC INC. 0000851310 3663 Radio & Tv Broadcasting & Communications Equipment Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the consolidated financial statements and the related notes included in this Annual Report on Form 10-K. This discussion contains forward-looking statements that based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in the forward-looking statements as a result of various factors, including, but are not limited to, those discussed below and those listed under Item 1A, Risks Factors. OVERVIEW We are a leading global provider of broadband solutions that enable broadband operators to more efficiently and effectively deploy high-speed internet, for data, voice and video services for their customers. We classify our total revenue in two categories, \u201cAppliance and integration\u201d and \u201cSaaS and service.\u201d The \u201cAppliance and integration\u201d revenue category includes hardware, licenses and professional services and is reflective of non-recurring revenue, while the \u201cSaaS and service\u201d category includes usage fees for our SaaS platform and support service revenue and reflects our recurring revenue stream. We conduct business in three geographic regions\u2014the Americas, Europe, the Middle East, and Africa (\u201cEMEA\u201d), and Asia-Pacific(\u201cAPAC\u201d). We sell broadband solutions and related services, including our cOS\u2122 software-based broadband solutions, to broadband operators globally. Historically, our revenue has been dependent upon spending in the cable and telco industries. Our customers\u2019 spending patterns are dependent on a variety of factors, including but not limited to: economic conditions in the United States and international markets, and impact of factors such as the Middle East and Russia-Ukraine conflicts, inflation, changes in interest rates, potential supply chain disruptions, volatility in capital markets and foreign currency fluctuations; volatility and uncertainty in the banking and financial services sector; access to financing; annual budget cycles of each of the industries we serve; impact of industry consolidations; customer end-market conditions; customers suspending or reducing spending in anticipation of new products or new standards; impact of heightened, new, or proposed tariffs; and new industry trends and/or technology shifts. If our product portfolio and product development plans do not position us well to capture an increased portion of the spending in the markets in which we compete, our revenue may decline. As we attempt to further diversify our customer base in these markets, we may need to continue to build alliances with other equipment manufacturers and suppliers; take orders at prices resulting in lower margins. Our strategy is focused on continuing to develop and deliver software-based broadband technologies, which we refer to as our cOS solutions, to our broadband operator customers. We believe our cOS software-based broadband solutions are superior to hardware-based systems and deliver unprecedented scalability, agility and cost savings for our customers. Our cOS solutions, which can be deployed based on a centralized, distributed access architecture (\u201cDAA\u201d) or hybrid architecture, enable our customers to migrate to multi-gigabit broadband capacity and the fast deployment of DOCSIS and/or fiber-to-the-home (\u201cFTTH\u201d) data, video and voice services. We believe our cOS solutions resolve space and power constraints in broadband operator facilities, eliminate dependence on hardware upgrade cycles and significantly reduce total cost of ownership, and are helping us to be a major player in the broadband market. In the meantime, we believe our business will continue to experience strong long-term growth as our customers adopt and deploy our virtualized DOCSIS, CMTS and FTTH solutions and distributed access architectures. Pre Item 1. BUSINESS General We are a leading global provider of broadband access solutions that enable broadband operators to more efficiently and effectively deploy high-speed internet for data, voice and video services for their customers. Our Broadband business provides broadband access solutions and related services, including our cOS software-based broadband access solution, to broadband operators globally. We derived approximately 89% of our revenue from the Americas in 2025. The Europe, Middle East and Africa (\u201cEMEA\u201d) and Asia Pacific (\u201cAPAC\u201d) regions accounted for 9% and 2% of our 2025 revenue, respectively. Harmonic was initially incorporated in California in June 1988 and was reincorporated in Delaware in May 1995. Our principal executive offices are currently located at 2590 Orchard Parkway, San Jose, California 95131. Our telephone number is (408) 542-2500. Our Internet website is http://www.harmonicinc.com. Other than the information expressly set forth in this Annual Report on Form 10-K, the information contained or referred to on our website is not part of this report. Discontinued Operations On December 8, 2025, the Company entered into a Put Option Agreement (the \"Put Option Agreement\") to sell its Video business to Leone Media Inc. (d/b/a MediaKind) (the \u201cBuyer\u201d). Under the Put Option Agreement, the Buyer has irrevocably provided the Company with the right to require the Buyer to purchase the Company's Video business for a purchase price of $145 million in cash (the \"Disposition\"). The purchase price is subject to a potential adjustment based on the amount, on the date the Disposition is consummated, of net working capital of the Video business, the cash and debt of the entities to be sold in the Disposition, as well as the amount of specified selling expenses. In accordance with the authoritative guidance for discontinued operations (Accounting Standards Codification (ASC) 205-20), the Company determined that the Disposition of the Video busin Item 1A. RISK FACTORS Risks Related to the Sale of our Video Business If we are unsuccessful in completing the pending sale of our Video business or executing our business plan and necessary transition activities following the sale of our Video business, our business and results of operations may b", "title": "HLIT - HARMONIC INC.", "url": "/company/HLIT/" }, { "kind": "company", "summary": "SIC 1389 Oil & Gas Field Services, NEC; CIK 0000866829; latest 10-K filed 2026-02-26.", "text": "HLX - HELIX ENERGY SOLUTIONS GROUP INC SIC 1389 Oil & Gas Field Services, NEC; CIK 0000866829; latest 10-K filed 2026-02-26. HLX HELIX ENERGY SOLUTIONS GROUP INC 0000866829 1389 Oil & Gas Field Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following management\u2019s discussion and analysis should be read in conjunction with our historical consolidated financial statements located in Item 8. Financial Statements and Supplementary Data of this Annual Report. Any reference to Notes in the following management\u2019s discussion and analysis refers to the Notes to Consolidated Financial Statements located in Item 8. Financial Statements and Supplementary Data of this Annual Report. The results of operations reported and summarized below are not necessarily indicative of future operating results. This discussion also contains forward-looking statements that reflect our current views with respect to future events and financial performance. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, such as those set forth under Item 1A. Risk Factors and located earlier in this Annual Report. 34 Table of Contents EXECUTIVE SUMMARY Our Business We are an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and decommissioning operations. We operate through our four business segments: Well Intervention, Robotics, Shallow Water Abandonment and Production Facilities. Our services are key in supporting a global energy transition by maximizing production of existing oil and gas reserves, decommissioning end-of-life oil and gas fields and supporting renewable energy developments. We maximize production of existing oil and gas reserves for our customers primarily in our Well Intervention segment. Historically, drilling rigs have been the asset class used for offshore well intervention work, and rig rates are a pricing indicator for our services. Our customers have used drilling rigs on existing long-term contracts (rig overhang) to perform well intervention work instead of new drilling activities. Current volumes of work, rig utilization rates, the rates quoted by drilling rig contractors and existing rig overhang affect the utilization and/or rates we can achieve for our well intervention assets and services. Once end-of-life oil and gas wells have depleted their production, we P&A and decommission wells and infrastructure in our Well Intervention and Shallow Water Abandonment segments. We believe that our well intervention vessels have a competitive advantage in performing these services more efficiently than rigs, and with our suite of shallow water assets and capabilities, we are the only provider capable of providing all facets of decommissioning services in the Gulf of America shelf. We support renewable energy primarily in our Robotics segment through our services in offshore wind farm developments, including subsea cable trenching and burial as well as seabed clearance and preparation services. Demand for our services in the renewable energy market is affected by various factors, including the level of offshore wind farm projects, the pace of industry shift towards renewable energy sources, global electricity demand, technological advancements that increase the generation and/or reduce the cost of renewable energy, expansion of offshore renewable energy projects to deeper water and other regions, and government subsidies for renewable energy projects and/or other governmental regulations supporting or restricting renewable energy developments. Current Market Environment Commodity prices dropped 20% during 2025 and have been volatile throughout the year. The current energy market remains uncertain following the ongoing escalation of tariffs and geopolitical tensions globally and their impact on the global economy and energy demands. The offshore oil and gas market continues to evaluate governmental regulations and changes thereto, including the ongoing effects of the U.K. government\u2019s Energy Profits Item 1. Business OVERVIEW Helix Energy Solutions Group, Inc. (together with its subsidiaries, unless context requires otherwise, \u201cHelix,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) was incorporated in 1979 and in 1983 was re-incorporated in the state of Minnesota. We are an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and decommissioning operations. Our services are key in supporting a global energy transition by maximizing production of existing oil and gas reserves, decommissioning end-of-life oil and gas fields and supporting renewable energy developments. See \u201cOur Operations\u201d below for additional information regarding business operations. Our principal executive offices are located at 3505 West Sam Houston Parkway North, Suite 400, Houston, Texas 77043; our phone number is 281-618-0400. Our common stock trades on the New York Stock Exchange (\u201cNYSE\u201d) under the ticker symbol \u201cHLX.\u201d Our Chief Executive Officer submitted the annual CEO certification to the NYSE in May 2025 as required under its Listed Company Manual. Our principal executive officer and our principal financial officer have made the certifications required under Section 302 of the Sarbanes-Oxley Act, which are included as exhibits to this Annual Report. Please refer to the subsection \u201cCertain Definitions\u201d on page 14 for definitions of additional terms commonly used in this Annual Report. Unless otherwise indicated, any reference to Notes herein refers to Notes to Consolidated Financial Statements in Item 8. Financial Statements and Supplementary Data of this Annual Report. OUR OPERATIONS We provide a range of services to the oil and gas and renewable energy markets primarily in the Gulf of America (deepwater and shelf), Brazil, North Sea, West Africa and Asia Pacific regions. Our services are segregated into four reportable business segments: Well Intervention, Robotics, Shallow Water Abandon Item 1A. Risk Factors Shareholders should carefully consider the following risk factors in addition to the other information contained herein. We operate globally in challenging and highly competitive markets and thus our business is subject to a variety of risks. The risks and uncertainties described below", "title": "HLX - HELIX ENERGY SOLUTIONS GROUP INC", "url": "/company/HLX/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000850141; latest 10-K filed 2026-02-27.", "text": "HMN - HORACE MANN EDUCATORS CORP /DE/ SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000850141; latest 10-K filed 2026-02-27. HMN HORACE MANN EDUCATORS CORP /DE/ 0000850141 6331 Fire, Marine & Casualty Insurance ITEM 7. I Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) ($ in millions, except per share data) Measures within this MD&A that are not based on accounting principles generally accepted in the United States of America (non-GAAP) are marked with an asterisk (*) the first time they are presented within this Part II - Item 7. An explanation of these measures is contained in the Glossary of Selected Terms included as Exhibit 99.1 to this Annual Report on Form 10-K and are reconciled to the most directly comparable measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) in the Appendix to the Company's Fourth Quarter 2025 Investor Supplement. Increases or decreases in this MD&A that are not meaningful are marked \"N.M.\". This MD&A covers the following: [[GREPCENT_TABLE]] [[\"\",\"\",\"Page\"],[\"Introduction\",\"\",\"41\"],[\"Consolidated Financial Highlights\",\"\",\"42\"],[\"Consolidated Results of Operations\",\"\",\"43\"],[\"Outlook for 2026\",\"\",\"45\"],[\"Application of Critical Accounting Estimates\",\"\",\"45\"],[\"Results of Operations by Segment\",\"\",\"50\"],[\"Property & Casualty\",\"\",\"50\"],[\"Life & Retirement\",\"\",\"53\"],[\"Supplemental & Group Benefits\",\"\",\"56\"],[\"Corporate & Other\",\"\",\"57\"],[\"Investment Results\",\"\",\"57\"],[\"Liquidity and Capital Resources\",\"\",\"61\"],[\"Future Adoption of New Accounting Standards\",\"\",\"67\"],[\"Effects of Inflation and Changes in Interest Rates\",\"\",\"67\"]] [[/GREPCENT_TABLE]] Introduction The purpose of our MD&A is to provide an understanding of our consolidated results of operations and financial condition and should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained in Part II - Item 8 of this Annual Report on Form 10-K. Our MD&A generally discusses the results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. For a discussion of the results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to Part II - Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission (SEC) on February 27, 2025. HMEC is an insurance holding company focused on helping America\u2019s educators and others who serve the community achieve lifelong financial success. Through our subsidiaries, we market and underwrite individual and group insurance and financial solutions tailored to the needs of the educational community including: \u2022personal lines of property and casualty insurance, primarily auto and property coverages \u2022retirement products, primarily tax-qualified fixed, variable and fixed indexed annuities \u2022life insurance, primarily traditional term, whole life, and indexed universal life insurance products [[GREPCENT_TABLE]] [[\"Horace Mann Educators Corporation\",\"\",\"Annual Report on Form 10-K 41\"]] [[/GREPCENT_TABLE]] \u2022individual supplemental insurance products, including accident, cancer, critical illness, hospital, and supplemental disability \u2022group benefits insurance products, primarily group disability, group life, and group supplemental health We market our products primarily to K-12 teachers, administrators and other employees of public schools and their families, whether they engage with Horace Mann directly or through their district/employer, as well as other markets of those who serve the community. We conduct and manage our business in four reporting segments. The three reporting segments representing the major lines of business, are: (1) Property & Casualty (primarily personal lines of auto and property insurance products), (2) Life & Retirement (primarily tax-qualified fixed and variable annuities as well as life insurance products), and (3) Supplemental & Group Benefits (primarily cancer, heart, hospital, supplemental d", "title": "HMN - HORACE MANN EDUCATORS CORP /DE/", "url": "/company/HMN/" }, { "kind": "company", "summary": "SIC 2522 Office Furniture (No Wood); CIK 0000048287; latest 10-K filed 2026-03-03.", "text": "HNI - HNI CORP SIC 2522 Office Furniture (No Wood); CIK 0000048287; latest 10-K filed 2026-03-03. HNI HNI CORP 0000048287 2522 Office Furniture (No Wood) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of the Corporation\u2019s results of operations and of its liquidity and capital resources should be read in conjunction with the Consolidated Financial Statements of the Corporation and related notes. All dollar amounts presented are in millions, except per share data or where otherwise indicated. Amounts may not sum due to rounding. Statements that are not historical are forward-looking and involve risks and uncertainties. See \"Item 1A. Risk Factors\" and the Forward-Looking Statements section within \"Item 1. Business\" for further information. The Corporation follows a 52/53-week fiscal year, which ends on the Saturday nearest December 31. Fiscal year 2025 ended on January 3, 2026, fiscal year 2024 ended on December 28, 2024, and fiscal year 2023 ended on December 30, 2023. The financial statements for fiscal year 2025 are on a 53-week basis and 2024, and 2023 are on a 52-week basis. A 53-week year occurs approximately every sixth year. To review management's discussion and analysis of the consolidated and segment-level results of operations for the fiscal year ended December 28, 2024 compared with the fiscal year ended December 30, 2023, refer to \"Part II - Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations\" of the Corporation\u2019s Annual Report on Form 10-K for the fiscal year ended December 28, 2024, as filed with the Securities and Exchange Commission on February 25, 2025. Overview HNI Corporation has been improving where people live, work, and gather for more than 80 years. HNI is a manufacturer of workplace furnishings and residential building products. Within workplace furnishings, the Corporation is the thought leader in commercial furnishings and the preeminent global designer, innovator, and provider of workplace solutions going to market under unique brands serving multiple channels and customers from the largest multinational companies to small local businesses. Within residential building products, the Corporation is the nation's leading manufacturer and marketer of hearth products. The Corporation utilizes a multi-faceted go-to-market model to deliver value to customers via various brands and selling models. HNI is focused on growing its existing businesses while seeking out and developing new opportunities for expansion. The Corporation's two reportable segments consist of Workplace Furnishings and Residential Building Products. Fiscal year 2025 included 53 weeks, with the extra week occurring in the fourth quarter, while fiscal year 2024 included 52 weeks. On December 10, 2025, the Corporation completed its acquisition of Steelcase Inc. (\"Steelcase\"), a global design and furniture company, in a cash and stock transaction valued at approximately $1.9 billion. See \"Note 4. Acquisitions and Divestitures\" in the Notes to Consolidated Financial Statements for more details on the Steelcase acquisition. Steelcase will be included in the Workplace Furnishings segment. The Corporation has included the financial results of Steelcase in the Consolidated Financial Statements starting as of the date of acquisition. The acquisition of Steelcase unites two industry leaders to meet the dynamic marketplace and evolving needs of the workplace amid accelerating in-office work trends. The combination will not only transform the Corporation, but it will also be transformational for the workplace furnishings industry \u2014 as two highly respected companies with shared values, talented teams, strong financial profiles, and highly complementary capabilities have been brought together. This strong foundation, combined with expected synergies, will accelerate the Corporation's ability to invest in long-term operational enhancements, digital transformation, products to meet evolving customer needs, and customer-centered buying experiences. Integration efforts are underway, utilizi Item 1. Business General HNI Corporation has been improving where people live, work, and gather for more than 80 years. HNI is a manufacturer of workplace furnishings and residential building products. Within workplace furnishings, the Corporation is the thought leader in commercial furnishings and the preeminent global designer, innovator, and provider of workplace solutions going to market under unique brands serving multiple channels and customers from the largest multinational companies to small local businesses. Within residential building products, the Corporation is the nation's leading manufacturer and marketer of hearth products. The Corporation utilizes a multi-faceted go-to-market model to deliver value to customers via various brands and selling models. HNI is focused on growing its existing businesses while seeking out and developing new opportunities for expansion. On December 10, 2025 the Corporation acquired by merger Steelcase Inc. (\"Steelcase\"), a global design and furniture company headquartered in Grand Rapids, Michigan, for total consideration of cash and HNI common stock valued at $1.9 billion. The highly complementary geographic footprints and dealer networks of HNI and Steelcase bolster the combined company's ability to serve more customers across diverse industry segments. The Corporation has included the financial results of Steelcase in the Consolidated Financial Statements starting as of the date of acquisition. References to \"legacy\" HNI businesses in this report exclude the acquisition of Steelcase and its impact on the Corporation's businesses. The Corporation's two reportable segments are Workplace Furnishings and Residential Building Products. The various Workplace Furnishings businesses sell similar products that include panel-based and freestanding furniture systems, seating, benching, tables, architectural products, storage, ancillary products, hospitality products and social collaborative items. These products are sold prim Item 1A. Risk Factors The following risk factors and other information included in this report should be carefully considered. If any of the following risks occur, the Corporation\u2019s business, operating results, cash flows, or financial condition could be materially adversely affected. Other factors not currently known to the Corporation or that it currentl", "title": "HNI - HNI CORP", "url": "/company/HNI/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001128361; latest 10-K filed 2026-02-25.", "text": "HOPE - HOPE BANCORP INC SIC 6021 National Commercial Banks; CIK 0001128361; latest 10-K filed 2026-02-25. HOPE HOPE BANCORP INC 0001128361 6021 National Commercial Banks Item 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read together with our Consolidated Financial Statements and accompanying notes presented elsewhere in this Report. This discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth under Item 1A \u201cRisk Factors\u201d and elsewhere in this Report. Please see the \u201cForward Looking Information\u201d immediately preceding Part I of this Report. Overview Our principal business involves earning interest on loans and investment securities that are funded primarily by customer deposits, wholesale deposits, and other borrowings. Our operating income and net income are derived primarily from the difference between interest income received from interest earning assets and interest expense paid on interest bearing liabilities and, to a lesser extent, from fees received in connection with servicing loan and deposit accounts and income from the sale of loans. Our major expenses are the interest we pay on deposits and borrowings, provisions for credit losses, and general operating expenses, which primarily consist of salaries and employee benefits, occupancy costs, and other operating expenses. Interest rates are highly sensitive to many factors that are beyond our control, such as changes in the national economy and in the related monetary policies of the FRB, inflation, unemployment, consumer spending, and political changes and events. We cannot predict the impact that these factors and future changes in domestic and foreign economic and political conditions might have on our performance. Our results are affected by economic conditions in our markets and to a lesser degree in South Korea. A decline in economic and business conditions in our market areas or in South Korea may have a material adverse impact on the quality of our loan portfolio or the demand for our products and services, which in turn may have a material adverse effect on our financial condition and results of operations. The Company completed its acquisition of Honolulu-based Territorial, the holding company of Territorial Savings Bank, effective April 2, 2025. With the acquisition of Territorial Savings, a division of Bank of Hope, the Company became the largest regional bank catering to multicultural customers across the continental United States and Hawaii. 30 Selected Financial Data The following table presents selected financial and other data for each of the years in the five-year period ended December 31, 2025. The information below should be read in conjunction with the more detailed information included elsewhere herein, including our Audited Consolidated Financial Statements and Notes thereto. The comparability of our operating results for the year ended December 31, 2025, with past performance was impacted by acquisition accounting adjustments and merger-related expenses associated with the acquisition of Territorial Bancorp Inc. and the loss on securities sold as a result of repositioning of a portion of our investment securities. The Company has provided supplemental non-GAAP information to facilitate a better understanding of financial performance, identifying certain items as \u201cnotable\u201d. There were no notable items for the years ended December 31, 2022 and 2021. [[GREPCENT_TABLE]] [[\"\",\"As of or For The Year Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\",\"\",\"2022\",\"\",\"2021\"],[\"\",\"(Dollars in thousands, except share and per share data)\"],[\"Income Statement Data:\"],[\"Interest income\",\"$\",\"941,164\",\"\",\"\",\"$\",\"953,980\",\"\",\"\",\"$\",\"1,048,878\",\"\",\"\",\"$\",\"716,115\",\"\",\"\",\"$\",\"566,532\"],[\"Interest expense\",\"468,930\",\"\",\"\",\"526,129\",\"\",\"\",\"523,017\",\"\",\"\",\"137,694\",\"\",\"\",\"53,76 Item 1. BUSINESS General Hope Bancorp, Inc. (\u201cHope Bancorp\u201d on a parent-only basis, and the \u201cCompany,\u201d \u201cwe\u201d or \u201cour\u201d on a consolidated basis with the Bank of Hope) is a bank holding company headquartered in Los Angeles, California. Hope Bancorp was incorporated in Delaware in the year 2000. We offer commercial and retail banking loan and deposit products through our wholly-owned subsidiary, Bank of Hope, a California state-chartered bank (the \u201cBank\u201d or \u201cBank of Hope\u201d). From our roots as a Korean-American focused bank, we have grown to be one of the largest independent commercial banks headquartered in California and serve a multi-ethnic population of customers around the United States. Our network of branches and loan production offices includes locations in California, New York, Texas, Hawaii, Washington, Illinois, New Jersey, Georgia, Florida, Alabama, Colorado, and Oregon, and includes a representative office in Seoul, South Korea. Our headquarters are located at 3200 Wilshire Boulevard, Suite 1400, Los Angeles, California 90010, and our telephone number at that address is (213) 639-1700. The Bank\u2019s deposits are insured by the Federal Deposit Insurance Corporation (the \u201cFDIC\u201d), up to applicable limits. In addition to the Bank, the Hope Bancorp has unconsolidated subsidiaries used as business trusts in connection with issuance of trust-preferred securities as described in Note 10 \u201cConvertible Notes and Subordinated Debentures\" in Item 8 of this Form 10-K. We file reports with the Securities and Exchange Commission (the \u201cSEC\u201d), which include annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, as well as proxy and information statements in connection with our stockholders\u2019 meetings. The SEC maintains a website that contains the reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The address of the website is www.sec.gov. Our website address is www.b Item 1A.RISK FACTORS In the course of conducting our business operations, we are exposed to a variety of risks, some of which are inherent in the financial services industry and others of which are more specific to our own business. The following discussion addresses the most significant risks that could affect our business, financial conditi", "title": "HOPE - HOPE BANCORP INC", "url": "/company/HOPE/" }, { "kind": "company", "summary": "SIC 1381 Drilling Oil & Gas Wells; CIK 0000046765; latest 10-K filed 2025-11-21.", "text": "HP - Helmerich & Payne, Inc. SIC 1381 Drilling Oil & Gas Wells; CIK 0000046765; latest 10-K filed 2025-11-21. HP Helmerich & Payne, Inc. 0000046765 1381 Drilling Oil & Gas Wells ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with Part I of this Form 10\u2011K as well as the Consolidated Financial Statements and related notes thereto included in Part II, Item 8\u2014 Financial Statements and Supplementary Data of this Form 10\u2011K. Our future operating results may be affected by various trends and factors which are beyond our control. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, including those described in this Form 10-K under \u201cCautionary Note regarding Forward-Looking Statements\u201d and Item 1A\u2014Risk Factors. Accordingly, past results and trends should not be used by investors to anticipate future results or trends. 2025 FORM 10-K | 40 Table of Contents Executive Summary H&P through its operating subsidiaries provides performance-driven drilling solutions and technologies that are intended to make hydrocarbon recovery safer and more economical for oil and gas exploration and production companies. During the second quarter of fiscal year 2025, the naming convention for one of our reportable segments changed from Offshore Gulf of Mexico to Offshore Solutions. Beginning on the Closing Date, Offshore Solutions now includes the results from the acquired KCA Deutag offshore management contract operations. Similarly, our International Solutions segment now includes the results from the acquired KCA Deutag land operations. Operating results related to KCA Deutag's BENTEC\u2122 business unit are included in \"Other\" along with results from our real estate operations and our wholly-owned captive insurance companies. Our North America Solutions operating segment remains unchanged. For additional information regarding the completion of the Acquisition, refer to Note 3\u2014Business Combination. As of September 30, 2025, our drilling rig fleet included a total of 367 drilling rigs. Our reportable operating business segments consist of the North America Solutions segment with 223 rigs, the International Solutions segment with 137 rigs, and the Offshore Solutions segment with seven offshore platform rigs as of September 30, 2025. Although the Offshore Solutions segment has a fleet of platform rigs, the majority of its revenues are derived from asset-light management contracts. At the close of fiscal year 2025, we had 208 active contracted rigs, of which 131 were under a fixed-term contract and 77 were working well-to-well, compared to 170 contracted rigs at September 30, 2024. Our long-term strategy remains focused on innovation, technology, safety, operational excellence and reliability. As we move forward, we believe that our rig fleet, technology offerings, financial strength, contract backlog and strong customer and employee base position us very well to respond to continued cyclical and often times volatile market conditions and to take advantage of future opportunities. Market Outlook Our revenues are primarily derived from the capital expenditures of companies involved in the exploration, development and production of crude oil and natural gas (\u201cE&Ps\u201d). Generally, the level of capital expenditures is dictated by capital budgets set to achieve respective production targets in relation to current and expected future prices of crude oil and natural gas, which are determined by various supply and demand factors and have historically been volatile. Furthermore, E&Ps have become more fiscally disciplined in their level of capital expenditures relative to commodity price fluctuations and the amount of free cash flows that can be returned to their shareholders, which has resulted in less volatility within the oilfield service businesses, including our operations. Earlier in calendar 2025, the announcements by the U.S. government regarding the implementation of global tariffs and OPEC+ regarding the planned increase of crude oil ITEM 1. BUSINESS Overview Helmerich & Payne, Inc. (\"H&P,\" which, together with its subsidiaries, is identified as the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour,\u201d except where stated or the context requires otherwise) was incorporated under the laws of the State of Delaware on February 3, 1940 and is successor to a business originally organized in 1920. We provide performance-driven drilling solutions and technologies that are intended to make hydrocarbon recovery safer and more economical for oil and gas exploration and production companies. We are an important partner for a number of oil and gas exploration and production companies, but we focus primarily on the drilling segment of the oil and gas production value chain. Our technology services focus on developing, promoting and commercializing technologies designed to improve the efficiency and accuracy of drilling operations, as well as wellbore quality and placement. KCA Deutag Acquisition On January 16, 2025 (the \u201cClosing Date\u201d or \"Acquisition Date\"), H&P completed its acquisition of the entire issued share capital (the \"Acquisition\") of KCA Deutag International Limited (\"KCA Deutag\") pursuant to the Sale and Purchase Agreement (the \"Purchase Agreement\"). H&P paid aggregate cash consideration of approximately $2.0 billion, which consisted of the share purchase price of $0.9 billion and $1.1 billion which was used to contemporaneously repay or redeem certain of KCA Deutag's existing debt, including, as applicable, the payment of all accrued and unpaid interest, premiums, and fees. KCA Deutag is a diverse global drilling company. The company derives a significant portion of its revenues and cash flow from its land operations and has a substantial land drilling presence in the Middle East with additional operations in South America, Europe, and Northern Africa. In addition to its land operations, the company has asset-light offshore management contract operations in the North Sea, Angola, Azerbaijan and Canada. Managemen ITEM 1A. RISK FACTORS An investment in our securities involves a variety of risks. In addition to the other information included and incorporated by reference in this Form 10-K and the risk factors discussed elsewhere in this Form 10-K, the following risk factors should be carefully considered and read in conjunction with the other i", "title": "HP - Helmerich & Payne, Inc.", "url": "/company/HP/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001802665; latest 10-K filed 2026-02-24.", "text": "HRMY - Harmony Biosciences Holdings, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001802665; latest 10-K filed 2026-02-24. HRMY Harmony Biosciences Holdings, Inc. 0001802665 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d and in other parts of this Annual Report on Form 10-K. A discussion of the year ended December 31, 2024, compared to the year ended December 31, 2023, has been reported previously under \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 25, 2025. Company Overview At Harmony, we are cultivating a differentiated neuroscience company, rooted in innovation and driven by a commitment to addressing the unmet needs of patients living with neurological diseases. To date, we have focused on rare neurological diseases with a growing portfolio now spanning sleep/wake, neurobehavioral, and rare epilepsy, and we are harnessing scientific insights and pioneering approaches to advance meaningful treatments that help patients thrive. Our operations are conducted by our wholly owned subsidiaries, Harmony Biosciences, LLC and Harmony Biosciences Management, Inc. Sleep/Wake Franchise Pitolisant was developed by Bioprojet and approved by the EMA in 2016 for the treatment of narcolepsy in adult patients with or without cataplexy and in 2021 for the treatment of EDS in adult patients with obstructive sleep apnea. We acquired an exclusive license to develop, manufacture and commercialize pitolisant in the United States pursuant to our license agreement with Bioprojet (as amended, the \u201c2017 LCA\u201d) in July 2017. Pitolisant was granted Orphan Drug designation for the treatment of narcolepsy by the FDA in 2010. It received Breakthrough Therapy designation for the treatment of cataplexy in patients with narcolepsy and Fast Track designation for the treatment of EDS and cataplexy in patients with narcolepsy in April 2018. In August 2019, WAKIX was approved by the U.S. Food and Drug Administration (the \u201cFDA\u201d) for the treatment of EDS in adult patients with narcolepsy, and its U.S. commercial launch was initiated in November 2019. In October 2020, WAKIX was approved by the FDA for the treatment of cataplexy in adult patients with narcolepsy. We believe that pitolisant\u2019s ability to regulate histamine mediated through histamine-3 receptor antagonist and inverse agonist activity gives it the potential to provide therapeutic benefit in other rare neurological diseases. \u200b We are focusing our development efforts on other rare neurological disorders in which EDS is a prominent symptom, including Prader-Willi Syndrome (\u201cPWS\u201d) and myotonic dystrophy type 1, otherwise known as dystrophia myotonica (\u201cDM1\u201d). Based on the positive signals from the data from our Phase 2 proof-of-concept signal detection clinical trial to evaluate pitolisant for the treatment of EDS and other key behavioral symptoms in patients with PWS, an End-of-Phase 2 meeting with the FDA was held in June 2023. We aligned with the FDA on the proposed Phase 3 registration study design to support further investigation of pitolisant as a potential treatment to address the unmet medical need for children, adolescents and adults with PWS experiencing EDS, for which there is currently no approved treatment. In October 2023, we received FDA alignment regarding the study design for the Phase 3 TEMPO study in patients with PWS, which has the potential to serve as the registrational trial and support our efforts to seek pediatric exclu Item 1. Business. Overview We are cultivating a differentiated neuroscience company, rooted in innovation and driven by a commitment to addressing the unmet needs of patients living with neurological diseases. To date, we have focused on rare neurological diseases with a growing portfolio now spanning sleep/wake, rare epilepsy, and neurobehavioral and we are harnessing scientific insights and pioneering approaches to advance meaningful treatments that help patients thrive. In July 2017, we entered into a License Agreement (as amended, the \u201c2017 LCA\u201d) with Bioprojet Soci\u00e9t\u00e9 Civile de Recherche (\u201cBioprojet\u201d) whereby we acquired the exclusive right to commercialize the pharmaceutical compound pitolisant. Our lead product, WAKIX\u00ae (pitolisant) (\u201cWAKIX\u201d), is a first-in-class therapy with a novel mechanism of action designed to enhance histamine signaling in the brain by binding to H3 receptors. Since its initial FDA approval in 2019 for excessive daytime sleepiness (\u201cEDS\u201d) in adult patients with narcolepsy and subsequent approvals for cataplexy in adult patients in 2020, EDS in pediatric patients six years and older in 2024 and cataplexy in pediatric patients six years and older in 2026, WAKIX has continued to reshape the treatment landscape for narcolepsy and remains the only FDA-approved treatment for narcolepsy that is not scheduled as a controlled substance by the U.S. Drug Enforcement Administration (\u201cDEA\u201d). Beyond narcolepsy, we have taken a mechanistic-based approach to expanding the reach of pitolisant, advancing late-stage clinical programs exploring pitolisant in idiopathic hypersomnia (\u201cIH\u201d), Prader-Willi syndrome (\u201cPWS\u201d) and myotonic dystrophy type 1 (\u201cDM1\u201d) and continue to grow our impact in other rare neurological diseases. In July 2022, we entered into a License and Commercialization Agreement with Bioprojet (the \u201c2022 LCA\u201d) whereby we obtained exclusive rights to manufacture, develop and commercialize one or more next generation pitolisant based produc Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below and the other information included or incorporated by reference in this Annual Report on Form 10-K before making an investment in our common ", "title": "HRMY - Harmony Biosciences Holdings, Inc.", "url": "/company/HRMY/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001095565; latest 10-K filed 2026-02-27.", "text": "HSTM - HEALTHSTREAM INC SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001095565; latest 10-K filed 2026-02-27. HSTM HEALTHSTREAM INC 0001095565 7370 Services-Computer Programming, Data Processing, Etc. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of the financial condition and results of operations of HealthStream should be read in conjunction with HealthStream\u2019s Consolidated Financial Statements and related notes thereto included elsewhere in this report. This discussion contains forward-looking statements that involve risks and uncertainties. HealthStream\u2019s actual results may differ significantly from the results discussed and those anticipated in these forward-looking statements as a result of many factors, including, but not limited to, the risks described under Risk Factors and elsewhere in this report, as well as additional risks or uncertainties not presently known to us or that we currently deem immaterial. The following discussion addresses our 2025 and 2024 results and year-to-year comparisons between 2025 and 2024. A discussion of year-to-year comparisons between 2024 and 2023 can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 28, 2025, under Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. OVERVIEW HealthStream provides primarily SaaS based applications for healthcare organizations\u2014all designed to improve business and clinical outcomes by supporting the people who deliver patient care. We are focused on helping individuals and organizations in healthcare meet their ongoing learning, clinical development, credentialing, and scheduling needs. We also provide our solutions to nursing schools and nursing students. 29 Table of Contents Our business is managed and organized around our single platform strategy, also referred to as our One HealthStream approach. At the center of this single platform strategy is our hStream technology platform. By enabling our applications through hStream, we believe that stand-alone applications, which already provide a powerful value proposition on their own, are beginning to leverage each other to more efficiently and effectively empower our customers to manage their businesses and improve their outcomes. Further, the Company\u2019s internal structure and executive leadership are likewise shaped by the organizing principle of a single platform, including with regard to technology, operations, accounting, internal reporting (including the nature of information reviewed by our key decision makers), organizational structure, compensation, performance assessment, and resource allocation. Ongoing progress towards One HealthStream is exemplified by our recent refinement and adoption of a standardized, enterprise-wide implementation, onboarding, and customer success operational model. Our solutions are powered by our hStream technology platform that enables activity across HealthStream's diverse ecosystem of applications. These underlying solutions are comprised primarily of SaaS, subscription-based applications that are used by healthcare organizations to meet a broad range of their workforce development needs around learning, clinical development, credentialing, and scheduling. Our solutions are also utilized by nursing schools as they prepare the healthcare workforce of tomorrow and by nursing students as they prepare to enter that workforce. Our numerous content libraries allow customers to subscribe to a wide array of courseware, which includes content from leading healthcare and nursing associations, medical and healthcare publishers, and other ecosystem partners. Our scheduling solutions provide organizations with the tools to visualize and manage real-time clinical staff scheduling to enable them to optimize their workforce, reduce costs, and improve care. Our flagship credentialing, privileging, and enrollment solution, CredentialStream, provides customers an intuitive, modern user experience with a continual stream of enhancements, evidence-based content, and curated data, all of wh Item 1. Business OVERVIEW AND HISTORY HealthStream\u2019s focus is and has always been on improving the quality of healthcare through the development and support of the dedicated individuals who deliver care. Like healthcare itself, our mission remains constant, but how we accomplish that mission continues to evolve and improve over time. Originally, we pioneered the use of online learning to hospitals, which began with courses specifically tailored to educate healthcare professionals and meet hospitals' required regulatory needs, and we remain a leading innovator in those areas today. Since our inception, the scope of HealthStream\u2019s Software-as-a-Service (SaaS) solutions has expanded well beyond our governance, risk, and compliance (GRC) offerings to include a diverse ecosystem of applications that optimize and support the healthcare workforce and the students preparing to enter that workforce. Today, we are characterized by our single platform strategy, which is designed to create interoperability among the various applications in our ecosystem through our proprietary hStream technology platform. Increasingly, our hStream technology platform extends artificial intelligence (AI) capabilities to the applications it powers and serves as the system of record on which healthcare workforce AI relies. We believe that our single platform strategy, as represented by hStream, is the best way to realize our mission of improving the quality of care by developing the people who deliver care, and the best way to create value for our shareholders in the process. For healthcare organizations\u2014our primary customers\u2014HealthStream\u2019s solutions help to effectively onboard, retain, engage, educate, manage, and develop workforce talent; meet rigorous GRC requirements; optimize staff scheduling and capacity management; and automate the management of medical staff credentialing, privileging, and enrollment. For healthcare professionals and students\u2014our primary end users\u2014HealthStream\u2019s soluti Item 1A. Risk Factors We believe that the risks and uncertainties described below are the material risks facing the Company as of the date of this Annual Report on Form 10-K. Our business, reputation, financial condition, results of operations, and/or prospects could be materially and ", "title": "HSTM - HEALTHSTREAM INC", "url": "/company/HSTM/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001265131; latest 10-K filed 2026-02-13.", "text": "HTH - Hilltop Holdings Inc. SIC 6022 State Commercial Banks; CIK 0001265131; latest 10-K filed 2026-02-13. HTH Hilltop Holdings Inc. 0001265131 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. \u200b The following discussion is intended to help the reader understand our results of operations and financial condition and is provided as a supplement to, and should be read in conjunction with, our audited consolidated financial statements and the accompanying notes thereto commencing on page F-1. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under \u201cItem 1A. Risk Factors\u201d and elsewhere in this Annual Report. See \u201cForward-Looking Statements.\u201d \u200b Unless the context otherwise indicates, all references in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or \u201cours\u201d or similar words are to Hilltop Holdings Inc. and its direct and indirect wholly owned subsidiaries, references to \u201cHilltop\u201d refer solely to Hilltop Holdings Inc., references to \u201cPCC\u201d refer to PlainsCapital Corporation (a wholly owned subsidiary of Hilltop), references to \u201cSecurities Holdings\u201d refer to Hilltop Securities Holdings LLC (a wholly owned subsidiary of Hilltop), references to \u201cHilltop Securities\u201d refer to Hilltop Securities Inc. (a wholly owned subsidiary of Securities Holdings), references to \u201cMomentum Independent Network\u201d refer to Momentum Independent Network Inc. (a wholly owned subsidiary of Securities Holdings, Hilltop Securities and Momentum Independent Network are collectively referred to as the \u201cHilltop Broker-Dealers\u201d), references to the \u201cBank\u201d refer to PlainsCapital Bank (a wholly owned subsidiary of PCC), references to \u201cFNB\u201d refer to First National Bank, references to \u201cSWS\u201d refer to the former SWS Group, Inc., references to \u201cPrimeLending\u201d refer to PrimeLending, a PlainsCapital Company (a wholly owned subsidiary of the Bank) and its subsidiaries as a whole. \u200b 52 Table of Contents OVERVIEW \u200b We are a financial holding company registered under the Bank Holding Company Act of 1956. Our primary line of business is to provide business and consumer banking services from offices located throughout Texas through the Bank. We also provide an array of financial products and services through our broker-dealer and mortgage origination segments. The following includes additional details regarding the financial products and services provided by each of our primary business units. \u200b PCC. PCC is a financial holding company that provides, through its subsidiaries, traditional banking and wealth, investment and treasury management services primarily in Texas and residential mortgage loans throughout the United States. \u200b Securities Holdings. Securities Holdings is a holding company that provides, through its subsidiaries, investment banking and other related financial services, including municipal advisory, sales, trading and underwriting of taxable and tax-exempt fixed income securities, clearing, securities lending, structured finance and retail brokerage services throughout the United States. \u200b The following historical consolidated data for the periods indicated has been derived from our historical consolidated financial statements included elsewhere in this Annual Report (dollars and shares in thousands, except per share data). \u200b [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b \\u200b\",\"2025\",\"\\u200b \\u200b \\u200b\",\"2024\",\"\\u200b \\u200b \\u200b\",\"2023\",\"\\u200b \\u200b \\u200b\"],[\"Statement of Operations Data:\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Net interest income\",\"\\u200b\",\"$\",\"440,706\",\"\\u200b\",\"$\",\"417,798\",\"\\u200b\",\"$\",\"466,847\",\"\\u200b\"],[\"Provision for credit Item 1. Business. \u200b General \u200b Hilltop Holdings Inc. is a diversified, Texas-based financial holding company incorporated in Maryland and registered under the Bank Holding Company Act of 1956, as amended (the \u201cBank Holding Company Act\u201d). Our primary line of business is to provide business and consumer banking services from offices located throughout Texas through the Bank. We also provide an array of financial products and services through our broker-dealer and mortgage origination segments. We endeavor to build and maintain a strong financial services company through organic growth as well as acquisitions, which we may make using available capital, excess liquidity and, if necessary or appropriate, additional equity or debt financing sources. The following includes additional details regarding the financial products and services provided by each of our two primary business units. \u200b PCC. PCC is a financial holding company that provides, through its subsidiaries, traditional banking and wealth, investment and treasury management services primarily in Texas and residential mortgage loans throughout the United States. \u200b Securities Holdings. Securities Holdings is a holding company that provides, through its subsidiaries, investment banking and other related financial services, including municipal advisory, sales, trading and underwriting of taxable and tax-exempt fixed income securities, clearing, securities lending, structured finance and retail brokerage services throughout the United States. \u200b At December 31, 2025, on a consolidated basis, we had total assets of $15.8 billion, total deposits of $10.9 billion, total loans, including loans held for sale, of $9.2 billion and stockholders\u2019 equity of $2.2 billion. \u200b Our common stock is listed on the New York Stock Exchange (\u201cNYSE\u201d) and NYSE Texas under the symbol \u201cHTH.\u201d \u200b Our principal office is located at 6565 Hillcrest Avenue, Dallas, Texas 75205, and our telephone number at that location is (214) 855-2177 Item 1A. Risk Factors. \u200b The following discussion sets forth what management currently believes are the material regulatory, market and economic, liquidity, legal and business and operational risks and uncertainties that could impact our business, results of operations and financial condition. The occurrence of any of the following risks, as well as other r", "title": "HTH - Hilltop Holdings Inc.", "url": "/company/HTH/" }, { "kind": "company", "summary": "SIC 4213 Trucking (No Local); CIK 0000799233; latest 10-K filed 2026-03-03.", "text": "HTLD - HEARTLAND EXPRESS INC SIC 4213 Trucking (No Local); CIK 0000799233; latest 10-K filed 2026-03-03. HTLD HEARTLAND EXPRESS INC 0000799233 4213 Trucking (No Local) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read together with \u201cBusiness\u201d in Part I, Item 1 of this Annual Report, as well as the consolidated financial statements and accompanying footnotes included in this Annual Report. This discussion contains forward-looking statements as a result of many factors, including those set forth under Part I, Item 1A. \u201cRisk Factors\u201d and Part I \u201cCautionary Note Regarding Forward-looking Statements\u201d of this Annual Report, and elsewhere in this report. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from those discussed. Overview We primarily provide nationwide asset-based dry van truckload service for major shippers across the United States, along with cross-border freight and other transportation services offered through third party partnerships in Mexico. Our consolidated average length of haul is under 400 miles. We focus on providing high quality service to targeted customers with a high density of freight in our operating areas. We also offer truckload temperature-controlled transportation services and Mexico logistics services, which are not significant to our consolidated operations. We generally earn revenue based on the number of miles per load delivered and the revenue per mile or per load paid. We operate our consolidated operations under the brand names of Heartland Express, Millis Transfer, Smith Transport, and CFI (for services within Mexico). We manage our business based on overall corporate operating goals and objectives that are the same for all of our brands. Our Chief Operating Decision Maker (\u201cCODM\u201d), our CEO and President, evaluates the operational efficiencies of our transportation services, operating performance and asset allocation on a combined basis based on consolidated operating goals and objectives. In addition to consolidated data on a combined basis that has been historically used, our CODM also makes use of available disaggregated operating segment data as well. We believe the keys to success are maintaining high levels of customer service and safety, which are predicated on the availability of experienced drivers and late-model equipment. We believe that our service standards, safety record, and equipment accessibility have made us a core carrier to many of our major customers, as well as allowed us to build solid, long-term relationships with customers and brand ourselves as an industry leader for on-time service. Our corporate headquarters is located in North Liberty, Iowa, in a lower-cost environment with ready access to a skilled, educated, and industrious workforce. Our other terminals are located near major shipping corridors nationwide, affording proximity to customer locations, driver domiciles, and distribution centers. Approximately 80% of our terminals are located within 200 miles of the 30 largest metropolitan areas in the U.S. We believe our geographic reach and terminal locations assist us with driver recruiting and retention, efficient fleet maintenance, and consistent customer engagement. The challenging freight environment over the past three years, combined with acquisitions of Smith Transport and CFI in 2022, have pressured our financial results to a level below our historical results and management expectations, and also resulted in the incurrence of debt. However, the acquisitions have also allowed us to deliver $0.8 billion and $1.0 billion of operating revenues during 2025 and 2024. Our financial goals continue to be (i) generate an operating ratio in the low to mid 80s, (ii) grow revenue profitably, organically and through acquisitions, and (iii) carry a debt-free balance sheet. Throughout our history, these principles have allowed us to generate significant cash flows and be oppor ITEM 1. Business General Heartland Express, Inc. is a holding company incorporated in Nevada, which directly or indirectly owns all of the stock of the following legal entities: Heartland Express, Inc. of Iowa, Heartland Express Services, Inc., Heartland Express Maintenance Services, Inc. (collectively, \"Heartland Express\"), and Midwest Holding Group, LLC and Millis Transfer, LLC (together, \"Millis Transfer\"), and Smith Transport, LLC (\"Smith Transport\"), and certain Mexican entities. Effective December 31, 2025, we integrated and rebranded U.S. operations of Contract Freighters, Inc. (\"CFI\") into Heartland Express. Effective December 31, 2024, Franklin Logistics, LLC was merged into Smith Transport, LLC. Effective December 31, 2023, Smith Trucking, Inc. was merged into Smith Transport, Inc. Further, effective December 31, 2023 Smith Transport, Inc. and Franklin Logistics, Inc. 1 were converted to Smith Transport, LLC and Franklin Logistics, LLC, respectively. We, together with our subsidiaries, are a short, medium, and long-haul truckload carrier and transportation services provider. We primarily provide nationwide asset-based dry van truckload service for major shippers across the United States, along with cross-border freight and other transportation services offered through third party partnerships in Mexico. Our consolidated average length of haul is under 400 miles. We focus on providing high quality service to targeted customers with a high density of freight in our operating areas. We also offer truckload temperature-controlled transportation services and Mexico logistics services, which are not significant to our consolidated operations. We generally earn revenue based on the number of miles per load delivered and the revenue per mile or per load paid. We operate our consolidated operations under the brand names of Heartland Express, Millis Transfer, Smith Transport, and CFI (for services within Mexico). We manage our business based on overall corpo ITEM 1A. RISK FACTORS Our future results may be affected by a number of factors over which we have little or no control. The following discussion of risk factors contains forward-looking statements as discussed in \"Cautionary Note Regarding Forward-Looking Statements\" above. The following issues, uncertainties, and risks, among others, should be ", "title": "HTLD - HEARTLAND EXPRESS INC", "url": "/company/HTLD/" }, { "kind": "company", "summary": "SIC 4941 Water Supply; CIK 0000766829; latest 10-K filed 2026-02-26.", "text": "HTO - H2O AMERICA SIC 4941 Water Supply; CIK 0000766829; latest 10-K filed 2026-02-26. HTO H2O AMERICA 0000766829 4941 Water Supply Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (Dollar amounts in thousands, except where otherwise noted) The following discussion and analysis of our financial condition and results of operations should be read together with \u201cForward-Looking Statements,\u201d Part 1, Item 1 \u201cBusiness,\u201d Part I, Item 1A \u201cRisk Factors,\u201d and our consolidated financial statements and notes included under Item 8 of this Annual Report on Form 10-K. The following sections include a discussion of results for the year ended December 31, 2025 compared to the year ended December 31, 2024. Unless otherwise provided herein, the comparative results for the year ended December 31, 2024 with for the year ended December 31, 2023 may be found in \u201cPart II - Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of the company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. Business Strategy H2O America focuses its business initiatives in three strategic areas: (1)Investing in regional regulated water utility operations to support the health, safety and quality of life of our customers; (2)Regional non-tariffed water utility related services provided in accordance with the guidelines established by the applicable state public utility commissions; and (3)Out-of-region water and utility related services. Regional Regulated Activities H2O America\u2019s regulated utility operation is conducted through SJWC, CWC, TWC and MWC. H2O America plans and applies a diligent and disciplined approach to maintaining and improving its water system infrastructures and also seeks to acquire regulated water systems adjacent to or near its existing service territory. CWC and TWC also provide regulated wastewater services. The United States water utility industry is largely fragmented and is dominated by municipal-owned water systems. The water industry is regulated, and provides a life-sustaining product. This makes water utilities subject to lower business cycle risks than non-tariffed industries. Regional Non-tariffed Activities Non-tariffed services provided by H2O America\u2019s subsidiaries include water system operations, maintenance agreements, antenna site leases under agreements with municipalities and other utilities, wholesale water service to adjacent utilities, wastewater services, and Linebacker\u00ae, an optional service line protection program covering a limited amount of the cost of repairs for leaking or broken water and wastewater service lines and in-home plumbing to eligible residential customers in Connecticut and water service lines to eligible residential customers in Maine. H2O America also seeks appropriate non-tariffed business opportunities that complement its existing operations or that allow it to extend its core competencies beyond existing operations. H2O America seeks opportunities to fully utilize its capabilities and existing capacity by providing services to other regional water systems, which also will benefit its existing regional customers. Out-of-Region Opportunities H2O America also from time to time pursues opportunities to participate in out-of-region water and utility related services, particularly regulated water and wastewater businesses. H2O America evaluates out-of-region and out-of-state opportunities that meet H2O America\u2019s risk and return profile. The factors H2O America considers in evaluating such opportunities include: \u2022Potential profitability; \u2022Regulatory environment; \u2022Additional growth opportunities within the region; \u2022Water supply, water quality and environmental issues; \u2022Capital requirements; \u2022General economic conditions; and \u2022Synergy potential. 34 Table of Contents As part of our pursuit of the above three strategic areas, we consider from time-to-time opportunities to acquire businesses and assets. The proposed transactions with Quadvest are an example of this strategy. Quadvest acquisition As previously disclos Item 1.Business General Development of Business H2O America, a Delaware corporation, was initially incorporated as SJW Corp. in the state of California in 1985. In May 2025, the company changed its corporate name from SJW Group to H2O America. We will not distinguish between our prior and current corporate name and will refer to our current corporate name throughout this Annual Report on Form 10-K. As such, unless expressly indicated or the context requires otherwise, the terms \u201cH2O America,\u201d \u201ccompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d in this document refer to H2O America, a Delaware corporation, and, where appropriate, its subsidiaries. H2O America is a holding company that conducts its business through the following wholly owned subsidiaries: \u2022San Jose Water Company (\u201cSJWC\u201d), with its headquarters located at 110 West Taylor Street in San Jose, California 95110, was originally incorporated under the laws of the State of California in 1866. As part of a reorganization in 1985, SJWC became a wholly owned subsidiary of H2O America. SJWC is a public utility in the business of providing water service in the metropolitan San Jose, California area. \u2022H2O America NE LLC (previously known as SJWNE LLC), a Delaware limited liability company, was formed in 2019, and is a wholly owned subsidiary of H2O America. H2O America NE LLC is a special purpose entity established to hold H2O America\u2019s investment in Connecticut Water Service, Inc. Connecticut Water Service, Inc. with its headquarters located in Clinton, Connecticut, was incorporated in 1974 in the State of Connecticut. As part of the merger transaction between H2O America and Connecticut Water Service, Inc. in 2019, Connecticut Water Service, Inc. and its subsidiaries (\u201cCTWS\u201d) became a wholly owned subsidiary of H2O America NE LLC. Connecticut Water Service, Inc. is a holding company with four wholly owned subsidiaries. The Connecticut Water Company (\u201cCWC\u201d) and The Maine Water Company (\u201cMWC\u201d) are public utilities in the business Item 1A.Risk Factors Investors should carefully consider the following risk factors and warnings before making an investment decision. The risks described below are not the only ones facing H2O America and its subsidiaries. Additional risks that H2O America and its subsidiaries does not yet know of or that it currently thinks are immaterial may also impair its business operations. If any of the ", "title": "HTO - H2O AMERICA", "url": "/company/HTO/" }, { "kind": "company", "summary": "SIC 7510 Services-Auto Rental & Leasing (No Drivers); CIK 0001657853; latest 10-K filed 2026-02-26.", "text": "HTZ - HERTZ GLOBAL HOLDINGS, INC SIC 7510 Services-Auto Rental & Leasing (No Drivers); CIK 0001657853; latest 10-K filed 2026-02-26. HTZ HERTZ GLOBAL HOLDINGS, INC 0001657853 7510 Services-Auto Rental & Leasing (No Drivers) ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Hertz Global Holdings, Inc. is a holding company and its principal, wholly owned subsidiary is The Hertz Corporation. Hertz Global consolidates Hertz for financial statement purposes, and Hertz comprises approximately the entire balance of Hertz Global\u2019s assets, liabilities and operating cash flows. In addition, Hertz\u2019s operating revenues and operating expenses comprise nearly 100% of Hertz Global\u2019s revenues and operating expenses. As such, Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") that follows herein is for Hertz and also applies to Hertz Global in all material respects, unless otherwise noted. Differences between the operations and results of Hertz and Hertz Global are separately disclosed and explained. 46 Table of Contents HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES THE HERTZ CORPORATION AND SUBSIDIARIES ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) We sometimes use the words \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d and the \u201cCompany\u201d in this MD&A for disclosures that relate to all of Hertz and Hertz Global. The statements in this MD&A regarding industry outlook, our expectations regarding the performance of our business and the other non-historical statements are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in Item 1A, \"Risk Factors.\u201d The following MD&A provides information that we believe to be relevant to an understanding of our consolidated financial condition and results of operations. Our actual results may differ materially from those contained in or implied by any forward-looking statements. You should read the following MD&A together with the sections entitled \u201cCautionary Note Regarding Forward-Looking Statements and Summary of Risk Factors,\u201d Item 1A, \"Risk Factors\u201d and our consolidated financial statements and related notes included in Part II, Item 8 of this 2025 Annual Report. In this MD&A, we refer to the following non-GAAP measure and key metrics: \u2022Adjusted Corporate EBITDA \u2013 important non-GAAP measure to management because it allows management to assess the operational performance of our business, exclusive of certain items, and allows management to assess the performance of the entire business on the same basis as the segment measure of profitability. Management believes that it is important to investors for the same reasons it is important to management and because it allows investors to assess our operational performance on the same basis that management uses internally. Adjusted EBITDA, the segment measure of profitability and accordingly a GAAP measure, is calculated exclusive of certain items which are largely consistent with those used in the calculation of Adjusted Corporate EBITDA. \u2022Vehicle Utilization \u2013 important key metric to management and investors as it is the measurement of the proportion of our vehicles that are being used to generate revenues relative to rentable fleet capacity. Higher Vehicle Utilization means more vehicles are being utilized to generate revenues. \u2022Depreciation Per Unit Per Month \u2013 important key metric to management and investors as depreciation of revenue earning vehicles and lease charges is one of our largest expenses for the vehicle rental business and is driven by the number of vehicles, expected residual values at the expected time of disposal and expected hold period of the vehicles. Depreciation Per Unit Per Month is reflective of how we are managing the costs of our vehicles and facilitates a comparison with other participants in the vehicle rental industry. \u2022Total Revenue Per Transaction Day (\"Total RPD,\" also referred to as \"pricing\") \u2013 important key metric to management and investors as it represents a measurement of the changes in ITEM 1. BUSINESS OUR COMPANY Hertz Holdings was incorporated in Delaware in 2015 to serve as the top-level holding company for Rental Car Intermediate Holdings, LLC, which wholly owns Hertz, Hertz Global's primary operating company. Hertz was incorporated in Delaware in 1967 and is a successor to corporations that have been engaged in the vehicle rental and leasing business since 1918. We are engaged principally in the business of renting vehicles primarily through our Hertz, Dollar and Thrifty brands. As of December 31, 2025, we operated our vehicle rental business globally from approximately 11,000 company-operated and franchisee locations across approximately 160 countries and jurisdictions, including the U.S., Europe, Africa, Asia, Australia, Canada, the Caribbean, Latin America, the Middle East and New Zealand. We are one of the largest worldwide vehicle rental companies and our Hertz brand name is among the most recognized globally. We have an extensive network of airport and off airport rental locations in the U.S. and major European markets. We also operate the Hertz Car Sales brand, which offers a range of quality, competitively-priced used cars for sale online and at locations across the U.S. Our Strategy Through our \"Back-to-Basics\" roadmap, we are committed to executing a comprehensive strategy to transform our business, anchored by three financial pillars: disciplined fleet management, revenue optimization and rigorous cost control. Building on our brand strength, global network and fleet management expertise, we remain committed to operational excellence and keeping customers central to everything we do. We have strengthened our fleet by refining our capabilities by sourcing vehicles strategically, deploying them efficiently and monetizing them effectively. Our approach balances disciplined execution today with systematic innovation for tomorrow, leveraging industry experience to adapt to evolving market dynamics and position us for sustainable gr ITEM 1A. RISK FACTORS Our business is subject to significant risks and uncertainties, and they should be carefully considered along with all of the information in this 2025 Annual Report. We believe that the information in this Item 1A., \"Risk Factors\" identifies the material risks and uncertainti", "title": "HTZ - HERTZ GLOBAL HOLDINGS, INC", "url": "/company/HTZ/" }, { "kind": "company", "summary": "SIC 4731 Arrangement of Transportation of Freight & Cargo; CIK 0000940942; latest 10-K filed 2025-02-25.", "text": "HUBG - Hub Group, Inc. SIC 4731 Arrangement of Transportation of Freight & Cargo; CIK 0000940942; latest 10-K filed 2025-02-25. HUBG Hub Group, Inc. 0000940942 4731 Arrangement of Transportation of Freight & Cargo Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS EXECUTIVE SUMMARY We are a leading supply chain solutions provider in North America that offers comprehensive transportation and logistics management services focused on reliability, visibility and value for our customers. Our service offerings include a full range of freight transportation and logistics services, some of which are provided using assets we own and operate, and some of which are provided by third parties with whom we contract. Our services include intermodal, truckload, less-than-truckload, flatbed, temperature-controlled, dedicated and regional trucking. Other services include full outsource logistics solutions, transportation management services, consolidation and fulfillment services, final mile delivery, parcel and international services. We service a large and diversified customer base in a broad range of industries, including retail, consumer products and durable goods. We believe our strategy to offer multi-modal supply chain management solutions serves to strengthen and deepen our relationships with our customers and allows us to provide a more cost effective and higher service solution. We concluded we have two reportable segments - Intermodal and Transportation Solutions (\u201cITS\u201d), and Logistics, which are based primarily on the services each segment provides. Intermodal and Transportation Solutions. Our ITS segment offers high service, nationwide door-to-door intermodal transportation, providing value, visibility and reliability in both transcontinental and local lanes by combining rail transportation with local trucking. This segment includes our trucking operations which provides our customers with local pickup and delivery as well as high service local and regional trucking transportation using equipment dedicated to their needs. In 2024, approximately 73% of our drayage services was provided by our own fleet. We arrange for the movement of our customers\u2019 freight in one of our approximately 50,000 containers. We contract with railroads to provide transportation for the long-haul portion of the shipment between rail terminals. Drayage between origin or destination and rail terminals are provided by our own trucking operations and third parties with whom we contract. Our dedicated service operation offers fleets of equipment and drivers to each customer on a contract basis, as well as the management and infrastructure to operate according to the customer\u2019s high service expectations. As of December 31, 2024, our trucking transportation operation consisted of approximately 2,300 tractors, 3,200 employee drivers and 4,700 trailers. We also contract for services with approximately 500 independent owner-operators. These assets and contractual services are used to support drayage for our intermodal service offering and to serve our customers who require high service local and regional trucking transportation using equipment dedicated to their needs. Our dedicated service operation offers fleets of equipment and drivers to each customer on a contract basis, as well as the management and infrastructure to operate according to the customer\u2019s high service expectations. Logistics. Our Logistics segment offers a wide range of non-asset-based services including transportation management, freight brokerage services, shipment optimization, load consolidation, mode selection, carrier management, load planning and execution, cross-docking, consolidation and fulfillment services and final mile delivery. Logistics includes our brokerage business which consists of a full range of trucking transportation services, including dry van, expedited, less-than-truckload (\u201cLTL\u201d), refrigerated and flatbed, all of which is provided by third-party carriers with whom we contract. We leverage proprietary technology along with collaborative relationships with third-party service providers to deliver cost savings and performance-enhancing Item 1. BUSINESS General Hub Group, Inc. (the \u201cCompany\u201d, \u201cHub\u201d, \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d) is a leading supply chain solutions provider that offers comprehensive transportation and logistics management services focused on reliability, visibility and value for our customers. Our mission is to continuously elevate each customer\u2019s business to drive long term success. Our vision is to build the industry\u2019s premier supply chain solution. Our service offerings include a full range of freight transportation and logistics services, some of which are provided using assets we own and operate, and some of which are provided by third parties with whom we contract. We have two reportable segments: Intermodal and Transportation Solutions (\u201cITS\u201d) and Logistics which are based primarily on the services each segment provides. Our ITS segment includes our intermodal and dedicated trucking. Our Logistics segment includes full outsource logistics solutions, transportation management services, consolidation and fulfillment services and final mile delivery services. Logistics also includes our brokerage business which provides third-party truckload, less-than-truckload (\u201cLTL\u201d), flatbed and temperature-controlled needs. We are one of the largest freight transportation providers in North America. We service a large and diversified customer base in a broad range of industries, including retail, consumer products, automotive and durable goods. We believe our strategy to offer multi-modal supply chain management solutions serves to strengthen and deepen our relationships with our customers and allows us to provide a more cost effective and higher service solution. We employ sales and marketing representatives throughout North America who service local, regional and national accounts. We believe that fostering long-term customer relationships is critical to our success and allows us to better understand our customers\u2019 needs and specifically tailor the transportation and logistics services we prov Item 1A. RISK FACTORS Business Environment and Competition Risks A significant portion of our revenue is derived from Intermodal and Transportation Solutions and from our significant customers. We derived 57% of our revenue from our Intermodal and Transportation Solutions in 2024, 59% in 2023 ", "title": "HUBG - Hub Group, Inc.", "url": "/company/HUBG/" }, { "kind": "company", "summary": "SIC 5160 Wholesale-Chemicals & Allied Products; CIK 0000046250; latest 10-K filed 2026-05-13.", "text": "HWKN - HAWKINS INC SIC 5160 Wholesale-Chemicals & Allied Products; CIK 0000046250; latest 10-K filed 2026-05-13. HWKN HAWKINS INC 0000046250 5160 Wholesale-Chemicals & Allied Products ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion and analysis of our financial condition and results of operations for fiscal 2026, 2025, and 2024. This discussion should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K. Overview We derive substantially all of our revenues from the sale of water treatment, specialty ingredients, and chemistry products to our customers in a wide variety of industries. We believe that we create value for our customers through superb service and support, quality products, personalized applications and trustworthy, creative employees Financial Overview Highlights of fiscal 2026 include: \u2022Sales of $1,083.7 million, an increase of $109.3 million, or 11% from fiscal 2025; \u2022Gross profit of $245.1 million, an increase of $19.5 million, or 9% from fiscal 2025; \u2022Operating cash flow of $144.3 million, an increase of $33.2 million, or 30% from fiscal 2025; and \u2022Diluted earnings per share (EPS) of $3.91, a decrease of $0.12, or 3%, from fiscal 2025; \u2022Pro forma diluted EPS of $3.95, an increase of $0.32, or 9%, from fiscal 2025. We focus on total profitability dollars when evaluating our financial results as opposed to profitability as a percentage of sales, as sales dollars tend to fluctuate as raw material prices rise and fall, particularly in our Water Treatment and Industrial Solutions segments. The costs for certain of our raw materials can rise or fall rapidly, causing fluctuations in gross profit as a percentage of sales. We use the last in, first out (\u201cLIFO\u201d) method of valuing the majority of our inventory, which causes the most recent product costs to be recognized in our consolidated statements of income. The LIFO inventory valuation method and the resulting cost of sales are consistent with our business practices of pricing to current chemical raw material prices. We disclose the sales of our bulk commodity products as a percentage of total sales dollars for our Water Treatment and Industrial Solutions segments. Our definition of bulk commodity products includes products that we do not modify in any way, but receive, store, and ship from our facilities, or direct ship to our customers in large quantities. We disclose the percentage of our overall sales that consist of sales of bulk commodity products as these products are generally distributed and we do not add significant value to these products in comparison to our non-bulk products. Sales of these products are generally highly competitive and price sensitive. As a result, bulk commodity products generally have our lowest margins. 18 Factors Affecting Comparability of Results Business Acquisitions We completed the following acquisitions in fiscal 2026. The results of operations since the date of each acquisition and the assets, including goodwill associated with these acquisitions, are included in our Water Treatment segment with the exception of the MakWood lactate business, which is included in our Food & Health Sciences segment. Certain acquisitions discussed below are not included in Note 2 to our Consolidated Financial Statements as they were not deemed to be material enough to warrant disclosure. \u2022On December 3, 2025, we acquired substantially all the assets and assumed certain liabilities of Redbird Chemical, Inc. (\u201cRedbird\u201d) for $4.6 million. Redbird distributed chemicals to its customers in eastern Texas within both the water treatment and industrial markets. \u2022On August 29, 2025, we acquired substantially all the assets and assumed certain liabilities of StillWaters Technology, Inc. (\"StillWaters\") for $4.3 million. StillWaters distributed water treatment chemicals and equipment for its customers in Alabama. \u2022On July 2, 2025, we acquired the lactate business of MakWood, Inc. for $1.9 million. We had previously been party to a D ITEM 1. BUSINESS We are a leading water treatment and specialty ingredients company that formulates, manufactures, distributes, and blends products for our Water Treatment, Food and Health Sciences, and Industrial Solutions customers. We believe that we create value for our customers through superb service and support, quality products, personalized applications and trustworthy, creative employees. We conduct our business in three segments: Water Treatment, Food and Health Sciences, and Industrial Solutions. Water Treatment Segment. Our Water Treatment Group specializes in providing chemicals, filtration media and systems, equipment, services and solutions for potable water, municipal and industrial wastewater, industrial process water, mainly non-residential swimming pool water and agricultural water. This group has the resources and flexibility to treat systems ranging in size from a single small well to a multi-million-gallon-per-day facility. This group utilizes delivery routes operated by our employees who typically serve as route driver, salesperson and trained technician to deliver our products and diagnose our customers\u2019 water treatment needs. We believe that the high level of service provided by these individuals allows us to serve as the trusted water treatment expert for many of the municipalities and other customers that we serve. In addition to meeting customers' chemistry needs, our employees sell and service equipment, including tanks, valves, and pumps, and offer a large variety of filtration media and equipment to treat water for the short-term through rental of filtration units and the long-term with ability to design, engineer, and build full-scale filtration systems capabilities. The Water Treatment Group operates out of 53 warehouses in 28 states, primarily located in the eastern two-thirds of the United States, supplying products and services to customers across that footprint. We expect to continue to invest in existing and new branches ITEM 1A. RISK FACTORS You should carefully consider the following material factors regarding risks relating to an investment in our securities and when reading the information, including the financial information, contained in this Annual Report on Form 10-K. Shareholders are cautioned that these and other factors may affect future perform", "title": "HWKN - HAWKINS INC", "url": "/company/HWKN/" }, { "kind": "company", "summary": "SIC 5531 Retail-Auto & Home Supply Stores; CIK 0001057060; latest 10-K filed 2025-11-17.", "text": "HZO - MARINEMAX INC SIC 5531 Retail-Auto & Home Supply Stores; CIK 0001057060; latest 10-K filed 2025-11-17. HZO MARINEMAX INC 0001057060 5531 Retail-Auto & Home Supply Stores Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following should be read in conjunction with Part I, including the matters set forth in the \u201cRisk Factors\u201d section of this report, and our consolidated financial statements and notes thereto included elsewhere in this report. This section of this Form 10-K generally discusses fiscal 2025 and 2024 items and year-to-year comparisons between fiscal 2025 and 2024. Discussions of fiscal 2023 items and year-to-year comparisons between fiscal 2024 and 2023 that are not included in this Form 10-K can be found in the \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended September 30, 2024. Overview We believe we are the world's largest recreational boat and yacht retailer, marina operator and superyacht services company. Through our over 70 retail locations in 21 states, we sell new and used recreational boats and related marine products, including engines, trailers, parts, and accessories. We also arrange related boat financing, insurance, and extended service contracts; provide boat repair and maintenance services; offer yacht and boat brokerage sales; and, where available, offer slip and storage accommodations. In the British Virgin Islands, we offer the charter of catamarans, through MarineMax Vacations. We also own Fraser Yachts Group, a leading superyacht brokerage and luxury yacht services company with operations in multiple countries, Northrop & Johnson, another leading superyacht brokerage and services company with operations in multiple countries, SkipperBud\u2019s, one of the largest boat sales, brokerage, service and marina/storage groups in the United States, and Cruisers Yachts, a manufacturer of sport yacht and yachts, including Aviara luxury dayboats, with sales through our select retail dealership locations and through independent dealers. In October 2022, we completed the acquisition of IGY Marinas. IGY Marinas maintains a network of luxury marinas situated in yachting and sport fishing destinations around the world. IGY Marinas has created standards for service and quality in nautical tourism. It offers a global network of marinas in the Americas, the Caribbean, Europe, and Asia, delivering year-round accommodations. IGY Marinas caters to a wide variety of luxury yachts, while also being exclusive home ports for some of the world\u2019s largest megayachts. In December 2022, we acquired Midcoast Marine Group, a leading full-service marine construction company based on Central Florida's Gulf Coast. In January 2023, we acquired Boatzon, a boat and marine digital retail platform, through our recently formed technology entity, New Wave Innovations. In June 2023, we acquired C&C Boat Works, a full-service boat dealer in Crosslake, Minnesota. In October 2023, we acquired AGY, a luxury charter management agency based in Athens, Greece. In March 2024, we acquired Williams, a premier distributor and retailer for UK-based Williams Jet Tenders Ltd., the world\u2019s leading manufacturer of rigid inflatable jet tenders for the luxury yacht market. In March 2024, we also acquired Native Marine, a boat dealer based in Islamorada, Florida. In October 2024, our Cruisers Yachts subsidiary assumed the rights to MasterCraft's Aviara brand of luxury dayboats. In January 2025, we acquired the service and parts departments at our retail location in Panama City Beach, Florida. In March 2025, we acquired Shelter Bay Marina in Marathon, Florida. MarineMax was incorporated in January 1998 (and reincorporated in Florida in March 2015). We commenced operations with the acquisition of five independent recreational boat dealers on March 1, 1998. Since the initial acquisitions in March 1998, we have, as of the filing of this Annual Report on Form 10-K, acquired 37 recreational boat dealers, five boat brokerage operations, six superyacht serv Item 1. Business Introduction Our Company We believe we are the world\u2019s largest recreational boat and yacht retailer, marina operator and superyacht services company. As of September 30, 2025, we have over 120 locations worldwide, including over 70 retail dealership locations, some of which include marinas. Collectively, with the IGY acquisition, as of September 30, 2025, we own or operate over 65 marina and storage locations worldwide. Through Fraser Yachts and Northrop & Johnson, we believe we are the largest superyacht services provider, operating locations across the globe. Cruisers Yachts, Aviara luxury dayboats, and Intrepid Powerboats all manufacture boats and yachts and recognize sales through our select retail dealership locations and through independent dealers. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company, through a wholly owned subsidiary, New Wave Innovations, also owns Boatyard, an industry-leading customer experience digital product company, and Boatzon, a boat and marine digital retail platform. Through Newcoast Financial Services, we provide third-party financing and insurance products for boats and yachts primarily for transactions not associated with our dealership locations. As of September 30, 2025, the Retail Operations segment included the activity of over 70 retail locations in Alabama, California, Connecticut, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Texas, Washington and Wisconsin, where we sell new and used recreational boats, including pleasure and fishing boats, with a focus on premium brands in each segment. We also sell related marine products, including engines, trailers, parts, and accessories. In addition, we provide repair, maintenance, and slip and storage rentals; we arrange related Item 1A. Risk Factors Risks Related to Competition, Economic, and Industry Conditions Our success depends to a significant extent on the well-being, as well as the continued popularity and reputation for quality of the boating products, of our manufacturers, particularly Brunswick\u2019s Sea Ray and Boston Whaler boat lines, Azimut-Ben", "title": "HZO - MARINEMAX INC", "url": "/company/HZO/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000917520; latest 10-K filed 2026-02-26.", "text": "IART - INTEGRA LIFESCIENCES HOLDINGS CORP SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000917520; latest 10-K filed 2026-02-26. IART INTEGRA LIFESCIENCES HOLDINGS CORP 0000917520 3841 Surgical & Medical Instruments & Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis provides information management believes to be relevant to understanding our financial condition and results of operations. For a full understanding of financial condition and results of operations, it should be read together with the selected audited consolidated financial data and our financial statements with the related notes appearing elsewhere in this report. The discussion focuses on our financial results for the year ended December 31, 2025 and 2024. The comparison of fiscal 2024 to 2023 has been omitted from this Form 10-K, but can be referenced in our Form 10-K for the fiscal year ended December 31, 2024\u2014\u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d filed with the SEC on February 25, 2025. We have made statements in this report which constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These forward-looking statements are subject to a number of risks, uncertainties and assumptions about the Company and other matters. The Company\u2019s actual results could differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those set forth under Item 1A. Risk Factors. Please refer to \u201cSpecial Note Regarding Forward-Looking Statements\u201d and Item 1A. Risk Factors for a discussion of the factors that could cause actual results to differ materially from those projected in these statements. The following information concerning our business, results of operations and financial condition should also be read in conjunction with the information included under Item 1. Business, Item 1A. Risk Factors and Item 15. Exhibits and Financial Statement Schedules. 40 GENERAL Integra LifeSciences Holdings Corporation is a global medical technology company dedicated to restoring lives. We are advancing transformational care through impactful innovation and our portfolio of highly differentiated technologies is trusted by healthcare professionals to deliver transformative care. We manufacture and sell medical technologies and products in two reportable business segments: Codman Specialty Surgical (\u201cCSS\u201d) and Tissue Technologies (\u201cTT\u201d). The CSS segment, which represents approximately 70% of our total revenue, consists of market-leading technologies and instrumentation used for a wide range of specialties, such as neurosurgery, neurocritical care, and otolaryngology, commonly referred to as ear, nose, and throat (\u201cENT\u201d). We are the world leader in neurosurgery and one of the top three providers in the U.S. in instruments used in precision, specialty, and general surgical procedures. Our TT segment generates about 30% of our overall revenue and focuses on wound reconstruction and care and private label. NEW PRODUCT INTRODUCTIONS AND RESEARCH AND DEVELOPMENT We continue to invest in collecting clinical evidence to support our existing products and new product launches, and to ensure that we obtain market access for broader and more cost-effective solutions. Neurosurgical Solutions, Surgical Instruments, and ENT Solutions. The CSS neurosurgical business consists of a broad portfolio of market-leading brands, which are used for the management of multiple disease states, including brain tumors, traumatic brain injury, hydrocephalus and other neurological conditions. The growth in this business in recent years has been fueled by geographic expansion and new product registrations in markets, such as China, Japan, and Europe, which we expect to continue in the near-to-long term. We have several active programs focused on life cycle management and innovation for capital and disposable products in our portfolio. Our product development efforts are focused on core clinical applications in cerebrospinal fluid (\u201cCSF\u201d) management, ITEM 1. BUSINESS OVERVIEW Integra LifeSciences Holdings Corporation is a global medical technology company dedicated to restoring lives. We are advancing transformational care through impactful innovation and our portfolio of highly differentiated technologies is trusted by healthcare professionals to deliver transformative care. We manufacture and sell medical technologies and products in two reportable business segments: Codman Specialty Surgical (\u201cCSS\u201d) and Tissue Technologies (\u201cTT\u201d). The CSS segment, which represents approximately 70% of our total revenue, consists of market-leading technologies and instrumentation used for a wide range of specialties, such as neurosurgery, neurocritical care, and otolaryngology, commonly referred to as ear, nose, and throat (\u201cENT\u201d). We are the world leader in neurosurgery and one of the top three providers in the U.S. in instruments used in precision, specialty, and general surgical procedures. Our TT segment generates about 30% of our overall revenue and focuses on wound reconstruction and care and private label. OUR PRODUCTS, SERVICES AND TECHNOLOGIES We were the first company to receive an FDA claim for regeneration of dermal tissue and are a world leader in regenerative technology. We have developed numerous product lines from this technology for applications ranging from burn and deep tissue wounds to the repair of dura mater in the brain, as well as nerves and tendons. We have expanded our base regenerative technology business to include neurosurgical products, ENT, surgical instruments and advanced wound care through global acquisitions and product development to meet the evolving needs of our customers and enhance patient care. Each of these categories and the key products sold therein are described in more detail below. We include financial information regarding our reportable business segments and certain geographic information under \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results ITEM 1A. RISK FACTORS Our business faces significant risks. These risks include those described below and may include additional risks and uncertainties not presently known to us or that we currently deem immaterial. Our business, financial condition and results of operati", "title": "IART - INTEGRA LIFESCIENCES HOLDINGS CORP", "url": "/company/IART/" }, { "kind": "company", "summary": "SIC 1520 General Bldg Contractors - Residential Bldgs; CIK 0001580905; latest 10-K filed 2026-02-26.", "text": "IBP - Installed Building Products, Inc. SIC 1520 General Bldg Contractors - Residential Bldgs; CIK 0001580905; latest 10-K filed 2026-02-26. IBP Installed Building Products, Inc. 0001580905 1520 General Bldg Contractors - Residential Bldgs Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following in conjunction with the consolidated financial statements and related notes thereto included in Item 8, Financial Statements and Supplemental Data, of Part II of this Form 10-K. This discussion contains forward-looking statements reflecting current expectations that involve risks and uncertainties. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in the section captioned \u201cRisk Factors\u201d and elsewhere in this Form 10-K. OVERVIEW We are one of the nation\u2019s largest insulation installers for the residential new construction market and are also a diversified installer of complementary building products, including waterproofing, fire-stopping and fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving, mirrors and other products throughout the United States. We offer our portfolio of services for new and existing single-family and multi-family residential and commercial building projects in all 48 continental states and the District of Columbia from our national network of more than 250 branch locations. 93% of our net revenue comes from the service-based installation of these products across all of our end markets and forms our Installation operating segment and single reportable segment. In addition, we have regional distribution operations that serve the Midwest, Mountain West, Northeast and Mid-Atlantic regions of the United States, and we operate multiple cellulose manufacturing facilities. We believe our business is well positioned to continue to profitably grow due to our strong balance sheet, liquidity and our continuing acquisition strategy. A large portion of our net revenue comes from the U.S. residential new construction market, which depends upon a number of economic factors, including demographic trends, interest rates, inflation, consumer confidence, employment rates, housing inventory levels and affordability, foreclosure rates, the health of the economy and the availability of mortgage financing. Our strategic acquisitions over the last several years continue to contribute to our operating results. We have omitted discussion of 2023 results in the sections that follow where it would be redundant to the discussion previously included in Part II, Item 7, of Form 10-K for the year ended December 31, 2024. 2025 Highlights Net revenues increased 1.0%, or $29.5 million to $2,970.8 million, while gross profit increased 1.5% to $1,009.3 million during the year ended December 31, 2025 compared to 2024. The increase in net revenue was primarily due to the 10.4% increase in commercial end market same branch sales growth, selling price and product mix improvements, and the contribution of our recent acquisitions, partially offset by sales decreases in the residential end markets. The increase in gross profit was primarily driven by selling price and product mix improvements and improved management of material costs. Specifically, gross profit outpaced sales growth due to higher selling prices compared to the prior year as we continued to prioritize profitability over sales volume. Certain net revenue and industry metrics we use to monitor our operations are discussed in the \"Key Measures of Performance\" section below, and further details regarding results of our various end markets are discussed further in the \"Net Revenue, Cost of Sales and Gross Profit\" section below. We generated approximately $371.4 million of cash from operating activities during the year ended December 31, 2025. As of December 31, 2025, we had $321.9 million of cash and cash equivalents and have not drawn on our revolving line of credit. This strong liquidity position allowed us to return capital to shareholders by increasing our regular quarterly dividends and our annual Item 1. Business OUR COMPANY Installed Building Products, Inc. (\u201cIBP\u201d) and its wholly-owned subsidiaries (collectively referred to as the \u201cCompany\u201d and \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d) primarily install insulation for residential and commercial builders located in the continental United States. We are also a diversified installer of complementary building products including waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors and other products. We offer our portfolio of services from our national network of approximately 250 branch locations serving all 48 continental states and the District of Columbia. In addition, we have regional distribution operations that serve the Midwest, Mountain West, Northeast and Mid-Atlantic regions of the United States, and we operate multiple cellulose manufacturing facilities. IBP was formed as a Delaware corporation on October 28, 2011, however our business began in 1977 with one location in Columbus, Ohio. In the late 1990s, we began our acquisition strategy with the goal of creating a national platform and have grown to become one of the nation's largest installers of insulation in the residential new construction market. Since 1999, we have successfully completed and integrated over 200 acquisitions, which has allowed us to generate significant scale and to diversify our product offerings while expanding into some of the most attractive new construction markets in the United States. For a further discussion of our industry and trends affecting our industry, please refer to Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, \"Key Factors Affecting our Operating Results\" of this Form 10-K. OUR OPERATIONS Segment Overview We have three operating segments consisting of our Installation, Distribution and Manufacturing operations. The Installation operating segment represents the majority of our net revenue and gross p Item 1A. Risk Factors There are a number of business risks and uncertainties that affect our business. These risks and uncertainties could cause our actual results to differ from past performance or expected results. We consider the following risks and uncertainties to be most ", "title": "IBP - Installed Building Products, Inc.", "url": "/company/IBP/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001652535; latest 10-K filed 2026-02-20.", "text": "ICHR - ICHOR HOLDINGS, LTD. SIC 3674 Semiconductors & Related Devices; CIK 0001652535; latest 10-K filed 2026-02-20. ICHR ICHOR HOLDINGS, LTD. 0001652535 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. The following discussion contains forward-looking statements based upon our current plans, expectations and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the section entitled Item 1A. \u2013 Risk Factors. For a comparison of our financial condition, results of operations, and cash flows for 2024 to 2023, refer to Part II, Item 7. in our 2024 Annual Report on Form 10\u2011K, which was filed with the SEC on February 21, 2025. Overview We are a leader in the design, engineering, and manufacturing of critical fluid delivery subsystems and components primarily for semiconductor capital equipment, as well as other industries such as defense/aerospace and medical. Our product offerings include gas and chemical delivery subsystems, collectively known as fluid delivery subsystems, which are key elements of the process tools used in the manufacturing of semiconductor devices. Our gas delivery subsystems deliver, monitor and control precise quantities of the specialized gases used in semiconductor manufacturing processes such as etch and deposition. Our chemical delivery subsystems precisely blend and dispense the reactive liquid chemistries used in semiconductor manufacturing processes such as chemical-mechanical planarization, electroplating, and cleaning. We also provide precision-machined components, weldments, e\u2011beam and laser welded components, precision vacuum and hydrogen brazing and surface treatment technologies, and other proprietary products. Fluid delivery subsystems ensure accurate measurement and uniform delivery of specialty gases and chemicals at critical steps in the semiconductor manufacturing processes. Any malfunction or material degradation in fluid delivery reduces yields and increases the likelihood of manufacturing defects in these processes. Most OEMs outsource all or a portion of the design, engineering, and manufacturing of their gas delivery subsystems to a few specialized suppliers, including us. Additionally, many OEMs are outsourcing the design, engineering, and manufacturing of their chemical delivery subsystems due to the increased fluid expertise required to manufacture these subsystems. Outsourcing these subsystems allows OEMs to leverage their suppliers\u2019 highly specialized engineering, design, and production skills while focusing their internal resources on their own value-added processes. Outsourcing enables OEMs to reduce their costs and development time, as well as provide growth opportunities for specialized subsystems suppliers like us. We have a global footprint with production facilities in California, Minnesota, Oregon, Texas, Singapore, Malaysia, and Mexico. 39 Table of Contents The following table summarizes key financial information for the periods indicated. Amounts are presented in accordance with GAAP unless explicitly identified as being a non-GAAP metric. For a description of our non-GAAP metrics and reconciliations to the most comparable GAAP metrics, please refer to Item 7. \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013 Non-GAAP Financial Results within this Annual Report on Form 10-K. [[GREPCENT_TABLE]] [[\"\",\"Year Ended\"],[\"\",\"December 26, 2025\",\"\",\"December 27, 2024\"],[\"\",\"(dollars in thousands, except per share amounts)\"],[\"Net sales\",\"$\",\"947,652\",\"\",\"\",\"$\",\"849,040\"],[\"Gross margin\",\"9.3\",\"%\",\"\",\"12.2\",\"%\"],[\"Gross margin, non-GAAP\",\"12.2\",\"%\",\"\",\"12.7\",\"%\"],[ ITEM 1. BUSINESS Unless expressly indicated or the context requires otherwise, the terms \u201cIchor,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and similar terms in this Annual Report on Form 10-K refer to Ichor Holdings, Ltd. and its consolidated subsidiaries. We were originally incorporated as Celerity, Inc. (\u201cCelerity\u201d) in 1999. Ichor Holdings, Ltd., an exempt limited company incorporated in the Cayman Islands, was formed in March 2012. We completed the initial public offering of our ordinary shares in December 2016. We use a 52- or 53-week fiscal year ending on the last Friday in December. The following table details our fiscal periods included elsewhere in this Annual Report on Form 10-K. All references to 2025, 2024, and 2023, including the quarters thereto, relate to our fiscal periods as so detailed. [[GREPCENT_TABLE]] [[\"Fiscal Period\",\"\",\"Period Ending\",\"\",\"Weeks in Period\"],[\"Fiscal Year 2025:\",\"\",\"December 26, 2025\",\"\",\"52\"],[\"First Quarter\",\"\",\"March 28, 2025\",\"\",\"13\"],[\"Second Quarter\",\"\",\"June 27, 2025\",\"\",\"13\"],[\"Third Quarter\",\"\",\"September 26, 2025\",\"\",\"13\"],[\"Fourth Quarter\",\"\",\"December 26, 2025\",\"\",\"13\"],[\"Fiscal Year 2024:\",\"\",\"December 27, 2024\",\"\",\"52\"],[\"First Quarter\",\"\",\"March 29, 2024\",\"\",\"13\"],[\"Second Quarter\",\"\",\"June 28, 2024\",\"\",\"13\"],[\"Third Quarter\",\"\",\"September 27, 2024\",\"\",\"13\"],[\"Fourth Quarter\",\"\",\"December 27, 2024\",\"\",\"13\"],[\"Fiscal Year 2023:\",\"\",\"December 29, 2023\",\"\",\"52\"],[\"First Quarter\",\"\",\"March 31, 2023\",\"\",\"13\"],[\"Second Quarter\",\"\",\"June 30, 2023\",\"\",\"13\"],[\"Third Quarter\",\"\",\"September 29, 2023\",\"\",\"13\"],[\"Fourth Quarter\",\"\",\"December 29, 2023\",\"\",\"13\"]] [[/GREPCENT_TABLE]] Company Overview We are a leader in the design, engineering and manufacturing of critical fluid delivery subsystems and components primarily for semiconductor capital equipment, as well as other industries such as defense/aerospace and medical. Our primary product offerings include gas and chemical delivery subsystems, collectively known as fluid deliver ITEM 1A. RISK FACTORS There are many factors that affect our business and the results of operations, some of which are beyond our control. The following is a description of some important factors that may cause the actual results of operations in future periods to differ materially from those currently expected or desir", "title": "ICHR - ICHOR HOLDINGS, LTD.", "url": "/company/ICHR/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000883984; latest 10-K filed 2026-02-19.", "text": "ICUI - ICU MEDICAL INC/DE SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000883984; latest 10-K filed 2026-02-19. ICUI ICU MEDICAL INC/DE 0000883984 3841 Surgical & Medical Instruments & Apparatus ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under Part I, Item 1A. \u201cRisk Factors\u201d or in other sections of this Annual Report on Form 10-K as may be further updated from time to time in our other filings with the SEC. Business Overview and Highlights We develop, manufacture, and sell innovative medical products used in infusion systems, infusion consumables and high-value critical care products used in hospital, alternate site and home care settings. Our team is focused on providing quality, innovation and value to our clinical customers worldwide. Our product portfolio includes ambulatory, syringe, and large volume IV pumps and safety software; dedicated and non-dedicated IV sets, needlefree IV connectors, and peripheral IV catheters; closed system transfer devices and pharmacy compounding systems; as well as a range of respiratory, anesthesia, 41 patient monitoring, and temperature management products. We also offer IV Solutions products through a commercial relationship with the joint venture. Global Economic Challenges In recent years, we have experienced, and may continue to experience, significant impacts to our business as a result of global economic challenges, resulting from, among other events, health pandemics and geopolitical conflicts which have resulted in fluctuating inflation rates, especially with respect to increased cost and shortages of raw materials, supply chain disruptions, higher interest rates, volatility on foreign currency exchange rates, and freight costs driven by higher fuel prices. 2025 Events The U.S. administration has continued to engage in trade discussions and impose tariffs on imports from other countries. Certain of these tariffs have been subsequently paused or modified, and the situation remains highly fluid. For example, on July 31, 2025, the U.S. announced that the 10% baseline reciprocal tariff on imports from all countries would be raised to 15% for certain countries, including Costa Rica. More recently, the U.S. administration threatened to impose additional tariffs on European allies as a penalty for the Greenland dispute. In response, the European Union prepared a list of retaliatory tariffs; subsequently, the U.S. withdrew the proposed tariffs following diplomatic discussions. The majority of our global revenues are from products manufactured in our Costa Rica and Mexico manufacturing facilities and imported into the U.S. Currently the vast majority of products manufactured in our Mexico facilities are exempted from tariffs under the United States-Mexico-Canada Agreement (\"USMCA\"). If, however, the USMCA exemptions were eliminated in the future, our tariff expense for products manufactured in Mexico would increase substantially. The tariffs as currently implemented are likely to have a material impact on our business, financial condition and results of operations through the incurrence of additional costs; however, the extent to which the imposition of tariffs, possible delays and exemptions may have a material impact remains fluid. During 2025, we incurred $33.6 million in incremental reciprocal tariffs as a result of the tariffs imposed by the U.S. Administration in 2025, of which $7.9 million was capitalized and $25.7 million was expensed. In September 2025, the U.S. Commerce Department (the \"Department\") initiated a national security investigation into imports of medical consumables and equipment un ITEM 1. BUSINESS First person pronouns used in this Annual Report on Form 10-K, such as \u201cwe,\u201d \u201cus,\u201d and \u201cour,\u201d refer to ICU Medical, Inc. (\u201cICU\u201d) and its subsidiaries unless context requires otherwise. Company Background and Overview of Business ICU develops, manufactures and sells innovative medical products used in infusion therapy, vascular access, and vital care applications. Our team is focused on providing quality, innovation and value to our clinical customers worldwide. ICU's product portfolio includes ambulatory, syringe, and large volume IV pumps and safety software; dedicated and non-dedicated IV sets, needlefree IV connectors, peripheral IV catheters, sharps safety products, and sterile IV solutions offered on behalf of our joint venture; closed system transfer devices and pharmacy compounding systems; as well as a range of respiratory, anesthesia, patient monitoring, and temperature management products. Headquartered in San Clemente, California, ICU was founded in 1984. Our primary customers are acute care hospitals, wholesalers, ambulatory clinics and alternate site facilities, such as outpatient clinics, home health care providers, and long-term care facilities. Since our inception we have grown organically and through acquisitions. In February 2017, we acquired Pfizer Inc.\u2019s (\u201cPfizer\u201d) Hospira Infusion Systems (\u201cHIS\u201d) business. The HIS acquisition complemented our legacy non-dedicated infusion sets and oncology business by expanding our product portfolio to include a complete intravenous infusion therapy product-line from IV solutions to IV pumps to non-dedicated infusion sets. In November 2019, we acquired Pursuit Vascular, Inc. (\u201cPursuit\u201d). Pursuit was a privately-held medical device company with a primary focus on innovative catheter disinfecting products and technologies to reduce costly bloodstream infections and lower healthcare costs. Pursuit\u2019s primary product is the ClearGuard\u00ae HD cap, which is used for the maintenance of hemodialysis c ITEM 1A. RISK FACTORS In evaluating an investment in our common stock, investors should consider carefully, among other things, the following risk factors, as well as the other information contained in this Annual Report on Form 10-K and our other reports and registration statements filed with the SEC. Any", "title": "ICUI - ICU MEDICAL INC/DE", "url": "/company/ICUI/" }, { "kind": "company", "summary": "SIC 3310 Steel Works, Blast Furnaces & Rolling & Finishing Mills; CIK 0000764401; latest 10-K filed 2025-10-23.", "text": "IIIN - INSTEEL INDUSTRIES INC SIC 3310 Steel Works, Blast Furnaces & Rolling & Finishing Mills; CIK 0000764401; latest 10-K filed 2025-10-23. IIIN INSTEEL INDUSTRIES INC 0000764401 3310 Steel Works, Blast Furnaces & Rolling & Finishing Mills Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The matters discussed in this section include forward-looking statements that are subject to numerous risks. You should carefully read the \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d in this Form 10-K. Overview Our operations are entirely focused on the manufacture and marketing of concrete reinforcing products for the concrete construction industry. Our business strategy is focused on: (1) achieving leadership positions in our markets; (2) operating as the lowest cost producer in our industry; and (3) pursuing growth opportunities within our core businesses that further our penetration of the markets we currently serve or expand our footprint. On October 21, 2024, we, through our wholly-owned subsidiary, IWP, purchased substantially all of the assets, other than cash and accounts receivable, of EWP and certain related assets of LSG for an adjusted purchase price of $67.0 million. EWP was a leading manufacturer of WWR products for use in nonresidential and residential construction. We acquired EWP\u2019s inventories, production equipment, production facilities located in Upper Sandusky, Ohio and Warren, Ohio and certain equipment from LSG. Subsequent to the acquisition, we elected to consolidate our WWR operations with the closure of the Warren facility and relocation of certain equipment to our existing WWR facilities. On November 26, 2024, we, through our wholly-owned subsidiary, IWP, purchased certain assets of OWP for a purchase price of $5.1 million. OWP was a manufacturer of WWR products for use in nonresidential and residential construction. We acquired certain of OWP\u2019s inventories and all of OWP\u2019s production equipment. Subsequent to the acquisition, we elected to consolidate our WWR operations with the relocation of certain acquired equipment from OWP to our existing WWR facilities. Critical Accounting Estimates Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. Our discussion and analysis of our financial condition and results of operations are based on these consolidated financial statements. The preparation of our consolidated financial statements requires the application of these accounting principles in addition to certain estimates and judgments based on currently available information, actuarial estimates, historical results and other assumptions believed to be reasonable. These estimates, assumptions and judgments are affected by our application of accounting policies, which are discussed in Note 2, \"Summary of Significant Accounting Policies\", and elsewhere in the accompanying consolidated financial statements. Estimates are used for, but not limited to, determining the net carrying value of trade accounts receivable, inventories, recording self-insurance liabilities and other accrued liabilities. Estimates are also used in establishing opening balances in relation to purchase accounting. Actual results could differ from these estimates. Accounting estimates are considered critical if both of the following conditions are met: (1) the nature of the estimates or assumptions is material because of the levels of subjectivity and judgment needed to account for matters that are highly uncertain and susceptible to change and (2) the effect of the estimates and assumptions is material to the financial statements. We have reviewed our accounting estimates, and none were deemed to be considered critical for the accounting periods presented. Recent Accounting Pronouncements. The nature and impact of recent accounting pronouncements is discussed in Note 3 to our consolidated financial statements and incorporated herein by reference. 16 Results of Operations The following discussion and analysis of our financial condition and results of operations is for the year ended September 27, 2025 compared with the Item 1. Business General Insteel Industries Inc. (\u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cthe Company\u201d or \u201cInsteel\u201d) is the nation\u2019s largest manufacturer of steel wire reinforcing products for concrete construction applications. We manufacture and market prestressed concrete strand (\u201cPC strand\u201d) and welded wire reinforcement (\u201cWWR\u201d), including ESM, concrete pipe reinforcement (\u201cCPR\u201d) and standard welded wire reinforcement (\u201cSWWR\u201d). Our products are sold mainly to manufacturers of concrete products that are used primarily in nonresidential construction. For fiscal 2025, we estimate that approximately 85% of our sales were related to nonresidential construction and 15% were related to residential construction. Insteel is the parent holding company for two wholly-owned subsidiaries, Insteel Wire Products Company (\u201cIWP\u201d), an operating subsidiary, and Intercontinental Metals Corporation, an inactive subsidiary. We were incorporated in 1958 in the State of North Carolina. Our business strategy is focused on: (1) achieving leadership positions in our markets; (2) operating as the lowest cost producer in our industry; and (3) pursuing growth opportunities within our core businesses that further our penetration of the markets we currently serve or expand our footprint. Headquartered in Mount Airy, North Carolina, we operate eleven manufacturing facilities that are all located in the U.S. in close proximity to our customers and raw material suppliers. Our growth strategy is focused on organic opportunities as well as strategic acquisitions in existing or related markets that leverage our infrastructure and core competencies in the manufacture and marketing of concrete reinforcing products. On October 21, 2024, we, through our wholly-owned subsidiary, IWP, purchased substantially all of the assets, other than cash and accounts receivable, of Engineered Wire Products, Inc. (\u201cEWP\u201d) and certain related assets of Liberty Steel Georgetown, Inc. (\u201cLSG\u201d) for an adjusted purchase price of $67.0 mill Item 1A. Risk Factors An investment in our common stock involves risks and uncertainties. You should carefully consider the following risk factors, in addition to the other information contained in this annual report on Form 10-K, before deciding whether an investment in our", "title": "IIIN - INSTEEL INDUSTRIES INC", "url": "/company/IIIN/" }, { "kind": "company", "summary": "SIC 6500 Real Estate; CIK 0001677576; latest 10-K filed 2026-02-24.", "text": "IIPR - INNOVATIVE INDUSTRIAL PROPERTIES INC SIC 6500 Real Estate; CIK 0001677576; latest 10-K filed 2026-02-24. IIPR INNOVATIVE INDUSTRIAL PROPERTIES INC 0001677576 6500 Real Estate ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report. We make statements in this section that are forward-looking statements within the meaning of the federal securities laws. For a complete discussion of forward-looking statements, see the section above entitled \u201cCautionary Statement Regarding Forward-Looking Statements.\u201d Certain risk factors may cause our actual results, performance or achievements to differ materially from those expressed or implied by the following discussion. For a discussion of such risk factors, see Item 1A, \u201cRisk Factors.\u201d Overview We are an internally-managed REIT focused on the acquisition, ownership and management of specialized industrial and commercial properties in the United States. Our properties are primarily leased to experienced, state-licensed operators for their regulated cannabis facilities. We have acquired and expect to continue to acquire our cannabis properties through sale-leaseback transactions and third-party purchases. These properties are generally leased, and we expect to continue leasing them, on a triple-net lease basis, pursuant to which the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, real estate taxes and insurance. Outside of the cannabis sector, our leases may include different lease structures that do not require tenants to assume all property-related expenses. In addition to our cannabis-related real estate portfolio, we also have financial investments in the life science industry and intend to actively pursue acquisitions of properties within that sector as a key component of our growth strategy. We may continue expanding our investment activities to include joint ventures, debt or mezzanine financing, preferred or joint venture equity interests, and interests in other real estate funds or REITs. We were incorporated in Maryland on June 15, 2016. We conduct our business through a traditional umbrella partnership real estate investment trust, or UPREIT structure, in which our properties are owned by our Operating Partnership, directly or through subsidiaries. We are the sole general partner of our Operating Partnership and own, directly or through subsidiaries, 100% of the limited partnership interests in our Operating Partnership. As of December 31, 2025, we had 23 full-time employees. As of December 31, 2025, we owned 111 properties comprising 8.9 million square feet (including 303,000 rentable square feet under development/redevelopment) in 19 states. As of December 31, 2025, we had invested $2.5 billion in the aggregate (consisting of purchase price and funding of draws for improvements submitted by tenants, if any, but excluding transaction costs) and had committed an additional $6.5 million to fund draws to certain tenants and vendors for improvements at our properties. Of the $6.5 million committed to fund draws to certain tenants and vendors for improvements at our properties, $3.0 million was incurred but not funded as of December 31, 2025. Of these properties, we include 109 properties in our operating portfolio, which were 96.7% leased as of December 31, 2025, with a weighted-average remaining lease term of 12.8 years. We define our \u201coperating portfolio\u201d as the portion of our property portfolio consisting of properties that are leased or are not leased but ready for their intended use. The operating portfolio excludes properties under development or redevelopment that are not yet available for tenant occupancy. Properties are added to the operating portfolio upon substantial completion and availability for occupancy and may be removed if they become vacant and we elect to redevelop them, pursue alternative uses, or market them for sale rather than re-le ITEM 1. BUSINESS General As used herein, the terms \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d or the \u201cCompany\u201d refer to Innovative Industrial Properties, Inc., a Maryland corporation, and any of our subsidiaries, including IIP Operating Partnership, LP, a Delaware limited partnership (our \u201cOperating Partnership\u201d). We are an internally-managed REIT focused on the acquisition, ownership and management of specialized industrial and commercial properties in the United States. Our properties are primarily leased to experienced, state-licensed operators for their regulated cannabis facilities. We have acquired and expect to continue to acquire our cannabis properties through sale-leaseback transactions and third-party purchases. These properties are generally leased, and we expect to continue leasing them on a triple-net lease basis, pursuant to which the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, real estate taxes and insurance. Outside of the cannabis sector, our leases may include different lease structures that do not require tenants to assume all property-related expenses. In addition to our cannabis-related real estate portfolio, we also have financial investments in the life science industry and intend to actively pursue acquisitions of properties within that sector as a key component of our growth strategy. We may continue expanding our investment activities to include joint ventures, debt or mezzanine financing, preferred or joint venture equity interests, and interests in other real estate funds or REITs. We were incorporated in Maryland on June 15, 2016. We conduct our business through a traditional umbrella partnership real estate investment trust, or UPREIT structure, in which our properties are owned by our Operating Partnership, directly or through subsidiaries. We are the sole general partner of our Operating Partnership and own, directly or through subsidiaries,", "title": "IIPR - INNOVATIVE INDUSTRIAL PROPERTIES INC", "url": "/company/IIPR/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000776901; latest 10-K filed 2026-02-27.", "text": "INDB - INDEPENDENT BANK CORP SIC 6022 State Commercial Banks; CIK 0000776901; latest 10-K filed 2026-02-27. INDB INDEPENDENT BANK CORP 0000776901 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The Company is a state chartered, federally registered bank holding company, incorporated in 1985. The Company is the sole stockholder of Rockland Trust, a Massachusetts trust company chartered in 1907. For a full list of corporate entities see Item 1 \u201cBusiness \u2014 General.\u201d All material intercompany balances and transactions have been eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the current year\u2019s presentation, including a reclassification of the Company\u2019s small business portfolio, with the majority of the portfolio reclassified into the commercial and industrial category, and the remainder of the portfolio, consisting of loans secured by non-owner occupied real estate, reclassified to the commercial real estate category. The following should be read in conjunction with the Consolidated Financial Statements and related notes. Executive Level Overview Management evaluates the Company\u2019s operating results and financial condition using measures that include net income, earnings per share, return on assets and equity, return on tangible common equity, net interest margin, tangible book value per share, asset quality indicators, and many others. These metrics are used by management to make key decisions regarding the Company\u2019s balance sheet, liquidity, interest rate sensitivity, and capital resources and assist with identifying opportunities for improving the Company\u2019s financial position or operating results. The Company is focused on organic growth, but will also consider acquisition opportunities that are expected to provide a satisfactory financial return, including the recent acquisition of Enterprise, which closed on July 1, 2025. The transaction included the acquisition of $3.9 billion in loans and $4.4 billion in deposits, each at fair value, and resulted in the addition of twenty-seven branch locations in northern Massachusetts and southern New Hampshire. 33 2025 Results Net income for the year ended December 31, 2025 was $205.1 million, or $4.44 on a diluted earnings per share basis, as compared to $192.1 million, or $4.52, on a diluted earnings per share basis for the year ended December 31, 2024, representing increases of 6.8% and a decrease of 1.8%, respectively. Financial results for 2025 and 2024 also reflected pre-tax merger-related costs of $39.6 million and a $34.5 million provision for credit losses on non-PCD loans attributable to the closing of the Enterprise acquisition. Excluding these merger-related expenses and provision for credit losses on non-PCD loans, and their related tax effects, full year 2025 operating net income was $260.4 million, or $5.64, on a diluted earnings per share basis compared to full year 2024 operating net income of $193.4 million, or $4.55, on a diluted earnings per share basis. See \u201cNon-GAAP Measures\u201d below for a reconciliation of non-GAAP measures. Full year 2025 results reflected the following key drivers: \u2022Successful close of Enterprise acquisition on July 1, 2025 \u2022Net interest margin increase of 29 basis points to 3.57% as compared to the full year 2024; \u2022Loan growth of 27.5% mainly due to the Enterprise acquisition, robust organic commercial and industrial loan growth; \u2022Deposit growth of 31.5%, mainly due to the Enterprise acquisition, organic growth in the demand deposit and money market categories; \u2022Total loan loss provision was $65.5 million for the year, inclusive of $34.5 million recognized for non-PCD loans acquired from Enterprise; \u2022Wealth assets under administration increased to $9.2 billion; \u2022Focused expense management; \u2022Tangible book value per share of $47.55, grew by $0.59 for the year; and \u2022Repurchase of approximately 936,000 shares for $62.4 million. 34 Interest-Earning Assets The results depicted in the following table reflect the trend of the Company\u2019s interest-earning assets over the past five ITEM 1. BUSINESS General Independent Bank Corp. (the \u201cCompany\u201d) is a state chartered, federally registered bank holding company headquartered in Rockland, Massachusetts that was incorporated under Massachusetts law in 1985. The Company is the sole stockholder of Rockland Trust Company (\u201cRockland Trust\u201d or the \u201cBank\u201d), a Massachusetts trust company chartered in 1907. The Bank provides a wide range of banking, investment and financial services, operating with over 150 retail branches, as well as a network of commercial and residential lending centers, and investment management offices primarily in Eastern Massachusetts, as well as in Worcester County, southern New Hampshire, and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. At December 31, 2025, the Company had total assets of $24.9 billion, total deposits of $20.1 billion, and stockholders\u2019 equity of $3.6 billion. On July 1, 2025, the Company completed the acquisition of Enterprise Bancorp, Inc. (\u201cEnterprise\u201d). For each share of Enterprise common stock, Enterprise stockholders had the right to receive 0.60 shares of the Company\u2019s common stock and $2.00 in cash, with cash paid in lieu of fractional shares. Total consideration was $503.1 million and consisted of $477.2 million of equity (7,478,906 shares) of the Company\u2019s common stock, plus $25.9 million in cash, including cash paid for stock option cancellations and fractional shares. The transaction qualified as a tax-free reorganization for federal income tax purposes and provided a tax-free exchange for Enterprise stockholders for the portion of the transaction consideration consisting of the Company\u2019s common stock. Subsidiaries At December 31, 2025, Independent Bank Corp.\u2019s consolidated subsidiaries included the Company\u2019s banking subsidiary, Rockland Trust, which is the Company\u2019s only reportable operating segment. Rockland Trust had the following wholly-owned corporate subsidiaries: \u2022Six Massachusett ITEM 1A. RISK FACTORS An investment in the Company\u2019s securities is subject to risks inherent in its business. The material risks and uncertainties that management believes affect the Company are described below. Additional risks and uncertainties that management is not aware of or that management currently deems immaterial may also impact the Company\u2019s", "title": "INDB - INDEPENDENT BANK CORP", "url": "/company/INDB/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001625297; latest 10-K filed 2026-02-26.", "text": "INDV - Indivior Pharmaceuticals, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001625297; latest 10-K filed 2026-02-26. INDV Indivior Pharmaceuticals, Inc. 0001625297 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Management\u2019s discussion and analysis of financial condition and results of operations is provided as a supplement to and should be read in conjunction with the consolidated financial statements and related notes in Item 8. Financial Statements\u2014Audited Consolidated Financial Statements to enhance the understanding of our results of operations, financial condition and cash flows. Discussion of 2023 results and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. Overview As the leader in long-acting injectable treatments for opioid use disorder (OUD), Indivior is singularly focused on delivering evidence-based treatment and advancing understanding of OUD as a chronic but treatable brain disease. For more than 25 years, we have revolutionized the science of addiction medicine \u2014 developing treatments that help people move toward long-term recovery with independence and dignity. Building on this heritage, we are ushering in a new era, renewing our commitment to individuals living with OUD and carrying forward what matters most: compassion, integrity, and science. Together \u2013 with science, people living with OUD, public health champions, and communities, we are powering recovery and renewing hope. References below to \u201c2025,\u201d \u201c2024,\u201d and \u201c2023\u201d are for the financial years ended December 31, 2025, 2024, and 2023, respectively. Operating Results The following table summarizes our key measures of financial condition and results of operations for the periods under review: [[GREPCENT_TABLE]] [[\"\",\"\",\"Twelve Months Ended December 31,\"],[\"(in millions, except per share data)\",\"\",\"2025\",\"2024\",\"% Change\"],[\"Net revenue\",\"\",\"$\",\"1,239\",\"\",\"$\",\"1,188\",\"\",\"4\",\"%\"],[\"Operating income\",\"\",\"262\",\"\",\"38\",\"\",\"594\",\"%\"],[\"Net income\",\"\",\"210\",\"\",\"7\",\"\",\"NM\"],[\"Earnings per share\\u2014diluted\",\"\",\"$\",\"1.64\",\"\",\"$\",\"0.05\",\"\",\"NM\"]] [[/GREPCENT_TABLE]] The Company operates as one business segment, which is predominantly the development, manufacture and sale of buprenorphine-based prescription drugs for the treatment of opioid dependence and related disorders. Substantially all our net revenue for 2025 and 2024 was derived from sales of SUBLOCADE and other buprenorphine-based sublingual products (including SUBOXONE Film and SUBOXONE Tablet). SUBLOCADE accounted for 69% and 64% of our net revenue in 2025 and 2024, respectively. Other buprenorphine-based sublingual products accounted for 28% and 32% of our net revenue in 2025 and 2024, respectively. Key factors affecting operating results Market growth Our net revenue is affected by patient awareness, patient willingness to seek treatment, and the number of eligible healthcare providers available to administer treatment. Competitive dynamics may exert pricing pressure and may also affect decisions by third\u2011party payors regarding formulary placement and reimbursement coverage. To support increased patient access, we engage with governmental agencies, key opinion leaders in addiction medicine, and healthcare professionals to inform policy development and highlight patient outcomes. 82 In 2025, U.S. buprenorphine medication\u2011assisted treatment (BMAT) volume continued to grow at a mid\u2011single\u2011digit rate. The Company continues to expect long\u2011term U.S. BMAT market growth to remain within the mid\u2011single\u2011digit percentage range, reflecting public awareness of the opioid epidemic and approved treatments, as well as regulatory and legislative actions intended to expand access to BMAT therapies. The U.S. long\u2011acting injectable (LAI) segment grew in the high\u2011teens percentage range during the period. SUBLOCADE remains the primary long\u2011acting injectable treatment utilized for opioid u Item 1. Business. Overview Indivior Pharmaceuticals, Inc. and its subsidiaries (together, \"Indivior\" or the \"Company\") is the market leader in long-acting injectable medications for opioid use disorder (OUD). Indivior is focused on delivering evidence-based pharmacotherapies for OUD and is committed to advancing the neurobiological understanding of OUD as a chronic, relapsing, but treatable brain disease. For more than 25 years, Indivior has led innovation in addiction medicine, developing differentiated therapeutic solutions that support long-term patient recovery, expand access to care, and drive sustainable value for patients, healthcare systems and stockholders. Headquartered in the U.S. in Richmond, Virginia, Indivior and its portfolio of products is available primarily in the U.S. with additional products available in Canada, Australia, France, and Germany. Our core products include the following approved treatments: \u2022SUBLOCADE (buprenorphine extended-release monthly injection); and \u2022SUBOXONE Film (buprenorphine and naloxone sublingual film); both of which are treatments for OUD. Product availability varies across the countries in which Indivior treatments are available, including in terms of dosage, strength and indication. Our core geographic market (based on the country where the sale originates) is the U.S., which accounted for 85%, 85%, and 83% of net revenues for the years ended December 31, 2025, 2024, and 2023, respectively. In the U.S., we sell only SUBLOCADE and SUBOXONE Film. Corporate History Our business was initially developed and managed as a separate division of Reckitt Benckiser Group PLC (\u201cRB\u201d and, together with its subsidiaries, the \u201cRB Group\u201d), a public limited company incorporated under the laws of England and Wales. Indivior PLC was incorporated on September 26, 2014, for the purpose of acquiring the specialty pharmaceutical business unit from RB (the \u201cDemerger\u201d). Following the Demerger, which was effective on December 23, 2014, Item 1A. Risk Factors. Summary of Risk Factors You should carefully consider the risks described below, together with all of the other information in this annual report on Form 10-K. The risks below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we believe to be imma", "title": "INDV - Indivior Pharmaceuticals, Inc.", "url": "/company/INDV/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001609550; latest 10-K filed 2026-02-13.", "text": "INSP - Inspire Medical Systems, Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001609550; latest 10-K filed 2026-02-13. INSP Inspire Medical Systems, Inc. 0001609550 3841 Surgical & Medical Instruments & Apparatus Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes to those statements included elsewhere in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Some of the numbers included herein have been rounded for the convenience of presentation. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under Part I. \"Item 1A. Risk Factors\u2019\u2019 and elsewhere in this Annual Report on Form 10-K. Overview We are a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea (\"OSA\"). Our proprietary Inspire system is the only FDA, European Union (\"EU\") Medical Devices Regulation (\"MDR\"), and Japan Pharmaceuticals and Medical Devices Agency-approved neurostimulation technology of its kind that provides a safe and effective treatment for patients with moderate to severe OSA. We have developed a novel, closed-loop solution that continuously monitors a patient\u2019s breathing and delivers mild hypoglossal nerve stimulation to maintain an open airway. Inspire therapy is indicated for patients with moderate to severe OSA who do not have significant central sleep apnea and do not have a complete concentric collapse of the airway at the soft palate level. We sell our Inspire system to hospitals and ambulatory surgery centers (\"ASCs\") in the U.S. and in select countries in Europe and Japan through a direct sales organization and we sell our Inspire system in Singapore, Hong Kong, and Thailand through distributors. Our direct sales force engages in sales efforts and promotional activities primarily focused on ENT physicians and sleep centers. In addition, we highlight our compelling clinical data and value proposition to increase awareness and adoption amongst referring physicians. We build upon this top-down approach with strong direct-to-consumer marketing initiatives to create awareness of the benefits of our Inspire system and drive interest through patient empowerment. We believe this outreach helps to educate thousands of patients on our Inspire therapy. Although our sales and marketing efforts are directed at patients and physicians because they are the primary users of our technology, we consider the hospitals and ASCs where the procedure is performed to be our customers, as they are the purchasing agents of our Inspire system. Our customers are reimbursed according to the coding and correlated payment by various third-party payors, such as commercial payors and government healthcare programs. Our Inspire system is currently covered on a per-patient basis for patients insured by commercial payors, under Local Coverage Determinations for patients insured by Medicare and Medicare Advantage, and under U.S. government contract for patients who are treated by the Veterans Health Administration. As of February 13, 2026, we have secured positive coverage policies with many U.S. commercial payors, including all large national commercial insurers, covering more than 300 million lives in the U.S. In addition, all seven Medicare Administrative Contractors provide coverage of Inspire therapy when certain coverage criteria are met. Third-party payors require physicians and hospitals to identify the service for which they are seeking reimbursement by using Current Procedural Terminology (\u201cCPT\") codes, which are created and maintained by the American Medical Association. Our various generations of Inspire therapy have been billed under different codes and reimbursement approaches throughout our hist Item 1. Business. Overview We are a medical technology company focused on the development and commercialization of innovative, minimally invasive solutions for patients with obstructive sleep apnea (\"OSA\"). Our proprietary Inspire system is the first FDA, European Union (\"EU\") Regulation No. 2017/745 (\"MDR\" or \"EU Medical Devices Regulation\"), and Japan Pharmaceuticals and Medical Devices Agency-approved neurostimulation technology of its kind that provides a safe and effective treatment for patients with moderate to severe OSA. We have developed a novel, closed-loop solution that continuously monitors a patient\u2019s breathing and delivers mild hypoglossal nerve stimulation to maintain an open airway. A significant body of clinical data, which includes a publication in the New England Journal of Medicine, multiple publications in leading respiratory, ear, nose and throat (\"ENT\") and sleep medicine journals, and more than 385 peer-reviewed publications, supports the safety and efficacy of Inspire therapy. Inspire therapy received premarket approval (\"PMA\") from the FDA in 2014 and has been commercially available in certain European markets since 2011. Japan's Ministry of Health, Labour and Welfare (\"MLHW\") approved Inspire therapy to treat moderate to severe OSA in 2018. Inspire therapy is indicated for patients with moderate to severe OSA who do not have significant central sleep apnea and do not have a complete concentric collapse of the airway at the soft palate level. Physicians have treated more than 125,000 patients with Inspire therapy across the United States (\"U.S.\"), Europe, and Asia. Sleep apnea is a serious and chronic disease that negatively impacts a patient\u2019s sleep, health, and quality of life. OSA is the most common form of sleep apnea. OSA occurs when a person\u2019s breathing is interrupted during sleep by a partially or completely blocked airway and affects patients of all ages, sexes, and body types. The severity of OSA is measured by the number of par Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. These risks include, but are not limited to, those described below, each of which may be relevant to an investment decision. You should carefully consider the risks described below, together w", "title": "INSP - Inspire Medical Systems, Inc.", "url": "/company/INSP/" }, { "kind": "company", "summary": "SIC 4400 Water Transportation; CIK 0001679049; latest 10-K filed 2026-02-26.", "text": "INSW - International Seaways, Inc. SIC 4400 Water Transportation; CIK 0001679049; latest 10-K filed 2026-02-26. INSW International Seaways, Inc. 0001679049 4400 Water Transportation ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \u200b INTRODUCTION \u200b This MD&A, which should be read in conjunction with our accompanying consolidated financial statements as set forth in Item 8, \u201cFinancial Statements and Supplementary Data,\u201d provides a discussion and analysis of our business, current developments, financial condition, cash flows and results of operations. It is organized as follows: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"General. This section provides a general description of our business and factors that impact our operations, which we believe is important in understanding the results of our operations, financial condition and potential future trends.\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Operations & Oil Tanker Markets. This section provides an overview of industry operations and dynamics that have an impact on the Company\\u2019s financial position and results of operations.\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Results from Vessel Operations. This section provides an analysis of our results of operations presented on a business segment basis. In addition, a brief description of significant transactions and other items that affect the comparability of the results is provided, if applicable.\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Liquidity and Sources of Capital. This section provides an analysis of our cash flows, outstanding debt and commitments. Included in the analysis of our outstanding debt is a discussion of the amount of financial capacity available to fund our ongoing operations and future commitments as well as a discussion of the Company\\u2019s planned and/or already executed capital allocation activities.\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Risk Management. This section provides a general overview of how the interest rate, currency and fuel price volatility risks are managed by the Company.\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Critical Accounting Estimates and Policies. This section identifies those accounting policies that are considered important to our results of operations and financial condition, require significant judgment and involve significant management estimates.\"]] [[/GREPCENT_TABLE]] \u200b \u200b A detailed discussion of the 2024 to 2023 year-over-year changes is not included herein and can be found in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024 filed on February 27, 2025. \u200b GENERAL \u200b We are a provider of ocean transportation services for crude oil and refined petroleum products. We operate our vessels in the International Flag market. Our business includes two reportable segments: Crude Tankers and Product Carriers. For the years ended December 31, 2025 and 2024 we derived 52% and 47%, respectively, of our TCE revenues from our Crude Tankers segment. Revenues from our Product Carriers segment constituted the balance of our TCE revenues during these periods. \u200b As of December 31, 2025, the Company\u2019s operating fleet consisted of 70 wholly-owned or lease financed and time chartered-in vessels aggregating 8.4 million deadweight tons (\u201cdwt\u201d). In addition to our operating fleet of 70 vessels, four LR1 newbuilds are scheduled for delivery to the Company between the first and third quarters of 2026, bringing the total operating and newbuild fleet to 74 vessels. Our fleet includes VLCC, Suezmax and Aframax crude tankers and LR2, LR1 and MR product carriers. \u200b The Company\u2019s revenues are impacted by (i) the patterns of supply and demand for vessels of the size and design configurations owned and operated by the Company and the trades in which those vessels operate and (ii) the Company\u2019s vessel employment strategy, which seeks to achieve an optimal mix of spot (voyage charter) and long-term (time charter) charters. \u200b Supply and Demand for Vessels \u200b The global fleet supply is affected by newbuildi ITEM 1. BUSINESS OUR BUSINESS \u200b International Seaways, Inc., a Marshall Islands corporation incorporated in 1999, and its wholly owned subsidiaries own and operate a fleet of oceangoing vessels engaged primarily in the transportation of crude oil and petroleum products in the International Flag trade. Our vessel operations are organized into two segments: Crude Tankers and Product Carriers. At December 31, 2025, we owned or operated an International Flag fleet of 70 vessels (totaling an aggregate of 8.4 million dwt), consisting of VLCC, Suezmax and Aframax crude tankers, as well as LR2, LR1 and MR product carriers. In addition to our operating fleet of 70 vessels, four dual-fuel ready LR1 newbuilds are contracted for delivery to the Company between the first and third quarters of 2026, bringing the total operating and newbuild fleet to 74 vessels. The Marshall Islands is the principal flag of registry of our vessels. Additional information about our fleet, including its ownership profile, is set forth under \u201c\u2014 Fleet Operations \u2014 Fleet Summary,\u201d as well as on the Company\u2019s website, www.intlseas.com. Neither our website nor the information contained on that site, or connected to that site, is incorporated by reference in this Annual Report on Form 10-K. \u200b Our ultimate customers, including those of the commercial pools in which we participate, include major independent and state-owned oil companies, oil traders, refinery operators and international government entities. We generally charter our vessels to customers either for specific voyages at spot rates through the services of pools in which the Company participates, or for specific periods of time at fixed daily rates through time charters or bareboat charters. Spot market rates are highly volatile, while time charter and bareboat charter rates provide more predictable streams of TCE revenues because they are fixed for specific periods of time. For a more detailed discussion on factors influencing spot and time ITEM 1A. RISK FACTORS \u200b This section highlights important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements made in this report or presented elsewhere by management from time to time. If any of the circumstances or events described below actually arise or occur, the Company\u2019s busi", "title": "INSW - International Seaways, Inc.", "url": "/company/INSW/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001080014; latest 10-K filed 2026-02-25.", "text": "INVA - Innoviva, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001080014; latest 10-K filed 2026-02-25. INVA Innoviva, Inc. 0001080014 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) is intended to facilitate an understanding of our business and results of operations. This discussion and analysis should be read in conjunction with our consolidated financial statements and notes included in this Annual Report on Form 10\u2011K. The information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10\u2011K, including information with respect to our plans and strategy for our business, our operating expenses, and future payments under our collaboration agreements, includes forward\u2011looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current expectations that involve risks and uncertainties. You should review the section entitled \u201cRisk Factors\u201d in Item 1A of Part I above for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward\u2011looking statements contained in the following discussion and analysis. See the section entitled \u201cSpecial Note Regarding Forward Looking Statements\u201d above for more information. Management Overview Innoviva, Inc. (and where context requires, together with its subsidiaries referred to as \u201cInnoviva\u201d, the \u201cCompany\u201d, or \u201cwe\u201d and other similar pronouns) is a diversified biopharmaceutical company with a core royalties portfolio, a leading critical care and infectious disease platform known as Innoviva Specialty Therapeutics (\u201cIST\u201d), and a portfolio of strategic healthcare assets. Our royalty portfolio contains respiratory assets partnered with Glaxo Group Limited (\u201cGSK\u201d), including RELVAR\u00ae/BREO\u00ae ELLIPTA\u00ae (fluticasone furoate/vilanterol, \u201cFF/VI\u201d) and ANORO\u00ae ELLIPTA\u00ae (umeclidinium bromide/ vilanterol, \u201cUMEC/VI\u201d). Under the Long-Acting Beta2 Agonist (\u201cLABA\u201d) Collaboration Agreement, Innoviva is entitled to receive royalties from GSK on sales of RELVAR\u00ae/BREO\u00ae ELLIPTA\u00ae as follows: 15% on the first $3.0 billion of annual global net sales and 5% for all annual global net sales above $3.0 billion; and royalties from the sales of ANORO\u00ae ELLIPTA\u00ae, which tier upward at a range from 6.5% to 10%. Our wholly owned, robust critical care and infectious disease operating platform with a hospital focus, is anchored by five differentiated approved, commercial and marketed products: \u2022 GIAPREZA\u00ae (angiotensin II) for increasing blood pressure in adults with septic or other distributive shock; \u2022 XACDURO\u00ae (sulbactam for injection; durlobactam for injection), co-packaged for intravenous use for the treatment of hospital-acquired and ventilator-associated bacterial pneumonia caused by Acinetobacter, commercially launched in 2023; \u2022 XERAVA\u00ae (eravacycline) for the treatment of complicated intra-abdominal infections in adults; \u2022 ZEVTERA\u00ae (ceftobiprole), an advanced-generation cephalosporin antibiotic for the treatment of staphylococcus aureus bacteremia, including those with right-sided endocarditis, acute bacterial skin and skin structure infections, and community-acquired bacterial pneumonia, licensed from Basilea Pharmaceutica Ltd, Allschwil (SIX: BSLN) (\u201cBasilea\u201d) for U.S. commercialization and commercially launched in the third quarter of 2025; and \u2022 NUZOLVENCE\u00ae (formerly known as zoliflodacin), approved by the FDA on December 12, 2025, for the treatment of uncomplicated urogenital gonorrhea in adults and adolescents In addition, we own other strategic healthcare assets, such as a significant stake in Armata Pharmaceuticals, Inc. (\u201cArmata\u201d), a leader in development of bacteriophages with potential use across a range of infectious and other serious diseases. We also have economic interests in other healthcare companies through our portfolio approach. Our disciplined focus on deploying capital in areas of signifi ITEM 1. BUSINESS Overview Innoviva, Inc. (\u201cInnoviva\u201d, the \u201cCompany\u201d, the \u201cRegistrant\u201d or \u201cwe\u201d and other similar pronouns) is a diversified biopharmaceutical company with a core royalties portfolio, a leading critical care and infectious disease platform known as Innoviva Specialty Therapeutics (\u201cIST\u201d), and a portfolio of strategic healthcare assets. Our royalty portfolio contains respiratory assets partnered with Glaxo Group Limited (\u201cGSK\u201d), including RELVAR\u00ae/BREO\u00ae ELLIPTA\u00ae (fluticasone furoate/vilanterol, \u201cFF/VI\u201d) and ANORO\u00ae ELLIPTA\u00ae (umeclidinium bromide/vilanterol, \u201cUMEC/VI\u201d). Under the Long-Acting Beta-2 Agonist (\u201cLABA\u201d) Collaboration Agreement, Innoviva is entitled to receive royalties from GSK on sales of RELVAR\u00ae/BREO\u00ae ELLIPTA\u00ae as follows: 15% on the first $3.0 billion of annual global net sales and 5% for all annual global net sales above $3.0 billion; and royalties from the sales of ANORO\u00ae ELLIPTA\u00ae, which tier upward at a range from 6.5% to 10%. Our wholly owned, robust critical care and infectious disease operating platform with a hospital focus, is anchored by five differentiated approved, commercial and marketed products: \u2022 GIAPREZA\u00ae (angiotensin II) for increasing blood pressure in adults with septic or other distributive shock; \u2022 XACDURO\u00ae (sulbactam for injection; durlobactam for injection), co-packaged for intravenous use for the treatment of hospital-acquired and ventilator-associated bacterial pneumonia caused by Acinetobacter, commercially launched in 2023; \u2022 XERAVA\u00ae (eravacycline) for the treatment of complicated intra-abdominal infections in adults; \u2022 ZEVTERA\u00ae (ceftobiprole), an advanced-generation cephalosporin antibiotic for the treatment of staphylococcus aureus bacteremia, including those with right-sided endocarditis, acute bacterial skin and skin structure infections, and community-acquired bacterial pneumonia, licensed from Basilea Pharmaceutica Ltd, Allschwil (SIX: BSLN) (\u201cBasilea\u201d) for U.S. commercialization and commercially launc ITEM 1A. RISK FACTORS Summary of Risk Factors The Company is subject to a number of risks that if realized could affect its business, financial condition, results of operations, cash flows and access to liquidity materially. The Company\u2019s business is subject to uncertainties and risks including: \u2022 RELVAR\u00ae/BREO\u00ae ELLIPTA\u00ae and ANORO\u00ae ELLIPTA\u00ae face s", "title": "INVA - Innoviva, Inc.", "url": "/company/INVA/" }, { "kind": "company", "summary": "SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0001042893; latest 10-K filed 2026-02-24.", "text": "INVX - Innovex International, Inc. SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0001042893; latest 10-K filed 2026-02-24. INVX Innovex International, Inc. 0001042893 3533 Oil & Gas Field Machinery & Equipment ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is management\u2019s discussion and analysis of certain significant factors that have affected aspects of our financial position, results of operations, comprehensive income (loss) and cash flows during the periods included in the accompanying consolidated financial statements. This discussion should be read in conjunction with our Consolidated Financial Statements and related notes thereto presented elsewhere in this Annual Report. The following discussion contains \u201cforward-looking statements\u201d that reflect our future plans, estimates, beliefs and expected performance. We caution that assumptions, expectations, projections, intentions or beliefs about future events may, and often do, vary from actual results and the differences can be material. See \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and \u201cPart I, Item 1A. Risk Factors.\u201d Innovex does not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law. References in this section to \u201cInnovex,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d are to Innovex International, Inc. (formerly known as Dril-Quip, Inc.) and its consolidated subsidiaries after giving effect to the Merger and related transactions, unless the context otherwise requires or as otherwise indicated. Except as otherwise indicated, references herein to \u201cDril-Quip\u201d are to Dril-Quip, Inc. prior to the completion of the Merger. EXECUTIVE SUMMARY Overview Innovex designs, manufactures, sells and rents mission critical engineered products to the global oil and natural gas industry. Our vision has been to create a global leader in well-centric products and technologies through organic, customer-linked innovations and disciplined acquisitions to drive leading returns for our investors. Our products are used across the life cycle of the well (during the construction, completion, production and intervention phases) and are typically utilized downhole and consumable in nature. Our products perform a critical well function, and we believe they are chosen due to their reliability and capacity to save our customers time and lower costs during the well lifecycle. We believe that our products have a significant impact on a well\u2019s performance and economic profile relative to the price we charge, creating a \u201cBig Impact, Small Ticket\u201d value proposition. Many of our products can be used in a significant portion of our customers\u2019 wells globally, with our most advanced products providing mission critical solutions for some of the most challenging and complex wells in the world. We have a track record of developing proprietary products to address our customers\u2019 evolving needs, and we maintain an active pipeline of potential new products across various stages of development. We are a global company, and for the year ended December 31, 2025, the NAM market made up approximately 52% of our revenue, while the International and Offshore markets constituted 48%. Within the NAM market, we have a strong presence in both the United States and Canada. The NAM market is core to us, and we maintain a robust sales and distribution infrastructure across the region. Our products have broad applicability in this market, particularly for horizontal or unconventional wells that have become prevalent methods of oil and natural gas development across the region. We are focused on significantly increasing our revenue from the International and Offshore markets, as these regions are typically subject to long-cycle investment horizons and exhibit relatively less cyclicality than the NAM market. The Middle East, and in particular Saudi Arabia, has been a key source of growth for Innovex. We also operate across Asia, Latin America, Europe and the Gulf of America, among other regions. To enhance our global reach, we have complemented our locations across these markets with a network of ITEM 1. BUSINESS General Innovex designs, manufactures, sells and rents mission critical engineered products to the global oil and natural gas industry. Our vision has been to create a global leader in well-centric products and technologies through organic, customer-linked innovations and disciplined acquisitions to drive leading returns for our investors. On September 6, 2024, the transactions contemplated in the Merger Agreement, dated as of March 18, 2024 (the \"Merger Agreement\"), between Innovex Downhole Solutions, Inc. (\u201cLegacy Innovex\u201d) and Dril-Quip, Inc. (\u201cDril-Quip\u201d) (the \u201cMerger\u201d) were consummated. Following the Merger, Legacy Innovex became a wholly owned subsidiary of Dril-Quip, and the name \u201cDril-Quip, Inc.\u201d was changed to \u201cInnovex International, Inc.\u201d. In connection with the consummation of the Merger, the outstanding shares of common stock, par value $0.01 per share, of Legacy Innovex (the \u201cLegacy Innovex Common Stock\u201d) were converted into the right to receive 32,183,966 shares of common stock, par value $0.01 per share, of the Company (the \u201cCompany Common Stock\u201d). The number of shares of Company Common Stock received for each share of Legacy Innovex Common Stock by the Legacy Innovex stockholders was equal to 2.0125. On November 29, 2024, we acquired 80% of the issued and outstanding equity securities of Downhole Well Solutions, LLC (\u201cDWS\u201d). The acquisition was completed simultaneously with the signing of the Equity Purchase Agreement on November 29, 2024. The aggregate purchase price for the acquisition consisted of $75.1 million in cash, subject to post-closing adjustments, and 1,918,558 shares of Company Common Stock. The remaining 20% of the issued and outstanding equity securities of DWS were previously owned by Legacy Innovex, a wholly owned subsidiary of the Company. On February 7, 2025, we acquired SCF Machining Corporation (\u201cSCF\u201d) in exchange for $17.7 million of cash, subject to post-closing adjustments. SCF is a Canadian-domiciled ent ITEM 1A. RISK FACTORS Risks Related to Our Business Our business and financial performance depends primarily upon the general level of activity in the oil and natural gas industry, including the number of drilling rigs in operation, the number of oil and natural gas wells being drilled, the vo", "title": "INVX - Innovex International, Inc.", "url": "/company/INVX/" }, { "kind": "company", "summary": "SIC 2800 Chemicals & Allied Products; CIK 0001054905; latest 10-K filed 2026-02-18.", "text": "IOSP - INNOSPEC INC. SIC 2800 Chemicals & Allied Products; CIK 0001054905; latest 10-K filed 2026-02-18. IOSP INNOSPEC INC. 0001054905 2800 Chemicals & Allied Products Item 7 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This discussion should be read in conjunction with our Consolidated Financial Statements and the Notes thereto. EXECUTIVE OVERVIEW In 2025, Innospec delivered a mixed set of results with continued strong operating income growth and margin expansion in Fuel Specialties offsetting lower results in Performance Chemicals and Oilfield Services. In Performance Chemicals, full year revenues were up 4 percent on the prior year; however, margins declined on higher costs, price management and weaker product mix. While these results were below our expectations, margin actions began to take effect in the third quarter, and together with lower overheads drove sequential improvement in the fourth quarter. Delivering sustainable margin improvement remains the primary focus of the business team. We continue to execute on a range of price/cost management, productivity and new product commercialization actions over the short-to-medium term. New products include the continued expansion of our industry-leading sulfate and 1,4-dioxane free personal and home care portfolio and growth in our technologies for agriculture, mining, construction and other diversified industrial markets. We expect these combined efforts to drive further growth in 2026. In Fuel Specialties, full year revenues were unchanged on the prior year and operating income increased 12 percent benefiting from a stronger sales mix and disciplined pricing. The business has continued to deliver consistently strong results and has a diverse pipeline of fuel and non-fuel growth opportunities across all regions. With our industry-leading innovation and customer service capabilities, we are well positioned to continue advancing our global customers\u2019 initiatives. Our technology will continue to focus on cleaner fuels, lowering emissions and improving efficiency in traditional, renewable and non-fuel applications. In Oilfield Services, full year revenues were down 19 percent on the prior year, and operating income decreased 40 percent driven by no recovery in our Latin American business and lower than expected Middle East and US completion activity in the second half of 2025. We remain focused on delivering operating income growth in 2026 as Middle East activity returns, sales from our recent DRA expansion take effect, and our focus on margin improvement continues. We currently do not expect Latin America production activity to resume in 2026. For the full year, cash from operations after capital expenditures remained strong at $63.9 million. As of December 31, 2025, Innospec had $292.5 million in cash and cash equivalents and no debt. Full year dividend payments increased by 10 percent over the prior year to $1.71 per share and we bought back 264 thousand shares at a cost of $23.9 million. We continue to have significant balance sheet flexibility for M&A, dividend growth, organic investment and buybacks. CRITICAL ACCOUNTING ESTIMATES Note 2 of the Notes to the Consolidated Financial Statements includes a summary of the significant accounting policies and methods used in the preparation of the Consolidated Financial Statements. 29 Plant Closure Provisions We are subject to environmental laws in the countries in which we conduct business. Ellesmere Port in the U.K. is our principal site giving rise to asset retirement obligations, primarily connected to the production of tetra ethyl lead. There are also asset retirement obligations and environmental remediation liabilities on a much smaller scale in respect of other sites. At Ellesmere Port there is a continuing asset retirement program related to certain manufacturing units that have been closed. Plant closure provisions at December 31, 2025 amounted to $65.1 million and relate principally to asset retirement obligations at our Ellesmere Port site in the U.K.. We recognize environmental remediation liabilities when they are probable and Item 1 Business When we use the terms \u201cInnospec,\u201d \u201cthe Corporation,\u201d \u201cthe Company,\u201d \u201cRegistrant,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour,\u201d we are referring to Innospec Inc. and its consolidated subsidiaries unless otherwise indicated or the context otherwise requires. General Innospec develops, manufactures, blends, markets and supplies a wide range of specialty chemicals to customers in the Americas, Europe, the Middle East, Africa and Asia-Pacific. Our Performance Chemicals business creates innovative technology-based solutions for the personal care, home care, agrochemical, construction, mining and other industrial markets. Our Fuel Specialties business specializes in manufacturing and supplying fuel additives that improve fuel efficiency, boost engine performance and reduce harmful emissions. Our Oilfield Services business supplies chemicals for drilling, completion, production and drag reducing agents (\"DRA\") which make oil and gas exploration and production more cost-efficient and environmentally friendly. Segment Information The Company reports its financial performance based on three reportable segments which are Performance Chemicals, Fuel Specialties and Oilfield Services. For financial information about each of our segments, see Note 3 of the Notes to the Consolidated Financial Statements. Performance Chemicals Our Performance Chemicals segment provides innovative technology-based solutions for our customers\u2019 processes or products in personal care, home care, agrochemical, construction, mining and other industrial markets. This segment has grown through acquisitions, together with the organic development and marketing of innovative products within these end-markets. Our customers in this segment include large multinational companies, manufacturers of personal care and home care products and global mining, agriculture and building products and other industrial companies. Fuel Specialties Our Fuel Specialties segment develops, manufactures, blends, markets and sup Item 1A Risk Factors The factors described below represent the principal risks associated with our business. Global Conditions Competition and market conditions may adversely affect our operating results. In certain markets, our competitors are larger than us and may have greater access to financial, technological and other resources. As a result, compet", "title": "IOSP - INNOSPEC INC.", "url": "/company/IOSP/" }, { "kind": "company", "summary": "SIC 2844 Perfumes, Cosmetics & Other Toilet Preparations; CIK 0000822663; latest 10-K filed 2026-03-10.", "text": "IPAR - INTERPARFUMS INC SIC 2844 Perfumes, Cosmetics & Other Toilet Preparations; CIK 0000822663; latest 10-K filed 2026-03-10. IPAR INTERPARFUMS INC 0000822663 2844 Perfumes, Cosmetics & Other Toilet Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview We operate in the fragrance business, and manufacture, market and distribute a wide array of prestige fragrances and fragrance related products. We manage our business in two segments, European based operations and United States based operations. Certain prestige fragrance products are produced and marketed by our European based operations through our 72% owned subsidiary in Paris, Interparfums SA, which is also a publicly traded company as 28% of Interparfums SA shares trade on the Euronext. We produce and distribute fragrance products through our European based operations primarily under license agreements with brand owners, and European based fragrance product sales represented approximately 68%, 65% and 65% of net sales for 2025, 2024 and 2023, respectively. We have built a portfolio of prestige brands, which include Boucheron, Coach, Goutal, Jimmy Choo, Karl Lagerfeld, Kate Spade, Lacoste, Lanvin, Longchamp, Moncler, Montblanc, Rochas, Solf\u00e9rino and Van Cleef & Arpels, whose products are distributed in over 120 countries around the world. Through our United States based operations, we also produce and distribute fragrances and fragrance related products. United States based operations represented 32%, 35% and 35% of net sales in 2025, 2024 and 2023, respectively. These fragrance products are sold primarily pursuant to license or other agreements with the owners of the Abercrombie & Fitch, Anna Sui, Donna Karan/DKNY, Emanuel Ungaro, Ferragamo, Graff, GUESS, Hollister, MCM, Oscar de la Renta, and Roberto Cavalli brands. Substantially all of our prestige fragrance brands are licensed from unaffiliated third parties, and our business is dependent upon the continuation and renewal of such licenses. With respect to the Company\u2019s largest brands, we license the Jimmy Choo, Coach, Montblanc, GUESS, Lacoste, Donna Karan/DKNY and Ferragamo brand names. This diversified portfolio of top brands represented 77%, 76% and 73% of total sales in 2025, 2024, and 2023, respectively. As a percentage of net sales, product sales for the Company\u2019s largest brands were as follows: [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"Jimmy Choo\",\"\",\"\",\"17\",\"%\",\"\",\"\",\"17\",\"%\",\"\",\"\",\"17\",\"%\"],[\"Coach\",\"\",\"\",\"15\",\"%\",\"\",\"\",\"14\",\"%\",\"\",\"\",\"15\",\"%\"],[\"Montblanc\",\"\",\"\",\"15\",\"%\",\"\",\"\",\"15\",\"%\",\"\",\"\",\"17\",\"%\"],[\"GUESS\",\"\",\"\",\"12\",\"%\",\"\",\"\",\"12\",\"%\",\"\",\"\",\"12\",\"%\"],[\"Lacoste\",\"\",\"\",\"7\",\"%\",\"\",\"\",\"6\",\"%\",\"\",\"\",\"\\u2014\"],[\"Donna Karan/DKNY\",\"\",\"\",\"7\",\"%\",\"\",\"\",\"7\",\"%\",\"\",\"\",\"7\",\"%\"],[\"Ferragamo\",\"\",\"\",\"4\",\"%\",\"\",\"\",\"5\",\"%\",\"\",\"\",\"5\",\"%\"]] [[/GREPCENT_TABLE]] Quarterly sales fluctuations are influenced by the timing of new product launches as well as the third and fourth quarter holiday season. In certain markets where we sell directly to retailers, seasonality is more evident. We primarily sell directly to retailers in France, the United States, and Italy. We grow our business in two distinct ways. First, we grow by adding new brands to our portfolio, through new licenses or other arrangements, or outright acquisitions of brands. Second, we grow through the introduction of new products and by supporting new and established products through advertising, merchandising and sampling, as well as phasing out underperforming products, so we can devote greater resources to those products with greater potential. The economics of developing, producing, launching and supporting products influence our sales and operating performance each year. The introduction of new products may have some cannibalizing effect on sales of existing products, which we take into account in our business planning. 40 Our business is not capital intensive, and it is important to note that we do not own manufacturing facilities. We act as a general contractor and source our needed components from our suppliers. These components are recei Item 1. Business Introduction Founded in 1982, we operate in the fragrance business, and manufacture, market and distribute a wide array of prestige fragrances, and fragrance related products. Our worldwide headquarters and the office of our wholly owned United States subsidiary, Interparfums, USA LLC, are located at 551 Fifth Avenue, New York, New York 10176, and our telephone number is 212.983.2640. We also have wholly owned subsidiaries as follows: [[GREPCENT_TABLE]] [[\"Country\",\"\",\"Subsidiary\",\"\",\"Function\"],[\"Italy for organization, and France for seat of management\",\"\",\"Interparfums Italia Srl\",\"\",\"Manufacture, market and distribute a wide array of prestige fragrances, and fragrance related products\"],[\"Switzerland\",\"\",\"Interparfums, USA Swiss Ltd\",\"\",\"Sales Office\"],[\"United Arab Emirates\",\"\",\"Interparfums Middle East DMCC\",\"\",\"Sales Office\"],[\"Hong Kong, special administrative region of the Peoples Republic of China\",\"\",\"Inter Parfums USA Hong Kong Limited\",\"\",\"Sales Office\"]] [[/GREPCENT_TABLE]] Our consolidated majority owned subsidiary, Interparfums SA, maintains executive offices at 10 rue de Solf\u00e9rino, 75007 Paris, France. Our telephone number in Paris is 331.5377.0000. Interparfums SA also has wholly owned subsidiaries as follows: [[GREPCENT_TABLE]] [[\"Country\",\"\",\"Subsidiary\",\"\",\"Function\"],[\"USA\",\"\",\"Interparfums Luxury Brands, Inc.\",\"\",\"Distribution of prestige brands in the United States\"],[\"Republic of Singapore\",\"\",\"Interparfums Asia Pacific Pte., Ltd.\",\"\",\"Sales and marketing office\"],[\"South Korea\",\"\",\"Interparfums Korea Co., Ltd.\",\"\",\"Distribution of prestige brands in the South Korea\"]] [[/GREPCENT_TABLE]] Interparfums SA is also the majority owner of Parfums Rochas Spain, SL, a Spanish limited liability company, which specializes in the distribution of Rochas fragrances. In addition, Interparfums SA holds a 25% interest in Divabox SAS, a toiletries, cosmetics, and perfumes distributor in France. Two Publicly Held Companies Our common Item 1A. Risk Factors. You should carefully consider these material risk factors before you decide to purchase or sell shares of our common stock. These factors could cause our future results to differ materially from those expressed or implied in forward-looking statements made by us. The trading price ", "title": "IPAR - INTERPARFUMS INC", "url": "/company/IPAR/" }, { "kind": "company", "summary": "SIC 4899 Communications Services, NEC; CIK 0001418819; latest 10-K filed 2026-02-12.", "text": "IRDM - Iridium Communications Inc. SIC 4899 Communications Services, NEC; CIK 0001418819; latest 10-K filed 2026-02-12. IRDM Iridium Communications Inc. 0001418819 4899 Communications Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations A discussion regarding our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 can be found in Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 13, 2025. Overview of Our Business We are a leading provider of global voice, data and positioning, navigation and timing (PNT) satellite services and are the only commercial provider of communications services offering true global coverage, connecting people, organizations and assets to and from anywhere, in real time. Our low-Earth orbit, L-band satellite network provides reliable, weather-resilient communications services to regions of the world where terrestrial wireless or wireline networks do not exist or are limited, including remote land areas, open ocean, airways, the polar regions and regions where the telecommunications infrastructure has been compromised by political conflicts or natural disasters. We provide voice and data communications services to businesses, U.S. and foreign governments, non-governmental organizations and consumers via our satellite network, which has an architecture of 66 operational satellites with in-orbit spares and related ground infrastructure. We utilize an interlinked mesh architecture to route traffic across the satellite constellation using radio frequency crosslinks between satellites. This unique architecture minimizes the need for ground facilities to support the constellation, which facilitates the global reach of our services and allows us to offer services in countries and regions where we have no physical presence. In 2024, we acquired Satelles, Inc. (Satelles), a provider of highly secure, satellite-based PNT services that complement and protect GPS and other Global Navigation Satellite System reliant systems. Time synchronization and location data play an important role in the global economy, particularly for major industries supported by critical infrastructure, such as financial services, telecommunications, cybersecurity and transportation. We believe this acquisition has the potential to generate substantial growth in our service revenue, as well as incremental equipment and engineering services revenue over the coming years from both government and commercial customers. We sell our products and services to commercial end users through a wholesale distribution network, encompassing approximately 120 service providers, 310 value-added resellers (VARs), and 90 value-added manufacturers (VAMs), which either sell directly to the end user or indirectly through other service providers, VARs or dealers. These distributors often 45 integrate our products and services with other complementary hardware and software and have developed a broad suite of applications for our products and services targeting specific lines of business. At December 31, 2025, we had approximately 2,537,000 billable subscribers worldwide, an increase of 77,000, or 3%, from approximately 2,460,000 billable subscribers at December 31, 2024. We have a diverse customer base, including end users in land-mobile, Internet of Things (IoT), maritime, aviation and government. We recognize revenue primarily from the provision of services and the sale of equipment. Service revenue represented 73% and 74% of total revenue for the years ended December 31, 2025 and 2024, respectively. Voice and data, IoT data and broadband service revenues have historically generated higher margins than subscriber equipment revenue, and we expect this trend to continue. We also recognize revenue from our hosted payloads, principally from Aireon, including fees for hosting the payloads and fees for transmitting data from the payloads over our network, as well as Item 1. Business Business Overview Iridium Communications Inc. (\u201cwe,\u201d \u201cus,\u201d or \u201cIridium\u201d) is a leading provider of global voice, data, and positioning, navigation and timing (PNT) satellite services. We are the only commercial provider of communications services offering true global coverage, connecting people, organizations and assets to and from anywhere, in real time. Our low-Earth orbit (LEO), L-band network provides specialized, reliable, weather-resilient communications services to regions of the world where terrestrial wireless or wireline networks do not exist or are limited, including remote land areas, open ocean, airways, the polar regions, and regions where the telecommunications infrastructure has been affected by political conflicts or natural disasters. In addition, our satellites have additional payloads to host specific additional services for other customers like Aireon LLC. We also utilize our long history operating a commercial LEO satellite system to provide a growing array of engineering and operational services to government customers and government network operators such as the U.S. Space Force. Our primary business is to provide voice and data communications services to businesses, U.S. and foreign governments, non-governmental organizations, and consumers via our satellite network, which has an architecture of 66 operational satellites with in-orbit spares and related ground infrastructure. We utilize an interlinked mesh architecture in space to route traffic across our satellite constellation using radio frequency crosslinks between satellites. This architecture minimizes the need for local ground facilities to support the constellation, which facilitates the global reach of our services and allows us to offer services in countries and regions where we have no physical presence. We primarily sell our products and services to commercial end users by recruiting and expanding a global wholesale distribution network, currently encompassing Item 1A. Risk Factors Risks related to our satellites and network Our satellites may experience operational problems, which could affect our ability to provide an acceptable level of service to our customers. From time to time, we experience temporary intermittent losses of signal cutting off calls in progress, p", "title": "IRDM - Iridium Communications Inc.", "url": "/company/IRDM/" }, { "kind": "company", "summary": "SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0001114483; latest 10-K filed 2026-02-23.", "text": "ITGR - Integer Holdings Corp SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0001114483; latest 10-K filed 2026-02-23. ITGR Integer Holdings Corp 0001114483 3845 Electromedical & Electrotherapeutic Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and the related notes appearing in Item 8, \u201cFinancial Statements and Supplementary Data,\u201d of this report. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those under the heading Item 1A, \u201cRisk Factors,\u201d of this report. Unless otherwise stated, all results and comparisons below represent results from continuing operations. Our Business Integer Holdings Corporation is one of the largest medical device contract development and manufacturing organizations in the world, serving the cardio and vascular, neuromodulation, and cardiac rhythm management markets. As a strategic partner of choice, we advance the goals of our medical device customers through industry-leading engineering and manufacturing, with a relentless commitment to quality, service, and innovation. We operate our business in one segment and derive our revenues from three product lines: Cardio & Vascular, Cardiac Rhythm Management & Neuromodulation and Other Markets. Impact of Global Events Our future results of operations and liquidity could be materially adversely affected by uncertainty surrounding macroeconomic and geopolitical factors in the U.S. and globally characterized by the supply chain environment, inflationary pressure, changes in interest rates, disruptions in the commodities\u2019 markets or in supply chain as a result of wars in Ukraine and the Middle East, and the tensions in Asia relating to China and Taiwan, and the introduction of or changes in tariffs or trade barriers. The impact of these issues on our business will vary by geographic market and product line, but specific impacts to our business may include increased borrowing costs, labor shortages, disruptions in the supply chain, delayed or reduced customer orders and sales, delays in shipments to and from certain countries and potential increased expenses resulting from tariffs or other trade barriers. We monitor economic conditions closely. In response to reductions in revenue, we can take actions to align our cost structure with changes in demand and manage our working capital. However, there can be no assurance as to the effectiveness of our efforts to mitigate any impact of the current and future adverse economic conditions and other developments. Sales Outlook In 2026, we expect sales growth to be impacted by lower sales related to three new products due to lower than anticipated market adoption. We believe the magnitude of these changes on multiple products at the same time is highly unusual. 2030 Convertible Notes Issuance and 2028 Convertible Notes Exchange Transactions On March 18, 2025, we issued $1.0 billion in aggregate principal amount of 1.875% Convertible Senior Notes due in 2030 (the \u201c2030 Convertible Notes\u201d). The total net proceeds from the issuance of the 2030 Convertible Notes, after deducting initial purchasers' discounts and commissions and debt issuance costs, were $976.1 million. We used $71.0 million of the net proceeds from the offering to fund the cost of entering into capped call transactions relating to the 2030 Convertible Notes. We used a portion of the remaining net proceeds from the issuance of the 2030 Convertible Notes to exchange $383.7 million in aggregate principal amount of our outstanding 2.125% Convertible Senior Notes due in 2028 (the \u201c2028 Convertible Notes\u201d and together with the \u201c2030 Convertible Notes\u201d the \u201cConvertible Notes\u201d) for an aggregate cash exchange consideration of $384.4 million in cash and 1,553,806 shares of common stock (the \u201cNote Exchange Transactions\u201d). Th ITEM 1. BUSINESS OVERVIEW Integer Holdings Corporation, headquartered in Plano, Texas, is one of the world\u2019s largest medical device contract development and manufacturing organizations (\u201cCDMOs\u201d), serving the Cardio and Vascular, Neuromodulation, and Cardiac Rhythm Management markets. As a strategic partner of choice, we advance the goals of our medical device customers through industry-leading engineering and manufacturing, with a relentless commitment to quality, service, and innovation. Our brands include Greatbatch Medical\u00ae and Lake Region Medical\u00ae. Our primary customers include large, multi-national original equipment manufacturers (\u201cOEMs\u201d) and their affiliated subsidiaries. When used in this report, the terms \u201cInteger,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and the \u201cCompany\u201d mean Integer Holdings Corporation and its subsidiaries. Over the past several years, Integer has evolved our portfolio strategy to focus on higher growth medtech markets where we possess differentiated capabilities. Integer continues to execute a tuck-in acquisition strategy that has added capabilities, leading brands and complementary technologies, increased customer penetration, and enhanced scale in our targeted growth markets. These markets are attractive to Integer because they have strong, long-term growth characteristics, and allow us to leverage our existing expertise in process technology and systems engineering to provide comprehensive solutions to our customers. Integer is now a pure-play medical technology company focused on Cardio and Vascular, Neuromodulation, and Cardiac Rhythm Management markets. Our Acquisitions The following is a summary of our acquisitions since the beginning of 2025. On December 4, 2025, we acquired certain assets of Biocoat Incorporated (\u201cBiocoat\u201d). Prior to the acquisition, Biocoat was a privately-held manufacturer specializing in high value surface coating technology platforms, including UV and thermal cure hydrophilic coatings. On February 28, 2025, we acquire ITEM 1A. RISK FACTORS Our business faces many risks, and you should carefully consider the following risk factors, together with all of the other information included in this report, including the financial statements and related notes contained in Item 8, \u201cFinancial Statements and Supplementary Data,\u201d ", "title": "ITGR - Integer Holdings Corp", "url": "/company/ITGR/" }, { "kind": "company", "summary": "SIC 3825 Instruments For Meas & Testing of Electricity & Elec Signals; CIK 0000780571; latest 10-K filed 2026-02-17.", "text": "ITRI - ITRON, INC. SIC 3825 Instruments For Meas & Testing of Electricity & Elec Signals; CIK 0000780571; latest 10-K filed 2026-02-17. ITRI ITRON, INC. 0000780571 3825 Instruments For Meas & Testing of Electricity & Elec Signals Item 7: Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis compares the change in the consolidated financial statements for fiscal years 2025 and 2024 and should be read in conjunction with Item 8: Financial Statements and Supplementary Data. For comparisons of fiscal years 2024 and 2023, see our Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our 2024 Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on February 25, 2025, and incorporated herein by reference. The objective of Management's Discussion and Analysis is to provide our assessment of the financial condition and results of operations, including an evaluation of our liquidity and capital resources along with material events occurring during the year. The discussion and analysis focuses on material events and uncertainties known to management that are reasonably likely to cause reported financial information not to be necessarily indicative of future operating results or of future financial condition. In addition, we address matters that are reasonably likely, based on management's assessment, to have a material impact on future operations. We expect the analysis will enhance a reader's understanding of our financial condition, cash flows, and other changes in financial condition and results of operations. Overview We are a technology, solutions, and service company, and we are a leader in the Industrial Internet of Things (IIoT). We offer solutions that enable utilities and municipalities to safely, securely, and reliably operate their critical infrastructure. Our solutions include the deployment of smart networks, software, services, devices, sensors, and data analytics that allow our customers to manage assets, secure revenue, lower operational costs, improve customer service, improve safety, and enable efficient management of valuable resources. Our comprehensive solutions and data analytics address the unique challenges facing the energy, water, and municipality sectors, including increasing demand on resources, non-technical loss, leak detection, environmental and regulatory compliance, and improved operational reliability. We operate under the Itron brand worldwide and manage and report under four reportable segments: Device Solutions, Networked Solutions, Outcomes, and Resiliency Solutions. Resiliency Solutions is a new reportable segment starting in the fourth quarter of 2025. The product and operating definitions of the four segments are as follows: Device Solutions \u2013 This segment primarily includes hardware products used for measurement, control, or sensing. Examples from the Device Solutions portfolio include: standard endpoints that are shipped without Itron communications, such as our standard electricity, gas, and water meters for a variety of global markets and adhering to regulations and standards within those markets, as well as our heat and allocation products; communicating meters designed to operate outside of Itron end-to-end solutions and designed to meet market requirements; and the implementation and installation of associated devices. Networked Solutions \u2013 This segment primarily includes a combination of communicating endpoints (e.g., smart meters, modules, endpoints, and sensors), network infrastructure, network design services, and associated headend management and application software designed and sold as a complete solution for acquiring and transporting robust application-specific data. Networked Solutions includes products, software and services for the implementation, installation, and management of communicating endpoints and data networks. The Industrial Internet of Things (IIoT) solutions supported by this segment include automated meter reading (AMR) and advanced metering infrastructure (AMI) for electricity, water, and gas; distributed energy resource manage Item 1: Business Available Information Documents we provide to the Securities and Exchange Commission (SEC) are available free of charge under the Investors section of our website at www.itron.com as soon as practicable after they are filed with or furnished to the SEC. In addition, these documents are available at the SEC's website (http://www.sec.gov). The information posted on or accessible through our website is not part of or incorporated by reference into this Annual Report. General Itron is a global leader in grid edge intelligence, energy and water management, smart city applications, Industrial Internet of Things (IIoT) and critical infrastructure and related services. Our intelligent infrastructure solutions help utilities and cities improve efficiency, build resilience and deliver safe, reliable, and affordable service. With edge intelligence, we connect people, data insights, and devices so communities can better manage the essential resources they rely on. Itron provides an integrated, intelligent portfolio of endpoints (such as sensors, switches, and meters) that collect and analyze data, control devices, and take action in the field. Our multi-purpose multi-tenant communication networks harvest that data and deliver where and when needed; our software and services then turn that data into insights for analysis and action. With Itron, our customers achieve more efficient operations, improve operating resilience, better engage consumers, increase capacity, and enhance profitability. We have nearly 50 years of experience supporting utilities and cities in the management of their data and critical infrastructure needs. Incorporated in 1977 with an initial focus on meter reading services and technology, we entered the electricity meter manufacturing business with the acquisition of Schlumberger Electricity Metering in 2004. In 2007, we expanded our presence in global meter manufacturing and systems with the acquisition of Actaris Metering Systems Item 1A: Risk Factors The risks described below could materially and adversely affect our business, results of operations, cash flows, and financial condition. These risk factors do not identify all risks that we face; we could also be affected by other risks that are not presently known", "title": "ITRI - ITRON, INC.", "url": "/company/ITRI/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001689796; latest 10-K filed 2026-02-17.", "text": "JBGS - JBG SMITH Properties SIC 6798 Real Estate Investment Trusts; CIK 0001689796; latest 10-K filed 2026-02-17. JBGS JBG SMITH Properties 0001689796 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion is intended to provide material information relevant to our financial condition and results of operations, including cash flows, and should be read in conjunction with the consolidated financial statements and notes thereto appearing in Item 8 - Financial Statements and Supplementary Data of this Annual Report on Form 10-K. Organization and Basis of Presentation JBG SMITH, a Maryland real estate investment trust, owns, operates and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, D.C., most notably National Landing, where through our focus on Placemaking, we cultivate vibrant, highly amenitized, walkable neighborhoods. In addition, our third-party real estate services business provides fee-based real estate services. Substantially all our assets are held by, and our operations are conducted through, JBG SMITH LP. 39 Table of Contents We were organized for the purpose of receiving, via the spin-off on July 17, 2017, substantially all the assets and liabilities of Vornado's Washington, D.C. segment. On July 18, 2017, we acquired the management business and certain assets and liabilities of JBG. We have elected to be taxed as a REIT under sections 856-860 of the Code. Under those sections, a REIT which distributes at least 90% of its REIT taxable income as dividends to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders. We currently adhere and intend to continue to adhere to these requirements and to maintain our REIT status in future periods. As a REIT, we can reduce our taxable income by distributing all or a portion of such taxable income to shareholders. Future distributions will be declared and paid at the discretion of the Board of Trustees and will depend upon cash generated by operating activities, our financial condition, capital requirements, annual dividend requirements under the REIT provisions of the Code, and such other factors as our Board of Trustees deems relevant. We also participate in the activities conducted by our subsidiary entities that have elected to be treated as TRSs under the Code. As such, we are subject to federal, state, and local taxes on the income from these activities. Income taxes attributable to our TRSs are accounted for under the asset and liability method. Under the asset and liability method, deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, which will result in taxable or deductible amounts in the future. Our three operating and reportable segments are multifamily, commercial and third-party real estate services. We compete with many property owners, investors and developers. Our success depends upon, among other factors, trends affecting national and local economies, the financial condition and operating results of current and prospective tenants, the availability and cost of capital, interest rates, construction and renovation costs, taxes, governmental regulations and legislation, population trends, zoning laws, and our ability to lease, sublease or sell our assets at profitable levels. Our success is also subject to our ability to refinance existing debt on acceptable terms as it comes due. Overview As of December 31, 2025, our Operating Portfolio consisted of 39 operating assets comprising 15 multifamily assets totaling 6,519 units (6,333 units at our share), 22 commercial assets totaling 7.3 million square feet (6.9 million square feet at our share) and two wholly owned land assets for which we are the ground lessor. Additionally, our development pipeline totaled 4.9 million square feet (3.6 million square feet at our share) of estimated potential development d ITEM 1. BUSINESS The Company JBG SMITH, a Maryland real estate investment trust, owns, operates and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, D.C., most notably National Landing, where through our focus on placemaking, we cultivate vibrant, highly amenitized, walkable neighborhoods. In addition, our third-party real estate services business provides fee-based real estate services. Substantially all our assets are held by, and our operations are conducted through, JBG SMITH LP. As of December 31, 2025, JBG SMITH, as its sole general partner, controlled JBG SMITH LP and owned 82.0% of its OP Units, after giving effect to the conversion of certain vested LTIP Units that are convertible into OP Units. JBG SMITH is referred to herein as \"we,\" \"us,\" \"our\" or other similar terms. As of December 31, 2025, our Operating Portfolio consisted of 39 operating assets comprising 15 multifamily assets totaling 6,519 units (6,333 units at our share), 22 commercial assets totaling 7.3 million square feet (6.9 million square feet at our share) and two wholly owned land assets for which we are the ground lessor. Additionally, our development pipeline totaled 4.9 million square feet (3.6 million square feet at our share) of estimated potential development density. Our development pipeline excludes unentitled land parcels and land parcels controlled through an option agreement. We present combined portfolio operating data that aggregate assets we consolidate in our consolidated financial statements and assets in which we own an interest, but do not consolidate in our financial results. For additional information regarding our assets, see Item 2 \"Properties.\" Certain terms used throughout this Annual Report on Form 10-K are defined under \"Definitions\" starting on page 3. Our Strategy We own, operate and develop mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, D.C. ITEM 1A. RISK FACTORS You should carefully consider the following risks in evaluating our company and our common shares. If any of the following risks were to occur, our business, prospects, financial condition, results of operations, cash flow, and the ability to make distributions to our shareholders could be materially and adve", "title": "JBGS - JBG SMITH Properties", "url": "/company/JBGS/" }, { "kind": "company", "summary": "SIC 4512 Air Transportation, Scheduled; CIK 0001158463; latest 10-K filed 2026-02-12.", "text": "JBLU - JETBLUE AIRWAYS CORP SIC 4512 Air Transportation, Scheduled; CIK 0001158463; latest 10-K filed 2026-02-12. JBLU JETBLUE AIRWAYS CORP 0001158463 4512 Air Transportation, Scheduled ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes included elsewhere in this Report. This discussion contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in Part I, Item 1A, \"Risk Factors\" and other parts of this Report. We expect our operating results to fluctuate significantly from year-to-year and quarter-to-quarter in the future due to factors such as economic conditions, weather events, cost of aircraft fuel, geopolitical developments, regulatory issues, supply constraints, competition and various other factors, including those discussed in this Annual Report, many of which are outside of our control. Consequently, we believe year-over-year comparisons of our operating results may not necessarily be meaningful; you should not rely on our results for any one year as an indication of our future performance. Except for uncertainty related to the cost of aircraft fuel, we expect our expenses to continue to increase from wage rate cost pressures, as we acquire additional aircraft, and as our fleet ages. OVERVIEW In 2025, we incurred a net loss of $602 million, compared to a net loss of $795 million in 2024, a decrease of $193 million compared to the prior year. This decrease is primarily due to the 2024 write off of Spirit-related costs for $532 million as a result of the termination of the Merger Agreement in March 2024, as well as lower current year fuel costs and benefits from our JetForward initiatives. The decrease was partially offset by a decrease in operating revenue due to softening demand compared to the prior year as well as higher costs related to maintenance materials and repairs and salaries, wages and benefits. Additionally, we incurred higher interest expense, primarily due to the financing of TrueBlue\u00ae loyalty program in August 2024. During 2025, we adjusted our business to navigate a challenging macro environment by identifying cost savings and proactively reducing capacity as demand softened. Tariff uncertainty weakened consumer demand which resulted in reduced air travel spending. In addition, the fourth quarter was marked by unexpected challenges due to operational disruptions related to the government shutdown, the Airbus airworthiness directive and two major weather events contributing to higher costs and reduced capacity. Despite these headwinds, we have continued to make progress on our JetForward initiatives, partially offsetting these operating margin impacts. We introduced Blue Sky, our collaboration with United Airlines, and launched reciprocal accrual and redemption of loyalty points. Our products and perks are increasingly positioned to capture premium revenue following the enhancement of EvenMore\u00ae, the continued outperformance of preferred seating, the release of our premium credit card and the opening of our first-ever lounge at JFK. Our network changes continued to progress well and we have regained our position as Fort Lauderdale's largest airline with new routes and additional frequencies. Additionally, we continue to make progress on the JetForward cost program by implementing AI and data science technology, executing operational initiatives, and strengthening efficiencies. 2025 Results Our 2025 financial and operational highlights include the following: \u20222025 system available seat miles (\"ASMs\" or \"capacity\") decreased by 1.6% compared to 2024. \u2022We generated $9.1 billion in operating revenue, a decrease of $217 million, or 2.3% compared to 2024, primarily due to softening demand. \u2022Operating expense decreased by 5.3% year-over-year to $9.4 ITEM 1. BUSINESS OVERVIEW General JetBlue Airways Corporation is New York's Hometown Airline\u00ae. As of December 31, 2025, JetBlue served 112 destinations across the United States, the Caribbean and Latin America, Canada and Europe. JetBlue was incorporated in Delaware in August 1998 and commenced service on February 11, 2000. We believe our differentiated product and culture combined with our competitive cost structure enable us to compete effectively in the high-value geographies we serve. Looking to the future, we plan to continue to grow in our high-value geographies, invest in industry-leading products, and provide award-winning service by our 23,000 dedicated employees, whom we refer to as crewmembers. Going forward, we believe we will continue to differentiate ourselves from other airlines, enabling us to continue to attract a greater mix of customers, and to drive continued growth. We are focused on delivering solid results for our stockholders, our customers, and our crewmembers. Our principal executive offices are located at 27-01 Queens Plaza North, Long Island City, New York 11101 and our telephone number is (718) 286-7900. Our Industry and Competition The U.S. airline industry is extremely competitive and challenging, and results are often volatile. It is uniquely susceptible to external factors such as fuel costs, downturns in domestic and international economic conditions, weather-related disruptions, air traffic control (\"ATC\") shortages, reduced or suspended operation of applicable regulatory agencies, the spread of infectious diseases, the impact of airline restructurings or consolidations, and military actions or acts of terrorism. We operate in a capital and energy intensive industry that has high fixed costs, as well as heavy taxation and fees. Airline returns are sensitive to slight changes in fuel prices, average fare levels, and customer demand. The industry's principal competitive factors include fares, brand and customer service, fre ITEM 1A. RISK FACTORS We are subject to various risks that make an investment in our securities risky. The events and consequences discussed in these risk factors could, in circumstances we may or may not be able to accurately predict, recognize, or control, have a material adverse effect on our business, liquidity, financial conditi", "title": "JBLU - JETBLUE AIRWAYS CORP", "url": "/company/JBLU/" }, { "kind": "company", "summary": "SIC 2060 Sugar & Confectionery Products; CIK 0000880117; latest 10-K filed 2025-08-20.", "text": "JBSS - SANFILIPPO JOHN B & SON INC SIC 2060 Sugar & Confectionery Products; CIK 0000880117; latest 10-K filed 2025-08-20. JBSS SANFILIPPO JOHN B & SON INC 0000880117 2060 Sugar & Confectionery Products Item 7 \u2014 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the Consolidated Financial Statements and the Notes to Consolidated Financial Statements. Our fiscal year ends on the final Thursday of June each year, and typically consists of fifty-two weeks (four thirteen-week quarters). Additional information on the comparability of the periods presented is as follows: \u2022 References herein to fiscal 2026 are to the fiscal year ending June 25, 2026. \u2022 References herein to fiscal 2025, fiscal 2024 and fiscal 2023 are to the fiscal years ended June 26, 2025, June 27, 2024 and June 29, 2023, respectively. As used herein, unless the context otherwise indicates, the terms \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d or \u201cCompany\u201d collectively refer to John B. Sanfilippo & Son, Inc. and our wholly-owned subsidiary, JBSS Ventures, LLC. We are one of the leading processors and distributors of peanuts, pecans, cashews, walnuts, almonds and other nuts in the United States, and we also manufacture and distribute a complete portfolio of private brand bars. These nuts are primarily sold under a variety of private brand names, as well as our Fisher, Orchard Valley Harvest, Squirrel Brand and Southern Style Nuts brand names. We market and distribute, and in most cases, manufacture or process, a diverse product line of food and snack products, including bars, peanut butter, almond butter, cashew butter, candy and confections, snack and trail mixes, granola, sunflower kernels, dried fruit, corn snacks, sesame sticks, other sesame snack products and baked cheese snack products under our brand names, including Just the Cheese, and under private brands. We distribute our products in the consumer, commercial ingredients and contract manufacturing distribution channels. Our Long-Range Plan defines our future growth priorities and focuses on growing our private brand business across key customers, as well as transforming Fisher and Orchard Valley Harvest into leading brands while increasing distribution and diversifying our portfolio into high growth snacking categories. We will execute on our Long-Range Plan by providing our private brand customers value-added solutions and innovative products based on our extensive industry and consumer expertise, such as our newly developed product line of private brand nutrition bars. We will focus on growing our branded business by reaching new consumers via product expansion and packaging innovation, expanding distribution across current and alternative channels, diversifying our product offerings and focusing on new ways for consumers to buy our products, including sales via e-commerce platforms. Our Long-Range Plan also contemplates increasing our sales through product innovation and targeted, opportunistic acquisitions, such as the acquisition of certain snack bar assets including inventory, product formulas, a manufacturing facility and related equipment located in Lakeville, Minnesota, (the \u201cLakeville Acquisition\u201d) which we completed the first day of the second quarter of fiscal 2024. The Lakeville Acquisition expanded our ability to produce private brand bars, increased our overall production capabilities and allows us to provide our private brand customers with a complete bar portfolio. In addition, we also acquired additional bar production assets in the first quarter of fiscal 2025 that will expand our manufacturing capacity and support further growth in our bar business. Beginning in the second quarter of fiscal 2025 and continuing into the next fiscal year, we started to invest significant additional capital to purchase new equipment and make infrastructure improvements (and incur related expenses) to further expand our production capabilities, increase our efficiency and enhance our product offerings for our customers. We focus our promotional and advertising activity to invest in our brands to achieve sales volume gr Item 1 \u2014 Business a. General Development of Business John B. Sanfilippo & Son, Inc. was formed as a corporation under the laws of the State of Delaware in 1979 as the successor by merger to an Illinois corporation that was incorporated in 1959. As used throughout this annual report on Form 10-K, unless the context otherwise indicates, the terms \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d or \u201cCompany\u201d collectively refer to John B. Sanfilippo & Son, Inc. and its wholly-owned subsidiary, JBSS Ventures, LLC. Our fiscal year ends on the final Thursday of June each year, and typically consists of fifty-two weeks (four thirteen-week quarters). Additional information on the comparability of the periods presented is as follows: \u2022 References herein to fiscal 2026 are to the fiscal year ending June 25, 2026. \u2022 References herein to fiscal 2025, fiscal 2024 and fiscal 2023 are to the fiscal years ended June 26, 2025, June 27, 2024 and June 29, 2023, respectively. We are one of the leading processors and distributors of peanuts, pecans, cashews, walnuts, almonds and other nuts in the United States, and we also manufacture and distribute complete portfolio of snack and nutrition bars (\u201cbars\u201d). These nuts are primarily sold under a variety of private brand names, as well as under our Fisher, Orchard Valley Harvest, Squirrel Brand and Southern Style Nuts brand names. We market and distribute, and in most cases, manufacture or process, a diverse product line of food and snack products, including bars, peanut butter, almond butter, cashew butter, candy and confections, snack and trail mixes, granola, sunflower kernels, dried fruit, corn snacks, sesame sticks, other sesame snack products and baked cheese snack products under our brand names, including Just the Cheese, and under private brands. Our products are sold through three primary distribution channels, including food retailers in the consumer channel, commercial ingredient users and contract manufacturing customers. Our website is accessible to the Item 1A \u2014 Risk Factors We face a number of significant risks and uncertainties, and therefore, an investment in our Common Stock is subject to risks and uncertainties. The factors described below could materially and adversely affect our business, results of operations and financial condition. While each ris", "title": "JBSS - SANFILIPPO JOHN B & SON INC", "url": "/company/JBSS/" }, { "kind": "company", "summary": "SIC 3550 Special Industry Machinery (No Metalworking Machinery); CIK 0001433660; latest 10-K filed 2026-03-02.", "text": "JBTM - JBT MAREL Corp SIC 3550 Special Industry Machinery (No Metalworking Machinery); CIK 0001433660; latest 10-K filed 2026-03-02. JBTM JBT MAREL Corp 0001433660 3550 Special Industry Machinery (No Metalworking Machinery) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Executive Overview JBT Marel Corporation is a leading global food and beverage technology solutions provider to high-value segments of the food and beverage industry. Fueled by our purpose to transform the future of food, we help our customers maximize production output and performance through our diverse food application knowledge and integrated solutions offerings. We specialize in designing, manufacturing, and servicing cutting-edge technology, systems, and software for a broad range of food and beverage end markets. We aim to create better outcomes for our diverse customers by optimizing food yield and efficiency, improving food safety and quality, and enhancing uptime and proactive maintenance, all while reducing waste and resource use across the global food supply chain. Our strategy capitalizes on favorable trends, as well as our leadership position, in the food and beverage processing industry. This strategy is based on a five-pronged approach to deliver continued growth and margin expansion. \u2022Strengthening Solutions and Value Proposition. We offer a broad portfolio of solutions developed for various food and beverage end markets to meet diverse customer and sustainability needs with precision and flexibility to fuel organic growth. \u2022Enhancing Service Offerings and Customer Relationships. Leveraging our industry expertise, we deliver high-quality service to minimize downtime, optimize performance, and strengthen customer partnerships with responsive support and reliable parts delivery. \u2022Advanced Digital and Software Capabilities. We deliver greater value through cutting-edge digital tools and software to improve productivity, reduce downtime, and optimize food and beverage processing. \u2022Focus on Innovation. By expanding our portfolio through cutting edge innovation, we enhance technology leadership and deepen customer partnerships with advanced capabilities. \u2022Leveraging Our Scale to Expand Margins. By utilizing our resources and great talent, we drive efficiencies, achieve synergies, and deliver margin expansion, all while creating more value for our customers. Our approach to Environmental, Social and Governance (ESG) initiatives is embedded in our overall company strategy and is advanced through five key pillars, related to: \u2022Our customers, to whom we offer diverse solutions, operational scale and application, service, and digital expertise focused on enabling customers to reach their sustainability goals; \u2022Our products and service solutions that offer efficient energy and water usage, extend product shelf life and equipment lifespans, contribute to food traceability and safety, and help minimize food loss; \u2022Our people and communities, for and with whom we are creating a values-driven workplace, ensuring all employees have the tools they need to succeed and experience a sense of belonging; \u2022Our operations, where we are integrating practices to reduce our greenhouse gas (GHG) emissions, curb energy use, minimize waste generation, and optimize water use; and \u2022Our supply partners, with whom we are engaging to better understand their environmental impact and identify collaborative opportunities to more effectively achieve common sustainability goals. Strategic Acquisition of Marel hf. On January 2, 2025, the Company closed the acquisition of Marel, a multi-national food processing company based in Gardabaer, Iceland that manufactures equipment and provides other services for food processing in the poultry, meat, fish, and pet food industries. The purpose of the Marel Transaction was to create a leading and diversified global food and beverage technology solutions provider by bringing together two renowned companies with long histories, complementary product portfolios, highly respected brands, and cutting-edge technology to enable global customers to more efficiently access industry leading technology worldwide. ITEM 1. BUSINESS GENERAL We are a leading and diversified global technology solutions and service provider to high-value segments of the food and beverage industry. We design, produce, and service sophisticated products and systems for multi-national and regional customers. Our purpose is to transform the future of food by providing solutions that substantially enhance our customers\u2019 success, and in doing so design, produce and service sophisticated and critical products and systems for food and beverage companies that increase yields, boost efficiency, and improve food safety. We were originally incorporated in Delaware in May 1994. Our principal executive offices are located at 333 West Wacker Drive, Suite 3400, Chicago, Illinois 60606 and our European headquarters is located at Austurhraun 9, 210 Gardabaer, Iceland. Operating results and additional financial data and commentary are provided in the Results of Continuing Operations section in Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of this Annual Report on Form 10-K. Strategic Acquisition of Marel hf. On January 2, 2025, we completed the acquisition of Marel hf. (\u201cMarel\u201d), subsequently renamed JBT Marel ehf. (such acquisition, the \u201cMarel Transaction\u201d). The purpose of the Marel Transaction was to create a leading and diversified global food and beverage technology solutions provider by bringing together two renowned companies with long histories, complementary product portfolios, highly respected brands, and cutting-edge technology to enable global customers to more efficiently access industry leading technology worldwide. Refer to Note 2. Acquisitions of the Notes to the Consolidated Financial Statements for additional information. In conjunction with the combination of JBT and Marel, JBT changed its corporate name and stock ticker symbol to \u201cJBT Marel Corporation\u201d and \u201cJBTM,\u201d respectively, on January 2, 2025. Shares of JBTM remain listed on t ITEM 1A. RISK FACTORS You should carefully consider the risks described below, together with all of the other information included in this Annual Report on Form 10-K, in evaluating our company and our common stock. If any of the risks described below actually occurs, our business, financial condition,", "title": "JBTM - JBT MAREL Corp", "url": "/company/JBTM/" }, { "kind": "company", "summary": "SIC 2052 Cookies & Crackers; CIK 0000785956; latest 10-K filed 2025-11-26.", "text": "JJSF - J&J SNACK FOODS CORP SIC 2052 Cookies & Crackers; CIK 0000785956; latest 10-K filed 2025-11-26. JJSF J&J SNACK FOODS CORP 0000785956 2052 Cookies & Crackers Item 7. Management\u2019s Discussion And Analysis Of Financial Condition And Results Of Operations Objective This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to provide a reader of our financial statements with a narrative from the perspective of our management regarding our financial condition and results of operations, liquidity and certain other factors that may affect our future results. The following discussion should be read in conjunction with the consolidated financial statements and accompanying notes included in Item 8 of this Form 10-K. Refer to the Company\u2019s Annual Report on Form 10-K for the fiscal year ended September 28, 2024 for additional information related to the discussion and analysis of our financial condition and results of operations for the fiscal year ended September 28, 2024 compared to the fiscal year ended September 30, 2023. Business Overview The Company manufactures snack foods and distributes frozen beverages which it markets nationally to the foodservice and retail supermarket industries. The Company\u2019s principal snack food products are soft pretzels, frozen novelties, churros and bakery products. We are the largest manufacturer of soft pretzels in the United States. Other snack food products include funnel cake and handheld products. The Company\u2019s principal frozen beverage products are the ICEE brand frozen carbonated beverage and the SLUSH PUPPIE brand frozen non-carbonated beverage. 17 The Company\u2019s Food Service and Frozen Beverages sales are made primarily to foodservice customers including snack bar and food stand locations in leading chain, department, discount, warehouse club and convenience stores; malls and shopping centers; fast food and casual dining restaurants; stadiums and sports arenas; leisure and theme parks; movie theatres; independent retailers; and schools, colleges and other institutions. The Company\u2019s retail supermarket customers are primarily supermarket chains. Business Trends and Strategy Our results are impacted by macroeconomic and demographic trends and changes in consumer behavior. The U.S. economy has experienced economic volatility and uncertainty in recent years, which has had, and we expect might continue to have, an impact on consumer behavior. Consumer spending may continue to be impacted by levels of discretionary income and the impact of that on the consumer\u2019s decision making around their purchases. In addition, inflation continues to impact our business, and fluctuating raw material input costs may continue to impact the costs of our products. In fiscal year 2025, we encountered significant headwinds associated with certain cost inputs, most notably, rising cocoa costs. Record high cocoa costs were fueled by supply deficits, led by significant production declines among the largest producers. Despite an anticipated supply recovery, cocoa market prices continued to remain volatile, and touched record highs in fiscal 2025. These rising costs pressured margins, primarily during the first half of our fiscal year, as they outweighed pricing actions up to that point in time. While overall packaging and raw material inflation, inclusive of the cocoa market, appears to be moderating for fiscal 2026, uncertainty within the supply chain surrounding impacts from the U.S. government\u2019s tariffs on imports could be a potential headwind for the Company in fiscal 2026. Tariffs may increase the cost of certain raw materials and packaging that we use in our business, and our financial performance may be adversely impacted if we are unable to pass on the cost increases in the form of price increases to our customers. Additionally, the ultimate impact of tariffs may be difficult to predict as tariff rates and duration remain uncertain, which can make our planning process more challenging. To help combat these potential headwinds, we continue to pursue operational improvements, as well as expand growth opportuni Item 1. Business General J & J Snack Foods Corp. (the \u201cCompany\u201d or \u201cJ & J\u201d) manufactures snack foods and distributes frozen beverages which it markets nationally to the foodservice and retail supermarket industries. The Company\u2019s principal snack food products are soft pretzels marketed primarily under the brand names SUPERPRETZEL, BRAUHAUS, FEDERAL PRETZEL, and BAVARIAN BAKERY, frozen novelties marketed primarily under the DIPPIN\u2019 DOTS, LUIGI\u2019S, WHOLE FRUIT, ICEE, DOGSTERS, PHILLY SWIRL and MINUTE MAID* brand names, churros marketed primarily under the \u00a1HOLA! brand name, and bakery products sold primarily under the READI-BAKE, COUNTRY HOME, MARY B\u2019S, DADDY RAY\u2019S and HILL & VALLEY brand names as well as for private label and contract packing. We believe we are the largest manufacturer of soft pretzels in the United States. Other snack food products include funnel cake sold under THE FUNNEL CAKE FACTORY brand and handheld products sold under smaller brands. The Company\u2019s principal frozen beverage products are the ICEE brand frozen carbonated beverage and the SLUSH PUPPIE brand frozen non-carbonated beverage. 1 The Company\u2019s Food Service and Frozen Beverages sales are made primarily to foodservice customers including snack bar and food stand locations in leading chain, department, discount, warehouse club and convenience stores; malls and shopping centers; fast food and casual dining restaurants; stadiums and sports arenas; leisure and theme parks; movie theatres; independent retailers; and schools, colleges, and other institutions. The Company\u2019s retail supermarket customers are primarily supermarket chains. * Minute Maid is a registered trademark of the Coca-Cola Company The Company was incorporated in 1971 under the laws of the State of New Jersey. The Company operates in three business segments: Food Service, Retail Supermarkets and Frozen Beverages. These segments are described below. The Chief Operating Decision Maker for Food Service, Retail Supermarkets Item 1A. Risk Factors Our business is subject to numerous risks and uncertainties. You should carefully consider the risks described below, together with all the other information included in this report, in considering our business and prospects. The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertain", "title": "JJSF - J&J SNACK FOODS CORP", "url": "/company/JJSF/" }, { "kind": "company", "summary": "SIC 6552 Land Subdividers & Developers (No Cemeteries); CIK 0000745308; latest 10-K filed 2026-02-25.", "text": "JOE - ST JOE Co SIC 6552 Land Subdividers & Developers (No Cemeteries); CIK 0000745308; latest 10-K filed 2026-02-25. JOE ST JOE Co 0000745308 6552 Land Subdividers & Developers (No Cemeteries) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying audited consolidated financial statements and the related notes included in this Form 10-K. The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements are forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including the risks and uncertainties described in \u201cRisk Factors\u201d in this Form 10-K. Our actual results may differ materially from those contained in or implied by any forward-looking statements. We assume no obligation to revise or publicly release any revision to any forward-looking statements contained in this Form 10-K, unless required by law. Business Overview St. Joe is a diversified real estate development, asset management and operating company with all of its real estate assets and operations in Northwest Florida. We intend to use existing assets for residential, hospitality and commercial ventures. We have significant residential and commercial land-use entitlements. We actively seek higher and better uses for our real estate assets through a range of development activities. As part of our core business strategy, we have created a meaningful portion of our business through JVs. We enter into these arrangements for the purposes of developing real estate and other business activities, which we believe allows us to complement our growth strategy, leverage industry expertise and diversify our business. We may partner with or explore the sale of discrete assets, such as our sale of a senior living community property in September 2025, in order to optimize resource allocation and maximize value. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information. We seek to continue to enhance the value of our owned real estate assets by developing residential, hospitality and commercial projects to meet market demand. Approximately 87% of our real estate is located in Florida\u2019s Bay, Gulf, and Walton counties. Approximately 90% of our real estate land holdings are located within fifteen miles of the Gulf. We believe our present capital structure, liquidity and land provide us with years of opportunities to increase recurring revenue and long-term value for our shareholders. We intend to continue to focus on our core business activity of real estate development, asset management and operations by developing long-term, scalable residential communities, growing our hospitality offerings and expanding our portfolio of income producing commercial properties. We continue to develop a broad range of asset types that we believe will provide acceptable rates of return, grow recurring revenues and support future business. Capital commitments will be funded with cash proceeds from completed projects, existing cash, owned-land, partner capital and financing arrangements. These investments are made with a long-term value creation perspective. Timing of projects may be subject to delays caused by factors beyond our control. We may also choose to operate rather than lease assets, lease rather than sell assets, or sell improved rather than unimproved land that may delay revenue and profits. Our real estate investment strategy focuses on projects that meet long-term risk-adjusted return criteria. Our practice is to only incur such expenditures when our analysis indicates that a project will generate a return equal to or greater than the threshold return over its life. Highlights for the year ended December 31, 2025 compared to the year ended December 31, 2024 include: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Net income attributable to the Company increased by 55.8% to $115.6 million, or $2.00 per share, during Item 1. Business As used throughout this Annual Report on Form 10-K (\u201cForm 10-K\u201d), the terms \u201cSt. Joe,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d include The St. Joe Company, its consolidated subsidiaries and consolidated joint ventures unless the context indicates otherwise. Description St. Joe was incorporated in the State of Florida in 1936. We are a diversified real estate development, asset management and operating company. As of December 31, 2025, we owned 165,000 acres of land in Northwest Florida, compared to 167,000 acres and 168,000 acres as of December 31, 2024 and 2023, respectively. A portion of our land is within the Bay-Walton Sector Plan (\u201cSector Plan\u201d) that entitles or gives legal rights for us to originally develop over 170,000 residential dwelling units, over 22 million square feet of retail, commercial and industrial space and over 3,000 hotel rooms on lands within Florida\u2019s Bay and Walton counties. We also have additional entitlements, or legal rights, to develop acreage outside of the Sector Plan. Approximately 87% of our real estate is located in Florida\u2019s Bay, Gulf, and Walton counties. Approximately 90% of our real estate land holdings are located within fifteen miles of the Gulf of America, formerly known as the Gulf of Mexico (the \u201cGulf\u201d). For additional information regarding our properties, see Item 2. Properties included in this Form 10-K. Our operations span residential, hospitality, and commercial segments, offering a comprehensive range of real estate activities and lifestyle amenities. In our residential segment, we primarily develop and sell homesites across multiple communities, primarily to homebuilders and on a limited basis to retail customers. Through an unconsolidated joint venture (\u201cJV\u201d) homes are being constructed and sold in the Latitude Margaritaville Watersound community, an approximately 3,700-home active adult residential development. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional infor Item 1A. Risk Factors Forward-Looking Statements This Form 10-K contains \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. These statements include, among other things, information about possible or assumed future results of the business and", "title": "JOE - ST JOE Co", "url": "/company/JOE/" }, { "kind": "company", "summary": "SIC 6311 Life Insurance; CIK 0001822993; latest 10-K filed 2026-02-24.", "text": "JXN - Jackson Financial Inc. SIC 6311 Life Insurance; CIK 0001822993; latest 10-K filed 2026-02-24. JXN Jackson Financial Inc. 0001822993 6311 Life Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview The following executive summary of Management\u2019s Discussion and Analysis of Financial Condition and Results of Operation highlights selected information and may not contain all the information that is important to current or potential investors in our securities. You should read this Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the \"Form 10-K\") in its entirety for a more detailed description of events, trends, uncertainties, risks and critical accounting estimates affecting us. Discussion related to the Company's comparison of 2024 results to 2023 results of operations has been omitted in this Form 10-K. The Company's comparison of 2024 results to 2023 results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 26, 2025, (the \"2024 Annual Report\"), under Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations. Jackson Financial Inc. (\u201cJackson Financial\u201d or \u201cJFI\u201d), along with its subsidiaries (collectively, the \u201cCompany,\u201d which also may be referred to as \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d), is a financial services company. Jackson Financial, domiciled in the state of Delaware, United States (\u201cU.S.\u201d), became an independent public company on September 13, 2021. Jackson National Life Insurance Company (\"Jackson\") is licensed to sell group and individual annuity products (including immediate, registered index-linked, deferred fixed, fixed index, fixed and variable annuities), and various protection products, primarily whole life, universal life, variable universal life and term life insurance products, in all 50 states and the District of Columbia. Executive Summary We help Americans in the U.S. grow and protect their retirement savings and income to secure their financial future. We believe that we are uniquely positioned in our markets because of our differentiated products, well-known brand and disciplined risk management. Our market position is supported by our efficient and scalable operating platform and industry-leading distribution network. We believe these core strengths will enable us to grow profitably as an aging U.S. population transitions into retirement. We earn revenues predominantly from fee income, spread income resulting from what we earn on investments versus the interest we credit to contract holders, and margins on other insurance products. Our profitability is dependent on our ability to properly price and manage risk on insurance and annuity products, manage our portfolio of investments effectively, and control costs through expense discipline. Due to funds withheld reinsurance arrangements, including the Athene Reinsurance Transaction, we hold significant assets whose investment performance accrues to the benefit of the related reinsurer. We experience net income volatility because we do not directly use hedging to offset the movement in our U.S. generally accepted accounting principles (\"U.S. GAAP\") market risk benefit liabilities as market conditions change from period to period. Our core dynamic hedging program seeks to offset impacts of equity market and interest rate movements on the economic liabilities associated with variable annuity guaranteed benefits and with annuities subject to index interest crediting (RILA and FIA), while our macro hedging program seeks to provide additional liquidity and statutory capital protection as needed. As a result, the changes in the fair value of the derivatives used as part of our overall hedging program are not expected to match the movements in the market risk benefit liabilities resulting in volatility from changes in fair value recorded to net income. Accordingly, we evaluate and manage the performance of our business using Adjusted Operating Earnings, a non-GAAP financial measure, which reduces the impact of market vol Item 1. Business Overview Jackson Financial Inc. (\u201cJackson Financial\u201d or \u201cJFI\u201d) is a financial services company focused on helping Americans in the United States (\u201cU.S.\u201d) secure their financial futures. We believe we are well-positioned in our markets because of our differentiated products and our well-known brand among distributors and advisors. Our market position is supported by our efficient and scalable operating platform and industry-leading distribution network. We are confident these core strengths will enable us to grow as an aging U.S. population transitions into retirement. We refer to Jackson Financial and its subsidiaries and affiliates collectively, as the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus.\u201d We offer a diverse suite of annuities to retail investors in the U.S. Our variable annuities have been among the best-selling products of their kind in the U.S. principally due to the differentiated features we offer as compared to our competitors and, in particular the wider range of investment options and greater freedom to invest across multiple investment options. We also offer registered index-linked, fixed index, fixed, and payout annuities. We sell our annuity products through an industry-leading distribution network that includes independent broker-dealers, wirehouses, regional broker-dealers, banks, independent registered investment advisors, third-party platforms, and insurance agents. We were the seventh largest retail annuity company in the U.S. for the nine months ended September 30, 2025, and the eighth largest for the year ended December 31, 2024, as measured by sales, according to the latest available report from Life Insurance Marketing and Research Association (\"LIMRA\"), a worldwide insurance and related financial services trade association. Our total retail annuity sales for the years ended December 31, 2025 and 2024 were $19.7 billion and $17.8 billion, respectively. Our operating platform is scalable and efficient. We administer approximately Item 1A. Risk Factors You should carefully consider the risk factors below, in addition to the other information in this Form 10-K, when evaluating our Company. These risk factors are important to understanding this Form 10-K and other reports we file with the SEC, as well as understanding our business. The risks described below are not the only ones w", "title": "JXN - Jackson Financial Inc.", "url": "/company/JXN/" }, { "kind": "company", "summary": "SIC 3550 Special Industry Machinery (No Metalworking Machinery); CIK 0000886346; latest 10-K filed 2026-03-03.", "text": "KAI - KADANT INC SIC 3550 Special Industry Machinery (No Metalworking Machinery); CIK 0000886346; latest 10-K filed 2026-03-03. KAI KADANT INC 0000886346 3550 Special Industry Machinery (No Metalworking Machinery) Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Management's Discussion and Analysis of Financial Condition and Results of Operations should be read together with the consolidated financial statements and related notes set forth in Item 8, \"Financial Statements and Supplementary Data.\" The following discussion also contains forward-looking statements, including the outlook for our business, that involve a number of risks and uncertainties. See Part I, \"Forward-Looking Statements,\" for a discussion of the forward-looking statements contained below and Part I, Item 1A, \"Risk Factors,\" for a discussion of certain risks that could cause our actual results to differ materially from the results anticipated in such forward-looking statements. A detailed discussion of the year-over-year results for 2024 compared with 2023 can be found in Part II, Item 7, \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" of our Annual Report on Form 10-K for the fiscal year ended December 28, 2024, filed with the SEC. Overview Company Background We are a global supplier of technologies and engineered systems that drive Sustainable Industrial Processing\u00ae. Our products and services play an integral role in enhancing efficiency, optimizing energy utilization, and maximizing productivity in process industries while helping our customers advance their sustainability initiatives with products that reduce waste or generate more yield with fewer inputs, particularly fiber, energy, and water. Producing more while consuming less is a core aspect of Sustainable Industrial Processing and a major element of the strategic focus of our businesses. Our financial results are reported in three reportable segments consisting of our Flow Control segment, Industrial Processing segment, and Material Handling segment. We have aggregated our operating segments into reportable segments where they contained similar products and economic characteristics, and shared similar types of customers, and production and distribution methods. Our Flow Control segment consists of our fluid-handling and doctoring, cleaning, & filtration operating segments and our Industrial Processing segment consists of our wood processing and fiber processing operating segments. See Note 11, Business Segment and Geographical Information, in the accompanying consolidated financial statements for a description of and financial information on our reportable segments. Industry and Business Overview Our consolidated bookings increased 5% to a record $1.034 billion in 2025 compared to 2024, driven by strong demand for our parts and consumables products and contributions from our recent acquisitions. Demand for our capital equipment products in 2025 was consistent with the prior year, as market uncertainty impacted our customers' capital investment decisions. This uncertainty was driven by escalating tariff rates and economic policies impacting manufacturers\u2019 operating costs. Persistent tariff uncertainty and ongoing trade negotiations continue to impact market conditions. This evolving trade environment has resulted in longer quote-to-order conversion times for capital orders. While customers continue to invest in maintenance and mission-critical equipment, those with discretion over project timing are deferring capital expenditures pending greater clarity regarding input costs and broader economic conditions. This impact is more pronounced in our Industrial Processing segment, where average capital order values are significantly higher than in our other segments. From a geographic perspective, volatility in tariffs and trade policies has contributed to market uncertainty in North America, leading to cautious spending by manufacturers. In Europe, cost pressures and ongoing economic uncertainty related to trade tensions and geopolitical risks continue to impact market activity. In China, although government-led initia Item 1. Business Throughout this Annual Report on Form 10-K, when we use the terms \"we,\" \"us,\" \"our,\" \"Registrant,\" and the \"Company,\" we mean Kadant Inc., and its consolidated subsidiaries, taken as a whole, unless the context otherwise indicates. Kadant Inc. trades on the New York Stock Exchange under the ticker symbol \"KAI.\" Unless otherwise noted, references to 2025, 2024, and 2023 in this Annual Report on Form 10-K are to our fiscal years ended January 3, 2026, December 28, 2024, and December 30, 2023, respectively. Description of Our Business We are a global supplier of technologies and engineered systems that drive Sustainable Industrial Processing\u00ae. Our products and services play an integral role in enhancing efficiency, optimizing energy utilization, and maximizing productivity in process industries while helping our customers advance their sustainability initiatives with products that reduce waste or generate more yield with fewer inputs, particularly fiber, energy, and water. Producing more while consuming less is a core aspect of Sustainable Industrial Processing and a major element of the strategic focus of our three reportable segments: Flow Control, Industrial Processing, and Material Handling. We have a long and well-established history of developing, manufacturing, and servicing a range of products and equipment used in process industries such as paper, packaging, and tissue; wood products; mining; metals; food processing; and recycling and waste management, among others. Some of our businesses or their predecessor companies have been in operation for more than 100 years. Our diverse customer base includes global and regional industrial manufacturers and distributors who participate in the broader resource transformation sector. We believe we have one of the largest installed bases of equipment in the markets we serve around the globe. We expect that a significant driver of our long-term growth will be the acquisition of businesses and tech Item 1A. Risk Factors Our business, results of operations and financial condition, and an investment in our securities, are subject to a number of risks. The risks and uncertainties described below are those that we have identified as material, but are not the only risks and uncertainties we face. Our bu", "title": "KAI - KADANT INC", "url": "/company/KAI/" }, { "kind": "company", "summary": "SIC 3350 Rolling Drawing & Extruding of Nonferrous Metals; CIK 0000811596; latest 10-K filed 2026-02-19.", "text": "KALU - KAISER ALUMINUM CORP SIC 3350 Rolling Drawing & Extruding of Nonferrous Metals; CIK 0000811596; latest 10-K filed 2026-02-19. KALU KAISER ALUMINUM CORP 0000811596 3350 Rolling Drawing & Extruding of Nonferrous Metals Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included in Item 8. \u201cFinancial Statements and Supplementary Data\u201d of this Form 10-K. For a detailed discussion of items impacting the year ended December 31, 2023, as well as a year\u2011to\u2011year comparison of our financial position and results of operations for the years ended December 31, 2024 and December 31, 2023, refer to Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 20, 2025. Basis of Presentation Effective January 1, 2025, we changed our inventory valuation methodology from LIFO to WAC. The effects of this change in accounting principle have been retrospectively applied to all periods presented with a cumulative effect adjustment reflected in the January 1, 2023 beginning retained earnings. See Note 18 of our consolidated financial statements included in Item 8. \u201cFinancial Statements and Supplementary Data\u201d of this Form 10-K for further information. Prior period information provided in this Management\u2019s Discussion and Analysis has been updated to reflect the retrospective application of the change in accounting principle. Non-GAAP Financial Measures This information contains certain non-GAAP financial measures. A non-GAAP financial measure is defined as a numerical measure of a company\u2019s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with US GAAP in the statements of income, balance sheets, or statements of cash flows of the company. We have provided a reconciliation of non-GAAP financial measures to the most directly comparable financial measure in the accompanying tables. We have also provided a discussion of the reasons we believe that presentation of the non-GAAP financial measures provides useful information to investors, as well as any additional ways in which we use the non-GAAP financial measures. The non-GAAP financial measures used in the following discussions are Conversion Revenue (defined as Net Sales less the Hedged Cost of Alloyed Metal, see below in \u201cMetal Pricing Policies\u201d discussion), Adjusted EBITDA and ratios related thereto. These measures are presented because management uses this information to monitor and evaluate financial results and trends and believes this information to also be useful for investors. In the discussion of operating results below, we refer to certain items as \u201cnon-run-rate items.\u201d For purposes of such discussion, non-run-rate items are items that, while they may recur from period-to-period: (i) are particularly material to results; (ii) affect costs primarily as a result of external market factors; and (iii) may not recur in future periods if the same level of underlying performance were to occur. Non-run-rate items are part of our business and operating environment but are worthy of being highlighted for the benefit of readers of our financial statements. Our intent is to allow users of the financial statements to consider our results both in light of and separately from such items. For a reconciliation of Conversion Revenue to Net sales and Adjusted EBITDA to Net income, see below in \u201cResults of Operations - Selected Operational and Financial Information.\u201d Metal Pricing Policies A fundamental part of our business model is to remain neutral to the impact from fluctuations in the market price for aluminum and certain alloys, thereby earning profit predominantly from the conversion of aluminum into semi-fabricated mill products. We refer to this as \u201cmetal price neutrality.\u201d We purchase primary, rolling ingot and scrap, or recycled, aluminum, our main raw material, and alloys at prices t Item 1. Business Availability of Information We file Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Proxy Statements, any amendments to those reports and statements and other information with the SEC. You may obtain the documents that we file electronically from the SEC\u2019s website at http://www.sec.gov. Our filings with the SEC are made available free of charge on our website at http://www.kaiseraluminum.com as soon as reasonably practicable after we file or furnish the materials with the SEC. News releases, announcements of upcoming earnings calls and events in which our management participates or hosts with members of the investment community and an archive of webcasts of such earnings calls and investor events and related investor presentations, are also available on our website. Information on our website is not incorporated into this Form 10-K unless expressly noted. 4 Business Overview Leading positions in select end markets Kaiser Aluminum Corporation, a Delaware corporation, manufactures and sells semi-fabricated specialty aluminum mill products that include flat-rolled (plate, sheet, and coil), extruded (rod, bar, hollows, and shapes), drawn (rod, bar, pipe, tube, and wire), and certain cast aluminum products. We strategically focus our business on select end markets with demanding applications and high barriers to entry, where we believe we have sustainable competitive advantages that allow us to earn premium pricing and generate long-term profitable growth. The end market applications on which we have historically focused include: (i) Aero/HS Products; (ii) Packaging; (iii) GE Products; and (iv) Automotive Extrusions. These technically challenging applications leverage our core metallurgical and process technology capabilities to produce highly engineered mill products with differentiated characteristics that are required for the particular end uses. We strive to strengthen our competitive position through Item 1A. Risk Factors In addition to the factors discussed elsewhere in this Form 10-K, the risks described below are those that we believe are material to our company. The occurrence of any of the events discussed below could significantly and adversely affect our business, prospects, fin", "title": "KALU - KAISER ALUMINUM CORP", "url": "/company/KALU/" }, { "kind": "company", "summary": "SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001395942; latest 10-K filed 2026-02-18.", "text": "OPLN - OPENLANE, Inc. SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001395942; latest 10-K filed 2026-02-18. OPLN OPENLANE, Inc. 0001395942 5500 Retail-Auto Dealers & Gasoline Stations Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made in this report that are not historical facts (including, but not limited to, expectations, estimates, assumptions and projections regarding the industry, business, future operating results, anticipated cash requirements and macroeconomic conditions) may be forward-looking statements. Words such as \"should,\" \"may,\" \"will,\" \"would,\" \"could,\" \"can,\" \"of the opinion,\" \"confident,\" \"anticipates,\" \"expects,\" \"intends,\" \"plans,\" \"predicts,\" \"projects,\" \"believes,\" \"seeks,\" \"estimates\" \"continues,\" \"contemplates,\" \"outlook,\" \"position,\" \"initiatives,\" \"goals,\" \"targets,\" \"opportunities\" and similar expressions identify forward-looking statements. Such statements, including statements regarding market conditions; our future growth and profitability; anticipated cost savings; revenue increases, credit losses and capital expenditures; contractual obligations; common stock repurchases; changes in the value of foreign currencies relative to the U.S. dollar; tax rates and assumptions; the effects of macroeconomic conditions and geopolitical events (including but not limited to tariffs and trade policies) on our business and industry; business strategies; strategic initiatives, acquisitions and dispositions; business and industry trends and challenges; our competitive position and retention of customers; our use of artificial intelligence technologies; and our continued investment in information technology, among others, are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in Item 1A. \"Risk Factors\" of this Annual Report on Form 10-K and those described from time to time in our future reports filed with the Securities and Exchange Commission. Many of these risk factors are outside of our control, and as such, they involve risks which are not currently known that could cause actual results to differ materially from those discussed or implied herein. Moreover, we operate in a competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this report. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this report may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. In addition, the global economic climate and general market, political, economic, and business conditions may amplify many of these risks. The forward-looking statements in this report are made as of the date of this report and we do not undertake to update our forward-looking statements. Automotive Industry and Economic Impacts on our Business We are dependent on the supply of used vehicles in the wholesale market, and our financial performance depends, in part, on conditions in the automotive industry. The supply chain issues and market conditions the automotive industry experienced in 2020-2023, including the disruption of new vehicle production, low new vehicle supply and historically high used vehicle p Item 1. Business Overview OPENLANE is a leading digital marketplace for wholesale used vehicles operating in the United States, Canada and Europe. Our technology and people connect the leading automotive manufacturers, dealers, rental companies, fleet operators, captive finance and lending institutions as buyers and sellers to facilitate approximately 1.5 million annual vehicle transactions with a gross merchandise value (\"GMV\") of $28.8 billion in 2025. GMV represents the total dollar value of vehicles sold through our marketplaces. Our portfolio of integrated technology, data analytics, financing, logistics and other remarketing solutions, combined with our vehicle logistics centers in Canada, power transactions on our marketplace and help advance our purpose: to make wholesale easy so our customers can be more successful. Vehicles on our marketplaces are typically sold by franchise and independent car dealerships (collectively \"dealer customers\") and by commercial sellers, which include vehicle manufacturers and their captive finance companies, financial institutions, commercial fleet operators and rental car companies (collectively \"commercial customers\"). We generate revenue through buy and sell fees charged to vehicle sellers and buyers on both sides of the transaction, as well as through the sale of value-added ancillary products and services, including SaaS-based remarketing and other supporting technology services, transportation logistics, reconditioning, vehicle inspection and certification, titling, administrative and collateral recovery services and floorplan financing. For the majority of our transactions, we facilitate the transfer of ownership directly from seller to buyer and, generally, we do not take title to, or ownership of, vehicles sold through our marketplaces. However, in some cases, we do sell vehicles we have purchased, for which we do take title and record the gross selling price of the vehicle sold through our marketplaces as reven Item 1A. Risk Factors Investing in our Company involves a high degree of risk. You should carefully consider the following risk factors, as well as all of the other information contained in this Annual Report on Form 10-K, before deciding to invest in our Company. The occurrence of any of the following risks could ma", "title": "OPLN - OPENLANE, Inc.", "url": "/company/OPLN/" }, { "kind": "company", "summary": "SIC 7361 Services-Employment Agencies; CIK 0000056679; latest 10-K filed 2026-06-26.", "text": "KFY - KORN FERRY SIC 7361 Services-Employment Agencies; CIK 0000056679; latest 10-K filed 2026-06-26. KFY KORN FERRY 0000056679 7361 Services-Employment Agencies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements This Annual Report on Form 10-K may contain certain statements that we believe are, or may be considered to be, \u201cforward-looking\u201d statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d). These forward-looking statements generally can be identified by use of statements that include phrases such as \u201cbelieve,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cforesee,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201clikely,\u201d \u201cestimates,\u201d \u201cpotential,\u201d \u201ccontinue\u201d or other similar words or phrases. Similarly, statements that describe our objectives, plans or goals, including the timing and anticipated impacts of our business strategy, expected demand for and relevance of our products and services, and expected results of our business diversification strategy, are also forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause our actual results or outcomes, or the timing of our results or outcomes, to differ materially from those contemplated by the relevant forward-looking statement. The principal risk factors that could cause actual performance, results, outcomes and timing and future actions to differ materially from the forward-looking statements include, but are not limited to, those relating to global and local political and or economic developments in or affecting countries where we have operations, such as inflation, trade wars, global slowdowns, or recessions, competition, geopolitical tensions, shifts in global trade patterns, changes in demand for our services as a result of automation, dependence on and costs of attracting and retaining qualified and experienced consultants, impact of inflationary pressures on our profitability, maintaining our relationships with customers and suppliers and retaining key employees, maintaining our brand name and professional reputation, potential legal liability and regulatory developments, portability of client relationships, consolidation of or within the industries we serve, changes and developments in governmental laws and regulations, evolving investor and customer expectations with regard to corporate responsibility matters, currency fluctuations in our international operations, risks related to growth, alignment of our cost structure, including as a result of workforce, real estate, and other restructuring initiatives, restrictions imposed by off-limits agreements, reliance on information processing systems, cyber security vulnerabilities or events, changes to data security, data privacy, and data protection laws, dependence on third parties for the execution of critical functions, limited protection of our intellectual property (\u201cIP\u201d), our ability to enhance and develop new technology, including artificial intelligence (\u201cAI\u201d), our ability to successfully recover from a disaster or other business continuity problems, employment liability risk, an impairment in the carrying value of goodwill and other intangible assets, the impact of treaties or regulations on our business and our Company, deferred tax assets that we may not be able to use, our ability to develop new products and services, changes in our accounting estimates and assumptions, the utilization and billing rates of our consultants, seasonality, the use of social media platforms, the ability to effect acquisitions and integrate acquired businesses, resulting organizational changes, our indebtedness, the ultimate magnitude and duration of any future pandemics or similar outbreaks, and related restrictions and operational requirements that apply to our business and the businesses of our clients, and any related negative impacts on our business, employees, customers and our ability to provide services in affected regions, and the matters disclosed under the heading Item 1. Business Company Overview Korn Ferry (referred to herein as the \u201cCompany\u201d or in the first-person notations \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d) is a global consulting firm that powers individual and business performance. The impact we create spans entire organizations, but it always starts with people. In every market and every technology shift, strategy sets direction, but people make it happen. They lead, adapt, innovate and execute the work that moves organizations forward. For more than 50 years, Korn Ferry has studied how people and organizations perform. With decades of workforce intelligence and real-world experience, we've built a deep understanding of what drives organizational success, what gets in the way and what needs to change. We put that insight into practice every day. Korn Ferry works across the full organization\u2014from strategy and leadership to hiring, development, rewards, and the roles, skills and workforce models needed for the future. While many firms address individual parts of that system, we look across and connect them. By aligning leaders, teams and organizations around a common definition of success, we help organizations make better decisions, execute with confidence and achieve stronger outcomes. Clients increasingly engage us through integrated, multi-year relationships that span a broad range of offerings and scalable delivery models. Our reach reflects the trust clients place in us. Across fiscal years 2025 and 2026, Korn Ferry worked with 94% of the S&P 100, 82% of the S&P 500, 86% of the S&P Europe 350, and 96% of Fortune\u2019s Top 50 World\u2019s Most Admired. These relationships span regions, industries and business models, reinforcing Korn Ferry\u2019s role as a partner to many of the world\u2019s leading and complex organizations. In fiscal 2026, Korn Ferry was named a Founding Partner of the LA28 Olympic and Paralympic Games and the Official Talent and Organizational Consulting Partner. Entrusted to build and align the 5,000+ people who will pow Item 1A. Risk Factors The discussion below describes the material factors, events, and uncertainties that make an investment in our securities risky, and these risk factors should be considered carefully together with all other information in this Annual Report, including the financial statements and notes thereto. Statements in this section a", "title": "KFY - KORN FERRY", "url": "/company/KFY/" }, { "kind": "company", "summary": "SIC 4922 Natural Gas Transmission; CIK 0001767042; latest 10-K filed 2026-02-26.", "text": "KGS - Kodiak Gas Services, Inc. SIC 4922 Natural Gas Transmission; CIK 0001767042; latest 10-K filed 2026-02-26. KGS Kodiak Gas Services, Inc. 0001767042 4922 Natural Gas Transmission Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations is based on, and should be read in conjunction with, our consolidated financial statements and related notes hereto included under Part II, Item 8.\u2014Financial Statements and Supplementary Data in this Annual Report. The following discussion includes forward-looking statements that involve certain risks and uncertainties. For further information on items that could impact our future operating performance or financial condition, see the sections titled \u201cRisk Factors\u201d and \u201cDisclosure Regarding Forward-Looking Statements\u201d elsewhere in this Annual Report. We assume no obligation to update any of these forward-looking statements, except as required by law. The following discussion includes forward-looking statements that involve certain risks and uncertainties. For further information on items that could impact our future operating performance or financial condition, See Part I \u201cDisclosure Regarding Forward-Looking Statements\u201d and Part I, Item 1A \u201cRisk Factors\u201d. We assume no obligation to update any of these forward-looking statements, except as required by law. Unless otherwise indicated or the context otherwise requires, the historical financial information in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d reflects only the historical financial results of Kodiak Gas Services, Inc. and its consolidated subsidiaries and references to the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d are to Kodiak Gas Services, Inc. and its consolidated subsidiaries. This section primarily discusses 2025 and 2024 items and comparisons between these years. Discussion and analysis of our operating highlights and financial results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 are included under the headings \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations 2024 Operational Highlights, Financial Results of Operations, Liquidity and Capital Resources, and Critical Accounting Policies and Estimates\u201d in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview We are a leading provider and operator of large horsepower contract compression infrastructure in the U.S., supporting the critical movement and processing of natural gas across key production regions. Our Contract Services and related services are critical to our customers\u2019 ability to reliably produce, gather and transport natural gas and oil. We are a market leader in the Permian Basin, which is the largest producing natural gas and oil basin in the U.S. We operate our large horsepower compression units primarily under fixed-revenue contracts with many upstream and midstream customers. Our 36 Table of Contents compression assets have long useful lives consistent with the expected production lives of the key regions where we operate. We believe our customer-centric business model positions us as the preferred contract compression operator for our customers and creates long-standing relationships. We strategically invest in the training, development, and retention of our highly skilled and dedicated employees and believe their expertise and commitment to excellence enhances and differentiates our business model. Furthermore, we maintain an intense focus on being one of the most sustainable and responsible operators of contract compression infrastructure. We manage our business through two operating segments: Contract Services and Other Services. Contract Services consists of operating Company-owned and customer-owned compression, and gas treating and cooling infrastructure, pursuant to fixed-revenue contracts to enable the production and gathering of natural gas and oil. Other Services consists of a broad range of contract services to support ancillary needs of our Item 1. Business Overview We are a leading provider and operator of large horsepower contract compression infrastructure in the U.S, supporting the critical movement and processing of natural gas across key production regions. Through our wholly-owned subsidiary, Kodiak Services, formed in 2011, we have built and operated a substantial fleet of high-reliability compression assets for more than a decade. On July 3, 2023, we completed our IPO and our common stock is currently trading on the New York Stock Exchange (\u201cNYSE\u201d) under the ticker symbol \u201cKGS.\u201d Our business is centered on long\u2011term customer relationships, operational excellence, and disciplined capital deployment, positioning us to deliver stable performance while supporting the essential infrastructure needs of the domestic energy industry. Our business is managed through the following two operating segments: Contract Services and Other Services. Our Contract Services and related services are critical to our customers\u2019 ability to reliably produce, gather and transport natural gas and oil. We are a market leader in the Permian Basin, which is the largest producing natural gas and oil basin in the U.S. We operate our large horsepower compression units under fixed-revenue term contracts with many upstream and midstream customers. We believe large horsepower compression units serve more stable applications, receive longer initial contracts, are more likely to be renewed, and produce higher margins, ultimately generating recurring cash flow and return on invested capital. When properly maintained, our compression assets have long useful lives, consistent with the expected production lives of the key regions where we operate. We believe our customer-centric business model positions us as the preferred contract compression operator for our customers and creates long-standing relationships. We strategically invest in the training, development, and retention of our highly skilled and dedicated employees and be Item 1A. Risk Factors An investment in our common stock involves a high degree of risk. As described in Part I \u201cDisclosure Regarding Forward-Looking Statements,\u201d this Annual Report contains forward-looking statements regarding us, our business, and our industry. The risk factors described below, among others, could cause our actual", "title": "KGS - Kodiak Gas Services, Inc.", "url": "/company/KGS/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0000056978; latest 10-K filed 2025-11-20.", "text": "KLIC - KULICKE & SOFFA INDUSTRIES INC SIC 3674 Semiconductors & Related Devices; CIK 0000056978; latest 10-K filed 2025-11-20. KLIC KULICKE & SOFFA INDUSTRIES INC 0000056978 3674 Semiconductors & Related Devices Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This section of this Form 10-K generally discusses fiscal 2025 and 2024 items and year-to-year comparisons between fiscal 2025 and 2024. Discussions of fiscal 2023 items and year-to-year comparisons between fiscal 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the 2024 Annual Report filed on November 16, 2024 (the \"2024 Annual Report\"). Our Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) is provided in addition to the accompanying consolidated financial statements and notes to assist readers in understanding our results of operations, financial condition, and cash flows. The MD&A is organized as follows: \u2022Overview: Introduction of our operations, key events, business environment, technology leadership, products and services \u2022Critical Accounting Policies and Estimates \u2022Recent Accounting Pronouncements \u2022Results of Operations \u2022Liquidity and Capital Resources \u2022Other Obligations and Contingent Payments Overview For an overview of our business, please see \u201cPart I, Item 1 \u2014 Business\u201d. Critical Accounting Policies and Estimates The preparation of consolidated financial statements requires us to make assumptions, estimates and judgments that affect the reported amounts of assets and liabilities, net revenue and expenses during the reporting periods, and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. On an ongoing basis, we evaluate estimates, including, but not limited to, those related to accounts receivable, reserves for excess and obsolete inventory, carrying value and lives of fixed assets, goodwill and intangible assets, income taxes, equity-based compensation expense and warranties. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable. As a result, we make judgments regarding the carrying values of our assets and liabilities that are not readily apparent from other sources. Authoritative pronouncements, historical experience and assumptions are used as the basis for making estimates, and on an ongoing basis, we evaluate these estimates. Actual results may differ from these estimates. We believe the following critical accounting policies, which have been reviewed with the Audit Committee of our Board of Directors, reflect our more significant judgments and estimates used in the preparation of our consolidated financial statements. Revenue Recognition In accordance with ASC No. 606, Revenue from Contracts with Customers, the Company recognizes revenue when we satisfy performance obligations as evidenced by the transfer of control of our products or services to customers. In general, the Company generates revenue from product sales, either directly to customers or to distributors. In determining whether a contract exists, we evaluate the terms of the agreement, the relationship with the customer or distributor and their ability to pay. The Company recognizes revenue from sales of our products, including sales to our distributors, at a point in time, generally upon shipment or delivery to the customer or distributor, depending upon the terms of the sales order. Control is considered transferred when title and risk of loss pass, when the customer becomes obligated to pay and, where applicable, when the customer has accepted the products or upon expiration of the acceptance period. For sales to distributors, payment is due on our standard commercial terms and is not contingent upon resale of the products. 35 Table of Contents Our business is subject to contingencies related to customer orders, including: \u2022Right of Return: A large portion of our revenue comes from the sale of equipment used in the semiconductor assembly process. Other product sales relate to consumable products, Item 1. BUSINESS Kulicke and Soffa Industries, Inc. (\u201cK&S,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or the \u201cCompany\u201d) is a global leader in semiconductor assembly technology, advancing device performance across automotive, compute, industrial, memory and communications markets. Founded on innovation in 1951, K&S is uniquely positioned to overcome increasingly dynamic process challenges \u2013 creating and delivering long-term value by aligning technology with opportunity. We design, develop, manufacture and sell capital equipment and consumables and provide services used to assemble semiconductor devices, such as integrated circuits, power discretes, light-emitting diode (\u201cLEDs\u201d), and sensors. We also service, maintain, repair and upgrade our equipment and sell consumable aftermarket solutions and services for our and our peer companies\u2019 equipment. Our customers primarily consist of integrated device manufacturers (\u201cIDMs\u201d), outsourced semiconductor assembly and test providers (\u201cOSATs\u201d), foundry service providers, and other electronics manufacturers and automotive electronics suppliers. Our goal is to be the technology leader and the most competitive supplier in terms of performance, cost and quality in each of our major product lines. Accordingly, we invest in research and engineering projects intended to expand our market access and enhance our leadership position in semiconductor assembly. We also remain focused on enhancing our value to customers through higher productivity systems, more autonomous capabilities and continuous improvement and optimization of our operational costs. Delivering new levels of value to our customers is a critically important goal. K&S was incorporated in Pennsylvania in 1956. Our principal offices are located at 23A Serangoon North Avenue 5, #01-01, Singapore 554369 and 1005 Virginia Dr., Fort Washington, PA 19034, and our telephone number in the United States is (215) 784-6000. We maintain a website with the address www.kns.com. We are not including the in Item 1A. RISK FACTORS Semiconductor Industry and Macroeconomic Risks Our operating results and financial condition could be adversely impacted by volatile worldwide economic conditions and unpredictable spending by our customers due to uncertainties in the macroeconomic environment. Though the semiconductor in", "title": "KLIC - KULICKE & SOFFA INDUSTRIES INC", "url": "/company/KLIC/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000860748; latest 10-K filed 2026-02-11.", "text": "KMPR - KEMPER Corp SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000860748; latest 10-K filed 2026-02-11. KMPR KEMPER Corp 0000860748 6331 Fire, Marine & Casualty Insurance Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [[\"Non-GAAP Financial Measures\",\"31\"],[\"Summary of Results\",\"32\"],[\"Catastrophes\",\"34\"],[\"Loss and LAE Reserve Development\",\"35\"],[\"Specialty Property & Casualty Insurance\",\"37\"],[\"Life Insurance\",\"42\"],[\"Investment Results\",\"43\"],[\"Investment Quality and Concentrations\",\"45\"],[\"Investments in Limited Liability Companies and Limited Partnerships\",\"48\"],[\"Insurance, Interest and Other Expenses\",\"49\"],[\"Income Taxes\",\"50\"],[\"Liquidity and Capital Resources\",\"50\"],[\"Contractual Obligations\",\"53\"],[\"Critical Accounting Estimates\",\"55\"],[\"Recently Issued Accounting Pronouncements\",\"61\"]] [[/GREPCENT_TABLE]] 30 NON-GAAP FINANCIAL MEASURES Pursuant to the rules and regulations of the SEC, the Company is required to file consolidated financial statements prepared in accordance with the accounting principles generally accepted in the United States (\u201cGAAP\u201d). The Company is permitted to include non-GAAP financial measures in its filings provided that they are defined along with an explanation of their usefulness to investors, are no more prominent than the comparable GAAP financial measures and are reconciled to such GAAP financial measures. In this report, the Company presents certain measures of its performance on a consolidated and segment basis that are not calculated in accordance with GAAP. We believe that these non-GAAP financial measures enhance the understanding for the Company and our investors of our performance by highlighting the results of operations and the underlying profitability drivers of our business. Segment-specific financial measures are calculated using only the portion of consolidated results attributable to that specific segment. These non-GAAP financial measures should not be considered a substitute for the comparable GAAP financial measures, as they do not fully recognize the overall profitability of the Company\u2019s businesses. Adjusted Consolidated Net Operating Income (Loss) The Company believes that the non-GAAP financial measure of Adjusted Consolidated Net Operating Income (Loss) provides investors with a valuable measure of its ongoing performance because it reveals underlying operational performance trends that otherwise might be less apparent if the items were not excluded. The most directly comparable GAAP financial measure is Net Income (Loss) attributable to Kemper Corporation. Adjusted Consolidated Net Operating Income (Loss) is an after-tax, non-GAAP financial measure and is computed by excluding from Net Income (Loss) attributable to Kemper Corporation the after-tax impact of: (i) Change in Fair Value of Equity and Convertible Securities; (ii) Net Realized Investment Gains (Losses); (iii) Impairment Losses; (iv) Acquisition and Disposition Related Transaction, Integration, Restructuring and Other Costs; (v) Debt Extinguishment, Pension Settlement and Other Charges; (vi) Goodwill Impairment Charges; (vii) Non-Core Operations; and (viii) Significant non-recurring or infrequent items that may not be indicative of ongoing operations Significant non-recurring items are excluded when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, and (b) there has been no similar charge or gain within the prior two years. There were no applicable significant non-recurring items that the Company excluded from the calculation of Adjusted Consolidated Net Operating Income (Loss) for the years ended December 31, 2025, 2024 or 2023. Change in Fair Value of Equity and Convertible Securities, Net Realized Investment Gains (Losses) and Impairment Losses related to investments included in the Company\u2019s results may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions that impact the values of the Company\u2019s investments, the timing of which is unrelated to th Item 1. Business. Kemper is an insurance holding company that offers complementary insurance products, through its subsidiaries, including personal and commercial automobile insurance to consumers in targeted markets and industries. Kemper also offers life and other insurance solutions to customers who desire basic protection for themselves and their families. Kemper\u2019s annual reports on Form 10-K, quarterly reports on Form 10\u2011Q, current reports on Form 8-K and amendments thereto are accessible free of charge through Kemper\u2019s website, kemper.com, and as soon as reasonably practicable after such materials are filed with, or furnished to, the SEC, which also maintains an Internet site at sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Registrant is a holding company incorporated under the laws of the State of Delaware in 1990, with equity securities traded on the New York Stock Exchange (the \u201cNYSE\u201d). On August 25, 2011, Registrant adopted its current name, Kemper Corporation, and changed its NYSE ticker symbol to KMPR. Prior to the name change, the Registrant was known as Unitrin, Inc. and traded under the NYSE ticker symbol UTR. The Kemper family of companies is one of the nation\u2019s leading specialized insurers. With approximately $12.5 billion in assets, Kemper is improving the world of insurance by providing affordable and easy-to-use personalized solutions to individuals, families and businesses through its Kemper Auto and Kemper Life brands. Kemper serves over 4.5 million policies, is represented by more than 24,100 agents and brokers, and has approximately 7,400 associates dedicated to meeting the ever-changing needs of its customers. The Company is engaged, through its subsidiaries, in the property and casualty insurance and life insurance businesses. The Company conducts its operations through two operating segments: Specialty Property & Casualty Insurance and Item 1A. Risk Factors. Kemper is exposed to numerous risk factors that could cause actual results to differ materially from recent results or anticipated future results. The following discussion details the significant risk factors that are specific to the Company. In addition to those described below, the Company\u2019s business, financial condition an", "title": "KMPR - KEMPER Corp", "url": "/company/KMPR/" }, { "kind": "company", "summary": "SIC 3541 Machine Tools, Metal Cutting Types; CIK 0000055242; latest 10-K filed 2025-08-12.", "text": "KMT - KENNAMETAL INC SIC 3541 Machine Tools, Metal Cutting Types; CIK 0000055242; latest 10-K filed 2025-08-12. KMT KENNAMETAL INC 0000055242 3541 Machine Tools, Metal Cutting Types ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in connection with the consolidated financial statements of Kennametal Inc. and the related financial statement notes included in Item 8 of this Annual Report. Unless otherwise specified, any reference to a \u201cyear\u201d is to our fiscal year ended June 30. Additionally, when used in this Annual Report, unless the context requires otherwise, the terms \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d refer to Kennametal Inc. and its subsidiaries. OVERVIEW Kennametal Inc. was founded based on a tungsten carbide technology breakthrough in 1938. The Company was incorporated in Pennsylvania in 1943 as a manufacturer of tungsten carbide metal cutting tooling and was listed on the New York Stock Exchange (NYSE) in 1967. With more than 85 years of materials expertise, the Company is a global industrial technology leader, helping customers across the General Engineering, Transportation, Earthworks, Energy and Aerospace & Defense end markets manufacture with precision and efficiency. This expertise includes the development and application of tungsten carbides, ceramics, super-hard materials and solutions used in metal cutting and extreme wear applications to keep customers up and running longer against conditions such as corrosion and high temperatures. Our standard and custom product offering spans metal cutting and wear applications including turning, milling, hole making, tooling systems and services, as well as specialized wear components and metallurgical powders. End users of the Company's metal cutting products include manufacturers engaged in a diverse array of industries including: the manufacturers of transportation vehicles and components, machine tools and light and heavy machinery; airframe and aerospace components; and energy-related components for the oil and gas industry, as well as power generation. The Company\u2019s wear and metallurgical powders are used by producers and suppliers in equipment-intensive operations such as road construction, mining, quarrying, oil and gas exploration, refining, production and supply, and for aerospace and defense. Throughout Management's Discussion and Analysis of Financial Condition and Results of Operations (the MD&A), we refer to measures used by management to evaluate performance. We also refer to a number of financial measures that are not defined under accounting principles generally accepted in the United States of America (U.S. GAAP), including organic sales growth (decline), constant currency regional sales growth (decline) and constant currency end market sales growth (decline). The explanation at the end of the MD&A provides the definition of these non-GAAP financial measures as well as details on their use and a reconciliation to the most directly comparable GAAP financial measures. Sales of $1,966.8 million in 2025 decreased 4 percent from $2,046.9 million in 2024, reflecting an organic sales decline of 4 percent and an unfavorable currency exchange effect of 1 percent, partially offset by a favorable business days effect of 1 percent. Operating income was $143.1 million, or 7.3 percent margin, compared with $170.2 million, or 8.3 percent margin, in the prior year. The decrease in operating income was primarily due to lower sales and production volumes, higher wages and general inflation, unfavorable foreign currency exchange of approximately $6 million and the net effect of increased tariffs of approximately $4 million. These factors were partially offset by restructuring benefits of approximately $23 million, pricing, lower raw material costs, an incremental year-over-year benefit of approximately $13 million from an advanced manufacturing production credit under the Inflation Reduction Act within the Infrastructure segment, and a net benefit of $12 million within the Infrastructure segment related to the tornado that struck the Rogers, Arkansas facility late in fiscal 2 ITEM 1 - BUSINESS OVERVIEW With more than 85 years of materials expertise, Kennametal Inc. (the Company) is a global industrial technology leader, that helps customers across the General Engineering, Transportation, Earthworks, Energy and Aerospace & Defense end markets build their products with precision and efficiency. The Company was founded based on a tungsten carbide technology breakthrough in 1938 and was incorporated in Pennsylvania in 1943 as a manufacturer of tungsten carbide metal cutting tooling. In 1967, it was listed on the New York Stock Exchange (NYSE) with the stock ticker KMT. The Company's core expertise includes the development and application of tungsten carbides, ceramics, super-hard materials and solutions used in metal cutting and extreme wear applications to keep customers up and running longer against conditions such as corrosion and high temperatures. We bring together material science, technical expertise, innovation and customer service in a way that allows us to anticipate customers' needs and help them overcome problems and achieve their manufacturing objectives. Our standard and custom product offering spans metal cutting and wear applications including turning, milling, hole making, tooling systems and services, as well as specialized wear components and metallurgical powders. End users of the Company's metal cutting products include manufacturers engaged in a diverse array of industries including: transportation vehicles and components, machine tools and light and heavy machinery; airframe and aerospace components; and energy-related components for the oil and gas industry, as well as power generation. The Company\u2019s wear and metallurgical powders are used by producers and suppliers in equipment-intensive operations such as road construction, mining, quarrying, oil and gas exploration, refining, production and supply, and for aerospace and defense. Unless otherwise specified, any reference to a \u201cyear\u201d refers to our fiscal year end", "title": "KMT - KENNAMETAL INC", "url": "/company/KMT/" }, { "kind": "company", "summary": "SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001170010; latest 10-K filed 2026-04-15.", "text": "KMX - CARMAX INC SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001170010; latest 10-K filed 2026-04-15. KMX CARMAX INC 0001170010 5500 Retail-Auto Dealers & Gasoline Stations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is provided as a supplement to, and should be read in conjunction with, our audited consolidated financial statements and the accompanying notes presented in Item 8. Consolidated Financial Statements and Supplementary Data. Note references are to the notes to consolidated financial statements included in Item 8. Certain prior year amounts have been reclassified to conform to the current year\u2019s presentation. All references to net earnings per share are to diluted net earnings per share. Amounts and percentages may not total due to rounding. OVERVIEW See Part I, Item 1 for a detailed description and discussion of the company\u2019s business. CarMax is the nation\u2019s largest retailer of used vehicles. We operate in two reportable segments: CarMax Sales Operations and CarMax Auto Finance (\u201cCAF\u201d). Our CarMax Sales Operations segment consists of all aspects of our auto merchandising and service operations, excluding financing provided by CAF. Our CAF segment consists solely of our own finance operation that provides financing to customers buying retail vehicles from CarMax. CarMax Sales Operations Our sales operations segment consists of retail sales of used vehicles and related products and services, such as wholesale vehicle sales; the sale of extended protection plan (\u201cEPP\u201d) products, which include extended service plans (\u201cESPs\u201d) and guaranteed asset protection (\u201cGAP\u201d); advertising and subscription revenues; and vehicle repair service. We offer competitive, no-haggle prices; a broad selection of CarMax Quality Certified used vehicles; value-added EPP products; and superior customer service. Our omni-channel experience provides a common platform across all of CarMax that leverages our scale, nationwide footprint and infrastructure and empowers our customers to buy a vehicle on their terms, whether online, in-store or through a seamless combination of both. Our associates, stores, technology and digital capabilities seamlessly tied together enable us to provide the most customer-centric car buying and selling experience, a key differentiator in a large and fragmented market. Our customers finance the majority of the retail vehicles purchased from us, and availability of on-the-spot financing is a critical component of the sales process. We provide financing to qualified retail customers through CAF and our arrangements with industry-leading third-party finance providers. All of the finance offers, whether by CAF or our third-party providers, are backed by a 3-day payoff option. CarMax Auto Finance In addition to third-party finance providers, we provide vehicle financing through CAF, which offers financing solely to customers buying retail vehicles from CarMax. CAF allows us to manage our reliance on third-party finance providers and to leverage knowledge of our business to provide qualifying customers a competitive financing option. As a result, we believe CAF enables us to capture additional profits, cash flows and sales. CAF income primarily reflects the interest and fee income generated by the auto loans held for investment and auto loans held for sale less the interest expense associated with the debt issued to fund these loans, a provision for estimated loan losses on loans held for investment and direct expenses. CAF income does not include any allocation of indirect costs. After the effect of 3-day payoffs and vehicle returns, CAF financed 42.4% of our retail used vehicle unit sales in fiscal 2026. As of February 28, 2026, CAF serviced approximately 1.0 million customer accounts in its $16.37 billion portfolio of auto loans. Management regularly analyzes CAF\u2019s operating results by assessing the competitiveness of our consumer offer, profitability, the performance of its auto loans, including trends in cred Item 1. Business. BUSINESS OVERVIEW CarMax Background CarMax, Inc. delivers an unrivaled customer experience by offering a broad selection of quality used vehicles and related products and services at competitive, no-haggle prices using a customer-friendly sales process. We are the nation\u2019s largest retailer of used vehicles, and we sold 780,684 used vehicles at retail during the fiscal year ended February 28, 2026. We are also one of the nation\u2019s largest operators of wholesale vehicle auctions, with 538,203 vehicles sold during fiscal 2026, and one of the nation\u2019s largest providers of used vehicle financing, servicing approximately 1.0 million customer accounts in our $16.37 billion portfolio of auto loans as of February 28, 2026. Our omni-channel experience provides a common platform across all of CarMax that leverages our scale, national footprint and infrastructure and empowers our customers to buy a vehicle on their terms, whether online, in-store or through a seamless combination of both. Our associates, stores, technology and digital capabilities seamlessly tied together enable us to provide the most customer-centric car buying and selling experience, a key differentiator in a large and fragmented market. CarMax was incorporated under the laws of the Commonwealth of Virginia in 1996. CarMax, Inc. is a holding company and our operations are conducted through our subsidiaries. Under the ownership of Circuit City Stores, Inc. (\u201cCircuit City\u201d), we began operations in 1993 with the opening of our first CarMax store in Richmond, Virginia. On October 1, 2002, the CarMax business was separated from Circuit City through a tax-free transaction, becoming an independent, publicly traded company. As of February 28, 2026, we operated 256 used car stores in 110 U.S. television markets. Our home office is located at 12800 Tuckahoe Creek Parkway, Richmond, Virginia. On June 1, 2021, we completed the acquisition of Edmunds Holding Company (\u201cEdmunds\u201d), one of the mo Item 1A. Risk Factors. We are subject to a variety of risks, the most significant of which are described below. Our business, sales, results of operations and financial condition could be materially adversely affected by any of these risks. These disclosures reflect the company\u2019s beliefs and opinions as to factors that could materially and adversely ", "title": "KMX - CARMAX INC", "url": "/company/KMX/" }, { "kind": "company", "summary": "SIC 3651 Household Audio & Video Equipment; CIK 0001587523; latest 10-K filed 2026-02-09.", "text": "KN - Knowles Corp SIC 3651 Household Audio & Video Equipment; CIK 0001587523; latest 10-K filed 2026-02-09. KN Knowles Corp 0001587523 3651 Household Audio & Video Equipment ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The discussion and analysis presented below refer to and should be read in conjunction with our audited Consolidated Financial Statements and related notes under Item 8. \"Financial Statements and Supplementary Data.\" The following discussion contains forward-looking statements. The matters discussed in these forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those made, projected, or implied in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Form 10-K, particularly in \u201cRisk Factors\u201d and \u201cCautionary Statement Concerning Forward-Looking Statements.\u201d Management\u2019s discussion and analysis, which we refer to as \u201cMD&A,\u201d of our results of operations, financial condition, and cash flows should be read together with the audited Consolidated Financial Statements and accompanying notes included under Item 8. \"Financial Statements and Supplementary Data,\" to provide an understanding of our financial condition, changes in financial condition, and results of our operations. We believe the assumptions underlying the Consolidated Financial Statements are reasonable. However, the Consolidated Financial Statements included herein may not necessarily reflect our results of operations, financial position, and cash flows in the future. Our Business We are a leading manufacturer of specialty electronic components. We design parts that perform unique and critical functions for innovative technologies. Through extreme reliability, custom engineering, and scalable manufacturing, we enable businesses to succeed in the most demanding applications across medtech, defense, industrial, and electrification/energy markets. Our high performance capacitors, radio frequency (\"RF\") filters, advanced medtech microphones, and balanced armature speakers enable and enhance the performance of technologies with the power to change, improve, and save lives. Our focus on the customer, combined with unique technology, proprietary manufacturing techniques, and global operational expertise, enables us to deliver customized solutions across multiple applications. References to \"Knowles,\" the \"Company,\" \"we,\" \"our,\" or \"us\" refer to Knowles Corporation and its consolidated subsidiaries, unless the context otherwise requires. We sell our products directly to original equipment manufacturers (\"OEMs\") and to their contract manufacturers and suppliers and through distributors worldwide. Recent Developments In May 2025, we held an investor day to announce the progress that we have made on our transformation into a premier industrial technology company. Our strategic plan over the last five years was deliberate and paced, starting with a significant shift in investing in research and development and capital expenditures on core technologies. This resulted in a reduction in investment in the consumer market, and an increased investment in our MSA and PD segments. We have aligned our product profile toward the medtech, defense, industrial, and electrification/energy markets, where we see favorable trends. As we focus on what we do best, designing custom engineered products and delivering them at scale for customers and markets that value our solutions, we believe that we are well-positioned for future growth. Our Business Segments At December 31, 2025, we had two reporting segments: (i) PD and (ii) MSA. These segments were determined in accordance with Financial Accounting Standards Board Accounting Standards Codification 280 - Segment Reporting. These segments are aligned around similar product applications serving our key end markets to enhance focus on end market growth strategies. \u2022PD Segment Our PD segment specializes in the custom design and delivery of high performance capacitor products and ITEM 1. BUSINESS Unless the context otherwise requires, references in this Annual Report on Form 10-K to \u201cKnowles,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d refer to Knowles Corporation and its consolidated subsidiaries. Our Company We are a leading manufacturer of specialty electronic components. We design parts that perform unique, critical functions for innovative technologies. Through extreme reliability, custom engineering, and scalable manufacturing, our high-performance capacitors, radio frequency (\u201cRF\u201d) filters, advanced microphones, and balanced armature speakers enable and enhance the most demanding applications across medtech, defense, industrial, and electrification/energy markets with the power to change, improve, and save lives. Founded in 1946 and headquartered in Itasca, Illinois, Knowles has grown into a global organization with approximately 5,200 employees at facilities located in 11 countries around the world. Our Strategy The Company is focused on leveraging its unique technologies to design custom engineered solutions and then deliver them at scale for customers in high growth markets that value our solutions. In our Precision Devices (\"PD\") segment, our high-performance capacitors and RF filtering solutions enable some of the most demanding applications in the defense, industrial, medtech, and electrification/energy markets. Our capacitor portfolio includes products with highly specialized requirements including high voltage, high temperature, and high reliability. We also deliver RF filtering solutions across a broad range of applications and frequencies primarily serving the defense market. We continue to focus on sales growth and improved margins by expanding our presence in profitable markets through organic initiatives and acquisitions. In our Medtech & Specialty Audio (\"MSA\") segment, our primary focus is to deliver high reliability and industry leading balanced armature speakers and microphones to leading hearing health manufacturers ITEM 1A. RISK FACTORS Cautionary Statement Concerning Forward-Looking Statements This Annual Report on Form 10-K contains certain statements regarding business strategies, market potential, future financial performance, future action, results, and any other statements that do not directly relate to any historical or current fact which are \u201cfo", "title": "KN - Knowles Corp", "url": "/company/KN/" }, { "kind": "company", "summary": "SIC 4922 Natural Gas Transmission; CIK 0001692787; latest 10-K filed 2026-02-26.", "text": "KNTK - Kinetik Holdings Inc. SIC 4922 Natural Gas Transmission; CIK 0001692787; latest 10-K filed 2026-02-26. KNTK Kinetik Holdings Inc. 0001692787 4922 Natural Gas Transmission ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read together with the Consolidated Financial Statements and the Notes to Consolidated Financial Statements set forth in Part IV, Item 15 of this Annual Report, and the risk factors and related information set forth in Part I, Item 1A and Part II, Item 7A of this Annual Report. This section of this Annual Report generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are omitted in this Annual Report are incorporated by reference to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 3, 2025. Unless otherwise noted or the context requires otherwise, references herein to Kinetik Holdings Inc., \u201cthe Company\u201d, \u201cus\u201d, \u201cour\u201d, \u201cwe\u201d or similar terms, with respect to time periods prior to February 22, 2022, include BCP and its consolidated subsidiaries and do not include ALTM and its consolidated subsidiaries, while references herein to Kinetik Holdings Inc.,\u201cthe Company\u201d, \u201cus\u201d, \u201cour\u201d, \u201cwe\u201d or similar terms, with respect to time periods from and after February 22, 2022, include ALTM and its consolidated subsidiaries. Overview We are an integrated midstream energy company in the Permian Basin providing comprehensive gathering, transportation, compression, processing and treating services. Our core capabilities include a variety of service offerings including natural gas gathering, transportation, compression, treating and processing; NGLs stabilization and transportation; produced water gathering and disposal; and crude oil gathering, stabilization, storage and transportation. Our operations are strategically located in the heart of the Delaware Basin. Our Operations and Segments We have two reportable segments with revenue streams from various products and services. The Midstream Logistics segment operates under three revenue streams, 1) gas gathering and processing, 2) crude oil gathering, stabilization and storage services and 3) produced water gathering and disposal. The Pipeline Transportation segment consists of two EMI Pipelines originating in the Permian Basin with various access points to the U.S. Gulf Coast and Mexico markets, as well as Kinetik NGL and Delaware Link Pipelines. The pipelines transport natural gas and NGLs within the Permian Basin and to the U.S. Gulf Coast. Midstream Logistics Gas Gathering and Processing. The Midstream Logistics segment provides gas gathering and processing services with over 4,200 miles of low and high-pressure steel pipeline located throughout the Delaware Basin, and over 825,000 horsepower of compression capacity. Gas processing assets are centralized at eight processing complexes with total cryogenic processing capacity of over 2.4 Bcf/d. In addition, the Midstream Logistics segment provides system-wide amine treating and 6.5 MMcf/d of acid gas injection capacity. Crude Oil Gathering, Stabilization and Storage Services. Crude gathering assets are centralized at the Caprock Stampede Terminal and the Pinnacle Sierra Grande Terminal. The system includes approximately 280 miles of gathering pipeline and 90,000 barrels of crude storage. The crude facilities have connections for takeaway transportation into certain facilities operated by Plains All American Pipeline, L.P. 31 Table of Contents Index to Financial Statements Water Gathering and Disposal. The system includes approximately 370 miles of gathering pipeline and approximately 580,000 barrels per day of permitted disposal capacity. Pipeline Transportation EMI Pipelines. The Company owns the following equity interests in two EMI Pipelines in the Permian Basin with access to various points along the U.S. Gulf Coast and Mexico markets: 1) a ITEM 1A. RISK FACTORS We operate in rapidly changing economic and technological environments that present numerous risks, many of which are driven by factors that we cannot control or predict. The following discussion, as well as our discussion in Part II\u2014Item 7\u2014Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations and Item 7A\u2014Quantitative and Qualitative Disclosures About Market Risk, highlights some of these risks. The risks described below are not exhaustive and you should carefully consider these risks and uncertainties before investing in our securities. Business and Operational Risks The majority of the Company\u2019s operating assets are currently located in the Permian Basin, making it vulnerable to risks associated with operating in a single geographic area. The majority of the Company\u2019s wholly owned midstream assets are currently located in the Delaware Basin which is part of the broader Permian Basin. As a result of this concentration, the Company will be disproportionately exposed to the impact of regional supply and demand factors, delays or interruptions of production from wells in this area caused by governmental regulation, obtaining rights-of-way, market limitations, water shortages or restrictions, drought related conditions, or other weather-related conditions or interruption of the processing or transportation of crude oil, natural gas and water. If any of these factors were to impact the Permian Basin more than other producing regions, the Company\u2019s business, financial condition and results of operations could be adversely affected relative to other midstream companies that have a more geographically diversified asset portfolio. Because of the natural decline in production from existing wells, the Company\u2019s success depends, in part, on its ability to maintain or increase throughput volumes on its midstream systems, which depends on its customers\u2019 levels of development and completion activity on its dedicated acre", "title": "KNTK - Kinetik Holdings Inc.", "url": "/company/KNTK/" }, { "kind": "company", "summary": "SIC 2400 Lumber & Wood Products (No Furniture); CIK 0001315257; latest 10-K filed 2026-02-26.", "text": "KOP - Koppers Holdings Inc. SIC 2400 Lumber & Wood Products (No Furniture); CIK 0001315257; latest 10-K filed 2026-02-26. KOP Koppers Holdings Inc. 0001315257 2400 Lumber & Wood Products (No Furniture) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview See description of the segments in Item 1 \u2013 Business. Non-GAAP Financial Measures We utilize certain financial measures that are not in accordance with U.S. generally accepted accounting principles (U.S. GAAP) to analyze and manage the performance of our business. We believe that adjusted EBITDA provides information useful to investors in understanding the underlying operational performance of the company, our business and performance trends, and facilitates comparisons between periods. The exclusion of certain items permits evaluation and a comparison between periods of results for business operations, and it is on this basis that our management internally assesses our performance. Adjusted EBITDA is the measure of profitability we use to evaluate our businesses. In addition, adjusted EBITDA is the primary measure used to determine the level of achievement of management's short-term incentive goals and related payout, as well as one of the measures used to determine performance and related payouts for certain performance share units granted to management. Adjusted EBITDA is a non-GAAP financial measure defined as income before interest expense, income taxes, depreciation, amortization and other adjustments. These other adjustments are items that we believe are not representative of underlying business performance. Adjusted items typically include LIFO inventory effects, impairment, restructuring and plant closure costs, significant gains and losses on asset disposals or business combinations, mark-to- 28 [[GREPCENT_TABLE]] [[\"TABLE OF CONTENTS\",\"\",\"Koppers Holdings Inc. 2025 Annual Report\"]] [[/GREPCENT_TABLE]] market commodity hedging, acquisition-related charges, cloud-computing amortization expenses and other unusual items. The LIFO expense adjustment removes the entire impact of LIFO and effectively reflects the results as if we were on a FIFO inventory basis. An adjusted EBITDA reconciliation is presented in the Segment Results section and reconciles net income to adjusted EBITDA on a consolidated basis. Although we believe adjusted EBITDA enhances investors\u2019 understanding of our business and performance, this non-GAAP financial measure should not be considered an alternative to GAAP financial measures and should be read in conjunction with the relevant GAAP financial measures. Other companies in a similar industry may define or calculate this measure differently than we do, limiting its usefulness as a comparative measure. Because of these limitations, this non-GAAP financial measure should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. Outlook Forward-looking statements, including the guidance below, are based upon current expectations and are subject to factors that could cause actual results to differ materially from those set forth below. Please see \u201cForward-Looking Statements\u201d and \"Risk Factors\" for more information. After considering the current intensely competitive environment, global economic conditions, as well as ongoing uncertainty associated with geopolitical and supply chain challenges, we commenced taking measures to streamline our organization to support an increasingly cost-conscious customer base. These actions, some of which are one-time savings and some of which are expected to be permanent savings, are intended to ensure that we grow our profitability and support a higher margin profile by leveraging a smaller global team highly focused on serving customer preferences. Through the planning phase that occurred throughout 2025, we believe we have identified actionable transformation initiatives to position Koppers for future success, creating a roadmap to reshape our company into a higher earning, higher margin, higher free cash flow and higher return on capital business over the next three years. These initiatives impact all ITEM 1. BUSINESS General In this report, unless otherwise noted or the context otherwise requires, (i) the term Koppers, Koppers Holdings, the Company, we or us refers to Koppers Holdings Inc. and its consolidated subsidiaries, (ii) the term KH refers to Koppers Holdings Inc. and not any of its subsidiaries and (iii) the term KI refers to Koppers Inc. and not any of its subsidiaries. Koppers Inc. is a wholly-owned subsidiary of Koppers Holdings Inc. Koppers Holdings Inc. has substantially no operations independent of Koppers Inc. and its subsidiaries. The use of these terms is not intended to imply that Koppers Holdings Inc. and Koppers Inc. are not separate and distinct legal entities from each other and from their respective subsidiaries. Koppers Holdings Inc. was incorporated in November 2004 as a holding company for Koppers Inc. We are a leading integrated global provider of treated wood products, wood preservation chemicals and carbon compounds. Our products and services are used in a variety of niche applications in a diverse range of end-markets, including the railroad, specialty chemical, utility, residential lumber, agriculture, aluminum, steel, rubber and construction industries. We serve our customers through a comprehensive global manufacturing and distribution network, with manufacturing capabilities in North America, South America, Australasia and Europe. Business Segments and Products We operate three principal business segments: Railroad and Utility Products and Services (RUPS), Performance Chemicals (PC) and Carbon Materials and Chemicals (CMC). We believe our three business segments command leading market positions. Through our RUPS business, we believe that we are the largest supplier of railroad crossties to the Class I railroads in North America and the second largest producer of utility poles in the United States. Through our CMC business, we believe we are the largest global supplier of creosote to the North American railroad industry. T ITEM 1A. RISK FACTORS You should carefully consider the risks described below before investing in our publicly traded securities. Our business is subject to the risks that affect many other companies, such as competition, technological obsolescence, labor relations, general economic conditions, geopolitical event", "title": "KOP - Koppers Holdings Inc.", "url": "/company/KOP/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001711279; latest 10-K filed 2026-02-17.", "text": "KRYS - Krystal Biotech, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001711279; latest 10-K filed 2026-02-17. KRYS Krystal Biotech, Inc. 0001711279 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following information should be read in conjunction with the consolidated financial statements and related notes thereto included in this Annual Report on Form 10-K. In addition to historical information, this report contains forward-looking statements that involve risks and uncertainties. We encourage you to review the risks and uncertainties discussed in the sections entitled Item 1A. \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d included at the beginning of this Annual Report on Form 10-K. The risks and uncertainties can cause actual results to differ materially from those forecast in forward-looking statements or implied in historical results and trends. We caution readers not to place undue reliance on any forward-looking statements made by us, which speak only as of the date they are made. We disclaim any obligation, except as specifically required by law and the rules of the U.S. Securities and Exchange Commission, or SEC, to publicly update or revise any such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. This section of this Annual Report on Form 10-K generally discusses 2025, 2024 and 2023 items and year-to-year comparisons between 2025 and 2024, and 2024 and 2023 of the Company\u2019s results of operations and cash flows. Overview We are a fully integrated, commercial-stage, global biotechnology company focused on the discovery, development, manufacturing, and commercialization of genetic medicines to treat diseases with high unmet medical needs. Using our patented gene therapy technology platform that is based on engineered herpes simplex virus-1 (\u201cHSV-1\u201d), we create vectors that efficiently deliver therapeutic transgenes to cells of interest in multiple organ systems. The cell\u2019s own machinery then transcribes and translates the transgene to treat the disease. Our vectors are amenable to formulation for non-invasive or minimally invasive routes of administration at a healthcare professional\u2019s office or in the patient\u2019s home. Our innovative technology platform is supported by two in-house, commercial scale Current Good Manufacturing Practice (\u201cCGMP\u201d) manufacturing facilities.. Refer to Part I, Item 1 - Business for more information about our commercial product, VYJUVEK\u00ae, clinical development pipeline and research programs, and the status of our product candidates. Our Commercial Product VYJUVEK (beremagene geperpavec-svdt or B-VEC) VYJUVEK is a non-invasive, topical, redosable gene therapy approved in the United States, Europe, and Japan for the treatment of DEB, a rare and severe monogenic disease that affects the skin and mucosal tissues and is caused by one or more mutations in a gene called COL7A1. VYJUVEK is designed to deliver two copies of the COL7A1 gene when applied directly to DEB wounds, providing the patient\u2019s skin cells the template to make normal type VII collagen protein and thereby addressing the fundamental disease-causing mechanism. We are commercializing VYJUVEK directly in the United States, major European markets, and Japan. We launched VYJUVEK in the United States in 2023, in Germany in August 2025, and in France and Japan in October 2025. The launch in France is under the post-marketing authorization early reimbursed access Acc\u00e8s Pr\u00e9coce program. Pricing negotiations are underway in both Germany and France and are expected to continue until at least the second half of 2026 in Germany and 2027 in France. Pricing negotiations were successfully completed in Japan prior to launch. We are advancing pricing discussions with Italian reimbursement authorities to enable a potential launch in Italy in the second half of 2026. We are also preparing regulatory filings for the United Kingdom a Item 1. Business. Overview We are a fully integrated, global, commercial-stage biotechnology company focused on the discovery, development, manufacturing and commercialization of genetic medicines to treat diseases with high unmet medical needs. Using our patented gene therapy technology platform that is based on engineered herpes simplex virus-1 (\u201cHSV-1\u201d), we create vectors that efficiently deliver therapeutic transgenes to cells of interest in multiple organ systems. The cell\u2019s own machinery then transcribes and translates the transgene to treat the disease. Our vectors are amenable to formulation for non-invasive or minimally invasive routes of administration at a healthcare professional\u2019s office or in the patient\u2019s home by a healthcare professional, caregiver, or directly by the patient themselves. Our innovative technology platform is supported by two in-house, commercial scale Current Good Manufacturing Practice (\u201cCGMP\u201d) manufacturing facilities. Our first commercial product, VYJUVEK\u00ae, is now approved in the United States, the European Union (\u201cEU\u201d), and Japan for the treatment of dystrophic epidermolysis bullosa (\u201cDEB\u201d). We launched VYJUVEK in the United States in 2023 and started launching VYJUVEK in Europe and Japan in 2025. Our development pipeline includes multiple clinical stage product candidates for the treatment of rare and serious diseases, and we are investing in research and development to advance and grow this pipeline. We possess exclusive rights to develop, manufacture, and commercialize VYJUVEK and our pipeline product candidates throughout the world. While our focus is on the development of gene therapies to treat patients with rare diseases with high unmet medical needs, we are also evaluating the potential of our platform to address more common severe or life-threatening diseases, such as non-small cell lung cancer (\u201cNSCLC\u201d), as well as aesthetic conditions via our wholly-owned subsidiary Jeune Aesthetics, Inc. (\u201cJeune Aesthetics\u201d), whic ITEM 1A. RISK FACTORS Our business involves significant risks, some of which are described below. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K, including \u201cManagement\u2019s Dis", "title": "KRYS - Krystal Biotech, Inc.", "url": "/company/KRYS/" }, { "kind": "company", "summary": "SIC 5311 Retail-Department Stores; CIK 0000885639; latest 10-K filed 2026-03-19.", "text": "KSS - KOHLS Corp SIC 5311 Retail-Department Stores; CIK 0000885639; latest 10-K filed 2026-03-19. KSS KOHLS Corp 0000885639 5311 Retail-Department Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Executive Summary Kohl's is a leading omnichannel retailer operating 1,153 stores and a website (www.Kohls.com) as of January 31, 2026. Our Kohl's stores and website sell moderately-priced proprietary and national brand apparel, footwear, accessories, beauty, and home products. Our Kohl's stores generally carry a consistent merchandise assortment with some differences attributable to local preferences and store size. Our website includes merchandise which is available in our stores, as well as merchandise that is available only online. Key financial results for 2025 as compared to 2024 include: \u2022 Net sales decreased 4.0%, to $14.8 billion, with comparable sales down 3.1%. \u2022 Gross margin as a percent of net sales was 37.5%, an increase of 34 basis points. \u2022 Selling, general & administration (\"SG&A\") expenses decreased 4.1% year-over-year, to $5.1 billion. As a percentage of total revenue, SG&A expenses were 32.8%, an increase of 5 basis points year-over-year. \u2022 Gain on legal settlement was $129 million from a credit card interchange fee lawsuit settlement. \u2022 Operating income was $624 million compared to $433 million in the prior year. As a percentage of total revenue, operating income was 4.0%, an increase of 135 basis points year-over-year. \u2022 On an adjusted non-GAAP basis, our adjusted operating income was $510 million compared to $509 million in the prior year.(a) As a percentage of total revenue, adjusted operating income was 3.3% compared to 3.1% in the prior year.(a) \u2022 Net income was $272 million, or $2.38 per diluted share. This compares to net income of $109 million, or $0.98 per diluted share in the prior year. \u2022 On an adjusted non-GAAP basis, our adjusted net income was $186 million, or $1.62 per adjusted diluted share.(a) This compares to adjusted non-GAAP net income of $167 million, or $1.50 per adjusted diluted share in the prior year.(a) \u2022 Cash flow provided by operating activities was $1.4 billion compared to $648 million in the prior year. \u2022 Current portion of long-term debt was reduced by $353 million through repayment of the 4.25% notes due July 2025 at maturity. \u2022 There were no outstanding borrowings under the revolving credit facility compared to $290 million in the prior year. \u2022 Long term debt increased $262 million through issuance of $360 million of 10.000% senior secured notes due 2030, partially offset by open market repurchases of $87 million of our outstanding long term debt. (a) Non-GAAP financial measures. Please see the \u201cGAAP to Non-GAAP Reconciliation\u201d for a reconciliation of adjusted operating income to operating income, adjusted net income to net income, and adjusted diluted earnings per share to diluted earnings per share. Our Strategy Kohl's remains committed to driving long-term shareholder value by providing our customers with great product, great value, and a great experience. To achieve this, we will offer a curated, more balanced assortment that fulfills needs across all customers, reestablish Kohl\u2019s as a leader in value and quality, and deliver a frictionless experience to customers across our omnichannel platforms. 25 Table of Contents Financial and Capital Outlook For fiscal year 2026, the Company currently expects the following: \u2022 Net sales and Comparable sales: A decrease of (2%) to flat \u2022 Adjusted operating margin: In the range of 2.8% to 3.4% (b) \u2022 Adjusted diluted EPS: In the range of $1.00 to $1.60 (b) \u2022 Capital Expenditures: Approximately $350 million to $400 million \u2022 Dividend: On February 25, 2026, Kohl\u2019s Board of Directors declared a quarterly cash dividend on the Company\u2019s common stock of $0.125 per share. The dividend is payable April 1, 2026 to shareholders of record at the close of business on March 18, 2026. (b) Non-GAAP financial measures. The Company provides adjusted operating margin and adjusted diluted earnings per share on a non-GAAP basis and do Item 1. Business Kohl\u2019s Corporation (the \u201cCompany,\" \u201cKohl\u2019s,\u201d \"we,\" \"our,\" or \"us\") was organized in 1988 and is a Wisconsin corporation. As of January 31, 2026, we operated 1,153 Kohl's stores and a website (www.Kohls.com). Our Kohl's stores and website sell moderately-priced proprietary and national brand apparel, footwear, accessories, beauty, and home products. Our Kohl's stores generally carry a consistent merchandise assortment with some differences attributable to local preferences and store size. Our website includes merchandise which is available in our stores, as well as merchandise that is available only online. Our merchandise mix includes both national brands and proprietary brands that are available only at Kohl's. Our proprietary portfolio includes well-known established brands such as Apt. 9, Croft & Barrow, FLX, Jumping Beans, SO, Sonoma Goods for Life, and Tek Gear, and exclusive brands that are developed and marketed through agreements with nationally-recognized brands such as LC Lauren Conrad, Nine West, and Simply Vera Vera Wang. Compared to national brands, proprietary brands generally have lower selling prices, but higher gross margins. The following graphs summarize our net sales penetration by line of business and brand type over the last three years: Our fiscal year ends on the Saturday closest to January 31st each year. Unless otherwise stated, references to years in this report relate to fiscal years rather than to calendar years. The following fiscal periods are presented in this report: [[GREPCENT_TABLE]] [[\"Fiscal Year\",\"Ended\",\"Number of Weeks\"],[\"2025\",\"January 31, 2026\",\"52\"],[\"2024\",\"February 1, 2025\",\"52\"],[\"2023\",\"February 3, 2024\",\"53\"]] [[/GREPCENT_TABLE]] For discussion of our financial results, see Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations.\" 3 Table of Contents Distribution We receive substantially all of our merchandise at our nine retail distribution centers and Item 1A. Risk Factors This Form 10-K contains \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as \"believes,\" \"anticipates,\" \"plans,\" \"may,\" \"intends,\" \"will,\" \"should,\" \"expects,\" and similar expressions are intended to identify forward-looking statements. Forward-looking statements include certain statements und", "title": "KSS - KOHLS Corp", "url": "/company/KSS/" }, { "kind": "company", "summary": "SIC 2320 Men's & Boys' Furnishgs, Work Clothg, & Allied Garments; CIK 0001760965; latest 10-K filed 2026-03-04.", "text": "KTB - Kontoor Brands, Inc. SIC 2320 Men's & Boys' Furnishgs, Work Clothg, & Allied Garments; CIK 0001760965; latest 10-K filed 2026-03-04. KTB Kontoor Brands, Inc. 0001760965 2320 Men's & Boys' Furnishgs, Work Clothg, & Allied Garments ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Management's Discussion and Analysis of Financial Condition and Results of Operations is intended to provide readers of our financial statements with a narrative from management's perspective on our financial condition, results of operations and liquidity as well as certain other factors that may affect our future results. This section should be read in conjunction with the Consolidated Financial Statements and related Notes included in Part IV of this Annual Report on Form 10-K. Refer to Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, in our Form 10-K for the fiscal year ended December 28, 2024, for discussion of the results of operations for the year ended December 28, 2024, compared to the year ended December 30, 2023. The following discussion and analysis includes forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that could cause our actual results to differ materially from those expressed or implied by the forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed in \u201cSpecial Note On Forward-Looking Statements\u201d included in Part I of this Annual Report on Form 10-K and in Part I, Item 1A \"Risk Factors\" in this Annual Report on Form 10-K. Description of Business Kontoor Brands, Inc. (collectively with its subsidiaries, \"Kontoor,\" the \"Company,\" \"we,\" \"us\" or \"our\") is a global lifestyle apparel company, with a portfolio led by three of the world's most iconic consumer brands: Wrangler\u00ae, Lee\u00ae and Helly Hansen\u00ae. The Company designs, manufactures, procures, sells and licenses apparel, footwear and accessories, primarily under the brand names Wrangler\u00ae, Lee\u00ae and Helly Hansen\u00ae. Our products are sold in the United States (\"U.S.\") and internationally, primarily in the Europe, Middle East and Africa (\"EMEA\"), Asia-Pacific (\u201cAPAC\u201d) and Non-U.S. Americas regions. We also license the use of our brands in certain regions. The Company's products are sold through wholesale and direct-to-consumer channels, primarily through mass merchants, outdoor and sporting goods stores, specialty stores, department stores, Company-operated stores, concession retail stores, independently-operated partnership stores, business-to-business through our workwear and uniform businesses and online, including digital marketplaces. In China, our Helly Hansen\u00ae business is operated through a joint venture arrangement. Acquisition of Helly Hansen On May 31, 2025, we completed the acquisition of a group of companies that own and operate the Helly Hansen\u00ae and Musto\u00ae brands, collectively referred to as \"Helly Hansen,\" for initial cash consideration of $1.3 billion Canadian dollars, equivalent to $957.5 million U.S. dollars. The purchase price was funded by indebtedness and cash on hand. Helly Hansen\u00ae is a premium global outdoor and workwear brand, and Musto\u00ae is a premium sailing and outdoor brand. The acquisition of these brands scales Kontoor's penetration in the large and growing outdoor and workwear markets globally, and diversifies Kontoor's portfolio across geographies, categories, consumers and points of distribution. The results of operations of Helly Hansen have been included in the Company's consolidated financial statements since the completion of the acquisition. Refer to Note 2 to the Company's financial statements in this Form 10-K for additional information. Fiscal Year and Basis of Presentation The Company operates and reports using a 52/53-week fiscal year ending on the Saturday closest to December 31 of each year. For presentation purposes herein, all references to years ended December 2025, December 2024 and December 2023 correspond to the 53-week fiscal year ended January 3, 2026, and the 52-week fiscal years ended December 28, 2024, and December 30, 2023, res ITEM 1. BUSINESS. Overview Kontoor Brands, Inc. (collectively with its subsidiaries, \"Kontoor,\" the \"Company,\" \"we,\" \"us\" or \"our\") is a global lifestyle apparel company, with a portfolio led by three of the world's most iconic consumer brands: Wrangler\u00ae, Lee\u00ae and Helly Hansen\u00ae. The Company designs, manufactures, procures, sells and licenses apparel, footwear and accessories, primarily under the brand names Wrangler\u00ae, Lee\u00ae and Helly Hansen\u00ae. Our products are sold through wholesale and direct-to-consumer channels in the United States (\"U.S.\") and internationally, primarily in the Europe, Middle East and Africa (\"EMEA\"), Asia-Pacific (\u201cAPAC\u201d) and Non-U.S. Americas regions. We also license the use of our brands in certain regions. Kontoor is headquartered in the U.S. with a presence in over 90 countries and is focused on leveraging its global platform, strategic sourcing model and supply chain to drive brand growth and deliver long-term value for its stakeholders. Our portfolio of brands has a rich history and heritage of delivering technical and innovative products in the denim, outdoor, workwear, footwear and accessory categories. We focus on continuously improving the most important elements of our products, which include fit, fabric, finish, technical performance and overall construction, allowing us to engage with more consumers in more places. We leverage innovation and design advancements, as well as the unique heritage and authenticity of our brands to create products that meet our consumers' needs. The Company operates and reports using a 52/53-week fiscal year ending on the Saturday closest to December 31 of each year. For presentation purposes herein, all references to years ended December 2025, December 2024 and December 2023 correspond to the 53-week fiscal year ended January 3, 2026, and the 52-week fiscal years ended December 28, 2024, and December 30, 2023, respectively. Accordingly, the year ended December 2025 included an extra week when compared ITEM 1A. RISK FACTORS. You should carefully consider each of the following risks and all of the other information contained in this Annual Report on Form 10-K in evaluating our business. Our business, prospects, results of operations, cash flows or financial condition could b", "title": "KTB - Kontoor Brands, Inc.", "url": "/company/KTB/" }, { "kind": "company", "summary": "SIC 6500 Real Estate; CIK 0001408100; latest 10-K filed 2026-02-27.", "text": "KW - Kennedy-Wilson Holdings, Inc. SIC 6500 Real Estate; CIK 0001408100; latest 10-K filed 2026-02-27. KW Kennedy-Wilson Holdings, Inc. 0001408100 6500 Real Estate Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the financial statements and related notes and the other financial information appearing elsewhere in this report. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. See the section titled \"Forward-Looking Statements\" for more information. Actual results could differ materially from those anticipated in the forward-looking statements as a result of many factors, including those discussed in the section titled \u201cRisk Factors\u201d and elsewhere in this report. Unless specifically noted otherwise, as used throughout this Management\u2019s Discussion and Analysis section, \u201cwe,\u201d \u201cour,\u201d \"us,\" \"the Company\" or \u201cKennedy Wilson\u201d refers to Kennedy-Wilson Holdings, Inc. and its wholly-owned subsidiaries. \u201cEquity partners\u201d refers to the subsidiaries that we consolidate in our financial statements under U.S. GAAP (other than wholly-owned subsidiaries) and third-party equity providers. Please refer to \u201cNon-GAAP Measures and Certain Definitions\u201d for definitions of certain terms used throughout this report. Overview We are a real estate investment company as well as investment manager with over $36.4 billion of AUM in high growth markets across the United States, the United Kingdom and Ireland. With an objective of generating strong long-term risk-adjusted returns for our shareholders and partners and drawing on over three decades of experience in identifying opportunities and building value through various market cycles, we primarily focus on (i) investing in the rental housing sector (both market rate and affordable units) and industrial properties; and (ii) originating, managing and servicing real estate loans (primarily senior construction loans secured by high quality multifamily and student housing properties that are being developed by institutional sponsors throughout the United States). We also have investments in office assets and other investments which include hotel and retail properties. 2025 Highlights During the year ended December 31, 2025, we achieved the following: \u2022Completed the first two phases of its acquisition of the Toll apartment development platform in December 2025, which included the in-house development team and equity interests in a portfolio of completed properties and assets under development. The third and final phase was completed in January 2026. The total purchase price across all three phases was $334 million of which Kennedy Wilson invested $131 million with the remainder funded by third-party fee-bearing equity. \u25e6The transaction added over $5 billion of AUM to Kennedy Wilson, including $1.9 billion of AUM from an 11% ownership in 18 apartment and student housing properties and $3.4 billion of AUM in 21 apartment and student housing properties that Kennedy Wilson will manage on behalf of Toll Brothers. The transaction also added $1.0 billion to Fee-Bearing Capital. \u25e6We also acquired a pipeline of 24 development sites which, if completed, would total approximately $2.9 billion in capitalization. \u2022Originated $3.6 billion of new senior construction loans through our debt investment platform \u2022Generated total investment management fees of $115.2 million, an increase of 16.5% from the year ended December 31, 2024 \u2022Continued to see strength in our stabilized multifamily portfolio which saw same-store flat at 94.7%, same-property revenue growth of 2.5%, and same-property NOI growth of 2.7% \u2022Generated $566.5 million of cash from asset sales and $1.6 billion from loan repayments (our share of which was $565.7 million and $75.4 million) and redeployed capital to pay down indebtedness and to consummate new investment opportunities \u2022Grew Fee-Bearing Capital by 25% to $11.0 billion \u2022Repaid full balance of $352.0 million on the KWE Notes \u2022Line of credit balance increased $186.4 mill Item 1. Business Company Overview We are a real estate investment company as well as an investment manager with over $36.4 billion of Real Estate Assets Under Management (\u201cAUM\u201d) in high growth markets across the United States, the United Kingdom and Ireland. With an objective of generating strong long-term risk-adjusted returns for our shareholders and partners and drawing on over three decades of experience in identifying opportunities and building value through various market cycles, we primarily focus on (i) investing in the rental housing sector (both market rate and affordable units) and industrial properties; and (ii) originating, managing and servicing real estate loans (primarily senior construction loans secured by high quality multifamily and student housing properties that are being developed by institutional sponsors throughout the United States). In addition, as further described in this report, we recently expanded our rental housing platform through the acquisition of Toll Brothers' Apartment Living platform and significantly adding to our nationwide development capabilities. We have recently focused on growing our investment management and co-investment platform whereby we invest a minority position (with the potential for carried interest) and earn our pro-rata share of income as well as asset management fees in our role as asset manager. During the year ended December 31, 2025, our investment management platform generated a total of $115.2 million of asset management fees representing a growth of 16% over the same period in 2024. For the year ended December 31, 2025, our 321 employees managed our $36.4 billion of AUM, which includes a total of 84,834 multifamily units in which we hold an ownership interest in (44,452 multifamily units and 1,965 single family units), finance (30,872 units) and manage (7,545 units). Over the past several years, in line with our focus on the growth of our investments in housing and the continued execution of our", "title": "KW - Kennedy-Wilson Holdings, Inc.", "url": "/company/KW/" }, { "kind": "company", "summary": "SIC 2990 Miscellaneous Products of Petroleum & Coal; CIK 0000081362; latest 10-K filed 2026-02-23.", "text": "KWR - QUAKER CHEMICAL CORP SIC 2990 Miscellaneous Products of Petroleum & Coal; CIK 0000081362; latest 10-K filed 2026-02-23. KWR QUAKER CHEMICAL CORP 0000081362 2990 Miscellaneous Products of Petroleum & Coal Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. As used in this Annual Report on Form 10-K (the \u201cReport\u201d), the terms \u201cQuaker Houghton,\u201d the \u201cCompany,\u201d \u201cwe,\u201d and \u201cour\u201d refer to Quaker Chemical Corporation (doing business as Quaker Houghton), its subsidiaries, and associated companies, unless the context otherwise requires. Executive Summary Quaker Houghton is the global leader in industrial process fluids. With a presence around the world, including operations in over 25 countries, our customers include thousands of the world\u2019s most advanced and specialized steel, aluminum, automotive, aerospace, offshore, container, mining, and metalworking companies. Our high-performing, innovative and sustainable solutions are backed by best-in-class technology, deep process knowledge, and customized services. Quaker Houghton is headquartered in Conshohocken, Pennsylvania, located near Philadelphia in the U.S. Net sales of $1,888.6 million in 2025 increased 3% compared to $1,839.7 million in 2024. The net sales increase of $48.9 million, or 3%, is primarily due to contributions from acquisitions of approximately 4% and favorable foreign currency translation of approximately 1%, partially offset by decreases in selling price and product mix of approximately 2%. Organic sales volumes remained consistent in 2025 compared to 2024, primarily as a result of continued new business wins across all segments, particularly Asia/Pacific, which was offset by a continuation of soft end market conditions including the uncertainty caused by tariffs, particularly in the Americas and EMEA segments. The decrease in selling price and product mix was primarily attributable to the impact of the mix of products, services and geographies and the impact of our index-based customer contracts. The Company reported a net loss of $2.5 million or $0.14 net loss per diluted share in 2025, compared to a net income of $116.6 million or $6.51 earnings per diluted share in 2024. The net loss primarily reflects an $88.8 million non-cash impairment charge to write down the remaining value of goodwill associated with the Company\u2019s EMEA reportable segment. Excluding non-recurring and non-core items, the Company\u2019s current year non-GAAP net income and non-GAAP earnings per diluted share were $123.2 million and $7.02, respectively, compared to $133.5 million and $7.44, respectively, in 2024. The decrease in current year Non-GAAP earnings was primarily driven by lower gross margins and an increase in selling, general and administrative expenses (\u201cSG&A\u201d), partially offset by an increase in net sales. The Company generated adjusted EBITDA of $299.2 million compared to $310.9 million in 2024, as the increase in net sales was offset by lower operating margins and an increase in SG&A. Non-GAAP net income, non-GAAP earnings per diluted share and adjusted EBITDA are non-GAAP measures. See \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u2014Results of Operations\u2014Consolidated\u2014Use of Non-GAAP Financial Measures\u201d for the definition and reconciliation of these measures to their most comparable GAAP measures. The Company\u2019s 2025 operating performance in each of its three reportable segments: (i) Americas; (ii) EMEA; and (iii) Asia/Pacific, reflects similar drivers to that of the Company\u2019s consolidated performance. The increase in operating earnings for the Asia/Pacific segment compared to the prior year was primarily driven by an increase in net sales and further contribution from acquisitions, partially offset by lower segment operating margins. The decrease in operating earnings for the EMEA segment compared to the prior year was primarily driven by lower segment operating margins, partially offset by an increase in net sales. The decrease in operating earnings for the America segment compared to the prior year was primarily driven by a decrease in net sales and a decrease in segment operating margins Item 1. Business. General Description The Company was organized in 1918 and incorporated as a Pennsylvania business corporation in 1930. Quaker Houghton is the global leader in industrial process fluids. With a robust presence around the world, including operations in over 25 countries, the Company\u2019s customers include thousands of the world\u2019s most advanced and specialized steel, aluminum, automotive, aerospace, offshore, can, mining, and metalworking companies. Quaker Houghton develops, produces, and markets a broad range of formulated specialty chemical products and offers chemical management services (which we refer to as \u201cFluidcareTM\u201d) for various heavy industrial and manufacturing applications throughout its three segments: Americas; Europe, Middle East and Africa (\u201cEMEA\u201d); and Asia/Pacific. The major product lines of Quaker Houghton include metal removal fluids, cleaning fluids, corrosion inhibitors, metal drawing and forming fluids, die cast mold releases, heat treatment and quenchants, metal forging fluids, hydraulic fluids, surface solutions, specialty greases, offshore sub-sea energy control fluids, rolling lubricants, and rod and wire drawing fluids. The following are the respective contributions to consolidated net sales of each of our principal product lines representing more than 10% of consolidated net sales for any of the past three years based on the Company\u2019s current product line segmentation: [[GREPCENT_TABLE]] [[\"Major Product Line\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Metal removal fluids\",\"\",\"19.0\",\"%\",\"\",\"22.4\",\"%\",\"\",\"23.6\",\"%\"],[\"Rolling lubricants\",\"\",\"18.3\",\"%\",\"\",\"20.5\",\"%\",\"\",\"19.5\",\"%\"],[\"Hydraulic fluids\",\"\",\"12.2\",\"%\",\"\",\"14.2\",\"%\",\"\",\"14.1\",\"%\"],[\"Surface solutions\",\"\",\"10.9\",\"%\",\"\",\"5.2\",\"%\",\"\",\"5.0\",\"%\"]] [[/GREPCENT_TABLE]] Sales Revenue The majority of the Company\u2019s sales worldwide are made directly through its own employees and its FluidcareTM programs, with the balance sold through distributors and agents. The Company\u2019s employ Item 1A. Risk Factors. There are many factors that may affect our business and results of operations, including the following risks relating to: (1) the demand for our products and services and our ability to grow our customer base; (2) our business operations, including internal and external factor", "title": "KWR - QUAKER CHEMICAL CORP", "url": "/company/KWR/" }, { "kind": "company", "summary": "SIC 8200 Services-Educational Services; CIK 0000912766; latest 10-K filed 2026-02-19.", "text": "LAUR - LAUREATE EDUCATION, INC. SIC 8200 Services-Educational Services; CIK 0000912766; latest 10-K filed 2026-02-19. LAUR LAUREATE EDUCATION, INC. 0000912766 8200 Services-Educational Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion of our financial condition and results of operations with the audited historical consolidated financial statements and related notes included elsewhere in this Form 10-K. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in the \u201cItem 1A. Risk Factors\u201d section of this Form 10-K. Actual results may differ materially from those contained in any forward-looking statements. See \u201cForward-Looking Statements\u201d on page 2 of this Form 10-K. Introduction This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is provided to assist readers of the financial statements in understanding the results of operations, financial condition and cash flows of Laureate Education, Inc. This MD&A should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Form 10-K. The consolidated financial statements included elsewhere in this Form 10-K are presented in U.S. dollars (USD) rounded to the nearest thousand, with the amounts in the MD&A rounded to the nearest tenth of a million. Therefore, discrepancies in the tables between totals and the sums of the amounts listed may occur due to such rounding. Our MD&A is presented in the following sections: \u2022Overview; \u2022Results of Operations; \u2022Liquidity and Capital Resources; \u2022Critical Accounting Policies and Estimates; and \u2022Recently Issued Accounting Standards. 31 Overview Our Business We operate a portfolio of degree-granting higher education institutions in Mexico and Peru. Collectively, we have approximately 497,700 students enrolled at five institutions in these two countries. We believe that the higher education markets in Mexico and Peru present an attractive long-term opportunity, primarily because of the large and growing imbalance between the supply and demand for affordable, quality higher education in those markets. We believe that the combination of the projected growth in the middle class, limited government resources dedicated to higher education, and a clear value proposition demonstrated by the higher earnings potential afforded by higher education, creates substantial opportunities for high-quality private institutions to meet this growing and unmet demand. By offering high-quality, outcome-focused education, we believe that we enable students to prosper and thrive in the dynamic and evolving knowledge economy. We have two reportable segments as described below. We group our institutions by geography in Mexico and Peru for reporting purposes. Our Segments Our segments generate revenues by providing an education that emphasizes profession-oriented fields of study with undergraduate and graduate degrees in a wide range of disciplines. Our educational offerings utilize campus-based, online and hybrid (a combination of online and in-classroom) courses and programs to deliver their curriculum. The Mexico and Peru markets are characterized by what we believe is a significant imbalance between supply and demand. The demand for higher education is large and growing and is fueled by several demographic and economic factors, including a growing middle class, global growth in services and technology-related industries and recognition of the significant personal and economic benefits gained by graduates of higher education institutions. The target demographics are primarily 18- to 24-year-olds in the countries in which we compete. We compete with other private higher education institutions on the basis of price, educational quality, reputation and location. We believe that we compare favorably with competitors because of our focus on quality, professional-oriented curriculum and the competitive advantages provided by our in-country networks. There are a number of private an Item 1. Business General We operate a portfolio of degree-granting higher education institutions in Mexico and Peru. These institutions, which we collectively refer to as the Laureate International Universities network, are leading brands in their respective markets and offer a broad range of undergraduate and graduate degrees through campus-based, online and hybrid programs. Collectively, we have approximately 497,700 students enrolled at five institutions with over 50 campuses as of December 31, 2025. Our institutions in Mexico and Peru operate within scaled country networks, which provide advantages in terms of shared infrastructure, technology, curricula and operational best practices. Our students are enrolled at traditional, campus-based institutions offering multi-year degrees, with an average program length of four years, similar to leading private and public higher education institutions in developed markets such as the United States and Europe. Our programs are designed with a distinct emphasis on applied, professional-oriented content for growing career fields and are focused on academic disciplines that we believe offer strong employment opportunities and high earnings potential for our students. We continually and proactively adapt our curriculum to the needs of the market. In particular, we emphasize science, technology, engineering and math (STEM) and business disciplines, areas in which we believe that there is large and growing demand, especially in developing countries. Students pursuing degrees in Medicine & Health Sciences, Engineering & Information Technology and Business & Management, our three largest disciplines, constitute approximately 75% of our total post-secondary enrollments. We believe that the work of our graduates in these disciplines creates a positive impact on the communities we serve and strengthens our institutions\u2019 reputations within their respective markets. Our focus on private-pay and our track record for delivering high- Item 1A. Risk Factors Risk Factors In addition to the information set forth in this Form 10-K and our other filings with the SEC, you should carefully consider the following risks and uncertainties, which could materially adversely affect our business, financial condition, results of operations and cash flows. The risks", "title": "LAUR - LAUREATE EDUCATION, INC.", "url": "/company/LAUR/" }, { "kind": "company", "summary": "SIC 1389 Oil & Gas Field Services, NEC; CIK 0001694028; latest 10-K filed 2026-02-02.", "text": "LBRT - Liberty Energy Inc. SIC 1389 Oil & Gas Field Services, NEC; CIK 0001694028; latest 10-K filed 2026-02-02. LBRT Liberty Energy Inc. 0001694028 1389 Oil & Gas Field Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and related notes appearing elsewhere in this Annual Report. The following discussion contains \u201cforward-looking statements\u201d that reflect our future plans, estimates, beliefs and expected performance. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, including those described in this Annual Report under \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cItem 1A. Risk Factors.\u201d Except as required by law, we assume no obligation to update any of these forward-looking statements. This section of this Annual Report generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. For discussion of year ended December 31, 2023, as well as the year ended 2024 compared to the year ended December 31, 2023, refer to Part II, Item 7\u2014 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our 2024 Annual Report. Overview The Company, together with its subsidiaries, is a leading integrated energy services and technology company, and one of the largest providers of innovative completions services and related technologies to onshore oil, natural gas, and enhanced geothermal exploration and production (\u201cE&P\u201d) companies. We offer customers completions services, which include hydraulic fracturing together with complementary services including wireline services, proppant delivery solutions, field gas processing and treating, compressed natural gas (\u201cCNG\u201d) delivery, data analytics, related goods (including our sand mine operations), and technologies to facilitate lower emission completions, thereby helping our customers reduce their emissions profile. We have grown from one active hydraulic fracturing fleet in December 2011 to approximately 40 active fleets as of December 31, 2025. We provide our services primarily in the major oil and gas shale basins in North America and in the Northern Territory of Australia. We also own and operate Liberty Power Innovations LLC (\u201cLPI\u201d), providing advanced distributed power and energy storage solutions, serving the commercial and industrial, data center, energy and mining industries. LPI was formed with the initial focus on supporting Liberty\u2019s transition towards our next generation digiFleets\u2120 and dual fuel fleets, by providing consistent and reliable power generation solutions and natural gas fueling services, which are critical to maintaining highly efficient well site operations. In January 2025, we announced LPI\u2019s expansion into the distributed power business. On March 3, 2025, we completed the acquisition of IMG Energy Solutions (\u201cthe IMG Acquisition\u201d), a leading developer of distributed power systems, for cash consideration of approximately $19.6 million, subject to normal closing adjustments and net of cash received. The IMG Acquisition augmented our portfolio with advanced engineering, design, and development capabilities for the development of power systems, enhanced software control systems, power marketing and utility interconnection experience, and operations and maintenance experience. During 2025, LPI was primarily focused on the planning and development of our power service platform to pursue projects supporting the power demand created by new data center development and other commercial and industrial applications. LPI is in the process of expanding market awareness of its integrated power and fuel solutions offering, developing engineered solutions, and ordering equipment and long-lead time items for these expected projects. LPI also expanded its natural gas fueling services to support larger scale distributed power installations. We believe technical innova Item 1. Business Our Company The Company, together with its subsidiaries, is a leading integrated energy services and technology company, and one of the largest providers of innovative completions services and related technologies to onshore oil, natural gas, and enhanced geothermal exploration and production (\u201cE&P\u201d) companies. We offer customers completions services, which include hydraulic fracturing together with complementary services including wireline services, proppant delivery solutions, field gas processing and treating, compressed natural gas (\u201cCNG\u201d) delivery, data analytics, related goods (including our sand mine operations), and technologies to facilitate lower emission completions, thereby helping our customers reduce their emissions profile. Our areas of operations are in all of the most active shale basins in North America, including the Permian Basin, the Williston Basin, the Haynesville Shale, the Eagle Ford Shale, the Denver-Julesburg Basin (the \u201cDJ Basin\u201d), the Western Canadian Sedimentary Basin, the Powder River Basin, and the Appalachian Basin (Marcellus Shale and Utica Shale). Our operations also extend to a few smaller shale basins, including the Anadarko Basin, the Uinta Basin, the San Juan Basin, as well as the Beetaloo Basin in Northern Territory, Australia. The breadth of our operational footprint provides us an opportunity to leverage our fixed costs and to efficiently reposition our equipment in response to customer requirements. We also own and operate Liberty Power Innovations LLC (\u201cLPI\u201d), providing advanced distributed power and energy storage solutions, serving the commercial and industrial, data center, energy and mining industries. LPI was formed with the initial focus on supporting Liberty\u2019s transition towards our next generation digiFleets\u2120 and dual fuel fleets, by providing consistent and reliable power generation solutions and natural gas fueling services, which are critical to maintaining highly efficient well site operati Item 1A. Risk Factors Described below are certain risks that we believe apply to our business and the industry in which we operate. You should carefully consider each of the risks described below in conjunction with other information including the financial statements and related notes provided in this Annual Report and i", "title": "LBRT - Liberty Energy Inc.", "url": "/company/LBRT/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000763744; latest 10-K filed 2026-02-26.", "text": "LCII - LCI INDUSTRIES SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000763744; latest 10-K filed 2026-02-26. LCII LCI INDUSTRIES 0000763744 3714 Motor Vehicle Parts & Accessories Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our Consolidated Financial Statements and Notes thereto included in Part II, Item 8 of this Report. This Management's Discussion and Analysis of Financial Condition and Results of Operations generally discusses 2025 and 2024 items and year-over-year comparisons between 2025 and 2024. A detailed discussion of 2023 items and year-over-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 21, 2025. We are a global leader in supplying engineered components to the outdoor recreation, transportation, marine, and housing industries. In addition to serving original equipment manufacturers (\"OEMs\"), we also cater to aftermarket needs, selling through retail dealers, wholesale distributors, and service centers, as well as direct-to-consumer sales through online platforms. 24 Sales and Profit - OEM and Aftermarket Segments We have two reportable segments, the OEM Segment and the Aftermarket Segment. At December 31, 2025, we operated over 100 manufacturing facilities located throughout North America and Europe. Net sales and operating profit were as follows for the years ended December 31: [[GREPCENT_TABLE]] [[\"Sales and Operating Profit by Segment and in Total (In thousands)\",\"2025\",\"\",\"2024\"],[\"Net sales:\"],[\"OEM Segment:\"],[\"RV OEMs:\"],[\"Travel trailers and fifth-wheels\",\"$\",\"1,708,236\",\"\",\"\",\"$\",\"1,514,578\"],[\"Motorhomes\",\"235,976\",\"\",\"\",\"233,066\"],[\"Adjacent Industries OEMs\",\"1,245,441\",\"\",\"\",\"1,112,806\"],[\"Total OEM Segment net sales\",\"3,189,653\",\"\",\"\",\"2,860,450\"],[\"Aftermarket Segment:\"],[\"Total Aftermarket Segment net sales\",\"932,364\",\"\",\"\",\"880,758\"],[\"Total net sales\",\"$\",\"4,122,017\",\"\",\"\",\"$\",\"3,741,208\"],[\"Operating profit1:\"],[\"OEM Segment\",\"$\",\"184,120\",\"\",\"\",\"$\",\"107,081\"],[\"Aftermarket Segment\",\"95,802\",\"\",\"\",\"111,156\"],[\"Total operating profit\",\"$\",\"279,922\",\"\",\"\",\"$\",\"218,237\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"Sales and Operating Profit by Segment as a Percent of Total\",\"2025\",\"\",\"2024\"],[\"Net sales:\"],[\"OEM Segment\",\"77%\",\"\",\"76%\"],[\"Aftermarket Segment\",\"23%\",\"\",\"24%\"],[\"Total net sales\",\"100%\",\"\",\"100%\"],[\"Operating profit1:\"],[\"OEM Segment\",\"66%\",\"\",\"49%\"],[\"Aftermarket Segment\",\"34%\",\"\",\"51%\"],[\"Total segment operating profit\",\"100%\",\"\",\"100%\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"Operating Profit Margin by Segment\",\"2025\",\"\",\"2024\"],[\"OEM Segment\",\"5.8%\",\"\",\"3.7%\"],[\"Aftermarket Segment\",\"10.3%\",\"\",\"12.6%\"]] [[/GREPCENT_TABLE]] 1 Corporate expenses are allocated between the segments based upon net sales. Operating profit margins in 2025 were impacted by a number of factors, as further described below under \u201cResults of Operations \u2013 Year Ended December 31, 2025 Compared to Year Ended December 31, 2024.\u201d Reportable Segments: Our two reportable segments consist of the OEM Segment and the Aftermarket Segment. Our OEM Segment drives innovation and manufacturing expertise, serving leading OEMs in the RV, transportation, marine, and housing markets. Our Aftermarket Segment enhances the product lifecycle for the RV, transportation, marine, and automotive markets by offering discretionary accessories, replacement parts, and upgrades. This approach drives recurring revenue, deepens customer engagement, and leverages our OEM expertise. OEM Segment: Manufactures and distributes a broad array of engineered components for the leading OEMs of RVs and adjacent industries, including the transportation (buses, trailers, construction, trains, and power sports), marine (pontoon boats, power boats, fishing boats, sailboats, a Item 1. BUSINESS. Summary Business Focus LCI Industries (\"LCII\" and collectively with its subsidiaries, the \"Company,\" the \"Registrant,\" \"we,\" \"us,\" or \"our\"), through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, \"Lippert Components,\" \"LCI\" or \"Lippert\"), is a global leader in supplying engineered components to the outdoor recreation, transportation, marine, and housing industries. In addition to serving original equipment manufacturers (\"OEMs\"), we also cater to aftermarket needs, selling through retail dealers, wholesale distributors, and service centers, as well as direct-to-consumer sales through online platforms. Our operations are global in scope, supporting a diverse customer base across North America and Europe. In 2025, we generated consolidated net sales of $4.1 billion, reflecting strong demand for our broad catalog of innovative and high-quality products. Our diverse portfolio of innovative and high-quality products includes: \u2022Chassis and Suspension Solutions: Steel chassis, axles, anti-lock braking systems (\"ABS\"), and suspension systems \u2022Furniture Solutions: Furniture for RV, marine and other markets, and mattresses \u2022Window and Glass Solutions: Vinyl, aluminum, and frameless windows, and windshields \u2022Appliance and Kitchen Solutions: Air conditioners, tankless water heaters, appliances, electronic components, televisions, and thermoformed bath and kitchen products \u2022Towing and Truck Accessories: Hitches, pin boxes, grill guards, towing electrical, and towing and truck accessories \u2022Doors, Steps, and Awnings: Entry, luggage, patio, and ramp doors, electric and manual entry steps, and awnings \u2022Leveling, Stabilization, and Slide-outs: Stabilizer/leveling systems (manual, electric, and hydraulic), and slide-out solutions At December 31, 2025, we operated over 100 manufacturing facilities located throughout North America and Europe, supporting key industries such as recreational vehicles (\"RVs\"), tran Item 1A. RISK FACTORS. The following risk factors should be considered carefully in addition to the other information contained in this Annual Report on Form 10-K. The risks and uncertainties described below are not the only ones we face, but represent the most significant risk factors that we believe may adversely affect the RV and other indus", "title": "LCII - LCI INDUSTRIES", "url": "/company/LCII/" }, { "kind": "company", "summary": "SIC 2510 Household Furniture; CIK 0000058492; latest 10-K filed 2026-02-26.", "text": "LEG - LEGGETT & PLATT INC SIC 2510 Household Furniture; CIK 0000058492; latest 10-K filed 2026-02-26. LEG LEGGETT & PLATT INC 0000058492 2510 Household Furniture PART II Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. [[GREPCENT_TABLE]] [[\"\",\"\",\"Page No.\"],[\"\\u2022\",\"Highlights\",\"35\"],[\"\\u2022\",\"Introduction\",\"36\"],[\"\\u2022\",\"Results of Operations 2025 vs 2024\",\"44\"],[\"\\u2022\",\"Results of Operations 2024 vs 2023\",\"48\"],[\"\\u2022\",\"Liquidity and Capitalization\",\"51\"],[\"\\u2022\",\"Critical Accounting Policies and Estimates\",\"59\"],[\"\\u2022\",\"Contingencies\",\"61\"],[\"\\u2022\",\"New Accounting Standards\",\"64\"]] [[/GREPCENT_TABLE]] HIGHLIGHTS [[GREPCENT_TABLE]] [[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"(Dollar amounts in millions, except for per share data)\"],[\"Net trade sales\",\"$\",\"4,055\",\"\",\"\",\"$\",\"4,384\",\"\",\"\",\"$\",\"4,725\"],[\"Earnings (loss) before interest and taxes (EBIT)\",\"356\",\"\",\"\",\"(430)\",\"\",\"\",\"(90)\"],[\"Cash from operations\",\"338\",\"\",\"\",\"306\",\"\",\"\",\"497\"],[\"Total debt\",\"1,498\",\"\",\"\",\"1,864\",\"\",\"\",\"1,988\"]] [[/GREPCENT_TABLE]] Trade sales decreased 7% in 2025. Divestitures reduced sales 2%. Organic sales decreased 5%, with volume declines of 6% partially offset by raw material-related selling price increases and currency benefit of 1%. 2024 trade sales decreased 7%. Organic sales decreased 7% with volume declines of 4% and raw material-related price decreases of 3%. Earnings in 2025 increased primarily due to the year-over-year changes from the items listed below, as well as restructuring benefit and metal margin expansion, partially offset by lower volume. 2024 earnings decreased primarily due to the year-over-year changes from the items listed below, as well as lower volume and unfavorable sales mix, raw material-related pricing adjustments (primarily in our Bedding Products segment), metal margin compression in our Steel Rod business, and other higher expense items, such as bad debt and medical, partially offset by operational efficiency improvements. [[GREPCENT_TABLE]] [[\"(Income)/expense, pretax (Dollar amounts in millions)\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Gain on sale of Aerospace Products Group\",\"$\",\"(91)\",\"\",\"\",\"$\",\"\\u2014\",\"\",\"\",\"$\",\"\\u2014\"],[\"Net gain from insurance proceeds\",\"(35)\",\"\",\"\",\"(2)\",\"\",\"\",\"(9)\"],[\"Gain on sale of real estate\",\"(29)\",\"\",\"\",\"(31)\",\"\",\"\",\"(11)\"],[\"Restructuring, restructuring-related, and impairment charges ($23 and $17 non-cash in 2025 and 2024, respectively)\",\"36\",\"\",\"\",\"50\",\"\",\"\",\"\\u2014\"],[\"Pension settlement (non-cash)\",\"22\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"Somnigroup unsolicited offer evaluation costs\",\"3\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"Goodwill impairment (non-cash)\",\"\\u2014\",\"\",\"\",\"676\",\"\",\"\",\"\\u2014\"],[\"CEO transition compensation costs\",\"\\u2014\",\"\",\"\",\"4\",\"\",\"\",\"\\u2014\"],[\"Long-lived asset impairment (non-cash)\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"444\"],[\"Total 1\",\"$\",\"(93)\",\"\",\"\",\"$\",\"696\",\"\",\"\",\"$\",\"424\"]] [[/GREPCENT_TABLE]] 1 Calculations impacted by rounding 35 Table of Contents In 2025, we generated $338 million in cash from operations compared to $306 million in 2024. The increase was driven primarily by working capital improvements. Cash from operations in 2024 decreased primarily from lower earnings and less benefit from working capital. In July 2025, we amended our credit agreement to extend the maturity date to 2030 and reduce the lending commitments from $1.2 billion to $1.0 billion. On August 29, 2025, we divested our Aerospace Products Group (within our Specialized Products segment) for net cash proceeds of $280 million and recognized a pretax gain of $91 million after final adjustments for working capital were completed in December 2025. We collected the final working capital adjustment of $4 million in January 2026. These topics are discussed in more detail in the sections that follow. INTRODUCTION Somnigroup Discussions In December 2025, we announced the Company received an unsolicited proposal from Somnigroup International Inc. (Somnigroup) to acquire the Company in an all-stock transaction. In January 2026, our Board of Directors, in consultation with its financial and legal Item 1. Business. Summary Leggett & Platt, Incorporated (Leggett & Platt, Company, we, us, or our), a pioneer of the steel coil bedspring, is an international diversified manufacturer that conceives, designs, and produces a wide range of engineered components and products found in many homes and automobiles. As discussed below, our operations are organized into 13 business units, which are divided into six groups under our three segments: Bedding Products; Specialized Products; and Furniture, Flooring & Textile Products. On August 29, 2025, we divested our Aerospace Products Group which was reported in our Specialized Products segment, as discussed in Note S to the Consolidated Financial Statements on page 121, and under Divestitures and Acquisitions in Item 1. Business on page 6. Overview of Our Segments Bedding Products Segment [[GREPCENT_TABLE]] [[\"BEDDING GROUP\"],[\"Steel Rod\"],[\"Drawn Wire\"],[\"U.S. Spring\"],[\"Specialty Foam\"],[\"Adjustable Bed\"],[\"International Bedding\"]] [[/GREPCENT_TABLE]] Our Bedding Products segment has its roots in the Company's founding in 1883 with the manufacture of steel coil bedsprings. Today, we support our customers' product needs from raw materials to components to finished mattresses and foundations and provide distribution and fulfillment capabilities. Our industry-leading innerspring and specialty foam technologies, innovative product development, and vertical integration allow us to create value for our customers at each step, from raw material to end consumer. We operate a steel rod mill in the United States with annual capacity of approximately 500,000 tons. Approximately half of the rod mill's output is used internally by our wire drawing mills to supply virtually all of the wire consumed by our domestic innerspring operations and other businesses. We also supply steel rod and wire to trade customers that operate in a broad range of markets. Our innerspring operations produce coils and semi-finished mattress products wi Item 1A. Risk Factors. Investing in our securities involves risk. Set forth below and elsewhere in this report are risk factors that could cause actual results to differ materially from the results contemplated by the forward-looking statements contained in this report. We may amend or supplement these risk factors from time to time by other reports we file ", "title": "LEG - LEGGETT & PLATT INC", "url": "/company/LEG/" }, { "kind": "company", "summary": "SIC 8000 Services-Health Services; CIK 0001845257; latest 10-K filed 2026-02-25.", "text": "LFST - LifeStance Health Group, Inc. SIC 8000 Services-Health Services; CIK 0001845257; latest 10-K filed 2026-02-25. LFST LifeStance Health Group, Inc. 0001845257 8000 Services-Health Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes that appear elsewhere in this Annual Report on Form 10-K. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risk and uncertainties described under \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. Our actual results may differ materially from those contained in or implied by any forward-looking statements. See \u201cCautionary Note Regarding Forward-Looking Statements\u201d included elsewhere in this Annual Report on Form 10-K. LifeStance Health Group, Inc. was formed as a Delaware corporation on January 28, 2021 for the purpose of completing an initial public offering (\"IPO\") and related transactions in order to carry on the business of LifeStance TopCo, L.P. (\u201cLifeStance TopCo\u201d) and its consolidated subsidiaries and supported practices. LifeStance Health Group, Inc. wholly-owns the equity interest of LifeStance TopCo and operates and controls all of the business and affairs and consolidates the financial results of LifeStance TopCo and its wholly owned subsidiaries and supported practices. Unless stated otherwise or the context otherwise requires, the terms \"we\", \"us\", \"our business\", \"LifeStance\" and \"our Company\" and similar references refer to LifeStance Health Group, Inc. and its consolidated subsidiaries and supported practices. References to \"our employees\" and \"our clinicians\" refer collectively to employees and clinicians, respectively, of our subsidiaries and supported practices. References to \"our patients\" refer to the patients treated by such clinicians. Our Business We are reimagining mental health through a tech-enabled care delivery model built to expand access, address affordability, improve outcomes and lower overall healthcare costs. We are one of the nation\u2019s largest outpatient mental health platforms based on the number of clinicians we employ through our subsidiaries and our supported practices and our geographic scale, employing 8,040 licensed mental health clinicians across 33 states as of December 31, 2025. In 2025, our clinicians treated over 1.0 million unique patients through approximately 9.0 million visits. Our patient-focused platform combines a personalized, digitally powered patient experience with differentiated clinical capabilities and in-network insurance relationships to fundamentally transform patient access and treatment. By revolutionizing the way mental healthcare is delivered, we believe we have an opportunity to improve the lives and health of millions of individuals. Our model is built to empower each of the healthcare ecosystem\u2019s key stakeholders\u2014patients, clinicians, payors and primary care and specialist physicians\u2014by aligning around our shared goal of delivering better outcomes for patients and providing high-quality mental healthcare. \u2022 Patients - We are the front-door to comprehensive outpatient mental healthcare. Our clinicians offer patients a full spectrum of outpatient services to treat mental health conditions. Our in-network payor relationships improve patient access by allowing patients to access care without significant out-of-pocket cost or delays in receiving treatment. Our personalized, data-driven comprehensive care meets patients where they are, through convenient virtual and in-person settings. We support our patients throughout their care continuum with purpose-built technological capabilities, including online assessments, digital provider communication, and seamless internal referral and follow-up capabilities. \u2022 Clinicians - We empower clini Item 1. Business Unless stated otherwise or the context otherwise requires, the terms \"we,\" \"us,\" \"our,\" \"our business,\" \"LifeStance\" and \"our Company\" and similar references refer to LifeStance Health Group, Inc. and its consolidated subsidiaries and supported practices. References to \"our employees\" and \"our clinicians\" refer collectively to employees and clinicians, respectively, of our subsidiaries and supported practices. References to \"our patients\" refer to the patients treated by such clinicians. Overview Our vision is a truly healthy society where mental and physical healthcare are unified to make lives better. Our mission is to help people lead healthier, more fulfilling lives by improving access to trusted, affordable and personalized mental healthcare. To fulfill this mission, we have built one of the nation\u2019s largest outpatient mental health platforms based on number of clinicians and geographic scale. We are dedicated to improving the lives of our patients by reimagining mental health through a tech-enabled in-person and virtual care delivery model built to expand access and affordability, improve outcomes and lower overall healthcare costs. We combine a personalized, digitally powered patient experience with differentiated, multidisciplinary clinical capabilities and in-network insurance relationships to fundamentally transform patient access to mental health treatment. By revolutionizing the way mental healthcare is delivered, we believe we have an opportunity to improve the lives and health of millions of individuals. We employed 8,040 licensed mental health clinicians through our subsidiaries and supported practices in 33 states as of December 31, 2025. Our clinicians offer patients a comprehensive, multidisciplinary suite of mental health services, spanning psychiatric evaluations and treatment, psychological and neuropsychological testing, and individual, family and group therapy. We treat a broad range of mental health conditions, including Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below together with all of the other information contained in this Annual Report, including our consolidated financial statements and the related notes included else", "title": "LFST - LifeStance Health Group, Inc.", "url": "/company/LFST/" }, { "kind": "company", "summary": "SIC 1531 Operative Builders; CIK 0001580670; latest 10-K filed 2026-02-20.", "text": "LGIH - LGI Homes, Inc. SIC 1531 Operative Builders; CIK 0001580670; latest 10-K filed 2026-02-20. LGIH LGI Homes, Inc. 0001580670 1531 Operative Builders ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion is intended to assist you in understanding our results of operations and our present financial condition. Our historical consolidated financial statements and the accompanying notes included elsewhere in this Annual Report on Form 10-K contain additional information that should be referred to when reviewing this material. This section covers fiscal years 2025 and 2024 and discusses the results of operations for fiscal year 2025 compared to fiscal year 2024. The discussion of fiscal year 2023 and the results of operations for fiscal year 2024 compared to fiscal year 2023 is included in Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d under Part II of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 26, 2025, and is incorporated by reference into this Annual Report on Form 10-K. For purposes of this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operation, references to \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d or similar terms refer to LGI Homes, Inc. and its subsidiaries. 35 Table of Contents Key Results Key financial results as of and for the year ended December 31, 2025, as compared to the year ended December 31, 2024, were as follows: \u2022Home sales revenues decreased 22.6% to $1.7 billion from $2.2 billion. \u2022Homes closed decreased 22.3% to 4,685 homes from 6,028 homes. \u2022Average sales price per home closed decreased 0.4% to $364,035 from $365,394. \u2022Gross margin as a percentage of home sales revenues decreased to 20.7% from 24.2%. \u2022Adjusted gross margin (non-GAAP) as a percentage of home sales revenues decreased to 24.0% from 26.3%. \u2022Net income before income taxes decreased 62.0% to $98.5 million from $258.9 million. \u2022Net income decreased 63.0% to $72.6 million from $196.1 million. \u2022EBITDA (non-GAAP) as a percentage of home sales revenues decreased to 8.7% from 13.8%. \u2022Adjusted EBITDA (non-GAAP) as a percentage of home sales revenues decreased to 9.1% from 13.8%. \u2022Active communities at the end of 2025 decreased 4.6% to 144 from 151. \u2022Total owned and controlled lots decreased 14.2% to 60,842 lots at December 31, 2025 from 70,899 lots at December 31, 2024. For reconciliations of the non-GAAP financial measures of adjusted gross margin, EBITDA and adjusted EBITDA to the most directly comparable GAAP financial measures, please see \u201c\u2014Non-GAAP Measures.\u201d 36 Table of Contents Results of Operations The following table sets forth our results of operations for the years ended December 31, 2025, 2024, and 2023. [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"\",\"\",\"Year Ended December 31,\"],[\"\",\"\",\"\",\"\",\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Statement of Income Data:\",\"\",\"\",\"\",\"\",\"\",\"(dollars in thousands, except per share data and average home sales price)\"],[\"Home sales revenues\",\"\",\"\",\"\",\"\",\"\",\"$\",\"1,705,504\",\"\",\"\",\"$\",\"2,202,598\",\"\",\"\",\"$\",\"2,358,580\"],[\"Expenses:\"],[\"Cost of sales\",\"\",\"\",\"\",\"\",\"\",\"1,351,958\",\"\",\"\",\"1,669,310\",\"\",\"\",\"1,816,393\"],[\"Selling expenses\",\"\",\"\",\"\",\"\",\"\",\"162,149\",\"\",\"\",\"199,950\",\"\",\"\",\"191,582\"],[\"General and administrative\",\"\",\"\",\"\",\"\",\"\",\"111,621\",\"\",\"\",\"121,192\",\"\",\"\",\"117,350\"],[\"Operating income\",\"\",\"\",\"\",\"\",\"\",\"79,776\",\"\",\"\",\"212,146\",\"\",\"\",\"233,255\"],[\"Other income, net\",\"\",\"\",\"\",\"\",\"\",\"(18,710)\",\"\",\"\",\"(46,767)\",\"\",\"\",\"(28,499)\"],[\"Net income before income taxes\",\"\",\"\",\"\",\"\",\"\",\"98,486\",\"\",\"\",\"258,913\",\"\",\"\",\"261,754\"],[\"Income tax provision\",\"\",\"\",\"\",\"\",\"\",\"25,934\",\"\",\"\",\"62,842\",\"\",\"\",\"62,527\"],[\"Net income\",\"\",\"\",\"\",\"\",\"\",\"$\",\"72,552\",\"\",\"\",\"$\",\"196,071\",\"\",\"\",\"$\",\"199,227\"],[\"Basic earnings per share\",\"\",\"\",\"\",\"\",\"\",\"$\",\"3.13\",\"\",\"\",\"$\",\"8.33\",\"\",\"\",\"$\",\"8.48\"],[\"Diluted earnings per share\",\"\",\"\",\"\",\"\",\"\",\"$\",\"3.12\",\"\",\"\",\"$\",\"8.30\",\"\",\"\",\"$\",\"8.42\"],[\"Other Financial and Operating Data:\"],[\"Average community count\",\"\",\"\",\"\",\"\",\"\",\"144.4\",\"\",\"\",\"130.5\",\"\", ITEM 1. BUSINESS General We are engaged in the design, construction and sale of new homes in markets in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia, Virginia, Pennsylvania, Maryland and Utah. Our management team has been in the residential land development business since the mid-1990s. Since commencing home building operations in 2003, we have constructed and closed over 80,000 homes. LGI Homes, Inc. is a Delaware corporation incorporated on July 9, 2013. Our principal executive offices are located at 1450 Lake Robbins Drive, Suite 430, The Woodlands, Texas 77380, and our telephone number is (281) 362-8998. Information on or linked to our website is not incorporated by reference into this Annual Report on Form 10-K unless expressly noted. Unless otherwise indicated or the context requires, \u201cLGI,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d refer collectively to LGI Homes, Inc. and its subsidiaries. Business Opportunities Since December 2013, we have grown substantially, expanding our operations from eight markets in four states to 36 markets in 21 states. As of December 31, 2025, we were active in 144 communities throughout the United States and expect to continue increasing our community count in the future. Driven by commitment to our customers and our desire to make their dreams of homeownership a reality, we offer multiple product lines, including attached and detached entry-level homes and active adult offerings that are marketed and sold under our LGI Homes brand and luxury homes that are marketed and sold under our Terrata Homes brand. During 2025, our average home completion time was approximately 105 to 135 days, our home size ranged between 900 to approximately 4,000 square feet and our overall sales prices ranged from approximately $192,000 to more than $1,230,000. For the year ended December 31, 2025, we closed 4,7 ITEM 1A. RISK FACTORS Discussion of our business and operations included in this Annual Report on Form 10-K should be read together with the risk factors set forth below. They describe various risks and uncertainties we are or may become subject to, many of which are difficult to predict or beyond our control. Although the risks summarized below are organized by heading, and ea", "title": "LGIH - LGI Homes, Inc.", "url": "/company/LGIH/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001581760; latest 10-K filed 2026-03-02.", "text": "LIF - Life360, Inc. SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001581760; latest 10-K filed 2026-03-02. LIF Life360, Inc. 0001581760 7374 Services-Computer Processing & Data Preparation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion contains forward-looking statements based upon current plans, expectations, and beliefs that involve risks and uncertainties. Our actual results could differ materially from those discussed in the forward-looking statements as a result of a variety of factors, including but not limited to those discussed in \u201cItem 1A. Risk Factors\u201d and \u201cForward-Looking Statements\u201d in this Annual Report on Form 10-K. A discussion of our financial condition and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024 is presented below. A discussion of our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 is included under \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d within our Form 10-K filed with the SEC on February 27, 2025. 48 Table of Contents Overview Life360 is a leading technology platform used to locate the people, pets, and things that matter most to families. Life360 is creating a new category at the intersection of family, technology, and safety to help keep families connected and safe. Our core offering, the Life360 mobile application, includes features that range from communications to driving safety and location sharing. The Life360 mobile application operates under a \u201cfreemium\u201d model where its core offering is available to members at no charge, with three membership subscription options that are available but not required. We also generate revenue through hardware subscription services and the sale of hardware tracking devices. By offering devices and integrated software to members, we have expanded our addressable market to provide members of all ages with a vertically integrated, cross-platform solution of scale. We also generate other revenue from partnerships, including through the placement of ads within our platform, and the sale of aggregated, non-personally identifiable data for data insight purposes. For the years ended December 31, 2025 and 2024, we generated: \u2022Total revenues of $489.5 million and $371.5 million, respectively, representing year-over-year growth of 32%; \u2022Subscription revenues of $369.3 million and $277.8 million, respectively, representing year-over-year growth of 33%; \u2022Hardware revenues of $51.8 million and $57.6 million, respectively, representing year-over-year decline of 10%; \u2022Other revenues of $68.4 million and $36.0 million, respectively, representing year-over-year growth of 90%; \u2022Gross profit of $380.8 million and $279.2 million, respectively, representing year-over-year growth of 36%; \u2022Net income of $150.8 million and net loss of $4.6 million, respectively; and \u2022Operating cash flows of $88.6 million and $32.6 million, respectively. Key Factors Affecting Our Performance As we focus on growing our customers and revenue, and achieving profitability while investing for the future and managing risk, expenses and capital, the following factors and others identified in the section of this Annual Report on Form 10-K titled \u201cItem 1A. Risk Factors\u201d have been important to our business and we expect them to impact our operations in future periods: Ability to Retain Trusted Brand. We strongly believe in our vision to become the indispensable safety membership for families, with a suite of safety services that span every life stage of the family. Our business model and future success are dependent on the value and reputation of the Life360 and Tile by Life360, Inc. (\u201cTile\u201d) brands. Our brand is trusted by approximately 96 million Item 1. Business Overview Life360 is a leading technology platform connecting millions of people throughout the world to the people, pets and things they care about most. We have created a new category at the intersection of family, technology, and safety to help keep families connected and safe. Our core offering, the Life360 mobile application, includes features like communications, driving safety, digital safety and location sharing. Beyond the everyday, Life360 also provides much-needed protection and saves lives, which is crucial for families in emergency situations such as natural disasters, vehicle collisions, physical property theft, and digital identity theft. The Life360 mobile application operates under a \u201cfreemium\u201d model where its core offering is available to members at no charge, with additional membership subscription options that are available but not required. In addition to the Life360 mobile application, we also offer hardware tracking devices through the sale of Tile by Life360, Inc. devices (\u201cTile\u201d) and Life360 Pet GPS devices to keep members close to the people, pets and things they care about most. Our suite of product and service offerings, including the Life360 and Tile mobile applications, and related third-party services, is system and platform-agnostic, allowing our products and services to work seamlessly for our members, regardless of the different devices they use. As of December 31, 2025, we had approximately 95.8 million Monthly Active Users (\u201cMAU\u201d), and 2.8 million global Paying Circles on the Life360 Platform, as described below, representing a year-over-year increase of 20% and 26%, respectively. We define a Paying Circle as a group of Life360 members with a paying subscription who have been billed as of the end of period. Our revenue is generated from the sale of subscriptions, hardware tracking devices used to access our services, and from partnerships, including through the placement of ads within our platform, and the sal Item 1A. Risk Factors Our business is subject to a high degree of risk. You should carefully consider the risks described below, as well as the other information in this Annual Report on Form 10-K, including our financial statements and the related notes and \u201cManagement\u2019s Discussion and Analysis of Financial Condi", "title": "LIF - Life360, Inc.", "url": "/company/LIF/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000886163; latest 10-K filed 2026-02-27.", "text": "LGND - LIGAND PHARMACEUTICALS INC SIC 2834 Pharmaceutical Preparations; CIK 0000886163; latest 10-K filed 2026-02-27. LGND LIGAND PHARMACEUTICALS INC 0000886163 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) will help readers understand our results of operations, financial condition, and cash flows. It is provided in addition to the accompanying consolidated financial statements and notes. Our MD&A is organized as follows: 52 \u2022Results of Operations. Detailed discussion of our revenue and expenses for twelve months ended December 31, 2025 and 2024. A comparison of our results of operations for twelve months ended December 31, 2025 and 2024 can be found under \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in this Annual Report. \u2022Liquidity and Capital Resources. Discussion of key aspects of our consolidated statements of cash flows, changes in our financial position, and our financial commitments. \u2022Critical Accounting Policies and Estimates. Discussion of significant changes we believe are important to understand the assumptions and judgments underlying our consolidated financial statements. \u2022Recent Accounting Pronouncements. For summary of recent accounting pronouncements applicable to our consolidated financial statements, see \u201cItem 8. Financial Statements and Supplementary Data\u2014Notes to Consolidated Financial Statements\u2014Note 1, Basis of Presentation and Summary of Significant Accounting Policies.\u201d Results of Operations Revenue and Income FY 2025 vs. FY 2024 [[GREPCENT_TABLE]] [[\"(Dollars in thousands)\",\"2025\",\"\",\"2024\",\"\",\"Change\",\"\",\"% Change\"],[\"Revenue from intangible royalty assets\",\"$\",\"132,534\",\"\",\"\",\"$\",\"95,329\",\"\",\"\",\"$\",\"37,205\",\"\",\"\",\"39\",\"%\"],[\"Income from financial royalty assets\",\"28,467\",\"\",\"\",\"13,444\",\"\",\"\",\"15,023\",\"\",\"\",\"112\",\"%\"],[\"Royalties\",\"161,001\",\"\",\"\",\"108,773\",\"\",\"\",\"52,228\",\"\",\"\",\"48\",\"%\"],[\"Captisol\",\"40,213\",\"\",\"\",\"30,883\",\"\",\"\",\"9,330\",\"\",\"\",\"30\",\"%\"],[\"Contract revenue and income\",\"66,873\",\"\",\"\",\"27,477\",\"\",\"\",\"39,396\",\"\",\"\",\"143\",\"%\"],[\"Total revenue and income\",\"$\",\"268,087\",\"\",\"\",\"$\",\"167,133\",\"\",\"\",\"$\",\"100,954\",\"\",\"\",\"60\",\"%\"]] [[/GREPCENT_TABLE]] Total revenue and income increased by $101.0 million, or 60%, to $268.1 million in 2025 compared to $167.1 million in 2024 primarily due to the $52.2 million increase in royalties and $39.4 million increase in contract revenue and income. The increase in royalties in 2025 was primarily due to income from Qarziba financial royalty asset acquired in the third quarter of 2024 and an increase in sales of Filspari, Ohtuvayre and Capvaxive. Captisol sales increased by $9.3 million to $40.2 million in 2025 compared to $30.9 million in 2024. The increase in Captisol sales were due to the timing of customer orders. Contract revenue and income increased by $39.4 million, with the change primarily due to income from the Pelthos Transaction. During the third quarter of 2025, we recognized $53.1 million in total income related to the divestiture of LNHC in connection with the Pelthos Transaction. Revenue from intangible royalty assets is a function of our partners\u2019 product sales and the applicable royalty rate. The following table represents revenue from intangible royalty assets by program (in millions): [[GREPCENT_TABLE]] [[\"(in millions)\",\"2025 Estimated Partner Product Sales\",\"Effective Royalty Rate\",\"2025 Royalty Revenue\",\"\",\"2024 Estimated Partner Product Sales\",\"Effective Royalty Rate\",\"2024 Royalty Revenue\"],[\"Kyprolis\",\"$\",\"1,529\",\"\",\"2.3%\",\"$\",\"35.5\",\"\",\"\",\"$\",\"1,627\",\"\",\"2.4%\",\"$\",\"38.4\"],[\"Filspari\",\"355\",\"\",\"9.0%\",\"32.0\",\"\",\"\",\"136\",\"\",\"9.0%\",\"12.2\"],[\"Rylaze\",\"395\",\"\",\"3.4%\",\"13.4\",\"\",\"\",\"409\",\"\",\"3.3%\",\"13.7\"],[\"Capvaxive\",\"752\",\"\",\"1.3%\",\"10.1\",\"\",\"\",\"96\",\"\",\"0.6%\",\"0.6\"],[\"Ohtuvayre(1)\",\"488\",\"\",\"2.0%\",\"9.8\",\"\",\"\",\"42\",\"\",\"1.9%\",\"0.8\"],[\"Teriparatide injection(2)\",\"34\",\"\",\"23.8%\",\"8.1\",\"\",\"\",\"30\",\"\",\"27.3%\",\"8.2\"],[\"Vaxneuvance\",\"801\",\"\",\"0.9%\",\"7.4\",\"\",\"\",\"791\",\"\",\"0.7%\",\"5.2\"],[\"Evomela\",\"30\",\"\" Item 1. Business Overview We are a biopharmaceutical royalty company focused on deploying capital and licensing technologies to acquire and create diversified royalty streams from high-value medicines. Our primary business is investing in and structuring royalty interests in mid- to late-stage development and commercial biopharmaceutical products, allowing us to generate long-duration, non-dilutive cash flows supported by a lean corporate cost structure. Capital deployment and technology licensing are the primary drivers of our long-term growth. We partner capital through a range of transaction structures\u2014including royalty purchases, development-stage financing arrangements, and acquisitions of companies or assets with embedded royalty rights\u2014designed to create cash flowing royalties and produce attractive risk-adjusted returns. Our goal is to provide investors with exposure to biopharmaceutical innovation through a diversified portfolio of royalty interests while mitigating the binary risk and capital intensity traditionally associated with drug development. In addition to our royalty investment activities, we operate two infrastructure-light, royalty-generating platform technologies, Captisol\u00ae and NITRICIL\u00ae. These technologies exemplify our platform technology investment criteria: infrastructure-light, scalable intellectual property with existing royalty streams and the potential to generate incremental royalties through partner-driven development and commercialization. Our revenue is generated primarily from royalties on sales of products commercialized by our partners, supplemented by Captisol material sales and contract revenue from license fees and milestone payments. We partner with leading biopharmaceutical companies to leverage their capabilities in late-stage development, regulatory execution, and commercialization, while we focus on disciplined capital deployment, portfolio construction, and risk management. This also allows us to leverage our partne ITEM 1A. RISK FACTORS The following is a summary description of some of the many risks we face in our business. You should carefully review these risks in evaluating our business and making an investment decision with respect to our securities, including the businesses of our subsidiaries. You should also consider the oth", "title": "LGND - LIGAND PHARMACEUTICALS INC", "url": "/company/LGND/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000721994; latest 10-K filed 2026-02-25.", "text": "LKFN - LAKELAND FINANCIAL CORP SIC 6022 State Commercial Banks; CIK 0000721994; latest 10-K filed 2026-02-25. LKFN LAKELAND FINANCIAL CORP 0000721994 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW Net income in 2025 was $103.4 million, an increase of 10.6%, from $93.5 million in 2024. Net income for 2024 was less than 1% lower compared to $93.8 million in 2023. Diluted net income per common share was $4.01 in 2025, $3.63 in 2024 and $3.65 in 2023. Return on average total assets was 1.50% in 2025, versus 1.40% in 2024 and 1.45% in 2023. Return on average total equity was 14.40% in 2025, versus 14.12% in 2024 and 15.93% in 2023. The dividend payout ratio, with respect to diluted earnings per share, was 49.88% in 2025, versus 52.89% in 2024 and 50.41% in 2023. The average equity to average assets ratio was 10.44% in 2025, compared to 9.94% in 2024 and 9.11% in 2023. Net income in 2025 as compared to 2024 was positively impacted by a $24.3 million increase to net interest income and a decrease in the provision for credit losses of $5.0 million. Offsetting these positive contributions was a decrease in noninterest income of $8.9 million and an increase in noninterest expense of $6.5 million. Pretax pre-provision earnings, a non-GAAP measure calculated by adding net interest income to noninterest income and subtracting noninterest expense, were $137.4 million for the year ended December 31, 2025, an increase of $8.9 million, or 7.0%, compared to $128.4 million for the year ended December 31, 2024. Net income in 2024 as compared to 2023 was positively impacted by a $7.0 million increase in noninterest income and a $5.6 million decrease in noninterest expense. Offsetting these positive contributions to net income were an increase to the provision for credit losses of $10.9 million, an increase to income tax expense of $1.6 million, and a decrease to net interest income of $356,000. Pretax pre-provision earnings were $128.4 million for the year ended December 31, 2024, an increase of $12.3 million, or 10.5%, compared to $116.2 million for the year ended December 31, 2023. Total assets were $6.990 billion as of December 31, 2025, versus $6.678 billion as of December 31, 2024, an increase of $311.6 million or 4.7%. Balance sheet expansion in 2025 was driven by loan growth net of the allowance for credit losses of $274.4 million, or 5.5%, and an increase in available-for-sale securities of $60.6 million, or 6.1%. Deposits increased by $72.4 million, or 1.2%, during 2025, to fund the balance sheet expansion. Borrowings outstanding at December 31, 2025, were $184.2 million, compared to no borrowings outstanding at December 31, 2024. CRITICAL ACCOUNTING POLICIES Certain of the Company\u2019s accounting policies are important to the portrayal of the Company\u2019s financial condition, since they require management to make difficult, complex or subjective judgments, some of which may relate to matters that are inherently uncertain. Estimates associated with these policies are susceptible to material changes as a result of changes in facts and circumstances. Some of the facts and circumstances which could affect these judgments include changes in interest rates, in the performance of the economy or in the financial condition of borrowers. Management believes that its critical accounting policies include determining the allowance for credit losses. Allowance for Credit Losses The Company maintains an allowance for credit losses to provide for expected credit losses. Losses are charged against the allowance when management believes that the principal is uncollectible. Subsequent recoveries, if any, are credited to the allowance. Allocations of the allowance are made for specific loans and for pools of similar types of loans, although the entire allowance is available for any loan that, in management\u2019s judgment, should be charged against the allowance. A provision for credit losses is taken based on management\u2019s ongoing evaluation of the appropriate allowance balance. A formal evaluation of the adequacy of the credit loss allowance is cond ITEM 1. BUSINESS The Company Lakeland Financial Corporation (\"Lakeland Financial\"), an Indiana corporation incorporated in 1983, is a bank holding company headquartered in Warsaw, Indiana that provides, through its wholly owned subsidiary Lake City Bank (the \"Bank\") and together with Lakeland Financial (the \"Company\"), a broad array of financial products and services throughout its Northern and Central Indiana markets. The Company offers commercial and consumer banking services, as well as trust and wealth management, brokerage, and treasury management commercial services. The Company serves a diverse customer base, including commercial customers across a wide variety of industries including, among others, commercial real estate, manufacturing, agriculture, construction, retail, wholesale, finance and insurance, accommodation and food services, and health care. The Company is not dependent upon any single industry or customer. At December 31, 2025, Lakeland Financial had consolidated total assets of $7.0 billion. Company\u2019s Business. Lakeland Financial is a bank holding company as defined in the Bank Holding Company Act of 1956, as amended. Lakeland Financial owns all of the outstanding stock of the Bank, a full-service commercial bank organized under Indiana law. Lakeland Financial conducts no business except that which is incidental to its ownership of the outstanding stock of the Bank. Although Lakeland Financial is a corporate entity, legally separate and distinct from its affiliates, bank holding companies such as Lakeland Financial are required to act as a source of financial strength for their subsidiary banks. The principal source of Lakeland Financial\u2019s income is dividends from the Bank. There are certain regulatory restrictions on the extent to which subsidiary banks can pay dividends or otherwise supply funds to their holding companies. See \"Supervision and Regulation of the Company\" below for further discussion of these matters. Bank\u2019s Business. The B ITEM 1A. RISK FACTORS In addition to the other information in this Annual Report on Form 10-K, stockholders or prospective investors should carefully consider the following risk factors: Risks Relating to General Economic Conditions A downturn in general economic or business conditions, nationally or in markets where our business is", "title": "LKFN - LAKELAND FINANCIAL CORP", "url": "/company/LKFN/" }, { "kind": "company", "summary": "SIC 5010 Wholesale-Motor Vehicles & Motor Vehicle Parts & Supplies; CIK 0001065696; latest 10-K filed 2026-02-19.", "text": "LKQ - LKQ CORP SIC 5010 Wholesale-Motor Vehicles & Motor Vehicle Parts & Supplies; CIK 0001065696; latest 10-K filed 2026-02-19. LKQ LKQ CORP 0001065696 5010 Wholesale-Motor Vehicles & Motor Vehicle Parts & Supplies ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with our audited Consolidated Financial Statements and notes thereto included in Part II, Item 8, \"Financial Statements and Supplementary Data,\" of this Annual Report on Form 10-K. Discussion of 2023 items and the year-over-year comparison of changes in our financial condition and the results of operations as of and for the years ended December 31, 2024 and December 31, 2023 for our Consolidated Results of Operations can be found in Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations,\" of our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 20, 2025. Unless otherwise indicated or the context otherwise requires, as used in this \"Management's Discussion and Analysis of Financial Condition and Results of Operations,\" the terms \"we,\" \"us,\" \"the Company,\" \"our,\" \"LKQ\" and similar terms refer to LKQ Corporation and its subsidiaries. Overview We are a global distributor of vehicle products, including replacement parts, components, and systems used in the repair and maintenance of vehicles, and specialty aftermarket products and accessories to improve the performance, functionality and appearance of vehicles. Buyers of vehicle replacement products have the option to purchase from primarily four sources: new products produced by OEMs; new products produced by companies other than the OEMs, which are referred to as aftermarket products; salvaged products taken from total loss vehicles; and reconditioned products that have been refurbished or remanufactured. Collectively, we refer to the three sources that are not new OEM products as alternative parts. We are organized into three operating segments: North America; Europe; and Specialty, each of which is presented as a reportable segment. We have made certain reclassifications to the prior period financial information to reflect discontinued operations presentation as a result of the sale of our Self Service segment. See Note 4, \"Discontinued Operations and Divestitures\" to the Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K for additional information. We sell a variety of alternative replacement and maintenance parts including collision parts, which are typically exterior components used in the collision repair process to restore a vehicle's appearance and safety, such as bumper covers, fenders, paint and related body repair products, and lights; hard parts, which are typically internal components that are either mechanical in nature, such as alternators, starters, and clutches, or functional components that are replaced as part of routine maintenance, such as brake pads, discs and sensors, filters and batteries; and major mechanical parts, such as engines and transmissions. We also sell specialty products and accessories, which are vehicle products that improve the performance, functionality and appearance of vehicles. Our North America segment is a leading provider of alternative vehicle collision replacement products, paint and related body repair products, and alternative vehicle mechanical replacement and maintenance products, with our sales, processing, and distribution facilities reaching most major markets in the U.S. and Canada. Our Europe segment is a leading provider of alternative vehicle replacement and maintenance products in Germany, the U.K., the Benelux region, Italy, Czech Republic, Austria, Slovakia, France and various other European countries. Our Specialty segment is a leading distributor of specialty vehicle aftermarket products and accessories reaching most major markets in the U.S. and Canada. Our operating results have fluctuated on a quarterly and annual basis in the past and can be expected to continue to fluctuate in t ITEM 1. BUSINESS OVERVIEW LKQ Corporation (\"LKQ,\" the \"Company\" or \"we\") is a global distributor of vehicle products, including replacement parts, components and systems used in the repair and maintenance of vehicles, and specialty aftermarket products and accessories to improve the performance, functionality and appearance of vehicles. Buyers of vehicle replacement products have the option to purchase from primarily four sources: new products produced by original equipment manufacturers (\"OEMs\"); new products produced by companies other than the OEMs, which are referred to as aftermarket products; salvaged products taken from total loss vehicles; and reconditioned products that have been refurbished or remanufactured. Collectively, we refer to the three sources that are not new OEM products as alternative parts. We sell a variety of alternative replacement and maintenance parts including collision parts, which are typically exterior components used in the collision repair process to restore a vehicle's appearance and safety, such as bumper covers, fenders, paint and related body repair products, and lights; hard parts, which are typically internal components that are either mechanical in nature, such as alternators, starters, and clutches, or functional components that are replaced as part of routine maintenance, such as brake pads, discs and sensors, filters and batteries; and major mechanical parts, such as engines and transmissions. We also sell specialty products and accessories, which are vehicle products that improve the performance, functionality and appearance of vehicles. We are organized into three operating segments: North America (formerly known as (\"f/k/a\") Wholesale - North America); Europe; and Specialty, each of which is presented as a reportable segment. Refer to Note 12, \"Revenue Recognition\" and Note 26, \"Segment and Geographic Information\" to the Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K for fin ITEM 1A. RISK FACTORS The following risk factors and other information included in this Annual Report on Form 10-K should be carefully considered. The occurrence of any of the following risks or of unknown risks and uncertainties may adversely affect our business, operating results and financia", "title": "LKQ - LKQ CORP", "url": "/company/LKQ/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001158895; latest 10-K filed 2026-02-26.", "text": "LMAT - LEMAITRE VASCULAR INC SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001158895; latest 10-K filed 2026-02-26. LMAT LEMAITRE VASCULAR INC 0001158895 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our consolidated financial statements and the related notes contained elsewhere in this Annual Report on Form 10-K and in our other SEC filings. The following discussion may contain predictions, estimates, and other forward-looking statements that involve a number of risks and uncertainties, including those discussed under \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. These risks could cause our actual results to differ materially from any future performance suggested below. Our discussion and analysis of our financial condition and results of operations for 2025 as compared to 2024 are discussed below. For a discussion of our financial condition and results of operations for 2024 as compared to 2023, please refer to Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our 2024 Annual Report on Form 10-K, except as set forth below. The principal objectives of this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations are to enhance our overall financial disclosures by providing explanation and analysis of the Company\u2019s financial results and condition, as viewed by our management. Overview We are a global provider of medical devices and human tissue cryopreservation services largely used in the treatment of peripheral vascular disease, end-stage renal disease, and cardiovascular disease. We develop, manufacture, and market vascular devices to address the needs of vascular surgeons and, to a lesser degree, other specialties such as cardiac surgeons, general surgeons, and neurosurgeons. Our diversified portfolio of devices consists of brand name products that are used in arteries and veins and are well known to vascular surgeons. Our principal product offerings are sold globally, primarily in the United States, Europe, Canada, and Asia Pacific, or APAC. We estimate that the annual worldwide market for peripheral vascular devices exceeds $9 billion, within which we estimate that the market for our products is approximately $1 billion. We have grown our business using a three-pronged strategy: 1) pursuing a focused call point, 2) competing for sales of low-rivalry, niche products, and 3) expanding our worldwide direct sales force while acquiring complementary devices. We have used acquisitions as a primary means of further penetrating the peripheral vascular device market, and we expect to continue this strategy in the future. We currently manufacture most of our products in our Burlington, Massachusetts headquarters. Our products and services are used primarily by vascular surgeons who treat peripheral vascular disease through both open surgical methods and endovascular techniques. In contrast to interventional cardiologists and interventional radiologists, vascular surgeons can perform both open surgical and minimally invasive endovascular procedures, and therefore can provide a wider range of treatment options to their patients. Recently we have also begun to explore adjacent market customers, such as cardiac surgeons and interventional cardiologists. Our principal product lines include the following: anastomotic clips, biologic vascular and dialysis grafts, biologic vascular and cardiac patches, carotid shunts, embolectomy and occlusion catheters, radiopaque marking tape, synthetic vascular and dialysis grafts, and valvulotomes. Through our RestoreFlow allografts business, we also process and cryopreserve human vascular and cardiac tissue. Our principal biologic offerings include vascular and cardiac patches as well as vascular and dialysis grafts. In 2025, biologics represented 53% of our worldwide sales. We believe our biologic devices represent differentiated and, in many cases, growing product segments. 43 Our business opportunities include the following: \u2022 growing o Item 1. Business Overview We are a global provider of medical devices and human tissue cryopreservation services largely used in the treatment of peripheral vascular disease, end-stage renal disease, and cardiovascular disease. We develop, manufacture, and market vascular devices to address the needs of vascular surgeons and, to a lesser degree, other specialties such as cardiac surgeons, general surgeons, and neurosurgeons. Our diversified portfolio of devices consists of brand name products that are used in arteries and veins and are well known to vascular surgeons. Our principal product offerings are sold globally, primarily in the United States, Europe, Canada and Asia Pacific. We estimate that the annual worldwide market for peripheral vascular devices exceeds $9 billion, within which we estimate that the market for our products is approximately $1 billion. We sell our products and services primarily through a direct sales force. Our worldwide headquarters is located in Burlington, Massachusetts, and we also have a North American sales office in Vaughan, Canada. Our European headquarters is located in Sulzbach, Germany, and we also have European sales offices in Milan, Italy; Madrid, Spain; Hereford, England; Dublin, Ireland; Maisons-Alfort, France; and Glattbrugg, Switzerland. Our Asia Pacific headquarters is located in Singapore, and we also have Asia Pacific sales offices in Tokyo, Japan; Shanghai, China; Docklands, Australia; Seoul, Korea; and Bangkok, Thailand. During the year ended December 31, 2025, approximately 95% of our net sales were generated in territories in which we employ direct sales representatives. We also sell our products in other countries through distributors. As of December 31, 2025, our sales force comprised 160 sales representatives and export managers in North America, Europe, and Asia Pacific. The Peripheral Vascular Disease Market Based on industry statistics, we estimate that peripheral vascular disease affects more than 200 Item 1A. Risk Factors Investing in our securities involves a high degree of risk. You should consider the following information about the risks described below, together with the other information contained in this Annual Report on Form 10-K and in our other public filings in evaluating our business.", "title": "LMAT - LEMAITRE VASCULAR INC", "url": "/company/LMAT/" }, { "kind": "company", "summary": "SIC 6311 Life Insurance; CIK 0000059558; latest 10-K filed 2026-02-19.", "text": "LNC - LINCOLN NATIONAL CORP SIC 6311 Life Insurance; CIK 0000059558; latest 10-K filed 2026-02-19. LNC LINCOLN NATIONAL CORP 0000059558 6311 Life Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Index to Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Forward-Looking Statements \\u2013 Cautionary Language\",\"42\"],[\"Introduction\",\"43\"],[\"Executive Summary\",\"43\"],[\"Summary of Critical Accounting Estimates\",\"45\"],[\"Results of Consolidated Operations\",\"54\"],[\"Results of Annuities\",\"56\"],[\"Results of Life Insurance\",\"61\"],[\"Results of Group Protection\",\"67\"],[\"Results of Retirement Plan Services\",\"71\"],[\"Results of Other Operations\",\"76\"],[\"Consolidated Investments\",\"78\"],[\"Reinsurance\",\"94\"],[\"Liquidity and Capital Resources\",\"95\"]] [[/GREPCENT_TABLE]] 41 Table of Contents The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations(\u201cMD&A\u201d) is intended to help the reader understand the financial condition as of December 31, 2025, compared with December 31, 2024, and the results of operations in 2025 compared to 2024 of Lincoln National Corporation and its consolidated subsidiaries. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cPart II \u2013 Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. Unless otherwise stated or the context otherwise requires, \u201cLNC,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d refers to Lincoln National Corporation and its consolidated subsidiaries. The MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and the accompanying notes to the consolidated financial statements (\u201cNotes\u201d) presented in \u201cItem 8. Financial Statements and Supplementary Data,\u201d as well as \u201cPart I \u2013 Item 1A. Risk Factors\u201d above. FORWARD-LOOKING STATEMENTS \u2013 CAUTIONARY LANGUAGE Certain statements made in this report and in other written or oral statements made by us or on our behalf are \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995 (\u201cPSLRA\u201d). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cproject,\u201d \u201cshall,\u201d \u201cwill\u201d and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in our businesses, prospective services or products, future performance or financial results and the outcome of contingencies, such as legal proceedings. We claim the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA. Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including: \u2022Weak general economic and business conditions that may affect demand for our products, account balances, investment results, guaranteed benefit liabilities, premium levels and claims experience; \u2022Adverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures; \u2022The inability of our subsidiaries to pay dividends to the holding company in sufficient amounts, which could harm the holding company\u2019s ability to meet its obligations; \u2022Le Item 1. Business OVERVIEW Lincoln National Corporation (\u201cLNC,\u201d which also may be referred to as \u201cLincoln,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d) is a holding company that operates multiple insurance and retirement businesses through subsidiary companies. Through our business segments, we sell a wide range of wealth accumulation, wealth protection, group protection and retirement income products and solutions. LNC was organized under the laws of the state of Indiana in 1968. We currently maintain our principal executive offices in Radnor, Pennsylvania. \u201cLincoln Financial\u201d is the marketing name for LNC and its subsidiary companies. We provide products and services and report results through four business segments as follows: \u2022Annuities \u2022Life Insurance \u2022Group Protection \u2022Retirement Plan Services We also have Other Operations, which includes the financial results for operations that are not directly related to the business segments. The results of Lincoln Financial Distributors (\u201cLFD\u201d), our wholesale distributor, are included in the segments for which it distributes products. LFD distributes our individual life insurance and annuity products, retirement plan products and services and corporate-owned universal life insurance and variable universal life insurance (\u201cCOLI\u201d) and bank-owned universal life insurance and variable universal life insurance (\u201cBOLI\u201d) products and services. The distribution occurs through financial intermediaries, including consultants, brokers, planners, agents, financial advisers, third-party administrators (\u201cTPAs\u201d), financial institutions and other intermediaries. Group Protection distributes its products and services primarily through employee benefit brokers, TPAs and other employee benefit firms. As of December 31, 2025, LFD had approximately 450 internal and external wholesalers (including sales and relationship managers). The results through May 6, 2024, of Lincoln Financial Network (\u201cLFN\u201d), our former retail distributor, are included in the busine Item 1A. Risk Factors You should carefully consider the risks and uncertainties described below before investing in our securities. The risks and uncertainties described below are not the only ones facing our Company. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. If any o", "title": "LNC - LINCOLN NATIONAL CORP", "url": "/company/LNC/" }, { "kind": "company", "summary": "SIC 3523 Farm Machinery & Equipment; CIK 0000836157; latest 10-K filed 2025-10-23.", "text": "LNN - LINDSAY CORP SIC 3523 Farm Machinery & Equipment; CIK 0000836157; latest 10-K filed 2025-10-23. LNN LINDSAY CORP 0000836157 3523 Farm Machinery & Equipment ITEM 7 \u2014 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Concerning Forward\u2014Looking Statements This Annual Report on Form 10-K, including Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, contains not only historical information, but also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical are forward-looking and reflect expectations for future Company performance. In addition, forward-looking statements may be made orally or in press releases, conferences, reports, on the Company\u2019s web site, or otherwise, in the future by or on behalf of the Company. When used by or on behalf of the Company, the words \u201cexpect,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201cbelieve,\u201d \u201cintend,\u201d \u201cwill,\u201d \u201cplan,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201coutlook,\u201d \u201ccould,\u201d \u201cmay,\u201d \u201cshould,\u201d and similar expressions generally identify forward-looking statements. For these statements throughout this Annual Report on Form 10-K, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The entire sections entitled \u201cFinancial Overview and Outlook\u201d and \u201cRisk Factors\u201d should be considered forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, including but not limited to those discussed in the \u201cRisk Factors\u201d section contained in Item 1A. Readers should not place undue reliance on any forward-looking statement and should recognize that the statements are predictions of future results or conditions, which may not occur as anticipated. Actual results or conditions could differ materially from those anticipated in the forward-looking statements and from historical results, due to the risks and uncertainties described herein, as well as others not now anticipated. The risks and uncertainties described herein are not exclusive and further information concerning the Company and its businesses, including factors that potentially could materially affect the Company\u2019s financial results, may emerge from time to time. Except as required by law, the Company assumes no obligation to update forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements. Company Overview The Company manufactures and markets center pivot, lateral move, and hose reel irrigation systems. The Company also produces and markets irrigation controls, chemical injection systems, remote monitoring and irrigation scheduling systems. These products are used by farmers to increase or stabilize crop production while conserving water, energy, and labor. Through its acquisitions and third-party commercial arrangements, the Company has been able to enhance its capabilities in providing innovative, turn-key solutions to customers through the integration of designs, controls, and pump stations. The Company sells its irrigation products primarily to a world-wide independent dealer network, who resell to their customers, the farmers. The Company\u2019s irrigation production facilities are located in the United States, Brazil, T\u00fcrkiye, France, China and South Africa, and also has distribution and sales operations in the Netherlands, Egypt, Australia, and New Zealand. The Company also manufactures and markets, through distributors and direct sales to customers, various infrastructure products, including moveable barrier systems for traffic lane management, crash cushions, preformed reflective pavement tapes, and other road safety devices, through its production facilities in the United States and Italy, and has produced road safety products in irrigation manufacturing facilities in China, Brazil and T\u00fcrkiye. In addition, the Company\u2019s infrastructure segment produces railroad signals and structures. For the business ove ITEM 1 \u2014 Business INTRODUCTION Lindsay Corporation, along with its subsidiaries (collectively called the \u201cCompany\u201d), is a global leader in providing a variety of proprietary water management and road infrastructure products and services. The Company has been involved in the manufacture and distribution of agricultural irrigation equipment since 1955 and has grown from a regional company to an international firm with worldwide sales, distribution and manufacturing operations. The Company is a Delaware corporation and maintains its corporate offices in Omaha, Nebraska. The Company has operations which are categorized into two reporting segments, Irrigation and Infrastructure. Irrigation Segment \u2013 The Company\u2019s irrigation segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems which are used principally in the agricultural industry to increase or stabilize crop production while conserving water, energy and labor. The irrigation segment also manufactures and markets repair and replacement parts for its irrigation systems and controls and large diameter steel tubing. The Company continues to strengthen irrigation product offerings through innovative technology such as Global Positioning System (\u201cGPS\u201d) positioning and guidance, variable rate irrigation, wireless irrigation management, irrigation scheduling, Industrial Internet of Things (\u201cIIOT\u201d) technology solutions and mobile device applications. The Company\u2019s primary domestic irrigation manufacturing facilities are located in Lindsay, Nebraska; Olathe, Kansas; and Norfolk, Nebraska. Internationally, the Company has commercial and production operations in Brazil, France, China, T\u00fcrkiye (formerly Turkey), and South Africa, as well as distribution and sales operations in the Netherlands, Egypt, Australia, and New Zealand. The Company also exports equipment from the U.S. and its global production facilities to other international markets. Infrastructure Segment \u2013 Th ITEM 1A \u2014 Risk Factors The following are certain of the more significant risks that may affect the Company\u2019s business, financial condition and results of operations. Risks Related to Business and Industry Changing worldwide demand for food and biofuels could have an effect on the price of agricultural commodities and consequently the demand for", "title": "LNN - LINDSAY CORP", "url": "/company/LNN/" }, { "kind": "company", "summary": "SIC 4412 Deep Sea Foreign Transportation of Freight; CIK 0001596993; latest 10-K filed 2026-05-27.", "text": "LPG - DORIAN LPG LTD. SIC 4412 Deep Sea Foreign Transportation of Freight; CIK 0001596993; latest 10-K filed 2026-05-27. LPG DORIAN LPG LTD. 0001596993 4412 Deep Sea Foreign Transportation of Freight ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. \u200b You should read the following discussion of our financial condition and results of operations in conjunction with our consolidated financial statements and related notes included herein. Among other things, those financial statements include more detailed information regarding the basis of presentation for the following information. The financial statements have been prepared in accordance with U.S. GAAP and are presented in U.S. dollars unless otherwise indicated. The following discussion contains forward\u2011looking statements that involve risks and uncertainties. As a result of many factors, such as those set forth under \"Item 1A\u2014Risk Factors,\" \"Forward-Looking Statements\" and elsewhere in this report, our actual results may differ materially from those anticipated in these forward\u2011looking statements. \u200b Overview \u200b We are a Marshall Islands corporation, headquartered in the United States, focused on owning and operating VLGCs. As of May 22, 2026, our fleet consists of twenty-seven VLGCs, including one dual-fuel ECO-design Very Large Gas Carrier / Ammonia Carrier (\u201cVLGC/AC\u201d), one dual-fuel ECO-design VLGC; eighteen fuel-efficient 84,000 cbm ECO-design VLGCs, or our ECO VLGCs; one 82,000 cbm modern VLGC/AC; four time chartered-in dual fuel Panamax size VLGCs; one time chartered-in ECO Panamax VLGC, and one time chartered-in modern VLGC. \u200b On April 1, 2015, Dorian and MOL Energia began operations of the Helios Pool, which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under a variable rate time charter to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. The vessels entered into the Helios Pool may operate either in the spot market, pursuant to COAs or on time charters of two years' duration or less (unless agreed otherwise). As of May 22, 2026, all twenty-seven of our VLGCs, including the six time chartered-in vessels, were deployed in the Helios Pool. \u200b Our customers, either directly or through the Helios Pool, include or have included global energy companies such as Exxon Mobil Corp., Chevron Corp., China International United Petroleum & Chemicals Co., Ltd., Royal Dutch Shell plc, Equinor ASA, Total S.A., and Sunoco LP, commodity traders such as Glencore plc, Itochu Corporation, Bayegan Group, Gunvor Group, and the Vitol Group and importers such as E1 Corp., Indian Oil Corporation, SK Gas Co. Ltd., and Astomos Energy Corporation, or subsidiaries of the foregoing. For the year ended March 31, 2026, the Helios Pool accounted for 99% of our total revenues. No other individual charterer accounted for more than 10% of our total revenues. Within the Helios Pool, no individual charterer represented more than 10% of net pool revenues\u2014related party. For the year ended March 31, 2025, the Helios Pool accounted for 97% of our total revenues. No other individual charterer accounted for more than 10% of our total revenues. Within the Helios Pool, one charterer represented more than 10% of net pool revenues\u2014related party. For the year ended March 31, 2024, the Helios Pool accounted for 95% of our total revenues. No other individual charterer accounted for more than 10% of our total revenues. Within the Helios Pool, two charterers each represented more than 10% of net pool revenues\u2014related party. See \u201cItem 1A. Risk Factors\u2014We operate exclusively in the LPG shipping industry. Due to the general lack of industry diversification, adverse developments in the LPG shipping industry may adversely affect our business, financial condition and operating results\u201d and \u201cItem 1A. Risk Factors\u2014We expect to be dependent on a limited number of customers for a material part of our revenues, and failure of such customers to meet their obligations could cause us to suffer losses or negatively impact our results of operations", "title": "LPG - DORIAN LPG LTD.", "url": "/company/LPG/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001235468; latest 10-K filed 2025-11-20.", "text": "LQDT - LIQUIDITY SERVICES INC SIC 7389 Services-Business Services, NEC; CIK 0001235468; latest 10-K filed 2025-11-20. LQDT LIQUIDITY SERVICES INC 0001235468 7389 Services-Business Services, NEC Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with our consolidated financial statements and related notes contained elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could vary materially from those indicated, implied, or suggested by these forward-looking statements as a result of many factors, including those discussed under \"Risk Factors\" and elsewhere in this Annual Report on Form 10-K. Overview About us. Liquidity Services is the leading global provider of e-commerce marketplaces and software solutions powering the circular economy. We create a better future for organizations, individuals, and the planet by using technology to capture and unleash the intrinsic value of surplus. We connect millions of buyers and thousands of sellers through our leading e-commerce auction marketplaces, search engines, asset management and auction software, and related services. Our comprehensive solutions enable the transparent, efficient, sustainable recovery of value from excess items owned by business and government sellers. Our business delivers value to shareholders by unleashing the intrinsic value of surplus through our online marketplace platforms. These platforms ignite and enable a self-reinforcing cycle of value creation where buyers and sellers attract one another in greater numbers. The result of this cycle is a continuous flow of goods that becomes increasingly valuable as more participants join the platforms, thereby creating positive network effects that benefit sellers, buyers, and shareholders. During the past three fiscal years, we conducted over 3.1 million online transactions that generated $4.1 billion in gross merchandise volume or GMV. GMV is the total sales value of all transactions for which we earned compensation upon their completion through our marketplaces or other channels during a given period of time. During the year ended September 30, 2025, the number of registered buyers grew from 5.5 million to 6.0 million, or 9%. We believe the continuous flow of goods in our marketplaces attracts a growing buyer base which creates a self-sustaining cycle for our buyers and sellers. We generated GMV of $1.6 billion and revenue of $477.7 million through multiple sources, including transaction fees from sellers and buyers, proceeds from the sale of products we purchased from sellers, and value-added service charges during the year ended September 30, 2025. Over the prior 5 years, our GMV has grown at a compound annual growth rate of 20.4%. Incorporated in Delaware as Liquidation.com in November 1999, Liquidity Services has over 25 years of industry experience. Reportable Segments The Company has five operating segments and three reportable segments under which we conduct business: GovDeals, Retail Supply Chain Group (RSCG), and Capital Assets Group (CAG). Our separate Machinio and Software Solutions operating segments, which do not individually meet the quantitative thresholds to be reportable segments, are combined and presented together as Machinio & Software Solutions for segment reporting purposes. Further information and operating results of our reportable segments can be found in Note 16 - Segment Information. \u2022 GovDeals. The GovDeals reportable segment provides solutions that enable government entities including city, county, state and federal agencies located in the United States and Canada and related commercial businesses to sell surplus property and real estate assets through its GovDeals, Bid4Assets and Sierra marketplaces; see Note 3 - Acquisitions. \u2022 RSCG. The RSCG reportable segment consists of marketplaces that enable corporations located in the United States and Canada to sell excess, returned, and overstocked consumer goods. RSCG also offers a suite of services that includes returns manag Item 1. Business. Overview Liquidity Services, Inc. (Liquidity Services, the Company) is the leading global provider of e-commerce marketplaces and software solutions powering the circular economy. We create a better future for organizations, individuals, and the planet by using technology to capture and unleash the intrinsic value of surplus. We connect millions of buyers and thousands of sellers through our leading e-commerce auction marketplaces, search engines, asset management and auction software, and related services. Our comprehensive solutions enable the transparent, efficient, sustainable recovery of value from excess items owned by business and government sellers. Our business delivers value to shareholders by unleashing the intrinsic value of surplus through our online marketplace platforms. These platforms ignite and enable a self-reinforcing cycle of value creation where buyers and sellers attract one another in greater numbers. The result of this cycle is a continuous flow of goods that becomes increasingly valuable as more participants join the platforms, thereby creating positive network effects that benefit sellers, buyers, and shareholders. During the past three fiscal years, we conducted over 3.1 million online transactions that generated $4.1 billion in gross merchandise volume or GMV. GMV is the total sales value of all transactions for which we earned compensation upon their completion through our marketplaces or other channels during a given period of time. During the year ended September 30, 2025, our number of registered buyers grew from 5.5 million to 6.0 million, or 9.5%. We generated GMV of $1.6 billion and revenue of $477.7 million through multiple sources, including transaction fees from sellers and buyers, proceeds from the sale of products we purchased from sellers, and value-added service charges during the year ended September 30, 2025. Over the prior 5 years, our GMV has grown at a compound annual growth rate of 20.4%. Incorp Item 1A. Risk Factors. You should carefully consider the risks described below, together with all of the other information in this Annual Report on Form 10-K, including the consolidated financial statements and related notes thereto, before making an investment decision regarding our common stock. If any of the follow", "title": "LQDT - LIQUIDITY SERVICES INC", "url": "/company/LQDT/" }, { "kind": "company", "summary": "SIC 8200 Services-Educational Services; CIK 0001157408; latest 10-K filed 2025-08-06.", "text": "LRN - Stride, Inc. SIC 8200 Services-Educational Services; CIK 0001157408; latest 10-K filed 2025-08-06. LRN Stride, Inc. 0001157408 8200 Services-Educational Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) contains certain forward-looking statements within the meaning of Section 21E of the Exchange Act. Historical results may not indicate future performance. Our forward-looking statements reflect our current views about future events, are based on assumptions, and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those contemplated by these statements. Factors that may cause differences between actual results and those contemplated by forward-looking statements include, but are not limited to, those discussed in \u201cRisk Factors\u201d in Part I, Item 1A, of this Annual Report. We undertake no obligation to publicly update or revise any forward-looking statements, including any changes that might result from any facts, events, or circumstances after the date hereof that may bear upon forward-looking statements. Furthermore, we cannot guarantee future results, events, levels of activity, performance, or achievements. This MD&A is intended to assist in understanding and assessing the trends and significant changes in our results of operations and financial condition. As used in this MD&A, the words, \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d refer to Stride, Inc. and its consolidated subsidiaries. This MD&A should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report. The following overview provides a summary of the sections included in our MD&A: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Executive Summary\\u2014a general description of our business and key highlights of the year ended June 30, 2025.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Key Aspects and Trends of Our Operations\\u2014a discussion of items and trends that may impact our business in the upcoming year.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Critical Accounting Estimates\\u2014a discussion of critical accounting estimates requiring judgments and the application of critical accounting policies.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Results of Operations\\u2014an analysis of our results of operations in our consolidated financial statements.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Liquidity and Capital Resources\\u2014an analysis of cash flows, sources and uses of cash, commitments and contingencies, seasonality in the results of our operations, and quantitative and qualitative disclosures about market risk.\"]] [[/GREPCENT_TABLE]] Executive Summary We are a technology company providing an educational platform to deliver online learning to students throughout the U.S. Our platform hosts products and services to attract, enroll, educate, track progress, and support students. These products and services, spanning curriculum, systems, instruction, and support services, are designed to help learners of all ages reach their full potential through inspired teaching and personalized learning. Our clients are primarily public and private schools, school districts, and charter boards. Additionally, we provide solutions to employers, government agencies and consumers. We provide a wide range of products and services across our platform with the ability to deliver customized solutions. Our comprehensive school-as-a-service offering supports our clients in operating full-time virtual schools in the K-12 market. Together with our network of online schools, Stride has served millions of students with our products and services. \u200b Our platform addresses two markets in the K-12 space: General Education and Career Learning. \u200b General Education \u200b General Education products and services are predominantly focused on core subjects, including math, English, science and history, for kindergarten through twelfth grade students ITEM 1. BUSINESS Company Overview We are a technology company providing an educational platform to deliver online learning to students throughout the U.S. Our platform hosts products and services to attract, enroll, educate, track progress, and support students. These products and services, spanning curriculum, systems, instruction, and support services, are designed to help learners of all ages reach their full potential through inspired teaching and personalized learning. Our clients are primarily public and private schools, school districts, and charter boards. Additionally, we provide solutions to employers, government agencies and consumers. We provide a wide range of products and services across our platform with the ability to deliver customized solutions. Our comprehensive school-as-a-service offering supports our clients in operating full-time virtual schools in the K-12 market. Together with our network of online schools, Stride has served millions of students with our products and services. Our platform addresses two markets in the K-12 space: General Education and Career Learning. Products and services for the General Education market are predominantly focused on core subjects for kindergarten through twelfth grade students to help build a common foundation of knowledge. These programs provide an alternative to traditional school options and address a range of student needs including, safety concerns, increased academic support, scheduling flexibility, physical/health restrictions or advanced learning. Products and services are sold as a comprehensive school-as-a-service offering or as stand-alone products and services. Career Learning products and services are focused on developing skills to enter and succeed in careers in high-growth, in-demand industries\u2014including information technology, healthcare and general business. Through our Career Learning programs, we provide middle and high school students content pathways that include job-ready skil ITEM 1A. RISK FACTORS Risk Factors Summary The following summary description sets forth an overview of the material risks we are exposed to in the normal course of our business activities. The summary does not purport to be complete and is qualified in its entirety by reference to the full risk factor discussion immediately following this summary descrip", "title": "LRN - Stride, Inc.", "url": "/company/LRN/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000887905; latest 10-K filed 2026-02-24.", "text": "LTC - LTC PROPERTIES INC SIC 6798 Real Estate Investment Trusts; CIK 0000887905; latest 10-K filed 2026-02-24. LTC LTC PROPERTIES INC 0000887905 6798 Real Estate Investment Trusts Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Executive Overview Business and Investment Strategy We are a real estate investment trust (\u201cREIT\u201d) that invests in seniors housing and health care properties through sale-leasebacks, financing leases, mortgage financing, joint ventures and structured finance solutions including preferred equity and mezzanine lending. Additionally, during the second quarter of 2025, we began utilizing the structure authorized by the REIT Investment Diversification and Empowerment Act of 2007 (commonly referred to as \u201cRIDEA\u201d) as permitted by the Housing and Economic Recovery Act of 2008 and established a seniors housing operating portfolio (\u201cSHOP\u201d). Under a typical RIDEA structure, we have certain oversight approval rights and the right to review operational and financial reporting information, but our independent third-party operators ultimately control the day-to-day operations of the property, pursuant to the terms of our management agreements. Offering RIDEA structures represent a further aspect of our traditional strategy of investing through vehicles such as non-cancelable triple-net operating leases, mortgage loans, and structured finance. We believe that RIDEA structures provide us with additional investment opportunities. We also have identified opportunities to cooperatively convert existing triple-net leases into our new SHOP segment, and in certain instances have completed these conversions. To develop and implement RIDEA structures, we may need to continue to commit financial and operational resources. While we anticipate that adding RIDEA transactions will be positive for our business model, our ability to succeed in this new segment will be determined by numerous factors, including our ability to identify suitable investments and our relationship with operators of our SHOP communities. We rely on the SHOP operator\u2019s personnel, expertise, resources, good faith, and judgement to manage our SHOP communities efficiently and effectively. We also rely on the SHOP operators to set appropriate resident fees, provide accurate property-level financial results for our properties in a timely manner, and otherwise operate our SHOP communities in compliance with the terms of our management agreements and all applicable laws and regulations. We seek to create, sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in seniors housing and health care properties managed by experienced operators. Our primary seniors housing and health care property classifications include skilled nursing facilities (\u201cSNF\u201d), assisted living facilities (\u201cALF\u201d), independent living facilities (\u201cILF\u201d), memory care communities (\u201cMC\u201d) and combinations thereof. We also invest in other (\u201cOTH\u201d) types of properties, such as land parcels, projects under development (\u201cUDP\u201d) and behavioral health care hospitals. To meet these objectives, we attempt to invest in properties that provide opportunity for additional value and current returns to our stockholders and diversify our investment portfolio by geographic location, operator, property classification and form of investment. We conduct and manage our business as two operating segments for internal reporting and internal decision-making purposes: real estate investments (\u201cReal Estate Investments\u201d) segment which consists of our portfolio of owned real properties subject to non-cancelable triple-net leases (\u201cNNN\u201d or \u201cTriple-Net Portfolio\u201d), financing receivables, mortgage loan receivables, notes receivable and unconsolidated joint ventures, and our SHOP segment consists of seniors housing communities that are managed on our behalf by independent operators pursuant to the terms of separate management agreements. For purposes of this Annual Report on Form 10-K and other presentations, we generally include ALF, ILF, and MC in the seniors housing communities Item 1. BUSINESS General LTC Properties, Inc., a real estate investment trust (\u201cREIT\u201d), was incorporated on May 12, 1992 in the State of Maryland and commenced operations on August 25, 1992. Historically we have invested primarily in seniors housing and health care properties primarily through ownership, sale-leasebacks, mortgage financing, joint ventures, construction financing and structured finance solutions including preferred equity, bridge and mezzanine lending. Unless otherwise expressly stated or the context otherwise requires, when we refer to \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cregistrant,\u201d \u201cour company,\u201d \u201cthe Company\u201d or similar terms in this Annual Report on Form 10-K, we mean LTC Properties, Inc. and its consolidated subsidiaries. Investment Policies and Strategies Our investment policy is to invest primarily in seniors housing and health care properties. Over the past three years, we have underwritten investments in seniors housing communities and health care centers for a total of approximately $781.5 million. Additionally, during the past three years, we have disposed of properties for a total sales price of $252.2 million. Prior to finalizing an investment, we conduct a comprehensive financial due diligence review and property site review to assess the property\u2019s general physical condition. Historically our investments have consisted of: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"fee ownership of seniors housing and skilled nursing properties that are leased to operators;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"mortgage loans secured by seniors housing and skilled nursing properties; or\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"participation in such investments indirectly through investments in mezzanine loans and real estate partnerships or other entities that themselves make direct investments in such loans or properties.\"]] [[/GREPCENT_TABLE]] Additionally, during the second quarter of 2025, we began utilizing the structure auth Item 1A. RISK FACTORS This section discusses risk factors that could affect our business, operations, and financial condition. If any of these risks, as well as other risks and uncertainties that we have not yet identified or that we currently believe are not material, actually occur, we could be materially adversely affected and the", "title": "LTC - LTC PROPERTIES INC", "url": "/company/LTC/" }, { "kind": "company", "summary": "SIC 7997 Services-Membership Sports & Recreation Clubs; CIK 0001869198; latest 10-K filed 2026-02-24.", "text": "LTH - Life Time Group Holdings, Inc. SIC 7997 Services-Membership Sports & Recreation Clubs; CIK 0001869198; latest 10-K filed 2026-02-24. LTH Life Time Group Holdings, Inc. 0001869198 7997 Services-Membership Sports & Recreation Clubs Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report. Some of the information included in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d sections of this Annual Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Refer to Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, in our Form 10-K for the year ended December 31, 2024 filed with the SEC on February 27, 2025, for discussion of the results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023. Overview Business and Strategy Life Time, the \u201cHealthy Way of Life Company,\u201d is a premier lifestyle and leisure brand offering premium health, fitness and wellness experiences to a community of nearly 1.6 million individual members, who together comprise nearly 873,000 memberships, as of December 31, 2025. We are a leading innovator in the industry having successfully created a leisure model that incorporates the country club wellness lifestyle within a fitness and active living community. We have earned the trust of our members for over 30 years to make their lives healthier and happier by offering them the best places, programs and performers. We deliver high-quality experiences through our omni-channel physical and digital ecosystem that includes more than 185 centers\u2014distinctive, resort-like athletic country club destinations\u2014across 31 states in the United States and one province in Canada. Our continuous commitment to members has resulted in strong brand loyalty and fueled our strong, long-term financial performance. Our luxurious athletic country clubs total over 18 million of indoor square feet and over seven million of outdoor square feet in the aggregate. Our centers are located in affluent suburban and urban locations. Depending on the size and location of a center, we offer expansive fitness floors with top-of-the-line equipment, spacious locker rooms, group fitness studios and spaces, recovery spaces, indoor and outdoor pools and bistros, indoor and outdoor tennis courts, indoor and outdoor pickleball courts, basketball courts, LifeSpa, LifeCafe and our childcare and Kids Academy learning spaces. Our premium service offerings are delivered by over 44,000 Life Time team members, including over 11,100 certified fitness professionals, ranging from personal trainers to studio performers. 31 Table of Contents Our members are highly engaged and draw inspiration from the experiences and community we have created. The value our members place on our community is reflected in the continued strength and growth of our average revenue per center membership, center usage and the visits to our athletic country clubs. Our average revenue per center membership increased to $3,531 for the year ended December 31, 2025 as compared to $3,160 for the year ended December 31, 2024 and $2,810 for the year ended December 31, 2023. Total visits to our clubs were over 122 million in 2025 as compared to over 114 million in 2024 and over 103 million in 2023, and average visits per membership to our centers remained strong at 149 in 2025. Our membership mix is notably shifting with couples and families comprising increasingly larger portions of total memberships. These mem Item 1. BUSINESS Life Time Group Holdings, Inc. (collectively with its direct and indirect subsidiaries, \u201cLife Time,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d or the \u201cCompany\u201d) is a holding company incorporated in the state of Delaware. Life Time Group Holdings, Inc. completed its initial public offering (\u201cIPO\u201d) in October 2021 and its common stock trades on the New York Stock Exchange (\u201cNYSE\u201d) under the symbol \u201cLTH.\u201d Who We Are Life Time, the \u201cHealthy Way of Life Company,\u201d is a premier lifestyle and leisure brand offering premium health, fitness and wellness experiences to a community of nearly 1.6 million individual members, who together comprise nearly 873,000 memberships, as of December 31, 2025. We are a leading innovator in the industry having successfully created a leisure model that incorporates the country club wellness lifestyle within a fitness and active living community. We have earned the trust of our members for over 30 years to make their lives healthier and happier by offering them the best places, programs and performers. We believe that consumers equate our brand with the uncompromising quality, luxury and \u201cHealthy Way of Life\u201d experiences that Life Time offers. We have built our reputation and robust brand equity through our continuous focus on delivering high-quality experiences through our omni-channel physical and digital ecosystem that includes more than 185 centers\u2014distinctive, resort-like athletic country club destinations\u2014across 31 states in the United States and one province in Canada. Our continuous commitment to members has resulted in strong brand loyalty and fueled our strong, long-term financial performance. Our centers serve communities in both suburban and urban markets across North America. Depending on the size and location of a center, we offer expansive fitness floors with top-of-the-line equipment, spacious locker rooms, group fitness studios and spaces, recovery spaces, indoor and outdoor pools and bistros, indoor and outdoor tennis courts, in Item 1A. RISK FACTORS Risks Relating to Our Business Operations and the Growth of our Business We may be unable to attract and retain members and we may not effectively optimize memberships and increase revenue per center membership, either of which could have a negative effect o", "title": "LTH - Life Time Group Holdings, Inc.", "url": "/company/LTH/" }, { "kind": "company", "summary": "SIC 4813 Telephone Communications (No Radiotelephone); CIK 0000018926; latest 10-K filed 2026-02-20.", "text": "LUMN - Lumen Technologies, Inc. SIC 4813 Telephone Communications (No Radiotelephone); CIK 0000018926; latest 10-K filed 2026-02-20. LUMN Lumen Technologies, Inc. 0000018926 4813 Telephone Communications (No Radiotelephone) ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) provides an overview of our financial performance, liquidity, and the business environment in which we operate. This discussion is intended to help readers understand our results and key factors influencing our operations. The MD&A should be read together with our audited consolidated financial statements and accompanying notes included in Item 8. All references to \u201cNotes\u201d in this section refer to the Notes to Consolidated Financial Statements in Item 8. This section includes forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those expressed or implied. For a discussion of these risks, see \u201cSpecial Note Regarding Forward-Looking Statements\u201d immediately prior to Item 1 and \u201cRisk Factors\u201d in Item 1A. The MD&A generally discusses results for the years ended December 31, 2025 and 2024, including year-over-year comparisons between these periods. For discussions of 2023 results and comparisons between 2024 and 2023 that are not in this document, refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2024. We reclassified certain prior period amounts to conform to the current period presentation, including the recategorization of our Business revenue by product category and sales channel in our segment reporting for 2024 and 2023. 39 Table of Contents OVERVIEW We are a leading digital networking services company, empowering enterprise businesses to fuel growth in a multi-cloud, AI-first marketplace by connecting people, data, and applications quickly, securely, and effortlessly. We operate in a rapidly evolving landscape with growing demand for secure, high-speed connectivity. Our strategy focuses on growing and transforming our network and business to deliver next-generation solutions that meet these needs and build the backbone of the AI economy. Reporting Segments Our reporting segments are currently organized by customer focus. \u2022Business segment: Serves enterprise and wholesale customers through five distinct sales channels: Large Enterprise, Mid-Market Enterprise, Public Sector, Wholesale, and International and Other. Revenue is reported under four product categories: Grow, Nurture, Harvest, and Other. \u2022Mass Markets segment: Serves residential and small business customers. Revenue is reported under three product categories: Fiber Broadband, Other Broadband, and Voice and Other. From time to time, we may change the categorization of our products and services. For additional information see Note 16 \u2014 Segment Information and Note 4 \u2014 Revenue Recognition in Item 8. As of December 31, 2025, we served 2.4 million broadband subscribers under our Mass Markets segment. Our methodology for counting broadband subscribers may be different than the methodologies used by other companies. 2026 Divestiture On May 21, 2025, we entered into a definitive agreement to sell our Mass Markets Fiber-to-the-Home business in the Territory to AT&T (the \"Mass Markets Fiber-to-the-Home divestiture\"). On February 2, 2026, we completed the Mass Markets Fiber-to-the-Home divestiture in exchange for pre-tax cash proceeds of $5.75 billion, subject to post-closing adjustments. In connection with the sale, we have entered into a transition services agreement under which we will provide to AT&T various support services and certain long-term agreements under which we and AT&T will provide to each other various network and other commercial services. Current Business Environment and Macroeconomic Factors The macroeconomic environment in which we operate remains dynamic and continues to affect our business. Key factors that have impacted us and our customers include: \u2022Revenue mix: Shi ITEM 1. BUSINESS Business Overview We are a leading digital networking services company, empowering enterprise businesses to fuel growth in a multi-cloud, AI-first marketplace by connecting people, data, and applications quickly, securely, and effortlessly. We are unleashing the world's digital potential by providing a broad array of integrated products and services to our customers. As of December 31, 2025, we had two segments, comprised of our Business segment, serving domestic and global customers, and our Mass Markets segment, serving domestic customers. We operate one of the world\u2019s most interconnected communications networks. Our platform empowers our customers to swiftly adjust digital programs to meet immediate demands, create efficiencies, accelerate market access, and reduce costs, which allows our customers to rapidly evolve their IT programs to address dynamic changes. Our specific products and services are detailed below under the heading \u201cProducts and Services.\u201d On May 21, 2025, we entered into a definitive agreement to sell our Mass Markets Fiber-to-the-Home business in 11 states (the \"Territory\") to AT&T. On February 2, 2026, we completed our sale of our Mass Markets Fiber-to-the-Home business in the Territory (\"Mass Markets Fiber-to-the-Home business\") to AT&T in exchange for gross cash proceeds of $5.75 billion, subject to post-closing adjustments (the \"Mass Markets Fiber-to-the-Home divestiture\"). Our Brands We conduct our operations under the following brands: \u2022Lumen: Our flagship brand for serving the enterprise and wholesale markets, including our PCF network architecture, Lumen Digital products, and our priority services including Edge, Network-as-a-Service and cybersecurity; \u2022CenturyLink: Our long-standing brand for providing primarily mass-marketed copper-based communications services, which we manage for cash flow; and \u2022Black Lotus Labs: Our cyberthreat research and intelligence arm. Prior to our Mass Markets Fiber-to-the-Home dive ITEM 1A. RISK FACTORS The following discussion identifies material factors that could (i) materially and adversely affect our business, financial condition, results of operations or prospects or (ii) cause our actual results to differ materially from our anticipated results, projections or other expe", "title": "LUMN - Lumen Technologies, Inc.", "url": "/company/LUMN/" }, { "kind": "company", "summary": "SIC 2030 Canned, Frozen & Preservd Fruit, Veg & Food Specialties; CIK 0001679273; latest 10-K filed 2025-07-23.", "text": "LW - Lamb Weston Holdings, Inc. SIC 2030 Canned, Frozen & Preservd Fruit, Veg & Food Specialties; CIK 0001679273; latest 10-K filed 2025-07-23. LW Lamb Weston Holdings, Inc. 0001679273 2030 Canned, Frozen & Preservd Fruit, Veg & Food Specialties ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following management\u2019s discussion and analysis of our results of operations and financial condition, which we refer to in this filing as \u201cMD&A,\u201d should be read in conjunction with the audited financial statements and the notes thereto. Discussions of fiscal 2023 items and fiscal year comparisons between fiscal 2024 and 2023 that are not included in this Form 10-K can be found in \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the fiscal year ended May 26, 2024, which we filed with the SEC on July 24, 2024. Results for the fiscal year ended May 25, 2025 are not necessarily indicative of results that may be attained in the future. Our MD&A is based on financial data derived from the financial statements prepared in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d). We have also presented Adjusted EBITDA, Adjusted Gross Profit, Adjusted Selling, General and Administrative expenses (\u201cSG&A\u201d), and Adjusted Equity Method Investment Earnings, each of which is considered a non-GAAP financial measure, to supplement the financial information included in this report. Refer to \u201cNon-GAAP Financial Measures\u201d below for the definitions of Adjusted EBITDA, Adjusted Gross Profit, Adjusted SG&A, and Adjusted Equity Method Investment Earnings, and a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, net income, gross profit, SG&A, and equity method investment earnings, as applicable. For more information, refer to the \u201cResults of Operations\u201d and \u201cNon-GAAP Financial Measures\u201d sections below. Overview Lamb Weston is a leading global producer, distributor, and marketer of value-added frozen potato products. We are the number one supplier of value-added frozen potato products in North America and are a leading supplier of value-added frozen potato products internationally, with a strong and growing presence in high-growth emerging markets. We offer a broad product portfolio to a diverse channel and customer base in over 100 countries. French fries represent most of our value-added frozen potato product portfolio. During fiscal 2025, we operated our business in two reportable segments: North America and International. We report net sales and adjusted EBITDA by segment and on a consolidated basis. Net sales and Segment Adjusted EBITDA are the primary measures reported to our chief operating decision maker for purposes of allocating resources to our segments and assessing their performance. For additional information on our reportable segments, see \u201cNon-GAAP Financial Measures\u201d below and Note 13, Segments, of the Notes to Consolidated Financial Statements in \u201cPart II, Item 8. Financial Statements and Supplementary Data\u201d in this Form 10-K. Executive Summary We ended the year with improved trends in customer wins and retention, leading to volume growth for the full year. Inflationary pressure persisted in fiscal 2025, which contributed to consumer uncertainty and lower overall restaurant traffic and frozen potato demand. To compete in this highly competitive environment, we supported our customers with price and trade investments. Halfway through the year, we made important changes to adapt to the evolving environment and put our business on a path back to growth. We announced our FY25 Restructuring Plan, which included the permanent closure of one of our manufacturing facilities, temporarily curtailing certain production lines across our manufacturing network in North America, and other operating and capital expense reductions. We continue to make important changes to adapt to the evolving environment. On July 23, 2025, we outlined \u201cFocus to Win,\u201d a new strategic plan to focus on four pillars including (1) prioritizing markets and channels, (2) strengthening customer partnerships ITEM 1. BUSINESS Lamb Weston Holdings, Inc. (\u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cthe Company,\u201d or \u201cLamb Weston\u201d) is a leading global producer, distributor, and marketer of value-added frozen potato products and is headquartered in Eagle, Idaho. We are the number one supplier of value-added frozen potato products in North America and a leading supplier of value-added frozen potato products internationally, with a strong presence in high-growth emerging markets. We offer a broad product portfolio to a diverse channel and customer base in over 100 countries. French fries represent most of our value-added frozen potato product portfolio. We were organized as a Delaware corporation in July 2016. Our common stock trades under the ticker symbol \u201cLW\u201d on the New York Stock Exchange. 1 Table of Contents Segments We have two reportable segments: North America and International. For segment financial information, see \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and Note 13, Segments, of the Notes to Consolidated Financial Statements in \u201cPart II, Item 8. Financial Statements and Supplementary Data\u201d of this Form 10-K. North America Our North America segment primarily includes frozen potato products sold in the United States, Canada, and Mexico to quick service and full-service restaurants and chains, foodservice distributors, non-commercial channels, and retailers. Our North America segment\u2019s product portfolio includes frozen potatoes, commercial ingredients, and appetizers sold under the Lamb Weston brand, as well as frozen potatoes sold under the Company\u2019s owned or licensed brands, including Grown in Idaho and Alexia, other licensed equities comprised of brand names of major North American restaurant chains, customer labels, and retailers\u2019 own brands. International Our International segment primarily includes frozen potato products sold outside of North America to quick service and full-service restaurant chains, foodservice ITEM 1A. RISK FACTORS Our business is subject to various risks and uncertainties. Any of the risks and uncertainties described below could materially and adversely affect our business, financial condition, and results of operations and should be considered in evaluatin", "title": "LW - Lamb Weston Holdings, Inc.", "url": "/company/LW/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000910108; latest 10-K filed 2026-02-12.", "text": "LXP - LXP Industrial Trust SIC 6798 Real Estate Investment Trusts; CIK 0000910108; latest 10-K filed 2026-02-12. LXP LXP Industrial Trust 0000910108 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations In this discussion, we have included statements that may constitute \u201cforward-looking statements\u201d within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside our control. These statements may relate to our future plans and objectives, among other things. By identifying these statements for you in this manner, we are alerting you to the possibility that our actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Important factors that could cause our results to differ, possibly materially, from those indicated in the forward-looking statements include, among others, those discussed above in \u201cRisk Factors\u201d in Part I, Item 1A of this Annual Report and \u201cCautionary Statements Concerning Forward-Looking Statements\u201d in the beginning of this Annual Report. 31 Table of Contents Introduction The following is a discussion and analysis of the consolidated financial condition and results of operations of LXP Industrial Trust for the years ended December 31, 2025 and 2024, and significant factors that could affect our prospective financial condition and results of operations. This discussion should be read together with our accompanying consolidated financial statements included herein and notes thereto. Summary of 2025 Transactions The following summarizes certain of our transactions during 2025. Leasing Activity. \u2022Entered into new leases and lease extensions encompassing 4.9 million square feet. The average fixed rent on new and extended leases was $5.99 per square foot, compared to the average fixed rent on these leases before extension of $5.23 per square foot. The weighted-average cost of tenant improvements and lease commissions was $1.22 per square foot for new and extended leases. \u2022Increased stabilized portfolio occupancy to 97.1%. Investments. \u2022Acquired one warehouse facility located in the Atlanta, Georgia market for $30.0 million totaling 0.2 million square feet with a weighted-average lease term of 3.9 years. \u2022Commenced redevelopment of two warehouse facilities located in the Central Florida and Richmond, Virginia markets totaling 0.6 million square feet. Capital Recycling. \u2022Sold our interests in 11 warehouse facilities for gross proceeds of $389.1 million. Two of the facilities sold were vacant development projects totaling 2.1 million square feet, located in Ocala, Florida and Indianapolis, Indiana markets for a gross aggregate price of $174.6 million. Debt. \u2022Repaid $50.0 million of the $300.0 million term loan. \u2022Repurchased $28.1 million of the Company's Trust Preferred Securities at a 5.0% discount to par value. \u2022Completed a cash tender offer and repurchased $140.0 million of the 6.750% Unsecured Senior Notes due 2028. Equity. \u2022Completed the Reverse Split. \u2022Repurchased and retired 0.1 million common shares for an average price of $49.04 per common share. Investment Trends General. We focus our investment activity primarily on income producing single-tenant warehouse and distribution assets and build-to-suit and speculative development of warehouse and distribution assets. In 2025, we acquired a $30.0 million warehouse facility, which is a decrease of $520.5 million compared to 2024 investment activity of $550.5 million. The decrease was primarily due to our prioritizing deleveraging over reinvestment of capital recycling proceeds. In addition, we may continue to selectively recycle capital out of our non-target markets over time and, as opportunities arise, use the proceeds to reduce indebtedness and invest in our target markets, primarily through our development activities. We do not expect capital recycling to ha Item 1. Business General We are a Maryland real estate investment trust, qualified as a REIT for federal income tax purposes, focused on Class A warehouse and distribution real estate investments in target markets in the Sunbelt and lower Midwest. Class A real estate encompasses attractive and efficient buildings of high quality that are well-designed and constructed with above-average material, workmanship and finishes and are well-maintained and managed. A majority of our properties are subject to net or similar leases, where the tenant bears all or substantially all of the costs, including cost increases, for real estate taxes, utilities, insurance and ordinary repairs. However, certain leases provide that the landlord is responsible for certain operating expenses. As of December 31, 2025, we had equity ownership interests in approximately 108 consolidated real estate properties, located in 14 states and containing an aggregate of approximately 52.7 million square feet of space, approximately 97.1% of which was leased. History and Current Corporate Structure We were formed in 1993 and converted to a Maryland real estate investment trust in December 1997. Primarily all of our business is conducted through wholly-owned subsidiaries. Strategy General. Our business strategy is focused on growing our portfolio in our 12 target markets while maintaining a strong, flexible balance sheet to allow us to act on opportunities as they arise. We acquire and develop Class A warehouse and distribution facilities in markets with strong income and growth characteristics that we believe provide an optimal balance of income and capital appreciation. We partner with merchant builders for build-to-suit projects and speculative development properties. We own interests in approximately 514 acres of developable land in our target markets. We believe our development strategy has the potential to provide us with higher returns than we could obtain by acquiring fully-leased buildin Item 1A. Risk Factors In addition to the other information in our Annual Report on Form 10-K, you should consider the risks described below that we believe may be material to investors in evaluating the Company. This section contains forward-looking statements, and in considering these statements, you should refer to the qualifications and limita", "title": "LXP - LXP Industrial Trust", "url": "/company/LXP/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001759509; latest 10-K filed 2026-02-11.", "text": "LYFT - Lyft, Inc. SIC 7389 Services-Business Services, NEC; CIK 0001759509; latest 10-K filed 2026-02-11. LYFT Lyft, Inc. 0001759509 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations focuses on a discussion of results for 2025 and 2024 and year-to-year comparisons between 2025 and 2024. For a discussion of results for 2023 and year-to-year comparisons between 2024 and 2023, see \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d within our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 14, 2025. This discussion contains forward-looking statements that involve risks and uncertainties. Factors that could cause or contribute to such differences include those identified below and those discussed in the section titled \u201cRisk Factors\u201d and other parts of this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Financial and Operational Results for the Year Ended December 31, 2025 [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"% Change\"],[\"\",\"(in millions, except percentages)\"],[\"GAAP Financial Measures\"],[\"Revenue\",\"$\",\"6,316.3\",\"\",\"\",\"$\",\"5,786.0\",\"\",\"\",\"9%\"],[\"Net income(1)\",\"$\",\"2,844.0\",\"\",\"\",\"$\",\"22.8\",\"\",\"\",\"NM\"],[\"Net income as a percentage of revenue\",\"45.0\",\"%\",\"\",\"0.4\",\"%\"],[\"Net cash provided by operating activities\",\"$\",\"1,168.4\",\"\",\"\",\"$\",\"849.7\",\"\",\"\",\"38%\"],[\"Key Metrics and Non-GAAP Financial Measures\"],[\"Active Riders for the fourth quarter\",\"29.2\",\"\",\"\",\"24.7\",\"\",\"\",\"18%\"],[\"Rides\",\"945.5\",\"\",\"\",\"828.3\",\"\",\"\",\"14%\"],[\"Gross Bookings\",\"$\",\"18,507.0\",\"\",\"\",\"$\",\"16,099.4\",\"\",\"\",\"15%\"],[\"Adjusted EBITDA(2)\",\"$\",\"528.8\",\"\",\"\",\"$\",\"382.4\",\"\",\"\",\"38%\"],[\"Net income as a percentage of Gross Bookings\",\"15.4\",\"%\",\"\",\"0.1\",\"%\"],[\"Adjusted EBITDA margin (calculated as a percentage of Gross Bookings)\",\"2.9\",\"%\",\"\",\"2.4\",\"%\"],[\"Free cash flow(2)(3)\",\"$\",\"1,115.6\",\"\",\"\",\"$\",\"766.3\",\"\",\"\",\"46%\"]] [[/GREPCENT_TABLE]] _______________ (1)Net income for the year ended December 31, 2025 includes a $2.9 billion benefit from the release of our valuation allowance of U.S. federal and certain state deferred tax assets in the fourth quarter of 2025. (2)For more information regarding our use of our non-GAAP financial measures and reconciliations of these measures to the most comparable GAAP measures, see \u201cNon-GAAP Financial Measures\u201d. (3)Free cash flow is defined as net cash provided by (used in) operating activities less purchases of property and equipment and scooter fleet. NMNot meaningful. Recent Developments Acquisition of Freenow On July 31, 2025, we completed the previously announced acquisition of Freenow, a European multimodal application with a taxi offering at its core. The acquisition marked Lyft\u2019s first expansion outside of North America, beyond bikes and scooters. The Company paid approximately \u20ac205.9 million ($236.8 million) in cash, inclusive of closing adjustments. Refer to Note 4 \u201cAcquisitions\u201d to the consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K for information regarding the acquisition. Acquisition of TBR On October 14, 2025, we completed the acquisition of TBR, a global premium ground transportation and chauffeur service company, for a total purchase price of approximately \u00a386.4 million ($115.2 million), inclusive of an immaterial amount of contingent consideration. Refer to Note 4 \u201cAcquisitions\u201d to the consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K for information regarding the acquisition. Definitions of Key Metrics 51 Active Riders The number of Act Item 1. Business. Overview Lyft, Inc. (the \u201cCompany\u201d or \u201cLyft\u201d) operates as a global mobility platform offering a mix of rideshare, taxis, private hire vehicles, executive chauffeur services, car sharing, bikes and scooters. Our established, scaled network of users is brought together by our robust technology platform (the \u201cLyft Platform\u201d) that powers rides and connections every day. Our Lyft mobile application (\u201cLyft App\u201d) connect riders with drivers for on-demand ride services and supports a variety of other multimodal solutions. Substantially all of our revenue is generated from our ridesharing marketplace that connects drivers and riders. We collect service fees and commissions from drivers for their use of our ridesharing marketplace. We also generate revenue from licensing and data access agreements, the sale of bikes and bike station software and hardware, advertising services, riders renting through our network of shared bikes and scooters, drivers renting vehicles through Express Drive and by making our ridesharing marketplace available to organizations through our Lyft Business offerings. In 2025, we expanded our operations beyond North America and strengthened our global footprint. We entered nine new countries and more than 180 cities through our acquisition of Intelligent Apps GmbH (d/b/a Freenow) in July 2025, a leading European multimodal app with taxi offering at its core. In October 2025, we acquired TheBookingRoomGroup Limited (d/b/a TBR Global Chauffeuring, or \u201cTBR\u201d), a global luxury chauffeuring company that operates in thousands of cities worldwide. As a result of these acquisitions, as well as additional expansion of our business, we now operate in thousands of cities across six continents. For additional information, see Note 4 \u201cAcquisitions\u201d included in Part II, Item 8, \u201cFinancial Statements and Supplementary Data,\u201d of this Annual Report on Form 10-K. Our Transportation Network Our transportation network is primarily comprised of: \u2022Rid Item 1A. Risk Factors. Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of", "title": "LYFT - Lyft, Inc.", "url": "/company/LYFT/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001286139; latest 10-K filed 2026-02-23.", "text": "LZ - LEGALZOOM.COM, INC. SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001286139; latest 10-K filed 2026-02-23. LZ LEGALZOOM.COM, INC. 0001286139 7374 Services-Computer Processing & Data Preparation Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in the \"Risk Factors\" section of this Annual Report on Form 10-K. See \u201cForward-Looking Statements\u201d preceding Part I of this Annual Report on Form 10-K. Overview LegalZoom is a leading online platform for legal services, transforming how individuals and small businesses navigate the legal system. By combining intuitive technology with access to experienced attorneys\u2014whether through our vast independent attorney network or our own law firm\u2014we offer the tools and guidance people need to confidently manage everything from business formation and compliance to intellectual property protection and ongoing business management and legal support. We operate across all 50 states and in over 3,000 counties in the U.S. With over two decades of experience and millions of customers served, LegalZoom helps individuals and small businesses navigate legal needs with confidence. Key Factors Affecting Our Performance We believe that our future performance will depend on many factors, including the following: \u2022Macroeconomic factors. Adverse changes in, or uncertainty with respect to, general macroeconomic, political, regulatory and market conditions can negatively impact consumer spending patterns, the success of existing small businesses and the formation of new small businesses. While we continue to actively monitor the impacts of the evolving macroeconomic environment on all aspects of our business, future negative or decelerating impacts from factors such as inflation, tariffs, higher interest rates, regulatory obstacles or changes in laws and regulations remain uncertain. \u2022Our share of small and medium-sized businesses (SMBs). In 2025, business formations represented the largest share of our total transaction orders. Business formations act as an entrance point for many customers to the LegalZoom ecosystem, where they then often purchase a mix of transaction and subscription offerings alongside and after the initial formation transaction. In addition, we are expanding our go-to-market strategy to focus on emerging and established business, which we believe will decrease our dependence on business formations over time. As a result, our operating results depend on the continuation of new business formations in the U.S. and even more so, on our ability to increase our share of new business formations and to attract existing businesses to our platform. \u2022Ability to enhance customer lifetime value. Our future performance depends on our ability to integrate new products and services into our LegalZoom ecosystem and to increase recurring revenue through subscription offerings. As we continue to optimize our subscription business, including by testing various commercialization strategies for our offerings and introducing new, higher value DIFM subscription offerings, we have experienced and we expect to continue to experience increased volatility across our key business metrics. \u2022Ability to integrate augmented legal expertise. We believe that the future of legal and small business services involves a combination of AI and human expertise. We aim to utilize AI to drive efficiency and scale, while relying on our team of concierge managers and our independent network of attorneys to provide the judgment and trust that customers need. The extent to which we are able to combine AI with our human expertise in order to drive cost efficienc Item 1. Business Overview LegalZoom is a leading online platform for legal services, transforming how individuals and small businesses navigate the legal system. By combining intuitive technology with access to experienced attorneys\u2014whether through our vast independent attorney network or our own law firm\u2014we offer the tools and guidance people need to confidently manage everything from business formation and compliance to intellectual property protection and ongoing business management and legal support. Our ongoing business management services include virtual mail, legal forms, bookkeeping and estate planning services, among others. We operate across all 50 states and in over 3,000 counties in the U.S. With over two decades of experience and millions of customers served, LegalZoom helps individuals and small businesses navigate legal needs with confidence. In February 2025, we acquired Formation Nation, Inc., or Formation Nation, a small business service company. Formation Nation provides services ranging from white-glove business formation and compliance offerings under its Nevada Corporate Headquarters (NCH) business to low-cost business formations under its flagship Inc Authority brand. Our Customers and Solutions As of June 30, 2025. there were over 36 million U.S. small businesses in operation, and millions of new small businesses are formed in the U.S. every year. Many small businesses operate without forming a legal entity, unintentionally introducing financial risk to the owners\u2019 personal assets. The businesses that recognize that risk upfront often struggle to address it. Once they understand the need to be protected, they often do not know what to do, where to turn or how much it will cost to get help. Further, even when formed properly, small businesses often fail to comply with ongoing compliance requirements, thereby reintroducing personal liability or facing significant financial and operational risk. Per the U.S. Chamber of Commerce Small Busine Item 1A. Risk Factors Our business involves significant risks, and the material factors that make an investment in us risky or speculative are described below. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Rep", "title": "LZ - LEGALZOOM.COM, INC.", "url": "/company/LZ/" }, { "kind": "company", "summary": "SIC 2510 Household Furniture; CIK 0000057131; latest 10-K filed 2026-06-16.", "text": "LZB - LA-Z-BOY INC SIC 2510 Household Furniture; CIK 0000057131; latest 10-K filed 2026-06-16. LZB LA-Z-BOY INC 0000057131 2510 Household Furniture ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. We have prepared this Management's Discussion and Analysis as an aid to understanding our financial results. It should be read in conjunction with the accompanying Consolidated Financial Statements and related Notes to Consolidated Financial Statements. It also includes management\u2019s analysis of past financial results and certain potential factors that may affect future results, potential future risks and approaches that may be used to manage those risks. Refer to \"Cautionary Note Regarding Forward-Looking Statements\u201d at the beginning of this report for a discussion of factors that may cause results to differ materially. Note that our 2026, 2025 and 2024 fiscal years all included 52 weeks. Introduction Our Business We are the leading global producer of reclining chairs and one of the largest manufacturers/distributors of residential furniture in the United States. The La-Z-Boy Stores retail network is the second largest retailer of single-branded furniture in the United States. We manufacture, market, import, export, distribute and retail upholstery furniture products under the La-Z-Boy\u00ae, England, and Joybird\u00ae tradenames. In addition, we import, distribute and retail accessories and casegoods (wood) furniture products under the Hammary\u00ae and Joybird\u00ae tradenames. During fiscal 2026, we also imported, distributed, and retailed accessories and casegoods (wood) furniture products under the Kincaid\u00ae and American Drew\u00ae tradenames, and following the completion of the sale of certain assets of the Kincaid\u00ae and American Drew\u00ae wholesale businesses on May 29, 2026, we continue to retail such products. Refer to Note 4, Assets Held for Sale and Note 21, Subsequent Events, to our consolidated financial statements for further information. For additional information about our business, refer to Part I, Item 1, Business of this report. Century Vision Strategy As La-Z-Boy approaches its centennial anniversary in 2027, we remain focused on executing our Century Vision strategy to grow sales and market share through growth of our consumer brands, La-Z-Boy and Joybird, and sustainably grow our operating margin well beyond this milestone year. Building on a century of innovation, comfort, craftsmanship, and consumer 22 Table of Contents trust, we are working to leverage our iconic brand to expand market reach and strengthen our engagement with consumers, dealers and partners. Through continued investment in brand evolution, retail expansion, digital transformation, innovation, and consumer insights, we aim to deliver the transformational power of comfort to future generations with a consumer-first approach while honoring our almost 100 year heritage that has made La-Z-Boy one of America's most recognized and enduring brands. Our Century Vision strategy continues to have significant runway and we are executing through the following initiatives: Expanding the La-Z-Boy brand reach \u2022Leveraging our connection to comfort and reinvigorating our brand with a consumer focus, expanded omni-channel presence, and digital transformation. Our strategic initiatives to leverage and reinvigorate our iconic La-Z-Boy brand center on a renewed focus on leveraging the compelling La-Z-Boy comfort message, accelerating our omni-channel offering, and identifying additional consumer-base growth opportunities. We leverage our consumer insights to develop and deliver meaningful product innovation, particularly in the motion and reclining categories. We also utilize consumer insights to optimize our messaging and marketing campaigns to increase recognition and consideration of La-Z-Boy among both existing and prospective customers. Our Long Live the Lazy campaign, launched in 2024, continues to resonate through its compelling, consumer-inspired message. In 2025, we successfully launched a refreshed brand identity - the first significant evolution of the La-Z-Boy bra ITEM 1. BUSINESS. Edward M. Knabusch and Edwin J. Shoemaker started Floral City Furniture in 1927, and in 1928 the newly formed company introduced its first recliner. In 1941, we were incorporated in the state of Michigan as La-Z-Boy Chair Company, and in 1996 we changed our name to La-Z-Boy Incorporated. Today, our La-Z-Boy brand is one of the most recognized brands in the furniture industry. We are the leading global producer of reclining chairs and one of the largest manufacturers/distributors of residential furniture in the United States. The La-Z-Boy Stores retail network is the second largest retailer of single-branded furniture in the United States. We manufacture, market, import, export, distribute and retail upholstery furniture products under the La-Z-Boy\u00ae, England, and Joybird\u00ae tradenames. In addition, we import, distribute and retail accessories and casegoods (wood) furniture products under the Hammary\u00ae and Joybird\u00ae tradenames. During fiscal 2026, we also imported, distributed, and retailed accessories and casegoods (wood) furniture products under the Kincaid\u00ae and American Drew\u00ae tradenames, and following the completion of the sale of certain assets of the Kincaid\u00ae and American Drew\u00ae wholesale businesses on May 29, 2026, we continue to retail such products. Refer to Note 4, Assets Held for Sale and Note 21, Subsequent Events, to our consolidated financial statements for further information. As of April 25, 2026, our supply chain operations included the following: \u2022Four major manufacturing locations and 9 distribution centers in the United States and three facilities in Mexico to support our speed-to-market and customization strategy \u2022A logistics company that distributes a portion of our products in the United States \u2022A wholesale sales office that is responsible for distribution of our product in the United Kingdom and Ireland \u2022A global trading company in Hong Kong that helps us manage our Asian supply chain by establishing and maintaining relati ITEM 1A. RISK FACTORS. Our business is subject to a variety of risks. Any of the following risks could materially and adversely affect our business, financial condition, results of operations, liquidity, or future prospects. The risks discussed below should be carefully considered, together with the other information provided in this Annual Report on Form 10-K, including in Ma", "title": "LZB - LA-Z-BOY INC", "url": "/company/LZB/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000912242; latest 10-K filed 2026-02-20.", "text": "MAC - MACERICH CO SIC 6798 Real Estate Investment Trusts; CIK 0000912242; latest 10-K filed 2026-02-20. MAC MACERICH CO 0000912242 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management's Overview and Summary The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, the Operating Partnership. As of December 31, 2025, the Operating Partnership owned or had an ownership interest in 37 Regional Retail Centers (including office, hotel and residential space adjacent to these shopping centers) and one community/power shopping center. These 38 Regional Retail Centers and community/power shopping center consist of approximately 39 million square feet of gross leasable area (\u201cGLA\u201d) and are referred to herein as the \u201cCenters\u201d. The Centers consist of consolidated Centers (\u201cConsolidated Centers\u201d) and unconsolidated joint venture Centers (\u201cUnconsolidated Joint Venture Centers\u201d) as set forth in \u201cItem 2. Properties,\u201d unless the context otherwise requires. The Company is a self-administered and self-managed REIT and conducts all of its operations through the Operating Partnership and the Management Companies. The following discussion is based primarily on the consolidated financial statements of the Company for the years ended December 31, 2025, 2024 and 2023. It compares the results of operations and cash flows for the year ended December 31, 2025 to the results of operations and cash flows for the year ended December 31, 2024. This information should be read in conjunction with the accompanying consolidated financial statements and notes thereto. The financial statements reflect the following acquisitions, dispositions and changes in ownership subsequent to the occurrence of each transaction. Acquisitions: On May 18, 2023, the Company acquired Seritage\u2019s remaining 50% ownership interest in the MS Portfolio LLC joint venture that owned five former Sears parcels, for a total purchase price of approximately $46.7 million. These parcels are located at Chandler Fashion Center, Danbury Fair Mall, Freehold Raceway Mall, Los Cerritos Center and Washington Square. Effective as of May 18, 2023, the Company now owns and has consolidated its 100% interest in these five former Sears parcels in its consolidated financial statements (See Note 15\u2014Acquisitions in the Notes to the Consolidated Financial Statements). On November 16, 2023, the Company acquired its joint venture partner\u2019s 49.9% ownership interest in Freehold Raceway Mall for $5.6 million and the assumption of its joint venture partner\u2019s share of debt. The Company now owns 100% of Freehold Raceway Mall. Prior to November 16, 2023, the Company accounted for its investment in Freehold Raceway Mall as part of a financing arrangement (See Note 12\u2014Financing Arrangement and Note 15\u2014Acquisitions in the Notes to the Consolidated Financial Statements). On December 9, 2023, the Company acquired its joint venture partner\u2019s 50% interest in Fashion District Philadelphia for no consideration, and the Company now owns 100% of this property. Prior to December 9, 2023, due to the Company\u2019s joint venture partner having no substantive participation rights, the Company accounted for this joint venture as a consolidated variable interest entity in its consolidated financial statements (See Note 2\u2014Summary of Significant Accounting Policies and Note 15\u2014Acquisitions in the Notes to the Consolidated Financial Statements). On May 14, 2024, the Company acquired its joint venture partner's 40% interest in each of Arrowhead Towne Center and South Plains Mall for a purchase price of $36.4 million and the assumption of its joint venture partner's share of debt for each property. The Company now owns and has consolidated its 100% interests in Arrowhead Towne Center and South Plains Mall (See Note 15\u2014Acquisitions in the Notes to the Consolidated Financial Statements). ITEM 1. BUSINESS General The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the 3 \"Operating Partnership\"). As of December 31, 2025, the Operating Partnership owned or had an ownership interest in 37 regional retail centers (including office, hotel and residential space adjacent to these shopping centers) and one community/power shopping center. These 38 regional retail centers and the community/power shopping center consist of approximately 39 million square feet of gross leasable area (\u201cGLA\u201d) and are referred to herein as the \u201cCenters\u201d. The Centers consist of consolidated Centers (\u201cConsolidated Centers\u201d) and unconsolidated joint venture Centers (\u201cUnconsolidated Joint Venture Centers\u201d), as set forth in \u201cItem 2. Properties,\u201d unless the context otherwise requires. The Company is a self-administered and self-managed real estate investment trust (\"REIT\") and conducts all of its operations through the Operating Partnership and the Company's management companies, Macerich Property Management Company, LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners LLC, a single member Arizona limited liability company, Macerich Arizona Management LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a single member Colorado limited liability company, MACW Mall Management, Inc., a New York corporation, and MACW Property Management, LLC, a single member New York limited liability company. All seven of the management companies are owned by the Company and are collectively referred to herein as the \"Management Companies.\" The Company was organized as a Maryland ITEM 1A. RISK FACTORS Set forth below are the risks that we believe are material to our investors and they should be carefully considered. These risks are not all of the risks we face, and other factors not presently known to us or that we currently believe are immaterial may also affect our business if they occur. This section contains forward-looking s", "title": "MAC - MACERICH CO", "url": "/company/MAC/" }, { "kind": "company", "summary": "SIC 7363 Services-Help Supply Services; CIK 0000871763; latest 10-K filed 2026-02-23.", "text": "MAN - ManpowerGroup Inc. SIC 7363 Services-Help Supply Services; CIK 0000871763; latest 10-K filed 2026-02-23. MAN ManpowerGroup Inc. 0000871763 7363 Services-Help Supply Services Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in millions, except share and per share data Financial Measures \u2014 Constant Currency And Organic Constant Currency Changes in our financial results include the impact of changes in foreign currency exchange rates, acquisitions and dispositions. We provide \u201cconstant currency\u201d and \u201corganic constant currency\u201d calculations in this report to remove the impact of these items. We express year-over-year variances that are calculated in constant currency and organic constant currency as a percentage. When we use the term \u201cconstant currency,\u201d it means that we have translated financial data for a period into United States dollars using the same foreign currency exchange rates that we used to translate financial data for the previous period. We believe that this calculation is a useful measure, indicating the actual growth of our operations. We use constant currency results in our analysis of subsidiary or segment performance, including Argentina which operates in a hyperinflationary economy. We also use constant currency when analyzing our performance against that of our competitors. Substantially all of our subsidiaries derive revenues and incur expenses within a single country and, consequently, do not generally incur currency risks in connection with the conduct of their normal business operations. Changes in foreign currency exchange rates primarily impact reported earnings and not our actual cash flow unless earnings are repatriated. When we use the term \u201corganic constant currency,\u201d it means that we have further removed the impact of acquisitions in the current period and dispositions from the prior period from our constant currency calculation. We believe that this calculation is useful because it allows us to show the actual growth of our ongoing business. The constant currency and organic constant currency financial measures are used to supplement those measures that are in accordance with United States Generally Accepted Accounting Principles (\u201cGAAP\u201d). These Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies may calculate such financial results differently. These Non-GAAP financial measures are not measurements of financial performance under GAAP, and should not be considered as alternatives to measures presented in accordance with GAAP. Constant currency and organic constant currency percent variances, along with a reconciliation of these amounts to certain of our reported results, are included in the Financial Measures section found in Item 7. \"Management's Discussion and Analysis of Financial Condition and Results of Operations.\" Results of Operations - For Years of Operation Ending December 31, 2025 and 2024 The financial discussion that follows focuses on 2025 results compared to 2024. For a discussion of 2024 results compared to 2023, see the company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. During 2025, reported revenues increased 0.6% compared to 2024. After a volatile start to 2025, reflecting macroeconomic and geopolitical uncertainties, including the impact of policy shifts and global trade dynamics, we have seen improved trends in the second half of 2025. We observed the continuation of largely stable activity levels across North America and Europe overall, with improving trends in France, despite ongoing political and budget uncertainty. Latin America and Asia Pacific continued to experience good demand. Employers remain deliberate in their workforce hiring strategies, yet engagement levels are steady and activity levels are becoming more consistent. We are seeing clear sequential improvement in key demand indicators, including Manpower associates on assignment in key markets including the United States and France. Although we are encouraged by signs of stabilization and signs of inflection in c Item 1. Business Introduction and History ManpowerGroup Inc. is a global leader in innovative workforce solutions. Through our network of approximately 2,100 offices in more than 70 countries and territories, we put millions of people to work each year with our global, multinational and local clients across all major industry segments. Our strong and distinct brands provide specialized solutions that drive organizations forward, accelerate individual success and help build more sustainable communities. We power the future of work. By offering a comprehensive range of workforce solutions and services, we help companies improve strategy, quality, and efficiency, increase productivity and reduce costs across their workforce to achieve their business goals. ManpowerGroup\u2019s offerings of innovative workforce solutions and services include: \u2022 Recruitment and Assessment \u2013 By leveraging our trusted brands, industry knowledge and expertise, we identify the right talent in the right place to help our clients quickly access the people and skills they need when they need them. Through our industry-leading and AI-enabled assessments, we help people and organizations understand their strengths and potential, resulting in better job matches, higher retention and a stronger workforce. \u2022 Upskilling, Reskilling, Training and Development \u2013 Our global insights around evolving employer needs and our expertise in training and development help us prepare candidates and associates to succeed in today\u2019s competitive marketplace. We offer an extensive portfolio of training courses and leadership development solutions that help clients maximize talent and optimize performance. \u2022 Career Management \u2013 We help individuals find meaningful work and manage their career journey through outplacement services and targeted skills development. By helping individuals and organizations manage workforce transitions and career changes, we unleash human potential. \u2022 Outsourcing \u2013 We provide clients with Item 1A. Risk Factors FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, (each a \"forward-looking statement\"). Statements made in this report that are not sta", "title": "MAN - ManpowerGroup Inc.", "url": "/company/MAN/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001507605; latest 10-K filed 2026-03-02.", "text": "MARA - MARA Holdings, Inc. SIC 6199 Finance Services; CIK 0001507605; latest 10-K filed 2026-03-02. MARA MARA Holdings, Inc. 0001507605 6199 Finance Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) should be read in conjunction with our Consolidated Financial Statements and the related notes and other financial information included elsewhere in this Annual Report. Some of the information contained in this MD&A or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. Please review Part I, Item 1A. \u201cRisk Factors\u201d of this Annual Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following MD&A. BUSINESS OVERVIEW AND TRENDS MARA is an energy and digital infrastructure company that leverages Bitcoin mining and artificial intelligence (\u201cAI\u201d) compute to monetize excess energy and underutilized power and optimize power management across its operations. We are focused on two key priorities: strategically growing by shifting our model toward low-cost energy with more efficient capital deployment and working to develop and deploy a full suite of solutions for data centers and edge inference, including energy management and load balancing. Our total energy portfolio consists of approximately 1.9 gigawatts (\u201cGW\u201d) of capacity with 18 data centers in North America, the Middle East, Europe, and Latin America. We believe we are one of the world\u2019s largest publicly traded Bitcoin mining companies, with the majority of our production in the United States. While Bitcoin mining remains the foundation of our platform, we have expanded our footprint in energy generation and are investing in research and development to establish a presence in AI and adjacent markets, creating additional revenue opportunities over the long term. We believe the AI industry is shifting towards inference computing, which requires distributed, low-latency, and energy-efficient infrastructure. To support this shift, we are developing inference-dedicated sites and forging partnerships that reflect our vision. We are also actively exploring power management solutions, including load balancing, to provide services to the variable energy demands of AI inference workloads and international expansion opportunities. We intend to continue deepening our strategy and further reduce energy costs. HIGHLIGHTS 2025 was a year of continued scale and strategic execution for MARA, as we further expanded our energized hashrate, improved fleet efficiency and deepened our position as an energy and digital infrastructure company. Building on our prior initiatives, we continued to grow our owned and operated sites and deployed capital with discipline while navigating increased volatility driven by changes in bitcoin prices. Alongside our Bitcoin mining foundation, we are in the process of taking initial steps to extend our platform beyond Bitcoin mining and into AI and high-performance computing (\u201cHPC\u201d) workloads, leveraging our core competencies in energy ownership, flexible load management, and rapid compute deployment. Acquisitions and Partnerships \u2022Wind Farm - Hansford County, TX: In February 2025, we acquired a wind farm totaling 240 megawatts (\u201cMW\u201d) of interconnection capacity and 114 megawatts of nameplate wind capacity. \u2022MPLX: In November 2025, we announced a letter of intent with MPLX LP aimed at expanding our access to lower-cost natural gas and scalable power capacity to support the development of on-site power generation and compute infrastructure. We remain actively engaged in evaluating a transaction structure that aligns with our disciplined capital allocation strategy. \u2022Meerkat Acquisition - Central Nebraska: Subsequent to year end, in January 2026, we increased our footprint in Nebraska through a ITEM 1. BUSINESS CORPORATE OVERVIEW MARA is an energy and digital infrastructure company focused on acquiring, managing, and allocating energy to its highest-value uses. We use Bitcoin mining as a flexible, energy-responsive workload to monetize excess and underutilized power and to optimize power management across our portfolio. In parallel, we are in the process of developing artificial intelligence (\u201cAI\u201d) inference and high-performance computing (\u201cHPC\u201d) capabilities. We operate across four continents and 18 data centers in North America, the Middle East, Europe, and Latin America, with approximately 1.9 gigawatts (\u201cGW\u201d) of total capacity. Our strategy is centered on the ownership and control of energy and digital infrastructure. While our earlier growth strategy emphasized an asset-light model, we have strategically transitioned to an energy and digital infrastructure company, expanding our owned portfolio capacity to approximately 70%. By expanding our ownership of sites and power infrastructure, we enhance operating control, improve margin durability, and support long-term capital efficiency. As demand for energy-optimized compute infrastructure accelerates, particularly from AI and HPC workloads, we are in the process of deploying and scaling AI inference and HPC capabilities within our existing footprint. We are reallocating a meaningful portion of our capacity to support AI and HPC applications, leveraging the same integrated energy and data center platform that underpins our mining operations. These initiatives position us to support multiple high-intensity compute workloads at scale within a unified operating model. In support of these initiatives, we acquired a majority ownership interest in Exaion SaS (\u201cExaion\u201d), a company that develops and operates HPC data centers and provides secure cloud and AI infrastructure, further strengthening our position in the technology industry. Additionally, as part of this expansion, we entered into a strategic agre ITEM 1A. RISK FACTORS Described below are certain risks to our business and the industry in which we operate. You should carefully consider the risks described below, together with the financial and other information contained in this Annual Report and in our other public disclosures. If any of the following risks actually occurs, our business, financial ", "title": "MARA - MARA Holdings, Inc.", "url": "/company/MARA/" }, { "kind": "company", "summary": "SIC 3360 Nonferrous Foundries (Castings); CIK 0000063296; latest 10-K filed 2025-11-21.", "text": "MATW - MATTHEWS INTERNATIONAL CORP SIC 3360 Nonferrous Foundries (Castings); CIK 0000063296; latest 10-K filed 2025-11-21. MATW MATTHEWS INTERNATIONAL CORP 0000063296 3360 Nonferrous Foundries (Castings) ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion should be read in conjunction with the consolidated financial statements of Matthews and related notes thereto. In addition, see \"Cautionary Statement Regarding Forward-Looking Information\" included in Part I of this Annual Report on Form 10-K. RESULTS OF OPERATIONS: The Company manages its businesses under three segments: Memorialization, Industrial Technologies and Brand Solutions. The Memorialization segment consists primarily of bronze and granite memorials and other memorialization products, caskets, cremation-related products, and cremation and incineration equipment primarily for the cemetery and funeral home industries. The Industrial Technologies segment includes the design, manufacturing, service and sales of high-tech custom energy storage solutions; product identification and warehouse automation technologies and solutions, including order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products; and coating and converting lines for the packaging, pharma, foil, d\u00e9cor and tissue industries. The Brand Solutions segment consists of brand management, pre-media services, printing plates and cylinders, imaging services, digital asset management, merchandising display systems, and marketing and design services primarily for the consumer goods and retail industries. On May 1, 2025, the Company contributed its SGK Business to a newly-formed entity, Propelis, in exchange for a 40% ownership interest in Propelis and other consideration. Propelis is a leading global provider of brand solutions. Following the completion of this transaction, the Company's Brand Solutions segment consists of its cylinders business, and its 40% ownership interest in Propelis. Activity prior to May 1, 2025 for the SGK Business is included within the consolidated financial statements of the Company. As of May 1, 2025 the SGK Business has been deconsolidated from the financial statements and is now accounted for as part of the Company's equity-method investment in Propelis. The Company recognizes its portion of the earnings or losses for its equity-method investment in Propelis on a three-month lag to ensure consistency and timely filing of the Company's financial statements. Consequently, in fiscal 2025, the Company's portion of earnings for its equity-method investment in Propelis only includes the months of May and June 2025. See Notes 8, \"Investments\" and 23, \"Acquisitions and Divestitures\" in Item 8 - \"Financial Statements and Supplementary Data\" for further information with respect to the Company's sale of its interest in the SGK Business. The Company's primary measure of segment profitability is adjusted earnings before interest, income taxes, depreciation and amortization (\"adjusted EBITDA\"). Adjusted EBITDA is defined by the Company as earnings before interest, income taxes, depreciation, amortization and certain non-cash and/or non-recurring items that do not contribute directly to management\u2019s evaluation of its operating results. These items include stock-based compensation, the non-service portion of pension and postretirement expense, acquisition and divestiture costs, gains and losses on divestitures, enterprise resource planning (\"ERP\") integration costs, and strategic initiatives and other charges. This presentation is consistent with how the Company's chief operating decision maker (the \u201cCODM\u201d), identified as the Company\u2019s President and Chief Executive Officer, evaluates the results of operations and makes strategic and resource allocation decisions about the business. For these reasons, the Company believes that adjusted EBITDA represents the most relevant measure of segment profit and loss. In addition, the CODM manages and evaluates the operating performance of the segments, as described above, on a pre-corporate cost allocation basis. Accordingly, for segment r ITEM 1. BUSINESS. Matthews, founded in 1850 and incorporated in Pennsylvania in 1902, is a global provider of memorialization products, industrial technologies and brand solutions. Memorialization products consist primarily of bronze and granite memorials and other memorialization products, caskets, cremation-related products, and cremation and incineration equipment primarily for the cemetery and funeral home industries. Industrial Technologies includes the design, manufacturing, service and sales of high-tech custom energy storage solutions; product identification and warehouse automation technologies and solutions, 2 ITEM 1. BUSINESS, (continued) including order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products; and coating and converting lines for the packaging, pharma, foil, d\u00e9cor and tissue industries. Brand Solutions consists of brand management, pre-media services, printing plates and cylinders, imaging services, digital asset management, merchandising display systems, and marketing and design services primarily for the consumer goods and retail industries. On May 1, 2025, the Company contributed the vast majority of its Brand Solutions segment (the \"SGK Business\") to a newly-formed entity, Propelis, in exchange for a 40% ownership interest in Propelis and other consideration. Propelis is a leading global provider of brand solutions. Following the completion of this transaction, the Company's Brand Solutions segment consists of its cylinders business, and its 40% ownership interest in Propelis. Activity prior to May 1, 2025 for the SGK Business is included within the consolidated financial statements of the Company. As of May 1, 2025 the SGK Business has been deconsolidated from the financial statements and is now accounted for as part of the Company's equity-method investment in Propelis. See Notes 8, \"Investments\" and 23, \"Acquisitions and Divestitures\" in Item 8 - \"Financial Statements and Su ITEM 1A. RISK FACTORS. There are inherent risks and uncertainties associated with the Company's businesses that could adversely affect its operating performance and financial condition. Set forth below are descriptions of those risks and uncertainties that the Company believes to be material as of the date of th", "title": "MATW - MATTHEWS INTERNATIONAL CORP", "url": "/company/MATW/" }, { "kind": "company", "summary": "SIC 4400 Water Transportation; CIK 0000003453; latest 10-K filed 2026-02-27.", "text": "MATX - Matson, Inc. SIC 4400 Water Transportation; CIK 0000003453; latest 10-K filed 2026-02-27. MATX Matson, Inc. 0000003453 4400 Water Transportation ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \u200b FORWARD-LOOKING STATEMENTS AND RISK FACTORS \u200b The Company, from time to time, may make or may have made certain forward-looking statements, whether orally or in writing, such as, among others, forecasts or projections of the Company\u2019s future performance or statements of management\u2019s plans and objectives. These statements are considered \u201cforward-looking\u201d statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be contained in, among other things, SEC filings such as Forms 10-K, 10-Q and 8-K, the Company\u2019s Annual Report to Shareholders, the Company\u2019s Sustainability Report, press releases made by the Company, the Company\u2019s Internet websites (including websites of its subsidiaries), and oral statements made by officers of the Company. Except for historical information contained in these written or oral communications, all other statements are forward-looking statements. These include, for example, all references to 2026 or future years, including such references included under \u201cFourth Quarter 2025 Discussion and Outlook for 2026,\u201d as well as statements generally identified through the inclusion of words such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccan,\u201d \u201ccommit,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cfocus,\u201d \u201cgoal,\u201d \u201chope,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cseek,\u201d \u201cshould,\u201d \u201ctarget,\u201d and \u201cwill,\u201d or similar statements or variations of such terms and other similar expressions. New risks or uncertainties may emerge from time to time, risks that the Company currently does not consider to be material could become material, and it is not possible for the Company to predict all such risks, nor can it assess the impact of all such risks on the Company\u2019s business or the extent to which any factor, or combination of factors, may cause actual results or outcomes, or the timing of results or outcomes, to differ materially from those contained in any forward-looking statements. Accordingly, forward-looking statements cannot be relied upon as a guarantee of future results or outcomes and involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those projected in the statements, including but not limited to the factors that are described in Part I, Item 1A under the caption \u201cRisk Factors\u201d of this Annual Report on Form 10-K, which section is incorporated herein by reference, and elsewhere in this report. Except as required by law, the Company undertakes no obligation to revise or update publicly forward-looking statements or any factors that may affect actual results, whether as a result of new information, future events, circumstances occurring after the date of this report, or otherwise. \u200b OVERVIEW \u200b Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is designed to provide a discussion of the Company\u2019s financial condition, results of operations, liquidity and certain other factors that may affect its future results from the perspective of management. The discussion that follows is intended to provide information that assists in understanding the changes in the Company\u2019s Consolidated Financial Statements from year to year, the primary factors that accounted for those changes, and how certain accounting principles, policies and estimates affected the Company\u2019s Consolidated Financial Statements. The MD&A is provided as a supplement to the Consolidated Financial Statements and the accompanying notes to the Consolidated Financial Statements in Item 8 of Part II below, and should be read in conjunction with the entirety of the Company\u2019s Annual Report on Form 10-K and other reports on Forms 10-Q and 8-K, and other publicly available information. Discussion and analysis of the financial condition and results of operations of Matson for the year ended December 31, 2024 compared with the year ended December 31, 2023 ITEM 1. BUSINESS \u200b [[GREPCENT_TABLE]] [[\"A.\",\"COMPANY OVERVIEW\"]] [[/GREPCENT_TABLE]] \u200b Matson, Inc., a holding company incorporated in the State of Hawaii, and its subsidiaries (\u201cMatson\u201d or the \u201cCompany\u201d), is a leading provider of ocean transportation and logistics services. The Company consists of two segments, Ocean Transportation and Logistics. \u200b Ocean Transportation: Matson\u2019s Ocean Transportation business is conducted through Matson Navigation Company, Inc. (\u201cMatNav\u201d), a wholly-owned subsidiary of Matson, Inc. Founded in 1882, MatNav provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska and Guam, and to other island economies in Micronesia. MatNav also operates premium, expedited services from China to Long Beach, California, which includes cargo from other Asia origins, provides services to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Alaska to Asia. In addition, subsidiaries of MatNav provide stevedoring, refrigerated cargo services, inland transportation and other terminal services for MatNav in Hawaii and Alaska. \u200b Matson has a 35 percent ownership interest in SSA Terminals, LLC (\u201cSSAT\u201d), a joint venture between Matson Ventures, Inc., a wholly-owned subsidiary of MatNav, and SSA Ventures, Inc., a subsidiary of Carrix, Inc. SSAT currently provides terminal and stevedoring services to various carriers at seven terminal facilities on the U.S. West Coast, including three facilities dedicated for MatNav\u2019s use. Matson records its share of income from SSAT in costs and expenses in the Consolidated Statements of Income and Comprehensive Income, and within the Ocean Transportation segment due to the nature of SSAT\u2019s operations. \u200b Logistics: Matson\u2019s Logistics business is conducted through Matson Logistics, Inc. (\u201cMatson Logistics\u201d), a wholly-owned subsidiary of MatNav. Established in 1987, Matson Logistics extends the geogra ITEM 1A. RISK FACTORS \u200b The following material risks, events and uncertainties may make an investment in the Company speculative or risky and should be reviewed carefully. The Company faces the material risks set forth below; however, the description below does not purport to include all risks the Company faces, and additional risks or uncertainties that are curr", "title": "MATX - Matson, Inc.", "url": "/company/MATX/" }, { "kind": "company", "summary": "SIC 2511 Wood Household Furniture, (No Upholstered); CIK 0001941365; latest 10-K filed 2026-02-13.", "text": "MBC - MasterBrand, Inc. SIC 2511 Wood Household Furniture, (No Upholstered); CIK 0001941365; latest 10-K filed 2026-02-13. MBC MasterBrand, Inc. 0001941365 2511 Wood Household Furniture, (No Upholstered) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains \u201cforward-looking statements\u201d regarding business strategies, market potential, future financial performance, and other matters. Statements preceded by, followed by or that otherwise include the word \u201cbelieves,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cintends,\u201d \u201cprojects,\u201d \u201cestimates,\u201d \u201cplans,\u201d \u201cmay increase,\u201d \u201cmay fluctuate,\u201d and similar expressions or future or conditional verbs such as \u201cwill,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201cmay,\u201d and \u201ccould,\u201d are generally forward-looking in nature and not historical facts. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is based on the current plans and expectations of our management. Although we believe that these statements are based on reasonable assumptions, they are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those indicated in such statements. These factors include those listed under \u201cRisk Factors\u201d in Part I, Item 1A of this Annual Report on Form 10-K. The forward-looking statements included in this document are made as of the date of this Annual Report on Form 10-K and, except pursuant to any obligations to disclose material information under the federal securities laws, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect events, new information or circumstances occurring after the date of this Annual Report on Form 10-K. Some of the important factors that could cause our actual results to differ materially from those projected in any such forward-looking statements include: \u2022Our ability to develop and expand our business; \u2022Our ability to develop new products or respond to changing consumer preferences and purchasing practices; \u2022Our anticipated financial resources and capital spending; \u2022Our ability to manage costs; \u2022Our ability to effectively manage manufacturing operations and capacity, or an inability to maintain the quality of our products; \u2022The impact of our dependence on third parties to source raw materials and our ability to obtain raw materials in a timely manner or fluctuations in raw material costs; \u2022Our ability to accurately price our products; \u2022Our projections of future performance, including future revenues, capital expenditures, gross margins, and cash flows; \u2022The effects of competition; \u2022Costs of complying with evolving tax and other regulatory requirements and the effect of actual or alleged violations of tax, environmental or other laws; \u2022The effect of climate change and unpredictable seasonal and weather factors; \u2022Conditions in the housing market in the United States, Canada and Mexico; \u2022The expected strength of our existing customers and consumers and any loss or reduction in business from one or more of our key customers or increased buying power of large customers; \u2022Information systems interruptions or intrusions or the unauthorized release of confidential information concerning customers, employees, or other third parties; \u2022Worldwide economic, geopolitical and business conditions and risks associated with doing business on a global basis, including risks associated with uncertain trade environments, changes to U.S. tariff policy and retaliatory tariffs imposed by other countries; \u2022The effects of a public health crisis or other unexpected event; \u2022Changes in the anticipated timing for closing the combination of MasterBrand with American Woodmark (the \u201cTransaction\u201d), including the impact of the U.S. government shutdown; \u2022Delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals or complete regulatory reviews required to complete the Transaction; \u2022The outcome of any legal proceedings that may be instituted against MasterBrand or American Item 1. Business MasterBrand, Inc. (\u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cMasterBrand\u201d or the \u201cCompany\u201d), was founded over 70 years ago in 1954 under the name United Cabinet Incorporated. We are the largest manufacturer of residential cabinets in North America, based on 2024 reported net sales. Our products are sold throughout the United States and Canada to the remodeling and new construction markets through three primary channels: dealers, retailers and builders. On December 14, 2022, our former parent company, Fortune Brands Innovations, Inc. (formerly known as Fortune Brands Home & Security, Inc.) (\u201cFortune Brands\u201d), completed a tax free spin-off transaction to separate its Cabinets segment into a standalone publicly-traded company (the \u201cSeparation\u201d). The Separation was completed through a series of transactions ending with a pro rata distribution of all of the shares of MasterBrand, Inc. common stock owned by Fortune Brands to Fortune Brands shareholders, after which we became an independent, publicly-traded company. On July 10, 2024, we acquired all of the issued and outstanding limited liability interests of Dura Investment Holdings LLC, the parent company of Supreme Cabinetry Brands, Inc. (\u201cSupreme\u201d), a cabinetry company. Supreme was a domestic manufacturer of residential cabinetry with a portfolio of product lines significantly focused on premium products. Supreme, with manufacturing facilities located in Minnesota, Iowa and North Carolina, and its two brands, Dura Supreme and Bertch cabinetry, crafts framed and frameless cabinetry for a nationwide network of dealers. On August 6, 2025, we announced the execution of a definitive agreement whereby the Company will combine with American Woodmark Corporation (\u201cAmerican Woodmark\u201d), a Virginia corporation, in an all-stock transaction. The Company, Maple Merger Sub, Inc. (\u201cMerger Sub\u201d), a Virginia corporation and direct, wholly owned subsidiary of the Company, and American Woodmark entered into an Agreement and Plan of Merg Item 1A. Risk Factors There are inherent risks and uncertainties associated with our business that could adversely affect our results of operations, cash flows and financial condition (collectively, our \u201cfinancial performance\u201d). Set forth below are descriptions of those risks and uncertainties that we currently believe to be m", "title": "MBC - MasterBrand, Inc.", "url": "/company/MBC/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001629019; latest 10-K filed 2026-02-27.", "text": "MBIN - Merchants Bancorp SIC 6022 State Commercial Banks; CIK 0001629019; latest 10-K filed 2026-02-27. MBIN Merchants Bancorp 0001629019 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and the Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with \u201cSelected Consolidated Financial Data\u201d and our audited consolidated financial statements and the accompanying notes included elsewhere in this report. Discussion and Analysis of the Company\u2019s financial condition and the results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 is contained in Item 7 of Form 10-K for the year ended December 31, 2024 filed with the SEC on February 28, 2025. This discussion and analysis contains forward-looking statements that are subject to known and unknown risks and uncertainties that could cause our results to differ materially from our expectations. Actual results and the timing of events may differ significantly from those expressed or implied by such forward-looking statements due to a number of factors, including those set forth under Item 1 - \u201c Special Note Regarding Forward Looking Statements,\u201d Item 1A - \u201cRisk Factors,\u201d and elsewhere in this report. We assume no obligation to update any of these forward-looking statements. Financial Highlights for the Year Ended December 31, 2025 \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Total assets of $19.4 billion increased $643.2 million, or 3%, compared to December 31, 2024, setting a new Company milestone.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Tangible book value per common share of $37.51 increased 10% compared to $34.15 at December 31, 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Asset quality improved meaningfully, as criticized loans receivable of $508.2 million decreased by 27% compared to December 31, 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"As of December 31, 2025, the Company had $5.3 billion in unused borrowing capacity with the Federal Home Loan Bank and Federal Reserve Discount Window, based on available collateral, an increase of 23%, compared to $4.3 billion at December 31, 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Loans receivable of $11.0 billion, net of allowance for credit losses on loans, increased $597.4 million, or 6%, compared to December 31, 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"As of December 31, 2025, approximately 96% of loans reprice within three months, which reduces the risk of market rate increases.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Core deposits of $11.3 billion increased $1.9 billion, or 20%, compared to December 31, 2024, and now represent 87% of total deposits.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Brokered deposits of $1.8 billion decreased $776.8 million, or 31%, compared to December 31, 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Net income of $218.8 million decreased $101.6 million, or 32%, compared to December 31, 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Diluted earnings per share of $3.78 decreased 40% compared to December 31, 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"The $101.6 million, or 32% decrease in net income compared to the year ended December 31, 2024 was primarily driven by a $93.5 million, or 385%, increase in provision for credit losses, a $76.1 million, or 34%, increase in noninterest expense, and a $5.6 million, or 1%, decrease in net interest income, partially offset by a $57.2 million decrease in provision for income taxes and a $16.3 million, or 11% increase in noninterest income.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Gain on sale of $85.4 million increased $23.1 million, or 37%, compared to December 31, 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Net interest margin was 2.86% compared to 3.03% at December 31, 2024. Factors impacting net interest margin were the decline i Item 1. Business. Company Overview Merchants Bancorp (the \u201cCompany,\u201d \u201cMerchants,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d), an Indiana corporation formed in 2006, is a diversified bank holding company headquartered in Carmel, Indiana and registered under the Bank Holding Company Act of 1956, as amended. We currently operate in multiple business segments, including Multi-family Mortgage Banking that offers multi-family housing and healthcare facility financing and servicing (through this segment we also serve as a syndicator of low-income housing tax credit and debt funds); Mortgage Warehousing that offers mortgage warehouse financing, commercial loans, and deposit services; and Banking that offers portfolio lending for multi-family and healthcare facility loans, retail and correspondent residential mortgage banking, agricultural lending, SBA lending, and traditional community banking. As of December 31, 2025, we had $19.4 billion in assets, $13.0 billion of deposits and $2.3 billion of shareholders\u2019 equity. We were founded in 1990 as a mortgage banking company, providing financing for multi-family housing and senior living properties. The shared vision of our founders, Michael Petrie and Randall Rogers, was to create a diversified financial services company, which efficiently operates both nationally through mortgage banking and related services, and locally through a community bank. We have primarily grown organically and strategically built our business model in a way that we believe offers insulation from cyclical economic and credit swings and provides synergies across our lines of business. Merchants Bank, our wholly owned banking subsidiary, operates under an Indiana charter and provides national and traditional community banking services, as well as portfolio lending for multi-family and healthcare facility loans, retail and correspondent residential mortgage banking, warehouse lending, SBA lending, and agricultural lending. Merchants Bank has seven depository branches loca Item 1A. Risk Factors The risks described below, together with all other information included in this report should be carefully considered. Any of the following risks, as well as risks that we do not know or currently deem immaterial, could have a material adverse effect on our business, financial condition, results of operations and growth prospects.", "title": "MBIN - Merchants Bancorp", "url": "/company/MBIN/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001596967; latest 10-K filed 2026-02-26.", "text": "MC - Moelis & Co SIC 6282 Investment Advice; CIK 0001596967; latest 10-K filed 2026-02-26. MC Moelis & Co 0001596967 6282 Investment Advice Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Form 10\u2011K. Actual results and the timing of events may differ significantly from those expressed or implied in such forward\u2011looking statements due to a number of factors, including those set forth in the sections entitled \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward\u2011Looking Statements\u201d and elsewhere in this Form 10\u2011K. Executive Overview Moelis & Company is a leading global independent investment bank that provides innovative strategic advice and solutions to a diverse client base, including corporations, governments, and financial sponsors. We assist our clients in achieving their strategic goals by offering comprehensive integrated financial advisory services across all major industry sectors. With over 20 locations in North and South America, Europe, the Middle East, Asia and Australia, we advise clients on their most critical decisions, including mergers and acquisitions, recapitalizations and restructurings, capital markets transactions, and other corporate finance matters. Our ability to provide confidential, independent advisory services to our clients across sectors and regions and through all phases of the business cycle has led to long-term client relationships and a diversified revenue base. As of December 31, 2025, we served our clients globally with 1,012 advisory bankers. We generate revenues primarily from providing advisory services on transactions that are subject to individually negotiated engagement letters which set forth our fees. We generally generate fees at key transaction milestones, such as closing, the timing of which is outside of our control. As a result, revenues and net income in any period may not be indicative of full year results or the results of any other period and may vary significantly from year to year and quarter to quarter. The performance of our business depends on the ability of our professionals to build relationships with clients over many years by providing trusted advice and exceptional transaction execution. Business Environment and Outlook Economic and global financial conditions can materially affect our operational and financial performance. See \u201cRisk Factors\u201d elsewhere in this Form 10\u2011K for a discussion of some of the factors that can affect our performance. The M&A market data for announced and completed transactions in 2025 and 2024 referenced throughout this Form 10-K was obtained from LSEG - Financial Technology & Data (formerly known as Refinitiv), as of January 5, 2026 and January 6, 2025, respectively. For the year ended December 31, 2025, we earned GAAP revenues of $1,516.8 million compared with $1,194.5 million earned during the same period in 2024. This represents an increase of 27% compared to a 7% increase in the number of global completed M&A transactions greater than $100 million in the same period. Our new business origination and deal activity are strong. The breadth and depth of M&A activity that emerged in late 2025 is expanding. Strategic acquirers are becoming more active as corporate boards demonstrate increased willingness to pursue larger, transformational transactions to enhance scale and address ongoing technological change. Financial sponsor activity is also increasing, supported by improved valuation alignment and the need to deploy and return capital to investors. Activity in our capital structure advisory business continues to be driven by liability management assignments and we anticipate more traditional restructurings as prior liability management solutions run their course. Our capital markets business has experienced significant growth, benefiting from increased investor risk appetite across growth-oriented sectors with strong capa Item 1. Business Overview Moelis & Company is a leading global independent investment bank that provides innovative strategic and financial advice and solutions to a diverse client base, including corporations, financial sponsors, governments and sovereign wealth funds. We assist our clients in achieving their strategic goals by offering comprehensive, globally integrated financial advisory services across all major industry sectors. Our team of experienced professionals advises clients on their most critical decisions, including mergers and acquisitions (\u201cM&A\u201d), recapitalizations and restructurings, capital markets transactions and other corporate finance matters. Moelis & Company was founded in 2007 by veteran investment bankers to create a global independent investment bank that offers multi-disciplinary solutions and exceptional transaction execution combined with the highest standard of confidentiality and discretion. We create lasting client relationships by providing focused, innovative advice through a highly collaborative and global approach. Our compensation model fosters our holistic approach to clients by emphasizing quality of advice and is not a commission-based structure where employees are compensated on a defined percentage of the revenues they generate. We believe our discretionary approach to compensation leads to exceptional advice, strong client impact and enhanced internal collaboration. We have achieved rapid growth by hiring high\u2011caliber professionals, expanding the scope of our advisory services, increasing the breadth of our geographic and sector coverage, developing new client relationships and cultivating our professionals through training and mentoring. Today we serve our clients with 1,416 employees, including 1,014 advisory professionals and 178 Managing Directors as of February 4, 2026, based in over 20 locations around the world. We have demonstrated strong performance, achieving a total stock return since our IPO of approximatel Item 1A. Risk Factors Risks Related to Our Business Risks Related to Recruiting and Retaining Talent and Competition Our future growth will depend on, among other things, our ability to successfully identify, recruit and develop talent and will require us to commit additional resources. We have experienced rapid growth, which may be difficult to sustain at the same ra", "title": "MC - Moelis & Co", "url": "/company/MC/" }, { "kind": "company", "summary": "SIC 7011 Hotels & Motels; CIK 0000907242; latest 10-K filed 2026-02-24.", "text": "MCRI - MONARCH CASINO & RESORT INC SIC 7011 Hotels & Motels; CIK 0000907242; latest 10-K filed 2026-02-24. MCRI MONARCH CASINO & RESORT INC 0000907242 7011 Hotels & Motels ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \u200b The following discussion is intended to assist in the understanding of our results of operations and our present financial condition. The consolidated financial statements and the accompanying notes contain additional detailed information that should be referred to when reviewing this material. \u200b Cautionary Note on Forward-Looking Statements \u200b This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, (the \u201cExchange Act\u201d) regarding our expectations and beliefs concerning future expansion and acquisition opportunities; positioning of our properties to benefit from future macro and local economic growth; business prospects; business strategies and outlook; competitive advantages and sources of competition; marketing strategy; approvals and licensing requirements; employee relations; capital requirements; anticipated source of funds and adequacy of such funds to meet our debt obligations and capital requirements; financial condition, legal matters and other matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. We note that many factors could cause our actual results and experience to change significantly from the anticipated results or expectations expressed in our forward-looking statements. When words and expressions such as \u201cbelieves,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cestimates,\u201d \u201cplans,\u201d \u201cintends,\u201d \u201cobjectives,\u201d \u201cgoals,\u201d \u201caims,\u201d \u201cprojects,\u201d \u201cforecasts,\u201d \u201cpossible,\u201d \u201cseeks,\u201d \u201cmay,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cmight,\u201d \u201clikely,\u201d \u201cenable,\u201d or similar words or expressions are used in this Form 10-K, as well as statements containing phrases such as \u201cin our view,\u201d \u201cwe cannot assure you,\u201d \u201calthough no assurance can be given,\u201d or \u201cthere is no way to anticipate with certainty,\u201d forward-looking statements are being made. Example of forward-looking statements include, among others, statements we make regarding: (i) our belief that we have sufficient liquidity to fund our operations and any remaining renovation projects, litigation costs and ongoing capital expenditures; (ii) our expectation regarding the availability of future acquisition opportunities; (iii) our beliefs regarding the quality of our products and guest services in Reno and Black Hawk; (iv) our expectations regarding our guests' acceptance of the casino, hotel and related amenities at Monarch Casino Resort Spa Black Hawk and Atlantis; (v) our expectations regarding our future position in, and share of, the high-end segment of the market and the quality of service we provide to our guests; (vi) our expectations regarding the litigation and any appeal relating to the construction of the Monarch Black Hawk expansion and related liens recorded by the general contractor and certain subcontractors against the Monarch Black Hawk; (vii) our belief regarding the proximity that the Reno-Sparks Convention Center will have on the Atlantis; (viii) the continuing strength of our balance sheet and our expected free cash flow; (ix) our expectations regarding continuing our dividend payments in the future; (x) our belief regarding the appeal of the locations of our properties to certain segments of our customers; (xi) our expectations regarding broad-based employment growth in the Reno market; and (xii) our beliefs regarding the impact that Monarch Rewards will have on guest loyalty at each of our properties. Actual results and future events and conditions may differ materially from those described in any forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. \u200b Various risks and uncertainties may affect the operation, performance, development and results of our business and could cause future outcomes to change significantly from those set forth in our forward-looking statements, including the follo ITEM 1. BUSINESS \u200b Monarch Casino & Resort, Inc. was incorporated in Nevada in 1993 and, along with its consolidated subsidiaries, is referred to collectively in this Annual Report on Form 10-K as \u201cMonarch,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cour,\u201d and \u201cus.\u201d Monarch owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada (the \u201cAtlantis\u201d) and the Monarch Casino Resort Spa Black Hawk (the \u201cMonarch Black Hawk\u201d), a hotel and casino in Black Hawk, Colorado. In addition, we own separate parcels of land located next to the Atlantis and a parcel of land with an industrial warehouse located between Denver, Colorado and Monarch Black Hawk. We also own Chicago Dogs Eatery, Inc. and Monarch Promotional Association Inc., both of which were formed in relation to licensure requirements for extended hours of liquor operation in Black Hawk, Colorado. \u200b Our business strategy is to maximize revenues, operating income and cash flow primarily through our casino, food and beverage and hotel operations at the Atlantis and Monarch Black Hawk. We focus on delivering exceptional service and value to our guests. Our hands-on management style focuses on customer service and cost efficiencies. \u200b The Atlantis Casino Resort Spa \u200b The Atlantis is located approximately three miles south of downtown in an affluent area of Reno, Nevada. The Atlantis features approximately 61,000 square feet of casino space; 817 guest rooms and suites; eight food outlets; two gourmet coffee and pastry bars and one snack bar; a 30,000 square-foot health spa and salon with an enclosed year-round pool; one retail outlet offering clothing and gift shop merchandise; an 8,000 square-foot family entertainment center; and approximately 52,000 square feet of banquet, convention and meeting room space. The casino features approximately 1,200 slot and video poker machines; approximately 33 table games, including blackjack, craps, roulette, and others; a race and sports book; a 24-hour live keno lounge; an ITEM 1A. RISK FACTORS \u200b Our business prospects are subject to various risks and uncertainties that impact our business. You should carefully consider the following discussion of risks, and the other information provided in this annual report on Form 10-K. The risks described below are not the only ones facing us; however, they do represent ", "title": "MCRI - MONARCH CASINO & RESORT INC", "url": "/company/MCRI/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000064996; latest 10-K filed 2026-02-17.", "text": "MCY - MERCURY GENERAL CORP SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000064996; latest 10-K filed 2026-02-17. MCY MERCURY GENERAL CORP 0000064996 6331 Fire, Marine & Casualty Insurance Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Forward-looking Statements The Private Securities Litigation Reform Act of 1995 provides a \u201csafe harbor\u201d for certain forward-looking statements. Certain statements contained in this report are forward-looking statements based on the Company\u2019s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the Company) and are subject to change based upon various factors, including but not limited to the following risks and uncertainties: changes in the demand for the Company\u2019s insurance products, inflation and general economic conditions, including general market risks associated with the Company\u2019s investment portfolio; the accuracy and adequacy of the Company\u2019s pricing methodologies; catastrophes in the markets served by the Company; uncertainties related to estimates, assumptions and projections generally; the possibility that actual loss experience may vary adversely from the actuarial estimates made to determine the Company\u2019s loss reserves in general, including subrogation recovery estimates; the Company\u2019s ability to obtain and the timing of the approval of premium rate changes for insurance policies issued in states where the Company operates; legislation adverse to the automobile insurance industry or business generally that may be enacted in the states where the Company operates; the Company\u2019s success in managing its business in non-California states; the presence of competitors with greater financial resources and the impact of competitive pricing and marketing efforts; the Company's ability to successfully allocate the resources used in the states with reduced or exited operations to its operations in other states; changes in driving patterns and loss trends; acts of war and terrorist activities; effects of changing climate conditions; pandemics, epidemics, widespread health emergencies, or outbreaks of infectious diseases; court decisions and trends in litigation and health care and auto repair costs; changes in global trade policies, including trade barriers or restrictions; and legal, cybersecurity, regulatory and litigation risks. From time to time, forward-looking statements are also included in the Company\u2019s quarterly reports on Form 10-Q and current reports on Form 8-K, in press releases, in presentations, on its web site, and in other materials released to the public. Investors are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this Annual Report on Form 10-K or, in the case of any document the Company incorporates by reference, any other report filed with the SEC or any other public statement made by the Company, the date of the document, report or statement. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information or future events or otherwise. OVERVIEW A. General The operating results of property and casualty insurance companies are subject to significant quarter-to-quarter and year-to-year fluctuations due to the effect of competition on pricing, the frequency and severity of losses, the effect of weather and natural disasters on losses, general economic conditions, the general regulatory environment in states in which an insurer operates, state regulation of insurance including premium rates, changes in fair value of investments, and other factors such as changes in tax laws. The property and casualty insurance industry has been highly cyclical, with periods of high premium rates and shortages of underwriting capacity f Item 1.Business General Mercury General Corporation (\"Mercury General\") and its subsidiaries (referred to herein collectively as the \"Company\") are primarily engaged in writing personal automobile insurance through 12 insurance subsidiaries (referred to herein collectively as the \"Insurance Companies\") in 11 states, principally California. The Company also writes homeowners, commercial automobile, commercial property, mechanical protection, and umbrella insurance. The Company's insurance policies are mostly sold through independent agents who receive a commission for selling policies. The Company believes that it has thorough underwriting and claims handling processes that, together with its agent relationships, provide the Company with competitive advantages. The direct premiums written for the years ended December 31, 2025, 2024 and 2023 by state and line of insurance business were: Year Ended December 31, 2025 (Dollars in thousands) [[GREPCENT_TABLE]] [[\"\",\"Private Passenger Automobile\",\"\",\"Homeowners\",\"\",\"Commercial Automobile\",\"\",\"Other Lines (2)\",\"\",\"Total\"],[\"California\",\"$\",\"3,082,828\",\"\",\"\",\"$\",\"1,170,943\",\"\",\"\",\"$\",\"299,586\",\"\",\"\",\"$\",\"356,431\",\"\",\"\",\"$\",\"4,909,788\",\"\",\"\",\"82.1\",\"%\"],[\"Texas\",\"122,638\",\"\",\"\",\"214,498\",\"\",\"\",\"57,696\",\"\",\"\",\"6,628\",\"\",\"\",\"401,460\",\"\",\"\",\"6.7\",\"%\"],[\"Other states (1)\",\"385,749\",\"\",\"\",\"245,479\",\"\",\"\",\"30,098\",\"\",\"\",\"9,963\",\"\",\"\",\"671,289\",\"\",\"\",\"11.2\",\"%\"],[\"Total\",\"$\",\"3,591,215\",\"\",\"\",\"$\",\"1,630,920\",\"\",\"\",\"$\",\"387,380\",\"\",\"\",\"$\",\"373,022\",\"\",\"\",\"$\",\"5,982,537\",\"\",\"\",\"100.0\",\"%\"],[\"\",\"60.0\",\"%\",\"\",\"27.3\",\"%\",\"\",\"6.5\",\"%\",\"\",\"6.2\",\"%\",\"\",\"100.0\",\"%\"]] [[/GREPCENT_TABLE]] Year Ended December 31, 2024 (Dollars in thousands) [[GREPCENT_TABLE]] [[\"\",\"Private Passenger Automobile\",\"\",\"Homeowners\",\"\",\"Commercial Automobile\",\"\",\"Other Lines (2)\",\"\",\"Total\"],[\"California\",\"$\",\"2,845,294\",\"\",\"\",\"$\",\"970,054\",\"\",\"\",\"$\",\"280,987\",\"\",\"\",\"$\",\"334,293\",\"\",\"\",\"$\",\"4,430,628\",\"\",\"\",\"80.5\",\"%\"],[\"Texas\",\"127,808\",\"\",\"\",\"190,928\",\"\",\" Item 1A.Risk Factors The Company\u2019s business involves various risks and uncertainties in addition to the normal risks of business, some of which are discussed in this section. It should be noted that the Company\u2019s business and that of other insurers may be adversely affected by a downturn in general economic conditions and other", "title": "MCY - MERCURY GENERAL CORP", "url": "/company/MCY/" }, { "kind": "company", "summary": "SIC 8060 Services-Hospitals; CIK 0000893949; latest 10-K filed 2026-02-19.", "text": "MD - Pediatrix Medical Group, Inc. SIC 8060 Services-Hospitals; CIK 0000893949; latest 10-K filed 2026-02-19. MD Pediatrix Medical Group, Inc. 0000893949 8060 Services-Hospitals ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion highlights the principal factors that have affected our financial condition and results of operations as well as our liquidity and capital resources for the periods described. This discussion should be read in conjunction with our Consolidated Financial Statements and the related notes included in Item 8 of this Form 10-K. This discussion contains forward-looking statements. Please see the explanatory note concerning \u201cForward-Looking Statements\u201d preceding Part I of this Form 10-K and Item 1A. Risk Factors for a discussion of the uncertainties, risks and assumptions associated with these forward-looking statements. This section generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Form 10-K and can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 20, 2025 (the \u201c2024 Annual Report\u201d) and are incorporated herein by reference. OVERVIEW Pediatrix is a leading provider of physician services including newborn, maternal-fetal and other pediatric subspecialty care. Our national network is comprised of affiliated physicians who provide clinical care in 37 states. At December 31, 2025, our national network comprised approximately 2,295 affiliated physicians, including 1,350 physicians who provide neonatal clinical care, primarily within hospital-based neonatal intensive care units (\u201cNICUs\u201d), to babies born prematurely or with medical complications. We have 475 affiliated physicians who provide maternal-fetal and obstetrical medical care to expectant mothers experiencing complicated pregnancies primarily in areas where our affiliated neonatal physicians practice. Our network also includes other pediatric subspecialists, including over 230 physicians providing pediatric intensive care, 220 physicians providing hospital-based pediatric care and 20 physicians providing pediatric surgical care. General Economic Conditions and Other Factors Our operations and performance depend significantly on economic conditions. During the year ended December 31, 2025, the percentage of our patient service revenue being reimbursed under government-sponsored or government-funded healthcare programs (\u201cGHC Programs\u201d) remained stable as compared to the year ended December 31, 2024. We could, however, experience shifts toward GHC Programs if changes occur in economic behaviors or population demographics within geographic locations in which we provide services, including an increase in unemployment and underemployment as well as losses of commercial health insurance. Payments received from GHC Programs are substantially less for equivalent services than payments received from commercial insurance payors. In addition, costs of managed care premiums and patient responsibility amounts continue to rise, and accordingly, we may experience lower net revenue resulting from increased bad debt due to patients\u2019 inability to pay for certain services. See Item 1A. Risk Factors, in this Form 10-K for additional discussion on the general economic conditions in the United States and recent developments in the healthcare industry that could affect our business. Office-Based Practice Exits During the second quarter of 2024, we formalized our physician practice optimization plans, resulting in a decision to exit almost all of our affiliated office-based practices, other than maternal-fetal medicine. Over the course of many years, we expanded our pediatric service lines and footprint to provide specialized care to more patients, including through our office-based portfolio of practices. This added complexity to our operations over time ITEM 1. BUSINESS OVERVIEW Pediatrix is a leading provider of physician services including newborn, maternal-fetal, and other pediatric subspecialty care. Our national network is comprised of affiliated physicians who provide clinical care in 37 states. During 2024, we formalized our practice portfolio management plans, resulting in a decision to exit almost all of our affiliated office-based practices, other than maternal-fetal medicine. As of December 31, 2024, these plans were completed. Additionally, we exited our primary and urgent care service line during 2024 based on a review of the cost and time that would be required to build the platform to scale. At December 31, 2025, our national network comprised approximately 2,295 affiliated physicians, including 1,350 physicians who provide neonatal clinical care, primarily within hospital-based neonatal intensive care units (\u201cNICUs\u201d), to babies born prematurely or with medical complications. We have over 475 affiliated physicians who provide maternal-fetal and obstetrical medical care to expectant mothers experiencing complicated pregnancies primarily in areas where our affiliated neonatal physicians practice. Our network also includes other pediatric subspecialists, including over 230 physicians providing pediatric intensive care, 220 physicians providing hospital-based pediatric care, and 20 physicians providing pediatric surgical care. Pediatrix Medical Group, Inc. was incorporated in Florida in 2007, and is the successor to PMG Services, Inc., which was formerly known as Pediatrix Medical Group, Inc. and was incorporated in Florida in 1979. Our principal executive offices are located at 1301 Concord Terrace, Sunrise, Florida 33323 and our telephone number is (954) 384-0175. OUR PHYSICIAN SPECIALTIES AND SERVICES The following discussion describes our physician specialties and the care that we provide, either directly or through our affiliated professional contractors: Neonatal Care 4 We provide clinical ITEM 1A. RISK FACTORS Our business is subject to a number of factors that could materially affect future developments and performance. In addition to factors affecting our business that have been described elsewhere in this Form 10-K, any of the following risks could have a material adverse effect on our business, financial condition, ", "title": "MD - Pediatrix Medical Group, Inc.", "url": "/company/MD/" }, { "kind": "company", "summary": "SIC 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels); CIK 0000067716; latest 10-K filed 2026-02-20.", "text": "MDU - MDU RESOURCES GROUP INC SIC 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels); CIK 0000067716; latest 10-K filed 2026-02-20. MDU MDU RESOURCES GROUP INC 0000067716 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels) Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The Company generates, transmits and distributes electricity and provides natural gas distribution, transportation and storage services. Through a strategy focusing on its \"CORE,\" the Company strives to deliver superior value and achieve industry-leading performance as a pure-play regulated energy delivery company, while pursuing organic growth opportunities. The Company's \"CORE\" strategy prioritizes customers and communities, operational excellence, returns focused initiatives and an employee driven culture. Strategic Initiatives On May 31, 2023, the Company completed the separation of Knife River, its construction materials and contracting business, resulting in Knife River becoming an independent, publicly-traded company. The Company's board of directors approved the distribution of approximately 90 percent of the issued and outstanding shares of Knife River to the Company's stockholders. Stockholders of the Company received one share of Knife River common stock for every four shares of the Company's common stock held on May 22, 2023, the record date for the distribution. The Company retained approximately 10 percent or 5.7 million shares of Knife River common stock immediately following the separation, which were disposed of in a tax-free exchange in November 2023. The separation of Knife River was a tax-free spinoff transaction to the Company's stockholders for U.S. federal income tax purposes, except for cash received in lieu of fractional shares. On October 31, 2024, the Company completed the separation of Everus, its construction services business, resulting in Everus becoming an independent, publicly-traded company. The Company's board of directors approved the distribution of all the outstanding shares of Everus common stock to the Company's stockholders. Stockholders of the Company received one share of Everus common stock for every four shares of the Company's common stock held as of the close of business on October 21, 2024, the record date for the distribution. The separation of Everus was a tax-free spinoff transaction to the Company's stockholders for U.S. federal income tax purposes, except for cash received in lieu of fractional shares. The Company incurred costs in connection with the strategic initiatives in 2023, 2024 and 2025, as noted in the Business Segment Financial and Operating Data section. One Big Beautiful Bill Act On July 4, 2025, the reconciliation bill was enacted into law, extending key provisions of the 2017 Tax Cuts and Jobs Act while scaling back clean energy tax incentives of the IRA. Changes in tax laws may affect recorded deferred tax assets and deferred tax liabilities or the Company's effective tax rates in the future. The Company has evaluated new legislation, and it does not expect a material impact to the consolidated financial statements or ongoing tax rate as a result of this legislation. Market Trends The Company continues to manage the inflationary pressures experienced throughout the United States, including the impact that inflation, interest rates, changes in tariffs, commodity price volatility and supply chain disruptions may have on its business and customers and proactively looks for ways to lessen the impact to its business. The Company has observed supply chain improvements in lead times for certain commodities. The Company has experienced impacts related to the changes in tariffs and continues to navigate the current environment and monitor the future for impacts that could occur. For more information on possible impacts to the Company's businesses, see the Outlook for each segment below and Item 1A - Risk Factors. 38 MDU Resources Group, Inc. Form 10-K Index Part II Consolidated Earnings Overview The following table summarizes the contribution to the consolidated income by each of the Company's business segments. [[GREPCENT_TABLE]] [[\"Years ended December 31,\",\"202 Item 1. Business General The Company is a pure-play regulated energy delivery business. Its principal executive offices are located at 1200 West Century Avenue, P.O. Box 5650, Bismarck, North Dakota 58506-5650, telephone (701) 530-1000. Montana-Dakota was incorporated under the state laws of Delaware in 1924. The Company was incorporated under the state laws of Delaware in 2018. Upon the completion of the Holding Company Reorganization, Montana-Dakota became a subsidiary of the Company. The Company adopted a new mission statement in early 2025, \"With integrity, deliver value as a leading energy provider and employer of choice.\" Through a strategy focusing on its \"CORE,\" the Company strives to deliver superior value and achieve industry-leading performance as a pure-play regulated energy delivery company, while pursuing organic growth opportunities. The Company's \"CORE\" strategy prioritizes customers and communities, operational excellence, returns focused initiatives and an employee driven culture. The Company generates, transmits and distributes electricity and provides natural gas distribution, transportation and storage services. These businesses are regulated by state public service commissions and/or the FERC. As part of the Company's continual review of its business, the Company announced strategic initiatives to enhance stockholder value. On May 31, 2023, the Company executed the separation of Knife River, the construction materials and contracting business, from the Company, resulting in Knife River becoming an independent, publicly-traded company. On October 31, 2024, the Company completed the separation of Everus, the construction services business, from the Company, resulting in Everus becoming an independent, publicly-traded company. MDU Resources Group, Inc. Form 10-K 7 Index Part I As of December 31, 2025, the Company was organized into three reportable business segments. These business segments include: electric, natural gas distribution and Item 1A. Risk Factors The Company's business and financial results are subject to a number of risks and uncertainties, including those set forth below and in other documents filed with the SEC. The factors and other matters discussed herein are important factors that could cause ac", "title": "MDU - MDU RESOURCES GROUP INC", "url": "/company/MDU/" }, { "kind": "company", "summary": "SIC 4900 Electric, Gas & Sanitary Services; CIK 0001161728; latest 10-K filed 2026-02-24.", "text": "MGEE - MGE ENERGY INC SIC 4900 Electric, Gas & Sanitary Services; CIK 0001161728; latest 10-K filed 2026-02-24. MGEE MGE ENERGY INC 0001161728 4900 Electric, Gas & Sanitary Services Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. General MGE Energy is an investor-owned public utility holding company operating through subsidiaries in five business segments: \u2022 Regulated electric utility operations, conducted through MGE, which generate and distribute electricity to approximately 170,000 customers in Dane County, Wisconsin, \u2022 Regulated gas utility operations, conducted through MGE, which distribute natural gas to approximately 180,000 customers in seven south-central and western Wisconsin counties, \u2022 Nonregulated energy operations, conducted through MGE Power and its subsidiaries, which owns interests in electric generating capacity that is leased to MGE, \u2022 Transmission investments, representing our equity investment in ATC, which owns and operates electric transmission facilities primarily in Wisconsin, and ATC Holdco, a company created to facilitate out-of-state electric transmission development and investments, and \u2022 All other, which includes investing in companies and property that relate to the regulated operations and financing the regulated operations, through its wholly owned subsidiaries CWDC, MAGAEL, and North Mendota, and corporate operations and services. Our primary focus is our core utility customers, which are served by MGE as well as creating long-term value for our shareholders. MGE seeks to meet its customers' expectations for reasonably priced, reliable electric and gas service provided in a responsible manner. That responsibility is manifested in actions MGE has taken, and will continue to take, to achieve its goal of net-zero carbon by 2050. As part of this long\u2011term transition, MGE continues to evaluate the role of coal\u2011fired generation in its portfolio, including previously announced plans regarding the Columbia Energy Center and the planned fuel transition at the Elm Road Units. MGE remains focused on reducing reliance on coal over time and expanding ownership of renewable generation to support a cleaner, reliable energy future. MGE will continue to focus on growing earnings while controlling operating and fuel costs. MGE's goal is to provide safe and efficient operations in addition to providing customer value. We believe it is critical to maintain a strong credit rating consistent with financial strength in MGE in order to accomplish these goals. The ownership/leasing structure for our nonregulated energy operations was adopted under applicable state regulatory guidelines for MGE's participation in these generation facilities, consisting principally of a stable return on the equity investment in the new generation facilities over the term of the related leases. The nonregulated energy operations include an ownership interest in two coal-fired generating units in Oak Creek, Wisconsin and a partial ownership of a cogeneration project on the UW-Madison campus. A third party operates the units in Oak Creek, and MGE operates the cogeneration project. Due to the nature of MGE's participation in these facilities, the results of MGE Energy's nonregulated operations are also consolidated into MGE's consolidated financial position and results of operations under applicable accounting standards. We have not included a discussion of results of operations and changes in financial position for the year ended December 31, 2024, as compared to the year ended December 31, 2023. That discussion can be found in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 25, 2025. 32 Executive Overview We principally earn revenue and generate cash from operations by providing electric and natural gas utility services, including electric power generation and electric power and gas distribution. The earnings and cash flows from the utility business are sensitive to various external factors, includin Item 1. Business. MGE Energy operates in the following business segments: \u2022 Regulated electric utility operations \u2013 generating, purchasing, and distributing electricity through MGE. \u2022 Regulated gas utility operations \u2013 purchasing and distributing natural gas through MGE. \u2022 Nonregulated energy operations \u2013 owning and leasing electric generating capacity that assists MGE through MGE Energy's wholly owned subsidiaries MGE Power Elm Road and MGE Power West Campus. \u2022 Transmission investments \u2013 representing our investment in American Transmission Company LLC, a company engaged in the business of providing electric transmission services primarily in Wisconsin, and our investment in ATC Holdco LLC, a company created to facilitate out-of-state electric transmission development and investments. \u2022 All other \u2013 investing in companies and property that relate to the regulated operations and financing the regulated operations, through its wholly owned subsidiaries CWDC, MAGAEL, and North Mendota, and Corporate functions. See Footnote 22 to the Notes to Consolidated Financial Statements in Part II, Item 8 of this Report for more information regarding MGE Energy's business segments. MGE's utility operations represent a majority of the assets, liabilities, revenues, expenses, and operations of MGE Energy. MGE Energy's nonregulated energy operations currently include an undivided interest in two coal-fired generating units located in Oak Creek, Wisconsin, which we refer to as the Elm Road Units, and an undivided interest in a cogeneration facility located on the Madison campus of the University of Wisconsin, which we refer to as the West Campus Cogeneration Facility or WCCF. As a public utility, MGE is subject to regulation by the PSCW and the FERC. The PSCW has authority to regulate most aspects of MGE's business including rates, accounts, the issuance of securities, and plant siting. The PSCW also has authority over certain aspects of MGE Energy as a holding company of a pu Item 1A. Risk Factors. MGE Energy and our subsidiaries, including MGE, operate in a regulated market environment that involves significant risks, many of which are beyond our control. The following risk factors may adversely affect our results of operations, cash flows and financial position and market price for our publicly traded securi", "title": "MGEE - MGE ENERGY INC", "url": "/company/MGEE/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001698990; latest 10-K filed 2026-02-12.", "text": "MGY - Magnolia Oil & Gas Corp SIC 1311 Crude Petroleum & Natural Gas; CIK 0001698990; latest 10-K filed 2026-02-12. MGY Magnolia Oil & Gas Corp 0001698990 1311 Crude Petroleum & Natural Gas Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Company\u2019s consolidated financial statements and the related notes thereto included in this Form 10-K. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview Magnolia Oil & Gas Corporation (the \u201cCompany\u201d or \u201cMagnolia\u201d) is an independent oil and natural gas company engaged in the acquisition, development, exploration, and production of oil, natural gas, and natural gas liquid reserves that operates in one reportable segment located in the United States. The Company\u2019s oil and natural gas properties are located primarily in the Karnes and Giddings areas in South Texas, where the Company primarily targets the Eagle Ford Shale and the Austin Chalk formations. Magnolia\u2019s objective is to generate stock market value over the long term through consistent organic production growth, high full cycle operating margins, an efficient capital program with short economic paybacks, significant free cash flow after capital expenditures, and effective reinvestment of free cash flow. The Company\u2019s allocation of capital prioritizes reinvesting in its business to achieve moderate and predictable annual volume growth, balanced with returning capital to its shareholders through dividends and share repurchases. Magnolia\u2019s business model prioritizes prudent and disciplined capital allocation, free cash flow, and financial stability. The Company\u2019s ongoing plan is to spend within cash flow on drilling and completing wells while maintaining low financial leverage. During 2025, Magnolia operated two rigs. The Company\u2019s gradual and measured approach toward the development of the Giddings area has created operating efficiencies leading to higher production in 2025. Market Conditions Update Commodity prices continue to experience volatility driven by geopolitical and macroeconomic factors, including the ongoing Russia-Ukraine conflict, OPEC and OPEC+ production decisions, continued instability in the Middle East, and evolving developments involving Venezuela, including changes to sanctions, export levels, and global oil supply dynamics. These factors have contributed to uncertainty in global energy markets and price fluctuations. During 2024 and 2025, despite this volatility, lower well costs and improved operating efficiencies enabled Magnolia to increase drilling, completion, and production activity, supporting high-margins while maintaining a disciplined capital program. The macroeconomic and geopolitical environment remains uncertain and continues to evolve. Inflationary pressures have moderated from recent highs but remain elevated relative to historical levels. Interest rates also remain high, and global trade tensions have intensified, including the implementation of new and expanded tariffs. These factors continue to contribute to cost uncertainty and may impact operating results. Additionally, changes in international energy policy, including sanctions regimes and trade restrictions affecting major oil-producing countries such as Venezuela, could impact global supply, commodity prices, and operating costs. The Company continues to closely monitor developments in geopolitical conditions, international trade relations, tariff policies, and energy market dynamics, any of which could adversely affect operating results, financial condition, and future cash flows. Business Overview As of December 31, 2025, Magnolia\u2019s assets in South Item 1A. Risk Factors The nature of Magnolia\u2019s business activities subjects the Company to certain hazards and risks. The following risks and uncertainties, together with other information set forth in this Annual Report on Form 10-K, should be carefully considered by current and future investors in the Company\u2019s securities. These risks and uncertainties are not the only ones Magnolia faces. Additional risks and uncertainties presently unknown to Magnolia, or currently deemed immaterial, also may impair the Company\u2019s business operations. The occurrence of one or more of these risks or uncertainties could materially and adversely affect the Company\u2019s business, its financial condition, and the results of Magnolia\u2019s operations, which in turn could negatively impact the value of the Company\u2019s securities. Risks Related to Magnolia\u2019s Overall Business Operations Oil, natural gas, and NGL prices are volatile. A sustained period of low oil, natural gas, and NGL prices could adversely affect Magnolia\u2019s business, financial condition, results of operations, and ability to meet its expenditure obligations and financial commitments. The prices Magnolia receives for its oil, natural gas, and NGL production will heavily influence its revenue, profitability, access to capital, future rate of growth, and the carrying value of its properties. Oil, natural gas, and NGLs are commodities, and their prices may fluctuate widely in response to market uncertainty and to relatively minor changes in the supply of and demand for oil, natural gas, and NGLs. Historically, oil, natural gas, and NGL prices have been volatile. The prices Magnolia receives for its production and the levels of Magnolia\u2019s production depend on numerous factors beyond Magnolia\u2019s control, which include, without limitation, the following: \u2022U.S. federal, state, local, and non-U.S. governmental regulation and taxes; \u2022worldwide and regional economic conditions impacting the global supply and demand for oil, natural gas,", "title": "MGY - Magnolia Oil & Gas Corp", "url": "/company/MGY/" }, { "kind": "company", "summary": "SIC 2273 Carpets & Rugs; CIK 0000851968; latest 10-K filed 2026-02-24.", "text": "MHK - MOHAWK INDUSTRIES INC SIC 2273 Carpets & Rugs; CIK 0000851968; latest 10-K filed 2026-02-24. MHK MOHAWK INDUSTRIES INC 0000851968 2273 Carpets & Rugs Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the Company\u2019s financial condition and results of operations from management's perspective should be read in conjunction with the Consolidated Financial Statements and related Notes included in this report. The discussion in this Form 10-K includes a comparison of fiscal 2025 to fiscal 2024. This section also discusses fiscal 2024 and fiscal 2023 results, as the Company revised certain fiscal 2024 and fiscal 2023 items to correct for a misstatement in its financial statements discovered during the fourth quarter of fiscal 2025. The revisions ensure comparability across all periods reflected herein. In the aggregate, the correction of these errors impacted the 2023 and 2024 statement of operations by $9.5 million ($4.1 million was recorded to cost of sales and $5.4 million to other (income) and expense, net) and $3.0 million ($1.2 million was recorded to cost of sales and $1.8 million to other (income) and expense, net), respectively, and adjusted the retained earnings balance for the year ended December 31, 2022, by $29.6 million. For additional information, see Note 18, Immaterial Correction of Prior Period Financial Statements of the Notes to the Consolidated Financial Statements included in this report. References to \u201cMohawk,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d refer to Mohawk Industries, Inc. and its consolidated subsidiaries as a whole, unless the context otherwise requires. Business Summary Mohawk is a significant supplier of every major flooring category with manufacturing operations in 19 countries and sales in approximately 180 countries. Based on its annual sales, the Company believes it is the world\u2019s largest flooring manufacturer. A majority of the Company\u2019s long-lived assets are located in the United States and Europe, which are also the Company\u2019s primary markets. Additionally, the Company maintains operations in Australia, Brazil, Malaysia, Mexico, New Zealand, Russia and other parts of the world. The Company is a leading provider of flooring for residential and commercial markets and has earned significant recognition for its innovation in design and performance as well as sustainable business practices. Macroeconomic Conditions While commercial demand remained stable through 2025, continued softness in U.S. housing turnover and sluggish new home construction negatively affected the Company's volumes. Weak consumer confidence also contributed to deferred spending on major discretionary projects, including home renovation activities. Housing turnover in the Company's major regions remained near historically low levels, driven by affordability challenges and broader economic uncertainty. In the U.S., existing home sales for 2025 were flat compared to the prior year, although December sales improved year\u2011over\u2011year. U.S. mortgage rates have recently declined to their lowest levels since autumn 2022; likewise, interest rates in Europe have declined to their lowest levels since autumn 2022. The Company believes these conditions, along with elevated consumer savings, lower inflation and stable employment, may support greater participation in the housing market as consumer confidence improves. However, the ongoing impact of soft demand, inflationary pressures and elevated interest rates to the Company\u2019s business, financial condition, results of operations, and prospects cannot be determined at this time. In response to the challenging market conditions described above, the Company undertook a series of actions throughout 2025 designed to support sales performance and improve product mix in softer demand environments. These actions included the introduction of innovative products, targeted marketing initiatives, and promotional programs intended to stimulate activity in both residential and commercial channels. The Company's premium product launches provided differentiated design an Item 1.Business Unless this Form 10-K indicates otherwise or the context otherwise requires, the terms \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cMohawk,\u201d or \u201cthe Company\u201d as used in this Form 10-K refer to Mohawk Industries, Inc. General Mohawk is a leading global flooring manufacturer that creates products to enhance residential and commercial spaces around the world. The Company\u2019s vertically integrated manufacturing and distribution processes provide competitive advantages in ceramic tile, carpet, rugs, laminate, wood, stone, luxury vinyl tile (\u201cLVT\u201d), hybrid and sheet vinyl flooring. The Company\u2019s industry-leading innovation develops products and technologies that differentiate its brands in the marketplace and satisfy all flooring-related remodeling and new construction requirements. The Company\u2019s brands are among the most recognized in the industry and include American Olean\u00ae, Daltile\u00ae, Decortiles\u00ae, Durkan\u00ae, Eliane\u00ae, Elizabeth\u00ae, Feltex\u00ae, Godfrey Hirst\u00ae, IVC Home\u00ae, Karastan\u00ae, Kerama Marazzi\u00ae, Marazzi\u00ae, Moduleo\u00ae, Mohawk\u00ae, Pergo\u00ae, Quick-Step\u00ae, Unilin\u00ae and Vitromex\u00ae. During the past two decades, the Company has transformed its business from an American carpet manufacturer into the world\u2019s largest flooring company with operations in Asia, Europe, North America, Oceania and South America. The Company had annual net sales in 2025 of $10.8 billion. Approximately 54% of this amount was generated by sales in the United States, and approximately 46% was generated by sales outside the United States. The Company has three reporting segments: Global Ceramic, Flooring North America (\u201cFlooring NA\u201d) and Flooring Rest of the World (\u201cFlooring ROW\u201d) with their 2025 net sales representing 40%, 34% and 26%, respectively, of the Company\u2019s total revenue. Selected financial information for the three segments, geographic net sales and the location of long-lived assets are set forth in Note 17, Segment Reporting. Global Ceramic designs, manufactures, sources, distributes and markets a broad line of cerami Item 1A.Risk Factors In addition to the other information provided in this Form 10-K, the following risk factors should be considered when evaluating an investment in shares of the Company\u2019s Common Stock. If any of the events described in these risks were to occur, it could have a material adverse effect on the Company\u2019s business, financial condition,", "title": "MHK - MOHAWK INDUSTRIES INC", "url": "/company/MHK/" }, { "kind": "company", "summary": "SIC 1531 Operative Builders; CIK 0000799292; latest 10-K filed 2026-02-13.", "text": "MHO - M/I HOMES, INC. SIC 1531 Operative Builders; CIK 0000799292; latest 10-K filed 2026-02-13. MHO M/I HOMES, INC. 0000799292 1531 Operative Builders ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW M/I Homes, Inc. together with its subsidiaries is one of the nation\u2019s leading builders of single-family homes, having sold over 168,200 homes since commencing homebuilding activities in 1976. The Company\u2019s homes are marketed and sold primarily under the M/I Homes brand. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Fort Myers/Naples, Tampa, Sarasota and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina; and Nashville, Tennessee. Included in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations are the following topics relevant to the Company\u2019s performance and financial condition: \u2022Application of Critical Accounting Estimates and Policies; \u2022Results of Operations; \u2022Discussion of Our Liquidity and Capital Resources; and \u2022Impact of Interest Rates and Inflation. APPLICATION OF CRITICAL ACCOUNTING ESTIMATES AND POLICIES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (\u201cGAAP\u201d) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management bases its estimates and assumptions on historical experience and various other factors that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. On an ongoing basis, management evaluates such estimates and assumptions and makes adjustments as deemed necessary. Actual results could differ from these estimates using different estimates and assumptions, or if conditions are significantly different in the future. See \u201cSpecial Note of Caution Regarding Forward - Looking Statements\u201d above in Part I. Listed below are those estimates and policies that we believe are critical and require the use of complex judgment in their application. Our critical accounting estimates should be read in conjunction with the Notes to our Consolidated Financial Statements. Revenue Recognition. Revenue and the related profit from the sale of a home and revenue and the related profit from the sale of land to third parties are recognized in the financial statements on the date of closing if delivery has occurred, title has passed to the buyer, all performance obligations (as defined below) have been met, and control of the home or land is transferred to the buyer in an amount that reflects the consideration we expect to be entitled to receive in exchange for the home or land. If not received immediately upon closing, cash proceeds from home closings are held in escrow for the Company\u2019s benefit, typically for up to three days, and are included in Cash, cash equivalents and restricted cash on the Consolidated Balance Sheets. Sales incentives vary by type of incentive and by amount on a community-by-community and home-by-home basis. The costs of any sales incentives in the form of free or discounted products and services provided to homebuyers are reflected in Land and housing costs in the Consolidated Statements of Income because such incentives are identified in our home purchase contracts with homebuyers as an intrinsic part of our single performance obligation to deliver and transfer title to their home for the transaction price stated in the contracts. Sales incentives that we may provide in the form of closing cost allowances are recorded as a reduction of housing revenue at the time the home is delivered. Item 1. BUSINESS General M/I Homes, Inc. and subsidiaries is one of the nation\u2019s leading builders of single-family homes. The Company commenced homebuilding activities in 1976 marking 2026 as our 50th year in business. Since that time, the Company has sold over 168,200 homes. Unless this Form 10-K otherwise indicates or the context otherwise requires, the terms the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to M/I Homes, Inc. and its subsidiaries. The Company consists of two distinct operations: homebuilding and financial services. Our homebuilding operations are aggregated for reporting purposes into two reporting segments - the Northern and Southern regions. Our financial services operations support our homebuilding operations by providing mortgage loans and title services to the customers of our homebuilding operations and are reported as an independent segment. Our homebuilding operations comprise the most significant portion of our business, representing 97% of consolidated revenue in 2025 and 2024. We design, market, construct and sell single-family homes and attached townhomes to first-time, move-up, empty-nester, and luxury buyers. In addition to home sales, our homebuilding operations generate revenue from the sale of land and lots. We use the term \u201chome\u201d to refer to a single-family residence, whether it is a single-family home or an attached home. We use the term \u201ccommunity\u201d to refer to a single development in which we construct homes. At times, \u201cmultiple communities\u201d can exist in a single development where we offer multiple product types. We primarily construct homes in planned development communities and mixed-use communities. As of December 31, 2025, we offered homes for sale in 232 communities located in ten states and operated within 17 markets. Our average sales price of homes delivered during 2025 was $479,000, and the average sales price of our homes in backlog at December 31, 2025 was $547,000. We offer homes ranging from a base sales price of appr Item 1A. RISK FACTORS Our future business, results of operations, financial condition, prospects and cash flows and the market price for our securities are subject to numerous risks, many of which are driven by factors that we cannot control. The following cautionary discussion of risks, uncertainties and assumptions relevant to our business includes factors we believ", "title": "MHO - M/I HOMES, INC.", "url": "/company/MHO/" }, { "kind": "company", "summary": "SIC 3829 Measuring & Controlling Devices, NEC; CIK 0001809987; latest 10-K filed 2026-02-19.", "text": "MIR - Mirion Technologies, Inc. SIC 3829 Measuring & Controlling Devices, NEC; CIK 0001809987; latest 10-K filed 2026-02-19. MIR Mirion Technologies, Inc. 0001809987 3829 Measuring & Controlling Devices, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of Mirion\u2019s financial condition and results of operations together with the consolidated financial statements and related notes of Mirion Technologies, Inc. that are included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under the section entitled \u201cPart I, Item 1A. Risk Factors\u201d or in other parts of this Annual Report on Form 10-K. Please also see the section entitled \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Unless the context otherwise requires, references in this section to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cMirion\u201d and \u201cthe Company\u201d refer to the business and operations of Mirion and its consolidated subsidiaries. Unless the context otherwise requires or unless otherwise specified, all dollar amounts in this section are in millions. Overview We are a global provider of products, services, and software that allow our customers to safely leverage the power of ionizing radiation for the greater good of humanity through critical applications in the nuclear, medical and defense markets, as well as laboratories, scientific research, analysis, and space exploration. Nuclear power plant product offerings are used for the full nuclear power plant lifecycle including core detectors, essential measurement devices and security systems for new build, maintenance, decontamination and decommission, and equipment for monitoring and control during fuel dismantling and remote environmental monitoring. We provide dosimetry solutions for monitoring the total amount of radiation medical staff members are exposed to over time, radiation therapy quality assurance solutions for calibrating and verifying imaging and treatment accuracy, and radionuclide therapy products for nuclear medicine applications such as product handling, medical imaging furniture, and rehabilitation products. We provide robust, field-ready personal radiation detection and identification equipment for defense applications and radiation detection and analysis tools for power plants, labs, and research applications. We manage and report results of operations in two business segments: Nuclear & Safety and Medical. \u2022Our revenues were $925.4 million for the year ended December 31, 2025, of which 66.4% and 33.6% were generated in the Nuclear & Safety segment and the Medical segment, respectively. Revenues were $860.8 million for the year ended December 31, 2024, of which 65.2% and 34.8% were generated in the Nuclear & Safety and the Medical segment, respectively. Revenues were $800.9 million for the year ended December 31, 2023, of which 64.5% and 35.5% were generated in the Nuclear & Safety segment and the Medical segment, respectively. \u2022Remaining performance obligations (representing committed but undelivered contracts and purchase orders) were $1,104.3 million and $811.9 million as of December 31, 2025, and December 31, 2024, respectively. Key Factors Affecting Our Performance We believe that our business and results of operations and financial condition may be impacted in the future by various trends, conditions and risks. The Board has overall oversight responsibility for our risk management. During 2024, the Company initiated a formal Enterprise Risk Management program (\"ERM\") where management and Internal Audit provide updates to the Board. These discussions include identification and scoring of key business risks and management\u2019s plans and progress to address identified focus areas. The following key factors affecting our performance have included, and we anticipate they will continue to affect our future results: \u2022Nuclear power end market tren ITEM 1. BUSINESS Business Overview At Mirion, we deliver vital protection that unlocks the transformative potential of radiation to move science, industry and medicine forward. For more than 60 years Mirion and our predecessor companies have provided products, services, and software that allow customers to safely leverage the power of ionizing radiation for applications that benefit the health, safety, vitality, and technological progress of the human experience. As a global leader in the field of radiation safety and innovation, we bring together unrivaled expertise with an unmatched range of reliably precise technologies. Safety is at the core of what we do. Through critical nuclear facilities, R&D labs, cancer centers, diagnostic imaging facilities, and on the front lines, Mirion empowers innovations that move radiation safety, measurement and medicine further to shape our future world. Many of our markets are characterized by the need to meet rigorous regulatory standards, design qualifications, and operating requirements. Throughout our history, we have successfully leveraged the strength of our expertise to continually drive innovation and expand the commercial applications of our core technology competencies. Headquartered in Atlanta, Georgia, we have operations in Canada, the United Kingdom, France, Germany, Finland, China, Belgium, Netherlands, Estonia, Japan, and South Korea. Mirion is comprised of two reporting segments: Nuclear & Safety (formerly named Technologies) and Medical. Our Nuclear & Safety segment powers advancements in nuclear energy and critical radiation safety, measurement and analysis applications across nuclear power facilities, laboratories, research and other industrial markets such as defense. Our Medical segment improves the quality and safety of cancer care delivery and supports applications across medical diagnostics and practitioner safety. Our products, software and services are sold directly and indirectly to a variety of e", "title": "MIR - Mirion Technologies, Inc.", "url": "/company/MIR/" }, { "kind": "company", "summary": "SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0001278021; latest 10-K filed 2026-02-24.", "text": "MKTX - MARKETAXESS HOLDINGS INC SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0001278021; latest 10-K filed 2026-02-24. MKTX MARKETAXESS HOLDINGS INC 0001278021 6211 Security Brokers, Dealers & Flotation Companies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. In addition to historical information, this discussion and analysis contains forward-looking statements relating to future events and the future performance of MarketAxess that are based on our current expectations, assumptions, estimates and projections about us and our industry. These forward-looking statements involve risks and uncertainties. Our actual results and timing of various events could differ materially from those anticipated in such forward-looking statements as a result of a variety of factors, as more fully described in this section, in \u201cItem 1A. Risk Factors\u201d, in \u201cCautionary Note Regarding Forward Looking Statements\u201d and elsewhere in this Annual Report on Form 10-K. Except as may be required by applicable law, we undertake no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. The following discussion includes a comparison of our Financial Results, Cash Flow Comparisons and Liquidity and Capital Resources for the years ended December 31, 2025 and 2024, respectively. A discussion of changes in our Financial Results and Cash Flow Comparisons from the year ended December 31, 2023 to the year ended December 31, 2024 may be found in Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d of Part II of our Annual Report on Form 10-K for the year ended December 31, 2024. Executive Overview MarketAxess operates leading electronic trading platforms delivering greater trading efficiency, a diversified pool of liquidity and significant cost savings to approximately 2,100 institutional investor and broker-dealer clients across the global fixed-income and other markets. We have built a differentiated market position through our integrated approach to electronic trading, combining diverse trading protocols, automated and algorithmic execution solutions, intelligent data products and analytics and comprehensive post-trade and technology services. The fixed-income markets we focus on remain significantly less electronified than other asset classes, creating significant opportunities for continued growth. We believe our scale, network effects, and product innovation uniquely position us to capture increased trading volumes as the markets continue their transition from voice to electronic trading. At the center of our offerings is Open Trading, our award winning all-to-all marketplace, which creates a unique, anonymous liquidity pool that connects market participants across a broad range of fixed-income products. By expanding the number of potential trading counterparties, we believe that Open Trading facilitates price discovery, improves execution quality, and reduces transaction costs for market participants. Institutional investors can also send trading inquiries directly to broker-dealer counterparties on a disclosed basis, while simultaneously accessing the rest of the market on an anonymous basis through Open Trading. We continue to invest in technology innovation. X-Pro, our next-generation trading platform, provides access to multiple trading protocols and workflow tools and integrates our suite of proprietary pre- and post-trade data and analytics tools, powered by our AI-driven pricing engine, CP+, to deliver a seamless user experience. Our automated execution protocols enable clients to pre-define trading parameters and leverage automation to execute transactions seamlessly and efficiently, reducing manual intervention and allowing traders to focus on higher-value opportunities. We derive revenue from commissions for transactions executed on Item 1. Business. Overview MarketAxess Holdings Inc. (the \u201cCompany\u201d or \u201cMarketAxess\u201d) operates leading electronic trading platforms delivering greater trading efficiency, a diversified pool of liquidity and significant cost savings to approximately 2,100 institutional investor and broker-dealer clients across the global fixed-income and other markets. We have built a differentiated market position through our integrated approach to electronic trading, combining diverse trading protocols, automated and algorithmic execution solutions, intelligent data products and analytics and comprehensive post-trade and technology services. The fixed-income markets we focus on remain significantly less electronified than other asset classes, creating significant opportunities for continued growth. We believe our scale, network effects, and product innovation uniquely position us to capture increased trading volumes as the market continues its transition from voice to electronic trading. At the center of our offerings is Open Trading\u00ae, our award winning all-to-all marketplace, which creates a unique, anonymous liquidity pool that connects market participants across a broad range of fixed-income products. By expanding the number of potential trading counterparties, we believe that Open Trading facilitates price discovery, improves execution quality, and reduces transaction costs for market participants. Institutional investors can also send trading inquiries directly to broker-dealer counterparties on a disclosed basis, while simultaneously accessing the rest of the market on an anonymous basis through Open Trading. We continue to invest in technology innovation. Our next-generation trading platform, MarketAxess X-Pro (\u201cX-Pro\u201d), provides access to multiple trading protocols and workflow tools and integrates our suite of proprietary pre- and post-trade data and analytics tools, powered by our AI-driven pricing engine, CP+, to deliver a seamless user experience. Our automated exec Item 1A. Risk Factors. Risk Factors Summary The following is a summary of the principal risks and uncertainties described in more detail in this Annual Report on Form 10-K: Risks Relating to Market and Industry Dynamics and Competition \u2022 Global economic, political and market fac", "title": "MKTX - MARKETAXESS HOLDINGS INC", "url": "/company/MKTX/" }, { "kind": "company", "summary": "SIC 2520 Office Furniture; CIK 0000066382; latest 10-K filed 2025-07-21.", "text": "MLKN - MILLERKNOLL, INC. SIC 2520 Office Furniture; CIK 0000066382; latest 10-K filed 2025-07-21. MLKN MILLERKNOLL, INC. 0000066382 2520 Office Furniture Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the issues discussed in Management's Discussion and Analysis in conjunction with the Company's Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K. Refer also to the information provided under the heading \"Forward-Looking Statements\" in this Annual Report on Form 10-K. Executive Overview MillerKnoll is a collective of dynamic brands that comes together to design the world we live in. From the spaces we make that help us live and work better, to how we manufacture our products, to the ways we solve challenges facing our customers and global community, design is our tool for creating positive impact. Our optimism leads us as we redefine modern for the 21st century, shaping a future that\u2019s more sustainable, caring, and beautiful for all people and our planet. MillerKnoll's products are sold internationally through controlled subsidiaries or branches in various countries including the United Kingdom, Denmark, Italy, France, the Netherlands, Canada, Japan, Mexico, Australia, Singapore, China, Hong Kong, India, and Brazil. The Company\u2019s products are sold in over 100 countries primarily through independent contract furniture dealers, direct customer sales, owned and independent retailers, direct-mail catalogs, and the Company\u2019s eCommerce platforms. The Company is globally positioned in terms of manufacturing operations. In North America, manufacturing and distribution operations are in Georgia, New York, North Carolina, Michigan, Pennsylvania, and Texas in the United States, as well as Toronto and Mexico City. In Europe, the Company's manufacturing presence is in the United Kingdom and Italy. Manufacturing operations globally also include facilities located in Brazil, China, and India. The Company manufactures products using a system of lean manufacturing techniques collectively referred to as the MillerKnoll Performance System (MKPS). For its contract furniture business, MillerKnoll strives to maintain efficiencies and cost savings by minimizing the amount of inventory on hand. Accordingly, production is order-driven with direct materials and components purchased as needed to meet demand. These factors result in a high rate of inventory turns related to our manufactured inventories. A key element of the Company's manufacturing strategy is to limit fixed production costs by sourcing component parts from strategic suppliers. This strategy has allowed the Company to increase the variable nature of its cost structure, while retaining proprietary control over those production processes that the Company believes provide a competitive advantage. As a result of this strategy, the Company's manufacturing operations are largely assembly-based. A key element of the Company's growth strategy is to scale the Global Retail business through the Company's Herman Miller and Design Within Reach (\"DWR\") retail channels. DWR provides a channel to bring MillerKnoll's iconic and design-centric products across our brands such as Knoll, Muuto, and HAY, to retail customers, along with other proprietary and third-party products, with a focus on modern design. The Company is comprised of various operating segments as defined by generally accepted accounting principles in the United States (U.S. GAAP). The operating segments are determined on the basis of how the Company internally reports and evaluates financial information used to make operating decisions. The Company has identified the following segments: \u2022North America Contract \u2014 Includes the operations associated with the design, sourcing, manufacture, and sale of furniture products directly or indirectly through an independent dealership network for office, healthcare, and educational environments throughout the United States and Canada as well as the global operations of the Spinneybeck|FilzFelt, Maharam, Ed Item 1 Business Overview MillerKnoll is a collective of dynamic brands that comes together to design the world we live in. From the spaces we make that help us live and work better, to how we manufacture our products, to the ways we solve challenges facing our customers and global community, design is our tool for creating positive impact. Our optimism leads us as we redefine modern for the 21st century, shaping a future that\u2019s more sustainable, caring, and beautiful for all people and our planet. The Company researches, designs, manufactures and distributes interior furnishings for use in various environments including residential, office, healthcare and educational settings, and provides related services that support organizations and individuals all over the world. The Company\u2019s products are sold primarily through the following channels: independent contract furniture dealers, direct customer sales, owned and independent retailers, direct-mail catalogs, and the Company\u2019s eCommerce platforms. Powering the world's most dynamic design brands, MillerKnoll includes Herman Miller\u00ae and Knoll\u00ae, as well as Colebrook Bosson Saunders, DatesWeiser, Design Within Reach\u00ae, Edelman\u00ae, Geiger\u00ae, HAY\u00ae, Holly Hunt\u00ae, KnollTextiles\u00ae, Maharam\u00ae, Muuto\u00ae, NaughtOne\u00ae, and Spinneybeck\u00ae|FilzFelt\u00ae. MillerKnoll's corporate offices are located at 855 East Main Avenue, PO Box 302, Zeeland, Michigan, 49464-0302 and its telephone number is 616 654 3000. Unless otherwise noted or indicated by the context, all references to \"MillerKnoll,\" \"we,\" \"our,\" \"Company\" and similar references are to MillerKnoll, Inc. and its controlled subsidiaries. Further information relating to principles of consolidation is provided in Note 1 to the Consolidated Financial Statements included in Item 8 of this report. 2 Segments The Company has three reportable segments: North America Contract, International Contract, and Global Retail. The Company also reports a corporate ca Item 1A Risk Factors The following risk factors and other information included in this report should be carefully considered. The risks and uncertainties described below are not the only ones we face; others, either unforeseen or currently deemed not material, may also have a negative impact on our Company. If any of the following occurs, our business, operating results, cash flows, and financial c", "title": "MLKN - MILLERKNOLL, INC.", "url": "/company/MLKN/" }, { "kind": "company", "summary": "SIC 6531 Real Estate Agents & Managers (For Others); CIK 0001578732; latest 10-K filed 2026-02-26.", "text": "MMI - Marcus & Millichap, Inc. SIC 6531 Real Estate Agents & Managers (For Others); CIK 0001578732; latest 10-K filed 2026-02-26. MMI Marcus & Millichap, Inc. 0001578732 6531 Real Estate Agents & Managers (For Others) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the accompanying notes thereto included elsewhere herein. The following discussion contains, in addition to historical information, forward-looking statements that include risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those factors set forth under Item 1A \u2013 \u201cRisk Factors\u201d and Item 7 \u2013 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013 Overview \u2013 Factors Affecting Our Business\u201d of this Annual Report on Form 10-K. Overview Our Business We are a leading national real estate services firm specializing in commercial real estate investment sales, financing services, research, and advisory services. We have been the top commercial real estate investment broker in the United States based on the number of investment transactions for more than 15 years. As of December 31, 2025, we had 1,808 investment sales and financing professionals that are primarily exclusive independent contractors operating in more than 80 offices, who provide real estate brokerage and financing services to sellers and buyers of commercial real estate assets. During the year ended December 31, 2025, we closed 8,818 investment sales, financing and other transactions with total sales volume of approximately $50.8 billion. During the year ended December 31, 2024, we closed 7,836 investment sales, financing and other transactions with total sales volume of approximately $49.6 billion. We generate revenue by collecting real estate brokerage commissions upon the sale, and financing fees upon the financing of commercial properties, by providing equity advisory services and loan sales, loan guarantees and providing consulting and advisory services. Real estate brokerage commissions are typically based upon the value of the property and financing fees are typically based upon the size of the loan. During the year ended December 31, 2025, approximately 84% of our revenue was generated from real estate brokerage commissions, 14% from financing fees and 2% from other revenue, including consulting and advisory services. Acquisitions We continue to pursue opportunities to increase our market presence through the execution of our growth strategies by targeting markets based on population, employment, level of commercial real estate sales, inventory and competitive opportunities where we believe the markets will benefit from our commercial real estate investment sales, financing, research, and advisory services. Factors Affecting Our Business Our business and our operating results, financial condition and liquidity are significantly affected by the number and size of commercial real estate investment sales and financing transactions that we close in any period. The number and size of these transactions are affected by our ability to recruit and retain investment sales and financing professionals, identify and contract properties for sale, and identify those that need financing and refinancing. We principally monitor the commercial real estate market through four factors, which generally drive our business. The factors are the economy, commercial real estate supply and demand, capital markets, and investor sentiment and investment activity. The Economy Our business is dependent on economic conditions within the markets in which we operate. Changes in the economy on a global, national, regional, or local basis can have a positive or negative impact on our business. Economic indicators and projections related to job growth, unemployment, interest rates, retail spending and consumer confidence trends can 28 Table of Contents have a positive or negative impact on Item 1. Business Company Overview Marcus & Millichap, Inc. (\u201cMMI\u201d) is a leading national real estate services firm specializing in commercial real estate investment sales, financing services, research and advisory services. We are the leading national investment brokerage company in the $1 million to $10 million private client market. This is the largest and most active market and consistently comprises more than 80% of total U.S. commercial property transactions greater than $1 million in the marketplace. As of December 31, 2025, we had 1,808 investment sales and financing professionals who are primarily commission-based independent contractors who provide real estate investment brokerage and financing services to sellers and buyers of commercial real estate in over 80 offices in the United States and Canada. In 2025, we closed 8,818 sales, financing, and other transactions with total sales volume of approximately $50.8 billion. Marcus & Millichap, Inc was formed in June 2013 in preparation for the spin-off of Marcus & Millichap Real Estate Investment Services, Inc. (\u201cMMREIS\u201d), which was founded in 1971. MMREIS was the real estate investment services business of the Marcus & Millichap Company (\u201cMMC\u201d). Our initial public offering (\"IPO\") was completed in November 2013. In connection with our IPO, the shareholders of MMREIS contributed their shares of MMREIS to MMI in exchange for common stock of MMI. Commercial Real Estate Services We generate revenue by collecting real estate brokerage commissions upon the sale, and financing fees upon the financing of commercial properties, by providing equity advisory services and loan sales, loan guarantees and providing consulting and advisory services. Real estate brokerage commissions are typically based upon the value of the property and financing fees are typically based upon the size of the loan. In 2025, approximately 84% of our revenues were generated from real estate brokerage commissions, 14% from financing fees, Item 1A. Risk Factors Investing in our securities involves a high degree of risk. You should carefully consider the following risk factors and the other information in this Annual Report on Form 10-K, including \"Management's Discussion and Analysis of Financial Position and Results of Operations,\" \"", "title": "MMI - Marcus & Millichap, Inc.", "url": "/company/MMI/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000856982; latest 10-K filed 2026-02-24.", "text": "MMSI - MERIT MEDICAL SYSTEMS INC SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000856982; latest 10-K filed 2026-02-24. MMSI MERIT MEDICAL SYSTEMS INC 0000856982 3841 Surgical & Medical Instruments & Apparatus Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and related Notes thereto set forth in Item 8 of this report. Discussion of the year ended December 31, 2024, compared to the year ended December 31, 2023 is included in Part II, Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024, and is incorporated by reference into this Form 10-K. Overview We design, develop, manufacture, market and sell medical products for interventional and diagnostic procedures. For financial reporting purposes, we report our operations in two operating segments: cardiovascular and endoscopy. Our cardiovascular segment consists of four product categories: peripheral intervention, cardiac intervention, custom procedural solutions, and OEM. Within these product categories, we sell a variety of products, including cardiology and radiology devices (which assist in diagnosing and treating coronary arterial disease, peripheral vascular disease and other nonvascular diseases), as well as embolotherapeutic, cardiac rhythm management, electrophysiology, critical care, breast cancer localization and guidance, biopsy, and interventional oncology and spine devices. Our endoscopy segment consists of gastroenterology and pulmonology devices which assist in the palliative treatment of expanding esophageal, tracheobronchial and biliary strictures caused by malignant tumors. For the year ended December 31, 2025, we reported sales of $1.516 billion, up $159.4 million or 11.8%, compared to 2024 sales of $1.357 billion. Our revenue results for the year ended December 31, 2025 were driven primarily by demand in the U.S. and favorable international sales trends, particularly in Europe, the Middle East and Africa (\u201cEMEA\u201d) region. Gross profit as a percentage of sales was 48.7% for the year ended December 31, 2025 as compared to 47.4% for the year ended December 31, 2024. Net income for the year ended December 31, 2025 was $128.5 million, or $2.13 per share, as compared to $120.4 million, or $2.03 per share, for the year ended December 31, 2024. In May 2025, we completed a merger transaction with Biolife Delaware, L.L.C. (\u201cBiolife\u201d), a manufacturer of unique patented hemostatic devices under the brand names StatSeal\u00ae and WoundSeal\u00ae. In November 2025, pursuant to the terms of an asset purchase agreement between Merit and Pentax of America, Inc., we acquired the C2 CryoBalloon\u00ae device and related technology. In February 2024, we introduced our \u201cContinued Growth initiatives\u201d Program with muti-year financial targets for the three-year period ending December 31, 2026, which reflects our commitment to better-position Merit for long-term, sustainable growth and enhanced profitability. Results of Operations The following table sets forth certain operational data as a percentage of sales for the years indicated: [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"2025\",\"\\u200b \\u200b \\u200b\",\"2024\",\"\\u200b \\u200b \\u200b\",\"2023\"],[\"Net sales\",\"100\",\"%\",\"100\",\"%\",\"100\",\"%\"],[\"Gross profit\",\"48.7\",\"\",\"47.4\",\"\",\"46.4\",\"\\u200b\"],[\"Selling, general and administrative expenses\",\"30.0\",\"\",\"29.5\",\"\",\"29.7\",\"\\u200b\"],[\"Research and development expenses\",\"6.4\",\"\",\"6.4\",\"\",\"6.6\",\"\\u200b\"],[\"Contingent consideration expense\",\"0.1\",\"\",\"0.0\",\"\",\"0.1\",\"\\u200b\"],[\"Acquired in-process research and development expense\",\"\\u2014\",\"\",\"\\u2014\",\"\",\"0.1\",\"\\u200b\"],[\"Income from operations\",\"12.2\",\"\",\"11.5\",\"\",\"9.9\",\"\\u200b\"],[\"Other expense \\u2014 net\",\"(0.9)\",\"\",\"(0.4)\",\"\",\"(0.9)\",\"\\u200b\"],[\"Income before income taxes\",\"11.3\",\"\",\"11.1\",\"\",\"8.9\",\"\\u200b\"],[\"Net income\",\"8.5\",\"\",\"8.9\",\"\",\"7.5\",\"\\u200b\"]] [[/GREPCENT_TABLE]] \u200b 39 Table o Item 1.Business. Our Company Merit Medical Systems, Inc. is a leading manufacturer and marketer of proprietary medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy. We strive to be the most customer-focused company in healthcare. Each day we are determined to make a difference by understanding our customers\u2019 needs and innovating and delivering a diverse range of products that improve the lives of people and communities throughout the world. We believe that long-term value is created for our customers, employees, shareholders, and communities when we focus outward and are determined to deliver an exceptional customer experience. Merit Medical Systems, Inc. was founded in 1987 by Fred P. Lampropoulos, Kent W. Stanger, Darla Gill and William Padilla. Initially, we focused our operations on injection and insert molding of plastics. Our first product was a specialized control syringe used to inject contrast solution into a patient\u2019s arteries for a diagnostic cardiac procedure called an angiogram. Since that time, our products and product lines have expanded substantially, both through internal research and development projects and through strategic acquisitions. Business Strategy Our business strategy focuses on five target areas as follows: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"enhancing global growth and profitability through research and development, sales model optimization, cost discipline and operational focus;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"optimizing our operational capability through lean processes, cost effective environments and asset utilization;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"targeting high-growth, high-return opportunities by understanding, innovating and delivering in our core divisions;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"maintaining a highly disciplined, customer-focused enter Item 1A.Risk Factors. Our business, operations and financial condition are subject to risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, our actual results will vary, and may vary materially, from those antic", "title": "MMSI - MERIT MEDICAL SYSTEMS INC", "url": "/company/MMSI/" }, { "kind": "company", "summary": "SIC 7500 Services-Automotive Repair, Services & Parking; CIK 0000876427; latest 10-K filed 2026-05-27.", "text": "MNRO - MONRO, INC. SIC 7500 Services-Automotive Repair, Services & Parking; CIK 0000876427; latest 10-K filed 2026-05-27. MNRO MONRO, INC. 0000876427 7500 Services-Automotive Repair, Services & Parking Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Executive Overview We continue to make strategic investments to support our operating and financial model designed to drive sustainable sales and profit growth. We have done this through our investment strategy focused on improving guest experience, enhancing customer-centric engagement, optimizing product and service offerings, and accelerating productivity and team engagement. Recent Developments On November 9, 2025, the Board of Directors approved the adoption of a limited-duration shareholder rights plan (The \u201cRights Plan\u201d), intended to protect the best interests of all Company shareholders and enable them to realize the full potential value of their investment in the Company. The Rights Plan is designed to reduce the likelihood that any entity, person or group would gain control of the Company through the open-market or other accumulation of the Company\u2019s shares without appropriately compensating all shareholders for control. The Rights Plan is not intended to prevent or interfere with any attempt to purchase the entire Company. It is also not intended to prevent or interfere with any action with respect to the Company that the Board determines to be in the best interests of the Company and its shareholders. Instead, it will position the Board to fulfill its fiduciary duties on behalf of all shareholders by ensuring that the Board has sufficient time to make informed judgements about any attempts to control or significantly influence the Company. The Rights Plan will encourage anyone seeking to gain a significant interest in the Company to negotiate directly with the Board prior to attempting to control or significantly influence the Company. Pursuant to the Rights Plan, the Company issued one right for each common share outstanding, as of the close of business on November 24, 2025. The rights will initially trade with the Company\u2019s common stock and will generally become exercisable only if an entity, person or group acquires beneficial ownership of 17.5% or more of the Company\u2019s outstanding shares (the \u201ctriggering event\u201d). Under the Rights Plan, any person that owns more than the triggering percentage as of the adoptions of the Rights Plan may continue to own its shares of common stock but may not acquire any additional shares without triggering the Rights Plan. The Rights Plan has a one-year duration, expiring on November 6, 2026. The Board of Directors may consider an earlier termination of the Rights Plan as circumstances warrant. See additional discussion related to the Rights Plan in Note 17 to our consolidated financial statements. In connection with Mr. Fitzsimmons\u2019 appointment as President and Chief Executive Officer as of March 28, 2025, the Company entered into a consulting agreement with AlixPartners, LLP (\u201cAlixPartners\u201d) as of March 28, 2025, pursuant to which AlixPartners assessed the Company\u2019s operations to develop a plan to improve the Company\u2019s financial performance. On December 2, 2025, the Company entered into an employment agreement with Peter Fitzsimmons whereby he will continue to serve as our President and Chief Executive Officer and appointed him as a member of the Board of Directors. Prior to December 2, 2025, Mr. Fitzsimmons served as the President and Chief Executive Officer, pursuant to an engagement letter between the Company and AP Services, LLC, an affiliate of AlixPartners. Following Mr. Fitzsimmons\u2019 departure from AlixPartners, on December 23, 2025 the Company and AlixPartners entered into a master service agreement pursuant to which AlixPartners will be able to serve promptly in consulting roles as needed at its standard engagement rates to support the development and implementation of the Company\u2019s long-term growth strategy to improve the Company\u2019s financial performance. See additional discussion in Note 16 to our consolidated financial statements. On May 23, 2025, following an evaluation BUSINESS Item 1. Business General We are a leading nation-wide operator of retail tire and automotive repair stores in the United States. We offer to our customers, referred to as \u201cguests\u201d, replacement tires and tire related services, automotive undercar repair services, and a broad range of routine maintenance services, primarily on passenger cars, light trucks, and vans. We also provide other products and services for brakes; mufflers and exhaust systems; and steering, drive train, suspension, and wheel alignment. We believe the convenience and value we offer are key factors in serving and growing our base of customers. At March 28, 2026, we operated 1,115 retail tire and automotive repair stores and serviced approximately 3.8 million vehicles in fiscal 2026. Our retail tire and automotive repair stores operate primarily under the brands \u201cTire Choice Auto Service Centers,\u201d \u201cMr. Tire Auto Service Centers,\u201d \u201cMonro Auto Service and Tire Centers,\u201d \u201cTire Warehouse Tires for Less,\u201d \u201cCar-X Tire & Auto,\u201d \u201cKen Towery\u2019s Tire & Auto Care,\u201d \u201cMountain View Tire & Auto Service,\u201d and \u201cTire Barn Warehouse\u201d. [[GREPCENT_TABLE]] [[\"Company-operated Store Brands as of March 28, 2026\",\"\",\"Stores\"],[\"Tire Choice Auto Service Centers\",\"\",\"297\"],[\"Mr. Tire Auto Service Centers\",\"\",\"297\"],[\"Monro Auto Service and Tire Centers\",\"\",\"296\"],[\"Tire Warehouse Tires for Less\",\"\",\"51\"],[\"Car-X Tire & Auto\",\"\",\"49\"],[\"Ken Towery\\u2019s Tire & Auto Care\",\"\",\"30\"],[\"Mountain View Tire & Auto Service\",\"\",\"29\"],[\"Tire Barn Warehouse\",\"\",\"26\"],[\"Other\",\"\",\"40\"],[\"Total\",\"\",\"1,115\"]] [[/GREPCENT_TABLE]] The typical format for a Monro store is a free-standing building consisting of a sales area, fully equipped service bays and a parts/tires storage area. Most service bays are equipped with above-ground electric vehicle lifts. Individual store sizes, number of bays, and stocking levels vary greatly and are dependent primarily on the availability of suitable store locations, population, demographics Item 1A. Risk Factors In addition to the risks discussed elsewhere in this annual report, the following are the important factors that could cause Monro\u2019s actual results to differ materially from those projected in any forward-looking statements. These disclosures reflect Monro\u2019s beliefs and opinions as to fa", "title": "MNRO - MONRO, INC.", "url": "/company/MNRO/" }, { "kind": "company", "summary": "SIC 6324 Hospital & Medical Service Plans; CIK 0001179929; latest 10-K filed 2026-02-10.", "text": "MOH - MOLINA HEALTHCARE, INC. SIC 6324 Hospital & Medical Service Plans; CIK 0001179929; latest 10-K filed 2026-02-10. MOH MOLINA HEALTHCARE, INC. 0001179929 6324 Hospital & Medical Service Plans Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (\u201cMD&A\u201d) Management\u2019s discussion and analysis of financial condition and results of operations as of and for the years ended December 31, 2025 and 2024, are presented in the sections that follow. Our MD&A as of and for the year ended December 31, 2023, may be found in our 2024 Annual Report on Form 10-K, which prior disclosure is incorporated by reference herein. The following discussion and analysis does not include certain items related to the year ended December 31, 2023, including year-to-year comparisons between the year ended December 31, 2024 and the year ended December 31, 2023. For a comparison of our results of operations for the fiscal years ended December 31, 2024 and December 31, 2023, see \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 11, 2025. OVERVIEW Molina Healthcare, Inc., a FORTUNE 500 company, provides managed healthcare services under the Medicaid and Medicare programs, and through the state insurance marketplaces (the \u201cMarketplace\u201d). We served approximately 5.5 million members as of December 31, 2025, located across 21 states. 2025 HIGHLIGHTS Highlights of our full-year 2025 results included the following: \u2022Net income of $472 million, or $8.92 per diluted share, compared to $1,179 million, or $20.42 per diluted share in 2024; \u2022Membership of 5.5 million at December 31, 2025, down slightly compared to the prior year, despite the impact of our growth initiatives, due to the impact of Medicaid redeterminations; \u2022Total revenue of $45.4 billion, which increased 12% compared to 2024; \u2022Premium revenue of $43.1 billion, which increased 11% compared to 2024; \u2022Consolidated medical care ratio (\u201cMCR\u201d) of 91.7%, compared to 89.1% in 2024, reflecting a challenging medical cost trend environment in all our segments; \u2022General and administrative expense ratio (\u201cG&A ratio\u201d) of 6.6%, which decreased from 6.7% in 2024; and \u2022Pre-tax margin of 1.3%, compared to 3.9% in 2024. Growth Initiatives Despite margin challenges, we had another strong year executing on our growth strategy. In 2025, we continued our successful track record of winning renewal and new Medicaid state procurements. \u2022In November 2025, the Florida Agency for Health Care Administration (\u201cAHCA\u201d) announced its intent to award us the sole contract to provide Statewide Medicaid Managed Care and Children\u2019s Health Insurance Program services. This contract is expected to cover approximately 120,000 enrollees and yield $6 billion in annual premium revenue and is expected to commence in the fourth quarter of 2026. \u2022The award in Florida complements our previously announced contract win in Wisconsin, where we renewed our Wisconsin MyChoice LTSS contract in Regions 2 and 7, and our previously announced Georgia and Texas Star-Chip wins. Collectively, the new RFP wins in 2025 represent over $9 billion of incremental annual Medicaid premium revenue. On February 1, 2025, we closed our acquisition of ConnectiCare Holding Company, Inc. (\u201cConnectiCare\u201d), and our acquisition pipeline contains a growing number of actionable opportunities. Molina Healthcare, Inc. 2025 Form 10-K | 40 FINANCIAL RESULTS SUMMARY [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\"],[\"\",\"(In millions, except per-share amounts)\"],[\"Premium revenue\",\"$\",\"43,052\",\"\",\"\",\"$\",\"38,627\"],[\"Less: medical care costs\",\"39,488\",\"\",\"\",\"34,428\"],[\"Medical margin\",\"3,564\",\"\",\"\",\"4,199\"],[\"MCR (1)\",\"91.7\",\"%\",\"\",\"89.1\",\"%\"],[\"Other revenues:\"],[\"Premium tax revenue\",\"1,863\",\"\",\"\",\"1,486\"],[\"Investment income\",\"420\",\"\",\"\",\"452\"],[\"Other revenue\",\"91\",\"\",\"\",\"85\"],[\"General and administrative expenses\",\"3,009\",\"\",\"\",\"2,743\"],[\"G&A ratio (2)\",\"6.6\",\"%\",\"\",\"6.7\",\"%\"],[\"Premium tax expenses\",\"1,863\",\"\",\"\",\"1,486\"],[\"Depreciation and amortization\",\"195\", Item 1. BUSINESS OVERVIEW ABOUT MOLINA HEALTHCARE Molina Healthcare, Inc., a FORTUNE 500 company, provides managed healthcare services under the Medicaid and Medicare programs, and through the state insurance marketplaces (the \u201cMarketplace\u201d). Molina was founded in 1980 as a provider organization serving low-income families in Southern California and reincorporated in Delaware in 2002. We served approximately 5.5 million members as of December 31, 2025, located across 21 states. Our business footprint, as of December 31, 2025, is illustrated below. FINANCIAL HIGHLIGHTS [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\"],[\"\",\"(In millions, except per-share amounts)\"],[\"Premium Revenue\",\"$\",\"43,052\",\"\",\"\",\"$\",\"38,627\"],[\"Total Revenue\",\"$\",\"45,426\",\"\",\"\",\"$\",\"40,650\"],[\"Medical Care Ratio (\\u201cMCR\\u201d) (1)\",\"91.7\",\"%\",\"\",\"89.1\",\"%\"],[\"Net Income\",\"$\",\"472\",\"\",\"\",\"$\",\"1,179\"],[\"Net Income per Diluted Share\",\"$\",\"8.92\",\"\",\"\",\"$\",\"20.42\"]] [[/GREPCENT_TABLE]] _______________________ (1)Medical care ratio represents medical care costs as a percentage of premium revenue. OUR SEGMENTS We currently have four reportable segments consisting of: 1) Medicaid; 2) Medicare; 3) Marketplace; and 4) Other. The Medicaid, Medicare, and Marketplace segments represent the government-funded or sponsored programs under which we offer managed healthcare services. The Other segment, which is insignificant to our consolidated results of operations, includes long-term services and supports consultative services in Wisconsin and the Molina Healthcare, Inc. 2025 Form 10-K | 3 commercial portion of the business acquired in connection with the ConnectiCare transaction that closed effective February 1, 2025. Refer to Notes to Consolidated Financial Statements, Note 16, \u201cSegments,\u201d for further information, including segment revenue and profit information. SEGMENT MEMBERSHIP The following table summarizes our membership by segment as of the dates indicated: [[ Item 1A. RISK FACTORS Our business involves significant risks. You should carefully consider the risks described below and all of the other information set forth in this Form 10-K, including our consolidated financial statements and accompanying notes. These risks and other factors may affect our forward-looking statements, including thos", "title": "MOH - MOLINA HEALTHCARE, INC.", "url": "/company/MOH/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001287865; latest 10-K filed 2026-02-26.", "text": "MPT - MEDICAL PROPERTIES TRUST INC SIC 6798 Real Estate Investment Trusts; CIK 0001287865; latest 10-K filed 2026-02-26. MPT MEDICAL PROPERTIES TRUST INC 0001287865 6798 Real Estate Investment Trusts ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Unless otherwise indicated, references to \u201cour,\u201d \u201cwe,\u201d and \u201cus\u201d in this management\u2019s discussion and analysis of financial condition and results of operations refer to Medical Properties Trust, Inc. and its consolidated subsidiaries, including MPT Operating Partnership, L.P. Overview We are a self-advised healthcare REIT that was incorporated in Maryland on August 27, 2003, primarily for the purpose of investing in and owning healthcare facilities to be leased to healthcare operators under long-term net leases. We may also make mortgage loans to healthcare operators that are collateralized by the underlying real estate. We conduct our business operations in one segment. We currently have healthcare investments in the U.S., Europe, and South America. Our existing tenants are, and our prospective tenants will generally be, healthcare operating companies and other healthcare providers that use substantial real estate assets in their operations. We offer financing to these operators through 100% lease and mortgage financing and generally seek lease and loan terms on a long-term basis (typically at least 15 years) with a series of shorter renewal terms, generally in five year increments, at the option of our tenants and borrowers. We also have included and intend to include in our lease and loan agreements annual contractual minimum rate increases. Our existing portfolio\u2019s minimum escalators are typically 2.0%. In addition, most of our leases and loans include rate increases based on the general rate of inflation (based on CPI or similar indices) if greater than the minimum contractual increases. Beyond rent or mortgage interest, our leases and loans typically require our tenants to pay all operating costs and expenses associated with the facility. Finally, from time-to-time, we may make noncontrolling investments in our tenants, typically in conjunction with larger real estate transactions with the tenant, that give us a right to share in such tenant\u2019s profits and losses and provide for certain minority rights and protections. We may make other loans to certain of our operators through our TRSs, which the operators use for working capital. Although it represents approximately 1% of our total assets at December 31, 2025, we consider our lending business an important element of our overall business strategy for two primary reasons: (1) it provides opportunities to make income-earning investments that could yield attractive risk-adjusted returns in an industry in which our management has expertise, and (2) by making debt capital available to certain qualified operators, we believe we create a competitive advantage for our company over other buyers of, and financing sources for, healthcare facilities. At December 31, 2025, our portfolio (including real estate assets in joint ventures) consisted of 384 properties, of which 373 properties are leased or loaned to 52 operators, including facilities under development or in the form of mortgage loans. The information set forth in this Item 7 is intended to provide readers with an understanding of our financial condition, changes in financial condition, and results of operations. This section generally discusses the results of our operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 3, 2025. 47 Selected Financial Data The following sets forth selected consolidated financial and operating data. You should read the following selected financial data in conjunction with the consolidated financial statements and notes thereto of each of Medical Properties Trust, Inc. and MPT Operating Partnership, L.P. and their respective subsidiaries in ITEM 1. Business Overview We are a self-advised REIT formed in 2003 to acquire and develop net-leased healthcare facilities. At December 31, 2025, we had investments in 384 facilities and approximately 39,000 licensed beds in 31 states in the U.S., seven countries in Europe, and Colombia in South America. We have operated as a REIT since April 6, 2004, and accordingly, elected REIT status upon the filing of our calendar year 2004 federal income tax return. Medical Properties Trust, Inc. was incorporated under Maryland law on August 27, 2003, and MPT Operating Partnership, L.P. was formed under Delaware law on September 10, 2003. We conduct substantially all of our business through MPT Operating Partnership, L.P. Our primary business strategy is to acquire and develop healthcare facilities and lease the facilities to healthcare operating companies under long-term net leases, which require the tenant to bear most of the costs associated with the property. The majority of our leased assets are owned 100%; however, we do own some leased assets through joint ventures with other partners that share our view that healthcare facilities are part of the infrastructure of any community, which we refer to as investments in unconsolidated real estate joint ventures. We also make mortgage loans to healthcare operators collateralized by their real estate assets. In addition, we may make loans to certain of our operators through our taxable REIT subsidiaries (\u201cTRS\u201d), the proceeds of which are typically used for working capital and other purposes. From time-to-time, we may make noncontrolling investments in our tenants, which we refer to as investments in unconsolidated operating entities. These investments are typically made in conjunction with larger real estate transactions with the tenant that give us a right to a share in such tenant\u2019s profits and losses, and provide for certain minority rights and protections. Our business model facilitates acquisitions and recapitalization ITEM 1A. Risk Factors The risks and uncertainties described herein are not the only ones facing us. There may be additional risk factors that we do not presently know of or that we currently consider not likely to have a significant impact on us, and it is not possible for us to assess the impact of all such ", "title": "MPT - MEDICAL PROPERTIES TRUST INC", "url": "/company/MPT/" }, { "kind": "company", "summary": "SIC 3670 Electronic Components & Accessories; CIK 0001049521; latest 10-K filed 2025-08-11.", "text": "MRCY - MERCURY SYSTEMS INC SIC 3670 Electronic Components & Accessories; CIK 0001049521; latest 10-K filed 2025-08-11. MRCY MERCURY SYSTEMS INC 0001049521 3670 Electronic Components & Accessories ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FORWARD-LOOKING STATEMENTS From time to time, information provided, statements made by our employees or information included in our filings with the Securities and Exchange Commission (\u201cSEC\u201d) may contain statements that are not historical facts but that are \u201cforward-looking statements,\u201d which involve risks and uncertainties. You can identify these statements by the words \u201cmay,\u201d \u201cwill,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201cplans,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201ccontinue,\u201d \u201cestimate,\u201d \u201cproject,\u201d \u201cintend,\u201d \u201clikely,\u201d \u201cforecast,\u201d \u201cprobable,\u201d \u201cpotential,\u201d and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, continued funding of defense programs, the timing and amounts of such funding, general economic and business conditions, including unforeseen weakness in the Company\u2019s markets, effects of any U.S. federal government shutdown or extended continuing resolution, effects of geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in or cost increases related to completing development, engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, changes in, or in the U.S. government\u2019s interpretation of, federal export control or procurement rules and regulations, including tariffs, changes in, or in the interpretation or enforcement of, environmental rules and regulations, market acceptance of the Company's products, shortages in or delays in receiving components, supply chain delays or volatility for critical components, production delays or unanticipated expenses including due to quality issues or manufacturing execution issues, adherence to required manufacturing standards, capacity underutilization, increases in scrap or inventory write-offs, failure to achieve or maintain manufacturing quality certifications, such as AS9100, failure to achieve or maintain qualified business systems, such as those required by the DFARS, the impact of supply chain disruption, inflation and labor shortages, among other things, on program execution and the resulting effect on customer satisfaction, inability to fully realize the expected benefits from acquisitions, restructurings, and operational efficiency initiatives or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, effects of shareholder activism, increases in interest rates, changes to industrial security and cyber-security regulations and requirements and impacts from any cyber or insider threat events, changes in tax rates or tax regulations, changes to interest rate swaps or other cash flow hedging arrangements, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, litigation, including the dispute arising with the former CEO over his resignation, unanticipated costs under fixed-price service and system integration engagements, and various other factors beyond our control. These risks and uncertainties also include such additional risk factors as set forth under Part I-Item 1A (Risk Factors) in this Annual Report on Form 10-K. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made. OVERVIEW Mercury Systems is a technology company that delivers mission-critical processing to the edge to solve the most pressing aerospace and defense challenges. Mercury\u2019s products and solutions are deployed in more than 300 prog ITEM 1.BUSINESS Our Company Mercury Systems is a technology company that delivers mission-critical processing to the edge - where signals and data are collected - to solve the most pressing aerospace and defense challenges. Mercury\u2019s products and solutions are deployed in more than 300 programs and across 35 countries. The Company is headquartered in Andover, Massachusetts, and has over 20 locations worldwide. The Mercury Processing Platform is the unique advantage we provide to our customers. It comprises the innovative technologies we\u2019ve developed and acquired for more than 40 years that bring integrated, mission-critical processing to the edge. Our processing platform spans the full breadth of signal processing\u2014from radio frequency (\u201cRF\u201d) front end to the human-machine interface\u2014to rapidly convert meaningful data, gathered in the most remote and hostile environments, into critical decisions. It allows us to offer standard products and custom solutions from silicon to system scale, including components, modules, subsystems, and systems and it embodies the customer-centric approach we take to delivering capabilities that are mission-ready, trusted and secure, software-defined, and open and modular. As a leading manufacturer of essential components, products, modules and subsystems, we sell to the top U.S. and European defense prime contractors, the U.S. government and original equipment manufacturers (\u201cOEM\u201d) commercial aerospace companies. Our mission-critical products and solutions are deployed by our customers for a variety of applications including sensor and radar processing, electronic warfare, avionics, weapons, and command, control, communications, and intelligence (\u201cC4I\u201d). Mercury has built a trusted, robust portfolio of proven capabilities, leveraging the most advanced commercial silicon technologies and purpose-built to exceed the performance needs of our defense and commercial customers. Customers add their own applications and algorithms to our spec ITEM 1A. RISK FACTORS: Risks Related to Business Operations and Our Industry We depend heavily on defense electronics programs that incorporate our products and services, which may be only partially funded and are subject to potential termination and reductions and delays in government spending. Sales of our ", "title": "MRCY - MERCURY SYSTEMS INC", "url": "/company/MRCY/" }, { "kind": "company", "summary": "SIC 6500 Real Estate; CIK 0002017206; latest 10-K filed 2026-03-02.", "text": "MRP - Millrose Properties, Inc. SIC 6500 Real Estate; CIK 0002017206; latest 10-K filed 2026-03-02. MRP Millrose Properties, Inc. 0002017206 6500 Real Estate Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in conjunction with the accompanying consolidated financial statements and the notes thereto included elsewhere in this Form 10-K. Some of the information contained in this discussion and analysis constitutes forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and elsewhere in this Form 10-K, particularly under the section titled \u201cCautionary Statement Concerning Forward-Looking Statements.\u201d The matters discussed in these forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those made, projected, or implied in the forward-looking statements. See the sections titled \u201cPart I, Item 1A. Risk Factors\u201d and \u201cCautionary Statement Concerning Forward-Looking Statements\u201d for a discussion of the risks, uncertainties, and assumptions associated with these statements. As further described in Note 1. Description of Business to our consolidated financial statements included in \u201cPart II, Item 8. Financial Statements and Supplementary Data\u201d of this Form 10-K, we completed the Spin-Off from Lennar on February 7, 2025. The financial information presented herein (i) for the periods prior to the February 7, 2025 Spin-Off is that of the Predecessor Millrose Business and is derived from the consolidated financial statements and accounting records of Lennar, and (ii) for the periods after the February 7, 2025 Spin-Off is that of Millrose and its subsidiaries. Millrose was formed on March 19, 2024 and has operated as an independent company since the Spin-Off on February 7, 2025. Our Business Millrose is a corporation incorporated under the laws of the State of Maryland on March 19, 2024. Millrose became an independent, publicly traded company on February 7, 2025 following the Spin-Off from Lennar and its Class A Common Stock is listed on the NYSE under the symbol \u201cMRP\u201d. We purchase and develop residential land and sell finished homesites to homebuilders by way of option contracts with predetermined costs and takedown schedules. We serve as a solution for homebuilders seeking to expand access to finished homesites while implementing an asset-light strategy. As fully developed homesites are sold by Millrose, capital is recycled into future land acquisitions for homebuilders, providing counterparties with durable access to community growth. Our option contracts provide for the payment of recurring option fees paid by our counterparties through the term of the applicable contract. To a lesser extent, we also provide development loans secured by property intended for single-family use to certain third-party counterparties. We are externally managed and advised by KL pursuant to the Management Agreement. The Spin-Off and Related Transactions On the Distribution Date, we completed our Spin-Off from Lennar through a distribution of approximately 80% of Millrose\u2019s outstanding Common Stock to holders of Lennar Common Stock as of the close of business on January 21, 2025. In connection with the Spin-Off, we received a contribution from Lennar of approximately $5.5 billion in land assets, representing approximately 87,000 homesites, and cash of approximately $1.0 billion, which included $585 million of cash deposit liabilities related to option contracts with Lennar. On February 10, 2025, we completed the acquisition of land consisting of approximately 25,000 homesites through the acquisition of 100% of the outstanding stock of RCH Holdings, Inc., a recently formed parent holding company of Rausch, for approximately $859 million in cash, which is", "title": "MRP - Millrose Properties, Inc.", "url": "/company/MRP/" }, { "kind": "company", "summary": "SIC 4213 Trucking (No Local); CIK 0000799167; latest 10-K filed 2026-02-27.", "text": "MRTN - MARTEN TRANSPORT LTD SIC 4213 Trucking (No Local); CIK 0000799167; latest 10-K filed 2026-02-27. MRTN MARTEN TRANSPORT LTD 0000799167 4213 Trucking (No Local) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read together with the selected consolidated financial data and our consolidated financial statements and the related notes appearing elsewhere in this report. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those under the heading \u201cRisk Factors\u201d beginning on page 6. We do not assume, and specifically disclaim, any obligation to update any forward-looking statement contained in this report. Overview We have strategically transitioned from a refrigerated long-haul carrier to a multifaceted business offering a network of time and temperature-sensitive and dry truck-based transportation and distribution capabilities across our current five distinct business platforms \u2013 Temperature-Sensitive and Dry Truckload, Dedicated, Brokerage and MRTN de Mexico. As discussed in Note 13, our Intermodal operations were sold effective September 30, 2025. Our Truckload segment provides a combination of regional short-haul and medium-to-long-haul full-load transportation services. We transport food and other consumer packaged goods that require a temperature-controlled or insulated environment, along with dry freight, across the United States and into and out of Mexico and Canada. Our agreements with customers are typically for one year. Our Dedicated segment provides customized transportation solutions tailored to meet each individual customer\u2019s requirements, utilizing temperature-controlled trailers, dry vans and other specialized equipment within the United States. Our agreements with customers range from three to five years and are subject to annual rate reviews. Generally, we are paid by the mile for our Truckload and Dedicated services. We also derive Truckload and Dedicated revenue from fuel surcharges, loading and unloading activities, equipment detention and other accessorial services. The main factors that affect our Truckload and Dedicated revenue are the rate per mile we receive from our customers, the percentage of miles for which we are compensated, the number of miles we generate with our equipment and changes in fuel prices. We monitor our revenue production primarily through average Truckload and Dedicated revenue, net of fuel surcharges, per tractor per week. We also analyze our average Truckload and Dedicated revenue, net of fuel surcharges, per total mile, non-revenue miles percentage, the miles per tractor we generate, our fuel surcharge revenue, our accessorial revenue and our other sources of operating revenue. Our Brokerage segment develops contractual relationships with and arranges for third-party carriers to transport freight for our customers in temperature-controlled trailers and dry vans within the United States and into and out of Mexico through Marten Transport Logistics, LLC, which was established in 2007 and operates pursuant to brokerage authority granted by the DOT. We retain the billing, collection and customer management responsibilities. The main factors that affect our Brokerage revenue are the rate per mile and other charges that we receive from our customers. Operating results of our MRTN de Mexico business, which offers our customers door-to-door service between the United States and Mexico with our Mexican partner carriers, is reported within our Truckload and Brokerage segments. Our Intermodal segment transported our customers\u2019 freight within the United States utilizing our refrigerated containers on railroad flatcars for portions of trips, with the balance of the trips using our tractors or, to a lesser extent, contracted carriers. The main factors that affected our Intermodal rev ITEM 1. BUSINESS Overview We have strategically transitioned from a refrigerated long-haul carrier to a multifaceted business offering a network of time and temperature-sensitive and dry truck-based transportation and distribution capabilities across our current five distinct business platforms \u2013 Temperature-Sensitive and Dry Truckload, Dedicated, Brokerage and MRTN de Mexico. Our Intermodal operations were sold effective September 30, 2025. We are one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food and other consumer packaged goods that require a temperature-controlled or insulated environment. In 2025, we generated $883.7 million in operating revenue. Approximately 59% of our Truckload and Dedicated revenue in 2025 resulted from hauling temperature-sensitive products and 41% from hauling dry freight. We operate throughout the United States and in parts of Mexico and Canada, with our revenue primarily generated from within the United States. We provide regional truckload carrier services in the Southeast, West Coast, Midwest, South Central and Northeast regions. Our primary medium-to-long-haul traffic lanes are between the Midwest and the West Coast, Southwest, Southeast, and the East Coast, as well as from California to the Pacific Northwest. In 2025, our average length of haul was 405 miles. Our growth strategy is to expand our business organically by offering shippers a high level of service and significant freight capacity. We market primarily to shippers that offer consistent volumes of freight in the lanes we prefer and are willing to compensate us for a high level of service. With our fleet of 2,654 company and independent contractor tractors, we offer service levels that include up to 99% on-time performance and delivery within the narrow time windows often required when shipping perishable commodities. We have four reporting segments \u2013 Truckload, Dedicated and Brokerage, a ITEM 1A. RISK FACTORS The following factors are important and should be considered carefully in connection with any evaluation of our business, financial condition, results of operations, prospects or an investment in our common stock. The risks and uncertainties described below are those that we currently believe may materially affect our Com", "title": "MRTN - MARTEN TRANSPORT LTD", "url": "/company/MRTN/" }, { "kind": "company", "summary": "SIC 4941 Water Supply; CIK 0000066004; latest 10-K filed 2026-02-19.", "text": "MSEX - MIDDLESEX WATER CO SIC 4941 Water Supply; CIK 0000066004; latest 10-K filed 2026-02-19. MSEX MIDDLESEX WATER CO 0000066004 4941 Water Supply ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion should be read in conjunction with the consolidated financial statements and related notes. For discussion of the year ended December 31, 2024 compared to December 31, 2023, refer to Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in the December 31, 2024 Annual report on Form 10-K, filed on February 28, 2025. Operations Middlesex Water Company (Middlesex or the Company) has operated as a water utility in New Jersey since 1897 and in Delaware through our wholly-owned subsidiary, Tidewater Utilities, Inc. (Tidewater), since 1992. We are in the business of providing an essential water utility service for domestic, commercial, municipal, industrial and fire protection purposes. We operate water and wastewater systems under contract for governmental entities and private entities primarily in New Jersey and Delaware. We also provide regulated wastewater services in New Jersey. We are regulated by state public utility commissions as to rates charged to customers for water and wastewater services, as to the quality of water and wastewater service we provide and as to certain other matters in the states in which our regulated subsidiaries operate. Only our Utility Service Affiliates, Inc. (USA), Utility Service Affiliates (Perth Amboy), Inc. (USA-PA) and White Marsh Environmental Services, Inc. (White Marsh) subsidiaries are not regulated public utilities as related to rates and services quality. All municipal or commercial entities whose utility operations are managed by these entities, however, are subject to environmental regulation at the federal and state levels. Our principal New Jersey water utility system (the Middlesex System) provides water services to approximately 61,000 retail customers, primarily in central New Jersey. The Middlesex System also provides water sales under contract to municipalities in central New Jersey with a total population of over 0.2 million. Our other New Jersey subsidiaries, 19 Table of Contents Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands) provide water and wastewater services to approximately 2,500 customers in Southampton Township, New Jersey. Our Delaware subsidiaries, Tidewater and Southern Shores Water Company, LLC, provide water services to approximately 65,000 retail customers in New Castle, Kent and Sussex Counties, Delaware. Tidewater\u2019s subsidiary, White Marsh, services approximately 3,700 households in Kent and Sussex Counties through various operations and maintenance contracts. USA-PA operates the water and wastewater systems for the City of Perth Amboy, New Jersey (Perth Amboy) under a 10-year operations and maintenance contract expiring in 2028. In addition to performing day-to day operations, USA-PA is also responsible for emergency response and management of capital projects funded by Perth Amboy. USA operates the Borough of Avalon, New Jersey\u2019s (Avalon) water utility, sewer utility and storm water system under a ten-year operations and maintenance contract expiring in 2032. USA also operates the Borough of Highland Park, New Jersey\u2019s (Highland Park) water and wastewater systems under a 10-year operations and maintenance contract expiring in 2030. In addition to performing day-to-day service operations, USA is responsible for emergency response and management of capital projects funded by Avalon and Highland Park. Under a marketing agreement with HomeServe USA Corp. (HomeServe) expiring in 2031, USA offers residential customers in New Jersey and Delaware water and wastewater related services and home maintenance programs. HomeServe is a leading national provider of such home maintenance service programs. USA receives a service fee for the billing, cash collection and other administrative matters associated with HomeSe Item 1. Business. The terms \u201cthe Company,\u201d \u201cwe,\u201d \u201cour,\u201d and \u201cus\u201d collectively refer to Middlesex Water Company (Middlesex) and its subsidiaries, including Tidewater Utilities, Inc. (Tidewater) and Tidewater\u2019s wholly-owned subsidiaries, Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh). The Company\u2019s other subsidiaries are Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA) and Utility Service Affiliates (Perth Amboy) Inc. (USA-PA). Overview Middlesex was incorporated as a water utility company in 1897 and owns and operates regulated water utility and wastewater systems primarily in New Jersey and Delaware. Middlesex also operates water and wastewater systems under contract on behalf of municipal and private clients primarily in New Jersey and Delaware. Across our regulated utility systems, we serve approximately 131,000 customers. We operate water and wastewater systems under unregulated contracts for governmental entities and private entities. Our principal executive offices are located at 485C Route 1 South, Suite 400, Iselin, New Jersey 08830. Our telephone number is (732) 634-1500. Our website address is www.middlesexwater.com. Information contained on our website is not part of this Annual Report on Form 10-K. We make available, free of charge through our website, reports and amendments filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, after such material is electronically filed with or furnished to the United States Securities and Exchange Commission (the SEC). We also periodically provide certain information for investors on our website, and our investor relations website, investors.middlesexwater.com. This includes press releases and other information about dividends on the Company\u2019s equity securities. Middlesex System Locat ITEM 1A. RISK FACTORS. Operational Risks Weather conditions and overuse of underground aquifers may interfere with our sources of water, demand for water services and our ability to supply water to customers. Our ability to meet current and future water demands of our customers depends on the availability of an adequate supply of water. Unexpected conditions may interfere with our water supply", "title": "MSEX - MIDDLESEX WATER CO", "url": "/company/MSEX/" }, { "kind": "company", "summary": "SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001636519; latest 10-K filed 2025-08-12.", "text": "MSGS - Madison Square Garden Sports Corp. SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001636519; latest 10-K filed 2025-08-12. MSGS Madison Square Garden Sports Corp. 0001636519 7990 Services-Miscellaneous Amusement & Recreation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this MD&A, there are statements concerning the future operating and future financial performance of Madison Square Garden Sports Corp. and its direct and indirect subsidiaries (collectively, \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cMSG Sports,\u201d or the \u201cCompany\u201d) including stated annual local media rights fees for the year ending June 30, 2026. Words such as \u201cexpects,\u201d \u201canticipates,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d \u201cintends,\u201d \u201cplans,\u201d and similar words and terms used in the discussion of future operating and future financial performance identify forward-looking statements. Investors are cautioned that such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors. Factors that may cause such differences to occur include, but are not limited to: \u2022the level of our revenues, which depends in part on the popularity and competitiveness of our sports teams; \u2022costs associated with player injuries, waivers or contract terminations of players, coaches and other team personnel; \u2022changes in professional sports teams\u2019 compensation, including the impact of signing free agents and executing trades, subject to league salary caps and the impact of luxury tax; \u2022general economic conditions, especially in the New York City metropolitan area, including any economic downturn, recession, financial instability or inflation; \u2022the demand for sponsorship arrangements and for advertising; \u2022competition, for example, from other teams and other sports and entertainment options; \u2022changes in laws, National Basketball Association (\u201cNBA\u201d) or National Hockey League (\u201cNHL\u201d) rules, regulations, guidelines, bulletins, directives, policies and agreements, including the leagues\u2019 respective collective bargaining agreements (each, a \u201cCBA\u201d) with their players\u2019 associations, salary caps, escrow requirements, revenue sharing, NBA luxury tax thresholds and media rights, or other regulations under which we operate; \u2022developments affecting the regional sports network industry, including the effects of such developments on MSG Networks Inc.\u2019s (\u201cMSG Networks\u201d) solvency and its ability to perform its obligations under its local media rights agreements with us; \u2022a default by our subsidiaries under their respective credit facilities; \u2022any NBA, NHL or other work stoppage; \u2022any economic, political or other actions, such as boycotts, protests, work stoppages or campaigns by labor organizations; \u2022the performance by our affiliates of their obligations under various agreements with the Company; \u2022seasonal fluctuations and other variation in our operating results and cash flow from period to period; \u2022the level of our expenses, including our corporate expenses; \u2022the acquisition or disposition of assets or businesses and/or the impact of, and our ability to successfully pursue acquisitions or other strategic transactions; \u2022our ability to successfully integrate acquisitions or new businesses into our operations and the operating and financial performance of strategic acquisitions and investments, including those we may not control; \u2022a pandemic or another public health emergency, including a resurgence of the COVID-19 pandemic, and our ability to effectively manage the impacts, including labor market disruptions; \u2022activities or other developments that discourage or may discourage congregation at prominent places of public assembly, including Madison Square Garden Arena (\u201cThe Garden\u201d) where the home games of the New York Knickerbockers (the \u201cKnicks\u201d) Item 1. Business Madison Square Garden Sports Corp., is a Nevada corporation with our principal executive offices at Two Pennsylvania Plaza, New York, NY 10121. Unless the context otherwise requires, all references to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cMSG Sports\u201d or the \u201cCompany\u201d refer collectively to Madison Square Garden Sports Corp., a holding company, and its direct and indirect subsidiaries. We conduct substantially all of our business activities discussed in this Annual Report on Form 10-K through MSG Sports, LLC and its direct and indirect subsidiaries. The Company was originally incorporated in Delaware on March 4, 2015 as an indirect, wholly-owned subsidiary of MSG Networks Inc. (\u201cMSG Networks\u201d). All of the outstanding common stock of the Company was distributed to MSG Networks stockholders (the \u201cMSGS Distribution\u201d) on September 30, 2015. On April 17, 2020, the Company distributed all of the outstanding common stock of Sphere Entertainment Co. (formerly Madison Square Garden Entertainment Corp. and referred to herein as \u201cSphere Entertainment\u201d) to its stockholders (the \u201cSphere Distribution\u201d). On July 9, 2021, MSG Networks merged with a subsidiary of Sphere Entertainment and became a wholly-owned subsidiary of Sphere Entertainment. Accordingly, agreements between the Company and MSG Networks are now effectively agreements with Sphere Entertainment on a consolidated basis. On April 20, 2023 (the \u201cMSGE Distribution Date\u201d), Sphere Entertainment distributed approximately 67% of the issued and outstanding shares of common stock of Madison Square Garden Entertainment Corp. (referred to herein as \u201cMSG Entertainment\u201d) to its stockholders (the \u201cMSGE Distribution\u201d). All agreements between the Company and MSG Entertainment described herein were between the Company and Sphere Entertainment prior to the MSGE Distribution (except agreements entered into after the MSGE Distribution Date). On June 10, 2025, the Company completed its conversion from a corporation organized under the Item 1A. Risk Factors Sports Business Risks Our Business Faces Intense and Wide-Ranging Competition, Which May Have a Material Negative Effect on Our Business and Results of Operations. The success of a sports business, like ours, is dependent upon the performance and/or popula", "title": "MSGS - Madison Square Garden Sports Corp.", "url": "/company/MSGS/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0000891103; latest 10-K filed 2026-02-26.", "text": "MTCH - Match Group, Inc. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0000891103; latest 10-K filed 2026-02-26. MTCH Match Group, Inc. 0000891103 7370 Services-Computer Programming, Data Processing, Etc. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Updated Financial Metrics We have updated the title of our primary non-GAAP measure to \u201cAdjusted EBITDA\u201d from our previous title \u201cAdjusted Operating Income.\u201d We believe this updated title better aligns with our peers. Numerically, Adjusted EBITDA is the same as Adjusted Operating Income; however, the starting point of the reconciliation to the most comparable GAAP financial measure has changed from operating income to net income. See \u201cNon-GAAP Financial Measures\u201d below for the full definition of Adjusted EBITDA and a reconciliation of net income attributable to Match Group, Inc. shareholders to Adjusted EBITDA. Key Terms: Operating and financial metrics: \u2022Tinder consists of the world-wide activity of the brand Tinder\u00ae. \u2022Hinge consists of the world-wide activity of the brand Hinge\u00ae. \u2022Evergreen & Emerging (\u201cE&E\u201d) consists of the world-wide activity of our Evergreen brands, including Match\u00ae, Meetic\u00ae, OkCupid\u00ae, Plenty Of Fish\u00ae, and a number of demographically focused brands, and our Emerging brands, including BLK\u00ae, Chispa\u2122, The League\u00ae, Archer\u00ae, Upward\u00ae, Yuzu\u2122, Salams\u00ae, HER\u2122, and other smaller brands. \u2022Match Group Asia (\u201cMG Asia\u201d) consists of the world-wide activity of the brands Pairs\u2122 and Azar\u00ae. \u2022Corporate and unallocated costs includes 1) corporate expenses (such as executive management, investor relations, corporate development, board of directors, and public company listing fees), 2) portions of corporate services (such as legal, human resources, accounting, and tax), and 3) certain centrally managed services and technology that have not been allocated to the individual business segments (such as central trust and safety operations and certain shared software). \u2022Direct Revenue is revenue that is received directly from end users of our services and includes both subscription and \u00e0 la carte revenue. \u2022Indirect Revenue is revenue that is not received directly from an end user of our services, substantially all of which is advertising revenue. \u2022Payers are unique users at a brand level in a given month from whom we earned Direct Revenue. When presented as a quarter-to-date or year-to-date value, Payers represents the average of the monthly values for the respective period presented. At a consolidated level, and a business unit level to the extent a business unit consists of multiple brands, duplicate Payers may exist when we earn revenue from the same individual at multiple brands in a given month, as we are unable to identify unique individuals across brands in the Match Group portfolio. \u2022Revenue Per Payer (\u201cRPP\u201d) is the average monthly revenue earned from a Payer and is Direct Revenue for a period divided by the Payers in the period, further divided by the number of months in the period. Operating costs and expenses: \u2022Cost of revenue consists primarily of the amortization of in-app purchase fees, Variable Expenses (defined below), and employee compensation expense and stock-based compensation expense for personnel engaged in data center and customer care functions. \u2022Selling and marketing expense consists primarily of cost of acquisition expense, employee compensation expense, and stock-based compensation expense for personnel engaged in selling and marketing, sales support, and public relations functions. \u2022General and administrative expense consists primarily of employee compensation expense and stock- based compensation expense for personnel engaged in executive management, finance, legal, tax, and human resources, fees for professional services (including transaction-related costs for acquisitions), and facilities costs. 40 Table of Contents \u2022Product development expense consists primarily of employee compensation expense and stock-based compensation expense that are not capitalized for personnel engaged in the design, development, testing, and enhancement of product offerings and rel Item 1. Business Who we are Match Group, Inc., through its portfolio companies, is a leading provider of digital technologies designed to help people make meaningful connections. Our global portfolio of brands includes Tinder\u00ae, Hinge\u00ae, Match\u00ae, Meetic\u00ae, OkCupid\u00ae, Pairs\u2122, Plenty Of Fish\u00ae, Azar\u00ae, BLK\u00ae, and more, each built to increase our users\u2019 likelihood of connecting with others. Through our trusted brands, we provide tailored services to meet the varying preferences of our users. As used herein, \u201cMatch Group,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d and similar terms refer to Match Group, Inc. and its subsidiaries, unless the context indicates otherwise. The business of creating meaningful connections Our goal is to spark meaningful connections for every single person worldwide. Consumers\u2019 preferences vary significantly, influenced in part by demographics, geography, cultural norms, religion, and intent (for example, casual dating or more serious relationships). As a result, the market for social connection apps is fragmented, and no single service has been able to effectively serve all of those seeking social connections. Human connection is a fundamental need, yet the ways people meet and build relationships have evolved significantly over time. Historically, connections were shaped by physical proximity and social circles such as the workplace, schools, religious institutions, social gatherings, and local communities. Today, mobile technology and the internet play a central role in how people can create new interactions and develop meaningful connections. Additionally, the increasing integration of technology into daily life has contributed to broader acceptance of digital tools for connecting with others, eroding biases and stigmas across the world, which previously served as barriers that limited adoption. We believe that technologies that bring people together serve as a natural extension of the traditional means of meeting people and prov Item 1A. Risk Factors Risk Factor Summary Our business is subject to a number of risks, including risks that may prevent us from achieving our business objectives or may adversely affect our business, financial condition, and results of operations. These risks are discussed more fully below and include, but are not limited to: Risk relating to our b", "title": "MTCH - Match Group, Inc.", "url": "/company/MTCH/" }, { "kind": "company", "summary": "SIC 1531 Operative Builders; CIK 0000833079; latest 10-K filed 2026-02-13.", "text": "MTH - Meritage Homes CORP SIC 1531 Operative Builders; CIK 0000833079; latest 10-K filed 2026-02-13. MTH Meritage Homes CORP 0000833079 1531 Operative Builders Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Industry Conditions The market for new homes in 2025 was marked by much softer demand than anticipated, as affordability challenges persisted and consumer confidence deteriorated. While demand for affordable, move-in ready homes from millennial, Gen Z and baby boomer generations continues, buyers are increasingly reliant on financing assistance to overcome market uncertainty and manage monthly payments. Our ability to offer financing incentives, including interest rate locks and buy-downs, remains a key differentiator, primarily compared to resale homes, where individual sellers are typically not able to provide such incentives. With our strategy to provide affordable, move-in ready homes that can close within 60 days, and a commitment to partner with third-party brokers, who facilitate most residential real estate transactions in the U.S., we believe we are well positioned to capture existing demand and grow our market share when demand improves. During 2025, we further shortened our construction cycle times to under 110 calendar days, below our historical normalized time of approximately 120 days. Our all-spec strategy minimizes variability and creates efficiencies through repeatability, which combined with increased capacity from declining market demand, were the drivers for this cycle time improvement. Cycle time improvement was also supported by a healthy channel of materials available in the supply chain. While material costs have eased, land costs remain elevated following years of historically high land acquisition and development costs. Our scale and purchasing power allow us to secure volume discounts from national vendors, helping offset some of these cost pressures. In response to the broader economic conditions, during the fourth quarter of 2025 we conducted an in-depth review of our land portfolio and elected to terminate certain positions to release capital to top-grade our land portfolio as better opportunities become available. We also took steps to reduce our go-forward overhead costs, with a strategic focus on both cost savings and technological efficiencies for certain back-office functions. As a result of these strategic reviews, we recognized charges on terminated land contracts of $39.4 million and severance costs totaling $8.4 million during the year ended December 31, 2025. We believe that the execution of our all-spec strategy of move-in ready homes with a commitment to affordability will drive strong performance of our key financial goals such as strong home closing revenue and home closing gross margin, controlling selling, and general and administrative costs, and maintaining sufficient liquidity. Summary Company Results Despite a tougher economic backdrop, we ended 2025 with 15,026 closings, down 3.7% from 15,611 closings in 2024. Home order volume for the year ended December 31, 2025 of 14,650 units was consistent with prior year, as an 11.6% increase in average active community count was mostly offset by a 9.3% year-over-year decrease in orders pace. A cancellation rate of 11% in 2025 was higher than 9% in 2024, but still below our historical company average and we believe that this demonstrates the benefits of a shorter timeline between home order and home closing that is a product of our move-in ready homes with a 60-day closing ready commitment. Reduced construction cycle times and our all spec strategy led to record backlog conversions throughout the full year 2025, resulting in 24.4% fewer homes in backlog at December 31, 2025, with 1,168 units valued at $440.6 million compared to 1,544 units valued at $629.5 million at December 31, 2024. Total home closing revenue of $5.8 billion for the year ended December 31, 2025 decreased 9.1% from $6.3 billion in 2024, due to 3.7% fewer home closings and a 5.6% reduction in ASP on closings. Home closing gross margin was 19.7% for the year ended Decemb Item 1. Business The Company Meritage Homes Corporation (\"Meritage Homes\") is a leading designer and builder of single-family attached and detached homes. We primarily build in long-term high-growth markets of the United States and offer a variety of entry-level and first move-up homes. We have operations in three regions: West, Central and East, which are comprised of twelve states: Arizona, California, Colorado, Utah, Tennessee, Texas, Alabama, Florida, Georgia, Mississippi, North Carolina, and South Carolina. These three regions are our principal homebuilding reporting segments. We also operate a financial services segment, which offers title and escrow, mortgage, and insurance services to our homebuyers. Carefree Title Agency, Inc. (\"Carefree Title\"), our wholly-owned title company, provides title insurance and closing/settlement services to our homebuyers in certain states. Managing our own title operations allows us greater control over the entire escrow and closing cycles in addition to generating additional revenue. Meritage Homes Insurance Agency, Inc. (\u201cMeritage Insurance\u201d), our wholly-owned insurance broker, works in collaboration with insurance companies nationwide to offer homeowners insurance and other insurance products to our homebuyers. Our financial services operations also provide mortgage services to our homebuyers through an unconsolidated joint venture. Our homebuilding activities are conducted under the name of Meritage Homes in each of our homebuilding markets. At December 31, 2025, we were actively selling homes in 336 communities, with base prices ranging from approximately $161,000 to $1,000,000. Our average sales price (\"ASP\") on home closings and orders was approximately $384,000 and $391,000, respectively, for the year ended December 31, 2025. Available Information; Corporate Governance We commenced our homebuilding operations in 1985 through our predecessor company, Monterey Homes. Meritage Homes Corporation was incorporated in th Item 1A. Risk Factors The risk factors discussed below are factors that we believe could significantly impact our business, if they occur. These factors could cause results to differ materially from our historical results or our future expectations. Risks Related to the Homebuilding Industry and Economy Increases in interest rates or decreases in mo", "title": "MTH - Meritage Homes CORP", "url": "/company/MTH/" }, { "kind": "company", "summary": "SIC 3460 Metal Forgings & Stampings; CIK 0001104657; latest 10-K filed 2026-02-12.", "text": "MTRN - MATERION Corp SIC 3460 Metal Forgings & Stampings; CIK 0001104657; latest 10-K filed 2026-02-12. MTRN MATERION Corp 0001104657 3460 Metal Forgings & Stampings Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW We are an integrated producer of high-performance advanced engineered materials used in a variety of electrical, electronic, thermal, and structural applications. Our products are sold into numerous end markets, including semiconductor, industrial, aerospace and defense, automotive, energy, consumer electronics, and life sciences. RESULTS OF OPERATIONS [[GREPCENT_TABLE]] [[\"(Thousands except per share data)\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Net sales\",\"\",\"$\",\"1,786,550\",\"\",\"\",\"$\",\"1,684,739\",\"\",\"\",\"$\",\"1,665,187\"],[\"Value-added sales\",\"\",\"1,046,194\",\"\",\"\",\"1,097,577\",\"\",\"\",\"1,127,071\"],[\"Gross margin\",\"\",\"308,626\",\"\",\"\",\"325,985\",\"\",\"\",\"349,042\"],[\"Gross margin as a % of Net sales\",\"\",\"17\",\"%\",\"\",\"19\",\"%\",\"\",\"21\",\"%\"],[\"Gross margin as a % of Value-added sales\",\"\",\"29\",\"%\",\"\",\"30\",\"%\",\"\",\"31\",\"%\"],[\"Selling, general, and administrative (SG&A) expense\",\"\",\"143,057\",\"\",\"\",\"145,588\",\"\",\"\",\"157,911\"],[\"SG&A expense as a % of Net sales\",\"\",\"8\",\"%\",\"\",\"9\",\"%\",\"\",\"9\",\"%\"],[\"SG&A expense as a % of Value-added sales\",\"\",\"14\",\"%\",\"\",\"13\",\"%\",\"\",\"14\",\"%\"],[\"Research and development (R&D) expense\",\"\",\"25,941\",\"\",\"\",\"29,028\",\"\",\"\",\"27,540\"],[\"R&D expense as a % of Net sales\",\"\",\"1\",\"%\",\"\",\"2\",\"%\",\"\",\"2\",\"%\"],[\"R&D expense as a % of Value-added sales\",\"\",\"2\",\"%\",\"\",\"3\",\"%\",\"\",\"2\",\"%\"],[\"Restructuring expense\",\"\",\"3,155\",\"\",\"\",\"6,848\",\"\",\"\",\"3,824\"],[\"Goodwill impairment\",\"\",\"\\u2014\",\"\",\"\",\"56,067\",\"\",\"\",\"\\u2014\"],[\"Long-lived asset impairment\",\"\",\"\\u2014\",\"\",\"\",\"17,134\",\"\",\"\",\"\\u2014\"],[\"Loss on asset disposal\",\"\",\"\\u2014\",\"\",\"\",\"6,412\",\"\",\"\",\"\\u2014\"],[\"Other \\u2014 net\",\"\",\"26,677\",\"\",\"\",\"17,685\",\"\",\"\",\"23,323\"],[\"Operating profit\",\"\",\"109,796\",\"\",\"\",\"47,223\",\"\",\"\",\"136,444\"],[\"Other non-operating income \\u2014 net\",\"\",\"(2,437)\",\"\",\"\",\"(2,443)\",\"\",\"\",\"(2,710)\"],[\"Interest expense \\u2014 net\",\"\",\"30,692\",\"\",\"\",\"34,764\",\"\",\"\",\"31,323\"],[\"Income before income taxes\",\"\",\"81,541\",\"\",\"\",\"14,902\",\"\",\"\",\"107,831\"],[\"Income tax expense\",\"\",\"6,718\",\"\",\"\",\"9,014\",\"\",\"\",\"12,129\"],[\"Net income\",\"\",\"74,823\",\"\",\"\",\"5,888\",\"\",\"\",\"95,702\"],[\"Diluted earnings per share\",\"\",\"$\",\"3.58\",\"\",\"\",\"$\",\"0.28\",\"\",\"\",\"$\",\"4.58\"]] [[/GREPCENT_TABLE]] 2025 Compared to 2024 Net sales of $1,786.6 million in 2025 increased $101.9 million from $1,684.7 million in 2024. An increase in net sales in the Electronic Materials and Precision Optics segments was partially offset by decreased net sales in the Performance Materials segment. The increase in the Electronic Materials segment was primarily due to higher precious metal pass-through costs, increasing net sales by approximately $208.2 million when compared to the prior year, partially offset by a decrease in precious metal sales of $35.3 million. The decrease in precious metal sales was primarily due to the impact of the divestiture of the target business in Albuquerque, New Mexico that occurred in the fourth quarter of 2024, which resulted in $23.1 million of lower sales in 2025 compared to 2024. At the Company level, volume increased in the semiconductor (21%), telecom and data center (24%) and energy (12%) end markets. Additionally, sales of raw material beryllium hydroxide increased by $6.3 million compared to the prior year. The increase was partially offset by a volume decrease in the consumer electronics (30%) end market due to a quality issue with a large precision clad strip customer within Performance Materials segment, causing the Company to temporarily idle production facilities, which limited sales in the fourth quarter. The Company closely collaborated with our customer, implementing targeted modifications to our processes and procedures and enhancing quality control measures designed to reduce the risk of future occurrences. We resumed shipping product from our facilities in December 2025 and continue to ramp production. 22 Value-added sales is a non-GAAP financial measure that removes the impac Item 1. BUSINESS THE COMPANY Materion Corporation (referred to herein as the Company, our, we, or us), through its wholly owned subsidiaries, is an integrated producer of high-performance advanced engineered materials used in a variety of electrical, electronic, thermal, and structural applications with $1.8 billion in net sales in 2025. The Company was incorporated in Ohio in 1931. Our products are sold into numerous end markets, including semiconductor, industrial, aerospace and defense, automotive, energy, consumer electronics, and life sciences. SEGMENT INFORMATION Our businesses are organized under four reportable segments: Performance Materials, Electronic Materials, Precision Optics, and Other. Our Other reportable segment includes unallocated corporate costs. Additional information regarding our segments and business is presented below. Performance Materials Performance Materials provides advanced engineered solutions comprised of beryllium and non-beryllium containing alloy systems and custom engineered metal solutions in the forms of strip, bulk, rod, plate, bar, tube, and many specialized custom shapes produced at manufacturing facilities located throughout the United States and Europe and sold through distribution global hubs. This segment operates the world's largest bertrandite ore mine and refinery, which is located in Utah, providing feedstock hydroxide for our beryllium businesses and external sale. In addition to the products described below, this segment globally provides engineering and product development services to help our customers and partners with product design, including delivering prototype parts and other data to demonstrate that the products will perform under the required design specifications. Performance Materials operates through three global product lines: Advanced Alloys, Specialty Materials, and Performance Solutions, as described below: \u2022Advanced Alloys manufactures and globally provides to our customers three upstre Item 1A. RISK FACTORS Our business, financial condition, results of operations, and cash flows can be affected by a number of factors, including, but not limited to, those set forth below and elsewhere in this Form 10-K, any one of which could cause our actual results to vary materially from recent results or from our anticipated future results. Theref", "title": "MTRN - MATERION Corp", "url": "/company/MTRN/" }, { "kind": "company", "summary": "SIC 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens); CIK 0001598428; latest 10-K filed 2026-02-20.", "text": "MTUS - Metallus Inc. SIC 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens); CIK 0001598428; latest 10-K filed 2026-02-20. MTUS Metallus Inc. 0001598428 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (dollars in millions, except per share data) This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help investors understand our results of operations, financial condition and current business environment. The MD&A is provided as a supplement to, and should be read in conjunction with, our audited consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025. The MD&A is organized as follows: \u2022 Overview: From management\u2019s point of view, we discuss the following: o Summary of our business and the markets in which we operate o Key trends and events during the current year \u2022 Results of Operations: An analysis of our results of operations as reflected in our consolidated financial statements \u2022 Non GAAP (1) Financial Measures: An analysis of our net sales by end-market, adjusted to exclude surcharges, which management uses to better analyze key market indicators and trends and allows for enhanced comparison between our end markets. \u2022 Liquidity and Capital Resources: An analysis of our cash flows, working capital, debt structure, contractual obligations and other commercial commitments. \u2022 Critical Accounting Policies: An overview of accounting policies identified by the Company as critical that, as a result of the judgments, uncertainties, and the operations involved, could result in material changes to our financial condition or results of operations under different conditions or using different assumptions. Overview Business Overview We manufacture alloy steel, as well as carbon and micro-alloy steel, using electric arc furnace (\"EAF\") technology. Our portfolio includes special bar quality (\u201cSBQ\u201d) bars, seamless mechanical tubing (\u201ctubes\u201d), manufactured components such as precision steel components, and billets. Our products and solutions are used in a diverse range of demanding applications in the following end-markets: industrial, automotive, aerospace & defense, and energy. We conduct our business activities and report financial results as one business segment. The presentation of financial results as one reportable segment is consistent with the way we operate our business and is consistent with the manner in which the Chief Operating Decision Maker (\"CODM\") evaluates performance and makes resource and operating decisions for the business as described above. Furthermore, the Company notes that monitoring financial results as one reportable segment helps the CODM manage costs on a consolidated basis, consistent with the integrated nature of our operations. 2025 Business Highlights The following items represent key trends and events during the year ended December 31, 2025: \u2022 Aerospace & Defense end market: Shipments to aerospace & defense customers increased in 2025 driven by strong demand, resulting in an increase in net sales by approximately 19% compared with the year ended December 31, 2024. As a percentage of consolidated net sales, aerospace & defense increased to 14 percent of the total in 2025 compared with 12 percent of the total in 2024 and 8 percent of the total in 2023. (1) Please see discussion of non-GAAP financial measures in Form 10-K \u2013 Net Sales Adjusted to Exclude Surcharges 26 Table of Contents \u2022 Capital investments: The Company continues to invest in the business with $109.0 million of capital investments for the year ended December 31, 2025. Investments included targeted spending for improved safety, equipment automation, and continuous improvement to drive best-in-class quality and asset reliability, as well as new assets to increase throughput and efficiency which are being substantially funded by the U.S. government. \u2022 Defense contract: In the year ended December 31, 2025, the Company received $32.1 million from the U.S. government as part of the previ Item 1. Business Overview Metallus Inc., (\"we\", \"us\", \"our\", the \"Company\" or \"Metallus\") was incorporated in Ohio on October 24, 2013, and became an independent, publicly traded company as the result of a spinoff from The Timken Company (\"Timken\") on June 30, 2014. In the spinoff, Timken transferred to us all of the assets and generally all of the liabilities related to Timken\u2019s steel business. We manufacture alloy steel, as well as carbon and micro-alloy steel, using electric arc furnace (\"EAF\") technology. Our portfolio includes special bar quality (\u201cSBQ\u201d) bars, seamless mechanical tubing (\u201ctubes\u201d), manufactured components such as precision steel components, and billets. Additionally, we manage raw material recycling programs, which are used internally as a feeder system for our melt operations and allow us to sell scrap not used in our operations to third parties. Our products and solutions are used in a diverse range of demanding applications in the following end-markets: industrial; automotive; aerospace & defense; and energy. SBQ steel is made to restrictive chemical compositions and high internal purity levels and is used in critical mechanical applications. We make these products from nearly 100% recycled steel, using our expertise in raw materials to create high-quality specialty metal products. We focus on creating tailored products for our respective end-markets. Our engineers are experts in both materials and applications, so we can work closely with each customer to deliver flexible solutions related to our products as well as to their applications and supply chains. The SBQ bar, tube, and billet production processes take place at our Canton, Ohio manufacturing location. This location accounts for all of the SBQ bars, seamless mechanical tubes and billets we produce and includes three manufacturing facilities: the Faircrest, Harrison, and Gambrinus facilities. Our production of manufactured components takes place at two downstream manufacturing fa Item 1A. Risk Factors The following are certain risk factors that could affect our business, financial condition and results of operations. The risks that are highlighted below are not the only ones we face. You should carefully consider each of the following risks and all of the other information ", "title": "MTUS - Metallus Inc.", "url": "/company/MTUS/" }, { "kind": "company", "summary": "SIC 2810 Industrial Inorganic Chemicals; CIK 0000891014; latest 10-K filed 2026-02-20.", "text": "MTX - MINERALS TECHNOLOGIES INC SIC 2810 Industrial Inorganic Chemicals; CIK 0000891014; latest 10-K filed 2026-02-20. MTX MINERALS TECHNOLOGIES INC 0000891014 2810 Industrial Inorganic Chemicals Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Cautionary Statement for \u201cSafe Harbor\u201d Purposes under the Private Securities Litigation Reform Act of 1995 The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of the Company. This report contains statements that the Company believes may be \u201cforward-looking statements\u201d within the meaning of Section 21E of the Securities Exchange Act of 1934, particularly statements relating to the Company\u2019s objectives, plans or goals, future actions, future performance or results of current and anticipated products, sales efforts, expenditures, and financial results. From time to time, the Company also provides forward-looking statements in other publicly released materials, both written and oral. Forward-looking statements provide current expectations and forecasts of future events such as new products, revenues, and financial performance, and are not limited to describing historical or current facts. They can be identified by the use of words such as \u201coutlook,\u201d \u201cforecast,\u201d \u201cbelieves,\u201d \u201cexpects,\u201d \u201cplans,\u201d \u201cintends,\u201d \u201canticipates,\u201d and other words and phrases of similar meaning. Forward-looking statements are necessarily based on assumptions, estimates, and limited information available at the time they are made. A broad variety of risks and uncertainties, both known and unknown, as well as the inaccuracy of assumptions and estimates, can affect the realization of the expectations or forecasts in these statements. Many of these risks and uncertainties are difficult to predict or are beyond the Company\u2019s control. Consequently, no forward-looking statements can be guaranteed. Actual future results may vary materially. Significant factors affecting the expectations and forecasts are set forth under \u201cItem 1A \u2014 Risk Factors\u201d in this Annual Report on Form 10-K. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances that arise after the date hereof. Investors should refer to the Company\u2019s subsequent filings under the Securities Exchange Act of 1934 for further disclosures. Executive Summary Worldwide net sales were $2.1 billion in 2025, a 2% decrease from 2024. Consolidated income from operations was $47.4 million in 2025, as compared with $286.5 million in 2024. Included in income from operations for 2025 was a $215 million provision to establish an accrual for estimated costs to fund a trust to resolve all current and future talc-related claims for alleged exposure to asbestos-contaminated talc products sold by the Company\u2019s subsidiary BMI Oldco Inc. (f/k/a Barretts Minerals Inc.) (\u201cOldco\u201d) as well as fund the bankruptcy of the Company\u2019s subsidiaries, Oldco and Barretts Ventures Texas LLC (\u201cBVT\u201d and together with Oldco, the \u201cChapter 11 Debtors\u201d), and related litigation costs. Included in this provision was an additional financing of $30 million relating to the Debtor-in-Possession Credit Agreement with Oldco (the \u201cDIP Credit Agreement\u201d). The Company also recorded litigation expenses of $19.6 million in connection with Oldco's bankruptcy filing and lawsuits related to talc products sold by Oldco. In addition, the Company recorded a $15.0 million charge for restructuring and other items relating to a cost savings program and write-down of assets, which was offset by a net gain of $9.9 million on the final installment for the sale of refractories manufacturing assets in China and the sale of our chromite mine in South Africa. Included in income from operations for 2024 was a $30.0 million provision for credit loss charge relating to the initial funding of the DIP Credit Agreement with Oldco, which was offset by a net gain of $12.3 million for the installment sale of refractories manufacturing assets in China. In addition, the Company recorded $11.3 million of litigation expenses incurred in connection with the bankruptcy Item 1. Business Minerals Technologies Inc. (together with its subsidiaries, the \u201cCompany,\u201d \u201cMTI,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a global, technology-driven specialty minerals company that develops, produces, and markets a wide range of minerals and mineral-based products and services. We are the world's largest producer of bentonite and a leading producer of calcium carbonate. Our products and minerals are an essential part of everyday life for millions of people around the world. The Company's vertical integration extends from mine to market: we directly source minerals from our globally distributed reserves, transform them at our plants through proprietary technologies and applications into fit-for-purpose products, and market these products to customers across a range of industries. This process is driven by our world-class manufacturing, R&D capabilities, efficient approach to new product development, and company-wide focus on innovation and Operational Excellence. At December 31, 2025, the Company's operations are reflected in the following two reportable business segments under which we managed our operations, assessed performance, and reported earnings: Consumer & Specialties and Engineered Solutions. The Consumer & Specialties segment serves consumer end markets directly with mineral-to-market finished products and also provides specialty mineral-based solutions and technologies that are an essential component of our customers\u2019 finished products. The Engineered Solutions segment serves industrial end markets with engineered systems, mineral blends, and technologies that are designed to improve our customers\u2019 manufacturing processes and projects. The Company is focused on executing our growth strategy of expanding our business into faster-growing markets and geographies, strengthening our leadership positions in existing markets, and introducing innovative, high-value products. The following table sets forth the percentage of our revenues generated from ea Item 1A. Risk Factors Our business faces significant risks. Set forth below are all risks that we believe are material at this time. Our business, financial condition, and results of operations could be materially adversely affected by any of these risks. These risks should be read in conjunction with the other infor", "title": "MTX - MINERALS TECHNOLOGIES INC", "url": "/company/MTX/" }, { "kind": "company", "summary": "SIC 3490 Miscellaneous Fabricated Metal Products; CIK 0001350593; latest 10-K filed 2025-11-19.", "text": "MWA - Mueller Water Products, Inc. SIC 3490 Miscellaneous Fabricated Metal Products; CIK 0001350593; latest 10-K filed 2025-11-19. MWA Mueller Water Products, Inc. 0001350593 3490 Miscellaneous Fabricated Metal Products Item 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements and related notes included in Item 8. \u201cFinancial Statements and Supplementary Data\u201d of this Annual Report. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and other factors that may cause actual results to differ materially from those projected in any forward-looking statements, as discussed in \u201cDisclosure Regarding Forward-Looking Statements.\u201d These risks and uncertainties include but are not limited to those set forth in \u201cItem 1A. RISK FACTORS\u201d. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussion of year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in Item 7. of our Annual Report on Form 10-K for the year ended September 30, 2024. Overview Business We operate our business through two segments, Water Flow Solutions and Water Management Solutions. Water Flow Solutions\u2019 portfolio includes iron gate valves, specialty valves and service brass products. Water Management Solutions\u2019 portfolio includes fire hydrants, repair and installation, natural gas, metering, leak detection, as well as pressure management and control products and solutions. In January 2025, we announced the appointment of Ms. Melissa Rasmussen as Senior Vice President and Chief Financial Officer effective March 3, 2025. On March 1, 2025, Mr. Steven S. Heinrichs transitioned from his roles as Chief Financial Officer and Chief Legal Officer to Senior Advisor and remained an advisor until September 30, 2025. In August 2025, we announced the appointment of Ms. Richelle R. Feyerherm as Chief Accounting Officer effective August 15, 2025. Ms. Feyerherm also serves as the Company\u2019s principal accounting officer. On November 6, 2025, we announced that Ms. Marietta Edmunds Zakas will retire as the Company\u2019s Chief Executive Officer and as a member of the Company\u2019s Board of Directors, effective as of February 9, 2026. In connection with Ms. Zakas\u2019 retirement, the Company\u2019s Board of Directors appointed Mr. Paul McAndrew as President and Chief Executive Officer, effective as of the Transition Date. We estimate approximately 60% to 65% of the Company\u2019s 2025 net sales were associated with the repair and replacement of municipal water infrastructure, approximately 25% to 30% were related to residential construction activity and approximately 10% were related to natural gas utilities and industrial applications. After experiencing challenges resulting from the COVID-19 pandemic and subsequent supply disruptions in years 2020 through 2023, the seasonality of our business has since returned to more normalized levels, supported by municipal spending on repair and replacement projects and new residential construction activity. According to the United States Department of Labor, the trailing twelve-month average consumer price index for water and sewerage rates as of September 30, 2025 increased 4.6%. Total housing starts in fiscal 2025 decreased 1.1% as compared with fiscal 2024, according to the United States Census Bureau, which included a 5.2% decrease in single family housing starts as compared with fiscal 2024. Recent Developments In October 2023, the Israel-Hamas war caused a temporary shutdown in our facility in Ariel, Israel. While we reopened the facility in November 2023, the war caused supply chain challenges that hindered our ability to most efficiently manufacture our products produced in Israel. While the facility was adversely impacted by this event, we have mitigated operational risk by expanding our suppliers and improving throughput in order to increase production levels and to meet customer delivery tim Item 1.BUSINESS Our Company Mueller Water Products, Inc. (\u201cMueller,\u201d \u201cwe,\u201d \u201cour,\u201d or the \u201cCompany\u201d) is a leading manufacturer and marketer of products and solutions used in the transmission, distribution and measurement of water in North America. Our products and solutions are used by municipalities and the residential and non-residential construction industries. Some of our products have leading positions as a result of their strong brand recognition and reputation for quality, service and innovation. We believe we have one of the largest installed bases of iron gate valves and fire hydrants in the United States. Our iron gate valve and hydrant products are specified for use in the largest 100 metropolitan areas in the United States. Our large installed base, broad product range and well-known brands have led to long-standing relationships with the key distributors and end users of our products. Our consolidated net sales were $1,429.7 million in 2025. We operate our business through two segments, Water Flow Solutions and Water Management Solutions. Segment sales, operating results and additional financial data and commentary are provided in the Segment Analysis section in Part II, Item 7. \u201cMANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS\u201d and in Note 14. of the Notes to Consolidated Financial Statements in Part II, Item 8. \u201cFINANCIAL STATEMENTS AND SUPPLEMENTARY DATA\u201d of this Annual Report. Organization Updates In January 2025, we announced the appointment of Ms. Melissa Rasmussen as Senior Vice President and Chief Financial Officer effective March 3, 2025. On March 1, 2025, Mr. Steven S. Heinrichs transitioned from his roles as Chief Financial Officer and Chief Legal Officer to Senior Advisor and remained an advisor until September 30, 2025. In August 2025, we announced the appointment of Ms. Richelle R. Feyerherm as Chief Accounting Officer effective August 15, 2025. Ms. Feyerherm also serves as the Company\u2019s principal a Item 1A. RISK FACTORS Risks related to our industries A significant portion of our business depends on spending for water and wastewater infrastructure construction activity. Our primary end markets are repair and replacement of water infrastructure, driven by municipal spending and new wate", "title": "MWA - Mueller Water Products, Inc.", "url": "/company/MWA/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001288469; latest 10-K filed 2026-01-29.", "text": "MXL - MAXLINEAR, INC SIC 3674 Semiconductors & Related Devices; CIK 0001288469; latest 10-K filed 2026-01-29. MXL MAXLINEAR, INC 0001288469 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward-Looking Statements The following discussion and analysis of the financial condition and results of our operations should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this report. This discussion contains forward-looking statements that involve a number of risks, uncertainties, and assumptions that could cause our actual results to differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in the sections titled \u201cBusiness\u201d and \u201cRisk Factors\u201d included elsewhere in this report. Overview We are a provider of communications SoCs used in broadband, mobile and wireline infrastructure, data center, and industrial and multi-market applications. We are a fabless integrated circuit design company whose products integrate all or substantial portions of a high-speed communication system, including RF, high-performance analog, mixed-signal, digital signal processing, security engines, data compression and networking layers, and power management. Importantly, our ability to design analog and mixed-signal circuits in CMOS allows us to efficiently combine analog functionality and complex digital signal processing logic in the same integrated circuit. As a result, we believe our solutions have exceptional levels of functional integration and performance, low manufacturing cost, and reduced power consumption versus competition. These solutions also enable shorter design cycles, significant design flexibility and low system-level cost across a range of markets. Our customers primarily include electronics distributors, module makers, OEMs and ODMs, which incorporate our products in a wide range of electronic devices. Examples of such devices include radio transceivers and modems for 4G/5G base-station and backhaul infrastructure; optical transceivers targeting hyperscale data centers; Wi-Fi and wireline routers for home networking; broadband modems compliant with DOCSIS, PON, and DSL; as well as power management and interface products used in these and many other markets. In addition, we generate revenue from certain intellectual property sale agreements. 59 Table of Contents In the year ended December 31, 2025, net revenue was $467.6 million, which was derived in part from sales of RF receivers and RF receiver SoC and connectivity solutions into broadband operator voice and data modems and gateways and connectivity adapters, global analog and digital RF receiver products, radio and modem solutions into wireless carrier access and backhaul infrastructure platforms, high-speed optical interconnect solutions sold into optical modules for data-center, metro and long-haul networks, and high-performance interface and power management solutions into a broad range of communications, industrial, automotive and multi-market applications. We are currently experiencing growth in sales demand across our broadband, connectivity and infrastructure end markets driven by new product wins and market growth along with a recovery from excess inventory in the channels. Geopolitical tensions and changing trade policies, including escalating tariffs between the United States and China, and other countries, continue to influence the semiconductor industry as well as the global economy. We continue to develop and innovate with new products for new solutions in advanced semiconductor process nodes such as 16nm and 5nm and beyond, while addressing opportunities capturing and processing high quality broadband communications and high-speed optical interconnect signals. Products shipped to Asia accounted for 82%, 75% and 75% of net revenue during the years ended 2025, 2024 and 2023, respectively, including 49%, 41% and 37%, respectively, from products shipped to Hong Kong, 12% from p ITEM 1. BUSINESS Corporate Information We incorporated in the State of Delaware in September 2003. Our executive offices are located at 5966 La Place Court, Suite 100, Carlsbad, California 92008, and our telephone number is (760) 692-0711. In this Form 10-K, unless the context otherwise requires, the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to MaxLinear, Inc. and its directly and indirectly wholly-owned subsidiaries. Our website address is www.maxlinear.com. The contents of our website are not incorporated by reference into this Form 10-K. We provide free of charge through a link on our website access to our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as well as amendments to those reports, as soon as reasonably practical after the reports are electronically filed with, or furnished to, the Securities and Exchange Commission, or SEC. Refer to Intellectual Property Rights section below for a list of our trademarks and trade names. All other trademarks and trade names appearing in this Form 10-K are the property of their respective owners. Overview We are a provider of communications systems-on-chip, or SoCs, used in broadband, mobile and wireline infrastructure, data center, and industrial and multi-market applications. We are a fabless integrated circuit design company whose products integrate all or substantial portions of a high-speed communication system, including radio frequency, or RF, high-performance analog, mixed-signal, digital signal processing, security engines, data compression and networking layers, and power management. Our ability to design analog and mixed-signal circuits in complementary metal-oxide-semiconductors, or CMOS, allows us to efficiently combine analog functionality and complex digital signal processing logic in the same integrated circuit. As a result, we believe our solutions have exceptional levels of functional integration and performance, low manufacturing cost, and reduced power ITEM 1A. RISK FACTORS This Annual Report on Form 10-K, or Form 10-K, including any information that may be incorporated by reference herein, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, referred to as the Securities Act, and Section 21E of the Securities Exchange Act of 1", "title": "MXL - MAXLINEAR, INC", "url": "/company/MXL/" }, { "kind": "company", "summary": "SIC 1623 Water, Sewer, Pipeline, Comm & Power Line Construction; CIK 0000700923; latest 10-K filed 2026-02-25.", "text": "MYRG - MYR GROUP INC. SIC 1623 Water, Sewer, Pipeline, Comm & Power Line Construction; CIK 0000700923; latest 10-K filed 2026-02-25. MYRG MYR GROUP INC. 0000700923 1623 Water, Sewer, Pipeline, Comm & Power Line Construction Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This management\u2019s discussion and analysis provides a narrative on the Company\u2019s financial performance and condition that should be read in conjunction with the other sections of this report, including the Financial Statements and related notes contained in Item 8 of this Annual Report on Form 10-K. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management\u2019s expectations. Factors that could cause such differences are discussed in \u201cForward-Looking Statements\u201d and \u201cRisk Factors.\u201d We assume no obligation to update any of these forward-looking statements. Presentation of Information The discussion that follows includes a comparison of our results of operations and liquidity and capital resources for the fiscal years ended December 31, 2025 and 2024. For a discussion of changes for the fiscal year ended December 31, 2024 to the fiscal year ended December 31, 2023, refer to Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024 (filed February 26, 2025). Overview-Introduction We are a holding company of specialty electrical construction service providers that was established in 1995 through the merger of long-standing specialty contractors. Through our subsidiaries, we serve the electric utility infrastructure, commercial and industrial construction markets. We manage and report our operations through two electrical contracting service segments: Transmission and Distribution (\u201cT&D\u201d) and Commercial and Industrial (\u201cC&I\u201d). We have operated in the transmission and distribution industry since 1891. We are one of the largest U.S. contractors servicing the T&D sector of the electric utility industry and provide T&D services throughout the United States and in Ontario, Canada. Our T&D customers include many of the leading companies in the electric utility industry. We have provided electrical contracting services for commercial and industrial construction since 1912. Our C&I segment provides services in the United States and in western Canada. Our C&I customers include general contractors and facility owners. We strive to maintain our status as a preferred provider to our T&D and C&I customers. We believe that we have a number of competitive advantages in both of our segments, including our skilled workforce, extensive centralized fleet, proven safety performance and reputation for timely completion of quality work that allows us to compete favorably in our markets. In addition, we believe that we are better capitalized than some of our competitors, which provides us with valuable flexibility to take on additional and more complex projects. We had revenues for the year ended December 31, 2025 of $3.66 billion compared to $3.36 billion for the year ended December 31, 2024. For the year ended December 31, 2025, net income was $118.4 million compared to $30.3 million for the year ended December 31, 2024. Overview-Segments Transmission and Distribution segment. Our T&D segment provides comprehensive solutions to providers in the electric utility industry. Our T&D segment generally serves the electric utility industry as a prime contractor to customers such as investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. We have long-standing relationships with many of our T&D customers who rely on us to construct and maintain reliable electric and other utility infrastructure. Our T&D segment provides a broad range of services on electric transmission and distribution networks, substation facilities, clean energy projects and elec Item 1. Business General We are a holding company of specialty electrical construction service providers that was established in 1995 through the merger of long-standing specialty contractors. Through our subsidiaries, we serve the electric utility infrastructure, commercial and industrial construction markets. Our operations are currently conducted through wholly-owned subsidiaries. We primarily provide electrical construction services through a network of local offices located throughout the United States and Canada. We provide a broad range of services, including design, engineering, procurement, construction, upgrade, maintenance and repair services, with a particular focus on construction, maintenance and repair. Our principal executive offices are located at 12121 Grant Street, Suite 610, Thornton, Colorado 80241. The telephone number of our principal executive offices is (303) 286-8000. Reportable Segments Through our subsidiaries, we are a leading specialty contractor serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada. We manage and report our operations through two electrical contracting service segments: Transmission and Distribution (\u201cT&D\u201d) and Commercial and Industrial (\u201cC&I\u201d). We generally focus on improving our profitability by selecting projects we believe will provide attractive margins, actively monitoring the costs of completing our projects, holding customers accountable for costs related to changes to contract specifications and rewarding our employees for effectively managing costs. Both of our segments undertake a mix of projects of all sizes and complexity. Transmission and Distribution segment. We have operated in the transmission and distribution industry since 1891. We are one of the largest U.S. contractors servicing the T&D sector of the electric utility industry. Our T&D segment provides a broad range of services on electric transmission and distribution Item 1A. Risk Factors You should read the following risk factors carefully in connection with evaluating our business and the forward-looking information contained in this Annual Report on Form 10-K. We operate in a changing environment that involves numerous known and unknown risks and uncertainties", "title": "MYRG - MYR GROUP INC.", "url": "/company/MYRG/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001834488; latest 10-K filed 2026-02-26.", "text": "NABL - N-able, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001834488; latest 10-K filed 2026-02-26. NABL N-able, Inc. 0001834488 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and related notes thereto included elsewhere in this report. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially and adversely from those anticipated in the forward-looking statements. Please see the sections entitled \u201cSafe Harbor Cautionary Statement\u201d and \u201cRisk Factors\u201d above for a discussion of the uncertainties, risks and assumptions associated with these statements. The following discussion and analysis also includes a discussion of certain non-GAAP financial measures. For a description and reconciliation of the non-GAAP measures discussed in this section, see \u201cNon-GAAP Financial Measures\u201d below. Overview N-able, Inc., a Delaware corporation, together with its subsidiaries, protects businesses from evolving cyberthreats. Our AI powered cybersecurity platform delivers business resilience to more than 500,000 organizations worldwide, leveraging advanced end-to-end capabilities, simplified workflows, market-leading integrations, and flexible deployment options to improve efficiency and drive critical security outcomes. Our partner-first approach pairs our technology with experts, training, and peer-led events that empower customers to be secure, resilient, and successful. On August 6, 2020, SolarWinds Corporation (\u201cSolarWinds\u201d or \u201cParent\u201d) announced that its board of directors had authorized management to explore a potential spin-off of its MSP business into our company, a newly created and separately traded public company, and separate into two distinct, publicly traded companies (the \u201cSeparation\u201d). On July 19, 2021, SolarWinds completed the Separation through a pro-rata distribution (the \u201cDistribution\u201d) of all the outstanding shares of our common stock it held to the stockholders of record of SolarWinds as of the close of business on July 12, 2021. As a result of the Distribution, we became an independent public company and our common stock is listed under the symbol \u201cNABL\u201d on the New York Stock Exchange. Fourth Quarter Financial Highlights Revenue Our total revenue was $130.3 million and $116.5 million for the three months ended December 31, 2025 and 2024, respectively. During the year ended December 31, 2024, we began increasing the proportion of our subscriptions that are long-term committed contracts, as compared to month-to-month contracts (the \u201cLong-Term Contract Initiative\u201d). Under Accounting Standards Update No. 2014-09, \u201cRevenue from Contracts with Customers (\u201cTopic 606\u201d),\u201d we recognize revenue for long-term subscriptions when the distinct license is made available to the customer, and support revenue is recognized ratably over the contract term. Revenue from the license performance obligation of our self-managed solutions is recognized at a point in time upon delivery of the access to the licenses and revenue from the performance obligation related to the technical support and unspecified software upgrades of our subscription-based license arrangements is recognized ratably over the agreement period. The Long-Term Contract Initiative results in an increase in point in time subscription revenue, primarily due to the impact of revenue recognition for long-term committed contracts under Topic 606, net of any volume and pricing rationalization when committing to long-term subscriptions and any fluctuations in month-to-month contracts. See Note 2. Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements for further details regarding revenue recognized from subscription and other services at a point in time and over time. Annual Recurring Revenue Total annual recu ITEM 1. BUSINESS Business Overview The technology landscape is changing rapidly. Cyberthreats are increasing in speed, sophistication, and scale, while the growth of hybrid systems, multi-cloud infrastructure, data volumes, SaaS applications, and AI-enabled processes is driving IT complexity. In this environment, secure and efficient digital operations are essential to overall business health. We are a leading global cybersecurity provider, helping protect businesses from evolving cyberthreats and navigate this fast-changing landscape. Our software platform is designed to provide end-to-end coverage across the IT environment, delivering comprehensive protection and efficient performance. Our solutions encompass three primary vectors: Unified Endpoint Management or \u201cUEM,\u201d Security Operations, and Data Protection. Together, these capabilities enable IT and security teams to secure and optimize devices and networks, detect and respond to threats, and backup and recover their data to ensure business continuity. We also provide an open ecosystem that seamlessly integrates with third-party tools, empowering customers to tailor their environments to their unique needs. By providing coverage across the entire attack lifecycle, we drive true business resilience. Architecture is key to our approach. Our software platform is designed to be an integrated, enterprise-grade solution that serves as a scalable operating system for our customers. Built on a multi-tier, multi-tenant architecture, our platform allows our customers to improve security posture and service delivery by offering centralized visibility and role-based access control in both public and private cloud, on-premises and hybrid cloud environments. We deliver our solutions through a channel-led model. We partner with IT services providers, including Managed Service Providers (\u201cMSPs\u201d), Value Added Resellers (\u201cVARs\u201d), distributors, and other channel partners who support and deliver technology solutions to busine ITEM 1A. RISK FACTORS A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider such risks and uncertainties, together with the other information contained in this Annual Report on Form 10-K, and in our other public filings. If any such risks and uncertainties actually occur, ", "title": "NABL - N-able, Inc.", "url": "/company/NABL/" }, { "kind": "company", "summary": "SIC 3578 Calculating & Accounting Machines (No Electronic Computers); CIK 0001974138; latest 10-K filed 2026-02-27.", "text": "NATL - NCR Atleos Corp SIC 3578 Calculating & Accounting Machines (No Electronic Computers); CIK 0001974138; latest 10-K filed 2026-02-27. NATL NCR Atleos Corp 0001974138 3578 Calculating & Accounting Machines (No Electronic Computers) Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A) This section should be read in conjunction with the audited Consolidated Financial Statements and related Notes included in Item 8 of Part II of this Report. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements. See sections entitled \u201cForward-Looking Statements\u201d and \u201cRisk Factors\u201d in Item 1A of this Annual Report on Form 10-K for a discussion of the uncertainties, risks and assumptions associated with these forward-looking statements that could cause future results to differ materially from those reflected in this section. Our discussion within MD&A is organized as follows: \u2022Overview. This section contains background information on our company, summary of significant themes and events during the year as well as strategic initiatives and trends in order to provide context for management\u2019s discussion and analysis of our financial condition and results of operations. \u2022Results of operations. This section contains an analysis of our results of operations presented in the accompanying Consolidated Statements of Operations by comparing the results for the year ended December 31, 2025 to the results for the year ended December 31, 2024. Refer to the section below entitled \u201cSpin-off from NCR\u201d for additional information regarding the basis of presentation for the year ended December 31, 2023. \u2022Liquidity and capital resources. This section provides an analysis of our cash flows and a discussion of our contractual obligations at December 31, 2025. \u2022Critical accounting estimates. This section contains a discussion of the accounting policies that we believe are important to our financial condition and results of operations and that require judgment and estimates on the part of management in their application. In addition, all of our significant accounting policies, including critical accounting policies, are summarized in Note 1, \u201cBasis of Presentation and Significant Accounting Policies\u201d, in the Notes to Consolidated Financial Statements in Item 8 of Part II of this Report. For management\u2019s discussion of our consolidated results for the year ended December 31, 2024 in comparison with the year ended December 31, 2023, and other financial information related to fiscal year 2023, refer to Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d, included in our 2024 amended and restated Annual Report on Form 10-K/A filed with the SEC on November 5, 2025 (the \u201c2024 Form 10-K/A\u201d). OVERVIEW BUSINESS OVERVIEW Atleos is an industry-leading financial technology company providing self-directed banking solutions to a global customer base including financial institutions, merchants, manufacturers, retailers and consumers. Self-directed banking is a rapidly growing, secular trend that allows banking customers to transact seamlessly between various channels all for the same transaction. Our comprehensive solutions enable the acceleration of self-directed banking through automated teller machine (\u201cATM\u201d) and interactive teller machine (\u201cITM\u201d) technology, including software, services, hardware and our proprietary Allpoint network. While we provide all our solutions on a modular basis, we have also assembled these capabilities into a turnkey, end-to-end platform which we have branded \u201cATM as a Service.\u201d Atleos operates two leading business segments focused on facilitating self-service banking through ATMs supported by a shared set of tools, systems and platforms. In addition, we operate a Telecommunications and Technology (\u201cT&T\u201d) segment offering managed network and infrastructure services to enterprise clients across all industries via direct relationships with communications service providers and technology manufacturers. We manage our operations in the following segments: Self-Service Banking, Network, and T&T. \u2022Self-Service Banking Item 1. BUSINESS General General Development of the Business NCR Atleos Corporation (\u201cAtleos,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d) is an industry-leading financial technology company providing self-directed banking solutions to a global customer base including financial institutions, merchants, manufacturers, retailers and consumers. Self-directed banking is a rapidly growing, secular trend that allows banking customers to transact seamlessly between various channels all for the same transaction. Our comprehensive solutions enable the acceleration of self-directed banking through automated teller machine (\u201cATM\u201d) and interactive teller machine (\u201cITM\u201d) technology, including software, services, hardware and our proprietary Allpoint network. While we provide all our solutions on a modular basis, we have also assembled these capabilities into a turnkey, end-to-end platform which we have branded \u201cATM as a Service.\u201d On October 16, 2023, we completed our separation from NCR Corporation (now known as NCR Voyix Corporation or \u201cVoyix\u201d and referred to as \u201cNCR\u201d prior to the Separation) and launched as an independent publicly-traded company (the \u201cSeparation\u201d or \u201cSpin-off\u201d). Additional information about the Separation can be found in Note 1, \u201cBasis of Presentation and Significant Accounting Policies\u201d, in Part II, Item 8 of this Annual Report on Form 10-K. As ATM technology has evolved in recent years, the substantial majority of banking transactions can now be completed at the ATM, including cash deposits, withdrawals and other account services, as well as the origination of payments transactions such as bill payments and money transfer. In addition, the development of ITMs, which utilize remote bank employees to provide customer support and servicing via interactive video, enable customers to complete more complex transactions such as account opening, card issuance and replacement, and loan applications. We believe that ATMs and ITMs are increasingly the delivery cha Item 1A. RISK FACTORS The risks and uncertainties described below could materially and adversely impact our business, financial condition, results of operations, could cause actual results to differ materially from our expectations and projections, and could cause the market value of our st", "title": "NATL - NCR Atleos Corp", "url": "/company/NATL/" }, { "kind": "company", "summary": "SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0001593538; latest 10-K filed 2026-02-26.", "text": "NAVI - NAVIENT CORP SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0001593538; latest 10-K filed 2026-02-26. NAVI NAVIENT CORP 0001593538 6211 Security Brokers, Dealers & Flotation Companies Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Form 10-K. This discussion and analysis also contains forward-looking statements and should be read in conjunction with the disclosures and information contained in \u201cForward-Looking and Cautionary Statements\u201d and \u201cRisk Factors\u201d in this Form 10-K. The objective of this discussion and analysis is to allow investors to view the Company from management\u2019s perspective. Accordingly, we provide the reader with narrative context for how our management views our consolidated financial statements, additional context within which to assess our operating results, and information on the quality and variability of our earnings, liquidity and cash flows. The discussion that follows is primarily focused on 2025 versus 2024 results. Discussion and analysis of 2024 results compared to 2023 is included in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Form 10-K for the year ended December 31, 2024 as filed with the SEC on February 27, 2025, which is incorporated herein by reference. Selected Historical Financial Information and Ratios [[GREPCENT_TABLE]] [[\"\",\"\",\"Years Ended December 31,\"],[\"(In millions, except per share data)\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"GAAP Basis\"],[\"Net income (loss)\",\"\",\"$\",\"(80\",\")\",\"\",\"$\",\"131\",\"\",\"\",\"$\",\"228\"],[\"Diluted earnings (loss) per common share\",\"\",\"$\",\"(.81\",\")\",\"\",\"$\",\"1.18\",\"\",\"\",\"$\",\"1.85\"],[\"Weighted average shares used to compute diluted earnings per share\",\"\",\"\",\"99\",\"\",\"\",\"\",\"111\",\"\",\"\",\"\",\"123\"],[\"Return on assets\",\"\",\"\",\"(.17\",\")%\",\"\",\"\",\".24\",\"%\",\"\",\"\",\".36\",\"%\"],[\"Dividends per common share\",\"\",\"$\",\".64\",\"\",\"\",\"$\",\".64\",\"\",\"\",\"$\",\".64\"],[\"Return on common stockholders' equity\",\"\",\"\",\"(3\",\")%\",\"\",\"\",\"5\",\"%\",\"\",\"\",\"8\",\"%\"],[\"Dividend payout ratio\",\"\",\"\",\"(80\",\")%\",\"\",\"\",\"54\",\"%\",\"\",\"\",\"35\",\"%\"],[\"Average equity/average assets\",\"\",\"\",\"5.05\",\"%\",\"\",\"\",\"4.82\",\"%\",\"\",\"\",\"4.43\",\"%\"],[\"Total assets\",\"\",\"$\",\"48,681\",\"\",\"\",\"$\",\"51,789\",\"\",\"\",\"$\",\"61,375\"],[\"Total borrowings\",\"\",\"$\",\"45,706\",\"\",\"\",\"$\",\"48,318\",\"\",\"\",\"$\",\"57,628\"],[\"Total Navient Corporation stockholders' equity\",\"\",\"$\",\"2,399\",\"\",\"\",\"$\",\"2,641\",\"\",\"\",\"$\",\"2,760\"],[\"Book value per common share\",\"\",\"$\",\"25.12\",\"\",\"\",\"$\",\"25.63\",\"\",\"\",\"$\",\"24.32\"],[\"Core Earnings Basis(1)\"],[\"Net income (loss) (1)\",\"\",\"$\",\"(35\",\")\",\"\",\"$\",\"221\",\"\",\"\",\"$\",\"303\"],[\"Diluted earnings (loss) per common share(1)\",\"\",\"$\",\"(.35\",\")\",\"\",\"$\",\"2.00\",\"\",\"\",\"$\",\"2.45\"],[\"Weighted average shares used to compute diluted earnings per share\",\"\",\"\",\"99\",\"\",\"\",\"\",\"111\",\"\",\"\",\"\",\"123\"],[\"Net interest margin, Consumer Lending segment\",\"\",\"\",\"2.49\",\"%\",\"\",\"\",\"2.87\",\"%\",\"\",\"\",\"3.04\",\"%\"],[\"Net interest margin, Federal Education Loans segment\",\"\",\"\",\".69\",\"%\",\"\",\"\",\".45\",\"%\",\"\",\"\",\"1.12\",\"%\"],[\"Return on assets\",\"\",\"\",\"(.07\",\")%\",\"\",\"\",\".41\",\"%\",\"\",\"\",\".48\",\"%\"],[\"Education Loan Portfolios\"],[\"Ending Private Education Loans, net\",\"\",\"$\",\"15,451\",\"\",\"\",\"$\",\"15,716\",\"\",\"\",\"$\",\"16,902\"],[\"Ending FFELP Loans, net\",\"\",\"\",\"28,141\",\"\",\"\",\"\",\"30,852\",\"\",\"\",\"\",\"37,925\"],[\"Ending total education loans, net\",\"\",\"$\",\"43,592\",\"\",\"\",\"$\",\"46,568\",\"\",\"\",\"$\",\"54,827\"],[\"Average Private Education Loans\",\"\",\"$\",\"15,987\",\"\",\"\",\"$\",\"16,809\",\"\",\"\",\"$\",\"18,463\"],[\"Average FFELP Loans\",\"\",\"\",\"29,945\",\"\",\"\",\"\",\"33,946\",\"\",\"\",\"\",\"41,191\"],[\"Average total education loans\",\"\",\"$\",\"45,932\",\"\",\"\",\"$\",\"50,755\",\"\",\"\",\"$\",\"59,654\"]] [[/GREPCENT_TABLE]] (1) Item is a non-GAAP financial measure. For a description and reconciliation, see \u201cNon-GAAP Financial Measures \u2013 Core Earnings.\u201d 11 The Year in Review We prepare financial statements and present financial results in accordance with GAAP. However, we also evaluate our business segments and present financial results on a basis that differs from GAAP. We refer to this dif Business Overview and Fundamentals of Our Business Navient (Nasdaq: NAVI) creates long-term value for customers and investors with responsible lending, flexible refinancing, trusted servicing oversight, and decades of education finance and portfolio management expertise. Through our Earnest brand's business, we help customers confidently achieve financial success through digital financial services. Our employees thrive in a culture of belonging, where they are supported and proud to deliver meaningful outcomes. Learn more on Navient.com. Navient\u2019s business consists of: \u2022 Consumer Lending We own and manage a portfolio of $15.5 billion of Private Education Loans. Through our Earnest brand we help students and families succeed with education lending and digital financial services, originating Earnest branded in-school student loans and refinancing products. In 2025, we originated $2.5 billion of Private Education Loans, a 77% increase from $1.4 billion a year ago. \u2022 Federal Education Loans We own and manage a portfolio of $28.1 billion of federally guaranteed Federal Family Education Loan Program (FFELP) Loans. We support the success of our customers and ensure a compliant, efficient customer experience. Navient previously provided both healthcare and government business processing services. Our healthcare services business was sold in September 2024 and our government services business was sold in February 2025, marking the end of Navient providing business processing solutions. See \"Recent Business Developments\" for more detail. Maximizing Cash Flows from Loan Portfolios and Maintaining a Strong Balance Sheet The cash flows from our education loan portfolios continue to demonstrate the strength of our balance sheet, our efficient financings, credit risk management and underwriting of high-quality private education loans with attractive economics. By optimizing capital adequacy and allocating capital to highly accretive opportunities, including organic grow", "title": "NAVI - NAVIENT CORP", "url": "/company/NAVI/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001475841; latest 10-K filed 2026-02-24.", "text": "NBHC - National Bank Holdings Corp SIC 6021 National Commercial Banks; CIK 0001475841; latest 10-K filed 2026-02-24. NBHC National Bank Holdings Corp 0001475841 6021 National Commercial Banks Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. \u200b The following management\u2019s discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes as of and for the years ended December 31, 2025, 2024, and 2023, and with the other financial and statistical data presented in this annual report. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions that may cause actual results to differ materially from management\u2019s expectations. Factors that could cause such differences are discussed in the section entitled \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d and should be read herewith. \u200b Management\u2019s discussion focuses on 2025 results compared to 2024. For a discussion of 2024 results compared to 2023, refer to the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. \u200b All amounts are in thousands, except share and per share data, or as otherwise noted. \u200b Overview \u200b Our focus is on building relationships by creating a win-win scenario for our clients and our Company. We believe in providing solutions and services to our clients that are based on fairness and simplicity. We have established a solid financial services franchise with a sizable presence for deposit gathering and building client relationships necessary for growth. We have executed on strategic acquisition opportunities to expand our presence in attractive markets and to diversify our revenue streams. Additionally, we are innovating through 2UniFi with the goal of delivering a comprehensive digital financial ecosystem for our clients. We are focused on providing small- and medium-sized businesses with alternative digital access to address borrowing, depository and cash management needs, while also providing information management and access to digital payment tools, under the safety of a regulated bank. We believe that our established presence in our core markets of Colorado, the greater Kansas City region, Texas, Utah, Wyoming, New Mexico and Idaho, as well as our ongoing investment in digital solutions and strategic acquisitions, position us well for growth opportunities. As of December 31, 2025, we had $9.9 billion in assets, $7.4 billion in loans, $8.3 billion in deposits, $1.4 billion in equity and $1.3 billion in assets under management in our trust and wealth management business. \u200b Operating Highlights \u200b Strategic execution \u200b [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u25cf\",\"\\u200b\",\"The Company closed the acquisition of Vista on January 7, 2026, which further strengthens the Company\\u2019s presence in Texas, acquiring banking centers in Dallas-Ft. Worth, Austin, and Lubbock, as well as one banking center in Palm Beach, Florida. At December 31, 2025, Vista held $2.5 billion in total assets, $1.9 billion in loans and $2.2 billion in deposits. The aggregate consideration paid at the time of acquisition was $377.7 million, consisting of $89.0 million in cash with the remainder paid in 7.3 million shares of NBHC common stock, based on the closing price of $39.51 on January 6, 2026. The system conversion for this transaction will be completed during the third quarter of 2026.\"],[\"\\u25cf\",\"\\u200b\",\"At December 31, 2025, common book value per share was $36.67. Tangible common book value per share increased $2.52, or 10.0%, to $27.80, during the year ended December 31, 2025, primarily driven by the year\\u2019s earnings.\"],[\"\\u25cf\",\"\\u200b\",\"In July 2025, the Company launched the initial phase of 2UniFi, an innovative financial ecosystem built to empower business entrepreneurs with treasury management depository capabilities and a streamlined SBA loan offering. In conjunction with the continued investment in the 2UniFi buildout, the Company incurred $21.6 million and $13.0 million of non-in Item 1. BUSINESS. \u200b Summary \u200b NBHC is a bank holding company that has elected financial holding company status and was incorporated in the State of Delaware in 2009. The Company is headquartered in Greenwood Village, Colorado, and its primary operations are conducted through its wholly owned subsidiaries, NBH Bank, BOJHT and 2UniFi, LLC. The Company provides a variety of banking 5 Table of Contents products and services to both commercial and consumer clients through a network of over 90 banking centers, as of December 31, 2025, located primarily in Colorado, the greater Kansas City region, Texas, Utah, Wyoming, New Mexico and Idaho, as well as through online and mobile banking products and services. As of December 31, 2025, we had $9.9 billion in assets, $7.4 billion in loans, $8.3 billion in deposits, $1.4 billion in shareholders\u2019 equity and $1.3 billion in assets under management in our trust and wealth management business. \u200b NBH Bank is a Colorado state-chartered bank and a member of the FRB of Kansas City. At December 31, 2025, we operated under the following brand names as divisions of NBH Bank: in Colorado, Community Banks of Colorado and Community Banks Mortgage; in Kansas and Missouri, Bank Midwest and Bank Midwest Mortgage; in Wyoming, Bank of Jackson Hole and Bank of Jackson Hole Mortgage; and in Texas, Utah, New Mexico and Idaho, Hillcrest Bank and Hillcrest Bank Mortgage. \u200b BOJHT is a Wyoming state-chartered bank and a member of the FRB of Kansas City. Our trust and wealth business currently operates under the Wyoming charter as Bank of Jackson Hole Trust and Bank of Jackson Hole Trust and Wealth Partners. \u200b The Company continues to invest in digital solutions for clients through our financial ecosystem 2UniFi, which launched the initial phase in July 2025. 2UniFi, LLC, a wholly owned subsidiary of NBHC, is a national platform for providing banking services to small- and medium-sized businesses, digital payment tools and financial ser Item 1A. RISK FACTORS. \u200b Risks Relating to General Economic and Market Conditions \u200b Changes in general business and economic conditions as well as external events such as natural disasters, pandemics, cyberattacks, political instability, international trade policies, tariffs, severe weather or acts of war could materially and adversely affect us", "title": "NBHC - National Bank Holdings Corp", "url": "/company/NBHC/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000790359; latest 10-K filed 2026-02-27.", "text": "NBTB - NBT BANCORP INC SIC 6021 National Commercial Banks; CIK 0000790359; latest 10-K filed 2026-02-27. NBTB NBT BANCORP INC 0000790359 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The purpose of this discussion and analysis is to provide a concise description of the consolidated financial condition and results of operations of NBT Bancorp Inc. (\u201cNBT\u201d) and its wholly-owned subsidiaries, including NBT Bank, National Association (the \u201cBank\u201d), NBT Financial Services, Inc. (\u201cNBT Financial\u201d) and NBT Holdings, Inc. (\u201cNBT Holdings\u201d) (collectively referred to herein as the \u201cCompany\u201d). When references to \u201cNBT,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d and \u201cthe Company\u201d are made in this report, we mean NBT Bancorp Inc. and our consolidated subsidiaries, unless the context indicates that we refer only to the parent company, NBT Bancorp Inc. When we refer to the \u201cBank\u201d in this report, we mean our only bank subsidiary, NBT Bank, National Association, and its subsidiaries. This discussion will focus on results of operations for the fiscal years ended December 31, 2025, 2024 and 2023 and financial condition as of December 31, 2025 and 2024, including capital resources and asset/liability management. This discussion and analysis should be read in conjunction with the Company\u2019s consolidated financial statements and related notes. Forward-Looking Statements Certain statements in this filing and future filings by the Company with the SEC, in the Company\u2019s press releases or other public or stockholder communications or in oral statements made with the approval of an authorized executive officer, contain forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of phrases such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201cforecasts,\u201d \u201cprojects,\u201d \u201cwill,\u201d \u201ccan,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cmay,\u201d or other similar terms. There are a number of factors, many of which are beyond the Company\u2019s control, that could cause actual results to differ materially from those contemplated by the forward-looking statements. The discussion in Item 1A. Risk Factors lists some of the factors that may cause actual results to differ materially from those contemplated by any forward-looking statements, and such discussion is incorporated into this discussion by reference. The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company\u2019s annual and quarterly reports previously filed with the SEC, could affect the Company\u2019s financial performance and could cause the Company\u2019s actual results or circumstances for future periods to differ materially from those anticipated or projected. Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. General NBT Bancorp Inc. is a registered financial holding company headquartered in Norwich, NY, with total assets of $16.00 billion at December 31, 2025. The Company\u2019s business, primarily conducted through the Bank and its full-service retirement plan administration and recordkeeping subsidiary and full-service regional insurance agency subsidiary, consists of providing commercial banking, retail banking and wealth management services primarily to customers in its market area, which includes upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont, southern Maine and central and northwestern Connecticut. The Company has been, and intends to continue to be, a community-oriented financial institution offering a variety of financial services. The Company\u2019s business philosophy is to operate as a community bank with local decision-making, providing a broad array of ban ITEM 1. BUSINESS NBT Bancorp Inc. is a registered financial holding company incorporated in the state of Delaware in 1986, with its principal headquarters located in Norwich, New York. The principal assets of NBT Bancorp Inc. consist of all of the outstanding shares of common stock of its subsidiaries, including: NBT Bank, National Association (the \u201cBank\u201d), NBT Financial Services, Inc. (\u201cNBT Financial\u201d), NBT Holdings, Inc. (\u201cNBT Holdings\u201d), CNBF Capital Trust I, NBT Statutory Trust I, NBT Statutory Trust II, Alliance Financial Capital Trust I, Alliance Financial Capital Trust II and Evans Capital Trust I (collectively, the \u201cTrusts\u201d). The principal sources of revenue for NBT Bancorp Inc. are the management fees and dividends it receives from the Bank, NBT Financial and NBT Holdings. Collectively, NBT Bancorp Inc. and its subsidiaries are referred to herein as (the \u201cCompany\u201d). As of December 31, 2025, the Company had assets of $16.00 billion and stockholders\u2019 equity of $1.90 billion on a consolidated basis. The Company\u2019s business, primarily conducted through the Bank, consists of providing commercial banking, retail banking and wealth management services primarily to customers in its market area, which includes upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont, southern Maine and central and northwestern Connecticut. The Company has been, and intends to remain, a community-oriented financial institution offering a variety of financial services. The Company\u2019s business philosophy is to operate as a community bank with local decision-making, providing a broad array of banking and financial services to retail, commercial and municipal customers. The financial condition and operating results of the Company are dependent on its net interest income, which is the difference between the interest and dividend income earned on its earning assets, primarily loans and securities and the interest expense paid on its interest-bear ITEM 1A. RISK FACTORS There are risks inherent to the Company\u2019s business. The material risks and uncertainties that management believes affect the Company are described below. Any of the following risks could affect the Company\u2019s financial condition and results of operations and could be material and/or adverse in nature. You should consi", "title": "NBTB - NBT BANCORP INC", "url": "/company/NBTB/" }, { "kind": "company", "summary": "SIC 1381 Drilling Oil & Gas Wells; CIK 0001895262; latest 10-K filed 2026-02-12.", "text": "NE - Noble Corp plc SIC 1381 Drilling Oil & Gas Wells; CIK 0001895262; latest 10-K filed 2026-02-12. NE Noble Corp plc 0001895262 1381 Drilling Oil & Gas Wells Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion is intended to assist you in understanding our financial position at December 31, 2025 and 2024, and our results of operations for the years ended December 31, 2025, 2024, and 2023. The following discussion should be read in conjunction with the consolidated financial statements and related notes contained in this Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by Noble. Executive Overview Noble is a leading offshore drilling contractor for the oil and gas industry. We provide contract drilling services to the international oil and gas industry with our global fleet of mobile offshore drilling units. Our business strategy is centered around providing efficient, reliable, and safe offshore drilling services to our customers. We have one of the youngest and highest specification fleets of global scale in the industry, with diversification across geographic regions and customers. The Company has a track record of industry-leading utilization coupled with a commitment to best-in-class safety performance and customer satisfaction. We strive to be the leader in industry innovation and a first-mover in sustainability. Our fleet consists predominately of technologically advanced units, equipped with sophisticated systems and components prepared to execute our customers\u2019 complicated offshore drilling programs safely and with greater efficiency. We are primarily focused on the ultra-deepwater market and the ultra-harsh environment jackup market, which typically are more technically challenging markets to operate in. We emphasize safe operations, environmental stewardship, and superior performance through a structured management system, the employment of qualified and well-trained crews and onshore support staff, the care of our surroundings and the neighboring communities where we operate, and other activities advancing our sustainability strategy, and good governance. We also manage rig operating costs through the implementation and continuous improvement of innovative systems and processes, which includes the use of data analytics and predictive maintenance technology. As of the filing date of this Annual Report on Form 10-K, our fleet of 31 drilling rigs consists of 25 floaters and 6 jackups strategically deployed worldwide. We typically employ each drilling unit under an individual contract, and many contracts are awarded based upon a competitive bidding process. We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist primarily of large, integrated, independent, and government-owned or controlled oil and gas companies throughout the world. For the year ended December 31, 2025, our financial and operating results include: \u2022operating revenues totaling $3.3 billion; \u2022net income of $216.7 million or $1.35 per diluted share; \u2022net cash provided by operating activities totaling $951.7 million; \u2022no funds drawn down on the 2023 Revolving Credit Facility (as defined below) as of December 31, 2025, and \u2022a year end cash balance of $471.4 million. Demand for our services is driven by the offshore exploration and development programs of oil and gas operators, which in turn are influenced by many factors. Those factors include, but are not limited to, the price and price stability of oil and gas, the relative cost and carbon footprint of offshore resources within each operator\u2019s broader energy portfolio, global macroeconomic conditions, world energy demand, the operator\u2019s strategy toward renewable energy sources, environmental considerations, and governmental policies. Ou Item 1. Business. Overview Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (\u201cNoble\u201d), is a leading offshore drilling contractor for the oil and gas industry. We provide contract drilling services to the international oil and gas industry with our global fleet of mobile offshore drilling units. We deliver our services through a high-specification fleet of floating and jackup rigs and the deployment of our drilling rigs in oil and gas basins around the world. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. As of December 31, 2025, our fleet of 36 drilling rigs consisted of 25 floaters and 11 jackups. On June 9, 2024, Noble entered into an agreement and plan of merger (the \u201cDiamond Merger Agreement\u201d) with Diamond Offshore Drilling, Inc. (\u201cDiamond\u201d), Dolphin Merger Sub 1, Inc., and Dolphin Merger Sub 2, Inc., under which Noble would acquire Diamond in a stock plus cash transaction (the \u201cDiamond Transaction\u201d). On September 4, 2024 (the \u201cDiamond Closing Date\u201d), Noble completed its acquisition of Diamond. For additional information, see \u201cNote 2 \u2014 Acquisitions and Divestitures\u201d to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K. References in this Annual Report on Form 10-K to \u201cNoble,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer collectively to Noble and its consolidated subsidiaries on and after the Diamond Closing Date, as applicable. Contract Drilling Services We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist primarily of large, integrated, independent, and government-owned or controlled oil Item 1A. Risk Factors. You should carefully consider the following risk factors in addition to the other information included in this Annual Report on Form 10-K. Each of these risk factors could affect our business, operating results, and financial condition as well as affect an investment in our shares. The disclosures in this section reflect our beliefs and ", "title": "NE - Noble Corp plc", "url": "/company/NE/" }, { "kind": "company", "summary": "SIC 8734 Services-Testing Laboratories; CIK 0001077183; latest 10-K filed 2026-02-17.", "text": "NEO - NEOGENOMICS INC SIC 8734 Services-Testing Laboratories; CIK 0001077183; latest 10-K filed 2026-02-17. NEO NEOGENOMICS INC 0001077183 8734 Services-Testing Laboratories ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Introduction The following discussion and analysis should be read in conjunction with the Consolidated Financial Statements and the Notes thereto included in this Annual Report on Form 10-K. The information contained below includes statements of management\u2019s beliefs, expectations, goals and plans that, if not historical, are forward-looking statements subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. For a discussion on forward-looking statements, see the information set forth in the introductory note to this Annual Report under the caption \u201cForward Looking Statements,\u201d which information is incorporated herein by reference. For discussion and analysis pertaining to 2024 overview and highlights as compared to 2023, please refer to the Company\u2019s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (\u201cSEC\u201d) on February 18, 2025. Our Company NeoGenomics, Inc., a Nevada corporation (the \u201cCompany,\u201d or \u201cNeoGenomics\u201d), and its subsidiaries provide a wide range of oncology diagnostic testing and consultative services, including technical laboratory services and professional interpretation of laboratory test results by licensed physicians or molecular experts who specialize in pathology and oncology. The Company operates a network of cancer-focused testing laboratories in the United States and the United Kingdom. 45 [[GREPCENT_TABLE]] [[\"Table of Contents\",\"NEOGENOMICS, INC.\"]] [[/GREPCENT_TABLE]] 2025 Overview and Highlights \u2022We increased revenue by 10.1% compared to 2024; \u2022We increased Adjusted EBITDA 9.5% or $3.7 million to positive $43.4 million compared to 2024; \u2022We completed the acquisition of Pathline in April 2025; and \u2022We successfully resolved the RaDaR ST patent litigation with no remaining claims pending against the Company in December 2025. Company Outlook Advances in science and technology are driving a proliferation of oncology therapies and associated diagnostic tests. These diagnostic tools and therapies are increasing survival and enhancing quality of life for cancer patients. As a leading provider of oncology diagnostics solutions serving practicing oncologists and pathologists as well as biopharmaceutical companies, NeoGenomics facilitates the adoption of these advanced oncology diagnostic tools beyond the academic environment into the community setting. We are continuously enhancing and expanding our test menu to ensure that providers and patients have access to leading edge solutions such as advanced molecular testing and state-of-the art digital pathology. Moreover, our team of MDs and PhDs, along with our highly-trained oncology-focused sales team, provides ongoing education to our clients to ensure that they remain abreast of cutting-edge developments in oncology. We are a leading provider of Heme oncology diagnostic testing, which includes molecular and NGS testing, and one of the key providers of solid tumor NGS testing solutions in the United States. Additionally, we are a trusted provider of specialized pharmaceutical development services, supporting pharmaceutical firms through the provision of laboratory testing, biomarker analysis, data generation, and related scientific support services in connection with sponsor-led research studies and clinical trials. We expect to continue to grow our business by offering a broad portfolio of tests with rapid turnaround times, wrap-around services, and solutions targeted to hospitals and community oncology segments. We believe that our exclusive focus on oncology, enabled by our expansive oncology testing menu and our high level of service, will further enhance our efforts. We believe increased value of testing and lower cost is extremely important to the healthcare industry and creates a competitive advantage. We expect to continue to ITEM 1. BUSINESS NeoGenomics, Inc., a Nevada corporation (referred to individually as the \u201cCompany\u201d or collectively with its subsidiaries as \u201cNeoGenomics,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d in this Annual Report on Form 10-K) is the registrant for SEC reporting purposes. Our common stock is listed on The Nasdaq Stock Market LLC (\u201cNasdaq\u201d) under the symbol \u201cNEO.\u201d Overview NeoGenomics provides a wide range of oncology diagnostic testing and consultative services including technical laboratory services and professional interpretation of laboratory test results by licensed physicians or molecular experts who specialize in pathology and oncology. We operate a network of cancer-focused testing laboratories in the United States and the United Kingdom. Our mission is to save lives by improving patient care. Our vision is to become the world\u2019s leader in cancer testing, information, and decision support by providing uncompromising quality, exceptional service, and innovative solutions. As of December 31, 2025, the Company operated College of American Pathologists (\u201cCAP\u201d) accredited and Clinical Laboratory Improvement Amendments of 1988 (\u201cCLIA\u201d) certified laboratories in Fort Myers, Florida; Aliso Viejo and Carlsbad, California; Durham, North Carolina; Ramsey, New Jersey; and Houston, Texas; and an International Organization for Standardization (\u201cISO\u201d) certified, CAP accredited full-service, sample-processing laboratory in Cambridge, United Kingdom. We also have several, small, non-processing laboratory locations across the United States for providing analysis services. We currently offer the following types of testing services: \u2022Cytogenetics (\u201ckaryotype analysis\u201d) \u2013 the study of normal and abnormal chromosomes and their relationship to disease. Cytogenetics involves analyzing the chromosome structure to identify changes from patterns seen in normal chromosomes. Cytogenetic studies are often performed to provide diagnostic, prognostic and occasionally predictive information for patien ITEM 1A. RISK FACTORS We are subject to various risks that may materially harm our business, financial condition, and results of operations. They are not, however, the only risks we face. Additional risks and uncertainties not presently known to us or that we currently believe not to be material may also adversely affect our business, financia", "title": "NEO - NEOGENOMICS INC", "url": "/company/NEO/" }, { "kind": "company", "summary": "SIC 2835 In Vitro & In Vivo Diagnostic Substances; CIK 0000711377; latest 10-K filed 2025-07-30.", "text": "NEOG - NEOGEN CORP SIC 2835 In Vitro & In Vivo Diagnostic Substances; CIK 0000711377; latest 10-K filed 2025-07-30. NEOG NEOGEN CORP 0000711377 2835 In Vitro & In Vivo Diagnostic Substances ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. In addition, any forward-looking statements represent management\u2019s views only as of the day this Form 10-K was first filed with the Securities and Exchange Commission and should not be relied upon as representing management\u2019s views as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our views change. COMPANY OVERVIEW Neogen Corporation and subsidiaries develop, manufacture and market a diverse line of products and services dedicated to food and animal safety. Our Food Safety segment consists primarily of diagnostic test kits and complementary products (e.g., culture media) sold to food producers and processors to detect dangerous and/or unintended substances in human food and animal feed, such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, ruminant by-products, meat speciation, drug residues, pesticide residues and general sanitation concerns. The majority of the diagnostic test kits are disposable, single-use, immunoassay and DNA detection products that rely on proprietary antibodies and RNA and DNA testing methodologies to produce rapid and accurate test results. Our line of food safety products also includes advanced software systems that help testers to objectively analyze and store their results and perform analysis on the results from multiple locations over extended periods. Neogen\u2019s Animal Safety segment is engaged in the development, manufacture, marketing and distribution of veterinary instruments, pharmaceuticals, vaccines, topicals, parasiticides, diagnostic products, rodent control products, cleaners, disinfectants, insect control products and genomics testing services for the worldwide animal safety market. The majority of these consumable products are marketed through veterinarians, retailers, livestock producers and animal health product distributors. TRENDS AND UNCERTAINTIES In recent years, input cost inflation, including increases in certain raw materials, negatively impacted operating results. In fiscal year 2024, despite a slowing rate of inflation, there were economic headwinds of softening consumer demand and higher interest rates, coupled with ongoing geopolitical tension in certain regions. Interest rates have risen sharply, particularly in fiscal year 2023, as a way to combat inflation. This increased our borrowing costs and raised the overall cost of capital. Although the federal funds rate was reduced in 2024 and we have refinanced our Term Loan and revolving line of credit, the overall interest rate we pay on our Credit Facilities remains higher than when the debt was incurred in 2022, which increases interest expense on the unhedged portion of our Term Loan. In response to the historically high inflationary environment, we took pricing actions to mitigate the impacts on the business in prior fiscal years. The impact of inflation continues to affect us in fiscal year 2025, although at a lower rate compared to prior fiscal years. Beginning in the first half of fiscal year 2024, we implemented a new enterprise resource planning system and exited our transition service agreements with 3M, which led to certain shipment delays and an elevated backlog of open orders, specifically in the Food Safety segment. At the conclusion of fiscal year 2024, order fulfillment issues were largely resolved, however, the impact of lost market share stemming from these fulfillment issues continued in fiscal year 2025. Also in fiscal year 2025, we experienced an elevated amount of inventory write-offs, particularly in the fourth quarter, due, ITEM 1. BUSINESS Neogen Corporation and its subsidiaries develop, manufacture and market a diverse line of products and services dedicated to food and animal safety. Our Food Safety segment consists primarily of diagnostic test kits and complementary products (e.g., culture media) sold to food and animal feed producers and processors to preserve the safety and quality of food to prevent contamination and foodborne illnesses such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, and ruminant by-products. These products also ensure the general hygiene of the food manufacturing environment. We also have products to determine food quality and nutritional components. The majority of the test kits are consumables, single-use, culture, immunoassay and nucleic acid detection products that rely on proprietary antibodies and RNA and DNA testing methodologies to produce rapid and accurate test results. Our line of food safety services also includes advanced software systems that help testers objectively analyze, store and identify emerging issues from their results from multiple locations over extended periods. On September 1, 2022, Neogen, 3M Company (\u201c3M\u201d) and Neogen Food Safety Corporation, formerly named Garden SpinCo, a subsidiary created to carve out 3M\u2019s Food Safety Division (\u201c3M FSD\u201d, \u201cFSD\u201d), closed on a transaction combining 3M\u2019s FSD with Neogen in a Reverse Morris Trust transaction and Neogen Food Safety Corporation became a wholly owned subsidiary of Neogen (\u201cFSD transaction\u201d, the \"Transaction\"). Following the FSD transaction, pre-merger Neogen Food Safety Corporation stockholders owned, in the aggregate, approximately 50.1% of the issued and outstanding shares of Neogen common stock, and pre-merger Neogen shareholders owned, in the aggregate, approximately 49.9% of the issued and outstanding shares of Neogen common stock. See Note 8. \"Business Combinations\" to the consolidated financial statements for further discussion. FSD products are ITEM 1A. RISK FACTORS Investing in our securities involves a variety of risks and uncertainties, known and unknown, including, among others, those discussed below. Each of the following risks should be considered carefully, together with all the other information included in this Annual Report on Form 10-K, including o", "title": "NEOG - NEOGEN CORP", "url": "/company/NEOG/" }, { "kind": "company", "summary": "SIC 2800 Chemicals & Allied Products; CIK 0001653477; latest 10-K filed 2026-02-26.", "text": "NGVT - Ingevity Corp SIC 2800 Chemicals & Allied Products; CIK 0001653477; latest 10-K filed 2026-02-26. NGVT Ingevity Corp 0001653477 2800 Chemicals & Allied Products ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Introduction Management's discussion and analysis of Ingevity's financial condition and results of operations (\"MD&A\") should be read in conjunction with Item 8. Financial Statements and Supplementary Data. Investors are cautioned that the forward-looking statements contained in this section and other parts of this Annual Report on Form 10-K involve both risk and 26 uncertainty. Several important factors could cause actual results to differ materially from those anticipated by these statements. Many of these statements are macroeconomic in nature and are, therefore, beyond the control of management. See \"Cautionary Statements about Forward-Looking Statements\" at the beginning of this Annual Report on Form 10-K for further discussion. All references to notes (herein referred to as \"Note\") in this section refer to the notes accompanying the Consolidated Financial Statements included in Part II. Item 8 within this Form 10-K. Unless otherwise noted, discussion within Part II relates to continuing operations. Refer to Note 20 of the Notes to the Consolidated Financial Statements included in Part II. Item 8 within this Form 10-K for further information regarding discontinued operations. Overview Ingevity Corporation (\"Ingevity,\" the \"Company,\" \"we,\" \"us,\" or \"our\") provides products and technologies that purify, protect, and enhance the world around us. Through a diverse team of talented and experienced people, we develop, manufacture, and bring to market solutions that are largely renewably sourced and help customers solve complex problems while making the world more sustainable. Our products are used in a variety of demanding applications, including automotive gasoline vapor emissions control systems, food, water and chemical filtration, asphalt paving, agrochemical dispersants, bioplastics, coatings, elastomers, and paint for road markings. We operate in three reportable segments: Performance Materials, Performance Chemicals, and Advanced Polymer Technologies. Recent Developments Performance Chemicals Repositioning and Industrial Specialties Divestiture Beginning in 2023, following a sharp decline in volumes in the industrial end markets served by our Performance Chemicals industrial specialties product line, we announced a series of strategic initiatives designed to right-size our cost structure, streamline our footprint, and strengthen the overall resilience of the Company. Collectively, these initiatives are referred to as the Performance Chemicals (\"PC\") Repositioning Actions. The PC Repositioning Actions were designed to: \u2022Prioritize growth in our higher-margin Performance Chemicals product lines, such as pavement technologies; \u2022Improve the financial performance of the industrial specialties product line; and \u2022Reduce exposure to lower-margin, more cyclical end-use markets, including adhesives, publication inks, and oilfield applications, which historically represented approximately 45 percent of our industrial specialties product line's pre-2023 annualized net sales. The actions completed through fiscal year 2024 successfully enhanced the financial performance of the industrial specialties product line and positioned that business for strategic alternatives. As a result, on January 16, 2025, we announced our intention to pursue a potential sale of the product line. On September 3, 2025, Ingevity entered into a sales agreement to sell substantially all of the assets, rights, and liabilities associated with the industrial specialties product line and the CTO refinery, (collectively, the \"Divestiture\"). Upon execution of the sales agreement, the industrial specialties product line and the CTO refinery included in the Divestiture met the criteria for classification as discontinued operations. As such, the results of operations of the Divestiture have been reclassified and presented as discontinued operations for all ITEM 1. BUSINESS General Ingevity Corporation provides products and technologies that purify, protect, and enhance the world around us. Through a diverse team of talented and experienced people, we develop, manufacture, and bring to market solutions that are largely renewably sourced and help customers solve complex problems while making the world more sustainable. Our products are used in a variety of demanding applications, including automotive gasoline vapor emissions control systems, food, water and chemical filtration, asphalt paving, agrochemical dispersants, bioplastics, coatings, elastomers, and paint for road markings. We operate in three reportable segments: Performance Materials, Performance Chemicals and Advanced Polymer Technologies. Throughout this Annual Report on Form 10-K, except where otherwise stated or indicated by the context, \"Ingevity,\" the \"Company,\" \"we,\" \"us,\" or \"our\" means Ingevity Corporation and its consolidated subsidiaries and their predecessors. Our business originated as part of the operations of our former parent company, Westvaco Corporation, in 1964, and we operated as a division of Westvaco Corporation and its corporate successors, including MeadWestvaco Corporation and WestRock Company (\"WestRock\"), until our separation from WestRock in May 2016. Our common stock began \"regular-way\" trading on the New York Stock Exchange in May 2016 under the symbol \"NGVT.\" Our principal executive offices are located at 4920 O'Hear Avenue, Suite 400, North Charleston, South Carolina 29405. Ingevity maintains a website at www.ingevity.com. We make available, free of charge through our website, our filings with the Securities and Exchange Commission (the \"SEC\"), including our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports, as soon as reasonably practicable after such items are filed with, or furnished to, the SEC. We also use our website to publish additional infor ITEM 1A. RISK FACTORS Based on the information currently known to us, we believe that the following information identifies the most significant risk factors affecting the Company. However, the risks and uncertainties we face are not limited to those set forth in the risk factors described below. Additional risks and uncertainties not presently known to u", "title": "NGVT - Ingevity Corp", "url": "/company/NGVT/" }, { "kind": "company", "summary": "SIC 8051 Services-Skilled Nursing Care Facilities; CIK 0001047335; latest 10-K filed 2026-02-26.", "text": "NHC - NATIONAL HEALTHCARE CORP SIC 8051 Services-Skilled Nursing Care Facilities; CIK 0001047335; latest 10-K filed 2026-02-26. NHC NATIONAL HEALTHCARE CORP 0001047335 8051 Services-Skilled Nursing Care Facilities ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview National HealthCare Corporation, which we also refer to as NHC or the Company, is a leading provider of post\u2013acute care and senior health care services. At December 31, 2025, we operate or manage 80 skilled nursing facilities with 10,329 1icensed beds, 26 assisted living facilities with 1,413 units, nine independent living facilities, three behavioral health hospitals, 34 homecare agencies, and 33 hospice agencies located in 9 states. In addition, we provide management services, accounting and financial services, and insurance services to third party operators of healthcare properties. We also own the real estate of 10 healthcare properties and lease these properties to third party operators. 30 Executive Summary Earnings To monitor our earnings, we have developed budgets and management reports to monitor labor, census, and the composition of revenues. During certain inflationary times, our net patient revenues and government reimbursement may not keep pace with inflationary increases in our expenses, which may cause net earnings to decline. Occupancy A primary area of management focus continues to be the rates of occupancy within our skilled nursing facilities. The overall census (based on operational beds) in owned and leased skilled nursing facilities for 2025 was 89.7% compared to 88.6% in 2024 and 87.9% in 2023. Due to America\u2019s healthcare labor shortage, the challenge of maintaining desirable patient census levels has been amplified. Management has undertaken a number of steps in order to best position our current and future health care facilities. This includes working internally to examine and improve systems to be most responsive to referral sources and payors, as well as find creative initiatives to retain and attract qualified healthcare professionals. Additionally, NHC is in various stages of partnerships with hospital systems, payors, and other post\u2013acute alliances to better position ourselves so we are an active participant in the delivery of post-acute healthcare services. Quality of Patient Care The Centers for Medicare and Medicaid Services (\u201cCMS\u201d) introduced the Five-Star Quality Rating System to help consumers, their families and caregivers compare skilled nursing facilities more easily. The Five-Star Quality Rating System gives each skilled nursing operation a rating ranging between one and five stars in various categories (five stars being the best). The Company has always strived for patient-centered care and quality outcomes as precursors to outstanding financial performance. The tables below summarize NHC's overall performance in these Five-Star ratings versus the skilled nursing industry as of December 31, 2025: [[GREPCENT_TABLE]] [[\"\",\"\",\"NHC Ratings\",\"\",\"\",\"Industry Ratings\"],[\"Total number of skilled nursing facilities, end of period\",\"\",\"80\"],[\"Number of 4 and 5-star rated skilled nursing facilities\",\"\",\"50\"],[\"Percentage of 4 and 5-star rated skilled nursing facilities\",\"\",\"62.5%\",\"\",\"\",\"38.6%\"],[\"Average rating for all skilled nursing facilities, end of period\",\"\",\"3.83\",\"\",\"\",\"2.95\"]] [[/GREPCENT_TABLE]] Development and Growth We are undertaking to expand our post\u2013acute and senior health care operations while protecting our existing operations and markets. The following table lists our recent construction and purchase activities. [[GREPCENT_TABLE]] [[\"Type of Operation\",\"Description\",\"Size\",\"Location\",\"Placed in Service\"],[\"Hospice\",\"New Agency\",\"1 agency\",\"Cedar Bluff, VA\",\"March 2023\"],[\"Skilled Nursing\",\"Acquisition\",\"66 beds\",\"Nashville, TN\",\"May 2023\"],[\"Homecare\",\"New Agency\",\"1 agency\",\"Tallahassee, FL\",\"May 2023\"],[\"Assisted Living Facility\",\"New Operations\",\"135 units\",\"Vero Beach, FL\",\"July 2023\"],[\"Assisted Living Facility\",\"New Operations\",\"95 units\",\"Merritt Island, FL\",\"July 2023\"],[\"Assisted Living Facility\",\"New Operations\",\"100 units\",\"Stuart, FL\",\"July 2023\"],[ ITEM 1. BUSINESS National HealthCare Corporation, which we also refer to as NHC or the Company, began business in 1971. Our principal business is the operation of skilled nursing facilities, assisted living facilities, independent living facilities, homecare and hospice agencies, and behavioral health hospitals. Our business activities include providing sub\u2013acute and post\u2013acute skilled nursing care, intermediate nursing care, rehabilitative care, memory and Alzheimer\u2019s care, senior living services, home health care services, hospice services, and behavioral health services. In addition, we provide management services, accounting and financial services, as well as insurance services to third party operators of health care facilities. We also own the real estate of 10 healthcare properties and lease these properties to third party operators. We operate in 9 states and our operations are primarily located in the Southeastern and Midwestern parts of the United States. Description of the Business The following table summarizes our operations by ownership status as of December 31, 2025: [[GREPCENT_TABLE]] [[\"\",\"Owned\",\"Leased\",\"Managed\",\"Total\"],[\"Skilled Nursing Facilities\"],[\"Number of facilities\",\"\",\"43\",\"\",\"29\",\"\",\"8\",\"\",\"80\"],[\"Percentage of total\",\"\",\"53.7%\",\"\",\"36.3%\",\"\",\"10.0%\",\"\",\"100.0%\"],[\"Licensed beds\",\"\",\"5,485\",\"\",\"3,865\",\"\",\"979\",\"\",\"10,329\"],[\"Percentage of total\",\"\",\"53.1%\",\"\",\"37.4%\",\"\",\"9.5%\",\"\",\"100.0%\"],[\"Assisted Living Facilities\"],[\"Number of facilities\",\"\",\"19\",\"\",\"5\",\"\",\"2\",\"\",\"26\"],[\"Percentage of total\",\"\",\"73.1%\",\"\",\"19.2%\",\"\",\"7.7%\",\"\",\"100.0%\"],[\"Units\",\"\",\"1,309\",\"\",\"70\",\"\",\"34\",\"\",\"1,413\"],[\"Percentage of total\",\"\",\"92.6%\",\"\",\"5.0%\",\"\",\"2.4%\",\"\",\"100.0%\"],[\"Independent Living Facilities\"],[\"Number of facilities\",\"\",\"5\",\"\",\"3\",\"\",\"1\",\"\",\"9\"],[\"Percentage of total\",\"\",\"55.6%\",\"\",\"33.3%\",\"\",\"11.1%\",\"\",\"100.0%\"],[\"Retirement apartments\",\"\",\"396\",\"\",\"245\",\"\",\"136\",\"\",\"777\"],[\"Percentage of total\",\"\",\"51.0%\",\"\",\"31.5%\",\"\",\"17.5%\",\"\",\"100.0% ITEM 1A. RISK FACTORS You should carefully consider the risk factors set forth below, as well as the other information contained in this Annual Report on Form 10\u2013K. These risk factors should be considered in connection with evaluating the forward\u2013looking statements contained in this Annual Report on For", "title": "NHC - NATIONAL HEALTHCARE CORP", "url": "/company/NHC/" }, { "kind": "company", "summary": "SIC 6351 Surety Insurance; CIK 0001547903; latest 10-K filed 2026-02-12.", "text": "NMIH - NMI Holdings, Inc. SIC 6351 Surety Insurance; CIK 0001547903; latest 10-K filed 2026-02-12. NMIH NMI Holdings, Inc. 0001547903 6351 Surety Insurance Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and notes thereto included below in Item 8 of this report and the Risk Factors included above in Part I, Item 1A of this report. In addition, investors should review the \u201cCautionary Note Regarding Forward-Looking Statements\u201d and the \u201cGlossary of Abbreviations and Acronyms\u201d above. Overview We provide private MI through our primary insurance subsidiary, NMIC. NMIC is wholly-owned, domiciled in Wisconsin and principally regulated by the Wisconsin OCI. NMIC is approved as an MI provider by the GSEs and is licensed to write coverage in all 50 states and D.C. Our subsidiary, NMIS, provides outsourced loan review services to mortgage loan originators and our subsidiary, Re One, historically provided reinsurance coverage to NMIC in accordance with certain statutory risk retention requirements. Such requirements have been repealed and the reinsurance coverage provided by Re One to NMIC has been commuted. Re One remains a wholly-owned, licensed insurance subsidiary; however, it does not currently have active insurance exposures. MI protects lenders and investors from default-related losses on a portion of the unpaid principal balance of a covered mortgage. MI plays a critical role in the U.S. housing market by mitigating mortgage credit risk and facilitating the secondary market sale of high-LTV (i.e., above 80%) residential loans to the GSEs, who are otherwise restricted by their charters from purchasing or guaranteeing high-LTV mortgages that are not covered by certain credit protections. Such credit protection and secondary market sales allow lenders to increase their capacity for mortgage commitments and expand financing access to existing and prospective homeowners. NMIH, a Delaware corporation, was incorporated in May 2011, and we began start-up operations in 2012 and wrote our first MI policy in 2013. Since formation, we have sought to establish customer relationships with a broad group of mortgage lenders and build a diversified, high-quality insured portfolio. As of December 31, 2025, we had issued master policies with 2,193 customers, including national and regional mortgage banks, money center banks, credit unions, community banks, builder-owned mortgage lenders, internet-sourced lenders and other non-bank lenders. As of December 31, 2025, we had $221.4 billion of primary IIF and $59.3 billion of primary RIF. We believe that our success in acquiring a large and diverse group of lender customers and growing a portfolio of high-quality IIF traces to our founding principles, whereby we aim to help qualified individuals achieve their homeownership goals, ensure that we remain a strong and credible counter-party, deliver a high-quality customer service experience, establish a differentiated risk management approach that emphasizes the individual underwriting review or validation of the vast majority of the loans we insure, utilizing our proprietary Rate GPS\u00ae pricing platform to dynamically evaluate risk and price our policies, and foster a culture of collaboration and excellence that helps us attract and retain experienced industry leaders. Our strategy is to continue to build on our position in the private MI market, expand our customer base and grow our insured portfolio of high-quality residential loans by focusing on long-term customer relationships, disciplined and proactive risk selection and pricing, fair and transparent claim payment practices, responsive customer service, and financial strength and profitability. Our common stock trades on the Nasdaq under the symbol \u201cNMIH.\u201d Our headquarters is located in Emeryville, California. As of December 31, 2025, we had 225 employees. Our corporate website is located at www.nationalmi.com. Our website and the information contained Item 1. Business See the \u201cGlossary of Abbreviations and Acronyms\u201d for descriptions of terms used through this annual report. General We provide mortgage insurance (referred to as mortgage insurance or MI) through our wholly-owned insurance subsidiaries, NMIC and Re One. NMIC and Re One are domiciled in Wisconsin and principally regulated by the Wisconsin OCI. NMIC is our primary insurance subsidiary, and is approved as an MI provider by the GSEs and is licensed to write MI coverage in all 50 states and D.C. Our subsidiary, NMIS, provides outsourced loan review services to mortgage loan originators and our subsidiary, Re One, historically provided reinsurance coverage to NMIC in accordance with certain statutory risk retention requirements. Such requirements have been repealed and the reinsurance coverage provided by Re One to NMIC has been commuted. Re One remains a wholly-owned, licensed insurance subsidiary; however, it does not currently have active insurance exposures. MI protects lenders and investors from default-related losses on a portion of the unpaid principal balance of a covered mortgage. MI plays a critical role in the U.S. housing market by mitigating mortgage credit risk and facilitating the secondary market sale of high-LTV (i.e., above 80%) residential loans to the GSEs, who are otherwise restricted by their charters from purchasing or guaranteeing high-LTV mortgages that are not covered by certain credit protections. Such credit protection and secondary market sales allow lenders to increase their capacity for mortgage commitments and expand financing access to existing and prospective homeowners. NMIH, a Delaware corporation, was incorporated in May 2011, and we began start-up operations in 2012 and wrote our first MI policy in 2013. Since formation, we have sought to establish customer relationships with a broad group of mortgage lenders and build a diversified, high-quality insured portfolio. As of December 31, 2025, we had issued master po Item 1A. Risk Factors You should carefully consider the following risk factors, as well as all other information contained in this report, including our consolidated financial statements and the related notes thereto, before deciding to invest in our common stock. The occurrence of any of the following risks could materially and adversely affect our business", "title": "NMIH - NMI Holdings, Inc.", "url": "/company/NMIH/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001104485; latest 10-K filed 2026-02-26.", "text": "NOG - NORTHERN OIL & GAS, INC. SIC 1311 Crude Petroleum & Natural Gas; CIK 0001104485; latest 10-K filed 2026-02-26. NOG NORTHERN OIL & GAS, INC. 0001104485 1311 Crude Petroleum & Natural Gas Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our financial statements and accompanying notes to financial statements appearing elsewhere in this report. See Item 7., \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in our Annual Report on Form 10-K for the year ended December 31, 2024 for discussion and analysis of results of operations for the year ended December 31, 2023. Executive Overview Our primary strategy is to invest in non-operated minority working and mineral interests in oil and natural gas properties, with a core area of focus in the premier basins within the United States. Using this strategy, we had participated in 11,702 gross (1,195 net) producing wells as of December 31, 2025. As of December 31, 2025, we had leased approximately 301,797 net acres, of which approximately 83% were developed and all were located in the United States. Our average daily production for full year 2025 was 135,045 Boe per day, and in the fourth quarter of 2025 was 140,064 Boe per day (approximately 53% oil). This represented significant growth from 2024, which was driven in large part by our substantial acquisition activities in 2024 and 2025, as described in Note 3 to our financial statements. During 2025, we added 80.7 new net wells to production, plus an additional 18.6 net wells added from acquisitions which were already producing when acquired. We ended 2025 with 45.6 net wells in process. Our financial and operating performance for the year ended December 31, 2025 included the following: \u2022Total production of 135,045 Boe per day, a 9% increase compared to 2024 \u2022Cash flows from operations of $1.5 billion, a 7% increase compared to 2024 \u2022Proved reserves of 384.1 MMBoe at year-end, a 1% increase compared to year-end 2024 \u2022Grew our total quarterly common stock dividends by 10%, from $1.64 per share total during 2024 to $1.80 per share total during 2025 \u2022Provided returns to shareholders totaling approximately $230.4 million, comprised of $173.4 million in common stock dividend payments and $57.0 million in repurchases of common stock \u2022Extended the weighted average maturity on our outstanding indebtedness to 5.4 years at year-end 2025, compared to 3.9 years at year-end 2024. Source of Our Revenues We derive our revenues from the sale of oil, natural gas and NGLs produced from our properties. Revenues are a function of the volume produced, the prevailing market price at the time of sale, oil quality, Btu content and transportation costs to market. We use derivative instruments to hedge future sales prices on a substantial, but varying, portion of our oil and natural gas production. We expect our derivative activities will help us achieve more predictable cash flows and reduce our exposure to downward price fluctuations. The use of derivative instruments has in the past, and may in the future, prevent us from realizing the full benefit of upward price movements but also mitigates the effects of declining price movements. Principal Components of Our Cost Structure \u2022Commodity price differentials. The price differential between our well head price for oil and the NYMEX WTI benchmark price (\u201cOil Price Differential\u201d) is primarily driven by the cost to transport oil via train, pipeline or truck to refineries. The price differential between our well head price for natural gas and NGLs and the NYMEX Henry Hub benchmark price (\u201cGas Price Differential\u201d) is primarily driven by gathering and transportation costs. As applicable, the calculations of both our Oil Price Differential and Gas Price Differential include certain immaterial non-cash revenue adjustments intended to reflect current period economic conditions. \u2022Gain (loss) on commodity derivatives, net. We utilize commodity derivative financial instruments to reduce our exposure to fluctuations in the prices of oil Item 1. Business Overview We are an independent energy company engaged as a non-operator in the acquisition, exploration, development and production of oil and natural gas properties in the United States, primarily in the Williston Basin, the Permian Basin, the Appalachian Basin and the Uinta Basin. We believe the location, size and concentration of our acreage positions in some of North America\u2019s leading unconventional oil and gas resource plays provide us with drilling and development opportunities that will result in significant long-term value. We currently report a single reportable segment. See \u201cFinancial Statements\u201d and the notes to our financial statements for financial information about this reportable segment. Our primary strategy is to invest in non-operated minority working and mineral interests in oil and natural gas properties, with a core area of focus in the premier basins within the United States. As a non-operator, we are able to diversify our investment exposure by participating in a large number of gross wells, as well as entering into additional project areas by partnering with numerous experienced operating partners or pursuing value enhancing acquisitions. In addition, because we can generally elect to participate on a well by well basis, we believe we have increased flexibility in the timing and amount of our capital expenditures because we are not burdened with various contractual arrangements with respect to minimum drilling obligations. Further, we are able to avoid exploratory and infrastructure costs incurred by many oil and natural gas producers. We seek to create value through strategic acquisitions and financially participating alongside operators who have significant experience in developing and producing hydrocarbons in our core areas. We have more than 100 experienced operating partners that provide technical insights and opportunities for acquisitions. Across these operators, no single operator represented more than 11% of our Item 1A. Risk Factors In addition to the other information contained in this Annual Report on Form 10-K, the following risk factors should be considered in evaluating our business and future prospects. Note that additional risks not presently known to us or that are currently considered immaterial may also have a negative impact on o", "title": "NOG - NORTHERN OIL & GAS, INC.", "url": "/company/NOG/" }, { "kind": "company", "summary": "SIC 3480 Ordnance & Accessories, (No Vehicles/Guided Missiles); CIK 0000080172; latest 10-K filed 2026-03-13.", "text": "NPK - NATIONAL PRESTO INDUSTRIES INC SIC 3480 Ordnance & Accessories, (No Vehicles/Guided Missiles); CIK 0000080172; latest 10-K filed 2026-03-13. NPK NATIONAL PRESTO INDUSTRIES INC 0000080172 3480 Ordnance & Accessories, (No Vehicles/Guided Missiles) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \ufeff An overview of the Company\u2019s business and segments in which the Company operates and risk factors can be found in Items 1 and 1A of this Form 10-K. Forward-looking statements in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, elsewhere in this Form 10-K, in the Company\u2019s 2025 Annual Report to Shareholders, in the Proxy Statement for the annual meeting to be held May 19, 2026, and in the Company\u2019s press releases and oral statements made with the approval of an authorized executive officer are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. There are certain important factors that could cause results to differ materially from those anticipated by some of the statements made herein. Investors are cautioned that all forward-looking statements involve risks and uncertainty. In addition to the factors discussed herein and in the notes to Consolidated Financial Statements, among the other factors that could cause actual results to differ materially are the following: consumer spending and debt levels; interest rates; continuity of relationships with and purchases by major customers; product mix; the benefit and risk of business acquisitions; competitive pressure on sales and pricing; development and market acceptance of new products; increases in material, freight/shipping, tariffs, or production cost which cannot be recouped in product pricing; delays or interruptions in shipping or production; shipment of defective product which could result in product liability claims or recalls; work or labor disruptions stemming from a unionized work force; changes in government requirements, military spending, and funding of government contracts which could result, among other things, in the modification or termination of existing contracts; dependence on subcontractors or vendors to perform as required by contract; the ability of startup businesses to ultimately have the potential to be successful; the efficient start-up and utilization of capital and equipment investments; political actions of federal and state governments which could have an impact on everything from the value of the U.S. dollar vis-\u00e0-vis other currencies to the availability of affordable labor and energy; and security breaches and disruptions to our information technology system. Additional information concerning these and other factors is contained in the Company's Securities and Exchange Commission filings. \ufeff 2025 COMPARED TO 2024 \ufeff Readers are directed to Note L, \u201cBusiness Segments,\u201d to the Company\u2019s Consolidated Financial Statements for data on the financial results of the Company\u2019s three business segments for the years ended December 31, 2025 and 2024. \ufeff On a consolidated basis, sales increased by $115,296,000 (30%), gross profit increased by $1,759,000 (2%), selling and general expense increased by $4,030,000 (13%), impairment of vendor deposit increased $2,701,000, and amortization was consistent. Other income decreased by $3,579,000 (66%), earnings before provision for income taxes decreased by $8,551,000 (17%), and net earnings decreased by $8,376,000 (20%). Details concerning these changes can be found, by segment, in the comments below. \ufeff Net sales of the Housewares/Small Appliance segment decreased by $7,195,000 (7%), from $102,799,000 to $95,604,000, primarily attributable to a decrease in units shipped, approximately 47% was offset by an increase in pricing. Net sales of the Defense segment increased by $121,912,000 (43%), from $284,025,000 to $405,937,000, reflecting an increase in shipments from the segment's backlog. Safety segment sales increased $579,000 to $1,983,000, reflecting an increase in shipments. \ufeff Gross profit of the Housewares/Small Appliance segment decreased $17,889,000 from $25,478,000 (25% of sales) in 2024 to $7,589,000 (8% of ITEM 1. BUSINESS \ufeff A. DESCRIPTION OF BUSINESS \ufeff The business of National Presto Industries, Inc. (the \u201cCompany\" or \u201cNational Presto\u201d) consists of three business segments. For a further discussion of the Company\u2019s business, the segments in which it operates, and financial information about the segments, please refer to Note L to the Consolidated Financial Statements. The Housewares/Small Appliance segment designs, markets and distributes housewares and small electrical appliances, including pressure cookers and canners, kitchen electrics, and comfort appliances that enrich the lives of consumers by making life easier, more productive and more enjoyable. The Defense segment protects the lives of the citizens of our nation, as well as the citizens of our nation\u2019s allies, by providing our warfighters with reliable products. It manufactures 40mm ammunition, precision mechanical and electro-mechanical assemblies, medium caliber cartridge cases and metal parts; performs Load, Assemble and Pack (LAP) operations on ordnance-related products primarily for the United States Government and prime contractors; and manufactures detonators, booster pellets, release cartridges, lead azide, other military energetic devices and materials, and assemblies. The Safety segment provides innovative safety technology empowering organizations and individuals to protect what is most important. The segment's startup company, Rely Innovations, Inc., offers smoke, carbon monoxide (CO), and combo smoke/CO alarms with an array of voice messages in English and Spanish that clearly inform of incipient danger. The CO alarms have large digital displays as well. The segment also markets an economy line of carbon monoxide and smoke alarms and a PFAS-Free Foam commercial fire extinguisher. \ufeff 1. Housewares/Small Appliance Segment Housewares and electrical appliances sold by the segment include pressure cookers and canners; the Presto Control Master\u00ae heat control line of skillets in several siz ITEM 1A. RISK FACTORS \ufeff The Company\u2019s three business segments described above are all subject to a number of risk factors, the occurrence of any one or more of which could have a significant adverse impact on the business, financial condition, or results of operations of the Company", "title": "NPK - NATIONAL PRESTO INDUSTRIES INC", "url": "/company/NPK/" }, { "kind": "company", "summary": "SIC 3050 Gaskets, Packg & Sealg Devices & Rubber & Plastics Hose; CIK 0001164863; latest 10-K filed 2026-02-19.", "text": "NPO - Enpro Inc. SIC 3050 Gaskets, Packg & Sealg Devices & Rubber & Plastics Hose; CIK 0001164863; latest 10-K filed 2026-02-19. NPO Enpro Inc. 0001164863 3050 Gaskets, Packg & Sealg Devices & Rubber & Plastics Hose ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is management\u2019s discussion and analysis of certain significant factors that have affected our consolidated financial condition and operating results during the periods included in the accompanying audited Consolidated Financial Statements and the related notes. You should read the following discussion in conjunction with our audited Consolidated Financial Statements and the related notes, included elsewhere in this annual report. Forward-Looking Statements This report contains certain statements that are \u201cforward-looking statements\u201d as that term is defined under the Private Securities Litigation Reform Act of 1995 (the \u201cAct\u201d) and releases issued by the SEC. The words \u201cmay,\u201d \u201chope,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cexpect,\u201d \u201cplan,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. We believe that it is important to communicate our future expectations to our shareholders, and we therefore make forward-looking statements in reliance upon the safe harbor provisions of the Act. However, there may be events in the future that we are not able to accurately predict or control, and our actual results may differ materially from the expectations we describe in our forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the risks and uncertainties set forth in Item 1A of this annual report, entitled \u201cRisk Factors\u201d and in this Management's Discussion and Analysis of Financial Condition and Results of Operations. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law. Whenever you read or hear any subsequent written or oral forward-looking statements attributed to us or any person acting on our behalf, you should keep in mind the cautionary statements contained or referred to in this section. Non-GAAP Financial Information In our discussion of our outlook and results of operations, we utilize financial measures that have not been prepared in conformity with generally accepted accounting principles in the United States (\"GAAP\"). They include adjusted income from continuing operations attributable to Enpro Inc., adjusted diluted earnings per share attributable to Enpro Inc. continuing operations, adjusted earnings before interest, taxes, depreciation, and amortization (\"adjusted EBITDA\"), and total adjusted segment EBITDA. Tables showing the reconciliation of these non-GAAP financial measures, other than total adjusted segment EBITDA, to the comparable GAAP measures are included in \"\u2014Reconciliations of Non-GAAP Financial Measures to the Comparable GAAP Measures,\" while the reconciliation of total adjusted segment EBITDA is included in \"\u2014Results of Operations.\" We believe non-GAAP metrics are commonly used financial measures for investors to evaluate our operating performance and, when read in conjunction with our consolidated financial statements, present a useful tool to evaluate our ongoing operations and performance from period to period. In addition, these non-GAAP measures are some of the factors we use in internal evaluations of the overall performance of our businesses. We acknowledge that there are many items that impact our reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In a ITEM 1. BUSINESS As used in this report, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cEnpro\u201d and \u201cCompany\u201d mean Enpro Inc. and its subsidiaries (unless the context indicates another meaning). The term \u201ccommon stock\u201d means the common stock of Enpro Inc., par value $0.01 per share. Background Enpro was incorporated under the laws of the State of North Carolina on January 11, 2002, as a wholly owned subsidiary of Goodrich Corporation (\u201cGoodrich\u201d). The incorporation was organized in connection with Goodrich\u2019s spin-off of its Engineered Industrial Products segment effected, by a distribution of the Company's common stock to existing Goodrich shareholders. The distribution took place on May 31, 2002. Today, Enpro Inc. is a leading-edge industrial technology company focused on critical applications across a diverse group of growing end markets including semiconductor, industrial process, commercial vehicle, sustainable power generation, aerospace, food and biopharmaceuticals, photonics and life sciences. Enpro is a leader in applied engineering and designs, develops, manufactures, and markets proprietary, value-added products and solutions that generally have a specified position on a critical application, contributing key functionality with the purpose of safeguarding a variety of critical environments. Over the past several years, we have executed several strategic initiatives to create a portfolio of businesses that offers proprietary, industrial technology-related products and solutions with high barriers to entry, compelling margins, strong cash flow, and perpetual recurring/aftermarket revenue in markets with favorable secular tailwinds. These initiatives, which include those described in \u201cAcquisitions\u201d and \u201cDispositions\u201d below, have broadened our capabilities to provide critical solutions in growing semiconductor, life sciences, and test and measurement industries, in addition to the other diverse markets we serve. As of December 31, 2025, our continuing operations had 15 prim ITEM 1A. RISK FACTORS In addition to the risks stated elsewhere in this annual report, set forth below are certain risk factors that we believe are material. If any of these risks occur, our business, financial condition, results of operations, cash flows and reputation could be harmed. You ", "title": "NPO - Enpro Inc.", "url": "/company/NPO/" }, { "kind": "company", "summary": "SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0000932696; latest 10-K filed 2026-02-12.", "text": "NSIT - INSIGHT ENTERPRISES INC SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0000932696; latest 10-K filed 2026-02-12. NSIT INSIGHT ENTERPRISES INC 0000932696 5961 Retail-Catalog & Mail-Order Houses Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of our operations should be read in conjunction with the Consolidated Financial Statements and notes thereto included in Part II, Item 8 of this report. Our actual results could differ materially from those contained in forward-looking statements due to a number of factors, including those discussed in \u201cRisk Factors\u201d in Part I, Item 1A and elsewhere in this report. Overview Today, every business is a technology business. At Insight, we accelerate transformation by unlocking the power of people and technology. We turn complexity into clarity, helping clients achieve meaningful business outcomes and drive real results at scale. We serve these clients in North America; Europe, the Middle East and Africa (\u201cEMEA\u201d); and Asia-Pacific (\u201cAPAC\u201d). As a Fortune 500-ranked Solutions Integrator, we deliver secure, end-to-end digital transformation and meet the needs of our clients through a comprehensive portfolio of solutions, far-reaching partnerships and 37 years of broad IT expertise. We amplify our solutions and services with global scale, local expertise and our e-commerce experience, enabling our clients to realize their digital ambitions in multiple ways. Our offerings in North America and certain countries in EMEA and APAC include hardware, software and services, including cloud solutions. Our offerings in the remainder of our EMEA and APAC segments consist largely of software and certain software-related services and cloud solutions. Full year 2025 financial and operational highlights included the following: \u2022We reported gross profit of $1.8 billion and record gross margin of 21.4%, primarily driven by margin expansion in North America and EMEA. \u2022We generated cash flows from operations of $303.8 million. \u2022We strengthened our capabilities through two strategic acquisitions: Inspire11, enhancing our AI and data expertise, and Sekuro, expanding cybersecurity and digital resilience across APAC. On a consolidated basis, for the year ended December 31, 2025: \u2022Net sales of $8.2 billion decreased 5% compared to 2024. \u2022Gross profit of $1.8 billion was relatively flat compared to 2024. \u2022Consolidated gross margin expanded approximately 110 basis points to a record 21.4% of net sales in 2025. This increase reflects expansion in margin from services net sales, primarily from growth in other agency transactions and Insight Core services. \u2022Earnings from operations decreased to $334.9 million in 2025, a decrease of 14% compared to the prior year, which represented 4.1% of net sales. \u2022Our effective tax rate in 2025 was 30.3%, compared to our effective tax rate of 25.0% in 2024. \u2022Net earnings and diluted net earnings per share were $157.3 million and $4.86, respectively, in 2025. In 2024, we reported net earnings of $249.7 million and diluted net earnings per share of $6.55. The results of operations for 2025 include the following items: \u2022severance and restructuring expenses, net of $37.1 million, $27.6 million net of tax; \u2022acquisition and integration related expenses of $3.6 million, $3.0 million net of tax; and \u2022the repurchase of approximately 1.2 million shares of the Company\u2019s common stock for an aggregate cost of $151.1 million. The results of operations for 2024 include the following items: \u2022severance and restructuring expenses, net of $31.6 million, $24.2 million net of tax; \u2022acquisition and integration related expenses of $2.7 million, $2.5 million net of tax; and \u2022the repurchase of approximately 1.0 million shares of the Company\u2019s common stock for an aggregate cost of $200.0 million. In discussing financial results for 2025 and 2024, the Company refers to certain financial measures that are adjusted from the financial results prepared in accordance with GAAP. When referring to non-GAAP measures, the Company refers to them as \u201cAdjusted.\u201d See the \"Use Item 1. Business Our Company Today, every business is a technology business. At Insight, we accelerate transformation by unlocking the power of people and technology. We turn complexity into clarity, helping clients achieve meaningful business outcomes and drive real results at scale. We serve these clients in North America; Europe, the Middle East and Africa (\u201cEMEA\u201d); and Asia-Pacific (\u201cAPAC\u201d). As a Fortune 500-ranked Solutions Integrator, we deliver secure, end-to-end digital transformation and meet the needs of our clients through a comprehensive portfolio of solutions, far-reaching partnerships and 37 years of broad IT expertise. We amplify our solutions and services with global scale, local expertise and our e-commerce experience, enabling our clients to realize their digital ambitions in multiple ways. Our offerings in North America and certain countries in EMEA and APAC include hardware, software and services, including cloud solutions. Our offerings in the remainder of our EMEA and APAC segments consist largely of software and certain software-related services and cloud solutions. The Company is organized in the following three operating segments, which are primarily defined by their related geographies: [[GREPCENT_TABLE]] [[\"Operating Segment*\",\"\",\"Geography\",\"\",\"Percent of 2025Consolidated Net Sales\"],[\"North America\",\"\",\"United States and Canada\",\"\",\"81%\"],[\"EMEA\",\"\",\"Europe, Middle East and Africa\",\"\",\"16%\"],[\"APAC\",\"\",\"Asia-Pacific\",\"\",\"3%\"]] [[/GREPCENT_TABLE]] *Additional detailed segment and geographic information can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 and in Note 20 to the Consolidated Financial Statements in Part II, Item 8 of this report. Insight began operations in Arizona in 1988, incorporated in Delaware in 1991 and completed our initial public offering in 1995. Our corporate headquarters are located in Chandler, Arizona. From our original location in the Item 1A. Risk Factors Risks Related to Our Business, Operations and Industry The IT hardware, software and services industry is intensely competitive, and actions of our competitors, including manufacturers and publishers of products we sell, can negatively affect our business. Competition in the industry is based on price, ", "title": "NSIT - INSIGHT ENTERPRISES INC", "url": "/company/NSIT/" }, { "kind": "company", "summary": "SIC 7363 Services-Help Supply Services; CIK 0001000753; latest 10-K filed 2026-02-11.", "text": "NSP - INSPERITY, INC. SIC 7363 Services-Help Supply Services; CIK 0001000753; latest 10-K filed 2026-02-11. NSP INSPERITY, INC. 0001000753 7363 Services-Help Supply Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion in conjunction with our Consolidated Financial Statements and related Notes included elsewhere in this annual report. Historical results are not necessarily indicative of trends in operating results for any future period. The statements contained in this annual report that are not historical facts are forward-looking statements that involve a number of risks and uncertainties. The actual results of the future events described in such forward-looking statements in this annual report could differ materially from those stated in such forward-looking statements. Among the factors that could cause actual results to differ materially are the risks and uncertainties discussed in Item 1A. Risk Factors and the uncertainties set forth from time to time in our other public reports and filings and public statements. Executive Summary Overview Our long-term strategy is to provide the best small and medium-sized businesses in the United States with our specialized human resources service offerings and to leverage our buying power and expertise to provide additional valuable services to clients. Our comprehensive HR services offerings are provided through our Insperity\u00ae HR360 solution (formerly Workforce Optimization\u00ae), our Insperity\u00ae HR360 Select Edition solution (formerly Workforce SynchronizationTM), and our Insperity\u00ae HRScale solution (together, our \u201cPEO HR Solutions\u201d) which encompass a broad range of HR functions as discussed in Item 1. Business \u2014 Service Offerings \u2014 PEO HR Solutions. HR360. Insperity\u2019s HR360 solution, our largest source of revenue, is offered to small and medium-sized businesses seeking a comprehensive people strategy. From payroll and employment administration, employee benefits, workers\u2019 compensation, government compliance, performance management to training and development, our HR360 solution offers a full range of services empowering clients to achieve a sophisticated HR function. HR360 provides access to our web-based human capital management platform, Insperity PremierTM. HR360 Select Edition. Insperity\u2019s HR360 Select Edition solution, which generally is offered only to our middle market client segment, is a lower cost offering with a typically longer commitment that includes the same compliance and administrative services as HR360 and allows those clients to select, for an additional fee, from the strategic HR products and services that are included with HR360. HR360 Select Edition provides access to our web-based human capital management platform, Insperity Premier. HRScale. Insperity\u2019s HRScale solution is our newest service offering that we jointly developed through our strategic partnership with Workday, Inc. (\u201cWorkday\u201d). Insperity\u2019s HRScale solution is intended for growing and middle market companies and provides access to the advanced capabilities of Workday Human Capital Management (\u201cHCM\u201d). Our HRScale solution, which is priced higher than our HR360 offering, is designed to combine the HR expertise of our HR360 solution with the advanced capabilities of Workday HCM, with a focus on affordability, ease and speed of deployment, and agility as companies scale. Insperity\u2019s HRScale solution is under development and we expect an initial group of clients to begin using our HRScale solution in the first quarter of 2026. HRCore. We also offer a comprehensive traditional payroll and human capital management solution, known as Insperity HRCoreTM (formerly Workforce AccelerationTM), which we refer to as our \u201cTraditional HR Solution\u201d as discussed in Item 1. Business \u2014 Other Product and Services Offerings \u2014 Comprehensive Traditional Payroll and Human Capital Management Solution\u201d. We also offer a number of other business performance solutions, including Talent Acquisition Services, Retirement Services, Insurance Services, Contractor Management, and Perks+. These other product BUSINESS PART I Unless otherwise indicated, \u201cInsperity,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d are used in this annual report to refer to Insperity, Inc. and its consolidated subsidiaries. This annual report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the \u201cSecurities Act\u201d) and Section 21E of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). You can identify such forward-looking statements by the words \u201canticipates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cprojects,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201clikely,\u201d \u201cpossibly,\u201d \u201cprobably,\u201d \u201ccould,\u201d \u201cgoal,\u201d \u201copportunity,\u201d \u201cobjective,\u201d \u201ctarget,\u201d \u201cassume,\u201d \u201coutlook,\u201d \u201cguidance,\u201d \u201cpredicts,\u201d \u201cappears,\u201d \u201cindicator\u201d and similar expressions. In the normal course of business, in an effort to help keep our stockholders and the public informed about our operations, from time to time, we may issue such forward-looking statements, either orally or in writing. Generally, these statements relate to business plans or strategies; projected or anticipated benefits or other consequences of such plans or strategies; or projections involving anticipated revenues, earnings, average number of worksite employees, benefits and workers\u2019 compensation costs, or other operating results. We base the forward-looking statements on our current expectations, estimates and projections. We caution you that these statements are not guarantees of future performance and involve risks, uncertainties and assumptions that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Therefore, the actual results of the future events described in such forward-looking statements in this annual report, or elsewhere, could differ materially from those stated in such forward-looking statements. Among the factors that could cause actual results to differ materially are the risks and uncertainties discussed in this annual report, including, witho Item 1A. Risk Factors. The statements in this section describe the known material risks to our business and should be considered carefully. Economic Risks Adverse economic conditions or changes in the employment levels could negatively affect our industry, business, and results of operations. The small and medium-sized business market i", "title": "NSP - INSPERITY, INC.", "url": "/company/NSP/" }, { "kind": "company", "summary": "SIC 3669 Communications Equipment, NEC; CIK 0000069633; latest 10-K filed 2025-08-25.", "text": "NSSC - NAPCO SECURITY TECHNOLOGIES, INC SIC 3669 Communications Equipment, NEC; CIK 0000069633; latest 10-K filed 2025-08-25. NSSC NAPCO SECURITY TECHNOLOGIES, INC 0000069633 3669 Communications Equipment, NEC ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand the results of operations and financial condition of Napco Security Technologies, Inc. (\u201cNAPCO\u201d). MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying Notes to Financial Statements (Item 8 of this Form 10-K). This section generally discusses the results of our operations for the year ended June 30, 2025 compared to the year ended June 30, 2024. For a discussion of the year ended June 30, 2024 compared to the year ended June 30, 2023, please refer to, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended June 30, 2024. Overview Napco is a leading manufacturer and designer of high-tech electronic security devices, wireless communication services for intrusion and fire alarm systems as well as a provider of school safety solutions. We offer a diversified array of security products, encompassing access control systems, door-locking products, intrusion and fire alarm systems and video surveillance products, used for commercial, residential, institutional, industrial and governmental applications. We have experienced significant growth in recent years, primarily driven by our recurring service revenues from wireless communication services for intrusion and fire alarm systems. NAPCO has established a heritage and proven record in the professional security community for reliably delivering both advanced technology and high-quality security solutions. We are dedicated to developing innovative technology and producing the next generation of reliable security solutions that utilize remote communications and wireless networks. Highlights from fiscal year 2025 compared with fiscal year 2024 included: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Net sales for the year decreased 4% to $181.6 million.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Recurring service revenue (\\u201cRSR\\u201d) for the year increased 14% to $86.3 million.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Gross margin for recurring service revenue was 91.0% for fiscal 2025.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Gross margin for equipment revenue was 23.6% as compared to 29.4%.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Net income decreased 13% to $43.4 million.\"]] [[/GREPCENT_TABLE]] Industry Landscape Our industry continues to be dynamic and highly competitive, with frequent changes in both technologies and business models. Each industry shift is an opportunity to conceive new products, new technologies, or new ideas that can further transform the industry and our business. Napco continually strives to innovate through a broad range of research and development activities that seek to identify and address the changing demands of customers, industry trends, and competitive forces. Economic Conditions and Other Factors We are subject to the effects of general macroeconomic and market conditions. On April 2, 2025, the U.S. announced a new universal baseline tariff of 10%, (which includes imports from the Dominican Republic where we manufacture most of our products) plus significant additional country-specific tariffs for select trading partners, on all U.S. imports. The reciprocal country-specific tariffs were subsequently paused for 90 days on most countries. The uncertainty around the long-term tariff rates that could be applied to our importation of products into the U.S. presents significant challenges to our operations and supply chain and could impact future result. We cannot predict what additional actions might be considered or implemented by the U.S. or its trade partners, particularly in ITEM 1: BUSINESS. Overview NAPCO is one of the leading manufacturers and designers of high-tech electronic security devices, cellular communication services for intrusion and fire alarm systems as well as a leading provider of school safety solutions. We offer a diversified array of security products, encompassing access control systems, door-locking products, intrusion and fire alarm systems and video surveillance products. These products are used for commercial, residential, institutional, industrial and governmental applications, and are sold principally to independent distributors, dealers and installers of security equipment. We have established a national network of trusted independent security dealers and integrators that are experts at selling, installing and supporting our various technologies. These dealers are dependent on our platform for communication services to our radio communicators and smart security devices, and they pay us a monthly fee for these services to operate and manage their businesses efficiently. Our net sales were $181.6 million, $188.8 million and $170.0 million for the fiscal years ended June 30, 2025, 2024 and 2023, respectively. The decrease in our net sales from fiscal 2024 to 2025 was driven by the decrease in sales of equipment products ($17.8 million) offset by the continued growth of our recurring communication services ($10.6 million). The decrease in equipment sales was due primarily to reduced sales of door-locking products ($11.5 million) as a result of the timing of project work as well as softness in demand for locking products during the period related to distributor destocking of inventory and to a lesser extent general uncertainty over U.S. tariff policies. Our net income was $43.4 million, $49.8 million and $27.1 million for the fiscal years ended June 30, 2025, 2024 and 2023, respectively. Net income for the fiscal year ended June 30, 2025 was down ($6.4 million) as a result of decreases in the sales of our equi ITEM 1A: RISK FACTORS Investing in our common stock involves substantial risk. You should consider carefully the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including our financial statements and the related notes and \u201cManagement\u2019s ", "title": "NSSC - NAPCO SECURITY TECHNOLOGIES, INC", "url": "/company/NSSC/" }, { "kind": "company", "summary": "SIC 7373 Services-Computer Integrated Systems Design; CIK 0001078075; latest 10-K filed 2026-05-14.", "text": "NTCT - NETSCOUT SYSTEMS INC SIC 7373 Services-Computer Integrated Systems Design; CIK 0001078075; latest 10-K filed 2026-05-14. NTCT NETSCOUT SYSTEMS INC 0001078075 7373 Services-Computer Integrated Systems Design Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following information should be read in conjunction with the audited consolidated financial information and the notes thereto included in this Annual Report. In addition to historical information, the following discussion and other parts of this Annual Report contain forward-looking statements that involve risks and uncertainties. You should not place undue reliance on these forward-looking statements. Actual events or results may differ materially due to the factors discussed in Item 1A. \"Risk Factors\" and elsewhere in this Annual Report. These factors may cause our actual results to differ materially from any forward-looking statement. See the section titled \"Cautionary Statement Concerning Forward-Looking Statements\" that appears at the beginning of this Annual Report. Overview We are an industry leader with over four decades of experience in providing enterprise network observability, carrier service assurance, cybersecurity, and DDoS, protection solutions. Our unique visibility platform and solutions are powered by our pioneering DPI, technology at scale, which is used by many Fortune 500 companies to protect their digital business services against disruption. Service providers and enterprises, including local, state and federal government agencies, rely on our solutions to achieve the visibility and protection necessary to optimize network performance, ensure the delivery of high-quality, mission-critical applications and services, gain timely insight into the end-user experience, and protect their networks from attack. The majority of our solutions are designed to provide Smart Data, a high-fidelity, decision-grade data foundation derived from real-time network activity across legacy, hybrid, and cloud-native environments. This data enables a unified view of performance, availability, and security, supports faster root-cause analysis and operational decision-making, and is increasingly used to inform broader observability platforms and automated and AI-driven workflows. With our offerings, customers can quickly, efficiently and effectively identify and resolve issues that result in downtime, service interruptions, poor service quality, or compromised data, thereby reducing mean time to resolution of issues and driving compelling returns on their investments in their networks and broader technology initiatives. Significant technology trends and catalysts for our business include the evolution of customers' digital transformation initiatives, such as migration to cloud environments and to the edges of their networks; the rapidly evolving cybersecurity threat landscape; advancements in artificial intelligence and business analytics that can enhance observability and are increasing the need for high-quality, real-time data to support automated and AI-driven operations; and the continued evolution and potential opportunities related to 5G technology across both the service provider and enterprise customer verticals. Our operating results are influenced by a number of factors, including, but not limited to the volume, mix, and quantity of products and services sold; pricing, costs and availability of materials used in our products; growth in employee-related costs, including commissions; and the expansion of our operations. Factors that affect our ability to maximize our operating results include, but are not limited to: our ability to introduce and enhance existing products; the marketplace acceptance of those new or enhanced products; continued expansion into international markets; expansion into new or adjacent markets; development of strategic partnerships; competition; successful acquisition and integration efforts; and our ability to control costs and make improvements in a highly competitive industry. Global and Macroeconomic Conditions We continue to closely monitor current global and macroeconomic conditions, inclu Item 1. Business Overview NetScout is an industry leader with over four decades of experience in providing enterprise network observability, carrier service assurance, cybersecurity, and Distributed Denial-of-Service (DDoS), protection solutions. Our unique visibility platform and solutions are powered by our pioneering deep packet inspection, or DPI, technology at scale, which is used by many Fortune 500 companies to protect their digital business services against disruption. Service providers and enterprises, including local, state and federal government agencies, rely on our solutions to achieve the visibility and protection necessary to optimize network performance, ensure the delivery of high-quality, mission-critical applications and services, gain timely insight into the end-user experience, and protect their networks from attack. The majority of our solutions are designed to provide Smart Data, a high-fidelity, decision-grade data foundation derived from real-time network activity across legacy, hybrid, and cloud-native environments. This data enables a unified view of performance, availability, and security, supports faster root-cause analysis and operational decision-making, and is increasingly used to inform broader observability platforms and automated and AI-driven workflows. With our offerings, customers can quickly, efficiently and effectively identify and resolve issues that result in downtime, service interruptions, poor service quality, or compromised data, thereby reducing mean time to resolution of issues and driving compelling returns on their investments in their networks and broader technology initiatives. Significant technology trends and catalysts for our business include the evolution of customers' digital transformation initiatives, such as migration to cloud environments and to the edges of their networks; the rapidly evolving cybersecurity threat landscape; advancements in artificial intelligence (\u201cAI\u201d) and business analytics that can Item 1A. Risk Factors. You should carefully consider the risks and uncertainties described below, together with the information included elsewhere in this Annual Report and in our other SEC filings. The risks and uncertainties described below are those that we have identified as material; but", "title": "NTCT - NETSCOUT SYSTEMS INC", "url": "/company/NTCT/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001471265; latest 10-K filed 2026-02-25.", "text": "NWBI - Northwest Bancshares, Inc. SIC 6021 National Commercial Banks; CIK 0001471265; latest 10-K filed 2026-02-25. NWBI Northwest Bancshares, Inc. 0001471265 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Our principal business consists of collecting deposits and making loans primarily secured by various types of collateral, including real estate and other assets in the markets in which we are located. Attracting and maintaining deposits is affected by a number of factors, including interest rates paid on competing deposits and other investments offered by other financial and non-financial institutions, account maturities, fee structures, and levels of personal income and savings. Lending activities are affected by the demand for funds and thus are influenced by interest rates, the number and quality of alternative lenders and regional economic conditions. Sources of funds for lending activities include deposits, borrowings, repayments on loans, cash flows from investment and mortgage-backed securities and income provided from operations. Our earnings depend primarily on net interest income, which is the difference between interest earned on our interest-earning assets, consisting primarily of loans and investment securities, and the interest paid on interest-bearing liabilities, consisting primarily of deposits, borrowed funds, and trust-preferred securities. Net interest income is a function of our interest rate spread, which is the difference between the average yield earned on our interest-earning assets and the average rate paid on our interest-bearing liabilities, as well as a function of the average balance of interest-earning assets compared to the average balance of interest-bearing liabilities. Also contributing to our earnings is noninterest income, which consists primarily of service charges and fees on loan and deposit products and services, fees related to investment management and trust services, net gains and losses on the sale of assets, including SBA loans, and mortgage banking income. Net interest income and noninterest income are offset by provisions for credit losses, general administrative and other expenses, including employee compensation and benefits, occupancy expense and processing costs, as well as by state and federal income tax expense. Our net income was $126 million, or $0.92 per diluted share, for the year ended December 31, 2025 compared to $100 million, or $0.79 per diluted share, for the year ended December 31, 2024, and $135 million, or $1.06 per diluted share, for the year ended December 31, 2023. The provision for credit losses was $56 million for the year ended December 31, 2025 compared to $25 million for the year ended December 31, 2024, and $23 million for the year ended December 31, 2023. Selected Financial and Other Data The summary financial information presented below is derived in part from the Company\u2019s Consolidated Financial Statements. The following is only a summary and should be read in conjunction with the Consolidated Financial Statements and notes included elsewhere in this document. The information at December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 is derived in part from the audited Consolidated Financial Statements that appear in this document. 38 Table of Contents [[GREPCENT_TABLE]] [[\"\",\"At December 31,\"],[\"\",\"2025\",\"\",\"2024\"],[\"\",\"(In thousands)\"],[\"Selected Consolidated Financial Data:\"],[\"Total assets\",\"$\",\"16,766,617\",\"\",\"\",\"14,408,224\"],[\"Cash and cash equivalents\",\"233,647\",\"\",\"\",\"288,378\"],[\"Marketable securities held-to-maturity\",\"124,465\",\"\",\"\",\"124,462\"],[\"Marketable securities available-for-sale\",\"178,261\",\"\",\"\",\"120,237\"],[\"Mortgage-backed securities held-to-maturity\",\"558,904\",\"\",\"\",\"626,124\"],[\"Mortgage-backed securities available-for-sale\",\"1,408,121\",\"\",\"\",\"988,707\"],[\"Loans held-for-sale\",\"22,437\",\"\",\"\",\"76,331\"],[\"Loans receivable, net of allowance for credit losses:\"],[\"Residential mortgage loans\",\"3,090,234\",\"\",\"\",\"3,163,922\"],[\"Home equity loans\",\"1,501,383\",\"\",\"\",\"1,144,551\"],[\"Consumer loans\",\"2,533,128\",\" ITEM 1. BUSINESS Northwest Bancshares, Inc. Northwest Bancshares, Inc., a Maryland corporation, was incorporated in 2009 to be the successor corporation to Northwest Bancorp, Inc., the former stock holding company for Northwest Bank, upon completion of the mutual-to-stock conversion of Northwest Bancorp, MHC. The terms \u201cNorthwest\u201d, \u201cthe Company\u201d, \u201cwe\u201d, \u201cus\u201d and \u201cour\u201d refer to Northwest Bancshares, Inc., unless indicated otherwise by the context. The conversion was completed in 2009 when the Company sold 68,878,267 shares of common stock at $10.00 per share in the related offering. Concurrent with the completion of the offering, shares of Northwest Bancorp, Inc. common stock owned by public stockholders were exchanged for shares of Northwest Bancshares, Inc.\u2019s common stock. We also issued 1,277,565 shares of common stock and contributed $1.0 million in cash from the offering proceeds to Northwest Charitable Foundation, a charitable foundation that we established for the benefit of the communities in which Northwest Bank operates. As of December 31, 2025, the Company had 146,107,964 shares outstanding and a market capitalization of approximately $1.753 billion. Our executive offices are located at 3 Easton Oval, Suite 500, Columbus, Ohio 43219. We also maintain administrative offices located at 100 Liberty Street, Warren, Pennsylvania 16365. The Company\u2019s website (www.northwest.com) contains a direct link to Northwest Bancshares, Inc.\u2019s filings with the SEC, including copies of annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to these filings, if any. Information on our website shall not be considered a part of this report. Copies of our filings may be obtained, without charge, by written request to Shareholder Relations, 3 Easton Oval, Suite 500, Columbus, Ohio 43219, or emailing shareholderrelations@northwest.com. Northwest Bank Northwest Bank is a Pennsylva ITEM 1A. RISK FACTORS In addition to factors discussed in the description of our business and elsewhere in this report, as well as other filings we make with the SEC, the following are factors that could adversely affect our future results of operations and financial condition. Risks Related to our Lending Activities Our commercial loan portfolio is increasing and the inh", "title": "NWBI - Northwest Bancshares, Inc.", "url": "/company/NWBI/" }, { "kind": "company", "summary": "SIC 3089 Plastics Products, NEC; CIK 0000814453; latest 10-K filed 2026-02-13.", "text": "NWL - NEWELL BRANDS INC. SIC 3089 Plastics Products, NEC; CIK 0000814453; latest 10-K filed 2026-02-13. NWL NEWELL BRANDS INC. 0000814453 3089 Plastics Products, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations section should be read in conjunction with \u201cFinancial Statements and Supplementary Data\u201d included in Part II, Item 8 of this Annual Report on Form 10-K and the Company\u2019s audited Consolidated Financial Statements and Notes thereto included elsewhere in this Annual Report on Form 10-K. The \u201cBusiness Strategy\u201d and \u201cRecent Developments\u201d sections below are brief presentations of our business and certain significant items addressed in this section or elsewhere in this Annual Report on Form 10-K. This section should be read along with the relevant portions of this Annual Report on Form 10-K for a complete discussion of the events and items summarized below. The \u201cResults of Operations\u201d section generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview Newell Brands is a leading global consumer goods company with a strong portfolio of well-known brands, including Rubbermaid, Sharpie, Graco, Coleman, Rubbermaid Commercial Products, Yankee Candle, Paper Mate, FoodSaver, Dymo, EXPO, Elmer\u2019s, Oster, NUK, Spontex and Campingaz. Newell Brands is focused on delighting consumers by lighting up everyday moments. The Company sells its products in over 150 countries around the world and has operations on the ground in more than 45 of these countries, excluding third-party distributors. The Company has three operating segments: Home and Commercial Solutions (\u201cH&CS\u201d), Learning and Development (\u201cL&D\u201d) and Outdoor and Recreation (\u201cO&R\u201d). Business Strategy The Company is actively advancing the strategic priorities identified through its comprehensive capability assessment completed in 2023. These priorities are based on a clear set of \u201cwhere to play\u201d and \u201chow to win\u201d strategic choices with the goal of improving the Company\u2019s top line, expanding margins and improving cash flows with a new operating model, critical talent upgrades and a culture redesign. Execution of these strategic imperatives, in combination with other initiatives aimed to build operational excellence, will better position the Company for long-term sustainable growth. One such initiative is the organizational Realignment 25 Plan, announced in 2024, which was designed to strengthen the Company\u2019s front-end commercial capabilities, such as consumer understanding and brand communication, in support of the \u201cwhere to play\u201d and \u201chow to win\u201d strategies the Company initiated in 2023. Actions under the Realignment Plan were implemented by the end of fiscal year 2025. Further building on the Company\u2019s turnaround strategy, the Company announced the Productivity Plan in December 2025. The Productivity Plan is designed to further simplify processes, streamline overhead and redirect resources to the highest-value activities. See Business in Item 1 for additional information on these initiatives. Recent Developments Update on Tariffs The current U.S. presidential administration has announced and/or imposed a series of new tariffs on foreign imports into the U.S., including without limitation significant tariffs on products manufactured in China. Tariffs on imports into the U.S., most significantly from China, and any retaliatory tariffs on exports from the U.S. to other countries, have increased costs for the Company and could impact the level of trade between the U.S. and its various trading partners around the globe in general. We believe that the Company is well-positioned to respond to the current tariff environment, primarily because the ITEM 1. BUSINESS \u201cNewell Brands\u201d or the \u201cCompany\u201d refers to Newell Brands Inc. alone or with its wholly owned subsidiaries, as the context requires. When this report uses the words \u201cwe,\u201d \u201cus\u201d or \u201cour,\u201d it refers to the Company and its subsidiaries unless the context otherwise requires. The Company was founded in Ogdensburg, New York in 1903 and is incorporated in Delaware. Website Access to Securities and Exchange Commission Reports The Company makes available free of charge on or through its website its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d) as soon as practicable after the Company files them with, or furnishes them to, the United States Securities and Exchange Commission (\u201cSEC\u201d). The Company\u2019s website can be found at www.newellbrands.com. The information on the Company\u2019s website is not incorporated by reference into this Annual report on Form 10-K. GENERAL Newell Brands is a leading global consumer goods company with a strong portfolio of well-known brands, including Rubbermaid, Sharpie, Graco, Coleman, Rubbermaid Commercial Products, Yankee Candle, Paper Mate, FoodSaver, Dymo, EXPO, Elmer\u2019s, Oster, NUK, Spontex and Campingaz. Newell Brands is focused on delighting consumers by lighting up everyday moments. The Company sells its products in over 150 countries around the world and has operations on the ground in more than 45 of these countries, excluding third-party distributors. BUSINESS STRATEGY The Company is actively advancing the strategic priorities identified through its comprehensive capability assessment completed in 2023. These priorities are based on a clear set of \u201cwhere to play\u201d and \u201chow to win\u201d strategic choices with the goal of improving the Company\u2019s top line, expanding margins and improving cash flows with a new operating model, critical talent upg ITEM 1A. RISK FACTORS Ownership of the Company\u2019s securities involves a number of risks and uncertainties. Potential investors should carefully consider the risks and uncertainties described below and the other information in this Annual Report on Form 10-K before deciding whether to invest in the Company\u2019s securities. The Company\u2019s business, financia", "title": "NWL - NEWELL BRANDS INC.", "url": "/company/NWL/" }, { "kind": "company", "summary": "SIC 4924 Natural Gas Distribution; CIK 0001733998; latest 10-K filed 2026-02-27.", "text": "NWN - Northwest Natural Holding Co SIC 4924 Natural Gas Distribution; CIK 0001733998; latest 10-K filed 2026-02-27. NWN Northwest Natural Holding Co 0001733998 4924 Natural Gas Distribution ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is management\u2019s assessment of NW Holdings' and NW Natural's financial condition, including the principal factors that affect results of operations. The discussion covers the years ended December 31, 2025, 2024, and 2023 and refers to the consolidated results of NW Holdings, the substantial majority of which consist of the operating results of NW Natural. When significant activity exists at NW Holdings that does not exist at NW Natural, additional disclosure has been provided. References in this discussion to \"Notes\" are to the Notes to the Consolidated Financial Statements in Item 8 of this report. NW Natural's natural gas distribution activities are reported in the NWN Gas Utility segment, which was previously referred to as the natural gas distribution (NGD) segment prior to 2025, serving customers in Oregon and southwest Washington. The NWN Gas Utility segment also includes NWN Gas Reserves, which is a wholly-owned subsidiary of Energy Corp, the NWN Gas Utility-portion of NW Natural's Mist storage facility in Oregon, and NW Natural RNG Holding Company, LLC, a holding company established to invest in the development and procurement of regulated renewable natural gas for NW Natural. 39 SiEnergy Gas Utility, which was acquired on January 7, 2025, is a regulated natural gas distribution utility and serves residential and commercial customers in the greater metropolitan areas of Houston, Dallas, and Austin, Texas. SiEnergy also includes a natural gas transmission utility serving customers in the greater metropolitan areas of Dallas and Austin, Texas. SiEnergy activities are reported in the SiEnergy Gas Utility segment. NWN Water Utility is a regulated water and wastewater utility serving residential and commercial customers in Oregon, Washington, Idaho, Texas, and Arizona. The activities of NWN Water are reported in the NWN Water segment, which also includes non-regulated water and wastewater services businesses in Oregon, Washington and Idaho, and an equity method investment in Avion Water Company, Inc. In addition, NWN Water provides water services to communities throughout the Pacific Northwest and California. Other activities for NW Holdings, aggregated and reported as NW Holdings Other, include NWN Renewables and its non-regulated renewable natural gas activities; NW Natural's interstate storage and asset management activities and appliance retail center; and NNG Financial's investment in Kelso-Beaver Pipeline (KB Pipeline), which is accounted for under the equity method. See Note 4 for further discussion of our business segments and other, as well as our direct and indirect wholly-owned subsidiaries. Non-GAAP Financial Measures In addition to presenting diluted earnings per share for NW Holdings, we present diluted earnings per share for each of our segments (Segment EPS), which is a non-GAAP financial measure. We calculate Segment EPS by dividing the net income of each of our segments calculated in accordance with GAAP by the number of diluted shares outstanding for NW Holdings. We use Segment EPS to analyze our financial performance because we believe it provides useful information to our investors, analysts and creditors in evaluating our financial condition and results of operations of each of our segments. We believe investors find Segment EPS to be a useful indicator of our performance. Segment EPS should not be considered a substitute for, or superior to, diluted earnings per share or other measures calculated in accordance with U.S. GAAP. Moreover, Segment EPS has limitations in it does not reflect all the items associated with the operations of the business as determined in accordance with GAAP. Other companies may calculate similarly titled non-GAAP financial measures differently than how such measures are calculated in this report, limiting the usefulness of those measures for comparative purpose ITEM 1. BUSINESS OVERVIEW NW Holdings is a holding company headquartered in Portland, Oregon and owns NW Natural, SiEnergy Operating, LLC (SiEnergy Gas Utility or SiEnergy), NW Natural Water Company, LLC (NWN Water Utility or NWN Water), and NW Natural Renewables Holdings, LLC (NWN Renewables). NW Natural distributes natural gas to residential, commercial, and industrial customers in Oregon and southwest Washington. NW Natural and its predecessors have supplied gas service to the public since 1859, was incorporated in Oregon in 1910, and began doing business as NW Natural in 1997. Prior to the first quarter of 2025, NW Natural's natural gas distribution activities were reported in the natural gas distribution (NGD) segment. All other business activities, including certain gas storage activities, water and wastewater businesses, non-regulated renewable natural gas activities and other investments and activities are aggregated and reported as \"other\" at their respective registrant. SiEnergy owns and operates SiEnergy Holdings, which includes SiEnergy Gas and Terra Transmission, a gas distribution and a transmission utility, respectively, and provides gas distribution and transmission to customers in Texas. NWN Water provides regulated water and wastewater services and unregulated wastewater and operations services to customers in Oregon, Washington, Idaho, Arizona, and Texas. NWN Renewables is a non-regulated business established to pursue non-regulated renewable natural gas activities. During the first quarter of 2025, we evaluated the reportable business segments of NW Holdings and concluded that SiEnergy and NWN Water were also reportable business segments. In addition, the NGD segment was renamed to NWN Gas Utility. NW Holdings primarily operates in three reportable business segments, which are NWN Gas Utility, SiEnergy, and NWN Water. NW Natural primarily operates in one reportable business segment, which is NWN Gas Utility. NW Holdings and NW Natural also ITEM 1A. RISK FACTORS NW Holdings\u2019 and NW Natural\u2019s business and financial results are subject to a number of risks and uncertainties, many of which are not within our control, which could adversely affect our business, financial condition, and results of operations. Additional risks and uncertainties that are not currently", "title": "NWN - Northwest Natural Holding Co", "url": "/company/NWN/" }, { "kind": "company", "summary": "SIC 3350 Rolling Drawing & Extruding of Nonferrous Metals; CIK 0001423221; latest 10-K filed 2025-12-12.", "text": "NX - Quanex Building Products CORP SIC 3350 Rolling Drawing & Extruding of Nonferrous Metals; CIK 0001423221; latest 10-K filed 2025-12-12. NX Quanex Building Products CORP 0001423221 3350 Rolling Drawing & Extruding of Nonferrous Metals Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis contains forward-looking statements based on our current assumptions, expectations, estimates and projections about our business and the homebuilding industry, and therefore, it should be read in conjunction with our consolidated financial statements and related notes thereto, as well as our \u201cCautionary Note Regarding Forward-Looking Statements\u201d discussed elsewhere within this Annual Report on Form 10-K. Actual results could differ from our expectations due to several factors which include, but are not limited to: the impact of market price and demand for our products, economic and competitive conditions, capital expenditures, new technology, regulatory changes and other uncertainties. For a listing of potential risks and uncertainties which impact our business and industry, see \u201cItem 1A. Risk Factors.\u201d Unless otherwise required by law, we undertake no obligation to publicly update any forward-looking statements, even if new information becomes available or other events occur in the future. Our Business We are a leading manufacturer and component supplier to original equipment manufacturers (OEMs) in the building products industry, including window, door, solar, refrigeration, custom mixing, building access, and cabinetry markets. The majority of these components can be categorized as window and door components and kitchen and bath cabinet components. Examples of window and door components include energy-efficient flexible insulating glass spacers, extruded vinyl profiles, window and door screens, precision-formed metal and wood products, window and door seals, and window and door hardware. In addition, we provide certain other components and products, which include solar panel sealants, trim moldings, vinyl decking, water retention barriers, conservatory roof components, and commercial access solutions. We use cost-effective production processes and engineering expertise to provide our customers with specialized products for their specific applications. We believe these capabilities provide us with unique competitive advantages. We serve a primary customer base in North America and the U.K., and also serve customers in international markets through our operating locations in the U.K., Germany, Mexico, Canada, and Italy, as well as through sales and marketing efforts in other countries. We continue to invest in organic growth initiatives and we intend to continue evaluating business acquisitions that allow us to expand our existing fenestration and cabinet component footprint, enhance our product offerings, provide new complementary technology, enhance our leadership position within the markets we serve, and expand into new markets or service lines. We have disposed of non-core businesses in the past, and continue to evaluate our business portfolio to ensure that we are investing in markets where we believe there is potential future growth. On August 1, 2024, we completed the acquisition of Tyman plc (the \u201cTyman Acquisition\u201d), a company incorporated in England and Wales (\u201cTyman\u201d). The aggregate consideration due pursuant to the Tyman Acquisition at closing comprised 14,139,477 newly issued Quanex common shares (\u201cNew Quanex Shares\u201d) and cash consideration of approximately $504.1 million (being the Pound Sterling amount of cash consideration of \u00a3392.2 million in respect of all of the Tyman Shares converted to U.S. Dollars at an exchange rate of 1.2855). New Quanex Shares issued in connection with the Tyman Acquisition on the New York Stock Exchange took effect on August 2, 2024 and Tyman\u2019s shares on the London Stock Exchange were canceled. In connection with the Tyman acquisition, we re-evaluated our reportable segment presentation during the third quarter of 2025 and adjusted our segment structure to better align our business operations. As a result, we now report three reportable segments: Item 1. Business. Our Company Quanex was incorporated in Delaware on December 12, 2007, as Quanex Building Products Corporation. We currently manufacture and distribute components for original equipment manufacturers (OEM) in the building products industry, including window, door, solar, refrigeration, custom mixing, building access, and cabinetry markets. Examples of components include energy-efficient flexible insulating glass spacers, extruded vinyl profiles, window and door screens, precision-formed metal and wood products, window and door seals, and window and door hardware. In addition, we provide certain other components and products, which include solar panel sealants, trim moldings, vinyl decking, water retention barriers, conservatory roof components, and commercial access solutions. We use cost-effective production processes and engineering expertise to provide our customers with specialized products for their specific applications. We believe these capabilities provide us with unique competitive advantages. We serve a primary customer base in North America and the U.K., and also serve customers in international markets through our operating locations in the U.K., Germany, Mexico, Canada, and Italy, as well as through sales and marketing efforts in other countries. Our History Our predecessor company, Quanex Corporation, was organized in Michigan in 1927 as Michigan Seamless Tube Company, and was later reincorporated in Delaware in 1968. In 1977, Michigan Seamless Tube Company changed its name to Quanex Corporation. On December 12, 2007, Quanex Building Products Corporation was incorporated as a wholly-owned subsidiary in the state of Delaware, in order to facilitate the separation of Quanex Corporation's vehicular products and building products businesses. This separation became effective on April 23, 2008, through a spin-off of the building products business to Quanex Corporation's then-existing shareholders. Immediately following the spin-off, our Item 1A. Risk Factors. The following risk factors, along with other information contained elsewhere in this Annual Report on Form 10-K and our other public filings with the SEC, should be carefully considered before deciding to invest in our securities. Additional risks a", "title": "NX - Quanex Building Products CORP", "url": "/company/NX/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001620393; latest 10-K filed 2026-02-26.", "text": "NXRT - NexPoint Residential Trust, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001620393; latest 10-K filed 2026-02-26. NXRT NexPoint Residential Trust, Inc. 0001620393 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following is a discussion and analysis of our financial condition and our historical results of operations. The following should be read in conjunction with our financial statements and accompanying notes. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those projected, forecasted, or expected in these forward-looking statements as a result of various factors, including, but not limited to, those discussed below and elsewhere in this Annual Report. See \u201cCautionary Statement Regarding Forward-Looking Statements\u201d in this report, and \u201cRisk Factors\u201d in this Annual Report. Our management believes the assumptions underlying the Company\u2019s financial statements and accompanying notes are reasonable. However, the Company\u2019s financial statements and accompanying notes may not be an indication of our financial condition and results of operations in the future. This section of this Annual Report generally discusses the years ended December 31, 2025 and 2024. A discussion of the year ended December 31, 2023 is available at Part II, \u201cItem 7 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024 which was filed with the SEC on February 26, 2025. Overview As of December 31, 2025, our Portfolio consisted of 36 multifamily properties primarily located in the Southeastern and Southwestern United States encompassing 13,305 units of apartment space that was approximately 92.7% leased with a weighted average monthly effective rent per occupied apartment unit of $1,492. Substantially all of our business is conducted through the OP. We own the Portfolio through the OP and our TRS. The OP owns approximately 99.9% of the Portfolio; our TRS owns approximately 0.1% of the Portfolio. The OP GP is the sole general partner of the OP. As of December 31, 2025, there were 26,053,988 OP Units outstanding, of which 25,951,154, or 99.6%, were owned by us and 102,834, or 0.4%, were owned by unaffiliated limited partners (see Note 9 to our consolidated financial statements). We are primarily focused on directly or indirectly acquiring, owning, and operating well-located multifamily properties with a value-add component in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States. We generate revenue primarily by leasing our multifamily properties. We intend to employ targeted management and a value-add program at a majority of our properties in an attempt to improve rental rates and the NOI at our properties and achieve long-term capital appreciation for our stockholders. We are externally managed by the Adviser through the Advisory Agreement, by and among the OP, the Adviser and us. The Advisory Agreement was renewed on February 23, 2026 for a one-year term. The Adviser is wholly owned by NexPoint Advisors, L.P. On March 4, 2020, the Company, the OP and the Adviser entered into separate equity distribution agreements with each of the ATM Sales Agents, pursuant to the ATM Program (as defined below). On March 20, 2025, the equity distribution agreements with each of KeyBanc and SunTrust were terminated (each as defined below). See Note 7 to our consolidated financial statements. We have elected to be taxed as a REIT under Sections 856 through 860 of the Code, and expect to continue to qualify as a REIT. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our REIT taxable income to our stockholders. As a REIT, we will be subject to U.S. federal income tax on our undistributed REIT taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions we pay with respect to any calendar ITEM 1. BUSINESS General NexPoint Residential Trust, Inc. (the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d) was incorporated in Maryland on September 19, 2014, and has elected to be taxed as a REIT. The Company is focused on \u201cvalue-add\u201d multifamily investments primarily located in the Southeastern and Southwestern United States. Substantially all of the Company\u2019s business is conducted through NexPoint Residential Trust Operating Partnership, L.P. (the \u201cOP\u201d), the Company\u2019s operating partnership. The Company owns its properties (the \u201cPortfolio\u201d) through the OP and its wholly owned TRS. The OP owns approximately 99.9% of the Portfolio; the TRS owns approximately 0.1% of the Portfolio. The Company\u2019s wholly owned subsidiary, NexPoint Residential Trust Operating Partnership GP, LLC (the \u201cOP GP\u201d), is the sole general partner of the OP. As of December 31, 2025, there were 26,053,988 common units in the OP (\u201cOP Units\u201d) outstanding, of which 25,951,154, or 99.6%, were owned by the Company and 102,834, or 0.4%, were owned by noncontrolling limited partners (see Note 9 to our consolidated financial statements). The Company is externally managed by the Adviser, through an agreement dated March 16, 2015, as amended, and renewed on February 23, 2026 for a one-year term (the \u201cAdvisory Agreement\u201d), by and among the Company, the OP and the Adviser. The Adviser conducts substantially all of the Company\u2019s operations and provides asset management services for its real estate investments. The Company expects it will only have an accounting employee while the Advisory Agreement is in effect. All of the Company\u2019s investment decisions are made by the Adviser, subject to general oversight by the Adviser\u2019s investment committee and the Company\u2019s board of directors (the \u201cBoard\u201d). The Adviser is wholly owned by the Sponsor. The Company\u2019s investment objectives are to maximize the cash flow and value of properties owned, acquire properties with cash flow growth potential, provide quarterly cash distributions and a Item 1A. Risk Factors You should carefully consider the following risks and other information in this Annual Report in evaluating us and our capital stock. Any of the following risks, as well as additional risks and uncertainties not currently known to us or that we currently deem 16 immaterial, co", "title": "NXRT - NexPoint Residential Trust, Inc.", "url": "/company/NXRT/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001030469; latest 10-K filed 2026-02-25.", "text": "OFG - OFG BANCORP SIC 6022 State Commercial Banks; CIK 0001030469; latest 10-K filed 2026-02-25. OFG OFG BANCORP 0001030469 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Please read the following discussion and analysis of our financial condition and results of operations together with \u201cNote about Forward-Looking Statements,\u201d Part I, Item 1 \u201cBusiness,\u201d Part I, Item 1A \u201cRisk Factors,\u201d and our consolidated financial statements and related notes included under Item 8 of this annual report on Form 10-K. We have omitted discussion of 2023 results where it would be redundant to the discussion previously included in Item 7 of our 2024 annual report on Form 10-K. For our discussion and analysis of our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, see Part II, Item 7, \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d of our 2024 annual report on Form 10-K. RECENT DEVELOPMENTS Capital Actions 2025 Capital Actions In January 2025, OFG announced that its Board of Directors (the \u201cBoard\u201d) approved the increase of its regular quarterly cash dividend to $0.30 per common share from $0.25 per share, beginning in the quarter ended March 31, 2025. In April 2025, the Board approved a new $100 million stock repurchase program. This new, open-ended program is in addition to the $50 million stock repurchase program approved by the Board in October 2024 (collectively, the \u201cExisting Repurchase Programs\u201d). Under the Existing Repurchase Programs, OFG repurchased 2,253,819 shares during 2025 for a total of $91.6 million at an average price of $40.64 per share. At December 31, 2025, the estimated remaining amount that may be purchased under the Existing Repurchase Programs is $38.1 million. Announcement of Forthcoming 2026 Capital Actions In January 2026, OFG announced that its Board approved the increase of its regular quarterly cash dividend to $0.35 per common share from $0.30 per share, beginning in the quarter ending March 31, 2026. The Board also approved a new $200 million stock repurchase program. This new, open-ended program is in addition to the Existing Repurchase Programs. Economic Conditions Puerto Rico\u2019s economy has continued to show stable performance, supported by favorable labor market conditions and adequate system liquidity. According to the Puerto Rico Department of Economic Development and Commerce, the Puerto Rico Economic Activity Index stood at 128.1 points in November 2025, representing a 0.8% increase compared to November 2024 and a consistent upward month-to-month trend in recent periods. Employment data published by such government agency 31 indicates continued gains across multiple industries. As of November 2025, total non-farm payroll employment averaged approximately 963,400 jobs, reflecting a 0.2% increase from the prior month and a 0.9% increase year over year. Economic activity has benefited from public sector reconstruction funding, private investment, and on-shoring initiatives. However, OFG continues to monitor global economic conditions, related uncertainties and their possible impact on Puerto Rico's economy, which could influence OFG's business and operational results. CRITICAL ACCOUNTING POLICIES AND ESTIMATES The accounting and reporting policies followed by OFG conform with GAAP and general practices within the financial services industry. The preparation of these financial statements requires our management to make judgments, assumptions and estimates that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. We evaluate these judgments, assumptions and estimates for changes that would affect the reported amounts. These estimates are based on management's historical industry experience and on various other judgments and assumptions that are believed to be reasonable under the circumstances. Actual results may differ from these judgments, assumptions and estimates. The follo ITEM 1. BUSINESS General OFG is a financial holding company headquartered in San Juan, Puerto Rico. OFG is subject to the provisions of the U.S. Bank Holding Company Act of 1956, as amended, (the \u201cBHC Act\u201d) and accordingly, subject to the supervision and regulation of the Board of Governors of the Federal Reserve System (the \u201cFederal Reserve Board\u201d). OFG\u2019s principal subsidiary is Oriental Bank (the \u201cBank\u201d), a Federal Deposit Insurance Corporation (\u201cFDIC\u201d) insured Puerto Rico commercial bank founded as a federal savings and loan in 1964. OFG provides comprehensive banking and financial services and solutions to its clients through the Bank and various other subsidiaries, including commercial, consumer, auto, and mortgage lending, financial planning, insurance sales, investment advisory and security brokerage services, as well as corporate trust services. OFG operates through three major business segments: Banking, Wealth Management, and Treasury. OFG provides most of its products and services to clients in Puerto Rico and U.S. Virgin Islands (the \u201cUSVI\u201d) and certain loan products in the continental United States. OFG operates through various subsidiaries, including a commercial bank, the Bank, a securities broker-dealer and investment adviser, Oriental Financial Services LLC (\u201cOriental Financial Services\u201d), an insurance agency, Oriental Insurance, LLC (\u201cOriental Insurance\u201d), a captive reinsurance company, OFG Reinsurance Ltd (\u201cOFG Reinsurance\u201d), OFG Ventures LLC (\u201cOFG Ventures\u201d), which holds investments, a commercial lender, OFG USA LLC (\u201cOFG USA\u201d), which is a subsidiary of the Bank, and OBPEF LLC (\u201cOBPEF\u201d), as a wholly owned subsidiary of the Bank and a private equity fund under the Puerto Rico Incentives Code, as amended (the \u201cIncentives Code\u201d), whose objective is to provide financing to eligible borrowers, whether in the form of senior or subordinated debt, to support the economic development of Puerto Rico. Most of our subsidiaries are based in San Juan, Puert ITEM 1A. RISK FACTORS In addition to other information set forth in this annual report on Form 10-K, you should carefully consider the following risk factors, as updated by other filings OFG makes with the SEC under the Exchange Act. Additional risks and uncertainties not presently known to us at this time or that OFG currently deems immaterial may also advers", "title": "OFG - OFG BANCORP", "url": "/company/OFG/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001821825; latest 10-K filed 2026-02-24.", "text": "OGN - Organon & Co. SIC 2834 Pharmaceutical Preparations; CIK 0001821825; latest 10-K filed 2026-02-24. OGN Organon & Co. 0001821825 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS We make statements in this 2025 Form 10-K, and we may from time to time make other written reports and oral statements, regarding our outlook or expectations for financial, business or strategic matters regarding or affecting us that are \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, all of which are based on management\u2019s current expectations and are subject to risks and uncertainties which change over time and may cause results to differ materially from those set forth in the statements. One can identify these forward-looking statements by their use of words such as \u201canticipates,\u201d \u201cexpects,\u201d \u201cplans,\u201d \u201cwill,\u201d \u201cestimates,\u201d \u201cforecasts,\u201d \u201cprojects,\u201d \u201cbelieves,\u201d \u201cwould,\u201d \u201cpotentially,\u201d \u201cintends,\u201d \u201cseeks,\u201d \u201cfuture,\u201d \u201cmight,\u201d \u201clikely,\u201d \u201ctarget,\u201d \u201cpredict,\u201d \u201ccontinue,\u201d \u201cshould,\u201d and other words of similar meaning, or negative variations of any of the foregoing. One can also identify them by the fact that they do not relate strictly to historical or current facts. Such forward-looking statements include, but are not limited to, statements relating to our growth and acquisition strategies, financial results, product development, product approvals, product potential and development programs. One must carefully consider any such statement and should understand that many factors could cause actual results to differ materially from our forward-looking statements. These factors may be based on inaccurate assumptions and are subject to a broad variety of other risks and uncertainties. No forward-looking statement can be guaranteed and actual future results -41- Table of Contents may vary materially. The factors described in Part I, Item 1A. Risk Factors of this 2025 Form 10-K or otherwise described in our filings with the SEC provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations expressed in our forward-looking statements, including, but not limited to: \u2022the impact of tariffs and other trade restrictions or domestic sourcing requirements; \u2022the impact of our substantial levels of indebtedness; \u2022our ability to execute on our capital allocation priorities and to deleverage our business; \u2022expanded brand and class competition in the markets in which we operate; \u2022difficulties with performance of third parties we rely on for our business growth; \u2022the failure of any supplier to provide substances, materials, or services as agreed, or otherwise meet their obligations to us; \u2022the increased cost of supply, manufacturing, packaging, and operations; \u2022difficulties developing and sustaining relationships with commercial counterparties; \u2022competition from generic products as our products lose patent protection; \u2022any failure by us to retain market exclusivity for Nexplanon or to obtain an additional period of exclusivity in the United States for Nexplanon subsequent to the expiration of the rod patents in 2027; \u2022the continued impact of the September 2024 LOE for Atozet; \u2022the success of our efforts to adopt our business and sales strategies to address the changing market and regulatory landscape in order to achieve our business objectives and remain competitive; \u2022restructuring or other disruptions at the FDA, the SEC and other U.S. and comparable foreign government agencies; \u2022difficulties and uncertainties inherent in the implementation of our acquisition strategy or failure to recognize the benefits of such acquisitions; \u2022pricing pressures globally, including rules and practices of managed care groups, judicial decisions and governmental laws and regulations related to or affecting Medicare, Medicaid and healthcare reform, pharmaceutical pricing and reimbursement, access to our products, international reference pricing, including MFN drug pricing, Item 1. Business Overview Organon & Co. (\u201cOrganon,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d) is a global healthcare company with a mission to deliver impactful medicines and solutions for a healthier every day. With a portfolio of over 70 products across women\u2019s health and general medicines, which includes biosimilars, Organon focuses on addressing health needs that uniquely, disproportionately or differently affect women, while expanding access to essential treatments in over 140 countries and territories. We sell these products through various channels including drug wholesalers and retailers, hospitals, government agencies and managed healthcare providers such as health maintenance organizations, pharmacy benefit managers and other institutions. We operate six manufacturing facilities, which are located in Belgium, Brazil, Indonesia, Mexico, the Netherlands and the United Kingdom (\u201cUK\u201d). Unless otherwise indicated, trademarks appearing in italics throughout this document are trademarks of, or are used under license by, the Organon group of companies. Our operations include the following product portfolios: \u2022Women\u2019s Health: Our women\u2019s health portfolio of products is sold by prescription primarily in two therapeutic areas: contraception, with key brands such as Nexplanon\u00ae (etonogestrel implant) (sold as Implanon NXT\u2122 in some countries outside the United States) and NuvaRing\u00ae (etonogestrel / ethinyl estradiol vaginal ring); and fertility, with key brands such as Follistim AQ\u00ae (follitropin beta injection) (marketed in most countries outside the United States as Puregon\u2122). Nexplanon is a long-acting reversible contraceptive in a class recognized as one of the most effective types of hormonal contraception available to patients with a low long-term average cost. Our other women\u2019s health products include the Jada\u00ae System, which is intended to provide control and treatment of abnormal postpartum uterine bleeding or hemorrhage when conservative management is warranted. I Item 1A. Risk Factors You should carefully consider the following risks and other information in this 2025 Form 10-K in evaluating the Company and deciding whether to invest in our Common Stock. Any of the following risks could materially and adversely affect our results of operations, financial condition and the price of our Common Stock. Summary of Risk", "title": "OGN - Organon & Co.", "url": "/company/OGN/" }, { "kind": "company", "summary": "SIC 3221 Glass Containers; CIK 0000812074; latest 10-K filed 2026-02-12.", "text": "OI - O-I Glass, Inc. /DE/ SIC 3221 Glass Containers; CIK 0000812074; latest 10-K filed 2026-02-12. OI O-I Glass, Inc. /DE/ 0000812074 3221 Glass Containers ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The Company\u2019s measure of profit for its reportable segments is segment operating profit, which consists of consolidated earnings (loss) before interest expense, net, and provision for income taxes and excludes amounts related to certain items that management considers not representative of ongoing operations and other adjustments as well as certain retained corporate costs. The segment data presented below is prepared in accordance with general accounting principles for segment reporting. The lines titled \u201creportable segment totals\u201d in both net sales and segment operating profit, however, are non-GAAP measures when presented outside of the financial statement footnotes. Management has included reportable segment totals below to facilitate the discussion and analysis of financial condition and results of operations and believes this information allows the Board of Directors, management, investors and analysts to better understand the Company\u2019s financial performance. The Company\u2019s management, including the chief operating decision maker (defined as the Chief Executive Officer), uses segment operating profit, supplemented by net sales and selected cash flow information, to evaluate segment performance and allocate resources. Segment operating profit is not, however, intended as an alternative measure of operating results as determined in accordance with U.S. GAAP and is not necessarily comparable to similarly titled measures used by other companies. \u200b For discussion related to changes in financial condition and the results of operations for 2024 compared to 2023, refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 12, 2025. 31 Table of Contents Financial information regarding the Company\u2019s reportable segments is as follows (dollars in millions): [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b \\u200b \\u200b\",\"2025\",\"\\u200b \\u200b \\u200b\",\"2024\"],[\"Net sales:\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Americas\",\"\\u200b\",\"$\",\"3,641\",\"\\u200b\",\"$\",\"3,584\",\"\\u200b\"],[\"Europe\",\"\\u200b\",\"\\u200b\",\"2,689\",\"\\u200b\",\"\\u200b\",\"2,820\",\"\\u200b\"],[\"Reportable segment totals\",\"\\u200b\",\"\",\"6,330\",\"\\u200b\",\"\",\"6,404\",\"\\u200b\"],[\"Other\",\"\\u200b\",\"\",\"96\",\"\\u200b\",\"\",\"127\",\"\\u200b\"],[\"Net sales\",\"\\u200b\",\"$\",\"6,426\",\"\\u200b\",\"$\",\"6,531\",\"\\u200b\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b \\u200b \\u200b\",\"2025\",\"\\u200b \\u200b \\u200b\",\"2024\"],[\"Net loss attributable to the Company\",\"\\u200b\",\"$\",\"(129)\",\"\\u200b\",\"$\",\"(106)\",\"\\u200b\"],[\"Net earnings attributable to noncontrolling interests\",\"\\u200b\",\"\\u200b\",\"26\",\"\\u200b\",\"\\u200b\",\"18\",\"\\u200b\"],[\"Net loss\",\"\\u200b\",\"\\u200b\",\"(103)\",\"\\u200b\",\"\\u200b\",\"(88)\",\"\\u200b\"],[\"Provision for income taxes\",\"\\u200b\",\"\\u200b\",\"54\",\"\\u200b\",\"\\u200b\",\"126\",\"\\u200b\"],[\"Earnings (loss) before income taxes\",\"\\u200b\",\"\\u200b\",\"(49)\",\"\\u200b\",\"\\u200b\",\"38\",\"\\u200b\"],[\"Items excluded from segment operating profit:\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Retained corporate costs and other\",\"\\u200b\",\"\",\"107\",\"\\u200b\",\"\",\"134\",\"\\u200b\"],[\"Restructuring, asset impairment and other charges\",\"\\u200b\",\"\",\"443\",\"\\u200b\",\"\",\"206\",\"\\u200b\"],[\"Legacy environmental charge\",\"\\u200b\",\"\\u200b\",\"4\",\"\\u200b\",\"\\u200b\",\"11\",\"\\u200b\"],[\"Gain on sale of divested business and miscellaneous assets\",\"\\u200b\",\"\\u200b\",\"(5)\",\"\\u200b\",\"\\u200b\",\"(6)\",\"\\u200b\"],[\"Pension settlement and curtailment charges\",\"\\u200b\",\"\",\"5\",\"\\u200b\",\"\",\"5\",\"\\u200b\"],[\"Equity investment impairment\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"25\",\"\\u200b\"],[\"Interest expense, net\",\"\\u200b", "title": "OI - O-I Glass, Inc. /DE/", "url": "/company/OI/" }, { "kind": "company", "summary": "SIC 1389 Oil & Gas Field Services, NEC; CIK 0000073756; latest 10-K filed 2026-02-20.", "text": "OII - OCEANEERING INTERNATIONAL INC SIC 1389 Oil & Gas Field Services, NEC; CIK 0000073756; latest 10-K filed 2026-02-20. OII OCEANEERING INTERNATIONAL INC 0000073756 1389 Oil & Gas Field Services, NEC Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations. The following information should be read in conjunction with the information contained in \u201cPart I. Item 1. Business,\u201d \u201cPart I. Item 1A. Risk Factors\u201d and the audited consolidated financial statements and the notes thereto included under \u201cItem 8. Financial Statements and Supplementary Data\u201d elsewhere in this annual report on Form 10-K. For management's discussion and analysis of our financial condition and results of operations for fiscal year 2024 as compared to fiscal year 2023, please refer to Part II, Item 7. \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Form 10-K and Form 10-K/A for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (\"SEC\") on February 24, 2025 and March 4, 2025, respectively. Certain statements in this annual report on Form 10-K, including, without limitation, statements regarding the following matters, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995: \u2022our business strategy; \u2022industry conditions and commodity pricing; \u2022seasonality; \u2022our expectations about 2026 revenue and results of operations, including items below the income from operations (\u201coperating income\u201d) line and segment operating results, and the factors underlying those expectations, including our expectations about demand and pricing for our energy services and products as a result of the factors we specify in \u201cOverview of our Results\u201d and \u201cResults of Operations\u201d below; \u2022our ability to successfully manage the integration of acquisitions, including the realization of synergies and opportunities for growth and innovation, and the challenges of divestitures; \u2022our expectations about the balance between energy transition and energy security; \u2022our emissions reduction targets; \u2022our backlog, to the extent backlog may be an indicator of future revenue or productivity; \u2022projections relating to floating rig demand and subsea tree installations; \u2022our expectations about our ROV fleet utilization, pricing and margins in the future; \u2022the adequacy of our sources of liquidity, cash flows and capital resources to support our operations and internally generated growth initiatives; \u2022the collectability of accounts receivable and realizability of contract assets at the amounts reflected on our most recent balance sheet; \u2022our future working capital needs and our projected capital expenditures for 2026; \u2022transactions we may engage in to manage our outstanding debt prior or maturity; \u2022our plans for future operations (including planned additions to and retirements from our remotely operated vehicle (\u201cROV\u201d) fleet); \u2022our ability and intent to repatriate cash from foreign countries where we have operations; \u2022our expectations regarding shares that may be repurchased under our share repurchase plan; and \u2022our expectations regarding the implementation of new accounting standards and related policies, procedures and controls. These forward-looking statements are subject to various risks, uncertainties and assumptions, including those we refer to under the headings \u201cCautionary Statement Concerning Forward-Looking Statements\u201d and \u201cRisk Factors\u201d in Part I of this report. Although we believe that the expectations reflected in such forward-looking statements are reasonable, because of the inherent limitations in the forecasting process, as well as the relatively volatile nature of the industries in which we operate, we can give no assurance that those expectations will prove to have been correct. Accordingly, evaluation of our future prospects must be made with caution when relying on forward-looking information. Our Engagement in the Energy Transition Oceaneering currently generates a substantial majority of its revenue from the oil and gas sector. Due to the continuing development of economies in Item 1.Business. GENERAL DEVELOPMENT OF BUSINESS Oceaneering International, Inc. (\u201cOceaneering,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace and manufacturing industries. Oceaneering was organized as a Delaware corporation in 1969 out of the combination of three diving service companies founded in the early 1960s. Since our establishment, we have concentrated on the development and marketing of underwater services and products to meet customer needs requiring the use of advanced technology. The continued evolution of applying our advanced technologies has expanded our presence into numerous adjacent markets focused on autonomous robotics. We believe we are one of the world's largest underwater services contractors. The services and products we provide to the energy industry include remotely operated vehicles, survey and positioning services, specialty subsea hardware, engineering and project management, subsea intervention services, including manned diving and asset integrity and non-destructive testing services. Our foreign operations, principally in Africa, United Kingdom (\u201cU.K.\u201d), Norway, Brazil and Asia and Australia accounted for approximately 55% of our revenue, or $1.5 billion, for the year ended December 31, 2025. We operate in five business segments. Our segments are contained within two businesses\u2014services and products provided primarily to the oil and gas industry, and to a lesser extent, the mobility solutions and offshore renewables industries, among others (\u201cEnergy\u201d), and services and products provided to non-energy industries (\u201cAerospace and Defense Technologies\u201d). Our four segments within the Energy business are Subsea Robotics, Manufactured Products, Offshore Projects Group and Integrity Management & Digital Solutions. We report our non-energy business, Aerospace and Defense Technologies, as one segment. Unallocated Expenses are ex Item 1A.Risk Factors. We are subject to various risks and uncertainties in the course of our business. The following summarizes the risks and uncertainties that we consider to be material and that may materially and adversely affect our business, financial condition, results of operations or cash flows and the market val", "title": "OII - OCEANEERING INTERNATIONAL INC", "url": "/company/OII/" }, { "kind": "company", "summary": "SIC 3571 Electronic Computers; CIK 0000926326; latest 10-K filed 2026-02-26.", "text": "OMCL - OMNICELL, INC. SIC 3571 Electronic Computers; CIK 0000926326; latest 10-K filed 2026-02-26. OMCL OMNICELL, INC. 0000926326 3571 Electronic Computers ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and related Notes to Consolidated Financial Statements in this Annual Report on Form 10-K. This discussion and analysis may contain forward-looking statements based upon our current expectations and assumptions that involve risks and uncertainties. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under Item 1A, \u201cRisk Factors,\u201d and elsewhere in this Annual Report on Form 10-K. Unless otherwise stated, references in this Annual Report to particular years or quarters refer to our fiscal year and the associated quarters of those fiscal years. We have elected to omit discussion of the earliest of the three years covered by the Consolidated Financial Statements presented. Such omitted discussion can be found under Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d located in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 27, 2025, for reference to discussion of the fiscal year ended December 31, 2023, the earliest of the three fiscal years presented. OVERVIEW Our Business Omnicell, a leading healthcare technology provider focused on empowering autonomous medication management, is committed to solving the critical challenges inherent in medication management and elevating the role of clinicians within healthcare as an essential component of care delivery. Omnicell is focused on helping its customers define and deliver a cost-effective medication management strategy designed to equip and empower pharmacists and nurses to focus on patient care rather than administrative tasks, and to drive improved clinical, operational, and financial outcomes across all care settings. We are doing this with an industry-leading medication management infrastructure which includes storage and dispensing automation powered by an intelligence ecosystem. Our comprehensive set of solutions provides the critical foundation for customers to realize the Autonomous Pharmacy, an industry-wide vision defined by pharmacy leaders for improving operational efficiencies and ultimately targeting zero-error medication management alongside 5 other outcomes laid out in the Autonomous Pharmacy framework. Omnicell solutions are helping healthcare facilities worldwide to uncover cost savings, improve labor efficiency, establish new revenue streams, enhance supply chain control, support compliance, and move closer to the industry-defined vision of the Autonomous Pharmacy. We sell our hardware, software, and consumable solutions together with related service offerings. Revenues generated in the United States represented 90% of our total revenues for the year ended December 31, 2025. Our business has expanded from a single-point solution to a platform of products and services that will help further advance the industry-defined vision of the Autonomous Pharmacy. This expansion has resulted in larger deal sizes across multiple products, services, and implementations for customers and, we believe, more comprehensive, valuable, and enduring relationships. As our business evolves, we continue to evaluate the metrics and methods we use to measure the success of our business. Global Trade Relations In recent years, the U.S. government has advocated for greater restrictions on trade generally. For example, in 2025, the U.S. imposed tariffs on a wide variety of products manufactured in multiple foreign jurisdictions, including China, Mexico, and Malaysia. In response to the ongoing changes in tariffs, several foreign countries have imposed reciprocal tariffs on goods manufactured in the United States. These tariff rates have fl ITEM 1. BUSINESS Overview Omnicell, a leading healthcare technology provider focused on empowering autonomous medication management, is committed to solving the critical challenges inherent in medication management and elevating the role of clinicians within healthcare as an essential component of care delivery. Omnicell is focused on helping its customers define and deliver a cost-effective medication management strategy designed to equip and empower pharmacists and nurses to focus on patient care rather than administrative tasks, and to drive improved clinical, operational, and financial outcomes across all care settings. We are doing this with an industry-leading medication management infrastructure which includes storage and dispensing automation powered by an intelligence ecosystem. Our comprehensive set of solutions provides the critical foundation for customers to realize the Autonomous Pharmacy, an industry-wide vision defined by pharmacy leaders for improving operational efficiencies and ultimately targeting zero-error medication management alongside 5 other outcomes laid out in the Autonomous Pharmacy framework. Business Strategy In 2024, the United States spent $806 billion on prescription drugs, a 10.2% increase from 2023. We believe there are significant challenges facing the practice of pharmacy today. These challenges include, but are not limited to, budget constraints and acute workforce shortages, where 88% of hospitals report technician deficits and 92% lack sufficient sterile compounding expertise. In addition, health systems face rising liability related to drug diversion, with a 61% increase in the average number of investigations per hospital since the beginning of 2023. We also recognize that these challenges may impact the timing of contracting for, or implementation of, our products, solutions, or services. However, we believe that over time these significant challenges facing pharmacists will drive demand for increased automation, vi ITEM 1A. RISK FACTORS Summary of Risk Factors An investment in our company involves various risks. The following is a summary of these risks, but does not address all of the risks that we face. Additional discussion of the risks that we face can be found following this summary and should be carefully considered together with all of the other information appea", "title": "OMCL - OMNICELL, INC.", "url": "/company/OMCL/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001039065; latest 10-K filed 2025-08-25.", "text": "OSIS - OSI SYSTEMS INC SIC 3674 Semiconductors & Related Devices; CIK 0001039065; latest 10-K filed 2025-08-25. OSIS OSI SYSTEMS INC 0001039065 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following management\u2019s discussion and analysis of financial condition and results of operations (\u201cMD&A\u201d) is intended to help the reader understand our results of operations and financial condition. MD&A is provided as a supplement to, and should be read in conjunction with, our financial statements and the accompanying notes. This MD&A contains forward-looking statements and the matters discussed in these forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those projected or implied in the forward-looking statements. Please see \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d for a discussion of the uncertainties, risks and assumptions associated with these statements. 36 Table of Contents Overview We are a vertically integrated designer and manufacturer of specialized electronic systems and components for critical applications. We sell our products and provide related services in diversified markets, including homeland security, healthcare, defense and aerospace. We have three operating divisions, each of which is a reportable segment: (a) Security, providing security and inspection systems and turnkey security screening solutions; (b) Optoelectronics and Manufacturing, providing specialized electronic components and electronic manufacturing services for our Security and Healthcare divisions, as well as to third parties for applications in the defense and aerospace markets, among others; and (c) Healthcare, providing patient monitoring, cardiology and remote monitoring, and connected care systems and associated accessories. Security Division. Through our Security division, we provide security screening products, multi-platform software solutions, and services globally, as well as turnkey security screening solutions. These products and services are used to inspect baggage, parcels, cargo, people, vehicles and other objects for weapons, explosives, drugs, radioactive and nuclear materials and other contraband. Revenues from our Security division accounted for 70% of our total consolidated revenues for fiscal 2025. Optoelectronics and Manufacturing Division. Through our Optoelectronics and Manufacturing division, we design, manufacture and market optoelectronic devices and flex circuits and provide electronics manufacturing services globally for use in a broad range of applications, including aerospace and defense electronics, security and inspection systems, medical imaging and diagnostics, telecommunications, office automation, computer peripherals, industrial automation, and consumer products. We also provide our optoelectronic devices and electronics manufacturing services to OEM customers, and our own Security and Healthcare divisions. Revenues from external customers in our Optoelectronics and Manufacturing division accounted for 20% of our total consolidated revenues for fiscal 2025. Healthcare Division. Through our Healthcare division, we design, manufacture, market and service patient monitoring, cardiology and remote monitoring, and connected care systems globally for sale primarily to hospitals and medical centers. Our products monitor patients in critical, emergency and perioperative care areas of the hospital and provide information, through wired and wireless networks, to physicians and nurses who may be at the patient\u2019s bedside, in another area of the hospital or even outside the hospital. Revenues from our Healthcare division accounted for 10% of our total consolidated revenues for fiscal 2025. Consolidated Results Discussion and analysis of our financial condition and results of operations for fiscal 2023 (compared with fiscal 2024) have been omitted from this Annual Report on Form 10-K, and is available in Item 7 of Part II, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our ITEM 1. BUSINESS General OSI Systems, Inc., together with our subsidiaries, is a vertically integrated designer and manufacturer of specialized electronic systems and components for critical applications. We sell our products and provide related services in diversified markets, including homeland security, healthcare, defense and aerospace. Our company is incorporated in the State of Delaware and our principal office is located at 12525 Chadron Avenue, Hawthorne, California 90250. We have three operating divisions: (a) Security, providing security and inspection systems and turnkey security screening solutions; (b) Optoelectronics and Manufacturing, providing specialized electronic components for our Security and Healthcare divisions, as well as to third parties for applications in the defense and aerospace markets, among others; and (c) Healthcare, providing patient monitoring, cardiology and remote monitoring, and connected care systems and associated accessories. We sell our security and inspection solutions and healthcare products primarily to end\u2011users, while we design and manufacture our optoelectronic devices and value\u2011added subsystems and provide electronics manufacturing services primarily for original equipment manufacturer (OEM) customers. 1 Table of Contents Security Division. A variety of technologies are currently used globally in non-intrusive security and inspection systems, including transmission and backscatter X-ray interrogation, 3-D computed tomography, radiation monitoring, metal detection, millimeter wave imaging, chemical trace detection, and optical inspection. We believe that the market for security and inspection products will continue to be affected by the threat of terrorist incidents, drug and human trafficking, border security, gun violence, and by new government mandates and appropriations for security and inspection products both in the United States and internationally. Security and inspection products are used at a wide ran ITEM 1A. RISK FACTORS Set forth below and elsewhere in this report and in other documents we file with the SEC are descriptions of the risks and uncertainties that could materially and adversely affect our business, financial condition and results of operations and could make an investment in our securities speculative or risky. We e", "title": "OSIS - OSI SYSTEMS INC", "url": "/company/OSIS/" }, { "kind": "company", "summary": "SIC 7997 Services-Membership Sports & Recreation Clubs; CIK 0001758488; latest 10-K filed 2026-02-23.", "text": "OSW - ONESPAWORLD HOLDINGS Ltd SIC 7997 Services-Membership Sports & Recreation Clubs; CIK 0001758488; latest 10-K filed 2026-02-23. OSW ONESPAWORLD HOLDINGS Ltd 0001758488 7997 Services-Membership Sports & Recreation Clubs ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General The following discussion and analysis of our audited financial condition and results of operations should be read in conjunction with the information presented in \u201cSelected Historical Financial Information\u201d and our Consolidated Financial Statements and the notes thereto included elsewhere in this report. In addition to historical information, the following discussion contains forward-looking statements, such as statements regarding our expectation for future performance, liquidity, and capital resources, that involve risks, uncertainties and assumptions that could cause actual results to differ materially from those contained in or implied by any forward-looking statements. Factors that could cause such differences include those identified below and those described in the sections entitled \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and \u201cRisk Factors.\u201d We assume no obligation to update any of these forward-looking statements. The information for the years ended December 31, 2025, 2024 and 2023 is derived from OneSpaWorld\u2019s audited Consolidated Financial Statements and the notes thereto included elsewhere in this report. Any reference to \u201cOneSpaWorld\u201d refers to OneSpaWorld Holdings Limited and our consolidated subsidiaries on a forward-looking basis. Overview OneSpaWorld Holdings Limited (\u201cOneSpaWorld,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour, \u201cus\u201d and other similar terms refer to OneSpaWorld Holdings Limited and its consolidated subsidiaries) is the pre-eminent global operator of health and wellness centers onboard cruise ships and a leading operator of health and wellness centers at destination resorts worldwide. We are positioned as a leader in the hospitality-based health and wellness industry. Our highly trained and experienced staff offer guests a comprehensive suite of premium health, wellness, aesthetics and fitness services and products onboard cruise ships and at destination resorts globally. We are the market leader at more than 17x the size of our closest maritime competitor. Over the last 50 years, we have built our leading market position on our depth of staff expertise, broad and innovative service and product offerings, expansive global recruitment, training and logistics platform, as well as decades-long relationships with cruise line and destination resort partners. Throughout our history, our mission has been simple: helping guests look and feel their best during and after their stay. At our core, we are a global services company. We serve a critical role for our cruise line and destination resort partners, operating a complex and increasingly important aspect of their overall guest experience. Decades of investment and know-how have allowed us to construct an unmatched global infrastructure to manage the complexity of our operations. We have consistently expanded our onboard offerings with innovative and leading-edge service and product introductions, and developed powerful recruiting, training and logistics platforms, increasingly powered by emerging technologies, including generative and agentic artificial intelligence applications, to manage our operational complexity, maintain our industry-leading quality standards, and maximize revenue and profitability per health and wellness center. The combination of our personnel recruiting and training platform, deep proprietary global labor pool, global logistics and supply chain infrastructure, and proven health and wellness center operating, revenue, and profitability management capabilities represents a significant competitive advantage that we believe is not economically feasible to replicate. A significant portion of our revenues are generated from our cruise ship operations. Historically, we have been able to renew substantially all of our existing cruise line partner agreements and gain new agreements to operate health and wellness centers for new ITEM 1. BUSINESS General At our core, we are a global services company. We are the market leader in the highly attractive outsourced maritime health and wellness market, with a market share we estimate exceeds 90%. Over the last 50 years, we have built our leading market position on our depth of staff expertise; broad and innovative service and product offerings; expansive global staff recruitment, training and logistics platforms; global operations infrastructure; and decades-long relationships with cruise line and destination resort partners. Throughout our history, our mission has been simple: helping guests look and feel their best during and after their stay. We serve a critical role for our cruise line and destination resort partners, operating a complex and increasingly important aspect of their overall guest experience. Our decades of investment and know-how have allowed us to construct an unmatched global infrastructure to manage the complexity of our operations. We have consistently expanded our onboard offerings with innovative, leading-edge service and product introductions, and developed powerful staff recruiting, training and logistics platforms, increasingly powered by emerging technologies, including generative and agentic artificial intelligence applications, and global operations infrastructure to manage our operational complexity, maintain our industry-leading quality standards and maximize revenue per health and wellness center. The combination of our renowned recruiting and training platform, deep labor pool, global logistics and supply chain infrastructure and proven revenue management capabilities represents a significant competitive advantage that we believe is not economically feasible to replicate. These competitive advantages served our business well during the recent challenging times for our industry. Our Business The majority of our revenue and profits are earned through long-term agreements with cruise line partners that economical ITEM 1A. RISK FACTORS An investment in our securities involves a high degree of risk. You should carefully consider the risks described below before making an investment decision. Our business, prospects, financial condition, or operating results could be harmed, and have been harmed, ", "title": "OSW - ONESPAWORLD HOLDINGS Ltd", "url": "/company/OSW/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0001466593; latest 10-K filed 2026-02-18.", "text": "OTTR - Otter Tail Corp SIC 4911 Electric Services; CIK 0001466593; latest 10-K filed 2026-02-18. OTTR Otter Tail Corp 0001466593 4911 Electric Services ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes appearing under Item 8 of this Form 10-K. OVERVIEW Otter Tail Corporation and its subsidiaries form a diverse group of businesses with operations classified into three segments: Electric, Manufacturing and Plastics. Our Electric business is a vertically integrated, regulated utility with generation, transmission and distribution facilities to serve our customers in western Minnesota, eastern North Dakota and northeastern South Dakota. Our Manufacturing segment provides metal fabrication for custom machine parts and metal components, and manufactures extruded 31 Table of Contents and thermoformed plastic products. Our Plastics segment manufactures PVC pipe for use in, among other applications, municipal and rural water, wastewater and water reclamation projects. 2025 FINANCIAL RESULTS In 2025, our diversified business model generated strong financial results, producing net income of $275.9 million, or $6.55 per diluted share. As expected, our earnings declined from the record level achieved in 2024 when we generated earnings of $301.7 million, or $7.17 per diluted share. As we anticipated, product prices within our Plastics segment continued to decline in 2025 leading to the reduction in earnings compared to the prior year. We anticipate earnings from our Plastics segment will continue to decline through 2027 until such time that product pricing is expected to stabilize. We generated $386.0 million of cash from operations in 2025 and ended the year with total available liquidity of $705.5 million. Our year-end equity ratio to total capital was 62.8%. We paid dividends totaling $2.10 per share, or $88.1 million, marking our 87th consecutive year of dividend payments to our shareholders. Our Electric segment generated 7% earnings growth in 2025, producing earnings of $97.6 million. Our earnings growth was driven by the recovery of our rate base investments, which include investments in new generation and enhancements to our transmission and distribution system to promote reliable electric service. We also benefited from increased sales volumes in 2025, partially the result of favorable weather conditions compared to last year which impacted our customers' demand for energy, and lower operating and maintenance costs. Earnings in our Manufacturing segment decreased 16% in 2025 to $11.5 million. Our sales volumes in the year were negatively impacted by soft end-market demand and customer inventory management efforts within many of the end markets we serve. Weak farm economics, persistently elevated interest rates, a cautious consumer and tariff uncertainty led to demand headwinds. We were able to partially mitigate the financial effects of lower sales volumes through cost-management efforts aligning our cost structure with the current demand environment, and enhanced production efficiencies. Our Plastics segment earnings decreased 15% in 2025 to $170.4 million. As anticipated, sales prices for our PVC pipe products, after peaking in 2022, have gradually declined, including in 2025 when average prices declined 15% compared to the prior year. This pricing decline was the primary driver of our lower earnings in 2025. Partially offsetting the decline in product pricing was reduced material input costs and higher sales volumes. Our sales volumes in 2025 benefited from the additional production capacity and large diameter pipe capability installed at our Phoenix location in late 2024. In 2025, our earnings mix was 35% from our Electric segment and 65% from the combination of our Manufacturing and Plastics segments including unallocated corporate costs. Since 2021, this mix has diverged from our long\u2011term target of 70% Electric and 30% Manufacturing Platform, largely du ITEM 1. BUSINESS Otter Tail Corporation (OTC) is a holding company which has strategically invested in a portfolio of diversified operations including an electric utility and manufacturing and plastic pipe businesses. Our corporate offices are located in Fergus Falls, Minnesota and Fargo, North Dakota. We classify our five operating companies into three reportable segments consistent with our business strategy and management structure. The following table depicts our three segments and the subsidiary entities included within each segment: [[GREPCENT_TABLE]] [[\"ELECTRIC SEGMENT\",\"\",\"MANUFACTURING SEGMENT\",\"\",\"PLASTICS SEGMENT\"],[\"Otter Tail Power Company (OTP)\",\"\",\"BTD Manufacturing, Inc. (BTD)\",\"\",\"Northern Pipe Products, Inc. (Northern Pipe)\"],[\"\",\"\",\"T.O. Plastics, Inc. (T.O. Plastics)\",\"\",\"Vinyltech Corporation (Vinyltech)\"]] [[/GREPCENT_TABLE]] Electric includes the generation, purchase, transmission, distribution and sale of electric energy in western Minnesota, eastern North Dakota and northeastern South Dakota. Otter Tail Power (OTP), our primary business, serves approximately 134,000 customers in more than 400 communities across a predominantly rural and agricultural service territory. Manufacturing consists of businesses which provide metal fabrication services and manufacture thermoformed plastic products. These businesses have manufacturing facilities in Georgia, Illinois and Minnesota and sell products primarily in the United States. Plastics consists of businesses producing polyvinyl chloride (PVC) pipe primarily used in municipal water infrastructure at plants in North Dakota and Arizona. The PVC pipe is sold primarily in the western half of the United States and Canada. Throughout the remainder of this report, we use the terms \"Company,\" \"us,\" \"our,\" or \"we\" to refer to OTC and its subsidiaries collectively. We also refer to our Electric, Manufacturing and Plastics segments and our individual subsidiaries as indicated above. INVESTMENT AND GRO ITEM 1A. RISK FACTORS RISK FACTORS AND CAUTIONARY STATEMENTS Our businesses are subject to various risks and uncertainties. Any of the risks described below or elsewhere in this report on Form 10-K or in our other SEC filings could materially adversely affect our business, operating results, financial condition and liquidity. Unforeseen risks and uncertainties, or ", "title": "OTTR - Otter Tail Corp", "url": "/company/OTTR/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001579877; latest 10-K filed 2026-02-26.", "text": "OUT - OUTFRONT Media Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001579877; latest 10-K filed 2026-02-26. OUT OUTFRONT Media Inc. 0001579877 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) should be read in conjunction with our historical consolidated financial statements and the notes thereto in \u201cItem 8. Financial Statements and Supplementary Data.\u201d This MD&A contains forward-looking statements that involve numerous risks and uncertainties. The forward-looking statements are subject to a number of important factors, including, but not limited to, those factors discussed in \u201cItem 1A. Risk Factors\u201d and the \u201cCautionary Statement Regarding Forward-Looking Statements\u201d section of this Annual Report on Form 10-K, that could cause our actual results to differ materially from the results described herein or implied by such forward-looking statements. Management\u2019s discussion and analysis of financial condition and results of operations for the year ended December 31, 2024, as compared to the year ended December 31, 2023, is included in \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the \u201cSEC\u201c) on February 28, 2025. Overview OUTFRONT Media is a real estate investment trust (\u201cREIT\u201d) that provides advertising space (\u201cdisplays\u201d) on out-of-home advertising structures and sites in the United States (the \u201cU.S.\u201d), enabling advertisers to engage with audiences in high-impact in-real-life (\u201cIRL\u201d) moments and environments. We currently manage our operations through two reportable operating segments\u2014(1) Billboard and (2) Transit. Prior to its sale in 2024, our Canadian operations comprised our International operating segment, which did not meet the criteria to be a reportable segment and accordingly, was included in Other. Historical operating results of our Canadian operations are included in Other (see Item 8., Note 20. Segment Information to the Consolidated Financial Statements) through the date of sale. On June 7, 2024, we sold all of our equity interests in Outdoor Systems Americas ULC and its subsidiaries (the \u201cTransaction\u201d), which held all of the assets of the Company\u2019s outdoor advertising business in Canada (the \u201cCanadian Business\u201d). (See Item 8., Note 14. Acquisitions and Dispositions: Dispositions: Canadian Business to the Consolidated Financial Statements). Business We are one of the largest providers of advertising space on out-of-home advertising structures and sites across the U.S. Our inventory consists of billboard displays primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (\u201cDMAs\u201d), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S. In total, we have displays in approximately 120 markets across the U.S., including the 25 largest markets in the U.S. Our top market, location-focused portfolio includes sites in and around New York City, Los Angeles and San Francisco, where public spaces can turn into platforms for creativity, connection and cultural relevance. The breadth and depth of our portfolio provides our customers with a range of options to address their marketing objectives by elevating brand influence and credibility through enterprise or commercial brand-building campaigns. In addition to providing location-based displays, we also focus on delivering mass and targeted audiences to our customers. We believe the continued evolution of out-of-home advertising audience measurement systems, including Geopath and alternative measurement systems, can enhance the value of the out-of-home medium, including transit inventory, by improving audience measurement and enabling more precise demographic and location-based targeting. As part of our investments in our technology platform, we are developing digital out Item 1. Business. Overview OUTFRONT Media is a real estate investment trust (\u201cREIT\u201d) that provides advertising space (\u201cdisplays\u201d) on out-of-home advertising structures and sites in the United States (the \u201cU.S.\u201d), enabling advertisers to engage with audiences in high-impact in-real-life (\u201cIRL\u201d) moments and environments. We are one of the largest providers of advertising space on out-of-home advertising structures and sites across the U.S. Our inventory consists of billboard displays primarily located on the most heavily traveled highways and roadways in top Nielsen Designated Market Areas (\u201cDMAs\u201d), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the U.S. In total, we have displays in approximately 120 markets across the U.S., including the 25 largest markets in the U.S. Our top market, location-focused portfolio includes sites in and around New York City, Los Angeles and San Francisco, where public spaces can turn into platforms for creativity, connection and cultural relevance. The breadth and depth of our portfolio provides our customers with a range of options to address their marketing objectives by elevating brand influence and credibility through enterprise or commercial brand-building campaigns. In addition to providing location-based displays, we also focus on delivering mass and targeted audiences to our customers. We believe the continued evolution of out-of-home advertising audience measurement systems, including Geopath and alternative measurement systems, can enhance the value of the out-of-home medium, including transit inventory, by improving audience measurement and enabling more precise demographic and location-based targeting. As part of our investments in our technology platform, we are developing digital out-of-home offerings and capabilities that support full-funnel advertising objectives, including end-to-end campaign processing and automation, research and measurement, Item 1A. Risk Factors. You should carefully consider the following risks, together with all of the other information in this Annual Report on Form 10-K, including \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our consolidated financial statements and the notes thereto in ", "title": "OUT - OUTFRONT Media Inc.", "url": "/company/OUT/" }, { "kind": "company", "summary": "SIC 2320 Men's & Boys' Furnishgs, Work Clothg, & Allied Garments; CIK 0000075288; latest 10-K filed 2026-03-27.", "text": "OXM - OXFORD INDUSTRIES INC SIC 2320 Men's & Boys' Furnishgs, Work Clothg, & Allied Garments; CIK 0000075288; latest 10-K filed 2026-03-27. OXM OXFORD INDUSTRIES INC 0000075288 2320 Men's & Boys' Furnishgs, Work Clothg, & Allied Garments Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our results of operations, cash flows, liquidity and capital resources compares Fiscal 2025 to Fiscal 2024 and should be read in conjunction with our consolidated financial statements contained in this report. The results of operations, cash flows, liquidity and capital resources for Fiscal 2024 compared to Fiscal 2023 are not included in this report on Form 10-K. For a discussion of our results of operations, cash flows, liquidity and capital resources for Fiscal 2024 compared to Fiscal 2023 and certain other financial information related to Fiscal 2024 and Fiscal 2023, refer to the \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II. Item 7 of our 2024 Annual Report on Form 10-K, filed with the SEC on March 31, 2025, which is available on the SEC\u2019s website at www.sec.gov and under the Investor Relations section of our website at www.oxfordinc.com. OVERVIEW Business Overview We are a leading branded apparel company that designs, sources, markets and distributes products bearing the trademarks of our Tommy Bahama, Lilly Pulitzer, Johnny Was, Southern Tide, TBBC, Duck Head and Jack Rogers lifestyle brands. Our business strategy is to create sustained profitable growth by driving excellent performance across our portfolio of businesses. We consider lifestyle brands to be those brands that have a clearly defined and targeted point of view inspired by an appealing lifestyle or attitude. Furthermore, we believe lifestyle brands that create an emotional connection can command greater loyalty and higher price points and create licensing opportunities. We believe the attraction of a lifestyle brand depends on creating compelling product, effectively communicating the respective lifestyle brand message and distributing products to consumers where and when they want them. We believe the principal competitive factors in the apparel industry are the reputation, value, and image of brand names; design of differentiated, innovative or otherwise compelling product; consumer preference; price; quality; marketing; product fulfillment capabilities; and customer service. Our ability to compete successfully in the apparel industry is dependent on our proficiency in foreseeing changes and trends in fashion and consumer preference and presenting appealing products for consumers. Our design-led, commercially informed lifestyle brand operations strive to provide exciting, differentiated fashion products each season as well as certain core products that consumers expect from us. During Fiscal 2025, 82% of our consolidated net sales were through our direct to consumer channels of distribution, which consist of our brand specific full-price retail stores, e-commerce websites and outlets, as well as our Tommy Bahama food and beverage operations. The remaining 18% of our net sales was generated through our wholesale distribution channels, which complement our direct to consumer operations and provide access to a larger base of consumers. Our wholesale operations consist of sales of products bearing the trademarks of our lifestyle brands to various specialty stores, better department stores, Signature Stores, multi-branded e-commerce retailers and other retailers. For additional information about our business and each of our operating segments, see Part I, Item 1. Business included in this report. Important factors relating to certain risks which could impact our business are described in Part I, Item 1A. Risk Factors of this report. Industry Overview We operate in a highly competitive apparel market. No single apparel firm or small group of apparel firms dominates the apparel industry, and our competitors vary by operating segment and distribution channel. The apparel industry is cyclical and highly dependent on the overall level and focus of discretionary consumer Item 1. Business BUSINESS AND PRODUCTS Overview We are a leading branded apparel company that designs, sources, markets and distributes products bearing the trademarks of our portfolio of lifestyle brands: Tommy Bahama, Lilly Pulitzer, Johnny Was, Southern Tide, TBBC, Duck Head and Jack Rogers. Our business strategy is to drive excellence across a portfolio of lifestyle brands that create sustained, profitable growth. We consider lifestyle brands to be those brands that have a clearly defined and targeted point of view inspired by an appealing lifestyle or attitude. Furthermore, we believe lifestyle brands that create an emotional connection can command greater loyalty and higher price points and create licensing opportunities. We believe the attraction of a lifestyle brand depends on creating compelling product, effectively communicating the respective lifestyle brand message and distributing products to consumers where and when they want them. We believe the principal competitive factors in the apparel industry are the reputation, value, and image of brand names; design of differentiated, innovative or otherwise compelling product; consumer preference; price; quality; marketing; product fulfillment capabilities; and customer service. Our ability to compete successfully in the apparel industry is dependent on our proficiency in foreseeing changes and trends in fashion and consumer preference and presenting appealing products for consumers. Our design-led, commercially informed lifestyle brand operations strive to provide exciting, differentiated fashion products each season as well as certain core products that consumers expect from us. To further strengthen each lifestyle brand\u2019s connections with consumers, we directly communicate through digital and print media on a regular basis with our loyal consumers, including the more than 2.5 million who have transacted with us in the last year. We believe our ability to effectively communicate the images, lifestyle Item 1A. Risk Factors The risks described below highlight some of the factors that could materially affect our operations. If any of these risks actually occurs, our business, financial condition, prospects and/or operating results may be adversely affected. These are not the on", "title": "OXM - OXFORD INDUSTRIES INC", "url": "/company/OXM/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001069899; latest 10-K filed 2025-08-27.", "text": "PAHC - PHIBRO ANIMAL HEALTH CORP SIC 2834 Pharmaceutical Preparations; CIK 0001069899; latest 10-K filed 2025-08-27. PAHC PHIBRO ANIMAL HEALTH CORP 0001069899 2834 Pharmaceutical Preparations Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Introduction Our management\u2019s discussion and analysis of financial condition and results of operations (\u201cMD&A\u201d) is provided to assist readers in understanding our performance, as reflected in the results of our operations, our financial condition and our cash flows. The following discussion summarizes the significant factors affecting our consolidated operating results, financial condition, liquidity and cash flows as of and for the periods presented. This MD&A should be read in conjunction with our consolidated financial statements and related notes thereto included under the section entitled \u201cFinancial Statements and Supplementary Data.\u201d Our future results could differ materially from our historical performance as a result of various factors such as those discussed in \u201cRisk Factors\u201d and \u201cForward-Looking Statements and Risk Factors Summary.\u201d Overview of our business Phibro Animal Health Corporation is a leading global diversified animal health and mineral nutrition company. We develop, manufacture and market a broad range of products for food and companion animals including poultry, swine, beef and dairy cattle, aquaculture and dogs. Our products help prevent, control and treat diseases, and support nutrition to help improve animal health and well-being. In addition to animal health and mineral nutrition products, we manufacture and market specific ingredients for use in the personal care, industrial chemical and chemical catalyst industries. We market approximately 800 product lines in approximately 90 countries to approximately 4,500 customers. Acquisition In April 2024, the Company entered into a Purchase and Sale Agreement (the \u201cPurchase Agreement\u201d) with Zoetis Inc., a Delaware corporation (\u201cZoetis\u201d) to acquire Zoetis\u2019s medicated feed additive (\u201cMFA\u201d) portfolio, certain water-soluble products and related assets (the \u201cAcquisition\u201d). On October 31, 2024, the Company completed the Acquisition at a purchase price of approximately $297.5 million ($286.5 million, as adjusted, net of cash acquired), subject to certain further adjustments set forth in the Purchase Agreement. The Acquisition was funded by term loan borrowings under the 2024 Credit Agreement. The product portfolio acquired, which generated $407.6 million in revenue in 2023, is comprised of more than 37 product lines that are sold in approximately 80 countries. For the year ended June 30, 2025, this product portfolio contributed $208.2 million to our overall net sales. Also included in the Acquisition are six manufacturing sites, comprised of four in the U.S., one in Italy and one in China. The results of operations of the Acquisition are included in our consolidated statements of operations from the date of acquisition and reported within the Animal Health segment. 2024 Credit Agreement In July 2024, we entered into a Credit Agreement (the \u201c2024 Credit Agreement\u201d) with a group of lenders. Initial borrowings were used to refinance all our outstanding debt, to pay fees and expenses of the transaction, and for ongoing working capital requirements and general corporate purposes. Borrowings under the Delayed Draw Term A-1 and A-2 Loans were used to finance the purchase price of the Acquisition. See \u201cNotes to Consolidated Financial Statements \u2014 Debt \u2014 2024 Credit Agreement\u201d for additional information. \u200b 63 Table of Contents Armed conflicts Israel and Hamas On October 7, 2023, Hamas militants crossed into Israel from Gaza in a large-scale, surprise terrorist attack. Hamas terrorists invaded Israel, first firing rockets into the country and then carrying out attacks inflicting mass casualties with hundreds more taken hostage. In order to provide immediate assistance to the victims of the attacks and their families, we and our employees provided monetary donations that were distributed to charities that offered relief services, welfare, equipment, food and other necess Item 1. Business Overview Phibro Animal Health Corporation is a leading global diversified animal health and mineral nutrition company. We strive to be a trusted partner with livestock producers, farmers, veterinarians and consumers who raise and care for farm and companion animals by providing solutions to help them maintain and enhance the health of their animals. We market approximately 800 product lines in approximately 90 countries to approximately 4,500 customers. We develop, manufacture and market a broad range of products for food and companion animals including poultry, swine, beef and dairy cattle, aquaculture and dogs. Our products help prevent, control and treat diseases and support nutrition to help improve animal health and well-being. We sell animal health and mineral nutrition products either directly to integrated poultry, swine and cattle producers or through animal feed manufacturers, wholesalers, distributors and veterinarians. Our products include: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Animal health products such as antibacterials, anticoccidials, nutritional specialty products, and vaccines and vaccine adjuvants that help improve the animal\\u2019s health and therefore improve performance, food safety and animal welfare. Our Animal Health segment also includes antibacterials and other processing aids used in the ethanol fermentation industry.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Mineral nutrition products that fortify the animal\\u2019s diet and help maintain optimal health.\"]] [[/GREPCENT_TABLE]] We have focused our efforts in regions where the majority of livestock production is consolidated in large commercial farms. We believe we are well positioned to grow our sales with our established network of sales, marketing and distribution professionals in markets in North America, Latin America, Asia Pacific, Europe, Africa and the Middle East. We are investing resources to further develop products for the companion animal s Item 1A. Risk Factors Risk Factors Summary For a summary of risk factors, see our \u201cForward-Looking Statements and Risk Factors Summary\u201d on page 3. Risk Factors You should carefully consider all of the information set forth in this Annual Report on Form 10-K, including the following risk factors, before deciding to invest in our", "title": "PAHC - PHIBRO ANIMAL HEALTH CORP", "url": "/company/PAHC/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0000821483; latest 10-K filed 2026-02-25.", "text": "PARR - PAR PACIFIC HOLDINGS, INC. SIC 1311 Crude Petroleum & Natural Gas; CIK 0000821483; latest 10-K filed 2026-02-25. PARR PAR PACIFIC HOLDINGS, INC. 0000821483 1311 Crude Petroleum & Natural Gas Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview We are a growing energy company based in Houston, Texas, that provides both renewable and conventional fuels to the western United States. For more information, please read \u201cPart I \u2013Item 1. \u2014 Business\u2014Overview\u201d of this Form 10-K. Known Trends or Uncertainties While the market indices presented below under \u201cItem 7. \u2014 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2014 Results of Operations\u201d are representative of the results of our refineries, each refinery\u2019s realized gross margin on a per barrel basis will differ from the benchmark due to a variety of factors that affect the performance of the specific refinery. These factors include, but are not limited to, the actual type and timing of crude oil throughput; product yields; transportation and storage costs; fuel burn; product premiums or discounts; inventory fluctuations; feedstock and product purchases; commodity price risk-management activities; crude oil purchase financing activities; and other factors not reflected in the benchmark refining margin. We operate in logistically complex, niche markets and, as such, each of our refineries has unique cost advantages and disadvantages as compared to their respective relevant market indices. Recent Events Affecting Comparability of Periods Operational Update. Our Wyoming refinery experienced an operational incident on the evening of February 12, 2025, and remained safely idled during repair and recovery work through late April 2025, when the refinery returned to full crude operations. The 66 days of idle time impacted comparability between the year ended December 31, 2025, and December 31, 2024. Small Refinery Exemption. In August 2025, the U.S. Environmental Protection Agency (\u201cEPA\u201d) granted our mainland refineries a combination of full (100%) and partial (50%) small refinery exemptions (\u201cSREs\u201d) from the Renewable Fuel Standard (the \u201cRFS\u201d) program for the 2019 through 2024 compliance years. As a result of our historical compliance with the RFS program, we received previously retired Renewable Identification Numbers (\u201cRINs\u201d) related to the 2019 through 2023 compliance years from the EPA and relieved a portion of our 2024 RVO, recording a corresponding gain of $199.5 million in Net Income on our consolidated statements of operations for the year ended December 31, 2025. This also resulted in gains of $195.9 million in Adjusted Net Income (Loss) attributable to Par Pacific stockholders and $202.6 million in Adjusted EBITDA for the year ended December 31, 2025. As of December 31, 2025, the EPA has not made a determination with respect to small refinery exemptions for the 2025 compliance year. Accordingly, our recorded RFS obligation for the year ended December 31, 2025, reflects 100% of the RFS obligation for the period with no assumption of SRE relief. Renewable Fuels Facility Joint Venture. On July 21, 2025, we and Hawaii Renewables, LLC (\u201cHawaii Renewables\u201d), entered into a definitive Equity Contribution Agreement (the \u201cEquity Contribution Agreement\u201d) with Alohi Renewable Energy LLC (\u201cAlohi\u201d), an entity owned by Mitsubishi Corporation and ENEOS Corporation, to establish Hawaii Renewables as a joint venture. The joint venture was formed for the development, construction, ownership, and operation of the renewable fuels manufacturing facility co-located with our Hawaii refinery (\u201cRenewable Fuels Facility\u201d). On October 21, 2025, we completed the transaction to form the Hawaii Renewables joint venture. Following the closing of the transaction, we held a 63.5% ownership interest in Hawaii Renewables and Alohi held the remaining 36.5% ownership interest. We will operate and manage the day-to-day operations at the Renewable Fuels Facility on behalf of Hawaii Renewables and provide certain services, such as construction management services, operating and corporate services, and terminalling ser Item 1. BUSINESS OVERVIEW Par Pacific Holdings, Inc., headquartered in Houston, Texas, is a growth-oriented energy company providing both renewable and conventional fuels to the western United States. Our business is organized into three primary segments: 1) Refining - We own and operate four refineries with total operating crude oil throughput capacity of 219 Mbpd. Our refineries in Kapolei, Hawaii, Newcastle, Wyoming, Tacoma, Washington, and Billings, Montana, convert crude oil into gasoline, distillate, asphalt and other products to serve the state of Hawaii and areas ranging from Washington state to the Dakotas and Wyoming. 2) Retail - We operate fuel retail outlets in Hawaii, Washington, and Idaho. We operate convenience stores and fuel retail sites under our \u201cHele\u201d and \u201cnomnom\u201d brands, \u201c76\u201d branded fuel retail sites and other sites operated by third parties that sell gasoline, diesel, and retail merchandise such as soft drinks, prepared foods, and other sundries. We also operate unattended cardlock stations. 3) Logistics - We operate an extensive multi-modal logistics network spanning the Pacific, the Northwest, and the Rocky Mountain regions. This network includes an SPM in Hawaii, a unit train-capable rail loading terminal in Washington, and other terminals, pipelines, trucking operations, marine vessels, storage facilities, loading and truck racks, and rail facilities for the movement of petroleum, refined products, and ethanol in and among the Hawaiian islands, between the U.S. West Coast and Hawaii, and in areas ranging from the state of Washington to the Dakotas and Wyoming. As of December 31, 2025, we owned a 46% equity investment in Laramie Energy, LLC (\u201cLaramie Energy\u201d), an entity focused on developing and producing natural gas in Garfield, Mesa, and Rio Blanco counties, Colorado. As of December 31, 2025, through the Billings Acquisition (as defined in \u201cNote 6\u2014Acquisitions\u201d under Item 8 of this Annual Report on Form 10-K), we own a 65% and a 4 Item 1A. RISK FACTORS Our businesses involve a high degree of risk. You should consider and read carefully the risks and uncertainties described below together with all of the other information contained in this Annual Report on Form 10-K. If any of the following risks, or any risk described elsewhere in this Annual", "title": "PARR - PAR PACIFIC HOLDINGS, INC.", "url": "/company/PARR/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001590955; latest 10-K filed 2026-02-19.", "text": "PAYC - Paycom Software, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001590955; latest 10-K filed 2026-02-19. PAYC Paycom Software, Inc. 0001590955 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is intended to provide a reader of our financial statements with management\u2019s perspective on our financial condition, results of operations, liquidity, and certain other factors that may affect our future results. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the audited consolidated financial statements (prepared in accordance with accounting principles generally accepted in the United States (\u201cU.S. GAAP\u201d)) and related notes included elsewhere in this Annual Report on Form 10-K (this \u201cForm 10-K\u201d). The following discussion contains forward-looking statements that are subject to risks and uncertainties. See \u201cCautionary Statements\u201d for a discussion of the uncertainties, risks, and assumptions associated with those statements. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Form 10-K, particularly in the section entitled \u201cRisk Factors.\u201d Unless we state otherwise or the context otherwise requires, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and the \u201cCompany\u201d refer to Paycom Software, Inc. and its consolidated subsidiaries. All amounts presented in tables, other than per share amounts, are in millions unless otherwise noted. Overview We are a leading provider of a comprehensive, cloud-based human capital management solution delivered as Software-as-a-Service. We provide functionality and data analytics that businesses need to manage the complete employment lifecycle, from recruitment to retirement. Our solution requires virtually no customization and is based on a core system of record maintained in a single database for all human capital management (\u201cHCM\u201d) functions, including payroll, talent acquisition, talent management, human resources (\u201cHR\u201d) management and time and labor management applications. Our user-friendly software allows for easy adoption of our solution by employees, enabling self-management of their HCM activities in the cloud, which reduces the administrative burden on employers and increases employee productivity. Substantially all of our revenues are generated from (i) fixed amounts charged per billing period plus a fee per employee or transaction processed and (ii) fixed amounts charged per billing period. Our billing period varies by client and is typically based on when each client pays its employees, which may be weekly, bi-weekly, semi-monthly or monthly. Over time, an increasing number of clients will be billed on a monthly basis for certain HCM applications and services, regardless of the client\u2019s payroll cycle. We serve a diverse client base in terms of size and industry. Our revenues are primarily generated through our sales force that solicits new clients and our client relations representatives (\u201cCRRs\u201d) who sell additional applications to existing clients. Our principal marketing efforts include national and local advertising campaigns, email campaigns, social and digital media campaigns, search engine marketing methods, sponsorships, tradeshows, print advertising and outbound marketing including personalized direct mail campaigns. In addition, we generate leads and build recognition of our brand and thought leadership with relevant and informative content, such as white papers, blogs, podcast episodes and webinars. Throughout our history, we have built strong relationships with our clients. As the HCM needs of our clients evolve, we believe that we are well-positioned to expand the HCM spending of our clients, and we believe this opportunity is significant. To be successful, we must continue to demonstrate the operational and economic benefits of our solution, as well as effectively hire, train, motivate and ret Item 1. Business Overview We are a leading provider of a comprehensive, cloud-based HCM solution delivered as Software-as-a-Service (\u201cSaaS\u201d). We provide functionality and data analytics that businesses need to manage the complete employment lifecycle, from recruitment to retirement. Our solution requires virtually no customization and is based on a core system of record maintained in a single database for all HCM functions, including payroll, talent acquisition, talent management, human resources (\u201cHR\u201d) management and time and labor management applications. Our user-friendly software allows for easy adoption of our solution by employees, enabling self-management of their HCM activities in the cloud, which reduces the administrative burden on employers and increases employee productivity. We were founded in 1998 and became a publicly traded company through our initial public offering in 2014. Since our founding, we have focused on providing an innovative SaaS HCM solution. Organizations need sophisticated, flexible and intuitive applications that can quickly adapt to their evolving HCM requirements, streamline their HR processes and systems and enable them to control costs. We believe the HCM needs of many organizations are currently served by multiple providers, which often results in challenges with system integration and data integrity, low scalability, high costs and extended delivery times. Because our solution was developed in-house and is based on a single platform, there is no need for our clients to integrate, update or access multiple databases, which are common issues with competitor offerings that use multiple third-party systems in order to link together their HCM offerings. Our solution allows clients to automate decisions and time-consuming HR and payroll tasks, freeing them up to focus on strategic items such as employee engagement and workforce planning. Additionally, our solution maintains data integrity for accurate, actionable and real-time an Item 1A. Risk Factors The risk factors noted in this section and other factors noted throughout this Form 10-K, including those risks identified in Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d describe examples of risks, uncertainties and events that may caus", "title": "PAYC - Paycom Software, Inc.", "url": "/company/PAYC/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001845815; latest 10-K filed 2026-02-26.", "text": "PAYO - Payoneer Global Inc. SIC 7389 Services-Business Services, NEC; CIK 0001845815; latest 10-K filed 2026-02-26. PAYO Payoneer Global Inc. 0001845815 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Throughout this section, unless otherwise noted, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, \u201cPayoneer\u201d, and the \u201cCompany\u201d refer to Payoneer Global Inc. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with other sections of this Annual Report, including \u201cItem 1. Business,\u201d and the accompanying Consolidated Financial Statements and related Notes included elsewhere in this Report. Some of the information contained in this discussion and analysis, including information with respect to our future performance, liquidity and capital resources, and general and administrative functions, includes forward-looking statements that involve risks and uncertainties. You should review the sections titled \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations focuses on a discussion of 2025 results as compared to 2024 results. For a discussion of the 2024 results as compared to 2023 results, refer to Part I, Item 7 of our Form 10-K filed with the SEC on February 27, 2025. Overview Payoneer is a financial technology company purpose-built to enable the world\u2019s small and medium-sized businesses (\u201cSMB(s)\u201d) to grow and operate their businesses around the world by reliably and securely connecting them to the global digital economy. Payoneer\u2019s financial stack makes it easier for millions of SMBs and entrepreneurs, particularly in emerging markets, to access global demand and supply, pay and get paid, and manage their cross border and other needs from a single platform. Our financial stack provides a suite of cross-border accounts receivable (AR) and accounts payable (AP) capabilities, including multi-currency account capabilities, workforce management capabilities and services such as working capital solutions and funds management. Payoneer\u2019s core value proposition is that we remove the complexity and barriers of doing business across borders for our customers. With a multi-currency Payoneer Account, businesses and entrepreneurs around the world can serve and transact with their overseas customers, suppliers, vendors, and contractors, and partners as if they were local. We primarily generate revenues when Payoneer customers use the funds in their Payoneer account to make a payment, make a purchase or to withdraw funds to a financial institution. For our customers transacting on a B2B or DTC basis, we also in certain circumstances generate revenue when they receive funds, such as when they invoice a customer or collect payments via their webstore. Additionally, given the significant customer funds held on our platform and ongoing growth in those balances, and in light of the interest rate environment in the U.S. and elsewhere, interest earned on customer funds held on our platform has been a significant source of revenue. Our long-term strategy is centered on growing the number of customers on our platform who fit our target economic and risk profile, and on increasing the revenue we earn from each customer. We believe that successful execution of this strategy will drive revenue growth as (i) adding new customers who meet our target profile, improving retention, and increasing our product offerings to capture more wallet share will drive greater ad valorem volume of transactions processed through the Payoneer platform; and (ii) introducing new products and services and increasing customer adoption of additional products and services will improve our monetization of customers over time. Volume is one of the primary drivers for our revenue growth. S Item 1. Business. Unless the context otherwise requires, the \u201cCompany\u201d, \u201cPayoneer\u201d, \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d and similar terms refer to Payoneer Global Inc. Overview Payoneer is a financial technology company purpose-built to enable the world\u2019s small and medium-sized businesses (\u201cSMB(s)\u201d) to grow and operate their businesses around the world by reliably and securely connecting them to the global digital economy. Payoneer was founded in 2005 and in the 20+ years since the Company\u2019s founding, we have built a global financial stack that makes it easier for millions of SMBs and entrepreneurs, particularly in emerging markets, to access global demand and supply, pay and get paid, and manage their cross border and other financial operations needs from a single platform. Payoneer\u2019s core value proposition is that we remove the complexity and barriers of doing business across borders for our customers. With a multi-currency Payoneer Account, businesses around the world can serve and transact with their global customers, suppliers, vendors, and partners as if they were local. The Payoneer financial stack is comprised of a secure, regulated payment infrastructure platform that provides customers with a one-stop, global, multi-currency account to serve their comprehensive cross-border accounts receivable (\u201cAR\u201d) and accounts payable (\u201cAP\u201d) needs, including multicurrency account capabilities and services such as funds management, expense management, workforce management, and working capital. Payoneer\u2019s global platform is built with a focus on security, stability and redundancy. The Company leverages close to 100 banking and payment service providers globally to support transactions in over 7,000 trade corridors and enable same-day and real-time settlement in over 150 countries. Payoneer serves SMBs located in more than 190 countries and territories and operating in a wide variety of industries, and we have nearly 2 million active customers. Customers include goods exporters selling Item 1A. Risk Factors. Our business is subject to numerous risks and uncertainties that you should be aware of in evaluating our business. If any such risks and uncertainties actually occur, our business, prospects, financial condition, results of operations and stock price could be materially adversely affected. The ", "title": "PAYO - Payoneer Global Inc.", "url": "/company/PAYO/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000076605; latest 10-K filed 2026-02-19.", "text": "PATK - PATRICK INDUSTRIES INC SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000076605; latest 10-K filed 2026-02-19. PATK PATRICK INDUSTRIES INC 0000076605 3714 Motor Vehicle Parts & Accessories ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) should be read in conjunction with the Company\u2019s Consolidated Financial Statements and Notes thereto included in Item 8 of this Report. In addition, this MD&A contains certain statements relating to future results that are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. See \u201cInformation Concerning Forward-Looking Statements\u201d on page 3 of this Report and Part I, Item 1A. \"Risk Factors\" for a discussion of risks and uncertainties. Patrick\u2019s results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 along with components of change compared to the prior year that have been omitted under this item can be found in Part II, Item 7. \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" in the Company's Form 10-K for the year ended December 31, 2024 filed with the SEC on February 20, 2025. 29 Table of Contents EXECUTIVE SUMMARY Overview of Markets and Related Industry Performance Recreational Vehicle (\"RV\") Industry The Company\u2019s RV products are sold primarily to major manufacturers of RVs, smaller original equipment manufacturers (\"OEMs\"), and to a lesser extent, manufacturers in adjacent industries. The principal types of recreational vehicles include (1) towables: conventional travel trailers, fifth wheels, folding camping trailers, and truck campers; and (2) motorized: class A (large motor homes), class B (van campers), and class C (small-to-mid size motor homes). The RV industry is our primary market and comprised 45% and 44% of the Company\u2019s consolidated net sales for the years ended December 31, 2025 and 2024, respectively. Net sales to the RV industry increased 9% for the year ended December 31, 2025 compared to 2024. Following a dealer inventory restocking in the first half of 2024, OEMs reduced production levels slightly in the second half of the year as dealers actively managed inventory levels as retail demand softened. In 2025, dealer inventory dynamics continued to normalize, with inventory reductions moderating as dealer inventory levels moved closer to targeted levels. According to the RV Industry Association (\u201cRVIA\u201d), RV industry wholesale unit shipments totaled approximately 342,200 units in 2025, an increase of 3% compared to approximately 333,700 units in 2024. According to Company estimates based on data from Statistical Surveys, Inc. (\"SSI\"), RV industry retail unit sales totaled approximately 348,700 units in 2025, a decrease of 2% compared to approximately 354,400 units in 2024. Marine Industry The Company\u2019s sales to the marine industry are primarily focused on the powerboat sector of the market which is comprised of four main categories: fiberglass, aluminum fishing, pontoon and ski & wake. Net sales to the marine industry comprised approximately 15% of the Company's consolidated net sales for each of the years ended December 31, 2025 and 2024. Net sales to the marine industry in the year ended December 31, 2025 increased 6% compared to 2024. Our marine revenue is generally correlated to marine wholesale powerboat unit shipments. According to Company estimates based on data published by the National Marine Manufacturers Association (\"NMMA\"), wholesale powerboat unit shipments totaled approximately 140,100 units in 2025, a decrease of 4% compared to 146,000 units in 2024. According to SSI, we estimate marine retail powerboat shipments totaled approximately 152,300 units in 2025, a decrease of 8% compared to approximately 165,200 units in 2024. Powersports Industry Through acquisitions completed in recent years, the Company entered the powersports end market. Powersports is a category of motorsports which includes vehicles such as motorcycles, all-terrain vehicles (\"A ITEM 1. BUSINESS Unless the context otherwise requires, the terms \u201cCompany,\u201d \u201cPatrick,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d refer to Patrick Industries, Inc. and its subsidiaries. Company Overview Patrick is a leading component solutions provider for the recreational vehicle (\"RV\"), marine, powersports, manufactured housing (\"MH\") and various industrial markets \u2013 including single and multi-family housing, hospitality, institutional and commercial markets. The Company operates through a nationwide network that includes, as of December 31, 2025, approximately 191 manufacturing plants and 50 warehouse and distribution facilities located in 25 states, with a small presence in Mexico, China and Canada. The Company operates within two reportable segments, Manufacturing and Distribution, through a nationwide network of manufacturing and distribution centers for its products, thereby reducing in-transit delivery time and cost to the regional manufacturing footprint of its customers. The Manufacturing and Distribution segments accounted for 74% and 26%, respectively, of the Company\u2019s consolidated net sales for the year ended December, 31, 2025. Financial information about these operating segments is included in Note 17 \"Segment Information\" of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K (the \"Form 10-K\") and incorporated herein by reference. The Company\u2019s capital allocation strategy is to optimally manage and utilize its resources and leverage its platform of operating brands to continue to grow, reinvest in its business, and return capital to shareholders. Through strategic acquisitions, expansion both geographically and into new product lines and investment in infrastructure and capital expenditures, Patrick seeks to ensure that its operating network contains capacity, technology and innovative thought processes to support anticipated growth needs, effectively respond to changes in market conditions, inventory and sales levels, and s ITEM 1A. RISK FACTORS In addition to the other information set forth in this report, you should carefully consider the following factors which could materially affect our business, financial condition or results of operations. The risks described below are not the only risks we face. Additional factors not presently known to ", "title": "PATK - PATRICK INDUSTRIES INC", "url": "/company/PATK/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001295947; latest 10-K filed 2026-05-14.", "text": "PBH - Prestige Consumer Healthcare Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001295947; latest 10-K filed 2026-05-14. PBH Prestige Consumer Healthcare Inc. 0001295947 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read together with the Consolidated Financial Statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis may contain forward-looking statements that involve certain risks, assumptions and uncertainties that could cause actual results to differ materially from those implied or described by the forward-looking statements. Future results could differ materially from the discussion that follows for many reasons, including the factors described in Part I, Item 1A. \u201cRisk Factors\u201d in this Annual Report on Form 10-K, as well as those described in future reports filed with the SEC. General We are engaged in the development, manufacturing, marketing, sales and distribution of well-recognized, brand name OTC health and personal care products to mass merchandisers, drug/drug wholesale, food, dollar, convenience and club stores and e-commerce channels in North America (the United States and Canada) and in Australia and certain other international markets. We use the strength of our brands, our established retail distribution network, a low-cost operating model and our experienced management team to create our competitive advantage. We have grown our product portfolio both organically and through acquisitions. We develop our existing brands by investing in new product lines, brand extensions and strong advertising support. Acquisitions of consumer health and personal care brands have also been an important part of our growth strategy. We have acquired well-recognized brands from consumer products and pharmaceutical companies and private equity firms. While certain of these brands have long histories of brand development and investment, we believe that, at the time we acquired them, many were considered \u201cnon-strategic\u201d by their previous owners. As a result, these acquired brands did not benefit from adequate management focus and marketing support during the period prior to their acquisition, which created opportunities for us to reinvigorate these brands and improve their performance post-acquisition. After adding a brand to our portfolio, we seek to increase its sales, market share and distribution in both existing and new channels through our established retail distribution network. We pursue this growth through increased spending on advertising and marketing support, new sales and marketing strategies, improved packaging and formulations and innovative development of brand extensions. Acquisitions Acquisition of Pillar5 On December 18, 2025, we completed the acquisition of Pillar5, which was funded through a combination of cash on hand and our existing asset-based revolving credit facility. Based in Arnprior Ontario, Canada, Pillar5 is a leading sterile ophthalmic manufacturer and one of our current Clear Eyes suppliers. The pro-forma effect of this acquisition on revenues and earnings was not material. The details of this acquisition are included in the notes to the Consolidated Financial Statements in Part II, Item 8, Note 2 of this Annual Report on Form 10-K. Pending Acquisition of Foundation Consumer Brands Product Portfolio On March 19, 2026, we entered into a definitive agreement to acquire certain assets and assume certain liabilities primarily related to a portfolio of over-the-counter consumer health products, including Breathe Right\u00ae and certain other brands from Foundation Consumer Brands, LLC. We anticipate the transaction to close in the first half of fiscal 2027. Economic Environment There has been economic uncertainty in the United States and globally due to several factors, including evolving fiscal policy, global supply chain constraints, changes in interest rates, a high inflationary environment, geopolitical events, including conflicts in the Middle East, and evolving U.S. ITEM 1. BUSINESS Overview Unless otherwise indicated by the context, all references in this Annual Report on Form 10-K to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany\u201d or \u201cPrestige\u201d refer to Prestige Consumer Healthcare Inc. and our subsidiaries. Prior to August 17, 2018, the Company's name was Prestige Brands Holdings, Inc. Reference to a year (e.g., \u201c2026\u201d) refers to our fiscal year ended March 31 of that year. We formed as a Delaware corporation in 1996 and are engaged in the development, manufacturing, marketing, sales and distribution of well-recognized, brand name, over-the-counter (\u201cOTC\u201d) health and personal care products to mass merchandisers, drug/drug wholesale, food, dollar, convenience and club stores and e-commerce channels in North America (the United States and Canada) and in Australia and certain other international markets. We use the strength of our brands, our established retail distribution network, a low-cost operating model and our experienced management team to our competitive advantage. Our ultimate success is dependent on several factors, including our ability to: \u2022Develop and execute effective sales, advertising and marketing programs to maintain or grow our market share versus competitors over time; \u2022Establish and maintain our internal and third-party manufacturing and distribution relationships to fulfill customer demands; \u2022Develop innovative new products; \u2022Continue to grow our presence in the United States and international markets through acquisitions and organic growth; and \u2022Allocate capital effectively. We have grown our product portfolio both organically and through acquisitions. We develop our existing brands by investing in new product lines, brand extensions and strong advertising support. Acquisitions of consumer health and personal care brands have also been an important part of our growth strategy. We pursue this growth following an acquisition through spending on advertising and marketing support, new sales and marketing strate ITEM 1A. RISK FACTORS Risks Related to our Business and Industry We primarily depend on third-party manufacturers to produce the products we sell. If these third-party manufacturers are unable to produce our products in sufficient quantities to meet customer demand, our business and results of operations may be materia", "title": "PBH - Prestige Consumer Healthcare Inc.", "url": "/company/PBH/" }, { "kind": "company", "summary": "SIC 3579 Office Machines, NEC; CIK 0000078814; latest 10-K filed 2026-02-19.", "text": "PBI - PITNEY BOWES INC /DE/ SIC 3579 Office Machines, NEC; CIK 0000078814; latest 10-K filed 2026-02-19. PBI PITNEY BOWES INC /DE/ 0000078814 3579 Office Machines, NEC ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and operating results should be read in conjunction with our risk factors, consolidated financial statements and related notes. This discussion includes forward-looking statements based on management's current expectations, estimates and projections and involves risks and uncertainties. Actual results may differ significantly from those currently expressed. A detailed discussion of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements is outlined under \"Forward-Looking Statements\" and \"Item 1A. Risk Factors\" in this Form 10-K. All table amounts are presented in thousands of dollars. RESULTS OF OPERATIONS [[GREPCENT_TABLE]] [[\"\",\"Years Ended December 31,\"],[\"\",\"\",\"\",\"\",\"\",\"Favorable/(Unfavorable)\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"Actual % Change\"],[\"Total revenue\",\"$\",\"1,892,629\",\"\",\"\",\"$\",\"2,026,598\",\"\",\"\",\"(7)\",\"%\"],[\"Total cost of revenue\",\"868,767\",\"\",\"\",\"964,298\",\"\",\"\",\"10\",\"%\"],[\"Selling, general and administrative\",\"621,567\",\"\",\"\",\"717,894\",\"\",\"\",\"13\",\"%\"],[\"Research and development\",\"15,278\",\"\",\"\",\"31,957\",\"\",\"\",\"52\",\"%\"],[\"Restructuring charges\",\"58,660\",\"\",\"\",\"76,915\",\"\",\"\",\"24\",\"%\"],[\"Interest expense, net\",\"101,460\",\"\",\"\",\"110,094\",\"\",\"\",\"8\",\"%\"],[\"Other components of net pension and postretirement cost\",\"7,543\",\"\",\"\",\"89,044\",\"\",\"\",\"92\",\"%\"],[\"Other expense\",\"26,830\",\"\",\"\",\"88,723\",\"\",\"\",\"70\",\"%\"],[\"Income (loss) from continuing operations before income taxes\",\"192,524\",\"\",\"\",\"(52,327)\",\"\",\"\",\"100%\"],[\"Provision (benefit) for income taxes\",\"47,827\",\"\",\"\",\"(154,829)\",\"\",\"\",\"(100%)\"],[\"Income from continuing operations\",\"144,697\",\"\",\"\",\"102,502\",\"\",\"\",\"41\",\"%\"],[\"Loss from discontinued operations, net of tax\",\"\\u2014\",\"\",\"\",\"(306,099)\",\"\",\"\",\"100\",\"%\"],[\"Net income (loss)\",\"$\",\"144,697\",\"\",\"\",\"$\",\"(203,597)\",\"\",\"\",\"100%\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"Years Ended December 31,\"],[\"\",\"\",\"\",\"\",\"\",\"Favorable/(Unfavorable)\"],[\"\",\"2024\",\"\",\"2023\",\"\",\"Actual % Change\"],[\"Total revenue\",\"$\",\"2,026,598\",\"\",\"\",\"$\",\"2,078,925\",\"\",\"\",\"(3)\",\"%\"],[\"Total cost of revenue\",\"964,298\",\"\",\"\",\"1,048,315\",\"\",\"\",\"8\",\"%\"],[\"Selling, general and administrative\",\"717,894\",\"\",\"\",\"781,609\",\"\",\"\",\"8\",\"%\"],[\"Research and development\",\"31,957\",\"\",\"\",\"29,486\",\"\",\"\",\"(8)\",\"%\"],[\"Restructuring charges\",\"76,915\",\"\",\"\",\"52,412\",\"\",\"\",\"(47)\",\"%\"],[\"Goodwill impairment\",\"\\u2014\",\"\",\"\",\"123,574\",\"\",\"\",\"100\",\"%\"],[\"Interest expense, net\",\"110,094\",\"\",\"\",\"98,769\",\"\",\"\",\"(11)\",\"%\"],[\"Other components of net pension and postretirement cost\",\"89,044\",\"\",\"\",\"(8,256)\",\"\",\"\",\"(100%)\"],[\"Other expense (income)\",\"88,723\",\"\",\"\",\"(3,064)\",\"\",\"\",\"(100%)\"],[\"Loss from continuing operations before income taxes\",\"(52,327)\",\"\",\"\",\"(43,920)\",\"\",\"\",\"(19)\",\"%\"],[\"(Benefit) provision for income taxes\",\"(154,829)\",\"\",\"\",\"17,347\",\"\",\"\",\"100%\"],[\"Income (loss) from continuing operations\",\"102,502\",\"\",\"\",\"(61,267)\",\"\",\"\",\"100%\"],[\"Loss from discontinued operations, net of tax\",\"(306,099)\",\"\",\"\",\"(324,360)\",\"\",\"\",\"6\",\"%\"],[\"Net loss\",\"$\",\"(203,597)\",\"\",\"\",\"$\",\"(385,627)\",\"\",\"\",\"47\",\"%\"]] [[/GREPCENT_TABLE]] Refer to Segment Results and Consolidated Expenses sections for detailed information. 17 CHANGES IN REPORTING We recast our reporting presentation of revenue and cost of revenue to better align with our offerings. We now report Services revenue and Cost of services, which includes the previously reported Business services and Support services, Products revenue and Cost of products, which includes the previously reported Equipment sales and Supplies, and Financing and other revenue and Cost of financing and other, which includes the previously reported Financing and Rentals. We recast our corporate expense allocation methodology to allocate all marketing and innovation expenses to our SendTech Solutions segment due to a change in how these functions are now ITEM 1. BUSINESS General Pitney Bowes Inc. (\"we, us, our, or the company\") is a technology-driven company that provides digital shipping solutions, mailing innovation, and financial services to clients around the world - including more than 90 percent of the Fortune 500. Small businesses to large enterprises, and government entities rely on Pitney Bowes to reduce the complexity of sending mail and parcels. Business Segments SendTech Solutions SendTech Solutions provides clients with physical and digital shipping and mailing technology solutions and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats, as well as supplies and maintenance services for these offerings. We offer financing alternatives that enable clients to finance equipment. Digital delivery services enables clients to reduce transportation and logistics costs, select the best carrier based on need and cost, improve delivery times and track packages in real-time. Powered by our shipping APIs, clients can purchase postage, print shipping labels and access shipping and tracking services from multiple carriers that can be easily integrated into any web application such as online shopping carts or ecommerce sites and provide guaranteed delivery times and flexible payment options. Through our wholly owned subsidiary, The Pitney Bowes Bank (\"the Bank\"), we offer financing alternatives that enable clients to finance other manufacturers' equipment and product purchases, a revolving credit solution that allows clients to make meter rental payments and purchase postage, services and supplies, an interest-bearing deposit solution to clients that prefer to prepay postage and meet working capital needs. Presort Services We are the largest workshare partner of the United States Postal Service (\"USPS\") and national outsource provider of mail sortation services that allow clients to qualify volumes of First-Class Mail, First Class Flats, Marketing Ma ITEM 1A. RISK FACTORS Our operations face certain risks that should be considered in evaluating our business. We manage and mitigate these risks on a proactive basis, using an enterprise risk management program. Nevertheless, the following risk factors, some of which may be beyond our control, could materially affect our business, financial condi", "title": "PBI - PITNEY BOWES INC /DE/", "url": "/company/PBI/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001396814; latest 10-K filed 2026-02-26.", "text": "PCRX - Pacira BioSciences, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001396814; latest 10-K filed 2026-02-26. PCRX Pacira BioSciences, Inc. 0001396814 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is based upon our consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States of America, or GAAP, and in accordance with the rules and regulations of the United States Securities and Exchange Commission, or SEC. We operate and report our financial information in one segment. The following discussion of our financial condition and results of operations should be read in conjunction with the other sections of this Annual Report, including our consolidated financial statements and the notes to those consolidated financial statements appearing in Part IV, Item 15, of this Annual Report. This discussion contains forward-looking statements that involve significant risks and uncertainties. As a result of many factors, such as those set forth under \u201cRisk Factors\u201d in Part I, Item 1A. of this Annual Report, our actual results may differ materially from those anticipated in these forward-looking statements. Certain defined terms have been brought forward from Part I of this Annual Report. This section of this Annual Report discusses year-to-year comparisons between 2025 and 2024, as well as other discussions of 2025 and 2024 items. We have omitted discussion of the year ended December 31, 2023 (the earliest of the three years covered by our consolidated financial statements presented in this Annual Report) as permitted by SEC regulations. The complete Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations for year-to-year comparisons between 2024 and 2023 and other discussions of 2023 items can be found within Part II, Item 7, to our Annual Report for the year ended December 31, 2024, filed with the SEC on February 27, 2025, which is available on the SEC\u2019s website at www.sec.gov and our corporate website at www.pacira.com. The foregoing reference to our corporate website is not intended to, nor shall it be deemed to, incorporate information on our corporate website into this Annual Report by reference, and the inclusion of our corporate website address in this Annual Report is an inactive textual reference only and is not intended to be an active link to our corporate website. Pacira BioSciences, Inc. | 2025 Annual Report on Form 10-K | 78 Table of Contents Overview Our stated corporate mission is to deliver innovative, non-opioid pain therapies to transform the lives of patients. We are also developing innovative interventions to address debilitating conditions involving the sympathetic nervous system, such as cardiac electrical storm, chronic pain and spasticity. Our long-acting, local analgesic EXPAREL\u00ae (bupivacaine liposome injectable suspension) utilizes our unique pMVL drug delivery technology that encapsulates drugs without altering their molecular structure and releases them over a desired period of time. In the U.S., EXPAREL is a long-acting, non-opioid option proven to manage postsurgical pain. EXPAREL is the only product indicated for local analgesia via infiltration in patients aged six years and older and regional analgesia via interscalene brachial plexus nerve block, sciatic nerve block in the popliteal fossa and adductor canal block in adults. We drop-ship EXPAREL directly to end-users based on orders placed to wholesalers or directly to us, and there is no product held by wholesalers. With the acquisition of Flexion Therapeutics, Inc. in November 2021 (the \u201cFlexion Acquisition\u201d), we acquired ZILRETTA\u00ae (triamcinolone acetonide extended-release injectable suspension), the first and only extended-release, intra-articular injectable therapy that can provide major relief for OA knee pain for three months and has the potential to become an alternative to hyaluronic acid, or HA, and platelet rich plasma, or PRP, injections or other Item 1. Business References Pacira BioSciences, Inc., a Delaware corporation, is the holding company for our California operating subsidiary named Pacira Pharmaceuticals, Inc. In March 2007, we acquired Pacira Pharmaceuticals, Inc. from SkyePharma Holdings, Inc. (now Vectura Group Limited, a subsidiary of Molex Asia Holdings, Ltd.), or Skyepharma (the \u201cSkyepharma Acquisition\u201d). In April 2019, we acquired MyoScience, Inc., a privately held medical technology company (the \u201cMyoScience Acquisition\u201d), in November 2021, we acquired Flexion Therapeutics, Inc., or Flexion, a publicly traded biopharmaceutical company (the \u201cFlexion Acquisition\u201d) and in February 2025, we acquired GQ Bio Therapeutics GmbH, or GQ Bio, a privately-held biopharmaceutical company (the \u201cGQ Bio Acquisition\u201d). Unless the context requires otherwise, references to \u201cPacira,\u201d \u201cwe,\u201d the \u201cCompany,\u201d the \u201cRegistrant,\u201d \u201cus\u201d and \u201cour\u201d in this Annual Report refers to Pacira BioSciences, Inc., a Delaware corporation, and its subsidiaries. Corporate Information We were incorporated in Delaware under the name Blue Acquisition Corp. in December 2006 and changed our name to Pacira, Inc. in June 2007. In October 2010, we changed our name to Pacira Pharmaceuticals, Inc. and in April 2019, we changed our name to Pacira BioSciences, Inc. Our principal executive offices and corporate headquarters are located in Brisbane, California. Trademarks and Service Marks Pacira\u00ae, EXPAREL\u00ae, ZILRETTA\u00ae, iovera\u00ae\u00b0, the Pacira logo and other trademarks or service marks of Pacira appearing in this Annual Report are the property of Pacira, and when first used in each part of this Annual Report, include the \u00ae symbol. This Annual Report contains additional trade names, trademarks and service marks of other companies, which may or may not appear with the \u00ae or \u2122 symbol. The absence of these symbols does not in any way imply that the respective owner(s) will not assert their rights to such marks to the fullest extent under applicable Item 1A. Risk Factors In addition to the other information in this Annual Report, any of the factors set forth below could significantly and negatively affect our business, financial condition, results of operations or prospects. The trading price of our common stock may decline due to these risks. This section contains forwar", "title": "PCRX - Pacira BioSciences, Inc.", "url": "/company/PCRX/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001120914; latest 10-K filed 2026-02-24.", "text": "PDFS - PDF SOLUTIONS INC SIC 7372 Services-Prepackaged Software; CIK 0001120914; latest 10-K filed 2026-02-24. PDFS PDF SOLUTIONS INC 0001120914 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview We offer products and services designed to empower organizations across the semiconductor and electronics ecosystems to connect, collect, manage, and analyze data about design, equipment, manufacturing, and test to improve the yield and quality of their products. We derive revenues from two categories: Platform and Volume-based Revenue. Our offerings combine proprietary software, professional services using proven methodologies and third-party cloud-hosting platforms for SaaS, electrical measurement hardware tools, and physical IP for IC designs. We primarily monetize our offerings through license fees and contract fees for professional services and SaaS. In some cases, we also receive a Volume-based fee such as Cimetrix runtime licenses and secureWISE data usage, and a value-based variable fee or royalty, which we call Gainshare. Our products, services, and solutions have been sold to IDMs, fabless semiconductor companies, foundries, OSATs, capital equipment manufacturers and system houses. Acquisition of SecureWise LLC On March 7, 2025, we completed the acquisition of SecureWise, a Delaware limited liability company (see Note 16, \u201cBusiness Combinations,\u201d of the Notes to Consolidated Financial Statements included under Part II, Item 8 of this Annual Report on Form 10\u2011K), and added the widely-used, secure, remote secureWISE connectivity solution to our products and services portfolio. We expect this acquisition to also accelerate equipment makers\u2019 ability to derive value from equipment data by enabling them to leverage our Exensio analytics software and to expand the capability of our secure data exchange (\u201cDEX\u201d) OSAT network by allowing equipment makers, fab operators, and fabless companies to collaborate to optimize chip manufacturing and test. 35 Table of Contents Industry Trends The confluence of Industry 4.0 (i.e. the fourth industrial revolution, or the automation and data exchange in manufacturing technologies and processes) and cloud computing (i.e. the on-demand availability of computing resources and data storage without direct active management by the user) is driving increased innovation in semiconductor and electronics manufacturing and analytics, as well as in the organization of information technology (\u201cIT\u201d) networks and computing at semiconductor and electronics companies across the ecosystem. First, the ubiquity of wireless connectivity and sensor technology enables any manufacturing company to augment its factories and visualize its entire production line. In parallel, the cost per terabyte of data storage has generally decreased over time. The combination of these two trends means that more data is collected and stored than ever before. Further, semiconductor companies are striving to analyze these very large data sets in real-time to make rapid decisions that measurably improve manufacturing efficiency and quality. In parallel, the traditional practice of on-site data storage, even for highly sensitive data, is changing. The ability to cost-effectively and securely store, analyze, and retrieve massive quantities of data from the cloud versus on-premise enables data to be utilized across a much broader population of users, frequently resulting in greater demands on analytics programs. The combination of these latter two trends means that cloud-based, analytics programs that effectively manage identity management, physical security, and data protection are increasingly in demand for insights and efficiencies across the organizations of these companies. We believe that all these trends will continue for the next few years, and the challenges involved in adopting Industry 4.0 and secure cloud computing will create opportunities for our combination of advanced analytics capabilities, proven and established supporting infrastructure, and professional services to configure our products to meet customers\u2019 Item 1. Business We provide comprehensive data solutions designed to empower organizations across the semiconductor and electronics ecosystems to improve the yield and quality of their products and operational efficiency for increased profitability. We derive revenues from two categories, Platform and Volume-based fees. Our offerings that contribute to Platform revenue are licenses for software (other than Cimetrix\u00ae runtime licenses) and related software maintenance and technical support services; software-as-a-service (\u201cSaaS\u201d); engineering services; fixed fees associated with Characterization Vehicle\u00ae systems; and licenses and purchase contracts for DirectScan\u2122 systems (formerly known as \u201cDFI systems\u201d). Volume-based revenue is derived from Cimetrix runtime licenses, secureWISE\u00ae data, and variable/royalty fees associated with CV\u00ae systems (sometimes referred to as Gainshare). We are headquartered in Santa Clara, California, and operate worldwide with additional offices in the United States of America, Canada, China, France, Germany, Italy, Japan, South Korea, and Taiwan. Business Overview For decades, due to the challenge of timely managing very large amounts of data, manufacturing analytics often functioned as an overlay in the semiconductor industry: though powerful, it was disconnected from direct execution. We are reframing analytics as infrastructure: a shared data backbone that spans characterization, process development, high-volume manufacturing, test, and assembly. We believe that this distinction is critical as data volumes explode and process interactions become increasingly nonlinear. By seeking to standardize how data is ingested, contextualized, and analyzed across domains, the PDF Solutions Platform is designed to reduce reliance on custom integrations and tribal knowledge. The result is intended to be not simply better visibility, but a common analytical language that enables faster root-cause analysis, more consistent decision-making, and shared a Item 1A. Risk Factors A description of the risk factors associated with our business is set forth below. Some of these risks are highlighted in the following discussion, and in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, Legal Proceedings, and Quantitative and Qualitative Disclosures Ab", "title": "PDFS - PDF SOLUTIONS INC", "url": "/company/PDFS/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001474098; latest 10-K filed 2026-02-25.", "text": "PEB - Pebblebrook Hotel Trust SIC 6798 Real Estate Investment Trusts; CIK 0001474098; latest 10-K filed 2026-02-25. PEB Pebblebrook Hotel Trust 0001474098 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this report. Pebblebrook Hotel Trust is a Maryland real estate investment trust that conducts its operations so as to qualify as a REIT under the Code. Substantially all of the operations are conducted through Pebblebrook Hotel, L.P. (our \"Operating Partnership\"), a Delaware limited partnership of which Pebblebrook Hotel Trust is the sole general partner. In this report, we use the terms \"the Company\", \"we\" or \"our\" to refer to Pebblebrook Hotel Trust and its subsidiaries, unless the context indicates otherwise. Overview Our 2025 operating results showed continued recovery in several urban markets and resilient leisure demand throughout the portfolio. The operating environment was shaped by significant macro uncertainty, shifting policies and market-specific events that reduced visibility. San Francisco, Chicago, and Portland led the recovery, while San Diego and Washington, D.C. were challenged by weaker convention and government-related demand. Los Angeles was our most challenged market in 2025 due to the lingering impact of early-2025 wildfires and related disruptions. We remained focused on driving operating efficiency and reducing our operating costs\u2014through both traditional discipline and the expanded use of technology\u2014so we can continue to improve profitability and cash flow. During 2025, we completed the following transactions: \u2022We sold the Montrose at Beverly Hills for $44.3 million and The Westin Michigan Avenue Chicago for $72.0 million. \u2022We issued $400.0 million of our 1.625% Convertible Senior Notes due January 2030 and used net proceeds and cash on hand to repurchase $400.0 million of the 1.75% Convertible Senior Notes due December 2026 at a discount, for $392.0 million, which resulted in a gain on debt extinguishment of $7.4 million. \u2022We repurchased 6,277,068 common shares for an aggregate purchase price of $71.4 million, or an average of $11.37 per share, under our common share repurchase program. \u2022We repurchased 531,038 preferred shares for an aggregate purchase price of $10.1 million, or an average of approximately $18.95 per share, under our preferred share repurchase program. \u2022We finalized settlement agreements for our Hurricane Helene and Hurricane Milton insurance claims. \u2022We repaid $100.0 million of the $140.0 million mortgage loan on Margaritaville Hollywood Beach Resort. While we do not operate our hotel properties, both our asset management team and our executive management team monitor and work cooperatively with our hotel managers by advising and making recommendations in all aspects of our hotels' operations, including property positioning and repositioning, revenue and expense management, operations analysis, physical design, renovation and capital improvements, guest experience and overall strategic direction. Through these efforts, we seek to improve property efficiencies, lower costs, maximize revenues and enhance property operating margins, which we expect will enhance returns to our shareholders. 37 Key Indicators of Financial Condition and Operating Performance We measure hotel results of operations and the operating performance of our business by evaluating financial and non-financial metrics such as room revenue per available room (\"RevPAR\"); total revenue per available room (\"Total RevPAR\"); average daily rate (\"ADR\"); occupancy rate (\"Occupancy\"); funds from operations (\"FFO\"); Adjusted FFO; earnings before interest, income taxes, depreciation and amortization (\"EBITDA\"); and EBITDA for real estate (\"EBITDAre\"); Adjusted EBITDAre; and hotel-level EBITDA (\"Hotel EBITDA\"). We evaluate individual hotel and company-wide performance with comparisons to budgets, prior periods and competing properties. ADR, occupancy and RevPAR may be impa Item 1. Business. General Pebblebrook Hotel Trust is an internally managed hotel investment company, formed as a Maryland real estate investment trust in October 2009 to opportunistically acquire and invest in hotel properties located primarily in major United States cities and resort properties located near our primary target urban markets and select destination resort markets, with an emphasis on major gateway coastal markets. As of December 31, 2025, the Company owned interests in 44 hotels with a total of 11,052 guest rooms. Substantially all of the Company's assets are held by, and all of the Company's operations are conducted through, Pebblebrook Hotel, L.P. (our \"Operating Partnership\"). The Company is the sole general partner of our Operating Partnership. At December 31, 2025, the Company owned 99.0% of the common limited partnership units issued by our Operating Partnership (\"common units\"). The remaining 1.0% of the common units are owned by the other limited partners of our Operating Partnership. For the Company to maintain its qualification as a REIT under the Code, it cannot operate the hotels it owns. Therefore, our Operating Partnership and its subsidiaries lease the hotel properties to subsidiaries of Pebblebrook Hotel Lessee, Inc. (collectively with its subsidiaries, \"PHL\"), our taxable REIT subsidiary (\"TRS\"), which in turn engage third-party eligible independent contractors to manage the hotels. PHL is consolidated into the Company's financial statements. Business Objectives and Strategies Acquisitions/Investments We invest in hotel properties located primarily within major United States cities and resort properties located near our primary target urban markets and select destination resort markets, with an emphasis on major gateway coastal markets and leisure destinations. Our hotel properties are located in Boston, Massachusetts; Chicago, Illinois; Hollywood, Florida; Jekyll Island, Georgia; Key West, Florida; Los Angeles, California (Beve Item 1A. Risk Factors. The following summary and discussion sets forth some of the risks associated with our business and should be considered carefully. These risks are interrelated and you should treat them as a whole. Additional risks and uncertainties not presently known to us may also materially and adversely affect our b", "title": "PEB - Pebblebrook Hotel Trust", "url": "/company/PEB/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001476204; latest 10-K filed 2026-02-10.", "text": "PECO - Phillips Edison & Company, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001476204; latest 10-K filed 2026-02-10. PECO Phillips Edison & Company, Inc. 0001476204 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with our accompanying consolidated financial statements and notes thereto. See also \u201cCautionary Note Regarding Forward-Looking Statements\u201d preceding Part I. KEY PERFORMANCE INDICATORS AND DEFINED TERMS We use certain key performance indicators (\u201cKPIs\u201d), which include both financial and nonfinancial metrics, to measure the performance of our operations. We believe these KPIs, as well as the core concepts and terms defined below, allow our Board, management, and investors to analyze trends around our business strategy, financial condition, and results of operations in a manner that is focused on items unique to the retail real estate industry. We do not consider our non-GAAP measures to be alternatives to measures required in accordance with accounting principles generally accepted in the United States (\u201cGAAP\u201d). Certain non-GAAP measures should not be viewed as an alternative measure of our financial performance as they may not reflect the operations of our entire portfolio, and they may not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income (expense), or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our shopping centers that could materially impact our results from operations. Additionally, certain non-GAAP measures should not be considered as an indication of our liquidity, nor as an indication of funds available to cover our cash needs, including our ability to fund distributions, and may not be a useful measure of the impact of long-term operating performance on value if we do not continue to operate our business in the manner currently contemplated. Accordingly, non-GAAP measures should be reviewed in connection with other GAAP measurements and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. Other REITs may use different methodologies for calculating similar non-GAAP measures, and accordingly, our non-GAAP measures may not be comparable to other REITs. Our KPIs and terminology can be grouped into three key areas: PORTFOLIO\u2014Portfolio metrics help management to gauge the health of our centers overall and individually. \u2022Anchor space\u2014We define an anchor space as a space greater than or equal to 10,000 square feet of gross leasable area (\u201cGLA\u201d). \u2022Annualized Base Rent (\u201cABR\u201d)\u2014We use ABR to refer to the monthly contractual base rent at the end of the period multiplied by twelve months. \u2022ABR Per Square Foot (\u201cPSF\u201d)\u2014This metric is calculated by dividing ABR by leased GLA. Increases in ABR PSF can be an indication of our ability to create rental rate growth in our centers, as well as an indication of demand for our spaces, which generally provides us with greater leverage during lease negotiations. \u2022GLA\u2014We use GLA to refer to the total occupied and unoccupied square footage of a building that is available for tenants (whom we refer to as a \u201cNeighbor\u201d or our \u201cNeighbors\u201d) or other retailers to lease. \u2022Inline space\u2014We define an inline space as a space containing less than 10,000 square feet of GLA. \u2022Leased Occupancy\u2014This metric is calculated as the percentage of total GLA for which a lease has been signed regardless of whether the lease has commenced or the Neighbor has taken possession. High occupancy is an indicator of demand for our spaces, which generally provides us with greater leverage during lease negotiations. \u2022Underwritten incremental unlevered yield\u2014This reflects the yield we target to generate from a project upon expected stabilization and is calculated as the estimated incremental net operating income (\u201cNOI\u201d) for a project at stabilization divided by its estimated net project investment. The estimated incremental NOI is the dif ITEM 1. BUSINESS All references to \u201cNotes\u201d throughout this Annual Report on Form 10-K refer to the footnotes to the consolidated financial statements in \u201cPart II, Item 8. Financial Statements and Supplementary Data\u201d. OVERVIEW\u2014Phillips Edison & Company, Inc. (\u201cwe,\u201d the \u201cCompany,\u201d \u201cPECO,\u201d \u201cour,\u201d or \u201cus\u201d), a real estate investment trust (\u201cREIT\u201d) founded 35 years ago, is one of the nation\u2019s largest owners and operators of omni-channel grocery-anchored shopping centers. Additionally, we operate a third-party investment management business providing property management and advisory services to three unconsolidated institutional joint ventures, in which we have partial ownership interests, and one private fund (collectively, the \u201cManaged Funds\u201d). The majority of our revenues are lease revenues derived from our real estate investments. Our portfolio primarily consists of neighborhood centers anchored by the #1 or #2 grocer tenants by sales within their respective formats by trade area. As of December 31, 2025, our portfolio was 97.3% leased. Our tenants, who we refer to as \u201cNeighbors,\u201d are a mix of national, regional, and local retailers that primarily provide necessity-based goods and services. We believe our locations are in fundamentally strong demographic markets throughout the United States. Our brick and mortar assets positively contribute to our Neighbors\u2019 omni-channel strategies and act as the last mile delivery solution. We were formed as a Maryland corporation in October 2009 and have elected to be taxed as a REIT for U.S. federal income tax purposes. Substantially all of our business is conducted through Phillips Edison Grocery Center Operating Partnership I, L.P. (the \u201cOperating Partnership\u201d), a Delaware limited partnership formed in December 2009. We are a limited partner of the Operating Partnership, and our wholly-owned subsidiary, Phillips Edison Grocery Center OP GP I LLC, is the sole general partner of the Operating Partnership. As of December 31, 2025 ITEM 1A. RISK FACTORS You should specifically consider the following material risks in addition to the other information contained in this Annual Report on Form 10-K. The occurrence of any of the following risks might have a material adverse effect on our business, operating results, financial condition, a", "title": "PECO - Phillips Edison & Company, Inc.", "url": "/company/PECO/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001616533; latest 10-K filed 2025-10-21.", "text": "PENG - Penguin Solutions, Inc. SIC 3674 Semiconductors & Related Devices; CIK 0001616533; latest 10-K filed 2025-10-21. PENG Penguin Solutions, Inc. 0001616533 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying consolidated financial statements and notes for the year ended August 29, 2025. This discussion contains forward looking statements that involve risks, uncertainties and other factors. Our actual results could differ materially from those contained in these forward-looking statements due to a number of risks, uncertainties and other factors, including those discussed below and elsewhere in this report. See also \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cPART I \u2013 Item 1A. Risk Factors.\u201d Our fiscal year is the 52- or 53-week period ending on the last Friday in August. Fiscal years 2025, 2024 and 2023 contained 52, 53 and 52 weeks, respectively. All period references are to our fiscal periods unless otherwise indicated. All financial information for our subsidiaries in Brazil is included in our consolidated financial statements on a one-month lag because their fiscal years ended on July 31 of each year. In connection with the completion of the divestiture of an 81% interest in SMART Brazil, we ceased consolidating the operations of SMART Brazil in our financial statements as of the November 29, 2023 disposal date. As a result, financial information for the first quarter of 2024 includes the four-month period for the SMART Brazil operations from August 1, 2023 to November 29, 2023. All tabular amounts are in thousands. Overview For an overview of our business, see \u201cPART I \u2013 Item 1. Business.\u201d On June 30, 2025, we completed the U.S. Domestication of the parent company of our corporate group, Penguin Solutions Cayman, from the Cayman Islands to the State of Delaware in the United States, resulting in Penguin Solutions Delaware becoming our publicly traded parent company and the successor issuer to Penguin Solutions Cayman. The financial information in this Annual Report for periods prior to the completion of the U.S. Domestication relates to Penguin Solutions Cayman. Unless stated otherwise or the context requires otherwise, the terms \u201cPenguin Solutions,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d or similar terms (i) for periods prior to the effectiveness of the U.S. Domestication, refer to Penguin Solutions Cayman and its consolidated subsidiaries and (ii) for periods at or after the completion of the U.S. Domestication, refer to Penguin Solutions Delaware and its consolidated subsidiaries. See \u201cAbout this Annual Report,\u201d above. Divestiture of SMART Brazil On November 29, 2023, we completed the divestiture of an 81% interest in SMART Brazil to Lexar Europe B.V., an affiliate of Shenzhen Longsys Electronics Co. Ltd. Presentation of SMART Brazil as Discontinued Operations: In accordance with authoritative guidance under U.S. GAAP, we have presented the balance sheets, results of operations and cash flows of SMART Brazil operations in this Annual Report, including in the accompanying consolidated financial statements and notes, as discontinued operations for all periods presented. The SMART Brazil operations were previously reported as part of our Integrated Memory segment. Unless otherwise noted, discussion within this Annual Report relates solely to our continuing operations and excludes the SMART Brazil operations. See \u201cPART II \u2013 Item 8. Financial Statements and Supplementary Data \u2013 Notes to Consolidated Financial Statements \u2013 Divestiture of SMART Brazil.\u201d Acquisition of Stratus Technologies On August 29, 2022, we completed the acquisition of Stratus Technologies. At the closing, we paid a cash purchase price of $225.0 million, subject to certain adjustments. In addition, the seller had the right to receive the Stratus Earnout based on the gross profit performance of the Stratus Technologies business during the first full 12 fiscal months following the closing. Throughout 2023, we adj Item 1. Business Overview At Penguin Solutions, we understand the boundless potential of technology and support our customers in turning cutting-edge ideas into outcomes\u2014faster, and at any scale. With over two decades of experience as trusted advisors, Penguin Solutions is an end-to-end technology company solving complex challenges in computing, memory and LED solutions. Penguin Solutions designs, builds, deploys and manages high-performance, high-availability enterprise solutions, allowing customers to achieve their breakthrough innovations. We do this in partnership with our customers\u2014customizing solutions while facilitating rapid time to value, optimized long-term performance, high availability, and greater return on investment. As of the end of fiscal 2025, Penguin Solutions employed approximately 2,900 employees worldwide, with most located in the United States, China, and Malaysia. We believe that our employees are the cornerstone of our success. To support their efforts, we aim to provide inclusive and equitable workplaces maintained through ongoing intentional actions. On October 15, 2024, we changed our corporate name from \u201cSMART Global Holdings, Inc.\u201d to \u201cPenguin Solutions, Inc.\u201d and changed our Nasdaq Global Select Market ticker symbol from \u201cSGH\u201d to \u201cPENG.\u201d The changes to the corporate name and ticker symbol did not have any impact on our legal entity structure, financial statements or previously reported financial information. On June 30, 2025, we consummated the U.S. Domestication of the parent company of our corporate group from the Cayman Islands to the State of Delaware in the United States. For more information about the U.S. Domestication, see \u201cAbout This Annual Report\u201d above. Business Segments The most exciting technological advancements are also the most challenging for companies to adopt. We support our customers in achieving their ambitions across our computing, memory, and LED solutions. With our expert skills, experience and partners Item 1A. Risk Factors You should carefully consider the risks and uncertainties described below and the other information in this Annual Report, including \u201cPART II \u2013 Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our consolidated financial statements and related notes", "title": "PENG - Penguin Solutions, Inc.", "url": "/company/PENG/" }, { "kind": "company", "summary": "SIC 7011 Hotels & Motels; CIK 0000921738; latest 10-K filed 2026-02-26.", "text": "PENN - PENN Entertainment, Inc. SIC 7011 Hotels & Motels; CIK 0000921738; latest 10-K filed 2026-02-26. PENN PENN Entertainment, Inc. 0000921738 7011 Hotels & Motels ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of financial condition, results of operations, liquidity and capital resources should be read in conjunction with, and is qualified in its entirety by, our Consolidated Financial Statements and the notes thereto, included in this Annual Report on Form 10-K, and other filings with the Securities and Exchange Commission. This management\u2019s discussion and analysis of financial condition and results of operations includes discussion as of and for the year ended December 31, 2025 compared to December 31, 2024. Discussion of our financial condition and results of operations as of and for the year ended December 31, 2024 compared to December 31, 2023 can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission on February 27, 2025. 35 Table of Contents EXECUTIVE OVERVIEW Our Business PENN Entertainment, Inc., together with its subsidiaries (\u201cPENN,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d), operates in 28 jurisdictions throughout North America, with a broadly diversified portfolio of casinos, racetracks, and online sports betting (\u201cOSB\u201d) and iCasino offerings. PENN\u2019s focus is on organic cross-sell opportunities, reinforced by its market-leading retail casinos, sports media assets and technology, including a proprietary state-of-the-art, fully integrated digital sports betting and iCasino platform, and an in-house iCasino content studio. The Company\u2019s portfolio is further bolstered by its industry-leading PENN PlayTM customer loyalty program, offering its over 33 million members a unique set of rewards and experiences. The majority of the real estate assets (i.e., land and buildings) used in our operations are subject to triple net master leases; the most significant of which are with Gaming and Leisure Properties, Inc. (Nasdaq: GLPI) (\u201cGLPI\u201d), a real estate investment trust (\u201cREIT\u201d), and include the AR PENN Master Lease, 2023 Master Lease, and Pinnacle Master Lease (as such terms are defined in Note 11, \u201cLeases\u201d in the notes to our Consolidated Financial Statements and collectively referred to as the \u201cMaster Leases\u201d). Realignment of Digital Strategy On November 6, 2025, PENN announced the mutual decision for an early termination (the \u201cTermination Agreement\u201d) of its Sportsbook Agreement for United States (\u201cU.S.\u201d) OSB with ESPN, Inc. and ESPN Enterprises Inc. (together, \u201cESPN\u201d). Pursuant to the Termination Agreement, PENN\u2019s exclusive right to use the ESPN BET trademark for OSB in the U.S. ended on December 1, 2025. As a result, we have realigned our digital focus to leverage the strength of our U.S. iCasino and Canadian operations, while continuing to use OSB to drive both the acquisition of customers with significant lifetime value and unique cross-sell opportunities across PENN\u2019s retail and digital assets. On December 1, 2025, we rebranded our OSB offering in the U.S. to theScore Bet. We have operated theScore Bet brand in Ontario since 2022, and our OSB product in both the U.S. and Canada now leverages connectivity with the theScore media app, which has approximately 4 million monthly active users across North America. PENN\u2019s iCasino forward approach has clear long-term alignment to our core business, which focuses on cross-sell opportunities across our ecosystem and enhanced connectivity to our PENN Play loyalty program. Our OSB offerings will continue to provide top of funnel acquisition and cross-sell opportunities for our Hollywood-branded iCasino, which will remain integrated into our OSB product in states where legal, in addition to serving as a standalone iCasino app. Recent Development Projects On October 10, 2022, the Company announced its intent to pursue four new development projects, including the land-based relocations of Hollywood Casino Joliet (\u201cJoliet\u201d) and Hollywood Casino Aurora (\u201cAurora\u201d), a second ho ITEM 1.BUSINESS Overview PENN Entertainment, Inc., together with its subsidiaries (\u201cPENN,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d), operates in 28 jurisdictions throughout North America, with a broadly diversified portfolio of casinos, racetracks, and online sports betting (\u201cOSB\u201d) and iCasino offerings. PENN\u2019s focus is on organic cross-sell opportunities, reinforced by its market-leading retail casinos, sports media assets and technology, including a proprietary state-of-the-art, fully integrated digital sports betting and iCasino platform, and an in-house iCasino content studio. The Company\u2019s portfolio is further bolstered by its industry-leading PENN PlayTM customer loyalty program, offering its over 33 million members a unique set of rewards and experiences. On November 6, 2025, the Company announced the early termination of our U.S. sportsbook agreement with ESPN, Inc. and ESPN Enterprises Inc. (together, \u201cESPN\u201d), effective December 1, 2025. As a result, we realigned our digital focus to leverage the strength of our U.S. iCasino and Canadian operations, and we rebranded our OSB offering in the U.S. to theScore Bet, leveraging connectivity with theScore media app and our PENN Play loyalty program to drive cross-sell opportunities across our retail and digital ecosystem. Reportable Segments We have five reportable segments: Northeast, South, West, Midwest, and Interactive. The Northeast, South, West, and Midwest segments (referred to as our \u201cretail segments\u201d) primarily generate revenue from gaming operations (such as slot machines and table games), food and beverage offerings, and hotel visitation. The Interactive segment includes all of our OSB, online casino/iCasino, and social gaming (collectively referred to as \u201conline gaming\u201d) operations, management of retail sports betting, media, and the operating results of Barstool Sports, Inc. (\u201cBarstool\u201d or \u201cBarstool Sports\u201d) subsequent to the Barstool Acquisition on February 17, 2023 and prior to the Barstool divesti ITEM 1A.RISK FACTORS Our business is subject to risks and uncertainties. You should consider carefully, among other things, the risks described below, together with the other information in this report, before making an investment decision with respect to our securities. The occurrence of any of the following risks, or additional risks and uncert", "title": "PENN - PENN Entertainment, Inc.", "url": "/company/PENN/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0001178970; latest 10-K filed 2026-02-27.", "text": "PFS - PROVIDENT FINANCIAL SERVICES INC SIC 6035 Savings Institution, Federally Chartered; CIK 0001178970; latest 10-K filed 2026-02-27. PFS PROVIDENT FINANCIAL SERVICES INC 0001178970 6035 Savings Institution, Federally Chartered Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations General The Company conducts business through its subsidiary, the Bank, a community- and customer-oriented bank currently operating full-service branches and loan production offices throughout New Jersey, as well as in Bethlehem, Philadelphia and Plymouth Meeting, Pennsylvania and Nassau and Orange County, New York. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc. Strategy Established in 1839, the Bank is the oldest New Jersey-chartered bank in the state. The Bank offers a full range of commercial and retail loan and deposit products and emphasizes personal service and convenience. The Bank\u2019s strategy is to grow profitably through a commitment to credit quality and expanding market share by acquiring, retaining, and expanding customer relationships, while carefully managing interest rate risk. The Bank continues to maintain a diversified loan portfolio with an emphasis on commercial mortgage, multi-family, construction, and commercial loans in its efforts to reduce interest rate risk. These types of loans generally have adjustable rates that initially are higher than residential mortgage loans and generally have a higher rate of credit risk. The Bank\u2019s lending policy focuses on quality underwriting standards and close monitoring of the loan portfolio. As of December 31, 2025, these commercial loan types accounted for 86.7% of the loan portfolio and retail loans accounted for 13.3%. The Company intends to continue to focus on commercial mortgage, multi-family, construction, and commercial lending relationships. The Company\u2019s relationship banking strategy focuses on increasing core accounts and expanding relationships through its branch network, mobile banking, online banking and other digital services. The Company continues to evaluate opportunities to increase market share by expanding within existing and contiguous markets. Savings and demand deposit accounts are generally a stable, relatively inexpensive source of funds. As of December 31, 2025, savings and demand deposits were 82.9% of total deposits. 54 The Company\u2019s results of operations are primarily dependent upon net interest income, the difference between interest earned on interest-earning assets and the interest paid on interest-bearing liabilities. In a rapidly rising interest rate environment, changes in interest rates have an adverse effect on net interest income as the Company\u2019s interest-bearing assets and interest-bearing liabilities reprice or mature at different times or relative interest rates. The Company generates non-interest income such as income from retail and business account fees, loan servicing fees, loan origination fees, loan level swap fees, appreciation in the cash surrender value of Bank-owned life insurance, income from loan or securities sales, fees from wealth management services, investment product sales, insurance brokerage fees and other fees. The Company\u2019s operating expenses consist primarily of compensation and benefits expense, occupancy and equipment expense, data processing expense, the amortization of intangible assets, marketing and advertising expense and other general and administrative expenses. The Company\u2019s results of operations are also affected by general economic conditions, changes in market interest rates, changes in asset quality, changes in asset values, actions of regulatory agencies and government policies. Acquisitions Lakeland Bancorp On May 16, 2024, the Company completed its merger with Lakeland Bancorp, Inc. (\"Lakeland\"), which added $10.59 billion to total assets, $7.91 billion to total loans, $8.62 billion to total deposits and 68 full-service banking offices in New Jersey and New York. The Company closed 13 of the acquired Lakeland banking o Item 1. Business Provident Financial Services, Inc. The Company is a Delaware corporation which became the holding company for Provident Bank (the \u201cBank\u201d) on January 15, 2003, following the completion of the Bank's conversion to a New Jersey-chartered capital stock savings bank. On January 15, 2003, the Company issued an aggregate of 59,618,300 shares of its common stock, par value $0.01 per share in a subscription offering, and contributed $4.8 million in cash and 1,920,000 shares of its common stock, which amounted to $24.0 million in aggregate, to The Provident Bank Foundation, a charitable foundation established by the Bank. The Company recognized an expense, net of income tax benefit, equal to the cash and fair value of the stock during 2003. Conversion costs were deferred and deducted from the proceeds of the shares sold in the offering. As a result of the conversion and related stock offering, the Company raised $567.2 million in net proceeds, of which $293.2 million was utilized to acquire all of the outstanding common stock of the Bank. The Company owns all of the outstanding common stock of the Bank, and as such, is a bank holding company subject to regulation by the Board of Governors of the Federal Reserve System (\"Federal Reserve Board\" or \"Federal Reserve\"). On May 16, 2024, the Company completed its merger with Lakeland Bancorp, Inc. (\"Lakeland\"), which added $10.59 billion to total assets, $7.91 billion to total loans, $8.62 billion to total deposits and 68 full-service banking offices in New Jersey and New York. The Company closed 13 of the acquired Lakeland banking offices and nine legacy Bank branches in the third quarter of 2024 due to geographic overlap. Under the merger agreement, each share of Lakeland common stock was converted into the right to receive 0.8319 shares of the Company's common stock, a total of 54,356,954 shares converted, plus cash in lieu of fractional shares. The total consideration paid for the acquisition of Lakeland Item 1A. Risk Factors. In the ordinary course of operating our business, we are exposed to a variety of risks inherent to the financial services industry. The following discusses the significant risk factors that could affect our business and operations. If any of the following conditions ", "title": "PFS - PROVIDENT FINANCIAL SERVICES INC", "url": "/company/PFS/" }, { "kind": "company", "summary": "SIC 8090 Services-Misc Health & Allied Services, NEC; CIK 0001551306; latest 10-K filed 2026-02-27.", "text": "PGNY - Progyny, Inc. SIC 8090 Services-Misc Health & Allied Services, NEC; CIK 0001551306; latest 10-K filed 2026-02-27. PGNY Progyny, Inc. 0001551306 8090 Services-Misc Health & Allied Services, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause or contribute to these differences include, but are not limited to, those identified below and those discussed in Part I, Item 1A. \u201cRisk Factors\u201d of this Annual Report on Form 10-K. A discussion of the year ended December 31, 2024 as compared to the year ended December 31, 2023 has been reported previously in our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 3, 2025 (File No. 001-39100) under the heading \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations - Comparison of Years Ended December 31, 2024 and 2023.\u201d Executive Overview We are a benefits management company specializing in fertility, family building, and women's health benefits solutions primarily in the United States. For further information on our business and strategy, see Part I, Item 1. \"Business\" of this Annual Report on Form 10-K. Revenue Model Fertility Benefits Solution. Our fertility benefits solution includes providing members with access to effective and cost-efficient fertility treatments through our Smart Cycle plan design. Smart Cycles are proprietary treatment bundles designed by us to include those medical services available to our members through our selective network of high-quality fertility specialists. Medical services under our Smart Cycles include everything needed for a comprehensive fertility treatment cycle, including all necessary diagnostic testing and access to the latest technology (such as preimplantation genetic testing, in the case of in vitro fertilization, or IVF). We currently offer 20 different Smart Cycle treatment bundles, which may be used in various combinations depending on the member\u2019s need. Each Smart Cycle treatment bundle has a separate unit value (i.e., some have fractional values and some have whole values). Our clients contract to purchase a cumulative Smart Cycle unit value per eligible member. These can range from one to an unlimited unit value. Members, in consultation with their Progyny Care Advocates, or PCAs, can choose their preferred provider clinics within our network and utilize the specific Smart Cycle treatment bundles necessary for the treatment pathway they determine throughout their fertility journey. In addition, we provide care management services as part of our fertility benefits solution, which include active management of our selective network of high-quality fertility specialists, real-time member eligibility and treatment authorization, member-facing digital solutions, detailed quarterly reporting for our clients supported by our dedicated client success teams and end-to-end comprehensive concierge member support provided by our in-house staff of PCAs. Clients can also add adoption and surrogacy reimbursement programs as part of this solution. Pharmacy Benefits Solution. Progyny Rx can only be purchased by clients that purchase our fertility benefits solution. Progyny Rx provides our members with access to the medications needed during their fertility treatment. As part of this solution, we provide care management services, which include our formulary plan design, simplified authorization, assistance with prescription fulfillment and timely delivery of the medications by our network of specialty pharmacies, as well as medicati ITEM 1. BUSINESS Overview Progyny is a global leader in women\u2019s health and family building solutions. We envision a world where everyone can realize their dreams of family and ideal health. Our mission is to empower healthier, supported journeys through transformative fertility, family building and women\u2019s health benefits. Through our differentiated approach to benefits plan design, member education and support and active network management, our clients\u2019 employees are able to pursue the most effective treatment across life\u2019s milestones from the best providers and specialists and achieve optimal outcomes. We launched our fertility benefits solution in 2016 with five employer clients and have since expanded our platform to include solutions in pregnancy and postpartum, menopause and midlife, benefit and leave navigation and parent and child wellbeing in order to address the continuum of women\u2019s health. Today, we have grown our current base of clients to more than 590 employers, each with at least 1,000 covered lives. Our clients include many of the nation\u2019s most prominent employers across a broad array of industries. We currently have contracts to provide coverage to approximately 7.2 million employees and their covered dependents (known in our industry as covered lives, and to whom we refer to as our members). We have achieved this growth by demonstrating that our purpose-built, data-driven and disruptive platform consistently delivers superior clinical outcomes in a cost-efficient manner, while driving exceptional client and member satisfaction. We have retained substantially all of our clients since we launched our fertility benefits solution, and our member satisfaction is evidenced by our most recent industry-leading Net Promoter Score, or NPS, of +81 for our fertility benefits solution and +79 for Progyny Rx, our integrated pharmacy benefits solution, as of December 31, 2025. We are transforming women\u2019s health benefits, proving that comprehensive, inclusi ITEM 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. You should carefully consider all of the information contained in this Annual Report on Form 10-K, including the sections titled \u201cCautionary Note Regarding Forward-Looking Statements,\u201d Part II, Item 7 \u201cManagement\u2019s Discussion and A", "title": "PGNY - Progyny, Inc.", "url": "/company/PGNY/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001968915; latest 10-K filed 2026-02-12.", "text": "PHIN - PHINIA INC. SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001968915; latest 10-K filed 2026-02-12. PHIN PHINIA INC. 0001968915 3714 Motor Vehicle Parts & Accessories Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations INTRODUCTION PHINIA is a leader in the development, design and manufacture of integrated components and systems that are designed to optimize performance, enhance efficiency and reduce emissions in combustion and hybrid propulsion systems for commercial vehicles and industrial applications (medium-duty and heavy-duty trucks, buses and other off-highway construction, marine, agricultural and aerospace and defense), light commercial vehicles (vans and trucks) and light passenger vehicles (passenger cars, mini-vans, cross-overs and sport-utility vehicles). We are a global supplier to most major OEMs seeking to meet or exceed evolving and increasingly stringent global regulatory requirements and satisfy consumer demands for an enhanced user experience. Additionally, we offer a wide range of OES solutions and remanufactured products as well as an expanded range of products for the independent (non-OEM) aftermarket. Transition to Standalone Company On July 3, 2023, PHINIA became an independent publicly traded company as a result of the legal and structural separation of the Fuel Systems and Aftermarket businesses from BorgWarner Inc. (BorgWarner or Former Parent). The separation was completed in the form of a distribution of the outstanding common stock of PHINIA to holders of record of common stock of BorgWarner on a pro rata basis (the Spin-Off). In connection with the Spin-Off, we entered into an agreement with the Former Parent which governs the Company\u2019s and the Former Parent\u2019s respective rights, responsibilities and obligations after the distribution with respect to taxes for any tax period ending on or before the distribution date, as well as tax periods beginning before and ending after the distribution date (Tax Matters Agreement). 29 Table of Contents Acquisition of Swedish Electromagnet Invest AB (SEM) On August 1, 2025, PHINIA completed the acquisition of Swedish Electromagnet Invest AB (SEM), a provider of advanced natural gas, hydrogen and other alternative fuel ignition systems, injector stators and linear position sensors, for $47 million, comprised of $15 million of cash consideration and $32 million cash used to extinguish debt assumed through the acquisition. See Note 2, \u201cAcquisition\u201d, for further discussion. Key Trends and Economic Factors The automotive industry is currently grappling with renewed semi-conductor shortages, supply chain disruptions, and economic and geopolitical tensions. These factors may affect production, pricing, and consumer demand. In addition, new trade restrictions, including export controls, and/or increases in tariffs could have a material impact on our business, financial condition, or results of operations, including increasing our input costs and decreasing demand in the commercial vehicle (CV) and light vehicle (LV) markets, although the nature of those trade restrictions and tariffs remains unclear. These new trade restrictions and tariffs increase the risk for elevated inflation more generally, which may drive an increase in other input costs. Outlook We expect improved earnings and cash generation in 2026, as we expect foreign currency, operational efficiencies, and share gains to more than offset a softening original equipment (OE) market. Continued economic and geopolitical uncertainty is expected to continue to impact LV and CV volumes. In our key markets for 2026, LV and CV volumes are expected to decline by mid-single and low-single digit percentages, respectively. Assuming constant foreign exchange rates and excluding sales from acquisitions, we expect a modest increase in sales. Additionally, we expect to continue to be impacted by other macroeconomic challenges in 2026, including but not limited to elevated inflation, supply chain constraints, market volatility, higher tariffs (particularly in Mexico and China), government shutdowns, and changes in international tr Item 1. Business PHINIA Inc. (together with its consolidated subsidiaries, the Company or PHINIA) is a Delaware corporation incorporated in 2023. The Company is a leader in the development, design and manufacture of integrated components and systems that are designed to optimize performance, increase efficiency and reduce emissions in combustion and hybrid propulsion for commercial vehicles and industrial applications (medium-duty and heavy-duty trucks, buses and other off-highway construction, marine, agricultural and aerospace and defense), light commercial vehicles (vans and trucks) and light passenger vehicles (passenger cars, mini-vans, cross-overs and sport-utility vehicles). We are a global supplier to most major original equipment manufacturers (OEMs) seeking to meet and exceed increasingly stringent global regulatory requirements and satisfy consumer demands for an enhanced user experience. Additionally, we offer a wide range of original equipment service (OES) solutions and remanufactured products as well as an expanded range of products for the independent (non-OEM) aftermarket (IAM). Transition to Standalone Company On December 6, 2022, BorgWarner Inc., a manufacturer and supplier of automotive industry components and parts (BorgWarner, or Former Parent) announced plans for the complete legal and structural separation of its Fuel Systems and Aftermarket businesses by the spin-off of its wholly-owned subsidiary, PHINIA, which was formed on February 9, 2023 (the Spin-Off). On July 3, 2023, BorgWarner completed the Spin-Off in a transaction intended to qualify as tax-free to BorgWarner\u2019s stockholders for U.S. federal income tax purposes, which was accomplished by the distribution of the outstanding common stock of PHINIA to holders of record of common stock of BorgWarner on a pro rata basis. Each holder of record of BorgWarner common stock received one share of PHINIA common stock for every five shares of BorgWarner common stock held on June 23, 2023, t Item 1A. Risk Factors Our business is subject to various risks and uncertainties. While we believe we have identified and discussed below the key risk factors affecting our business, there may be additional risks and uncertainties not presently known to PHINIA or that PHINIA currently deems immaterial that may materially adversely affect u", "title": "PHIN - PHINIA INC.", "url": "/company/PHIN/" }, { "kind": "company", "summary": "SIC 3679 Electronic Components, NEC; CIK 0001114995; latest 10-K filed 2026-02-09.", "text": "PI - IMPINJ INC SIC 3679 Electronic Components, NEC; CIK 0001114995; latest 10-K filed 2026-02-09. PI IMPINJ INC 0001114995 3679 Electronic Components, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis together with our consolidated financial statements and the related notes to those statements included elsewhere in this report. This discussion contains forward-looking statements that involve risks and uncertainties. As a result of many factors, such as those set forth under \u201cRisk Factors\u201d and elsewhere in this report, our actual results may differ materially from those anticipated in these forward-looking statements. For our discussion of our fiscal 2024 results compared to fiscal 2023 for both our results of operations and our liquidity and capital resources sections, refer to \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 10, 2025 which is incorporated by reference herein. Overview Our vision is a world in which every item that enterprises manufacture, transport and sell, and that people own, use and recycle, is wirelessly and ubiquitously connected to the cloud. And a world in which the ownership, history and linked information for every one of those items is seamlessly available to enterprises and people. We call our expansive vision a Boundless Internet of Things, or IoT. We design and sell a platform that enables that wireless item-to-cloud connectivity and with which we and our partners innovate IoT solutions. Our mission is to connect every thing. We have enabled connectivity for more than 150 billion items to date, delivering item visibility, traceability and improved operational efficiencies for retailers, supply chain and logistics, or SC&L providers, restaurants and food-service providers, airlines, automobile manufacturers, healthcare companies and many more. We are today focused on extending item connectivity from tens of billions to trillions of items and delivering item data not just to enterprises but to people, so they too can benefit from their connected items. We believe the Boundless IoT we are enabling will, in the not-too-distant future, give people ubiquitous access to cloud-based digital twins of every item, each storing the item\u2019s history, location and linked information and helping people explore and learn about the item. We believe that that connectivity will transform the world. We and our partner ecosystem build item-visibility solutions using products that we design and either sell or license, including silicon radios, reading systems, tag production systems and intellectual property. We also offer software and cloud services, and while nascent from a standalone revenue perspective, they enable our other product offerings and we intend to expand them as a part of our growth strategy. We sell two types of silicon radios. The first are endpoint ICs that store a serialized number to wirelessly identify an item. Our partners embed endpoint ICs into an item or its packaging. These ICs may also contain a cryptographic key to authenticate the item. The second are reader ICs that our partners use in embedded or finished readers to wirelessly discover, inventory and engage the endpoint ICs. Those readers may also protect an item or consumer, for example by authenticating the item as genuine or privatizing the item by rendering the endpoint IC unresponsive without the consumer first providing a password. Our reading systems comprise high-performance finished readers and gateways used primarily in autonomous reading solutions. Our tag production systems enable partner products and facilitate enterprise deployments. Our software and cloud service offerings focus on solutions enablement, particularly at enterprises with whom we have a close business relationship. We sell our products, individually or as a whole platform offering, primarily with or through our partner ecosystem. That ecosystem compr Item 1. Business Overview Our vision is a world in which every item that enterprises manufacture, transport and sell, and that people own, use and recycle, is wirelessly and ubiquitously connected to the cloud. And a world in which the ownership, history and linked information for every one of those items is seamlessly available to enterprises and people. We call our expansive vision a Boundless Internet of Things, or IoT. We design and sell a platform that enables that wireless item-to-cloud connectivity and with which we and our partners innovate IoT solutions. Our mission is to connect every thing. We have enabled connectivity for more than 150 billion items to date, delivering item visibility, traceability and improved operational efficiencies for retailers, supply chain and logistics, or SC&L providers, restaurants and food-service providers, airlines, automobile manufacturers, healthcare companies and many more. We are today focused on extending item connectivity from tens of billions to trillions of items, and delivering item data not just to enterprises but to people, so they too can benefit from their connected items. We believe the Boundless IoT we are enabling will, in the not-too-distant future, give people ubiquitous access to cloud-based digital twins of every item, each storing the item\u2019s history, location and linked information and helping people explore and learn about the item. We believe that that connectivity will transform the world. Impinj Platform We and our partner ecosystem build item-visibility solutions using products that we design and either sell or license, including silicon radios; reading systems; tag design, manufacturing, test, encoding and commissioning systems, or collectively \u201ctag production systems\u201d; and intellectual property. We also offer software and cloud services, and while nascent from a standalone revenue perspective, they enable our other product offerings and we intend to expand them as a part of our growth strate Item 1A. Risk Factors You should carefully consider the following risk factors, in addition to the other information contained in this report, including the section of this report captioned \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our financial statements and related notes. If any of the events described", "title": "PI - IMPINJ INC", "url": "/company/PI/" }, { "kind": "company", "summary": "SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0001230245; latest 10-K filed 2026-02-26.", "text": "PIPR - PIPER SANDLER COMPANIES SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0001230245; latest 10-K filed 2026-02-26. PIPR PIPER SANDLER COMPANIES 0001230245 6211 Security Brokers, Dealers & Flotation Companies Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Index [[GREPCENT_TABLE]] [[\"Executive Overview\",\"29\"],[\"Results of Operations\",\"33\"],[\"Net Revenues\",\"34\"],[\"Non-Interest Expenses\",\"36\"],[\"Pre-Tax Margin\",\"38\"],[\"Income Taxes\",\"38\"],[\"Explanation and Reconciliation of Non-GAAP Financial Measures\",\"38\"],[\"Recent Accounting Pronouncements\",\"41\"],[\"Critical Accounting Policies and Estimates\",\"41\"],[\"Liquidity, Funding and Capital Resources\",\"43\"],[\"Common Stock Split\",\"44\"],[\"Cash Flows\",\"44\"],[\"Leverage\",\"45\"],[\"Funding and Capital Resources\",\"45\"],[\"Contractual Obligations\",\"47\"],[\"Capital Requirements\",\"48\"],[\"Off-Balance Sheet Arrangements\",\"49\"],[\"Risk Management\",\"50\"],[\"Effects of Inflation\",\"54\"]] [[/GREPCENT_TABLE]] The following information should be read in conjunction with the accompanying audited consolidated financial statements and related notes and exhibits included elsewhere in this Form 10-K. Certain statements in this Form 10-K may be considered forward-looking. See \"Cautionary Note Regarding Forward-Looking Statements\" in this Form 10-K for additional information regarding such statements and related risks and uncertainties. Item 7 in this Form 10-K discusses our 2025 and 2024 results and the year-over-year comparisons between 2025 and 2024. Discussion of our 2023 results and the year-over-year comparisons between 2024 and 2023 can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025. Item 7 in this Form 10-K includes financial measures that are not prepared in accordance with U.S. generally accepted accounting principles (\"GAAP\"). Management believes that presenting results and measures on an adjusted, non-GAAP basis in conjunction with the corresponding U.S. GAAP measures provides a more meaningful basis for comparison of its operating results and underlying trends between periods, and enhances the overall understanding of our current financial performance by excluding certain items that may not be indicative of our core operating results. The non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of financial performance prepared in accordance with U.S. GAAP. See \"Explanation and Reconciliation of Non-GAAP Financial Measures\" for a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures and a reconciliation of U.S. GAAP to adjusted, non-GAAP financial information. Piper Sandler Companies | 28 Table of Contents EXECUTIVE OVERVIEW Overview of Operations Our business principally consists of providing investment banking and institutional brokerage services to corporations, private equity groups, public entities, non-profit entities and institutional investors in the U.S. and internationally. We operate through one reportable segment in order to maximize the value we provide to clients by leveraging our diversified expertise and broad relationships of the experienced professionals across our company. Investment banking services include financial advisory services, management of and participation in underwritings, and municipal financing activities. Revenues are generated through the receipt of advisory and financing fees. Institutional sales, trading and research services focus on the trading of equity and fixed income products with institutions, corporations, and government and non-profit entities. Revenues are generated through commissions and sales credits earned on equity and fixed income institutional sales activities, net interest revenues on trading securities held in inventory, profits and losses from trading these securities, and fees for research services and corporate access offerings. In order to invest firm capital and to manage capital from outside investors, we have created alternative asset man Item 1. Business. OVERVIEW Piper Sandler Companies is an investment bank and institutional securities firm, serving the needs of corporations, private equity groups, public entities, non-profit entities and institutional investors in the United States (\"U.S.\") and internationally. Founded in 1895, Piper Sandler Companies provides a broad set of products and services, including financial advisory services; equity and debt capital markets products; public finance services; institutional brokerage services; fundamental equity and macro research services; fixed income services; and alternative asset management strategies. Our headquarters are located in Minneapolis, Minnesota and we have offices across the U.S. and international locations in London, Aberdeen, Munich, Paris, Zurich, Abu Dhabi Global Markets (\"ADGM\") and Hong Kong. OUR BUSINESS We operate in one reportable segment providing investment banking services, institutional sales and trading services for various equity and fixed income products, and research services. We are organized as one reportable segment in order to maximize the value we provide to clients by leveraging our diversified expertise and broad relationships of the experienced professionals across our company. Investment Banking For our corporate clients and financial sponsors, we provide advisory services, which includes mergers and acquisitions (\"M&A\"), equity and debt financings, equity and debt private placements, debt capital markets advisory, restructuring and private capital advisory. We operate in the following focus sectors: healthcare; financial services; services and industrials; energy, power & infrastructure; consumer; technology; and chemicals, primarily focusing on middle-market clients. For our government and non-profit clients, we underwrite municipal issuances, provide municipal financial advisory and loan placement services, and offer various over-the-counter derivative products. Our public finance investment banking capa Item 1A. Risk Factors. In the normal course of our business activities, we are exposed to a variety of strategic risks, market risks, human capital risks, liquidity risks, credit risks, operational risks, and legal and regulatory risks. A description of each of these principal areas of ", "title": "PIPR - PIPER SANDLER COMPANIES", "url": "/company/PIPR/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001626115; latest 10-K filed 2026-02-26.", "text": "PJT - PJT Partners Inc. SIC 6282 Investment Advice; CIK 0001626115; latest 10-K filed 2026-02-26. PJT PJT Partners Inc. 0001626115 6282 Investment Advice ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with PJT Partners Inc.\u2019s Consolidated Financial Statements and the related notes included in this Annual Report on Form 10\u2011K. Our Business PJT Partners is a premier, global, advisory-focused investment bank that was built from the ground up to be different. Our highly experienced, collaborative teams provide independent advice coupled with old-world, high-touch client service. This ethos has allowed us to attract some of the very best talent in the markets in which we operate. We deliver leading advice to many of the world's most consequential companies, effect some of the most transformative transactions and restructurings and raise billions of dollars of capital around the globe to support startups and more established companies. Further information regarding our business is provided in \u201cPart I. Item 1. Business\u201d of this filing. Business Environment Economic and global financial conditions can materially affect our operational and financial performance. See \u201cPart I. Item 1A. Risk Factors\u201d of this filing for a discussion of some of the factors that can affect our performance. M&A is a cyclical business that is impacted by macroeconomic conditions. There are several factors influencing global M&A activity in the intermediate term, including monetary policy, global trade policies, greater economic and geopolitical uncertainty, and global growth. How these macroeconomic factors impact the strength of strategic activity in the intermediate term is still uncertain. In 2025, worldwide M&A announced volumes increased 49% compared with 2024, however, the number of transactions declined to a five-year low1. As we look ahead, the broader capital markets and M&A environment continues to be favorable for deal making. The momentum in global M&A observed in the second half of 2025 is likely to carry over through 2026, however, market sentiment can change quickly. Global restructuring and special situations activity remained elevated during 2025 due to liability management, balance sheet restructuring and increasing bankruptcy activity. A number of factors are driving elevated levels of distress with corporates, financial sponsors and creditors grappling with challenged business models and macroeconomic uncertainties. Activity remained dispersed with corporates, creditors and financial sponsors operating in certain industries across a breadth of geographies, demonstrating a continued multi-year restructuring cycle. Fund placement activity remains challenging given the overall slowdown in realizations and the supply of alternative investment opportunities in the market seeking capital. Additionally, limited partners have become more discerning in their deployment of capital for both existing and new fund manager relationships. Investors continue to focus on existing relationships and, as a result, the bar for fund managers to attract new investors remains high as a flight to quality persists. As it relates to private capital solutions, the demand for alternative liquidity vehicles from general partners and limited partners continues to be a driver for increased activity, and, barring no major changes in the macroeconomic outlook, we expect the market to remain favorable in the intermediate term. 1 Source: LSEG Global Mergers & Acquisitions Review for Full Year of 2025 as of December 31, 2025. Key Financial Measures Revenues Substantially all of our revenues are derived from contracts with clients to provide advisory services. This revenue is primarily a function of the number of active engagements we have, the size and the complexity of each of those engagements and the fees we charge for our services. Given the complex nature of our engagements, our senior professionals bring diversified expertise and deep relationships to each client situation, working across product ITEM 1. BUSINESS Overview PJT Partners is a premier, global, advisory-focused investment bank that was built from the ground up to be different. Our highly experienced, collaborative teams provide independent advice coupled with old-world, high-touch client service. This ethos has allowed us to attract some of the very best talent in the markets in which we operate. We deliver leading advice to many of the world's most consequential companies, effect some of the most transformative transactions and restructurings and raise billions of dollars of capital around the globe to support startups and more established companies. PJT Partners began trading on the New York Stock Exchange (\u201cNYSE\u201d) under the symbol \u201cPJT\u201d on October 1, 2015. We have highly integrated world-class franchises in each of the areas in which we compete: Strategic Advisory Our team of leading professionals delivers strategic advice and innovative solutions to our clients in often highly complex and challenging situations. We advise corporate clients and financial sponsors on transactions including mergers and acquisitions (\u201cM&A\u201d), spin-offs, activism defense, contested M&A, joint ventures, minority investments and divestitures. Additionally, we advise private and public company boards and management teams on strategies for building productive investor relationships with a focus on shareholder engagement; complex investor matters; and other critical strategic, governance and shareholder matters. Our capital markets advisory team advises and executes public and private capital raises in the debt and equity capital markets, including debt financings, acquisition financings, structured product offerings, public equity raises including initial public offerings, private capital raises for early and later stage companies, general partner advisory and other capital structure related matters. Our geopolitical and policy advisory practice assists corporate boards and management teams with navigating changin ITEM 1A. RISK FACTORS Risks Relating to Our Business Changing market conditions can adversely affect our business in many ways, including by reducing the volume of the transactions involving our business, which could materially reduce our revenue. As a participant in the financial services industry, we are materially affected by conditions in the global financi", "title": "PJT - PJT Partners Inc.", "url": "/company/PJT/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0000810136; latest 10-K filed 2025-12-17.", "text": "PLAB - PHOTRONICS INC SIC 3674 Semiconductors & Related Devices; CIK 0000810136; latest 10-K filed 2025-12-17. PLAB PHOTRONICS INC 0000810136 3674 Semiconductors & Related Devices Overview We sell substantially all of our photomasks to designers and manufacturers of IC and FPD electronic devices. Photomask technology is also being applied to the fabrication of other high-technology products including advanced packaging modules, micro optical components for applications such as virtual reality/augmented reality and silicon photonics, micro-electronic mechanical systems (MEMS), and diverse nanotechnology applications. Our selling cycle is tightly interwoven with the development and release of new semiconductor and display designs and applications, particularly as they relate to the semiconductor industry's migration to more advanced design nodes and fabrication processes. The demand for photomasks is primarily correlated with new product design activity and to a lesser extent scaling up of manufacturing of end products. Consequently, an increase in semiconductor or display sales does not always result in a corresponding increase in photomask sales. To the extent integrated circuit and flat panel display applications rely less on new design activity, it could result in a reduction in demand for photomasks. In addition, new design methodologies driving a reduction in complexity of photomasks could also reduce demand for photomasks \u2012 even if the demand for semiconductors and FPDs increases. More broadly, advances in semiconductor, display, and photomask design and production methods that shift the burden of achieving device performance away from lithography could also reduce the demand for photomasks. While there is no indication today that such diminishing of long range photomask demand is occurring or will occur, the microelectronics industry has been volatile, experiencing periodic downturns and slowdowns in design activity. These negative trends have been characterized by, among other things, diminished product demand, excess production capacity, and accelerated erosion of selling prices with a concomitant effect on revenue and profitability. We are typically required to fulfill customer orders within a short period of time, sometimes within twenty-four hours. This results in a minimal level of backlog orders, typically one to two weeks of backlog for IC photomasks and two to three weeks of backlog for FPD photomasks. However, the demand for some IC photomasks can extend longer than the traditional time period; thus, for some products, our backlog can expand to as long as two to three months. The global semiconductor and FPD industries are driven by end markets which have broad application in the global economy including but not limited to consumer-driven applications, data centers that support AI implementation, electric vehicles and national security. While we cannot predict the timing of the industry's transition to volume production of next-generation technology nodes, or the timing of up and down-cycles with precise accuracy, we believe that such transitions and cycles will continue into the future, beneficially and adversely affecting our business, financial condition, and operating results as they occur. We believe our ability to remain successful in these environments is dependent upon the achievement of our goals of being a service and technology leader and efficient solutions supplier, which we believe should enable us to continually reinvest in our global infrastructure. We are focused on improving our competitiveness by advancing our technology and reducing costs and, in connection therewith, have invested and plan to continue to invest in manufacturing equipment to serve both the high-end photomask and mainstream markets. As we face challenges that require us to make significant improvements in our competitiveness, we continue to implement programs to streamline, drive efficiency and reduce cost in our infrastructure. State-of-the-art production for semiconductor masks is considered to be 7 nanometer and smaller including EUV lithography for ICs and Generation 8.6 AMOLED display-based ITEM 1. BUSINESS Specific industry and technical terms used in this section are defined in the subsection entitled \u201cGlossary of Terms and Acronyms,\u201d found below the Table of Contents. Business Overview Photronics, Inc. (and its subsidiaries, collectively referred to herein as \u201cPhotronics\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cour\u201d, or \u201cus\u201d) is one of the world\u2019s leading manufacturers of photomasks, which are high precision photographic quartz or glass plates containing microscopic images of electronic circuits. Photomasks are a key element in the manufacture of ICs and FPDs and are used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates during the fabrication of ICs, a variety of FPDs and, to a lesser extent, other types of electrical and optical components. We have eleven manufacturing facilities, which are located in Taiwan (3), China (2), South Korea (1), the United States (3), and Europe (2). Our principal executive offices are located at 15 Secor Road, Brookfield, Connecticut, 06804, telephone (203) 775-9000. Our website address is http://www.photronics.com. We make available, free of charge through our website, our Forms 10-K, Definitive Proxy Statements on Schedule 14A, Forms 10-Q, Current Reports on Form 8-K, and any amendments to these reports as soon as reasonably practicable after such materials are electronically filed with or furnished to the SEC. The information found on, or incorporated into, our website is not part of this or any other report we file with or furnish to the SEC. The SEC also maintains a website at http://www.sec.gov that contains reports, proxy statements and other information regarding SEC registrants, including Photronics. Segment We operate as a single reporting segment as a manufacturer of photomasks, which are high precision quartz or glass plates containing microscopic images of electronic circuits for use in the fabrication of IC\u2019s and FPDs. In accordance with the ASC 280 \u2013 \u201cSegment Reporting\u201d Topic of ITEM 1A. RISK FACTORS Set forth below are discussions of the risk factors we believe can make an investment in our business speculative or risky. Concentration Related Risk Factors Our dependency on the microelectronics industry, which as a whole is volatile, could create volatility in our demand and have a negative material impac", "title": "PLAB - PHOTRONICS INC", "url": "/company/PLAB/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001761312; latest 10-K filed 2026-02-24.", "text": "PLMR - Palomar Holdings, Inc. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001761312; latest 10-K filed 2026-02-24. PLMR Palomar Holdings, Inc. 0001761312 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our historical results of operations and our liquidity and capital resources should be read together with the consolidated financial statements and related notes that appear elsewhere in this Annual Report on Form 10-K. In addition to historical financial information, this Annual Report on Form 10-K contains \u201cforward-looking statements.\u201d You should review the \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d sections of this Annual Report on Form 10-K for factors and uncertainties that may cause our actual future results to be materially different from those in our forward-looking statements. Forward-looking statements in this Annual Report on Form 10-K are based on information available to us as of the date hereof, and we assume no obligation to update any such forward-looking statements. Overview We are a specialty insurance company that provides property and casualty insurance products to individuals and businesses. We leverage underwriting expertise and data-driven analytics to offer innovative solutions in five product categories: Earthquake, Casualty, Inland Marine and Other Property, Crop, and Fronting. Beginning in 2026, we will reorganize the presentation of our product offerings and report Surety and Credit premium as a separate line. Our Fronting premium will cease to be reported as a separate line of business and the underlying premium will be consolidated into existing lines. Our Business We offer coverage in both the admitted and excess and surplus lines (\u201cE&S\u201d) markets, utilizing proprietary data analytics and a technology-enabled platform to support customized underwriting and pricing. Our insurance company subsidiaries, Palomar Specialty Insurance Company (\u201cPSIC\u201d), Palomar Excess and Surplus Insurance Company (\u201cPESIC\u201d), and First Indemnity of America Insurance Co. (\u201cFIA\u201d) carry an \u201cA\u201d financial strength rating from A.M. Best Company (\u201cA.M. Best\u201d), a leading rating agency for the insurance industry. We distribute our products through multiple channels, including retail agents, program administrators, wholesale brokers, and strategic partnerships with other insurance companies. Our business strategy is supported by a comprehensive risk transfer program with reinsurance coverage which we believe reduces earnings volatility and provides appropriate levels of protection from catastrophic events. Our management team combines decades of insurance industry experience across specialty underwriting, reinsurance, program administration, distribution, claims, and analytics. Founded in 2014, we have significantly grown our business and have generated attractive returns. We have organically increased gross written premiums from $16.6 million in our first year of operations to $2.0 billion for the year ended December 31, 2025, which reflects a compound annual growth rate of approximately 55%. We have also been profitable since 2016, and our net income has increased over that period at a compound annual growth rate of 46%. We seek to continuously grow our income by developing product offerings for lines of business that harness our core competencies and where we believe we can generate attractive risk adjusted returns. In recent years, we have introduced several new products including Crop, E&S Casualty, Surety and Environmental Liability. These new products diversify our book of business and broaden our product portfolio. We believe that our market opportunity, distinctive products, and differentiated business model position us to grow our business profitably. Components of Our Results of Operations Gross Written Premiums Gross written premiums are the amounts received or to be received for insurance policies written or assumed by us during a specific period of time without reduction for policy acquisition costs, reinsurance costs or other deductions. The volume of our gro Item 1. Business Who We Are We are a specialty insurance company that provides property and casualty insurance products to individuals and businesses. We leverage underwriting expertise and data-driven analytics to offer innovative solutions in five product categories: Earthquake, Casualty, Inland Marine and Other Property, Crop, and Fronting. We offer coverage in both the admitted and excess and surplus lines (\u201cE&S\u201d) markets, utilizing proprietary data analytics and a technology-enabled platform to support customized underwriting and pricing. Our insurance company subsidiaries, Palomar Specialty Insurance Company (\u201cPSIC\u201d), Palomar Excess and Surplus Insurance Company (\u201cPESIC\u201d), and First Indemnity of America Insurance Co. (\u201cFIA\u201d) carry an \u201cA\u201d financial strength rating from A.M. Best Company (\u201cA.M. Best\u201d), a leading rating agency for the insurance industry. We distribute our products through multiple channels, including retail agents, program administrators, wholesale brokers, and strategic partnerships with other insurance companies. Our business strategy is supported by a comprehensive risk transfer program with reinsurance coverage that we believe reduces earnings volatility and provides appropriate levels of protection from catastrophic events and other significant loss events. Our management team combines decades of insurance industry experience across specialty underwriting, reinsurance, program administration, distribution, analytics, and claims. Founded in 2014, we have significantly grown our business and have generated attractive returns. We have organically increased gross written premiums from $16.6 million in our first year of operations to $2.0 billion for the year ended December 31, 2025, which reflects a compound annual growth rate of approximately 55%. We have been profitable since 2016, and our net income has increased over that period at a compound annual growth rate of approximately 46%. We seek to continuously grow our income by developing Item 1A. Risk Factors A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discu", "title": "PLMR - Palomar Holdings, Inc.", "url": "/company/PLMR/" }, { "kind": "company", "summary": "SIC 5045 Wholesale-Computers & Peripheral Equipment & Software; CIK 0001022408; latest 10-K filed 2026-05-28.", "text": "PLUS - EPLUS INC SIC 5045 Wholesale-Computers & Peripheral Equipment & Software; CIK 0001022408; latest 10-K filed 2026-05-28. PLUS EPLUS INC 0001022408 5045 Wholesale-Computers & Peripheral Equipment & Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of the financial condition and results of operations (the \u201cfinancial review\u201d) of ePlus is intended to help investors understand our company and our operations. The financial review is provided as a supplement to, and should be read in conjunction with, the Consolidated Financial Statements and the related notes included elsewhere in this Annual Report on Form 10-K. Unless specifically stated, all discussions below reflect continuing operations for all periods presented. We have revised our results to reflect the correction of certain misstatements in previously issued financial statements for fiscal years ended March 31, 2024 and March 31, 2025, which we determined are not material either individually or in aggregate. Please refer to Note 2, \u201cRevision of Previously Issued Consolidated Financial Statements\u201d in the Notes to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K. Business Description We are a leading information technology (\u201cIT\u201d) solutions provider in the areas of artificial intelligence (\u201cAI\u201d), cloud, data center, security, networking and collaboration. Leveraging our engineering talent, we assess, plan, deliver, and secure solutions comprised of leading technologies aligned with our customers\u2019 needs. Our expertise and experience enable us to craft optimized solutions for our customers that take advantage of the cost, scale, and efficiency of private, public and hybrid cloud services in an evolving IT market. We deliver integrated solutions that address our customers\u2019 IT business needs, leveraging the appropriate technologies, both on-premises and in the cloud. Our approach is to lead with advisory consulting, to understand our customers\u2019 needs, and then design, deploy, and manage IT solutions aligned to their objectives. We are skilled in orchestration and automation, application modernization, DevSecOps, zero-trust architectures, data management, data visualization, analytics, network modernization including high-end optical networking, edge computing and other advanced and IT emerging technologies. These solutions are comprised of class-leading technologies from our commercial partners. AI continues to be a transformative force and a demand driver, particularly for our core products. Across industries, our customers are using AI to enhance their decision making, automate tasks, and drive both growth and efficiency. Through assessments, bespoke workshops and labs and consulting engagements, we deliver actionable outcomes for our customer organizations by using IT and consulting solutions to enhance their decision making, automate tasks and drive business agility and innovation. As part of our solutions, we provide consulting, professional services, managed services, IT staff augmentation, and complete lifecycle management services in the areas of security, cloud, networking, collaboration, and emerging technologies. Further, we offer professional services to our customers in the spaces of digital signage, electric vehicle (\u201cEV\u201d) charging solutions, loss prevention and security, retail store openings, remodels, and closings. We are a reseller for thousands of vendors, which enables us to provide our customers with new and evolving IT solutions. We possess top-level IT engineering certifications with a broad range of leading IT vendors that enable us to offer IT solutions that are optimized for each of our customers\u2019 specific requirements. We serve primarily middle market to large enterprises across diverse markets including telecom, media and entertainment, technology, state and local government and educational institutions (\u201cSLED\u201d), healthcare, and financial services. We sell to customers in the United States (\u201cUS\u201d), which account for most of our sales, and to customers in select international markets including the United Kin BUSINESS Our Business ePlus inc. (\u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d or \u201cePlus\u201d) is a leading provider of technology solutions across the IT spectrum spanning AI, cloud, data center, security, networking, and collaboration, to domestic and foreign organizations across all industry segments. We operate through our product, professional services, and managed services segments. We have been in business since 1990. Our Solutions Our solutions are comprised of world class leading technologies from partners such as Amazon Web Services (\u201cAWS\u201d), Arista Networks, Check Point, Cisco Systems, Citrix, CrowdStrike, Dell, Everpure, F5 Networks, Foresite, Fortinet, Gigamon, HPE, Lenovo, Microsoft, NetApp, Nutanix, NVIDIA, Oracle, Palo Alto Networks, Proficio, Rubrik, SentinelOne, Varonis, VMware by Broadcom, Zoom, and many others. Our solutions leverage a broad range of professional, consultative, and managed services, across the technology spectrum. We possess top-level engineering certifications with a broad range of leading IT technologies that enable us to offer multi-vendor IT solutions that are optimized for each of our customers\u2019 specific requirements. We are skilled in AI, orchestration and automation, application modernization, DevSecOps, zero-trust architectures, data management, data visualization, analytics, network modernization, edge computing, consumption licensing models, and other advanced and emerging technologies. Our scale and financial resources enable us to continue investing in engineering and technology resources to stay at the forefront of technology trends. Our proprietary hosted software solutions give our customers more control over their IT supply chain through automating and optimizing the procurement and management of their owned, leased, and consumption-based assets. These solutions have expanded to include private marketplace experiences for our customers such as AWS Marketplace, Azure Marketplace, and Google Cloud Marketplace. Our Customers We serve 4,200 ITEM 1A. RISK FACTORS Many factors could adversely affect our business, results of operations and cash flows, some of which are beyond our control. The following is a description of some important factors that may cause our business prospects, results of operations and cash flows in future periods to di", "title": "PLUS - EPLUS INC", "url": "/company/PLUS/" }, { "kind": "company", "summary": "SIC 3672 Printed Circuit Boards; CIK 0000785786; latest 10-K filed 2025-11-14.", "text": "PLXS - PLEXUS CORP SIC 3672 Printed Circuit Boards; CIK 0000785786; latest 10-K filed 2025-11-14. PLXS PLEXUS CORP 0000785786 3672 Printed Circuit Boards ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW At Plexus, we help create the products that build a better world. Driven by a passion for excellence, we partner with our customers to design, manufacture and service highly complex products in demanding regulatory environments. From life-saving medical devices and mission-critical aerospace and defense products to industrial automation systems and semiconductor capital equipment, our innovative solutions across the lifecycle of a product converge where advanced technology and human impact intersect. We provide these solutions to market-leading as well as disruptive global companies in the Aerospace/Defense, Healthcare/Life Sciences, and Industrial sectors, supported by a global team of over 20,000 members across our 26 facilities in the Americas (\"AMER\"), Asia-Pacific (\"APAC\") and Europe, Middle East and Africa (\"EMEA\") regions. The following Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is intended to provide an analysis of both short-term results and future prospects from management\u2019s perspective, including an assessment of the financial condition and results of operations, events and uncertainties that are not indicative of future operations and any other financial or statistical data that we believe will enhance the understanding of our company\u2019s financial condition, cash flows and other changes in financial condition and results of operations. The information should be read in conjunction with our consolidated financial statements included herein and \"Risk Factors\" included in Part I, Item 1A herein. A discussion regarding our financial condition and results of operations for fiscal 2025 compared to fiscal 2024 is presented below. A discussion regarding our financial condition and results of operations for fiscal 2024 compared to fiscal 2023 can be found in Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations,\" in our Annual Report on the Form 10-K for the fiscal year ended September 28, 2024, which was filed with the SEC on November 15, 2024, and is available on the SEC\u2019s website at www.sec.gov as well as our Investor Relations website at www.plexus.com. However, such discussion is not incorporated by reference into, and does not constitute a part of this Annual Report on Form 10-K. 27 Table of Contents RESULTS OF OPERATIONS Consolidated Performance Summary. The following table presents selected consolidated financial data for the indicated fiscal years (dollars in millions, except per share data): [[GREPCENT_TABLE]] [[\"\",\"\",\"2025\",\"\",\"2024\"],[\"Net sales\",\"\",\"$\",\"4,033.0\",\"\",\"\",\"$\",\"3,960.8\"],[\"Cost of sales\",\"\",\"3,626.5\",\"\",\"\",\"3,582.3\"],[\"Gross profit\",\"\",\"406.5\",\"\",\"\",\"378.5\"],[\"Gross margin\",\"\",\"10.1\",\"%\",\"\",\"9.6\",\"%\"],[\"Operating income\",\"\",\"202.4\",\"\",\"\",\"167.7\"],[\"Operating margin\",\"\",\"5.0\",\"%\",\"\",\"4.2\",\"%\"],[\"Other expense\",\"\",\"14.4\",\"\",\"\",\"38.2\"],[\"Income tax expense\",\"\",\"15.1\",\"\",\"\",\"17.7\"],[\"Net income\",\"\",\"172.9\",\"\",\"\",\"111.8\"],[\"Diluted earnings per share\",\"\",\"$\",\"6.26\",\"\",\"\",\"$\",\"4.01\"],[\"Return on invested capital*\",\"\",\"14.6\",\"%\",\"\",\"11.8\",\"%\"],[\"Economic return*\",\"\",\"5.7\",\"%\",\"\",\"3.6\",\"%\"],[\"*Non-GAAP metric; refer to \\\"Return on Invested Capital (\\\"ROIC\\\") and economic return\\\" below and Exhibit 99.1 for more information.\"]] [[/GREPCENT_TABLE]] Net sales. Fiscal 2025 net sales increased $72.2 million, or 1.8%, as compared to fiscal 2024. Net sales are analyzed by management by geographic segment, which reflects our reportable segments, and by market sector. Management measures operational performance and allocates resources on a geographic segment basis. Our global business development strategy is based on our targeted market sectors. In the first quarter of fiscal 2025, we changed internal management reporting to focus on value-add sales in each region and adjusted the allocation of certai ITEM 1. BUSINESS Overview At Plexus, we help create the products that build a better world. Driven by a passion for excellence, we partner with our customers to design, manufacture and service highly complex products in demanding regulatory environments. From life-saving medical devices and mission-critical aerospace and defense products to industrial automation systems and semiconductor capital equipment, our innovative solutions across the lifecycle of a product converge where advanced technology and human impact intersect. We provide these solutions to market-leading as well as disruptive companies globally in the Aerospace/Defense, Healthcare/Life Sciences, and Industrial market sectors, supported by a global team of over 20,000 members across our 26 facilities in the Americas (\"AMER\"), Asia-Pacific (\"APAC\") and Europe, Middle East and Africa (\"EMEA\") regions. Our Vision, Mission and Strategy Our vision is to help create the products that build a better world. Our mission is to be the leader in highly complex products and demanding regulatory environments. Our strategy to fulfill our vision and mission consists of four strategic pillars: \u2022Market Focus \u2013 We engineer innovative solutions for customers in growth markets featuring highly complex products and demanding regulatory environments. \u2022Superior Execution \u2013 We are dedicated partners to our customers, committed to achieving zero defects and perfect delivery through operational excellence. \u2022Passion Meets Purpose \u2013 We are united as a team and guided by our values. We do the right thing to support our team members, customers and communities. \u2022Discipline by Design \u2013 We hold ourselves accountable to delivering shareholder value through consistent application of a disciplined financial model. Built on a foundation of innovation, we are relentless in our pursuit of excellence, aligning our team members, operations, systems of oversight and financial metrics to create a high performance, accountable organi ITEM 1A. RISK FACTORS Material risk factors to our business and financial performance are those that may impact our strategy, which is centered around four strategic pillars: Market Focus, Superior Execution, Passion Meets Purpose and Discipline by Design. This section lays out a number of material risks that may impact those strategic pillars. Other sections of this r", "title": "PLXS - PLEXUS CORP", "url": "/company/PLXS/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001464423; latest 10-K filed 2026-02-18.", "text": "PMT - PennyMac Mortgage Investment Trust SIC 6798 Real Estate Investment Trusts; CIK 0001464423; latest 10-K filed 2026-02-18. PMT PennyMac Mortgage Investment Trust 0001464423 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations We are a specialty finance company that invests in mortgage-related assets. Our objective is to provide attractive risk-adjusted returns to our investors over the long-term, primarily through dividends and secondarily through capital appreciation. A significant portion of our investment portfolio is comprised of mortgage-related assets that we have created through our correspondent production activities, including mortgage servicing rights (\u201cMSRs\u201d), senior and subordinate mortgage-backed securities (\u201cMBS\u201d), and credit risk transfer (\u201cCRT\u201d) arrangements, which absorb credit losses on certain of the loans we have sold. We also invest in Agency and senior non-Agency MBS, subordinate and credit-linked MBS, interest-only (\"IO\") and principal-only (\"PO\") stripped MBS and Agency floating rate collateralized mortgage obligations (\"CMOs\"). We are externally managed by Pennymac Capital Management, LLC (\u201cPCM\u201d), an investment adviser that specializes in and focuses on U.S. mortgage assets. Our correspondent production loan acquisitions are facilitated by PennyMac Loan Services, LLC (\u201cPLS\u201d) which also performs servicing activities for our loans and MSRs. PCM and PLS are both indirect controlled subsidiaries of PennyMac Financial Services, Inc. (\u201cPFSI\u201d), a publicly-traded mortgage banking and investment management company separately listed on the New York Stock Exchange. A significant portion of our operations involves Government-Sponsored Enterprises (\"GSEs\"), specifically the Federal Home Loan Mortgage Corporation (\"Freddie Mac\") and the Federal National Mortgage Association (\"Fannie Mae\"). Freddie Mac and Fannie Mae are each referred to as an \u201cAgency\u201d and, collectively as the \"Agencies\". We operate our business in three segments: credit sensitive strategies, interest rate sensitive strategies and correspondent production. Non-segment activities are included in our corporate operations. Our segment and corporate activities are described below. \u2022 The credit sensitive strategies segment represents our investments in CRT arrangements referencing loans from our own correspondent production and subordinate and credit-linked MBS. \u2022 The interest rate sensitive strategies segment represents our investments in MSRs, Agency pass through MBS and structured products (including IO and PO MBS and floating rate CMOs), senior non-Agency MBS and the related interest rate hedging activities. \u2022 The correspondent production segment represents our operations aimed at serving as an intermediary between lenders and the capital markets by purchasing, pooling and reselling newly originated prime credit quality loans either directly or in the form of MBS, using the services of PCM and PLS. We primarily sell the loans we acquire through our correspondent production activities to the Agencies and also sell loans to other non-affiliate entities. We also securitize certain of our loans directly and may retain interests, such as senior and subordinate MBS, from these securitizations. \u2022 Our corporate operations include management fees, compensation, professional services, and other amounts attributable to the Company\u2019s corporate operations and certain interest income and expense. Our Investment Activities Credit Sensitive Investments CRT Arrangements. We have previously entered into loan sales arrangements with Fannie Mae pursuant to which we accepted credit risk relating to the loans sold in exchange for a portion of the interest earned on such loans. These arrangements absorb scheduled or realized credit losses on those loans and comprise the Company\u2019s investments in CRT arrangements. We held net CRT-related investments (comprised of deposits securing CRT arrangements, CRT derivatives, CRT strips and an IO security payable) totaling approximately $1.0 billion at December 31, 2025. Subordinate and credit-linked Mortgage-Backed Securities Subordinate and credit Item 1. Business The following description of our business should be read in conjunction with the information included elsewhere in this Report. This description contains forward-looking statements that involve risks and uncertainties. Actual results could differ significantly from the projections and results discussed in the forward-looking statements due to the factors described under the caption \u201cRisk Factors\u201d and elsewhere in this Report. References in this Report to \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cPMT,\u201d or the \u201cCompany\u201d refer to PennyMac Mortgage Investment Trust and its consolidated subsidiaries, unless otherwise indicated. Our Company We are a specialty finance company that invests primarily in mortgage-related assets. We conduct substantially all of our operations, and make substantially all of our investments, through our subsidiary, PennyMac Operating Partnership, L.P. (our \u201cOperating Partnership\u201d) and its subsidiaries. A wholly-owned subsidiary of ours is the sole general partner, and we are the sole limited partner, of our Operating Partnership. Certain of the activities conducted or investments made by us that are described below are conducted or made through a wholly-owned subsidiary that is a taxable real estate investment trust (\u201cREIT\u201d) subsidiary (\u201cTRS\u201d) or through other subsidiaries of our Operating Partnership. The management of our business and execution of our operations are performed on our behalf by subsidiaries of PennyMac Financial Services, Inc. (\u201cPFSI\u201d). PFSI is a specialty financial services firm separately listed on the New York Stock Exchange focused on the production and servicing of loans and the management of investments related to the U.S. mortgage market. Specifically: \u2022 We are externally managed by Pennymac Capital Management, LLC (\u201cPCM\u201d or our \u201cManager\u201d), a wholly-owned subsidiary of PFSI and an investment adviser registered with the United States Securities and Exchange Commission (\u201cSEC\u201d) that specializes in, and focuses on, U.S. mortg Item 1A. Risk Factors Summary Risk Factors We are subject to a number of risks that, if realized, could have a material adverse effect on our business, financial condition, liquidity, results of operations and our ability to make distributions to our shareholders. Some of our more significant challenges and", "title": "PMT - PennyMac Mortgage Investment Trust", "url": "/company/PMT/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0000833640; latest 10-K filed 2026-02-06.", "text": "POWI - POWER INTEGRATIONS INC SIC 3674 Semiconductors & Related Devices; CIK 0000833640; latest 10-K filed 2026-02-06. POWI POWER INTEGRATIONS INC 0000833640 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Form 10-K, and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The following discussion and analysis has been prepared as an aid to understanding our financial condition and results of our operations. It should be read in conjunction with the consolidated financial statements and the notes to those statements included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. See \u201cCautionary Note Regarding Forward-Looking Statements\u201d at the beginning of this Form 10-K. Our actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in Part I, Item 1A \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. Business Overview We design, develop and market analog and mixed-signal integrated circuits (\u201cICs\u201d) and other electronic components and circuitry used in high-voltage power conversion. Our products are used in power converters that convert electricity from a high-voltage source to the type of power required for a specified downstream use. In most cases, this conversion entails, among other functions, converting alternating current (\u201cAC\u201d) to direct current (\u201cDC\u201d) or vice versa, reducing or increasing the voltage, and regulating the output voltage and/or current according to the customer\u2019s specifications. A large percentage of our products are ICs used in AC-DC power supplies, which convert the high-voltage AC from a wall outlet to the low-voltage DC required by most electronic devices. Power supplies incorporating our products are used with all manner of electronic products including industrial controls, \u201csmart\u201d utility meters, appliances, air conditioners, battery-powered tools, building-automation, or \u201cinternet-of-things\u201d applications such as networked thermostats and security devices, and mobile devices such as smartphones, tablets and notebook computers. Variations of our power-supply ICs are used for high-voltage power conversion in electric vehicles (\u201cEVs\u201d). We also supply high-voltage LED drivers, which are AC-DC ICs specifically designed for lighting applications that utilize light-emitting diodes, and motor-driver ICs for brushless DC (\u201cBLDC\u201d) motors used in consumer appliances, HVAC systems, ceiling fans and a variety of industrial applications. We also offer high-voltage gate drivers\u2014either standalone ICs or circuit boards containing ICs, electrical isolation components and other circuitry\u2014used to operate high-voltage switches such as insulated-gate bipolar transistors (\u201cIGBTs\u201d) and silicon-carbide (\u201cSiC\u201d) MOSFETs. These combinations of switches and drivers are used for power conversion in high-power applications (i.e., power levels ranging from approximately 100 kilowatts up to gigawatts) such as industrial motors, solar- and wind-power systems, EVs and high-voltage DC transmission systems. Our business and financial performance depends significantly on worldwide economic conditions. We face global macroeconomic challenges and risks including the effects of the conflicts in Ukraine and the Middle East, potential risks stemming from tensions between China and Taiwan and between China and Western countries, volatility in exchange rates, cyclical demand patterns common for our industry, inflation, tariffs and other risks associated with the global trade environment. Our net revenue was $443.5 million and $419.0 million in 2025 and 2024, respectively. The increase Item 1. Business. Overview We design, develop and market analog and mixed-signal integrated circuits (\u201cICs\u201d) and other electronic components and circuitry used in high-voltage power conversion. Our products are used in power converters that convert electricity from a high-voltage source to the type of power required for a specified downstream use. In most cases, this conversion entails, among other functions, converting alternating current (\u201cAC\u201d) to direct current (\u201cDC\u201d) or vice versa, reducing or increasing the voltage, and regulating the output voltage and/or current according to the customer\u2019s specifications. A large percentage of our products are ICs used in AC-DC power supplies, which convert the high-voltage AC from a wall outlet to the low-voltage DC required by most electronic devices. Power supplies incorporating our products are used with all manner of electronic products including industrial controls, \u201csmart\u201d utility meters, appliances, air conditioners, battery-powered tools, building-automation, or \u201cinternet-of-things\u201d applications such as networked thermostats and security devices, and mobile devices such as smartphones, tablets and notebook computers. Variations of our power-supply ICs are used for high-voltage power conversion in electric vehicles (\u201cEVs\u201d). We also supply high-voltage LED drivers, which are AC-DC ICs specifically designed for lighting applications that utilize light-emitting diodes, and motor-driver ICs for brushless DC (\u201cBLDC\u201d) motors used in consumer appliances, HVAC systems, ceiling fans and a variety of industrial applications. We also offer high-voltage gate drivers\u2014either standalone ICs or circuit boards containing ICs, electrical isolation components and other circuitry\u2014used to operate high-voltage switches such as insulated-gate bipolar transistors (\u201cIGBTs\u201d) and silicon-carbide (\u201cSiC\u201d) MOSFETs. These combinations of switches and drivers are used for power conversion in high-power applications (i.e., power levels ranging fr Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Finan", "title": "POWI - POWER INTEGRATIONS INC", "url": "/company/POWI/" }, { "kind": "company", "summary": "SIC 3613 Switchgear & Switchboard Apparatus; CIK 0000080420; latest 10-K filed 2025-11-19.", "text": "POWL - POWELL INDUSTRIES INC SIC 3613 Switchgear & Switchboard Apparatus; CIK 0000080420; latest 10-K filed 2025-11-19. POWL POWELL INDUSTRIES INC 0000080420 3613 Switchgear & Switchboard Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations for the twelve months ended September 30, 2025 compared to the twelve months ended September 30, 2024 should be read in conjunction with the accompanying consolidated financial statements and related notes included in this Annual Report. For discussion and analysis of our financial condition and results of operations for Fiscal Year 2024 as compared to Fiscal Year 2023, please refer to Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Form 10-K for the fiscal year ended September 30, 2024, filed with the SEC on November 20, 2024. Any forward-looking statements made by or on our behalf are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that such forward-looking statements involve risks and uncertainties, and the actual results may differ materially from those projected in the forward-looking statements. For a description of the risks and uncertainties, please see \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and Part I, Item 1A. \u201cRisk Factors\u201d included elsewhere in this Annual Report. Executive Overview We develop, design, manufacture and service custom-engineered equipment and systems that distribute, control and monitor the flow of electrical energy and provide protection to motors, transformers and other electrically powered equipment. We are headquartered in Houston, Texas and primarily serve the oil and gas and petrochemical markets, the electric utility market, and commercial and other industrial markets. Beyond these major markets, we also provide products and services to the light rail traction power market and other markets that include universities and government entities. We are continuously developing new channels to electrical markets through original equipment manufacturers and distribution market channels. For additional information on the markets we serve, see \u201cMarkets\u201d in Part I, Item 1 of this Annual Report. In Fiscal 2025, we reported revenues of $1.1 billion, net income of $180.7 million, and generated $167.9 million in cash from operating activities. As of September 30, 2025, we had total assets of $1.1 billion. On August 15, 2025, we completed the previously announced business acquisition of Remsdaq Limited (Remsdaq), a U.K.-based manufacturer of Supervisory Control and Data Acquisition (SCADA) Remote Terminal Units (RTUs) for electrical substation control and automation in generation, transmission and distribution, for a total consideration of \u00a313.6 million Pounds Sterling, or $18.4 million, including cash acquired. The acquisition advances our key strategic initiative to expand our automation platform capabilities. We believe the combination of Powell\u2019s hardware and detection sensors with Remsdaq\u2019s SCADA RTUs creates a highly synergistic integration that positions us to effectively meet the growing demand for more sophisticated solutions that enhance utility operational efficiency, system reliability and security. See Note P. Business Acquisition of the Notes to Consolidated Financial Statements for additional information. Outlook Our backlog increased to $1.4 billion as of September 30, 2025, of which approximately $824 million is expected to be recognized as revenue during our fiscal year ending September 30, 2026. Although current commercial activity remains active in most of the markets that we compete in, we remain attentive to the macro environment and geopolitical events that may have an impact on future market activity. Oil and gas and petrochemical markets. The North American market is responding to increased international demand for liquefied natural gas (LNG) and gas-to-chemical processes utilizing low-cost gas feedstocks. We believe the fundamentals of t Item 1. Business Overview Powell Industries, Inc. is a Delaware corporation founded by William E. Powell in 1947. We develop, design, manufacture and service custom-engineered equipment and systems that distribute, control and monitor the flow of electrical energy and provide protection to motors, transformers and other electrically powered equipment. Our major subsidiaries, all of which are wholly owned, include Powell Electrical Systems, Inc.; Powell Canada, Inc.; Powell (UK) Limited; and Powell Industries International Limited. We are headquartered in Houston, Texas and primarily serve the oil and gas and petrochemical markets, the electric utility market, and commercial and other industrial markets. Beyond these major markets, we also provide products and services to the light rail traction power market and other markets that include universities and government entities. We are continuously developing new channels to electrical markets through original equipment manufacturers and distribution market channels. Our website is powellind.com. We make available, free of charge on or through our website, electronic copies of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as is reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Additionally, all of our reports filed with the SEC are available via their website at sec.gov. References to Fiscal 2025, Fiscal 2024 and Fiscal 2023 used throughout this Annual Report relate to our fiscal years ended September 30, 2025, 2024 and 2023, respectively. Recent Developments Business Acquisition On August 15, 2025, we completed the previously announced business acquisition of Remsdaq Limited (Remsdaq), a U.K.-based manufacturer of Supervisory Control and Data Acquisition (SCADA) Remote Terminal Units Item 1A. Risk Factors Our business is subject to a variety of risks and uncertainties, including, but not limited to, the risks and uncertainties described below. If any of the following risks occur, the business\u2019s financial condition, cash flows, liquidity and results of operations may be negatively impacted, and w", "title": "POWL - POWELL INDUSTRIES INC", "url": "/company/POWL/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001800227; latest 10-K filed 2026-02-20.", "text": "PPLI - People Inc SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001800227; latest 10-K filed 2026-02-20. PPLI People Inc 0001800227 7370 Services-Computer Programming, Data Processing, Etc. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations MANAGEMENT OVERVIEW IAC today is comprised of category leading businesses, including People Inc. and Care.com, among others, and holds strategic equity positions in MGM Resorts International (\u201cMGM\u201d) and Turo Inc. (\u201cTuro\u201d). As used herein, \u201cIAC,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d and similar terms refer to IAC Inc. and its subsidiaries (unless the context requires otherwise). Angi Inc. Distribution On March 31, 2025, IAC completed the spin-off of Angi Inc. (\u201cAngi\u201d) by means of a special dividend (the \u201cDistribution\u201d) of all shares of Angi capital stock held by IAC to holders of its common stock and Class B common stock. Following the Distribution, IAC no longer owns any shares of Angi\u2019s capital stock and Angi became an independent public company. As a result of the Distribution, the consolidated operations of Angi are presented as discontinued operations within IAC\u2019s consolidated financial statements for all periods prior to March 31, 2025. See \u201cNote 17\u2014Discontinued Operations\u201d in the accompanying notes to the financial statements included in \u201cItem 8. Financial Statements and Supplementary Data\u201d for additional information. Defined Terms and Operating Metrics: Unless otherwise indicated or as the context otherwise requires, certain terms used in this annual report, which include the principal operating metrics we use in managing our business, are defined below. IAC Businesses (for additional information see \u201cNote 9\u2014Segment Information\u201d to the accompanying notes to the financial statements included in \u201cItem 8. Financial Statements and Supplementary Data\u201d) \u2022People Inc. - one of the largest digital and print publishers in America and is committed to content\u2014made by people for people\u2014that delights, teaches, inspires and entertains. More than 175 million people trust People Inc. each month to help them make decisions, take action, and find inspiration. People Inc.\u2019s over 40 iconic brands include PEOPLE, Better Homes & Gardens, Verywell, Food & Wine, Travel + Leisure, Allrecipes, REAL SIMPLE, Investopedia, and Southern Living. People Inc. has two operating segments: (i) Digital, which includes its digital, mobile and licensing operations; and (ii) Print, which includes its magazine subscription and newsstand operations. On July 31, 2025, Dotdash Meredith Inc. was rebranded \u201cPeople Inc.\u201d and is referred to as such throughout this report (unless the context requires otherwise). Dotdash Meredith Inc. remains the entity\u2019s legal name; \u2022Care.com, a leading online destination for families to connect with caregivers for their children, aged parents, pets and homes and for caregivers to connect with families seeking care services. Care.com\u2019s brands include Care for Business, Care.com\u2019s offerings to enterprises, and HomePay; \u2022Search - consists of Ask Media Group, a collection of websites providing general search services and information, and Desktop, our legacy desktop search software business, which includes our business-to-business partnership operations and the remaining installed base of our direct-to-consumer downloadable desktop applications; and 35 \u2022Emerging & Other - consists of: \u25e6Vivian Health, a platform to efficiently connect healthcare professionals with job opportunities; \u25e6The Daily Beast, a website dedicated to news, commentary, culture and entertainment that publishes original reporting and opinion from its roster of full-time journalists and contributors; \u25e6IAC Films, a provider of producer services for feature films, primarily for initial sale and distribution through theatrical releases and video streaming services in the United States (\u201cU.S.\u201d) and internationally; and \u25e6Mosaic Group, a former developer and provider of global subscription mobile applications, for periods prior to the sale of its assets on February 15, 2024, which was accounted for as a sale of a business, for approximately $160 million. For a more Item 1. Business OVERVIEW Who We Are IAC today is comprised of category leading businesses, including People Inc. and Care.com, among others, and holds strategic equity positions in MGM Resorts International and Turo Inc. As used herein, \u201cIAC,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d and other similar terms refer to IAC Inc. and its subsidiaries (unless the context requires otherwise). Our History IAC began as a hybrid media/electronic retailing company over twenty-five years ago. Since then, IAC (directly and through predecessor entities) has transformed itself into a leading Internet company through the development, building, acquisition and distribution to its stockholders of a number of businesses and continues to build companies and invest opportunistically. From and after the late 1990s, we acquired a number of e-commerce companies, including Ticketmaster Group (later renamed Ticketmaster), Hotel Reservations Network (later renamed Hotels.com), Expedia.com, Match.com, LendingTree (later renamed Tree.com, Inc.), TripAdvisor, HomeAdvisor and Ask Jeeves, as well as Interval International (later renamed Interval Leisure Group, Inc.). In 2005, we completed the separation of our travel and travel-related businesses and investments into an independent public company, Expedia, Inc. (now known as Expedia Group, Inc.). In 2008, we separated into five independent public companies: IAC (then IAC/InterActiveCorp), HSN, Inc. (now part of Qurate Retail, Inc.), Interval Leisure Group, Inc. (now part of Marriott Vacations Worldwide Corporation), Ticketmaster (now known as Live Nation Entertainment, Inc.) and Tree.com, Inc. (now known as LendingTree, Inc.). Following this transaction, we continued to invest in and acquire e-commerce companies, including About.com (later renamed Dotdash) and a number of online dating companies in the United States and various jurisdictions abroad. In 2017, we completed the combination of the businesses in our former HomeAdvisor financial re Item 1A. Risk Factors Cautionary Statement Regarding Forward-Looking Information This annual report on Form 10-K contains \u201cforward\u2011looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as \u201canticipates,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cplans\u201d and \u201cbelieves,\u201d among ", "title": "PPLI - People Inc", "url": "/company/PPLI/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001127703; latest 10-K filed 2026-02-23.", "text": "PRA - PROASSURANCE CORP SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001127703; latest 10-K filed 2026-02-23. PRA PROASSURANCE CORP 0001127703 6331 Fire, Marine & Casualty Insurance ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion generally focuses on the change in financial condition, results of operations and cash flows for the year ended December 31, 2025 as compared to the year ended December 31, 2024 and should be read in conjunction with the Consolidated Financial Statements and Notes to those statements which accompany this report. For a full discussion of the changes in the financial condition, results of operations and cash flows for the year ended December 31, 2024 as compared to the year ended December 31, 2023, please refer to Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" section of ProAssurance's December 31, 2024 report on Form 10-K. The discussion contains certain forward-looking information that involves significant risks, assumptions and uncertainties. As discussed under the heading \"Caution Regarding Forward-Looking Statements,\" our actual financial condition and results of operations could differ significantly from these forward-looking statements. ProAssurance Overview ProAssurance Corporation is a holding company for property and casualty insurance companies. Our insurance subsidiaries provide medical professional liability insurance, liability insurance for medical technology and life sciences risks and workers' compensation insurance. During the first quarter of 2025, we altered our internal management reporting structure and the financial results evaluated by our CODM; therefore, we changed the composition of our operating and reportable segments to align with how the CODM currently oversees the business, allocates resources and evaluates operating performance. As a result, we now report the financial results of our subsidiary IAO, Inc. d/b/a ProAssurance Agency in the Specialty P&C segment which were previously reported in the Corporate segment. We operate in four segments: Specialty P&C, Workers' Compensation Insurance, Segregated Portfolio Cell Reinsurance and Corporate. All prior period segment information has been recast to conform to the current period presentation. The change in presentation had no impact on previously reported consolidated financial results. Additional information on our four operating and reportable segments is included in Note 15 of the Notes to Consolidated Financial Statements, Part I and in the Segment Results sections herein that follow. Growth Opportunities and Outlook Given the cyclical nature of our insurance operations, our financial objectives span multiple years and we target a dynamic long-term ROE of 700 basis points above the 10-year U.S. Treasury rate, which at December 31, 2025 was approximately 11.2%. To achieve our long-term ROE target, we emphasize rate adequacy, selective underwriting, use of our proprietary data and predictive analytics, effective claims management, operational efficiency gained by leveraging our scope and scale, continued investment in technology-based solutions and prudent investment management. We may forego growth in favor of improving profitability, given our focus on rate adequacy and the competitive markets in which we operate. Our overall investment strategy is to focus on maximizing current income from our investment portfolio while maintaining appropriate credit risk, liquidity, duration and portfolio diversification. On March 19, 2025, we entered into an Agreement and Plan of Merger (the \u201cMerger Agreement\u201d) with The Doctors Company, a California-domiciled reciprocal inter-insurance exchange, and Jackson Acquisition Corporation, a Delaware corporation and a wholly owned subsidiary of The Doctors Company (\u201cMerger Sub\u201d), pursuant to which, on the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into ProAssurance (the \u201cMerger\u201d). ProAssurance will continue as the surviving corporation in the Merger as a wholly owned subsidiary of The ITEM 1. BUSINESS Overview ProAssurance Corporation is a holding company for property and casualty insurance companies. For the year ended December 31, 2025, our net premiums written totaled $0.9 billion, and at December 31, 2025 we had total assets of $5.4 billion and $1.3 billion of shareholders' equity. Our Mission We Protect Others Our Vision We will be the best in the world at understanding and providing solutions for the risks our customers encounter as healers, innovators, employers and professionals. Through an integrated family of specialty companies, products and services, we will be a trusted partner enabling those we serve to focus on their vital work. As the Employer of Choice, we embrace every day as a singular opportunity to reach for extraordinary outcomes, build and deepen superior relationships, advance diversity, equity and inclusion, and accomplish our mission with infectious enthusiasm and unbending integrity. Our Values Integrity, Leadership, Relationships, Enthusiasm ProAssurance is a U.S. based specialty property and casualty and workers' compensation insurance carrier. Our specialty property and casualty insurance products primarily include medical professional liability insurance and liability insurance for medical technology and life sciences risks. Our executive offices are located at 100 Brookwood Place, Birmingham, Alabama 35209 and our telephone number is (205) 877-4400. Our stock trades on the NYSE under the symbol \u201cPRA.\u201d Our website is www.proassurancegroup.com, and we maintain a dedicated Investor Relations section on that website (investor.proassurance.com) to provide resources for investors and others seeking to learn more about us. As part of our disclosure, through the Investor Relations section of our website, we provide access to our annual report on Form 10-K, our quarterly reports on Form 10-Q, our current reports on Form 8-K and all other public SEC filings as soon as reasonably practicable after the report is el ITEM 1A. RISK FACTORS. There are a number of factors, many beyond our control, which may cause results to differ significantly from our expectations. Through our ERM program, as previously discussed, we have attempted to identify and understand the nature, caliber and sensitivity of material foreseeable risks, mitigate or avoid tho", "title": "PRA - PROASSURANCE CORP", "url": "/company/PRA/" }, { "kind": "company", "summary": "SIC 6153 Short-Term Business Credit Institutions; CIK 0001185348; latest 10-K filed 2026-03-02.", "text": "PRAA - PRA GROUP INC SIC 6153 Short-Term Business Credit Institutions; CIK 0001185348; latest 10-K filed 2026-03-02. PRAA PRA GROUP INC 0001185348 6153 Short-Term Business Credit Institutions Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with our audited financial statements and accompanying notes thereto included in Item 8 of this Form 10-K. See Frequently Used Terms at the end of this Item 7 for definitions used throughout this Form 10-K. Unless otherwise specified, references to 2025, 2024 and 2023 are for the years ended December 31, 2025, December 31, 2024 and December 31, 2023, respectively. EXECUTIVE OVERVIEW We are a global leader in acquiring and collecting nonperforming loans with 2,615 full-time employees worldwide. Most of the nonperforming loans we purchase are from credit originators who have chosen not to pursue, or have been unsuccessful in collecting, the full balance owed to them (\"Core\" accounts). To a lesser extent, we also purchase loans in situations where the customer is involved in a bankruptcy or similar proceeding (\"Insolvency\" accounts). During the fourth quarter of 2025, we reorganized our business segment structure from a single operating segment into two operating and reportable segments, comprised of our U.S. and European businesses. On a significantly smaller scale, we also operate in South America, Canada and Australia. Subject to globally-established parameters for capital allocation, portfolio return thresholds and leverage, each market functions under a similar debt management business model, which is predicated on purchasing nonperforming loans and generating returns through disciplined collection strategies over extended collection periods. For additional information about our business and reportable segments, refer to Part I, Item 1 \"Business\" of this Form 10-K and Note 16 to our Consolidated Financial Statements included in Item 8 of this Form 10-K. Results and business trends During 2025, we focused on strengthening our U.S. platform, building on the strength and momentum of our European business, executing on our near-term priorities and developing our longer-term strategy. Our 2025 results included the following: \u2022Net loss attributable to PRA Group, Inc. of $305.1 million. Excluding the impact of Gain on sale of equity method investment and Goodwill impairment, Adjusted net income attributable to PRA of $72.6 million (\"Adjusted net income attributable to PRA\" is a non-GAAP financial measure; refer to section \"Non-GAAP Financial Measures\" below). \u2022Portfolio income, the more stable and predictable yield component of our revenue, increased by 18.2% compared to 2024, outpacing the growth in cash collections and contributing more to our net results. \u2022ERC of $8.6 billion at year-end, an increase of 15.4% compared to 2024, with the U.S. accounting for 42.5% of total ERC and Europe 51.0%. \u2022Maintenance of a diversified capital structure consistent with our targeted leverage and liquidity objectives, completing the issuance of our first Euro-denominated senior notes (\u20ac300.0 million) and repurchasing $20.0 million shares of our common stock. \u2022Further progress on our U.S. business initiatives focused on improving cost efficiency and operational flexibility, with a reduction in our U.S. onshore agent headcount of approximately 40% and concurrent increase in U.S. Core cash collections of 19.8%. Environment The nonperforming loans segment in the U.S. has been characterized by regulatory complexity, with a relatively high level of customer disputes, a fairly stable competitive landscape, a small number of sellers and a tendency toward forward flow-driven sales. In Europe, the segment has been characterized by a more fragmented regulatory environment, with each jurisdiction having its own rules, a more competitive environment and larger number of sellers, and sales, until recently, more typically made on a spot basis. Consumer behavior in the nonperforming loans segment can be seasonal and change in response to macroeconomic conditions, government programs or shifts in hou Item 1. Business. OVERVIEW General We are a specialty finance company headquartered in Norfolk, Virginia and incorporated in Delaware. Our primary business is the purchase, collection and management of nonperforming loan portfolios, and we are a global leader in the industry. Most of the loans we purchase are from credit originators who have chosen not to pursue, or have been unsuccessful in collecting, the full balance owed to them (\"Core\" accounts). To a lesser extent, we also purchase loans in situations where the customer is involved in a bankruptcy or similar proceeding (\"Insolvency\" accounts). As part of an ancillary business, we purchase and provide fee-based services for class action claims recoveries in the U.S. We are organized on a geographic basis, with our principal markets in the U.S. and Europe, where we have operations in 12 countries and the United Kingdom (\"UK\"). On a significantly smaller scale, we also operate in South America, Canada and Australia. Subject to globally-established parameters for capital allocation, portfolio return thresholds and leverage, each market functions under a similar debt management business model, which is predicated on purchasing nonperforming loans and generating returns through disciplined collection strategies over extended collection periods. Portfolio purchasing To identify purchasing opportunities, our investment teams continuously engage with known and potential sellers, including major banks, consumer finance companies, auto finance providers and other creditors. The types of Core and Insolvency loans we purchase include general purpose and private label credit cards, consumer loans, auto loans, overdrafts and small business loans. In valuing these loans, we consider several factors, including the type of asset, the age since charge-off, the geographic region, the sellers' selection criteria and collections activity up to the time of sale. Nonperforming loan portfolios are typically sold through formal Item 1A. Risk Factors. You should carefully read the following discussion of material factors, events and uncertainties when evaluating our business and the forward-looking information contained in this Form 10-K. The events and consequences discussed in these risk factors could materially and adversely affect our business, res", "title": "PRAA - PRA GROUP INC", "url": "/company/PRAA/" }, { "kind": "company", "summary": "SIC 8200 Services-Educational Services; CIK 0001046568; latest 10-K filed 2026-02-19.", "text": "PRDO - PERDOCEO EDUCATION Corp SIC 8200 Services-Educational Services; CIK 0001046568; latest 10-K filed 2026-02-19. PRDO PERDOCEO EDUCATION Corp 0001046568 8200 Services-Educational Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The discussion below contains \u201cforward-looking statements,\u201d as defined in Section 21E of the Securities Exchange Act of 1934, as amended, that reflect our current expectations regarding our future growth, results of operations, cash flows, performance and business prospects and opportunities, as well as assumptions made by, and information currently available to, our management. We have tried to identify forward-looking statements by using words such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201cplan,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201dwill,\u201d \u201ccontinue to,\u201d \u201cfocused on\u201d and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to us and are subject to various risks, uncertainties, and other factors, including, but not limited to, those matters discussed in Item 1A, \u201cRisk Factors,\u201d in Part I of this Annual Report on Form 10-K that could cause our actual growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Except as expressly required by the federal securities laws, we undertake no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. As used in this Annual Report on Form 10-K, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cthe Company,\u201d \u201cPerdoceo\u201d and \u201cPEC\u201d refer to Perdoceo Education Corporation and our wholly-owned subsidiaries. The terms \u201cinstitution\u201d and \u201cuniversity\u201d refer to an individual, branded, for-profit educational institution, owned by us and including its campus locations. The term \u201ccampus\u201d refers to an individual main or branch campus operated by one of our institutions. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) should be read in conjunction with the Company\u2019s audited consolidated financial statements and the notes thereto appearing elsewhere in this Annual Report on Form 10-K. The MD&A is intended to help investors understand the results of operations, financial condition and present business environment. The MD&A is organized as follows: \u2022 Overview \u2022 Consolidated Results of Operations \u2022 Segment Results of Operations \u2022 Summary of Critical Accounting Policies and Estimates \u2022 Liquidity, Financial Position and Capital Resources OVERVIEW Perdoceo\u2019s accredited academic institutions offer a quality postsecondary education to a diverse student population, with fully online, campus-based and hybrid learning programs. The Company\u2019s academic institutions \u2013 Colorado Technical University (\u201cCTU\u201d), the American InterContinental University System (\u201cAIUS\u201d or \u201cAIU System\u201d) and University of St. Augustine for Health Sciences (\"USAHS\") \u2013 provide degree programs from the associate through doctoral level as well as non-degree seeking and professional development programs. Our academic institutions offer students industry-relevant and career-focused academic programs that are designed to meet the educational needs of today\u2019s busy adults. CTU and AIUS continue to show innovation in higher education, advancing personalized learning technologies like their intellipath\u00ae learning platform and using data analytics and technology to serve and educate students while enhancing overall learning and academic experiences. USAHS prepares medical professionals to provide quality medical care to communities across the country primarily through its graduate health sciences degree offerings in physical therapy, occupational therapy, speech language therapy and nursing, as well as continuing education programs. Perdoceo's academic institutions are committed to providing quality education that closes the gap betw ITEM 1. BUSINESS OVERVIEW Perdoceo\u2019s accredited academic institutions offer a quality postsecondary education to a diverse student population, with fully online, campus-based and hybrid learning programs. The Company\u2019s academic institutions \u2013 Colorado Technical University (\u201cCTU\u201d), the American InterContinental University System (\u201cAIUS\u201d or \u201cAIU System\u201d) and University of St. Augustine for Health Sciences (\"USAHS\") \u2013 provide degree programs from the associate through doctoral level as well as non-degree seeking and professional development programs. Our academic institutions offer students industry-relevant and career-focused academic programs that are designed to meet the educational needs of today\u2019s busy adults. CTU and AIUS continue to show innovation in higher education, advancing personalized learning technologies like their intellipath\u00ae learning platform and using data analytics and technology to serve and educate students while enhancing overall learning and academic experiences. USAHS prepares medical professionals to provide quality medical care to communities across the country primarily through its graduate health sciences degree offerings in physical therapy, occupational therapy, speech language therapy and nursing, as well as continuing education programs. Perdoceo's academic institutions are committed to providing quality education that closes the gap between learners who seek to advance their careers and employers and communities needing a qualified workforce When used in this Annual Report on Form 10-K, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cthe Company,\u201d \u201cPerdoceo\u201d and \u201cPEC\u201d refer to Perdoceo Education Corporation and our wholly-owned subsidiaries. Our reporting segments correspond to our accredited institutions. CTU CTU is committed to providing industry-relevant higher education to a diverse student population, including non-traditional adult learners seeking career advancement and the military community. CTU utilizes innovative technology and experie Item 1A. RISK FACTORS Risks Related to the Highly Regulated Field in Which We Operate Compliance with the extensive regulatory requirements applicable to our business can be costly and time consuming, and failure to comply could result in substantial financial penalties, severe restrictions on or closure of our operation", "title": "PRDO - PERDOCEO EDUCATION Corp", "url": "/company/PRDO/" }, { "kind": "company", "summary": "SIC 7359 Services-Equipment Rental & Leasing, NEC; CIK 0001808834; latest 10-K filed 2026-02-18.", "text": "PRG - PROG Holdings, Inc. SIC 7359 Services-Equipment Rental & Leasing, NEC; CIK 0001808834; latest 10-K filed 2026-02-18. PRG PROG Holdings, Inc. 0001808834 7359 Services-Equipment Rental & Leasing, NEC ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management's Discussion and Analysis (\"MD&A\") is intended to help the reader understand the results of operations and financial condition of PROG Holdings, Inc. and should be read in conjunction with the consolidated financial statements and the accompanying notes. Throughout the MD&A we refer to various notes to our consolidated financial statements which appear in Item 8 of this Form 10-K. The following discussion may contain forward-looking statements that reflect our plans, estimates and beliefs and involve risks, uncertainties and assumptions. Our actual results may differ materially from those discussed in these forward-looking statements. Factors that may cause or contribute to these differences include those discussed in Item 1A. Risk Factors and \"Forward-Looking Statements\" of this Form 10-K. Business Overview PROG Holdings, Inc. (\"we,\" \"our,\" \"us,\" the \"Company,\" or \"PROG Holdings\") is a financial technology holding company that provides transparent and competitive payment options to consumers. As of December 31, 2025, PROG Holdings has two reportable segments: (i) Progressive Leasing, an in-store, app-based, and e-commerce point-of-sale lease-to-own solutions provider; and (ii) Four Technologies, Inc. (\"Four\"), which offers Buy Now, Pay Later (\"BNPL\") payment options to consumers through the Four platform. Vive Financial (\"Vive\"), an omnichannel provider of second-look revolving credit products, had been an operating segment prior to October 20, 2025. On that date, the Company sold substantially all of Vive's loan receivables portfolio and began the process of discontinuing its remaining operations. Vive is presented as discontinued operations in the Company's consolidated financial statements. Our Progressive Leasing segment provides consumers with lease-purchase solutions through its point-of-sale partner locations and e-commerce website partners (collectively, \"POS partners\"). It does so by purchasing merchandise from the POS partners desired by customers and, in turn, leasing that merchandise to the customers through a cancellable lease-to-own transaction. Progressive Leasing has no stores of its own, but rather offers lease-purchase solutions to the customers of traditional and e-commerce retailers. The Progressive Leasing segment comprised approximately 96% of our consolidated revenues from continuing operations for the year ended December 31, 2025. Four allows shoppers to pay for merchandise through four interest-free installments. Four's proprietary platform capabilities and its base of customers and retailers expand PROG Holdings' ecosystem of financial technology offerings by introducing a payment solution that further diversifies the Company's consumer financial technology offerings. Shoppers use Four to purchase furniture, clothing, electronics, health and beauty products, footwear, jewelry, and other consumer goods from retailers across the United States. The average ticket size of a Four transaction is significantly smaller than a transaction with Progressive Leasing. PROG Holdings also owns MoneyApp, a mobile application that offers customers interest-free cash advances. MoneyApp is not a reportable segment in 2025 as its financial results are not significant to the Company's consolidated financial results. MoneyApp's financial results are reported within \"Other\" for segment reporting purposes. Sale of Receivables and Presentation of Vive as Discontinued Operations On October 20, 2025, we completed the sale of substantially all of the assets of Vive, consisting of the majority of its loans receivable portfolio, along with the related customer and merchant relationships. This transaction resulted in $143.9 million of net cash consideration. Subsequent to the sale, the operations of Vive began to wind down. The transaction resulted in a strategic shift that will have a significant effect o ITEM 1. BUSINESS Unless otherwise indicated or unless the context otherwise requires, all references in this Annual Report on Form 10-K to the \"Company,\" \"we,\" \"us,\" \"our\" and similar expressions are references to PROG Holdings, Inc. (\"PROG Holdings\") and its consolidated subsidiaries. Overview PROG Holdings is a financial technology holding company that provides transparent and competitive payment options to consumers. PROG Holdings' operating segments include Progressive Leasing, an in-store, app-based, and e-commerce point-of-sale lease-to-own solutions provider, and Four Technologies, Inc. (\"Four\"), a modern, cloud-native mobile app which offers Buy Now, Pay Later (\"BNPL\") payment options to consumers through the Four platform. PROG Holdings also owns MoneyApp, a mobile application that offers customers interest-free cash advances. Many of our customers fall within the near-prime or subprime Fair Isaac and Company (\"FICO\") score categories and may have difficulty purchasing big-ticket and other durable goods they desire. The unified financial technologies ecosystem we continue to build, which we have expanded through our recent acquisition of Purchasing Power (as described below) provides these underserved customers with alternatives to traditional financing options. The Progressive Leasing segment comprised approximately 96% of our consolidated revenues for the year ended December 31, 2025. Progressive Leasing provides consumers with lease-purchase solutions for merchandise, including furniture, appliances, electronics, mobile phones and accessories, jewelry, mattresses, and automobile electronics and accessories from leading traditional and e-commerce retailers (whom we refer to as our point-of-sale partners, \"POS partners,\" or \"retail partners\"). Progressive Leasing's technology-based, proprietary decisioning platform offers prompt lease decisioning at the point-of-sale and is integrated with both traditional and e-commerce POS partners' systems. Progress ITEM 1A. RISK FACTORS Our businesses are subject to a number of risks and uncertainties that may affect our businesses, results of operations and financial condition, or the trading price of our common stock, some of which are described below. These risk factors may not be all of the risks our businesses ", "title": "PRG - PROG Holdings, Inc.", "url": "/company/PRG/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001585364; latest 10-K filed 2026-02-26.", "text": "PRGO - PERRIGO Co plc SIC 2834 Pharmaceutical Preparations; CIK 0001585364; latest 10-K filed 2026-02-26. PRGO PERRIGO Co plc 0001585364 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Perrigo Company plc was incorporated under the laws of Ireland on June 28, 2013 and became the successor registrant of Perrigo Company, a Michigan corporation, on December 18, 2013 in connection with the acquisition of Elan Corporation, plc (\"Elan\"). Unless the context requires otherwise, the terms \"Perrigo,\" the \"Company,\" \"we,\" \"our,\" \"us,\" and similar pronouns used herein refer to Perrigo Company plc, its subsidiaries, and all predecessors of Perrigo Company plc and its subsidiaries. The following Management's Discussion and Analysis (\"MD&A\") is intended to provide readers with an understanding of our financial condition, results of operations, and cash flows by focusing on changes in certain key measures from year to year. This MD&A is provided as a supplement to, and should be read in conjunction with, our Consolidated Financial Statements and accompanying Notes found in Item 8 of this report. See also \"Cautionary Note Regarding Forward-Looking Statements.\" This discussion and analysis compares 2025 results to 2024. For discussion and analysis that compares 2024 results to 2023, see Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II of our Annual Report on Form 10-K for the year ended December 31, 2024. EXECUTIVE OVERVIEW Perrigo is a leading pure-play self-care company with more than a century of providing high-quality health and wellness solutions to meet the evolving needs of consumers. As one of the originators of the over-the-counter (\"OTC\") self-care market, Perrigo is led by its vision \"To Provide The Best Self-Care For Everyone\" and its purpose to \"Make Lives Better Through Trusted Health and Wellness Solutions, Accessible To All\". Perrigo works to fulfill its vision and purpose as a top-tier consumer self-care company with a focused portfolio based on consumer-led innovation, which meets societal needs for: \u2022Access: Perrigo's self-care products and solutions enhance the daily lives of millions of families, empowering them to take control of their health and wellness. \u2022Value: Perrigo delivers value by helping consumers proactively manage their well-being through affordable and effective self-care solutions. \u2022Reliability: Perrigo ensures the safety and effectiveness of its self-care solutions, best serving its consumers. Perrigo provides access to trusted self-care solutions that can be used without the need to visit a health practitioner for a prescription. Guided by our vision and purpose, our strategic goal is to create sustainable and value accretive growth by 1) delivering consumer preferred brands and innovation, 2) driving category growth with our customers, 3) powering our business with our world-class, quality assured supply chain, including a focus on sustainability with meaningful goals to reduce greenhouse gas emissions, water, and waste, in addition to increasing the recyclability of our packaging, and 4) evolving our global organization to one cohesive operating model. Our unique competency is to deliver health and wellness solutions across multiple price and value tiers that improve access and choice for consumers. Perrigo's broad offerings are well diversified across several major product categories as well as across geographies, primarily in North America and Europe, with no one product representing more than 5% of total revenue. In North America, Perrigo is the leading store brand private label provider of self-care products in many categories, including upper respiratory, healthy lifestyle and women's health, along with brands including Opill\u00ae and Mederma\u00ae. In Europe, our portfolio consists primarily of brands, including Compeed\u00ae, ellaOne\u00ae, Solpadeine\u00ae, Jungle Formula\u00ae, and ACO\u00ae. Two key initiatives have been fundamental in advancing our self-care strategy \u2014 our Supply Chain Reinvention Program, a global supply chain efficiency program, Business PART I. ITEM 1. BUSINESS Perrigo Company plc was incorporated under the laws of Ireland on June 28, 2013 and became the successor registrant of Perrigo Company, a Michigan corporation, on December 18, 2013 in connection with the acquisition of Elan Corporation, plc (\"Elan\"). Unless the context requires otherwise, the terms \"Perrigo,\" the \"Company,\" \"we,\" \"our,\" \"us,\" and similar pronouns used herein refer to Perrigo Company plc, its subsidiaries, and all predecessors of Perrigo Company plc and its subsidiaries. WHO WE ARE Perrigo is a leading pure-play self-care company with more than a century of providing high-quality health and wellness solutions to meet the evolving needs of consumers. As one of the originators of the over-the-counter (\"OTC\") self-care market, Perrigo is led by its vision \"To Provide The Best Self-Care For Everyone\" and its purpose to \"Make Lives Better Through Trusted Health and Wellness Solutions, Accessible To All\". Perrigo works to fulfill its vision and purpose as a top-tier consumer self-care company with a focused portfolio based on consumer-led innovation, which meets societal needs for: \u2022Access: Perrigo's self-care products and solutions enhance the daily lives of millions of families, empowering them to take control of their health and wellness. \u2022Value: Perrigo delivers value by helping consumers proactively manage their well-being through affordable and effective self-care solutions. \u2022Reliability: Perrigo ensures the safety and effectiveness of its self-care solutions, best serving its consumers. Perrigo provides access to trusted self-care solutions that can be used without the need to visit a health practitioner for a prescription. Guided by our vision and purpose, our strategic goal is to create sustainable and value accretive growth by 1) delivering consumer preferred brands and innovation, 2) driving category growth with our customers, 3) powering our business with our world-class, quality assured supply cha ITEM 1A. RISK FACTORS SUMMARY OF RISK FACTORS Operational Risks \u2022We face competition from other consumer packaged goods and pharmaceutical companies, which may threaten the demand for and pricing of our products. \u2022If we do not continue to develop, manufacture, and market innovative products, introduce new line extensions, and expand into adjacent categor", "title": "PRGO - PERRIGO Co plc", "url": "/company/PRGO/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0000876167; latest 10-K filed 2026-01-20.", "text": "PRGS - PROGRESS SOFTWARE CORP /MA SIC 7372 Services-Prepackaged Software; CIK 0000876167; latest 10-K filed 2026-01-20. PRGS PROGRESS SOFTWARE CORP /MA 0000876167 7372 Services-Prepackaged Software Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is intended to help the reader understand the results of operations and financial condition of Progress Software Corporation. MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying Notes to Financial Statements in Part II, Item 8 of this Form 10-K. This section generally discusses the results of our operations for the year ended November 30, 2025 compared to the year ended November 30, 2024. For a discussion of the year ended November 30, 2024 compared to the year ended November 30, 2023, please refer to Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Annual Report on Form 10-K for the year ended November 30, 2024. Forward-Looking Statements Certain statements below about anticipated results and our products and markets are forward-looking statements that are based on our current plans and assumptions. Important information about the bases for these plans and assumptions and factors that may cause our actual results to differ materially from these statements is contained below and in Part I, Item 1A. \"Risk Factors\" of this Annual Report on Form 10-K. Use of Constant Currency Revenue from our international operations has historically represented a substantial portion of our total revenue. As a result, our revenue results have been impacted, and we expect will continue to be impacted, by fluctuations in foreign currency exchange rates. For example, if the local currencies of our foreign subsidiaries strengthen, our consolidated results stated in U.S. Dollars are positively impacted. As exchange rates are an important factor in understanding period to period comparisons, we believe the presentation of revenue growth rates on a constant currency basis enhances the understanding of our revenue results and evaluation of our performance in comparison to prior periods. The constant currency information presented is calculated by translating current period results using prior period weighted average foreign currency exchange rates. These results should be considered in addition to, not as a substitute for, results reported in accordance with accounting principles generally accepted in the United States of America (\"GAAP\"). Overview Progress Software Corporation (\"Progress,\" the \"Company,\" \"we,\" \"us,\" or \"our\") provides software products that enable our customers to develop, deploy and manage responsible AI-powered applications and digital experiences. A key element of our strategy is centered on the goal of building and maintaining leading products and tools enterprises need to build, deploy, and manage modern, strategic business applications. We offer our products and tools to both new customers and partners, as well as our existing partner and customer ecosystems. Our organizational philosophy and operating principles focus primarily on customer and partner retention and success, and a streamlined operating approach to drive predictable and stable recurring revenue and high levels of profitability. We are pursuing a total growth strategy driven by accretive acquisitions of businesses and products that meet our strict strategic, financial, and operating criteria, which help to further our goal of providing stockholder returns. In April 2019, we acquired Ipswitch; in October 2020, we acquired Chef Software; in November 2021, we acquired Kemp Technologies; in February 2023, we acquired MarkLogic; in October 2024, we acquired ShareFile; and in June 2025, we acquired Nuclia. Our capital allocation policy emphasizes accretive M&A, which we believe allows us to expand our business and drive significant stockholder returns. We also utilize share repurchases to return capital to stockholde Item 1. Business Overview Progress Software Corporation (\"Progress,\" the \"Company,\" \"we,\" \"us,\" or \"our\") provides software products that enable our customers to develop, deploy, and manage responsible AI-powered applications and digital experiences with agility and ease. We operate in North America, Latin America, Europe, the Middle East and Africa (\"EMEA\"), and Asia and Australia (\"Asia Pacific\"), through local subsidiaries as well as independent distributors. A key element of our strategy is centered on the goal of building and maintaining leading products and tools organizations need to build, deploy, and manage modern, strategic business applications. We offer our products and tools to both new customers and partners, as well as our existing partner and customer ecosystems. Our organizational philosophy and operating principles focus primarily on customer and partner retention and success, and a streamlined operating approach to drive predictable and stable recurring revenue and high levels of profitability. We are pursuing a total growth strategy driven by accretive acquisitions of businesses and products that meet our strict strategic, financial, and operating criteria, which help to further our goal of providing stockholder returns. In April 2019, we acquired Ipswitch; in October 2020, we acquired Chef Software; in November 2021, we acquired Kemp Technologies; in February 2023, we acquired MarkLogic; in October 2024, we acquired ShareFile; and in June 2025, we acquired Nuclia. Our capital allocation policy emphasizes accretive M&A, which we believe allows us to expand our business and drive significant stockholder returns. We also utilize share repurchases to return capital to stockholders. We currently intend to continue to repurchase our shares in sufficient quantities to offset dilution from our equity plans and may elect to conduct additional repurchases based on market conditions and other factors. Our Products In recent years, our total growth Item 1A. Risk Factors We operate in a rapidly changing environment that involves certain risks and uncertainties, some of which are beyond our control. The risks discussed below could materially affect our business, financial condition and future results. The risks described below are not the only risks we face. Additio", "title": "PRGS - PROGRESS SOFTWARE CORP /MA", "url": "/company/PRGS/" }, { "kind": "company", "summary": "SIC 1623 Water, Sewer, Pipeline, Comm & Power Line Construction; CIK 0001361538; latest 10-K filed 2026-02-24.", "text": "PRIM - Primoris Services Corp SIC 1623 Water, Sewer, Pipeline, Comm & Power Line Construction; CIK 0001361538; latest 10-K filed 2026-02-24. PRIM Primoris Services Corp 0001361538 1623 Water, Sewer, Pipeline, Comm & Power Line Construction ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \u200b You should read the following discussion of our financial condition and results of operations in conjunction with the financial statements and the notes to those statements included in Item 8. \u201cFinancial Statements and Supplementary Data\u201d in this Annual Report on Form 10-K. This discussion includes forward-looking statements that are based on current expectations and are subject to uncertainties and unknown or changed circumstances. For a further discussion, please see \u201cForward-Looking Statements\u201d at the beginning of this Annual Report on Form 10-K. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those risks inherent with our business as discussed in Item 1A. \u201cRisk Factors\u201d. \u200b The following discussion starts with an overview of our business and a discussion of trends, including seasonality, that affect our industry. That is followed by an overview of the critical accounting policies and estimates that we use to prepare our financial statements. Next, we discuss our results of operations and liquidity and capital resources, including our off-balance sheet arrangements and contractual obligations. We conclude with a discussion of our outlook and backlog. \u200b Introduction \u200b We are a leading provider of critical infrastructure services operating mainly in the United States and Canada. We provide a wide range of construction, maintenance, replacement, and engineering services to a diversified base of customers through our two segments: Utilities and Energy. The structure of our reportable segments is generally focused on broad end-user markets for our services. \u200b The Utilities segment operates throughout the United States and specializes in a range of services, including the installation and maintenance of new and existing natural gas and electric utility distribution and transmission systems, and communications systems. \u200b The Energy segment operates throughout the United States and Canada and specializes in a range of services that include engineering, procurement, construction, and maintenance services for entities in the energy, renewable energy and energy storage, renewable fuels, and petroleum and petrochemical industries, as well as state departments of transportation. \u200b We have longstanding customer relationships with solar facility developers, power producers, gas and electric utilities, refining, petrochemical, communications, midstream, downstream, and engineering companies, as well as transportation agencies across our core markets. We have completed major underground and industrial projects for a number of large natural gas transmission and petrochemical companies in the United States and major electrical and gas projects for a number of large utility companies in the United States. We enter into a large number of contracts each year, and the projects can vary in length from daily work orders to as long as 36 months, and occasionally longer, for completion on larger projects. Although we have not been dependent upon any one customer in any year, a small number of customers tend to constitute a substantial portion of our total revenue in any given year. \u200b We generate revenue under a range of contracting types, including fixed-price, unit-price, time and material, and cost reimbursable plus fee contracts, each of which has a different risk profile. For the years ended December 31, 2025, 2024, and 2023, $5.6 billion, $4.7 billion, and $3.9 billion, respectively of our revenue is derived from contracts where scope is adequately defined, and therefore we can reasonably estimate total contract value. For these contracts, revenue is recognized over time as work is completed because of the continuous transfer of control to the customer (typically using an input measure such as costs incurred to date relative to total estimated cos ITEM 1. BUSINESS \u200b Business Overview \u200b Primoris Services Corporation (\u201cPrimoris\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d, or \u201cour\u201d) is a leading provider of critical infrastructure services operating mainly in the United States and Canada. We provide a wide range of construction, maintenance, replacement, and engineering services to a diversified base of customers through our two segments: Utilities and Energy. The structure of our reportable segments is generally focused on broad end-user markets for our services. \u200b We have longstanding customer relationships with solar facility developers, power producers, gas and electric utilities, refining, petrochemical, communications, midstream, downstream, and engineering companies, as well as transportation agencies across our core markets. We provide our services to a diversified base of customers, under a range of contracting options. A portion of our services are provided under Master Service Agreements (\u201cMSA\u201d), which are generally multi-year agreements. The remainder of our services are generated from contracts for specific construction or installation projects. \u200b Reportable Segments \u200b Our current reportable segments are the Utilities segment and the Energy segment. \u200b The Utilities segment operates throughout the United States and specializes in a range of services, including the construction and maintenance of new and existing natural gas and electric utility distribution and transmission systems, and communications systems. \u200b The Energy segment operates throughout the United States and Canada and specializes in a range of services that include engineering, procurement, construction, and maintenance services for entities in the energy, renewable energy and energy storage, renewable fuels, and petroleum and petrochemical industries, as well as state departments of transportation. \u200b \u200b 4 Table of Contents Strategy \u200b Our strategy has remained consistent from year to year and continues to emphasize the following ke ITEM 1A. RISK FACTORS \u200b Our business is subject to a variety of risks and uncertainties, many of which are described below. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial also may have a material adverse effect on our business in the f", "title": "PRIM - Primoris Services Corp", "url": "/company/PRIM/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000805676; latest 10-K filed 2026-02-23.", "text": "PRK - PARK NATIONAL CORP /OH/ SIC 6021 National Commercial Banks; CIK 0000805676; latest 10-K filed 2026-02-23. PRK PARK NATIONAL CORP /OH/ 0000805676 6021 National Commercial Banks ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. NON-U.S. GAAP FINANCIAL MEASURES Management's discussion and analysis contains non-U.S. GAAP financial measures where management believes it to be helpful in understanding Park\u2019s results of operations or financial position. Where non-U.S. GAAP financial measures are used, the comparable U.S. GAAP financial measures, as well as the reconciliation from the comparable U.S. GAAP financial measures, can be found herein. Items Impacting Comparability of Period Results From time to time, revenue, expenses and/or taxes are impacted by items judged by management of Park to be outside of ordinary banking activities and/or by items that, while they may be associated with ordinary banking activities, are so unusually large that their impact is believed by management of Park at that time to be infrequent or short-term in nature. Most often, these items impacting comparability of period results are due to merger and acquisition activities and revenue and expenses related to former Vision Bank loan relationships. In other cases, they may result from management's decisions associated with significant corporate actions outside of the ordinary course of business. Even though certain revenue and expense items are naturally subject to more volatility than others due to changes in market and economic environment conditions, as a general rule volatility alone does not result in the inclusion of an item as one impacting comparability of period results. For example, changes in the provision for credit losses (aside from those related to former Vision Bank loan relationships), gains (losses) on equity securities, net, and asset valuation adjustments, reflect ordinary banking activities and are, therefore, typically excluded from consideration as items impacting comparability of period results. Management believes the disclosure of items impacting comparability of period results provides a better understanding of Park's performance and trends and allows management to ascertain which of such items, if any, to include or exclude from an analysis of Park's performance; i.e., within the context of determining how that performance differed from expectations, as well as how, if at all, to adjust estimates of future performance taking such items into account. Items impacting comparability of the results of particular periods are not intended to be a complete list of items that may materially impact current or future period performance. Non-U.S. GAAP Financial Measures Park's management uses certain non-U.S. GAAP financial measures to evaluate Park's performance. Specifically, management reviews the return on average tangible equity, the return on average tangible assets, the tangible equity to tangible assets ratio, and pre-tax, pre-provision net income (\"PTPP\"). Management has included in this Management's Discussion and Analysis of Financial Condition and Results of Operation, information relating to the return on average tangible equity, the return on average tangible assets, the tangible equity to tangible assets ratio, and pre-tax, pre-provision net income for the years ended December 31, 2025, December 31, 2024, and December 31, 2023. For the purpose of calculating the return on average tangible equity, a non-U.S. GAAP financial measure, net income for each period is divided by average tangible equity during the period. Average tangible equity equals average shareholders' equity during the applicable period less average goodwill and other intangible assets during the applicable period. For the purpose of calculating the return on average tangible assets, a non-U.S. GAAP financial measure, net income for each period is divided by average tangible assets during the period. Average tangible assets equals average assets during the applicable period less average goodwill and other intangible assets during the applicable period. For the purpose of calculati ITEM 1. BUSINESS. The disclosures set forth in this Item are qualified by \"ITEM 1A. RISK FACTORS\" and the section captioned \"FORWARD-LOOKING STATEMENTS\" of this Annual Report on Form 10-K and other cautionary statements set forth elsewhere in this Annual Report on Form 10-K. General Park National Corporation (\u201cPark\u201d) is a financial holding company regulated under the Bank Holding Company Act of 1956 (the \u201cBank Holding Company Act\u201d). Founded as Park National Bank of Ohio, in Newark, Ohio, Park\u2019s legacy dates to 1908. As a bank holding company, Park was established in 1987. Park is headquartered at 51 North Third Street, Newark, Ohio 43055, and can be reached at (740) 349-8451. Its common shares trade on NYSE American under the symbol \u201cPRK.\u201d Park's internet site http://www.parknationalcorp.com provides access to annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, amendments, and definitive proxy statements filed under the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). These documents are available as soon as practicable after Park files them electronically with the SEC. Park's primary business is to own and oversee its subsidiaries, engaged primarily in the business of banking. While Park sets overall policies, including lending and financial strategies, the officers of its subsidiaries handle day-to-day operations. Human Capital At Park, banking is about more than money, and jobs are about more than work. Park provides a work experience that ignites associate passion to serve, unlocks potential to grow, and fuels the life of associates who want to build for themselves and those they love. Park provides opportunities for growth and advancement by empowering associates and offering ongoing training to develop knowledge and skills. Park strives to provide a safe, fair, caring and courteous work environment. Associate Profile Park associates are driven by purpose, a theme associates refer to as \"Serving More.\" The organ ITEM 1A.RISK FACTORS. Economic, Political and Market Risks Inflation may have an adverse impact on our business and on our customers. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. From 2021 to 2023, there was a significant r", "title": "PRK - PARK NATIONAL CORP /OH/", "url": "/company/PRK/" }, { "kind": "company", "summary": "SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001564902; latest 10-K filed 2026-03-03.", "text": "PRKS - United Parks & Resorts Inc. SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001564902; latest 10-K filed 2026-03-03. PRKS United Parks & Resorts Inc. 0001564902 7990 Services-Miscellaneous Amusement & Recreation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations References to our \u201ctheme parks\u201d or \u201cparks\u201d in the discussion that follows includes all of our owned separately gated parks. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs and involve numerous risks and uncertainties, including but not limited to those described in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K. Actual results may differ materially from those contained in any forward-looking statements. You should carefully read \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d included elsewhere in this Annual Report on Form 10-K. Introduction The following discussion and analysis is intended to facilitate an understanding of our business and results of operations and should be read in conjunction with our historical consolidated financial statements and the notes thereto in the \u201cFinancial Statements and Supplementary Data\u201d section included elsewhere in this Annual Report on Form 10-K. The discussion which follows consists of the following sections: \u2022 Business Overview: Provides an overview of the business. \u2022 Recent Developments: Provides a discussion concerning recent developments which have impacted the business. \u2022 Principal Factors and Trends Affecting our Results of Operations: Provides a discussion concerning the principal factors and trends affecting our results of operations, including a discussion relating to revenue, attendance, costs and expenses and seasonality. \u2022 Results of Operations: Provides a discussion of our operating results and applicable year-to-year comparisons. \u2022 Liquidity, Capital Resources and Indebtedness: Provides a discussion of our cash flows, sources and uses of cash, commitments, capital resources and indebtedness as of December 31, 2025. \u2022 Critical Accounting Policies and Estimates: Provides a discussion of our critical accounting policies which require the exercise of judgment and the use of estimates. Management\u2019s discussion and analysis relating to the fiscal year ended December 31, 2024 and the applicable year-to-year comparisons to the fiscal year ended December 31, 2023 are not included in this Annual Report on Form 10-K but can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which specific discussion is incorporated herein by reference. Business Overview We are a leading theme park and entertainment company providing experiences that matter and inspiring guests to protect animals and the wild wonders of our world. We own or license a portfolio of recognized brands, including SeaWorld, Busch Gardens, Aquatica, Discovery Cove and Sesame Place. Over our more than 65-year history, we have developed a diversified portfolio of 13 differentiated theme parks that are grouped in key markets across the United States and in the United Arab Emirates. Many of our theme parks showcase our one-of-a-kind zoological collection and feature a diverse array of both thrill and family-friendly rides, educational presentations, shows and/or other attractions with broad demographic appeal which deliver memorable experiences and a strong value proposition for our guests. Recent Developments See the discussion under \u201cRecent Developments\u201d in the \u201cBusiness\u201d section included elsewhere in this Annual Report on Form 10-K, which includes discussions relating to the current operating environment. Regulatory Developments See the discussion of relevant regulatory developments under \u201cRecent Regulatory Developments\u201d in the \u201cBusiness\u201d section included elsewhere in this Annual Report on Form 10-K. For a discussion of certain risks associated with federal and state regulations governing the treatment of animals, see the \u201cRisk Factors\u201d section included elsewhere in this Annual Re Item 1. Business Company Overview We are a leading theme park and entertainment company providing experiences that matter and inspiring guests to protect animals and the wild wonders of our world. We own or license a portfolio of recognized brands including SeaWorld, Busch Gardens, Aquatica, Discovery Cove and Sesame Place. Over our more than 65-year history, we have developed a diversified portfolio of 13 differentiated theme parks that are grouped in key markets across the United States and in the United Arab Emirates. Many of our theme parks showcase our one-of-a-kind zoological collection and feature a diverse array of both thrill and family-friendly rides, educational presentations, shows and/or other attractions with broad demographic appeal which deliver memorable experiences and a strong value proposition for our guests. We generate revenue primarily from selling admission to our theme parks and from purchases of food, merchandise and other items, primarily within our theme parks. For more information concerning our results from operations, see the \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d section included elsewhere in this Annual Report on Form 10-K. As one of the world\u2019s foremost zoological organizations and a global leader in animal welfare, training, husbandry, veterinary care and marine animal rescue, we are committed to helping protect and preserve the oceans, environment and the natural world. For more information, see the \u201c\u2014Our Culture and Social Responsibility\u201d section included elsewhere in this Annual Report on Form 10-K. Recent Developments Current Operating Environment Our Board has formed a number of committees and holds certain meetings and operational review sessions on a frequent basis designed to provide further assistance from Board members with expertise in certain areas by providing enhanced oversight over the operations of the Company. As a result, in the current operating envi Item 1A. Risk Factors Risk Factor Summary We are providing the following summary of the risk factors contained in our Form 10-K to enhance the readability and accessibility of our risk factor disclosures. We encourage our stockholders to carefully review the full risk factors contained in", "title": "PRKS - United Parks & Resorts Inc.", "url": "/company/PRKS/" }, { "kind": "company", "summary": "SIC 3440 Fabricated Structural Metal Products; CIK 0001443669; latest 10-K filed 2026-02-20.", "text": "PRLB - Proto Labs Inc SIC 3440 Fabricated Structural Metal Products; CIK 0001443669; latest 10-K filed 2026-02-20. PRLB Proto Labs Inc 0001443669 3440 Fabricated Structural Metal Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward- looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. This Management's Discussion and Analysis (MD&A) generally discusses fiscal years 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of fiscal year 2023 items and year-to-year comparisons between 2024 and 2023 are generally not included in this MD&A, and can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7. of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 21, 2025. Overview We are the world\u2019s fastest manufacturing service enabling companies across every industry to streamline production of quality parts throughout the entire product life cycle. We manufacture prototypes and low-volume production parts for companies worldwide that are under increasing pressure to bring their finished products to market faster than their competition. We utilize injection molding, computer numerical control (CNC) machining, 3D printing and sheet metal fabrication to manufacture custom parts for our customers. Our proprietary technology eliminates most of the time-consuming and expensive skilled labor conventionally required to quote and manufacture parts. Through the acquisition of Hubs (formerly 3D Hubs, Inc., recently rebranded to Protolabs Network) in 2021, we provide our customers access to a global network of premium manufacturing partners who reside across North America, Europe and Asia. The manufacturing partner network, complements our in-house manufacturing, enabling us to significantly increase the size, complexity, breadth of manufacturing processes, lead times and prices of the parts we produce. Our customers conduct nearly all their business with us over the Internet. We target our products at the millions of product developers and engineers who use three-dimensional computer-aided design (3D CAD) software to design products across a diverse range of end-markets, to the procurement and supply chain professionals seeking to easily and efficiently source custom parts on-demand, and to a wide variety of customers seeking to purchase custom parts. We currently operate in a global custom contract manufacturing market which is a form of outsourcing where companies enter into an arrangement or formal agreement with another company or individual for the manufacture of complete parts, products, or components. Since our inception, we have focused on areas where we could automate the manufacturing process via our digital model and we positioned ourselves to avoid routine, low margin, high-volume commoditized manufacturing. Our initial focus was on prototypes and simple parts and have added complexity over time, as well as adding production to our offer. We have added additional manufacturing services and expanded those services to meet the needs of our customers, which has ultimately driven our growth. We continually seek to expand the range of size and geometric complexity of the parts we can make or source with these processes, to extend the variety of materials we are able to support, and to identify additional manufacturing processes to which we can apply our technology or incorporate into our manufacturing network in order to better serve the evolving preferences and needs of our customers. As a result of the fact Item 1. Business Overview Proto Labs, Inc. was incorporated in Minnesota in 1999. The terms \u201cProto Labs,\u201d \"Protolabs,\" the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d as used herein refer to the business and operations of Proto Labs, Inc. and its subsidiaries. We are the world\u2019s fastest manufacturing service enabling companies across every industry to streamline production of quality parts throughout the entire product life cycle. From custom prototyping to end-use production, we support product developers, engineers, and supply chain teams along every phase of their manufacturing journey. Founded in 1999, we radically reduced the time needed to produce injection molding prototypes through complex software that automated the manufacturing process. Over the next two decades, we added computer numerical control (\"CNC\") machining, 3D printing, and sheet metal fabrication, and later acquired 3D Hubs, Inc (\"Hubs\") and launched the Protolabs Network, our global network of manufacturing partners (\u201cMPs\u201d). Our 25+ years of growth while expanding capabilities provide customers with the best digital manufacturing experience in the industry. Our vision is accelerating innovation by revolutionizing manufacturing. Our mission is to shape the future by bringing customer ideas to life across every stage of the product life cycle. We accomplish this by offering a variety of manufacturing capabilities fulfilled through a combination of owned manufacturing factories (\"Factory\") and a worldwide network of premium manufacturing partners (\"Network\"). Our automated quoting and manufacturing systems are highly integrated with our manufacturing and fulfillment systems, which allow us to offer a vast array of manufacturing technologies in a variety of materials across a continuum of lead times and prices. Protolabs uses artificial intelligence (\u201cAI\u201d) in a number of different ways to improve our efficiency and the value we offer to customers, including: intelligent pricing and sourcing algorithms, Item 1A. Risk Factors The following are the significant factors that could materially adversely affect our business, financial condition, or operating results, as well as adversely affect the value of an investment in our common stock. The risks described below are not the only risks facing our Company. Risks and uncer", "title": "PRLB - Proto Labs Inc", "url": "/company/PRLB/" }, { "kind": "company", "summary": "SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0000884219; latest 10-K filed 2026-02-25.", "text": "PRSU - Pursuit Attractions & Hospitality, Inc. SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0000884219; latest 10-K filed 2026-02-25. PRSU Pursuit Attractions & Hospitality, Inc. 0000884219 7990 Services-Miscellaneous Amusement & Recreation ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) should be read in conjunction with the consolidated financial statements and related notes. The MD&A is intended to assist in understanding our financial condition and results of operations. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated due to various factors discussed under \u201cRisk Factors\u201d (Part I, Item 1A of this Form 10-K), \u201cForward-Looking Statements\u201d (Page 3 of this Form 10-K), and elsewhere in this Form 10-K. Refer to Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of the Company\u2019s Form 10-K for the year ended December 31, 2024 (\u201cFiscal 2024\u201d), as filed on March 17, 2025, for a comparison of our Fiscal 2024 results of operations to the results for the year ended December 31, 2023 (\u201cFiscal 2023\u201d). We provide comparisons of our Fiscal 2024 results to the Fiscal 2023 results when such comparisons would be informative due to reclassifications in presentation in the current year. Overview We are an attractions and hospitality company that owns and operates a collection of inspiring and unforgettable experiences in iconic destinations in the United States (\u201cU.S.\u201d), Canada, Iceland, and Costa Rica. Our elevated hospitality experiences include 17 world-class point-of-interest attractions and 29 distinctive lodges, along with integrated restaurants, retail and transportation that enable visitors to discover and connect with stunning national parks and renowned global travel locations. Recent Developments Flyover Attractions Sale On January 21, 2026, Pursuit entered into a definitive agreement to sell all of its Flyover Attractions (the \u201cFlyover Attractions\u201d) to Brogent Technologies Inc. (\u201cBrogent\u201d) for approximately $78.4 million in cash, subject to customary post-closing adjustments (the \u201cFlyover Attractions Sale\u201d). See Note 21 \u2013 Subsequent Event to the Consolidated Financial Statements (Part II, Item 8 of this Form 10-K) for additional information. Tabac\u00f3n Acquisition On July 1, 2025, we entered into the \u201cTabac\u00f3n Purchase Agreement\u201d with the shareholders of Inversiones Tur\u00edsticas Arenal, S.A. (\u201cITA\u201d), pursuant to which we acquired all of the issued and outstanding shares of ITA. ITA is the owner and operator of Tabac\u00f3n Thermal Resort & Spa (\u201cTabac\u00f3n\u201d), an eco-luxury resort spanning 570 acres of rainforest which features two thermal river attractions, located in the Arenal region of Costa Rica. Tabac\u00f3n features 105 rooms, an internationally renowned spa, and signature culinary experiences. See Note 4 \u2013 Acquisitions to the Consolidated Financial Statements (Part II, Item 8 of this Form 10-K) for additional information. The financial results of Tabac\u00f3n are consolidated in our financial statements prospectively from the date of acquisition. Viad Corp Transformation into Pursuit After a strategic review of the Company\u2019s operations, with the goal of increasing shareholder value, Pursuit (formerly \u201cViad Corp\u201d) entered into an Equity Purchase Agreement with TL Voltron, LLC, a Delaware limited liability company (\u201cTruelink Capital\u201d), pursuant to which Truelink Capital agreed to purchase all of the outstanding equity interests held by the Company in its subsidiaries comprising the Company\u2019s former GES Exhibitions and Spiro reportable segments (the \u201cGES Business\u201d). During Fiscal 2024, the Company completed the sale of the GES Business to Truelink Capital (the \u201cGES Sale\u201d) and relaunched Viad Corp as Pursuit. The aggregate purchase price was $535 million, consisting of a base purchase price of $510 million, subject to customary adjustments for cash, indebtedness, working capital and transaction expenses, and a deferred purchase price of $25 million payable by Truelink Capital to ITEM 1. Business General Pursuit Attractions and Hospitality, Inc. (\u201cPursuit\u201d) is a global attractions and hospitality company that owns and operates a collection of inspiring and unforgettable travel experiences in iconic destinations in the United States (\u201cU.S.\u201d), Canada, Iceland and Costa Rica. Our elevated hospitality experiences include 17 world-class point-of-interest sightseeing attractions and 29 distinctive lodges, along with integrated food and beverage, retail and transportation offerings that enable visitors to discover and connect with stunning national parks and renowned global travel locations. Our company has a strategic direction to expand and elevate our portfolio of extraordinary experiences through a focus on refreshing, improving, and growing our collection of unforgettable, inspiring experiences in iconic places around the globe. We draw our guests from major markets, including the U.S., Canada, Asia Pacific, Western Europe, and Central America. We are managed on a consolidated basis for purposes of assessing performance and making operating decisions. Accordingly, we are deemed to be a single operating segment in this Form 10-K. See Note 19 \u2013 Segment Information to the Consolidated Financial Statements (Part II, Item 8 of this Form 10-K) for additional information. The experiences that we offer are grouped and marketed as \u201ccollections\u201d based on geographic region. The information provided below describes our collections and the experiences offered. Collections [[GREPCENT_TABLE]] [[\"\",\"\",\"Banff Jasper CollectionWe own and operate attractions and hospitality experiences in the Canadian Rockies. Highlights include scenic lake cruises in Banff and Jasper National Parks, top-of-the-mountain views from the Banff Gondola, glacier explorations at the Columbia Icefield with the Columbia Icefield Adventure and the Columbia Icefield Skywalk, the Golden SkyBridge over deep canyons, and an aerial tramway with the Jasper SkyTram. Visitors can also enjo ITEM 1A. Risk Factors Our operations and financial results are subject to known and unknown risks. As a result, past financial performance and historical trends may not be reliable indicators of our future performance. Risks Related to our Business and Industr", "title": "PRSU - Pursuit Attractions & Hospitality, Inc.", "url": "/company/PRSU/" }, { "kind": "company", "summary": "SIC 8000 Services-Health Services; CIK 0001759655; latest 10-K filed 2026-02-27.", "text": "PRVA - Privia Health Group, Inc. SIC 8000 Services-Health Services; CIK 0001759655; latest 10-K filed 2026-02-27. PRVA Privia Health Group, Inc. 0001759655 8000 Services-Health Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our consolidated financial statements and accompanying notes included elsewhere in this Annual Report on Form 10-K. In addition, the following discussion and analysis and information contains forward-looking statements about the business, operations and financial performance of the Company based on our current expectations that involve risks, uncertainties and assumptions. Our actual results could differ materially from those anticipated by these forward-looking statements as a result of many factors. including, but not limited to, those identified below and those discussed in the sections titled \u201cRisk Factors\u201d and \u201cInformation Regarding Forward-Looking Statements\u201d in this Annual Report on Form 10-K. Overview Privia Health is a technology-driven, national physician-enablement company that collaborates with physician practices, health plans, and health systems to achieve the quadruple aim of better outcomes, lower costs, improved patient experience, and happier and more engaged providers. We seek to accomplish the quadruple aim by entering markets and organizing existing physicians and non-physician clinicians into a unique practice model that combines the advantages of a partnership in a large regional Medical Group with significant provider autonomy for Privia Providers joining our Medical Groups. Under our Privia Medical Group model, Privia Physicians join the Medical Group in their geographic market as an owner of the Medical Group. We own a majority interest in certain of our Medical Groups, with Privia Physicians collectively owning a minority interest, and we own no interest in certain other Non-Owned Medical Groups. In those markets in which state regulations do not allow us to own Medical Groups, the Non-Owned Medical Groups may be owned by the Privia Physicians or owned indirectly by a licensed physician holding a Privia leadership position, otherwise referred to as a Friendly Medical Group. Privia Physicians furnish healthcare services through our Medical Groups and continue to own their Affiliated Practices, which provide certain services to the Medical Groups, such as use of space, non-physician staffing, equipment and supplies. We provide management services to the Medical Groups through a local MSO, which provides Medical Groups with access to VBC opportunities either directly or through Privia-owned ACOs. We have national committees that distribute quality guidance, and we employ Chief Medical Officers who provide clinical oversight and direction over the clinical affairs of the Owned Medical Groups. Additionally, we hold the provider contracts, maintain the patient records, set reimbursement rates, and negotiate payer contracts on behalf of the Owned Medical Groups. In some instances, we also move into and expand in new and existing markets through our Privia Care Partners model, which offers an affiliation model to providers who are looking solely for VBC solutions. For those practices, we furnish population health services, reporting and analytics, along with certain management. GAAP Financial Measures \u2022 Revenue was $2.12 billion, $1.74 billion and $1.66 billion for the years ended December 31, 2025, 2024, and 2023, respectively. \u2022 Operating income was $34.2 million, $17.0 million and $20.6 million for the years ended December 31, 2025, 2024, and 2023, respectively; and \u2022 Net income attributable to Privia Health Group, Inc. was $22.9 million, $14.4 million and $23.1 million for the years ended December 31, 2025, 2024, and 2023, respectively. Key Metrics and Non-GAAP Financial Measures \u2022 Practice Collections were $3.47 billion, $2.97 billion and $2.84 billion for the years ended December 31, 2025, 2024, and 2023, respectively; \u2022 Care Margin was $462.2 million, $403.9 million and $359.2 million for the years ended December 31, 2025, ITEM 1. BUSINESS Overview Privia Health Group, Inc. (\u201cPrivia Health\u201d, \u201cwe\u201d, \u201cour\u201d, or the \u201cCompany\u201d) is a technology-driven, national physician-enablement company that collaborates with physician practices, health plans, and health systems to achieve the quadruple aim of better outcomes, lower costs, improved patient experience, and happier and more engaged providers. We seek to accomplish the quadruple aim by entering markets and organizing existing physicians and non-physician clinicians into a unique practice model that combines the advantages of a partnership in a large regional medical group (each, a \u201cMedical Group\u201d) with significant provider autonomy for the physicians (collectively, \u201cPrivia Physicians\u201d) and non-physician clinicians (collectively \u201cPrivia Clinicians\u201d and, together with the Privia Physicians, the \u201cPrivia Providers\u201d) in our Medical Groups. We organize physicians into cost efficient, value-based and primary-care centric networks bolstered by strong physician governance, and promote a culture of physician leadership. Our technology and service solutions (collectively, the \u201cPrivia Platform\u201d) are powered by our Privia Technology Solution that integrates both Privia-developed and third-party applications into a seamless interface and workflow that manages all aspects of our Privia Providers\u2019 provision of healthcare services. We enhance the patient experience, improve practice economics and influence point of care delivery through investments in data analytics, revenue cycle management (\u201cRCM\u201d), practice and clinical operations and payer alignment. The Privia Platform is designed to succeed across demographic cohorts, acuity levels and reimbursement models, including traditional fee-for-service Medicare, the Medicare Shared Savings Program (\u201cMSSP\u201d), Medicare Advantage, Medicaid, commercial insurance and other existing and emerging direct contracting programs with payers and employers. We designed the Privia Platform to be scalable, allowing us to gr ITEM 1A. RISK FACTORS RISK FACTORS Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this report, including our consolidated financial statements and the related notes thereto, before making a decision", "title": "PRVA - Privia Health Group, Inc.", "url": "/company/PRVA/" }, { "kind": "company", "summary": "SIC 5331 Retail-Variety Stores; CIK 0001041803; latest 10-K filed 2025-10-30.", "text": "PSMT - PRICESMART INC SIC 5331 Retail-Variety Stores; CIK 0001041803; latest 10-K filed 2025-10-30. PSMT PRICESMART INC 0001041803 5331 Retail-Variety Stores Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our audited consolidated financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. Overview PriceSmart, headquartered in San Diego, California, owns and operates U.S.-style membership shopping warehouse clubs in Latin America and the Caribbean, selling high quality merchandise and services at low prices to our Members. We operate 56 warehouse clubs in 12 countries and one U.S. territory (ten in Colombia; nine in Costa Rica; seven each in Panama and Guatemala; five in Dominican Republic; four each in Trinidad and El Salvador; three in Honduras; two each in Nicaragua and Jamaica; and one each in Aruba, Barbados and the United States Virgin Islands). Additionally, the Company plans to open one new warehouse club in La Romana, Dominican Republic in the spring of 2026, and one warehouse club in Montego Bay and one on South Camp Road, Jamaica in the summer and fall of 2026, respectively. Once these three new clubs are open, we will operate 59 warehouse clubs in total. Additionally, we are continuing to advance our planned expansion into Chile, which we have identified as a potential market for multiple PriceSmart warehouse clubs. Our corporate headquarters, U.S. buying operations and regional distribution centers are located primarily in the United States. Our operating segments are the United States, Central America, the Caribbean and Colombia. All intercompany balances and transactions have been eliminated in consolidation. Mission PriceSmart's mission is to provide all Members an outstanding shopping experience with high quality, exciting merchandise and services at the lowest possible prices. Purpose PriceSmart's purpose is to improve the lives and businesses of our Members, our employees and our communities through the responsible delivery of the best quality goods and services at the lowest possible prices. We aim to serve as a model company, which operates profitably and provides a good return to our investors, by providing Members in emerging and developing markets with exciting, high-quality merchandise sourced from around the world and valuable services at compelling prices in safe U.S.-style clubs and through PriceSmart.com. We prioritize the well-being and safety of our Members and employees. We provide good jobs, fair wages and benefits and opportunities for advancement. We strive to treat our suppliers right and empower them when we can, including both our regional suppliers and those from around the world. We try to conduct ourselves in a socially responsible manner as we endeavor to improve the quality of the lives of our Members and their businesses, while respecting the environment and the laws of all the countries in which we operate. We also believe in facilitating philanthropic contributions to the communities in which we do business. We charge Members an annual membership fee that enables us to operate our business with lower margins than traditional retail stores. As we continue to invest in technological capabilities, we are increasing our tools to drive sales and operational efficiencies. We believe we are well positioned to blend the excitement and appeal of our brick-and-mortar business with the convenience and additional benefits of online shopping and services, while simultaneously enhancing Member experience and engagement. 30 Table of Contents Factors Affecting the Business Overall economic trends, foreign currency exchange volatility, and other factors impacting the business Our sales and profits vary from market to market depending on general economic factors, including GDP growth; consumer preferences; foreign currency exchange rates; political and social conditions; local demographic characteristics (such as population growth); the number of years we have operated in a particular Item 1. Business General PriceSmart was founded in 1996 by Sol and Robert Price, the creators of Price Club, the original warehouse club operator. The mission of PriceSmart is to operate its warehouse club business in Central America, the Caribbean and South America at operating standards as good as, or superior to, warehouse club operations in the United States. As of August 31, 2025, we had 56 warehouse clubs in operation in Central America, the Caribbean and Colombia. In addition, we are continuing to advance our planned expansion into Chile, which we believe is a promising new market for our business model. We believe PriceSmart has become one of the most respected and trusted brands in the countries where we operate and with over two million membership accounts, and almost four million cardholders, we believe PriceSmart is an essential part of the shopping experience for consumers and small businesses in PriceSmart\u2019s markets. PriceSmart sources approximately half of its merchandise from suppliers within Latin America and the Caribbean, with the balance of merchandise sourced throughout the rest of the world. Product selection includes basic consumable merchandise for consumers and businesses, \u201cMember\u2019s Selection\u00ae\u201d private label merchandise and consumable and non-consumable products that are often not otherwise available in our markets. PriceSmart continually focuses on innovation. In recent years, PriceSmart has added optical, audiology, and pharmacy services in many of its locations. Beyond in-club shopping, our Members can shop via our mobile app or online at PriceSmart.com, both of which offer home delivery and curbside pickup via its Click & Go\u00ae service. PriceSmart is making significant investments in technology to both improve the digital shopping experience for its Members and to enhance operating efficiencies in its supply chain and the back office. We seek to be an outstanding place to work and provide safe and pleasant working environments for ou Item 1A. Risk Factors In evaluating the Company\u2019s business, you should consider the following discussion of risk factors, in addition to other information contained in this report and in the Company\u2019s other public filings with the U.S. Securities and Exchange Commission. Any such risks could materially and adversely affect our business, results of operatio", "title": "PSMT - PRICESMART INC", "url": "/company/PSMT/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001070081; latest 10-K filed 2026-02-19.", "text": "PTCT - PTC THERAPEUTICS, INC. SIC 2834 Pharmaceutical Preparations; CIK 0001070081; latest 10-K filed 2026-02-19. PTCT PTC THERAPEUTICS, INC. 0001070081 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis is meant to provide material information relevant to an assessment of the financial condition and results of operations of our company, including an evaluation of the amounts and certainty of cash flows from operations and from outside resources, so as to allow investors to better view our company from management\u2019s perspective. The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and the notes to those financial statements appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve significant risks and uncertainties. As a result of many factors, such as those set forth in Part I, Item 1A. Risk Factors, of this Annual Report on Form 10-K, our actual results may differ materially from those anticipated in these forward-looking statements. We are a global biopharmaceutical company dedicated to the discovery, development and commercialization of clinically differentiated medicines for children and adults living with rare disorders. We are advancing a robust and diversified pipeline of transformative medicines as part of our mission to provide access to best-in-class treatments for patients with unmet medical needs. Our strategy is to leverage our scientific expertise and global commercial infrastructure to optimize value for our patients and other stakeholders. We believe that this allows us to maximize value for all of our stakeholders. We have a diversified therapeutic portfolio that includes several commercial products and product candidates in various stages of development, including clinical, pre-clinical and research and discovery stages, focused on the development of new treatments for multiple therapeutic areas for rare diseases relating to neurology and metabolism. We have developed Sephience\u2122 (sepiapterin), a product for the treatment of phenylketonuria, or PKU, a rare inherited metabolic disease characterized by the body\u2019s inability to break down an essential amino acid called phenylalanine, and which can result in neurological and other symptoms. In June 2025, Sephience was granted marketing authorization by the European Commission, or EC, for the treatment of children and adults living with PKU within the European Economic 105 Table of Contents Area, or EEA. In July 2025, Sephience was approved by the U.S. Food and Drug Administration, or FDA, for the treatment of pediatric and adult patients living with PKU in the United States age one month and above. In December 2025, Sephience was approved by the Japanese Ministry of Health, Labor and Welfare, or MHLW, for the treatment of children and adults living with PKU. In February 2026, Sephience was approved by ANVISA, the Brazilian health regulatory authority, for the treatment of children and adults living with PKU in Brazil. Sephience is also approved in additional geographies. During the year ended December 31, 2025, we recognized $111.2 million in net product revenues for Sephience. We have two products, Translarna\u2122 (ataluren) and Emflaza\u00ae (deflazacort), for the treatment of Duchenne muscular dystrophy, or DMD, a rare, life threatening disorder. While Translarna previously had conditional approval in the EEA, in March 2025, the European Commission, or EC, adopted the negative opinion of the Committee of Medicinal Products for Human Use, or CHMP, of the European Medicines Agency, or EMA, to not renew the conditional marketing authorization of Translarna for the treatment of nmDMD. However, the EC indicated that individual countries within the European Union, or EU, can leverage Articles 117(3) and 5(1) of the EU Directive 2001/83 to allow continued commercial use of Translarna. Translarna has marketing authorization in additional geographies outside of the EEA, though the EC adoption o Item 1. Business Overview We are a global biopharmaceutical company dedicated to the discovery, development and commercialization of clinically differentiated medicines for children and adults living with rare disorders. We are advancing a robust and diversified pipeline of transformative medicines as part of our mission to provide access to best-in-class treatments for patients with unmet medical needs. Our strategy is to leverage our scientific expertise and global commercial infrastructure to optimize value for our patients and other stakeholders. Our Pipeline We have a diversified therapeutic portfolio that includes several commercial products and product candidates in various stages of development, including discovery, research and clinical stages, focused on the development of new treatments for multiple therapeutic areas for rare diseases relating to neurology and metabolism. The disclosure below summarizes the status of our significant commercial products and clinical-stage programs as of the date of this report, including those with our strategic partners: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Global Commercial Footprint\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"o\",\"SephienceTM (sepiapterin) \\u2013 Sephience is our product for the treatment of adult and pediatric patients with phenylketonuria, or PKU, a rare, inherited metabolic disease, characterized by the body's inability to break down an essential amino acid called phenylalanine, or Phe, which can result in neurological and other symptoms. Through its novel dual mechanism of action, Sephience is able to effectively reduce blood Phe levels and has the potential to treat a broad range of PKU patients. Sephience is approved in the United States, European Economic Area, or EEA, Japan and additional geographies.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"o\",\"Global DMD Franchise \\u2013 We have two products, TranslarnaTM (ataluren) and Emflaza\\u00ae (deflazacort), for the treatment of Duchenne Item 1A. Risk Factors The following risk factors and other information included in this Annual Report on Form 10-K should be carefully considered. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we presently deem less significant may ", "title": "PTCT - PTC THERAPEUTICS, INC.", "url": "/company/PTCT/" }, { "kind": "company", "summary": "SIC 1381 Drilling Oil & Gas Wells; CIK 0000889900; latest 10-K filed 2026-02-10.", "text": "PTEN - PATTERSON UTI ENERGY INC SIC 1381 Drilling Oil & Gas Wells; CIK 0000889900; latest 10-K filed 2026-02-10. PTEN PATTERSON UTI ENERGY INC 0000889900 1381 Drilling Oil & Gas Wells Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management Overview \u2014 We are a Houston, Texas-based leading provider of drilling and completion services to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling services, integrated well completion services and directional drilling services in the United States, and specialized drill bit solutions in the United States, Middle East and many other regions around the world. We operate under three reportable business segments: (i) drilling services, (ii) completion services, and (iii) drilling products. Drilling Services Our contract drilling business operates in the continental United States and internationally in Colombia and Ecuador and, from time to time, we pursue contract drilling opportunities in other select markets. We also provide a comprehensive suite of directional drilling services in most major producing onshore oil and natural gas basins in the United States, and we provide services that improve the statistical accuracy of wellbore placement for directional and horizontal wells. We also provide electrical controls and automation to the energy, marine and mining industries, in North America and other select markets. 33 We have addressed our customers\u2019 needs for drilling horizontal wells in shale and other unconventional resource plays by improving the capabilities of our drilling fleet. The U.S. land rig industry has in recent years referred to certain high specification rigs as \u201csuper-spec\u201d rigs, which we consider to be at least a 1,500 horsepower, AC-powered rig that has at least a 750,000-pound hookload, a 7,500-psi circulating system, and is pad-capable. Due to evolving customer preferences, we refer to certain premium rigs as \u201cTier-1, super spec\u201d rigs, which we consider as being a super-spec rig that also has a third mud pump and raised drawworks that allows for more clearance underneath the rig floor. As of December 31, 2025, our rig fleet included 137 Tier-1, super-spec rigs marketed. Completion Services Our well completion services business consists of services for hydraulic fracturing, wireline and pumping, completion support, and cementing. It also includes our power solutions natural gas fueling business and our proppant last mile logistics and storage business. Our completion services business operates in several of the most active basins in the continental United States including the Permian, the Marcellus Shale/Utica, the Eagle Ford, Mid-Continental, Haynesville, and the Bakken/Rockies. To address customer demand for lower-emission and more cost efficient operations, we continue to expand our portfolio of natural gas-powered solutions, including electric, direct drive, and dual fuel pumps, to replace legacy diesel completion services equipment. We are also advancing our Vertex\u2122 fully automated, closed-loop completions process, a component of our proprietary digital completions management platform, eos\u2122, which offers our customers the opportunity for greater operational efficiency, lower costs, and improved performance, while laying the foundation for integrating AI-driven reservoir technologies. Drilling Products We serve the energy and mining markets by manufacturing and distributing drill bits and downhole tools throughout North America and internationally in over 30 countries. Our drilling equipment is used in oil and natural gas exploration and production and in geothermal and mining operations. We have manufacturing and repair facilities located in Fort Worth, Texas, Leduc, Alberta and Saudi Arabia and repair facilities located in Argentina, Colombia and Oman. Recent Developments in Market Conditions and Outlook \u2014 Commodity prices have historically been volatile but were relatively range-bound from the end of 2022 through the first quarter of 2025. The current demand for equipment and services remains impacted by m Item 1. Business Available Information This Report, along with our Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, are available free of charge through our internet website (www.patenergy.com) as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. The information contained on our website is not part of this Report or other filings that we make with the SEC. The SEC maintains an internet site (www.sec.gov) that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC. Overview We are a Houston, Texas-based leading provider of drilling and completion services to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling services, integrated well completion services and directional drilling services in the United States, and specialized drill bit solutions in the United States, Middle East and many other regions around the world. We operate under three reportable business segments: (i) drilling services, (ii) completion services, and (iii) drilling products. Drilling Services Our contract drilling business operates in the continental United States and internationally in Colombia and Ecuador and, from time to time, we pursue contract drilling opportunities in other select markets. We also provide a comprehensive suite of directional drilling services in most major producing onshore oil and natural gas basins in the United States, and we provide services that improve the statistical accuracy of wellbore placement for directional and horizontal wells. We also provide electrical controls and automation to the energy, marine and mining industries, in North America and other select markets. Completion Services Our well completion services business cons Item 1A. Risk Factors. You should consider each of the following factors as well as the other information in this Report in evaluating our business and our prospects. Additional risks and uncertainties not presently known to us or that we currently consider immaterial may also impair our business operations. If any of the following ", "title": "PTEN - PATTERSON UTI ENERGY INC", "url": "/company/PTEN/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001377121; latest 10-K filed 2026-02-25.", "text": "PTGX - Protagonist Therapeutics, Inc SIC 2834 Pharmaceutical Preparations; CIK 0001377121; latest 10-K filed 2026-02-25. PTGX Protagonist Therapeutics, Inc 0001377121 2834 Pharmaceutical Preparations Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u200b OVERVIEW We are an integrated discovery and development company with a validated technology platform. Our programs fall into three broad therapeutic areas: (i) inflammation and immunology (\u201cI&I\u201d), (ii) hematology and (iii) metabolic diseases. Our aim is to develop medicines for biologically and commercially validated targets which demonstrate a strong differentiation compared to existing therapies. Our Development Products and Discovery Programs Icotyde\u2122 (icotrokinra) Icotyde\u2122 (icotrokinra) is a first-in-class investigational targeted oral peptide that selectively blocks the Interleukin-23 receptor (\u201cIL-23R\u201d), which underpins the inflammatory response in psoriasis and offers potential in other IL-23-mediated diseases. Icotyde is licensed to Janssen Biotech, Inc., a Johnson & Johnson company (\u201cJNJ\u201d), under a license and collaboration agreement initially entered into in 2017. Following Icotyde\u2019s joint discovery by Protagonist and JNJ scientists, pursuant to the license and collaboration agreement, we were primarily responsible for the development of Icotyde through Phase 1, with JNJ assuming responsibility for development in Phase 2 and beyond. In July 2025 and September 2025, respectively, JNJ submitted a New Drug Application (\u201cNDA\u201d) to the U.S. Food and Drug Administration (\u201cFDA\u201d) and an application to the European Medicines Agency (\u201cEMA\u201d) seeking the first approval of Icotyde for the treatment of adults and pediatric patients 12 years of age and older with moderate-to-severe plaque psoriasis. JNJ has disclosed that it expects to launch Icotyde in the United States in 2026, subject to regulatory approval. Rusfertide Rusfertide is a first-in-class investigational injectable mimetic of the natural hormone hepcidin in development for the treatment of the rare blood disorder polycythemia vera (\u201cPV\u201d). We discovered rusfertide, advanced it into Phase 3 development, and in early 2024 entered into a co-development and co-commercialization arrangement with Takeda Pharmaceuticals, Inc. (\u201cTakeda\u201d) under a license and collaboration agreement entered into in January 2024. We remained primarily responsible for clinical development activities through rusfertide\u2019s NDA filing for the treatment of erythrocytosis in patients with PV, which we and Takeda submitted in December 2025. Rusfertide has also received Orphan Drug status, Fast Track designation and, in August 2025, Breakthrough Therapy designation (\u201cBTD\u201d). BTD is a process designed to expedite the development and review of drugs that are intended to treat a serious condition, and preliminary clinical evidence indicates that the drug may demonstrate substantial improvement over available therapies. BTD also provides eligibility for priority NDA review, and Orphan Drug status qualifies sponsors for various incentives, including the potential for extended market exclusivity. Takeda has disclosed that it expects to launch rusfertide in the second half of 2026, subject to regulatory approval. IL-17 Program PN-881. We are developing PN-881, a potential best-in-class oral peptide IL-17 antagonist, for the treatment of immune-mediated skin diseases. PN-881 targets three IL-17 dimers (IL-17 AA, AF and FF), and may offer potential treatment options for plaque psoriasis, psoriatic arthritis (\u201cPsA\u201d), hidradenitis suppurativa (\u201cHS\u201d), and spondyloarthritis. In October 2025, the first human subject was dosed in our Phase 1 trial of PN-881 (ClinicalTrials.gov identifier NCT07153146) evaluating its safety, tolerability, pharmacokinetics and pharmacodynamics in healthy adults. Results of the PN-881 Phase 1 study are expected to inform the design and dosing in a subsequent dose-ranging psoriasis trial. We expect to complete the Phase 1 study in mid-2026 and initiate a Phase 2 study of PN-881 in psoriasis by the end of 2026. 61 Table of Contents Obesity Program PN-477. In June 2025, we nominated PN-4 Item 1.Business OVERVIEW Protagonist Therapeutics, Inc. (referred to as \u201cProtagonist,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d) is an integrated discovery and development company with a validated technology platform. Our programs fall into three broad therapeutic areas: (i) inflammation and immunology (\u201cI&I\u201d), (ii) hematology and (iii) metabolic diseases. Our aim is to develop medicines for biologically and commercially validated targets which demonstrate a strong differentiation compared to existing therapies. Our Development Products and Discovery Programs Icotyde\u2122 (icotrokinra) Icotyde\u2122 (icotrokinra) is a first-in-class investigational targeted oral peptide that selectively blocks the Interleukin-23 receptor (\u201cIL-23R\u201d), which underpins the inflammatory response in psoriasis and offers potential in other IL-23-mediated diseases. Icotyde is licensed to Janssen Biotech, Inc., a Johnson & Johnson company (\u201cJNJ\u201d), under a license and collaboration agreement initially entered into in 2017. Following Icotyde\u2019s joint discovery by Protagonist and JNJ scientists, pursuant to the license and collaboration agreement, we were primarily responsible for the development of Icotyde through Phase 1, with JNJ assuming responsibility for development in Phase 2 and beyond. In July 2025 and September 2025, respectively, JNJ submitted a New Drug Application (\u201cNDA\u201d) to the U.S. Food and Drug Administration (\u201cFDA\u201d) and an application to the European Medicines Agency (\u201cEMA\u201d) seeking the first approval of Icotyde for the treatment of adults and pediatric patients 12 years of age and older with moderate-to-severe plaque psoriasis. JNJ has disclosed that it expects to launch Icotyde in the United States in 2026, subject to regulatory approval. Rusfertide Rusfertide is a first-in-class investigational injectable mimetic of the natural hormone hepcidin in development for the treatment of the rare blood disorder polycythemia vera (\u201cPV\u201d). We discovered rusfertide, advanced it into Phase 3 deve Item 1A.Risk Factors In evaluating our business, you should carefully consider the following discussion of material risks, events and uncertainties that make an investment in us speculative or risky in addition to the other information included in this Annual Report. A manifestation of any of the following risks and un", "title": "PTGX - Protagonist Therapeutics, Inc", "url": "/company/PTGX/" }, { "kind": "company", "summary": "SIC 3949 Sporting & Athletic Goods, NEC; CIK 0001639825; latest 10-K filed 2025-08-07.", "text": "PTON - PELOTON INTERACTIVE, INC. SIC 3949 Sporting & Athletic Goods, NEC; CIK 0001639825; latest 10-K filed 2025-08-07. PTON PELOTON INTERACTIVE, INC. 0001639825 3949 Sporting & Athletic Goods, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. As discussed in the section titled \"Special Note Regarding Forward Looking Statements,\" the following discussion and analysis contains forward looking statements that involve risks, uncertainties, assumptions, and other important factors that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and those discussed in the section titled \"Risk Factors\" in Part I, Item 1A of this Annual Report on Form 10-K. A discussion of our results of operations for our fiscal year ended June 30, 2024 compared to the year ended June 30, 2023 is included our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the SEC on August 22, 2024 (File No. 001-39058) under the heading \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d Overview Peloton is a leading global fitness and wellness company that empowers its Members to live fit, strong, long, and happy by providing fitness and wellness products and services they can use anytime, anywhere. We have a highly engaged community of approximately 6 million Members as of June 30, 2025, across the United States, United Kingdom, Canada, Germany, Australia, and Austria. As a category innovator at the nexus of fitness and wellness, technology, and media, we deliver experiences through our world-renowned Instructors, premium hardware and innovative software, personalization, and extensive modalities and content formats. Founded in 2012 and headquartered in New York City, Peloton aims to scale across the markets in which it operates. We define a \u201cMember\u201d as any individual who has a Peloton account through a paid Connected Fitness Subscription or a paid App Subscription, inclusive of the Peloton App+, App One and Strength+ Memberships (our \u201cPeloton Apps\u201d), and engages in one or more workouts in the trailing 12-month period. We define workout engagement as either (i) completing the lesser of 50% or 10 minutes of Instructor-led classes, Scenic, and Lanebreak workouts; (ii) at least 10 minutes of any activity tracking workout (such as \u201cJust Ride,\u201d \u201cJust Run,\u201d or \u201cJust Row\u201d) or Entertainment workout; or (iii) at least 5 minutes of any Strength+ workout with 80% of sets marked complete. Our Connected Fitness Products portfolio includes the Peloton Bike, Bike+, Tread, Tread+, Guide, Row and various Precor products. Access to the Peloton Apps is available with an All-Access or Guide Membership for Members who have Connected Fitness Products or through a standalone App Membership (App+, App One, or Strength+). Access to the Strength+ App is available with an All-Access, Guide, or App+ Membership or through a standalone Strength+ subscription. Our revenue is generated primarily from recurring Subscription revenue and the sale of our Connected Fitness Products. We define a \u201cPaid Connected Fitness Subscription\u201d as a person, household, or commercial property, such as a hotel or residential building, that has paid for a subscription to a Connected Fitness Product (a Connected Fitness Subscription with a successful credit card billing or with prepaid subscription credits or waivers). \u201cPaid App Subscriptions\u201d include all subscriptions to our Peloton Apps for which we currently receive payment. Our financial profile has been characterized by strong retention, recurring revenue, and efficient customer acquisition. We believe that our low Average Net Monthly Paid Connected Fitness Subscription Churn, together wit Item 1. Business Overview Peloton is a leading global fitness and wellness company that empowers its Members to live fit, strong, long, and happy by providing fitness and wellness products and services they can use anytime, anywhere. We have a highly engaged community of approximately 6 million Members as of June 30, 2025, across the United States, United Kingdom, Canada, Germany, Australia, and Austria. As a category innovator at the nexus of fitness and wellness, technology, and media, we deliver experiences through our world-renowned Instructors, premium hardware and innovative software, personalization, and extensive modalities and content formats. Founded in 2012 and headquartered in New York City, Peloton aims to scale across the markets in which it operates. We define a \u201cMember\u201d as any individual who has a Peloton account through a paid Connected Fitness Subscription or a paid App Subscription, inclusive of the Peloton App+, App One and Strength+ Memberships (our \u201cPeloton Apps\u201d), and engages in one or more workouts in the trailing 12-month period. We define workout engagement as either (i) completing the lesser of 50% or 10 minutes of Instructor-led classes, Scenic, and Lanebreak workouts; (ii) at least 10 minutes of any activity tracking workout (such as \u201cJust Ride,\u201d \u201cJust Run,\u201d or \u201cJust Row\u201d) or Entertainment workout; or (iii) at least 5 minutes of any Strength+ workout with 80% of sets marked complete. We define a \u201cPaid Connected Fitness Subscription\u201d as a person, household, or commercial property, such as a hotel or residential building, that has paid for a subscription to a Connected Fitness Product (a Connected Fitness Subscription with a successful credit card billing or with prepaid subscription credits or waivers). \u201cPaid App Subscriptions\u201d include all App+, App One, or Strength+ subscriptions for which we currently receive payment. Our Connected Fitness Products We provide Members with expert instruction and world-class content to create impact Item 1A. Risk Factors Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and ", "title": "PTON - PELOTON INTERACTIVE, INC.", "url": "/company/PTON/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0000901491; latest 10-K filed 2026-02-26.", "text": "PZZA - PAPA JOHNS INTERNATIONAL INC SIC 5812 Retail-Eating Places; CIK 0000901491; latest 10-K filed 2026-02-26. PZZA PAPA JOHNS INTERNATIONAL INC 0000901491 5812 Retail-Eating Places Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Introduction and Overview The following Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) should be read in conjunction with the Consolidated Financial Statements in Item 8. Financial Statements and Supplementary Data and the Risk Factors set forth in Item 1A. Risk Factors. This section of this Annual Report on Form 10-K generally discusses fiscal 2025 and 2024 items and year-to-year comparisons between the years ended December 28, 2025 and December 29, 2024. Discussion of 2023 items and year-to-year comparisons between the years ended December 29, 2024 and December 31, 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 29, 2024. Our fiscal year ends on the last Sunday in December of each year. All fiscal years presented consist of 52 weeks except for the 2023 fiscal year, which consisted of 53 weeks. Papa John\u2019s International, Inc. (referred to as the \u201cCompany,\u201d \u201cPapa John\u2019s,\u201d \u201cPapa Johns\u201d or in the first-person notations of \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d) began operations in 1984. At December 28, 2025, there were 6,083 Papa Johns restaurants in operation, consisting of 475 Company-owned and 5,608 franchised restaurants. Our revenues are derived from retail sales of pizza and other food and beverage products to the general public by Company-owned restaurants, franchise royalties and sales of franchise and development rights. Additionally, we generate revenue from sales to franchisees of various items including food and paper products from our North America Quality Control Centers (\u201cQC Centers\u201d) and operation of our International QC Center in the United Kingdom, contributions received by Papa John\u2019s Marketing Fund, Inc. (\u201cPJMF\u201d) which is our national marketing fund, and fees related to the use of information systems equipment as well as software and related services. We believe that in addition to supporting both Company and franchised profitability and growth, these activities contribute to product quality and consistency throughout the Papa Johns system. In discussions of our business, \u201cDomestic\u201d is defined as within the contiguous United States, \u201cNorth America\u201d includes Domestic and Canada, and \u201cInternational\u201d includes the rest of the world other than North America. Recent Developments and Trends In 2025, we remained focused on executing our strategic priorities as we position the business for long-term success amidst a challenging and softer consumer environment in North America and a dynamic market internationally. We continued to steer our efforts and investments towards initiatives that improve our value perception and enhance the customer journey across our digital platforms to increase conversion and reduce friction within the customer experience. Our key areas of focus include: Marketing strategy: We continued investments in our messaging to showcase our BETTER INGREDIENTS. BETTER PIZZA\u00ae platform by highlighting our six simple ingredients, fresh, never frozen original dough and the craftsmanship behind the products we serve, which we believe are key differentiators of our brand. We also sharpened our value perception with limited-time promotional offers while continuing to emphasize our Papa Pairings mix and match platform. We plan to maintain a compelling value proposition while staying true to our premium positioning and layering in exciting menu innovation to expand our addressable market and strengthen our barbell strategy. We spent an incremental $21 million in marketing investments throughout 2025 compared with 2024, including investments in our customer relationship management platform and our loyalty program. This incremental investment aided in ensuring a strong presence nationally as well as in key regional and local markets wh Item 1. Business General Papa John\u2019s International, Inc., a Delaware corporation (referred to as the \u201cCompany,\u201d \u201cPapa John\u2019s,\u201d \u201cPapa Johns\u201d or in the first person notations of \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d), operates and franchises pizza delivery and carryout restaurants and, in certain international markets, dine-in and delivery restaurants under the trademark \u201cPapa Johns.\u201d Papa Johns began operations in 1984. At December 28, 2025, there were 6,083 Papa Johns restaurants in operation, consisting of 475 Company-owned and 5,608 franchised restaurants operating in 50 countries and territories. In discussions of our business, \u201cDomestic\u201d is defined as within the contiguous United States, \u201cNorth America\u201d includes Domestic and Canada, and \u201cInternational\u201d includes the rest of the world other than North America. Strategy We are committed to delivering on our brand promise \u201cBETTER INGREDIENTS. BETTER PIZZA.\u00ae\u201d and we believe our business strategy is designed to drive sustainable long-term, profitable growth. As Papa Johns transforms the business to accelerate profitable growth across its restaurant system, we are focused on the following strategic priorities: Focusing on our core product proposition and improving innovation across the barbell. Traditional, superior-quality pizza is the foundation of our success, and accelerating product innovations that expand beyond pizza and complement our core offerings is key to attracting a broad customer base and expanding our addressable market. Consumers know us for BETTER INGREDIENTS. BETTER PIZZA. and we need to deliver on this promise consistently, every day, to every customer, across every restaurant. Amplifying our marketing message to drive customer consideration and call to action across target segments by emphasizing quality and value. Our approach will leverage our individualized knowledge of our customers and vast consumer data to create more personalized offers, differentiate our brand through creativity and disruption and may Item 1A. Risk Factors We are subject to risks that could have a negative effect on our business, financial condition and results of operations. These risks could cause actual operating results to differ from those expressed in certain \u201cforward-looking statements\u201d contained in this Form 10-K as well as in other Company communica", "title": "PZZA - PAPA JOHNS INTERNATIONAL INC", "url": "/company/PZZA/" }, { "kind": "company", "summary": "SIC 2835 In Vitro & In Vivo Diagnostic Substances; CIK 0001906324; latest 10-K filed 2026-02-19.", "text": "QDEL - QuidelOrtho Corp SIC 2835 In Vitro & In Vivo Diagnostic Substances; CIK 0001906324; latest 10-K filed 2026-02-19. QDEL QuidelOrtho Corp 0001906324 2835 In Vitro & In Vivo Diagnostic Substances Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve material risks and uncertainties. This discussion should be read in conjunction with the section entitled \u201cFuture Uncertainties and Forward-Looking Statements\u201d on page 4 and the \u201cRisk Factors\u201d starting on page 26 of this Annual Report. In addition, our discussion of QuidelOrtho\u2019s financial condition 54 and results of operations in this Item 7 should be read in conjunction with our Consolidated Financial Statements and the related Notes included elsewhere in this Annual Report. Overview Our vision is to advance diagnostics to power a healthier future. With our expertise in immunoassay and molecular testing, clinical chemistry and transfusion medicine, we aim to support clarity for clinicians and patients to help create better health outcomes. Our global infrastructure and commercial reach support our customers across more than 140 countries and territories with quality diagnostics, a broad test portfolio and market-leading service. We operate globally with manufacturing facilities in the U.S., U.K. and China and with sales centers, administrative offices and warehouses located throughout the world. We manage our business geographically to better align with the market dynamics of the specific geographic regions in which we operate, with our reportable segments being North America, EMEA, China, JPAC and Latin America. We generate our revenue in the following business units: Labs, Transfusion Medicine (Immunohematology and Donor Screening product categories), Point of Care and Molecular Diagnostics. We also generate non-core revenue, including through our contract manufacturing business and certain business collaborations, which accounted for $112.9 million, $94.2 million and $125.0 million for fiscal years ended 2025, 2024 and 2023, respectively. For fiscal year ended 2025, Total revenues decreased by 2% to $2,730.2 million as compared to the prior year. For fiscal year ended 2024, Total revenues decreased by 7% to $2,782.9 million as compared to the prior year. These decreases were primarily driven by variability of our U.S. respiratory products, mainly due to a decrease in COVID-19 revenues, partially offset by an increase in flu revenues. Currency exchange rates did not significantly impact our growth rate for fiscal year ended 2025. Currency exchange rates had an unfavorable impact of approximately 60 basis points on our growth rate for fiscal year ended 2024. Our revenues can be highly concentrated over a small number of products, including certain of our respiratory products. For fiscal years ended 2025, 2024 and 2023, revenues related to our respiratory products accounted for approximately 15%, 18% and 24% of our Total revenues, respectively. The respiratory products revenue included revenue related to COVID-19 of $80.2 million, $184.9 million and $409.1 million for fiscal years ended 2025, 2024 and 2023, respectively. Wind-Down of U.S. Donor Screening Portfolio In February 2024, we initiated a wind-down plan to transition out of the U.S. donor screening portfolio. Specifically, we are winding-down the VIP platform and microplate assays, which are only sold in the U.S. and have a lower growth and margin profile. This wind-down will not affect any donor screening portfolio outside of the U.S. While we wind-down this U.S. donor screening portfolio, we will continue to support our existing customers and honor our contractual commitments. The winding-down of the U.S. donor screening portfolio, as compared to the prior years, contributed to the decline in revenue with a margin lower than our overall margin. Refer to Part II, Item 8, \u201cFinancial Statements and Supplementary Data\u2014Note 3. Revenue\u201d for more information. The wind-down Item 1. Business All references to \u201cthe Company,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d in this Annual Report refer to QuidelOrtho Corporation (\u201cQuidelOrtho\u201d) and its subsidiaries. References to \u201cfiscal year ended 2025,\u201d \u201cfiscal year ended 2024\u201d and \u201cfiscal year ended 2023\u201d in this Annual Report refer to the Company\u2019s fiscal years ended December 28, 2025, December 29, 2024 and December 31, 2023, respectively. Refer to the Summary of Abbreviated Terms at the end of this Annual Report for definitions of terms used throughout this Annual Report. Overview Our vision is to advance diagnostics to power a healthier future. With our expertise in immunoassay and molecular testing, clinical chemistry and transfusion medicine, we aim to support clarity for clinicians and patients to help create better health outcomes. Our global infrastructure and commercial reach support our customers across more than 140 countries and territories with quality diagnostics, a broad test portfolio and market-leading service. We operate globally with manufacturing facilities in the U.S., U.K. and China and with sales centers, administrative offices and warehouses located throughout the world. We currently sell our products directly to end users through a direct sales force and through a network of distributors, for professional use in physician offices, hospitals, clinical laboratories, reference laboratories, urgent care clinics, universities, retail clinics, pharmacies, wellness screening centers, other POC settings, blood banks and donor centers, as well as for individual, non-professional, OTC use. We manage our business geographically to better align with the market dynamics of the specific geographic regions in which we operate, with our reportable segments being North America, EMEA, China, JPAC and Latin America. We generate our revenue in the following business units: Labs, Transfusion Medicine (Immunohematology and Donor Screening product categories), Point of Care and Molecular Diagnostics. We als Item 1A. Risk Factors In addition to the other information contained in this Annual Report and the exhibits hereto, the following risk factors should be considered carefully in evaluating our business. The risks and uncertainties described below are not the only risks and uncertainties that we face. Moreover, so", "title": "QDEL - QuidelOrtho Corp", "url": "/company/QDEL/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001117297; latest 10-K filed 2025-08-21.", "text": "QNST - QUINSTREET, INC SIC 7389 Services-Business Services, NEC; CIK 0001117297; latest 10-K filed 2025-08-21. QNST QUINSTREET, INC 0001117297 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the consolidated financial statements and the notes thereto included elsewhere in this report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this report, particularly in the sections titled \u201cCautionary Note on Forward-Looking Statements\u201d and \u201cRisk Factors.\u201d Management Overview We are a leader in performance marketplaces and technologies for the financial services and home services industries. We specialize in customer acquisition for clients in high value, information-intensive markets or \u201cverticals,\u201d including financial services and home services. Our clients include some of the world\u2019s largest companies and brands in those markets. The majority of our operations and revenue are in North America. We deliver measurable and cost-effective marketing results to our clients, typically in the form of qualified inquiries such as clicks, leads, calls, applications, or customers. Clicks, leads, calls, and applications can then convert into a customer or sale for clients at a rate that results in an acceptable marketing cost to them. We are typically paid by clients when we deliver qualified inquiries in the form of clicks, leads, calls, applications, or customers, as defined by our agreements with them. References to the delivery of customers means a sale or completed customer transaction (e.g., funded loans or customer appointments with clients). Because we bear the costs of media, our programs must result in attractive marketing costs to our clients at media costs and margins that provide sound financial outcomes for us. To deliver clicks, leads, calls, applications, and customers to our clients, generally we: \u2022 own or access targeted media through business arrangements (e.g., revenue sharing arrangements with online publisher partners, large and small) or by purchasing media (e.g., clicks from major search engines); \u2022 run advertisements or other forms of marketing messages and programs in that media that result in consumer or visitor responses, typically in the form of clicks (by a consumer to further qualification or matching steps, or to online client applications or offerings), leads (e.g., consumer contact information), calls (from a consumer or to a consumer by our owned and operated or contracted call centers or by that of our clients or their agents), applications (e.g., for enrollment or a financial product), or customers (e.g., funded personal loans); \u2022 continuously seek to display clients and client offerings to visitors or consumers that result in the maximum number of consumers finding solutions that can meet their needs and to which they will take action to respond, resulting in media buying efficiency (e.g., by segmenting media or traffic so that the most appropriate clients or client offerings can be displayed or \u201cmatched\u201d to each segment based on fit, response rates or conversion rates); and \u2022 through technology and analytics, seek to optimize combination of objectives to satisfy the maximum number of shopping or researching visitors or consumers, deliver on client marketing objectives, effectively compete for online media, and generate a sound financial outcome for us. Our primary financial objective has been and remains creating revenue growth from sustainable sources, at target levels of profitability. Our primary financial objective is not to maximize short-term profits, but rather to achieve target levels of profitability while investing in various growth initiatives, as we continue to believe we are in the early stages of Item 1. Business Our Company We are a leader in performance marketplaces and technologies for the financial services and home services industries. Our approach to proprietary performance marketing technologies allows clients to engage high-intent digital media or traffic from a wide range of device types (e.g., mobile, desktop, tablet), in multiple formats or types of media (e.g., search engines, large and small media properties or websites, email), and in a wide range of cost-per-action, or CPA, forms. These forms of contact are the primary \u201cproducts\u201d we sell to our clients, and include qualified clicks, leads, calls, applications and customers. We specialize in customer acquisition for clients in high value, information-intensive markets, or \u201cverticals,\u201d including financial services and home services. Our clients include some of the world\u2019s largest companies and brands in those markets. The majority of our operations and revenue are in North America. We generate revenue by delivering measurable online marketing results to our clients. The benefits to our clients include cost-effective and measurable customer acquisition costs, as well as management of highly targeted but also highly fragmented online media sources and access to our world-class proprietary technologies. We are predominantly paid on a negotiated or market-driven \u201cper click,\u201d \u201cper lead,\u201d or other \u201cper action\u201d basis that aligns with the customer acquisition cost targets of our clients. We bear the cost of paying Internet search companies, third-party media sources, strategic partners and other online media sources to generate qualified clicks, leads, calls, applications or customers for our clients. Our competitive advantages include our media buying power, proprietary technologies, extensive data and experience in performance marketing, and significant online media market share in the markets or verticals we serve. Our advantage in online media buying is key to our business model and comes from o Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below and the other information in this periodic report. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we are unaware of, or tha", "title": "QNST - QUINSTREET, INC", "url": "/company/QNST/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001604778; latest 10-K filed 2026-05-08.", "text": "QRVO - Qorvo, Inc. SIC 3674 Semiconductors & Related Devices; CIK 0001604778; latest 10-K filed 2026-05-08. QRVO Qorvo, Inc. 0001604778 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion should be read in conjunction with, and is qualified in its entirety by reference to, our audited consolidated financial statements, including the notes thereto, set forth in Part II, Item 8 of this report. Qorvo\u00ae is a global leader in the development and commercialization of technologies and products for wireless, wired and power markets. We design, develop, manufacture and market our products and solutions for leading U.S. and international OEMs and ODMs in three reportable operating segments: HPA, CSG and ACG. HPA is a leading global supplier of RF, analog mixed signal and power management solutions. CSG is a leading global supplier of connectivity solutions, with broad expertise spanning UWB, Matter, BLE, Zigbee, Thread, Wi-Fi and cellular solutions for the IoT. ACG is a leading global supplier of advanced cellular solutions for smartphones, wearables, laptops, tablets and other devices. Proposed Mergers On October 27, 2025, we entered into an Agreement and Plan of Merger (the \u201cMerger Agreement\u201d), by and among Skyworks Solutions, Inc., a Delaware corporation (\u201cSkyworks\u201d), the Company, Comet Acquisition Corp., a Delaware corporation and a wholly-owned subsidiary of Skyworks (\u201cMerger Sub I\u201d), and Comet Acquisition II, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Skyworks (\u201cMerger Sub II\u201d). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions specified therein, (i) Merger Sub I will merge with and into the Company (the \u201cFirst Merger\u201d), with the Company surviving the First Merger as a wholly-owned subsidiary of Skyworks (the \u201cSurviving Corporation\u201d), and (ii) immediately following the First Merger, and as the second step in a single integrated transaction with the First Merger, the Surviving Corporation will merge with and into Merger Sub II (the \u201cSecond Merger,\u201d and together with the First Merger, the \u201cMergers\u201d), with Merger Sub II continuing as the surviving entity in the Second Merger and a wholly-owned subsidiary of Skyworks. On February 5, 2026, Qorvo and Skyworks each received a Request for Additional Information and Documentary Material (the \u201cSecond Request\u201d) from the U.S. Federal Trade Commission (\u201cFTC\u201d) in connection with the transaction. The Second Request was issued under notification requirements of the HSR Act. The effect of the Second Request is to extend the waiting period imposed by the HSR Act until 30 days after Qorvo and Skyworks have each substantially complied with the Second Request it received, unless the waiting period is voluntarily extended by the parties or terminated sooner by the FTC. The stockholders of both Qorvo and Skyworks approved the Merger Agreement at each company's special meeting of stockholders on February 11, 2026. Consummation of the Mergers is subject to required regulatory approvals, including certain antitrust and foreign investment approvals, and the satisfaction of other customary closing conditions. We currently anticipate the Mergers will be completed early in calendar year 2027. The foregoing summary of the Merger Agreement and the transactions contemplated thereby does not purport to be complete and is subject to, and qualified in its entirety by, the Merger Agreement, which was filed as Exhibit 2.1 to our Current Report on Form 8-K filed on October 28, 2025. Refer to Note 2 of the Notes to Consolidated Financial Statements for additional information regarding the transaction. 41 Table of Contents Fiscal 2026 Overview \u2022Revenue decreased 1.1% in fiscal 2026 to $3,678.5 million, compared to $3,719.0 million in fiscal 2025, resulting from decreases in ACG and CSG revenue, partially offset by an increase in HPA revenue. \u2022Gross margin for fiscal 2026 was 45.9%, compared to 41.3% in fiscal 2025, driven by our strategy within the ACG segment to reduce exposure to lower margin, mass-mar ITEM 1. BUSINESS. Company Overview Qorvo\u00ae is a global leader in the development and commercialization of technologies and products for wireless, wired and power markets. We are organized into three operating and reportable segments that align our technologies and applications with customers and end markets: High Performance Analog (\"HPA\"), Connectivity and Sensors Group (\"CSG\") and Advanced Cellular Group (\"ACG\"). HPA is a leading global supplier of radio frequency (\"RF\"), analog mixed signal and power management solutions. CSG is a leading global supplier of connectivity solutions, with broad expertise spanning ultra-wideband (\"UWB\"), Matter\u00ae, Bluetooth\u00ae Low Energy (\"BLE\"), Zigbee\u00ae, Thread\u00ae, Wi-Fi\u00ae and cellular solutions for the Internet of 4 Table of Contents Things (\"IoT\"). ACG is a leading global supplier of advanced cellular solutions for smartphones, wearables, laptops, tablets and other devices. Proposed Mergers On October 27, 2025, we entered into an Agreement and Plan of Merger (the \u201cMerger Agreement\u201d), by and among Skyworks Solutions, Inc., a Delaware corporation (\u201cSkyworks\u201d), the Company, Comet Acquisition Corp., a Delaware corporation and a wholly-owned subsidiary of Skyworks (\u201cMerger Sub I\u201d), and Comet Acquisition II, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Skyworks (\u201cMerger Sub II\u201d). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions specified therein, (i) Merger Sub I will merge with and into the Company (the \u201cFirst Merger\u201d), with the Company surviving the First Merger as a wholly-owned subsidiary of Skyworks (the \u201cSurviving Corporation\u201d), and (ii) immediately following the First Merger, and as the second step in a single integrated transaction with the First Merger, the Surviving Corporation will merge with and into Merger Sub II (the \u201cSecond Merger,\u201d and together with the First Merger, the \u201cMergers\u201d), with Merger Sub II continuing as the surviving entity in the Se ITEM 1A. RISK FACTORS. You should carefully consider the risks described below in addition to the other information contained in this report before making an investment decision with respect to any of our securities. Our business, financial condition or results of operations could be materially and adversely impacted by any of these risks. T", "title": "QRVO - Qorvo, Inc.", "url": "/company/QRVO/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001410384; latest 10-K filed 2026-02-11.", "text": "QTWO - Q2 Holdings, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001410384; latest 10-K filed 2026-02-11. QTWO Q2 Holdings, Inc. 0001410384 7372 Services-Prepackaged Software Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the sections titled \"Risk Factors\" and \"Special Note Regarding Forward-Looking Statements\" above for a discussion of the uncertainties, risks and assumptions associated with these statements. The following discussion and analysis also includes a discussion of certain non-GAAP financial measures. For a description and reconciliation of the non-GAAP measures discussed in this section, see \"Non-GAAP Financial Measures.\" Overview We are a leading provider of digital solutions to financial institutions, financial technology companies, or FinTechs, and alternative finance companies, or Alt-FIs, seeking to incorporate banking into their customer engagement and servicing strategies. Our solutions transform the ways in which financial institutions and other financial services providers engage with account holders and retail and commercial End Users. Digital financial services are highly regulated, subject to extensive and evolving supervisory, consumer protection, privacy and third\u2011party risk management requirements, and security is paramount, as providers must protect sensitive financial data and funds and defend against continually evolving cyber threats and fraud. Providers must also manage significant technical and operational complexity to deliver consistent, compliant experiences across channels, devices and third\u2011party integrations while integrating with core systems, legacy infrastructure and multiple third\u2011party service providers, all while maintaining high availability and resiliency. We deliver these solutions through a unified, cloud-based software platform purpose-built for the complex, regulated financial services industry, enabling scalable and highly configurable digital financial experiences. Our solutions comprise a broad and deep portfolio of digital banking offerings, digital lending and relationship pricing solutions, risk and fraud solutions, Q2 Innovation Studio and Helix. Delivering advanced digital solutions in the complex and heavily regulated financial services industry requires significant resources, personnel and expertise. We provide digital solutions that are designed to be highly configurable, scalable and adaptable to the specific needs of our customers. We design and develop our solutions with an open platform approach intended to provide comprehensive integration among our solution offerings and our customers' internal and third-party systems. Our platform architecture supports modular innovation and enables customers and partners to deploy new capabilities efficiently while maintaining operational resilience and compliance. This integrated approach allows our customers to deliver a unified financial experience across digital channels. Our solutions provide our customers the flexibility to configure their digital services in a manner that is consistent with each customer's specific offerings, workflows, processes and controls. Our solutions also allow our customers to personalize the digital experiences they deliver to their End Users by extending their individual services and brand requirements across digital channels. Our solutions are designed to comply with the stringent security and technical regulations applicable to financial institutions and finan Item 1. Business. Overview Q2 is a leading provider of digital solutions to financial institutions, financial technology companies, or FinTechs, and alternative finance companies, or Alt-FIs, seeking to incorporate banking into their customer engagement and servicing strategies. Our solutions transform the ways in which financial institutions and other financial services providers engage with account holders and retail and commercial End Users. Digital financial services are highly regulated, subject to extensive and evolving supervisory, consumer protection, privacy and third\u2011party risk management requirements, and security is paramount, as providers must protect sensitive financial data and funds and defend against continually evolving cyber threats and fraud. Providers must also manage significant technical and operational complexity to deliver consistent, compliant experiences across channels, devices and third\u2011party integrations while integrating with core systems, legacy infrastructure and multiple third\u2011party service providers, all while maintaining high availability and resiliency. We deliver these solutions through a unified, cloud-based software platform purpose-built for the complex, regulated financial services industry, enabling scalable and highly configurable digital financial experiences. Our solutions comprise a broad and deep portfolio of digital banking offerings, digital lending and relationship pricing solutions, risk and fraud solutions, Q2 Innovation Studio and Helix. Founded over 21 years ago, Q2 began by providing digital banking solutions to domestic regional and community financial institutions, or RCFIs. We have rapidly grown since then through a combination of innovation, broad market adoption of our solutions, strategic investments and acquisitions. As customer needs and technology architectures have evolved, we have expanded our solution portfolio to address a broader set of mission-critical technology, data and operational requirem Item 1A. Risk Factors. Our business, prospects, financial condition, operating results and the trading price of our common stock could be materially adversely affected by a variety of risks and uncertainties, including those described below, as well as other risks not currently known to us or that are currently considered i", "title": "QTWO - Q2 Holdings, Inc.", "url": "/company/QTWO/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0000733269; latest 10-K filed 2026-05-21.", "text": "RAMP - LiveRamp Holdings, Inc. SIC 7374 Services-Computer Processing & Data Preparation; CIK 0000733269; latest 10-K filed 2026-05-21. RAMP LiveRamp Holdings, Inc. 0000733269 7374 Services-Computer Processing & Data Preparation Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with the consolidated financial statements and the related notes to those statements included in Item 8 to this Annual Report on Form 10-K. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, beliefs, and expectations, and involve risks and uncertainties. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the section titled \"Item 1A. Risk Factors.\" We begin Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations with an introduction and overview, including our operating segment, sources of revenue, summary results and notable events. This overview is followed by a summary of our critical accounting policies and estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. We then provide a more detailed analysis of our results of operations and financial condition. Introduction and Overview LiveRamp Holdings, Inc. (\"LiveRamp\", \"we\", \"us\", or the \"Company\") is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters. LiveRamp\u2019s data collaboration network seamlessly unites data across advertisers, ad tech platforms, publishers, data providers, and commerce media networks \u2014 unlocking insights that deliver transformational consumer experiences, and drive measurable business outcomes. As consumers embrace AI-powered experiences, the LiveRamp data collaboration network expands the breadth and accuracy of the data on which marketing AI capabilities operate. Our platform is engineered for AI agent accessibility, facilitating autonomous data collaboration between the specialized AI agents utilized by our customers and partners and our networked platform. Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating business growth. LiveRamp is a Delaware corporation headquartered in San Francisco, California. Our common stock is listed on the New York Stock Exchange under the symbol \u201cRAMP.\u201d We serve a global customer base from locations in the United States, Europe, and the Asia-Pacific (\u201cAPAC\u201d) region. Our direct customer list includes many of the world\u2019s best-known and most innovative brands across most major industry verticals, including but not limited to financial, insurance and investment services, information systems, direct marketing, retail, automotive, telecommunications, technology, consumer packaged goods, media, healthcare, travel and hospitality, entertainment and non-profit. We serve thousands of additional companies through our expansive partner ecosystem, unlocking access to unique customer moments and creating powerful network effects. Operating Segment The Company provides a data collaboration platform, essentially acting as a hub where businesses can securely share and manage first-party consumer data with trusted partners while prioritizing data privacy and ethics. The Company has one primary business activity, its data collaboration platform, as described in the business description section of Note 1, \"Organization and Summary of Significant Accounting Policies.\" The Company generates revenue from subscription fees from clients accessing our platform, revenue-sharing fees generated from data transactions through our LiveRamp Data Marketplace, transactional usage-based fees from arrangements with certain publishers and addressable TV providers, and professional services fees. The platform is used by customers globally Item 1. Business LiveRamp Holdings, Inc. (\"LiveRamp\", \"we\", \"us\", or the \"Company\") is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters. LiveRamp\u2019s data collaboration network seamlessly unites data across advertisers, ad tech platforms, publishers, data providers, and commerce media networks \u2014 unlocking insights that deliver transformational consumer experiences, and drive measurable business outcomes. As consumers embrace AI-powered experiences, the LiveRamp data collaboration network expands the breadth and accuracy of the data on which marketing AI capabilities operate. Our platform is engineered for AI agent accessibility, facilitating autonomous data collaboration between the specialized AI agents utilized by our customers and partners and our networked platform. Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating business growth. LiveRamp is a Delaware corporation headquartered in San Francisco, California. Our common stock is listed on the New York Stock Exchange under the symbol \u201cRAMP.\u201d We serve a global customer base from locations in the United States, Europe, and the Asia-Pacific (\u201cAPAC\u201d) region. Our direct customer list includes many of the world\u2019s best-known and most innovative brands across most major industry verticals, including but not limited to financial, insurance and investment services, information systems, direct marketing, retail, automotive, telecommunications, technology, consumer packaged goods, media, healthcare, travel and hospitality, entertainment and non-profit. We serve thousands of additional companies through our expansive partner ecosystem, unlocking access to unique customer moments and creating powerful network effects. Pending Merger On May 16, 2026, the Company entered into an Agreement and Plan of Merger ( Item 1A. Risk Factors An investment in our common stock involves a high degree of risk. You should carefully consider the risks described below and the other information in this Annual Report on Form 10-K and in other public filings before making an investment decision. Our busines", "title": "RAMP - LiveRamp Holdings, Inc.", "url": "/company/RAMP/" }, { "kind": "company", "summary": "SIC 3823 Industrial Instruments For Measurement, Display, and Control; CIK 0002041385; latest 10-K filed 2026-02-26.", "text": "RAL - Ralliant Corp SIC 3823 Industrial Instruments For Measurement, Display, and Control; CIK 0002041385; latest 10-K filed 2026-02-26. RAL Ralliant Corp 0002041385 3823 Industrial Instruments For Measurement, Display, and Control ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following management\u2019s discussion and analysis of financial condition and results of operations (\u201cMD&A\u201d) of Ralliant for the fiscal years ended December 31, 2025 and 2024 should be read in conjunction with the Company\u2019s consolidated and combined financial statements and accompanying notes included in Part II, Item 8 of this Annual Report. This MD&A generally discusses results for the years ended December 31, 2025 and 2024 and includes year-to-year comparisons between such years. Information regarding results for the year ended December 31, 2023 and year-over-year comparisons between the years ended December 31, 2024 and 2023 may be found in the section entitled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company\u2019s Information Statement filed with the U.S. Securities and Exchange Commission (\u201cSEC\u201d) as an exhibit to the Company\u2019s Form 10-12B/A on May 28, 2025, other than with respect to research and development expense by segment, which is set forth in Operating Expenses within the Results of Operations section below. This MD&A is designed to provide a reader of the financial statements with a narrative from the perspective of management. This MD&A is divided into seven sections: \u2022Basis of Presentation \u2022Overview \u2022Results of Operations \u2022Financial Instruments and Risk Management \u2022Liquidity and Capital Resources \u2022Critical Accounting Estimates \u2022New Accounting Standards BASIS OF PRESENTATION The accompanying financial results present the historical financial position, results of operations, changes in equity, and cash flows of the Company in accordance with accounting principles generally accepted in the United States of America (\u201cGAAP\u201d). On May 27, 2025, the Board of Directors of Fortive Corporation (\u201cFortive\u201d or the \u201cFormer Parent\u201d) approved the separation of Fortive\u2019s Precision Technologies (\u201cPT\u201d) operating segment through the pro rata distribution of all of the issued and outstanding common stock of Ralliant to Fortive's stockholders (the \u201cSeparation\u201d), which was completed on June 28, 2025. Prior to the Separation, the Company operated as Fortive\u2019s Precision Technologies segment and not as a standalone company. The combined financial statements as of June 27, 2025 or earlier have been derived from Fortive\u2019s consolidated financial statements and accounting records and prepared in accordance with GAAP for the preparation of carved-out combined financial statements. Through the date of the Separation, all revenues and costs, as well as assets and liabilities, directly associated with the business activity of the Company are included as a component of the combined financial statements. Prior to the Separation, the combined financial statements also included allocations of certain general, administrative, and sales and marketing expenses from Fortive\u2019s corporate office and from other Fortive businesses to the Company. The allocations were determined on a reasonable basis for the applicable periods; however, the amounts were not necessarily representative of the amounts that would have been reflected in the financial statements had the Company been an entity that operated independently of Fortive. Related party allocations prior to the Separation, including the method for such allocation, are discussed further in Note 18 to the consolidated and combined financial statements included in this Annual Report. In the fourth quarter of 2025, the Company made an enhancement to its reporting process related to sales by geography to better align sales to the end customer. Prior year information has been recast to conform to current year presentation. These financial results may not be indicative of Ralliant\u2019s financial performance had it been a separate standalone entity throughout the periods presented, nor are the results stated herein indicative of what its financial position, result ITEM 1. BUSINESS General Ralliant Corporation (\u201cRalliant,\u201d the \u201cCompany,\u201d or \u201cit\u201d) is a global technology company with businesses that design, develop, manufacture, and service precision instruments and highly engineered products. Ralliant empowers engineers with precision technologies essential for breakthrough innovation in an electrified and digital world, enabling its customers to bring advanced technologies to market faster and more efficiently. Its strategic segments \u2013 Test and Measurement and Sensors and Safety Systems \u2013 include well-known brands with prominent positions across a range of attractive end markets. The Company is headquartered in Raleigh, North Carolina, and has a global team of approximately 7,000 employees with solutions that are used in more than 90 countries by over 90,000 customers. On May 27, 2025, the Board of Directors of Fortive Corporation (\u201cFortive\u201d or the \u201cFormer Parent\u201d) approved the separation of Fortive\u2019s Precision Technologies (\u201cPT\u201d) operating segment through the pro rata distribution of all of the issued and outstanding common stock of Ralliant to Fortive's stockholders (the \u201cSeparation\u201d). Ralliant\u2019s Registration Statement on Form 10, as amended, was declared effective by the U.S. Securities and Exchange Commission (the \u201cSEC\u201d) on May 30, 2025. In connection with the Separation, on June 27, 2025, the net assets of the Ralliant businesses were contributed to Ralliant, a wholly-owned subsidiary of the Former Parent, and, as partial consideration for such contribution, Ralliant made a cash payment to Fortive in the amount of $1.15 billion. In addition, on June 27, 2025, the 100 shares of Ralliant common stock held by Fortive were recapitalized into 112,730,036 shares of Ralliant common stock. All per share amounts in the Consolidated and Combined Statements of (Loss) Earnings have been retroactively adjusted to give effect to this recapitalization. On June 28, 2025, the first day of the Company\u2019s third fiscal quarter, Ralliant ITEM 1A. RISK FACTORS Carefully consider the risks and uncertainties described below, together with the information included elsewhere in this Annual Report and other documents the Company files with, or furnishes to, the SEC from time to time. The risks and uncertainties described b", "title": "RAL - Ralliant Corp", "url": "/company/RAL/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001724521; latest 10-K filed 2026-02-25.", "text": "RCUS - Arcus Biosciences, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001724521; latest 10-K filed 2026-02-25. RCUS Arcus Biosciences, Inc. 0001724521 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes included in this Annual Report. This discussion and other parts of this Annual Report contain forward-looking statements that involve risk and uncertainties, such as statements of our plans, objectives, expectations, and intentions. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section of this Annual Report titled \"Risk Factors.\" Overview We are a late clinical-stage biopharmaceutical company focused on developing differentiated molecules for patients with cancer and inflammatory and autoimmune diseases. Our most advanced molecules are in Phase 3 registrational studies for various cancer indications and we expect our next wave of clinical-stage molecules to come from our inflammation and autoimmune disease programs. Our vision is to leverage our internal small-molecule discovery capabilities to create, develop and commercialize highly differentiated therapies that can have a meaningful impact on patients. Significant Developments The following is a summary of significant developments affecting our business since the filing of our Annual Report for the year ended December 31, 2024: Corporate Developments \u2022In November 2025, we issued through an underwritten offering, 15.8 million shares of our common stock at a price of $18.25 per share, for total gross proceeds of approximately $288 million, before deducting underwriting discounts, commissions and offering expenses. \u2022In October 2025, Taiho exercised its option for an exclusive license to casdatifan, an investigational small-molecule HIF-2\u03b1 inhibitor, in Japan and certain other territories in Asia (excluding mainland China). In exchange, Taiho will make an option exercise payment to us along with milestone payments upon the achievement of clinical, regulatory and commercialization milestones, and, additionally pay royalties on net sales. HIF-2\u237a Program (casdatifan) \u2022In October 2025, we presented data for our HIF-2\u03b1 inhibitor, casdatifan, across all four monotherapy cohorts (n=121) of the Phase 1/1b ARC-20 study in late-line metastatic kidney cancer, most of whom had progressed on at least two prior lines of therapy, including both an anti-PD-1 and a VEGFR TKI. At the time of data cut-off (August 15, 2025), median PFS (\"mPFS\") was 12.2 months for the pooled analysis with 15.2 months of median follow-up and for the 100mg QD cohort (the Phase 3 PEAK-1 dose and formulation) mPFS was not reached with 12.4 months of median follow-up. No unexpected safety signals were observed. In February 2026, we presented updated data for the 100mg QD cohort, at 17.9 months of median follow-up, cORR increased to 45.2% with a mPFS of 15.1 months. The mPFS for the only approved HIF-2\u03b1 inhibitor (Merck\u2019s belzutifan, based on its Phase 3 registrational trial LITESPARK-005), was 5.6 months. \u2022In October 2025, we announced eVOLVE-RCC02, a Phase 1b/3 study sponsored and operationalized by AstraZeneca, evaluating casdatifan plus volrustomig, AstraZeneca's investigational anti-PD-1/CTLA-4 dual checkpoint inhibitor bispecific antibody, in first-line, metastatic ccRCC, has paused recruitment. \u25e6The Phase 1b portion of the study has recruited rapidly and in the context of this rapid enrollment, following observations of potentially immune-mediated AEs, none of which exceeded Grade 3, a decision was made to temporarily pause recruitment, while continuing to treat participants already enrolled into the study. No grade 4 or 5 events were observed and the majority of AEs were grade 1 or 2. \u25e6We and AstraZeneca will continue to monitor these participants to further characterize the safe Item 1. Business Company Overview We are a late clinical-stage biopharmaceutical company focused on developing differentiated molecules for patients with cancer and inflammatory and autoimmune diseases. Our most advanced molecules are in Phase 3 registrational studies for various cancer indications and we expect our next wave of clinical-stage molecules to come from our inflammation and autoimmune disease programs. Our vision is to leverage our internal small-molecule discovery capabilities to create, develop and commercialize highly differentiated therapies that can have a meaningful impact on patients. The chart below summarizes our current clinical and late pre-clinical stage portfolio: * Taiho holds exclusive licenses in Japan and certain other Asian countries, excluding China, for casdatifan (the \u201cTaiho Territory\u201d). \u2020 Gilead and Arcus co-develop globally and share co-promotion rights in the U.S. for domvanalimab and quemliclustat. Gilead holds commercialization rights outside of the U.S. subject to Taiho\u2019s rights for the Taiho Territory. \u2021 Gilead has certain option rights as further described under \u201cLicenses and Collaborations\u201d. 1 Table of Contents Oncology Programs Casdatifan (HIF-2\u03b1 Inhibitor) Casdatifan is our oral, small-molecule inhibitor of HIF-2\u03b1, a target that has been commercially validated by the approval of Merck & Co., Inc's (\"Merck\") HIF-2\u03b1 inhibitor belzutifan. HIF-2\u03b1 is a protein that is involved in sensing oxygen availability in multiple organs. In certain tumors, particularly clear cell renal cell carcinoma (\"ccRCC\"), HIF-2\u237a activity is highly dysregulated as a result of genetic abnormalities. This creates a situation of pseudohypoxia and the abnormal increase in HIF-2\u237a-mediated expression of a wide array of proteins involved in cancer cell proliferation, survival, treatment resistance and angiogenesis. We designed casdatifan to have superior pharmacokinetic and pharmacodynamic properties relative to belzutifan, with the goal of ach Item 1A. Risk Factors. You should consider carefully the following risk factors, together with all the other information in this report, including our Consolidated Financial Statements and notes thereto, and in our other public filings with the SEC. The occurrence of any of the following risks could harm our business, financial condi", "title": "RCUS - Arcus Biosciences, Inc.", "url": "/company/RCUS/" }, { "kind": "company", "summary": "SIC 6351 Surety Insurance; CIK 0000890926; latest 10-K filed 2026-02-20.", "text": "RDN - RADIAN GROUP INC SIC 6351 Surety Insurance; CIK 0000890926; latest 10-K filed 2026-02-20. RDN RADIAN GROUP INC 0000890926 6351 Surety Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and Notes thereto included in Item 8 of this Annual Report on Form 10-K. Certain terms and acronyms used throughout this report are defined in the Glossary of Abbreviations and Acronyms included as part of this report. Some of the information in this discussion and analysis or included elsewhere in this report, including information with respect to our projections, plans and strategy for our business, are forward-looking statements that involve risks, uncertainties and assumptions. Our actual results and the timing of events could differ materially from those anticipated by these forward-looking statements as a result of many factors, including those discussed under \u201cCautionary Note Regarding Forward-Looking Statements\u2014Safe Harbor Provisions\u201d and in the Risk Factors detailed in Item 1A of this Annual Report on Form 10-K. [[GREPCENT_TABLE]] [[\"INDEX TO ITEM 7\",\"Page\"],[\"Overview\",\"75\"],[\"Key Factors Affecting Our Results\",\"77\"],[\"Mortgage Insurance Portfolio Metrics\",\"80\"],[\"Results of Operations\\u2014Consolidated\",\"85\"],[\"Liquidity and Capital Resources\",\"94\"],[\"Critical Accounting Estimates\",\"101\"]] [[/GREPCENT_TABLE]] Overview As a leading U.S. private mortgage insurer, Radian provides solutions that expand access to affordable, responsible and sustainable homeownership and helps borrowers achieve their dream of owning a home. As of December 31, 2025, we had one reportable business segment, Mortgage Insurance. Our Mortgage Insurance segment aggregates, manages and distributes U.S. mortgage credit risk for the benefit of mortgage lending institutions and mortgage credit investors, principally through private mortgage insurance on residential first-lien mortgage loans. In addition to our Mortgage Insurance segment, we previously reported in an All Other category activities consisting of: (i) income (losses) from assets held by Radian Group, our holding company; (ii) general corporate operating expenses not attributable or allocated to our reportable segment; and (iii) the results from certain other immaterial activities and operating segments, including our Mortgage Conduit, Title and Real Estate Services businesses. As further described in Notes 1 and 3 of Notes to Consolidated Financial Statements, in September 2025, following a comprehensive strategic review, Radian Group\u2019s board of directors approved a plan to divest our Mortgage Conduit, Title and Real Estate Services businesses. As a result, we have reclassified the results related to these businesses to discontinued operations for all periods presented in our consolidated statements of operations. Also in the third quarter of 2025, following the comprehensive strategic review, we announced that we had entered into a definitive agreement to acquire Inigo, a Lloyd\u2019s specialty insurer, as part of the Company\u2019s planned strategic transformation to a global multi-line specialty insurer. See Note 1 of Notes to Consolidated Financial Statements for additional information on this acquisition, which closed on February 2, 2026. We will begin to include Inigo\u2019s results in our consolidated financial statements beginning in the first quarter of 2026. Consistent with the trends observed in recent periods, the economic and market conditions impacting our results for the year ended 2025 remained generally favorable. These trends include: (i) a strong credit environment and housing market; (ii) higher Persistency in our Mortgage Insurance business due to low levels of mortgage refinancings, resulting from the interest rates of mortgages in our insured portfolio generally remaining below prevailing interest rates; and (iii) strong mortgage insurance fundamentals, including stringent underwriting and product standards, higher-quality borrower Item 1. Business [[GREPCENT_TABLE]] [[\"INDEX TO ITEM 1\",\"Page\"],[\"General\",\"13\"],[\"Mortgage Insurance\",\"16\"],[\"Investment Policy and Portfolio\",\"25\"],[\"Enterprise Risk Management\",\"26\"],[\"Human Capital Management\",\"29\"],[\"Inigo Acquisition\",\"31\"],[\"Regulation\",\"32\"]] [[/GREPCENT_TABLE]] General Overview As a leading U.S. private mortgage insurer, Radian provides solutions that expand access to affordable, responsible and sustainable homeownership and helps borrowers achieve their dream of owning a home. As of December 31, 2025, we had one reportable business segment, Mortgage Insurance. Our Mortgage Insurance segment aggregates, manages and distributes U.S. mortgage credit risk for the benefit of mortgage lending institutions and mortgage credit investors, principally through private mortgage insurance on residential first-lien mortgage loans. In September 2025, following a comprehensive strategic review, we announced that we had entered into a definitive agreement to acquire Inigo, a Lloyd\u2019s specialty insurer, as part of the Company\u2019s planned strategic transformation to a global multi-line specialty insurer. The acquisition was completed on February 2, 2026; see \u201cInigo Acquisition\u201d below for additional information. Also, following this comprehensive strategic review, in September 2025 we announced the planned divestiture of our Mortgage Conduit, Title and Real Estate Services businesses, which is expected to be completed no later than the end of the third quarter of 2026. Radian Group serves as the holding company for our operating subsidiaries through which we offer our products and services and does not have any operations of its own. Our principal executive offices are located at 550 East Swedesford Road, Suite 350, Wayne, PA 19087, and our telephone number is (215) 231-1000. Available Information Our website address is www.radian.com. Copies of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, as well as any Item 1A. Risk Factors [[GREPCENT_TABLE]] [[\"INDEX TO RISK FACTORS\",\"Page\"],[\"Risks Related to Regulatory Matters\",\"46\"],[\"Risks Related to our Business Operations\",\"50\"],[\"Risks Related to the Economic Environment\",\"60\"],[\"Risks Related to Liquidity and Financing\",\"64\"],[\"Risks Related to Information Technology and Cybersecurity\",\"67\"],[\"Risks Related to Us and Our", "title": "RDN - RADIAN GROUP INC", "url": "/company/RDN/" }, { "kind": "company", "summary": "SIC 8071 Services-Medical Laboratories; CIK 0000790526; latest 10-K filed 2026-03-02.", "text": "RDNT - RadNet, Inc. SIC 8071 Services-Medical Laboratories; CIK 0000790526; latest 10-K filed 2026-03-02. RDNT RadNet, Inc. 0000790526 8071 Services-Medical Laboratories Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand the results of operations and financial condition of RadNet, Inc. The MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying notes included in this annual report on Form 10-K. Overview We are a national provider of freestanding, fixed-site outpatient diagnostic imaging services in the United States. As of December 31, 2025, we operated directly or indirectly through hospital and health system joint ventures, 418 centers located in Arizona, California, Delaware, Florida, Maryland, Virginia, New Jersey, New York, and Texas. Internationally, our subsidiary, The HLH Imaging Group Limited fka Heart & Lung Imaging Limited, provides teleradiology services for remote interpretation of images on behalf of providers within the framework of the United Kingdom's National Health Service. Our operations comprise two segments for financial reporting purposes for this reporting period, Imaging Centers and Digital Health. For further financial information about these segments, see Note 5, Segment Reporting, in the notes accompanying our consolidated financial statements included in this report. Our imaging centers provide physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders and may reduce unnecessary invasive procedures, often reducing the cost and amount of care for patients. In addition to our imaging business, we established a Digital Health business segment during our 2024 fiscal year, which combines our former AI businesses with our eRad, Inc. business. Our Digital Health segment develops and delivers AI-powered health informatics solutions to improve quality, efficiency, and diagnostic outcomes in diagnostic imaging and radiology. We are using AI to develop solutions to assist radiologists and other clinicians in interpreting images and improving radiologist efficiency and patient care. The portfolio of AI and software solutions is anchored by Enterprise Operations solutions (traditionally knowns as RIS), Enterprise Imaging solutions (traditionally known as PACS), and Clinical AI solutions, enabled by the DeepHealth OS, a cloud-native operating system that connects critical aspects of the radiology service line from scheduling and patient preparation to technologist workflow to interpretation and referral management. Our Clinical AI solutions currently cover the fields of diagnosis and screening in the domain of breast, prostate, lung, thyroid, and brain. Across our portfolio of AI solutions, we have 22 FDA clearances and 15 CE marks. Our Digital Health segment provides these solutions to RadNet and to over 2000 customers in the U.S. and outside of the U.S. As part of our continued strategic expansion in Digital Health, we recently completed three acquisitions: iCAD, Inc., an AI-powered breast health solutions company; See-Mode Technologies, which enhances ultrasound-based diagnostics through artificial intelligence; and CIMAR (UK) Limited, which provides cloud-based medical image storage, PACS, and AI-enabled imaging workflow solutions. We are currently integrating these businesses into our Digital Health segment The following table presents the total number of imaging centers in operation at year end, including both consolidated and non-consolidated centers, and our consolidated revenues for the years ended December 31, 2025, 2024 and 2023. Revenue from non-consolidated centers is not included in consolidated revenues. [[GREPCENT_TABLE]] [[\"\",\"Years Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Centers in operation\",\"418\",\"\",\"\",\"398\",\"\",\"\",\"366\"],[\"Total consolidated revenue\",\"$\",\"2,040\",\"\",\"\",\"$\",\"1,830\",\"\",\"\",\"$\",\"1,617\"]] [[/GREPCENT_TABLE]] O Item 1. Business Business Overview We are a leading national provider of diagnostic imaging services in the United States based on number of locations and annual imaging revenue. We have been in business since 1985. Our principal business segment is the provision of diagnostic imaging services. As of December 31, 2025, we operated, directly or indirectly through hospital and health system joint ventures, 418 imaging centers located in Arizona, California, Delaware, Florida, Maryland, Virginia, New Jersey, Texas and New York. Our Imaging Centers segment provides physicians with capabilities to facilitate the diagnosis and treatment of diseases and disorders and may reduce unnecessary invasive procedures, often reducing the cost and amount of care for patients. Our services include magnetic resonance imaging (\"MRI\"), computed tomography (\"CT\"), positron emission tomography (\"PET\"), nuclear medicine, mammography, ultrasound, diagnostic radiology (\"X-ray\"), fluoroscopy and other related procedures. The vast majority of our centers offer multi-modality imaging services, a key point of differentiation from our competitors. Our multi-modality strategy diversifies revenue streams, reduces exposure to reimbursement changes and provides patients and referring physicians one location to serve the needs of multiple procedures. Integral to the imaging center business is our Digital Health operating segment, which sells computerized systems that distribute, display, store and retrieve digital images. We seek to develop leading positions in regional markets in order to leverage operational efficiencies. We develop our imaging business through a combination of organic growth and acquisitions. Our scale and density within selected geographies provides close, long-term relationships with key payors, radiology groups and referring physicians. Each of our center-level and regional operations teams is responsible for managing relationships with local physicians and payors, meeting Item 1A. Risk Factors You should consider and read carefully all of the risks and uncertainties described below, as well as the other information included in this Annual Report, including our consolidated financial statements and related notes. The risks described below have been organized under headings that are provided for convenience and ", "title": "RDNT - RadNet, Inc.", "url": "/company/RDNT/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001782170; latest 10-K filed 2026-02-18.", "text": "RELY - Remitly Global, Inc. SIC 7389 Services-Business Services, NEC; CIK 0001782170; latest 10-K filed 2026-02-18. RELY Remitly Global, Inc. 0001782170 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes appearing elsewhere in this Annual Report on Form 10-K and our audited consolidated financial statements and the related notes. You should read the sections titled \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements\u201d for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. The forward-looking statements in this Form 10-K represent our views as of the date of this Form 10-K. Except as may be required by law, we assume no obligation to update these forward-looking statements or the reasons that results could differ from these forward-looking statements. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Form 10-K. This section generally discusses the results of our operations for the year ended December 31, 2025, compared to the year ended December 31, 2024. For a discussion of the year ended December 31, 2024, compared to the year ended December 31, 2023, please refer to Part I, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. Overview Remitly is a trusted provider of financial services that transcend borders. With a footprint spanning more than 175 countries, we have built one of the world\u2019s leading global money movement platforms, trusted by millions of customers who rely on us everyday. Leveraging our strengths in global money movement, we continue to evolve beyond a remittance company into a diversified, cross-border financial services provider, serving both consumers and businesses across a growing set of use cases. Our Revenue Model For our global money movement product, which currently represents the substantial majority of our revenue, we earn revenue from transaction fees charged to customers and foreign exchange spreads applied to the amount the customer is sending. Transaction fees vary based on the corridor, the currency in which funds are delivered to the recipient, the funding method a customer chooses (e.g., ACH, credit card, debit card, etc.), the disbursement method a customer chooses (e.g., bank deposit, mobile wallet, cash pick-up, etc.), and the amount the customer is sending. Foreign exchange spreads represent the difference between the foreign exchange rate offered to customers and the foreign exchange rate on our currency purchases. They are an output of proprietary and dynamic models that are designed to provide fair and competitive rates to our customers, while generating a spread based on our ability to buy foreign currency at generally advantageous rates. Revenue from transaction fees and foreign exchange spreads is reduced by sales incentives, including customer promotions. For example, we may, from time to time, waive transaction fees for first-time customers, or provide customers with better foreign exchange rates on their first transaction. These incentives are accounted for as reductions to revenue, up to the point where net historical cumulative revenue, at the customer level, is reduced to zero. We consider these incentives to be an investment in our long-term relationship with customers. Key Performance Metrics We regularly review the following key performance metrics to evaluate our performance, identify trends affecting our business, prepare financial projections, and make strategic decisions. We believe that these key performance metrics provide meaningful supplemental information for management and investors in assessing our hist Item 1. Business Overview Remitly, founded in 2011, is a trusted provider of financial services that transcend borders. With a footprint spanning more than 175 countries, we have built one of the world\u2019s leading global money movement platforms, trusted by millions of customers who rely on us every day. The long-term, trusted relationships we foster with our customers have enabled us to scale to more than 5,300 corridors and more than 9.3 million quarterly active users worldwide. Leveraging our strengths in global money movement, we continue to evolve beyond a remittance company into a diversified, cross-border financial services provider, serving both consumers and businesses across a growing set of use cases. To further our vision, we have expanded by serving new customer categories, including high-amount senders, businesses, and receivers, and by introducing new products. These offerings build on our foundation and extend our ability to support the financial lives of our customers. Our strategy and execution is grounded in three core strengths: \u2022Trust: This is the foundation of everything we do\u2014built through reliability, fairness, and security with millions of customers; \u2022Network: The strength of our network makes our service fast, reliable, and affordable; and \u2022Scale: This allows us to deliver lower unit costs, offer competitive pricing, and reinvest to continually improve how customers interact with our products and services. Together, these strengths underpin a customer experience advantage defined by speed, simplicity, and delight\u2014delivering a platform of products and services that work reliably and with consistent and dependable performance. Our combination of a trusted brand, a high-quality global network, and proven scale positions Remitly to continue transforming lives while expanding access to trusted financial services around the world. 2025 Key Performance Metrics The substantial majority of our revenue is currently generated from our global m Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K including \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operat", "title": "RELY - Remitly Global, Inc.", "url": "/company/RELY/" }, { "kind": "company", "summary": "SIC 1389 Oil & Gas Field Services, NEC; CIK 0000742278; latest 10-K filed 2026-02-27.", "text": "RES - RPC INC SIC 1389 Oil & Gas Field Services, NEC; CIK 0000742278; latest 10-K filed 2026-02-27. RES RPC INC 0000742278 1389 Oil & Gas Field Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Presentation The following discussion should be read in conjunction with Selected Financial Data and the consolidated financial statements included elsewhere in this document. See also Forward-Looking Statements on page 3. Discussions of year-to-year comparisons of 2024 and 2023 items that are not included in this Form 10-K can be found in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 on our Annual report on Form 10-K for the year ended December 31, 2024, which Item is incorporated herein by reference. Overview RPC, Inc. provides a broad range of specialized OFS primarily to independent and major oilfield companies engaged in exploration, production and development of oil and gas properties throughout the United States, including the southwest, mid-continent, Gulf of America, Rocky Mountain and Appalachian regions, and in selected international markets. The Company\u2019s revenues and profits are generated by providing equipment and services to customers who operate oil and gas properties and invest capital to drill new wells and enhance production or perform maintenance on existing wells. Several key trends discussed above in Item 1., Business, were key drivers of the Company\u2019s results in 2025: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Generally lower industry activity, including a 6.3% decline in the rig count.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Lower oil prices, which limits the profit incentive for our customers to use our (and our competitors) oilfield services, including pressure pumping and other ancillary product and service offerings.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Continued efficiencies of oilfield equipment allowing the industry to extract the same or more hydrocarbons with the same or fewer assets. This has resulted in an oversupply of OFS capacity in the market and led to increased price competition.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Trend toward client preference for lower emissions equipment, typically dual fuel or electric assets; the Company has multiple Tier 4 dual fuel frac fleets which have maintained stronger utilization than legacy Tier 2 assets. The Company does not currently offer electric frac fleets.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"E&P consolidation (See section titled Industry Overview and Key Themes in Item 1., Business, for more detail) has resulted in the loss of some customers.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"The Pintail acquisition described in more detail below.\"]] [[/GREPCENT_TABLE]] These and other key trends we expect to impact our future results, including expected ongoing consolidation of OFS as well as E&P companies, expected reduction in volatility of rig counts due to increase in capital discipline in E&P, ongoing geopolitical uncertainties, expectations for increased energy consumption due to the rise of AI, general oversupply of OFS capacity, particularly in pressure pumping, creating a high level of price competition, trend for larger E&Ps to seek out OFS partners who can provide larger scale and newer technology options, a favorable long-term outlook for natural gas demand, potential increases to cost of materials due to tariffs, and our strategy to diversify our service lines are discussed in more detail above under \u201cItem 1, Business Technical Services Segment\u201d; \u201cIndustry Overview & Key Themes\u201d; \u201c Competition\u201d; and \u201cStrategy\u201d above, which are incorporated by reference in this Management\u2019s Discussion and Analysis. \u200b Revenues during 2025 totaled $1.6 billion, an increase of 15.0% compared to 2024. The increase in revenues was primarily due to revenues from recently acquired Pintail of $295.8 million, partially offset by lower pressure pumping activity levels compared to the prior year. Operating income for 2025 w Item 1. Business Organization and Overview RPC is a Delaware corporation originally organized in 1984 as a holding company for several OFS companies and is headquartered in Atlanta, Georgia. RPC provides a broad range of specialized oilfield services and equipment primarily to independent and major oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the southwest, mid-continent, Gulf of America, Rocky Mountain and Appalachian regions, and in selected international markets. RPC acts as a holding company for the following service companies: Cudd Energy Services, Cudd Pressure Control, Thru Tubing Solutions, Pintail Completions and Patterson Services. Selected overhead including centralized support services and regulatory compliance are classified as Corporate. RPC is further organized into Technical Services and Support Services, which are its operating segments. As of December 31, 2025, RPC had 2,893 employees. Business Segments RPC manages its business as either services offered on the well site with equipment and personnel (Technical Services), or services and equipment offered off the well site (Support Services). The businesses under Technical Services generate revenues based on equipment, personnel operating the equipment and the materials utilized to provide the services. They are all managed, analyzed and reported based on the similarities of the operational characteristics and costs associated with providing the services. Technical Services include RPC\u2019s oil and gas services that utilize people and equipment to perform value-added completion, production and maintenance services directly to a customer\u2019s well. The demand for these services is generally influenced by customers\u2019 decisions to invest capital toward initiating production in a new oil or natural gas well, improving production flows in an existing formation, or to address well control issues. This operatin Item 1A. Risk Factors Risks Related to our Business. Demand for our equipment and services is affected by the volatility of oil and natural gas prices. Oil and natural gas prices affect demand throughout the oil and gas industry, including the demand for our equipment and services. Our business depends in large part on the conditions of the oil and gas indust", "title": "RES - RPC INC", "url": "/company/RES/" }, { "kind": "company", "summary": "SIC 2673 Plastics, Foil & Coated Paper Bags; CIK 0001786431; latest 10-K filed 2026-02-04.", "text": "REYN - Reynolds Consumer Products Inc. SIC 2673 Plastics, Foil & Coated Paper Bags; CIK 0001786431; latest 10-K filed 2026-02-04. REYN Reynolds Consumer Products Inc. 0001786431 2673 Plastics, Foil & Coated Paper Bags ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Our management\u2019s discussion and analysis is intended to help the reader understand our results of operations and financial condition and is provided as an addition to, and should be read in connection with, our consolidated financial statements and the accompanying notes included elsewhere in this Annual Report on Form 10-K. Description of the Company and its Business Segments We are a market-leading consumer products company with a presence in 95% of households across the United States. We produce and sell products that people use in their homes for cooking, serving, cleanup and storage. We sell our products under iconic brands such as Reynolds and Hefty and also under store brands that are strategically important to our retail partners. Overall, across both our branded and store brand offerings, we hold the #1 or #2 U.S. market share position in the majority of product categories in which we participate. Over 50% of our revenue comes from products that are #1 in their respective categories. We have developed our market-leading position by investing in our product categories and consistently developing innovative products that meet the evolving needs and preferences of the modern consumer. Our mix of branded and store brand products is a key competitive advantage that aligns our goal of growing the overall product categories where we have offerings. Our retail partners also generally measure their success in category growth, which positions us as a trusted strategic partner. Our Reynolds and Hefty brands have preeminent positions in their categories and carry strong brand recognition in household aisles. We manage our operations in four operating and reportable segments: Reynolds Cooking & Baking, Hefty Waste & Storage, Hefty Tableware and Presto Products: \u2022Reynolds Cooking & Baking: Through our Reynolds Cooking & Baking segment, we sell both branded and store brand aluminum foil, disposable aluminum pans, parchment paper, freezer paper, wax paper, butcher paper, plastic wrap, baking cups, oven bags and slow cooker liners. Our branded products are sold under the Reynolds Wrap, Reynolds Kitchens and EZ Foil brands in the United States and select international markets, under the ALCAN brand in Canada and under the Diamond brand outside of North America. With our flagship Reynolds Wrap products, we hold the #1 market position in the U.S. consumer foil market measured by retail sales and volume. We also hold the #1 market position in the Canadian branded foil market under the ALCAN brand. We have no significant branded competitor in this market. Reynolds is one of the most recognized household brands in the United States, with 98% brand awareness, and has been the top trusted brand in the consumer foil market for over 75 years, with greater than 50% market share in most of its categories. We also offer more sustainable solutions, such as Reynolds Wrap 100% recycled aluminum, unbleached parchment paper made with a chlorine-free process and coreless wax paper, which uses less packaging material than traditional wax paper rolls. \u2022Hefty Waste & Storage: Through our Hefty Waste & Storage segment, we produce both branded and store brand trash and food storage bags. Hefty is a well-recognized leader in the trash bag and food storage bag categories and our private label products offer value to our retail partners. Our branded products are sold under the Hefty Ultra Strong and Hefty Strong brands for trash bags in the U.S. and select international markets, and as the Hefty brand for our food storage bags in the U.S. Our food storage bags are sold internationally as Reynolds, Diamond, or Hefty Basics brands based on the region. Hefty has 98% brand awareness and is most commonly identified with the Brand\u2019s famous \u201cHefty! Hefty! Hefty!\u201d slogan. We have the #1 branded market share in the U.S. large black trash bag segment, and the #2 branded m ITEM 1. BUSINESS In this Annual Report on Form 10-K, \u201cReynolds Consumer Products,\u201d \u201cRCP,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Reynolds Consumer Products Inc. and its consolidated subsidiaries. Reynolds Consumer Products Inc. was incorporated in the state of Delaware on September 26, 2011. We own or have rights to trademarks, service marks and trade names that we use in connection with the operation of our business. Other trademarks, service marks and trade names appearing in this Annual Report on Form 10-K are the property of their respective owners. Solely for convenience, some of the trademarks, service marks and trade names referred to in this Annual Report on Form 10-K are listed without the \u00ae or \u2122 symbols, but we will assert, to the fullest extent under applicable law, our rights to our trademarks, service marks and trade names. Overview Our mission is to simplify daily life so consumers can enjoy what matters most. We are a market-leading consumer products company with a presence in 95% of households across the United States. We produce and sell products that people use in their homes for cooking, serving, cleanup and storage. We sell our products under iconic brands such as Reynolds and Hefty, and also under store brands that are strategically important to our retail partners. Overall, across both our branded and store brand offerings, we hold the #1 or #2 U.S. market share position in the majority of product categories in which we participate. Over 50% of our revenue comes from products that are #1 in their respective categories. We have developed our market-leading position by investing in our product categories, championing the categories in partnership with our retail partners and consistently developing innovative products to meet the evolving needs and preferences of the modern consumer. Our mix of branded and store brand products is a key competitive advantage that aligns our goal of growing the overall product categories where we have o ITEM 1A. RISK FACTORS You should carefully consider the risks described below in addition to the other information set forth in this Annual Report on Form 10-K, including the Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations section and the consolidated fin", "title": "REYN - Reynolds Consumer Products Inc.", "url": "/company/REYN/" }, { "kind": "company", "summary": "SIC 2860 Industrial Organic Chemicals; CIK 0000744187; latest 10-K filed 2026-03-30.", "text": "REX - REX AMERICAN RESOURCES Corp SIC 2860 Industrial Organic Chemicals; CIK 0000744187; latest 10-K filed 2026-03-30. REX REX AMERICAN RESOURCES Corp 0000744187 2860 Industrial Organic Chemicals Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview We have been an investor in ethanol production facilities beginning in 2006. We currently have equity investments in three ethanol production entities, two of which are majority ownership interests. We may make additional alternative energy investments in the future and are currently working on a carbon sequestration project near our One Earth Energy location. Our ethanol operations are highly dependent on commodity prices, especially prices for corn, ethanol, distillers grains, distillers corn oil and natural gas, and availability of corn. As a result of price volatility for these commodities, our operating results can fluctuate substantially. The price and availability of corn is subject to significant fluctuations depending upon several factors that affect commodity prices in general, including crop conditions, the amount of corn stored on farms, weather, federal policy, foreign trade, tariffs, and international disruptions caused by wars or conflicts. Because the market prices of ethanol and distillers grains are not always directly related to corn prices (for example, demand for crude and other energy and related prices, the export market demand for ethanol and distillers grains, soybean meal prices, and the results of federal policy decisions, trade negotiations, and tariffs can impact ethanol and distillers grains prices), at times ethanol and distillers grains prices may not follow movements in corn prices and, in an environment of higher corn prices or lower ethanol or distillers grains prices, reduce the overall margin structure at the plants. As a result, at times, we may operate our plants at negative or minimally positive operating margins. We expect our ethanol plants to produce approximately 2.9 gallons of denatured ethanol for each bushel of corn processed in the production cycle. We refer to the actual gallons of denatured ethanol produced per bushel of corn processed as the realized yield. We refer to the difference between the price per gallon of ethanol and the price per bushel of corn (divided by the realized yield) as the \u201ccrush spread.\u201d Should the crush spread decline, it is possible that our ethanol plants will generate operating results that do not provide adequate cash flows for sustained periods of time. In such cases, production at the ethanol plants may be reduced or stopped altogether in order to minimize variable costs at individual plants. We attempt to manage the risk related to the volatility of commodity prices by utilizing forward corn and natural gas purchase contracts, forward ethanol, distillers grains and distillers corn oil sale contracts, and commodity futures agreements, as management deems appropriate. We attempt to match quantities of these sales contracts with an appropriate quantity of corn purchase contracts over a given period of time when we can obtain an adequate gross margin resulting from the crush spread inherent in the contracts we have executed. However, the market for future ethanol sales contracts generally lags the spot market with respect to ethanol prices. Consequently, we generally execute fixed price contracts for no more than four months into the future at any given time and we may lock in our corn or ethanol price without having a corresponding locked in ethanol or corn price for short durations of time. As a result of the relatively short period of time our fixed price contracts cover, we generally cannot predict the future movements in our realized crush spread for more than four months; thus, we are unable to predict the likelihood or amounts of future income or loss from the operations of our ethanol facilities. We reported net income attributable to REX common shareholders of approximately $83.0 million in fiscal 2025 compared to approximately $58.2 million in fiscal 2024. The current year has benefitted from reductions in our effective tax rate resul Item 1. Business References to \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, \u201cREX\u201d or \u201cthe Company\u201d refer to REX American Resources Corporation and its majority owned subsidiaries. Fiscal Year All references in this report to a particular fiscal year are to REX\u2019s fiscal year ended January 31. We refer to our fiscal year by reference to the calendar year immediately preceding the January 31 fiscal year end date. For example, \u201cfiscal year 2025\u201d means the period February 1, 2025 to January 31, 2026. Corporate History and Background REX was incorporated in Delaware in 1984 as a holding company. Our principal offices are located at 7720 Paragon Road, Dayton, Ohio 45459. Our telephone number is (937) 276-3931. In 2006, we started investing in ethanol production facilities. We are currently invested in three ethanol production entities \u2013 One Earth Energy, LLC, NuGen Energy, LLC, and Big River Resources, LLC. We own a majority interest in One Earth and NuGen. General Overview We reported net income attributable to REX common shareholders of approximately $83.0 million in fiscal 2025 compared to approximately $58.2 million in fiscal 2024. The current year has benefitted from reductions in our effective tax rate resulting from the impact of 45Z tax credits earned associated with our ethanol production. Gross profit in fiscal year 2025 was higher than fiscal year 2024, primarily a result of higher crush spreads. The two largest drivers of ethanol profitability are corn and ethanol pricing, both of which experienced significant volatility within the year. Chicago Board 4 of Trade corn prices per bushel ranged from a low of $3.72 in August 2025 to a high of $5.02 in February 2025. S&P Global Platts ethanol pricing per gallon ranged from a low of $1.50 in January 2026 to a high of $2.09 in September 2025. The form and structure of our ethanol investments are tailored to the specific needs and goals of each project and the local farmer group or investor with whom we partner. We generally particip Item 1A. Risk Factors We encourage you to carefully consider the risks described below and other information contained in this report when considering an investment decision in REX common stock. Any of the events discussed in the risk factors below may occur. If one or more of these events do occur, our results of ope", "title": "REX - REX AMERICAN RESOURCES Corp", "url": "/company/REX/" }, { "kind": "company", "summary": "SIC 5072 Wholesale-Hardware; CIK 0001740332; latest 10-K filed 2026-02-24.", "text": "REZI - RESIDEO TECHNOLOGIES, INC. SIC 5072 Wholesale-Hardware; CIK 0001740332; latest 10-K filed 2026-02-24. REZI RESIDEO TECHNOLOGIES, INC. 0001740332 5072 Wholesale-Hardware Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. (In millions, except per share amounts) The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is intended to help readers understand the results of our operations and financial condition for the three years ended December 31, 2025, and should be read in conjunction with the Consolidated Financial Statements and the notes thereto contained elsewhere in this Form 10-K. Current Period Highlights \u2022Net revenue of $7.47 billion in 2025, up 10.5% from $6.76 billion in 2024 \u2022Gross profit margin of 29.4%, compared to 28.1% in the prior year comparable period \u2022Income from operations of $607 million, or 8.1% of revenue, compared to $520 million, or 7.7% of revenue in 2024 \u2022Fully diluted earnings (loss) per common share of $(3.77), compared to $0.61 per common share in the same period last year Overview and Business Trends We are a global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions that help homeowners and businesses stay connected and in control of their comfort, security, energy use, and smart living. We are a leading player in key product markets including home heating, ventilation, and air conditioning controls; smoke and carbon monoxide detection home safety and fire suppression; and security. Our global footprint serves residential and commercial end-markets. Our solutions and services can be found in over 150 million residential and commercial spaces globally, with tens of millions of new devices sold annually. We manage our business operations through two business segments, Products and Solutions and ADI Global Distribution. Our Products and Solutions segment offerings include temperature and humidity control, water and air solutions, smoke and carbon monoxide detection home safety products, residential and small business security products, video cameras, other home-related lifestyle convenience solutions, cloud infrastructure, installation and maintenance tools, and related software. We also sell components to manufacturers of water heaters, heat pumps, and boilers. Our products and solutions for comfort, energy management, safety, and security benefit from trusted, well-established branded offerings such as Braukmann, BRK, First Alert, Honeywell Home, Resideo, and others. Our ADI Global Distribution segment is a leading, global specialty distributor of professionally installed low-voltage products, including security and AV solutions, serving commercial and residential markets through an omnichannel go-to-market platform. ADI Global Distribution sells primarily to licensed professional installers, dealers, and integrators. We offer an expansive list of products from leading suppliers across key specialty low-voltage categories. ADI complements our third-party supplier products with a suite of exclusive brands and services offerings. Our financial performance is influenced by macroeconomic factors underlying end user demand such as repair and remodeling activity, residential and commercial construction, new and existing home sales, employment rates, interest rates and bank lending standards, and supply chain dynamics that can be influenced by geopolitics. The ongoing uncertainty and volatility in the global macroeconomic and political environments have affected, and could continue to affect, our visibility toward future performance. Uncertainties remain, including the global tariff environment, geopolitical relations between and among the U.S. and other countries, potential for changes in inflation and interest rates, increased labor costs, reduced consumer spending due to softening labor markets, elevated mortgage rates, shifts in energy policies, and potential market and other disruption from any of the above. Outlook For 2026, we anticipate executing our business operations against a highly dynamic global macroec Item 1. Business. General As used herein, unless the context otherwise dictates, the term \u201cResideo\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d, or \u201cour\u201d means Resideo Technologies, Inc. and its consolidated subsidiaries. Our common stock began trading under the ticker symbol \u201cREZI\u201d on the New York Stock Exchange (\u201cNYSE\u201d) on October 29, 2018. We separated from Honeywell International Inc. (\u201cHoneywell\u201d) in 2018, becoming an independent publicly traded company as a result of a pro rata distribution of our common stock to stockholders of Honeywell (the \u201cHoneywell Spin-Off\u201d). Description of Business We are a global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions that help homeowners and businesses stay connected and in control of their comfort, security, energy use, and smart living. We are a leading player in key product markets including home heating, ventilation, and air conditioning controls; smoke and carbon monoxide detection home safety and fire suppression; and security. Our global footprint serves residential and commercial end-markets. Our solutions and services can be found in over 150 million residential and commercial spaces globally, with tens of millions of new devices sold annually. We operate in large markets that sit at the intersection of multiple secular growth trends. We believe the increased desire for critical and cost-effective comfort, energy management, and actionable safety and security solutions in residential and commercial spaces, combined with the long-term impacts of energy transitions, are driving investment in the types of products and solutions we provide. Our primary focus is on the professional channel where we are a trusted partner to approximately 100 thousand professional contractors, installers, dealers, and integrators in the HVAC, security, fire, electrical, connected home, and home comfort markets (\u201cprofessionals\u201d). Our global scale, breadth of product offerings, innovation herit Item 1A. Risk Factors. You should carefully consider all of the information in this Form 10-K and each of the risks described below, which we believe are the material risks that we face. Any of these risks could materially and adversely affect our business, financial condition, results of operations, and cash flows and the actual outcome of m", "title": "REZI - RESIDEO TECHNOLOGIES, INC.", "url": "/company/REZI/" }, { "kind": "company", "summary": "SIC 7363 Services-Help Supply Services; CIK 0000315213; latest 10-K filed 2026-02-13.", "text": "RHI - ROBERT HALF INC. SIC 7363 Services-Help Supply Services; CIK 0000315213; latest 10-K filed 2026-02-13. RHI ROBERT HALF INC. 0000315213 7363 Services-Help Supply Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Certain information contained in Management\u2019s Discussion and Analysis and in other parts of this report may be deemed forward-looking statements regarding events and financial trends that may affect the future operating results or financial positions of Robert Half Inc. (the \u201cCompany\u201d). Forward-looking statements are not guarantees or promises that goals or targets will be met. These statements may be identified by words such as \u201canticipate,\u201d \u201cpotential,\u201d \u201cestimate,\u201d \u201cforecast,\u201d \u201ctarget,\u201d \u201cproject,\u201d \u201cplan,\u201d \u201cintend,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cwill,\u201d or variations or negatives thereof or by similar or comparable words or phrases. In addition, historical, current and forward-looking information about the Company\u2019s corporate responsibility and compliance programs, including targets or goals, may not be considered material for the Securities and Exchange Commission (\u201cSEC\u201d) or other mandatory reporting purposes and may be based on standards for measuring progress that are still developing; on internal controls, diligence or processes that are evolving; on representations reviewed or provided by third parties; and on assumptions that are subject to change in the future. Forward-looking statements are estimates only and are based on management\u2019s current expectations, currently available information, and current strategy, plans or forecasts, and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict, often beyond the Company\u2019s control and are inherently uncertain. Forward-looking statements are subject to risks and uncertainties that could cause actual results and outcomes, or the timing of these results or outcomes, to differ materially from those expressed or implied in the statements. These risks and uncertainties include, but are not limited to, the following: changes to or new interpretations of United States of America (\u201cU.S.\u201d) or international tax regulations; the global financial and economic situation; changes in levels of unemployment and other economic conditions in the U.S. or foreign countries where the Company does business, or in particular regions or industries; reduction in the supply of candidates for contract employment or the Company\u2019s ability to attract candidates; the development, proliferation and adoption of artificial intelligence (\u201cAI\u201d) by the Company and the third parties it serves; the entry of new competitors into the marketplace or expansion by existing competitors; the ability of the Company to maintain existing client relationships and attract new clients in the context of changing economic or competitive conditions; the impact of competitive pressures, including any change in the demand for the Company\u2019s services, or the Company\u2019s ability to maintain its margins; the possibility of the Company incurring liability for its activities, including the activities of its engagement professionals, or for events impacting its engagement professionals on clients\u2019 premises; the possibility that adverse publicity could impact the Company\u2019s ability to attract and retain clients and candidates; the success of the Company in attracting, training and retaining qualified management personnel and other staff employees; the Company\u2019s ability to comply with governmental regulations affecting personnel services businesses in particular or employer/employee relationships in general; whether there will be ongoing demand for Sarbanes-Oxley or other regulatory compliance services; the Company\u2019s reliance on short-term contracts for a significant percentage of its business; litigation relating to prior or current transactions or activities, including litigation that may be disclosed from time to time in the Company\u2019s SEC filings; the impact of extreme weather conditions on the Company and its candidates and clients; the ability of the Company to manag Item 1. Business Robert Half Inc. (the \u201cCompany\u201d) provides specialized talent solutions and business consulting services through the Robert Half\u00ae and Protiviti\u00ae company names. The Company\u2019s business was originally founded in 1948. Prior to 1986, the Company was primarily a franchisor, under the names Accountemps and Robert Half, with offices providing contract and permanent professionals in the fields of accounting and finance. Beginning in 1986, the Company embarked on a strategy of acquiring the franchised locations. All franchises have since been acquired. The Company believes that direct ownership of offices allows it to better monitor and protect the image of its trade names, promote a more consistent and higher level of quality and service throughout its network of offices, and improve profitability by centralizing many of its administrative functions. Since 1986, the Company has significantly expanded operations at many of the acquired locations, opened hundreds of new locations, and acquired other local or regional providers of specialized contract personnel. The Company has also broadened the scope of its services by expanding product offerings to include administrative and customer support, technology, financial project, consulting, legal, and marketing and creative talent solutions. Robert Half Prior to 2022, the Company organized its talent solutions business through separately branded divisions under the brand names of Accountemps\u00ae, Robert Half\u00ae Finance and Accounting, OfficeTeam\u00ae, Robert Half\u00ae Technology, Robert Half\u00ae Management Resources, Robert Half\u00ae Legal, and The Creative Group. During 2022, the Company unified its family of Robert Half brands to focus on its key brand, Robert Half. This simplifies the Company\u2019s go-to-market brand structure for clients and candidates, provides leverage for greater brand awareness, and allows future flexibility to expand the Company\u2019s existing functional specializations. The Company\u2019s current financial statement Item 1A. Risk Factors The Company\u2019s business prospects are subject to various risks and uncertainties that impact its business. The most important of these risks and uncertainties are as follows: Risks Related to the Company\u2019s Business Environment Any reduction in global economic activity may harm the Company\u2019s business and f", "title": "RHI - ROBERT HALF INC.", "url": "/company/RHI/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001040829; latest 10-K filed 2026-02-24.", "text": "RHP - Ryman Hospitality Properties, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001040829; latest 10-K filed 2026-02-24. RHP Ryman Hospitality Properties, Inc. 0001040829 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview We are a Delaware corporation, originally incorporated in 1956, that, following our REIT conversion in 2012, began operating as a self-advised and self-administered REIT for federal income tax purposes on January 1, 2013, specializing in group-oriented, destination hotel assets in urban and resort markets. Our core holdings include a network of upscale, meetings-focused resorts totaling 11,869 rooms that are managed by Marriott International, Inc. (\u201cMarriott\u201d) under the Gaylord Hotels and JW Marriott brands. The five Gaylord Hotels resorts, which we refer to as our Gaylord Hotels properties, consist of the Gaylord Opryland Resort & Convention Center in Nashville, Tennessee (\u201cGaylord Opryland\u201d), the Gaylord Palms Resort & Convention Center near Orlando, Florida (\u201cGaylord Palms\u201d), the Gaylord Texan Resort & Convention Center near Dallas, Texas (\u201cGaylord Texan\u201d), the Gaylord National Resort & Convention Center near Washington D.C. (\u201cGaylord National\u201d), and the Gaylord Rockies Resort & Convention Center near Denver, Colorado (\u201cGaylord Rockies\u201d). The two JW Marriott resorts, which we refer to as our JW Marriott properties, consist of the JW Marriott San Antonio Hill Country Resort & Spa (\u201cJW Marriott Hill Country\u201d) (effective June 30, 2023) and the JW Marriott Desert Ridge Resort & Spa (\u201cJW Marriott Desert Ridge\u201d) (effective June 10, 2025). Our other owned hotel assets managed by Marriott include the Inn at Opryland, an overflow hotel adjacent to Gaylord Opryland, and the AC Hotel at National Harbor, Washington D.C. (\u201cAC Hotel\u201d), an overflow hotel adjacent to Gaylord National. Each of our award-winning Gaylord Hotels properties and JW Marriott properties incorporates not only high-quality lodging, but also large-scale meeting, convention and exhibition space, superb food and beverage options and retail and spa facilities within a single self-contained property. Our Gaylord Hotels properties each include at least 400,000 square feet of meeting, convention and exhibit space, and our JW Marriott properties each contain at least 240,000 square feet of meeting, convention and exhibit space. As a result, our Gaylord Hotels properties and JW Marriott properties provide a convenient and entertaining environment for convention guests. Our Gaylord Hotels properties and JW Marriott properties focus on the large group meetings market in the United States. Our goal is to be the nation\u2019s premier hospitality REIT for group-oriented, destination hotel assets in urban and resort markets. We also own an approximate 70% controlling equity interest in a business comprised of a number of entertainment and media assets, known as the Opry Entertainment Group (\u201cOEG\u201d), which we report as our Entertainment segment. These assets include the Grand Ole Opry, the legendary weekly showcase of country music\u2019s finest performers for 100 years; the Ryman Auditorium, the storied live music venue and former home of the Grand Ole Opry located in downtown Nashville; WSM-AM, the Opry\u2019s radio home; Ole Red, a brand of six Blake Shelton-themed bar, music venue and event spaces; Category 10, a brand of Luke Combs-themed bar, music venue and event space that opened in Nashville, Tennessee in November 2024 with additional locations expected to open in Las Vegas, Nevada in late 2026 and at Universal Orlando Resort\u2019s CityWalk in late 2027; Block 21, a mixed-use entertainment, lodging, office, and ret Item 1. Business Overview Ryman is the successor to Gaylord Entertainment Company (\u201cGaylord\u201d), a Delaware corporation originally incorporated in 1956. As part of the plan to restructure our business operations to facilitate our qualification as a REIT for federal income tax purposes, Gaylord merged with and into its wholly-owned subsidiary, Ryman, on October 1, 2012, with Ryman as the surviving corporation, and Ryman succeeded to and began conducting, either directly or indirectly, all of the business conducted by Gaylord immediately prior to the merger. Ryman is a Delaware corporation that began operating as a self-advised and self-administered REIT for federal income tax purposes on January 1, 2013. We specialize in group-oriented, destination hotel assets in urban and resort markets. As a REIT, we generally will not be subject to federal corporate income taxes on that portion of our capital gain or ordinary income from our REIT operations that is distributed to our stockholders. This treatment substantially eliminates the federal \u201cdouble taxation\u201d on earnings from our REIT operations, or taxation once at the corporate level and again at the stockholder level, that generally results from investment in a regular C corporation. Our non-REIT operations, which consist of the activities of our TRSs that lease or sublease our hotels from our Operating Partnership (as defined below) and its subsidiaries, as well as businesses within our Entertainment segment, continue to be subject, as applicable, to federal and state corporate income taxes. Our core holdings include a network of upscale, meetings-focused resorts totaling 11,869 rooms that are managed by Marriott under the Gaylord Hotels and JW Marriott brands. The five Gaylord Hotels resorts, which we refer to as our Gaylord Hotels properties, consist of the Gaylord Opryland Resort & Convention Center in Nashville, Tennessee (\u201cGaylord Opryland\u201d), the Gaylord Palms Resort & Convention Center near Orlando, F Item 1A. Risk Factors You should carefully consider the following specific risk factors as well as the other information contained or incorporated by reference in this Annual Report on Form 10-K as these are important factors, among others, that could cause our actual results to differ from our expected or historica", "title": "RHP - Ryman Hospitality Properties, Inc.", "url": "/company/RHP/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001556593; latest 10-K filed 2026-02-19.", "text": "RITM - Rithm Capital Corp. SIC 6798 Real Estate Investment Trusts; CIK 0001556593; latest 10-K filed 2026-02-19. RITM Rithm Capital Corp. 0001556593 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (the \u201cMD&A\u201d) should be read in conjunction with the consolidated financial statements and related notes included in this Annual Report on Form 10-K, as well as Part I, Item 1. \u201cBusiness and Part I, Item 1A. \u201cRisk Factors.\u201d The MD&A is intended to provide information relevant to an assessment of our financial condition and results of operations, including the quality and variability of our earnings and cash flows; discuss material events, trends and uncertainties known to management that are reasonably likely to affect future results or financial condition; and provide context for the financial statements and other data that management believes are helpful to an understanding of our business from management\u2019s perspective. This section generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. COMPANY OVERVIEW Rithm Capital is a global asset manager focused on real estate, credit and financial services. We are a Delaware corporation and operate as an internally managed REIT. We seek to generate long-term value for our investors by leveraging our investment expertise and operating capabilities to identify, acquire, manage and seek to enhance the value of real estate-related and other financial assets. Our platform integrates operating companies, investment portfolios and asset management activities across the residential mortgage, real estate and credit markets. Headquartered in New York City, Rithm Capital has a global presence with offices in London, Hong Kong, Tokyo, Toronto and Abu Dhabi. Our investments in residential real estate-related assets include equity interests in operating companies and investments across the residential mortgage and real estate lifecycle. These include origination and servicing platforms operated through our wholly owned subsidiaries Newrez and Genesis, as well as investments in SFR properties. We also own businesses providing, title, appraisal, property preservation and maintenance services. Our real estate-related strategy involves selectively pursuing acquisitions and strategic partnerships that we believe enhance the value of our investments by supporting products and services across the lifecycle of residential mortgage loans and the underlying residential properties or collateral. The Asset Management segment includes our fee-based investment management activities conducted primarily through RAM. RAM operates its asset management activities through its wholly owned subsidiaries, including Sculptor, Crestline and the Rithm Advisers, which serve as investment advisers to a range of investment vehicles and managed accounts, including Rithm Property Trust and R-HOME, and generate primarily fee-based revenues. In addition, following our Paramount Acquisition, we own and operate a portfolio of Class A office properties in New York City and San Francisco, which are managed as part of our broader real estate platform. As of December 31, 2025, we had approximately $63 billion in assets under management (\u201cAUM\u201d). For additional information regarding our investment guidelines, see Part I, Item 1. Business\u2014\u201cInvestment Guidelines.\u201d In executing our strategy, from time to time, we explore, and will continue to explore, various opportunities to create value for our shareholders, which may include acquisitions and dispositions of assets, financing transactions (including equity or debt offerings by one or more of our subsidiaries), business combinations, a change in our tax s ITEM 1. BUSINESS Company Overview Rithm Capital is a global asset manager focused on real estate, credit and financial services. We are a Delaware corporation formed in September 2011, commencing operations in December 2011 and becoming a publicly traded company on May 15, 2013. We have operated as a REIT for U.S. federal income tax purposes since inception and, since June 17, 2022, have been structured as an internally managed REIT. We seek to generate long-term value for our stockholders by leveraging our investment expertise and operating capabilities to identify, acquire, manage and enhance the value of real estate-related and other financial assets. Our platform integrates operating companies, investment portfolios and asset management capabilities across the residential mortgage, real estate and credit markets. Headquartered in New York City, Rithm Capital has a global presence with offices in London, Hong Kong, Tokyo, Toronto and Abu Dhabi. Our investments in residential real estate-related assets include equity interests in operating companies and investments across the residential mortgage and real estate lifecycle. These include origination and servicing platforms operated through our wholly owned subsidiaries, Newrez and Genesis, as well as investments in SFR properties. We also own businesses providing title, appraisal and property preservation and maintenance services. Our Asset Management business primarily conducts its asset management activities through Rithm Asset Management LLC (\u201cRAM\u201d). RAM operates its asset management activities through its wholly owned subsidiaries, including Sculptor Capital Management, Inc. (\u201cSculptor\u201d), Crestline and Rithm Capital Advisors LLC (\u201cRCA\u201d), which serves as an investment adviser to a range of investment vehicles and managed accounts and generates primarily fee-based revenues. Additionally, RCM GA Manager LLC (\u201cRCM Manager\u201d and, together with RCA, the \u201cRithm Advisers\u201d) manages Rithm Property Trust and R-HOME pu ITEM 1A. RISK FACTORS Investing in our securities involves a high degree of risk. You should carefully read and consider the following risk factors, together with the other information contained in this Annual Report. Any of the following risks, as well as additional risks and uncertainties not currently known to us or that we c", "title": "RITM - Rithm Capital Corp.", "url": "/company/RITM/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001384905; latest 10-K filed 2026-02-27.", "text": "RNG - RingCentral, Inc. SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001384905; latest 10-K filed 2026-02-27. RNG RingCentral, Inc. 0001384905 7374 Services-Computer Processing & Data Preparation ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. As discussed in the section entitled \u201cSpecial Note Regarding Forward-Looking Statements,\u201d the following discussion and analysis contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ significantly from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and elsewhere in this report, particularly in the section entitled \u201cRisk Factors\u201d included under Part I, Item1A. This section of this Form 10-K generally discusses fiscal 2025 and fiscal 2024 items and year-to-year comparisons between fiscal 2025 and fiscal 2024. Discussion regarding our financial condition and results of operations for fiscal 2024 as compared to fiscal 2023 is included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 26, 2025. Overview Over the past 26 years, RingCentral has transformed business communications, leading the shift from on-premises legacy communications to the cloud. Today, the company has an AI-powered, multi-product portfolio including Unified Communications as a Service (\u201cUCaaS\u201d), Contact Center as a Service (\u201cCCaaS\u201d), RingCentral AI solutions, Video and Events. RingCentral\u2019s core tenets include: a) Trust: We provide a carrier-grade, cloud based communications platform that businesses can trust with reliability, security, and privacy; b) Innovation: We plan to invest approximately $250 million in research and development in 2026 to execute through focused and strategic innovation, setting the bar in the industry for many market firsts; c) Partnerships: We have a diverse set of strategic partners, global service providers, channel partners, and third-party developers. RingCentral is designed for intelligent, connected, and effortless businesses communications, making employee and customer experiences more productive and efficient. Our cloud-based offerings, including RingEX, RingCentral Contact Center and RingCX are primarily subscription based and made available at different rates varying by the specific functionalities, services, and number of users. Our AI-led products are also being offered on a usage-based pricing model. Our subscription plans have monthly, annual, or multi-year contractual terms. We believe that this flexibility in contract duration is important to meet the different needs of our customers. For the years ended December 31, 2025 and 2024, subscriptions revenues accounted for over 90% of our total revenues. Other revenues are comprised of product revenues from the sale of pre-configured phones and professional services. We do not develop or manufacture physical phones and only offer them as a convenience to our customers. We rely on third-party providers to develop and manufacture these devices and fulfillment partners to successfully serve our customers. As of December 31, 2025, we had customers from a range of industries, including healthcare, financial and professional services, retail, state and local government, education, legal services, real estate, technology, insurance, construction and hospitality, among others. For the years ended December 31, 2025, 2024 and 2023, the vast majority of our total revenues were generated in the U.S. and Canada. The growth of our business and our future success depend on many factors, including our ability to add new customers, retain and expand within our existing customer base, continue to innovate and successfully monetize our AI-led product port ITEM 1. BUSINESS Overview Over the past 26 years, RingCentral has transformed business communications, leading the shift from on-premises legacy communications to the cloud. Today, the company has an AI-powered, multi-product portfolio including Unified Communications as a Service (\u201cUCaaS\u201d), Contact Center as a Service (\u201cCCaaS\u201d), RingCentral AI solutions, Video and Events. RingCentral\u2019s core tenets include: a) Trust: We provide a carrier-grade, cloud based communications platform that businesses can trust with reliability, security, and privacy; b) Innovation: We plan to invest approximately $250 million in research and development in 2026 to execute through focused and strategic innovation, setting the bar in the industry for many market firsts; c) Partnerships: We have a diverse set of strategic partners, global service providers, channel partners, and third-party developers. RingCentral is designed for intelligent, connected, and effortless businesses communications, making employee and customer experiences more productive and efficient. AI is core to RingCentral\u2019s platform strategy and product roadmap to which we continue to allocate a significant portion of our research and development spend. We believe AI can transform business interactions by automating routine tasks, augmenting human agents, and delivering real-time intelligence during interactions. Our platform is at the forefront of business-to-consumer interactions, where voice and text remain the predominant methods for consumers to engage with providers. This provides the foundation for our agentic voice AI strategy. 4 Table of Contents We are developing agentic voice AI capabilities that can take action on behalf of businesses, orchestrate workflows, and handle customer interactions autonomously or with human supervision. These agentic capabilities are voice-first, while supporting other modes of conversation. We believe these capabilities will fundamentally change how organizations scale cust ITEM 1A. RISK FACTORS This Report contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, the risk factors set forth below. The risks and unce", "title": "RNG - RingCentral, Inc.", "url": "/company/RNG/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000715072; latest 10-K filed 2026-03-02.", "text": "RNST - RENASANT CORP SIC 6022 State Commercial Banks; CIK 0000715072; latest 10-K filed 2026-03-02. RNST RENASANT CORP 0000715072 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (In Thousands, Except Share Data) The following discussion and analysis of our financial condition as of December 31, 2025 and 2024 and results of operations for each of the years then ended should be read together with the cautionary language regarding forward-looking statements at the beginning of this Annual Report on Form 10-K and the consolidated financial statements and related notes included in Part II, Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K, as well as Part II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 26, 2025, which provides a discussion of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K. Performance Overview Net income was $181,272 for 2025 compared to $195,457 for 2024. Basic and diluted earnings per share (\u201cEPS\u201d) were $2.09 and $2.07, respectively, for 2025 compared to $3.29 and $3.27, respectively, for 2024. At December 31, 2025, total assets increased to $26,751,426 from $18,034,868 at December 31, 2024. The changes in our financial condition and results of operations from 2024 to 2025 were driven by a number of factors, the most prominent of which are highlighted below: [[GREPCENT_TABLE]] [[\"\\u2014\",\"On April 1, 2025, the Company completed its merger with The First. As of the effective date of the merger, The First operated 116 locations throughout Louisiana, Mississippi, Alabama, Georgia and Florida, and had $7,572,811 in assets, $5,173,334 in loans and $6,449,393 in deposits, net of purchase accounting adjustments.\"],[\"\\u2014\",\"In October 2025, the Company redeemed $60,000 in subordinated notes assumed as part of the merger with The First.\"],[\"\\u2014\",\"The Company repurchased, at an average price of $34.29, 388,940 shares of its common stock in the fourth quarter of 2025 as part of its publicly-announced stock repurchase program.\"],[\"\\u2014\",\"Net interest income increased $291,773 to $803,969 for 2025 as compared to $512,196 for 2024. The increase from 2024 to 2025 was primarily due to the addition of The First\\u2019s loan portfolio and strong organic loan growth in 2025.\"],[\"\\u2014\",\"Net charge-offs as a percentage of average loans were 0.15% and 0.06% in 2025 and 2024, respectively. The Company recorded a provision for credit losses on loans of $107,457 in 2025 as compared to a provision for credit losses on loans of $9,273 in 2024. This increase is primarily due to the Day 1 provision recognized in the merger with The First and strong organic loan growth in 2025.\"],[\"\\u2014\",\"Noninterest income was $181,880 for 2025 compared to $203,660 for 2024. The decrease in noninterest income is primarily attributable to the elevated level of noninterest income in 2024 from the sale of Renasant Insurance, Inc. that resulted in a pre-tax gross gain on sale of $53,349, offset by fee and other noninterest income generated from the operations acquired in the merger with The First.\"],[\"\\u2014\",\"Noninterest expense was $651,660 and $461,618 for 2025 and 2024, respectively. The increase in noninterest expense is primarily attributable to the additional operations and merger and conversion-related expenses in connection with the Company\\u2019s merger with The First.\"],[\"\\u2014\",\"Loans held for investment, net of unearned income, were $19,047,039 at December 31, 2025 compared to $12,885,020 at December 31, 2024. The Company acquired $5,173,334 of loans from the merger with The First.\"],[\"\\u2014\",\"Deposits totaled $21,473,070 at December 31, 2025 compared to $14,572,612 at December 31, 2024. The Company assumed $6,449,393 of deposits from the merger with The First.\"]] [[/GREPCENT_TABLE]] 34 A historical look at key performance indicators is presented below. ITEM 1. BUSINESS General Renasant Corporation, a Mississippi corporation incorporated in 1982. It owns and operates Renasant Bank, a Mississippi banking corporation with operations throughout the Southeast, and also owns and operates Park Place Capital Corporation, a Tennessee corporation and registered investment advisor with operations across our footprint. Renasant Bank, in turn, owns and operates Continental Republic Capital, LLC (doing business as \u201cRepublic Business Credit\u201d), a Louisiana limited liability company offering factoring and asset-based lending on a nationwide basis, while Park Place Capital Corporation, in turn, owns and operates Park Place Capital Securities Corporation, a Delaware corporation and registered broker-dealer. Renasant Bank also owns Renasant Insurance, Inc., a Mississippi corporation, which was engaged in the insurance agency business until Renasant Bank\u2019s sale of substantially all of the assets of Renasant Insurance, Inc. on July 1, 2024. More information about this transaction can be found in Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. In this Annual Report, Renasant Bank is sometimes referred to as the \u201cBank,\u201d while Park Place Capital Corporation is referred to as \u201cPark Place Capital,\u201d and Continental Republic Capital, LLC is referred to as \u201cRepublic Business Credit.\u201d 2 Our vision is to be the financial services advisor and provider of choice in each community we serve. With this vision in mind, management has organized the branch banks into community banks using a franchise concept. The franchise approach empowers community bank presidents to execute their own business plans in order to achieve our vision. Specific performance measurement tools are available to assist these presidents in determining the success of their plan implementation. A few of the ratios used in measuring the success of their business plan include: [[GREPCENT_TABLE]] [[\"\",\"\\u2014\",\"return on average ass ITEM 1A. RISK FACTORS In addition to the other information contained in or incorporated by reference into this Form 10-K and the exhibits hereto, the following risk factors should be considered carefully in evaluating our business. The risks disclosed below, either alone or in combination, could materially adversely affect the business, financial cond", "title": "RNST - RENASANT CORP", "url": "/company/RNST/" }, { "kind": "company", "summary": "SIC 3310 Steel Works, Blast Furnaces & Rolling & Finishing Mills; CIK 0000912562; latest 10-K filed 2026-02-26.", "text": "ROCK - GIBRALTAR INDUSTRIES, INC. SIC 3310 Steel Works, Blast Furnaces & Rolling & Finishing Mills; CIK 0000912562; latest 10-K filed 2026-02-26. ROCK GIBRALTAR INDUSTRIES, INC. 0000912562 3310 Steel Works, Blast Furnaces & Rolling & Finishing Mills Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Company\u2019s risk factors and its consolidated financial statements and notes thereto 25 Table of Contents included in Item 1A and Item 8, respectively, of this Annual Report on Form 10-K. Certain information set forth in this Item 7 constitutes \u201cforward-looking statements\u201d as that term is used in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based, in whole or in part, on management\u2019s beliefs, estimates, assumptions, and currently available information. For a more detailed discussion of what constitutes a forward-looking statement and of some of the factors that could cause actual results to differ materially from such forward-looking statements, please refer to the \u201cSafe Harbor Statement\u201d on page 4 of this Annual Report on Form 10-K. Company Overview The Company is a leading manufacturer and provider of products and services for the residential, agtech, and infrastructure markets, and it operates and reports its results through three reporting segments: Residential, Agtech, and Infrastructure. The Company serves customers primarily in the U.S. and Canada including home improvement retailers, wholesalers, distributors, contractors, institutional and commercial growers of fruits, vegetables, flowers and other plants. The Company's operational infrastructure provides the necessary scale to support local, regional, and national customers in each of its markets. On February 2, 2026, Gibraltar completed the acquisition of OmniMax, a leading U.S.- and Canada-based manufacturer and provider of residential roofing accessories and rainwater management systems. The Company believes that the addition of OmniMax's complementary brands, product portfolio and geographic footprint accelerates the Company's presence in its largest and most profitable business segment, creates a more optimal operating platform to serve customers and partner with suppliers, and opens new opportunities for growth with new and existing customers across the U.S. and Canada. OmniMax will be reported as part of the Company's Residential segment. The Company anticipates that, following the acquisition of OmniMax, the Residential segment will represent over 80% of the Company's total revenue with the Company being primarily focused on the residential market. Demand for products and services in the segments and end markets the Company's businesses serve are subject to economic conditions that are influenced by various factors. These factors include but are not limited to changes in general economic conditions, interest rates, exchange rates, commodity costs, demand for residential construction, demand for repair and remodeling, governmental policies and funding, tax policies and incentives, tariffs, trade policies, weather patterns, the level of non-residential construction and infrastructure projects. The Company believes the key elements of its strategy outlined in Item 1. Business of this Annual Report on Form 10-K will allow the Company to respond timely to these factors. Operating Performance Measures The Company uses consolidated net sales, consolidated gross margin, consolidated operating margin, and operating margin by segment as key operating performance measures. Management uses these measures to evaluate operating performance, manage its business, set operational goals, and establish performance targets for incentive compensation for its employees. The Company defines consolidated gross margin as consolidated gross profit divided by consolidated net sales. Consolidated operating margin is defined as income from continuing operations divided by consolidated net sales. Operating margin by segment is defined as income from operations for each segment divided by net sales for that Item 1. Business Gibraltar Industries, Inc. (the \"Company\" or \"Gibraltar\") is a leading manufacturer and provider of products and services for the residential, agtech and infrastructure markets. Gibraltar's mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology. On February 2, 2026, Gibraltar acquired OmniMax International, LLC (\"OmniMax\"), a leading United States of America (\"U.S.\") and Canada-based manufacturer and provider of residential roofing accessories and rainwater management systems. The acquisition of OmniMax furthers Gibraltar's goal of helping innovate and reshape the markets in which it operates and provide better solutions for its customers and the channels it serves. The description of the Company's business includes the OmniMax business, however, any information included herein as of December 31, 2025 does not include the OmniMax business except as specified. Gibraltar's Core Pillars Gibraltar strives to create compounding and sustainable value for its stockholders and stakeholders by maintaining strong, relevant leadership positions in higher-growth profitable end markets while continuously innovating its products, services, and business processes to further optimize the important end markets it serves in the U.S. and Canada; residential and light commercial housing, infrastructure, and controlled environment agriculture growing and research. The foundation of the Company's strategy is built on three core pillars: Business System, Portfolio Management, and Organization Development. \u2022Business System reflects the necessary systems, processes, and management tools required to deliver consistent and continuous performance improvement, every day. The Company's business system is a critical enabler to grow, scale, and deliver its plans. The Company's focus is on deploying effective tools to drive growth, improve operating performance, and develop the organization utiliz Item 1A. Risk Factors The Company's business, financial condition, results of operations, and the market price for its common stock are subject to numerous risks, many of which are driven by factors that cannot be controlled or predicted. The following discussion, a", "title": "ROCK - GIBRALTAR INDUSTRIES, INC.", "url": "/company/ROCK/" }, { "kind": "company", "summary": "SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers; CIK 0000084748; latest 10-K filed 2026-02-19.", "text": "ROG - ROGERS CORP SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers; CIK 0000084748; latest 10-K filed 2026-02-19. ROG ROGERS CORP 0000084748 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers Item 7. Management\u2019s Discussion and Analysis of Results of Operations and Financial Position The following discussion and analysis of our results of operations and financial position should be read together with our consolidated financial statements and accompanying notes, which are contained in \u201cItem 8. Financial Statements and Supplementary Data.\u201d The discussion of the comparison of our 2024 and 2023 results was previously disclosed within the Management\u2019s Discussion & Analysis in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K filed with the SEC on February 26, 2025 and has been omitted from this section pursuant to Instruction 1 to Item 303(b) of Regulation S-K. Company Overview and Strategy We design, develop, manufacture and sell high-performance and high-reliability engineered materials and components to meet our customers\u2019 challenges. We operate two strategic operating segments: AES and EMS. Our remaining operations, which represent non-core businesses, are reported in our Other operating segment. We are headquartered in Chandler, Arizona. Our growth and profitability strategy is based upon the following principles: (1) market-driven organization, (2) innovation leadership, (3) operational excellence, and (4) synergistic mergers and acquisitions. Our priorities in executing this strategy are focused on driving near-term improvements to profitability and improving the growth outlook for the Company over the next several years by further strengthening our focus on commercial activities, optimizing our global capacity to meet customer demand and driving innovation. As a market-driven organization, we are focused on capitalizing on growth opportunities in multiple end markets. This includes the automotive industry, where there are market opportunities resulting from the continuing trends in vehicle electrification, and ADAS adoption. Other opportunities are driven by the advancement of communication systems in aerospace and defense, the growth of next-generation smartphones in the portable electronics industry, and the continued expansion of renewable energy. In addition to our focus on these markets, we sell into a variety of other markets, including industrial, wireless infrastructure and mass transit. Our growth strategy is based on addressing trends in these markets and maintaining a strong customer-centric focus. Our sales engineers and technical service employees work closely with our customers to understand their needs and then leverage our development capabilities and applications expertise to provide customized solutions. Our strategy is supported by an expansive product portfolio and a reputation for producing high performance and reliable products. We expect to secure further commercial wins and improve sales as we execute on this strategy. Our operational excellence efforts are focused on driving ongoing cost improvements and efficiencies to further enhance our profitability while enhancing the agility and customer focus of the organization. These efforts include focusing on improving yields, throughput, procurement capabilities, and manufacturing processes. We have also taken specific cost improvement actions in recent quarters that have and will benefit our performance. These actions include optimizing our manufacturing footprint, and reducing manufacturing and corporate employees. We continue to review and re-align our manufacturing and engineering footprint in an effort to maintain a leading competitive position globally and to support our customers\u2019 growth initiatives. We seek to enhance our operational and financial performance by investing in research and development, manufacturing and materials efficiencies, and new product initiatives that respond to the needs of our customers. We strive to evaluate operational and strategic alternatives to improve our business structure and align our business with the changing needs of our customers and evolving industry trends. If we successfully Item 1. Business As used herein, the \u201cCompany,\u201d \u201cRogers,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and similar terms include Rogers Corporation and its subsidiaries, unless the context indicates otherwise. Forward-Looking Statements This Annual Report on Form 10-K includes \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Such statements are generally accompanied by words such as \u201canticipate,\u201d \u201cassume,\u201d \u201cbelieve,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cforesee,\u201d \u201cgoal,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201cshould,\u201d \u201cseek,\u201d \u201ctarget\u201d or similar expressions that convey uncertainty as to future events or outcomes. Forward-looking statements are based on assumptions and beliefs that we believe to be reasonable; however, assumed facts almost always vary from actual results, and the differences between assumed facts and actual results could be material depending upon the circumstances. Where we express an expectation or belief as to future results, that expectation or belief is expressed in good faith and based on assumptions believed to have a reasonable basis. We cannot assure you, however, that the stated expectation or belief will occur or be achieved or accomplished. Among the factors that could cause our results to differ materially from those indicated by forward-looking statements are risks and uncertainties inherent in our business including, without limitation: \u2022failure to capitalize on, volatility within, or other adverse changes with respect to growth opportunities, such as delays in adoption or implementation of new technologies; \u2022uncertain business, economic and political conditions in the U.S. and abroad, particularly in China, Germany, England, Belgium, South Korea and Hungary where we maintain significant manufacturing, sales or administrative operations; \u2022the global trade policy dynamics between nations reflected in trade agreement negotiations, the impos Item 1A. Risk Factors Our business, results of operations and financial position are subject to various risks, including those discussed below, which may affect the value of our capital stock. The following risk factors, which we believe represent the most significant factors that may make an inv", "title": "ROG - ROGERS CORP", "url": "/company/ROG/" }, { "kind": "company", "summary": "SIC 7011 Hotels & Motels; CIK 0001653653; latest 10-K filed 2026-02-20.", "text": "RRR - Red Rock Resorts, Inc. SIC 7011 Hotels & Motels; CIK 0001653653; latest 10-K filed 2026-02-20. RRR Red Rock Resorts, Inc. 0001653653 7011 Hotels & Motels ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with the Consolidated Financial Statements and notes thereto included in Item 8. Financial Statements and Supplementary Data within this Annual Report on Form 10-K. Overview Red Rock was formed as a Delaware corporation in 2015 to own an indirect equity interest in, and manage, Station Casinos LLC, a Nevada limited liability company (\u201cStation LLC\u201d). Station LLC is a gaming, development and management company established in 1976 that owns and operates seven major gaming and entertainment facilities and 13 smaller casinos (three of which are 50% owned) in the Las Vegas regional market. As of December 31, 2025, we offered 16,553 slot machines, 328 table games and 2,734 hotel rooms in the Las Vegas market. We own all of the outstanding voting interests in Station LLC and have an indirect equity interest in Station LLC through our ownership of limited liability company interests in Station Holdco (\u201cLLC Units\u201d), which owns all of the economic interests in Station LLC. At December 31, 2025, we held 59% of the economic interests and 100% of the voting power in Station Holdco, subject to certain limited exceptions, and we are designated as the sole managing member of both Station Holdco and Station LLC. We control and operate all of the business and affairs of Station Holdco and Station LLC, and conduct all of our operations through these entities. Other than assets and liabilities related to income taxes and the tax receivable agreement, our only material assets are our equity interest in Station Holdco, our voting interest in Station LLC and a note receivable from Station LLC. We have no operations outside of our management of Station Holdco and Station LLC. Our Consolidated Financial Statements reflect the consolidation of Station LLC and its consolidated subsidiaries, and Station Holdco. The financial position and results of operations attributable to LLC Units we do not own are reported separately as noncontrolling interest. Our principal source of revenue and operating income is gaming. Our non-gaming offerings include restaurants, hotels and other entertainment amenities. Approximately 80% of our casino revenue is generated from slot play. The majority of our revenue is cash-based and, as a result, fluctuations in our revenues have a direct impact on our cash flows from operations. Because our business is capital intensive and we utilize debt to fund many of our capital initiatives, we rely heavily on the ability of our properties to generate operating cash flow to repay debt financing and fund capital expenditures. A significant portion of our business is dependent upon customers who live and/or work in the Las Vegas metropolitan area. As of December 2025, the unemployment rate in the Las Vegas metropolitan area was 5.2%, down from 5.9% in December 2024. Statewide, the unemployment rate for December 2025 was 5.2%, as compared to 5.7% in December 2024. The median price of an existing single-family home in Las Vegas was $470,000 at December 31, 2025, down 1.1% as compared to December 31, 2024, according to the Las Vegas Realtors\u00ae. In addition, the Las Vegas metropolitan area population continues to grow, posting a 1.6% growth rate in 2025 over the prior year. In light of uncertainty in the economic outlook stemming from inflation, higher interest rates, increased geo-political and regional conflicts, and the current administration\u2019s view of the regulatory environment and agencies, we cannot predict whether the trends in unemployment, housing prices or population growth in the Las Vegas area will continue. We have continued to experience favorable customer trends, including strong carded slot play and robust visitation and net theoretical win across the majority of our properties. These trends, in combination with our operational discipline and our focus on ou ITEM 1.BUSINESS Introduction Red Rock Resorts, Inc. (\u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cRed Rock\u201d or the \u201cCompany\u201d) is a holding company that owns an indirect equity interest in and manages Station Casinos LLC (\u201cStation LLC\u201d), through which we conduct all of our operations. Station LLC is a gaming, development and management company established in 1976 that develops and operates strategically-located casino and entertainment properties. Station LLC owns and operates seven major gaming and entertainment facilities, including Durango Casino & Resort (\u201cDurango\u201d), and 13 smaller casinos (three of which are 50% owned). Durango opened in December of 2023 on approximately 50 acres of land at the intersection of Interstate 215 and Durango Drive in the southwest Las Vegas valley. We own all of the outstanding voting interests in Station LLC and have an indirect equity interest in Station LLC through our ownership of limited liability interests in Station Holdco LLC (\u201cStation Holdco,\u201d and such interests, \u201cLLC Units\u201d), which owns all of the economic interests in Station LLC. At December 31, 2025, we held 59% of the economic interests and 100% of the voting power in Station Holdco, subject to certain limited exceptions, and we are designated as the sole managing member of both Station Holdco and Station LLC. We control and operate all of the business and affairs of Station Holdco and Station LLC. Other than tax-related assets and liabilities, our only assets are our equity interest in Station Holdco, our voting interest in Station LLC and a note receivable from Station LLC. We have no operations outside of our management of Station Holdco and Station LLC. Our Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K (the \u201cConsolidated Financial Statements\u201d) reflect the consolidation of Station LLC and its consolidated subsidiaries and Station Holdco. The financial position and results of operations attributable to LLC Units we do not own are reported separate ITEM 1A.RISK FACTORS The following risk factors should be considered carefully in addition to the other information contained in this Annual Report on Form 10-K. This Annual Report on Form 10-K contains forward-looking statements that involve risks and uncertainties. Any of these risks and uncertainties could cause our actual results to differ material", "title": "RRR - Red Rock Resorts, Inc.", "url": "/company/RRR/" }, { "kind": "company", "summary": "SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001469367; latest 10-K filed 2026-02-26.", "text": "RUN - Sunrun Inc. SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001469367; latest 10-K filed 2026-02-26. RUN Sunrun Inc. 0001469367 3690 Miscellaneous Electrical Machinery, Equipment & Supplies Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include those identified below and those discussed in the section titled \u201cRisk Factors\u201d included elsewhere in this Annual Report on Form 10-K. We provide clean, solar energy and energy storage to customers. We have been selling solar energy to residential customers through a variety of offerings since we were founded in 2007. We, either directly or through one of our energy system partners, install an energy system on a customer\u2019s home and either sell the system to the customer or, as is more often the case, sell the energy generated by the system to the customer pursuant to a lease or PPA with no or low upfront costs. Certain of these energy systems under lease or PPA agreements have been sold and may in the future be sold to third-party investors. For these non-retained agreements we may continue to maintain the customer experience and servicing relationships. We refer to these leases and PPAs as \u201cCustomer Agreements.\u201d Following installation, an energy system is interconnected to the local utility grid. The home\u2019s energy usage is provided by the energy system, with any additional energy needs provided by the local utility. Any excess solar energy, including amounts in excess of battery storage, that is not immediately used by the customers is exported to the utility grid using a bi-directional utility net meter, and the customer generally receives a credit for the excess energy from their utility to offset future usage of utility-generated energy. We offer our solar service offerings both directly to the customer and through our energy system partners, which include sales and installation partners, and strategic partners, which include retail partners. In addition, we sell energy systems directly to customers for cash. We also sell solar energy panels and other products (such as racking) to resellers. As of December 31, 2025, we provided our solar services to customers and sold solar energy panels and other products to resellers throughout the United States. More than 45% of our cumulative systems deployed are in California. We compete mainly with traditional utilities. In the markets we serve, our strategy is to price the energy we sell below prevailing local retail electricity rates. As a result, the price our customers pay under our solar service offerings varies depending on the state where the customer lives, the local traditional utility that otherwise provides electricity to the customer, as well as the prices other solar energy companies charge in that region. Even within the same neighborhood, site-specific characteristics drive meaningful variability in the revenue and cost profiles of each home. Using our proprietary technology, we target homes with advantageous revenue and cost characteristics, which means we are often able to offer pricing that allows customers to save more on their energy bill while maintaining our ability to meet our targeted returns. For example, with the insights provided by our technology, we can offer competitive pricing to customers with homes that have favorable characteristics, such as roofs that allow for easy installation, high electricity consumption, or low shading, effectively passing through the cost savings we are able to achieve on these installations to the customer. Our ability to offer Customer Agreements depends in part on our ability to finance the purchase and installation of the energy systems by monetizing the result Item 1. Business. Overview Sunrun's (the \u201cCompany,\u201d \u201cour,\u201d \u201cwe\u201d) mission is to connect people to the cleanest energy on earth. Sunrun transformed the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation\u2019s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun\u2019s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. We are engaged in the design, development, installation, sale, ownership and maintenance of residential energy systems (\u201cProjects\u201d) in the United States. We provide clean, solar energy typically at savings compared to traditional utility energy. Our primary customers are residential homeowners. We also offer battery storage along with solar energy systems to our customers in select markets and sell our services to certain commercial developers through our multi-family and new homes offerings. After inventing the residential solar service model and recognizing its market potential, we have built the infrastructure and capabilities necessary to acquire and serve customers in a low-cost and scalable manner. Today, our scalable operating platform provides us with a number of distinct advantages. First, we are able to drive distribution by marketing our solar service offerings through multiple channels, including our partner network and direct-to-consumer operations. This approach supports broad sales and installation capabilities, which together allow us to achieve capital-efficient growth. Second, we are able to provide differentiated solutions to our customers that, combined with a great customer experience, we believe will drive meaningful margin advantages for us Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Disc", "title": "RUN - Sunrun Inc.", "url": "/company/RUN/" }, { "kind": "company", "summary": "SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001012019; latest 10-K filed 2026-02-25.", "text": "RUSHA - RUSH ENTERPRISES INC \\TX\\ SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001012019; latest 10-K filed 2026-02-25. RUSHA RUSH ENTERPRISES INC \\TX\\ 0001012019 5500 Retail-Auto Dealers & Gasoline Stations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview We are a full-service, integrated retailer of commercial vehicles and related services. We operate one segment - the Truck Segment. The Truck Segment operates a network of commercial vehicle dealerships primarily under the name \u201cRush Truck Centers.\u201d Most Rush Truck Centers are a franchised dealer for commercial vehicles manufactured by Peterbilt, International, Hino, Ford, Isuzu, Blue Arc, Battle Motors, IC Bus or Blue Bird. Through our strategically located network of Rush Truck Centers, we provide one-stop service for the needs of our commercial vehicle customers. We offer an integrated approach to meeting customer needs by providing service, parts and collision repairs in addition to new and used commercial vehicle sales, leasing, insurance and financial services, vehicle upfitting, CNG fuel systems through our joint venture with Cummins and vehicle telematics products. Our goal is to continue to serve as the premier service solutions provider to the end-users of commercial vehicles. Our strategic efforts to achieve this goal include continuously expanding our portfolio of Aftermarket Products and Services, broadening the diversity of our commercial vehicle product offerings and extending our network of Rush Truck Centers. Our commitment to provide innovative solutions to service our customers\u2019 needs continues to drive our strong Aftermarket Products and Services revenues. Our Aftermarket Products and Services include a wide range of capabilities and products such as providing parts, service and collision repairs at certain of our Rush Truck Centers, a fleet of mobile service units, technicians who work in our customers\u2019 facilities, a proprietary line of commercial vehicle parts and accessories, vehicle upfitting, a broad range of diagnostic and analysis capabilities, a suite of telematics products and assembly services for specialized bodies and equipment. Aftermarket Products and Services accounted for 63.7% of our total gross profits in 2025. Stock Split On July 25, 2023, the Board declared a 3-for-2 stock split of the Company\u2019s Class A common stock and Class B common stock, which was effected in the form of a stock dividend. On August 28, 2023, the Company distributed one additional share of stock for every two shares of Class A common stock, par value $0.01 per share, and Class B common stock, par value $0.01 per share, held by shareholders of record as of August 7, 2023. All share and per share data in this Form 10-K have been adjusted and restated to reflect the stock split as if it occurred on the first day of the earliest period presented. Summary of 2025 Our results of operations for the year ended December 31, 2025, are summarized below as follows: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Our gross revenues totaled $7,434.2 million, a 4.7% decrease from gross revenues of $7,804.7 million in 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Gross profit decreased $70.8 million, or 4.6%, compared to 2024. Gross profit as a percentage of sales remained at 19.6% in 2025, compared to 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Our new Class 8 heavy-duty unit sales decreased 17.4%, compared to 2024, and accounted for 5.8% of the total U.S. market and 1.4% of the total Canadian market.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Our new Class 4 through 7 medium-duty unit sales (including buses) decreased 4.8%, compared to 2024, and accounted for 5.7% of the total U.S. market and 6.3% of the total Canadian market.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"New light-duty truck unit sales increased 42.9% in 2025, compared to 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Used truck unit sales decreased 1.9% in 2025, compared to 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Aftermarket Products and Services revenues increas Item 1. Business References herein to \u201cthe Company,\u201d \u201cRush Enterprises,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d mean Rush Enterprises, Inc., a Texas corporation, and its subsidiaries unless the context requires otherwise. Access to Company Information We electronically file annual reports, quarterly reports, proxy statements and other reports and information statements with the SEC. You may read and copy any of the materials that we have filed with the SEC at the SEC\u2019s Public Reference Room at 100 F Street NE, Washington, DC 20549. You may obtain information about the Public Reference Room by calling the SEC at 1-800-SEC-0330. Our filings are also available to you on the SEC\u2019s website at www.sec.gov. We make certain of our SEC filings available, free of charge, through our website, including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to these reports. These filings are available as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. Our website address is www.rushenterprises.com. The information contained on our website, or on other websites linked to our website, is not incorporated into this report or otherwise made part of this report. General Rush Enterprises, Inc. was incorporated in Texas in 1965 and consists of one reportable segment, the Truck Segment, and conducts business through its subsidiaries. Our principal offices are located at 555 IH 35 South, New Braunfels, Texas 78130. We are a full-service, integrated retailer of commercial vehicles and related services. The Truck Segment includes our operation of a network of commercial vehicle dealerships under the name \u201cRush Truck Centers.\u201d Rush Truck Centers primarily sell commercial vehicles manufactured by Peterbilt, International, Hino, Ford, Isuzu, IC Bus, Blue Bird, Blue Arc and Battle Motors. Through our strategically located network of Rush Truck Centers, we provide one-stop service for the needs Item 1A. Risk Factors An investment in our common stock is subject to certain risks inherent to our business. In addition to the other information contained in this Form 10-K, we recommend that you carefully consider the following risk factors in evaluating our business. If any of the following risks ", "title": "RUSHA - RUSH ENTERPRISES INC \\TX\\", "url": "/company/RUSHA/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000930236; latest 10-K filed 2026-02-27.", "text": "RWT - REDWOOD TRUST INC SIC 6798 Real Estate Investment Trusts; CIK 0000930236; latest 10-K filed 2026-02-27. RWT REDWOOD TRUST INC 0000930236 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations INTRODUCTION Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to provide a reader of our financial statements with a narrative from the perspective of our management on our financial condition, results of operations, liquidity and certain other factors that may affect our future results. Our MD&A is presented in five main sections: \u2022 Overview \u2022 Results of Operations \u2013Consolidated Results of Operations \u2013Results of Operations by Segment \u2013Income Taxes \u2022 Liquidity and Capital Resources \u2022 Critical Accounting Estimates \u2022Market and Other risks Our MD&A should be read in conjunction with the Consolidated Financial Statements and related Notes included in Part II, Item 8, Financial Statements and Supplementary Data of this Annual Report on Form 10-K. References herein to \u201cRedwood,\u201d the \u201ccompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d include Redwood Trust, Inc. and its consolidated subsidiaries, unless the context otherwise requires. The discussion in this MD&A contains forward-looking statements that involve substantial risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, such as those discussed in the Cautionary Statement in Part I, Item 1, Business and in Part I, Item 1A, Risk Factors of this Annual Report on Form 10-K. OVERVIEW Our Business Redwood Trust, Inc., together with its subsidiaries, is a specialty finance company focused on several distinct areas of housing credit, with a mission to make quality housing, whether rented or owned, accessible to all American households. Our operating platforms occupy a unique position in the housing finance value chain, providing liquidity to growing segments of the U.S. housing market not well served by government programs. We deliver customized housing credit investments to a diverse mix of investors through our best-in-class securitization platforms, whole-loan distribution activities and our publicly-traded securities. Our aggregation, origination, and investment activities have evolved to incorporate a diverse mix of residential consumer and residential investor housing credit assets. We operate our business across four reportable segments: Sequoia Mortgage Banking, CoreVest Mortgage Banking, Redwood Investments, and Legacy Investments. Our two mortgage banking segments generate income from the origination or acquisition of loans and the subsequent sale or securitization of those loans. Our Redwood Investments portfolio is comprised of investments sourced through our mortgage banking operations as well as investments purchased from third-parties, and generates income primarily from net interest income and asset appreciation. Our Legacy Investments portfolio is comprised of assets that were previously included within the Redwood Investments segment and generates income primarily from net interest income. Redwood Trust, Inc. has elected to be taxed as a real estate investment trust (\u201cREIT\u201d). We generally refer, collectively, to Redwood Trust, Inc. and those of its subsidiaries that are not subject to subsidiary-level corporate income tax as \u201cthe REIT\u201d or \u201cour REIT.\u201d We generally refer to subsidiaries of Redwood Trust, Inc. that are subject to subsidiary-level corporate income tax as \u201cour taxable REIT subsidiaries\u201d or \u201cTRS.\u201d For a full description of our segments, see Part I, Item 1\u2014Business in this Annual Report on Form 10-K. 51 Business Update Over the past year, our focus has been on advancing Redwood Trust\u2019s strategic transition toward a more scalable, capital-efficient, and simplified operating model centered on our mortgage banking platforms. During 2025, we accelerated the repositioning of our balance sheet, reallocated capital away from legacy investment activities, and materially expanded the scale of our core o ITEM 1. BUSINESS Introduction Redwood Trust, Inc., together with its subsidiaries, is a specialty finance company focused on several distinct areas of housing credit, with a mission to make quality housing, whether rented or owned, accessible to all American households. Our operating platforms occupy a unique position in the housing finance value chain, providing liquidity to growing segments of the U.S. housing market not well served by government programs. We deliver customized housing credit investments to a diverse mix of investors through our best-in-class securitization platforms, whole-loan distribution activities and our publicly-traded securities. Our aggregation, origination, and investment activities have evolved to incorporate a diverse mix of residential consumer and residential investor housing credit assets. We operate our business across four reportable segments: Sequoia Mortgage Banking, CoreVest Mortgage Banking, Redwood Investments, and Legacy Investments. Our goal is to provide attractive returns to shareholders through a stable and growing stream of earnings and dividends, capital appreciation, and a continued commitment to technological innovation that supports disciplined, risk\u2011minded growth. Our primary sources of income are net interest income from our investments and non-interest income from our mortgage banking activities. Net interest income primarily consists of the interest income we earn on investments, less the interest expense we incur on borrowed funds and other liabilities. Non-interest income from mortgage banking activities is generated through the origination and acquisition of loans, and their subsequent sale, securitization, or transfer to our investment portfolios. Redwood Trust, Inc. has elected to be taxed as a real estate investment trust (\u201cREIT\u201d) under the Internal Revenue Code of 1986, as amended (the \u201cInternal Revenue Code\u201d), beginning with its taxable year ended December 31, 1994. We generally refer, collectively, Item 1A. Risk Factors Summary of Risk Factors The risk factors summarized and detailed below could materially harm our business, operating results and/or financial condition, impair our future prospects and/or cause the price of our equity or debt securities to decline. These are not all of the risks we face and other factors not presently known to us or ", "title": "RWT - REDWOOD TRUST INC", "url": "/company/RWT/" }, { "kind": "company", "summary": "SIC 4700 Transportation Services; CIK 0001929561; latest 10-K filed 2026-02-09.", "text": "RXO - RXO, Inc. SIC 4700 Transportation Services; CIK 0001929561; latest 10-K filed 2026-02-09. RXO RXO, Inc. 0001929561 4700 Transportation Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report. This Annual Report contains certain forward-looking statements that are intended to be covered by the safe harbors created by the Private Securities Litigation Reform Act of 1995. Please see \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d for a discussion of the uncertainties, risks and assumptions associated with these statements. This section of this Annual Report generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Annual Report and can be found in Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. Overview RXO, Inc. is a brokered transportation platform defined by cutting-edge technology and an asset-light business model. The largest component is our core truck brokerage business. Our operations also include asset-light managed transportation and last mile services, which complement our truck brokerage business. Our truck brokerage business has a history of generating robust free cash flow conversion and a high return on invested capital. Shippers create demand for our service, and we place their freight with qualified independent carriers using our technology. We price our service on either a contract or a spot basis. Notable factors that enable volume growth in our business include our ability to access massive truckload capacity for shippers through our carrier relationships; our proprietary, cutting-edge technology; our strong management expertise; and favorable long-term industry tailwinds. We provide our customers with highly efficient access to capacity through our digital brokerage technology. This proprietary platform is a major differentiator for our truck brokerage business, and together with our pricing technology, we believe it can unlock incremental profitable growth. Our complementary services for managed transportation and last mile also utilize our digital brokerage technology. Our managed transportation service provides asset-light solutions for shippers who outsource their freight transportation to gain reliability, visibility and cost savings. The service uses proprietary technology to enhance our revenue synergy, with cross-selling to truck brokerage and last mile. Our managed transportation offering includes bespoke load planning and procurement, complex solutions tailored to specific challenges, performance monitoring, engineering and data analytics, among other services. Our control tower solution leverages the expertise of a dedicated team focused on continuous improvement, and digital, door-to-door visibility into order status and freight in transit. In addition, we offer technology-enabled managed expedite services that automate transportation procurement for time-critical freight moved by road and air charter carriers. We also offer freight forwarding services, including facilitation of ocean and air transportation, customs brokerage and additional domestic services including middle mile. Our last mile offering is an asset-light service that facilitates consumer deliveries performed by highly qualified third-party contractors. We are the largest provider of outsourced last mile transportation for heavy goods in the U.S., positioned within 125 miles of the vast majority of the U.S. population and serving a customer base of omnichannel and e-commerce retailers and direct-to-consumer manufacturers. 26 Table of Contents The Coyote Acquisition On September 16, 2024, the Company acqu Item 1. Business. Company Overview RXO, Inc. (\u201cRXO\u201d, the \u201cCompany\u201d or \u201cwe\u201d) is a brokered transportation platform defined by cutting-edge technology and an asset-light business model. The largest component is our core truck brokerage business. Our operations also include asset-light managed transportation and last mile services, which complement our truck brokerage business. Our truck brokerage business has a history of generating robust free cash flow conversion and a high return on invested capital. Shippers create demand for our service, and we place their freight with qualified independent carriers using our technology. We price our service on either a contract or a spot basis. Notable factors that enable volume growth in our business include our ability to access massive truckload capacity for shippers through our carrier relationships; our proprietary, cutting-edge technology; our strong management expertise; and favorable long-term industry tailwinds. We provide our customers with highly efficient access to capacity through our digital brokerage technology. This proprietary platform is a major differentiator for our truck brokerage business, and together with our pricing technology, we believe it can unlock incremental profitable growth. Our complementary services for managed transportation and last mile also utilize our digital brokerage technology. Our managed transportation service provides asset-light solutions for shippers who outsource their freight transportation to gain reliability, visibility and cost savings. The service uses proprietary technology to enhance our revenue synergy, with cross-selling to truck brokerage and last mile. Our managed transportation offering includes bespoke load planning and procurement, complex solutions tailored to specific challenges, performance monitoring, engineering and data analytics, among other services. Our control tower solution leverages the expertise of a dedicated team focused on continuous improvement Item 1A. Risk Factors. The following are important factors that could affect our financial performance and could cause actual results for future periods to differ materially from our anticipated results or other expectations, including those expressed in any forward-looking statements made in this Annual Report or our other filings with the SEC or in oral presentat", "title": "RXO - RXO, Inc.", "url": "/company/RXO/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001095651; latest 10-K filed 2026-02-12.", "text": "SAFE - Safehold Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001095651; latest 10-K filed 2026-02-12. SAFE Safehold Inc. 0001095651 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Please read the following discussion of our consolidated operating results, financial condition and liquidity together with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. Our discussion related to the results of operations and changes in financial condition for 2024 compared to 2023 is included in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. These historical financial statements may not be indicative of our future performance. Business Overview We acquire, manage and capitalize Ground Leases and report our business as a single reportable segment. We believe owning a portfolio of Ground Leases affords our investors the opportunity for safe, growing income. Safety is derived from a Ground Lease\u2019s senior position in the commercial real estate capital structure. Growth is realized through long-term leases with contractual periodic increases in rent. Capital appreciation is realized though appreciation in the value of the land over time and through our typical rights as landlord to acquire the commercial buildings on our land at the end of a Ground Lease, which may yield substantial value to us. As of December 31, 2025, the percentage breakdown of the gross book value of our portfolio was 42% multi-family, 39% office, 11% hotels, 6% life science and 2% mixed use and other. The diversification by geographic location, property type and sponsor in our portfolio further reduces risk and enhances potential upside. In 2022, the Consumer Price Index (\u201cCPI\u201d) rose to its highest rate in over 40 years. Many of our Ground Leases have CPI lookbacks, generally starting between years 11 and 21 of the lease term, to mitigate the effects of inflation that are typically capped between 3.0% - 3.5%; however, in the event cumulative inflation growth for the lookback period exceeds the cap, these rent adjustments may not keep up fully with changes in inflation. To combat the increase in inflation over the past few years, the Federal Reserve raised interest rates and has kept interest rates generally high, although recently they began to reduce rates. The Federal Reserve has indicated that the economic outlook, which could include any potential impact on the economy from changes to U.S. trade policy, is uncertain and it will continue to monitor incoming data on unemployment and inflation before adjusting monetary policy; however, high interest rates have, and any future increase in interest rates may continue to result in a reduction in the availability or an increase in costs of leasehold financing for Ground Lease tenants, which is critical to the growth of a robust Ground Lease market. The rise in interest rates and increased investment spreads to treasury bonds in the Ground Lease market may also attract new competitors, which may result in higher costs for properties, lower returns and impact our ability to grow. The rise in interest rates has also adversely affected the U.S. office sector, along with office vacancies and a decline in market liquidity that began with the onset of the COVID-19 pandemic, all of which could negatively impact our tenants, Ground Rent Coverages and estimated Combined Property Values. Moreover, certain office assets currently have material vacancies. If our Ground Lease tenants at such assets fail to re-tenant the building, such Ground Leases may default and we may suffer losses. We have entered into a forbearance agreement with a tenant under a significant New York office asset. If the tenant defaults on such agreement, we may experience delays in enforcing our rights as a landlord, may suffer losses and may incur substantial costs in protecting our investment. See the \"Risk Factors\" section of this 10-K for additional discussion of certain potential risks to our business related to competition and industry concentr Item 1. Business Explanatory Note for Purposes of the \"Safe Harbor Provisions\" of Section 21E of the Securities Exchange Act of 1934, as amended Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the \"Securities Act\"), and Section 21E of the Securities Exchange Act of 1934, as amended (the \"Exchange Act\"). Forward-looking statements are included with respect to, among other things, our current business plan, business strategy, portfolio management, prospects and liquidity. These forward-looking statements generally are identified by the words \"believe,\" \"project,\" \"expect,\" \"anticipate,\" \"estimate,\" \"intend,\" \"strategy,\" \"plan,\" \"may,\" \"should,\" \"will,\" \"would,\" \"will be,\" \"will continue,\" \"will likely result,\" and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results or outcomes to differ materially from those contained in the forward-looking statements. Important factors that we believe might cause such differences are discussed in the section entitled, \"Risk Factors\" in Part I, Item 1A of this Form 10-K or otherwise accompany the forward-looking statements contained in this Form 10-K. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. In assessing all forward-looking statements, readers are urged to read carefully all cautionary statements contained in this Form 10-K. Business We are a publicly-traded company that operates our business through one reportable segment by acquir Item 1A. Risk Factors In addition to the other information in this report, you should carefully consider the following risk factors in evaluating an investment in the Company\u2019s securities. Any of these risks or the occurrence of any one or more of the uncertainties described below could have a material adverse effect on the Company\u2019s bus", "title": "SAFE - Safehold Inc.", "url": "/company/SAFE/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001597033; latest 10-K filed 2026-02-18.", "text": "SABR - Sabre Corp SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001597033; latest 10-K filed 2026-02-18. SABR Sabre Corp 0001597033 7370 Services-Computer Programming, Data Processing, Etc. ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with our consolidated financial statements and related notes included in Item 8 of this Annual Report on Form 10-K. Overview At Sabre, we make travel happen. We are a global technology company that provides a global business-to-business travel marketplace for travel suppliers and travel buyers, including a broad portfolio of software technology products and solutions for airlines. With the disposition of our Hospitality Solutions business during 2025, we manage and report our business in one reportable segment that constitutes our consolidated results. A significant portion of our revenue is generated through transaction-based fees that we charge to our customers. We generate revenue from our distribution activities through transaction fees for bookings on our GDS, as well as product revenue from agency solutions offerings such as payments and media, and from our IT solutions through recurring usage-based fees for the use of our SaaS and hosted systems, as well as upfront fees and professional services fees. Recent Developments Affecting our Results of Operations Travel Industry and Liquidity Outlook The travel ecosystem has shifted over the past few years, resulting in the changing needs of our airline, hotel and agency customers, for which we have established strategic priorities with the goal of achieving sustainable long-term growth. Recent industry air distribution volume growth has generally leveled off, which may continue into the future and could impact our rate of growth. Passengers boarded for IT solutions has been negatively impacted by de-migrations from carriers who de-migrated prior to 2024; however, beginning in the second half of 2025, following the anniversary of the impact of these de-migrations on our revenue, revenue for IT solutions has leveled-off relative to prior year amounts. We believe that we have resources to sufficiently fund our liquidity requirements over at least the next twelve months, including the aggregate payment of approximately $248 million of principal due or committed to be redeemed early under our current debt facilities; however, given the uncertain economic environment and the leveling off of industry air distribution volume growth, we will continue to monitor our liquidity levels and take additional steps should we determine they are necessary. See \u201c\u2014Recent Events Impacting Our Liquidity and Capital Resources\u201d and \u201c\u2014Senior Secured Credit Facilities.\u201d We have announced that we are implementing a program in 2026, designed to offset normal inflationary pressures over the next two to three years, with the goal of keeping technology costs and selling, general and administrative costs relatively flat when compared to 2025. In connection with these efforts, we accrued a restructuring charge of $51 million within our consolidated statement of operations during the year ended December 31, 2025, primarily associated with our workforce. We expect to record additional restructuring charges associated with these activities in 2026 and currently estimate the total costs to be approximately $65 million, primarily associated with our workforce. Sale of Hospitality Solutions Business On April 27, 2025, we entered into a definitive agreement with an affiliate of TPG (the \u201cBuyer\") pursuant to which the Buyer agreed to purchase our Hospitality Solutions business, an extensive suite of leading software solutions for hoteliers. On July 3, 2025, we closed the transaction (the \u201cHospitality Solutions Sale\u201d), resulting in cash proceeds of $965 million, net, which was used primarily to repay our outstanding indebtedness. See \"Liquidity and Capital Resources\u2014Capital Resources.\" Cash proceeds are net of estimated taxes and fees, cash acquired by the Buyer and customary closing adjustments. The assets and liabilities associated with th ITEM 1. BUSINESS Overview Sabre Corporation is a Delaware corporation formed in December 2006. On March 30, 2007, Sabre Corporation acquired Sabre Holdings Corporation (\u201cSabre Holdings\u201d). Sabre Holdings is the sole direct subsidiary of Sabre Corporation. Sabre GLBL Inc. (\u201cSabre GLBL\u201d) is the principal operating subsidiary and sole direct subsidiary of Sabre Holdings. Sabre GLBL or its direct or indirect subsidiaries conduct all of our businesses. Our principal executive offices are located at 3150 Sabre Drive, Southlake, Texas 76092. At Sabre, we make travel happen. Our vision is to be the most valued global technology platform in travel. We are committed to helping our customers take on the biggest opportunities and solve the most complex challenges in travel. We connect the world\u2019s leading travel suppliers, including airlines, hotels, car rental brands, rail carriers, cruise lines and tour operators, with travel buyers in a comprehensive travel marketplace. We also offer airlines an extensive suite of leading software solutions. We are committed to helping customers operate more efficiently, drive revenue and offer personalized traveler experiences with next-generation technology solutions. Business Segments and Products We manage and report our business in one reportable segment following the disposition of our Hospitality Solutions business during 2025. Our business provides global travel solutions for travel suppliers and travel buyers through a business-to-business travel marketplace called Sabre Mosaic Marketplace consisting of our global distribution network and a broad set of solutions that integrate with our distribution platform to add value for travel suppliers and travel buyers. Within the Sabre Mosaic Marketplace, our distribution business facilitates travel by efficiently bringing together travel content such as inventory, prices and availability from a broad array of travel suppliers, including airlines, hotels, car rental brands, rail ca ITEM 1A. RISK FACTORS The following risk factors may be important to understanding any statement in this Annual Report on Form 10-K or elsewhere. Our business, financial condition and operating results can be affected by a number of factors, whether currently known or unknown, including but not limited to those des", "title": "SABR - Sabre Corp", "url": "/company/SABR/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001172052; latest 10-K filed 2026-02-27.", "text": "SAFT - SAFETY INSURANCE GROUP INC SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001172052; latest 10-K filed 2026-02-27. SAFT SAFETY INSURANCE GROUP INC 0001172052 6331 Fire, Marine & Casualty Insurance ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \u200b The following discussion should be read in conjunction with our accompanying consolidated financial statements and notes thereto, which appear elsewhere in this document. In this discussion, all dollar amounts are presented in thousands, except share and per share data. The following discussion contains forward-looking statements. We intend statements which are not historical in nature to be and are hereby identified as \u201cforward-looking statements\u201d to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, the Company\u2019s senior management may make forward-looking statements orally to analysts, investors, the media and others. This safe harbor requires that we specify important factors that could cause actual results to differ materially from those contained in forward-looking statements made by or on behalf of us. We cannot promise that our expectations in such forward-looking statements will turn out to be correct. Our actual results could be materially different from and worse than our expectations. See \u201cForward-Looking Statements\u201d below for specific important factors that could cause actual results to differ materially from those contained in forward-looking statements. Executive Summary and Overview In this discussion, \u201cSafety\u201d refers to Safety Insurance Group, Inc. and \u201cour Company,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Safety Insurance Group, Inc. and its consolidated subsidiaries. Our subsidiaries consist of Safety Insurance Company (\u201cSafety Insurance\u201d), Safety Indemnity Insurance Company (\u201cSafety Indemnity\u201d), Safety Property and Casualty Insurance Company (\u201cSafety P&C\u201d), Safety Northeast Insurance Company (\u201cSafety Northeast\u201d), Safety Northeast Insurance Agency, Inc. (\u201cSNIA\u201d), and Safety Management Corporation (\u201cSMC\u201d), which is SNIA\u2019s holding company. We are a leading provider of private passenger automobile (54.9% of our direct written premiums in 2025), commercial automobile, (15.2% of 2025 direct written premiums), and homeowners (25.2% of 2025 direct written premiums) insurance. In addition to these coverages, we offer a portfolio of other insurance products, including dwelling fire, umbrella and business owner policies (totaling 4.7% of 2025 direct written premiums). Operating exclusively in Massachusetts, New Hampshire and Maine through our insurance company subsidiaries, Safety Insurance, Safety Indemnity, Safety P&C, and Safety Northeast (together referred to as the \u201cInsurance Subsidiaries\u201d), we have established strong relationships with independent insurance agents, who numbered 797 in 1,063 locations throughout these three states during 2025. We have used these relationships and our extensive knowledge of the market to become the fourth largest private passenger automobile carrier and the largest commercial automobile carrier in Massachusetts, capturing an approximate 9.4% and 13.0% share, respectively, of the Massachusetts private passenger and commercial automobile markets in 2025, according to statistics compiled by the Commonwealth Automobile Reinsurers (\u201cCAR\u201d) based on automobile exposures. We are the third largest homeowners insurance carrier in Massachusetts, with a market share of 7.0% in 2024. \u200b A.M. Best, which rates insurance companies based on factors of concern to policyholders, currently assigns Safety Insurance an \u201cA (Excellent)\u201d rating. Our \u201cA\u201d rating was reaffirmed by A.M. Best on June 20, 2025. Our Insurance Subsidiaries began writing insurance in New Hampshire during 2008 and Maine in 2016. In November 2020, we formed a fourth insurance subsidiary, Safety Northeast, which became licensed to write insurance products in Massachusetts. The table below shows the amount of direct written premiums in each state during the years ended December 31, 2025, 2024, and 2023. \u200b 40 Table of Contents [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200 ITEM 1. BUSINESS General We are a leading provider of private passenger automobile, commercial automobile, and homeowners insurance in Massachusetts. In addition to these coverages, we offer a portfolio of other insurance products, including dwelling fire, umbrella and business owner policies. Operating exclusively in Massachusetts, New Hampshire and Maine through our insurance company subsidiaries, Safety Insurance Company (\"Safety Insurance\"), Safety Indemnity Insurance Company (\"Safety Indemnity\"), Safety Property and Casualty Insurance Company (\"Safety P&C\"), and Safety Northeast Insurance Company (\u201cSafety Northeast\u201d) (together referred to as the \"Insurance Subsidiaries\"), we have established strong relationships with independent insurance agents, who numbered 797 in 1,063 locations throughout these three states during 2025. We have used these relationships and, in particular, our extensive knowledge of the Massachusetts market to become the fourth largest private passenger automobile carrier and the largest commercial automobile carrier in Massachusetts, capturing an approximate 9.4% and 13.0% share, respectively, of the Massachusetts private passenger and commercial automobile markets in 2025 according to statistics compiled by Commonwealth Automobile Reinsurers (\"CAR\"). We also are the third largest homeowners insurance carrier in Massachusetts with a 7.0% share of that market in 2024. We were ranked the 52nd largest automobile writer in the country according to S&P Global Market Intelligence, based on 2024 direct written premiums. We were incorporated under the laws of Delaware in 2001, but through our predecessors, we have underwritten insurance in Massachusetts since 1979. Our Insurance Subsidiaries began writing insurance in New Hampshire during 2008 and Maine in 2016. The table below shows the amount of direct written premiums written in each state during the year ended December 31, 2025, 2024, and 2023. [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u2 ITEM 1A. RISK FACTORS An investment in our common stock involves a number of risks. Any of the risks described below could result in a significant or material adverse effect on our results of operations or financial condition, and a corresponding decline in the market price of our common stock. We operate in a ", "title": "SAFT - SAFETY INSURANCE GROUP INC", "url": "/company/SAFT/" }, { "kind": "company", "summary": "SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001043509; latest 10-K filed 2026-02-23.", "text": "SAH - SONIC AUTOMOTIVE INC SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001043509; latest 10-K filed 2026-02-23. SAH SONIC AUTOMOTIVE INC 0001043509 5500 Retail-Auto Dealers & Gasoline Stations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying consolidated financial statements and related notes thereto and \u201cItem 1A. Risk Factors\u201d included in this Annual Report on Form 10-K. For comparison and discussion of our results of operations for the year ended December 31, 2024 (\u201c2024\u201d) to our results of operations for the year ended December 31, 2023 (\u201c2023\u201d), please refer to \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in our Annual Report on Form 10-K for 2024. Unless otherwise noted, we present the discussion in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations on a consolidated basis. To the extent that we believe a discussion of the differences among reportable segments will enhance a reader\u2019s understanding of our financial condition, cash flows and other changes in financial condition and results of operations, the differences are discussed separately. Unless otherwise noted, all discussion of increases or decreases are for the year ended December 31, 2025 (\u201c2025\u201d) compared to 2024. The following discussion of Franchised Dealerships Segment new vehicles, used vehicles, wholesale vehicles, parts, service and collision repair, and finance, insurance and other, net is on a same store basis, except where otherwise noted. All currently operating franchised dealership stores are included within the same store group as of the first full month following the first anniversary of the store\u2019s opening or acquisition. The following discussion of EchoPark Segment used vehicles, wholesale vehicles, and finance, insurance and other, net is on a reported basis, except where otherwise noted. All currently operating EchoPark stores in a local geographic market are included within the same market group as of the first full month following the first anniversary of the market\u2019s opening or acquisition. The following discussion of Powersports Segment new vehicles, used vehicles, wholesale vehicles, parts, service and collision repair, and finance, insurance and other, net is on a same store basis, except where otherwise noted. All currently operating stores in the Powersports Segment are included within the same store group as of the first full month following the first anniversary of the store\u2019s opening or acquisition. Overview We are one of the largest automotive retailers in the U.S. (as measured by reported total revenue). As a result of the way we manage our business, we had three reportable segments as of December 31, 2025: (1) the Franchised Dealerships Segment; (2) the EchoPark Segment; and (3) the Powersports Segment. For management and operational reporting purposes, we group certain businesses together that share management and inventory (principally used vehicles) into \u201cstores.\u201d As of December 31, 2025, we operated 111 stores in the Franchised Dealerships Segment, 18 stores in the EchoPark Segment, and 14 stores in the Powersports Segment. The Franchised Dealerships Segment consists of 134 new vehicle franchises (representing 24 different brands of cars and light trucks) and 16 collision repair centers in 18 states. The EchoPark Segment consists of 18 stores operating in 10 states. The Powersports Segment consists of 41 franchises at 14 locations (11 full-service dealerships and three authorized retail outlets) in three states. The Franchised Dealerships Segment provides comprehensive sales and services, including: (1) sales of both new and used cars and light trucks; (2) sales of replacement parts and performance of vehicle maintenance, manufacturer warranty repairs, and paint and collision repair services (collectively, \u201cFixed Operations\u201d); and (3) arrangement of third-party financing, extended warranties, service contracts, insurance and Item 1. Business. Sonic Automotive, Inc. was incorporated in Delaware in 1997. References to \u201cSonic,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d used throughout this Annual Report on Form 10-K refer to Sonic Automotive, Inc. and its subsidiaries. We are one of the largest automotive retailers in the United States (the \u201cU.S.\u201d) (as measured by reported total revenue). As a result of the way we manage our business, we had three reportable segments as of December 31, 2025: (1) the Franchised Dealerships Segment; (2) the EchoPark Segment; and (3) the Powersports Segment. For management and operational reporting purposes, we group certain businesses together that share management and inventory (principally used vehicles) into \u201cstores.\u201d As of December 31, 2025, we operated 111 stores in the Franchised Dealerships Segment, 18 stores in the EchoPark Segment, and 14 stores in the Powersports Segment. The Franchised Dealerships Segment consists of 134 new vehicle franchises (representing 24 different brands of cars and light trucks) and 16 collision repair centers in 18 states. The EchoPark Segment consists of 18 stores and operates in 10 states. The Powersports Segment consists of 41 franchises at 14 locations (11 full-service dealerships and three authorized retail outlets) in three states. Reportable Segments The Franchised Dealerships Segment provides comprehensive sales and services, including: (1) sales of both new and used cars and light trucks; (2) sales of replacement parts and performance of vehicle maintenance, manufacturer warranty repairs, and paint and collision repair services (collectively, \u201cFixed Operations\u201d); and (3) arrangement of third-party financing, extended warranties, service contracts, insurance and other aftermarket products (collectively, \u201cF&I\u201d) for our guests. The EchoPark Segment sells used cars and light trucks and arranges third-party F&I product sales for our guests in pre-owned vehicle specialty retail locations, and does not offer customer-facing Item 1A. Risk Factors. Our business, financial condition, results of operations, cash flows and prospects and the prevailing market price and performance of our Class A Common Stock may be adversely affected by a number of factors, including the material risks noted below. Our stockholders and prospective", "title": "SAH - SONIC AUTOMOTIVE INC", "url": "/company/SAH/" }, { "kind": "company", "summary": "SIC 3672 Printed Circuit Boards; CIK 0000897723; latest 10-K filed 2025-11-13.", "text": "SANM - SANMINA CORP SIC 3672 Printed Circuit Boards; CIK 0000897723; latest 10-K filed 2025-11-13. SANM SANMINA CORP 0000897723 3672 Printed Circuit Boards Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This report on Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements relate to our expectations for future events and time periods. All statements other than statements of historical fact are statements that could be deemed to be forward-looking statements, including any statements regarding trends in future revenue or results of operations, gross margin, operating margin, expenses, earnings or losses from operations, or cash flow; any statements of the plans, strategies and objectives of management for future operations and the anticipated benefits of such plans, strategies and objectives; any statements regarding future economic conditions or performance; any statements regarding litigation or pending investigations, claims or disputes; any statements regarding the timing of closing of, future cash outlays for, and benefits of acquisitions and other strategic transactions, including our India joint venture and our acquisition of ZT Group Int\u2019l, Inc. (\u201cZT Systems\u201d); any statements regarding expected restructuring costs and benefits; any statements concerning the adequacy of our current liquidity and the availability of additional sources of liquidity; any statements regarding the potential impact of any future pandemics on our business, results of operations and financial condition; any statements regarding the potential impact of supply chain shortages and inflation on our business; any statements regarding the future impact of tariffs, export controls and evolving trade policies on our business; any statements relating to future tax rates and tax policies and our expectations concerning developments in the audit by the IRS of certain tax returns filed by us, including the potential impact of the IRS revenue agent\u2019s report received by us in November 2023; any statements relating to the expected impact of accounting pronouncements not yet adopted; any statements regarding future repurchases of our common stock; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Generally, the words \u201canticipate,\u201d \u201cbelieve,\u201d \u201cplan,\u201d \u201cexpect,\u201d \u201cfuture,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cestimate,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201ccontinue\u201d and similar expressions identify forward-looking statements. Our forward-looking statements are based on current expectations, forecasts and assumptions and are subject to risks and uncertainties, including those contained in Part I, Item 1A of this report. As a result, actual results could vary materially from those suggested by the forward-looking statements. We undertake no obligation to publicly disclose any revisions to these forward-looking statements to reflect events or circumstances occurring subsequent to filing this report with the Securities and Exchange Commission (the \u201cSEC\u201d). Investors and others should note that Sanmina announces material financial information to our investors using our investor relations website (http://ir.sanmina.com/investor-relations/overview/default.aspx), SEC filings, press releases, public conference calls and webcasts. We use these channels to communicate with our investors and the public about Sanmina, its products and services and other issues. It is possible that the information we post on our investor relations website could be deemed to be material information. Therefore, we encourage investors, the media, and others interested in Sanmina to review the information we post on our investor relations website. The contents of our investor relations website are not incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC. Overview We are a leading global provider of integrated manufacturing solutions, components, produc Item 1. Business Overview Sanmina Corporation (\u201cwe\u201d or \u201cSanmina\u201d or the \u201cCompany\u201d) is a leading global provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services. We provide these comprehensive offerings primarily to original equipment manufacturers (\u201cOEMs\u201d) in the following industries: industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure. Our customer-focused organization with 39,000 employees, including 4,000 temporary employees, supports our customers from 20 countries on four continents. We locate our facilities near our customers and their end markets in major centers for the electronics industry or in lower-cost locations. The combination of our advanced technologies, extensive manufacturing expertise and economies of scale enables us to meet the specialized needs of our customers. All references in this report to years refer to our fiscal years unless otherwise noted. Our end-to-end solutions, combined with our global supply chain management expertise, allow us to manage our customers\u2019 products throughout their life cycles. These solutions include: \u2022product design and engineering, including concept development, detailed design, prototyping, validation, preproduction services and manufacturing design release and product industrialization; \u2022manufacturing of components, subassemblies and complete systems; \u2022high-level assembly and test; \u2022direct order fulfillment and logistics services; \u2022after-market product service and support; and \u2022global supply chain management. We manage our operations as two businesses: 1) Integrated Manufacturing Solutions (\u201cIMS\u201d). IMS is a single operating segment consisting of printed circuit board (\u201cPCB\u201d) assembly and test, high-level assembly and test and direct order fulfillment. This segment generated approximately 80% of our total revenue in 2025. 2) Components, Products and Services (\u201cCPS\u201d). Components Item 1A. Risk Factors End Market and Operational Risks Adverse changes in the key end markets we target could harm our business by reducing our sales. We provide products and services to companies that serve the industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure industries. Adverse changes in any of these end market", "title": "SANM - SANMINA CORP", "url": "/company/SANM/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000730708; latest 10-K filed 2026-02-27.", "text": "SBCF - SEACOAST BANKING CORP OF FLORIDA SIC 6022 State Commercial Banks; CIK 0000730708; latest 10-K filed 2026-02-27. SBCF SEACOAST BANKING CORP OF FLORIDA 0000730708 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The purpose of this discussion and analysis is to aid in understanding significant changes in the financial condition of Seacoast Banking Corporation of Florida and its subsidiaries (\u201cSeacoast\u201d or the \u201cCompany\u201d) and their results of operations. Nearly all of the Company\u2019s operations are contained in its banking subsidiary, Seacoast National Bank (\u201cSeacoast Bank\u201d or the \u201cBank\u201d). Such discussion and analysis should be read in conjunction with the Company's Consolidated Financial Statements and the related notes included in this report. The emphasis of this discussion will be on the years ended December 31, 2025 and 2024. Additional information about the Company\u2019s financial condition and results of operations in 2023 and changes in the Company\u2019s financial condition and results of operations from 2023 to 2024 may be found in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. This discussion and analysis contains statements that may be considered \u201cforward-looking statements\u201d as defined in, and subject to the protections of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. See the \u201cSpecial Cautionary Notice Regarding Forward-Looking Statements\u201d for additional information regarding forward-looking statements. For purposes of the following discussion, the words \u201cSeacoast\u201d or the \u201cCompany\u201d refer to the combined entities of Seacoast Banking Corporation of Florida and its direct and indirect wholly owned subsidiaries. Overview \u2013 Strategy and Results Seacoast Banking Corporation of Florida (\u201cSeacoast\u201d or the \u201cCompany\u201d), a financial holding company registered under the BHC Act of 1956, is one of the largest banks in Florida, with $20.8 billion in assets and $16.3 billion in deposits as of December 31, 2025. Its principal subsidiary is Seacoast National Bank (\u201cSeacoast Bank\u201d), a wholly owned national banking association. The Company provides integrated financial services including commercial and consumer banking, wealth management, mortgage and insurance services to customers through advanced online and mobile banking solutions, and Seacoast Bank's network of 104 full-service branches. Seacoast's balanced growth strategy, combining organic growth with value-creating acquisitions, continues to benefit shareholders and expand the franchise. Business Developments On October 1, 2025, the Company completed its acquisition of VBI. This transformative transaction expands the Company\u2019s presence in North Central Florida and into The Villages\u00ae community, adding $1.2 billion in loans and $3.5 billion in deposits, along with 19 branches. VBI\u2019s future growth potential and low loan-to-deposit ratio provide significant opportunity for expansive growth throughout the Seacoast footprint. Full integration and system conversion activities are expected to be completed early in the third quarter of 2026. In the third quarter of 2025, the Company completed its acquisition of Heartland, adding approximately $153.3 million in loans and $705.2 million in deposits, along with four branches in Central Florida. Integration activities, including system conversion, were also completed in the third quarter of 2025. Seacoast\u2019s balanced growth strategy includes both acquisitions and organic growth initiatives. In recent years, Seacoast has added experienced bankers in dynamic and growing markets, leading to significant growth in new relationships. These efforts have supported core deposit generation, loan production, and expansion of client relationships across multiple product lines. In 2025, Seacoast expanded its footprint with the opening of five new branch locations, including four in some of Florida's fastest-growing markets, and its first location outside Florida, in Woodstock, Georgia. Results of Operations 2025 Financial Performance Highlights \u2022Net income of $144.9 million, an increase of $23.9 mill Item 1. Business Overview Seacoast Banking Corporation of Florida (\u201cSeacoast\u201d or the \u201cCompany\u201d) is a financial holding company, incorporated in Florida in 1983, and registered under the Bank Holding Company Act of 1956, as amended (the \u201cBHC Act\u201d). Its principal subsidiary is Seacoast National Bank, a wholly-owned national banking association (\u201cSeacoast Bank\u201d) chartered in 1926. As of December 31, 2025, Seacoast had total consolidated assets of $20.8 billion, total deposits of $16.3 billion, total consolidated liabilities, including deposits, of $17.8 billion, consolidated convertible preferred stock of $0.3 billion, and consolidated shareholders\u2019 equity of $2.7 billion. Seacoast Bank is one of the largest banks headquartered in Florida, with an expanding presence in the state's fastest growing markets, each of which has unique characteristics and opportunities. This growth has been achieved through a balanced strategy consisting of organic growth and opportunistic acquisitions. The Company provides integrated financial services including commercial and consumer banking, wealth management, mortgage and insurance services to customers through advanced mobile and online banking solutions, and through Seacoast Bank's network of 104 full-service branches. The Company\u2019s legal structure includes wholly-owned subsidiaries through which the Company manages investments and foreclosed properties. Through one of these subsidiaries, Seacoast Bank has a controlling interest in a REIT. Unrelated investors own a non-controlling interest in the preferred stock of the REIT. Seacoast Bank provides brokerage and annuity services through an affiliation with a third party broker/dealer, LPL Financial. Nature Coast Insurance, Inc., a wholly-owned subsidiary of Seacoast, facilitates access for the Company to provide customers with a range of insurance products. The Company also operates seven trusts, formed for the purpose of issuing trust preferred securities, as described in \"Note 9 Item 1A. Risk Factors In addition to the other information set forth in this report, you should consider the factors described below, as well as the risk factors and uncertainties discussed in our other public filings with the SEC under the caption \u201cRisk Factors\u201d in evaluating us and our business and making or continui", "title": "SBCF - SEACOAST BANKING CORP OF FLORIDA", "url": "/company/SBCF/" }, { "kind": "company", "summary": "SIC 5990 Retail-Retail Stores, NEC; CIK 0001368458; latest 10-K filed 2025-11-13.", "text": "SBH - Sally Beauty Holdings, Inc. SIC 5990 Retail-Retail Stores, NEC; CIK 0001368458; latest 10-K filed 2025-11-13. SBH Sally Beauty Holdings, Inc. 0001368458 5990 Retail-Retail Stores, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following section discusses management\u2019s view of the Company\u2019s financial condition and results of operations for fiscal year 2025 compared to fiscal year 2024. See Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II of our Annual Report on Form 10-K for the fiscal year ended September 30, 2024, for a discussion of the financial condition and results of operations for fiscal year 2024 compared to fiscal year 2023. This section should be read in conjunction with the audited consolidated financial statements of the Company and the related notes included elsewhere in this Annual Report. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations section may contain forward-looking statements. See \u201cCautionary Notice Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d for a discussion of the uncertainties, risks and assumptions associated with these forward-looking statements that could cause results to differ materially from those reflected in such forward-looking statements. Financial Summary for the Fiscal Year Ended September 30, 2025: \u2022 Consolidated net sales for the fiscal year decreased $15.6 million, or 0.4%, to $3,701.4 million and included a negative impact from changes in foreign currency exchange rates of $11.4 million, or 0.3% of consolidated net sales; \u2022 Global e-commerce sales represented 10.7% of our consolidated net sales; \u2022 Consolidated comparable sales for the fiscal year increased 0.3% compared to the prior fiscal year; \u2022 Consolidated gross profit increased by $20.4 million, or 1.1%, to $1,910.7 million. Gross margin increased 70 basis points to 51.6% compared to the prior fiscal year; \u2022 Consolidated operating earnings for the fiscal year increased $45.1 million, or 15.9%, to $327.8 million. Operating margin increased 130 basis points to 8.9% compared to the prior fiscal year; \u2022 Consolidated net earnings for the fiscal year increased $42.5 million, or 27.7%, to $195.9 million; \u2022 Diluted earnings per share for the fiscal year were $1.89 compared to $1.43 for the prior fiscal year; \u2022 Cash provided by operations was $274.8 million for the fiscal year compared to $246.5 million for the prior fiscal year; and \u2022 Total debt reduction of $119.0 million and the repurchase of 5.0 million shares under our share repurchase program through the use of excess cash. Trends Impacting Our Business The macroeconomic environment remains uncertain, continuing to influence global inflationary pressures driven by shifting trade policies and recent tariff volatility. These factors are affecting both consumer and stylist shopping behaviors, as well as the cost of products and services. Although inflation has moderated, our customers are still experiencing inflation fatigue and heightened price sensitivity. In response to this evolving economic climate, we are deepening our focus on personalization and refining our performance marketing strategies to stay closely aligned with changing customer needs and purchasing patterns. In addition, innovation in our product assortment and expansion of our distribution rights is benefiting our BSG business. We remain vigilant in monitoring inflationary challenges and are actively implementing measures to mitigate their impact. These include driving operational efficiencies through our Fuel for Growth program, optimizing promotional strategies, and expanding partnerships with delivery service providers. While these initiatives have helped offset some macroeconomic headwinds, the long-term effects of inflation remain difficult to predict. Comparable Sales We believe that comparable sales is an appropriate performance indicator to measure our sales growth compared to the prior period. Our comparable sales include sales from stores that have been operating for 14 months or longer as of the last day of a ITEM 1. BUSINESS Our Company Sally Beauty Holdings, Inc. is a leading international specialty retailer and distributor of professional beauty supplies. As experts in hair color and care, we aim to empower our customers to express themselves through their hair and beyond. We operate two business segments that offer beauty products in key categories, including hair care, hair color, styling tools and nails. Sally Beauty (\u201cSally\u201d) \u2013 An omni-channel retailer that offers professional-quality beauty supplies at attractive prices and provides education to retail consumers and salon professionals throughout North America, South America and Europe. Sally operates primarily through retail stores (generally operating under the Sally Beauty banner) and digital platforms, including our www.sallybeauty.com website, a mobile commerce-based app, and third-party digital marketplaces. Beauty Systems Group (\u201cBSG\u201d) \u2013 A leading full-service omni-channel distributor that offers professional beauty supplies exclusively to salons and licensed beauty professionals throughout the U.S. and Canada. These salon professionals primarily rely on just-in-time inventory due to capital constraints and limited warehouse and shelf space. BSG operates through company-operated stores (generally operating under the Cosmo Prof banner), franchised stores, salon business consultants (\u201cSBCs\u201d) and digital platforms, including our www.cosmoprofbeauty.com website, a mobile commerce-based app and chain portals. The breadth, depth and professional quality of our hair color and care assortment provides us with a differentiated core business in an industry which is otherwise fragmented. Due to our long history, brand heritage, product and process-specific knowledge and training of associates, we provide unmatched hair color and care expertise to consumers. We also have strong positioning with suppliers given our focus and economies of scale of purchasing. By operating in a variety of channels, we are able to re ITEM 1A. RISK FACTORS Below, we describe important risk factors that could materially affect our business, financial condition or results of operations in future periods. These factors are not intended to be an all-encompassing list of risks and uncertainties and are not the only risks and uncertainties we face. Additional risks", "title": "SBH - Sally Beauty Holdings, Inc.", "url": "/company/SBH/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000705432; latest 10-K filed 2026-02-27.", "text": "SBSI - SOUTHSIDE BANCSHARES INC SIC 6022 State Commercial Banks; CIK 0000705432; latest 10-K filed 2026-02-27. SBSI SOUTHSIDE BANCSHARES INC 0000705432 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis provides a comparison of our results of operations for the years ended December 31, 2025 and 2024 and financial condition as of December 31, 2025 and 2024. This discussion should be read in conjunction with the financial statements and related notes included elsewhere in this report. Refer to Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations included in our 2024 Form 10-K for a discussion and analysis of the more significant factors that affected periods prior to 2024. CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS Certain statements of other than historical fact that are contained in this report may be considered to be \u201cforward-looking statements\u201d within the meaning of and subject to the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management\u2019s views as of any subsequent date. These statements may include words such as \u201cexpect,\u201d \u201cestimate,\u201d \u201cproject,\u201d \u201canticipate,\u201d \u201cappear,\u201d \u201cbelieve,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cseek,\u201d \u201cintend,\u201d \u201cprobability,\u201d \u201crisk,\u201d \u201cgoal,\u201d \u201ctarget,\u201d \u201cobjective,\u201d \u201cplans,\u201d \u201cpotential,\u201d and similar expressions. Forward-looking statements are statements with respect to our beliefs, plans, expectations, objectives, goals, anticipations, assumptions, estimates, intentions and future performance and are subject to significant known and unknown risks and uncertainties, which could cause our actual results to differ materially from the results discussed in the forward-looking statements. For example, trends in asset quality, capital, liquidity, our ability to sell nonperforming assets, expense reductions, planned operational efficiencies and earnings from growth and certain market risk disclosures, including the impact of interest rates and our expectations regarding rate changes, tax reform, inflation, the impacts related to or resulting from other economic factors are based upon information presently available to management and are dependent on choices about key model characteristics and assumptions and are subject to various limitations. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what actually occurs in the future. Accordingly, our results could materially differ from those that have been estimated. The most significant factors that could cause future results to differ materially from those anticipated by our forward-looking statements include general economic conditions in our markets, including the impact of changes in interest rates on our financial projections, models and guidance, as well as the effects of declines in the real estate market, tariffs or trade wars (including reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains and decreased demand for other banking products and services), high unemployment and increasing insurance costs, as well as the financial stress to borrowers as a result of the foregoing, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations and our ability to manage liquidity in a rapidly changing and unpredictable market. Other factors that could cause actual results to differ materially from those indicated by forward-looking statements include, but are not limited to, the following: \u2022general (i) political conditions, including, without limitation, governmental action and uncertainty resulting from U.S. and global political trends and (ii) economic conditions, either globally, nationally, in the State of Texas, or in the specific markets in which we oper ITEM 1. BUSINESS FORWARD-LOOKING INFORMATION The disclosures set forth in this item are qualified by the section captioned \u201cCautionary Notice Regarding Forward-Looking Statements\u201d in \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of this Annual Report on Form 10-K and other cautionary statements set forth elsewhere in this report. GENERAL Southside Bancshares, Inc., incorporated in Texas in 1982, is a bank holding company for Southside Bank, a Texas state bank headquartered in Tyler, Texas that was formed in 1960. We operate through 53 branches, 12 of which are located in grocery stores, in addition to wealth management and trust services, and/or loan production, brokerage or other financial services offices. At December 31, 2025, our total assets were $8.51 billion, total loans were $4.82 billion, total deposits were $6.87 billion and total equity was $847.6 million. For the years ended December 31, 2025 and 2024, our net income was $69.2 million and $88.5 million, respectively. For the years ended December 31, 2025 and 2024, diluted earnings per common share was $2.29 and $2.91, respectively. We have paid a cash dividend to shareholders every year since 1970 (including dividends paid by Southside Bank prior to the incorporation of Southside Bancshares). We are a community-focused financial institution that offers a full range of financial services to individuals, businesses, municipal entities and nonprofit organizations in the communities that we serve. These services include consumer and commercial loans, deposit accounts, wealth management, trust and brokerage services. Our consumer loan services include 1-4 family residential loans, home equity loans, home improvement loans, automobile loans and other consumer related loans. Commercial loan services include short-term working capital loans for inventory and accounts receivable, short- and medium-term loans for equipment or other business capital e ITEM 1A. RISK FACTORS In addition to the other information contained in this Form 10-K, you should carefully consider the risks described below, as well as the risk factors and uncertainties discussed in our other public filings with the SEC under the caption \u201cRisk Factors\u201d in evaluating us and our business and making or continuing an investme", "title": "SBSI - SOUTHSIDE BANCSHARES INC", "url": "/company/SBSI/" }, { "kind": "company", "summary": "SIC 2731 Books: Publishing or Publishing & Printing; CIK 0000866729; latest 10-K filed 2025-07-25.", "text": "SCHL - SCHOLASTIC CORP SIC 2731 Books: Publishing or Publishing & Printing; CIK 0000866729; latest 10-K filed 2025-07-25. SCHL SCHOLASTIC CORP 0000866729 2731 Books: Publishing or Publishing & Printing Item 7 | Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations General The Company categorizes its businesses into four reportable segments: Children\u2019s Book Publishing and Distribution; Education Solutions; Entertainment; and International. The following discussion and analysis of the Company\u2019s financial position and results of operations should be read in conjunction with the Company\u2019s Consolidated Financial Statements and the related Notes included in Item 8, \u201cConsolidated Financial Statements and Supplementary Data.\u201d Overview and Outlook Overview Revenues from operations for the fiscal year ended May 31, 2025 increased by $35.8 million, or 2.3%, to $1,625.5 million, compared to $1,589.7 million in the prior fiscal year. The Company reported net loss per basic and diluted share of Class A and Common Stock of $0.07 for the fiscal year ended May 31, 2025, compared to net income per basic and diluted share of Class A and Common Stock of $0.41 and $0.40, respectively, in the prior fiscal year. During fiscal 2025, the Company successfully integrated 9 Story into its Entertainment segment, which significantly contributed to the Company's revenue growth year over year. Fiscal 2025 results also reflected new releases in the Company's bestselling series, including Sunrise on the Reaping, the latest installment in Suzanne Collins\u2019 Hunger Games series and Dav Pilkey's Dog Man #13: Big Jim Begins, which benefited the Company's trade channels globally and helped to offset softness in the overall retail market. Education Solutions continued to be negatively impacted by the continuing headwinds in the supplemental curriculum market and the Company is repositioning the business focused on long-term growth and improved profitability under its new leadership. Operating income in fiscal 2025 was $15.8 million compared to $14.5 million in the prior fiscal year, representing an increase of $1.3 million, as the Company successfully executed on a cost management strategy. Outlook During fiscal 2026, the Company expects to continue to expand the reach and monetization of Scholastic\u2019s intellectual property, which includes the release of the next title in the best-selling Dog Man series and a growing slate of content development and production commitments. While there continues to be significant near-term uncertainty about school funding, the Company is focusing its product development and go-to-market strategies in Education Solutions to better align with the evolving needs of educators, schools, and families. The Company has also made progress on its strategic and operational initiatives, which include streamlining the Company's organizational structure, strengthening leadership, reducing costs and evaluating options to optimize its real estate assets, all of which are intended to enhance the Company's ability to drive long-term growth and deliver greater value to shareholders. 22 Critical Accounting Policies and Estimates General: The Company\u2019s discussion and analysis of its financial condition and results of operations is based upon its Consolidated Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements involves the use of estimates and assumptions by management, which affects the amounts reported in the Consolidated Financial Statements and accompanying notes. The Company bases its estimates on historical experience, current business factors, future expectations and various other assumptions believed to be reasonable under the circumstances, all of which are necessary in order to form a basis for determining the carrying values of assets and liabilities. Actual results may differ from those estimates and assumptions. On an ongoing basis, the Company evaluates the adequacy of its reserves and the estimates used in calculations, including, but not limited to: collectability of accounts", "title": "SCHL - SCHOLASTIC CORP", "url": "/company/SCHL/" }, { "kind": "company", "summary": "SIC 2840 Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics; CIK 0000094049; latest 10-K filed 2026-02-26.", "text": "SCL - STEPAN CO SIC 2840 Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics; CIK 0000094049; latest 10-K filed 2026-02-26. SCL STEPAN CO 0000094049 2840 Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following is management\u2019s discussion and analysis (MD&A) of certain significant factors that have affected the Company\u2019s financial condition and results of operations during the annual periods included in the accompanying consolidated financial statements. Presentation of Information The discussion that follows includes a comparison of the Company\u2019s results of operations and liquidity and capital resources for the fiscal years ended December 31, 2024 and 2025. For a discussion of changes from the fiscal year ended December 31, 2023 to the fiscal year ended December 31, 2024, refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (filed February 27, 2025). Overview The Company produces and sells intermediate chemicals that are used in a wide variety of applications worldwide. The overall business is comprised of three reportable segments: Surfactants - Surfactants, which accounted for 71 percent of the Company\u2019s consolidated net sales in 2025, are principal ingredients in consumer and industrial cleaning and disinfection products such as detergents for washing clothes, dishes, carpets, floors and walls, as well as shampoos and body washes. Other applications include fabric softeners, germicidal quaternary compounds, disinfectants, lubricating ingredients, emulsifiers for spreading agricultural products and industrial applications such as latex systems, plastics and composites. Surfactants are manufactured at five sites in the United States, two European sites (United Kingdom and France), five Latin American sites (one site in Colombia and two sites in each of Brazil and Mexico) and one Asian site (Singapore). \u2022 During the fourth quarter of 2025, the Company completed the sale of its Stepan Philippines Quaternaries, Inc. (SPQI) manufacturing assets located in Bauan, Batangas, Philippines to Masurf, Inc, a subsidiary of Musim Mas Holdings Pte. Ltd. As part of the transaction, SPQI entered into a tolling agreement with Masurf, Inc. for the continued service of SPQI customers in Southeast Asia. See Note 20, Sales of Assets, of the notes to the Company\u2019s consolidated financial statements (included in Item 8 of this Form 10-K) for more details. \u2022 During the fourth quarter of 2025, the Company successfully closed on the sale of its manufacturing assets located in Lake Providence, Louisiana. This transaction followed the Company\u2019s sale of its SPQI manufacturing assets in the Philippines, representing the Company's ongoing footprint optimization efforts and focus on core growth opportunities. See Note 20, Sales of Assets, of the notes to the Company\u2019s consolidated financial statements (included in Item 8 of this Form 10-K) for more details. Polymers - Polymers, which accounted for 25 percent of consolidated net sales in 2025, include polyurethane polyols, polyester resins and phthalic anhydride. Polyurethane polyols are used in the manufacture of rigid foam for thermal insulation in the construction industry and are also a base raw material for coatings, adhesives, sealants and elastomers (collectively, CASE products). Powdered polyester resins are used in coating applications. CASE and powdered polyester resins are collectively referred to as specialty polyols. Phthalic anhydride is used in unsaturated polyester resins, alkyd resins and plasticizers for applications in construction materials and components of automotive, boating and other consumer products. In addition, the Company uses phthalic anhydride internally in the production of polyols. In the United States, polyurethane polyols are manufactured at the Company\u2019s Elwood, Illinois (Millsdale) and Wilmington, North Carolina sites. Phthalic anhydride is manufactured at the Company\u2019s Millsdale site and specialty polyols are manufa Item 1. Business Stepan Company, which was incorporated under the laws of the state of Delaware on February 19, 1959, and its subsidiaries produce specialty and intermediate chemicals, which are sold to other manufacturers and used in a variety of end products. The Company has three reportable segments: Surfactants, Polymers and Specialty Products. Revenue-Generating Products Surfactants are chemical agents that affect the interaction between two surfaces; they can provide actions such as detergency (i.e., the ability of water to remove soil from another surface), wetting and foaming, dispersing, emulsification (aiding two dissimilar liquids to mix), demulsification, viscosity modifications and biocidal disinfectants. Surfactants are the basic cleaning agent in detergents for washing clothes, dishes, carpets, fine fabrics, floors and walls. Surfactants are also used for the same purpose in shampoos, body wash and conditioners, fabric softeners, toothpastes, cosmetics and other personal care products. Commercial and industrial applications include emulsifiers for agricultural products, emulsion polymers such as floor polishes and latex foams and coatings, wetting and foaming agents for wallboard manufacturing and surfactants for oilfield applications. Polymers, which include polyurethane polyols, polyester resins and phthalic anhydride, are used in a variety of applications. Polyurethane polyols are used in the manufacture of rigid foam for thermal insulation in the construction industry. They are also a raw material base for coatings, adhesives, sealants and elastomers (CASE) applications. Polyester resins, which include liquid and powdered products, are used in CASE applications. Phthalic anhydride is used in polyester resins, alkyd resins, and plasticizers for applications in construction materials and components of automotive, boating, and other consumer products and internally in the production of polyols. Specialty Products are chemicals used in food, flav Item 1A. Risk Factors The following discussion identifies the most significant factors that may materially and adversely affect the Company\u2019s business, financial position, results of operations and cash flows. These and other factors, many of which are beyond the Company\u2019s control, may cause", "title": "SCL - STEPAN CO", "url": "/company/SCL/" }, { "kind": "company", "summary": "SIC 5045 Wholesale-Computers & Peripheral Equipment & Software; CIK 0000918965; latest 10-K filed 2025-08-21.", "text": "SCSC - SCANSOURCE, INC. SIC 5045 Wholesale-Computers & Peripheral Equipment & Software; CIK 0000918965; latest 10-K filed 2025-08-21. SCSC SCANSOURCE, INC. 0000918965 5045 Wholesale-Computers & Peripheral Equipment & Software ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Overview ScanSource is a leading technology distributor connecting devices to the cloud and accelerating growth for channel sales partners across hardware, SaaS, connectivity and cloud. We provide technology solutions and services from approximately 500 leading suppliers of mobility and barcode, POS, payment terminals, physical security, networking, communications, connectivity and cloud services to our approximately 25,000 channel sales partners located primarily in the United States, Canada and Brazil. We operate our business under a management structure that enhances our technology distribution growth strategy. Our segments operate primarily in the United States, Canada and Brazil: \u2022Specialty Technology Solutions \u2022Intelisys & Advisory We sell hardware, SaaS, connectivity and cloud solutions and services to channel sales partners that are designed to solve end users\u2019 challenges. We operate distribution facilities that support our United States and Canada business in Mississippi, California and Kentucky. Brazil distribution facilities are located in the Brazilian states of Paran\u00e1, Espirito Santo and Santa Catarina. We provide some of our digital products, which include SaaS and subscriptions, through our digital tools and platforms. Our key suppliers include AT&T, Avaya, Axis, Cisco, Comcast Business, Dell, Elo, Extreme, Five9, Fortinet, Hanwha, Honeywell, HP Poly, HPE/Aruba, Ingenico, Lumen, Microsoft, NiCE, RingCentral, Ubiquiti, Verifone, Verizon, Zebra Technologies and Zoom. Recent Developments Impact of the Macroeconomic Environment, Including Forecasted Growth, Inflation and Tariffs The macroeconomic environment, including the economic impacts of forecasted growth, inflation, tariffs and shifting relations between the U.S. and other countries, continues to create significant uncertainty and may adversely affect our financial condition and results of operations. In 2025, the U.S. announced a variety of additional tariffs on goods from multiple nations and trading blocks and has been targeted with reciprocal tariffs and other retaliatory actions in response. Although the U.S. has announced pauses on certain tariffs, negotiations and the state of international trade policy and relations continue to evolve. We are mindful of the potential impact these conditions could have on our channel sales partners, suppliers and end-user demand and we are actively monitoring changes to the global macroeconomic environment and assessing the potential impacts these challenges may have on our financial condition, results of operations and liquidity. We expect to pass price increases from our suppliers resulting from tariffs to our channel sales partners. We are also mitigating risks through strategic planning and maintaining financial flexibility, but we cannot predict the outcome of our mitigation strategies or the ultimate impact of tariffs and the global macroeconomic environment on our financial condition or results of operations. On July 4, 2025, the One Big Beautiful Bill Act (\u201cthe Act\u201d) was signed into law. The Act permanently extends key provisions of the Tax Cuts and Jobs Act, including 100% bonus depreciation, and introduces changes to the international tax framework. We are currently assessing the impact of the Act on our future effective tax rate, tax liabilities, and cash taxes. Business Acquisitions On August 8, 2024, we completed the acquisition of substantially all of the assets of Secure Path Networks, LLC doing business as Resourcive (\"Resourcive\"), a leading technology advisor. Resourcive delivers strategic IT sourcing solutions to mid-market and enterprise businesses. On August 15, 2024, we completed the acquisition of substantially all of the assets of Advantix Solutions Group, Inc. (\"Advantix\"), a managed connectivity experience provider specializing in wireless enablement solutions. 23 Table of Contents ITEM 1. Business. ScanSource, Inc. (together with its subsidiaries referred to as the \u201cCompany,\u201d \u201cScanSource,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d ) is a leading technology distributor connecting devices to the cloud and accelerating growth for channel sales partners across hardware, software as a service (\u201cSaaS\u201d), connectivity and cloud services. ScanSource enables channel sales partners to deliver solutions for their end users to address changing buying and consumption patterns. ScanSource uses multiple sales models to offer technology solutions from leading suppliers of specialty technologies, connectivity and cloud services. We provide technology solutions and services from more than 500 leading suppliers of mobility and barcode, point-of-sale (\u201cPOS\u201d), payment terminals, physical security, networking, communications, connectivity and cloud services. The Company's two operating segments, Specialty Technology Solutions and Intelisys & Advisory, represent the different sales models we use in executing our technology distribution growth strategy. ScanSource was incorporated in South Carolina in 1992 and serves approximately 25,000 channel sales partners. Net sales for fiscal year ended June 30, 2025 totaled $3.04 billion. Our common stock trades on the NASDAQ Global Select Market under the symbol \u201cSCSC.\u201d Our channel sales partners include businesses of all sizes that sell to end users across many industries. Our channel sales partners include value-added resellers (\u201cVARs\u201d), advisors, independent sales organizations (\u201cISOs\u201d), independent software vendors (\u201cISVs\u201d), and managed service providers (\u201cMSPs\u201d). These channel sales partners provide us with multiple routes-to-market. We align our teams, tools and processes around all of our channel sales partners to help them grow through providing specialized expertise, creating efficiencies and generating end-user demand for business solutions. We enable our channel sales partners to create, deliver and grow technology offerings for ITEM 1A. Risk Factors. The following are certain risks that could affect our business, financial position and results of operations. These risks should be considered in connection with evaluating an investment in our company and, in particular, together with the forward-looking statements contained", "title": "SCSC - SCANSOURCE, INC.", "url": "/company/SCSC/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001490978; latest 10-K filed 2026-02-25.", "text": "SDGR - Schrodinger, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001490978; latest 10-K filed 2026-02-25. SDGR Schrodinger, Inc. 0001490978 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. The following discussion and analysis of our financial condition and results of operations covers fiscal 2025 and fiscal 2024 items and year-over-year comparisons between fiscal 2025 and fiscal 2024. Discussions of fiscal 2023 items and year-over-year comparisons between fiscal 2024 and fiscal 2023 that are not included in this Form 10-K can be found in \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, that was filed with the SEC on February 26, 2025. As a result of many factors, including those factors set forth in Part 1, Item 1A. \"Risk Factors\" of this Annual Report, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. For further information regarding our forward-looking statements, see \"Cautionary Note Regarding Forward-Looking Statements and Industry Data\" in this Annual Report. Overview We are transforming the way therapeutics and materials are discovered. Our differentiated, physics-based computational platform enables discovery of high-quality, novel molecules for drug development and materials applications more rapidly and at a lower cost, compared to traditional methods. Our software platform is licensed by biopharmaceutical and industrial companies, academic institutions, and government laboratories around the world. We are applying our computational platform to advance a broad pipeline of drug discovery programs in collaboration with leading biopharmaceutical companies. In addition, we use our computational platform to discover novel molecules for our pipeline of proprietary drug discovery programs, which we are advancing through preclinical and clinical development. Since our founding, we have been primarily focused on developing our computational platform, which is capable of predicting critical properties of molecules with a high degree of accuracy, as well as advancing drug discovery programs both with our collaborators and on our own. We have devoted substantially all of our resources to introducing new capabilities and refining our software, conducting research and development activities, recruiting skilled personnel, and providing general and administrative support for these operations. Over the last decade, we have entered into a number of collaborations with leading biopharmaceutical companies that have provided us with significant revenue and have the potential to produce additional milestone payments, option fees, and future royalties. In 2018, we began to develop a pipeline of proprietary drug discovery programs with the goal of using our platform to produce a portfolio of novel, high value therapeutics. 127 Table of Contents Proprietary Drug Discovery Programs In June 2022, the U.S. Food and Drug Administration, or FDA, cleared our first investigational new drug application, or IND, for our MALT1 inhibitor, which we refer to as SGR-1505. Our ongoing Phase 1 clinical trial of SGR-1505 is designed as an open-label, multi-center dose escalation trial in patients with relapsed or refractory B-cell malignancies. The trial is designed to evaluate the safety, pharmacokinetics, pharmacodynamics, maximum tolerated dose, maximum administered dose and/or recommended dose of SGR-1505. Item 1. Business. Overview We are transforming the way therapeutics and materials are discovered. Our differentiated, physics-based computational platform enables discovery of high-quality, novel molecules for drug development and materials applications more rapidly and at a lower cost, compared to traditional methods. Our software platform is licensed by biopharmaceutical and industrial companies, academic institutions, and government laboratories around the world. We are applying our computational platform to advance a broad pipeline of drug discovery programs in collaboration with leading biopharmaceutical companies. In addition, we use our computational platform to discover novel molecules for our pipeline of proprietary drug discovery programs, which we are advancing through preclinical and clinical development. Traditional drug discovery and development efforts are complex, lengthy and capital-intensive, and are prone to high failure rates. Traditional drug discovery relies upon many iterations of costly and time-consuming manual molecule design, chemical synthesis, and experimental testing. One of the primary reasons for long timelines, high costs, and high failure rates in drug discovery is that predicting properties of molecules in advance of chemical synthesis is extremely complex and not amenable to traditional approaches. Over the past several decades and with the concerted efforts of our scientists and software engineers, we have developed a physics-based computational platform that is capable of predicting critical properties of molecules with a high degree of accuracy. This key capability enables drug discovery teams to design and selectively synthesize molecules with more optimal properties, reducing the average time and costs required to identify a development candidate and increasing the probability that a drug discovery program will enter clinical development. Furthermore, we believe that development candidates with more optimized property pr Item 1A. Risk Factors. You should carefully consider the risks and uncertainties described below together with all of the other information contained in this Annual Report and our other public filings with the SEC. The risks described below are not the only risks facing our company. The occurrence of any of the following risks, or of add", "title": "SDGR - Schrodinger, Inc.", "url": "/company/SDGR/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001419612; latest 10-K filed 2026-02-25.", "text": "SEDG - SOLAREDGE TECHNOLOGIES, INC. SIC 3674 Semiconductors & Related Devices; CIK 0001419612; latest 10-K filed 2026-02-25. SEDG SOLAREDGE TECHNOLOGIES, INC. 0001419612 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the section of this Annual Report on Form 10-K captioned \u201cBusiness\u201d and our consolidated financial statements and the related notes to those statements included elsewhere in this Form 10-K. In addition to historical financial information, the following discussion and analysis contains forward looking statements that involve risks, uncertainties, and assumptions. Our actual results and timing of selected events may differ materially from those anticipated in these forward looking statements as a result of many factors, including those discussed under the sections of this Annual Report captioned \u201cSpecial Note Regarding Forward Looking Statements\u201d and \u201cRisk Factors\u201d. For discussion related to changes in financial condition and the results of operations for the year ended December 31, 2024, refer to Item 7- Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 25, 2025. Overview We are a global smart energy technology company. We develop, manufacture, and sell products that address a broad range of energy market segments through our diversified product offering, including residential, commercial and large scale photovoltaic or PV, energy storage and backup solutions, electric vehicle or EV charging capabilities, home energy management, grid services and virtual power plants. By leveraging engineering capabilities and with a focus on innovation, safety and reliability, we create smart energy solutions that power our lives and drive future progress. We launched or ramped up sales of several new products in 2025. Most notably, we launched our next-generation residential product portfolio, called SolarEdge Nexis, with initial units delivered toward the end of 2025. We also expanded our commercial energy storage business with CSS-OD, a 102.4 kWh rated solution scalable up to megawatt hour size sites, suitable for outdoor or indoor installations. At the end of 2025, we transitioned our inverter products to a Single SKU concept. This is a software-defined platform that significantly reduces the complexity of our business for residential and commercial applications globally. It allows us to manufacture and ship one SKU of an inverter to the market, which can then be programmed to the desired kilowatt rating in the field. This framework simplifies forecasting, manufacturing, inventory management, logistics, service and support, for both us and our customers. It also adds flexibility for home and business owners who can boost the inverter rating if a larger system is needed in the future. In light of the IRA legislation in the United States, which incentivizes the local manufacturing of renewable energy products by providing benefits to installers for the purchase and installation of products with domestic content, as well as by incentivizing local manufacturing of our products, we manufacture the vast majority of our products in the United States. This includes inverters in Texas, optimizers and inverters in Florida, and manufacturing of batteries in Utah. As part of our effort to streamline and centralize, we have discontinued manufacturing in China, Mexico, and Hungary. We continue to manufacture a minor portion of our products in Israel, at our Sella 1 facility. We also continue to maintain manufacturing capabilities in Vietnam, with a third-party manufacturer. In 2025, we began to strategically focus on our core markets and product lines to better align resources with markets and product lines that exhibit the strongest potential. As part of this strategic portfolio rationalization, we are concentrating our operations in key jurisdictions while discontinuing local activities in certain ITEM 1. Business Introduction We are a global smart energy technology company that changed the way power is harvested and managed in photovoltaic (also known as PV) systems. Our direct current (\u201cDC\u201d), optimized inverter system maximizes power generation while lowering the cost of energy produced by the PV system for improved return on investment, or ROI. Additional benefits of the DC optimized inverter system include: comprehensive and advanced safety features, improved design flexibility, efficient integration (DC coupled) with SolarEdge storage solutions, and improved operation and maintenance, or O&M, with remote monitoring at the module-level. The typical SolarEdge DC optimized inverter system consists of inverters, Optimizers, a communication device which enables access to a cloud-based Monitoring Platform and, in many cases, a battery and additional smart energy management solutions and devices, such as EV chargers and load controllers. As part of our hardware sales, we also provide the energy management software which controls, manages and optimizes the energy production, storage and use of energy generated by our systems. Our solutions address a broad range of solar market segments, from residential solar installations to commercial and small utility scale solar installations. We have expanded our activity to other areas of smart energy technology, both through organic growth and through acquisitions. By leveraging world-class engineering capabilities and with a relentless focus on innovation, we now offer energy solutions that include primarily the hardware technology used in residential, commercial, and small scale utility PV systems and also product offerings in the areas of energy storage systems, or ESS, EV chargers, home and commercial energy management software, grid services, software platforms and applications that enable virtual power plants (\"VPPs\"). We primarily sell our products indirectly to thousands of solar installers through large dist ITEM 1A. Risk Factors When evaluating our business, you should carefully consider the risks, events and uncertainties described below together with the other information set forth in this Annual Report on Form 10-K. The events and consequences discussed in these risk factors could materially affect our", "title": "SEDG - SOLAREDGE TECHNOLOGIES, INC.", "url": "/company/SEDG/" }, { "kind": "company", "summary": "SIC 8060 Services-Hospitals; CIK 0001320414; latest 10-K filed 2026-02-19.", "text": "SEM - SELECT MEDICAL HOLDINGS CORP SIC 8060 Services-Hospitals; CIK 0001320414; latest 10-K filed 2026-02-19. SEM SELECT MEDICAL HOLDINGS CORP 0001320414 8060 Services-Hospitals Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read this discussion together with the consolidated financial statements and accompanying notes included elsewhere herein. This section of this 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview We began operations in 1997 and, based on number of facilities, are one of the largest operators of critical illness recovery hospitals, rehabilitation hospitals, and outpatient rehabilitation clinics in the United States. As of December 31, 2025, we had operations in 39 states and the District of Columbia. We operated 104 critical illness recovery hospitals in 28 states, 38 rehabilitation hospitals in 15 states, and 1,917 outpatient rehabilitation clinics in 39 states and the District of Columbia as of December 31, 2025. Our reportable segments include the critical illness recovery hospital segment, the rehabilitation hospital segment, and the outpatient rehabilitation segment. We had revenue of $5,452.8 million for the year ended December 31, 2025. Of this total, we earned approximately 45% of our revenue from our critical illness recovery hospital segment, approximately 24% from our rehabilitation hospital segment, and approximately 24% from our outpatient rehabilitation segment. Our critical illness recovery hospital segment consists of hospitals designed to serve the needs of patients recovering from critical illnesses, often with complex medical needs, and our rehabilitation hospital segment consists of hospitals designed to serve patients that require intensive physical rehabilitation care. Patients are typically admitted to our critical illness recovery hospitals and rehabilitation hospitals from general acute care hospitals. Our outpatient rehabilitation segment consists of clinics that provide physical, occupational, and speech rehabilitation services. On November 25, 2024, Select completed a tax-free distribution of 104,093,503 shares of common stock of Concentra Group Holdings Parent, Inc. (\u201cConcentra\u201d), a previously wholly-owned subsidiary of Select, to its stockholders. The Company no longer owns any shares of Concentra common stock. The results of Concentra are presented as discontinued operations and, as such, have been excluded from both continuing operations and segment results for the years ended December 31, 2023, 2024, and 2025. On November 24, 2025, the Company received a non-binding indication of interest from Robert A. Ortenzio, our Executive Chairman, Co-Founder and Director, to acquire all of the Company\u2019s outstanding shares for cash consideration of $16.00 to $16.20 per share of our common stock (the \u201cProposal\u201d and such transaction, the \u201cTake Private Transaction\u201d). Mr. Ortenzio publicly announced the Proposal on November 24, 2025 in a Schedule 13D filing with the SEC. On November 25, 2025, in connection with the Proposal, the disinterested members of the Board of Directors met and voted to form an independent special committee of the Board of Directors (the \u201cSpecial Committee\u201d). The Special Committee is carefully reviewing and evaluating the Proposal in consultation with their advisors and will determine the appropriate course of action in the best interests of the Company and its stockholders. In connection therewith, the Special Committee is evaluating other potential strategic alternatives to maximize stockholder value. 60 Table of Contents Non-GAAP Measure We believe that the presentation of Adjusted EBITDA, as defined below, is important to investors because Adjusted EBITDA is commonly used as an analytical in Item 1. Business. Overview We began operations in 1997 and, based on the number of facilities, are one of the largest operators of critical illness recovery hospitals, rehabilitation hospitals, and outpatient rehabilitation clinics in the United States. As of December 31, 2025, we had operations in 39 states and the District of Columbia. As of December 31, 2025, we operated 104 critical illness recovery hospitals in 28 states, 38 rehabilitation hospitals in 15 states, and 1,917 outpatient rehabilitation clinics in 39 states and the District of Columbia. Our reportable segments include the (i) critical illness recovery hospital segment, (ii) rehabilitation hospital segment, and (iii) outpatient rehabilitation segment. We had revenue of $5,452.8 million for the year ended December 31, 2025. Of this total, we earned approximately 45% of our revenue from our critical illness recovery hospital segment, approximately 24% from our rehabilitation hospital segment, and approximately 24% from our outpatient rehabilitation segment. We also recognized other revenue associated with employee leasing services provided to the Company\u2019s non-consolidating subsidiaries. Our critical illness recovery hospital segment consists of hospitals designed to serve the needs of patients recovering from critical illnesses, often with complex medical needs, and our rehabilitation hospital segment consists of hospitals designed to serve patients that require intensive physical rehabilitation care. Patients are typically admitted to our critical illness recovery hospitals and rehabilitation hospitals from general acute care hospitals. Our outpatient rehabilitation segment consists of clinics that provide physical, occupational, and speech rehabilitation services. See \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u2014Results of Operations\u201d and \u201cNotes to Consolidated Financial Statements\u2014Note 14. Segment Information\u201d beginning on F-28 for financial informat Item 1A. Risk Factors. In addition to the factors discussed elsewhere in this Form 10-K, this section discusses important factors which could cause actual results or events to differ materially from those contained in any forward-looking statements made by or on behalf of us. Summary of Risk Factors The following is a summary of the materi", "title": "SEM - SELECT MEDICAL HOLDINGS CORP", "url": "/company/SEM/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001662991; latest 10-K filed 2026-02-26.", "text": "SEZL - Sezzle Inc. SIC 7389 Services-Business Services, NEC; CIK 0001662991; latest 10-K filed 2026-02-26. SEZL Sezzle Inc. 0001662991 7389 Services-Business Services, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes appearing elsewhere in this Form 10-K. This discussion and analysis may contain forward-looking statements that involve risks, uncertainties and assumptions. You should review the \u201cForward-Looking Statements\u201d, \u201cFactors Affecting Results from Operations\u201d, and \u201cRisk Factors\u201d sections of this Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements described in the following discussion and analysis. Overview We are a purpose-driven payments company on a mission to financially empower the next generation. Launched in 2017, we have built a digital shopping and payments platform that provides consumers a flexible alternative to traditional credit. Through our platform, we aim to give consumers control of their spending, ways to save money, and access to responsible credit. Our vision is to create a digital ecosystem benefiting all of our stakeholders\u2014including merchants, consumers, employees, communities, and investors\u2014while continuing to drive ethical and sustainable growth. The Sezzle Platform offers a payments solution for consumers in the United States and Canada that has the ability to instantly extend credit at the point-of-sale, allowing consumers to purchase and receive merchandise, while paying in installments over time. Consumers pay a portion of the purchase price at the point-of-sale as a down payment, and then pay off the remaining amount over time through scheduled payments. We also offer the ability to \u201cpay-in-full\u201d using the Sezzle Platform. We provide consumers access to subscription products, short-term credit products at the point of sale, which may be free or subject to fees and/or interest, and access to interest-bearing loans with our third-party partner. We make a majority of our revenue from merchants, partners, consumer fees, and through our two paid versions of the core Sezzle experience: Sezzle Premium and Sezzle Anywhere. Sezzle Premium is a paid subscription service for consumers to access large, non-integrated premium merchants for a recurring fee. Sezzle Anywhere is a paid subscription service that allows consumers to use their Sezzle Virtual Card at any merchant online or in-store, subject to certain merchant, product, goods, and service restrictions, for a recurring fee. Sezzle On-Demand allows consumers who are not subscribed to Sezzle Anywhere to use the Sezzle Platform at any merchant online or in-store (subject to the same restrictions as Sezzle Anywhere) in exchange for a finance charge, which is added to the consumer\u2019s initial down payment. Additionally, through collaboration with a third-party partner we enable our consumers access to interest-bearing monthly fixed-rate installment-loan products at participating merchants for larger-ticket items (up to $15,000), which extend up to 48 months. We primarily operate in the United States and Canada, and are currently winding down and exiting operations in India and certain countries in Europe. 55 Table of Contents Factors Affecting Results of Operations The following key factors have affected our financial performance and are expected to impact our performance going forward. Sustainable Business Model Our ability to profitably scale our business long-term is reliant on creating a transparent and sustainable ecosystem of products and services that add value for all of our stakeholders, including our consumers and merchants. We stand at the intersection of digital shopping and a need for credit for consumers who prefer to use credit alternatives other than credit cards or do not have access to traditional credit products. We provide consumers access to sub ITEM 1. BUSINESS Unless otherwise noted, references in this Form 10-K to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cCompany,\u201d or \u201cSezzle\u201d refer collectively to Sezzle Inc. and our subsidiaries. Our Company We are a purpose-driven payments company on a mission to financially empower the next generation. Launched in 2017, we have built a digital shopping and payments platform that provides consumers a flexible alternative to traditional credit. Through our products, we aim to give consumers control of their spending, ways to save money, and access to responsible credit. Our vision is to create a digital ecosystem benefiting all of our stakeholders\u2014including merchants, consumers, employees, communities, and investors\u2014while continuing to drive ethical and sustainable growth. We launched Sezzle amid a backdrop during which digital shopping began to claim a larger share of the retail sector and younger generations (i.e., Gen Z and Millennials) started demonstrating a need for credit. Gen Z and Millennial consumers, who we define as individuals currently between ages 18\u201329 and 30\u201348, respectively, use credit cards less frequently than other generations and, in many cases, lack access to traditional credit. These same consumers are tech-savvy and gravitate towards modern, streamlined commerce solutions, whether online or in-person. Our platform addresses the shortcomings in legacy payment offerings consumers face by providing a flexible, secure, omnichannel alternative with the structural benefit of \u201ccreditizing\u201d traditional debit products. The technology solutions we have designed align with our mission of financially empowering the next generation. We believe our stakeholder approach gives us a competitive advantage and positions our company for success. Stakeholders want to be affiliated with a purpose-driven partner and, to that extent, we elected to become a Delaware public benefit corporation in June 2020. Public benefit corporations are for-profit corporations intended to produce a pu ITEM 1A. RISK FACTORS Risks Related to Our Industry The BNPL industry has become subject to increased regulatory scrutiny, and our failure to manage our business to comply with new regulations would materially and adversely affect our business, results of operations and financial condition. Regulators in various jurisdictions in which we oper", "title": "SEZL - Sezzle Inc.", "url": "/company/SEZL/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001430723; latest 10-K filed 2026-02-27.", "text": "SFBS - ServisFirst Bancshares, Inc. SIC 6022 State Commercial Banks; CIK 0001430723; latest 10-K filed 2026-02-27. SFBS ServisFirst Bancshares, Inc. 0001430723 6022 State Commercial Banks ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. This section of the Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is designed to provide a reader of the Company\u2019s financial statements with a narrative from the perspective of management on the Company\u2019s financial condition, results of operations, liquidity and certain other factors that may affect future results. In certain instances, parenthetical references are made to relevant sections of the Notes to Consolidated Financial Statements to direct the reader to a further detailed discussion. This section should be read in conjunction with the Consolidated Financial Statements included in this Form 10-K. Overview We are a bank holding company within the meaning of the BHC Act headquartered in Birmingham, Alabama. Through our wholly-owned subsidiary bank, we operate full service banking offices located in Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia. We also operate a loan production office in Florida. Our principal business is to accept deposits from the public and to make loans and other investments. Our principal source of funds for loans and investments are demand, time, savings, and other deposits and the amortization and prepayment of loans and borrowings. Our principal sources of income are interest and fees collected on loans, interest and dividends collected on other investments and service charges. Our principal expenses are interest paid on savings and other deposits, interest paid on our other borrowings, employee compensation, office expenses, and other overhead expenses. Our business is conducted through a single reportable segment. For additional information regarding our segment reporting, refer to (Note 22) - \u201cSegment Reporting\u201d Notes to the Consolidated Financial Statements. 34 Results of Operations The following discussion and analysis presents the more significant factors that affected our financial condition as of December 31, 2025 and 2024 and results of operations for each of the years then ended. Refer to Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K filed with the SEC on March 1, 2025 for a discussion and analysis of the more significant factors that affected periods prior to 2024. Net Income Available to Common Stockholders Net income available to common stockholders was $276.5 million for the year ended December 31, 2025, compared to $227.2 million for the year ended December 31, 2024. The increase in net income was primarily attributable to an increase in net interest income. Basic and diluted net income per common share were both $5.06 for the year ended December 31, 2025, compared to $4.17 and $4.16, respectively, for the year ended December 31, 2024. Return on average assets was 1.56% in 2025, compared to 1.39% in 2024, and return on average common stockholders\u2019 equity was 16.05% in 2025, compared to 14.98% in 2024. The following tables present a summary of our statements of income, including the percent change in each category, for the years ended December 31, 2025 compared to 2024, and for the years ended December 31, 2024 compared to 2023, respectively: [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"Change from the Prior Year\"],[\"\",\"\",\"(Dollars in Thousands)\"],[\"Interest income\",\"\",\"$\",\"990,427\",\"\",\"\",\"$\",\"946,121\",\"\",\"\",\"\",\"4.7\",\"%\"],[\"Interest expense\",\"\",\"\",\"455,218\" ITEM 1. BUSINESS. Overview We are a bank holding company within the meaning of the Bank Holding Company Act of 1956 and are headquartered in Birmingham, Alabama. Through our wholly-owned subsidiary bank, we operate 33 full-service banking offices located in Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee, and Virginia. We also operate a loan production office in Florida. Through our bank, we originate commercial, consumer and other loans and accept deposits, provide electronic banking services, such as online and mobile banking, including remote deposit capture, deliver treasury and cash management services and provide correspondent banking services to other financial institutions. As of December 31, 2025, we had total assets of approximately $17.73 billion, total loans of approximately $13.70 billion, total deposits of approximately $14.22 billion, and total stockholders\u2019 equity of approximately $1.85 billion. We operate our bank using a simple business model based on organic loan and deposit growth, generated through high quality customer service, delivered by a team of experienced bankers focused on developing and maintaining long-term banking relationships with our target customers. We utilize a uniform, centralized back office risk and credit platform to support a decentralized decision-making process executed locally by our regional chief executive officers. This decentralized decision-making process allows individual lending officers varying levels of lending authority, based on the experience of the individual officer. When the total amount of loans to a borrower exceeds an officer\u2019s lending authority, further approval must be obtained by the applicable regional chief executive officer and/or our senior management team. Rather than relying on a more traditional retail bank strategy of operating a broad base of multiple brick and mortar branch locations in each market, our strategy focuses on operating a limited and efficient branch n ITEM 1A. RISK FACTORS. The following list identifies the material risk factors known to us as of the date of this Form 10-K. Our business, financial condition, results of operations and prospectus and ability to pay dividends could be materially harmed by any of the following risks or by other risks identified in this Form 1", "title": "SFBS - ServisFirst Bancshares, Inc.", "url": "/company/SFBS/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000090498; latest 10-K filed 2026-02-25.", "text": "SFNC - SIMMONS FIRST NATIONAL CORP SIC 6021 National Commercial Banks; CIK 0000090498; latest 10-K filed 2026-02-25. SFNC SIMMONS FIRST NATIONAL CORP 0000090498 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis presents the more significant factors that affected our financial condition as of December 31, 2025 and 2024 and results of operations for each of the years then ended. Refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in our Annual Report on Form 10-K filed with the SEC on February 27, 2025 (the \u201c2024 Form 10-K\u201d) for a discussion and analysis of the more significant factors that affected the 2023 period, which are incorporated herein by reference. Certain immaterial reclassifications have been made to make prior periods comparable. This discussion and analysis should be read in conjunction with our financial statements, notes thereto and other financial information appearing elsewhere in this report, as well as the cautionary note regarding forward-looking statements and the risks discussed in Item 1A of Part I of this Form 10-K. Critical Accounting Estimates Overview The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. While we base estimates on historical experience, current information and other factors deemed to be relevant, actual results could differ from those estimates. We consider accounting estimates to be critical to reported financial results if (i) the accounting estimate requires management to make assumptions about matters that are highly uncertain and (ii) different estimates that management reasonably could have used for the accounting estimate in the current period, or changes in the accounting estimate that are reasonably likely to occur from period to period, could have a material impact on our financial statements. The accounting policies that we view as critical to us are those relating to estimates and judgments regarding (a) the determination of the adequacy of the allowance for credit losses, (b) acquisition accounting and valuation of loans, (c) the valuation of goodwill and the useful lives applied to intangible assets and (d) income taxes. Allowance for Credit Losses The allowance for credit losses is a reserve established through a provision for credit losses charged to expense, which represents management\u2019s best estimate of lifetime expected losses based on reasonable and supportable forecasts, quantitative factors, and other qualitative considerations. The allowance, in the judgment of management, is necessary to reserve for expected credit losses and risks inherent in the loan portfolio. Our allowance for credit loss methodology includes reserve factors calculated to estimate current expected credit losses to amortized cost balances over the remaining contractual life of the portfolio, adjusted for prepayments, in accordance with Accounting Standard Codification (\u201cASC\u201d) Topic 326-20, Financial Instruments - Credit Losses. Accordingly, the methodology is based on our reasonable and supportable economic forecasts, historical loss experience, and other qualitative adjustments. For further information see the section Allowance for Credit Losses below. Our evaluation of the allowance for credit losses is inherently subjective as it requires material estimates. The actual amounts of credit losses realized in the near term could differ from the amounts estimated in arriving at the allowance for credit losses reported in the financial statements. Acquisition Accounting, Loans We account for our acquisitions under ASC Topic 805, Business Combinations, which requires the use of the acquisition method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. The fair value for acquired loans at the time of acquisition is based on a variety of factors including discounted expected cash flows, adjusted for estimated prepayment ITEM 1. BUSINESS Company Overview Simmons First National Corporation, an Arkansas corporation organized in 1968, is a financial holding company registered under the Bank Holding Company Act of 1956, as amended. The terms \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to Simmons First National Corporation and, where appropriate, its subsidiaries. The Company is headquartered in Pine Bluff, Arkansas, and had total consolidated assets of $24.54 billion, total consolidated loans of $17.49 billion, total consolidated deposits of $20.18 billion and equity capital of $3.42 billion, each as of December 31, 2025. The Company, through its subsidiaries, provides banking and other financial products and services in markets located in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. We seek to build shareholder value by, among other things, focusing on strong asset quality, maintaining strong capital, managing our liquidity position, improving our operational efficiency and opportunistically growing our business, both organically and through mergers with and acquisitions of other financial institutions. Our business philosophy centers on building strong, deep customer relationships through excellent customer service and integrity in our operations. While we have grown in recent years into a regional financial institution and one of the largest bank/financial holding companies headquartered in the State of Arkansas, we continue to emphasize, where practicable, a community-based mindset focused on local associates responding to local banking needs and making business decisions in the markets they serve. Those efforts, though, are buttressed by experienced, centralized support functions in select, critical areas. While we serve a variety of customers and industries, we are not dependent on any single customer or industry. Subsidiary Bank The Company\u2019s lead subsidiary, Simmons Bank (\u201cSimmons Bank\u201d or the \u201cBank\u201d), is an Arkansas state-chartered bank that has been in operation ITEM 1A. RISK FACTORS In addition to the other information contained in this report, including the information contained in \u201cCautionary Note Regarding Forward-Looking Statements,\u201d investors in our securities should carefully consider the factors discussed below. An investment in our securities involves risks. The factors ", "title": "SFNC - SIMMONS FIRST NATIONAL CORP", "url": "/company/SFNC/" }, { "kind": "company", "summary": "SIC 5810 Retail-Eating & Drinking Places; CIK 0001620533; latest 10-K filed 2026-02-26.", "text": "SHAK - Shake Shack Inc. SIC 5810 Retail-Eating & Drinking Places; CIK 0001620533; latest 10-K filed 2026-02-26. SHAK Shake Shack Inc. 0001620533 5810 Retail-Eating & Drinking Places Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. This section and other parts of this Annual Report on Form 10-K (\u201cForm 10-K\u201d) contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different from the statements made herein. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements about our growth, including our long-term growth goals, strategic priorities and initiatives, and liquidity. Forward-looking statements discuss our current expectations, targets and projections relating to our financial position, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as \"aim,\" \"anticipate,\" \"believe,\" \"estimate,\" \"expect,\" \"forecast,\" \"future,\" \"intend,\" \"likely,\" \"outlook,\" \"potential,\" \"preliminary,\" \"project,\" \"projection,\" \"plan,\" \"seek,\" \"targets,\" \"may,\" \"could,\" \"would,\" \"will,\" \"should,\" \"can,\" \"can have,\" the negatives thereof and other similar expressions. Forward-looking statements reflect our current views with respect to future events and are based on certain assumptions and are subject to risks and uncertainties that could cause our actual results to differ materially from trends, plans, or expectations set forth in the forward-looking statement, as set forth in this Form 10-K. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. You should evaluate all forward-looking statements made in this Form 10-K in the context of the risks and uncertainties disclosed in Part I, Item 1A of this Form 10-K under the heading \"Risk Factors,\" in this Item 7 \"Management's Discussion and Analysis of Financial Condition and Results of Operations,\" and in Item 7A \"Quantitative and Qualitative Disclosures About Market Risk.\" The forward-looking statements included in this Form 10-K are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements. Shake Shack Inc. Form 10-K | 45 OVERVIEW Shake Shack serves modern, fun and elevated versions of American classics using only premium ingredients. We are known for our made-to-order 100% Angus beef burgers, crispy chicken, hand-spun milkshakes, house-made lemonades, beer, wine, and more. With our fine-dining roots and a commitment to crafting uplifting experiences, Shake Shack has become a cult-brand and created a new category, fine-casual. We operate on a 52/53 week fiscal year ending on the last Wednesday of December. Fiscal 2025 included 53 weeks and fiscal 2024 included 52 weeks. The additional operating week of fiscal 2025 is referred to as the \"53rd week.\" For discussion of our results of operations and changes in financial condition for fiscal 2024 compared to fiscal 2023 refer to Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K for the fiscal year ended December 25, 2024, filed on February 21, 2025. The following definitions apply to these terms as used herein: \"Average unit volume\" is calculated by dividing total Shack sales by the number of Shacks open during the period. For Shacks that are not open for the entire period, fractional adjustments are made to the number of Shacks in the denominator such that it corresponds to the period of associated Item 1. Business. Shake Shack Inc. was formed on September 23, 2014 as a Delaware corporation for the purpose of facilitating an initial public offering and other related transactions in order to carry on the business of SSE Holdings, LLC and its subsidiaries (\"SSE Holdings\"). Shake Shack Inc. is the sole managing member of SSE Holdings and, as sole managing member, it operates and controls all of the business and affairs of SSE Holdings. As a result, Shake Shack Inc. consolidates the financial results of SSE Holdings and reports a non-controlling interest representing the economic interest in SSE Holdings held by the other members of SSE Holdings. Shake Shack Inc. Class A common stock trades on the New York Stock Exchange under the symbol \"SHAK.\" Unless the context otherwise requires, \"we,\" \"us,\" \"our,\" \"Shake Shack,\" the \"Company\" and other similar references refer to Shake Shack Inc. and, unless otherwise stated, all of its subsidiaries, including SSE Holdings. OVERVIEW Shake Shack serves modern, fun and elevated versions of American classics using only premium ingredients. We are known for our made-to-order Angus beef burgers, crispy chicken, hand-spun milkshakes, house-made lemonades, beer, wine, and more. With our fine-dining roots and a commitment to crafting uplifting experiences, Shake Shack has become a cult brand. Our purpose is to Stand For Something Good\u00ae, from premium ingredients and employee development to inspiring designs and community investment. Originally founded in 2001 by Danny Meyer's Union Square Hospitality Group (\"USHG\"), which owns and operates some of New York City's most acclaimed and popular restaurants \u2014 such as Union Square Cafe and Gramercy Tavern, to name a few \u2014 Shake Shack began as a hot dog cart to support the rejuvenation of New York City's Madison Square Park through its Conservancy's first art installation, \"I Y Taxi.\" The cart was an instant success, with lines forming daily throughout the summer months over the next thre Item 1A. Risk Factors. Described below are risks that we believe apply to our business and the industry in which we operate. You should carefully consider each of the following risk factors in conjunction with other information provided in this Annual Report on Form 10-K and in our other public disclosures. The risks described be", "title": "SHAK - Shake Shack Inc.", "url": "/company/SHAK/" }, { "kind": "company", "summary": "SIC 4813 Telephone Communications (No Radiotelephone); CIK 0000354963; latest 10-K filed 2026-02-26.", "text": "SHEN - SHENANDOAH TELECOMMUNICATIONS CO/VA/ SIC 4813 Telephone Communications (No Radiotelephone); CIK 0000354963; latest 10-K filed 2026-02-26. SHEN SHENANDOAH TELECOMMUNICATIONS CO/VA/ 0000354963 4813 Telephone Communications (No Radiotelephone) ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this Annual Report on Form 10-K. In addition to historical consolidated financial information, the following discussion and analysis may contain forward-looking statements that involve risks, uncertainties and assumptions. Our actual results could differ materially from those anticipated by forward-looking statements as a result of many factors. We discuss factors that we believe could cause or contribute to these differences below and elsewhere in this Annual Report on Form 10-K, including those set forth under \u201cPart I. Cautionary Statement Regarding Forward-Looking Statements\u201d and \u201cPart I. Item 1A. Risk Factors\u201d. Overview Shenandoah Telecommunications Company (\u201cShentel\u201d, \u201cwe\u201d, \u201cour\u201d, \u201cus\u201d, or the \u201cCompany\u201d), provides broadband services through its high speed, state-of-the-art fiber-optic and cable networks to customers in eight contiguous states in the eastern United States. The Company\u2019s services include: broadband internet, video and voice; high-speed Ethernet, dedicated internet access and dark fiber leasing; and managed network services. The Company owns an extensive regional network with approximately 19,000 route miles of fiber. 2025 Developments Refinancing Activities Shentel Issuer, a limited-purpose, bankruptcy remote indirect wholly-owned subsidiary of Shentel, closed its inaugural offering of $567.4 million aggregate principal amount of secured fiber network revenue term notes, consisting of $489.1 million 5.64% Series 2025-1, Class A-2 term notes (the \u201cClass A-2 Notes\u201d) and $78.3 million 6.03% Series 2025-1, Class B term notes (the \u201cClass B Notes\u201d), each with an anticipated repayment date in December 2030. The Class A-2 Notes and Class B Notes are secured by certain fiber network assets and related customer contracts in the states of Virginia, Ohio, Pennsylvania, Indiana, Maryland and West Virginia. As part of the same agreement governing the Class A-2 Notes and Class B Notes (the \u201cABS Indenture\u201d) and fiber network assets and related customer contracts that govern and secure the ABS Notes, Shentel Issuer entered into a revolving $175.0 million variable funding note facility (the \u201cVFN\u201d) due December 2029 with a group of financial institutions. VFN advances will be subject to certain pro-forma leverage and debt service coverage ratios as defined in the ABS Indenture. The VFN will bear interest at term Secured Overnight Financing Rate (\u201cSOFR\u201d) plus a margin of 1.75%. The Company had no borrowings under the VFN at Closing. As part of the same ABS Indenture and fiber network assets and related customer contracts that govern and secure the ABS Notes, Shentel Issuer entered into a $25 million delay draw Liquidity Funding Note facility (the \u201cLFN\u201d, together with the Class A-2 Notes, Class B notes, and the VFN, the \u201cABS Notes\u201d) with Bank of America. The LFN is subject to the same collateral and covenant framework, including pro-forma leverage and debt service coverage ratios as defined in the ABS Indenture. Shentel Issuer may draw on the LFN solely for the purpose of funding amounts due and payable for certain Priority of Payments as defined in the ABS Indenture and when restricted cash funds required by ABS Indenture are insufficient. The LFN will bear interest at the Prime Rate plus a spread of 3.0%. The Company had no borrowings under the LFN at Closing. Concurrently, Shentel Broadband, a wholly-owned indirect subsidiary of the Company, entered into a new $175.0 million Revolving Credit Facility (the \u201cRCF\u201d) due December 2030 with a group of financial institutions. The RCF is secured by substantially the cash flows and all of the assets and equity interests of its subsidiaries excluding Shentel Issuer; Shentel Guaranto ITEM 1.BUSINESS Our Company Shenandoah Telecommunications Company and its subsidiaries (\u201cShentel\u201d, \u201cwe\u201d, \u201cour\u201d, \u201cus\u201d, or the \u201cCompany\u201d), provide broadband services through its high speed, state-of-the-art fiber-optic and cable networks to customers in eight contiguous states in the eastern United States. The Company\u2019s services include: broadband internet, video and voice; high-speed Ethernet, dark fiber leasing; and managed network services. The Company owns an extensive regional network with approximately 19,000 route miles of fiber. For more information, please visit www.shentel.com. Description of Business Shentel provides broadband data, video and voice services to residential and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania, Kentucky, Delaware, Ohio and Indiana, via fiber optic and hybrid fiber coaxial (\u201cHFC\u201d) cable networks. We also lease dark fiber and provide Ethernet and Wavelength fiber optic services to enterprise and wholesale customers throughout the entirety of our service area. Shentel\u2019s Broadband business also provides voice and digital subscriber line (\u201cDSL\u201d) services as a Rural Local Exchange Carrier (\u201cRLEC\u201d) to customers in Shenandoah County and portions of adjacent counties in Virginia, and in Ross County and portions of adjacent counties in Ohio. The Company served approximately 262,000 Revenue Generating Units (\u201cRGUs\u201d) at December 31, 2025. New Entities formed to support securitized financing During 2025, Shentel formed Shentel Guarantor LLC, Shentel Issuer LLC (\u201cShentel Issuer\u201d), Shentel Asset Entity I LLC and Shentel Asset Entity II LLC (collectively, the \u201cABS Entities\"\u201d, each a bankruptcy-remote subsidiary of the Company. The ABS Entities were formed as part of a securitization transaction, pursuant to which certain of the Company\u2019s fiber network assets and related customer contracts, primarily in Virginia, Ohio, Pennsylvania, Indiana, Maryland and West Virginia, were contributed to Shentel Asset ITEM 1A.RISK FACTORS Our business and operations are subject to a number of risks and uncertainties. The risks set forth under \u201cPart I Item 1. Business\u201d and the following risk factors should be read carefully in connection with evaluating our business. The following", "title": "SHEN - SHENANDOAH TELECOMMUNICATIONS CO/VA/", "url": "/company/SHEN/" }, { "kind": "company", "summary": "SIC 7011 Hotels & Motels; CIK 0001295810; latest 10-K filed 2026-02-27.", "text": "SHO - Sunstone Hotel Investors, Inc. SIC 7011 Hotels & Motels; CIK 0001295810; latest 10-K filed 2026-02-27. SHO Sunstone Hotel Investors, Inc. 0001295810 7011 Hotels & Motels Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u200b The following discussion should be read together with the consolidated financial statements and related notes included elsewhere in this report. This discussion focuses on our financial condition and results of operations for the year ended December 31, 2025 as compared to the year ended December 31, 2024. A discussion and analysis of the year ended December 31, 2024 as compared to the year ended December 31, 2023 is included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 21, 2025, under the caption \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d \u200b Overview \u200b Sunstone Hotel Investors, Inc. is a Maryland corporation. We operate as a self-managed and self-administered real estate investment trust (\u201cREIT\u201d). A REIT is a corporation that directly or indirectly owns real estate assets and has elected to be taxable as a real estate investment trust for federal income tax purposes. To qualify for taxation as a REIT, the REIT must meet certain requirements, including regarding the composition of its assets and the sources of its income. REITs generally are not subject to federal income taxes at the corporate level as long as they pay stockholder dividends equivalent to 100% of their taxable income. REITs are required to distribute to stockholders at least 90% of their REIT taxable income. We own, directly or indirectly, 100% of the interests of Sunstone Hotel Partnership, LLC, (the \u201cOperating Partnership\u201d), which is the entity that directly or indirectly owns our hotels. We also own 100% of the interests of our taxable REIT subsidiary, Sunstone Hotel TRS Lessee, Inc. (the \u201cTRS Lessee\u201d), which, directly or indirectly, leases all of our hotels from the Operating Partnership, and engages independent third parties to manage our hotels. \u200b We own hotels in convention, urban, and resort destinations that benefit from significant barriers to entry by competitors and diverse economic drivers. As of December 31, 2025, we owned 14 hotels. All of our hotels are operated under nationally recognized brands, except the Oceans Edge Resort & Marina, which operates independently. \u200b The following tables summarize our total portfolio and room data from January 1, 2024 through December 31, 2025: [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b \\u200b \\u200b\",\"2025\",\"\\u200b \\u200b \\u200b\",\"2024\"],[\"Portfolio Data\\u2014Hotels\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Number of hotels\\u2014beginning of year\",\"\",\"15\",\"\",\"14\",\"\\u200b\"],[\"Add: Acquisitions\",\"\\u200b\",\"\\u2014\",\"\\u200b\",\"1\",\"\\u200b\"],[\"Less: Dispositions\",\"\",\"(1)\",\"\",\"\\u2014\",\"\\u200b\"],[\"Number of hotels\\u2014end of year\",\"\",\"14\",\"\\u200b\",\"15\",\"\\u200b\"]] [[/GREPCENT_TABLE]] 35 Table of Contents \u200b [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b \\u200b \\u200b\",\"2025\",\"\\u200b \\u200b \\u200b\",\"2024\"],[\"Portfolio Data\\u2014Rooms\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Number of rooms\\u2014beginning of year\",\"\",\"7,253\",\"\",\"6,675\",\"\\u200b\"],[\"Add: Acquisitions\",\"\\u200b\",\"\\u2014\",\"\\u200b\",\"630\",\"\\u200b\"],[\"Less: Dispositions\",\"\\u200b\",\"(252)\",\"\\u200b\",\"\\u2014\",\"\\u200b\"],[\"Less: Renovation adjustments, net (1)\",\"\",\"(2)\",\"\\u200b\",\"(52)\",\"\\u200b\"],[\"Number of rooms\\u2014end of year\",\"\",\"6,999\",\"\",\"7,253\",\"\\u200b\"],[\"Average rooms per hotel\\u2014end of year\",\"\",\"500\",\"\",\"484\",\"\\u200b\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"(1)\",\"Concurrent with our renovations, we removed two rooms at the Wailea Beach Resort to form two residential-style suites in 2025. Similarly, in 2024, we removed fifty-two rooms at The Confidante Miami Beach in conjunction with its transition to Andaz Miami Beach to increase the number of suites and premium room types. In addition, in 2024 we removed two rooms at Wailea Bea Item 1. Business \u200b Our Company \u200b We were incorporated in Maryland on June 28, 2004. We are a real estate investment trust (\u201cREIT\u201d), under the Internal Revenue Code of 1986, as amended (the \u201cCode\u201d). As of December 31, 2025, we owned 14 hotels, comprised of 6,999 rooms, located in 7 states and in Washington, DC. Our portfolio consists of upper upscale and luxury hotels located in convention, urban, and resort destinations. All of our hotels are operated under nationally recognized brands, except the Oceans Edge Resort & Marina, which operates independently. \u200b We own hotels in convention, urban, and resort destinations that benefit from significant barriers to entry by competitors and diverse economic drivers. Our mission is to be the premier stewards of capital in the lodging industry, providing superior returns to our stockholders by investing in hotels where we can add value through capital investment, hotel repositioning, and asset management. In addition, we seek to capitalize on our portfolio\u2019s embedded value and balance sheet strength to actively recycle past investments into new growth and value creation opportunities in order to deliver strong stockholder returns and superior per share net asset value growth. \u200b Our hotels are operated by third-party managers under long-term management agreements with the TRS Lessee or its subsidiaries. As of December 31, 2025, our third-party managers included: subsidiaries of Marriott International, Inc. or Marriott Hotel Services, Inc. (collectively, \u201cMarriott\u201d), managers of six of our hotels; Hyatt Hotels Corporation (\u201cHyatt\u201d), manager of three of our hotels; and Four Seasons Hotels Limited (\u201cFour Seasons\u201d), Hilton Worldwide Holdings Inc. (\u201cHilton\u201d), Montage North America, LLC (\u201cMontage\u201d), Sage Hospitality Group (\u201cSage\u201d) and Singh Hospitality, LLC (\u201cSingh\u201d) (aka EOS Hospitality), each a manager of one of the Company\u2019s hotels. \u200b Competitive Strengths \u200b We believe the following competitive strengths distinguish us Item 1A. Risk Factors \u200b The statements in this section describe some of the material risks to our business and should be considered carefully in evaluating our business and the other information in this Form 10-K. In addition, these statements constitute our cautionary statements under the Private Securities Litigation Reform Act of 1995, as amende", "title": "SHO - Sunstone Hotel Investors, Inc.", "url": "/company/SHO/" }, { "kind": "company", "summary": "SIC 3140 Footwear, (No Rubber); CIK 0000913241; latest 10-K filed 2026-03-02.", "text": "SHOO - STEVEN MADDEN, LTD. SIC 3140 Footwear, (No Rubber); CIK 0000913241; latest 10-K filed 2026-03-02. SHOO STEVEN MADDEN, LTD. 0000913241 3140 Footwear, (No Rubber) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and notes thereto appearing elsewhere in this Annual Report on Form 10-K. Business Overview ($ in thousands, except for store count and per share data) Steven Madden, Ltd. and its subsidiaries design, source, and market fashion-forward branded and private label footwear, accessories, and apparel. We distribute our products through the wholesale channel to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, the United Kingdom, Europe, Canada, and Mexico. Additionally, we operate in other international markets through our joint ventures in South Africa, the Middle East, Israel, Australia, various countries in Europe, Latin America, and certain countries in Asia, and through special distribution arrangements in various European countries, North Africa, South and Central America, and various countries within the Asia-Pacific region. We also distribute our products through our direct-to-consumer channel, which includes company-operated retail stores, third-party concessions in international markets, and e-commerce platforms, in the United States, the United Kingdom, Europe, Canada, Mexico, South Africa, the Middle East, Israel, Latin America, and the Asia-Pacific region. Our product offerings include a diverse range of contemporary styles, designed to establish or capitalize on market trends, complemented by core product offerings. We are recognized for our design creativity and ability to deliver trend-right products with high quality at accessible price points, efficiently and with speed-to-market. The Company\u2019s reportable operating segments consist of the following: \u2022Wholesale Footwear. This segment designs, sources, and markets our brands and sells our products, consisting of footwear, to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, the United Kingdom, Europe, Canada, Mexico, and through our joint ventures and international distributor network. \u2022Wholesale Accessories/Apparel. This segment designs, sources, and markets our brands and sells our products, primarily consisting of handbags and apparel, to department stores, mass merchants, off-price retailers, online retailers, specialty retailers, independent stores, and clubs throughout the United States, the United Kingdom, Europe, Canada, Mexico, and through our joint ventures and international distributor network. \u2022Direct-to-Consumer. This segment engages in the sale of footwear, handbags, apparel, and other accessories through Steve Madden, Kurt Geiger London, Dolce Vita, and Carvela full-price retail stores, Steve Madden, Kurt Geiger London, and Carvela outlet stores, directly-operated e-commerce platforms, directly-operated concessions in international markets, and also operates third-party concessions in luxury and premium department stores primarily in the UK. We operate retail locations in regional malls and shopping centers, as well as high streets in various cities across the United States, the United Kingdom, Europe, Canada, and Mexico, as well as through our joint ventures in international markets. \u2022Licensing. This segment engages in the licensing of the Steve Madden\u00ae, Betsey Johnson\u00ae, and Kurt Geiger\u00ae trademarks for use in the sale of select apparel, accessories, and home categories as well as various other non-core products. Corporate does not constitute a reportable segment and includes costs not directly attributable to the reportable operating segments. These expenses are primarily related to corporate executives, corporate finance, cor ITEM 1. BUSINESS Steven Madden, Ltd. and its subsidiaries design, source, and market fashion-forward branded and private label footwear, accessories, and apparel. We distribute our products through the wholesale channel to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, the United Kingdom, Europe, Canada, and Mexico. Additionally, the Company operates in other international markets through its joint ventures in South Africa, the Middle East, Israel, Australia, various countries in Europe, Latin America, and certain countries in Asia, and through special distribution arrangements in various European countries, North Africa, South and Central America, and various countries within the Asia-Pacific region. We also distribute our products through our direct-to-consumer channel, which includes company-operated retail stores, third-party concessions in international markets, and e-commerce platforms, in the United States, the United Kingdom, Canada, Mexico, South Africa, the Middle East, Israel, and various countries in Europe, Latin America, and the Asia-Pacific region. Our product offerings include a diverse range of contemporary styles, designed to establish or capitalize on market trends, complemented by core product offerings. We are recognized for our design creativity and ability to deliver trend-right products with high quality at accessible price points, efficiently and with speed-to-market. The following is a description of our business as of December 31, 2025. OUR SEGMENTS Wholesale Footwear Our Wholesale Footwear segment designs, sources, and markets our brands and sells our products, consisting of footwear, to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, the United Kingdom, Europe, ITEM 1A. RISK FACTORS You should carefully consider the risks and uncertainties we describe below as well as all other information contained in this Annual Report on Form 10-K before making any investment decisions. The risks and uncertainties included here are not exhaustive. Other sections within this report discuss additional factors that coul", "title": "SHOO - STEVEN MADDEN, LTD.", "url": "/company/SHOO/" }, { "kind": "company", "summary": "SIC 5944 Retail-Jewelry Stores; CIK 0000832988; latest 10-K filed 2026-03-19.", "text": "SIG - SIGNET JEWELERS LTD SIC 5944 Retail-Jewelry Stores; CIK 0000832988; latest 10-K filed 2026-03-19. SIG SIGNET JEWELERS LTD 0000832988 5944 Retail-Jewelry Stores ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The discussion and analysis in this Item 7 is intended to provide the reader with information that will assist in understanding the significant factors affecting the Company\u2019s consolidated operating results, financial condition, liquidity and capital resources. This discussion should be read in conjunction with our consolidated financial statements and notes to the consolidated financial statements included in Item 8. This discussion contains forward-looking statements and information. The Company's actual results could materially differ from those discussed in these forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those discussed below and elsewhere in this report, particularly in \u201cForward-Looking Statements\u201d above as well as the \u201cRisk Factors\u201d section within Item 1A. This management's discussion and analysis provides comparisons of material changes in the consolidated financial statements for Fiscal 2026 and Fiscal 2025. For a comparison of Fiscal 2025 and Fiscal 2024, refer to Item 7 included in our Annual Report on Form 10-K for the year ended February 1, 2025 filed with the SEC on March 19, 2025. OVERVIEW Overall performance Signet\u2019s total sales decreased by 0.3% during the fourth quarter of Fiscal 2026 compared to the same period in Fiscal 2025. The Company saw same store sales decline of 0.7% during the quarter, with low single-digit declines in bridal and fashion, while services grew mid-single-digits in the North America segment compared to prior year quarter on the strength of the extended service plan offerings. Despite the overall decline in the quarter, we delivered positive performance during the 10 peak selling days of the Holiday Season, which continued for the balance of fourth quarter. Merchandise average unit retail (\u201cAUR\u201d) increased overall and in all categories, which offset an overall decline in units period over period. During the fourth quarter of Fiscal 2026, AUR was up 5.6% in the North America reportable segment and up 4.0% in the International reportable segment compared to the fourth quarter of Fiscal 2025. AUR in North America was bolstered by a focus on our assortment strategy, particularly in LGD fashion, as well as the impact of higher gold prices. Same store sales in the International reportable segment were up 2.1% in the fourth quarter. Refer to the \u201cResults of Operations\u201d section below for additional information on performance during Fiscal 2026. Grow Brand Love strategy In Fiscal 2026, the Company launched its transformative Grow Brand Love strategy, which focuses on driving sustainable growth and builds on a strong core foundation to create shareholder value. In addition, this strategy emphasizes style and product innovation, captivating customer experiences, and brand loyalty while harnessing centralized core capabilities. In Fiscal 2027, we will be applying the learnings from year one to refine each of the strategy\u2019s imperatives. The three strategic imperatives of the Grow Brand Love framework have evolved into: shaping distinct and coveted brands; unlocking portfolio value; and strengthening our operating model. See the Purpose & Strategy section within Item 1 of this Annual Report on Form 10-K for additional information. Fiscal 2027 Outlook The Company anticipates same store sales in the range of down 1.25% to up 2.5% for Fiscal 2027. This range is driven by the positive momentum and traction going into Fiscal 2027 in our core brands, while allowing for flexibility in consumer spending. The Company has also excluded the Digital brands from this estimate of same store sales beginning in the second quarter of Fiscal 2027, following the transition and repositioning of the James Allen brand into Blue Nile. The Company believes that it can build on its imperatives under the Grow Brand Love strategy in year two by sh ITEM 1. BUSINESS PURPOSE & STRATEGY Signet\u2019s Purpose is Inspiring Love, with the mission to enable individuals to \u201ccelebrate life and express love\u201d. The Company's new vision, announced in Fiscal 2026, is to \u201cCreate an influential community of distinct jewelry brands, designs, and experiences for every significant milestone, every special moment, every expression of self, every kind of love, every day.\u201d Signet aims to lead innovation and market share in the jewelry category, expanding its market presence and achieving profitable growth by fostering brand loyalty through emotional and engaging customer connections while fully leveraging the benefits of our scale. Signet introduced the Grow Brand Love strategy in Fiscal 2026 in connection with our new vision. This transformative approach focuses on positioning the Company for balanced and sustainable organic growth by building on our strong core foundation to create shareholder value. Grow Brand Love emphasizes style and product innovation, captivating experiences, and brand loyalty while harnessing centralized core capabilities. This strategic framework launched with three imperatives: Shifting from Banners to Brand Mindset; Growing our Core Business and Expanding to Adjacent Categories; and Organizational Realignment to Accelerate Strategy Execution. The first year of Grow Brand Love returned the business to growth, a result we look to continue going forward. In Fiscal 2027, those imperatives will evolve into Shaping Distinct and Coveted Brands; Unlocking Portfolio Value; and Strengthening our Operating Model. Below is a summary of the goals within each of the three strategic imperatives under Grow Brand Love: Shaping Distinct and Coveted Brands aims to leverage the strong brand recognition of Signet\u2019s businesses, focusing on how brand experience resonates within assortment, product designs and collaborations, and marketing that is expressed distinctly by channel, with the goal of increasing customer considerati ITEM 1A. RISK FACTORS Risks Related to Global and Economic Conditions Many of the factors affecting consumer spending are outside of our control, and a decline in consumer spending may unfavorably impact Signet\u2019s future sales and earnings, particularly if such decline occurs during the Holiday Season. Our financial performance is somewhat depende", "title": "SIG - SIGNET JEWELERS LTD", "url": "/company/SIG/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000899715; latest 10-K filed 2026-02-26.", "text": "SKT - TANGER INC. SIC 6798 Real Estate Investment Trusts; CIK 0000899715; latest 10-K filed 2026-02-26. SKT TANGER INC. 0000899715 6798 Real Estate Investment Trusts ITEM 7.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements appearing elsewhere in this report. Historical results and percentage relationships set forth in the consolidated statements of operations, including trends which might appear, are not necessarily indicative of future operations. This Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is intended to provide a reader of our financial statements with a narrative from the perspective of our management regarding our financial condition and results of operations, liquidity and certain other factors that may affect our future results. Our MD&A is presented in the following sections: \u2022General Overview \u2022Leasing Activity \u2022Results of Operations \u2022Liquidity and Capital Resources of the Company \u2022Liquidity and Capital Resources of the Operating Partnership \u2022Critical Accounting Estimates \u2022Recent Accounting Pronouncements \u2022Non-GAAP Supplemental Measures \u2022Economic Conditions and Outlook 52 General Overview As of December 31, 2025, we had 31 consolidated centers and 3 open-air lifestyle centers in 21 states totaling 14.0 million square feet. We also had 6 unconsolidated centers totaling 2.1 million square feet, including 2 outlet centers located in Canada. Our portfolio also includes one managed center totaling approximately 457,000 square feet. The table below details our acquisitions, new developments, expansions and dispositions of consolidated and unconsolidated centers that impacted our results of operations and liquidity from December 31, 2022 to December 31, 2025: [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"Consolidated Centers\",\"\",\"Unconsolidated Joint Venture Centers\",\"\",\"Managed Centers\"],[\"Center\",\"\",\"Quarter Acquired/Developed/Disposed\",\"\",\"Square Feet (in thousands)\",\"\",\"Number of Centers\",\"\",\"Square Feet (in thousands)\",\"\",\"Number of Centers\",\"\",\"Square Feet (in thousands)\",\"\",\"Number of Centers\"],[\"As of December 31, 2022\",\"\",\"\",\"\",\"11,353\",\"\",\"\",\"29\",\"\",\"\",\"2,113\",\"\",\"\",\"6\",\"\",\"\",\"457\",\"\",\"\",\"1\"],[\"Additions:\"],[\"Marketplace Palm Beach, FL\",\"\",\"Third Quarter\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"301\",\"\",\"\",\"1\"],[\"Nashville, Tennessee\",\"\",\"Fourth Quarter\",\"\",\"291\",\"\",\"\",\"1\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"Asheville, North Carolina\",\"\",\"Fourth Quarter\",\"\",\"382\",\"\",\"\",\"1\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"Huntsville, Alabama\",\"\",\"Fourth Quarter\",\"\",\"651\",\"\",\"\",\"1\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"Other\",\"\",\"\",\"\",\"13\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"As of December 31, 2023\",\"\",\"\",\"\",\"12,690\",\"\",\"\",\"32\",\"\",\"\",\"2,113\",\"\",\"\",\"6\",\"\",\"\",\"758\",\"\",\"\",\"2\"],[\"Additions:\"],[\"Little Rock, Arkansas\",\"\",\"Fourth Quarter\",\"\",\"270\",\"\",\"\",\"1\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"Other\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"As of December 31, 2024\",\"\",\"\",\"\",\"12,960\",\"\",\"\",\"33\",\"\",\"\",\"2,113\",\"\",\"\",\"6\",\"\",\"\",\"758\",\"\",\"\",\"2\"],[\"Dispositions:\"],[\"Howell, Michigan\",\"\",\"Second Quarter\",\"\",\"(314)\",\"\",\"\",\"(1)\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"Marketplace Palm Beach, FL\",\"\",\"Second Quarter\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"(301)\",\"\",\"\",\"(1)\"],[\"Additions:\"],[\"Cleveland, Ohio\",\"\",\"First Quarter\",\"\",\"639\",\"\",\"\",\"1\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"Kansas City, Kansas\",\"\",\"Third Quarter\",\"\",\"690\",\"\",\"\",\"1\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"Other\",\"\",\"\",\"\",\"34\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"As of December 31, 2025\",\"\",\"\",\"\",\"14,009\",\"\",\"\",\"34\",\"\",\"\",\"2,113\",\"\",\"\",\"6\",\"\",\"\",\"457\",\"\",\"\",\"1\"]] [[/GREPCENT_TABLE]] 53 Leasi ITEM 1.BUSINESS The Company and the Operating Partnership Tanger Inc. and its subsidiaries, which we refer to as the Company, is one of the leading owners and operators of outlet and other open-air retail destinations in the United States and Canada. We are a fully-integrated, self-administered and self-managed REIT, which focuses on developing, acquiring, owning, operating and managing outlet and other open-air retail centers. As of December 31, 2025, our consolidated portfolio consisted of 31 outlet centers and three open-air lifestyle centers, with a total gross leasable area of approximately 14.0 million square feet, which were 98% occupied and contained over 2,600 stores representing over 700 store brands. We also had partial ownership interests in six unconsolidated centers totaling approximately 2.1 million square feet, including two centers in Canada. Our portfolio also includes one managed center, totaling approximately 457,000 square feet. Each of our centers, except one joint venture center, features the Tanger brand name. Our shopping centers and other assets are held by, and all of our operations are conducted by, Tanger Properties Limited Partnership and its subsidiaries, which we refer to collectively as the Operating Partnership. The Company, including its wholly-owned subsidiary, Tanger LP Trust, owns the majority of the units of partnership interest issued by the Operating Partnership. The Company controls the Operating Partnership as its sole general partner. Tanger LP Trust holds a limited partnership interest in the Operating Partnership. As of December 31, 2025, the Company and its wholly-owned subsidiaries owned 115,097,359 units of the Operating Partnership and the Non-Company LPs collectively owned 4,662,904 Class A common limited partnership units. Each Class A common limited partnership unit held by the Non-Company LPs is exchangeable for one of the Company's common shares, subject to certain limitations to preserve the Company's statu ITEM 1A RISK FACTORS Important risk factors that could materially affect our business, financial condition or results of operations in future periods are described below. These factors are not intended to be an all-encompassing list of risks and uncertainties and are not the only risks and uncertainties we face. Additional risks not currently known to", "title": "SKT - TANGER INC.", "url": "/company/SKT/" }, { "kind": "company", "summary": "SIC 2451 Mobile Homes; CIK 0000090896; latest 10-K filed 2026-05-26.", "text": "SKY - Champion Homes, Inc. SIC 2451 Mobile Homes; CIK 0000090896; latest 10-K filed 2026-05-26. SKY Champion Homes, Inc. 0000090896 2451 Mobile Homes ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following should be read in conjunction with Champion Homes\u2019s Consolidated Financial Statements and the related notes that appear elsewhere in this Annual Report. Certain statements set forth below under this caption constitute forward-looking statements. See Part I, \u201cCautionary Statement About Forward-Looking Statements,\u201d of this Annual Report on Form 10-K for additional factors relating to such statements, and see Item 1A, \u201cRisk Factors,\u201d of this Annual Report for a discussion of certain risks applicable to our business, financial condition, results of operations and cash flows. See also Part II, Item 7 \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" of our Form 10-K for the year ended March 29, 2025, which provides additional information on comparisons of fiscal years 2025 and 2024. Overview The Company is a leading producer of factory-built housing in the U.S. and Canada. The Company serves as a complete solutions provider across complementary and vertically integrated businesses including manufactured construction, company-owned retail locations, construction services, and transportation logistics. The Company is the largest independent publicly traded factory-built solutions provider in North America based on revenue, and markets its homes under several nationally recognized brand names including Champion Homes, Genesis Homes, Skyline Homes, Regional Homes, Athens Park Models, Dutch Housing, Atlantic Homes, Excel Homes, Homes of Merit, New Era, J. Redman Homes, ScotBilt Homes, Shore Park, Silvercrest, and Titan Homes in the U.S. and Moduline and SRI Homes in western Canada. The Company operates 42 manufacturing facilities throughout the U.S. and four manufacturing facilities in western Canada that primarily construct factory-built, timber-framed manufactured and modular houses that are sold primarily to independent retailers, builders/developers, and manufactured home community operators. The Company\u2019s retail operations consist of 84 sales centers that sell manufactured homes to consumers across the U.S. while the construction services business installs and sets up factory-built homes. The Company\u2019s transportation business engages independent owners/drivers to transport manufactured homes, recreational vehicles, and other products throughout the U.S. and Canada. Acquisitions and Expansions The Company is focused on operational improvements to increase capacity utilization and profitability at its existing manufacturing facilities as well as measured expansion of its manufacturing and retail footprint through facility and equipment investments and acquisitions. Those investments will help improve the Company's ability to satisfy demand for affordable housing. The current economic environment drives an even greater need for attainable housing solutions. As a result, the Company continues to focus on growing in strong housing markets across the U.S. and Canada, as well as expanding products and services to provide more holistic and affordable solutions to homebuyers. In May 2025, the Company acquired Iseman Homes which operated 10 retail sales centers across the North Central U.S. This acquisition enhances the Company's ability to strengthen distribution from its nearby manufacturing facilities, furthering the Company\u2019s commitment to integrated growth. In October 2023, the Company acquired Regional Homes, which operated three manufacturing facilities in Alabama and 44 retail sales centers across the Southeast U.S. Regional Homes' strong presence in large HUD markets expanded our captive retail and manufacturing distribution in that region. In addition to those acquisitions, the Company is also focused on enhancing its U.S. manufacturing production capacity, as well as redeployment of capital and resources through strategic actions at specific plants. During the first half of fisca ITEM 1. BUSINESS General Overview Champion Homes, Inc., formerly known as Skyline Champion Corporation, an Indiana corporation, and its consolidated subsidiaries are referred to herein as \"Champion Homes,\" \"us,\" \"we,\" \"our,\" the \"Company,\" and any other similar terms, unless otherwise indicated in this Annual Report. We are a leading producer of factory-built housing in North America with net sales for the year ended March 28, 2026 (\u201cfiscal 2026\u201d) of approximately $2.7 billion. We have more than 70 years of homebuilding experience, approximately 9,300 employees and 46 manufacturing facilities located in 20 states across the United States and three provinces in western Canada. We offer a leading portfolio of manufactured and modular homes, park model RVs, accessory dwelling units (\u201cADUs\u201d) and modular buildings for the single and multi-family markets. Our facilities are strategically located to serve strong regions in the United States and western Canada. We operated 17 manufacturing facilities in the top ten states with the highest number of manufactured homes shipped in fiscal 2026. We believe that we maintained the following leading positions in the factory-built housing industry in the United States and western Canada (based on units) in calendar year 2025: \u2022 Number two position in the manufactured housing segment in the United States \u2022 Number one modular builder in the United States \u2022 A leading position in western Canada \u2022 A leading position in park model RV sales We believe our leading positions are driven by our comprehensive product offering, strong brand reputation, broad manufacturing footprint, and our complementary retail, construction services, and logistics businesses. Our market share in the United States total housing market was approximately 2.6% in fiscal 2026. We design and build a range of manufactured and modular homes, park model RVs, cabins and ADUs. We believe that the high quality and broad scope of our product and service offerings p ITEM 1A. RISK FACTORS Our business involves a number of risks and uncertainties. You should carefully consider the following risks, together with the information provided elsewhere in this Annual Report. The items described below are not the only risks facing us. Additional risks that are currently unknown to us or that we currently consider to be immaterial may ", "title": "SKY - Champion Homes, Inc.", "url": "/company/SKY/" }, { "kind": "company", "summary": "SIC 4512 Air Transportation, Scheduled; CIK 0000793733; latest 10-K filed 2026-02-17.", "text": "SKYW - SKYWEST INC SIC 4512 Air Transportation, Scheduled; CIK 0000793733; latest 10-K filed 2026-02-17. SKYW SKYWEST INC 0000793733 4512 Air Transportation, Scheduled ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis presents factors that had a material effect on our results of operations during the years ended December 31, 2025 and 2024. Also discussed is our financial condition as of December 31, 2025 and 2024. You should read this discussion in conjunction with our consolidated financial statements, including the notes thereto, appearing elsewhere in this Report or incorporated herein by reference. This discussion and analysis contains forward-looking statements. Please refer to the sections of this Report entitled \u201cCautionary Statement Concerning Forward-Looking Statements\u201d and \u201cItem 1A. Risk Factors\u201d for discussion of some of the uncertainties, risks and assumptions associated with these statements. This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in the section entitled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. Overview We have the largest regional airline operation in the United States through our operating subsidiary SkyWest Airlines. As of December 31, 2025, we offered scheduled passenger and air freight service with approximately 2,260 total daily departures to destinations in the United States, Canada and Mexico. Our fleet of E175, CRJ900, CRJ700 and 32 Table of Contents CRJ550 have a multiple-class seat configuration, whereas our CRJ200 have a single-class seat configuration. During 2022, we formed SWC, which offers on-demand charter services using CRJ200 aircraft in a 30-seat configuration. As of December 31, 2025, we had 637 total aircraft in our fleet, including 487 aircraft in scheduled service or under contract pursuant to our code-share agreements, summarized as follows: [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b \\u200b \\u200b\",\"E175\",\"\\u200b \\u200b \\u200b\",\"CRJ900\",\"\\u200b \\u200b \\u200b\",\"CRJ700/CRJ550\",\"\\u200b \\u200b \\u200b\",\"CRJ200\",\"\\u200b \\u200b \\u200b\",\"Total\"],[\"United\",\"\",\"121\",\"\\u200b\",\"\\u2014\",\"\\u200b\",\"37\",\"\\u200b\",\"58\",\"\\u200b\",\"216\"],[\"Delta\",\"\\u200b\",\"87\",\"\\u200b\",\"32\",\"\\u200b\",\"18\",\"\\u200b\",\"\\u2014\",\"\\u200b\",\"137\"],[\"American\",\"\",\"20\",\"\\u200b\",\"4\",\"\\u200b\",\"68\",\"\\u200b\",\"\\u2014\",\"\\u200b\",\"92\"],[\"Alaska\",\"\",\"42\",\"\\u200b\",\"\\u2014\",\"\\u200b\",\"\\u2014\",\"\\u200b\",\"\\u2014\",\"\\u200b\",\"42\"],[\"Aircraft in scheduled service or under contract\",\"\\u200b\",\"270\",\"\\u200b\",\"36\",\"\\u200b\",\"123\",\"\\u200b\",\"58\",\"\\u200b\",\"487\"],[\"SWC\",\"\\u200b\",\"\\u2014\",\"\\u200b\",\"\\u2014\",\"\\u200b\",\"\\u2014\",\"\\u200b\",\"11\",\"\\u200b\",\"11\"],[\"Leased to third parties\",\"\",\"\\u2014\",\"\\u200b\",\"5\",\"\\u200b\",\"40\",\"\\u200b\",\"\\u2014\",\"\\u200b\",\"45\"],[\"Other (1)\",\"\",\"\\u2014\",\"\\u200b\",\"10\",\"\\u200b\",\"15\",\"\\u200b\",\"69\",\"\\u200b\",\"94\"],[\"Total Fleet\",\"\",\"270\",\"\\u200b\",\"51\",\"\\u200b\",\"178\",\"\\u200b\",\"138\",\"\\u200b\",\"637\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"(1)\",\"As of December 31, 2025, other aircraft included: supplemental spare aircraft supporting our code-share agreements that may be placed under future code-share or leasing agreements, aircraft scheduled to be placed under a code-share agreement with one of our major airline partners or aircraft that are scheduled to be disassembled for use as spare parts.\"]] [[/GREPCENT_TABLE]] Our business model is based on providing scheduled regional airline service under code-share agreements (commercial agreements between airlines that, among other things, allow one airline to use another airline\u2019s flight designator codes on its flights) with our major airline partners. In exchange for such services, our major airline ITEM 1. BUSINESS General Through SkyWest Airlines, our primary operating entity, we offer scheduled passenger service to destinations in the United States, Canada and Mexico. Substantially all of our flights are operated as United Express, Delta Connection, American Eagle or Alaska Airlines flights under code-share agreements with United, Delta, American or Alaska, respectively. Code-share agreements are commercial agreements between airlines that, among other things, allow one airline to use another airline\u2019s flight designator codes on its flights. As of December 31, 2025, we offered approximately 2,260 daily departures, of which approximately 940 were United Express flights, 680 were Delta Connection flights, 420 were American Eagle flights and 210 were Alaska Airlines flights. We generally provide regional flying to our major airline partners under long-term, fixed-fee, code-share agreements. Under these fixed-fee agreements (commonly referred to as \u201ccapacity purchase agreements\u201d), our major airline partners generally pay us fixed rates for operating the aircraft primarily based on the number of completed flights, flight time and the number of aircraft under contract. The major airline partners either directly pay for or reimburse us for specified direct operating expenses, including fuel expenses. Our operations are conducted principally at airports that support our major airline partners\u2019 route networks, including Chicago (O\u2019Hare), Dallas, Denver, Detroit, Houston, Los Angeles, Minneapolis, Phoenix, Salt Lake City, San Francisco and Seattle. We conduct our code-share operations with our major airline partners pursuant to various code-share agreements described under the heading \u201cCode-Share Agreements\u201d below. Fleet SkyWest has been flying since 1972. During our long operating history, we have developed an industry-leading reputation for providing quality regional airline service. As of December 31, 2025, our fleet consisted of aircraft manufactured by Embr ITEM 1A. RISK FACTORS In addition to factors discussed elsewhere in this Report, the following are important risks which could adversely affect our future results. Additional risks and uncertainties not presently known to us or that we currently do not deem material may also impair our business operations. If any of the risks we describe below ", "title": "SKYW - SKYWEST INC", "url": "/company/SKYW/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001040971; latest 10-K filed 2026-02-17.", "text": "SLG - SL GREEN REALTY CORP SIC 6798 Real Estate Investment Trusts; CIK 0001040971; latest 10-K filed 2026-02-17. SLG SL GREEN REALTY CORP 0001040971 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview SL Green Realty Corp., which is referred to as SL Green or the Company, a Maryland corporation, and SL Green Operating Partnership, L.P., which is referred to as SLGOP or the Operating Partnership, a Delaware limited partnership, were formed in June 1997 for the purpose of combining the commercial real estate business of S.L. Green Properties, Inc. and its affiliated partnerships and entities. The Company is a self-managed real estate investment trust, or REIT, engaged in the ownership, management, operation, acquisition, development, redevelopment, repositioning and financing of commercial real estate properties, principally office properties, located in the New York metropolitan area, principally Manhattan. Unless the context requires otherwise, all references to \"we,\" \"our\" and \"us\" means the Company and all entities owned or controlled by the Company, including the Operating Partnership. The following discussion related to our consolidated financial statements should be read in conjunction with the financial statements appearing in Item 8 of this Annual Report on Form 10-K. A discussion of our results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 is included in Part II, Item 7 \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 18, 2025, together with the amendment to such report filed with the SEC on April 17, 2025, and is incorporated by reference into this Annual Report on Form 10-K. For descriptions of significant leasing, investing and financing activities in 2025, refer to \"Part I, Item 1. Business - Highlights from 2025.\" Critical Accounting Estimates Our discussion and analysis of financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, and contingencies as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. We evaluate our assumptions and estimates on an ongoing basis. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We believe the following critical accounting estimates affect our more significant judgments and estimates used in the preparation of our consolidated financial statements. Investment in Commercial Real Estate Properties Real estate properties are presented at cost less accumulated depreciation and amortization. Costs directly related to the development or redevelopment of properties are capitalized. Ordinary repairs and maintenance are expensed as incurred; major investments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. We recognize the assets acquired, liabilities assumed (including contingencies) and any noncontrolling interests in an acquired entity by allocating the purchase price, including transaction costs, at their respective fair values on the acquisition date. We allocate the purchase price of real estate to land and building (inclusive of tenant improvements) and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases. The allocation of th ITEM 1. BUSINESS General SL Green Realty Corp. is a self-managed real estate investment trust, or REIT, primarily engaged in the ownership, management, operation, acquisition, development, redevelopment, repositioning and financing of commercial real estate properties, principally office properties, located in the New York metropolitan area, principally in Manhattan, a borough of New York City. We were formed in June, 1997 for the purpose of continuing the commercial real estate business of S.L. Green Properties, Inc., our predecessor entity. As of December 31, 2025, we owned the following interests in properties in the New York metropolitan area, primarily in midtown Manhattan. Our investments located outside of Manhattan are referred to as the Suburban properties: [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"Consolidated\",\"\",\"Unconsolidated\",\"\",\"Total\"],[\"Location\",\"\",\"Property Type\",\"\",\"Number of Properties\",\"\",\"Approximate Square Feet\",\"\",\"Number of Properties\",\"\",\"Approximate Square Feet\",\"\",\"Number of Properties\",\"\",\"Approximate Square Feet\",\"\",\"Weighted Average Leased Occupancy(1)\"],[\"Commercial:\"],[\"Manhattan\",\"\",\"Office\",\"\",\"16\",\"\",\"\",\"9,480,852\",\"\",\"\",\"10\",\"\",\"\",\"13,868,633\",\"\",\"\",\"26\",\"\",\"\",\"23,349,485\",\"\",\"\",\"93.0\",\"%\"],[\"\",\"\",\"Retail\",\"\",\"5\",\"\",\"\",\"313,347\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"5\",\"\",\"\",\"313,347\",\"\",\"\",\"84.8\",\"%\"],[\"\",\"\",\"Development/Redevelopment\",\"\",\"5\",\"\",\"(2)\",\"1,249,983\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"5\",\"\",\"\",\"1,249,983\",\"\",\"\",\"N/A\"],[\"\",\"\",\"\",\"\",\"26\",\"\",\"\",\"11,044,182\",\"\",\"\",\"10\",\"\",\"\",\"13,868,633\",\"\",\"\",\"36\",\"\",\"\",\"24,912,815\",\"\",\"\",\"92.9\",\"%\"],[\"Suburban\",\"\",\"Office\",\"\",\"6\",\"\",\"\",\"732,800\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"6\",\"\",\"\",\"732,800\",\"\",\"\",\"79.4\",\"%\"],[\"Total commercial properties\",\"\",\"32\",\"\",\"\",\"11,776,982\",\"\",\"\",\"10\",\"\",\"\",\"13,868,633\",\"\",\"\",\"42\",\"\",\"\",\"25,645,615\",\"\",\"\",\"92.5\",\"%\"],[\"Residential:\"],[\"Manhattan\",\"\",\"Residential\",\"\",\"1\",\"\",\"(2)\",\"363,237\",\"\",\"\",\"1\",\"\",\"\",\"221,884\",\"\",\"\",\"2\",\"\",\"\",\"585,121\",\"\",\"\",\"98.7 ITEM 1A. RISK FACTORS Declines in the demand for office space in the New York metropolitan area, and in particular midtown Manhattan, could adversely affect the value of our real estate portfolio and our results of operations and, consequently, our ability to service current debt and to pay dividends and distributions to security ", "title": "SLG - SL GREEN REALTY CORP", "url": "/company/SLG/" }, { "kind": "company", "summary": "SIC 2621 Paper Mills; CIK 0001856485; latest 10-K filed 2026-02-20.", "text": "SLVM - Sylvamo Corp SIC 2621 Paper Mills; CIK 0001856485; latest 10-K filed 2026-02-20. SLVM Sylvamo Corp 0001856485 2621 Paper Mills ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and related notes included in Item 8. Financial Statements and Supplementary Data of this Annual Report on Form 10-K. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs that involve significant risks and uncertainties. Our actual results could differ materially from those stated and implied in any forward-looking statements. Factors that could cause or contribute to those differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly under the headings \u201cRisk Factors\u201d and \u201cForward-Looking Statements.\u201d The following generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussion of historical items in 2023, and year-to-year comparisons between 2024 and 2023, can be found in the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 21, 2025, under Part II. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The consolidated financial statements have been prepared in United States (\u201cU.S.\u201d) dollars and in conformity with accounting principles generally accepted in the United States (\u2018\u2018U.S. GAAP\u2019\u2019) and may not be indicative of the Company\u2019s future performance. EXECUTIVE SUMMARY Full-year 2025 net income was $132 million ($3.24 per diluted share) compared with $302 million ($7.18 per diluted share) for 2024. Net sales decreased to $3.4 billion in the current year compared with $3.8 billion in 2024. Cash from continuing operations was $268 million in the current year compared to $469 million in the prior year. Adjusted EBITDA was $448 million in 2025 compared with $632 million in 2024. Additionally, our 2025 adjusted EBITDA margin was 13% compared to 17% in the prior year and free cash flow was $44 million compared to $248 million last year. Comparing our performance in 2025 to 2024, challenging industry conditions contributed to lower volumes of uncoated freesheet across all three of our regions. Price and mix were unfavorable in Europe and Latin America but improved in North America. Planned maintenance outages were significantly higher due to two outages in Europe compared with one in the previous year. Europe and North America benefited from lower unabsorbed fixed costs due to reduced economic manufacturing downtime in 2025. Input costs and operations were unfavorable in all of our regions compared to 2024. We generated $44 million in free cash flow this year and returned $155 million in cash to shareowners. We also reinvested $224 million across our manufacturing network and Brazil forestlands to strengthen our low-cost position. Looking ahead, 2026 will be a transition year for North America as we work through short-term capacity constraints with the Riverdale supply agreement exit and the execution of investments at our Eastover mill. We are prioritizing strategic projects with the fastest payback so that 2027 and beyond reflects lower costs, higher efficiency, and stronger cash conversion potential. We strive to create long-term shareowner value by executing our strategy and delivering on our investment thesis. Keeping a strong financial position is the cornerstone of our capital allocation framework. This allows us to reinvest in our business to strengthen our competitive advantages through the cycle and to increase future earnings and cash flow. RESULTS OF OPERATIONS When reading our financial statements and the information included in this Annual Report on Form 10-K, it should be considered that we have experienced, and continue to experience, several materi ITEM 1. BUSINESS OUR COMPANY Sylvamo Corporation (the \u201cCompany\u201d or \u201cSylvamo\u201d, which may also be referred to as \u201cwe\u201d or \u201cus\u201d) is a global uncoated papers company with a broad portfolio of top-tier brands and low-cost, large-scale paper mills located in and serving the most attractive geographies, including Europe, Latin America and North America, which are our business segments. We produce uncoated freesheet (\u201cUFS\u201d) for paper products such as cutsize and offset paper, as well as market pulp. With roots going back to 1898, we have a long history of offering premium quality papers to meet the needs of our customers and end-users. Our mills in North America and Latin America predominantly rank in the lowest quartile on global and regional UFS cost curves, and we believe our low-cost operations enable us to serve our customers with the highest quality products at attractive margins. Our industry-leading brands, known for their long-standing reputation in their respective markets for product quality and performance, allow us to maintain our long-term relationships with top-tier customers throughout economic cycles. Our international reach and strong positioning across retail, merchant and e-commerce channels optimally positions us to meet the paper needs of our end-users around the world. This also provides geographical diversification of our revenue and profits. From 2023 to 2025, on average, we generated 48% of our revenues and 28% of our Business Segment Operating Profit in Europe and Latin America. Each region in which we operate exhibits different supply and demand characteristics. Both Latin America and North America have strong profitability for the uncoated paper industry relative to other geographies. See Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations - Business Segment Results - Results of Operations for a definition of Business Segment Operating Profit. COMPETITION The markets in which we operate are highly com ITEM 1A. RISK FACTORS Sylvamo faces risks in the normal course of business and through global, regional and local events. In addition to the risks and uncertainties discussed elsewhere in this Annual Report on Form 10-K, including in Item 1. Business, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, and Item 1C. Cybersecurity, th", "title": "SLVM - Sylvamo Corp", "url": "/company/SLVM/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0000893538; latest 10-K filed 2026-02-26.", "text": "SM - SM Energy Co SIC 1311 Crude Petroleum & Natural Gas; CIK 0000893538; latest 10-K filed 2026-02-26. SM SM Energy Co 0000893538 1311 Crude Petroleum & Natural Gas ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion includes forward-looking statements. Refer to the Cautionary Information about Forward-Looking Statements section of this report for important information about these types of statements. For discussion related to changes in financial condition and results of operations for the year ended December 31, 2024, compared with the year ended December 31, 2023, refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 20, 2025. Overview of the Company Merger with Civitas On November 2, 2025, we entered into the Merger Agreement with Civitas. On January 27, 2026, our stockholders voted in favor of both proposals necessary to complete the Civitas Merger, which included approval of (i) the issuance of shares of SM Energy common stock to Civitas stockholders as contemplated by the Merger Agreement, and (ii) an amendment of our Restated Certificate of Incorporation to increase the number of authorized shares of our common stock from 200 million shares to 400 million shares. On January 30, 2026, we completed the Civitas Merger in accordance with the terms of the Merger Agreement. Civitas was an independent exploration and production company focused on the acquisition, development, and production of crude oil and associated liquids-rich natural gas in the DJ Basin in Colorado and the Permian Basin in Texas and New Mexico. We believe that the Merger will create a premier portfolio across the highest-return U.S. shale basins, driving significant free cash flow, enhancing stockholder value, and enabling the realization of significant operational and cost efficiencies. Under the terms of the Merger Agreement, subject to certain exceptions, each share of Civitas common stock was converted into the right to receive 1.45 shares of SM Energy common stock, with cash paid in lieu of fractional shares. On January 30, 2026, we issued approximately 124 million shares to holders of Civitas common stock, representing 52 percent of the outstanding shares of SM Energy\u2019s common stock upon the closing of the Merger. Based on the closing price of SM Energy common stock on January 30, 2026, the total stock consideration was valued at $2.4 billion. Refer to Note 17 \u2013 Mergers, Acquisitions, and Divestitures in Part II, Item 8 of this report for additional discussion. South Texas Asset Divestiture On February 17, 2026, we entered into the PSA with Caturus to sell certain of our South Texas assets for a Purchase Price of $950 million, subject to certain customary purchase price adjustments set forth in the PSA. This Transaction is expected to advance our deleveraging goals and position us to substantially achieve our commitment to complete at least $1.0 billion of divestitures within one year following the closing of the Civitas Merger. Refer to Note 17 \u2013 Mergers, Acquisitions, and Divestitures in Part II, Item 8 for additional discussion and the definitions of Purchase Price and Transaction. General Overview Our purpose is to make people\u2019s lives better by responsibly producing energy supplies, contributing to domestic energy security and prosperity, and having a positive impact in the communities where we live and work. We are a premier operator of top-tier assets in the Midland Basin, South Texas, and the Uinta Basin, utilizing state-of-the-art digital technology, data analytics, and AI in our operations, and continually seeking innovative ideas to help us optimize capital efficiency and well performance, while reducing our impact on shared natural resources and operating in an efficient, safe, and responsible manner. Following the closing of the Civitas Merger, our asset portfolio consists of high-quality assets in the Midland Basin and Delaware Basin, both of which are part ITEM 1A. RISK FACTORS In addition to the other information included in this report, the risk factors discussed below should be carefully considered when evaluating an investment in SM Energy. For the purposes of this section, \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cCompany\u201d and \u201cSM Energy\u201d refer to the post-Merger company following the Civitas Merger. Our risk factors are summarized as follows: Risks Related to the Civitas Merger \u2022We may be unable to successfully integrate Civitas\u2019 business into our business or achieve the anticipated benefits of the Merger, which may have a material adverse effect on our business, financial condition or results of operations. \u2022We have incurred additional costs in connection with the Merger, which will continue during a portion of 2026. \u2022Securities class action and derivative lawsuits may be brought against us in connection with the Merger, which could result in substantial costs. \u2022The market price for our common stock may be affected by factors different from those that historically have affected SM Energy common stock or Civitas common stock. \u2022Our ability to utilize certain tax attributes may be limited as a result of the Civitas Merger. \u2022The historical business relationships of SM Energy and Civitas may be subject to disruption due to uncertainty associated with the Merger, which could have a material adverse effect on our results of operations, cash flows and financial position. \u2022The synergies and other benefits attributable to the Merger may vary from expectations. Risks Related to Commodity Prices and Global Macroeconomics \u2022Oil, gas, and NGL prices are volatile, and declines in prices may adversely affect our profitability, financial condition, cash flows, access to capital, and ability to grow. \u2022Future oil, gas, and NGL price declines or unsuccessful exploration efforts may result in write-downs of our asset carrying values. \u2022Weakness in economic conditions, inflation, or uncertainty in financial markets may have material adverse im", "title": "SM - SM Energy Co", "url": "/company/SM/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000093389; latest 10-K filed 2026-02-26.", "text": "SMP - STANDARD MOTOR PRODUCTS, INC. SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000093389; latest 10-K filed 2026-02-26. SMP STANDARD MOTOR PRODUCTS, INC. 0000093389 3714 Motor Vehicle Parts & Accessories ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview of Financial Performance The following discussion should be read in conjunction with our consolidated financial statements and the notes thereto. This discussion summarizes the significant factors affecting our results of operations and the financial condition of our business during each of the fiscal years in the two-year period ended December 31, 2025. Discussion and analysis of our financial condition and results of operations for fiscal year 2024, and comparisons of fiscal years 2024 and 2023 can be 26 Index found in Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"(In thousands, except per share data)\",\"2025\",\"2024\"],[\"Net sales\",\"$\",\"1,791,158\",\"\",\"$\",\"1,463,849\"],[\"Gross profit\",\"559,408\",\"\",\"423,321\"],[\"Gross profit %\",\"31.2\",\"%\",\"28.9\",\"%\"],[\"Operating income\",\"136,507\",\"\",\"80,624\"],[\"Operating income %\",\"7.6\",\"%\",\"5.5\",\"%\"],[\"Earnings from continuing operations before income taxes\",\"110,523\",\"\",\"73,989\"],[\"Provision for income taxes\",\"30,617\",\"\",\"19,385\"],[\"Earnings from continuing operations\",\"79,906\",\"\",\"54,604\"],[\"Loss from discontinued operations, net of income taxes\",\"(37,698)\",\"\",\"(26,128)\"],[\"Net earnings\",\"42,208\",\"\",\"28,476\"],[\"Net earnings attributable to noncontrolling interest\",\"873\",\"\",\"976\"],[\"Net earnings attributable to SMP\",\"41,335\",\"\",\"27,500\"],[\"Net earnings per share data attributable to SMP \\u2013 Diluted:\"],[\"Continuing operations\",\"$\",\"3.52\",\"\",\"$\",\"2.41\"],[\"Discontinued operations\",\"(1.68)\",\"\",\"(1.17)\"],[\"Net earnings per common share\",\"$\",\"1.84\",\"\",\"$\",\"1.24\"]] [[/GREPCENT_TABLE]] Consolidated net sales for 2025 were $1,791.2 million, an increase of $327.3 million, or 22.4% compared to net sales of $1,463.8 million in 2024. The increase in net sales in 2025 reflects the impact of multiple factors including: \u2022$269.6 million higher net sales in 2025 due to the inclusion of a full year performance of our new segment, Nissens Automotive which was acquired on November 1, 2024, as compared to two months in 2024, \u2022strong demand in our Temperature Control operating segment primarily reflecting the impact of growth in certain product categories and gains in market share, \u2022stable demand in our Vehicle Control aftermarket segment, offset by \u2022lower net sales in our Engineered Solutions operating segment as growth from business wins and successful cross-selling efforts offset lower demand due to cyclical softness across global end markets. Gross margin as a percentage of net sales in 2025 was 31.2% as compared to 28.9% in 2024. Overall, the increase in gross margin as a percentage of sales in 2025 primarily reflects the inclusion of Nissens Automotive segment results for a full year, as compared to two months in 2024, which included more profitable periods within the seasonal calendar. In addition, we experienced the positive impact of higher sales volumes in our legacy segments lead to higher fixed manufacturing cost absorption, improved operating performance including the impact of cost control measures, and increased pricing primarily to incorporate higher tariffs on imports into the United States, which more than offset increases in certain materials and labor costs and a lag in the timing of updating pricing for the impact of higher tariffs. We anticipate that the ongoing benefits from our cost-savings initiatives and synergies with our newly acquired operating segment, Nissens Automotive, will mitigate continued pressure on margins. While our business in U.S. markets could be impacted by additional tariffs, we expect to mitigate the impact with a combination of price increases and cost reduction efforts. Operating margin as a percentage of net sales in 2025 was 7.6% as compared to 5.5% in 20 ITEM 1. BUSINESS Overview We are a leading manufacturer and distributor of premium replacement parts in the automotive aftermarket and a custom-engineered solutions provider to vehicle and equipment manufacturers in diverse non-aftermarket end markets. Our business is organized into four operating segments: Vehicle Control, Temperature Control, Nissens Automotive and Engineered Solutions. Nissens Automotive was created in the fourth quarter of 2024 following the completion of our acquisition of AX V Nissens III ApS (now known as SMP Nissens III ApS) and its direct and indirect subsidiaries (\u201cNissens Automotive\u201d) in November 2024. Our Vehicle Control, Temperature Control and Nissens Automotive operating segments supply the automotive aftermarket with premium replacement parts in largely non-discretionary categories. Our products are primarily used to perform non-discretionary repairs that extend the service life of vehicles by replacing critical components that have failed over time and that are necessary for vehicles to operate as designed. Our Engineered Solutions operating segment offers a broad array of conventional and future-oriented technologies in markets for commercial and light vehicles, construction, agriculture, power sports, marine, hydraulics and lawn and garden. We sell our products primarily to retailers, warehouse distributors, original equipment manufacturers and original equipment service part operations in the United States, Europe, Canada, Mexico, and other foreign countries. Our operating segment structure provides clarity to the unique dynamics and margin profiles of the markets we serve, and it is designed to align our operations with our strategic focus on diversifying our business and capturing opportunities for future growth. Our Vehicle Control Segment services our core automotive aftermarket customers through its offering of premium replacement parts within the following major product groups. (1)Engine Management, which in ITEM 1A. RISK FACTORS You should carefully consider the risks described below. These risks and uncertainties are not the only ones we face. Additional risks and uncertainties not presently known to us or other factors not perceived by us to present significant risks to our business at this time also may impair our business an", "title": "SMP - STANDARD MOTOR PRODUCTS, INC.", "url": "/company/SMP/" }, { "kind": "company", "summary": "SIC 2000 Food and Kindred Products; CIK 0001702744; latest 10-K filed 2025-10-28.", "text": "SMPL - Simply Good Foods Co SIC 2000 Food and Kindred Products; CIK 0001702744; latest 10-K filed 2025-10-28. SMPL Simply Good Foods Co 0001702744 2000 Food and Kindred Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and related notes included in Item 8 of this Report. In addition to historical information, the following discussion contains forward-looking statements, including, but not limited to, statements regarding the Company\u2019s expectation for future performance, liquidity and capital resources that involve risks, uncertainties and assumptions that could cause actual results to differ materially from the Company\u2019s expectations. The Company\u2019s actual results may differ materially from those contained in or implied by any forward-looking statements. Factors that could cause such differences include those identified below and those described in \u201cCautionary Note Regarding Forward-Looking Statements,\u201d and in Item 1A \u201cRisk Factors\u201d of this Report. The Company assumes no obligation to update any of these forward-looking statements. Our fiscal year ends the last Saturday in August. Our fiscal year 2025 ended August 30, 2025, was a fifty-two week period. Our fiscal years 2024 and 2023 ended August 31, 2024, and August 26, 2023, were a fifty-three week period and a fifty-two week period, respectively. Our fiscal quarters are comprised of thirteen weeks each, except for fifty-three week fiscal periods for which the fourth quarter is comprised of fourteen weeks, and end on the thirteenth Saturday of each quarter (fourteenth Saturday of the fourth quarter, when applicable). Our fiscal quarters for fiscal 2025 ended on November 30, 2024, March 1, 2025, May 31, 2025, and August 30, 2025. Unless the context requires otherwise in this Report, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany\u201d and \u201cSimply Good Foods\u201d refer to The Simply Good Foods Company and its subsidiaries. In context, \u201cQuest\u201d may also refer to the Quest brand, \u201cAtkins\u201d may also refer to the Atkins brand, and \u201cOWYN\u201d may also refer to the OWYN brand. Atkins, Quest, OWYN, and the Simply Good logo are either registered trademarks or trademarks of the Company\u2019s wholly owned subsidiary Simply Good Foods USA, Inc. or one of its affiliates in the United States and elsewhere. All rights are reserved. Overview The Simply Good Foods Company is a consumer packaged food and beverage company that aims to lead the nutritious snacking movement with trusted brands that offer a variety of convenient, innovative, great-tasting, better-for-you snacks and meal replacements, and other product offerings. The product portfolio we develop, market and sell consists primarily of protein bars, ready-to-drink (\u201cRTD\u201d) shakes, sweet and salty snacks and confectionery products marketed under the Quest, Atkins, and OWYN brand names. We believe Simply Good Foods is poised to expand its wellness platform through innovation and organic growth along with acquisition opportunities. To that end, in June 2024, we completed the acquisition of Only What You Need, Inc., a plant-based protein food company, for a cash purchase price of approximately $281.9 million (subject to customary adjustments). For more information, please see \u201cLiquidity and Capital Resources-OWYN Acquisition\u201d. Our nutritious snacking platform consists of brands that specialize in providing products for consumers that follow certain nutritional philosophies and health-and-wellness trends: Quest for consumers seeking a variety of protein-rich foods and beverages that also limit sugars and simple carbs, Atkins for those following a low-carb lifestyle, and OWYN for those looking for a plant-based food and beverage option. We distribute our products in major retail channels, primarily in North America, including grocery, club, and mass merchandise, as well as through e-commerce, convenience, specialty, and other channels. Our portfolio of nutritious snacking brands gives us a strong platform with which to Item 1. Business. Overview The Simply Good Foods Company is a consumer packaged food and beverage company that aims to lead the nutritious snacking movement with trusted brands that offer a variety of convenient, innovative, great-tasting, better-for-you snacks and meal replacements, and other product offerings that seek to address consumers\u2019 increasing demand for protein-rich food, that are low in carbohydrates and added sugar. The product portfolio we develop, market and sell consists primarily of protein bars, ready-to-drink (\u201cRTD\u201d) protein shakes, sweet and salty protein snacks and confectionery products marketed under the Quest, Atkins, and OWYN brand names. Simply Good Foods is poised to expand its wellness platform through innovation and organic growth along with acquisition opportunities. Our nutritious snacking platform consists of brands that specialize in providing products for consumers that follow certain nutritional philosophies and health-and-wellness trends: Quest for consumers seeking a variety of protein-rich foods and beverages that also limit sugars and simple carbohydrates, Atkins for those following a low-carbohydrate lifestyle or seeking to manage weight or blood sugar levels, and OWYN for consumers seeking protein-rich beverages that are plant-based and tested for the top nine allergens that also limit sugars and simple carbohydrates. We distribute our products in major retail channels, primarily in North America, including grocery, club, and mass merchandise, and through e-commerce, convenience, specialty, and other channels. Our portfolio of nutritious snacking brands gives us a strong platform with which to introduce new products, expand distribution, and attract new consumers to our products. We believe snacking occasions have been on the rise in recent years as consumers continue to desire more convenient, healthy and delicious foods, snacks, and meal replacements. We believe our emphasis on product formats such as our protein bars, Item 1A. Risk Factors. An investment in our securities involves a high degree of risk. You should carefully consider the risks described below before making an investment decision. Our business, prospects, financial condition or operating results could be harmed by any of these risks, and other risks not currently known to us or th", "title": "SMPL - Simply Good Foods Co", "url": "/company/SMPL/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0000088941; latest 10-K filed 2026-03-23.", "text": "SMTC - SEMTECH CORP SIC 3674 Semiconductors & Related Devices; CIK 0000088941; latest 10-K filed 2026-03-23. SMTC SEMTECH CORP 0000088941 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and operating results should be read in conjunction with our Consolidated Financial Statements and related Notes included in Item 8 of this Annual Report on Form 10-K. See also \"Special Note Regarding Forward Looking and Cautionary Statements\" at the beginning of this Annual Report on Form 10-K. Overview We are a leading provider of high-performance semiconductors powering data center networking, IoT connectivity and cellular infrastructure solutions and were incorporated in Delaware in 1960. We design, develop, manufacture and market a diverse portfolio of products for commercial applications, addressing the global infrastructure, high-end consumer and industrial end markets. The infrastructure end market includes data centers, PON, base stations, optical networks, servers, carrier networks, switches and routers, cable modems, wireless LAN and other communication infrastructure equipment and has expanded to support AI-driven applications and general compute data center applications. The high-end consumer end market includes smartphones, tablets, smart glasses, wearables, desktops, notebooks and other consumer equipment. The industrial end market includes IoT applications such as connected spaces (smart cities, buildings, factories, facilities and commercial buildings), smart utilities (electricity, water, gas and smart grid), wireless charging, medical, security systems, automotive, industrial and home automation, supply chain management, asset tracking and logistics, analog and digital video broadcast equipment, video-over-IP solutions and other industrial equipment. Our end customers for our silicon solutions are primarily OEMs that produce and sell technology solutions. Our IoT module, router, gateway and managed connectivity solutions ship to IoT device makers and enterprises to provide IoT connectivity to end devices. We report results on the basis of 52 and 53 week periods and our fiscal year ends on the last Sunday in January. Fiscal years 2026, 2025 and 2024 each consisted of 52 weeks. Our fiscal year 2027 will consist of 53 weeks. We remain committed to advancing our role as a leading provider of disruptive platforms that enable our customers to deliver solutions to create a smarter planet. We continue to focus on three secular trends that drive our growth strategy: 1.Enabling a smarter, more sustainable planet through IoT solutions; 2.Addressing the demand for higher bandwidth and performance with lower power consumption; and 3.Supporting greater mobility in an increasingly connected world. The increasing adoption of our LoRa technology for low power wide-area networks is providing connectivity solutions that enable IoT networks to make a smarter, more connected planet. The growing deployment of on-device AI in IoT applications further strengthens this opportunity: edge AI architectures transmit processed insights rather than raw sensor data, dramatically reducing bandwidth requirements and making the long-range, low-power characteristics of LoRa an ideal complement to AI-enabled IoT devices across industrial, security, smart city applications and more. Our portfolio of optical and copper connectivity solutions continue to address the demand for greater bandwidth and higher performance, while using less power by our global hyper-scale data center customers. Additionally, the rapid expansion of AI workloads has driven infrastructure suppliers around the world to accelerate their investments in high-speed connectivity using 5G wireless and PON technology where we are an industry leader, and industry demand within hyperscale data centers has continued to expand to support both AI-driven and general compute applications. The trend toward adoption of finer silicon geometries has accelerated across all categories of end systems, making them increasingl Item 1. Business General We are a leading provider of high-performance semiconductors powering data center networking, Internet of Things (\"IoT\") connectivity and cellular infrastructure solutions and were incorporated in Delaware in 1960. We design, develop, manufacture and market a diverse portfolio of products for commercial applications, addressing the global infrastructure, high-end consumer and industrial end markets. Infrastructure: data centers, passive optical networks (\"PON\"), base stations, optical networks, servers, carrier networks, switches and routers, cable modems, wireless local area network (\"LAN\") and other communication infrastructure equipment. This market has expanded to support AI-driven applications and general compute data center applications. High-End Consumer: smartphones, tablets, smart glasses, wearables, desktops, notebooks, wireless charging, set-top boxes, digital televisions, monitors and displays, digital video recorders and other consumer equipment. Industrial: IoT applications such as connected spaces (smart cities, buildings, factories, facilities and commercial buildings), smart utilities (electricity, water, gas and smart grid), wireless charging, medical, security systems, automotive, industrial and home automation, supply chain management, asset tracking and logistics, analog and digital video broadcast equipment, video-over-IP solutions and other industrial equipment. Our end customers for our silicon solutions are primarily original equipment manufacturers (\"OEMs\") that produce and sell technology solutions. Our IoT module, router, gateways and managed connectivity solutions ship to IoT device makers, enterprises and solution providers to provide IoT connectivity to end devices. Overview of the Semiconductor and IoT Industries The semiconductor industry is broadly divided into analog, digital, and mixed-signal semiconductor products. Analog semiconductors condition and regulate \"real world\" functions such as temp Item 1A. Risk Factors Please carefully consider and evaluate all of the information in this Annual Report on Form 10-K and the risk factors listed below. If any of these risks actually occur, our business could be materially harmed. If our business is harmed, the trading price of our common stock could decline. See also \"Special Note Regarding F", "title": "SMTC - SEMTECH CORP", "url": "/company/SMTC/" }, { "kind": "company", "summary": "SIC 4213 Trucking (No Local); CIK 0001692063; latest 10-K filed 2026-02-20.", "text": "SNDR - Schneider National, Inc. SIC 4213 Trucking (No Local); CIK 0001692063; latest 10-K filed 2026-02-20. SNDR Schneider National, Inc. 0001692063 4213 Trucking (No Local) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with the accompanying consolidated financial statements and related notes. INTRODUCTION Company Overview We provide a comprehensive portfolio of transportation and logistics services, including truckload, intermodal, and logistics solutions, enabling us to meet diverse customer needs through an integrated, multimodal approach. Strategy We seek to deliver a resilient, high-quality portfolio of transportation and logistics services designed to support consistent revenue growth, margin performance, and long\u2011term shareholder value. Our strategy reflects Schneider\u2019s commitment to high\u2011quality service, operational excellence, and disciplined capital deployment across economic and freight cycles, and it is grounded in our purpose to turn complexity into control for our customers and elevate transportation into a strategic advantage for them. We advance this strategy through five priorities: Leverage core strengths to drive organic growth and advance our market position We continue to grow organically by building on our core strengths \u2013 our broad, multi-modal service offerings, strong balance sheet, robust safety practices, and advanced technology solutions \u2013 while deepening relationships with existing customers and expanding our reach with new ones. Our diversified portfolio, spanning multiple asset intensities and transportation modes, provides customers with flexible and reliable supply chain options across North America intended to provide resiliency amid shifting market conditions. We manage growth with a focus on profitability and stakeholder considerations. Our integrated technology platform supports real-time visibility, data-driven decision support, and increased network efficiency. Combined with an agile, solutions-oriented commercial organization, these capabilities are designed to support service quality and share capture across our reportable segments. Expand capabilities in the specialty, dedicated, and asset-light services We plan to grow in specialty and dedicated transportation markets, where operational complexity and elevated service requirements can support deeper customer relationships. Our scale, specialized equipment, and experienced driver base support our ability to serve freight needs - including those with specific handling, timing, or regulatory requirements \u2013 and we maintain programs designed to support compliance and dependable execution. We also continue to advance our multimodal strategy. As an asset-based intermodal provider, we maintain control of equipment, dray capacity, and service quality through differentiated rail relationships and an integrated technology backbone. These capabilities are intended to enhance service consistency, end-to-end visibility, and customer outcomes. Our Logistics business, including freight brokerage, remains a strategic growth engine. Our FreightPower\u00ae digital marketplace, broad carrier network, and Power Only solutions give shippers access to competitive, scalable capacity. In 2025, we implemented stricter qualification requirements for certain third-party carriers in response to cargo theft concerns, which reduced the number of carriers in our network and influenced volume and mix within the period. Logistics also plays a role in innovation, including analytics, AI-enabled automation, and customer experience design. Improve operations and margins through technology and business transformation Technology remains fundamental to our efforts to enhance efficiency, service quality, and network performance. We continue investing in digital tools and AI solutions that improve load matching, optimize resources, and streamline operations with greater control and precision across all segments. These initiatives affect operating expenses and are expected to influence productivity and our cost structure ov ITEM 1. BUSINESS Certain acronyms and terms used throughout this Annual Report are specific to our Company, commonly used in our industry, or are otherwise frequently used throughout our document. Definitions for these acronyms and terms are provided in the \u201cGlossary of Terms\u201d available at the front of this document. References to \u201cNotes\u201d are to the notes to consolidated financial statements included in this Annual Report on Form 10-K. Company Overview Schneider National, Inc. and its subsidiaries (collectively \u201cSchneider,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) are among North America\u2019s leading providers of multimodal transportation and logistics solutions. Our comprehensive and diverse portfolio spans truckload, intermodal, and logistics services, delivering flexible options to meet the needs of a broad customer base across the U.S., Canada, and Mexico. Leveraging advanced technologies, including agentic AI, data science, and predictive analytics, we create innovative, data-driven solutions designed to ensure the safe, efficient, and timely movement of goods. Founded in 1935 and publicly traded on the NYSE under the ticker symbol \u201cSNDR,\u201d Schneider continues to drive industry leadership through scale, innovation, and operational excellence. In July 2024, we were added to the S&P SmallCap 600 Index. Our portfolio of complementary services allows us to address a broad range of customer needs and allocate capital in a manner designed to generate consistent returns across market cycles. We provide full-truckload transportation using company-owned equipment and company-employed drivers, independent owner-operators, and contracted third-party carriers. Our dedicated services deliver customized freight solutions under long-term contracts, including specialized equipment, multiple pickups and deliveries, local distribution, and freight network optimization. We also offer intermodal services through agreements with most major Class I railroads. Additionally, we provide co ITEM 1A. RISK FACTORS Cautionary Statement Concerning Forward-Looking Statements This Annual Report on Form 10-K contains certain statements regarding business strategies, market potential, future financial performance, future action, results, and any other statements that do not directly relate to any historical or current fact which are \u201cf", "title": "SNDR - Schneider National, Inc.", "url": "/company/SNDR/" }, { "kind": "company", "summary": "SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services; CIK 0000913760; latest 10-K filed 2025-11-28.", "text": "SNEX - StoneX Group Inc. SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services; CIK 0000913760; latest 10-K filed 2025-11-28. SNEX StoneX Group Inc. 0000913760 6200 Security & Commodity Brokers, Dealers, Exchanges & Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Throughout this discussion, unless the context otherwise requires, the terms \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d and \u201cour\u201d refer to StoneX Group Inc. and its consolidated subsidiaries. The following discussion and analysis should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report. This Annual Report on Form 10-K contains \u201cforward-looking statements\u201d within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words \u201cbelieve,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cestimate,\u201d \u201ccontinue,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cexpect,\u201d and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the control of the Company, including statements about the benefits of our acquisition of RJO, expected synergies and future financial and operating results, the plans, objectives, expectations and intentions of StoneX after the acquisition, adverse changes in economic, political and market conditions, including losses from our market-making and trading activities arising from counterparty failures, global trade policies and tariffs, the loss of key personnel, the impact of increasing competition, the impact of changes in government regulation, uncertainty concerning fiscal or monetary policies established by central banks and financial regulators, the possibility of liabilities arising from violations of foreign, United States (\u201cU.S.\u201d) federal and U.S. state securities laws, the impact of changes in technology in the securities and commodities trading industries, and other risks discussed in our filings with the SEC, including Part I, Item A of this Annual Report on Form 10-K for the year ended September 30, 2025. Although we believe that our forward-looking statements are based upon reasonable assumptions regarding our business and future market conditions, there can be no assurances that our actual results will not differ materially from any results expressed or implied by our forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. We caution readers that any forward-looking statements are not guarantees of future performance. 35 Table of Contents Overview We operate a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. We strive to be the one trusted partner to our clients, providing our network, products and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. Our businesses are supported by our global infrastructure of regulated operating subsidiaries, our advanced technology platforms and our team of more than 5,400 employees as of September 30, 2025. We believe our client-first approach differentiates us from large banking institutions, engenders trust and enables us to establish leading positions in a number of complex fields in financial markets around the world. For additional information, see Overview of Business and Strategy within Item 1. Business section of this Annual Report on Form 10-K. We report our operating segments based primarily on the nature of the clients we serve (commercial, institutional, and self-directed/retail), and a fourth operating segment, our payments business. This structure allows us to efficiently serve clients in more than 180 countries and manage our large global footprint. See Segment Information for a listing of business activities performed within our reportable segments Item 1. Business Overview of Business and Strategy We operate a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. We strive to be the one trusted partner to our clients, providing our network, products and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. Our businesses are supported by our global infrastructure of regulated operating subsidiaries, advanced technology platforms and team of more than 5,400 employees as of September 30, 2025. We believe our client-first approach differentiates us from large banking institutions, engenders trust and has enabled us to establish market leading positions in a number of complex fields in financial markets around the world. We offer a vertically integrated product suite, beginning with high-touch and electronic access to nearly all major financial markets worldwide, as well as numerous liquidity venues. We deliver this access through the entire lifecycle of a trade, from deep market expertise and on-the-ground intelligence to best execution and post-trade clearing, custody and settlement services. We believe this is a unique product offering outside of bulge bracket banks, which creates long-term relationships with our clients. Our business model has created a revenue stream diversified by asset class, client type and geography, earning commissions and spreads as clients execute transactions across our global network, monetizing non-trading client activity including interest and fee earnings on client balances as well as earning consulting fees for our market intelligence and risk management services. We currently serve more than 80,000 commercial, institutional, and payments clients, and over 400,000 self-directed/retail accounts Item 1A. Risk Factors We face a variety of risks that could adversely impact our financial condition and results of operations, set forth below. Macroeconomic Risks Our ability to achieve consistent profitability is subject to uncertainty due to the nature of our busin", "title": "SNEX - StoneX Group Inc.", "url": "/company/SNEX/" }, { "kind": "company", "summary": "SIC 3651 Household Audio & Video Equipment; CIK 0001314727; latest 10-K filed 2025-11-14.", "text": "SONO - Sonos Inc SIC 3651 Household Audio & Video Equipment; CIK 0001314727; latest 10-K filed 2025-11-14. SONO Sonos Inc 0001314727 3651 Household Audio & Video Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and the notes thereto included elsewhere in this Annual Report on Form 10-K. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the section titled \"Risk Factors.\" We operate on a 52-week or 53-week fiscal year ending on the Saturday nearest September 30 each year. Our fiscal year is divided into four quarters of 13 weeks, each beginning on a Sunday and containing two 4-week periods followed by a 5-week period. An additional week is included in the fourth fiscal quarter approximately every five years to realign fiscal quarters with calendar quarters. References to fiscal 2025 are to our 52-week fiscal year ended September 27, 2025, references to fiscal 2024 are to our 52-week fiscal year ended September 28, 2024, references to fiscal 2023 are to our 52-week fiscal year ended September 30, 2023 and references to fiscal 2022 are to our 52-week fiscal year ended October 1, 2022. Key Metrics In addition to the measures presented in our consolidated financial statements, we use the following key metrics to evaluate our business, measure our performance, identify trends affecting our business and assist us in making operational and strategic decisions. Our key metrics are total revenue, products sold, Adjusted EBITDA and Adjusted EBITDA margin. The most directly comparable financial measure calculated under U.S. GAAP for Adjusted EBITDA and Adjusted EBITDA margin are net loss and net loss margin, respectively. [[GREPCENT_TABLE]] [[\"\",\"Fiscal Year Ended\"],[\"\",\"September 27, 2025\",\"\",\"September 28, 2024\",\"\",\"September 30, 2023\"],[\"(In thousands, except percentages)\"],[\"Revenue\",\"$\",\"1,443,276\",\"\",\"\",\"$\",\"1,518,056\",\"\",\"\",\"$\",\"1,655,255\"],[\"Products sold\",\"4,625\",\"\",\"\",\"5,000\",\"\",\"\",\"5,725\"],[\"Net loss\",\"(61,144)\",\"\",\"\",\"(38,146)\",\"\",\"\",\"(10,274)\"],[\"Net loss margin(1)\",\"(4.2)\",\"%\",\"\",\"(2.5)\",\"%\",\"\",\"(0.6\",\"%)\"],[\"Adjusted EBITDA(2)\",\"$\",\"132,291\",\"\",\"\",\"$\",\"107,862\",\"\",\"\",\"$\",\"153,878\"],[\"Adjusted EBITDA margin(2)\",\"9.2\",\"%\",\"\",\"7.1\",\"%\",\"\",\"9.3\",\"%\"]] [[/GREPCENT_TABLE]] (1)Net loss margin is calculated by dividing net loss by revenue. (2)For additional information regarding Adjusted EBITDA and Adjusted EBITDA margin (which are non-GAAP financial measures), including reconciliations of net loss to Adjusted EBITDA, see the sections titled \"Adjusted EBITDA and Adjusted EBITDA Margin\" and \"Non-GAAP Financial Measures\" below. Revenue We generate substantially all of our revenue from the sale of Sonos speakers and Sonos system products. We also generate a portion of revenue from Partner products and other revenue sources, such as architectural speakers from our Sonance partnership, accessories such as speaker stands and wall mounts, professional services, licensing, and advertising revenue. For a description of our revenue recognition policies, see the section titled \"Critical accounting policies and estimates.\" Products Sold Products sold represents the number of products that are sold during a period, net of returns, and includes the sale of products in the Sonos speakers and Sonos system products categories, as well as architectural speakers and module units sold through our Partner products and other revenue category. Growth rates between products sold and revenue are not perfectly correlated because our revenue is affected by other variables, such as the mix of products sold during the period, promotional discount activity, the price at which we sell our products, the introduc Item 1: Business Overview Sonos is a leading audio company dedicated to elevating life through sound. Since pioneering multi-room wireless audio in 2005, Sonos has built a system that unites every dimension of sound - music, movies, stories and conversations - into one connected platform. The portfolio includes home theater speakers, components, plug-in and portable speakers, and headphones that compound in value with every room and device its customers add. Known for exceptional sound, thoughtful design, ease of use and seamless access to the world\u2019s audio content, Sonos is trusted by more than 17 million households in 60+ countries around the world. Since we launched our first product 20 years ago, we have grown our install base by launching innovative new products, delivering a seamless customer experience, and expanding our global footprint. In fiscal 2025, existing customers accounted for approximately 45% of new product registrations. As of September 27, 2025, we had a total of nearly 53.4 million products registered in approximately 17.1 million households globally. Our customers have typically purchased additional Sonos products over time. As of September 27, 2025, 61% of our 17.1 million households had registered more than one Sonos product. As of September 27, 2025, our households owned 3.13 products on average. In fiscal 2025, we made several executive leadership changes, including the appointment of Tom Conrad as our new Chief Executive Officer in July 2025 following his tenure as interim Chief Executive Officer since January 2025. Under Mr. Conrad's direction, we have significantly improved our software products, reorganized our operations to improve our efficiency and effectiveness and recommitted to delivering the kind of premium experience our customers expect. With every new product, software feature and integration, the Sonos platform becomes more powerful and provides greater value to our customers. We started a cost transformation initiative Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, as well as the other information in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes, and the section titled \u201cManagement\u2019s Discuss", "title": "SONO - Sonos Inc", "url": "/company/SONO/" }, { "kind": "company", "summary": "SIC 7900 Services-Amusement & Recreation Services; CIK 0001795250; latest 10-K filed 2026-02-12.", "text": "SPHR - Sphere Entertainment Co. SIC 7900 Services-Amusement & Recreation Services; CIK 0001795250; latest 10-K filed 2026-02-12. SPHR Sphere Entertainment Co. 0001795250 7900 Services-Amusement & Recreation Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations All dollar amounts included in the following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) are presented in thousands, except as otherwise noted. This MD&A contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this MD&A, there are statements concerning our future operating and future financial performance, including (i) the success of Sphere and The Sphere Experience and development of new immersive productions content, (ii) our plans to bring Sphere to Abu Dhabi, United Arab Emirates, under a franchise model, and to National Harbor, Maryland (iii) our ability to reduce or defer certain discretionary capital projects, (iv) our plans for possible additional debt financing and (v) MSG Networks subscriber declines. Words such as \u201cexpects,\u201d \u201canticipates,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d \u201cintends,\u201d \u201cplans,\u201d and similar words and terms used in the discussion of future operating and future financial performance identify forward-looking statements. Investors are cautioned that such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors. Factors that may cause such differences to occur include, but are not limited to: \u2022the substantial amount of debt we have incurred, the ability of our subsidiaries to make payments on, or repay or refinance, such debt under their respective credit facilities (including MSG Networks\u2019 ability to make its quarterly principal amortization payments pursuant to its term loan facility), and, if unsuccessful, the implications thereof; \u2022our ability to make payments on our 3.50% Convertible Senior Notes; \u2022our ability to obtain additional financing, to the extent required, on terms favorable to us or at all; \u2022the popularity of The Sphere Experience, as well as our ability to continue to attract advertisers and marketing partners, audiences to attend, and artists, entertainers and athletes to perform at, residencies, concerts and other events at Sphere in Las Vegas and other future Sphere venues; \u2022the successful development of The Sphere Experience and related original immersive productions and the investments associated with such development, as well as investment in personnel, content and technology for Sphere; \u2022our ability to successfully provide design, construction and pre- and post-opening services to Sphere partners, including DCT Abu Dhabi in connection with Sphere Abu Dhabi; \u2022DCT Abu Dhabi\u2019s ability to complete construction of Sphere Abu Dhabi; \u2022our ability to negotiate and execute definitive agreements for the development of a Sphere venue at National Harbor, Maryland, as well as the receipt of certain governmental incentives and approvals from Prince George\u2019s County and the State of Maryland related to the development and construction of the venue; \u2022our ability to construct, finance and operate new Sphere venues, and the investments, costs and timing associated with those efforts, including obtaining financing, the impact of inflation and tariffs, and any construction delays; \u2022general economic conditions, especially in the Las Vegas and New York City metropolitan areas where we have significant business activities, including the impact of a recession or a government shutdown on our business; \u2022our ability to successfully implement cost reductions and reduce or defer certain discretionary capital projects, if necessary; \u2022the level of our expenses and our operational cash burn rate, including our corporate expenses; \u2022the demand for MSG Networks programming among Distributors and the number of subscribers thereto, and our ability to enter into and Item 1. Business Sphere Entertainment Co. is a Nevada corporation with its principal executive office at Two Pennsylvania Plaza, New York, NY, 10121. Unless the context otherwise requires, all references to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cSphere Entertainment\u201d or the \u201cCompany\u201d refer collectively to Sphere Entertainment Co., a holding company, and its direct and indirect subsidiaries. We conduct substantially all of our business activities discussed in this Annual Report on Form 10-K (this \u201cForm 10-K\u201d) through Sphere Entertainment Group, LLC (\u201cSphere Entertainment Group\u201d) and MSG Networks Inc. (together with its subsidiaries, \u201cMSG Networks\u201d), and each of their direct and indirect subsidiaries. The Company (formerly Madison Square Garden Entertainment Corp.) was incorporated on November 21, 2019 as a direct, wholly-owned subsidiary of Madison Square Garden Sports Corp. (\u201cMSG Sports\u201d). On April 17, 2020 (the \u201c2020 Entertainment Distribution Date\u201d), MSG Sports distributed all outstanding common stock of the Company to MSG Sports\u2019 stockholders (the \u201c2020 Entertainment Distribution\u201d). On July 9, 2021, MSG Networks Inc. merged with a subsidiary of the Company and became a wholly-owned subsidiary of the Company (the \u201cNetworks Merger\u201d). On April 20, 2023 (the \u201cMSGE Distribution Date\u201d), the Company distributed approximately 67% of the outstanding common stock of MSGE Spinco, Inc. (now known as Madison Square Garden Entertainment Corp. and referred to herein as \u201cMSG Entertainment\u201d) to its stockholders (the \u201cMSGE Distribution\u201d), with the Company retaining approximately 33% of the outstanding common stock of MSG Entertainment (in the form of MSG Entertainment Class A common stock) immediately following the MSGE Distribution (the \u201cMSGE Retained Interest\u201d). Following the dispositions of the MSGE Retained Interest, the Company no longer holds any of the outstanding common stock of MSG Entertainment. In connection with the MSGE Distribution, the Company changed its name to Sphere Entertainmen Item 1A. Risk Factors Summary of Risk Factors The following is a summary of the principal risks that could adversely affect our business, operations and financial results. For a more complete discussion of the material risks facing our business, please see below. Risks Related to Our Sphere Business", "title": "SPHR - Sphere Entertainment Co.", "url": "/company/SPHR/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001576018; latest 10-K filed 2026-02-24.", "text": "SPNT - SiriusPoint Ltd SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001576018; latest 10-K filed 2026-02-24. SPNT SiriusPoint Ltd 0001576018 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis is intended to help the reader understand our business, financial condition, results of operations, liquidity and capital resources. You should read this discussion in conjunction with our consolidated financial statements and the related notes contained elsewhere in this Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (\u201cAnnual Report\u201d). The statements in this discussion regarding business outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements in this discussion are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to our Introductory Note to this Annual Report and the risks and uncertainties described in Part I, Item 1A \u201cRisk Factors.\u201d Our actual results may differ materially from those contained in or implied by any forward-looking statements. Our fiscal year ends December 31 and, unless otherwise noted, references to years are for fiscal years ended December 31. For discussion of our results of operations and changes in financial condition for the year ended December 31, 2024 compared to the year ended December 31, 2023 refer to Part II, Item 7. \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K, for the year ended December 31. 2024, which was filed with the SEC on February 21, 2025. Overview We are a global underwriter of insurance and reinsurance, domiciled in Bermuda. We have licenses to write property, casualty and accident & health insurance and reinsurance globally, including admitted & non-admitted licensed companies in the United States, a Bermuda Class 4 company, a Lloyd\u2019s of London (\u201cLloyd\u2019s\u201d) syndicate and managing agency, and an internationally licensed company domiciled in Sweden. We aim to drive excellence as a best-in-class underwriter, with a diverse and low-volatility portfolio of specialty lines. We seek to apply our underwriting talent, capabilities and management expertise to underwrite a profitable book of business and identify new opportunities to create value. Our approach is to be nimble and attuned to market opportunities within our segments of Insurance & Services and Reinsurance, allocating capital where we see profitable opportunity, while remaining disciplined and focused on our specified risk tolerances and areas of expertise. Distribution relationships are particularly important to us. A majority of our premium is produced via MGAs, including both our consolidated MGAs and non-consolidated MGAs. We seek to create capacity partnerships with MGAs that have high integrity and transparent leaders, and teams with deep underwriting expertise and track records of success, and no longer take capital positions in those business partners. Our partnerships are focused on underwriting in concentrated, niche businesses that often offer new exposure to our portfolio, while we provide guidance and oversight. We launched 16 new strategic partnerships with various program administrators during 2025, which underwrite across many business lines, including, but not limited to, Casualty, Property, A&H, and Other Specialties. Products & Services Insurance & Services Segment In our Insurance & Services segment, we predominantly provide insurance coverage in addition to receiving fees for services provided within Insurance & Services and to third parties. Insurance & Services revenue allows us to diversify our traditional 60 reinsurance portfolio and generally has lower capital requirements. In addition, service fees from MGAs and their insurance provided are generally not as prone to the volatile underwriting cycle that is common in the reinsurance marketplace. The Insurance & Services segment provides coverage in Accident & Item 1. Business General Overview SiriusPoint is a global specialty underwriter of insurance and reinsurance, headquartered in Bermuda. Our common shares are listed on the New York Stock Exchange (\u201cNYSE\u201d) under the symbol \u201cSPNT.\u201d We have licenses to write property, casualty, and accident & health insurance and reinsurance globally, including admitted and non-admitted licensed companies in the United States, a Bermuda Class 4 company, a Lloyd\u2019s of London (\u201cLloyd\u2019s\u201d) syndicate and managing agency, and an internationally licensed company domiciled in Sweden. We have offices in 10 countries with a total employee population of 1,099 people. As of December 31, 2025, we had common shareholders\u2019 equity of $2.3 billion, total capital of $3.2 billion and total assets of $12.6 billion. Our operating companies have a financial strength rating of A- (Positive) from AM Best, Fitch Ratings (\u201cFitch\u201d) and Standard & Poor's (\u201cS&P\u201d) and A3 (Stable) from Moody\u2019s Ratings (\u201cMoody\u2019s\u201d). Our ambition is to drive excellence as a best-in-class underwriter, with a diverse and low-volatility portfolio of specialty lines, that generally targets a 12-15% return on equity across the pricing cycle. We strive to maintain a relentless focus on underwriting and a disciplined approach to strategic capital deployment. Our business benefits from a global multi-channel distribution network. Our History SiriusPoint was created through the merger of Third Point Reinsurance Ltd. (\u201cThird Point Re\u201d) and Sirius International Insurance Group, Ltd. (\u201cSirius Group\u201d) in February 2021. Third Point Re was incorporated under the laws of Bermuda on October 6, 2011 as a specialty property and casualty reinsurer. The company became listed on the NYSE in June 2013 through an initial public offering (\u201cIPO\u201d). 2 Sirius Group was a Bermuda exempted company, founded in Stockholm, Sweden with roots back to 1945. From 2004 until 2016, Sirius Group was a subsidiary of White Mountains Insurance Group Ltd. (\u201cWhite Mountai Item 1A. Risk Factors You should consider and read carefully all of the risks and uncertainties described below, as well as other information included in this Annual Report, including our consolidated financial statements and related notes. The risks described below are not the only ones facing us. The occurrence of any of the followin", "title": "SPNT - SiriusPoint Ltd", "url": "/company/SPNT/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001092699; latest 10-K filed 2026-02-19.", "text": "SPSC - SPS COMMERCE INC SIC 7372 Services-Prepackaged Software; CIK 0001092699; latest 10-K filed 2026-02-19. SPSC SPS COMMERCE INC 0001092699 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our audited consolidated financial statements and related notes which are included in Part II, Item 8, \u201cFinancial Statements and Supplementary Data\u201d of this Annual Report on Form 10-K. Our actual results could differ materially from those anticipated in the forward-looking statements included in this discussion as a result of certain factors, including, but not limited to, those discussed in Part I, Item 1A, \u201cRisk Factors\u201d of this Annual Report on Form 10-K. Overview SPS Commerce is a global supply chain network that connects retailers, brands, distributors, manufacturers, and logistics providers through shared infrastructure built to handle the complexity of modern commerce operations. Our network enables companies to connect once and immediately transact with thousands of trading partners without negotiating standards, building integrations, or maintaining compliance logic. Our network powers our portfolio of solutions that orchestrate the critical processes, protocols, and data exchanges needed to get the right product, in the right place, at the right time, every time. We have embedded deep expertise, proven processes, and compliance logic built from over 20 years of commerce intelligence into every connection, delivering a full-service experience that empowers partners to move forward faster, together. We plan to continue to grow our business by further penetrating the supply chain management market, increasing revenues from our customers as their businesses grow, expanding our distribution channels, expanding our international presence and, from time to time, developing new products and applications. We also intend to selectively pursue acquisitions that will add customers, allow us to expand into new regions, or allow us to offer new functionalities. Key Financial Terms, Metrics and Non-GAAP Financial Measures Sources of Revenues Recurring Revenues We primarily derive our revenues from subscription-based recurring revenue services, which are recognized on a ratable basis over the contract term. The following are our recurring revenue streams: \u2022Fulfillment - Our Fulfillment product offers a comprehensive solution designed to streamline supply chain operations. Our connections empower retailers, brands, distributors, manufacturers, and logistics providers to efficiently send and receive order data, ensuring accurate execution of required processes from order to invoicing and revenue recovery through fully automated operations. By integrating seamlessly with existing systems, Fulfillment enhances day-to-day efficiency, reduces errors, and provides real-time visibility across all of our customers' order channels. \u2022Analytics - Our Analytics product simplifies managing sell-through data from our customers\u2019 business partners. We handle data acquisition, cleansing, normalization, and delivery. Our pre-built dashboards create custom reports, or integrate data with existing tools, to gain insights to enhance product performance, forecasting, pricing, and inventory management. \u2022Other Products - We also have other complementary products, including: \u25e6Assortment - Our Assortment product simplifies the communication of robust, accurate item data by automatically translating item attributes and hierarchies through a single connection across all sales channels. \u25e6Relationship Management - Our Relationship Management product (formerly known as Community) allows organizations to accelerate digitization of their supply chain and improve collaboration with suppliers through proven change management, onboarding programs, and supplier score carding. One-time Revenues One-time revenues consist of set-up fees, which are recognized ratably, generally over two years, and miscellaneous fees from customers, primarily pro Item 1. Business Overview SPS Commerce is a global supply chain network that connects retailers, brands, distributors, manufacturers, and logistics providers through shared infrastructure built to handle the complexity of modern commerce operations. Our network enables companies to connect once and immediately transact with thousands of trading partners without negotiating standards, building integrations, or maintaining compliance logic. Our network powers our portfolio of solutions that orchestrate the critical processes, protocols, and data exchanges needed to get the right product, in the right place, at the right time, every time. We have embedded deep expertise, proven processes, and compliance logic built from over 20 years of commerce intelligence into every connection, delivering a full-service experience that empowers partners to move forward faster, together. For the years ended December 31, 2025, 2024, and 2023, we generated revenues of $751.5 million, $637.8 million, and $536.9 million, respectively. Our quarter ended December 31, 2025 represented our 100th consecutive quarter of revenue growth. Recurring revenues from recurring revenue customers accounted for 96%, 94%, and 94% of our total revenues for the years ended December 31, 2025, 2024, and 2023, respectively. Our revenues are not concentrated with any customer, as our largest customer represented less than 1% of total revenues for the years ended December 31, 2025, 2024, and 2023. Increasing Demand for a Supply Chain Network Global commerce is constantly evolving, and consumer expectations continue to rise, accelerating the need for automated, coordinated supply chain operations. To navigate disruptions and meet growing demands, companies across the commerce ecosystem must orchestrate operations across wholesale, eCommerce, marketplace, and direct-to-consumer channels simultaneously. These channels no longer operate independently, and consumers expect a seamless experience regardless of Item 1A. Risk Factors Set forth below and elsewhere in this Annual Report on Form 10-K, and in other documents we file with the SEC, are risks and uncertainties that could cause our actual results to differ materially from the results contemplated by the forward-looking statements contained in this Annual Report on Form 10-K and in other written ", "title": "SPSC - SPS COMMERCE INC", "url": "/company/SPSC/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000873303; latest 10-K filed 2026-03-02.", "text": "SRPT - Sarepta Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0000873303; latest 10-K filed 2026-03-02. SRPT Sarepta Therapeutics, Inc. 0000873303 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The purpose of Management's Discussion and Analysis of Financial Condition and Results of Operations is to provide an understanding of the financial condition, changes in financial condition and results of operations of Sarepta Therapeutics, Inc. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Please review our legend titled \u201cForward-Looking Information\u201d at the beginning of this Annual Report on Form 10-K which is incorporated herein by reference. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in the section titled \u201cRisk Factors\u201d included elsewhere in this Annual Report on Form 10-K. Throughout this discussion, unless the context specifies or implies otherwise, the terms \u201cSarepta\u201d, \u201cwe\u201d, \u201cus\u201d and \u201cour\u201d refer to Sarepta Therapeutics, Inc. and its subsidiaries. This section discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 have been excluded from this Form 10-K and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview We are a commercial-stage biopharmaceutical company focused on helping patients through the discovery and development of unique RNA-targeted therapeutics, siRNA knockdown therapies, gene therapy and other genetic therapeutic modalities for the treatment of rare diseases. Applying our proprietary, differentiated and innovative technologies, and through collaborations with our strategic partners, we have developed multiple approved products for the treatment of Duchenne and are developing potential therapeutic candidates for a broad range of diseases and disorders, including Duchenne and LGMD, as well as those through our partnered programs with Arrowhead, including FSHD, DM1, SCA2, IPF, Huntington's disease and other neuromuscular and skeletal diseases. We commercialized four products that have been approved by the FDA, including EXONDYS 51, VYONDYS 53, AMONDYS 45, and ELEVIDYS. We are in the process of conducting various clinical trials for our approved products, including studies that are required to comply with our post-marketing FDA requirements/commitments to verify and describe the clinical benefit of these products. On November 3, 2025, we announced top-line results from our ESSENCE trial, a confirmatory trial intended to verify the clinical benefits of AMONDYS 45 and VYONDYS 53. The topline results did not show statistical significance on the study's primary endpoint. We intend to discuss with FDA the potential pathway forward. Our pipeline includes programs at various stages of discovery, pre-clinical and clinical development. Through our collaborations with our strategic partners, we are expanding into adjacent therapeutic areas. Our pipeline reflects our aspiration to apply our multifaceted approach and expertise in precision genetic medicine to make a profound difference in the lives of patients suffering from rare diseases. We have developed proprietary state-of-the-art CMC and manufacturing capabilities that allow synthesis and purification of our products and product candidates to support both clinical development as well as commercialization. Our current main focus in manufacturing is to sustain large-scale production of our PMO-based therapies and optimizing manufacturing for gene therapy-based product candi Item 1. Business. Overview We are a commercial-stage biopharmaceutical company focused on helping patients through the discovery and development of unique RNA-targeted therapeutics, siRNA knockdown therapies, gene therapy and other genetic therapeutic modalities for the treatment of rare diseases. Applying our proprietary, differentiated and innovative technologies, and through collaborations with our strategic partners, we have developed multiple approved products for the treatment of Duchenne muscular dystrophy (\"Duchenne\") and are developing potential therapeutic candidates for a broad range of diseases and disorders, including Duchenne and LGMD. We are also developing potential therapeutic candidates through our partnered program with Arrowhead for the treatment of Facioscapulohumeral muscular dystrophy (\"FSHD\"), myotonic dystrophy type 1 (\u201cDM1\u201d), Spinocerebellar ataxia (\"SCA\"), Idiopathic Pulmonary Fibrosis (\"IPF\"), Huntington's disease and other neuromuscular and skeletal diseases. To date, we have developed and commercialized the following four approved products for the treatment of Duchenne: EXONDYS 51 (eteplirsen) Injection (\u201cEXONDYS 51\u201d), VYONDYS 53 (golodirsen) Injection (\u201cVYONDYS 53\u201d), AMONDYS 45 (casimersen) Injection (\u201cAMONDYS 45\u201d), and ELEVIDYS. Each of these approved products, and the indications for which they have been approved for, is described under the heading \u201cOur Commercial Products\u201d in this Item 1. Objectives and Business Strategy We believe that our proprietary technology platforms and collaborations can be used to develop novel pharmaceutical products to treat a broad range of diseases and address key currently-unmet medical needs. We intend to leverage our technology platforms, organizational capabilities, collaborations and resources to lead the field of precision genetic medicines, including the treatment of rare, neuromuscular and other diseases, with a diversified portfolio of product candidates. In pursuit of this objective, we i Item 1A. Risk Factors. Set forth below and elsewhere in this report and in other documents we file with the SEC are descriptions of risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements contained in this report. Because of the fo", "title": "SRPT - Sarepta Therapeutics, Inc.", "url": "/company/SRPT/" }, { "kind": "company", "summary": "SIC 3851 Ophthalmic Goods; CIK 0000718937; latest 10-K filed 2026-03-03.", "text": "STAA - STAAR SURGICAL CO SIC 3851 Ophthalmic Goods; CIK 0000718937; latest 10-K filed 2026-03-03. STAA STAAR SURGICAL CO 0000718937 3851 Ophthalmic Goods ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is intended to promote understanding of our financial condition and results of operations. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the Consolidated Financial Statements and the Notes to those statements included in this Annual Report. This discussion includes forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of numerous factors, including those described in this Annual Report in Item 1A. \u201cRisk Factors.\u201d Overview STAAR Surgical Company designs, develops, manufactures, and sells implantable lenses for the eye and accessory delivery systems used to deliver the lenses into the eye. We are the leading manufacturer of phakic implantable lenses used worldwide in corrective or \u201crefractive\u201d surgery. We have been dedicated solely to ophthalmic surgery for over 40 years. Our goal is to position our refractive lenses throughout the world as primary and premium solutions for patients seeking visual freedom from wearing eyeglasses or contact lenses while achieving excellent visual acuity through refractive vision correction. STAAR generates worldwide revenue almost exclusively from sales of our Implantable Collamer Lenses, or \u201cICLs.\u201d Our ICLs are made from Collamer, which is a proprietary collagen copolymer material created and exclusively used by STAAR to make our lenses soft, flexible and biocompatible with the eye. Our ICLs are phakic lenses, meaning that they are implanted into the eye without removing the eye\u2019s natural crystalline lens. This distinguishes an ICL procedure from other refractive procedures, as it does not involve the removal of corneal eye tissue. All of our ICLs are foldable, which allows the surgeon to insert them into the eye through a small incision during minimally invasive surgery. Further, while ICLs are intended to be permanent, our ICLs are reversible lens implants, meaning they can be removed by a doctor if desired. We market and sell our ICLs for refractive surgery to treat myopia (nearsightedness) as our \u201cEVO\u201d family of lenses. We believe our EVO lenses are an \u201cEvolution in Visual Freedom\u201d designed to provide premium refractive outcomes while optimizing patient comfort. Our EVO family of lenses includes our EVO ICL, EVO+ ICL, and EVO Visian ICL. Our newest offering, EVO Viva, has an extended depth of focus (EDoF) optic, which is designed to treat myopia with presbyopia (age-related loss of ability to focus). We also market and sell an ICL lens to treat hyperopia (farsightedness), which we call our Visian ICL. We make our ICL product offerings available in multiple models, powers and lengths, including some with toric ICL (TICL) versions to correct for astigmatism (blurred vision). Not all of our products are currently available in all markets where we sell ICLs today. STAAR employs a commercialization strategy that strives for sustainable, profitable growth. Our growth strategy includes making our complete ICL product line available in our existing geographic markets and expanding into attractive markets where we do not sell our products today. In addition, we are focused on driving awareness of the ICL procedure and the clinical benefits of our ICLs, and providing surgeon training, support and education, particularly in our newer markets. Historically, the Company also manufactured and sold intraocular lenses (or IOLs) for use in surgery to treat cataracts. As the Company has focused its business and strategy on its ICL product offerings, we have phased out our cataract IOL product line. For the fiscal year ended January 2, 2026, approximately 100% our net sales were generated from sales of ICLs. Term ITEM 1. Business STAAR Surgical Company designs, develops, manufactures, and sells implantable lenses for the eye and accessory delivery systems used to deliver the lenses into the eye. We are the leading manufacturer of phakic implantable lenses used worldwide in corrective or \u201crefractive\u201d surgery. We have been dedicated solely to ophthalmic surgery for over 40 years. Our goal is to position our refractive lenses throughout the world as primary and premium solutions for patients seeking visual freedom from wearing eyeglasses or contact lenses while achieving excellent visual acuity through refractive vision correction. Unless the context indicates otherwise, \u201cwe,\u201d \u201cus,\u201d the \u201cCompany,\u201d and \u201cSTAAR\u201d refer to STAAR Surgical Company and its consolidated subsidiaries. STAAR generates worldwide revenue almost exclusively from sales of our Implantable Collamer Lenses, or \u201cICLs.\u201d Our ICLs are made from Collamer, which is a proprietary collagen copolymer material created and 2 exclusively used by STAAR to make our lenses soft, flexible and biocompatible with the eye. Our ICLs are phakic lenses, meaning that they are implanted into the eye without removing the eye\u2019s natural crystalline lens. This distinguishes an ICL procedure from other refractive procedures, as it does not involve the removal of corneal eye tissue. All of our ICLs are foldable, which allows the surgeon to insert them into the eye through a small incision during minimally invasive surgery. Further, while ICLs are intended to be permanent, our ICLs are reversible lens implants, meaning they can be removed by a doctor if desired. We market and sell our ICLs for refractive surgery to treat myopia (nearsightedness) as our \u201cEVO\u201d family of lenses. We believe our EVO lenses are an \u201cEvolution in Visual Freedom\u201d designed to provide premium refractive outcomes while optimizing patient comfort. Our EVO family of lenses includes our EVO ICL, EVO+ ICL, and EVO Visian ICL. Our newest offering, EVO Viva, has an extend ITEM 1A. Risk Factors Investment in our securities involves a high degree of risk. Investors should carefully consider the following risk factors, in addition to other information contained in this Annual Report and other filings that we make from time to time with the SEC, before making a decision to invest in our common stock. Any of the following risk", "title": "STAA - STAAR SURGICAL CO", "url": "/company/STAA/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000719220; latest 10-K filed 2026-02-27.", "text": "STBA - S&T BANCORP INC SIC 6022 State Commercial Banks; CIK 0000719220; latest 10-K filed 2026-02-27. STBA S&T BANCORP INC 0000719220 6022 State Commercial Banks Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This section reviews our financial condition for each of the past two fiscal years and results of operations for each of the past three fiscal years. Management's discussion and analysis focuses on significant factors impacting the financial condition and results of operations for the year ended December 31, 2025 as compared to the year ended December 31, 2024. This discussion and analysis should be read in conjunction with our Consolidated Financial Statements and related notes within this Annual Report on Form 10-K. A similar discussion and analysis that compares the year ended December 31, 2024 to the year ended December 31, 2023 may be found in Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\u201d on our Form 10-K for the year ended December 31, 2024 accepted by the Securities and Exchange Commission, or SEC, on February 28, 2025. Certain reclassifications have been made to prior periods to conform to the current period presentation. Important Note Regarding Forward-Looking Statements This Annual Report on Form 10-K contains or incorporates statements that we believe are \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to our financial condition, results of operations, plans, objectives, outlook for earnings, revenues, expenses, capital and liquidity levels and ratios, asset levels, asset quality, financial position and other matters regarding or affecting S&T and its future business and operations. Forward-looking statements are typically identified by words or phrases such as \u201cwill likely result,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201cforecast,\u201d \u201cproject,\u201d \u201cintend,\u201d \u201cbelieve,\u201d \u201cassume,\u201d \u201cstrategy,\u201d \u201ctrend,\u201d \u201cplan,\u201d \u201coutlook,\u201d \u201coutcome,\u201d \u201ccontinue,\u201d \u201cremain,\u201d \u201cpotential,\u201d \u201copportunity,\u201d \u201ccomfortable,\u201d \u201ccurrent,\u201d \u201cposition,\u201d \u201cmaintain,\u201d \u201csustain,\u201d \u201cseek,\u201d \u201cachieve\u201d and variations of such words and similar expressions, or future or conditional verbs such as \u201cwill,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201ccould\u201d or \u201cmay.\u201d Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to: credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses, or ACL; cybersecurity concerns; rapid technological developments and changes, including the use of artificial intelligence and digital assets; operational risks or risk management failures by us or critical third parties, including fraud risk; our ability to manage our brand risks; sensitivity to the interest rate environment, a rapid increase in interest rates or a change in the shape of the yield curve; a change in spreads on interest-earning assets and interest-bearing liabilities; regulatory supervision and oversight, including changes in regulatory capital requirements and our ability to address those requirements; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; changes in accounting policies, practices or guidance; legislation affecting the financial services industry as a whole, and S&T, in particular; developments affecting the industry and the soundness of financial institutions and further disruption to Item 1. BUSINESS General S&T Bancorp, Inc. was incorporated on March 17, 1983 under the laws of the Commonwealth of Pennsylvania as a bank holding company and is registered with the Board of Governors of the Federal Reserve System, or the Federal Reserve Board, under the Bank Holding Company Act of 1956, as amended, or the BHCA, as a bank holding company and a financial holding company. S&T Bancorp, Inc. has four active direct wholly-owned subsidiaries including S&T Bank, 9th Street Holdings, Inc., STBA Capital Trust I and DNB Capital Trust II, and owns a 50 percent interest in Commonwealth Trust Credit Life Insurance Company, or CTCLIC. When used in this Report, \u201cS&T,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d may refer to S&T Bancorp, Inc. individually, S&T Bancorp, Inc. and its consolidated subsidiaries or certain of S&T Bancorp, Inc.\u2019s subsidiaries or affiliates, depending on the context. As of December 31, 2025, we had approximately $9.9 billion in assets, $8.1 billion in total loans, $8.0 billion in deposits and $1.5 billion in shareholders\u2019 equity. S&T Bank is a full-service Pennsylvania chartered bank that is headquartered in Indiana, Pennsylvania. S&T Bank operates in Pennsylvania and Ohio through it's 72 branches. S&T Bank's primary regulators are the Federal Deposit Insurance Corporation, or FDIC, and the Pennsylvania Department of Banking and Securities, or PA DOBS. S&T Bank deposits are insured by the FDIC to the maximum extent provided by law. S&T Bank has three active wholly-owned operating subsidiaries including S&T Insurance Group, LLC, S&T Bancholdings, Inc. and DN Acquisition Company, Inc. Through S&T Bank and our non-bank subsidiaries, we offer consumer, commercial and small business banking services, which include accepting time and demand deposits and originating commercial and consumer loans, brokerage services and trust services including serving as executor and trustee under wills and deeds and as guardian of employee benefits. We also manage private investme Item 1A. RISK FACTORS Investments in our common stock involve risk. The following discussion highlights the risks that we believe are material to S&T, potentially impacting our business, results of operations, financial condition and cash flows. However, other factors not discussed below or elsewhere in this Annual Report on Form 10-K could ad", "title": "STBA - S&T BANCORP INC", "url": "/company/STBA/" }, { "kind": "company", "summary": "SIC 6361 Title Insurance; CIK 0000094344; latest 10-K filed 2026-02-27.", "text": "STC - STEWART INFORMATION SERVICES CORP SIC 6361 Title Insurance; CIK 0000094344; latest 10-K filed 2026-02-27. STC STEWART INFORMATION SERVICES CORP 0000094344 6361 Title Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) MANAGEMENT'S OVERVIEW Net income attributable to Stewart for 2025 was $115.5 million, or $4.05 per diluted share, compared to $73.3 million, or $2.61 per diluted share, in 2024. Pretax income before noncontrolling interests in 2025 was $165.6 million (5.7% pretax margin) compared to $114.3 million (4.6% pretax margin) in 2024. During 2025, total operating revenues increased 18% to $2.86 billion compared to $2.42 billion in 2024, while total expenses increased 16% to $2.76 billion, compared to $2.38 billion in 2024, primarily driven by higher revenues in the title and real estate solutions services operations. Refer to \"Results of Operations\" for detailed year-to-year income statement discussions, and \"Liquidity and Capital Resources\" for an analysis of Stewart's financial condition. For the fourth quarter 2025, we reported net income attributable to Stewart of $36.3 million ($1.25 per diluted share), compared to net income attributable to Stewart of $22.7 million ($0.80 per diluted share) for the fourth quarter 2024. Fourth quarter 2025 pretax income before noncontrolling interests was $51.7 million (6.5% pretax margin) compared to pretax income before noncontrolling interests of $35.4 million (5.3% pretax margin) for the prior year quarter. Fourth quarter 2025 results included $3.8 million of pretax net realized and unrealized losses, primarily recorded in the title segment, while the fourth quarter 2024 results included $1.7 million of pretax net realized and unrealized gains, comprised of $2.8 million net gains in the title segment and $1.1 million net losses in the corporate segment. During the fourth quarter 2025, we completed the largest acquisition in Stewart history by acquiring Mortgage Contracting Services (MCS), an industry leader in providing property preservation and field services to mortgage servicers. This acquisition broadens Stewart's servicer customer base and expands our full suite of lender services. MCS is included in our real estate solutions segment. Refer to Note 8 to our audited consolidated financial statements for details. Title segment. Summary results of the title segment are as follows (in $ millions, except pretax margin and % change): [[GREPCENT_TABLE]] [[\"\",\"For the Three Months Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"% Change\"],[\"Operating revenues\",\"668.4\",\"\",\"\",\"562.7\",\"\",\"\",\"19\",\"%\"],[\"Investment income\",\"14.0\",\"\",\"\",\"14.5\",\"\",\"\",\"(3)\",\"%\"],[\"Net realized and unrealized (losses) gains\",\"(3.7)\",\"\",\"\",\"2.8\",\"\",\"\",\"(236)\",\"%\"],[\"Pretax income\",\"58.0\",\"\",\"\",\"45.2\",\"\",\"\",\"28\",\"%\"],[\"Pretax margin\",\"8.5\",\"%\",\"\",\"7.8\",\"%\"]] [[/GREPCENT_TABLE]] 18 Segment operating revenues in the fourth quarter 2025 increased $105.7 million, or 19%, driven by strong performances by our direct and agency title operations with operating revenue growth of 18% and 20%, respectively, compared to the fourth quarter 2024. Segment total operating expenses increased $85.9 million, or 16%, compared to the fourth quarter 2024 driven by the $43.9 million, or 19%, higher agency retention expenses and $40.3 million, or 15%, increased combined employee costs and other operating expenses, consistent with the title revenue growth. As a percentage of operating revenues, total title segment employee costs and other operating expenses improved to 47.0% in the fourth quarter 2025 compared to 48.7% in the prior year quarter, primarily due to increased title operating revenues. Title loss expense in the fourth quarter 2025 increased $2.3 million, or 11%, compared to the fourth quarter 2024, primarily driven by higher title revenues. As a percentage of title operating revenues, title loss expense improved to 3.4% in the fourth quarter 2025 compared to 3.7% in the prior year quarter, primarily as a result of our continued overall favorable claims experience. Direct title revenue information is presented below (in $ mi Item 1. Business Founded in 1893, Stewart Information Services Corporation (NYSE:STC) (Stewart) is a customer-focused, global title insurance and real estate services company offering products and services through our direct operations, network of approved agencies and other companies within the Stewart family. One of the largest global title insurance companies and underwriters in the industry, Stewart provides services to homebuyers and sellers, residential and commercial real estate professionals, mortgage lenders and servicers, title agencies, real estate attorneys and home builders. Stewart also provides credit and real estate data services, property preservation and field services, valuation management services, online notarization and closing services, search services, home and personal insurance services, tax-deferred exchanges, and technology services to streamline the real estate process. Stewart is headquartered in Houston, Texas and operates primarily throughout the United States (U.S.) and has regional offices in Australia, Canada and the United Kingdom. Our companies are industry leaders in the spaces they operate in and while each is unique in service offerings, they all share a common belief in providing a high level of services through team focus and customer-centric mindset. For more information on various Stewart companies and brands, refer to our website, www.stewart.com/en/about-stewart/stewart-brands.html. We currently report our business in three segments: title insurance and related services (title), real estate solutions, and corporate. Refer to Note 18 to our audited consolidated financial statements and Item 7 \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) for financial information related to our segments. Title Segment Title insurance and related services include the functions of searching, examining, closing and insuring the condition of the title to real property. The title segment al Item 1A. Risk Factors You should consider the following risk factors, as well as the other information presented in this report and our other filings with the SEC, in evaluating our business and any investment in Stewart. These risks could materially and adversely affect our business, financial condition and results of operations. In ", "title": "STC - STEWART INFORMATION SERVICES CORP", "url": "/company/STC/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001473844; latest 10-K filed 2026-02-26.", "text": "STEL - Stellar Bancorp, Inc. SIC 6021 National Commercial Banks; CIK 0001473844; latest 10-K filed 2026-02-26. STEL Stellar Bancorp, Inc. 0001473844 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Cautionary Notice Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward\u2011looking statements. These forward\u2011looking statements reflect the Company\u2019s current views with respect to, among other things, future events and the Company\u2019s financial performance. These statements are often, but not always, made through the use of words or phrases such as \u201cmay,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201cbelieve,\u201d \u201cwill likely result,\u201d \u201cexpect,\u201d \u201ccontinue,\u201d \u201cwill,\u201d \u201canticipate,\u201d \u201cseek,\u201d \u201cestimate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cprojection,\u201d \u201cwould,\u201d and \u201coutlook,\u201d or the negative version of those words or other comparable words or phrases of a future or forward\u2011looking nature. These forward\u2011looking statements are not historical facts, and are based on current expectations, estimates and projections about the Company\u2019s industry, management\u2019s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company\u2019s control. Accordingly, the Company cautions that any such forward\u2011looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward\u2011looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward\u2011looking statements. There are or will be important factors that could cause the Company\u2019s actual results to differ materially from those indicated in these forward\u2011looking statements, including, but not limited to, the risks described in \u201cPart I.\u2014Item 1A.\u2014Risk Factors\u201d and the following: \u2022the proposed transaction with Prosperity, including the likelihood of the satisfaction of the conditions to the completion of the transaction and whether and when the transaction will be consummated; \u2022disruptions to the economy and the U.S. banking system caused by recent bank failures; \u2022risks associated with uninsured deposits and responsive measures by federal or state governments or banking regulators, including increases in our deposit insurance assessments and other actions of the Board of Governors of the Federal Reserve System, FDIC and Texas Department of Banking, legislative and regulatory actions and reforms and executive orders; \u2022the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board and the imposition of tariffs and retaliatory tariffs; \u2022inflation, interest rate, capital and securities markets and monetary fluctuations; \u2022changes in the interest rate environment, the value of the Company\u2019s assets and obligations and the availability of capital and liquidity; \u2022general competitive, economic, political and market conditions and other factors that may affect future results of the Company including changes in asset quality and credit risk; \u2022local, regional, national and international economic conditions and the impact they may have on the Company and our customers and the Company\u2019s assessment of that impact; \u2022the inability to sustain revenue and earnings growth; \u2022impairment of the Company\u2019s goodwill or other intangible assets; \u2022the composition of the Company\u2019s loan portfolio and the concentration of loans in commercial real estate and commercial real estate construction; \u2022the geographic concentration of the Company\u2019s market; \u2022the accuracy and sufficiency of the assumptions and estimates the Company makes in establishing reserves for potential loan losses and other estimates; \u2022the amount of nonperforming and classified assets that the Company holds and the time and effort necessary to resolve nonperforming assets; \u2022deterioration of asset quality; \u2022customer borrowing, repayment, investment and deposit practices; \u2022the a ITEM 1. BUSINESS The disclosures set forth in this item are qualified by \u201cItem 1A. Risk Factors,\u201d the section captioned \u201cCautionary Notice Regarding Forward-Looking Statements\u201d in the forepart of this report, \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u2014 Cautionary Notice Regarding Forward-Looking Statements\u201d and other cautionary statements set forth elsewhere in this Annual Report on Form 10-K. General The Company is a Texas corporation and registered bank holding company headquartered in Houston, Texas. On January 27, 2026, the Company entered into an Agreement and Plan of Merger (the \u201cMerger Agreement\u201d) with Prosperity Bancshares, Inc., a Texas corporation (\u201cProsperity\u201d). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, the Company will merge with and into Prosperity (the \u201cMerger\u201d), with Prosperity continuing as the surviving corporation in the Merger. Immediately following the Merger, Stellar Bank will merge with and into Prosperity\u2019s wholly owned banking subsidiary, Prosperity Bank (the \u201cBank Merger\u201d). Prosperity Bank will continue as the surviving bank in the Bank Merger. Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the \u201cEffective Time\u201d), each share of common stock, par value $0.01 per share, of the Company (\u201cStellar Common Stock\u201d) outstanding immediately prior to the Effective Time, other than certain shares held by Prosperity or the Company and shares held by a holder of Stellar Common Stock who has properly exercised applicable dissenters\u2019 rights in respect of such share, will be converted into the right to receive (i) 0.3803 shares of common stock, par value $1.00 per share, of Prosperity and (ii) an amount in cash equal to $11.36. The closing of the Merger is expected to occur in the second quarter of 2026, subject to customary conditions, including approval of the Company\u2019s shareh ITEM 1A. RISK FACTORS Summary of Risk Factors The Company\u2019s business is subject to a number of risks, including risks that may prevent it from achieving its business objectives or may adversely affect its business, reputation, financial condition, results of operations, revenue and future prospects. These risks are discussed more fully in t", "title": "STEL - Stellar Bancorp, Inc.", "url": "/company/STEL/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001796022; latest 10-K filed 2026-05-27.", "text": "STEP - StepStone Group Inc. SIC 6282 Investment Advice; CIK 0001796022; latest 10-K filed 2026-05-27. STEP StepStone Group Inc. 0001796022 6282 Investment Advice Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis should be read in conjunction with the consolidated financial statements and the related notes included in Part II, Item 8 of this annual report on Form 10-K. In this annual report references to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cStepStone\u201d and similar terms refer to SSG and its consolidated subsidiaries, including the Partnership. Unless otherwise indicated, references in this annual report to fiscal 2026, fiscal 2025 and fiscal 2024 are to our fiscal years ended March 31, 2026, 2025 and 2024, respectively. Business Overview We are a global private markets investment firm focused on providing customized investment solutions and advisory and data services to our clients. Our clients include some of the world\u2019s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. We partner with our clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes. These portfolios utilize several types of synergistic investment strategies with third-party fund managers, including commitments to funds (\u201cprimaries\u201d), acquiring stakes in existing funds on the secondary market (\u201csecondaries\u201d) and investing directly into companies (\u201cco-investments\u201d). As of March 31, 2026, we were responsible for approximately $885 billion of total capital, including $233 billion of AUM and $652 billion of AUA. We are a global firm and believe that our multi-asset class expertise, local knowledge, business relationships, proprietary data and technology, and presence are all critical to securing a competitive edge in the private markets. We deploy a local staffing model, operating from 31 cities across 19 countries on five continents. Our offices are staffed by investment professionals who bring valuable regional insights and language proficiency to enhance existing client relationships and build new client relationships. Since our inception in 2007, we have invested and continue to invest heavily in our platforms to drive growth and expand our investment solutions capabilities and service offerings, including through opportunistic transactions that have helped accelerate the growth of our team and capabilities. As of March 31, 2026, we had over 1,310 total employees, including approximately 420 investment professionals and approximately 890 employees across our operating team and implementation teams dedicated to sourcing, executing, analyzing and monitoring private markets opportunities. We have a flexible business model whereby many of our clients engage us for solutions across multiple asset classes and investment strategies. Our solutions are typically offered in the following commercial structures: \u2022Separately managed accounts (\u201cSMAs\u201d). Owned by one client and managed according to their specific preferences, SMAs integrate a combination of primaries, secondaries and co-investments across one or more asset classes. SMAs are meant to address clients\u2019 specific portfolio objectives with respect to return, risk tolerance, diversification and liquidity. SMAs, including directly managed assets, comprised $136 billion of our AUM as of March 31, 2026. \u2022Focused commingled funds. Owned by multiple clients, our focused commingled funds deploy capital in specific asset classes with defined investment strategies. Focused commingled funds comprised $81 billion of our AUM as of March 31, 2026. 80 Table of Contents \u2022Advisory and data services. These services include one or more of the following for our clients: (i) recurring support of portfolio construction and design; (ii) discrete or project-based due diligenc Item 1. Business. Our Company We are a global private markets investment firm focused on providing customized investment solutions and advisory and data services to our clients. Our clients include some of the world\u2019s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. We partner with our clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes. These portfolios utilize several types of synergistic investment strategies with third-party fund managers, including commitments to funds (\u201cprimaries\u201d), acquiring stakes in existing funds on the secondary market (\u201csecondaries\u201d) and investing directly into companies (\u201cco-investments\u201d). As of March 31, 2026, we were responsible for approximately $885 billion of total capital, including $233 billion of AUM and $652 billion of AUA. We were founded in 2007 to address the evolving needs of investors focused on private markets, reflecting a number of converging themes: \u2022increasing investor desire for exposure and allocations to the private markets; \u2022rising complexity within private markets driven by proliferation of fund managers and specialized strategies; \u2022global nature of private markets asset classes and their participants; and \u2022need for customized solutions as investors\u2019 size, sophistication and allocations to private markets investments increased. We set out to build a firm that would be tailored to meet this new market environment, and differentiated from the fund-of-funds and adviser-only models in existence at the time. We have focused on an integrated, full- service approach to private markets solutions with research depth as our core pillar of strength. We belie Item 1A. Risk Factors. Investing in our securities involves uncertainty and risk due to a variety of factors. You should carefully consider the risks described below with all of the other information included in this annual report on Form 10-K. Some of the factors, events, and contingencies discussed below may have occurred in the past, and the disclosu", "title": "STEP - StepStone Group Inc.", "url": "/company/STEP/" }, { "kind": "company", "summary": "SIC 8200 Services-Educational Services; CIK 0001013934; latest 10-K filed 2026-02-27.", "text": "STRA - Strategic Education, Inc. SIC 8200 Services-Educational Services; CIK 0001013934; latest 10-K filed 2026-02-27. STRA Strategic Education, Inc. 0001013934 8200 Services-Educational Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion in conjunction with our consolidated financial statements and the notes thereto, the \u201cCautionary Notice Regarding Forward-Looking Statements,\u201d Part I, Item 1A \u201cRisk Factors,\u201d and the other information appearing elsewhere, or incorporated by reference, in this Annual Report on Form 10-K. Background Strategic Education, Inc. (\u201cSEI,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or \u201cthe Company\u201d) is an education services company that provides access to high-quality education through campus-based and online post-secondary education offerings, as well as through programs to develop job-ready skills for high-demand markets. We operate primarily through our wholly-owned subsidiaries, Capella University and Strayer University, both accredited post-secondary institutions of higher education located in the United 61 Table of Contents States, and Torrens University, an accredited post-secondary institution of higher education located in Australia. Our operations also include the Education Technology Services segment, which primarily develops and maintains relationships with employers to build education benefits programs that provide employees access to affordable and industry-relevant training, certificate, and degree programs, including through Workforce Edge, a full-service education benefits administration solution for employers, and Sophia Learning, which offers low-cost online general education-level courses. Segments Overview As of December 31, 2025, we had the following reportable segments: U.S. Higher Education (\u201cUSHE\u201d) Segment \u2022The USHE segment provides flexible and affordable certificate and degree programs to working adults primarily through Capella University and Strayer University, including the Jack Welch Management Institute MBA, which is an offering Strayer University. USHE also operates non-degree web and mobile application development courses through Hackbright Academy and Devmountain, which are offerings of Strayer University. \u2022Capella University is accredited by the Higher Learning Commission and Strayer University is accredited by the Middle States Commission on Higher Education, both higher education institutional accrediting agencies recognized by the Department of Education. The USHE segment provides academic offerings both online and in physical classrooms, helping working adult students develop specific competencies they can apply in their workplace. \u2022In 2025, USHE average total student enrollment decreased 1.4% to 86,285 compared to 87,550 in 2024. \u2022Trailing 4-quarter student persistence within USHE was 88.3% in the third quarter of 2025 compared to 86.9% for the same period in 2024. Student persistence is calculated as the rate of students continuing from one quarter to the next, adjusted for graduates, on a trailing 4-quarter basis. Student persistence is reported one quarter in arrears. The table below summarizes USHE trailing 4-quarter student persistence for the past 8 quarters. [[GREPCENT_TABLE]] [[\"Q4 2023\",\"\",\"Q1 2024\",\"\",\"Q2 2024\",\"\",\"Q3 2024\",\"\",\"Q4 2024\",\"\",\"Q1 2025\",\"\",\"Q2 2025\",\"\",\"Q3 2025\"],[\"87.0\",\"%\",\"\",\"86.9\",\"%\",\"\",\"87.0\",\"%\",\"\",\"86.9\",\"%\",\"\",\"87.2\",\"%\",\"\",\"87.4\",\"%\",\"\",\"87.8\",\"%\",\"\",\"88.3\",\"%\"]] [[/GREPCENT_TABLE]] \u2022Trailing 4-quarter government provided grants and loans per credit earned within USHE decreased 9.6% as of the end of the third quarter of 2025. Government provided grants and loans per credit earned includes all federal loans and grants for students (Title IV hereafter) in our USHE institutions, and is calculated on a trailing 4-quarter basis and reported one quarter in arrears. Title IV per credit earned has been declining as employer affiliated enrollment has grown, and as more students earn credit through Sophia Learning and other affordable alternative pathways. The table below summarizes the percentage change in USHE trailing 4-quarter Title IV per c Item 1. Business Overview Strategic Education, Inc. (\u201cSEI,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or \u201cthe Company\u201d) is an education services company that provides access to high-quality education through campus-based and online post-secondary education offerings, as well as through programs to develop job-ready skills for high-demand markets. We operate primarily through our wholly-owned subsidiaries, Capella University and Strayer University, both accredited post-secondary institutions of higher education located in the United States, and Torrens University, an accredited post-secondary institution of higher education located in Australia. Our operations also include the Education Technology Services segment, which primarily develops and maintains relationships with employers to build education benefits programs that provide employees access to affordable and industry-relevant training, certificate, and degree programs, including through Workforce Edge, a full-service education benefits administration solution for employers, and Sophia Learning, which offers low-cost online general education-level courses. We generated revenue of $1.3 billion in 2025. For more information regarding our revenues, profits, and financial condition, please refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our consolidated financial statements included in this Annual Report on Form 10-K. As of December 31, 2025, our three reportable segments consisted of U.S. Higher Education, Australia/New Zealand, and Education Technology Services. U.S. Higher Education (\u201cUSHE\u201d) Segment Our USHE segment provides flexible and affordable certificate and degree programs to working adults primarily through Capella University and Strayer University (the \u201cUSHE Universities\u201d), including the Jack Welch Management Institute (\u201cJWMI\u201d) MBA, which is an offering of Strayer University. USHE also offers non-degree web and mobile application development courses through Hackbri Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the following risk factors and all other information contained in this Annual Report on Form 10-K or in the documents incorporated by reference herein before making an investment decision. The occurrence of any of th", "title": "STRA - Strategic Education, Inc.", "url": "/company/STRA/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001356576; latest 10-K filed 2026-03-02.", "text": "SUPN - SUPERNUS PHARMACEUTICALS, INC. SIC 2834 Pharmaceutical Preparations; CIK 0001356576; latest 10-K filed 2026-03-02. SUPN SUPERNUS PHARMACEUTICALS, INC. 0001356576 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes thereto, appearing elsewhere in this Annual Report on Form 10-K. In addition to historical information, some of the information in this discussion and analysis contains forward-looking statements reflecting our current expectations and involving risk and uncertainties. For example, statements regarding our expectations as to our plans and strategy for our business, future financial performance, expense levels, and liquidity sources are forward-looking statements. Our actual results and the timing of those events could differ materially from those discussed in our forward-looking statements because of many factors, including those set forth under the \"Risk Factors\" section and elsewhere in this report. Unless the content requires otherwise, the words \"Supernus,\" \"we,\" \"our\" and \"the Company\" refer to Supernus Pharmaceuticals, Inc. and/or one or more of its subsidiaries, as the case may be. These terms are used solely for the convenience of the reader. Supernus Pharmaceuticals, Inc. and each of its subsidiaries are distinct legal entities. For example, MDD US Operations, LLC, a wholly-owned indirect subsidiary of Supernus Pharmaceuticals, Inc., is the exclusive licensee and distributor of APOKYN in the United States and its territories. Adamas Operations, LLC, a wholly-owned indirect subsidiary of Supernus Pharmaceuticals, Inc., wholly owns the patents and patent applications related to GOCOVRI and Osmolex ER and has a license agreement with Supernus Pharmaceuticals, Inc., granting Supernus Pharmaceuticals, Inc. rights to market and sell GOCOVRI and Osmolex ER. Sage Therapeutics, LLC, a wholly-owned indirect subsidiary of Supernus Pharmaceuticals, Inc., has granted Supernus Pharmaceuticals, Inc. a license to market and sell zuranolone in the United States. Overview We are a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system (CNS) diseases. Our diverse neuroscience portfolio includes approved treatments for attention-deficit hyperactivity disorder (ADHD), dyskinesia in Parkinson's Disease (PD) patients receiving levodopa-based therapy, hypomobility in PD, postpartum depression (PPD), epilepsy, migraine, cervical dystonia, and chronic sialorrhea. We are developing a broad range of novel CNS product candidates including new potential treatments for epilepsy, depression, and other CNS disorders. 2025 Acquisition of Sage Therapeutics, Inc. (Sage) and Reorganization On July 31, 2025, the Company completed its previously announced acquisition of Sage when Saphire, Inc., a Delaware corporation and wholly owned subsidiary of the Company (Purchaser), was merged with and into Sage (the Merger), with Sage continuing as the surviving corporation in the Merger as a wholly owned subsidiary of the Company (the Sage Acquisition). At the time of the Sage Acquisition, Sage had an established commercial product in its portfolio, ZURZUVAE. Following the Sage Acquisition, during the third quarter of 2025, Sage Therapeutics, Inc. was reorganized into Sage Therapeutics, LLC. We have a portfolio of commercial products and product candidates. Commercial Products \u2022Qelbree\u00ae (viloxazine) extended-release capsules are a novel non-stimulant product indicated for the treatment of ADHD in adults and pediatric patients 6 years and older. The United States Food and Drug Administration (FDA) approved Qelbree for the treatment of ADHD in pediatric patients 6 to 17 years of age in April 2021, and in adult patients in April 2022. The Company launched Qelbree for pediatric patients in May 2021 and for adult patients in May 2022 in the United States (U.S.). In January 2025, the FDA approved an expanded label update for ITEM 1. BUSINESS. Overview Supernus Pharmaceuticals, Inc. (the Company) is a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system (CNS) diseases. The Company's diverse neuroscience portfolio includes approved treatments for attention-deficit hyperactivity disorder (ADHD), dyskinesia in Parkinson's Disease (PD) patients receiving levodopa-based therapy, hypomobility in PD, postpartum depression (PPD), epilepsy, migraine, cervical dystonia, and chronic sialorrhea. The Company is developing a broad range of novel product candidates for CNS disorders. The Company was incorporated in Delaware, commenced operations in 2005, became publicly traded in 2012, and is listed on the NASDAQ Stock Exchange under the ticker symbol SUPN. Our principal executive offices are located in Rockville, Maryland. Our extensive expertise in product development has been built over the past 30 years: initially as a stand-alone development organization; then, as a United States (U.S.) subsidiary of Shire Plc (Shire, a subsidiary of Takeda Pharmaceutical Company Ltd.); then upon our acquisition of substantially all of the assets of Shire Laboratories, Inc. in 2005, as Supernus Pharmaceuticals, Inc. Acquisition of Sage Therapeutics, Inc. and Reorganization On June 13, 2025, the Company entered into a Merger Agreement to acquire Sage Therapeutics, Inc (Sage). Under the terms of the Merger Agreement, the Company commenced a tender offer to acquire all outstanding shares of Sage, par value $0.001 per share (the Shares and each, a Share), at an offer price of (i) $8.50 per share in cash, less any applicable withholding taxes and without interest (the Cash Amount; an aggregate of approximately $561 million paid as of the acquisition date), plus (ii) one contingent value right per Share (the CVR; an aggregate of approximately $234 million, subject to the achievement of 4 Table of Contents specific contingencies), which repre ITEM 1A. RISK FACTORS. Any investment in our business involves a high degree of risk. Before making an investment decision, you should carefully consider the risks described below, with all of the other information we include in this report and the additional information in the other reports we file with the Securities an", "title": "SUPN - SUPERNUS PHARMACEUTICALS, INC.", "url": "/company/SUPN/" }, { "kind": "company", "summary": "SIC 3580 Refrigeration & Service Industry Machinery; CIK 0000310354; latest 10-K filed 2025-08-04.", "text": "SXI - STANDEX INTERNATIONAL CORP/DE/ SIC 3580 Refrigeration & Service Industry Machinery; CIK 0000310354; latest 10-K filed 2025-08-04. SXI STANDEX INTERNATIONAL CORP/DE/ 0000310354 3580 Refrigeration & Service Industry Machinery Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview We are a diversified industrial manufacturer with leading positions in a variety of products and services that are used in diverse commercial and industrial markets. We have six operating segments that aggregate to five reportable segments. Please refer to Item 1. Business, above, for additional information regarding our segment structure and management strategy. 16 Table of Contents As part of our ongoing strategy: [[GREPCENT_TABLE]] [[\"\",\"o\",\"On February 4, 2025, we acquired McStarlite Co. (\\\"McStarlite\\\"), a leading provider of complex sheet metal aerospace components, financed from our existing Credit Facility. Its results are reported in the Engineering Technologies segment beginning in the third quarter of fiscal year 2025.\"],[\"\",\"o\",\"On November 18, 2024, we acquired Nascent Technology Manufacturing, which designs and produces high-reliability magnetics components for critical defense and industrial applications. Its results are reported in the Electronics segment beginning in the second quarter of fiscal year 2025.\"],[\"\",\"o\",\"On November 14, 2024, we acquired Custom Biogenic Systems, it specializes in the development and manufacturing of advanced cryogenic equipment, including unique isothermal freezers with dry liquid nitrogen technology, to the pharmaceutical and biobank end markets within life sciences. Its results are reported in the Scientific segment beginning in the second quarter of fiscal year 2025.\"],[\"\",\"o\",\"On October 28, 2024, we acquired the Amran/Narayan Group in cash and stock transactions. These transactions represent a combined enterprise value of approximately $467.5 million, comprised of 85% cash and 15% in Standex common stock for Amran Instrument Transformers and 90% cash and 10% in Standex common stock for Narayan Powertech Pvt. Ltd. The 10% share exchange related to Narayan Powertech Pvt. Ltd. is subject to India regulatory approval, which is still pending. The cash consideration of the transactions was financed using cash-on-hand, existing credit facilities, and a $250 million 364-day term loan with existing lenders. We converted the 364-day term loan into an exercise of the accordion feature under our existing credit facilities. This acquisition significantly expands our sales in the fast-growing, high-margin electrical grid end market and our presence in India. Its results are reported in the Electronics segment beginning in the second quarter of fiscal year 2025.\"],[\"\",\"o\",\"On May 3, 2024, we acquired Sanyu Electric Pte Ltd, or SEPL, a privately held distributor of reed relays. Its results are reported in the Electronics segment.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"o\",\"On February 19, 2024, we acquired, through our subsidiary Standex Electronics Japan Corporation, privately-held, Japanese-based Sanyu Switch Co., Ltd (Sanyu). Sanyu designs and manufactures reed relays, test sockets, testing systems for semiconductor and other electronics manufacturing, and other switching applications. Its results are reported in the Electronics segment.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"o\",\"On July 31, 2023, we acquired Minntronix, a privately held company. Minntronix designs and manufactures customized as well as standard magnetics components and products including transformers, inductors, current sensors, coils, chokes, and filters. The products are used in applications across cable fiber, smart meters, industrial control and lighting, electric vehicles, and home security markets. Its results will be reported in the Electronics segment.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"o\",\"In the third quarter of fiscal year 2023, we divested our Procon business for $75.0 million. This transaction reflected the continued simplification of our portfolio and enabled greater focus on managing our larger platforms and pursuing growth opportunities. Proceeds were deployed towa Item 1. Business Standex International Corporation and subsidiaries (\"we,\" \"us,\" \"our,\" the \"Company\" and \"Standex\" is a diversified industrial manufacturer with leading positions in a variety of products and services that are used in diverse commercial and industrial markets. Headquartered in Salem, New Hampshire, we have six operating segments aggregated into five reportable segments: Electronics, Engineering Technologies, Scientific, Engraving and Specialty Solutions. Two operating segments are aggregated into Specialty Solutions. Our businesses work in close partnership with our customers to deliver custom solutions or engineered components that solve their unique and specific needs, an approach we call \"Customer Intimacy.\" Standex was incorporated in 1975 and is the successor of a corporation organized in 1955. We have paid dividends each quarter since Standex became a public corporation in November 1964. Overall management, strategic development and financial control are led by the executive staff at our corporate headquarters. Our growth strategy is focused on four key areas: (1) Increasing our presence in rapidly growing markets and applications (2) executing new product development in both core and adjacent market applications; (3) expanding geographically where meaningful business opportunities exist; and (4) undertaking strategically aligned acquisitions that strengthen and/or expand our core businesses. We direct our investments towards markets with long term, secular growth prospects such as renewable energy, electric vehicles, smart power grid, military and defense and life sciences. Unless otherwise noted, references to years are to fiscal years. Currently our fiscal year end is June 30. Our fiscal year 2025 includes the twelve-month period from July 1, 2024 to June 30, 2025. Our long-term business strategy is to create, improve, and enhance shareholder value by building more profitable, focused industrial platforms through our Standex Value Crea Item 1A. Risk Factors An investment in the Company involves various risks, including those mentioned below and those that are discussed from time to time in our other periodic filings with the Securities and Exchange Commission. Investors should carefully consider these risks, along", "title": "SXI - STANDEX INTERNATIONAL CORP/DE/", "url": "/company/SXI/" }, { "kind": "company", "summary": "SIC 2860 Industrial Organic Chemicals; CIK 0000310142; latest 10-K filed 2026-02-13.", "text": "SXT - SENSIENT TECHNOLOGIES CORP SIC 2860 Industrial Organic Chemicals; CIK 0000310142; latest 10-K filed 2026-02-13. SXT SENSIENT TECHNOLOGIES CORP 0000310142 2860 Industrial Organic Chemicals Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of the Company\u2019s financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the notes to those statements (Part II, Item 8 of this Form 10-K). This section generally discusses the results of our operations for the year ended December 31, 2025, compared to the year ended December 31, 2024. For a discussion of the year ended December 31, 2024, compared to the year ended December 31, 2023, please refer to Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission on February 19, 2025, which is incorporated herein by reference. OVERVIEW Sensient Technologies Corporation (the Company or Sensient) is a leading global manufacturer and marketer of colors, flavors, and other specialty ingredients. The Company uses advanced technologies at facilities around the world to develop specialty food and beverage systems; personal care, essential oils, pharmaceutical, and nutraceutical systems; specialty colors; and other specialty and fine chemicals. The Company\u2019s three reportable segments are the Flavors & Extracts Group and the Color Group, which are both managed on a product line basis, and the Asia Pacific Group, which is managed on a geographic basis. The Company\u2019s corporate expenses, share-based compensation (except for share-based compensation expense associated with stock grants to certain business unit leaders), restructuring and other charges, including the Portfolio Optimization Plan costs, and other costs are included in the \u201cCorporate & Other\u201d category. The Company\u2019s diluted earnings per share were $3.16 in 2025 and $2.94 in 2024. 2025 results were negatively impacted by $15.8 million ($13.8 million after tax, $0.32 per share) of Portfolio Optimization Plan costs. 2024 results were negatively impacted by $6.6 million ($2.5 million after tax, $0.06 per share) of Portfolio Optimization Plan costs. Adjusted diluted earnings per share, which exclude the Portfolio Optimization Plan costs, were $3.48 in 2025 and $3.00 in 2024 (see discussion below regarding non-GAAP financial measures). Additional information on the results is included below. RESULTS OF OPERATIONS 2025 vs. 2024 Revenue Sensient\u2019s revenue was approximately $1.61 billion and $1.56 billion in 2025 and 2024, respectively. Gross Profit The Company\u2019s gross margin was 33.5% in 2025 and 32.6% in 2024. The increase in gross margin was primarily due to higher selling prices and volumes, partially offset by higher raw material costs and higher Portfolio Optimization Plan costs. Gross profit in 2025 and 2024 was negatively impacted by Portfolio Optimization Plan costs totaling $7.5 million and $1.4 million, respectively, which decreased gross margin by approximately 40 basis points and 10 basis points in 2025 and 2024, respectively. See Portfolio Optimization Plan below for further information. Selling and Administrative Expenses Selling and administrative expense as a percent of revenue was 20.6% in 2025 and 20.3% in 2024. Selling and administrative expenses in 2025 and 2024 were increased by Portfolio Optimization Plan costs totaling $8.3 million and $5.3 million, respectively. Selling and administrative expense as a percent of revenue increased by approximately 50 basis points and 40 basis points in 2025 and 2024, respectively, as a result of these costs. See Portfolio Optimization Plan below for further information. Operating Income Operating income was $207.1 million in 2025 and $191.6 million in 2024. Operating margins were 12.8% in 2025 and 12.3% in 2024. Portfolio Optimization Plan costs decreased operating margins by approximately 100 basis points and 40 basis points in 2025 and 2024, Item 1. Business. General Sensient Technologies Corporation (the Company) was incorporated under the laws of the State of Wisconsin in 1882. Its principal executive offices are located at 777 East Wisconsin Avenue, Suite 1100, Milwaukee, Wisconsin 53202-5304, telephone (414) 271-6755. The Company is subject to the informational and reporting requirements of the Securities Exchange Act of 1934, as amended (the Exchange Act). In accordance with the Exchange Act, the Company files annual, quarterly and current reports, proxy statements, and other information with the Securities and Exchange Commission (the Commission). These reports and other information may be accessed from the website maintained by the Commission at https://www.sec.gov. The Company can also be reached at its website at www.sensient.com. The Company\u2019s web address is provided as an inactive textual reference only, and the contents of that website are not incorporated in or otherwise to be regarded as part of this report. The Company makes available free of charge on its website its proxy statement, its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after such documents are electronically filed with or furnished to the Commission. Charters for the Audit, Compensation and Development, Nominating and Corporate Governance, and Executive Committees of the Company\u2019s Board of Directors, as well as the Company\u2019s Code of Conduct, Corporate Governance Guidelines, Policy Relating to Recovery of Erroneously Awarded Compensation, and Non-Employee Directors and Executive Officers Stock Ownership Guidelines are available on the Company\u2019s website. These documents are also available in print to any shareholder, free of charge, upon request. If there are any amendments to the Code of Conduct, or if waivers from it are granted for executi Item 1A. Risk Factors. As with any business, the Company\u2019s business and operations involve risks and uncertainties. In addition to the other discussions in this report, particularly those under the headings \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d below and \u201cForward-Looking St", "title": "SXT - SENSIENT TECHNOLOGIES CORP", "url": "/company/SXT/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001724965; latest 10-K filed 2026-02-25.", "text": "TALO - TALOS ENERGY INC. SIC 1311 Crude Petroleum & Natural Gas; CIK 0001724965; latest 10-K filed 2026-02-25. TALO TALOS ENERGY INC. 0001724965 1311 Crude Petroleum & Natural Gas Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations is based on, and should be read in conjunction with our Consolidated Financial Statements and the Notes to Consolidated Financial Statements set forth in Part IV, Item 15. Exhibits and Financial Statement Schedules; Part I, Items 1 and 2. Business and Properties; Part I, Item 1A. Risk Factors; and Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk. This discussion and analysis contains forward-looking statements that involve risk and uncertainties. Actual results may differ materially from those anticipated in these forward-looking statements. This section of this Annual Report generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report can be found in \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 27, 2025. Our Business We are a technically driven, innovative, independent energy company focused on maximizing long-term value through our Upstream business in the U.S. Gulf of America and offshore Mexico. We leverage decades of technical and offshore operational expertise to acquire, explore, and produce assets in key geological trends while maintaining a focus on safe and efficient operations, environmental responsibility and community impact. We combine our technical experience in geology, geophysics and engineering with innovative resource evaluation techniques and seismic imaging expertise to discover new resources. We rely on our operational experience to optimize our assets\u2019 production and reserve recovery, safely and responsibly. Finally, we leverage our commercial and corporate management experience to most effectively allocate our capital to balance risk and reward, grow our business and maximize long-term stockholder value. Outlook In 2026, we anticipate continued commodity price uncertainty, evolving global macroeconomic conditions, regulatory pressures, and shifting external expectations. Outlooks for crude oil and natural gas prices remain mixed, with some industry sources and analysts expecting prices to soften in 2026 while others anticipate improvement over 2025 levels, reflecting the ongoing unpredictability of global energy markets that will continue to influence the importance of maintaining financial and operational flexibility. Fluctuating commodity prices will directly affect our revenues. We intend to prioritize high-margin oil production in 2026 underpinned by balanced investment in infrastructure-led development, exploration and appraisal, and multi-well development as part of the Monument Project. Capital expenditures guidance for 2026 is expected to range from $500 to $550 million. Abandonment and decommissioning expenditures are expected to range from $100 to $130 million. Non-operated capital expenditures are expected to be 40% of capital expenditures, which is an increase year over year and largely driven by the Monument Project. Approximately 10% of capital expenditures will be allocated to exploration. Production for 2026 is expected to be in the range of 62 to 66 MBopd; 85 to 90 MBoepd. Tropical Storm Risk\u2019s extended outlook for the 2026 Atlantic hurricane season indicates activity in line with long\u2011term averages\u201414 named storms, 7 hurricanes, and 4 major hurricanes. We incorporate expected weather\u2011related downtime into our operational and financial planning to maintain flexibility and support achievement of production objectives. Operational Update CPN \u2014 During the first quarter of 2026, we successfully drilled the CPN well with first production expected in the Item 1A. Risk Factors We face risks in the normal course of business and through global, regional and local events that could have an adverse impact on our operations and financial performance. The following are some important risk factors that could cause our actual results to differ materially from those projected in any forward-looking statements. If any of the events or circumstances described in any of the following risk factors occurs, our business, results of operations and/or financial condition, as well as the trading price of our common stock and future prospects, could be materially and adversely affected, and our actual results may differ materially from those contemplated in any forward-looking statements we make in any public disclosures. These risks reflect the Company\u2019s beliefs and opinions as to factors that could materially and adversely affect the Company and its securities in the future. References to past events are provided by way of example only and are not intended to be a complete listing or representation as to whether or not such factors have occurred in the past or their likelihood of occurring in the future. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that adversely affect our business. Risks Related to our Business and the Oil and Natural Gas Industry Oil and natural gas prices are volatile and prolonged price declines could materially adversely affect our business, financial condition, results of operations, cash flows, access to capital, and our ability to replace and grow future production. Among the most significant variable factors impacting our business and financial condition are the sales prices for crude oil and natural gas that we produce. Prices we receive for our oil and natural gas depend on numerous factors beyond our control, including, among other", "title": "TALO - TALOS ENERGY INC.", "url": "/company/TALO/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001295401; latest 10-K filed 2026-02-25.", "text": "TBBK - Bancorp, Inc. SIC 6021 National Commercial Banks; CIK 0001295401; latest 10-K filed 2026-02-25. TBBK Bancorp, Inc. 0001295401 6021 National Commercial Banks Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) provides information about the Company\u2019s results of operations, financial condition, liquidity and asset quality and provides comparisons between our results of operations for fiscal years 2025 and 2024. For discussion and comparison of fiscal years 2024 and 2023, see Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on 10-K, as amended, for the fiscal year ended December 31, 2024, filed with the SEC on April 7, 2025. This information is intended to facilitate your understanding and assessment of significant changes and trends related to our financial condition and results of operations. This MD&A should be read in conjunction with the audited consolidated financial statements and notes thereto contained in this Annual Report on Form 10-K. The MD&A is organized in the following sections: \uf0b7Overview \uf0b7Executive Summary \uf0b7Results of Operations \uf0b7Financial Condition \uf0b7Liquidity and Capital Resources \uf0b7Asset and Liability Management \uf0b7Critical Accounting Estimates Overview We are a Delaware financial holding company, and our primary, wholly-owned subsidiary is The Bancorp Bank, National Association. The Bank is a federally chartered commercial bank located in Sioux Falls, South Dakota and is a FDIC insured institution. The vast majority of our revenue and income is currently generated through the Bank. Our business strategy is focused on Fintech Solutions, which partners with fintech companies and other technology focused payment-based providers (collectively \u201cpartners\u201d) to deliver payment, deposit, and sponsored lending products that attract stable, lower-cost deposits and generate fee income. Our fintech services are provided to organizations with a pre-existing customer base, and the products are tailored to support or complement the services provided by these organizations to their customers. We typically provide these services under the name and through the facilities of each organization with whom we develop a relationship. Fintech services include: Program sponsorship includes debit, credit and prepaid cards that we issue for companies that market directly to end users. Our card-accessed deposit account types are diverse and include: consumer and business debit, general purpose reloadable prepaid, pre-tax medical spending benefit, payroll, gift, government, corporate incentive, reward, business payment accounts and others. The Bank issues the cards, provides access to the card networks, maintains deposits, and is the sponsor bank of record for accounts. Payment services delivers real-time, end-to-end payment processing, including automated clearing house (\u201cACH\u201d) and Rapid Funds Transfer products. Our ACH accounts facilitate bill payments and our acquiring accounts provide clearing and settlement services for payments made to merchants which must be settled through associations such as Visa or Mastercard. Sponsored lending, or Fintech loans, consist of secured credit cards and unsecured short-term extensions of credit that are originated by the Bank, with the marketing and servicing assistance of our partners. The revenue generated through fintech loan agreements is primarily fee revenue, and not interest income. Deposits generated through these partner relationships are deployed into loan and lease products offered by both Fintech sponsored lending and the Credit Solutions business line. As of December 31, 2025, 91% of our total deposits were sourced from the Fintech Solutions business, primarily from program sponsorship. 43 Credit Solutions is our lending business and is focused on offering flexible, specialty credit solutions, and we develop customized products and programs to meet the needs of our clients. Our loan programs include: Real estate ITEM 1. BUSINESS. Overview The Bancorp, Inc. (the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or \u201cthe holding company\u201d) is a Delaware financial holding company and our primary, wholly-owned subsidiary is The Bancorp Bank, National Association (the \u201cBank\u201d). The Bank is a federally chartered commercial bank located in Sioux Falls, South Dakota and is a Federal Deposit Insurance Corporation (\u201cFDIC\u201d) insured institution. The vast majority of our revenue and income is generated through the Bank. As described more fully below, our business strategy is focused on Fintech Solutions, including program sponsorship, payment services, and sponsored lending. We expect our fintech business to generate non-interest income and attract stable, lower cost deposits which we then seek to deploy into lower risk assets in specialized markets through the specialty lending activities of our Credit Solutions business. An overview of our operations follows, including discussion of Fintech Solutions, Credit Solutions, and Other Operations. Fintech Solutions We are a leading fintech bank, focused on partnering with fintech innovators and providing a dynamic portfolio of payment and lending solutions. Our focus is on continually evolving our product offerings to meet the needs and goals of different partners, and building a strong foundation of technology and services, while maintaining a focus on strong and effective regulatory compliance. The Fintech Solutions business line partners with fintech companies and other technology focused payment-based providers (collectively \u201cpartners\u201d) to deliver payment, deposit, and sponsored lending products that attract stable, lower-cost deposits and generate fee income. Deposits generated through these partner relationships are deployed into loan and lease products offered by both Sponsored Lending and the Credit Solutions business line. Our fintech services are provided to organizations with a pre-existing customer base, and the products are tailored to support o ITEM 1A. RISK FACTORS. Investing in our common stock involves risk. The following risk factors, the information set forth under \u201cCautionary Note Regarding Forward-Looking Statements\u201d and all of the other information contained in this Annual Report on Form 10-K should be read carefully in connection with evaluating our business. The risks and uncertainties d", "title": "TBBK - Bancorp, Inc.", "url": "/company/TBBK/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0000816761; latest 10-K filed 2026-02-27.", "text": "TDC - TERADATA CORP /DE/ SIC 7372 Services-Prepackaged Software; CIK 0000816761; latest 10-K filed 2026-02-27. TDC TERADATA CORP /DE/ 0000816761 7372 Services-Prepackaged Software Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (\"MD&A\") You should read the following discussion in conjunction with the consolidated financial statements and the notes to those statements included in this Annual Report on Form 10-K (\"Annual Report\"). This Annual Report contains certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Certain statements contained in the MD&A are forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to several factors, including those discussed in other sections of this Annual Report. See \"Risk Factors\" and \"Forward-looking Statements.\" OVERVIEW At Teradata Corporation (\"we,\" \"us,\" \"Teradata,\" or the \"Company\"), we are focused on helping organizations activate the intelligence in their enterprise and turn the insights from across their organization into outcomes. We believe that we have architected our platform for autonomous AI operations and organizations\u2019 toughest data and analytics challenges, particularly as enterprises are evaluating how to cost effectively deploy agentic AI. We\u2019ve also seen a resurgence of hybrid environments that reflected a growing understanding of how enterprises can best leverage both on-premises and cloud deployment options to meet their diverse business needs. With our AI and knowledge platform, underpinned by our extensive patented workload management optimization technology, we believe we are well positioned to help enterprises become more autonomous, while enabling our customers to focus on managing, securing, and providing trustworthy data for AI and analytics across hybrid and multi-cloud environments. Teradata\u2019s business, key priorities, and strategy is discussed under Part I, Item I of this Annual Report on Form 10-K. To allow for greater transparency regarding the progress we are making toward achieving our strategic objectives, we utilize the following financial and performance metrics: \u2022Total Annual Recurring Revenue (\"Total ARR\") - annual contract value for all active and contractually binding term-based contracts at the end of the period, including cloud, recurring AI services, subscriptions, hardware rental, maintenance and software upgrade rights. \u2022Public Cloud ARR (included within Total ARR) - annual contract value for all active and contractually binding term-based contracts at the end of the period that are operated in a public cloud environment. \u2022Cloud Net Expansion Rate - Teradata calculates its last-twelve months dollar-based cloud net expansion rate as of a fiscal quarter end as follows: \u25e6We identify the ARR for active cloud customers in the fiscal quarter ending one year prior to the given fiscal quarter (the \"base period\"); \u25e6We then identify the public cloud ARR in the given fiscal quarter (the \"current period\") from the same set of active cloud customers as the base period, including increases in usage, as well as reductions and cancellations, and additional conversions of on-premises revenues to the cloud for customers active in the base period, all in constant currency; and \u25e6The quarterly dollar-based, cloud net expansion rate is calculated by taking the ARR from the current period and dividing by the ARR from the base period. The last twelve-month dollar-based cloud net expansion rate is calculated by taking the average of the quarterly dollar-based cloud net expansion rate from the last fiscal quarter and the prior three fiscal quarters. 32 Table of Contents 2025 FINANCIAL OVERVIEW As more fully discussed in later sections of this MD&A, the following are the financial highlights for 2025: \u2022Rev Item 1. BUSINESS Overview. At Teradata Corporation (\"we,\" \"us,\" \"Teradata,\" or the \"Company\"), we are focused on helping organizations activate the intelligence in their enterprise and turn the insights from across their organization into outcomes. In the agentic future, AI agents have enterprise context, can act on it in milliseconds and address continuous decisions at enterprise scale. This new landscape demands a new system of intelligence, and we believe Teradata is uniquely suited to provide this with our autonomous AI and knowledge platform as well as our data and analytics capabilities. We believe that we have architected our platform for autonomous AI operations and organizations\u2019 toughest data and analytics challenges, particularly as enterprises are evaluating how to cost effectively deploy agentic AI. We also saw a resurgence of hybrid environments that reflected a growing understanding of how enterprises can best leverage both on-premises and cloud deployment options to meet their diverse business needs. Our platform is designed for data and analytics that can give customers the opportunity to run agentic AI at scale wherever that data resides in their business \u2013 whether public cloud, on-premises, private cloud, or a combination. With our AI and knowledge platform, underpinned by our extensive patented workload management optimization technology, we believe we are well positioned to help enterprises become autonomous enterprises, with a governance layer that is intended to provide the ability for customers to focus on managing, securing, and providing trustworthy data for AI and analytics across hybrid and multi-cloud environments. Our AI and Knowledge Platform We believe our technology strengths are the foundation for agentic AI at scale. Our platform is designed for enterprise-grade workloads. It is built on a massively parallel architecture, with patented workload management, query optimization, and predictable costs that are designed to deliver Item 1A. RISK FACTORS You should carefully consider each of the following risk factors and all other information set forth in this Annual Report. Based on the information currently known to us, we believe that the following information identifies the most significant risk factors affecting our company in each of these categories of risks. H", "title": "TDC - TERADATA CORP /DE/", "url": "/company/TDC/" }, { "kind": "company", "summary": "SIC 4813 Telephone Communications (No Radiotelephone); CIK 0001051512; latest 10-K filed 2026-02-24.", "text": "TDS - TELEPHONE & DATA SYSTEMS INC /DE/ SIC 4813 Telephone Communications (No Radiotelephone); CIK 0001051512; latest 10-K filed 2026-02-24. TDS TELEPHONE & DATA SYSTEMS INC /DE/ 0001051512 4813 Telephone Communications (No Radiotelephone) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [[\"Index to Management's Discussions and Analysis of Financial Condition and Results of Operations (MD&A)\",\"\",\"Page No.\"],[\"Executive Overview\",\"22\"],[\"Terms used by TDS\",\"24\"],[\"Results of Operations \\u2013 TDS Consolidated\",\"25\"],[\"TDS Telecom Operations\",\"29\"],[\"Array Operations\",\"35\"],[\"Liquidity and Capital Resources\",\"40\"],[\"Consolidated Cash Flow Analysis\",\"44\"],[\"Consolidated Balance Sheet Analysis\",\"45\"],[\"Application of Critical Accounting Policies and Estimates\",\"47\"],[\"Private Securities Litigation Reform Act of 1995 Safe Harbor Cautionary Statement\",\"49\"],[\"Market Risk\",\"51\"],[\"Supplemental Information Relating to Non-GAAP Financial Measures\",\"52\"]] [[/GREPCENT_TABLE]] 21 Index to MD&A [[GREPCENT_TABLE]] [[\"\",\"Telephone and Data Systems, Inc.Management\\u2019s Discussion and Analysis of Financial Conditionand Results of Operations\"]] [[/GREPCENT_TABLE]] Executive Overview The following Management\u2019s Discussion and Analysis (MD&A) should be read in conjunction with the audited consolidated financial statements and notes of Telephone and Data Systems, Inc. (TDS) for the year ended December 31, 2025, and with the description of TDS\u2019 business included herein. Certain numbers included herein are rounded to thousands or millions for ease of presentation; however, certain calculated amounts and percentages are determined using the unrounded numbers. This report contains statements that are not based on historical facts, which may be identified by words such as \u201cbelieves,\u201d \u201canticipates,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cplans,\u201d \u201cintends,\u201d \u201cprojects,\u201d \u201cwill\u201d and similar expressions. These statements constitute and represent \u201cforward looking statements\u201d as this term is defined in the Private Securities Litigation Reform Act of 1995. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be significantly different from any future results, events or developments expressed or implied by such forward looking statements. See the disclosure under the heading Private Securities Litigation Reform Act of 1995 Safe Harbor Cautionary Statement elsewhere in this report for additional information. The accounting policies of TDS conform to accounting principles generally accepted in the United States of America (GAAP). However, TDS uses certain \u201cnon-GAAP financial measures\u201d in the MD&A and the business segment information. A discussion of the reasons TDS determines these metrics to be useful and reconciliations of these measures to their most directly comparable measures determined in accordance with GAAP are included in the disclosure under the heading Supplemental Information Relating to Non-GAAP Financial Measures within the MD&A of this report. On August 1, 2025, United States Cellular Corporation, a 82.0%-owned subsidiary of TDS, changed its name to Array Digital Infrastructure, Inc. (Array). Array is used throughout this report even when referring to historical periods. General TDS is a diversified telecommunications company that provides high-quality communications services. TDS provides broadband, video, voice and wireless services through its wholly-owned subsidiary, TDS Telecommunications LLC (TDS Telecom). Array leases tower space to tenants and provides ancillary services, holds noncontrolling interests in primarily wireless operating companies and holds certain wireless spectrum licenses. TDS operates entirely in the United States. See Note 20 \u2014 Business Segment Information in the Notes to Consolidated Financial Statements for additional information about TDS' segments. 2025 Operating Revenues by Segment* *Represents revenues related to continuing operations. 22 Index to MD&A TDS Mission and Strategy TDS\u2019 mission is to provide outstanding communications services to its customers and meet the needs of its shar Item 1. Business Telephone and Data Systems, Inc. (TDS) provides high-quality communications services to customers through its wholly-owned subsidiary TDS Telecommunications LLC (TDS Telecom) with 1.1 million broadband, video, voice and wireless connections at December 31, 2025. TDS leases tower space to tenants and provides ancillary services, holds noncontrolling interests in primarily wireless operating companies and holds certain wireless spectrum licenses through its majority-owned subsidiary Array Digital Infrastructure, Inc. (Array). As of December 31, 2025, TDS owned 82.0% of the combined total of the outstanding Common Shares and Series A Common Shares of Array and controlled 95.9% of the combined voting power of both classes of Array common stock. TDS Common Shares trade under the ticker symbol \u201cTDS\u201d on the New York Stock Exchange (NYSE). Array Common Shares trade on the NYSE under the ticker symbol \u201cAD.\u201d Under listing standards of the NYSE, TDS is a \u201ccontrolled company\u201d as such term is defined by the NYSE. TDS is a controlled company because over 50% of the voting power for the election of a majority of the directors of TDS is held by the trustees of the TDS Voting Trust. On August 1, 2025, United States Cellular Corporation changed its name to Array Digital Infrastructure, Inc.. Array is used throughout this report even when referring to historical periods. TDS has two reportable segments: TDS Telecom and Array. TDS operations also include the operations of its wholly-owned subsidiary Suttle-Straus, Inc. (Suttle-Straus). Suttle-Straus\u2019 financial results were not significant to TDS\u2019 operations. All of TDS' segments operate entirely in the United States. See Note 20 \u2014 Business Segment Information in the Notes to Consolidated Financial Statements for additional information about TDS' segments. 1 Table of Contents TDS TELECOM OPERATIONS General TDS Telecom provides communications services to 1.1 million connections in 30 states through its high-qual Item 1A. Risk Factors PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 SAFE HARBOR CAUTIONARY STATEMENT This Annual Report on Form 10-K, including exhibits, contains statements that are not based on historical facts and represent forward-looking statements, as this term is defined in ", "title": "TDS - TELEPHONE & DATA SYSTEMS INC /DE/", "url": "/company/TDS/" }, { "kind": "company", "summary": "SIC 4400 Water Transportation; CIK 0000098222; latest 10-K filed 2026-03-02.", "text": "TDW - TIDEWATER INC SIC 4400 Water Transportation; CIK 0000098222; latest 10-K filed 2026-03-02. TDW TIDEWATER INC 0000098222 4400 Water Transportation ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the accompanying Consolidated Financial Statements included in Item 8 of this Form 10-K. The following discussion and analysis contain forward-looking statements that involve risks and uncertainties. Our future results of operations could differ materially from our historical results or those anticipated in our forward-looking statements as a result of certain factors, including those set forth under \u201cRisk Factors\u201d in Item 1A and elsewhere in this Form 10-K. With respect to this section, the cautionary language applicable to such forward-looking statements described under \u201cForward-Looking Statements\u201d found before Item 1 of this Form 10-K is incorporated by reference into this Item 7. EXECUTIVE SUMMARY AND CURRENT BUSINESS OUTLOOK Tidewater We are one of the most experienced international operators in the offshore energy industry with a history spanning over 65 years. Our vessels and associated vessel services provide support for all phases of offshore oil and gas exploration, development and production as well as windfarm development and maintenance. These services include towing and anchor handling for mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workover and production activities; providing offshore construction and seismic and subsea support; delivering geotechnical survey support for windfarm construction, and offering a variety of other specialized services such as pipe laying and cable laying. In addition, we believe we have the broadest geographic operating footprint in the offshore vessel industry. Our global operating footprint allows us to react quickly to changing local market conditions and to be responsive to the changing requirements of the many customers with which we believe we have strong relationships. On February 22, 2026, we entered into a definitive agreement to acquire all outstanding shares of Wilson Sons Ultratug Participa\u00e7\u00f5es S.A and its affiliate Atlantic Offshore Services S.A. (collectively, the Wilson Companies) from Wilson Sons S.A., Ultranav International II, S.A. and Remolcadores Ultratug Limitada (collectively, the Wilson Sellers). The Wilson Companies own 22 platform supply vessels operating in Brazil. We will pay the Wilson Sellers an aggregate cash purchase price of $500.0 million on a debt free, cash free basis, subject to adjustments, including a reduction for the assumption of the Wilson Companies\u2019 debt which was approximately $261.0 million as of September 30, 2025. The final debt amount will be determined upon completion of this transaction. The transaction is subject to customary closing conditions, including approval from the Brazilian Antitrust Authority and the consent of the lenders to the Wilson Companies, and is expected to close late in the second quarter of 2026. In the fourth quarter of 2025, we completed a strategic internal restructuring of our vessel ownership (Vessel Realignment) to consolidate a significant portion of the fleet into a single, wholly owned U.S. entity. As a result, we recognized a one-time, non-cash deferred tax benefit in the Consolidated Income Statement for the year ended December 31, 2025. On July 7, 2025, we issued $650.0 million in 9.125% Senior Notes that mature in July 2030 (2030 Notes). With the proceeds of the offering, we redeemed most of our outstanding debt as of June 30, 2025, including accrued interest and early redemption premiums. Also on July 7, 2025, we executed the $250.0 million Revolving Credit Facility that replaced our previous $25.0 million credit facility. As of the date of this filing, no amounts have been drawn under the Revolving Credit Facility. On March 7, 2023, we entered into an Agreement for the Sale and Purchase of Vessels, Chart ITEM 1. BUSINESS Unless otherwise required by the context, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and \u201cthe company\u201d as used herein refer to Tidewater Inc. and its consolidated subsidiaries and predecessors. About Tidewater We have provided marine and transportation services to the global offshore energy industry since our incorporation in 1956. Our mission includes providing services to our customers with the highest level of operational performance, while complying with laws and regulations, respecting the environment and local communities in which we work and supporting the safety of our people. We offer a large, diversified fleet of offshore service vessels (OSV) and related support vessels (collectively, vessels), with 208 vessels serving customers in over 30 countries as of December 31, 2025. We believe our global operating footprint allows us to react quickly to changing local market conditions and to be responsive to the changing requirements of our customers. We manage our operations through five geographically aligned reporting segments: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Americas\"],[\"\",\"\\u25cf\",\"Asia Pacific\"],[\"\",\"\\u25cf\",\"Middle East\"],[\"\",\"\\u25cf\",\"Europe/Mediterranean\"],[\"\",\"\\u25cf\",\"West Africa\"]] [[/GREPCENT_TABLE]] Each reporting segment is overseen by a managing director, who is a senior company executive ultimately reporting to our Chief Executive Officer, the chief operating decision maker. Our vessels routinely move between geographic regions as our customers complete projects and new projects arise. We conduct our business through domestic and international subsidiaries, as well as through joint ventures that we may or may not control (generally where required to satisfy local ownership or local content requirements). Our vessels and associated services support all phases of offshore crude oil and natural gas (also referred to as oil and gas) exploration, field development, production and maintenance, as well as windfarm development and maintenance ITEM 1A. RISK FACTORS The following discussion of risk factors contains forward-looking statements. These risk factors may be important to understanding other statements in this Form 10-K. The following information should be read in conjunction with Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and the ", "title": "TDW - TIDEWATER INC", "url": "/company/TDW/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001539638; latest 10-K filed 2026-02-11.", "text": "TFIN - Triumph Financial, Inc. SIC 6022 State Commercial Banks; CIK 0001539638; latest 10-K filed 2026-02-11. TFIN Triumph Financial, Inc. 0001539638 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Cautionary Note Regarding Forward-Looking Statements This document contains forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as \u201cmay,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201cbelieve,\u201d \u201cwill likely result,\u201d \u201cexpect,\u201d \u201ccontinue,\u201d \u201cwill,\u201d \u201canticipate,\u201d \u201cseek,\u201d \u201cestimate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cprojection,\u201d \u201cwould\u201d and \u201coutlook,\u201d or the negative version of those words or other comparable of a future or forward-looking nature. These forward-looking statements are not historical facts and are based on current expectations, estimates and projections about our industry, management\u2019s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: \u2022business and economic conditions generally and in the bank and non-bank financial services industries, nationally and within our local market areas; \u2022our ability to mitigate our risk exposures; \u2022our ability to maintain our historical earnings trends; \u2022changes in management personnel; \u2022interest rate risk; \u2022concentration of our products and services in the transportation industry; \u2022credit risk associated with our loan portfolio; \u2022lack of seasoning in our loan portfolio; \u2022deteriorating asset quality and higher loan charge-offs; \u2022time and effort necessary to resolve nonperforming assets; \u2022inaccuracy of the assumptions and estimates we make in establishing reserves for probable loan losses and other estimates; \u2022risks related to the integration of acquired businesses and any future acquisitions; \u2022our ability to successfully identify and address the risks associated with our possible future acquisitions, and the risks that our prior and possible future acquisitions make it more difficult for investors to evaluate our business, financial condition and results of operations, and impairs our ability to accurately forecast our future performance; \u2022lack of liquidity; \u2022fluctuations in the fair value and liquidity of the securities we hold for sale; \u2022impairment of investment securities, goodwill, other intangible assets or deferred tax assets; \u2022our risk management strategies; \u2022environmental liability associated with our lending activities; \u2022increased competition in the bank and non-bank financial services industries, nationally, regionally or locally, which may adversely affect pricing and terms; 52 Table of Contents \u2022the accuracy of our financial statements and related disclosures; \u2022material weaknesses in our internal control over financial reporting; \u2022system failures or failures to prevent breaches of our network security; \u2022the institution and outcome of litigation and other legal proceedings against us or to which we become subject; \u2022changes in carry-forwards of net operating losses; \u2022changes in federal tax law or policy; \u2022the impact of recent and future legislative and regulatory changes, including changes in banking, securities and tax laws and regulations, such as the Dodd-F ITEM 1. BUSINESS. Overview Triumph Financial, Inc. (\u201cwe,\u201d \u201cTriumph Financial\u201d or the \u201cCompany\u201d) is a financial holding company headquartered in Dallas, Texas and registered under the Bank Holding Company Act of 1956, as amended (the \u201cBHC Act\u201d). We offer a diversified line of banking, factoring, payments, and intelligence services. At December 31, 2025, our business is primarily focused on providing financial services to participants in the for-hire trucking ecosystem in the United States, including Brokers, Shippers, Factors and Carriers. Within such ecosystem we operate our payments platform which connects such parties to streamline and optimize the presentment, audit and payment of transportation invoices, and we act as capital provider to the Carrier industry through our factoring business. We also offer data services through our Intelligence offerings. Our traditional banking operations provide stable, low cost deposits to support our operations, a diversified lending portfolio to add stability to our balance sheet, and a suite of traditional banking products and services to participants in the for-hire trucking ecosystem to deepen our relationship with such clients. We believe our integrated business model distinguishes us from other banks and non-bank financial services companies in the markets in which we operate. As of December 31, 2025, we had consolidated total assets of $6.381 billion, total loans held for investment of $4.991 billion, total deposits of $4.950 billion and total stockholders\u2019 equity of $941.8 million. Our business is conducted through four reportable segments (Banking, Factoring, Payments, and Intelligence). For the year ended December 31, 2025, our Banking segment generated 57% of our total segment revenue (comprised of interest and noninterest income), our Factoring segment generated 31% of our total segment revenue, our Payments segment generated 11% of our total segment revenue, and our Intelligence segment generated 1% of our tot ITEM 1A. RISK FACTORS. Our business and results of operations are subject to numerous risks and uncertainties, many of which are beyond our control. The material risks and uncertainties that management believes affect the Company are described below. Additional risks and uncertainties that management is not aware of or that management currently deems imm", "title": "TFIN - Triumph Financial, Inc.", "url": "/company/TFIN/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000096943; latest 10-K filed 2026-02-27.", "text": "TFX - TELEFLEX INC SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000096943; latest 10-K filed 2026-02-27. TFX TELEFLEX INC 0000096943 3841 Surgical & Medical Instruments & Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview We are a global provider of medical technology products focused on enhancing clinical benefits, improving patient and provider safety and reducing total procedural costs. We primarily design, develop, manufacture and supply medical devices used by hospitals and healthcare providers supporting high-acuity emergent procedures. Substantially all of our net revenues come from single-use medical devices. We market and sell our products 31 worldwide through a combination of our direct sales force and distributors. Because our products are used in numerous markets and for a variety of procedures, we are not dependent upon any one end-market or procedure. We are focused on achieving consistent, sustainable and profitable growth by increasing our market share and improving our operating efficiencies. We evaluate our portfolio of products and businesses on an ongoing basis to ensure alignment with our overall objectives. Based on our evaluation, we may seek to optimize utilization of our facilities through restructuring initiatives designed to further reduce our cost base and enhance our competitive position. In addition, we may continue to explore opportunities to expand the size of our business and improve our margins through a combination of acquisitions and distributor to direct sales conversions, which generally involve our elimination of a distributor from the sales channel, either by acquiring the distributor or terminating the distributor relationship (in some instances, the conversions involve our acquisition or termination of a master distributor and the continued sale of our products through sub-distributors). Our distributor to direct sales conversions are designed to facilitate improved product pricing and more direct access to the end users of our products within the sales channel. Further, we may identify opportunities to expand our margins through strategic divestitures of existing businesses and product lines that no longer meet our objectives. Recent Strategic Actions In February 2025, we announced our intention to undertake a strategic transformation of the organization. In accordance with this strategy, on December 9, 2025, we announced that we entered into definitive agreements to sell our Acute Care and Interventional Urology (also referred to as \"IU\") businesses to Intersurgical\u00ae Ltd and our OEM business to Montagu and Kohlberg (collectively referred to as the \"Strategic Divestitures\"). The combined total consideration from the Strategic Divestitures is $2.0 billion in cash, consisting of expected proceeds of approximately $1.5 billion for our OEM business and $530 million for our Acute Care and IU businesses. Both transactions, which were approved at the same time by our Board of Directors, remain subject to certain closing adjustments, customary regulatory approvals and other closing conditions and are expected to be completed in the second half of 2026. We expect to receive net after\u2011tax proceeds of approximately $1.8 billion upon the completion of both sales. We intend to use the net proceeds primarily to return capital to shareholders through share repurchases and pay down debt, enhancing our financial flexibility to support our growth strategy. In connection with the Strategic Divestitures, we have negotiated transition services agreements and other arrangements intended to govern ongoing activities between Teleflex and the respective buyers following the closing dates of the transactions, including interim operating model arrangements and manufacturing and supply services. Although the material terms of these agreements have been substantially determined, they remain subject to finalization and execution. We expect to complete and execute these agreements at the close of each transaction. The Strategic Divestitures represent a single plan to exit certain product categories that, in aggregate, meet ITEM 1. BUSINESS Teleflex Incorporated is referred to herein as \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cTeleflex\u201d and the \u201cCompany.\u201d THE COMPANY Teleflex is a global provider of medical technology products that enhance clinical benefits, improve patient and provider safety and reduce total procedural costs. We primarily design, develop, manufacture and supply single-use medical devices used by hospitals and healthcare providers for common diagnostic and therapeutic procedures in critical care and surgical applications. We market and sell our products to hospitals and healthcare providers worldwide through a combination of our direct sales force and distributors. Because our products are used in numerous markets and for a variety of procedures, we are not dependent upon any one end-market or procedure. Our major manufacturing operations are located in the Czech Republic, Malaysia, Mexico and the United States (the \"U.S.\"). We are focused on achieving consistent, sustainable and profitable growth and improving our financial performance by increasing our market share and improving our operating efficiencies through: \u2022development of new products and product line extensions; \u2022investment in new technologies and broadening the application of our existing technologies; \u2022expansion of the use of our products in existing markets and introduction of our products into new geographic markets; \u2022achievement of economies of scale as we continue to expand by utilizing our direct sales force and distribution network to sell new products, as well as by increasing efficiencies in our sales and marketing organizations, research and development activities and manufacturing and distribution facilities; and \u2022expansion of our product portfolio through select acquisitions, licensing arrangements and business partnerships that enhance, expand or expedite our development initiatives or our ability to increase our market share. Our research and development capabilities, commitment to engineering excellenc ITEM 1A. RISK FACTORS In addition to the other information set forth in this Annual Report on Form 10-K, you should carefully consider the following factors which could have a material adverse effect on our business, financial condition, results of operations, cash flows or stock price. The risks below are not the only ri", "title": "TFX - TELEFLEX INC", "url": "/company/TFX/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001001316; latest 10-K filed 2026-02-27.", "text": "TGTX - TG THERAPEUTICS, INC. SIC 2834 Pharmaceutical Preparations; CIK 0001001316; latest 10-K filed 2026-02-27. TGTX TG THERAPEUTICS, INC. 0001001316 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis contains forward-looking statements regarding our business, operations, financial condition, and prospects. Forward-looking statements are based on various assumptions and estimates that are inherently subject to significant risks and uncertainties, and our results could differ materially from those anticipated as a result of many known or unknown factors, including, but not limited to, those factors discussed in \u201cRisk Factors.\u201d See also the \u201cSpecial Cautionary Notice Regarding Forward-Looking Statements\u201d included at the beginning of this Annual Report on Form 10-K. 56 Table of Contents You should read the following discussion and analysis in conjunction with \u201cItem 8. Financial Statements and Supplementary Data,\u201d and our consolidated financial statements beginning on page F-1 of this report. Overview TG Therapeutics is a fully integrated, commercial stage, biotechnology company focused on the acquisition, development and commercialization of novel treatments for B-cell diseases. In addition to a research pipeline, TG Therapeutics has received approval from the U.S. Food and Drug Administration (FDA) for BRIUMVI (ublituximab-xiiy) to treat adult patients with relapsing forms of multiple sclerosis (RMS), including clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease, as well as approval from several regulatory agencies outside of the U.S. for BRIUMVI to treat adult patients with RMS who have active disease defined by clinical or imaging features. We also actively evaluate complementary products, technologies and companies for in-licensing, partnership, acquisition and/or investment opportunities. Commercial Launch and Market Dynamics BRIUMVI (ublituximab-xiiy), an anti-CD20 monoclonal antibody indicated for the treatment of relapsing forms of multiple sclerosis (RMS), was approved by the U.S. Food and Drug Administration (FDA) in December 2022 and commercially launched in the United States in January 2023. BRIUMVI is administered as a one-hour, twice per year infusion following the starting dose. Since launch, our commercialization efforts have focused on expanding prescriber awareness, increasing penetration across infusion centers and neurology practices, securing payer coverage, and supporting patient access within a competitive RMS treatment landscape. We believe BRIUMVI\u2019s clinical profile, including its one-hour infusion time and twice-annual dosing schedule, together with demonstrated efficacy and safety in pivotal trials and accumulating real-world experience, supports its positioning within the anti-CD20 therapeutic class. The anti-CD20 class represents a significant segment of the RMS market, reflecting physician familiarity with the mechanism of action and long-term treatment considerations. Our ability to expand adoption is dependent on continued execution across access and site-of-care pathways; however, uptake may be influenced by factors including established prescribing practices, patient switching dynamics, payer coverage and utilization management requirements, competitive contracting, site-of-care logistics, and evolving treatment guidelines. In August 2023, we entered into a Commercialization Agreement with Neuraxpharm Pharmaceuticals, S.L. (Neuraxpharm), pursuant to which Neuraxpharm obtained rights to commercialize BRIUMVI outside the United States. Under the agreement, we are eligible to receive milestone payments, royalties and revenue from product supply to Neuraxpharm. The timing and magnitude of ex-U.S. revenues depend on country-specific regulatory approvals, pricing and reimbursement determinations, launch timing, and commercial uptake. We provide development, regulatory, and other support services as required under the agreement to facilitate commercialization activities in applicable territories. The RMS market ITEM 1. BUSINESS. OVERVIEW TG Therapeutics is a fully integrated, commercial stage, biotechnology company focused on the acquisition, development and commercialization of novel treatments for B-cell diseases. In addition to a research pipeline, TG Therapeutics has received approval from the U.S. Food and Drug Administration (FDA) for BRIUMVI (ublituximab-xiiy) to treat adult patients with relapsing forms of multiple sclerosis (RMS), including clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease, as well as approval from several regulatory agencies outside of the U.S. for BRIUMVI to treat adult patients with RMS who have active disease defined by clinical or imaging features. We also actively evaluate complementary products, technologies and companies for in-licensing, partnership, acquisition and/or investment opportunities. Business Highlights Next In MS\u2122 Platform Launch in Collaboration with Christina Applegate [[GREPCENT_TABLE]] [[\"\\u25cf\",\"Announced collaboration with Christina Applegate to raise awareness of multiple sclerosis (MS) via a Super Bowl LX commercial\"],[\"\\u25cf\",\"Launched, Next In MS\\u2122, a platform designed to foster honest, real-world conversations about life with MS\\u2014featuring unfiltered dialogue, including discussions with Christina Applegate\\u2014and to support people living with MS in continuing those conversations with family, friends, and healthcare professionals on their own terms.\"]] [[/GREPCENT_TABLE]] Commercialization of BRIUMVI BRIUMVI is an anti-CD20 monoclonal antibody that can be administered to adults with RMS in a one-hour infusion every 24 weeks, following the starting dose. BRIUMVI received approval by the FDA in December 2022 for the treatment of adults with RMS, including clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease, based on data from the ULTIMATE I & II Phase 3 trials, which demonstrated superiority over teriflu ITEM 1A. RISK FACTORS. \u200b You should carefully consider the following risk factors and the other information contained elsewhere in this Annual Report on Form 10-K before making an investment in our securities. If any of the following risks occur, our business, financial condition or operating results could be materially harmed. An ", "title": "TGTX - TG THERAPEUTICS, INC.", "url": "/company/TGTX/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000903129; latest 10-K filed 2026-02-19.", "text": "THRM - Gentherm Inc SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000903129; latest 10-K filed 2026-02-19. THRM Gentherm Inc 0000903129 3714 Motor Vehicle Parts & Accessories ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with, and is qualified in its entirety by, our consolidated financial statements (and notes related thereto) and other more detailed financial information appearing elsewhere in this Annual Report. Further, you should read the following discussion and analysis of our financial condition and results of operations together with the \u201cRisk Factors\u201d included elsewhere in this Annual Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. See also \u201cForward-Looking Statements\u201d in Part I of this Annual Report. Overview Gentherm Incorporated is a global market leader of innovative thermal management and pneumatic comfort technologies. Our automotive products include Climate Control Seats (CCS\u00ae), Climate Control Interiors (CCI\u2122), Lumbar and Massage Comfort Solutions, Valve Systems, and Climate and Comfort Electronics. We operate in locations aligned with our major customers\u2019 product strategies to provide locally enhanced design, integration and production capabilities. Our medical products include patient temperature management systems that can be found in hospitals throughout the world. Our Automotive sales are driven by the number of light vehicles produced by the OEMs primarily in our key markets of North America, Europe, China, Japan and South Korea, which is ultimately dependent on consumer demand for automotive light vehicles, our product content per vehicle, and other factors that may limit or otherwise impact production by us, our supply chain and our customers. Historically, new vehicle demand and product content (i.e. vehicle features) have been driven by macroeconomic and other factors, such as interest rates, automotive manufacturer and dealer sales incentives, fuel prices, consumer confidence, employment levels, income growth trends and government incentives. Vehicle content has also been driven by trends in consumer preferences. We believe our diversified OEM customer base and geographic revenue base, along with our flexible cost structure, have well positioned us to withstand the impact of industry downturns and benefit from industry upturns in the ordinary course. Our industry is increasingly progressing towards a focus on human comfort, health and wellness, which is evidenced by increasing adoption rates for comfort products. Gentherm is an independent partner that can cooperate with any combination of the vehicle OEMs and seat manufacturers globally, to create innovative and unique configurations that adapt to industry trends. Modine Transaction On January 29, 2026, the Company entered into definitive agreements with Modine, SpinCo and Merger Sub with respect to a Reverse Morris Trust transaction, and pursuant to and subject to the terms and conditions of such definitive agreements, (i) Modine will transfer (or cause to be transferred) and SpinCo will accept and assume (or cause to be accepted and assumed) all of the rights, titles and interests to and under certain assets and liabilities relating to Performance Technologies, (ii) Modine will execute the Spin-Off and make the Distribution of SpinCo Common Stock to its shareholders and (iii) following the Distribution, Merger Sub will be merged with and into SpinCo. The Modine Transaction was unanimously approved by the Boards of Directors of both Modine and the Company. Upon completion of the Merger, SpinCo will become a wholly owned subsidiary of the Company. In addition, shareholders of the Company immediately prior to the Merger will own approximately 60.0% and former SpinCo shareholders as of the Distribution will own approximately 40.0% of the outstanding shares of the Common Stock on a fully diluted basis. The definitive agreement ITEM 1. BUSINESS Unless otherwise indicated, references to \u201cGentherm\u201d, \u201cthe Company\u201d, \u201cwe\u201d, \u201cour\u201d and \u201cus\u201d in this Annual Report refer to Gentherm Incorporated and its consolidated subsidiaries. Except to the extent expressly noted herein, the content of our website or the websites of other third parties noted herein are not incorporated by reference in this Annual Report. Overview Gentherm Incorporated is a global market leader of innovative thermal management and pneumatic comfort technologies. Our automotive products include Climate Control Seats (CCS\u00ae), Climate Control Interiors (CCI\u2122), Lumbar and Massage Comfort Solutions, Valve Systems, and Climate and Comfort Electronics. We operate in locations aligned with our major customers\u2019 product strategies to provide locally enhanced design, integration and production capabilities. Our medical products include patient 3 Table of Contents temperature management systems that can be found in hospitals throughout the world. On January 29, 2026, the Company entered into definitive agreements with Modine Manufacturing Company, a Wisconsin corporation (\u201cModine\u201d), Platinum SpinCo Inc, a Delaware corporation and wholly owned subsidiary of Modine (\u201cSpinCo\u201d), and Platinum Gold Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of the Company (\u201cMerger Sub\u201d), with respect to a Reverse Morris Trust (\"RMT\") transaction (the \"Modine Transaction\"), and pursuant to and subject to the terms and conditions of such definitive agreements, (i) Modine will transfer (or cause to be transferred) and SpinCo will accept and assume (or cause to be accepted and assumed) all of the rights, titles and interests to and under certain assets and liabilities relating to Modine\u2019s Performance Technologies business (\u201cPerformance Technologies\u201d), (ii) Modine will distribute to its shareholders all of the issued and outstanding shares of common stock, $0.01 par value per share, of SpinCo (\u201cSpinCo Common Stock\u201d) held by Modine by way ITEM 1A. RISK FACTORS You should carefully consider each of the risks, assumptions, uncertainties and other factors described below and elsewhere in this Annual Report, as well as any amendments or updates reflected in subsequent filings with the SEC. We believe these risks, assumptions, uncertainties and other factors, individually o", "title": "THRM - Gentherm Inc", "url": "/company/THRM/" }, { "kind": "company", "summary": "SIC 2273 Carpets & Rugs; CIK 0000715787; latest 10-K filed 2026-02-25.", "text": "TILE - INTERFACE INC SIC 2273 Carpets & Rugs; CIK 0000715787; latest 10-K filed 2026-02-25. TILE INTERFACE INC 0000715787 2273 Carpets & Rugs ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview Our revenues are derived from sales of floorcovering products, primarily modular carpet, resilient flooring, including luxury vinyl tile (\u201cLVT\u201d), rubber flooring products, and installation services and accessories. Our business, as well as the commercial interiors industry in general, is cyclical in nature and is impacted by economic conditions and trends that affect the markets for commercial and institutional business space. The commercial interiors industry, including the market for floorcovering products, is largely driven by reinvestment by corporations and institutions into their existing operations in the form of new fixtures and furnishings for their workplaces. In significant part, the timing and amount of such reinvestments are impacted by the profitability of those entities. As a result, macroeconomic factors such as employment rates, office vacancy rates, work from home policies, capital spending, productivity and efficiency gains that impact profitability in general, also affect our business. The Company has two operating and reportable segments \u2013 namely Americas (\u201cAMS\u201d) and Europe, Africa, Asia and Australia (collectively \u201cEAAA\u201d). The AMS operating segment includes the United States, Canada and Latin America geographic areas. See Note 19 entitled \u201cSegment Information\u201d included in Item 8 of this Annual Report on Form 10-K for additional information. The results of operations discussion below also includes segment information. We focus our marketing and sales efforts on both corporate office and non-corporate office market segments, to reduce somewhat our exposure to economic cycles that affect the corporate office market segment more adversely, as well as to capture additional market share. More than half of our consolidated net sales were in non-corporate office markets in fiscal years 2025, 2024, and 2023, primarily in education, healthcare, public buildings, retail, residential/living, hospitality, transportation, and consumer residential market segments. Executive Summary Our One Interface strategy continues to fuel growth as we strengthen global capabilities, improve commercial productivity, and simplify and optimize our operations. During 2025, we had consolidated net sales of $1,386.9 million, up 5.4% compared to $1,315.7 million in 2024, primarily due to higher customer demand \u2014 particularly in the healthcare and education market segments. Consolidated operating income for 2025 was $164.0 million compared to consolidated operating income of $134.4 million in 2024, primarily due to higher sales and higher gross profit margin driven by higher average sales prices, favorable product mix, and manufacturing efficiencies, partially offset by higher input costs and tariff costs. Consolidated net income for 2025 was $116.1 million, or $1.96 per diluted share, compared to consolidated net income of $86.9 million, or $1.48 per diluted share, in 2024. During 2024, we had consolidated net sales of $1,315.7 million, up 4.3% compared to $1,261.5 million in 2023, primarily due to increased customer demand \u2013 particularly in the retail and education market segments. Consolidated operating income for 2024 was $134.4 million compared to consolidated operating income of $104.5 million in 2023, primarily due to higher sales volumes and lower raw material costs. Consolidated net income for 2024 was $86.9 million, or $1.48 per diluted share, compared to consolidated net income of $44.5 million, or $0.76 per diluted share, in 2023. A detailed discussion of our 2025 and 2024 consolidated and segment performance appears below under \u201cAnalysis of Results of Operations\u201d. Cybersecurity Event As previously disclosed in our current report on Form 8-K filed with the Commission on November 23, 2022, we discovered a cybersecurity attack on November 20, 2022, perpetrated by unauthorized third parties, affecting our IT systems. Dur ITEM 1. BUSINESS General References in this Annual Report on Form 10-K to \u201cInterface,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cours\u201d and \u201cus\u201d refer to Interface, Inc. and its subsidiaries or any of them, unless the context requires otherwise. Interface, Inc. was incorporated in Georgia in 1973 and is a global flooring solutions company offering an integrated portfolio of flooring products to customers, including carpet tile, luxury vinyl tile (\u201cLVT\u201d), nora\u00ae rubber flooring, and FLOR\u00ae premium area rugs. We are a global sustainability leader and offer an extensive range of low carbon and cradle-to-gate carbon negative products that prioritize our sustainability goals. Over the past decade, we have evolved from a company focused primarily on modular carpet into an integrated flooring solutions provider. In late 2016, we began offering LVT products in select markets, expanding globally in 2017 to capitalize on the high-growth resilient flooring market. In 2018, we acquired nora systems GmbH, adding rubber flooring to our portfolio and strengthening our position in healthcare, education, and transportation market segments. In 2020, we launched our CQuest\u2122 carbon negative carpet tile backings, and in 2021 we set carbon reduction targets validated by the Science Based Targets Initiative. We have also implemented our One Interface strategy, a multi-year organizational initiative that positions us to operate as one global team across our integrated product portfolio. These developments have helped us to diversify beyond our traditional corporate office market segment, building a more resilient revenue base across education, healthcare, government, hospitality, and other commercial end-markets. As a global company with a reputation for high quality, reliability and premium positioning, we market our integrated portfolio for carpet tile under the established brand names Interface\u00ae and FLOR\u00ae, we market LVT under the brand Interface\u00ae, and we market rubber flooring under the brands nor ITEM 1A. RISK FACTORS You should carefully consider the following factors, in addition to the other information included in this Annual Report on Form 10-K and the other documents incorporated herein by reference, before deciding whether to purchase or sell our securities. Any or all of the following risk factors could have a material adverse effect on our business, fi", "title": "TILE - INTERFACE INC", "url": "/company/TILE/" }, { "kind": "company", "summary": "SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0001756262; latest 10-K filed 2026-02-24.", "text": "TMDX - TransMedics Group, Inc. SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0001756262; latest 10-K filed 2026-02-24. TMDX TransMedics Group, Inc. 0001756262 3845 Electromedical & Electrotherapeutic Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cItem 1A. Risk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a medical technology company transforming organ transplant therapy for end-stage organ failure patients across multiple disease states. We developed the OCS to replace a decades-old standard of care that we believe is significantly limiting access to life-saving transplant therapy for hundreds of thousands of patients worldwide. Our innovative OCS technology replicates many aspects of the organ\u2019s natural living and functioning environment outside of the human body. As such, the OCS represents a paradigm shift that transforms organ preservation for transplantation from a static state to a dynamic environment that enables new capabilities, including organ optimization and assessment. We have also developed our NOP, an innovative turnkey solution to provide outsourced organ procurement, OCS perfusion management and transplant logistics services, to provide transplant programs in the United States with a more efficient process to procure donor organs with the OCS. Our transplant logistics services include aviation transportation, ground transportation, and other coordination activity. We believe the use of the OCS combined with the NOP has the potential to significantly increase the number of organ transplants and improve post-transplant outcomes We designed the OCS to be a platform that allows us to leverage core technologies across products for multiple organs. To date, we have developed three OCS products, one for each of heart, lung and liver transplantations, making the OCS the only FDA approved, portable, multi-organ, warm perfusion technology platform. All three of our products, OCS Heart, OCS Lung and OCS Liver, have received PMA from the FDA, for both DBD organs and DCD organs. Since our inception, we have focused substantially all of our resources on designing, developing and building our proprietary OCS technology platform and organ-specific OCS products; obtaining clinical evidence for the safety and effectiveness of our OCS products through clinical trials; securing regulatory approval; organizing and staffing our company; planning our business; raising capital; commercializing our products; developing and growing our NOP; developing and expanding our market and distribution chain and providing general and administrative support for these operations. To date, we have funded our operations primarily with proceeds from borrowings under loan agreements, proceeds from the issuance of the Notes, proceeds from the sale of common stock in our public offerings, and revenue from commercial sales of our OCS products and NOP services and from sales of our OCS products for use in clinical trials. Prior to 2024, we had incurred significant annual operating losses since inception and we have only recently achieved profitability. Our ability to generate revenue sufficient to achieve sustained profitability will depend on the continued commercial sales of our products and services. We generated total revenue of $605.5 million and had net income of $190.3 million for the year ended December 31, 2025. We generate Item 1. Business. Overview We are a medical technology company transforming organ transplant therapy for end-stage organ failure patients across multiple disease states. We developed the OCS to replace a decades-old standard of care that we believe is significantly limiting access to life-saving transplant therapy for hundreds of thousands of patients worldwide. Our innovative OCS technology replicates many aspects of the organ\u2019s natural living and functioning environment outside of the human body. As such, the OCS represents a paradigm shift that transforms organ preservation for transplantation from a static state to a dynamic environment that enables new capabilities, including organ optimization and assessment. We have also developed our NOP, an innovative turnkey solution to provide outsourced organ procurement, OCS perfusion management and transplant logistics services, to provide transplant programs in the United States with a more efficient process to procure donor organs with the OCS. Our transplant logistics services include aviation transportation, ground transportation, and other coordination activity. We believe the use of the OCS combined with the NOP has the potential to significantly increase the number of organ transplants and improve post-transplant outcomes. We designed the OCS to be a platform that allows us to leverage core technologies across products for multiple organs. To date, we have developed three OCS products, one for each of heart, lung and liver transplantations, making the OCS the only FDA approved, portable, multi-organ, warm perfusion technology platform. All three of our products, OCS Heart, OCS Lung and OCS Liver, have received Pre-Market Approval, or PMA, from the FDA, for both organs donated after brain death, or DBD organs, and organs donated after circulatory death, or DCD organs. Incidence of end-stage organ failure has been rapidly rising worldwide due to demographic trends that contribute to chronic diseases. Organ tra Item 1A. Risk Factors. An investment in our common stock involves risks. The following risks and all of the other information contained in this Annual Report on Form 10-K should be considered carefully before investing in our common stock. The risks described below are those that we ", "title": "TMDX - TransMedics Group, Inc.", "url": "/company/TMDX/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001005817; latest 10-K filed 2026-02-26.", "text": "TMP - TOMPKINS FINANCIAL CORP SIC 6022 State Commercial Banks; CIK 0001005817; latest 10-K filed 2026-02-26. TMP TOMPKINS FINANCIAL CORP 0001005817 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following analysis is intended to provide the reader with a further understanding of the consolidated financial condition and results of operations of the Company and its subsidiaries for the periods shown. This Management\u2019s Discussion and Analysis of 25 Table of Contents Financial Condition and Results of Operations should be read in conjunction with other sections of this Report on Form 10-K, including Part I, \"Item 1. Business,\" and Part II, \"Item 8. Financial Statements and Supplementary Data.\" For a comparison of our financial condition and results of operations for the year ended December 31, 2024 to the year ended December 31, 2023, please refer to Part II, Item 7 of the Company's 2024 Annual Report on Form 10-K filed on February 28, 2025. Overview The Company is headquartered in Ithaca, New York and is registered as a Financial Holding Company with the Federal Reserve Board under the Bank Holding Company Act of 1956, as amended. The Company is a locally oriented, community-based financial services organization that offers a full array of products and services, including commercial and consumer banking, leasing, trust and investment management, and financial planning and wealth management. At December 31, 2025, the Company had one wholly-owned banking subsidiary, Tompkins Community Bank. Tompkins Financial Advisors, a division of Tompkins Community Bank, provides a full array of investment services, including investment management, trust and estate, financial and tax planning services. The Company\u2019s principal offices are located at 118 E. Seneca Street, Ithaca, NY, 14850, and its telephone number is: (888) 503-5753. The Company\u2019s common stock is traded on the NYSE American under the symbol \"TMP.\" Forward-Looking Statements This Annual Report on Form 10-K contains \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995. The statements contained in this Report that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties. Forward-looking statements may be identified by use of such words as \"may\", \"could\", \"should\", \"will\", \"would\", \"estimate\", \"intend\", \"continue\", \"believe\", \"expect\", \"plan\", \"commit\", or \"anticipate\", as well as the negative and other variations of these terms, and other similar words. Examples of forward-looking statements may include statements regarding the asset quality of the Company's loan portfolios; the level of the Company's allowance for credit losses; the sufficiency of collateral to cover exposure related to special mention and substandard loans; the sufficiency of liquidity sources; expectations regarding securities revenue in future periods; the Company's exposure to changes in interest rates, and to new, changed, or extended government/regulatory expectations; the need to sell securities before recovery of amortized cost; the impact of changes in accounting standards; trends, plans, prospects, growth and strategies; projections of future financial condition, operating results, income, capital expenditures, costs or other financial items; anticipated regulatory and legislative changes; and other characterizations of future events or circumstances as well as other statements that are not statements of historical fact. Forward-looking statements are made based on management\u2019s expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors relating to the Company\u2019s operations and economic environment, all of which are difficult to predict and many of which are beyond the control of the Company, that could cause actual results of the Company to differ materially from those expressed and/or implied by forward-looking statements and historical performance. The following factors, in addition to those listed as Risk Factor Item 1. Business The disclosures set forth in this Item 1. Business are qualified by the section captioned \"Forward-Looking Statements\" in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of this Report and other cautionary statements set forth elsewhere in this Report. General Tompkins Financial Corporation (\"Tompkins\" or the \"Company\") is headquartered in Ithaca, New York and is registered as a Financial Holding Company with the Federal Reserve Board under the Bank Holding Company Act of 1956, as amended. The Company is a locally-oriented, community-based financial services organization that offers a full array of products and services, including commercial and consumer banking, leasing, trust and investment management, financial planning and wealth management services. At December 31, 2025, the Company had one wholly-owned banking subsidiary, Tompkins Community Bank. Banking services consist primarily of attracting deposits from the areas served by Tompkins Community Bank's 54 banking offices (38 offices in New York and 16 offices in Pennsylvania), and using those deposits to originate a variety of commercial loans, agricultural loans, consumer loans, real estate loans, and leases in those same areas. Tompkins Community Bank provides a full array of trust and wealth management services under the Tompkins Financial Advisors brand, including investment management, trust and estate, financial and tax planning. The Company previously provided insurance services through its wholly-owned insurance subsidiary, Tompkins Insurance Agencies, Inc. (\"TIA\"), but on October 31, 2025, the Company sold all of the issued and outstanding shares of the capital stock of TIA, to Arthur J. Gallagher Risk Management Services, LLC (\"Gallagher\"). The Company\u2019s principal offices are located at 118 E. Seneca St., P.O. Box 460, Ithaca, New York, 14850, and its telephone number is (888) 503-5753. The Company\u2019s common stock is traded on the NYSE Item 1A. Risk Factors The Company's success depends on management's ability to identify and manage the risks inherent in its financial services business. These risks include credit risk, market risk, liquidity risk, operational risk, regulatory, compliance and legal risk, and strategic risk. We list below the material risks we face. An", "title": "TMP - TOMPKINS FINANCIAL CORP", "url": "/company/TMP/" }, { "kind": "company", "summary": "SIC 3580 Refrigeration & Service Industry Machinery; CIK 0000097134; latest 10-K filed 2026-02-24.", "text": "TNC - TENNANT CO SIC 3580 Refrigeration & Service Industry Machinery; CIK 0000097134; latest 10-K filed 2026-02-24. TNC TENNANT CO 0000097134 3580 Refrigeration & Service Industry Machinery ITEM 7 \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") provides a comparison of the Company's results of operations, as well as liquidity and capital resources for the years ended December 31, 2025 and 2024. The MD&A should be read in conjunction with the Company's consolidated financial statements and notes included in Item 8 of this Annual Report. Throughout this MD&A, the Company refers to measures used by management to evaluate performance, including financial measures that are not defined under generally accepted accounting principles (\"GAAP\") in the U.S. Net sales excluding foreign currency translation (i.e., organic sales) is not a measure of financial performance under GAAP; however, the Company believes it is useful in understanding its financial results and provides comparable measures for understanding the operating results of the Company between different periods. The year-over-year comparisons in this MD&A are as of and for the years ended December 31, 2025 and December 31, 2024, unless stated otherwise. The discussion of 2023 results and related year-over-year comparisons as of and for the years ended December 31, 2024 and December 31, 2023 are found in Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations,\" of our Form 10-K for the year ended December 31, 2024. Overview Tennant Company is a world leader in designing, manufacturing and marketing solutions that help create a cleaner, safer, healthier world. The Company is committed to creating and commercializing breakthrough, sustainable cleaning innovations to enhance its broad suite of products, including floor maintenance and cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, and asset management solutions. Our products are used in many types of environments, including factories and warehouses, distribution centers, office buildings, public venues such as arenas and stadiums, schools and universities, hospitals and clinics, and more. Customers include contract cleaners to whom organizations outsource facilities maintenance as well as businesses that perform facilities maintenance themselves. The Company reaches these customers through the industry's largest direct sales and service organization and through a strong and well-supported network of authorized distributors worldwide. Macroeconomic Events As a global company, we continue to be exposed to risks and uncertainties stemming from macroeconomic and geopolitical conditions. These factors include inflationary pressures, interest rate volatility, foreign currency exchange rate volatility, changes in capital markets conditions, and shifts in international trade policy. Collectively, these conditions create a dynamic operating environment that may affect the Company\u2019s ability to drive growth, restore margins, and advance its transformation initiatives While overall inflationary pressures have generally moderated, the Company continues to experience a more concentrated and direct impact on the cost components of its products, which remain significant to its cost structure. Changes in trade policy, particularly tariffs, pose a significant risk to our operations. Tariff increases, changes to trade agreements, or potential retaliatory actions could raise supplier costs, weaken demand, and disrupt the Company\u2019s operations. The Company has implemented, and expects to continue implementing, pricing actions, cost management initiatives, and supply chain measures to mitigate these pressures; however, such efforts may not fully offset the impact. Global geopolitical instability continues to contribute to economic and operational uncertainty. Ongoing conflicts in Ukraine and the Middle East, rising tensions involv ITEM 1 \u2013 Business General Development of Business Founded in 1870 by George H. Tennant, Tennant Company (\"the Company, we, us, or our\"), headquartered in Eden Prairie, Minnesota, is a world leader in designing, manufacturing and marketing of solutions that help create a cleaner, safer and healthier world. Tennant was incorporated as a Minnesota corporation in 1909 and began as a one-man woodworking business, eventually evolving into a successful wood flooring and wood products company, and finally into a manufacturer of floor cleaning equipment. Throughout its history, the Company has remained focused on advancing its industry by aggressively pursuing new technologies and creating a culture that celebrates innovation. Today, the Company has 11 global manufacturing locations and operates in three geographic areas including the Americas, Europe, Middle East and Africa (\"EMEA\") and Asia Pacific (\"APAC\"). We aggregate our operating segments into one reportable segment that consists of the design, manufacture, sale and servicing of products used primarily in the maintenance of nonresidential surfaces. Our commitment to innovation and excellence extends across every aspect of our business\u2014from product development and customer service to manufacturing and marketing. We prioritize delivering high-performance solutions that minimize waste, lower costs, enhance safety, and advance sustainability objectives. By dedicating resources to research, development and engineering, we continuously refine existing products and introduce new ones that align with evolving market demands. Over the past century, we have expanded our brand portfolio, diversified our product offerings, and advanced our technologies through innovation and strategic acquisitions. This disciplined approach to growth ensures that each acquisition complements our existing capabilities and adds value by enhancing our product range or improving technological expertise. Principal Products, Markets and Distribut ITEM 1A \u2013 Risk Factors The following are risk factors known to us that could materially adversely affect our business, financial condition or operating results. Macroeconomic Risks We may encounter financial difficulties if the United States or other global economies experience an additional or continued long-term econom", "title": "TNC - TENNANT CO", "url": "/company/TNC/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001438133; latest 10-K filed 2026-02-19.", "text": "TNDM - TANDEM DIABETES CARE INC SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001438133; latest 10-K filed 2026-02-19. TNDM TANDEM DIABETES CARE INC 0001438133 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis together with the \u201cConsolidated Financial Statements and Supplementary Data\u201d in Part II, Item 8 of this Annual Report. The following discussion contains forward-looking statements, which statements are subject to considerable risks and uncertainties. For additional information, see \u201cCautionary Note Regarding Forward-Looking Statements\u201d at the beginning of this Annual Report. A discussion of changes in our results of operations during the year ended December 31, 2024 compared with the year ended December 31, 2023 has been omitted from this Annual Report on Form 10-K but may be found in \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 26, 2025, which discussion is incorporated herein by reference and which is available free of charge on the SEC\u2019s website at www.sec.gov. Overview We are a global insulin delivery and diabetes technology company focused on the design, development and commercialization of technology solutions that reduce the burden of diabetes management. We serve approximately 500,000 people living with diabetes in more than 25 countries worldwide. We consider our primary addressable market to be people living with type 1 diabetes and in 2025, began expanding our addressable market to include people living with type 2 diabetes who require intensive insulin therapy. Our goal is to address the individual needs of people with insulin-dependent diabetes and their care team, by offering flexibility and choice in intelligent insulin delivery systems, through an accessible portfolio of market-leading pumps, applications, and insights. Through our portfolio approach, we offer people living with diabetes a choice in their therapy management system based on their individual needs and preferences. In support of this strategy, our portfolio includes both the t:slim X2 and Mobi insulin pumps. The Tandem Mobi insulin pump is the world\u2019s smallest durable automated insulin delivery (AID) system. At approximately half the size of our t:slim X2 pump, Mobi is designed for people who seek even greater discretion and flexibility, and includes features such as expanded pump-control from a mobile application, inductive charging, and an on-pump button that can be used for bolusing and other actions. In 2024, we expanded our portfolio with the commercial availability of Mobi with iOS control in the United States. In May 2025, we received CE Mark approval for the Tandem Mobi insulin delivery system with Control-IQ+ technology. In December 2025, we further expanded the availability of Mobi to Android users in the United States. We are pursuing additional regulatory and pre-commercial activities, such as securing in-country registrations and reimbursement, before launching Mobi internationally. The vast majority of our customers use their insulin pump with CGM integration. This allows their insulin pump to receive CGM sensor readings, which can then be used in our AID algorithms, including our Control-IQ+ technology. Control-IQ+ is an advanced hybrid-closed loop feature designed to help increase a user\u2019s time in their targeted glycemic range. Multiple studies, including four publications in the New England Journal of Medicine, the most recent appearing in March 2025, demonstrate that both Control-IQ+ technology and its predecessor, Control-IQ technology, are associated with improved, immediate and sustained clinical outcomes for people living with type 1 or type 2 diabetes across diverse demographics. The t:slim X2 was the first pump in the industry on which remote software updates were made commercially available in the United States and is now also available in the countries we serve worldwide. This feature allows our customers to update Item 1. Business References within this Annual Report to \u201cTandem,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cmanagement,\u201d or the \u201cCompany\u201d refer to Tandem Diabetes Care, Inc., together with its wholly-owned subsidiaries. Overview Tandem Diabetes Care is a global leader in insulin delivery and diabetes technology, specializing in the design, development, and commercialization of advanced solutions that reduce the burden of diabetes management. We serve nearly 500,000 people living with diabetes in more than 25 countries worldwide. Our strategy is to offer flexibility and choice in intelligent insulin delivery systems through an accessible portfolio of market-leading pumps, applications and insights. In support of this strategy, our Tandem pump platforms include t:slim X2 and Tandem Mobi (Mobi), both of which feature Control-IQ+ advanced hybrid closed-loop technology. Diabetes and the Insulin Therapy Management Market Diabetes is a chronic, life-threatening disease for which there is no known cure. It is typically classified as either type 1 or type 2: \u2022Type 1 diabetes is characterized by the body\u2019s nearly complete inability to produce insulin. It is frequently diagnosed as an acute event during childhood or adolescence. Individuals with type 1 diabetes require intensive insulin therapy to survive. \u2022Type 2 diabetes is characterized by the body\u2019s inability to either properly use insulin or produce enough insulin. It\u2019s a progressive condition, and a person in the advanced stages of living with type 2 diabetes often requires intensive insulin therapy. The Center for Disease Control and Prevention estimates Type 2 accounts for 90-95% of diagnosed diabetes in adults in the United States. We consider our addressable market to be people living with type 1 diabetes and in 2025, we began expanding our addressable market to include people living with type 2 diabetes who require intensive insulin therapy. Throughout this Annual Report, we refer to these individuals as people with insulin-d Item 1A. Risk Factors. An investment in our common stock, or in securities convertible into or exchangeable for our common stock, involves a high degree of risk. You should carefully consider the risks described below, together with all of the other information included in this Annual Report, as we", "title": "TNDM - TANDEM DIABETES CARE INC", "url": "/company/TNDM/" }, { "kind": "company", "summary": "SIC 2060 Sugar & Confectionery Products; CIK 0000098677; latest 10-K filed 2026-02-27.", "text": "TR - TOOTSIE ROLL INDUSTRIES INC SIC 2060 Sugar & Confectionery Products; CIK 0000098677; latest 10-K filed 2026-02-27. TR TOOTSIE ROLL INDUSTRIES INC 0000098677 2060 Sugar & Confectionery Products ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. \u200b (Thousands of dollars except per share, percentage and ratio figures) \u200b The following discussion should be read in conjunction with the other sections of this report, including the consolidated financial statements and related notes contained in Item 8 of this Form 10-K. This section of this Form 10-K generally discusses the twelve months ended December 31, 2025 as compared to the same period of 2024. Discussions comparing the results of the twelve months ended December 31, 2024 as compared to same period of 2023 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Form 10-K for the year ended December 31, 2024. \u200b 14 Table of Contents FINANCIAL REVIEW \u200b This financial review discusses the Company\u2019s financial condition, results of operations, liquidity and capital resources, significant accounting policies and estimates, new accounting pronouncements, market risks and other matters. It should be read in conjunction with the Consolidated Financial Statements and related Notes that follow this discussion. \u200b FINANCIAL CONDITION \u200b The Company\u2019s overall financial position remains strong given that aggregate cash, cash equivalents and investments is $613,747 at December 31, 2025, including $121,541 in trading securities discussed below. Cash flows from 2025 operating activities totaled $130,614 compared to $138,889 in 2024, and are discussed in the section entitled Liquidity and Capital Resources. During 2025, the Company paid cash dividends of $26,066, purchased and retired $6,482 of its outstanding shares, and made capital expenditures of $34,263, all of which was financed from internal sources. \u200b The Company\u2019s net working capital was $223,016 at December 31, 2025 compared to $246,319 at December 31, 2024. As of December 31, 2025, the Company\u2019s total cash, cash equivalents and investments, including all long-term investments, was $613,747 compared to $526,968 at December 31, 2024, an increase of $86,779. See Liquidity And Capital Resources section below for discussion. The aforementioned includes $121,541 and $105,067 of investments in trading securities as of December 31, 2025 and 2024, respectively. The Company invests in trading securities to provide an economic hedge for its deferred compensation liabilities, as further discussed herein and in Note 7 of the Company\u2019s Notes to Consolidated Financial Statements. \u200b Shareholders\u2019 equity increased from $870,743 at December 31, 2024 to $940,972 as of December 31, 2025, which principally reflects 2025 net earnings of $100,052, less cash dividends of $26,066 and share repurchases of $6,482. \u200b The Company has a relatively straight-forward financial structure and has historically maintained a conservative financial position. The Company has no special financing arrangements or \u201coff-balance sheet\u201d special purpose entities. Cash flows from operations plus maturities of investments are expected to be adequate to meet the Company\u2019s overall financing needs, including capital expenditures, in 2026. The Company is continuously alert to possible acquisitions, and if the Company were to pursue and complete such an acquisition, that could result in the sale of marketable securities held for investment, bank borrowings or other financing. \u200b RESULTS OF OPERATIONS \u200b 2025 vs. 2024 \u200b The consolidated net product sales for the twelve months of 2025 were $724,675 compared to the twelve months 2024 of $715,530, an increase of $9,145 or 1.3%. Fourth quarter 2025 net product sales were $194,350 compared to $191,356 in fourth quarter 2024, an increase of $2,994, or 1.6%. The sales increase in fourth quarter and twelve months 2025 was driven primarily by price increases taken during the year, as well as successful marketing and sales programs. The Company continued to face some challenges in 2025 a ITEM 1. Business. \u200b Tootsie Roll Industries, Inc. and its consolidated subsidiaries (the \u201cCompany\u201d) have been engaged in the manufacture and sale of confectionery products for over 125 years. This is the only industry segment in which the Company operates and is its only line of business. The majority of the Company\u2019s products are sold under the registered trademarks TOOTSIE ROLL, TOOTSIE FRUIT ROLL, TOOTSIE POPS, TOOTSIE MINI POPS, CHILD\u2019S PLAY, CARAMEL APPLE POPS, CHARMS, BLOW-POP, CHARMS MINI POPS, CELLA\u2019S, DOTS, JUNIOR MINTS, CHARLESTON CHEW, SUGAR DADDY, SUGAR BABIES, ANDES, FLUFFY STUFF, DUBBLE BUBBLE, RAZZLES, CRY BABY, NIK-L-NIP, and TUTSI POP (Mexico). \u200b The Company\u2019s products are marketed in a variety of packages designed to be suitable for display and sale in different types of retail outlets. They are sold through food and grocery brokers or directly by the Company to customers throughout the United States, Canada and Mexico. These customers include wholesale distributors of candy, food and groceries, supermarkets, variety stores, dollar stores, chain grocers, drug chains, discount chains, cooperative grocery associations, mass merchandisers, warehouse and membership club stores, vending machine operators, e-commerce merchants, on-line marketplaces, the U.S. military and fund-raising charitable organizations. \u200b The Company\u2019s principal markets are in the United States, Canada and Mexico. The majority of production from the Company\u2019s Canadian plants is sold in the United States. The majority of production from the Company\u2019s Mexican plant is sold in Mexico. \u200b The domestic confectionery business is highly competitive. The Company competes primarily with other manufacturers of confectionery products sold to the above mentioned customers. Although accurate statistics are not available, the Company believes it is among the ten largest domestic manufacturers in this industry. In the markets in which the Company competes, the main forms of c ITEM 1A. Risk Factors. \u200b Significant factors that could impact the Company\u2019s financial condition or results of operations include, without limitation, the following: \u200b \u200b Risk factors which we believe affect all competitors in our industry \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Risk of changes in the price and availability of ingredients and raw materials - The pri", "title": "TR - TOOTSIE ROLL INDUSTRIES INC", "url": "/company/TR/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001526520; latest 10-K filed 2026-02-13.", "text": "TRIP - TripAdvisor, Inc. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001526520; latest 10-K filed 2026-02-13. TRIP TripAdvisor, Inc. 0001526520 7370 Services-Computer Programming, Data Processing, Etc. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides information concerning our results of operations and financial condition. This discussion should be read in conjunction with our accompanying consolidated financial statements including the notes in Item 8 of this Annual Report on Form 10-K, and the Section entitled \u201cCautionary Note Regarding Forward-Looking Statements,\u201d included elsewhere in this Annual Report on Form 10-K. Our actual results may differ from the results discussed in any forward looking statements, which may be due to factors discussed in \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. Overview The Tripadvisor group (the \u201cGroup\u201d) is a portfolio of global online platforms purpose-built to connect travelers with experiences, accommodations, restaurants and other relevant travel destination points of interest (\u201cPOIs\u201d). Our mission is to be the world\u2019s most trusted source for travel and experiences. We offer travelers the ability to search, discover, book, and review experiences, hotels, and restaurants seamlessly through our two-sided marketplaces across three primary consumer-facing brands: Viator, Tripadvisor, and TheFork. Tripadvisor also plays a unique role in broader travel planning and guidance, offering authentic traveler-submitted reviews and content, travel planning tools and related technology to instill confidence for travelers in every part of their travel journey. The Company measures its financial performance within the following reportable segments: Experiences, Hotels and Other, and TheFork. The Company\u2019s strategy is focused on growing and scaling its Experiences and TheFork marketplaces, which we believe represents an attractive long-term value creation opportunity, while optimizing its legacy offerings within the Hotels and Other segment for profitability. The Experiences segment includes both Viator and Tripadvisor points-of-sale. Viator is a pure-play experiences online travel agency (\u201cOTA\u201d), offering an online global marketplace focused on merchandising bookable experiences to travelers that typically have relatively higher purchase intent either pre-destination or in-destination. Tripadvisor is an online global travel guidance platform that also merchandises experiences to its audience, which more commonly serves travelers in the discovery and planning phases. The Hotels and Other segment primarily consists of the Tripadvisor hotel and restaurant guidance platform, which includes hotel 37 metasearch, and related advertising offerings primarily for hotels and restaurants. TheFork segment operates an online dining marketplace by enabling diners to discover and book reservations with restaurants in Europe. The Group\u2019s globally recognized brands and extensive user-generated content (\u201cUGC\u201d) support traveler search, discovery, and planning, which in-turn generates high-intent demand for its experiences and dining marketplace offerings as well for commercial partners in the hotels category and advertising opportunities for endemic and non-endemic advertisers. In turn, clickstream and behavioral data reflecting traveler intent, transactional data from its experiences and dining marketplaces, UGC, and structured and unstructured data related to millions of POIs attractions, and destinations enhance the customer experience through product enhancements and personalization, reinforcing the discovery and engagement loop over time. In addition, the breadth, depth, and scale of first party data is uniquely valuable in the Company\u2019s pursuit to innovate in the application of artificial intelligence (\u201cAI\u201d) for travel and experiences discovery, planning, and booking. Trends The online travel industry in which we operate is large, highly dynamic and competitive. We describe below current trends affecting our overall business and segments, including opportunities, but also uncertainties that may Item 1. Business Overview The Tripadvisor group (the \u201cGroup\u201d) is a portfolio of global online platforms purpose-built to connect travelers with experiences, accommodations, restaurants and other relevant travel destination points of interest (\u201cPOIs\u201d). Our mission is to be the world\u2019s most trusted source for travel and experiences. We offer travelers the ability to search, discover, book, and review experiences, hotels, and restaurants seamlessly through our two-sided marketplaces across three primary consumer-facing brands: Viator, Tripadvisor, and TheFork. Tripadvisor also plays a unique role in broader travel planning and guidance, offering authentic traveler-submitted reviews and content, travel planning tools and related technology to instill confidence for travelers in every part of their travel journey. The Company measures its financial performance within the following business segments: Experiences, Hotels and Other, and TheFork. The Company\u2019s strategy is focused on growing and scaling its Experiences and TheFork marketplaces, which we believe represents an attractive long-term value creation opportunity, while optimizing its legacy offerings within the Hotels and Other segment for profitability. The Group\u2019s globally recognized brands and extensive user-generated content (\u201cUGC\u201d) support traveler search, discovery, and planning, which in-turn generates high-intent demand for its experiences and dining marketplace offerings as well for commercial partners in the hotels category and advertising opportunities for endemic and non-endemic advertisers. In turn, clickstream and behavioral data reflecting traveler intent, transactional data from its experiences and dining marketplaces, UGC, and structured and unstructured data related to millions of POIs, attractions, and destinations enhance the customer experience through product enhancements and personalization, reinforcing the discovery and engagement loop over time. In addition, the breadth, depth, and scal Item 1A. Risk Factors You should consider carefully the risks described below together with all of the other information included in this Annual Report as they may impact our business, results of operations and/or financial condition. The risks and uncertainties described below are not th", "title": "TRIP - TripAdvisor, Inc.", "url": "/company/TRIP/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000036146; latest 10-K filed 2026-02-23.", "text": "TRMK - TRUSTMARK CORP SIC 6021 National Commercial Banks; CIK 0000036146; latest 10-K filed 2026-02-23. TRMK TRUSTMARK CORP 0000036146 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following provides a narrative discussion and analysis of Trustmark\u2019s financial condition and results of operations. This discussion should be read in conjunction with the consolidated financial statements and the supplemental financial data included in Part II. Item 8. \u2013 Financial Statements and Supplementary Data of this report. Further discussion and analysis of Trustmark\u2019s financial condition and results of operations for the years ended December 31, 2024 and 2023 are included in the respective sections within Part II. Item 7 \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of Trustmark\u2019s Annual Report filed on Form 10-K for the year ended December 31, 2024. Executive Overview Trustmark has been committed to meeting the banking and financial needs of its customers and communities for over 130 years and remains focused on providing support, advice and solutions to its customers' unique needs. Trustmark achieved record earnings in 2025, reflecting significant achievement across its diverse financial services businesses. During 2025, Trustmark's traditional banking business drove continued loan and deposit growth, a strong net interest margin and solid credit quality. Trustmark's mortgage banking business increased production and achieved significant improvement in profitability during 2025, while revenue from its wealth management business reached an all-time high. These accomplishments are the result of focused efforts to enhance Trustmark's long-term performance and competitiveness. Trustmark continues to implement technology and streamline processes to enhance its ability to grow and serve customers. Trustmark is well-positioned to compete in changing economic conditions and create long-term value for its shareholders. The Board of Directors of Trustmark announced a 4.2% increase in its regular quarterly cash dividend to $0.25 per share from $0.24 per share, reflecting Trustmark's profitability and financial strength. The dividend is payable March 15, 2026, to shareholders of record on March 1, 2026. Trustmark\u2019s payment of the dividend will be funded fully by a dividend from TB to Trustmark, which the MDBCF approved on January 28, 2026. Financial Highlights Quarter Ended December 31, 2025 Trustmark reported net income of $57.9 million, or basic and diluted EPS of $0.97, for the fourth quarter of 2025, compared to net income of $56.3 million, or basic and diluted EPS of $0.92, for the fourth quarter of 2024. Trustmark\u2019s reported performance during the quarter ended December 31, 2025, produced a return on average tangible equity of 12.82%, a return on average assets of 1.23%, an average equity to average assets ratio of 11.35% and a dividend payout ratio of 24.74%, compared to a return on average tangible equity 32 of 13.68%, a return on average assets of 1.23%, an average equity to average assets ratio of 10.82% and a dividend payout ratio of 25.00% during the quarter ended December 31, 2024. The increase in net income when the fourth quarter of 2025 is compared to the fourth quarter of 2024 was principally due to an increase in revenue and a decrease in the PCL, LHFI, partially offset by increases in noninterest expense and income taxes. Revenue totaled $204.1 million for the quarter ended December 31, 2025 compared to $196.8 million for the quarter ended December 31, 2024, an increase of $7.3 million, or 3.7%. The increase in revenue for the fourth quarter of 2025 compared to the same time period in 2024 primarily resulted from an increase in net interest income, principally due to a decline in interest expense on deposits. Net interest income for the fourth quarter of 2025 totaled $162.9 million, an increase of $7.0 million, or 4.5%, when compared to the fourth quarter of 2024. Interest income totaled $239.3 million for the fourth quarter of 2025, a decrease of $417 thousand ITEM 1. BUSINESS The Corporation Description of Business Trustmark Corporation (Trustmark), a Mississippi business corporation incorporated in 1968, is a bank holding company headquartered in Jackson, Mississippi. As previously disclosed, on August 4, 2025, Trustmark\u2019s principal subsidiary, Trustmark National Bank, initially chartered by the State of Mississippi in 1889, converted from a national banking association to a Mississippi-chartered banking corporation and changed its name to Trustmark Bank (TB). TB is a member bank of the Federal Reserve System and is supervised by the Federal Reserve Bank of Atlanta (FRBA) and the Mississippi Department of Banking and Consumer Finance (MDBCF). At December 31, 2025, TB had total assets of $18.923 billion, which represented approximately 99.99% of the consolidated assets of Trustmark. Through TB and its subsidiaries, Trustmark operates as a financial services organization providing banking and other financial solutions through offices and 2,543 full-time equivalent associates (measured at December 31, 2025) located in the states of Alabama, Florida (primarily in the northwest or \u201cPanhandle\u201d region of that state, which is referred to herein as Trustmark\u2019s Florida market), Georgia (primarily in Atlanta, which is referred to herein as Trustmark's Georgia market), Mississippi, Tennessee (in the Memphis and Northern Mississippi regions, which are collectively referred to herein as Trustmark\u2019s Tennessee market), and Texas (primarily in Houston, which is referred to herein as Trustmark\u2019s Texas market). Trustmark\u2019s operations are managed along two operating segments: General Banking 3 Segment and Wealth Management Segment. The principal products produced and services rendered by TB and Trustmark\u2019s other subsidiaries are as follows: Trustmark Bank Commercial Banking \u2013 TB provides a full range of commercial banking services to corporations and other business customers. Loans are provided for a variety of general corporate pu ITEM 1A. RISK FACTORS Trustmark and its subsidiaries could be adversely impacted by various risks and uncertainties, which are difficult to predict. As a financial institution, Trustmark has significant exposure to market risks, including interest rate risk, liquidity risk and credit risk. This section includes a description of the risks, uncertaint", "title": "TRMK - TRUSTMARK CORP", "url": "/company/TRMK/" }, { "kind": "company", "summary": "SIC 3743 Railroad Equipment; CIK 0000099780; latest 10-K filed 2026-02-19.", "text": "TRN - TRINITY INDUSTRIES INC SIC 3743 Railroad Equipment; CIK 0000099780; latest 10-K filed 2026-02-19. TRN TRINITY INDUSTRIES INC 0000099780 3743 Railroad Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to provide management's perspective on our financial condition, results of operations, liquidity, and certain other factors that may affect our future results. Our MD&A should be read in conjunction with our Consolidated Financial Statements and related Notes in Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K. This MD&A includes financial measures compiled in accordance with generally accepted accounting principles (\"GAAP\") and certain non-GAAP measures. Please refer to the Non-GAAP Financial Measures section herein for information on the non-GAAP measures included in the MD&A, reconciliations to the most directly comparable GAAP financial measure, and the reasons why management believes each measure is useful to management and investors. Company Overview Trinity Industries, Inc. and its consolidated subsidiaries own businesses that are leading providers of railcar products and services in North America. We market our railcar products and services under the trade name TrinityRail\u00ae. Our platform also includes the brands of RSI Logistics, a provider of software and logistics solutions, and Holden America, a supplier of railcar parts and components. Our platform provides railcar leasing and management services; railcar manufacturing; railcar maintenance and modifications; and other railcar logistics products and services. We report our operating results in two reportable segments: (1) the Railcar Leasing and Services Group (the \"Leasing Group\"), which owns and operates a fleet of railcars and provides third-party fleet leasing, management, and administrative services; railcar maintenance and modification services; and other railcar logistics products and services; and (2) the Rail Products Group, which manufactures and sells railcars and related parts and components. In December 2025, we completed a railcar partnership restructuring involving our partially-owned leasing subsidiaries, TRIP Holdings and RIV 2013. See \"Executive Summary \u2013 Capital Structure Updates\" below for further information regarding this transaction. Executive Summary Cyclical, Seasonal and Other Trends Impacting Our Business General Business Trends Demand for many of our railcar products and services is correlated to changes in North American industrial production and international trade. We continue to actively monitor evolving tariff and trade developments and the potential impacts to our business. Uncertainty in these areas and in the macroeconomic environment, including the administration of trade policy in the U.S. and Mexico, is negatively impacting and could continue to negatively impact our results of operations and demand for new railcars. We remain focused on mitigating impacts to our business resulting from these evolving developments. The industries in which our customers operate are cyclical in nature. Although lease rates and lease fleet utilization remain strong, weaknesses in certain sectors of the North American and global economy may make it more difficult to sell or lease certain types of railcars. Additionally, changes in certain commodity prices, or changes in demand for certain commodities, could impact customer demand for various types of railcars. Further, disruptions in the global supply chain have impacted demand for, and the costs of, certain of our products and services. We continuously assess demand for our products and services and take steps to rationalize and diversify our leased railcar portfolio and align our operating capacity appropriately. We evaluate the creditworthiness of our customers and monitor performance of relevant market sectors; however, weaknesses in any of these market sectors could affect the financial viability of our customers, which could negatively impact o Item 1. Business. General Trinity Industries, Inc. and its consolidated subsidiaries (\u201cTrinity,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d) own businesses that are leading providers of railcar products and services in North America. We market our railcar products and services under the trade name TrinityRail\u00ae. Our platform also includes the brands of RSI Logistics, a provider of software and logistics solutions, and Holden America, a supplier of railcar parts and components. Our platform provides railcar leasing and management services; railcar manufacturing; railcar maintenance and modifications; and other railcar logistics products and services. Trinity was incorporated in 1933 and became a Delaware corporation in 1987. We are headquartered in Dallas, Texas, and our principal executive offices are located at 14221 N. Dallas Parkway, Suite 1100, Dallas, TX 75254-2957. Our telephone number is 214-631-4420, and our Internet website address is www.trin.net. Unless otherwise stated, any reference to income statement items in this Annual Report on Form 10-K (the \"Form 10-K\") refers to results from continuing operations. Reportable Segments [[GREPCENT_TABLE]] [[\"Reportable Segments\"],[\"Railcar Leasing and Services Group\",\"Rail Products Group\"]] [[/GREPCENT_TABLE]] 5 Table of Contents Business Overview and Current Business Strategy Our purpose is delivering goods for the good of all by being a premier provider of railcar products and services. We operate industry-leading railcar leasing, manufacturing, and services businesses, providing a single source for comprehensive rail transportation solutions and services in North America. Our objective is to deliver attractive leased railcar portfolio returns and outstanding customer experiences by providing high quality, innovative products and services. We continuously grow and enhance our product and service offerings to optimize the ownership and use of railcars and improve our customers' logistics operations. We coordinate sa Item 1A. Risk Factors. Our business is subject to a number of risks, which are discussed below. There are risks and uncertainties that could cause our actual results to be materially different from those mentioned in forward-looking statements that we make from time to time in filings with the SEC, news releases, reports, proxy statements, registration", "title": "TRN - TRINITY INDUSTRIES INC", "url": "/company/TRN/" }, { "kind": "company", "summary": "SIC 6500 Real Estate; CIK 0001476150; latest 10-K filed 2026-02-04.", "text": "TRNO - Terreno Realty Corp SIC 6500 Real Estate; CIK 0001476150; latest 10-K filed 2026-02-04. TRNO Terreno Realty Corp 0001476150 6500 Real Estate Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion in conjunction with the sections of this Annual Report on Form 10-K entitled \u201cRisk Factors\u201d, \u201cForward-Looking Statements\u201d, \u201cBusiness\u201d and our audited consolidated financial statements and the related notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements reflecting current expectations that involve risks and uncertainties. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in the section entitled \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. 32 Table of Contents Overview We acquire, own and operate industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C. We invest in several types of industrial real estate, including warehouse/distribution (approximately 80.5% of our total annualized base rent as of December 31, 2025), flex (including light industrial and research and development, or R&D) (approximately 3.4%), transshipment (approximately 6.0%) and improved land (approximately 10.1%). We target functional properties in infill locations that may be shared by multiple tenants and that cater to customer demand within the various submarkets in which we operate. Infill locations are geographic locations surrounded by high concentrations of already developed land and existing buildings. As of December 31, 2025, we owned a total of 309 buildings (including one building held for sale) aggregating approximately 19.8 million square feet, 46 improved land parcels consisting of approximately 147.0 acres and six properties under development or redevelopment. As of December 31, 2025, our buildings and improved land parcels were approximately 96.1% and 95.4% leased, respectively, to 683 customers, the largest of which accounted for approximately 4.9% of our total annualized base rent. We are an internally managed Maryland corporation and elected to be taxed as a REIT under Sections 856 through 860 of the Code, commencing with our taxable year ended December 31, 2010. Our Investment Strategy We acquire, own and operate industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C. We invest in several types of industrial real estate, including warehouse/distribution, flex (including light industrial and R&D), transshipment and improved land. We target functional properties in infill locations that may be shared by multiple tenants and that cater to customer demand within the various submarkets in which we operate. We selected our target markets by drawing upon the experience of our executive management investing and operating in over 50 global industrial markets located in North America, Europe and Asia, the fundamentals of supply and demand, and in anticipation of trends in logistics patterns resulting from population changes, regulatory, geopolitical and physical constraints, changes in technology, e-commerce, the economic and environmental benefits of reducing vehicle miles traveled and other factors. We believe that our target markets have attractive long term investment attributes. We target assets with characteristics that include, but are not limited to, the following: \u2022Located in high population coastal markets; \u2022Close proximity to transportation infrastructure (such as sea ports, airports, highways and railways); \u2022Situated in supply-constrained submarkets with barriers to new industrial development, as a result of physical and/or regulatory constraints; \u2022Functional and flexible layout that can be modified to accommodate single and multiple tenants; \u2022Acquisition price at Item 1. Business. Overview Terreno Realty Corporation (\u201cTerreno\u201d, and together with its subsidiaries, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, \u201cour Company\u201d or \u201cthe Company\u201d) acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C. We invest in several types of industrial real estate, including warehouse/distribution (approximately 80.5% of our total annualized base rent as of December 31, 2025), flex (including light industrial and research and development, or R&D) (approximately 3.4%), transshipment (approximately 6.0%) and improved land (approximately 10.1%). We target functional properties in infill locations that may be shared by multiple tenants and that cater to customer demand within the various submarkets in which we operate. Infill locations are geographic locations surrounded by high concentrations of already developed land and existing buildings. As of December 31, 2025, we owned a total of 309 buildings (including one building held for sale) aggregating approximately 19.8 million square feet, 46 improved land parcels consisting of approximately 147.0 acres and six properties under development or redevelopment. As of December 31, 2025, the buildings and improved land parcels were approximately 96.1% and 95.4% leased, respectively, to 683 customers, the largest of which accounted for approximately 4.9% of our total annualized base rent. We are an internally managed Maryland corporation and elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, or the Code, commencing with our taxable year ended December 31, 2010. Our Investment Strategy We acquire, own and operate industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C. As described in more detail below, we invest in se Item 1A. Risk Factors. Set forth below are the risks that we believe are material to our investors and they should be carefully considered. If any of the following risks occur, our business, financial condition, results of operations and cash flows, our ability to satisfy our debt service obligations and our ability to pay distributions on, and the per share trading price of", "title": "TRNO - Terreno Realty Corp", "url": "/company/TRNO/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000357301; latest 10-K filed 2026-03-16.", "text": "TRST - TRUSTCO BANK CORP N Y SIC 6022 State Commercial Banks; CIK 0000357301; latest 10-K filed 2026-03-16. TRST TRUSTCO BANK CORP N Y 0000357301 6022 State Commercial Banks MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis provides information that we believe is relevant to an assessment and understanding of our results of operations and financial condition for 2025, 2024 and 2023. This discussion should be read in conjunction with our audited financial statements included in \u201cConsolidated Financial Statements and Notes\u201d herein and Part I, Item 1, \u201cBusiness\u201d set forth in our Annual Report on Form 10-K for the year ended December 31, 2025 (\u201c2025 Form 10-K\u201d). The following analysis contains forward-looking statements about our future revenues, operating results and expectations. See \u201cCautionary Note Regarding Forward-Looking Statements\u201d herein for a discussion of the risks, assumptions and uncertainties affecting these statements, as well as Part I, Item 1A. \u201cRisk Factors\u201d set forth in our 2025 Form 10-K. To review our financial condition and results of operations for 2023 and a comparison between the 2023 and 2024 results, see Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our 2024 Form 10-K filed with the SEC on March 14, 2025. Balances discussed are daily averages unless otherwise described. Financial Review In 2025, a year that was extraordinary for the economy and the markets, TrustCo continued to make great progress. In management\u2019s view, the key results for 2025 are: [[GREPCENT_TABLE]] [[\"\\u2022\",\"Net income after taxes was $61.1 million or $3.25 diluted earnings per share in 2025;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\\u2022\",\"Period-end loans were up $154.4 million for 2025 compared to the prior year;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\\u2022\",\"Period-end deposits were up $166.4 million for 2025 compared to the prior year;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\\u2022\",\"Nonperforming assets was $22.1 million for 2025;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\\u2022\",\"GAAP net interest income was $169.0 million in 2025;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\\u2022\",\"At 56.14% and 55.76%, the efficiency ratio (GAAP) and adjusted efficiency ratio (non-GAAP), respectively, remained stronger than our peer group levels (see Non-GAAP Financial Measures Reconciliation); and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\\u2022\",\"The regulatory capital levels of both the Company and the Bank continued to remain strong as of December 31, 2025, and the Bank continues to meet the definition of \\u201cwell capitalized\\u201d for regulatory purposes.\"]] [[/GREPCENT_TABLE]] Management believes that the Company was able to achieve these accomplishments, by executing its long-term plan focused on traditional lending criteria and sound balance sheet management. Achievement of specific business goals such as the continued expansion of loans, along with tight control of operating expenses and manageable levels of nonperforming assets, is fundamental to the long-term success of the Company as a whole. Return on average equity was 8.88% in 2025 compared to 7.43% in 2024, while return on average assets was 0.97% in 2025 as compared to 0.80% in 2024. The U.S. economy continued to demonstrate resilience during 2025, supported by continued consumer spending and generally stable economic growth. In 2024, the Federal Reserve began easing monetary policy, including a 50 basis point cut in September 2024 and additional 25 basis point cuts in November 2024 and December 2024, which resulted in a federal funds target rate range of 4.25 percent to 4.50 percent at year-end 2024. The Federal Reserve continued to reduce short-term interest rates over the course of 2025, and, at its Federal Open Market Committee (\u201cFOMC\u201d) meeting in December 2025, it lowered the target range for the federal funds rate to a range of 3.50 percent to 3.75 percent. For the year ended 2025, equity markets produced positive returns. The Dow Jones Industrial Average increased app Item 1. Business General TrustCo Bank Corp NY (\u201cTrustCo\u201d or the \u201cCompany\u201d) is a savings and loan holding company having its principal place of business at 5 Sarnowski Drive, Glenville, New York 12302. TrustCo was incorporated under the laws of New York in 1981 to be the parent holding company of The Schenectady Trust Company, which subsequently was renamed Trustco Bank New York and, later, Trustco Bank, National Association. The Company\u2019s principal subsidiary, Trustco Bank (also referred to as the \u201cBank\u201d), is the successor by merger to Trustco Bank, National Association. As of December 31, 2025, TrustCo had $6.4 billion in total assets and $5.6 billion in deposits. Furthermore, TrustCo had 6,582 shareholders of record as of December 31, 2025 and the closing price of the TrustCo common stock on December 31 (the last trading day of 2025) was $41.33. Subsidiaries Trustco Bank Trustco Bank is a federal savings bank engaged in providing general banking services to individuals and businesses. The Bank provides a wide range of both personal and business banking services, including a full array of deposit products for both individuals and businesses. Trustco Bank also offers trust and investment services through its Financial Services Department. The Bank is supervised and regulated by the federal Office of the Comptroller of the Currency (\u201cOCC\u201d). Its deposits are insured by the Federal Deposit Insurance Corporation (\u201cFDIC\u201d) to the extent permitted by law. The Bank\u2019s subsidiary, Trustco Realty Corp., is a real estate investment trust (or \u201cREIT\u201d) that was formed to acquire, hold and manage real estate mortgage assets, including residential mortgage loans and mortgage backed securities. The income earned on these assets, net of expenses, is distributed in the form of dividends. Under current New York State tax law, 60% of the dividends received by the Bank from Trustco Realty Corp. are excluded from total taxable income for New York State income tax purposes. The B Item 1A. Risk Factors In addition to the other information set forth in this 2025 Form 10-K, you should carefully consider the following factors, which could materially affect our business, financial condition or results of operations. The risks described below are not the only risks that we face. Additional risks and uncertainties not currently known to", "title": "TRST - TRUSTCO BANK CORP N Y", "url": "/company/TRST/" }, { "kind": "company", "summary": "SIC 6324 Hospital & Medical Service Plans; CIK 0001371285; latest 10-K filed 2026-02-13.", "text": "TRUP - TRUPANION, INC. SIC 6324 Hospital & Medical Service Plans; CIK 0001371285; latest 10-K filed 2026-02-13. TRUP TRUPANION, INC. 0001371285 6324 Hospital & Medical Service Plans Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Please read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes included under Part II, Item 8 of this Annual Report on Form 10-K. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview We provide medical insurance for cats and dogs in the United States, Canada, and certain countries in Continental Europe. Through our data-driven, vertically-integrated approach, we develop and offer high-value medical insurance products, priced to take into account each pet\u2019s unique characteristics and coverage level. Our growing and loyal membership base provides us with highly predictable and recurring revenue. We operate in two reporting segments: subscription business and other business. We generate revenue in our subscription business segment primarily through insurance premiums, which we refer to as subscription payments from direct-to-consumer products. We operate our subscription business segment similar to other subscription-based businesses, with a focus on achieving a target margin prior to our new pet acquisition expense and acquiring as many pets as possible at our targeted average estimated internal rate of return. Within our subscription business, we also provide \"Powered by Trupanion\" pet insurance product offerings marketed by third parties, low and medium average revenue per pet products marketed under the brand names Furkin and PHI Direct in Canada, and a Trupanion branded product in Germany and Switzerland. We either directly underwrite or assume full insurance risk for these products through reinsurance arrangements. We provide a full suite of services and support for these products and they are designed to align with the target margin profile of our subscription business segment. Within this segment, we also offer products in certain countries in Continental Europe, which are currently underwritten by third parties who pay us commissions that we recognize as revenue. We generate leads for our subscription business segment from a diverse set of member acquisition channels, which we then seek to convert into members through our contact center, website and other direct-to-consumer activities. These channels include referrals from third-parties such as veterinarians and existing members. Veterinary hospitals represent our largest referral source. Our \u201cTerritory Partners\u201d create relationships with veterinary hospital teams through face-to-face visits. Territory Partners are dedicated to cultivating direct veterinary relationships and helping those veterinarians understand the benefits of high-quality medical insurance. Veterinarians then educate pet parents, who visit our website or call our contact center to learn more about, and potentially enroll in, a Trupanion product. We also receive a significant number of new leads from existing members adding pets and referring their friends and family members. Our direct-to-consumer acquisition channels serve as important resources for pet parent education and drive new member leads and conversion. We monitor average pet acquisition cost to evaluate the efficiency in acquiring new members and measure effectiveness based on our targeted return on investment. Our other business segment generates revenue from other product offerings, primarily by underwriting policies on behalf of third parties with whom we generally have a business-to-business relationship. This business segment ha Item 1. Business Our Mission Our mission is to help loving, responsible pet parents budget and care for their pets. Company Overview We provide medical insurance for cats and dogs in the United States, Canada, and certain countries in Continental Europe. Through our data-driven, vertically-integrated approach, we develop and offer high-value medical insurance products, priced to take into account each pet\u2019s unique characteristics and coverage level. Our growing and loyal membership base provides us with highly predictable and recurring revenue. We operate in two reporting segments: subscription business and other business. We generate revenue in our subscription business segment primarily through insurance premiums, which we refer to as subscription payments, from direct-to-consumer products. We operate our subscription business segment similar to other subscription-based businesses, with a focus on achieving a target margin prior to our new pet acquisition expense and acquiring as many pets as possible at our targeted average estimated internal rate of return. Within our subscription business, we also provide \"Powered by Trupanion\" pet insurance product offerings marketed by third parties, low and medium average revenue per pet products marketed under the brand names Furkin and PHI Direct in Canada, and a Trupanion branded product in Germany and Switzerland. We either directly underwrite or assume full insurance risk for these products through reinsurance arrangements. We provide a full suite of services and support for these products and they are designed to align with the target margin profile of our subscription business segment. Within this segment we also offer products in certain countries in Continental Europe which are currently underwritten by third parties who pay us commissions that we recognize as revenue. Our other business segment generates revenue from other product offerings, primarily by underwriting policies on behalf of third parties with w Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this report, including our consolidated financial statements and related notes, as well as in our other filings with the SEC", "title": "TRUP - TRUPANION, INC.", "url": "/company/TRUP/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001465740; latest 10-K filed 2026-02-17.", "text": "TWO - TWO HARBORS INVESTMENT CORP. SIC 6798 Real Estate Investment Trusts; CIK 0001465740; latest 10-K filed 2026-02-17. TWO TWO HARBORS INVESTMENT CORP. 0001465740 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the consolidated financial statements and accompanying notes included elsewhere in this Annual Report on Form 10-K. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. General We are a Maryland corporation that invests in, finances and manages MSR and Agency RMBS, and, through our operational platform, RoundPoint, we are one of the largest servicers of conventional loans in the country. We are structured as an internally-managed REIT and our common stock is listed on the NYSE under the symbol \u201cTWO.\u201d We seek to leverage our core competencies of understanding and managing interest rate and prepayment risk to invest in our portfolio of MSR and Agency RMBS. Our objective is to deliver more stable performance, relative to RMBS portfolios without MSR, across changing market environments, and we are acutely focused on creating sustainable stockholder value over the long term. One of our wholly owned subsidiaries, TH MSR Holdings, holds the requisite approvals from Fannie Mae and Freddie Mac to own and manage MSR, which represent a contractual right to control the servicing of a mortgage loan, the obligation to service the loan in accordance with applicable laws and requirements and the right to collect a fee for the performance of servicing activities, such as collecting principal and interest from a borrower and distributing those payments to the owner of the loan. TH MSR Holdings acquires MSR from third-party originators through flow and bulk purchases, as well as through the recapture of MSR on loans in its MSR portfolio that refinance. Beginning in 2024, TH MSR Holdings also acquires MSR on loans originated by its wholly owned subsidiary, RoundPoint, through purchases and recapture of MSR. TH MSR Holdings does not directly service mortgage loans; instead, it engages RoundPoint to handle substantially all servicing functions for the mortgage loans underlying its MSR. Our MSR business leverages our core competencies in prepayment and interest rate risk analytics, and the MSR assets may provide offsetting risks to our Agency RMBS, hedging both interest rate and mortgage spread risk. 30 Table of Contents RoundPoint has approvals from Fannie Mae, Freddie Mac and, beginning in the third quarter of 2025, Ginnie Mae to service residential mortgage loans. RoundPoint services originated or purchased mortgage loans held-for-sale, mortgage loans underlying TH MSR Holdings\u2019 MSR, and mortgage loans underlying MSR owned by third parties. Late in the second quarter of 2024, RoundPoint began operating its in-house, direct-to-consumer originations platform, which was established primarily to benefit our MSR portfolio through the retention or recapture of existing borrowers by providing them with competitive refinance and purchase mortgage options. The originations platform also originates both first and second mortgages for new borrowers that do not currently have a mortgage loan serviced by RoundPoint and brokers second lien loans to our existing borrowers. For our own MSR portfolio, adding new or recaptured MSR through our origination platform is intended to hedge faster than expected MSR prepayment speeds in a refinance environment, and requires less capital relative to acquiring MSR through flow and bulk purchases from third-party originators. In addition, origination activities are generally counter-cyclical to MSR; MSR fair value tends to move opposite to origination volume. For example, Item 1. Business Overview Two Harbors Investment Corp. is a Maryland corporation founded in 2009 that invests in, finances and manages mortgage servicing rights (\u201cMSR\u201d) and Agency residential mortgage-backed securities (\u201cRMBS\u201d) and, through its operational platform, RoundPoint Mortgage Servicing LLC (\u201cRoundPoint\u201d), is one of the largest servicers of conventional loans in the country. Agency refers to a U.S. government sponsored enterprise (\u201cGSE\u201d), such as the Federal National Mortgage Association (\u201cFannie Mae\u201d), or the Federal Home Loan Mortgage Corporation (\u201cFreddie Mac\u201d), or a U.S. government agency such as the Government National Mortgage Association (\u201cGinnie Mae\u201d). We are structured as an internally-managed real estate investment trust (\u201cREIT\u201d) and our common stock is listed on the New York Stock Exchange (\u201cNYSE\u201d) under the symbol \u201cTWO.\u201d The terms \u201cTwo Harbors,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d and the \u201cCompany\u201d refer to Two Harbors Investment Corp. and its subsidiaries as a consolidated entity. We seek to leverage our core competencies of understanding and managing interest rate and prepayment risk to invest in our portfolio of MSR and Agency RMBS. Our objective is to deliver more stable performance, relative to RMBS portfolios without MSR, across changing market environments, and we are acutely focused on creating sustainable stockholder value over the long term. We have elected to be treated as a REIT for U.S. federal income tax purposes. To qualify as a REIT, we are required to meet certain investment and operating tests and annual distribution requirements. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders, do not participate in prohibited transactions and maintain our intended qualification as a REIT. However, certain activities that we may perform may cause us to earn income which will not be qualifying income for REIT purposes. We have designate Item 1A. Risk Factors Risk Factors Summary The following summary highlights some of the principal risks that we believe could have a material adverse effect on our business, financial condition and results of operations. This summary is not complete and the risks summarized below are not the only risks we fac", "title": "TWO - TWO HARBORS INVESTMENT CORP.", "url": "/company/TWO/" }, { "kind": "company", "summary": "SIC 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl; CIK 0001336917; latest 10-K filed 2026-05-19.", "text": "UA - Under Armour, Inc. SIC 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl; CIK 0001336917; latest 10-K filed 2026-05-19. UA Under Armour, Inc. 0001336917 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is intended to help readers understand our results of operations and financial condition, and is provided as a supplement to, and should be read in conjunction with, our Consolidated Financial Statements and the accompanying Notes to our Consolidated Financial Statements under Part II, Item 8 and the information contained elsewhere in this Annual Report on Form 10-K, under the captions \"Business\" and \"Risk Factors.\" This Annual Report on Form 10-K, including this MD&A, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the U.S. Securities Exchange Act of 1934, as amended (\"the Exchange Act\"), and Section 27A of the U.S. Securities Act of 1933, as amended (\"the Securities Act\"), and is subject to the safe harbors created by those sections. All statements other than statements of historical facts are statements that could be deemed forward-looking statements. See \"Forward-Looking Statements.\" Unless otherwise noted: (i) all dollar and percentage comparisons made herein refer to Fiscal 2026 compared to Fiscal 2025; and (ii) all tabular data is presented in thousands, except share and per share data. Please refer to Part II, Item 7 of our Annual Report on Form 10-K for Fiscal 2025, filed with the Securities Exchange Commission (\"SEC\") on May 22, 2025, which is incorporated by reference herein, for a comparative discussion of our Fiscal 2025 financial results as compared to Fiscal 2024. 28 Table of Contents OVERVIEW We are a leading developer, marketer and distributor of branded performance apparel, footwear and accessories for men, women and youth. Our products are engineered with performance-driven materials and technologies, spanning a wide range of designs and styles for use in diverse climates. Our products are worn by athletes at all levels, from youth to professional, across multiple sports worldwide as well as by consumers who embrace active and performance-oriented lifestyles. We are focused on driving sustainable long-term growth and profitability through increased demand for our core product categories, continued expansion of our direct-to-consumer capabilities and strategic development of our wholesale network. Our strategic priorities are focused on elevating brand positioning, simplifying and scaling our operating model, accelerating innovation and enhancing global go-to-market execution. Execution of these priorities depends, in part, on our ability to deliver against strategic initiatives across key areas of the business, including North America region, our largest market. Our digital strategy is designed to enhance consumer engagement, strengthen brand loyalty and enable omnichannel experiences across multiple digital touchpoints. Fiscal 2026 Results During Fiscal 2026, challenging market conditions persisted, particularly in North America and Asia-Pacific, driven by lower consumer demand across both our wholesale and direct-to-consumer channels. Financial results for Fiscal 2026 as compared to Fiscal 2025 include: \u2022Total net revenues decreased 3.8%. \u2022Within our distribution channels, wholesale revenue decreased 4.9% and direct-to-consumer revenue decreased 1.7%. \u2022Within our product categories, apparel revenue decreased 1.6%, footwear revenue decreased 10.8%, and accessories revenue increased 0.9%. \u2022Net revenue decreased 7.9% in North America, increased 8.6% in EMEA, decreased 4.8% in Asia-Pacific and increased 8.7% in Latin America. \u2022Gross margin decreased 240 basis points to 45.5%. \u2022Selling, general and administrative expenses decreased 11.8%. 2025 Restructuring Plan During Fiscal 2025, our Board of Directors approved a restructuring plan (the \"2025 restructuring plan\") designed to strengthen and support our financial and ITEM 1. BUSINESS General Our principal business activities are the design, development, marketing and global distribution of branded performance apparel, footwear and accessories for men, women and youth. Our performance products are engineered with performance-driven materials and technologies, spanning a wide range of designs and styles for use in diverse climates. Our products are worn by athletes at all levels, from youth to professional, across multiple sports worldwide as well as by consumers who embrace active and performance-oriented lifestyles. We generate net revenues from the sale of our products to national, regional, independent and specialty retailers and distributors worldwide. We also generate net revenues through our direct-to-consumer channel, which includes our owned Brand and Factory House stores and e-commerce platforms. We are focused on driving sustainable long-term growth and profitability through increased demand for our core product categories, continued expansion of our direct-to-consumer capabilities and strategic development of our global wholesale network. Our strategic priorities are focused on elevating brand positioning, simplifying and scaling our operating model, accelerating innovation and enhancing global go\u2011to\u2011market execution. Execution of these priorities depends, in part, on our ability to deliver against strategic initiatives across key areas of the business, including North America, our largest market. Our digital strategy is designed to enhance consumer engagement, strengthen brand loyalty and enable omnichannel experiences across multiple digital touchpoints. We were incorporated as a Maryland corporation in 1996. We have registered trademarks around the globe, including UNDER ARMOUR\u00ae, HEATGEAR\u00ae, COLDGEAR\u00ae, HOVR\u00ae and the Under Armour UA Logo \u00ae, and continue to expand our intellectual property footprint worldwide. This Annual Report on Form 10-K also contains additional trademarks and trade names of our Company and ou ITEM 1A. RISK FACTORS Our results of operations and financial condition could be adversely affected by numerous risks. You should carefully consider the risk factors detailed below in conjunction with the other information contained in this Annual Report on Form 10-K. Should any of these ri", "title": "UA - Under Armour, Inc.", "url": "/company/UA/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000857855; latest 10-K filed 2026-02-17.", "text": "UCB - UNITED COMMUNITY BANKS INC SIC 6022 State Commercial Banks; CIK 0000857855; latest 10-K filed 2026-02-17. UCB UNITED COMMUNITY BANKS INC 0000857855 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and accompanying notes. The discussion of the components of our results of operations focuses on financial trends and events occurring between 2024 and 2025. For additional information related to financial trends between 2024 and 2023, please see the information under the caption \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 27, 2025, which information under that caption is incorporated herein by this reference. Historical results of operations are not necessarily predictive of future results. GAAP Reconciliation and Explanation This Report contains financial information determined by methods other than in accordance with GAAP. Such non-GAAP financial information includes the following measures: \u201ctangible book value per common share\u201d and \u201ctangible common equity to tangible assets.\u201d In addition, management presents non-GAAP operating performance measures, which exclude merger-related and other items that are not part of our core business operations. Operating performance measures include \u201cnoninterest income - operating\u201d, \u201cnoninterest expense - operating\u201d, \u201cnet income \u2013 operating,\u201d \u201cdiluted income per common share \u2013 operating,\u201d \u201creturn on common equity \u2013 operating,\u201d \u201creturn on tangible common equity \u2013 operating,\u201d \u201creturn on assets \u2013 operating,\u201d and \u201cefficiency ratio \u2013 operating.\u201d Management has developed internal processes and procedures to accurately capture and account for merger-related and other charges and those charges are reviewed with the Audit Committee of our Board each quarter. Management uses these non-GAAP measures because it believes they may provide useful supplemental information for evaluating our operations and performance over periods of time, as well as in managing and evaluating our business and in discussions about our operations and performance. Management believes these non-GAAP measures may also provide users of our financial information with a meaningful measure for assessing our financial results and credit trends, as well as a comparison to financial results for prior periods. These non-GAAP measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP and are not necessarily comparable to other similarly titled measures used by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable measures as reported in accordance with GAAP are included in Table 21 of MD&A. Executive Overview and Results of Operations Overview We offer a wide array of commercial and consumer banking services and investment advisory services, which as of December 31, 2025, was comprised of 199 banking offices throughout Georgia, South Carolina, North Carolina, Tennessee, Florida and Alabama. Our equipment finance and SBA/USDA lending businesses operate throughout the United States. At December 31, 2025, we had consolidated total assets of $28.0 billion and 3,070 full-time equivalent employees. Recent Developments \u2022On May 1, 2025, we completed the acquisition of ANB, which was headquartered in Oakland Park, Florida where it operated one banking location. In the acquisition, we acquired $301 million in loans and $374 million in deposits. ANB\u2019s results are included in our consolidated results beginning on May 1, 2025. We continue to evaluate future potential transactions as opportunities arise. \u2022During 2025, we completed the following transactions in accordance with our ongoing capital management strategy: \u25e6On September 15, 2025, we redeemed all outstanding shares of our Series I prefer ITEM 1. BUSINESS Overview United Community Banks, Inc., headquartered in Greenville, South Carolina, is a bank holding company under the BHC Act and a financial holding company under the GLB Act. We provide diversified financial services primarily through our principal subsidiary, United Community Bank, a South Carolina state-chartered bank. We have grown through a combination of strategic acquisitions and organic growth throughout Georgia, South Carolina, North Carolina, Tennessee, Florida and Alabama as well as nationally through our SBA/USDA lending and equipment finance businesses. As of December 31, 2025, we had consolidated total assets of $28.0 billion. As a financial holding company, we coordinate the financial resources of the consolidated enterprise and maintain systems of financial, operational, and administrative control intended to coordinate selected policies and activities, including as described in Item 9A of Part II. Recent Developments \u2022On September 15, 2025, as part of our ongoing capital management strategy, we redeemed all outstanding shares of our Series I preferred stock, which had a carrying value of $88.3 million. \u2022During 2025, we redeemed two series of our senior debentures totaling $135 million and comprising all of our outstanding senior debt. \u2022On May 1, 2025, we completed the acquisition of ANB, headquartered in Oakland Park, Florida where it operated one banking location in the Fort Lauderdale metropolitan area. In the acquisition, we acquired $301 million in loans and $374 million in deposits. Our operating results for the year ended December 31, 2025 include ANB\u2019s operating results for the period subsequent to the acquisition date. Principal Businesses and Services We Provide We provide a wide range of financial products and services to the commercial, retail, governmental, educational, energy, health care and real estate sectors. This includes a variety of deposit products, secured and unsecured loans, mortgage loans, paymen ITEM 1A. RISK FACTORS This Item outlines specific risks that could affect the ability of our various businesses to compete, change our risk profile or materially affect our financial condition or results of operations. Our operating environment continues to evolve and new risks continue to emerge. To address that challenge we have a risk ", "title": "UCB - UNITED COMMUNITY BANKS INC", "url": "/company/UCB/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001275014; latest 10-K filed 2026-02-23.", "text": "UCTT - Ultra Clean Holdings, Inc. SIC 3674 Semiconductors & Related Devices; CIK 0001275014; latest 10-K filed 2026-02-23. UCTT Ultra Clean Holdings, Inc. 0001275014 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This section and other parts of this Annual Report on Form 10-K contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. Forward-looking statements can also be identified by words such as \u201cexpects,\u201d \u201canticipates,\u201d \u201ctargets,\u201d \u201cgoals,\u201d \u201cprojects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cbelieves,\u201d \u201cseeks,\u201d \u201cestimates,\u201d \u201ccontinues,\u201d \u201cmay,\u201d \u201cwill be,\u201d \u201cwill continue,\u201d \u201cwill likely results, and similar terms. Forward-looking statements are not guarantees of future performance and our actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in \u201cItem 1A \u2014 Risk Factors\u201d above. The following discussion should be read in conjunction with the Consolidated Financial Statement and notes thereto included in Item 8 of this report. We assume no obligation to revise or update any forward-looking statements for any reason, except as required by law. Overview Ultra Clean Holdings, Inc., (\u201cUCT\u201d, the \u201cCompany\u201d or \u201cWe\u201d) is a leading developer and supplier of critical subsystems, components, parts, and ultra-high purity cleaning and analytical services primarily for the semiconductor industry. UCT offers its customers an integrated outsourced solution for major subassemblies, improved design-to-delivery cycle times, design for manufacturability, prototyping and part and component manufacturing, as well as tool chamber parts cleaning and coating, and micro-contamination analytical services. We report results for two segments: Products and Services. Our Products segment primarily designs, engineers and manufactures production tools, components and parts, and modules and subsystems for the semiconductor and display capital equipment markets. Products include chemical delivery modules, frame assemblies, gas delivery systems, fluid delivery systems, precision robotics, process modules as well as other high-level assemblies for wafer fabrication equipment (\u201cWFE\u201d) and sub-fab support equipment. Our Services segment provides ultra-high purity parts cleaning, process tool part recoating, surface encapsulation and high sensitivity micro contamination analysis primarily for the semiconductor device makers and WFE markets. We ship a majority of our products and provide most of our services to U.S. registered customers with both domestic and international locations. In addition to U.S. manufacturing and service operations, we manufacture products and provide parts cleaning and other related services in our Asia Pacific, Europe and Middle East (\u201cEMEA\u201d) facilities to support local and U.S. based customers. We conduct our operating activities primarily through our subsidiaries. Over the long-term, we believe the semiconductor market we serve will continue to grow due to multi-year industry demand from a broad range of drivers, such as new process architecture (e.g. gate all around) and memory devices (e.g. high bandwidth memory) necessary for cloud, artificial intelligence (\u201cAI\u201d) and machine learning (\u201cML\u201d) applications. We also believe that semiconductor original equipment manufacturers (\u201cOEM\u201d) are increasingly relying on partners like UCT to fulfill their expanding capacity requirements. Additionally, our Services business is benefiting as device manufacturers rely on precision cleaning and coating to achieve ever more advanced devices. Critical Accounting Policies and Estimates Our Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (\"GAAP\"), which require us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosure at the date of our Consolidated Financial Statements. On an on-going basis, we evaluate our e Item 1. Business Overview Ultra Clean Holdings, Inc., (\u201cUCT\u201d, the \u201cCompany\u201d or \u201cWe\u201d) is a leading developer and supplier of critical subsystems, components, parts, and ultra-high purity cleaning and analytical services primarily for the semiconductor industry. UCT offers its customers an integrated outsourced solution for major subassemblies, improved design-to-delivery cycle times, design for manufacturability, prototyping and part and component manufacturing, as well as tool chamber parts cleaning and coating, and micro-contamination analytical services. We report results for two segments: Products and Services. Our Products segment primarily designs, engineers and manufactures production tools, components and parts, and modules and subsystems for the semiconductor and display capital equipment markets. Products include chemical delivery modules, frame assemblies, gas delivery systems, fluid delivery systems, precision robotics, process modules as well as other high-level assemblies. Our Services segment provides ultra-high purity parts cleaning, process tool part recoating, surface encapsulation and high sensitivity micro contamination analysis primarily for the semiconductor device makers and wafer fabrication equipment (\u201cWFE\u201d) markets. We ship a majority of our products and provide most of our services to U.S.-registered customers with both domestic and international locations. In addition to U.S. manufacturing and service operations, we manufacture products and provide parts cleaning and other related services in our Asia Pacific (\u201cAPAC\u201d), Europe and Middle East (\u201cEMEA\u201d) facilities to support local and U.S.-based customers. We conduct our operating activities primarily through our subsidiaries. Over the long-term, we believe the semiconductor market we serve will continue to grow due to multi-year industry demand from a broad range of drivers, such as new device architecture (e.g. gate all around and backside power distribution), memory devices (e.g. high Item 1A. Risk Factors The following risk factors could materially and adversely affect the Company\u2019s business, financial condition or results of operations and cause reputational harm and should be carefully considered in evaluating the Company and its business, in addition to other information presented ", "title": "UCTT - Ultra Clean Holdings, Inc.", "url": "/company/UCTT/" }, { "kind": "company", "summary": "SIC 6500 Real Estate; CIK 0001611547; latest 10-K filed 2026-02-11.", "text": "UE - Urban Edge Properties SIC 6500 Real Estate; CIK 0001611547; latest 10-K filed 2026-02-11. UE Urban Edge Properties 0001611547 6500 Real Estate ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated audited financial statements and notes thereto included in Part II, Item 8 of this Annual Report on Form 10-K. This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and provides a year-to-year comparison between 2025 and 2024. A discussion of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Annual Report on Form 10-K but can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Executive Overview Our Company Urban Edge Properties (\u201cUE\u201d, \u201cUrban Edge\u201d, or the \u201cCompany\u201d) (NYSE: UE) is a Maryland real estate investment trust that owns, manages, acquires, develops, and redevelops retail real estate, primarily in the Washington, D.C. to Boston corridor. Urban Edge Properties LP (\u201cUELP\u201d or the \u201cOperating Partnership\u201d) is a Delaware limited partnership formed to serve as UE\u2019s majority-owned partnership subsidiary and to own, through affiliates, all of our real estate properties and other assets. Unless the context otherwise requires, references to \u201cwe\u201d, \u201cus\u201d and \u201cour\u201d refer to Urban Edge Properties and UELP and their consolidated entities/subsidiaries. The Operating Partnership\u2019s capital includes general and common limited partnership interests in the operating partnership (\u201cOP Units\u201d). As of December 31, 2025, Urban Edge owned approximately 94.9% of the outstanding common OP Units with the remaining limited OP Units held by members of management, Urban Edge\u2019s Board of Trustees and contributors of property interests acquired. Urban Edge serves as the sole general partner of the Operating Partnership. The third-party unitholders have limited rights over the Operating Partnership such that they do not have characteristics of a controlling financial interest. As such, the Operating Partnership is considered a variable interest entity (\u201cVIE\u201d), and the Company is the primary beneficiary that consolidates it. The Company\u2019s only investment is the Operating Partnership. The VIE\u2019s assets can be used for purposes other than the settlement of the VIE\u2019s obligations and the Company\u2019s partnership interest is considered a majority voting interest. As of December 31, 2025, our portfolio was comprised of 17.2 million square feet including 69 shopping centers, two outlet centers and two malls. Economic Considerations In recent years, microeconomic and macroeconomic conditions have caused volatility in the financial markets, such as the recent impacts as a result of changes in tariff policies and interest rates. The economy continues to face several ongoing issues including inflation risk and elevated interest rates which present potential risks for our business and our tenants. We continue to monitor the impacts of inflation on our operations and measures taken by the Federal Reserve in response to inflationary levels. During 2025, the Federal Reserve lowered its target range for the federal funds rate by 75 bps via rate cuts in September, October and December. The decision to lower the target range was driven in part by moderate economic growth, a weakened labor market and an increase in unemployment levels. The target rate now sits at a range of 3.50% to 3.75%. While inflation rates have decreased slightly compared to the prior year, they remain elevated in relation to the Federal Reserve\u2019s target of 2%. The current levels of inflation could result in reduced discretionary spending by consumers, putting pricing pressure on rents and limiting the amounts we are able to charge new tenants or tenants up for renewals. Notwithstanding the foregoing, the Company continued to see strong demand from a variety of tenants wanting to operate in our core mark ITEM 1. BUSINESS The Company Urban Edge Properties (\u201cUE\u201d, \u201cUrban Edge\u201d or the \u201cCompany\u201d) (NYSE: UE) is a Maryland REIT that owns, manages, acquires, develops, and redevelops retail real estate, primarily in the Washington, D.C. to Boston corridor. Urban Edge Properties LP (\u201cUELP\u201d or the \u201cOperating Partnership\u201d) is a Delaware limited partnership formed to serve as UE\u2019s majority-owned partnership subsidiary and to own, through affiliates, all of our real estate and other assets. Our portfolio is currently comprised of 69 shopping centers, two outlet centers and two malls totaling approximately 17.2 million square feet (\u201csf\u201d) of gross leasable area with a consolidated occupancy rate of 90.1%. For additional information on recent business developments, see Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in this Annual Report on Form 10-K. 1 Company Strategies We are a leading owner and operator of retail real estate focused on the Washington, D.C. to Boston corridor. Our goal is to generate industry leading growth while improving the communities we serve. We believe urban markets offer attractive acquisition and redevelopment opportunities resulting from high population density, strong demand from consumers, above average retailer sales trends, a limited supply of institutional quality assets and a large number of older, undermanaged assets that remain privately owned. We seek to create value through the following strategies: Maximize the value of existing properties through proactive management. We intend to maximize the value of each of our assets through comprehensive, proactive management encompassing: continuous asset evaluation for highest-and-best-use; targeted leasing to desirable credit tenants; and efficient and cost-conscious day-to-day operations that minimize operating expenses while enhancing property quality. Repurposing retail real estate with high-quality retailers, with a focus on grocer ITEM 1A. RISK FACTORS Risk factors that may materially and adversely affect our business, results of operations and financial condition are summarized below. These risks have been separated into the following groups: \u2022Risks Related to Our Business and Operations; \u2022Risks Related to Our Liquidity and Indebtedness; \u2022Risks Related to Business Continuity; \u2022Risks Related to Envi", "title": "UE - Urban Edge Properties", "url": "/company/UE/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000101199; latest 10-K filed 2026-02-26.", "text": "UFCS - UNITED FIRE GROUP INC SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000101199; latest 10-K filed 2026-02-26. UFCS UNITED FIRE GROUP INC 0000101199 6331 Fire, Marine & Casualty Insurance ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with Part II, Item 8, \"Financial Statements and Supplementary Data.\" Amounts (except per share amounts) are presented in thousands, unless otherwise noted. [[GREPCENT_TABLE]] [[\"MD&A Index\",\"Page\"],[\"Forward-Looking Statements\",\"25\"],[\"Business Overview\",\"27\"],[\"Critical Accounting Estimates\",\"29\"],[\"Non-GAAP Financial Measures\",\"37\"],[\"Results of Operations\",\"38\"],[\"Investments\",\"46\"],[\"Reinsurance\",\"49\"],[\"Liquidity and Capital Resources\",\"53\"],[\"Recently Issued Accounting Standards\",\"56\"]] [[/GREPCENT_TABLE]] FORWARD-LOOKING STATEMENTS This report may contain forward-looking statements about our operations, anticipated performance and other similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor under the Securities Act of 1933, as amended (the \"Securities Act\") and the Securities Exchange Act of 1934, as amended (the \"Exchange Act\"), for forward-looking statements. The forward-looking statements are not historical facts and involve risks and uncertainties that could cause actual results to differ from those expected and/or projected. Such forward-looking statements are based on current expectations, estimates, forecasts and projections about United Fire Group, Inc. (\"UFG,\" the \"Registrant,\" the \"Company,\" \"we,\" \"us,\" or \"our\"), the industry in which we operate, and beliefs and assumptions made by management. Words such as \"expect(s),\" \"anticipate(s),\" \"intend(s),\" \"plan(s),\" \"believe(s),\" \"continue(s),\" \"seek(s),\" \"estimate(s),\" \"goal(s),\" \"remain(s) optimistic,\" \"target(s),\" \"forecast(s),\" \"project(s),\" \"predict(s),\" \"should,\" \"could,\" \"may,\" \"will,\" \"might,\" \"hope,\" \"can\" and other words and terms of similar meaning or expression in connection with a discussion of future operations, financial performance or financial condition, are intended to identify forward-looking statements. See Part I, Item 1A \"Risk Factors\" of this report for more information concerning factors that could cause actual results to differ materially from those in the forward-looking statements. Risks and uncertainties that may affect the actual financial condition and results of the Company include, but are not limited to, the following: \u2022The success of our strategy may be adversely impacted by various internal and external factors; \u2022Our core insurance business is dependent on strong and beneficial relationships with a large network of independent insurance agents. A strain in these relationships could result in loss of sufficient business opportunities within our expertise and stated risk appetite; \u2022We will be at a competitive disadvantage if, over time, our competitors are more effective in pricing their products, development of new product offering, implementation of technology or data analytics; \u2022Our strategy's success could be affected by our timely ability to recognize and adapt to our position in the insurance cycle; \u2022Changing weather patterns and climate change add to the unpredictability, frequency and severity of catastrophe losses and may adversely affect the results of our operations, liquidity and financial condition; 25 Table of Contents \u2022Our success depends primarily on our ability to underwrite risks effectively and adequately price the risks we insure; \u2022We may be unable to predict the rising cost of insurance claims resulting from changing societal expectations that lead to increasing litigation, broader definitions of liability, broader contract interpretations, more plaintiff-friendly legal decisions and larger compensatory jury awards; \u2022Our reserves for property and casualty insurance losses and loss settlement expenses are based on estimates and may be inadequate, adversely impacting our financial results; \u2022We insure property that is exposed to various natur ITEM 1. BUSINESS OVERVIEW Founded in 1946, United Fire Group, Inc. (\"UFG\", the \"Registrant\", the \"Company\", \"we\", \"us\", or \"our\") and its subsidiaries are engaged in the business of writing property and casualty insurance through a network of independent agencies. Our insurance company subsidiaries are currently licensed as property and casualty insurers in all 50 states, plus the District of Columbia. Our principal executive office is located at 118 Second Avenue SE, Cedar Rapids, Iowa 52401. The Company owns 100 percent of United Fire & Casualty Company (\"UF&C\"), which owns 100 percent of eight subsidiaries: (1) Addison Insurance Company; (2) Lafayette Insurance Company; (3) United Fire & Indemnity Company; (4) Mercer Insurance Company; (5) Financial Pacific Insurance Company; (6) UFG Specialty Insurance Company; (7) United Real Estate Holdings LLC and (8) McIntyre Cedar UK Limited. Mercer Insurance Company owns 100 percent of two subsidiaries: (1) Franklin Insurance Company; and (2) Mercer Insurance Company of New Jersey, Inc. McIntyre Cedar UK Limited owns 100 percent of McIntyre Cedar Corporate Member LLP. PROPERTY AND CASUALTY INSURANCE BUSINESS Commercial Lines Business Our business is comprised primarily of commercial lines of property and casualty insurance, including surety bonds. Our primary commercial policies are tailored business packages that include the following lines of business: fire and allied lines, other liability, automobile, workers' compensation and surety. Our core commercial products support a wide variety of customers, including small business owners and middle market businesses operating in industries such as construction, services, retail trade, financial and manufacturing, through approximately 850 independent property and casualty agencies, along with contract surety and commercial surety bonds offered through approximately 160 surety agencies. We partner with managing general agents (\"MGAs\") to offer delegated underwriting pro ITEM 1A. RISK FACTORS We provide readers with the following discussion of risks and uncertainties relevant to our business. These are factors that we believe could cause our actual results to differ materially from our historic or anticipated results. We could also be adversely affected by other factors, in addition to thos", "title": "UFCS - UNITED FIRE GROUP INC", "url": "/company/UFCS/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000914156; latest 10-K filed 2026-02-27.", "text": "UFPT - UFP TECHNOLOGIES INC SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000914156; latest 10-K filed 2026-02-27. UFPT UFP TECHNOLOGIES INC 0000914156 3841 Surgical & Medical Instruments & Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview UFP Technologies, Inc. is a contract development and manufacturing organization that specializes in single-use and single-patient medical devices. We are a vital link in the medical device supply chain and a valued outsourcing partner to many of the world's top medical device manufacturers. Our single-use and single-patient devices and components are used in a wide range of medical devices and packaging for minimally invasive surgery, infection prevention, wound care, wearables, orthopedic soft goods, and orthopedic implants. 22 Table of Contents Our current strategy includes further organic growth and growth through strategic acquisitions. Net sales for the year ended December 31, 2025 increased 19.5% to $602.8 million from $504.4 million in the same period last year. The increase was primarily attributable to 23.2% growth in sales to customers in the medical market, which was largely due to sales from the companies we acquired in 2024 and 2025 (See Note 2 for further information regarding these acquisitions). These companies collectively contributed approximately $168.3 million in sales for the year ended December 31, 2025 compared to $73.1 million in the same period last year. Organic sales growth was 1.5% for the year ended December 31, 2025 as compared to the year ended December 31, 2024. Net sales from our largest two customers, Intuitive Surgical SARL and Stryker Corporation, were 24.3% and 21.5%, respectively, of our total net sales for the year ended December 31, 2025. Intuitive Surgical SARL and Stryker comprised approximately 29.2% and 15.4%, respectively, of our net sales for the year ended December 31, 2024. In 2025, we executed a post-acquisition review of our AJR labor force\u2019s United States employment eligibility through E-Verify protocols. This review has resulted in significant workforce turnover during the year (the \"AJR Labor Issue\"). Attention spent by experienced employees training new direct and indirect employees in our standards and policies has decreased productivity and therefore, has created inefficiencies in our AJR operations. To address the AJR Labor Issue, we recruited legally eligible replacement associates. We estimate that the AJR Labor Issue added over $6.3 million in incremental labor cost to our cost-of-sales for year ended December 31, 2025. Impact of Tariffs In 2025, the United States imposed increased tariffs on foreign imports into the United States, including all the countries in which we manufacture goods outside the United States and also the countries in which our customers operate. Although agreements have been made with various countries, the tariff policy environment remains dynamic, particularly in light of recent Supreme Court decisions, and we cannot predict what additional actions may ultimately be taken by the United States or other governments with respect to tariffs or trade relations, including retaliatory trade measures taken by other countries in response to existing or future United States tariffs or other measures. We estimate that tariffs not reimbursed by customers were immaterial to our 2025 results. Cyber Incident On or about February 14, 2026, the Company detected the Cyber Incident (as defined in Item 1C, Cybersecurity). As of the date hereof, the incident has not had a material impact on the Company\u2019s financial systems, operations or financial condition. While the Company\u2019s investigation and assessment of this incident is ongoing, as of the date of this filing, the Company believes its primary IT systems are operational in all material respects and the Company does not believe the incident is reasonably likely to materially impact the Company\u2019s financial condition or results of operations. There can be no assurance that the Cyber Incident or any future cybersecurity incidents will not have a material impact on the Company\u2019s future operations, fi ITEM 1. BUSINESS The Company is a contract development and manufacturing organization that specializes in single-use and single-patient medical devices. The Company is a vital link in the medical device supply chain and a valued outsourcing partner to many of the world's top medical device manufacturers. Our single-use and single-patient devices and components are used in a wide range of medical devices and packaging for minimally invasive surgery, infection prevention, wound care, wearables, orthopedic soft goods, and orthopedic implants. The Company was incorporated in the State of Delaware in 1993. The consolidated financial statements of the Company include the accounts and results of operations of UFP Technologies, Inc. and its wholly owned subsidiaries, as well as its share of minority-owned equity investments. All significant intercompany balances and transactions have been eliminated in consolidation. Available Information The Company\u2019s Internet website address is http://www.ufpt.com. Through its website, the Company makes available, free of charge, its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports, as soon as reasonably practicable after the Company electronically files such material with, or furnishes it to, the Securities and Exchange Commission (\u201cSEC\u201d). These SEC reports can be accessed through the investor relations section of the Company\u2019s website. The information found on the Company\u2019s website is not incorporated by reference in this or any other report filed with or furnished to the SEC. The SEC maintains an Internet website that contains reports, proxy and information statements, and other information regarding the Company and other issuers that file electronically with the SEC. The SEC\u2019s Internet website address is http://www.sec.gov. Market Overview The applications for the Company\u2019s products are numerous and diverse. The Company\u2019s products are primarily sold ITEM 1A. RISK FACTORS The risks factors described below could materially impact our business, including our results of operations and financial results. These are the risks and uncertainties we believe are most important for you to consider. Additional risks and uncertainties not presently known to us, which we ", "title": "UFPT - UFP TECHNOLOGIES INC", "url": "/company/UFPT/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000798783; latest 10-K filed 2026-02-25.", "text": "UHT - UNIVERSAL HEALTH REALTY INCOME TRUST SIC 6798 Real Estate Investment Trusts; CIK 0000798783; latest 10-K filed 2026-02-25. UHT UNIVERSAL HEALTH REALTY INCOME TRUST 0000798783 6798 Real Estate Investment Trusts ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to promote an understanding of our operating results and financial condition. The MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying Notes to the Consolidated Financial Statements, as included in this Annual Report on Form 10-K. The MD&A contains forward-looking statements that involve risks, uncertainties, and assumptions. Actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, those presented under Item 1A. Risk Factors, and below in Forward-Looking Statements and Risk Factors and as included elsewhere in this Annual Report on Form 10-K. This section generally discusses our results of operations for the year ended December 31, 2025 as compared to the year ended December 31, 2024. For discussion of our result of operations and changes in our financial condition for the year ended December 31, 2024, as compared to the year ended December 31, 2023, please refer to Part II, Item 7 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission on February 26, 2025, which section is incorporated by reference herein. Overview We are a real estate investment trust (\u201cREIT\u201d) that commenced operations in 1986. We invest in healthcare and human service related facilities currently including acute care hospitals, behavioral health care hospitals, specialty facilities, free-standing emergency departments, childcare centers and medical/office buildings. As of February 25, 2026, we have seventy-seven real estate investments or commitments in twenty-one states consisting of: \u2022 six hospital facilities consisting of three acute care hospitals and three behavioral health care hospitals; \u2022 four free-standing emergency departments (\u201cFEDs\u201d); \u2022 sixty-one medical/office buildings (\u201cMOBs\u201d), including four owned by unconsolidated limited liability companies (\u201cLLCs\u201d)/limited liability partnerships (\u201cLPs\u201d); \u2022 four preschool and childcare centers; \u2022 one specialty facility located in Evansville, Indiana, that is currently vacant, and; \u2022 vacant land located in Chicago, Illinois. Forward Looking Statements and Risk Factors This report contains \u201cforward-looking statements\u201d that reflect our current estimates, expectations and projections about our future results, performance, prospects and opportunities. Forward-looking statements include, among other things, information concerning our possible future results of operations, business and growth strategies, financing plans, expectations that regulatory developments or other matters will or will not have a material adverse effect on our business or financial condition, our competitive position and the effects of competition, the projected growth of the industry in which we operate, and the benefits and synergies to be obtained from our completed and any future acquisitions, and statements of our goals and objectives, and other similar expressions concerning matters that are not historical facts. Words such as \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cpredicts,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cfuture,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cappears,\u201d \u201cprojects\u201d and similar expressions, or the negative of those words and expressions, as well as statements in future tense, identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. Forward-l ITEM 1. Business General We are a real estate investment trust (\u201cREIT\u201d) that commenced operations in 1986. We invest in healthcare and human service related facilities currently including acute care hospitals, behavioral health care hospitals, specialty facilities, free-standing emergency departments, childcare centers and medical/office buildings. As of February 25, 2026, we have seventy-seven real estate investments or commitments in twenty-one states consisting of: \u2022 six hospital facilities consisting of three acute care hospitals and three behavioral health care hospitals; \u2022 four free-standing emergency departments (\u201cFEDs\u201d); \u2022 sixty-one medical/office buildings (\u201cMOBs\u201d), including four owned by unconsolidated limited liability companies (\u201cLLCs\u201d)/limited liability partnerships (\u201cLPs\u201d); \u2022 four preschool and childcare centers; \u2022 one specialty facility located in Evansville, Indiana, that is currently vacant, and; \u2022 vacant land located in Chicago, Illinois. Available Information We have our principal executive offices at Universal Corporate Center, 367 South Gulph Road, King of Prussia, PA 19406. Our telephone number is (610) 265-0688. Our website is located at http://www.uhrit.com. Copies of the annual, quarterly and current reports we file with the SEC, and any amendments to those reports, are available free of charge on our website. Our filings are also available to the public at the website maintained by the SEC, www.sec.gov. Additionally, we have adopted governance guidelines, a Code of Business Conduct and Ethics applicable to all of our officers and directors, a Code of Ethics for Senior Officers and charters for each of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee of the Board of Trustees. These documents are also available free of charge on our website. Copies of such reports and charters are available in print to any shareholder who makes a request. Such requests should be made to our Secretary at ITEM 1A. Risk Factors We are subject to numerous known and unknown risks, many of which are described below and elsewhere in this Annual Report. Any of the events described below could have a material adverse effect on our business, financial condition and results of operations. Additional risks and unce", "title": "UHT - UNIVERSAL HEALTH REALTY INCOME TRUST", "url": "/company/UHT/" }, { "kind": "company", "summary": "SIC 7200 Services-Personal Services; CIK 0000717954; latest 10-K filed 2025-10-29.", "text": "UNF - UNIFIRST CORP SIC 7200 Services-Personal Services; CIK 0000717954; latest 10-K filed 2025-10-29. UNF UNIFIRST CORP 0000717954 7200 Services-Personal Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Business Overview We are one of the leading providers of workplace uniforms and protective clothing in North America. We design, manufacture, personalize, rent, clean, deliver, and sell a wide range of uniforms and protective clothing, including shirts, pants, jackets, coveralls, lab coats, smocks, aprons and specialized protective wear, such as flame resistant and high visibility garments. We also rent and sell industrial wiping products, floor mats, facility service products and other non-garment items, and provides restroom and cleaning supplies and first aid cabinet services and other safety supplies as well as provide certain safety training, to a variety of manufacturers, retailers and service companies. We serve businesses of all sizes across multiple industries and sectors. We provide our products and services to over 300,000 customer locations in the U.S., Canada and Europe. U.S. GAAP establishes standards for reporting information regarding operating segments in annual financial statements and requires selected information of those segments to be presented in interim financial reports issued to shareholders. Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision-maker, or decision-making group, in making decisions on how to allocate resources and assess performance. Our chief operating decision-maker is our Chief Executive Officer. Prior to May 31, 2025, we organized our business into six operating segments: U.S. Rental and Cleaning, Canadian Rental and Cleaning, Manufacturing (\u201cMFG\u201d), Specialty Garments Rental and Cleaning (\u201cSpecialty Garments\u201d), First Aid and Corporate. The U.S. Rental and Cleaning and Canadian Rental and Cleaning operating segments were previously combined to form the U.S. and Canadian Rental and Cleaning reporting segment, and as a result, we had five reporting segments. We previously referred to our U.S. and Canadian Rental and Cleaning, MFG, and Corporate segments combined as our \u201cCore Laundry Operations.\u201d Beginning with the fourth quarter of 2025, we reorganized our business into three reportable operating segments based on the information reviewed by our Chief Executive Officer: Uniform & Facility Service Solutions, First Aid & Safety Solutions and Other. Refer to Item 1, \u201cBusiness\u201d and Note 15, \u201cSegment Reporting\u201d to our Consolidated Financial Statements for our disclosure of segment information. We have recast certain prior period segment results to conform with the current presentation. The Uniform & Facility Service Solutions segment consolidates the former Corporate, MFG and U.S. and Canadian Rental and Cleaning operating segments and includes our cleanroom operations, which was previously part of the Specialty Garments reporting segment. The Uniform & Facility Service Solutions reporting segment designs, manufactures, purchases, rents, cleans, delivers and sells, uniforms and protective clothing and non-garment items in the U.S. and Canada. Certain operations of the Uniform & Facility Service Solutions reporting segment are referred to by the Company as \u201cindustrial laundry operations\u201d and we refer to the locations related to this reporting segment as our \u201cindustrial laundries\u201d. Additionally, the Uniform & Facility Service Solutions consists of our distribution center, sales and marketing, information systems, engineering, materials management, manufacturing planning, finance, budgeting, human resources, other general and administrative costs and interest expense. The segment, through the Company\u2019s cleanroom operations, also purchases, rents, cleans, delivers and sells specialty garments and non-garment items primarily for cleanroom applications and provides cleanroom cleaning at limited customer locations. We renamed our First Aid reporting segment as the First Aid & Sa ITEM 1. BUSINESS GENERAL UniFirst Corporation, a corporation organized under the laws of the Commonwealth of Massachusetts in 1950, together with its subsidiaries, hereunder referred to as \u201cwe\u201d, \u201cour\u201d, the \u201cCompany\u201d, or \u201cUniFirst\u201d, is one of the leading providers in the supply and servicing of uniform and workwear programs, facility management and service products, as well as first aid and safety supplies and services in North America. We design, manufacture, personalize, rent, clean, deliver, and sell a wide range of uniforms and protective clothing. We also rent and sell industrial wiping products, floor mats, facility management and service products and other non-garment items, and provide restroom and cleaning supplies and first aid cabinet services and other safety supplies as well as certain safety training to a variety of manufacturers, retailers and service companies. Our safety offerings also include fire protection services, such as inspection, testing, and maintenance of fire extinguishers and other fire safety equipment. We serve businesses of all sizes across multiple industry sectors. Our principal services include providing customers with uniforms and other non-garment items, picking up soiled uniforms or other items on a periodic basis (usually weekly), and delivering, at the same time, cleaned and processed items. We offer uniforms in a wide variety of styles, colors, sizes and fabrics, often with personalized emblems selected by the customer. Our centralized services, specialized equipment and economies of scale generally allow us to be more cost effective in providing garment solutions and services than customers could be themselves, particularly those customers with high employee turnover rates. During the fiscal year ended August 30, 2025 (\u201cfiscal 2025\u201d), we manufactured approximately 62% of the garments placed in service. Because we design and manufacture a majority of our own uniforms and protective clothes, we can produce custom garment pr ITEM 1A. RISK FACTORS The statements in this section, as well as statements described elsewhere in this Annual Report on Form 10-K, or in other SEC filings, describe risks that could materially and adversely affect our business, financial condition and results of operations and the trading price of our securities. These risks are not the only", "title": "UNF - UNIFIRST CORP", "url": "/company/UNF/" }, { "kind": "company", "summary": "SIC 5141 Wholesale-Groceries, General Line; CIK 0001020859; latest 10-K filed 2025-10-01.", "text": "UNFI - UNITED NATURAL FOODS INC SIC 5141 Wholesale-Groceries, General Line; CIK 0001020859; latest 10-K filed 2025-10-01. UNFI UNITED NATURAL FOODS INC 0001020859 5141 Wholesale-Groceries, General Line ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and the notes thereto, \u201cRisk Factors\u201d included in Part I, Item IA, \u201cCautionary Note Regarding Forward-Looking Statements\u201d and other risks described elsewhere in this Annual Report. The following includes a comparison of our consolidated results of operations, segment results and financial position for fiscal years 2025 and 2024. In evaluating financial performance in each business segment, management primarily uses Net sales and Adjusted EBITDA of its business segments as discussed and reconciled within Note 16\u2014Business Segments in Part II, Item 8 of this Annual Report. For a comparison of our consolidated results of operations and financial position for fiscal years 2024 and 2023, see Item 7 of Part II, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d, in our Annual Report on Form 10-K for the fiscal year ended August 3, 2024, filed with the Securities and Exchange Commission on October 1, 2024, as supplemented by the additional discussion below, which includes a comparison of our segment results for fiscal years 2024 and 2023 reflecting our updated segments. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act, that involve substantial risks and uncertainties. In some cases you can identify these statements by forward-looking words such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cseek,\u201d \u201cshould,\u201d \u201cwill\u201d and \u201cwould,\u201d or similar words. Statements that contain these words and other statements that are forward-looking in nature should be read carefully because they discuss future expectations, contain projections of future results of operations or of financial positions or state other \u201cforward-looking\u201d information. Forward-looking statements involve inherent uncertainty and may ultimately prove to be incorrect. These statements are based on our management\u2019s beliefs and assumptions, which are based on currently available information. These assumptions could prove inaccurate. You are cautioned not to place undue reliance on forward-looking statements. Except as otherwise may be required by law, we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or actual operating results. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to: \u2022our dependence on principal customers; \u2022the relatively low margins of our business, which are sensitive to inflationary and deflationary pressures and intense competition, including as a result of the continuing consolidation of retailers and the growth of consumer choices for grocery and consumable purchases; \u2022our ability to realize the anticipated benefits of our strategic initiatives; \u2022changes in relationships with our suppliers; \u2022our ability to develop, implement, operate and maintain, and rely on third parties to operate and maintain, reliable and secure technology systems, and the effectiveness of our business continuity plans in response to an incident impacting our technology systems, such as the unauthorized incident on our technology systems; \u2022labor and other workforce shortages and challenges; \u2022the addition or loss of significant customers or material changes to our relationships with these customers; \u2022our ability to realize anticipated benefits of strategic transactions; \u2022our ability to continue to grow sales, including of our higher margin natural and organic foods and non-food products; \u2022our ability to maintain sufficient volume in our Natural and Conv ITEM 1. BUSINESS In this Annual Report on Form 10-K (\u201cAnnual Report\u201d or \u201cReport\u201d), unless otherwise specified, references to \u201cUnited Natural Foods\u201d, \u201cUNFI\u201d, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d or the \u201cCompany\u201d mean United Natural Foods, Inc. together with its consolidated subsidiaries. We are a Delaware corporation based in Providence, Rhode Island. We conduct our business through various subsidiaries. Since the formation of our predecessor in 1976, we have grown our business both organically and through acquisitions, which have expanded our distribution network, product selection and customer base. Our Background UNFI is a leading distributor of grocery and non-food products, and support services provider to retailers in the United States and Canada. We believe we are uniquely positioned to provide the broadest array of products, programs and services to customers throughout North America. Our diversified customer base includes over 30,000 customer locations ranging from some of the largest grocers in the country to smaller retailers. We offer approximately 230,000 products consisting of national, regional and private label brands grouped into the following main product categories: grocery and general merchandise; perishables; frozen foods; wellness and personal care items; and bulk and foodservice products. We believe we are North America\u2019s premier grocery wholesaler with 52 distribution centers and warehouses representing approximately 30 million square feet of warehouse space. We are a coast-to-coast distributor with customers in all 50 states as well as all ten provinces in Canada, making us a desirable partner for retailers and consumer product manufacturers. We believe our total product assortment and service offerings are unmatched by our wholesale competitors. We plan to continue to pursue new business opportunities with independent retailers that operate diverse formats, regional and national chains, as well as international customers with wide-ranging needs. Our busi ITEM 1A. RISK FACTORS Our business, financial condition and results of operations are subject to various risks and uncertainties, including those described below and elsewhere in this Annual Report. This section discusses factors that, individually or in the aggregate, we believe could cause our actual results to diff", "title": "UNFI - UNITED NATURAL FOODS INC", "url": "/company/UNFI/" }, { "kind": "company", "summary": "SIC 4813 Telephone Communications (No Radiotelephone); CIK 0002020795; latest 10-K filed 2026-03-02.", "text": "UNIT - Uniti Group Inc. SIC 4813 Telephone Communications (No Radiotelephone); CIK 0002020795; latest 10-K filed 2026-03-02. UNIT Uniti Group Inc. 0002020795 4813 Telephone Communications (No Radiotelephone) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following management\u2019s discussion and analysis of financial condition and results of operations describes the principal factors affecting the results of our operations, financial condition, and changes in financial condition, as well as our critical accounting estimates. Overview Uniti Group Inc. (herein referred to as the \u201cCompany,\u201d \u201cUniti,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) was incorporated in the State of Delaware on April 19, 2024, under the name \u201cWindstream Parent, Inc.\u201d and as a subsidiary of New Windstream, LLC (\u201cWindstream\u201d) (as successor to Windstream Holdings II, LLC) in connection with the Merger (as defined below). Uniti is a premier digital infrastructure company with approximately 240,000 fiber route miles across 47 states. The Company serves more than 1.0 million customers, including more than 500,000 residential fiber customers, with a network that includes approximately 1.9 million fiber-equipped households predominately situated in the Midwest and Southeast United States of America (\u201cU.S.\u201d). The Company offers a full suite of advanced communications services, including fiber-based broadband to residential and business customers, managed cloud communications and security services for large enterprises and government entities across the U.S., and tailored waves and transport solutions for carriers, content providers and large cloud computing and storage service providers in the U.S. and Canada. Our operations are organized into three business segments: Kinetic, Uniti Solutions and Fiber Infrastructure. See Notes 11 and 15 to our accompanying consolidated financial statements contained in Part II, Item 8. \u201cFinancial Statements and Supplementary Data\u201d of this Annual Report on Form 10-K for additional information regarding the Company\u2019s business segments. Prior to the Merger, Uniti Group LLC (f/k/a Uniti Group Inc.) (\u201cOld Uniti\u201d) was an independent internally managed real estate investment trust (\u201cREIT\u201d) engaged in the acquisition, construction and leasing of mission critical infrastructure in the communications industry. Old Uniti managed its operations within two primary lines of business: Uniti Fiber and Uniti Leasing. Completion of Merger with Windstream On August 1, 2025, pursuant to the previously announced Agreement and Plan of Merger, dated as of May 3, 2024 (as amended) (the \u201cMerger Agreement\u201d), by and between Old Uniti, Windstream, the Company, and New Windstream Merger Sub, LLC, an indirect wholly owned subsidiary of Windstream (\u201cMerger Sub\u201d), Old Uniti and Windstream completed the following transactions: (a) Windstream merged with and into the Company (at such time, a direct wholly owned subsidiary of Windstream named Windstream Parent, Inc.), with the Company surviving the merger as the ultimate parent company of the combined company (the \u201cInternal Reorg Merger\u201d), and (b) Merger Sub merged with and into Old Uniti (the \u201cMerger\u201d), with Old Uniti surviving the Merger as an indirect wholly owned subsidiary of the Company. Following the consummation of the Merger, the Company was renamed Uniti Group Inc. and Old Uniti ceased to be a REIT and the Company does not qualify to be a REIT. The common stock of the Company (\u201cCommon Stock\u201d) is listed on the Nasdaq Global Select Market under the symbol \u201cUNIT\u201d. Subject to the terms and conditions set forth in the Merger Agreement, at the effective time of the Merger, each share of Old Uniti\u2019s common stock, par value $0.0001 per share that was issued and outstanding immediately prior to the effective time of the Merger was automatically cancelled and retired and converted into the right to receive 0.6029 shares of Common Stock par value $0.0001 per share, pursuant to the exchange ratio set forth in the Merger Agreement with cash issued in lieu of fractional shares. Immediately following the consummation of the Merger (the \u201cClosing\u201d), Old Uniti\u2019s and Windstream\u2019s pre-Closing s Item 1. Business Overview Uniti Group Inc. (herein referred to as the \u201cCompany,\u201d \u201cUniti,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) was incorporated in the State of Delaware on April 19, 2024, under the name \u201cWindstream Parent, Inc\u201d and as a subsidiary of New Windstream, LLC (\u201cWindstream\u201d) (as successor to Windstream Holdings II, LLC) in connection with the Merger (as defined below). Uniti is a premier digital infrastructure company with approximately 240,000 fiber route miles across 47 states. The Company serves more than 1.0 million customers, including more than 500,000 residential fiber customers, with a network that includes approximately 1.9 million fiber-equipped households predominately situated in the Midwest and Southeast United States of America (\u201cU.S.\u201d). The Company offers a full suite of advanced communications services, including fiber-based broadband to residential and business customers, managed cloud communications and security services for large enterprises and government entities across the U.S., and tailored waves and transport solutions for carriers, content providers and large cloud computing and storage service providers in the U.S. and Canada. For the year ended December 31, 2025, the Company had total revenues and sales of $2,234.5 million and net income of $1,304.7 million. Prior to the Merger, Uniti Group LLC (f/k/a Uniti Group Inc., \u201cOld Uniti\u201d) was an independent internally managed real estate investment trust (\u201cREIT\u201d) engaged in the acquisition, construction and leasing of mission critical infrastructure in the communications industry. Old Uniti managed its operations within two primary lines of business: Uniti Fiber and Uniti Leasing. Old Uniti operated through a customary \u201cup-REIT\u201d structure, pursuant to which it held substantially all of its assets through a partnership, Uniti Group LP, a Delaware limited partnership (the \u201cOperating Partnership\u201d) that Old Uniti controlled as general partner. The up-REIT structure was intended to facilitate future ac Item 1A. Risk Factors Risks Related to our Business Competition and overbuilding in consumer service areas and competition in business markets could reduce market share and adversely affect our results of operations and financial condition. We face intense competitive pressures in our markets, includi", "title": "UNIT - Uniti Group Inc.", "url": "/company/UNIT/" }, { "kind": "company", "summary": "SIC 7359 Services-Equipment Rental & Leasing, NEC; CIK 0000933036; latest 10-K filed 2026-02-23.", "text": "UPBD - UPBOUND GROUP, INC. SIC 7359 Services-Equipment Rental & Leasing, NEC; CIK 0000933036; latest 10-K filed 2026-02-23. UPBD UPBOUND GROUP, INC. 0000933036 7359 Services-Equipment Rental & Leasing, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Objective We report financial operations under four operating segments, including our Acima segment, which includes our virtual and staffed business models; our Rent-A-Center segment, which includes our company-owned stores, franchise stores, and e-commerce platform through rentacenter.com; and our Brigit and Mexico segments. The following discussion focuses on recent developments expected to have current and future impacts on the results of our business, trends and uncertainties within our industry and business model that may impact our financial results, our recent results of operations, and discussion of our liquidity and capital resources. You should read the following discussion in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. For similar historical operating and financial data and discussion of our year ended December 31, 2024 results compared to our year ended December 31, 2023 results, refer to Part II. Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K, for the year ended December 31, 2024, incorporated herein by reference, which was filed with the SEC on February 25, 2025. Recent Developments Brigit Acquisition. On January 31, 2025, we completed the acquisition of Brigit for total consideration of up to $460 million, consisting of approximately $278.7 million in cash consideration and approximately 2.7 million shares of Upbound Group, Inc. common stock at closing, $75 million in deferred consideration, payable in multiple installments, and an earnout of up to $60 million based on the achievement of certain financial performance metrics for the Brigit business in 2026. Brigit is a holistic financial health technology company that has helped millions of Americans improve their financial health and literacy, find ways to earn and save money, access their earned wages before their regularly scheduled payday, build their credit through savings, and protect themselves from identity theft. Its mission is to help everyday Americans build a better financial future. Operating Segments. On January 31, 2025 we established a new operating segment following the acquisition of Brigit. Please reference Note B in our consolidated financial statements included in this Annual Report on Form 10-K for additional discussion of the acquisition. In addition, effective January 1, 2025, we combined our Franchising segment with our Rent-A-Center segment. Financial information disclosed within this report has been recast for the related prior year period to reflect this change. We report four operating segments: Acima, Rent-A-Center, Brigit and Mexico. One Big Beautiful Bill Act (\u201cOBBB\u201d). The OBBB was signed into law on July 4, 2025 and contains a broad range of tax reform provisions, including the reinstatement of 100% bonus depreciation and the immediate expensing of domestic R&D under the new \u00a7 174A of the Internal Revenue Code. As a result of the new provisions, we expect that OBBB will have a favorable impact on our cash taxes paid in the near term relative to the prior law. Term Loan Facility Amendment. On August 19, 2025 we entered into a Fourth Amendment to the Term Loan Facility, effective as of August 19, 2025. The amendment, in addition to certain other changes, (i) extended the maturity date for the loans outstanding under the Term Loan Facility to August 19, 2032 (subject to certain springing maturity provisions) and (ii) provided approximately $77 million of incremental commitments under the Term Loan Facility, all of which were drawn at the closing of the amendment, resulting in total aggregate borrowings under the Credit Agreement on such date of $875 million. Executive Management Changes. \u2022On June 1, 2025, Mitchell E. Fadel retired from his position as Chief Executi Item 1. Business. Upbound Group, Inc. Unless the context indicates otherwise, references to \u201cwe,\u201d \u201cus\u201d, \u201cour\u201d, and the \u201cCompany\u201d refer to the consolidated business operations of Upbound Group, Inc., the parent, and any or all of its direct and indirect subsidiaries. For any references in this document to Note A through Note U, refer to the Notes to consolidated financial statements in Item 8 included in this Annual Report on Form 10-K. We are a technology and data-driven leader in accessible and inclusive financial solutions that address the evolving needs and aspirations of underserved consumers. Through our Acima and Rent-A-Center segments, we are a leading lease-to-own provider with operations in the United States, Puerto Rico and Mexico. We provide a critical service for underserved consumers by providing them with access to, and the opportunity to obtain ownership of, high-quality, name brand durable products under a flexible lease-purchase agreement with no long-term debt obligation. Our Acima segment offers lease-to-own solutions through retailers in stores and online enabling such retailers to grow sales by expanding their customer base utilizing our differentiated offering and allowing customers to access our flexible lease-to-own solutions at thousands of retailers and to lease a wide range of durable products. Through our Rent-A-Center segment, we provide a fully integrated customer experience through our e-commerce platform and brick and mortar presence. On January 31, 2025, we completed the acquisition of Brigit, a holistic financial health technology company that has helped millions of customers improve their financial health and literacy, find ways to earn and save money, access their earned wages before their regularly scheduled payday, build their credit through savings and protect themselves from identity theft. Its mission is to help customers build a better financial future. See Note B in our consolidated financial statements included in this Item 1A. Risk Factors. Investing in Upbound Group, Inc. involves a high degree of risk, and you should carefully consider the risks described in this section and the other information included in this Annual Report on Form 10-K, including our consolidated financial statements and related notes, before maki", "title": "UPBD - UPBOUND GROUP, INC.", "url": "/company/UPBD/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001627475; latest 10-K filed 2026-02-13.", "text": "UPWK - UPWORK, INC SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001627475; latest 10-K filed 2026-02-13. UPWK UPWORK, INC 0001627475 7374 Services-Computer Processing & Data Preparation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with the sections titled \u201cBusiness\u201d and \u201cRisk Factors\u201d and the consolidated financial statements and related notes included elsewhere in this Annual Report. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties, as well as assumptions that may never materialize or that may be proven incorrect. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed in the sections titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d and in other parts of this Annual Report. Overview Upwork Inc., through its complementary, wholly owned subsidiaries, connects businesses with global, AI-enabled talent across every on-demand work type, including freelance, agency, fractional, and payrolled. Our portfolio of platforms and other workforce solutions includes the Upwork Marketplace, the world\u2019s human and AI-powered work marketplace that connects businesses with on-demand access to highly skilled independent talent worldwide, and Lifted, our wholly owned subsidiary that provides a purpose-built solution for enterprise organizations to source, contract, manage, and pay talent across the full spectrum of contingent work. Our customers consist of both talent and clients. We define talent as those who deliver services through the Upwork Marketplace, Lifted, or other Upwork workforce solutions. We define clients as customers that seek and engage with talent through these platforms and other workforce solutions. Talent includes independent professionals and agencies of varying sizes, while clients range from small businesses and entrepreneurs to large enterprises, including Fortune 100 companies. We measure economic activity across our portfolio of platforms and other workforce solutions using GSV. GSV represents the total dollar value transacted through all Upwork platforms and other workforce solutions, including client spend for talent services. GSV also includes other client and talent value-added services, such as AI-based solutions, purchases of Connects, payment processing, memberships, and currency services. With customers in over 180 countries, our platforms and other workforce solutions enabled $4.0 billion of GSV for the years ended December 31, 2025 and 2024, and $4.1 billion for the year ended December 31, 2023. As a global business connecting clients and talent worldwide, our GSV is generated across a diverse set of geographies. In 2025, approximately 71% of GSV was generated from U.S. clients, compared to approximately 70% and 69% in 2024 and 2023, respectively, with no other country representing more than 10% of GSV in any such year. While our client base is concentrated in the United States, our talent base is more globally distributed. Approximately 25% of GSV in 2025 and 2024 and approximately 26% in 2023 was generated from U.S. talent, making the United States our largest talent geography in each of 2025, 2024, and 2023. India and the Philippines were our next largest talent geographies in all three years. We operate our business as one operating and reportable segment. For additional information, see \u201cNote 15\u2014Segment Information\u201d in the notes to our consolidated financial statements included elsewhere in this Annual Report. Financial Highlights for 2025 Over the past several years, we have continued to execute on our strategic initiatives designed to drive sustainable growth and profitability and improve operational efficiency. These initiatives have centered around four key growth drivers: (i) enhancing monetization and the supply and demand characteristics of the Upwork Marketplace with new ads products and other offerings, enhan Item 1. Business. Overview Upwork Inc., through its complementary, wholly owned subsidiaries, connects businesses with global, AI-enabled talent across every on-demand work type, including freelance, agency, fractional, and payrolled. Our portfolio of platforms and other workforce solutions includes the Upwork Marketplace, the world\u2019s human and AI-powered work marketplace that connects businesses with on-demand access to highly skilled independent talent worldwide, and Lifted, our wholly owned subsidiary that provides a purpose-built solution for enterprise organizations to source, contract, manage, and pay talent across the full spectrum of contingent work. Our customers consist of both talent and clients. We define talent as those who deliver services through the Upwork Marketplace, Lifted, or other Upwork workforce solutions. We define clients as customers who seek and engage with talent through these platforms and other workforce solutions. Talent includes independent professionals and agencies of varying sizes, while clients range from small businesses and entrepreneurs to large enterprises, including Fortune 100 companies. We measure economic activity across our portfolio of platforms and other workforce solutions using Gross Services Volume, which we refer to as GSV. GSV represents the total dollar value transacted through all Upwork platforms and other workforce solutions, including client spend for talent services. GSV also includes other client and talent value-added services, such as AI-based solutions, purchases of Connects (which are virtual tokens that are required for talent to bid on projects and purchase ads products on the Upwork Marketplace), payment processing, memberships, and currency services.1 With customers in over 180 countries, our platforms and other workforce solutions enabled $4.0 billion of GSV for the year ended December 31, 2025. Our platforms and other workforce solutions serve as a powerful discovery engine for talent, helping Item 1A. Risk Factors. A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider the risks and uncertainties described below, as well as the other information in this Annual Report, including our consolidated financial statements and the rela", "title": "UPWK - UPWORK, INC", "url": "/company/UPWK/" }, { "kind": "company", "summary": "SIC 5651 Retail-Family Clothing Stores; CIK 0000912615; latest 10-K filed 2026-04-01.", "text": "URBN - URBAN OUTFITTERS INC SIC 5651 Retail-Family Clothing Stores; CIK 0000912615; latest 10-K filed 2026-04-01. URBN URBAN OUTFITTERS INC 0000912615 5651 Retail-Family Clothing Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview We operate under three reportable segments \u2013 Retail, Subscription and Wholesale. Our Retail segment primarily includes our Anthropologie, Free People, FP Movement and Urban Outfitters brands. Our Retail segment products and services are sold directly to our customers through our retail locations, websites, mobile applications, social media and third-party digital platforms, customer contact centers and franchisee-owned stores. Our Subscription segment includes the Nuuly brand, which offers customers a more sustainable way to explore fashion primarily through a monthly women\u2019s apparel subscription rental service. Our Wholesale segment includes our Free People, FP Movement and Urban Outfitters brands that sell through department and specialty stores worldwide, third-party digital businesses and our Retail segment. Our Wholesale segment primarily designs, develops and markets apparel, intimates, activewear and shoes. Our fiscal year ends on January 31. All references to our fiscal years refer to the fiscal years ended on January 31 in those years. For example, our fiscal year 2026 ended on January 31, 2026, our fiscal year 2025 ended on January 31, 2025, and our fiscal year 2024 ended on January 31, 2024. As used in this document, unless otherwise defined, \"Anthropologie\" refers to our Anthropologie, Terrain and Maeve brands and \"Free People\" refers to our Free People and FP Movement brands. Macroeconomic Environment and Other Recent Developments During 2025, the U.S. government enacted significant changes to its tariff regime that increased rates on a substantial number of imports. Certain foreign jurisdictions responded with reciprocal tariffs which resulted in corresponding actions by the U.S. government. Certain of these tariffs have been paused or modified from time to time and the uncertainty of tariff rates among multiple jurisdictions is contributing to overall macroeconomic volatility and increasing recessionary concerns. In February 2026, in response to the U.S. Supreme Court invalidating many of the existing International Economic Emergency Powers Act (\"IEEPA\") tariffs, the government instituted incremental global tariffs on all imports and has signaled it may seek higher tariffs. The potential for additional tariff increases may continue to result in increased reciprocal tariffs or other restrictive trade measures by the U.S. or foreign jurisdictions. The process for obtaining refunds for IEEPA tariffs is currently not finalized, but we are analyzing available options to preserve our refund rights and expect further guidance. These factors may continue to contribute to uncertain global economic conditions (including inflationary costs, consumer spending patterns and volatility in foreign currencies), which may impact our operations. We have been and continue to regularly evaluate global trade policies and take appropriate actions when necessary to mitigate the risks associated with tariffs. These actions include: \u2022 Negotiating better terms with our vendors; \u2022 Shifting our countries of origin (where possible) to enable the dual sourcing of most of our own branded products (we currently have no single country that represents the majority of our production); \u2022 Shifting our mode of transportation from air to ocean; and \u2022 Gently raising prices in a strategic fashion where we believe we could without affecting the overall customer experience. Even with these mitigation strategies in place, we believe that tariffs could have a negative impact on our financial results. On July 4, 2025, the United States enacted legislation commonly referred to as the One Big Beautiful Bill Act which includes various tax provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certai Item 1. Business General We are a leading lifestyle products and services company which operates a portfolio of global consumer brands including the Anthropologie, Free People, FP Movement, Urban Outfitters and Nuuly brands. As used in this document, unless otherwise defined, \"Anthropologie\" refers to our Anthropologie, Terrain and Maeve brands and \"Free People\" refers to our Free People and FP Movement brands. We have achieved compounded annual sales growth of approximately 12% over the past five years, with sales of approximately $6.2 billion during the fiscal year ended January 31, 2026. We operate under three reportable segments \u2013 Retail, Subscription and Wholesale. Our Retail segment includes our store and digital channels and primarily includes our Anthropologie, Free People, FP Movement and Urban Outfitters brands. We have over 55 years of experience creating and managing retail stores that offer highly differentiated collections of fashion apparel, accessories and home goods, among other things, in inviting and dynamic store settings. Our core strategy is to provide unified environments that establish emotional bonds with the customer, through Company-owned stores and franchisee-owned stores. In addition to retail stores, we offer our products and services directly to our customers through our websites, mobile applications, social media and third-party digital platforms and customer contact centers. Our Subscription segment includes the Nuuly brand, which offers customers a more sustainable way to explore fashion primarily through a monthly women\u2019s apparel subscription rental service. We operate a Wholesale segment under the Free People, FP Movement and Urban Outfitters brands. The Wholesale segment sells through department and specialty stores worldwide, third-party digital businesses and our Retail segment. The Wholesale segment primarily designs, develops and markets women's contemporary apparel, intimates, FP Movement activewear and shoes under the Item 1A. Risk Factors There are risks associated with an investment in our securities. The following risk factors should be read carefully in connection with evaluating our business and the forward-looking statements contained in this Annual Report on Form 10-K. Any of these risk factors could lead to material adverse effects on ", "title": "URBN - URBAN OUTFITTERS INC", "url": "/company/URBN/" }, { "kind": "company", "summary": "SIC 8000 Services-Health Services; CIK 0000885978; latest 10-K filed 2026-02-27.", "text": "USPH - U S PHYSICAL THERAPY INC /NV SIC 8000 Services-Health Services; CIK 0000885978; latest 10-K filed 2026-02-27. USPH U S PHYSICAL THERAPY INC /NV 0000885978 8000 Services-Health Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of U.S. Physical Therapy, Inc. and its subsidiaries (herein referred to as \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d or the \u201cCompany\u201d) should be read in conjunction with the Company\u2019s consolidated financial statements and accompanying notes included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d sections of this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission on March 3, 2025. EXECUTIVE SUMMARY The Company operates its business through two reportable business segments. Our physical therapy operations consist of physical therapy, speech therapy and occupational therapy clinics and home-care physical and speech therapy practices that provide pre- and post-operative care and treatment for a variety of orthopedic-related disorders, sports-related injuries, and rehabilitation of injured workers. Services provided by the industrial injury prevention services (\u201cIIP\u201d) segment include onsite services for clients\u2019 employees including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations and ergonomic assessments. The majority of IIP is contracted with and paid for directly by employers, including a number of Fortune 500 companies. IIP is performed through industrial sports medicine professionals with specialized training related to the musculoskeletal system. During the last three years, we completed the following acquisitions of outpatient physical therapy practices, companies that manage and/or provide administrative services to outpatient physical therapy practices, and IIP businesses detailed below: 33 Table of Contents [[GREPCENT_TABLE]] [[\"Acquisition\",\"\",\"Date\",\"\",\"% Interest Acquired\",\"\",\"Number of Clinics\"],[\"July 2025 Acquisition\",\"\",\"July 31, 2025\",\"\",\"60%\",\"\",\"3\"],[\"April 2025 Acquisition\",\"\",\"April 30, 2025\",\"\",\"40%*\",\"\",\"**\"],[\"February 2025 Acquisition\",\"\",\"February 28, 2025\",\"\",\"65%\",\"\",\"3\"],[\"November 2024 Acquisition\",\"\",\"November 30, 2024\",\"\",\"75%\",\"\",\"8\"],[\"October 2024 Acquisition\",\"\",\"October 31, 2024\",\"\",\"50%\",\"\",\"50\"],[\"August 2024 Acquisition\",\"\",\"August 31, 2024\",\"\",\"70%\",\"\",\"8\"],[\"April 2024 Acquisition\",\"\",\"April 30, 2024\",\"\",\"***\",\"\",\"****\"],[\"March 2024 Acquisition\",\"\",\"March 29, 2024\",\"\",\"50%\",\"\",\"9\"],[\"October 2023 Acquisition\",\"\",\"October 31, 2023\",\"\",\"*****\",\"\",\"****\"],[\"September 2023 Acquisition 1\",\"\",\"September 29, 2023\",\"\",\"70%\",\"\",\"4\"],[\"September 2023 Acquisition 2\",\"\",\"September 29, 2023\",\"\",\"70%\",\"\",\"1\"],[\"July 2023 Acquisition\",\"\",\"July 31, 2023\",\"\",\"70%\",\"\",\"7\"],[\"May 2023 Acquisition\",\"\",\"May 31, 2023\",\"\",\"45%\",\"\",\"4\"],[\"February 2023 Acquisition\",\"\",\"February 28, 2023\",\"\",\"80%\",\"\",\"1\"]] [[/GREPCENT_TABLE]] * On April 30, 2025, the Company acquired an outpatient home care practice that provides speech and occupational therapy through its 50% owned subsidiary MSO Metro LLC. (\u201cMetro\u201d). After the transaction, the Company\u2019s ownership interest is 40%, the local par ITEM 1. BUSINESS GENERAL U.S. Physical Therapy, Inc. through its subsidiaries (\u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, or the \u201cCompany\u201d), operates its business through two reportable business segments. Our physical therapy operations segment consists of physical therapy, speech therapy and occupational therapy clinics and home-care physical and speech therapy practices that provide pre- and post-operative care and treatment for a variety of orthopedic-related disorders, sports-related injuries, and rehabilitation of injured workers. Services provided by the industrial injury prevention services (\u201cIIP\u201d) segment include onsite services for clients\u2019 employees including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations and ergonomic assessments. The majority of IIP is contracted with and paid for directly by employers, including a number of Fortune 500 companies. IIP is performed through industrial sports medicine professionals with specialized training related to the musculoskeletal system. We were re-incorporated in April 1992 under the laws of the State of Nevada and have operating subsidiaries organized in various states in the form of limited partnerships, limited liability companies and wholly-owned corporations. This description of our business should be read in conjunction with our financial statements and the related notes contained in Item 8 in this Annual Report on Form 10-K. Our principal executive offices are located at 1300 West Sam Houston Parkway South, Suite 300, Houston, Texas 77042. Our telephone number is (713) 297-7000. Our website is www.usph.com. Acquisitions of Businesses and Interests During the last three years, we completed the acquisitions of the following clinic practices and IIP businesses detailed below: [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"% Interest\",\"\",\"Number of\"],[\"Acquisition\",\"\",\"Date\",\"\",\"Acquired\",\"\",\"Clinics\"],[\"July 2025 Acquisition\",\"\",\"July 31, 2025\",\"\",\"60%\",\"\",\"3\"], ITEM 1A. RISK FACTORS Our business, operations and financial condition are subject to various risks. Some of these risks are described below, and readers of this Annual Report on Form 10-K should take such risks into account in evaluating our Company or making any decision to invest in us. This section does not describe ", "title": "USPH - U S PHYSICAL THERAPY INC /NV", "url": "/company/USPH/" }, { "kind": "company", "summary": "SIC 8200 Services-Educational Services; CIK 0001261654; latest 10-K filed 2025-11-26.", "text": "UTI - UNIVERSAL TECHNICAL INSTITUTE INC SIC 8200 Services-Educational Services; CIK 0001261654; latest 10-K filed 2025-11-26. UTI UNIVERSAL TECHNICAL INSTITUTE INC 0001261654 8200 Services-Educational Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion together with the \"Selected Financial Data\" and the consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that are based on our current expectations, estimates and projections about our business and operations. Our actual results may differ materially from those currently anticipated and expressed in such forward-looking statements as a result of a number of factors, including those we discuss under \u201cRisk Factors\u201d \u201cCautionary Note Regarding Forward-Looking Statements\u201d and elsewhere in this Annual Report on Form 10-K. Company Overview Universal Technical Institute, Inc., which together with its subsidiaries is referred to as the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour,\u201d was founded in 1965 and is a leading workforce solutions provider of transportation, skilled trades, energy and healthcare programs serving students, partners, and communities nationwide. We offer high-quality training programs and support services for in-demand careers through two reportable segments (also referred to as \u201cdivisions\u201d): Universal Technical Institute and Concorde Career Colleges. We offer the majority of our programs in a hands-on learnings model through labs and clinical placements, as well as classroom delivery and blended delivery models. Our reporting structure is as follows: Universal Technical Institute (\u201cUTI\u201d): UTI operates 15 campuses located in nine states and offers a wide range of degree and non-degree transportation and skilled trades technical training programs. UTI also offers manufacturer specific advanced training programs, which include student-paid electives, at our campuses and manufacturer or dealer sponsored training at certain campuses and dedicated training centers. Lastly, UTI provides dealer technician training or instructor staffing services to manufacturers. Concorde Career Colleges (\u201cConcorde\u201d): Concorde operates 17 campuses located in eight states and online, offering degree, non-degree, and continuing education programs in the allied health, dental, nursing, patient care and diagnostic fields. The Company has designated certain campuses as \u201cConcorde Career College;\u201d where allowed by State regulation. The remaining campuses are designated as \u201cConcorde Career Institute.\u201d Concorde believes in preparing students for their healthcare careers with practical, hands-on experiences including opportunities to learn while providing care for real patients. Prior to graduation, students must complete a certain number of hours in a clinical setting or externship, depending upon their program of study. We acquired Concorde on December 1, 2022. 41 \u201cCorporate\u201d includes corporate related expenses that are not allocated to the UTI or Concorde reportable segments. See Note 23 of the notes to our Consolidated Financial Statements within Part II, Item 8 of this Annual Report on Form 10-K for additional details on our segments. All of our campuses are accredited and are eligible for federal student financial assistance funds under the Higher Education Act of 1965, as amended, commonly referred to as Title IV Programs, which are administered by the U.S. Department of Education (\u201cED\u201d). Our programs are also eligible for financial aid from federal sources other than Title IV Programs, such as the programs administered by the U.S. Department of Veterans Affairs and under the Workforce Innovation and Opportunity Act. We believe that our industry-focused educational model and national presence has enabled us to develop valuable industry relationships, which provide us with significant competitive advantages and supports our market leadership, and enables us to provide highly specialized education to our students, resulting in enhanced employment opportunities and the potential for higher wages for our gradua ITEM 1. BUSINESS Overview Universal Technical Institute, Inc., which together with its subsidiaries is referred to as the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour,\u201d was founded in 1965 and is a leading workforce education provider for transportation, skilled trades, energy and healthcare programs serving students, partners, and communities nationwide. The company offers high-quality training programs and support services for in-demand careers through its two reportable segments (also referred to as \u201cdivisions\u201d): Universal Technical Institute and Concorde Career Colleges. We offer the majority of our programs in a hands-on learning model through labs and clinical placements, as well as classroom delivery and blended delivery models. Our reporting structure is as follows: Universal Technical Institute (\u201cUTI\u201d): UTI operates 15 campuses located in nine states and offers a wide range of degree and non-degree transportation, skilled trades, and energy technical training programs. UTI also offers manufacturer specific advanced training programs, which include student-paid electives at our campuses and manufacturer, or dealer sponsored, training at certain campuses and dedicated training centers. Lastly, UTI provides dealer technician training or instructor staffing services to manufacturers. Concorde Career Colleges (\u201cConcorde\u201d): Concorde operates 17 campuses located in eight states and online, offering degree, non-degree, certificate and continuing education programs in the allied health, dental, nursing, patient care and diagnostic fields. The Company has designated campuses that offer degree granting programs by \u201cConcorde Career College\u201d where allowed by State regulation. The remaining campuses are designated as \u201cConcorde Career Institute.\u201d Concorde believes in preparing students for their healthcare careers with practical, hands-on experiences including opportunities to learn while providing care for real patients. Prior to graduation, students must complete a certain number ITEM 1A. RISK FACTORS We provide the following cautionary discussion of risks and uncertainties relevant to our business. These are factors that, individually or in the aggregate, could cause our actual results to differ materially from expected and historical results. We note these factors for invest", "title": "UTI - UNIVERSAL TECHNICAL INSTITUTE INC", "url": "/company/UTI/" }, { "kind": "company", "summary": "SIC 4931 Electric & Other Services Combined; CIK 0000755001; latest 10-K filed 2026-02-09.", "text": "UTL - UNITIL CORP SIC 4931 Electric & Other Services Combined; CIK 0000755001; latest 10-K filed 2026-02-09. UTL UNITIL CORP 0000755001 4931 Electric & Other Services Combined Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) (Note references are to the Notes to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.) You should read the following discussion and analysis together with the consolidated financial statements and related notes included elsewhere herein. OVERVIEW Unitil is a public utility holding company headquartered in Hampton, New Hampshire. Unitil is subject to regulation as a holding company system by the FERC under the Energy Policy Act of 2005. Unitil\u2019s principal business is the local distribution of electricity and natural gas to approximately 215,100 customers throughout its service territory in the states of New Hampshire, Massachusetts and Maine. Unitil is the parent company of five wholly-owned distribution utilities: i) Unitil Energy, which provides electric service in the southeastern seacoast and state capital regions of New Hampshire; ii) Fitchburg, which provides both electric and natural gas service in the greater Fitchburg area of north central Massachusetts; iii) Northern Utilities, which provides natural gas service in southeastern New Hampshire and portions of southern and central Maine, including the city of Portland and the Lewiston-Auburn area; iv) Bangor, which provides natural gas service in the greater Bangor area of central Maine; and v) Maine Natural, which provides natural gas service in southern and central Maine, including the greater Portland region, as well as the capital city of Augusta. Unitil Energy, Fitchburg, Northern Utilities, Bangor and Maine Natural are collectively referred to as the \u201cdistribution utilities.\u201d Together, the distribution utilities serve approximately 110,100 electric customers and 105,000 natural gas customers in their service territories. The distribution utilities are local \u201cwires and pipes\u201d operating companies. In addition, Unitil is the parent company of Granite State, a natural gas transmission pipeline, regulated by the FERC, operating 85 miles of underground gas transmission pipeline primarily located in Maine and New Hampshire. Granite State provides Northern Utilities with interconnection to three major natural gas pipelines and access to North American pipeline supplies. Unitil had an investment in Net Utility Plant of $1.8 billion at December 31, 2025. Unitil\u2019s total revenue was $536.0 million in 2025, which includes revenue to recover the approved cost of purchased electricity and natural gas in rates on a fully reconciling basis. As a result of this reconciling rate structure, the Company\u2019s earnings are not affected by changes in the cost of purchased electricity and natural gas. Earnings from Unitil\u2019s utility operations are derived from the return on investment in the five distribution utilities and Granite State. The Company\u2019s other subsidiaries include Unitil Service, which provides, at cost, a variety of administrative and professional services to Unitil\u2019s affiliated companies, Unitil Resources, the Company\u2019s non-regulated subsidiary, which currently does not have any activity, Unitil Realty, which owns and manages the Company\u2019s corporate office in Hampton, New Hampshire and also owns land in Kingston, New Hampshire on which Unitil Energy\u2019s solar facility is located, which became operational in May 2025, and Unitil Water which currently does not have any activity. Unitil\u2019s consolidated net income includes the earnings of the holding company and these subsidiaries. Regulation Unitil is subject to comprehensive regulation by federal and state regulatory authorities. Unitil and its subsidiaries are subject to regulation as a holding company system by the FERC under the Energy Policy Act of 2005 with regard to certain bookkeeping, accounting and reporting requirements. Unitil\u2019s utility operations related to wholesale and interstate energy business activities are also regulated by the FERC. Unitil\u2019s distribution ut Item 1. Business UNITIL CORPORATION In this Annual Report on Form 10-K, the \u201cCompany\u201d, \u201cUnitil\u201d, \u201cwe\u201d, and \u201cour\u201d refer to Unitil Corporation and its subsidiaries, unless the context requires otherwise. Unitil is a public utility holding company incorporated under the laws of the State of New Hampshire in 1984. The following companies are wholly-owned subsidiaries of Unitil: [[GREPCENT_TABLE]] [[\"Company Name\",\"\",\"State and Year of Organization\",\"\",\"Principal Business\"],[\"Unitil Energy Systems, Inc. (Unitil Energy)\",\"\",\"NH - 1901\",\"\",\"Electric Distribution Utility\"],[\"Fitchburg Gas and Electric Light Company (Fitchburg)\",\"\",\"MA - 1852\",\"\",\"Electric & Natural Gas Distribution Utility\"],[\"Northern Utilities, Inc. (Northern Utilities)\",\"\",\"NH - 1979\",\"\",\"Natural Gas Distribution Utility\"],[\"Bangor Natural Gas Company (Bangor)\",\"\",\"ME - 1998\",\"\",\"Natural Gas Distribution Utility\"],[\"Maine Natural Gas Corporation (Maine Natural)\",\"\",\"ME - 1998\",\"\",\"Natural Gas Distribution Utility\"],[\"Granite State Gas Transmission, Inc. (Granite State)\",\"\",\"NH - 1955\",\"\",\"Natural Gas Transmission Pipeline\"],[\"Unitil Power Corp. (Unitil Power)\",\"\",\"NH - 1984\",\"\",\"Wholesale Electric Power Utility\"],[\"Unitil Service Corp. (Unitil Service)\",\"\",\"NH - 1984\",\"\",\"Utility Service Company\"],[\"Unitil Realty Corp. (Unitil Realty)\",\"\",\"NH - 1986\",\"\",\"Real Estate Management\"],[\"Unitil Resources, Inc. (Unitil Resources)\",\"\",\"NH - 1993\",\"\",\"Non-regulated Energy Services\"],[\"Unitil Water Corp. (Unitil Water)\",\"\",\"NH - 2025\",\"\",\"Non-regulated Company\"]] [[/GREPCENT_TABLE]] Unitil and its subsidiaries are subject to regulation as a holding company system by the Federal Energy Regulatory Commission (FERC) under the Energy Policy Act of 2005. Unitil\u2019s principal business is the local distribution of electricity and natural gas to approximately 215,100 customers throughout its service territories in the states of New Hampshire, Massachusetts and Maine. Unitil is the parent company of five wholly-owned dis Item 1A. Risk Factors When considering an investment in the Company\u2019s securities, investors should consider the following risk factors, as well as the information contained under the caption \u201cCautionary Statement\u201d immediately following the Table of Contents in this Annual Report on Form 10-K. Additional risks not presently known to the Comp", "title": "UTL - UNITIL CORP", "url": "/company/UTL/" }, { "kind": "company", "summary": "SIC 5150 Wholesale-Farm Product Raw Materials; CIK 0000102037; latest 10-K filed 2026-06-01.", "text": "UVV - UNIVERSAL CORP /VA/ SIC 5150 Wholesale-Farm Product Raw Materials; CIK 0000102037; latest 10-K filed 2026-06-01. UVV UNIVERSAL CORP /VA/ 0000102037 5150 Wholesale-Farm Product Raw Materials Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of financial condition and results of operations is provided to enhance the understanding of, and should be read in conjunction with, Item 1, \u201cBusiness\u201d and Item 8, \u201cFinancial Statements and Supplementary Data.\u201d For information on risks and uncertainties related to our business that may make past performance not indicative of future results, or cause actual results to differ materially from any forward-looking statements, see Item 1A, \u201cRisk Factors.\u201d OVERVIEW Universal Corporation is a global business-to-business agriproducts company with over 100 years of experience supplying products and innovative solutions to meet our customers\u2019 evolving needs. With operations in over 30 countries on five continents, we believe we are uniquely positioned to leverage our worldwide network to access a diverse, reliable supply of plant-based materials. This presence, combined with our supply chain expertise, integrated processing capabilities, and commitment to sustainability, enables us to deliver high-quality, customizable, and traceable value-added agriproducts essential to our customers\u2019 success. We operate in two segments: Tobacco Operations and Ingredients Operations. Our Tobacco Operations segment primarily focuses on procuring and processing flue-cured, burley, dark air-cured, and oriental leaf tobacco for consumer product manufacturers. Our Ingredients Operations segment, through the Universal Ingredients platform, produces and supplies a broad portfolio of products, including fruit and vegetable juices and concentrates, purees, dehydrated products, botanical extracts, flavorings, colorings, and other customized, value-added ingredient solutions to the food and beverage industry. RESULTS OF OPERATIONS Amounts described as net income (loss) and earnings (loss) per diluted share in the following discussion are attributable to Universal Corporation and exclude earnings related to non-controlling interests in subsidiaries. Adjusted operating income (loss), adjusted net income (loss) attributable to Universal Corporation, adjusted diluted earnings (loss) per share, and the total for segment operating income (loss) referred to in this discussion are non-GAAP financial measures. These measures are not financial measures calculated in accordance with GAAP and should not be considered as substitutes for operating income (loss), net income (loss) attributable to Universal Corporation, diluted earnings (loss) per share, cash from operating activities or any other operating or financial performance measure calculated in accordance with GAAP, and may not be comparable to similarly-titled measures reported by other companies. Reconciliations of adjusted operating income (loss) to consolidated operating (income), adjusted net income (loss) attributable to Universal Corporation to consolidated net income (loss) attributable to Universal Corporation and adjusted diluted earnings (loss) per share to diluted earnings (loss) per share are provided in Other Items below. In addition, we have provided a reconciliation of the total for segment operating income (loss) to consolidated operating income (loss) in Note 16 to the consolidated financial statements in Item 8. Management evaluates the consolidated Company and segment performance excluding certain significant charges or credits. We believe these non-GAAP financial measures, which exclude items that we believe are not indicative of our core operating results, provide investors with important information that is useful in understanding our business results and trends. References to net debt, net capitalization, and net debt to net capitalization ratio are also references to non-GAAP financial measures. These measures are not financial measures calculated in accordance with GAAP and should not be considered substitutes for total debt, total capitalization, total debt Item 1. Business A. The Company Overview Universal Corporation is a global business-to-business agriproducts company with over 100 years of experience supplying products and innovative solutions to meet our customers\u2019 evolving needs. With operations in over 30 countries on five continents, we are uniquely positioned to leverage our worldwide network to access a diverse, reliable supply of plant-based materials. This presence, combined with our supply chain expertise, integrated processing capabilities, and commitment to sustainability, enables us to deliver high-quality, customizable, and traceable value-added agriproducts essential to our customers\u2019 success. We have two operating segments: Tobacco Operations and Ingredients Operations. Our Tobacco Operations segment involves procuring and processing flue-cured, burley, dark air-cured, and oriental leaf tobacco for manufacturers of consumer tobacco products and performing related services. We are the leading global leaf tobacco supplier. Through our Ingredients Operations segment, we procure raw materials globally and process the raw materials through a variety of value-added manufacturing processes to produce high-quality, innovative, specialty plant-based ingredients, including fruits, vegetables, botanical extracts, and flavorings for consumer-packaged goods manufacturers, retailers, and food and beverage companies. We do not sell any direct-to-consumer products. Rather, we support consumer product manufacturers by selling them transformed agriproducts and performing related services for them. Our business strategy focuses on three pillars: maximizing and optimizing our Tobacco Operations segment, growing our Ingredients Operations segment, and strengthening our Company for the future. In our Tobacco Operations segment, we continue to look for opportunities to increase our sales volumes and market share, expand services across our customers\u2019 supply chains, participate in the evolution of next generation Item 1A. Risk Factors The risks and uncertainties described below are those that we currently believe could materially adversely affect us. Other risks and uncertainties that we do not presently consider to be material or of which we are not presently aware may become important factors that affect us in the future. If", "title": "UVV - UNIVERSAL CORP /VA/", "url": "/company/UVV/" }, { "kind": "company", "summary": "SIC 6531 Real Estate Agents & Managers (For Others); CIK 0001524358; latest 10-K filed 2026-03-02.", "text": "VAC - MARRIOTT VACATIONS WORLDWIDE Corp SIC 6531 Real Estate Agents & Managers (For Others); CIK 0001524358; latest 10-K filed 2026-03-02. VAC MARRIOTT VACATIONS WORLDWIDE Corp 0001524358 6531 Real Estate Agents & Managers (For Others) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements You should read the following discussion of our results of operations and financial condition together with our audited historical consolidated financial statements and accompanying notes in Part II, \u201cItem 8. Financial Statements and Supplementary Data,\u201d and Part I, \u201cItem 1. Business,\u201d of this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on our current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those we discuss in the sections of this Annual Report entitled \u201cRisk Factors\u201d and \u201cSpecial Note About Forward-Looking Statements.\u201d Our consolidated financial statements, which we discuss below, reflect our historical financial condition, results of operations and cash flows. The financial information discussed below and included in this Annual Report may not, however, necessarily reflect what our financial condition, results of operations and cash flows may be in the future. Our discussion and analysis of fiscal year 2025 to fiscal year 2024 is included herein. Our discussion and analysis of fiscal year 2024 to fiscal year 2023 has been omitted from this Form 10-K and can be found in Part II, \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the Securities and Exchange Commission on February 28, 2025. Business Overview We are a leading global vacation company that offers vacation ownership, exchange, rental, and resort and property management, along with related businesses, products and services. Our business operates in two reportable segments: Vacation Ownership and Exchange & Third-Party Management. Our Vacation Ownership segment includes a diverse portfolio of resorts that includes some of the world\u2019s most iconic brands licensed under exclusive long-term relationships. We are the exclusive worldwide developer, marketer, seller and manager of vacation ownership and related products under the Marriott Vacation Club, Grand Residences by Marriott, Sheraton Vacation Club, Westin Vacation Club, and Hyatt Vacation Club brands. We are also the exclusive worldwide developer, marketer and seller of vacation ownership and related products under The Ritz-Carlton Club brand, and we have the non-exclusive right to develop, market and sell whole ownership residential products under The Ritz-Carlton Residences brand. We also have a license to use the St. Regis brand for specified fractional ownership products. Our Vacation Ownership segment generates revenues from four primary sources: selling vacation ownership products; managing vacation ownership resorts, clubs and owners\u2019 associations; financing consumer purchases of vacation ownership products; and renting vacation ownership inventory. Our Exchange & Third-Party Management segment includes an exchange network and membership programs, as well as the provision of management services to other resorts and lodging properties. Exchange & Third-Party Management revenue generally is fee-based and derived from membership, exchange and rental transactions, property and owners\u2019 association management, and other related products and services. We provide these services through our Interval International and Aqua-Aston businesses. Corporate and other represents the portion of our results that are not allocable to our segments, including those relating to Consolidated Property Owners\u2019 Associations. Accounting Policies Used in Describing Results of Operations Sale of Vacation Owne Item 1. Business Overview We are a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products and services. As the first major hospitality-branded vacation ownership company, Marriott Vacations Worldwide helped establish the industry and was the first major pure-play independent, public company in the field. Today we are more than a vacation ownership company; we are about vacation experiences. We are a global leader in vacation ownership with some of the most iconic brands in the industry. We are the exclusive worldwide developer, marketer, seller and manager of vacation ownership and related products under the Marriott Vacation Club, Grand Residences by Marriott, Sheraton Vacation Club, Westin Vacation Club, and Hyatt Vacation Club brands. We are also the exclusive worldwide developer, marketer and seller of vacation ownership and related products under The Ritz-Carlton Club brand, and we have the non-exclusive right to develop, market and sell whole ownership residential products under The Ritz-Carlton Residences brand. We also have a license to use the St. Regis brand for specified fractional ownership products. Interval International is our high-quality vacation ownership exchange service provider that serves as the gateway to vacation experiences around the world, including access to its affiliated resorts. Our Aqua-Aston business provides management services for resorts, hotels, and other third-party vacation property owners. Our business operates in two reportable segments: Vacation Ownership and Exchange & Third-Party Management. [[GREPCENT_TABLE]] [[\"\",\"\",\"2025\"],[\"($ in millions)\",\"\",\"Segment Revenue\",\"\",\"% of Segment Revenue\"],[\"Vacation Ownership\",\"\",\"$\",\"4,805\",\"\",\"\",\"96%\"],[\"Exchange & Third-Party Management\",\"\",\"213\",\"\",\"\",\"4%\"],[\"Total Segment Revenue\",\"\",\"$\",\"5,018\",\"\",\"\",\"100%\"]] [[/GREPCENT_TABLE]] The Vacation Ownership Industry The va Item 1A. Risk Factors This section describes circumstances or events that could have a negative effect on our financial results or operations or that could change, for the worse, existing trends in our businesses. The occurrence of one or more of the circumstances or events described below coul", "title": "VAC - MARRIOTT VACATIONS WORLDWIDE Corp", "url": "/company/VAC/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0000887359; latest 10-K filed 2026-02-26.", "text": "VCEL - Vericel Corp SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0000887359; latest 10-K filed 2026-02-26. VCEL Vericel Corp 0000887359 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview Vericel Corporation is a leading provider of advanced therapies for the sports medicine and severe burn care markets. We have a highly differentiated portfolio of cell therapy and specialty biologic products that combines innovations in biology with medical technologies. We were among the first companies to achieve commercial success in the complex field of cell therapies with treatments that use tissue engineering to regenerate skin and healthy knee cartilage. We currently market two U.S. Food and Drug Administration (\u201cFDA\u201d) approved autologous cell therapy products and one FDA-approved specialty biologic product in the U.S. MACI\u00ae is an autologous cellularized scaffold product indicated for the repair of symptomatic, single or multiple full-thickness cartilage defects of the knee with or without bone involvement in adults. Since MACI\u2019s commercial launch, the product\u2019s FDA-approved labeling has provided for a treating surgeon to use MACI to treat a patient through an open surgical procedure. In August 2024, the FDA approved a supplemental Biologics License Application (\u201csBLA\u201d) expanding the MACI indication to add instructions for the arthroscopic delivery of MACI to the product\u2019s approved labeling. MACI Arthro\u00ae allows surgeons to evaluate and prepare the cartilage defect site as well as deliver the MACI implant through small incisions using custom-designed arthroscopic instruments developed by the Company (\u201cMACI Arthro instruments\u201d). MACI Arthro became commercially available in the U.S. during the third quarter of 2024 and the Company began selling MACI Arthro instruments at that time. Epicel\u00ae is a permanent skin replacement Humanitarian Use Device (\u201cHUD\u201d) indicated for the treatment of adult and pediatric patients with deep-dermal or full-thickness burns comprising greater than or equal to 30 percent of a patient\u2019s total body surface area (\u201cTBSA\u201d). We also hold an exclusive license from MediWound Ltd. (\u201cMediWound\u201d) for the North American rights to NexoBrid\u00ae (anacaulase-bcdb), a topically-administered biological orphan product containing proteolytic enzymes, which is indicated for the removal of eschar in adult and pediatric patients with deep partial-thickness and/or full-thickness thermal burns. Manufacturing We have a cell manufacturing facility in Cambridge, Massachusetts, which is currently used for U.S. manufacturing and distribution of MACI and Epicel. In January 2022, we entered into a lease agreement (as amended, the \u201cBurlington Lease\u201d) to lease approximately 126,000 square feet of manufacturing, laboratory and office space in Burlington, Massachusetts. The Burlington facility is complete, and we are currently utilizing the facility\u2019s office space. Once validated, the facility\u2019s manufacturing component will eventually become the primary manufacturing facility for MACI and Epicel. The manufacturing process for NexoBrid is conducted by MediWound, primarily at manufacturing locations in Israel. Certain raw materials utilized in NexoBrid\u2019s manufacture, including the supply of the active ingredient bromelain, are sourced from Taiwan. Product Portfolio Our current marketed products include two FDA-approved autologous cell therapies and one FDA-approved specialty biologic product. MACI is a third-generation autologous cellularized scaffold product indicated for the repair of symptomatic, single or multiple full-thickness cartilage defects of the knee with or without bone involvement in adults. In connection with our MACI product, we sell MACI biopsy kits, which are used by treating surgeons to obtain a sample of cartilage tissue, which is later sent to us. If a patient decides to move forward with MACI treatment, we subsequently use the cartilage sample to manufacture a MACI implant. When an orthopedic surgeon decides to treat a patient by implanting MACI through an arthroscopic approach the surgeon may choose to us Item 1. Business General Information Vericel Corporation is a leading provider of advanced therapies for the sports medicine and severe burn care markets. We have a highly differentiated portfolio of cell therapy and specialty biologic products that combines innovations in biology with medical technologies. We were among the first companies to achieve commercial success in the complex field of cell therapies with treatments that use tissue engineering to regenerate skin and healthy knee cartilage. We currently market two U.S. Food and Drug Administration (\u201cFDA\u201d) approved autologous cell therapy products and one FDA-approved specialty biologic product in the U.S. MACI\u00ae is an autologous cellularized scaffold product indicated for the repair of symptomatic, single or multiple full-thickness cartilage defects of the knee with or without bone involvement in adults. Since MACI\u2019s commercial launch, the product\u2019s FDA-approved labeling has provided for a treating surgeon to use MACI to treat a patient through an open surgical procedure. In August 2024, the FDA approved a supplemental Biologics License Application (\u201csBLA\u201d) expanding the MACI indication to add instructions for the arthroscopic delivery of MACI to the product\u2019s approved labeling. MACI Arthro\u00ae allows surgeons to evaluate and prepare the cartilage defect site as well as deliver the MACI implant through small incisions using custom-designed arthroscopic instruments developed by the Company (\u201cMACI Arthro instruments\u201d). MACI Arthro became commercially available in the U.S. during the third quarter of 2024, and the Company began selling MACI Arthro instruments at that time. Epicel\u00ae is a permanent skin replacement Humanitarian Use Device (\u201cHUD\u201d) indicated for the treatment of adult and pediatric patients with deep-dermal or full-thickness burns comprising greater than or equal to 30 percent of a patient\u2019s total body surface area (\u201cTBSA\u201d). We also hold an exclusive license from MediWound Ltd. (\u201cMediWound\u201d) for the N Item 1A. Risk Factors Summary Risk Factors The following summary highlights some of the principal risks that could adversely affect our business, financial condition or results of operations. This summary is not complete and the risks summarized below are not the only risks we face. These risks are dis", "title": "VCEL - Vericel Corp", "url": "/company/VCEL/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001570827; latest 10-K filed 2026-02-26.", "text": "VCTR - Victory Capital Holdings, Inc. SIC 6282 Investment Advice; CIK 0001570827; latest 10-K filed 2026-02-26. VCTR Victory Capital Holdings, Inc. 0001570827 6282 Investment Advice Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The objective of this section of the Annual Report on Form 10-K is to provide a discussion and analysis, from management\u2019s perspective, of the key performance indicators and material information necessary to assess our financial condition, results of operations, liquidity and cash flows for the year ended December 31, 2025. The following discussion should be read in conjunction with the consolidated financial statements and related notes that appear in Part II \u2013 Item 8. Financial Statements and Supplementary Data of this Annual Report on Form 10-K. Management's Discussion and Analysis of Financial Condition and Results of Operations included in this report discusses our financial condition and results of operations as of and for the years ended December 31, 2025 and 2024. A discussion related to our financial condition and results of operations for 2024 as compared to 2023 can be found in Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025. In addition to historical information, this discussion and analysis contain forward\u2011looking statements that involve risks, uncertainties and assumptions, which could cause actual results to differ materially from management\u2019s expectations. Please refer to the sections of this report entitled \u201cForward\u2011Looking Statements\u201d and \u201cRisk Factors.\u201d Overview Our Business \u2013 Victory is a diversified global asset management firm with total client assets of $316.6 billion, assets under management of $313.8 billion and other assets of $2.8 billion as of December 31, 2025. The Company operates a next-generation business model combining boutique investment qualities with the benefits of an integrated, centralized operating and distribution platform. The Company provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors with multiple autonomous Investment Franchises and a Solutions Platform. Victory Capital offers a wide array of investment products, including actively and passively managed mutual funds, rules-based and active exchange traded funds (\u201cETFs\u201d), institutional separate accounts, variable insurance products (\u201cVIPs\u201d), alternative investments, private closed end funds, and a 529 Education Savings Plan. Victory Capital\u2019s strategies are also offered through third-party investment products, including mutual funds, third-party ETF model strategies, retail separately managed accounts (\u201cSMAs\u201d) and unified managed accounts (\u201cUMAs\u201d) through wrap account programs, Collective Investment Trusts (\u201cCITs\u201d), and undertakings for the collective investment in transferable securities (\u201cUCITS\u201d). As of December 31, 2025, our Franchises and our Solutions Platform collectively managed a diversified set of 187 investment strategies for a wide range of institutional and retail clients and direct investors. Franchises \u2013 Our Franchises are largely operationally integrated but are separately branded and make investment decisions independently from one another within guidelines established by their respective investment mandates. Our largely integrated model creates a supportive environment in which our investment professionals, largely unencumbered by administrative and operational responsibilities, can focus on their pursuit of investment excellence. VCM employs all of our U.S. investment professionals across our Franchises, which are not separate legal entities. Solutions \u2013 Our Solutions Platform consists of multi\u2011asset, multi-manager, quantitative, rules-based, factor-based, and customized portfolios. These strategies are designed to achieve specific return characteristics, with products that include values-based and thematic outcomes and exposures. We offer our Solutions Platform through a variety Item 1. Business Overview We are a diversified global asset management firm with total assets under management (\u201cAUM\u201d) of $313.8 billion, and $316.6 billion in total client assets, as of December 31, 2025. Our differentiated business model combines boutique investment qualities with the benefits of a scaled, integrated, centralized (not standardized) operating and distribution platform. Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors. With multiple Investment Franchises and a Solutions Platform that maintain autonomy in their respective investment processes, Victory Capital offers a wide array of investment products, including actively and passively managed mutual funds, rules-based and active exchange traded funds (\u201cETFs\u201d), institutional separate accounts, variable insurance products (\u201cVIPs\u201d), alternative investments, private closed 3 Table of Contents end funds, and a 529 Education Savings Plan. Victory Capital\u2019s strategies are also offered through third-party investment products, including mutual funds, third-party ETF model strategies, retail separately managed accounts (\u201cSMAs\u201d) and unified managed accounts (\u201cUMAs\u201d) through wrap account programs, Collective Investment Trusts (\u201cCITs\u201d), and undertakings for the collective investment in transferable securities (\u201cUCITS\u201d). As of December 31, 2025, our Franchises and our Solutions Platform collectively managed a diversified set of 187 investment strategies. Our design logos and the marks \u201cVictory Capital,\u201d \u201cVictory Capital Management,\u201d \u201cVictory Funds,\u201d \u201cVictoryShares,\u201d \u201cVictory Capital inVest,\u201d \u201cVictory Capital Solutions,\u201d \u201cinVest,\u201d \u201cMunder,\u201d \u201cMunder Capital,\u201d \u201cNew Energy Capital,\u201d \u201cPioneer Investments,\" \u201cTHB,\u201d \u201cThe Road to Victory,\u201d \u201cRS Investments,\u201d \u201cSycamore Capital,\u201d \u201cTrivalent Investments,\u201d \u201cVictory Income Investors,\u201d and \u201cWestEnd Advisors,\u201d are pending or owned by us as of December 31, 2025. All other trademarks, ser Item 1A. Risk Factors. The risks described below are not the only ones facing us. The occurrence of any of the following risks or additional risks and uncertainties not presently known to us or that we currently believe to be immaterial could materially and adversely affect our business, financial condition or results of operation", "title": "VCTR - Victory Capital Holdings, Inc.", "url": "/company/VCTR/" }, { "kind": "company", "summary": "SIC 8071 Services-Medical Laboratories; CIK 0001384101; latest 10-K filed 2026-02-26.", "text": "VCYT - VERACYTE, INC. SIC 8071 Services-Medical Laboratories; CIK 0001384101; latest 10-K filed 2026-02-26. VCYT VERACYTE, INC. 0001384101 8071 Services-Medical Laboratories ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of financial condition and results of operations should be read together with the consolidated financial statements and the related notes included in Item 8 of Part II of this Annual Report on Form 10-K. This discussion and analysis contains certain forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those set forth herein under the heading \"Forward-Looking Statements and Market Data\" and in the section entitled \"Risk Factors\" in Part I, Item 1A of this report, and in the other documents we file with the Securities and Exchange Commission. Historical results are not necessarily indicative of future results. Overview We are a global diagnostics company that empowers clinicians with the high-value insights they need to guide and assure patients at pivotal moments in the race to diagnose and treat cancer. Our high-performing tests enable clinicians to make more confident diagnostic, prognostic and predictive treatment decisions. Insights from these tests help patients avoid unnecessary procedures and interventions and accelerate time to appropriate treatment, thereby improving outcomes for patients across our global markets. In the United States, we currently offer tests in prostate cancer (Decipher Prostate), thyroid cancer (Afirma), breast cancer (Prosigna) and bladder cancer (Decipher Bladder). In addition, we are planning to offer our Prosigna test for breast cancer as an LDT in 2026. We serve global markets with two complementary models. In the United States, we offer LDTs through our centralized CLIA certified laboratories in South San Francisco and San Diego, California, supported by our cytopathology expertise in Austin, Texas. Additionally, outside of the United States, we provide IVD tests to patients through distribution to laboratories and hospitals that can perform the tests locally. Our international distribution of IVDs is currently focused on our Prosigna test and, in the future, we intend to offer Decipher Prostate as an IVD test. We believe our broad menu of advanced diagnostic tests, combined with our ability to deliver them globally, differentiates us in the diagnostics industry. We are aiming to expand our role across the cancer continuum with the addition of our minimal residual disease, or MRD platform, TrueMRD, and our assays. This will broaden our portfolio of tests to help monitor the success of a therapeutic or surgical intervention and support the determination of the best course of action for each patient. Macroeconomic Factors Recent macroeconomic factors, such as interest rate fluctuations and inflation in the United States and other markets, evolving international trade policies and government actions relating to tariffs, as well as volatility in the global banking and finance systems, geopolitical challenges and other measures that restrict international trade, have resulted in volatility in the capital and credit markets globally. Moreover, the continued fluctuation and reduced valuation of the U.S. dollar compared to other currencies has impacted and may continue to impact our results of operations. We intend to continue to monitor macroeconomic conditions closely and may determine to take certain financial or operational actions in response to such conditions as appropriate. In addition, regional conflicts like those between Russia and Ukraine and in Israel may adversely impact our business and operating results. Finally, the ongoing conflict in the Middle East and related political, military and security conditions in and around Israel may disrupt our Israel business operations and employees that we acquired through the C2i Acquisition. The extent of the ITEM 1. BUSINESS General At Veracyte, we believe that exceptional cancer care begins with exceptional diagnostics. We are a global diagnostics company that empowers clinicians with the high-value insights they need to guide and assure patients at pivotal moments in the race to diagnose and treat cancer. Our high-performing tests enable clinicians to make more confident diagnostic, prognostic and predictive treatment decisions. Insights from these tests help patients avoid unnecessary procedures and interventions and accelerate time to appropriate treatment, thereby improving outcomes for patients across our global markets. Through our leading portfolio of comprehensive molecular diagnostic tests, we are focused on progressing patient care from the current standard to a more individualized approach, leveraging each patient\u2019s unique cancer biology to improve their outcomes. We serve global markets with two complementary models. In the United States, we offer laboratory developed tests, or LDTs, through our centralized Clinical Laboratory Improvement Amendments of 1988, or CLIA, certified laboratories in South San Francisco and San Diego, California, supported by our cytopathology expertise in Austin, Texas. Outside of the United States, we provide in vitro diagnostic, or IVD, tests to patients through distribution to laboratories and hospitals that can perform the tests locally. In the United States, we currently offer tests in prostate cancer (Decipher Prostate), thyroid cancer (Afirma), breast cancer (Prosigna) and bladder cancer (Decipher Bladder). Our international distribution of IVDs is currently focused on our Prosigna test and, in the future, we intend to offer Decipher Prostate as an IVD. The majority of our revenue presently comes from sales of our Decipher Prostate and Afirma tests. In the near-term, we are focused on continuing to expand Decipher Prostate's penetration and leadership position while also sustaining strong growth for Afirma. We are al ITEM 1A. RISK FACTORS Summary of Risk Factors Investing in our common stock involves a high degree of risk. You should carefully review the \u201cRisk Factors\u201d section before you invest in shares of our common stock. Listed below are some of the more significant risks relating to an investment in our common stock. Risks Related to Our Business \u2022Ou", "title": "VCYT - VERACYTE, INC.", "url": "/company/VCYT/" }, { "kind": "company", "summary": "SIC 3559 Special Industry Machinery, NEC; CIK 0000103145; latest 10-K filed 2026-02-25.", "text": "VECO - VEECO INSTRUMENTS INC SIC 3559 Special Industry Machinery, NEC; CIK 0000103145; latest 10-K filed 2026-02-25. VECO VEECO INSTRUMENTS INC 0000103145 3559 Special Industry Machinery, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u200b Introduction \u200b Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to facilitate an understanding of our business and results of operations. This MD&A should be read in conjunction with our Consolidated Financial Statements and the accompanying Notes to Consolidated Financial Statements included elsewhere in this Form 10-K. The following discussion contains forward-looking statements and should also be read in conjunction with the cautionary statement set forth at the beginning of this Form 10-K. \u200b The following section generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2024 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed on February 14, 2025. \u200b Merger with Axcelis Technologies, Inc. \u200b On September 30, 2025, we entered into an Agreement and Plan of Merger (the \u201cMerger Agreement\u201d) with Axcelis Technologies, Inc., a Delaware corporation (\u201cAxcelis\u201d), and Victory Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Axcelis (\u201cMerger Sub\u201d). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions specified therein, Merger Sub shall be merged with and into Veeco (the \u201cMerger\u201d), with Veeco surviving as a wholly-owned subsidiary of Axcelis. The Merger Agreement was approved by our board of directors (except for one (1) independent director who serves on the Axcelis\u2019 board of directors as well who recused himself) and, on February 6, 2026, by the stockholders of each company, but is still pending regulatory approvals and other customary mutual closing conditions. For more information regarding the previously announced merger with Axcelis, see Note 17 \u201cMerger\u201d to the accompanying Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K. \u200b Executive Summary \u200b We are an innovative manufacturer of semiconductor process equipment. Our proven ion beam, laser annealing, lithography, MOCVD, and single wafer wet processing technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco\u2019s systems and service offerings, visit www.veeco.com. \u200b Veeco executed well during 2025, and accomplished a number of milestones, including: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Accomplished year-on-year revenue semiconductor market growth, accounting for 72% of total Company revenue\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Shipped a Laser Spike Annealing (\\u201cLSA\\u201d) system to a second Tier 1 memory customer for evaluation in its advanced DRAM R&D group. Penetrating the annealing market in the memory space, with our LSA system is an important growth opportunity.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Achieved steady growth in our Advanced Packaging business year-over-year driven by AI-related demand. Won multiple orders for advanced wet processing and lithography systems from leading foundries, supporting critical end markets through AI, automotive, aerospace, defense, and communications.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Received multiple orders in the Compound Semiconductor market for our Propel 300mm GaN on Silicon and Lumina+ Arsenide Phosphide new platforms, supporting end markets for AI data centers and low earth orbit space grade solar cells; these are revenue growth opportunities for 2026, principally in the second half.\"]] [[/G Item 1. Business \u200b Business Description and Overview \u200b Headquartered in Plainview, New York, we were organized as a Delaware corporation in 1989. We are a manufacturer of advanced semiconductor process equipment that solves an array of challenging materials engineering problems for our customers. Our comprehensive collection of ion beam, laser annealing, metal organic chemical vapor deposition (\u201cMOCVD\u201d), chemical vapor deposition (\u201cCVD\u201d), advanced packaging lithography, single wafer wet processing, molecular beam epitaxy (\u201cMBE\u201d), and atomic layer deposition (\u201cALD\u201d) technologies play an integral role in the fabrication of key devices that are enabling the 4th industrial revolution of all things connected. Such devices include leading advanced node application processors for AI chips, high-performance computing, mobile devices, high-speed data communications, and radio frequency (\u201cRF\u201d) filters and power amplifiers for fifth generation (\u201c5G\u201d) networks and mobile electronics, photonics devices for 3D sensing, advanced displays, and thin film magnetic heads for hard disk drives in data storage. In close partnership with our customers, we combine decades of applications and materials know-how with leading-edge systems engineering to deliver high-volume manufacturing solutions with competitive cost of ownership. Serving a global and highly interconnected customer base, we have comprehensive sales and service operations across the Asia-Pacific, Europe, and North America regions to ensure real-time close collaboration and responsiveness. \u200b Merger with Axcelis Technologies, Inc. \u200b On September 30, 2025, we entered into an Agreement and Plan of Merger (the \u201cMerger Agreement\u201d) with Axcelis Technologies, Inc., a Delaware corporation (\u201cAxcelis\u201d), and Victory Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Axcelis (\u201cMerger Sub\u201d). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions specified therein, Merger Item 1A. Risk Factors \u200b Risk Factor Summary \u200b An investment in shares of our common stock is subject to a number of risks that may prevent us from achieving our business objectives or otherwise adversely affect our business, results of operations or financial condition. The following list contains a summary of some, but not all, of th", "title": "VECO - VEECO INSTRUMENTS INC", "url": "/company/VECO/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0000912093; latest 10-K filed 2025-08-11.", "text": "VIAV - VIAVI SOLUTIONS INC. SIC 3674 Semiconductors & Related Devices; CIK 0000912093; latest 10-K filed 2025-08-11. VIAV VIAVI SOLUTIONS INC. 0000912093 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis summarizes the significant factors affecting our consolidated operating results, financial condition, liquidity and capital resources during the period ended June 28, 2025. Unless otherwise noted, all references herein for the years 2025, 2024 and 2023 represent the fiscal years ended June 28, 2025, June 29, 2024 and July 1, 2023, respectively. We intend for this discussion to provide the reader with information that will assist in understanding our financial statements, the changes in certain key items in those financial statements from year-to-year and the primary factors that accounted for those changes, as well as how certain accounting estimates affect our financial statements. Factors that could cause or contribute to these differences include those discussed below and in this Annual Report on Form 10-K, particularly in \u201cRisk Factors\u201d and \u201cForward-Looking Statements.\u201d This discussion should be read in conjunction with our consolidated financial statements and notes to the consolidated financial statements included in this Annual Report on Form 10-K that have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Our actual results could differ materially from those discussed in the forward-looking statements. OVERVIEW VIAVI is a global provider of network test, monitoring and assurance solutions for telecommunications, cloud, enterprises, first responders, military, aerospace and critical infrastructure. VIAVI is also a leader in optical processing technologies for anti-counterfeiting, 3D sensing, aerospace, automotive and industrial applications. To serve our markets, we operate the following business segments: \u2022Network and Service Enablement (NSE); and \u2022Optical Security and Performance Products (OSP). Effective March 30, 2025, the Company realigned its segment reporting structure. As a result, the company\u2019s Network Enablement (NE) and Service Enablement (SE) business activities are now reported as a single operating and reportable segment, NSE. Recent acquisitions have reduced the SE segment revenue as a percentage of total VIAVI revenue. In addition, NE and SE are managed under common leadership, share many of the same customers and suppliers and operating expenses associated with the NSE business are not exclusively allocated to either NE or SE. During fiscal 2025, NSE revenue growth was mainly driven by strong demand primarily from the data center ecosystem for field, lab and production products for fiber and data center buildouts. We also saw growth in our aerospace and defense products. This was partially offset by a decline in spend for wireless and cable products by network equipment manufacturers (NEMs) and service providers. OSP performance slightly improved year-over-year with growth in our Anti-Counterfeiting and Other products as the industry\u2019s inventory levels normalized. Our financial results and long-term growth model will continue to be driven by revenue growth, non-GAAP operating income, non-GAAP operating margin, non-GAAP diluted earnings per share (EPS) and cash flow from operations. We believe these key operating metrics are useful to investors because management uses these metrics to assess the growth of our business and the effectiveness of our marketing and operational strategies. 30 Table of Contents Proposed Acquisition On March 2, 2025, the Company entered into a purchase agreement to acquire Spirent Communications plc\u2019s (Spirent) high-speed ethernet and network security business lines and subsequently amended the agreement on May 28, 2025 to also purchase Spirent\u2019s channel emulation testing business (collectively, the HSE, network security and CE businesses) from Keysight Technologies, Inc. for our NSE segment. The total purchase consideration of $425 million will be paid at closing, ITEM 1. BUSINESS GENERAL Overview Viavi Solutions Inc. (VIAVI, also referred to as the Company, we, our and us) is a global provider of network test, monitoring and assurance solutions for telecommunications, cloud, enterprises, first responders, military, aerospace and critical infrastructure. VIAVI is also a leader in optical processing technologies for anti-counterfeiting, 3D sensing, aerospace, automotive and industrial applications. To serve our markets, we operate the following business segments: \u2022Network and Service Enablement (NSE); and \u2022Optical Security and Performance Products (OSP). Effective March 30, 2025, the Company realigned its segment reporting structure. As a result, the company\u2019s Network Enablement (NE) and Service Enablement (SE) business activities are now reported as a single operating and reportable segment, NSE. Recent acquisitions have reduced the SE segment revenue as a percentage of total VIAVI revenue. In addition, NE and SE are managed under common leadership, share many of the same customers and suppliers and operating expenses associated with the NSE business are not exclusively allocated to either NE or SE. Corporate Strategy Our objective is to continue to be a leading provider in the markets and industries we serve. In support of our business segments, we are pursuing a corporate strategy that we believe will best position us for future opportunities as follows: \u2022Defend and consolidate leadership in core business segments: \u2013NSE: Lab-to-Field integration across NE Platforms; integration between NE and SE platforms; and \u2013OSP: continued innovation in anti-counterfeiting pigments and 3D sensing. \u2022Invest in secular trends to drive growth and expand total addressable market (TAM): \u2013Fiber densification: Fiber-to-the-everywhere (FTTx), cable, wireless backhaul and data centers; \u2013Wireless: 5G-to-6G evolution, Open Radio Access Network (ORAN), AI-RAN, RAN optimization, private 5G networks and intelligent edge; and \u2013High-pe ITEM 1A. RISK FACTORS Global Risks Geopolitical conditions, including political turmoil and volatility, regional conflicts, terrorism and war could result in market instability, which could negatively impact our business results. We operate globally and sell our products in countries throughout the world. Recent escalation in regional confl", "title": "VIAV - VIAVI SOLUTIONS INC.", "url": "/company/VIAV/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001706431; latest 10-K filed 2026-02-23.", "text": "VIR - Vir Biotechnology, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001706431; latest 10-K filed 2026-02-23. VIR Vir Biotechnology, Inc. 0001706431 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our audited consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K. Unless the context requires otherwise, references in this Annual Report on Form 10-K to the \u201cCompany\u201d, \u201cVir Bio,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d refer to Vir Biotechnology, Inc. and its consolidated subsidiaries. Our discussion and analysis below are focused on our financial results and liquidity and capital resources for the years ended December 31, 2025 and 2024, including year-over-year comparisons of our financial performance and condition for these years. Discussion and analysis of the year ended December 31, 2023 specifically, as well as the year-over-year comparison of our financial results and liquidity and capital resources for the years ended December 31, 2024 and 2023, are located in the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in the Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 26, 2025. For a detailed discussion on our business environment, please read Item 1. Business, included in this Annual Report on Form 10-K. For additional information on the risks that could negatively impact our business, please read Item 1A. Risk Factors, included in this Annual Report on Form 10-K. Overview We are a clinical-stage biopharmaceutical company focused on powering the immune system to transform lives by discovering and developing medicines for serious infectious diseases and cancer. At Vir Bio, we have a bold vision \u2013 powering the immune system to transform lives. Our clinical-stage portfolio includes programs for CHD and multiple PRO-XTEN\u00ae dual-masked TCEs across validated targets in solid tumor indications. We also have a portfolio of preclinical programs across a range of infectious diseases and oncologic malignancies. In HDV, our ECLIPSE registrational program is fully underway with all three trials initiated. Should the ECLIPSE program yield positive results that support regulatory approval and subsequent commercial launch, we believe the combination has the potential to be a new standard of care for hepatitis delta patients, for whom approved treatment options are either limited or unavailable. In oncology, we are advancing phase 1 clinical studies for our dual-masked TCEs: VIR-5500 in patients with PSMA-expressing mCRPC and VIR-5818 in patients with HER2-expressing tumors. We are also advancing our third TCE program, VIR-5525, in patients with EGFR-expressing tumors, with the first patient dosed in phase 1 clinical studies in July 2025. In addition, we are developing therapeutic candidates in HIV cure and other solid tumors, leveraging our expertise and platform strengths, and we have made available for external partnerships our next-generation preclinical influenza A and B antibodies and ADCs along with our next generation COVID mAbs. We have an industry-leading management team and board of directors with significant immunology, infectious diseases, and oncology experience, including a proven track record of progressing product candidates from early-stage research through clinical development, and worldwide regulatory approval and commercialization experience. Given the global impact of infectious diseases and cancer, we are committed to developing transformative therapies that can make a meaningful difference in patients\u2019 lives. Significant Developments Following is a summary of significant developments affecting our business that have occurred and that we have reported since the filing of our Annual Report on Form 10-K for the year ended December 31, 2024. Pipeline Programs CHD \u2022To support global commercialization of the co Item 1. Business. Overview and Strategy Powering the Immune System to Transform Lives. Vir Biotechnology, Inc. (including its subsidiaries, referred to as \u201cVir Bio,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d) is a clinical-stage biopharmaceutical company focused on powering the immune system to transform lives by discovering and developing medicines for serious infectious diseases and cancer. These diseases represent formidable challenges to human health. Under normal conditions, our immune system is naturally equipped to protect us by identifying and eradicating both cancer cells and viruses. However, these threats have evolved sophisticated mechanisms to evade our immune defenses. When cancer cells or viruses successfully bypass our immune system, they have the potential to cause diseases that may be life-threatening. We are focused on developing therapies that enhance the immune system\u2019s ability to overcome these evasion tactics, effectively powering the immune system to combat viruses and fight cancer. We believe our unified approach of leveraging our deep understanding of immunology to address seemingly disparate threats distinguishes us in the field. Our mission is to develop innovative therapies that can transform patients' lives by addressing areas of high unmet medical need. Our clinical development pipeline consists of investigational therapies targeting hepatitis delta virus (HDV) and multiple solid tumors. In hepatitis delta, we have initiated our registrational ECLIPSE clinical program evaluating the tobevibart and elebsiran combination in people living with chronic hepatitis delta (CHD). The three randomized, controlled trials (ECLIPSE 1, 2, and 3) are ongoing, with ECLIPSE 1 and 3 completing enrollment ahead of the Company\u2019s expectations. Topline results from ECLIPSE 1 are expected in the fourth quarter of 2026 with topline results from ECLIPSE 2 and 3 expected in the first quarter of 2027. Should the ECLIPSE program yield positive results that support Item 1A. Risk Factors. An investment in shares of our common stock involves a high degree of risk. You should carefully consider the following risk factors as well as the other information in this Annual Report on Form 10-K, including our audited condensed consolidated financial statement", "title": "VIR - Vir Biotechnology, Inc.", "url": "/company/VIR/" }, { "kind": "company", "summary": "SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0001592386; latest 10-K filed 2026-02-20.", "text": "VIRT - Virtu Financial, Inc. SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0001592386; latest 10-K filed 2026-02-20. VIRT Virtu Financial, Inc. 0001592386 6211 Security Brokers, Dealers & Flotation Companies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following management\u2019s discussion and analysis covers the years ended December 31, 2025 and 2024 should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes for the year ended December 31, 2025, which are included in Item 8 of this Annual Report on Form 10-K. This management\u2019s discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Unless otherwise stated, all amounts are presented in thousands of dollars. For discussion around our results of operations for the year ended December 31, 2024 and for a comparison of our results of operations for the year ended December 31, 2024 and year ended December 31, 2023, see Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for fiscal year ended December 31, 2024, filed with the SEC on February 21, 2025. Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements. You should not place undue reliance on forward-looking statements because they are subject to numerous uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cestimate,\u201d \u201cproject\u201d or, in each case, their negative, or other variations or comparable terminology and expressions. These statements are based on assumptions that we have made in light of our experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you read and consider this Annual Report on Form 10-K, you should understand that forward-looking statements are not guarantees of performance or results and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this Annual Report on Form 10-K. By their nature, forward-looking statements involve known and unknown risks and uncertainties, including those described under the heading \u201cRisk Factors\u201d in our Annual Report on Form 10-K, because they relate to events and depend on circumstances that may or may not occur in the future. Although we believe that the forward-looking statements contained in this Annual Report on Form 10-K are based on reasonable assumptions, you should be aware that many factors, including those described under the heading \u201cRisk Factors\u201d in this Annual Report on Form 10-K, could affect our actual financial results or results of operations and cash flows, and could cause actual results to differ materially from those in such forward-looking statements, including but not limited to: \u2022volatility in levels of overall trading activity; \u2022dependence upon trading counterparties, clients and clearing houses performing their obligations to us; \u2022failures of our customized trading platform; \u2022risks inherent to the electronic market making business and trading generally; \u2022enhanced regulatory and media scrutiny, including attention to electronic trading, wholesale market making and off-exchange trading, payment for order flow, and other market structure topics and both the impact of additional potential changes in regulation or law as well as the potential impact upon public perception of u ITEM 1. BUSINESS Overview We are a leading financial firm that leverages cutting edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to our clients. Leveraging our global market structure expertise and scaled, multi-asset infrastructure, we provide our clients a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Our product offerings allow our clients to trade on hundreds of venues across over 50 countries and in multiple asset classes, including global equities, Exchange Traded Funds (\u201cETFs\u201d), options, foreign exchange, futures, fixed income, cryptocurrencies, and myriad other commodities. Our integrated, multi-asset analytics platform provides a range of pre- and post-trade services, data products and compliance tools that our clients rely upon to invest, trade and manage risk across global markets. We believe that our broad diversification, in combination with our proprietary technology platform and low-cost structure, gives us the scale necessary to grow our business around the globe as we service clients and facilitate risk transfer between global capital markets participants by providing liquidity, while at the same time earning attractive margins and returns. Technology and operational efficiency are at the core of our business, and our focus on market making and order routing technology is a key element of our success. We have developed a proprietary, multi\u2011asset, multi-currency technology platform that is highly reliable, scalable and modular, and we integrate directly with exchanges, liquidity centers, and our clients. Our market data, order routing, transaction processing, risk management and market surveillance technology modules manage our market making and institutional agency activities in an efficient manner that enables us to scale our activities globally, across additional securities and other ITEM 1A. RISK FACTORS Risk Factors Summary The summary of risks below provides an overview of the principal risks we are exposed to in the normal course of our business activities. This summary does not contain all of the information that may be important to you, and you should read the", "title": "VIRT - Virtu Financial, Inc.", "url": "/company/VIRT/" }, { "kind": "company", "summary": "SIC 2000 Food and Kindred Products; CIK 0001579733; latest 10-K filed 2026-02-26.", "text": "VITL - Vital Farms, Inc. SIC 2000 Food and Kindred Products; CIK 0001579733; latest 10-K filed 2026-02-26. VITL Vital Farms, Inc. 0001579733 2000 Food and Kindred Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including those set forth in Part I, Item 1A, \u201cRisk Factors,\u201d and \u201cSpecial Note Regarding Forward-Looking Statements\u201d included elsewhere in this Annual Report. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited financial statements and related notes included elsewhere in this Annual Report. Overview Vital Farms\u2019 aspiration is to become America\u2019s most trusted food company. Our mission is to bring ethical food to the table, and we carry out this mission by raising the standards in the food industry and disrupting industrial, factory food norms. Our approach has allowed us to bring high-quality products from our farm network to a national audience and has enabled us to become the leading U.S. brand of pasture-raised eggs and the second-largest U.S. egg brand by retail dollar sales. Our ethics are exemplified by our focus on animal welfare and sustainable farming practices. We believe our standards produce happy hens with varied diets, which produce better eggs. There is a seismic shift in consumer demand for natural, traceable, clean-label, great-tasting and nutritious foods. Supported by a steadfast adherence to the values on which we were founded, we have designed our brand and products to appeal to this consumer movement. Our purpose is to improve the lives of people, animals and the planet through food. We are committed to Conscious Capitalism, which prioritizes positive, long-term outcomes for all of our stakeholders \u2013 farmers and suppliers, customers and consumers, communities and the environment, employees, who we refer to as crew members, and stockholders. We make decisions based on what is sustainable for all our stakeholders. For us, it is not about short-term outcomes or a trade-off between purpose and profit. We are fierce business competitors who believe that prioritizing the long-term viability of all stakeholders will produce stronger outcomes for everyone, over time. These principles guide our day-to-day operations and, we believe, help us deliver a more sustainable and successful business. Our approach has been validated by our financial performance and our impact on the food industry. We are also incorporated as a Delaware public benefit corporation and a Certified B Corporation, a designation reserved by B Lab, an independent non-profit organization, for businesses that balance profit and purpose to meet the highest verified standards of social and environmental performance, public transparency and legal accountability. We source our eggs from a network of more than 600 small farms, including our contracted family farms along with a small number of company-owned accelerator farms. The cream for our butter is sourced from a network of family farms contracted by our butter supplier. We have strategically designed our supply chain to ensure high production standards and optimal year-round operation. We are motivated by the positive impact we have on rural communities and enjoy a strong relationship and reputation with the family farmers in our network. We primarily work with our contracted farms pursuant to buy-sell contracts. Under these arrangements, the farmer is responsible for all of the working capital and investments required to produce the eggs and manage the farm, including purchasing the birds and feed supply. As a result of elevated construction costs associated with our new farms, we incurred incremental farm recruitment costs in 2024 and 2025 that were required to be paid in advance of these farms beginning to produce eggs. These costs are expected to be recognized over the term of the related b Item 1. Business Our Company: Improving the Lives of People, Animals and the Planet Through Food Vital Farms\u2019 aspiration is to become America\u2019s most trusted food company. Every day, we aim to raise the standards in the food industry and disrupt industrial, factory food norms. Our eggs and butter are sourced through a distributed supply chain of small farms that uphold our high animal welfare standards and produce exceptional products. We believe this approach creates a more resilient business that has enabled us to continue growing through a dynamic chapter in our industry. Our Purpose Guides Our Business Our purpose is to improve the lives of people, animals and the planet through food. We are committed to Conscious Capitalism, which prioritizes positive, long-term outcomes for all of our stakeholders \u2013 farmers and suppliers, customers and consumers, communities and the environment, employees, who we refer to as crew members, and stockholders. Vital Farms was founded in 2007 on a 27-acre plot of land in Austin, Texas. Starting with a small flock of hens, we maintained a strong belief that a varied diet and better animal welfare practices would lead to superior eggs. Our first sales came from farmers markets and restaurants around Austin and, less than a year later, our eggs were discovered by Whole Foods Market, Inc., or Whole Foods. From the beginning, we sought to not simply sell eggs to a few stores, but to build a sustainable company that aligned with the family farming community and was able to profitably deliver quality products to a devoted consumer base. Our approach has been validated by our financial performance and our impact on the food industry. We are also a Delaware public benefit corporation and a Certified B Corporation, a designation reserved for businesses that balance profit and purpose to meet the highest verified standards of social and environmental performance, public transparency and legal accountability. Our Ethical Decision-Making Item 1A. Risk Factors Our operations and financial results are subject to various risks and uncertainties. The following is a description of the known factors that may materially affect our business, results of operations or financial condition. You should carefully consider the following risk factors, as well as the other information in ", "title": "VITL - Vital Farms, Inc.", "url": "/company/VITL/" }, { "kind": "company", "summary": "SIC 4700 Transportation Services; CIK 0001682745; latest 10-K filed 2026-02-24.", "text": "VRRM - VERRA MOBILITY Corp SIC 4700 Transportation Services; CIK 0001682745; latest 10-K filed 2026-02-24. VRRM VERRA MOBILITY Corp 0001682745 4700 Transportation Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with the consolidated financial statements and the related notes that are included in Item 8 of Part II of this Annual Report. This Item generally discusses fiscal years 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between fiscal years 2024 and 2023 are not included, and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which specific discussions and comparisons are incorporated herein by reference. Overview We are a leading provider of smart mobility technology solutions, principally operating throughout the United States, Australia, Europe, and Canada. We make transportation safer, smarter, and more connected through our integrated, data-driven solutions, including toll and violations management, title and registration services, automated safety and traffic enforcement, and commercial parking management. We bring together vehicles, hardware, software, data, and people to solve transportation challenges for customers around the world, including commercial fleet owners such as RACs, Direct Fleets, and FMCs, as well as governments, universities, parking operators, healthcare facilities, transportation hubs, and violation-issuing authorities. Our vision is to continue to develop and use technology and data intelligence to make transportation safer, smarter, and more connected globally. Our Segments We have three operating and reportable segments, Commercial Services, Government Solutions, and Parking Solutions: \u2022 Our Commercial Services segment offers toll and violation management solutions and title and registration services for commercial fleet customers, including RACs and FMCs in North America. In Europe, we provide tolling and violations processing services. \u2022 Our Government Solutions segment offers photo enforcement automated safety solutions and services to states, municipalities, counties, school districts, and law enforcement agencies of all sizes, primarily in the United States, Canada, and Australia. We provide complete, end-to-end speed, red-light, school bus stop arm, and city bus lane enforcement solutions. Our international operations primarily involve the sale of traffic enforcement products and recurring maintenance services related to the equipment and software. \u2022 Our Parking Solutions segment provides an integrated suite of parking software, transaction processing, and hardware solutions to universities, municipalities, commercial parking operators, and health care facilities in the United States and Canada. Segment performance is based on revenues and income from operations before depreciation, amortization, and stock-based compensation. The measure also excludes interest expense, net, income taxes, and certain other transactions and is inclusive of other income, net. Executive Summary We operate under long-term contracts and a reoccurring service revenue model. We continue to execute our strategy to grow revenue organically year over year and focus on initiatives that support our long-term strategy. During the periods presented, we: \u2022 Increased total revenue by $99.9 million, or 11.4%, from $879.2 million in fiscal year 2024 to $979.1 million in fiscal year 2025. The increase was mainly due to service revenue resulting from increased product adoption, tolling activity, and activity in our European operations in the Commercial Services segment, and installation revenue from the NYCDOT program, the growth from city bus lane and school bus stop arm enforcement programs, back-office software-as-a-service (\u201cSaaS\u201d) programs and higher product sales in the Go Item 1. Business Overview We are a leading provider of smart mobility technology solutions, principally operating throughout the United States, Australia, Europe, and Canada. Our goal is to make transportation safer, smarter, and more connected through our integrated, data-driven solutions, including toll and violations management, title and registration services, automated safety and traffic enforcement, and commercial parking management. We bring together vehicles, hardware, software, data, and people to solve transportation challenges for customers around the world, including commercial fleet owners, such as rental car companies (\u201cRACs\u201d), direct commercial fleet owner-operators (\u201cDirect Fleets\u201d) and fleet management companies (\u201cFMCs\u201d), as well as governments, universities, parking operators, healthcare facilities, transportation hubs, and other violation-issuing authorities. Segments Our solutions are offered through three segments: (i) Commercial Services, (ii) Government Solutions, and (iii) Parking Solutions. Commercial Services Our Commercial Services segment generated approximately $435.8 million in revenue for 2025, or approximately 45% of our total revenue. Commercial Services provides automated toll and violations management and title and registration solutions to RACs, Direct Fleets, FMCs, and other large fleet owners primarily in North America. Our toll and violations management solutions facilitate timely payment of tolls and violations incurred by our customers\u2019 vehicles, accurate transfer of liability on our customers\u2019 behalf, and billing of, and collections from, individual drivers. We also manage regional toll transponder installation and vehicle association\u2014a critical and highly complex process for RAC, Direct Fleet, and FMC customers\u2014to ensure that transponders and corresponding toll transactions are associated with the correct vehicle. We have long-standing relationships with, among others, the three largest RACs in the United States, Avi Item 1A. Risk Factors Risk Factor Summary Investing in our common stock involves a high degree of risk. In addition to the other information set forth in this Annual Report, you should carefully consider the following factors, which could materially affect our business, financial condition, and results of operations in future periods. The risk", "title": "VRRM - VERRA MOBILITY Corp", "url": "/company/VRRM/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0000883237; latest 10-K filed 2026-02-27.", "text": "VRTS - VIRTUS INVESTMENT PARTNERS, INC. SIC 6282 Investment Advice; CIK 0000883237; latest 10-K filed 2026-02-27. VRTS VIRTUS INVESTMENT PARTNERS, INC. 0000883237 6282 Investment Advice Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Overview Our Business We provide investment management and related services to institutions and individuals. We use a multi-manager, multi-style approach, offering investment strategies from investment managers, each having its own distinct investment style, 19 Table of Contents autonomous investment process and individual brand, as well as from select unaffiliated managers for certain of our retail funds. By offering a broad array of products, we believe we can appeal to a greater number of investors and have offerings across market cycles and through changes in investor preferences. Our earnings are primarily from asset-based fees charged for services relating to these various products, including investment management, fund administration, distribution, and shareholder services. We offer investment strategies for institutional and individual investors in different investment products and through multiple distribution channels. Our investment strategies are available in a diverse range of styles and disciplines, managed by differentiated investment managers. We have offerings in various asset classes (equity, fixed income, multi-asset and alternatives), geographies (domestic, global, international and emerging), market capitalizations (large, mid and small), styles (growth, core and value) and investment approaches (fundamental and quantitative). Our institutional products are offered to a variety of institutional clients through institutional separate accounts and commingled accounts, including subadvisory services to other investment advisers as well as collateral management of structured products. Our retail products include open-end funds, closed-end funds and retail separate accounts. Our institutional distribution resources include investment manager-specific sales teams primarily focused on the U.S. market, supported by shared consultant relations and U.S. and non-U.S. institutional sales distribution. Our institutional products are marketed through relationships with consultants as well as directly to clients. We target key market segments, including foundations and endowments, corporations, public and private pension plans, sovereign wealth funds and subadvisory relationships. Our retail distribution resources in the U.S. consist of regional sales professionals, a national account relationship group and specialized teams for retirement and exchange traded funds (\"ETFs\"). Our U.S. retail funds, ETFs and intermediary sold retail separate accounts are distributed through financial intermediaries. We have broad distribution access in the U.S. retail market, with distribution partners that include national and regional broker-dealers, independent broker-dealers and registered investment advisers, banks and insurance companies. In many of these firms, we have a number of products that are on preferred \"recommended\" lists and on fee-based advisory programs. Our wealth management business is marketed directly to individual clients by financial advisory teams at our investment managers. Market Developments The financial markets have a significant impact on the value of our assets under management and on the level of our sales and net flows. The capital and financial markets experience fluctuation, volatility and declines, which impact investment returns and asset flows of our investment offerings as well as in investor choices and preferences among investment products. The changes in our assets under management may also be affected by the factors discussed in Item 1A. \"Risk Factors\" of this Annual Report on Form 10-K. The U.S. and global equity markets increased in value in 2025, as evidenced by increases in major indices as noted in the following table: [[GREPCENT_TABLE]] [[\"\",\"\",\"December 31,\",\"\",\"Change\"],[\"Index\",\"\",\"2025\",\"\",\"2024\",\"\",\"%\"],[\"MSCI World Index\",\"\",\"4,430\",\"\",\"3,708\",\"\",\"19.5\",\"%\"],[\"Standard & Poor's Item 1. Business. Organization Virtus Investment Partners, Inc. (the \"Company\"), a Delaware corporation, commenced operations on November 1, 1995 and became an independent publicly traded company on December 31, 2008. Our Business We provide investment management and related services to institutions and individuals. We use a multi-manager, multi-style approach, offering investment strategies from our investment managers, each having its own distinct investment style, autonomous investment process and individual brand, as well as from select unaffiliated managers for certain of our funds. By offering a broad array of products, we believe we can appeal to a greater number of investors and have offerings across market cycles and through changes in investor preferences. Through our multi-manager model, we provide our investment managers with distribution, business and operational support. We offer investment strategies for institutional and individual investors in different investment products and through multiple distribution channels. Our investment strategies are available in a diverse range of styles and disciplines, managed by differentiated investment managers. We have offerings in various asset classes (equity, fixed income, multi-asset and alternatives), geographies (domestic, global, international and emerging), market capitalizations (large, mid and small), styles (growth, core and value) and investment approaches (fundamental and quantitative). Our investment strategies are provided to individual investors through products consisting of: mutual funds registered pursuant to the Investment Company Act of 1940, as amended, that include U.S. retail funds, exchange-traded funds (\"ETFs\"); Undertaking for Collective Investment in Transferable Securities and Qualifying Investor Funds (\"global funds\" and collectively with U.S. retail funds and ETFs the \"open-end funds\"); closed-end funds (collectively with open-end funds, the \"funds\"); retail separate accounts so Item 1A. Risk Factors. This section describes some of the potential risks relating to our business. The risks described below are some of the more important factors that could affect our business. You should carefully consider the risks described below, together with all of the other information included in this Annual Report on", "title": "VRTS - VIRTUS INVESTMENT PARTNERS, INC.", "url": "/company/VRTS/" }, { "kind": "company", "summary": "SIC 4899 Communications Services, NEC; CIK 0000797721; latest 10-K filed 2026-05-29.", "text": "VSAT - VIASAT INC SIC 4899 Communications Services, NEC; CIK 0000797721; latest 10-K filed 2026-05-29. VSAT VIASAT INC 0000797721 4899 Communications Services, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Company Overview We are an innovative, global provider of communications technologies and services, focused on making connectivity accessible, available and secure for current and future customers worldwide. By leveraging our own satellite fleet and its advantages, existing national operator partnerships, plus coverage and capacity from leading third-party satellites and constellations, our services are designed to provide customers with the essential capacity density, market access, speed, bandwidth and responsiveness they need. Our end-to-end multi-band platform of satellites, ground infrastructure and user terminals enables us to provide a wide array of cost-effective, high-quality broadband, narrowband and other connectivity solutions to aviation, maritime, enterprise, consumer, military and government users around the globe, whether on the ground, in the air or at sea. In addition, our government business includes a portfolio of communications gateways; situational awareness and command and control products and services; satellite communication products and services across various frequency bands; and cybersecurity and information assurance products and services. We believe that our diversification strategy\u2014anchored in a broad portfolio of customer-centric products and services and supported by our fleet of broadband and narrowband satellites\u2014our vertical integration and our ability to effectively cross-deploy technologies between government and commercial applications and segments as well as across different geographic markets, provide us with a strong foundation to sustain and enhance our leadership in advanced communications and networking technologies. We conduct our business through two reportable segments: communication services and defense and advanced technologies. Communication Services Our communication services segment provides a wide range of broadband and narrowband communications solutions across government and commercial mobility markets, as well as for residential and enterprise fixed broadband customers. In addition, this segment includes the development and sale of a wide array of advanced satellite and wireless products and terminals that support or enable the provision of fixed and mobile broadband and narrowband services. We design, develop and produce space system solutions for multiple orbital regimes, including GEO, MEO and LEO. The following are the primary business lines in our communication services segment: \u2022 Aviation, which includes industry-leading IFC services, narrowband safety operational data services and other complementary services and applications for commercial aircraft, business jets and unmanned aircraft. \u2022 Government satcom, which includes various broadband and narrowband products and services for both fixed and mobile communications that provide military and government users with secure, high-speed, real-time broadband and multimedia connectivity in key regions of the world, as well as tactical line-of-sight and beyond-line-of-sight communications, ISR services and LACE terminals. \u2022 Maritime, which includes high-quality, resilient satellite-based broadband and narrowband communications services around the globe to commercial shipping fleets, offshore service vessel operators and commercial fishing companies, as well as NexusWave, a fully managed multi-layer connectivity service for merchant shipping companies. \u2022 Fixed services and other, which includes high-speed, high-quality, reliable fixed broadband internet services to businesses and residential users (primarily in the United States as well as in various countries in Europe and Latin America), enterprise connectivity solutions, IoT and other narrowband services (such as L-band managed services that enable real-time M2M position or high-value asset tracking) and energy services. 42 Defense and Advanced Technologies Our defe ITEM 1. BUSINESS Corporate Information We were incorporated in California in 1986 under the name Viasat, Inc., and subsequently reincorporated in Delaware in 1996. The mailing address of our worldwide headquarters is 6155 El Camino Real, Carlsbad, California 92009, and our telephone number at that location is (760) 476-2200. Our website address is www.viasat.com. The information on our website does not constitute part of this report. 2 Company Overview We are an innovative, global provider of communications technologies and services, focused on making connectivity accessible, available and secure for current and future customers worldwide. By leveraging our own satellite fleet and its advantages, existing national operator partnerships, plus coverage and capacity from leading third-party satellites and constellations, our services are designed to provide customers with the essential capacity density, market access, speed, bandwidth and responsiveness they need. Our end-to-end multi-band platform of satellites, ground infrastructure and user terminals enables us to provide a wide array of cost-effective, high-quality broadband, narrowband and other connectivity solutions to aviation, maritime, enterprise, consumer, military and government users around the globe, whether on the ground, in the air or at sea. In addition, our government business includes a portfolio of communications gateways; situational awareness and command and control products and services; satellite communication products and services across various frequency bands; and cybersecurity and information assurance products and services. We believe that our diversification strategy\u2014anchored in a broad portfolio of customer-centric products and services and supported by our fleet of broadband and narrowband satellites\u2014our vertical integration and our ability to effectively cross-deploy technologies between government and commercial applications and segments as well as across different geographic mark ITEM 1A. RISK FACTORS You should consider each of the following factors as well as the other information in this Annual Report in evaluating our business and prospects. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently consider immaterial may a", "title": "VSAT - VIASAT INC", "url": "/company/VSAT/" }, { "kind": "company", "summary": "SIC 8711 Services-Engineering Services; CIK 0000102752; latest 10-K filed 2026-02-27.", "text": "VSEC - VSE CORP SIC 8711 Services-Engineering Services; CIK 0000102752; latest 10-K filed 2026-02-27. VSEC VSE CORP 0000102752 8711 Services-Engineering Services ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the Company's consolidated statements and related notes included in Item 8. \"Financial Statements and Supplementary Data\" of this Annual Report on Form 10-K. The following generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found under Item 7. \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in the Company's Annual Report on Form 10-K for fiscal year ended December 31, 2024, filed with the SEC on March 3, 2025. Business Overview VSE Corporation, through its subsidiaries (collectively, \"VSE\" or the \"Company\"), is a leading provider of aftermarket distribution and maintenance, repair and overhaul (\"MRO\") services for air transportation assets for commercial and government markets. The Company operates as a single reportable segment aligned with the Company's operating segment: Aviation. Recent Developments Sale of Fleet Segment In April 2025, the Company completed the sale of its Fleet segment. See Note (3) \"Discontinued Operations\" to the consolidated financial statements for further information. New Credit Agreement In May 2025, the Company entered into a new credit agreement, which fully replaced its previous credit agreement. See Note (7) \"Debt\" to the consolidated financial statements for further information. 2025 Acquisitions In May 2025, the Company completed the acquisition of Turbine Weld Industries, LLC (\"Turbine Weld\"), a specialized MRO provider of complex technical and proprietary engine components for business and general aviation platforms. In December 2025, the Company entered into an Asset Purchase and License Agreement with an original equipment manufacturer to exclusively manufacture, sell, market, and distribute certain fuel pumps for use on the Pratt & Whitney PT6 engine series. In December 2025, the Company completed the acquisition of GenNx/AeroRepair IntermediateCo Inc., the parent company of Aero 3, Inc. (\"Aero 3\"), a diversified global MRO service provider and distributor supporting the wheel and brake aftermarket. See Note (2) \"Acquisitions\" to the consolidated financial statements for further information. PAG Acquisition In January 2026, the Company entered into a stock purchase agreement (the \u201cPurchase Agreement\u201d) to acquire Precision Aviation Group (\u201cPAG\u201d), a portfolio company of GenNx360 Capital Partners. PAG is a leading global provider of aviation aftermarket MRO, distribution, and supply chain services supporting B&GA, rotorcraft, and defense markets (such acquisition, the \u201cPAG Acquisition\u201d). See Note (19) \u201cSubsequent Events\u201d to the consolidated financial statements for further information. PAG Financing Transactions In connection with and pursuant to the Purchase Agreement, concurrently with the signing of the Purchase Agreement, the Company entered into a debt commitment letter (the \u201cDebt Commitment Letter\u201d) with one or more financial institutions (collectively, the \u201cCommitment Parties\u201d). Subject to the terms of the Debt Commitment Letter, the Commitment Parties have committed to provide new senior secured financing, which currently consists of, (i) a term loan B facility (the \u201cNew Term Loan B Facility\u201d), (ii) an upsize of the Company's existing revolving facility (as amended, the \u201cNew Revolving Facility\u201d), and (iii) an upsize of the Company's $300.0 million senior secured term loan A facility from $296.25 million (as amended, the \u201cNew Term Loan A Facility\u201d. Following the satisfaction of certain conditions under the Debt Commitment Letter, certain commitments -21- Table of Contents within the Debt Commitment Letter to provide a bridge loan facility and a backstop facility were reduced to $0, and the New Term Lo ITEM 1. Business History and Organization VSE Corporation, through its subsidiaries (collectively, \"VSE\" or the \"Company\") is a leading provider of aftermarket distribution and maintenance, repair and overhaul (\"MRO\") services for air transportation assets for commercial and government markets. VSE was incorporated in Delaware in 1959. Purpose, Vision and Core Values Purpose and Vision Statement We deliver trusted solutions to inspire the performance of tomorrow. The Company is focused on enhancing the productivity and longevity of its customer's high-value, business-critical assets. The Company strives to achieve this through dedication to creating better solutions, anticipating global needs, and building stronger relationships with customers. Core Values \u2022Customer Obsessed: Our exceptional service sets us apart \u2022Own It: Accountability is our responsibility \u2022Speak Up: Our experience and our voice matters \u2022Better Together: We collaborate to win \u2022Results Matter: We inspire and deliver our key results Business Operations The Company's business operations are managed as a single reportable operating segment: Aviation. Prior to the sales of the Federal and Defense and Fleet segments, as discussed below, the Company operated under three reportable operating segments. Aviation The Aviation segment is a leading provider of aftermarket parts distribution and MRO services for components and engine accessories supporting commercial, business and general aviation (\"B&GA\") operators. This business offers a range of services to a diversified global client base of commercial airlines, regional airlines, air cargo transporters, MRO integrators and providers, aviation manufacturers, corporate and private aircraft owners, and fixed-base operators (\"FBOs\"). PAG Acquisition On January 29, 2026, the Company entered into a stock purchase agreement (the \u201cPurchase Agreement\u201d) to acquire Precision Aviation Group (\"PAG\"), a portfolio company of GenNx360 Capital Partners, f ITEM 1A. Risk Factors The Company's future results may differ materially from past results and from those projected in the forward-looking statements contained in this Form 10-K due to various uncertainties and risks, including those risks set forth below, nonrecurring events and other important factors disclosed previously and from time to time in the Company's other rep", "title": "VSEC - VSE CORP", "url": "/company/VSEC/" }, { "kind": "company", "summary": "SIC 3670 Electronic Components & Accessories; CIK 0000103730; latest 10-K filed 2026-02-13.", "text": "VSH - VISHAY INTERTECHNOLOGY INC SIC 3670 Electronic Components & Accessories; CIK 0000103730; latest 10-K filed 2026-02-13. VSH VISHAY INTERTECHNOLOGY INC 0000103730 3670 Electronic Components & Accessories Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management's Discussion and Analysis (\u201cMD&A\u201d) is intended to provide an understanding of Vishay's financial condition, results of operations and cash flows by focusing on changes in certain key measures from year to year. The MD&A should be read in conjunction with our Consolidated Financial Statements and accompanying Notes filed herewith, commencing on page F-1 of this report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed elsewhere in this Annual Report on Form 10-K, particularly in Item 1A. \u201cRisk Factors.\u201d Overview Vishay Intertechnology, Inc. (\"Vishay,\" \"we,\" \"us,\" or \"our\") manufactures one of the world\u2019s largest portfolios of discrete semiconductors and passive electronic components that are essential to innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and healthcare markets. We operate in six segments based on product functionality: MOSFETs, Diodes, Optoelectronic Components, Resistors, Inductors, and Capacitors. Our goal is to enhance stockholder value by growing our business and improving earnings per share. Since 1985, we have pursued a business strategy of growth through focused research and development and acquisitions. We plan to continue to grow our business through intensified internal growth supplemented by opportunistic acquisitions, while maintaining a prudent capital structure. We have developed go-to-market strategies and are investing in and expanding the key product lines for growth that we have identified. In addition, we are strategically expanding our outsourced production of commodity products to subcontractors. At the same time, we are enhancing our channel management while investing in internal resources by adding customer-facing engineers and filling gaps in technology and market coverage. Taken together, each of these initiatives supports our Think Customer First organizational culture. We are focused on realizing the full value of our broad product portfolio, becoming a customer-first company, and capitalizing on the mega trends of e-mobility, sustainability, and connectivity to drive top line growth, expand margins, and optimize stockholder returns. We are using eight strategic levers to achieve these goals. Despite the industry recovery being slower than expected, we remain committed to our long-term plan of increasing our capacity to assure our customers of reliable volume as they scale. While we plan to advance our capacity expansion projects, we have and will continue to modulate spending in response to order flow and the timing of customer demand and qualification. The decreased lead time for equipment and the increased subcontractor capacity are also variables that allow us to adjust our capacity spending. We invested $273 million for capital expenditures in 2025, 82% of which was invested in capacity expansion projects for high growth product lines, including our wafer fab expansions. In addition to enhancing stockholder value through growing our business, in 2022, our Board of Directors adopted a Stockholder Return Policy, which calls for us to return at least 70% of free cash flow, net of scheduled principal payments of long-term debt, on an annual basis. See further discussion in \u201cStockholder Return Policy\u201d below. Our business and operating results have been and will continue to be impacted by worldwide economic conditions. Our revenues are dependent on end markets that are impacted by consumer and industrial demand, and our operating results can be adversely affected by reduced demand in those global markets. In this volatile economic environment, we continue to closely monitor our fixed costs, capital Item 1. BUSINESS Our Business Vishay Intertechnology, Inc. (\u201cVishay,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) manufactures one of the world\u2019s largest portfolios of discrete semiconductors and passive electronic components that support innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and healthcare markets. Serving customers worldwide, Vishay brands itself as The DNA of tech.\u00ae Semiconductors include MOSFETs, diodes, and optoelectronic components. Passive components include resistors, inductors, and capacitors. Our semiconductor components are used for a wide variety of functions, including power control, power conversion, power management, signal switching, signal routing, signal blocking, signal amplification, two-way data transfer, one-way remote control, and circuit isolation. Our passive components are used to restrict current flow, suppress voltage increases, store and discharge energy, control alternating current (\u201cAC\u201d) and voltage, filter out unwanted electrical signals, and perform other functions. The Vishay Story For over six decades we have been building what we call The DNA of tech.\u00ae The Vishay journey began with one man, the late Dr. Felix Zandman, and a revolutionary technology. In the 1950\u2019s, Dr. Felix Zandman was issued patents for his PhotoStress\u00ae coatings and instruments, used to reveal and measure the distribution of stresses in structures such as airplanes and cars under live load conditions. His research in this area led him to develop Bulk Metal\u00ae foil resistors \u2013 ultra-precise, ultra-stable resistors with performance exceeding any other resistor available to date. In 1962, Dr. Zandman, with a loan from the late Alfred P. Slaner, founded Vishay to develop and manufacture Bulk Metal foil resistors. Concurrently, J.E. Starr developed foil resistance strain gages, which also became part of Vishay. Throughout the 1960\u2019s and 1970\u2019s, Vishay established itself as a technical and market Item 1A. RISK FACTORS From time to time, information provided by us, including but not limited to statements in this report, or other statements made by or on our behalf, may contain \u201cforward-looking\u201d information within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number o", "title": "VSH - VISHAY INTERTECHNOLOGY INC", "url": "/company/VSH/" }, { "kind": "company", "summary": "SIC 4833 Television Broadcasting Stations; CIK 0002067876; latest 10-K filed 2026-03-03.", "text": "VSNT - Versant Media Group, Inc. SIC 4833 Television Broadcasting Stations; CIK 0002067876; latest 10-K filed 2026-03-03. VSNT Versant Media Group, Inc. 0002067876 4833 Television Broadcasting Stations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read in conjunction with our combined financial statements and the accompanying notes included elsewhere in this Annual Report on Form 10-K. For more information about our company\u2019s operations, see \u201cItem 1. Business\u201d. The following discussion and analysis includes forward-looking statements. These forward-looking statements are based on our current expectations and are subject to risks, uncertainties and other factors that could cause our actual results to differ materially from those expressed or implied by the forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed elsewhere in this Annual Report on Form 10-K, particularly in \u201cNote About Forward Looking Statements\u201d and \u201cItem 1A. Risk Factors.\u201d Overview We are a media and entertainment business that operates in four core markets: political news and opinion, business news and personal finance, golf and athletics participation and sports and genre entertainment. We serve these markets primarily through a strong portfolio of brands comprised of renowned networks and complementary digital platforms. The following is a summary of our financial performance, which is presented on a combined basis as part of Comcast and does not reflect our expected cost structure in periods following the Separation: \u2022Revenue of $6.69 billion and $7.06 billion for 2025 and 2024, respectively; \u2022Net income attributable to Versant of $930 million and $1.36 billion for 2025 and 2024, respectively; \u2022Adjusted EBITDA of $2.42 billion and $2.80 billion for 2025 and 2024, respectively. Adjusted EBITDA is a financial measure not defined by generally accepted accounting principles in the United States (\u201cGAAP\u201d). See \u201cNon-GAAP Financial Measures\u201d below for additional information, including our definition and use of Adjusted EBITDA and for a reconciliation from net income attributable to Versant to Adjusted EBITDA. \u2022Cash flows from operations of $2.0 billion and $2.21 billion for 2025 and 2024, respectively. Recent Events and Factors Affecting Results of Operations and Comparability Transition to Standalone Company On January 2, 2026, the Separation of Versant from Comcast was completed through the distribution of 100% of the shares of Versant Class A common stock and Versant Class B common stock (together, the \u201ccommon stock\u201d) to holders of Comcast Class A common stock and Comcast Class B common stock as of the close of business on the record date of December 16, 2025. In connection with the Separation, Comcast\u2019s shareholders of record received one share of Versant Class A common stock or Class B common stock for every 25 shares of Comcast Class A common stock or Comcast Class B common stock, respectively, held as of the record date. Immediately after the separation, holders of Comcast\u2019s common stock prior to the distribution owned 100% of our issued and outstanding shares. On January 5, 2026, Versant\u2019s Class A common stock began trading on Nasdaq under the ticker symbol \u201cVSNT\u201d. Upon our Separation, we became subject to the requirements of federal and state securities laws and Nasdaq stock exchange requirements. We have begun to establish additional procedures and practices as a standalone company and have started to, and will continue to, incur additional expenditures in connection with our transition to a standalone company, including employee-related costs, costs to establish certain standalone functions and information technology systems, and other transaction-related costs. In addition, we have incurred, and will continue to incur, incremental costs related to operating as a public company, such as external reporting, internal audit, treasury, investor relations, board of directors, and stock administration, and expanding the services of e Item 1. Business Overview Versant is a media and entertainment business that operates in four core markets: political news and opinion, business news and personal finance, golf and athletics participation and sports and genre entertainment. We serve these markets primarily through a strong portfolio of brands comprised of television networks operating primarily in the United States, including MS NOW, CNBC, USA Network, Golf Channel, E!, SYFY and Oxygen, and our complementary digital platforms GolfNow, Fandango and Rotten Tomatoes. We produce, license and acquire content that we distribute through a variety of outlets, including our networks and digital platforms, delivering value to key constituents: the viewing audience, paying subscribers, advertisers, distributors and licensing counterparties. We generate revenue primarily through distributing our networks, selling advertising across our brands, providing services through our digital platforms and content licensing. We present our operations in one reportable business segment. Versant was incorporated in Pennsylvania on May 1, 2025. Prior to January 2, 2026, we were a wholly owned subsidiary of Comcast Corporation (\u201cComcast\u201d) and operated as a part of Comcast\u2019s Media Segment. On January 2, 2026, we separated (the \u201cSeparation\u201d) from Comcast and became a standalone publicly traded company and on January 5, 2026, Versant\u2019s Class A common stock began trading under the ticker symbol \u201cVSNT\u201d on the Nasdaq Global Select Market LLC (\u201cNasdaq\u201d). In connection with the Separation, the Company entered into several agreements that govern certain aspects of the Company\u2019s relationship with Comcast following the Separation, including a separation and distribution agreement, a tax matters agreement, a transition services agreement, and an employee matters agreement, as well as agreements relating to intellectual property licenses and commercial arrangements. Our Brands Our portfolio of brands deliver news, sports and enterta Item 1A. Risk Factors Investing in our securities involves uncertainty and risk due to a variety of factors. You should carefully consider each of the following risks and all of the other information contained in this Annual Report on Form 10-K and in other documents that the Company files with, or furnishes to, ", "title": "VSNT - Versant Media Group, Inc.", "url": "/company/VSNT/" }, { "kind": "company", "summary": "SIC 5190 Wholesale-Miscellaneous Nondurable Goods; CIK 0001967649; latest 10-K filed 2025-12-02.", "text": "VSTS - Vestis Corp SIC 5190 Wholesale-Miscellaneous Nondurable Goods; CIK 0001967649; latest 10-K filed 2025-12-02. VSTS Vestis Corp 0001967649 5190 Wholesale-Miscellaneous Nondurable Goods Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of Vestis Corporation\u2019s (\u201cVestis\u201d, the \u201cCompany\u201d, \u201cour\u201d, \u201cwe\u201d or \u201cus\u201d) financial condition and results of operations for the fiscal years ended October 3, 2025, referred to as fiscal 2025, and September 27, 2024, referred to as fiscal 2024, should be read in conjunction with our audited Consolidated and Combined Financial Statements and the notes to those statements. For additional information on fiscal 2023 and year-over-year comparisons to fiscal 2024, refer to \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" included in our Annual Report on Form 10-K for fiscal 2024, filed with the Securities and Exchange Commission (\u201cSEC\u201d) on November 22, 2024. This discussion contains forward-looking statements, such as our plans, objectives, opinions, expectations, anticipations, intentions, and beliefs, that are based upon our current expectations but that involve risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in those forward-looking statements as a result of a number of factors, including those set forth under \u201cRisk Factors,\u201d \u201cCautionary Note Regarding Forward-Looking Statements,\u201d the \u201cBusiness\u201d section and elsewhere in this Annual Report on Form 10-K (\u201cAnnual Report\u201d). All amounts discussed are in thousands of U.S. dollars, except where otherwise indicated. 32 Table of Contents Company Overview We are a leading provider of uniforms and workplace supplies across the United States and Canada, with over 75 years of experience in the workplace apparel and supplies industry. We provide a full range of uniform programs, restroom supply services, first aid supplies and safety products, as well as ancillary items such as floor mats, towels, and linens, to more than 300,000 customer accounts (based on unique customer identification numbers) across the United States and Canada. We compete with national, regional, and local providers who vary in size, scale, capabilities and product and service offering. Primary methods of competition include product quality, service quality and price. Notable competitors of size include Cintas Corporation and UniFirst Corporation, as well as numerous regional and local competitors. Additionally, many businesses perform certain aspects of our product and service offerings in-house rather than outsourcing them and leveraging the benefits of full-service programs. With approximately 18,150 employees, we operate a network of over 325 facilities including laundry plants, satellite plants, distribution centers and manufacturing plants along with a fleet of service vehicles that support over 3,300 pick-up and delivery routes. We have two manufacturing facilities in Mexico with approximately 189,000 square feet of manufacturing capacity between both plants that produce approximately 60% of our uniforms and linen products. We source raw materials, finished goods, equipment, and other supplies from a variety of domestic and international suppliers. We leverage our broad footprint, supply chain, delivery fleet and route logistics capabilities to serve customers on a recurring basis, typically weekly, and primarily through multi-year contracts. Our full-service uniform offering includes the design, sourcing, manufacturing, customization, personalization, delivery, laundering, sanitization, repair, and replacement of uniforms. Our uniform options include shirts, pants, outerwear, gowns, scrubs, high visibility garments, particulate-free garments, and flame-resistant garments, along with shoes and accessories. We service our customers on a recurring rental basis, typically weekly, delivering clean uniforms while, during the same visit, picking up worn uniforms for inspection, cleaning, repair or replacement. In addition to our weekly, recurring customer contracts, we offer custom Item 1. Business Overview Vestis Corporation, a Delaware Corporation (\u201cVestis\u201d, the \u201cCompany\u201d, \u201cour\u201d, \u201cwe\u201d or \u201cus\u201d) is a leading provider of uniform rentals and workplace supplies across the United States and Canada. We provide uniforms, mats, towels, linens, restroom supplies, first-aid supplies, safety products and other workplace supplies. In fiscal year 2025, we generated revenue of approximately $2.7 billion. We are one of the largest companies operating within the United States and Canada in our industry. We have over 75 years of experience providing uniforms and workplace supplies and a broad footprint that supports efficient delivery of our services and products to more than 300,000 customer accounts (based on unique customer identification numbers) across the United States and Canada. Our customer base participates in a wide variety of industries including manufacturing, hospitality, retail, food processing, pharmaceuticals, healthcare and automotive. We serve customers ranging from small, family-owned operations with a single location to large corporations and national franchises with multiple locations. Our customers value the uniforms and workplace supplies we deliver as our services and products can help them reduce operating costs, enhance brand image, maintain a safe and clean workplace and focus on their core business. We provide a full range of uniform programs, restroom supply services and first-aid and safety products, as well as ancillary items such as floor mats, towels and linens. Additionally, we provide garments and contamination control supplies that help customers maintain controlled, cleanroom environments commonly used in the manufacturing of electronics, pharmaceuticals and medical equipment. Our team consists of approximately 18,150 teammates who operate over 325 sites including laundry plants, satellite plants, distribution centers and manufacturing plants. We leverage our broad footprint and our supply chain, delivery fleet an Item 1A. Risk Factors. You should carefully consider the following risks and other information in this Form 10-K in evaluating Vestis and Vestis\u2019s common stock. Any of the following risks and uncertainties could materially adversely affect our business, financial condition or results of operations. Risks Related to Our Busines", "title": "VSTS - Vestis Corp", "url": "/company/VSTS/" }, { "kind": "company", "summary": "SIC 5621 Retail-Women's Clothing Stores; CIK 0001856437; latest 10-K filed 2026-03-20.", "text": "VSXY - Victoria's Secret & Co. SIC 5621 Retail-Women's Clothing Stores; CIK 0001856437; latest 10-K filed 2026-03-20. VSXY Victoria's Secret & Co. 0001856437 5621 Retail-Women's Clothing Stores ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 We caution that any forward-looking statements (as such term is defined in the U.S. Private Securities Litigation Reform Act of 1995) contained in this Annual Report on Form 10-K or made by us, our management, or our spokespeople involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements, and any future performance or financial results expressed or implied by such forward-looking statements are not guarantees of future performance. Forward-looking statements include, without limitation, statements regarding our future operating results, the implementation and impact of our strategic plans, and our goals, intentions, beliefs and expectations. Words such as \u201cestimate,\u201d \u201ccommit,\u201d \u201cwill,\u201d \u201ctarget,\u201d \u201cgoal,\u201d \u201cproject,\u201d \u201cplan,\u201d \u201cbelieve,\u201d \u201cseek,\u201d \u201cstrive,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201ccontinue,\u201d \u201cpotential\u201d or the negative of these words and any similar expressions are intended to identify forward-looking statements. Risks associated with the following factors, among others, could affect our results of operations and financial performance and cause actual results to differ materially from those expressed or implied in any forward-looking statements: \u2022general economic conditions, inflation and changes in consumer confidence and consumer spending patterns; \u2022market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises or other major events, or the prospect of these events; \u2022uncertainty in the global trade environment, including the imposition or threatened imposition of tariffs or other trade policies; \u2022our ability to successfully implement our strategic plan; \u2022difficulties arising from changes and turnover in company leadership or other key positions; \u2022our ability to attract, develop and retain qualified associates and manage labor-related costs; \u2022our dependence on traffic to our stores and the availability of suitable store locations on satisfactory terms; \u2022our ability to successfully operate and expand internationally and related risks; \u2022the operations and performance of our franchisees, licensees, wholesalers and joint venture partners; \u2022our ability to successfully operate and grow our direct channel business; 28 Table of Contents \u2022our ability to protect our reputation and the image and value of our brands; \u2022our ability to attract customers with marketing, advertising and promotional programs; \u2022the highly competitive nature of the retail industry and the segments in which we operate; \u2022consumer acceptance of our products and our ability to manage the life cycle of our brands, remain current with fashion trends, and develop and launch new merchandise and product lines successfully; \u2022our ability to integrate acquired businesses and realize the benefits and synergies sought with such acquisitions; \u2022our ability to incorporate artificial intelligence and other emerging technologies into our business operations successfully and ethically while effectively managing the associated risks; \u2022our ability to source materials and produce, distribute and sell merchandise on a global basis, including risks related to: \u2022political instability and geopolitical conflicts; \u2022environmental hazards and natural disasters; \u2022significant health hazards and pandemics; \u2022delays or disruptions in shipping and transportation and related pricing impacts; \u2022foreign currency exchange rate fluctuations; and \u2022disruption due to labor disputes; \u2022our geographic concentration of production and distribution facilities in central Ohio and Southeast Asi ITEM 1. BUSINESS. General Victoria\u2019s Secret & Co. (together with its subsidiaries unless the context otherwise requires, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d or the \u201cCompany\u201d) is a specialty retailer of women\u2019s intimates and other apparel and beauty products marketed under the Victoria\u2019s Secret, PINK and Adore Me brand names. We have approximately 860 stores in the United States (\u201cU.S.\u201d), Canada and China, as well as our own websites, www.VictoriasSecret.com, www.PINK.com, www.AdoreMe.com and www.DailyLook.com, and other digital channels worldwide. Additionally, we have more than 560 stores in approximately 70 countries operating under franchise, license and wholesale arrangements. The Company also includes the merchandise sourcing and production function serving us and our international partners. We operate as a single segment designed to seamlessly serve customers worldwide through stores and digital channels. We are the world\u2019s largest intimate apparel company, and we have a powerful foundation for growth with a leading market share, tens of millions of active and loyal customers and one of the most engaged brand communities on social media. We build on this strength by evolving our business, leading the industry and unlocking new opportunities. Our growth plan, which we call \u201cPath to Potential,\u201d is built around four key priorities: supercharging our bra authority, recommitting to PINK, fueling growth in beauty and evolving our brand projection and go-to-market strategy. We believe this strategy will allow us to strengthen Victoria\u2019s Secret and PINK and evolve how we go to market and connect with our customers. These priorities are designed to accelerate growth, differentiate our brands and reinforce our authority in North America and internationally. Our Brands Our business operates two market-leading intimate apparel brands, Victoria\u2019s Secret and PINK, complemented by an industry-leading beauty business. Victoria\u2019s Secret and PINK strive to inspire confidence, spark joy and ITEM 1A. RISK FACTORS. RISK FACTORS Investing in our common stock or other securities involves risk. You should carefully consider each of the following risks and all of the other information contained in this Annual Report on Form 10-K when evaluating our business. Our business, prospects, results of operations, financial condition or ", "title": "VSXY - Victoria's Secret & Co.", "url": "/company/VSXY/" }, { "kind": "company", "summary": "SIC 4522 Air Transportation, Nonscheduled; CIK 0001525221; latest 10-K filed 2026-02-26.", "text": "VTOL - Bristow Group Inc. SIC 4522 Air Transportation, Nonscheduled; CIK 0001525221; latest 10-K filed 2026-02-26. VTOL Bristow Group Inc. 0001525221 4522 Air Transportation, Nonscheduled ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion and analysis of our financial condition and results of operations for the year ended December 31, 2025 and 2024. This discussion and analysis should be read in conjunction with our consolidated financial statements and related notes and the other financial information included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve significant risks and uncertainties. As a result of many factors, such as those set forth under Part I, Item 1A, \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K, our actual results may differ materially from those anticipated in these forward-looking statements. A discussion and analysis of the financial condition and results of operations for the year ended December 31, 2024 as compared to the year ended December 31, 2023 can be found in Part II, Item 7, \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\" in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025. Overview We are the leading global provider of innovative and sustainable vertical flight solutions, primarily providing aviation services to a broad base of offshore energy companies and government entities. Our business comprises three reportable segments: Offshore Energy Services, Government Services and Other Services, using a fleet of 214 aircraft located across five continents and in 15 different countries. Today, we serve customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, Ireland, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad and Tobago, UK and the U.S. Our offshore energy customers primarily use our services to transport personnel to, from and between offshore energy installations. Our government customers primarily outsource SAR activities whereby we operate specialized helicopters and provide highly trained personnel. Our other customers primarily include fixed wing passengers utilizing our regional airline in Australia and companies that dry-lease helicopters from us in support of other industries and markets in which we do not directly compete or operate in. During the years ended December 31, 2025 and 2024, approximately 66% and 68%, respectively, of our total revenues were derived from Offshore Energy Services while approximately 26% and 23%, respectively, were derived from Government Services and approximately 8% and 9%, respectively, were derived from Other Services. Recent Developments Initiation of Quarterly Dividend Program On February 25, 2026, Bristow launched its quarterly cash dividend program and declared a dividend of $0.125 per share of its common stock. The cash dividend will be paid on March 26, 2026 to shareholders of record at the close of business on March 13, 2026. See Part II, Item 5 in this Annual Report on Form 10-K for additional details on the Company\u2019s dividend policy. Irish Coast Guard Contract Transition On February 1, 2026, Bristow\u2019s last Irish SAR base went live at Waterford Airport, in south-east Ireland. Bristow will provide critical, life saving, day and night-time operations in Ireland, delivering nationwide all-weather 24-hour coverage, 365 days a year. The 10-year, ~\u20ac670 million IRCG contract includes the use of six specialized SAR-configured AW189 helicopters equipped with the latest evolution of mission systems along with two specialized fixed-wing aircraft providing operational support for search and rescue and environmental monitoring. Closing of $500 Million Senior Secured Notes and Extension of ABL Facility In January 2026, Bristow closed a private offering of $500 million aggregate principal amount of 6.750% Senior Secured Notes due 2033 (the \u201c6.750% Senior Notes\u201d), which were issued at par and bear interest payable semiannually. T ITEM 1. BUSINESS Unless the context indicates otherwise, the terms \u201cwe,\u201d \u201cour,\u201d \u201cours,\u201d \u201cus\u201d, \u201cBristow Group\u201d and the \u201cCompany\u201d refer to Bristow Group Inc. and its consolidated subsidiaries. Bristow Group Inc. was incorporated in 1999 in Delaware. Our common stock, par value $0.01 per share (the \u201ccommon stock\u201d), is traded on the New York Stock Exchange (\u201cNYSE\u201d) under the symbol \u201cVTOL\u201d. Bristow Group\u2019s principal executive office is located at 3151 Briarpark Drive, Suite 700, Houston, Texas 77042, and our telephone number is (713) 267-7600. Our website address is www.bristowgroup.com. The reference to our website is not intended to incorporate the information on the website into this Annual Report on Form 10-K. General Bristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. We primarily provide aviation services to a broad base of offshore energy companies and government entities. Our aviation services include personnel transportation, search and rescue (\u201cSAR\u201d), medevac, fixed wing transportation, unmanned systems and ad-hoc helicopter services. Our energy customers charter our helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations. Our government customers primarily outsource SAR activities whereby we operate specialized helicopters and provide highly trained personnel. Our other services include fixed wing transportation services through a regional airline in Australia and dry-leasing aircraft to third-party operators in support of other industries and geographic markets. Our core business of providing aviation services to leading global energy companies and government entities provides us with geographic and customer diversity that helps mitigate risks associated with a single market or customer. We currently have customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, Ireland, ITEM 1A. RISK FACTORS Our business, results of operations, financial condition, liquidity, cash flow and prospects may be materially and adversely affected by numerous risks and uncertainties. Although it is not possible to predict or identify all such risks and uncertainties, they may include, but are not limited to, the risks a", "title": "VTOL - Bristow Group Inc.", "url": "/company/VTOL/" }, { "kind": "company", "summary": "SIC 3578 Calculating & Accounting Machines (No Electronic Computers); CIK 0000070866; latest 10-K filed 2026-02-26.", "text": "VYX - NCR Voyix Corp SIC 3578 Calculating & Accounting Machines (No Electronic Computers); CIK 0000070866; latest 10-K filed 2026-02-26. VYX NCR Voyix Corp 0000070866 3578 Calculating & Accounting Machines (No Electronic Computers) Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A) This section should be read in conjunction with the audited Consolidated Financial Statements and related Notes included in Item 8 of Part II of this Report. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements. See \u201cForward-Looking Statements\u201d and \u201cRisk Factors\u201d in Item 1A of this Annual Report for a discussion of the uncertainties, risks and assumptions associated with these forward-looking statements that could cause future results to differ materially from those reflected in this section. Our discussion within MD&A is organized as follows: \u2022Overview. This section contains background information on the Company, a summary of significant events and initiatives during the year and an overview of trends that impact or may impact our financial performance in order to provide context for management\u2019s discussion and analysis of our financial condition and results of operations. \u2022Results of operations. This section contains an analysis of our results of operations presented in the accompanying Consolidated Statements of Operations by comparing the results for the year ended December 31, 2025 to the results for the year ended December 31, 2024 as well as a comparison of the results for the year ended December 31, 2024 to the results for the year ended December 31, 2023. \u2022Liquidity and capital resources. This section provides an analysis of our cash flows and a discussion of our contractual obligations at December 31, 2025. \u2022Critical accounting estimates. This section contains a discussion of the accounting policies that we believe are important to our financial condition and results of operations and that require judgment and estimates on the part of management in their application. In addition, all of our significant accounting policies, including critical accounting policies, are summarized in Note 1, \u201cBasis of Presentation and Significant Accounting Policies\u201d, in the Notes to Consolidated Financial Statements in Item 8 of Part II of this Report. SIGNIFICANT THEMES AND EVENTS As more fully discussed in later sections of this MD&A, the following were highlights for the year ended December 31, 2025: \u2022Revenue was $2.7 billion, decreased 5% compared to prior year \u25e6Recurring revenue increased 3% from the prior year and comprised 62% of total consolidated revenue \u25e6Software and services revenue, decreased 3% from the prior year and comprised 74% of total consolidated revenue \u2022Adjusted EBITDA of $425 million, increased 22% compared to prior year EXECUTIVE OVERVIEW NCR Voyix is a global platform-powered leader in unified commerce for shopping and dining, empowering our customers to deliver quality experiences to consumers through our cloud-based platform, microservices-based applications and comprehensive service offerings. Completion of NCR Atleos Spin-Off Transaction On October 16, 2023, the Company completed the spin-off of its ATM-focused businesses, including our self-service banking, payments & network and telecommunications and technology businesses, into an independent, publicly traded company, NCR Atleos. Accordingly, the historical financial results of NCR Atleos are reflected as discontinued operations in the Company\u2019s consolidated financial statements. Refer to Note 2, \u201cDiscontinued Operations\u201d, in the Notes to Consolidated Financial Statements in Item 8 of Part II of this Report, for additional information. 32 Table of Contents Sale of Digital Banking Business We completed the sale of our Digital Banking segment businesses (the \u201cDigital Banking Sale\u201d) to an affiliate of The Veritas Capital Fund VIII, L.P. (the \u201cBuyer\u201d) on September 30, 2024. The purchase price for the Digital Banking Sale was $2.45 billion in cash, subject to a post-closing adjustment, as well as contingent consideration of up to an additional $100 million in cash upon t Item 1. BUSINESS Our Business NCR Voyix is a global platform-powered leader in unified commerce for shopping and dining, empowering customers to simplify transactions, optimize and scale operations and deliver superior experiences to customers through our modernized suite of microservices-based applications and comprehensive service offerings. We are headquartered in Atlanta, Georgia with approximately 13,500 employees across nearly 30 countries. Recent Business Transactions On October 16, 2023, we completed the spin-off of our ATM-focused business, which included our self-service banking, payments & network, and telecommunications and technology businesses, into an independent publicly traded company, NCR Atleos Corporation and its consolidated subsidiaries (collectively hereinafter \u201cNCR Atleos\u201d). The spin-off of NCR Atleos was effectuated through a pro rata distribution of all outstanding shares of NCR Atleos common stock to holders of our common stock as of the close of business on October 2, 2023 (the \u201cSpin-Off\u201d). In connection with the Spin-Off, we changed our name from NCR Corporation to NCR Voyix Corporation, and our common stock began trading on the New York Stock Exchange under the stock symbol \u201cVYX\u201d on October 17, 2023. We do not have any ownership interest in NCR Atleos. The historical financial results of NCR Atleos are reflected as discontinued operations in our consolidated financial statements. We completed the sale of our Digital Banking segment businesses (the \u201cDigital Banking Sale\u201d) to an affiliate of The Veritas Capital Fund VIII, L.P. (the \u201cBuyer\u201d) on September 30, 2024. The purchase price for the Digital Banking Sale was $2.45 billion in cash, subject to a post-closing adjustment, as well as contingent consideration of up to an additional $100 million in cash upon the achievement of a specified return on the Buyer\u2019s invested capital at the time of any future sale. The historical financial results of the Digital Banking segment busin Item 1A. RISK FACTORS The risks and uncertainties described below are associated with our business, operations and strategy, our prior Spin-Off of NCR Atleos and our capital structure. You should consider these risk factors, together with all other information in this Report, including our financial s", "title": "VYX - NCR Voyix Corp", "url": "/company/VYX/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000311094; latest 10-K filed 2026-02-27.", "text": "WABC - WESTAMERICA BANCORPORATION SIC 6021 National Commercial Banks; CIK 0000311094; latest 10-K filed 2026-02-27. WABC WESTAMERICA BANCORPORATION 0000311094 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following financial information for the three years ended December 31, 2025 has been derived from the Company\u2019s audited consolidated financial statements. This information should be read in conjunction with those statements, notes and other information included elsewhere herein. [[GREPCENT_TABLE]] [[\"WESTAMERICA BANCORPORATION\"],[\"FINANCIAL SUMMARY\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\",\"For the Years Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"\",\"\",\"(In thousands, except per share data and ratios)\"],[\"Interest and loan fee income\",\"\",\"$\",\"230,980\",\"\",\"\",\"$\",\"268,014\",\"\",\"\",\"$\",\"284,013\"],[\"Interest expense\",\"\",\"\",\"13,712\",\"\",\"\",\"\",\"17,419\",\"\",\"\",\"\",\"3,890\"],[\"Net interest and loan fee income\",\"\",\"\",\"217,268\",\"\",\"\",\"\",\"250,595\",\"\",\"\",\"\",\"280,123\"],[\"(Reversal of) provision for credit losses\",\"\",\"\",\"(550\",\")\",\"\",\"\",\"300\",\"\",\"\",\"\",\"(1,150\",\")\"],[\"Noninterest income:\"],[\"Bank owned life insurance gains\",\"\",\"\",\"208\",\"\",\"\",\"\",\"202\",\"\",\"\",\"\",\"279\"],[\"Losses on sale of securities\",\"\",\"\",\"-\",\"\",\"\",\"\",\"-\",\"\",\"\",\"\",\"(125\",\")\"],[\"Other noninterest income\",\"\",\"\",\"40,582\",\"\",\"\",\"\",\"42,953\",\"\",\"\",\"\",\"43,368\"],[\"Total noninterest income\",\"\",\"\",\"40,790\",\"\",\"\",\"\",\"43,155\",\"\",\"\",\"\",\"43,522\"],[\"Noninterest expense\",\"\",\"\",\"101,922\",\"\",\"\",\"\",\"104,391\",\"\",\"\",\"\",\"103,216\"],[\"Income before income taxes\",\"\",\"\",\"156,686\",\"\",\"\",\"\",\"189,059\",\"\",\"\",\"\",\"221,579\"],[\"Income tax provision\",\"\",\"\",\"40,513\",\"\",\"\",\"\",\"50,423\",\"\",\"\",\"\",\"59,811\"],[\"Net income\",\"\",\"$\",\"116,173\",\"\",\"\",\"$\",\"138,636\",\"\",\"\",\"$\",\"161,768\"],[\"Average common shares outstanding\",\"\",\"\",\"25,674\",\"\",\"\",\"\",\"26,685\",\"\",\"\",\"\",\"26,703\"],[\"Average diluted common shares outstanding\",\"\",\"\",\"25,674\",\"\",\"\",\"\",\"26,686\",\"\",\"\",\"\",\"26,706\"],[\"Common shares outstanding at December 31,\",\"\",\"\",\"24,623\",\"\",\"\",\"\",\"26,708\",\"\",\"\",\"\",\"26,671\"],[\"Per common share:\"],[\"Basic earnings\",\"\",\"$\",\"4.52\",\"\",\"\",\"$\",\"5.20\",\"\",\"\",\"$\",\"6.06\"],[\"Diluted earnings\",\"\",\"\",\"4.52\",\"\",\"\",\"\",\"5.20\",\"\",\"\",\"\",\"6.06\"],[\"Book value at December 31,\",\"\",\"\",\"37.91\",\"\",\"\",\"\",\"33.32\",\"\",\"\",\"\",\"28.98\"],[\"Financial ratios:\"],[\"Return on assets\",\"\",\"\",\"1.91\",\"%\",\"\",\"\",\"2.15\",\"%\",\"\",\"\",\"2.35\",\"%\"],[\"Return on common equity\",\"\",\"\",\"11.23\",\"%\",\"\",\"\",\"13.82\",\"%\",\"\",\"\",\"18.08\",\"%\"],[\"Net interest margin (FTE)(1)\",\"\",\"\",\"3.82\",\"%\",\"\",\"\",\"4.14\",\"%\",\"\",\"\",\"4.37\",\"%\"],[\"Net loan losses to average loans\",\"\",\"\",\"(0.35\",\")%\",\"\",\"\",\"(0.29\",\")%\",\"\",\"\",\"(0.25\",\")%\"],[\"Efficiency ratio(2)\",\"\",\"\",\"39.3\",\"%\",\"\",\"\",\"35.4\",\"%\",\"\",\"\",\"31.7\",\"%\"],[\"Equity to assets\",\"\",\"\",\"15.66\",\"%\",\"\",\"\",\"14.65\",\"%\",\"\",\"\",\"12.14\",\"%\"],[\"Period end balances:\"],[\"Assets\",\"\",\"$\",\"5,960,180\",\"\",\"\",\"$\",\"6,076,274\",\"\",\"\",\"$\",\"6,364,592\"],[\"Loans\",\"\",\"\",\"726,482\",\"\",\"\",\"\",\"820,300\",\"\",\"\",\"\",\"866,602\"],[\"Allowance for credit losses\",\"\",\"\",\"11,573\",\"\",\"\",\"\",\"14,780\",\"\",\"\",\"\",\"16,867\"],[\"Debt securities\",\"\",\"\",\"4,288,309\",\"\",\"\",\"\",\"4,240,445\",\"\",\"\",\"\",\"4,878,198\"],[\"Deposits\",\"\",\"\",\"4,840,019\",\"\",\"\",\"\",\"5,011,850\",\"\",\"\",\"\",\"5,474,267\"],[\"Identifiable intangible assets and goodwill\",\"\",\"\",\"121,673\",\"\",\"\",\"\",\"121,798\",\"\",\"\",\"\",\"122,020\"],[\"Short-term borrowed funds\",\"\",\"\",\"137,298\",\"\",\"\",\"\",\"120,322\",\"\",\"\",\"\",\"58,162\"],[\"Shareholders' equity\",\"\",\"\",\"933,509\",\"\",\"\",\"\",\"889,957\",\"\",\"\",\"\",\"772,894\"],[\"Capital ratios at period end:\"],[\"Total risk based capital\",\"\",\"\",\"23.05\",\"%\",\"\",\"\",\"22.82\",\"%\",\"\",\"\",\"19.15\",\"%\"],[\"Tangible equity to tangible assets\",\"\",\"\",\"13.90\",\"%\",\"\",\"\",\"12.90\",\"%\",\"\",\"\",\"10.43\",\"%\"],[\"Dividends paid per common share\",\"\",\"$\",\"1.82\",\"\",\"\",\"$\",\"1.76\",\"\",\"\",\"$\",\"1.72\"],[\"Common dividend payout ratio\",\"\",\"\",\"40\",\"%\",\"\",\"\",\"34\",\"%\",\"\",\"\",\"28\",\"%\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"(1) Yields on securities and certain loans have been adjusted upward to a \\\"fully taxable equivalent\\\" (\\\"FTE\\\") basis in order tor eflect the effect of income which is exempt from federal income taxation at the current statutory tax rate.\"],[\"(2) The efficiency r ITEM 1. BUSINESS Westamerica Bancorporation is a bank holding company registered under the Bank Holding Company Act of 1956, as amended (\u201cBHCA\u201d). Its legal headquarters are located at 1108 Fifth Avenue, San Rafael, California 94901. Its principal administrative offices are located at 4550 Mangels Boulevard, Fairfield, California 94534, its telephone number is (707) 863-6000 and its website address is www.westamerica.com. The Company provides a full range of banking services to individual and commercial customers in Northern and Central California through its subsidiary bank, Westamerica Bank (the \u201cBank\u201d). The Bank is a California-chartered commercial bank whose deposits are insured by the Federal Deposit Insurance Corporation (the \u201cFDIC\u201d) up to applicable limits. The principal communities served are located in Northern and Central California, from Mendocino, Lake and Nevada Counties in the north to Kern County in the south. The Company\u2019s strategic focus is on the banking needs of small businesses. In addition, the Bank owns 100% of the capital stock of Community Banker Services Corporation (\u201cCBSC\u201d), a company engaged in providing the Company and its subsidiaries with data processing services and other support functions. -2- The Company was incorporated under the laws of the State of California in 1972 as \u201cIndependent Bankshares Corporation\u201d pursuant to a plan of reorganization among three previously unaffiliated Northern California banks. The Company operated as a multi-bank holding company until mid-1983, at which time the then six subsidiary banks were merged into a single bank named Westamerica Bank and the name of the holding company was changed to Westamerica Bancorporation. The Company acquired five banks within its immediate market area during the early to mid 1990\u2019s. In April 1997, the Company acquired ValliCorp Holdings, Inc., parent company of ValliWide Bank, the largest independent bank holding company headquartered in Central California. Under the te ITEM 1A. RISK FACTORS Readers and prospective investors in the Company\u2019s securities should carefully consider the following risk factors as well as the other information contained or incorporated by reference in this Report. -9- The risks and uncertainties described below are not the only ones facing the Company. A", "title": "WABC - WESTAMERICA BANCORPORATION", "url": "/company/WABC/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000936528; latest 10-K filed 2025-11-18.", "text": "WAFD - WAFD INC SIC 6021 National Commercial Banks; CIK 0000936528; latest 10-K filed 2025-11-18. WAFD WAFD INC 0000936528 6021 National Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This discussion should be read in conjunction with our Consolidated Financial Statements and related notes in \u201cItem 8. Financial Statements and Supplementary Data\u201d of this report. In the following discussion, unless otherwise noted, references to increases or decreases in average balances in items of income and expense for a particular period and balances at a particular date refer to the comparison with corresponding amounts for the period or date for the previous year. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward- looking statements as a result of many factors, including those discussed under \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. For management's review of the factors that affected our results of operations for the years ended September 30, 2024 and 2023, refer to our Annual Report on Form 10-K for the year ended September 30, 2024, which was filed with the SEC on November 20, 2024. 42 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS CRITICAL ACCOUNTING POLICIES AND ESTIMATES The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to use judgment in making estimates and assumptions that affect the reported amounts within the consolidated financial statements. Actual results may differ from these estimates. While our significant accounting policies are described in more detail in Note A to the Consolidated Financial Statements, we believe that the accounting policies discussed below are critical for understanding our historical and future performance. Critical accounting policies and estimates are those that we consider the most important to the portrayal of our financial condition and results of operations because they require our most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of the matters that are inherently uncertain. Allowance for Credit Losses. Management\u2019s determination of the amount of the ACL is a critical accounting estimate as it requires significant reliance on the credit risk we ascribe to individual borrowers, the use of estimates and significant judgment as to the amount and timing of expected future cash flows on individually evaluated loans, significant reliance on historical loss rates on homogeneous portfolios, consideration of our quantitative and qualitative evaluation of past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. Going forward, the methodology used to calculate the ACL will be significantly influenced by the composition, characteristics and quality of our loan portfolio, as well as the prevailing economic conditions and forecasts utilized. Material changes to these and other relevant factors may result in greater volatility to the allowance for credit losses, and therefore, greater volatility in our reported earnings. Goodwill. Goodwill represents the excess of the acquisition consideration over the fair value of assets acquired and liabilities assumed. We have determined our goodwill balance is all related to a single reporting unit and perform an annual impairment assessment on August 31st, or sooner if an impairment indicator exists. We perform a quantitative impairment assessment and, upon performing the quantitative test, if the carrying value of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. When perfo Item 1. Business General WaFd Bank, a federally-insured Washington state chartered commercial bank formerly known as Washington Federal Bank (the \"Bank\" or \"WaFd Bank\"), was founded on April 24, 1917 in Ballard, Washington and is engaged primarily in providing lending, depository, insurance and other banking services to consumers, small, mid-sized and large businesses, and owners and developers of commercial real estate. Effective September 25, 2025, the Bank formally changed its name from Washington Federal Bank to WaFd Bank by filing its Second Amended and Restated Articles of Incorporation with the Washington Secretary of State. WaFd, Inc., a Washington corporation, was formed as the Bank\u2019s holding company in November, 1994. As used throughout this document, the terms \"WaFd,\" the \"Company\" or \"we\" or \"us\" and \"our\" refer to WaFd, Inc. and its consolidated subsidiaries, and the term \"Bank\" or \"WaFd Bank\" refers to its bank operating subsidiary. The Company is headquartered in Seattle, Washington. On November 9, 1982 the Company listed and began trading on the NASDAQ. Profitable operations have been recorded every year since going public. As of September 30, 2025, the stock traded at 82 times its original 1982 offering price, has paid 170 consecutive quarterly cash dividends and has returned 14,253% total shareholder return to those who invested 43 years ago. On February 29, 2024, WaFd, Inc. closed its merger with Luther Burbank Corporation (\"Luther Burbank\" or \"LBC\"), a California corporation, effective as of 12:00am on March 1, 2024. Pursuant to the Merger Agreement, at the Effective Time Luther Burbank merged with and into the Company (the \u201cCorporate Merger\u201d), with the Company surviving the Corporate Merger. Promptly following the Corporate Merger, Luther Burbank\u2019s wholly-owned bank subsidiary, Luther Burbank Savings, merged with and into WaFd Bank with WaFd Bank as the surviving institution (the \u201cBank Merger\u201d). The Corporate Item 1A. Risk Factors Ownership of our Common Stock involves risk. Investors should carefully consider, in addition to the other information included in this Annual Report on Form 10-K, the following risk factors. The risks described below may adversely affect our business, financial condition and results of operations. These risks are not the only risks we face; additional risks and uncertainties not currently known or that are curr", "title": "WAFD - WAFD INC", "url": "/company/WAFD/" }, { "kind": "company", "summary": "SIC 7373 Services-Computer Integrated Systems Design; CIK 0001990354; latest 10-K filed 2026-02-17.", "text": "WAY - Waystar Holding Corp. SIC 7373 Services-Computer Integrated Systems Design; CIK 0001990354; latest 10-K filed 2026-02-17. WAY Waystar Holding Corp. 0001990354 7373 Services-Computer Integrated Systems Design Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the financial condition and results of operations of Waystar Holding Corp. (\u201cWaystar\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d, and \u201cour\u201d) should be read in conjunction with our consolidated financial statements and the related notes included elsewhere in this Form 10-K. In addition to historical information, this discussion and analysis contains forward-looking statements based on current expectations that involve risks, uncertainties, and other factors outside our control, as well as assumptions, such as our plans, objectives, expectations, and intentions. Our actual results may differ materially from those expressed or implied in the forward-looking statements as a result of various factors, including those described under the section entitled \u201cCautionary Statement Concerning Forward-Looking Statements\u201d above and Part I, Item 1A, \u201cRisk Factors\u201d in this Form 10-K and our other filings with the SEC. Overview Waystar provides healthcare organizations with mission-critical AI-powered software that simplifies healthcare payments for providers across the continuum of care. Our enterprise-grade platform streamlines the complex and disparate processes our healthcare providers must manage to ensure accurate reimbursement and improves the payments experience for providers, patients, and payers. We leverage AI as well as proprietary, advanced algorithms to automate payment-related workflow tasks and drive continuous improvement, which enhances claim and billing accuracy, strengthens data integrity, and reduces labor costs for providers. Our software is used daily by providers of all types and sizes across the continuum of care, including physician practices, clinics, surgical centers, and laboratories, as well as large hospitals and health systems. We currently serve over 30,000 clients of various sizes, representing over one million distinct providers practicing across a variety of care sites, including 16 of 20 U.S. News Best Hospitals list. Our business model aligns with our clients growth; as they to serve more patients, claims and transactional volumes increase, driving corresponding growth in our business. In addition, our clients frequently adopt a greater number of our solutions over time and introduce our solutions across new sites of care. In 2025, we facilitated over 7.5 billion healthcare payments transactions, including over $2.4 trillion in gross claims volume spanning approximately 60% of patients and one-in-three hospital discharges in the United States. Our platform benefits from powerful network effects. Our cloud-based software is driven by a sophisticated, automated, and AI-powered engine to generate and incorporate real-time feedback from millions of network transactions processed through our platform each day. Every transaction we process provides additional data insights across providers, patients, and payers, which are embedded in updates that are deployed efficiently across our platform. This results in cumulative benefits to us over time. As we capture more data from each transaction we process, we leverage those insights to continuously improve the platform through Waystar AltitudeAI, our proprietary AI engine. Waystar AltitudeAI utilizes a multi-model approach that incorporates machine learning, large language models, and generative and agentic AI to automate complex workflows and deliver added value to our clients. In turn, the more value we create for our clients, the more likely it is that they will continue to use our products, allowing us to continue to capture more data that results in tangible improvements to our platform. As a result, our clients benefit from faster and more efficient performance from software that is evolving to meet ever-changing regulatory and payer requirements, enabling accurate and timely reimbursement. We have demonstrated an ability to drive recur Item 1. Business Our mission is to simplify healthcare payments through our modern cloud-based software, enabling our healthcare clients to prioritize patient care and optimize their financial performance. Overview Waystar provides healthcare organizations with mission-critical AI-powered software that simplifies healthcare payments for providers across the continuum of care. Our enterprise-grade platform streamlines the complex and disparate processes providers must manage to ensure accurate reimbursement and improves the payments experience for providers, patients, and payers. We leverage internally developed AI as well as proprietary, advanced algorithms to automate payment-related workflow tasks and drive continuous improvement, which enhances claim and billing accuracy, strengthens data integrity, and reduces labor costs for providers. Put simply, our software helps providers get paid faster, accurately, and more efficiently, while ensuring patients receive a modern, transparent, and consumer-friendly financial experience. The healthcare payment ecosystem is highly complex, spanning the full patient journey from pre-service patient onboarding and extending through post-service revenue collection, with dozens of interdependent steps in between. Within this multi-step workflow, the process for determining how much a provider should be reimbursed involves millions of permutations of variables, such as unique payer contracts, each with individual rules, processes, and reimbursement requirements. The burden borne by providers of tracking and managing all of these variables, coupled with a constantly evolving regulatory framework, often results in incorrect payments or denials that require time-consuming appeals procedures to resolve. Historically, healthcare providers have relied upon a patchwork of manual processes and systems to navigate these complexities and support their payment functions. However, this legacy approach has resulted in workflow delays, l Item 1A. Risk Factors You should carefully consider the following risk factors as well as the other information set forth in this Annual Report on Form 10-K (this \u201cAnnual Report\u201d), including \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our consolidated f", "title": "WAY - Waystar Holding Corp.", "url": "/company/WAY/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001497770; latest 10-K filed 2026-02-26.", "text": "WD - Walker & Dunlop, Inc. SIC 6199 Finance Services; CIK 0001497770; latest 10-K filed 2026-02-26. WD Walker & Dunlop, Inc. 0001497770 6199 Finance Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with the historical financial statements and the related notes thereto included elsewhere in this Annual Report on Form 10-K (\u201c10-K\u201d). The following discussion contains, in addition to historical information, forward-looking statements that include risks and uncertainties. Our actual results may differ materially from those expressed or contemplated in those forward-looking statements as a result of certain factors, including those set forth under the headings \u201cForward-Looking Statements\u201d and \u201cRisk Factors\u201d elsewhere in this 10-K. Business Walker & Dunlop, Inc. is a holding company, and we conduct the majority of our operations through Walker & Dunlop, LLC, our primary operating company. During the fourth quarter of 2025, we granted profit interest awards to certain non-executive employees of Walker & Dunlop, LLC to better align their incentive compensation with our goals. The profit interest awards allocate 15% of the income before taxes of a wholly owned subsidiary to these employees. The wholly owned subsidiary is focused on debt financing transactions closed by these employees and is part of our Capital Markets segment. We are one of the leading commercial real estate services and finance companies in the United States, with a primary focus on multifamily lending and property sales, commercial real estate debt brokerage, and investment management services. We originate, sell, and service a range of multifamily and other commercial real estate financing products to owners and developers of commercial real estate across the country, provide multifamily property sales brokerage and appraisal services in various regions throughout the United States, and engage in commercial real estate and investment management services focused on debt and equity investments on commercial real estate assets and equity investments in affordable housing. We are a leader in commercial real estate technology, developing and acquiring technology resources that (i) provide innovative solutions and a better experience for our customers and (ii) allow us to reach a broader customer base. 28 Table of Contents Multifamily Lending, Commercial Real Estate Brokerage Service, and Property Sales We originate and sell multifamily loans through the programs of Fannie Mae, Freddie Mac, Ginnie Mae, and HUD, with which we have licenses and long-established relationships. We retain servicing rights and asset management responsibilities on nearly all loans that we originate for the Agencies\u2019 programs. We are approved as a Fannie Mae DUS lender nationally, a Freddie Mac Optigo lender nationally for Conventional, Seniors Housing, Targeted Affordable Housing and Small Balance Loans, a HUD MAP lender nationally, a HUD LEAN lender nationally, and a Ginnie Mae issuer. We broker and service loans for many life insurance companies, commercial banks, and other institutional investors, in which cases we do not fund the loan but rather act as a loan broker. Fannie Mae recently announced that we ranked as its largest DUS lender in 2025, by loan deliveries, and Freddie Mac recently announced that we ranked as its 3rd largest Freddie Mac lender in 2025, by loan deliveries. Our market share with Fannie Mae and Freddie Mac was 11.2% on a combined basis, by loan deliveries in 2025, compared to 10.7% in 2024. Additionally, we were the 5th largest overall lender for HUD for its fiscal year ended September 30, 2025. We fund loans for the Agencies\u2019 programs, generally through warehouse facility financings, and sell them to investors in accordance with the related loan sale commitment, which we obtain at rate lock. Proceeds from the sale of the loan are used to pay off the warehouse facility. The sale of the loan is typically completed within 60 days after the loan is closed, and we retain the right to service substantially all of Item 1. Business General We are a leading commercial real estate (i) services, (ii) finance, and (iii) technology company in the United States. Through investments in people, brand, and technology, we have built a diversified suite of commercial real estate services to meet the needs of our customers. Our services include (i) multifamily lending, property sales, appraisal, valuation, and research, (ii) commercial real estate debt brokerage and advisory services, (iii) investment management, and (iv) affordable housing lending, property sales, tax credit syndication, development, and investment. We leverage our technological resources and investments to (i) provide an enhanced experience for our customers, (ii) identify refinancing and other financial and investment opportunities for new and existing customers, and (iii) drive efficiencies in our internal processes. We believe our people, brand, and technology provide us with a competitive advantage, as evidenced by 72%, 72%, and 69% of refinancing volumes coming from new loans to us for the years ended December 31, 2025, 2024, and 2023, respectively. Additionally, 19%, 20%, and 22% of total transaction volumes came from new customers for the years ended December 31, 2025, 2024, and 2023, respectively. We are one of the largest service providers to multifamily operators in the country. We originate, sell, and service a range of multifamily and other commercial real estate financing products, including loans through the programs of the GSEs, and the Federal Housing Administration, a division of the U.S. Department of Housing and Urban Development (together with Ginnie Mae, \u201cHUD\u201d) (collectively, the \u201cAgencies\u201d). We retain servicing rights and asset management responsibilities on substantially all loans that we originate for the Agencies\u2019 programs. We broker, and occasionally service, loans to commercial real estate operators for many life insurance companies, commercial banks, and other institutional investors, in Item 1A. Risk Factors Investing in our common stock involves risks. You should carefully consider the following risk factors, together with all the other information contained in this Annual Report on Form 10-K, before making an investment decision to purchase our common stock. The realization of any of the following risks could materially and adversel", "title": "WD - Walker & Dunlop, Inc.", "url": "/company/WD/" }, { "kind": "company", "summary": "SIC 2890 Miscellaneous Chemical Products; CIK 0000105132; latest 10-K filed 2025-10-27.", "text": "WDFC - WD 40 CO SIC 2890 Miscellaneous Chemical Products; CIK 0000105132; latest 10-K filed 2025-10-27. WDFC WD 40 CO 0000105132 2890 Miscellaneous Chemical Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is designed to provide the reader of our financial statements with a narrative from the perspective of management on our financial condition, results of operations, liquidity and certain other factors that may affect future results. This MD&A includes the following sections: Overview, Highlights, Results of Operations, Performance Measures and Non-GAAP Reconciliations, Liquidity and Capital Resources, Critical Accounting Estimates, and Recently Issued Accounting Standards. The MD&A is provided as a supplement to, and should be read in conjunction with, our audited consolidated financial statements and the related notes included in Item 15 of this report. Overview The Company WD-40 Company, based in San Diego, California, is a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world. We own a wide range of well-known brands that include maintenance products and homecare and cleaning products: WD-40\u00ae Multi-Use Product, WD-40 Specialist\u00ae, 3-IN-ONE\u00ae, GT85\u00ae, X-14\u00ae, 2000 Flushes\u00ae, Carpet Fresh\u00ae, no vac\u00ae, Spot Shot\u00ae, Lava\u00ae and Solvol\u00ae. Our products are sold in various locations around the world. Maintenance products are sold worldwide in markets throughout North, Central and South America, Asia, Australia, Europe, India, the Middle East and Africa. Homecare and cleaning products are sold primarily in North America, the United Kingdom (\u201cU.K.\u201d) and Australia. During the fiscal year 2025, our homecare and cleaning business in EIMEA was sold and we have reclassified our homecare and cleaning business in Americas to held for sale. Our homecare and cleaning business in the Asia-Pacific segment continues to be held for use. We sell our products primarily through hardware stores, automotive parts outlets, industrial distributors and suppliers, mass retail and home center stores, value retailers, grocery stores, online retailers, warehouse club stores, farm supply, sport retailers, and independent bike dealers. Highlights The following summarizes the financial and operational highlights for our business during the fiscal year ended August 31, 2025: \u2022Consolidated net sales increased $29.4 million, or 5%, for fiscal year 2025 compared to the prior fiscal year. Increases in sales volume favorably impacted net sales by approximately $25.2 million from period to period. Increases in the average selling price of our products positively impacted net sales by approximately $5.6 million from period to period, primarily due to sales price increases implemented in certain regions during the prior fiscal year. Changes to net sales attributable to volumes and average selling price of our products are impacted by differences in sales mix related to products, markets and distribution channels from period to period. In addition, changes in foreign currency exchange rates from period to period had a unfavorable impact of $1.4 million on consolidated net sales for the fiscal year 2025. Gross profit as a percentage of net sales increased to 55.1% for fiscal year 2025 compared to 53.4% for the prior fiscal year. \u2022Consolidated net income increased $21.4 million, or 31%, for fiscal year 2025 compared to the corresponding period of the prior fiscal year. Changes in foreign currency exchange rates from period to period had an insignificant effect on consolidated net income for fiscal year 2025. \u2022Diluted earnings per common share for fiscal year 2025 were $6.69 versus $5.11 in the prior fiscal year. During the second quarter of fiscal year 2025, we released an uncertain tax position that generated a favorable income tax adjustment. Excluding this one-time benefit, on a non-GAAP basis, adjusted diluted EPS was $5.82. \u2022During the fourth quarter Item 1. Business Overview WD-40 Company is a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world. The Company was founded in 1953 and is headquartered in San Diego, California. For more than four decades, we sold only one product, WD-40\u00ae Multi-Use Product, a multi-purpose maintenance product which acts as a lubricant, rust preventative, penetrant and moisture displacer. Over the last several decades, we have evolved and expanded our product offerings through both research and development activities and through the acquisition of several of our smaller brands worldwide. As a result, we have built a family of brands and product lines that deliver high quality performance at a good value to our end users. We currently market and sell our products in more than 176 countries and territories worldwide primarily through hardware stores, automotive parts outlets, industrial distributors and suppliers, mass retail and home center stores, value retailers, grocery stores, online retailers, warehouse club stores, farm supply stores, sport retailers, and independent bike dealers. Our sales come from two product groups \u2013 maintenance products and homecare and cleaning products. Maintenance products are sold worldwide in markets throughout North, Central and South America, Asia, Australia, Europe, India, the Middle East and Africa. Homecare and cleaning products are sold primarily in North America, the United Kingdom (\u201cU.K.\u201d) and Australia. We sold certain assets of the homecare and cleaning product brands in the EIMEA segment in the fourth quarter of fiscal year 2025. See Note 3. Assets Held for Sale of the consolidated financial statements, included in Item 15 of this report for additional information on this sale. These brands are included in the results of operations in the consolidated statements of operations for fiscal year 2025. We cont Item 1A. Risk Factors The following risks and uncertainties, as well as other factors described elsewhere in this report or in our other SEC filings, could materially harm our business, financial condition and results of operations. The risks and uncertainties we have described are not the only ones we face. Additional risks and uncertainties not curren", "title": "WDFC - WD 40 CO", "url": "/company/WDFC/" }, { "kind": "company", "summary": "SIC 5810 Retail-Eating & Drinking Places; CIK 0000030697; latest 10-K filed 2026-02-23.", "text": "WEN - Wendy's Co SIC 5810 Retail-Eating & Drinking Places; CIK 0000030697; latest 10-K filed 2026-02-23. WEN Wendy's Co 0000030697 5810 Retail-Eating & Drinking Places Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Introduction This \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of The Wendy\u2019s Company (\u201cThe Wendy\u2019s Company\u201d and, together with its subsidiaries, the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) should be read in conjunction with the consolidated financial statements and the related notes that appear elsewhere within this report. Certain statements we make under this Item 7 constitute \u201cforward-looking statements\u201d under the Private Securities Litigation Reform Act of 1995. See \u201cSpecial Note Regarding Forward-Looking Statements and Projections\u201d in \u201cPart I\u201d preceding \u201cItem 1 - Business.\u201d You should consider our forward-looking statements in light of the risks discussed under the heading \u201cRisk Factors\u201d in Item 1A above, as well as our consolidated financial statements, related notes and other financial information appearing elsewhere in this report and our other filings with the Securities and Exchange Commission (the \u201cSEC\u201d). Wendy\u2019s is primarily engaged in the business of operating, developing and franchising a system of distinctive quick-service restaurants serving high quality food. Wendy\u2019s opened its first restaurant in Columbus, Ohio in 1969. Today, Wendy\u2019s is the second largest quick-service restaurant company in the hamburger sandwich segment in the U.S. based on traffic and dollar share, and the third largest globally with 7,397 restaurants in the U.S. and 38 foreign countries and U.S. territories as of December 28, 2025. The Company is comprised of the following segments: (1) Wendy\u2019s U.S., (2) Wendy\u2019s International and (3) Global Real Estate & Development. Wendy\u2019s U.S. includes the operation and franchising of Wendy\u2019s restaurants in the U.S. and derives its revenues from sales at Company-operated restaurants and royalties, fees and advertising fund collections from franchised restaurants. Wendy\u2019s International includes the operation and franchising of Wendy\u2019s restaurants in countries and territories other than the U.S. and derives its revenues from sales at Company-operated restaurants and royalties, fees and advertising fund collections from franchised restaurants. Global Real Estate & Development includes real estate activity for owned sites and sites leased from third parties, which are leased and/or subleased to franchisees, and also includes our share of the income of our TimWen real estate joint venture. In addition, Global Real Estate & Development earns fees from facilitating franchisee-to-franchisee restaurant transfers (\u201cFranchise Flips\u201d) and providing other development-related services to franchisees. In this Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d the Company reports on the segment profit for each of the three segments described above. The Company measures segment profit using segment adjusted earnings before interest, taxes, depreciation and amortization (\u201cEBITDA\u201d). Segment adjusted EBITDA excludes certain unallocated general and administrative expenses and other items that vary from period to period without correlation to the Company\u2019s core operating performance. See \u201cResults of Operations\u201d below and Note 26 to the Consolidated Financial Statements contained in Item 8 herein for segment financial information. The Company\u2019s fiscal reporting periods consist of 52 or 53 weeks ending on the Sunday closest to December 31 and are referred to herein as (1) \u201cthe year ended December 28, 2025\u201d or \u201c2025,\u201d (2) \u201cthe year ended December 29, 2024\u201d or \u201c2024,\u201d and (3) \u201cthe year ended December 31, 2023\u201d or \u201c2023,\u201d all of which consisted of 52 weeks. All references to years, quarters and months relate to fiscal periods rather than calendar periods. Executive Overview Our Business As of December 28, 2025, the Wendy\u2019s restaurant system was comprised of 7,397 restaurants, with 5,969 Wendy\u2019s restaurants in operation in the U.S. Of the U.S. res Item 1. Business. Company Overview Wendy\u2019s is primarily engaged in the business of operating, developing and franchising a system of distinctive quick-service restaurants serving high quality food. Wendy\u2019s opened its first restaurant in Columbus, Ohio in 1969. Today, Wendy\u2019s is the second largest quick-service restaurant company in the hamburger sandwich segment in the United States (the \u201cU.S.\u201d) based on traffic and dollar share, and the third largest globally with 7,397 restaurants in the U.S. and 38 foreign countries and U.S. territories as of December 28, 2025. At December 28, 2025, there were 5,969 Wendy\u2019s restaurants in operation in the U.S. Of these restaurants, 423 were operated by the Company and 5,546 were operated by a total of 203 franchisees. In addition, at December 28, 2025, there were 1,428 Wendy\u2019s restaurants in operation in 38 foreign countries and U.S. territories. Of the international restaurants, 1,417 were operated by a total of 117 franchisees and 11 were operated by the Company in the United Kingdom (the \u201cU.K.\u201d). The Company\u2019s principal executive offices are located at One Dave Thomas Blvd., Dublin, Ohio 43017, and its telephone number is (614) 764-3100. Corporate History The Wendy\u2019s Company\u2019s corporate predecessor was incorporated in Ohio in 1929 and was reincorporated in Delaware in June 1994. Effective September 29, 2008, in conjunction with the merger of Triarc Companies, Inc. and Wendy\u2019s International, Inc., the Company\u2019s corporate name was changed from Triarc Companies, Inc. to Wendy\u2019s/Arby\u2019s Group, Inc. Effective July 5, 2011, in connection with the Company\u2019s sale of Arby\u2019s Restaurant Group, Inc., the Company\u2019s corporate name was changed to The Wendy\u2019s Company. Fiscal Year The Company\u2019s fiscal reporting periods consist of 52 or 53 weeks ending on the Sunday closest to December 31 and are referred to herein as (1) \u201cthe year ended December 28, 2025\u201d or \u201c2025,\u201d (2) \u201cthe year ended December 29, 2024\u201d or \u201c2024,\u201d and (3) \u201cthe year end Item 1A. Risk Factors. We wish to caution readers that in addition to the important factors described elsewhere in this Form 10-K, we have included below certain material factors that have affected, or in the future could affect, our actual results and could cause our actual consolidated results during fiscal 2026, and beyond, to differ materia", "title": "WEN - Wendy's Co", "url": "/company/WEN/" }, { "kind": "company", "summary": "SIC 4213 Trucking (No Local); CIK 0000793074; latest 10-K filed 2026-02-26.", "text": "WERN - WERNER ENTERPRISES INC SIC 4213 Trucking (No Local); CIK 0000793074; latest 10-K filed 2026-02-26. WERN WERNER ENTERPRISES INC 0000793074 4213 Trucking (No Local) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) summarizes the financial statements from management\u2019s perspective with respect to our financial condition, results of operations, liquidity and other factors that may affect actual results. The MD&A is organized in the following sections: \u2022Cautionary Note Regarding Forward-Looking Statements \u2022Overview \u2022Results of Operations \u2022Liquidity and Capital Resources \u2022Critical Accounting Estimates Cautionary Note Regarding Forward-Looking Statements: This Annual Report on Form 10-K contains historical information and forward-looking statements based on information currently available to our management. The forward-looking statements in this report, including those made in this Item 7 (Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations), are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These safe harbor provisions encourage reporting companies to provide prospective information to investors. Forward-looking statements can be identified by the use of certain words, such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cproject,\u201d and other similar terms and language. We believe the forward-looking statements are reasonable based on currently available information. However, forward-looking statements involve risks, uncertainties and assumptions, whether known or unknown, that could cause our actual results, business, financial condition and cash flows to differ materially from those anticipated in the forward-looking statements. A discussion of important factors relating to forward-looking statements is included in Item 1A (Risk Factors) of Part I of this Form 10-K. Readers should not unduly rely on the forward-looking statements included in this Form 10-K because such statements speak only to the date they were made. Unless otherwise required by applicable securities laws, we undertake no obligation or duty to update or revise any forward-looking statements contained herein to reflect subsequent events or circumstances or the occurrence of unanticipated events. Overview: We have two reportable segments, TTS and Werner Logistics, and we operate in the truckload and logistics sectors of the transportation industry. In the truckload sector, we focus on transporting consumer nondurable products that generally ship more consistently throughout the year. In the logistics sector, besides managing transportation requirements for individual customers, we provide additional sources of truck capacity, alternative modes of transportation, a North American delivery network and systems analysis to optimize transportation needs. Our success depends on our ability to efficiently and effectively manage our resources in the delivery of truckload transportation and logistics services to our customers. Resource requirements vary with customer demand, which may be subject to seasonal or general economic conditions. Our ability to adapt to changes in customer transportation requirements is essential to efficiently deploy resources and make capital investments in tractors and trailers (with respect to our TTS segment) or obtain qualified third-party capacity at a reasonable price (with respect to our Werner Logistics segment). We may also be affected by our customers\u2019 financial failures or loss of customer business. Revenues for the operating segments (Dedicated and One-Way Truckload) within our TTS reportable segment are typically generated on a per-mile basis and also include revenues such as stop charges, loading and unloading charges, equipment detention charges and equipment repositioning charges. To mitigate our risk to fuel price increases, we recover additional fuel surcharge revenues from our customers that generally recoup a majority of ITEM 1. BUSINESS General We are a transportation and logistics company engaged primarily in transporting truckload shipments of general commodities in both interstate and intrastate commerce. We also provide logistics services through our Werner Logistics segment. We believe we are one of the largest truckload carriers in the United States (based on total operating revenues), and our headquarters are located in Omaha, Nebraska, near the geographic center of our truckload service area. We were founded in 1956 by Clarence L. Werner, who started the business with one truck at the age of 19. We were incorporated in the State of Nebraska in September 1982 and completed our initial public offering in June 1986 with a fleet of 632 trucks as of February 1986. At the end of 2025, our Truckload Transportation Services (\u201cTTS\u201d) segment had a fleet of 7,100 trucks, of which 6,785 were company-operated and 315 were owned and operated by independent contractors. Our Werner Logistics segment operated an additional 27 drayage company trucks and 170 Final Mile delivery trucks at the end of 2025. We have historically grown organically, and more recently through a combination of organic growth and business acquisitions (discussed below). Our business acquisitions expanded our fleet size, customer base, geographic market presence, and network of operational facilities. We remain open to considering acquisitions in North America truckload and logistics companies that are both additive to our business and accretive to our earnings. We have two reportable segments \u2013 TTS and Werner Logistics. Our TTS segment is comprised of Dedicated and One-Way Truckload. Dedicated had 4,850 trucks as of December 31, 2025 and provides truckload services dedicated to a specific customer, generally for a retail distribution center or manufacturing facility, utilizing either dry van or specialized trailers. One-Way Truckload had 2,250 trucks as of December 31, 2025 and includes the following operating flee ITEM 1A. RISK FACTORS The following risks and uncertainties may cause our actual results, business, financial condition and cash flows to materially differ from those anticipated in the forward-looking statements included in this Form 10-K. Caution should be taken not to place undue reliance on forward-looking statements made herein because ", "title": "WERN - WERNER ENTERPRISES INC", "url": "/company/WERN/" }, { "kind": "company", "summary": "SIC 3716 Motor Homes; CIK 0000107687; latest 10-K filed 2025-10-22.", "text": "WGO - WINNEBAGO INDUSTRIES INC SIC 3716 Motor Homes; CIK 0000107687; latest 10-K filed 2025-10-22. WGO WINNEBAGO INDUSTRIES INC 0000107687 3716 Motor Homes Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to provide a reader of our financial statements with a narrative from the perspective of management on our financial condition, results of operations, liquidity, and certain other factors that may affect our future results. Unless otherwise noted, transactions and other factors significantly impacting our financial condition, results of operations and liquidity are discussed in order of magnitude. Our MD&A is presented in five sections: \u2022Overview \u2022Results of Operations \u2022Analysis of Financial Condition, Liquidity, and Capital Resources \u2022Critical Accounting Policies and Estimates \u2022New Accounting Pronouncements Our MD&A should be read in conjunction with the Consolidated Financial Statements and related Notes included in Item 8 of Part II in this Annual Report on Form 10-K. The year-over-year comparisons in this MD&A are as of and for the fiscal years ended August 30, 2025 and August 31, 2024, unless stated otherwise. The discussion of Fiscal 2023 results and related year-over-year comparisons as of and for the fiscal years ended August 31, 2024 and August 26, 2023 are found in Item 7 of Part II of our Form 10-K for the fiscal year ended August 31, 2024. Overview Winnebago Industries, Inc. is a leading North American manufacturer of outdoor lifestyle products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. We also design and manufacture advanced battery solutions that deliver \u201chouse power,\u201d supporting internal electrical features and appliances for a variety of outdoor products including RVs, boats, specialty and other low-speed vehicles, as well as other industrial applications. Other products manufactured by us consist primarily of original equipment manufacturing parts for other manufacturers and commercial vehicles. We produce our motorhome RV units in Iowa and Indiana; our towable RV units in Indiana; our marine units in Indiana and Florida; and our battery solutions in Florida. We distribute our RV and marine products primarily through independent dealers across the U.S. and Canada, who then retail the products to the end consumer. We also distribute our marine products internationally through independent dealers, who then retail the products to the end consumer. Our battery solutions are primarily sold to customers in the U.S. Known Trends and Uncertainties Our business continues to be challenged by macroeconomic conditions impacting retail consumers and our dealers, such as inflation, elevated interest rates, and lower consumer confidence. These factors have contributed to lower consumer spending and reduced short-term demand for large discretionary products such as RVs and marine products. In response, our dealers continue to exercise caution when managing stocking levels. In Fiscal 2025, these trends resulted in decreased sales due to declines in unit volume. While market pressures have been observed across our portfolio, they have been most acute in our Winnebago motorhome business. As part of our transformation of this business, we have recently taken significant steps to lower field inventory, improve working capital, align our production schedule to market demand, and accelerate stronger product value for our consumers in the future. We expect that as consumer demand stabilizes, dealers will return to more stable ordering patterns across our portfolio of businesses. We continue to produce and ship in accordance with dealer demand as evidenced and requested by dealer orders. In addition, we are closely monitoring the potential impact of new or additional U.S. tariffs and retaliatory measures from other countries, which may affect material costs or supply. Despite the current economic uncertainty, Item 1. Business. General The use of the terms \"Winnebago Industries,\" \"Winnebago,\" \"we,\" \"our,\" and \"us\" in this Annual Report on Form 10-K, unless the context otherwise requires, refer to Winnebago Industries, Inc. and its wholly-owned subsidiaries. Winnebago Industries, Inc. is a leading North American manufacturer of outdoor lifestyle products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. We also design and manufacture advanced battery solutions that deliver \u201chouse power,\u201d supporting internal electrical features and appliances for a variety of outdoor products including RVs, boats, specialty and other low-speed vehicles, as well as other industrial applications. Other products manufactured by us consist primarily of original equipment manufacturing parts for other manufacturers and commercial vehicles. We produce our towable RV units in Indiana; our motorhome RV units in Iowa and Indiana; our marine units in Indiana and Florida; and our battery solutions in Florida. We distribute our RV and marine products primarily through independent dealers throughout the U.S. and Canada, who then retail the products to the end consumer. We also distribute our marine products internationally through independent dealers, who then retail the products to the end consumer. Our battery solutions are primarily sold to customers in the U.S. All references to Fiscal 2025 refer to the 52-week period ended August 30, 2025. Fiscal 2024 refers to the 53-week period ended August 31, 2024 and Fiscal 2023 refers to the 52-week period ended August 26, 2023. Available Information Our internet website, located at www.winnebagoind.com, provides additional information about us. On our website you can obtain, free of charge, this and prior year Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all other recent filings with the SEC. Our rece Item 1A. Risk Factors. Described below are certain risks that we believe apply to our business and the industries in which we operate. The following risk factors should be considered carefully in addition to the other information contained in this Annual Report on Form 10-K. The risks and uncertainties highlighted represent the most significant risk factors that we ", "title": "WGO - WINNEBAGO INDUSTRIES INC", "url": "/company/WGO/" }, { "kind": "company", "summary": "SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0001699136; latest 10-K filed 2026-02-26.", "text": "WHD - Cactus, Inc. SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0001699136; latest 10-K filed 2026-02-26. WHD Cactus, Inc. 0001699136 3533 Oil & Gas Field Machinery & Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying consolidated financial statements and related notes. The following discussion contains \u201cforward-looking statements\u201d that reflect our plans, estimates, beliefs and expected performance. Our actual results may differ materially from those anticipated as discussed in these forward-looking statements as a result of a variety of risks and uncertainties, including those described in \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and \u201cItem 1A. Risk Factors\u201d included elsewhere in this Annual Report, all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. We assume no obligation to update any of these forward-looking statements except as otherwise required by law. Market Factors See \u201cItem 1. Business\u201d for information on our products and business. Demand for our products and services depends primarily upon oil and gas industry activity levels, including the number of active drilling rigs, the number of wells being drilled, the number of wells being completed and the volume of newly producing wells, among other factors. Oil and gas E&P activity is in turn heavily influenced by, among other factors, investor sentiment, availability of capital and oil and gas prices locally and worldwide, which have historically been volatile. Revenues generated by our Pressure Control and Spoolable Technologies operating segments are derived from three sources: products, rentals, and field service and other. Product revenues are derived from the sale of wellhead systems, production trees and spoolable pipe and fittings. Rental revenues are primarily derived from the rental of equipment used during the completion process, the repair of such equipment and the rental of equipment or tools used to install wellhead equipment or spoolable pipe. Field service and other revenues are primarily earned when we provide installation and other field services for both product sales and equipment rental. Pressure Control The Pressure Control segment designs, manufactures, sells and rents a range of wellhead and pressure control equipment under the Cactus Wellhead brand. Products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of our customers\u2019 wells. In addition, we provide field services for all of our products and rental items to assist with the installation, maintenance and handling of the equipment. We operate through service centers in the United States, which are strategically located in the key oil and gas producing regions, and in Eastern Australia. These service centers support our field services and provide equipment assembly and repair services. We also provide rental and service operations in the Middle East. Pressure Control manufacturing and production facilities are located in Bossier City, Louisiana, Suzhou, China and Hai Duong, Vietnam. Demand for our product sales in the Pressure Control segment are driven primarily by the number of new wells drilled, as each new well requires a wellhead and, after the completion phase, a production tree. Demand for our rental items is driven primarily by the number of well completions as we rent frac trees to oil and gas operators to assist in hydraulic fracturing. Rental demand is also driven by drilling activity as we rent tools used in the installation of wellheads. Field service and other revenues are closely correlated with revenues from product sales and rentals, as items sold or rented almost always have an associated service component. Spoolable Technologies The Spoolable Technologies segment designs, manufactures and sells spoolable pipe and associated end fittings Item 1. Business General Cactus, Inc. (\u201cCactus Inc.\u201d) was incorporated on February 17, 2017 as a Delaware corporation for the purpose of completing an initial public offering of equity, which was completed on February 12, 2018 (our \u201cIPO\u201d). We began operating in August 2011 following the formation of Cactus Wellhead, LLC (\u201cCactus LLC\u201d) in part by Scott Bender and Joel Bender, who have owned or operated wellhead manufacturing businesses since the late 1970s. \"The Company\" is primarily engaged in the design, manufacture, sale and rental of highly engineered pressure control and spoolable pipe technologies. Our products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of our customers\u2019 wells. We also provide field services for all of our products and rental items to assist with the installation, maintenance and handling of the equipment. Additionally, we offer repair and refurbishment services as appropriate. We operate through service centers and pipe yards located in the United States, Canada and Australia. We also provide rental and service operations in the Middle East and other select international markets. Our primary manufacturing and production facilities are in Bossier City, Louisiana, Baytown, Texas and Suzhou, China. In addition, a new plant is commencing production in Vietnam. Our corporate headquarters are located in Houston, Texas. On January 1, 2026, the Company acquired 65% of Baker Hughes Pressure Control LLC, which holds Baker Hughes Company's former surface pressure control business. See \"Cactus International Joint Venture with Baker Hughes\" below. FlexSteel Acquisition On February 28, 2023, we completed the acquisition of the FlexSteel business (the \u201cMerger\u201d) through a merger with HighRidge Resources, Inc. and its subsidiaries (\u201cHighRidge\u201d). The purpose of the Merger was to effect the acquisition of the operations of FlexSteel Holdings, Inc. a Item 1A. Risk Factors Investing in our Class A common stock involves risks. You should carefully consider the information in this Annual Report, including the matters addressed under \u201cCautionary Statement Regarding Forward\u2011Looking Statements,\u201d and the following risks before making an investment decision. Our business, results of operat", "title": "WHD - Cactus, Inc.", "url": "/company/WHD/" }, { "kind": "company", "summary": "SIC 5900 Retail-Miscellaneous Retail; CIK 0000908315; latest 10-K filed 2026-02-25.", "text": "WINA - WINMARK CORP SIC 5900 Retail-Miscellaneous Retail; CIK 0000908315; latest 10-K filed 2026-02-25. WINA WINMARK CORP 0000908315 5900 Retail-Miscellaneous Retail ITEM 7: MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \u200b The following is management\u2019s discussion and analysis of certain significant factors which have affected our financial position and operating results during the periods included in the accompanying consolidated financial statements and should be read in conjunction with those consolidated financial statements. This section of this 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-date comparisons between 2024 and 2023 that are not included in this Form 10-K, can be found in \u2018Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u2019 in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 28, 2024. \u200b Overview \u200b Winmark \u2013 the Resale Company is focused on sustainability and small business formation. As of December 27, 2025, we had 1,378 franchises operating under the Plato\u2019s Closet, Once Upon A Child, Play It Again Sports, Style Encore and Music Go Round brands. Our business is not capital intensive and is designed to generate consistent, recurring revenue and strong operating margins. \u200b The financial criteria that management closely tracks to evaluate current business operations and future prospects include royalties and selling, general and administrative expenses. \u200b Our most significant source of franchising revenue is royalties received from our franchisees. During 2025, our royalties increased $4.2 million or 5.8% compared to 2024. \u200b Management continually monitors the level and timing of selling, general and administrative expenses. The major components of selling, general and administrative expenses include compensation and benefits, marketing & advertising, professional services, and occupancy. During 2025, selling, general and administrative expense increased $3.4 million, or 13.7%, compared to the same period last year. \u200b Management also monitors several nonfinancial factors in evaluating the current business operations and future prospects including franchise openings and closings and franchise renewals. The following is a summary of our net store growth and renewal activity for the fiscal year ended December 27, 2025: \u200b [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"AVAILABLE\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"TOTAL\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"TOTAL\",\"\\u200b\",\"FOR\",\"\\u200b\",\"COMPLETED\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\",\"12/28/2024\",\"\\u200b\",\"OPENED\",\"\\u200b\",\"CLOSED\",\"\\u200b\",\"12/27/2025\",\"\\u200b\",\"RENEWAL\",\"\\u200b\",\"RENEWALS\",\"\\u200b\",\"% RENEWED\",\"\\u200b\"],[\"Plato\\u2019s Closet\",\"\",\"515\",\"\",\"18\",\"\",\"(7)\",\"\",\"526\",\"\",\"42\",\"\",\"41\",\"\",\"98\",\"%\"],[\"Once Upon A Child\",\"\",\"430\",\"\",\"17\",\"\",\"(6)\",\"\",\"441\",\"\",\"44\",\"\\u200b\",\"44\",\"\",\"100\",\"%\"],[\"Play It Again Sports\",\"\",\"302\",\"\",\"15\",\"\",\"(8)\",\"\",\"309\",\"\",\"18\",\"\\u200b\",\"17\",\"\",\"94\",\"%\"],[\"Style Encore\",\"\",\"69\",\"\",\"2\",\"\",\"(4)\",\"\",\"67\",\"\",\"8\",\"\",\"8\",\"\",\"100\",\"%\"],[\"Music Go Round\",\"\",\"34\",\"\",\"3\",\"\",\"(2)\",\"\",\"35\",\"\",\"4\",\"\",\"4\",\"\",\"100\",\"%\"],[\"Total Franchised Stores(1)\",\"\",\"1,350\",\"\",\"55\",\"\",\"(27)\",\"\",\"1,378\",\"\",\"116\",\"\",\"114\",\"\",\"98\",\"%\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"(1)\",\"All stores are owned and operated by franchisees. Winmark does not own or operate any corporate stores.\"]] [[/GREPCENT_TABLE]] \u200b Renewal activity is a key focus area for management. Our franchisees sign 10-year agreements with us. The renewal of existing franchise agreements as they approach their expiration is an indicator that management monitors to determine the health of our business and the preservation of future royalties. In 2025, we renewed 98% of franchise agreements up ITEM 1: BUSINESS \u200b Background \u200b Winmark \u2013 the Resale Company\u00ae (Winmark Corporation, Winmark or the Company), is a nationally recognized franchisor focused on sustainability and small business formation. We champion and guide entrepreneurs interested in operating one of our award winning resale franchises: Plato\u2019s Closet\u00ae, Once Upon A Child\u00ae, Play It Again Sports\u00ae, Style Encore\u00ae and Music Go Round\u00ae. At December 27, 2025, there were 1,378 franchises in operation in the United States and Canada and over 2,800 available territories. Our mission is to provide Resale for Everyone\u00ae. \u200b Each of our resale brands emphasizes consumer value by offering high-quality used merchandise at substantial savings from the price of new merchandise and by purchasing customers\u2019 used goods that have been outgrown or are no longer used. Our concepts also offer a limited amount of new merchandise to customers. For over 35 years, we have offered a sustainable solution for consumers to recycle their gently used clothing, toys, sporting goods and musical instruments. We estimate that, since 2010, stores in our resale brands have extended the lives of over 2.1 billion items. We continue to enhance our franchise model and provide our franchisees with the technology, tools and training to profitably expand their operations and evolve towards being a multi-channel retailer. \u200b Our significant assets are located within the United States, and we generate the majority of revenues from United States operations. Revenues from Canadian franchisees in 2025, 2024 and 2023 were approximately $7.8 million, $7.3 million and $6.8 million, respectively. For additional financial information, please see Item 8 \u2014 Financial Statements and Supplementary Data. We were incorporated in Minnesota in 1988. \u200b 1 Table of Contents Operations \u200b We currently franchise five brands: \u200b Plato\u2019s Closet \u200b We began franchising the Plato\u2019s Closet brand in 1999. Plato\u2019s Closet franchisees buy and sell gently used c ITEM 1A: RISK FACTORS \u200b We are dependent on franchise renewals. \u200b Each of our franchise agreements is 10 years long. At the end of the term of each franchise agreement, each franchisee may, if certain conditions are met, \u201crenew\u201d the franchise relationship by signing a new 10-year franchise agreement. As of December 27, 2025 each of our five brands have the following number of ", "title": "WINA - WINMARK CORP", "url": "/company/WINA/" }, { "kind": "company", "summary": "SIC 5172 Wholesale-Petroleum & Petroleum Products (No Bulk Stations); CIK 0000789460; latest 10-K filed 2026-02-24.", "text": "WKC - WORLD KINECT CORP SIC 5172 Wholesale-Petroleum & Petroleum Products (No Bulk Stations); CIK 0000789460; latest 10-K filed 2026-02-24. WKC WORLD KINECT CORP 0000789460 5172 Wholesale-Petroleum & Petroleum Products (No Bulk Stations) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the accompanying Consolidated Financial Statements and Notes thereto appearing within Part IV. Item 15. \u2013 Notes to the Consolidated Financial Statements in this 2025 10\u2011K Report. The following discussion may contain forward-looking statements, and our actual results may differ materially from the results suggested by these forward-looking statements. Some factors that may cause our results to differ materially from the results and events anticipated or implied by such forward-looking statements are described in Item 1A. \u2013 Risk Factors and in Item 1. \u2013 Business under the section titled \"Forward-Looking Statements.\" We have elected to omit discussion on the earliest of the three years covered by the Consolidated Financial Statements presented in this 2025 10\u2011K Report. Refer to Item 7. \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations located in our Form 10-K for the fiscal year ended December 31, 2024 (herein incorporated by reference), filed with the SEC on February 25, 2025, for management's discussion of the fiscal year ended December 31, 2023. Business Overview We are principally engaged in the distribution of fuel and related products and services in the aviation, land, and marine transportation industries. For additional discussion on our businesses, climate change and sustainability, and the associated risks, see Part I, Item 1. \u2013 Business and Item 1A. \u2013 Risk Factors within this 2025 10-K Report. Restructuring and Exit Activities Exit Activities During the fourth quarter of 2025, management committed to and initiated actions to execute a plan to exit certain operations within the land segment, including direct fuel transportation services, lubricants, heating oil, power, and certain advisory and sustainability offerings, that are no longer profitable or not aligned with the Company's core business and corporate strategy. As a result of the actions taken, we recognized charges for exit activities totaling 25 Table of Contents $57.8 million, comprised of severance and compensation costs of $26.2 million, charges associated with various legal matters and contract termination costs of $21.7 million, write-offs of receivables and other assets of $5.1 million, and a loss on the sale of assets of $4.7 million. In addition, we recognized asset impairment charges of $5.8 million related to assets no longer in use or expected to provide nominal future economic benefit. We expect to incur additional charges in 2026 as we continue to execute our exit plans. See Note 2. Acquisitions and Divestitures and Note 16. Restructuring and Exit Activities for additional information. 2025 Restructuring Plan During the first quarter of 2025, in alignment with ongoing efforts to rationalize our assets and operations, we began a company-wide restructuring initiative designed to further streamline our operating model and enhance organizational efficiency and effectiveness (the \"2025 Restructuring Plan\"). As part of this initiative, we undertook cost management actions in response to the current and projected business needs, including the closure of certain open positions and the elimination of other roles to better align the workforce with our current strategic priorities. These actions are expected to result in approximately $30 million in annualized compensation related savings. As a component of the 2025 Restructuring Plan, in June 2025, we launched a program intended to optimize our global finance and accounting operations. We expect this initiative to result in some initial cost savings beginning in 2026 and with increased savings in following years. Total cost savings for the five-year period from 2026 through 2030 are expected to be approximately $80 million. During the fourth quarter of 2025, we also announced an executive transition as a co Item 1. Business Overview World Kinect Corporation (the \"Company\") was incorporated in Florida in July 1984 and along with its consolidated subsidiaries is referred to collectively in this Annual Report on Form 10-K (\"2025 10-K Report\") as \"World Kinect,\" \"we,\" \"our,\" and \"us.\" We are a global energy management company offering fulfillment and related services to customers across the aviation, marine, and land transportation sectors. We also supply natural gas along with a complementary suite of sustainability-related products and services. We conduct our operations through numerous locations both within the United States (\"U.S.\") and throughout various foreign jurisdictions. Our principal executive office is located at 9800 N.W. 41st Street, Miami, Florida 33178 and our telephone number at this address is 305\u2011428\u20118000. Our internet address is www.world-kinect.com and the investor relations section of our website is located at ir.world-kinect.com. We make available free of charge, on or through the investor relations section of our website, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Proxy Statements and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the \"Exchange Act\"), with the Securities and Exchange Commission (\"SEC\") as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. Also posted on our website are our Code of Conduct (\"Code of Conduct\"), Board of Directors\u2019 committee charters and Corporate Governance Principles. Our website and information contained on our website are not part of this 2025 10-K Report and are not incorporated by reference in this 2025 10-K Report. A reference to a \"Note\" herein refers to the accompanying Notes to the Consolidated Financial Statements within Part IV. Item 15. \u2013 Notes to the Consolidated Financial Statements included in this 2025 10 Item 1A. Risk Factors You should carefully consider each of the following risks and all the other information contained in this 2025 10-K Report in evaluating us and our common stock. Although the risks are organized by headings, and each risk is discussed separately, many are", "title": "WKC - WORLD KINECT CORP", "url": "/company/WKC/" }, { "kind": "company", "summary": "SIC 2731 Books: Publishing or Publishing & Printing; CIK 0000107140; latest 10-K filed 2026-06-24.", "text": "WLY - JOHN WILEY & SONS, INC. SIC 2731 Books: Publishing or Publishing & Printing; CIK 0000107140; latest 10-K filed 2026-06-24. WLY JOHN WILEY & SONS, INC. 0000107140 2731 Books: Publishing or Publishing & Printing Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The information in our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read together with our Consolidated Financial Statements and related notes set forth in Part II, Item 8, as well as the discussion included in Part I, Item 1, \u201cBusiness,\u201d \u201cCautionary Notice Regarding Forward-Looking Statements \u201cSafe Harbor\u201d Statement under the Private Securities Litigation Reform Act of 1995\u201d and \u201cNon-GAAP Financial Measures,\u201d along with Part I, Item 1A, \u201cRisk Factors,\u201d of this Annual Report on Form 10-K. All amounts and percentages are approximate due to rounding and all dollars are in thousands, except per share amounts or where otherwise noted. When we cross-reference to a \u201cNote,\u201d we are referring to our \u201cNotes to Consolidated Financial Statements,\u201d in Part II, Item 8, \u201cFinancial Statements and Supplementary Data\u201d unless the context indicates otherwise. Overview Wiley is a global leader in authoritative content and research intelligence for the advancement of scientific discovery, innovation, and learning. The Company\u2019s content, services, platforms, and knowledge networks are tailored to meet the evolving needs of its customers and partners, including institutions, societies, corporations, researchers, students, instructors, and other professionals. Wiley is a predominantly digital company with 85% of its revenue for the year ended April 30, 2026, generated by digital products and services. For the year ended April 30, 2026, 48% of revenue is recurring which includes revenue that is contractually obligated or set to recur with a high degree of certainty. We report financial information for the following reportable segments, as well as a Corporate category, which includes certain costs that are not allocated to the reportable segments: \u2022Research includes the reporting lines of Research Publishing and Research Solutions; \u2022Learning includes the Academic and Professional reporting lines and consists of publishing, courseware, and assessments. Wiley also reported a Held for Sale or Sold segment in the years ended April 30, 2025 and 2024, which primarily included non-core businesses which were classified as held-for-sale until the date of sale, as well as other businesses which were sold. Through the Research segment, we provide peer-reviewed STM journals, content platforms, and related publishing and audience solutions to academic, corporate, and government customers, academic societies, and individual researchers. The Learning segment provides scientific, professional, and education print and digital books to researchers, professionals, and students, digital courseware for instructors and students, and assessment services to businesses and professionals. Wiley\u2019s business strategies are tightly aligned with consistent long-term growth trends, including (1) ever-increasing global R&D investment and researcher productivity gains from AI, leading to growth in scientific research output and the number of institutions and researchers worldwide, and (2) the ever-increasing need for authoritative content to fuel AI models and applications. These strategies include expanding our publishing program and journal portfolio to meet the global demand for peer-reviewed research, driving additional value in our subscription-based models for universities and corporations, volume-based models for open access, content licensing opportunities for applications in AI and data analytics, and content platform and service offerings for corporations and societies. AI and data analytics is our emerging growth engine, leveraging our proprietary content, data, and partnership ecosystem for corporate models and applications. Learning strategies include selectively scaling high-value digital content, courseware, and assessments to meet targeted opportunities in education and professional development. On June 1, 2026, Item 1. Business The Company, founded in 1807, was incorporated in the state of New York on January 15, 1904. Throughout this report, when we refer to \u201cWiley,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus,\u201d we are referring to John Wiley & Sons, Inc. and all of our subsidiaries, except where the context indicates otherwise. Please refer to Part II, Item 8, \u201cFinancial Statements and Supplementary Data,\u201d for financial information about the Company and its subsidiaries, which is incorporated herein by reference. Also, when we cross reference to a \u201cNote,\u201d we are referring to our \u201cNotes to Consolidated Financial Statements,\u201d in Part II, Item 8, \u201cFinancial Statements and Supplementary Data\u201d unless the context indicates otherwise. Wiley is a global leader in authoritative content and research intelligence for the advancement of scientific discovery, innovation, and learning. The Company\u2019s content, services, platforms, and knowledge networks are tailored to meet the evolving needs of its customers and partners, including institutions, societies, corporations, researchers, students, instructors, and other professionals. Wiley is a predominantly digital company with 85% of revenue for the year ended April 30, 2026 generated by digital products and services. For the year ended April 30, 2026, 48% of revenue is recurring which includes revenue that is contractually obligated or set to recur with a high degree of certainty. We report financial information for the following reportable segments, as well as a Corporate category, which includes certain costs that are not allocated to the reportable segments: \u2022Research includes the reporting lines of Research Publishing and Research Solutions \u2022Learning includes the Academic and Professional reporting lines and consists of publishing, courseware, and assessments. Wiley also reported a Held for Sale or Sold segment in the years ended April 30, 2025 and 2024, which primarily included non-core businesses which were classified as held-for-sa Item 1A. Risk Factors Introduction The risks described below should be carefully considered before making an investment decision. You should carefully consider all the information set forth in this Annual Report on Form 10-K, including the following risk factors, before deciding to invest in any of", "title": "WLY - JOHN WILEY & SONS, INC.", "url": "/company/WLY/" }, { "kind": "company", "summary": "SIC 3310 Steel Works, Blast Furnaces & Rolling & Finishing Mills; CIK 0000108516; latest 10-K filed 2025-07-30.", "text": "WOR - WORTHINGTON ENTERPRISES, INC. SIC 3310 Steel Works, Blast Furnaces & Rolling & Finishing Mills; CIK 0000108516; latest 10-K filed 2025-07-30. WOR WORTHINGTON ENTERPRISES, INC. 0000108516 3310 Steel Works, Blast Furnaces & Rolling & Finishing Mills Item 7. \u2014 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This MD&A contains forward-looking statements within the meaning of the PSLRA. Such forward-looking statements are based, in whole or in part, on management\u2019s beliefs, estimates, assumptions and currently available information. For a more detailed discussion of what constitutes a forward-looking statement and of some of the factors that could cause actual results to differ materially from such forward-looking statements, please refer to the \u201cCautionary Note Regarding Forward-Looking Statements\u201d at the beginning of this Form 10-K and \u201cPart I - Item 1A. - Risk Factors\u201d of this Form 10-K. This MD&A should be read in conjunction with our consolidated financial statements and the related Notes in this Form 10-K. It is intended to provide insight into the financial condition and results of operations to allow investors to view the Company from the perspective of management. The historical results discussed herein include the operations of Worthington Steel, which are presented as discontinued operations in all periods prior to the Separation, as further described in \u201cNote A \u2013 Summary of Significant Accounting Policies.\u201d Business Overview We are a market-leading designer and manufacturer of innovative products and services, including manufactured metal products, organized around attractive end markets under two separate and distinct reportable operating segments: Consumer Products and Building Products. Our primary goal is to create value for our shareholders. Built on the successful foundation of the Worthington Business System, we apply a disciplined approach to capital deployment and seek to grow earnings by optimizing our operations and supply chain, developing and commercializing new products and applications, and pursuing strategic investments and acquisitions. 23 Table of Contents Our Consumer Products business has a diverse product offering in the tools, outdoor living and celebrations categories, including propane-filled cylinders for torches and related accessories, handheld torches, specialized hand tools and instruments, drywall tools, propane-filled camping cylinders helium-filled balloon kits, and accessories and gas grills and pizza ovens sold primarily to mass merchandisers, retailers and distributors. Our Building Products business is a market-leading provider of pressurized containment solutions, providing critical components in the residential, non-residential, and repair and remodel end markets through essential categories, such as heating, cooking, cooling and water, and, through our unconsolidated joint ventures, WAVE and ClarkDietrich, ceiling suspension systems and light gauge metal framing products, respectively. Our pressurized containment solutions include refrigerant and LPG cylinders, well water and expansion tanks, and other specialty products which are generally sold to gas producers and distributors. Activity outside of our two reportable segments is presented within \u201cOther\u201d and \u201cUnallocated Corporate\u201d as described further below. Other includes the activity of our Sustainable Energy Solutions and Workhorse unconsolidated joint ventures, as well as the activity of our former Sustainable Energy Solutions operating segment, on an historical basis, through May 29, 2024. Unallocated Corporate includes certain assets and liabilities (e.g. public debt) held at the corporate level as well as general corporate expenses that are not directly attributable to our business operations and are administrative in nature, such as public company and other governance-related costs that benefit the organization as a whole, have not been allocated to our operating segments and are held at the corporate level, including direct and incremental costs incurred in connection with the Separation but not attributed to discontinued operations in fiscal 2024 and fiscal 2023. Separation of the Steel Processing Business On Dece", "title": "WOR - WORTHINGTON ENTERPRISES, INC.", "url": "/company/WOR/" }, { "kind": "company", "summary": "SIC 6141 Personal Credit Institutions; CIK 0000108385; latest 10-K filed 2026-06-04.", "text": "WRLD - WORLD ACCEPTANCE CORP SIC 6141 Personal Credit Institutions; CIK 0000108385; latest 10-K filed 2026-06-04. WRLD WORLD ACCEPTANCE CORP 0000108385 6141 Personal Credit Institutions Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations General The Company's financial performance continues to be dependent in large part upon the growth in its outstanding loans receivable, the maintenance of loan quality and acceptable levels of operating expenses. Since March 31, 2022, gross loans receivable have decreased at a 4.27% annual compounded rate from $1.52 billion to $1.28 billion at March 31, 2026. We believe we can continue to improve our gross loans receivable growth rates through acquisitions, improved marketing processes, and analytics. The Company plans to enter into new markets through opening new branches and acquisitions as opportunities arise. The Company offers an income tax return preparation and electronic filing program in all but a few of its branches. The Company prepared approximately 91,000, 82,000, and 83,000 returns in each of the fiscal years 2026, 2025, and 2024, respectively. Revenues from the Company\u2019s tax preparation business in fiscal 2026 amounted to approximately $40.4 million, a 10.6% increase over the $36.5 million earned during fiscal 2025. The following table sets forth certain information derived from the Company's Consolidated Statements of Operations and Balance Sheets, as well as operating data and ratios, for the periods indicated: 33 Table of Contents [[GREPCENT_TABLE]] [[\"\",\"Years Ended March 31,\"],[\"\",\"2026\",\"\",\"2025\",\"\",\"2024\"],[\"\",\"(Dollars in thousands)\"],[\"Gross loans receivable\",\"$\",\"1,278,988\",\"\",\"\",\"$\",\"1,225,636\",\"\",\"\",\"$\",\"1,277,149\"],[\"Average gross loans receivable (1)\",\"$\",\"1,305,870\",\"\",\"\",\"$\",\"1,300,782\",\"\",\"\",\"$\",\"1,378,329\"],[\"Net loans receivable (2)\",\"$\",\"953,924\",\"\",\"\",\"$\",\"916,316\",\"\",\"\",\"$\",\"950,403\"],[\"Average net loans receivable (3)\",\"$\",\"971,370\",\"\",\"\",\"$\",\"965,331\",\"\",\"\",\"$\",\"1,012,544\"],[\"Expenses as a percentage of total revenue:\"],[\"Provision for credit losses\",\"32.2\",\"%\",\"\",\"30.0\",\"%\",\"\",\"27.4\",\"%\"],[\"General and administrative\",\"51.6\",\"%\",\"\",\"42.7\",\"%\",\"\",\"46.9\",\"%\"],[\"Interest expense\",\"8.4\",\"%\",\"\",\"7.6\",\"%\",\"\",\"8.4\",\"%\"],[\"Operating income as a % of total revenue (4)\",\"16.2\",\"%\",\"\",\"27.3\",\"%\",\"\",\"25.7\",\"%\"],[\"Loan volume (5)\",\"2,989,614\",\"\",\"\",\"2,714,988\",\"\",\"\",\"2,758,260\"],[\"Net charge-offs as percent of average net loans receivable\",\"18.5\",\"%\",\"\",\"17.5\",\"%\",\"\",\"17.7\",\"%\"],[\"Return on average assets (trailing 12 months)\",\"3.3\",\"%\",\"\",\"8.5\",\"%\",\"\",\"7.0\",\"%\"],[\"Return on average equity (trailing 12 months)\",\"9.0\",\"%\",\"\",\"21.0\",\"%\",\"\",\"19.1\",\"%\"],[\"Branches opened or acquired (merged or closed), net\",\"(15)\",\"\",\"\",\"(24)\",\"\",\"\",\"(25)\"],[\"Branches open (at period end)\",\"1,009\",\"\",\"\",\"1,024\",\"\",\"\",\"1,048\"]] [[/GREPCENT_TABLE]] _______________________________________________________ (1) Average gross loans receivable have been determined by averaging month-end gross loans receivable over the indicated period. (2) Net loans receivable is defined as gross loans receivable less unearned interest and deferred fees. (3) Average net loans receivable have been determined by averaging month-end gross loans receivable less unearned interest and deferred fees over the indicated period. (4) Operating income is computed as total revenue less provision for credit losses and general and administrative expenses. (5) Loan volume includes all loan balances originated by the Company. It does not include loans purchased through acquisitions. Comparison of Fiscal 2026 Versus Fiscal 2025 Net income for fiscal 2026 was $34.6 million, a 61.2% decrease from the $89.2 million earned during fiscal 2025. The decrease in net income was primarily due to a $59.0 million increase in personnel incentive expense, primarily due to the reversal of previously recognized stock-based compensation expense in fiscal 2025 as discussed below. Operating income (revenues less provision for credit losses and general and administrative expenses) during fiscal 2026 decreased $59.3 million. Total revenues increased $21.0 million, or 3.7% Item 1A. Risk Factors Forward-Looking Statements This annual report contains various \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management\u2019s beliefs and assumptions, as well as information currently available to management. Statements other than those of historical fact, including, but not limited to those identified by the use of words such as \u201canticipate,\u201d \u201cestimate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cexpect,\u201d \"project,\" \u201cbelieve,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201ccould,\u201d \"continue,\" \"forecast,\" \"probable,\" and any variations of the foregoing and similar expressions, are forward-looking statements. Although we believe that the expectations reflected in any such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Any such statements are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual financial results, performance or financial condition may vary materially from those anticipated, estimated, expected or implied by any forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Investors should consider the risk factors described in this annual report, in addition to the other information presented in this annual report and the other reports and registration statements the Company files with or furnishes to the SEC from time to time, in evaluating us, our business, and an investment in our securities. Any of the risk factors described in this annual report, as well as other risks, uncertainties, and possibly inaccurate assumptions underlying our plans and expectations, could result in harm to our business, results of operations and financial condition and cause the value of our securities to decline, which in turn could cause investors to lose all or part of th", "title": "WRLD - WORLD ACCEPTANCE CORP", "url": "/company/WRLD/" }, { "kind": "company", "summary": "SIC 3310 Steel Works, Blast Furnaces & Rolling & Finishing Mills; CIK 0001968487; latest 10-K filed 2025-07-29.", "text": "WS - Worthington Steel, Inc. SIC 3310 Steel Works, Blast Furnaces & Rolling & Finishing Mills; CIK 0001968487; latest 10-K filed 2025-07-29. WS Worthington Steel, Inc. 0001968487 3310 Steel Works, Blast Furnaces & Rolling & Finishing Mills Item 7. \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [[\"ITEM\",\"PAGE\"],[\"\",\"Introduction\",\"26\"],[\"\",\"Basis of Presentation\",\"26\"],[\"\",\"Business Overview\",\"26\"],[\"\",\"Recent Business Developments\",\"27\"],[\"\",\"Trends and Factors Impacting our Performance\",\"27\"],[\"\",\"Results of Operations\",\"30\"],[\"\",\"Liquidity and Capital Resources\",\"33\"],[\"\",\"Critical Accounting Estimates\",\"36\"]] [[/GREPCENT_TABLE]] Introduction This MD&A should be read in conjunction with our consolidated and combined financial statements and the related Notes in this Form 10-K. This MD&A is designed to provide a reader with material information relevant to an assessment of our financial condition and results of operations and to allow investors to view the Company from the perspective of management. The MD&A included in this report discusses our fiscal 2025 and fiscal 2024 financial condition and results of operations. For a comparison and discussion of our results of operations and financial condition for fiscal 2024 and fiscal 2023, see \u201cPart II \u2013 Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013 Results of Operations \u2013 Fiscal 2024 Compared to Fiscal 2023\u201d of our Annual Report on Form 10-K for the fiscal year ended May 31, 2024, filed with the SEC on August 2, 2024. Basis of Presentation Worthington Steel was formed as an Ohio corporation on February 28, 2023, for the purpose of receiving, pursuant to a reorganization, all of the outstanding equity interests of the steel processing business of Worthington Enterprises. On December 1, 2023, the Separation was completed and Worthington Steel became an independent, publicly traded company. Our financial statements for the periods until the Separation on December 1, 2023, are combined financial statements prepared on a carve-out basis. Our financial statements for the periods beginning on and after December 1, 2023, are consolidated financial statements based on our reported results as a stand-alone company. Accordingly, the third quarter of fiscal 2024 and onward included consolidated and combined financial statements, whereas all prior periods included combined financial statements. For additional information, see \u201cNote 1 \u2013 Description of Business, The Separation, Agreements with the Former Parent and Separation Costs, and Basis of Presentation.\u201d Business Overview We are one of North America\u2019s premier value-added metals processors with the ability to provide a diversified range of products and services that span a variety of end markets. We maintain market leading positions in the North American carbon flat-rolled steel and tailor welded blank industries and are one of the largest global producers of electrical steel laminations. For 70 years, we have been delivering high quality steel processing capabilities across a variety of end-markets including automotive, heavy truck, agriculture, construction, and energy. With the ability to produce customized steel solutions, we aim to be the preferred value-added steel processor in the markets we serve by delivering highly technical, customer-specific solutions, while also providing advanced materials support. Our scale allows us to achieve an advantaged cost structure and service platform supported by a strategic operating footprint. We serve our customers primarily by processing flat-rolled steel coils, which we source primarily from various North American steel mills, into the precise type, thickness, length, width, shape, and surface quality required by customer specifications. We sell steel on a direct basis, whereby we are exposed to the risk and rewards of ownership of the material while in our possession. Additionally, we toll process steel under a fee for service arrangement whereby we process customer-owned material. Our manufacturing facilities further benefit from the flexibility to scale between direct and tolling services based on demand dynam", "title": "WS - Worthington Steel, Inc.", "url": "/company/WS/" }, { "kind": "company", "summary": "SIC 7350 Services-Miscellaneous Equipment Rental & Leasing; CIK 0001647088; latest 10-K filed 2026-02-19.", "text": "WSC - WillScot Holdings Corp SIC 7350 Services-Miscellaneous Equipment Rental & Leasing; CIK 0001647088; latest 10-K filed 2026-02-19. WSC WillScot Holdings Corp 0001647088 7350 Services-Miscellaneous Equipment Rental & Leasing ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand our operations and current business environment. MD&A is provided as a supplement to, and should be read in conjunction with, our financial statements and the accompanying notes thereto, contained in Part II, Item 8. Financial Statements and Supplemental Data of this Annual Report on Form 10-K. All references to \"Notes\" in this MD&A are to notes to our financial statements. The discussion of results of operations in this MD&A is presented on a historical basis, as of or for the year ended December 31, 2025 or prior periods. For further discussion regarding our results of operations for the year ended December 31, 2024, as compared to the year ended December 31, 2023, refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for the year ended December 31, 2024. The consolidated financial statements were prepared in conformity with GAAP. We use certain non-GAAP financial measures to supplement the GAAP reported results to highlight key metrics that are used by management to evaluate Company performance. Reconciliations of GAAP financial information to the disclosed non-GAAP measures are provided in the Reconciliation of Non-GAAP Financial Measures section. Executive Summary We are a leading business services provider specializing in innovative and flexible turnkey temporary space solutions. We offer our customers an extensive selection of space solutions with over 128,000 modular space units and over 176,000 portable storage units in our fleet. Our diverse product offering includes: \u2022Modular Space Solutions: modular office complexes, mobile offices, classrooms, ground level offices, blast-resistant modules, clearspan structures and sanitation solutions. \u2022Portable Storage Solutions: portable storage containers and climate-controlled containers and trailers. \u2022Value-Added Products (\"VAPS\"): a thoughtfully curated selection of solutions that supports our \"Right from the Start\" value proposition, including workstations, furniture, appliances, media packages, power and solar solutions, telematics, connectivity and data solutions, security and protection products, entrance packages, electrical and lighting products, organization and space optimization assets, perimeter solutions and other items that improve the customer experience. We operate a hybrid in-house and outsourced logistics and service infrastructure that provides delivery, site work, installation, disassembly, removal and other services to our customers for an additional fee as part of our leasing and sales operations. We also provide incremental value to our customers by providing other services, including technical expertise and oversight for customers regarding building design and permitting, site preparation, and project management, including expansion or contraction of installed space based on changes in project requirements. We service diverse end markets across all sectors of the economy throughout the United States (\"US\"), Canada, and Mexico. As of December 31, 2025, our branch network included approximately 260 branch locations and additional drop lots to service our over 85,000 customers. We primarily lease, rather than sell, our space solutions to customers, which results in a highly diversified and predictable recurring revenue stream. Over 90% of new lease orders are on our standard lease agreement, pre-negotiated master lease or enterprise account agreements. Rental contracts with customers are generally based on a 28-day or monthly rate and billing cycle. The initial lease periods vary, and our leases are customarily renewable on a month-to-month basis after their initial term and continue until cancelled by the custo ITEM 1. Business Unless the context otherwise requires, \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and \u201cCompany\u201d refers to WillScot Holdings Corporation (\"WillScot\") and our subsidiaries. Our Company Headquartered in Scottsdale, Arizona, we are a leading business services provider specializing in innovative and flexible turnkey temporary space solutions. Our diverse product offering includes modular office complexes, mobile offices, classrooms, blast-resistant modules, clearspan structures, sanitation solutions, portable storage containers, and climate-controlled containers and trailers. We offer our customers a thoughtfully curated selection of solutions intended to improve the overall customer experience by making modular space and portable storage units more productive, comfortable, safe and secure for our customers with Value-Added Products (\u201cVAPS\u201d), such as workstations, furniture, appliances, media packages, power and solar solutions, telematics, connectivity and data solutions, security and protection products, entrance packages, electrical and lighting products, organization and space optimization assets, perimeter solutions, and other items. These turnkey space solutions offer customers flexible, low-cost, and timely solutions to meet their space needs on an outsourced basis. With roots dating back more than 80 years, we service diverse end markets across all sectors of the economy from a network of approximately 260 branch locations and additional drop lots throughout the United States (\u201cUS\u201d), Canada, and Mexico. We lease turnkey space solutions (our \u201clease fleet\u201d) to customers across 15 distinct end markets. On January 31, 2023, the Company completed the sale of our former United Kingdom Storage Solutions (\"UK Storage Solutions\") segment. The accompanying consolidated financial statements present the historical financial results of the former UK Storage Solutions segment as discontinued operations in 2023. On July 29, 2024, the Company amended and restated its certificate ITEM 1A. Risk Factors Risks Relating to Our Business Global or local economic movements could have a material adverse effect on our business. Our business, which operates in the US, Canada, and Mexico, has been, and may continue to be, negatively impacted by economic movements or downturns ", "title": "WSC - WillScot Holdings Corp", "url": "/company/WSC/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000828944; latest 10-K filed 2026-03-02.", "text": "WSFS - WSFS FINANCIAL CORP SIC 6021 National Commercial Banks; CIK 0000828944; latest 10-K filed 2026-03-02. WSFS WSFS FINANCIAL CORP 0000828944 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW WSFS Financial Corporation (WSFS, and together with its subsidiaries, the Company) is a savings and loan holding company headquartered in Wilmington, Delaware. Substantially all of our assets are held by our subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), one of the ten oldest bank and trust companies in the United States (U.S.) continuously operating under the same name. With $21.3 billion in assets and $97.4 billion in assets under management (AUM) and assets under administration (AUA) at December 31, 2025, WSFS Bank is the oldest and largest locally-managed bank and trust company headquartered in the Greater Philadelphia and Delaware region. As a federal savings bank that was formerly chartered as a state mutual savings bank, WSFS Bank enjoys a broader scope of permissible activities than most other financial institutions. A fixture in the community, we have been in operation for more than 193 years. In addition to our focus on stellar client experience, we have continued to fuel growth and remain a leader in our community. We are a relationship-focused, locally-managed, community banking institution. Our mission is simple: \u201cWe Stand for Service\u00ae.\u201d As of December 31, 2025, the Company's consolidated operating subsidiaries included WSFS Bank, The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr Trust Advisors (BMTA), and WSFS SPE Services, LLC. The Company also has three unconsolidated subsidiaries: WSFS Capital Trust III, Royal Bancshares Capital Trust I, and Royal Bancshares Capital Trust II. Subsidiaries of WSFS Bank included 1832 Holdings, Inc. and one majority-owned subsidiary, NewLane Finance Company (NewLane Finance\u00ae). Our banking segment had a net loan and lease portfolio of $12.6 billion as of December 31, 2025. We have built a $10.0 billion commercial loan and lease portfolio by recruiting seasoned commercial lenders in our markets, offering the high level of service and flexibility typically associated with a community bank and through acquisitions. We also offer a broad variety of consumer loan products and retail securities brokerage through our retail branches. The Home Lending division offers mortgage banking and title services through our branches and WSFS Mortgage\u00ae, our mortgage banking division specializing in a variety of residential mortgage and refinancing solutions. We fund our lending businesses primarily with deposits generated through commercial relationships and consumer, wealth and trust client deposits, as well as through our digital banking platforms. Our leasing business, conducted by NewLane Finance\u00ae, originates small business leases and provides commercial financing to businesses nationwide, targeting various equipment categories including technology, software, office, medical, veterinary and other areas. In addition, NewLane Finance\u00ae offers captive insurance through its subsidiary, Prime Protect. Our Cash Connect\u00ae segment is a premier provider of ATM vault cash, smart safe (safes that automatically accept, validate, record and hold cash in a secure environment) and other cash logistics services through strategic partnerships with several of the largest networks, manufacturers and service providers in the ATM industry. Cash Connect\u00ae services non-bank and WSFS-branded ATMs and smart safes nationwide, and manages approximately $1.3 billion in total cash and services approximately 24,000 non-bank ATMs and 11,900 smart safes nationwide. Cash Connect\u00ae provides related services such as online reporting and ATM cash management, predictive cash ordering and reconcilement services, armored carrier management, loss protection, and deposit safe cash logistics. Cash Connect\u00ae also supports 488 owned or branded ATMs for WSFS Bank Clients, which is one of the largest branded ATM networks in our market. Our Wealth and Trust segment provides a broad array of planning an ITEM 1. BUSINESS OUR BUSINESS WSFS Financial Corporation (the Company or WSFS) is a savings and loan holding company headquartered in Wilmington, Delaware. Substantially all of our assets are held by the Company's subsidiary, Wilmington Savings Fund Society, FSB (WSFS Bank or the Bank), one of the ten oldest bank and trust companies in the United States (U.S.) continuously operating under the same name. As a federal savings bank that was formerly chartered as a state mutual savings bank, WSFS Bank enjoys a broader scope of permissible activities than most other financial institutions. With $21.3 billion in assets and $97.4 billion in assets under management (AUM) and assets under administration (AUA) at December 31, 2025, WSFS Bank is the oldest and largest locally-managed bank and trust company headquartered in the Greater Philadelphia and Delaware region. A fixture in the community, WSFS Bank has been in operation for more than 193 years. In addition to its focus on stellar client experiences, WSFS Bank has continued to fuel growth and remain a leader in our community. We are a relationship-focused and locally-managed community banking and wealth management franchise, complemented by nationwide businesses. Our Mission and Strategy of \u201cWe Stand for Service\u00ae\" is our foundation and drives our purpose. Our Associates are our main competitive advantage and focus on exceeding Client expectations, delivering stellar experiences and building client advocacy. As of December 31, 2025, we serviced our Clients primarily from our 113 offices located in Pennsylvania (58), Delaware (37), New Jersey (14), Florida (2), Nevada (1) and Virginia (1), our ATM network, our website at www.wsfsbank.com and our mobile app. Subsidiaries As of December 31, 2025, the Company's consolidated operating subsidiaries included: WSFS Bank, The Bryn Mawr Trust Company of Delaware (BMT-DE), Bryn Mawr Trust Advisors (BMTA), WSFS SPE Services, LLC. \u2022BMT-DE, a Delaware state chartered non-deposito ITEM 1A. RISK FACTORS As a financial services organization, we are subject to a number of risks inherent in our transactions and present in the business decisions we make. Described below are the primary risks and uncertainties that if realized could have a material and adverse effect on our business, financial condition, results of ", "title": "WSFS - WSFS FINANCIAL CORP", "url": "/company/WSFS/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001175535; latest 10-K filed 2026-03-06.", "text": "WSR - Whitestone REIT SIC 6798 Real Estate Investment Trusts; CIK 0001175535; latest 10-K filed 2026-03-06. WSR Whitestone REIT 0001175535 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion of our financial condition and results of operations in conjunction with our audited consolidated financial statements and the notes thereto included in this Annual Report on Form 10-K. For more detailed information regarding the basis of presentation for the following information, you should read the notes to our audited consolidated financial statements included in this Annual Report on Form 10-K. Overview of Our Company We are a fully integrated real estate company that owns and operates commercial properties in culturally diverse markets in major metropolitan areas. Founded in 1998, we are internally managed with a portfolio of commercial properties in Texas and Arizona. In October 2006, we adopted a strategic plan to acquire, redevelop, own and operate Community Centered Properties\u00ae. We define Community Centered Properties\u00ae as visibly located properties in established or developing culturally diverse neighborhoods in our target markets. We market, lease, and manage our centers to match tenants with the shared needs of the surrounding neighborhood. Those needs may include specialty retail, grocery, restaurants and medical, educational and financial services. Our goal is for each property to become a Whitestone-branded retail community that serves a neighboring five-mile radius around our property. We employ and develop a diverse group of associates who understand the needs of our multicultural communities and tenants. As of December 31, 2025, we wholly-owned 56 commercial properties consisting of: Consolidated Operating Portfolio [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"51 properties that meet our Community Centered Properties\\u00ae strategy; and containing approximately 4.9 million square feet of GLA and having a total carrying amount (net of accumulated depreciation) of $1.07 Billion; and\"]] [[/GREPCENT_TABLE]] Redevelopment, New Acquisitions Portfolio [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"five parcels of land held for future development that meet our Community Centered Properties\\u00ae strategy having a total carrying amount of $23.6 million.\"]] [[/GREPCENT_TABLE]] As of December 31, 2025, we had an aggregate of 1,458 tenants. We have a diversified tenant base with our largest tenant comprising only 2.1% of our total revenues for the year ended December 31, 2025. Lease terms for our properties range from less than one year for smaller tenants to more than 15 years for larger tenants. Our leases generally include minimum monthly lease payments and tenant reimbursements for taxes, insurance and maintenance. We completed 272 new and renewal leases during 2025, totaling 786,636 square feet and $112.5 million in total lease value. We had 72 employees as of December 31, 2025. As an internally managed REIT, we bear our own expenses of operations, including the salaries, benefits and other compensation of our employees, office expenses, legal, accounting and investor relations expenses and other overhead costs. Real Estate Partnership As of December 31, 2025, our ownership in Pillarstone Capital REIT Operating Partnership LP (\u201cPillarstone\u201d or \u201cPillarstone OP\u201d) no longer represents a majority interest. On January 25, 2024, we exercised a notice of redemption for substantially all of our investment in Pillarstone OP. On March 4, 2024, Pillarstone Capital REIT (\u201cPillarstone REIT\u201d) authorized and filed a Chapter 11 bankruptcy (the \u201cPillarstone Bankruptcies\u201d) of itself, Pillarstone OP, and all of its remaining special purpose entities in the United States Bankruptcy Court for the Northern District of Texas (the \u201cBankruptcy Court\u201d). We filed a claim in the \u201cPillarstone Bankruptcies\u201d for the value of our redemption claim along with interest and other costs. On December 12, 2025, we received $33.4 million dollars from Pillarstone OP pursuant to a settlement agreement approved by the Bank Item 1. Business. General We are a Maryland REIT engaged in owning and operating commercial properties in culturally diverse markets in major metropolitan areas. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the \u201cCode\u201d). We are internally managed and, as of December 31, 2025, we wholly-owned a real estate portfolio of 56 properties that meet our Community Centered Property\u00ae strategy containing approximately 4.9 million square feet of gross leasable area (\u201cGLA\u201d), located in Texas and Arizona. Our consolidated property portfolio has a gross book value of approximately $1.4 billion and book equity, including noncontrolling interests, of approximately $464 million as of December 31, 2025. On January 25, 2024, we exercised our notice of redemption for substantially all of our investment in Pillarstone Capital REIT Operating Partnership LP (\u201cPillarstone\u201d or \u201cPillarstone OP\u201d). On March 4, 2024, Pillarstone Capital REIT (\u201cPillarstone REIT\u201d) filed Chapter 11 bankruptcy for itself and Pillarstone OP. We subsequently filed a claim for the value of our redemption claim along with interest and other costs. On December 12, 2025, we received $33.4 million dollars from Pillarstone OP pursuant to a settlement agreement approved by the Bankruptcy court under Bankruptcy Rule 9019. After Pillarstone REIT has paid its portion of funds, the settlement agreement directs Pillarstone OP to distribute to us any remaining funds and any excess amounts in Pillarstone OP\u2019s $2.5 million dollar in reserves for claims, taxes and administrative expenses. We expect to receive approximately $4.0 million in cash and any excess from the $2.5 million in reserves in 2026. In this Annual Report on Form 10-K, unless otherwise indicated, we do not include the group of the real estate properties Whitestone REIT contributed to Pillarstone OP and Pillarstone Capital REIT under a Contribution Agreement (the \"Pillarstone Properties\", please refer to Note 4 for Item 1A. Risk Factors. In addition to the other information contained in this Annual Report on Form 10-K, the following risk factors should be considered carefully in evaluating our business. Our business, financial condition, results of operations or the trading price of our common shares could be materially adversely affected by any of these risks. Please", "title": "WSR - Whitestone REIT", "url": "/company/WSR/" }, { "kind": "company", "summary": "SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0000880631; latest 10-K filed 2026-02-25.", "text": "WT - WisdomTree, Inc. SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0000880631; latest 10-K filed 2026-02-25. WT WisdomTree, Inc. 0000880631 6211 Security Brokers, Dealers & Flotation Companies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and the related notes and the other financial information included elsewhere in this Report. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below. For a more complete description of the risks noted above and other risks that could cause our actual results to materially differ from our current expectations, please see Item 1A. \u201cRisk Factors\u201d of this Report. We assume no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law. Introduction We are a global financial innovator, offering a diverse suite of ETPs, models and solutions, private market investments and digital asset-related products. Our offerings empower investors to shape their financial future and equip financial professionals to grow their businesses. Leveraging the latest financial infrastructure, we create products that emphasize access and transparency and provide an enhanced user experience. Building on our heritage of innovation, we continue to broaden our capabilities beyond our core ETP business. We offer next-generation digital products and services related to tokenized real world assets and stablecoins, including Digital Funds, as well as our institutional platform, WisdomTree Connect, and blockchain-native digital wallet, WisdomTree Prime. We also have expanded into private assets through our acquisition of Ceres, a leading U.S.-based alternative asset manager specializing in farmland investments. As of December 31, 2025, we managed approximately $144.5 billion in AUM. Our products span a broad range of strategies including equities, fixed income, commodities, leveraged-and-inverse, currency, alternatives and cryptocurrency exposures. We have launched many first-to-market products and pioneered a unique alternative-weighting approach called \u201cModern Alpha\u201d that combines the outperformance potential of active management with the cost effective benefits of passive management. Our products are distributed across all major asset management industry channels, including banks, brokerage firms, registered investment advisers, institutional investors, private wealth managers and online brokers, primarily through our dedicated sales team. We believe technology is transforming how financial advisors conduct business, and through our Advisor and Portfolio Solutions programs we offer technology-enabled and research-driven solutions. These include portfolio construction, asset allocation, practice management services and digital tools to help advisors address technology challenges and scale their businesses. As pioneers in tokenization and blockchain technology, we view this as the next phase in the evolution in financial services. Through our digital assets strategy, we are committed to \u201cresponsible DeFi,\u201d aligning with regulatory standards to foster growth in this rapidly evolving space. We believe that expanding into digital assets and blockchain-enabled financial services not only complements our core competencies, but will diversify our revenue streams and further contribute to our growth. Executive Summary Our business delivered strong progress in 2025 as we advanced our long-term strategic initiatives and further strengthened the foundation for durable growth. We ended the year with AUM of $144.5 billion at December 31, 2025, up 31.6% as compared to the prior year, driven by favorable market conditions ITEM 1. BUSINESS Our Company We are a global financial innovator, offering a diverse suite of ETPs, models and solutions, private market investments and digital asset-related products. Our offerings empower investors to shape their financial future and equip financial professionals to grow their businesses. Leveraging the latest financial infrastructure, we create products that emphasize access and transparency and provide an enhanced user experience. Building on our heritage of innovation, we continue to broaden our capabilities beyond our core ETP business. We offer next-generation digital products and services related to tokenized real world assets and stablecoins, including tokenized mutual funds (\u201cDigital Funds\u201d), as well as our institutional platform, WisdomTree Connect, and blockchain-native digital wallet, WisdomTree Prime. We also have expanded into private assets through our acquisition of Ceres, a leading U.S.-based alternative asset manager specializing in farmland investments. As of December 31, 2025, we managed approximately $144.5 billion in assets under management, or AUM. Our products span a broad range of strategies including equities, commodities, fixed income, leveraged-and-inverse, cryptocurrency, currency, alternatives, and private assets. We have launched many first-to-market products and pioneered a unique alternative-weighting approach called \u201cModern Alpha\u201d that combines the outperformance potential of active management with the cost-effective benefits of passive management. Our products are distributed across all major asset management industry channels, including banks, brokerage firms, registered investment advisers, institutional investors, private wealth managers and online brokers, primarily through our dedicated sales team. We believe technology is transforming how financial advisors conduct business, and through our Advisor and Portfolio Solutions programs we offer technology-enabled and research-driven solutions. These include ITEM 1A. RISK FACTORS Any investment in our common stock involves a high degree of risk. You should carefully consider the specific risk factors described below in addition to the other information contained in this Report before making a decision to invest in our common stock. If any of these risks ac", "title": "WT - WisdomTree, Inc.", "url": "/company/WT/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001365135; latest 10-K filed 2026-02-20.", "text": "WU - Western Union CO SIC 7389 Services-Business Services, NEC; CIK 0001365135; latest 10-K filed 2026-02-20. WU Western Union CO 0001365135 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and the notes to those statements included in Part II, Item 8, Financial Statements and Supplementary Data in this Annual Report on Form 10\u2011K. This Annual Report on Form 10\u2011K contains certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Certain statements contained in the Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations are forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions, and projections about our industry, business, and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed in other sections of this Annual Report on Form 10\u2011K. See the discussion under the heading \u201cRisk Factors\u201d in Part I, Item 1A of this Annual Report on Form 10-K and under the heading \u201cForward-Looking Statements\u201d below. Overview We are a leading provider of cross-border, cross-currency money movement, payments, and digital financial services and conduct business in the following operating segments: \u2022 Consumer Money Transfer - Our Consumer Money Transfer segment facilitates money transfers, which are primarily sent from our retail agent and Company-operated locations worldwide or through websites and mobile devices. Our money transfer service is provided through one interconnected global network. This service is available for international cross-border transfers and, in certain countries, intra-country transfers. \u2022 Consumer Services - Our Consumer Services segment includes our bill payment services, money order services, travel money services, check acceptance services, media network, prepaid cards, lending partnerships, and digital wallets. Additional information regarding our segments is provided in the Segment Discussion below. International Money Express, Inc. Acquisition On August 10, 2025, we entered into an agreement to purchase the entire share capital of International Money Express, Inc. (\u201cIntermex\u201d) for approximately $500 million in cash. This transaction is expected to close in the second quarter of 2026, subject to the satisfaction of customary closing conditions, including receipt of remaining regulatory approvals. Intermex is a leading omnichannel money transfer provider, focused primarily on the United States to Latin America and the Caribbean corridors, through a network of agent retail locations, Intermex-operated stores, its mobile app, and websites. Results of Operations The following discussion of our consolidated results of operations and segment results refers to the year ended December 31, 2025 compared to the same period in 2024. For discussion of our consolidated results of operations and segment results for the year ended December 31, 2024 compared to the same period in 2023, refer to Part II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 20, 2025. The results of operations should be read in conjunction with the discussion of our segment results of operations, which provides more detailed discussions concerning certain components of the Consolidated Statements of Income. All significant intercompany accounts and transactions between our segments have been eliminated. The below information has been prepared in conformity with generally accepted accounting principles in the United States of America (\u201cGAAP\u201d) unless otherwise noted. All amounts provided in this section are rounded to the nearest tenth of a million, e Item 1. Business Overview The Western Union Company (the \u201cCompany,\u201d \u201cWestern Union,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d) is a leader in cross-border, cross-currency money movement, payments, and digital financial services, empowering consumers, businesses, financial institutions, and governments with fast, reliable, and convenient ways to send money and make payments around the world. Our goal is to offer accessible financial services that help people and communities prosper. The Western Union brand is globally recognized and represents speed, reliability, trust, and convenience. As we continue to seek to meet the needs of our customers for fast, reliable, and convenient global money movement and payment services while focusing on regulatory compliance, we are also working to go beyond these services by providing consumers and our business clients with access to an expanding portfolio of financial services and to increase the ways our services can be accessed, including through the launch of our digital wallet in certain countries. Our business strategy centers on leveraging our global retail network and growing digital platforms to provide cross\u2011border money movement and related financial services to customers worldwide, while increasingly operating as a digital\u2011first company. Building on our traditional strength in consumer remittances, we are focused on expanding higher\u2011growth digital channels alongside our physical agent locations to create a two\u2011sided global financial services network. In November 2025, we announced our \u201cBeyond\u201d strategy, in which we intend to serve customers by broadening our consumer services offerings and modernizing our payments infrastructure. This strategy emphasizes technology\u2011led innovation, including expansion of digital wallets, consumer financial services, and a digital asset network supported by a U.S. dollar\u2011denominated stablecoin initiative. On August 10, 2025, we entered into an agreement to purchase the entire share capital of Internatio Item 1A. Risk Factors The following is a summary of certain key risk factors with respect to our Company. You should read this summary together with the more detailed descriptions of risks relating to our Company below. Risks Relating to Our Business and Industry \u2022 Demand for our services is dependent on a number of factors that could", "title": "WU - Western Union CO", "url": "/company/WU/" }, { "kind": "company", "summary": "SIC 3140 Footwear, (No Rubber); CIK 0000110471; latest 10-K filed 2026-02-27.", "text": "WWW - WOLVERINE WORLD WIDE INC /DE/ SIC 3140 Footwear, (No Rubber); CIK 0000110471; latest 10-K filed 2026-02-27. WWW WOLVERINE WORLD WIDE INC /DE/ 0000110471 3140 Footwear, (No Rubber) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations OVERVIEW BUSINESS OVERVIEW The Company is a leading global designer, marketer and licensor of branded footwear, apparel and accessories. The Company\u2019s strategic vision is to build and grow high-energy footwear, apparel and accessories brands that inspire and empower consumers to explore and enjoy their active lives. The Company seeks to fulfill this vision by offering innovative products and compelling brand propositions; complementing its footwear brands with strong apparel and accessories offerings; expanding its global direct-to-consumer footprint; and delivering supply chain excellence. The Company\u2019s brands are marketed in approximately 170 countries and territories at January 3, 2026, including through owned operations in the U.S., Canada, the United Kingdom and certain countries in continental Europe and Asia Pacific. In other regions (Latin America, portions of Europe and Asia Pacific, the Middle East and Africa), the Company relies on a network of third-party distributors, licensees and joint ventures. At January 3, 2026, the Company operated 128 retail stores in the U.S., United Kingdom, and Italy and 39 direct-to-consumer eCommerce sites. Effective May 4, 2024, the Company entered into global multi-year licensing agreements of Merrell\u00ae and Saucony\u00ae kids footwear and Merrell\u00ae apparel and accessories. Effective January 10, 2024, the Company completed the sale of the Sperry\u00ae business. Effective January 1, 2024, the Company completed the sale of the Company\u2019s equity interests in the Merrell\u00ae and Saucony\u00ae China joint venture entities. The following discussion includes a comparison of the Company's results of operations and liquidity and capital resources for fiscal 2025 and 2024. A discussion of a comparison of the Company's results of operations and liquidity and capital resources for fiscal 2024 and 2023 has been omitted from this Form 10-K but may be found in Item 7. Management's Discussion and 24 Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the fiscal year ended December 28, 2024, filed with the SEC on February 20, 2025. 2025 FINANCIAL OVERVIEW \u2022Revenue was $1,874.3 million for 2025, representing a increase of 6.8% compared to the prior year of $1,755.0 million. \u2022Gross margin for 2025 was 47.3%, compared to 44.3% in 2024. \u2022The effective tax rate in 2025 was 16.9%, compared to 15.9% in 2024. \u2022Diluted earnings per share in 2025 was $1.14, compared to $0.55 in 2024. \u2022The Company declared cash dividends of $0.40 per share in 2025 and 2024. \u2022Cash flow provided by operating activities was $140.0 million in 2025 and $180.1 million in 2024. \u2022Compared to the prior year, inventory increased $26.4 million, or 10.7%. RESULTS OF OPERATIONS The following is a discussion of the Company\u2019s results of operations and liquidity and capital resources. This section should be read in conjunction with the Company\u2019s consolidated financial statements and related notes, which are included in Item 8 of this Annual Report on Form 10-K. [[GREPCENT_TABLE]] [[\"\",\"Fiscal Year\"],[\"(In millions, except per share data)\",\"2025\",\"\",\"2024\",\"\",\"\",\"\",\"Percent Change\"],[\"Revenue\",\"$\",\"1,874.3\",\"\",\"\",\"$\",\"1,755.0\",\"\",\"\",\"\",\"\",\"6.8\",\"%\"],[\"Cost of goods sold\",\"987.6\",\"\",\"\",\"977.0\",\"\",\"\",\"\",\"\",\"1.1\",\"%\"],[\"Gross profit\",\"886.7\",\"\",\"\",\"778.0\",\"\",\"\",\"\",\"\",\"14.0\",\"%\"],[\"Selling, general and administrative expenses\",\"729.9\",\"\",\"\",\"690.0\",\"\",\"\",\"\",\"\",\"5.8\",\"%\"],[\"Gain on sale of businesses, trademarks and long-lived assets\",\"\\u2014\",\"\",\"\",\"(8.5)\",\"\",\"\",\"\",\"\",\"(100.0)\",\"%\"],[\"Impairment of long-lived assets\",\"\\u2014\",\"\",\"\",\"9.3\",\"\",\"\",\"\",\"\",\"(100.0)\",\"%\"],[\"Environmental and other related costs (income), net of recoveries\",\"6.6\",\"\",\"\",\"(10.3)\",\"\",\"\",\"\",\"\",\"164.1\",\"%\"],[\"Operating profit\",\"150.2\",\"\",\"\",\"97.5\",\"\",\"\",\"\",\"\",\"54.1\",\"%\"],[\"Interest expense, net\",\"32.8\",\"\",\"\",\"42.7\",\"\",\"\",\"\",\"\",\"(23.2)\",\"%\"], Item 1. Business General Wolverine World Wide, Inc. (the \u201cCompany\u201d) is a leading designer, marketer and licensor of a broad range of quality casual footwear and apparel, performance outdoor and athletic footwear and apparel, kids' footwear, industrial work boots and apparel, and uniform shoes and boots. The Company\u2019s products are marketed worldwide in approximately 170 countries and territories through owned operations in the United States (\"U.S.\"), Canada, the United Kingdom (\"U.K.\") and certain countries in continental Europe and Asia Pacific. In other regions (Latin America, portions of Europe and Asia Pacific, the Middle East and Africa), the Company relies on a network of third-party distributors, licensees and joint ventures. Today, the Company sources and markets a broad range of footwear and apparel styles, including shoes, boots and sandals under many recognizable brand names, including Bates\u00ae, Cat\u00ae, Chaco\u00ae, Harley-Davidson\u00ae, Hush Puppies\u00ae, HYTEST\u00ae, Merrell\u00ae, Saucony\u00ae, Sweaty Betty\u00ae and Wolverine\u00ae. The Company licenses its Stride Rite\u00ae brand under a global license arrangement. The Company also markets Merrell\u00ae and Wolverine\u00ae brand apparel and accessories and licenses some of its brands for use on non-footwear products, including Hush Puppies\u00ae apparel, eyewear, watches, socks, handbags and plush toys; Wolverine\u00ae eyewear and gloves; and Saucony\u00ae apparel. Cat\u00ae is a registered trademark of Caterpillar Inc. and Harley-Davidson\u00ae is a registered trademark of H-D U.S.A., LLC. The Company\u2019s products generally feature contemporary styling with proprietary technologies designed to provide maximum comfort and performance. The Company believes that its primary competitive advantages are its well-recognized brand names, patented proprietary designs, diverse product offerings and comfort technologies, wide range of distribution channels and diversified manufacturing and sourcing base. The Company combines quality materials and skilled workmanship to produce footwe Item 1A. Risk Factors Business and Operational Risks The Company\u2019s operating results could be adversely affected if it is unable to maintain its brands\u2019 positive images with consumers or anticipate, understand and respond to changing footwear and apparel trends and consumer preferences. The popularity of particular designs and categories of f", "title": "WWW - WOLVERINE WORLD WIDE INC /DE/", "url": "/company/WWW/" }, { "kind": "company", "summary": "SIC 7011 Hotels & Motels; CIK 0001616000; latest 10-K filed 2026-02-24.", "text": "XHR - Xenia Hotels & Resorts, Inc. SIC 7011 Hotels & Motels; CIK 0001616000; latest 10-K filed 2026-02-24. XHR Xenia Hotels & Resorts, Inc. 0001616000 7011 Hotels & Motels Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included in this Annual Report. This discussion contains forward-looking statements about our business. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in \"Special Note Regarding Forward-Looking Statements\" and \"Part I-Item 1A. Risk Factors\" contained in this Annual Report and in our other reports that we file from time to time with the SEC. Overview Xenia is a self-advised and self-administered REIT that invests primarily in uniquely positioned luxury and upper upscale hotels and resorts with a focus on the top 25 lodging markets as well as key leisure destinations in the United States (\"U.S.\"). As of December 31, 2025, we owned 30 hotels and resorts, comprising 8,868 rooms across 14 states. Our hotels are primarily operated and/or licensed by industry leaders such as Marriott, Hyatt, Kimpton, Fairmont, Loews, Hilton, and The Kessler Collection. We plan to grow our business through a differentiated acquisition strategy, proactive asset management and capital investment in our properties. We primarily target markets and sub-markets with particular positive characteristics, such as multiple demand generators, favorable supply and demand dynamics and attractive projected hotel revenue growth. We believe our focus on a broader range of markets allows us to evaluate a greater number of acquisition opportunities and, as a result, be highly selective in our pursuit of only those opportunities that best fit our investment criteria. We own and pursue hotels and resorts in the luxury and upper upscale hotel segments that are affiliated with premium leading brands, as we believe that these segments yield attractive risk-adjusted returns. Within these segments, we focus on hotels and resorts that will provide guests with a distinctive lodging experience and that are tailored to reflect local market environments. We also target properties that exhibit an opportunity for us to enhance operating performance through proactive asset management and targeted capital investment. While we do not operate our hotel properties, our asset management team and our executive management team monitor and work with our hotel managers by conducting regular revenue, sales, and financial performance reviews and also perform in-depth on-site reviews focused on ongoing operating margin improvement initiatives. We interact frequently with our management companies and on-site management personnel, including conducting regular meetings with key executives of our management companies and brands. Through these efforts, we aim to enhance the guest experience, improve property efficiencies, lower costs, maximize revenues, and grow property operating margins, which we expect will increase long-term returns to our stockholders. Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, the Operating Partnership and XHR Holding. The Company's subsidiaries generally consist of limited liability companies, limited partnerships and the TRS. The effects of all inter-company transactions have been eliminated. Corporate costs directly associated with our executive offices, personnel and other administrative costs are reflected as general and administrative expenses on the consolidated statements of operations and comprehensive income. Market Outlook The U.S. lodging industry has historically exhibited a strong correlation to U.S. GDP, which increased at an annual rate of approximately 2.2% during 2025, according to the U.S. Department of Commerce, in comparison to an increase of approximately 2.8% during 2024. The increase in U.S. GDP during the year ended December 31, Item 1. Business General Xenia Hotels & Resorts, Inc. is a Maryland corporation that primarily invests in uniquely positioned luxury and upper upscale hotels and resorts with a focus on the top 25 lodging markets as well as key leisure destinations in the United States (\"U.S.\"). Substantially all of the Company's assets are held by, and all the operations are conducted through XHR LP (the \"Operating Partnership\"). XHR GP, Inc. is the sole general partner of the Operating Partnership and is wholly-owned by the Company. As of December 31, 2025, the Company collectively owned 94.4% of the common limited partnership units issued by the Operating Partnership (\"Operating Partnership Units\"). The remaining 5.6% of the Operating Partnership Units are owned by the other limited partners comprised of certain of our executive officers and current or former members of our Board of Directors and includes vested and unvested long-term incentive plan (\"LTIP\") partnership units. LTIP partnership units may or may not vest based on the passage of time and meeting certain market-based performance objectives. Xenia operates as a real estate investment trust (\"REIT\") for U.S. federal income tax purposes. To qualify as a REIT, the Company cannot operate or manage its hotels. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to XHR Holding, Inc. and its subsidiaries (collectively with its subsidiaries, \"XHR Holding\"), the Company's taxable REIT subsidiary (\"TRS\"), which engages third-party eligible independent contractors to manage the hotels. The third-party hotel operators manage each hotel pursuant to a management agreement, the terms of which are discussed in more detail under \"Part I-Item 2. Properties - Our Principal Agreements.\" The Company's consolidated financial statements include the accounts of the Company, the Operating Partnership, and XHR Holding and each of their wholly-owned subsidiaries. The Company's subsidiaries generally consist Item 1A. Risk Factors In addition to the other information set forth in this Annual Report, you should carefully consider the risks and uncertainties described below, which could materially adversely affect our business, financial condition, results of operations and cash flow. Summary of Risk Factors The following summarizes our material ", "title": "XHR - Xenia Hotels & Resorts, Inc.", "url": "/company/XHR/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001326732; latest 10-K filed 2026-02-25.", "text": "XNCR - Xencor Inc SIC 2834 Pharmaceutical Preparations; CIK 0001326732; latest 10-K filed 2026-02-25. XNCR Xencor Inc 0001326732 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and accompanying notes included in Part II, Item 8 of this Form 10-K. This Item generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included, and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. OVERVIEW As discussed in Part I, Item 1, Business, we are a clinical-stage biopharmaceutical company focused on discovering and developing engineered antibody therapeutics to treat patients with cancer and other serious diseases, who have unmet medical needs. Leveraging our proprietary protein engineering capabilities, including our XmAb\u00ae Fc domain technologies, we design and advance novel antibody-based drug candidates with improved functionality and therapeutic potential. We advance selected candidates through clinical development, while also partnering with programs to access complementary development and commercialization capabilities. Our portfolio spans early- and mid-stage clinical programs, and our strategic approach emphasizes disciplined portfolio management, including advancing, partnering, or discontinuing programs based on clinical data and development priorities. Three marketed medicines have been developed using our XmAb technologies. Refer to Part I, Item 1, Business, for a more detailed discussion of our business, technology platforms, pipeline, and key developments. RESULTS OF OPERATIONS The following table summarizes our results of operations for the following periods indicated: [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"\",\"(in thousands)\"],[\"Revenues:\"],[\"License\",\"$\",\"\\u2014\",\"\",\"\",\"$\",\"8,500\",\"\",\"\",\"$\",\"\\u2014\"],[\"Milestone\",\"45,300\",\"\",\"\",\"34,500\",\"\",\"\",\"88,500\"],[\"Royalties\",\"80,276\",\"\",\"\",\"67,493\",\"\",\"\",\"55,795\"],[\"Collaboration\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"30,320\"],[\"Total revenues\",\"125,576\",\"\",\"\",\"110,493\",\"\",\"\",\"174,615\"],[\"Operating expenses:\"],[\"Research and development\",\"239,434\",\"\",\"\",\"227,686\",\"\",\"\",\"253,598\"],[\"General and administrative\",\"63,644\",\"\",\"\",\"61,215\",\"\",\"\",\"53,379\"],[\"Total operating expenses\",\"303,078\",\"\",\"\",\"288,901\",\"\",\"\",\"306,977\"],[\"Operating loss\",\"(177,502)\",\"\",\"\",\"(178,408)\",\"\",\"\",\"(132,362)\"],[\"Other income (expense), net(1)\",\"87,869\",\"\",\"\",\"(56,515)\",\"\",\"\",\"12,728\"],[\"Loss before income tax expense and noncontrolling interest\",\"$\",\"(89,633)\",\"\",\"\",\"$\",\"(234,923)\",\"\",\"\",\"$\",\"(119,634)\"]] [[/GREPCENT_TABLE]] (1) Other income (expense), net, included interest income, interest expense, gain/loss on marketable equity securities and asset impairment charges. Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 Revenues Total revenue for the year ended December 31, 2025 increased by $15.1 million from the same period of 2024. The change was primarily driven by the revenue recognition associated with Alexion and Incyte license agreements as discussed below. See Note 2, Collaboration and Licensing Agreements of the Notes to Consolidated Financial Statements of Part II, \u201cItem 8. Financial Statements and Schedule\u201d for more information on revenue recognized under the collaboration and license agreements. 61 Alexion: In January 2013, we entered into an Option and License Agreement (the \u201cAlexion Agreement\u201d) with Alexion. Under the terms of the Alexion Agreement, we granted to Alexion an exclusive research license, with limited sublicensing rights, to make and use our Xtend technology to evaluate and advance compounds. Alexion exercised its rights to one target program, ALXN1210, which is now marketed as Ultomiris\u00ae. Under the Alexion Agreement, we Item 1. Business A.Overview We are a clinical-stage biopharmaceutical company focused on discovering and developing engineered antibody therapeutics to treat patients with cancer and autoimmune diseases, who have unmet medical needs. We use our protein engineering capabilities to design new technologies and XmAb\u00ae drug candidates with improved properties and multi-target mechanisms of action. We advance these candidates into clinical-stage development, where we are conducting Phase 1 and Phase 2 studies for a broad portfolio of programs, to determine which programs to advance into later stages of development and potentially commercialization, which programs we partner to optimize development, and which programs we discontinue. Our approach to protein design includes engineering Fc domains, the parts of antibodies that interact with multiple segments of the immune system and control antibody structure. The Fc domain is constant and interchangeable across antibodies, and our engineered Fc domains can be readily substituted for natural Fc domains. These Fc domains provide specific features such as bispecific structure and extended half-life and serve as the scaffolds for our XmAb drug candidates. We and our partners develop XmAb antibodies and other types of biotherapeutic drug candidates with improved properties and functionality, which can provide innovative approaches to potentially treating disease and clinical benefits over other treatment options. Applications of our protein engineering technologies include multi-specific antibodies that engage two or more targets simultaneously, creating entirely new biological mechanisms of anti-disease activity, or enhancement of antibody performance by increasing immune inhibitory activity, improving cytotoxicity, extending circulating half-life and stabilizing novel protein structures. Three marketed medicines have been developed with our XmAb protein engineering technologies. B.XmAb Bispecific Fc Domain and Multi-Specif Item 1A. Risk Factors Summary of Risk Factors We are subject to a number of risks that if realized could materially harm our business, prospects, operating results, and financial condition. Some of the more significant risks and uncertainties we face include those summarized below. The summary below is not exhaustive and is qualified by reference to the f", "title": "XNCR - Xencor Inc", "url": "/company/XNCR/" }, { "kind": "company", "summary": "SIC 3470 Coating, Engraving & Allied Services; CIK 0001767258; latest 10-K filed 2026-02-27.", "text": "XPEL - XPEL, Inc. SIC 3470 Coating, Engraving & Allied Services; CIK 0001767258; latest 10-K filed 2026-02-27. XPEL XPEL, Inc. 0001767258 3470 Coating, Engraving & Allied Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Executive Summary Set forth below is summary financial information for the years ended December 31, 2025, 2024, and 2023. This information is not necessarily indicative of results of future operations, and should be read in conjunction with Part I, Item 1A, \u201cRisk Factors,\u201d Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and the consolidated financial statements and accompanying notes thereto included in Part II, Item 8, \u201cFinancial Statements and Supplementary Data\u201d of this Annual Report to fully understand factors that may affect the comparability of the information presented below (dollars in thousands). [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\",\"\",\"% Change\"],[\"\",\"2025\",\"\",\"% of Total Revenue\",\"\",\"2024\",\"\",\"% of Total Revenue\",\"\",\"2023\",\"\",\"% of Total Revenue\",\"\",\"2025 vs. 2024\",\"2024 vs. 2023\"],[\"Total Revenue\",\"$\",\"476,200\",\"\",\"\",\"100.0\",\"%\",\"\",\"$\",\"420,400\",\"\",\"\",\"100.0\",\"%\",\"\",\"$\",\"396,293\",\"\",\"\",\"100.0\",\"%\",\"\",\"13.3\",\"%\",\"6.1\",\"%\"],[\"Total Cost of Sales\",\"275,181\",\"\",\"\",\"57.8\",\"%\",\"\",\"243,040\",\"\",\"\",\"57.8\",\"%\",\"\",\"233,879\",\"\",\"\",\"59.0\",\"%\",\"\",\"13.2\",\"%\",\"3.9\",\"%\"],[\"Gross Margin\",\"201,019\",\"\",\"\",\"42.2\",\"%\",\"\",\"177,360\",\"\",\"\",\"42.2\",\"%\",\"\",\"162,414\",\"\",\"\",\"41.0\",\"%\",\"\",\"13.3\",\"%\",\"9.2\",\"%\"],[\"Total Operating Expenses\",\"138,370\",\"\",\"\",\"29.1\",\"%\",\"\",\"118,213\",\"\",\"\",\"28.1\",\"%\",\"\",\"95,442\",\"\",\"\",\"24.1\",\"%\",\"\",\"17.1\",\"%\",\"23.9\",\"%\"],[\"Operating Income\",\"62,649\",\"\",\"\",\"13.2\",\"%\",\"\",\"59,147\",\"\",\"\",\"14.1\",\"%\",\"\",\"66,972\",\"\",\"\",\"16.9\",\"%\",\"\",\"5.9\",\"%\",\"(11.7)\",\"%\"],[\"Other (Income) Expense\",\"(1,412)\",\"\",\"\",\"(0.3)\",\"%\",\"\",\"2,369\",\"\",\"\",\"0.6\",\"%\",\"\",\"941\",\"\",\"\",\"0.2\",\"%\",\"\",\"(159.6)\",\"%\",\"151.8\",\"%\"],[\"Income Tax\",\"12,472\",\"\",\"\",\"2.6\",\"%\",\"\",\"11,289\",\"\",\"\",\"2.7\",\"%\",\"\",\"13,231\",\"\",\"\",\"3.3\",\"%\",\"\",\"10.5\",\"%\",\"(14.7)\",\"%\"],[\"Net Income\",\"$\",\"51,589\",\"\",\"\",\"10.8\",\"%\",\"\",\"$\",\"45,489\",\"\",\"\",\"10.8\",\"%\",\"\",\"$\",\"52,800\",\"\",\"\",\"13.3\",\"%\",\"\",\"13.4\",\"%\",\"(13.8)\",\"%\"]] [[/GREPCENT_TABLE]] Company Overview We are a supplier of protective films, coatings and related services primarily to the automobile aftermarket, new car dealerships and OEMs. The majority of our revenue is derived from the sale of our automotive products and related services while the remainder of our revenue is derived from non-automotive products including architectural window film and marine and flat surface protection films. Key Business Metric - Non-GAAP Financial Measures Our management regularly monitors certain financial measures to track the progress of our business against internal goals and targets. We believe that the most important measure to the Company is Earnings Before Interest, Taxes, Depreciation, and Amortization (\u201cEBITDA\u201d). EBITDA is a non-GAAP financial measure. We believe EBITDA provides helpful information with respect to our operating performance as viewed by management, including a view of our business that is not dependent on (i) the impact of our capitalization structure and (ii) items that are not part of our day-to-day operations. Management uses EBITDA (1) to compare our operating performance on a consistent basis, (2) to calculate incentive compensation for our employees, (3) for planning purposes including the preparation of our internal annual operating budget, (4) to evaluate the performance and effectiveness of 44 our operational strategies, and (5) to assess compliance with various metrics associated with the agreements governing our indebtedness. Accordingly, we believe that EBITDA provides useful information in understanding and evaluating our operating performance in the same manner as management. We define EBITDA as net income plus (a) total depreciation and amortization, (b) interest expense, net, and (c) income tax expense. The following table is a reconciliation of Net Income to EBITDA for the years ended December 31, 2025, 2024, and 2023 (dollars in thousands): [[G Item 1. Business Company Overview We are a supplier of protective films, coatings and related services primarily to the automobile aftermarket, new car dealerships and automobile original equipment manufacturers, or OEMs. The majority of our revenue is derived from the sale of our automotive products and related services while the remainder of our revenue is derived from non-automotive products including architectural window film and marine and flat surface protection films. The Company began as a software company designing vehicle patterns used to produce cut-to-fit protective film for headlights and painted surfaces of automobiles. In 2007, we began selling automotive paint protection film products to complement our software business. As paint protection film technology improved and became more durable, awareness and adoption of paint protection film continued to increase, driving significant industry growth over the last several years. Initial adoption of paint protection film came primarily from luxury car enthusiasts in the United States and Canada. These enthusiasts were primarily served by a growing automotive aftermarket of independent installers of automotive paint protection and window films. Internationally, nascent demand began to build as awareness and adoption in the United States and Canada continued to increase. Over the last few years, new car dealership interest in the product increased due to their exposure to the aftermarket installer network, while OEM interest in the product increased through their exposure to the new car dealerships who were selling the product. Our strategy initially centered on how best to serve and grow our network of independent installers in the US and Canada and to sell products internationally through independent distributors while simultaneously building and enhancing the XPEL brand. This \u201cbest-in-class\u201d service strategy was then extended to new car dealerships and OEMs. Internationally, while our initial market en Item 1A. Risk Factors This Annual Report contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks we face as described below and elsewhere in this Annual Report. S", "title": "XPEL - XPEL, Inc.", "url": "/company/XPEL/" }, { "kind": "company", "summary": "SIC 7200 Services-Personal Services; CIK 0001345016; latest 10-K filed 2026-02-27.", "text": "YELP - YELP INC SIC 7200 Services-Personal Services; CIK 0001345016; latest 10-K filed 2026-02-27. YELP YELP INC 0001345016 7200 Services-Personal Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report. This discussion contains forward-looking statements that reflect our plans, estimates and beliefs, and involve risks and uncertainties. Our actual results and the timing of certain events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those discussed in the section titled \u201cRisk Factors\u201d included under Part I, Item 1A and elsewhere in this Annual Report. See \u201cSpecial Note Regarding Forward-Looking Statements\u201d in this Annual Report. The following section also includes information regarding 2025 and 2024 and year-over-year comparisons between these periods. A full discussion of 2023 items and year-over-year comparisons between 2024 and 2023 can be found in the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. Overview As one of the best known Internet brands in the United States, Yelp is a trusted local resource for consumers and a partner in success for businesses of all sizes. Consumers trust us for the more than 300 million ratings and reviews available on our platform of businesses across a broad range of categories, while businesses advertise with us to reach our large audience of what we believe are purchase-oriented and generally affluent consumers. We generate substantially all of our revenue from the sale of performance-based advertising products, which our advertising platform matches to individual consumers through auctions priced on a CPC basis. In the year ended December 31, 2025, our net revenue was $1.46 billion, up 4% from the year ended December 31, 2024, and we recorded net income of $145.6 million and adjusted earnings before interest, income taxes, depreciation and amortization (\u201cEBITDA\u201d) of $369.2 million. For information on how we define and calculate adjusted EBITDA and a reconciliation of this non-GAAP financial measure to net income, see \u201c\u2014Non-GAAP Financial Measures\u201d below. In 2025, we delivered record annual revenue and profitable growth through the consistent execution of our product-led strategic initiatives and prudent capital allocation: Lead in Services \u2022Services continued to drive our performance in 2025, with advertising revenue from businesses in these categories up 8% year over year to a record $948 million, led by growth in our Auto Services and Home Services categories. Advertising revenue from our Auto Services category includes revenue generated by RepairPal, which we acquired in November 2024 and which contributed significantly to growth in Services advertising revenue in 2025. \u2022Request-A-Quote projects1 increased by approximately 5% year over year in 2025, or by approximately 15% excluding projects acquired through our paid search initiative, driven by improvements to the flow and increased adoption of Yelp Assistant. \u2022We enhanced Yelp Assistant by incorporating AI-powered photo recognition, which evaluates photos uploaded by consumers to help identify and better understand their project needs, and by enabling it to remember important details and preferences from previously submitted projects. Drive Advertiser Value \u2022We continued to invest in business-focused products and improving the business owner experience across categories in 2025. We launched two AI-powered call answering services, Yelp Host and Yelp Receptionist, for restaurants and service pros, respectively. These solutions combine LLMs with our high-quality data to provide smarter, more human-like AI voice answering services tailored with information specific to each individual business. Since its roll Item 1. Business. Company Overview Since Yelp\u2019s founding over 20 years ago, our mission has remained the same \u2014 to connect consumers with great local businesses. Over that time, we have built one of the best known Internet brands in the United States. Consumers trust us for the more than 300 million ratings and reviews available on our platform of businesses across a broad range of categories. This consumer trust is the foundation of our business, from which we are able to empower other businesses to succeed. Our advertising products help businesses of all sizes reach a large audience, advertise their products and drive conversion of their services, while our subscription services support businesses operationally. Our performance in 2025 \u2014 which included record annual revenue and profitable growth \u2014 demonstrates the profitability of our broad-based local advertising platform. For a discussion of our results for the year ended December 31, 2025, see the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included under Part II, Item 7 of this Annual Report. Our Long-Term Growth Opportunity is Large We believe our ability to provide value to both consumers and businesses positions us well in the large and growing local, digital advertising market in the United States. The competitive advantages we have established over two decades, together with our product-led business model and disciplined expense management, provide us with the opportunity for long-term profitable growth in this market. We have: \u2022A proven engine to foster and recommend trusted, human-generated content. Our platform provides the type of reliable and useful review content that helps consumers make informed spending decisions and confidently transact with local businesses. This collection of high-quality, human-generated content is also the type of proprietary data that is essential to AI search providers, thereby providing a valuable monetizabl Item 1A. Risk Factors Risks Related to Our Business and Industry Adverse macroeconomic conditions \u2014 particularly those affecting local economies \u2014 have had, and may continue to have, a significant adverse impact on our business and results of operations, and also exposes our business to other risks. Our business relies on local economies and the consumer spen", "title": "YELP - YELP INC", "url": "/company/YELP/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001856314; latest 10-K filed 2026-02-25.", "text": "YOU - Clear Secure, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001856314; latest 10-K filed 2026-02-25. YOU Clear Secure, Inc. 0001856314 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help readers understand our results of operations, financial condition and cash flows and should be read in conjunction with the audited consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K\u201d). This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. For purposes of this MD&A, the term \u201cwe\u201d and other forms thereof refer to Clear Secure, Inc. and its subsidiaries (collectively, the \u201cCompany\u201d), which includes Alclear Holdings, LLC (\u201cAlclear\u201d). Forward-Looking Statements This Annual Report on Form 10-K includes certain forward-looking statements within the meaning of the federal securities laws regarding, among other things, our or management\u2019s intentions, plans, beliefs, expectations or predictions of future events, which are considered forward-looking statements. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy. These statements often include words such as \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cestimate,\u201d or similar expressions. These statements are based upon assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the circumstances. As you read this Annual Report on Form 10-K, you should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions, including those described under the heading \u201cPart I \u2013 Item 1A. Risk Factors\u201d included in this Annual Report on Form 10-K. Although we believe that these forward-looking statements are based upon reasonable assumptions, you should be aware that many factors, including those described under the heading \u201cRisk Factors,\u201d in this Annual Report on Form 10-K, could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. 43 Table of Contents Our forward-looking statements made herein are made only as of the date of this Annual Report on Form 10-K. We expressly disclaim any intent, obligation or undertaking to update or revise any forward-looking statements made herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this Annual Report on Form 10-K. The discussion in this MD&A is generally related to 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview Clear Secure, Inc. (the \u201cCompany\u201d or \u201cCLEAR\u201d) is a secure identity company making experiences safer and easier - both digitally and physically. We make ITEM 1. BUSINESS Overview Clear Secure, Inc. (the \u201cCompany\u201d or \u201cCLEAR\u201d) is a secure identity company making experiences safer and easier - both digitally and physically. We make everyday experiences frictionless by connecting your identity to all the things that make you, YOU - transforming the way you live, work, and travel. CLEAR has been delivering secure, frictionless experiences in airports for over 15 years, achieving exceptional user delight and trust with CLEAR+, our consumer travel subscription service. CLEAR+ enables access to predictable and fast experiences through dedicated entry lanes in airport security checkpoints nationwide. Additionally, our CLEAR Travel portfolio includes TSA PreCheck\u00ae Enrollment Provided by CLEAR, premium services such as CLEAR Concierge, other travel benefits such as expedited passport services, our free CLEAR app which helps travelers plan their trip Home to Gate, and other mobile-first identity solutions such as CLEAR ID. Our CLEAR Travel portfolio extends CLEAR\u2019s value proposition beyond the airport lane and supports our strategy to expand use cases, increase engagement and address new customer segments such as international travelers. CLEAR1 is our business to business (\u201cB2B\u201d) multi-layered identity verification solution. We combine biometric, document and device signals with verified data sources to ensure users are who they claim to be. Our B2B partners can select which verification layers to deploy, based on their specific security requirements, risk tolerance and user experience goals. We partner with a breadth of organizations, with a particular focus on Healthcare, Workforce and Governmental organizations where high fidelity identity security is paramount to their operational success. Our scaled Member base and comprehensive secure identity platform underpin our CLEAR Travel and CLEAR1 businesses, maximizing security and minimizing friction for consumers and our enterprise partners. Our Business Since 2010 we have ITEM 1A. RISK FACTORS Risk Factors Summary The following is a summary of the principal risks that could adversely affect our business, operations and financial results. For a more complete discussion of the material risks facing our business, please see below. \u2022failure to add new and retain existing Members, including Active CLEAR+ ", "title": "YOU - Clear Secure, Inc.", "url": "/company/YOU/" }, { "kind": "company", "summary": "SIC 4822 Telegraph & Other Message Communications; CIK 0001084048; latest 10-K filed 2026-02-24.", "text": "ZD - ZIFF DAVIS, INC. SIC 4822 Telegraph & Other Message Communications; CIK 0001084048; latest 10-K filed 2026-02-24. ZD ZIFF DAVIS, INC. 0001084048 4822 Telegraph & Other Message Communications Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. In addition to historical information, the following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements. These forward-looking statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those discussed in the section titled \u201cCautionary Note on Forward Looking Information\u201d and in Part I, Item 1A \u201cRisk Factors\u201d in this Annual Report on Form 10-K. Overview Ziff Davis, Inc. was incorporated in 2014 as a Delaware corporation through the creation of a holding company structure. Ziff Davis, Inc., together with its subsidiaries (\u201cZiff Davis\u201d, \u201cthe Company\u201d, \u201cour\u201d, \u201cus\u201d, or \u201cwe\u201d), is a vertically focused digital media and internet company whose portfolio includes leading brands in technology, shopping, gaming and entertainment, health and wellness, connectivity, cybersecurity, and martech. Our business specializes in the technology, shopping, gaming and entertainment, healthcare, and connectivity markets, offering content, tools, and services to consumers and businesses and provides internet-delivered cloud-based services to consumers and businesses including cybersecurity, privacy, and marketing technology. Segments The Company has five operating segments which are presented as the following five reportable segments: 1) Technology & Shopping, 2) Gaming & Entertainment, 3) Health & Wellness, 4) Connectivity, and 5) Cybersecurity & Martech. Refer to Note 17 \u2014 Segment Information for additional detail. Revenue Overview The primary types of revenues that we generate are described below. Advertising and Performance Marketing - We sell online display and video advertising on our owned-and-operated websites and applications and on third-party sites. We have contractual arrangements with advertisers either directly or through agencies. The terms of these contracts specify the price of the advertising to be sold and the volume of advertisements that will be served over the course of a campaign. Additionally, we have contractual arrangements with certain third-party websites and applications not owned by us, and third-party advertising networks to deliver online display and video advertising to their websites and applications or to third-party sites. We generate leads for advertisers, including vendors of consumer health and wellness products, consumer packaged goods, and information technology services, through various marketing methods. We also generate clicks to online merchants by listing products, deals, and discounts on our web properties, and earn a commission when customers \u201cclick-through\u201d the ad to make a purchase. Subscription and Licensing - We provide cloud-based subscription services and generate \u201cfixed\u201d subscription revenues for customer subscriptions and, to a lesser extent, \u201cvariable\u201d usage revenues generated from actual usage by our subscribers. We offer subscription and licensing services to businesses, which offer up-to-date insights into global fixed broadband and mobile performance data, and we offer subscription packages to consumers through the Lose It! weight loss app and through Humble Bundle\u2019s digital subscriptions and storefront for video games, ebooks, and software. We also generate revenue from the sale of perpetual software licenses, related software support, and maintenance used in conjunction with softwa Item 1. Business Overview Ziff Davis, Inc., together with its subsidiaries (\u201cZiff Davis\u201d, the \u201cCompany\u201d, \u201cour\u201d, \u201cus\u201d, or \u201cwe\u201d), is a vertically focused digital media and internet company whose portfolio includes leading brands in technology, shopping, gaming and entertainment, health and wellness, connectivity, cybersecurity, and martech. Our digital media businesses specialize in publishing and producing trusted editorial content and tools for users seeking information and advice relating to the technology, shopping, gaming and entertainment, and health and wellness markets, and offer services to consumers and businesses. Our connectivity business develops actionable broadband network intelligence and insights through data collection and analysis, and delivers products and services that facilitate improvements in network performance to enterprises that provide or rely on broadband networks, including through the provision of hardware and software used for planning and assessing the performance of wi-fi networks. Our cybersecurity and marketing technology business provides internet-delivered cloud-based subscription and licensed services to consumers and businesses including cybersecurity, privacy, and digital marketing tools. Our Growth Strategy In addition to growing our business organically, we regularly acquire businesses to grow our customer bases, expand and diversify our service offerings, enhance our technologies, acquire skilled personnel, and enter into new markets. Our programmatic approach to mergers and acquisitions (\u201cM&A\u201d) is a tenet of our capital allocation strategy, which seeks to optimize the allocation of our investable capital, including the free cash flow generated by our businesses, to M&A, share repurchases, and the strengthening of our balance sheet. From 2012 through 2025, we have deployed approximately $3.3 billion on nearly 100 acquisitions across the globe in a variety of verticals (exclusive of any acquisitions that were part of b Item 1A. Risk Factors Before deciding to invest in Ziff Davis or to maintain or increase your investment, you should carefully consider the risks described below in addition to the other cautionary statements and risks described elsewhere in this Annual Report on Form 10-K and our other filings with the SEC, includin", "title": "ZD - ZIFF DAVIS, INC.", "url": "/company/ZD/" }, { "kind": "company", "summary": "SIC 3560 General Industrial Machinery & Equipment; CIK 0001439288; latest 10-K filed 2026-02-09.", "text": "ZWS - Zurn Elkay Water Solutions Corp SIC 3560 General Industrial Machinery & Equipment; CIK 0001439288; latest 10-K filed 2026-02-09. ZWS Zurn Elkay Water Solutions Corp 0001439288 3560 General Industrial Machinery & Equipment ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. We completed the spin-off of our Process & Motion Control platform (\"PMC\") on October 4, 2021 in the Spin-Off Transaction, and, accordingly, the results of operations and financial condition associated with PMC have been reclassified to discontinued operations for all periods presented. As a result, the following discussion of results of operations and financial condition is centered on the Zurn Elkay Water Solutions business excluding PMC. The consolidated statements of cash flows for the years ended December 31, 2025, 2024, and 2023 have not been adjusted to separately disclose cash flows related to the discontinued operations. See Item 8, Note 3, Discontinued Operations for additional information on discontinued operations. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in the \"Risk Factors\" in Item 1A of this report. Actual results may differ materially from those contained in any forward-looking statements. See also \"Cautionary Notice Regarding Forward-Looking Statements\" found elsewhere in this report. The information contained in this section is provided as a supplement to the consolidated financial statements and the related notes included elsewhere in this report to help provide an understanding of our financial condition, changes in our financial condition and results of our operations. This section is organized as follows: Company Overview. This section provides a general description of our business. Financial Statement Presentation. This section provides a brief description of certain items and accounting policies that appear in our financial statements and general factors that impact these items. Critical Accounting Estimates. This section discusses the accounting policies and estimates that we consider to be important to our financial condition and results of operations and that require significant judgment and estimates by management in their application. Recent Accounting Pronouncements. This section cites the discussion of new or revised accounting pronouncements and standards in Item 8, Note 2, Significant Accounting Policies of our consolidated financial statements. Overview of Recent Developments. This section provides a description of the recent events impacting our results of operations. Results of Operations. This section provides an analysis of our results of operations. In providing analysis of the results of our operations, we have provided a comparison of our year ended December 31, 2025 to the year ended December 31, 2024. A discussion of the financial performance for the year ended December 31, 2024 compared to December 31, 2023 can be found within \"Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\" of our 2024 Form 10-K. Non-GAAP Financial Measures. This section provides an explanation of certain financial measures we use that are not in accordance with U.S. generally accepted accounting principles (\"GAAP\"). Covenant Compliance. This section provides a discussion of certain restrictive covenants in our credit agreement. Liquidity and Capital Resources. This section provides an analysis of our cash flows and year-to-year comparisons for our years ended December 31, 2025 and 2024, as well as a discussion of our indebtedness and its potential effects on our liquidity. A discussion of cash flows for the year ended December 31, 2024 compared to December 31, 2023 can be found within \"Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\" of our 2024 Form 10-K. Contractual Obligations. This section provides a discussion of our commitments as of December 31, 2025. Quantitative and Qualitative Disclosures about Market Risk. This section discusses our exposure to potential losses arising from adverse changes in inter ITEM 1. BUSINESS. Overview Zurn Elkay Water Solutions Corporation (\"Zurn Elkay\", \"we\", \"us\", \"our\", or the \"Company\") is a growth-oriented, pure-play water management business that designs, procures, manufactures, and markets what we believe to be the broadest sustainable product portfolio of specification-driven water management solutions to improve health, hydration, human safety and the environment. Our product portfolio includes professional grade water safety and control products, flow systems products, hygienic and environmental products, and filtered drinking water products for public and private spaces that deliver superior value to building owners, positively impact the environment and human hygiene and reduce product installation time. Our heritage of innovation and specification has allowed us to provide highly-engineered, mission-critical solutions to customers for decades and affords us the privilege of having long-term, valued relationships with market leaders. We operate in a disciplined way and the Zurn Elkay Business System (\u201cZEBS\u201d), described below, is our operating philosophy. Grounded in the spirit of continuous improvement, ZEBS creates a scalable, process-based framework that focuses on driving superior customer satisfaction and financial results by targeting world-class operating performance throughout all aspects of our business. Zurn Elkay is a leading provider of specification-driven water management solutions to the multi-billion dollar construction market of primarily institutional and commercial buildings and to a lesser extent to the waterworks and residential construction markets. Our strategy is to build Zurn Elkay around a strategic platform that participates in end markets with sustainable growth characteristics where we are, or have the opportunity to become, the industry leader. We have a track record of acquiring and integrating companies and expect to continue to pursue strategic acquisitions that will broaden our produc ITEM 1A. RISK FACTORS. The risks described below are not the only risks facing Zurn Elkay. Additional risks and uncertainties not currently known to us, or those risks we currently view to be immaterial, may also materially and adversely affect our business, financial condition or results of ope", "title": "ZWS - Zurn Elkay Water Solutions Corp", "url": "/company/ZWS/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001835632; latest 10-K filed 2026-03-11.", "text": "MRVL - Marvell Technology, Inc. SIC 3674 Semiconductors & Related Devices; CIK 0001835632; latest 10-K filed 2026-03-11. MRVL Marvell Technology, Inc. 0001835632 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read in conjunction with the financial statements and related notes included in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties, including those discussed under Part I, Item 1A, \u201cRisk Factors.\u201d These risks and uncertainties may cause actual results to differ materially from those discussed in the forward-looking statements. Overview We are a leading supplier of data infrastructure semiconductor solutions, spanning the data center core to network edge. We are a fabless supplier of high-performance semiconductor products with core strengths in developing and scaling complex System-on-a-Chip architectures, integrating analog, mixed-signal and digital signal processing functionality. Leveraging leading intellectual property and deep system-level expertise, as well as highly innovative security firmware, our solutions are empowering the data economy and enabling the data center and communications and other end markets. Our fiscal year is the 52- or 53-week period ending on the Saturday closest to January 31. Accordingly, every fifth or sixth fiscal year will have a 53-week period. The additional week in a 53-week period is added to the fourth quarter, making such quarter consist of 14 weeks. Fiscal 2026 and fiscal 2025 each had a 52-week period. Fiscal 2024 had a 53-week period. Net revenue in fiscal 2026 was $8.2 billion, 42% higher than net revenue of $5.8 billion in fiscal 2025. This was due to increases in sales from the data center end market by 46% and from the communications and other end market by 31%. The increase was partially offset by a decrease in sales from our automotive ethernet product portfolio due to the divestiture of our automotive ethernet business at the beginning of the third quarter of fiscal 2026. Strong revenue growth from our data center market was driven by AI-related demand for our custom products and electro-optics portfolio. Additionally, following a period of inventory correction, we have continued to see revenue recovery in our communication and other end market growing significantly compared to fiscal 2025. On August 14, 2025, we completed the sale of our automotive ethernet business to Infineon Technologies AG for $2.5 billion in cash. During the third quarter of fiscal 2026, we recorded a pre-tax gain on sale of $1.8 billion, which is included in interest income and other, net in the Consolidated Statements of Operations. Subsequent to our fiscal 2026 year end, on February 2, 2026, we completed the previously announced acquisition of Celestial AI, Inc. (\u201cCelestial\u201d), a provider of a Photonic FabricTM technology platform purpose-built for next-generation scale-up interconnect. The acquisition of Celestial is expected to accelerate our connectivity strategy for next-generation AI and cloud data centers. At acquisition close, we paid approximately $1.3 billion in cash (or $1.0 billion, net of cash acquired of approximately $300.0 million) and issued approximately 24.5 million shares of our common stock. Contingent on the achievement of specified revenue milestones, we may be required to pay additional cash and issue additional shares of our common stock through fiscal 2029. Subsequent to our fiscal 2026 year end, on February 10, 2026, we completed the previously announced acquisition of XConn Technologies Holdings, Ltd. (\u201cXConn\u201d), a provider of advanced PCIe and CXL switching silicon, which expands our switching portfolio and augments our Ultra Accelerator Link (\u201cUALinkTM\u201d) scale-up switch team. At acquisition close, we paid approximately $280.0 million in cash and issued approximately 2.1 million shares of our common stock. We continue to monitor the environment for potential long-term impact on supply an Item 1. Business Our Company Marvell Technology, Inc., together with its consolidated subsidiaries (\u201cMarvell,\u201d \u201cMTI,\u201d the \u201cCompany,\u201d \u201cwe,\u201d or \u201cus\u201d) is a leading supplier of data infrastructure semiconductor solutions, spanning the data center core to network edge. We are a fabless supplier of high-performance semiconductor products with core strengths in developing and scaling complex System-on-a-Chip architectures, integrating analog, mixed-signal and digital signal processing functionality. Leveraging leading intellectual property and deep system-level expertise, as well as highly innovative security firmware, our solutions are empowering the data economy and enabling the data center and communications and other end markets. We currently are incorporated in Delaware, United States. Our corporate headquarters is 1000 N. West Street, Suite 1200 Wilmington, Delaware 19801, and our telephone number is (302) 295-4840. We also have operations in many countries, including Argentina, China, India, Israel, Japan, Singapore, South Korea, Taiwan and Vietnam. Our fiscal year ends on the Saturday nearest January 31. Recent Developments On August 14, 2025, we completed the sale of our automotive ethernet business to Infineon Technologies AG for $2.5 billion in cash. In connection with the transaction, during the third quarter of fiscal 2026, we recorded a pre-tax gain on sale of $1.8 billion. Subsequent to our fiscal 2026 year end, on February 2, 2026, we completed the previously announced acquisition of Celestial AI, Inc. (\u201cCelestial\u201d), a provider of a Photonic FabricTM technology platform purpose-built for next-generation scale-up interconnect. The acquisition of Celestial is expected to accelerate our connectivity strategy for next-generation AI and cloud data centers. At acquisition close, we paid approximately $1.3 billion in cash (or $1.0 billion, net of cash acquired of approximately $300.0 million) and issued approximately 24.5 million shares of our common stock. Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the material risks and uncertainties described below and all information contained in this report before you decide to purchase our common stock. Many of these risks and uncertainties are beyond our co", "title": "MRVL - Marvell Technology, Inc.", "url": "/company/MRVL/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001640147; latest 10-K filed 2026-03-20.", "text": "SNOW - Snowflake Inc. SIC 7372 Services-Prepackaged Software; CIK 0001640147; latest 10-K filed 2026-03-20. SNOW Snowflake Inc. 0001640147 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion, particularly information with respect to our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading \u201cSpecial Note About Forward-Looking Statements\u201d in this Annual Report on Form 10-K. You should review the disclosure under the heading \u201cRisk Factors\u201d in this Annual Report on Form 10-K for a discussion of important factors that could cause our actual results to differ materially from those anticipated in these forward-looking statements. In addition to our results determined in accordance with U.S. generally accepted accounting principles (GAAP), free cash flow, a non-GAAP financial measure, is included in the section titled \u201cKey Business Metrics.\u201d This non-GAAP financial measure is not meant to be considered in isolation or as a substitute for, or superior to, comparable GAAP financial measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our presentation of this non-GAAP financial measure may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the GAAP-to-non-GAAP reconciliation included in the section titled \u201cKey Business Metrics\u2014Free Cash Flow,\u201d to more fully understand our business. Unless the context otherwise requires, all references in this report to \u201cSnowflake,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d or similar terms refer to Snowflake Inc. and its consolidated subsidiaries. Unless otherwise noted, all references in this report to our common stock refer to our Class A common stock, which was renamed to \u201ccommon stock\u201d pursuant to our amended and restated certificate of incorporation filed with the Secretary of State of the State of Delaware on July 3, 2025. A discussion regarding our financial condition and results of operations for the fiscal year ended January 31, 2026 compared to the fiscal year ended January 31, 2025 is presented below. A discussion regarding our financial condition and results of operations for the fiscal year ended January 31, 2025 compared to the fiscal year ended January 31, 2024 can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended January 31, 2025 filed with the SEC on March 21, 2025. Overview We believe that a cloud computing platform that puts data and artificial intelligence (AI) at its core will offer great benefits to organizations by allowing them to realize the value of the data that powers their businesses. By offering rich primitives for data and applications, we believe that we can create a data connected world where organizations have seamless access to explore, share, and unlock the value of data. Our vision is a world where data and AI turn possibilities into reality. To realize this vision, we deliver the AI Data Cloud, a network where Snowflake customers, partners, developers, data providers, and data consumers can break down data silos and derive value from a growing number of data sets in secure, governed, and compliant ways. Our platform is the innovative technology that powers the AI Data Cloud, enabling customers to consolidate data into a single source of truth to drive meaningful insights, apply AI to solve business problems, build data applications, and share data and data products. We provide our platform through a custo ITEM 1. BUSINESS We believe that a cloud computing platform that puts data and artificial intelligence (AI) at its core will offer great benefits to organizations by allowing them to realize the value of the data that powers their businesses. By offering rich primitives for data and applications, we believe that we can create a data connected world where organizations have seamless access to explore, share, and unlock the value of data. Our vision is a world where data and AI turn possibilities into reality. To realize this vision, we deliver the AI Data Cloud, a network where Snowflake customers, partners, developers, data providers, and data consumers can break down data silos and derive value from a growing number of data sets in secure, governed, and compliant ways. Our platform is the innovative technology that powers the AI Data Cloud, enabling customers to consolidate data into a single source of truth to drive meaningful insights, apply AI to solve business problems, build data applications, and share data and data products. We provide our platform through a customer-centric, consumption-based business model. Snowflake solves the decades-old problem of data silos and data governance. Leveraging the elasticity and performance of the public cloud, our platform enables customers to unify and query data to support a wide variety of use cases. It also provides frictionless and governed data access so users can securely share data inside and outside of their organizations, generally without copying or moving the underlying data. As a result, customers can blend existing data with new data for broader context, augment data science efforts, and create new monetization streams. Delivered as a service, our platform requires near-zero infrastructure maintenance, enabling customers to focus on deriving value from their data rather than managing infrastructure. Our cloud-native architecture includes three independently scalable but logically integrated layers across ITEM 1A. RISK FACTORS Our operations and financial results are subject to various risks and uncertainties, including those described below. You should consider and read carefully all of the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K, including the se", "title": "SNOW - Snowflake Inc.", "url": "/company/SNOW/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001477333; latest 10-K filed 2026-02-26.", "text": "NET - Cloudflare, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001477333; latest 10-K filed 2026-02-26. NET Cloudflare, Inc. 0001477333 7372 Services-Prepackaged Software Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Form 10-K, and such disclosure can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which information is incorporated herein by reference. In addition to historical financial information, the following discussion contains forward-looking statements that are based upon current plans, expectations, and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those factors discussed in the section titled \u201cRisk Factors\u201d and in other parts of this Annual Report on Form 10-K. Our fiscal year end is December 31. Overview Cloudflare\u2019s mission is to help build a better Internet. We have built a global network that delivers a broad range of services to businesses of all sizes and in all geographies\u2014making them more secure, enhancing the performance of their business-critical applications, and eliminating the cost and complexity of managing individual network hardware. Our network serves as a scalable, easy-to-use, unified control plane to deliver security, performance, and reliability across their on-premises, hybrid, cloud, and software-as-a-service (SaaS) applications. In addition, the distributed and programmable nature of our network increasingly is resulting in our customers building their applications on top of our network, too \u2014 including both traditional applications and those that are enhanced with artificial intelligence (AI). Our Business Model Our business model benefits from our ability to serve the needs of all customers ranging from individual developers to the largest enterprises, in a cost-effective manner. Our products generally are easy to deploy and allow for rapid and efficient onboarding of new customers and expansion of our relationships with our existing customers over time. Given the large customer base we have and the immense amount of Internet traffic that we manage, we are able to negotiate mutually beneficial agreements with Internet service providers (ISPs) that allow us to place our equipment directly in their data centers, which drives down our bandwidth and co-location expenses. This symbiotic relationship that we have with ISPs and the efficiency of our serverless network architecture allows us to introduce new products on our network at low marginal cost. We generate revenue primarily from sales to our customers of subscriptions to access our network and products. We offer a variety of plans to our free and paying customers depending on their required features and functionality. \u2022Contracted customers. Our contracted customers, which consist of customers that enter into contracts for our Enterprise subscription plan, have contracts that typically range from one to three years and are typically billed on a monthly or annual basis. Our agreements with contracted customers are tailored and priced to meet their varying needs and requirements. Enterprise subscription plan agreements for our contracted customers generally include a base subscription and, in some cases, a portion based on variable usage. Agreements with certain of our larger enterprise customers may be structured as a \"pool of funds\" in which the customer commits to spend at least a specified amount on our Item 1. Business Overview Cloudflare\u2019s mission is to help build a better Internet. Over the past decade, the technology industry has been undergoing a massive transition from on-premises hardware and software that customers buy, to services in the cloud that they rent. Organizations find themselves at different points in this transition to the cloud. Regardless of where organizations are in their transition, they all face a common set of challenges: they exist in a complex, heterogeneous infrastructure environment which exacerbates the fundamental problems of the Internet more than ever, and the on-premises hardware boxes that they once relied upon to solve these problems were never designed to work in such an environment. As more workloads move to the cloud and workforces become increasingly distributed globally, there is no point in installing additional hardware boxes on premise. An on-premises box will not solve the problems organizations now face. Nor can a business ship a hardware box to a cloud vendor. Even if they wanted to, there is literally no place to install such a box in the cloud. The result is that a major architectural shift at the network layer is underway. Previously, enterprises would often string together a diverse set of on-premises hardware boxes from different vendors to solve their network challenges. As these solutions move to the cloud, the network latency, support complexity, and cost of overhead makes stringing together multiple point-cloud solutions that only address specific network needs also untenable. Customers are therefore looking to consolidate behind a single, global provider that operates in the cloud \u2014 what has been described as a \u201cConnectivity Cloud\". Cloudflare is a leader in this Connectivity Cloud category. We deliver a broad range of services to businesses of all sizes and in all geographies \u2014 making them more secure, enhancing the performance of their business-critical applications, and eliminating the cost and comp Item 1A. Risk Factors Our business involves significant risks, some of which are described below. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Co", "title": "NET - Cloudflare, Inc.", "url": "/company/NET/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001736297; latest 10-K filed 2026-02-20.", "text": "ALAB - Astera Labs, Inc. SIC 3674 Semiconductors & Related Devices; CIK 0001736297; latest 10-K filed 2026-02-20. ALAB Astera Labs, Inc. 0001736297 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes included in Part II, Item 8 in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the section titled \u201cRisk Factors\u201d included in Part I, Item 1A in this Annual Report on Form 10-K. A discussion regarding our financial condition and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024 is presented below. A discussion regarding our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 can be found in part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K filed with the SEC on February 14, 2025. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Overview Our mission is to innovate, design, and deliver semiconductor-based connectivity solutions that are purpose-built to unleash the full potential of cloud and AI infrastructure. Building on years of experience with a singular focus on addressing connectivity challenges in data-centric systems, we have developed and deployed our Intelligent Connectivity Platform built from the ground up for cloud and AI infrastructure. Our Intelligent Connectivity Platform is comprised of semiconductor-based, high-speed, mixed-signal connectivity products that integrate a matrix of microcontrollers and sensors, and COSMOS, our software suite, which is embedded in our connectivity products and integrated into our customers\u2019 systems. Our Intelligent Connectivity Platform provides our customers with the ability to deploy and operate high-performance cloud and AI infrastructure at scale, addressing an increasingly diverse set of requirements. We provide our connectivity products in various form factors, including Integrated Circuits (\u201cICs\u201d), boards, and modules. Our patented software-defined platform approach delivers critical connectivity performance, enables flexibility and customization, and supports observability and predictive analytics. This approach is designed to efficiently address the data, network, and memory bottlenecks, scalability, and other unique infrastructure requirements of our hyperscaler and system OEM customers. Based on trusted relationships with the leading hyperscalers and collaboration with data center infrastructure suppliers, our platform is designed to meet our customers\u2019 unique cloud scale requirements. Our COSMOS software suite is foundational to our Intelligent Connectivity Platform and is designed to enable our customers to seamlessly configure, manage, monitor, optimize, troubleshoot, and customize functions in our IC, board, and module products. Today, our connectivity solutions are at the heart of major AI platforms deployed worldwide featuring both commercially available Graphic Processing Units (\u201cGPUs\u201d) and proprietary AI accelerators. We offer our customers four product families across multiple form factors including ICs, boards, and modules, shipping millions of devices across leading hyperscalers. Our products, which include Aries PCIe\u00ae/CXL\u00ae Smart DSP Retimers, Aries PCIe\u00ae/CXL\u00ae Smart Cable Modules\u2122, Taurus Ethernet Smart Cable Modules\u2122, Leo CXL Memory Connectivity Controllers, and Scorpio Smart Fabric Switches, are built upon industry standard connectivity protocols such as Peripheral Component Interconnect Item 1. Business Overview Our mission is to innovate, design, and deliver semiconductor-based connectivity solutions that are purpose-built to unleash the full potential of cloud and AI infrastructure. Building on years of experience with a singular focus on addressing connectivity challenges in data-centric systems, we have developed and deployed our leading Intelligent Connectivity Platform built from the ground up for cloud and AI infrastructure. Our Intelligent Connectivity Platform comprises of semiconductor-based, high-speed, mixed-signal connectivity products that integrate a matrix of microcontrollers and sensors, and COSMOS, our software suite, which is embedded in our connectivity products and integrated into our customers\u2019 systems. Our Intelligent Connectivity Platform provides our customers with the ability to deploy and operate high-performance cloud and AI infrastructure at scale, addressing an increasingly diverse set of requirements. We provide our connectivity products in various form factors including Integrated Circuits (\u201cICs\u201d), boards, and modules. Our patented software-defined platform approach delivers critical connectivity performance, enables flexibility and customization, and supports observability and predictive analytics. This approach aims to efficiently address the data, network, and memory bottlenecks, scalability, and other unique infrastructure requirements of our hyperscaler and system OEM customers. Based on trusted relationships with the leading hyperscalers and collaboration with data center infrastructure suppliers, our platform is designed to meet our customers\u2019 unique cloud scale requirements. Our COSMOS software suite is foundational to our Intelligent Connectivity Platform and is designed to enable our customers to seamlessly configure, manage, monitor, optimize, troubleshoot, and customize functions in our IC, board, and module products. Today, our connectivity solutions are at the heart of major AI platforms deployed Item 1A. Risk Factors Our operations and financial results are subject to various risks and uncertainties, including those described below. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cMana", "title": "ALAB - Astera Labs, Inc.", "url": "/company/ALAB/" }, { "kind": "company", "summary": "SIC 3760 Guided Missiles & Space Vehicles & Parts; CIK 0001819994; latest 10-K filed 2026-02-26.", "text": "RKLB - Rocket Lab Corp SIC 3760 Guided Missiles & Space Vehicles & Parts; CIK 0001819994; latest 10-K filed 2026-02-26. RKLB Rocket Lab Corp 0001819994 3760 Guided Missiles & Space Vehicles & Parts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. You should read this discussion and analysis in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. Certain amounts may not foot due to rounding. Certain information in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K contains forward-looking statements that involve numerous risks and uncertainties, including, but not limited to, those described under the sections entitled \u201cCautionary Note Regarding Forward-Looking Statements\u201d and Item I, Part 1A. \u201cRisk Factors\u201d included in this Annual Report on Form 10-K. We assume no obligation to update any of these forward-looking statements. Actual results may differ materially from those contained in any forward-looking statements. Overview Rocket Lab is an end-to-end space company with an established track record of mission success. We deliver reliable launch services, spacecraft design services, spacecraft components, spacecraft manufacturing and other spacecraft and on-orbit management solutions that make it faster, easier and more affordable to access space. While our business has historically been centered on the manufacture of small-class launch vehicles and the related sale of launch services, we are currently innovating in the areas of medium-class launch vehicle and launch services, space systems design and manufacturing, on-orbit management solutions, and space data applications. Each of these initiatives addresses a critical component of the end-to-end solution and our value proposition for the space economy: \u2022Launch Services is the design, manufacture, and launch of orbital rockets to deploy payloads to various Earth orbits and interplanetary destinations. \u2022Space Systems is the design and manufacture of spacecraft, spacecraft components and spacecraft program management services, space data applications, mission operations and optical systems. Electron is our orbital small launch vehicle that was designed from the ground up to accommodate a high launch rate business model to meet the growing and dynamic needs of our customers for small launch services. Since its maiden launch in 2017, Electron has become the leading small spacecraft launch vehicle delivering over 200 spacecraft to orbit for government and commercial customers across 75 successful missions through December 31, 2025. In 2025, Electron was the second most frequently launched orbital rocket. Our launch services program has seen us develop many industry-leading innovations, including 3D printed electric turbo-pump rocket engines, fully carbon composite first stage fuel tanks, a private orbital launch complex, a rocket stage that can be configured to convert into a highly capable spacecraft on orbit, and the potential ability to successfully recover a stage from space, providing a path to reusability. In March 2021, we announced plans to develop our reusable-ready medium-capacity Neutron launch vehicle that will increase the payload capacity of our space launch vehicles to approximately 13,000 kg for reusable configuration launches to low Earth orbit and support lighter payloads for higher orbits. Neutron will be tailored for commercial and U.S. government constellation launches and ultimately configurable for and capable of human space flight, enabling us to provide crew and cargo resupply to space stations. Neutron will also provide a dedicated service to orbit for larger civil, defense and commercial payloads that need a high level of schedule control and high-flight cadence. We expect to be able to leverage Electron\u2019s flight heritage across various vehicle subsystems designs, launch complexes and ground Item 1. Business Who We Are Our Mission: We Open Access to Space to Improve Life on Earth. Rocket Lab is an end-to-end space company with an established track record of mission success. We deliver reliable launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, optical systems and other spacecraft and on-orbit management solutions that make it faster, easier and more affordable to access space. We believe that space has defined some of humanity\u2019s greatest achievements and it continues to shape our future. We are motivated by the impact we can have on Earth by making it easier to get to space and using it as a platform for innovation, exploration and infrastructure. As one of select few commercial companies delivering regular access to orbit, our proven launch vehicle, spacecraft technology and global infrastructure uniquely position us to grow in this dynamic market. Advances in technologies, materials and components have led to miniaturization of spacecraft and a significant reduction in cost and time-to-market, concurrent with the increase in demand for space applications such as communications, remote sensing, Earth observation, meteorology and navigation. We provide customers with frequent, reliable and cost-effective access to orbit with Electron, a fully carbon composite launch vehicle powered by Rutherford, our electric turbopump 3D printed engines. Since our first Electron launch in 2017 through December 31, 2025, we have delivered over 200 spacecraft to orbit across 75 successful missions for commercial and government customers, including the United States (\u201cU.S.\u201d) Department of War (\u201cDoW\u201d), the National Aeronautics and Space Administration (\u201cNASA\u201d), the Defense Advanced Research Projects Agency (\u201cDARPA\u201d), the National Reconnaissance Office (\u201cNRO\u201d), and a number of domestic and international commercial spacecraft operators including Blacksky Holdings, Canon, Kin\u00e9is, Capella Space, Planet, OHB Group and Synspective. Item 1A. Risk Factors Investing in our securities involves risks. You should consider carefully the risks and uncertainties described below, together with all of the other information in Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Resul", "title": "RKLB - Rocket Lab Corp", "url": "/company/RKLB/" }, { "kind": "company", "summary": "SIC 4924 Natural Gas Distribution; CIK 0000003570; latest 10-K filed 2026-02-26.", "text": "LNG - Cheniere Energy, Inc. SIC 4924 Natural Gas Distribution; CIK 0000003570; latest 10-K filed 2026-02-26. LNG Cheniere Energy, Inc. 0000003570 4924 Natural Gas Distribution ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Introduction The following discussion and analysis presents management\u2019s view of our business, financial condition and overall performance and should be read in conjunction with our Consolidated Financial Statements and the accompanying notes. This information is intended to provide investors with an understanding of our past performance, current financial condition and outlook for the future. Discussion of items for the year ended December 31, 2023 and variance drivers between the year ended December 31, 2024 as compared to December 31, 2023 are not included herein and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our annual report on Form 10-K for the fiscal year ended December 31, 2024. Our discussion and analysis includes the following subjects: \u2022Overview \u2022Overview of Significant Events \u2022Market Environment \u2022Results of Operations \u2022Liquidity and Capital Resources \u2022Summary of Critical Accounting Estimates \u2022Recent Accounting Standards Overview We are an energy infrastructure company primarily engaged in LNG-related businesses. We provide clean, secure and affordable LNG to integrated energy companies, utilities and energy trading companies around the world. We operate two natural gas liquefaction and export facilities at Sabine Pass, Louisiana and near Corpus Christi, Texas. Our long-term counterparty arrangements form the foundation of our business and provide us with significant, stable, long-term cash flows. For further discussion of our business, see Items 1. and 2. Business and Properties. During 2025, we continued to grow our portfolio of SPA and IPM agreements, and we believe that continued global demand for natural gas and LNG, as further described in Market Factors and Competition in Items 1. and 2. Business and Properties, as well as the current geopolitical environment that has intensified the demand for supply security, should enable us to enter into long-term agreements and provide a foundation for additional growth in our business in the future. The continued strength and stability of our long-term cash flows served as the foundation of our updated comprehensive, long-term capital allocation plan announced in June 2024, which includes an increased share repurchase authorization and increased dividends, in addition to a continued decrease in consolidated long-term leverage and investment in accretive organic growth. Overview of Significant Events Our significant events since January 1, 2025 and through the filing date of this Form 10-K include the following: Strategic Growth \u2022Following our pre-filing in July 2025, in February 2026, we filed an application with the FERC under the NGA for authorization to site, construct and operate in a phased approach the CCL Expansion Project, a potential further expansion of the Corpus Christi LNG Terminal, inclusive of four liquefaction trains and supporting infrastructure, with an expected total peak production capacity of up to 24 mtpa of LNG, inclusive of estimated debottlenecking opportunities. 36 Table of Contents \u2022In December 2025, we filed an application with the FERC to increase the LNG production capacity of the previously-authorized Corpus Christi Stage 3 Project and CCL Midscale Trains 8 & 9 Project by approximately 5 mtpa, which remains pending at the FERC. \u2022In March 2025, we received authorization from the FERC under the NGA to site, construct and operate the CCL Midscale Trains 8 & 9 Project, and in June 2025, our Board made a positive FID with respect to the investment in the development, construction and operation of the CCL Midscale Trains 8 & 9 Project and issued a full notice to proceed with construction to Bechtel under a fixed price separated turnkey EPC contract. \u2022In June 2025, certain subsidiaries of CQP updated the SPL Expansion Project\u2019s FERC application, originally filed in ITEM 1A. RISK FACTORS The following are some of the important factors that should be considered when investing in us, as such risk factors could adversely affect our business, financial condition, results of operations or cash flows or have other adverse impacts, and could cause actual results to differ materially from estimates or expectations contained in our forward-looking statements. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, may also adversely affect our business, contracts, financial condition, operating results, cash flows, liquidity and prospects. The risk factors in this report are grouped into the following categories: \u2022Risks Relating to Our Financial Matters; \u2022Risks Relating to Our Operations and Industry; and \u2022Risks Relating to Regulations. Risks Relating to Our Financial Matters An inability to source capital to supplement our available cash resources and existing credit facilities could cause us to have inadequate liquidity and could materially and adversely affect us. As of December 31, 2025, we had, on a consolidated basis, $1.1 billion of cash and cash equivalents (of which $182 million was held by our consolidated variable interest entities (\u201cVIEs\u201d)), $485 million of restricted cash and cash equivalents (of which $22 million was held by our VIEs), a total of $7.2 billion of available commitments under our credit facilities and $23.0 billion of total debt outstanding (before unamortized discount and debt issuance costs). SPL, CQP, CCH and Cheniere operate with independent capital structures as further detailed in Note 10\u2014Debt of our Notes to Consolidated Financial Statements. We incur, and will incur, significant interest expense relating to financing the assets at the Sabine Pass LNG Terminal and the Corpus Christi LNG Terminal, and we anticipate drawing on current committed facilities and/or incurring additional debt to finance the construction of the Corpus Christi Stage 3", "title": "LNG - Cheniere Energy, Inc.", "url": "/company/LNG/" }, { "kind": "company", "summary": "SIC 5070 Wholesale-Hardware & Plumbing & Heating Equipment & Supplies; CIK 0002011641; latest 10-K filed 2025-09-26.", "text": "FERG - Ferguson Enterprises Inc. /DE/ SIC 5070 Wholesale-Hardware & Plumbing & Heating Equipment & Supplies; CIK 0002011641; latest 10-K filed 2025-09-26. FERG Ferguson Enterprises Inc. /DE/ 0002011641 5070 Wholesale-Hardware & Plumbing & Heating Equipment & Supplies Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s discussion and analysis of financial condition and results of operations (\u201cMD&A\u201d) is intended to convey management\u2019s perspective regarding the Company\u2019s operational and financial performance and should be read in conjunction with the Consolidated Financial Statements and related notes contained in this Annual Report. The discussion in this Annual Report generally focuses on fiscal 2025 compared to fiscal 2024. A discussion of our results of operations and changes in financial condition for fiscal 2024 compared to fiscal 2023 has been excluded from this report, but can be found in Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Conditions and Results of Operations of our fiscal 2024 Annual Report. The following discussion contains trend information and forward-looking statements. Actual results could differ materially from those discussed in these forward-looking statements, as well as from our historical performance, due to various factors, including, but not limited to, those discussed in the \u201cRisk Factors\u201d and \u201cForward-Looking Statements and Risk Factor Summary\u201d sections and elsewhere in this Annual Report. Overview Ferguson is a value-added distributor serving the water and air specialized professional in the residential and non-residential North American construction market. We help make our customers\u2019 complex projects simple, successful and sustainable by providing expertise and a wide range of products and services from plumbing, HVAC, appliances, and lighting to PVF, water and wastewater solutions, and more. Ferguson is headquartered in Newport News, Virginia. The following table presents highlights of our annual performance: [[GREPCENT_TABLE]] [[\"\",\"For the years ended July 31,\"],[\"(In millions, except per share amounts)\",\"2025\",\"\",\"2024\"],[\"Net sales\",\"$30,762\",\"\",\"$29,635\"],[\"Operating profit\",\"2,606\",\"\",\"2,652\"],[\"Net income\",\"1,856\",\"\",\"1,735\"],[\"Earnings per share - diluted\",\"9.32\",\"\",\"8.53\"],[\"Net cash provided by operating activities\",\"1,908\",\"\",\"1,873\"],[\"Supplemental non-GAAP financial measures:(1)\"],[\"Adjusted operating profit\",\"2,842\",\"\",\"2,824\"],[\"Adjusted earnings per share - diluted\",\"9.94\",\"\",\"9.69\"]] [[/GREPCENT_TABLE]] (1) The Company uses certain non-GAAP measures, which are not defined or specified under accounting principles generally accepted in the United States (\u201cU.S. GAAP\u201d). See the section titled \u201cNon-GAAP Reconciliations and Supplementary Information.\u201d For fiscal 2025, net sales increased by 3.8%, primarily due to higher sales volume and incremental sales from acquisitions, partially offset by the impact of one less sales day in fiscal 2025 than in fiscal 2024. Pricing was slightly down year-over-year, primarily during the first half of fiscal 2025, due to deflation in certain commodity categories, which was partially offset by improvements in finished goods pricing. For fiscal 2025, operating profit decreased 1.7% (adjusted operating profit increased 0.6%) compared to fiscal 2024. This decrease was primarily due to $80 million in non-recurring restructuring expenses, along with the profit impact of one less sales day in fiscal 2025. These decreases were partially offset by higher gross profit compared with fiscal 2024. Adjusted operating profit increased due to higher gross profit compared with fiscal 2024. For fiscal 2025, diluted earnings per share was $9.32 (adjusted diluted earnings per share: $9.94), increasing 9.3% compared with the prior year due to higher net income and the impact of share repurchases. The higher year-over-year net income was primarily driven by non-recurring, non-cash deferred tax charges of $137 million incurred in fiscal 2024 in connection with establishing a new corporate structure to domicile our ultimate parent company in the United States. Adjusted diluted earnings per share increased 2.6%, primarily due the impact of the Compan Item 1.Business Overview Ferguson is the largest value-added distributor serving the water and air specialized professional in our $340 billion residential and non-residential North American construction market. We help make our customers\u2019 complex projects simple, successful and sustainable by providing expertise and a wide range of products and services from plumbing, heating, ventilation and air conditioning (\u201cHVAC\u201d), appliances, and lighting to pipes, valves and fittings (\u201cPVF\u201d), water and wastewater solutions and more. We sell through a common network of distribution centers, branches, counter service and expert sales associates, showroom consultants and e-commerce channels. The Company has a long history and maintained businesses throughout Europe, Canada and the United States in the 1900s. In the early 2000s, the Company\u2019s focus shifted to attractive North American markets. As a result, the operating businesses across Europe were disposed of through various transactions. As part of this transition and following a corporate restructuring, Ferguson Enterprises Inc. became the ultimate parent company for the business in August 2024. Ferguson is listed on the New York Stock Exchange (NYSE: FERG) and the London Stock Exchange (LSE: FERG). The Company\u2019s corporate headquarters and management office are located at 751 Lakefront Commons, Newport News, Virginia 23606 and its telephone number is +1 757-874-7795. Business segments The Company\u2019s reportable segments are established based on how the Company manages its business and allocates resources, which is on a geographical basis. The Company\u2019s reportable segments are the United States and Canada. For further segment information, see Part II, Item 7: Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations and Note 2, Segment and net sales information of the Notes to the Consolidated Financial Statements in Part II, Item 8: Financial Statements and Supplementary Data of this Annual Re Item 1A.Risk Factors Risk factors summary For a summary of risk factors, see our \u201cForward-Looking Statements and Risk Factor Summary\u201d on page 1. Risk factors In addition to the other information contained in this Annual Report, you should carefull", "title": "FERG - Ferguson Enterprises Inc. /DE/", "url": "/company/FERG/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001178670; latest 10-K filed 2026-02-12.", "text": "ALNY - ALNYLAM PHARMACEUTICALS, INC. SIC 2834 Pharmaceutical Preparations; CIK 0001178670; latest 10-K filed 2026-02-12. ALNY ALNYLAM PHARMACEUTICALS, INC. 0001178670 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview We are a global commercial-stage biopharmaceutical company that discovers, develops, manufactures and commercializes novel therapeutics based on RNAi. Our commercial products and broad pipeline of investigational RNAi therapeutics are targeting a broad range of disease areas and indications. As described in Part I, Item 1. \u201cBusiness\u201d of this Annual Report on Form 10-K, we currently have six products that have received marketing approval, including two products marketed by our collaborators, and multiple late-stage investigational programs advancing towards potential commercialization. We achieved profitability for the first time in 2025, with full-year net product revenues of approximately $3.0 billion, driven primarily by strong growth in our TTR franchise. Nevertheless, we have incurred significant losses since inception and, as of December 31, 2025, we had an accumulated deficit of $6.70 billion. Historically, we generated losses primarily from costs associated with research and development activities; acquiring, filing and protecting our intellectual property rights; and selling, general and administrative activities. With the achievement of profitability in 2025, going forward we expect to be able to fund our operations primarily from product revenues, which we expect will be supplemented by collaboration revenue and royalty revenue from products commercialized by our collaborators. We expect to continue investing significantly in research and development to advance our RNAi platform and clinical pipeline. These planned expenditures include costs associated with our activities as we (i) progress our late-stage programs, including the Phase 3 TRITON-PN and TRITON-CM clinical trials of nucresiran (our next generation TTR silencer) in patients with hATTR-PN and ATTR-CM, respectively, and the Phase 3 ZENITH cardiovascular outcomes trial of zilebesiran in patients with uncontrolled hypertension, all three of which we initiated in 2025; (ii) progress our early stage clinical pipeline, including CNS and metabolic programs; (iii) continue our efforts to deliver RNAi therapeutics to additional tissues and to treat new disease areas; and (iv) selectively pursue complementary modalities through business development. Through these investments, we plan to expand our efforts to discover, develop and commercialize the next wave of RNAi therapeutics and aim to achieve the goals associated with our Alnylam 2030 strategy. These goals include expanding to 10 tissue types and more than 40 clinical programs, delivering at least two new transformative medicines beyond TTR with blockbuster potential, investing approximately 30% of our revenues in non-GAAP R&D (including select external innovation), achieving 25%+ total revenue compound annual growth rate, and delivering approximately 30% non-GAAP operating margin through year-end 2030. As of December 31, 2025, we generate worldwide product revenues from our four commercialized products, AMVUTTRA, ONPATTRO, GIVLAARI and OXLUMO, primarily in the U.S. and Europe. Collaboration revenues, in particular from our collaborations with Roche, Regeneron and Novartis, have also represented a meaningful portion of our total revenues in recent years. We expect our sources of potential funding for the next several years to be derived primarily from sales of our commercialized products, with contributions from our existing collaborations, including royalties on sales of Leqvio by Novartis and on sales of Qfitlia by Sanofi, and any new strategic collaborations that we may enter in the future. However, we and our collaborators may not be able to successfully market and sell our existing commercialized products or any approved products in the future. Moreover, our ongoing development and regulatory efforts may not be successful, and we and our collaborators may not be able to commence sales of any other p ITEM 1. BUSINESS Overview Alnylam Pharmaceuticals, Inc. (also referred to as Alnylam, the Company, we, our or us) is a global commercial-stage biopharmaceutical company developing novel therapeutics based on ribonucleic acid interference, or RNAi. RNAi is a naturally occurring biological pathway within cells for sequence-specific silencing and regulation of gene expression. By harnessing the RNAi pathway, we have pioneered a new class of innovative medicines, known as RNAi therapeutics. RNAi therapeutics are comprised of small interfering RNA, or siRNA, that function upstream of conventional medicines by potently silencing messenger RNA, or mRNA, that encode for proteins implicated in the cause or pathway of disease, thus preventing them from being made. We believe this is a revolutionary approach with the potential to transform the care of patients across a broad range of disease areas and indications. To date, our efforts to advance this revolutionary approach have yielded the approval of six first-in-class RNAi-based medicines: AMVUTTRA\u00ae (vutrisiran), ONPATTRO\u00ae (patisiran), GIVLAARI\u00ae (givosiran), OXLUMO\u00ae (lumasiran), Leqvio\u00ae (inclisiran) and Qfitlia\u00ae (fitusiran). Our research and development strategy is to target genetically validated genes that have been implicated in the cause or pathway of human disease. We utilize a N-acetylgalactosamine (GalNAc) conjugate approach or lipid nanoparticle (LNP) to enable hepatic delivery of siRNAs. For delivery to the central nervous system, or CNS, and the eye (ocular delivery), we are utilizing an alternative conjugate approach based on a hexadecyl (C16) moiety as a lipophilic ligand. We are also advancing approaches for heart, skeletal muscle and adipose tissue delivery of siRNAs. Our focus is on clinical indications where there is a high unmet need, a genetically validated target, early biomarkers for the assessment of clinical activity in Phase 1 clinical trials, and a definable path for drug development, regulatory app ITEM 1A. RISK FACTORS Investing in our securities involves a high degree of risk. You should carefully consider the following risk factors in addition to the other information set forth or incorporated by reference in this Annual Report on Form 10-K, including our consolidated financial statements and the r", "title": "ALNY - ALNYLAM PHARMACEUTICALS, INC.", "url": "/company/ALNY/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001050446; latest 10-K filed 2026-02-19.", "text": "MSTR - Strategy Inc SIC 6199 Finance Services; CIK 0001050446; latest 10-K filed 2026-02-19. MSTR Strategy Inc 0001050446 6199 Finance Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Information The following discussion and analysis provides information which our management believes is relevant to an assessment and understanding of our financial condition and results of operations. This discussion and analysis should be read together with our consolidated financial statements and related notes that are included elsewhere in this Annual Report. In addition to historical financial information, this discussion and analysis contains forward-looking statements that are based upon our current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond our control. See the section of this Annual Report entitled \u201cForward Looking Information and Risk Factor Summary.\u201d Actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cPart I. Item 1A. Risk Factors\u201d or elsewhere in this Annual Report. 10-for-1 stock split On August 7, 2024, we completed a 10-for-1 stock split of our class A and class B common stock. See Note 2(a), Summary of Significant Accounting Policies \u2013 Basis of Presentation, to the Consolidated Financial Statements contained in Part II, Item 8 of this Annual Report, for further information. As a result of the stock split, all applicable share and per share information presented within this \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d has been retroactively adjusted to reflect the stock split for all periods presented. Management\u2019s Discussion and Analysis for the Year Ended December 31, 2023 Management\u2019s discussion and analysis of financial condition and results of operations for the year ended December 31, 2023, including comparison of our results for the years ended December 31, 2024 and 2023, is included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. Business Overview Strategy is the world's first and largest Bitcoin Treasury Company. We pursue financial innovation strategies designed to generate value from our bitcoin holdings, including by developing and issuing novel fixed-income instruments that provide investors varying degrees of economic exposure to bitcoin. In addition, we are an industry leader in AI-powered enterprise analytics software, advancing our vision of Intelligence Everywhere\u2122. We believe our combination of active bitcoin-focused capital management and a scaled operating software business positions us for long-term value creation across both digital asset and enterprise analytics markets. Bitcoin Strategy We believe that bitcoin is a financial and technological innovation that represents a compelling long-term treasury reserve asset due to its scarcity, durability, and global liquidity. Through our bitcoin treasury operations, we execute on our bitcoin acquisitions, capital management and capital markets strategies, which are designed to enable us to accumulate bitcoin in a manner we believe to be accretive to our shareholders in the long term and to generate value from our bitcoin holdings. We announced our first acquisition of bitcoin in August 2020. In September 2020, our board of directors adopted a Treasury Reserve Policy, under which our treasury reserve assets consist of: \u2022Cash Assets in excess of working capital requirements; and \u2022bitcoin, which serves as the primary treasury reserve asset on an ongoing basis, subject to market conditions and anticipated needs of the business for Cash Assets. In the first quarter of 2021, we adopted, in addition to and in conjunction with our Treasury Reserve Policy, a corporate strategy of acquiring and holding bitcoin, including with the proceeds of capital raising transactions. Our capital markets strategy generally in Item 1. Business Our Company Strategy is the world's first and largest Bitcoin Treasury Company. We pursue financial innovation strategies designed to generate value from our bitcoin holdings, including by developing and issuing novel fixed-income instruments that provide investors varying degrees of economic exposure to bitcoin. In addition, we are an industry leader in AI-powered enterprise analytics software, advancing our vision of Intelligence Everywhere\u2122. We believe our combination of active bitcoin-focused capital management and a scaled operating software business positions us for long-term value creation across both digital asset and enterprise analytics markets. On August 11, 2025, we changed our name from \u201cMicroStrategy Incorporated\u201d to \u201cStrategy Inc\u201d. Bitcoin Strategy Overview We believe that bitcoin is a financial and technological innovation and represents a compelling long-term treasury reserve asset due to its scarcity, durability, and global liquidity. Through our bitcoin treasury operations, we execute on our bitcoin acquisitions, capital management and capital markets strategies, which are designed to enable us to accumulate bitcoin in a manner we believe to be accretive to our shareholders in the long term and to generate value from our bitcoin holdings. We announced our first acquisition of bitcoin in August 2020. In September 2020, our board of directors adopted a Treasury Reserve Policy, under which our treasury reserve assets consist of: \u2022cash and cash equivalents and short-term investments (\u201cCash Assets\u201d) in excess of working capital requirements; and \u2022bitcoin, which serves as the primary treasury reserve asset on an ongoing basis, subject to market conditions and anticipated needs of the business for Cash Assets. In the first quarter of 2021, we adopted, in addition to and in conjunction with our Treasury Reserve Policy, a corporate strategy of acquiring and holding bitcoin, including with the proceeds of capital raising transa Item 1A. Risk Factors You should carefully consider the risks described below before making an investment decision. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impact us, our business, our bitcoin holdings, or our securities. If any of the follow", "title": "MSTR - Strategy Inc", "url": "/company/MSTR/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001315098; latest 10-K filed 2026-02-11.", "text": "RBLX - Roblox Corp SIC 7372 Services-Prepackaged Software; CIK 0001315098; latest 10-K filed 2026-02-11. RBLX Roblox Corp 0001315098 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition, results of operations, and cash flows should be read in conjunction with the consolidated financial statements, and related notes appearing under \u201cConsolidated Financial Statements and Supplementary Data\u201d in Item 8 of this filing. This discussion and analysis and other parts of this Annual Report on Form 10-K contain forward-looking statements, such as those relating to our plans, objectives, expectations, intentions, and beliefs, that involve risks, uncertainties, and assumptions. Our actual results could differ materially from these forward-looking statements as a result of many factors, including those discussed in the section titled \u201cRisk Factors,\u201d \u201cSpecial Note Regarding Forward-Looking Statements,\u201d and \u201cSpecial Note Regarding Operating Metrics\u201d included elsewhere in this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any periods in the future. Unless the context otherwise requires, all references in this report to \u201cRoblox,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d or similar terms refer to Roblox Corporation and its subsidiaries. This section of our Annual Report on Form 10-K discusses our financial condition as of and results of operations for the fiscal years ended December 31, 2025 and 2024, as well as year-to-year comparisons between fiscal years 2025 and 2024. A discussion of our financial condition as of and results of operations for the fiscal year ended 2023 and year-to-year comparisons between fiscal years 2024 and 2023 that is not included in this Annual Report on Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. Because certain reported amounts are rounded, the sum of the respective components reported for these amounts may not equal the total amount reported and the percentages presented may not add to their respective totals. Overview People from around the world come to Roblox every day to connect. Together they create, play, work, learn, and connect with each other in experiences built by our global community of creators. Our Platform is powered by user-generated content and draws inspiration from gaming, entertainment, social media, and even toys. Our immersive gaming and creation Platform consists of the Roblox Client, the Roblox Studio, and the Roblox Cloud (collectively, the \u201cRoblox Platform\u201d or the \u201cPlatform\u201d). Roblox Client is the free application that allows users to explore immersive experiences. Roblox Studio is the free toolset that allows creators to build, publish, and operate immersive experiences and other content accessed with the Roblox Client. Roblox Cloud includes the services and infrastructure that power our Platform. We are continually innovating our Platform by investing in high fidelity avatars, more realistic experiences, artificial intelligence (\u201cAI\u201d) tools, and other connection features. Our mission is to connect a billion users with optimism and civility. We are constantly improving the ways in which our Platform supports shared experiences, ranging from how these experiences are built by an engaged community of creators to how they are enjoyed and safely accessed by users across the globe. We also believe there is a strong potential to capture a greater percentage of the global gaming market within the Roblox ecosystem. Our goal is to make it as easy as possible for creators to build better and safer experiences, including games, and ultimately reach more users. We continue to invest in creating tools for our creators designed to promote key experience genres and deepen engagement on our Platform. Consistent with our free to use business model, a small portion of our users have historically been payers. For examp Item 1. BUSINESS Overview Roblox is an immersive gaming and creation platform (the \u201cRoblox Platform\u201d or \u201cPlatform\u201d) that offers people millions of ways to be together, inviting its community to explore, create, and share endless unique experiences. Our vision is to reimagine the way people come together\u2013 in a world that\u2019s safe, civil, and optimistic. To achieve this vision, we are building an innovative company that, together with the Roblox community, has the ability to strengthen our social fabric and support economic growth for people around the world. Our Platform consists of the Roblox Client, the Roblox Studio, and the Roblox Cloud. Roblox Client is the application that allows users to seamlessly explore immersive experiences. Roblox Studio is the free toolset that allows creators to build, publish, and operate immersive experiences and other content accessed with the Roblox Client. Roblox Cloud includes the services and infrastructure that power our Platform. Our mission is to connect a billion users with optimism and civility. We are constantly improving the ways in which our Platform supports shared experiences, ranging from how these experiences are built by an engaged community of creators to how they are enjoyed and safely accessed by users across the globe. We also believe there is a strong potential to capture a greater percentage of the global gaming market within the Roblox ecosystem. Our goal is to make it as easy as possible for creators to build better and safer experiences, including games, and ultimately reach more users. We continue to invest in creating tools for our creators designed to promote key experience genres and deepen engagement on our Platform. Growth at Roblox has been driven primarily by a significant investment in technology and two mutually reinforcing network effects: content and connections. First, user-generated content built by our community of creators powers our Platform. As creators build increasingly high-quality a Item 1A. Risk Factors RISK FACTORS A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider the risks described below, as well as the other information in this Annual Report on Form 10-K, including our consolidated financial statements and \u201cManagement\u2019s Discussion and Analysis", "title": "RBLX - Roblox Corp", "url": "/company/RBLX/" }, { "kind": "company", "summary": "SIC 8071 Services-Medical Laboratories; CIK 0001604821; latest 10-K filed 2026-02-27.", "text": "NTRA - Natera, Inc. SIC 8071 Services-Medical Laboratories; CIK 0001604821; latest 10-K filed 2026-02-27. NTRA Natera, Inc. 0001604821 8071 Services-Medical Laboratories ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \u200b You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and related notes included in Part II, Item 8 of this report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in \u201cRisk Factors\u201d included elsewhere in this report. \u200b Overview \u200b We are a diagnostics company with proprietary molecular and bioinformatics technology that we are applying to change disease management worldwide. Our cell-free DNA, or cfDNA, technology combines our novel molecular assays, which reliably measure many informative regions across the genome, from samples as small as a single cell, with our statistical algorithms that incorporate data available from the broader scientific community to identify genetic variations, covering a wide range of serious conditions with high accuracy and coverage. We aim to make personalized genetic testing and diagnostics part of the standard of care to protect health and inform earlier and provide more targeted interventions that help lead to longer, healthier lives. \u200b We provide a comprehensive suite of products to improve patient care outcomes in three main areas of healthcare \u2013 oncology, women\u2019s health, and organ health. We generate the majority of our revenues from the sale of Panorama, our non-invasive prenatal test (\u201cNIPT\u201d) and Horizon, our genetic carrier screening test. In addition to Panorama, our product offerings in women\u2019s health include Fetal Focus, our noninvasive prenatal test for single-gene inherited conditions, Vistara, our single-gene NIPT that screens for conditions that may affect quality of life, and Anora, our test to help determine underlying reasons for occurrence of miscarriage, and Empower, our hereditary cancer screening test which we also offer through our oncology sales channel. In oncology, we offer Signatera, our personalized ctDNA blood test for MRD assessment, early recurrence monitoring, and evaluation of treatment response in patients previously diagnosed with cancer. We also offer Latitude, our blood-based MRD test for colorectal cancer that does not require a tumor tissue sample, as well as Altera, a comprehensive genomic profiling test to support treatment decisions and therapy selection. \u200b We process tests in our laboratories certified under the Clinical Laboratory Improvement Amendments of 1988, or CLIA, primarily in Austin, Texas and San Carlos, California; our laboratory in Boulder, Colorado performs clinical trials testing. A portion of our testing is performed by third-party laboratories. Our customers include independent laboratories, national and regional reference laboratories, medical centers and physician practices for our screening tests, and research laboratories and pharmaceutical companies. We market and sell our tests through our direct sales force and, for our women\u2019s health tests, through our laboratory distribution partners. We bill clinics, laboratory distribution partners, patients, pharmaceutical companies and insurance payers for the tests we perform. In cases where we bill laboratory distribution partners, our partners in turn bill clinics, patients and insurers. The majority of our revenue comes from insurers with whom we have in-network contracts. Such insurers reimburse us for our tests pursuant to our in-network contracts with them, based on positive coverage determinations, which means that the insurer has determined that the test in general is medically necessary for this category of patient. \u200b In addition to offering tests to be performed at our laboratories, either directly or through our laboratory Item 1.BUSINESS Note: A glossary of terms used in this Form 10-K appears at the end of this Item 1. Overview We are a diagnostics company with proprietary molecular and bioinformatics technology that we are applying to change disease management worldwide. Our cell-free DNA, or cfDNA, technology combines our novel molecular assays, which reliably measure many informative regions across the genome from samples as small as a single cell, with our statistical algorithms that incorporate data available from the broader scientific community to identify genetic variations covering a wide range of serious conditions with high accuracy and coverage. We aim to make personalized genetic testing and diagnostics part of the standard of care to protect health and inform earlier and provide more targeted interventions that help lead to longer, healthier lives. \u200b We focus on applying our technology to three main areas of healthcare \u2013 oncology, women\u2019s health, and organ health. Since 2009, we have launched a comprehensive suite of products to improve patient care outcomes in these areas. In oncology, we commercialize personalized blood-based DNA tests designed to optimize therapy decisions from diagnosis to survivorship. In the women\u2019s health space, we develop and commercialize non- or minimally- invasive tests to support a range of women\u2019s health needs, from prenatal testing to hereditary cancer screening. In organ health, we offer tests to assess kidney, heart, and lung transplant rejection as well as genetic testing for chronic kidney disease. We intend to continue to enhance our existing products, expand our product portfolio, and launch new products in the future. In addition to our direct sales force in the United States, we have a global network of over 100 laboratory and distribution partners, including several of the largest international laboratories. We are committed to generating peer-reviewed clinical evidence for our tests, with over 350 peer-reviewed publications ITEM 1A.RISK FACTORS \u200b Investing in our common stock involves a high degree of risk. You should consider carefully the risks and uncertainties described below, together with all of the other information in this report, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our co", "title": "NTRA - Natera, Inc.", "url": "/company/NTRA/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001628171; latest 10-K filed 2026-02-25.", "text": "RVMD - Revolution Medicines, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001628171; latest 10-K filed 2026-02-25. RVMD Revolution Medicines, Inc. 0001628171 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. Information pertaining to fiscal year 2024 was included in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024 under Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Position and Results of Operations,\u201d which was filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 26, 2025. In addition to historical financial information, this discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a clinical-stage precision oncology company developing novel targeted therapies for RAS-addicted cancers. We possess sophisticated structure-based drug discovery capabilities built upon deep chemical biology and cancer pharmacology know-how and innovative, proprietary technologies that enable the creation of small molecules tailored to unconventional binding sites. Guided by our understanding of genetic drivers and adaptive resistance mechanisms in cancer, we deploy precision medicine approaches to inform innovative monotherapy and combination regimens. Our research and development pipeline comprises inhibitors that bind directly to RAS variants (RAS(ON) Inhibitors) that are designed to be used as monotherapy, in combination with other RAS(ON) Inhibitors and/or other therapeutic agents. RAS(ON) Inhibitors We are advancing a deep pipeline of RAS(ON) Inhibitors, including daraxonrasib (RMC-6236), our multi-selective inhibitor, zoldonrasib (RMC-9805), our G12D-selective inhibitor, elironrasib (RMC-6291), our G12C-selective inhibitor, and RMC-5127, our G12V-selective inhibitor. We also have other preclinical-stage RAS(ON) Inhibitor clinical development opportunities, including the RAS(ON) mutant-selective inhibitors RMC-0708 (Q61H) and RMC-8839 (G13C) and additional novel targeted approaches for patients with RAS-addicted cancers. Daraxonrasib Daraxonrasib, our RAS(ON) multi-selective inhibitor, is designed as an oral, RAS-selective tri-complex inhibitor of multiple RAS(ON) variants containing cancer driver mutations at all three of the major RAS mutation hotspot positions, G12, G13, and Q61. Daraxonrasib inhibits all three major RAS isoforms, suppressing the mutant cancer driver and cooperating wild-type RAS proteins. In October 2025, the U.S. Food and Drug Administration (FDA) granted us a non-transferable voucher for daraxonrasib in pancreatic ductal adenocarcinoma (PDAC) under the Commissioner\u2019s National Priority Voucher (CNPV) pilot program. Also in October 2025, daraxonrasib was granted Orphan Drug Designation by the FDA for the treatment of pancreatic cancer. In June 2025, daraxonrasib received Breakthrough Therapy Designation from the FDA for previously treated metastatic PDAC in patients with KRAS G12 mutations. Zoldonrasib Zoldonrasib is designed as a RAS(ON) oral G12D-selective tri-complex inhibitor. It is designed to exhibit low nanomolar potency for suppressing RAS pathway signaling and growth of RAS G12D-bearing cancer cells and is engineered to covalently inactivate RAS G12D irreversibly. In December 2025, zoldonrasib received Breakthrough Therapy Designation from the FDA for the treatment of adult patients with KRAS G12D-mutated locally advanced or metastatic non-small cell lung cancer (NSCLC) who have been previously treated with anti-PD-1/PD-L1 therapy and platinum Item 1. Business. Overview We are a clinical-stage precision oncology company developing novel targeted therapies for RAS-addicted cancers. We possess sophisticated structure-based drug discovery capabilities built upon deep chemical biology and cancer pharmacology know-how and innovative, proprietary technologies that enable the creation of small molecules tailored to unconventional binding sites. Guided by our understanding of genetic drivers and adaptive resistance mechanisms in cancer, we deploy precision medicine approaches to inform innovative monotherapy and combination regimens. Our research and development pipeline comprises inhibitors that bind directly to RAS variants (RAS(ON) Inhibitors) that are designed to be used as monotherapy, in combination with other RAS(ON) Inhibitors and/or other therapeutic agents. RAS(ON) Inhibitors Our RAS(ON) Inhibitors are based on our proprietary tri-complex technology platform, which enables a highly differentiated approach to inhibiting the active, GTP-bound form of RAS, which we refer to as RAS(ON). We are developing a portfolio of compounds that we believe were the first RAS(ON) Inhibitors to use this mechanism of action. We believe that direct inhibitors of RAS(ON) suppress cell growth and survival and are less susceptible to adaptive resistance mechanisms recognized for RAS inhibitors that target the inactive, GDP-bound form of RAS, which we refer to as RAS(OFF) inhibitors. We believe tailored RAS(ON) Inhibitors will be useful to serve the diverse landscape of RAS-addicted cancers optimally. In some cases, patients may experience maximal clinical benefit from the broad activity of a RAS(ON) multi-selective inhibitor, such as daraxonrasib (RMC-6236), which is designed to inhibit multiple oncogenic RAS variants. In other settings, treatment with a RAS(ON) mutant-selective inhibitor, designed to selectively target a specific RAS mutation, may be optimal. We further believe that in some cases, it could be beneficial Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below, as well as the other information in this Annual Report on Form 10-K, including our financial statements and the related notes and the se", "title": "RVMD - Revolution Medicines, Inc.", "url": "/company/RVMD/" }, { "kind": "company", "summary": "SIC 7350 Services-Miscellaneous Equipment Rental & Leasing; CIK 0001590364; latest 10-K filed 2026-02-27.", "text": "FTAI - FTAI Aviation Ltd. SIC 7350 Services-Miscellaneous Equipment Rental & Leasing; CIK 0001590364; latest 10-K filed 2026-02-27. FTAI FTAI Aviation Ltd. 0001590364 7350 Services-Miscellaneous Equipment Rental & Leasing Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help you understand FTAI Aviation Ltd. (the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d). Our MD&A should be read in conjunction with our consolidated financial statements and the accompanying notes, and with Part I, Item 1A, \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d included elsewhere in this Annual Report on Form 10-K. A discussion of our cash flows for 2025 compared to 2024 is included in our Annual Report on Form 10-K for the year ended December 31, 2025, under Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations. Overview We are a leading independent engine maintenance platform focused on the CFM56-5B, CFM56-7B and V2500 aircraft engines which power the 737NG and A320ceo aircraft. We repair and rebuild engines in our maintenance facilities and with our joint venture partners, and sell or lease the engines to airlines and asset owners around the world. Our primary business model is to sell or lease engines via exchange through our proprietary Maintenance, Repair and Exchange (\u201cMRE\u201d) model which is reported under our Aerospace Products segment. We also own and manage a portfolio of on- and off-lease aircraft and engines through our Aviation Leasing segment. While historically these investment activities have been primarily held on balance sheet, at the end of 2024, we launched our Strategic Capital Initiative, which consists of an asset management business that manages third-party capital to invest in on-lease aircraft and engines. We expect our primary investment activities to be through our Strategic Capital Initiative going forward. As of December 31, 2025, we had total consolidated assets of $4.4 billion and total equity of $334.2 million. Internalization of Management On May 28, 2024, the Company entered into definitive agreements with the Former Manager and Master GP to internalize the Company\u2019s management function. As part of the termination of the Management Agreement, the Company (i) paid the Former Manager (for itself and on behalf of the Master GP, as applicable) the Cash Consideration, the compensation accrued and payable, but not yet paid, under the Management Agreement and the expenses that were reimbursable, but not yet reimbursed, under the Management Agreement; (ii) issued to the Former Manager (for itself and on behalf of the Master GP, as applicable) the Share Consideration; and (iii) purchased from Master GP all of its partnership interests in FTAI Aviation Holdco Ltd., a subsidiary of the Company, in exchange for $30 thousand. Following the Internalization, the Company no longer pays management fees or incentive distributions to the Former Manager and Master GP. In connection with the termination of the Management Agreement, the Company also entered into a Transition Services Agreement with the Former Manager. Under the Transition Services Agreement, the Former Manager was required to continue to provide the Company and its affiliates with all of the Services for a transition period until October 31, 2024, during which the Company procured replacements for the Services. In addition, the Former Manager was required to continue to provide the services that were reasonably required by the Company to prepare its quarterly and annual financial statements until May 31, 2025. The Services were provided to the Company for a fee equal to the Former Manager\u2019s cost of providing the Services, including the allocated cost of, among other things, overhead, employee wages and compensation, rent and related real estate expenses and actually incurred out-of-pocket expenses, plus a mark-up of ten percent (10%). Impact of Russia\u2019s Invasion of Ukraine Economic sanctions and export controls against Russia and Russia\u2019s aviation industry were imposed due to i Item 1. Business Our Company FTAI Aviation Ltd. (Nasdaq: FTAI) is a Cayman Islands exempted company. Except as otherwise specified, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, \u201cFTAI\u201d, \u201cFTAI Aviation\u201d or \u201cthe Company\u201d refer to us and our consolidated subsidiaries. We are a leading independent engine maintenance platform focused on the CFM56-5B, CFM56-7B and V2500 aircraft engines which power the 737NG and A320ceo aircraft. We repair and rebuild engines in our maintenance facilities and with our joint venture partners, and sell or lease the engines to airlines and asset owners around the world. Our primary business model is to sell or lease engines via exchange through our proprietary Maintenance, Repair and Exchange (\u201cMRE\u201d) model which is reported under our Aerospace Products segment. We also own and manage a portfolio of on- and off-lease aircraft and engines through our Aviation Leasing segment. While historically these investment activities have been primarily held on balance sheet, at the end of 2024, we launched our Strategic Capital Initiative, which consists of an asset management business that manages third-party capital to invest in on-lease aircraft and engines. We expect our primary investment activities to be through our Strategic Capital Initiative going forward. As of December 31, 2025, we had total consolidated assets of $4.4 billion and total equity of $334.2 million. Our Strategy In general, we seek to own a diverse mix of high-quality aviation assets and equipment that generate predictable cash flows through their use in our maintenance platform or through leasing activities. We believe that by investing in a diverse mix of assets, we can select from among the best risk-adjusted investment opportunities. Our management has significant prior experience, as well as a network of industry relationships, that we believe positions us well to make successful acquisitions and to actively manage and improve operations and cash flows of our existing and newly acquired assets. Item 1A. Risk Factors You should carefully consider the following risks and other information in this Form 10-K in evaluating us and our shares. Any of the following risks, as well as additional risks and uncertainties not currently known to us or that we currently deem immaterial, could materi", "title": "FTAI - FTAI Aviation Ltd.", "url": "/company/FTAI/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001441816; latest 10-K filed 2026-03-11.", "text": "MDB - MongoDB, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001441816; latest 10-K filed 2026-03-11. MDB MongoDB, Inc. 0001441816 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included in Part II, Item 8, Financial Statements and Supplementary Data, of this Form 10-K. All information presented herein is based on our fiscal calendar. Unless otherwise stated, references to particular years, quarters, months or periods refer to our fiscal years ended January 31 and the associated quarters, months and periods of those fiscal years. Overview MongoDB is the developer data platform company whose mission is to empower developers to create, transform, and disrupt industries by unleashing the power of software and data. The foundation of our offering is the world\u2019s leading, modern general purpose database. Organizations can deploy our database at scale in the cloud, on-premises, or in a hybrid environment. Built on our unique document-based architecture, our database is designed to meet the needs of organizations for performance, scalability, flexibility and reliability while maintaining the strengths of relational databases. In addition to the database, our developer data platform includes a set of, tightly integrated, capabilities such as search, time series, data lifecycle, application-driven analytics and stream processing that allow developers to address a broader range of application requirements. Our business model combines the developer mindshare and adoption benefits of open source with the economic benefits of a proprietary software subscription business model. We generate revenue primarily from sales of subscriptions, which accounted for 97% of our total revenue for the year ended January 31, 2026 and 97% for the years ended January 31, 2025 and 2024. Atlas is our hosted multi-cloud database-as-a-service (\u201cDBaaS\u201d) offering, which we run and manage in the cloud, and includes comprehensive infrastructure and management, as well as a host of additional features, such as Atlas Search, Vector Search, time series, data lifecycle, application-driven analytics, and stream processing. During the year ended January 31, 2026, Atlas revenue represented 73% of our total revenue, as compared to 70% in the prior year, reflecting the continued growth of Atlas since its introduction in June 2016. We have experienced strong growth in self-serve customers of Atlas, which are charged monthly in arrears based on their usage. We have also seen growth in Atlas customers sold by our sales force, which typically sign annual contracts and pay in advance or are invoiced monthly in arrears based on usage. Customers sold by our sales force may also sign contracts that remain in effect until terminated and are invoiced monthly in arrears based on usage. We expect to continue to see a higher portion of our Atlas contracts to be billed monthly in arrears based on usage without requiring upfront commitments. MongoDB Enterprise Advanced is our proprietary commercial database server offering for enterprise customers that can run in the cloud, on-premises or in a hybrid environment. MongoDB Enterprise Advanced revenue represented 21%, 24% and 26% of our subscription revenue for the years ended January 31, 2026, 2025 and 2024, respectively. We sell subscriptions directly through our field and inside sales teams, as well as indirectly through channel partners. The majority of our subscription contracts are one year in duration and are invoiced upfront. When we enter into multi-year subscriptions, the customer is typically invoiced on an annual basis or pays upfront. Many of our enterprise customers initially get to know our software by using Community Server, which is our free-to-download version of our database that includes the core functionality developers need to get started with MongoDB without all the features of our commercial platform. Our platform has been downloaded from our website more than 700 million times si Item 1. Business Overview MongoDB is the developer data platform company whose mission is to empower developers to create, transform, and disrupt industries by unleashing the power of software and data. Our developer data platform is a globally distributed operational database integrated with a set of data services that allow development teams to address the growing variety of application requirements, all in a unified and consistent user experience. 2 Table of Contents The foundation of our platform is the world\u2019s leading, modern general purpose database. Built on our unique document-based architecture, our database is designed to handle unstructured data and meet the needs of organizations for performance, scalability, flexibility and reliability while maintaining the strengths of relational databases.Every software application requires a database to store, organize and process data. Large organizations can have tens of thousands of applications and associated databases. A database directly impacts an application's performance, scalability, flexibility and reliability. As a result, selecting a database is a highly strategic decision that directly affects developer productivity, application performance and organizational competitiveness. The global database market is dominated by legacy relational databases, which were first developed in the 1970s. Their underlying architecture remains largely unchanged even though the nature of applications, how they are deployed and their role in business has evolved dramatically. Modern software development is highly iterative and requires flexibility. Relational databases were not built to support the volume, variety and speed of data being generated today, hindering application performance and developer productivity. In a relational database environment, developers are often required to spend significant time fixing and maintaining the linkages between modern applications and the rigid database structures that are inhere Item 1A. Risk Factors Our operations and financial results are subject to various risks and uncertainties including those described below. You should consider carefully the risks and uncertainties described below, in addition to other information contained in this Form 10-K, including our consolidated financial statements and related notes", "title": "MDB - MongoDB, Inc.", "url": "/company/MDB/" }, { "kind": "company", "summary": "SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001834584; latest 10-K filed 2026-02-26.", "text": "CPNG - Coupang, Inc. SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001834584; latest 10-K filed 2026-02-26. CPNG Coupang, Inc. 0001834584 5961 Retail-Catalog & Mail-Order Houses Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Form 10-K. This discussion, particularly information with respect to our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading \u201cSpecial Note Regarding Forward-Looking Statements\u201d in this Form 10-K. As a result of many factors, including, without limitation, those factors set forth in Part I, Item 1A. \u201cRisk Factors\u201d in this Form 10-K, our actual results or timing of certain events could differ materially from the results or timing described in, or implied by, these forward-looking statements. In the following discussion and analysis, amounts may not foot due to rounding. [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Overview\",\"47\"],[\"Key Business Metrics\",\"49\"],[\"Results of Operations\",\"50\"],[\"Non-GAAP Financial Measures\",\"54\"],[\"Liquidity and Capital Resources\",\"56\"],[\"Critical Accounting Estimates\",\"58\"],[\"Recently Adopted Accounting Pronouncements\",\"60\"]] [[/GREPCENT_TABLE]] Overview Coupang is a technology and Fortune 150 company listed on the New York Stock Exchange (NYSE: CPNG) that provides retail, restaurant delivery, video streaming, and fintech services to customers around the world under brands that include Coupang, Eats, Play, Rocket Now, and Farfetch. Headquartered in the United States, Coupang has operations and support services in geographies including Korea, Taiwan, Singapore, China, India, Japan, and Europe. Coupang\u2019s mission is to revolutionize the everyday lives of its customers and create a world where people wonder, \u201cHow did I ever live without Coupang?\u201d We believe that we are a preeminent retail destination because of our broad selection, low prices, and exceptional delivery and customer experience across our owned inventory selection as well as products offered by third-party merchants. Our unique end-to-end integrated fulfillment, logistics, and technology network enables Rocket Delivery, which provides free, next-day delivery for orders placed anytime of the day, even seconds before midnight\u2014across millions of products in Korea. Our structural advantages from complete end-to-end integration, investments in technology, and scale economies generate higher efficiencies that allow us to pass savings to customers in the form of lower prices. The capabilities we have built provide us with opportunities to expand into other offerings and geographies. Data Incident and Customer Compensation Program In November 2025, Coupang became aware of a data incident involving unauthorized access to customer accounts (the \u201cIncident\u201d). For additional information, see Part I, Item 1A. \u201cRisk Factors,\u201d Part I, Item 1C. \u201cCybersecurity,\u201d and Note 14 \u2014 \"Commitments and Contingencies\" to the consolidated financial statements included in Part II, Item 8. \u201cFinancial Statements and Supplementary Data\u201d of this Form 10-K. In December 2025, Coupang Corp., our Korean subsidiary, announced a customer compensation program to issue approximately $1.2 billion worth of vouchers, beginning in January 2026, to customers who were notified of the Incident at the end of November 2025 that may be applied towards future Coupang purchases (the \u201cCustomer Compensation Program\u201d). These vouchers will be reflected as reductions to the selling price and revenue recognized on each corresponding transaction as they are redeemed. The Customer Compensation Program may reduce net revenues growth and profitability primarily in the first quarter of 2026. We believe that the Incident has increased and may further increase the Korean government\u2019s focus on our business and could result in a Item 1. Business The Company Coupang is a technology and Fortune 150 company listed on the New York Stock Exchange that provides retail, restaurant delivery, video streaming, and fintech services to customers under brands that include Coupang, Eats, Play, Rocket Now, and Farfetch. We serve millions of customers in over 190 countries and territories around the world. We have organized our operations into two segments: Product Commerce and Developing Offerings. These segments reflect the way we evaluate our business performance and manage operations. Information on our segments is included in Part II, Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2014 Overview \u2014 Segment Information.\u201d Financial information for our segments is included in Note 3 \u2014 \u201cSegment Reporting\u201d to the consolidated financial statements included in Part II, Item 8 of this Form 10-K. Our Customer Experience We are committed to building a one-of-a-kind service for our customers designed to provide them with the best selection, savings, and service. Our approach focuses on controlling the entire end-to-end experience \u2013 from technology and automation to fulfillment and logistics \u2013 so we can continually raise the bar for what customers expect. The technology, infrastructure, and operational excellence we have built allow us to invest in customer experiences and new, adjacent services. Capabilities originally developed to deliver general merchandise at speed have evolved to support fresh grocery, food delivery, digital entertainment, payments, and other services \u2013 all designed to make our customers\u2019 lives easier. Across our markets, customers benefit from one or more of our core experiences built around speed, convenience, and reliability including: \u2022Fast, reliable delivery experience, ranging from next-day, dawn, and even same-day delivery, with order cutoffs as late as midnight; \u2022Broad selection, spanning daily essentials, general merchandise, fresh Item 1A. Risk Factors Investing in our Class A common stock involves a high degree of risk. You should consider and read carefully all of the risks, uncertainties, events, and contingencies described below, as well as other information included in this Form 10-K, including the sections titled \u201cSpecial Note Regarding Forward-Looking S", "title": "CPNG - Coupang, Inc.", "url": "/company/CPNG/" }, { "kind": "company", "summary": "SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services; CIK 0001397911; latest 10-K filed 2026-02-23.", "text": "LPLA - LPL Financial Holdings Inc. SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services; CIK 0001397911; latest 10-K filed 2026-02-23. LPLA LPL Financial Holdings Inc. 0001397911 6200 Security & Commodity Brokers, Dealers, Exchanges & Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes to those consolidated financial statements included in \u201cItem 8. Financial Statements and Supplementary Data\u201d of this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve significant risks and uncertainties. As a result of many factors, such as those set forth under \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K, our actual results may differ materially from those anticipated in these forward-looking statements. Please also refer to the section under heading \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Business Overview We are a leader in the advisor-mediated marketplace as the nation\u2019s largest independent broker-dealer, a leading investment advisory firm, and a top custodian. We serve independent financial advisors and institutions, providing them with the technology solutions, brokerage and advisory platforms, clearing services, compliance services, consultative practice management programs and training, business services and planning and advice services, and in-house research they need to run successful businesses. We enable them to provide personalized financial guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions. Please consult Part I, \u201cItem 1. Business\u201d for information related to our business activities. 39 Table of Contents Our Sources of Revenue Our revenue is derived primarily from fees and commissions from products and advisory services offered by our advisors to their clients, a substantial portion of which we pay out to our advisors, as well as fees we receive from our advisors for the use of our technology, custody, clearing, trust and reporting platforms. We also generate asset-based revenue through our insured bank sweep vehicles, money market account balances and the access we provide to a variety of product providers with the following product lines: [[GREPCENT_TABLE]] [[\"\\u2022 Alternative Investments\",\"\",\"\\u2022 Retirement Plan Products\"],[\"\\u2022 Annuities\",\"\",\"\\u2022 Separately Managed Accounts\"],[\"\\u2022 Exchange Traded Products\",\"\",\"\\u2022 Structured Products\"],[\"\\u2022 Insurance Based Products\",\"\",\"\\u2022 Unit Investment Trusts\"],[\"\\u2022 Mutual Funds\"]] [[/GREPCENT_TABLE]] Under our self-clearing platform, we custody the majority of client assets invested in these financial products, for which we provide statements, transaction processing and ongoing account management. In return for these services, mutual funds, insurance companies, banks and other financial product sponsors pay us fees based on asset levels or number of accounts managed. We also earn interest from margin loans made to our advisors\u2019 clients, cash and equivalents segregated under federal or other regulations, advisor repayable loans and operating cash, which is included in interest income, net in the consolidated statements of income. A portion of our revenue is not asset-based or correlated with the equity financial markets. We regularly review various aspects of our operations and service offerings, including our policies, procedures and platforms, in response to marketplace developments. We seek to continuously improve and enhance aspects of our operations and service offerings in order to position our advisors for long-term growth and to align with competitive and regulatory developments. For example, we regularly review the structure and fees of our products and services, including related disclosures, in the context of the changing regulatory environment and competitive landscape for advisory and brokerage accounts. Significant Events Closed on the acquisition of Commonwealth Financial Network On August 1, 2025, Item 1. Business Overview LPL serves the financial advisor-mediated marketplace as the nation\u2019s largest independent broker-dealer, a leading investment advisory firm, and a top custodian. We support more than 32,000 financial advisors, and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $2.4 trillion in brokerage and advisory assets. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run successful businesses. We are steadfast in our commitment to the advisor-mediated model and the belief that investors deserve access to personalized guidance from a financial advisor. We believe advisors should have the freedom to choose the business model, services and technology they need to manage their client relationships. We believe investors achieve better outcomes when working with a financial advisor, and we strive to make it easy for advisors to do what is best for their clients. iii Table of Contents We believe that we are the only company that offers the unique combination of an integrated technology platform, comprehensive self-clearing services and access to a wide range of curated products all delivered in an environment unencumbered by conflicts from product manufacturing, underwriting and market-making. LPL Financial Holdings Inc., which is the parent company of our business, was incorporated in Delaware in 2005. The Company\u2019s most significant wholly owned subsidiaries are described below: \u2022LPL Holdings, Inc. is a direct subsidiary of LPL Financial Holdings Inc. and is an intermediate holding company of our business. \u2022LPL Financial LLC (\u201cLPL Financial\u201d) is a clearing broker-dealer and an investment adviser that clears and settles customer transactions. \u2022LPL Enterprise, L Item 1A. Risk Factors Risk Factor Summary Our business, operations and financial results are subject to varying degrees of risk and uncertainty. We are providing the following summary of risk factors to enhance readability of our risk factor disclosure. Material r", "title": "LPLA - LPL Financial Holdings Inc.", "url": "/company/LPLA/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001585521; latest 10-K filed 2026-02-27.", "text": "ZM - Zoom Communications, Inc. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001585521; latest 10-K filed 2026-02-27. ZM Zoom Communications, Inc. 0001585521 7370 Services-Computer Programming, Data Processing, Etc. Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed in the section titled \u201cRisk Factors\u201d and in other parts of this Annual Report on Form 10-K. Overview Zoom provides the AI-first, open work platform built for human connection and purposefully designed to move conversations to completion. Zoom enables customers to seamlessly collaborate, communicate, and drive outcomes across meetings, chat, phone, contact center, events, and more \u2014 all with the built-in assistance of Zoom AI Companion. We strive to simplify the workday with AI-first tools that drive meaningful team collaboration and customer engagement. Zoom Workplace supports businesses by providing a secure, scalable solution for communication and collaboration. In addition, Zoom is further helping businesses foster stronger customer and employee relationships through Zoom Business Services, which includes Zoom Contact Center, Zoom Revenue Accelerator, as well as Zoom Events, which empowers sales, marketing, and customer experience teams. AI is core to Zoom\u2019s product innovation. During fiscal year 2026, Zoom has continued to invest in AI, expanding its agentic AI skills, agents, and models, focusing on three key areas: supporting individual productivity, powering better collaboration, and helping customer-facing teams get more done, do better work, and strengthen relationships with AI Companion. Our federated approach to AI dynamically leverages multiple Large Language Models (\u201cLLMs\u201d) (including those from OpenAI, Anthropic, and Meta), as well as Small Language Models (\u201cSLMs\u201d), making AI more accessible and affordable so that more people can incorporate it in their day-to-day workflows. In line with our commitment to responsible AI, Zoom does not use customer audio, video, chat, screen sharing, attachments, or other communications-like customer content (such as poll results, whiteboard, and reactions) to train Zoom\u2019s or its third-party AI models. Zoom\u2019s platform prioritizes security and privacy, with 20 co-located data centers globally as of January 31, 2026 and robust encryption options. We are committed to delivering high-quality, real-time video, even in low-bandwidth conditions, while safeguarding our customers' data. Revenue is driven by subscriptions to Zoom Workplace and Zoom Business Services. Our core offerings include Zoom Workplace Pro, Business, and Enterprise bundles, with vertical-specific plans for Education, Healthcare, and Government. We also offer Zoom Phone, with regional and global calling plans, and Zoom Contact Center, providing advanced customer experience solutions designed to meet diverse customer needs. Our revenue was $4,868.8 million, $4,665.4 million, and $4,527.2 million for the fiscal years ended January 31, 2026, 2025, and 2024, respectively, representing year-over-year growth of 4.4% and 3.1%, respectively. We had net income of $1,900.1 million, $1,010.2 million, and $637.5 million for the fiscal years ended January 31, 2026, 2025, and 2024, respectively. Net cash provided by operating activities was $1,989.0 million, $1,945.3 million, and $1,598.8 million for the fiscal years ended January 31, 2026, 2025, and 2024, respectively. Macroeconomic Conditions and Other Factors The macroeconomic environment, including geopolitical and trade uncertainties, changing monetary policy, and ongoing foreign currency exchange rate volatility, has created and may continue to create uncertainty in demand Item 1. BUSINESS Overview Zoom is redefining modern work as a system of action, turning live collaboration into completed results. From entrepreneurs to global enterprises, customers choose Zoom to seamlessly collaborate, communicate, and drive outcomes across meetings, chat, phone, contact center, events, and more \u2014 all with the built-in assistance of Zoom AI Companion. Our mission to deliver happiness, grounded in our core value of care, is fundamental to everything we do at Zoom. Our platform bridges work both inside and outside the organization by integrating AI capabilities across employee collaboration and customer-facing workflows, enabling seamless communication, collaboration, and engagement through Zoom Workplace and Zoom Business Services. Zoom Workplace with AI Companion brings together Zoom\u2019s core communication and productivity tools\u2014including Zoom Meetings, Zoom Phone, Zoom Team Chat, Zoom Docs, and Zoom Whiteboard\u2014to support collaboration across organizations of varying sizes. Zoom\u2019s Business Services for sales, marketing, and customer experience teams, including Zoom Contact Center, Zoom Revenue Accelerator, and Zoom Events, support customer engagement across the the customer lifecycle. Trust is a cornerstone of the Zoom platform. We equip users with a comprehensive set of tools to make their interactions safe, secure, and private. We believe that strong security should never compromise a great user experience. Businesses of all sizes and individuals alike choose Zoom over other industry players for several reasons: \u2022We care for customers at Zoom speed: Zoom puts customers first and is committed to providing a platform and products that people love. Zoom listens to its customers and puts innovation in customers' hands quickly to serve their needs. \u2022AI-first: Zoom\u2019s mission is to deliver an AI-first work platform for human connection. This AI-first approach to Zoom Workplace and Zoom Business Services is designed to empower individuals and teams Item 1A. RISK FACTORS Investing in our securities involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement", "title": "ZM - Zoom Communications, Inc.", "url": "/company/ZM/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001096343; latest 10-K filed 2026-02-26.", "text": "MKL - MARKEL GROUP INC. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001096343; latest 10-K filed 2026-02-26. MKL MARKEL GROUP INC. 0001096343 6331 Fire, Marine & Casualty Insurance Item 7. MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis includes discussion of changes in our results of operations and financial condition from 2024 to 2025 and from 2023 to 2024 and should be read in conjunction with the consolidated financial statements and related notes included under Item 8, Item 1 Business, Item 1A Risk Factors, and \"Safe Harbor and Cautionary Statement\". The accompanying consolidated financial statements and related notes have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) and include the accounts of our holding company, Markel Group Inc. (Markel Group), and its consolidated subsidiaries, as well as any variable interest entities that meet the requirements for consolidation (the Company). For a discussion of our significant accounting policies, see note 1 of the notes to consolidated financial statements included under Item 8. Item 7 is divided into the following sections: \u2022Capital Performance \u2022Results of Operations \u2022Liquidity and Capital Resources \u2022Non-GAAP Financial Measures \u2022Critical Accounting Estimates \u2022Safe Harbor and Cautionary Statement In 2025, we made notable changes to our financial reporting, including the re-segmentation of our businesses, the expansion of both consolidated and segment financial metrics, and the addition of detail regarding our business strategy, among others. See note 2 of the notes to consolidated financial statements for additional details on the changes to our reportable segments. Capital Performance Markel Group is a dynamic system that strives to relentlessly compound shareholder capital at attractive rates across decades. We are responsible for capital allocation across our businesses and use a variety of metrics for each part of the Markel Group system, among other factors, to help inform these activities. Our capital allocation decisions are made with a long-term perspective that considers an array of qualitative and quantitative factors in the context of our capital allocation framework. See Item 1 Business \"Relentlessly Compounding Shareholder Capital\" for details of our capital allocation options and investment principles. We believe that our capital performance metrics are best viewed over longer periods of time. To better align with this long-term perspective, we use five-year time periods to assess capital performance. The five-year compound annual growth rate (CAGR) of intrinsic value per share is one of the ways by which we monitor the success of our capital allocation decisions and overall returns from the consolidated Markel Group system. For our Markel Insurance business, we measure capital efficiency using return on equity, with a focus on the five-year average annual return on equity. For our Industrial, Financial, and Consumer and Other segments, we look at a variety of capital efficiency metrics given the diverse businesses within these segments. Intrinsic Value Per Share Growth As a diverse holding company, we use growth in intrinsic value per share as a measure to help us evaluate the value created by our businesses over five-year periods of time. While intrinsic value does not represent a precise valuation of our business, we believe growth in intrinsic value per share, considered among an array of other qualitative and quantitative factors, offers a useful tool to investors and management in understanding long-term value creation trends. A straightforward methodology can be used to measure intrinsic value per share growth using data from our financial statements. 10K - 35 First, we take an adjusted earnings metric and apply a consistent multiple to arrive at an earnings valuation. We exclude certain non-cash items from our adjusted earnings metric, such as amortization, as well as income attributed to our public equity portfolio and income from our cash and short-term investments, which are valued sepa Item 1. BUSINESS Markel Group is a holding company that owns independently operated businesses across a range of industries. The cornerstone business, Markel Insurance, provides specialized insurance products that are not typically available through the standard insurance market. This insurance business sits at the center of the Company's strategy. It generates and holds capital used to support growth and investment across Markel Group. The other majority-owned businesses operate in diverse end markets, from industrial bakery equipment to ornamental plants to precast concrete. Markel Group also owns shares in publicly traded companies, primarily within its insurance operations. Markel Group supports each business by empowering leaders to make the best long-term decisions for their businesses. Customers, associates, and shareholders each benefit from this approach, given how it allows businesses to pursue opportunities that require time, stability, and trust. We believe this approach is difficult to replicate and makes Markel Group a distinctive home for businesses. An example of Markel Group's long-term mindset is the approach to reserving within the insurance operations. Customers rely on Markel Insurance to honor promises that may extend many years into the future. Through its long-standing practice of establishing reserves that are more likely to be redundant than deficient and investing the capital held to pay those reserves in high-quality investments, Markel Insurance ensures it can fulfill its commitments and uphold the trust placed in it by policyholders. The Company's architecture is intentionally designed to promote long-term decision making. Diverse cash flows across Markel Group provide financial strength. If one business faces headwinds, others can continue generating cash flow, enabling the Company to continuously pursue attractive opportunities. Low levels of debt reduce outside pressures that could otherwise force short-term actions. Decentralize Item 1A. RISK FACTORS A wide range of factors could materially affect our future prospects and performance. The matters addressed in Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations, including under \"Safe Harbor and Cautionary Statement\" and \"Critical Accounting Estimates\", and Item 7A Qua", "title": "MKL - MARKEL GROUP INC.", "url": "/company/MKL/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001713445; latest 10-K filed 2026-02-06.", "text": "RDDT - Reddit, Inc. SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001713445; latest 10-K filed 2026-02-06. RDDT Reddit, Inc. 0001713445 7374 Services-Computer Processing & Data Preparation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs that involve significant risks and uncertainties. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to those differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in \u201cRisk Factors\u201d and \u201cNote Regarding Forward-Looking Statements.\u201d The following discusses financial conditions and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. Discussion of financial conditions and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in our Annual Report on 10-K for the year ended December 31, 2024. Highlights of 2025 Results User Metrics \u2022Daily Active Uniques (\u201cDAUq\u201d) were 121.4 million for the three months ended December 31, 2025, an increase of 19% year over year \u2022Average revenue per unique (\u201cARPU\u201d) was $5.98 for the three months ended December 31, 2025, an increase of 42% year over year Financial Results \u2022Revenue was $2.2 billion for the year ended December 31, 2025, an increase of 69% year over year \u2022Gross margin was 91.2% for the year ended December 31, 2025, as compared to 90.5% in the year ended December 31, 2024 \u2022Operating expenses were $1.6 billion for the year ended December 31, 2025, as compared to $1.7 billion in the year ended December 31, 2024 \u2022Net income (loss) was $529.7 million for the year ended December 31, 2025, as compared to $(484.3) million in the year ended December 31, 2024 \u2022Adjusted EBITDA was $845.1 million for the year ended December 31, 2025, as compared to $298.0 million in the year ended December 31, 2024 \u2022Net cash provided by operating activities was $690.9 million for the year ended December 31, 2025, as compared to $222.1 million in the year ended December 31, 2024 \u2022Free Cash Flow was $684.2 million for the year ended December 31, 2025, as compared to $215.8 million in the year ended December 31, 2024 \u2022Cash, cash equivalents, and marketable securities were $2.5 billion as of December 31, 2025 Business and Macroeconomic Conditions In recent years, the global economy and other macroeconomic conditions, including concerns related to inflation and rising interest rates, tariffs, and geopolitical risks, have resulted in uncertainty in the advertising market and have impacted brands\u2019 and agencies\u2019 ability and willingness to invest in advertising. We expect that these macroeconomic conditions may continue to impact revenue growth in the near term, although we are unable to predict the duration or degree of such volatility with any certainty. In addition, we continue to experience competition both for advertising budgets and for user engagement, which could adversely impact our advertising revenue. Since the continuing impact of these business and macroeconomic conditions on our results of operations and overall financial performance remains highly unpredictable, our past results may not be indicative of our future performance. Given the uncertainty, we are unable to predict the extent and duration of the impact of these conditions on our employees, users, and advertisers, or our business, results of operations, and financial condition. 53 Table of Contents For more information about the factors potentially impacting our performance, see \u201cRisk Factors\u201d e Item 1. Business Our Mission Our mission is to empower communities and make their knowledge accessible to everyone. We built Reddit with the belief that communities unlock the power of human creativity and create a sense of belonging and empowerment for their members. Our over 100,000 active communities have channeled the power of human creativity to grow Reddit since our founding. We believe the world needs community more than ever, and that this represents our greatest opportunity to further enrich the lives of everyone in the world. Overview: The Power of Reddit\u2019s Communities Reddit is a global, digital city where anyone in the world can join a community to learn from one another, engage in authentic conversations, explore passions, research new hobbies, exchange goods and services, create new communities and experiences, share a few laughs, and find belonging. People are diverse and have multiple interests. Just like in a city, where citizens are part of multiple sub-communities, on Reddit, users often belong to multiple communities. At Reddit, users can dive into anything, and if a community does not already exist around a particular topic, they can create one. In the three months ended December 31, 2025, an average of 121.4 million daily active uniques (\u201cDAUq\u201d) around the world came together on Reddit \u2013 continuously adding to our longstanding and constantly evolving human archive of information. They come together to share the rhythm of their daily discoveries, ask questions and receive advice, and search for a breadth of perspectives and knowledge not accessible anywhere else. Built on shared interests, passion, and trust, Reddit has a community for everyone. Communities on Reddit are organized based on specific interests and are called subreddits. Within subreddits, Redditors engage in active and in-depth conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another in comment threads on any topic. Sub Item 1A. Risk Factors A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider the risks described below as well as the other information in this Annual Report on Form 10-K, including our consolidated financial statements and the notes thereto, and \u201cMa", "title": "RDDT - Reddit, Inc.", "url": "/company/RDDT/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001818874; latest 10-K filed 2026-02-17.", "text": "SOFI - SoFi Technologies, Inc. SIC 6199 Finance Services; CIK 0001818874; latest 10-K filed 2026-02-17. SOFI SoFi Technologies, Inc. 0001818874 6199 Finance Services Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. You should read this discussion and analysis in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. Certain amounts may not foot or tie to other disclosures due to rounding. Certain information in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K contains forward-looking statements that involve numerous risks and uncertainties, including, but not limited to, those described under the sections entitled \u201cCautionary Note Regarding Forward-Looking Statements\u201d and Part I, Item 1A. \u201cRisk Factors\u201d. We assume no obligation to update any of these forward-looking statements. Actual results may differ materially from those contained in any forward-looking statements. [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Business Overview\",\"94\"],[\"Non-GAAP Financial Measures\",\"97\"],[\"Key Business Metrics\",\"104\"],[\"Key Factors Affecting Operating Results\",\"107\"],[\"Key Components of Results of Operations\",\"110\"],[\"Consolidated Results of Operations\",\"111\"],[\"Net Interest Income\",\"112\"],[\"Noninterest Income\",\"114\"],[\"Provision for Credit Losses\",\"116\"],[\"Noninterest Expense\",\"118\"],[\"Income Taxes\",\"119\"],[\"Summary Results by Segment\",\"119\"],[\"Lending Segment\",\"120\"],[\"Technology Platform Segment\",\"126\"],[\"Financial Services Segment\",\"128\"],[\"Corporate/Other Segment\",\"130\"],[\"Consolidated Balance Sheet Analysis\",\"131\"],[\"Liquidity and Capital Resources\",\"133\"],[\"Critical Accounting Estimates\",\"137\"],[\"Recent Accounting Standards Issued, But Not Yet Adopted\",\"140\"]] [[/GREPCENT_TABLE]] 93 SoFi Technologies, Inc. TABLE OF CONTENTS Business Overview We are a mission driven company designed to help our members achieve financial independence in order to realize their ambitions. We were founded in 2011 and have developed a suite of financial products that offers the speed, selection, content and convenience that only an integrated digital platform can provide. Everything we do today is geared toward helping our members \u201cGet Your Money Right\u201d and we strive to innovate and build ways for our members to achieve this goal. In order to help achieve our mission, we are a member-centric, one-stop shop for financial services that, through our Lending and Financial Services products, allows members to borrow, save, spend, invest and protect their money. We refer to our customers as \u201cmembers\u201d and \u201cclients\u201d, as defined under \u201cKey Business Metrics\u201d. We offer personal loans, student loans, home loans and related servicing and offer a variety of financial services products, such as SoFi Money, SoFi Credit Card, SoFi Crypto, SoFi Invest and SoFi Relay, that provide more daily interactions with our members, as well as products and capabilities, such as SoFi At Work, that are designed to appeal to enterprises. Lending related services that we offer through our Loan Platform Business help a broader range of borrowers to find lending solutions, through our relationships with members as well as third-party enterprise partners. Our Technology Platform supports innovation for a broad range of enterprises, with offerings that give clients the ability to create, launch and run financial products. In addition, SoFi Plus is our premium financial membership that provides benefits that span our offerings and brings together all we have to offer. Membership benefits include exclusive access to preferred pricing on products, extra rewards, investment matches, complimentary financial planning, live events and more In 2025, we launched SoFi Smart Card to SoFi Plus members, a charge card secured by a SoFi Money checking and savings account. We continue to strive to innovate and develop new pro Item 1. Business Company Overview We are a mission driven company designed to help our members achieve financial independence in order to realize their ambitions. To us, financial independence does not mean being wealthy, but rather represents the ability of our members to have the financial means to achieve their personal objectives at each stage of life, such as owning a home, having a family, or having a career of their choice \u2014 more simply stated, to have enough money to do what they want. We were founded in 2011 and have developed a suite of financial products that offers the speed, selection, content and convenience that only an integrated digital platform can provide. In order for us to achieve our mission, we have to help people get their money right, which means providing them with the ability to borrow better, save better, spend better, invest better and protect better. Everything we do today is geared toward helping our members \u201cGet Your Money Right\u201d and we strive to innovate and build ways for our members to achieve this goal. In order to help achieve our mission, we are a member-centric, one-stop shop for financial services that, through our Lending and Financial Services products, allows members to borrow, save, spend, invest and protect their money. We refer to our customers as \u201cmembers\u201d and \u201cclients\u201d. We offer personal loans, student loans, home loans and related servicing and offer a variety of financial services products, such as SoFi Money, SoFi Credit Card, SoFi Crypto, SoFi Invest and SoFi Relay, that provide more daily interactions with our members, as well as products and capabilities, such as SoFi At Work, that are designed to appeal to enterprises. Lending related services that we offer through our Loan Platform Business help a broader range of borrowers to find lending solutions, through our relationships with members as well as third-party enterprise partners. Our Technology Platform supports innovation for a broad range of enterprises, Item 1A. Risk Factors In evaluating our company and our business, you should carefully consider the risks and uncertainties described below, together with the other information in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes and the section titled \u201cManagement\u2019s Discussion and Analysis o", "title": "SOFI - SoFi Technologies, Inc.", "url": "/company/SOFI/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001802768; latest 10-K filed 2026-02-11.", "text": "RPRX - Royalty Pharma plc SIC 2834 Pharmaceutical Preparations; CIK 0001802768; latest 10-K filed 2026-02-11. RPRX Royalty Pharma plc 0001802768 2834 Pharmaceutical Preparations Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand our results of operations, cash flows, other changes in financial condition and business performance. MD&A is provided as a supplement to, and should be read in conjunction with, our audited consolidated financial statements and the accompanying notes to our consolidated financial statements included in our Annual Report on Form 10-K. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in Special Note Regarding Forward-Looking Statements and the section titled \u201cRisk Factors\u201d in Part I, Item 1A. Royalty Pharma plc is a public limited company incorporated under the laws of England and Wales. \u201cRoyalty Pharma,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Royalty Pharma plc and its subsidiaries on a consolidated basis. Our principal asset is a controlling equity interest in Royalty Pharma Holdings Ltd (\u201cRP Holdings\u201d), a private limited company incorporated under the laws of England and Wales. We conduct our business through RP Holdings and its subsidiaries. Business Overview We are the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry. Since our founding in 1996, we have been pioneers in the royalty market, collaborating with innovators from academic institutions, research hospitals and not-for-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. We have assembled a portfolio of royalties which entitles us to payments based directly on the top-line sales of many of the industry\u2019s leading therapies, which includes royalties on more than 35 commercial products, including Vertex\u2019s Trikafta and Alyftrek, GSK\u2019s Trelegy, Biogen\u2019s Tysabri and Spinraza, Roche\u2019s Evrysdi, Astellas and Pfizer\u2019s Xtandi, Johnson & Johnson\u2019s Tremfya, AbbVie and Johnson & Johnson\u2019s Imbruvica, Servier\u2019s Voranigo, Gilead\u2019s Trodelvy, Amgen\u2019s Imdelltra and Alnylam\u2019s Amvuttra, among others, and 20 development-stage product candidates. Background and Format of Presentation RP Holdings is owned by Royalty Pharma plc and, indirectly, by various partnerships (the \u201cContinuing Investors Partnerships\u201d) and, in addition, post-Internalization (as defined below), by the Holders of RP Holdings Class E Interests (as defined below). RP Holdings is the sole owner of Royalty Pharma Investments 2019 ICAV (\u201cRPI 2019 ICAV\u201d), which is an Irish collective asset management vehicle and is the successor to Royalty Pharma Investments, an Irish unit trust. In 2022, we became an indirect owner of an 82% economic interest in Royalty Pharma Investments ICAV, which was previously owned directly by Royalty Pharma Investments. In connection with the Internalization, Royalty Pharma Investments distributed all of its assets to Royalty Pharma Investments 2011 ICAV (together with Royalty Pharma Investments ICAV, \u201cOld RPI\u201d). We consummated an exchange offer on February 11, 2020 (the \u201cExchange Offer\u201d) to facilitate our initial public offering (\u201cIPO\u201d). Prior to the Exchange Offer, Royalty Pharma Investments was owned by various partnerships (the \u201cLegacy Investors Partnerships\u201d). Through the Exchange Offer, investors which represented 82% of the aggregate limited partnership in the Legacy Investors Partnerships exchanged their limited partnership interests in the Legacy Investors Partnerships for limited partnership interests in RPI US Partners 2019, LP and RPI International Holdings 2019, LP, which are part of the Continuing Investors Partnerships. Following the Exchange Offer, we became the indirect owner o Item 1. BUSINESS Overview We are the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry. Since our founding in 1996, we have been pioneers in the royalty market, collaborating with innovators from academic institutions, research hospitals and not-for-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. We have assembled a portfolio of royalties which entitles us to payments based directly on the top-line sales of many of the industry\u2019s leading therapies, which includes royalties on more than 35 commercial products, including Vertex\u2019s Trikafta and Alyftrek, GSK\u2019s Trelegy, Biogen\u2019s Tysabri and Spinraza, Roche\u2019s Evrysdi, Astellas and Pfizer\u2019s Xtandi, Johnson & Johnson\u2019s Tremfya, AbbVie and Johnson & Johnson\u2019s Imbruvica, Servier\u2019s Voranigo, Gilead\u2019s Trodelvy, Amgen\u2019s Imdelltra and Alnylam\u2019s Amvuttra, among others, and 20 development-stage product candidates. We strive to be the premier capital allocator in life sciences with consistent, compounding growth. Our highly selective investment approach focuses on identifying and tracking important new therapies, which allows us to act efficiently when opportunities arise. Supported by an experienced investment team, a rigorous due diligence process and a focus on high-quality therapies addressing significant unmet patient needs, we pursue royalty opportunities that best meet our investment criteria. Over more than 30 years, we have refined our business model and investment platform that creates strong competitive advantages. Our model combines a unique structure, long investment time horizon, structuring flexibility, scale and diversification, and singular focus on biopharmaceuticals. This is reinforced by our investment platform anchored in deep life sciences expertise, exceptional talent, extensive industry relationships, an industrialized investment process and proprietary data and analytics capab Item 1A. RISK FACTORS Described below are certain risks that we believe apply to our business. You should carefully consider the following information about these risks, together with the other information contained in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and R", "title": "RPRX - Royalty Pharma plc", "url": "/company/RPRX/" }, { "kind": "company", "summary": "SIC 6141 Personal Credit Institutions; CIK 0001820953; latest 10-K filed 2025-08-28.", "text": "AFRM - Affirm Holdings, Inc. SIC 6141 Personal Credit Institutions; CIK 0001820953; latest 10-K filed 2025-08-28. AFRM Affirm Holdings, Inc. 0001820953 6141 Personal Credit Institutions ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K (\u201cForm 10-K\u201d). You should review the section titled \u201cRisk Factors\u201d for a discussion of important factors that could cause our actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Unless the context otherwise requires, all references in this Report to \u201cAffirm,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d or similar terms refer to Affirm Holdings, Inc. and its subsidiaries. A discussion regarding our financial condition and results of operations for the fiscal year ended June 30, 2025 compared to the fiscal year ended June 30, 2024 is presented below. A discussion regarding our financial condition and results of operations for the fiscal year ended June 30, 2024 compared to the fiscal year ended June 30, 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended June 30, 2024. Overview We are building the next generation payment network. We believe that by using modern technology, strong engineering talent, and a mission-driven approach, we can reinvent payments and commerce. Our solutions, which are built on trust and transparency, are designed to make it easier for consumers to spend and save responsibly and with confidence, easier for merchants and commerce platforms to convert sales and grow, and easier for commerce to thrive. Our point-of-sale solutions allow consumers to pay for purchases in fixed amounts without deferred interest, late fees, or penalties. We empower consumers to pay over time rather than paying for a purchase entirely upfront. This increases consumers\u2019 purchasing power and gives them more control and flexibility. Our platform facilitates both true 0% APR payment options and interest-bearing loans. On the merchant side, we offer commerce enablement, demand generation, and consumer acquisition tools. Our solutions empower merchants to more efficiently promote and sell their products, optimize their consumer acquisition strategies, and drive incremental sales. We also provide valuable product-level data and insights \u2014 information that merchants cannot easily get elsewhere \u2014 to better inform their strategies. Finally, for consumers, our app unlocks the full suite of Affirm products for a delightful end-to-end consumer experience. Consumers can use our app to apply for installment loans, and upon approval, they can use the Affirm Card digitally online or in-stores to complete a purchase. Additionally, consumers can manage the pre and post purchase split of Affirm Card transactions into a loan, manage payments, open a high-yield savings account, and access a personalized marketplace. Our Company is predicated on the principles of simplicity, transparency, and putting people first. By adhering to these principles, we have built enduring, trust-based relationships with consumers and merchants that we believe will set us up for long-term, sustainable success. We believe our innovative approach uniquely positions us to define the future of commerce and payments. Technology and data are at the core of everything we do. Our expertise in sourcing, aggregating, and analyzing data has been what we believe to be the key competitive advantage of our platform since our founding. We believe our proprietary technology platform and data give us a unique advantage in pricing risk. We use data to inform our risk scoring in order to generate value for our consumers, merchants, and capital partners. We also prioritize building our own t ITEM 1. BUSINESS Company Overview Affirm was founded in 2012 with a mission to deliver honest financial products that improve lives. We are building the next generation payment network. We believe that by using modern technology, strong engineering talent, and a mission-driven approach, we can reinvent payments and commerce. Our solutions, which are built on trust and transparency, are designed to make it easier for consumers to spend and save responsibly and with confidence, easier for merchants and commerce platforms to convert sales and grow, and easier for commerce to thrive. Our Business Legacy payment options, archaic systems, and traditional risk and credit underwriting models can be harmful, deceptive, and restrictive to both consumers and merchants. We believe that they are not well-suited for increasingly digital and mobile-first commerce, and are built on legacy infrastructure that does not support the innovation required for modern commerce to evolve and flourish. Our platform is designed to address these problems. Our company is predicated on the principles of simplicity, transparency, and putting people first. Since our founding, we have charged $0 in late fees for missed payments. We do not profit from consumers\u2019 mistakes, and we are transparent in our product offerings. By adhering to these principles, we have built enduring, trust-based relationships with consumers and merchants. We believe that our technology, underwriting, and risk management are key competitive advantages. Our proprietary technology\u2019s ability to price and assess risk at a transaction level provides a unique advantage compared to legacy payment and credit systems. Our approach to risk management is core to our business model and has led to lower fraud rates, higher approval rates compared to traditional credit underwriting models, and lower credit losses. Our models have been built on extensive data points, including data from approximately 343 million loans. Furthermore, o Item 1A. Risk Factors Investing in our Class A common stock involves a high degree of risk. You should consider carefully the material factors, risks and uncertainties described below that make an investment in our Company speculative or risky, together with all of the other information in this Form 10-K, including the sect", "title": "AFRM - Affirm Holdings, Inc.", "url": "/company/AFRM/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001104506; latest 10-K filed 2026-02-19.", "text": "INSM - INSMED Inc SIC 2834 Pharmaceutical Preparations; CIK 0001104506; latest 10-K filed 2026-02-19. INSM INSMED Inc 0001104506 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion also should be read in conjunction with our consolidated financial statements and the notes thereto contained elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. As a result of many factors, such as those set forth under the section entitled Risk Factors, Cautionary Note Regarding Forward-Looking Statements and elsewhere herein, our actual results may differ materially from those anticipated in these forward-looking statements. EXECUTIVE OVERVIEW We are a people-first global biopharmaceutical company striving to deliver first- and best-in-class therapies to transform the lives of patients facing serious diseases. Our commercial portfolio and clinical pipeline are organized around three therapeutic areas: Respiratory, Immunology & Inflammation, and Neuro & Other Rare. Our two commercial products, ARIKAYCE and BRINSUPRI, are both part of the Respiratory therapeutic area. ARIKAYCE is approved in the US as ARIKAYCE (amikacin liposome inhalation suspension), in Europe as ARIKAYCE Liposomal 590 mg Nebuliser Dispersion and in Japan as ARIKAYCE inhalation 590 mg (amikacin sulfate inhalation drug product). ARIKAYCE was approved in the US in September 2018, in the EU in October 2020 and in Japan in March 2021. BRINSUPRI (brensocatib 25 mg and 10 mg tablets), an oral, once-daily treatment for NCFB in patients 12 years of age and older, was approved in the US in August 2025. In November 2025, the EC approved BRINSUPRI (brensocatib 25 mg tablets) for the treatment of NCFB in patients 12 years of age and older with two or more exacerbations in the prior 12 months. Our Respiratory therapeutic area also includes the clinical-stage programs TPIP and INS1148. TPIP is an inhaled dry powder formulation of the treprostinil prodrug treprostinil palmitil that may offer a differentiated product profile for PH-ILD, PAH, PPF, and IPF. INS1148 is a monoclonal antibody targeting SCF248. The clinical-stage program in our Inflammation & Immunology therapeutic area is brensocatib, a small molecule, oral, reversible inhibitor of DPP1, for the treatment of patients with HS. The clinical-stage programs in our Neuro & Other Rare therapeutic area are INS1201, an intrathecally delivered gene therapy for patients with DMD, and INS1202, an intrathecally delivered gene therapy for patients with ALS. Our pre-clinical research programs encompass a wide range of technologies and modalities, including gene therapy, AI-driven protein engineering, protein manufacturing, RNA end-joining, and synthetic rescue. Refer to Part I, Item 1. \"Business\" for a detailed discussion of our ongoing commercial and clinical programs. Prior to 2019, we had not generated significant revenue, and through December 31, 2025, we had an accumulated deficit of $5.6 billion. We have financed our operations primarily through the public offerings of our equity securities, debt financings and revenue interest financings. Although it is difficult to predict our future funding requirements, based upon our current operating plan, we anticipate that our cash and cash equivalents and marketable securities as of December 31, 2025 will enable us to fund our operations for at least the next 12 months. Our ability to reduce our operating loss and begin to generate positive cash flow from operations depends on the continued success in commercializing our marketed products and achieving positive results from the ARIKAYCE confirmatory clinical trial program in order to obtain full approval of ARIKAYCE in the US and potentially reach more patients. Our continued success also depends on obtaining regulatory approval for brensocatib in an additional indication, bringing additional clinical stage products, such as TPIP, INS1148, INS1201, and INS1202, to market and advancing our pre-clinical research pr ITEM 1. BUSINESS Business Overview We are a people-first global biopharmaceutical company striving to deliver first- and best-in-class therapies to transform the lives of patients facing serious diseases. Our commercial portfolio and clinical pipeline are organized around three therapeutic areas: Respiratory, Immunology & Inflammation, and Neuro & Other Rare. To complement our internal research and development, we also actively evaluate in-licensing and acquisition opportunities for commercial products, product candidates and technologies. Our two commercial products, ARIKAYCE\u00ae and BRINSUPRI\u00ae, are both part of the Respiratory therapeutic area. ARIKAYCE is approved in the US as ARIKAYCE (amikacin liposome inhalation suspension), in Europe as ARIKAYCE Liposomal 590 mg Nebuliser Dispersion and in Japan as ARIKAYCE inhalation 590mg (amikacin sulfate inhalation drug product). ARIKAYCE received accelerated approval in the US in September 2018 for the treatment of MAC lung disease as part of a combination antibacterial drug regimen for adult patients with limited or no alternative treatment options in a refractory setting. In October 2020, the European Commission (EC) approved ARIKAYCE Liposomal for the treatment of nontuberculous mycobacterial (NTM) lung infections caused by MAC in adults with limited treatment options who do not have cystic fibrosis (CF). In March 2021, Japan's Ministry of Health, Labour and Welfare (MHLW) approved ARIKAYCE for the treatment of patients with NTM lung disease caused by MAC who did not sufficiently respond to prior treatment with a multidrug regimen. NTM lung disease caused by MAC (which we refer to as MAC lung disease) is a rare and often chronic infection that can cause irreversible lung damage and can be fatal. BRINSUPRI (brensocatib 25 mg and 10 mg tablets), an oral, once-daily treatment for non-cystic fibrosis bronchiectasis (referred to as bronchiectasis or NCFB) in patients 12 years of age and older, was approved in the US in ITEM 1A. RISK FACTORS Our business is subject to substantial risks and uncertainties. Any of the risks and uncertainties described below, either alone or taken together, could materially and adversely affect our business, financial condition, results of operations, prospects for growth, and the value of an investment in our common stock. In addition, these", "title": "INSM - INSMED Inc", "url": "/company/INSM/" }, { "kind": "company", "summary": "SIC 4833 Television Broadcasting Stations; CIK 0001560385; latest 10-K filed 2026-02-26.", "text": "FWONK - Liberty Media Corp SIC 4833 Television Broadcasting Stations; CIK 0001560385; latest 10-K filed 2026-02-26. FWONK Liberty Media Corp 0001560385 4833 Television Broadcasting Stations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis provides information concerning our results of operations and financial condition. This discussion should be read in conjunction with our accompanying consolidated financial statements and the notes thereto. See note 4 in the accompanying consolidated financial statements for an overview of accounting standards that we have adopted or that we plan to adopt that have had or may have an impact on our financial statements. Overview Liberty, through its subsidiaries, is primarily engaged in the motorsport and live entertainment industries. Formula 1 is a wholly-owned subsidiary and is also a reportable segment. Formula 1 is a global motorsports business that holds exclusive commercial rights with respect to the Federation Internationale de l\u2019Automobile (\u201cFIA\u201d) Formula One World Championship (the \u201cF1 Championship\u201d), an annual, approximately nine-month long, motor race-based competition in which teams compete for the Constructors' Championship and drivers compete for the Drivers' Championship. The F1 Championship takes place on various circuits with a varying number of events (\u201cFormula 1 Events\u201d) taking place in different countries around the world each season. Formula 1 is responsible for the commercial exploitation and development of the F1 Championship as well as various aspects of its management and administration. On July 3, 2025, the Company acquired approximately 84% of the equity interests in MotoGP Sports Entertainment Group, S.L. (formerly, Dorna Sports, S.L.) (\u201cMotoGP\u201d) for a preliminary purchase price of approximately $3,659 million (approximately \u20ac3,122 million). MotoGP, a reportable segment, is a global motorsports business that holds exclusive commercial rights to the F\u00e9d\u00e9ration Internationale de Motocyclisme (\u201cFIM\u201d) Grand Prix World Championship (the \u201cMotoGP Championship\u201d), an annual, approximately nine-month long, motorcycle racing competition in which riders compete for the Riders\u2019 Championship, teams (the \u201cMotoGP Teams\u201d) compete for the Teams\u2019 Championship and engine manufacturers compete for the Manufacturers\u2019 Championship. MotoGP is responsible for the commercial exploitation and development of the MotoGP Championship. Our \u201cCorporate and Other\u201d category includes corporate expenses and investments and related financial instruments in other companies. QuintEvents, LLC (\u201cQuintEvents\u201d) was a consolidated subsidiary of the Company and was included in \u201cCorporate and Other\u201d until the Liberty Live Split-Off (defined below). Braves Holdings, LLC (\"Braves Holdings\") was a consolidated subsidiary of the Company and was included in \u201cCorporate and Other\u201d until the Atlanta Braves Holdings Split-Off (defined below). The Company previously had a tracking stock structure. A tracking stock is a type of common stock that the issuing company intends to reflect or \u201ctrack\u201d the economic performance of a particular business or \u201cgroup,\u201d rather than the economic performance of the company as a whole. The Company completed the transactions disclosed below to separate certain collections of businesses, assets and liabilities into separate publicly traded companies. On July 18, 2023, the Company completed the split-off (the \u201cAtlanta Braves Holdings Split-Off\u201d) of its wholly owned subsidiary, Atlanta Braves Holdings, Inc. (\u201cAtlanta Braves Holdings\u201d). The Atlanta Braves Holdings Split-Off was accomplished by a redemption by the Company of each outstanding share of Liberty Braves common stock in exchange for one share of the corresponding series of Atlanta Braves Holdings common stock. Atlanta Braves Holdings was comprised of the businesses, assets and liabilities attributed to the Liberty Braves Group (the \u201cBraves Group\u201d) immediately prior to the Atlanta Braves Holdings Split-Off, except for the intergroup interests in the Braves Group attributed to the Liberty SiriusXM Group and Liberty Formula One Grou Item 1. Business. General Development of Business Liberty Media Corporation (\u201cLiberty\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d and \u201cour\u201d), through its subsidiaries, is primarily engaged in the motorsport and live entertainment industries with events held worldwide and operations primarily headquartered in the United Kingdom (\u201cU.K.\u201d) and Spain. Our most significant subsidiaries include Delta Topco Limited (the parent company of Formula 1) (\u201cDelta Topco\u201d) and MotoGP. Braves Holdings, LLC (\"Braves Holdings\") was a subsidiary of the Company until the Atlanta Braves Holdings Split-Off (defined below) on July 18, 2023. Sirius XM Holdings Inc. (\u201cSirius XM Holdings\u201d) was a subsidiary of the Company until the Liberty Sirius XM Holdings Split-Off (defined below) on September 9, 2024. QuintEvents, LLC (\u201cQuintEvents\u201d) was a subsidiary of the Company and Live Nation Entertainment, Inc. (\u201cLive Nation\u201d) was an equity affiliate of the Company until the Liberty Live Split-Off (defined below) on December 15, 2025. The Company previously had a tracking stock structure. A tracking stock is a type of common stock that the issuing company intends to reflect or \u201ctrack\u201d the economic performance of a particular business or \u201cgroup,\u201d rather than the economic performance of the company as a whole. The Company completed the transactions disclosed below to separate certain collections of businesses, assets and liabilities into separate publicly traded companies. On July 18, 2023, the Company completed the split-off (the \u201cAtlanta Braves Holdings Split-Off\u201d) of its wholly owned subsidiary, Atlanta Braves Holdings, Inc. (\u201cAtlanta Braves Holdings\u201d). The Atlanta Braves Holdings Split-Off was accomplished by a redemption by the Company of each outstanding share of Liberty Braves common stock in exchange for one share of the corresponding series of Atlanta Braves Holdings common stock. Atlanta Braves Holdings was comprised of the businesses, assets and liabilities attributed to the Liberty Braves Group (the \u201cB Item 1A. Risk Factors. An investment in our common stock involves risk. Before investing in our common stock, in addition to the other information described in Item 7 (\u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d) of Part II, you should carefully consider the following risks. S", "title": "FWONK - Liberty Media Corp", "url": "/company/FWONK/" }, { "kind": "company", "summary": "SIC 3724 Aircraft Engines & Engine Parts; CIK 0000046619; latest 10-K filed 2025-12-22.", "text": "HEI-A - HEICO CORP SIC 3724 Aircraft Engines & Engine Parts; CIK 0000046619; latest 10-K filed 2025-12-22. HEI-A HEICO CORP 0000046619 3724 Aircraft Engines & Engine Parts Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview Our business is comprised of two operating segments, the Flight Support Group (\u201cFSG\u201d) and the Electronic Technologies Group (\u201cETG\u201d). The FSG consists of HEICO Aerospace Holdings Corp. (\u201cHEICO Aerospace\u201d), which is 80% owned, and HEICO Flight Support Corp., which is wholly owned, and their collective subsidiaries, which primarily: \u2022Designs, Manufactures, Repairs, Overhauls and Distributes Jet Engine and Aircraft Component Replacement Parts. The FSG designs and manufactures jet engine and aircraft component replacement parts, which are approved by the Federal Aviation Administration (\u201cFAA\u201d). In addition, the FSG repairs, overhauls and distributes jet engine and aircraft components, avionics and instruments for domestic and foreign commercial air carriers and aircraft repair companies as well as military and business aircraft operators. The FSG also manufactures and sells specialty parts as a subcontractor for aerospace and industrial original equipment manufacturers and the United States (\"U.S.\") government. Additionally, the FSG is a leading supplier, distributor, and integrator of military aircraft parts and support services primarily to the U.S. Department of Defense, defense prime contractors, and foreign military organizations allied with the U.S. Further, the FSG is a leading manufacturer of advanced niche components and complex composite assemblies for commercial aviation, defense and space applications. The FSG also engineers, designs and manufactures thermal insulation blankets and parts as well as removable/reusable insulation systems for aerospace, defense, commercial and industrial applications; manufactures expanded foil mesh for lightning strike protection in fixed and rotary wing aircraft; distributes aviation electrical interconnect products and electromechanical parts; overhauls industrial pumps, motors, and other hydraulic units with a focus on the support of legacy systems for the U.S. Navy; performs tight-tolerance machining, brazing, fabricating and welding services for aerospace, defense and other industrial applications; and manufactures emergency descent devices (\"EDDs\") and personnel and cargo parachute products. The ETG consists of HEICO Electronic Technologies Corp. (\u201cHEICO Electronic\u201d) and its subsidiaries, which primarily: \u2022Designs and Manufactures Electronic, Microwave, Electro-Optical and Other Power Equipment, High-Speed Interface Products, High Voltage Interconnection Devices, EMI 34 Index and RFI Shielding and Filters, High Voltage Advanced Power Electronics, Power Conversion Products, Underwater Locator Beacons, Memory Products, Self-Sealing Auxiliary Fuel Systems, Active Antenna Systems, Airborne Antennas, TSCM Equipment, High Reliability (\"Hi-Rel\") Electronic Components, In-Flight Entertainment Products, and Cockpit displays and Other Avionics Components. The ETG collectively designs, manufactures and sells various types of electronic, data and microwave, and electro-optical products, including infrared simulation and test equipment, laser rangefinder receivers, electrical power supplies, back-up power supplies, power conversion products, underwater locator beacons, emergency locator transmission beacons, flight deck annunciators, panels, indicators, electromagnetic and radio frequency interference shielding and filters, high power capacitor charging power supplies, amplifiers, traveling wave tube amplifiers, photodetectors, amplifier modules, microwave power modules, flash lamp drivers, laser diode drivers, arc lamp power supplies, custom power supply designs, cable assemblies, high voltage power supplies, high voltage interconnection devices and wire, high voltage energy generators, high frequency power delivery systems; memory products, including three-dimensional microelectronic and stacked memory, static random-access memory (SRAM) and electronically erasable progra Item 1. BUSINESS The Company HEICO Corporation through its subsidiaries (collectively, \u201cHEICO,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or the \u201cCompany\u201d) believes it is the world\u2019s largest manufacturer of Federal Aviation Administration (\u201cFAA\u201d)-approved jet engine and aircraft component replacement parts, other than the original equipment manufacturers (\u201cOEMs\u201d) and their subcontractors. HEICO also believes it is a leading manufacturer of various types of electronic equipment for the aviation, defense, space, medical, telecommunications and electronics industries. The Company was originally organized in 1957 as a holding company known as HEICO Corporation. As part of a reorganization completed in 1993, the original holding company (formerly known as HEICO Corporation) was renamed as HEICO Aerospace Corporation and a new holding corporation known as HEICO Corporation was created. The reorganization did not result in any change in the business of the Company, its consolidated assets or liabilities or the relative interests of its shareholders. Our business is comprised of two operating segments: The Flight Support Group. Our Flight Support Group (\u201cFSG\u201d), consisting of HEICO Aerospace Holdings Corp. and HEICO Flight Support Corp. and their collective subsidiaries, accounted for 70%, 68% and 60% of our net sales in fiscal 2025, 2024 and 2023, respectively. The FSG uses proprietary technology to design and manufacture jet engine and aircraft component replacement parts for sale at lower prices than those manufactured by OEMs. These parts are approved by the FAA and are the functional equivalent of parts sold by OEMs. In addition, the FSG repairs, overhauls and distributes jet engine and aircraft components, avionics and instruments for domestic and foreign commercial air carriers and aircraft repair companies as well as military and business aircraft operators. The FSG also manufactures and sells specialty parts as a subcontractor for aerospace and industrial original equip Item 1A. RISK FACTORS Our business, financial condition, operating results and cash flows may be impacted by a number of factors, many of which are beyond our control, including those set forth below and elsewhere in this Annual Report on Form 10-K, any one of which may cause our actual results to differ materially from anticipated results: Strategic, Business and ", "title": "HEI-A - HEICO CORP", "url": "/company/HEI-A/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000798941; latest 10-K filed 2026-02-24.", "text": "FCNCA - FIRST CITIZENS BANCSHARES INC /DE/ SIC 6022 State Commercial Banks; CIK 0000798941; latest 10-K filed 2026-02-24. FCNCA FIRST CITIZENS BANCSHARES INC /DE/ 0000798941 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Management\u2019s discussion and analysis (\u201cMD&A\u201d) of earnings and related financial data is presented to assist in understanding the financial condition and results of operations of BancShares. Unless otherwise noted, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and \u201cBancShares\u201d in this MD&A refer to our consolidated financial condition and results of operations. This MD&A is expected to provide our investors with a view of our financial condition and results of operations from our management\u2019s perspective. This MD&A should be read in conjunction with the audited consolidated financial statements and Notes to the Consolidated Financial Statements in Item 8. Financial Statements and Supplementary Data. Throughout this MD&A, references to a specific \u201cNote\u201d refer to the Notes to Consolidated Financial Statements contained in Item 8. Financial Statements and Supplementary Data. Intercompany accounts and transactions have been eliminated. Although certain amounts for prior years have been reclassified to conform with financial statement presentations for 2025, the reclassifications had no effect on stockholders\u2019 equity or net income as previously reported. Refer to Note 1\u2014Significant Accounting Policies and Basis of Presentation. Management uses certain financial measures that are not presented in accordance with GAAP in its analysis of the financial condition and results of operations of BancShares. Refer to the \"Non-GAAP Financial Measurements\" section of this MD&A for a reconciliation of these financial measures to the most directly comparable financial measures in accordance with GAAP. Comparisons of the financial data as of and for the years ended December 31, 2024 and 2023 are contained in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of BancShares\u2019 Annual Report on Form 10-K as of and for the year ended December 31, 2024 (the \u201c2024 Form 10-K\u201d) filed with the SEC on February 21, 2025 and available through our investor relations website ir.firstcitizens.com or the SEC\u2019s EDGAR database. EXECUTIVE OVERVIEW Key Strategic Objectives BancShares defines strategic priorities to further our vision and align goals to enhance productivity while focusing on risk management throughout the organization. Our strategic priorities center around the themes summarized below. \u2022Client Focus \u25aaExpand and grow our capabilities and products while harnessing the scale of the enterprise and maintaining a client-first focus. \u2022Talent and Culture \u25aaAttract, retain and develop associates who align with our long-term direction and culture while scaling for continued growth. \u2022Operational Efficiency \u25aaOptimize processes and systems to reduce organizational complexity and maximize productivity. \u25aaContinue to streamline systems to simplify our information technology operating environment and improve our data infrastructure. \u2022Balance Sheet Optimization \u25aaManage our balance sheet prudently to optimize our funding and liquidity profile while driving core deposit growth and enhancing returns. 41 Recent Events Equity Transactions Share Repurchase Programs On July 25, 2025, BancShares announced that the Board authorized the 2025 SRP, which allows BancShares to repurchase shares of its Class A common stock in an aggregate amount up to $4.0 billion through December 31, 2026. Repurchases under the 2025 SRP commenced in September 2025 upon the completion of the $3.5 billion 2024 SRP announced in July 2024. During 2025, BancShares repurchased $3.03 billion of its Class A common stock in aggregate under the 2024 SRP and the 2025 SRP. The total capacity remaining under the 2025 SRP was $2.81 billion as of December 31, 2025 and $2.37 billion as of February 13, 2026. Refer to Part II, Item 5. Market for Registrant\u2019s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities for additional information regarding Item 1. Business General First Citizens BancShares, Inc. (the \u201cParent Company\u201d and when including all of its subsidiaries on a consolidated basis, \u201cBancShares,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) was incorporated under the laws of Delaware on August 7, 1986, to become the holding company of First-Citizens Bank & Trust Company (\u201cFCB\u201d), its banking subsidiary. FCB opened in 1898 as the Bank of Smithfield in Smithfield, North Carolina, and later changed its name to First-Citizens Bank & Trust Company. BancShares has expanded through de novo branching and acquisitions and as of December 31, 2025, operates an extensive network of branches and offices, predominantly located in the Southeast, Mid-Atlantic, Midwest, and Western United States, providing a broad range of financial services to individuals, businesses and professionals. At December 31, 2025, BancShares had total consolidated assets of $229.70 billion. Throughout its history, the operations of BancShares have been significantly influenced by descendants of Robert P. Holding, who came to control FCB during the 1920s. Robert P. Holding\u2019s children and grandchildren have served as members of the Board of Directors of BancShares (the \u201cBoard\u201d) and of the Board of Directors of FCB (collectively with the Board of BancShares, the \u201cBoards\u201d), as chief executive officers and in other executive management positions and, since BancShares\u2019 formation in 1986, have remained stockholders owning a large percentage of its common stock. The Chairman of the Boards and Chief Executive Officer, Frank B. Holding, Jr., is the grandson of Robert P. Holding. Hope Holding Bryant, Vice Chairwoman of the Boards, is Robert P. Holding\u2019s granddaughter. Peter M. Bristow, President and member of the Boards, is the brother-in-law of Frank B. Holding, Jr. and Hope Holding Bryant. BancShares provides financial services for a wide range of consumer and commercial clients. BancShares offers deposit products, loans, and wealth management and private banking se Item 1A. Risk Factors. Risk Factor Summary We are subject to a number of risks and uncertainties that could have a material impact on our business, financial condition and results of operations and cash flows. As a financial services organization, certain elements of risk are inherent in our transactions and operations and a", "title": "FCNCA - FIRST CITIZENS BANCSHARES INC /DE/", "url": "/company/FCNCA/" }, { "kind": "company", "summary": "SIC 4841 Cable & Other Pay Television Services; CIK 0001428439; latest 10-K filed 2026-02-13.", "text": "ROKU - ROKU, INC SIC 4841 Cable & Other Pay Television Services; CIK 0001428439; latest 10-K filed 2026-02-13. ROKU ROKU, INC 0001428439 4841 Cable & Other Pay Television Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes included in Item 8 of this Annual Report. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, beliefs, and expectations, and involve risks and uncertainties. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report, particularly in the section titled Item 1A. Risk Factors and the Note Regarding Forward-Looking Statements. This section of this Annual Report generally discusses fiscal years 2025 and 2024 and year-to-year comparisons between those years. Discussions of fiscal year 2023 and year-to-year comparisons between fiscal years 2024 and 2023 that are not included in this Annual Report can be found in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in Item 7 of our Annual Report for the fiscal year ended December 31, 2024 filed with the SEC on February 14, 2025. Overview Our two reportable segments are the Platform segment and the Devices segment. Platform revenue is generated from the sale of digital advertising (including direct and programmatic video advertising, ads integrated into our user 42 Table of Contents interface (\u201cUI\u201d), and related services) and streaming services distribution (including subscription and transaction revenue shares, the sale of Premium Subscriptions, the sale of owned and operated subscription services, and the sale of branded app buttons on remote controls). Devices revenue is generated from the sale of streaming players, Roku-made TVs, smart home products and services, audio products, and related accessories. We expect to continue to manage the average selling prices of Roku streaming devices in an effort to sell more devices, which we believe will increase our Streaming Households. We expect that this trade off from Devices gross profit or loss to grow Streaming Households should result in increased Platform revenue and Platform gross profit over time. Business Conditions and Macroeconomic Factors Our business is subject to risks related to the evolving macroeconomic environment, including the effects of increased volatility in financial markets, higher inflation and interest rates, potential economic slowdown or recession, geopolitical developments, changes in economic or government policies, including the unknown impact of tariffs, changing global regulations, and the overall uncertainty surrounding international trade relations. While we intend to remain vigilant in monitoring the impacts of these circumstances on our business and adapt accordingly, the effects of these macroeconomic factors on our business, results of operations, and financial condition remain largely uncertain. See Item 1A, Risk Factors, and the Note Regarding Forward Looking Statements elsewhere in this Annual Report for additional details. Key Performance Metrics and Non-GAAP Measures Since our IPO in 2017, the streaming TV industry has evolved meaningfully, with Americans now spending significantly more TV time streaming than watching traditional TV. Our business has also grown and evolved, and we are now primarily focused on growing Platform revenue and profitability. As a result, and as previously disclosed, starting in the first quarter of 2025, we have updated our Key Performance Metrics (\u201cKPMs\u201d) to better align with these priorities. The key performance metrics we use to evaluate our business, measure our performance, develop financial forecasts and make strategic decisions are Streaming Hours, Platform revenue, Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (\u201cAdjusted EBITDA\u201d), and Free Cash Flow. Streaming Item 1: Business Overview Roku, Inc. (\u201cRoku,\u201d the \u201cCompany,\u201d \u201cwe,\u201d or \u201cus\u201d) is the leading TV streaming platform in the United States, Canada, and Mexico by hours streamed. We pioneered TV streaming and believe that all TV will be streamed. The shift of the TV ecosystem to streaming continues and is expanding TV\u2019s capabilities for viewers, content partners, advertisers, and other industry participants. Nearly every major media company not only has a streaming service, but has also expanded beyond pure subscription streaming models to ad-supported streaming options. Advertisers use TV streaming to reach viewers who are increasingly unreachable on traditional TV, while also benefiting from the digital advertising capabilities that TV streaming platforms can deliver. Our Mission Our mission is to be the global TV streaming platform that connects and benefits the entire TV ecosystem of viewers, content partners, and advertisers. Through our TV streaming platform, we connect viewers to the entertainment they love; enable content partners to build, engage, and monetize large audiences; and provide advertisers with unique capabilities to reach viewers. Our Strategy and Business Model The foundation of our platform is the Roku TV OS, which is purpose built for TVs and powers Roku streaming devices. The Roku TV OS is designed to run on low-cost hardware, which enables Roku streaming devices to be sold to consumers at competitive prices. The Roku TV OS connects viewers to our streaming platform via a broadband network, giving them access to a wide selection of content through an experience that is both delightful and easy to use. We provide periodic updates via the Roku TV OS to continuously deliver an exceptional streaming experience. We dedicate significant resources to build, maintain, and advance the Roku TV OS; to provide an industry-leading streaming platform for our viewers, content partners, and advertisers; to obtain content for our streaming platform that at Item 1A. Risk Factors Our business involves significant risks, some of which are described below. You should carefully consider the risks and uncertainties described below, together with all the other information in this Annual Report, including \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and th", "title": "ROKU - ROKU, INC", "url": "/company/ROKU/" }, { "kind": "company", "summary": "SIC 4899 Communications Services, NEC; CIK 0001780312; latest 10-K filed 2026-03-02.", "text": "ASTS - AST SpaceMobile, Inc. SIC 4899 Communications Services, NEC; CIK 0001780312; latest 10-K filed 2026-03-02. ASTS AST SpaceMobile, Inc. 0001780312 4899 Communications Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Except as otherwise noted or where the context requires otherwise, references in this Annual Report to \u201cwe,\u201d \u201cus\u201d or the \u201cCompany\u201d refer to AST SpaceMobile, Inc. and references to our \u201cmanagement\u201d refer to our officers and directors. The following discussion and analysis of the Company\u2019s financial condition and results of operations should be read in conjunction with our consolidated financial statements and notes thereto included in Item 8 - Financial Statements and Supplementary Data of this Annual Report. Unless otherwise indicated, all references to \u201cdollars\u201d and \u201c$\u201d in this Annual Report are to, and all monetary amounts in this Annual Report are presented in, U.S. dollars. This section of this Annual Report generally discusses year-to-year comparisons between 2025 and 2024. Discussions of year-to-year comparisons between 2024 and 2023 are not included, and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview We are building the first and only global Cellular Broadband network in space to be accessible directly by everyday smartphones (2G/4G-LTE/5G devices) for commercial use, and other applications for government use utilizing our extensive IP and patent portfolio. The SpaceMobile Service is being designed to provide cost-effective, high-speed Cellular Broadband services to end-users who are out of terrestrial cellular coverage using existing mobile devices. The SpaceMobile Service currently is planned to be provided by a constellation of high-powered, large phased-array satellites in LEO using low-band and mid-band spectrum controlled by MNOs. On March 22, 2025, we and certain of our subsidiaries entered into certain definitive agreements with Ligado LLC and its subsidiaries for usage rights for mid-band spectrum, which were approved by the Bankruptcy Court on June 23, 2025. Ligado\u2019s Chapter 11 plan was confirmed by the Bankruptcy Court on or about September 29, 2025. Subject to the completion of certain conditions, including regulatory approval, as a result of the transaction with Ligado, we expect our network will be enhanced by our long-term access to up to 45 MHz of the lower mid-band satellite spectrum in the United States and Canada through our usage agreements. In addition, on September 25, 2025, we completed the acquisition of an entity that holds certain S-Band ITU priority rights to Mobile Satellite Services frequencies in the range of 1980-2010 MHz and 2170-2200 MHz, for use in LEO. We expect the acquisition will further enhance our network by up to 60 MHz of mid-band satellite spectrum globally. As of December 31, 2025, our IP portfolio consists of approximately 3,850 patent and patent pending claims worldwide, of which approximately 1,900 have been officially granted or allowed. This includes 38 patent families worldwide. Our patents have various terms expiring starting 2039. We are headquartered in Texas where we operate AIT facilities. We also have engineering and development centers elsewhere in the United States, India and Scotland, and engineering, development and production centers in Spain and Israel. Our global footprint was approximately 450,000 square feet as of December 31, 2025. We intend to work with MNOs to offer the SpaceMobile Service to the MNOs\u2019 end-user customers. We currently have partnerships with over 50 MNOs with nearly 3 billion subscribers globally. Our vision is that users will not need to subscribe to the SpaceMobile Service directly through us, nor will they need to purchase any new or additional equipment. Instead, users will be able to access the SpaceMobile Service when prompted on their mobile device that they are no longer within range of the land-based facilities of the MNOs or will be able to purchase a plan Item 1. Business Our Company We are building the first and only global Cellular Broadband network in space to be accessible directly by everyday smartphones (2G/4G-LTE/5G devices) for commercial use, and for other applications for government use utilizing our extensive intellectual property (\u201cIP\u201d) and patent portfolio. The SpaceMobile Service is being designed to provide cost-effective, high-speed Cellular Broadband services to end-users who are out of terrestrial cellular coverage using existing mobile devices. The SpaceMobile Service currently is planned to be provided by a constellation of high-powered, large phased-array satellites in LEO using low-band and mid-band spectrum controlled by MNOs. On March 22, 2025, we and certain of our subsidiaries entered into certain definitive agreements with Ligado Networks LLC (\u201cLigado LLC\u201d) and its subsidiaries for usage rights for mid-band spectrum, which were approved by the United States Bankruptcy Court for the District of Delaware (the \u201cBankruptcy Court\u201d) on June 23, 2025. Ligado\u2019s Chapter 11 plan was confirmed by the Bankruptcy Court on or about September 29, 2025. Subject to the completion of certain conditions, including regulatory approval, as a result of the transaction with Ligado, we expect our network will be enhanced by our long-term access to up to 45 MHz of the lower mid-band satellite spectrum in the United States and Canada through our usage agreements. In addition, on September 25, 2025, we completed the acquisition of an entity that holds certain S-Band International Telecommunication Union (\u201cITU\u201d) priority rights to Mobile Satellite Services frequencies in the range of 1980-2010 MHz and 2170-2200 MHz, for use in LEO. We expect the acquisition will further enhance our network by up to 60 MHz of mid-band satellite spectrum globally. We intend to work with MNOs to offer the SpaceMobile Service to the MNOs\u2019 end-user customers. We currently have partnerships with over 50 MNOs with nearly 3 billion subscr Item 1A. Risk Factors You should carefully consider the risks described below together with the other information set forth in this report, which could materially affect our business, operations, financial condition and future results. The risks described below are not the only ones that we may face. Additional risks that a", "title": "ASTS - AST SpaceMobile, Inc.", "url": "/company/ASTS/" }, { "kind": "company", "summary": "SIC 4400 Water Transportation; CIK 0001745201; latest 10-K filed 2026-03-03.", "text": "VIK - Viking Holdings Ltd SIC 4400 Water Transportation; CIK 0001745201; latest 10-K filed 2026-03-03. VIK Viking Holdings Ltd 0001745201 4400 Water Transportation Results of Operations Operating results for the years ended December 31, 2025, 2024 and 2023 are shown in the following table: [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"(in thousands, except per share data)\"],[\"Consolidated Statements of Operations\"],[\"Revenue\"],[\"Cruise and land\",\"\",\"$\",\"6,051,435\",\"\",\"\",\"$\",\"4,971,282\",\"\",\"\",\"$\",\"4,383,524\"],[\"Onboard and other\",\"\",\"\",\"449,984\",\"\",\"\",\"\",\"362,600\",\"\",\"\",\"\",\"326,969\"],[\"Total revenue\",\"\",\"\",\"6,501,419\",\"\",\"\",\"\",\"5,333,882\",\"\",\"\",\"\",\"4,710,493\"],[\"Cruise operating expenses\"],[\"Commissions and transportation costs\",\"\",\"\",\"(1,359,517\",\")\",\"\",\"\",\"(1,156,610\",\")\",\"\",\"\",\"(1,053,874\",\")\"],[\"Direct costs of cruise, land and onboard\",\"\",\"\",\"(851,856\",\")\",\"\",\"\",\"(676,760\",\")\",\"\",\"\",\"(586,234\",\")\"],[\"Vessel operating\",\"\",\"\",\"(1,472,487\",\")\",\"\",\"\",\"(1,280,711\",\")\",\"\",\"\",\"(1,211,676\",\")\"],[\"Total cruise operating expenses\",\"\",\"\",\"(3,683,860\",\")\",\"\",\"\",\"(3,114,081\",\")\",\"\",\"\",\"(2,851,784\",\")\"],[\"Other operating expenses\"],[\"Selling and administration\",\"\",\"\",\"(1,031,235\",\")\",\"\",\"\",\"(883,889\",\")\",\"\",\"\",\"(789,040\",\")\"],[\"Depreciation, amortization and impairment\",\"\",\"\",\"(284,790\",\")\",\"\",\"\",\"(260,844\",\")\",\"\",\"\",\"(253,719\",\")\"],[\"Total other operating expenses\",\"\",\"\",\"(1,316,025\",\")\",\"\",\"\",\"(1,144,733\",\")\",\"\",\"\",\"(1,042,759\",\")\"],[\"Operating income\",\"\",\"\",\"1,501,534\",\"\",\"\",\"\",\"1,075,068\",\"\",\"\",\"\",\"815,950\"],[\"Non-operating income (expense)\"],[\"Interest income\",\"\",\"\",\"84,876\",\"\",\"\",\"\",\"69,374\",\"\",\"\",\"\",\"48,027\"],[\"Interest expense\",\"\",\"\",\"(362,575\",\")\",\"\",\"\",\"(380,486\",\")\",\"\",\"\",\"(528,061\",\")\"],[\"Currency (loss) gain\",\"\",\"\",\"(56,100\",\")\",\"\",\"\",\"31,542\",\"\",\"\",\"\",\"(20,815\",\")\"],[\"Private Placement derivative loss\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"(364,214\",\")\",\"\",\"\",\"(2,007,089\",\")\"],[\"Other financial income (loss)\",\"\",\"\",\"13\",\"\",\"\",\"\",\"(261,450\",\")\",\"\",\"\",\"(151,469\",\")\"],[\"Income (loss) before income taxes\",\"\",\"\",\"1,167,748\",\"\",\"\",\"\",\"169,834\",\"\",\"\",\"\",\"(1,843,457\",\")\"],[\"Income tax expense\",\"\",\"\",\"(19,653\",\")\",\"\",\"\",\"(16,857\",\")\",\"\",\"\",\"(6,639\",\")\"],[\"Net income (loss)\",\"\",\"$\",\"1,148,095\",\"\",\"\",\"$\",\"152,977\",\"\",\"\",\"$\",\"(1,850,096\",\")\"],[\"Net income (loss) attributable to Viking Holdings Ltd\",\"\",\"$\",\"1,147,570\",\"\",\"\",\"$\",\"152,331\",\"\",\"\",\"$\",\"(1,850,572\",\")\"],[\"Net income attributable to non-controlling interests\",\"\",\"$\",\"525\",\"\",\"\",\"$\",\"646\",\"\",\"\",\"$\",\"476\"],[\"Weighted-average ordinary shares and special shares outstanding - Diluted\",\"\",\"\",\"446,418\",\"\",\"\",\"\",\"366,709\",\"\",\"\",\"\",\"221,936\"],[\"Net income (loss) per share attributable to ordinary and special shares - Diluted\",\"\",\"$\",\"2.57\",\"\",\"\",\"$\",\"0.36\",\"\",\"\",\"$\",\"(4.42\",\")\"],[\"Other Financial Information:\"],[\"Adjusted EBITDA\",\"\",\"$\",\"1,872,088\",\"\",\"\",\"$\",\"1,348,302\",\"\",\"\",\"$\",\"1,090,322\"],[\"Adjusted Net Income attributable to Viking Holdings Ltd\",\"\",\"$\",\"1,165,050\",\"\",\"\",\"$\",\"809,492\",\"\",\"\",\"N/A\"],[\"Adjusted EPS\",\"\",\"$\",\"2.61\",\"\",\"\",\"$\",\"1.86\",\"\",\"\",\"N/A\"]] [[/GREPCENT_TABLE]] 49 Table of Contents The following table reconciles net income (loss), the most directly comparable IFRS Accounting Standards measure, to Adjusted EBITDA for the years ended December 31, 2025, 2024 and 2023: [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"(in thousands)\"],[\"Net income (loss)\",\"$\",\"1,148,095\",\"\",\"\",\"$\",\"152,977\",\"\",\"\",\"$\",\"(1,850,096\",\")\"],[\"Interest income\",\"\",\"(84,876\",\")\",\"\",\"\",\"(69,374\",\")\",\"\",\"\",\"(48,027\",\")\"],[\"Interest expense\",\"\",\"362,575\",\"\",\"\",\"\",\"380,486\",\"\",\"\",\"\",\"528,061\"],[\"Income tax expense\",\"\",\"19,653\",\"\",\"\",\"\",\"16,857\",\"\",\"\",\"\",\"6,639\"],[\"Depreciation, amortization and impairment\",\"\",\"284,790\",\"\",\"\",\"\",\"260,844\",\"\",\"\",\"\",\"253,719\"],[\"EBITDA\",\"\",\"1,730,237\",\"\",\"\",\"\",\"741,790\",\"\",\"\",\"\",\"(1,109,704\",\")\"],[\"Private Placement derivative loss (a)\",\"\",\"\\u2014\",\"\",\"\",\"\",\"364,214\",\"\",\"\",\"\",\"2,007,089\"],[\"Warrants loss (b)\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"261,615\",\"\",\"\",\"\",\"107,673\"],[\"Other financial (income) loss\",\"\",\"(2,767\",\")\",\"\",\"\",\"(1,886\",\")\",\"\",\"\",\"46", "title": "VIK - Viking Holdings Ltd", "url": "/company/VIK/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001635327; latest 10-K filed 2026-02-26.", "text": "FLUT - Flutter Entertainment plc SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001635327; latest 10-K filed 2026-02-26. FLUT Flutter Entertainment plc 0001635327 7370 Services-Computer Programming, Data Processing, Etc. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of the financial condition and results of operations of Flutter Entertainment plc and its consolidated subsidiaries in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties about our business and operations. Our actual results and the timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those we describe under \u201cItem 1A. Risk Factors\u201d and elsewhere in this Annual Report. See \u201cCautionary Statement About Forward-Looking Statements.\u201d Our Business Flutter is the world\u2019s leading online sports betting and iGaming operator based on revenue. Our ambition is to change our industry for the better and deliver long-term growth while also achieving a positive, sustainable future for all our stakeholders. We are well-placed to do so through the global competitive advantages of the Flutter Edge, which provides our brands with access to group-wide benefits to stay ahead of the competition, while maintaining a clear vision for sustainability through our Positive Impact Plan. We are the industry leader by size with 15.9 million AMPs and $16,383 million of revenue globally for fiscal 2025. See \u201c\u2014Key Operational Metrics\u201d below for additional information regarding how we calculate AMPs data, including a discussion regarding duplication of players that exists in such data. Our strategy involves expanding our Group\u2019s player base and growing player value through product innovation and efficient player incentive spend, while also increasing the efficiency of our marketing investment and operating leverage to deliver high net income (loss) margins and Adjusted EBITDA Margins. We believe that we are well-positioned to capitalize on the future long-term growth of the markets we operate in due to the following: Access to significant market opportunity: Long runway of future growth expected as additional U.S. states legalize sports betting and iGaming. Outside of the U.S., the market is already very large and continues to grow. Diversified product and geographic portfolio at scale: We operate in a wide range of markets and offer a broad range of products. This level of diversification gives us exposure to fast-growing markets, and we also believe that it mitigates the impact on the overall Group of regulatory or other changes in individual markets. As a scale operator, we benefit from the \u201cflywheel effect\u201d where higher revenue growth enables greater operating leverage. This in turn enables us to invest more in our products and player proposition. The Flutter Edge: We refer to our Group\u2019s global differentiator across product, technology, expertise and scale provided by empowering our local hero brands with the benefits of a global leader as the \u201cFlutter Edge.\u201d It represents the symbiotic relationship between our teams and divisions, with all contributing to and benefitting from the Flutter Edge. Optimal strategy to deliver success: We have a clearly defined Group strategy to enable us to deliver on our strategic priorities: Win in the U.S. by (i) extending FanDuel Sportsbook's lead as the primary sportsbook in the U.S., (ii) cementing FanDuel Casino's position as the #1 casino brand and operator by gross gaming revenue and (iii) extend and deepen customer engagement through our Flywheel businesses, and (iv) transforming our earnings profile through operating leverage. We believe that we have a sustainable winning strategy driven by (i) the most efficient acquisition engine, (ii) a superior product proposition, (iii) a world class generosity proposition, and (iv) the best pricing in the market, enabled by our leading talent, technology and data platfo", "title": "FLUT - Flutter Entertainment plc", "url": "/company/FLUT/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000912593; latest 10-K filed 2026-02-25.", "text": "SUI - SUN COMMUNITIES INC SIC 6798 Real Estate Investment Trusts; CIK 0000912593; latest 10-K filed 2026-02-25. SUI SUN COMMUNITIES INC 0000912593 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of the consolidated financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and accompanying footnotes thereto included in this Annual Report on Form 10-K. In addition to the results presented in accordance with GAAP below, we have provided net operating income (\"NOI\") and FFO information as supplemental performance measures. Refer to Non-GAAP Financial Measures in this Item 7 for additional information. OVERVIEW AND OUTLOOK We are a fully integrated REIT. As of December 31, 2025, we owned and operated, directly or indirectly, or had an interest in, a portfolio of 513 developed properties located in the U.S., Canada, and the UK including 294 MH communities, 166 RV communities, and 53 UK communities. 23 SUN COMMUNITIES, INC. We have been in the business of operating, acquiring, developing and expanding MH and RV communities since 1975, and communities in the United Kingdom since 2022. We lease individual parcels of land, or sites, with utility access for the placement of manufactured homes and RVs to our MH, RV, and UK customers. Our MH communities are designed to offer affordable housing to individuals and families, while also providing certain amenities. In the U.S., we are also engaged in the marketing, selling and leasing of new and pre-owned homes to current and future residents in our MH communities. The rental program operations within our MH communities support and enhance our occupancy levels, property performance and cash flows. Our RV communities are designed to offer affordable vacation opportunities to individuals and families complemented by a diverse selection of high-quality amenities. In the United Kingdom, our UK communities are referred to as \"holiday parks\" and are located predominantly at irreplaceable seaside destinations in the south of England. We provide holiday home sales and associated site license activities to holiday homeowners in our communities. In 2025, we continued our portfolio optimization and simplification strategy by completing the Safe Harbor Sale for total net cash proceeds of $5.5 billion, generating a total gain on sale of $1.5 billion. The Safe Harbor Sale accelerates our strategy of focusing on our core business and significantly enhances our leverage profile and financial flexibility. We have deployed the majority of the cash proceeds from the Safe Harbor Sale to implement a capital allocation plan that reflects a balanced, tax-efficient approach to optimize shareholder value through significantly lower leverage, greater financial flexibility to drive sustainable cash flow growth, and a thoughtful capital return strategy. Refer to Note 2, \"Assets Held for Sale and Discontinued Operations,\" in our accompanying Consolidated Financial Statements for additional details related to the Safe Harbor Sale. Pursuant to our portfolio optimization strategy, we completed targeted, growth-oriented investment and acquisition opportunities in 2025, while also continuing our targeted disposition program to divest non-strategic assets in an effort to simplify management and maintain financial flexibility. During the year ended December 31, 2025, we acquired 11 MH and three RV properties for total cash consideration of $457.0 million and repurchased the titles to all 32 UK properties that were previously controlled via ground leases for total cash consideration of $386.8 million. Also during the year, we sold four MH properties, three RV properties, and three development land parcels in the U.S. and UK for a gross sale price of $202.6 million. The property dispositions have strengthened our financial position by enabling us to reduce debt while also exiting non-core markets. We remain focused on maximizing real property income, Same Property NOI growth, and Core FFO per share growth, which we believe ITEM 1. BUSINESS GENERAL OVERVIEW Sun Communities, Inc., and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership, a Michigan limited partnership (the \"Operating Partnership\"), Sun Home Services, Inc. (\"SHS\"), and our Park Holidays subsidiaries and the other entities through which we operate our business in the United Kingdom (\"UK\") are referred to herein as the \"Company,\" \"SUI,\" \"us,\" \"we,\" or \"our.\" We are a fully integrated real estate investment trust (\"REIT\"). We own manufactured housing (\"MH\") and recreational vehicle (\"RV\") communities in the United States (\"U.S.\"), Canada, and the UK (together with MH and RV, the \"properties\"). We self-administer, self-manage, operate, or hold an interest in, and develop the majority of our properties, and a select number of our communities are operated by independent third-party contractors on our behalf under management agreements. Others are operated by lessees under ground lease arrangements. Together with our affiliates and predecessors, we have been in the business of operating, acquiring, developing, and expanding MH and RV communities since 1975 and communities in the UK since 2022. For our MH and RV businesses, we lease individual parcels of land, or sites, with utility access for the placement of manufactured homes and RVs to our MH and RV customers. Our MH communities are designed to offer affordable housing to individuals and families, while also providing certain amenities. Our RV communities are designed to offer affordable vacation opportunities to individuals and families complemented by a diverse selection of high-quality amenities. Through SHS, a taxable REIT subsidiary, we market, sell, and lease new and pre-owned homes to current and future residents in our MH and RV communities. The operations of SHS support and enhance our occupancy levels, property performance, and cash flows. In the UK, our communities are referred to as \"holiday ITEM 1A. RISK FACTORS Our prospects are subject to certain uncertainties and risks. Our future results could differ materially from current results, and our actual results could differ materially from those projected in forward-looking statements as a result of certain risk factors. These risk factors include, but are not limited ", "title": "SUI - SUN COMMUNITIES INC", "url": "/company/SUI/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0002046386; latest 10-K filed 2026-02-25.", "text": "MDLN - Medline Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0002046386; latest 10-K filed 2026-02-25. MDLN Medline Inc. 0002046386 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is intended to help you understand the financial condition, results of operations, and present business of Medline and Medline Holdings (f/k/a, Mozart Holdings, LP, the predecessor of Medline). This MD&A should be read in conjunction with our consolidated financial statements and the accompanying notes in Part II, \u201cItem 8\u2014Financial Statements and Supplemental Data\u201d of this Annual Report. Some of the information included in this MD&A or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, include forward-looking statements that involve risks and uncertainties. Our future results and financial condition may differ materially from those we currently anticipate. You should review the \u201cCautionary Note Regarding Forward-Looking Statements\u201d and Part I,\u201cItem 1A\u2014Risk Factors\u201d sections of this Annual Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. For purposes of the MD&A, references to the \u201cCompany,\u201d \u201cMedline,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d mean Medline Inc. and its consolidated subsidiaries. Overview Medline is the largest provider of med-surg products and supply chain solutions serving all points of care, based on total net sales of med-surg products. We deliver mission-critical products used daily across the full range of care settings, from hospitals and surgery centers to physician offices and post-acute facilities. We operate under two reportable segments, Medline Brand and Supply Chain Solutions. Both segments are supported by our Prime Vendor model, differentiated distribution network, and robust commercial platform. See Part I, \u201cItem 1\u2014Business\u201d for a more detailed description of each of our segments, our Prime Vendor model, distribution network, and commercial platform. For the year ended December 31, 2025, our financial results were as follows: \u2022We generated net sales of $28.4 billion, net income of $1.2 billion, and Adjusted EBITDA of $3.5 billion, representing a net income margin of 4.1% and an Adjusted EBITDA Margin of 12.2%. \u2022During that period, Medline Brand segment net sales and Segment Adjusted EBITDA were $13.7 billion and $3.3 billion, respectively, which represented 48.3% of total net sales and 80.6% of Segment Adjusted EBITDA, respectively. Supply Chain Solutions segment net sales and Segment Adjusted EBITDA were $14.7 billion and $0.8 billion, respectively, which represented 51.7% of total net sales and 19.4% of Segment Adjusted EBITDA, respectively. For a reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to the most directly comparable GAAP financial measures, information about why we consider Adjusted EBITDA and Adjusted EBITDA Margin useful, and a discussion of the material risks and limitations of these measures, see \u201c\u2014Non-GAAP Financial Information\u201d below. Key Factors and Trends Aging Population and Increased Healthcare Utilization We continue to operate against a backdrop of stable demographic and healthcare utilization trends, including an aging population and the growing prevalence of chronic conditions, which are expected to drive elevated volumes, steady demand for med-surg products, and increased health expenditures over the long term. As our customers\u2019 underlying patient volumes increase, we expect continued demand for our broad portfolio of products across the continuum of care. End Market Dynamics Including Shifting Sites of Care and Consolidation Our business is positively impacted by the ongoing shift of higher acuity procedures to lower-cost sites of care and consolidation of healthcare providers into IDNs. These factors have led to increased volumes Item 1. Business General Medline Inc. (together with its subsidiaries, \u201cMedline\u201d, \u201cthe Company\u201d, \u201cwe\u201d, \u201cours\u201d and \u201cus\u201d) is the largest provider of medical-surgical (\u201cmed-surg\u201d) products and supply chain solutions serving all points of care, based on total net sales of med-surg products. Medline was founded in 1966 and today delivers mission-critical products used daily across the full range of care settings, from hospitals and surgery centers to physician offices and post-acute facilities. Our mission is to make healthcare run better by delivering improved clinical, financial, and operational outcomes. We have two reportable segments, Medline Brand and Supply Chain Solutions, the combination of which addresses critical needs in the market through a comprehensive solution. They are both supported by our Prime Vendor model, differentiated distribution network, and robust commercial platform. Through our two segments, we offer approximately 335,000 med-surg products, including surgical and procedural kits, gloves and protective apparel, urological and incontinence care, wound care, and consumable lab and diagnostics products. We distribute these products through our expansive network of global distribution facilities and our owned fleet of MedTrans trucks. Medline Brand As of December 31, 2025, we offer our customers approximately 190,000 med-surg products through our Medline Brand segment and hold leading positions across many key product families for our Medline Brand products. Our Medline Brand products are organized into three product categories: Front Line Care, Surgical Solutions, and Laboratory and Diagnostics. \u2022Front Line Care offers mission-critical med-surg products for patient-facing needs, including wound care products, exam gloves, skin care and incontinence products, environment cleaning supplies, textiles, hand sanitizer, durable medical equipment, patient plastics, and decolonization and infection control products. \u2022Surgical Solutions offers oper Item 1A. Risk Factors Investing in our securities involves risks. Before you invest in our securities, you should carefully consider the risk factors below together with all of the other information included in this Annual Report. If any of the risks discussed herein were to occur, our business, prospects, liquidity, fi", "title": "MDLN - Medline Inc.", "url": "/company/MDLN/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001402436; latest 10-K filed 2026-02-26.", "text": "SSNC - SS&C Technologies Holdings Inc SIC 7372 Services-Prepackaged Software; CIK 0001402436; latest 10-K filed 2026-02-26. SSNC SS&C Technologies Holdings Inc 0001402436 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview Business. We are a leading provider of mission-critical, sophisticated software-enabled services that allow financial services providers to automate complex business processes. Our portfolio of software products and rapidly deployable software-enabled services allows our clients to automate and integrate front-office functions such as trading and modeling, middle-office functions such as portfolio management and reporting, and back-office functions such as accounting, transfer agency, compliance, regulatory services, performance measurement, reconciliation, reporting, processing and clearing. We provide our solutions globally to thousands of clients, principally within the institutional asset and wealth management, alternative investment management, brokerage, retirement, financial advisory and financial institutions vertical markets. In addition, we provide solutions to the healthcare industry including pharmacy, healthcare administration and health outcomes optimization solutions to satisfy their information processing, quality of care, cost management and payment integrity needs. Our healthcare solutions include claims adjudication, benefit management, care management and business intelligence services. Acquisitions. To supplement our growth, we evaluate and execute acquisitions that provide complementary products or services, add proven technology and an established client base, expand our intellectual property portfolio or address a highly specialized problem or a market niche. The following table lists the businesses we have acquired since January 1, 2023: [[GREPCENT_TABLE]] [[\"Acquired Business\",\"\",\"Acquisition Date\",\"\",\"Acquired Capabilities, Products and Services\"],[\"Curo Fund Services\",\"\",\"November 2025\",\"\",\"Expanded fund administration offerings and market share growth across South Africa and the African continent\"],[\"Calastone Limited\",\"\",\"October 2025\",\"\",\"Expanded global funds network that connects asset managers and market participants to automated mutual fund and ETF fund transaction processing\"],[\"FPS Trust Company\",\"\",\"February 2025\",\"\",\"Enhanced the managed services provided including high-volume beneficiary distributions, paying agent services and tax processing solutions to institutional trustees and retirement plan administrators\"],[\"Battea-Class Action Services, LLC\",\"\",\"September 2024\",\"\",\"Added expertise in in all stages of filing and processing settlement claims in connection with antitrust, securities litigation and settlement recovery services\"],[\"Iress Managed Funds Administration Business\",\"\",\"October 2023\",\"\",\"Provided software and services for trading and market data, financial advice, investment management, mortgages, superannuation, life and pensions and data intelligence\"]] [[/GREPCENT_TABLE]] The discussion in this Part II, Item 7 of this Annual Report on Form 10-K includes the operations of the businesses listed in the table above for the respective time periods each was owned by SS&C. Revenues. As we have expanded our business, we have focused on increasing our software-enabled services. Since 2023, we have seen increased demand in the financial services industry for these services from existing and new customers. We have taken a number of steps to support that demand, such as automating our software-enabled services delivery methods and expanding our service offerings. We have also acquired businesses that offer software-enabled services or have a large base of term license or maintenance clients. In particular, the acquisition of Blue Prism increased our term license and maintenance revenues. Our software-enabled services revenues increased from $4,488.3 million in 2023 to $5,211.1 million in 2025. We believe that our high degree of these contractually recurring revenues provides us with the ability to better manage our costs and capital investments. To support the growth in our ITEM 1. BUSINESS Overview SS&C Technologies Holdings, Inc. (NASDAQ: SSNC) is the world\u2019s leading hedge fund and private equity administrator, as well as mutual fund transfer agent. SS&C\u2019s unique business model combines end-to-end expertise across financial services operations with software and solutions to deliver value to customers of any size, scale, or complexity in the financial services and healthcare industries. SS&C owns and operates the full technology stack across securities accounting, front-to-back-office operations, performance and risk analytics, regulatory reporting and healthcare information processes. SS&C\u2019s trusted and proven technology delivers an unparalleled level of scalable capabilities for the most complex portfolios, the most sophisticated strategies, and the highest volumes of transactions. Through a series of carefully selected acquisitions, lift outs, and focused research and development, the breadth and depth of SS&C\u2019s expertise in financial services and healthcare technology are unmatched. Founded in 1986 and headquartered in Windsor, Connecticut, the Company is home to more than 28,000 employees and has more than 100 offices in 35 countries globally. With more than 23,000 clients spanning the health and financial services industries, our customers\u2019 needs and requirements are always at the forefront of our strategy. We provide the global financial services industry with a broad range of software-enabled services, which consist of software-enabled outsourcing services and subscription-based on-demand cloud solutions which are managed and hosted at our facilities, and specialized software products, which are deployed at our clients\u2019 facilities. Our software-enabled services, which combine the strengths of our proprietary software with our domain expertise, enable our clients to contract with us to provide many of their mission-critical and complex business processes. For example, we utilize our software to deliver comprehensive fund ad ITEM 1A. RISK FACTORS You should carefully consider the following risk factors, in addition to other information included in this annual report on Form 10-K and the other reports we submit to the SEC. If any of the following risks materialize, it could materially affect our business, operating results, ", "title": "SSNC - SS&C Technologies Holdings Inc", "url": "/company/SSNC/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001650372; latest 10-K filed 2025-08-15.", "text": "TEAM - Atlassian Corp SIC 7372 Services-Prepackaged Software; CIK 0001650372; latest 10-K filed 2025-08-15. TEAM Atlassian Corp 0001650372 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This section of our Annual Report on Form 10-K discusses our financial condition and results of operations for fiscal years 2025 and 2024, and year-to-year comparisons between fiscal years 2025 and 2024, in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d). A discussion of our financial condition and results of operations for the fiscal year 2023 and year-to-year comparisons between fiscal years 2024 and 2023 that is not included in this Annual Report on Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended 2024, filed on August 16, 2024. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes appearing under \u201cFinancial Statements and Supplementary Data\u201d in Item 8 in this Annual Report on Form 10-K. As discussed in the section titled \u201cForward-Looking Statements,\u201d the following discussion and analysis contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in the section titled \u201cRisk Factors\u201d under Part I, Item 1A in this Annual Report on Form 10-K. Overview Our mission is to unleash the potential of every team. Atlassian\u2019s team collaboration software enables organizations to connect all teams through a system of work that unlocks productivity at scale. Our deeply interconnected portfolio of apps, AI agents, and Collections, each with discrete value propositions, delivers solutions for software teams, IT operations and support teams, leadership, and business teams. We\u2019ve put AI at the center of our portfolio to enhance teamwork for users across our apps and Collections for all teams. These apps, agents, and Collections are all built on the Atlassian Cloud Platform and data model: a 48 common technology foundation that seamlessly connects teams, information, and workflows throughout an organization. We generate revenues primarily in the form of subscription fees. Subscription revenues consist primarily of fees earned from subscription-based arrangements for providing customers the right to use our software apps in a cloud-based-infrastructure that we provide (\u201cCloud offerings\u201d). We also sell on-premises term license agreements for our Data Center products (\u201cData Center offerings\u201d), consisting of software licensed for a specified period and support and maintenance services that are bundled with the license for the term of the license period. Subscription revenues also include subscription-based agreements for our premier support services. From time to time, we make changes to our apps and product offerings, prices, and pricing plans for our offerings, which may impact the growth rate of our revenue, our deferred revenue balances, and customer retention. Subscription revenue, through our Cloud and Data Center offerings, results in a large recurring revenue base. Economic Conditions Our results of operations may vary based on the impact of changes in the global economy on us or our customers. Our business depends on demand for business software applications generally and for collaboration software solutions in particular. We are subject to risks and exposures from the evolving macroeconomic environment, inflationary pressures, interest rate policy, changes in trade policies, political instability, and geopolitical tensions. We monitor the direct and indirect impacts of these circumstances on our business and finan ITEM 1. BUSINESS Company Overview Our mission is to unleash the potential of every team. Atlassian\u2019s team collaboration software enables organizations to connect all teams through a system of work that unlocks productivity at scale. Our deeply interconnected portfolio of apps, AI agents, and Collections, each with discrete value propositions, delivers solutions for software teams, IT operations and support teams, leadership and business teams. We\u2019ve put AI at the center of our portfolio to enhance teamwork for users across our apps and Collections for all teams. These apps, agents, and Collections are all built on the Atlassian Cloud Platform and data model: a common technology foundation that seamlessly connects teams, information, and workflows throughout an organization. Since Atlassian was founded in Sydney, Australia in 2002, we\u2019ve advanced our progress towards our mission with a deep investment in product development to build innovative, high-value, and versatile apps that users love. Our software has been recognized as a leader in multiple markets and powers more than 300,000 customers worldwide. We serve organizations of all sizes, from small emerging companies to over 80% of the Fortune 500, across almost every industry, and over 200 countries and territories. Our product-led philosophy prioritizes delivering high-value, competitively priced software at high volume, enabling us to go to market in a unique and efficient way. We aim to grow our customer base, targeting small, medium, and large enterprises, and strategically expand our relationships with customers over time. To land new customers, we\u2019ve engineered a frictionless flywheel with an emphasis on self-service, making it easy to try and get value first and foremost and then virally expand within an organization. This allows our sales force to focus primarily on expanding and deepening strategic relationships with our existing large enterprise customers, and also allows us to operate at an exce ITEM 1A. RISK FACTORS A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider such risks and uncertainties, together with the other information contained in this Annual Report on Form 10-K, and in our other public filings. If any such risks and uncertainties actually occur,", "title": "TEAM - Atlassian Corp", "url": "/company/TEAM/" }, { "kind": "company", "summary": "SIC 6162 Mortgage Bankers & Loan Correspondents; CIK 0001805284; latest 10-K filed 2026-03-02.", "text": "RKT - Rocket Companies, Inc. SIC 6162 Mortgage Bankers & Loan Correspondents; CIK 0001805284; latest 10-K filed 2026-03-02. RKT Rocket Companies, Inc. 0001805284 6162 Mortgage Bankers & Loan Correspondents Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following management\u2019s discussion and analysis of our financial condition and results of operations should be read in conjunction with, and is qualified in its entirety by reference to, our Consolidated Financial Statements and the related notes and other information included elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that involve risks and uncertainties which could cause our actual results to differ materially from those anticipated in these forward-looking statements, including, but not limited to, risks and uncertainties discussed below under the heading \u201cSpecial Note Regarding Forward-Looking Statements,\u201d and in Part I and elsewhere in this Form 10-K. All dollar amounts presented herein are in millions, except per share data and other key metrics, unless otherwise noted. Special Note Regarding Forward-Looking Statements This Form 10-K contains forward-looking statements, which involve risks and uncertainties. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201cshould,\u201d \u201ctarget,\u201d \u201cwill,\u201d \u201cwould\u201d and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this Form 10-K, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are forward-looking statements. As you read this Form 10-K, you should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions, including those described under the heading \u201cRisk Factors\u201d in this Form 10-K. Although we believe that these forward-looking statements are based upon reasonable assumptions, you should be aware that many factors, including those described under the heading \u201cRisk Factors\u201d in this Form 10-K, could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. Our forward-looking statements made herein are made only as of the date of this Form 10-K. We expressly disclaim any intent, obligation or undertaking to update or revise any forward-looking statements made herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this Form 10-K. Objective The following discussion provides an analysis of the Company's financial condition, cash flows and results of operations from management's perspective and should be read in conjunction with the Consolidated Financial Statements and notes thereto included in Part II, Item 8 of this Annual Report on Form 10-K. Our objective is to provide discussion of events and uncertainties known to management that are reasonably likely to cause the reported financial information not to be indicative of future operating results or of future financial condition and to also offer information that provides an understanding of our financial condition, cash flows and results of operations. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Result Item 1. Business Overview We are a Detroit\u2011based fintech company including mortgage, real estate and personal finance businesses with a mission to Help Everyone Home. We are committed to delivering industry-best client experiences through our AI-powered, vertically integrated homeownership ecosystem. Our full suite of products empowers our clients across home search, mortgage finance and servicing, title and closing, financial wellness and personal loans. We believe our widely recognized \u201cRocket\u201d brand is synonymous with simple, fast and trusted digital experiences. Our flagship business, Rocket Mortgage, is the nation's largest mortgage originator by loan units and the nation's largest mortgage servicer with portfolio unpaid principal balance of $2.1 trillion as of December 31, 2025. Servicing loans provides us with the opportunity to build long-term relationships and continually deliver a seamless experience to our clients. We extend the same client-centric and technology-driven experience across both origination and servicing. As of December 31, 2025, the net client retention rate of our servicing portfolio was 97% on an annual basis. We believe there is a strong correlation between this metric and client lifetime value, and we believe these levels are far superior to others in the mortgage industry. Our culture is rooted in foundational principles, or \u201cISMs\u201d, which serve as a guiding framework for decision-making across the organization. Created by our founder and Chairman, Dan Gilbert, these principles reinforce our commitment to prioritizing team members and clients, encapsulated in the philosophy: \u201cLove our team members. Love our clients.\u201d On July 1, 2025, we completed the acquisition of Redfin, a leading digital real estate brokerage and home search platform. On October 1, 2025, we completed the acquisition of Mr. Cooper, a leading mortgage servicer and originator, to further expand Rocket Mortgage\u2019s capabilities. Rocket Portfolio of Companies Rocket Item 1A. Risk Factors Risk Factors Summary Our business is subject to a number of risks, including risks that may prevent us from achieving our business objectives or may adversely affect our business, financial condition, results of operations, cash flows and prospects. Risks that we deem material are des", "title": "RKT - Rocket Companies, Inc.", "url": "/company/RKT/" }, { "kind": "company", "summary": "SIC 3711 Motor Vehicles & Passenger Car Bodies; CIK 0001874178; latest 10-K filed 2026-02-12.", "text": "RIVN - Rivian Automotive, Inc. / DE SIC 3711 Motor Vehicles & Passenger Car Bodies; CIK 0001874178; latest 10-K filed 2026-02-12. RIVN Rivian Automotive, Inc. / DE 0001874178 3711 Motor Vehicles & Passenger Car Bodies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with the consolidated financial statements and related notes included in this Annual Report on Form 10-K (\u201cForm 10-K\u201d). This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under Part I, Item 1A. \u201cRisk Factors\u201d or in other parts of this Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. The discussion of our financial condition and results of operations for the year ended December 31, 2023 is included in Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. Overview Rivian is an American automotive technology company that develops and manufactures category-defining electric vehicles as well as vertically integrated technologies and services. Through innovation across its electrical architecture, end-to-end software, autonomous driving platform, artificial intelligence, and propulsion, the Company creates vehicles that excel at work and play with the goal of accelerating the global transition to zero-emission transportation and energy. Rivian vehicles are manufactured in the United States and are sold directly to consumer and commercial customers. Whether taking families on new adventures or electrifying fleets at scale, Rivian vehicles all share a common goal \u2014 preserving the natural world for generations to come. We believe our competitive advantage stems from our product and brand differentiation through vertically integrated technologies as well as our direct-to-customer sales and service model. Product performance benefits from the ability to fully control and continually enhance virtually every aspect of our vehicle\u2019s software, digital experience, and driving dynamics. Our in-house autonomy system has been designed with an AI-centric end-to-end approach and leverages the large amount of miles driven by Rivian vehicles for training, enabling the Company to continuously improve the system. We believe our product performance is increasingly being recognized by customers and has helped Rivian earn some of the industry\u2019s most coveted owner experience awards. Our zonal network architecture and software stack serves as the basis for Rivian and Volkswagen Group Technologies, LLC (the \u201cJoint Venture\u201d). The Joint Venture is working to develop industry-leading software-enabled features and capabilities to address global markets and segments across a variety of vehicle platforms. Interconnected by our AI platform, Rivian unified intelligence underpins our products and suite of software and services including Autonomy+, designed to deliver fast-paced innovation cycles, structural cost advantages, and exceptional customer experiences. We analyze the results of the business through two reportable segments, Automotive and Software and Services. Additional information about our business, reportable segments, and products and services is included in Part I, Item 1. \u201cBusiness\u201d. During the year ended December 31, 2025, we produced 42,284 vehicles and delivered 42,247 vehicles. Factors Affecting Our Performance The growth and future success of our business depends on many factors. While these factors present significant opportunities for our business, they also pose risks and challenges, including those discussed below and in Part I, Item 1A. \u201cRisk Factors,\u201d that we must successfully address to achieve growth, improve our results of operations, and generate profits. \u2022Ability to Develop and Launch New Offe Item 1. Business Overview Rivian is an American automotive technology company that develops and manufactures category-defining electric vehicles as well as vertically integrated technologies and services. Through innovation across its electrical architecture, end-to-end software, autonomous driving platform, artificial intelligence, and propulsion, the Company creates vehicles that excel at work and play with the goal of accelerating the global transition to zero-emission transportation and energy. Rivian vehicles are manufactured in the United States and are sold directly to consumer and commercial customers. Whether taking families on new adventures or electrifying fleets at scale, Rivian vehicles all share a common goal \u2014 preserving the natural world for generations to come. We believe our competitive advantage stems from our product and brand differentiation through vertically integrated technologies as well as our direct-to-customer sales and service model. Product performance benefits from the ability to fully control and continually enhance virtually every aspect of our vehicle\u2019s software, digital experience, and driving dynamics. Our in-house autonomy system has been designed with an AI-centric end-to-end approach and leverages the large amount of miles driven by Rivian vehicles for training, enabling the Company to continuously improve the system. We believe our product performance is increasingly being recognized by customers and has helped Rivian earn some of the industry\u2019s most coveted owner experience awards. Our zonal network architecture and software stack serves as the basis for Rivian and Volkswagen Group Technologies, LLC (the \u201cJoint Venture\u201d). The Joint Venture is working to develop industry-leading software-enabled features and capabilities to address global markets and segments across a variety of vehicle platforms. Interconnected by our AI platform, Rivian unified intelligence underpins our products and suite of software and services inclu Item 1A. Risk Factors Our business is subject to various risks and uncertainties, including those described below, that may cause actual results to differ materially from historical performance or projected future performance expressed in forward-looking statements made by us. We encourage you t", "title": "RIVN - Rivian Automotive, Inc. / DE", "url": "/company/RIVN/" }, { "kind": "company", "summary": "SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001883685; latest 10-K filed 2026-02-13.", "text": "DKNG - DraftKings Inc. SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001883685; latest 10-K filed 2026-02-13. DKNG DraftKings Inc. 0001883685 7990 Services-Miscellaneous Amusement & Recreation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis should be read in conjunction with other sections of this Annual Report, including \u201cItem 1. Business\u201d and the accompanying consolidated financial statements and related notes included elsewhere in this Annual Report. Our Business We are a digital sports entertainment and gaming company. We provide users with online and retail sports betting (together, \u201cSportsbook\u201d), online casino (\u201ciGaming\u201d), daily fantasy sports (\u201cDFS\u201d), digital lottery courier, prediction markets and other product offerings. Our mission is to make life more exciting by responsibly creating the world\u2019s favorite real-money games, betting experiences and event contracts trading. We accomplish this by creating an environment where our users can find enjoyment and fulfillment through Sportsbook, iGaming, DFS, digital lottery courier and prediction markets, as well as our other product offerings. We are also highly focused on our responsibility as a steward of this new era in real-money gaming. Our ethics guide our decision making, with respect to both the tradition and integrity of sports and our investments in regulatory compliance and consumer protection. We continue to make deliberate and substantial investments in support of our mission and long-term growth. For example, we have invested in our product offerings and technology in order to continuously launch new product innovations; improve marketing, merchandising, and operational efficiency through data science; and deliver a great user experience. We also make significant investments in sales and marketing and incentives to grow and retain our paid user base, including personalized cross-product offers and promotions, and promote brand awareness to attract the \u201cskin-in-the-game\u201d sports fan. Together, these investments have enabled us to create a leading product built on scalable technology, while attracting a user base that has resulted in the rapid growth of our business. Our priorities are to (a) continue to invest in our product offerings, (b) launch our product offerings in new jurisdictions, (c) create replicable and predictable state-level unit economics in Sportsbook and iGaming and (d) expand our product offerings. When we launch our Sportsbook and iGaming product offerings in a new jurisdiction, we invest heavily in customer acquisition, user retention and cross-selling until the new jurisdiction provides a critical mass of users engaged across our product offerings. Our current technology is highly scalable with relatively minimal incremental spend required to launch our product offerings in new jurisdictions. We will continue to manage our fixed-cost base in conjunction with our market entry plans and focus our variable spend on marketing, user experience and support and regulatory compliance to become the product of choice for users and maintain favorable relationships with regulators. We also expect to improve our profitability over time as our revenue and gross profit expand as states mature, and our variable marketing expenses and fixed costs stabilize or grow at a slower rate. Our path to increase profitability on an annual basis is based on the acceleration of positive contribution profit growth driven by increased revenue and gross profit generation from ongoing efficient customer acquisition, strong user retention, improved monetization from frequency and higher Net Revenue Margin, as well as scale benefits from investments in our product offerings and technology and general and administrative functions. In any given period, we expect to achieve profitability on a consolidated Adjusted EBITDA basis when total contribution profit exceeds the fixed costs of our business, which depends, in part, on the percentage of the U.S. adult population that has access to our product offerings and the other factors summarized in the section entitled \u201cCautionary St Item 1. Business. Overview We are a digital sports entertainment and gaming company. We provide users with online and retail sports betting (together, \u201cSportsbook\u201d), online casino (\u201ciGaming\u201d), daily fantasy sports (\u201cDFS\u201d), digital lottery courier, prediction markets and other product offerings. Our mission is to make life more exciting by responsibly creating the world\u2019s favorite real-money games, betting experiences and event contracts trading. We accomplish this by creating an environment where our users can find enjoyment and fulfillment through Sportsbook, iGaming, DFS, digital lottery courier and prediction markets as well as other product offerings. We are also highly focused on our responsibility as a steward of this new era in real-money gaming. Our ethics guide our decision making, with respect to both the tradition and integrity of sports and our investments in regulatory compliance and consumer protection. We continue to make deliberate and substantial investments in support of our mission and long-term growth. For example, we have invested in our product offerings and technology in order to continuously launch new product innovations; improve marketing, merchandising and operational efficiency through data science; and deliver a great user experience. We also make significant investments in sales and marketing and incentives to grow, retain, and monetize our paid user base, including personalized cross-product offers and promotions, and promote brand awareness to attract the \u201cskin-in-the-game\u201d sports fan. Together, these investments have enabled us to create a leading product built on scalable technology, while attracting a user base that has resulted in the rapid growth of our business. Our priorities are to (a) continue to invest in our product offerings, (b) launch our product offerings in new jurisdictions, (c) create replicable and predictable state-level unit economics in sports betting and iGaming and (d) expand our product offerings. When we Item 1A. Risk Factors. Our business is subject to numerous risks and uncertainties that you should be aware of in evaluating our business. If any such risks and uncertainties actually occur, our business, prospects, financial condition and results of operations could be materially and adversely affecte", "title": "DKNG - DraftKings Inc.", "url": "/company/DKNG/" }, { "kind": "company", "summary": "SIC 7371 Services-Computer Programming Services; CIK 0001713683; latest 10-K filed 2025-09-11.", "text": "ZS - Zscaler, Inc. SIC 7371 Services-Computer Programming Services; CIK 0001713683; latest 10-K filed 2025-09-11. ZS Zscaler, Inc. 0001713683 7371 Services-Computer Programming Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. As discussed in the section titled \"Special Note Regarding Forward-Looking Statements,\" the following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such difference include, but are not limited to, those identified below and those discussed in the section titled \"Risk Factors\" and elsewhere in this Annual Report on Form 10-K. Our fiscal year end is July 31, and our fiscal quarters end on October 31, January 31, April 30 and July 31. Our fiscal year ended July 31, 2025, July 31, 2024 and July 31, 2023 are referred to as fiscal 2025, fiscal 2024 and fiscal 2023, respectively. Overview Zscaler was incorporated in 2007, during the early stages of cloud adoption and mobility, based on a vision that the internet would become the new corporate network as the cloud becomes the new data center. We correctly predicted that with rapid cloud adoption and increasing workforce mobility, traditional perimeter security approaches would prove to be inadequate in protecting users and data, prohibitively expensive and result in poor user experience. Enterprises now rely on external SaaS applications for critical business functions and have or are moving their internally managed applications to the public cloud infrastructure. As a result, users now expect to be able to seamlessly access applications and data, wherever they are hosted, from any device, anywhere in the world. The emergence and rapid adoption of AI is revolutionizing the transformational impact of cloud adoption and mobility. AI is fundamentally changing how organizations operate, creating new cybersecurity threats and IT challenges, but also the opportunity to use AI to counter cybersecurity threats and improve IT operations. We generate revenue primarily from sales of subscriptions to access our cloud platform, together with related support services. We also generate an immaterial amount of revenue from professional and other services, which consist primarily of fees associated with mapping, implementation, network design and training. Our subscription pricing is primarily calculated on a per-user basis. We recognize subscription and support revenue ratably over the life of the contract, which is generally one to three years. As of July 31, 2025, we had expanded our operations to over 9,400 customers across major industries, with users in over 185 countries. Government agencies and some of the largest enterprises in the world rely on us to support their secure digital transformation. We operate our business as one reportable segment. Our revenue has experienced significant growth in recent periods. For fiscal 2025, fiscal 2024 and fiscal 2023, our revenue was $2,673.1 million, $2,167.8 million and $1,617.0 million, respectively. We have incurred net losses in all annual periods since our inception. For fiscal 2025, fiscal 2024 and fiscal 2023, our net loss was $41.5 million, $57.7 million and $202.3 million, respectively. We expect we will continue to incur net losses for the foreseeable future, as we continue to invest in our sales and marketing organization to maximize our market opportunity, to invest in research and development efforts to enhance the functionality of our cloud platform, and to address any legal matters and related accruals, as further described in Note 12, Commitments and Contingencies, of the consolidated financial statements included elsewhere in this Annual Report on Form 10-K. Impact of Macroeconomic Conditions Changes in macroeconomic and geopolitical conditions can cause un Item 1. Business Overview We enable our customers to succeed in a digital world where technology decisions not only impact growth and competitiveness, but also directly impact enterprise risk. We were incorporated in 2007, during the early stages of cloud adoption and mobility, based on a vision that the internet would become the new corporate network, as the cloud became the new data center. We correctly predicted that with rapid cloud adoption and increasing workforce mobility, traditional perimeter security approaches would fail to protect users and data, become prohibitively expensive and deliver poor user experience. Enterprises now rely on external software as a service, or SaaS, applications for critical business functions and have moved, or are moving, their internally managed applications to the public cloud infrastructure. As a result, users now expect to be able to seamlessly access applications and data, wherever they are hosted, from any device, anywhere in the world. The emergence and rapid adoption of artificial intelligence, or AI, is revolutionizing the transformational impact of cloud adoption and mobility. AI is fundamentally changing how organizations operate, creating new cybersecurity threats and IT challenges. Our cloud native, multitenant architecture is distributed across more than 160 public exchanges globally and thousands of private exchanges at the edge, which brings security and business policy close to users and devices in over 185 countries and provides fast, secure and reliable access. Each day, we block over 225 million threats and perform over 250,000 unique security updates. Our customers benefit from the cloud security effect of our ever-expanding ecosystem, enhanced by our advanced AI and ML capabilities, because once a new threat is detected, it can be blocked across our customer base within minutes. Many of the largest enterprises and government agencies in the world rely on our solutions to help them accelerate their mov Item 1A. Risk Factors A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider the risks and uncertainties described below, as well as the other information in this Annual Report on Form 10-K, including the consolidated financial statements and the related ", "title": "ZS - Zscaler, Inc.", "url": "/company/ZS/" }, { "kind": "company", "summary": "SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services; CIK 0001758730; latest 10-K filed 2026-02-05.", "text": "TW - Tradeweb Markets Inc. SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services; CIK 0001758730; latest 10-K filed 2026-02-05. TW Tradeweb Markets Inc. 0001758730 6200 Security & Commodity Brokers, Dealers, Exchanges & Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the sections titled \u201cIntroductory Note,\u201d \u201cUse of Non-GAAP Financial Measures\u201d and our audited consolidated financial statements and related notes and other information included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from the results described in or implied by the forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those identified below and those discussed in the sections titled \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d included elsewhere in this Annual Report on Form 10-K. The following discussion includes a comparison of our results of operations, cash flows and liquidity and capital resources for the years ended December 31, 2025 and 2024, respectively. A comparison of our results of operations, cash flows and liquidity and capital resources for the years ended December 31, 2024 and December 31, 2023 may be found in Part II, Item 7. \u2013 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024. Overview We are a leader in building and operating electronic marketplaces for our global network of more than 3,000 clients across the financial ecosystem. Our network is comprised of clients across the institutional, wholesale, retail and corporates client sectors, including many of the largest global asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms, retail brokerage and financial advisory firms, regional dealers and corporations. The Tradeweb platform includes marketplaces that facilitate trading global products across a range of asset classes, including rates, credit, equities and money markets. We are a global company serving clients through offices in North America, South America, Europe, Australia, Asia and the Middle East. We believe our proprietary technology and culture of collaborative innovation allow us to adapt our platform offerings to enter new markets, create new trading marketplaces and solutions and adjust to regulations quickly and efficiently. We support our clients by providing solutions across the trade lifecycle, including pre-trade, execution, post-trade and data and analytics. Our institutional client sector serves institutional investors in over 85 countries around the globe and across over 30 currencies. We connect institutional investors with deep pools of liquidity using our flexible order and trading systems. Our clients trust the integrity of our markets and recognize the value they get by trading electronically: enhanced transparency, competitive pricing, efficient trade execution and regulatory compliance. In our wholesale client sector, we provide a broad range of fully electronic, voice and hybrid trading options to dealers and financial institutions trading on our platform. We entered the wholesale client sector through our acquisitions of the inter-dealer broker Hilliard Farber & Co. in 2008, Inc. and then Rafferty Capital Markets in 2011 and in June 2021, we acquired Nasdaq\u2019s U.S. fixed income electronic trading platform (formerly known as eSpeed) (the \u201cNFI Acquisition\u201d). Today, we actively compete in wholesale trading across a range of rates, credit, money markets, derivatives and equity markets. In our retail client sector, our platform provides advanced trading solutions for financial advisory firms and traders. We entered the retail sector through our acquisition of LeverTrade in 2006 and scaled our retail market position through our acquisition of BondDesk in 2013. Through ITEM 1. BUSINESS. Overview We are a leader in building and operating electronic marketplaces for our global network of clients across the financial ecosystem. Our network is comprised of more than 3,000 clients across the institutional, wholesale, retail and corporates client sectors, including many of the largest global asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms, retail brokerage and financial advisory firms, regional dealers and corporations The Tradeweb platform includes marketplaces that facilitate trading global products across a range of asset classes, including rates, credit, equities and money markets. We support our clients by providing solutions across the trade lifecycle, including pre-trade, execution, post-trade and data and analytics. We are a global company serving clients in over 85 countries with offices in North America, South America, Europe, Australia, Asia and the Middle East. In addition, we currently support trading across over 30 currencies globally. Through our platform we offer our clients deep liquidity, advanced technology and a broad range of intelligent data solutions designed to support enhanced price discovery, order execution and streamlined trade workflows helping to reduce risks in client trading operations. We believe our proprietary technology and culture of collaborative innovation allow us to adapt our offerings to enter new markets, create new electronic marketplaces and solutions and adjust to regulations quickly and efficiently. Our markets are large and growing. Electronic trading continues to increase in the markets in which we operate as a result of market demand for greater transparency, higher execution quality, operational efficiency and lower costs, as well as regulatory changes. We believe our deep client relationships, asset class breadth, geographic reach, regulatory knowledge and scalable technology position us to continue to be at the forefront ITEM 1A. RISK FACTORS. Investing in our Class A common stock involves a high degree of risk. You should carefully consider the following risks, together with all of the other information contained in this Annual Report on Form 10-K, before deciding to invest in ou", "title": "TW - Tradeweb Markets Inc.", "url": "/company/TW/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001423689; latest 10-K filed 2026-02-23.", "text": "AGNC - AGNC Investment Corp. SIC 6798 Real Estate Investment Trusts; CIK 0001423689; latest 10-K filed 2026-02-23. AGNC AGNC Investment Corp. 0001423689 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is designed to provide a reader of AGNC Investment Corp.'s consolidated financial statements with a narrative from the perspective of management and should be read in conjunction with the consolidated financial statements and accompanying notes included in this Annual Report on Form 10-K. Our MD&A is presented in the following sections: \u2022Executive Overview \u2022Financial Condition \u2022Summary of Critical Accounting Estimates \u2022Results of Operations \u2022Liquidity and Capital Resources \u2022Off-Balance Sheet Arrangements \u2022Forward-Looking Statements \u2022Website and Social Media Disclosure EXECUTIVE OVERVIEW We are a leading provider of private capital to the U.S. housing market, enhancing liquidity in the residential real estate mortgage markets and, in turn, facilitating home ownership in the U.S. We invest primarily in Agency RMBS on a leveraged basis. These investments consist of residential mortgage pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by a U.S. Government-sponsored enterprise, such as Fannie Mae and Freddie Mac, or by a U.S. Government agency, such as Ginnie Mae. We may also invest in Agency multifamily MBS that are similarly guaranteed by a GSE and in other assets related to the housing, mortgage or real estate markets that are not guaranteed by a GSE or U.S. Government agency. We are internally managed with the principal objective of generating favorable long-term stockholder returns with a substantial yield component. We generate income from the interest earned on our investments, net of associated borrowing and hedging costs, and net realized gains and losses on our investment and hedging activities. We fund our investments primarily through collateralized borrowings structured as repurchase agreements. We operate in a manner to qualify to be taxed as a REIT under the Internal Revenue Code. We employ an active management strategy that is dynamic and responsive to evolving market conditions. The composition of our portfolio and our investment, funding, and hedging strategies are tailored to reflect our analysis of market conditions and the relative values of available options. Market conditions are influenced by a variety of factors, including interest rates, prepayment expectations, liquidity, housing prices, unemployment rates, general economic conditions, government participation in the mortgage market, regulations and relative returns on other assets. Trends and Recent Market Impacts Market Trends Agency RMBS outperformed domestic fixed income alternatives in 2025, and this favorable asset class performance, coupled with AGNC's active portfolio management strategies, drove AGNC's best-in-class economic return for the year.1 In 2025, the Bloomberg US Mortgage Backed Securities Index (the \"Agency MBS Index\"), which represents the entire Agency RMBS market, generated a total return of 8.6% for the year, its best annual performance since 2002. Also notable, given the similar credit profile, the Agency MBS Index outperformed the Bloomberg US Treasury Index by 2.3 percentage points, or 36%. A number of factors that materialized over the course of the year catalyzed the strong performance of Agency RMBS, including: \u2022The Federal Reserve (the \"Fed\") shifted monetary policy toward lower short-term interest rates and greater accommodation, which contributed to the positive performance of all domestic fixed income asset classes. \u2022Greater fiscal policy clarity and the stable supply outlook for U.S. Treasury securities contributed to reduced interest rate volatility. 26 \u2022Improved conditions in short-term funding markets, particularly late in the year, benefited Agency RMBS, as the Fed announced an expansion of its balance sheet through reserve management pu Item 1. Business AGNC Investment Corp. (\"AGNC,\" the \"Company,\" \"we,\" \"us\" and \"our\") was organized on January 7, 2008 and commenced operations on May 20, 2008 following the completion of our initial public offering. Our common stock is traded on The Nasdaq Global Select Market under the symbol \"AGNC.\" We are a leading provider of private capital to the U.S. housing market, enhancing liquidity in the residential real estate mortgage markets and, in turn, facilitating home ownership in the U.S. We invest primarily in Agency residential mortgage-backed securities (\"Agency RMBS\") on a leveraged basis. These investments consist of residential mortgage pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by a U.S. Government-sponsored enterprise, such as the Federal National Mortgage Association (\"Fannie Mae\") and the Federal Home Loan Mortgage Corporation (\"Freddie Mac,\" and together with Fannie Mae, the \"GSEs\"), or by a U.S. Government agency, such as the Government National Mortgage Association (\"Ginnie Mae\"). We operate to qualify to be taxed as a real estate investment trust (\"REIT\") under the Internal Revenue Code of 1986, as amended (the \"Internal Revenue Code\"). As a REIT, we are required to distribute annually 90% of our taxable income, and we will generally not be subject to U.S. federal or state corporate income tax to the extent that we distribute all our annual taxable income to our stockholders on a timely basis. It is our intention to distribute 100% of our taxable income within the time limits prescribed by the Internal Revenue Code, which may extend into the subsequent taxable year. We are internally managed with the principal objective of generating favorable long-term stockholder returns with a substantial yield component. We generate income from the interest earned on our investments, net of associated borrowing and hedging costs, and net realized gains and losses on our invest Item 1A. Risk Factors You should carefully consider the risks described below and all other information contained in this Annual Report on Form 10-K, including our annual consolidated financial statements and the related notes thereto before deciding to purchase our securities. Any of the following risks could materially affect our b", "title": "AGNC - AGNC Investment Corp.", "url": "/company/AGNC/" }, { "kind": "company", "summary": "SIC 5030 Wholesale-Lumber & Other Construction Materials; CIK 0001236275; latest 10-K filed 2026-02-27.", "text": "QXO - QXO, Inc. SIC 5030 Wholesale-Lumber & Other Construction Materials; CIK 0001236275; latest 10-K filed 2026-02-27. QXO QXO, Inc. 0001236275 5030 Wholesale-Lumber & Other Construction Materials Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (\u201cGAAP\u201d). These accounting principles require us to make certain estimates, judgments and assumptions. We believe that the estimates, judgments and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments and assumptions are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements as well as the reported amounts of revenues and expenses during the periods presented. Our consolidated financial statements would be affected to the extent that there are material differences between these estimates and actual results. In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management\u2019s judgment in its application. There are also areas in which management\u2019s judgment in selecting any available alternative would not produce a materially different result. The following discussion should be read in conjunction with our consolidated financial statements and notes appearing elsewhere in this report. Overview Prior to the Beacon Acquisition (as defined below), QXO, Inc. (\u201cQXO\u201d, \u201cwe\u201d, \u201cour\u201d, or the \u201cCompany\u201d) was primarily a technology solutions and professional services company, providing critical software applications, consulting and other professional services, including specialized programming, training and technical support to small and mid-size companies in the manufacturing, distribution and services industries. Beacon Acquisition On March 20, 2025, QXO entered into an Agreement and Plan of Merger (the \u201cMerger Agreement\u201d) with Beacon Roofing Supply, Inc., a Delaware corporation (\u201cBeacon\u201d), and Queen MergerCo, Inc., a Delaware corporation and wholly owned subsidiary of QXO (\u201cMerger Sub\u201d), pursuant to which QXO agreed to acquire Beacon for a purchase price of $124.35 per share of common stock (the \u201cMerger Consideration\u201d) of Beacon (the \u201cBeacon Acquisition\u201d). On April 29, 2025 (the \u201cClosing Date\u201d), pursuant to the Merger Agreement, Merger Sub merged with and into Beacon, with Beacon remaining as the surviving entity and being renamed QXO Building Products, Inc. (\u201cQXO Building Products\u201d), and the Company completed its acquisition of Beacon in a transaction that valued Beacon at $10.6 billion. As a result of the Beacon Acquisition, QXO has transitioned to a building products distribution company and is the largest publicly-traded distributor of roofing, waterproofing, and complementary building products in North America. We plan to become the tech-enabled leader in the $800 billion building products distribution industry and generate outsized value for shareholders. We are executing our strategy toward a target of $50 billion in annual revenues within the next decade through accretive acquisitions and organic growth. Results of Consolidated Operations The following tables set forth our results of operations for the periods presented. The period-to-period comparison of financial results is not necessarily indicative of future results. [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"Year Ended December 31,\",\"\",\"\",\"\",\"% of net sales(2)\"],[\"(in millions, except percentages)\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"2025(1)\",\"\",\"2024\",\"\",\"\",\"\",\"2025\",\"\",\"2024\"],[\"Net sales\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"$\",\"6,842.2\",\"\",\"\",\"$\",\"56.9\",\"\",\"\",\"\",\"\",\"100.0\",\"%\",\"\",\"100.0\",\"%\"],[\"Cost of products sold\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"5,269.5\",\"\",\"\",\"33.8\",\"\",\"\",\"\",\"\",\"77.0\",\"%\",\"\",\"59.4\",\"%\"],[\"Gross profit\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"1,572.7\",\"\",\"\",\"23.1\",\"\",\"\",\"\",\"\",\"23.0\",\"%\",\"\",\"40.6\",\"%\"],[\"Operating expense:\"],[\"Selling, general and administrative\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"1,394 Item 1. Business Company QXO, Inc. (\u201cQXO\u201d, \u201cwe\u201d, \u201cour\u201d, or the \u201cCompany\u201d) was created to build a tech-forward leader in the approximately $800 billion building products distribution sector. The Company was formerly known as SilverSun Technologies, Inc. (\u201cSilverSun\u201d). On June 6, 2024, we changed the Company\u2019s name from SilverSun to QXO. Prior to the Beacon Acquisition (as defined below), QXO was primarily a technology solutions and professional services company, providing critical software applications, consulting and other professional services, including specialized programming, training and technical support to small and mid-size companies in the manufacturing, distribution and services industries. On April 29, 2025, the Company completed its acquisition of Beacon Roofing Supply, Inc. (\u201cBeacon\u201d), pursuant to the Agreement and Plan of Merger, dated as of March 20, 2025 (the \u201cMerger Agreement\u201d), by and among QXO, Beacon, and Queen MergerCo, Inc., a Delaware corporation and wholly owned subsidiary of QXO (\u201cMerger Sub\u201d). Pursuant to the terms of the Merger Agreement, Merger Sub merged with and into Beacon (the \u201cBeacon Acquisition\u201d), with Beacon surviving as a wholly owned subsidiary of QXO and being renamed QXO Building Products, Inc. (\u201cQXO Building Products\u201d). QXO Building Products has served the building industry for over 95 years and operates approximately 600 branches throughout all 50 states in the U.S. and seven provinces in Canada. QXO Building Products offers an extensive range of high-quality professional grade exterior products and serves over 110,000 residential and non-residential customers. QXO Building Products\u2019 scale and leading position in the roofing and complementary building products distribution market made it the ideal initial acquisition for QXO\u2019s value creation playbook. As a result of the Beacon Acquisition, QXO has transitioned to a building products distribution company and is the largest publicly-traded distributor of roofing, waterproo Item 1A. Risk Factors The following are important factors that could affect our business, financial condition or results of operations and could cause actual results for future periods to differ materially from our anticipated results or other expectations, including those expressed in any forward-looking stateme", "title": "QXO - QXO, Inc.", "url": "/company/QXO/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000874015; latest 10-K filed 2026-02-26.", "text": "IONS - IONIS PHARMACEUTICALS INC SIC 2834 Pharmaceutical Preparations; CIK 0000874015; latest 10-K filed 2026-02-26. IONS IONIS PHARMACEUTICALS INC 0000874015 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This financial review presents our operating results for each of the two years in the period ended December 31, 2025, and our financial condition as of December 31, 2025. Refer to Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, in our 2024 Form 10-K for our results of operations for 2024 compared to 2023. Except for the historical information contained herein, the following discussion contains forward-looking statements that are subject to known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. We discuss such risks, uncertainties and other factors throughout this report and specifically under Part I, Item 1A, Risk Factors. In addition, the following review should be read in conjunction with the information presented in our consolidated financial statements and the related notes to our consolidated financial statements included in Part II, Item 8, Financial Statements and Supplementary Data, of this report. Overview As noted in our Business Overview in Part I, Item 1, Business, for three decades, we have invented medicines that we believe bring better futures to people with serious diseases. Today, as a pioneer in RNA-targeted medicines, we continue to drive innovation in RNA therapies. We currently have seven marketed medicines: TRYNGOLZA, DAWNZERA, WAINUA, SPINRAZA, QALSODY, TEGSEDI and WAYLIVRA. We also have a rich innovative late- and mid-stage pipeline in neurology, cardiometabolic diseases and select areas of high patient needs. We currently have nine medicines in Phase 3 development and additional medicines in early and mid-stage development. Refer to Part I, Item 1, Business, for further details on our business and key developments in our medicines. Results of Operations The following table provides selected summary information from our consolidated statements of operations for 2025 and 2024 (in millions): [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"\",\"\",\"2024\"],[\"Total revenue\",\"$\",\"943.7\",\"\",\"\",\"$\",\"705.1\"],[\"Total operating expenses\",\"$\",\"1,325.4\",\"\",\"\",\"$\",\"1,180.2\"],[\"Loss from operations\",\"$\",\"(381.7\",\")\",\"\",\"$\",\"(475.1\",\")\"],[\"Net loss\",\"$\",\"(381.4\",\")\",\"\",\"$\",\"(453.9\",\")\"],[\"Cash, cash equivalents and short-term investments\",\"$\",\"2,677.4\",\"\",\"\",\"$\",\"2,297.7\"]] [[/GREPCENT_TABLE]] 62 Revenue Total revenue for 2025 was $943.7 million compared to $705.1 million in 2024 and was comprised of the following (in millions): [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"\",\"\",\"2024\"],[\"Revenue:\"],[\"Commercial revenue:\"],[\"Product sales, net:\"],[\"TRYNGOLZA sales, net\",\"$\",\"107.5\",\"\",\"\",\"$\",\"-\"],[\"DAWNZERA sales, net\",\"\",\"7.8\",\"\",\"\",\"\",\"-\"],[\"Total product sales, net\",\"\",\"115.3\",\"\",\"\",\"\",\"-\"],[\"Royalty revenue:\"],[\"SPINRAZA royalties\",\"\",\"212.3\",\"\",\"\",\"\",\"216.1\"],[\"WAINUA royalties\",\"\",\"49.1\",\"\",\"\",\"\",\"20.2\"],[\"Other royalties\",\"\",\"24.1\",\"\",\"\",\"\",\"21.0\"],[\"Total royalty revenue\",\"\",\"285.5\",\"\",\"\",\"\",\"257.3\"],[\"Other commercial revenue\",\"\",\"35.0\",\"\",\"\",\"\",\"35.8\"],[\"Total commercial revenue\",\"\",\"435.8\",\"\",\"\",\"\",\"293.1\"],[\"Research and development revenue:\"],[\"Collaborative agreement revenue\",\"\",\"465.8\",\"\",\"\",\"\",\"332.6\"],[\"WAINUA joint development revenue\",\"\",\"42.1\",\"\",\"\",\"\",\"79.4\"],[\"Total research and development revenue\",\"\",\"507.9\",\"\",\"\",\"\",\"412.0\"],[\"Total revenue\",\"$\",\"943.7\",\"\",\"\",\"$\",\"705.1\"]] [[/GREPCENT_TABLE]] Commercial revenue in 2025 increased 49 percent compared to 2024. This increase was primarily driven by TRYNGOLZA product sales and higher royalty revenue. The remainder of our revenue came from programs under our R&D collaborations, including a $280 million upfront payment for the global license of sapablursen to Ono in the second quarter of 2025, reflecting the value that our pipeli Item 1. Business Overview For three decades, we have invented medicines that bring better futures to people with serious diseases. As a pioneer in RNA-targeted medicines with a deep understanding of disease biology and an industry-leading drug discovery technology, we are driven to deliver innovative, life-changing advances for patients. In the last year, we delivered on our strategy to create accelerating value for all our stakeholders. With two independent commercial launches now underway, we transitioned into a fully integrated commercial-stage biotechnology company. We currently have seven marketed medicines to treat serious diseases: TRYNGOLZA (olezarsen), DAWNZERA (donidalorsen), WAINUA (eplontersen), SPINRAZA (nusinersen), QALSODY (tofersen), TEGSEDI (inotersen) and WAYLIVRA (volanesorsen). Marketed Medicines [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"\",\"TRYNGOLZA is approved in the United States, or U.S., as an adjunct to diet to reduce triglycerides in adults with familial chylomicronemia syndrome, or FCS, and is approved in the European Union, or EU, for patients with genetically confirmed FCS. TRYNGOLZA is also approved in Canada. TRYNGOLZA is the first-ever FDA-approved treatment that significantly and substantially reduces triglyceride levels in adults with FCS and provides clinically meaningful reduction in acute pancreatitis, or AP, events when used with an appropriate diet (\\u226420 grams of fat per day). We are independently commercializing TRYNGOLZA in the U.S.\"],[\"\",\"\\u25cf\",\"\",\"DAWNZERA is approved in the U.S. for prophylaxis to prevent attacks of hereditary angioedema, or HAE, in adult and pediatric patients 12 years of age and older and is approved in the EU for the routine prevention of recurrent attacks of HAE in the same age group. DAWNZERA is the first and only approved RNA-targeted prophylactic therapy for HAE. DAWNZERA has the potential to offer durable efficacy, a favorable safety and tolerability profile, and the longest available dosing Item 1A. Risk Factors Investing in our securities involves a high degree of risk. You should carefully consider the following information about the risks described below, together with the other information contained in this report and in our other public filings in evaluating our business. If any of the following risks actu", "title": "IONS - IONIS PHARMACEUTICALS INC", "url": "/company/IONS/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001650164; latest 10-K filed 2026-02-18.", "text": "TOST - Toast, Inc. SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001650164; latest 10-K filed 2026-02-18. TOST Toast, Inc. 0001650164 7374 Services-Computer Processing & Data Preparation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis includes forward-looking statements that involve risks, uncertainties and assumptions. You should read the \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d sections of this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. The Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, describes principal factors affecting the results of our operations, financial condition and liquidity, as well as our critical accounting policies and estimates that require significant judgment and thus have the most significant potential impact on our Consolidated Financial Statements included elsewhere in this Form 10-K. Our MD&A is organized as follows: \u2022Overview. This section provides a general description of our business, recent developments, and key business metrics. \u2022Results of Operations. This section provides an overview and analysis of our financial results for the fiscal year ended December 31, 2025 compared to the fiscal year ended December 31, 2024. Discussions related to the fiscal year ended December 31, 2023 and year-over-year comparisons between the fiscal years ended December 31, 2024 and 2023 are included in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 26, 2025, and incorporated herein by reference. \u2022Liquidity and Capital Resources. This section provides an analysis of our liquidity and changes in cash flows, as well as a discussion of available borrowings and contractual commitments. \u2022Critical Accounting Policies and Estimates. This section discusses accounting policies and estimates that require us to exercise subjective or complex judgments in their application. We believe these accounting policies and estimates are important to understanding the assumptions and judgments incorporated in our reported financial results. OVERVIEW Toast is a cloud-based, all-in-one digital technology platform purpose-built for the entire restaurant community. We provide a comprehensive platform of software-as-a-service, or SaaS, products and financial technology solutions, including integrated payment processing, restaurant-grade hardware, and a broad ecosystem of third-party partners. We serve as the restaurant operating system, connecting front of house and back of house operations across service models including dine-in, takeout, delivery, catering, and retail. We define a live location, or Location, as a unique location that has used Toast Point of Sale, or POS, to record transaction volumes above a minimum threshold, and has not been marked as a churned location as of the date of determination. A Location can use Toast payment services, which we refer to as a Toast Processing Location, or for select enterprise customers, not use Toast\u2019s payment services, which we refer to as a Non-Toast Processing Location. Customers of legacy solutions provided by companies that we have acquired that do not use Toast POS, are not included in our Location count. As of December 31, 2025, approximately 164,000 Locations, an increase of 22% year over year, processing approximately $195 billion of gross payment volume in the trailing 12 months, partnered with Toast to optimize operations, increase sales, engage guests, and maintain happy emp Item 1. Business Our Mission Our mission is to empower the restaurant community to delight their guests, do what they love, and thrive. Overview Toast, Inc., which we refer to as Toast, we, or the Company, is a cloud-based, all-in-one digital technology platform purpose-built for the entire restaurant community. We provide a comprehensive platform of software-as-a-service, or SaaS, products and financial technology solutions, including integrated payment processing, restaurant-grade hardware, and a broad ecosystem of third-party partners. We serve as the restaurant operating system, connecting front of house and back of house operations across service models including dine-in, takeout, delivery, catering, and retail. Our Market Restaurants and food and beverage retailers are highly diverse and complex and generally operate with low margins, high employee turnover, highly perishable products, and complex regulations. At the same time, these businesses operate in a dynamic environment with changing input costs, labor constraints, evolving consumer preferences, and the imperative to utilize technology and data to innovate. What was once primarily an on-site experience with antiquated solutions is now becoming an omnichannel experience with operators employing technology to enable a range of additional service models, including curbside pick-up, delivery, wholesale, and catering. Over the last several years, consumer preference towards omnichannel commerce and digital engagement options has accelerated. With food service and retail businesses of varying sizes - from small and mid-sized operators to larger, multi-location and enterprise customers- operating in an increasingly dynamic environment, it is critical that we provide our customers with the tools they need to drive revenue and best serve their guests. As diversity grows in how guests order, where guests transact, and the means guests use to pay, operators must constantly adapt to support these trends. We Item 1A. Risk Factors A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including Part II, Item 7, \u201cManagement\u2019s D", "title": "TOST - Toast, Inc.", "url": "/company/TOST/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001709048; latest 10-K filed 2026-02-27.", "text": "GFS - GLOBALFOUNDRIES Inc. SIC 3674 Semiconductors & Related Devices; CIK 0001709048; latest 10-K filed 2026-02-27. GFS GLOBALFOUNDRIES Inc. 0001709048 3674 Semiconductors & Related Devices Overview In 2025, the semiconductor industry began to recover from the cyclical downturn experienced in prior periods. Customers reduced excess inventory levels, resulting in a gradual normalization of demand across most major end markets. In addition, tariffs and geopolitical tensions reinforced the importance of semiconductor supply resilience and flexibility \u2013 key characteristics offered by GF\u2019s unique and diverse geographic footprint. Against this backdrop, GF made substantial progress toward its strategic objectives in 2025. Notably, the Company achieved a record number of design wins, reflecting strong customer engagement and confidence in our differentiated technology solutions. We also completed the strategic, complementary acquisitions of AMF, MIPS and Infinilink, which expanded our technology portfolio and enhanced our ability to serve complementary markets. GlobalFoundries remains one of the world\u2019s leading semiconductor foundries, manufacturing complex ICs that enable billions of electronic devices that are pervasive throughout nearly every sector of the global economy. Our ability to attract a significant share of single-sourced products is supported by our scaled manufacturing footprint and highly differentiated technology offerings. As we look forward, factors influencing our business performance include: \u2022Global demand for semiconductor products \u2022Customer demand for diversified global semiconductor supply including non-China and non-Taiwan based suppliers \u2022Design wins with new and existing customers \u2022Single-sourced revenue mix \u2022Technology solutions mix and pricing \u2022Long-term agreements \u2022Supply chain \u2022Shipment utilization \u2022Government policy and grants, see \u201cItem 4. Information on the Company - Government Regulations.\u201d Global Demand for Semiconductor Products The principal source of our revenue is wafer fabrication and sales of finished semiconductor wafers, which accounted for approximately 89% of our net revenue in 2025. The rest of our net revenue was mainly derived from photomask manufacturing, sourcing services, post-fab manufacturing services and earning intellectual property license and royalty fees. Demand for these products is dependent on market conditions in the end markets in which our customers operate, which are generally subject to seasonality, as well as macroeconomic, cyclical and competitive conditions. Semiconductor Industry Cycle We believe that semiconductor customers in the end markets we serve reduced some of their excess inventory built up in the prior two years. Inventory dynamics vary by customer and end market, with some pockets of elevated inventory persisting compared to historical averages, particularly in the consumer centric end markets. The industry remained subject to volatility due to uncertainties in global trade policy and the macroeconomic environment. These factors led to incremental caution and uncertainty in the demand outlook, particularly for consumer-centric end markets. The company continues to monitor and adapt to changes in key macro indicators, such as inflation, interest rates, and GDP growth. The company remains focused on executing its strategic priorities, including but not limited to: 1) deepening customer and ecosystem relationships, 2) achieving operational scale and efficiencies across our manufacturing footprint, 3) pursuing continuous improvement in cost optimization, 4) investing in a diversified and differentiated product portfolio. 44 Technology Megatrends Technology megatrends including IoT, physical AI, satellite communications, cloud and next-generation automotive are reshaping the global economy. A significant driver of semiconductor demand has been, and we believe will continue to be, growth in intelligent, connected and AI-enabled edge devices, which are transforming business functions across all sectors. The wide-scale adoption of mobile devices and software solutions has increased expectations for high-speed connectivity, conv", "title": "GFS - GLOBALFOUNDRIES Inc.", "url": "/company/GFS/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000763901; latest 10-K filed 2026-03-02.", "text": "BPOP - POPULAR, INC. SIC 6022 State Commercial Banks; CIK 0000763901; latest 10-K filed 2026-03-02. BPOP POPULAR, INC. 0000763901 6022 State Commercial Banks Management\u2019s Discussion and Analysis included in this Form 10-K for information on recent significant events that have impacted or will impact our current and future operations. Human Capital Management Popular seeks to embody our values and behaviors throughout our human capital management practices. Attracting, developing, and retaining top talent in an environment that promotes wellness, inclusion, respect, continuous learning, and transparency are fundamental pillars of the Corporation\u2019s long-term strategy. As of December 31, 2025, Popular employed 9,427 individuals, none of whom were represented by a collective bargaining group. Nurturing Well -Being: Employee Health & Financial Security Popular believes that the health and financial wellness of our employees is fundamental to delivering high-quality service to our customers and contributing positively to the communities in which we operate. Accordingly, the Corporation offers a comprehensive health and wellness program that includes medical, pharmacy, vision, and dental insurance, as well as additional wellness initiatives. Our programs are designed to ensure that healthcare is both accessible and affordable for our employees, with Popular covering up to 78% of health insurance premiums, a figure that surpasses regional benchmarks. In 2025, we strengthened our health and wellness offerings by opening a state-of-the-art fitness center in our San Juan, Puerto Rico campus, to encourage an active and balanced lifestyle. As of December 2025, the fitness center had a total of 2,030 members, including active employees, eligible family members and retirees. Additionally, the Corporation promotes employee health and well-being by encouraging annual physical examinations and operating a comprehensive health and wellness center at its Puerto Rico corporate offices, staffed with healthcare providers and enhanced by the addition of an on-site psychologist to provide mental health support. The center received over 15,000 visits from employees during 2025. Popular also seeks to foster work-life balance by offering paid time off benefits to our employees, including community service leave, paid parental leave, and flexible work arrangements. Our hybrid work model, available to approximately half of our workforce, is designed to strike an appropriate balance between employee flexibility and business needs, reinforcing our commitment to a flexible and productive work environment. In addition, we regularly offer activities and workshops focused on physical fitness and personal financial management. Popular further offers a 401(k) savings and investment plan, in which 98% of employees participate. Under the plan, Popular 11 matches $0.50 for every dollar contributed by an employee, up to 8% of the employee\u2019s salary. Moreover, Popular maintains a profit-sharing plan, contingent upon the achievement of pre-established financial goals, to further align employee compensation with the Corporation\u2019s overall performance. Under the profit-sharing plan, employees may receive up to 8% of their eligible compensation (capped at $70,000), with the first 4% paid in cash and any amount above that threshold paid to the employee\u2019s savings and investment plan account. Additionally, Popular regularly reviews employees\u2019 base compensation to remain competitive with market salari ITEM 1. BUSINESS General: Popular is a diversified, publicly-owned financial holding company, registered under the Bank Holding Company Act of 1956, as amended (the \u201cBHC Act\u201d), and subject to supervision and regulation by the Board of Governors of the Federal Reserve System (the \u201cFederal Reserve Board\u201d). Popular was incorporated in 1984 under the laws of the Commonwealth of Puerto Rico and is the largest financial institution based in Puerto Rico, with consolidated assets of $75.3 billion, total deposits of $66.2 billion and stockholders\u2019 equity of $6.2 billion at December 31, 2025. At December 31, 2025, we ranked among the 50 largest U.S. bank holding companies based on total assets according to information gathered and disclosed by the Federal Reserve Board. We operate in two principal markets: \u25cf Puerto Rico: We provide retail, mortgage and commercial banking services, as well as auto and equipment leasing and financing through our principal banking subsidiary, Banco Popular de Puerto Rico (\u201cBanco Popular\u201d or \u201cBPPR\u201d), and broker- dealer and insurance services through specialized subsidiaries. BPPR\u2019s deposits are insured under the Deposit Insurance Fund (\u201cDIF\u201d) of the Federal Deposit Insurance Corporation (\u201cFDIC\u201d). The banking operations of BPPR are primarily based in Puerto Rico, where BPPR has the largest retail banking franchise. \u25cf Mainland United States: We provide retail and commercial banking services, as well as equipment leasing and financing, through our New York -chartered banking subsidiary, Popular Bank (\u201cPB\u201d or \u201cPopular U.S.\u201d), which has branches in New York, New Jersey, and Florida. PB\u2019s deposits are insured under the DIF of the FDIC. \u25cf BPPR also conducts banking operations in the U.S. Virgin Islands, the British Virgin Islan ITEM 1A. RISK FACTORS We, like other financial institutions, face risks inherent to our business, financial condition, liquidity, results of operations and capital position. These risks could cause our actual results to differ materially from our historical results or the results contemplated by the forward-looking statements contained in this report. The risks described in this report are not the only risks we face. Additional risks and uncertainties not currently known by us or that we currently deem to be immaterial, or that are generally applicable to all financial institutions, may also materially adversely affect our business, financial condition, liquidity, results of operations or capital position. ECONOMIC AND MARKET RISKS Weakness in the economy, particularly in Puerto Rico, where a significant portion of our business is concentrated, has adversely impacted us in the past and may adversely impact us in the future. We have been, and will continue to be, impacted by global and local economic and market conditions, including weakness in the economy, disruptions and volatility in the financial markets, inflation, monetary, trade and fiscal policies, public policy, geopolitical conflicts, bu", "title": "BPOP - POPULAR, INC.", "url": "/company/BPOP/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001943896; latest 10-K filed 2026-03-19.", "text": "RBRK - Rubrik, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001943896; latest 10-K filed 2026-03-19. RBRK Rubrik, Inc. 0001943896 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis, including information with respect to our planned investments in our research and development, sales and marketing, and general and administrative functions, includes forward-looking statements that involve risks and uncertainties as described under the heading \u201cSpecial Note About Forward-Looking Statements\u201d in this Annual Report on Form 10-K. You should review the disclosure under the heading \u201cRisk Factors\u201d in this Annual Report on Form 10-K for a discussion of important factors that could cause our actual results to differ materially from those anticipated in these forward-looking statements. Unless the context otherwise requires, all references in this Annual Report on Form 10-K to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cour company,\u201d and \u201cRubrik\u201d refer to Rubrik, Inc. and its consolidated subsidiaries. Unless otherwise indicated, references to our \u201ccommon stock\u201d include our Class A common stock and Class B common stock. A discussion regarding our financial condition and results of operations for the fiscal year ended January 31, 2026 compared to the fiscal year ended January 31, 2025 is presented below. A discussion regarding our financial condition and results of operations for the fiscal year ended January 31, 2025 compared to the fiscal year ended January 31, 2024 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Annual Report on Form 10-K for the fiscal year ended January 31, 2025 filed with the SEC on March 20, 2025. Overview We are on a mission to secure and accelerate the world\u2019s AI transformation. Cyberattacks are inevitable. Prevention and detection are not enough. Realizing that cyberattacks ultimately target data, we created Zero Trust Data Security to deliver cyber resilience so that organizations can secure their data across the cloud and recover from cyberattacks. As enterprises embrace the forthcoming AI transformation, they are grappling with a threat landscape that is now amplified at an AI-scale. We believe that cyber resilience will result in AI resilience and that the future of cybersecurity is data security\u2014if your data is secure, your business is resilient. We built the Rubrik Security Cloud (\u201cRSC\u201d) suite with Zero Trust design principles to secure data across enterprise, cloud, SaaS, unstructured data, and identity providers. RSC delivers a cloud native SaaS platform that detects, analyzes, and remediates data security risks and unauthorized user activities. Our platform is architected to help organizations achieve cyber resilience, which encompasses cyber posture and cyber recovery. We enable organizations to confidently accelerate digital transformation and leverage the cloud to realize business agility. We launched our first enterprise software product, Converged Data Management, in fiscal 2016, which combined data and metadata together into a single layer of software to offer Zero Trust data protection, and sold it as a perpetual license along with associated maintenance contracts. In fiscal 2019, we extended data protection to cloud native applications and rebranded Converged Data Management to Cloud Data Management (\"CDM\"). Data protection for cloud native applications are sold as a SaaS subscription product. In addition, we began offering new SaaS subscription products, Anomaly Detection and Sensitive Data Monitoring. In fiscal 2020, we continued our business evolution to a subscription pricing model by offering CDM as a subscription term-based license with associated support. Included in this subscription term-based license was the right to next generat Item 1. Business We are on a mission to secure and accelerate the world\u2019s AI transformation. Organizations are facing new challenges. Cyberattacks are inevitable. Prevention and detection are not enough. Realizing that cyberattacks ultimately target data, we created Zero Trust Data Security to deliver cyber resilience so that organizations can secure their data across the cloud and recover from cyberattacks. As enterprises embrace the forthcoming AI transformation, they are grappling with a threat landscape that is now amplified at an AI-scale. We believe that cyber resilience will result in AI resilience and that the future of cybersecurity is data security\u2014if your data is secure, your business is resilient. We built the Rubrik Security Cloud (\u201cRSC\u201d) suite with Zero Trust design principles to secure data across enterprise, cloud, SaaS, unstructured data, and identity providers. RSC delivers a cloud native SaaS platform that detects, analyzes, and remediates data security risks and unauthorized user activities. Our platform is architected to help organizations achieve cyber resilience, which encompasses cyber posture and cyber recovery. We enable organizations to confidently accelerate digital transformation and leverage the cloud to realize business agility. In fiscal 2026, we built Rubrik Agent Cloud (\u201cRAC\u201d), to accelerate enterprise AI transformation. RAC is designed to provide a comprehensive AI operations platform that can dynamically monitor, control, and remediate agentic actions. RAC became commercially available in February 2026. Our Rubrik Security Cloud and Rubrik Agent Cloud suites are built on the same technology architecture. Architecture matters when it comes to securing data and accelerating enterprise AI transformation. Our unique SaaS-based architecture combines data and metadata from business applications across enterprise, identity, cloud, and SaaS applications to create self-describing data as a time-series. Self-describing data contains i Item 1A. Risk Factors Investing in our Class A common stock involves various risks, including those described below. You should consider and read carefully all of the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Di", "title": "RBRK - Rubrik, Inc.", "url": "/company/RBRK/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001411207; latest 10-K filed 2026-02-24.", "text": "ALSN - Allison Transmission Holdings Inc SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001411207; latest 10-K filed 2026-02-24. ALSN Allison Transmission Holdings Inc 0001411207 3714 Motor Vehicle Parts & Accessories ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion contains forward-looking statements regarding industry trends, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements that involve risks and uncertainties. Our actual results may differ materially from those discussed in or implied by the forward-looking statements as a result of various factors, including, without limitation, those set forth under Part I, Item 1A., \u201cRisk Factors,\u201d and other matters included elsewhere in this Annual Report on Form 10-K. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and the notes thereto included elsewhere in this Annual Report on Form 10-K. This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-over-year comparisons between 2025 and 2024. A detailed discussion of 2023 items and year-over-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7. of our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 13, 2025. Overview We are a global leader in high-performance mobility and work solutions built for the needs of the modern industrial world. The business was founded in 1915 and has been headquartered in Indianapolis, Indiana since inception. Allison is traded on the New York Stock Exchange under the symbol, \u201cALSN\u201d. We have a global presence by serving customers in North America, Asia, Europe, South America, and Africa, with approximately 76% of our revenues being generated in North America in 2025. We serve customers through an independent network of approximately 1,500 independent distributor and dealer locations worldwide as of December 31, 2025. Recent Developments On June 11, 2025, we entered into a Stock Purchase Agreement (the \u201cPurchase Agreement\u201d) with Dana to acquire the Acquired Off-Highway Business (the \"Acquisition\"). Also on June 11, 2025, in connection with the entry into the Purchase Agreement, we entered into a commitment letter (the \u201cCommitment Letter\u201d) with a group of lenders (the \"Lenders\"), pursuant to which the Lenders committed to provide a 364-day senior unsecured bridge term loan facility (the \u201cBridge Facility\u201d), in an aggregate principal amount of up to $2,000 million. As of December 31, 2025, the Bridge Facility aggregate commitment principal amount had been reduced to $500 million as a result of the issuance of $500 million aggregate principal amount of our 5.875% Senior Notes due December 2033 (\u201c5.875% Senior Notes 2033\u201d) and our election to voluntarily reduce the aggregate commitments under the facility. On January 1, 2026, the Acquisition was completed for a purchase price of approximately $2,732 million, subject to certain adjustments, using a combination of cash on hand, the $500 million of proceeds from the issuance of the 5.875% Senior Notes 2033, $1,200 million of proceeds from the Incremental Term Loan, and $300 million borrowed under the Revolving Credit Facility. No amount was drawn from the Bridge Facility, and it was terminated upon the completion of the Acquisition. As a result of the Acquisition, we now offer an expanded portfolio of drivetrain, motion and propulsion solutions, providing complementary product breadth and an enhanced ability to support customers across multiple end markets. The Acquired Off-Highway Business has historically served end markets with demand characteristics that differ from our traditional on-highway markets, contributing to a more diversified portfolio. 41 Table of Contents Following the Acquisition, we continue to operate under the Allison name, but our operations are n ITEM 1. Business Overview Allison Transmission Holdings, Inc. and its subsidiaries (\u201cAllison,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a global leader in high-performance mobility and work solutions built for the needs of the modern industrial world. The business was founded in 1915 and has been headquartered in Indianapolis, Indiana since inception. Allison is traded on the New York Stock Exchange under the symbol \u201cALSN\u201d. We have a global presence by serving customers in North America, Asia, Europe, South America, and Africa, with approximately 76% of our revenues being generated in North America in 2025. We serve customers through an independent network of approximately 1,500 independent distributor and dealer locations worldwide as of December 31, 2025. On January 1, 2026, we completed the acquisition of the Acquired Off-Highway Business, expanding our portfolio of drivetrain and propulsion solutions and broadening our participation in off-highway end markets. As a result of this acquisition, we now operate a broader range of technologies and products and serve a more diverse global customer base across on-highway, off-highway, and defense applications. Unless otherwise expressly provided herein, the information disclosed in this Part I, Item 1 is provided as of and/or for the year ended December 31, 2025 and, accordingly, does not give effect to the acquisition of the Acquired Off-Highway Business. Our Business We are the world\u2019s largest manufacturer of fully automatic transmissions for medium- and heavy-duty commercial vehicles and medium- and heavy-tactical U.S. defense vehicles, and subsequent to the acquisition of the Acquired Off-Highway Business, a leading provider of drivetrain and propulsion solutions for off-highway applications. Allison products are used in a wide variety of applications, including on-highway vehicles (distribution, refuse, construction, fire and emergency), buses (primarily school, transit and coach), motorhomes, off-highway vehicles and equip ITEM 1A. Risk Factors The following is a cautionary discussion of risks, uncertainties and assumptions that we believe are material to our business. In addition to the factors discussed elsewhere in this Annual Report on Form 10-K, the following are the material factors that, individually or in t", "title": "ALSN - Allison Transmission Holdings Inc", "url": "/company/ALSN/" }, { "kind": "company", "summary": "SIC 7373 Services-Computer Integrated Systems Design; CIK 0001642896; latest 10-K filed 2026-03-16.", "text": "IOT - Samsara Inc. SIC 7373 Services-Computer Integrated Systems Design; CIK 0001642896; latest 10-K filed 2026-03-16. IOT Samsara Inc. 0001642896 7373 Services-Computer Integrated Systems Design Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Please read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and related notes included under Part II, Item 8 of this Annual Report on Form 10-K. Some of the information contained in the following discussion and analysis, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. When reviewing the discussion below, you should keep in mind the substantial risks and uncertainties that could impact our business. In particular, we encourage you to review the risks and uncertainties described in \u201cPart I, Item 1A. Risk Factors\u201d or included elsewhere in this Annual Report on Form 10-K. These risks and uncertainties could cause actual results to differ materially from those projected in forward-looking statements contained in this Annual Report on Form 10-K or implied by past results and trends. Forward-looking statements are statements that attempt to forecast or anticipate future developments in our business, financial condition, or results of operations. See the section titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d in this Annual Report on Form 10-K. These statements, like all statements in this Annual Report on Form 10-K, speak only as of their date (unless another date is indicated), and we undertake no obligation to update or revise these statements in light of future developments. Our fiscal year ends on the Saturday closest to February 1, resulting in a 52-week or 53-week fiscal year. Our fiscal years 2026 and 2025 each consisted of 52 weeks, with the fourth quarter consisting of 13 weeks, and our fiscal year 2024 consisted of 53 weeks, with the fourth quarter consisting of 14 weeks. This section of our Annual Report on Form 10-K generally discusses our financial condition and results of operations for fiscal years 2026 and 2025, and year-to-year comparisons between fiscal years 2026 and 2025 in accordance with GAAP. A discussion of our financial condition and results of operations and our liquidity and capital resources for fiscal year 2024, and year-to-year comparisons between fiscal years 2025 and 2024 can be found under the heading \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d for the fiscal year ended February 1, 2025 included in Part II, Item 7 of our Annual Report on Form 10-K filed with the SEC on March 25, 2025. Overview Samsara is on a mission to increase the safety, efficiency, and sustainability of the operations that power the global economy. To realize this vision, we pioneered the Connected Operations Platform, which is an open platform that connects the people, assets, and systems of some of the world\u2019s most complex operations, allowing them to develop actionable insights and improve their operations. Our Connected Operations Platform consolidates data from our IoT devices and a growing ecosystem of connected assets and third-party systems, and makes it easy for organizations to access, analyze, and act on data insights using our cloud dashboard, custom alerts and reports, mobile apps, and workflows. Powered by our massive and growing data asset and expansive AI technology, our differentiated, purpose-built suite of Applications and Agents enables organizations to embrace and deploy a digital, cloud-connected strategy across their operations. With Samsara, customers have the ability to drive safer operations, increase business efficiency, and achieve their sustainability goals, all to improve the lives of their employees and the customers they serve. We were founded in 2015 and have achieved significant growth since our inception. For the fiscal years ended January 31, 2026 and February 1, 2025, our revenue was $1,618.6 million and $1,249.2 million, respectively. O Item 1. Business Overview Samsara is on a mission to increase the safety, efficiency, and sustainability of the operations that power the global economy. To realize this vision, we pioneered the Connected Operations Platform, which is an open platform that connects the people, assets, and systems of some of the world\u2019s most complex operations, allowing them to develop actionable insights and improve their operations. Organizations across industries in construction, transportation, wholesale and retail trade, field services, logistics, manufacturing, utilities and energy, government, healthcare and education, food and beverage, and others are the backbone of the global economy. They operate high-value assets, coordinate large field workforces, manage complex logistics and distributed sites, and face safety, environmental, and other regulatory requirements. We estimate that these industries represent over 40% of the global GDP. Yet historically, these industries have been underserved by technology, relying on manual processes and siloed legacy systems that lack cloud connectivity. Without a unified digital foundation, physical operations businesses struggle to access and utilize the real-time data required for operational visibility or actionable insights. We are solving the problem of opaque operations and disconnected systems. By leveraging recent advancements in artificial intelligence (\u201cAI\u201d), IoT connectivity, cloud computing, and video imagery, we enable the digital transformation of physical operations. Our Connected Operations Platform consolidates disparate systems into a single, integrated platform, giving customers the ability to unlock actionable, AI-driven insights from their operations at a scale and speed that was previously impossible. Our Connected Operations Platform consolidates data from our IoT devices and a growing ecosystem of connected assets and third-party systems, and makes it easy for organizations to access, analyze, and act on data i Item 1A. Risk Factors Our business, operations, and financial condition are subject to various risks and uncertainties, including those described below, that could materially adversely affect our business, results of operations, financial condition, growth prospects, and the trading price of our Class A common sto", "title": "IOT - Samsara Inc.", "url": "/company/IOT/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001876042; latest 10-K filed 2026-03-09.", "text": "CRCL - Circle Internet Group, Inc. SIC 6199 Finance Services; CIK 0001876042; latest 10-K filed 2026-03-09. CRCL Circle Internet Group, Inc. 0001876042 6199 Finance Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion of our financial condition and results of operations in conjunction with our Consolidated Financial Statements, including the notes thereto, included elsewhere in this Form 10-K. In addition to historical information, the following discussion and analysis contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results and the timing of events could differ materially from those anticipated in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Form 10-K, particularly in the \u201cRisk Factors\u201d section. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations focuses on a discussion of the 2025 results as compared to the 2024 results, unless otherwise noted. For a discussion of 2024 results as compared to 2023 results, see \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d within our Prospectus, dated June 5, 2025, filed with the SEC on Form 424B in connection with our IPO. Executive Overview In the fourth quarter and full year 2025, we continued building the infrastructure for an open, programmable internet financial system by scaling adoption of USDC and expanding our platform across product, network, and regulatory milestones. During the fourth quarter of 2025 (compared to fourth quarter of 2024): \u2022USDC in circulation grew 72% to $75.3 billion; USDC onchain transaction volume grew 247% to $11.9 trillion. \u2022Total revenue and reserve income grew 77% to $770 million. \u2022Net Income from continuing operations increased by $129 million to $133 million. \u2022Adjusted EBITDA grew 412% to $167 million. For the full year 2025 (compared to full year of 2024): \u2022Total revenue and reserve income grew 64% to $2.7 billion. \u2022Net Loss from continuing operations was $70 million compared to a Net Income from continuing operations in the prior year of $157 million, significantly impacted by $424 million for stock-based compensation related to vesting conditions met by our IPO. \u2022Adjusted EBITDA grew 104% to $582 million. See \u201c\u2014Non-GAAP Financial Measures\u201d below for a reconciliation of Adjusted EBITDA to net income (loss) from continuing operations, the most closely comparable GAAP measure, and additional information about the limitations of our non-GAAP measures. In addition, during fiscal year 2025, we also: \u2022Expanded USDC adoption globally as more enterprises, developers, and public institutions integrated digital dollars into real-world payments, treasury, and onchain financial workflows. \u2022Launched Arc in public testnet with over 100+ participants spanning banking, capital markets, digital assets, payments and technology. \u2022Launched and expanded Circle Payments Network (CPN). \u2022Grew EURC and USYC following our relaunch of USYC in the third quarter of 2025. \u2022Strengthened our regulatory foundation, including receiving conditional OCC approval to establish a national trust bank, further reinforcing the infrastructure supporting USDC. 61 Overview of Business Our mission is to raise global economic prosperity through the frictionless exchange of value. We were founded in 2013, on the belief that we could connect the world more deeply by building a new global economic system on the foundation of the internet, and facilitate the creation of a world where everyone, everywhere can share value as easily as we can today share information, content, and communications. We are building a full-stack internet financial platform business anchored by our stablecoin network. Our business is organized around three reinforcing pillars: (i) Arc, an open Layer-1 blockchain network and related developer/interoperability infrastructure; (ii) Circle Digital Assets and Services, including USDC, EURC, USYC and related liquidity in Item 1. Business Overview Our mission is to raise global economic prosperity through the frictionless exchange of value. We were founded in 2013 on the belief that we could connect the world more deeply by building a new global economic system on the foundation of the internet, and facilitate the creation of a world where everyone, everywhere can share value as easily as we can today share information, content, and communications. Financial services are undergoing a transition analogous to the internet\u2019s evolution from closed networks to open, standardized infrastructure that enabled new applications, business models, and network effects. While the incumbent financial system has enabled substantial global economic activity and societal advancement, it remains constrained by legacy infrastructure and fragmented, intermediated networks that pass on excessive cost, slow settlement, limit interoperability, and create barriers to access. At the same time, these constraints create a significant opportunity to modernize how value moves \u2014 unlocking faster settlement, lower costs, greater interoperability, and broader access at internet scale. We believe digital assets, public blockchain networks, and related applications and services can address these constraints and seize the opportunity available by enabling the secure, efficient storage and transfer of value on the internet that is scalable and accessible. Our platform, anchored by our stablecoin network, plays a critical role in the emerging internet financial system. We are building one of the largest and most widely used full-stack, internet financial platform businesses. The value of our platform grows as more companies and developers connect into our network and build upon our infrastructure, creating products and services that enhance utility, expand distribution, and so add value to the network. Our Platform Our full-stack, internet financial platform business is organized around three pillars: \u2022Arc Blockc Item 1A. Risk Factors Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below together with all of the other information contained in this Form 10-K, including our audited financial statements and the notes thereto, before deciding to invest in our Class A common stock", "title": "CRCL - Circle Internet Group, Inc.", "url": "/company/CRCL/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001404655; latest 10-K filed 2026-02-11.", "text": "HUBS - HUBSPOT INC SIC 7372 Services-Prepackaged Software; CIK 0001404655; latest 10-K filed 2026-02-11. HUBS HUBSPOT INC 0001404655 7372 Services-Prepackaged Software ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes that appear elsewhere in this Annual Report on Form 10-K. As discussed in the section titled \u201cSpecial Note Regarding Forward-Looking Statements,\u201d the following discussion and analysis contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in the section titled \u201cRisk Factors\u201d included under Part I, Item 1A within this Annual Report on Form 10-K. A discussion of our financial condition, results of operations, and cash flows for the year ended December 31, 2024 compared to the year ended December 31, 2023 is included in section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 12, 2025. Company Overview We provide an agentic customer platform that helps marketing, sales, and customer service teams drive business growth. We deliver seamless connection for customer-facing teams with a unified platform that includes three layers: Artificial Intelligence (\"AI\")-powered agents and engagement hubs, a Smart customer relationship management product (\u201cCRM\u201d), and a connected ecosystem supporting the customer platform with a marketplace of integrations, templates, expert partners, a community network, and an academy of educational content. Breeze is our AI that powers the customer platform, including our Smart CRM, engagement Hubs, and the connected ecosystem. Our engagement Hubs that enable companies to attract, engage, and delight customers throughout the customer lifecycle include Marketing, Sales, Service, Operations, Content and Commerce. The Smart CRM is the foundational context layer that combines customer data with AI to power the entire customer platform with unified customer profiles and tools to manage and govern your team and business processes. Our customer platform features a central database of lead and customer interactions and integrated applications designed to help businesses build their presence online, attract prospects across channels, convert prospects into leads, close leads into customers, transact with those customers, and delight them so they become promoters of those businesses. We designed and built our customer platform to serve a broad range of customers globally. It was built to easily and seamlessly integrate third party applications to further customize to an individual company\u2019s industry or needs. Our customer platform starts completely free and grows with our customers to meet their needs at different stages in their life-cycles. It supports multiple languages and currencies and offers an array of sophisticated features, including content partitioning at the enterprise level for companies operating in or serving multiple countries. We focus on selling to mid-market business-to-business, or B2B, companies, which we define as companies that have between 2 and 2,000 employees. While our customer platform was built to grow with any company, we focus on selling to mid-market businesses because we believe we have significant competitive advantages attracting and serving this market segment. These mid-market businesses seek an integrated, easy-to-implement and easy-to-use solution to reach customers and compete with organizations that have larger marketing, sales, and customer service budgets. We efficiently reach these businesses at scale through ITEM 1. BUSINESS Overview We provide an agentic customer platform that helps marketing, sales, and customer service teams drive business growth. We deliver seamless connection for customer-facing teams with a unified platform that includes three layers: Artificial Intelligence (\"AI\")-powered agents and engagement hubs, a Smart customer relationship management product (\u201cCRM\u201d), and a connected ecosystem supporting the customer platform with a marketplace of integrations, templates, expert partners, a community network, and an academy of educational content. Our AI-powered agents and engagement Hubs that enable companies to attract, engage, and delight customers throughout the customer lifecycle include Marketing, Sales, Service, Operations, Content and Commerce. The Smart CRM is the foundational context layer that combines customer data with AI to power the entire customer platform with unified customer profiles and tools to manage and govern your team and business processes. We focus on selling to mid-market business-to-business (\u201cB2B\u201d) companies, which we define as companies that have between 2 and 2,000 employees, and aim to be the best at applying AI to help them grow. We primarily sell our customer platform on a subscription basis. In 2025, our total revenue was $3.1 billion and we generated a net income of $45.9 million. As of December 31, 2025, we had 8,882 full-time employees and 288,706 Customers, as defined in our Key Business Metrics in Item 7, of varying sizes in more than 135 countries. Our company was formed as a limited liability company in Delaware on April 4, 2005. We converted to a Delaware corporation on June 7, 2007. Our principal executive offices are located at Two Canal Park, Cambridge, Massachusetts, and our main telephone number is 888-482-7768. Our website address is https://www.hubspot.com. Information contained on or that can be accessed through our website does not constitute part of this Annual Report on Form 10-K, and inclusions of Item 1A. RISK FACTORS An investment in our common stock involves a high degree of risk. You should carefully consider the risks described below and the other information in this Annual Report on Form 10-K and in our other public filings before making an investment decision. Our business, prospects, financial condition, or operating results c", "title": "HUBS - HUBSPOT INC", "url": "/company/HUBS/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001810806; latest 10-K filed 2026-02-11.", "text": "U - Unity Software Inc. SIC 7372 Services-Prepackaged Software; CIK 0001810806; latest 10-K filed 2026-02-11. U Unity Software Inc. 0001810806 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Please read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes included under Part II, Item 8 of this Annual Report on Form 10-K. The following discussion and analysis contains forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that attempt to forecast or anticipate future developments in our business, financial condition, or results of operations. When reviewing the discussion below, you should keep in mind the substantial risks and uncertainties that could impact our business. In particular, we encourage you to review the risks and uncertainties described in \"Part I, Item 1A. Risk Factors\" included elsewhere in this report. These risks and uncertainties could cause actual results to differ materially from those projected in forward-looking statements contained in this report or implied by past results and trends. Forward-looking statements, like all statements in this report, speak only as of their date (unless another date is indicated), and we undertake no obligation to update or revise these statements in light of future developments. See the section titled \"Note Regarding Forward-Looking Statements\" in this report. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussion of 2023 and year-over-year comparisons between 41 [[GREPCENT_TABLE]] [[\"Table of Contents\",\"\",\"Unity Software Inc.\"]] [[/GREPCENT_TABLE]] fiscal 2024 and 2023 that are not included in this Form 10-K can be found under the heading \"Management's Discussion and Analysis of Financial Condition and Results of Operation\" in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, that was filed with the SEC on February 21, 2025, and are incorporated by reference herein. Overview Unity offers a suite of tools to develop, deploy, and grow games and interactive experiences across all major platforms from mobile, PC, and console, to extended reality (XR). Our platform consists of two complementary sets of solutions: Create Solutions and Grow Solutions. Starting in the fourth quarter of 2023, we began to reset our product and service offerings to focus on our core businesses, which we refer to as our \"Strategic Portfolio\": primarily, the Unity Engine and related consumption services, and monetization solutions. Recent Developments in Our Business In the year ended December 31, 2025, we had reductions to our workforce and our office footprint, that resulted in approximately $33 million in employee separation costs, and $14 million of non-employee charges associated with these reductions. We will continue to evaluate our facility needs. For additional details, refer to the section titled \"Risk Factors.\" Results of Operations The following table summarizes our consolidated statements of operations data for the periods indicated (in thousands): [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"Year Ended December 31,\"],[\"\",\"\",\"\",\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Revenue\",\"\",\"\",\"\",\"\",\"$\",\"1,849,648\",\"\",\"\",\"$\",\"1,813,255\",\"\",\"\",\"$\",\"2,187,317\"],[\"Cost of revenue\",\"\",\"\",\"\",\"\",\"477,739\",\"\",\"\",\"480,853\",\"\",\"\",\"733,722\"],[\"Gross profit\",\"\",\"\",\"\",\"\",\"1,371,909\",\"\",\"\",\"1,332,402\",\"\",\"\",\"1,453,595\"],[\"Operating expenses\"],[\"Research and development\",\"\",\"\",\"\",\"\",\"929,516\",\"\",\"\",\"924,830\",\"\",\"\",\"1,053,588\"],[\"Sales and marketing\",\"\",\"\",\"\",\"\",\"652,907\",\"\",\"\",\"752,649\",\"\",\"\",\"834,625\"],[\"General and administrative\",\"\",\"\",\"\",\"\",\"268,539\",\"\",\"\",\"410,072\",\"\",\"\",\"398,176\"],[\"Total operating expenses\",\"\",\"\",\"\",\"\",\"1,850,962\",\"\",\"\",\"2,087,551\",\"\",\"\",\"2,286,389\"],[\"Loss from operations\",\"\",\"\",\"\",\"\",\"(479,053)\",\"\",\"\",\"(755,149)\",\"\",\"\",\"(832,794)\"],[\"Interest expense\",\"\",\"\",\"\",\"\",\"(24,007)\",\"\",\"\",\"(23,542)\",\"\",\"\",\"(24,580)\"], Item 1. Business General Unity is the leading platform to develop, deploy, and grow games and interactive experiences. We offer a suite of tools across all major platforms from mobile, PC, and console, to extended reality (XR). Our comprehensive set of software, including AI solutions, supports developers through the entire development lifecycle \u2013 from prototyping to live service operation, user acquisition, and monetization. Our platform is used by creators of all types - such as developers, artists, and designers - to build content in gaming and non-gaming industries, including automotive, retail, manufacturing, healthcare, public sector, robotics, architecture, civil and mechanical engineering, design and construction. Our platform consists of two complementary sets of solutions: Create Solutions and Grow Solutions. Create Solutions Our Create Solutions are a robust set of tools and services used to build, ship and run high-definition, real-time 2D and 3D content. Designed for developers, these tools and services are used across a range of industries from games to automotive, retail, manufacturing, healthcare, public sector and robotics. Create Solutions includes our custom real-time 3D engine and development environment with a high-definition render pipeline; AI-driven content creation and workflow enhancements, graphics, animation, and audio tools; navigation, networking, user interface tools and more. Enhanced by cloud services including asset management, DevOps tools and multiplayer game support, creators can leverage our products and extensibility to easily edit, run, and iterate interactive real-time 2D and 3D experiences that can be created once and deployed to a variety of platforms. Grow Solutions Our Grow Solutions primarily consist of our ads products, which offer customers the ability to grow and engage their user base and monetize their content\u2014from 2D puzzle games to multiplayer, multi-platform games, or other 3D interactive content\u2014irrespect Item 1A. Risk Factors Risks Related to Our Business, Operations, and Industry We have a history of losses and may not achieve or sustain profitability on a GAAP basis in the future. We have experienced significant net losses on a GAAP basis in each period since inception. In addition, our revenue has varied and, in certain periods, decline", "title": "U - Unity Software Inc.", "url": "/company/U/" }, { "kind": "company", "summary": "SIC 3021 Rubber & Plastics Footwear; CIK 0001858985; latest 10-K filed 2026-03-03.", "text": "ONON - On Holding AG SIC 3021 Rubber & Plastics Footwear; CIK 0001858985; latest 10-K filed 2026-03-03. ONON On Holding AG 0001858985 3021 Rubber & Plastics Footwear Overview On is a premium performance sportswear brand rooted in innovation, design, and sustainability. Since our founding in the Swiss Alps in 2010, we have built a distinctive global brand with a passionate community across more than 90 countries. Through our premium product and brand experience, we bring our mission\u2014to ignite the human spirit through movement\u2014to life for our fans worldwide. We believe our premium positioning and our relentless focus on performance and design sets us apart within the global sportswear market. Our culture of innovation has enabled us to repeatedly introduce groundbreaking technologies designed to elevate the running experience and create enduring excitement around our brand. Anchored in our running heritage, we have extended this expertise into other performance categories, including performance outdoor, performance all-day, performance tennis, and performance training, connecting us with new communities across a full spectrum of movement. On operates as a single-brand consumer products business and therefore has a single operating and reportable segment. In 2025, we continued to advance the long-term vision we first articulated at our 2023 Investor Day: to be the most premium global sportswear brand. Our journey towards this is built on three strategic growth pillars, each underpinned by foundational capabilities designed to scale our brand, deepen consumer engagement, and drive sustainable growth. (see \u201cItem 4 \u2014 Information on the Company \u2014 Business Overview\u201d). By executing successfully against these pillars, On delivered strong results in 2025. Net sales increased by 30.0% to CHF 3,014.0 million compared to 2024. This momentum was driven by organic growth, fueled by strong consumer demand for our brand across sales channels, product categories, and geographic regions, and amplified by our strategic expansion into new products and markets. We continued to expand our wholesale channel globally, partnering with some of the most reputable general sporting, specialty running, outdoor, fashion and lifestyle retailers to bring On to even more consumers. In 2025, we continued to scale and deepen our collaboration with global key accounts, including Dick's Sporting Goods, JD Sports and Foot Locker. The wholesale channel accounted for 58.2% of net sales in 2025. Table of Contents With our community and brand awareness growing globally, we continued to scale our global e-commerce platform and grew our own-retail presence, opening new stores across all regions and in key cities like Madrid, Washington DC, Palo Alto, and Seoul. Our DTC channel as a whole, which includes our e-commerce sites and store revenue, represented 41.8% of net sales in 2025. As of December 31, 2025, our global footprint consists of 67 retail locations, including 14 retail stores in the Americas, 10 retail stores in Europe and 5 in Asia Pacific (excluding China). We also operate 38 locations in China, including Hong Kong. In China, our stores are a mix of smaller format mall-based stores and standalone retail stores. Innovation is core to our brand. In 2025, we advanced our pioneering LightSpray technology, a process set to redefine the running experience and reimagine manufacturing. We introduced a portfolio of cutting-edge products, powered by our suite of proprietary technologies including CloudTec, CloudTec Phase, Helion superfoam, and Speedboard. The growth and diversification of our product assortment was a significant driver of our net sales increase in 2025. This growth was led by iconic franchises, including performance running favorites like the Cloudsurfer and Cloudmonster; popular all-day styles like the Cloudtilt and the Cloud; and our Roger franchise in performance tennis. The expansion of our apparel and accessories collections brought new fans to the brand and further underscored our evolution from a footwear pioneer into a true \"toe-to-head\" sportswear brand. Key Financial Metrics Key financial metrics", "title": "ONON - On Holding AG", "url": "/company/ONON/" }, { "kind": "company", "summary": "SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001616707; latest 10-K filed 2026-02-19.", "text": "W - Wayfair Inc. SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001616707; latest 10-K filed 2026-02-19. W Wayfair Inc. 0001616707 5961 Retail-Catalog & Mail-Order Houses Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand the company, our operations and our present business environment. Our MD&A is provided as a supplement to \u2014 and should be read in conjunction with \u2014 our consolidated financial statements and the accompanying Notes thereto contained in Part II, Item 8, Financial Statements and Supplementary Data in this Annual Report on Form 10-K. All dollar and percentage comparisons made in our MD&A refer to the year ended December 31, 2025 financial results, compared with the year ended December 31, 2024 financial results, unless otherwise noted. Refer to Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for the year ended December 31, 2024 for a comparative discussion of our year ended December 31, 2024 financial results as compared to our year ended December 31, 2023 financial results filed with the SEC on February 20, 2025. As described further below, our financial results for the year ended December 31, 2025, reflect our decision to exit the German market, which we announced on January 10, 2025 (the \u201cGermany Restructuring\u201d). The following discussion contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ from those referred to herein due to a number of factors, including but not limited to risks described in Part I, Item 1A, Risk Factors in this Annual Report on Form 10-K. Overview Wayfair is the destination for all things home. Through our omni-channel strategy, we offer visually inspired browsing, compelling merchandising, easy product discovery and attractive prices for over 40 million products from approximately 20 thousand suppliers. We believe an increasing portion of the dollars spent on home goods will be spent online and that there is an opportunity to acquire more market share. Our business model is designed to grow our net revenue by acquiring new customers as well as stimulating repeat purchases from our existing customers. Through increasing brand awareness as well as paid and unpaid advertising, we attract new and repeat customers to our family of sites. We aim to turn these customers into recurring shoppers by creating a seamless shopping experience across their entire journey \u2014 offering best-in-class product discovery, purchasing, fulfillment and customer service. We complement our e-commerce experience with a growing physical retail presence, designed to strengthen our brands, deepen customer engagement, and enhance the end-to-end shopping experience 41 Table of Contents During the year ended December 31, 2025, net revenue increased by 5.1% compared to the same period in 2024. As of December 31, 2025, we had 21 million active customers and during the year ended December 31, 2025, 80.3% of orders came from repeat buyers. The increased sales represents our ongoing execution of business initiatives amid persistent macroeconomic pressures on consumers. We also continued to manage our advertising spend according to a return on investment-oriented approach that carefully tracks and monitors the results of advertising campaigns as we seek to maintain appropriate return targets. Global Considerations Starting in early 2025, the U.S. government announced changes to U.S. trade policy affecting imported goods. Multiple nations have announced tariffs and other actions in response. While some trade deals have been reached and trade negotiations are ongoing, overall the global trade environment remains fluid and highly uncertain. Despite this uncertainty, we believe the structural characteristics of our retail platform position us to capture incremental market share within a category, home goods, that is largely unbranded and highly substitutabl Item 1. Business As used herein, \u201cWayfair,\u201d \u201cthe company,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and similar terms refer to Wayfair Inc. and its subsidiaries, unless the context indicates otherwise. Overview Wayfair is the destination for all things home. Through our e-commerce platform, we offer customers visually inspired browsing, compelling merchandising, easy product discovery and attractive prices. We are focused on bringing our customers an experience that is at the forefront of shopping for the home online. Our customers span a wide range of demographics, with annual household incomes typically ranging from $25,000 to over $250,000, and also include businesses, from small startups to global enterprises. Our selections of furniture, d\u00e9cor, housewares and home improvement products appeal to our customers\u2019 different tastes, styles, purchasing goals and budgets when shopping for their homes and businesses. To meet our customers where they are, we offer a family of brands, both online and through physical retail stores, each with a unique identity that offers a tailored shopping experience and rich product selection to a different target audience: \u2022Wayfair: Every style. Every home. \u2022AllModern: Modern made simple. \u2022Birch Lane: Classic style for joyful living. \u2022Joss & Main: The ultimate style edit for home. \u2022Perigold: The destination for luxury home. \u2022Wayfair Professional: A one-stop Pro shop. Our Wayfair brand represents a significant majority of our net revenue and is currently the only one of our sites that also operates internationally, operating as Wayfair.ca in Canada, Wayfair.co.uk in the United Kingdom and Wayfair.ie in Ireland. Our specialty retail brands include AllModern, Joss & Main, and Perigold We also feature certain products under our house brands, such as Three Posts\u00ae and Mercury Row\u00ae. Through these house brands, which feature curated selections refined by style and price point, we help our customers navigate our vast product assortment to find items that Item 1A. Risk Factors Our operations and financial results are subject to various risks and uncertainties, including those described below, which should be read in conjunction with Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in this Annual Report on Form 10-K. Our business may also be adversely affe", "title": "W - Wayfair Inc.", "url": "/company/W/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001214816; latest 10-K filed 2026-02-27.", "text": "AXS - AXIS CAPITAL HOLDINGS LTD SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001214816; latest 10-K filed 2026-02-27. AXS AXIS CAPITAL HOLDINGS LTD 0001214816 6331 Fire, Marine & Casualty Insurance ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion and analysis of our results of operations for the years ended December 31, 2025 and 2024, and our financial condition at December 31, 2025 and 2024. This should be read in conjunction with Item 8 'Financial Statements and Supplementary Data' of this report. Unless otherwise noted, tabular dollars are in thousands, except per share amounts. Amounts may not reconcile due to rounding differences. [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"2025 Financial Highlights\",\"59\"],[\"Overview\",\"60\"],[\"Consolidated Results of Operations\",\"63\"],[\"Results by Segment:\"],[\"i) Insurance Segment\",\"65\"],[\"ii) Reinsurance Segment\",\"69\"],[\"Net Investment Income and Net Investment Gains (Losses)\",\"73\"],[\"Other Expenses (Revenues), Net\",\"76\"],[\"Financial Measures\",\"78\"],[\"Non-GAAP Financial Measures Reconciliation\",\"79\"],[\"Cash and Investments\",\"83\"],[\"Liquidity and Capital Resources\",\"90\"],[\"Critical Accounting Estimates\",\"97\"],[\"i) Reserve for Losses and Loss Expenses\",\"97\"],[\"ii) Reinsurance Recoverable on Unpaid Losses and Loss Expenses\",\"102\"],[\"iii) Gross Premiums Written\",\"103\"],[\"iv) Net Premiums Earned\",\"104\"],[\"v) Fair Value Measurements of Financial Assets and Liabilities\",\"105\"],[\"vi) Impairment Losses and the Allowance for Expected Credit Losses - Fixed Maturities, Available for Sale\",\"106\"],[\"Recent Accounting Pronouncements\",\"107\"]] [[/GREPCENT_TABLE]] 58 2025 FINANCIAL HIGHLIGHTS 2025 Consolidated Results of Operations \u2022Net income available to common shareholders of $979 million, or $12.52 per common share, and $12.35 per diluted common share \u2022Operating income(1) of $1.0 billion, or $12.92 per diluted common share(1) \u2022Gross premiums written of $9.6 billion \u2022Net premiums written of $6.1 billion \u2022Net premiums earned of $5.7 billion \u2022Pre-tax catastrophe and weather-related losses, net of reinsurance, were $159 million ($127 million, after-tax), (Insurance: $156 million; Reinsurance: $3 million) or 2.8 points, including natural catastrophe and weather-related losses of $137 million or 2.4 points, primarily attributable to California Wildfires, Hurricane Melissa and other weather-related events. The remaining losses of $22 million or 0.4 points were attributable to the Middle East Conflict. \u2022Net favorable prior year reserve development of $87 million \u2022Underwriting income(2) of $725 million and combined ratio of 89.8% \u2022Net investment income of $767 million \u2022Net investment gains of $59 million \u2022Foreign exchange losses of $142 million \u2022Income tax expense of $217 million, inclusive of a Bermuda deferred tax benefit of $19 million. Refer to 'Management's Discussion and Analysis of Financial Condition and Results of Operations \u2013 Overview \u2013 Recent Developments \u2013 Bermuda Corporate Income Tax Act 2023 for further details. 2025 Consolidated Financial Condition \u2022Total cash and investments of $17.2 billion; fixed maturities, short-term investments, and cash and cash equivalents comprise 86% of total cash and investments and have an average credit rating of AA- \u2022Total assets of $34.5 billion \u2022Reserve for losses and loss expenses of $18.1 billion and reinsurance recoverable on unpaid and paid losses and loss expenses of $9.6 billion. \u2022Debt of $1.3 billion and a debt to total capital ratio(3) of 17.2% \u2022Total common shares repurchased were 10 million shares for a total of $914 million, including $888 million repurchased pursuant to our Board-authorized share repurchase programs, and $27 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on vesting of share-settled restricted stock units \u2022Common shareholders\u2019 equity of $5.8 billion; book value per diluted common share of $77.20 (1) Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. The reconciliations to ITEM 1. BUSINESS In this Form 10-K, references to \"AXIS Capital\" refer to AXIS Capital Holdings Limited and references to \"we\", \"us\", \"our\", \"AXIS\", the \"Group\" or the \"Company\" refer to AXIS Capital Holdings Limited and its direct and indirect subsidiaries and branches, including: AXIS Specialty Holdings Bermuda Limited, AXIS Specialty Limited (\"AXIS Specialty Bermuda\"), AXIS Specialty Limited (Singapore Branch), AXIS Specialty Insurance Limited (\"AXIS Specialty Insurance Bermuda\"), AXIS Specialty Investments Limited, AXIS Specialty Investments II Limited, AXIS Specialty UK Holdings Limited, AXIS Managing Agency Ltd., AXIS Corporate Capital UK Limited, Novae Group Limited, AXIS UK Services Limited, AXIS UK Services Limited (Irish Branch), AXIS Underwriting Limited, AXIS Corporate Capital UK II Limited (sole corporate member of AXIS Syndicate 1686 (\"Syndicate 1686\") effective January 1, 2025 and sole corporate member of AXIS Energy Transition Syndicate 2050 (\"Syndicate 2050\")), AXIS ILS, Ltd., AXIS Reinsurance Managers Limited (\"AXIS Reinsurance Managers\"), AXIS Specialty Holdings Ireland Limited, AXIS Specialty Europe SE (\"AXIS Specialty Europe\"), AXIS Specialty Europe SE (UK Branch), AXIS Specialty Europe SE (Belgium Branch), AXIS Re SE, AXIS Re SE, Dublin (Zurich Branch) (\"AXIS Re Europe\"), AXIS Re SE Escrit\u00f3rio de Representa\u00e7\u00e3o No Brasil Ltda., AXIS Specialty Global Holdings Limited, AXIS Specialty U.S. Holdings, Inc., AXIS Reinsurance Company (\"AXIS Re U.S.\"), AXIS Reinsurance Company (Canadian Branch), AXIS Specialty U.S. Services, Inc., AXIS Specialty U.S. Services, Inc. (U.K. Branch), AXIS Specialty Canada Services, ULC, AXIS Group Services, Inc., AXIS ILS, Inc., AXIS Insurance Company (\"AXIS Insurance Co.\"), AXIS Surplus Insurance Company (\"AXIS Surplus\"), AXIS Group Benefits LLC, AXIS Specialty Insurance Company (\"AXIS Specialty U.S.\"), AXIS Specialty Finance LLC and AXIS Specialty Finance PLC, unless the context suggests otherwise. Unless otherwise n ITEM 1A. RISK FACTORS Insurance Risk Insurance risk is the inherent uncertainty as to the occurrence, amount and timing of insurance and reinsurance liabilities transferred to us through the underwriting process. The insurance and reinsurance business is historically cyclical, and we expect to experience periods with excess unde", "title": "AXS - AXIS CAPITAL HOLDINGS LTD", "url": "/company/AXS/" }, { "kind": "company", "summary": "SIC 7373 Services-Computer Integrated Systems Design; CIK 0001828108; latest 10-K filed 2026-02-11.", "text": "AUR - Aurora Innovation, Inc. SIC 7373 Services-Computer Integrated Systems Design; CIK 0001828108; latest 10-K filed 2026-02-11. AUR Aurora Innovation, Inc. 0001828108 7373 Services-Computer Integrated Systems Design Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the financial condition and results of operations should be read together with the consolidated financial statements included elsewhere in this Annual Report. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth in \"Part I, Item 1A. Risk Factors\" and under the heading \u201cCautionary Note Regarding Forward-Looking Statements\u201d included elsewhere in this Annual Report. Unless otherwise indicated or the context otherwise requires, references to \u201cAurora,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and other similar terms in this section refer to Aurora Innovation, Inc. and its consolidated subsidiaries. Percentage amounts have not in all cases been calculated on the basis of rounded figures, but on the basis of such amounts prior to rounding. For this reason, percentage amounts may vary from those obtained by performing the same calculations using the figures in our consolidated financial statements included elsewhere in this Annual Report. Certain other amounts that appear in this Annual Report may not sum due to rounding. Aurora\u2019s Business Aurora has launched and continues to develop the Aurora Driver based on what we believe to be the most advanced and scalable suite of self-driving hardware, software, and data services in the world to fundamentally transform the global transportation market. The Aurora Driver is designed as a platform to adapt and interoperate amongst vehicle types and applications. To date, it has been successfully integrated into numerous different vehicle platforms: from passenger vehicles to light commercial vehicles to Class 8 trucks. By creating one driver system for multiple vehicle types and use cases, Aurora\u2019s capabilities in one market reinforce and strengthen its competitive advantages in others. For example, highway driving capabilities developed for trucking will carry over to highway segments driven by passenger vehicles in ride-hailing applications. We believe this approach will enable us to target and transform the transportation landscape, including trucking, passenger mobility, and local goods delivery market. We expect that the Aurora Driver will ultimately be commercialized in a Driver as a Service (\u201cDaaS\u201d) business model, in which customers or third parties will purchase, manage, and maintain fleets directly, while subscribing to the Aurora Driver and a suite of related services. We do not intend to own nor operate a large number of vehicles ourselves. Throughout commercialization, we expect to earn revenue on a fee per mile basis, or a comparable pricing mechanism. We intend to partner with OEMs, Tier 1 automotive suppliers, fleet operators, and other third parties to commercialize and support Aurora Driver-powered vehicles. We expect that these strategic partners will support activities such as vehicle and hardware manufacturing, financing and leasing, service and maintenance, parts replacement, facility ownership and operation, and other commercial and operational services as needed. We expect this DaaS model to enable an asset-light and high margin revenue stream for Aurora, while allowing us to scale more rapidly through partnerships. During the start of commercialization, though, we are operating our own logistics and mobility services, where we own or lease and operate a fleet of vehicles equipped with our Aurora Driver and provide transportation services to customers through driverless operations as well as with vehicle operators as needed. This level of control is useful during early commercialization as we define operational processes and playbooks for our partners. We launched Aurora Driver for Freight, our driverless trucking subscription servic Item 1. Business. INFORMATION ABOUT AURORA Unless the context otherwise requires, all references in this section to the \u201cCompany,\u201d \u201cAurora,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d refer to the business of Aurora Innovation, Inc. and its subsidiaries. Company Overview Our mission is to deliver the benefits of self-driving technology safely, quickly, and broadly. Aurora was founded in 2017 by Chris Urmson, Sterling Anderson, and Drew Bagnell, three of the most prominent leaders in the self-driving space. Led by a team with deep experience, including Chris and Drew, we have launched and are continuing to develop the Aurora Driver based on what we believe to be the most advanced and scalable suite of self-driving hardware, software, and data services in the world to fundamentally transform the global transportation market. The Aurora Driver is designed as a platform to adapt and interoperate amongst a multitude of vehicle types and applications. To date, we have successfully integrated the Aurora Driver into numerous different vehicle platforms designed to meet its requirements: from passenger vehicles to light commercial vehicles to Class 8 trucks. By creating a common driver platform for multiple vehicle types and use cases, the capabilities we develop in one market reinforce and strengthen our competitive advantages in other areas. For example, highway driving capabilities developed for trucking will carry over to highway segments driven by passenger vehicles in ride hailing applications. We believe this is the right approach to bring self-driving to market and will enable us to target and transform multiple massive markets, including trucking, passenger mobility, and local goods delivery. Beyond the economic opportunity, we believe we have a unique opportunity to have a material positive impact on the lives of millions of people, while also improving business productivity. First and foremost, we are focused on the opportunity to greatly improve road safety. In trucking, we can Item 1A. Risk Factors Investing in our securities involves a high degree of risk. You should carefully consider the following risks, together with all of the other information contained in this Annual Report on Form 10-K, before making an investment decision. Our business, financial condition", "title": "AUR - Aurora Innovation, Inc.", "url": "/company/AUR/" }, { "kind": "company", "summary": "SIC 6141 Personal Credit Institutions; CIK 0001584207; latest 10-K filed 2026-02-06.", "text": "OMF - OneMain Holdings, Inc. SIC 6141 Personal Credit Institutions; CIK 0001584207; latest 10-K filed 2026-02-06. OMF OneMain Holdings, Inc. 0001584207 6141 Personal Credit Institutions Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of OMH's financial condition and results of operations should be read together with the audited consolidated financial statements and related notes included in this report. This discussion and analysis contains forward-looking statements that involve risk, uncertainties, and assumptions. See \u201cForward-Looking Statements\u201d included in this report for more information. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of many factors, including those discussed in \u201cRisk Factors\u201d included in this report. An index to our management\u2019s discussion and analysis follows: [[GREPCENT_TABLE]] [[\"Topic\",\"\",\"Page\"],[\"Overview\",\"\",\"37\"],[\"Recent Developments and Outlook\",\"\",\"39\"],[\"Results of Operations\",\"\",\"41\"],[\"Segment Results\",\"\",\"45\"],[\"Credit Quality\",\"\",\"48\"],[\"Liquidity and Capital Resources\",\"\",\"51\"],[\"Critical Accounting Policies and Estimates\",\"\",\"58\"],[\"Recent Accounting Pronouncements\",\"\",\"58\"],[\"Seasonality\",\"\",\"59\"]] [[/GREPCENT_TABLE]] 36 Table of Contents Overview We offer consumer loans, which consist of personal loans and auto finance, credit cards, and other products to help customers meet everyday needs and take steps to improve their financial well-being. We service the loans that we retain on our balance sheet, as well as loans owned by third parties. Additionally, our insurance subsidiaries offer optional credit and non-credit insurance and other optional products. We also offer credit cards under our BrightWay brand which are designed to offer a highly digital customer experience while also rewarding customers for responsible credit activity. Our resources allow us to operate in 48 states and provide a seamless experience through our customers\u2019 preferred channels, including in person, online or over the phone, using our digital platforms, distribution partnerships, or working with our expert team members at more than 1,300 locations. OUR PRODUCTS Our product offerings include: \u2022Personal Loans \u2014 We offer personal loans through our branch network, central operations, direct mail, digital affiliates, and our website, www.onemainfinancial.com, to customers who need timely access to cash. Our personal loans are non-revolving, with a fixed rate, have fixed terms generally between three and six years, and are secured by automobiles, other titled collateral, or are unsecured. At December 31, 2025, we had approximately 2.4 million personal loans totaling $21.4 billion of net finance receivables, of which 53% were secured by titled property, compared to approximately 2.4 million personal loans totaling $20.8 billion of net finance receivables, of which 50% were secured by titled property at December 31, 2024. We also service personal loans for our whole loan sale partners. \u2022Auto Finance \u2014 We offer secured auto financing originated at the point of purchase through a growing network of franchise and independent dealerships. The loans are non-revolving, with a fixed rate, and have fixed terms generally between three and six years. At December 31, 2025, we had approximately 148 thousand auto finance loans totaling $2.5 billion of net finance receivables, compared to approximately 127 thousand auto finance loans totaling $2.1 billion of net finance receivables at December 31, 2024. We also service auto finance loans for our whole loan sale partners and loans originated by third parties. \u2022Credit Cards \u2014 BrightWay credit cards are originated through a third-party bank partner from which we purchase the receivable balances. The credit cards are offered across our branch network, as well as through direct mail, our digital affiliates, and our website. Credit cards are open-ended, revolving, with a fixed rate, and are unsecured. At December 31, 2025, we had approximately 1.1 million open credit card customer accounts, totaling $936 mil Item 1. Business. BUSINESS OVERVIEW This report combines the Annual Reports on Form 10-K for the year ended December 31, 2025 for OneMain Holdings, Inc. (\u201cOMH\u201d), a publicly held financial service holding company, and its wholly-owned direct subsidiary, OneMain Finance Corporation (\u201cOMFC\u201d). OMFC is the issuing entity of our outstanding public debt securities and all of OMFC\u2019s common stock is owned by OMH. The information in this combined report is equally applicable to OMH and OMFC, except where otherwise indicated. OMH and OMFC are referred to in this report, collectively with their subsidiaries, whether directly or indirectly owned, as \u201cthe Company,\u201d \u201cOneMain,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour.\u201d As one of the nation\u2019s leaders in offering nonprime consumers responsible access to credit, we: \u2022offer personal loan products; \u2022offer secured auto financing at the point of purchase; \u2022offer credit card products; \u2022offer optional products; \u2022offer a customer-focused financial wellness platform (Trim by OneMain); \u2022service loans owned by us and third parties; \u2022pursue strategic acquisitions and dispositions of assets and businesses; and \u2022may establish joint ventures or enter into other strategic alliances. We provide origination, underwriting, and servicing of consumer loans, consisting of personal loans and auto finance. In addition, we offer BrightWay credit cards through a third-party bank partner from which we purchase the receivable balances. We believe we are well positioned for future growth with an experienced management team, proven access to the capital markets, and strong demand for consumer credit. At December 31, 2025, we had $24.8 billion of finance receivables due from approximately 3.6 million customer accounts. We service the loans that we retain on our balance sheet, as well as loans owned by third parties. At December 31, 2025, we had $26.3 billion of managed receivables due from approximately 3.8 million customer accounts. Our branch network of more than 1,300 Item 1A. Risk Factors. We face a variety of risks that are inherent in our business. In addition to the factors discussed in this report and in other documents we file with the SEC that could adversely affect our businesses, financial condition, and results of operations, new risks may emerge at any time, and we cannot predict those ri", "title": "OMF - OneMain Holdings, Inc.", "url": "/company/OMF/" }, { "kind": "company", "summary": "SIC 2080 Beverages; CIK 0002042694; latest 10-K filed 2026-02-27.", "text": "PRMB - Primo Brands Corp SIC 2080 Beverages; CIK 0002042694; latest 10-K filed 2026-02-27. PRMB Primo Brands Corp 0002042694 2080 Beverages ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Objective The following discussion provides an analysis of the Company\u2019s financial condition, cash flows and results of operations from management's perspective and should be read in conjunction with the Consolidated Financial Statements and notes thereto included in Part II, Item 8 \u201cFinancial Statements And Supplementary Data\u201d of this Annual Report. Our objective is to also provide discussion of events and uncertainties known to management that are reasonably likely to cause reported financial information not to be indicative of future operating results or of future financial condition and to offer information that provides understanding of our financial condition, cash flows and results of operations. This section generally discusses the results of our operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 27, 2025. Overview Primo Brands is a leading North American branded beverage company focused on healthy hydration, delivering responsibly sourced diversified offerings across products, formats, channels, price points, and consumer occasions, distributed in every U.S. state and Canada. We have a comprehensive portfolio of highly recognizable and conveniently packaged branded water and beverages that reach consumers whenever, wherever, and however they hydrate through distribution across retail outlets, away from home such as hotels and hospitals, and hospitality and food service accounts, as well as direct delivery to homes and businesses. These brands include established \u201cbillion-dollar brands\u201d Poland Spring\u00ae and Pure Life\u00ae, premium brands like Saratoga\u00ae and The Mountain Valley\u00ae, leading regional spring water offerings such as Arrowhead\u00ae, Deer Park\u00ae, Ice Mountain\u00ae, Ozarka\u00ae, and Zephyrhills\u00ae, purified water brands including Primo Water\u00ae and Sparkletts\u00ae, and flavored and enhanced beverages like Splash Refresher\u2122 and AC+ION\u00ae. We also have an industry-leading line-up of innovative water dispensers, which create consumer connectivity through recurring water purchases. We operate a vertically integrated coast-to-coast network that distributes our brands to more than 200,000 retail outlets, as well as directly reaching customers and consumers through our Direct Delivery, Exchange and Refill offerings. Through Direct Delivery, we deliver responsibly sourced hydration solutions direct to home and business customers. Through our Exchange business, consumers can visit approximately 26,500 retail locations and purchase a pre-filled, multi-use bottle of water that can be exchanged after use for a discount on the next purchase. Through our Refill business, consumers have the option to refill empty multi-use bottles at over 23,500 self-service refill stations. We also offer water filtration units for home and business customers across North America. We are a leader in reusable beverage packaging, helping to reduce waste through its multi-serve bottles and innovative brand packaging portfolio, which includes recycled plastic, aluminum, and glass. We have a portfolio of over 80 springs and actively manage water resources to help assure a steady supply of quality, safe drinking water today and in the future. We also help conserve over 28,000 acres of land across the U.S. and Canada. We are proud to partner with the International Bottled Water Association (\"IBWA\") in North America, which supports strict adherence to safety, quality, sanitation, and regulatory standards for the benefit of consumer protection. We are committed to supporting the communities we serve, investing in local and national programs and delivering hydration solutions follow ITEM 1. BUSINESS Our Company When used in this report, the terms \u201cthe Company,\u201d \u201cour Company,\u201d \u201cPrimo Brands,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d refers to Primo Brands Corporation, together with its consolidated subsidiaries, for periods following the Transaction (as defined below) and to Triton Water Parent, Inc. and its consolidated subsidiaries (collectively, \u201cBlueTriton\u201d) and/or Primo Water Corporation and its consolidated subsidiaries (collectively, \u201cPrimo Water\u201d) for periods prior to the Transaction. Primo Brands is a leading North American branded beverage company focused on healthy hydration, delivering responsibly sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in every U.S. state and Canada. We were organized as a Delaware corporation in 2024, initially under the name Triton US HoldCo, Inc. On November 8, 2024, Triton US HoldCo, Inc. completed a series of merger transactions involving BlueTriton and Primo Water, pursuant to which Primo Water and BlueTriton became wholly owned subsidiaries of Triton US Holdco, Inc. (including all related transactions, the \u201cTransaction\u201d). Triton US Holdco, Inc. was subsequently renamed Primo Brands Corporation. The Company became the successor issuer to Primo Water pursuant to Rule 12g-3(a) under the Exchange Act. Pursuant to Rule 12g-3(e) under the Exchange Act, our Class A common stock, par value $0.01 per share (the \"Class A common stock\") was deemed to be registered under Section 12(b) of the Exchange Act, and the Company is subject to the informational requirements of the Exchange Act and the related rules and regulations. On November 11, 2024, the Company\u2019s Class A common stock began regular-way trading on the New York Stock Exchange (\"NYSE\") under the ticker symbol \u201cPRMB\u201d. We have a comprehensive portfolio of highly recognizable and conveniently packaged branded water and beverages that reach consumers whenever, wherever, and however they hydrate through distri ITEM 1A. RISK FACTORS In addition to the other information set forth in this Annual Report, you should carefully consider the following factors, which could materially affect our business, financial condition or results of operations. The risks described below are not the only risks that we face. Additional risks and uncertainties not currently known to us or that w", "title": "PRMB - Primo Brands Corp", "url": "/company/PRMB/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001823945; latest 10-K filed 2026-02-19.", "text": "OWL - BLUE OWL CAPITAL INC. SIC 6282 Investment Advice; CIK 0001823945; latest 10-K filed 2026-02-19. OWL BLUE OWL CAPITAL INC. 0001823945 6282 Investment Advice Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. This MD&A contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in \u201cItem 1A. Risk Factors\u201d of this report, and should be read in conjunction with the Financial Statements. Overview [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"Year Ended December 31,\"],[\"(dollars in thousands)\",\"\",\"\",\"\",\"\",\"2025\",\"\",\"2024\"],[\"Net Income Attributable to Blue Owl Capital Inc.\",\"\",\"\",\"\",\"\",\"$\",\"78,833\",\"\",\"\",\"$\",\"109,584\"],[\"Fee-Related Earnings(1)\",\"\",\"\",\"\",\"\",\"$\",\"1,496,536\",\"\",\"\",\"$\",\"1,253,366\"],[\"Distributable Earnings(1)\",\"\",\"\",\"\",\"\",\"$\",\"1,309,072\",\"\",\"\",\"$\",\"1,129,248\"]] [[/GREPCENT_TABLE]] (1) For the specific components and calculations of these Non-GAAP measures, as well as a reconciliation of these measures to the most comparable measure in accordance with GAAP, see \u201c\u2014Non-GAAP Analysis\u201d and \u201c\u2014Non-GAAP Reconciliations.\u201d Please see \u201c\u2014GAAP Results of Operations Analysis\u201d and \u201c\u2014Non-GAAP Analysis\u201d for a detailed discussion of the underlying drivers of our results. 73 Table of Contents Assets Under Management [[GREPCENT_TABLE]] [[\"Blue OwlAUM: $307.4 billionFPAUM: $187.7 billion\"],[\"Credit AUM: $157.8 billionFPAUM: $99.5 billion\",\"\",\"Real AssetsAUM: $80.6 billionFPAUM: $48.8 billion\",\"\",\"GP Strategic CapitalAUM: $69.1 billionFPAUM: $39.5 billion\"],[\"Direct LendingAUM: $115.0 billionFPAUM: $65.3 billion\",\"\",\"Net LeaseAUM: $45.9 billionFPAUM: $21.3 billion\",\"\",\"GP Minority StakesAUM: $65.1 billionFPAUM: $37.6 billion\"],[\"Alternative CreditAUM: $14.3 billionFPAUM: $8.0 billion\",\"\",\"Real Estate Credit AUM: $17.5 billionFPAUM: $15.3 billion\",\"\",\"GP Debt FinancingAUM: $2.7 billionFPAUM: $1.5 billion\"],[\"Investment Grade CreditAUM: $19.2 billionFPAUM: $18.3 billion\",\"\",\"Digital InfrastructureAUM: $17.1 billionFPAUM: $12.2 billion\",\"\",\"Professional Sports Minority StakesAUM: $1.2 billionFPAUM: $0.4 billion\"],[\"Liquid CreditAUM: $5.8 billionFPAUM: $5.3 billion\"],[\"OtherAUM: $3.4 billionFPAUM: $2.6 billion\"]] [[/GREPCENT_TABLE]] All amounts shown as of December 31, 2025, totals may not sum due to rounding. As of December 31, 2025, our AUM was $307.4 billion, which included $187.7 billion of FPAUM. As of December 31, 2025, we had $28.4 billion in AUM not yet paying fees, providing approximately $326 million of annualized management fees once deployed. See \u201c\u2014Assets Under Management\u201d for additional information, including important information on how we define these metrics. Business Environment Our business is impacted by conditions in the financial markets and economic conditions in the United States, and to a lesser extent, globally. During the fourth quarter of 2025, global equity and debt markets saw appreciation despite some elevated volatility, with U.S. equity indices reaching new all-time highs while credit spreads remained relatively tight. The 10-year Treasury yield ended the quarter approximately flat quarter over quarter and down approximately 40 basis points from the beginning of the year, and the Federal Reserve cut the federal funds rate by an additional 50 basis points during the fourth quarter following a 25 basis point cut in September 2025. We continued to see strong growth across our platform, measured across earnings, ongoing fundraising, and new capital deployment. Over the past year, approximately 84% and 85% of our GAAP and FRE management fees, respectively, were generated by Permanent Capital and the remainder was primarily from long-dated capital, with no meaningful pressure on our asset base from redemptions. An elevated level of headlines about private credit drove higher redemptions in Blue Owl managed non-traded BDCs, aligning with industry-wide trends, and all investor tender requests for Blue Owl non-traded BDCs were satisfied. This slowdown in non-traded BDC capital raising coincided with an acceleration in other fundraising within the private wealth ch Item 1. Business. Blue Owl is a global alternative asset manager with $307.4 billion in AUM as of December 31, 2025. Anchored by a strong Permanent Capital base, we deploy private capital across Credit, Real Assets and GP Strategic Capital platforms on behalf of institutional and private wealth clients. Our flexible, consultative approach helps position us as a partner of choice for businesses seeking capital solutions to support their sustained growth. Our management team is comprised of seasoned investment professionals with decades of experience building alternative investment businesses. We employ approximately 1,365 people globally. Blue Owl was formed in May 2021 through the combination of Owl Rock (as defined in Note 2 to our Financial Statements), a leader in credit solutions, and Dyal Capital (as defined in Note 1 to our Financial Statements), a leading capital solutions provider to large private capital managers. In December 2021, we acquired Oak Street (as defined in Note 10 to our Financial Statements), which expanded our offerings to include real estate-focused products. In April 2022, we acquired Wellfleet (as defined in Note 10 to our Financial Statements), which expanded our reach in the broadly syndicated leveraged loans market, including CLO product offerings. In August 2023, the Par Four Acquisition (as defined in Note 1 to our Financial Statements) expanded our liquid credit strategy team. In December 2023, the CHI Acquisition (as defined in Note 1 to our Financial Statements) expanded our offerings to include mid-to-late-stage equity investments into biopharmaceutical and healthcare companies. In June 2024, the Prima Acquisition (as defined in Note 1 to our Financial Statements) expanded our real estate finance offerings. In July 2024, the KAM Acquisition expanded our offerings to provide solutions for insurance clients. In September 2024, the Atalaya Acquisition expanded our alternative investment credit-focused products. In January 2025, the Item 1A. Risk Factors. RISK FACTOR SUMMARY The following is a summary of the risks and uncertainties that could adversely affect our business, financial condition, results of operations and cash flows and should be read in conjunction with the complete discussion of risk factors set forth in \u201cItem 1A. Risk Factors.\u201d Some of the factors that could mate", "title": "OWL - BLUE OWL CAPITAL INC.", "url": "/company/OWL/" }, { "kind": "company", "summary": "SIC 7371 Services-Computer Programming Services; CIK 0001062579; latest 10-K filed 2025-12-15.", "text": "DOX - AMDOCS LTD SIC 7371 Services-Computer Programming Services; CIK 0001062579; latest 10-K filed 2025-12-15. DOX AMDOCS LTD 0001062579 7371 Services-Computer Programming Services Liquidity and Capital Resources Cash, Cash Equivalents and Short-Term Interest-Bearing Investments. Cash, cash equivalents and short-term interest-bearing investments, totaled $325.0 million as of September 30, 2025, compared to $514.3 million as of September 30, 2024. The decrease was mainly attributable to $551.3 million used to repurchase our ordinary shares, $224.4 million of cash dividend payments, $104.0 million for capital expenditures, net, $86.3 million of payments for business and intangible assets acquisitions, partially offset by $749.1 million in positive cash flow from operations, reflecting healthy cash collections and $21.3 million of proceeds from stock option exercises $18.2 million net proceeds from equity investments and other. Net cash provided by operating activities amounted to $749.1 million and $724.4 million in fiscal years 2025 and 2024, respectively. Our free cash flow for fiscal year 2025 was $645.1 million and is calculated as net cash provided by operating activities of $749.1 million for the period less $104.0 million for capital expenditures, net, and after restructuring payments of approximately $90 million. Free cash flow is a non-GAAP financial measure and is not prepared in accordance with, and is not an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures with similar names used by other companies. Non-GAAP measures such as free cash flow should only be reviewed in conjunction with the corresponding GAAP measures. We 33 believe that free cash flow, when used in conjunction with the corresponding GAAP measure, provides useful information to investors and management relating to the amount of cash generated by the Company\u2019s business operations. We believe that our current cash balances, cash generated from operations, our current lines of credit, loans, Senior Notes and our ability to access capital markets will provide sufficient resources to meet our operational needs, loan and debt repayment needs, fund share repurchases and the payment of cash dividends for at least the next fiscal year. We have short-term interest-bearing investments comprised of marketable securities and bank deposits. We classify all of our marketable securities, if applicable, as available-for-sale securities. Such marketable securities consist primarily of money market funds, corporate bonds, U.S. government treasuries and supranational and sovereign debt, which are stated at market value. We believe we have conservative investment policy guidelines. Our interest-bearing investments are stated at fair value with the unrealized gains or losses reported as a separate component of accumulated other comprehensive income (loss), net of tax, unless a security is impaired due to a credit loss, in which case the loss is recorded in the consolidated statements of income. Our interest-bearing investments are priced by pricing vendors and are classified as Level 1 or Level 2 investments, since these vendors either provide a quoted market price in an active market or use other observable inputs to price these securities. During fiscal years 2025 and 2024 we did not recognize credit losses. Please see Notes 5 and 6 to our consolidated financial statements. Revolving Credit Facility, Senior Notes, Letters of Credit, Guarantees and Contractual Obligations. In December 2011, we entered into the unsecured $500.0 million Revolving Credit Facility. In December 2014, December 2017, March 2021 and July 2024, the Revolving Credit Facility was amended and restated to, among other things, extend the maturity date of the facility to December 2019, December 2022, March 2026 and July 2029, respectively. As of September 30, 2025, we were in compliance with the financial covenants and had no outstanding borrowings under the Revolving Credit Facility. In June 2020, we issued an aggregate principal amount of $650.0 million in Senior Notes that will mature in June 2030 and bear int", "title": "DOX - AMDOCS LTD", "url": "/company/DOX/" }, { "kind": "company", "summary": "SIC 7510 Services-Auto Rental & Leasing (No Drivers); CIK 0000004457; latest 10-K filed 2026-05-27.", "text": "UHAL-B - U-Haul Holding Co /NV/ SIC 7510 Services-Auto Rental & Leasing (No Drivers); CIK 0000004457; latest 10-K filed 2026-05-27. UHAL-B U-Haul Holding Co /NV/ 0000004457 7510 Services-Auto Rental & Leasing (No Drivers) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations We begin this MD&A with the overall strategy of U-Haul Holding Company, followed by a description of, and strategy related to, our operating segments to give the reader an overview of the goals of our businesses and the direction in which our businesses and products are moving. We then discuss our critical accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results. Next, we discuss our results of operations for fiscal 2026 compared with fiscal 2025, which are followed by an analysis of liquidity changes in our balance sheets and cash flows, and a discussion of our financial commitments in the sections entitled Liquidity and Capital Resources and Disclosures about Contractual Obligations and Commercial Commitments. The discussion of our financial condition and results of operations for the year ended March 31, 2024 included in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended March 31, 2025 is incorporated by reference into this MD&A. We conclude this MD&A by discussing our outlook for fiscal 2027. This MD&A should be read in conjunction with the other sections of this Annual Report, including Item 1: Business and Item 8: Consolidated Financial Statements and Supplementary Data. The various sections of this MD&A contain a number of forward-looking statements, as discussed under the caption, Cautionary Statements Regarding Forward-Looking Statements, all of which are based on our current expectations and could be affected by the uncertainties and risk factors described throughout this Annual Report and particularly under the section Item 1A: Risk Factors. Our actual results may differ materially from these forward-looking statements. U-Haul Holding Company has a fiscal year that ends on the 31st of March for each year that is referenced. Our insurance company subsidiaries have fiscal years that end on the 31st of December for each year that is referenced. They have been consolidated on that basis. Our insurance companies\u2019 financial reporting processes conform to calendar year reporting as required by state insurance departments. We believe that consolidating their calendar year into our fiscal year consolidated financial statements does not materially affect the presentation of financial position or results of operations. We disclose all material events, if any, occurring during the intervening period. Consequently, all references to our insurance subsidiaries\u2019 years 2025, 2024 and 2023 correspond to fiscal 2026, 2025 and 2024 for U-Haul Holding Company. Overall Strategy Our overall strategy is to maintain our leadership position in the North American \u201cdo-it-yourself\u201d moving and storage industry. We accomplish this by providing a seamless and integrated supply chain to the \u201cdo-it-yourself\u201d moving and storage market. As part of executing this strategy, we leverage the brand recognition of U-Haul with our full line of moving and self-storage related products and services and the convenience of our broad geographic presence. Our primary focus is to provide our customers with a wide selection of moving rental equipment, convenient self-storage rental facilities and portable moving and storage units and related moving and self-storage products and services. We are able to expand our distribution and improve customer service by increasing the amount of moving equipment and storage units and portable moving and storage units available for rent, expanding the number of independent dealers in our network and expanding and taking advantage of our Storage Affiliate and Moving Help capabilities. Property and Casualty Insurance is focused on providing and administering property and casualty insurance to U-Haul and its customers, its independent dealers and affili Item 1. Business Company Overview We are North America\u2019s largest \u201cdo-it-yourself\u201d moving and storage operator through our subsidiary U-Haul International, Inc. (\u201cU-Haul\u201d). U-Haul is synonymous with \u201cdo-it-yourself\u201d moving and storage and is a leader in supplying products and services to help people move and store their household and commercial goods. Our primary service objective is to \u201cprovide a better and better product and service to more and more people at a lower and lower cost.\u201d Unless the context otherwise requires, the terms \u201cU-Haul Holding Company,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d refer to U-Haul Holding Company, a Nevada corporation, and all of its legal subsidiaries, on a consolidated basis. 2 We were founded in 1945 as a sole proprietorship under the name \"U-Haul Trailer Rental Company\" and have rented trailers ever since. Starting in 1959, we rented trucks on a one-way and in-town basis exclusively through independent U-Haul dealers. In 1973, we began developing our network of U-Haul managed retail stores, through which we rent our trucks and trailers, self-storage units and portable moving and storage units and sell moving and self-storage products and services to complement our independent dealer network. We rent our distinctive orange and white U-Haul trucks and trailers, and orange door self-storage units, through a network of over 2,400 Company-operated retail moving stores and over 23,000 independent U-Haul dealers. We also sell U-Haul brand boxes, tape and other moving and self-storage products and services to \u201cdo-it-yourself\u201d moving and storage customers at all of our distribution outlets and through our uhaul.com website and mobile app. We believe U-Haul is the most convenient supplier of products and services addressing the needs of the United States and Canada\u2019s \u201cdo-it-yourself\u201d moving and storage markets. Our broad geographic coverage throughout the United States and Canada and our extensive selection of U-Haul brand moving equipment r Item 1A. Risk Factors The following important risk factors, and those risk factors described elsewhere in this Annual Report or in our other filings with the SEC, could materially affect our business, financial condition and future results. We also refer you to the factors and cautionary ", "title": "UHAL-B - U-Haul Holding Co /NV/", "url": "/company/UHAL-B/" }, { "kind": "company", "summary": "SIC 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl; CIK 0001988894; latest 10-K filed 2026-02-26.", "text": "AS - Amer Sports, Inc. SIC 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl; CIK 0001988894; latest 10-K filed 2026-02-26. AS Amer Sports, Inc. 0001988894 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl Overview Amer Sports is a global group of iconic sports and outdoor brands, including Arc\u2019teryx, Salomon, Wilson, Atomic and Peak Performance. Our brands are known for their detailed craftsmanship, unwavering authenticity, premium market positioning and compelling market shares in their categories. We pride ourselves on cutting-edge innovation, technical performance and ground-breaking designs that allow athletes and everyday consumers to perform better every day. Through partnerships with industry influencers and elite athletes, and in collaboration with the various communities we serve, we develop next-generation products that define winning moments in sports. Our brands are creators of exceptional apparel, footwear, equipment, protective gear and accessories that we believe give our consumers the confidence and comfort to excel. Our brands are our stars, constantly elevating the consumer experience and creating thriving communities. We empower our brands to pursue market-shaping leadership and set the standard for quality, performance and brand experience globally. While our brands have established heritage and market leadership today, significant runway remains ahead. We are excited about our future and the opportunity to drive growth in each of our three reportable segments: Technical Apparel, Outdoor Performance and Ball & Racquet Sports. Our segments comprise our \u201cbrand clusters,\u201d which reflect both how our consumers engage with our products and how we manage our business. Each segment is led by one of our core brands: Arc\u2019teryx, Salomon and Wilson. Arc\u2019teryx is a technical outdoor apparel brand inspired by the Canadian Coast Mountains and built on the principle of obsessive, precise design and production. Arc\u2019teryx gear pushes the boundaries of performance and enables adventurers to excel in their outdoor pursuits in the mountains, in the backcountry and on some of the world\u2019s most technical climbs. The products are known for their minimalist design, and sleek and streamlined aesthetic, along with new, innovative features that continually advance outdoor activities. Product quality, from the materials to the design, allows Arc\u2019teryx to command premium pricing as evidenced by its best-selling \u201chardshell\u201d jacket in North America, the Alpha SV. Overall, Arc\u2019teryx combines beautiful, innovative products and an authentic brand experience that extends beyond apparel, fostering communities and bringing people together across all regions of the world who share a passion for the outdoors. Born in the French Alps in 1947, Salomon creates premium innovative footwear, apparel, winter sports equipment and accessories. Since its founding, Salomon has been fueled by a culture of design, craftsmanship, continuous innovation, and performance inspired by progress, the outdoors and athletes. The brand first produced metal ski edges and expanded into releasable ski bindings before launching industry changing rear-entry ski boots and monocoque skis. The brand\u2019s leadership in winter sports helped to propel it into a diverse portfolio of sports and products including footwear and apparel. Today, Salomon is a market leader in global trail running footwear and premium hiking footwear, with products recognized for their performance, style, durability and sustainability. Nearly 70% of Salomon\u2019s revenue in 2025 came from footwear, while also having leading market positions in its legacy winter sports equipment categories (skis, snowboards, boots, bindings, goggles, helmets, etc.), creating a 365-day, year-round brand serving all seasons for mountain sport consumers. 76 Table of Contents Founded in 1914 in Chicago, Illinois, Wilson Sporting Goods is a leading manufacturer of high-performance sports equipment, apparel, footwear and accessories. The Wilson Sporting Goods portfolio is made up of the iconic Wilson brand, as well as Louisville Slugger, DeMarini, EvoShield and ATEC. Collectively, these brands bring more than three centuries of in", "title": "AS - Amer Sports, Inc.", "url": "/company/AS/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001880661; latest 10-K filed 2026-02-17.", "text": "TPG - TPG Inc. SIC 6282 Investment Advice; CIK 0001880661; latest 10-K filed 2026-02-17. TPG TPG Inc. 0001880661 6282 Investment Advice Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the information presented in our historical financial statements and the related notes included elsewhere in this report. In addition to historical information, the following discussion contains forward-looking statements, such as statements regarding our expectation for future performance, liquidity and capital resources that involve risks, uncertainties and assumptions. Our actual results may differ materially from those contained in or implied by any forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and elsewhere in this report, particularly in \u201cCautionary Note Regarding Forward-Looking Statements,\u201d and \u201cItem 1A.\u2014Risk Factors.\u201d We assume no obligation to update any of these forward-looking statements. We completed the Peppertree Acquisition on July 1, 2025. Accordingly, the results of TPG Peppertree included in our consolidated results of operations for the year ended December 31, 2025 are from July 1, 2025 through December 31, 2025. The following discussion includes a comparison of our results for the years ended December 31, 2025 and 2024. For a discussion of our results for the year ended December 31, 2023 and a comparison of results for the years ended December 31, 2024 and 2023, see Part II, Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024, which specific discussion is incorporated herein by reference. Business Overview We are a leading global alternative asset manager with $303.0 billion in assets under management (\u201cAUM\u201d) as of December 31, 2025. We have built our firm through years of successful innovation and growth, and believe that we have delivered attractive risk-adjusted returns to our clients and established a premier investment business focused on the fastest-growing segments of the alternative asset management industry. We believe our distinctive business approach and diversified array of innovative investment platforms position us well to continue generating highly profitable, sustainable growth. Trends Affecting our Business Changes in global economic conditions and regulatory or other governmental policies or actions can materially affect the values of funds managed by TPG, as well as our ability to source attractive investments and deploy the capital that we have raised. However, we believe our disciplined investment philosophy across our diversified investment platforms and our shared investment themes focusing on attractive and resilient sectors of the global economy has historically contributed to the stability of our performance throughout market cycles. 2025 was marked by significant volatility and rapid shifts in market sentiment, driven primarily by trade policy developments, monetary policy adjustments, geopolitical tensions and evolving macroeconomic indicators. The year began with heightened uncertainty due to sweeping tariffs announced by the U.S. administration in the first half, which triggered sharp selloffs across equity, credit and commodities. However, as the year progressed, softening of these policies combined with resilient corporate earnings and moderating inflation contributed to a recovery in risk assets and a generally positive market tone in the latter half. In U.S. equities, the S&P 500, Nasdaq and Dow Jones Industrial Average posted sharp losses in the first quarter amid trade-related uncertainty, but rebounded sharply in the second and third quarters on strong earnings and thematic growth in artificial intelligence and data center investments. For the full year, the S&P 500 returned 16.4%, the Dow Jones Industrial Average 13.0% and the NASDAQ Co Item 1. Business Overview TPG is a leading global alternative asset manager with $303.0 billion in assets under management (\u201cAUM\u201d) as of December 31, 2025. We have built our firm through years of successful innovation and growth, and believe that we have delivered attractive risk-adjusted returns to our clients and established a premier investment business focused on the fastest-growing segments of the alternative asset management industry. We believe our distinctive business approach and diversified array of innovative investment platforms position us well to continue generating highly profitable, sustainable growth. We offer a broad range of investment strategies across the alternative asset management landscape, primarily in private equity, credit and real estate, and have constructed a high-quality base of assets under management within attractive sub-segments of these asset classes. The strength of our investment performance and our proven ability to innovate within our business, together with our ongoing focus on strategic, inorganic growth has led to consistent historical increase in our assets under management, all with the support of a scaled infrastructure that provides our business with a high degree of operating leverage. From 2021 to December 31, 2025, our assets under management have grown 166.4% from $113.6 billion to $303.0 billion, which includes the impact of our highly strategic acquisitions of Angelo Gordon, a scaled alternative investment firm focused on credit and real estate investing on November 1, 2023, and Peppertree, a specialized digital infrastructure investment firm with a focus on wireless communications towers on July 1, 2025. The following table presents AUM over the last five years: [[GREPCENT_TABLE]] [[\"\",\"\",\"Assets Under Management\"],[\"\",\"\",\"($ in Billions)\"],[\"2021\",\"\",\"$\",\"114\"],[\"2022\",\"\",\"135\"],[\"2023\",\"\",\"222\"],[\"2024\",\"\",\"246\"],[\"2025\",\"\",\"303\"]] [[/GREPCENT_TABLE]] Our differentiated operating model unites our investme Item 1A. Risk Factors Risks Related to Our Business We depend on our senior leadership and key investment and other professionals, and the loss of their services or investor confidence in them could have a material adverse effect on our results of operations, financial condition and cash flow. We depend on the experience, expertise, efforts, skills and reputations of our in", "title": "TPG - TPG Inc.", "url": "/company/TPG/" }, { "kind": "company", "summary": "SIC 4832 Radio Broadcasting Stations; CIK 0000908937; latest 10-K filed 2026-02-05.", "text": "SIRI - SIRIUS XM HOLDINGS INC. SIC 4832 Radio Broadcasting Stations; CIK 0000908937; latest 10-K filed 2026-02-05. SIRI SIRIUS XM HOLDINGS INC. 0000908937 4832 Radio Broadcasting Stations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS All amounts referenced in this Item 7 are in millions, except subscriber amounts are in thousands and per subscriber and per installation amounts are in ones, unless otherwise stated. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. Executive Summary Liberty Media Transactions Sirius XM Holdings Inc., the reporting company under this Annual Report on Form 10-K, is the product of a series of transactions that closed on Monday, September 9, 2024. Any references to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cours\u201d refers to Sirius XM Holdings Inc. and its consolidated subsidiaries following the Transactions. On September 9, 2024 at 4:05 p.m., New York City time, Liberty Media Corporation (\u201cLiberty Media\u201d or \u201cFormer Parent\u201d) completed its previously announced split-off (the \u201cSplit-Off\u201d) of its former wholly owned subsidiary, Liberty Sirius XM Holdings Inc. (\u201cSplitCo\u201d). The Split-Off was accomplished by Liberty Media redeeming each outstanding share of Liberty Media\u2019s Series A, Series B and Series C Liberty SiriusXM common stock (\u201cLiberty SiriusXM common stock\u201d), par value $0.01 per share, in exchange for 0.8375 of a share of SplitCo common stock, par value $0.001 per share (the \u201cRedemption\u201d), with cash being paid to entitled record holders of Liberty SiriusXM common stock in lieu of any fractional shares of common stock of SplitCo. Following the Split-Off, on September 9, 2024 at 6:00 p.m., New York City time (the \u201cMerger Effective Time\u201d), a wholly owned subsidiary of SplitCo merged with and into Sirius XM Holdings Inc. (\u201cOld Sirius\u201d), with Old Sirius surviving the merger as a wholly owned subsidiary of SplitCo (the \u201cMerger\u201d and together with the Split-Off, the \u201cTransactions\u201d). Upon consummation of the Merger, each share of common stock of Old Sirius, par value $0.001 per share, issued and outstanding immediately prior to the Merger Effective Time (other than shares owned by SplitCo and its subsidiaries) was converted into one-tenth (0.1) of a share of SplitCo common stock, with cash being paid to entitled record holders of Old Sirius common stock in lieu of any fractional shares of common stock of SplitCo. At the Merger Effective Time, Old Sirius was renamed \u201cSirius XM Inc.\u201d and SplitCo was renamed \u201cSirius XM Holdings Inc.\u201d In connection with the Transactions and by operation of Rule 12g-3(a) promulgated under the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d), SplitCo became the successor issuer to Old Sirius and succeeded to the attributes of Old Sirius as the registrant, including Old Sirius's Commission File Number and CIK number. Upon completion of the Transactions, Liberty Media ceased to own any shares of Sirius XM Holdings Inc. On September 6, 2024, Sirius XM Radio LLC, our wholly owned subsidiary, converted from a Delaware corporation to a Delaware limited liability company. We operate two complementary audio entertainment businesses - our SiriusXM business and our Pandora and Off-platform business. SiriusXM Our SiriusXM business features a wide range of content, including, music, sports, entertainment, comedy, talk and news channels, podcasts and infotainment services, all available in the United States on a subscription fee basis. SiriusXM holds a 70% equity interest and 33% voting interest in Sirius XM Canada Holdings Inc. (\u201cSirius XM Canada\u201d). The primary source of revenue from the SiriusXM business is subscription fees, with most of its customers subscribing to monthly or annual plans. Additional revenue streams include advertising on select music and non-music channels in certain packages, direct sales of radios and accessories, and other ancillary services. As of December 31, 2025, the SiriusXM business h ITEM 1. BUSINESS This Annual Report on Form 10-K presents information for Sirius XM Holdings Inc., a Delaware corporation. Sirius XM Holdings Inc. is the product of a series of transactions that closed on September 9, 2024. The terms \u201cSirius XM Holdings,\u201d \u201cthe Company,\u201d \u201cus,\u201d \u201cwe\u201d and \u201cour\u201d as used herein and unless otherwise stated or indicated by context, refer to Sirius XM Holdings Inc. and its subsidiaries. \u201cSiriusXM\u201d refers to Sirius XM Holdings\u2019 wholly owned subsidiaries, Sirius XM Inc., Sirius XM Radio LLC and its subsidiaries, other than Pandora. \u201cPandora\u201d refers to SiriusXM\u2019s wholly owned subsidiary Pandora Media, LLC and its subsidiaries. Liberty Media Transactions On September 9, 2024 at 4:05 p.m., New York City time, Liberty Media Corporation (\u201cLiberty Media\u201d or \u201cFormer Parent\u201d) completed its previously announced split-off (the \u201cSplit-Off\u201d) of its former wholly owned subsidiary, Liberty Sirius XM Holdings Inc. (\u201cSplitCo\u201d). The Split-Off was accomplished by Liberty Media redeeming each outstanding share of Liberty Media\u2019s Series A, Series B and Series C Liberty SiriusXM common stock (as defined in Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations), par value $0.01 per share, in exchange for 0.8375 of a share of SplitCo common stock, par value $0.001 per share (the \u201cRedemption\u201d), with cash being paid to entitled record holders of Liberty SiriusXM common stock in lieu of any fractional shares of common stock of SplitCo. Following the Split-Off, on September 9, 2024 at 6:00 p.m., New York City time (the \u201cMerger Effective Time\u201d), a wholly owned subsidiary of SplitCo merged with and into Sirius XM Holdings Inc. (\u201cOld Sirius\u201d), with Old Sirius surviving the merger as a wholly owned subsidiary of SplitCo (the \u201cMerger\u201d and together with the Split-Off, the \u201cTransactions\u201d). Upon consummation of the Merger, each share of common stock of Old Sirius, par value $0.001 per share, issued and outstanding immedia ITEM 1A. RISK FACTORS In addition to the other information in this Annual Report on Form 10-K, including the information under the caption Item 1. Business \u201cCompetition,\u201d the following risk factors should be considered carefully in evaluating us and our business. Risks Relating to our Business and Operations We face substantial competit", "title": "SIRI - SIRIUS XM HOLDINGS INC.", "url": "/company/SIRI/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001617640; latest 10-K filed 2026-02-11.", "text": "Z - ZILLOW GROUP, INC. SIC 7389 Services-Business Services, NEC; CIK 0001617640; latest 10-K filed 2026-02-11. Z ZILLOW GROUP, INC. 0001617640 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. The following discussion focuses on 2025 and 2024 financial condition and results of operations and year-to-year comparisons between 2025 and 2024. Similar discussion of our 2023 financial condition and results and year-to-year comparisons between 2024 and 2023 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results may differ materially from those described in or implied by any forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the sections titled \u201cNote Regarding Forward-Looking Statements\u201d and \u201cRisk Factors.\u201d Overview of our Business Zillow Group is reimagining real estate to make home a reality for more and more people. As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more. Zillow\u2019s ecosystem spans the entire home journey \u2014 from dreaming and shopping to renting, buying, selling and financing. Our portfolio of affiliates, subsidiaries and brands includes Zillow, Zillow Premier Agent, Zillow Home Loans, our mortgage origination operations and affiliate lender, Zillow Rentals, Zillow New Construction, Trulia, StreetEasy, Out East, HotPads, Follow Up Boss, ShowingTime, dotloop and Zillow Closing. Health of Housing Market Our financial performance is impacted by changes in the health of the housing market, which is impacted, in turn, by general economic conditions. Current market factors have been driven by low housing inventory, elevated and volatile mortgage interest rates, changes in rental inventory and occupancy rates, as well as home price fluctuations and inflationary conditions. These factors may impact the number of transactions consumers complete using our products and services and demand for our advertising services. According to residential real estate data published by NAR, TTV increased 3% during the year ended December 31, 2025 as compared to the year ended December 31, 2024. We continue to invest in the growth of our business, which we believe has resulted in year over year total revenue results, described below, for the year ended December 31, 2025 as compared to the year ended December 31, 2024, that exceeded industry performance for the same period. The extent to which market factors impact our results and financial position will depend on future developments, which are uncertain and difficult to predict. Revenue Overview Our revenue is classified into four categories: Residential, Mortgages, Rentals and Other. Our \u201cFor Sale revenue\u201d subtotal includes our Residential and Mortgages revenue categories and represents our revenue from participation in residential real estate purchase and sale transactions. Residential. Residential revenue includes revenue generated from our agent and software offerings and revenue derived from our New Item 1. Business. Overview We are reimagining residential real estate to make home a reality for more and more people. As the most visited real estate app and website in the United States1, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more. Zillow\u2019s ecosystem spans the entire home journey \u2014 from dreaming and shopping to renting, buying, selling and financing. At the core of Zillow is our living database of approximately 173 million U.S. homes and our differentiated content, including the Zestimate, our patented proprietary automated valuation model through which we provide home value estimates. With the launch of the Zestimate feature in 2006, we introduced important transparency to residential real estate in order to empower consumers to make better decisions. During 2025, our Zestimate feature had a median error rate of 1.8% for homes listed for sale and 7.2% for off-market homes. We are also building a robust, two-sided rentals marketplace and modernizing the end-to-end transaction solutions for renters and housing providers. In 2025, Zillow Rentals had 2.4 million average monthly active rental listings, ranging from single family homes to large apartment complexes. We believe our data and content has helped the Zillow brand become synonymous with residential real estate with Zillow being searched online more than the term \u201creal estate\u201d in the United States2. We are a diversified, transaction-focused platform that integrates our services across various complicated steps in a consumer\u2019s housing journey while equipping real estat Item 1A. Risk Factors. Risk Factor Summary Below is a summary of the principal factors that we believe make an investment in Zillow Group speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be", "title": "Z - ZILLOW GROUP, INC.", "url": "/company/Z/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001707753; latest 10-K filed 2026-06-08.", "text": "ESTC - Elastic N.V. SIC 7372 Services-Prepackaged Software; CIK 0001707753; latest 10-K filed 2026-06-08. ESTC Elastic N.V. 0001707753 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included in Part II, Item 8 of this Annual Report on Form 10-K. As discussed in the section titled \u201cNote Regarding Forward-Looking Statements,\u201d the following discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such difference include, but are not limited to, those identified below and those discussed in the section titled \u201cRisk Factors\u201d included in Part I, Item 1A of this Annual Report on Form 10-K. Our fiscal year end is April 30. This section of our Annual Report on Form 10-K discusses our financial condition and results of operations for the years ended April 30, 2026, 2025, and 2024, and year-to-year comparisons between the years ended April 30, 2026 and 2025. A discussion of our financial condition and results of operations for the year ended April 30, 2024 and year-to-year comparisons between the years ended April 30, 2025 and 2024 that are not included in this Annual Report on Form 10-K can be found in Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended April 30, 2025, filed with the SEC on June 10, 2025. Overview Elastic, the Search AI Company, enables its customers to transform data into answers, actions, and outcomes with Search AI. Our platform combines the precision of search with the intelligence of AI to help our customers and community solve real-time business problems, unlock potential value, and achieve better outcomes. Our platform, available as either a cloud service or a self-managed software, allows our customers to find insights and drive AI and machine learning use cases from large amounts of data. We offer three Elasticsearch-powered solutions\u2014Search & AI, Elastic Observability, and Elastic Security\u2014that are built on our platform. We help organizations, their employees, and their customers find what they need faster, while keeping mission-critical applications and infrastructure running smoothly and protecting against cyber threats. Our platform is able to ingest data from any source, in any format, and perform search, analysis, and visualization of that data. With Elasticsearch at its core, our platform is a highly scalable document store, columnar database, and search engine and is the unified data store for all of our solutions and use cases. Featuring a common, solution-agnostic user interface with an embedded AI agent and support for third-party AI agents, our platform offers powerful drag-and-drop visual analytics, centralized management capabilities, and the world's most downloaded open source vector database, which gives developers a full suite of sophisticated retrieval algorithms and the ability to integrate with LLMs. It delivers the comprehensive set of capabilities developers need to build, maintain, and secure next-generation applications and services. Our platform can be used by developers and IT decision makers to power a variety of use cases. We make our platform available as a service across major cloud providers. Customers can also deploy our platform across hybrid clouds, public or private clouds, and multi-cloud environments. As digital transformation continues to drive mission-critical business functions towards increasingly complex data landscapes, we believe that every company must incorporate search AI capabilities across IT and line-of-business organizations to find the answers that matter from all of its data in real time and at scale. Our business model is based primarily on a combination of paid service offerings (Elastic Cloud Hosted a Item 1. Business Overview Elastic, the Search AI Company, enables its customers to transform data into answers, actions, and outcomes with Search AI. While search technology revolutionized information retrieval through its ability to instantly return relevant results from massive datasets, it struggles when it comes to understanding context and generating insights. AI, on the other hand, excels at analyzing complex patterns and generating insights, but it lacks the ability to find and access specific information within vast data stores. The Elasticsearch Platform (\u201cour platform\u201d) combines the precision of search with the intelligence of AI to help our customers and community solve real-time business problems, unlock potential value, and achieve better outcomes. Our platform, available as either a cloud service or a self-managed software, allows our customers to find insights and drive AI and machine learning use cases from large amounts of data. We offer three Elasticsearch-powered solutions\u2014Search & AI, Elastic Observability, and Elastic Security\u2014that are built on our platform. We help organizations, their employees, and their customers find what they need faster, while keeping mission-critical applications and infrastructure running smoothly and protecting against cyber threats. As digital transformation continues to drive mission-critical business functions towards increasingly complex data landscapes, we believe that every company must incorporate search AI capabilities across IT and line-of-business organizations to find the answers that matter from all of its data in real time and at scale. Our platform is able to ingest data from any source, in any format, and perform search, analysis, and visualization of that data. With Elasticsearch at its core, our platform is a highly scalable document store, columnar database, and search engine and is the unified data store for all of our solutions and use cases. Featuring a common, solution-agnostic user interface Item 1A. Risk Factors A description of the risks and uncertainties associated with our business, industry, and ownership of our ordinary shares is set forth below. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are not materi", "title": "ESTC - Elastic N.V.", "url": "/company/ESTC/" }, { "kind": "company", "summary": "SIC 5040 Wholesale-Professional & Commercial Equipment & Supplies; CIK 0001650729; latest 10-K filed 2026-02-19.", "text": "SITE - SiteOne Landscape Supply, Inc. SIC 5040 Wholesale-Professional & Commercial Equipment & Supplies; CIK 0001650729; latest 10-K filed 2026-02-19. SITE SiteOne Landscape Supply, Inc. 0001650729 5040 Wholesale-Professional & Commercial Equipment & Supplies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following information should be read in conjunction with the accompanying consolidated financial statements and related notes included in this Annual Report on Form 10-K. For the discussion of the financial condition and results of operations for the year ended December 29, 2024 compared to the year ended December 31, 2023, refer to \u201cPart II \u2013 Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013 Results of Operations\u201d and \u201cLiquidity and Capital Resources\u201d in our Annual Report on Form 10-K for the fiscal year ended December 29, 2024 filed with the SEC on February 20, 2025, which discussion is incorporated herein by reference. The following discussion may contain forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those factors discussed below and elsewhere in this Annual Report on Form 10-K, particularly in \u201cSpecial Note Regarding Forward-Looking Statements and Information\u201d and \u201cRisk Factors\u201d. Overview SiteOne Landscape Supply, Inc. (collectively with all of its subsidiaries referred to in this Annual Report on Form 10-K as \u201cSiteOne,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d or individually as \u201cHoldings\u201d) indirectly owns 100% of the membership interest in SiteOne Landscape Supply Holding, LLC (\u201cLandscape Holding\u201d). Landscape Holding is the parent and sole owner of SiteOne Landscape Supply, LLC (\u201cLandscape\u201d). We are the largest and only national full product line wholesale distributor of landscape supplies in the United States and have an established presence in Canada. Our customers are primarily residential and commercial landscape professionals who specialize in the design, installation, and maintenance of lawns, gardens, golf courses, and other outdoor spaces. As of December 28, 2025, we had over 670 branch locations in 45 U.S. states and five Canadian provinces. Through our expansive North American network, we offer a comprehensive selection of approximately 180,000 SKUs, including hardscapes (such as pavers, natural stone, and blocks), irrigation supplies, fertilizer and control products (e.g., herbicides), landscape accessories, nursery goods, outdoor lighting, and ice melt products to green industry professionals. We also provide value-added consultative services to complement our product offerings and to help our customers operate and grow their businesses. 35 Table of Contents Business Environment and Trends During the 2025 Fiscal Year, we experienced a challenging end market environment with significant headwinds as a result of economic uncertainty, elevated interest rates, weakened consumer confidence, low existing home sales, inflation and affordability concerns, as well as deflationary impacts from commodity products like grass seed and PVC pipe. While we benefitted from steady growth in the maintenance end market and we believe our commercial initiatives drove market share gains during the year, this environment continued to negatively affect consumer confidence and discretionary spending which resulted in softer demand in the new residential construction and repair and upgrade end markets. Accordingly, we anticipate continued pressure on Net sales growth and Net income for the foreseeable future. Net sales grew 4% in the 2025 Fiscal Year, primarily driven by the execution of our sales initiatives as well as contributions from acquisitions. Organic Daily Sales increased by 1% in the 2025 Fiscal Year with pricing having a negligible impact. The negative pricing trend has significantly improved from the 3% decline we experienced in 2024 and was flat in 2025. We expect the impact of pricing to contribute approximately 1% to 3% to Organic Sales growth in the 202 Item 1. Business The following discussion of our business contains \u201cforward-looking statements,\u201d as discussed in \u201cSpecial Note Regarding Forward-Looking Statements and Information\u201d above. Our business, operations, and financial condition are subject to various risks as set forth in Part I, Item 1A., \u2018\u2018Risk Factors\u2019\u2019 below. The following information should be read in conjunction with the Risk Factors, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, and the Financial Statements and Supplementary Data and related notes included elsewhere in this Annual Report on Form 10-K. Company Overview We are the largest and only national full product line wholesale distributor of landscape supplies in the United States and have an established presence in Canada. Our customers are primarily residential and commercial landscape professionals who specialize in the design, installation, and maintenance of lawns, gardens, golf courses, and other outdoor spaces. As of December 28, 2025, we had over 670 branch locations in 45 U.S. states and five Canadian provinces. Through our expansive North American network, we offer a comprehensive selection of approximately 180,000 stock keeping units (\u201cSKUs\u201d) including hardscapes (such as pavers, natural stone, and blocks), irrigation supplies, fertilizer and control products (e.g., herbicides), landscape accessories, nursery goods, outdoor lighting, and ice melt products. We also provide value-added consultative services to complement our product offerings and to help our customers operate and grow their businesses. Our consultative services include assistance with irrigation project take-offs, commercial project planning, generation of sales leads, business operations, and product support services, as well as a series of technical and business management seminars that we call SiteOne University. Our typical customer is a private landscape contractor that operates in a single market. We intera Item 1A. Risk Factors You should carefully consider the factors described below, in addition to the other information set forth in this Annual Report on Form 10-K. These risk factors are important to understanding the contents of this Annual Report on Form 10-K and of other reports. Our ", "title": "SITE - SiteOne Landscape Supply, Inc.", "url": "/company/SITE/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001611052; latest 10-K filed 2026-02-24.", "text": "PCOR - PROCORE TECHNOLOGIES, INC. SIC 7372 Services-Prepackaged Software; CIK 0001611052; latest 10-K filed 2026-02-24. PCOR PROCORE TECHNOLOGIES, INC. 0001611052 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K. You should review the disclosures under the section titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d in this Annual Report on Form 10-K and under Part I, Item 1A, \u201cRisk Factors\u201d in this Annual Report on Form 10-K for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. These statements, like all statements in this report, speak only as of their date (unless another date is indicated), and we undertake no obligation to update or revise these statements in light of future developments, except as required by law. A discussion of our financial condition and results of operations for the fiscal year ended December 31, 2025 compared to the fiscal year ended December 31, 2024 is presented below. A discussion of our financial condition and results of operations for the fiscal year ended December 31, 2024 compared to the year ended December 31, 2023 has been reported previously under the heading \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 26, 2025. Overview Our mission is to connect everyone in construction on a global platform. We are the leading global provider of construction management software, and are helping transform one of the oldest, largest, and least digitized industries in the world. We focus exclusively on connecting and empowering the construction industry\u2019s key stakeholders, such as owners, general contractors, and specialty contractors, to collaborate and access our capabilities from any location on any connected device. Our platform is modernizing and digitizing construction management by enabling timely access to critical project information, simplifying complex workflows, and facilitating seamless communication among relevant stakeholders, all of which we believe positions us to serve as a critical system of record and collaboration for the construction industry. We also continue to develop other products and services to address related challenges faced by the construction industry\u2019s key stakeholders. Our products, services, and platform help our customers increase productivity and efficiency, reduce rework and costly delays, improve safety and compliance, and enhance financial transparency and accountability. In short, we build the software for the people that build the world. Our customers range from small businesses managing a few million dollars of annual construction volume to global enterprises managing billions of dollars of annual construction volume. Our core customers are owners, general contractors, and specialty contractors operating across the residential and non-residential segments of the construction industry. We primarily sell subscriptions to access our products through our direct sales team, which is specialized by geography, followed by size and type of stakeholder. Our products are offered on our cloud-based platform and are designed to be easy to configure and deploy. Our users can access our products on computers, smartphones, and tablets through any web browser or from our mobile application available for both the iOS and Android platforms. We generate substantially all of our revenue from subscriptions to access our products. We primarily sell our products on a subscription basis for a fixed fee with pricing generally based on the number and mix of products a c Item 1. Business. Overview Our mission is to connect everyone in construction on a global platform. We are the leading global provider of construction management software, and are helping transform one of the oldest, largest, and least digitized industries in the world. We focus exclusively on connecting and empowering the construction industry\u2019s key stakeholders, such as owners, general contractors, and specialty contractors, to collaborate and access our capabilities from any location on any connected device. Our platform is modernizing and digitizing construction management by enabling timely access to critical project information, simplifying complex workflows, and facilitating seamless communication among relevant stakeholders, all of which we believe positions us to serve as a critical system of record and collaboration for the construction industry. We also continue to develop other products and services to address related challenges faced by the construction industry\u2019s key stakeholders. Our products, services, and platform help our customers increase productivity and efficiency, reduce rework and costly delays, improve safety and compliance, and enhance financial transparency and accountability. In short, we build the software for the people that build the world. We have established our leading market position by focusing on serving the unique needs of the construction industry. We work directly with stakeholders to develop the products and services they need and to provide high-quality support, available to all users at no additional charge. Our four integrated product categories\u2014Preconstruction, Project Execution, Resource Management, and Financial Management\u2014automate workflows, provide timely visibility, offer advanced analytics, and support collaboration across key stages of the construction project lifecycle. In February 2026, we began offering customers access to our products in four bundled packages\u2014Project Execution, Cost Management, Resource Ma Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K, including our consolidated financial statements and the related ", "title": "PCOR - PROCORE TECHNOLOGIES, INC.", "url": "/company/PCOR/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001717115; latest 10-K filed 2026-02-24.", "text": "TEM - Tempus AI, Inc. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001717115; latest 10-K filed 2026-02-24. TEM Tempus AI, Inc. 0001717115 7370 Services-Computer Programming, Data Processing, Etc. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis, including information with respect to our planned investments in our sales and marketing, research and development, and general and administrative functions, includes forward-looking statements that involve risks and uncertainties. You should review the sections titled \u201cNote Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d in this Annual Report on Form 10-K for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. The following discussion provides a narrative of our financial condition and results of operations for the fiscal year ended December 31, 2025 compared to the fiscal year ended December 31, 2024. A discussion regarding our financial condition and results of operations for the fiscal year ended December 31, 2024 compared to the fiscal year ended December 31, 2023 can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the U.S. Securities and Exchange Commission on February 24, 2025, which is incorporated herein by reference. Overview Tempus is a technology company focused on healthcare that straddles two converging worlds. We strive to combine deep healthcare expertise, providing next-generation diagnostics across multiple disease areas, with leading technology capabilities, harnessing the power of data and analytics to help personalize medicine. We endeavor to unlock the true power of precision medicine by creating Intelligent Diagnostics through the practical application of artificial intelligence, or AI, in healthcare. Intelligent Diagnostics use AI, including generative AI, to make laboratory tests more accurate, tailored, and personal. Unlike traditional diagnostic labs, we can incorporate unique patient information, such as clinical, molecular, and imaging data, with the goal of making our tests more intelligent and our results more insightful. Unlike other technology companies, we are deeply rooted in clinical care delivery as one of the largest sequencers of cancer patients, and patients with other diseases, in the United States. Straddling both worlds is advantageous as we believe Intelligent Diagnostics represent the future of precision medicine, informing more personalized and data-driven therapy selection and development. We believe their adoption could empower physicians to deliver better care and researchers to develop more precise therapies, with the potential to save millions of lives. In order to bring AI to healthcare at scale, we believe the foundation of how data flows throughout the ecosystem needs to be rebuilt. We established new data pipes, going to and from providers, to allow for the free exchange of data between physicians, who interpret data, and diagnostic and life science companies, who provide data, integrating relevant clinical data, such as outcomes, or adverse events, which are essential for many clinical decisions. Without this capability, we believe that data would continue to accumulate without impacting patient care. To accomplish this, we built both a technology platform to free healthcare data from silos and an operating system to make this data useful, the combination of which we refer to as our Platform. Our Platform connects multiple stakeholders within the larger healthcare ecosystem, often in real time, to assemble and integrate the data we collect, ther Item 1. Business. Overview We endeavor to unlock the true power of precision medicine by creating Intelligent Diagnostics through the practical application of artificial intelligence, or AI, in healthcare. Intelligent Diagnostics use AI, including generative and agentic AI, to make laboratory tests more accurate, tailored, and personal. We make tests intelligent by connecting laboratory results to a patient\u2019s own clinical data, thereby personalizing the results. Our novel insight was realizing that all laboratory test results, genomic or otherwise, could be contextualized for a specific patient based upon that patient\u2019s unique characteristics, and technology could therefore guide therapy selection and treatment decisions to allow each patient to progress on their own unique path. The drugs recommended, the clinical trials explored, the care pathways evaluated, and the adverse events considered\u2014all have the potential to be refined and enhanced when test results are connected to a patient\u2019s personal profile, enabling the right patient to be routed to the right therapy at the right time. To accomplish this, we built the Tempus Platform, which comprises both a technology platform to free healthcare data from silos and an operating system to make the resulting data useful. Our proprietary technology has allowed us to amass what we consider to be one of the largest libraries of clinical and molecular oncology data in the world. Our goal is to embed AI, including generative AI, throughout every aspect of diagnostics to enable physicians and researchers to make personalized, data-driven decisions that improve patient care. The ability to deploy AI in precision medicine at scale has only recently become possible. Advances in cloud computing, imaging technologies, large language models and low-cost molecular profiling, along with the digitization of vast amounts of healthcare data, have created a landscape that we believe is finally ripe for AI. However, despite an increa", "title": "TEM - Tempus AI, Inc.", "url": "/company/TEM/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000776867; latest 10-K filed 2026-02-27.", "text": "WTM - WHITE MOUNTAINS INSURANCE GROUP LTD SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000776867; latest 10-K filed 2026-02-27. WTM WHITE MOUNTAINS INSURANCE GROUP LTD 0000776867 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion contains \u201cforward-looking statements.\u201d White Mountains intends statements that are not historical in nature, which are hereby identified as forward-looking statements, to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. White Mountains cannot promise that its expectations in such forward-looking statements will turn out to be correct. White Mountains\u2019s actual results could be materially different from and worse than its expectations. See \u201cFORWARD-LOOKING STATEMENTS\u201d on page 101 for specific important factors that could cause actual results to differ materially from those contained in forward-looking statements. The following discussion also includes 12 non-GAAP financial measures: (i) Ark\u2019s tangible book value, (ii) Ark\u2019s tangible capital, (iii) Kudu\u2019s earnings before interest, taxes, depreciation and amortization (\u201cEBITDA\u201d), (iv) Kudu\u2019s adjusted EBITDA, (v) Bamboo\u2019s MGA pre-tax income (loss), (vi) Bamboo\u2019s MGA net income (loss), (vii) Bamboo\u2019s MGA EBITDA, (viii) Bamboo\u2019s MGA adjusted EBITDA, (ix) Distinguished\u2019s ScaleCo net income (loss), (x) Distinguished\u2019s ScaleCo EBITDA, (xi) Distinguished\u2019s ScaleCo adjusted EBITDA and (xii) total consolidated portfolio return excluding MediaAlpha that have been reconciled from their most comparable GAAP financial measures on page 85. White Mountains believes these measures to be useful in evaluating White Mountains\u2019s financial performance and condition. RESULTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023 Overview\u2014Year Ended December 31, 2025 versus Year Ended December 31, 2024 White Mountains ended 2025 with book value per share of $2,188, an increase of 25% for the year, including dividends. The increase in book value per share was driven primarily by the net gain on sale of the Bamboo Group of approximately $320 per share (based on 2.54 million shares outstanding at December 5, 2025). In addition, the growth in White Mountains\u2019s book value per share reflected solid results at its operating companies and good investment returns. Comprehensive income attributable to common shareholders was $1,109 million in 2025, largely driven by the net gain on sale of the Bamboo Group, compared to $230 million in 2024. White Mountains also recognized a net deferred tax expense of $73 million in 2025 from the reversal of the deferred tax asset related to the Bermuda economic transition adjustment, of which $51 million was recorded at Ark and $22 million was recorded at HG Global. Due to the enactment of Pillar II legislation by Luxembourg in December 2025, White Mountains no longer expects to utilize the benefit of the Bermuda economic transition adjustment. On December 5, 2025, White Mountains completed the sale of a controlling financial interest in the Bamboo Group to affiliates of funds advised by CVC. White Mountains sold approximately 77.3% of its equity interest in the Bamboo Group for net cash proceeds at closing of $848 million and retained an indirect equity interest valued at $250 million. White Mountains\u2019s Other Operations recognized a net gain of $816 million, which was comprised of an $849 million net gain on sale of the Bamboo Group, partially offset by $33 million of parent company compensation costs recorded within general and administrative expenses. On September 2, 2025, White Mountains closed its transaction to acquire a controlling financial interest in Distinguished, a full-service MGA and program administrator for specialty property & casualty insurance. White Mountains paid $225 million of cash consideration, including a post-closing purchase price adjustment of $1 million. In addition, Distinguished borrowed $50 million of incremental debt and utilized $7 million of cash on hand as part of the transaction. On July 18, 2025, White Mountains closed its transaction to deploy $150 mil Item 1. Business GENERAL White Mountains Insurance Group, Ltd. (the \u201cCompany\u201d or the \u201cRegistrant\u201d) is an exempted Bermuda limited liability company whose principal businesses are conducted through its subsidiaries and affiliates. Within this report, the term \u201cWhite Mountains\u201d is used to refer to one or more entities within the consolidated organization, as the context requires. The Company\u2019s headquarters is located at 26 Reid Street, Hamilton, Bermuda HM 11, its principal executive office is located at 23 South Main Street, Suite 3B, Hanover, New Hampshire 03755-2053 and its registered office is located at Clarendon House, 2 Church Street, Hamilton, Bermuda HM 11. The Company\u2019s website is located at www.whitemountains.com. The information contained on White Mountains\u2019s website is not incorporated by reference into, and is not a part of, this report. White Mountains is engaged in the business of making opportunistic and value-oriented acquisitions of businesses and assets in the insurance, financial services and related sectors, operating these businesses and assets through its subsidiaries and, if and when attractive exit valuations become available, disposing of these businesses and assets. As of December 31, 2025, White Mountains conducted its business primarily in five areas: property and casualty insurance and reinsurance, municipal bond guarantee reinsurance, capital solutions for asset and wealth management firms, specialty insurance distribution and other operations. White Mountains\u2019s property and casualty insurance and reinsurance business is conducted through its subsidiary Ark Insurance Holdings Limited and its subsidiaries (collectively, \u201cArk\u201d) and Outrigger Re Ltd. Segregated Account 2023-1 (\u201cWM Outrigger Re\u201d) (collectively with Ark, \u201cArk/WM Outrigger\u201d). White Mountains\u2019s municipal bond guarantee reinsurance business is conducted through its subsidiary HG Global Ltd. and its reinsurance subsidiary HG Re Ltd. (\u201cHG Re\u201d) (collectively with HG Re, \u201cHG G Item 1A. Risk Factors The information contained in this report may contain \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. See \u201cFORWARD-LOOKING STATEMENTS\u201d on page 101 for specific important ", "title": "WTM - WHITE MOUNTAINS INSURANCE GROUP LTD", "url": "/company/WTM/" }, { "kind": "company", "summary": "SIC 7900 Services-Amusement & Recreation Services; CIK 0002078416; latest 10-K filed 2026-02-26.", "text": "LLYVK - Liberty Live Holdings, Inc. SIC 7900 Services-Amusement & Recreation Services; CIK 0002078416; latest 10-K filed 2026-02-26. LLYVK Liberty Live Holdings, Inc. 0002078416 7900 Services-Amusement & Recreation Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis provides information concerning our results of operations and financial condition. This discussion should be read in conjunction with our accompanying consolidated financial statements and the notes thereto. See note 2 in the accompanying consolidated financial statements for an overview of accounting standards that we have adopted or that we plan to adopt that have had or may have an impact on our financial statements. Overview In November 2024, the board of directors of Liberty Media Corporation (\u201cLiberty Media\u201d or \u201cParent\u201d) authorized Liberty Media management to pursue a plan to split-off the Liberty Live Group (the \u201cSplit-Off\u201d), which was completed on December 15, 2025. Immediately prior to effecting the Split-Off, Liberty Media\u2019s subsidiary QuintEvents, LLC (\u201cQuint\u201d), interests in certain private assets and $171.7 million of cash were reattributed from Liberty Media\u2019s Formula One Group to its Liberty Live Group in exchange for interests in certain other private assets. Liberty Media effected the Split-Off through the redemption of Liberty Media\u2019s Liberty Live common stock in exchange for Liberty Live Group common stock of a newly formed company called Liberty Live Holdings, Inc. (\u201cLiberty Live\u201d or the \u201cCompany\u201d). Liberty Media redeemed each outstanding share of its Series A, Series B and Series C Liberty Live common stock for one share of the corresponding series of common stock of Liberty Live. Liberty Live beneficially owns approximately 69.6 million shares of Live Nation Entertainment, Inc. (\u201cLive Nation\u201d) common stock, Quint, interests in certain private assets, corporate cash and debt obligations. Following the Split-Off, Liberty Media and Liberty Live operate as separate, publicly traded companies, and neither has any continuing stock ownership, beneficial or otherwise, in the other. In connection with the Split-Off, Liberty Media and Liberty Live entered into certain agreements in order to govern certain of the ongoing relationships between the two companies after the Split-Off and to provide for an orderly transition. These agreements include a services agreement, an aircraft time sharing agreement, and a facilities sharing agreement (the \u201cAncillary Agreements\u201d) in addition to a reorganization agreement and a tax sharing agreement. The reorganization agreement provides for, among other things, the principal corporate transactions (including the internal restructuring) required to effect the Split-Off, certain conditions to the Split-Off and provisions governing the relationship between Liberty Live and Liberty Media with respect to and resulting from the Split-Off. The tax sharing agreement provides for the allocation and indemnification of tax liabilities and benefits between Liberty Media and Liberty Live and other agreements related to tax matters. Pursuant to the services agreement, Liberty Media provides Liberty Live with general and administrative services including legal, tax, accounting, treasury and investor relations support. Liberty Live reimburses Liberty Media for direct, out-of-pocket expenses and pays a services fee to Liberty Media under the services agreement that is subject to adjustment quarterly, as necessary. Under the facilities sharing agreement, Liberty Live shares office space with Liberty Media and related amenities at Liberty Media\u2019s corporate headquarters. The aircraft II-2 Table of Contents time sharing agreement provides for Liberty Media to lease its aircraft to Liberty Live for use on a periodic, non-exclusive time sharing basis. A portion of Liberty Media\u2019s general and administrative expenses, including legal, tax, accounting, treasury and investor relations support was previously allocated to the Liberty Live Group each reporting period based on an estimate of time spent. The Liberty Live Group paid $25.8 million and $5.2 million during the Item 1. Business. General Development of Business In November 2024, the board of directors of Liberty Media Corporation (\u201cLiberty Media\u201d) authorized Liberty Media management to pursue a plan to split-off the Liberty Live Group (the \u201cSplit-Off\u201d), which was completed on December 15, 2025. Immediately prior to effecting the Split-Off, Liberty Media\u2019s subsidiary Quint, interests in certain private assets and $171.7 million of cash were reattributed from Liberty Media\u2019s Formula One Group to its Liberty Live Group in exchange for interests in certain other private assets. Liberty Media effected the Split-Off through the redemption of Liberty Media\u2019s Liberty Live common stock in exchange for Liberty Live Group common stock of a newly formed company called Liberty Live Holdings, Inc. (\u201cLiberty Live\u201d or the \u201cCompany\u201d). Liberty Media redeemed each outstanding share of its Series A, Series B and Series C Liberty Live common stock for one share of the corresponding series of Liberty Live Group common stock of Liberty Live. Liberty Live beneficially owns approximately 69.6 million shares of Live Nation common stock, Quint, interests in certain private assets, corporate cash and debt obligations attributed to the Liberty Live Group. Following the Split-Off, Liberty Media and Liberty Live operate as separate, publicly traded companies, and neither has any continuing stock ownership, beneficial or otherwise, in the other. In connection with the Split-Off, Liberty Media and Liberty Live entered into certain agreements in order to govern certain of the ongoing relationships between the two companies after the Split-Off and to provide for an orderly transition. These agreements include a services agreement, an aircraft time sharing agreement, and a facilities sharing agreement (the \u201cAncillary Agreements\u201d) in addition to a reorganization agreement and a tax sharing agreement. The reorganization agreement provides for, among other things, the principal corporate transactions (incl Item 1A. Risk Factors. An investment in our common stock involves risk. Before investing in our common stock, in addition to the other information described in Item 7 (\u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d) of Part II, you should carefully ", "title": "LLYVK - Liberty Live Holdings, Inc.", "url": "/company/LLYVK/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001583708; latest 10-K filed 2026-03-19.", "text": "S - SentinelOne, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001583708; latest 10-K filed 2026-03-19. S SentinelOne, Inc. 0001583708 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, particularly information with respect to our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading \u201cSpecial Note About Forward-Looking Statements\u201d in this Annual Report on Form 10-K. You should review the disclosure under the heading \u201cRisk Factors\u201d in this Annual Report on Form 10-K for a discussion of important factors that could cause our actual results to differ materially from those anticipated in these forward-looking statements. Our fiscal year ends on January 31, and our fiscal quarters end on April 30, July 31, October 31, and January 31. Our fiscal years ended January 31, 2026, 2025, and 2024 are referred to herein as fiscal 2026, fiscal 2025, and fiscal 2024, respectively. Unless the context otherwise requires, all references in this report to \u201cSentinelOne,\u201d the \u201cCompany,\u201d \u201cwe\u201d \u201cour\u201d \u201cus,\u201d or similar terms refer to SentinelOne, Inc. and its subsidiaries. A discussion regarding our financial condition and results of operations for fiscal 2026 compared to fiscal 2025 is presented below. A discussion regarding our financial condition and results of operations for fiscal 2025 compared to fiscal 2024 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Form 10-K for the fiscal year ended January 31, 2025 filed with the SEC on March 26, 2025. 65 Table of Contents Overview We founded SentinelOne in 2013 with a dramatically new approach to cybersecurity. We pioneered the world\u2019s first purpose-built AI-powered security platform to make cyber defense truly autonomous, from the endpoint and beyond. Our Singularity Platform instantly defends against cyberattacks \u2014 performing at a faster speed, greater scale, and higher accuracy than otherwise possible from a human-powered approach. Our Singularity Platform ingests, correlates, and queries petabytes of structured and unstructured data from a myriad of ever-expanding disparate external and internal sources in real-time. We aim to build rich context and deliver greater visibility by constructing a dynamic representation of data across an organization. As a result, our AI models are able to be highly accurate, actionable, and autonomous. Our distributed AI models run both locally on every endpoint and every cloud workload, as well as on our cloud platform. Our Static and vector-agnostic Behavioral AI models, which run on the endpoints themselves, provide our customers with protection even when their devices are not connected to the cloud. In the cloud, our Streaming AI can detect anomalies that surface when multiple data feeds are correlated. By providing full visibility into the Storyline of every secured device across the organization through one console, our platform can make it very fast for analysts to easily search through petabytes of data to investigate incidents and proactively hunt threats. We have extended our control and visibility planes beyond the traditional endpoint to unmanaged IoT devices. Singularity can be flexibly deployed on the environments that our customers choose, including public, private, or hybrid clouds. Our feature parity across Windows, macOS, Linux, and Kubernetes offers best-of-breed protection, visibility, and control across today\u2019s heterogeneous IT environments. Together, these capabilities make our platform the logical choice for organizations of all ITEM 1. BUSINESS Overview Cybersecurity is indispensable to our digital way of life, with millions of cyberattacks resulting in trillions of dollars in damages. We are in the midst of a generational shift in cybersecurity, ushered in by the ongoing digital transformation of the enterprise and the rise of AI. Attacks can inflict damages that span operational disruption, leadership change, loss of customer trust, and intellectual property theft, among others. The persistence and speed of cyberattacks clearly shows that there is a long way to go from here. Enterprises must deploy solutions that enable them to stay one step ahead of attackers and address intrusion attempts in real-time at machine speed\u2014empowering human operators with the speed, scale, visibility, and precision of technology. We envisioned a revolutionary data and AI paradigm where technology alone could autonomously prevent, detect, and respond to cyberattacks. It is time to fight machine with machine. We pioneered the world\u2019s first purpose-built AI-powered cybersecurity platform for autonomous defense. Our autonomous cybersecurity solutions are intelligent and data-driven systems that learn and evolve on their own\u2014working to make the world more secure. By leveraging AI and our fully unified security data lake for analytics, our Singularity Platform instantly defends against cyberattacks\u2014performing at a faster speed, greater scale, and higher accuracy than otherwise possible from any single human or even a crowd. Our generative AI technology, Purple AI, unifies the entire platform experience, supercharges the security operations, and delivers improved efficiency with threat-hunting capabilities across multiple attack vectors. Our Singularity Platform ingests, correlates, and queries petabytes of structured and unstructured data from a myriad of ever-expanding disparate external and internal sources in real-time. We aim to build rich context and deliver greater visibility by constructing a dynamic ITEM 1A. RISK FACTORS Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Re", "title": "S - SentinelOne, Inc.", "url": "/company/S/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001311370; latest 10-K filed 2026-02-23.", "text": "LAZ - Lazard, Inc. SIC 6282 Investment Advice; CIK 0001311370; latest 10-K filed 2026-02-23. LAZ Lazard, Inc. 0001311370 6282 Investment Advice Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with Lazard\u2019s consolidated financial statements and the related notes included elsewhere in this Form 10-K. This discussion contains forward-looking statements that are subject to known and unknown risks and uncertainties. Actual results and the timing of events may differ significantly from those expressed or implied in such forward-looking statements due to a number of factors, including those set forth in the sections entitled \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements\u201d and elsewhere in this Form 10-K. Business Summary Founded in 1848, Lazard is a global financial advisory and asset management firm with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. We aim to deliver independent, differentiated advice and solutions grounded in contextual alpha\u2014the broad insight and judgment needed to navigate macroeconomic, geopolitical, and other factors that we believe help leaders see beyond what the world sees today. Our mission is to provide trusted, independent financial advice and investment solutions to our clients, backed by the intellectual capital of our firm. During our more than 175-year history, we have built a global network of relationships with key decision makers in business, government and investing institutions. This network is both a competitive strength and a powerful resource for Lazard and our clients. As a firm that competes on the quality of our advice, we have two fundamental assets: our people and our reputation. We operate in cyclical businesses across multiple geographies, industries and asset classes. In recent years, we have deepened our sector expertise, enhanced our specialized insights in geopolitical advisory, and increased connectivity to private capital in our financial advisory business. In addition, we have invested in our global investment and distribution platform in our asset management business to further drive performance. Business and government leaders and global investors seek trusted advisors, and we believe that our business model as an independent advisor will continue to create opportunities for us to attract new clients and key personnel. Our principal sources of revenue are derived from activities in the following business segments: \u2022Financial Advisory, which offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a wide array of financial advisory services including M&A advisory, strategic capital solutions, shareholder advisory, sovereign advisory, geopolitical advisory, restructuring and liability management, capital raising and placement, and other strategic matters; and \u2022Asset Management, which offers a broad range of global investment solutions and investment and wealth management services in equity and fixed income strategies, asset allocation strategies, alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries and private wealth clients. In addition, we record selected other activities in our Corporate segment, including cash management, investments, deferred tax assets, outstanding indebtedness and certain contingent obligations. We also invest our own capital from time to time, generally alongside capital of qualified institutional and individual investors in alternative investments or private equity investments, and make investments to seed our Asset Management strategies Item 1. Business Founded in 1848, Lazard is a global financial advisory and asset management firm with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. We aim to deliver independent, differentiated advice and solutions grounded in contextual alpha\u2014the broad insight and judgment needed to navigate macroeconomic, geopolitical, and other factors that we believe help leaders see beyond what the world sees today. Principal Business Lines We focus primarily on two business segments: Financial Advisory and Asset Management. We believe that the mix of our activities across business segments, geographic regions, industries and investment strategies helps to diversify and stabilize our revenue stream. Financial Advisory We advise leaders on their most important financial and strategic matters, serving as a trusted advisor whose mission is to ensure the best result for our clients. Our Financial Advisory business offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a wide array of advisory services including mergers and acquisitions (\u201cM&A\u201d) advisory, strategic capital solutions, shareholder advisory, sovereign advisory, geopolitical advisory, restructuring and liability management, capital raising and placement, and other strategic matters. We continue to build our Financial Advisory business by fostering long-term relationships with existing and new clients as their independent advisor on strategic transactions and other matters. We seek to build and sustain long-term relationships with our clients rather than focusing simply on individual transactions ITEM 1A. RISK FACTORS You should carefully consider the following risks and all of the other information set forth in this Form 10-K, including our consolidated financial statements and related notes. The following risks comprise the material risks of which we are aware. If any of the events or developments described below actually occurred, our business, financial conditi", "title": "LAZ - Lazard, Inc.", "url": "/company/LAZ/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001455863; latest 10-K filed 2026-02-26.", "text": "COLD - AMERICOLD REALTY TRUST SIC 6798 Real Estate Investment Trusts; CIK 0001455863; latest 10-K filed 2026-02-26. COLD AMERICOLD REALTY TRUST 0001455863 6798 Real Estate Investment Trusts ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements included in this Annual Report on Form 10-K. In addition, the following discussion contains forward-looking statements, such as statements regarding our expectation for future performance, liquidity and capital resources, that involve risks, uncertainties and assumptions that could cause actual results to differ materially from our expectations. Our actual results may differ materially from those contained in or implied by any forward-looking statements. Factors that could cause such differences include those identified below and those described under Item 1A of this Annual Report on Form 10-K. Refer to our Annual Report on Form 10-K as filed on February 27, 2025, for a discussion of the comparative results of operations for the years ended December 31, 2024 and 2023. Management\u2019s Overview Americold Realty Trust, Inc. together with its subsidiaries (\u201cART\u201d, \u201cAmericold\u201d, the \u201cCompany\u201d, \u201cus\u201d or \u201cwe\u201d) is a Maryland corporation that operates as a real estate investment trust (\u201cREIT\u201d) for U.S. federal income tax purposes. Americold is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide. We connect producers, processors, distributors, and retailers. Leveraging deep industry expertise, advanced technology, and sustainable practices, Americold delivers reliable cold storage and transportation solutions that create lasting value for customers and communities. As of December 31, 2025, the Company operated 231 warehouses globally, totaling approximately 1.4 billion cubic feet, with 188 warehouses in North America, 23 warehouses in Europe, 18 warehouses in Asia-Pacific, and 2 warehouses in South America. As of December 31, 2025, our business includes three primary business segments: Warehouse, Transportation and Third-Party Managed. We also have a minority interest in one joint venture: RSA Cold Holdings Limited (the \u201cRSA joint venture\u201d), which operates 2 temperature-controlled warehouses in Dubai. 49 Table of Contents Business Strategy Our strategy is focused on disciplined execution, capital efficiency, and proactive asset management to enhance operating and financial performance, increase cash flows from operations, and create long-term stockholder value. We leverage the scale, density, and flexibility of our global temperature-controlled warehouse network to support customers across the cold chain, drive organic growth within our existing portfolio, and optimize physical and economic utilization. As an owner and operator of specialized cold-storage real estate, we actively manage our portfolio to maintain financial flexibility, support evolving customer requirements, and create value through selective development and portfolio optimization. We continue to emphasize operational excellence, cost discipline, and service reliability, supported by standardized processes and ongoing technology investments. While food remains our primary end market, our facilities also support adjacent temperature-sensitive categories and, where appropriate, non-temperature-sensitive goods. We believe these strategies position us to benefit from continued customer outsourcing, e-commerce growth, and evolving distribution models. Key Factors Affecting Our Business and Financial Results Project Orion In February 2023, we announced our transformation program \u201cProject Orion\u201d designed to drive future growth and achieve our long-term strategic objectives, through investment in our technology systems and business processes across our global platform. The project includes the implementation of a new, best-in-class, cloud-based enterprise resource planning (\u201cERP\u201d) software system as well as other transformation related initiatives ITEM 1. Business The Company Americold (NYSE: COLD) is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide. We connect producers, processors, distributors, and retailers. Leveraging deep industry expertise, advanced technology, and sustainable practices, Americold delivers reliable cold storage and transportation solutions that create lasting value for customers and communities. We operate as a self-administered and self-managed publicly traded real estate investment trust (\u201cREIT\u201d) with proven operating, development and acquisition expertise. As of December 31, 2025, we operated a global network of 231 temperature-controlled warehouses encompassing approximately 1.4 billion cubic feet, with 188 warehouses in North America, 23 warehouses in Europe, 18 warehouses in Asia-Pacific, and 2 warehouses in South America. In addition, we hold a minority interest in one joint venture, RSA Cold Holdings Limited, which operates 2 temperature-controlled warehouses in Dubai. Throughout 2025 we viewed our business through three primary business segments: Warehouse, Transportation, and Third-Party Managed. Our temperature-controlled warehouses are mission-critical assets within the global cold chain, supporting the safe, efficient movement of food products from production to consumption. The cold chain is essential to preserving product quality, protecting brand integrity, and ensuring consumer safety. Our global network is designed to support a broad range of customer solutions across the temperature-controlled food supply chain and focuses on four primary solution-oriented nodes: production-focused, forward distribution-focused, retail solutions-focused, and port-oriented facilities. This solutions-based framework reflects how we deploy our assets and operating capabilities to meet differing customer needs at each stage of the cold chain, while maintaining flexibility for facilities to support multiple ITEM 1A. Risk Factors Investing in our common stock involves risks and uncertainties. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below under the heading \u201cRisk Factors\u201d and should be carefu", "title": "COLD - AMERICOLD REALTY TRUST", "url": "/company/COLD/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001653482; latest 10-K filed 2026-03-17.", "text": "GTLB - Gitlab Inc. SIC 7372 Services-Prepackaged Software; CIK 0001653482; latest 10-K filed 2026-03-17. GTLB Gitlab Inc. 0001653482 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes included elsewhere in this Annual Report. You should review the section titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d above in this Annual Report for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in the section titled \u201cRisk Factors\u201d in this Annual Report. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. A discussion regarding our financial condition and results of operations for the year ended January 31, 2026 compared to the year ended January 31, 2025 is presented below. A discussion regarding our financial condition and results of operations for the year ended January 31, 2025 compared to the year ended January 31, 2024 can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025, which was filed with the SEC on March 21, 2025. Overview GitLab is the intelligent orchestration platform for DevSecOps, where software teams and their Artificial Intelligence (\u201cAI\u201d) agents stay in flow to ship software faster. Built with a unified data model, our platform brings together development, operations, Information Technology (\u201cIT\u201d), security, and business teams across the entire software development lifecycle to deliver better, more secure software faster. AI has accelerated individual coding, but teams lose momentum coordinating across planning, testing, security, deployment, and operations. Fragmented toolchains and tool-specific AI agents create bottlenecks that slow software delivery. GitLab's intelligent orchestration helps solve this by enabling teams to orchestrate AI agents to execute tasks autonomously across the software lifecycle while maintaining quality, security, and speed. GitLab accelerates customer innovation by reducing software development cycles from weeks to minutes. The platform eliminates the need for point tools, increases productivity, and embeds security into development workflows with automated enforcement to improve software security, quality, and compliance while enabling faster delivery. We serve teams of all sizes, scopes, and complexities. As a result, we have more than 50 million registered users, and more than 50% of the Fortune 100 companies are GitLab customers1. We define our active customers as those with more than $5,000 of Annual Recurring Revenue, or ARR, in a given period, who we refer to as our Base Customers. A single organization with separate subsidiaries, segments, or divisions that uses our platform is considered a single customer for determining ARR. GitLab is the only intelligent orchestration platform for DevSecOps built on an open-core business model. Any customer or contributor can add or enhance functionality by contributing code to the core product or extending our Continuous Integration (\u201cCI\u201d)/Continuous Delivery (\u201cCD\u201d) Catalog and AI Catalog. In calendar year 2025, users contributed more than 6,500 merge requests, extending our in-house research and development (\u201cR&D\u201d) and empowering our users to improve the DevSecOps solution they use daily. Our open-core approach builds trust with our customers and enables us to maintain our high velocity of innovation. We make our strategy, direction, and product roadmap publicly available. GitLab offers flexible deployment options. ITEM 1. BUSINESS Overview GitLab is the intelligent orchestration platform for DevSecOps, where software teams and their Artificial Intelligence (\u201cAI\u201d) agents stay in flow to ship software faster. Built with a unified data model, our platform brings together development, operations, Information Technology (\u201cIT\u201d), security, and business teams across the entire software development lifecycle to deliver better, more secure software faster. AI has accelerated individual coding, but teams lose momentum coordinating across planning, testing, security, deployment, and operations. Fragmented toolchains and tool-specific AI agents create bottlenecks that slow software delivery. GitLab's intelligent orchestration helps solve this by enabling teams to orchestrate AI agents to execute tasks autonomously across the software lifecycle while maintaining quality, security, and speed. GitLab accelerates customer innovation by reducing software development cycles from weeks to minutes. The platform eliminates the need for point tools, increases productivity, and embeds security into development workflows with automated enforcement to improve software security, quality, and compliance while enabling faster delivery. We serve teams of all sizes, scopes, and complexities. As a result, we have more than 50 million registered users, and more than 50% of the Fortune 100 companies are GitLab customers1. We define our active customers as those with more than $5,000 of Annual Recurring Revenue, or ARR, in a given period, who we refer to as our Base Customers. A single organization with separate subsidiaries, segments, or divisions that uses our platform is considered a single customer for determining ARR. GitLab is the only intelligent orchestration platform for DevSecOps built on an open-core business model. Any customer or contributor can add or enhance functionality by contributing code to the core product or extending our Continuous Integration (\u201cCI\u201d)/Continuous Delivery (\u201cCD\u201d) Cata ITEM 1A. RISK FACTORS Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Resul", "title": "GTLB - Gitlab Inc.", "url": "/company/GTLB/" }, { "kind": "company", "summary": "SIC 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys; CIK 0001833756; latest 10-K filed 2026-02-27.", "text": "DRS - Leonardo DRS, Inc. SIC 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys; CIK 0001833756; latest 10-K filed 2026-02-27. DRS Leonardo DRS, Inc. 0001833756 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read this discussion together with our consolidated financial statements and related notes thereto included elsewhere in this Annual Report, as well as Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our annual report on Form 10-K for the year ended December 31, 2024, which provides additional information on comparisons of the year ended December 31, 2024, to the year ended December 31, 2023. This discussion and other parts of this document include forward-looking statements such as those relating to our plans, objectives, expectations and beliefs, which involve risks, uncertainties and assumptions. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements and Information.\u201d Actual results may differ materially from those contained in any forward-looking statements. Business Overview and Considerations General DRS is an innovative and agile provider of advanced defense technology to U.S. national security customers and allies around the world. We specialize in the design, development and manufacture of advanced sensing, network computing, force protection, and electric power and propulsion technologies and solutions. The strength of our market positioning in these technology areas have created a foundational and diverse base of programs across the DoW and its allies. We believe these technologies will not only support our customers in today\u2019s mission but will also underpin their strategy to migrate towards more autonomous, dynamic, interconnected, and multi-domain capabilities needed to address evolving and emerging threats. We view more advanced capabilities in sensing, computing, self-protection and power as necessary to enable these strategic priorities. Our overall strategy is to be a balanced and diversified company, less vulnerable to any one budgetary platform or service decision with a specific focus on establishing strong technical and market positions in areas of priority for the DoW. The U.S. government, primarily with the DoW, is our largest customer and, for the years ended December 31, 2025 and 2024, accounted for approximately 80% and 79%, respectively, of our business as an end-user, with revenues principally derived directly or indirectly from contracts with the U.S. Navy and U.S. Army, which represented 36% and 36%, respectively, of our total revenues for the year ended December 31, 2025 and 37% and 32%, respectively, for the year ended December 31, 2024. Our operations and reporting are structured into the following two technology driven segments based on the capabilities and solutions offered to our customers: Advanced Sensing and Computing Our ASC segment designs, develops and manufactures sensing and network computing technology that enables real-time situational awareness required for enhanced operational decision making and execution by our customers across increasingly complex and contested operating environments. Our sensing capabilities span numerous applications, including missions requiring advanced detection, precision targeting and surveillance sensing, long range electro-optic/infrared, signals intelligence and other intelligence systems, electronic warfare, ground vehicle sensing, next generation active electronically scanned array tactical radars, dismounted soldier sensing and space sensing. Across our offerings, we are focused on advancing sensor range and enhancing the precision, clarity, definition, spectral depth and effectiveness of our sensors to deliver actionable information in time-sensitive mission scenarios in combination with AI, enabled by our advanced edge processing solutions. We also seek to leverage the knowledge and expertise built through o ITEM 1. BUSINESS Overview Leonardo DRS, Inc. provides advanced defense technology to U.S. national security customers and allied defense forces worldwide. We specialize in the design, development, manufacture, and integration of advanced sensing, network computing, force protection, and electric power and propulsion technologies and solutions. As a mid-sized defense technology company, our combination of operational speed and agility, deep domain expertise, and established positions on priority defense platforms has resulted in a durable and diversified portfolio of programs across the DoW. We believe DRS is well positioned to support current operational requirements, while facilitating the DoW\u2019s rapid transition toward more autonomous, software-enabled, interconnected, and multi-domain capabilities required to address increasingly complex and proliferating threats. Enhancements in sensing, artificial intelligence (\u201cAI\u201d)-enabled computing, self-protection, and power generation and management are central to these priorities. Demand for our technologies is concentrated in areas of sustained priority for the DoW, including counter\u2011unmanned aircraft systems (\u201cC-UAS\u201d), advanced infrared sensing, network computing, and electric power and propulsion for next generation navy vessels. These capabilities align closely with national defense priorities such as shipbuilding, layered air and missile defense, electronic warfare, and force protection, where requirements emphasize integrated capability delivery, survivability, and program execution. DRS benefits from an over 55-year legacy of providing innovative and differentiated products and solutions for defense applications. From our earliest offerings to today\u2019s best-in-class products including naval propulsion, electro-optical sensors, electronic warfare systems and other mission critical technologies, we have continually sought to develop advanced technologies enabling solutions to address complex national security chall ITEM 1A. RISK FACTORS You should carefully consider the risks and uncertainties described below, as well as other information contained in this Annual Report, including the notes to our consolidated financial statements and the section titled \u201cManagement\u2019s Discussion and Anal", "title": "DRS - Leonardo DRS, Inc.", "url": "/company/DRS/" }, { "kind": "company", "summary": "SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001811414; latest 10-K filed 2026-02-25.", "text": "QS - QuantumScape Corp SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001811414; latest 10-K filed 2026-02-25. QS QuantumScape Corp 0001811414 3690 Miscellaneous Electrical Machinery, Equipment & Supplies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis should be read in conjunction with our audited consolidated financial statements and the related notes appearing elsewhere in this Report. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in the section titled \u201cRisk Factors\u201d as set forth in this Report. Unless the context otherwise requires, references in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d to \u201cthe Company\u201d, \u201cwe\u201d, \u201cus\u201d and \u201cour\u201d refer to the business and operations of QuantumScape Corporation and its consolidated subsidiaries. Overview We are developing next-generation solid-state lithium-metal battery technology for EVs and other applications. We believe that our technology will enable a new category of battery that meets the requirements for broader market adoption. The lithium-metal solid-state battery technology that we are developing is being designed to offer greater energy density, faster charging, and greater safety when compared to today\u2019s conventional lithium-ion batteries. We are a development-stage company with no revenue to date, have incurred a net loss from operations of approximately $472.6 million for the year ended December 31, 2025, and an accumulated deficit of approximately $3.8 billion from our inception through December 31, 2025. We expect to incur significant expenses and continuing losses for the foreseeable future. Key Trends, Opportunities and Uncertainties We are a pre-revenue company. We believe that our performance and future success depend on several factors that present significant opportunities for us but also pose significant risks and challenges, including those discussed below and in the section titled \u201cRisk Factors\u201d appearing elsewhere in this Report. Product Development We have demonstrated capabilities of our solid-state separator and battery technology in single-layer and multilayer cell cycling data, and in 2022, shipped our first A0 prototype battery cells to multiple OEMs for testing. Following that shipment, we continued focusing our research and development on subsequent generations of prototype samples incorporating advances in cell functionality, process and reliability, as well as bringing online our pilot line in San Jose, California. In 2023, we announced our first targeted commercial product, the QSE-5, a cell with a capacity of approximately 5 amp-hours as further described under the \u201cResearch and Development\u201d section in Item 1 above. In 2024, we began producing low volumes of our first B-sample cells, and we began shipping these cells for automotive customer testing. These are B-samples of our first product, QSE-5, with an energy density of over 800 Wh/L and 15 minute 10% to 80% fast-charging capability. In 2025, together with Volkswagen and PowerCo, we had the first live demonstration of our solid-state lithium-metal battery technology powering a Ducati V21L electric motorcycle at the IAA Mobility event that included B1 samples of our QSE-5 cell from our more efficient separator production processes. Process Development Our architecture depends on our proprietary solid-state ceramic separator. Though our separator\u2019s design is unique, our early-generation process relied on established or similar high-volume production processes already deployed in other industries. We, together with our partners, are developing subsequent, proprietary higher-volume separator production processes that seek to further reduce cost, increase throughput, and improve quality. Our separator is being designed to enable our \u2018anode-free\u2019 architecture. As manufactured, our solid-state battery cell has no anode; the lithium-me Item 1. Business. Overview QuantumScape is a leader in developing next-generation solid-state lithium-metal battery technology for EVs and other applications. QuantumScape Battery Inc. was founded in 2010 with the mission to revolutionize energy storage to enable a sustainable future. We are in the midst of a once-in-a-century shift in automotive powertrains, from ICE to clean EVs. After 30 years of gradual improvements in conventional lithium-ion batteries, the benefits of EVs have been demonstrated, principally in the premium passenger car market. However, there are fundamental limitations inhibiting widespread adoption of battery technology, and we believe the automotive market needs a step change in battery technology to make mass market EVs competitive with the fossil fuel alternative. We have spent over a decade developing a proprietary solid-state battery technology to meet this challenge. QuantumScape\u2019s solid-state lithium-metal battery technology is designed to offer greater energy density, faster charging, and enhanced safety when compared to today\u2019s conventional lithium-ion batteries. We believe no other lithium-metal battery technology has demonstrated the capability of achieving automotive rates of power with acceptable battery cycle life at modest levels of pressure (approximately 3 to 4 atmospheres (\u201catm\u201d)). Since 2012, we have developed a strong partnership with Volkswagen Group of America Investments, LLC (\u201cVGA\u201d) and certain of its affiliates (together with VGA, \u201cVolkswagen\u201d). Volkswagen is one of the largest car companies in the world and, over the last ten years, Volkswagen has invested approximately $380 million in us. Over the course of our relationship, Volkswagen has successfully tested multiple generations of certain of our single-layer and multilayer prototype cells at automotive rates of power. In July 2024, we entered into a Collaboration Agreement (the \u201cCollaboration Agreement\u201d) with PowerCo SE (\u201cPowerCo\u201d), a battery cell company who Item 1A. Risk Factors. The following summary risk factors and other information included in this Report should be carefully considered. The summary risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not currently known to us or t", "title": "QS - QuantumScape Corp", "url": "/company/QS/" }, { "kind": "company", "summary": "SIC 4841 Cable & Other Pay Television Services; CIK 0001611983; latest 10-K filed 2026-02-05.", "text": "LBRDK - Liberty Broadband Corp SIC 4841 Cable & Other Pay Television Services; CIK 0001611983; latest 10-K filed 2026-02-05. LBRDK Liberty Broadband Corp 0001611983 4841 Cable & Other Pay Television Services Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides information concerning our results of operations and financial condition. This discussion should be read in conjunction with our accompanying consolidated financial statements and the notes thereto. Overview Liberty Broadband Corporation (\u201cLiberty Broadband,\u201d \u201cthe Company,\u201d \u201cus,\u201d \u201cwe,\u201d or \u201cour\u201d) is primarily comprised of an equity method investment in Charter Communications, Inc. (\u201cCharter\u201d). During May 2014, the board of directors of Liberty Media Corporation and its subsidiaries (\u201cLiberty\u201d) authorized management to pursue a plan to spin-off to its stockholders common stock of a wholly owned subsidiary, Liberty Broadband, and to distribute subscription rights to acquire shares of Liberty Broadband\u2019s common stock (the \u201cBroadband Spin-Off\u201d). On December 18, 2020, the original GCI Liberty, Inc. (\u201cprior GCI Liberty\u201d), the previous parent company of GCI, was acquired by Liberty Broadband. In July 2025, Liberty Broadband and its subsidiaries completed an internal reorganization preceding the GCI Divestiture to transfer the GCI Business (as defined below) to GCI Liberty, Inc. (\u201cGCI Liberty\u201d). Following the internal reorganization, GCI Liberty owns, directly or indirectly, GCI, LLC and the operations comprising, and the entities that conduct, the GCI Business (collectively, \u201cGCI\u201d). GCI Liberty was a wholly owned subsidiary of Liberty Broadband until the GCI Divestiture, which was completed on July 14, 2025. GCI Liberty is presented as a discontinued operation in the Company\u2019s consolidated financial statements. See note 2 to the accompanying consolidated financial statements for details of the GCI Divestiture. Through a number of prior years\u2019 transactions, Liberty Broadband has acquired an interest in Charter. Liberty Broadband controls 25.01% of the aggregate voting power of Charter. Recent Events Charter Combination On November 12, 2024, the Company entered into a definitive agreement (the \u201cMerger Agreement\u201d) under which Charter has agreed to acquire Liberty Broadband (the \u201cCombination\u201d, together with the other transactions contemplated by the Merger Agreement, the \u201cTransactions\u201d). Under the terms of the Merger Agreement, each holder of Liberty Broadband Series A common stock, Series B common stock, and Series C common stock (collectively, \u201cLiberty Broadband common stock\u201d) will receive 0.236 of a share of Charter Class A common stock per share of Liberty Broadband common stock held, with cash to be paid in lieu of fractional shares. Each holder of Liberty Broadband Series A cumulative redeemable preferred stock (\u201cLiberty Broadband preferred stock\u201d) will receive one share of newly issued Charter Series A cumulative redeemable preferred stock (\u201cCharter preferred stock\u201d) per share of Liberty Broadband preferred stock held. The Charter preferred stock will substantially mirror the current terms of the Liberty Broadband preferred stock, including a mandatory redemption date of March 8, 2039. At the special meeting held on February 26, 2025, the requisite holders of Liberty Broadband\u2019s Series A common stock, Series B common stock and Series A cumulative redeemable preferred stock approved the adoption of the Merger Agreement, pursuant to which, among other things, Liberty Broadband will combine with Charter and divested the business of GCI (the \u201cGCI Business\u201d). II-2 Table of Contents In addition, in connection with the entry into the Merger Agreement, Charter, Liberty Broadband and Advance/Newhouse Partnership (\u201cA/N\u201d) entered into an amendment (the \u201cStockholders and Letter Agreement Amendment\u201d) to (i) that certain Second Amended and Restated Stockholders Agreement, dated as of May 23, 2015 (as amended, the \u201cStockholders Agreement\u201d), by and among Charter, Liberty Broadband, and A/N, and (ii) that certain Letter Agreement, dated as of February 23, 2021 (the \u201cLetter Agreement\u201d), by and betw Item 1. Business General Development of Business Liberty Broadband Corporation (\u201cLiberty Broadband,\u201d \u201cthe Company,\u201d \u201cus,\u201d \u201cwe,\u201d or \u201cour\u201d) is primarily comprised of an equity method investment in Charter. During May 2014, the board of directors of Liberty Media Corporation and its subsidiaries (\u201cLiberty\u201d) authorized management to pursue a plan to spin-off to its stockholders common stock of a wholly owned subsidiary, Liberty Broadband, and to distribute subscription rights to acquire shares of Liberty Broadband\u2019s common stock (the \u201cBroadband Spin-Off\u201d). Liberty Broadband was formed in 2014 as a Delaware corporation. On December 18, 2020, the original GCI Liberty, Inc. (\u201cprior GCI Liberty\u201d), the previous parent company of GCI, was acquired by Liberty Broadband. Through a number of prior years\u2019 transactions, Liberty Broadband has acquired an interest in Charter. Liberty Broadband controls 25.01% of the aggregate voting power of Charter as described below in \u201cBusiness \u2013 Ownership Interests.\u201d In July 2025, Liberty Broadband and its subsidiaries completed an internal reorganization preceding the GCI Divestiture (as defined below) to transfer the GCI Business (as defined below) to GCI Liberty, Inc. (\u201cGCI Liberty\u201d). Following the internal reorganization, GCI Liberty owns, directly or indirectly, GCI, LLC and the operations comprising, and the entities that conduct, the GCI Business (collectively, \u201cGCI\u201d). GCI Liberty was a wholly owned subsidiary of Liberty Broadband until the GCI Divestiture, which was completed on July 14, 2025. GCI Liberty is presented as a discontinued operation in the Company\u2019s consolidated financial statements. See note 2 to the accompanying consolidated financial statements for details of the GCI Divestiture. In connection with the Broadband Spin-Off, Liberty and Liberty Broadband entered into certain agreements in order to govern certain of the ongoing relationships between the two companies after the Broadband Spin-Off and to provide for an or Item 1A. Risk Factors The risks described below and elsewhere in this annual report are not the only ones that relate to our business or our capitalization. The risks described below are considered to be the most material. However, there may be other unknown or unpredictable economic, business, competitive, ", "title": "LBRDK - Liberty Broadband Corp", "url": "/company/LBRDK/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001607678; latest 10-K filed 2026-02-11.", "text": "VKTX - Viking Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001607678; latest 10-K filed 2026-02-11. VKTX Viking Therapeutics, Inc. 0001607678 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis in conjunction with Part II, \u201cItem 8. Financial Statements and Supplementary Data\u201d included below in this Annual Report on Form 10-K. Operating results are not necessarily indicative of results that may occur in future periods. The following discussion and analysis of our financial condition and results of operations contains forward-looking statements that involve a number of risks, uncertainties and assumptions. Actual events or results may differ materially from our expectations. Important factors that could cause actual results to differ materially from those stated or implied by our forward-looking statements include, but are not limited to, those set forth in Part I, \u201cItem 1A. Risk Factors\u201d in this Annual Report on Form 10-K. All forward-looking statements included in this Annual Report on Form 10-K are based on information available to us as of the time we file this Annual Report on Form 10-K and, except as required by law, we undertake no obligation to update publicly or revise any forward-looking statements. Overview We are a clinical-stage biopharmaceutical company focused on the development of novel, first-in-class or best-in-class therapies for metabolic and endocrine disorders. In January 2022, we announced the initiation of a Phase 1 single ascending dose, or SAD, and multiple ascending dose, or MAD, clinical trial of VK2735, a novel dual agonist of the glucagon-like peptide 1, or GLP-1, and glucose-dependent insulinotropic polypeptide, or GIP, receptors. VK2735 is being developed in both oral and subcutaneous formulations for the potential treatment of various metabolic disorders such as obesity. In March 2023, we announced the completion of the Phase 1 trial. The study was a randomized, double-blind, placebo-controlled, SAD and MAD study in healthy adults. The primary objectives of the study included evaluation of the safety and tolerability of single and multiple doses of VK2735 delivered subcutaneously and the identification of VK2735 doses suitable for further clinical development. Study investigators also evaluated the pharmacokinetics of single and multiple doses of VK2735. Based upon the results from this Phase 1 study, in September 2023, we initiated the VENTURE study, a Phase 2 clinical trial of VK2735 in patients with obesity. The Phase 2 VENTURE study was a randomized, double-blind placebo-controlled study to evaluate the safety, tolerability, pharmacokinetics and weight loss efficacy of VK2735, administered subcutaneously, once weekly. The 13-week study enrolled adults who were obese (BMI = 30 kg/m2) or adults who were overweight (BMI = 27kg/m2) with at least one weight-related co-morbidity condition. The primary endpoint of the study was the percent change in body weight from baseline to week 13, with secondary and exploratory endpoints evaluating a range of additional safety and efficacy measures. In October 2023, we announced completion of patient enrollment in the Phase 2 VENTURE study and on February 27, 2024, we announced that patients receiving weekly doses of VK2735 demonstrated statistically significant reductions in mean body weight after 13 weeks, ranging up to 14.7% from baseline. Patients receiving VK2735 also demonstrated statistically significant reductions in mean body weight relative to placebo, ranging up to 13.1%. In June 2025, we announced the initiation of two Phase 3 clinical studies to evaluate the subcutaneous formulation of VK2735, VANQUISH-1 and VANQUISH-2. In November 2025, we announced completion of enrollment in the VANQUISH-1 study. In March 2023, we announced the initiation of a Phase 1 clinical study to evaluate a novel oral formulation of VK2735. The study, which was an extension of our completed Phase 1 evaluation of subcutaneously administered VK2735, evaluated daily oral doses for 28 days. In March 2024, we an Item 1. Business. Overview We are a clinical-stage biopharmaceutical company focused on the development of novel, first-in-class or best-in-class therapies for metabolic and endocrine disorders. In January 2022, we announced the initiation of a Phase 1 single ascending dose, or SAD, and multiple ascending dose, or MAD, clinical trial of VK2735, a novel dual agonist of the glucagon-like peptide 1, or GLP-1, and glucose-dependent insulinotropic polypeptide, or GIP, receptors. VK2735 is being developed in both oral and subcutaneous formulations for the potential treatment of various metabolic disorders such as obesity. In March 2023, we announced the completion of the Phase 1 trial. The study was a randomized, double-blind, placebo-controlled, SAD and MAD study in healthy adults. The primary objectives of the study included evaluation of the safety and tolerability of single and multiple doses of VK2735 delivered subcutaneously and the identification of VK2735 doses suitable for further clinical development. Study investigators also evaluated the pharmacokinetics of single and multiple doses of VK2735. Based upon the results from this Phase 1 study, in September 2023, we initiated the VENTURE study, a Phase 2 clinical trial of VK2735 in patients with obesity. The Phase 2 VENTURE study was a randomized, double-blind placebo-controlled study to evaluate the safety, tolerability, pharmacokinetics and weight loss efficacy of VK2735, administered subcutaneously, once weekly. The 13-week study enrolled adults who were obese (BMI = 30 kg/m2) or adults who were overweight (BMI = 27kg/m2) with at least one weight-related co-morbidity condition. The primary endpoint of the study was the percent change in body weight from baseline to week 13, with secondary and exploratory endpoints evaluating a range of additional safety and efficacy measures. In October 2023, we announced completion of patient enrollment in the Phase 2 VENTURE study and on February 27, 2024, we announced t Item 1A. Risk Factors. You should consider carefully the following information about the risks described below, together with the other information contained in this Annual Report on Form 10-K and in our other public filings in evaluating our business. If any of the following risks actually occurs, our business, financ", "title": "VKTX - Viking Therapeutics, Inc.", "url": "/company/VKTX/" }, { "kind": "company", "summary": "SIC 3728 Aircraft Parts & Auxiliary Equipment, NEC; CIK 0002000178; latest 10-K filed 2026-03-02.", "text": "LOAR - Loar Holdings Inc. SIC 3728 Aircraft Parts & Auxiliary Equipment, NEC; CIK 0002000178; latest 10-K filed 2026-03-02. LOAR Loar Holdings Inc. 0002000178 3728 Aircraft Parts & Auxiliary Equipment, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion in conjunction with our audited consolidated financial statements including the related notes thereto, beginning on page F-1 of this Form 10-K. In addition to historical information, this discussion contains forward-looking statements that involve risks and uncertainties. You should read the sections of this10-K titled \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d for a discussion of the factors that could cause our actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. For purposes of this section, references to the \u201cCompany,\u201d \u201cLoar,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to Loar Holdings Inc., together with Loar Group Inc. and its other subsidiaries. Overview We specialize in the design, manufacture, and sale of niche aerospace and defense components that are essential for today\u2019s aircraft and aerospace and defense systems. We focus on mission-critical highly engineered solutions with high intellectual property content. Furthermore, our products have significant aftermarket exposure, which has historically generated predictable and recurring revenue. We estimate that approximately 55% of our 2025 net sales were derived from aftermarket products. The products we manufacture cover a diverse range of applications supporting nearly every major aircraft platform in use today and include auto throttles, lap-belt airbags, two- and three-point seat belts, water purification systems, fire barriers, polyimide washers and bushings, latches, interior securing devices, hold-open and tie rods, temperature and fluid sensors and switches, carbon and metallic brake discs, fluid and pneumatic-based ice protection, RAM air components, sealing solutions and motion and actuation devices, customized edge-lighted panels and knobs and annunciators for incandescent and LED illuminated pushbutton switches, high-performance fans and cooling devices, lighting, Human-Machine Interface products, and bespoke lighting systems, among others. We primarily serve three core end markets: commercial aerospace, business jet and general aviation, and defense, which have long historical track records of consistent growth. We also serve a diversified customer base within these end markets where we maintain long-standing customer relationships. We believe that the demanding, extensive and costly qualification process for new entrants, coupled with our history of consistently delivering exceptional solutions for our customers, has provided us with leading market positions and created significant barriers to entry for potential competitors. By utilizing differentiated design, engineering, and manufacturing capabilities, along with a highly targeted acquisition strategy, we have sought to create long-term, sustainable value with a consistent, global business model. As a specialized supplier in the aerospace and defense component industry, we believe we are well positioned to deliver innovative, mission-critical solutions to a wide array of aerospace and defense customers. Our key competitive strengths support our ability to offer differentiated solutions to our customers. We have a portfolio of mission-critical, niche aerospace and defense components that we believe hold leading market positions. We have intellectual property-driven proprietary products and expertise in an industry with high barriers to entry. We are strategically focused on higher-margin aftermarket content. We have highly diversified revenue streams, and our diversification stretches across end-markets, customers, platforms, and product category or application. We have an established business model with a lean, entrepreneurial structure. We have a disciplined and strategic approach to acquisitions with a history of successful integration. Item 1. Business. Our Company We specialize in the design, manufacture, and sale of niche aerospace and defense components that are essential for today\u2019s aircraft and aerospace and defense systems. Our focus on mission-critical, highly engineered solutions with high-intellectual property content resulted in approximately 89% of our 2025 net sales being derived from proprietary products where we believe we hold market-leading positions. Furthermore, our products have significant aftermarket exposure, which has historically generated predictable and recurring revenue. We estimate that approximately 55% of our 2025 net sales were derived from aftermarket products. The products we manufacture cover a diverse range of applications supporting nearly every major aircraft platform in use today and include auto throttles, lap-belt airbags, two- and three-point seat belts, water purification systems, fire barriers, polyimide washers and bushings, latches, interior securing devices, hold-open and tie rods, temperature and fluid sensors and switches, carbon and metallic brake discs, fluid and pneumatic-based ice protection, RAM air components, sealing solutions and motion and actuation devices, customized edge-lighted panels and knobs and annunciators for incandescent and LED illuminated pushbutton switches, high-performance fans and cooling devices, lighting, Human-Machine Interface products, and bespoke lighting systems, among others. We primarily serve three core end markets: commercial, business jet and general aviation, and defense, which have long historical track records of consistent growth. We also serve a diversified customer base within these end markets where we maintain long-standing customer relationships. We believe that the demanding, extensive and costly qualification process for new entrants, coupled with our history of consistently delivering exceptional solutions for our customers, has provided us with leading market positions and created significant barr Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. Before making an investment decision, you should carefully consider the risks and uncertainties described below, together with the other information contained in our audited financial statements and the related notes,", "title": "LOAR - Loar Holdings Inc.", "url": "/company/LOAR/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001868159; latest 10-K filed 2026-02-25.", "text": "LINE - Lineage, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001868159; latest 10-K filed 2026-02-25. LINE Lineage, Inc. 0001868159 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read together with the consolidated financial statements and related notes included in this Annual Report on Form 10-K. In addition, the following discussion contains forward-looking statements, such as statements regarding our expectation for future performance, liquidity, and capital resources, that involve risks, uncertainties, and assumptions that could cause actual results to differ materially from our expectations. Our actual results may differ materially from those contained in or implied by any forward-looking statements as a result of various factors, including those set forth below and those described under Item 1A. Risk Factors of this Annual Report. Management\u2019s Overview We are the world\u2019s largest global temperature-controlled warehouse REIT, with a modern and strategically located network of properties. Our business is competitively positioned to deliver a seamless end-to-end, technology-enabled experience for a well-diversified and stable customer base, each with their own unique requirements in the temperature-controlled supply chain. As of December 31, 2025, we operated an interconnected global temperature-controlled warehouse network, comprising approximately 88 million square feet and 3.1 billion cubic feet of capacity across 501 warehouses predominantly located in densely populated critical-distribution markets, with 326 in North America, 89 in Asia-Pacific, and 86 in Europe. We view, manage, and report on our business through two segments: \u2022Global warehousing, which utilizes our high-quality industrial real estate properties to provide temperature-controlled warehousing storage and services to our customers; and 64 \u2022Global integrated solutions, which complements warehousing with supply chain services to facilitate the movement of products through the food supply chain to generate cost savings for customers and additional revenue streams for our company. Components of Our Results of Operations Global Warehousing Segment. Our primary business is owning and operating temperature-controlled warehouses. Revenue. Our global warehousing segment revenues are generated from storing frozen and perishable food and other products and providing related warehouse services for our customers. Storage revenues relate to the act of storing products for our customers within our warehouses. Storage revenues can be in the form of storage fees we charge customers for utilization of non-exclusive space or a set amount of reserved space in a warehouse, blast freezing fees we charge customers for utilization of specific ultra-cold spaces within a warehouse designed to rapidly reduce product temperature, and rent we charge customers for the lease of warehouse space pursuant to a lease agreement. Warehouse services fees relate to handling and other services required to prepare and move customers\u2019 pallets into, out of, and around the facilities. As part of our warehouse services, we offer receipt, handling, case-picking, retrieval of products from storage, building customized pallets and repackaging, order assembly and load consolidation, exporting and importing support services, container handling, cross-docking, quality control, and government-approved storage and inspection, among other services. We utilize one of four types of contracts with our customers for use of space within our warehouses \u2013 warehouse agreements, rate letters, tariff sheets, and lease agreements. We may have one contract with a customer that covers all of the warehouses where we store products for the customer or, more typically, multiple contracts with the same customer, which may be driven by a variety of factors, such as the geographic location of the products stored by the customer, the type of products stored by the customer, or the different business units of a cu Item 1. Business Overview We are the world\u2019s largest global temperature-controlled warehouse REIT, with a modern and strategically located network of properties. Our business is competitively positioned to deliver a seamless end-to-end, technology-enabled, customer experience for thousands of customers, each with their own unique requirements in the temperature-controlled supply chain. As of December 31, 2025, we operated an interconnected global temperature-controlled warehouse network, comprising approximately 88 million square feet and 3.1 billion cubic feet of capacity across 501 warehouses predominantly located in densely populated critical-distribution markets, with 326 in North America, 89 in Asia-Pacific, and 86 in Europe. We have a well-diversified and stable customer base and currently serve more than 11,000 customers that include household names of the largest food retailers, manufacturers, processors, and food service distributors in the industry. For the year ended December 31, 2025, we generated $5.4 billion of revenue, $0.1 billion of net loss, $1.7 billion of net operating income (\u201cNOI\u201d) and $1.3 billion of Adjusted EBITDA. For definitions of NOI and Adjusted earnings before interest, taxes, depreciation, and amortization (\u201cEBITDA\u201d) and reconciliations of each of these non-GAAP measures to the most directly comparable GAAP financial measure, refer to the section titled \u201cNon-GAAP Financial Measures\u201d in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of this Annual Report. Recent Acquisitions, Greenfields, and Expansions Highlights During the year ended December 31, 2025, we acquired four cold storage warehouses and other related assets from Tyson Foods for $256 million. Additionally, we entered into an agreement to design, build, and operate two fully automated cold storage warehouses, with Tyson Foods as the anchor customer. In the second half of the year, we broke ground on the construction of one of Item 1A. Risk Factors Investing in our common stock involves risks. Before you invest in our common stock, you should carefully consider the risk factors below together with all of the other information included in this Annual Report. If any of the risks discussed herein were to occur, our business, financial condition, liquidity, results o", "title": "LINE - Lineage, Inc.", "url": "/company/LINE/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001818201; latest 10-K filed 2026-02-24.", "text": "CCC - CCC Intelligent Solutions Holdings Inc. SIC 7372 Services-Prepackaged Software; CIK 0001818201; latest 10-K filed 2026-02-24. CCC CCC Intelligent Solutions Holdings Inc. 0001818201 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read together with our audited consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from the forward-looking statements included herein. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the section titled \u201cSpecial Note Regarding Forward-Looking Statements and Risk Factors\u201d and \u201cRisk Factors\u201d as set forth elsewhere in this Annual Report on Form 10-K. Business Overview Founded in 1980, CCC is a leading Software-as-a-Service (\u201cSaaS\u201d) and AI platform provider for the multi-trillion-dollar insurance economy powering operations for insurers, repairers, automakers, part suppliers, and more. CCC cloud technology connects more than 35,000 businesses digitizing mission-critical workflows, commerce, and customer experiences. A trusted leader in AI, customer experience, network and workflow management, CCC delivers technology that turns crucial moments into intelligent experiences, with the goal of shaping a world where life just works. Our business has been built upon two foundational pillars: automotive insurance claims and automotive collision repair. For decades we have delivered leading software solutions to both the insurance and repair industries, including pioneering Direct Repair Programs (\u201cDRP\u201d) in the United States (\u201cU.S.\u201d) beginning in 1992. DRP connects auto insurers and collision repair shops to create business value for both parties, and requires digital tools to facilitate interactions and manage partner programs. Insurer-to-shop DRP connections have created a strong network effect for CCC\u2019s platform, as insurers and repairers both benefit by joining the largest network to maximize opportunities. This has led to a virtuous cycle in which more insurers on the platform drives more value for the collision shops on the platform, and vice versa. We believe we have become a leading insurance and repair SaaS and AI provider in the U.S. by increasing the depth and breadth of our SaaS offerings over many years. Our insurance solutions help insurance carriers manage mission-critical workflows across the claims lifecycle, while building intelligent experiences for their customers. Our software integrates seamlessly with both legacy and modern systems and enables insurers to rapidly innovate on our platform. Our repair solutions help collision repair facilities achieve better performance throughout the collision repair cycle by digitizing processes to drive business growth, streamline operations, and improve repair quality. We have more than 300 insurers on our network, connecting with more than 30,500 repair facilities through our multi-tenant cloud platform. We believe our software is the architectural backbone of insurance DRP systems and is a primary driver of material revenue for our collision repair shop customers and a source of material efficiencies for our insurance carrier customers. Our platform is designed to solve the \u201cmany-to-many\u201d problem faced by the insurance economy. There are numerous internally and externally developed insurance software solutions in the market today, with the vast majority of applications focused on insurance-only use cases and not on serving the broader insurance ecosystem. We have prioritized building a leading network around our automotive insurance and collision repair pillars to further digitize interactions and maximize value for our customers. We have tens of thousands of companies on our platform that participate in the insurance economy, including insurers, repairers, parts suppliers, and automotive manufacturers. Our Item 1. Business. Founded in 1980, CCC is a leading Software-as-a-Service (\u201cSaaS\u201d) and AI platform provider for the multi-trillion-dollar insurance economy powering operations for insurers, repairers, automakers, part suppliers, and more. CCC cloud technology connects more than 35,000 businesses digitizing mission-critical workflows, commerce, and customer experiences. A trusted leader in AI, customer experience, network and workflow management, CCC delivers technology that turns crucial moments into intelligent experiences, with the goal of shaping a world where life just works. Our business has been built upon two foundational pillars: automotive insurance claims and automotive collision repair. For decades we have delivered leading software solutions to both the insurance and repair industries, including pioneering Direct Repair Programs (\u201cDRP\u201d) in the United States (\u201cU.S.\u201d) beginning in 1992. DRP connects auto insurers and collision repair shops to create business value for both parties, and requires digital tools to facilitate interactions and manage partner programs. Insurer-to-shop DRP connections have created a strong network effect for CCC\u2019s platform, as insurers and repairers both benefit by joining the largest network to maximize opportunities. This has led to a virtuous cycle in which more insurers on the platform drives more value for the collision shops on the platform, and vice versa. We believe we have become a leading insurance and repair SaaS and AI provider in the U.S. by increasing the depth and breadth of our SaaS offerings over many years. Our insurance solutions help insurance carriers manage mission-critical workflows across the claims lifecycle, while building intelligent experiences for their customers. Our software integrates seamlessly with both legacy and modern systems and enables insurers to rapidly innovate on our platform. Our repair solutions help collision repair facilities achieve better performance throughout the collision rep Item 1A. Risk Factors. Investing in our securities involves risks. You should consider carefully the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysi", "title": "CCC - CCC Intelligent Solutions Holdings Inc.", "url": "/company/CCC/" }, { "kind": "company", "summary": "SIC 3728 Aircraft Parts & Auxiliary Equipment, NEC; CIK 0002040127; latest 10-K filed 2026-04-03.", "text": "KRMN - Karman Holdings Inc. SIC 3728 Aircraft Parts & Auxiliary Equipment, NEC; CIK 0002040127; latest 10-K filed 2026-04-03. KRMN Karman Holdings Inc. 0002040127 3728 Aircraft Parts & Auxiliary Equipment, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. You should read the following discussion in conjunction with our audited consolidated financial statements, including the related notes thereto, contained within this Item 8 of this Annual Report. In addition to historical information, this discussion contains forward-looking statements that involve risks and uncertainties. You should read the sections of this Annual Report titled \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d for a discussion of the factors that could cause our actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. For purposes of this section, references to the \u201cCompany,\u201d \u201cKarman,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to TCFIII Spaceco Holdings and its other subsidiaries prior to the Corporate Conversion and to Karman Holdings Inc. or Karman Holdco and its consolidated subsidiaries for all periods following the Corporate Conversion. Overview We specialize in the upfront design, testing, manufacturing, and sale of mission-critical systems for existing and emerging missile, missile and defense, and space programs. Our integrated payload protection, propulsion, and interstage system solutions are deployed across a wide variety of existing and emerging programs supporting important Department of War (\u201cDOW\u201d) and space sector initiatives. We estimate that no single program accounted for more than 12% of sales in the twelve months ended December 31, 2025 or the twelve months ended December 31, 2024, with revenue from over 130 active programs supporting current production and next-generation space, missile, hypersonics, and defense applications. We believe that our engineering expertise and track record with critical piece, part and subcomponent manufacturing positions us to successfully serve customers who rely on us to deliver the technical design and scaled manufacturing of integrated system solutions that are required to withstand extreme environments and meet stringent performance requirements. Our highly engineered solutions are organized into three key families: Payload Protection and Deployment Systems, Propulsion Systems, and Aerodynamic and Interstage Systems: Payload Protection Systems: involves the full design and manufacturing of the top section of a booster, launch vehicle, payload, or missile system. Aerodynamic and Interstage Systems: involves supporting metallic and composite subsystems designed to enhance aerodynamics and enable different modes of interstage separation. Propulsion Systems: involves the integrated offering of solid rocket motors and supporting subsystems, critical subsystems for liquid fueled rocket motors, launch systems, and ablative composites. Our solutions are deployed across three growing, core end markets including: Hypersonics and Strategic Missile Defense, Missile and Tactical Integrated Defense Systems, and Space and Launch. We currently serve a diverse customer base supported by long-term relationships and engineering partnerships and believe that our differentiated technical design, intellectual property, and track record of mission success provides us with a value proposition that proves difficult to replicate by current competitors and potential future entrants. By utilizing our vertically integrated, concept-to-production capabilities, we have created a business model aimed at creating long-term, sustainable value for our customers, the programs we support, and the warfighter. Our business is guided by a key, overarching mission \u2013 to expand what\u2019s possible in space and defense through the relentless pursuit of innovation, integration, and collaboration. Our business model is focused on providing innovative and reliable integrated system solutions, utilizing our concept-to-production capabilities. which include comprehensive in-house design, a ITEM 1. BUSINESS Our Company We specialize in the upfront design, testing, manufacturing, and sale of mission-critical systems for existing and emerging, high-priority missile and defense, and space programs. Our integrated payload protection, interstage and propulsion system solutions are deployed across a wide variety of existing and emerging programs supporting important Department of War (\u201cDoW\u201d) and space sector initiatives. For the years ending December 31, 2025 and 2024, we estimate that no single program out of the more than 130 active programs in production and development that we support accounted for more than 12% of our revenue, on average, for those twelve month periods. Our revenue base is diversified across these active programs, supporting current production and next-generation space, missile, hypersonics, and defense applications. We believe that our engineering expertise, vertically integrated production capabilities, and successful track record with critical subcomponent and subsystem design and manufacturing position us to successfully serve our prime contractor customers. Our customers rely on us to design and deliver integrated system at scale that must operate effectively in extreme environments while meeting stringent performance requirements. We organize our highly engineered solutions in three key families: Payload Protection and Deployment Systems, Aerodynamic Interstage Systems, and Propulsion Systems: \u2022 Payload Protection and Deployment Systems: full design and manufacturing of the top section of a booster, launch vehicle, payload, or missile system \u2022 Aerodynamic Interstage Systems: supporting metallic and composite subsystems designed to enhance aerodynamics and enable different modes of interstage separation \u2022 Propulsion Systems: integrated solid rocket motors and supporting subsystems, critical subsystems for liquid fueled rocket motors, launch systems, and ablative composites We supply our solutions across three growing, core e ITEM 1A. RISK FACTORS An investment in our common stock involves a high degree of risk. You should carefully consider the following risk factors and the other information in this Annual Report on Form 10-K before investing in our common stock. Our business and results of operations could be seriously ha", "title": "KRMN - Karman Holdings Inc.", "url": "/company/KRMN/" }, { "kind": "company", "summary": "SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0000924805; latest 10-K filed 2026-06-01.", "text": "FRHC - Freedom Holding Corp. SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0000924805; latest 10-K filed 2026-06-01. FRHC Freedom Holding Corp. 0000924805 6211 Security Brokers, Dealers & Flotation Companies ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis is intended to assist you in understanding the results of operations and present financial condition of Freedom Holding Corp. (\"FRHC\") and its consolidated subsidiaries in Part II Item 8 of this annual report as well as the information set forth in Part I Item 1 \"Business\" of this annual report. Except where the context otherwise requires or where otherwise indicated, references herein to the \"Company,\" \"Freedom,\" \"we,\" \"our,\" 65 Table of Contents and \"us\" mean FRHC together with its consolidated subsidiaries. This discussion contains certain forward-looking statements that involve known and unknown risks, uncertainties, and other factors as described under the heading \"Special Note About Forward-Looking Information\" in this annual report. Actual results could differ materially from those projected in any forward-looking statements. For additional information regarding these risks and uncertainties, see the disclosure under the heading \"Risk Factors\" in Part I Item 1A of this annual report. This discussion summarizes the significant factors affecting our consolidated operating results, financial condition, liquidity and capital resources for fiscal 2026 and 2025. For a discussion of our results of operations for fiscal 2024, see \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II Item 7 of our annual report on Form 10-K for the fiscal year ended March 31, 2025 filed with the SEC on June 13, 2025. OVERVIEW FRHC is organized under the laws of the State of Nevada and acts as a holding company for all of our operating subsidiaries. Our subsidiaries engage in a broad range of activities including securities brokerage, securities dealing for customers and for our own account, underwriting, market making activities, investment research, investment counseling, retail and commercial banking, insurance products, payment services, and information processing services. We also own several ancillary businesses which complement our core financial services businesses, including telecommunications and media businesses in Kazakhstan that are in a developmental stage. Our mission has always been to democratize access to financial markets for global customers. Our company was founded to provide access to the international capital markets for retail brokerage customers and has rapidly grown providing a world-class digital infrastructure that has led to innovative, integrated financial technologies that address customer needs in Kazakhstan, our home market, and dozens of other countries across Europe, Asia, and North America. Our principal executive office is in New York, United States. We have subsidiaries or otherwise maintain a presence in Kazakhstan, Uzbekistan, Kyrgyzstan, Cyprus, Germany, the United Kingdom, Greece, Spain, France, Poland, Lithuania, Austria, Bulgaria, Italy, Netherlands, Portugal, the United States, T\u00fcrkiye, Armenia, Azerbaijan, Tajikistan, and the United Arab Emirates. We divested our Russian subsidiaries in February 2023. Our subsidiaries in the United States include an SEC- and FINRA-registered broker dealer. As of March 31, 2026, we had 11,846 employees, 230 offices (of which 32 offered brokerage services, 63 offered insurance services, 9 offered banking services and 126 offered other financial and non-financial services). Summary of Results of Operations The highlights of our consolidated results for fiscal 2026 are as follows: \u2022We had total revenues, net of $2,191.3 million for fiscal 2026, as compared to $2,004.2 million for fiscal 2025. The increase from fiscal 2025 and 2026 was primarily attributable to the following: \u25e6Our interest income for fiscal 2026 was $882.5 million, representing an increase of $18.0 million, or 2%, compared to fiscal 2025. The increase was primarily driven by increased usage of margin loans by customers ITEM 1. BUSINESS OVERVIEW Freedom Holding Corp. (\"FRHC\") is organized under the laws of the State of Nevada and acts as a holding company for all of our subsidiaries. Our subsidiaries engage in a broad range of activities including securities brokerage, securities dealing for customers and for our own account, market making activities, investment research, investment counseling, retail and commercial banking, and insurance products. We also own several ancillary businesses and lifestyle solutions, which complement our core financial services businesses, including payment and information processing services, entertainment and travel ticketing services, e-commerce business, cloud services, and telecommunications and media businesses in Kazakhstan that are in a developmental stage. Our mission has always been to democratize access to financial markets for global customers. Our company was founded to provide access to the international capital markets for retail brokerage customers and has rapidly grown providing a world-class digital infrastructure that has led to innovative, integrated financial technologies that address customer needs in Kazakhstan, our home market, and dozens of other countries across Europe, Asia, and North America. The main market of our operations is Kazakhstan. Our operating subsidiaries are located in Kazakhstan, Cyprus, the United States, the United Kingdom, Armenia, the United Arab Emirates, Uzbekistan, Kyrgyzstan, Tajikistan, Azerbaijan, T\u00fcrkiye, Bulgaria, Germany, Greece, Lithuania, The Netherlands, Portugal, Spain, Austria, France and Poland and the Group also has representative office in Italy. We divested our Russian subsidiaries in February 2023. Our subsidiaries in the United States include an SEC- and FINRA-registered broker dealer. As of March 31, 2026, we had 11,627 full-time employees, 230 offices (of which 32 offered brokerage services, 63 offered insurance services offices, 9 offered banking services and 126 offered other fin ITEM 1A. RISK FACTORS The risks and uncertainties described in the risk factors below are those that we currently consider material, and the statements contained elsewhere in this annual report, including our financial statements, should be read together with these risk factors. The occurren", "title": "FRHC - Freedom Holding Corp.", "url": "/company/FRHC/" }, { "kind": "company", "summary": "SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0001511737; latest 10-K filed 2025-08-22.", "text": "UI - Ubiquiti Inc. SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0001511737; latest 10-K filed 2025-08-22. UI Ubiquiti Inc. 0001511737 3663 Radio & Tv Broadcasting & Communications Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview We develop technology platforms for high-capacity distributed Internet access, unified information technology, and consumer electronics for professional, home and personal use. We categorize our solutions into three main categories: high performance networking technology for enterprises, service providers and consumers. We target the enterprise and service provider markets through our highly engaged community of service providers, distributors, value added resellers, webstores, systems integrators and corporate IT professionals, which we refer to as the Ubiquiti Community. We target consumers through digital marketing, including through our webstores, retail chains and, to a lesser extent, the Ubiquiti Community. In addition to Mr. Pera, our founder, Chairman of the Board and Chief Executive Officer, who is central to our business, the majority of our human capital resources consist of entrepreneurial and de-centralized research and development (\u201cR&D\u201d) personnel. We do not employ a traditional direct sales force, but instead drive brand awareness through online reviews and publications, our website, our distributors and our user community where customers can interface directly with our R&D, marketing, and support teams. Our technology platforms were designed from the ground up with a focus on delivering highly-advanced and easily-deployable solutions that appeal to a global customer base. We offer a broad and expanding portfolio of networking products and solutions for operator-owners of wireless internet services (\u201cWISPs\u201d), enterprises and smart homes. Our operator-owner service-provider-product platforms provide carrier-class network infrastructure for fixed wireless broadband, wireless backhaul systems and routing and the related software for WISPs to easily control, track and bill their customers. Our enterprise product platforms provide wireless LAN (\u201cWLAN\u201d) infrastructure, video surveillance products, switching and routing solutions, security gateways, door access systems, and other complimentary WLAN products along with a unique software platform, which enables users to control their network from one simple, easy to use software interface. Our consumer products are targeted to the smart home and highly connected consumers. We believe that our products are differentiated due to our proprietary software, firmware expertise, and hardware design capabilities. We distribute our products through a worldwide network of over 100 distributors and online retailers and direct to customers through our webstores. Tariff and Trade Tensions \u2013 Recently, the U.S. government has issued several executive orders imposing significant tariffs on imports from China, and tariffs on most imports from other counties, including Vietnam. The U.S government has made numerous changes to the tariff rates including temporary pauses with a reduction in rates and product exclusions. In addition, the U.S. government may in the future propose and implement additional changes to international trade agreements and tariffs. These actions have increased the cost of importing products containing certain raw materials and have affected our operating results and margins. The magnitude and scope of the recent changes have increased and will significantly increase our product costs. For so long as such tariffs are in effect, we expect it will continue to affect our operating results and margins. As a result, our historical and current gross profit margins may not be indicative of our gross profit margins for future periods. Refer to \u201cPart I\u2014Item 1A. Risk Factors\u2014Risks Related to Our International Operations\u2014Our business may be negatively affected by geopolitical events and foreign policy responses\u201d for additional information. Supply Constraints and Risks \u2013 We have experienced in the past, particularly from 2020 to 2023, and may experience in the future, pe Item 1. Business Business Overview The Company was founded by Robert Pera in 2005. We sell equipment, and provide the related software platforms, worldwide through a network of over 100 distributors, on-line retailers and direct to customers through our webstores. Ubiquiti is focused on democratizing network technology on a global scale. Our devices play a role in creating networking infrastructure in over 200 countries and territories around the world. Our professional networking products are powered by our UISP and UniFi OS software platforms to provide high-capacity distributed Internet access and unified information technology management, respectively. We develop technology platforms for high-capacity distributed Internet access, unified information technology, and consumer electronics for professional, home and personal use. We categorize our solutions into three main categories: high performance networking technology for enterprises, service providers and consumers. We target the enterprise and service provider markets through our highly engaged community of service providers, distributors, value added resellers, webstores, systems integrators and corporate IT professionals, which we refer to as the Ubiquiti Community. We target consumers through digital marketing, including through our webstores, retail chains and, to a lesser extent, the Ubiquiti Community. In addition to Mr. Pera, our founder, Chairman of the Board and Chief Executive Officer, who is central to our business, the majority of our human capital resources consist of entrepreneurial and de-centralized research and development (\u201cR&D\u201d) personnel. We do not employ a traditional direct sales force, but instead drive brand awareness through online reviews and publications, our website, our distributors and the Company\u2019s user community where customers can interface directly with our R&D, marketing, and support teams. Our technology platforms were designed from the ground up with a focus on deliver Item 1A. Risk Factors This Annual Report on Form 10-K contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, the risk factors set forth ", "title": "UI - Ubiquiti Inc.", "url": "/company/UI/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000875357; latest 10-K filed 2026-02-18.", "text": "BOKF - BOK FINANCIAL CORP SIC 6021 National Commercial Banks; CIK 0000875357; latest 10-K filed 2026-02-18. BOKF BOK FINANCIAL CORP 0000875357 6021 National Commercial Banks ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [[\"Table 1 \\u2013 Consolidated Selected Financial Data\"],[\"\",\"December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Selected Financial Data\"],[\"Earnings per share (based on average equivalent shares):\"],[\"Basic and diluted\",\"$\",\"9.17\",\"\",\"\",\"$\",\"8.14\",\"\",\"\",\"$\",\"8.02\"],[\"Percentages (based on daily averages):\"],[\"Return on average assets\",\"1.12\",\"%\",\"\",\"1.03\",\"%\",\"\",\"1.10\",\"%\"],[\"Return on average shareholders' equity\",\"9.89\",\"%\",\"\",\"9.82\",\"%\",\"\",\"10.82\",\"%\"],[\"Dividend payout ratio\",\"25.41\",\"%\",\"\",\"27.20\",\"%\",\"\",\"27.00\",\"%\"],[\"Allowance for loan losses to loans\",\"1.08\",\"%\",\"\",\"1.16\",\"%\",\"\",\"1.16\",\"%\"],[\"Combined allowance for credit losses to loans1\",\"1.28\",\"%\",\"\",\"1.38\",\"%\",\"\",\"1.36\",\"%\"]] [[/GREPCENT_TABLE]] 1 Includes allowance for loan losses and accrual for off-balance sheet credit risk. 23 Management\u2019s Assessment of Operations and Financial Condition Overview The following discussion is management's analysis to assist in the understanding and evaluation of the financial condition and results of operations of BOK Financial. This discussion should be read in conjunction with the Consolidated Financial Statements and footnotes and selected financial data presented elsewhere in this report. This section and other sections provide information about our recent financial performance. For information about results of operations for 2024 compared with 2023, see the respective sections in Management's Discussion and Analysis included in our 2024 Form 10-K filed on February 19, 2025. Reflecting the Federal Reserve's cautious confidence that inflation is moderating, the federal funds rate was reduced by 75 basis points over the last four months of 2025 to balance between inflation progress and emerging labor-market risks. The housing market showed some signs of recovery, with slight increases in sales and inventory. Homeownership affordability is being significantly impacted by the combination of higher mortgage interest rates and elevated home prices, which has greatly affected first-time homebuyers. Consumer spending also continues to remain stable but constrained, supported by continued demand for essential services while discretionary spending softened amid elevated prices and increased budget sensitivity. Unemployment increased slightly to 4.4% for December 2025. See \"Summary of Credit Loss Experience\" section of Management's Discussion and Analysis for additional discussion around our economic forecast. Performance Summary Net income for the year ended December 31, 2025, totaled $578.0 million, or $9.17 per diluted share, compared with net income of $523.6 million, or $8.14 per diluted share, for the year ended December 31, 2024. PPNR1, a non-GAAP measure, was $742.6 million for 2025, compared to $684.7 million in the prior year. Highlights of 2025 included: \u2022Net interest income totaled $1.3 billion for 2025, a $116.6 million increase over the prior year. Net interest margin was 2.87% for 2025, compared to 2.65% for 2024, reflecting the funding shift from wholesale borrowings to interest-bearing deposits, along with improving yields on the AFS securities portfolio. Average earning assets were $46.4 billion for 2025, up $866 million over 2024, largely due to expansion of the AFS securities portfolio and growth in loan portfolio balances. \u2022Fees and commissions revenue was $800.7 million for 2025, consistent with the prior year. Brokerage and trading revenue decreased $58.4 million, largely due to a shift from trading revenue to net interest income on trading securities. Fiduciary and asset management revenue increased $26.3 million led by growth in trust fees related to higher market valuations and continued growth in client relationships. Transaction card revenue was up $8.8 million due to disciplined pricing strategies, targeted customer acquisition efforts, and an increase in the volume of transactions p ITEM 1. BUSINESS General Developments relating to individual aspects of the business of BOK Financial are described below. Additional discussion of the Company\u2019s activities during the current year appears within Item 7 \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\" Description of Business BOK Financial is a financial holding company incorporated in the state of Oklahoma in 1990 whose activities are governed by the BHCA, as amended by the Financial Services Modernization Act or Gramm-Leach-Bliley Act and the Dodd-Frank Act. BOK Financial offers full service banking in Oklahoma, Texas, New Mexico, Northwest Arkansas, Colorado, Arizona, and Kansas/Missouri. At December 31, 2025, the Company reported total consolidated assets of $52 billion. BOKF, NA is a wholly owned subsidiary bank of BOK Financial. BOKF, NA operates TransFund and Cavanal Hill Investment Management. BOKF, NA operates banking divisions across eight states: Bank of Albuquerque, Bank of Oklahoma, Bank of Texas and BOK Financial in Arizona, Arkansas, Colorado, Kansas, and Missouri; as well as having limited purpose offices in Nebraska, Wisconsin, Connecticut, and Tennessee. Other wholly owned subsidiaries of BOK Financial include BOK Financial Securities, Inc., a broker/dealer that primarily engages in retail and institutional securities sales and municipal bond underwriting; and BOK Financial Private Wealth, Inc., an investment adviser to high net-worth clients. Other non-bank subsidiary operations do not have a significant effect on the Company\u2019s financial statements. Our overall strategic objective is to emphasize growth in long-term value by building on our leadership position in Oklahoma through expansion into other high-growth markets in contiguous states. We operate primarily in the metropolitan areas of Tulsa and Oklahoma City, Oklahoma; Dallas, Fort Worth, Houston, and San Antonio, Texas; Albuquerque, New Mexico; Denver, Colorado; Phoenix, Arizona ITEM 1A. RISK FACTORS BOK Financial Corporation and its subsidiaries could be adversely affected by risks and uncertainties that could have a material impact on its financial condition and results of operations, as well as on its common stock and other financial instruments. Risk factors which are significant to the Company include, but are not ", "title": "BOKF - BOK FINANCIAL CORP", "url": "/company/BOKF/" }, { "kind": "company", "summary": "SIC 3140 Footwear, (No Rubber); CIK 0001977102; latest 10-K filed 2025-12-18.", "text": "BIRK - Birkenstock Holding plc SIC 3140 Footwear, (No Rubber); CIK 0001977102; latest 10-K filed 2025-12-18. BIRK Birkenstock Holding plc 0001977102 3140 Footwear, (No Rubber) Overview BIRKENSTOCK is a revered global brand rooted in function, quality and tradition dating back to 1774. We are guided by a simple, yet fundamental insight: human beings are intended to walk barefoot on natural, yielding ground, a concept we refer to as \u201cNaturgewolltes Gehen.\u201d Our purpose is to empower all people to walk as intended by nature. The legendary BIRKENSTOCK footbed represents the best alternative to walking barefoot, encouraging proper foot health by evenly distributing weight and reducing pressure points and friction. We believe our function-first approach is universally relevant; all humans \u2014 anywhere and everywhere \u2014 deserve to walk in our footbed. We primarily generate revenue through the sale of footbed-based products from our broad portfolio of over 700 silhouettes, anchored by our iconic Core Silhouettes, the Madrid, Arizona, Boston, Gizeh and Mayari. We engineer and produce 100% of our footwear in the EU through our vertically integrated manufacturing operations, thereby ensuring each pair sold meets our rigorous quality standards. Our materials and components are primarily sourced from suppliers in Europe and considered to be processed under the highest environmental and social standards in the industry. Our strongest, most developed segments are the Americas and EMEA, which represented 52% and 37% of revenue, respectively, for the year ended September 30, 2025. Our APAC segment has demonstrated considerable growth potential, which has not been fully realized historically due to the finite nature of our product supply as a result of limited production capacities, and our deliberate decisions to prioritize the Americas and EMEA segments. We optimize growth and profitability through a multi-channel DTC and B2B distribution strategy that we refer to as 'engineered distribution.' We operate our channels synergistically, seeking to grow both simultaneously. We utilize the B2B channel to facilitate brand accessibility while steering consumers to our DTC channel, which offers our complete product range and access to our most desired and unique silhouettes. Across both channels, we execute a strategic allocation and product segmentation process, often down to the single door level, to ensure we sell the right product in the right channel at the right price point. This approach 63 Table of Contents is centered on the strategic calibration of our ASP and employs key levers such as the expansion of our DTC channel, market conversions from third-party distributors, optimization of our wholesale partner network, increased overall share of premium products and strategic pricing. This process allows us to manage the finite nature of our production capacity with a rigorous focus on control of our brand image and profitability. As a result, we drive top-line growth and margins, prevent brand dilution and deepen our connection to consumers. Our DTC footprint promotes direct consumer relationships and provides access to BIRKENSTOCK in its purest form. Our DTC channel enables us to express our brand identity, engage directly with our global fan base, capture real-time data on customer behavior and provide consumers with unique product access to our most distinctive styles. Additionally, our high levels of organic demand creation, together with higher ASPs, support consistently attractive profitability in the DTC channel. Our wholesale strategy is defined by intentionality in partner selection and identifying the best partners in each segment and price point. We segment our wholesale product line availability into specific retailer quality tiers, ensuring we allocate the right product to the right channel for the right consumer. For example, we limit access to our premium 1774 product line and certain collaboration products to a curated group of brand partners. To a great extent, growth is driven by existing doors, as our partners expand the breadth and depth of their BIRKENSTOCK offerings. New doors are primaril", "title": "BIRK - Birkenstock Holding plc", "url": "/company/BIRK/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001515673; latest 10-K filed 2026-02-18.", "text": "RARE - Ultragenyx Pharmaceutical Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001515673; latest 10-K filed 2026-02-18. RARE Ultragenyx Pharmaceutical Inc. 0001515673 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our Consolidated Financial Statements and related notes included elsewhere in this Annual Report. This discussion and analysis generally covers our financial condition and results of operations for the year ended December 31, 2025, including year-over-year comparisons versus the year ended December 31, 2024. Our Annual Report on Form 10-K for the year ended December 31, 2024 includes a discussion and analysis of our financial condition and results of operations for the year ended December 31, 2023 in \"Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d Overview Ultragenyx Pharmaceutical Inc., we or the Company, is a biopharmaceutical company committed to bringing novel products to patients for the treatment of serious rare and ultra-rare genetic diseases. We have built a diverse portfolio of approved therapies and product candidates aimed at addressing diseases with high unmet medical need and clear biology for treatment, for which there are typically no approved therapies treating the underlying disease. Our strategy is predicated upon time- and cost-efficient drug development, with the goal of delivering safe and effective therapies to patients with the utmost urgency. Approved Therapies and Clinical Product Candidates Our current approved therapies and clinical-stage pipeline consist of four product categories: biologics, small molecules, AAV gene therapy, and nucleic acid product candidates. We have four commercially approved products, consisting of Crysvita\u00ae (burosumab) for the treatment of X-linked hypophosphatemia, or XLH, and tumor-induced osteomalacia, or TIO, Mepsevii\u00ae (vestronidase alfa) for the treatment of mucopolysaccharidosis VII, or MPSVII or Sly Syndrome, Dojolvi\u00ae (triheptanoin) for the treatment of long-chain fatty acid oxidation disorders, or LC-FAOD, and Evkeeza\u00ae (evinacumab) for the treatment of homozygous familial hypercholesterolemia, or HoFH. Please see \u201cItem 1. Business\u201d above for a description of our approved products and our clinical stage pipeline products. Financial Operations Overview We are a biopharmaceutical company with a limited operating history. To date, we have invested substantially all of our efforts and financial resources in identifying, acquiring, and developing our products and product candidates, including conducting clinical studies and providing selling, general and administrative support for these operations. To date, we have funded our operations primarily from the sale of our equity securities, revenues from our commercial products, the sale of certain future royalties, and strategic collaboration arrangements. We have incurred net losses in each year since inception. Our net losses were $575 million and $569 million for the years ended December 31, 2025 and 2024, respectively. Substantially all of our net losses have resulted from costs incurred in connection with our research and development programs and from selling, general and administrative costs associated with our operations. For the year ended December 31, 2025, our total revenues increased to $673 million, compared to $560 million for the same period in 2024. The increase in revenue was driven by higher demand for our approved products. As of December 31, 2025, we had $737 million in available cash, cash equivalents and marketable securities. Critical Accounting Policies and Significant Judgments and Estimates Our management\u2019s discussion and analysis of our financial condition and results of operations is based on our Consolidated Financial Statements, which have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP. The p Item 1. Business Overview We are a biopharmaceutical company committed to bringing novel products to patients for the treatment of serious rare and ultra-rare genetic diseases. We have built a diverse portfolio of approved therapies and product candidates aimed at addressing diseases with high unmet medical need and clear biology for treatment, for which there are typically no approved therapies treating the underlying disease. We were founded in April 2010 by our President and Chief Executive Officer, Emil Kakkis, M.D., Ph.D., and are led by a management team experienced in the development and commercialization of rare disease therapeutics. Our strategy is predicated upon time- and cost-efficient drug development, with the goal of delivering safe and effective therapies to patients with the utmost urgency. Our Strategy The critical components of our business strategy include the following: \u2022 Focus on rare and ultra-rare genetic diseases with significant unmet medical need and clear biology. There are numerous rare and ultra-rare genetic diseases that currently have no drug therapy approved that treat the underlying disease. Patients suffering from these diseases often have a significant morbidity and/or mortality. We focus on developing and commercializing therapies for multiple such indications with the utmost urgency. We also focus on diseases that have biology that is well understood. We believe that developing drugs that directly impact known disease pathways will increase the probability of success of our development programs. Our modalities of biologics, small molecules, adeno-associated virus, or AAV, gene therapy, and nucleic acids provide us with what we believe is an optimal set of options to treat genetic diseases by selecting the best treatment strategy available for each disease. \u2022 In-license promising product candidates; retain global commercialization rights to product candidates. Our current product candidates are generally in-licensed from a Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the following material risks, together with all the other information in this Annual Report, including our financial statements and notes thereto, before deciding to invest in our common stock. The risks ", "title": "RARE - Ultragenyx Pharmaceutical Inc.", "url": "/company/RARE/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001981792; latest 10-K filed 2026-02-19.", "text": "HHH - Howard Hughes Holdings Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001981792; latest 10-K filed 2026-02-19. HHH Howard Hughes Holdings Inc. 0001981792 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our Consolidated Financial Statements and the related notes filed as a part of this Annual Report on Form 10-K (Annual Report). This discussion contains forward-looking statements that involve risks, uncertainties, assumptions, and other factors, including those described in Part I, Item 1A. Risk Factors and elsewhere in this Annual Report. These factors and others not currently known to us could cause our financial results in 2025 and subsequent fiscal years to differ materially from those expressed in, or implied by, those forward-looking statements. You are cautioned not to place undue reliance on this information which speaks only as of the date of this report. We are not obligated to update this information, whether as a result of new information, future events or otherwise, except as may be required by law. This section of our Annual Report discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussion of 2023 and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report can be found in Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. All references to numbered Notes are to specific Notes to our Consolidated Financial Statements included in this Annual Report and which descriptions are incorporated into the applicable response by reference. [[GREPCENT_TABLE]] [[\"Index\",\"Page\"],[\"Overview\",\"36\"],[\"Results of Operations\",\"39\"],[\"Operating Assets\",\"39\"],[\"Master Planned Communities\",\"41\"],[\"Strategic Developments\",\"46\"],[\"Corporate Income, Expenses, and Other Items\",\"49\"],[\"Liquidity and Capital Resources\",\"51\"],[\"Critical Accounting Policies and Estimates\",\"55\"],[\"Recently Issued Accounting Pronouncements and Developments\",\"55\"]] [[/GREPCENT_TABLE]] HHH 2025 FORM 10-K | 35 [[GREPCENT_TABLE]] [[\"MANAGEMENT\\u2019S DISCUSSION AND ANALYSISOVERVIEW\",\"Table of ContentsIndex to Financial Statements\"]] [[/GREPCENT_TABLE]] OVERVIEW General Howard Hughes Holdings Inc. (HHH or the Company) is a holding company that owns a real estate development subsidiary, The Howard Hughes Corporation (HHC). Through HHC, the Company operates a large\u2011scale, mixed\u2011use real estate platform focused on the development of master planned communities (MPCs), the investment in strategic real estate development opportunities, and the ownership and operation of income\u2011producing properties. References to HHH, the Company, we, us, and our refer to Howard Hughes Holdings Inc. and its consolidated subsidiaries, which includes The Howard Hughes Corporation, unless otherwise specifically stated. References to HHC or Howard Hughes Communities refer to The Howard Hughes Corporation and its consolidated subsidiaries unless otherwise specifically stated. In 2025, the Company began executing a long-term strategy to transition from a pure-play real estate company to a diversified holding company. On May 5, 2025, the Company issued 9,000,000 shares of newly issued common stock to Pershing Square for an aggregate purchase price of $900 million (Pershing Square Issuance). In connection with the investment, the Company and Pershing Square entered into related agreements, including a Services Agreement, Shareholder Agreement, Standstill Agreement, and Registration Rights Agreement. The Company intends to use the proceeds from the transaction to acquire or invest in operating businesses. As previously disclosed in our Current Report on Form 8\u2011K filed on December 18, 2025, the Company entered into a definitive agreement to acquire 100% of Vantage Group Holdings Ltd. (Vantage), a privately held specialty insurance and reinsurance company, for cash consideration of approximately $2.1 billion. The transaction remains subjec Item 1. Business OVERVIEW Business Overview Howard Hughes Holdings Inc. (HHH or the Company) is a holding company that owns a real estate development subsidiary, The Howard Hughes Corporation (HHC). Through HHC, the Company operates a large\u2011scale, mixed\u2011use real estate platform focused on the development of master planned communities (MPCs), the investment in strategic real estate development opportunities, and the ownership and operation of income\u2011producing properties. Our award-winning assets include one of the nation's largest portfolios of MPCs, spanning approximately 101,000 gross acres across five states. We create some of the most sought-after communities in the country by curating an environment tailored to meet the needs of our residents and tenants. This unique business model allows us to seek attractive risk-adjusted returns while maintaining a sharp focus on sustainability to ensure our communities are equipped with the resources to last several decades. In 2025, the Company began executing a long-term strategy to transition from a pure-play real estate company to a diversified holding company. On May 5, 2025, the Company sold 9,000,000 newly issued shares of the Company\u2019s common stock to Pershing Square for an aggregate purchase price of $900 million, with the expectation that the proceeds from the transaction would be used to acquire or make investments in other operating companies (Pershing Square Issuance). On December 18, 2025, we announced that we have entered into a definitive agreement to acquire 100% of Vantage Group Holdings Ltd. (Vantage), a privately held specialty insurance and reinsurance company, for cash consideration of approximately $2.1 billion. The transaction remains subject to regulatory approvals and other customary closing conditions, and is expected to close in the second quarter of 2026. If completed, the combination of HHH\u2019s corporate holding structure and Vantage\u2019s insurance expertise creates the opportunity to advance t Item 1A. Risk Factors The risks and uncertainties described below are those that we deem currently to be material, and do not represent all of the risks that we face. Additional risks and uncertainties not presently known to us or that we currently do not consider material may in the future become material and impai", "title": "HHH - Howard Hughes Holdings Inc.", "url": "/company/HHH/" }, { "kind": "company", "summary": "SIC 6141 Personal Credit Institutions; CIK 0000885550; latest 10-K filed 2026-02-13.", "text": "CACC - CREDIT ACCEPTANCE CORP SIC 6141 Personal Credit Institutions; CIK 0000885550; latest 10-K filed 2026-02-13. CACC CREDIT ACCEPTANCE CORP 0000885550 6141 Personal Credit Institutions ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes contained in Item 8 of this Form 10-K, which is incorporated herein by reference. Overview We make vehicle ownership possible by providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers, regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing. For the year ended December 31, 2025, consolidated net income was $423.9 million, or $36.38 per diluted share, compared to $247.9 million, or $19.88 per diluted share, for the same period in 2024. The increase in consolidated net income was primarily due to a decrease in provision for credit losses and an increase in finance charges, partially offset by an increase in operating expenses. Our results for the year ended December 31, 2025 included: \u2022$8.0 billion average balance of our Loan portfolio, which represented a 5.7% increase from 2024. \u2022A 12.6% and 16.5% year-over-year decline in Consumer Loan unit and dollar volumes, respectively, as compared to 2024. \u2022$169.5 million, or 1.5%, decrease in forecasted net cash flows from our Loan portfolio, which represented a smaller decrease compared to 2024. \u2022$725.4 million in the repurchase of approximately 1,514,000 shares, or 12.6% of the shares outstanding at the beginning of the year. \u2022The enrollment of 5,752 new Dealers, with 15,745 active Dealers during 2025, which is our highest ever number of active Dealers in a calendar year. \u2022$230.8 million in Dealer Holdback and accelerated Dealer Holdback payments to Dealers. \u2022$74.2 million contingent loss related to previously disclosed legal matters. \u2022$1.7 billion in unrestricted cash and cash equivalents and unused and available revolving lines of credit as of December 31, 2025. \u202212 workplace awards, including reaching #34 on Great Place to Work\u00ae and Fortune magazine's 100 Best Companies to Work For\u00ae list and #2 on the 2025 Top Workplaces USA list in the 1,000-2,499 employee company size category. For the year ended December 31, 2024, consolidated net income was $247.9 million, or $19.88 per diluted share, compared to $286.1 million, or $21.99 per diluted share, for the same period in 2023. The decrease in consolidated net income was primarily due to increases in interest expense and provision for credit losses, partially offset by an increase in finance charges. Our results for the year ended December 31, 2024 included: \u2022$7.5 billion average balance of our Loan portfolio, which represented a 13.6% increase from 2023. \u2022A 16.1% and 11.3% year-over-year growth in Consumer Loan unit and dollar volumes, respectively, as compared to 2023. \u2022$314.0 million, of 3.1%, decrease in forecasted net cash flows from our Loan portfolio, which represented a larger decrease compared to 2023. \u2022An increase in our cost of debt from 5.5% to 7.2%. \u2022$313.3 million in the repurchase of approximately 590,000 shares, or 4.7% of the shares outstanding at the beginning of the year. \u2022The enrollment of 6,088 new Dealers, with 15,463 active Dealers during 2024. \u2022$300.2 million in Dealer Holdback and accelerated Dealer Holdback payments to Dealers. \u2022$23.7 million loss during the second quarter of 2024 related to the sale of one of our two office buildings. The building was sold to reduce excess office space and eliminate the associated annual operating costs of approximately $2.1 million. \u202213 workplace awards, including reaching #39 on Great Place to Work\u00ae and Fortune magazine's 1 ITEM 1. BUSINESS General Credit Acceptance Corporation (referred to as the \u201cCompany\u201d, \u201cCredit Acceptance\u201d, \u201cwe\u201d, \u201cour\u201d or \u201cus\u201d) makes vehicle ownership possible by providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers, regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing. Without our financing programs, consumers are often unable to purchase vehicles or they purchase unreliable ones. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance was founded in 1972 to collect retail installment contracts (referred to as \u201cConsumer Loans\u201d) originated by automobile dealerships owned by Donald Foss, our founder. During the 1980s, we began to market this service to non-affiliated dealers and, at the same time, began to offer dealers a non-recourse cash payment (referred to as an \u201cadvance\u201d) against anticipated future collections on Consumer Loans serviced for that dealer. We refer to automobile dealers who participate in our programs and who share our desire to provide an opportunity to consumers to improve their lives as \u201cDealers.\u201d Upon enrollment in our financing programs, the Dealer enters into a Dealer servicing agreement with us that defines the legal relationship between Credit Acceptance and the Dealer. The Dealer servicing agreement assigns the responsibilities for administering, servicing, and collecting the amounts ITEM 1A. RISK FACTORS Industry, Operational, and Macroeconomic Risks Our inability to accurately forecast and estimate the amount and timing of future collections could have a material adverse effect on results of operations. The majority of the Consumer Loans assigned to us are made to individuals with impaired or limited credit histories. Con", "title": "CACC - CREDIT ACCEPTANCE CORP", "url": "/company/CACC/" }, { "kind": "company", "summary": "SIC 2800 Chemicals & Allied Products; CIK 0001307954; latest 10-K filed 2026-02-18.", "text": "HUN - Huntsman CORP SIC 2800 Chemicals & Allied Products; CIK 0001307954; latest 10-K filed 2026-02-18. HUN Huntsman CORP 0001307954 2800 Chemicals & Allied Products ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ReSULTS OF OPERATIONS As discussed in \u201cNote 4. Discontinued Operations\u2014Sale of Textile Effects Business\u201d to our consolidated financial statements, the results from continuing operations primarily exclude the results of our Textile Effects Business for all periods presented. For each of our Company and Huntsman International, the following tables set forth our consolidated results of operations for the years ended December 31, 2025, 2024 and 2023 (in millions, except per share amounts). 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BUSINESS Overview We are a global manufacturer of diversified organic chemical products. We operate in three segments: Polyurethanes, Performance Products and Advanced Materials. Our products comprise many different chemicals and chemical formulations, which we market globally to a wide range of consumers that consist primarily of industrial and building product manufacturers. Our products are used in a broad range of applications, including those in the adhesives, aerospace, automotive, coatings and construction, construction products, durable and non-durable consumer products, electronics, insulation, power generation and refining. Many of our products offer effects such as premium insulation in homes and buildings and the lightweighting of airplanes and automobiles that help conserve energy. We are a leading global producer in many of our key product lines, including MDI, amines, maleic anhydride and epoxy-based polymer formulations. Our revenues for the years ended December 31, 2025, 2024 and 2023 were $5,683 million, $6,036 million and $6,111 million, respectively. Our company, a Delaware corporation, was formed in 2004 to hold the Huntsman businesses, which were founded by Jon M. Huntsman. Mr. Huntsman founded the predecessor to our Company in 1970 as a small packaging materials company. Since then, we have transformed through a series of acquisitions and divestitures and now own a global portfolio of businesses with a primary focus on improving energy efficiency. On February 28, 2023, we completed the sale of our textile chemicals and dyes business (\u201cTextile Effects Business\u201d) to Archroma, a portfolio company of SK Capital Partners (\u201cArchroma\u201d). For more information, see \u201cNote 4. Discontinued Operations\u2014Sale of Textile Effects Business\u201d to our consolidated financial statements. We operate all of our businesses through Huntsman International, our wholly-owned subsidiary. Huntsman International is a Delaware limited liability company and was formed ITEM 1A. RISK FACTORS Any of the following risks could materially and adversely affect our business, results of operations, financial condition and liquidity. RISKS RELATED TO OUR BUSINESS AND OPERATIONS Our industry is affected by global economic factors, including risks associated with volatile economic conditions, and the economic envir", "title": "HUN - Huntsman CORP", "url": "/company/HUN/" }, { "kind": "company", "summary": "SIC 4841 Cable & Other Pay Television Services; CIK 0001570585; latest 10-K filed 2026-02-18.", "text": "LBTYA - Liberty Global Ltd. SIC 4841 Cable & Other Pay Television Services; CIK 0001570585; latest 10-K filed 2026-02-18. LBTYA Liberty Global Ltd. 0001570585 4841 Cable & Other Pay Television Services Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis, which should be read in conjunction with our consolidated financial statements, is intended to assist in providing an understanding of our results of operations and financial condition and is organized as follows: \u2022Overview. This section provides a general description of our business and recent events. \u2022Results of Operations. This section provides an analysis of our results of operations for the years ended December 31, 2025 and 2024. \u2022Liquidity and Capital Resources. This section provides an analysis of our corporate and subsidiary liquidity and consolidated statements of cash flows. \u2022Critical Accounting Policies, Judgments and Estimates. This section discusses those material accounting policies that involve uncertainties and require significant judgment in their application. \u2022Quantitative and Qualitative Disclosures about Market Risk. This section provides discussion and analysis of the foreign currency, interest rate and other market risks that our company faces. Included below is an analysis of our results of operations and cash flows for 2025, as compared to 2024. An analysis of our results of operations and cash flows for 2024, as compared to 2023, can be found under Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations included in Part II of our Annual Report on Form 10-K, as amended, for the year ended December 31, 2024, which is available through the Securities and Exchange Commission\u2019s website at www.sec.gov. The capitalized terms used below have been defined in the notes to our consolidated financial statements. In the following text, the terms \u201cwe,\u201d \u201cour,\u201d \u201cour company\u201d and \u201cus\u201d may refer, as the context requires, to Liberty Global or collectively to Liberty Global and its subsidiaries. Unless otherwise indicated, convenience translations into U.S. dollars are calculated, and operational data is presented, as of December 31, 2025. Overview General We are an international provider of broadband internet, video, fixed-line telephony and mobile communications services to residential customers and businesses in Europe and are an active investor across the technology, media, sports and infrastructure sectors. We also provide innovative technology, operational and financial services to our affiliates and third parties. Our continuing operations comprise businesses that provide residential and B2B communications services in (i) Belgium and Luxembourg through Telenet and (ii) Ireland through VM Ireland. In addition, we own 50% noncontrolling interests in (a) the VMO2 JV, which provides residential and B2B communications services in the U.K., and (b) the VodafoneZiggo JV, which provides residential and B2B communications services in the Netherlands. Prior to the completion of the Spin-off on November 8, 2024, we also provided residential and B2B communications services in Switzerland through Sunrise. Sunrise, together with certain other Liberty Global subsidiaries connected to our Swiss business, are collectively referred to as the Sunrise Entities and are reflected as discontinued operations for all applicable periods. In the following discussion and analysis, the operating statistics, results of operations, cash flows and financial condition that we present and discuss are those of our continuing operations, unless otherwise indicated. For additional information regarding the Spin-off, see note 6 to our consolidated financial statements. On October 2, 2024, we completed the Formula E Acquisition, pursuant to which we acquired a controlling interest in Formula E and began consolidating 100% of Formula E\u2019s results from that date. For additional information, see note 5 to our consolidated financial statements. Operations Our company delivers market-leading products through next-generation networks that connect our customers to broadband Item 1. BUSINESS Who We Are We are Liberty Global Ltd. (Liberty Global), a dynamic team of operators and investors generating and delivering long-term shareholder value through the strategic management of three complementary platforms: Liberty Telecom, Liberty Growth and Liberty Services. Liberty Telecom is a world leader in converged broadband, video and mobile communications that has built fixed-mobile convergence (FMC) national champions through some of Europe\u2019s best-known consumer brands. These brands deliver market-leading connectivity and entertainment products through next-generation networks, providing approximately 80 million fixed and mobile connections at December 31, 2025. We are pursuing strategies in each market to drive commercial momentum, finance and monetize network infrastructure and pursue accretive transactions that deliver value to our shareholders. Liberty Growth invests in scalable businesses across the technology, media, sports and infrastructure sectors that we believe create unique opportunities to generate shareholder value. As of December 31, 2025, Liberty Growth held investments in approximately 70 companies and funds valued at approximately $3.4 billion. Liberty Services delivers innovative technology, operational and financial services to both Liberty Global affiliates and third parties. Liberty Services currently generates most of its revenue from certain of our affiliates and related parties, but is focused on growing its unique, scaled-based services to third parties. Primary Business Operations: [[GREPCENT_TABLE]] [[\"Brand\",\"\",\"Entity\",\"\",\"Location\",\"\",\"Ownership(1)\"],[\"\",\"\",\"Telenet\",\"\",\"Belgium\",\"\",\"100.0%\"],[\"\",\"\",\"Virgin Media\",\"\",\"Ireland\",\"\",\"100.0%\"],[\"\",\"\",\"UPC Slovakia(2)\",\"\",\"Slovakia\",\"\",\"100.0%\"],[\"\",\"\",\"Virgin Media O2\",\"\",\"United Kingdom\",\"\",\"50.0%\"],[\"\",\"\",\"VodafoneZiggo\",\"\",\"Netherlands\",\"\",\"50.0%\"]] [[/GREPCENT_TABLE]] (1)As of December 31, 2025. (2)Sale of this business is pending; see note 6 to our cons Item 1A. RISK FACTORS In addition to the other information contained in this Annual Report, you should consider the following risk factors in evaluating our results of operations, financial condition, business and operations or an investment in the shares of our company. The risk factors described in this section have been ", "title": "LBTYA - Liberty Global Ltd.", "url": "/company/LBTYA/" }, { "kind": "company", "summary": "SIC 5311 Retail-Department Stores; CIK 0000028917; latest 10-K filed 2026-03-27.", "text": "DDS - DILLARD'S, INC. SIC 5311 Retail-Department Stores; CIK 0000028917; latest 10-K filed 2026-03-27. DDS DILLARD'S, INC. 0000028917 5311 Retail-Department Stores ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. At January 31, 2026, Dillard\u2019s, Inc. operates 271 retail department stores spanning 30 states and an Internet store at dillards.com. The Company also operates a general contracting construction company, CDI Contractors, LLC (\u201cCDI\u201d), a portion of whose business includes constructing and remodeling stores for the Company, which is a reportable segment separate from our retail operations. In accordance with the National Retail Federation fiscal reporting calendar and our bylaws, the fiscal 2025 reporting period presented and discussed below ended January 31, 2026 and contained 52 weeks. The fiscal 2024 reporting period presented and discussed below ended February 1, 2025 and contained 52 weeks. The fiscal 2023 reporting period presented and discussed below ended February 3, 2024 and contained 53 weeks. For comparability purposes, where noted, some of the information discussed below is based upon comparison of the 52 weeks ended February 1, 2025 to the 52 weeks ended February 3, 2024. Additionally, some of the information discussed below is based upon comparison of the 52 weeks ended January 27, 2024 to the 52 weeks ended January 28, 2023. A discussion regarding results of operations and analysis of financial condition for the year ended February 1, 2025 as compared to the year ended February 3, 2024 is included in Item 7 of Part II, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended February 1, 2025. EXECUTIVE OVERVIEW Fiscal 2025 We achieved a respectable performance for fiscal year 2025, reporting net income of $570.2 million. In a rapidly changing merchandising environment characterized by unpredictable costs, we focused on maintaining gross margin performance. Our retail gross margin stood at 40.8% while sales remained unchanged (as a percentage) compared to fiscal 2024. We kept shareholder return a priority. We paid $484.9 million in dividends, highlighted by the largest special dividend in our history. Additionally, we repurchased $107.8 million of stock. Following these efforts, we held approximately $1.1 billion in cash and cash equivalents and short-term investments at year end and remained in a strong financial position. Total retail sales for fiscal 2025 and fiscal 2024 were $6.232 billion and $6.219 billion, respectively. Total retail sales were unchanged as a percentage for fiscal 2025 compared to fiscal 2024. Sales in comparable stores for the same period were also unchanged. \u200b Consolidated gross margin for both fiscal 2025 and fiscal 2024 was 39.5% of sales. Retail gross margin for fiscal 2025 was 40.8% of sales compared to 41.0% of sales for fiscal 2024. Inventory increased 2% at January 31, 2026 compared to February 1, 2025. \u200b Consolidated selling, general and administrative expenses (\u201coperating expenses\u201d) for fiscal 2025 were $1,759.2 million (27.2% of sales) compared to $1,731.2 million (26.7% of sales) for fiscal 2024. The increase in operating expenses is primarily due to increased payroll and payroll-related expenses. \u200b We reported net income for fiscal 2025 of $570.2 million, or $36.42 per share, compared to $593.5 million, or $36.82 per share, for fiscal 2024. Included in net income for fiscal 2025 are the following items: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"a pretax gain of $20.4 million ($15.7 million after tax or $1.00 per share) primarily related to the sale of five properties\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"federal and state income tax benefits of $35.0 million ($2.24 per share) due to a deduction related to that portion of the special dividend of $30.00 per share that was paid to the Dillard's, Inc. Investment and Employee Stock Ownership Plan during the year\"]] [[/GREPCENT_TABLE]] 20 Table of Contents Included in net income for fiscal 2024 are federal and state income t ITEM 1. BUSINESS. Dillard\u2019s, Inc. (\u201cDillard\u2019s\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d or \u201cRegistrant\u201d) ranks among the nation\u2019s largest fashion apparel, cosmetics and home furnishing retailers. The Company, originally founded in 1938 by William T. Dillard, was incorporated in Delaware in 1964 (and was reincorporated in Texas in 2025). As of January 31, 2026, we operated 271 Dillard\u2019s stores, including 28 clearance centers, and an Internet store at dillards.com offering a wide selection of merchandise including fashion apparel for women, men and children, accessories, cosmetics, home furnishings and other consumer goods. The Company also operates a general contracting construction company, CDI Contractors, LLC (\u201cCDI\u201d), a portion of whose business includes constructing and remodeling stores for the Company. The following table summarizes the percentage of net sales by segment and major product line: [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"Percentage of Net Sales\"],[\"\\u200b\",\"\\u200b \\u200b \\u200b\",\"Fiscal 2025\",\"\\u200b\",\"Fiscal 2024\",\"\\u200b\",\"Fiscal 2023\"],[\"Retail operations segment:\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Cosmetics\",\"\",\"16\",\"%\",\"16\",\"%\",\"16\",\"%\"],[\"Ladies' apparel\",\"\",\"20\",\"\",\"20\",\"\",\"20\",\"\\u200b\"],[\"Ladies' accessories and lingerie\",\"\",\"14\",\"\",\"14\",\"\",\"14\",\"\\u200b\"],[\"Juniors' and children's apparel\",\"\",\"9\",\"\",\"9\",\"\",\"9\",\"\\u200b\"],[\"Men's apparel and accessories\",\"\",\"19\",\"\",\"19\",\"\",\"19\",\"\\u200b\"],[\"Shoes\",\"\",\"14\",\"\",\"14\",\"\",\"14\",\"\\u200b\"],[\"Home and furniture\",\"\",\"4\",\"\",\"4\",\"\",\"4\",\"\\u200b\"],[\"\\u200b\",\"\",\"96\",\"\",\"96\",\"\",\"96\",\"\\u200b\"],[\"Construction segment\",\"\",\"4\",\"\",\"4\",\"\",\"4\",\"\\u200b\"],[\"Total\",\"\",\"100\",\"%\",\"100\",\"%\",\"100\",\"%\"]] [[/GREPCENT_TABLE]] \u200b Additional information regarding our business, results of operations and financial condition, including information pertaining to our reporting segments, can be found in Management\u2019s Discussion and ITEM 1A. RISK FACTORS. The risks described in this Item 1A, Risk Factors, of this Annual Report could materially and adversely affect our business, financial condition and results of operations. The Company cautions that forward-looking statements, as such term is defined in the Private Securities Litigation Reform Act of 1995, contained in this Annual Report ar", "title": "DDS - DILLARD'S, INC.", "url": "/company/DDS/" }, { "kind": "company", "summary": "SIC 8071 Services-Medical Laboratories; CIK 0002019410; latest 10-K filed 2026-03-03.", "text": "CAI - Caris Life Sciences, Inc. SIC 8071 Services-Medical Laboratories; CIK 0002019410; latest 10-K filed 2026-03-03. CAI Caris Life Sciences, Inc. 0002019410 8071 Services-Medical Laboratories Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K (\u201cAnnual Report\u201d). In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under Part I. Item 1A. Risk Factors and elsewhere in this Annual Report. See the section titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d elsewhere in this Annual Report. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Unless context requires otherwise, references to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cCaris,\u201d or \u201cthe Company\u201d here refer to Caris Life Sciences, Inc. together with its wholly owned subsidiaries. The following discussion provides a narrative of our financial condition and results of operations for the year ended December 31, 2025 compared to the fiscal year ended December 31, 2024. A discussion regarding our financial condition and results of operations for the fiscal year ended December 31, 2024, including a comparison to our results of operations for the fiscal year ended December 31, 2023, can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in our final prospectus for our initial public offering, dated June 17, 2025 and filed with the Securities and Exchange Commission on June 20, 2025. Overview We are a leading, patient-centric, next-generation AI TechBio company and precision medicine pioneer. We develop and commercialize innovative solutions to transform healthcare through the use of comprehensive molecular information and AI/ML algorithms at scale. Our entire portfolio of precision medicine solutions is designed to benefit patients, with an initial focus on oncology, and serves the clinical, academic, and biopharma markets. We founded Caris in 2008 with the belief and vision that combining a vast set of consistently generated molecular information with robust data-driven insights could realize the potential of precision medicine for patients. We have spent the last 17 years developing and building our portfolio of comprehensive, proprietary molecular profiling solutions and generating what we believe to be one of the largest and most comprehensive multi-modal clinico-genomic datasets in oncology based on the tests we have run on over 1,000,000 cases as of December 31, 2025. Our Caris Molecular Intelligence platform is purpose-built to leverage the convergence of NGS, AI and ML technologies, and high-performance computing. The power of our differentiated Caris platform has enabled us to develop the latest generation of advanced precision medicine diagnostic solutions designed to address the entire cancer care continuum, including early detection, MRD tracking, therapy selection, and treatment monitoring, as well as to create molecular signatures and discover and develop novel precision medicine therapeutics. Our Molecular Intelligence product portfolio consists of our MI Profile Platform, our whole exome sequencing (WES)/whole transcriptome sequencing (WTS) tissue-based molecular profiling solutions that have generated the majority of our revenue to date, our Caris Assure Platform, our WES/WTS blood-based molecular profiling solutions, and our Precision Whole Genome Platform, our whole genome sequencing (WGS) blood- and tissue-based profiling solutions. Our purpose-built, proprietary multi-omic profiling solutions capture and analyze molecular information Item 1. Business Overview We are a leading, patient-centric, next-generation AI TechBio company and precision medicine pioneer. We develop and commercialize innovative solutions to transform healthcare through the use of comprehensive molecular information and artificial intelligence/machine learning algorithms at scale. Our entire portfolio of precision medicine solutions is designed to benefit patients, with an initial focus on oncology, and serves the clinical, academic, and biopharma markets. We founded Caris in 2008 with the belief and vision that combining a vast set of consistently generated molecular information with robust data-driven insights could realize the potential of precision medicine for patients. We have spent the last 17 years developing and building our portfolio of comprehensive, proprietary molecular profiling solutions and generating what we believe to be one of the largest and most comprehensive multi-modal clinico-genomic datasets in oncology. As of December 31, 2025, we have performed sequencing on over 1,000,000 cases. Our platform is purpose-built to leverage the convergence of next-generation sequencing (\u201cNGS\u201d), artificial intelligence (\u201cAI\u201d) and machine learning (\u201cML\u201d) technologies, and high-performance computing. The power of our differentiated Caris platform has enabled us to develop the latest generation of advanced precision medicine diagnostic solutions designed to address the entire cancer care continuum, including early detection, minimal residual disease (\u201cMRD\u201d) tracking, therapy selection, and treatment monitoring, as well as to create molecular signatures and discover and develop novel precision medicine therapeutics. Our Molecular Intelligence product portfolio is currently focused on oncology and consists of: (1) our MI Profile Platform, our whole exome sequencing (\u201cWES\u201d)/whole transcriptome sequencing (\u201cWTS\u201d) tissue-based molecular profiling solutions, (2) our Caris Assure Platform, our WES/WTS blood-based molecular pro Item 1A. Risk Factors A description of risks and uncertainties facing our business is set forth below. You should carefully consider the risks described below, as well as the other information in this Annual Report on Form 10-K (\u201cAnnual Report\u201d), including our audited consolidated financial statements and the re", "title": "CAI - Caris Life Sciences, Inc.", "url": "/company/CAI/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001599298; latest 10-K filed 2026-02-23.", "text": "SMMT - Summit Therapeutics Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001599298; latest 10-K filed 2026-02-23. SMMT Summit Therapeutics Inc. 0001599298 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations is for the year ended December 31, 2025 compared with the year ended December 31, 2024. This comparison should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d included in Part I, Item 1A or in other parts of this Annual Report on Form 10-K. For a discussion and analysis of our financial condition and results of operations for the year ended December 31, 2024 compared to December 31, 2023, see Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in the 2024 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 24, 2025. The Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, describes principal factors affecting the results of our operations, financial condition and liquidity, as well as our critical accounting policies and estimates that require significant judgment and thus have the most significant potential impact on our Consolidated Financial Statements. This section provides an analysis of our financial results for the year ended December 31, 2025 compared to the same period in the prior year. Company Overview Summit Therapeutics Inc. (\u201cwe\u201d, \u201cSummit\u201d or the \u201cCompany\u201d) is a biopharmaceutical company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs. The Company\u2019s pipeline of product candidates is designed with the goal to become the patient-friendly, new-era standard-of-care medicines, in the therapeutic area of oncology. The Company\u2019s current lead development candidate is ivonescimab, a novel, potential first-in-class bispecific antibody intending to combine the effects of immunotherapy via a blockade of PD-1 with the anti-angiogenesis effects of an anti-VEGF compound into a single molecule. On December 5, 2022, the Company entered into the License Agreement with Akeso pursuant to which the Company has in-licensed intellectual property rights related to ivonescimab (as amended, the \u201cLicense Agreement\u201d). Through the License Agreement, the Company obtained the rights to develop and commercialize ivonescimab in the United States, Canada, Europe, and Japan. The License Agreement and transaction closed in January 2023 following customary waiting periods. On June 3, 2024, the Company entered into the Second Amendment with Akeso to expand its territories covered under the License Agreement to also include Latin America, including Mexico and all countries in Central America and South America, the Middle East and Africa. The Company\u2019s operations are focused on the development of ivonescimab and other future activities, as the Company determines. The Company is developing ivonescimab in NSCLC and CRC, specifically conducting Phase III clinical trials in the following proposed indications: (a) ivonescimab combined with chemotherapy in patients with EGFR-mutated, locally advanced or metastatic non-squamous NSCLC who were previously treated with a third-generation EGFR TKI (\u201cHARMONi\u201d); (b) ivonescimab combined with chemotherapy in patients with first-line metastatic NSCLC (including separate statistical analyses planned for patients with squamous NSCLC and non-squamous NSCLC) (\u201cHARMONi-3\u201d); 70 (c) ivonescimab monotherapy Item 1. Business Company Overview Summit Therapeutics Inc. (\u201cwe\u201d, \u201cSummit\u201d or the \u201cCompany\u201d) is a biopharmaceutical company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs. The Company\u2019s pipeline of product candidates is designed with the goal to become the patient-friendly, new-era standard-of-care medicines, in the therapeutic area of oncology. The Company\u2019s current lead development candidate is ivonescimab, a novel, potential first-in-class bispecific antibody intending to combine the effects of immunotherapy via a blockade of PD-1 with the anti-angiogenesis effects of an anti-VEGF (as defined in Part I, Item I Business, Company Overview, Ivonescimab) compound into a single molecule. On December 5, 2022, the Company entered into the License Agreement with Akeso, Inc. and its affiliates (collectively, \u201cAkeso\u201d) pursuant to which the Company has in-licensed intellectual property rights related to ivonescimab (as amended, the \u201cLicense Agreement\u201d). Through the License Agreement, the Company obtained the rights to develop and commercialize ivonescimab in the United States, Canada, Europe, and Japan. The License Agreement and transaction closed in January 2023 following customary waiting periods. On June 3, 2024, the Company entered into the Second Amendment with Akeso to expand its territories covered under the License Agreement to also include Latin America, including Mexico and all countries in Central America and South America, the Middle East and Africa. The Company\u2019s operations are focused on the development of ivonescimab and other future activities, as the Company determines. The Company is developing ivonescimab in non-small cell lung cancer (\u201cNSCLC\u201d) and colorectal cancer (\u201cCRC\u201d), specifically conducting Phase III clinical trials in the following proposed Item 1A. Risk Factors This section describes certain risks we face in our business. Additional risks we do not yet know of or that we currently believe are immaterial may also impair our business. If any of the events or circumstances described in this section actually occurs, our business, financial condition or operati", "title": "SMMT - Summit Therapeutics Inc.", "url": "/company/SMMT/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001902733; latest 10-K filed 2026-03-31.", "text": "NCNO - nCino, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001902733; latest 10-K filed 2026-03-31. NCNO nCino, Inc. 0001902733 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read together with our consolidated financial statements and related notes and other financial information included in this Annual Report on Form 10-K. The following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the section titled \u201cRisk Factors.\u201d Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Our fiscal year ends on January 31 of each year and references in this Annual Report on Form 10-K to a fiscal year mean the year in which that fiscal year ends. For example, references in this Annual Report on Form 10-K to \u201cfiscal 2026\u201d refer to the fiscal year ended January 31, 2026. The following section of this Form 10-K discusses our financial condition and results of operations for fiscal 2026 and 2025 and year-to-year comparisons between fiscal 2026 and fiscal 2025. Discussions of fiscal 2024 items and year-to-year comparisons between fiscal 2025 and fiscal 2024 that are not included in this Form 10-K can be found in Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the fiscal year ended January 31, 2025, filed with the SEC on April 1, 2025. Overview As employees at financial institutions do their daily work and serve their clients, they often face inefficiencies from disparate systems, broken workflows, manual processes, and the inability to utilize their data effectively. This negatively impacts risk management, decision making, and the experiences of bankers and their clients. FIs need a unified platform that helps them reengineer every experience, from managing complex credit portfolios to streamlining account onboarding and loan origination. nCino helps FIs of all sizes optimize their operations by embedding banking intelligence directly into the tools FI employees already use. nCino\u2019s data foundation, which was developed from the workflows, decisions, and outcomes of financial institutions, enables our platform to deliver AI-driven capabilities across our solutions. With the nCino Platform, FIs can: \u2022operate more intelligently, \u2022improve efficiency, 37 Table of Contents \u2022elevate employee and client experiences, and \u2022manage risk and compliance continuously rather than reactively. nCino was originally founded in a bank to improve that institution\u2019s operations and client service. Its founders quickly realized that virtually all banks and credit unions faced the same core problems\u2014cumbersome legacy technology, fragmented data, disconnected business functions, and a disengaged workforce. nCino was spun out as a separate company in late 2011 to help more institutions solve these challenges using cloud-based technology. We initially focused on developing the nCino Platform to transform commercial and small business lending for community and regional banks in the U.S. We scaled the platform to enterprise banks in the U.S. in 2014, and then internationally in 2017. We have subsequently expanded across North America, Europe, the Middle East, Japan, and APAC. Over the years, we\u2019ve built and enhanced our products to ensure innovation and seamless integration across key solution lines of commercial, small business and consumer banking including mortgage. We have strategically built and acquired technology, including SimpleNexus, DocFox, FullCircl, ILT, Visible Equity, FinSuite, and Sandbox Banking, to significantly augment the nCino Platform\u2019s capabilities for mortgage lending, onboardin Item 1. Business Overview As employees at financial institutions (\u201cFIs\u201d) do their daily work and serve their clients, they often face inefficiencies from disparate systems, broken workflows, manual processes, and the inability to utilize their data effectively. This negatively impacts risk management, decision making, and the experiences of bankers and their clients. FIs need a unified platform that helps them reengineer every experience, from managing complex credit portfolios to streamlining account onboarding and loan origination. nCino helps FIs of all sizes optimize their operations by embedding banking intelligence directly into the tools FI employees already use. nCino's data foundation, which was developed from the workflows, decisions, and outcomes of financial institutions, enables our platform to deliver artificial intelligence (\u201cAI\u201d)-driven capabilities across our solutions. With the nCino Platform, FIs can: \u2022Operate More Intelligently. AI is reshaping the financial services industry, and nCino is helping FIs navigate the change effectively. We embed banking-specific intelligence directly into every stage of the customer lifecycle, turning our deep data foundation into actionable insights, automated workflows, and smarter decision-making across the nCino Platform. \u2022Improve Efficiency. nCino customers leverage the platform\u2019s capabilities to drive process efficiency by connecting previously disjointed functions, breaking down internal silos, and infusing intelligent automation into key workflows across multiple lines of business. \u2022Elevate Employee and Client Experiences. The nCino Platform\u2019s automation, workflow, and digitization capabilities work invisibly in the background to help eliminate redundant efforts, freeing FI employees to focus on relationships rather than transactions. This creates what nCino calls a Dual Workforce, where technology handles the burdensome workflows and amplifies human capabilities. \u2022Manage Risk and Compliance Continuou Item 1A. Risk Factors You should consider and read carefully all of the risks and uncertainties described below, as well as other information included in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our consolidated financial statements and r", "title": "NCNO - nCino, Inc.", "url": "/company/NCNO/" }, { "kind": "company", "summary": "SIC 5150 Wholesale-Farm Product Raw Materials; CIK 0000088121; latest 10-K filed 2026-02-12.", "text": "SEB - SEABOARD CORP /DE/ SIC 5150 Wholesale-Farm Product Raw Materials; CIK 0000088121; latest 10-K filed 2026-02-12. SEB SEABOARD CORP /DE/ 0000088121 5150 Wholesale-Farm Product Raw Materials Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis is provided as a supplement to, and should be read in conjunction with, Seaboard\u2019s consolidated financial statements and the accompanying notes in Item 8. Certain statements in this report contain forward-looking statements. See the introduction in Item 1 for more information on these forward-looking statements, including a discussion of the most significant factors that could cause actual results to differ materially from those in the forward-looking statements. For discussion related to the results of operations for 2024 compared to 2023 refer to Part II Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in Seaboard\u2019s Form 10-K for the year ended December 31, 2024. OVERVIEW Seaboard\u2019s operations are heavily commodity-driven and financial performance for certain segments is cyclical based on respective global commodity markets and trends in economic activity. During 2025, the U.S. government imposed tariffs and trade restrictions on certain products from some foreign jurisdictions, and in response to these actions, some countries imposed retaliatory tariffs on certain products produced in the U.S. The impact of tariffs was not material to Seaboard\u2019s 2025 results; however, Seaboard continues to monitor the current uncertainties with tariffs and other geopolitical conditions. Seaboard cannot be certain of the outcome, which could indirectly or directly adversely impact its future 17 \u200b financial condition and results of operations. See Item 1A. Risk Factors for further discussion of risks associated with tariffs and other geopolitical conditions. Pork Segment The Pork segment primarily produces hogs to process and sells pork products throughout the U.S. and to foreign markets. Sales prices are directly affected by both domestic and worldwide supply and demand for pork products and other proteins. Feed accounts for the largest input cost of raising hogs and is materially affected by price changes for corn and soybean meal. Market prices for hogs purchased from third parties for processing at the plant also represent a significant cost factor. As a result, commodity price fluctuations can affect profitability and cash flows. This segment is Seaboard\u2019s most capital-intensive segment, representing approximately 41% of Seaboard\u2019s total fixed assets and approximately 37% of total inventories as of December 31, 2025. With the plant generally operating near capacity, Seaboard is continually looking for ways to enhance the plant\u2019s operational efficiency, while also looking to increase margins by introducing new, higher margin value-added products. This segment also produces swine-derived renewable natural gas, but sales are not significant as most facilities are in the early stages of operation. Consistent production at each facility may take longer than expected as it is dependent upon a number of variables, including the maturity and volatile solid concentration of the lagoon, weather, hog health and methanogen health. CT&M Segment The CT&M segment provides integrated agricultural commodity trading, processing and logistics services. The majority of its sales are derived from sourcing agricultural commodities from multiple origins and delivering them to third-party and affiliate customers in various international locations. This segment\u2019s sales are significantly affected by fluctuating prices of various commodities, such as wheat, corn and soybean meal. Exports from various countries can exacerbate volatile market conditions. Profit margins are sometimes protected through commodity derivatives and other risk management practices, but the execution of these purchase and delivery transactions have long cycles of completion, which may extend for several months with a high degree of price volatility. As a result, these factors can significantly affect sa Item 1. Business Company Overview Seaboard Corporation and its subsidiaries (collectively, \u201cSeaboard\u201d) together comprise a diversified group of companies that operate worldwide in agricultural, energy and ocean transport businesses. Seaboard is primarily engaged in hog production, pork processing and biofuel production in the United States (\u201cU.S.\u201d); commodity trading and grain processing in Africa and South America; cargo shipping services in the U.S., Caribbean and Central and South America; and electric power generation in the Dominican Republic. Seaboard also has an equity method investment in Butterball, LLC (\u201cButterball\u201d), a producer and processor of turkey products. Seaboard\u2019s diverse operations are relatively decentralized, with each segment having a management team that operates independently of the others. Seaboard was originally founded in 1918 as a flour brokerage business and was organized as a Delaware corporation in 1946. In its over 100-year history, Seaboard has grown under generations of family leadership and broadened its portfolio of industries. Approximately 74% of the outstanding common stock of Seaboard is collectively owned by Seaboard Flour LLC and SFC Preferred, LLC, which are Delaware limited liability companies. Ellen Bresky, the Chairwoman of Seaboard\u2019s Board of Directors (the \u201cBoard\u201d), and other members of the Bresky family, including trusts created for their benefit, own the equity interests of Seaboard Flour LLC and SFC Preferred, LLC. All of Seaboard\u2019s segments provide essential products or services, including food, energy and transportation. Accordingly, most of Seaboard\u2019s operations are heavily commodity-driven, resulting in high volatility due to market prices and a cyclical nature of financial performance. With operations in over 45 countries, Seaboard is impacted by geopolitical and global economic conditions. Seaboard has continued to invest in its businesses to increase reliability and efficiencies, vertically integrate its Item 1A. Risk Factors Operational Risks [[GREPCENT_TABLE]] [[\"\",\"(1)\",\"International Operations Present Risks. Seaboard\\u2019s international activities, some of which are in lesser-developed countries, pose risks not faced by companies that limit themselves to U.S. markets. These risks include:\"]] [[/GREPCENT_TABLE]]", "title": "SEB - SEABOARD CORP /DE/", "url": "/company/SEB/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001849635; latest 10-K filed 2026-02-27.", "text": "DJT - Trump Media & Technology Group Corp. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001849635; latest 10-K filed 2026-02-27. DJT Trump Media & Technology Group Corp. 0001849635 7370 Services-Computer Programming, Data Processing, Etc. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d should be read in conjunction with our audited consolidated financial statements as of and for the years ended December 31, 2025, 2024, and 2023, and other information included elsewhere in this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from such forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those identified below and those discussed in the sections titled \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements\u201d included elsewhere in this report. Additionally, our historical results are not necessarily indicative of the results that may be expected in any future period. This section generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussion of 2023 items and comparisons between 2024 and 2023 that are not included in the Annual Report can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Form 10-K for the year ended December 31, 2024 (the \u201c2024 Annual Report\u201d). Unless the context otherwise requires, references in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d to \u201cTMTG,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and the \u201cCompany\u201d are intended to refer to (i) following the Initial Business Combination, the business and operations of Trump Media & Technology Group Corp. and its consolidated subsidiaries, and (ii) prior to the Initial Business Combination, Private TMTG (the predecessor entity in existence prior to the consummation of the Initial Business Combination) and its consolidated subsidiaries. In this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d, all dollars are presented in thousands, except per share amounts. 87 Table of Contents Overview TMTG ended 2025 with approximately $2,473.2 million of cash, cash equivalents, restricted cash, short-term investments, equity securities, convertible note receivable, interest receivable, digital assets, and digital assets pledged as well as approximately $947.1 million of debt (excluding lease liabilities). Our $31,330.5 of restricted cash serves as collateral to our debt, which may be used to purchase bitcoin and bitcoin related securities, and our unexpired cash-covered put options. Truth Social TMTG started from scratch intending to open up the Internet and give the American people their voices back. At the time, with no accountability, unknown censors were squelching social media posts that contradicted the consensus of the corporate media\u2014which, as always, was dutifully acting as a robotic mouthpiece for leftwing disinformation. This had already been going on, through shadow bans and other less overt forms of on-line policing, for some time. But Big Tech eventually lost all restraint, ruthlessly banning dissidents\u2019 accounts for expressing any thought that fell within a rapidly expanding set of unauthorized and unutterable viewpoints. The victims, of course, included the then-sitting President of the United States, Donald Trump. TMTG thus developed and launched the Truth Social platform, restoring free speech to millions of Americans who had been suffocated by Big Tech. Anchored by Donald Trump\u2019s restored social media account, Truth Social was stood up as we\u2019d envisioned it\u2014a free-speech haven where everyone, regardless of their political viewpoint, could speak their mind without some faceless tech bureaucrat judging the acceptability of their speech. Truth Social was generally made available in the first quarter of 2022. TMTG prides itself on operating its platform, to the best of its ability, without relying on Big Tech Item 1. Business Unless the context otherwise requires, throughout this Annual Report on Form 10-K, the words \u201cTMTG,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or the \u201cCompany\u201d refer to Trump Media & Technology Group Corp. and its subsidiaries (as applicable). The mission of TMTG is to end Big Tech\u2019s assault on free speech by opening up the Internet and giving people their voices back. TMTG operates Truth Social, a social media platform established as a safe harbor for free expression amid increasingly harsh censorship by Big Tech corporations, as well as Truth+, a TV streaming platform focusing on family-friendly live TV channels and on-demand content. TMTG has also launched Truth.Fi, a financial services and FinTech brand incorporating America First investment vehicles and a digital asset strategy--including a bitcoin treasury--to help ensure our financial freedom and protect against discrimination by financial institutions. Overview As further detailed in this Annual Report, TMTG ended 2025 with approximately $2,473.2 million of cash, cash equivalents, restricted cash, short-term investments, equity securities, convertible note receivable, interest receivable, digital assets, and digital assets pledged, as well as approximately $947.1 million of debt (excluding lease liabilities). Our $31.3 million of restricted cash serves as collateral to our debt, which may be used to purchase bitcoin and bitcoin related securities, and our unexpired cash-covered put options. Truth Social TMTG started from scratch intending to open up the Internet and give the American people their voices back. At the time, with no accountability, unknown censors were squelching social media posts that contradicted the consensus of the corporate media\u2014which, as always, was dutifully acting as a robotic mouthpiece for leftwing disinformation. This had already been going on, through shadow bans and other less overt forms of on-line policing, for some time. But Big Tech eventually lost all restraint, ruthlessly ba Item 1A. Risk Factors Risk Factors Summary 20 Table of Contents We are providing the following summary of the risk factors contained in this Annual Report on Form 10-K to enhance the readability and accessibility of our risk factor disclosures. We encoura", "title": "DJT - Trump Media & Technology Group Corp.", "url": "/company/DJT/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001557860; latest 10-K filed 2026-02-27.", "text": "GLOB - Globant S.A. SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001557860; latest 10-K filed 2026-02-27. GLOB Globant S.A. 0001557860 7374 Services-Computer Processing & Data Preparation Overview 46 See \"Information on the Company \u2014 History and Development of the Company\" and \"Information on the Company \u2014 Business Overview \u2014 Overview\". A. Operating Results Factors Affecting Our Results of Operations Over the last few years, the simultaneous digital and cognitive revolutions have transformed the technology industry, reshaped how companies connect with consumers and employees, and created opportunities for gains in efficiency. Today's technology users move quickly and demand personalized and frictionless experiences through always-available digital ecosystems. Increased demand for more intelligent and human-like technology is contributing to changes in the industry. To address user demands, companies are leveraging AI, UX, Mobile, Cloud, VR and other technologies. We believe that the most significant factors affecting our results of operations include: \u2022market demand for integrated engineering, design and innovation technology services relating to emerging technologies and related market trends; \u2022economic conditions in the industries and countries in which our clients operate and their impact on our clients' spending on technology services; \u2022our ability to continue to innovate and remain at the forefront of emerging technologies and related market trends; \u2022expansion of our service offerings and success in cross-selling new services to our clients; \u2022our ability to obtain new clients, increase penetration levels with our existing clients and continue to add value for our existing clients so as to create long-term relationships; \u2022the availability of, and our ability to attract, retain and efficiently utilize, skilled IT professionals in 31 countries where we are present; \u2022operating costs in countries where we operate; \u2022capital expenditures related to the opening of new delivery centers and client management locations and improvement of existing offices; \u2022our ability to increase our presence onsite at client locations; \u2022the effect of wage inflation in countries where we operate and the variability in foreign exchange rates, especially relative changes in exchange rates between the U.S. dollar and local currencies, mainly in Latin America; \u2022our ability to identify, integrate and effectively manage businesses that we may acquire; and \u2022evolving market for products with AI capabilities. Our results of operations in any given period are directly affected by the following additional company-specific factors: \u2022Pricing of, and margin on, our services and revenue mix. Since time-and-materials is our main type of contract, the hourly rates we charge for our Globers are a key factor impacting our gross profit margins and profitability. Hourly rates vary by complexity of the project and the mix of staffing. The margin on our services is impacted by the increase in our costs in providing those services, which is influenced by wage inflation, market conditions and other factors. As a client relationship matures and deepens, we seek to maximize our revenues and profitability by expanding the scope of services offered to that client and achieving higher profit margin assignments. During the three-year period ended December 31, 2025, we increased our revenues attributable to sales of technology solutions (primarily through digital transformation, data and cloud strategies). Gross profit margin was 35.0%, 35.7% and 36.1% for the years ended December 31, 2025, 2024 and 2023, respectively and adjusted gross profit margin was 37.9%, 38.2% and 38.1% for the years ended December 31, 2025, 2024 and 2023, respectively. See \"Operating and financial review and prospects - Operating Results - Adjusted Diluted EPS and Adjusted Net Income.\". 47 \u2022Our ability to deepen and expand the portfolio of services we offer while maintaining our high standard of quality. The breadth and depth of the services we offer impact our ability to grow revenues from new and existing clients. Through research and development, targeted hiring", "title": "GLOB - Globant S.A.", "url": "/company/GLOB/" }, { "kind": "company", "summary": "SIC 2011 Meat Packing Plants; CIK 0000091388; latest 10-K filed 2026-03-24.", "text": "SFD - SMITHFIELD FOODS INC SIC 2011 Meat Packing Plants; CIK 0000091388; latest 10-K filed 2026-03-24. SFD SMITHFIELD FOODS INC 0000091388 2011 Meat Packing Plants ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and accompanying notes included in Part II, Item 8 of this Annual Report on Form 10-K. This discussion and analysis includes the results of operations and financial condition, including year-over-year comparisons, for fiscal years 2025 and 2024. For discussion and analysis of fiscal year 2023, including a year-over-year comparison of fiscal years 2024 and 2023, see \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in our Annual Report on Form 10-K for fiscal year 2024. The information reflects all normal recurring adjustments which we believe are necessary to present fairly the financial position and results of operations for all periods included. Totals and percentages may be affected by rounding. Certain prior period amounts have been reclassified to conform to the current period presentation. Overview We are an American food company that employs approximately 32,000 people in the U.S. and 2,500 people in Mexico. We boast a portfolio of high-quality, iconic brands, such as Smithfield\u00ae, Eckrich\u00ae and Nathan\u2019s Famous\u00ae, among many others. We are an indirect, majority-owned subsidiary of Hong Kong-based WH Group. We conduct our operations through three reportable segments: Packaged Meats, Fresh Pork, and Hog Production. We also conduct operations through two other operating segments, Mexico and Bioscience, which are aggregated and reported as \u201cOther.\u201d Our fiscal year is the 52-week or 53-week period which ends on the Sunday nearest to December 31. Fiscal years 2025 and 2024 each consisted of 52 weeks. For a more comprehensive overview of our company and operations, refer to \u201cItem 1. Business\u201d in this Annual Report on Form 10-K. Key Factors and Recent Developments Affecting Our Results of Operations and Financial Condition The following are key factors that have influenced our results of operations in the past and/or may influence our results in the future. Growth Strategies The strategic initiatives we are executing across our segments are complemented and enabled by our strong balance sheet and ongoing operational investments, positioning us for future growth. We have several strategic initiatives to grow our business, reduce costs and enhance our profitability and margins. For a comprehensive discussion of our growth strategies, refer to \u201cItem 1. Business\u2014Our Growth Strategies in this Annual Report on Form 10-K. Sales Drivers We are focused on driving profitable growth through our Packaged Meats segment. Within the Packaged Meats segment, the primary factors impacting sales of our brands are household penetration, consumption levels, price point and product offerings. As a result, we have pursued strategies that we believe best align our products with consumer trends and behavior. We have shifted our portfolio towards a higher mix of value-added and margin accretive products while leveraging the breadth of our offerings to further penetrate across dayparts. We look to increase brand awareness and encourage consumer adoption of our products through product and packaging innovation and effective and appealing marketing strategies while maintaining our promise to consumers to offer high-quality products for every budget. We have also expanded to new categories and grown distribution of under-indexed brands in under-penetrated locations. In addition, we seek to increase sales in packaged meats products by driving volumes of our private label and foodservice products, by expanding our customer relationships and by offering quality selections across the value chain. 58 The U.S. packaged meats market is supported by long-term secular tailwinds, including consumer demand for high-protein diets, high-quality nutrition, prod ITEM 1. BUSINESS Our Company Headquartered in Smithfield, Virginia, since 1936, Smithfield Foods, Inc., together with its subsidiaries (\u201cSmithfield,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d), produces a wide variety of packaged meats and fresh pork products primarily in the United States (\u201cU.S.\u201d). Smithfield is an American food company that employs approximately 32,000 people in the U.S. and 2,500 people in Mexico. Smithfield\u2019s portfolio includes high-quality iconic brands, such as Smithfield\u00ae, Eckrich\u00ae and Nathan\u2019s Famous\u00ae, among many others. Smithfield is a majority owned subsidiary of Hong Kong-based WH Group Limited (\u201cWH Group\u201d). Our Mission Good food. Responsibly.\u00ae At Smithfield, we are helping to feed a world of nearly eight billion people. Our products are found on tables everywhere. We provide families with wholesome, safe and affordable food while finding new and innovative ways to care for our people, communities, animals and planet. It is our responsibility and our promise. We make more than good food. Good is what we do. Our Operations We conduct our operations through three reportable segments: Packaged Meats, Fresh Pork, and Hog Production. We also conduct operations through two other operating segments, Mexico and Bioscience, which are aggregated and reported as \u201cOther.\u201d Packaged Meats Segment The Packaged Meats segment consists of our U.S. operations that process fresh meat into a wide variety of packaged meats products, including bacon, sausage, hot dogs, deli and lunch meats, dry sausage products (such as pepperoni and genoa), ham products, ready-to-eat products and prepared foods (such as pre-cooked entrees, bacon and sausage). Approximately 80% of the Packaged Meats segment\u2019s raw materials are sourced from our Fresh Pork segment. We market our domestic packaged meats products under a strategic set of core brands, which include: Smithfield, Eckrich, Nathan\u2019s Famous, Farmland, Armour, Farmer John, Kretschmar, Krakus, John Morrell, Cook\u2019s, Gwaltn ITEM 1A. RISK FACTORS The following risk factors and other information included in this Annual Report on Form 10-K should be carefully considered. The occurrence of any of the following risks or of unknown risks and uncertainties may adversely affect our business, operating results and financial condition. Risk Factor Summary This risk factor summary con", "title": "SFD - SMITHFIELD FOODS INC", "url": "/company/SFD/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000021175; latest 10-K filed 2026-02-10.", "text": "CNA - CNA FINANCIAL CORP SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000021175; latest 10-K filed 2026-02-10. CNA CNA FINANCIAL CORP 0000021175 6331 Fire, Marine & Casualty Insurance ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 2024 Compared with 2023 This section of this Form 10-K generally discusses 2025 and 2024 results and year-to-year comparisons between 2025 and 2024. A discussion of changes in our results of operations from 2024 to 2023 has been omitted from this Form 10-K, but may be found in \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Form 10-K for the year ended December 31, 2024, filed with the SEC on February 11, 2025. Index to this MD&A Management's discussion and analysis of financial condition and results of operations is comprised of the following sections: [[GREPCENT_TABLE]] [[\"\",\"Page No.\"],[\"Overview\",\"20\"],[\"Critical Accounting Estimates\",\"20\"],[\"Reserves - Estimates and Uncertainties\",\"22\"],[\"Catastrophes and Related Reinsurance\",\"28\"],[\"Consolidated Operations\",\"30\"],[\"Segment Results\",\"31\"],[\"Specialty\",\"34\"],[\"Commercial\",\"37\"],[\"International\",\"39\"],[\"Life & Group\",\"41\"],[\"Corporate & Other\",\"42\"],[\"Investments\",\"43\"],[\"Net Investment Income\",\"43\"],[\"Net Investment Gains (Losses)\",\"43\"],[\"Portfolio Quality\",\"44\"],[\"Duration\",\"45\"],[\"Liquidity and Capital Resources\",\"46\"],[\"Cash Flows\",\"46\"],[\"Liquidity\",\"46\"],[\"Common Stock Dividends\",\"47\"],[\"Commitments, Contingencies and Guarantees\",\"47\"],[\"Ratings\",\"48\"],[\"Accounting Standards Updates\",\"49\"],[\"Recent Legislation\",\"49\"],[\"Forward-Looking Statements\",\"49\"]] [[/GREPCENT_TABLE]] 19 Table of Contents OVERVIEW The following discussion should be read in conjunction with Part I, Item 1A Risk Factors and Part II, Item 8 Financial Statements and Supplementary Data of this Form 10-K. CRITICAL ACCOUNTING ESTIMATES The preparation of Consolidated Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the amount of revenues and expenses reported during the period. Actual results may differ from those estimates. Our Consolidated Financial Statements and accompanying notes have been prepared in accordance with GAAP applied on a consistent basis. We continually evaluate the accounting policies and estimates used to prepare the Consolidated Financial Statements. In general, our estimates are based on historical experience, evaluation of current trends, information from third-party professionals and various other assumptions that are believed to be reasonable under the known facts and circumstances. The accounting estimates discussed below are considered by us to be critical to an understanding of our Consolidated Financial Statements as their application places the most significant demands on our judgment. Note A to the Consolidated Financial Statements included under Item 8 should be read in conjunction with this section to assist with obtaining an understanding of the underlying accounting policies related to these estimates. Due to the inherent uncertainties involved with these types of judgments, actual results could differ significantly from our estimates and may have a material adverse impact on our results of operations, financial condition, equity, business, and insurer financial strength and corporate debt ratings. Insurance Reserves Insurance reserves are established for both short and long-duration insurance contracts. Short-duration contracts are primarily related to property and casualty insurance policies where the reserving process is based on actuarial estimates of the amount of loss, including amounts for known and unknown claims. Long-duration contracts are primarily related to long-term care policies and the reserves are recorded as Future policy benefits reserves as discussed below. The reserve for unearned premiums represents the portion of premiums written related to the unexpired terms of c ITEM 1. BUSINESS CNA Financial Corporation (CNAF) was incorporated in 1967 and is an insurance holding company. References to \u201cCNA,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d or like terms refer to the business of CNAF and its subsidiaries. CNA's property and casualty and remaining life and group insurance operations are primarily conducted by Continental Casualty Company (CCC), The Continental Insurance Company, Western Surety Company, CNA Insurance Company Limited, Hardy Underwriting Bermuda Limited and its subsidiaries (Hardy), and CNA Insurance Company (Europe) S.A. Loews Corporation (Loews) owned approximately 92% of our outstanding common stock as of December 31, 2025. Our insurance products primarily include commercial property and casualty coverages, including surety. Our services include warranty, risk management information services and claims administration. Our products and services are primarily marketed through independent agents, retail and wholesale brokers and managing general underwriters to a wide variety of customers, including small, medium and large businesses, insurance companies, associations, professionals and other groups. The property and casualty insurance industry is highly competitive, both as it relates to rate and service. We compete with a large number of stock and mutual insurance companies, as well as other entities, for both distributors and customers. Our commercial property and casualty underwriting operations presence in the United States of America (U.S.) consists of field underwriting locations and centralized processing operations which handle policy processing, billing and collection activities and also act as call centers to optimize service. Our claim operations in the U.S. consists of primary locations where we handle multiple claim types and key business functions, as well as regional claim offices which are aligned with our underwriting field structure. We also have property and casualty underwriting operations in Canada, th ITEM 1A. RISK FACTORS Our business faces many risks and uncertainties. These risks and uncertainties could lead to events or circumstances that have a material adverse effect on our results of operations, equity, business, financial condition and insurer financial strength and corporate debt ratings. We have described below ma", "title": "CNA - CNA FINANCIAL CORP", "url": "/company/CNA/" }, { "kind": "company", "summary": "SIC 6163 Loan Brokers; CIK 0002064124; latest 10-K filed 2026-03-16.", "text": "FIGR - Figure Technology Solutions, Inc. SIC 6163 Loan Brokers; CIK 0002064124; latest 10-K filed 2026-03-16. FIGR Figure Technology Solutions, Inc. 0002064124 6163 Loan Brokers ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our Consolidated Financial Statements and the related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should read the sections titled \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements\u201d for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. U.S. Dollars appearing in tables are presented in thousands unless otherwise indicated. A discussion of our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 is included in our final prospectus dated September 10, 2025, filed with the SEC on September 11, 2025 pursuant to Rule 424(b) of the Securities Act (the \u201cProspectus\u201d), under the heading \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d. 100 Table of Contents Executive Overview Figure is building the future of capital markets using blockchain-based technology. Financial services have historically been and are still trust-based markets, which require intermediation. Large institutional companies have been built around this. Blockchain-based technology has the power to distill these multi-party marketplaces down to just two: buyer and seller. Blockchain can do more than disrupt existing markets. By taking historically illiquid assets, such as loans, and putting these assets and their performance history on-chain, blockchain can bring liquidity to markets that have never had such. That liquidity, coupled with the ability to achieve true digital perfection and control, opens financing opportunities that were not accessible before. We believe in three core benefits blockchain delivers to the capital markets. The first is transactional: the reduction of audit, quality control, third-party review and other expenses. The second is liquidity: the ability to support 24x7, real-time bilateral marketplaces. The third is financing: the democratization of capital access through programmable smart contracts that enable peer-to-peer funding and real time loan perfection. Figure\u2019s proprietary technology powers next-generation lending, trading and investing activities in areas such as consumer credit and digital assets. Our application of the blockchain ledger allows us to better serve our end-customers, improve speed and efficiency, and enhance standardization and liquidity. Using our technology, we continue to develop dynamic, vertically-integrated marketplaces. Recent Developments Reorganization Prior to a change in corporate structure on March 18, 2024, the consolidated financial statements were under the former parent company, Figure Technologies, Inc. (\"FT\"). On March 18, 2024, FT, FT Intermediate, Inc. (\u201cFTI\u201d), and Figure Markets Holdings, Inc. (\u201cFMH\u201d) and other entities under common control consummated a reorganization (the \u201cReorganization\u201d) whereby FT contributed assets and liabilities to FTI and subsequently, FT consummated a reverse merger with a subsidiary of FTI. Each outstanding share of common stock of FT converted into one share of common stock of FTI, whereby FTI (a) contributed assets and liabilities applicable to the FMH business and (b) 100% of the equity interest to FT's successor. FT then ratably distributed 74.1% of FMHs' common stock to third-party shareholders and 25.9% to related parties in exchange for their FTI common sto ITEM 1. BUSINESS Business Overview Figure is building the future of capital markets using blockchain-based technology. Figure\u2019s proprietary technology powers next-generation lending, trading and investing activities in areas such as consumer credit and digital assets. Our application of the blockchain ledger allows us to better serve our end-customers, improve speed and efficiency, and enhance standardization and liquidity. Using our technology, we continue to develop dynamic, vertically-integrated marketplaces across the approximately $2 trillion consumer credit market and the rapidly growing approximately $3 trillion cryptocurrency and digital asset market. As a result, Figure has grown quickly in a capital-efficient manner since our founding, and more recently we have achieved strong and growing profitability, with net income of $134.3 million and Adjusted EBITDA of $251.2 million for the year ended December 31, 2025, compared to net income of $19.9 million and Adjusted EBITDA of $101.4 million for the year ended December 31, 2024, and accumulated deficit of $187.0 million and total stockholders\u2019 equity of $1.2 billion as of December 31, 2025, compared to accumulated deficit of $320.9 million and total stockholders\u2019 equity of $363.4 million, as of December 31, 2024. See the section titled \u201cNon-GAAP Financial Measures\u201d for information regarding our use of Adjusted Net Revenue and Adjusted EBITDA and a reconciliation of such Non-GAAP Financial Measures to our most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States (\u201cGAAP\u201d). The infrastructure supporting capital markets today is fragmented and operates on legacy systems which employ antiquated processes for loan approvals and transaction processing. This creates process and cost inefficiencies in serving consumer credit markets and limits the development of alternative marketplaces. Furthermore, the manual elements unde ITEM 1A. RISK FACTORS Investing in our Class A common stock or Blockchain Stock involves a high degree of risk. Before making an investment decision, you should carefully consider the risks and uncertainties described below, together with all of the other information in this Form 10-K, including the section titled \u201cManagement's Discu", "title": "FIGR - Figure Technology Solutions, Inc.", "url": "/company/FIGR/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0001381668; latest 10-K filed 2025-11-25.", "text": "TFSL - TFS Financial CORP SIC 6035 Savings Institution, Federally Chartered; CIK 0001381668; latest 10-K filed 2025-11-25. TFSL TFS Financial CORP 0001381668 6035 Savings Institution, Federally Chartered Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview Our business strategy is to operate as a well capitalized and profitable financial institution dedicated to providing exceptional personal service to our customers. Since being organized in 1938, we grew to become, at the time of our initial public offering of stock in 2007, the nation\u2019s largest mutually-owned savings and loan association based on total assets. We credit our success to our continued emphasis on our primary values: \u201cLove, Trust, Respect, and a Commitment to Excellence, along with Having Fun\". Our values are reflected in the design and pricing of our loan and deposit products, as described below. Our values are further reflected in a long-term revitalization program encompassing the three-mile corridor of the Broadway-Slavic Village neighborhood in Cleveland, Ohio where our main office was established and continues to be located and where we've been the developer of a community of 42 homes, intended to serve the low- to moderate income home owner. We intend to continue to adhere to our primary values and to support our customers and the communities in which we operate as we pursue our mission to help people achieve the dream of home ownership and financial security while creating value for our customers, our communities, our associates and our shareholders. Also, in the spirit of our values and specifically our Commitment to Excellence, the Association is in the process of implementing a new core processing system. The implementation is intended to go live in July 2026 and will modernize our operations, boost efficiency and allow us to leverage technology to enhance our customers' experience. Consumers, businesses, and governments alike are navigating an elevated level of economic uncertainty as a new perspective on global trade policy is being deliberated by the markets. After maintaining interest rates near 20-year highs, the Federal Reserve has shifted its focus and initiated an easing cycle, conducting rate cuts in September and October 2025. The U.S. Treasury yield curve is currently positive, after a prolonged period of inversion, normalizing just prior to the FRS's 100 basis point rate cuts between September and December 2024. It is possible that the easing cycle will continue into late 2025 and 2026, however, uncertainty can lead to volatility in interest rates and spreads, creating a challenging operating environment. Taking all of this into consideration, we remain committed to our mission, business model, and strategic approach. Specifically, (1) our capital ratios remain a primary source of financial strength; (2) our core deposits remain stable and the majority of our deposit accounts fall within FDIC insurance limits; (3) we maintain adequate access to contingent sources of liquidity; and (4) our risk management practices around an array of financial disciplines are robust and commensurate to an institution of our size and complexity. 49 Table of Contents The following tables present select financial data of the Company for the five most recent fiscal years. [[GREPCENT_TABLE]] [[\"\",\"At September 30,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\",\"\",\"2022\",\"\",\"2021\"],[\"Selected Financial Condition Data:\",\"(In thousands)\"],[\"Total assets\",\"$\",\"17,456,316\",\"\",\"\",\"$\",\"17,090,785\",\"\",\"\",\"$\",\"16,917,979\",\"\",\"\",\"$\",\"15,789,879\",\"\",\"\",\"$\",\"14,057,450\"],[\"Cash and cash equivalents\",\"429,439\",\"\",\"\",\"463,718\",\"\",\"\",\"466,746\",\"\",\"\",\"369,564\",\"\",\"\",\"488,326\"],[\"Investment securities available for sale\",\"520,659\",\"\",\"\",\"526,251\",\"\",\"\",\"508,324\",\"\",\"\",\"457,908\",\"\",\"\",\"421,783\"],[\"Mortgage loans held for sale\",\"57,662\",\"\",\"\",\"17,775\",\"\",\"\",\"3,260\",\"\",\"\",\"9,661\",\"\",\"\",\"8,848\"],[\"Loans held for investment, net\",\"15,663,312\",\"\",\"\",\"15,322,059\",\"\",\"\",\"15,165,747\",\"\",\"\",\"14,257,067\",\"\",\"\",\"12,509,035\"],[\"Bank owned life insurance contracts\",\"325,149\",\"\",\"\",\"317,977\",\"\",\"\",\"312,072\",\"\",\"\",\"304,040\",\"\",\"\",\"297,332\"],[\"Total l Item 1. Business [[GREPCENT_TABLE]] [[\"Forward Looking Statements\"],[\"This report contains forward-looking statements, which can be identified by the use of such words as estimate, project, believe, intend, anticipate, plan, seek, expect and similar expressions. These forward-looking statements include, among other things:\"],[\"\\u25cf\",\"statements of our goals, intentions and expectations;\"],[\"\\u25cf\",\"statements regarding our business plans and prospects and growth and operating strategies;\"],[\"\\u25cf\",\"statements concerning trends in our provision for credit losses and charge-offs on loans and off-balance sheet exposures;\"],[\"\\u25cf\",\"statements regarding the trends in factors affecting our financial condition and results of operations, including credit quality of our loan and investment portfolios; and\"],[\"\\u25cf\",\"estimates of our risks and future costs and benefits.\"],[\"These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events:\"],[\"\\u25cf\",\"significantly increased competition among depository and other financial institutions, including with respect to our ability to charge overdraft fees;\"],[\"\\u25cf\",\"inflation and changes in the interest rate environment that reduce our interest margins or reduce the fair value of financial instruments, or our ability to originate loans;\"],[\"\\u25cf\",\"general economic conditions, either globally, nationally or in our market areas, including employment prospects, real estate values and conditions that are worse than expected;\"],[\"\\u25cf\",\"the strength or weakness of the real estate markets and of the consumer and commercial credit sectors and its impact on the credit quality of our loans and other assets, and changes in estimates of the allowance for credit losses;\"],[\"\\u25cf\",\"decreased demand for our products and services and lower revenue and earnings because of a recessi Item 1A. Risk Factors The material risks and uncertainties that management believes affect us are described below. You should carefully consider the risks and uncertainties described below, together with all of the other information included or incorporated by reference herein, as well as in other docu", "title": "TFSL - TFS Financial CORP", "url": "/company/TFSL/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001764046; latest 10-K filed 2026-02-24.", "text": "CLVT - CLARIVATE PLC SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001764046; latest 10-K filed 2026-02-24. CLVT CLARIVATE PLC 0001764046 7374 Services-Computer Processing & Data Preparation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this annual report on Form 10-K. Certain statements in this section are forward-looking, subject to the risks and uncertainties described in the Cautionary Note Regarding Forward-Looking Statements and under Item 1A. Risk Factors of this annual report. This section generally discusses our financial condition and results of operations for the years ended December 31, 2025 and 2024, including year-over-year comparisons. Discussion of our financial condition and results of operations for the year ended December 31, 2023, and comparisons between 2024 and 2023, are not included in this annual report and may be found in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, in our annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 19, 2025. Overview We are a leading global provider of transformative intelligence. We support the entire innovation lifecycle, from cultivating curiosity to protecting the world\u2019s critical intellectual property assets. Our aim is to fuel the world\u2019s greatest breakthroughs by harnessing the power of human ingenuity. From research and learning to commercialization, we offer intelligence solutions, workflow solutions, and tech-enabled services to customers in the Academia & Government (\u201cA&G\u201d), Intellectual Property (\u201cIP\u201d), and Life Sciences & Healthcare (\u201cLS&H\u201d) end markets, which form the basis of our reportable segment structure. \u2022Intelligence solutions. Continuously enriched, up-to-date knowledge assets, combining expert-curated data, structured taxonomies, and analytical models that transform complex information into actionable insights powered by a unique combination of AI-enabled software and human expertise. \u2022Workflow solutions. Automated, flexible software tools complemented by our enriched data sets and expert analysis tailored to meet specific needs. \u2022Tech-enabled services. We are home to industry specialists, consultants, and data scientists with deep subject- matter expertise and global experience. For further information about our business, customers, segments, and people, see Item 1. Business included in Part I of this annual report. Key Performance Indicators We regularly monitor organic revenue growth, annualized contract value, annual renewal rates, Adjusted EBITDA, Adjusted EBITDA margin, and Free cash flow as key performance indicators that we use to evaluate our business and trends, measure performance, prepare financial projections, and make strategic decisions. Adjusted EBITDA, Adjusted EBITDA margin, and Free cash flow are financial measures that are not prepared in accordance with U.S. generally accepted accounting principles (\u201cnon-GAAP\u201d). Although we believe these measures may be useful to investors in evaluating our business, these measures are not a substitute for GAAP financial measures or disclosures. Reconciliations of our non-GAAP measures to the most directly comparable GAAP measures are provided further below. Organic revenue growth We define organic revenue as revenue generated from pricing, up-selling, securing new customers, sales of new or enhanced products, and similar activities. Organic revenues exclude revenues from acquisitions and disposals (including divestitures) completed within the past 12 months and the impact from changes in foreign currency exchange rates (\u201cFX\u201d). We review year-over-year organic revenue growth in our segments as a key measure of our success in addressing customer needs. We also review year-over-year organic revenue growth by transaction type to help us identify and address broad changes in product mix, and by geography to help us identify and address changes and revenue trends by region. A Item 1. Business. Clarivate Plc is a public limited company incorporated on January 7, 2019 under the laws of Jersey, Channel Islands. Our principal business offices are located at 70 St. Mary Axe, London EC3A 8BE, United Kingdom, and our main telephone number is +44 207 433 4000. We maintain a registered office at 4th Floor, St Paul\u2019s Gate, 22-24 New Street, St. Helier, Jersey JE14TR. We became a public company in May 2019, and our ordinary shares are traded on the New York Stock Exchange under the symbol \u201cCLVT.\u201d Overview We are a leading global provider of transformative intelligence. We support the entire innovation lifecycle, from cultivating curiosity to protecting the world\u2019s critical intellectual property assets. Our aim is to fuel the world\u2019s greatest breakthroughs by harnessing the power of human ingenuity. From research and learning to commercialization, we offer intelligence solutions, workflow solutions, and tech-enabled services to customers in the Academia & Government, Intellectual Property, and Life Sciences & Healthcare end markets. \u2022Intelligence solutions. Continuously enriched, up-to-date knowledge assets, combining expert-curated data, structured taxonomies, and analytical models that transform complex information into actionable insights powered by a unique combination of AI-enabled software and human expertise. \u2022Workflow solutions. Automated, flexible software complemented by our enriched data sets and expert analysis tailored to meet specific needs. \u2022Tech-enabled services. We are home to industry specialists, consultants, and data scientists with deep subject- matter expertise and global experience. Our highly curated, proprietary suite of branded information and insights solutions \u2013 developed through our sourcing, aggregation, verification, translation, classification, and standardization processes \u2013 combined with AI and other advanced technologies, positions us to deliver amplified intelligence in the age of AI. We have Item 1A. Risk Factors. The following risks could materially and adversely affect our business, financial condition, results of operations, and cash flows and, as a result, the trading price of our ordinary shares could decline. These risk factors do not identify all risks that we face; our operations could also be affected by factors that are not prese", "title": "CLVT - CLARIVATE PLC", "url": "/company/CLVT/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001872195; latest 10-K filed 2026-03-10.", "text": "BLSH - Bullish SIC 6199 Finance Services; CIK 0001872195; latest 10-K filed 2026-03-10. BLSH Bullish 0001872195 6199 Finance Services Overview Bullish is an institutionally focused global digital asset platform focused on providing market infrastructure and information services that reports as a single operating and reportable segment. Our products and services are designed to help institutions grow their businesses, empower individual customers, and drive the adoption of stablecoins, digital assets, and blockchain technology. Bullish, operating under the \u201cBullish\u201d and \u201cCoinDesk\u201d brands, offers several distinct but complementary services in the digital assets industry. See \u201cItem 4. Information on the Company\u201d in this Annual Report on From 20-F for an overview of our Market Infrastructure and Information Services businesses. Key Factors Affecting Our Performance The growth and success of our business as well as our financial condition and operating results have been, and will continue to be affected by factors such as the adoption of digital assets, price and volatility of digital assets, broadening of institutional investor needs, strategic acquisitions and investments, customer concentration, and regulatory developments and requirements across multiple jurisdictions. See the \u201cRisk Factors\u201d and \u201cBusiness Overview\u201d sections in this Annual Report on Form 20-F for detailed descriptions on these factors and their impact on our business and our performance. 54 Results of Operations The following table summarizes the historical consolidated statements of operations data for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"\",\"\",\"(in thousands)\"],[\"Digital assets sales\",\"\",\"$\",\"244,811,387\",\"\",\"\",\"$\",\"250,201,282\",\"\",\"\",\"$\",\"116,492,159\"],[\"Cost of digital assets derecognized\",\"\",\"\",\"(244,733,087\",\")\",\"\",\"\",\"(250,104,770\",\")\",\"\",\"\",\"(116,419,218\",\")\"],[\"Other revenues\",\"\",\"\",\"158,941\",\"\",\"\",\"\",\"61,967\",\"\",\"\",\"\",\"15,341\"],[\"Change in fair value of digital assets held, net\",\"\",\"\",\"(674,968\",\")\",\"\",\"\",\"207,043\",\"\",\"\",\"\",\"1,351,832\"],[\"Net spread related income and change in fair value of perpetual futures on the Exchange\",\"\",\"\",\"(7,179\",\")\",\"\",\"\",\"(17,139\",\")\",\"\",\"\",\"(654\",\")\"],[\"Change in fair value of investment in financial assets\",\"\",\"\",\"(36,034\",\")\",\"\",\"\",\"29,453\",\"\",\"\",\"\",\"3,671\"],[\"Administrative expenses\",\"\",\"\",\"(182,188\",\")\",\"\",\"\",\"(153,119\",\")\",\"\",\"\",\"(104,211\",\")\"],[\"Other expenses\",\"\",\"\",\"(60,425\",\")\",\"\",\"\",\"(46,079\",\")\",\"\",\"\",\"(34,465\",\")\"],[\"Finance expense\",\"\",\"\",\"(52,369\",\")\",\"\",\"\",\"(38,529\",\")\",\"\",\"\",\"(2,983\",\")\"],[\"Change in fair value of derivatives\",\"\",\"\",\"9,609\",\"\",\"\",\"\",\"(12,190\",\")\",\"\",\"\",\"\\u2014\"],[\"Change in fair value of financial liability at FVTPL\",\"\",\"\",\"(20,100\",\")\",\"\",\"\",\"(43,350\",\")\",\"\",\"\",\"\\u2014\"],[\"Income/(loss) before income tax\",\"\",\"$\",\"(786,413\",\")\",\"\",\"$\",\"84,569\",\"\",\"\",\"$\",\"1,301,472\"],[\"Income tax expense\",\"\",\"\",\"944\",\"\",\"\",\"\",\"(5,005\",\")\",\"\",\"\",\"(1,457\",\")\"],[\"Net income/(loss)\",\"\",\"$\",\"(785,469\",\")\",\"\",\"$\",\"79,564\",\"\",\"\",\"$\",\"1,300,015\"],[\"Attributable to:\"],[\"Owners of the Group\",\"\",\"\",\"(764,681\",\")\",\"\",\"\",\"78,527\",\"\",\"\",\"\",\"1,299,167\"],[\"Non-controlling interests\",\"\",\"\",\"(20,788\",\")\",\"\",\"\",\"1,037\",\"\",\"\",\"\",\"848\"],[\"Net income/(loss)\",\"\",\"$\",\"(785,469\",\")\",\"\",\"$\",\"79,564\",\"\",\"\",\"$\",\"1,300,015\"],[\"Other comprehensive income/(loss)\"],[\"Items that will not be subsequently reclassified to profit or loss:\"],[\"Revaluation of digital assets held as investments\",\"\",\"\",\"409,644\",\"\",\"\",\"\",\"1,020,339\",\"\",\"\",\"\",\"\\u2014\"],[\"Fair value loss on financial liabilities designated at FVTPL attributable to changes in credit risk\",\"\",\"\",\"(3,050\",\")\",\"\",\"\",\"(16,350\",\")\",\"\",\"\",\"\\u2014\"],[\"\",\"\",\"$\",\"406,594\",\"\",\"\",\"$\",\"1,003,989\",\"\",\"\",\"$\",\"\\u2014\"],[\"Item that may be reclassified subsequently to profit or loss:\"],[\"Foreign exchange differences on translation of foreign operations\",\"\",\"\",\"1,676\",\"\",\"\",\"\",\"(712\",\")\",\"\",\"\",\"\\u2014\"],[\"Total comprehensive income/(loss)\",\"\",\"$\",\"(377,199\",\")\",\"\",\"$\",\"1,082,84", "title": "BLSH - Bullish", "url": "/company/BLSH/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0002030781; latest 10-K filed 2026-03-19.", "text": "SAIL - SailPoint, Inc. SIC 7372 Services-Prepackaged Software; CIK 0002030781; latest 10-K filed 2026-03-19. SAIL SailPoint, Inc. 0002030781 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes included in Part II, Item 8 of this Annual Report. Our fiscal year end is January 31, and our fiscal quarters end on April 30, July 31, October 31, and January 31. Our fiscal year ended January 31, 2026, January 31, 2025 and January 31, 2024 are referred to herein as \"fiscal 2026\", \"fiscal 2025\", and \"fiscal 2024,\" respectively. This MD&A generally discusses fiscal 2026 and fiscal 2025 items and year-to-year comparisons between 2026 and 2025. Discussions of fiscal 2024 items and year-to-year comparisons between 2025 and 2024 that are not included in this Form 10-K can be found in the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on our Form 10-K for the fiscal year ended 2025. Overview We deliver solutions to enable adaptive identity security for the enterprise. We do this via the SailPoint Platform that unifies identity data across systems and identity types, including employee identities, non-employee identities, machine identities, and AI agents for real-time governance. Our SaaS and customer-hosted offerings leverage intelligent analytics to provide organizations with critical visibility into which identities currently have access to which resources, which identities should have access to those resources, and how that access is being used. Our solutions enable organizations to establish, control, and automate policies that help them define and maintain a robust security posture and achieve regulatory compliance. Powered by AI, our solutions enable organizations to overcome the scale and complexity of managing identities in real-time across dynamic, complex IT environments. Our solutions empower organizations to maintain a robust security posture and achieve regulatory compliance. Today, we offer a range of solutions to meet the varied needs of our customers across a broad set of deployment options including: Identity Security Cloud, our SaaS-based cloud solution built on our unified SailPoint Platform, and IdentityIQ, our customer-hosted identity security solution. These solutions are designed to enable our customers to make more effective decisions regarding access, improve security processes, and provide them with a deeper understanding of identity and access. SailPoint was founded in 2005 by industry experts to develop a new category of identity solutions, address emerging identity security challenges, and drive innovation in the identity market. After establishing leadership in on-premises identity solutions, SailPoint pioneered standalone identity governance and administration SaaS solutions with advanced analytics. Today, SailPoint delivers a robust, extensible SaaS platform for identity security that is ready for the AI age with modern data architecture and just-in-time access to critical data for advanced use cases. In recent years, we have transitioned our business to a subscription model. This transition is substantially complete with subscription revenue, which consists primarily of SaaS, maintenance, and term subscriptions, comprising 94%, 92% and 89% of our total revenue for the year ended January 31, 2026, 2025 and 2024, respectively. Our customers include many of the world\u2019s largest and most complex organizations, including large enterprises across all major verticals and governments. Most new customers purchase one of our SaaS suites, Standard, Business, or Business Plus. We believe we deliver exceptional value to our customers and as a result benefit from high customer retention. Our go-to- 55 Table of Contents market approach tends to result in a larger land, with future opportunities for expansion. We focus on expanding our customer relationships ITEM 1. BUSINESS Overview SailPoint, Inc. (together with its consolidated subsidiaries, as appropriate, \u201cSailPoint,\u201d the \u201cCompany,\u201d \u201cour,\u201d or \u201cwe\u201d) delivers solutions to enable adaptive identity security for the enterprise. We do this via the SailPoint Platform that unifies identity data across systems and identity types, including employee identities, non-employee identities, machine identities, and AI agents for real-time governance. Our SaaS and customer-hosted offerings leverage intelligent analytics to provide organizations with critical visibility into which identities currently have access to which resources, which identities should have access to those resources, and how that access is being used. Our solutions enable organizations to establish, control, and automate policies that help them define and maintain a robust security posture and achieve regulatory compliance. Powered by AI, our solutions enable organizations to overcome the scale and complexity of managing identities in real-time across dynamic, complex IT environments. The evolving threat landscape requires a more adaptive, context-aware identity security approach than ever before. The number of cyber attacks continues to increase at an accelerating rate, fueled in part by the adoption of AI by threat actors. This has lowered the barrier for sophisticated attacks and enabled threat actors to scale their efforts with unprecedented efficiency. The consequences are significant, and the attack surface has expanded dramatically with the rapid growth of non-human identities in recent years, which now vastly outnumber human identities. Every AI agent and automated process requires an identity to access data and systems, creating thousands of new potential targets for attackers that often operate outside of traditional security processes. These compromised identities, both human and non-human, enable attackers to access sensitive applications and data, presenting a significant and growing risk to orga ITEM 1A. RISK FACTORS The nature of the business activities conducted by the Company subjects it to certain hazards and risks. A description of some of the material risk factors that make an investment in the Company speculative or risky is set forth below. Such description reflects the Company's beliefs and opinions as to factors that", "title": "SAIL - SailPoint, Inc.", "url": "/company/SAIL/" }, { "kind": "company", "summary": "SIC 3711 Motor Vehicles & Passenger Car Bodies; CIK 0001811210; latest 10-K filed 2026-02-24.", "text": "LCID - Lucid Group, Inc. SIC 3711 Motor Vehicles & Passenger Car Bodies; CIK 0001811210; latest 10-K filed 2026-02-24. LCID Lucid Group, Inc. 0001811210 3711 Motor Vehicles & Passenger Car Bodies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides information that Lucid management believes is relevant to an assessment and understanding of Lucid\u2019s consolidated results of operations and financial condition as of December 31, 2025 and for the fiscal year ended December 31, 2025. The discussion should be read together with our consolidated financial statements and related notes that are included elsewhere in this Annual Report. For discussion related to our financial condition as of December 31, 2024, results of operations for the fiscal year ended December 31, 2024 and year-to-year comparison between the years ended December 31, 2024 and 2023, refer to the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 25, 2025. This discussion may contain forward-looking statements based upon Lucid\u2019s current expectations, estimates and projections that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d in Part I, Item 1A of this Annual Report. 76 Unless otherwise noted, the share, per share, and related information in this Annual Report has been retrospectively adjusted to reflect the Reverse Stock Split (as defined in Note 2 \u201cSummary of Significant Accounting Policies\u201d to our consolidated financial statements included elsewhere in this Annual Report). Overview We are a technology company that is shaping the future of mobility through our innovations, advanced technology, and software-defined vehicle platforms. Our award-winning Lucid Air and Lucid Gravity set new standards with their unmatched combination of performance, range, space, and efficiency. Our focus on in-house hardware and software innovation, vertical integration, and a \u201cclean sheet\u201d approach to engineering and design led to the development of the award-winning Lucid Air and Lucid Gravity, and upcoming Midsize platform. We sell vehicles directly to consumers through our retail sales network and online channels, including Lucid Financial Services. We believe that owning and operating our sales network provides the best opportunity to closely manage the customer experience, gather direct feedback, and ensure that every interaction is tailored to customer needs. We are also actively exploring alternative importer and agency models to enhance flexibility and optimize our distribution strategy in response to evolving market dynamics. We also own and operate a vehicle service network comprised of service centers in major metropolitan areas and a fleet of mobile service vehicles. In addition to our in-house capabilities, we continue to grow an approved list of specially trained collision repair shops, which in some cases serve as repair hubs for mobile service. We designed, developed, and now manufacture and sell two groundbreaking EVs: The Lucid Air sedan, for which customer deliveries began in late 2021, and the Lucid Gravity SUV, which arrived on the road in late 2024. We plan to expand our vehicle lineup with the upcoming Midsize platform vehicles, which is scheduled to start production in late 2026. Introducing a new vehicle is challenging and complex, particularly at our accelerated pace, and we are leveraging insights gained from our Lucid Air and Lucid Gravity production ramps while planning for our Midsize production. The highly uncertain macroeconomic environment and swift-moving trade policies further complicate these efforts. In response to this uncertainty, we are diligently working to optimize our supply chain and manufacturing plans. Recent Developments Workforce Reduction In February 2026, we announced a reduction of our current U.S. workforce (the \u201cPlan\u201d) intended t Item 1. Business. OVERVIEW Mission Lucid\u2019s mission is to advance the state-of-the-art of electric vehicle (\u201cEV\u201d) technology for the benefit of all. About Us Lucid is a technology company that is shaping the future of mobility through its innovations, advanced technology, and software-defined vehicle platforms. The company\u2019s award-winning Lucid Air and Lucid Gravity set new standards with their unmatched combination of performance, range, space, and efficiency. Additionally, through our collaboration with leading market and technology partners, Lucid is leveraging its advanced software and hardware architecture to power the next generation of advanced driver assistance system (\u201cADAS\u201d) and true eyes-off, hands-off, and mind-off (\u201cLevel 4\u201d) autonomous mobility systems for consumer and ride-hailing applications. Lucid designed, developed, manufactures and sells two groundbreaking EVs: The Lucid Air sedan, for which customer deliveries began in late 2021, and the Lucid Gravity SUV, which arrived on the road in late 2024. Each product has advanced the state-of-the-art with technical achievements, innovations, and superlatives in performance, energy efficiency, electrical architecture, software, design, and manufacturing. Our Company\u2019s unique and holistic approach to vehicle design and integration is aided by highly efficient miniaturized drivetrain components, which enables the Lucid Space Concept. This uniquely allows Lucid to merge a smaller exterior footprint with leading interior space, providing better comfort and more capacity for luggage or gear than other vehicles of similar size. We plan to expand our vehicle lineup with the upcoming Midsize platform vehicles, which are scheduled to start production in late 2026. Lucid (i) designs, engineers and manufactures EVs, EV powertrains, and battery systems in-house, using our equipment and factories, (ii) designs and develops proprietary software in-house for Lucid vehicles that is continuously enhanced through ov Item 1A. Risk Factors. A description of the risks and uncertainties associated with our business is set forth below. Investors should carefully consider the risks and uncertainties described below, as well as the other information in this Annual Report, including our consolidated financial statements and the related not", "title": "LCID - Lucid Group, Inc.", "url": "/company/LCID/" }, { "kind": "company", "summary": "SIC 4841 Cable & Other Pay Television Services; CIK 0002057463; latest 10-K filed 2026-02-11.", "text": "GLIBK - Liberty Capital Corp/NV SIC 4841 Cable & Other Pay Television Services; CIK 0002057463; latest 10-K filed 2026-02-11. GLIBK Liberty Capital Corp/NV 0002057463 4841 Cable & Other Pay Television Services Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides information regarding the historical consolidated results of operations and financial condition of GCI Liberty, Inc.(\u201cGCI Liberty,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d). This discussion should be read in conjunction with our accompanying consolidated financial statements and the notes thereto. Overview GCI Liberty consists of 100% of the outstanding equity interests in GCI, LLC, GCI Holdings, LLC (\u201cGCI Holdings\u201d or \u201cGCI\u201d) and their subsidiaries (collectively, the \u201cGCI Business\u201d), and was formerly owned by Liberty Broadband Corporation (\u201cLiberty Broadband\u201d), prior to the Separation (defined below). GCI Liberty was formed in Nevada in December 2024 for the purpose of ultimately holding the GCI Business. On July 14, 2025, Liberty Broadband and its subsidiaries completed an internal reorganization in order for Liberty Broadband to transfer the GCI Business to GCI Liberty in exchange for GCI Liberty stock, including 10,000 shares of GCI Liberty non-voting preferred stock, and the assumption of liabilities related to the GCI Business by GCI Liberty. The internal reorganization resulted in GCI Liberty owning, directly or indirectly, GCI, LLC and the operations comprising, and the entities that conduct, the GCI Business. Following the internal reorganization, Liberty Broadband sold all of the non-voting preferred stock (the \u201cPreferred Stock Sale\u201d) to third parties. The non-voting preferred stock is issued by GCI Liberty and has a 12% dividend rate and $1,000 per share liquidation price plus accrued and unpaid dividends. The mandatory redemption date is July 14, 2032. Following the Preferred Stock Sale, GCI Liberty effected a reclassification of GCI Liberty\u2019s existing common stock into a sufficient number of shares of Series A GCI Group common stock (\u201cGLIBA\u201d), Series B GCI Group common stock (\u201cGLIBB\u201d) and Series C GCI Group common stock (\u201cGLIBK\u201d) to complete the divestiture of GCI Liberty pursuant to the distribution (the \u201cDistribution\u201d) by Liberty Broadband to the holders of record of Liberty Broadband common stock, as of the record date for the Distribution, of all the shares of GCI Group common stock held by Liberty Broadband immediately prior to the Distribution. The internal reorganization, the Preferred Stock Sale, the reclassification and the Distribution are collectively referred to as the \u201cSeparation.\u201d In connection with the Separation, the Company entered into certain agreements, including a separation and distribution agreement, a tax sharing agreement (the \u201cTax Sharing Agreement\u201d) and a tax receivables agreement (the \u201cTax Receivables Agreement\u201d), pursuant to which, among other things, GCI Liberty and Liberty Broadband will indemnify each other against certain losses that may arise. The Tax Sharing Agreement governs the allocation of taxes, tax benefits, tax items and tax-related losses between Liberty Broadband and GCI Liberty, and the Tax Receivables Agreement governs the respective rights and obligations of Liberty Broadband and GCI Liberty with respect to certain tax matters. In addition, the Company entered into certain agreements, including a services agreement (the \u201cServices Agreement\u201d), a facilities sharing agreement and an aircraft time sharing agreement, with Liberty Media Corporation (\u201cLiberty Media\u201d) and/or its subsidiaries. Pursuant to the Services Agreement, Liberty Media provides GCI Liberty with public company support services, including legal, tax, accounting, treasury, information technology, cybersecurity, internal auditing and investor relations services. GCI Liberty reimburses Liberty Media for all out-of-pocket expenses incurred by Liberty Media in providing the services and pays a services fee that is subject to review and evaluation for reasonableness on a quarterly basis. The fees payable to Liberty Media for the first year of the services agreement are not Item 1. Business. General Description of Business GCI Liberty, Inc. (\u201cGCI Liberty,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) consists of 100% of the outstanding equity interests in GCI, LLC, GCI Holdings, LLC (\u201cGCI Holdings\u201d or \u201cGCI\u201d) and their subsidiaries (collectively, the \u201cGCI Business\u201d), and was formerly owned by Liberty Broadband, prior to the Separation (defined below). GCI Liberty was formed in Nevada in December 2024 for the purpose of ultimately holding the GCI Business. On July 14, 2025, Liberty Broadband and its subsidiaries completed an internal reorganization in order for Liberty Broadband to transfer the GCI Business to GCI Liberty in exchange for GCI Liberty stock, including 10,000 shares of GCI Liberty non-voting preferred stock, and the assumption of liabilities related to the GCI Business by GCI Liberty. The internal reorganization resulted in GCI Liberty owning, directly or indirectly, GCI, LLC and the operations comprising, and the entities that conduct, the GCI Business. Following the internal reorganization, Liberty Broadband sold all of the non-voting preferred stock (the \u201cPreferred Stock Sale\u201d) to third parties. The non-voting preferred stock is issued by GCI Liberty and has a 12% dividend rate and a $1,000 per share liquidation price plus accrued and unpaid dividends. The mandatory redemption date is July 14, 2032. Following the Preferred Stock Sale, GCI Liberty effected a reclassification of GCI Liberty\u2019s existing common stock into a sufficient number of shares of Series A GCI Group common stock (\u201cGLIBA\u201d), Series B GCI Group common stock (\u201cGLIBB\u201d) and Series C GCI Group common stock (\u201cGLIBK\u201d) to complete the divestiture of GCI Liberty pursuant to the distribution (the \u201cDistribution\u201d) by Liberty Broadband to the holders of record of Liberty Broadband common stock, as of the record date for the Distribution, of all the shares of GCI Group common stock held by Liberty Broadband immediately prior to the Distribution. The internal reorganizati Item 1A. Risk Factors. The risks described below and elsewhere in this Annual Report are not the only ones that relate to our businesses or our capitalization. The risks described below are considered to be the most material. However, there may be other unknown or unpredictable economic, business, ", "title": "GLIBK - Liberty Capital Corp/NV", "url": "/company/GLIBK/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0002065601; latest 10-K filed 2026-03-25.", "text": "CBC - Central Bancompany, Inc. SIC 6022 State Commercial Banks; CIK 0002065601; latest 10-K filed 2026-03-25. CBC Central Bancompany, Inc. 0002065601 6022 State Commercial Banks Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included in Part I, Item 8 in this Annual Report on Form 10-K for the year ended December 31, 2025. We make statements in this section that are forward-looking statements within the meaning of the federal securities laws. All of such forward-looking statements are expressly qualified by reference to the cautionary statements provided under the caption \"Cautionary Note Regarding Forward-Looking Statements\" included Part I of this Annual Report on Form 10-K. Furthermore, a number of known and unknown factors may cause our actual results, performance or achievements to differ materially from those expressed or implied by the following discussion. Therefore, you are encouraged to read in its entirety the information provided under the caption \"Item IA, Part I \u2014 Risk Factors\" included in this report for a discussion of risk factors that may negatively impact our expected results, performance, or achievements discussed below. Non-GAAP Financial Measures In addition to financial measures presented in accordance with U.S. GAAP, this document contains non-GAAP financial measures where management believes it to be helpful in understanding our results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found herein. Tax Equivalent Presentation Interest income, yields, and ratios on an FTE basis are considered non-GAAP financial measures. Management believes net interest income on an FTE basis provides an insightful picture of the interest margin for comparison purposes. The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The FTE basis assumes a blended federal and state effective marginal tax rate of 23.84% for all periods. We encourage readers to consider the Consolidated Financial Statements and other financial information contained in this Annual Report on Form 10-K in their entirety, and not to rely on any single financial measure. Overview We are a bank holding company headquartered in Jefferson City, Missouri. Through our full-service community banking subsidiary, The Central Trust Bank, we provide a comprehensive suite of consumer, commercial and wealth management products and services to our communities primarily in Missouri, Kansas, Oklahoma and Colorado. As of December 31, 2025, we operate 155 full-service branch locations. We are a community bank organized around our 11 Primary Markets, serving 79 communities. Our business is predominantly located in Missouri, a state known for its business-friendly environment, diversified and stable markets, favorable tax regime and convenient location in the central U.S., making it a hub for industries such as transportation, logistics and trade. We have a highly diversified loan and lease portfolio that has demonstrated steady growth through multiple economic cycles. In addition, we provide a full range of deposit products to individuals, businesses, governments and community organizations, serving as a primary funding source for the Bank. We operate our business through three operating segments: Consumer Banking, Commercial Banking and Wealth Management. Consumer Banking serves the holistic financial service needs of individuals, providing a full set of deposit products, state-of-the-art digital banking solutions, a range of consumer lending solutions, including home equity lines of credit, and a credit card portfolio. Commercial Banking provides full-service relationship banking solutions to businesses, agencies and community organizations. Wealth Management provides a full range of \u201cfee-only\u201d wealth management solutions, including investment Item 1. Business We are a bank holding company headquartered in Jefferson City, Missouri. As of December 31, 2025, we had total consolidated balance sheet assets of $20.75 billion and wealth assets under advice of $16.0 billion. Through our full-service community banking subsidiary, The Central Trust Bank, we provide a comprehensive suite of consumer, commercial and wealth management products and services to our communities, which are primarily located in Missouri, Kansas, Oklahoma and Colorado. As of December 31, 2025, we operated 155 full-service branch locations, with a consolidated weighted average deposit market share of approximately 24%. Our business model is designed to serve the holistic financial services needs of businesses, individuals, agencies and community organizations within our footprint. Our goal is simple: to provide legendary service to our customers and to be an integral part in the success of our customers and the communities we serve. Our success is driven by our long-term commitment to the markets we serve and our culture of customer service excellence. Our Company was founded in January 1902 under the leadership of the great grandfather of our current Executive Chairman, S. Bryan Cook. During the Great Depression, we made a loan to the State of Missouri to assist it with making payroll and paying other expenses and we currently have an extensive relationship with the state. From 2008 to 2012, while in the depths of the Great Recession, we earned an annual return on average assets of at least 1.00%. We believe the continuity of our ownership over our 124-year history of operating has fostered an enduring culture that has consistently proven successful in the marketplace and will position us well for future growth. This culture has allowed us to attract and retain great talent. Our employees are experienced (average 8-year tenure as of December 31, 2025), engaged (81% completed our most recent survey) and committed (86% would recommend wor Item 1A. Risk Factors The material risks and uncertainties that management believes affect us are described below. In addition to the other information set forth in this report, you should carefully consider the risks and uncertainties described below. Any of the following risks, as well as risks that we do not know or that we curr", "title": "CBC - Central Bancompany, Inc.", "url": "/company/CBC/" }, { "kind": "company", "summary": "SIC 5045 Wholesale-Computers & Peripheral Equipment & Software; CIK 0001897762; latest 10-K filed 2026-03-03.", "text": "INGM - Ingram Micro Holding Corp SIC 5045 Wholesale-Computers & Peripheral Equipment & Software; CIK 0001897762; latest 10-K filed 2026-03-03. INGM Ingram Micro Holding Corp 0001897762 5045 Wholesale-Computers & Peripheral Equipment & Software Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs that involve significant risks and uncertainties. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to those differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Our Fiscal Year is a 52- or 53-week period ending on the Saturday nearest to December 31. All references herein to \u201cFiscal Year 2025\u201d, \u201cFiscal Year 2024\u201d, and \u201cFiscal Year 2023\u201d represent the fiscal years ended December 27, 2025 (52 weeks), December 28, 2024 (52 weeks), and December 30, 2023 (52 weeks), respectively. This section of this Annual Report on Form 10-K generally discusses fiscal years 2025 and 2024 items and year-over-year comparisons between fiscal years 2025 and 2024. Discussions of Fiscal Year 2023 items and year-over-year comparisons between Fiscal Year 2024 and Fiscal Year 2023 that are not included in this Annual Report on Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K filed with the SEC on March 5, 2025. All financial data included in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations section are in thousands, except as otherwise indicated. Unless otherwise noted in this Annual Report on Form 10-K, the use of the terms \u201cIngram Micro,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and the \u201cCompany\u201d refers to Ingram Micro Holding Corporation and its subsidiaries. The use of the term \u201cPlatinum\u201d means Platinum Equity, LLC together with its affiliated investment vehicles. Overview Ingram Micro Holding Corporation and its subsidiaries are primarily engaged in the distribution of IT products, cloud and other services worldwide. Our business is organized into four reportable segments based on the different geographic regions in which we operate: North America; EMEA; Asia-Pacific; and Latin America. Key Factors and Trends Affecting Our Operating Results Global Demand for IT Products and Value Added Services We are dependent on global IT spend, which is influenced by broader economic trends and their impacts on enterprise spending, as well as new product introductions and product transitions by technology vendors. Driven by the rapid evolution of the technology industry, frequent fluctuations in market demand, and the increasing complexity of solutions, which often integrate offerings from multiple vendors and service providers, vendors increasingly rely on distributors to bring their products to market more efficiently along with providing value-added services. We have diverse relationships with many global vendors and offer a full suite of end-to-end solutions including comprehensive services, positioning us well to capture demand in key technology sectors. We expect to continue investing in our services offerings, as well as our relationships with existing and emerging vendors with the goal of expanding the breadth and depth of what we already believe to be the industry\u2019s most comprehensive offering. Market Adoption of Cloud Solutions and XaaS The accelerating transition from on-premises software solutions to cloud-based solutions can drive a revenue mix shift to our higher margin cloud offerings. Because of our advanced capabilities and offerings, we believe this industry shift is a net positive for our business, and it demonstra Item 1. Business Overview Ingram Micro is a leading solutions provider by revenue and/or by global footprint for the global information technology (\u201cIT\u201d) ecosystem helping power the world\u2019s leading technology brands. With our vast infrastructure and focus on client and endpoint solutions, advanced solutions offerings, cloud-based and other solutions, we enable our business partners to scale and operate more efficiently in the markets they serve. We are at the center of the technology ecosystem and deliver customized solutions to our vendor and reseller partners, enabling them to provide excellent business outcomes to the end-user companies and consumers they serve. Through our global reach, our industry-leading business-to-business (\u201cB2B\u201d) platform, and our broad portfolio of products, professional services offerings and software, cloud and digital solutions, we remove complexity and maximize the value of the technology products our partners make, sell or use, providing the world more ways to realize the promise of technology. While many commercial markets remain economically volatile around the globe, our business remains well-positioned to benefit from technology megatrends, including cloud migration, enhanced security needs, automation and robotics, artificial intelligence (\u201cAI\u201d) and machine learning (\u201cML\u201d) enabling Agentic AI, hyperconnected ecosystems, hybrid work and Internet-of-Things (\u201cIoT\u201d). Our business is organized into four reportable segments based on the different geographic regions in which we operate: North America; Europe, Middle East and Africa (\u201cEMEA\u201d); Asia-Pacific; and Latin America. Our Fiscal Year is a 52- or 53-week period ending on the Saturday nearest to December 31. All references herein to \u201cFiscal Year 2025\u201d, \u201cFiscal Year 2024\u201d and \u201cFiscal Year 2023\u201d represent the fiscal years ended December 27, 2025 (52 weeks), December 28, 2024 (52 weeks) and December 30, 2023 (52 weeks), respectively. Our Strategic Priorities We are a technology-f Item 1A. Risk Factors An investment in our Common Stock involves a high degree of risk. A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider the risks described below as well as the other informatio", "title": "INGM - Ingram Micro Holding Corp", "url": "/company/INGM/" }, { "kind": "company", "summary": "SIC 6162 Mortgage Bankers & Loan Correspondents; CIK 0001783398; latest 10-K filed 2026-02-25.", "text": "UWMC - UWM Holdings Corp SIC 6162 Mortgage Bankers & Loan Correspondents; CIK 0001783398; latest 10-K filed 2026-02-25. UWMC UWM Holdings Corp 0001783398 6162 Mortgage Bankers & Loan Correspondents Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following management\u2019s discussion and analysis of our financial condition and results of operations should be read in conjunction with, and is qualified in its entirety by reference to, our consolidated financial statements and the related notes and other information included elsewhere in this Annual Report on Form 10-K (the \u201cForm 10-K\u201d). This discussion and analysis contains forward-looking statements that involve risks and uncertainties which could cause our actual results to differ materially from those anticipated in these forward-looking statements, including, but not limited to, risks and uncertainties discussed under the heading \u201cCautionary Note Regarding Forward-Looking Statements,\u201d in this report and in Part I, Item 1A \u201cRisk Factors\u201d and elsewhere in this Form 10-K. Business Overview We are the largest overall residential mortgage lender in the U.S., by closed loan volume, despite originating mortgage loans exclusively through the wholesale channel. For the last eleven years, including the year ended December 31, 2025, we have also been the largest wholesale mortgage lender in the U.S. by closed loan volume. With a culture of continuous innovation of technology and enhanced client experience, we lead our market by building upon our proprietary and exclusively licensed technology platforms, superior service and focused partnership with the Independent Mortgage Broker community. We originate primarily conforming and government loans across all 50 states and the District of Columbia. Our mortgage origination business derives revenue from originating, processing and underwriting primarily GSE conforming mortgage loans, along with FHA, USDA and VA mortgage loans, which are subsequently pooled and sold in the secondary market. For the year ended December 31, 2025, approximately 90% of the loans we originated were sold to Fannie Mae or Freddie Mac, or were transferred to Ginnie Mae pools in the secondary market, while the remainder primarily include non-agency jumbo loans that are underwritten to the same \u201cQualified Mortgage\" underwriting standards and have a similar risk profile but are sold to third party investors primarily due to loan size, construction loans, and non-qualified mortgage products, including home equity lines of credit (which in many instances are second liens). The mortgage origination process generally begins with a borrower entering into an IRLC with us that is arranged by an Independent Mortgage Broker, pursuant to which we have committed to enter into a mortgage at specified interest rates and terms within a specified period of time with a borrower who has applied for a loan and met certain credit and underwriting criteria. As we have committed to providing a mortgage loan at a specific interest rate, we generally hedge that risk by selling forward-settling mortgage-backed securities and FLSCs in the To Be Announced market. When the mortgage loan is closed, we fund the loan with approximately 2-3%, on average, of our own funds and the remainder with funds drawn under one of our warehouse facilities (except when we opt to \"self-warehouse\" in which case we use our cash to fund the entire loan). At that point, the mortgage loan is legally owned by our warehouse facility lender and is subject to our repurchase right (other than when we self-warehouse). When we have identified a pool of mortgage loans to sell to the agencies, non-governmental entities, other investors, or through our private label securitization transactions, we repurchase loans not already owned by us from our warehouse lender and sell the pool of mortgage loans into the secondary market, but in most instances retain the MSRs associated with those loans. We currently retain the MSRs associated with the majority of our production, but we have, and intend to continue to opportunistically sell MSRs depending on market conditions. This nimbl Item 1. Business Unless otherwise indicated or the context otherwise requires, when used in this Annual Report, the term \u201cUWMC\u201d means UWM Holdings Corporation, \u201cUWM\u201d means United Wholesale Mortgage, LLC and the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d refer to UWM Holdings Corporation and our subsidiaries. Overview We are the publicly traded indirect parent of United Wholesale Mortgage, LLC (\u201cUWM\u201d). UWM is the largest overall residential mortgage lender as well as the largest purchase lender in the U.S., by closed loan volume, despite originating loans exclusively through the wholesale channel. We originate primarily conforming and government loans across all 50 states and the District of Columbia. Founded in 1986 and headquartered in Pontiac, Michigan, we have built a client-focused, team-oriented culture that strives to bring superior customer service, efficiency and operational stability to our clients, the Independent Mortgage Brokers. After being privately owned for 35 years, on January 21, 2021, UWM completed its business combination with Gores Holdings IV, Inc. and changed its name to UWM Holdings Corporation. We began trading on the New York Stock Exchange (\u201cNYSE\u201d) on January 22, 2021 under the ticker symbol \u201cUWMC\u201d. Strategy Our principal strategy that has driven our substantial growth over the past years, is our strategic decision to operate solely as a Wholesale Mortgage Lender\u2014thereby avoiding conflict with our partners, the Independent Mortgage Brokers and their direct relationship with borrowers. Unlike \u201cRetail Mortgage Lenders\u201d that offer mortgage loans directly to individual borrowers and underwrite the mortgage loans, we do not work directly with the borrower during the mortgage loan financing process. We believe that by not competing for the borrower connection and relationship, we are able to generate significantly higher loyalty and satisfaction from our clients, the Independent Mortgage Brokers, who, in turn, armed with our partnership tools, are po Item 1A. Risk Factors You should carefully review and consider the following risk factors and the other information contained in this Annual Report, including the financial statements and notes to the financial statements included herein. The following risk factors apply to our business and operations. The occ", "title": "UWMC - UWM Holdings Corp", "url": "/company/UWMC/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0002054696; latest 10-K filed 2026-02-27.", "text": "NIQ - NIQ Global Intelligence plc SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0002054696; latest 10-K filed 2026-02-27. NIQ NIQ Global Intelligence plc 0002054696 7370 Services-Computer Programming, Data Processing, Etc. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included in Item 8. Financial Statements and Supplementary Data of this Annual Report on Form 10-K. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risk and uncertainties described under \u201cCautionary Note Regarding Forward-Looking Statements\u201d and Part I, Item 1A. Risk Factors. Our actual results may differ materially from those contained in or implied by any forward-looking statements. This section of our Annual Report on Form 10-K generally focuses on 2025 and 2024 results, including year-over-year comparisons between those periods. A discussion of 2023 results and the year-to-year comparison between 2024 and 2023 is included in the Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations section of our prospectus dated July 22, 2025, which was filed with the Securities and Exchange Commission on July 24, 2025 pursuant to Rule 424(b) of the Securities Act in connection with our IPO. Percentages may not recompute due to rounding, and percentage changes that are not meaningful are presented as \u201cn/m\u201d. Company Overview We are a leading global consumer intelligence company positioned at the nexus of brands, retailers and consumers. We manage a comprehensive and integrated ecosystem \u2013 The NIQ Ecosystem \u2013 which combines proprietary data, best-in-class technology, human intelligence and highly sophisticated software applications and analytics solutions. Our unified, AI-powered technology platform aggregates, harmonizes and enriches vast amounts of global consumer shopping data from a myriad of diverse sources, generates rich, proprietary reference data and metadata and provides a global, omnichannel view of consumer shopping behavior \u2013 The Full ViewTM. Leveraging our strong NIQ brand, long-term client relationships, global scale, proprietary technology and extensive data and insights, we are positioned as a global leader in measuring, analyzing and predicting consumer behavior in the fast moving consumer goods, technology and durables and other verticals in which we operate. We believe our solutions, mission-critical insights, analytics and software applications are deeply embedded across our clients\u2019 enterprise supporting their strategic and operational decisions, enabling them to measure performance, maintain and strengthen their market positions and drive innovation and profitable growth. We operate our business through three reportable segments: (1) Americas, which includes North America and Latin America; (2) EMEA, which includes Europe, the Middle East and Africa; and (3) APAC, which includes Asia and the western Pacific region. We generate revenue from solutions in two product groupings: (i) Intelligence (Consumer Measurement) and (ii) Activation (Consumer Analytics). Intelligence solutions include a combination of our retail measurement, consumer behavior and insights and retailer solutions, which are utilized by both consumer brands and retailer clients. Activation solutions include customized analytics and predictive models to improve decision making around product, pricing, marketing and supply chain. We typically initiate client relationships through one of our core Intelligence solutions which we typically sell under multi-year or annual subscription contracts granting clients access to our core software and data solutions. Our Intelligence solutions accounted for approximately 81% of our revenue for the year ended December 31, 2025. Approximately 84% of Intelligence revenue for the Item 1. Business Our Mission We provide brands, retailers and other clients a holistic view of consumer shopping behavior globally to drive mission-critical strategic and operating decisions and facilitate better economic outcomes. Our Company We are a leading global consumer intelligence company positioned at the nexus of brands, retailers and consumers. We manage a comprehensive and integrated ecosystem \u2013 The NIQ Ecosystem \u2013 which combines proprietary data, best-in-class technology, human intelligence and highly sophisticated software applications and analytics solutions (the \u201cEcosystem\u201d or \u201cThe NIQ Ecosystem\u201d). Our unified, artificial intelligence (\u201cAI\u201d) and machine learning powered technology platform aggregates, harmonizes and enriches vast amounts of global consumer shopping data from a myriad of diverse sources, generates rich, proprietary reference data and metadata and provides a global, omnichannel view of consumer shopping behavior \u2013 The Full ViewTM. Our global reach spans 90 countries, covering approximately 82% of the world\u2019s population, more than half of global gross domestic product (\u201cGDP\u201d) and more than $7.4 trillion in global consumer spend as of December 31, 2025. Leveraging our strong NIQ brand, long-term client relationships, global scale, proprietary technology and extensive data and insights, we are positioned as a global leader in measuring, analyzing and predicting consumer behavior in the FMCG vertical, T&D and other verticals in which we operate. Our solutions, mission-critical insights, analytics and software applications are deeply embedded across our clients\u2019 enterprise supporting their strategic and operational decisions, enabling them to measure performance, maintain and strengthen their market positions and drive innovation and profitable growth. Global consumer spend is estimated at $65 trillion during 2025. Within this expansive economy, the consumer shopping landscape is rapidly changing, creating strategic and operational ch Item 1A. Risk Factors Investing in our ordinary shares involves a high degree of risk. You should carefully consider the risks and uncertainties described below together with all of the other information contained in this Annual Report on Form 10-K, including our co", "title": "NIQ - NIQ Global Intelligence plc", "url": "/company/NIQ/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0002071778; latest 10-K filed 2026-03-30.", "text": "FRMI - Fermi Inc. SIC 6798 Real Estate Investment Trusts; CIK 0002071778; latest 10-K filed 2026-03-30. FRMI Fermi Inc. 0002071778 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with the consolidated financial statements and related notes included in this Annual Report on Form 10-K (\u201cForm 10-K\u201d). Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to those differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements.\u201d \u201cFermi\u201d, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d and \u201cthe Company\u201d (i) for periods prior to the Corporate Conversion, refer to Fermi LLC, and, where appropriate, its consolidated subsidiaries and (ii) for periods after the Corporate Conversion, refer to Fermi Inc., and, where appropriate, its consolidated subsidiaries. Overview Fermi Inc. (\u201cFermi,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) exists to power the artificial intelligence needs of tomorrow. We are building a private power campus for AI-centric customers\u2014developing and leasing large-scale, grid-independent energy generation and high-performance computing facilities purpose-built for the hyperscale era. Our strategy is anchored by Project Matador in the Texas Panhandle, a multi-phased development on a 5,236-acre site under a long-term ground lease that is designed to deliver up to 11 GW of private power generation capacity and support up to approximately 15 million square feet of AI-ready hyperscale compute infrastructure over a multi-decade timeline. Together with additional acreage acquired or under contract adjacent to the leased property, the expanded campus is expected to encompass approximately 7,570 72 Table of Contents acres, with generation capacity expandable to approximately 17 GW, subject to the closing of additional land acquisitions and receipt of incremental TCEQ air permits. We plan to develop and lease powered shell space supported by an integrated, on-demand energy and site infrastructure platform, including on-site natural gas-fired generation, supplemental grid-supplied power, battery energy storage systems, solar generation for energy displacement, and longer-term nuclear baseload supply, all in furtherance of our objective to support large, long-duration hyperscale deployments. We were formed in January 2025 and have not generated revenue to date. Our efforts to date have focused on advancing site control and infrastructure readiness, engineering and procurement, permitting and regulatory activities, grid interconnection and fuel and water arrangements, and commercial discussions with prospective tenants. We do not expect to generate operating revenues until we execute definitive tenant lease agreements and commence delivery of leased powered shell capacity and associated private power and site services provided as an incident of tenancy, at Project Matador, and our ability to execute our plan depends on obtaining required approvals, converting tenant discussions into binding agreements, and raising strategic capital. We also intend to elect to qualify as a REIT for U.S. federal income tax purposes commencing with our short taxable year ended December 31, 2025. For a detailed overview of the Company, see the information above presented under the section labeled Part I, Item 1. \u201cBusiness\u201d of this Annual Report. Recent Developments Initial Public Offering On October 2, 2025, in connection with its initial public offering (\"IPO\"), in which the Company issued and sold 32,500,000 shares of its common stock at a public offering price of $21.00 per share, the Company received net proceeds of $648.4 million after deducting the underwriting discounts and commissions, and before deducting deferred offering costs of $14.2 million. On October 2, 2025, concurrently with the closing of the IPO, the underwriters exercised their over-allotment optio Item 1. Business Overview Fermi Inc. (\u201cFermi,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) exists to power the artificial intelligence needs of tomorrow. We are building a private power campus for AI-centric customers\u2014developing and leasing large-scale, grid-independent energy generation and high-performance computing facilities purpose-built for the hyperscale era. Our mission is to deliver up to 11 GW of low-carbon, highly reliable and redundant, and on-demand power directly to the world's most compute-intensive businesses, with the potential to expand the campus to up to approximately 17 GW of total generation capacity, subject to the closing of additional land acquisitions and receipt of incremental permits. See \u201c\u2014Strategic Land Expansion\u201d and \u201c\u2014Air Permitting and Regulatory Milestones\u201d below for additional detail. We have entered into a long-term lease on a site large enough to simultaneously house the next three largest AI infrastructure campuses by square footage currently in existence. In a world in which power is considered a key currency for AI innovation, we believe that Fermi is uniquely positioned with numerous strategic advantages that will help propel America\u2019s AI economy forward. Our strategy is anchored by Project Matador, a hyperscale power and AI infrastructure campus in the Texas Panhandle region secured by our 99-year ground lease with the Texas Tech University System. Project Matador is designed as a multi-phased development intended to deliver up to 11 GW, with the potential to expand to up to approximately 17 GW, of 3 Table of Contents private power generation capacity and support up to approximately 15 million square feet of AI-ready hyperscale compute infrastructure over a multi-decade buildout timeline. Our objective is to provide hyperscale and other compute-intensive tenants with reliable, cost-effective, low-latency power and dedicated powered shell infrastructure, all of which is sustainably insulated from the physical and political constraints and he Item 1A. Risk Factors Summary of Risk Factors An investment in our securities involves a high degree of risk. The occurrence of one or more of the events or circumstances described in the section titled \u201cRisk Factors,\u201d alone or in combination with other events or circumstances, may materially adversely affect our business, financial condition and ", "title": "FRMI - Fermi Inc.", "url": "/company/FRMI/" }, { "kind": "company", "summary": "SIC 3620 Electrical Industrial Apparatus; CIK 0001664703; latest 10-K filed 2026-02-09.", "text": "BE - Bloom Energy Corp SIC 3620 Electrical Industrial Apparatus; CIK 0001664703; latest 10-K filed 2026-02-09. BE Bloom Energy Corp 0001664703 3620 Electrical Industrial Apparatus ITEM 7\u2014MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview Description of Bloom Energy Bloom Energy is a global leader in onsite power generation, delivering a foundational platform purpose-built for the digital era and the global energy transition. We manufacture a versatile fuel cell energy platform, supporting the commercial availability of two primary products: the Bloom Energy Server\u00ae fuel cell system for generating electricity and the Bloom Electrolyzer\u2122 for producing hydrogen. Our primary product, the Bloom Energy Server is a proprietary high-temperature solid-oxide fuel cell technology that converts fuels\u2014including natural gas, biogas, and hydrogen\u2014into electricity at high density without combustion or moving parts, achieving lower emissions and higher efficiency than legacy systems. We design, manufacture, distribute, and operate the Bloom Energy Server to provide resilient, distributed power for critical operations. Our mission is to make clean, reliable energy affordable, giving enterprises control over cost, resilience, and sustainability. Bloom serves Fortune 500 companies across the data center, semiconductor manufacturing, AI infrastructure, utility, and other industrial sectors. Headquartered in Silicon Valley, Bloom Energy employs more than 2,000 people worldwide and manufactures its systems in the United States. Bloom has its Energy Server systems deployed across approximately 1,100 sites in 9 countries, empowering businesses and critical infrastructure worldwide. Energy Market Conditions The global energy transition has created new challenges and opportunities for the power sector. Shifts and uncertainty in the policy, regulatory, and market environment impact our business. Increasing electricity rates, decreasing energy security and reliability, and delays in the development of transmission infrastructure and grid interconnection as well as other time-to-power challenges have led to increased customer interest in our power solutions. Increasing demand for power has created a mismatch in supply and demand. This supply and demand mismatch globally has threatened energy security, reliability, and availability and forced policymakers, utilities and business alike to reimagine energy generation and procurement strategy. We enable customers to address these energy market challenges by offering flexible solutions designed to provide cost predictable, resilient, and reliable energy in a timely fashion. As customers and utilities navigate the energy transition and evolving landscape, the ability of our power solutions to fit their business, economic, regulatory, and policy needs depends on a number of factors, including natural gas availability and pricing, electrical interconnection costs, availability and timing, redundant back up power requirements, cost requirements, and sustainability profiles. These factors may influence a customer\u2019s decision to pursue an alternative on-site power solution like ours. Proposed and enacted policies that have emerged in 2025 may also affect customer demand for power solutions. For example, changes to permitting rules could accelerate domestic fossil fuel infrastructure production, while proposals to limit environmental reviews under the National Environmental Policy Act and other statutes could incentivize investment in, and reduce the cost of, fossil fuels, including natural gas. FERC is now addressing a DOE proposed rulemaking on large load interconnection that could significantly impact new onsite generation by creating uniform pathways for onsite fuel cell deployment at data centers. At the same time, federal directives and state proposals to halt new permits for wind projects, particularly offshore wind, could slow renewable energy adoption and decrease the projected available supply of renewable energy. Some data center customers and other large power users have signed exclusivity arrangements with their utilities, which ITEM 1\u2014BUSINESS Overview Description of Bloom Energy Bloom Energy is a global leader in onsite power generation, delivering a foundational platform purpose-built for the digital era and the global energy transition. We manufacture a versatile fuel cell energy platform, supporting the commercial availability of two main products: the Bloom Energy Server\u00ae fuel cell system for generating electricity and the Bloom Electrolyzer\u2122 for producing hydrogen. Our primary product, the Bloom Energy Server is a proprietary high-temperature solid-oxide fuel cell technology that converts fuels\u2014including natural gas, biogas, and hydrogen\u2014into electricity at high-density without combustion or moving parts, achieving lower emissions and higher efficiency than legacy systems. We design, manufacture, distribute, and operate the Bloom Energy Server to provide resilient, distributed power for critical operations. Our mission is to make clean, reliable energy affordable, giving enterprises control over cost, resilience, and sustainability. Bloom serves Fortune 500 companies across the data center, semiconductor manufacturing, artificial intelligence (AI) infrastructure, utility, and other industrial sectors. Headquartered in Silicon Valley, Bloom Energy employs more than 2,000 people worldwide and manufactures its systems in the United States. Bloom has its Energy Server systems deployed across approximately 1,100 sites in 9 countries, empowering businesses and critical infrastructure worldwide. Our Business Our systems use high-temperature solid oxide fuel cells\u2014a proprietary solid-state technology developed by Bloom\u2014which leverage an electrochemical, non-combustion process and form the foundation of our platform, differentiation and competitive advantages. Our revenue is derived primarily from product sales of our Energy Server systems, with additional recurring revenue from long-term operations and maintenance agreements that support availability and performance over the contract ITEM 1A\u2014RISK FACTORS Investing in our securities involves a high degree of risk. You should carefully consider the material risks and uncertainties described below that make an investment in us speculative or risky, as well as the other information in this Annual Report on Form 10-K, including our consolidated financial statements and ", "title": "BE - Bloom Energy Corp", "url": "/company/BE/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001807794; latest 10-K filed 2026-06-15.", "text": "CRDO - Credo Technology Group Holding Ltd SIC 3674 Semiconductors & Related Devices; CIK 0001807794; latest 10-K filed 2026-06-15. CRDO Credo Technology Group Holding Ltd 0001807794 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed in those forward-looking statements. Factors that could cause or contribute to such differences include those identified below and those discussed in the section titled \u201cRisk Factors.\u201d A discussion regarding our financial condition and our results of operations for the fiscal year ended May 2, 2026 compared to the fiscal year ended May 3, 2025 is presented below. A discussion regarding our results of operations for the fiscal year ended May 3, 2025 compared to the fiscal year ended April 27, 2024 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the fiscal year ended May 3, 2025, filed with the SEC on July 2, 2025. Overview At Credo, our mission is to transform connectivity at scale through fast, reliable and energy-efficient system solutions. The Company\u2019s highspeed copper and optical interconnect products deliver industry-leading power and performance at up to 1.6T to meet the ever-expanding data infrastructure demands of AI. The Company\u2019s product portfolio includes ZeroFlap (ZF) Active Electrical Cables (AECs) and ZF optical transceivers, OmniConnect memory solutions and a suite of retimers and Digital Signal Processors (DSPs) for optical and copper Ethernet and PCIe, all leveraging the PILOT diagnostic and analytics software platform. Our innovations enable our customers to connect the systems that connect the world. Our connectivity solutions are optimized for optical and electrical Ethernet, PCIe and emerging UALink, ESUN and SUE applications, ranging in speeds from 32G (or Gigabits per second per lane) to 200G. Our products are based on our own optimized Serializer/Deserializer (SerDes) and DSP technologies. Our product families include integrated circuits (ICs), Active Electrical Cables (AECs) and SerDes Chiplets. Our intellectual property (IP) solutions consist primarily of SerDes IP licensing. Artificial Intelligence (AI) has bred a new generation of data centers over the past 5 years that depend much more heavily on high speed, reliable communications for Front End, Scale Out, Scale Up and emerging Scale In Networks. Our proprietary SerDes and DSP technologies enable us to achieve similar performance to leading competitors\u2019 products but at a lower cost and more highly available legacy node (n-1 advantage). Beyond power and performance, Credo continues to innovate to address customers\u2019 system level requirements. We partnered with Oracle to develop our ZeroFlap Optics that helps address the reliability issues known as Link Flap which plague commodity options in AI data centers enabling faster AI cluster turn on and time to first revenue. The multibillion-dollar data infrastructure market that we serve is driven largely by hyperscale data centers (hyperscalers) and emerging NeoClouds building AI/Machine Learning (ML) Infrastructure as well as general compute and data centers. The demands for increased bandwidth, better reliability and improved power efficiency have grown as AI model sizes have increased from billions to trillions of parameters and the workload has expanded from training to inference. 61 We design, market and sell both product, software and IP solutions. We help define industry conventions and standards within the markets we target by collaborating with technology leaders and standards bodies. We contract with a variety of manufacturing partners to build our products based on our proprietary SerDes and DSP technologies. We devel Item 1. Business Company Overview At Credo, our mission is to transform connectivity at scale through fast, reliable and energy-efficient system solutions. The Company\u2019s highspeed copper and optical interconnect products deliver industry-leading power and performance at up to 1.6T to meet the ever-expanding data infrastructure demands of AI. The Company\u2019s product portfolio includes ZeroFlap (ZF) Active Electrical Cables (AECs) and ZF optical transceivers, OmniConnect memory solutions and a suite of retimers and DSPs for optical and copper Ethernet and PCIe, all leveraging the Company\u2019s PILOT diagnostic and analytics software platform. The Company\u2019s innovations enable our customers to connect the systems that connect the world. Our connectivity solutions are optimized for optical and electrical Ethernet, PCIe and emerging UALink, ESUN and SUE applications, ranging in speeds from 32G (or Gigabits per second per lane) to 200G. Our products are based on our own optimized Serializer/Deserializer (SerDes) and Digital Signal Processor (DSP) technologies. Our product families include integrated circuits (ICs), Active Electrical Cables (AECs) and SerDes Chiplets. Our intellectual property (IP) solutions consist primarily of SerDes IP licensing. Artificial Intelligence (AI) has bred a new generation of data centers over the past 5 years that depend much more heavily on high speed, reliable communications for Front End, Scale Out, Scale Up and emerging Scale In Networks. Our proprietary SerDes and DSP technologies enable us to achieve similar performance to leading competitors\u2019 products but at a lower cost and more highly available legacy node (n-1 advantage). Beyond power and performance, Credo continues to innovate to address customers\u2019 system level requirements. We partnered with Oracle to develop our ZeroFlap Optics that helps address the reliability issues known as Link Flap which plague commodity options in AI data centers enabling faster AI cluster turn on and time Item 1A. Risk Factors Investors in our ordinary shares hold shares of a holding company incorporated as an exempted company under the laws of the Cayman Islands rather than equity securities of our subsidiaries that have substantive business operations. Credo Technology Group Holding Ltd is ", "title": "CRDO - Credo Technology Group Holding Ltd", "url": "/company/CRDO/" }, { "kind": "company", "summary": "SIC 7373 Services-Computer Integrated Systems Design; CIK 0001824920; latest 10-K filed 2026-02-25.", "text": "IONQ - IonQ, Inc. SIC 7373 Services-Computer Integrated Systems Design; CIK 0001824920; latest 10-K filed 2026-02-25. IONQ IonQ, Inc. 0001824920 7373 Services-Computer Integrated Systems Design Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. This Annual Report contains statements that may constitute \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the \u201cExchange Act, that involve substantial risks and uncertainties. All statements contained in this Annual Report other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words \u201cbelieves,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cestimates,\u201d \u201cprojects,\u201d \u201canticipates,\u201d \u201cwill,\u201d \u201cplan,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201ccould,\u201d or similar language are intended to identify forward-looking statements. It is routine for our internal projections and expectations to change throughout the year, and any forward-looking statements based upon these projections or expectations may change prior to the end of the next quarter or year. Readers of this Annual Report are cautioned not to place undue reliance on any such forward-looking statements. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Risks and uncertainties are identified under \u201cRisk Factors\u201d in Item 1A herein and in our other filings with the Securities and Exchange Commission, or the SEC. All forward-looking statements included herein are made only as of the date hereof. Unless otherwise required by law, we do not undertake, and specifically disclaim, any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise after the date of such statement. You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and related notes included elsewhere in this Annual Report. Unless the context otherwise requires, the terms \u201cIonQ,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and similar terms refer to IonQ Quantum, Inc. prior to the consummation of the Business Combination and IonQ, Inc. and its wholly owned subsidiaries after the consummation of the De-SPAC Transaction. This section provides an analysis of our financial condition and results of operations for the year ended December 31, 2025, compared to the year ended December 31, 2024. A discussion of our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 can be found under Item 7 in our Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 26, 2025, which is available free of charge on the SEC's website at www.sec.gov and our investor relations website at investors.ionq.com. Overview We are developing quantum computers designed to solve some of the world\u2019s most complex problems and transform business, society and the planet for the better. We believe that our proprietary technology, our architecture and the technology exclusively available to us through license agreements will offer us advantages both in research and development and in the commercial value of our product offerings. Today, we sell specialized quantum computing hardware, together with complementary products and services, such as quantum networking, quantum sensing and quantum security products and associated maintenance and support. We also sell access to several quantum computers of various qubit capacities and are in the process of researching and developing technologies for quantum computers with increasing computational capabilities. We currently make access to our quantum computers available through three major cloud platforms, Amazon Web Services\u2019, or AWS\u2019s, Braket, Micros Item 1. Business. Overview IonQ is the world\u2019s first and only quantum platform company. We operate in every theater: in space, in the air, on land and at sea, where we seek to deliver the full promise of quantum, across computing, networking, sensing and security. We believe that we have the clearest path to fault-tolerant quantum computing, and a repertoire of networking, sensing and security products that will form the backbone of a global quantum infrastructure. We are developing quantum computers designed to solve some of the world\u2019s most complex problems and transform business, society and the planet for the better. We believe that our proprietary technology, our architecture and the technology exclusively available to us through license agreements will offer us advantages both in research and development and in the commercial value of our product offerings. Today, we sell specialized quantum computing hardware, together with complementary products and services, such as quantum networking, quantum sensing and quantum security products and associated maintenance and support. We also sell access to several quantum computers of various qubit capacities and are in the process of researching and developing technologies for quantum computers with increasing computational capabilities. We currently make access to our quantum computers available through three major cloud platforms, Amazon Web Services\u2019, or AWS\u2019s, Braket, Microsoft\u2019s Azure Quantum and Google\u2019s Cloud Marketplace, and also to select customers via our own cloud service. This cloud-based approach enables the broad availability of quantum-computing-as-a-service, or QCaaS. We supplement our offerings with professional services focused on assisting our customers in applying quantum computing and our quantum networking, quantum sensing and quantum security solutions to their businesses. We also sell full quantum computing systems to customers, either over the cloud or on premises. Additionally, through a n Item 1A. Risk Factors. RISK FACTORS Investing in our securities involves a high degree of risk. Before you make a decision to buy our securities, in addition to the risks and uncertainties described above under \u201cCautionary Note Regarding Forward-Looking Statements,\u201d you should carefully consider the risks and uncer", "title": "IONQ - IonQ, Inc.", "url": "/company/IONQ/" }, { "kind": "company", "summary": "SIC 1040 Gold and Silver Ores; CIK 0000215466; latest 10-K filed 2026-02-18.", "text": "CDE - Coeur Mining, Inc. SIC 1040 Gold and Silver Ores; CIK 0000215466; latest 10-K filed 2026-02-18. CDE Coeur Mining, Inc. 0000215466 1040 Gold and Silver Ores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of Coeur Mining, Inc. and its subsidiaries (collectively the \u201cCompany\u201d, \u201cour\u201d, or \u201cwe\u201d). We use certain non-GAAP financial performance measures in our MD&A. For a detailed description of these measures, please see \u201cNon-GAAP Financial Performance Measures\u201d at the end of this Item. We provide Costs applicable to sales (\u201cCAS\u201d) allocation, referred to as the co-product method, based on revenue contribution for Palmarejo and Rochester and based on the primary metal, referred to as the by-product method, for Wharf. Revenue from secondary metal, such as silver at Wharf, is treated as a cost credit. Overview We are primarily a gold and silver producer with operating assets located in the United States and Mexico and an exploration project in Canada. 2025 Highlights For the full year 2025, Coeur reported revenue of $2,070.1 million and cash provided by operating activities of $886.9 million. We reported GAAP net income of $585.9 million, or $0.95 per diluted share. On a non-GAAP adjusted basis, the Company reported EBITDA of $1,025.8 million and net income of $493.4 million or $0.80 per diluted share. \u2022Record full-year gold and silver production \u2013 Balanced contributions across Coeur\u2019s portfolio led to 2025 full-year production of 419,046 ounces of gold and 17.9 million ounces of silver, representing year-over-year increases of 23% and 57%, respectively, within the Company\u2019s 2025 consolidated guidance ranges \u2022Record financial results \u2013 Fourth quarter free cash flow increased 66% versus the prior quarter to a record $313.2 million, bringing the full-year total to $666 million. Adjusted EBITDA increased 60% versus the prior quarter to a record $425 million, driving the last twelve-month total to over $1.0 billion. Average realized prices for gold and silver increased 21% and 39%, respectively, compared to the third quarter \u2022Long-term objective of net cash achieved \u2013 Cash and equivalents more than doubled compared to the prior quarter-end and increased tenfold compared to the prior year-end to $554 million; total debt decreased 42% to $341 million at December 31, 2025 compared to year-end 2024 \u2022Strong quarter at Rochester \u2013 Silver and gold production at Rochester increased 6% and 20% quarter-over-quarter, respectively, and 40% and 54% year-over-year, respectively. During the fourth quarter, both tonnes2 crushed and tonnes placed reached record levels, with tonnes crushed increasing 12% to 6.4 million tonnes (7.0 million imperial tons) and tonnes placed increasing 23% to 9.3 million tonnes (10.2 million imperial tons). Fourth quarter free cash flow increased to $78 million compared to $30 million in the third quarter and $12 million in the fourth quarter for the prior year \u2022New Gold transaction approved by stockholders \u2013 On January 27, 2026, stockholders of both Coeur and New Gold voted overwhelmingly in favor of Coeur\u2019s proposed acquisition of New Gold Inc. (\u201cNew Gold\u201d). The transaction, which remains on track to close in the first half of 2026, is expected to create a new, sector-leading, all-North American senior precious metals mining company \u20222026 guidance highlights portfolio strength \u2013 The Company expects 2026 gold and silver production from Coeur\u2019s current portfolio of assets of 390,000 - 460,000 ounces and 18.2 - 21.3 million ounces, respectively, driven by strong contributions across the portfolio, including expected continued growth at Rochester and a full year of production at Las Chispas. The Company plans to issue guidance including New Gold\u2019s two assets, the New Afton and Rainy River mines, upon closing of the transaction 43 Selected Financial and Operating Results [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\", Item 1.Business GENERAL Coeur Mining, Inc. (\u201cCoeur\u201d, \u201cthe Company\u201d, or \u201cwe\u201d), founded in 1928, is a precious metals producer with assets located in the United States, Canada, and Mexico. Our common stock is listed on The New York Stock Exchange under the symbol \u201cCDE\u201d. Coeur\u2019s strategy is to be a well-diversified, growing precious metals producer with a focus on generating sustainable, high-quality cash flow and returns from a balanced, prospective asset base in mining-friendly jurisdictions along with our commitment to exploration and expansions. Our strategy is guided by our purpose statement, We Pursue a Higher Standard, and three key principles: Protect our People, Places and Planet; Develop Quality Resources, Growth and Plans; and Deliver Impactful Results Through Teamwork. We conduct our business with a proactive focus on responsible practices to positively impact the health, safety and socioeconomic status of our people and the communities in which we operate and be good stewards of the environment. OUR BUSINESS Operating Segments We produce and sell precious metals from the following operating segments: \u2022The Las Chispas underground silver-gold mine, located in the State of Sonora in northern Mexico, which began operations in 2022 and was acquired by Coeur in early 2025. \u2022The Palmarejo silver-gold complex, located in the State of Chihuahua in northern Mexico, which has been in operation since 2009. \u2022The Rochester open pit heap leach silver-gold mine, located in northwestern Nevada, which has been in operation since 1986 and completed a significant expansion in 2024. \u2022The Kensington underground gold mine, located north of Juneau, Alaska, which began operations in 2010. \u2022The Wharf open pit heap leach gold mine, located near Lead, South Dakota, which began operations in 1982. In addition, the Company operates the Silvertip underground silver-zinc-lead exploration project, located in northern British Columbia, Canada, which was acquired by Coeur in Item 1A. Risk Factors The following discussion, together with the other information set forth in this report, presents what management currently believes could be material risk factors and uncertainties that could adversely affect our business, financial condition or operating results. Other risks and uncertainties, including those not presently known to us or those that", "title": "CDE - Coeur Mining, Inc.", "url": "/company/CDE/" }, { "kind": "company", "summary": "SIC 8071 Services-Medical Laboratories; CIK 0001576280; latest 10-K filed 2026-02-19.", "text": "GH - Guardant Health, Inc. SIC 8071 Services-Medical Laboratories; CIK 0001576280; latest 10-K filed 2026-02-19. GH Guardant Health, Inc. 0001576280 8071 Services-Medical Laboratories Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion and other parts of this Annual Report on Form 10-K contain forward-looking statements that involve risk and uncertainties, such as statements of our plans, objectives, beliefs, expectations and intentions. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in Part I, Item 1A, \u201cRisk Factors,\u201d of this Annual Report on Form 10-K. The following generally compares our results of operations for the years ended December 31, 2025 and 2024. A detailed discussion comparing our results of operations for the years ended December 31, 2024 and 2023 can be found in Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024. In 2025, we started to present revenue and cost of revenue in a single line on the accompanying consolidated statement of operations. Accordingly, we recast our presentation of revenue and cost of revenue for the years ended December 31, 2024 and 2023 to conform with the current year presentation. See Revenue Recognition section of Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K for additional information related to the disaggregation of revenue. In addition, we included in this section a detailed discussion comparing our revenue and cost of revenue under the recast presentation for the years ended December 31, 2024 and 2023. Overview We are a leading precision oncology company focused on guarding wellness and giving every person more time free from cancer. We are transforming patient care by providing critical insights into what drives disease through our advanced blood and tissue tests, real-world data and AI analytics. Our tests help improve outcomes across all stages of care, including screening to find cancer early, monitoring for recurrence in early-stage cancer, and treatment selection for patients with advanced cancer. For patients with advanced-stage cancer, we offer the Guardant360 Liquid test, formerly known as the Guardant360 LDT test, and the Guardant360 CDx test, the first comprehensive liquid biopsy test approved by the U.S. Food and Drug Administration, or the FDA, to provide tumor mutation profiling with solid tumors and to be used as a companion diagnostic in connection with non-small cell lung cancer, or NSCLC, colorectal cancer and breast cancer. We also offer the Guardant360 Tissue test for advanced-stage cancer and the Guardant Reveal test to detect residual and recurring disease in early-stage colorectal, breast and lung cancer patients. We have also expanded the Guardant Reveal test to include late-stage therapy response monitoring for patients with solid tumors. Our product portfolio is now powered by our Smart Platform, which utilizes methylation technology with genomic, epigenomic, and RNA-based data, to unlock multi-modal biology with proprietary chemistry, advanced algorithms and our InfinityAI learning engine. We also collaborate with biopharmaceutical companies in clinical studies by providing the above-mentioned tests, as well as the GuardantINFINITY blood test, also powered by our Smart Platform, which provides new, multi-dimensional insights into the complexities of tumor molecular profiles and immune response to advance cancer research and therapy development, and the GuardantOMNI blood test for advanced-stage cancer. Using data collected from our tests and through AI-enabled ana Item 1. Business Overview We are a leading precision oncology company focused on guarding wellness and giving every person more time free from cancer. We are transforming patient care by providing critical insights into what drives disease through our advanced blood and tissue tests, real-world data and AI analytics. Our tests help improve outcomes across all stages of care, including screening to find cancer early, monitoring for recurrence in early-stage cancer, and treatment selection for patients with advanced cancer. For patients with advanced-stage cancer, we offer the Guardant360 Liquid test, formerly known as the Guardant360 LDT test, and the Guardant360 CDx test, the first comprehensive liquid biopsy test approved by the U.S. Food and Drug Administration, or the FDA, to provide tumor mutation profiling with solid tumors and to be used as a companion diagnostic in connection with non-small cell lung cancer, or NSCLC, colorectal cancer and breast cancer. We also offer the Guardant360 Tissue test for advanced-stage cancer and the Guardant Reveal test to detect residual and recurring disease in early-stage colorectal, breast and lung cancer patients. We have also expanded the Guardant Reveal test to include late-stage therapy response monitoring for patients with solid tumors. Our product portfolio is now powered by our Smart Platform, which utilizes methylation technology with genomic, epigenomic, and RNA-based data, to unlock multi-modal biology with proprietary chemistry, advanced algorithms and our InfinityAI learning engine. We also collaborate with biopharmaceutical companies in clinical studies by providing the above-mentioned tests, as well as the GuardantINFINITY blood test, also powered by our Smart Platform, which provides new, multi-dimensional insights into the complexities of tumor molecular profiles and immune response to advance cancer research and therapy development, and the GuardantOMNI blood test for advanced-stage cancer. Using data coll Item 1A. Risk Factors Risk Factors Our operations and financial results are subject to various risks and uncertainties including those described below. You should consider carefully the risks and uncertainties described below, in addition to other information contained in this Annual Report on Form 10-K, including our con", "title": "GH - Guardant Health, Inc.", "url": "/company/GH/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000067347; latest 10-K filed 2026-05-27.", "text": "MOD - MODINE MANUFACTURING CO SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000067347; latest 10-K filed 2026-05-27. MOD MODINE MANUFACTURING CO 0000067347 3714 Motor Vehicle Parts & Accessories ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Overview At Modine, we are Engineering a Cleaner, Healthier World \u2122. Our mission is to use our thermal management expertise to help our customers improve indoor air quality, reduce energy and water consumption, lower harmful emissions, enable cleaner running vehicles, and use more environmentally friendly refrigerants. We operate in four continents, in numerous countries, and employ approximately 13,200 persons worldwide. We sell customer-centric thermal management solutions in a wide array of commercial, industrial, and building HVAC&R markets. In addition, we are a leading provider of engineered heat transfer systems and high-quality heat transfer components for use in on- and off-highway OEM vehicular applications. Our primary product groups include i) Data Centers; ii) Heat Transfer Solutions; iii) HVAC Technologies; iv) Heavy-Duty Equipment; and v) On-Highway Applications. Company Strategy Our purpose of Engineering a Cleaner, Healthier World\u2122 guides our strategic direction. We are committed to evolving our product portfolio in pursuit of highly engineered, mission-critical thermal solutions. We are strategically investing in end markets where we see the highest growth prospects. These markets continue to shift to low-carbon energy solutions, driving demand for cleaner, more efficient thermal management. We first announced our vision for a \u201cnew\u201d Modine in late fiscal 2021. Over the last five fiscal years, we have simplified and re-segmented our organization and have aligned resources around specific strategies and market-based verticals. Our leadership and teams have embraced 80/20 principles and have created a high-performance culture that focuses resources on products and markets with the highest sustainable growth opportunities and best return profiles, while simplifying and improving our processes. Through initiatives based upon 80/20 principles, we have achieved significant improvements in our profit margins since we started our transformational journey. In fiscal 2026, we continued our strategic transformation. Following our 80/20 discipline, we significantly expanded our Data Centers business and production capacity to meet increasing customer demand. We see great opportunity in growing our Data Centers business in light of trends in high-performance computing, with significant data center growth fueled by increased AI usage. In addition, we acquired three businesses during fiscal 2026, AbsolutAire, L.B. White, and Climate by Design, which contributed to growth in our HVAC Technologies business. In January 2026, we entered into definitive agreements with Gentherm, whereby we will spin-off and simultaneously combine our Performance Technologies segment businesses with Gentherm in a Reverse Morris Trust transaction. Gentherm, a Michigan-based corporation, is a global leader of innovative thermal management and pneumatic comfort technologies. This transaction, which we expect will close by the end of calendar 2026, will transform our company into a pure-play climate solutions company focused on the data center and commercial HVAC&R markets. Entering fiscal 2027, we are committed to executing our strategic priorities, including further expanding our Data Centers business and completing the transaction with Gentherm. We will continue to apply our strategic pillars across our businesses to drive value creation. We aim to capitalize on our expertise in thermal management to provide differentiated solutions and sustain market leadership. We are focused on leveraging our product portfolio to accelerate growth, with particular focus on long-term growth drivers tied to secular mega-trends. We will continue to elevate our 80/20 discipline throughout our businesses and use 80/20 to guide our daily decision making. Finally, we will continue to evolve our portfolio to increase shareholder value. \u200b 30 Table of Contents Devel ITEM 1. BUSINESS. At Modine Manufacturing Company, we are Engineering a Cleaner, Healthier World \u2122. For more than 100 years, we have been a trusted leader in designing, engineering, testing, and manufacturing mission-critical thermal solutions. Our technologies heat, cool and ventilate, with systems that drive performance, efficiency, and reliability for our customers. Our technologies support our mission to improve indoor air quality, lower harmful emissions, enable cleaner running vehicles, and use environmentally friendly refrigerants. We help customers across industries solve complex thermal management challenges and meet increasingly stringent indoor and outdoor air, energy, and water standards. We sell customer-centric thermal management solutions in a wide array of commercial, industrial, and building heating, ventilating, air conditioning, and refrigeration (\u201cHVAC&R\u201d) markets. In addition, we are a leading provider of engineered heat transfer systems and high-quality heat transfer components for use in on- and off-highway original equipment manufacturer (\u201cOEM\u201d) vehicular applications. Our primary customers across the globe include: [[GREPCENT_TABLE]] [[\"\",\"-\",\"Developers and operators of data centers;\"]] [[/GREPCENT_TABLE]] - Healthcare facility operators and K-12 school systems; [[GREPCENT_TABLE]] [[\"\",\"-\",\"Heating, ventilation and cooling OEMs;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"-\",\"Construction architects and contractors;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"-\",\"Wholesalers of heating equipment;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"-\",\"Agricultural, industrial and construction equipment OEMs;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"-\",\"Commercial and industrial equipment OEMs; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"-\",\"Truck, bus, automobile and specialty vehicle OEMs.\"]] [[/GREPCENT_TABLE]] We partner with our customers to provide solutions including systems, services, and components to ITEM 1A. RISK FACTORS. In the ordinary course of our business, we face various market, operational, strategic, financial and general risks. These risks could have a material impact on our business, financial condition, results of operations and cash flows. Please consider each of the risks described below, along with other i", "title": "MOD - MODINE MANUFACTURING CO", "url": "/company/MOD/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001964789; latest 10-K filed 2026-02-25.", "text": "HUT - Hut 8 Corp. SIC 6199 Finance Services; CIK 0001964789; latest 10-K filed 2026-02-25. HUT Hut 8 Corp. 0001964789 6199 Finance Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and the related notes and the other financial information included elsewhere in this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual business, financial condition, and results of operations could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Annual Report, particularly under \u201cItem 1A. Risk Factors.\u201d See also \u201cCautionary Statement Regarding Forward-Looking Statements.\u201d Our historical results are not necessarily indicative of the results that may be expected for any period in the future. \u200b Business Overview Hut 8 is an energy infrastructure platform that integrates power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. As of December 31, 2025, our platform spanned 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five ASIC compute, hosting, and managed services sites in Alberta, New York, and Texas, five cloud and colocation data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta; 330 megawatts of energy under construction at one site in Louisiana; 1,230 megawatts of energy capacity under development across three sites in Texas and Illinois; 1,755 megawatts of energy capacity under exclusivity; and 5,185 megawatts of energy capacity under diligence. Of this capacity, approximately 310 megawatts is associated with the four power generation assets we divested in Q1 2026. \u200b 2025 Highlights \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"AI Infrastructure Partnership and River Bend Transaction. In December 2025, we announced a strategic partnership with Anthropic, PBC (\\u201cAnthropic\\u201d) and Fluidstack Ltd. (\\u201cFluidstack\\u201d) to develop AI data center infrastructure. As part of the partnership, we entered into a 15-year, triple-net lease with Fluidstack for 245 MW of AI data center IT capacity at our River Bend campus (\\u201cRiver Bend\\u201d) in Louisiana. The agreement grants Fluidstack a Right of First Offer for up to an additional 1,000 MW of IT capacity at future expansion phases of campus, subject to the expansion of power at the site. The initial data hall at River Bend is scheduled for completion and commissioning in Q2 2027, with additional data halls scheduled to come online over the balance of 2027. The lease has a base contract value of approximately $7.0 billion, with the potential to increase to $17.7 billion through renewal options, and is supported by a financial backstop from Google, which covers the lease payments and related pass-through obligations for the initial 15-year base term of the lease. As part of the partnership, Hut 8 and Anthropic may jointly diligence and develop up to 1,050 MW of additional optional capacity across our broader pipeline for a total of up to 2,295 MW of AI data center infrastructure, reflecting our power-first development model and strategic focus on scaling AI infrastructure. The initial phase of the partnership is supported by blue-chip institutional counterparties, including Entergy, which will be providing power to the site, J.P. Morgan and Goldman Sachs, who are expected to serve as loan underwriters for the project-level financing, Vertiv, who is the power provider for the site, and Jacobs, who is serving as general contractor.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Fa Item 1. Business Hut 8: Where Power Unlocks Potential Hut 8 is an energy infrastructure platform that integrates power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. \u200b Our Platform Our platform consists of three layers: Power, Digital Infrastructure, and Compute. Together, these layers form a vertically integrated foundation for next-generation, energy-intensive technology applications. This structure enables us to participate selectively across the infrastructure value chain, including securing power and interconnections, developing and operating digital infrastructure assets that leverage that power, and deploying compute capacity on or alongside that infrastructure. Today, our core focus is on commercializing this platform primarily through the development and operation of data centers at scale, supporting AI, high-performance computing (\u201cHPC\u201d), ASIC compute, and other energy-intensive technology applications. \u200b Power. We acquire, develop, and manage critical energy assets such as powered land, interconnects, substations, switchyards, and related electrical systems designed to address the load demands of next-generation, energy-intensive technology applications. As of December 31, 2025, our Power layer comprised 1,020 megawatts (\u201cMW\u201d) of energy capacity under management across 15 sites in the United States and Canada, spanning energy assets we own, lease, or operate on behalf of third parties. Of this capacity, approximately 310 MW is associated with the four power generation assets we divested in Q1 2026. \u200b Digital Infrastructure. We design, build, commercialize, and operate purpose-built data center facilities for next-generation, energy-intensive technology applications with the aim of maximizing long-term retur Item 1A. Risk Factors \u200b A description of the risks and uncertainties associated with our business is set forth below. You should consider carefully the risks and uncertainties described below, together with the financial and other information contained in this Annual Report, including \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and", "title": "HUT - Hut 8 Corp.", "url": "/company/HUT/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001144879; latest 10-K filed 2025-07-30.", "text": "APLD - Applied Digital Corp. SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001144879; latest 10-K filed 2025-07-30. APLD Applied Digital Corp. 0001144879 7374 Services-Computer Processing & Data Preparation Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should read the sections titled \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. A comparison of our results of operations and cash flows for fiscal year 2024 and fiscal year 2023 can be found under \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended May 31, 2024, filed with the SEC on August 30, 2024. Unless the context otherwise requires, references in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and \u201cthe Company\u201d are intended to mean the business and operations of Applied Digital Corporation and its subsidiaries. Business Overview We are a U.S. designer, developer, and operator of next-generation digital infrastructure across North America. We provide digital infrastructure solutions to the rapidly growing industries of high-performance computing (\"HPC\") and artificial intelligence (\"AI\"). As of May 31, 2025, we operated in two distinct business segments, Blockchain data center hosting (the \"Data Center Hosting Business\") and HPC data center hosting (the \"HPC Hosting Business\"), as further discussed below. During the fiscal year 2025, we determined that our Cloud Services Business met the criteria for held for sale and discontinued operations. As such, the results of the Cloud Services Business, which was previously included as a reportable segment, are presented as discontinued operations in the consolidated statements of operations and have been excluded from both continuing operations and segment results for all periods presented. Business Update Data Center Hosting Business Our Data Center Hosting Business builds and operates data centers to provide energized space to crypto mining customers. As of May 31, 2025, our 106 MW facility in Jamestown, North Dakota and our 180 MW facility in Ellendale, North Dakota continue to operate at full capacity. This business segment accounts for all of the revenue we generated from our continuing operations for the fiscal year ended May 31, 2025. HPC Hosting Business Our HPC Hosting Business designs, constructs, and operates next-generation data centers, which are designed to provide massive computing power and support HPC applications within a cost-effective model. We are currently building two HPC focused data center facilities to provide 100 MW and 150 MW, respectively, of capacity in Ellendale, ND. These facilities are being designed and purpose-built to host high-density GPU architecture or other HPC applications, such as artificial intelligence, natural language processing, machine learning, and additional HPC developments. As previously disclosed and as further discussed below, on January 13, 2025, APLD HPC Holdings LLC (\u201cAPLDH\u201d), our indirect wholly owned subsidiary, entered into a Unit Purchase Agreement (as amended, the \u201cUnit Purchase Agreement\u201d or \u201cUPA\u201d) for our HPC Hosting Business with MIP VI HPC Holdings, LLC, which is an affiliate of funds and investment vehicles managed by entities within Macquarie Asset Management (\u201cMAM\u201d). The closing under the UPA is subject to certain closing condit Item 1. Business Overview Our Business We are a United States (\"U.S.\") designer, developer, and operator of next-generation data center infrastructure across North America. We provide data center infrastructure solutions to the rapidly growing industries of high-performance computing (\"HPC\") and artificial intelligence (\"AI\"). We operate in two distinct business segments, blockchain data center hosting (the \"Data Center Hosting Business\") and HPC data center hosting (the \"HPC Hosting Business\"), as further discussed below. During the fiscal year 2025, we determined that the Cloud Services Business met the criteria to be classified as \u201cheld for sale\u201d on our consolidated balance sheets as the Board of Directors approved plans for the sale of the segment. The potential sale of the Cloud Services Business, which was previously included as a reportable segment, represents a strategic shift in our operations and financial results and as such, we have excluded the results of this business from both continuing operations and segment results and presented them in discontinued operations on the consolidated statements of operations for all periods presented. Data Center Hosting Business Our Data Center Hosting Business provides energized infrastructure services to crypto mining customers. Our custom-designed data centers allow customers to rent space based on their power requirements. We currently serve one crypto mining customer with a remaining contractual term of two and a half years. This business segment accounts for all of the revenue we generated from our continuing operations for the fiscal year ended May 31, 2025. We currently operate sites in Jamestown and Ellendale, North Dakota, with a total hosting capacity of approximately 286 MW as follows: \u2022Jamestown, North Dakota: 106 MW facility. \u2022Ellendale, North Dakota: 180 MW facility. HPC Hosting Business Our HPC Hosting Business specializes in designing, constructing, and operating data centers tailored to sup Item 1A. Risk Factors An investment in our common stock is speculative and illiquid and involves a high degree of risk including the risk of a loss of your entire investment. You should carefully consider the risks and uncertainties described below and the other information contained in this repo", "title": "APLD - Applied Digital Corp.", "url": "/company/APLD/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001158114; latest 10-K filed 2026-02-26.", "text": "AAOI - APPLIED OPTOELECTRONICS, INC. SIC 3674 Semiconductors & Related Devices; CIK 0001158114; latest 10-K filed 2026-02-26. AAOI APPLIED OPTOELECTRONICS, INC. 0001158114 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and the accompanying notes appearing elsewhere in this Form 10-K. This discussion and other parts of this Form 10-K contain forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in \u201cRisk Factors.\u201d This section generally discusses the results of our operations for the year ended December 31, 2025, compared to the year ended December 31, 2024. For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Annual Report on Form 10-K for the year ended December 31, 2024. Overview We are a leading, vertically integrated provider of fiber-optic networking products. We target four networking end-markets: internet data centers, CATV, telecom and FTTH. We design and manufacture a range of optical communications products at varying levels of integration, from components, subassemblies and modules to complete turn-key equipment. In designing products for our customers, we typically begin with the fundamental building blocks of lasers and laser components. From these foundational products, we design and manufacture a wide range of products to meet our customers\u2019 needs and specifications, and such products differ from each other by their end market, intended use and level of integration. We are primarily focused on the higher-performance segments within the internet data center, CATV, telecom and FTTH markets which increasingly demand faster connectivity and innovation. Our vertically integrated manufacturing model provides us several advantages, including rapid product development, fast response times to customer requests and control over product quality and manufacturing costs. The four end markets we target are all driven by significant bandwidth demand fueled by the growth of network-connected devices, video traffic, cloud computing and online social networking. Within the internet data center market, we benefit from the increasing use of higher-capacity optical networking technology as a replacement for older, lower-speed optical interconnects, particularly as speeds reach 800Gbps and above, as well as the movement to open internet data center architectures and the increasing use of in-house equipment design among leading internet companies. Within the CATV market, we benefit from a number of ongoing trends including the move to higher bandwidth networks among CATV service providers, especially the desire by MSOs to increase the return-path bandwidth available to offer to their customers. In the FTTH market, we benefit from continuing PON deployments and system upgrades among telecom service providers. In the telecom market, we benefit from deployment of new high-speed fiber-optic networks by telecom network operators, including 5G networks. 38 Table of Contents In 2025, 2024 and 2023, our revenue was $455.7 million, $249.4 million and $217.6 million, and our gross margin was 30.1%, 24.8% and 27.1%, respectively. We have grown our annual revenue at a compound annual growth rate, or CAGR, of 5.7% between 2016 and 2025. In the years ended December 31, 2025, 2024 and 2023, we had net loss of $38.2 million, $186.7 million and $56.0 million, respectively. At December 31, 2025 and 2024, our accumulated deficit was $491.0 million and $451.9 million, respectively. In 2025, we earned 53.8% of our total revenue from the CATV market a Item 1. Business Overview Applied Optoelectronics, Inc. (the \"Company\" or \"AOI\") is a leading, vertically integrated provider of fiber-optic networking products, primarily for four networking end-markets: internet data center, cable television (\"CATV\"), telecommunications, (\"telecom\"), and fiber-to-the-home (\"FTTH\"). We design and manufacture a range of optical communications products at varying levels of integration, from components, subassemblies and modules to complete turn-key equipment. In designing products for our customers, we typically begin with the fundamental building blocks of lasers and laser components. From these foundational products, we design and manufacture a wide range of products to meet our customers\u2019 needs and specifications, and such products differ from each other by their end market, intended use and level of integration. We are primarily focused on the higher-performance segments within all four of our target markets, which increasingly demand faster connectivity and innovation. The four end markets we target are all driven by significant bandwidth demand fueled by the growth of network-connected devices, video traffic, cloud computing and online social networking. Within the internet data center market, we benefit from the increasing use of higher-capacity optical networking technology as a replacement for older, lower-speed optical interconnects, particularly as speeds reach 800 Gbps and above, as well as the movement to open internet data center architectures and the increasing use of in-house equipment design among leading internet companies. Within the CATV market, we benefit from a number of ongoing trends including the move to higher bandwidth networks among CATV service providers, especially the desire by CATV multiple system operators (\"MSOs\") to increase the return-path bandwidth available to offer to their customers. In the FTTH market, we benefit from continuing passive optical network deployments and system updates among Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the following risk factors and all other information contained in our Form 10-K, including our consolidated financial statements and related notes. If any of the following risks actually oc", "title": "AAOI - APPLIED OPTOELECTRONICS, INC.", "url": "/company/AAOI/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001743881; latest 10-K filed 2026-02-24.", "text": "BBIO - BridgeBio Pharma, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001743881; latest 10-K filed 2026-02-24. BBIO BridgeBio Pharma, Inc. 0001743881 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. You should read the following discussion and analysis of our financial condition and results of operations together with the financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This Annual Report on Form 10-K contains \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d). In some cases, you can identify these statements by forward-looking words such as \u201cmay,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201cbelieve,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cestimate,\u201d or \u201ccontinue,\u201d and similar expressions or variations. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in Part I, Item 1A, \u201cRisk Factors\u201d in this Annual Report on Form 10-K. The forward-looking statements in this Annual Report on Form 10-K represent our views as of the date of this Annual Report on Form 10-K. Except as may be required by law, we assume no obligation to update these forward-looking statements or the reasons that results could differ from these forward-looking statements. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Annual Report on Form 10-K. Overview BridgeBio Pharma, Inc. (\u201cBridgeBio,\u201d the \u201cCompany,\u201d or \u201cwe\u201d), is a commercial-stage, multi-product biopharmaceutical company organized around a portfolio operating model to discover, develop, and deliver medicines for patients with genetic diseases. We seek to translate advances in genetic science into therapies for patient populations with significant unmet medical needs. As described in Part I, Item 1. \u201cBusiness\u201d of this Annual Report on Form 10-K, we currently generate material revenues from one commercial product and have multiple product candidates in late-stage development. Acoramidis received FDA approval on November 22, 2024 as Attruby, and it received approval as Beyonttra from (i) the European Commission (\u201cEC\u201d) on February 10, 2025, (ii) the Japanese Ministry of Health, Labour and Welfare on March 27, 2025 (pricing approval from the National Health Insurance in Japan was subsequently obtained on May 21, 2025), and (iii) the United Kingdom Medicines and Healthcare Products Regulatory Agency in the UK in April 2025. In Part I, Item 1. \u201cBusiness\u201d you can also find a summary of key events in 2024 and 2025 to date related to our commercial product and our late-stage development programs. Since our inception in 2015, we have focused substantially all of our efforts and financial resources on acquiring and developing product and technology rights, building our intellectual property portfolio and conducting research and development activities for our product candidates and commercial product, and driving commercialization of acoramidis within our wholly-owned subsidiaries and controlled entities, including partially-owned subsidiaries and subsidiaries we consolidate based on our deemed majority control of such entities as determined using either the variable interest entity (\u201cVIE model\u201d), or the voting interest entity (\u201cVOE model\u201d). To support these activities, we and our wholly-owned subsidiary, BridgeBio Services, Inc., (i) identify and secure new programs, (ii) set up new wholly-owned subsidiaries or controlled entities, (iii) recruit key management team members, (iv) raise and allocate capital across the portfolio and (v) provide certain shared services, including accounting, legal, information technology, administrative, and human resources ITEM 1. BUSINESS Overview A New Type of Biopharmaceutical Company BridgeBio Pharma, Inc. is a commercial-stage, multi-product biopharmaceutical company organized around a portfolio operating model to discover, develop, and deliver medicines for patients with genetic diseases. We seek to translate advances in genetic science into therapies for patient populations with significant unmet medical needs. Since our founding 10 years ago, we have advanced multiple programs from discovery through regulatory approval and commercialization. To date, more than 8,500 patients have been treated with our approved medicines, and we have obtained U.S. Food and Drug Administration (the \u201cFDA\u201d) approval for three products. We believe our decentralized hub and spoke model enables us to achieve clinical proof-of-concept with speed and efficiency, demonstrated by an average investment per program of less than $40.0 million to proof-of-concept data and less than $10.0 million to reach Investigational New Drug (\u201cIND\u201d) submission. This efficiency allows us to work on a broad range of scientifically compelling therapies, including programs for underserved conditions which more traditional biopharmaceutical models might leave on the shelf but we believe can be developed on a Net Present Value (\u201cNPV\u201d)-positive basis in our portfolio. In addition to our commercial products led by Attruby, we plan to pursue regulatory submissions for several advanced product candidates, including therapies for achondroplasia, limb-girdle muscular dystrophy type 2I/R9, and autosomal dominant hypocalcemia type 1, which have all recently released positive Phase 3 data. Since inception, we have generated 19 investigational new drug applications and contributed to more than 70 peer-reviewed scientific publications, reflecting our continued focus on advancing the understanding and treatment of genetic diseases. What BridgeBio Is Today Today, BridgeBio is a commercial-stage biopharmaceutical company with multipl ITEM 1A. RISK FACTORS Our business involves significant risks, some of which are described below. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K, including \u201cManagement\u2019s Discussion and Analysis of Financial Co", "title": "BBIO - BridgeBio Pharma, Inc.", "url": "/company/BBIO/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001579428; latest 10-K filed 2026-02-23.", "text": "AXSM - Axsome Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001579428; latest 10-K filed 2026-02-23. AXSM Axsome Therapeutics, Inc. 0001579428 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis contain forward-looking statements about our plans and expectations of what may happen in the future. You should read the following discussion and analysis in conjunction with \u201cItem 8. Financial Statements and Supplementary Data,\u201d and our consolidated financial statements beginning on page F-1 of this report. Forward-looking statements are based on a number of assumptions and estimates that are inherently subject to significant risks and uncertainties, and our results could differ materially from the results anticipated by our forward-looking statements as a result of many known or unknown factors, including, but not limited to, those factors discussed in \u201cItem 1A. Risk Factors.\u201d See also the \u201cSpecial Cautionary Notice Regarding Forward-Looking Statements\u201d set forth at the beginning of this report. Overview We are a biopharmaceutical company dedicated to the development and commercialization of innovative medicines for people impacted by central nervous system (CNS) conditions. We deliver scientific breakthroughs by identifying critical gaps in care and developing differentiated medicines with a focus on novel mechanisms of action that have the potential to transform patient outcomes. Our broad commercial portfolio is comprised of AUVELITY, SUNOSI, and SYMBRAVO. AUVELITY is the first and only oral NMDA receptor antagonist approved by the FDA for the treatment of MDD in adults, which we are further developing in additional psychiatric conditions, including Alzheimer\u2019s disease agitation. SUNOSI is the first and only DNRI approved by the FDA for the treatment of excessive daytime sleepiness associated with obstructive sleep apnea and narcolepsy, for which we also receive royalty revenue associated with sales in out-licensed territories. SYMBRAVO is approved by the FDA for the acute treatment of migraine in adults with or without aura, which we recently launched in the U.S. We are also advancing a pipeline of novel product candidates addressing a broad range of serious neurological and psychiatric conditions, including narcolepsy, fibromyalgia, and ADHD. Refer to Part I, Item 1. \u201cBusiness\u201d for a summary of our marketed products and clinical development programs. Since our incorporation in January 2012, our operations to date have included organizing and staffing our company, business planning, raising capital, developing our compounds, engaging in other discovery and preclinical activities, the commercial launches of AUVELITY and SUNOSI, and preparatory activities for the launch of SYMBRAVO. Subsequent to our IPO, we financed our operations primarily through proceeds from sales of our common stock to equity investors and debt borrowings. For a further discussion, see the section entitled \u201cLiquidity and Capital Resources\u201d below. Our ability to become profitable depends on our ability to generate revenue. We have recently begun commercial sales of AUVELITY and SUNOSI, and we launched SYMBRAVO, but we have limited experience with commercializing these, or any, products. We have incurred significant operating and net losses since inception. We incurred net losses of $183.2 million and $287.2 million for the years ended December 31, 2025 and 2024, respectively. Our accumulated deficit as of December 31, 2025 was $1,306.0 million, and we expect to incur significant expenses and continuing operating losses. We expect our expenses to increase in connection with our ongoing activities, as we continue the commercialization of our on-market products and the development and clinical trials of, and seek regulatory approval for, our current product candidates and any other product candidates that we develop or in-license and advance to clinical development. Further, we have incurred and will continue to incur additional costs associated with operating as a public company. Accordingly, we may need additional ITEM 1. BUSINESS. OVERVIEW We are a fully integrated biopharmaceutical company focused on developing innovative medicines for people impacted by central nervous system (CNS) conditions. We deliver scientific breakthroughs by identifying critical gaps in care and developing differentiated products with a focus on novel mechanisms of action, that have the potential to transform patient outcomes. Our innovative CNS portfolio is anchored by three U.S. Food and Drug Administration (FDA) approved commercial products: AUVELITY\u00ae for the treatment of major depressive disorder (MDD), SUNOSI\u00ae for the treatment of excessive daytime sleepiness (EDS) associated with obstructive sleep apnea or narcolepsy, and SYMBRAVO\u00ae for the acute treatment of migraine with or without aura in adults. Total revenues from our three commercial products totaled $638.5 million for 2025, representing 66% annual growth compared to 2024. We are also advancing a deep pipeline of novel product candidates in early- to late-stage development addressing a broad range of serious neurological and psychiatric conditions. Our lead product candidate, AXS-05 (dextromethorphan and bupropion), is currently being developed for the treatment of Alzheimer\u2019s disease (AD) agitation and smoking cessation. In December 2025, the FDA accepted for filing the Company\u2019s supplemental NDA (sNDA) for AXS-05 for the treatment of Alzheimer\u2019s disease agitation. The application was granted Priority Review designation and a Prescription Drug User Fee Act (PDUFA) target action date of April 30, 2026. Solriamfetol is in Phase 3 clinical development for the treatment of attention deficit hyperactivity disorder (ADHD), MDD with EDS symptoms, binge eating disorder (BED), and excessive sleepiness associated with shift work disorder (SWD). We also have two novel, late-stage investigational products for the treatment of narcolepsy and fibromyalgia, as well as product candidates in earlier stages of development for the treatment of CNS diso ITEM 1A. RISK FACTORS. The Company is subject to a number of risks that if realized could materially adversely affect its business, results of operations, cash flow, financial condition or prospects. The following is a summary of the principal risk factors facing the Company. The list below is not exhaustive, and the", "title": "AXSM - Axsome Therapeutics, Inc.", "url": "/company/AXSM/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001083301; latest 10-K filed 2026-02-27.", "text": "WULF - TERAWULF INC. SIC 6199 Finance Services; CIK 0001083301; latest 10-K filed 2026-02-27. WULF TERAWULF INC. 0001083301 6199 Finance Services ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the other Items included in this Annual Report and with the accompanying consolidated financial statements and notes thereto included elsewhere in this report. All figures presented below represent results from continuing operations, unless otherwise specified. Certain statements contained in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations may be deemed forward-looking statements. See \u201cForward-Looking Statements.\u201d 25 Table of Contents This MD&A generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included, and can be found in \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. Overview We are a vertically integrated owner, developer, and operator of digital infrastructure assets in the United States, purpose-built to support HPC workloads, including AI, machine learning, and advanced cloud applications. The Company has undergone a deliberate strategic transition toward HPC hosting as its primary business. While TeraWulf historically operated bitcoin mining facilities and leveraged flexible compute loads to support early infrastructure development, going forward the Company\u2019s capital allocation, development activities, and operating focus are centered on HPC data center development, long-term hosting arrangements, and infrastructure supporting AI-driven compute workloads. Our strategy is grounded in controlling infrastructure at utility scale and pairing compute-optimized facilities with reliable, long-duration power resources. By controlling land use through ownership or long-term ground leases, together with interconnection rights, electrical and cooling infrastructure, and, where appropriate, on-site generation, the Company delivers resilient, cost-efficient capacity to hyperscale and enterprise customers under multi-year hosting arrangements. The Company\u2019s platform is differentiated by long-term control of utility-scale infrastructure, deep in-house power and grid expertise, and a scalable development model supported by long-term, credit-enhanced customer contracts. Strategy Execution and Capital Allocation Management\u2019s execution of the Company\u2019s strategy is focused on converting advantaged infrastructure positions into long-dated, contracted HPC capacity. This execution model emphasizes vertical integration, long-duration customer contracts supported by credit enhancement, and phased development aligned with customer deployment schedules and power availability. A core element of this approach is infrastructure control. By retaining control over land use, interconnection rights, electrical and cooling systems, and on-site generation where appropriate, the Company is able to manage development risk, optimize capital deployment, and maintain operational oversight throughout the lifecycle of its facilities. Management believes this approach reduces execution risk relative to third-party development models and supports infrastructure-style returns. The Company\u2019s contracting strategy prioritizes multi-year hosting arrangements with credit-supported counterparties. These arrangements provide long-dated revenue visibility, support project-level financing, and reduce cash flow volatility as the platform scales. Credit enhancement associated with certain customer contracts has been a key factor in accelerating development timelines and enabling third-party financing. Each campus is designed for modular, multi-phase expansion. Initial phases deliver near-term contracted capacity, while subseque ITEM 1. Business Overview We are a vertically integrated owner, developer, and operator of large-scale digital infrastructure in the United States, purpose-built to support high-performance computing (\u201cHPC\u201d) workloads, including artificial intelligence (\u201cAI\u201d), machine learning, and advanced cloud applications. Our strategy is grounded in controlling infrastructure at utility scale and pairing compute\u2011optimized facilities with reliable, long\u2011duration power resources. By controlling land use through ownership or long-term ground leases, together with interconnection rights, electrical and cooling infrastructure, and, where applicable, on-site generation, we deliver resilient, cost-efficient capacity to hyperscale and enterprise customers through long-term hosting arrangements. This infrastructure-first approach enables TeraWulf to serve Tier-1 counterparties while maintaining operational control, development flexibility, and disciplined capital allocation. Our platform is differentiated by long-term control of utility-scale infrastructure, deep in-house power and grid expertise, and a scalable development model supported by long-term, credit-enhanced customer contracts. HPC Platform and Development Pipeline Our contracted HPC platform currently consists of two primary campuses: \u2022Lake Mariner Data Campus (the \u201cLake Mariner Data Campus\u201d), located in Barker, New York within the single-state New York Independent System Operator (\u201cNYISO\u201d) market; and \u2022Abernathy HPC Campus (the \u201cAbernathy HPC Campus\u201d), located in Abernathy, Texas, within the Southwest Power Pool (SPP). Both campuses have been engineered for phased, large\u2011scale deployments of liquid\u2011cooled, hyperscale compute and are supported by long\u2011term contractual arrangements with credit\u2011enhanced counterparties. Together, these campuses have contracted 522 MW of critical IT load with long\u2011dated revenue visibility. In addition, the Company holds a long\u2011term ground lease in Lansing, New York (the \u201cCayuga Site ITEM 1A. Risk Factors Our business faces many risks. Before deciding whether to invest in our common stock, you should carefully consider the risk factors discussed in this Annual Report. If any of the risks or uncertainties described herein actually occurs, our business, financial condition, results of operations or cash flow could be materially and adversely affected. This coul", "title": "WULF - TERAWULF INC.", "url": "/company/WULF/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001167419; latest 10-K filed 2026-03-02.", "text": "RIOT - Riot Platforms, Inc. SIC 6199 Finance Services; CIK 0001167419; latest 10-K filed 2026-03-02. RIOT Riot Platforms, Inc. 0001167419 6199 Finance Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) provides information intended to assist in the understanding of our results of operations and financial condition. This MD&A should be read in conjunction with our Consolidated Financial Statements and the related notes (the \u201cNotes\u201d) included in Part II, Item 8. \u201cFinancial Statements and Supplementary Data\u201d of this Annual Report. This MD&A generally discusses 2025 and 2024 items and a year-to-year comparison between 2025 and 2024. Discussion of 2023 items and a year-to-year comparison between 2023 and 2024 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. Our MD&A is organized as follows: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Business Overview and Trends. Highlights of events in 2025 that impacted our financial position.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Results of Operations. Analysis of our financial results comparing years 2025 and 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Liquidity and Capital Resources. Analysis of changes in our balance sheets and cash flows and discussion of our financial condition, including potential sources of liquidity, material cash requirements and their general purpose.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Critical Accounting Policies and Estimates. Accounting policies and estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results.\"]] [[/GREPCENT_TABLE]] For a discussion of our business, see Part I, Item 1. \u201cBusiness\u201d of this Annual Report. Forward Looking Statements This MD&A includes forward-looking statements based on our current expectations that involve risks and uncertainties, such as our plans, objectives, expectations, and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors. See \u201cCautionary Note Regarding Forward-Looking Statements\u201d and Part I, Item 1A. \u201cRisk Factors\u201d of this Annual Report for a discussion of factors that could cause actual results to differ materially \u2013 and potentially adversely \u2013 from the results described in or implied by the forward-looking statements contained in this MD&A and elsewhere in this Annual Report. BUSINESS OVERVIEW AND TRENDS General \u200b We are a vertically integrated digital infrastructure company principally engaged in developing and optimizing our large-scale power assets. Our business strategy centers on enhancing our electrical infrastructure and deploying it across two complementary platforms: (i) Bitcoin Mining and (ii) scalable data center solutions designed to support non-mining workloads. By leveraging our energy portfolio, engineering capabilities, and operational footprint, we aim to capitalize on both the long-term potential of bitcoin and the accelerating demand for power-intensive compute. We operate in two reportable business segments: Bitcoin Mining and Engineering. We own and manage multiple large-scale data center facilities in Texas and Kentucky that currently provide mission-critical power and infrastructure for our Bitcoin Mining operations and, over time, are expected to support diversified data center tenants. Our Rockdale Facility in Texas, with 700 MW of developed capacity, is among the largest digital infrastructure campuses in North America, as measured by developed capacity. In 2024, we completed construction of 400 MW of developed capacity at our second large-scale Texas development, the Corsicana Facility. We expect the Corsicana Facility to reach approximately 1 GW of developed capacity upon full buildout and it is bein ITEM 1. BUSINESS General We are a vertically integrated digital infrastructure company principally engaged in developing and optimizing our large-scale power assets. Our business centers on enhancing our electrical infrastructure and deploying it across two complementary platforms: (i) Bitcoin Mining and (ii) scalable data center solutions designed to support non-mining workloads. By leveraging our energy portfolio, engineering capabilities, and operational footprint, we aim to capitalize on both the long-term potential of bitcoin and the accelerating demand for power-intensive compute. We operate in two reportable business segments: Bitcoin Mining and Engineering. Each of our business segments is further discussed herein. We own and manage multiple large-scale data center facilities in Texas and Kentucky that currently provide mission-critical power and infrastructure for our Bitcoin Mining operations and, over time, are expected to support diversified data center tenants. Our large-scale data center located in Rockdale, Texas (the \u201cRockdale Facility\u201d) with 700 megawatts (\u201cMW\u201d) of developed capacity available for data center workloads, is believed to be one of the largest Bitcoin Mining facilities in North America, as measured by developed capacity. Our other large-scale data center located in Navarro County, Texas (the \u201cCorsicana Facility\u201d), currently has 400 MW of developed capacity and, upon completion, is expected to have a total of approximately one gigawatt (\u201cGW\u201d) of developed capacity available for data center workloads. Additionally, in 2024, we acquired Block Mining, Inc. (\u201cBlock Mining\u201d), a Kentucky-based vertically-integrated bitcoin miner (the \u201cBlock Mining Acquisition\u201d). Block Mining consists of two operational sites in Kentucky (the \u201cKentucky Facility\u201d and, together with the Rockdale Facility and Corsicana Facility, the \u201cFacilities\u201d). The Kentucky Facility currently has approximately 137 MW of developed capacity. We are targeting the Kentucky Faci ITEM 1A. RISK FACTORS Our business, reputation, results of operations, financial condition and stock price can be affected by a number of factors, whether currently known or unknown, including those described below. When any one or more of these risks materialize from time to time, our business, reputation, results of operations, financial condition and sto", "title": "RIOT - Riot Platforms, Inc.", "url": "/company/RIOT/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001819989; latest 10-K filed 2026-02-24.", "text": "CIFR - Cipher Digital Inc. SIC 6199 Finance Services; CIK 0001819989; latest 10-K filed 2026-02-24. CIFR Cipher Digital Inc. 0001819989 6199 Finance Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following management\u2019s discussion and analysis covers the years ended December 31 2025 and 2024. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes included elsewhere in this Annual Report. For discussion around our results of operations for the year ended December 31, 2024 and a comparison of our results of operations for the year ended December 31, 2024 and year ended December 31, 2023, see Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our Annual report on Form 10-K for fiscal year ended December 31, 2024 filed with the SEC on February 25, 2025. This discussion contains forward\u2011looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward\u2011looking statements as a result of various factors, including those set forth in Part II, Item 1A, \u201cRisk Factors\u201d and other factors set forth in other parts of this Annual Report. Unless the context otherwise requires, references in this Annual Report to the \u201cCompany,\u201d \u201cCipher,\u201d \u201cCipher Digital,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d refers to Cipher Digital Inc. and its consolidated subsidiaries, unless otherwise indicated. Overview We are dedicated to developing and operating industrial-scale data centers engineered for next-generation computing at the highest standards of innovation, precision, and excellence. Over the past several years, we have intentionally evolved from a pure-play bitcoin miner into a vertically integrated data center development and operations platform focused on energy-intensive compute infrastructure. Our vertical integration spans critical stages of the data center value chain, including land and power origination and interconnection, site development, data center design and construction, oversight and ongoing facility operations. Fundamentally, we bring together construction, engineering, operations, power, real estate and technology expertise to deliver high quality, purpose-built data centers that meet tenants\u2019 needs. Our in-house teams source and control industrial-scale sites with access to substantial electric power capacity, advance grid interconnection and substation development, and manage the design and construction of data center campuses. We also operate and maintain energy-intensive data center facilities, leveraging operational expertise developed through our employees\u2019 extensive experience managing Tier III HPC data centers and large, flexible electrical loads. Against a backdrop of increasing demand for AI technology and access to energized HPC data centers to meet consumers\u2019 demands for such technology, we believe we play an important part of the AI economy and we expect to benefit from powerful, long-term growth drivers. While bitcoin mining has been an important component of our business model in prior years, our strategy increasingly emphasizes the development of industrial-scale data centers that can be leased to hyperscalers and other HPC customers under long-term contracts, while retaining the flexibility to deploy bitcoin mining as an interim or complementary use of power. On February 20, 2026, we changed our name to \u201cCipher Digital Inc.\u201d Rebranding to \u201cCipher Digital\u201d aligns with our corporate strategy to scale into a leading HPC data center developer and operator, as we leverage our existing site pipeline and source additional sites, partnering with premier tenants, and developing and operating industry-leading data centers purpose-built for HPC. Our goal is to monetize our power assets and manage capital efficiently through market cycles in order to align our infrastructure with the growing global demand for AI-driven compute capacity. Our data center p Item 1. Business. Unless the context otherwise requires, references in this Annual Report to the \u201cCompany,\u201d \u201cCipher,\u201d \u201cCipher Digital,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d refers to Cipher Digital Inc. and its consolidated subsidiaries, unless otherwise indicated. Business Overview We are dedicated to developing and operating industrial-scale data centers engineered for next-generation computing at the highest standards of innovation, precision, and excellence. Over the past several years, we have intentionally evolved from a pure-play bitcoin miner into a vertically integrated data center development and operations platform focused on energy-intensive compute infrastructure. Our vertical integration spans critical stages of the data center value chain, including land and power origination and interconnection, site development, data center design and construction, oversight and ongoing facility operations. Fundamentally, we bring together construction, engineering, operations, power, real estate and technology expertise to deliver high quality, purpose-built data centers that meet tenants\u2019 needs. Our in-house teams source and control industrial-scale sites with access to substantial electric power capacity, advance grid interconnection and substation development, and manage the design and construction of data center campuses. We also operate and maintain energy-intensive data center facilities, leveraging operational expertise developed through our employees\u2019 extensive experience managing Tier III HPC data centers and large, flexible electrical loads. Against a backdrop of increasing demand for artificial intelligence (\u201cAI\u201d) technology and access to energized HPC data centers to meet consumers\u2019 demands for such technology, we believe we play an important part of the AI economy and we expect to benefit from powerful, long-term growth drivers. While bitcoin mining has been an important component of our business model in prior years, our strategy increasingly emphasizes the devel Item 1A. Risk Factors. Our business involves significant risks, some of which are described below. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report. The realization of any of these risks and uncertainties could have a material adverse effect on our reputation, bus", "title": "CIFR - Cipher Digital Inc.", "url": "/company/CIFR/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001907982; latest 10-K filed 2026-02-26.", "text": "QBTS - D-Wave Quantum Inc. SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001907982; latest 10-K filed 2026-02-26. QBTS D-Wave Quantum Inc. 0001907982 7374 Services-Computer Processing & Data Preparation Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with the consolidated financial statements and related notes included elsewhere in this Form 10-K. The following discussion contains forward-looking statements based upon current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those risk factors applicable to D-Wave and its business referenced under the section titled \u201cRisk Factors\u201d elsewhere in this Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. In this section, unless otherwise specified, the terms \u201cwe\u201d, \u201cour\u201d, \u201cus\u201d, D-Wave\" or the \"Company\" refer to D-Wave Quantum Inc. and its subsidiaries following the Closing while \"D-Wave Systems\" refers to D-Wave Systems Inc. prior to the Closing. All other capitalized terms have the meanings ascribed thereto elsewhere in this Form 10-K. All dollar amounts are expressed in thousands of United States dollars (\u201c$\u201d), unless otherwise indicated. 62 Overview We are focused on the development and delivery of quantum computing systems, software, and services. We are the world\u2019s first commercial supplier of quantum computers, and the first to offer dual-platform quantum computing products and services, spanning both annealing and gate-model quantum computing technologies. Our superconducting quantum computers provide sub-second response times and can be deployed on-premises or accessed through our Leap quantum cloud service, which offers 99.9% availability and uptime. Customers apply our technology to address use cases spanning optimization, artificial intelligence, research and more. Our current sixth-generation annealing quantum computing system is named Advantage2. Our business model is focused on generating revenue from providing customers access to our quantum computing systems via the cloud in the form of quantum computing as a service (\"QCaaS\") products, from providing professional services wherein we assist our customers in identifying and implementing quantum computing applications, as well as selling our quantum computer systems to customers. We have four operating facilities, which we lease, in North America. These facilities are located in Burnaby, British Columbia, Richmond, British Columbia, Palo Alto, California, and New Haven, Connecticut. In addition, we plan to transition our corporate headquarters before the end of 2026 from Palo Alto, California to Boca Raton, Florida, and open a key U.S. R&D facility in Boca Raton, Florida under a new lease agreement. During the years ended December 31, 2025 and 2024, we generated revenue totaling $24.6 million and $8.8 million, respectively. We have incurred significant operating losses since inception. For the years ended December 31, 2025 and 2024, our operating losses were $100.4 million and $77.2 million, respectively, and our net losses were $355.1 million and $143.9 million, respectively. The differences between operating and net losses were principally due to $270.5 million and $68.2 million, respectively, of mark-to-market charges related to the value of our publicly traded warrants. We expect to continue to incur significant losses for the foreseeable future as we continue to invest in a number of research and development programs as well as a variety of go-to-market initiatives. As of December 31, 2025, we had an accumulated deficit of $982.0 million. 63 Macroeconomic Environment Unfavorable conditions in the economy in the United States, Canada and abroad, including conditions resulting from changes in inflationary pressure, gross domestic product growth, financial and credit market fluctuations, banking collapses and related Item 1. Business Unless the context requires otherwise, references in this section to \u201cD-Wave,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d refer to D-Wave Quantum Inc., a Delaware corporation, and its consolidated subsidiaries following the consummation of the Transaction, and prior to the consummation of the Transaction, to D-Wave Systems Inc., a British Columbia corporation (\"D-Wave Systems\"). Overview At D-Wave, our mission is to help customers realize the value of quantum computing to address complex computational problems that cannot be solved with classical computing alone. As a pioneer in the quantum industry for more than 25 years, D-Wave is the world\u2019s first company to deliver commercial-grade annealing quantum computing systems and solutions. We are also the only dual-platform quantum computing company, providing both annealing and gate-model systems, software, and services to address customers\u2019 full range of computational problems. We believe that we are leading the industry in ushering in the era of enterprise quantum computing. We are driving the transition from academic endeavors exploring quantum\u2019s potential to enterprise-scale adoption and deployment, solving some of the world\u2019s toughest problems. Based on our strategic decision to initially bring to market a type of quantum technology that is easier to scale\u2014annealing quantum computing, we hold a first-mover advantage that no other company in the world can claim. Our market leadership position is evident\u2014we were the first to launch commercial quantum systems, the first to achieve a demonstration of quantum supremacy on a useful, real-world problem, the first to have quantum applications running in production for commercial customers, and the first with commercial customer use of its quantum computing technology with AI model training. Built upon our decades of quantum innovation, we offer a full stack of quantum systems, software and services capable of solving highly complex problems today. Our relentless commitment Item 1A. Risk Factors In this section, unless otherwise specified, the terms the \"Company,\" \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cD-Wave,\u201d and \u201cD-Wave Quantum\u201d refer to D-Wave Quantum Inc. and its consolidated subsidiaries. You should carefully review and consider the following risk factors in addition to the ", "title": "QBTS - D-Wave Quantum Inc.", "url": "/company/QBTS/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001157601; latest 10-K filed 2026-02-19.", "text": "MDGL - MADRIGAL PHARMACEUTICALS, INC. SIC 2834 Pharmaceutical Preparations; CIK 0001157601; latest 10-K filed 2026-02-19. MDGL MADRIGAL PHARMACEUTICALS, INC. 0001157601 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with our audited consolidated financial statements and the notes thereto contained elsewhere in this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties. As a result of many factors, such as those set forth under the sections titled \u201cRisk Factors,\u201d \u201cCautionary Note Regarding Forward-Looking Statements\u201d and elsewhere herein, our actual results may differ materially from those anticipated in these forward-looking statements. Executive Overview We are a biopharmaceutical company focused on delivering novel therapeutics for MASH, a serious liver disease with high unmet medical need that can lead to cirrhosis, liver failure, liver cancer, need for liver transplantation and premature mortality. MASH is the leading cause of liver transplantation in women, the second leading cause of all liver transplantation in the United States and the fastest-growing indication for liver transplantation in Europe. Our medication, Rezdiffra (resmetirom), is a once-daily, oral, liver-directed THR-\u03b2 agonist designed to target key underlying causes of MASH. In March 2024, Rezdiffra became the first therapy approved by the FDA for patients with MASH and was commercially available in the United States beginning in April 2024. Following receipt of CMA from the EC, we launched Rezdiffra in Germany in September 2025. Rezdiffra was the first medication approved by both the FDA and EC for the treatment of adults with noncirrhotic MASH with moderate to advanced liver fibrosis (F2 to F3 fibrosis). We are also evaluating Rezdiffra in patients with compensated MASH cirrhosis (consistent with F4c fibrosis) in our MAESTRO-NASH OUTCOMES trial, that, if successful, could expand the eligible patient population for Rezdiffra. In addition, we are advancing a focused pipeline to lead the evolution of MASH treatment for patients for decades to come. Through our business development efforts, we have acquired rights to MGL-2086, an oral GLP-1 receptor agonist, ervogastat, an oral DGAT2 inhibitor, six siRNA programs and additional preclinical MASH candidates. We plan to evaluate these candidates with the goal of delivering best-in-disease therapies for the treatment of MASH. As we continue to build our pipeline, we will evaluate mechanisms that fit scientifically, strategically and commercially to enhance our leading position in MASH care. See \u201cPart I, Item 1. Business\u201d for a summary of our commercial and clinical activities. Financial Overview We have incurred losses since inception, resulting in an accumulated deficit of $2,090.5 million as of December 31, 2025. Prior to generating product revenue from sales of Rezdiffra beginning in April 2024, we financed our operations primarily through public and private offerings of our equity securities and through our credit facilities. We have generated losses principally from costs associated with research and development activities, acquiring, filing and expanding intellectual property rights, establishing a commercial infrastructure to support the launch of Rezdiffra and selling, general and administrative expenses. As a result of planned expenditures to commercialize Rezdiffra, expand our commercial operations in Europe, continue research and development activities, manage and grow our intellectual property portfolio and engage in potential business development transactions and costs associated with general corporate activities, we expect to incur additional operating losses. Our ability to reduce operating losses and begin to generate positive cash flow from operations depends on a number of factors, including our ability to continue to successfully commercialize Rezdiffra, achieve positive results from our post-approval trials in order to obtain full approval of Rezdiffra in the United States and the European Union, Item 1. Business Overview We are a biopharmaceutical company focused on delivering novel therapeutics for metabolic dysfunction-associated steatohepatitis (\u201cMASH\u201d), a serious liver disease with high unmet medical need that can lead to cirrhosis, liver failure, liver cancer, need for liver transplantation and premature mortality. MASH was previously known as nonalcoholic steatohepatitis (\u201cNASH\u201d). MASH is the leading cause of liver transplantation in women, the second leading cause of all liver transplantation in the United States and the fastest-growing indication for liver transplantation in Europe. Our medication, Rezdiffra (resmetirom), is a once-daily, oral, liver-directed thyroid hormone receptor beta (\u201cTHR-\u03b2\u201d) agonist designed to target key underlying causes of MASH. In March 2024, Rezdiffra became the first therapy approved by the FDA for patients with MASH and was commercially available in the United States beginning in April 2024. Following receipt of conditional marketing authorization (\u201cCMA\u201d) from the European Commission (\u201cEC\u201d), we launched Rezdiffra in Germany in September 2025. Rezdiffra was the first medication approved by both the FDA and EC for the treatment of adults with noncirrhotic MASH with moderate to advanced liver fibrosis (F2 to F3 fibrosis). We are also evaluating Rezdiffra in patients with compensated MASH cirrhosis (consistent with F4c fibrosis) in our MAESTRO-NASH OUTCOMES trial, that, if successful, could expand the eligible patient population for Rezdiffra. In addition, we are advancing a focused pipeline to lead the evolution of MASH treatment for patients for decades to come. Through our business development efforts, we have acquired rights to MGL-2086, an oral glucagon-like peptide-1 (\u201cGLP-1\u201d) receptor agonist, ervogastat, an oral diacylglycerol O-acyltransferase 2 (\u201cDGAT2\u201d) inhibitor, six small interfering RNA (\u201csiRNA\u201d) programs and additional preclinical MASH candidates. We plan to evaluate these candidates with the goal of d Item 1A. Risk Factors You should carefully consider the risks described below, together with all of the other information included in or incorporated by reference into this Annual Report and in other documents we file with the SEC, before making an investment decision. The risks and uncertainties described below ", "title": "MDGL - MADRIGAL PHARMACEUTICALS, INC.", "url": "/company/MDGL/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001839341; latest 10-K filed 2026-03-02.", "text": "CORZ - Core Scientific, Inc./tx SIC 6199 Finance Services; CIK 0001839341; latest 10-K filed 2026-03-02. CORZ Core Scientific, Inc./tx 0001839341 6199 Finance Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Unless the context otherwise requires, all references in this section to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany,\u201d \u201cCore Scientific,\u201d or \u201cCore\u201d refer to Core Scientific, Inc. and its subsidiaries. The following Management's Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to promote understanding of the results of operations and financial condition. This MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying Notes to Financial Statements (Part II, Item 8 of this Form 10-K). This section generally discusses the results of operations for 2025 compared to 2024. For discussion related to the results of operations and changes in consolidated financial condition for 2024 compared to 2023 refer to Part II, Item 7. \u2014 \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in our fiscal year 2024 Annual Report on Form 10-K, which was filed with the SEC on February 20, 2025. Unless otherwise indicated, references to \u201c2025\u201d and \u201c2024\u201d in this MD&A refer to the years ended December 31, 2025 and 2024, respectively. As described in Note 3 \u2014 Restatement of Previously Issued Financial Statements in Part II, Item 8 to the consolidated financial statements included in this Annual Report, during the preparation of the consolidated financial statements for the year ended December 31, 2025, the Company identified errors in its previously issued consolidated financial statements related to the accounting for property, plant and equipment demolished in connection with the conversion of certain facilities from digital asset mining operations to high-density colocation infrastructure. The Company is concurrently filing an amended Annual Report on Form 10-K/A for the year ended December 31, 2024 and amended Quarterly Reports on Forms 10-Q/A for the quarterly periods ended March 31, 2025, June 30, 2025, and September 30, 2025. The discussion that follows presents 2024 comparative data on an as-restated basis. As discussed in the section titled \u201cCautionary Note Regarding Forward-Looking Statements,\u201d the following discussion and analysis contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in the section titled \u201cRisk Factors\u201d under Part I, Item 1A in this Annual Report on Form 10-K. Overview Core Scientific, Inc. (\u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany,\u201d \u201cCore Scientific,\u201d or \u201cCore\u201d) designs, builds and operates large-scale purpose-built data centers that support high-density colocation services and digital asset mining for both our own account and to a lesser extent, third-party customers. Our data centers are optimized for power-intensive, mission-critical computing workloads, with a focus on artificial intelligence (\u201cAI\u201d) and other high-performance computing (\u201cHPC\u201d) applications. In 2024, the Company announced its first high-density colocation contract with CoreWeave, Inc. (\u201cCoreWeave), a provider of high-performance computing (\u201cHPC\u201d) services, which subsequently had been expanded to 590 megawatts (\u201cMW\u201d) of leased customer power capacity over the exercise of several contractual options. We believe leveraging our existing infrastructure for high-density colocation services will provide more stable and predictable revenue streams, and represents substantially less risk over time than our traditional hosted bitcoin mining or self-mining operations. We are constructing, refurbishing, reallocating or converting our ten facilities in Alabama (1), Georgi Item 1. Business Overview Core Scientific, Inc. (\u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany,\u201d \u201cCore Scientific,\u201d or \u201cCore\u201d) designs, builds and operates large-scale, purpose-built data centers that support high-density colocation services and digital asset mining for both our own account and to a lesser extent, third-party customers. Our data centers are optimized for power-intensive, mission-critical computing workloads, with a focus on artificial intelligence (\u201cAI\u201d) and other high-performance computing (\u201cHPC\u201d) applications. As of December 31, 2025, we owned or leased ten data centers across seven U.S. states, representing approximately 1.4 gigawatts (\u201cGW\u201d) of gross utility power capacity, or approximately 920 megawatts (\u201cMW\u201d) of total leasable customer power capacity. A portion of these facilities were in operation as of December 31, 2025, with the remainder under construction or in various stages of development. Since its inception in 2017, Core Scientific has been focused on building and operating high-power, purpose-built data centers, initially for digital asset mining and hosting third-party digital asset mining customers. The Company historically targeted sites with abundant, reliable and cost-effective power, strong network connectivity, available land or existing buildings suitable for redevelopment, attractive economic incentives, and access to utilities. In developing its facilities, the Company typically designed powered shells and sufficient fiber connectivity to high performance data center standards, enabling flexibility to support increasing power densities and evolving compute requirements over time. In 2024, the Company announced its strategy to focus its data center infrastructure and expertise to the high-density colocation compute business and in February 2024, entered into long-term contract with CoreWeave, Inc. (\u201cCoreWeave\u201d) to deliver 16 MW of infrastructure at our Austin, Texas facility. In June 2024, Core Scientific announced that i Item 1A. Risk Factors Investing in our securities involves a high degree of risk. You should carefully consider the risks and uncertainties described below together with all of the other information contained in this Annual Report on Form 10-K, including our financial statements and related notes elsewhere in this Annual Report on Form 10-K and in the section titled \u201cManagement\u2019s ", "title": "CORZ - Core Scientific, Inc./tx", "url": "/company/CORZ/" }, { "kind": "company", "summary": "SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0001836833; latest 10-K filed 2026-03-23.", "text": "PL - Planet Labs PBC SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0001836833; latest 10-K filed 2026-03-23. PL Planet Labs PBC 0001836833 3663 Radio & Tv Broadcasting & Communications Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF PLANET The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand the results of operations and financial condition of Planet Labs PBC. The MD&A is provided as a supplement to and should be read in conjunction with the consolidated financial statements and related notes included in Part II, Item 8, \u201cFinancial Statements\u201d of this Form 10-K. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in Part I, Item 1A, \u201cRisk Factors\u201d of this Form 10-K. Actual results may differ materially from those contained in any forward-looking statements. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. This MD&A generally discusses fiscal year ended January 31, 2026 and fiscal year ended January 31, 2025 items and year-to-year comparisons between fiscal year ended January 31, 2026 and fiscal year ended January 31, 2025. Discussions of fiscal year ended January 31, 2024 items and year-to-year comparisons between the fiscal year ended January 31, 2025 and the fiscal year ended January 31, 2024 that are not included in this Form 10-K can be found in \u201cPart II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations\u201d of the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2025, filed with the SEC on March 26, 2025. Business and Overview Our mission is to use space to help life on Earth, by imaging the world every day and making global change visible, accessible, and actionable. Our products include imagery, insights, and machine learning that empower companies, governments, and communities around the world to make timely decisions about our evolving world. In addition, our satellite services arrangements provide a broad spectrum of advanced offerings to large scale government and enterprise customers, including designing and manufacturing customer-owned satellites. We also provide critical related services in these satellite services arrangements such as reliable mission systems engineering, launch procurement, ground station infrastructure, satellite operations, and maintenance. Separately, we provide dedicated image tasking capacity on Company owned or customer owned satellites. As a public benefit corporation, our purpose is to accelerate humanity toward a more sustainable, secure, and prosperous world, by illuminating the most important forms of environmental and social change. We deliver a differentiated data set: a new image of the entire Earth\u2019s landmass, constantly refreshed. To collect this powerful data set, we design, build and operate over one hundred satellites. Our daily stream of proprietary data and machine learning analytics, delivered through our cloud-native platform, helps companies, governments and civil society use satellite imagery to discover insights as change happens. To help further our mission, we have developed advanced satellite technology that increases the cost performance of each satellite. This has enabled us to launch large fleets of satellites at lower cost and in turn record over 3,000 images on average for every point on Earth\u2019s landmass, a non-replicable historical archive that can power analytics, machine learning, and insights. We have advanced data processing capabilities that enable us to produce \u201cAI-ready\u201d data sets and have partnered with third-parties to offer AI-enabled data solutions. As these data sets continue to grow and we continue to develop these partnerships, we believe the value of our data and analytics solutions to our customers will further increase. Our innovation in agile aerospace has als Item 1. Business Overview Planet\u2019s mission is to use space to help life on Earth, by imaging the world every day and making global change visible, accessible, and actionable. We have designed, built, launched, and operated hundreds of satellites used to collect a powerful and growing data set of over 3,000 images on average for every point on Earth\u2019s landmass, creating a non-replicable historical archive for analytics, machine learning, and insights. Complementing our foundational data offerings, we have advanced data processing capabilities that enable us to produce \u201cAI-ready\u201d data sets and offer AI-enabled solutions, either directly or through partnership with third parties. In addition, our satellite services arrangements provide a broad spectrum of advanced offerings to large scale government and enterprise customers, including designing and manufacturing customer-owned satellites. We also provide critical related services in these satellite services arrangements such as reliable mission systems engineering, launch procurement, ground station infrastructure, satellite operations, and maintenance. Separately, we also provide dedicated image tasking capacity on Company owned or customer owned satellites. Our satellite imagery, data and analytics reveal actionable insights regarding a large array of important phenomena, such as deforestation, agriculture, global security, maritime domain awareness, climate change, biodiversity, and supply chains worldwide. Our daily stream of proprietary data and machine learning analytics, delivered over our platform, helps companies, governments and civil society use satellite imagery to discover insights as change happens. Our customers can embed our Earth data and change detection capabilities into their workflows to better inform their decision-making processes. Our historical archive of global, daily imagery data enables back-testing of predictive analytics, which is particularly relevant for time-series forecasting, an im Item 1A. Risk Factors Our business involves significant risks, some of which are described below. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Form 10-K, including \u201cManagement\u2019s Discussion and Analysis of", "title": "PL - Planet Labs PBC", "url": "/company/PL/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0001849056; latest 10-K filed 2026-03-17.", "text": "OKLO - Oklo Inc. SIC 4911 Electric Services; CIK 0001849056; latest 10-K filed 2026-03-17. OKLO Oklo Inc. 0001849056 4911 Electric Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations for the years ended December 31, 2025 and 2024, should be read together with our consolidated financial statements and related notes included elsewhere in this Annual Report. The following discussion contains \u201cforward-looking statements\u201d that reflect our future plans, estimates, beliefs, and expected performance. Our actual results may differ materially from those currently anticipated and expressed in such forward-looking statements as a result of a number of factors. We caution that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Please see \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview For an overview of the Company, see the information above presented under the section labeled \u201cItem 1. Business,\u201d which is in Part I of this Annual Report. Impact of Macroeconomic Conditions The macroeconomic environment both in the U.S. and globally has the potential to impact our business and financial performance. More specifically, factors such as trade agreements, tariffs, interest rates, tax law, labor trends, and fiscal policy could impact the cost to construct and operate our powerhouses, and even impact the future profitability of our operations. Supply chain vulnerabilities represent a critical area of macroeconomic risk for our business. Global disruptions\u2014whether from geopolitical tensions, natural disasters, or public health crises\u2014can severely impact the availability and cost of essential components for energy infrastructure. These disruptions can lead to extended lead times for specialized equipment, shortages of critical materials, and unexpected cost escalations that complicate project planning and execution. Our reliance on supply networks for turbine components, electrical systems, and construction materials creates exposure to these global supply chain risks. Inflation remains a significant concern, particularly as it affects construction materials, specialized equipment, and labor costs throughout our project development cycle. These inflationary pressures can erode project margins and complicate long-term capital planning efforts. Economic growth and recession cycles directly correlate with energy demand across industrial, commercial, and residential sectors. During economic downturns, we typically experience reduced consumption patterns, while periods of growth drive increased energy needs, affecting our revenue projections and expansion strategies. Demand for energy in the U.S. is currently being driven by the explosive growth in the data center industry, particularly as AI deployment, cloud computing adoption, and digital transformation initiatives accelerate across sectors. Should power demand growth in the AI data center market slow, customer demand for our baseload low-carbon power could be negatively impacted. Key Components of Results of Operations Operating Expenses Our operating expenses consist of research and development and general and administrative expenses. Research and Development Research and development (\u201cR&D\u201d) expenses represent costs incurred to develop our technologies. These costs consist of personnel costs, including salaries, employee benefit costs, bonuses, and stock-based compensation expenses, software costs, computing costs, hardware and experimental supplies, and expenses for outside engineering contractors for analytical work and consulting costs. We expense all R&D costs in the periods in which they are incurred; however, occasionally, reimbursements could be received in the following period. We have several recycling technology projects awarded as R&D cost-share projects (the \u201ccost-share projects\u201d) through the DOE\u2019s Advanced Research Projects Agency \u2013 Energy (\u201cARP Item 1. Business Overview We founded Oklo in 2013 with the goal of revolutionizing the energy landscape by developing clean, reliable, affordable energy solutions at scale. According to the International Energy Agency, global electricity production is expected to increase over 75% by 2050 driven by electrification of buildings, transportation, and industry; increased use of air conditioning in the developing world; and increased consumption from data centers and cloud services. Our business addresses this demand by producing electricity and heat from our Aurora powerhouses which can run on fresh, recycled, or down-blended nuclear fuel. We are also commercializing nuclear fuel recycling technology that can convert used nuclear fuel into usable fuel for our powerhouses and those of others. The fast fission reactor technology we are commercializing was demonstrated by the Experimental Breeder Reactor-II (\u201cEBR-II\u201d), a fast fission plant that was operated by the U.S. government for 30 years. Our powerhouse product line, called the \u201cAurora,\u201d builds on this legacy of proven and demonstrated technology. Our Aurora powerhouse product line is designed with embedded safety features, to be able to run on fresh, recycled, or down-blended fuel, and to produce 15-75 megawatts electric (\u201cMWe\u201d) and has the potential to expand powerhouse size to produce 100 MWe and higher. Because the Aurora powerhouses are designed to operate by harnessing the power of high-energy, or \u201cfast,\u201d neutrons, they are expected to be able to tap into the vast energy reserves remaining in existing used nuclear fuel from conventional nuclear power generation facilities, which only use approximately 5% of the energy content stored in nuclear fuel before needing to refuel. The U.S. nuclear power industry has produced approximately 20% of U.S. electricity over the last 30 years and generated over 90,000 metric tons of used nuclear fuel. We estimate that the existing energy reserves contained in the used nucle Item 1A. Risk Factors RISK FACTORS The below is a summary of principal risks to our business and risks associated with ownership of our common stock. The risks and uncertainties described below should be carefully considered, together with all other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financia", "title": "OKLO - Oklo Inc.", "url": "/company/OKLO/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001689548; latest 10-K filed 2026-02-19.", "text": "PRAX - Praxis Precision Medicines, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001689548; latest 10-K filed 2026-02-19. PRAX Praxis Precision Medicines, Inc. 0001689548 2834 Pharmaceutical Preparations Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business and financing needs, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview As noted in our Company Overview in Part I of this report, we are a fully integrated, leading central nervous system, or CNS, precision neuroscience biopharmaceutical company translating insights from genetic epilepsies into the development of therapies for CNS disorders characterized by neuronal excitation-inhibition imbalance. Normal brain function requires a delicate balance of excitation and inhibition in neuronal circuits, which, when dysregulated, can lead to abnormal function and both rare and more prevalent neurological disorders. We are applying genetic insights to the discovery and development of therapies for neurological disorders through two proprietary platforms, using our understanding of shared biological targets and circuits in the brain. Each platform currently has multiple programs, with significant potential for additional program and indication expansion: \u2022Cerebrum\u2122, our small molecule platform, utilizes deep understanding of neuronal excitability and neuronal networks and applies a series of computational and experimental tools to develop orally available precision therapies \u2022Solidus\u2122, our antisense oligonucleotide, or ASO, platform, is an efficient, targeted precision medicine discovery and development engine anchored on a proprietary, computational methodology Our platforms utilize a deliberate, pragmatic and patient-guided approach, leveraging a suite of translational tools, including novel transgenic and predictive translational animal models and electrophysiology markers, to enable an efficient path to proof-of-concept in patients. Through this approach, we have established a diversified, multimodal CNS portfolio with four clinical-stage product candidates across movement disorders and epilepsy. For our ulixacaltamide program within the Cerebrum\u2122 platform, we announced positive topline results for the two studies in the Phase 3 Essential3 program in essential tremor, or ET, in October 2025. We submitted a New Drug Application, or NDA, for ulixacaltamide for the treatment of ET to the FDA, and have commenced commercial preparations and pre-launch activities. For our relutrigine program within the Cerebrum\u2122 platform, in December 2025, we announced positive results from the registrational cohort of the EMBOLD study in SCN2A and SCN8A developmental and epileptic encephalopathies, or DEEs, after receiving a recommendation from the Data Monitoring Committee to stop the study early for efficacy. We submitted an NDA for relutrigine for the treatment of SCN2A-DEE and SCN8A-DEE to the FDA, and commercial preparations and pre-launch activities are underway. The EMERALD study, which is evaluating relutrigine in patients with broad DEEs, is ongoing and we expect to be fully enrolled in the second half of 2026. Assuming approval of the NDA for relutrigine, we believe the EMERALD study, if positive, could serve as the basis for a supplemental NDA, or sNDA, submission in 2027. For our vormatrigine program within the Cerebrum\u2122 platform, our ENERGY program is ongoing, which consists of five stu Item 1. Business BUSINESS COMPANY OVERVIEW We are a fully integrated, leading central nervous system, or CNS, precision neuroscience biopharmaceutical company translating insights from genetic epilepsies into the development of therapies for CNS disorders characterized by neuronal excitation-inhibition imbalance. Normal brain function requires a delicate balance of excitation and inhibition in neuronal circuits, which, when dysregulated, can lead to abnormal function and both rare and more prevalent neurological disorders. We are applying genetic insights to the discovery and development of therapies for neurological disorders through two proprietary platforms, using our understanding of shared biological targets and circuits in the brain. Each platform currently has multiple programs, with significant potential for additional program and indication expansion: \u2022Cerebrum\u2122, our small molecule platform, utilizes deep understanding of neuronal excitability and neuronal networks and applies a series of computational and experimental tools to develop orally available precision therapies \u2022Solidus\u2122, our antisense oligonucleotide, or ASO, platform, is an efficient, targeted precision medicine discovery and development engine anchored on a proprietary, computational methodology Our platforms utilize a deliberate, pragmatic and patient-guided approach, leveraging a suite of translational tools, including novel transgenic and predictive translational animal models and electrophysiology markers, to enable an efficient path to proof-of-concept in patients. Through this approach, we have established a diversified, multimodal CNS portfolio with four clinical-stage product candidates across movement disorders and epilepsy. Cerebrum\u2122 (small molecule platform) We have built Cerebrum\u2122, enabled by innovative computational and experimental tools, to discover and develop first- and best-in-class CNS small molecule therapies. Our world-class ion channel discovery science team, alon Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below together with all of the other information contained in this Annual Report on Form 10-K, including our consolidated financial statements and the relate", "title": "PRAX - Praxis Precision Medicines, Inc.", "url": "/company/PRAX/" }, { "kind": "company", "summary": "SIC 7371 Services-Computer Programming Services; CIK 0001838359; latest 10-K filed 2026-03-04.", "text": "RGTI - Rigetti Computing, Inc. SIC 7371 Services-Computer Programming Services; CIK 0001838359; latest 10-K filed 2026-03-04. RGTI Rigetti Computing, Inc. 0001838359 7371 Services-Computer Programming Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations section should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements, such as statements of our plans, objectives, expectations and intentions. Any statements that are not statements of historical fact are forward-looking statements. When used, the words \u201cbelieve,\u201d \u201cplan,\u201d \u201cintend,\u201d \u201canticipate,\u201d \u201ctarget,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cwill,\u201d \u201ccontinue,\u201d \u201cproject,\u201d \u201cforecast,\u201d \u201cgoal,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cpotential,\u201d and the like, and/or future tense or conditional constructions (\u201cwill,\u201d \u201cmay,\u201d \u201ccould,\u201d \u201cshould,\u201d etc.), or similar expressions, identify certain of these forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including those described under \u201cCautionary Note Regarding Forward-Looking Statements\u201d, \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors. For purposes of this discussion, \u201cRigetti,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d refer to Rigetti Computing, Inc. and its subsidiaries unless the context otherwise requires. Overview We build quantum computers and the superconducting quantum processors that power them. We believe quantum computing represents one of the most transformative emerging capabilities in the world today. By leveraging quantum mechanics, we believe our quantum computers process information in fundamentally new, more powerful ways than classical computers. When scaled, it is anticipated that these systems will be poised to solve problems of staggering computational complexity at unprecedented speed. With the goal of unlocking this opportunity, we have developed the world\u2019s first multi-chip quantum processor for scalable quantum computing systems. We believe that this patented and patent pending, modular chip architecture is the building block for new generations of quantum processors that we expect to achieve a clear advantage over classical computers. Our long-term business model centers on revenue generated from sales of quantum processing units (\u201cQPUs\u201d) and quantum computing systems and providing access to quantum computing systems via the cloud in the form of Quantum Computing as a Service (\u201cQCaaS\u2019). However, the substantial majority of our current revenues are derived from development contracts, and we anticipate this market opportunity will continue to represent an important source of revenue for at least the next several years as we work to ramp up sales of QPUs, quantum computing systems and QCaaS. Additionally, we are working to further develop a revenue stream and forging important customer relationships by entering into technology development contracts with various partners. We are a vertically integrated company. We operate Fab-1, a wafer fabrication facility dedicated to prototyping and producing our quantum processors. Through Fab-1, we own the means of production of our breakthrough multi-chip quantum processor technology. We leverage our chips through a full-stack product development approach, from quantum chip design and manufacturing through cloud delivery. We believe this full-stack development approach offers both the fastest and lowest risk path to building commercially valuable quantum computers. We have been generating revenue since 2018 through partnerships with government agencies and commercial organizations; however, we have not yet generated profits. We have incurred significant ITEM 1.BUSINESS Overview Our mission is to build the world\u2019s most powerful computers to help solve humanity\u2019s most important and pressing problems. Our strategy is to be at the forefront of superconducting quantum computing. Classical computers are plateauing, Moore\u2019s law has slowed, returns for parallelization are diminishing and energy requirements can\u2019t keep up. Today, many of the world\u2019s most important computational challenges remain intractable, lying beyond the capabilities of traditional supercomputers and cloud infrastructure. We build and operate quantum computers. We believe quantum computing represents one of the most transformative emerging capabilities in the world today. By leveraging quantum mechanics, our quantum computers process information in fundamentally new, more powerful ways compared to classical computing with meaningful power efficiency. When scaled, we believe these systems are poised to solve problems of staggering computational complexity at unprecedented speed. The availability of scalable quantum computers is expected to enable scientists and engineers to address problems in areas like climate change, fusion energy, quantitative finance, drug development and discovery, materials science, and artificial intelligence (\u201cAI\u201d). Our quantum computers are based on superconducting qubits, which we believe is the leading quantum computing modality based on their fast gate speeds and defined pathway to scaling. Our quantum computers currently achieve gate speeds of 50-70 nanoseconds, which is about 1,000 times faster than other modalities such as trapped ions or pure atoms based on publicly available information. We have developed the world\u2019s first multi-chip quantum processor for scalable quantum computing systems. We expect this patented and patent pending modular chip architecture to be the building block for new generations of quantum processors that we expect to achieve an advantage over classical computers. We have already demonstrated ITEM 1A. Risk Factors RISK FACTORS Investing in our securities involves a high degree of risk. Before you make a decision to buy our securities, in addition to the risk and uncertainties described above under \u201cCautionary Note Regarding Forward-Looking Statements\u201d, you should carefully consider the risks and u", "title": "RGTI - Rigetti Computing, Inc.", "url": "/company/RGTI/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001866368; latest 10-K filed 2026-02-18.", "text": "CWAN - Clearwater Analytics Holdings, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001866368; latest 10-K filed 2026-02-18. CWAN Clearwater Analytics Holdings, Inc. 0001866368 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. As discussed in the section titled \u201cSpecial Note Regarding Forward-Looking Statements,\u201d the following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and in the section titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d included elsewhere in this Annual Report on Form 10-K. Overview CWAN brings transparency to the opaque world of investment management with what we believe is the industry\u2019s most comprehensive single instance, multi-tenant technology platform. Our cloud-native AI-powered software allows clients to radically simplify their investment management operations, enabling them to focus on higher-value business functions such as asset allocation strategy and investment selection. Our front-to-back platform provides a single source of truth for global investment assets, made available daily or on-demand, instead of weekly or monthly. We give our clients confidence that they are making the most informed decisions about investment performance, regulatory compliance and risk. Our offerings integrate portfolio management, OEMS, investment accounting, reconciliation, regulatory reporting, performance, compliance, and risk analytics. Serving leading insurers, asset managers, hedge funds, banks, corporations, and government entities, CWAN\u2019s powerful platform aggregates and normalizes data on over $10 trillion of global invested assets for over 2,500 clients as of December 31, 2025. We bring modern software to an industry that has long been dominated by difficult-to-use, high cost legacy technologies and processes, which often lack data integrity and traceability, and often require significant manual intervention. The strength of our platform is demonstrated by our industry leading NPS scores and gross revenue retention rate of at least 98% in 27 of the last 28 quarters. We provide our clients with modern cloud-native software to replace these legacy systems. Our platform helps clients reduce cost, time, errors and risk and allows them to reallocate resources to other value-creating activities. Our software aggregates, reconciles and validates data from more than 4,900 daily data feeds and more than four million securities that have been modeled across multiple currencies, asset classes and countries. This cleansed and validated data runs through our proprietary solutions to provide clients with powerful analytics and daily or on-demand configurable reporting. We offer multi-asset class, multi-basis, multi-currency accounting and analytics that provide clients with a comprehensive view of their holdings and related performance. This allows our clients to make better, more timely decisions about their investment portfolios. CWAN benefits from powerful network effects. With our single instance, multi-tenant architecture, every client, whether new or existing, enriches our global data set by making it more complete and accurate. Our software continually sources, ingests, models, reconciles and validates the terms, conditions and features of every investment security held by all of our clients. Through this continuous process, we are able to identify and adjudicate data discrepancies that otherwise could introduce error and risk into our clients\u2019 investment portfolios. We believe that a meaningful competitive advantage of this network effect is that we are increasingly seen as the best and most accurate source of investment management data and analytics in Item 1. Business. Recent Developments On December 20, 2025, we entered into the Merger Agreement to be acquired in a transaction valued at approximately $8.4 billion by an investor group led by Permira and Warburg Pincus, and also including Temasek Holdings (Private) Limited (\u201cTemasek\u201d) and Francisco Partners Management, L.P. (\u201cFrancisco Partners\u201d and, collectively with Permira, Warburg and Temasek, the \u201cInvestor Group\u201d). Under the terms of the Merger Agreement, each share of our Class A common stock issued and outstanding immediately prior to the effective time of the Merger (other than shares of our Class A common stock (i) owned by Parent or Merger Sub, (ii) owned by us as treasury shares or (iii) held by any person who properly exercises appraisal rights under the Delaware General Corporation Law (the \u201cDGCL\u201d)) will convert into the right to receive an amount in cash equal to $24.55 per share, without interest, upon completion of the proposed transaction (the \u201cMerger Consideration\u201d). In connection with the Merger, the Company will exercise its right to require each holder of LLC Interests in CWAN Holdings to exchange all of such holder\u2019s LLC Interests and our Class B common stock for shares of our Class A common stock immediately prior to, and conditioned on the occurrence of, the effective time of the Merger (the \u201cEffective Time\u201d) and in accordance with the LLC Agreement and our certificate of incorporation (the \u201cLLC Interests Exchange\u201d). Each share of our Class B common stock will automatically be canceled immediately upon the consummation of the LLC Interests Exchange, such that no shares of our Class B common stock will remain outstanding as of immediately prior to the Effective Time. Each share of our Class A common stock issued in the LLC Interests Exchange will be entitled to receive the Merger Consideration. The Merger is expected to close in the second quarter of 2026 and is subject to certain closing conditions, including the approval of the Company Item 1A. Risk Factors. The Company\u2019s business, reputation, results of operations and financial condition, as well as the price of the Company\u2019s stock, can be affected by a number of factors, whether currently known or unknown, including those described below. When any one or more of these ris", "title": "CWAN - Clearwater Analytics Holdings, Inc.", "url": "/company/CWAN/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001636282; latest 10-K filed 2026-02-19.", "text": "SYRE - Spyre Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001636282; latest 10-K filed 2026-02-19. SYRE Spyre Therapeutics, Inc. 0001636282 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. As used in this report, unless the context suggests otherwise, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, \u201cthe Company,\u201d \u201cAeglea BioTherapeutics, Inc.\u201d or \u201cSpyre\u201d refers to Spyre Therapeutics, Inc. and its consolidated subsidiaries taken as a whole. Acquisition of Pre-Merger Spyre On June 22, 2023, we acquired Pre-Merger Spyre pursuant to that certain Agreement and Plan of Merger (the \u201cAcquisition Agreement\u201d), dated June 22, 2023, by and among us, Aspen Merger Sub I, Inc., a Delaware corporation and a wholly owned subsidiary of the Company, Sequoia Merger Sub II, LLC, a Delaware limited liability company and one of our wholly owned subsidiaries, and Pre-Merger Spyre. Pre-Merger Spyre was a pre-clinical stage biotechnology company that was incorporated on April 28, 2023 under the direction of Peter Harwin, a Managing Member of Fairmount, for the purpose of holding rights to certain intellectual property being developed by Paragon. Fairmount is a founder of Paragon. Through the Asset Acquisition, we received the option to license certain intellectual property rights related to four research programs (collectively, the \"Option\"). On July 12, 2023, we exercised the Option with respect to one of these research programs to be granted an exclusive license to all of Paragon's rights, title and interest in and to intellectual property rights, including inventions, patents, sequence information and results, under SPY001, our \u03b14\u03b27 integrin program, to develop and commercialize antibodies and products worldwide in all therapeutics disorders. On December 14, 2023, we exercised the Option under the Paragon Agreement to be granted an exclusive license to all of Paragon\u2019s rights, title and interest in and to intellectual property rights, including inventions, patents, sequence information and results, under SPY002, our TL1A program, to develop and commercialize antibodies and products worldwide in all therapeutics disorders. On June 5, 2024, we exercised the Option under the Paragon Agreement to be granted an exclusive license to all of Paragon\u2019s rights, title and interest in and to intellectual property rights, including inventions, patents, sequence information and results, under SPY003, our IL-23 program, to develop and commercialize antibodies and products worldwide solely in inflammatory bowel disease (\"IBD\") indications. The License Agreements pertaining to SPY001 and SPY002 between the Company and Paragon were executed in the second quarter of 2024, and the License Agreement pertaining to SPY003 was executed in October 2024 and subsequently amended and restated on February 24, 2025. Furthermore, as of the date of this Annual Report, the Option remains unexercised with respect to the intellectual property rights related to the last remaining research program under the Paragon Agreement. See discussion in Part I, Item 1 \u201cBusiness - Intellectual Property\u201d for further discussion of our intellectual property. Overview Following the Asset Acquisition, we have significantly reshaped the business into a clinical stage biotechnology company focused on developing next generation therapeutics for patients living with IBD, including ulcer ITEM 1. BUSINESS Company Overview Spyre Therapeutics, Inc. (NASDAQ: SYRE) is a clinical-stage biotechnology company pioneering long-acting antibodies and antibody combinations to redefine the standard of care for inflammatory bowel disease (\u201cIBD\u201d) and rheumatic diseases. Spyre\u2019s pipeline includes extended half-life antibodies targeting \u03b14\u03b27, TL1A, and IL-23 in development as monotherapies and pair-wise combinations. Our Strategy Our goal is to develop next-generation therapeutics to redefine the standard of care for the treatment of IBD and other immune-mediated diseases, relying on three strategic pillars: \u2022Advancing a portfolio of next-generation monotherapies - novel antibody candidates engineered for optimized potency, selectivity, and pharmacokinetics (\"PK\") against validated IBD targets \u2022Evaluating paradigm-changing IBD combinations - fixed-dose-combinations of our engineered investigational antibodies designed to enable superior efficacy, safety, and convenience \u2022Expansion of our anti-TL1A program into additional indications - pipeline-in-a-product potential in diseases with first-in-class and best-in-class opportunity, starting with rheumatoid arthritis (\"RA\"), psoriatic arthritis (\"PsA\"), and axial spondyloarthritis (\"axSpA\") Next-generation monotherapies Our next-generation monotherapy antibody candidates targeting \u03b14\u03b27, TL1A, and IL-23 are engineered to match or exceed the potency of comparator first generation molecules (Figure 1), maintain selectivity, incorporate Fc domain modifications called YTE substitutions in order to increase pharmacokinetic half-life (Figure 2), and are formulated as high-concentration, citrate-free formulations. Combined, these attributes have the potential to enable quarterly or twice annual subcutaneous (\"SC\") maintenance dosing, and have upside potential to increase or accelerate efficacy via increasing PK exposures, based on published exposure-response or dose-response relationships for each mechanism in IBD. Figu Item 1A. Risk Factors The following summarizes the principal factors that make an investment in the Company speculative or risky, all of which are more fully described in the Risk Factors section below. This summary should be read in conjunction with the Risk Factors section and should not be relied upon as an exhaustive su", "title": "SYRE - Spyre Therapeutics, Inc.", "url": "/company/SYRE/" }, { "kind": "company", "summary": "SIC 6531 Real Estate Agents & Managers (For Others); CIK 0001563190; latest 10-K filed 2026-02-27.", "text": "COMP - Compass, Inc. SIC 6531 Real Estate Agents & Managers (For Others); CIK 0001563190; latest 10-K filed 2026-02-27. COMP Compass, Inc. 0001563190 6531 Real Estate Agents & Managers (For Others) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause or contribute to these differences include, but are not limited to, those discussed in the section entitled \u201cNote Regarding Forward\u2014Looking Statements\u201d. You should review the disclosure under the section entitled \u201cRisk Factors\u201d in this Annual Report for a discussion of important factors that could cause our actual results to differ materially from those anticipated in these forward-looking statements. OVERVIEW Management\u2019s discussion and analysis of financial condition and results of operations, or MD&A, is provided as a supplement to the consolidated financial statements and notes thereto included elsewhere in this Annual Report and is intended to provide an understanding of our results of operations, financial condition and changes in our results of operations and financial condition. Our MD&A is organized as follows: \u2022Introduction. This section provides a general description of our company and its business, recent developments affecting our company, operational highlights and discussions of how seasonal factors and macroeconomic conditions may impact our results. \u2022Results of Operations. This section provides our analysis and outlook for the significant line items on our statements of operations, as well as other information that we deem meaningful to understand our results of operations on a consolidated basis for the year ended December 31, 2025 compared to the year ended December 31, 2024. An analysis of the significant line items on our statements of operations, as well as other information that we deem meaningful to understand our results of operations on a consolidated basis for the year ended December 31, 2024 compared to the year ended December 31, 2023 is included in our Form 10-K for the year ended December 31, 2024. \u2022Key Business Metrics and Non-GAAP Financial Measures. This section provides a discussion of key business metrics and non-GAAP financial measures we use to evaluate our business and measure our performance. \u2022Liquidity and Capital Resources. This section provides an analysis of our liquidity and cash flows, as well as a discussion of our commitments that existed as of December 31, 2025. \u2022Critical Accounting Estimates and Policies. This section discusses those accounting policies that are considered important to the evaluation and reporting of our financial condition and results of operations, and whose application requires us to exercise subjective and often complex judgments in making estimates and assumptions. \u2022Recent Accounting Pronouncements. This section provides a summary of the most recent authoritative accounting standards and guidance that have either been recently adopted by our company or may be adopted in the future. INTRODUCTION Following the Anywhere Merger, we are a global real estate services company with a presence in every major U.S. city and approximately 120 countries and territories, and we operate a portfolio of some of the most recognized and iconic brands. In 2025, we were a leading tech-enabled real estate services company that included the largest residential real estate brokerage in the United States by sales volume, which primarily operates under the Compass brand operating in 39 states and Washington DC, with approximately 37,0002 agents at our owned-brokerages. We also provide integrated services to real Item 1. Business. Our Company Compass, Inc., d/b/a Compass International Holdings (the \u201cCompany\u201d), was incorporated in Delaware on October 4, 2012 under the name Urban Compass, Inc. The Company has been based in New York City since its incorporation. On January 9, 2026, the Company completed its previously announced acquisition of Anywhere Real Estate Inc. (\u201cAnywhere\u201d) pursuant to the Agreement and Plan of Merger, dated as of September 22, 2025 (the \u201cAnywhere Merger Agreement\u201d), with Anywhere surviving the merger as a wholly owned subsidiary of the Company (the \u201cAnywhere Merger\u201d). In January 2025, the Company acquired a company with the exclusive, worldwide right to operate, franchise and license the Christie\u2019s International Real Estate brand. Overview and Our Business Model Following the Anywhere Merger, we are a global real estate services company with a presence in every major U.S. city and approximately 120 countries and territories and we operate a portfolio of some of the most recognized and iconic brands. In 2025, we operated our owned-brokerage business primarily under the Compass brand and our franchise business under the Christie\u2019s International Real Estate brand. As of December 31, 2025, we served 39 states and Washington DC, with over 37,0001 real estate professionals at our owned-brokerage business. Additionally, we had over 100 franchises present in over 50 countries and territories as of December 31, 2025. We refer to agents at our owned-brokerage and at our franchises collectively as \u201creal estate professionals.\u201d References to real estate professionals affiliated with only our owned-brokerage or franchise business or a particular brand are identified as such. Following the Anywhere Merger, we operate our owned-brokerage business primarily under the Coldwell Banker, Compass, Corcoran, Sotheby\u2019s International Realty and @properties brands and our franchise business primarily under the Better Homes and Gardens Real Estate, Century 21, Christie\u2019s Item 1A. Risk Factors. A description of the material risks and uncertainties associated with our business is set forth below. You should carefully consider the risks and uncertainties described below, as well as the other information in this Annual Report, including our consolidated financial statements and the related ", "title": "COMP - Compass, Inc.", "url": "/company/COMP/" }, { "kind": "company", "summary": "SIC 1731 Electrical Work; CIK 0001048268; latest 10-K filed 2025-11-21.", "text": "IESC - IES Holdings, Inc. SIC 1731 Electrical Work; CIK 0001048268; latest 10-K filed 2025-11-21. IESC IES Holdings, Inc. 0001048268 1731 Electrical Work Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and the notes thereto, set forth in Item 8.\u201cFinancial Statements and Supplementary Data\u201d of this Annual Report on Form 10-K. For additional information, see \u201cDisclosure Regarding Forward Looking Statements\u201d in Part I of this Annual Report on Form 10-K. OVERVIEW Executive Overview Please refer to Item 1. \u201cBusiness\u201d of this Annual Report on Form 10-K for a discussion of the Company\u2019s services and corporate strategy. IES Holdings, Inc., a Delaware corporation, designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities. Our operations are organized into four business segments: Communications, Residential, Infrastructure Solutions and Commercial & Industrial. Industry Trends Our performance is affected by a number of trends that drive the demand for our services. In particular, the markets in which we operate are exposed to many regional and national trends such as the need for mission critical facilities as a result of technology-driven advancements, capital spending on data centers, distribution centers, and high-tech manufacturing facilities, the demand for single and multi-family housing, demand for back-up power, output levels and equipment utilization at heavy industrial facilities, demand for our rail and infrastructure services and custom engineered products, and changes in commercial, institutional, public infrastructure and electric utility spending. Over the long term, we believe that there are numerous factors that could positively drive demand and affect growth within the industries in which we operate, including (i) an increasing demand for data storage, (ii) population growth, which will increase the need for commercial and residential facilities, (iii) aging public infrastructure, which must be replaced or repaired, and (iv) increased emphasis on environmental and energy efficiency, which may lead to increased public and private spending. However, there can be no assurance that we will not experience a decrease in demand for our services due to economic, technological or other factors beyond our control, including interest rate increases, increases in the price of copper, aluminum, steel, fuel, electrical components, certain plastics, and other commodity prices and other economic factors, which may reduce the demand for housing in the regions where our Residential division operates, and may impact levels of construction. For further discussion of the industries in which we operate, please see Item 1. \u201cBusiness - Operating Segments\u201d of this Annual Report on Form 10-K. Business Outlook While there are differences among the Company\u2019s segments, on an overall basis, increased demand for the Company\u2019s services and the Company\u2019s previous investment in growth initiatives and other business-specific factors discussed below resulted in aggregate year-over-year revenue growth in fiscal 2025 as compared to fiscal 2024. Our business segments each have their own unique set of factors influencing demand for our services. Heading into fiscal 2026, backlog across our business segments as a whole remains at record levels, reflecting strong demand in key end markets. Demand with respect to data centers, a key end market served by our Communications, Infrastructure Solutions, and Commercial & Industrial segments, remains particularly strong. However, availability of labor and capacity could constrain the rate at which we are able to grow this business. In our Residential business, we expect the challenges that affected demand for our services in the single-family market throughout fiscal 2025 will continue to affect us going into fiscal 2026, as housing aff Item 1. Business OVERVIEW IES Holdings, Inc. designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, including data centers, residential housing and commercial and industrial facilities. Our operations are organized into four business segments, based upon the nature of our services: \u2022Communications \u2013 Nationwide provider of technology infrastructure services, including the design, build, and maintenance of the communications infrastructure within data centers for co-location and managed hosting customers, for both large corporations and independent businesses. \u2022Residential \u2013 Regional provider of electrical installation services for single-family housing and multi-family apartment complexes, as well as heating, ventilation and air conditioning (HVAC) and plumbing installation services in certain markets. \u2022Infrastructure Solutions \u2013 Provider of electro-mechanical solutions for industrial operations, including apparatus repair and custom-engineered products, such as generator enclosures used in data centers and other industrial applications. \u2022Commercial & Industrial \u2013 Provider of electrical and mechanical design, construction, and maintenance services to the commercial and industrial markets in various regional markets and nationwide in certain areas of expertise, such as the power infrastructure market and data centers. While sharing common goals and values, each of the Company\u2019s segments manages its own day-to-day operations. Our corporate office is focused on significant capital allocation decisions, investment activities and selection of segment leadership. The corporate office also assists with strategic and operational improvement initiatives, talent development, sharing of best practices across the organization and the establishment and monitoring of risk management practices within our segments. IES Holdings, Inc. is a Delaware corporation established in 1997 and hea Item 1A. Risk Factors You should consider carefully the risks described below, as well as the other information included in this document before making an investment decision. Our business, results of operations or financial condition could be materially and adversely affected by any of these risks, and the value of your investment may decrease due to any of ", "title": "IESC - IES Holdings, Inc.", "url": "/company/IESC/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001649094; latest 10-K filed 2026-02-24.", "text": "PCVX - Vaxcyte, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001649094; latest 10-K filed 2026-02-24. PCVX Vaxcyte, Inc. 0001649094 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes and other financial information included elsewhere in this Annual Report on Form 10-K. For discussion and analysis related to our financial condition and results of operations comparing the year ended December 31, 2023 (\"2023\") to the year ended December 31, 2022, refer to Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for 2023, which was filed with the Securities and Exchange Commission on February 27, 2024. This discussion and analysis contain forward-looking statements based upon our current beliefs, plans and expectations that involve risks, uncertainties and assumptions, such as statements regarding our plans, objectives, expectations, intentions and beliefs. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under the section titled \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. You should carefully read the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview We are a clinical-stage vaccine innovation company engineering high-fidelity vaccines to protect humankind from the consequences of bacterial diseases. We are re-engineering the way highly complex vaccines are made through the XpressCF\u2122 cell-free protein synthesis platform. Unlike conventional cell-based approaches, our system for producing difficult-to-make proteins and antigens is intended to develop and deliver high-fidelity vaccines with enhanced immunological benefits that are beyond the capabilities of conventional approaches. Our pipeline includes: \u2022PCV candidates that we believe are among the broadest-spectrum PCV candidates currently in development, targeting the approximately $8 billion global pneumococcal vaccine market. Pneumococcal disease (\"PD\") is an infection caused by Streptococcus pneumoniae bacteria. It can result in invasive pneumococcal disease (\u201cIPD\u201d), including meningitis and bacteremia, and non-invasive PD, including pneumonia, otitis media and sinusitis. Our broad-spectrum, carrier-sparing PCV candidates, VAX-31, VAX-24 and VAX-XL, are designed to improve upon standard-of-care PCVs for both adults and children by covering the serotypes that are responsible for increasing portions of IPD in circulation and are associated with high case-fatality rates, antibiotic resistance and meningitis, while maintaining coverage of previously circulating strains that are currently contained through continued vaccination. \u25e6PCV Franchise Adult Indication: \u25aaVAX-31 is a 31-valent, broad-spectrum, carrier-sparing investigational PCV being developed for the prevention of IPD and pneumonia. VAX-31 is the broadest-spectrum PCV in the clinic, and has the potential to provide protection against both currently circulating and historically prevalent serotypes. VAX-31 was designed to increase coverage, in a single vaccine, to approximately 95% of IPD and approximately 88% of pneumococcal pneumonia circulating in adults in the United States aged 50 and older, with the potential to provide an incremental 14-34% of coverage for IPD and an incremental 19-31% of coverage for pneumococcal pneumonia over current standard-of-care adult PCVs. \u2022In September 2024, we announced positive topline results from a Phase 1/2 study of VAX-31 in adults. The VAX-31 Phase 1/2 clinical study was a randomized, observer-blind, active-cont Item 1. Business. Overview We are a clinical-stage vaccine innovation company engineering high-fidelity vaccines to protect humankind from the consequences of bacterial diseases. We are re-engineering the way highly complex vaccines are made through the XpressCF\u2122 cell-free protein synthesis platform. Unlike conventional cell-based approaches, our system for producing difficult-to-make proteins and antigens is intended to develop and deliver high-fidelity vaccines with enhanced immunological benefits that are beyond the capabilities of conventional approaches. Vaccines are one of the most successful and cost-effective global health interventions and prevent millions of deaths worldwide each year. Routine pediatric vaccinations in the United States are estimated to prevent approximately 17 million cases of disease over the lifetimes of each annual birth cohort, and it is estimated that every $1 spent on childhood vaccination results in savings of approximately $11. Adult vaccination has increased with the introduction of new vaccines along with expanded age recommendations and growing international adoption, which is contributing to the growth of the overall vaccine market. Given the critical role vaccines play in preventing disease from childhood through adulthood, the global vaccine market is large, durable and growing. There are areas of significant unmet medical need, including vaccines that can provide broader protection, against both currently circulating and historically prevalent strains, than currently marketed vaccines and novel vaccines that target pathogens for which there are no currently approved vaccines. We are driven to eradicate or treat invasive bacterial infections, which have serious and costly health consequences when left unchecked. We carefully select our target disease areas and vaccine candidates based on the following criteria: areas of significant unmet medical need, clear commercial opportunity and efficient market adoption, acceptable Item 1A. Risk Factors. RISK FACTORS Our business involves significant risks, some of which are described below. You should carefully consider the risks described below, as well as the other information in this Annual Report on Form 10-K, including \u201cManagement\u2019s Discussion and Analysis of Financial Con", "title": "PCVX - Vaxcyte, Inc.", "url": "/company/PCVX/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001861560; latest 10-K filed 2026-02-26.", "text": "NUVL - Nuvalent, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001861560; latest 10-K filed 2026-02-26. NUVL Nuvalent, Inc. 0001861560 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. For a detailed discussion of our business environment, please read Item 1. Business, included in this Annual Report. As a result of many factors, including those factors set forth in Item 1A. Risk Factors of this Annual Report, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis. Overview We are a clinical-stage biopharmaceutical company focused on creating precisely targeted therapies for patients with cancer. We leverage our team\u2019s deep expertise in chemistry and structure-based drug design to develop innovative small molecules that are designed with the aim to overcome the limitations of existing therapies for clinically proven kinase targets. Limitations faced by currently available kinase inhibitors can include (i) kinase resistance, or the emergence of new mutations in the kinase target that can enable resistance to existing therapies, (ii) kinase selectivity, or the potential for existing therapies to inhibit other structurally similar kinase targets and lead to off-target adverse events, and (iii) limited brain penetrance, or the ability for the therapy to treat disease that has spread or metastasized to the brain. By prioritizing target selectivity, we believe our drug candidates have the potential to overcome resistance, avoid dose-limiting off-target adverse events, address brain metastases, and drive more durable responses. This may result in the potential to drive deeper, more durable responses with minimal adverse events, and we believe these potential benefits may support opportunities for clinical utility earlier in the treatment paradigm. Candidate Overview Zidesamtinib (NVL-520) Our first lead product candidate, zidesamtinib (NVL-520), is being developed for patients with ROS proto-oncogene 1 (ROS1)-positive non-small cell lung cancer (NSCLC). Zidesamtinib is a novel ROS1-selective inhibitor designed with the aim to address the clinical challenges of emergent treatment resistance, central nervous system (CNS)-related adverse events, and brain metastases that may limit the use of currently available ROS1 tyrosine kinase inhibitors (TKIs). Zidesamtinib has received U.S. Food and Drug Administration (FDA) Breakthrough Therapy designation for the treatment of patients with locally advanced or metastatic (advanced) ROS1-positive NSCLC who have previously been treated with two or more prior ROS1 TKIs, and orphan drug designation for ROS1-positive NSCLC. Our ARROS-1 clinical trial is a first-in-human global Phase 1/2, multicenter, open-label, dose-escalation and expansion study evaluating zidesamtinib as an oral monotherapy in patients with advanced ROS1-positive NSCLC and other solid tumors. Dosing was initiated in the Phase 1 portion of the ARROS-1 clinical trial in January 2022. From January 2022 to August 2023, the Phase 1 portion of the ARROS-1 trial enrolled 104 patients (99 NSCLC, 5 other solid tumors). In September 2023, we announced the initiation of the Phase 2 portion of the ARROS-1 clinical trial, following alignment with the FDA on a recommended Phase 2 dose (RP2D) of 100 mg once daily (QD). The Phase 2 portion of the ARROS-1 clinical trial is designed to evaluate the safety and activity of zidesamtinib in patients with advanced ROS1-positive NSCLC and other solid tumors, examining several specific cohor Item 1. Business Overview We are a clinical-stage biopharmaceutical company focused on creating precisely targeted therapies for patients with cancer. We leverage our team\u2019s deep expertise in chemistry and structure-based drug design to develop innovative small molecules that are designed with the aim to overcome the limitations of existing therapies for clinically proven kinase targets. Limitations faced by currently available kinase inhibitors can include (i) kinase resistance, or the emergence of new mutations in the kinase target that can enable resistance to existing therapies, (ii) kinase selectivity, or the potential for existing therapies to inhibit other structurally similar kinase targets and lead to off-target adverse events, and (iii) limited brain penetrance, or the ability for the therapy to treat disease that has spread or metastasized to the brain. By prioritizing target selectivity, we believe our drug candidates have the potential to overcome resistance, avoid dose-limiting off-target adverse events, address brain metastases, and drive more durable responses. This may result in the potential to drive deeper, more durable responses with minimal adverse events, and we believe these potential benefits may support opportunities for clinical utility earlier in the treatment paradigm. Zidesamtinib (NVL-520) Our first lead product candidate, zidesamtinib (NVL-520), is being developed for patients with ROS proto-oncogene 1 (ROS1)-positive non-small cell lung cancer (NSCLC). Zidesamtinib is a novel ROS1-selective inhibitor designed with the aim to address the clinical challenges of emergent treatment resistance, central nervous system (CNS)-related adverse events, and brain metastases that may limit the use of currently available ROS1 tyrosine kinase inhibitors (TKIs). Zidesamtinib has received FDA Breakthrough Therapy designation for the treatment of patients with locally advanced or metastatic (advanced) ROS1-positive NSCLC who have previously been t Item 1A. Risk Factors. In evaluating the Company and our business, careful consideration should be given to the following risk factors, in addition to the other information set forth in this Annual Report and in other documents that we file with the SEC. Our business faces significant risks and uncertainties. Investing in our common stock i", "title": "NUVL - Nuvalent, Inc.", "url": "/company/NUVL/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001735707; latest 10-K filed 2026-02-19.", "text": "GTX - Garrett Motion Inc. SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001735707; latest 10-K filed 2026-02-19. GTX Garrett Motion Inc. 0001735707 3714 Motor Vehicle Parts & Accessories Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations, which we refer to as our \u201cMD&A,\u201d should be read in conjunction with our Consolidated Financial Statements and related notes thereto and other financial information appearing elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many important factors, including those set forth in the \"Risk Factors\" section of this Annual Report, our actual results could differ materially from the results described in, or implied, by these forward-looking statements. Executive Summary Garrett is a cutting-edge technology leader delivering differentiated solutions for emission reduction and energy efficiency. We design, manufacture, and sell highly engineered turbocharging, air and fluid compression, and high-speed electric motor technologies for OEMs and independent aftermarket distributors in the mobility and industrial fields. We have significant expertise in delivering highly engineered products at scale for internal combustion engines using gasoline, diesel, natural gas and hydrogen, as well as for zero-emission vehicles. Our products are key enablers for fuel economy, energy efficiency, thermal management, and compliance with greenhouse gas and other emission reduction targets. In 2025, turbocharger production increased globally from approximately 49 million units in 2024 to nearly 50 million units in 2025, and is expected to decrease from 2026 onward based on current expectations of electric vehicle penetration. We effectively navigated through macroeconomic and geopolitical challenges, including a very dynamic trade environment as a result of tariff actions, by implementing strategic permanent and variable cost measures, as well as leveraging commodity deflation pass-through. Our effective management allowed us to achieve Net income of $310 million and Adjusted EBIT of $510 million for the year. We continue to achieve success in our turbocharging, hybrid, and zero-emission technology applications. This year, we secured additional pre-production contracts for both light vehicle (including hybrid and range extended electric vehicle technologies), and commercial vehicle applications. Additionally, we were awarded our first E-Powertrain application in early 2025 and have made significant progress in our air and cooling compression technologies, as evidenced with various partnerships and pre-development contracts throughout 2025 and into early 2026. 33 During 2025, we repaid $50 million on our 2025 Dollar Term Facility and paid cash dividends of $52 million. We also repurchased $208 million of Common Stock under our share repurchase program. These repurchases include a total of 7.5 million shares of Common Stock for $103 million from funds affiliated with Oaktree Capital Management, L.P., a related party. The repurchased shares are held as treasury stock. Trends, Uncertainties and Opportunities Current global economic conditions due to geopolitical conflicts, high inflation in Europe, and China's slow pace of recovery, all have adversely affected and may continue to adversely affect many industries, including the automotive industry. We believe a global increase in BEV production will persist into 2026. We anticipate that demand for turbochargers will remain steady in the short to medium term, driven by the growing penetration of hybridized powertrains in response to strict fuel efficiency and emissions standards. While we foresee continued growth in BEV adoption, we believe it will be somewhat constrained in the short term due to the price disparity compared to ICE vehicles, geopolitical risks, Item 1. Business Our Company Garrett is a cutting-edge technology leader delivering differentiated solutions for emission reduction and energy efficiency. We design, manufacture and sell highly engineered turbocharging, air and fluid compression, and high-speed electric motor technologies for original equipment manufacturers (\"OEMs\") and independent aftermarket distributors in the mobility and industrial fields. We have significant expertise in delivering highly engineered products at scale for internal combustion engines (\"ICE\") using gasoline, diesel, natural gas and hydrogen, as well as zero-emission vehicles (\"ZEV\"). Our products are key enablers for fuel economy, energy efficiency, thermal management, and compliance with greenhouse gas and other emission-reduction targets. Our growth strategy is two-fold: (i) expand our turbocharger leadership across passenger and commercial vehicles, maritime and industrial applications, as well as the aftermarket, and (ii) apply our differentiated technologies to develop new solutions for traction (E-Powertrain) and thermal management (E-Cooling compressor). The underlying technology pillars, such as high-speed motors, controls software, oil-free foil bearings, power electronics and system integration expertise, are hard to replicate by competitors. These technologies have been developed by Garrett over time and require significant and sustained research, development and engineering (\"RD&E\") investments. They bring significant benefits in terms of energy efficiency (thereby reducing total cost of ownership), lower weight and compact packaging that are highly valued by our customers. Our Industry Overview We provide cutting-edge technology for the mobility and industrial fields, including light vehicles, commercial vehicles (which includes both on-highway and off-highway applications) and industrial applications. Our solutions include mechanical and electrical products for turbocharging and boosting internal combustion Item 1A. Risk Factors You should carefully consider the risks described below, which could materially adversely affect our business, financial condition and results of operations. These risks are not the only risks facing our Company. Risks and uncertainties not currently known to or anticipated by us or that we currently dee", "title": "GTX - Garrett Motion Inc.", "url": "/company/GTX/" }, { "kind": "company", "summary": "SIC 3721 Aircraft; CIK 0001819848; latest 10-K filed 2026-02-27.", "text": "JOBY - Joby Aviation, Inc. SIC 3721 Aircraft; CIK 0001819848; latest 10-K filed 2026-02-27. JOBY Joby Aviation, Inc. 0001819848 3721 Aircraft Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides information that our management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. The discussion should be read together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report. We have elected to omit discussion on the earliest of the three years covered by the consolidated financial statements presented. Refer to Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations located in our annual report on Form 10-K for the year ended December 31, 2024, filed on February 27, 2025, for reference to discussion of the fiscal year ended December 31, 2023, the earliest of the three fiscal years presented. This discussion and analysis includes forward looking statements that involve risks and uncertainties. Please see the section of this Annual Report titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview We have spent more than a decade designing and testing a piloted all-electric, vertical take-off and landing (\u201ceVTOL\u201d) air taxi that we intend to operate as part of a fast, quiet and convenient service in cities around the world. The aircraft is quiet when taking off, near silent when flying overhead and is being designed to transport a pilot and up to four passengers - or a targeted payload of up to 1,000 pounds - at speeds of up to 200 mph. The aircraft is optimized for urban routes, with a target range of up to 100 miles on a single charge. According to our modeling, more than 99% of urban routes in cities such as New York City and Los Angeles are significantly shorter than this, enabling higher utilization through faster turnaround times of our aircraft. By combining the freedom of air travel with the efficiency of our aircraft, we expect to deliver journeys that are up to 10 times faster than driving, and it is our goal to steadily drive down end-user pricing in the years following commercial launch to make the service widely accessible. The low noise enabled by the all-electric powertrain will allow the aircraft to operate around dense, urban areas while blending into the background noise of cities. In August 2025, we added another milestone flight to thousands of successful test flights, with our piloted eVTOL flight between two public airports in FAA-controlled airspace, demonstrating operational maturity and integration with existing air traffic. As the first eVTOL aircraft developer to receive a signed, stage 4 G-1 certification basis which was subsequently published in final form in the Federal Register, we believe we are well positioned to be the first eVTOL manufacturer to earn standard airworthiness certification from the Federal Aviation Administration (\u201cFAA\u201d). We have multiple special airworthiness certificates already issued by the FAA for our fleet of pre-type certification aircraft. We have identified three potential routes to market: (1) Joby owned and operated air taxi service (2) affiliate owned and operated service and (3) direct sales and defense. We plan to manufacture, operate and sell our aircraft, and are building a vertically integrated transportation company to maximize the value of our investments. In addition to building a novel aircraft, we are also building a proprietary operating system that integrates data across aircraft build, operations and maintenance. At the front end, we are developing a convenient app to deliver the first on-demand, aerial ridesharing service. We are targeting carrying our first passengers in 2026. We believe this vertically-integrated business model will generate the greatest economic returns over time, while providing us with end-to-end control and information regarding customer experience to optimize for customer safety, comfort and value. In August 2025, we acqu Item 1. Business Overview We have spent more than a decade designing and testing a piloted, all-electric, vertical take-off and landing (\u201ceVTOL\u201d) air taxi which we intend to operate in cities around the world. We intend to operate air taxi services both directly and through strategic partnerships, while also pursuing aircraft sales to distributors and expanding into defense and other specialized markets. Our mission is to help the world connect faster and more easily with the people and places that matter most by delivering a new form of clean, fast, quiet and convenient aerial transportation service. The Joby eVTOL is being designed to transport a pilot and up to four passengers - or a targeted payload of up to 1,000 pounds - at speeds of up to 200 mph. The aircraft is optimized for urban routes, with a target range of up to 100 miles on a single charge. According to our modeling, more than 99% of urban routes in cities such as New York City and Los Angeles are significantly shorter than this, enabling higher utilization through faster turnaround times of our aircraft. By combining the freedom of air travel with the efficiency of our aircraft, we expect to deliver journeys that are up to 10 times faster than driving, and it is our goal to steadily drive down end-user pricing in the years following commercial launch to make the service widely accessible. Our aircraft has been specifically designed with multiple redundancies across systems and components for enhanced safety and to achieve a considerably lower noise footprint than that of similarly sized conventional aircraft or helicopters. It is quiet at takeoff and near silent when flying overhead, which we anticipate will allow us to operate from new vertiport locations nearer to where people live and work, in addition to utilizing the more than 5,000 heliport and airport infrastructure facilities already in existence in the U.S. We are in the process of certifying our aircraft with the U.S. Federal Aviation A Item 1A. Risk Factors In the course of conducting our business operations, we are exposed to a variety of risks. Any of the risk factors we describe below have affected or could materially adversely affect our business, financial condition, results of operations, and brand. The market price of shares of our common stock could decline, possibly significantly or pe", "title": "JOBY - Joby Aviation, Inc.", "url": "/company/JOBY/" }, { "kind": "company", "summary": "SIC 1600 Heavy Construction Other Than Bldg Const - Contractors; CIK 0001718227; latest 10-K filed 2025-11-25.", "text": "ROAD - Construction Partners, Inc. SIC 1600 Heavy Construction Other Than Bldg Const - Contractors; CIK 0001718227; latest 10-K filed 2025-11-25. ROAD Construction Partners, Inc. 0001718227 1600 Heavy Construction Other Than Bldg Const - Contractors Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. This discussion and analysis of our financial condition and results of operations is intended to assist in understanding and assessing the trends and significant changes in our results of operations and financial condition. Historical results may not be indicative of future performance. This discussion includes forward-looking statements that reflect our plans, estimates and beliefs. Such statements involve risks and uncertainties. Our actual results may differ materially from those contemplated by these forward-looking statements as a result of various factors, including those set forth under the headings \u201cRisk Factors\u201d and \u201cCautionary Statement Regarding Forward-Looking Statements.\u201d This discussion should be read in conjunction with our audited consolidated financial statements and the notes thereto included elsewhere in this report. In this discussion, we use certain non-GAAP financial measures. An explanation of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measures are included in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d Investors should not consider non-GAAP financial measures in isolation or as substitutes for financial information presented in compliance with GAAP. Overview We are a civil infrastructure company that specializes in the building and maintenance of transportation networks. Our operations leverage a highly-skilled workforce, strategically located HMA plants, substantial construction assets and select material deposits. We provide construction products and services to both public and private infrastructure projects, with an emphasis on highways, roads, bridges, airports and commercial and residential sites throughout the Sunbelt in Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee and Texas. Our public projects are funded by federal, state and local governments and include roads, highways, bridges, airports and other forms of infrastructure. Public transportation infrastructure projects historically have been a relatively stable portion of state and federal budgets and represent a significant share of the United States construction market. Federal funds are allocated on a state-by-state basis, and each state is required to match a portion of the federal funds that it receives. Federal highway spending uses funds predominantly from the Highway Trust Fund, which derives its revenues from fuel taxes and other user fees. In addition to public infrastructure projects, we provide a wide range of large site work construction and HMA paving services to private construction customers, including commercial and residential developers and local businesses. Recent Developments Contract Backlog At September 30, 2025, our contract backlog was $3.0 billion. Contract backlog is a financial measure that reflects the dollar value of work that the Company expects to perform in the future. We include a construction project in our contract backlog at the time it is awarded and to the extent we believe funding is probable. Our backlog consists of uncompleted work on contracts in progress and projects for which we have executed a contract but have not commenced the work. For uncompleted work on contracts in progress, we include (i) executed change orders, (ii) pending change orders for which we expect to receive confirmation in the ordinary course of business and (iii) claims that we have made against our customers for which we have determined we have a legal basis under existing contractual arrangements and as to which we consider collection to be probable. Backlog of uncompleted work on contracts under which work was either in progress or had not yet begun was $2.2 billion at September 30, 2025. Our contract backlog also includes low bid/no contract projects, which consist of (i) public bid p Item 1. Business Overview We are a civil infrastructure company that specializes in the construction and maintenance of roadways across Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee and Texas. Through our wholly owned subsidiaries, we provide a variety of products and services to both public and private infrastructure projects, with an emphasis on highways, roads, bridges, airports, and commercial and residential developments. Consistent with our vertical integration strategy, our primary operations consist of (i) manufacturing and distributing hot mix asphalt (\u201cHMA\u201d) for both internal use and sales to third parties in connection with construction projects, (ii) paving activities, including the construction of roadway base layers and application of asphalt pavement, (iii) site development, including the installation of utility and drainage systems, (iv) mining aggregates, such as sand, gravel and construction stone, that are used as raw materials in the production of HMA and for sales to third parties, and (v) distributing liquid asphalt cement for both internal use and sales to third parties in connection with HMA production. Construction Partners, Inc. was formed as a Delaware corporation in 2007 as a holding company to facilitate an acquisition growth strategy in the HMA paving and construction industry. As used in this report, the terms \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d refer to Construction Partners, Inc. and its subsidiaries, except when the context requires that those terms mean only the parent company or a particular subsidiary. Recent Developments \u2022ROAD 2030. In October 2025, we publicly announced \u201cROAD 2030,\u201d a comprehensive business plan setting forth our strategic initiatives, growth priorities, and business outlook through fiscal year 2030. ROAD 2030 contemplates several revenue and growth goals, including, among others, revenues exceeding $6 billion by the end of fiscal year 2030. \u20222025 Fiscal Year Acquisitions. D Item 1A. Risk Factors. An investment in our Class A common stock involves risks. You should carefully read and consider the following risks, as well as all of the other information contained in this report, before making an investment decision. Our business, finan", "title": "ROAD - Construction Partners, Inc.", "url": "/company/ROAD/" }, { "kind": "company", "summary": "SIC 6324 Hospital & Medical Service Plans; CIK 0001568651; latest 10-K filed 2026-02-13.", "text": "OSCR - Oscar Health, Inc. SIC 6324 Hospital & Medical Service Plans; CIK 0001568651; latest 10-K filed 2026-02-13. OSCR Oscar Health, Inc. 0001568651 6324 Hospital & Medical Service Plans Item 7. Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations as of December 31, 2025 and 2024 should be read in conjunction with our audited Consolidated Financial Statements and the related notes included elsewhere in this filing. The discussion contains forward-looking statements that involve known and unknown risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under Part I, Item 1A.\u201cRisk Factors\u201d of this Annual Report on Form 10-K. The following discussion and analysis does not include certain items related to the year ended December 31, 2024, including year-to-year comparisons between the year ended December 31, 2024 and the year ended December 31, 2023. For a comparison of our results of operations for the fiscal years ended December 31, 2024 and December 31, 2023, see Part II, Item 7. \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 20, 2025. INDEX TO MD&A Management's discussion and analysis of financial condition and results of operations is comprised of the following sections: [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Overview\",\"64\"],[\"Recent Developments, Trends and Other Key Factors Impacting Performance\",\"65\"],[\"Critical Accounting Policies and Estimates\",\"68\"],[\"Components of our Results of Operations\",\"71\"],[\"Results of Operations\",\"73\"],[\"Liquidity and Capital Resources\",\"75\"]] [[/GREPCENT_TABLE]] Overview Oscar is a leading healthcare technology company built around a full stack technology platform and a relentless focus on member experience. We have been challenging the status quo in the healthcare system since our founding in 2012, and are dedicated to making a healthier life accessible and affordable for all. Oscar serves individuals, families, and employees through the Patient Protection and Affordable Care Act (\u201cACA\u201d). We also offer health technology solutions that power the healthcare industry through +Oscar. Our technology drives superior experiences, deep engagement, and high-value clinical care, earning us the trust of approximately 2.0 million effectuated members (\u201cmembers\u201d) as of December 31, 2025. Effectuated members are those who are actively enrolled in one of the Company\u2019s plans and whose required premium payments have either been made or are within the payment grace period. In 2025, we also acquired early-stage businesses with capabilities to help us power Individual Coverage Health Reimbursement Arrangements (\u201cICHRA\u201d) and further diversify the Company. These assets include Lucie, Inc., a direct enrollment technology platform; IHC Specialty Benefits, Inc., an individual market brokerage; and Healthinsurance.org, LLC, a consumer education website. 64 Table of Contents We regularly review our Total revenue, Medical Loss Ratio (\u201cMLR\u201d), Selling, general, and administrative expense ratio (\u201cSG&A expense ratio\u201d), Earnings (loss) from operations, and Net income (loss) attributable to Oscar Health, Inc. to evaluate our business, measure our performance, identify trends in our business, prepare financial projections, and make strategic decisions. Total Revenue Total revenue includes Premium revenue (net of risk adjustment transfers), Investment income, and Other revenues. We believe Total revenue is an important metric to assess the growth of our business, as well as the earnings potential of our investment portfolio. MLR MLR is a metric used to calculate medical expenses as a percentage of net premiums before ceded quota share reinsurance. The impact of the federal risk adjustment program is included in the denominator of our MLR. We believe MLR is an important metric to demonstrate the ratio of ou Item 1. Business OUR BUSINESS Oscar is a leading healthcare technology company built around a full stack technology platform and a relentless focus on member experience. We offer health plans through the ACA serving individuals, families, and employees. We have been challenging the status quo in the healthcare system since our founding in 2012 and are dedicated to making a healthier life accessible and affordable for all. Our technology drives superior experiences, deep engagement, and high-value clinical care, earning us the trust of approximately 2.0 million effectuated members, as of December 31, 2025. Effectuated members are those who are actively enrolled in our plan and have either paid their premium or are within the grace period. In addition to supporting our insurance business, our differentiated technology platform also powers both providers and payors through +Oscar. We offer Campaign Builder, an engagement and recommendation platform that leverages the wisdom from 13+ years of building the Oscar member experience. The platform leverages data and AI to identify high value opportunities for engagement and to deliver personalized interactions to improve care with real time reporting and analytics to measure key outcomes and insights. In 2025, we also acquired early-stage businesses with capabilities to help us power Individual Coverage Health Reimbursement Arrangements (\u201cICHRA\u201d) and further diversify the Company. These assets include Lucie, Inc. (f/k/a INSXCloud, Inc.), a direct enrollment technology platform; IHC Specialty Benefits, Inc., an individual market brokerage; and Healthinsurance.org, LLC, a consumer education website. Our Offerings Oscar\u2019s innovative technology-enabled model - made up of Oscar\u2019s insurance business, +Oscar platform, and brokerage services, and enrollment platform - is uniquely positioned to meet the rising expectations of individuals, families, brokers, employers and employees, as well as +Oscar clients. Oscar's insurance b Item 1A. Risk Factors Our business involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in or incorporated by reference in this Annual Report on Form 10-K, including our audited Consolidated Financial Statements and related ", "title": "OSCR - Oscar Health, Inc.", "url": "/company/OSCR/" }, { "kind": "company", "summary": "SIC 1090 Miscellaneous Metal Ores; CIK 0001334933; latest 10-K filed 2025-09-24.", "text": "UEC - URANIUM ENERGY CORP SIC 1090 Miscellaneous Metal Ores; CIK 0001334933; latest 10-K filed 2025-09-24. UEC URANIUM ENERGY CORP 0001334933 1090 Miscellaneous Metal Ores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (Expressed in thousands of U.S. dollars, except per share amounts) The following management\u2019s discussion and analysis of the Company\u2019s financial condition and results of operations contain forward-looking statements that involve risks, uncertainties and assumptions including, among others, statements regarding our capital needs, business plans and expectations. In evaluating these statements, you should consider various factors, including the risks, uncertainties and assumptions set forth in reports and other documents we have filed with or furnished to the SEC and, including, without limitation, this Annual Report for the fiscal year ended July 31, 2025, including the consolidated financial statements and related notes contained herein. These factors, or any one of them, may cause our actual results or actions in the future to differ materially from any forward-looking statement made in this document. Refer to \u201cCautionary Note Regarding Forward-Looking Statements\u201d and Item 1A. Risk Factors herein. Introduction The following discussion summarizes the results of operations for each of our fiscal years ended July 31, 2025, 2024 and 2023 and our financial condition as at July 31, 2025 and 2024, with a particular emphasis on Fiscal 2025, our most recently completed fiscal year. Business We have been primarily engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing. Our principal projects are located in Wyoming and Texas in the United States and in Saskatchewan, Canada. We utilize ISR mining for our uranium projects where possible which we believe, when compared to conventional open pit or underground mining, requires lower capital and operating expenditures with a shorter lead time to extraction and a reduced impact on the environment. At July 31, 2025, we had no uranium supply or off-take agreements in place. In August 2024, we restarted uranium extraction at our fully permitted, and past producing, Christensen Ranch Mine ISR operation in Wyoming. During Fiscal 2025, our initial production as part of ramp up yielded 103,545 pounds and 26,421 pounds of precipitated uranium and dried and drummed concentrate, respectively, at the end of such period. We expect the ramp-up phase will continue while new production areas are being constructed in 2025 and 2026. At the same time, we have continued to advance our Roughrider and Burke Hollow Projects with resource expansions and development programs, respectively. Uranium recovered from the Christensen Ranch Mine ISR operation will be processed at our Irigaray CPP. The Irigaray CPP is the hub central to our fully permitted ISR projects located in the Powder River Basin of Wyoming, including our Christensen Ranch Mine, Reno Creek and Ludeman Projects. On October 16, 2024, we received approval from the WDEQ Quality, Uranium Recovery Program, to increase the licensed production capacity at the Irigaray CPP to 4.0 million pounds of U3O8 annually. Our fully-licensed and 100% owned Hobson processing facility forms the basis for our regional operating strategy in the State of Texas, specifically the South Texas Uranium Belt, where we utilize ISR mining. We utilize a \u201chub-and-spoke\u201d strategy whereby the Hobson processing facility, which has a physical capacity to process uranium-loaded resins of up to a total of two million pounds of U3O8 annually and is licensed to process up to four million pounds of U3O8 annually, acts as the central processing site (the hub) for our Palangana Mine, and future satellite uranium mining activities, such as our Burke Hollow Project, located within the South Texas Uranium Belt (the spokes). On December 17, 2021, we acquired a 100% interest in U1A (now UEC Wyoming Corp.). With the acquisition of U1A in Fiscal 2022, the Irigaray CPP forms the focus of our regional operating strategy in the Powder River an Item 1. Business Uranium Energy Corp. is a fast growing, uranium mining company listed on the NYSE American. UEC is working towards fueling the global demand for carbon-free nuclear energy, a key solution to climate change, and energy source for the low-carbon future. UEC is a pure-play uranium company and is advancing its next generation of low-cost, in-situ recovery (\u201cISR\u201d) mining uranium projects, and which ISR mining process is expected to reduce the impact on the environment as compared to conventional mining. We have two extraction ready ISR hub and spoke platforms in South Texas and Wyoming, anchored by fully licensed and operational processing capacity at its Hobson and Irigaray plants. UEC also has several U.S. ISR uranium projects with all of their major permits in place, with additional diversified holdings of uranium assets across the U.S., Canada and the Republic of Paraguay. We believe nuclear energy will continue to be an important part of the energy transition and the energy mix of a future low carbon economy. As such, we are focused on scaling our business to meet the future energy needs for nuclear in the U.S. and globally. Uranium Energy Corp. was incorporated under the laws of the State of Nevada on May 16, 2003 under the name Carlin Gold Inc. During 2004, we changed our business operations and focus from precious metals exploration to uranium exploration in the U.S. Our principal executive office and corporate headquarters in the U.S. is located at 500 North Shoreline, Ste. 800, Corpus Christi, Texas, 78401, and our principal executive office and corporate headquarters in Canada is located at 1188 West Georgia Street, Suite 1830, Vancouver, British Columbia, Canada, V6E 4A2. General Business We are primarily engaged in uranium mining and related activities, including exploration, pre-extraction, extraction and processing, on uranium projects located in the United States, Canada and the Republic of Paraguay. We utilize ISR mining where Item 1A. Risk Factors In addition to the information contained in this Annual Report, we have identified the following material risks and uncertainties which reflect our outlook and conditions known to us as of the date of this Annual Report. These material risks and uncertainties should be carefully reviewed by our stockholders and any potential i", "title": "UEC - URANIUM ENERGY CORP", "url": "/company/UEC/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001581280; latest 10-K filed 2025-11-17.", "text": "TWST - Twist Bioscience Corp SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001581280; latest 10-K filed 2025-11-17. TWST Twist Bioscience Corp 0001581280 2836 Biological Products, (No Diagnostic Substances) Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is intended to promote understanding of the results of operations and financial condition. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes to those statements included elsewhere in this Form 10-K. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under \u201cRisk Factors\u201d and elsewhere in this Form 10-K. The last day of our fiscal year is September 30, and we refer to our fiscal year ended September 30, 2023 as fiscal year 2023 or 2023, September 30, 2024 as fiscal year 2024 or 2024 and our fiscal year ended September 30, 2025 as fiscal year 2025 or 2025. Additional information related to the comparison of our results of operations and liquidity and capital resources between the years 2024 and 2023 is included in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the fiscal year ended September 30, 2024 filed with U.S. Securities and Exchange Commission. Overview We are a leading, rapidly growing synthetic biology company that has developed a disruptive DNA synthesis platform to industrialize the engineering of biology. The core of our platform is a proprietary technology that pioneers a new method of manufacturing synthetic DNA by \u201cwriting\u201d DNA on a silicon chip. We have combined our silicon-based DNA writing technology with proprietary software, scalable commercial infrastructure and an e-commerce platform to create an integrated technology platform that enables us to achieve high levels of quality, precision, automation, and manufacturing throughput at a significantly lower cost than our competitors We have applied our unique technology to manufacture a broad range of synthetic DNA-based products, including synthetic genes, tools for next generation sequencing (\"NGS\"), sample preparation, and antibody libraries for drug discovery and development, all designed to enable our customers to conduct research more efficiently and effectively. Leveraging our same technology, we have expanded our footprint beyond DNA synthesis to manufacture synthetic RNA as well as antibody proteins to disrupt and innovate within larger market opportunities, in addition to discovery partnerships for biologic drugs. We believe our products enable a broad range of applications that may ultimately improve health and the sustainability of the planet across multiple industries including healthcare, chemicals/materials, food/agriculture, academic research, and technology. We sell our synthetic DNA and synthetic DNA-based products to a customer base of more than 3,800 customers annually across a broad range of industries. In order to address this diverse customer base, we employ a multi-channel strategy comprised of a direct sales force targeting synthetic DNA customers, a direct sales force focusing on the NGS market and an e-commerce platform that serves both commercial channels. We employ business development and sales representatives for our biopharma solutions as well. Our easy-to-use e-commerce platform allows customers to design, validate, and place on-demand orders of customized DNA online, and enables them to receive real-time customized quotes for their products and track their order status through the manufacturing and delivery process. This is a critical part of our strategy to address our large markets and diverse customer bas Item 1.Business At Twist Bioscience Corporation, we work in service of our customers who are changing the world for the better. In fields such as health care, food/agriculture, industrial chemicals/materials and academic research, by using our products, our customers are developing ways to better lives and improve the sustainability of the planet. We believe Twist Bioscience is uniquely positioned to help accelerate their efforts and the faster our customers succeed, the better for all of us. We have developed a disruptive DNA synthesis platform to industrialize the engineering of biology. The core of our platform is a proprietary technology that pioneers a new method of manufacturing synthetic DNA by \u201cwriting\u201d DNA on a silicon chip. We have miniaturized traditional chemical DNA synthesis reactions to write over 1,000,000 pieces of DNA (oligonucleotides) up to 500 bases through direct synthesis on each silicon chip, approximately the size of a large mobile phone, reducing by 99.8% the amount of chemicals we estimate would be used per gene as compared to plate-based synthesis. We have combined our silicon-based DNA writing technology with proprietary software, scalable commercial infrastructure and an e-commerce platform to create an integrated technology platform that enables us to achieve high levels of quality, precision, automation, and manufacturing throughput at a significantly lower cost and quicker than our competitors. Building from this platform, we deliver products and services for a wide range of uses and markets. We have applied our unique technology to manufacture a broad range of products, including synthetic genes, tools for next generation sequencing (\"NGS\"), sample preparation, and both products and services for drug discovery and development, all designed to enable our customers to conduct research more efficiently and effectively. We sell our products and services to a global customer base of more than 3,800, customers across a broad range of i Item 1A.Risk Factors Risk Factor Summary Investing in our common stock involves a high degree of risk. You should carefully consider all information in this Form 10-K and in subsequent reports we file with SEC prior to investing in our common stock. These risks are discussed more f", "title": "TWST - Twist Bioscience Corp", "url": "/company/TWST/" }, { "kind": "company", "summary": "SIC 2800 Chemicals & Allied Products; CIK 0001880319; latest 10-K filed 2026-02-26.", "text": "PRM - Perimeter Solutions, Inc. SIC 2800 Chemicals & Allied Products; CIK 0001880319; latest 10-K filed 2026-02-26. PRM Perimeter Solutions, Inc. 0001880319 2800 Chemicals & Allied Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis should be read in conjunction with the audited consolidated financial statements and notes thereto included in this Annual Report. This Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d), Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, such statements are subject to the \u201csafe harbor\u201d created by those sections and involve risks and uncertainties. Forward-looking statements are based on our management\u2019s beliefs and assumptions and on information available to our management as of the date hereof. As a result of many factors, such as those set forth under Part I, Item 1A \u201cRisk Factors\u201d in this Annual Report, our actual results may differ materially from those anticipated in these forward-looking statements, accordingly, you should not place undue reliance on these forward-looking statements. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Overview We are a leading provider of industrial products and services that support critical and complex customer missions across a range of niche applications. Our current operations span firefighting products, lubricant additives, electronic components and, following the acquisition of Medical Manufacturing Technologies, LLC (\u201cMMT\u201d) in January 2026, highly engineered machinery for the medical device industry. We develop products that address complex customer challenges where there is little margin for error. Our offerings are typically a small part of a much broader solution that serves a growing end market. Our goal is to meet customer needs better than any alternative in every market we serve. We aim to maximize our organic reinvestment into our business to best serve our customers and to support the rigorous application of our Operational Value Drivers: seeking out profitable new business, structurally improving operational productivity, and sharing in value creation through value-based pricing. These Operational Value Drivers are overseen by general managers that operate in our decentralized operating structure. These managers have full operational autonomy paired with accountability to deliver results for customers and stockholders, with strong alignment between compensation and results. We believe our Operational Value Drivers maximize our free cash flow. We then seek to maximize long-term per share equity value through a clear focus on the allocation of our capital as well as the management of our capital structure. We expect the combination of free cash flow and incremental borrowing capacity generates substantial capital available to allocate. We believe our capital allocation strategy, which prioritizes first high-return organic reinvestment opportunities, followed by opportunistic share repurchases, and finally the acquisition of new businesses, is a critical factor in achieving Perimeter\u2019s dual purposes: serving our customers well while delivering private-equity-like stockholder returns. We conduct our operations globally, with approximately 76% of our annual revenues is derived in the United States, approximately 10% in Europe and approximately 7% in Canada, with the remaining approximately 7% spread across various other countries. Our long\u2011term vision is to build a diversified portfolio of high-quality industrial businesses via re-investment in organic growth and further acquisitions. Whether built organically or acquired, we intend to apply our strategy centered on decentralized management, our Operational Value Drivers, and thoughtful capit Item 1. Business. Overview We are a leading provider of industrial products and services that support critical and complex customer missions across a range of niche applications. Our current operations span firefighting products, lubricant additives, electronic components and, following the acquisition of Medical Manufacturing Technologies, LLC (\u201cMMT\u201d) in January 2026, highly engineered machinery for the medical device industry. We develop products that address complex customer challenges where there is little margin for error. Our offerings are typically a small part of a much broader solution that serves a growing end market. Our goal is to meet customer needs better than any alternative in every market we serve. We aim to maximize our organic reinvestment into our business to best serve our customers and to support the rigorous application of our Operational Value Drivers: seeking out profitable new business, structurally improving operational productivity, and sharing in value creation through value-based pricing. These Operational Value Drivers are overseen by general managers that operate in our decentralized operating structure. These managers have full operational autonomy paired with accountability to deliver results for customers and stockholders, with strong alignment between compensation and results. We believe our Operational Value Drivers maximize our free cash flow. We then seek to maximize long-term per share equity value through a clear focus on the allocation of our capital as well as the management of our capital structure. We expect the combination of free cash flow and incremental borrowing capacity generates substantial capital available to allocate. We believe our capital allocation strategy, which prioritizes first high-return organic reinvestment opportunities, followed by opportunistic share repurchases, and finally the acquisition of new businesses, is a critical factor in achieving Perimeter\u2019s dual purposes: serving our customers well Item 1A. Risk Factors. Investing in our Common Stock involves significant risks, some of which are described below. In evaluating our business, investors should carefully consider the following risk factors. These risk factors contain, in addition to historical information, forward-looking statements that involve subs", "title": "PRM - Perimeter Solutions, Inc.", "url": "/company/PRM/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001815442; latest 10-K filed 2026-02-26.", "text": "KYMR - Kymera Therapeutics, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001815442; latest 10-K filed 2026-02-26. KYMR Kymera Therapeutics, Inc. 0001815442 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis and set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the section titled \u201cRisk Factors\u201d in Part I, Item 1A of this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a clinical-stage biopharmaceutical company dedicated to reinventing the treatment of human disease through the development of innovative, highly differentiated oral medicines that address significant health problems and meaningfully improve patients\u2019 lives. We are committed to advancing novel technologies to address targets that have known disease-causing biology, but which have not been drugged, or have been inadequately drugged, often based on limitations of existing technologies. Our approach is intended to discover and develop a new generation of medicines in a disease-agnostic manner. We are a leader in targeted protein degradation (TPD), a next-generation small molecule therapeutic modality that engages the body\u2019s natural cellular recycling system to selectively eliminate disease-causing proteins. Our objective is to develop molecules that are both potent and highly selective, creating the unique potential to address diseases that are poorly served by current treatment options. To date, we have progressed multiple programs into clinical development and expect to advance at least one new molecular entity into clinical testing annually. We intend to leverage our drug development expertise to become a fully integrated biopharmaceutical company with an industry-leading pipeline of novel medicines. Our current discovery and development efforts are primarily directed at high-value targets in immunology. We believe there are more than 160 million patients in the United States, Europe and Japan that are diagnosed with some of the most prevalent immune-inflammatory diseases that our programs have the potential to address, nearly half of whom remain untreated. Of those treated, most patients are treated with therapies that do not treat the underlying diseases but mostly their symptoms. As a result, only a small percentage of patients, which we believe to be approximately 3% of the diagnosed population with moderate to severe inflammatory diseases, are currently treated with systemic advanced therapies, mostly injectable biologics. While generally efficacious, biologics have drawbacks. Biologics tend to be more expensive to manufacture, and the cost burden ultimately falls on patients and payors. Patient access to therapy can also be a challenge, as biologics can be more complex to prescribe and reimburse than small molecule medicines. Additionally, biologics are administered as injections - which may result in injection site reactions or pain - a less preferred route of administration as compared to oral medications, which offer greater flexibility for patients. We believe we have the potential to deliver a compelling value proposition to a significant underserved patient population: small molecule medicines with biologics-like activity through the convenience of a daily, oral pill. Our publicly disclosed immunology programs target STAT6, IRF5 and IRAK4, each of which addresses targets within validated pathways, providing the opportunity to treat a broad range of diseases. We are developing KT-62 Item 1. Business. We are a clinical-stage biopharmaceutical company dedicated to reinventing the treatment of human disease through the development of innovative, highly differentiated oral medicines that address significant health problems and meaningfully improve patients\u2019 lives. We are committed to advancing novel technologies to address targets that have known disease-causing biology, but which have not been drugged, or have been inadequately drugged, often based on limitations of existing technologies. Our approach is intended to discover and develop a new generation of medicines in a disease-agnostic manner. We are a leader in targeted protein degradation (TPD), a next-generation small molecule therapeutic modality that engages the body\u2019s natural cellular recycling system to selectively eliminate disease-causing proteins. Our objective is to develop molecules that are both potent and highly selective, creating the unique potential to address diseases that are poorly served by current treatment options. To date, we have progressed multiple programs into clinical development and expect to advance at least one new molecular entity into clinical testing annually. We intend to leverage our drug development expertise to become a fully integrated biopharmaceutical company with an industry-leading pipeline of novel medicines. Our current discovery and development efforts are primarily directed at high-value targets in immunology. We believe there are more than 160 million patients in the United States, Europe and Japan that are diagnosed with some of the most prevalent immune-inflammatory diseases that our programs have the potential to address, nearly half of whom remain untreated. Of those treated, most patients are treated with therapies that do not treat the underlying diseases but mostly their symptoms. As a result, only a small percentage of patients, which we believe to be approximately 3% of the diagnosed population with moderate to severe inflammatory dise Item 1A. Risk Factors. Our business involves a high degree of risk. You should carefully consider the material and other risks and uncertainties described and summarized below, as well as the other information in this Annual Report on Form 10-K, including our consolidated fi", "title": "KYMR - Kymera Therapeutics, Inc.", "url": "/company/KYMR/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001649904; latest 10-K filed 2026-02-26.", "text": "RYTM - RHYTHM PHARMACEUTICALS, INC. SIC 2834 Pharmaceutical Preparations; CIK 0001649904; latest 10-K filed 2026-02-26. RYTM RHYTHM PHARMACEUTICALS, INC. 0001649904 2834 Pharmaceutical Preparations Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors. We discuss factors that we believe could cause or contribute to these differences below and elsewhere in this report, including those set forth under Item 1A. \u201cRisk Factors\u201d and under \u201cCautionary Note Regarding Forward-Looking Statements\u201d in this Annual Report. In this Item 7, we discuss the results of operations for the years ended December 31, 2025 and 2024 and comparisons of our cash flows for the year ended December 31, 2025 to the year ended December 31, 2024. Discussion and analysis of our 2024 fiscal year, as well as the year-over-year comparison of our 2024 financial performance to 2023, are located in Part II, Item 7 - Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 28, 2025. 111 Table of Contents Overview We are a global, commercial-stage biopharmaceutical company dedicated to transforming the lives of patients living with rare neuroendocrine diseases. We are focused on advancing our melanocortin-4 receptor (MC4R) agonists, including our lead asset, IMCIVREE (setmelanotide), as precision medicines designed to treat hyperphagia and severe obesity caused by MC4R pathway diseases. While obesity affects hundreds of millions of people worldwide, we are advancing therapies for a subset of individuals who have hyperphagia, a pathological, insatiable hunger and impaired satiety accompanied by persistent and abnormal food-seeking behaviors, decreased energy expenditure and severe obesity due to diseases such as acquired or congenital hypothalamic obesity, Bardet-Biedl syndrome (BBS) or other diseases caused by impaired MC4R pathway signaling. The MC4R pathway is a neuro-endocrine pathway in the brain that is responsible for regulating hunger, caloric intake and energy expenditure, which consequently affect body weight. IMCIVREE, our most advanced MC4R agonist for which we hold worldwide rights, is the first-ever therapy that is marketed in the United States, European Union (EU), United Kingdom, Canada and several other countries and regions for certain rare MC4R pathway diseases, including BBS. We also are developing two earlier-stage investigational MC4R agonists, bivamelagon (formerly LB54640), an oral small molecule, and RM-718, designed for weekly subcutaneous administration. On February 26, 2026 we announced we completed a positive end-of-Phase-2 meeting with FDA regarding bivamelagon in acquired HO and disclosed open-label extension data from our Phase 2 trial that showed bivamelagon achieved persistent BMI reductions at six and nine months of therapy. IMCIVREE is approved by the U.S. Food and Drug Administration (FDA) to reduce excess body weight and maintain weight reduction long term in adult and pediatric patients aged 2 years and older with syndromic or monogenic obesity due to BBS or proopiomelanocortin (POMC), proprotein convertase subtilisin/kexin type 1 (PCSK1), or leptin receptor (LEPR) deficiency as determined by an FDA-approved test demonstrating variants in POMC, PCSK1, or LEPR genes that are interpreted as pathogenic, likely pathogenic, or of uncertain significance (VUS). The European Commission (EC) and the United Kingdom\u2019s Medicines & Healthcare Products Regulatory Agency (MHRA) have authorized IMCIVREE for the treatment of obesity and the control of hunger assoc Item 1. Business Overview We are a global, commercial-stage biopharmaceutical company dedicated to transforming the lives of patients living with rare neuroendocrine diseases. We are focused on advancing melanocortin-4 receptor (MC4R) agonists, including our lead asset, IMCIVREE\u00ae (setmelanotide), as precision medicines designed to treat hyperphagia and severe obesity caused by rare MC4R pathway diseases. While obesity affects hundreds of millions of people worldwide, we are developing therapies for a subset of individuals who have hyperphagia, a pathological, insatiable hunger and impaired satiety accompanied by persistent and abnormal food-seeking behaviors, decreased energy expenditure and severe obesity due to diseases such as acquired or congenital hypothalamic obesity, Bardet-Biedl syndrome (BBS), Prader-Willi syndrome (PWS) and other diseases caused by impaired MC4R pathway signaling. The MC4R pathway is a neuro-endocrine pathway in the brain that is responsible for regulating hunger, caloric intake and energy expenditure, which consequently affect body weight. IMCIVREE, our most advanced MC4R agonist for which we hold worldwide rights, is the first-ever therapy that is marketed in the United States, European Union (EU), United Kingdom, Canada and several other countries and regions for certain rare MC4R pathway diseases, including BBS. We also are developing two earlier-stage investigational MC4R agonists, bivamelagon (formerly LB54640), an oral small molecule, and RM-718, designed for weekly subcutaneous administration. These investigational assets, for which we possess global rights, are specifically designed to exhibit high selectivity for MC4R while functionally sparing MC1R. As a result, they are not expected to induce hyperpigmentation. In 2026, pending regulatory approval, we anticipate launching IMCIVREE in the United States as the first and only therapy specifically to treat patients living with acquired hypothalamic obesity. This represents a mea Item 1A. Risk Factors Our operations and financial results are subject to various risks and uncertainties, including those described below, which could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our common stock. Additional risks and uncerta", "title": "RYTM - RHYTHM PHARMACEUTICALS, INC.", "url": "/company/RYTM/" }, { "kind": "company", "summary": "SIC 7350 Services-Miscellaneous Equipment Rental & Leasing; CIK 0001364479; latest 10-K filed 2026-02-17.", "text": "HRI - HERC HOLDINGS INC SIC 7350 Services-Miscellaneous Equipment Rental & Leasing; CIK 0001364479; latest 10-K filed 2026-02-17. HRI HERC HOLDINGS INC 0001364479 7350 Services-Miscellaneous Equipment Rental & Leasing ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s discussion and analysis of financial condition and results of operations (\"MD&A\") should be read in conjunction with the consolidated financial statements and accompanying notes included in Item 8 of this Report, which include additional information about our accounting policies, practices and the transactions underlying our financial results. The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (\"U.S. GAAP\") requires us to make estimates and assumptions that affect the reported amounts in our consolidated financial statements and the accompanying notes including receivables allowances, depreciation of rental equipment, the recoverability of long-lived assets, useful lives and impairment of long-lived tangible and intangible assets including goodwill and trade name, pension and postretirement benefits, valuation of stock-based compensation, reserves for litigation and other contingencies, accounting for income taxes and other matters arising during the normal course of business. We apply our best judgment, our knowledge of existing facts and circumstances and our knowledge of actions that we may undertake in the future in determining the estimates that will affect our consolidated financial statements. We evaluate our estimates on an ongoing basis using our historical experience, as well as other factors we believe appropriate under the circumstances, such as current economic conditions, and adjust or revise our estimates as circumstances change. As future events and their effects cannot be determined with precision, actual results may differ from these estimates. OVERVIEW OF OUR BUSINESS AND OPERATING ENVIRONMENT We are engaged principally in the business of renting equipment. Ancillary to our principal business of equipment rental, we also sell used rental equipment, sell new equipment and consumables and offer certain services and support to our customers. Our profitability is dependent upon a number of factors including the volume, mix and pricing of rental transactions and the utilization of equipment. Significant changes in the purchase price or residual values of equipment or interest rates can have a significant effect on our profitability depending on our ability to adjust pricing for these changes. Our business requires significant expenditures for equipment, and consequently we require substantial liquidity to finance such expenditures. See \"Liquidity and Capital Resources\" below. Our revenues are primarily derived from rental and related charges and consist of: \u2022Equipment rental (includes all revenue associated with the rental of equipment including ancillary revenue from delivery, rental protection programs and fueling charges); \u2022Sales of rental equipment and sales of new equipment, parts and supplies; and \u2022Service and other revenue (primarily relating to training and labor provided to customers). Our expenses primarily consist of: \u2022Direct operating expenses (primarily wages and related benefits, facility costs and other costs relating to the operation and rental of rental equipment, such as delivery, maintenance and fuel costs); \u2022Cost of sales of rental equipment, new equipment, parts and supplies; \u2022Depreciation expense relating to rental equipment; \u2022Selling, general and administrative expenses; \u2022Transaction expenses; \u2022Non-rental depreciation and amortization; and \u2022Interest expense. 27 Table of Contents HERC HOLDINGS INC. AND SUBSIDIARIES ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Recent Developments and Economic Conditions Local markets continue to be impacted by the elevated interest rate environment and continued economic uncertainty. Our diversification across industries and project types have contributed to the resiliency of o ITEM 1A. RISK FACTORS Investing in or maintaining your investment in Herc Holdings common stock involves risk. You should carefully consider each of the risks and uncertainties set forth below as well as the other information contained in this Report before deciding to invest in our securities. We have grouped our Risk Factors under captions that we believe describe various categories of potential risk. For the reader\u2019s convenience, we have not duplicated risk factors that could be considered to be included in more than one category. Any of the following risks and uncertainties could materially and adversely affect our business, financial condition, results of operations, liquidity and/or cash flows and the impact could be compounded if multiple risks were to occur. However, the following risks and uncertainties are not the only risks and uncertainties facing us. Additional risks and uncertainties not currently known to us or those we currently view to be immaterial also may materially and adversely affect our business, financial condition, results of operations, liquidity and/or cash flows. In the event that any of these risks have such a material adverse effect, the value of our securities could decline and you could lose all or part of your investment. Risks Related to Our Business Our business is cyclical and depends on the levels of capital investment and maintenance expenditures by our customers. A slowdown in economic conditions or adverse changes in the level of economic activity or other economic factors specific to our customers or their industries, in particular contractors and industrial customers, could have a material adverse effect on our business, financial condition, results of operations and cash flows. Our rental equipment is used by our customers in a wide variety of industries, including contractors in residential and commercial construction and restoration, remediation and environment; general industrial, including refineries and petrochemi", "title": "HRI - HERC HOLDINGS INC", "url": "/company/HRI/" }, { "kind": "company", "summary": "SIC 3564 Industrial & Commercial Fans & Blowers & Air Purifing Equip; CIK 0000003197; latest 10-K filed 2026-03-02.", "text": "CECO - CECO ENVIRONMENTAL CORP SIC 3564 Industrial & Commercial Fans & Blowers & Air Purifing Equip; CIK 0000003197; latest 10-K filed 2026-03-02. CECO CECO ENVIRONMENTAL CORP 0000003197 3564 Industrial & Commercial Fans & Blowers & Air Purifing Equip Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s discussion and analysis (\u201cMD&A\u201d) should be read in conjunction with the consolidated financial statements and accompanying notes included in Item 8 of this Annual Report on Form 10-K, which include additional information about our accounting policies, practices and the transactions underlying our financial results. The preparation of our consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in our consolidated financial statements and the accompanying notes including various claims and contingencies related to lawsuits, taxes, environmental and other matters arising during the normal course of business. We apply our best judgment, our knowledge of existing facts and circumstances and actions that we may undertake in the future in determining the estimates that affect our consolidated financial statements. We evaluate our estimates on an ongoing basis using our historical experience, as well as other factors we believe appropriate under the circumstances, such as current economic conditions, and adjust or revise our estimates as circumstances change. As future events and their effects cannot be determined with precision, actual results may differ from these estimates. Overview Business Overview CECO is an environmentally focused, diversified industrial company, serving the broad landscape of industrial air, industrial water and energy transition markets globally by providing innovative technology and application expertise. We help companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. Our solutions improve air and water quality, optimize emissions management, and increase the energy and process efficiency for highly engineered applications in power generation, midstream and downstream hydrocarbon processing and transport, chemical processing, electric vehicle production, polysilicon fabrication, semiconductor and electronics production, battery production and recycling, specialty metals, aluminum and steel production, beverage can manufacturing, and industrial and produced water and wastewater treatment, and a wide range of other industrial end markets. Industry Trends and Corporate Strategy We are a global corporation with worldwide operations. As a global business, our operations are affected by worldwide, regional and industry-specific economic factors, wherever we operate or do business. Our geographic and industry diversity, and the breadth of our product and services portfolio, have helped mitigate the impact of any one industry or the economy of any single country on our consolidated operating results. We believe growth for our products and services is driven by the increase in demand for air quality and water treatment solutions, the energy transition, a shift towards cleaner sources of fuel such as natural gas, hydrogen, nuclear, and renewable sources, and increased awareness of our customers about corporate social responsibility and interest to procure equipment and solutions that protects employees, the environment and their industrial equipment. With a shift to cleaner, more environmentally responsible power generation, power providers and industrial power consumers are building new facilities that use cleaner fuels. In developed markets, natural gas is the largest source of electricity generation. We supply product offerings throughout the entire natural gas value chain and believe expansion will drive growth within our Engineered Systems segment for our gas separation & filtration, pressure products, acoustical equipment , water treatment solutions and DeNOx selective catalytic reduction (\"SCR\") systems for natural-gas-fired power plants. Increases in global natural gas, installed miles of new pipeline, including future CO2 and hyd Item 1. Business General CECO Environmental Corp. (\u201cCECO\u201d, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d or the \u201cCompany\u201d) is a leading environmentally focused, diversified industrial company, serving the broad landscape of industrial air, industrial water and energy transition markets globally by providing innovative technology and application expertise. We help companies grow their businesses with safe, clean, and more efficient solutions that help protect people, the environment, and industrial equipment. Our solutions improve air and water quality, optimize emissions management, and increase the energy and process efficiency for highly engineered applications in power generation, midstream and downstream hydrocarbon processing and transport, chemical processing, electric vehicle production, polysilicon fabrication, semiconductor and electronics production, battery production and recycling, specialty metals, aluminum and steel production, beverage can manufacturing, industrial and produced water and wastewater treatment, and a wide range of other industrial end markets. Our customers include some of the largest natural gas processors, transmission and distribution companies, refineries, power generators, industrial manufacturing, engineering and construction companies, semiconductor manufacturers, compressor manufacturers, beverage can manufacturers, metals and minerals, and electric vehicle producers in the world. We believe our value differentiators include, but are not limited to, our product and solutions performance quality, reliability, durability, on-time delivery, and safety, all of which are underpinned by our core capabilities in advanced design and systems engineering, commercial excellence, and operational excellence. We believe these differentiators and core capabilities are critical to maintaining our competitive position. Additionally, we have built a spirit of continuous improvement to ensure we maintain our market leadership position. With an installed base of operatin Item 1A. Risk Factors An investment in our securities involves a high degree of risk. You should carefully consider the risk factors described below, together with the other information included in this Annual Report on Form 10-K, before you decide to invest ", "title": "CECO - CECO ENVIRONMENTAL CORP", "url": "/company/CECO/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001674416; latest 10-K filed 2026-02-12.", "text": "CRSP - CRISPR Therapeutics AG SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001674416; latest 10-K filed 2026-02-12. CRSP CRISPR Therapeutics AG 0001674416 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview Our mission is to create transformative gene-based medicines for serious human diseases. We are a leading biopharmaceutical company focused on the development of CRISPR-based therapeutics, including by using CRISPR/Cas9 technology. We have established a portfolio of therapeutic programs spanning four core franchises: hemoglobinopathies, in vivo approaches, CAR T, and regenerative medicine. Depending on the program, we take either an ex vivo approach, in which we edit cells outside of the human body before administering them to the patient, or an in vivo editing approach, where we deliver the CRISPR-based therapeutic directly to target cells within the human body. CRISPR/Cas9 is a revolutionary technology for gene editing, the process of precisely altering specific sequences of genomic DNA. We have advanced this technology from discovery to an approved medicine with unparalleled speed, culminating in the landmark first approval of a CRISPR-based therapy, CASGEVY (exagamglogene autotemcel [exa-cel]), in 2023 with our collaborators at Vertex Pharmaceuticals Incorporated, or Vertex. We continue to innovate on our platform to develop next-generation technologies that can enable new therapies. We are developing other technologies, including delivery technologies and other gene editing technologies, like SyNTase. Through our efforts, we aim to unlock the full potential of gene-based therapeutics to create medicines that can transform people\u2019s lives. We believe that our innovative research, translational expertise, and clinical development experience, position us as a leader in the development of CRISPR-based therapeutics and may enable us to create an entirely new class of highly effective and potentially curative therapies for patients with both common and rare diseases for whom current biopharmaceutical approaches have had limited success. Hemoglobinopathies CASGEVY CASGEVY is a non-viral, ex vivo CRISPR/Cas9 gene-edited cell therapy, in which a patient\u2019s own hematopoietic stem and progenitor cells are edited at the erythroid specific enhancer region of the BCL11A gene through a precise double-strand break. This edit results in the production of high levels of fetal hemoglobin in red blood cells, which can compensate for the defective adult hemoglobin in patients with SCD and TDT. CASGEVY is the first therapy to emerge from our strategic partnership with Vertex and is being advanced under a joint development and commercialization agreement between us and Vertex and certain of its affiliates. 99 In 2023, CASGEVY became the first-ever approved CRISPR-based gene-editing therapy in the world. To date, CASGEVY has been approved in the United States, European Union, Great Britain, Canada, Switzerland and certain countries in the Middle East for the treatment of eligible patients 12 years and older with SCD or TDT. We and Vertex continue to investigate CASGEVY, including in clinical trials designed to assess the safety and efficacy of a single dose of CASGEVY in patients 12 to 35 years of age with severe SCD an Item 1. Business. BUSINESS Overview Our mission is to create transformative gene-based medicines for serious human diseases. We are a leading biopharmaceutical company focused on the development of CRISPR-based therapeutics, including by using CRISPR/Cas9 technology. CRISPR/Cas9 is a revolutionary technology for gene editing, the process of precisely altering specific sequences of genomic DNA. We have advanced this technology from discovery to an approved medicine with unparalleled speed, culminating in the landmark first approval of a CRISPR-based therapy, CASGEVY (exagamglogene autotemcel [exa-cel]), in 2023 with our collaborators at Vertex Pharmaceuticals Incorporated, or Vertex. We have established a portfolio of therapeutic programs spanning four core franchises: hemoglobinopathies, in vivo, CAR T approaches and regenerative medicine. Depending on the program, we take either an ex vivo approach, in which we edit cells outside of the human body before administering them to the patient, or an in vivo editing approach, where we deliver the CRISPR-based therapeutic directly to target cells within the human body. \u2022 Hemoglobinopathies: Our most advanced program, CASGEVY, has received approval in the United States and other countries for the treatment of eligible patients with severe sickle cell disease, or SCD, or transfusion-dependent beta thalassemia, or TDT, two genetic disorders of hemoglobin, or hemoglobinopathies, with high unmet medical need. In addition, we have further research efforts, also in collaboration with Vertex, on targeted conditioning and in vivo editing of hematopoietic stem cells that have the potential to expand the number of patients that could benefit significantly. \u2022 In vivo approaches: We are advancing a portfolio of programs leveraging in vivo editing for both common and rare diseases, as well as using siRNA approaches. \u2022 CAR T: We are progressing next-generation gene-edited cell therapy programs, including allogeneic chimeric antig Item 1A. Risk Factors. This report contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed in this report. Factors that could cause or contribute to these differences include, but are not limited to, those d", "title": "CRSP - CRISPR Therapeutics AG", "url": "/company/CRSP/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001622229; latest 10-K filed 2026-02-17.", "text": "COGT - Cogent Biosciences, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001622229; latest 10-K filed 2026-02-17. COGT Cogent Biosciences, Inc. 0001622229 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes appearing at the end of this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis. The discussion below presents a discussion of our financial condition and results of operations for fiscal years 2025 and 2024. See Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025, for a discussion of our financial condition and results of operations for the fiscal year ended December 31, 2024 and comparison to the fiscal year ended December 31, 2023. Overview We are a clinical-stage biotechnology company focused on developing precision therapies for genetically defined diseases. Our approach is to design rational precision therapies that treat the underlying cause of disease and improve the lives of patients. Our most advanced program is bezuclastinib, also known as CGT9486, a highly selective tyrosine kinase inhibitor that is designed to potently inhibit the KIT D816V mutation as well as other mutations in KIT exon 17. In the vast majority of cases, KIT D816V is responsible for driving Systemic Mastocytosis (\u201cSM\u201d), a serious and rare disease caused by unchecked proliferation of mast cells. Exon 17 mutations are also found in patients with advanced gastrointestinal stromal tumors (\u201cGIST\u201d), a type of cancer with strong dependence on oncogenic KIT signaling. Bezuclastinib is a highly selective and potent KIT inhibitor with the potential to provide a new treatment option for these patient populations. We are developing bezuclastinib to treat patients living with Non-Advanced Systemic Mastocytosis (\u201cNonAdvSM\u201d), Advanced Systemic Mastocytosis (\u201cAdvSM\u201d) and GIST, and in 2025 we reported positive top-line results from registrational trials in each of these indications. We believe bezuclastinib represents a significant commercial opportunity across each of these indications. Based on internal analyses and external market research, we estimate a global annual market opportunity of over $4 billion for bezuclastinib in combination with sunitinib as a potential second-line treatment for patients with GIST, approximately $3.5 billion for the treatment of patients with NonAdvSM, and approximately $500 million for the treatment of patients with AdvSM. We are building an internal commercial organization and expect to launch bezuclastinib commercially in the United States in the second half of 2026, pending regulatory approval. We also have an ongoing Phase 1 study of our novel internally developed FGFR2/3 inhibitor and have initiated a Phase 1 study of our CNS-penetrant, selective mutant ErbB2 inhibitor. In addition, the Cogent Research Team is developing a portfolio of novel targeted therapies to help patients fighting serious, genetically driven diseases targeting mutations in PI3K\u03b1, KRAS and JAK2. Bezuclastinib - SM SM is driven by KIT D816V mutations causing a perpetual \u2018on\u2019 state within mast cells, a type of white blood cell, leading to proliferation and accumulation in various internal organs and bone marrow. Key biomarkers of SM include but are not limited to, elevated seru ITEM 1. BUSINESS Overview We are a clinical-stage biotechnology company focused on developing precision therapies for genetically defined diseases. Our approach is to design rational precision therapies that treat the underlying cause of disease and improve the lives of patients. Our most advanced program is bezuclastinib, also known as CGT9486, a highly selective tyrosine kinase inhibitor that is designed to potently inhibit the KIT D816V mutation as well as other mutations in KIT exon 17. In the vast majority of cases, KIT D816V is responsible for driving Systemic Mastocytosis (\u201cSM\u201d), a serious and rare disease caused by unchecked proliferation of mast cells. Exon 17 mutations are also found in patients with advanced gastrointestinal stromal tumors (\u201cGIST\u201d), a type of cancer with strong dependence on oncogenic KIT signaling. Bezuclastinib is a highly selective and potent KIT inhibitor with the potential to provide a new treatment option for these patient populations. We are developing bezuclastinib to treat patients living with Non-Advanced Systemic Mastocytosis (\u201cNonAdvSM\u201d), Advanced Systemic Mastocytosis (\u201cAdvSM\u201d) and GIST, and in 2025 we reported positive top-line results from registrational trials in each of these indications. We are building an internal commercial organization and expect to launch bezuclastinib commercially in the United State in the second half of 2026, pending regulatory approval. We also have an ongoing Phase 1 study of our novel internally developed FGFR2/3 inhibitor and have initiated a Phase 1 study of our CNS-penetrant, selective mutant ErbB2 inhibitor. In addition, the Cogent Research Team is developing a portfolio of novel targeted therapies to help patients fighting serious, genetically driven diseases targeting mutations in PI3K\u03b1, KRAS and JAK2. We have assembled a management team with extensive experience in the research, development, manufacturing and commercialization of pharmaceutical products, specifically including numerou ITEM 1A. RISK FACTORS The following risk factors and other information included in this Annual Report on Form 10-K should be carefully considered. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we presently deem less sign", "title": "COGT - Cogent Biosciences, Inc.", "url": "/company/COGT/" }, { "kind": "company", "summary": "SIC 1381 Drilling Oil & Gas Wells; CIK 0001451505; latest 10-K filed 2026-02-23.", "text": "RIG - Transocean Ltd. SIC 1381 Drilling Oil & Gas Wells; CIK 0001451505; latest 10-K filed 2026-02-23. RIG Transocean Ltd. 0001451505 1381 Drilling Oil & Gas Wells Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Introduction Transocean Ltd. (together with its subsidiaries and predecessors, unless the context requires otherwise, \u201cTransocean,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a leading international provider of offshore contract drilling services for oil and gas wells. As of February 17, 2026, we owned or had partial ownership interests in and operated 27 mobile offshore drilling units, consisting of 20 ultra-deepwater drillships and seven harsh environment semisubmersibles. We provide, as our primary business, contract drilling services in a single operating segment, which involves contracting our mobile offshore drilling rigs, related equipment and work crews to drill oil and gas wells. We specialize in technically demanding regions of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. Our drilling fleet is one of the most versatile fleets in the world, consisting of drillships and semisubmersible floaters used in support of offshore drilling activities and offshore support services on a worldwide basis. We perform contract drilling services by deploying our high-specification fleet in a single, global market that is geographically dispersed in oil and gas exploration and development areas throughout the world. Although rigs can be moved from one region to another, the cost of moving rigs and the availability of rig-moving vessels may cause the supply and demand balance to fluctuate somewhat between regions. Still, significant variations between regions do not tend to persist long term because of rig mobility. The location of our rigs and the allocation of resources to operate, build or upgrade our rigs are determined by the activities and needs of our customers. The information contained in this section should be read in conjunction with the information contained in \u201cPart I. Item 1. Business,\u201d \u201cPart I. Item 1A. Risk Factors\u201d and the audited consolidated financial statements and the notes thereto included under \u201cItem 8. Financial Statements and Supplementary Data\u201d elsewhere in this annual report on Form 10-K. The following discussion of our results of operations and liquidity and capital resources includes comparisons for the years ended December 31, 2025 and 2024. For a discussion, including comparisons, of our results of operations and liquidity and capital resources for the years ended December 31, 2024 and 2023, see \u201cPart II. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our annual report on Form 10-K for the year ended December 31, 2024, filed with the United States (\u201cU.S.\u201d) Securities and Exchange Commission on February 18, 2025. - 26 - Table of Contents Significant Events Agreement to acquire Valaris\u2014On February 9, 2026, we and Valaris Limited, an exempted company limited by shares incorporated under the laws of Bermuda (\"Valaris\"), entered into a Business Combination Agreement (the \"Agreement\") providing for the combination of Transocean and Valaris (the \"Business Combination\"). Pursuant to the Agreement, and on the terms and subject to the conditions thereof, we will acquire all of the issued and outstanding common shares, par value $0.01 each, of Valaris (the \u201cValaris Shares\u201d) in exchange for Transocean Ltd. shares, par value $0.10 each, at an exchange ratio of 15.235 Transocean Ltd. shares for each Valaris Share. See Notes to Consolidated Financial Statements\u2014Note 1\u2014Business. Held-for-sale asset impairments\u2014In the year ended December 31, 2025, we recognized an aggregate loss of $3.05 billion ($3.04 billion, or $3.16 per diluted share, net of tax), associated with the impairment of six ultra-deepwater floaters and one harsh environment floater, together with related assets, which we determined were impaired at the time we classified the assets as held for sale, and two ultra-deepwater floaters, togethe Item 1.Business Overview Transocean Ltd. (together with its subsidiaries and predecessors, unless the context requires otherwise, \u201cTransocean,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a leading international provider of offshore contract drilling services for oil and gas wells. As of February 17, 2026, we owned or had partial ownership interests in and operated 27 mobile offshore drilling units, consisting of 20 ultra-deepwater drillships and seven harsh environment semisubmersibles. We provide, as our primary business, contract drilling services in a single operating segment, which involves contracting our mobile offshore drilling rigs, related equipment and work crews to drill oil and gas wells. We specialize in technically demanding regions of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. Our drilling fleet is one of the most versatile fleets in the world, consisting of drillships and semisubmersible floaters used in support of offshore drilling activities and offshore support services on a worldwide basis. Transocean Ltd. is a Swiss corporation with its registered office in Steinhausen, Canton of Zug, and with principal executive offices located at Turmstrasse 30, 6312 Steinhausen, Switzerland. Our telephone number at that address is +41 41 749-0500. Our shares are listed on the New York Stock Exchange under the ticker symbol \u201cRIG.\u201d On February 9, 2026, we and Valaris entered into a Business Combination Agreement (the \"Agreement\") providing for the Business Combination. Pursuant to the Agreement, and on the terms and subject to the conditions thereof, we will acquire all of the issued and outstanding common shares, par value $0.01 each, of Valaris (the \u201cValaris Shares\u201d) in exchange for Transocean Ltd. shares, par value $0.10 each, at an exchange ratio of 15.235 Transocean Ltd. shares for each Valaris Share. For information about the revenues, operating income, assets and other Item 1A.Risk Factors Risks related to our business Our business depends on the level of activity in the offshore oil and gas industry, which is significantly affected by volatile oil and gas prices and other factors. Our business, and demand for our services, depends on oil and gas exploration, development and production in offshore areas where we are capable of o", "title": "RIG - Transocean Ltd.", "url": "/company/RIG/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001821769; latest 10-K filed 2026-02-27.", "text": "NVTS - Navitas Semiconductor Corp SIC 3674 Semiconductors & Related Devices; CIK 0001821769; latest 10-K filed 2026-02-27. NVTS Navitas Semiconductor Corp 0001821769 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Unless the context otherwise requires, all references in this section to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d refer to the business of Navitas and its subsidiaries. Throughout this section, unless otherwise noted, \u201cNavitas\u201d refers to Navitas Semiconductor Corporation and its consolidated subsidiaries. You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes appearing elsewhere in this annual report on Form 10-K. This discussion contains forward-looking statements that reflect our plans, estimates, and beliefs and that involve risks and uncertainties. As a result of many factors, such as those set forth under the \u201cRisk Factors\u201d and \u201cCautionary Statement About Forward-Looking Statements\u201d sections and elsewhere in this annual report, our actual results may differ materially from those anticipated in these forward-looking statements. Overview Navitas Semiconductor Corporation designs, develops and markets next-generation power semiconductors, including gallium nitride (\u201cGaN\u201d) power integrated circuits (\u201cICs\u201d), high-voltage silicon carbide (\u201cSiC\u201d) devices, associated high-speed silicon system controllers, and digital isolators used in power conversion and charging applications. We focus primarily on high-power markets, including AI data centers, energy and grid infrastructure, performance computing and industrial electrification. Our products are designed to improve system efficiency, increase power density, enhance thermal performance, and reduce overall system size and cost compared to traditional silicon-based technologies. 36 TABLE OF CONTENTS By leveraging the electrical properties of wide bandgap (\u201cWBG\u201d) materials such as GaN and SiC, our solutions enable higher switching frequencies, higher voltage operation, and improved energy efficiency. These capabilities are increasingly important in applications such as hyperscale data centers, renewable energy systems, grid modernization infrastructure, and industrial automation. We operate as a fabless semiconductor design company and outsource wafer fabrication, assembly, and testing to qualified third-party manufacturing partners. This business model allows us to operate with relatively low capital expenditure requirements; however, our results depend on the capacity, cost structure, yield performance, and operational execution of our manufacturing partners. We maintain operations around the world, including the United States, Ireland, Germany, Italy, Belgium, China, Taiwan, South Korea, and the Philippines, with principal executive offices in Torrance, California. Private Placement of Common Stock (\u201cPIPE\u201d Offering) On November 7, 2025, we entered into the Purchase Agreement with accredited investors for a private placement of approximately 14.8 million shares of Class A common stock at $6.75 per share. The transaction closed on November 10, 2025, with Needham & Company as sole placement agent, resulting in gross proceeds of approximately $100.0 million and offering-related costs of $4.4 million. Net proceeds are being used for working capital and general corporate purposes, including support of strategic initiatives in high-power markets. All shares were delivered and settled in the fourth quarter of 2025. Execution of At-The-Market Agreement On March 19, 2025, we entered into an Open Market Sale AgreementSM (the \u201cSale Agreement\u201d) with Jefferies LLC (\u201cJefferies\u201d). We subsequently completed two \u201cAt the Market\u201d (ATM) offerings referred to as ATM One and ATM Two, respectively. Pursuant to each agreement, we could offer and sell, from time to time, shares of our Class A common stock, par value $0.0001 per share, having an aggregate offering price of up to $50.0 million through Jefferies as sales agent. As of June 30, 2025, we completed the sale of shares under both ATM One Item 1. Business. Overview Navitas Semiconductor Corporation (\u201cwe,\u201d us,\u201d \u201cNavitas\u201d or the \u201cCompany\u201d) designs, develops and markets next-generation power semiconductors including gallium nitride (GaN) power integrated circuits (ICs), high-voltage silicon carbide (SiC) devices and associated high-speed silicon system controllers, and digital isolators used in power conversion and charging. We focus on high-power markets including artificial intelligence (\u201cAI\u201d) data centers, energy and grid infrastructure, performance computing and industrial electrification. Our products are engineered to deliver superior efficiency, performance, power density, and sustainability compared to legacy, silicon-based technologies. By leveraging the unique properties of wide bandgap (WBG) materials such as GaN and SiC, our solutions enable higher power throughput, higher voltage operation, improved thermal performance, and reduced system size and cost, which are critical advantages for high-power applications such as hyperscale and AI data centers, grid electrification, high-performance computing clusters, and industrial automation. We operate as a product design house that contracts the manufacturing of its chips and packaging to partner suppliers. Through this focus on high-power markets, we are positioned to support the global transition to electrification and energy conservation. Our mission is to drive innovation in high-frequency, high-efficiency, and high-density power electronics, enabling our customers to achieve greater energy savings, operational reliability, and sustainability. By unlocking new levels of speed and efficiency, Navitas is leading the transformation of power electronics to \u201cElectrify Our World\u201d\u2122 for a cleaner, more connected future. About the Company Navitas Semiconductor Corporation was originally incorporated as Live Oak Acquisition Corp. II. On October 19, 2021, as part of a series of related transactions (which we refer to as the \u201cBusiness Combination\u201d), Item 1A. Risk Factors. SUMMARY OF RISK FACTORS The below summary of risk factors provides an overview of many of the risks we are exposed to in the normal course of our business activities. As a result, the below summary risks do not contain all of the information that may be important to you, and you should re", "title": "NVTS - Navitas Semiconductor Corp", "url": "/company/NVTS/" }, { "kind": "company", "summary": "SIC 3341 Secondary Smelting & Refining of Nonferrous Metals; CIK 0001563411; latest 10-K filed 2026-02-25.", "text": "CSTM - CONSTELLIUM SE SIC 3341 Secondary Smelting & Refining of Nonferrous Metals; CIK 0001563411; latest 10-K filed 2026-02-25. CSTM CONSTELLIUM SE 0001563411 3341 Secondary Smelting & Refining of Nonferrous Metals Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis is based principally on our audited Consolidated Financial Statements prepared under U.S. GAAP at December 31, 2025 and 2024, and for the three years ended December 31, 2025 included elsewhere in this Annual Report, and is provided to supplement the audited Consolidated Financial Statements and the related notes to help provide an understanding of our financial condition, changes in financial condition, results of our operations, and liquidity. The following discussion is to be read in conjunction with our audited Consolidated Financial Statements prepared under U.S. GAAP and the notes thereto, which are included elsewhere in this Annual Report. The following discussion and analysis includes forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that could cause our actual results to differ materially from those expressed or implied by our forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and elsewhere in this Annual Report. See in particular \u201cForward-Looking Statements\u201d and \u201cItem 1A. Risk Factors. This section discusses items pertaining to and comparisons of financial results between fiscal years 2025 and 2024. A discussion of and comparisons between fiscal years 2024 and 2023 financial results can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7. of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 28, 2025. Amounts presented in the audited Consolidated Financial Statements are expressed in millions of U.S. dollars, except as otherwise stated. Shipments are expressed in thousands of metric tons. Amounts may not sum due to rounding. Management review and outlook Constellium delivered strong results in 2025 despite the uncertain macroeconomic and end market environment. Looking across our end markets, packaging demand remained healthy during 2025, and we continued to benefit from improved operational performance at Muscle Shoals. Aerospace demand was lower driven by continued destocking of aluminum products in the global Aerospace supply chain, though demand for high value add products remain healthy. Automotive demand remained weak in Europe and relatively stable in North America, and in the fourth quarter we benefited from increased demand due to short-term supply shortages in the U.S. Industrial market conditions in North America and Europe became more stable, and our shipments in Europe improved in the year given the post-flood recovery in Valais (Switzerland). Following the tariff announcements in 2025, market aluminum prices (LME price + Midwest Premium) have risen sharply in North America, and certain spot scrap aluminum spreads have improved from previous historically tight levels. We expect recent demand trends in our end markets to continue into the early part of 2026 and the overall macroeconomic environment to remain relatively stable, and we expect to benefit from recent market dynamics, including supply shortages for automotive rolled products as well as improved scrap spreads in North America. We are proactively managing the business to the current environment. We remain focused on executing on our strategy, driving operational performance, controlling costs, generating Free Cash Flow and increasing shareholder value. For the year ended December 31, 2025, our operating segments represented the following percentages of total Revenue and Segment Adjusted EBITDA: [[GREPCENT_TABLE]] [[\"\",\"Year ended December 31, 2025\"],[\"(as a % of total)\",\"Revenue\",\"\",\"Segment Adjusted EBITDA\"],[\"A&T\",\"\",\"23%\",\"\",\"47%\"],[\"P&ARP\",\"\",\"60%\",\"\",\"49%\"],[\"AS&I\",\"\",\"19%\",\"\",\"10%\"],[\"H&C (1) Item 1. Business General Constellium SE, a Societas Europaea (\u201cSE\u201d) incorporated under the law of France with its head office located at Washington Plaza 40-44 rue Washington, Paris, France, is the parent company of the Group. Unless the context indicates otherwise, when we refer to \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cConstellium,\u201d the \u201cGroup\u201d and the \u201cCompany\u201d in this document, we are referring to Constellium SE and its subsidiaries. On June 30, 2025, the Company determined it no longer qualified as a \u201cforeign private issuer\u201d. As from January 1, 2026, when its earlier submission to the US securities law requirements applicable to a domestic issuer ceased to be voluntary, the Company will continue to file annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and comply with all other obligations applicable to companies not qualifying as \u201cforeign private issuers\u201d as set forth by the New York Stock Exchange (\u201cNYSE\u201d) and the Securities and Exchange Commission (\u201cSEC\u201d). The Group\u2019s U.S. assets are held by Constellium US Holdings I, LLC, a wholly owned subsidiary of Constellium SE. The I.R.S. Employer Identification Number of Constellium US Holdings I, LLC is: 27-4126819. Overview We are a global leader in the development, manufacture and sale of a broad range of high value-added specialty rolled and extruded aluminum products to the aerospace, space, defense, packaging, automotive, commercial transportation and general industrial end-markets. Our business model is to add value by converting aluminum into semi-fabricated and in some instances fully-fabricated alloyed aluminum products which meet stringent and performance-critical requirements from our customers. Our product portfolio generally commands higher margins as compared to less differentiated, more commoditized aluminum products. Our business model aims to pass through aluminum price exposure by pricing our products to include the cost of the metal purchased and hedging any Item 1A. Risk Factors You should carefully consider the risks and uncertainties described below and the other information in this Annual Report. It is not possible to predict or identify all the risks and uncertainties to the Company\u2019s business and the following is not meant to be a complete discussion of all such potential risks or un", "title": "CSTM - CONSTELLIUM SE", "url": "/company/CSTM/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001819576; latest 10-K filed 2026-03-05.", "text": "LQDA - Liquidia Corp SIC 2834 Pharmaceutical Preparations; CIK 0001819576; latest 10-K filed 2026-03-05. LQDA Liquidia Corp 0001819576 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing in this Annual Report on Form 10-K. This discussion and other parts of this Annual Report on Form 10-K contain forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis. In this Item 7, we discuss the results of operations for the years ended December 31, 2025 and 2024 and comparisons of the year ended December 31, 2025 to the year ended December 31, 2024. Discussion and analysis of our 2024 fiscal year specifically, as well as the year-over-year comparison of our 2024 financial performance to 2023, are located in Part II, Item 7 - Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 18, 2025 (which have been revised in Exhibit 99.1 to our Current Report on Form 8-K filed on May 8, 2025). Objective The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is intended to provide information necessary to understand our audited consolidated financial statements for the two-year period ended December 31, 2025 and highlight certain other information which, in the opinion of management, will enhance a reader\u2019s understanding of our financial condition, changes in financial condition, results of operations, and cash flows. In particular, the discussion is intended to provide an analysis of significant trends and material changes in our financial position and the operating results of our business during the year ended December 31, 2025, as compared to the year ended December 31, 2024. This discussion should be read in conjunction with our consolidated financial statements for the two-year period ended the year ended December 31, 2025 and related notes included elsewhere in this Annual Report on Form 10-K. Overview We are a biopharmaceutical company driven by science and compassion to revolutionize care for patients with challenging respiratory and vascular diseases such as pulmonary arterial hypertension (\u201cPAH\u201d) and pulmonary hypertension associated with interstitial lung disease (\u201cPH-ILD\u201d). We operate through our wholly owned operating subsidiaries, Liquidia Technologies, Inc. and Liquidia PAH, LLC, formerly known as RareGen. We currently generate revenue through the sale of YUTREPIA (treprostinil) inhalation powder (\u201cYUTREPIA\u201d) and pursuant to a promotion agreement with Sandoz Inc. (\u201cSandoz\u201d), dated as of August 1, 2018, as amended (the \u201cPromotion Agreement\u201d), under which we share profit derived from the sale of Sandoz\u2019s generic treprostinil injection (\u201cTreprostinil Injection\u201d) in the United States. We employ a targeted commercial field force calling on healthcare providers involved in the treatment of PAH and PH-ILD in the United States, as well as key stakeholders involved in the distribution and reimbursement of medicines to treat these patients. YUTREPIA is an inhaled dry powder formulation of treprostinil designed with our proprietary PRINT technology, a particle engineering platform that enables precise production of uniform drug particles, to improve the therapeutic profile of treprostinil by enhancing deep lung delivery while using a convenient, low effort dry-powder inhaler (\u201cDPI\u201d) and by achieving higher dose levels than the labeled doses of other marketed inhaled treprostinil therapies. YUTREPIA wa Item 1. Business. Overview We are a biopharmaceutical company driven by science and compassion to revolutionize care for patients with challenging respiratory and vascular diseases such as pulmonary arterial hypertension (\u201cPAH\u201d) and pulmonary hypertension associated with interstitial lung disease (\u201cPH-ILD\u201d). We operate through our wholly owned operating subsidiaries, Liquidia Technologies, Inc. and Liquidia PAH, LLC, formerly known as RareGen. We currently generate revenue through the sale of YUTREPIA (treprostinil) inhalation powder (\u201cYUTREPIA\u201d) and pursuant to a promotion agreement with Sandoz Inc. (\u201cSandoz\u201d), dated as of August 1, 2018, as amended (the \u201cPromotion Agreement\u201d), under which we share profit derived from the sale of Sandoz\u2019s generic treprostinil injection (\u201cTreprostinil Injection\u201d) in the United States. We employ a targeted commercial field force calling on healthcare providers involved in the treatment of PAH and PH-ILD in the United States, as well as key stakeholders involved in the distribution and reimbursement of medicines to treat these patients. YUTREPIA is an inhaled dry powder formulation of treprostinil designed with our proprietary PRINT technology, a particle engineering platform that enables precise production of uniform drug particles, to improve the therapeutic profile of treprostinil by enhancing deep lung delivery while using a convenient, low effort dry-powder inhaler (\u201cDPI\u201d) and by achieving higher dose levels than the labeled doses of other marketed inhaled treprostinil therapies. YUTREPIA was approved by the U.S. Food and Drug Administration (\u201cFDA\u201d) in May 2025 for the treatment of both PAH and PH-ILD, and began commercialization in June 2025. Treprostinil Injection is a fully-substitutable generic treprostinil for parenteral administration in the United States. We have the exclusive rights to conduct commercial activities for Treprostinil Injection and work jointly with Sandoz on commercial strategy for the product. Sandoz Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below, as well as the other information in this Annual Report on Form 10-K, including our financial statements and the related notes thereto, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Resu", "title": "LQDA - Liquidia Corp", "url": "/company/LQDA/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001582313; latest 10-K filed 2026-02-26.", "text": "XENE - Xenon Pharmaceuticals Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001582313; latest 10-K filed 2026-02-26. XENE Xenon Pharmaceuticals Inc. 0001582313 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis together with our consolidated financial statements and notes included elsewhere in this Annual Report. The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ from those expressed or implied in any forward-looking statements as a result of various factors, including those set forth under the caption Part I, Item 1A \u2014 \u201cRisk Factors.\u201d Throughout this discussion, unless the context specifies or implies otherwise, the terms \u201cXenon,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to Xenon Pharmaceuticals Inc. and its subsidiary. Overview We are a neuroscience-focused biopharmaceutical company dedicated to discovering, developing, and delivering life-changing therapeutics. We are advancing an ion channel product portfolio to address areas of high unmet medical need, including epilepsy and depression. Azetukalner Clinical Development Azetukalner, a novel, potent Kv7 potassium channel opener, represents the most advanced, clinically-validated potassium channel modulator in late-stage clinical development for the treatment of multiple indications, including two in epilepsy \u2013 FOS and PGTCS \u2013 as well as neuropsychiatric disorders, including MDD and BPD. Epilepsy Programs \u2022 Topline data from the Phase 3 X-TOLE2 study of azetukalner in FOS is on track for the first half of March 2026. \u2022 Phase 3 X-TOLE3 study of azetukalner in FOS continues to enroll and is intended to support regulatory submissions outside the United States. We have completed an ethnobridging study and shared results with Japan\u2019s Pharmaceutical and Medical Devices Agency, or PMDA. We aligned with PMDA to enroll approximately 60 of the planned 360 X-TOLE3 participants in Japan to support a potential regulatory submission in Japan. X-TOLE3 enrollment outside of Japan is expected to complete in 2026. \u2022 Phase 3 X-ACKT study of azetukalner in PGTCS continues to enroll and is intended to support regulatory submissions for an additional epilepsy indication. \u2022 We presented 48-month data from the X-TOLE OLE study at the American Epilepsy Society, or AES, annual meeting, reinforcing the long-term efficacy and safety of azetukalner with more than 775 patient-years of exposure data in the OLE. Among participants treated for \u226548 months, reductions in monthly FOS frequency were over 90% from double-blind period baseline, with over 38% achieving at least 12 months of seizure freedom. Depression Programs \u2022 Enrollment is ongoing for the Phase 3 X-NOVA2 and X-NOVA3 studies evaluating azetukalner in patients with MDD, with topline data from X-NOVA2 expected in H1 2027. \u2022 Phase 3 X-CEED study evaluating azetukalner in patients with BPD I or II is underway. Early-Stage R&D We continue to expand our portfolio of innovative potassium and sodium channel modulators. Nav1.7 and Kv7 are important targets for pain and have been developed using our strong heritage in human genetics, deep understanding of ion channel biology, and expertise in novel chemistries to design potent, selective ion channel modulators. Pain \u2022 Phase 1 SAD/MAD study in healthy adult participants is underway for XEN1701 targeting Nav1.7. Study completion is expected in 2026 to support initiating a Phase 2 proof-of-concept study in acute pain. \u2022 Phase 1 SAD/MAD study in healthy adult participants is underway for XEN1120 targeting Kv7. Study completion is expected in 2026 to support initiating a Phase 2 proof-of-concept study in acute pain. Epilepsy \u2022 IND-enabling studies are ongoing for our Nav1.1 program. Pre-clinical data suggest that targeting Nav1.1 could potentially address the underlying cause and symptoms of Dravet Syndrome. 74 Partnered Program \u2022 In collaboration with Neurocrine Biosciences, a Phase 1 study is ongoing for NBI-921355, an investigational, selective inhibitor of voltage-gated sodium ch Item 1. Business We are a neuroscience-focused biopharmaceutical company dedicated to drug discovery, clinical development and commercialization of life-changing therapeutics for patients in need. We are advancing a differentiated product pipeline led by our investigational candidate, azetukalner, which is being studied in multiple Phase 3 studies in epilepsy, major depressive disorder, or MDD, and bipolar depression, or BPD. Our early-stage pipeline includes Kv7 potassium channel openers and Nav sodium channel modulators being advanced for select high\u2011need indications, including pain. Our Strategy Our goal is to build a fully-integrated and profitable biopharmaceutical company that discovers, develops, and commercializes innovative therapeutics to treat a range of neurological and psychiatric disorders. Key components of our strategy include: \u2022 Leveraging our discovery capabilities \u2013 which were founded upon our understanding of the genetics of channelopathies combined with proprietary biology and medicinal chemistry assets and know-how \u2013 to identify product candidates for development; \u2022 Advancing selected proprietary product candidates through clinical development; \u2022 Selectively establishing collaborations that allow us to potentially expand our internal capabilities and/or address broader commercial opportunities than may be possible independently; \u2022 Identifying opportunities to further expand our pipeline through indication expansion, acquisition, or in-licensing of external product candidates; and \u2022 Commercializing product candidates alone or in collaboration with others, including our late-stage investigational candidate, azetukalner, which is being studied in epilepsy and depression. 3 Our Pipeline Our Product Candidates Azetukalner Azetukalner, a novel, potent Kv7 potassium channel opener, represents the most advanced, clinically-validated potassium channel modulator in late-stage clinical development for the treatment of multiple indications, i Item 1A. Risk Factors You should carefully consider the following risk factors, in addition to the other information contained in this report, including the section of this report captioned \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our financial statements and related notes. If any of the e", "title": "XENE - Xenon Pharmaceuticals Inc.", "url": "/company/XENE/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001438533; latest 10-K filed 2026-02-19.", "text": "TVTX - Travere Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001438533; latest 10-K filed 2026-02-19. TVTX Travere Therapeutics, Inc. 0001438533 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Our discussion and analysis of our financial condition and results of operations for 2025 as compared to 2024 are discussed below and should be read in conjunction with our audited Consolidated Financial Statements, including the notes thereto. For a discussion of our financial condition and results of operations for 2024 as compared to 2023, except as set forth below, please refer to Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our 2024 Annual Report on Form 10-K, which discussion is incorporated by reference herein. Overview We are a biopharmaceutical company headquartered in San Diego, California, focused on identifying, developing and delivering life-changing therapies to people living with rare kidney and metabolic diseases. Our approach centers on advancing our innovative pipeline with multiple late-stage clinical programs targeting rare diseases with significant unmet medical needs. Upon approval of any of our late-stage programs, we intend to leverage the skills of our talented commercial organization which has successfully identified, supported and treated patients prescribed our approved products for over ten years. FILSPARI\u00ae (sparsentan) On September 5, 2024, the FDA granted full approval of FILSPARI\u00ae (sparsentan) to slow kidney function decline in adults with primary Immunoglobulin A nephropathy (IgAN) who are at risk of disease progression. FILSPARI had previously been granted accelerated approval in February 2023 based on the surrogate marker of proteinuria. Full approval was based on positive long-term confirmatory results from the PROTECT Study demonstrating that FILSPARI significantly slowed kidney function decline over two years compared to irbesartan. FILSPARI is the only oral, once-daily, non-immunosuppressive medication that directly targets glomerular injury in the kidney by blocking two critical pathways of IgAN disease progression (endothelin-1 and angiotensin II). The two-year efficacy data contained in the FDA-approved label is a modified intention to treat (ITT) analysis and evaluates data from all patients regardless of treatment discontinuation. In the final analysis of the 404 randomized patients, FILSPARI significantly reduced the rate of decline in kidney function from baseline to Week 110 compared to irbesartan. In the ITT analysis included in the label, the mean eGFR slope from baseline to Week 110 was -3.0 mL/min/1.73 m2/year for FILSPARI and -4.2 mL/min/1.73 m2/year for irbesartan, corresponding to a statistically significant treatment effect of 1.2 mL/ min/1.73 m2/year (p=0.0168). The positive treatment effects on proteinuria compared to the active control irbesartan that were observed at Week 36 were durable out to the two-year measurement period. Additional results from the PROTECT Study demonstrated the 70 Table of Contents benefit of FILSPARI on absolute eGFR accrued over time and by Week 110 resulted in a 3.8 mL/min/1.73 m2 difference in the mean change from baseline between FILSPARI and irbesartan. Results from the PROTECT Study showed that FILSPARI was well tolerated with a clearly defined safety profile that has been consistent across all clinical trials conducted to date. FILSPARI is a dual endothelin angiotensin receptor antagonist (\"DEARA\"). Pre-clinical data have shown that blockade of both endothelin type A and angiotensin II type 1 pathways in forms of rare chronic kidney disease, reduces proteinuria, protects podocytes and prevents glomerulosclerosis and mesangial cell proliferation. FILSPARI has been granted seven years of Orphan Drug Exclusivity in the U.S. (running from the date of accelerated approval) for the reduction of proteinuria in adults with primary IgAN at risk of rapid disease progression, and has been granted a separate seven years of Orphan Drug Exclusivity in the U.S. (running from the date of full ITEM 1. BUSINESS Those statements in the following discussion that are not historical in nature should be considered forward-looking statements that are inherently uncertain. Actual results and the timing of the events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in the \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d set forth elsewhere in this Annual Report. Overview We are a biopharmaceutical company headquartered in San Diego, California, focused on identifying, developing and delivering life-changing therapies to people living with rare kidney and metabolic diseases. Our approach centers on advancing our innovative pipeline with multiple late-stage clinical programs targeting rare diseases with significant unmet medical needs. In September 2024, the U.S. Food and Drug Administration (\"FDA\") granted full approval to our lead development program, FILSPARI (sparsentan), which is indicated to slow kidney function decline in adults with primary Immunoglobulin A nephropathy (\"IgAN\") who are at risk of disease progression. IgAN is a rare progressive kidney disease and the most common type of primary glomerulonephritis worldwide. FILSPARI had previously been granted accelerated approval for IgAN in February 2023 based on the surrogate marker of proteinuria. Full approval was based on positive long-term confirmatory results from the PROTECT Study demonstrating that FILSPARI significantly slowed kidney function decline over two years compared to irbesartan. Sparsentan is also in late-stage development for focal segmental glomerulosclerosis (\"FSGS\"). FSGS is a rare kidney disease and leading cause of kidney failure with no approved treatment options. In February 2025, we announced that we had completed a Type C meeting with the FDA and in March 2025, we announced that we had submitted an sNDA to the FDA seeking traditional approval of FILSPARI for ITEM 1A. RISK FACTORS Our business, as well as an investment in our common stock, is highly speculative in nature and involves a high degree of risk. Our securities should be purchased only by persons who can afford to lose their entire investment. Carefully consider the risks and uncertainties described below together with all", "title": "TVTX - Travere Therapeutics, Inc.", "url": "/company/TVTX/" }, { "kind": "company", "summary": "SIC 1000 Metal Mining; CIK 0001970622; latest 10-K filed 2026-03-30.", "text": "USAR - USA Rare Earth, Inc. SIC 1000 Metal Mining; CIK 0001970622; latest 10-K filed 2026-03-30. USAR USA Rare Earth, Inc. 0001970622 1000 Metal Mining Item 7 \u2014 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis is intended to help the reader understand our results of operations and financial condition. It should be read in conjunction with the Consolidated Financial Statements and related Notes included in Part II, Item 8, \u201cFinancial Statements and Supplementary Data,\u201d in this Annual Report on Form 10-K. The following discussion may contain forward-looking statements. Forward-looking statements are not guarantees of performance. Although we believe these forward-looking statements are reasonable when made, we cannot assure you that we will achieve or realize these plans or expectations. Our actual results and the timing of events may differ materially from those expressed or implied as a result of various factors, including those set forth in the sections titled \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements and Risk Factor Summary.\u201d Overview We are building a leading global rare earth value chain, from mine to magnet and beyond. We intend to secure, reshore, and grow the materials intelligence and production technologies required to stand up a resilient rare earth industry. This advanced industrial operating system should strengthen supply-chain security for the national defense, manufacturing and technology of the U.S. and its allies. Our plan is to build an integrated platform to encompass the entire rare earth value chain: extraction and separation of rare earth oxides; conversion of oxides into metals, alloys and strip-cast; and production of sintered NdFeB permanent magnets, which we refer to as neo magnets. This capability should address the supply-chain vulnerabilities created by China\u2019s current dominance of rare earth processing, metal and magnet manufacturing. Recent Developments, Key Trends, Opportunities and Uncertainties We are an early-stage company with a limited operating history. We incurred a net loss of $298.5 million for the year ended December 31, 2025 and had an accumulated deficit of $387.4 million as of December 31, 2025. Our 2025 revenues were derived solely from our Less Common Metals business for a portion of the year following the Less Common Metals Acquisition, and we have not yet generated revenues from neo magnet manufacturing or mineral production. We expect to sustain substantial operating expenses without generating sufficient revenues to cover those expenditures for the foreseeable future. Our historical results are not indicative of our future results, and our ability to generate sufficient revenue to achieve profitability will depend largely on the successful development of our integrated mine-to-magnet platform. Accordingly, the drivers of our future financial results, as well as the components of such results, may not be comparable to our historical results of operations. We believe that our performance and future success depend on several factors that present significant opportunities for us but also pose significant risks and challenges, including those discussed below and in Part I, Item 1A, \u201cRisk Factors.\u201d Less Common Metals In the fourth quarter of 2025, we completed the acquisition of Indian Ocean Rare Metals Pte. Ltd., which includes Less Common Metals Ltd. (\u201cLess Common Metals\u201d), its manufacturing subsidiary located in Cheshire, United Kingdom. Less Common Metals is a leading scaled ex-China rare earth metal and alloy manufacturer. The acquisition of Less Common Metals is the vital link in our end-to-end REE supply chain by adding value through processing of REE oxides, rare earth metals and transition metals into specialized and often complex alloys of close compositional control, low and consistent levels of impurities and controlled microstructures. See Note 2, \u201cMerger Transaction and Acquisition \u2013 Acquisition of Indian Ocean Rare Earth Metals Pte. Ltd.\u201d of the Notes to Consolidated Financial Statements in Part II, Item 8 Item 1 \u2014 Business Overview USA Rare Earth, Inc.\u2019s mission is to be a global leader in the supply of critical minerals and advanced materials and the partner of choice in producing rare earth elements, oxides, metals and magnets. Rare earth elements and critical minerals are vital inputs to end markets including national security, technological innovation, and the increasing number of advanced manufacturers who seek a reliable source of rare earth materials and magnets. We intend to deploy capital in effective and efficient ways to develop our assets and to deliver innovative, high-quality products to our partners and customers. We are building an integrated rare earth mine to magnet value chain that we project will be resilient through economic cycles, and well-positioned to meet today\u2019s market dynamics and national security priorities. As we advance this strategy, we plan to deliver high\u2011margin organic growth driven by disciplined execution as we develop world\u2011class assets and capabilities. Our value chain model also prioritizes identifying strategic opportunities for additional growth and expansion. We intend to secure relationships with the private and public sector, scaling our production and building strong capabilities across each link of our integrated value chain. We have mining rights to what we believe is one of North America\u2019s largest recoverable deposits of heavy rare earth elements (\u201cHREE\u201d) which includes dysprosium, terbium and yttrium, as well as critical minerals such as gallium and hafnium, which we believe should be sufficient for our metal and magnet making needs, as well as to help meet global third-party demand. We believe our pipeline of strategic expansionary projects should provide opportunities for growth. Our growing list of projects includes: \u2022The establishment of a secure domestic supply chain for rare earths through our proposed collaboration with the U.S. Government subject to the negotiation of definitive agreements and the achie Item 1A \u2014 Risk Factors The following discussion sets forth what management currently believes could be the most significant risks and uncertainties that could impact our business, results of operations, and financial condition. You should consider carefully the risks and uncertainties described below, together with all of the other information contained in ", "title": "USAR - USA Rare Earth, Inc.", "url": "/company/USAR/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001759425; latest 10-K filed 2026-02-25.", "text": "MIRM - Mirum Pharmaceuticals, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001759425; latest 10-K filed 2026-02-25. MIRM Mirum Pharmaceuticals, Inc. 0001759425 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes included in Item 8 \u201cFinancial Statements and Supplementary Data\u201d and included elsewhere in this Annual Report. This discussion and analysis contains forward-looking statements based upon our current beliefs, estimates, plans and expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those contained in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d or in other parts of this Annual Report. Overview We are a biopharmaceutical company dedicated to transforming the treatment of rare diseases. We have three approved medicines: LIVMARLI\u00ae (maralixibat) (\u201cLivmarli\u201d), CHOLBAM\u00ae (cholic acid) capsules (\u201cCholbam\u201d), and CTEXLI\u00ae (chenodiol) tablets (\u201cCtexli\u201d). Livmarli is a novel, orally administered, minimally-absorbed ileal bile acid transporter (\u201cIBAT\u201d) inhibitor (\u201cIBATi\u201d) that is approved for the treatment of cholestatic pruritus in patients with Alagille syndrome (\u201cALGS\u201d) in the United States (\u201cU.S.\u201d), the European Union (\u201cEU\u201d) and various other countries around the world and for cholestatic pruritus in patients with progressive familial intrahepatic cholestasis (\u201cPFIC\u201d) in the U.S., Canada and Japan and for the treatment of PFIC in the EU. We market and commercialize Livmarli in the U.S., Canada and certain countries in Europe through our specialized and focused commercial team. We have also entered into license and distribution agreements with several rare disease companies for the commercialization of Livmarli in additional countries. In March 2025, our partner Takeda received approval from the Japanese Ministry of Health, Labour, and Welfare for Livmarli for the treatment of cholestatic pruritus in patients with ALGS and PFIC. In August 2023, we completed the acquisition of assets of Travere Therapeutics, Inc. (\u201cTravere\u201d) that are primarily related to the development, manufacture (including synthesis, formulation, finishing or packaging) and commercialization of chenodiol and Cholbam (also known as Kolbam) (and together with chenodiol, the \u201cBile Acid Medicines\u201d) pursuant to an asset purchase agreement dated July 16, 2023 (such acquisition, the \u201cBile Acid Portfolio Acquisition\u201d). The U.S. Food and Drug Administration (\u201cFDA\u201d) approved Cholbam in March 2015, as the first FDA-approved treatment for pediatric and adult patients with bile acid synthesis disorders due to single enzyme defects, and for adjunctive treatment of patients with peroxisomal disorders, including peroxisome biogenesis disorder-Zellweger spectrum disorder (\u201cPBD-ZSD\u201d). Chenodiol is standard of care for the treatment of cerebrotendinous xanthomatosis (\u201cCTX\u201d) in the U.S. with a medical necessity recognition by the FDA and was commercialized under the brand name Chenodal. We submitted a new drug application (\u201cNDA\u201d) for chenodiol for the treatment of CTX in 2024 and received FDA approval for the treatment of adults with CTX in February 2025, which is commercialized under the brand name Ctexli. We currently market and commercialize Cholbam and Ctexli in the U.S. through our specialized and focused commercial team. We have also assumed license and distribution agreements with several rare disease companies for the commercialization of Cholbam and chenodiol in additional countries. We are advancing our product candidate, volixibat, a novel, oral, minimally-absorbed agent designed to inhibit IBAT, for the treatment of adult patients with cholestatic liver diseases. We are developing volixibat in the setting of primary sclerosing cholangitis (\u201cPSC\u201d) and primary biliary cholangitis (\u201cPBC\u201d), and in October 2024, we announced that the FDA granted Breakthrough Therapy designation for voli Item 1. Business. Overview We are a biopharmaceutical company dedicated to transforming the treatment of rare diseases. We have three approved medicines: LIVMARLI\u00ae (maralixibat) (\u201cLivmarli\u201d), CHOLBAM\u00ae (cholic acid) capsules (\u201cCholbam\u201d), and CTEXLI\u00ae (chenodiol) tablets (\u201cCtexli\u201d). Livmarli is a novel, orally administered, minimally-absorbed ileal bile acid transporter (\u201cIBAT\u201d) inhibitor (\u201cIBATi\u201d) that is approved for the treatment of cholestatic pruritus in patients with Alagille syndrome (\u201cALGS\u201d) in the United States (\u201cU.S.\u201d), the European Union (\u201cEU\u201d) and various other countries around the world and for cholestatic pruritus in patients with progressive familial intrahepatic cholestasis (\u201cPFIC\u201d) in the U.S., Canada and Japan and for the treatment of PFIC in the EU. We market and commercialize Livmarli in the U.S., Canada and certain countries in Europe through our specialized and focused commercial team. We have also entered into license and distribution agreements with several rare disease companies for the commercialization of Livmarli in additional countries. We are also seeking to add to the approved indications for Livmarli by conducting the EXPAND study in settings of cholestatic pruritus due to other rare conditions. In August 2023, we completed the acquisition of assets of Travere Therapeutics, Inc. (\u201cTravere\u201d) that are primarily related to the development, manufacture (including synthesis, formulation, finishing or packaging) and commercialization of chenodiol and Cholbam (also known as Kolbam) (and together with chenodiol, the \u201cBile Acid Medicines\u201d) pursuant to an asset purchase agreement dated July 16, 2023 (such acquisition, the \u201cBile Acid Portfolio Acquisition\u201d). The U.S. Food and Drug Administration (\u201cFDA\u201d) approved Cholbam in March 2015 as the first FDA-approved treatment for pediatric and adult patients with bile acid synthesis disorders due to single enzyme defects and for adjunctive treatment of patients with peroxisomal disorders, including Item 1A. Risk Factors. An investment in shares of our common stock involves a high degree of risk. You should carefully consider the following risk factors, as well as the other information in this Annual Report on Form 10-K, before deciding whether to purchase, hold or sell shares of our common stock. The occurren", "title": "MIRM - Mirum Pharmaceuticals, Inc.", "url": "/company/MIRM/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0001810546; latest 10-K filed 2026-03-02.", "text": "EBC - Eastern Bankshares, Inc. SIC 6035 Savings Institution, Federally Chartered; CIK 0001810546; latest 10-K filed 2026-03-02. EBC Eastern Bankshares, Inc. 0001810546 6035 Savings Institution, Federally Chartered ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the Consolidated Financial Statements and notes thereto appearing elsewhere in this Annual Report on Form 10-K. In addition to historical data, this discussion contains forward-looking statements about our business, results of operations, cash flows, financial condition and prospects based on current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those in this discussion as a result of various factors, including, but not limited to, those discussed under Part I, Item 1A, \u201cRisk Factors\u201d appearing elsewhere in this Annual Report on Form 10-K. Overview We are a bank holding company, and our principal subsidiary, Eastern Bank, is a Massachusetts-chartered bank that has served the banking needs of our customers since 1818. Our business philosophy is to operate as a diversified financial services enterprise providing a broad array of banking and other financial services primarily to retail, commercial and small business customers. We had total assets of $30.6 billion and $25.6 billion at December 31, 2025 and 2024, respectively. We are subject to comprehensive regulation and examination by the Massachusetts Commissioner of Banks, the New Hampshire Banking Department, the FDIC, the Federal Reserve Board and the Consumer Financial Protection Bureau. Our business consists of a full range of banking, lending (commercial, residential and consumer), savings and small business offerings, including our wealth management and trust operations that we conduct under our \u201cCambridge Trust Wealth Management, a division of Eastern Bank\u201d brand name (\u201cCambridge Trust Wealth Management division\u201d). On November 1, 2025, we completed our previously announced merger with HarborOne. In accordance with the terms of the definitive merger agreement, each share of HarborOne common stock was exchanged for either (i) 0.765 shares of Company common stock and cash in lieu of any fractional share or (ii) $12.00 in cash subject to allocation procedures. We issued 26.9 million shares of our common stock in the exchange and paid aggregate cash consideration of $74.6 million, which resulted in a transaction value of approximately $550.1 million based upon the closing price of our common stock on October 31, 2025 of $17.53 per share. HarborOne, a Massachusetts corporation, was a federally registered bank holding company headquartered in Brockton, Massachusetts. HarborOne Bank, a Massachusetts-chartered trust company formed in 1917, was a wholly-owned subsidiary of HarborOne that operated through a network of 30 full-service banking offices in Massachusetts and Rhode Island, and commercial lending offices in Boston, Massachusetts and Providence, Rhode Island, with $5.5 billion in total assets and $4.3 billion in deposits as of October 31, 2025. Net income from continuing operations, computed in accordance with GAAP, was $88.2 million and $119.6 million for the years ended December 31, 2025 and 2024, respectively. The decrease was primarily due to losses on sales of securities during the year ended December 31, 2025 which exceeded losses on sales of securities for the year ended December 31, 2024. Partially offsetting the increase in losses on sales of securities was a decrease in one-time expenses during the year ended December 31, 2025 compared to the year ended December 31, 2024 associated with our mergers with HarborOne and Cambridge. One-time expenses during the year ended December 31, 2024 included the initial allowance for loan losses associated with non-purchased credit deteriorated (\u201cPCD\u201d) loans, which was recorded subsequent to the completion of the merger through earnings and is hereafter referred to as the \u201cnon-PCD loan day-2\u201d provision for the allowance for loan losses. Net income from continuing operations for the year ended December 31, ITEM 1. BUSINESS General Corporate Overview Eastern Bankshares, Inc., a Massachusetts corporation, which we sometimes refer to as the \u201cCompany,\u201d is a bank holding company headquartered in Boston, Massachusetts that was incorporated under Massachusetts law in 2020. We are the sole shareholder of Eastern Bank, which we sometimes refer to as the \u201cBank,\u201d a Massachusetts-chartered bank founded in 1818. Through the Bank, we provide a variety of banking and trust and investment services. As of December 31, 2025, we had total consolidated assets of $30.6 billion, total gross loans of $23.6 billion, total deposits of $25.5 billion and total shareholders\u2019 equity of $4.3 billion. We are subject to comprehensive regulation and examination by the Massachusetts Commissioner of Banks, the Federal Deposit Insurance Corporation (\u201cFDIC\u201d), the Federal Reserve Board, the Consumer Financial Protection Bureau and the New Hampshire Banking Department. Our diversified products and services include lending, deposit, and wealth management. Deposits obtained through the branch banking network have traditionally been the principal source of funds for use in lending and for other general business purposes. We offer a range of demand deposit accounts, interest checking accounts, money market accounts, savings accounts and time certificates of deposit accounts. Our lending focuses on the following loan categories: commercial and industrial, including our Asset Based Lending Portfolio, commercial real estate, commercial construction, small business banking, residential real estate and home equity loans. Through Cambridge Trust Wealth Management, a division of Eastern Bank, we provide a wide range of wealth management and trust services. In addition, we offer automated lock box collection services, cash management services and account reconciliation services to our corporate and institutional customers, as well as cash management services to our municipal clients. The only entity controlled dir ITEM 1A. RISK FACTORS We are subject to a number of risks potentially affecting our business, financial condition, results of operations and cash flows. As a company offering banking and other financial services, certain elements of risk are inherent in our transactions and operations and are pr", "title": "EBC - Eastern Bankshares, Inc.", "url": "/company/EBC/" }, { "kind": "company", "summary": "SIC 1700 Construction - Special Trade Contractors; CIK 0002052568; latest 10-K filed 2026-03-30.", "text": "LGN - Legence Corp. SIC 1700 Construction - Special Trade Contractors; CIK 0002052568; latest 10-K filed 2026-03-30. LGN Legence Corp. 0002052568 1700 Construction - Special Trade Contractors Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and related notes that appear elsewhere in this filing. In addition to historical consolidated financial information, the following discussion contains \u201cforward-looking statements\u201d that reflect our future plans, estimates, beliefs and expected performance. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described under \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d and elsewhere in this filing. Our actual results may differ materially from those contained in or implied by any forward-looking statements. We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law. Overview We are a leading provider of engineering, installation and maintenance services for mission-critical systems in buildings. We focus on high-growth sectors that have technically demanding buildings, including technology, life sciences, healthcare and education. Our business is growing rapidly as data centers, manufacturers, pharmaceutical companies, hospitals, schools and universities make investments in both new and existing facilities to support growing demand for their products and services, reduce energy costs and increase resiliency. In 2025, we generated more than half of our revenues from \u201chigh growth industries,\u201d which we define as clients operating in the data center & technology and life sciences & health care end-markets. As of December 31, 2025, we had $3.7 billion of backlog and awarded contracts, representing an increase of 49% over the same date last year. We specialize in designing, fabricating and installing complex HVAC, process piping and other MEP systems for new facilities and upgrading HVAC, lighting and building controls in existing facilities to enhance building performance, improve reliability and drive efficiency. In 2025, we generated approximately 40% of our revenues from new building projects and approximately 60% of our revenues from retrofits, upgrades and maintenance for existing buildings. Our team includes approximately 1,200 MEP engineers and energy consultants, and approximately 6,200 HVAC and plumbing service technicians, fitters, electricians and sheet metal workers. Our clients include large technology and industrial companies and public sector institutions who contract with us directly to provide services, as well as intermediaries such as architects and general contractors who subcontract MEP services to us as part of a larger project. We served approximately 20,000 clients from 2019 through 2025. In 2025, we generated approximately 2% of our revenues from the federal government. Excluding maintenance contracts which can span multiple years, we typically complete most of our jobs within nine months. 45 Table of Contents The contribution to our revenue by building type and client end market is as follows (dollars in thousands): [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"\",\"$\",\"\",\"%\",\"\",\"$\",\"\",\"%\",\"\",\"$\",\"\",\"%\"],[\"Revenue by Building Type\"],[\"Existing building\",\"$\",\"1,537,842\",\"\",\"\",\"60.3\",\"%\",\"\",\"$\",\"1,415,692\",\"\",\"\",\"67.5\",\"%\",\"\",\"$\",\"1,056,316\",\"\",\"\",\"65.4\",\"%\"],[\"New building\",\"1,012,649\",\"\",\"\",\"39.7\",\"%\",\"\",\"682,910\",\"\",\"\",\"32.5\",\"%\",\"\",\"558,746\",\"\",\"\",\"34.6\",\"%\"],[\"Revenue\",\"$\",\"2,550,491\",\"\",\"\",\"100.0\",\"%\",\"\",\"$\",\"2,098,602\",\"\",\"\",\"100.0\",\"%\",\"\",\"$\",\"1,615,062\",\"\",\"\",\"100.0\",\"%\"],[\"Revenue by Client End Market(1)\"],[\"Data centers & technology(2)\",\"$\",\"1,087,800\",\"\",\"\",\"42.7\",\"%\",\"\",\"$\",\"724,906\",\"\",\"\",\"34.5\",\"%\",\"\",\"$\",\"517,518\",\"\",\"\",\"32.0\",\"%\"],[\"Life sciences & healthcare(3)\",\"459,186\",\"\",\"\",\"18.0\",\"%\",\"\",\"342,490\",\" Item 1. Business Our Company We are a leading provider of engineering, installation and maintenance services for mission-critical systems in buildings. We believe that providing integrated solutions for engineering, installing and maintenance of mechanical, electrical and plumbing (\u201cMEP\u201d) systems results in lower total cost, fewer change orders and faster turnaround times for our clients and higher win rates, better customer retention, incremental margin and more recurring revenue for us. We focus on high-growth sectors that have technically demanding buildings, including technology, life sciences, healthcare and education. Our business is growing rapidly as data centers, manufacturers, pharmaceutical companies, hospitals, schools and universities make investments in both new and existing facilities to support growing demand for their products and services, reduce energy costs and increase resiliency. In 2025, we generated more than half of our revenues from \u201chigh growth industries,\u201d which we define as clients operating in the data center and technology and life sciences and health care end-markets. As of December 31, 2025, we had $3.7 billion of backlog and awarded contracts, representing an increase of 49% over the same date last year. We specialize in designing, fabricating and installing complex heating, ventilation and air conditioning (\u201cHVAC\u201d), process piping and other \u201cMEP\u201d systems for new facilities and upgrading HVAC, lighting and building controls in existing facilities enhance building performance, improve reliability and drive efficiency. In 2025, we generated approximately 40% of our revenues from new building projects and 60% of our revenues from retrofits, upgrades and maintenance for existing buildings. Our team includes approximately 1,200 MEP engineers and energy consultants, and approximately 6,200 HVAC and plumbing service technicians, fitters, electricians and sheet metal workers. Our clients include large technology and industrial companie Item 1A. Risk Factors Investing in our Class A Common Stock involves risk. In addition to the other information contained in this Annual Report, the following risk factors make an investment in us speculative or risky and should be considered in evaluating our business and future prospects. The risks and uncertainties d", "title": "LGN - Legence Corp.", "url": "/company/LGN/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001727196; latest 10-K filed 2026-03-03.", "text": "SRRK - Scholar Rock Holding Corp SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001727196; latest 10-K filed 2026-03-03. SRRK Scholar Rock Holding Corp 0001727196 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The information contained in this section has been derived from our consolidated financial statements and should be read together with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, the \u201cExchange Act\u201d and are subject to the \u201csafe harbor\u201d created by those sections. In particular, statements contained in this Annual Report on Form 10-K that are not historical facts, including, but not limited to statements regarding our future expectations, plans and prospects, including without limitation, our expectations regarding the potential of the TGF\u03b2 program, the potential of apitegromab as a therapy in SMA and the timeline for and progress in developing apitegromab, the potential of SRK-181 as a cancer immunotherapy and the timeline for and progress in developing SRK-181, the potential for our anti-myostatin program as a therapy in cardiometabolic disorders, and liquidity, constitute forward-looking statements and are made under these safe harbor provisions. Some of the forward-looking statements can be identified by the use of forward-looking terms such as \"believes,\" \"expects,\" \"may,\" \"will,\" \"should,\" \"could,\" \"seek,\" \"intends,\" \"plans,\" \"estimates,\" \"anticipates,\" or other comparable terms. Forward-looking statements involve inherent risks and uncertainties, which could cause actual results to differ materially from those in the forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. We urge you to consider the risks and uncertainties discussed in greater detail under the heading \"Risk Factors\" elsewhere in this Annual Report on Form 10-K in evaluating our forward-looking statements. We have no plans to update our forward-looking statements to reflect events or circumstances after the date of this report. As a result of many factors, including those factors set forth under the heading \"Risk Factors\" elsewhere in this Annual Report on Form 10-K, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a global biopharmaceutical company dedicated to improving the lives of children and adults with SMA and additional rare, severe and debilitating neuromuscular diseases. As a leader in the biology of TGF\u03b2 superfamily, our novel understanding of the molecular mechanisms of growth factor activation enabled the development of a proprietary platform for the discovery and development of monoclonal antibodies that locally and selectively target the precursor, or latent, forms of growth factors. Based on our innovative, proprietary, and scalable technology platform, we are building a world-leading anti-myostatin pipeline. \u200b Our lead pipeline product candidates include apitegromab, a subcutaneous formulation of apitegromab, and SRK-439. Apitegromab is a novel, investigational, fully human monoclonal antibody that inhibits myostatin activation by selectively binding the pro- and latent forms of myostatin in skeletal muscle. Myostatin is a catabolic agent that functions as a negative regulator of muscle mass, therefore inhibition of myostatin results in increased muscle mass and strength. Apitegromab is in development for the treatment of people with SMA and for the treatment of people with FSHD. \u200b In October 2024, we announced positive top-line results in SAPPHIRE, a pivotal Phase 3 clinical trial to evaluate the efficacy and safety of apitegromab in patients with non-ambulatory Type 2 and Type 3 SMA (which is estimated to represent the majority Item 1. Business I. Overview We are a global biopharmaceutical company dedicated to improving the lives of children and adults with spinal muscular atrophy (\u201cSMA\u201d) and additional rare, severe and debilitating neuromuscular diseases. As a leader in the biology of the transforming growth factor beta (\u201cTGF\u03b2\u201d) superfamily, our novel understanding of the molecular mechanisms of growth factor activation enabled the development of a proprietary platform for the discovery and development of monoclonal antibodies that locally and selectively target the precursor, or latent, forms of growth factors. Based on our innovative, proprietary, and scalable technology platform, we are building a world-leading anti-myostatin pipeline. During 2025, we made significant progress in advancing our product candidates. We believe 2026 could be a transformational year for Scholar Rock as we anticipate the potential to become a commercial-stage biotech company. Our lead pipeline product candidates include apitegromab, a subcutaneous formulation of apitegromab, and SRK-439. Apitegromab is a novel, investigational, fully human monoclonal antibody that inhibits myostatin activation by selectively binding the pro- and latent forms of myostatin in skeletal muscle. Myostatin is a catabolic agent that functions as a negative regulator of muscle mass, therefore inhibition of myostatin results in increased muscle mass and strength. Apitegromab is in development for the treatment of people with SMA and for the treatment of people with facioscapulohumeral muscular dystrophy (\u201cFSHD\u201d). Positive data from the successful Phase 3 SAPPHIRE study evaluating apitegromab in children and adults with SMA were reported in October 2024, and regulatory approvals are anticipated in the U.S. and Europe in 2026. Beyond SMA, a Phase 2 study evaluating apitegromab in patients with FSHD is expected to initiate in mid-2026. We see potential for apitegromab broadly in additional rare, severe, and debilitating neuromuscul Item 1A. Risk Factors Careful consideration should be given to the following risk factors, together with all other information set forth in this Annual Report, including our consolidated financial statements and related notes, and \u201cManagement\u2019s Discussion and Analysis of Financia", "title": "SRRK - Scholar Rock Holding Corp", "url": "/company/SRRK/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001657573; latest 10-K filed 2026-02-24.", "text": "XMTR - Xometry, Inc. SIC 7389 Services-Business Services, NEC; CIK 0001657573; latest 10-K filed 2026-02-24. XMTR Xometry, Inc. 0001657573 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Factors that could cause or contribute to such differences include those identified below and those discussed in the section titled \u201cRisk Factors\u201d and other sections of this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. This section of our Annual Report on Form 10-K includes a discussion regarding our financial condition and results of operations for the fiscal years ended December 31, 2025 and 2024, and year-to-year comparisons between fiscal years ended December 31, 2025 and 2024. A discussion regarding our financial condition and results of operations for the fiscal year ended December 31, 2023, and year-to-year comparisons between fiscal years ended December 31, 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025. Overview Xometry, Inc. (\u201cXometry\u201d, the \u201cCompany\u201d, \u201cour\u201d, or \u201cwe\u201d) is an AI-native global online manufacturing marketplace with a suite of services that are rapidly digitizing the custom manufacturing industry. Xometry\u2019s marketplace enables the design-to-production workflow by providing the AI-driven execution layer that translates design intent into intelligent sourcing decisions and production outcomes at scale. The marketplace offers transparency and traceability from the first quote to final delivery. We provide services that power the broader manufacturing lifecycle. These services include advertising and marketing services through our Thomasnet industrial sourcing platform, financial services and Workcenter, our cloud-based manufacturing execution system. These services deepen our relationships with suppliers. Together, our marketplace and services platforms provide manufacturers the critical resources they need to grow their business and make it easy for buyers to create locally resilient supply chains. Xometry operates an AI-native online marketplace that connects buyers with suppliers of manufacturing services, driving the digital transformation of one of the largest industries in the world. The platform is designed to digitize and modernize the sourcing, pricing, and execution of manufacturing work across a broad range of processes, materials and industries, enabling more efficient matching of manufacturing demand with available production capacity. We facilitate innovation by providing real-time access to global manufacturing demand and capacity. We believe these capabilities position Xometry as a preferred digital collaboration, sourcing and transaction platform for custom manufacturing, and lead to Xometry becoming an intergral part of our buyer\u2019s supply chains. We use proprietary technology to enable product designers, engineers, buyers, and supply chain professionals to instantly access the capacity of a global network of manufacturing facilities. The Company\u2019s marketplace makes it possible for buyers to quickly receive pricing, expected lead times, and manufacturability feedback and place orders on the marketplace. The network allows us to provide high volumes of unique parts, including custom components and assemblies for our buyers, as well as larger production orders of single parts. Teamspace is a cloud-based solution within the Xometry platform that enables customers to collaborate with other users on projects Item 1. Business. Our Mission Xometry, Inc. (\u201cXometry\u201d, the \u201cCompany\u201d, \u201cour\u201d, or \u201cwe\u201d) was founded in 2013 with the mission to make the world's manufacturing capacity accessible to all. Xometry's Artificial Intelligence (\"AI\") native marketplace that is digitizing how custom manufacturing is priced, sourced and fulfilled globally. About Our Company Xometry is an AI-native global online manufacturing marketplace with a suite of services that are rapidly digitizing the custom manufacturing industry. Xometry\u2019s marketplace enables the design-to-production workflow by providing the AI-driven execution layer that translates design intent into intelligent sourcing decisions and production outcomes at scale. The marketplace offers transparency and traceability from the first quote to final delivery. We also provide services that power the broader manufacturing lifecycle. These services include advertising and marketing services through our Thomasnet industrial sourcing platform, financial services and Workcenter, our cloud-based manufacturing execution system. These services deepen our relationships with suppliers. Together, our marketplace and services platforms provide manufacturers the critical resources they need to grow their business and make it easy for buyers to create locally resilient supply chains. Our Platforms & Technology Xometry Marketplace Platform and Technology Xometry operates an AI-native online marketplace that connects buyers with suppliers of manufacturing services, driving the digital transformation of one of the largest industries in the world. The platform is designed to digitize and modernize the sourcing, pricing, and execution of manufacturing work across a broad range of processes, materials and industries, enabling more efficient matching of manufacturing demand with available production capacity. We facilitate innovation by providing real-time access to global manufacturing demand and capacity. We believe these capabilities position Xo Item 1A. Risk Factors. Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the sections titled \u201cManagement\u2019s Discussion and Analysis of Financial Conditi", "title": "XMTR - Xometry, Inc.", "url": "/company/XMTR/" }, { "kind": "company", "summary": "SIC 4899 Communications Services, NEC; CIK 0001366868; latest 10-K filed 2026-02-27.", "text": "GSAT - Globalstar, Inc. SIC 4899 Communications Services, NEC; CIK 0001366868; latest 10-K filed 2026-02-27. GSAT Globalstar, Inc. 0001366868 4899 Communications Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and applicable notes to our Consolidated Financial Statements and other information included elsewhere in this Report, including risk factors disclosed in Part I, Item IA. Risk Factors. The following information contains forward-looking statements, which are not guarantees of future performance and are not necessarily indicative of future results and are subject to risks and uncertainties. Should one or more of these risks or uncertainties materialize, our actual results may differ from those express or implied by the forward-looking statements. See \u201cCautionary Statement About Forward-Looking Statements\u201d at the beginning of this Report for further information. This Item generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussion of our results of operations for the years ended December 31, 2024 and 2023 can be found in Part II, Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of Globalstar\u2019s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 28, 2025. Reverse Stock Split and Listing on the Nasdaq Stock Market LLC Effective following the close of trading on February 10, 2025, we voluntarily withdrew the listing of our common stock from the NYSE American, effected a reverse stock split at a ratio of 1 to 15 shares of common stock and amended our certificate of incorporation to reduce the number of authorized shares of common stock that we may issue from 2,150,000,000 shares to 143,333,334 shares of common stock. Effective at the start of trading on February 11, 2025, our common stock began trading on a post-split basis under the symbol \u201cGSAT\u201d on the Nasdaq Stock Market LLC. All issued and outstanding common stock, warrants, stock-based compensation awards and per share amounts included in the Consolidated Financial Statements and applicable notes thereto in Part II, Item 8 of this Report and elsewhere in this Report have been retrospectively restated to reflect the change in capital structure for the periods prior to the completion of the reverse stock split, as applicable. Performance Indicators Our management reviews and analyzes several key performance indicators in order to manage our business and assess the quality and potential variability of our earnings and cash flows. These key performance indicators include: \u2022total revenue, which is an indicator of our overall business growth; \u2022subscriber growth and churn rate, which are both indicators of the satisfaction of our customers; \u2022average monthly revenue per user, or ARPU, which is an indicator of our pricing and ability to obtain effectively long-term, high-value customers. We calculate ARPU separately for each type of our subscriber-driven revenue, including Commercial IoT, SPOT and Duplex; \u2022operating income and adjusted EBITDA, both of which are indicators of our financial performance; and \u2022capital expenditures, which are an indicator of future revenue growth potential and cash requirements. Comparison of the Results of Operations for the years ended December 31, 2025 and 2024 Revenue: Our revenue is categorized as service revenue and subscriber equipment sales. Service revenue is generated by the MSS services we provide to customers using the Globalstar System. Subscriber equipment sales are generated from the sale of MSS devices that work over the Globalstar System. We also generate service and equipment revenue from the sale of XCOM RAN systems and associated services that support such systems. For the twelve months ended December 31, 2025, total revenue increased $22.6 million, or 9%, to $273.0 million from $250.3 million in 2024 primarily related to an increase in wholesale capacity services revenue and higher volume Item 1. Business Mobile Satellite Services Business Through its global satellite network, Globalstar, Inc. (\u201cwe,\u201d \u201cus\u201d or the \u201cCompany\u201d) provides Mobile Satellite Services (\u201cMSS\u201d), including voice and data communications services to retail, business and governmental customers as well as wholesale satellite capacity services. We offer these services over our network of in-orbit satellites and ground stations (\u201cgateways\u201d) pursuant to our spectrum licenses, which we refer to collectively as the Globalstar System. In addition to supporting Internet of Things (\"IoT\") data transmissions in a variety of applications, we provide reliable connectivity in areas not served or underserved by terrestrial wireless and wireline networks and in circumstances where terrestrial networks are not operational due to natural or man-made disasters. By providing global mobile satellite communications services, we aim to meet our customers' increasing desire for connectivity. 3 Business Strategy Our competitive advantages are leveraged through our ability to deliver communications products and services, wholesale satellite capacity services, government services, and terrestrial spectrum and network solutions. These core competencies are outlined below. Communications Products and Services We currently provide the following communications products and services to our MSS subscribers: \u2022data transmissions using a mobile or fixed device that transmits the location of the devices and other information to a central monitoring station, including our commercial IoT products (\"Commercial IoT\"); \u2022communication and data transmissions using our SPOT family of mobile devices that transmit messages and the location of the device (\"SPOT\"); and \u2022voice communication and data transmissions (\"Duplex\"). We compete aggressively on price and strive to differentiate the products and solutions that we offer to our customers. As technological advancements are made, we continue to explore opportunities t Item 1A. Risk Factors Investing in our securities involves a high degree of risk and uncertainties. You should carefully consider the risks described below, as well as all of the information in this Report, including but not limited to Item 1. \u201cBusiness\u201d, Item 1C. \u201cCybersecurity\u201d, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Conditio", "title": "GSAT - Globalstar, Inc.", "url": "/company/GSAT/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001974640; latest 10-K filed 2026-03-02.", "text": "APGE - Apogee Therapeutics, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001974640; latest 10-K filed 2026-03-02. APGE Apogee Therapeutics, Inc. 0001974640 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion of our financial condition and results of operations in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K (this \u201cAnnual Report\u201d). The following discussion contains forward-looking statements that reflect our current plans, forecasts, estimates and beliefs and involve risks and uncertainties. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Our actual results, outcomes and the timing of events could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report, particularly in the section titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors.\u201d We urge you to consider these factors carefully in evaluating the forward-looking statements contained in this Annual Report. Forward-looking statements are not historical facts, reflect our current views with respect to future events, and apply only as of the date made. We do not intend, and undertake no obligation, to update these forward-looking statements, except as required by law. Unless the context requires otherwise, references to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cApogee\u201d or \u201cthe Company\u201d refer to Apogee Therapeutics, Inc. and its subsidiaries. Overview We are a clinical stage biotechnology company advancing optimized, novel biologics with the potential for differentiated efficacy and dosing in the largest inflammatory and immunology (\u201cI&I\u201d) markets, including for the treatment of atopic dermatitis (\u201cAD\u201d), asthma, eosinophilic esophagitis (\u201cEoE\u201d), chronic obstructive pulmonary disease (\u201cCOPD\u201d), and other I&I indications. Our antibody programs are designed to overcome limitations of existing therapies by targeting well-established mechanisms of action and incorporating advanced antibody engineering to optimize half-life and other properties. Our pipeline comprises multiple antibody programs being developed initially for the treatment of I&I indications as monotherapies and combinations, including zumilokibart (APG777), APG279 (zumilokibart + APG990), APG273 (zumilokibart + APG333), and APG808 (each, a \u201cprogram\u201d or \u201cproduct candidate\u201d). With four validated targets in our portfolio, we are seeking to achieve best-in-class efficacy and dosing through monotherapies and combinations of our novel antibodies. Based on a broad pipeline and depth of expertise, we believe we can deliver value and meaningful benefit to patients underserved by today\u2019s standard of care. We believe each of our product candidates has potential for broad application across multiple I&I indications. Recent Developments The following is a summary of key developments affecting our business for the year ended December 31, 2025, except for updates related to our programs, which are discussed in \u201cItem 1. Business\u201d included in this Annual Report. Equity Offerings On October 10, 2025, pursuant to our Registration Statement on Form S-3, which became effective in August 2024 (File No 333-281503), we issued and sold an aggregate of 8,048,782 shares of common stock (inclusive of 1,097,561 shares of common stock pursuant to the exercise in full of the underwriters\u2019 option to purchase additional shares) at a public offering price of $41.00 per share, and, in lieu of common stock to certain investors, pre-funded warrants to purchase up to 365,853 shares of common stock at a public offering price of $40.99999 per pre-funded warrant (the \u201cOctober 2025 Offering\u201d). The pre-funded warrants have an exercise price of $0.00001 per share and are exercisable immediately. The aggregate net proceeds from the offering were $324.1 million after deducting underwriting discounts and commissions, and estimated offer Item 1. Business Overview We are a clinical stage biotechnology company advancing optimized, novel biologics with the potential for differentiated efficacy and dosing in the largest inflammatory and immunology (\u201cI&I\u201d) markets, including for the treatment of atopic dermatitis (\u201cAD\u201d), asthma, eosinophilic esophagitis (\u201cEoE\u201d), chronic obstructive pulmonary disease (\u201cCOPD\u201d), and other I&I indications. Our antibody programs are designed to overcome limitations of existing therapies by targeting well-established mechanisms of action and incorporating advanced antibody engineering to optimize half-life and other properties. Our pipeline comprises multiple antibody programs being developed initially for the treatment of I&I indications as monotherapies and combinations, including zumilokibart (APG777), APG279 (zumilokibart + APG990), APG273 (zumilokibart + APG333), and APG808 (each, a \u201cprogram\u201d or \u201cproduct candidate\u201d). With four validated targets in our portfolio, we are seeking to achieve best-in-class efficacy and dosing through monotherapies and combinations of our novel antibodies. Based on a broad pipeline and depth of expertise, we believe we can deliver value and meaningful benefit to patients underserved by today\u2019s standard of care. We believe each of our product candidates has potential for broad application across multiple I&I indications. Our Pipeline We have multiple clinical programs in our pipeline based on four validated targets being developed initially for the treatment of I&I indications, as shown below. We believe each of our programs has potential for broad application across multiple I&I indications. The agents listed above are currently under investigation. Their safety and effectiveness have not yet been established by any regulatory authority. APG808 (not shown) is a novel half-life extended IL-4R\u03b1 antibody. Apogee announced positive interim results from the Phase 1b trial of APG808 in patients with mild-to-moderate asthma in May 2025. 1 APG27 Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. Before you decide to invest in our common stock, you should consider carefully the risks described below, together with the other information contained in this Annual Report, including \u201cManagement\u2019", "title": "APGE - Apogee Therapeutics, Inc.", "url": "/company/APGE/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001851003; latest 10-K filed 2026-02-25.", "text": "ZETA - Zeta Global Holdings Corp. SIC 7372 Services-Prepackaged Software; CIK 0001851003; latest 10-K filed 2026-02-25. ZETA Zeta Global Holdings Corp. 0001851003 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis provides information which management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. The discussion should be read in conjunction with our consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described under the heading \u201cRisk Factors.\u201d Actual results may differ materially from those contained in any forward-looking statements. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future. Our management\u2019s discussion and analysis of financial condition and results of operations included in this document generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this document can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 26, 2025. Overview Zeta is a leading AI-powered omnichannel data-driven cloud platform that provides enterprises with consumer intelligence and marketing automation software. We empower our customers to target, connect and engage consumers through software that delivers personalized marketing across all addressable channels, including email, social media, web, chat, Connected TV (\u201cCTV\u201d) and video, among others. Our Generative AI (GenAI)-driven marketing solutions enable brands to personalize experiences at scale, measure impact with precision and optimize marketing spend to increase return on investment (\u201cROI\u201d). Our Zeta Marketing Platform, or ZMP, is an AI-powered marketing platform with identity data at its core. Leveraging GenAI and machine learning, the ZMP processes billions of structured and unstructured data signals to predict consumer intent, optimize messaging and drive personalized messaging across all channels. The ZMP enables brands to connect with consumers through native integration of marketing channels and application programming interface (\u201cAPI\u201d) integration with third parties. The ZMP\u2019s data-driven algorithms and processes learn and optimize each customer\u2019s marketing program in real time, producing a \u2018flywheel effect\u2019 that enables our customers to test, learn and improve their marketing programs in real time. The ZMP enhances our customers\u2019 ability to personalize consumer experiences at scale across multiple touchpoints. With AI-driven automation, brands can orchestrate highly effective programs through intuitive workflows and real-time intelligence. Our Zeta SuperGraph\u2122 improves identity resolution while maintaining compliance with evolving privacy standards. Zeta Answers, our intelligence suite, synthesizes Zeta\u2019s proprietary data and data generated by our customers to uncover consumer insights that are translated into marketing programs designed for highly targeted audiences across digital channels, including email, SMS, websites, applications, social media, CTV and chat. Macroeconomic trends Our business and the operations of our customers depend on the overall state of the economy, and we and they could be negatively impacted by slower economic growth and the potential for a recession. While core inflation has remained relatively steady for the last year, the economy continues to be impacted by the looming potential of increased inflation rates and faces further inflation risk. To date, the effects of tariffs and changes in global trade policies on the overall state of the economy and on our business have Item 1. Business. Overview Zeta is a leading AI-powered omnichannel data-driven cloud platform that provides enterprises with consumer intelligence and marketing automation software. We empower our customers to target, connect and engage consumers through software that delivers personalized marketing across all addressable channels, including email, social media, web, chat, Connected TV (\u201cCTV\u201d) and video, among others. Our Generative AI (GenAI)-driven marketing solutions enable brands to personalize experiences at scale, measure impact with precision and optimize marketing spend to increase return on investment (\u201cROI\u201d). Our Zeta Marketing Platform, or ZMP, is an AI-powered marketing platform with identity data at its core. Leveraging GenAI and machine learning, the ZMP processes billions of structured and unstructured data signals to predict consumer intent, optimize messaging and drive personalized messaging across all channels. The ZMP enables brands to connect with consumers through native integration of marketing channels and application programming interface (\u201cAPI\u201d) integration with third parties. The ZMP\u2019s data-driven algorithms and processes learn and optimize each customer\u2019s marketing program in real time, producing a \u2018flywheel effect\u2019 that enables our customers to test, learn and improve their marketing programs in real time. The ZMP enhances our customers\u2019 ability to personalize consumer experiences at scale across multiple touchpoints. With AI-driven automation, brands can orchestrate highly effective programs through intuitive workflows and real-time intelligence. Our Zeta SuperGraph\u2122 improves identity resolution while maintaining compliance with evolving privacy standards. Zeta Answers, our intelligence suite, synthesizes Zeta\u2019s proprietary data and data generated by our customers to uncover consumer insights that are translated into marketing programs designed for highly targeted audiences across digital channels, including email, SMS, websites, ap Item 1A. Risk Factors. In addition to the other information set forth in this Annual Report on Form 10-K, you should carefully consider the risks and uncertainties described below, which could materially adversely affect our business, operating results, financial condition, and cash flow. Summary of Risk Factor", "title": "ZETA - Zeta Global Holdings Corp.", "url": "/company/ZETA/" }, { "kind": "company", "summary": "SIC 3826 Laboratory Analytical Instruments; CIK 0001770787; latest 10-K filed 2026-02-13.", "text": "TXG - 10x Genomics, Inc. SIC 3826 Laboratory Analytical Instruments; CIK 0001770787; latest 10-K filed 2026-02-13. TXG 10x Genomics, Inc. 0001770787 3826 Laboratory Analytical Instruments Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion of our financial condition and results of operations in conjunction with our audited consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report and our audited consolidated financial statements and notes thereto. As discussed in the section titled \u201cSpecial Note Regarding Forward-looking Statements,\u201d the following discussion and analysis, in addition to historical financial information, contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in the section titled \u201cRisk Factors\u201d under Part I, Item 1A above. Overview We are a life sciences technology company focused on building innovative products and solutions to interrogate, understand and master biology. Our integrated research solutions include instruments, consumables and software for analyzing biological systems at resolution and scale that matches the complexity of biology. Our commercial product portfolio is made up of our Single Cell and Spatial solutions. Our products include our instruments, which include our Chromium instruments, our Visium CytAssist and our Xenium Analyzer, and our consumables, which include proprietary microfluidic chips, slides, reagents and other consumables for our Single Cell and Spatial solutions. We bundle our software with these products to guide customers through the workflow, from sample preparation through analysis and visualization. Customers purchase instruments and consumables from us for use in their experiments. We also derive revenue from post-warranty service contracts for our instruments. Acquisition In August 2025, we entered into an agreement to acquire all outstanding shares of common stock of Scale Biosciences, Inc. (\u201cScale Bio\u201d), a single cell genomics technology company. Upon closing the transaction in August 2025, we made an upfront payment consisting of $9.2 million in cash and $13.5 million (1,099,992 shares) in shares of our Class A common stock. In the first quarter of 2026, we expect to pay $20.0 million, subject to any adjustments, in cash and in shares of our Class A common stock in connection with the technology transfer completed in the third quarter of 2025. In the future, we may pay up to $30.0 million of contingent consideration if certain milestones are met. The transaction was accounted for as an asset acquisition because substantially all of the fair value of the assets acquired is concentrated in the developed technology. We determined that the contingent consideration was within the scope of ASC 480, Distinguishing Liabilities from Equity, because the contingent consideration is payable in cash or shares of our Class A common stock, at our election. The contingent consideration was recorded at fair value as of the acquisition date. Upon closing, we recognized $22.4 million for the fair value of the contingent consideration. Refer to Note 4, Acquisitions, in the Notes to consolidated financial statements included in this Annual report on Form 10-K, for a description of the fair value measurement of the contingent consideration. Key business metrics We regularly review a number of operating and financial metrics, including cumulative instruments sold and total consumables reactions, to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions. We believe that these metrics are representative of our current business; 62 Table of Contents however, we anticipate these may change or may be substituted for additional or different metrics as our business grows and as we introduce new products or new versions of existing products. Cumulat Item 1. Business. Overview Our mission is to accelerate the mastery of biology to advance human health. We are a life sciences technology company focused on building innovative products and solutions to interrogate, understand and master biology. Our integrated research solutions include instruments, consumables and software for analyzing biological systems at a resolution and scale that matches the complexity of biology. We have built deep expertise across diverse disciplines including chemistry, biology, hardware and software. Innovations in all of these areas have enabled the deployment of our rapidly expanding suite of products, which allow our customers to interrogate biological systems at previously inaccessible resolution and scale. Our products have enabled researchers to make fundamental discoveries across multiple areas of biology, including oncology, immunology and neuroscience. Since launching our first product in mid-2015 through December 31, 2025, we have sold 8,046 instruments to researchers around the world, including academic and translational researchers and biopharmaceutical companies. Our revenue was $642.8 million and $610.8 million for the years ended 2025 and 2024, respectively, representing a year-over-year increase of 5%. We generated net losses of $43.5 million and $182.6 million for the years ended 2025 and 2024, respectively. In the years ended December 31, 2025 and 2024, we sold 1,007 and 1,073 instruments and 424,000 and 357,100 consumable reactions, respectively. To date, we estimate that more than 10,000 peer-reviewed articles have been published based on data generated using our products. Our portfolios Resolution and Scale are the imperatives that underlie our products and technology. First, our solutions are designed to enable understanding biology at the right level of biological resolution, such as at the level of the single cell or at high spatial resolution of tissues and organs. Second, we believe that high resolution too Item 1A. Risk Factors. Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks described below, as well as the other information in this Annual Report including our financial statements and the related notes and the section titled \u201cManagement\u2019s Discussion and Analysis of Fi", "title": "TXG - 10x Genomics, Inc.", "url": "/company/TXG/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001361113; latest 10-K filed 2026-02-04.", "text": "VRNS - VARONIS SYSTEMS INC SIC 7372 Services-Prepackaged Software; CIK 0001361113; latest 10-K filed 2026-02-04. VRNS VARONIS SYSTEMS INC 0001361113 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that reflect our plans, estimates and beliefs, and involve risks and uncertainties. Our actual results and the timing of certain events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those discussed in the section titled \u201cRisk Factors\u201d included under Part I, Item 1A and elsewhere in this Annual Report. See \u201cSpecial Note Regarding Forward-Looking Statements and Summary Risk Factors\u201d in this Annual Report. The Transition to a SaaS Delivery Model In response to the evolving needs of our customers and the growing threat landscape, we strategically transitioned to a SaaS delivery model. As of December 31, 2025, SaaS as a percentage of total ARR was approximately 86%. This transition was driven by the increased importance of an automated, data-centric approach to security and the demand for comprehensive protection in the face of heightened cyber risks, collaboration across multiple platforms, the adoption of generative AI tools and the necessity for compliance. Enterprises now use many different combinations of on-premises and cloud data stores, SaaS applications and IaaS environments and this complexity requires a greater level of automated security. We believe our offering provides comprehensive data coverage and our ability to address this demand has and will continue to be a key driver of our growth. In the second half of 2021, we launched our first SaaS offering, introducing new products and support for cloud infrastructure environments and applications. At the end of 2022, we announced the availability of our flagship Varonis Data Security Platform as a SaaS solution, which was previously only sold as a self-hosted solution. The benefits of SaaS delivery are widely established for both customers and providers, and we believe this evolution of a SaaS delivery option for the Varonis Data Security Platform is transformational. The advantages include: quicker and easier deployment and maintenance of solutions with reduced infrastructure and personnel requirements; a lower total cost of ownership; faster deployment of risk assessments, which is the core of our sales motion; enhanced threat detection; continual threat model updates; increased automation for securing data in place; and the ability to deliver additional features and functionality to customers more efficiently. In addition, our MDDR offering further reduces both the likelihood of a breach and its potential impact through agentic AI, enabling automated 24x7x365 monitoring with a service level agreement (SLA) that requires Varonis to respond to alerts within a specified time frame. Our MDDR offering is only available for our SaaS customers because of the automation and visibility that\u2019s built into our SaaS platform. In 2025, we further expanded our data coverage through the acquisition of Cyral which allowed us to enter the Database Activity Monitoring (DAM) market and SlashNext, which, together with our MDDR offering, strengthens our ability to stop attacks via email and collaboration apps. Since launching our SaaS offerings, we have seen SaaS deployments grow significantly and they are now the primary driver of our revenues. We expect SaaS revenues to continue to increase. However, our revenues may be negatively impacted due to revenue recognition accounting treatment variations associated with the increase in SaaS sales and whether and when existing term license subscription customers will continue to convert to SaaS. In addition, we have announced the end-of-life for our self-hosted business as of December 3 Item 1. Business We were incorporated under the laws of the State of Delaware on November 3, 2004 and commenced operations on January 1, 2005. Our principal offices are located at 801 Brickell Avenue, Miami, FL 33131. For convenience in this report, the terms \u201cCompany,\u201d \u201cVaronis,\u201d \u201cwe\u201d and \u201cus\u201d may be used to refer to Varonis Systems, Inc. and/or its subsidiaries, except where indicated otherwise. Our telephone number is (877) 292-8767. Overview Varonis is a data security company focused on protecting what matters most to organizations: their data. Modern enterprises run on data that is created, copied, shared and accessed across cloud services, SaaS applications and on-premises environments, often faster than security teams can see, understand or control. We started Varonis around a simple observation that we believe has only intensified over time: the ability to create and share data scales far faster than the ability to secure it. Our strategy is built around closing that gap, giving organizations the deep visibility and automated controls to deeply understand their enterprise data, reduce exposure and respond to threats quickly, wherever their data lives. Data growth itself is not new. What has changed is the combination of scale, sprawl and speed. Cloud transformation and artificial intelligence (\"AI\") initiatives are pushing data into more systems, across more environments and making it accessible to more users, applications and AI agents. As adoption of software-a-service (\u201cSaaS\u201d) and infrastructure-as-a-service (\u201cIaaS\u201d) has accelerated collaboration and productivity, it has also expanded and fragmented the enterprise data footprint. In many organizations, data security controls have not kept pace, increasing the likelihood that misconfigurations or credential compromise can lead to significant data exposure, threats and regulatory penalties. We believe the adoption of AI materially raises the stakes for security and risk. Copilots, agents and automated Item 1A. Risk Factors Investing in our securities involves risk. You should carefully consider the following risks and all other information contained herein, including our consolidated financial statements and the related notes thereto. The risks and uncertainties described below are not the only ones we face. Additional r", "title": "VRNS - VARONIS SYSTEMS INC", "url": "/company/VRNS/" }, { "kind": "company", "summary": "SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0001697500; latest 10-K filed 2026-02-27.", "text": "SEI - Solaris Energy Infrastructure, Inc. SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0001697500; latest 10-K filed 2026-02-27. SEI Solaris Energy Infrastructure, Inc. 0001697500 3533 Oil & Gas Field Machinery & Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations References to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cSolaris\u201d or the \u201cCompany\u201d refer to Solaris Energy Infrastructure, Inc. (either individually or together with its subsidiaries, as the context requires). The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying consolidated financial statements and related notes. This section of this Annual Report generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report can be found in Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Conditions and Results of Operations\u201d of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 5, 2025. The following discussion contains \u201cforward-looking statements\u201d that reflect our plans, estimates, beliefs and expected performance. Our actual results may differ materially from those anticipated as discussed in these forward-looking statements as a result of a variety of risks and uncertainties, including those described above in \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d included elsewhere in this Annual Report, all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. We assume no obligation to update any of these forward-looking statements except as otherwise required by law. Executive Overview We provide modular and scalable equipment-based solutions for power generation, power control and distribution, and the management of raw materials in oil and natural gas well completions. Headquartered in Houston, Texas, Solaris serves multiple U.S. end markets, including data center, energy, and other commercial and industrial sectors. During 2025, we expanded our power solutions platform through the acquisition of HVMVLV, LLC, which enhanced our capabilities in power control and distribution and strengthened our distributed power generation offerings. We operate through two reportable business segments: \u2022Solaris Power Solutions: This segment delivers power generation, power control, and power distribution solutions. Our offerings support data center, energy, and other commercial and industrial sector customers by providing flexible, on-demand power infrastructure, including power control and distribution capabilities. \u2022Solaris Logistics Solutions: This segment designs and manufactures specialized equipment that enables the efficient management of raw materials used in the completion of oil and natural gas wells. Our equipment-based logistics services include field technician support, software solutions, and may also include last mile and mobilization services. Recent Developments HVMVLV Acquisition On August 15, 2025, we acquired HVMVLV, LLC (\u201cHVMVLV\u201d), a specialty provider of power control and distribution solutions. The acquisition expanded the Company\u2019s capabilities in power control and distribution, enhancing its distributed power generation offerings within the Solaris Power Solutions segment. The results of HVMVLV\u2019s operations have been included in our consolidated financial statements from the acquisition date through December 31, 2025. For further details regarding the acquisition, refer to Note 4. \u201cBusiness Combinations\u201d in the notes to our consolidated financial statements. 2031 Notes On October 8, 2025, we issued $747.5 million aggregate principal amount of 0.25% Convertible Senior Notes due 2031 (the \u201c2031 Notes\u201d) in an underwritten public offering. We used a portion of the net proceeds to repay in full and terminate our existing senior secured term loan (the \u201cTerm Loan\u201d), including its related accrued interest and applicable prepayment Item 1. Business Our Company We provide modular and scalable equipment-based solutions for power generation, control and distribution, and the management of raw materials in oil and natural gas well completions. Headquartered in Houston, Texas, Solaris serves multiple U.S. end markets, including data center, energy, and other commercial and industrial sectors. We operate through two reportable business segments: \u2022Solaris Power Solutions: This segment delivers power generation, control, and distribution solutions. Our offerings support data center, energy, and other commercial and industrial sector customers by providing flexible, on-demand power infrastructure, including power control and distribution capabilities. \u2022Solaris Logistics Solutions: This segment designs and manufactures specialized equipment that enables the efficient management of raw materials used in the completion of oil and natural gas wells. Our equipment-based logistics services include field technician support, software solutions, and may also include last mile and mobilization services. Our Properties We own or lease various facilities, including our corporate headquarters in Houston, Texas, and the following segment-specific facilities: Solaris Power Solutions. Repair and maintenance facility in Buffalo, Texas, and storage and yard facilities in Southaven, Mississippi, Memphis, Tennessee, and Hobbs, New Mexico; and Solaris Logistics Solutions. Repair and maintenance facility in Monahans, Texas, and a manufacturing facility in Early, Texas. Suppliers Solaris Power Solutions. As part of the acquisition of Mobile Energy Rentals, LLC (\u201cMER\u201d and such acquisition, the \u201cMER Acquisition\u201d), we obtained access to a long-standing relationship with a leading supplier of distributed power generation equipment. This supplier provides a significant portion of the equipment used in this segment\u2019s operations. While recent commercial dialogue with this supplier remains strong, as evidenced by our n Item 1A. Risk Factors The following are certain risk factors that affect our business, financial condition, results of operations and cash flows. Many of these risks are beyond our control. These risk factors should be considered in connection with evaluating the forward-looking statements contain", "title": "SEI - Solaris Energy Infrastructure, Inc.", "url": "/company/SEI/" }, { "kind": "company", "summary": "SIC 3620 Electrical Industrial Apparatus; CIK 0001093691; latest 10-K filed 2026-03-02.", "text": "PLUG - PLUG POWER INC SIC 3620 Electrical Industrial Apparatus; CIK 0001093691; latest 10-K filed 2026-03-02. PLUG PLUG POWER INC 0001093691 3620 Electrical Industrial Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u200b The discussion contained in this Annual Report on Form 10-K contains \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act that involve risks and uncertainties. Our actual results could differ materially from those discussed in this Annual Report on Form 10-K. In evaluating these statements, you should review Part I, Forward-Looking Statements, Part I, Item 1A, \u201cRisk Factors\u201d and our consolidated financial statements and notes thereto included in Part II, Item 8, \u201cFinancial Statements and Supplementary Data,\u201d of this Annual Report on Form 10-K. \u200b Information pertaining to fiscal year 2023 was included in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2023 on page 47 under Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Position and Results of Operations,\u201d which was filed with the SEC on February 29, 2024. \u200b Overview \u200b Plug is facilitating the paradigm shift to an increasingly electrified world by innovating cutting-edge hydrogen and fuel cell solutions. \u200b While we continue to develop commercially viable hydrogen and fuel cell product solutions, we have expanded our offerings to support a variety of commercial operations that can be powered with clean hydrogen. We provide electrolyzers that allow customers \u2014 such as refineries, producers of chemicals, steel, fertilizer and commercial refueling stations \u2014 to generate hydrogen on-site. We are focusing our efforts on (a) industrial mobility applications, including electric forklifts and electric industrial vehicles, at multi-shift high volume manufacturing and high throughput distribution sites where we believe our products and services provide a unique combination of productivity, flexibility, and environmental benefits; and (b) production of hydrogen. Plug expects to support these products and customers with an ecosystem of vertically integrated products that produce, transport, store and handle, dispense, and use hydrogen for mobility and power applications. \u200b Our current product and service portfolio includes: \u200b GenDrive: GenDrive is our hydrogen fueled PEM fuel cell system, providing power to material handling EVs, including Class 1, 2, 3 and 6 electric forklifts, automated guided vehicles, and ground support equipment. \u200b GenFuel: GenFuel is our liquid hydrogen fueling, delivery, generation, storage, and dispensing system. \u200b GenCare: GenCare is our ongoing \u201cInternet of Things\u201d-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products. \u200b GenKey: GenKey is our vertically integrated \u201cturn-key\u201d solution combining either GenDrive or GenSure fuel cell power with GenFuel fuel and GenCare aftermarket service, offering complete simplicity to customers transitioning to fuel cell power. \u200b GenEco Electrolyzers: The design and implementation of 5MW and 10MW electrolyzer systems that are modular, scalable hydrogen generators optimized for clean hydrogen production. Electrolyzers generate hydrogen from water using electricity and can produce \u201cgreen\u201d hydrogen when powered by renewable energy inputs, such as solar or wind power. \u200b Liquefaction Systems: Plug\u2019s 15 ton-per-day and 30 ton-per-day liquefiers are engineered for high efficiency, reliability, and operational flexibility \u2014 providing consistent liquid hydrogen to customers. This design increases plant reliability and availability while minimizing parasitic losses like heat leak and seal gas losses. \u200b 48 Table of Contents Cryogenic Equipment: Engineered equipment including trailers and mobile storage equipment for the distribution of liquified hydrogen, oxygen, argon, nitrogen and other cryogenic gases. \u200b GenSure: GenSure is our stationary fuel cell solution providing scalable, modular PEM fuel cell power t Item 1. Business \u200b Background \u200b Plug is building an end-to-end clean hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. In creating the first commercially viable market for hydrogen fuel cells, the Company has deployed more than 74,000 fuel cell systems, primarily through material handling applications, and operates more than 275 fueling stations. Plug intends to deliver its hydrogen solutions directly to its customers, and through joint venture partners into multiple environments, including material handling, supply chain and logistics, e-mobility, stationary power generation and industrial applications. \u200b Plug is focused on delivering a suite of hydrogen solutions to its customers. Its vertically integrated, end-to-end hydrogen solutions, which are designed to fit individual customer needs, include hydrogen production equipment and the delivery of hydrogen fuel, including: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Fuel cells: Fuel cells are electrochemical devices that combine hydrogen and oxygen to produce electricity and heat without combustion. Plug offers stationary and mobility fuel cell products to its customers in addition to serving the material handling industry. Plug\\u2019s fuel cells power material handling vehicles (forklifts), replacing lead-acid and lithium ion batteries. Plug supports customers at multi-shift high volume manufacturing and high throughput distribution sites where Plug\\u2019s fuel cell products provide a unique combination of productivity, flexibility, and environmental benefits.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Proton exchange membrane (\\u201cPEM\\u201d) electrolyzers: Plug electrolyzers use clean electricity to split water into hydrogen and oxygen. Using electrolyzers, customers can generate hydrogen for a variety of applications. PEM technology delivers high power density, carries low weight and volume a Item 1A. Risk Factors \u200b The following risk factors should be considered carefully in addition to the other information in this Annual Report on Form 10-K. The occurrence of any of the following material risks could harm our business and future results of operations and could result in the trading price of our common stock declining and a partial or complete", "title": "PLUG - PLUG POWER INC", "url": "/company/PLUG/" }, { "kind": "company", "summary": "SIC 4412 Deep Sea Foreign Transportation of Freight; CIK 0001483934; latest 10-K filed 2026-03-20.", "text": "STNG - Scorpio Tankers Inc. SIC 4412 Deep Sea Foreign Transportation of Freight; CIK 0001483934; latest 10-K filed 2026-03-20. STNG Scorpio Tankers Inc. 0001483934 4412 Deep Sea Foreign Transportation of Freight", "title": "STNG - Scorpio Tankers Inc.", "url": "/company/STNG/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001691421; latest 10-K filed 2026-02-25.", "text": "LMND - Lemonade, Inc. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001691421; latest 10-K filed 2026-02-25. LMND Lemonade, Inc. 0001691421 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements, the accompanying notes and other information included elsewhere in this Annual Report. This discussion and analysis below includes forward-looking statements that are subject to risks, uncertainties and other factors described in the \u201cRisk Factors\u201d section that could cause actual results to differ materially from such forward-looking statements. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future. A discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023 has been reported previously under \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 26, 2025 (the \u201c2024 Annual Report\u201d). In this Annual Report, unless we indicate otherwise or the context requires, \"Lemonade, Inc.,\" \"Lemonade,\" \"the Company,\" \"we,\" \"our,\" \"ours\" and \"us\" refer to Lemonade, Inc. and its consolidated subsidiaries, including Lemonade Insurance Company, Lemonade Insurance Agency, LLC, and Metromile, Inc. Overview Lemonade is rebuilding insurance from the ground up on a digital substrate and an innovative business model. By leveraging technology, data, artificial intelligence, contemporary design, and social impact, we believe we are making insurance more delightful, more affordable, and more precise. To that end, we have built a vertically-integrated company with wholly-owned insurance carriers in the United States and Europe, including the UK and the full technology stack to power them. A brief chat with our bot, AI Maya, is all it takes to get covered with renters, homeowners, pet, car or life insurance, and we expect to offer a similar experience for other insurance products over time. Claims are filed by chatting with another bot, AI Jim, who pays claims in as little as two seconds. This breezy experience belies the extraordinary technology that enables it: a state-of-the-art platform that spans marketing to underwriting, customer care to claims processing, finance to regulation. Our architecture melds artificial intelligence with the human kind, and learns from the prodigious data it generates to become even better at delighting customers and evaluating risks. In addition to digitizing insurance end-to-end, we also reimagined the underlying business model to minimize volatility while maximizing trust and social impact. To lessen the volatility inherent in an industry directly impacted by the weather, we utilize several forms of reinsurance, with the goal of dampening the impact on our gross margin. The result is that excess claims are generally offloaded to reinsurers, while excess premiums can be donated to nonprofits selected by our customers as part of our \"Giveback\". These two ballasts, reinsurance and Giveback, reduce volatility, while creating an aligned, trustful, and values-rich relationship with our customers. See \u201cBusiness - Our Business Model\u201d and \u201cBusiness - Our Product Offerings - Giveback Feature.\u201d Customer Investment Agreement On June 28, 2023, we entered into a Customer Investment Agreement (the \u201cAgreement\u201d), with GC Customer Value Arranger, LLC (a General Catalyst company) (\"GC\") under which GC agreed to provide up to $150 million of financing for our sales and marketing growth efforts through December 31, 2024. Under the Agreement, subject to certain terms and conditions specified therein, at the start of each growth period, an Investment Amount of up to 80% of our growth spend (the \"Investment Amount\") will be advanced by GC. During each growth period, we repay each Investment Amount including a 16% rate of return based upon Item 1. Business Overview Lemonade is rebuilding insurance from the ground up on a digital substrate and an innovative business model. By leveraging technology, data, artificial intelligence, contemporary design, and social impact, we believe we are making insurance more delightful, more affordable, and more precise. To that end, we have built a vertically-integrated company with wholly-owned insurance carriers in the United States and Europe, including the UK, and the full technology stack to power them. A brief chat with our bot, AI Maya, is all it takes to get covered with renters, homeowners, pet, car or life insurance, and we expect to offer a similar experience for other insurance products over time. Claims are filed by chatting with another bot, AI Jim, who pays claims in as little as two seconds. This breezy experience belies the extraordinary technology that enables it: a state-of-the-art platform that spans marketing to underwriting, customer care to claims processing, finance to regulation. Our architecture melds artificial intelligence with the human kind, and learns from the prodigious data it generates to become ever better at delighting customers and evaluating risk. In addition to digitizing insurance end-to-end, we also reimagined the underlying business model to minimize volatility while maximizing trust and social impact. To lessen the volatility inherent in an industry directly impacted by the weather, we utilize several forms of reinsurance, with the goal of reducing the impact on our gross margin. Our Business Model At the foundation of our business model is a direct, digital, customer-centric experience that enables rapid growth and strong retention. Our customer-centricity runs deep, and our underlying business model is designed to align interests between us and our customers. This technology-first customer acquisition and retention strategy, combined with our unconflicted business model, results in a highly attractive financial model. Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the following risks, together with all of the other information contained in this Annual Report, before deciding to invest in our common stock. Our business, financial condition, results of operations or prospects coul", "title": "LMND - Lemonade, Inc.", "url": "/company/LMND/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001991792; latest 10-K filed 2026-02-27.", "text": "CGON - CG Oncology, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001991792; latest 10-K filed 2026-02-27. CGON CG Oncology, Inc. 0001991792 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes included elsewhere in this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties, including those described in the section titled \u201cForward Looking Statements and Market Data.\u201d Our actual results and the timing of selected events could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those set forth under the section titled \u201cRisk factors\u201d in this Annual Report. Additionally, our discussion and analysis below are focused on our financial results and liquidity and capital resources for the years ended December 31, 2025 and 2024, including year-over-year comparisons of our financial performance and condition for these years. Discussion and analysis of the year ended December 31, 2023 specifically, as well as the year-over-year comparison of our financial performance and condition for the years ended December 31, 2024 and 2023, are located in the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in the Annual Report for the year ended December 31, 2024, as filed with the SEC on March 28, 2025, which is incorporated herein by reference. Overview We are a late-stage clinical biopharmaceutical company focused on developing and commercializing cretostimogene grenadenorepvec (cretostimogene), an investigational oncolytic immunotherapy with a dual mechanism of action designed both to eliminate cancer cells directly by selective replication and indirectly by activating an anti-tumor immune response, as a potential backbone therapy in a broad range of patients afflicted with bladder cancer. Cretostimogene is currently in clinical development for the treatment of patients with high-risk and intermediate-risk non-muscle invasive bladder cancer (NMIBC), which potentially represents up to 150,000 addressable patients. We are evaluating the safety and efficacy of cretostimogene as a monotherapy in BOND-003 Cohort C, our ongoing Phase 3 clinical trial in high-risk Bacillus Calmette-Gu\u00e9rin (BCG)-unresponsive NMIBC with carcinoma in situ (CIS), with or without Ta/T1 disease. Given the limitations of currently approved therapies, the next course of treatment for these patients with BCG-unresponsive tumors is radical cystectomy, which is the complete removal of the bladder. This surgery carries a significant social, functional and emotional burden for patients. As such, there is a significant unmet need for effective bladder-sparing treatments. We have completed enrollment for this cohort and reported potentially best-in-disease data in September 2025. This trial served as the basis for our Biologics License Application (BLA) submission for our initial indication to the U.S. Food and Drug Administration (FDA), which we initiated in the fourth quarter of 2025 and expect to complete in 2026. Cretostimogene has received both Fast Track and Breakthrough Therapy designations from the FDA for the treatment of high-risk BCG-unresponsive NMIBC with CIS with or without Ta or T1 papillary tumors. Additionally, in April 2024, we initiated BOND-003 Cohort P, an exploratory study evaluating cretostimogene monotherapy in high-risk BCG-unresponsive NMIBC with only Ta/T1 disease. Initial data from this Cohort was reported at the 2025 AUA Annual Meeting, with potentially best-in-disease data reported at the Society of Urologic Oncology (SUO) 26th Annual Meeting in December 2025. Based on internal research derived from the National Cancer Institute Surveillance, Epidemiology, and End Results Program\u2019s (NIH SEER) database, secondary claims data analytics and management ass Item 1. Business. Overview We are a late-stage clinical biopharmaceutical company focused on developing and commercializing cretostimogene grenadenorepvec (cretostimogene), an investigational oncolytic immunotherapy with a dual mechanism of action designed both to eliminate cancer cells directly by selective replication and indirectly by activating an anti-tumor immune response, as a potential backbone therapy in a broad range of patients afflicted with bladder cancer. Cretostimogene is currently in clinical development for the treatment of patients with high-risk and intermediate-risk non-muscle invasive bladder cancer (NMIBC), which potentially represents up to 150,000 addressable patients. We are evaluating the safety and efficacy of cretostimogene as a monotherapy in BOND-003 Cohort C, our ongoing Phase 3 clinical trial in high-risk Bacillus Calmette-Gu\u00e9rin (BCG)-unresponsive NMIBC with carcinoma in situ (CIS), with or without Ta/T1 disease. Given the limitations of currently approved therapies, the next course of treatment for these patients with BCG-unresponsive tumors is radical cystectomy, which is the complete removal of the bladder. This surgery carries a significant social, functional and emotional burden for patients. As such, there is a significant unmet need for effective bladder-sparing treatments. We have completed enrollment for this cohort and reported potentially best-in-disease data in September 2025. This trial served as the basis for our Biologics License Application (BLA) submission for our initial indication to the U.S. Food and Drug Administration (FDA), which we initiated in the fourth quarter of 2025 and expect to complete in 2026. Cretostimogene has received both Fast Track and Breakthrough Therapy designations from the FDA for the treatment of high-risk BCG-unresponsive NMIBC with CIS with or without Ta or T1 papillary tumors. Additionally, in April 2024, we initiated BOND-003 Cohort P, an exploratory study evaluating cretostimogene m Item 1A. Risk Factors. You should carefully consider the following risk factors, together with the other information contained in this Annual Report, including our consolidated financial statements and the related notes and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and R", "title": "CGON - CG Oncology, Inc.", "url": "/company/CGON/" }, { "kind": "company", "summary": "SIC 3677 Electronic Coils, Transformers & Other Inductors; CIK 0000729580; latest 10-K filed 2026-02-24.", "text": "BELFB - BEL FUSE INC /NJ SIC 3677 Electronic Coils, Transformers & Other Inductors; CIK 0000729580; latest 10-K filed 2026-02-24. BELFB BEL FUSE INC /NJ 0000729580 3677 Electronic Coils, Transformers & Other Inductors Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The information in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\") should be read in conjunction with the Company's consolidated financial statements and the notes related thereto. The discussion of results, causes and trends should not be construed to imply any conclusion that such results, causes or trends will necessarily continue in the future. See \"Cautionary Notice Regarding Forward-Looking Information\" above for further information. Also, when we cross reference to a \"Note,\" we are referring to our \"Notes to Consolidated Financial Statements,\" unless the context indicates otherwise. All amounts and percentages are approximate due to rounding. Overview Our Company We design, manufacture and market a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the defense, commercial aerospace, networking, telecommunications, computing, general industrial, high-speed data transmission, transportation and eMobility industries. Bel's portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. We operate through three product group segments. In 2025, 53% of the Company's revenues were derived from Power Solutions and Protection, 34% from Connectivity Solutions and 13% from our Magnetic Solutions operating segment. Our operating expenses are driven principally by the cost of labor where the factories that Bel uses are located, the cost of the materials that we use and our ability to effectively and efficiently manage overhead costs. As labor and material costs vary by product line and region, any significant shift in product mix can have an associated impact on our costs of sales. Costs are recorded as incurred for all products manufactured. Such amounts are determined based upon the estimated stage of production and include labor cost and fringes and related allocations of factory overhead. Our products are manufactured at various facilities in the U.S., Mexico, Israel, India, the Dominican Republic, the United Kingdom, Slovakia and the PRC. We have little visibility into the ordering habits of our customers and we can be subjected to large and unpredictable variations in demand for our products. Accordingly, we must continually recruit and train new workers to replace those lost to attrition and be able to address peaks in demand that may occur from time to time. These recruiting and training efforts and related inefficiencies, and overtime required to meet any increase in demand, can add volatility to the labor costs incurred by us. Key Factors Affecting our Business The Company believes the key factors affecting Bel's 2025 and/or future results include the following: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Acquisition of Enercon - In November 2024, Bel acquired an 80% stake in Enercon. As a result, we benefited from a full year of Enercon's sales in 2025 within our Power Solutions and Protection segment. Enercon is a leading supplier of highly customized power conversion and networking solutions to aerospace and defense markets globally, providing robust and reliable solutions across air, land and sea applications, and its sales and results of operations may vary depending on government spending on defense. Enercon's sales have been reflected in the accompanying consolidated statements of operations since November 1, 2024 and amounted to $136.6 million during the year ended December 31, 2025 and $20.8 million during the year ended December 31, 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Backlog \\u2013 Our backlog of orders totaled $439.1 million at December 31, 2025, representing an increase of $57.5 million, or 15.1%, from December 31, 2024. From 2024 to the 2025 year-end, the backlog for our Power Solutions and Protection products incr Item 1. Business Bel Fuse Inc. designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the defense, commercial aerospace, networking, telecommunications, computing, general industrial, high-speed data transmission, transportation and eMobility industries. Bel's portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel's product groups include Power Solutions and Protection (front-end, board-mount, industrial and transportation power products, module products and circuit protection), Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies), and Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components). With more than 75 years in operation, Bel has reliably demonstrated the ability to participate in a variety of product areas across a global platform. The Company has a strong track record of technical innovation working with the engineering teams of market leaders. Bel has proven itself a valuable supplier to world-class companies by developing new products with cost effective solutions. The Company was incorporated in 1949 and is organized under New Jersey law. Bel's principal executive offices are located at 300 Executive Drive, Suite 300, West Orange, New Jersey 07052, and Bel's telephone number is (201) 432-0463. The Company operates facilities in North America, Europe and the Middle East (referred to as the \"EMEA\" region throughout), and Asia and trades on the NASDAQ Global Select Market (ticker symbols BELFA and BELFB). For information regarding Bel's operating segments, see Note 14, \"Segments\", of the notes to our consolidated financial statements. Hereinafter, all references to \"Note\" will refer to the notes to our consolidated financial statements included in Part II, Item 8. \"Financial Stateme Item 1A. Risk Factors The risks described below should be carefully considered before making an investment decision. These are the risk factors that we consider to be material, but they are not the only risk factors that should be considered in making an investment decision. This Form 10-K also contains", "title": "BELFB - BEL FUSE INC /NJ", "url": "/company/BELFB/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001658247; latest 10-K filed 2026-02-26.", "text": "CRNX - Crinetics Pharmaceuticals, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001658247; latest 10-K filed 2026-02-26. CRNX Crinetics Pharmaceuticals, Inc. 0001658247 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion of our financial condition and results of operations in conjunction with all of the other information included in this Annual Report on Form 10-K, including the consolidated financial statements and the related notes thereto and \u201cRisk Factors\u201d. This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in the section entitled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. Overview During 2025, we transitioned from a clinical-stage company to a commercial-stage company following the FDA approval and launch of PALSONIFY for the treatment of acromegaly in September 2025. As a result, our results of operations for the year ended December 31, 2025 reflect our initial period of commercial activity, including the generation of product revenue, commercialization-related costs, and continued investment in our research and development programs. This management\u2019s discussion and analysis of financial condition and results of operations focuses on the key factors affecting our financial performance during this transition period, including initial product revenue net of gross-to-net adjustments, commercialization and operating expenses, collaboration and license revenue, and changes in liquidity and capital resources. Comparisons of our results for the year ended December 31, 2025 to prior periods should be viewed in the context of this shift to commercial operations. We ended 2025 with a strong liquidity position, further strengthened by an underwritten public offering completed in January 2026, which provides capital to support our ongoing commercialization and development activities. See \u201cLiquidity and Capital Resources\u201d below. As a newly commercial-stage company, we expect product revenue to increase as we continue to expand commercialization efforts for PALSONIFY. However, given the early stage of commercialization, we do not expect product revenue to be sufficient to offset operating expenses in the near term. We also expect operating expenses to increase as we continue to invest in commercialization, clinical development, and other research and development activities. Accordingly, we expect to continue to incur net losses for the foreseeable future. Recent Developments PALSONIFY \u2022On September 25, 2025, the FDA approved PALSONIFY as the first and only once-daily oral somatostatin receptor ligand for the treatment of adults with acromegaly who had an inadequate response to surgery and/or for whom surgery is not an option. We generated net product revenue of $5.4 million related to the PALSONIFY sales during the three months ended December 31, 2025. \u20222025 key metrics reflecting uptake from patients and healthcare providers, as well as payer feedback: \u2022More than 200 enrollment forms received, including 22 from U.S.-based open-label extension participants. \u2022Over 125 unique PALSONIFY prescribers, 50% of whom are from the community setting and 50% are from the pituitary treatment center setting. \u2022Approximately half of newly filled bottles were reimbursed without need for Quickstart bridge supplies. \u202212-month duration of most prior authorizations with approximately half of newly filled bottles reimbursed. Paltusotine \u2022The first patient was enrolled in the Phase 3 study of paltusotine for CS in November 2025. \u2022In February 2026, the CHMP of the EMA adopted a positive opinion, recommending the marketing authorization of PALSONIFY for the medical treatment of adult patients with acromegaly. The CHMP opinion will be reviewed by the EC Item 1. Business Business Overview We are a pharmaceutical company committed to transforming the treatment of endocrine diseases and endocrine-related tumors through science rooted in patient needs. We are focused on discovering, developing, and commercializing novel therapies, with a core expertise in targeting GPCRs with small molecules that have specifically tailored pharmacology and properties. Our lead product, PALSONIFY (paltusotine), is the first once-daily, oral treatment approved by the FDA for the treatment of adults with acromegaly who had an inadequate response to surgery and/or for whom surgery is not an option. Paltusotine is also in clinical development for CS associated with NETs. Our deep pipeline of 10+ disclosed programs includes late-stage investigational candidate atumelnant, which is currently in development for CAH and ADCS, and CRN09682, a NDC candidate that is being developed to treat SST2 expressing NETs and other SST2 expressing solid tumors. Additional discovery programs address a variety of endocrine conditions such as NETs, Graves\u2019 disease (including Graves\u2019 hyperthyroidism and Graves\u2019 orbitopathy, or TED), polycystic kidney disease, hyperparathyroidism, diabetes, obesity, and GPCR-targeted oncology indications. Approved Product \u2022On September 25, 2025, the FDA approved PALSONIFY as the first and only once-daily oral somatostatin receptor ligand for the treatment of adults with acromegaly who had an inadequate response to surgery and/or for whom surgery is not an option. Key Pipeline Updates Paltusotine \u2022The first patient was enrolled in the Phase 3 study of paltusotine for CS in November 2025. \u2022In February 2026, the CHMP of the EMA adopted a positive opinion, recommending the marketing authorization of PALSONIFY for the medical treatment of adult patients with acromegaly. The CHMP opinion will be reviewed by the EC, consistent with a timeline for a potential decision in the first half of 2026. 4 Table of Contents Atumelnant Item 1A. Risk Factors Investing in our securities involves a high degree of risk. You should consider carefully the risks and uncertainties described below, together with all of the other information included in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes thereto a", "title": "CRNX - Crinetics Pharmaceuticals, Inc.", "url": "/company/CRNX/" }, { "kind": "company", "summary": "SIC 1540 General Bldg Contractors - Nonresidential Bldgs; CIK 0000077543; latest 10-K filed 2026-02-26.", "text": "TPC - TUTOR PERINI CORP SIC 1540 General Bldg Contractors - Nonresidential Bldgs; CIK 0000077543; latest 10-K filed 2026-02-26. TPC TUTOR PERINI CORP 0000077543 1540 General Bldg Contractors - Nonresidential Bldgs ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and the accompanying Notes to Consolidated Financial Statements included in Item 15. Exhibits and Financial Statement Schedules in this Annual Report. This discussion contains forward-looking statements, which involve risks and uncertainties. For cautions about relying on such forward-looking statements, please refer to the section entitled Forward-Looking Statements at the beginning of this Annual Report immediately prior to Item 1. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors, including, but not limited to, those discussed in Item 1A. Risk Factors and elsewhere in this Annual Report. Comparison of 2024 to 2023 Results For a discussion comparing our 2024 results to our 2023 results, refer to Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 27, 2025. Executive Overview Operating Results Consolidated revenue for 2025 was $5.5 billion, up 28% compared to $4.3 billion for 2024. The Company experienced strong growth in all three segments in 2025, primarily driven by increased project execution activities on certain newer, larger and higher-margin projects, all of which have significant scope of work remaining. These projects are in the early stages and are expected to ramp up substantially over the next several years. 20 Table of Contents Income from construction operations for 2025 was $232.0 million, a dramatic improvement compared to a loss from construction operations of $103.8 million for 2024. The increase in income from construction operations in 2025 was primarily due to contributions related to an overall net increase in project execution activities that totaled $172.1 million and a lower amount of net unfavorable adjustments in 2025 driven by changes in the estimate at completion for various projects, including: 1) impacts from improved productivity and efficiencies on certain projects, net of project charges, which had an aggregate net favorable impact of $104.3 million in 2025 compared to a net unfavorable impact of $36.4 million in 2024; 2) certain legal judgments or decisions that had net unfavorable impacts totaling $32.5 million in 2025 compared to $167.7 million in 2024; and 3) temporary aggregate negative project adjustments of $78.7 million in 2025 compared to $97.2 million in 2024 due to both the successful negotiation of significant lower margin (and lower risk) change orders and increases in unapproved work on various projects, the temporary impacts to earnings of which are expected to reverse themselves over the remaining lives of the projects. The improvement was partially offset by the impact of various settlements that had a net unfavorable impact of $61.8 million in 2025 compared to $45.8 million in 2024. The significant adjustments in 2025 and 2024 resulting from the above items are discussed in more detail in Results of Segment Operations. Furthermore, income from construction operations for the year ended December 31, 2025 was negatively impacted by share-based compensation expense of $150.0 million compared to share-based compensation expense of $40.4 million in 2024. The increase in share-based compensation expense in 2025 was primarily due to a substantial increase of 176.9% in the Company\u2019s stock price during 2025, which impacted the fair value of liability-classified awards. These liability-classified awards are remeasured at fair value at the end of each reporting period with the change recognized in earnings. These types of awards were issued in past years as a short-term solution to deal with a depleted share pool ITEM 1. BUSINESS General Tutor Perini Corporation (together with its consolidated subsidiaries, \u201cTutor Perini,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour,\u201d unless the context indicates otherwise) is a leading construction company offering diversified general contracting, construction management and design-build services to private customers and public agencies throughout the world. The Company was formed through the 2008 merger between Tutor-Saliba Corporation and Perini Corporation (\u201cPerini\u201d) and our legacy dates to 1894, when Perini's predecessor businesses began providing construction services. Our corporate headquarters are in Los Angeles (Sylmar), California, and we have various other principal offices throughout the United States and its territories (see Item 2. Properties for a listing of our major facilities). Our common stock is listed on the New York Stock Exchange under the symbol \u201cTPC.\u201d We are incorporated in the Commonwealth of Massachusetts. We are a recognized leader in the construction industry and have built a solid reputation for executing large, complex projects while adhering to strict safety and quality control standards. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in planning and delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often utilize our resources and capabilities to self-perform multiple components of our projects, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection. During 2025, we performed work on approximately 1,600 construction projects. We are recognized as one of the leading civil contractors in the United States, as evidenced by our performance on several of the country\u2019s largest mass-transit and transportation projects, such as Newark Liberty Inter ITEM 1A. RISK FACTORS We are subject to a number of known and unknown risks and uncertainties that could have a material adverse effect on our operations. Set forth below, and elsewhere in this report, are descriptions of the material risks and uncertainties that could cause our actual results to d", "title": "TPC - TUTOR PERINI CORP", "url": "/company/TPC/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000203596; latest 10-K filed 2026-03-02.", "text": "WSBC - WESBANCO INC SIC 6021 National Commercial Banks; CIK 0000203596; latest 10-K filed 2026-03-02. WSBC WESBANCO INC 0000203596 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis (\"MD&A\") represents an overview of the results of operations and financial condition of Wesbanco. This discussion and analysis should be read in conjunction with the Consolidated Financial Statements and Notes thereto. This section generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of Wesbanco\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the SEC on March 3, 2025. FORWARD-LOOKING STATEMENTS Forward-looking statements in this report relating to Wesbanco\u2019s plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The information contained in this report should be read in conjunction with Wesbanco\u2019s Form 10-Qs for the prior quarters ended March 31, June 30 and September 30, 2025, respectively, and documents subsequently filed by Wesbanco which are available at the SEC\u2019s website, www.sec.gov or at Wesbanco\u2019s website, www.wesbanco.com. Investors are cautioned that forward-looking statements, which are not historical fact, involve risks and uncertainties, including those detailed under \u201cRisk Factors\u201d in Part I, Item 1A of this Annual Report on Form 10-K. Such statements are subject to important factors that could cause actual results to differ materially from those contemplated by such statements, including, without limitation, that the expected cost savings and any revenue synergies from the merger of Wesbanco and PFC may not be fully realized within the expected timeframes; disruption from the merger of Wesbanco and PFC may make it more difficult to maintain relationships with clients, associates, or suppliers; the effects of changing regional and national economic conditions, changes in interest rates, spreads on earning assets and interest-bearing liabilities, and associated interest rate sensitivity; sources of liquidity available to Wesbanco and its related subsidiary operations; potential future credit losses and the credit risk of commercial, real estate, and consumer loan customers and their borrowing activities; actions of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, the SEC, the Financial Institution Regulatory Authority, the Municipal Securities Rulemaking Board, the Securities Investors Protection Corporation, and other regulatory bodies; potential legislative and federal and state regulatory actions and reform, including, without limitation, the impact of the implementation of the Dodd-Frank Act; adverse decisions of federal and state courts; fraud, scams and schemes of third parties; cyber-security breaches; competitive conditions in the financial services industry; rapidly changing technology affecting financial services; marketability of debt instruments and corresponding impact on fair value adjustments; and/or other external developments materially impacting Wesbanco\u2019s operational and financial performance. Wesbanco does not assume any duty to update forward-looking statements. APPLICATION OF CRITICAL ACCOUNTING POLICIES AND ESTIMATES Wesbanco\u2019s Consolidated Financial Statements are prepared in accordance with U.S. GAAP and follow general practices within the industries in which it operates. Application of these principles requires management to make estimates, assumptions and judgments that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions and judgments are based on information available as of the date of the fi ITEM 1. BUSINESS GENERAL Wesbanco, Inc. (\u201cWesbanco\u201d or the \u201cCompany\u201d), a bank holding company incorporated in 1968 and headquartered in Wheeling, West Virginia, offers a full range of financial services including retail banking, corporate banking, personal and corporate trust services, brokerage services, mortgage banking and insurance. Wesbanco offers these services through two reportable segments, community banking and trust and investment services. For additional information regarding Wesbanco\u2019s business segments, please refer to Note 24, \u201cBusiness Segments\u201d in the Consolidated Financial Statements. As of December 31, 2025, Wesbanco operated one commercial bank: Wesbanco Bank, Inc. (\u201cWesbanco Bank\u201d or the \u201cBank\u201d). The Bank has 251 branches and 266 ATM machines located in West Virginia, Ohio, western Pennsylvania, Kentucky, Indiana, Michigan and Maryland. Total assets of Wesbanco as of December 31, 2025 approximated $27.7 billion. Wesbanco Bank also offers trust and investment services and various alternative investment products including mutual funds and annuities. The market value of assets under management of the trust and investment services segment is approximately $7.9 billion as of December 31, 2025. These assets are held by Wesbanco Bank in fiduciary or agency capacities for its customers and therefore are not included as assets on Wesbanco\u2019s Consolidated Balance Sheets. Wesbanco also offers additional services through its non-banking subsidiaries, all of which are wholly owned directly or indirectly by Wesbanco: Wesbanco Insurance Services, Inc. (\u201cWesbanco Insurance\u201d) is a multi-line insurance agency specializing in property, casualty, life and title insurance, with benefit plan sales and administration for personal and commercial clients. Wesbanco Securities, Inc. (\u201cWesbanco Securities\u201d) is a full service broker-dealer, which also offers discount brokerage services. Wesbanco Asset Management, Inc. holds certain investment securities and a loan in ITEM 1A. RISK FACTORS The risks described below are not the only ones we face in our business. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also impair our business operations. If any of the following risks occur, our business, financial condition or operating results could be mater", "title": "WSBC - WESBANCO INC", "url": "/company/WSBC/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001819133; latest 10-K filed 2026-03-05.", "text": "TNGX - Tango Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001819133; latest 10-K filed 2026-03-05. TNGX Tango Therapeutics, Inc. 0001819133 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis. Overview Tango Therapeutics was founded with a clear mission: to discover the next wave of targeted therapies in oncology by addressing the specific genetic alterations that drive cancer. We leverage our state-of-the-art target and drug discovery platforms to identify novel disease-relevant targets and develop medicines tailored to defined patient populations with high unmet medical need. Our novel small molecules are designed to be selectively active in cancer cells with specific genetic alterations, killing those cancer cells while sparing normal cells. We believe our approach will provide the ability to deliver deep, durable target inhibition with favorable tolerability and safety profiles, thus potentially maximizing clinical benefit. We are currently focused on clinical development of two MTAP-deleted selective PRMT5 inhibitors: vopimetostat (TNG462) for non-CNS cancers, both as a monotherapy and in combination with RAS inhibitors, and TNG456, our next-generation, brain-penetrant PRMT5 inhibitor, for CNS cancers, including glioblastoma (GBM). In October 2025, we reported positive data from the ongoing Phase 1/2 clinical trial of vopimetostat monotherapy in patients with MTAP-deleted selective cancers, illustrating clinical activity across multiple cancer types with a favorable safety and tolerability profile. Specifically, the data in second-line MTAP-deleted pancreatic cancer demonstrated a median progression free survival (mPFS) of 7.2 months and 25% objective response rate (ORR), supporting the planned initiation of a 2L pivotal trial in this patient population in 2026. The histology selective cohort, which excludes sarcoma, pancreatic and lung cancer patients, also showed positive data, with a mPFS of 9.1 months and 49% ORR. We are evaluating the development path for the histology selective cohort, as well as for selected indications as stand-alone development opportunities. Lastly, emerging data from the lung cancer cohort are consistent with expectations, and we anticipate providing a safety and efficacy update in 2026. We are focused on evaluating the combination of vopimetostat with RAS inhibitors, given the overlap in patient populations, robust preclinical data supporting potential strong combination effect in clinical trials, and favorable clinical efficacy, durability, and safety profiles observed with each drug individually. We believe this approach may enable a development path for chemotherapy-free first-line and potentially second-line therapies for MTAP-deleted/RAS-mutated patients with pancreatic and lung cancer. In June 2025, we treated the first patient in our combination clinical trial evaluating vopimetostat with the RAS(ON) multi-selective inhibitor, daraxonrasib, and RAS(ON) G12D-selective inhibitor, zoldonrasib (Revolution Medicines), which enrolled 30 patients as of December 24, 2025. Both combinations have been well-tolerated to date with exposures in the active range for all compounds with encouraging early efficacy data. We anticipate providing a safety and effica Item 1. Business. Overview Tango Therapeutics was founded with a clear mission: to discover the next wave of targeted therapies in oncology by addressing the specific genetic alterations that drive cancer. We leverage our state-of-the-art target and drug discovery platforms to identify novel disease-relevant targets and develop medicines tailored to defined patient populations with high unmet medical need. Our novel small molecules are designed to be selectively active in cancer cells with specific genetic alterations, killing those cancer cells while sparing normal cells. We believe our approach will provide the ability to deliver deep, durable target inhibition with favorable tolerability and safety profiles, thus potentially maximizing clinical benefit. We are currently focused on clinical development of two MTAP-deleted selective PRMT5 inhibitors: vopimetostat (TNG462) for non-CNS cancers, both as a monotherapy and in combination with RAS inhibitors, and TNG456, our next-generation, brain-penetrant PRMT5 inhibitor, for CNS cancers, including glioblastoma (GBM). In October 2025, we reported positive data from the ongoing Phase 1/2 clinical trial of vopimetostat monotherapy in patients with MTAP-deleted selective cancers, illustrating clinical activity across multiple cancer types with a favorable safety and tolerability profile. Specifically, the data in second-line MTAP-deleted pancreatic cancer demonstrated a median progression free survival (mPFS) of 7.2 months and 25% objective response rate (ORR), supporting the planned initiation of a 2L pivotal trial in this patient population in 2026. The histology selective cohort, which excludes sarcoma, pancreatic and lung cancer patients, also showed positive data, with a mPFS of 9.1 months and 49% ORR. We are evaluating the development path for the histology selective cohort, as well as for selected indications as stand-alone development opportunities. Lastly, emerging data from the lung cancer cohort are consist Item 1A. Risk Factors. Investing in our securities involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all other information in this Annual Report on Form 10-K, including our financial statements and the related notes and the \u201cManagement\u2019s Discussio", "title": "TNGX - Tango Therapeutics, Inc.", "url": "/company/TNGX/" }, { "kind": "company", "summary": "SIC 3825 Instruments For Meas & Testing of Electricity & Elec Signals; CIK 0001040470; latest 10-K filed 2025-07-28.", "text": "AEHR - AEHR TEST SYSTEMS SIC 3825 Instruments For Meas & Testing of Electricity & Elec Signals; CIK 0001040470; latest 10-K filed 2025-07-28. AEHR AEHR TEST SYSTEMS 0001040470 3825 Instruments For Meas & Testing of Electricity & Elec Signals Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the financial condition and results of operations should be read in conjunction with our \u201cSelected Consolidated Financial Data\u201d and our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. Overview Aehr Test Systems (\u201cAehr Test\u201d, \u201cAehr\u201d, the \u201cCompany\u201d or \u201cWe\u201d) is a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer level, singulated die, and package part form, and has installed thousands of systems worldwide. Decarbonization, generative AI and digitalization is driving increased quality, reliability, safety, and security needs of semiconductors used across multiple applications, including electric vehicles, electric vehicle charging infrastructure, solar and wind power, computing, data and telecommunications infrastructure, and solid-state memory and storage. This trend is driving additional test requirements, incremental capacity needs, and new opportunities for Aehr Test products and solutions. We have developed and introduced several innovative products including the FOX-P family of test and burn-in systems and FOX WaferPak Aligner, FOX WaferPak Contactor, FOX DiePak Carrier and FOX DiePak Loader. The FOX-XP and FOX-NP systems are full wafer contact and singulated die/module test and burn-in systems that can test, burn-in, and stabilize a wide range of devices such as leading-edge silicon carbide-based and other power semiconductors, 2D and 3D sensors used in mobile phones, tablets, and other computing devices, memory semiconductors, processors, microcontrollers, systems-on-a-chip, and photonics and integrated optical devices. The FOX-CP system is a low-cost single-wafer compact test solution for logic, memory and photonic devices and the newest addition to the FOX-P product family. The FOX WaferPak Contactor contains a unique full wafer contactor capable of testing wafers up to 300mm that enables Integrated Circuit manufacturers to perform test, burn-in, and stabilization of full wafers on the FOX-P systems. The FOX DiePak Carrier allows testing, burning in, and stabilization of singulated bare die and modules up to 1,024 devices in parallel per DiePak on the FOX-NP and FOX-XP systems up to nine DiePaks at a time. Following the acquisition of Incal, our product portfolio further expanded to include packaged parts burn-in solutions for the full range of power and complexity of integrated circuits. Incal\u2019s product lines feature the Sonoma series for ultra-high-power burn-in testing, the Tahoe series for medium-power reliability burn-in, and the Echo series for low-power and high parallelism testing. The Sonoma line, with its ultra-high-power capabilities, is specifically designed to address the reliability and burn-in needs of the burgeoning demand for AI accelerators, GPUs, HPC processors, and devices that can reach levels of power as high as 1600W. The Sonoma is available in its standard configuration, which hosts up to 22 slots per chamber. The Tahoe and Echo lines for medium-power and low-power burn-in solutions, respectively, target logic, SoC, and mixed-signal devices employed in mobile communications, mobility, medical, military, aerospace, and data center applications. These systems are frequently used by independent test and burn-in labs, as well as semiconductor manufacturers. Our revenue consists primarily of sales of FOX-P systems, WaferPak Aligners and DiePak Loaders, WaferPak Contactors, DiePak Carriers, packaged parts burn-in systems, test fixtures, upgrades and spare parts, service contracts revenues, and non-recurring engineering charges. Our selling arrangements may include contractual customer acceptance provisions, which are mostly deemed perfunctory or inconsequential, and installation of the product occurs after shipment, transfer of title and risk of loss. Item 1. Business OVERVIEW Aehr Test Systems, Inc. (\u201cAehr Test,\u201d \u201cAehr,\u201d or \u201cwe\u201d) was incorporated in the state of California on May 25, 1977 and is headquartered in Fremont, California. We are a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer level, singulated die, and package part form, and have installed thousands of systems worldwide. Mission critical applications are driving increased quality, reliability, safety, and security needs of semiconductors. The applications include artificial intelligent (\u201cAI\u201d) compute data centers, electric vehicles, electric vehicle charging infrastructure, solar and wind power, data and telecommunications infrastructure, and solid-state memory storage. The trend is driving additional test requirements, incremental capacity needs, and new opportunities for Aehr Test products and solutions. We have developed and introduced several innovative products including the FOX-PTM family of test and burn-in systems and FOX WaferPakTM Aligner, FOX WaferPak Contactor, FOX DiePak\u00ae Carrier and FOX DiePak Loader. The FOX-XP and FOX-NP systems are full wafer contact and singulated die/module test and burn-in systems that can test, burn-in, and stabilize a wide range of devices such as leading-edge silicon carbide-based and gallium nitride power semiconductors, 2D and 3D sensors used in mobile phones, tablets, and other computing devices, memory semiconductors, processors, microcontrollers, systems-on-a-chip, and photonics and integrated optical devices used in AI. The FOX-CP system is a low-cost single-wafer compact test solution for logic, memory and photonic devices and the newest addition to the FOX-P product family. The FOX WaferPak Contactor contains a unique full wafer contactor capable of testing wafers up to 300mm that enables integrated circuits (\u201cICs\u201d), manufacturers to perform test, burn-in, and stabilization of full wafers on the FOX-P systems. The FOX DiePak Carrier allows t Item 1A. Risk Factors You should carefully consider the risks described below. These risks are not the only risks that we may face. Additional risks and uncertainties that we are unaware of, or that we currently deem immaterial, also may become important factors th", "title": "AEHR - AEHR TEST SYSTEMS", "url": "/company/AEHR/" }, { "kind": "company", "summary": "SIC 3721 Aircraft; CIK 0001824502; latest 10-K filed 2026-03-02.", "text": "ACHR - Archer Aviation Inc. SIC 3721 Aircraft; CIK 0001824502; latest 10-K filed 2026-03-02. ACHR Archer Aviation Inc. 0001824502 3721 Aircraft Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related accompanying notes included elsewhere in this Annual Report. Refer to Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations located in our Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 28, 2025, for a comparison of our results of operations for the years ended December 31, 2024 and 2023. The following discussion includes forward-looking statements, which are based on our current expectations and beliefs concerning future developments and the potential effects of such developments on us. There can be no assurance that future developments affecting us will be those that we have anticipated. See the section titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d in this Annual Report. Our actual results could differ materially from such forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those set forth in Part I, Item 1A, \u201cRisk Factors\u201d in this Annual Report. Overview Archer is developing the technologies and aircraft to power the future of advanced aviation. We are building a platform to deliver advanced aircraft, technologies and services to customers worldwide across commercial and defense sectors. Midnight is our eVTOL aircraft purpose-built for air taxi operations globally. To prepare for commercial operations, we are working with aviation authorities, governments, and strategic partners in key U.S. and international markets to certify Midnight and build out air taxi networks. These planned networks will connect major population and business centers with key transportation hubs in select metropolitan areas through partnerships with airline operators to integrate eVTOL flights into passenger journeys and collaborations with infrastructure partners to develop vertiports. \u2022In the U.S., we have applied to participate in the eIPP, a White House initiative to accelerate air taxi deployments in American cities. We have partnered with cities across California, Florida, Texas, Georgia, and New York on multiple applications to launch initial air taxi operations under the eIPP later this year. As part of broader commercialization strategy in the U.S., we recently acquired control of the Hawthorne Airport located near Los Angeles International Airport and Downtown Los Angeles. We plan for the airport to serve as the operational hub for our Los Angeles network and an innovation hub for developing and commercializing next-generation AI-powered aviation technologies. \u2022Outside the U.S., through our Launch Edition program, we are offering aircraft, technologies, and services to governments and customers to support the commercialization of Midnight in select international markets with the UAE leading the way. In the UAE, we have been working closely with the country\u2019s federal aviation regulator, the GCAA, over the past year to establish the optimal regulatory pathway for commercial operations. Following hot weather flight testing last year, we are on track to deliver additional Midnight aircraft this year in preparation for initial passenger operations and are working with strategic partners to build out a vertiport network across Abu Dhabi and the country. Our commercial readiness progress is driving growing global demand across Europe, Middle East, Africa and Asia-Pacific for this new category of transportation. We are also advancing a dual-use hybrid-electric, autonomous vertical take-off and landing (\u201cVTOL\u201d) aircraft platform for both defense and commercial customers. Through our strategic partnership with Anduril Industries Inc. (\u201cAnduril\u201d), this aircraft platform is intended to meet the vertical lift needs of the U.S Item 1. Business Overview Archer is developing the technologies and aircraft to power the future of advanced aviation. We are building a platform to deliver advanced aircraft, technologies and services to customers worldwide across commercial and defense sectors. Midnight is our electric vertical take-off and landing (\u201ceVTOL\u201d) aircraft purpose-built for air taxi operations globally. To prepare for commercial operations, we are working with aviation authorities, governments, and strategic partners in key U.S. and international markets to certify Midnight and build out air taxi networks. These planned networks will connect major population and business centers with key transportation hubs in select metropolitan areas through partnerships with airline operators to integrate eVTOL flights into passenger journeys and collaborations with infrastructure partners to develop vertiports. \u2022In the U.S., we have applied to participate in the eVTOL Integration Pilot Program (\u201ceIPP\u201d), a White House initiative to accelerate air taxi deployments in American cities. We have partnered with cities across California, Florida, Texas, Georgia, and New York on multiple applications to launch initial air taxi operations under the eIPP later this year. As part of broader commercialization strategy in the U.S., we recently acquired control of Hawthorne Municipal Airport (\u201cHawthorne Airport\u201d) located near Los Angeles International Airport and Downtown Los Angeles. We plan for the airport to serve as the operational hub for our Los Angeles network and an innovation hub for developing and commercializing next-generation AI-powered aviation technologies. \u2022Outside the U.S., through our Launch Edition program, we are offering aircraft, technologies, and services to governments and customers to support the commercialization of Midnight in select international markets with the United Arab Emirates (\u201cUAE\u201d) leading the way. In the UAE, we have been working closely with the country\u2019s federal aviati Item 1A. Risk Factors Investing in our securities involves risks. You should consider carefully the risks and uncertainties described below, together with all of the other information in this Annual Report, including Part II, Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our consolidated financial statements and ", "title": "ACHR - Archer Aviation Inc.", "url": "/company/ACHR/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000907654; latest 10-K filed 2026-03-12.", "text": "ORKA - Oruka Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0000907654; latest 10-K filed 2026-03-12. ORKA Oruka Therapeutics, Inc. 0000907654 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025 (this \u201cAnnual Report\u201d). This discussion contains forward-looking statements that involve risks and uncertainties, such as statements regarding our plans, objectives, expectations, intentions, hopes, beliefs, strategies or projections regarding the future of its pipeline and business and words such as \u201cmay,\u201d \u201cwill,\u201d, \u201cshould,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cexpect,\u201d \u201cplan,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cproject,\u201d \u201cpotential,\u201d \u201cseek,\u201d \u201ctarget,\u201d \u201cgoal,\u201d \u201cintend\u201d and variations of such words and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, and similar expressions are intended to identify forward-looking statements. You should not place undue reliance on these forward-looking statements. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting us will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section of this Annual Report entitled \u201cRisk Factors\u201d and elsewhere in this Annual Report. These and many other factors could affect our future financial and operating results. We undertake no obligation to update any forward-looking statement to reflect events after the date of this Annual Report. As used in this Annual Report, unless the context suggests otherwise, \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cthe Company,\u201d \u201cOruka Therapeutics, Inc.,\u201d \u201cOruka,\u201d \u201cARCA biopharma, Inc.,\u201d \u201cARCA,\u201d refers to Oruka Therapeutics, Inc. and its consolidated subsidiary, Oruka Therapeutics Operating Company LLC, taken as a whole. Overview We are a clinical-stage biopharmaceutical company focused on developing novel monoclonal antibody therapeutics for psoriasis (\u201cPsO\u201d) and other inflammatory and immunology (\u201cI&I\u201d) indications. Our name is derived from or, for \u201cskin,\u201d and arukah, for \u201crestoration,\u201d and reflects our mission to deliver therapies for chronic skin diseases that provide patients the most possible freedom from their condition. Our strategy is to apply antibody engineering and format innovations to validated modes of action, which we believe will enable us to improve meaningfully upon the efficacy and dosing regimens of standard-of-care medicines while significantly reducing technical and biological risk. Our programs aim to treat and potentially modify disease by targeting mechanisms with proven efficacy and safety involved in disease pathology and the activity of pathogenic tissue-resident memory T cells (\u201cTRMs\u201d). Our lead program, ORKA-001, is designed to target the p19 subunit of interleukin-23 (\u201cIL-23p19\u201d) for the treatment of PsO. Our co-lead program, ORKA-002, is designed to target interleukin-17A and interleukin-17F (\u201cIL-17A/F\u201d) for the treatment of PsO, hidradenitis suppurativa (\u201cHS\u201d), psoriatic arthritis (\u201cPsA\u201d), and other conditions. These programs each bind their respective targets at high affinity and incorporate half-life extension technology with the aim to increase exposure and decrease dosing frequency. We believe that our focused strategy, differentiated portfolio, and deep expertise position us to set a new treatment standard in large I&I markets with continued unmet ne Item 1. Business. Acquisition of Pre-Merger Oruka On August 29, 2024 (the \u201cMerger Closing\u201d), we completed our acquisition (the \u201cMerger\u201d) of Oruka Therapeutics, Inc. (\u201cPre-Merger Oruka\u201d) pursuant to an Agreement and Plan of Merger and Reorganization, dated as of April 3, 2024 (the \u201cMerger Agreement\u201d). Following the transactions contemplated by the Merger Agreement, Pre-Merger Oruka merged with and into Atlas Merger Sub Corp., a wholly owned subsidiary of ARCA biopharma, Inc. (\u201cARCA\u201d) and following that, Pre-Merger Oruka then merged with and into Atlas Merger Sub II, LLC (\u201cSecond Merger Sub\u201d), with Second Merger Sub being the surviving entity. Second Merger Sub changed its corporate name to \u201cOruka Therapeutics Operating Company, LLC\u201d. Pre-Merger Oruka was a pre-clinical stage biotechnology company that was incorporated on February 6, 2024 under the direction of Peter Harwin, a Founding Partner at Fairmount Funds Management LLC (\u201cFairmount\u201d), for the purposes of holding rights to certain intellectual property being developed by Paragon Therapeutics, Inc. (\u201cParagon\u201d). On August 29, 2024, we changed our name from \u201cARCA biopharma, Inc.\u201d (\u201cARCA\u201d) to \u201cOruka Therapeutics, Inc.\u201d and our Nasdaq ticker symbol from \u201cABIO\u201d to \u201cORKA\u201d. Company Overview We are a clinical-stage biopharmaceutical company focused on developing novel monoclonal antibody therapeutics for psoriasis (\u201cPsO\u201d) and other inflammatory and immunology (\u201cI&I\u201d) indications. Our name is derived from or, for \u201cskin,\u201d and arukah, for \u201crestoration,\u201d and reflects our mission to deliver therapies for chronic skin diseases that provide patients the most possible freedom from their condition. Our strategy is to apply antibody engineering and format innovations to validated modes of action, which we believe will enable us to improve meaningfully upon the efficacy and dosing regimens of standard-of-care medicines while significantly reducing technical and biological risk. Our programs aim to treat and potentially modify d Item 1A. Risk Factors. Risk Factors Summary We are subject to a number of risks that could harm our business, financial condition, results of operations and/or growth prospects or cause our actual results to differ materially from those contained in forward-looking statements we have made in this Form 10-K and thos", "title": "ORKA - Oruka Therapeutics, Inc.", "url": "/company/ORKA/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001388658; latest 10-K filed 2026-02-19.", "text": "IRTC - iRhythm Holdings, Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001388658; latest 10-K filed 2026-02-19. IRTC iRhythm Holdings, Inc. 0001388658 3841 Surgical & Medical Instruments & Apparatus ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. You should read the following discussion and analysis of our financial condition and results of operations together with the financial statements and related notes included elsewhere in Item 8 of Part II of this Annual Report on Form 10-K. This discussion and other parts of this Annual Report on Form 10-K contain forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section of this Annual Report on Form 10-K entitled \u201cRisk Factors.\u201d Overview We are a leading digital healthcare company that creates trusted solutions that detect, predict, and prevent disease. Our principal business is the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services that we believe allow clinicians to diagnose certain arrhythmias quicker and with greater efficiency than other services that rely on traditional technology. Each iRhythm ACM System combines a wire-free, patch-based, 14-day wearable biosensor (FDA-cleared, CE-marked and/or Japan PMDA-approved, as applicable) that continuously records ECG data with a proprietary, cloud-based data analytic software (FDA-cleared, CE-marked, and Japan PMDA-approved) to help physicians monitor patients and diagnose arrhythmias. Since first receiving clearance from FDA for our technology in 2009, we have supported physician and patient use of this technology and provided ACM services from our Medicare-enrolled IDTFs and with our qualified technicians. We have provided our iRhythm Services using our iRhythm ACM Systems. Since receiving FDA clearance, we have provided the iRhythm Services via more than twelve million patient reports and have collected almost 3 billion hours of curated heartbeat data. We receive revenue for our iRhythm Services primarily from third-party payors, which include contracted third-party payors and CMS. The remainder of our revenue comes from healthcare institutions, which are typically hospitals or private physician practices, who purchase the iRhythm Services from us directly. We rely on third-party billing partners to submit patient claims and collect from commercial payors, certain government agencies, and patients. The following are iRhythm Services shown as a percentage of revenue: [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Contracted third-party payors\",\"\",\"52\",\"%\",\"\",\"53\",\"%\",\"\",\"54\",\"%\"],[\"Centers for Medicare and Medicaid\",\"\",\"24\",\"%\",\"\",\"24\",\"%\",\"\",\"25\",\"%\"],[\"Healthcare institutions\",\"\",\"17\",\"%\",\"\",\"16\",\"%\",\"\",\"14\",\"%\"],[\"Non-contracted third party payors\",\"\",\"7\",\"%\",\"\",\"7\",\"%\",\"\",\"7\",\"%\"]] [[/GREPCENT_TABLE]] 66 Key Business Metric Non-GAAP Financial Measure Adjusted EBITDA is a key measure we use to assess our financial performance and it is also used for internal planning and forecasting purposes. We believe Adjusted EBITDA is helpful to investors, analysts, and other interested parties because it can assist in providing a more consistent and comparable overview of our operational performance across our historical financial periods. In addition, this measure is frequently used by analysts, investors, and other interested parties to evaluate and assess performance. We define Adjusted EBITDA for a particular period as net loss before income tax provision, depreciation and amortization, interest expense, and interest income and as further adjusted for stock-based compensation expense, changes in fair value of strategic investments, impairment charges, business transformation costs, certain intellectual property litigation expenses and settlements, and loss on extin ITEM 1: BUSINESS Company Background iRhythm is a leading digital healthcare company that creates trusted solutions that detect, predict, and prevent disease. Our principal business is the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services that we believe allow clinicians to diagnose certain arrhythmias quicker and with greater efficiency than other services that rely on traditional technology. Each iRhythm product offering combines a wire-free, patch-based, 14-day wearable biosensor (United States Food and Drug Administration (\u201cFDA\u201d)-cleared, Conformit\u00e9 Europ\u00e9enne (\u201cCE\u201d)-marked and Japan Pharmaceuticals and Medical Devices Agency (\"PMDA\")-approved, as applicable) that continuously records electrocardiogram (\"ECG\") data with a proprietary cloud-based data analytic software (also FDA-cleared, CE-marked and Japan PMDA-approved, as applicable) (such biosensor and software together, an \"iRhythm ACM System\") to help physicians monitor patients and diagnose arrhythmias. Since first receiving clearance from FDA for our technology in 2009, we have supported physician and patient use of this technology and provided ambulatory cardiac monitoring (\"ACM\") services from our Medicare-enrolled independent diagnostic testing facilities (\u201cIDTFs\u201d) with our qualified technicians. We have provided ambulatory cardiac monitoring services, including long-term continuous monitoring (\u201cLTCM\u201d) services (\"LTCM Services\"), short-term continuous monitoring, and mobile cardiac telemetry (\u201cMCT\u201d) monitoring services (\"MCT Services\" and collectively, the \u201ciRhythm Services\u201d), using the iRhythm ACM System. LTCM services and MCT Services are medical procedures typically ordered by physicians for patients not suspected of having life-threatening arrhythmias, but who are suspected of having infrequent, difficult-to-detect, or asymptomatic arrhythmias. Since receiving FDA clearance, we have provided iRhythm Services via more than twel ITEM 1A. RISK FACTORS Our short and long-term success is subject to numerous risks and uncertainties, many of which involve factors that are difficult to predict or beyond our control. Before making a decision to invest in, hold, or sell our common stock, stockholders and potential stockholders sho", "title": "IRTC - iRhythm Holdings, Inc.", "url": "/company/IRTC/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000877860; latest 10-K filed 2026-02-26.", "text": "NHI - NATIONAL HEALTH INVESTORS INC SIC 6798 Real Estate Investment Trusts; CIK 0000877860; latest 10-K filed 2026-02-26. NHI NATIONAL HEALTH INVESTORS INC 0000877860 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The information set forth below is intended to provide readers with an understanding of our financial condition, changes in financial condition and results of operations. Our discussion and analysis are primarily based on our consolidated financial statements for the years presented and should be read together with the notes thereto contained in this Annual Report. This section generally discusses our results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. For a discussion of our results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report for the fiscal year ended December 31, 2024, which we filed with the SEC on February 25, 2025. The discussion below contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those which are discussed in \u201cPart I, Item 1A. Risk Factors\u201d of this Annual Report. Also, reference \u201cCautionary Statement Regarding Forward-Looking Statements\u201d preceding Part I of this Annual Report. Executive Overview National Health Investors, Inc., established in 1991 as a Maryland corporation, is a self-managed REIT. We own, lease, operate and finance the development of high-quality real estate properties, focusing on senior housing communities and medical facilities. We operate through two reportable segments, Real Estate Investments and SHOP. Our investments in senior housing communities, also referred to as SHOs, include ILFs, ALFs, EFCs and SLCs. Our investments in medical facilities include SNFs and HOSPs. In our Real Estate Investments segment, our revenues primarily relate to triple-net leases with third-party operators at our properties. Additionally, we recognize interest income from financing arrangements we provide to our tenants, operators, or affiliates of our tenants and operators, and other third parties primarily for construction, renovation and expansion projects, funding of working capital or corporate needs and the acquisition of real estate properties. In our SHOP segment, we own and operate senior housing communities and generate revenues from resident fees and services. We utilize third-party managers to operate these properties on our behalf and pay a management fee for their services. Our investments across both segments are funded primarily through (i) operating cash flows, (ii) debt offerings, revolving lines of credit and term loans and (iii) sales of equity securities. Real Estate Investments Portfolio As of December 31, 2025, our investments comprising the Real Estate Investments segment included real estate properties and financing arrangements involving 189 properties located in 32 states, excluding one property classified as assets held for sale. The aggregate gross carrying value of these owned properties was $2.7 billion, which included 110 SHOs, 65 SNFs and one HOSP leased to 31 tenants. The aggregate gross carrying value of our mortgage and other notes receivable was $218.7 million, excluding $15.4 million of credit loss reserves. Our tenant leases are typically structured as triple-net leases and relate to single-tenant properties having an initial lease term of 10 to 15 years with one or more five-year extension options. Most of our tenant leases contain annual rent escalators, which may be fixed or variable. Lease payments due to us that are subject to a variable rent escalator are typically determined annually and calculated using a variable index, such as the consumer price index (\u201cCPI\u201d) or an index that is dependent on a future date and indeterminable at the inception of the lease. Senio ITEM 1. BUSINESS General National Health Investors, Inc. (\u201cNHI\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust (\u201cREIT\u201d). We own, lease, operate and finance the development of high-quality real estate properties, focusing on senior housing communities and medical facilities. We operate through two reportable segments, Real Estate Investments and Senior Housing Operating Portfolio (\u201cSHOP\u201d). Our investments in senior housing communities, also referred to as senior housing properties (\u201cSHO\u201d), include independent living facilities (\u201cILF\u201d), assisted living facilities (\u201cALF\u201d), entrance fee communities (\u201cEFC\u201d) and senior living campuses (\u201cSLC\u201d). Our investments in medical facilities include skilled nursing facilities (\u201cSNF\u201d) and hospitals (\u201cHOSP\u201d). Our financing arrangements consist of mortgages, construction loans, mezzanine loans and revolving lines of credit extended to our tenants, operators, or affiliates of our tenants and operators, and other third parties. As of December 31, 2025, our Real Estate Investments segment consisted of gross real estate investments of $2.7 billion in 176 properties, excluding one property classified as assets held for sale, which are located in 32 states and leased pursuant primarily to triple-net leases to 31 tenants. These investments included 110 SHOs, 65 SNFs and one HOSP. Additionally, our investments included $218.7 million in principal amounts of mortgage and other notes receivable, excluding $15.4 million of credit loss reserves. As of December 31, 2025, our SHOP segment consisted of gross real estate investments of $634.3 million in 26 senior housing communities located in 13 states and comprised of 17 ILFs, six SLCs and three ALFs with a combined total of 3,009 units. We outsource the operations at these properties to third-party managers and pay a management fee for these services. As of December 31, 2025, 16 of our senior housing communiti ITEM 1A. RISK FACTORS There are many significant factors that could materially adversely impact our financial condition, results of operations, cash flows, distributions and stock price. The following are risks we believe are material to our stockholders. There may be additional risks and uncertainties that w", "title": "NHI - NATIONAL HEALTH INVESTORS INC", "url": "/company/NHI/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001714899; latest 10-K filed 2026-02-26.", "text": "DNLI - Denali Therapeutics Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001714899; latest 10-K filed 2026-02-26. DNLI Denali Therapeutics Inc. 0001714899 2836 Biological Products, (No Diagnostic Substances) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and the related notes to those statements included elsewhere in this report. This discussion and analysis and other parts of this report contain forward-looking statements based upon current beliefs, plans and expectations related to future events and our future financial performance that involve risks, uncertainties and assumptions, such as statements regarding our intentions, plans, objectives, expectations, forecasts and projections. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under the section titled \u201cRisk Factors\u201d and elsewhere in this report. Overview Key elements of our strategy include: 1)Discover: Invent a new class of barrier-crossing therapeutics by leveraging our TV platforms and deep expertise in blood-brain barrier biology to enhance the delivery of biotherapeutics to the brain and throughout the body. 2)Develop: Accelerate and expand a broad portfolio of TV-based product candidates to fully unlock the potential of barrier-crossing therapeutics, applying patient-informed development and driving biomarker-guided regulatory approvals. 3)Deliver: Launch initial products targeting rare lysosomal storage diseases as a strategic foundation for expansion into common neurodegenerative conditions and other serious diseases, while building integrated capabilities for long-term growth and profitability. Our clinical programs are as follows: \u2022Tividenofusp alfa (DNL310, ETV:IDS), composed of IDS fused to TV, is designed to deliver IDS into cells and tissues throughout the body, including the brain by crossing the BBB, with the goal of addressing the behavioral, cognitive, and physical manifestations of MPS II (Hunter syndrome); \u2022DNL126 (ETV:SGSH), composed of SGSH fused to TV, is designed to deliver SGSH into cells and tissues throughout the body, including the brain by crossing the BBB, with the goal of treating MPS IIIA (Sanfilippo syndrome type A); \u2022TAK-594/DNL593 (PTV:PGRN), composed of PGRN fused to TV, is designed to restore PGRN levels in the brain with the goal of treating FTD-GRN and is being developed in collaboration with Takeda; \u2022DNL952 (ETV:GAA), composed of acid alpha-glucosidase (\"GAA\") fused to TV and engineered to replace GAA in all tissues, with the goal of treating Pompe disease; \u2022DNL628 (OTV:MAPT), composed of an antisense oligonucleotide (\"ASO\") against MAPT fused to TV, designed to suppress gene expression of MAPT encoding the tau protein with the goal of treating Alzheimer's disease; \u2022BIIB122/DNL151, a small molecule LRRK2 inhibitor, is being developed in collaboration with Biogen for the potential treatment of Parkinson's disease; and \u2022Eclitasertib (SAR443122/DNL758), a peripheral and non-CNS penetrant small molecule RIPK1 inhibitor, is being developed by Sanofi, to address peripheral inflammatory diseases such as ulcerative colitis (\"UC\"). 125 Table of Contents The following table summarizes key information about our clinical stage programs: [[GREPCENT_TABLE]] [[\"Program\",\"\",\"Product Candidate\",\"\",\"Clinical Study(ies)\",\"\",\"Indication\",\"\",\"Operational Control\"],[\"ETV:IDS\",\"\",\"tividenofusp alfa, or DNL310\",\"\",\"Ph 1/2\",\"\",\"Hunter syndrome (MPS II)\",\"\",\"Denali\"],[\"\",\"\",\"Ph 2/3\"],[\"ETV:SGSH\",\"\",\"DNL126\",\"\",\"Ph 1/2\",\"\",\"Sanfilippo syndrome Type A (MPS IIIA)\",\"\",\"Denali\"],[\"PTV:PGRN\",\"\",\"TAK-594/DNL593\",\"\",\"Ph 1/2\",\"\",\"FTD-GRN\",\"\",\"Joint with Takeda\"],[\"ETV:GAA\",\"\",\"DNL952*\",\"\",\"Ph 1 (planned)\",\"\",\"Pompe disease\",\"\",\"Denali\"],[\"OTV:MAPT\",\"\",\"DNL628*\",\"\",\"Ph 1b (planned)\",\"\",\"Alzheimer\\u2019s disease\",\"\",\"Denali\"],[\"LRRK2\",\"\",\"BIIB122/DNL151\",\"\",\"Ph 2a\",\"\",\"Parkinson's disease\",\"\",\"Denali\"],[\"\" ITEM 1. BUSINESS Overview and Strategy Our purpose is to bring the power of biotherapeutics to the whole body, including the brain, by discovering, developing, and delivering medicines for people living with serious diseases. Historically, the blood-brain barrier has been a major challenge to the development of medicines for diseases of the central nervous system. While the blood-brain barrier protects the brain and is essential for our survival, it also prevents the delivery of medicines to the brain in sufficient quantities to have therapeutic effect. We have invented, developed, and validated a proprietary technology, called the TransportVehicleTM (\"TV\"), to address the blood-brain barrier challenge and enable a new class of barrier-crossing therapeutics. The TV has a modular design enabling delivery of large molecules, i.e., enzymes, oligonucleotides, and antibodies, to all tissues of the body, including the brain, by crossing the blood-brain barrier after systemic administration. Over the last few decades, large molecule biotherapeutics have enabled medical breakthroughs in treating a wide array of serious diseases, but with very limited success in central nervous system diseases. Now, with the invention and validation of our TV technology, we are leading the field in delivering on the potential of biotherapeutics to transform the lives of individuals with neurodegenerative diseases, lysosomal storage disorders, and other serious diseases. We are building a broad portfolio of therapeutic candidates by investing in our TV franchises, i.e., Enzyme TV (\"ETV\"), Oligonucleotide TV (\"OTV\"), and Antibody TV (\"ATV\"), to advance programs for rare diseases, such as lysosomal storage diseases, and common diseases, such as Alzheimer's disease and Parkinson's disease. Our most advanced TV-enabled program is tividenofusp alfa (DNL310, ETV:IDS) for the potential treatment of mucopolysaccharidosis II (\"MPS II\", or Hunter syndrome). The biologics license application (\"B ITEM 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below, as well as the other information in this Annual Report on Form 10-K, including our financial statements and the related notes and the section titled \u201cManage", "title": "DNLI - Denali Therapeutics Inc.", "url": "/company/DNLI/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001745999; latest 10-K filed 2026-02-24.", "text": "BEAM - Beam Therapeutics Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001745999; latest 10-K filed 2026-02-24. BEAM Beam Therapeutics Inc. 0001745999 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes to those statements included elsewhere in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Some of the numbers included herein have been rounded for the convenience of presentation. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under Item 1A, Risk factors, in this Annual Report on Form 10-K. Information pertaining to fiscal year 2023 was included in our Annual Report on Form 10-K for the year ended December 31, 2024 on pages 111 through 123 under Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Position and Results of Operations,\u201d which was filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 25, 2025. Overview We are a biotechnology company committed to establishing the leading, fully integrated platform for precision genetic medicines. Our vision is to provide life-long cures to patients suffering from serious diseases. To achieve this vision, we have assembled a platform that includes a suite of gene editing and delivery technologies as well as internal manufacturing capabilities. Our suite of gene editing technologies is anchored by our proprietary base editing technology, which potentially enables a differentiated class of precision genetic medicines that target a single base in the genome without making a double-stranded break in the DNA. This approach uses a chemical reaction designed to create precise, predictable and efficient genetic outcomes at the targeted sequence. Our proprietary base editors have two principal components: (i) a clustered regularly interspaced short palindromic repeats, or CRISPR, protein, bound to a guide RNA, that leverages the established DNA-targeting ability of CRISPR, but is modified to not cause a double-stranded break, and (ii) a base editing enzyme, such as a deaminase, which carries out the desired chemical modification of the target DNA base. We believe this design contributes to a more precise and efficient edit compared to traditional gene editing methods, with the potential to dramatically increase the impact of gene editing. We are also pursuing a suite of delivery modalities, including both ex vivo and in vivo approaches, depending on tissue type. The elegance of the base editing approach, combined with a tissue specific delivery modality, provides the basis for a targeted, efficient, precise, and highly versatile gene editing system that is designed to be capable of gene correction, gene silencing, gene activation, gene modification, and/or multiplex editing of several genes simultaneously. Our goal is to advance a broad, diversified portfolio of base editing programs against distinct, genetically validated editing targets, as well as an innovative, platform business model that will expand the reach of our programs to more patients. Overall, we are seeking to build the leading integrated platform for precision genetic medicine, which may have broad therapeutic applicability and the potential to transform the field of precision genetic medicines. Hematology We are pursuing a long-term, staged development strategy for our base editing approach to treat hematological diseases, such as sickle cell disease and beta-thalassemia. Our initial wave consists of ex vivo programs in which hematopoietic stem cells, or HSCs, are collected from a patient, edited using electroporation, and then infused back into the patient following a conditioning regimen, such as treatment with busulfan, the standard of care Item 1. Business. Overview We are a biotechnology company committed to establishing the leading, fully integrated platform for precision genetic medicines. Our vision is to provide life-long cures to patients suffering from serious diseases. To achieve this vision, we have assembled a platform that includes a suite of gene editing and delivery technologies as well as internal manufacturing capabilities. Our suite of gene editing technologies is anchored by our proprietary base editing technology, which potentially enables a differentiated class of precision genetic medicines that target a single base in the genome without making a double-stranded break in the DNA. This approach uses a chemical reaction designed to create precise, predictable and efficient genetic outcomes at the targeted sequence. Our proprietary base editors have two principal components: (i) a clustered regularly interspaced short palindromic repeats, or CRISPR, protein, bound to a guide RNA, that leverages the established DNA-targeting ability of CRISPR, but is modified to not cause a double-stranded break, and (ii) a base editing enzyme, such as a deaminase, which carries out the desired chemical modification of the target DNA base. We believe this design contributes to a more precise and efficient edit compared to traditional gene editing methods, with the potential to dramatically increase the impact of gene editing. We are also pursuing a suite of delivery modalities, including both ex vivo and in vivo approaches, depending on tissue type. The elegance of the base editing approach, combined with a tissue specific delivery modality, provides the basis for a targeted, efficient, precise, and highly versatile gene editing system that is designed to be capable of gene correction, gene silencing, gene activation, gene modification, and/or multiplex editing of several genes simultaneously. Our goal is to advance a broad, diversified portfolio of base editing programs against distinct, genetical Item 1A. Risk Factors. You should carefully consider the risks and uncertainties described below together with all of the other information contained in this Annual Report on Form 10-K, including our consolidated financial statements and related notes appearing at the end of this Annu", "title": "BEAM - Beam Therapeutics Inc.", "url": "/company/BEAM/" }, { "kind": "company", "summary": "SIC 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels); CIK 0001065059; latest 10-K filed 2026-02-11.", "text": "LEU - CENTRUS ENERGY CORP SIC 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels); CIK 0001065059; latest 10-K filed 2026-02-11. LEU CENTRUS ENERGY CORP 0001065059 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with, and is qualified in its entirety by reference to, the Consolidated Financial Statements and related notes appearing elsewhere in this report. This discussion contains forward-looking statements that involve risks and uncertainties. Actual results could differ significantly from the results discussed in the forward-looking statements particularly in light of the economic, social and market uncertainty created by, among other things, the war in Ukraine. See \u201cForward-Looking Statements\u201d at the beginning of this Annual Report on Form 10-K. Overview Centrus Energy Corp., a Delaware corporation, is a trusted supplier of nuclear fuel components for the nuclear power industry, which provides a reliable source of carbon-free energy and provides enrichment and technical services for public and private customers. References to \u201cCentrus\u201d, the \u201cCompany\u201d, \u201cour\u201d, or \u201cwe\u201d include Centrus Energy Corp. and its wholly-owned subsidiaries as well as the predecessor to Centrus, unless the context indicates otherwise. Centrus operates two business segments: (a) LEU, which supplies various components of nuclear fuel to commercial customers from our global network of suppliers, and (b) Technical Solutions, which provides advanced uranium enrichment for the nuclear industry and the U.S. government and advanced manufacturing and other technical services to government and private sector customers. Published spot price indicators for SWU reached historic highs in April 2009 at $163 per SWU. In the years following the 2011 Fukushima accident in Japan, spot prices declined more than 75%, bottoming out in August 2018 at $34 per SWU. This was followed by a period of price increases, which reached $195 per SWU by December 31, 2024. In 2025, spot prices continued to increase, reaching $200 per SWU by December 31, 2025, which surpasses the previous historic high. This represents an increase of 3% since the beginning of the year and 488% over the 2018 historic low. This surge in the SWU spot price beginning in 2022 has been driven primarily by uncertainty created as a result of Russia\u2019s invasion of Ukraine, coupled with growing interest in nuclear power as a source of secure and carbon-free energy. The contemplation of the imposition of tariffs on LEU, if ultimately imposed, may put additional upward pressure on the price of SWU. For further details, refer to Part I, Item 1A, Risk Factors - The current war in Ukraine and related international or U.S. sanctions, tariffs and restrictions on trade, and the Russian response thereto, could have a material adverse impact on our business, results of operations, and financial condition. When Russian supply is included, the uranium enrichment segment of the global nuclear fuel market is oversupplied, but without Russian supply, the global market for uranium enrichment would be undersupplied. Further, it is not clear that there are sufficient inventories of enriched uranium in the United States to compensate for a loss of Russian supply, absent new capacity that will take a number of years to deploy. Changes in the supply-demand balance and in the competitive landscape arising from the war in Ukraine or the imposition of tariffs may affect pricing trends, change customer spending patterns, and create uncertainty in the uranium market. At the same time, uncertainty remains about future demand for nuclear power generation. To address such changes and uncertainty, we continue to evaluate opportunities to grow our business organically or through acquisitions and other strategic transactions. The Company\u2019s work on HALEU began under the HALEU Demonstration Contract, executed with the DOE in 2019, to construct a cascade of 16 AC100M centrifuges in Piketon, Ohio to demonstrate HALEU production. The DOE has funded the HALEU Demonstration Contract up to $173.0 million wit Item 1. Business Overview Centrus Energy Corp., a Delaware corporation, is a trusted supplier of nuclear fuel components for the nuclear power industry, which provides a reliable source of carbon-free energy, and provides enrichment and technical services for public and private customers. References to \u201cCentrus\u201d, the \u201cCompany\u201d, \u201cour\u201d, or \u201cwe\u201d include Centrus Energy Corp. and its wholly-owned subsidiaries as well as the predecessor to Centrus, unless the context indicates otherwise. Centrus operates two business segments: (a) LEU, which supplies various components of nuclear fuel to commercial customers from our global network of suppliers, and (b) Technical Solutions, which provides advanced uranium enrichment for the nuclear industry and the U.S. government and advanced manufacturing and other technical services to government and private sector customers. Our current uranium enrichment involves HALEU production and other capabilities necessary for production of advanced nuclear fuel to power existing and next-generation reactors around the world. Our LEU segment provides most of the Company\u2019s revenue and involves the sale of LEU, the fissile component of nuclear fuel, primarily to utilities that operate commercial nuclear power plants. The majority of these sales are for the enrichment component of LEU, which is measured in SWU. Centrus also sells natural uranium hexafluoride (the raw material needed to produce LEU) and occasionally sells uranium concentrates, uranium conversion, or LEU with the natural uranium hexafluoride and SWU components combined into one sale. LEU is a critical component in the production of nuclear fuel for reactors that produce electricity. We supply LEU and its components to both domestic and international utilities for use in nuclear reactors worldwide. We provide LEU from multiple sources, including medium- and long-term supply contracts, spot purchases and our inventory. As a long-term supplier of LEU to our customers, our objectiv Item 1A. Risk Factors The following discussion sets forth the material risk factors that could affect our financial condition and operations. Such risks, which could negatively affect our Consolidated Financial Statements, fall primarily under the categories listed below. Readers s", "title": "LEU - CENTRUS ENERGY CORP", "url": "/company/LEU/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001660280; latest 10-K filed 2026-02-27.", "text": "TENB - Tenable Holdings, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001660280; latest 10-K filed 2026-02-27. TENB Tenable Holdings, Inc. 0001660280 7372 Services-Prepackaged Software Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K, or this Form 10-K. This Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These statements are often identified by the use of words such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201cwill,\u201d \u201cwould\u201d or the negative or plural of these words or similar expressions or variations. Such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified herein, and those discussed in the section titled \u201cRisk Factors,\u201d set forth in Part I, Item 1A of this Form 10-K and in our other filings with the SEC. You should not rely upon forward-looking statements as predictions of future events. Furthermore, such forward-looking statements speak only as of the date of this report. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. Overview We are the leading provider of exposure management solutions. Exposure management is an increasingly critical category that extends foundational vulnerability management capabilities to advance risk assessment and prioritization across the entire attack surface \u2013 from IT infrastructure and cloud environments to critical infrastructure and AI. Tenable unifies security visibility, insight and action across this attack surface, equipping modern organizations to quickly identify and close the cybersecurity gaps that erode business value, reputation and trust. Tenable One, our AI-powered exposure management platform, gives enterprises a single, unified view of risk across all types of assets and attack pathways. The platform combines broad, industry-leading vulnerability coverage, spanning IT assets, cloud resources, containers, web apps, identity systems, third-party connectors and AI-related assets and workloads. Our solutions are primarily sold on a subscription basis with a one-year term, but are increasingly being sold with longer contractual durations. Our subscription terms are generally not longer than three years. These subscriptions are typically invoiced in advance at the beginning of the term, however multi-year subscriptions are increasingly being invoiced annually in installments. We sell and market our products and services through our field sales force that works closely with our channel network of distributors, resellers and managed security service providers (MSSPs), in developing sales opportunities. We typically use a two-tiered channel model whereby we sell our enterprise platform offerings to our distributors, who in turn sell to our resellers, who then sell to end users, who we call customers. Financial Highlights Below are our key financial results: [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"(in thousands, except per share data)\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Revenue\",\"$\",\"999,405\",\"\",\"\",\"$\",\"900,021\",\"\",\"\",\"$\",\"798,710\"],[\"Loss from operations\",\"(9,168)\",\"\",\"\",\"(6,856)\",\"\",\"\",\"(52,160)\"],[\"Net loss\",\"(36,118)\",\"\",\"\",\"(36,301)\",\"\",\"\",\"(78,284)\"],[\"Net loss per share, basic and diluted\",\"(0.30)\",\"\",\"\",\"(0.31)\",\"\",\"\",\"(0.68)\"],[\"Net cash provided by operating activities\",\"266,750\",\"\",\"\",\"217,476\",\"\",\"\",\"149,855\"],[\"Purchases o Item 1. Business Overview Tenable is the leading provider of exposure management solutions. Exposure management is an increasingly critical category that extends foundational vulnerability management capabilities to advance risk assessment and prioritization across the entire attack surface \u2013 from IT infrastructure and cloud environments to critical infrastructure and artificial intelligence (AI). Tenable unifies security visibility, insight and action across this attack surface, equipping modern organizations to quickly identify and close the cybersecurity gaps that erode business value, reputation and trust. Business dynamics continue to shift under pressure of geopolitical tensions, talent shortages, the push for greater automation, unrelenting compliance and regulatory pressures, along with the drive to out-innovate and out-pace competitors. AI is now a constant undercurrent and is recognized as both a business enabler and a cybersecurity risk. For most organizations, the attack surface has expanded to include: \u2022Complex and dynamic hybrid and multi-cloud environments, which organizations are rapidly adopting even as they face a shortage of cloud security expertise; \u2022AI platforms, including agentic AI, the use of which is introducing risk by creating often-invisible security gaps and blind spots; \u2022Human, machine and AI identities, the dramatic rise of which is creating a sense of urgency to improve governance and access controls, and the removal of excessive privileges that can open up attack pathways within an organization; \u2022An assortment of operational technology, or OT, such as industrial control systems, or ICS, and supervisory control and data acquisition, or SCADA systems, which are increasingly at risk due to AI growth velocity \u2014 emerging use cases for OT include AI data centers that are being built all around the world; \u2022Personal devices, including mobile phones and tablets, internet of things, or IoT, devices and other types of \u201cshadow IT Item 1A. Risk Factors Our operations and financial results are subject to significant risks and uncertainties including those described below. You should carefully consider the risks and uncertainties described below, in addition to other information contained in this Annual Report on Form 10-K, including our consolidated financial statem", "title": "TENB - Tenable Holdings, Inc.", "url": "/company/TENB/" }, { "kind": "company", "summary": "SIC 8050 Services-Nursing & Personal Care Facilities; CIK 0001332349; latest 10-K filed 2026-02-19.", "text": "BKD - Brookdale Senior Living Inc. SIC 8050 Services-Nursing & Personal Care Facilities; CIK 0001332349; latest 10-K filed 2026-02-19. BKD Brookdale Senior Living Inc. 0001332349 8050 Services-Nursing & Personal Care Facilities Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations This discussion and analysis should be read in conjunction with our historical consolidated financial statements and related notes contained in \"Item 8. Financial Statements and Supplementary Data.\" In addition to historical information, this discussion and analysis may contain forward-looking statements that involve risks, uncertainties, and assumptions, which could cause actual results to differ materially from management's expectations. See additional risks and uncertainties described in \"Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995\" for more information. Factors that could cause such differences include those described in this section and \"Item 1A. Risk Factors\" of this Annual Report on Form 10-K. For information regarding our business, including our strategy and recent developments regarding community acquisitions, dispositions, and mortgage financings, refer to \"Item 1. Business.\" Refer to Note 3 in \"Item 8. Financial Statements and Supplementary Data\" for more information about acquisitions, dispositions, and other significant leasing transactions. Results of Operations As of December 31, 2025, our total operations included 584 communities with a capacity to serve approximately 51,000 residents. As of that date, we owned 370 communities (33,262 units), leased 178 communities (10,608 units), and managed 36 communities (4,374 units). The following discussion should be read in conjunction with our consolidated financial statements and the related notes, which are included in \"Item 8. Financial Statements and Supplementary Data\" of this Annual Report on Form 10-K. The results of operations for any particular period are not necessarily indicative of results for any future period. We use the operating measures described below in connection with operating and managing our business and reporting our results of operations. \u2022Senior housing operating results and data presented on a same community basis reflect results and data of a consistent population of communities by excluding the impact of changes in the composition of our portfolio of communities. The 40 operating results exclude natural disaster expense and related insurance recoveries. We define our same community portfolio as communities consolidated and operational for the full period in both comparison years. Consolidated communities excluded from the same community portfolio include communities acquired or disposed of since the beginning of the prior year, communities classified as assets held for sale, certain communities planned for disposition, certain communities that have undergone or are undergoing expansion, redevelopment, and repositioning projects, and certain communities that have experienced a casualty event that significantly impacts their operations. Our management uses same community operating results and data for decision making and components of executive compensation, and we believe such results and data provide useful information to investors, because it enables comparisons of revenue, expense, and other operating measures for a consistent portfolio over time without giving effect to the impacts of communities that were not consolidated and operational for the comparison periods, communities acquired or disposed during the comparison periods (or planned for disposition), and communities with results that are or likely will be impacted by completed or in-process development-related capital expenditure projects. \u2022RevPAR, or average monthly senior housing resident fee revenue per available unit, is defined as resident fee revenue for the corresponding portfolio for the period (excluding revenue for private duty services provided to seniors living outside of our communities), divided by the weighted average number of available units in the corresponding portfolio for the period, divided by the number of months in th Item 1. Business Unless otherwise specified, references to \"Brookdale,\" \"we,\" \"us,\" \"our,\" or \"the Company\" in this Annual Report on Form 10-K mean Brookdale Senior Living Inc. together with its consolidated subsidiaries. Our Business We are the nation's premier operator of senior living communities, operating and managing 584 communities in 41 states as of December 31, 2025, with the ability to serve approximately 51,000 residents. We offer our residents access to a broad continuum of services across the most attractive sectors of the senior living industry. We operate and manage independent living, assisted living, memory care, and continuing care retirement communities (\"CCRCs\"). As of December 31, 2025, we owned 370 communities (33,262 units), leased 178 communities (10,608 units), and managed 36 communities (4,374 units). Our senior living communities and our comprehensive network help to provide seniors with care, connection, and services in an environment that feels like home. Our expertise in healthcare, hospitality, and real estate provides residents with opportunities to improve wellness, pursue passions, make new friends, and stay connected with loved ones. By providing residents with a range of service options as their needs change, we provide greater continuity of care, enabling seniors to age-in-place, which we believe enables them to maintain residency with us for a longer period of time. The ability of residents to age-in-place is also beneficial to our residents' families who are concerned with care decisions for their elderly relatives. Strategy Our goal is to be the first choice in senior living by being the nation's most trusted and effective senior living provider. Brookdale is committed to its mission\u2014to enrich the lives of those we serve with compassion, respect, excellence, and integrity. We continue to focus on operational excellence achieved through a culture of caring, with people serving people. Brookdale is committed to its foun Item 1A. Risk Factors Our business faces significant risks and uncertainties. The discussion below addresses the most material factors, of which we are currently aware, that could affect our business, financial condition, results of operations, cash flow, liquidity, stock price, and future ", "title": "BKD - Brookdale Senior Living Inc.", "url": "/company/BKD/" }, { "kind": "company", "summary": "SIC 7812 Services-Motion Picture & Video Tape Production; CIK 0002052959; latest 10-K filed 2026-05-27.", "text": "LION - Lionsgate Studios Corp. SIC 7812 Services-Motion Picture & Video Tape Production; CIK 0002052959; latest 10-K filed 2026-05-27. LION Lionsgate Studios Corp. 0002052959 7812 Services-Motion Picture & Video Tape Production ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. This section of this Form 10-K includes a discussion and analysis of our financial condition and results of operations for the fiscal years ended March 31, 2026 and 2025 and year-to-year comparisons between fiscal 2026 and 2025. Discussions of 2025 items and year-to-year comparisons between fiscal 2025 and 2024 that are not included in this Form 10-K can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of exhibit 99.1 to the Company\u2019s Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Overview Lionsgate Studios Corp. (NYSE: LION) (the \u201cCompany,\u201d \u201cLionsgate,\u201d \u201cNew Lionsgate,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is one of the world\u2019s leading standalone, pure play content companies. It brings together diversified motion picture and television production and distribution businesses, a world-class portfolio of valuable brands and franchises, a talent management and production powerhouse and a more than 20,000-title film and television library, all driven by Lionsgate\u2019s bold and entrepreneurial culture. Prior to the Starz Separation, as further discussed below, Lions Gate Entertainment Corp. (formerly listed on the New York Stock Exchange (\u201cNYSE\u201d): LGF.A, LGF.B) (\u201cOld Lionsgate\u201d) encompassed the motion picture and television studio operations (formerly referred to as the \u201cStudio Business\u201d) and the STARZ premium global subscription platform. Following the Studio Separation, as discussed in Note 3 to our consolidated financial statements, Lionsgate Studios Corp. (formerly listed on the NASDAQ Global Select Market (\u201cNASDAQ\u201d): LION) (\u201cLegacy Lionsgate Studios\u201d) comprised the Studio Business and the STARZ business remained with Lions Gate Entertainment Corp. We classify our continuing operations through two reportable segments: Motion Picture and Television Production (see further discussion below). Starz Separation On May 6, 2025, through a series of transactions contemplated by a certain arrangement agreement, dated as of January 29, 2025, as amended by an amending agreement, dated as of March 12, 2025 (collectively, the \u201cArrangement Agreement\u201d), the separation of the businesses of Legacy Lionsgate Studios, of which Old Lionsgate owned approximately 87.8%, and the Starz Business (the \u201cStarz Separation\u201d) was completed. As a result of the Arrangement Agreement, the pre-transaction shareholders of Old Lionsgate own shares in two separately traded public companies: (1) New Lionsgate, which was renamed \u201cLionsgate Studios Corp.\u201d and holds, directly and through subsidiaries, the Studio Business previously held by Old Lionsgate, and is owned by Old Lionsgate shareholders and Legacy Lionsgate Studios shareholders, and (2) Old Lionsgate, which was renamed \u201cStarz Entertainment Corp.\u201d and holds, directly and through subsidiaries, the Starz Business that was previously held by Old Lionsgate (see Note 2 to our consolidated financial statements). Notwithstanding the legal form of the Starz Separation, for accounting and financial reporting purposes, in accordance with United States generally accepted accounting principles (\u201cU.S. GAAP\u201d), due to the relative significance of the Studio Business as compared to the Starz Business and the continued involvement of Old Lionsgate\u2019s senior management with the Company following the completion of the Starz Separation, Old Lionsgate is considered the accounting spinnor or divesting entity and Starz is considered the accounting spinnee or divested entity. As a result, Old Lionsgate is the accounting predecessor to the Company, and the pro rata distribution of the Starz Business has been recorded through equity with no gain or loss recorded. Accordingly, the historical financial statements reflect the financial position and results of operations of Old Lionsgate with the Starz Business presented as discontinued operations in the financial sta ITEM 1. BUSINESS. Overview Lionsgate (NYSE: LION) is one of the world\u2019s leading standalone, pure play content companies. It brings together diversified motion picture and television production and distribution businesses, a world-class portfolio of valuable brands and franchises, a premiere talent management and production powerhouse at 3 Arts Entertainment and a more than 20,000-title film and television library, all driven by Lionsgate\u2019s bold and entrepreneurial culture. Refer to Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations - Overview in this Annual Report for information related to the Starz Separation. We classify our operations through two reportable business segments: Motion Picture and Television Production. Financial information for our segments is set forth in Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations - Segment Results of Operations and Non-GAAP Measures in this Annual Report. Segment Revenue Motion Picture: Our Motion Picture segment includes revenues derived from the following: \u2022Theatrical. The domestic theatrical release of motion pictures licensed to theatrical exhibitors on a picture-by-picture basis (distributed by us directly in the U.S. and through a sub-distributor in Canada). The revenues from Canada are reported net of distribution fees and release expenses of the Canadian sub-distributor. The financial terms that we negotiate with our theatrical exhibitors in the U.S. generally provide that we receive a percentage of the box office results. Theatrical revenues also include revenues from certain licenses to direct-to-platform customers where the initial license of a motion picture is to a direct-to-platform customer. \u2022Home Entertainment. The sale or rental of our film productions and acquired or licensed films and certain television programs (including theatrical and direct-to-video releases) on packaged media and through ITEM 1A. RISK FACTORS. You should carefully consider each of the following risks and uncertainties associated with Lionsgate and the ownership of Lionsgate securities. In addition, for more information you should review the specific descriptions of Lionsgate\u2019s businesses under \u201cItem 1.", "title": "LION - Lionsgate Studios Corp.", "url": "/company/LION/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001124796; latest 10-K filed 2026-02-27.", "text": "LASR - NLIGHT, INC. SIC 3674 Semiconductors & Related Devices; CIK 0001124796; latest 10-K filed 2026-02-27. LASR NLIGHT, INC. 0001124796 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: \"ability,\" \"anticipate,\" \"attempt,\" \"believe,\" \"can be,\" \"continue,\" \"could,\" \"depend,\" \"enable,\" \"estimate,\" \"expect,\" \"extend,\" \"grow,\" \"if,\" \"intend,\" \"likely,\" \"may,\" 23 Table of Contents \"objective,\" \"ongoing,\" \"plan,\" \"possible,\" \"potential,\" \"predict,\" \"project,\" \"propose,\" \"rely,\" \"should,\" \"target,\" \"will,\" \"would\" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. Forward-looking statements include, but are not limited to, statements about: our business model and strategic plans; our expectations regarding manufacturing; our future financial performance; demand for our semiconductor and fiber laser solutions; our ability to develop innovative products; our expectations regarding product volumes and the introduction of new products; our technology and new product research and development activities; the impact of new import and export controls; the impact of changes in regulations and customs, tariffs and trade barriers, or the perception that any of them could occur; the impact of inflation; the impact of seasonality; the effect on our business of litigation to which we are or may become a party; and the sufficiency of our existing liquidity sources to meet our cash needs. You should refer to the \"Risk Factors\" section of this report for a discussion of other important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking statements in this report will prove to be accurate. In addition, statements that \"we believe\" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this report, which although we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted a thorough inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Overview nLIGHT, Inc. is a leading provider of high\u2011power lasers for mission-critical directed energy, optical sensing, and advanced manufacturing applications. We design, manufacture, and sell a range of high-power semiconductor lasers ITEM 1. BUSINESS Overview nLIGHT, Inc. is a leading provider of high\u2011power lasers for mission-critical directed energy, optical sensing, and advanced manufacturing applications. We design, manufacture, and sell a range of high-power semiconductor lasers and fiber lasers that are typically integrated into laser systems or manufacturing tools built by our customers. We also make high energy pulsed fiber lasers, fiber amplifiers, and beam combination and control systems for use in high-energy laser systems for directed energy and laser sensing systems used in a wide range of defense applications. Our vertical integration enables us to develop products that leverage the same underlying technology, thereby enabling us to offer innovative and reliable products to customers in each of our end markets. We sell our products into three primary end markets: Aerospace and Defense, Industrial, and Microfabrication. We operate in two reportable segments, consisting of the Laser Products segment and the Advanced Development segment. Laser Products We design, manufacture, and sell a range of high-power semiconductor lasers and fiber lasers that are typically integrated into laser systems or manufacturing tools built by our customers. We also make high energy continuous wave (CW) and pulsed fiber lasers, fiber amplifiers, and beam combination and control systems for use in high-energy laser (HEL) systems for directed energy and laser sensing systems used in a wide range of defense applications. Our vertical integration enables us to develop products that leverage the same underlying technology, allowing us to offer innovative and reliable products to customers in each of our end markets. Semiconductor Lasers We design, manufacture and sell semiconductor lasers with a broad range of power levels, wavelengths, and output fiber sizes. Our semiconductor lasers are typically used as an integrated energy source for our OEM customers\u2019 solid-state lasers, which are primarily used in ITEM 1A. RISK FACTORS You should carefully consider the following risk factors, in addition to the other information contained in this report, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our consolidated financial statements and related notes. This report also co", "title": "LASR - NLIGHT, INC.", "url": "/company/LASR/" }, { "kind": "company", "summary": "SIC 8071 Services-Medical Laboratories; CIK 0001603454; latest 10-K filed 2026-03-26.", "text": "CELC - Celcuity Inc. SIC 8071 Services-Medical Laboratories; CIK 0001603454; latest 10-K filed 2026-03-26. CELC Celcuity Inc. 0001603454 8071 Services-Medical Laboratories ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together in conjunction with our financial statements and the related notes included elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business and expected financial results, includes forward-looking statements that involve risks and uncertainties. You should review the \u201cRisk Factors\u201d discussed in Item 1A of Part I of this Annual Report. Overview Celcuity is a clinical-stage biotechnology company focused on the development of targeted therapies for the treatment of multiple solid tumor indications. The Company\u2019s lead therapeutic candidate is gedatolisib, a kinase inhibitor of the phosphatidylinositol 3-kinase (\u201cPI3K\u201d), serine/threonine-protein kinase protein kinase B (\u201cAKT\u201d), mechanistic target of rapamycin (\u201cmTOR\u201d) pathway that binds to all class I PI3K isoforms and the mTOR complexes, mTORC1 and mTORC2. By targeting all class I PI3K isoforms and mTORC1/2, gedatolisib induces comprehensive inhibition of the PI3K/AKT/mTOR (\u201cPAM\u201d) pathway. Its mechanism of action and pharmacokinetic properties are differentiated from other currently approved and investigational therapies that target PI3K\u03b1, AKT, or mTORC1 alone or together. Our Phase 3 clinical trial, VIKTORIA-1, evaluating gedatolisib in combination with fulvestrant with or without palbociclib in patients with hormone receptor-positive (HR+), human epidermal growth factor receptor 2-negative (HER2-) (\u201cHR+/HER2-\u201d) advanced breast cancer (\u201cABC\u201d) has completed enrollment and reported detailed results for cohort 1, patients with PIK3CA wild-type (\u201cWT\u201d) tumors, and has completed enrollment of cohort 2, patients with PIK3CA mutant-type (\u201cMT\u201d) tumors. Our Phase 3 clinical trial, VIKTORIA-2, evaluating gedatolisib in combination with a cyclin-dependent kinase (\u201cCDK\u201d) 4/6 inhibitor and fulvestrant as first-line treatment for patients with endocrine treatment resistant HR+/HER2- ABC is ongoing. A Phase 1b/2 clinical trial, CELC-G-201, evaluating gedatolisib in combination with darolutamide in patients with metastatic castration resistant prostate cancer (\u201cmCRPC\u201d), is ongoing. 54 In April 2021, we obtained exclusive global development and commercialization rights to gedatolisib under a license agreement with Pfizer. We believe gedatolisib\u2019s unique mechanism of action, differentiated chemical structure, favorable pharmacokinetic properties, and intravenous route of administration offer distinct advantages over currently approved and investigational therapies that target PI3K\u03b1, AKT, or mTORC1 alone or together. [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Overcomes limitations of therapies that only inhibit a single class I PI3K isoform, AKT, or one mTOR kinase complex.\"]] [[/GREPCENT_TABLE]] Gedatolisib is a pan-class I isoform PI3K inhibitor with low nanomolar potency for the p110\u03b1, p110\u03b2, p110\u03b3, and p110\u03b4 isoforms and the mTORC1 and mTORC2 complexes. By targeting all class I PI3K isoforms and mTORC1/2, gedatolisib induces comprehensive inhibition of the PAM pathway. Each PI3K isoform and mTOR complex is known to preferentially affect different signal transduction events that involve tumor cell survival, depending upon the aberrations associated with the linked pathway. When a therapy only inhibits a single class I PI3K isoform (e.g., alpelisib, a PI3K\u03b1 inhibitor), AKT (e.g., capivasertib, an AKT inhibitor) or only one mTOR kinase complex (e.g., everolimus, an mTORC1 inhibitor), numerous feedforward and feedback loops between the PI3K isoforms and mTOR complexes cross-activate the uninhibited sub-units. This, in turn, induces compensatory resistance that reduces the efficacy of isoform specific PI3K\u03b1, AKT, or mTORC1 kinase inhibitors", "title": "CELC - Celcuity Inc.", "url": "/company/CELC/" }, { "kind": "company", "summary": "SIC 3490 Miscellaneous Fabricated Metal Products; CIK 0001024795; latest 10-K filed 2026-03-03.", "text": "HLIO - HELIOS TECHNOLOGIES, INC. SIC 3490 Miscellaneous Fabricated Metal Products; CIK 0001024795; latest 10-K filed 2026-03-03. HLIO HELIOS TECHNOLOGIES, INC. 0001024795 3490 Miscellaneous Fabricated Metal Products ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The operating results of the Hydraulics and Electronics segments included in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations are presented on a basis consistent with our internal management reporting. Segment information included in Note 16 of the Notes to the Consolidated Financial Statements included in this Annual Report is also presented on this basis. All differences between our internal management reporting basis and accounting principles generally accepted in the U.S. (\u201cU.S. GAAP\u201d), specifically the allocation of certain corporate, divestiture-related, and acquisition-related costs, are included in Corporate and Other. Overview We are a global leader in highly engineered motion control and electronic controls technology for diverse end markets, including construction, material handling, agriculture, industrial, mobile, energy, recreational vehicles, marine and health and wellness. We operate under two business segments: Hydraulics and Electronics. The Hydraulics segment designs and manufactures hydraulic motion control and fluid conveyance technology products, including cartridge valves, manifolds, and quick release couplings as well as engineers hydraulic solutions and in some cases complete systems. The Electronics segment designs and manufactures customized electronic controls systems, displays, wire harnesses, and software solutions for a variety of end markets. With our global operating network, we have the advantages of leveraging sales, marketing, innovation, customer relationships and operational capabilities across all our businesses. We continue to drive best practices across all of our businesses and are committed to leveraging resources to best serve our customers and explore new opportunities. Acquisitions Our acquisition activity over the past three years, driven by our strategic vision, has enabled us to diversify our product offerings and the markets we serve and expand our geographic presence. In January 2023, we completed the acquisition of Schultes Precision Manufacturing, Inc. Schultes is a highly trusted specialist in manufacturing precision machined components and assemblies for customers requiring very tight tolerances, superior quality, and exceptional value-added manufacturing processes. Currently serving the hydraulic, aerospace, communication, food services, medical device, and dental industries, Schultes brings the manufacturing quality, reliability, and responsiveness critical to its customers\u2019 success. Schultes provided additional manufacturing know-how and expanded our business into new end markets with attractive secular tailwinds. In May 2023, we completed the acquisition of i3 Product Development. i3PD is a custom engineering services firm, with engineers specializing in electronics, mechanical, industrial, embedded and software engineering. i3PD specializes in transforming customer\u2019s ideas into industrial design solutions through rapid prototyping and creating 3D models in-house. Their solutions are used across many sectors, including medical, off-highway, recreational and commercial marine, power sports, health and wellness, agriculture, consumer goods, industrial, sports and fitness. In 2024 and 2025, the Company continued to explore and evaluate potential acquisitions, but no acquisitions were executed. Global Economic Conditions Geo-Political Conflict We continue to monitor the ongoing conflicts in Ukraine and in the Middle East and evaluate the broader economic impact those conflicts could have on our operations, supply channels and the operations of our partners and customers. We do not have operations in these regions at this time and those conflicts have not and are not expected to have a material impact on our financial condition or results. Refer to Item 1A Risk Factors of this Annual Report for additional discussion about geo-politi ITEM 1. BUSINESS Our Business Overview Helios Technologies, Inc. (\u201cHelios,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d), and its wholly owned subsidiaries, is a global leader in highly engineered motion control and electronic controls technology for diverse end markets, including construction, material handling, agriculture, industrial, mobile, energy, recreational vehicles, marine, aerospace, and health and wellness. We operate under two business segments: Hydraulics and Electronics. The Hydraulics segment designs and manufactures hydraulic motion control and fluid conveyance technology products, including cartridge valves, manifolds and quick release couplings as well as engineers complete hydraulic system solutions. The Electronics segment designs and manufactures customized electronic controls systems, displays, wire harnesses, and software solutions for a variety of end markets. Our Shared Values At Helios, our shared values define how we show up for our customers, our colleagues, and our shareholders every day. They are the foundation of our culture, the lens through which we make decisions, and the standard by which we measure success. The following values guide us in how we work, how we lead, and how we create long-term value together. \u2022 Honesty We commit fully to truth and transparency. Our actions build trust, strengthen collaboration, and create clarity in every relationship we touch. \u2022 Excellence We pursue mastery in all that we do, driving relentlessly for higher quality, performance, and standards that set us apart in our industries. \u2022 Learning We grow through experience. By harnessing both successes and failures, we continuously expand our knowledge and advance collective capabilities. \u2022 Innovation We foster a culture of creativity and imagination, empowering bold thinking that opens new paths and delivers better solutions for the future. \u2022 Ownership We take responsibility and hold ourselves accountable\u2014for our actions, our outcomes, and our c ITEM 1A. RISK FACTORS FACTORS INFLUENCING FUTURE RESULTS - FORWARD-LOOKING STATEMENTS This Annual Report contains \u201cforward-looking statements\u201d (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations, estimates, forecasts, projections, our beliefs and ", "title": "HLIO - HELIOS TECHNOLOGIES, INC.", "url": "/company/HLIO/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001690585; latest 10-K filed 2026-03-09.", "text": "DNTH - Dianthus Therapeutics, Inc. /DE/ SIC 2834 Pharmaceutical Preparations; CIK 0001690585; latest 10-K filed 2026-03-09. DNTH Dianthus Therapeutics, Inc. /DE/ 0001690585 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties, including those described in the section titled \u201cSpecial Note Regarding Forward Looking Statements\u201d included elsewhere in this Annual Report on Form 10-K. Our actual results and the timing of selected events could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those set forth under the section titled \u201cItem 1A. Risk Factors\u201d included elsewhere in this Annual Report on Form 10-K. Overview We are a clinical-stage biotechnology company dedicated to developing potentially best-in-class therapies for patients living with severe autoimmune diseases. Our lead clinical-stage candidate, claseprubart, is a monoclonal antibody that is purposefully engineered with extended half-life, improved potency, and high selectivity for only the active C1s complement protein (\u201cC1s\u201d) \u2013 enabling less frequent and more convenient self-administered subcutaneous (\u201cS.C.\u201d) injections suitable for a pre-filled pen. Additionally, selective inhibition of the classical complement pathway may lower patient risk of infection from encapsulated bacteria by preserving immune activity of the lectin and alternative pathways. We believe claseprubart has the potential to address a broad array of complement-dependent diseases as currently available therapies and those in development leave room for improvements in efficacy, safety, and/or dosing convenience. Our second clinical-stage candidate, DNTH212, is a first and potentially best-in-class, bifunctional fusion protein that targets plasmacytoid dendritic cell (\u201cpDC\u201d) BDCA2 to reduce Type 1 interferon production, while simultaneously inhibiting BAFF/APRIL to suppress B cell function. By targeting both the innate and adaptive immune systems via two clinically validated pathways that are known drivers of autoimmune disease pathogenesis, this complementary and differentiated approach has the potential to address multiple autoimmune indications with improved outcomes. DNTH212 is also designed with the potential for patient friendly convenient, infrequent, self-administered S.C. injections suitable for a pre-filled pen. Our Pipeline-in-a-Product Potential for Claseprubart, a Next-Generation Complement Therapeutic Our most advanced product candidate, claseprubart, is a clinical-stage, highly potent, highly selective and fully human monoclonal immunoglobulin G4 with picomolar binding affinity that is designed to selectively bind only to the active form of C1s. The active form of C1s is generated during complement activation by cleavage of the inactive proC1s. As a validated complement target in the autoimmune and inflammatory field, C1s inhibition prevents further progression of the classical pathway cascade. Claseprubart is engineered with YTE half-life extension technology, a specific three amino acid change in the Fc domain, and has a pharmacokinetic (\u201cPK\u201d) profile designed to support less frequent, lower dose, self-administration as a convenient S.C. injection. We are currently conducting three mid- to late-stage clinical trials with claseprubart in generalized Myasthenia Gravis (\u201cgMG\u201d), Chronic Inflammatory Demyelinating Polyneuropathy (\u201cCIDP\u201d), and Multifocal Motor Neuropathy (\u201cMMN\u201d). In September 2025, we reported positive top-line results from the Phase 2 MaGic trial of claseprubart for patients with gMG and subsequently held an end-of-Phase 2 meeting with the FDA in the first quarter of 2026. We expect to initiate a Phase 3 registrational trial in gMG in mid-2026 and report top-line re Item 1. Business. Overview We are a clinical-stage biotechnology company dedicated to developing potentially best-in-class therapies for patients living with severe autoimmune diseases. Our lead clinical-stage candidate, claseprubart, is a monoclonal antibody that is purposefully engineered with extended half-life, improved potency, and high selectivity for only the active C1s complement protein (\u201cC1s\u201d) \u2013 enabling less frequent and more convenient self-administered subcutaneous (\u201cS.C.\u201d) injections suitable for a pre-filled pen. Additionally, selective inhibition of the classical complement pathway may lower patient risk of infection from encapsulated bacteria by preserving immune activity of the lectin and alternative pathways. We believe claseprubart has the potential to address a broad array of complement-dependent diseases as currently available therapies and those in development leave room for improvements in efficacy, safety, and/or dosing convenience. Our second clinical-stage candidate, DNTH212, is a first and potentially best-in-class, bifunctional fusion protein that targets plasmacytoid dendritic cell (\u201cpDC\u201d) BDCA2 to reduce Type 1 interferon production, while simultaneously inhibiting BAFF/APRIL to suppress B cell function. By targeting both the innate and adaptive immune systems via two clinically validated pathways that are known drivers of autoimmune disease pathogenesis, this complementary and differentiated approach has the potential to address multiple autoimmune indications with improved outcomes. DNTH212 is also designed with the potential for patient friendly convenient, infrequent, self-administered S.C. injections suitable for a pre-filled pen. Our Pipeline Our Pipeline-in-a-Product Potential for Claseprubart, a Next-Generation Complement Therapeutic Our most advanced product candidate, claseprubart, is a clinical-stage, highly potent, highly selective and fully human monoclonal immunoglobulin G4 with picomolar binding affinity that is de Item 1A. Risk Factors. In evaluating our business, you should carefully consider the following discussion of material risks, events and uncertainties that make an investment in us speculative or risky in addition to the other information included in this Annual Report on Form 10-K. A manifestation of any ", "title": "DNTH - Dianthus Therapeutics, Inc. /DE/", "url": "/company/DNTH/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0000903651; latest 10-K filed 2026-02-26.", "text": "INOD - INNODATA INC SIC 7374 Services-Computer Processing & Data Preparation; CIK 0000903651; latest 10-K filed 2026-02-26. INOD INNODATA INC 0000903651 7374 Services-Computer Processing & Data Preparation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with our consolidated financial statements and the related notes thereto included elsewhere in this Report. In addition to historical information, this discussion includes forward-looking information that involves risks and assumptions based upon management\u2019s current expectations. Our actual results could differ materially from the results referred to in any forward-looking statement. See \u201cCautionary Note Regarding Forward-Looking Statements\u201d included elsewhere in this Report. Executive Overview We are a global data engineering company. We operate in three reporting segments: Digital Data Solutions (DDS), Synodex and Agility. The following table sets forth certain financial data for the years ended December 31, 2025 and 2024: \u200b [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b \\u200b \\u200b\",\"(Dollars in millions)\"],[\"\\u200b\",\"\\u200b\",\"Years Ended December 31,\"],[\"\\u200b\",\"\\u200b \\u200b \\u200b\",\"2025\",\"\\u200b \\u200b \\u200b\",\"% of revenue\",\"\\u200b \\u200b \\u200b\",\"2024\",\"\\u200b \\u200b \\u200b\",\"% of revenue\"],[\"Revenues\",\"\\u200b\",\"$\",\"251.7\",\"\",\"100.0\",\"%\",\"$\",\"170.5\",\"\",\"100.0\",\"%\"],[\"Direct operating costs\",\"\\u200b\",\"\",\"152.2\",\"\",\"60.5\",\"%\",\"\",\"103.4\",\"\",\"60.7\",\"%\"],[\"Gross Profit\",\"\\u200b\",\"$\",\"99.5\",\"\",\"39.5\",\"%\",\"$\",\"67.1\",\"\",\"39.4\",\"%\"],[\"Selling and administrative expenses\",\"\\u200b\",\"\\u200b\",\"59.6\",\"\\u200b\",\"23.7\",\"%\",\"\\u200b\",\"42.7\",\"\\u200b\",\"25.0\",\"%\"],[\"Income from operations\",\"\\u200b\",\"\",\"39.9\",\"\",\"15.8\",\"%\",\"\",\"24.4\",\"\",\"14.3\",\"%\"],[\"Interest income, net\",\"\\u200b\",\"\",\"(1.6)\",\"\",\"\\u200b\",\"\\u200b\",\"\",\"(0.1)\",\"\",\"\\u200b\",\"\\u200b\"],[\"Income before provision for income taxes\",\"\\u200b\",\"\",\"41.4\",\"\",\"\\u200b\",\"\\u200b\",\"\",\"24.5\",\"\",\"\\u200b\",\"\\u200b\"],[\"Provision for income taxes\",\"\\u200b\",\"\",\"9.2\",\"\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"(4.2)\",\"\",\"\\u200b\",\"\\u200b\"],[\"Net Income\",\"\\u200b\",\"$\",\"32.2\",\"\",\"\\u200b\",\"\\u200b\",\"$\",\"28.7\",\"\",\"\\u200b\",\"\\u200b\"]] [[/GREPCENT_TABLE]] \u200b For a summary of our Significant Accounting Estimates and Policies, please refer to Note 1 of the Notes to our Consolidated Financial Statements, which are included elsewhere in this Report. Non-GAAP Financial Measures In addition to the financial information prepared in conformity with U.S. GAAP (\u201cGAAP\u201d), we provide certain non-GAAP financial information. We believe that these non-GAAP financial measures assist investors in making comparisons of period-to-period operating results. In some respects, management believes non-GAAP financial measures are more indicative of our ongoing core operating performance than their GAAP equivalents by making adjustments that management believes are reflective of the ongoing performance of the business. We believe that the presentation of this non-GAAP financial information provides investors a more complete understanding of our financial performance, competitive position, and prospects for the future, particularly by providing the same information that management and our Board of Directors use to evaluate our performance and manage the business. However, the non-GAAP financial measures presented in this Annual Report on Form 10-K have certain limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures that we present may differ from similar non-GAAP financial measures used by other companies. Adjusted Gross Profit and Adjusted Gross Margin We define Adjusted Gross Profit as revenues less direct operating costs attributable to Innodata Inc. and its subsidiarie Item 1. Business. Business Overview Innodata Inc. (Nasdaq: INOD) (together with its subsidiaries, the \u201cCompany\u201d, \u201cInnodata\u201d, \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d) is a global data engineering and AI systems services company that supports the development, training, post-training, evaluation, and deployment of advanced artificial intelligence systems. We partner with leading technology companies, frontier AI laboratories, and enterprises to help enable AI systems that perform reliably, align with intended objectives, and operate safely in real-world environments. Our mission is to enable the responsible advancement of artificial intelligence by providing the data, evaluation frameworks, and human expertise required to build AI systems that can be trusted at scale. We believe that AI will increasingly function as a foundational layer of the digital economy - embedded across consumer products, enterprise workflows, and mission-critical systems. As AI systems grow more capable and autonomous, we believe the quality of training data, the effectiveness of post-training alignment, and the rigor of ongoing evaluation will be decisive factors in determining whether AI systems are adopted, regulated, and scaled responsibly. Innodata was founded more than 35 years ago on the principle that high-quality, well-structured data is essential to leading information-retrieval systems. In 2016-2017, we began building proprietary AI language models based on then-emerging research and frameworks and integrating them into our data production workflows. Through this work, we developed and refined techniques for generating, curating, and validating human-created data used to train probabilistic, learning-based AI systems, and recognized that data quality and structure were critical determinants of model performance. This insight led us to invest in the development of an integrated set of AI lifecycle data solutions, addressing a growing market need for specialized data engineering, evaluation, and refin Item 1A. Risk Factors. The risk factors set forth below describe what the Company believes to be the material factors, risks, and uncertainties related to our business, financial condition, and results of operations. The risks and uncertainties set forth below, as well as other factors described elsewhere in", "title": "INOD - INNODATA INC", "url": "/company/INOD/" }, { "kind": "company", "summary": "SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001952073; latest 10-K filed 2025-08-13.", "text": "MSGE - Madison Square Garden Entertainment Corp. SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001952073; latest 10-K filed 2025-08-13. MSGE Madison Square Garden Entertainment Corp. 0001952073 7990 Services-Miscellaneous Amusement & Recreation Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this MD&A, there are statements concerning the future operating and future financial performance of MSG Entertainment. Words such as \u201cexpects,\u201d \u201canticipates,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d \u201cintends,\u201d \u201cplans,\u201d and similar words and terms used in the discussion of future operating and future financial performance identify forward-looking statements. Investors are cautioned that such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors. Factors that may cause such differences to occur include, but are not limited to: \u2022the level of our expenses, including our corporate expenses; \u2022the level of our revenues, which depends in part on the popularity of the Christmas Spectacular, Starring the Radio City Rockettes (the \u201cChristmas Spectacular\u201d), the sports teams whose games are played at The Garden and other events which are presented in our venues, and our ability to attract such events; \u2022the on-ice and on-court performance of the sports teams whose games we host in our venues; \u2022competition, for example, from other venues and sports and entertainment options, including of new competing venues; \u2022the level of our capital expenditures and other investments; \u2022general economic conditions, especially in the New York City and Chicago metropolitan areas where we have business activities, including the impact of a recession on our business; \u2022the demand for sponsorship and suite arrangements; \u2022the effect of any postponements or cancellations by third-parties or the Company of scheduled events, whether as a result of a pandemic or other public health emergency due to operational challenges and other health and safety concerns or otherwise; \u2022the extent to which attendance at our venues may be impacted by government actions, renewed health concerns by potential attendees and reduced tourism; \u2022the impact on the payments we receive under the Arena License Agreements that require the Knicks of the NBA and the Rangers of the NHL to play their home games at The Garden as a result of government-mandated capacity restrictions, league restrictions and/or social-distancing or vaccination requirements, if any, at Knicks and Rangers games; \u2022changes in laws, guidelines, bulletins, directives, policies and agreements, and regulations under which we operate; \u2022any economic, social or political actions, such as boycotts, protests, work stoppages or campaigns by labor organizations, including the unions representing players and officials of the NBA and NHL, or other work stoppage; \u2022seasonal fluctuations and other variations in our operating results and cash flow from period to period; \u2022enhancements or changes to existing productions and the investments associated with such enhancements or changes; \u2022business, reputational and litigation risk if there is a cyber or other security incident resulting in loss, disclosure or misappropriation of stored personal information, or disclosure of confidential information or other breaches of our information security; \u2022activities or other developments that discourage or may discourage congregation at prominent places of public assembly, including our venues; \u2022the acquisition or disposition of assets or businesses and/or the impact of, and our ability to successfully pursue, acquisitions or other strategic transactions; \u2022our ability to successfully integrate acquisitions, new venues or new businesses into our operations; \u2022our internal control environment and o Item 1. Business Madison Square Garden Entertainment Corp. is a Nevada corporation with its principal executive offices at Two Pennsylvania Plaza, New York, NY, 10121. Unless the context otherwise requires, all references to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cMSG Entertainment\u201d or the \u201cCompany\u201d refer collectively to Madison Square Garden Entertainment Corp., a holding company, and its direct and indirect subsidiaries. We conduct substantially all of our business activities discussed in this Annual Report on Form 10-K through MSG Entertainment Holdings, LLC and its direct and indirect subsidiaries. The Company was originally incorporated in the state of Delaware on September 15, 2022 as a direct, wholly-owned subsidiary of Sphere Entertainment Co. (\u201cSphere Entertainment\u201d), formerly known as Madison Square Garden Entertainment Corp. On March 29, 2023, Sphere Entertainment\u2019s board of directors approved the distribution of approximately 67% of the outstanding common stock of the Company to its stockholders (the \u201cMSGE Distribution\u201d), with Sphere Entertainment retaining approximately 33% of the outstanding common stock of the Company (in the form of our Class A common stock, $0.01 par value per share (\u201cClass A common stock\u201d)) (the \u201cMSGE Retained Interest\u201d) immediately following the MSGE Distribution, which occurred on April 20, 2023 (the \u201cMSGE Distribution Date\u201d). The Company owns the traditional live entertainment business previously owned and operated by Sphere Entertainment through its Entertainment business segment, excluding the Sphere business (which was retained by Sphere Entertainment after the MSGE Distribution Date). Following the completion of the secondary offering by Sphere Entertainment of the Company\u2019s Class A common stock on September 22, 2023, Sphere Entertainment no longer owns any of the Company\u2019s outstanding common stock. On June 9, 2025, the Company completed its conversion from a corporation organized under the laws of the State of Delaware to a corporation organ Item 1A. Risk Factors Risks Related to Our Business Our business faces intense and wide-ranging competition that may have a material negative effect on our business and results of operations. Our business competes, in certain respects and to varying degrees, w", "title": "MSGE - Madison Square Garden Entertainment Corp.", "url": "/company/MSGE/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001280263; latest 10-K filed 2026-03-23.", "text": "AMBA - AMBARELLA INC SIC 3674 Semiconductors & Related Devices; CIK 0001280263; latest 10-K filed 2026-03-23. AMBA AMBARELLA INC 0001280263 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview We are a leading developer of low power system on a chip (SoC) semiconductors and software that enable advanced edge and physical AI applications. Our solutions combine state of the art video processing, high resolution image capture, and our proprietary CVflow\u00ae AI acceleration architecture to deliver high performance at extremely low power. Historically, our technologies supported human viewing applications such as enterprise, public infrastructure, and home security cameras, as well as sports cameras, wearables, aerial drones, and aftermarket automotive recorders. Building on this foundation, our recent product generations incorporate advanced AI inference capabilities that allow edge devices to interpret complex scenes, perform multi modal sensor fusion, and support autonomous decision making. Our latest SoC families integrate third generation CVflow technology with advanced video processing, image signal processing, audio processing, and system control functions on a single chip. CVflow is optimized for a broad range of AI inference workloads, including object detection, classification, tracking, segmentation, stereo depth processing, radar perception, and transformer based models. This architecture supports multi modal sensor inputs, including camera, lidar, 4D radar, thermal, and near infrared, enabling environmental perception for edge devices. These capabilities allow our customers to deploy differentiated AI models and solutions across applications, such as next generation automotive camera systems, video security, robotics, and consumer devices, while achieving high image quality, low latency, and low power consumption. Our development roadmap is focused on human viewing, AI inference, and radar based perception technologies that support the increasing automation and intelligence requirements of the Internet of Things (IoT), automotive, industrial, and robotics markets. As a result, we believe that our future revenue growth, if any, will significantly depend upon our ability to expand within camera markets with our AI technology, particularly in the Internet of Things, or IoT, markets, as well as emerging markets such as AI-enabled security cameras, AI-based driving applications, including driver monitoring systems, advanced blind spot detection, object detection, and deep learning algorithms for HD mapping solutions, automotive advanced driver assistance systems, or ADAS, applications, and industrial and robotics markets. We expect our research and development expenditures to increase in comparison to prior periods as we devote additional resources to the development of innovative video and image processing solutions with increased functionality, such as AI capabilities, and as we target new markets. We sell our SoC solutions to leading original design manufacturers, or ODMs, and original equipment manufacturers, or OEMs, globally, and in the automotive market, we also sell to Tier-1 suppliers. We refer to ODMs and Tier-1 automotive suppliers as our customers and OEMs as our end customers, except as otherwise indicated or as the context otherwise requires. Our sales cycles typically require a significant investment of time and a substantial expenditure of resources before we can realize revenue from the sale of our solutions, if any. Our typical sales cycle consists of a multi-month sales and development process involving our customers\u2019 system designers and management and our sales personnel and software engineers. If successful, this process culminates in a customer\u2019s decision to use our solutions in its system, which we refer to as a design win. Our sales efforts are typically directed to the OEM of the product that will incorporate our video and image processing solution, but the eventual design and incorporation of our SoC into the product may be handled by an ODM or Tier-1 supplier on behalf of the OEM. ITEM 1. BUSINESS Overview Incorporated in 2004, Ambarella is a leading developer of low-power system-on-a-chip, or SoC, semiconductors and software for edge and physical artificial intelligence (AI) applications and intelligent automation. Our technologies make electronic systems smarter, enabling them to become partially or fully autonomous with features such as intelligent automation, complex scene understanding, and autonomous decision-making. These systems perform multi-modal data fusion and complex data analysis in real time, delivering high quality imagery, and preserving vital system resources such as power and network bandwidth. We specialize in the development of deployable, scalable designs for intelligent electronic systems that utilize high-bandwidth sensors offering a proven path to mass production. Our products are used in a wide variety of human viewing, computer vision for edge and physical AI applications, including a variety of video security cameras, automotive camera systems, fixed robots, autonomous mobile robots (AMRs), industrial applications, intelligent transportation systems, and consumer devices, such as action, drone and 360\u00b0 cameras. Until 2023, a majority of our revenue originated from human-viewing only applications with video and image processors for enterprise, public infrastructure and home applications, such as internet protocol, or IP, security cameras, sports cameras, wearables, aerial drones, and aftermarket automotive video recorders. We have leveraged our human-viewing heritage to build our AI driven perception and autonomous business. Our recent development efforts have focused on creating advanced AI inference technology that enables edge devices to perceive, reason about, and interact with the physical world based on the data collected from cameras and other types of sensors, such as 4D radar. This is known as physical AI, a subset of the edge AI market where devices must make autonomous decisions, effectively acting as ITEM 1A. Risk Factors Certain factors may have a material adverse effect on our business, financial condition and results of operations. You should consider carefully the risks and uncertainties described below, in addition to other information contained in this Annual Report on Form 10-K, including our consolidated financial sta", "title": "AMBA - AMBARELLA INC", "url": "/company/AMBA/" }, { "kind": "company", "summary": "SIC 7359 Services-Equipment Rental & Leasing, NEC; CIK 0000752714; latest 10-K filed 2026-02-25.", "text": "MGRC - MCGRATH RENTCORP SIC 7359 Services-Equipment Rental & Leasing, NEC; CIK 0000752714; latest 10-K filed 2026-02-25. MGRC MCGRATH RENTCORP 0000752714 7359 Services-Equipment Rental & Leasing, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements that involve risks and uncertainties. The Company\u2019s actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth in this section as well as those discussed under Part I, \u201cItem 1A. Risk Factors\u201d and elsewhere in this document. This discussion should be read together with the financial statements and the related notes thereto set forth in \u201cItem 8. Financial Statements and Supplementary Data.\u201d Results of Operations General The Company, incorporated in 1979, is a leading rental provider of relocatable modular buildings for classroom and office space, portable storage containers, and electronic test equipment for general purpose and communications needs. The Company\u2019s primary emphasis is on equipment rentals. At December 31, 2025 the Company was comprised of four reportable business segments: (1) its modular building rental segment (\u201cMobile Modular\u201d); (2) its portable storage container rental segment (\"Portable Storage\"); (3) its electronic test equipment rental segment (\u201cTRS-RenTelco\u201d); and (4) its classroom manufacturing segment selling modular buildings used primarily as classrooms in California (\u201cEnviroplex\u201d). In 2025, Mobile Modular, Portable Storage, TRS-RenTelco and Enviroplex contributed 66%, 12%, 16% and 6%, respectively, of the Company\u2019s income from continuing operations before provision for taxes (the equivalent of \u201cpre-tax income\u201d), compared to 69%, 16%, 12% and 3%, respectively, for 2024. The Company generates its revenues primarily from the rental of its equipment on operating leases with sales of equipment occurring in the normal course of business. The Company requires significant capital outlay to purchase its rental inventory and recovers its investment through rental and sales revenues. Rental revenue and certain other service revenues negotiated as part of the lease agreements with customers and related costs are recognized on a straight-line basis over the terms of the lease. Sales revenue and related costs are recognized upon delivery and installation of the equipment to the customers. Sales revenues are less predictable and can fluctuate from period to period depending on customer demands and requirements. Generally, rental revenues less cash operating costs recover the equipment\u2019s capitalized cost in a shorter period of time relative to the equipment\u2019s potential rental life and when sold, sale proceeds are usually above its net book value. The Company\u2019s rental operations include rental and rental related services revenues which comprised approximately 70% of the Company\u2019s total revenues from continuing operations in 2025 and 72% for the three years ended December 31, 2025. Over the past three years, modulars, storage containers and electronic test equipment comprised approximately 68%, 14% and 18%, respectively, of the cumulative rental operations revenues from continuing operations. The Company\u2019s direct costs of rental operations include depreciation of rental equipment, rental related service costs, impairment of rental equipment, and other direct costs of rental operations (which include direct labor, supplies, repairs, insurance, property taxes, license fees and amortization of certain lease costs). The Company sells modulars, storage containers and electronic test equipment that are new, or previously rented. The Company\u2019s Enviroplex subsidiary manufactures and sells new modular classrooms. The renting and selling of some modular equipment requires a dealer\u2019s license, which the Company has obtained from the appropriate governmental agencies. Sales and other revenues of modulars, containers and electronic test equipment have comprised approximately 30% of the Company\u2019s consolid ITEM 1. BUSINESS. General Overview McGrath RentCorp (the \u201cCompany\u201d) is a California corporation organized in 1979 with corporate offices located in Livermore, California. The Company\u2019s common stock is traded on the NASDAQ Global Select Market under the symbol \u201cMGRC\u201d. References in this report to the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d, and \u201cours\u201d refer to McGrath RentCorp and its subsidiaries, unless the context requires otherwise. The Company is a diversified business-to-business rental company with three rental divisions: relocatable modular buildings, portable storage containers and electronic test equipment. Although the Company\u2019s primary emphasis is on equipment rentals, sales of equipment occur in the normal course of business. At December 31, 2025, the Company was comprised of four reportable business segments: (1) its modular building segment (\u201cMobile Modular\u201d); (2) its portable storage container segment (\u201cPortable Storage\u201d); (3) its electronic test equipment segment (\u201cTRS-RenTelco\u201d); and (4) its classroom manufacturing business selling modular buildings used primarily as classrooms in California (\u201cEnviroplex\u201d). Mutual decision to terminate Merger Agreement with WillScot Mobile Mini Holdings Corp As previously disclosed, on January 28, 2024, the Company entered into an Agreement and Plan of Merger (the \u201cMerger Agreement\u201d), with WillScot Mobile Mini Holdings Corp., a Delaware corporation (\"WillScot Mobile Mini\u201d), Brunello Merger Sub I, Inc., a California corporation and a direct wholly owned subsidiary of WillScot Mobile Mini, and Brunello Merger Sub II, LLC, a Delaware limited liability company and direct wholly owned subsidiary of WillScot Mobile Mini. On September 17, 2024, the Company and WillScot Mobile Mini mutually agreed to terminate the Merger Agreement, effective upon WillScot Mobile Mini's cash payment of $180.0 million to the Company, which was received on September 20, 2024. Transaction costs attributed to the Merger Agreement are reported in the Company ITEM 1A. RISK FACTORS You should carefully consider the following discussion of various risks and uncertainties. We believe these risk factors are the most relevant to our business and could cause our results to differ materially from the forward-looking statements made by us. Our business, financial condition", "title": "MGRC - MCGRATH RENTCORP", "url": "/company/MGRC/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001787306; latest 10-K filed 2026-02-25.", "text": "ARQT - Arcutis Biotherapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001787306; latest 10-K filed 2026-02-25. ARQT Arcutis Biotherapeutics, Inc. 0001787306 2834 Pharmaceutical Preparations Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read together with our audited financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, refer to Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Annual Report on Form 10-K for the year ended December 31, 2024. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans, objectives, expectations, projections and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors identified below and those set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results and the timing of selected events could differ materially from the forward-looking statements contained in the following discussion and analysis. Please also see the section entitled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview We are a commercial-stage biopharmaceutical company focused on developing and commercializing treatments for dermatological diseases with high unmet medical needs. Our current portfolio is comprised of highly differentiated topical and systemic treatments with significant potential to treat immune-mediated dermatological diseases and conditions. We believe we have built a leading platform for dermatologic product development and commercialization. Our strategy is to focus on validated biological targets, and to use our drug development platform and deep dermatology expertise to develop and commercialize differentiated products that have the potential to address the major shortcomings of existing therapies in our targeted indications. We believe this strategy uniquely positions us to rapidly advance our goal of bridging the treatment innovation gap in dermatology, while maximizing our probability of technical success and financial resources. We launched our lead product, ZORYVE cream 0.3%, in August 2022 after obtaining our initial FDA approval for the treatment of plaque psoriasis, including psoriasis in the intertriginous areas (e.g. groin or axillae), in individuals 12 years of age or older. ZORYVE cream 0.3% is a once-daily topical formulation of roflumilast, a highly potent and selective phosphodiesterase-4 (PDE4) inhibitor. ZORYVE cream 0.3% is approved for once-daily topical treatment of mild, moderate, and severe plaque psoriasis with no limitations on location or duration of use. In October 2023, we received FDA approval for an expanded indication in plaque psoriasis down to 6 years of age. In November 2025, our supplemental New Drug Application (sNDA) was accepted for filing by the FDA to potentially expand the indication of ZORYVE cream 0.3% for the treatment of plaque psoriasis in children down to the age of 2, with a Prescription Drug User Fee Act (PDUFA) target action date set for June 29, 2026. In June 2023, we had our first commercial launch outside of the United States following Health Canada approval of ZORYVE cream 0.3% for the treatment of plaque psoriasis in individuals 12 years or age or older. In February 2026, Health Canada accepted our Supplement to a New Drug Submission (SNDS) for ZORYVE cream 0.3% for individuals down to 2 years old. In December 2023, we received FDA approval for ZORYVE foam 0.3% for the treatment of seborrheic dermatitis in individuals aged 9 years and older, with no limitation on severity, location, or duration of use. ZORYVE foam is a once-daily steroid-free foam and, as a PDE4 inhibitor, was the first drug approved for the treatment of seborrheic dermatitis w Item 1. BUSINESS Overview We are a commercial-stage biopharmaceutical company focused on developing and commercializing treatments for dermatological diseases with high unmet medical needs. Our current portfolio is comprised of highly differentiated topical and systemic treatments with significant potential to treat immune-mediated dermatological diseases and conditions. We believe we have built a leading platform for dermatologic product development and commercialization. Our strategy is to focus on validated biological targets, and to use our drug development platform and deep dermatology expertise to develop and commercialize differentiated products that have the potential to address the major shortcomings of existing therapies in our targeted indications. We believe this strategy uniquely positions us to rapidly advance our goal of bridging the treatment innovation gap in dermatology, while maximizing our probability of technical success and financial resources. We launched our lead product, ZORYVE cream 0.3%, in August 2022 after obtaining our initial FDA approval for the treatment of plaque psoriasis, including psoriasis in the intertriginous areas (e.g. groin or axillae), in individuals 12 years of age or older. ZORYVE cream 0.3% is a once-daily topical formulation of roflumilast, a highly potent and selective phosphodiesterase-4 (PDE4) inhibitor. ZORYVE cream 0.3% is approved for once-daily topical treatment of mild, moderate, and severe plaque psoriasis with no limitations on location or duration of use. In October 2023, we received FDA approval for an expanded indication in plaque psoriasis down to 6 years of age. In November 2025, our supplemental New Drug Application (sNDA) was accepted for filing by the FDA to potentially expand the indication of ZORYVE cream 0.3% for the treatment of plaque psoriasis in children down to the age of 2, with a Prescription Drug User Fee Act (PDUFA) target action date set for June 29, 2026. In June 2023, we had our firs Item 1A. RISK FACTORS This Annual Report on Form 10-K contains forward-looking information based on our current expectations. Because our business is subject to many risks and our actual results may differ materially from any forward-looking statements made by or on behalf of us, this section includes a d", "title": "ARQT - Arcutis Biotherapeutics, Inc.", "url": "/company/ARQT/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001764013; latest 10-K filed 2026-05-20.", "text": "IMVT - Immunovant, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001764013; latest 10-K filed 2026-05-20. IMVT Immunovant, Inc. 0001764013 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition, results of operations and cash flows together with the audited consolidated financial statements and the related notes thereto included elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cItem 1A Risk Factors\u201d for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Our fiscal year ends on March 31. Overview Immunovant, Inc. (\u201cImmunovant,\u201d \u201cwe\u201d or the \u201cCompany\u201d) is a clinical-stage immunology company dedicated to enabling normal lives for people with autoimmune diseases. Our focus is on developing IMVT-1402, a potentially best-in-class inhibitor of the neonatal fragment crystallizable receptor (\u201cFcRn\u201d), to address autoimmune diseases driven by high levels of pathogenic immunoglobulin G (\u201cIgG\u201d) antibodies. FcRn is involved in preventing the degradation of IgG antibodies, and inhibition of FcRn has been shown to reduce levels of total IgG and pathogenic IgG antibodies. We believe that FcRn inhibition has broad therapeutic and commercial potential to address pathogenic IgG-mediated autoimmune diseases in several therapeutic areas, including but not limited to, endocrinology, neurology, rheumatology and dermatology. Third-party estimates suggest over four million patients in the United States and Europe could benefit from anti-FcRn treatments across more than 20 indications that have been publicly announced for research and development by multiple companies, with two indications that are already approved and launched quickly reaching multi-billions of dollars in global annual sales. Consistent evidence observed across the class in eight indications in Phase 2 and 3 trials with FcRn inhibitors has indicated that deeper IgG reductions correlate with meaningful improvements in clinical outcomes. This has also been validated with Immunovant\u2019s own Phase 2 and 3 studies evaluating its first-generation anti-FcRn antibody, batoclimab, in Graves\u2019 disease (\u201cGD\u201d), myasthenia gravis (\u201cMG\u201d) and chronic inflammatory demyelinating polyneuropathy (\u201cCIDP\u201d) which showed that IgG reductions of greater than or equal to 70% led to meaningfully better outcomes compared to reductions below 70% across a range of clinical measures. In a Phase 1 clinical trial, healthy adults dosed with IMVT-1402 showed deep, dose-dependent IgG reductions. We expect to be able to reach approximately 80% IgG reductions with continued weekly dosing of 600 mg of IMVT-1402, offering deeper IgG reductions than observed with other competitor anti-FcRn programs, therefore representing a potential best-in-class opportunity. In the Phase 1 clinical trial, across all evaluated doses, IMVT-1402 demonstrated no or minimal reductions in albumin and no or minimal increases in LDL cholesterol levels, which are off-target effects observed in some anti-FcRn antibodies, including batoclimab. We believe IMVT-1402\u2019s profile has the potential to offer best-in-class efficacy, in addition to its potentially favorable safety profile and convenient administration with a simple self-administered auto-injector expected at launch. We are currently progressing a broad set of programs for IMVT-1402 and have ongoing studies in six indications, including potentially registrational trials in GD, difficult-to-treat rheumatoid arthritis (\u201cD2T RA\u201d), MG, CIDP and Sj\u00f6gren\u2019s disease (\u201cSjD\u201d), and a proof-of-concept trial in cutaneous lupus erythematosus Item 1. Business Overview Immunovant, Inc. (\u201cImmunovant,\u201d \u201cwe\u201d or the \u201cCompany\u201d) is a clinical-stage immunology company dedicated to enabling normal lives for people with autoimmune diseases. Our focus is on developing IMVT-1402 (imeroprubart), a potentially best-in-class inhibitor of the neonatal fragment crystallizable receptor (\u201cFcRn\u201d), to address autoimmune diseases driven by high levels of pathogenic immunoglobulin G (\u201cIgG\u201d) antibodies. FcRn is involved in preventing the degradation of IgG antibodies, and inhibition of FcRn has been shown to reduce levels of total IgG and pathogenic IgG antibodies. We believe that FcRn inhibition has broad therapeutic and commercial potential to address pathogenic IgG-mediated autoimmune diseases in several therapeutic areas, including but not limited to, endocrinology, neurology, rheumatology and dermatology. Third-party estimates suggest over four million patients in the United States and Europe could benefit from anti-FcRn treatments across more than 20 indications that have been publicly announced for research and development by multiple companies, with two indications that are already approved and launched quickly reaching multi-billions of dollars in global annual sales. Consistent evidence observed across the class in eight indications in Phase 2 and 3 trials with FcRn inhibitors has indicated that deeper IgG reductions correlate with meaningful improvements in clinical outcomes. This has also been validated with Immunovant\u2019s own Phase 2 and 3 studies evaluating its first-generation anti-FcRn antibody, batoclimab, in Graves\u2019 disease (\u201cGD\u201d), myasthenia gravis (\u201cMG\u201d) and chronic inflammatory demyelinating polyneuropathy (\u201cCIDP\u201d) which showed that IgG reductions of greater than or equal to 70% led to meaningfully better outcomes compared to reductions below 70% across a range of clinical measures. In a Phase 1 clinical trial, healthy adults dosed with IMVT-1402 showed deep, dose-dependent IgG reductions. We expect to b Item 1A. Risk Factors Our business involves a high degree of risk. You should carefully consider the risks described below, together with the other information contained in this Annual Report, including our consolidated financial statements and the related notes appearing elsewhere in this Annua", "title": "IMVT - Immunovant, Inc.", "url": "/company/IMVT/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001679688; latest 10-K filed 2026-02-26.", "text": "DBRG - DigitalBridge Group, Inc. SIC 6282 Investment Advice; CIK 0001679688; latest 10-K filed 2026-02-26. DBRG DigitalBridge Group, Inc. 0001679688 6282 Investment Advice Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with our consolidated financial statements and accompanying notes thereto, which are included in Item 8. \" Financial Statements and Supplementary Data \" of this Annual Report. Significant Developments The following summarizes significant developments that affected our business and results of operations in 2025. Proposed Acquisition of DBRG \u2022On December 29, 2025, DBRG entered into a definitive agreement to be acquired indirectly by SoftBank for $16.00 in cash per common share and OP common units that are not held by DBRG and the Operating Company (unless otherwise agreed by a holder of OP units and SoftBank through its indirect subsidiary). The transaction is expected to close in the second half of 2026, subject to approval by DBRG's common stockholders and other customary closing conditions. The preferred stock of DBRG and the Operating Company will remain outstanding. Warrants to purchase DBRG's common stock will be treated in accordance with the terms of the applicable warrant agreements. Capital Raise \u2022In 2025, we raised $5.6 billion of capital, primarily for DigitalBridge Partners III (\"DBP III\"), our third flagship digital infrastructure fund which had its final closing on October 31, 2025, and various co-investment vehicles. DBP III fund commitments totaled $7.2 billion, inclusive of $150 million of our commitments as general partner and general partner affiliate. 44 Table of Contents Realization of Investment \u2022In connection with our participation in a secondary sale of equity by our DataBank portfolio company in February 2025, we received proceeds of approximately $59.7 million, representing $34.0 million realized principal investment income, $24.8 million return of capital and our share of carried interest of $0.9 million. Operating Metrics Fee Earning Equity Under Management We present below our FEEUM, which is a key operating metric in the alternative investment management industry. Our calculation of FEEUM may differ from other investment managers, and as a result, may not be directly comparable to similar measures presented by other investment managers. FEEUM represents the total capital managed by the Company and its affiliates which earns fee income. FEEUM is generally based upon committed capital, invested capital, NAV or gross asset value (\"GAV\"), pursuant to the terms of each underlying investment management agreement. Presented below is total FEEUM by product: [[GREPCENT_TABLE]] [[\"(In billions)\",\"\",\"December 31, 2025\",\"\",\"December 31, 2024\"],[\"Fee Earning Equity Under Management\"],[\"DBP Series\",\"\",\"$\",\"17.8\",\"\",\"$\",\"15.9\"],[\"Co-Investment Vehicles\",\"\",\"15.2\",\"\",\"11.5\"],[\"InfraBridge\",\"\",\"3.6\",\"\",\"3.7\"],[\"Core, Credit and Liquid Strategies\",\"\",\"3.2\",\"\",\"3.2\"],[\"Separately Capitalized Portfolio Companies\",\"\",\"1.2\",\"\",\"1.2\"],[\"\",\"\",\"$\",\"41.0\",\"\",\"$\",\"35.5\"]] [[/GREPCENT_TABLE]] The following table summarizes changes in FEEUM: [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31, 2025\"],[\"(In billions)\"],[\"Fee Earning Equity Under Management\"],[\"Balance at January 1\",\"\",\"$\",\"35.5\"],[\"Inflows (1)\",\"\",\"7.5\"],[\"Outflows (2)\",\"\",\"(2.1)\"],[\"Market activity (3)\",\"\",\"0.1\"],[\"Balance at December 31\",\"\",\"$\",\"41.0\"]] [[/GREPCENT_TABLE]] ________ (1) Inflows include closing on new capital raised where fees are earned on committed capital, deployment of capital where fees are earned on invested capital, new subscriptions where fees are based on NAV, other changes in invested capital such as the effect of recapitalization and syndication, and FEEUM from acquired investment vehicles. (2) Outflows include redemptions and withdrawals in Liquid Strategies, realizations where fees are based on invested capital, other changes in invested capital such as the effect of recapitalization and syndication, change in fee basis from committed to invested capital, p Item 1. Business. In this Annual Report, unless specifically stated otherwise or the context indicates otherwise, the terms the \"Company,\" \"DBRG,\" \"DigitalBridge,\" \"we,\" \"our\" and \"us\" refer to DigitalBridge Group, Inc. and its consolidated subsidiaries. References to the \u201cOperating Company\u201d and the \u201cOP\u201d refer to DigitalBridge Operating Company, LLC, a Delaware limited liability company and the operating company of DBRG, and its consolidated subsidiaries. Our Business We are a leading global investment manager in digital infrastructure, deploying and managing capital across the digital ecosystem, including data centers, cell towers, and fiber networks. Our diverse global investor base includes public and private pensions, sovereign wealth funds, other asset managers, insurance companies, and endowments. At December 31, 2025, we had $41.0 billion of fee earning equity under management (\"FEEUM\"). Our head office is in Boca Raton, Florida, with key offices in New York, London, Luxembourg and Singapore. At December 31, 2025, we had 316 employees. We operate as a taxable C Corporation and conduct substantially all of our activities and hold substantially all of our assets and liabilities through our Operating Company. As sole managing member, we own 97% of the Operating Company at December 31, 2025. Proposed Acquisition of DBRG On December 29, 2025, DBRG, the Operating Company and indirect subsidiaries of SoftBank Group Corp. (TSE: 9984, \"SoftBank\") entered into an agreement and plan of merger (the \u201cMerger Agreement\u201d) pursuant to which, among other things, DBRG and the Operating Company would be acquired by such indirect subsidiaries through a series of mergers (the \"Merger\"). SoftBank, through its indirect subsidiaries, will acquire all of (i) DBRG's issued and outstanding common stock and (ii) the OP common units that are not held by DBRG and the Operating Company (unless otherwise agreed by a holder of OP units and SoftBank through its indirect subsidiary), fo Item 1A. Risk Factors. The following risk factors and other information included in this Annual Report should be carefully considered. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us that we currently deem immaterial or that generally apply to all businesses also may adverse", "title": "DBRG - DigitalBridge Group, Inc.", "url": "/company/DBRG/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001647639; latest 10-K filed 2026-02-10.", "text": "UPST - Upstart Holdings, Inc. SIC 6199 Finance Services; CIK 0001647639; latest 10-K filed 2026-02-10. UPST Upstart Holdings, Inc. 0001647639 6199 Finance Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Factors that could cause or contribute to such differences include those identified below and those discussed in the section titled \u201cRisk Factors\u201d and other parts of this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Overview Upstart is the leading artificial intelligence (\u201cAI\u201d) lending marketplace. We aim to radically reduce the cost and complexity of borrowing for all Americans by using our proprietary AI models to remake the entire lending process. Today, Upstart\u2019s marketplace supports personal loans, including small dollar \u201crelief\u201d loans, auto loans, including retail, refinance, and auto secured personal loans, and home loans in the form of home equity lines of credit (\u201cHELOCs\u201d). Long-term, our vision is to become the always-on, everything-store for credit, where we can automatically approve borrowers at the right prices \u2013 instantly and effortlessly. Our platform applies AI to more accurately quantify the true risk of a loan, a capability we refer to as \u201crisk separation.\u201d This differentiated approach to underwriting has generally led to higher approvals and lower interest rates relative to traditional lending practices, with more predictable returns to our capital partners including banks and credit unions (collectively our \u201clending partners\u201d) and institutional investors. With this as the foundation, we\u2019ve added layers of automation, macroeconomic calibration, and personalization that can support increasing scale and greater business resilience over time. Beyond core underwriting, we apply our proprietary AI models to other areas of our business, such as income and identity verification, fraud detection, and identifying loan stacking behavior among others. The result is an exceptional digital-first experience with significant levels of automation. For example, during the year ended December 31, 2025, 91% of loans on our platform were fully automated, with no human intervention by Upstart. Consumer acquisition is another area where we apply our AI, making these activities increasingly efficient. Consumers primarily access Upstart-powered loans through Upstart.com and, for automotive retail in particular, through auto dealerships that use Upstart\u2019s Auto Finance software. Our dynamic marketplace allows us to serve borrowers across the credit spectrum. Loans issued through our marketplace are purchased by our network of institutional investors, retained or purchased by our lending partners, or in certain instances, held on our balance sheet. Out of the total principal of loans transacted on our marketplace during the year ended December 31, 2025, 64% were purchased by institutional investors, 26% were retained or purchased by our lending partners, and 10% were held on our balance sheet. Investors may also invest in securities collateralized by Upstart-powered loans through our pass-through and securitization programs. Institutional investors play an important role in our lending marketplace by providing capital for higher risk loans that may not be economically feasible for traditional banks and credit unions to hold. Today, more than 50% of the loan funding on our platform is through committed capital and other co-investment arrangements with institutional investors and lending partners, which provide valuable stability and resilience on the funding side of our platform. We retain certain loans on our balance sheet for research and development purposes (\u201cR&D Loans\u201d), including to test and evaluate ITEM 1. BUSINESS Overview Upstart is the leading artificial intelligence (\u201cAI\u201d) lending marketplace. We aim to radically reduce the cost and complexity of borrowing for all Americans by using our proprietary AI models to remake the entire lending process. Founded in 2012, Upstart\u2019s marketplace supports unsecured and secured credit products, such as personal loans, auto loans, and home equity lines of credit (\u201cHELOCs\u201d). Long-term, our vision is to become the always-on, everything-store for credit, where we can automatically approve borrowers at the right prices \u2013 instantly and effortlessly. We\u2019re dedicated to providing the best rates and the best process to all consumers. Throughout history, affordable credit has been central to unlocking mobility and opportunity. The FICO score was invented in 1989 and remains the standard for determining who is approved for credit and at what interest rate. While FICO is rarely the only input in a lending decision, most lenders use simple rules-based systems that consider only a limited number of variables. Unfortunately, because these legacy credit systems fail to accurately identify and quantify risk, millions of creditworthy individuals are left out of the system, and millions more pay too much to borrow money. Our platform applies AI to more accurately quantify the true risk of a loan, a capability we refer to as \u201crisk separation.\u201d This differentiated approach to underwriting has generally led to higher approvals and lower interest rates relative to traditional lending practices, with more predictable returns to our capital partners including banks and credit unions (collectively our \u201clending partners\u201d) and institutional investors. With this as the foundation, we\u2019ve added layers of automation, macroeconomic calibration, and personalization that can support increasing scale and greater business resilience over time. Beyond core underwriting, we apply our proprietary AI models to other areas of our business, such as income a ITEM 1A. RISK FACTORS RISK FACTORS Investing in our common stock involves a high degree of risk. The risks and uncertainties described below should be carefully considered, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and R", "title": "UPST - Upstart Holdings, Inc.", "url": "/company/UPST/" }, { "kind": "company", "summary": "SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0001517228; latest 10-K filed 2026-02-26.", "text": "VISN - Vistance Networks, Inc. SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0001517228; latest 10-K filed 2026-02-26. VISN Vistance Networks, Inc. 0001517228 3663 Radio & Tv Broadcasting & Communications Equipment ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations is for the year ended December 31, 2025 compared with the year ended December 31, 2024. This comparison should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d included in Part I, Item 1A or in other parts of this Annual Report on Form 10-K. For a discussion and analysis of our financial condition and results of operations for the year ended December 31, 2024 compared to December 31, 2023, see Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in the 2024 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 26, 2025. OVERVIEW We are a global provider of infrastructure solutions for communication, data center and entertainment networks. Our solutions for wired and wireless networks enable service providers, including cable, telephone and digital broadcast satellite operators and media programmers, to deliver media, voice, Internet Protocol (IP) data services and Wi-Fi to their subscribers and allow enterprises to experience constant wireless and wired connectivity across complex and varied networking environments. Our solutions are complemented by services including technical support, systems design and integration. We are a leader in digital video and IP television distribution systems, broadband access infrastructure platforms and equipment that delivers data and voice networks to homes. Our global leadership position is built upon innovative technology, broad solution offerings, high-quality and cost-effective customer solutions, and global manufacturing and distribution scale. Since 2021, we have been engaged in a transformation initiative designed to drive shareholder value through three pillars: profitable growth, operational efficiency and portfolio optimization. We continue to focus on driving operational efficiencies and other cost savings initiatives, as well as portfolio optimization, all of which enabled us to take advantage of the recovery in demand that we started to see beginning in late 2024 and continuing through 2025. We continue to analyze the impacts of the recently announced tariffs under the current U.S. administration; however, we believe we have a manageable plan in place to prepare for potential impacts. Our approach of focusing on matters in our control has driven improved results in 2025 and will remain our focus into 2026. As a result, we incurred $19.7 million, $36.7 million and $29.4 million of net restructuring costs and $29.9 million, $63.4 million and $27.1 million of transaction, transformation and integration costs during the years ended December 31, 2025, 2024 and 2023, respectively, primarily related to our transformation initiative. We expect to continue to incur such costs during 2026 as we continue executing on our transformation initiative, and the resulting charges and cash requirements could be material. During the years ended December 31, 2023, 2024 and 2025, we executed several strategic transactions that are further described in Note 3 and Note 4 in the Notes to Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K. These transactions included the acquisition of certain assets of Casa Systems, Inc. (Casa), as well as multiple divestitures, including the Home business, the Outdoor Wireless Networks (OWN) segment, the Distributed Antenna Systems (DAS) business unit, the OneCell busi ITEM 1. BUSINESS Company Overview Vistance Networks, Inc. was incorporated in Delaware on October 22, 2010 as CommScope Holding Company, Inc., and our initial public offering for our common stock was on October 25, 2013. Effective January 14, 2026, we changed our legal name from CommScope Holding Company, Inc. to Vistance Networks, Inc. Since our founding as an independent company in 1976, we have played a significant role in many of the world\u2019s leading communication networks. Our evolution has been driven by technological innovation and strategies that expanded our product offerings and complemented our existing solutions. We are a global provider of infrastructure solutions that enable service providers, including cable, telephone and digital broadcast satellite operators and media programmers, to deliver media, voice, Internet Protocol (IP) data services and Wi-Fi to their subscribers and allow enterprises to experience constant wireless and wired connectivity across complex and varied networking environments. Our solutions are complemented by services including technical support, systems design and integration. We are a leader in digital video and IP television (IPTV) distribution systems, broadband access infrastructure platforms and equipment that delivers data and voice networks to homes. Our global leadership position is built upon innovative technology, broad solution offerings, high-quality and cost-effective customer solutions, and global manufacturing and distribution scale. As of December 31, 2025, excluding our discontinued operations, we have a team of over 4,500 people who serve our customers in over 70 countries. Our customers include substantially all the leading global telecommunications operators, data center managers, cable television providers or multi-system operators (MSOs) and thousands of enterprise customers, including many Fortune 500 companies. We have long-standing, direct relationships with our customers and serve them through a dir ITEM 1A. RISK FACTORS The following is a cautionary discussion of risks, uncertainties and assumptions that we believe are significant to our business. In addition to the factors discussed elsewhere in this Annual Report on Form 10-K, the following are some of the importa", "title": "VISN - Vistance Networks, Inc.", "url": "/company/VISN/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001840856; latest 10-K filed 2026-03-02.", "text": "SOUN - SOUNDHOUND AI, INC. SIC 7372 Services-Prepackaged Software; CIK 0001840856; latest 10-K filed 2026-03-02. SOUN SOUNDHOUND AI, INC. 0001840856 7372 Services-Prepackaged Software Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the financial condition and results of operations of SoundHound should be read together with our consolidated financial statements and the related notes thereto. The fiscal years presented are the periods ended December 31, 2025 (\u201c2025\u201d) and December 31, 2024 (\u201c2024\u201d). Information concerning the fiscal year ended December 31, 2023 (\u201c2023\u201d) and a comparison of 2024 and 2023 may be found under \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company\u2019s Annual Report on Form 10\u2011K for the fiscal year ended December 31, 2024, filed with the SEC on March 11, 2025. Some of the information contained in this discussion and analysis or set forth elsewhere in this report, including information with respect to SoundHound\u2019s plans and strategy for its business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d and \u201cCautionary Statement Regarding Forward Looking Statements\u201d section of this report, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Unless otherwise indicated or the context otherwise requires, references in this section to \u201cSoundHound,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and other similar terms refer to SoundHound AI, Inc. and our subsidiaries. Company Overview We are a global leader in conversational intelligence, offering independent Voice AI solutions that enable businesses to deliver high-quality conversational experiences to their customers. Built on proprietary technology, SoundHound\u2019s voice AI delivers best-in-class speed and accuracy in numerous languages to product creators across automotive, TV, and IoT, and to customer service industries via groundbreaking AI-driven products like Smart Answering, Smart Ordering, and Dynamic Interaction\u2122, a real-time, multimodal customer service interface. Along with SoundHound Chat AI, a powerful voice assistant with integrated Generative AI, SoundHound powers millions of products and services, and processes billions of interactions each year for world class businesses. We believe voice-enabled conversational user interface is a more natural interface for nearly all use cases, and product creators should have the ability to design, customize, differentiate, innovate and monetize the interface to their own product, as opposed to outsourcing it to a third-party assistant. For example, using SoundHound, businesses can voice-enable their products so consumers can say things like, \u201cTurn off the air conditioning and lower the windows,\u201d while in their cars, \u201cFind romantic comedies released in the last year,\u201d while streaming on their TV and even place food orders before arriving at a restaurant by talking to their cars, TVs or other IoT devices. Additionally, SoundHound\u2019s technology can address complex user queries such as, \u201cShow me all restaurants within half a mile of the Space Needle that are open past 9pm on Wednesdays and have outdoor seating,\u201d and follow-on qualifications such as \u201cOkay, don\u2019t show me anything with less than 3 stars or fast food.\u201d The SoundHound developer platform, Houndify, is an open-access platform that allows developers to leverage SoundHound\u2019s Voice AI technology and a library of over 100 content domains, including commonly used domains for points of interest, weather, flight status, sports and more. SoundHound's Collective AI is an architecture for connecting domain knowledge that encourages collaboration and contribution among developers. The architecture is based on proprietary software engineering technology, CaiLAN (Conversational AI Language), and machine learning technology, CaiNET (Conversational AI Network) to ensure fast, accurate and Item 1. Business Our Mission SoundHound\u2019s mission is to voice-enable the world with conversational intelligence through an independent AI platform enabling humans to interact with products and services like they interact with each other \u2014 by speaking naturally. Company Overview We are a global leader in conversational intelligence, offering independent Voice AI solutions that enable businesses to deliver high-quality conversational experiences to their customers. Built on proprietary technology, SoundHound\u2019s voice AI delivers best-in-class speed and accuracy in numerous languages to product creators across automotive, TV, and IoT, and to customer service industries via groundbreaking AI-driven products like Smart Answering, Smart Ordering, and Dynamic Interaction\u2122, and Employee Assist. Along with SoundHound Chat AI, a powerful voice assistant with integrated Generative AI, SoundHound powers millions of products and services, and processes billions of interactions each year for world class businesses. We believe voice-enabled conversational user interface is a more natural interface for nearly all use cases, and product creators should have the ability to design, customize, differentiate, innovate and monetize the interface to their own product, as opposed to outsourcing it to a third-party assistant. For example, using SoundHound, businesses can voice-enable their products so consumers can say things like, \u201cTurn off the air conditioning and lower the windows,\u201d while in their cars, \u201cFind romantic comedies released in the last year,\u201d while streaming on their TV and even place food orders before arriving at a restaurant by talking to their cars, TVs or other IoT devices. Additionally, SoundHound\u2019s technology can address complex user queries such as, \u201cShow me all restaurants within half a mile of the Space Needle that are open past 9pm on Wednesdays and have outdoor seating,\u201d and follow-on qualifications such as \u201cOkay, don\u2019t show me anything with less than 3 stars Item 1A. Risk Factors Investing in our securities involves a high degree of risk. You should carefully consider the following information about these risks, together with the other information appearing elsewhere in this Annual Report, including our financial statements, the notes thereto and the section entitled \u201cManagement\u2019", "title": "SOUN - SOUNDHOUND AI, INC.", "url": "/company/SOUN/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001307748; latest 10-K filed 2026-02-12.", "text": "IVT - InvenTrust Properties Corp. SIC 6798 Real Estate Investment Trusts; CIK 0001307748; latest 10-K filed 2026-02-12. IVT InvenTrust Properties Corp. 0001307748 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis relates to the operations of the Company for the years ended December 31, 2025 and 2024 and its financial position as of December 31, 2025 and 2024. Discussion of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report can be found in \"Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\" of our Annual Report on Form 10-K for the year ended December 31, 2024. The following discussion and analysis should be read in conjunction with our consolidated financial statements and the related notes included in this Annual Report. This discussion contains forward-looking statements about our business. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in \"Forward-Looking Statements\" and \"Part I, Item 1A. Risk Factors\" contained in this Annual Report and in our other reports that we file from time to time with the SEC. Executive Summary Strategy and Outlook InvenTrust Properties Corp. is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires, and manages grocery-anchored neighborhood and community centers, as well as high-quality power centers that often have a grocery component. We pursue our business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, and maintaining a flexible capital structure. InvenTrust focuses on Sun Belt markets with favorable demographics, including above-average growth in population, employment, income, and education levels. We believe these conditions create favorable demand characteristics for grocery-anchored and necessity-based retail centers, which will position us to capitalize on potential future rent increases while enjoying sustained occupancy at our centers. Our strategically located field offices support hands-on property oversight, enabling responsive tenant engagement and strong local market knowledge across our portfolio. We believe that our Sun Belt portfolio of high quality grocery-anchored assets is a distinct differentiator for us in the marketplace. Evaluation of Operating Performance and Financial Condition In addition to measures of operating performance determined in accordance with U.S. generally accepted accounting principles (\"GAAP\"), management evaluates our operating performance and financial condition by focusing on the following financial and non-financial indicators, discussed in further detail herein: \u2022Net Operating Income (\"NOI\") and Same Property NOI, supplemental non-GAAP measures; \u2022Nareit Funds From Operations (\"Nareit FFO\") Applicable to Common Shares and Dilutive Securities, a supplemental non-GAAP measure; \u2022Core Funds From Operations (\"Core FFO\") Applicable to Common Shares and Dilutive Securities, a supplemental non-GAAP measure; \u2022Earnings Before Interest, Taxes, Depreciation, and Amortization (\"EBITDA\"), a supplemental non-GAAP measure; \u2022Adjusted EBITDA, a supplemental non-GAAP measure; \u2022Economic and leased occupancy and rental rates; \u2022Leasing activity and lease rollover; \u2022Operating expense levels and trends; \u2022General and administrative expense levels and trends; \u2022Debt maturities and leverage ratios; and \u2022Liquidity levels. 20 Recent Developments Acquisitions and Mortgage Assumptions The Company acquired the following properties during the year ended December 31, 2025: [[GREPCENT_TABLE]] [[\"Month Acquired\",\"\",\"Property\",\"\",\"Grocery Anchor(s)\",\"\",\"Market\",\"\",\"Square Feet\",\"\",\"Gross Acquisition Price\",\"\",\"Assumption of Mortgage Debt\"],[\"Apr-25\",\"\",\"Plaza Escondida (a)\",\"\",\"Trader Joe's\",\"\",\"Tucson, AZ\",\"\",\"91\",\"\",\"$\",\"23,000\",\"\",\"\",\"$\",\"7,981\"],[\"Apr-25\",\"\",\"Carmel Village\",\"\",\"N/A\",\"\",\"Charlotte-Gast Item 1. Business General On October 4, 2004, InvenTrust Properties Corp. was incorporated as Inland American Real Estate Trust, Inc., a Maryland corporation, and elected to operate in a manner to be taxed as a REIT for federal tax purposes. The Company changed its name to InvenTrust Properties Corp. in April 2015 and is focused on owning, leasing, redeveloping, acquiring and managing a multi-tenant retail platform. On October 12, 2021, the Company's shares of common stock were listed and began trading on the New York Stock Exchange (\"NYSE\") under the ticker symbol \"IVT.\" As of December 31, 2025, the Company owned 73 retail properties with a total gross leasable area (\"GLA\") of approximately 11.6 million square feet. The following table summarizes our retail portfolio as of December 31, 2025. [[GREPCENT_TABLE]] [[\"\",\"As of December 31, 2025\"],[\"No. of properties\",\"73\"],[\"GLA (square feet)\",\"11,589\"],[\"Economic occupancy (a)\",\"95.4%\"],[\"Leased occupancy (b)\",\"96.7%\"],[\"ABR PSF (c)\",\"$20.41\"]] [[/GREPCENT_TABLE]] (a)Economic occupancy is defined as the percentage of occupied GLA divided by total GLA (excluding Specialty Leases) for which a tenant is obligated to pay rent under the terms of its lease agreement as of the rent commencement date, regardless of the actual use or occupancy by that tenant of the area being leased. Actual use may be less than economic occupancy. Specialty Leases include small shop leases with terms of less than one year and leases of common area space with terms of any term length. (b)Leased occupancy is defined as economic occupancy plus the percentage of signed but not yet commenced GLA divided by total GLA. (c)Annualized Base Rent (\"ABR\") is computed as base rent for the last month of the period multiplied by twelve. Base rent is inclusive of ground rent and exclusive of Specialty Lease rent. ABR per square foot (\"PSF\") is computed as ABR divided by the occupied square footage as of the end of the period. Business Strategy InvenTru Item 1A. Risk Factors You should carefully consider each of the following risks described below and all of the other information in this Annual Report in evaluating us. Our business, financial condition, cash flows, results of operations and/or ability to pay distributions to our stockholders could be materially adversely affected", "title": "IVT - InvenTrust Properties Corp.", "url": "/company/IVT/" }, { "kind": "company", "summary": "SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001666138; latest 10-K filed 2025-11-26.", "text": "ATKR - Atkore Inc. SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001666138; latest 10-K filed 2025-11-26. ATKR Atkore Inc. 0001666138 3690 Miscellaneous Electrical Machinery, Equipment & Supplies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following information should be read in conjunction with the accompanying consolidated financial statements and related notes included in this Annual Report. The following discussion may contain forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those factors discussed below and elsewhere in this report, particularly in \u201cSpecial Note Regarding Forward-Looking Statements and Information\u201d and \u201cRisk Factors\u201d included elsewhere in this Annual Report. The percentages provided below reflect rounding adjustments. Accordingly, figures expressed as percentages when aggregated may not be the arithmetic sum of the percentages that precede them. Business Factors Influencing our Results of Operations We are a leading manufacturer of Electrical products primarily for the non-residential construction and renovation markets and Safety & Infrastructure for the construction and industrial markets. The Electrical segment manufactures high quality products used in the construction of electrical power systems including conduit, cable and installation accessories. The Safety & Infrastructure segment designs and manufactures solutions including metal framing, mechanical pipe, perimeter security and cable management for the protection and reliability of critical infrastructure. We believe we hold #1 or #2 positions in the United States by net sales in a significant number of our products. The quality of our products, the strength of our brands and our scale and presence provide what we believe to be a unique set of competitive advantages that position us for profitable growth. The following factors may affect our results of operations in any given period: Economic Conditions. Our business depends on demand from customers across various end markets, including wholesale distributors, OEMs, retail distributors and general contractors. Our products are primarily used by trade contractors in the construction and renovation of non-residential structures such as commercial office buildings, healthcare facilities and manufacturing plants. In fiscal 2025, 88% of our net sales were to customers located in the United States. As a result, our business is heavily dependent on the health of the United States economy, in general, and on United States non-residential construction activity, in particular. A stronger United States economy and robust non-residential construction generally increase demand for our products. In fiscal 2025, our sales and cost of sales were impacted by continued pricing normalization in certain raw materials used in our products. We generally sell our products on a spot basis and as such, were exposed to sales prices on our products that decreased faster than the cost for the related raw materials. We believe that our business and demand for our products is influenced by two main economic indicators: United States gross domestic product, or \u201cGDP,\u201d and non-residential construction starts, measured in square footage. The United States non-residential construction market has experienced modest growth over the past few years, in line with United States GDP. Our historic results have been positively impacted by growth in the non-residential construction market, as such growth leads to greater demand for our products. MR&R activity generally increases and represents a greater share of non-residential construction activity during challenging periods in the economic or construction cycle. During those periods, our MR&R demand as a percentage of total demand typically increases, providing a more consistent revenue stream for our business. Additionally, central bank interest rate fluctuations, inflation, and conflicts in Ukraine and the Middle East are crea Item 1. Business The following discussion of our business contains \u201cforward-looking statements,\u201d as discussed in Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d below. Our business, operations and financial position are subject to various risks as set forth in Part I, Item 1A, \u201cRisk Factors\u201d below. The following information should be read in conjunction with Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, the Financial Statements and Supplementary Data and related notes and the Risk Factors included elsewhere in this Annual Report on Form 10-K. Company Overview Atkore Inc. (collectively with all its subsidiaries referred to in this Annual Report on Form 10-K as \u201cAtkore,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d) was incorporated in the State of Delaware on November 4, 2010. Atkore is the sole stockholder of Atkore International, Inc. (\u201cAII\u201d). We are a leading manufacturer of Electrical products primarily for the non-residential construction and renovation markets, as well as residential markets, and Safety & Infrastructure products for the construction and industrial markets. The Electrical segment manufactures high quality products used in the construction of electrical power systems including conduit, cable, and installation accessories. This segment serves contractors in partnership with the electrical wholesale channel. The Safety & Infrastructure segment designs and manufactures solutions including metal framing, mechanical pipe, perimeter security, and cable management for the protection and reliability of critical infrastructure. These solutions are marketed to contractors, original equipment manufacturers (\u201cOEMs\u201d), and end-users. We believe we hold #1 or #2 positions in the United States by net sales in a significant number of our products. The quality of our products, strength of our brands, our scale and national presence provide what we believe to be a unique s Item 1A. Risk Factors You should carefully consider the factors described below, in addition to the other information set forth in this Annual Report on Form 10-K. These risk factors are important to understanding the contents of this Annual Report on Form 10-K and of other reports. Our ", "title": "ATKR - Atkore Inc.", "url": "/company/ATKR/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001174850; latest 10-K filed 2026-02-27.", "text": "NIC - NICOLET BANKSHARES INC SIC 6021 National Commercial Banks; CIK 0001174850; latest 10-K filed 2026-02-27. NIC NICOLET BANKSHARES INC 0001174850 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion is management\u2019s analysis to assist in the understanding and evaluation of the consolidated financial condition and results of operations of Nicolet. It should be read in conjunction with the consolidated financial statements and footnotes presented elsewhere in this report. The detailed financial discussion that follows focuses on 2025 results compared to 2024. For a discussion of 2024 results compared to 2023, see the information under the caption \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 25, 2025, which information under that caption is incorporated herein by reference. Historical results of operations are not necessarily predictive of future results. Overview Economic Outlook and Recent Industry Developments The U.S. economy continued to demonstrate resilience through 2025, although growth moderated from the unexpectedly strong performance of 2024. Based on all indications, real GDP grew at just under 2% in 2025, reflecting a slight slowdown but still indicating a stable expansionary environment. Heading into 2026, GDP is expected to grow at a slightly slower pace than 2025, which is supported by tax policy, consumer spending, and productivity from advancements in artificial intelligence. Employment conditions softened somewhat in 2025, but the labor market remained fundamentally healthy. Nationwide unemployment is projected to rise only slightly in 2026 and stay below levels historically associated with recessionary conditions. Unemployment in our core markets in the Upper Midwest continue to remain below nationwide levels, which is driven by a strong base in manufacturing and healthcare, as well as a stronger labor participation rate than the rest of the country. Consumer spending in 2025 decelerated from 2024\u2019s robust pace, influenced by higher borrowing costs and pockets of consumer caution, yet remained a key contributor to growth. Business investment continued to benefit from productivity gains\u2014particularly in artificial intelligence and automation\u2014though firms grew more selective amid policy uncertainty and tariff-related cost pressures. After cutting rates three times in the back half of 2024, the Federal Reserve entered 2025 with a more cautious posture. Market expectations early in the year centered on several additional 25 or 50 bps cuts; however, firmer inflation readings and policy volatility\u2014particularly around trade\u2014led the Federal Reserve to signal a more measured approach, cutting rates by 25 bps three times during the year. At this point, the market is expecting two 25 bps rate cuts in 2026. However, stubbornly high inflation and continued strong consumer spending weigh against potentially higher unemployment and slower GDP growth. Additionally, a new Fed Chairman is expected to be appointed in May, which may also have a significant influence on interest rate policy. The banking sector entered 2025 with renewed optimism. This bullish sentiment largely carried through 2025, though volatility persisted as policy details evolved. Credit losses did rise in 2025, particularly among institutions with heavy commercial real estate (\u201cCRE\u201d) exposure or concentrations in large urban markets. However, these pressures remained contained and did not pose systemic risk. Banks with diversified portfolios and limited investment CRE exposure, or that operate in non-major metro markets\u2014such as Nicolet\u2014were comparatively unaffected. Regulatory reform discussions gained momentum, with expectations of reduced compliance burdens and lower operating costs across the industry. M&A activity, which had been subdued for several years, began to accelerate as both regulatory signals and market conditions improved. Overall, the banking industry enters 2026 ITEM 1. BUSINESS General Nicolet Bankshares, Inc. (individually referred to herein as the \u201cParent Company\u201d and together with all its subsidiaries collectively referred to herein as \u201cNicolet,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a registered bank and financial holding company under the Bank Holding Company Act of 1956, as amended (the \u201cBank Holding Company Act\u201d), and under the bank holding company laws of the State of Wisconsin. At December 31, 2025, Nicolet had total assets of $9.2 billion, loans of $6.8 billion, deposits of $7.7 billion and total stockholders\u2019 equity of $1.3 billion. For the year ended December 31, 2025, Nicolet earned record net income of $151 million, or $9.78 per diluted common share. Nicolet was founded upon five core values (Be Real, Be Responsive, Be Personal, Be Memorable, and Be Entrepreneurial) which are embodied within each of our employees and create a distinct competitive positioning in the markets within which we operate. Our mission is to be the lead community bank within the communities we serve, while our vision is to optimize the long-term return to our customers and communities, employees and shareholders (the \u201c3 Circles\u201d). Recent Development \u2013 Acquisition of MidWestOne On February 13, 2026, we completed the merger with MidWestOne Financial Group, Inc. (\u201cMidWestOne\u201d) a bank and financial holding company under the Bank Holding Company Act, and its wholly owned subsidiary, MidWestOne Bank, an Iowa state non-member bank headquartered in Iowa City, Iowa. MidWestOne Bank offered a full range of financial services focusing on the needs of individuals, business, governmental units and institutional customers across its footprint in central and eastern Iowa, the Minneapolis/St. Paul metropolitan area, southwestern Wisconsin, and Denver, Colorado. At December 31, 2025, MidWestOne had total assets of approximately $6 billion, including total loans of approximately $5 billion, and total deposits of approximately $5 billion. Principa ITEM 1A. RISK FACTORS This Item outlines specific risks that could affect the ability of our various businesses to compete, change our risk profile or materially affect our financial condition or results of operations. Our operating environment continues to evolve and new risks continue to emerge. To address that challenge we have", "title": "NIC - NICOLET BANKSHARES INC", "url": "/company/NIC/" }, { "kind": "company", "summary": "SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001793659; latest 10-K filed 2026-02-18.", "text": "RSI - Rush Street Interactive, Inc. SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001793659; latest 10-K filed 2026-02-18. RSI Rush Street Interactive, Inc. 0001793659 7990 Services-Miscellaneous Amusement & Recreation ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with, and is qualified in its entirety by, our consolidated financial statements and the related notes thereto included elsewhere in this Annual Report. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under the sections of this Annual Report captioned \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors.\u201d This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (this \u201cMD&A\u201d) contains certain financial measures, in particular the presentation of Adjusted EBITDA, which are not presented in accordance with generally accepted accounting principles of the United States (\u201cGAAP\u201d). We present these non-GAAP financial measures because they provide us and readers of this MD&A with additional insight into our operational performance relative to earlier periods and relative to our competitors. These non-GAAP financial measures are not a substitute for any GAAP financial information. Readers of this MD&A should use these non-GAAP financial measures only in conjunction with the comparable GAAP financial measures. Reconciliations of Adjusted EBITDA to Net Income (Loss), the most comparable GAAP measure, are provided in this MD&A. Unless the context requires otherwise, all references in this MD&A to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d refer to the Rush Street Interactive, Inc. and its subsidiaries. Our Business We are a leading online gaming and entertainment company that focuses primarily on online casino and online sports betting in the U.S., Canadian and Latin American markets. Our mission is to engage and delight players by delivering friendly, fun and fair betting experiences. In furtherance of this mission, we strive to create an online community for our customers where we are transparent and honest, treat our customers fairly, show them that we value their time and loyalty, and listen to feedback. We also endeavor to implement industry leading responsible gaming practices and provide our customers with a cutting-edge online gaming platform and exciting, personalized offerings that will enhance their user experience. We provide our customers with an array of leading gaming offerings such as real-money online casino, online sports betting and retail sports betting (i.e., sports betting services provided at bricks-and-mortar locations), as well as social gaming, which involves free-to-play games using virtual credits that users can earn or purchase (where permitted). We launched our first social gaming website in 2015 and began accepting real-money bets in the United States in 2016. Currently, we offer real-money online casino, online sports betting and/or retail sports betting in 16 U.S. states and four international markets as outlined in the table found in \u201cBusiness \u2014 Overview\u201d. Our real-money online casino and online sports betting offerings are generally provided under our BetRivers and PlaySugarHouse brands in the United States and Canada and under our RushBet brand in Latin America (which includes Mexico). We operate and/or support retail sports betting for our bricks-and-mortar partners under our brands or our partners\u2019 respective brands depending on the terms of our arrangement. Many of our social gaming offerings are marketed under our own brands, although we also offer social gaming under our partners\u2019 brands as well. Our decision about what brand or brands to use is market- and partner-specific, and is based on brand awareness, market research, market ITEM 1. BUSINESS Unless the context requires otherwise, each of the terms the \u201cCompany,\u201d \u201cRush Street Interactive,\u201d \u201cRSI,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d and similar terms used herein refer collectively to Rush Street Interactive, Inc., a Delaware corporation, and its consolidated subsidiaries. Overview We are a leading online gaming and entertainment company that focuses primarily on online casino and online sports betting in the U.S., Canadian and Latin American markets. Our mission is to engage and delight players by delivering friendly, fun and fair betting experiences. In furtherance of this mission, we strive to create an online community for our customers where we are transparent and honest, treat our customers fairly, show them that we value their time and loyalty, and listen to feedback. We also endeavor to implement industry leading responsible gaming practices and provide our customers with a cutting-edge online gaming platform and exciting, personalized offerings that will enhance their user experience. We provide our customers with an array of leading gaming offerings such as real-money online casino, online sports betting and retail sports betting (i.e., sports betting services provided at bricks-and-mortar locations), as well as social gaming, which involves free-to-play games that use virtual credits that users can earn or purchase (where permitted). We launched our first social gaming website in 2015 and began accepting real-money bets in the United States in 2016. Currently, we offer real-money online casino, online sports betting and/or retail sports betting in 16 U.S. states and four international markets, as outlined in the table below. [[GREPCENT_TABLE]] [[\"Jurisdiction\",\"\",\"Online Casino\",\"\",\"Online Sports Betting\",\"\",\"Retail Sports Betting\"],[\"Domestic:\"],[\"Arizona\",\"\",\"\",\"\",\"\\u00fc\"],[\"Colorado\",\"\",\"\",\"\",\"\\u00fc\"],[\"Delaware\",\"\",\"\\u00fc\",\"\",\"\\u00fc\"],[\"Illinois\",\"\",\"\",\"\",\"\\u00fc\",\"\",\"\\u00fc\"],[\"Indiana\",\"\",\"\",\"\",\"\\u00fc\",\"\",\"\\u00fc\"],[\"Iowa\",\"\",\"\",\" ITEM 1A. RISK FACTORS Our business is subject to numerous risks and uncertainties that you should be aware of in evaluating our business. If any such risks and uncertainties actually occur, our business, prospects, financial condition and results of operations could be materi", "title": "RSI - Rush Street Interactive, Inc.", "url": "/company/RSI/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001676725; latest 10-K filed 2026-02-17.", "text": "IDYA - IDEAYA Biosciences, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001676725; latest 10-K filed 2026-02-17. IDYA IDEAYA Biosciences, Inc. 0001676725 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described, in or implied, by these forward-looking statements. Please also see the section of this Annual Report on Form 10-K titled \u201cNote Regarding Forward-Looking Statements.\u201d Overview We are a precision medicine oncology company committed to the discovery, development and commercialization of transformative therapies for cancer. Our approach integrates expertise in small-molecule drug discovery, structural biology and bioinformatics with robust internal capabilities in identifying and validating translational biomarkers to develop tailored, potentially first-in-class targeted therapies aligned to the genetic drivers of disease. We have built a deep pipeline of product candidates focused on synthetic lethality and antibody-drug conjugates (ADCs), for molecularly defined solid tumor indications. Our clinical development strategy is to evaluate our product candidates in rational combinations, where appropriate, and earlier in the course of disease in the adjuvant and neoadjuvant settings, which we believe has the potential to maximize their impact. Our mission is to bring forth the next wave of precision oncology therapies that are more selective, more effective, and deeply personalized with the goal of altering the course of disease and improving clinical outcomes for patients with cancer. Our current clinical pipeline consists of nine potential first-in-class product candidates across four clinical focus areas, as described below. Darovasertib for Uveal Melanoma Darovasertib is an oral, potent and selective small molecule inhibitor of protein kinase C (PKC) and our most advanced clinical program. We are developing darovasertib for uveal melanoma (UM), a rare, aggressive form of ocular cancer in both the metastatic and pre-metastatic settings of UM, as described below. \u2022 Metastatic UM (mUM). We are evaluating darovasertib in combination with crizotinib, Pfizer\u2019s oral c-MET inhibitor, in a potentially registration-enabling, Phase 2/3 trial (OptimUM-02) for human leukocyte antigen-A*02:01 negative (HLA*A2(-)), patients with first line (1L) mUM. We expect to report topline data, including progression free survival (PFS) data, from this trial in the first quarter of 2026. The data from OptimUM-02 may enable an accelerated approval filing in the United States. In December 2025, we completed full enrollment of 437 patients in OptimUM-02, and plan to submit overall survival (OS) data from these patients, when available, to support a full approval filing in this indication. We are also evaluating the combination of darovasertib and crizotinib in HLA*A2:01 positive (HLA*A2(+)), mUM patients in our ongoing, single-arm Phase 2 OptimUM-01 trial. We expect to complete enrollment of approximately 100 patients in this trial by the second quarter of 2026 with data used to support a potential future submission to the FDA to expand the labeled use for darovasertib and/or a national comprehensive cancer network (NCCN) compendia listing to enable use of the combination in these patients. \u2022 Neoadjuvant UM. We are also evaluating darovasertib as a monotherapy in the neoadjuvant setting of primary UM, where the goal of treatment is to prevent enucleation (surgical eye Item 1. Business. Company Overview We are a precision medicine oncology company committed to the discovery, development, and commercialization of transformative therapies for cancer. Our approach integrates expertise in small-molecule drug discovery, structural biology and bioinformatics with robust internal capabilities in identifying and validating translational biomarkers to develop tailored, potentially first-in-class targeted therapies aligned to the genetic drivers of disease. We have built a deep pipeline of product candidates focused on synthetic lethality and antibody-drug conjugates (ADCs) for molecularly defined solid tumor indications. Our clinical development strategy is to evaluate our product candidates in rational combinations, where appropriate, and earlier in the course of disease in the adjuvant and neoadjuvant settings, which we believe has the potential to maximize their impact. Our mission is to bring forth the next wave of precision oncology therapies that are more selective, more effective and deeply personalized with the goal of altering the course of disease and improving clinical outcomes for patients with cancer. Pipeline \u2013 Overview and Program Goals Our current clinical pipeline consists of nine potential first-in-class product candidates across four clinical focus areas: (1) Darovasertib for Uveal Melanoma; (2) ADC and DNA Damage Response (DDR) Combinations; (3) MTAP Pathway; and (4) Next Generation Therapies. We have selectively established collaborations with leading pharmaceutical companies to support our clinical development activities. Details of our pipeline are summarized in the chart below. (1) Pursuant to Pfizer License Agreements (2) Pursuant to Servier License Agreement (3) Pursuant to Hengrui Pharma License Agreement (4) Pursuant to Gilead Clinical Study Collaboration and Supply Agreement Darovasertib for Uveal Melanoma Darovasertib is an oral, potent and selective small molecule inhibitor of protein kinase C (PKC) Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below, as well as the other information in this Annual Report on Form 10-K, including our financial statements and the related notes and \u201cManagement\u2019s Discussion and Analysis of Financial Condit", "title": "IDYA - IDEAYA Biosciences, Inc.", "url": "/company/IDYA/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001818794; latest 10-K filed 2026-03-02.", "text": "DYN - Dyne Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001818794; latest 10-K filed 2026-03-02. DYN Dyne Therapeutics, Inc. 0001818794 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing at the end of this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis. Overview We are a clinical-stage company focused on delivering functional improvement for people living with genetically driven neuromuscular diseases. Our proprietary FORCE platform is designed to leverage the transferrin receptor 1, or TfR1, to deliver targeted therapeutics to muscle tissue and the central nervous system, or CNS. The FORCE platform utilizes an antigen-binding fragment antibody, or Fab, targeting TfR1 conjugated to a payload that we rationally design to target the genetic basis of the disease we are seeking to treat. With our FORCE platform, we have the flexibility to deploy different classes of payloads (such as oligonucleotides and enzymes) with specific mechanisms of action that modify target functions. We currently leverage this modularity to focus on neuromuscular diseases with high unmet need, with etiologic targets and with clear translational potential from preclinical disease models to well-defined clinical development and regulatory pathways. Using our FORCE platform, we are assembling a broad portfolio of product candidates, including product candidates being developed for Duchenne muscular dystrophy, or DMD, myotonic dystrophy type 1, or DM1, facioscapulohumeral dystrophy, or FSHD, and Pompe disease. In addition, we plan to expand our portfolio through development efforts focused on diseases involving the CNS, rare skeletal muscle diseases, and cardiac and metabolic muscle diseases, including some with larger patient populations. We have identified product candidates for each of our DMD, DM1, FSHD and Pompe programs that are in varying stages of preclinical and clinical development. DMD We are developing zeleciment rostudirsen, or z-rostudirsen (also known as DYNE-251), for the treatment of exon 51 skip amenable DMD. Z-rostudirsen is designed to enable the production of near full-length dystrophin in muscle and the CNS to provide functional improvement. Z-rostudirsen has received Breakthrough Therapy, Fast Track and Rare Pediatric Disease designations from the U.S. Food and Drug Administration, or FDA, as well as Orphan Drug designation from the FDA, the European Medicines Agency and the Japanese Ministry of Health, Labour and Welfare for the treatment of individuals with DMD, amenable to exon 51 skipping. Additionally, we are advancing four development candidates (DYNE-253, DYNE-245, DYNE-244 and DYNE-255) for the treatment of DMD amenable to skipping of exons 53, 45, 44, 55, respectively, into IND-enabling studies. Z-rostudirsen is currently being evaluated in the DELIVER trial, a global Phase 1/2 clinical trial which is designed to be registrational. We plan to submit a biologics license application, or BLA, to the FDA for U.S. Accelerated Approval in the second quarter of 2026 based on dystrophin as a surrogate endpoint. We continue to expect a potential U.S. launch of z-rostudirsen in the first quarter of 2027, assuming FDA grants priority review and FDA approval is received on the anticipated timeline. Further, we plan to initiate a global confirmatory Phase 3 clinical trial of z-rostudirs Item 1. Business. Overview We are a clinical-stage company focused on delivering functional improvement for people living with genetically driven neuromuscular diseases. Our proprietary FORCE platform is designed to leverage the transferrin receptor 1, or TfR1, to deliver targeted therapeutics to muscle tissue and the central nervous system, or CNS. The FORCE platform utilizes an antigen-binding fragment antibody, or Fab, targeting TfR1 conjugated to a payload that we rationally design to target the genetic basis of the disease we are seeking to treat. With our FORCE platform, we have the flexibility to deploy different classes of payloads (such as oligonucleotides and enzymes) with specific mechanisms of action that modify target functions. We currently leverage this modularity to focus on neuromuscular diseases with high unmet need, with etiologic targets and with clear translational potential from preclinical disease models to well-defined clinical development and regulatory pathways. Using our FORCE platform, we are assembling a broad portfolio of product candidates, including product candidates being developed for Duchenne muscular dystrophy, or DMD, myotonic dystrophy type 1, or DM1, facioscapulohumeral dystrophy, or FSHD, and Pompe disease. In addition, we plan to expand our portfolio through development efforts focused on diseases involving the CNS, rare skeletal muscle diseases, and cardiac and metabolic muscle diseases, including some with larger patient populations. We have identified product candidates for each of our DMD (amenable to skipping exons 51, 53, 45, 44, and 55), DM1, FSHD and Pompe programs that are in varying stages of preclinical and clinical development. The following table summarizes our portfolio: Our product candidate zeleciment rostudirsen, or z-rostudirsen (also known as DYNE-251), is currently being evaluated in the DELIVER trial, a global Phase 1/2 clinical trial in patients with DMD amenable to exon 51 skipping, which is desig Item 1A. Risk Factors. Our business is subject to numerous risks. You should carefully consider the risks and uncertainties described below together with all of the other information contained in this Annual Report on Form 10-K including our consolidated financial statements and the related notes thereto in evaluating our ", "title": "DYN - Dyne Therapeutics, Inc.", "url": "/company/DYN/" }, { "kind": "company", "summary": "SIC 3569 General Industrial Machinery & Equipment, NEC; CIK 0001816581; latest 10-K filed 2026-03-02.", "text": "OUST - Ouster, Inc. SIC 3569 General Industrial Machinery & Equipment, NEC; CIK 0001816581; latest 10-K filed 2026-03-02. OUST Ouster, Inc. 0001816581 3569 General Industrial Machinery & Equipment, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our results of operations and financial condition should be read together with our audited consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Ouster\u2019s actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in the section titled \u201cRisk Factors\u201d and in other parts of this Annual Report on Form 10-K. 43 Table of Contents Overview Ouster was founded in 2015 with the invention of our high-performance digital lidar. To continue to grow our business in the coming years, we expanded and plan to continue invest in growing our digital lidar product portfolio, increasing the capabilities of our software solutions, and opportunistically expanding our sales and marketing efforts. We are headquartered in San Francisco, California. We are a leading global provider of lidar sensors and solutions. We design and manufacture high-resolution digital lidar sensors that offer advanced 3D vision to machinery, vehicles, robots, and fixed infrastructure assets, which allows each to understand and visualize the surrounding world and enable safe operation and autonomy. We believe our sensors are one of the highest-performing, lowest-cost lidar solutions available today across each of our four target markets: automotive, industrial, robotics, and smart infrastructure. Our digital lidar sensors leverage a simplified architecture based on two semiconductor chips and are backed by a suite of patent-protected technology. We also provide perception software platforms for smart infrastructure deployments. Our software enables real-time people and object detection, classification, and tracking for actionable, intuitive, and customizable insights while preserving personally identifiable information. Our digital lidar sensors leverage a simplified architecture based on two semiconductor chips and are backed by a suite of patent-protected technology. Our hardware product offering currently includes four models of sensors in our OS product line: the hemispheric field of view OSDome, the ultra-wide field of view OS0, the mid-range OS1, and the long-range OS2. Within our OS sensor models, we offer numerous customization options, all enabled by embedded software. For each of our models in the OS product line, we offer resolution options of 128 lines vertically (\u201cchannels\u201d), 64 channels, or 32 channels, as well as many beam spacing options. In 2022, we launched our REV7 OS series scanning sensors powered by L3 chip. REV7 features the all-new OSDome sensor, as well as upgraded OS0, OS1, and OS2 sensors that deliver double the range, enhanced object detection, increased precision and accuracy, and greater reliability compared to our prior generation sensors. We are currently developing our solid-state digital flash (\u201cDF\u201d) sensors, which is a suite of short, mid, and long-range solid-state digital lidar sensors that provide uniform precision imaging without motion blur across an entire field of view. We also provide perception software platforms for smart infrastructure deployments. Our software enables real-time people and object detection, classification, and tracking for actionable, intuitive, and customizable insights while preserving personally identifiable information. Ouster Gemini is a perception platform designed for smart infrastructure deployments like security and crowd analytics, and is optimized exclusively for Ouster\u2019s digital lidar sensors. BlueCity is a Gemini-powered solution for traffic operations, planning, and safety. BlueCity provides real-time data analytics and predictions, which can be used to improve traffic and crowd Item 1. Business. Overview Ouster, Inc. is a leader in sensing and perception for Physical Artificial Intelligence (Physical AI). Ouster enables machines to \u201cSense, Think, Act, and Learn\u201d and independently execute tasks without human intervention. Physical AI allows machines to move beyond fixed, preprogrammed behavior into adaptive, intelligent action by focusing on perception, understanding, and learning from the physical world. As a pioneer in Physical AI, Ouster offers a unified sensing and perception platform that combines high-performance digital lidar, cameras, AI compute, sensor fusion and perception software, and cutting-edge AI models to our customers. We anticipate that 3D vision technologies, coupled with artificial intelligence, will power autonomy that in turn will fundamentally disrupt business models across many existing industries and enable entirely new industries and capabilities. We believe that our digital lidar sensors are one of the highest performing, lowest cost solutions available today, which we believe positions us at the center of a global revolution in autonomy. Our four target markets each have unique use cases for our lidar sensors: \u2022Industrial. Our industrial customers use our lidar sensors to increase safety and automate operations across the global supply chain. This includes material handling vehicles at ports and warehouses, off-highway vehicles in mines and on farms, and manufacturing equipment in factories. \u2022Smart infrastructure. Our smart infrastructure customers are in both the public and private sectors. Cities are prioritizing safety and efficiency through the use of lidar technology on roads and sidewalks in public spaces. We believe our products can enhance public welfare through security and smart city applications. Security companies are also looking to improve intrusion detection and tracking by augmenting existing closed-circuit television (CCTV) systems with the spatial tracking capabilities of lidar. \u2022Robotic Item 1A. Risk Factors Our business involves significant risks and uncertainties, some of which are described below. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K. The realization of any of these ", "title": "OUST - Ouster, Inc.", "url": "/company/OUST/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001478320; latest 10-K filed 2026-02-26.", "text": "ADPT - Adaptive Biotechnologies Corp SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001478320; latest 10-K filed 2026-02-26. ADPT Adaptive Biotechnologies Corp 0001478320 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with the consolidated financial statements and related notes and the other financial information appearing elsewhere in this Annual Report on Form 10-K, as well as the other financial information we file with the SEC from time to time. Some of the information contained in this discussion and analysis or set forth elsewhere in this report, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties relating to our future plans, objectives, expectations, intentions and financial performance and the assumptions that underlie these statements. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. This section generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 may be found in Part II, Item 7 under the caption \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 3, 2025. Overview We are advancing the field of immune medicine by harnessing the inherent biology of the adaptive immune system to transform the diagnosis and treatment of disease. We believe the adaptive immune system is nature\u2019s most finely tuned diagnostic and therapeutic for most diseases, but the inability to decode it has prevented the medical community from fully leveraging its capabilities. Our immune medicine platform applies our proprietary technologies to read the diverse genetic code of a patient\u2019s immune system and understand precisely how the immune system detects and treats disease in that patient. We capture these insights in our dynamic clinical immunomics database and related antigen annotations, which are underpinned by computational biology and machine learning, and use them to develop and commercialize clinical products and services that can be tailored to the needs of individual patients. Our existing and future commercial products and services are aligned to two business areas which we refer to as MRD and Immune Medicine. Our current product and service offerings in MRD related to the MRD market are our clonoSEQ clinical diagnostic test, offered to clinicians, and our clonoSEQ or MRD assay, offered to biopharmaceutical partners to advance drug development efforts. Our first clinical diagnostic product, clonoSEQ, is the first test authorized by the FDA for the detection and monitoring of MRD in patients with MM, B cell ALL and CLL, and is also available as a CLIA-validated laboratory developed test for patients with other lymphoid cancers, including DLBCL and MCL. In the fourth quarter of 2024, we obtained Medicare coverage for MCL and initiated promotional efforts in MCL. We also obtained a new Medicare CLFS rate of $2,007 per test for clonoSEQ and MolDX updated the clonoSEQ episode pricing to $8,029 for all covered indications. This represents a 17% increase from the previous episode price and the previous implied per test rate under the episode structure. In April 2025, Palmetto GBA expanded coverage of clonoSEQ to include single time point testing to monitor for recurrence in patients with a history of MCL. This expanded coverage is in addition to the existing Medicare episode payment structure for clonoSEQ. With the use of clonoSEQ, we are transforming how lymphoid cancers are treated by working with providers, pharmaceutical partners an Item 1. Business Overview Throughout our history, we have advanced the field of immune medicine by harnessing the inherent biology of the adaptive immune system to transform the diagnosis and treatment of disease. We believe the adaptive immune system is nature\u2019s most finely tuned diagnostic and therapeutic for most diseases, but the inability to decode it has prevented the medical community from fully leveraging its capabilities. Our immune medicine platform applies our proprietary technologies to read the diverse genetic code of a patient\u2019s immune system and understand precisely how the immune system detects and treats disease in that patient. We capture these insights in our dynamic clinical immunomics database and related antigen annotations, which are underpinned by computational biology and machine learning, and use them to develop and commercialize clinical products and services that can be tailored to the needs of individual patients. In 2024, we reorganized our company around two main businesses: the \u201cMRD business,\u201d consisting of clinical assessment of minimal residual disease (\u201cMRD\u201d) in lymphoid malignancies, and \u201cImmune Medicine\u201d or the \u201cIM business,\u201d with a focus on creating applications and products based on unique capabilities to connect the adaptive immune response to disease. The MRD business focuses on the use of our highly sensitive, next-generation sequencing (\u201cNGS\u201d) assay to measure MRD in patients with hematologic malignancies. It is comprised of our clonoSEQ clinical diagnostic test, offered to clinicians, and our clonoSEQ assay, offered to biopharmaceutical partners to advance drug development efforts (\u201cMRD Pharma\u201d). We believe the total addressable market for the MRD business is approximately $6.2 billion, approximately $5.3 billion of which is derivable from clinical testing. clonoSEQ is the first test authorized by the Food and Drug Administration (\u201cFDA\u201d) for the detection and monitoring of MRD in patients with multiple myeloma (\u201cMM\u201d), Item 1A. Risk Factors Investing in our Company involves a high degree of risk. You should carefully consider the following risks and uncertainties, together with all other information in this Annual Report on Form 10-K, including our consolidated financial statements ", "title": "ADPT - Adaptive Biotechnologies Corp", "url": "/company/ADPT/" }, { "kind": "company", "summary": "SIC 4923 Natural Gas Transmisison & Distribution; CIK 0001981599; latest 10-K filed 2026-02-26.", "text": "CTRI - Centuri Holdings, Inc. SIC 4923 Natural Gas Transmisison & Distribution; CIK 0001981599; latest 10-K filed 2026-02-26. CTRI Centuri Holdings, Inc. 0001981599 4923 Natural Gas Transmisison & Distribution Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and corresponding notes in Item 8 \u2014 Financial Statements and Supplementary Data within Part II of this Annual Report on Form 10-K. Unless the context otherwise requires, references to \u201cwe,\u201d \u201cis,\u201d \u201cour,\u201d \u201cthe Company,\u201d and \u201cour company\u201d refer to Centuri Holdings, Inc. and its consolidated subsidiaries. This discussion contains forward-looking statements that are based upon current expectations and are subject to uncertainty and changes in circumstances. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed within Item 1A. Risk Factors within part I of this Annual Report on Form 10-K. See \u201cCautionary Note Regarding Forward-Looking Statements.\u201d We use a 52/53-week fiscal year that ends on the Sunday closest to the end of the calendar year. Unless otherwise stated, references to months, quarters and years throughout relate to fiscal months, quarters and years rather than calendar months, quarters and years. Fiscal years 2025, 2024, and 2023 ended on December 28, 2025, December 29, 2024, and December 31, 2023, respectively, and each year had 52 weeks. Overview Company Overview We are a leading North American utility and energy infrastructure services company, and we partner with regulated utilities to maintain, upgrade and expand the energy network that powers millions of homes and businesses. We serve as a long-term strategic partner to, and an extension of, North America\u2019s electric, gas and combination utility providers, delivering a wide range of infrastructure solutions to ensure safe, reliable and environmentally sustainable energy operations. Our service offerings primarily consist of the modernization of utility infrastructure through the replacement, maintenance, retrofitting and installation of electric and natural gas distribution and utility-scale transmission networks and building capacity to meet current and future demands. We also serve complementary, attractive and growing end markets such as distributed power projects and data centers. Our essential services enable our customers to enhance the safety, reliability and environmental sustainability of the electric and natural gas networks that consumers rely upon to meet their essential and evolving energy needs. Guided by our values and our unwavering commitment to serve as long-term partners to customers and communities, our employees enable our customers to safely and reliably deliver electricity and natural gas and achieve their goals for environmental sustainability. Separation from Southwest Gas Holdings We were incorporated in Delaware in June 2023 as a wholly owned subsidiary of Southwest Gas Holdings, Inc. (\u201cSouthwest Gas Holdings\u201d). We were formed for the purpose of completing an initial public offering, facilitating the separation of Centuri Group, Inc. (the \u201cOperating Company\u201d) from Southwest Gas Holdings and other related transactions in order to carry on the business of the Operating Company, our predecessor for financial reporting purposes. Prior to April 13, 2024, Southwest Gas Holdings owned 1,000 shares of our common stock, representing 100% of the issued and outstanding shares of our common stock. On April 13, 2024, we issued 71,664,592 shares of common stock to Southwest Gas Holdings as consideration for the transfer of assets and assumption of liabilities of the Operating Company (the \u201cSeparation\u201d). Following the completion of the Separation, the Operating Company became our wholly owned subsidiary, and all of our operations are conducted through the Operating Company. On April 17, 2024, the registration statement related to the initial public offering of our common stock was dec Item 1. Business Overview We are a leading North American utility and energy infrastructure services company with over 115 years of operating history, and we partner with regulated utilities to maintain, upgrade and expand the energy network that powers millions of homes and businesses. We serve as a long-term strategic partner to, and an extension of, North America\u2019s electric, gas, and combination utility providers, delivering a wide range of infrastructure solutions that ensure safe, reliable and environmentally sustainable energy operations. Our service offerings primarily consist of the modernization of utility infrastructure through the replacement, maintenance, retrofitting, and installation of electric and natural gas distribution and utility-scale transmission networks and building capacity to meet current and future demands. We also serve complementary, attractive and growing end markets such as distributed power projects and data centers. Our essential services enable our customers to enhance the safety, reliability and environmental sustainability of the electric and natural gas networks that consumers rely upon to meet their essential and evolving energy needs. Guided by our values and our unwavering commitment to serve as long-term partners to customers and communities, our more than 9,600 employees enable our customers to safely and reliably deliver electricity and natural gas and achieve their goals for environmental sustainability. During the fiscal year ended December 28, 2025 (\u201cfiscal 2025\u201d), we served over 400 customers. Our customers include American Electric Power, Enbridge, Entergy, Exelon, NiSource, National Grid, Sempra Energy and Southern Company, among others. Our top 20 customers are almost exclusively investment-grade utilities and represented 65% of our revenues during fiscal 2025. We believe our brand, scale, experience and fulsome service offerings comprise the necessary profile to attract and retain the best talent and to competit Item 1A. Risk Factors Risk Factor Summary An investment in shares of our common stock is subject to a number of risks that may prevent us from achieving our business objectives or otherwise adversely affect our business, results of operations or financial condition. The following list contains a summ", "title": "CTRI - Centuri Holdings, Inc.", "url": "/company/CTRI/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000826675; latest 10-K filed 2026-02-25.", "text": "DX - DYNEX CAPITAL INC SIC 6798 Real Estate Investment Trusts; CIK 0000826675; latest 10-K filed 2026-02-25. DX DYNEX CAPITAL INC 0000826675 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our financial statements and the related notes included in Part II, Item 8, \"Financial Statements and Supplementary Data\u201d in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors including, but not limited to, those disclosed in Part I, Item 1A, \u201cRisk Factors\u201d elsewhere in this Annual Report on Form 10-K and in other documents we file with the SEC or otherwise publicly disclose. Please refer to \u201cForward-Looking Statements\u201d contained within Part I, Item 1, \u201cBusiness\u201d of the Annual Report on Form 10-K for additional information. This discussion also contains non-GAAP financial measures, which are discussed in the section \u201cNon-GAAP Financial Measures.\u201d For a complete description of our business, including our operating policies, investment philosophy and strategy, financing, risk management and hedging strategies, and other important information, please refer to Part I, Item 1, \u201cBusiness\u201d of this Annual Report on Form 10-K. EXECUTIVE OVERVIEW During 2025, shifting U.S. policy and persistent global uncertainty created a favorable backdrop for high-quality, liquid assets like Agency MBS. The second Trump Administration implemented significant tariff increases that generated significantly higher customs revenues and passed the One Big Beautiful Bill Act extending tax provisions from 2017 with additional benefits. Despite these policy shifts and stricter immigration enforcement that contributed to unemployment rising to over 4.0% by year-end, the U.S. economy demonstrated resilience with 2.5% GDP growth through the first three quarters. The combination of moderating inflation, a softening labor market, and policy-driven uncertainty enabled the Federal Reserve to reduce the Federal Funds Rate by 75 basis points in the second half of 2025, bringing the target range to 3.50-3.75%. Additionally, the Fed ended its balance sheet runoff in December, announcing Treasury bill purchases to maintain stable reserve levels and reduce funding market volatility. With this backdrop, Agency MBS emerged as one of the better performing sectors within the fixed-income 27 market due to favorable technical and fundamental drivers. The U.S. Treasury yield curve steepened as short-term rates fell more rapidly than long-term yields while Agency MBS spreads substantially tightened relative to Treasuries. Interest rate volatility declined, which aided a reduction in hedging costs. Supply/demand dynamics were favorable overall as new mortgage originations remained muted while demand increased. The charts below show the range of U.S. Treasury and Secured Overnight Funding Rate (\u201cSOFR\u201d)-based swap rates for the year ended December 31, 2025 and information regarding market spreads as of and for the periods indicated: 28 [[GREPCENT_TABLE]] [[\"\",\"\",\"Market Spreads as of:\",\"\",\"Change in Spreads YTD\"],[\"Investment Type: (1)\",\"\",\"December 31, 2025\",\"\",\"September 30, 2025\",\"\",\"June 30, 2025\",\"\",\"March 31, 2025\",\"\",\"December 31, 2024\"],[\"Agency RMBS:\"],[\"2.0% coupon\",\"\",\"70\",\"\",\"85\",\"\",\"96\",\"\",\"85\",\"\",\"89\",\"\",\"(19)\"],[\"2.5% coupon\",\"\",\"73\",\"\",\"90\",\"\",\"99\",\"\",\"90\",\"\",\"93\",\"\",\"(20)\"],[\"4.0% coupon\",\"\",\"50\",\"\",\"65\",\"\",\"78\",\"\",\"65\",\"\",\"69\",\"\",\"(19)\"],[\"4.5% coupon\",\"\",\"45\",\"\",\"64\",\"\",\"76\",\"\",\"65\",\"\",\"68\",\"\",\"(23)\"],[\"5.0% coupon\",\"\",\"46\",\"\",\"66\",\"\",\"77\",\"\",\"66\",\"\",\"69\",\"\",\"(23)\"],[\"5.5% coupon\",\"\",\"51\",\"\",\"72\",\"\",\"82\",\"\",\"69\",\"\",\"72\",\"\",\"(21)\"],[\"6.0% coupon\",\"\",\"54\",\"\",\"74\",\"\",\"86\",\"\",\"66\",\"\",\"74\",\"\",\"(20)\"],[\"Agency CMBS(2)\",\"\",\"82\",\"\",\"96\",\"\",\"102\",\"\",\"94\",\"\",\"96\",\"\",\"(14)\"]] [[/GREPCENT_TABLE]] (1)Option adjusted spreads (\u201cOAS\u201d) are based on Company estimates using third-party models and market data. OAS sh ITEM 1. BUSINESS COMPANY OVERVIEW Dynex Capital, Inc. is a real estate investment trust (\u201cREIT\u201d) structured to deliver dividends to shareholders supported by long term returns from investments in mortgage assets backed by U.S. housing and commercial real estate. Our common and preferred stocks trade on the New York Stock Exchange (\u201cNYSE\u201d) under the ticker symbols \u201cDX\u201d and \u201cDXPRC\u201d, respectively. We are internally managed and invest primarily in residential and commercial mortgage-backed securities (\u201cRMBS\u201d and \u201cCMBS\u201d, respectively), which are backed by residential and commercial mortgage loans, and which are Agency securities guaranteed by U.S. government-sponsored enterprises (\u201cGSEs\u201d). We may invest opportunistically in other mortgage-related assets consistent with our objectives. We actively manage interest rate, prepayment, spread, liquidity, and counterparty risks. The Dynex approach emphasizes risk management and disciplined capital allocation designed to preserve book value and support dividends across market cycles. We operate to qualify as a REIT and to distribute at least 90% of our taxable income. We also seek to maintain exclusion from registration under the Investment Company Act of 1940 (the \u201c1940 Act\u201d). Please refer to \u201cOperating and Regulatory Structure\u201d within this Item 1, \u201cBusiness\u201d and Item 1A, \u201cRisk Factors\u201d of Part I of this Annual Report on Form 10-K for additional information. Our business is subject to risks and uncertainties, including changes in interest rates and the yield curve, mortgage prepayments, market volatility and spread movements, financing conditions, counterparty performance, and regulatory and macroeconomic developments. Please refer to Item 1A, \"Risk Factors,\" within this Part I as well as Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations,\" and Item 7A, \"Quantitative and Qualitative Disclosures about Market Risk,\" of this Annual Report on Form 10-K for additional disc ITEM 1A. RISK FACTORS The following is a discussion of the risk factors we believe are material to our business. These are factors that, individually or in the aggregate, we think could cause our actual results to differ significantly from anticipated or historical results. In addition to understanding the key risks described below, investors ", "title": "DX - DYNEX CAPITAL INC", "url": "/company/DX/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001761918; latest 10-K filed 2026-03-12.", "text": "ERAS - Erasca, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001761918; latest 10-K filed 2026-03-12. ERAS Erasca, Inc. 0001761918 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties, including those described in the section titled \u201cSpecial Note Regarding Forward Looking Statements.\u201d As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a clinical-stage precision oncology company singularly focused on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. Molecular alterations in RAS, the most frequently mutated oncogene, and the MAPK pathway, one of the most frequently altered signaling pathways in cancer, account for more than five million new patients diagnosed with cancer globally each year. Our company was co-founded by leading pioneers in precision oncology and RAS targeting to create novel therapies and combination regimens designed to comprehensively shut down the RAS/MAPK pathway for the treatment of patients with cancer. Our focused RAS/MAPK pathway pipeline comprises modality-agnostic programs aligned with our three therapeutic strategies of: (1) targeting key upstream and downstream signaling nodes in the RAS/MAPK pathway; (2) targeting RAS directly; and (3) targeting escape routes that emerge in response to treatment. The following figure shows the RAS/MAPK pathway and how the three therapeutic strategies listed above attempt to comprehensively and synergistically shut down the RAS/MAPK pathway. Our pipeline enables us to pursue a systematic, data-driven, portfolio-wide clinical development effort to identify therapeutic approaches with the goal of prolonging survival in numerous patient populations with high unmet medical needs. Our modality-agnostic approach aims to allow us to selectively and potently target critical signaling nodes with the most appropriate modality, including small and large molecule therapeutics. Our purpose-built pipeline includes two clinical-stage programs (ERAS-0015, a pan-RAS molecular glue; and ERAS-4001, a pan-KRAS inhibitor), and ERAS-12, a discovery-stage program (an EGFR D2/D3 biparatopic antibody) for which we have identified a lead candidate. We believe our world-class team\u2019s capabilities and experience, further guided by our scientific advisory board, which includes the world\u2019s leading experts in the RAS/MAPK pathway, uniquely position us to achieve our bold mission of erasing cancer. 102 We in-licensed our RAS-targeting franchise in May 2024. The RAS targeting landscape can be divided into pan-RAS, pan-KRAS, and mutant-selective approaches. We believe pan-RAS and pan-KRAS targeting molecules can address a broad population of patients with G12X, G13X, and possibly Q61X mutations, and also have the potential to address or prevent resistance by blocking wildtype RAS activation. ERAS-0015 is a potential best-in-class pan-RAS molecular glue in development for the treatment of patients with RAS-mutated solid tumors. In vitro, ERAS-0015 has shown approximately 8-21 times higher binding affinity to cyclophilin A versus the most advanced pan-RAS molecular glue in development. We believe this higher binding affinity results in approximately 5 times more potent RAS inhibition in cell-based assays versus the comparator. ERAS-0015 also has favorable absorption, distribution, metabolism, and excretion (ADME) and pharmacokinetics (PK) properties in multiple animal species. As a result of these favorable in vitro potency and ADME/PK attributes, E Item 1. Business. Overview At Erasca, our name is our mission: to erase cancer. We are a clinical-stage precision oncology company singularly focused on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. Molecular alterations in RAS, the most frequently mutated oncogene, and the MAPK pathway, one of the most frequently altered signaling pathways in cancer, account for more than five million new patients diagnosed with cancer globally each year. Our company was co-founded by leading pioneers in precision oncology and RAS targeting to create novel therapies and combination regimens designed to comprehensively shut down the RAS/MAPK pathway for the treatment of patients with cancer. Our focused RAS/MAPK pathway pipeline comprises modality-agnostic programs aligned with our three therapeutic strategies of: (1) targeting key upstream and downstream signaling nodes in the RAS/MAPK pathway; (2) targeting RAS directly; and (3) targeting escape routes that emerge in response to treatment. Our pipeline enables us to pursue a systematic, data-driven, portfolio-wide clinical development effort to identify therapeutic approaches with the goal of prolonging survival in numerous patient populations with high unmet medical needs. Our modality-agnostic approach aims to allow us to selectively and potently target critical signaling nodes with the most appropriate modality, including small and large molecule therapeutics. Our purpose-built pipeline includes two clinical-stage programs (ERAS-0015, a pan-RAS molecular glue; and ERAS-4001, a pan-KRAS inhibitor), and ERAS-12, a discovery-stage program (an EGFR D2/D3 biparatopic antibody), for which we have identified a lead candidate. We believe our world-class team\u2019s capabilities and experience, further guided by our scientific advisory board (SAB), which includes the world\u2019s leading experts in the RAS/MAPK pathway, uniquely position us to achieve our bold mission of erasing canc Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, as well as the other information in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes included elsewhere in this Annual Report on F", "title": "ERAS - Erasca, Inc.", "url": "/company/ERAS/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001823144; latest 10-K filed 2026-03-12.", "text": "GPGI - GPGI, Inc. SIC 6199 Finance Services; CIK 0001823144; latest 10-K filed 2026-03-12. GPGI GPGI, Inc. 0001823144 6199 Finance Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations GPGI, through its wholly owned subsidiary, Holdings, is a platform designed to acquire, operate, and scale high\u2011quality businesses across attractive end markets, consistent with its philosophy of building great positions in good industries. The following discussion and analysis of the Company\u2019s financial condition and results of operations should be read in conjunction with the Company's audited consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. Beginning February 28, 2025, the Company deconsolidated Holdings as a result of the Spin\u2011Off and the related CompoSecure Management Agreement. From that date, Holdings is accounted for under the equity method. Unless expressly stated, references to operating results, customers, products, debt and market risks pertain to Holdings; the Company\u2019s results primarily reflect corporate\u2011level items (e.g., public company costs, fair\u2011value changes, taxes) and equity in earnings of Holdings. The discussion below does not reflect the results of operations of Husky, as the Husky Transaction was completed after the completion of the Company\u2019s 2025 fiscal year. Overview Prior to the Husky Transaction, the Company\u2019s business consisted solely of the CompoSecure operations conducted through its wholly owned subsidiary, Holdings. The Company, together with Holdings, and its operating subsidiaries, creates innovative, highly differentiated and customized financial payment card products for banks and other payment card issuers to support and increase their customer acquisition, customer retention and organic customer spend. The Company\u2019s customers consist primarily of leading international and domestic banks and other payment card issuers primarily within the United States (\u201cU.S.\u201d), with additional direct and indirect customers in Europe, Asia, Latin America, Canada, and the Middle East. The Company is a platform for next generation payment technology, security, and authentication solutions. The Company maintains trusted, highly-embedded and long-term customer relationships with an expanding set of global issuers. The Company has established a niche position in the financial payment card market through over 20 years of innovation and experience and is focused primarily on this 46 attractive subsector of the financial technology market. The Company serves a diverse set of direct customers and indirect customers, including some of the largest issuers of credit cards in the U.S. Recent Developments On September 27, 2024, Resolute Holdings was created as a wholly owned subsidiary of Holdings. On February 28, 2025, the Company completed the previously-announced spin-off (the \"Spin-Off\") of Resolute Holdings. In connection with the Spin-Off, Holdings entered into the CompoSecure Management Agreement, pursuant to which Resolute Holdings provides management and other related services to Holdings in exchange for payment of quarterly management fees based on 2.5% of Holdings last twelve-months' Adjusted EBITDA as defined in the CompoSecure Management Agreement, measured for the period ending on the fiscal quarter then ended (\u201cCompoSecure Management Agreement Adjusted EBITDA\u201d). CompoSecure Management Agreement Adjusted EBITDA reflects (a) Holdings\u2019 earnings before interest, taxes, depreciation, depletion and amortization, extraordinary losses and expenses, one-time and non-recurring expenses, and the CompoSecure Management Fee, less (b) GPGI\u2019s selling, general and administrative expenses, adjusted for the same items above (\u201cParent Allocated Expense\u201d, as defined in the CompoSecure Management Agreement). Holdings is also required to reimburse Resolute Holdings and its affiliates for Resolute Holdings\u2019 documented costs and expenses incurred on behalf of Holdings other than those expenses related to Resolute Holdings or its affiliates personnel who provide services Item 1. Business BUSINESS Background & Strategy GPGI, Inc. (formerly CompoSecure, Inc.) (\u201cGPGI\u201d and, together with its subsidiaries as the context requires, the \"Company,\" \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d), is a permanent capital platform designed to acquire, own, and scale high-quality businesses that hold \u201cgreat positions in good industries.\u201d The operations, capital allocation, and strategy of our operating businesses are managed by Resolute Holdings Management, Inc. (NYSE: RHLD) (\u201cResolute Holdings\u201d), an entity that was initially formed as a wholly owned subsidiary of the Company and was subsequently spun off to the Company's shareholders on a pro rata basis. This management structure is designed to eliminate the constraints found in traditional structures to attract great operators to lead and manage each business within GPGI. The leaders of each operating business benefit from the support and experience of Resolute Holdings, allowing them to focus on operating their respective businesses. We are focused on systematically deploying the Resolute Operating System (\u201cROS\u201d) across the Company, which we believe will instill a high-performance culture and drive continuous improvement at each business, resulting in more consistent growth, earnings, and returns for shareholders of GPGI. The Company has evolved from a single operating business into a diversified permanent capital platform that is today comprised of two market leading businesses: (1) CompoSecure, L.L.C. (\u201cCompoSecure\u201d), a leading manufacturer of premium metal credit cards and provider of secure authentication solutions, and (2) Husky Holdings LLC (\u201cHusky\u201d), a leading manufacturer of injection molding equipment and aftermarket services for the food, packaging, and medical markets. Our focus is to (i) improve the operating performance of CompoSecure and Husky through the consistent deployment of ROS into each business, and (ii) continuously evaluate opportunities to acquire additional businesses that can benefit from Item 1A. Risk Factors Summary of Risk Factors An investment in our securities involves substantial risk. The occurrence of one or more of the events or circumstances described in the section entitled \u201cRisk Factors,\u201d alone or in combination with other events or circumstances, may have a material adverse effect on our business, cash flows, financial condition and results", "title": "GPGI - GPGI, Inc.", "url": "/company/GPGI/" }, { "kind": "company", "summary": "SIC 3851 Ophthalmic Goods; CIK 0001504776; latest 10-K filed 2026-02-26.", "text": "WRBY - Warby Parker Inc. SIC 3851 Ophthalmic Goods; CIK 0001504776; latest 10-K filed 2026-02-26. WRBY Warby Parker Inc. 0001504776 3851 Ophthalmic Goods Item 7. Management\u2019s Discussion And Analysis Of Financial Condition And Results Of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion and other parts of this Annual Report on Form 10-K contain forward-looking statements, such as those relating to our plans, objectives, expectations, intentions, and beliefs, which involve risks and uncertainties. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the sections titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d included elsewhere in this Annual Report on Form 10-K. Overview We are a mission-driven, lifestyle brand that operates at the intersection of design, technology, healthcare, and social enterprise. Since day one, our focus on delighting customers and doing good has created a foundation for continuous innovation: \u2022We aim to provide customers with the highest-quality product possible by designing glasses at our headquarters in New York City, using custom materials, and selling direct to the customer. By cutting out the middleman, we are able to sell our products at a lower price than many of our competitors and pass the savings on to our customers. In addition to lower prices, we introduced simple, unified pricing (glasses starting at $95, including prescription lenses) to the eyewear market. \u2022We\u2019ve built a seamless shopping experience that meets customers where and how they want to shop, whether that\u2019s on our website, on our mobile app, or in our 323 retail stores as of December 31, 2025. \u2022We\u2019ve crafted a holistic vision care offering that extends beyond glasses to include contacts, vision tests and eye exams, vision insurance, and more. We leverage leading (and in many cases proprietary) technology to enhance our customers\u2019 experiences, whether it\u2019s to help them find a better-fitting frame using our Virtual Try-On tool, or to update their prescription from home using Virtual Vision Test, our telehealth app. \u2022We recruit and retain highly engaged, motivated team members who are driven by our commitment to scaling a large, growing business while making an impact and are excited to connect their daily work back to our mission. \u2022We are a public benefit corporation focused on positively impacting all stakeholders, and hope to inspire other entrepreneurs and businesses to think along the same lines. Working closely with our nonprofit partners, we have distributed glasses to people in need in more than 80 countries globally and many parts of the United States. Over 20 million more people now have the glasses they need to learn, work, and achieve better economic outcomes through our Buy a Pair, Give a Pair program. We generate revenue through selling our wide array of eyewear, including glasses, sunglasses, and contact lenses. We also generate revenue from providing eye exams and vision tests, and selling eyewear accessories. We maintain data across the entire customer journey that allows us to develop deep insights, informing our innovation priorities and enabling us to create a highly personalized, brand-enhancing experience for our customers. We have built an integrated, omnichannel presence that we believe deepens our relationship with existing customers while broadening reach and accessibility. And while we have the ability to track where our customers transact, we\u2019re channel agnostic to where the transaction takes place and find that many of our customers engage with us across both digital and physical channels; for example, many customers who check out online also visit a store throughout their customer journey, while others choose to browse o Item 1. Business Our Company Warby Parker is a mission-driven, lifestyle brand that operates at the intersection of design, technology, healthcare, and social enterprise. We stand for fun, creativity, and doing good in the world. Every day, our team of over 4,000 employees is focused on our mission to inspire and impact the world with vision, purpose, and style (without charging a premium for it). Our ultimate objective is to provide vision for all. As a pioneer of the direct-to-consumer model, we design our glasses in-house at our New York City headquarters and sell directly to customers, enabling us to make high-quality, designer eyewear more accessible, with simple, unified pricing starting at $95 including prescription lenses. Since our launch, we\u2019ve expanded beyond glasses to offer comprehensive eye care, including eye exams, contacts, lens enhancements and tech-enabled experiences like Virtual Try-On and Virtual Vision Test, with an aim to make Warby Parker a convenient, one-stop shop for all eye care needs. We operate an integrated, omnichannel platform across digital commerce and 323 retail stores as of December 31, 2025, all designed to make shopping both convenient and fun. What Sets Us Apart \u2022A customer-first brand that stands for exceptional value and customer experiences. At Warby Parker, we design every customer interaction, both in stores and online, to be consistently thoughtful, frictionless, and delightful. We aim to offer a seamless experience across all our channels, and our business model is designed to provide our customers the best quality at simple, accessible prices. By designing our products in-house and cutting out the middleman, we are able to pass the savings on to customers and offer designer-quality eyewear at prices that are lower than many of our competitors. Our commitment to service, convenience and exceptional value has deepened customer relationships and strengthened brand loyalty. As a result, we have maintained an industry Item 1A. Risk Factors Investing in our Class A common stock involves a high degree of risk and uncertainty. You should consider and read carefully all of the risks and uncertainties described below, together with all of the other information included in this Annual Report on Form 10-K, including our audited consolidated financial statements and related note", "title": "WRBY - Warby Parker Inc.", "url": "/company/WRBY/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000712534; latest 10-K filed 2026-02-25.", "text": "FRME - FIRST MERCHANTS CORP SIC 6021 National Commercial Banks; CIK 0000712534; latest 10-K filed 2026-02-25. FRME FIRST MERCHANTS CORP 0000712534 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The historical consolidated financial data discussed below reflects historical results of operations and financial condition and should be read in conjunction with our financial statements and related notes thereto presented in Item 8 of this Annual Report on Form 10-K. In addition to historical financial data, this discussion includes certain forward-looking statements regarding events and trends that may affect our future results. Such statements are subject to risks and uncertainties that could cause our actual results to differ materially. See our cautionary \u201cStatement Regarding Forward-Looking Statements.\u201d For a more complete discussion of the factors that could affect our future results, see \u201cRisk Factors\u201d under Item 1A of this Annual Report on Form 10-K. OVERVIEW The Corporation is a financial holding company headquartered in Muncie, Indiana and was organized in September 1982. The Corporation\u2019s common stock is traded on the Nasdaq\u2019s Global Select Market System under the symbol FRME. The Corporation conducts its banking operations through First Merchants Bank (the \u201cBank\u201d), a wholly-owned subsidiary that opened for business in Muncie, Indiana, in March 1893. The Bank also operates First Merchants Private Wealth Advisors (a division of First Merchants Bank). The Bank includes 111 banking locations in Indiana, Ohio, and Michigan. In addition to its branch network, the Corporation offers comprehensive electronic and mobile delivery channels to its customers. The Corporation\u2019s business activities are currently limited to one significant business segment, which is community banking. Through the Bank, the Corporation offers a broad range of commercial and consumer banking services to meet the diverse needs of our customers. Our commercial banking team offers a full spectrum of debt capital, treasury management services and depository products. The consumer banking group offers a variety of consumer deposit and lending products. The mortgage banking team offers consumer mortgage solutions to assist with the purchase, refinance, construction or renovation of residential properties. Private Wealth Advisors offers personal wealth management services with expertise in investment management, private banking, fiduciary estate and financial planning. ACQUISITION AND DIVESTITURE On February 1, 2026, the Corporation completed the acquisition of First Savings Financial Group, Inc., an Indiana corporation (\u201cFirst Savings\u201d), pursuant to the Agreement and Plan of Merger, dated as of September 24, 2025, by and between the Corporation and First Savings (the \u201cMerger Agreement\u201d). Immediately following the Merger, First Savings Bank, a wholly-owned subsidiary of First Savings, merged with and into the Bank with the Bank surviving the merger and continuing its corporate existence. First Savings was headquartered in Jeffersonville, Indiana and had 16 banking centers serving the southern Indiana market and had total assets of $2.4 billion (unaudited), total loans of $1.9 billion (unaudited), and total deposits of $1.7 billion (unaudited) as of December 31, 2025. The Corporation engaged in this transaction with the objective that the transaction would be accretive to earnings and add to the existing market area in Indiana that has a demographic profile consistent with many of the current Midwest markets served by the Bank. For the year ended December 31, 2025, the Corporation recorded merger-related expenses of $0.8 million related to the First Savings acquisition. For additional information regarding the acquisition, see NOTE 2. ACQUISITIONS AND DIVESTITURES of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K. In addition, the Merger Agreement is filed as an exhibit to this Annual Report on Form 10-K. CRITICAL ACCOUNTING ESTIMATES Generally accepted accounting principles require management to ap ITEM 1. BUSINESS GENERAL First Merchants Corporation (the \u201cCorporation\u201d) is a financial holding company headquartered in Muncie, Indiana and was organized in September 1982. The Corporation\u2019s common stock is traded on the Nasdaq Global Select Market System under the symbol FRME. The Corporation has one full-service bank charter, First Merchants Bank, which opened for business in Muncie, Indiana in March 1893. The Bank also operates First Merchants Private Wealth Advisors (a division of First Merchants Bank). The Bank includes 111 banking locations in Indiana, Ohio, and Michigan. In addition to its branch network, the Corporation offers comprehensive electronic and mobile delivery channels to its customers. The Corporation\u2019s business activities are currently limited to one significant business segment, which is community banking. Through the Bank, the Corporation offers a broad range of commercial and consumer banking services to meet the diverse needs of our customers. Our commercial banking team offers a full spectrum of debt capital, treasury management services and depository products. The consumer banking group offers a variety of consumer deposit and lending products. The mortgage banking team offers consumer mortgage solutions to assist with the purchase, refinance, construction or renovation of residential properties. Private Wealth Advisors offers personal wealth management services with expertise in investment management, private banking, fiduciary estate and financial planning. All inter-company transactions are eliminated during the preparation of consolidated financial statements. As of December 31, 2025, the Corporation had consolidated assets of $19.0 billion, consolidated deposits of $15.3 billion and stockholders\u2019 equity of $2.5 billion. BUSINESS DEVELOPMENTS On February 1, 2026, the Corporation completed the acquisition of First Savings Financial Group, Inc., an Indiana corporation (\u201cFirst Savings\u201d), pursuant to the Agreement and Plan of M ITEM 1A. RISK FACTORS RISK FACTORS There are a number of factors, including those specified below, that may adversely affect the Corporation\u2019s business, financial results or stock price. Additional risks that the Corporation currently does not know about or currently views as immaterial may also impair the Corporation\u2019s business or advers", "title": "FRME - FIRST MERCHANTS CORP", "url": "/company/FRME/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0000874499; latest 10-K filed 2026-02-25.", "text": "GPOR - GULFPORT ENERGY CORP SIC 1311 Crude Petroleum & Natural Gas; CIK 0000874499; latest 10-K filed 2026-02-25. GPOR GULFPORT ENERGY CORP 0000874499 1311 Crude Petroleum & Natural Gas ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis represents management\u2019s perspective of our business, financial condition and overall performance. This information is intended to provide investors with an understanding of our past performance, current financial condition and outlook for the future and should be read in conjunction with Item 8. \u201cFinancial Statements and Supplementary Data\u201d of this report. The following information updates the discussion of Gulfport's financial condition provided in its 2024 Annual Report on Form 10-K filing and compares the results of operations for the year ended December 31, 2025 to the year ended December 31, 2024. Discussions of our results from 2023 to 2024 that are not included in this Form 10-K can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. 40 Table of Contents Index to Financial Statements Overview Gulfport is an independent natural gas-weighted exploration and production company with assets primarily located in the Appalachia and Anadarko basins. Our principal operations target the Utica and Marcellus formations in eastern Ohio and the SCOOP Woodford and Springer formations in central Oklahoma. Our strategy is to develop our assets in a safe, environmentally responsible manner, while generating sustainable cash flow, improving margins and operating efficiencies and returning capital to shareholders. To accomplish these goals, we generally allocate capital to projects we believe offer the highest rate of return and we deploy leading drilling and completion techniques and technologies in our development efforts. Recent Developments Share Repurchase Program and Redemption of Preferred Stock On August 4, 2025, the Company's Board of Directors approved an increase to the authorized Repurchase Program from $1.0 billion to $1.5 billion (including the redemption of preferred stock noted below) and extended the authorization through December 31, 2026. On August 5, 2025, Gulfport issued a notice of redemption for its preferred stock for cash. During the period between the date of notice of the redemption and the Redemption Date, 28,907 shares of preferred stock were converted into approximately 2.1 million shares of common stock. On the Redemption Date, the Company redeemed the remaining 2,449 shares of preferred stock for cash totaling $31.3 million. Additionally, direct transaction-related costs of $1.1 million were incurred as part of the redemption. During the year ended December 31, 2025, the Company repurchased 1.8 million shares for $336.3 million at a weighted average price of $188.65 per share. As of December 31, 2025, the Company repurchased 7.4 million shares for $920.4 million at a weighted average price of $125.19 per share since the inception of the Repurchase Program. Credit Facility On October 30, 2025, the Company entered into the Borrowing Base Reaffirmation Agreement and Fifth Amendment to Credit Agreement (the \u201cFifth Amendment\u201d). The facility provides for a borrowing base of $1.1 billion and aggregate elected commitments of $1.0 billion. Tariffs and Trading Relationships In 2025 and 2026, the U.S. government threatened, announced and, in certain cases, rescinded, tariffs on several foreign jurisdictions and imports into the United States, which led, and may continue to lead, to the imposition of retaliatory tariffs and other measures taken by foreign jurisdictions. There is significant uncertainty as to the scope and durability of existing and future tariff measures, as well as the ultimate effects of the tariffs on economic conditions. One Big Beautiful Bill Act On July 4, 2025, the President signed into law the legislation commonly referred to as the One Big Beautiful Bill Act (\u201cOBBBA\u201d), which introduces significant changes to U.S ITEM 1. BUSINESS Our Business Gulfport is an independent natural gas-weighted exploration and production company with assets primarily located in the Appalachia and Anadarko basins. Our principal operations target the Utica and Marcellus formations in eastern Ohio and the SCOOP Woodford and Springer formations in central Oklahoma. Gulfport's Predecessor was incorporated in the State of Delaware in July 1997. Our corporate headquarters are located in Oklahoma City, Oklahoma and shares of Gulfport's common stock trade on the New York Stock Exchange (\u201cNYSE\u201d) under the ticker symbol \u201cGPOR\u201d. Our corporate strategy is focused on the economic development of our asset base in an effort to generate sustainable free cash flow. As of December 31, 2025, we had 4.3 Tcfe of proved reserves with a Standardized Measure of $3.4 billion and a PV-10 of $3.6 billion. See \u201cDefinitions\u201d above for our definition of PV-10 (a non-GAAP financial measure) and \u201cOil, Natural Gas and NGL Reserves and Estimation\u201d below for a reconciliation of our standardized measure of discounted future net cash flows (the most directly comparable GAAP measure) to PV-10. Information About Us Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are made available free of charge on the Investor Relations page of our website at www.gulfportenergy.com as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. From time to time, we also post announcements, updates, events, investor information and presentations on our website in addition to copies of our recent news releases. Information contained on our website, or on other websites that may be linked to our website, is not incorporated by reference into this annual report on Form 10-K and should not be considered part of this report or any other filing that we mak ITEM 1A. RISK FACTORS There are numerous factors that affect our business and operating results, many of which are beyond our control. The following is a summary of significant factors that might cause our future results to differ materially from those currently expected. The risks described below are not the only risks facing our c", "title": "GPOR - GULFPORT ENERGY CORP", "url": "/company/GPOR/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001517413; latest 10-K filed 2026-02-25.", "text": "FSLY - Fastly, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001517413; latest 10-K filed 2026-02-25. FSLY Fastly, Inc. 0001517413 7372 Services-Prepackaged Software ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with the consolidated financial statements and related notes that are included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current plans, expectations, and beliefs that involve risks and uncertainties. Actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d and in other parts of this Annual Report on Form 10-K. Our fiscal year ends on December 31. As used herein, \u201cFastly,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cthe Company\u201d and similar terms include Fastly, Inc. and its subsidiaries, unless the context indicates otherwise. Overview Organizations around the world are more dependent on the quality of digital experiences they provide than ever before. As the internet approaches an inflection point where automated, artificial intelligence (\u201cAI\u201d)-driven traffic increases demands on infrastructure, Fastly is the essential platform to deliver resilient, highly performant, always-on software and services at global scale. The edge cloud is a category of Infrastructure as a Service (\u201cIaaS\u201d) that enables software engineers to build, secure, and deliver digital experiences at the edge of the Internet. Our platform represents the convergence of the Content Delivery Network (\u201cCDN\u201d) with functionality that has traditionally been delivered by hardware-centric appliances such as Application Delivery Controllers (\u201cADC\u201d), Web Application Firewalls (\u201cWAF\u201d), API Management, Bot Detection, Distributed Denial of Service (\u201cDDoS\u201d), Web Application and API Protection (\u201cWAAP\u201d), and infrastructure protection. Processing at the edge is an ideal way to handle highly dynamic and time-sensitive data, especially when performance matters. Organizations of all sizes, including Fortune 500 companies that run 24/7 operations, leverage our edge cloud platform for a diverse range of critical functions that benefit from processing at the edge, including enhancing user experience, scaling agentic AI workloads, and powering core commerce capabilities to drive conversion and customer success. The edge cloud complements data center, central cloud, and hybrid solutions, and is critical for responsive, safe, and secure AI-centric experiences. Fastly focuses holistically on the edge cloud from developer creation to end-user experience, with our global footprint and integrated security core to our platform. Our platform is poised to capitalize on the rise of agentic AI, where autonomous agent consumption is driving the bulk of internet traffic. Fastly is uniquely positioned \u2013 and has laid the groundwork \u2013 to lead the intelligence fabric that helps enterprises adapt to this shift. We are capturing this opportunity by supporting edge workloads and AI traffic management, allowing organizations to optimize AI-driven services alongside human interactions. We play a unique role in helping enterprises optimize and accelerate interactions with authorized AI agents and blocking abuse, powering their differentiation and AI-fueled innovation. Organizations must keep up with a complex and ever-evolving landscape. We\u2019ve built a powerful unified edge platform designed from the ground up to be programmable and support agile software development, and we continuously drive innovation to meet the ever changing needs of our customers. We believe that our platform gives our customers a significant competitive advantage \u2013 whether they were born into the AI-centric digital age or are just embarking on their transformation journey. We focus our direct selling efforts on expanding our customers\u2019 use of our platform, which includes companies that are exhibiting significant growth. We engage with and support these customers Item 1. Business Overview Organizations around the world are more dependent on the quality of digital experiences they provide than ever before. As the internet approaches an inflection point where automated, artificial intelligence (\u201cAI\u201d)-driven traffic increases demands on infrastructure, Fastly is the essential platform to deliver resilient, highly performant, always-on software and services at global scale. The edge cloud is a category of Infrastructure as a Service (\u201cIaaS\u201d) that enables software engineers to build, secure, and deliver digital experiences at the edge of the Internet. Our platform represents the convergence of the Content Delivery Network (\u201cCDN\u201d) with functionality that has traditionally been delivered by hardware-centric appliances such as Application Delivery Controllers (\u201cADC\u201d), Web Application Firewalls (\u201cWAF\u201d), API Management, Bot Detection, Distributed Denial of Service (\u201cDDoS\u201d), Web Application and API Protection (\u201cWAAP\u201d), and infrastructure protection. Processing at the edge is an ideal way to handle highly dynamic and time-sensitive data, especially when performance matters. Organizations of all sizes, including Fortune 500 companies that run 24/7 operations, leverage our edge cloud platform for a diverse range of critical functions that benefit from processing at the edge, including enhancing user experience, scaling agentic AI workloads, and powering core commerce capabilities to drive conversion and customer success. The edge cloud complements data center, central cloud, and hybrid solutions, and is critical for responsive, safe, and secure AI-centric experiences. Fastly focuses holistically on the edge cloud from developer creation to end-user experience, with our global footprint and integrated security core to our platform. Our platform is poised to capitalize on the rise of agentic AI, where autonomous agent consumption is driving the bulk of internet traffic. Fastly is uniquely positioned \u2013 and has laid the groundwor Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. Investors should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results", "title": "FSLY - Fastly, Inc.", "url": "/company/FSLY/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001595974; latest 10-K filed 2026-02-25.", "text": "MGNI - MAGNITE, INC. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001595974; latest 10-K filed 2026-02-25. MGNI MAGNITE, INC. 0001595974 7370 Services-Computer Programming, Data Processing, Etc. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the consolidated financial statements and the related notes to those statements included in Item 8 to this Annual Report on Form 10-K. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, beliefs, and expectations and that involve risks and uncertainties. Our actual results and the timing of events could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in \"Item 1A. Risk Factors\" and the \"Special Note About Forward-Looking Statements; Summary of Risk Factors.\" Overview and Trends See \"Item 1. Business\" for an overview of our business, the industry in which we operate, and important industry trends. Recent Developments Financial Highlights The following represents our consolidated financial highlights for the years ended December 31, 2025, 2024, and 2023: [[GREPCENT_TABLE]] [[\"\",\"Year Ended\",\"\",\"Change %\"],[\"\",\"December 31, 2025\",\"\",\"December 31, 2024\",\"\",\"December 31, 2023\",\"\",\"2025 vs 2024\",\"\",\"2024 vs 2023\"],[\"\",\"(in thousands)\"],[\"Financial Measures and non-GAAP Financial Measures:\"],[\"Revenue\",\"$\",\"713,953\",\"\",\"\",\"$\",\"668,170\",\"\",\"\",\"$\",\"619,710\",\"\",\"\",\"7\",\"%\",\"\",\"8\",\"%\"],[\"Gross profit\",\"447,334\",\"\",\"\",\"409,332\",\"\",\"\",\"209,804\",\"\",\"\",\"9\",\"%\",\"\",\"95\",\"%\"],[\"Contribution ex-TAC*\",\"669,633\",\"\",\"\",\"606,942\",\"\",\"\",\"549,147\",\"\",\"\",\"10\",\"%\",\"\",\"11\",\"%\"],[\"Net income (loss)\",\"144,613\",\"\",\"\",\"22,786\",\"\",\"\",\"(159,184)\",\"\",\"\",\"535\",\"%\",\"\",\"NM\"],[\"Adjusted EBITDA*\",\"232,131\",\"\",\"\",\"196,850\",\"\",\"\",\"171,364\",\"\",\"\",\"18\",\"%\",\"\",\"15\",\"%\"]] [[/GREPCENT_TABLE]] NM - Not meaningful * Contribution ex-TAC and Adjusted EBITDA are Non-GAAP measures. Refer to discussion in section \"Key Operating and Financial Performance Metrics\" for a definition of Contribution ex-TAC and Adjusted EBITDA, as well as reconciliations of gross profit to Contribution ex-TAC and Net income (loss) to Adjusted EBITDA, for the years ended December 31, 2025, 2024, and 2023, respectively. Over the past several years, we have made a number of investments to build what we believe is the leading independent programmatic CTV platform, including our 2021 acquisitions of SpotX, a leading CTV supply side platform, and SpringServe, a leading ad server for CTV. We believe these transactions are highly strategic, as the combination of our SSP and ad server allows us to offer publishers an independent full-stack solution that works across their entire video advertising business, for both programmatic and directly sold inventory, to manage yield and drive value. As a result of our investments, CTV has become the biggest growth driver of our business, with revenue growing 9% and Contribution ex-TAC growing 17% year-over-year from 2024 to 2025. We believe that we are well positioned to take advantage of a number of favorable market trends in CTV. In particular, as the pace of adoption has accelerated and the streaming market has proliferated, the largest streaming publishers have adopted ad-supported models leading to a significant increase in the amount of CTV inventory available for advertisers. Despite the proliferation of CTV advertising inventory, CTV sellers have been slower to embrace biddable environments with multiple buyers compared to desktop and mobile sellers. Currently, the vast majority of CTV advertising is transacted through reserve auctions that are established by a sellers direct sales team with a single buyer. This is particularly true of larger publishers and broadcasters that are newer to programmatic advertising and have large direct sales forces, as reserve auctions a Item 1. Business Overview Magnite, Inc., (\"we,\" or \"us\"), provides technology solutions to automate the purchase and sale of digital advertising inventory. We believe that we are the world's largest independent omni-channel sell-side advertising platform (\"SSP\"), offering a single partner for transacting globally across all channels, formats and auction types, and the largest independent programmatic CTV marketplace, making it easier for buyers to reach CTV audiences at scale from industry-leading streaming content providers, broadcasters, platforms and device manufacturers. Our platform features applications and services for sellers of digital advertising inventory, or publishers, that own and operate CTV channels, applications, websites and other digital media properties, to manage and monetize their inventory; applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms (\"DSPs\"), to buy digital advertising inventory; and a transparent, independent marketplace that brings buyers and sellers together and facilitates intelligent decision making and automated transaction execution at scale. Our clients include many of the world\u2019s leading buyers and sellers of digital advertising inventory. Our platform processes trillions of ad requests per month, allowing buyers access to a global, scaled, independent alternative to \"walled gardens,\" who both own and sell inventory and maintain control on the demand side. Our SpringServe CTV platform offers CTV sellers a holistic solution to manage and monetize their entire portfolio of CTV ad inventory, across both programmatic and direct-sold video inventory. We provide sellers with a full suite of tools to protect the consumer viewing experience and brand safety expectations, while increasing revenue opportunities, including tools for mediation and yield optimization, forecasting tools, customized ad experiences and ad formats, and advanced podding logic. These tools Item 1A. Risk Factors Investing in our common stock involves a high degree of risk, including the risks described below, each of which may be relevant to decisions regarding an investment in or ownership of our stock. The occurrence of any of these risks could have a significant adverse effect on ", "title": "MGNI - MAGNITE, INC.", "url": "/company/MGNI/" }, { "kind": "company", "summary": "SIC 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys; CIK 0001844452; latest 10-K filed 2026-03-19.", "text": "LUNR - Intuitive Machines, Inc. SIC 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys; CIK 0001844452; latest 10-K filed 2026-03-19. LUNR Intuitive Machines, Inc. 0001844452 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations As a result of the closing of the Business Combination (as defined in Note 1) on February 13, 2023, which was accounted for as a reverse recapitalization in accordance with U.S. GAAP, the financial statements of Intuitive Machines, LLC, a Delaware limited liability company and our wholly-owned subsidiary, are now the financial statements of the Company. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and related notes thereto included elsewhere in this Annual Report. Certain of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the sections titled \u201cCautionary Note Regarding Forward-Looking Statements\u201d and Part I. Item 1A. \u201cRisk Factors\u201d included in this Annual Report, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Unless otherwise indicated or the context otherwise requires, references in this section to the \u201cCompany,\u201d \u201cIM,\u201d \u201cIntuitive Machines,\u201d \u201cwe,\u201d \u201cus,\u201d, or \u201cour\u201d refer to Intuitive Machines, Inc. and its consolidated subsidiaries. Overview Intuitive Machines, Inc., collectively with its subsidiaries (the \u201cCompany,\u201d \u201cIM,\u201d \u201cIntuitive Machines,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a space infrastructure and services company founded in 2013 and focused on enabling sustained infrastructure and human activity beyond Earth. We believe the United States is transitioning from episodic space missions to long-duration operations and persistent presence, and we are building the systems and services required to support this evolution across civil, national security, and commercial markets. We design, build, integrate and operate spacecraft, communications networks, and space systems that support operations across low Earth orbit (\u201cLEO\u201d), geostationary orbit (\u201cGEO\u201d), cislunar space, and deep space. Our strategy is to evolve space activity from single-mission execution toward continuously operating infrastructure by combining spacecraft delivery with network connectivity and long-term operations. We believe this approach positions us to support enduring government requirements while enabling the development of a commercial space economy. Our operating model is organized around three integrated capabilities: \u2022Build \u2014 designing, manufacturing, and delivering spacecraft, landers, satellites, surface systems, propulsion, and avionics for government and commercial customers; \u2022Connect \u2014 integrating deployed assets into communications, navigation, command and control, and data relay networks that enable persistent connectivity; and \u2022Operate \u2014 providing mission operations, hosted payload services, data services, navigation and timing capabilities, and other infrastructure-based offerings. We believe that operating deployed systems as infrastructure, rather than concluding at delivery, creates opportunities for longer-duration contracts, recurring revenue, and margin expansion over time. Recent Developments Stock Purchase Agreement - KinetX, Inc. On October 1, 2025, we completed the stock purchase agreement to acquire 100% of the issued and outstanding capital stock of KinetX, Inc (\u201cKinetX\u201d), a privately-held, Arizona-based aerospace company with more than 30 years of experience delivering flight-proven, deep space navigation, systems engineering, ground software, and constellation mission to the U.S. government and international customers. The consideration for the acquisition totaled approximately $31.3 million, consisting of cash consideration of $15.0 million, seller payable adjustments of $1.1 million treated as considerat Item 1. Business Description of our Business Intuitive Machines, Inc., collectively with its subsidiaries (the \u201cCompany,\u201d \u201cIM,\u201d \u201cIntuitive Machines,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a space infrastructure and services company founded in 2013 and focused on enabling sustained infrastructure and human activity beyond Earth. We believe the United States is transitioning from episodic space missions to long-duration operations and persistent presence, and we are building the systems and services required to support this evolution across civil, national security, and commercial markets. We build spacecraft, connect space-based networks, and operate infrastructure as-a-service that support operations across low Earth orbit (\u201cLEO\u201d), geostationary orbit (\u201cGEO\u201d), cislunar space, and deep-space. Our strategy is to evolve space activity from single-mission execution toward continuously operating infrastructure by combining spacecraft delivery with network connectivity and long-term operations. We believe this approach positions us to support enduring government requirements while enabling the development of a commercial space economy. On September 16, 2022, Inflection Point Acquisition Corp. (\u201cIPAX\u201d) entered into a business combination agreement with Intuitive Machines, LLC. On February 10, 2023, IPAX domesticated into a Delaware corporation and changed its name to \u201cIntuitive Machines, Inc.\u201d in connection with the domestication, Intuitive Machines, Inc. became a holding company whose principal assets are the Intuitive Machines, LLC Common Units. On October 1, 2025, the Company completed the stock purchase agreement to acquire 100% of the issued and outstanding capital stock of KinetX, Inc (\u201cKinetX\u201d). On January 13, 2026, the Company completed the acquisition of 100% of the issued and outstanding membership interests of Lanteris Space Holdings LLC (\u201cLanteris\u201d). For further description of these recent acquisitions, see Part II. Item 7. Management\u2019s Discussion and Analysis of Fina Item 1A. Risk Factors You should consider carefully the risks and uncertainties described below, together with all of the other information contained in this Annual Report. If any of the following events occur, our business, financial condition and operating results m", "title": "LUNR - Intuitive Machines, Inc.", "url": "/company/LUNR/" }, { "kind": "company", "summary": "SIC 3728 Aircraft Parts & Auxiliary Equipment, NEC; CIK 0000008063; latest 10-K filed 2026-02-26.", "text": "ATRO - ASTRONICS CORP SIC 3728 Aircraft Parts & Auxiliary Equipment, NEC; CIK 0000008063; latest 10-K filed 2026-02-26. ATRO ASTRONICS CORP 0000008063 3728 Aircraft Parts & Auxiliary Equipment, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW Astronics Corporation, through its subsidiaries, is a leading supplier of advanced technologies and products to the global aerospace and defense industries. Our products and services include advanced, high-performance electrical power generation and distribution systems, seat motion solutions, lighting and safety systems, avionics products, aircraft structures, systems certification, and automated test systems. We have two reportable segments, Aerospace and Test Systems. Our Aerospace segment has principal operating facilities in the United States, Canada, France and Germany and an engineering office in Ukraine. Our Test Systems segment has principal operating facilities in the United States and an engineering office in India. Our Aerospace segment designs and manufactures products for the global aerospace industry. Product lines include lighting and safety systems, electrical power generation, distribution and seat motion systems, aircraft structures, avionics products, systems certification, and other products. Our primary Aerospace customers are the airframe manufacturers (\u201cOEM\u201d) that build aircraft for the commercial transport, military and general aviation markets, suppliers to those OEMs, aircraft operators such as airlines, suppliers to the aircraft operators, and branches of the U.S. Department of Defense (\u201cUSDOD\u201d). Our Test Systems segment designs, develops, manufactures and maintains automated test systems that support the aerospace and defense and mass transit industries. In the Test Systems segment, Astronics\u2019 products are sold to a global customer base including OEMs and prime government contractors for both electronics and military products. Our strategy is to increase our value by developing technologies and capabilities, either internally or through acquisition, and using those capabilities to provide innovative solutions to our targeted markets where our technology can be beneficial. Important factors affecting our growth and profitability are the rate at which new aircraft are produced, government funding and timing of awards of military programs, our ability to have our products designed into new aircraft, the rates at which aircraft owners, including commercial airlines, refurbish or install upgrades to their aircraft and supply chain and labor market pressures. New aircraft build rates and aircraft owners\u2019 spending on upgrades and refurbishments is cyclical and dependent on the strength of the global economy. Once one of our products is designed into a new aircraft, the spare parts business associated thereto is also frequently retained by the Company. Future growth and profitability of the Test Systems business is dependent on developing and procuring new and follow-on business. The nature of our Test Systems business is such that it pursues large, often multi-year, projects. There can be significant periods of time between orders in this business, which may result in large fluctuations of sales and profit levels and backlog from period to period. Test Systems segment customers include the USDOD, prime contractors to the USDOD, mass transit operators and prime contractors to mass transit operators. Each of the markets that we serve presents opportunities that we expect will provide growth for the Company over the long-term. We continue to look for opportunities in all of our markets to capitalize on our core competencies to expand our existing business and to grow through strategic acquisitions. The main challenges that we continue to face include varying levels of supply chain pressures, material availability and cost increases (including costs associated with the imposition of tariffs by the United States and other countries discussed herein), labor availability and cost, and improving shareholder value through increasing profitability. Increasing profitability is dependent on many things, p ITEM 1. BUSINESS Astronics Corporation (\u201cAstronics\u201d or the \u201cCompany\u201d) is a leading provider of advanced technologies to the global aerospace, defense, and electronics industries. Our products and services include advanced, high-performance electrical power generation, distribution and motion systems, lighting and safety systems, avionics products, systems certification, aircraft structures and automated test systems. We have principal operations in the United States (\u201cU.S.\u201d), Canada, France and Germany, as well as engineering offices in Ukraine and India. Our operation in Ukraine is a small engineering office and we have not experienced any significant disruption in staffing or services as a result of the continuing Ukrainian and Russian conflict. The Company has two reportable segments, Aerospace and Test Systems. The Aerospace segment designs and manufactures products for the global aerospace and defense industry. Our Test Systems segment designs, develops, manufactures and maintains automated test systems that support the aerospace and defense, communications and mass transit industries. Products and Customers Our Aerospace segment designs and manufactures products for the global aerospace industry. Product lines include lighting and safety systems, electrical power generation, distribution and seat motion systems, aircraft structures, avionics products, systems certification, and other products. Our Aerospace customers are the airframe manufacturers (\u201cOEM\u201d) that build aircraft for the commercial transport, military and general aviation markets, suppliers to those OEMs, aircraft operators such as airlines, suppliers to the aircraft operators, and branches of the U.S. Department of Defense. During 2025, this segment\u2019s sales were divided 75% to the commercial transport market, 15% to the military aircraft market, 9% to the general aviation market and 1% to other markets. Most of this segment\u2019s sales are a result of contracts or purchase orders received from ITEM 1A. RISK FACTORS Our business faces many risks, and you should carefully consider the following risk factors, together with all of the other information included in this report, including the financial statements and related notes contained in Item 8, Financial Statements and Supplementary Data, and discussion in", "title": "ATRO - ASTRONICS CORP", "url": "/company/ATRO/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001819790; latest 10-K filed 2026-02-23.", "text": "TARS - Tarsus Pharmaceuticals, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001819790; latest 10-K filed 2026-02-23. TARS Tarsus Pharmaceuticals, Inc. 0001819790 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our \u201cSelected Financial Data\u201d and our financial statements and the related notes to those statements included elsewhere in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including, but not limited to, those discussed under the section titled \u201cRisk Factors\u201d and elsewhere in this Annual Report on 10-K. See the section titled \u201cNote Regarding Forward-Looking Statements\u201d elsewhere in this Annual Report on Form 10-K. Overview Our Business We are a commercial stage biopharmaceutical company focused on the development and commercialization of therapeutics, starting with eye care. We launched XDEMVY\u00ae (lotilaner ophthalmic solution) 0.25%, formerly known as TP-03, for the treatment of Demodex blepharitis, in August 2023 after receiving U.S. Food and Drug Administration (\u201cFDA\u201d) approval in July 2023. Demodex blepharitis is caused by the infestation of Demodex mites. Demodex blepharitis (\u201cblephar\u201d is a reference to eyelid and \u201citis\u201d is a reference to inflammation) is an ophthalmic lid margin disease characterized by inflammation of the eyelid margin, redness and ocular irritation, including a specific type of eyelash dandruff called collarettes, which are pathognomonic for Demodex blepharitis. Poorly controlled and progressive Demodex blepharitis can lead to corneal damage over time and, in extreme cases, blindness. There may be as many as approximately 25 million people in the U.S. who suffer from Demodex blepharitis. XDEMVY is the first and only therapeutic approved by the FDA and we believe is the definitive standard of care for the treatment of Demodex blepharitis. XDEMVY targets and eradicates the root cause of Demodex blepharitis - Demodex mite infestation. The active pharmaceutical ingredient (\u201cAPI\u201d) of XDEMVY, lotilaner, paralyzes and eradicates mites and other parasites through the inhibition of parasite-specific gamma-aminobutyric acid-gated chloride (\u201cGABA-Cl\u201d) channels with no GABA-Cl inhibition in humans. To date, we have completed seven clinical trials that include a Phase 3 Saturn-2 trial, a Phase 2b/3 Saturn-1 trial, four Phase 2 trials, and a Phase 1 trial for XDEMVY in Demodex blepharitis, all of which met their primary, secondary, and/or certain exploratory endpoints, with the drug well tolerated throughout each trial. We have also completed clinical trials in Demodex blepharitis patients with Meibomian Gland Disease (\u201cMGD\u201d), including the Phase 2a clinical trial (the \u201cErsa Trial\u201d), and a pilot clinical trial (the \u201cRhea Trial\u201d) involving an XDEMVY vehicle. We intend to further advance our pipeline with, e.g., lotilaner API to address several diseases in human medicine, including eye care, and infectious disease prevention. We are investigating the development of our product candidates to address targeted diseases with high unmet medical needs, which currently include TP-04, an investigational sterile aqueous gel formulation of lotilaner for the potential treatment of ocular rosacea, and TP-05, an investigational oral tablet formulation of lotilaner, for potential Lyme disease prophylaxis and community malaria reduction. Recent Business and Corporate Highlights XDEMVY \u2022XDEMVY is one of the best-selling prescription eye drops. \u25e6Net product sales were $151.7 million and $451.4 million for the fourth quarter and full year 2025, respectively. \u25e6Delivered approximately 130,000 and 400,000 bottles to patients during the fourth quarter and full year 2025, respectively. \u25e6Maintained over 9 Item 1. Business Overview We are a commercial stage biopharmaceutical company focused on the development and commercialization of therapeutics, starting with eye care. We launched XDEMVY\u00ae (lotilaner ophthalmic solution) 0.25%, formerly known as TP-03, for the treatment of Demodex blepharitis, in August 2023 after receiving U.S. Food and Drug Administration (\u201cFDA\u201d) approval in July 2023. Demodex blepharitis is caused by the infestation of Demodex mites. Demodex blepharitis (\u201cblephar\u201d is a reference to eyelid and \u201citis\u201d is a reference to inflammation) is a disease characterized by inflammation of the eyelid margin, redness and ocular irritation, including a specific type of eyelash dandruff called collarettes, which are pathognomonic for Demodex blepharitis. Poorly controlled and progressive Demodex blepharitis can lead to corneal damage over time and, in extreme cases, blindness. There may be as many as approximately 25 million people in the U.S. who suffer from Demodex blepharitis. XDEMVY is the first and only therapeutic approved by the FDA and we believe is the definitive standard of care for the treatment of Demodex blepharitis. XDEMVY targets and eradicates the root cause of Demodex blepharitis - Demodex mite infestation. The active pharmaceutical ingredient (\u201cAPI\u201d) of XDEMVY, lotilaner, paralyzes and eradicates mites and other parasites through the inhibition of parasite-specific gamma-aminobutyric acid-gated chloride (\u201cGABA-Cl\u201d) channels with no GABA-Cl inhibition in humans. To date, we have completed seven clinical trials that include a Phase 3 trial (the \u201cSaturn-2 trial\u201d), a Phase 2b/3 trial (the \u201cSaturn-1 trial\u201d), four Phase 2 trials, and a Phase 1 trial (the \u201cHyperion trial\u201d) for XDEMVY in Demodex blepharitis, all of which met their primary, secondary and/or certain exploratory endpoints, with the drug well tolerated throughout each trial. We have also completed clinical trials in Demodex blepharitis patients with Meibomian Gland Disease (\u201cMGD\u201d), inclu Item 1A. Risk Factors Investing in our common stock is speculative and involves a high degree of risk. Before investing in our common stock, you should consider carefully the risks described below, together with the other information contained in this Annual Report on Form 10-", "title": "TARS - Tarsus Pharmaceuticals, Inc.", "url": "/company/TARS/" }, { "kind": "company", "summary": "SIC 6029 Commercial Banks, NEC; CIK 0001653242; latest 10-K filed 2026-02-18.", "text": "NTB - Bank of N.T. Butterfield & Son Ltd SIC 6029 Commercial Banks, NEC; CIK 0001653242; latest 10-K filed 2026-02-18. NTB Bank of N.T. Butterfield & Son Ltd 0001653242 6029 Commercial Banks, NEC Management's Discussion and Analysis of Financial Condition and Results of Operations This section presents management's perspective on our financial condition and results of operations. The following discussion and analysis is intended to highlight and supplement data and information presented elsewhere in this report, including the consolidated financial statements and related notes and should be read in conjunction with the accompanying tables and our financial statements included in this report. The consolidated financial statements and notes have been prepared in accordance with GAAP. Certain statements in this discussion and analysis may be deemed to include \"forward-looking statements\" and are based on management's current expectations and are subject to uncertainty and changes in circumstances. Forward-looking statements are not historical facts but instead represent only management's belief regarding future events, many of which by their nature are inherently uncertain and outside of management's control. Actual results may differ materially from those included in these statements due to a variety of factors, including worldwide and local economic conditions, success in business retention and obtaining new business and other factors. Factors that could cause these differences are discussed in the sections titled \"Cautionary Note Regarding Forward-Looking Statements\" and \"Risk Factors.\" For management's considerations and determinations of each non-core item discussed, please see \"Reconciliation of Non-GAAP Financial Measures\". Overview We are a full service bank and wealth manager headquartered in Hamilton, Bermuda. We operate our business through our four reportable segments, three geographical and one other: Bermuda, Cayman, Channel Islands and the UK, and Other. We offer banking services, comprising of retail and corporate banking, and wealth management, which consists of trust, private banking, and asset management. In our Bermuda and Cayman segments, we offer retail banking and wealth management. In our Channel Islands and the UK segment, we offer retail and corporate banking and wealth management. The Other segment includes our operations in the jurisdictions of The Bahamas, Canada, Mauritius, Singapore and Switzerland. In these jurisdictions we either provide wealth management or operate service centers. These jurisdictions individually and collectively do not meet the quantitative threshold for segmented reporting and are therefore aggregated as a non-reportable operating segment. The following table details our Net Revenue in total and by segment, as well as our total assets, total loans, total deposits, total AUA (which includes trust and custody AUA) and AUM for the years ended December 31, 2025, December 31, 2024 and December 31, 2023. [[GREPCENT_TABLE]] [[\"\",\"For the year ended December 31\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Net Revenue\"],[\"% of Net Revenue from:\"],[\"Bermuda segment\",\"43.3%\",\"\",\"43.5%\",\"\",\"45.1%\"],[\"Cayman segment\",\"31.2%\",\"\",\"31.5%\",\"\",\"33.6%\"],[\"Channel Islands and the UK segment\",\"18.1%\",\"\",\"18.0%\",\"\",\"15.3%\"],[\"Other segment\",\"7.4%\",\"\",\"7.1%\",\"\",\"6.1%\"],[\"(in millions of $)\"],[\"Summary Balance Sheet\"],[\"Total Assets\",\"14,094.9\",\"\",\"14,231.4\"],[\"Total Loans\",\"4,382.4\",\"\",\"4,473.6\"],[\"Total Deposits\",\"12,698.1\",\"\",\"12,745.9\"],[\"Assets under administration\"],[\"Custody and other administration services\",\"32,298.1\",\"\",\"30,494.7\"],[\"Trust\",\"134,652.0\",\"\",\"131,276.6\"],[\"Assets under management\"],[\"Butterfield Funds\",\"2,888.0\",\"\",\"2,416.3\"],[\"Other assets under management\",\"4,023.6\",\"\",\"3,631.8\"]] [[/GREPCENT_TABLE]] Market Environment Our business is affected by international, regional and local economic conditions as well as, the perception of future economic prospects. The significant macro-economic factors that impact our business include the US and global economic landscapes, unemployment rates, the housing markets and interest rates. 2025 began with elevated uncertainty in financ", "title": "NTB - Bank of N.T. Butterfield & Son Ltd", "url": "/company/NTB/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001710072; latest 10-K filed 2026-02-26.", "text": "EWTX - Edgewise Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001710072; latest 10-K filed 2026-02-26. EWTX Edgewise Therapeutics, Inc. 0001710072 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of the financial condition and results of operations of Edgewise Therapeutics, Inc. should be read in conjunction with the financial statements and the related notes thereto included elsewhere in this Annual Report on Form 10-K (Annual Report). Discussion of our financial condition and results of operations for the fiscal year ended December 31, 2024 compared to the fiscal year ended December 31, 2023 is included in Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 3, 2025. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in or implied by these forward-looking statements. You should carefully read the \u201cRisk Factors\u201d to gain an understanding of the factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview Since our inception in 2017, our precision medicine muscle platform has generated several programs to address a variety of muscle diseases. We are advancing multiple clinical-stage programs in muscular dystrophies and severe cardiac diseases, as well as a number of preclinical programs. Our muscular dystrophy program includes sevasemten, an orally administered allosteric, selective, fast myofiber (type II) myosin small molecule inhibitor designed to address contraction-induced muscle injury and is currently being studied in multiple late-stage clinical trials in Becker muscular dystrophy (Becker) and Duchenne muscular dystrophy (Duchenne), including an ongoing pivotal cohort trial in patients with Becker. Our cardiovascular program includes novel, oral, selective cardiac sarcomere modulators EDG-7500 and EDG-15400. EDG-7500 is currently being studied in a multipart Phase 2 trial in both obstructive and non-obstructive hypertrophic cardiomyopathy (HCM). EDG-15400 is currently in a Phase 1 trial of healthy adults with the future disease target of heart failure with preserved ejection fraction (HFpEF). We are also continuing to advance our preclinical exploration, including novel cardiometabolic targets. The entire team at Edgewise is dedicated to our mission: changing the lives of patients and families affected by serious muscle diseases. As a late-stage clinical biopharmaceutical company, we are focused on the discovery, development and commercialization of innovative treatments for severe muscle diseases for which there is significant unmet medical need. Guided by our holistic drug discovery approach to targeting the muscle as an organ, we have combined our foundational expertise in muscle biology and small molecule engineering to build our proprietary, muscle focused drug discovery platform. Our platform utilizes custom-built high throughput and translatable systems that measure integrated muscle function in whole organ extracts to identify small molecule precision medicines regulating key proteins in muscle tissue, initially focused on addressing rare neuromuscular and cardiac diseases. We have developed and characterized a library of novel sarcomere modulators exhibiting a broad range of pharmacological and pharmacokinetic properties regulating disease-related muscle biology. We have incurred significant losses since the commencement of our operations. Our net losses were $167.8 million and $133.8 million for the years ended December 31, 2025 and 2024, respectively, and we expect to continue to incur significant losse Item 1. Business Overview Our mission is to discover new medicines that improve the lives of people facing serious muscle disease. At Edgewise, we appreciate the life-limiting impact of serious muscle diseases. Our science-driven culture places patients first as we start with their unmet needs and then work towards developing therapies to help address the significant challenges of serious muscle diseases. Guided by our holistic drug discovery approach to targeting the muscle as an organ, we have combined our foundational expertise in muscle biology and small molecule engineering to build our proprietary, muscle focused drug discovery platform. Our platform utilizes custom-built high throughput and translatable systems that measure integrated muscle function in whole organ extracts to identify small molecule precision medicines regulating key proteins in muscle tissue, initially focused on addressing rare neuromuscular and cardiac diseases. We have developed and characterized a library of novel sarcomere modulators exhibiting a broad range of pharmacological and pharmacokinetic (PK) properties regulating disease-related muscle biology. Based on the results of our drug discovery platform, we are advancing multiple clinical-stage programs in muscular dystrophies and severe cardiac diseases, as well as a number of preclinical programs. Muscular Dystrophy Our muscular dystrophy program includes sevasemten, our most advanced product candidate, an orally administered allosteric, selective, fast myofiber (type II) myosin small molecule inhibitor designed to address contraction-induced muscle injury, the root cause of dystrophinopathies including Duchenne muscular dystrophy (Duchenne) and Becker muscular dystrophy (Becker). Both of these disorders are rare and often debilitating diseases, and we estimate that in the US, EU-5, and Japan there are approximately 35,000 individuals living with Duchenne and 12,000 individuals living with Becker. There are currently no approv Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below, as well as the other information in this Annual Report and in our other public filings in evaluating our business. The occurrence of any of the events or developments descr", "title": "EWTX - Edgewise Therapeutics, Inc.", "url": "/company/EWTX/" }, { "kind": "company", "summary": "SIC 2835 In Vitro & In Vivo Diagnostic Substances; CIK 0000744218; latest 10-K filed 2026-02-25.", "text": "CLDX - Celldex Therapeutics, Inc. SIC 2835 In Vitro & In Vivo Diagnostic Substances; CIK 0000744218; latest 10-K filed 2026-02-25. CLDX Celldex Therapeutics, Inc. 0000744218 2835 In Vitro & In Vivo Diagnostic Substances Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW We are a biopharmaceutical company dedicated to exploring the science of mast cell biology and developing therapeutic antibodies which have the ability to engage the human immune system and/or directly affect critical pathways to improve the lives of patients with severe inflammatory, allergic, autoimmune and other devastating diseases. Our drug candidates include monoclonal and bispecific antibodies designed to address mast cell mediated diseases for which available treatments are inadequate. We are focusing our efforts and resources on the continued research and development of [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Barzolvolimab (also referred to as CDX-0159), a monoclonal antibody that specifically binds the KIT receptor and potently inhibits its activity, which is currently being studied across multiple mast cell driven diseases including\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"-\",\"Chronic Spontaneous Urticaria (CSU): In February 2026, we announced that enrollment is complete in our Phase 3 studies in CSU and that topline data will be available in the fourth quarter of 2026. In November 2023, we announced that our Phase 2 study in CSU achieved the primary efficacy endpoint (statistically significant mean change from baseline to Week 12 of urticaria activity score compared to placebo) and was well tolerated. Patients on study continued to receive barzolvolimab and, in September 2024, we reported data from 52 weeks of treatment\\u2014demonstrating sustained and deepening disease efficacy and a well tolerated long term safety profile. In June 2025, Celldex presented longer term follow up data from the study. At 76 weeks, 7 months after the completion of dosing with barzolvolimab, over 40% of patients (150 mg Q4W) continued to experience profound, sustained complete response and improved quality of life;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"-\",\"Cold Urticaria (ColdU) and Symptomatic Dermographism (SD): We initiated a Phase 3 study in ColdU and SD in December 2025 and enrollment is ongoing. In July 2024, we announced that our Phase 2 study being conducted in two forms of chronic inducible urticaria (CIndU), ColdU and SD, achieved the primary efficacy endpoint (statistically significant difference between the percent of patients with a negative provocation test compared to placebo at Week 12) and was well tolerated. 12 week data from the CIndU study were presented in October of 2024 and all secondary endpoints across the study were also met and were highly statistically significant and clinically meaningful. Patients on study continued to receive barzolvolimab and, in November 2025, we reported data from 20 weeks of treatment\\u2014demonstrating sustained efficacy and a well tolerated safety profile over the longer treatment period;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"-\",\"Prurigo Nodularis (PN): In April 2024, we initiated a Phase 2 study in PN and enrollment was completed in December 2025. Topline data from the study is expected in summer 2026. Positive data from a Phase 1b study in PN was reported in November 2023; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"-\",\"Atopic Dermatitis (AD): A Phase 2 study in AD was initiated in December 2024 and enrollment was completed in January 2026. Topline data from the study is expected in late 2026.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Our next generation bispecific antibody platform to support pipeline expansion with additional candidates for inflammatory diseases. Targets are being selected based on new science as well as their compatibility to be used in bispecific antibody formats with our existing antibody programs. Development is focused on emerging, important pathways controlling inflammatory diseases.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"-\",\"CDX-622 (TSLP & SCF): Our first bispecific candidate for inflammatory Item 1. BUSINESS Overview Celldex Therapeutics, Inc., which we refer to as \u201cCelldex,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or the \u201cCompany,\u201d is a biopharmaceutical company dedicated to exploring the science of mast cell biology and developing therapeutic antibodies which have the ability to engage the human immune system and/or directly affect critical pathways to improve the lives of patients with severe inflammatory, allergic, autoimmune and other devastating diseases. Our drug candidates include monoclonal and bispecific antibodies designed to address mast cell mediated diseases for which available treatments are inadequate. We are focusing our efforts and resources on the continued research and development of [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Barzolvolimab (also referred to as CDX-0159), a monoclonal antibody that specifically binds the KIT receptor and potently inhibits its activity, which is currently being studied across multiple mast cell driven diseases including\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"-\",\"Chronic Spontaneous Urticaria (CSU): In February 2026, we announced that enrollment is complete in our Phase 3 studies in CSU and that topline data will be available in the fourth quarter of 2026. In November 2023, we announced that our Phase 2 study in CSU achieved the primary efficacy endpoint (statistically significant mean change from baseline to Week 12 of urticaria activity score compared to placebo) and was well tolerated. Patients on study continued to receive barzolvolimab and, in September 2024, we reported data from 52 weeks of treatment\\u2014demonstrating sustained and deepening disease efficacy and a well tolerated long term safety profile. In June 2025, Celldex presented longer term follow up data from the study. At 76 weeks, 7 months after the completion of dosing with barzolvolimab, over 40% of patients (150 mg Q4W) continued to experience profound, sustained complete response and improved quality of life;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABL Item 1A. RISK FACTORS You should consider carefully these risk factors together with all of the information included or incorporated by reference in this Annual Report in addition to our financial statements and the notes to our financial statements. This section includes forward-looking state", "title": "CLDX - Celldex Therapeutics, Inc.", "url": "/company/CLDX/" }, { "kind": "company", "summary": "SIC 2911 Petroleum Refining; CIK 0001694426; latest 10-K filed 2026-02-27.", "text": "DK - Delek US Holdings, Inc. SIC 2911 Petroleum Refining; CIK 0001694426; latest 10-K filed 2026-02-27. DK Delek US Holdings, Inc. 0001694426 2911 Petroleum Refining ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Annual Report on Form 10-K contains \"forward-looking statements\" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. These forward-looking statements reflect our current estimates, expectations and projections about our future results, performance, prospects, and opportunities. Forward-looking statements include, among other things, statements that refer to the H2O Midstream Acquisition and the Gravity Acquisition, including any statements regarding the expected benefits, synergies, growth opportunities, impact on liquidity and prospects, and other financial and operating benefits thereof, statements regarding the effect, impact, potential duration or other implications of, or expectations expressed with respect to, the outbreak of a pandemic and its impact on oil production and pricing, and statements regarding our efforts and plans in response to such events, the information concerning possible future results of operations, business and growth strategies, including as the same may be impacted by any ongoing military conflict, such as the Russia-Ukraine War and the Israel-Hamas War, financing plans, expectations that regulatory developments or other matters will or will not have a material adverse effect on our business or financial condition, our competitive position and the effects of competition, the projected growth of the industry in which we operate, and the benefits and synergies to be obtained from our completed and any future acquisitions or dispositions, including the sale of our Retail Stores, statements of management\u2019s goals and objectives, and other similar expressions concerning matters that are not historical facts. Words such as \"may,\" \"will,\" \"should,\" \"could,\" \"would,\" \"predicts,\" \"potential,\" \"continue,\" \"expects,\" \"anticipates,\" \"future,\" \"intends,\" \"plans,\" \"believes,\" \"estimates,\" \"appears,\" \"projects\" and similar expressions, as well as statements in future tense, identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking information is based on information available at the time and/or management\u2019s good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Important factors that, individually or in the aggregate, could cause such differences include, but are not limited to: \u2022volatility in our refining margins or fuel gross profit as a result of changes in the prices of crude oil, other feedstocks, and refined petroleum products; \u2022reliability of our operating assets; \u2022actions of our competitors and customers; \u2022changes in, or the failure to comply with, the extensive government regulations applicable to our industry segments, including current and future restrictions on commercial and economic activities in response to future public health crises; \u2022our ability to execute our long-term sustainability strategy and growth through acquisitions and dispositions such as the sale of our Retail Stores, the Gravity Acquisition, the H2O Midstream Acquisition, and joint ventures, including our ability to successfully integrate acquisitions, complete strategic transactions, safety initiatives and capital projects, realize expected synergies, cost savings and other benefits therefrom, return value to shareholders, or achieve operational efficiencies; \u2022diminishment in value of long-lived assets may result in an impairment in the carrying value of the assets on our balance sheet and a resultant loss recognized in the statement of operations; \u2022the impact on commercial activity and other economic effects of ITEM 1A. RISK FACTORS We are subject to numerous known and unknown risks, many of which are presented below and elsewhere in this Annual Report on Form 10-K. You should carefully consider each of the following risks and all of the other information contained in this Annual Report on Form 10-K in evaluating us and our common stock. Any of the risk factors described below, or additional risks and uncertainties not presently known to us, or that we currently deem immaterial, could have a material adverse effect on our business, financial condition, cash flows and results of operations. The headings provided in this Item 1A are for convenience and reference purposes only and shall not limit or otherwise affect the extent or interpretation of the risk factors. Risks Relating to Our Industries Developments which impact the global oil markets have had, may continue to have, or may have an adverse impact on our business, our future results of operations and our overall financial performance. While our operations are focused primarily in the Gulf Coast Region (PADD III), our business is impacted by events and developments that impact the global markets for oil and other energy products. Any regional or global event or development that destabilizes worldwide economic and commercial activity, financial markets, or the demand for and prices of oil and gas products could materially adversely affect our business and operations. In recent years, the outbreak of a pandemic, the Russia-Ukraine War, Organization of Petroleum Exporting Countries (\"OPEC\")-Russia relationship, and the conflict between Israel and Hamas have been sources of uncertainty in the global oil markets, substantial global supply chain issues, and significant disruptions in the labor market. Global economic growth drives demand for energy from all sources, including fossil fuels. Should the U.S. or global economies experience weakness, demand for energy may decline. Should growth in global energy production o", "title": "DK - Delek US Holdings, Inc.", "url": "/company/DK/" }, { "kind": "company", "summary": "SIC 2833 Medicinal Chemicals & Botanical Products; CIK 0001813814; latest 10-K filed 2026-02-26.", "text": "DFTX - Definium Therapeutics, Inc. SIC 2833 Medicinal Chemicals & Botanical Products; CIK 0001813814; latest 10-K filed 2026-02-26. DFTX Definium Therapeutics, Inc. 0001813814 2833 Medicinal Chemicals & Botanical Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report. This Annual Report, including the following section, contains forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those expressed or implied by such forward-looking statements. For a detailed discussion of these risks and uncertainties, see Item 1A \u201cRisk Factors\u201d in this Annual Report. See also \u201cSpecial Note Regarding Forward-Looking Statements.\u201d We caution the reader not to place undue reliance on these forward-looking statements, which reflect management\u2019s analysis only as of the date of this Annual Report. We undertake no obligation to update forward-looking statements, which reflect events or circumstances occurring after the date of this Annual Report, except as required by law. Our U.S. GAAP accounting policies are referred to in Note 2 of the Consolidated Financial Statements. All amounts are in United States dollars, unless otherwise indicated. Overview We are a late-stage clinical biopharmaceutical company developing novel product candidates to treat brain health disorders. Our mission is to forge a new era of psychiatry by applying scientific rigor to psychedelics, with the goal of developing accessible treatments that unlock healing at scale. This specifically includes pharmaceutically optimized product candidates derived from the psychedelic and empathogen drug classes including DT120 and DT402, our lead product candidates. Our lead product candidate, DT120 ODT, is a proprietary, pharmaceutically optimized form of lysergide D-tartrate that we are developing for the treatment of adults with generalized anxiety disorder and major depressive disorder. In December 2023, we announced positive topline results from our Phase 2b clinical trial of DT120 for the treatment of GAD. The trial met its primary endpoint, with DT120 demonstrating statistically significant and clinically meaningful dose-dependent improvements on the Hamilton Anxiety Rating Scale (\"HAM-A\") compared to placebo at Week 4. In March 2024, we announced that the U.S. Food and Drug Administration (\"FDA\") granted breakthrough designation to our DT120 program for the treatment of GAD. We also announced in March 2024 that our Phase 2b clinical trial of DT120 in GAD met its key secondary endpoint, and 12-week topline data demonstrated clinically and statistically significant durability of activity observed through Week 12. In September 2025, we announced that the full results from our Phase 2b clinical trial of DT120 in GAD had been published in the Journal of the American Medical Association. On June 20, 2024, we announced the completion of our End-of-Phase 2 meeting with the FDA, supporting the advancement of DT120 into pivotal trials for the treatment of adults with GAD. Our Phase 3 clinical program for DT120 ODT is expected to consist of two clinical trials: the Voyage study (DT120-300) and the Panorama study (DT120-301). Both trials are comprised of two parts: Part A, which is a 12-week, randomized, double-blind, placebo-controlled, parallel-group trial assessing the efficacy and safety of DT120 ODT versus placebo; and Part B, which is a 40-week extension period during which participants will be eligible for open-label treatment with DT120 ODT, subject to certain conditions for treatment eligibility. Voyage is anticipated to enroll approximately 200 participants (randomized 1:1 to receive DT120 ODT 100 \u00b5g or placebo) and Panorama is anticipated to enroll approximately 250 participants (randomized 2:1:2 to receive DT120 ODT 100 \u00b5g, DT120 ODT 50 \u00b5g or placebo). Both trials use an adaptive trial design with a blinded interim sample size re-estimation (\u201cSSRE\u201d), allowing for an increase in sample size by up Item 1. Business. Overview We are a late-stage clinical biopharmaceutical company developing novel product candidates to treat brain health disorders. Our mission is to forge a new era of psychiatry by applying scientific rigor to psychedelics, with the goal of developing accessible treatments that unlock healing at scale. We are developing a pipeline of innovative product candidates targeting neurotransmitter pathways that play key roles in brain health disorders. This specifically includes pharmaceutically optimized product candidates derived from the psychedelic and empathogen drug classes including DT120 (previously referred to as MM120), and DT402 (previously referred to as MM402), our lead product candidates. Our first lead product candidate, DT120 ODT, is a proprietary, pharmaceutically optimized form of lysergide D-tartrate that we are developing for the treatment of adults with generalized anxiety disorder and major depressive disorder. In December 2023, we announced positive topline results from our Phase 2b clinical trial of DT120 for the treatment of GAD. The trial met its primary endpoint, with DT120 demonstrating statistically significant and clinically meaningful dose-dependent improvements on the Hamilton Anxiety Rating Scale (\"HAM-A\") compared to placebo at Week 4. In March 2024, we announced that the U.S. Food and Drug Administration (\"FDA\") granted breakthrough designation to our DT120 program for the treatment of GAD. We also announced in March 2024 that our Phase 2b clinical trial of DT120 in GAD met its key secondary endpoint, and 12-week topline data demonstrated clinically and statistically significant durability of activity observed through Week 12. In September 2025, we announced that the full results from our Phase 2b clinical trial of DT120 in GAD had been published in the Journal of the American Medical Association. In June 2024, we announced the completion of our End-of-Phase 2 meeting with the FDA, supporting the advancement of DT1 Item 1A. Risk Factors. The following information sets forth risk factors that could cause our actual results to differ materially from those contained in forward-looking statements we have made in this Annual Report and those we may make from time to time. You should carefully consider ", "title": "DFTX - Definium Therapeutics, Inc.", "url": "/company/DFTX/" }, { "kind": "company", "summary": "SIC 6162 Mortgage Bankers & Loan Correspondents; CIK 0001745916; latest 10-K filed 2026-02-20.", "text": "PFSI - PennyMac Financial Services, Inc. SIC 6162 Mortgage Bankers & Loan Correspondents; CIK 0001745916; latest 10-K filed 2026-02-20. PFSI PennyMac Financial Services, Inc. 0001745916 6162 Mortgage Bankers & Loan Correspondents Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes appearing elsewhere in this Report. The following discussion and analysis contain forward-looking statements that involve risks and uncertainties. When reviewing the discussion below, you should keep in mind the substantial risks and uncertainties that could impact our business. In particular, we encourage you to review the risks and uncertainties described in the section titled \u201cRisk Factors\u201d included elsewhere in this Report. These risks and uncertainties could cause actual results to differ materially from those projected in forward-looking statements contained in this report or implied by past results and trends. \u200b Critical Accounting Policies \u200b Preparation of financial statements in compliance with accounting principles generally accepted in the United States (\u201cGAAP\u201d) requires us to make estimates that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. Certain of these estimates significantly influence the portrayal of our financial condition and results, and they require us to make difficult, subjective or complex judgments. Our critical accounting policies primarily relate to our fair value estimates. \u200b Fair Value \u200b We group assets measured at or based on fair value in three levels based on the markets in which the assets are traded and the observability of the inputs used to determine fair value. These levels are: \u200b [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"December 31, 2025\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"Percentage of total\",\"\\u200b\"],[\"Level/Description\",\"\\u200b\",\"Carrying value of assets\",\"\\u200b\",\"Assets\",\"\\u200b\",\"Stockholders' equity\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"\\u200b \\u200b\",\"(in thousands)\",\"\\u200b \\u200b \\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"1:\",\"Prices determined using quoted prices in active markets for identical assets or liabilities.\",\"\\u200b\",\"$\",\"435,833\",\"\\u200b\",\"1%\",\"\\u200b\",\"10%\",\"\\u200b\"],[\"2:\",\"Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of us.\",\"\\u200b\",\"\\u200b\",\"9,567,496\",\"\\u200b\",\"33%\",\"\\u200b\",\"222%\",\"\\u200b\"],[\"3:\",\"Prices determined using significant unobservable inputs. Unobservable inputs reflect our judgements about the factors that market participants use in pricing an asset or liability, and are based on the best information available in the circumstances.\",\"\\u200b\",\"\\u200b\",\"10,078,120\",\"\\u200b\",\"34%\",\"\\u200b\",\"234%\",\"\\u200b\"],[\"Total assets measured at or based on fair value (1)\",\"\\u200b\",\"$\",\"20,081,449\",\"\\u200b\",\"68%\",\"\\u200b\",\"466%\",\"\\u200b\"],[\"Total assets\",\"\\u200b\",\"$\",\"29,388,689\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Total stockholders' equity\",\"\\u200b\",\"$\",\"4,308,976\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"(1)\",\"Includes assets measured on both a recurring and nonrecurring basis based on the accounting principles applicable to the specific asset and whether we have elected to carry the asset at its fair value.\"]] [[/GREPCENT_TABLE]] \u200b At December 31, 2025, $20.0 billion or 68% of our total assets were carried at fair value on a recurring basis and $37.7 million (real estate acquired in settlement of loans (\u201cREO\u201d)), were carried based on fair value on a non-recurring basis when fair value indicates evidence of impairment of individual properties. \u200b 51 Table of Item 1. Business \u200b The following description of our business should be read in conjunction with the information included elsewhere in this Report. This description contains forward-looking statements that involve risks and uncertainties. Actual results could differ significantly from the projections and results discussed in the forward-looking statements due to the factors described under the caption \u201cRisk Factors\u201d and elsewhere in this Report. References in this Report to \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d and the \u201cCompany\u201d refer to PennyMac Financial Services, Inc. (\u201cPFSI\u201d) and its consolidated subsidiaries. \u200b Our Company \u200b We are a specialty financial services firm with a comprehensive mortgage platform and integrated business primarily focused on the production and servicing of U.S. residential mortgage loans (activities which we refer to as mortgage banking). We are also engaged in the management of investments related to the U.S. mortgage market and providing products and services that leverage innovative technologies to effectively and efficiently support our customers. We believe that our operating capabilities, specialized expertise, access to long-term investment capital, and experience across all aspects of the mortgage business will allow us to profitably grow these activities over time and capitalize on other related opportunities as they arise. \u200b We operate and control all of the business and affairs and consolidate the financial results of Private National Mortgage Acceptance Company, LLC (\u201cPNMAC\u201d) and its subsidiaries described below: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Our principal mortgage banking subsidiary, PennyMac Loan Services, LLC (\\u201cPLS\\u201d), is a non-bank producer and servicer of mortgage loans. PLS is a seller/servicer for the Federal National Mortgage Association (\\u201cFannie Mae\\u201d) and the Federal Home Loan Mortgage Corporation (\\u201cFreddie Mac\\u201d), each of which is a government-sponsored entity (\\u201cGSE\\u201d). PLS is also Item 1A. Risk Factors \u200b Summary Risk Factors We are subject to a number of risks that, if realized, could have a material adverse effect on our business, financial condition, liquidity, results of operations and our ability to make distributions to our stockholders. Some of our more significant c", "title": "PFSI - PennyMac Financial Services, Inc.", "url": "/company/PFSI/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001445305; latest 10-K filed 2026-02-19.", "text": "WK - WORKIVA INC SIC 7372 Services-Prepackaged Software; CIK 0001445305; latest 10-K filed 2026-02-19. WK WORKIVA INC 0001445305 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of our operations should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report. In addition to historical consolidated financial information, this discussion contains forward-looking statements that involve risks and uncertainties. Investors should review the Special Note Regarding Forward-Looking Statements and Information herein. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to these differences include, but are not limited to, those identified below, and those discussed in \u201cSection 1A. Risk Factors\u201d included elsewhere in this Annual Report. Overview The Workiva platform powers trust, transparency, and accountability. Accounting, finance, sustainability, risk, and audit teams from more than 6,600 organizations worldwide, including over 85% of FORTUNE\u00ae 1,000 companies, rely on Workiva for their mission-critical work. We transform how customers connect data, unify processes, and empower teams in a secure, audit-ready, AI-powered, collaborative platform. From data to disclosure, the Workiva platform empowers customers by connecting and transforming data from hundreds of enterprise resource planning (\u201cERP\u201d), human capital management (\u201cHCM\u201d), and customer relationship management (\u201cCRM\u201d) systems, as well as other third-party cloud and on-premise applications. Customers use our platform to create, review and publish data-linked documents, presentations, and reports with greater control, consistency, accuracy, and productivity. Our platform is flexible and scalable, so customers can easily adapt it to define, automate, and change their business processes in real time. While our customers use our platform for more than 100 different use cases, across dozens of vertical industries, we organize our sales and marketing resources into three purpose-built solution groups (financial reporting, sustainability management, and governance, risk and compliance (\u201cGRC\u201d) focusing primarily on the office of the Chief Financial Officer (\u201cCFO\u201d), Chief Sustainability Officer (\u201cCSO\u201d), and Chief Audit Executive (\u201cCAE\u201d). We operate our business on a multi-tenant SaaS platform accessible around the world. Customers enter into annual and multi-year subscription contracts to gain access to our platform. Our subscription fee includes the use of our software and technical support. Our subscription pricing is based primarily on a solution-based licensing model. Under this model, operating metrics related to a customer\u2019s expected use of each solution determine the price. We charge customers additional fees primarily for document setup and XBRL tagging services. We generate sales primarily through our direct sales force. In addition, we augment our direct sales channel with partnerships. Our advisory and service partners offer a wider range of domain and functional expertise that broadens the capabilities of our platform, bringing scale and support to customers and prospects. Our technology partners enable more data and process integrations to help customers connect critical transactional systems directly to our platform. We continue to invest in the development of our solutions, infrastructure and sales and marketing to drive long-term growth. Our full-time employee headcount expanded to 2,860 at December 31, 2025 from 2,828 at December 31, 2024, an increase of 1.1%. We have achieved significant revenue growth in recent periods. Our revenue grew to $884.6 million in 2025 from $738.7 million in 2024, an increase of 19.7%. We incurred net losses of $26.2 million and $55.0 million in 2025 and 2024, respectively. We continue to invest for future growth and are focused on several key drivers, including focusing on multi-solution adoption by new and exis Item 1. Business Overview Workiva is a leading, AI-powered platform for trust, transparency, and accountability. Accounting, finance, sustainability, risk, and audit teams worldwide rely on Workiva for their mission-critical work. We build solutions that unite data, processes and people across our customers\u2019 critical business operations within the only unified software-as-a-service (\u201cSaaS\u201d) platform that brings customers\u2019 financial reporting, sustainability management, and governance, risk, and compliance (\u201cGRC\u201d) data together in one controlled, secure, audit-ready platform. From data to disclosure, the Workiva platform empowers customers by connecting and transforming data from hundreds of enterprise resource planning (\u201cERP\u201d), human capital management (\u201cHCM\u201d), and customer relationship management (\u201cCRM\u201d) systems, as well as other third-party cloud and on-premise applications. Customers use our platform to create, review and publish data-linked documents, presentations, and reports with greater control, consistency, accuracy, and productivity. Our platform is flexible and scalable, so customers can easily adapt it to define, automate, and change their business processes in real time. This assured integrated reporting results in data clarity and accuracy, increased efficiency, and outcomes customers can trust. Workiva provides more than 6,600 organizations across the globe, including over 85% of FORTUNE\u00ae 1,000 companies, with SaaS platform solutions to help solve some of the most complex reporting and disclosure challenges. While our customers use our platform for more than 100 different use cases, across dozens of vertical industries, we organize our sales and marketing resources into three purpose-built solution groups (financial reporting, sustainability management, and GRC) focusing primarily on the offices of the Chief Financial Officer (\u201cCFO\u201d), Chief Sustainability Officer (\u201cCSO\u201d), and Chief Audit Executive (\u201cCAE\u201d). We have experienced strong revenue growt Item 1A. Risk Factors Our operations and financial results are subject to various risks and uncertainties, including those described below. You should carefully consider the following risks and all of the other information contained in this report, including our consolidated financial statements and related notes, before investing in any of our secur", "title": "WK - WORKIVA INC", "url": "/company/WK/" }, { "kind": "company", "summary": "SIC 1381 Drilling Oil & Gas Wells; CIK 0001737706; latest 10-K filed 2026-02-26.", "text": "SDRL - SEADRILL Ltd SIC 1381 Drilling Oil & Gas Wells; CIK 0001737706; latest 10-K filed 2026-02-26. SDRL SEADRILL Ltd 0001737706 1381 Drilling Oil & Gas Wells Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations In this section, we present management\u2019s discussion and analysis of results of operations and financial condition. It should be read in conjunction with our Consolidated Financial Statements and accompanying notes thereto included in this annual report for the year ended December 31, 2025. You should also carefully read the following sections of this annual report entitled \"Forward-Looking Statements,\" Part I, Item 1, \"Business\" and Part I, Item 1A, \"Risk Factors\". The discussion of our results of operations and liquidity in this section includes comparisons for the years ended December 31, 2025 and December 31, 2024. For a similar discussion, including comparisons for the years ended December 31, 2024 and December 31, 2023, see Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\u201d of our annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025. Introduction Seadrill Limited (along with any one or more of its consolidated subsidiaries, or to all such entities, referred to as \"Seadrill\", \"we\", \"us\", \"our\", and \"the Company\") is an offshore drilling contractor providing worldwide offshore drilling services to the oil and gas industry. Our primary business is the ownership and operation of drillships and semi-submersible rigs for operations in shallow to ultra-deepwater in both benign and harsh environments. We contract our drilling units to drill wells for our customers on a dayrate basis. Our customers include oil super-majors, state-owned national oil companies, and independent oil and gas companies. In addition, we provide management services to certain affiliated entities. As of December 31, 2025, we owned a total of 15 drilling units, of which 10 were operating, one was undergoing capital upgrade projects for a contract commencing in the second quarter of 2026, one was undergoing repairs and maintenance projects and three were cold stacked. The 10 operating units include nine benign floaters (comprising six 7th generation drillships, two 6th generation drillships and one benign environment semi-submersible) and one harsh environment jackup. In addition to our owned assets, as of December 31, 2025, we managed two drilling units owned by Sonangol. For a detailed description of our business, please read Part I, Item 1, \"Business\". Significant Developments U.S. global trade policy changes Ongoing and recently proposed changes to U.S. global trade policy, along with potential international retaliatory measures, have continued to cause high volatility in global markets and uncertainty around short- and long-term economic impacts in the U.S., including concerns over inflation, recession and slowing growth. We continue to evaluate and monitor the potential impacts of these changes and measures, including the imposition of tariffs and any legal challenges to such tariffs, on our business and operations; however, it is not possible to predict the impact, if any, of any changes or proposed changes to the U.S. global trade policy, or any international retaliatory measures, on our business and operations. Market Overview and Trends The below table shows the average annual oil price over the period from 2021 to 2025. The Brent oil price on February 20, 2026 was $72.23. [[GREPCENT_TABLE]] [[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\",\"\",\"2022\",\"\",\"2021\"],[\"Average Brent oil price ($/bbl)\",\"\",\"68\",\"\",\"\",\"80\",\"\",\"\",\"82\",\"\",\"\",\"101\",\"\",\"\",\"71\"]] [[/GREPCENT_TABLE]] Source: Bloomberg In recent years, oil prices have generally remained at levels that support offshore exploration and development activity, where global rig demand has been steady. This level of demand was sustained by the combination of commodity prices, heightened focus on energy security, and relative attractiveness of offshore plays with respect to both cost and carbon emissions. The Item 1. Business General We are an offshore drilling contractor providing worldwide offshore drilling services to the oil and gas industry. Our primary business is the ownership and operation of drillships and semi-submersible rigs for operations in shallow to ultra-deepwater in both benign and harsh environments. We contract our drilling units to drill wells for our customers on a dayrate basis. Our customers include oil super-majors, state-owned national oil companies, and independent oil and gas companies. In addition, we provide management services to certain affiliated entities. As of December 31, 2025, we owned a total of 15 drilling units, of which 10 were operating, one was undergoing capital upgrade projects for a contract commencing in the second quarter of 2026, one was undergoing repairs and maintenance projects and three were cold stacked. The 10 operating units include nine benign floaters (comprising six 7th generation drillships, two 6th generation drillships and one benign environment semi-submersible) and one harsh environment jackup. In addition to our owned assets, as of December 31, 2025, we managed two drilling units owned by Sonangol. We are recognized for providing high quality operations, in some of the most challenging sectors of offshore drilling and have worldwide operations based on where activities are conducted in the global oil and gas industry. As of December 31, 2025, we employed approximately 3,000 employees across the globe. Seadrill Limited (previously known as \"Seadrill 2021 Limited\") is an exempted company limited by shares incorporated under the laws of Bermuda and in accordance with the Bermuda Companies Act 1981 (the \"Bermuda Companies Act\"). Seadrill Limited was incorporated on October 15, 2021, under the name Seadrill 2021 Limited. On February 22, 2022 (\"Effective Date\"), Seadrill Limited and certain of its subsidiaries, that filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Item 1A. Risk Factors You should carefully consider the following risk factors in addition to the other information included in this report. Each of these risk factors could affect our business, operating results and financial condition, as well as affect an investment in our Shares. Unless otherwise indicated, all information concerning our business and o", "title": "SDRL - SEADRILL Ltd", "url": "/company/SDRL/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000314489; latest 10-K filed 2026-02-26.", "text": "BUSE - FIRST BUSEY CORP /NV/ SIC 6022 State Commercial Banks; CIK 0000314489; latest 10-K filed 2026-02-26. BUSE FIRST BUSEY CORP /NV/ 0000314489 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (UNAUDITED) Contents of Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (Unaudited) (\u201cMD&A\u201d) [[GREPCENT_TABLE]] [[\"SCOPE OF DISCUSSION\",\"53\"],[\"BUSEY\\u2019S CONSERVATIVE BANKING STRATEGY\",\"54\"],[\"CRITICAL ACCOUNTING ESTIMATES\",\"54\"],[\"Fair Value of Assets Acquired and Liabilities Assumed in Business Combinations\",\"54\"],[\"Goodwill\",\"55\"],[\"Income Taxes\",\"55\"],[\"Allowance for Credit Losses\",\"55\"],[\"RESULTS OF OPERATIONS \\u2014 THREE YEARS ENDED DECEMBER 31, 2025\",\"57\"],[\"Net Income\",\"57\"],[\"Non-GAAP Adjusting Items and Non-GAAP Measures\",\"58\"],[\"Operating Performance Metrics\",\"59\"],[\"Net Interest Income\",\"59\"],[\"Noninterest Income\",\"67\"],[\"Noninterest Expense\",\"69\"],[\"Efficiency Ratio\",\"70\"],[\"Income Taxes\",\"70\"],[\"FINANCIAL CONDITION\",\"71\"],[\"Balance Sheet\",\"71\"],[\"Investment Securities\",\"71\"],[\"Portfolio Loans\",\"74\"],[\"Deposits\",\"83\"],[\"Borrowings\",\"84\"],[\"Liquidity\",\"85\"],[\"Off-Balance-Sheet Arrangements\",\"86\"],[\"Contractual Obligations\",\"87\"],[\"Cash Flows\",\"87\"],[\"Capital Resources\",\"88\"],[\"NEW ACCOUNTING PRONOUNCEMENTS\",\"88\"],[\"EFFECTS OF INFLATION\",\"88\"]] [[/GREPCENT_TABLE]] SCOPE OF DISCUSSION The following is management\u2019s discussion and analysis of the financial condition as of December 31, 2025, and 2024, and the results of operations for the years ended December 31, 2025, 2024, and 2023, of First Busey Corporation and its subsidiaries. It should be read in conjunction with \u201cItem 1. Business,\u201d the Consolidated Financial Statements, and the related Notes to the Consolidated Financial Statements included in this Annual Report. Detailed discussion and analysis of Busey\u2019s financial condition and results of operation for 2025 as compared to 2024 can be found below. Comparison of 2024 to 2023 can be found in \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of Busey's 2024 Annual Report. First Busey Corporation (BUSE) | 2025 \u2014 53 Table of Contents Contents of Item 7. MD&A BUSEY\u2019S CONSERVATIVE BANKING STRATEGY Busey\u2019s financial strength is built on a long-term conservative operating approach. The quality of Busey\u2019s core deposit1 franchise is a critical value driver of the institution. Busey remains substantially core deposit funded, with robust liquidity. As of December 31, 2025, Busey\u2019s loan to deposit ratio was 91.0% and core deposits1 represented 93.7% of total deposits. Furthermore, Busey has sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of its customers. Busey\u2019s credit performance reflects its highly diversified, conservatively underwritten loan portfolio. Busey\u2019s approach to lending and its underwriting standards are designed to emphasize relationship banking rather than transactional banking. In addition, as a matter of both policy and practice, Busey limits concentration exposures in any particular loan segment. While impacted by loans acquired as a result of the CrossFirst acquisition, asset quality remains strong by both Busey\u2019s historical and current industry trends. Busey\u2019s conservative banking strategy is reflected in the strength of its capital base. Busey strives to consistently maintain capital ratios well in excess of thresholds required to be designated as well capitalized by applicable regulatory guidelines, thereby ensuring financial strength and flexibility across economic and operating cycles. At December 31, 2025, Busey\u2019s leverage ratio of Tier 1 capital to average assets was 11.9%, its common equity Tier 1 capital to risk weighted assets ratio was 12.4%, and its total capital to risk weighted assets ratio was 15.9%. CRITICAL ACCOUNTING ESTIMATES Busey has established various accounting policies that govern the application of GAAP in the preparation of its Consolidated Financial Statements. Significant accounting policies are described in \u201cNote 1. Signi ITEM 1. BUSINESS Contents of Item 1. Business [[GREPCENT_TABLE]] [[\"ORGANIZATION\",\"8\"],[\"Banking\",\"8\"],[\"Wealth Management\",\"9\"],[\"FirsTech\",\"9\"],[\"BUSINESS COMBINATIONS\",\"9\"],[\"2025 Acquisition of CrossFirst Bankshares, Inc.\",\"10\"],[\"2024 Acquisition of Merchants and Manufacturers Bank Corporation\",\"10\"],[\"BANKING CENTER MARKETS\",\"11\"],[\"Busey\\u2019s Regional Operating Model\",\"11\"],[\"Market Competition\",\"13\"],[\"HUMAN CAPITAL\",\"14\"],[\"CORPORATE GOVERNANCE\",\"15\"],[\"SUPERVISION, REGULATION, AND OTHER FACTORS\",\"15\"],[\"General Supervision and Regulation\",\"15\"],[\"The $10 billion Threshold\",\"17\"],[\"The Role of Capital\",\"18\"],[\"Supervision and Regulation of First Busey Corporation\",\"20\"],[\"Supervision and Regulation of Busey Bank\",\"23\"],[\"SECURITIES AND EXCHANGE COMMISSION REPORTING AND OTHER INFORMATION\",\"28\"],[\"NON-GAAP FINANCIAL INFORMATION\",\"28\"],[\"FORWARD-LOOKING STATEMENTS\",\"34\"]] [[/GREPCENT_TABLE]] ORGANIZATION First Busey Corporation is an $18.10 billion financial holding company. Organized in Nevada in 1980, First Busey Corporation is headquartered in Leawood, Kansas. First Busey Corporation\u2019s common stock is traded on The Nasdaq Global Select Market under the symbol \u201cBUSE\u201d and its Series B preferred stock is traded on The Nasdaq Global Select Market under the symbol \u201cBUSEP.\u201d Busey conducts the business of banking and provides related banking services, asset management, brokerage, and fiduciary services through Busey Bank, and provides payment technology solutions through FirsTech. Busey also has various other subsidiaries that are not significant to the consolidated entity. Banking Busey Bank is an Illinois state-chartered bank headquartered in Champaign, Illinois. Initially founded in 1868, Busey Bank now has a total of 79 banking centers across 10 states, with 50 in Illinois, nine in Missouri, four in Texas, three in Colorado, three in Florida, three in Kansas, three in Oklahoma, two in Arizona, one in Indiana, and one in New Mexico. Busey Bank offers ITEM 1A. RISK FACTORS This section highlights the risks management believes could adversely affect Busey\u2019s financial performance. Additional risks that could affect Busey adversely and cannot be predicted may arise at any time. Further, risks that are immaterial at this time may have an adverse impact on Busey\u2019s future financial condition. Conte", "title": "BUSE - FIRST BUSEY CORP /NV/", "url": "/company/BUSE/" }, { "kind": "company", "summary": "SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001805077; latest 10-K filed 2026-02-26.", "text": "EOSE - Eos Energy Enterprises, Inc. SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001805077; latest 10-K filed 2026-02-26. EOSE Eos Energy Enterprises, Inc. 0001805077 3690 Miscellaneous Electrical Machinery, Equipment & Supplies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our Consolidated Financial Statements and related notes thereto included elsewhere in this Annual Report. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management\u2019s expectations. Factors that could cause such differences are discussed in \u201cForward-Looking Statements\u201d and \u201cRisk Factors.\u201d Overview The Company offers an innovative Znyth\u2122 technology battery energy storage system (\"BESS\") designed to provide the operating flexibility to manage increased grid complexity and price volatility resulting from an overall increase in renewable energy generation and a congested grid coming from an increase in electricity demand growth. The Company\u2019s BESS is a validated chemistry with accessible non-precious earth components in a durable design that is intended to deliver results in even the most extreme temperatures and conditions. The system is designed to be safe, flexible, scalable, sustainable and manufactured in the United States, using raw materials primarily sourced in the United States. We believe the Company\u2019s Z3 battery module is the core of its innovative systems. The Z3 battery module is the only US designed and manufactured battery module that today provide utilities, independent power producers, renewables developers and C&I customers with an alternative to lithium-ion and lead-acid monopolar batteries for critical 3- to 12-hour discharge duration applications. We believe the Z3 battery will transform how utility, industrial and commercial customers store power. In addition to its BESS, the Company currently offers: (a) a BMS which provides a remote asset monitoring capability and service to track the performance and health of the Company\u2019s BESS and to proactively identify future system performance issues through predictive analytics; (b) project management services to ensure the process of implementing the Company\u2019s BESS are coordinated in conjunction with the customer\u2019s overall project plans; (c) commissioning services that ensure the customer\u2019s installation of the BESS meets the performance expected by the customer; and (d) long-term maintenance plans to maintain optimal operating performance of the Company\u2019s systems. The Company\u2019s growth strategy contemplates increasing sales of battery energy storage systems and related software and services through a direct sales team and sales channel partners. The Company\u2019s current and target customers include utilities, project developers, independent power producers and commercial and industrial companies. 38 Business Trends As an SEC-registered and Nasdaq-listed company, we are required to implement procedures and processes to address public company regulatory requirements and customary practices and have, and will continue to, hire additional personnel in this context. We have incurred additional annual expenses as a public company for, among other things, directors\u2019 and officers\u2019 liability insurance, director fees, internal and external accounting, legal, administrative resources, including increased personnel costs and audit and other professional service fees. During 2025, the effects of the Federal Reserve\u2019s current year interest rate reductions have allowed for continued growth for the Company. These interest rate reductions have allowed the Company to reduce the cost of capital. These interest rate reductions have eased many investor concerns and worked to stabilize the cost of labor, purchasing supplies and raw materials for the Company. DOE Loan Facility On November 26, 2024, the Company entered into the DOE Loan Facility. The DOE Loan Facility is a key step in advancing the Company's Project American Made Zinc Energy (\"AMAZE\") and is expected to fund the expans ITEM 1A. RISK FACTORS In addition to the factors discussed elsewhere in this Report, the following risks and uncertainties could materially and adversely affect the Company\u2019s business, financial condition, results of operations and cash flows. Risk Factors Summary The following is a summary of the principal risks that could adversely affect our business, operations and financial results. Risks Related to Our Business and Industry \u2022Our history of losses puts the onus on us to deliver on our potential for significant business growth and to improve our manufacturing processes to achieve sustained, long-term profitability and commercial success. \u2022The relatively recent commercialization of our products makes it difficult to evaluate our prospects. \u2022 Failure to deliver the benefits offered by our technologies, or the emergence of improvements to competing technologies, could reduce demand for our products and harm our business. \u2022As we endeavor to expand our business, we will incur significant costs and expenses, which could outpace our cash reserves. Unfavorable conditions or disruptions in the capital and credit markets may adversely impact business conditions and the availability of credit. \u2022Our success depends on the continuing contributions of our key personnel, and the loss of services of any principal member of our management team could adversely affect our business. \u2022Labor disputes could disrupt our ability to serve our customers and/or lead to higher labor costs. \u2022The imposition of tariffs, sanctions, restrictions on imports or other trade barriers between the United States and various countries may impact our revenue and results of operations. Risks Related to Our Products and Manufacturing \u2022Compared to traditional Li-ion energy storage technologies, our cells and modules have less power density and may be considered inferior to competitors\u2019 products. \u2022We have limited manufacturing experience and could experience difficulty producing commercial", "title": "EOSE - Eos Energy Enterprises, Inc.", "url": "/company/EOSE/" }, { "kind": "company", "summary": "SIC 3713 Truck & Bus Bodies; CIK 0001589526; latest 10-K filed 2025-11-24.", "text": "BLBD - Blue Bird Corp SIC 3713 Truck & Bus Bodies; CIK 0001589526; latest 10-K filed 2025-11-24. BLBD Blue Bird Corp 0001589526 3713 Truck & Bus Bodies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of financial condition and results of operations of the Company should be read in conjunction with the Company\u2019s audited financial statements for the fiscal years ended September 27, 2025, September 28, 2024 and September 30, 2023 and related notes appearing elsewhere in this Report. Our actual results may not be indicative of future performance. This discussion and analysis contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those discussed or incorporated by reference in the sections of this Report titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors.\u201d Actual results may differ materially from those contained in any forward-looking statements. Certain monetary amounts, percentages and other figures included in this Report have been subjected to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated, may not be the arithmetic aggregation of the percentages that precede them. Executive Overview Blue Bird is the leading independent designer and manufacturer of school buses. Our longevity and reputation in the school bus industry have made Blue Bird an iconic American brand. We distinguish ourselves from our principal competitors by dedicating our focus to the design, engineering, manufacture and sale of school buses, and related parts. As the only manufacturer of chassis and body production specifically designed for school bus applications in the U.S., Blue Bird is recognized as an industry leader for school bus innovation, safety, product quality/reliability/durability, efficiency, and lower operating costs. In addition, Blue Bird is the market leader in alternative powered product offerings with its propane powered, gasoline powered, and all-electric powered school buses. 30 Blue Bird sells its buses and parts through an extensive network of U.S. and Canadian dealers that, in their territories, are exclusive to Blue Bird on Type C and Type D school buses. Blue Bird also sells directly to major fleet operators, the U.S. government, state governments, and authorized dealers in certain limited foreign countries. Impact of Supply Chain Constraints on Our Business During the second half of fiscal 2021, the Company, and automotive industry as a whole, began experiencing significant supply chain constraints that arose subsequent to the COVID-19 pandemic. Additionally, the already challenged global supply chain for automotive parts was further impacted, including continuing escalating inventory purchase costs, by additional stress resulting from Russia\u2019s invasion of Ukraine in February 2022. These supply chain disruptions had a significant adverse impact on our operations and results during the second half of fiscal 2021 and all of fiscal 2022. Specifically, they resulted in higher purchasing costs, including freight costs incurred to expedite receipt of critical components, increased manufacturing inefficiencies and our inability to complete the production of buses to fulfill sales orders, that outpaced the sales prices that we charged for the buses we sold during these periods. During fiscal 2023 and fiscal 2024, there were slight improvements in the supply chain's ability to deliver the parts and components necessary to support our production operations, resulting in increased (i) manufacturing efficiencies and (ii) production of buses to fulfill sales orders. However, the higher costs charged by suppliers to procure inventory continued over these same periods and adversely impacted our operations and results. However, the cumulative increases in sales prices we charged for our buses outpaced the higher costs we pai Item 1. Business The Company (formerly Hennessy Capital Acquisition Corp.) was incorporated in Delaware on September 24, 2013 as a special purpose acquisition company, or SPAC. On February 24, 2015, the Company consummated a business combination (the \u201cBusiness Combination\u201d), pursuant to which the Company acquired all of the outstanding capital stock of School Bus Holdings Inc., a Delaware corporation (\u201cSchool Bus Holdings\u201d or \u201cSBH\u201d) from The Traxis Group, B.V. (the \u201cSeller\u201d). The total purchase price was paid in a combination of cash in the amount of $100.0 million and 12,000,000 shares of the Company\u2019s common stock, $0.0001 par value (the \u201cCommon Stock\u201d), valued at $120.0 million. In connection with the closing of the Business Combination, the Company changed its name from Hennessy Capital Acquisition Corp. to Blue Bird Corporation. Unless expressly stated otherwise in this Report, Blue Bird Corporation is referred to as \"Blue Bird,\" the \"Company,\" \"we,\" \"our\" or \"us,\" and includes its consolidated subsidiaries. In May 2016, the Seller, ASP BB Holdings LLC, a Delaware limited liability company (\u201cASP\u201d), and the Company entered into an agreement pursuant to which the Seller agreed to sell the 12,000,000 shares of Common Stock of the Company owned by Seller (the \u201cTransaction Shares\u201d) to ASP. ASP acquired 7,000,000 Transaction Shares at an initial closing on June 3, 2016 for an amount in cash equal to $10.10 per share and 5,000,000 Transaction Shares at a second closing on June 8, 2016 for an amount in cash equal to $11.00 per share, for an aggregate purchase price of $125.7 million. There were no proceeds to the Company from this transaction. The following discussion of our business describes the business historically operated by School Bus Holdings and its subsidiaries under the \u201cBlue Bird\u201d name as an independent enterprise prior to the Business Combination and as subsidiaries of Blue Bird Corporation after the Business Combination. The periodic reports we file Item 1A. Risk Factors You should carefully consider the following risk factors in addition to the other information included in this Report, including matters addressed in the section entitled \u201cCautionary Note Regarding Forward-Looking Statements.\u201d We may face additional risks and uncertainties that are not presently known to us, or that we currently deem im", "title": "BLBD - Blue Bird Corp", "url": "/company/BLBD/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001025835; latest 10-K filed 2026-02-27.", "text": "EFSC - ENTERPRISE FINANCIAL SERVICES CORP SIC 6022 State Commercial Banks; CIK 0001025835; latest 10-K filed 2026-02-27. EFSC ENTERPRISE FINANCIAL SERVICES CORP 0001025835 6022 State Commercial Banks ITEM 7: MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Introduction The objective of this section is to provide an overview of the results of operations and financial condition of the Company by focusing on changes in certain key measures from year to year. It should be read in conjunction with the Consolidated Financial Statements and related Notes contained in \u201cItem 8. Financial Statements and Supplementary Data,\u201d and other financial data presented elsewhere in this report, particularly the information regarding the Company\u2019s business operations described in Item 1. A detailed discussion comparing 2024 and 2023 results is incorporated herein by reference to Item 7 of the Company\u2019s 2024 Annual Report on Form 10-K filed on February 28, 2025. Executive Summary The Company offers a broad range of business and personal banking services including wealth management. Lending services include C&I, CRE, real estate construction and development, residential real estate, specialty, and consumer loans. A wide variety of deposit products and a complete suite of treasury management and international trade services complement our lending capabilities. The Company\u2019s results of operations are also affected by prevailing economic conditions, competition, government policies and other actions of regulatory agencies. The Company\u2019s financial condition, operating results and liquidity in 2025 continued to be impacted by monetary policy actions. The Federal Reserve decreased the target federal funds rate 75 basis points in 2025, following a 100 basis point decrease in 2024. This follows the period of 2022 to 2023 when the Federal Reserve increased the target federal funds rate 525 basis points. 31 Financial Performance Highlights Below are highlights of our financial performance for the years ended December 31, 2025, 2024 and 2023. [[GREPCENT_TABLE]] [[\"($ in thousands, except per share data)\",\"At or for the year ended December 31,\"],[\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"EARNINGS\"],[\"Total interest income\",\"$\",\"888,410\",\"\",\"\",\"$\",\"851,051\",\"\",\"\",\"$\",\"764,919\"],[\"Total interest expense\",\"261,672\",\"\",\"\",\"282,955\",\"\",\"\",\"202,327\"],[\"Net interest income\",\"626,738\",\"\",\"\",\"568,096\",\"\",\"\",\"562,592\"],[\"Provision for credit losses\",\"26,337\",\"\",\"\",\"21,508\",\"\",\"\",\"36,605\"],[\"Net interest income after provision for credit losses\",\"600,401\",\"\",\"\",\"546,588\",\"\",\"\",\"525,987\"],[\"Total noninterest income\",\"113,123\",\"\",\"\",\"69,703\",\"\",\"\",\"68,725\"],[\"Total noninterest expense\",\"429,807\",\"\",\"\",\"385,047\",\"\",\"\",\"348,186\"],[\"Income before income tax expense\",\"283,717\",\"\",\"\",\"231,244\",\"\",\"\",\"246,526\"],[\"Income tax expense\",\"82,343\",\"\",\"\",\"45,978\",\"\",\"\",\"52,467\"],[\"Net income\",\"$\",\"201,374\",\"\",\"\",\"$\",\"185,266\",\"\",\"\",\"$\",\"194,059\"],[\"Preferred dividends\",\"3,750\",\"\",\"\",\"3,750\",\"\",\"\",\"3,750\"],[\"Net income available to common stockholders\",\"$\",\"197,624\",\"\",\"\",\"$\",\"181,516\",\"\",\"\",\"$\",\"190,309\"],[\"Basic earnings per common share\",\"$\",\"5.34\",\"\",\"\",\"$\",\"4.86\",\"\",\"\",\"$\",\"5.09\"],[\"Diluted earnings per common share\",\"$\",\"5.31\",\"\",\"\",\"$\",\"4.83\",\"\",\"\",\"$\",\"5.07\"],[\"Return on average assets\",\"1.24\",\"%\",\"\",\"1.25\",\"%\",\"\",\"1.41\",\"%\"],[\"Adjusted return on average assets1\",\"1.23\",\"%\",\"\",\"1.26\",\"%\",\"\",\"1.41\",\"%\"],[\"Return on average common equity\",\"10.58\",\"%\",\"\",\"10.60\",\"%\",\"\",\"12.27\",\"%\"],[\"Adjusted return on average common equity1\",\"10.45\",\"%\",\"\",\"10.71\",\"%\",\"\",\"12.35\",\"%\"],[\"Return on average tangible common equity1\",\"13.34\",\"%\",\"\",\"13.58\",\"%\",\"\",\"16.25\",\"%\"],[\"Adjusted return on average tangible common equity1\",\"13.17\",\"%\",\"\",\"13.71\",\"%\",\"\",\"16.35\",\"%\"],[\"Net interest margin (tax-equivalent)\",\"4.21\",\"%\",\"\",\"4.16\",\"%\",\"\",\"4.43\",\"%\"],[\"Efficiency ratio\",\"58.09\",\"%\",\"\",\"60.37\",\"%\",\"\",\"55.15\",\"%\"],[\"Core efficiency ratio1\",\"59.32\",\"%\",\"\",\"58.42\",\"%\",\"\",\"53.42\",\"%\"],[\"Common dividend payout ratio2\",\"22.98\",\"%\",\"\",\"21.95\",\"%\",\"\",\"19.72\",\"%\"],[\"Book value per common share\",\"$\",\"53.22\",\"\",\"\",\"$\",\"47.37\",\"\",\"\",\"$\",\"43.94\"],[\"Tangible book value per common sh ITEM 1: BUSINESS Forward-Looking Information Some of the information in this Annual Report on Form 10-K may contain \u201cforward-looking statements\u201d within the meaning of and intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are based on management\u2019s current expectations and beliefs concerning future developments and their potential effects on the Company, and include, without limitation, statements about the Company\u2019s plans, strategies, goals, objectives, expectations, or consequences of statements about the future performance, operations, products and services of the Company, as well as statements about the Company\u2019s expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, yields and returns, loan diversification and credit management, products and services, stockholder value creation and the impact of acquisitions. Forward-looking statements typically are identified with use of terms such as \u201cmay,\u201d \u201cmight,\u201d \u201cwill, \u201cwould,\u201d \u201cshould,\u201d \u201cexpect,\u201d \u201cplan,\u201d \u201canticipate,\u201d \u201coutlook,\u201d \u201cforecast,\u201d \u201cproject,\u201d \u201cpro forma\u201d, \u201cpipeline,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cpredict,\u201d \u201cintend,\u201d \u201cpotential,\u201d \u201ccould,\u201d \u201ccontinue,\u201d and the negative and other variations of these terms and similar words, although some forward-looking statements may be expressed differently. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance. Th ITEM 1A: RISK FACTORS An investment in our common or depositary stock is subject to risks inherent to our business. Before making an investment decision, you should carefully consider the risks and uncertainties described below together with all of the other information included or incorporated by reference i", "title": "EFSC - ENTERPRISE FINANCIAL SERVICES CORP", "url": "/company/EFSC/" }, { "kind": "company", "summary": "SIC 7900 Services-Amusement & Recreation Services; CIK 0001958140; latest 10-K filed 2026-02-26.", "text": "BATRK - Atlanta Braves Holdings, Inc. SIC 7900 Services-Amusement & Recreation Services; CIK 0001958140; latest 10-K filed 2026-02-26. BATRK Atlanta Braves Holdings, Inc. 0001958140 7900 Services-Amusement & Recreation Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides information concerning our results of operations and financial condition. This discussion should be read in conjunction with our accompanying consolidated financial statements and the notes thereto. Explanatory Note On July 18, 2023, Liberty Media Corporation (\u201cLiberty\u201d or \u201cLiberty Media\u201d), the then current parent organization of Atlanta Braves Holdings, Inc. (\u201cAtlanta Braves Holdings,\u201d \u201cthe Company,\u201d \u201cus,\u201d \u201cwe,\u201d or \u201cour\u201d) completed the previously announced redemption of each outstanding share of its Liberty Braves common stock in exchange for one share of the corresponding series of common stock of the Company (the \u201cSplit-Off\u201d). The Split-Off was intended to be tax-free to holders of Liberty Braves common stock and in September 2024, the Internal Revenue Service completed its review of the Split-Off and notified Liberty that it agreed with the non-taxable characterization of the transaction. In September 2024, the then-current officers of the Company (with limited exceptions) stepped down from their officer positions and members of its wholly-owned subsidiary Braves Holdings, LLC (\u201cBraves Holdings\u201d) assumed these roles (the \u201cCorporate Governance Transition\u201d). The Company is comprised of the businesses, assets and liabilities of its wholly-owned subsidiary Braves Holdings and corporate cash. The intergroup interests in the Liberty Braves Group held by subsidiaries of Liberty prior to the Split-Off were settled through attribution of Atlanta Braves Holdings Series C common stock and subsequently sold in the secondary market. Atlanta Braves Holdings did not receive any of the proceeds from the sale of our common stock by these subsidiaries of Liberty. Following this transaction, neither Liberty nor Atlanta Braves Holdings has any continuing stock ownership, beneficial or otherwise, in the other. Overview The Company manages its business based on the following reportable segments: Baseball and Mixed-Use Development. The Baseball segment includes operations relating to the Atlanta Braves Major League Baseball Club (\u201cANLBC,\u201d the \u201cAtlanta Braves,\u201d the \u201cBraves,\u201d the \u201cclub,\u201d or the \u201cteam\u201d) and the Braves\u2019 ballpark (\u201cTruist Park\u201d or the \u201cStadium\u201d) and includes revenue generated from ticket sales, concessions, local broadcasting rights, advertising sponsorships, suites and premium seat fees, retail and licensing revenue, shared Major League Baseball (\u201cMLB\u201d) revenue streams, including national broadcasting rights and licensing, and other sources. Ticket sales, concessions, broadcasting rights and advertising sponsorship sales are the Baseball segment\u2019s primary revenue drivers. The Mixed-Use Development segment includes retail, office, hotel and entertainment operations primarily within The Battery Atlanta and the surrounding area (the \u201cMixed-Use Development\u201d). In April 2025, the Company, through a wholly-owned subsidiary completed the acquisition of certain real estate assets adjacent to The Battery Atlanta (the \u201cAcquisition\u201d). The Mixed-Use Development segment derives revenue primarily from office and retail rental income (including overage rent and tenant reimbursements) and, to a lesser extent, parking and advertising sponsorships throughout the year. II-2 Table of Contents Strategies and Challenges Executive Summary The financial results of Atlanta Braves Holdings depend in large part on the ability of the Braves to achieve on-field success. The team\u2019s successes generate significant fan enthusiasm, resulting in sustained ticket, premium seating, concession and merchandise sales, and greater shares of local broadcasting audiences. Management focuses on making operational and business decisions that enhance the on-field performance of the Braves and this may sometimes require implementing strategies and making investments that may negatively impact short-term profitability for the sak Item 1. Business General Development of Business Atlanta Braves Holdings, Inc. (\u201cAtlanta Braves Holdings,\u201d \u201cthe Company,\u201d \u201cus,\u201d \u201cwe,\u201d or \u201cour\u201d) is primarily comprised of Braves Holdings, LLC (\u201cBraves Holdings\u201d), a wholly-owned subsidiary, and corporate cash. On July 18, 2023, Liberty Media Corporation (\u201cLiberty\u201d or \u201cLiberty Media\u201d), the then current parent organization of the Company, completed the previously announced redemption of each outstanding share of its Liberty Braves common stock in exchange for one share of the corresponding series of common stock of a newly formed entity, Atlanta Braves Holdings (the \u201cSplit-Off\u201d). The Split-Off was intended to be tax-free to holders of Liberty Braves common stock and in September 2024, the Internal Revenue Service completed its review of the Split-Off and notified Liberty that it agreed with the non-taxable characterization of the transaction. The intergroup interests in the Liberty Braves Group held by subsidiaries of Liberty prior to the Split-Off were settled through attribution of Atlanta Braves Holdings Series C common stock and subsequently sold in the secondary market. Atlanta Braves Holdings did not receive any of the proceeds from the sale of our common stock by these subsidiaries of Liberty. Following this transaction, neither Liberty nor Atlanta Braves Holdings has any continuing stock ownership, beneficial or otherwise, in the other. In connection with the Split-Off, Liberty and Atlanta Braves Holdings entered into certain agreements in order to govern certain of the ongoing relationships between the two companies after the Split-Off and to provide for an orderly transition. These agreements included a reorganization agreement, a services agreement, aircraft time sharing agreements, a facilities sharing agreement, a tax sharing agreement and a registration rights agreement. The facilities sharing agreement and aircraft time sharing agreements were terminated as part of the Corporate Governance Transition Item 1A. Risk Factors An investment in our common stock involves risk. Before investing in our common stock, in addition to the other information described in Item 7 (\u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d) of Part II, you should carefully", "title": "BATRK - Atlanta Braves Holdings, Inc.", "url": "/company/BATRK/" }, { "kind": "company", "summary": "SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001868941; latest 10-K filed 2025-11-25.", "text": "FLNC - Fluence Energy, Inc. SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001868941; latest 10-K filed 2025-11-25. FLNC Fluence Energy, Inc. 0001868941 3690 Miscellaneous Electrical Machinery, Equipment & Supplies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations provides information that management believes is relevant to an assessment and understanding of our audited consolidated financial statements and results of operations and should be read in conjunction with the financial statements and related notes included elsewhere in this Annual Report. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various important factors, including those set forth under Part I, Item 1A. \u201cRisk Factors\u201d and the section entitled \u201cCautionary Statement Regarding Forward-Looking Information\u201d and in other parts of this Annual Report. The discussion of changes in our financial condition and results of operations from the fiscal year ended September 30, 2024 to the fiscal year ended September 30, 2023 is included in Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended September 30, 2024 filed with the SEC on November 29, 2024. Our historical results are not necessarily indicative of the results that may be expected for any periods in the future. Upon the completion of our IPO and a series of organization transactions (collectively with the IPO, the \u201cTransactions\u201d) on November 1, 2021, Fluence Energy, Inc. became a holding company whose sole material assets are the limited liability interests in Fluence Energy, LLC (the \u201cLLC Interests\u201d). All of our business is conducted through Fluence Energy, LLC, together with its subsidiaries, and the financial results of Fluence Energy, LLC are consolidated in our financial statements. Except where the context clearly indicates otherwise, \u201cFluence,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or the \u201cCompany\u201d refers to Fluence Energy, Inc. and its wholly owned subsidiaries. Our fiscal year begins on October 1 and ends on September 30. References to \u201cfiscal year 2023\u201d, \u201cfiscal year 2024\u201d and \u201cfiscal year 2025\u201d refer to the fiscal years ended September 30, 2023, September 30, 2024 and September 30, 2025, respectively. Key Factors, Trends, and Uncertainties Affecting our Performance We believe that our performance and future success depend on several factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and in Part I, Item 1A. \u201cRisk Factors\u201d within this Annual Report. See also subsections \u201cOur Industry and Market Opportunity\u201d, \u201cOur Growth Strategy\u201d, \u201cManufacturing\u201d, \u201cSupply Chain\u201d, \u201cGovernment Regulation and Compliance\u201d, and \u201cCompetition\u201d under Part I, Item 1. \u201cBusiness\u201d of this Annual Report for additional discussion of certain key factors, trends and uncertainties that may affect our performance. Legal Proceedings and Legal Contingencies The results of any current or future litigation, government investigations, or other regulatory or legal proceedings to which we are a party cannot be predicted with certainty, and regardless of the outcome, we may incur significant costs and experience a diversion of management resources as a result of claims, litigation, government investigations, and other regulatory or legal proceedings. For a description of our material pending legal contingencies, please see \u201cNote 15 - Commitments and Contingencies,\u201d to the audited condensed consolidated financial statements included elsewhere in this Annual Report. 68 Key Operating Metrics The following tables present our key operating metrics for the fiscal years ended September 30, 2025 and 2024. The tables below present the metrics in either Gigawatts (GW) or Gigawatt hours (GWh). Our key operating metrics focus on project milestones to measure our performance and ITEM 1. BUSINESS Inception and Organization Fluence Energy, Inc., a Delaware corporation (the \u201cCompany\u201d), was initially formed on June 21, 2021 and completed its initial public offering (the \u201cIPO\u201d) on November 1, 2021. We conduct our business operations through Fluence Energy, LLC and its direct and indirect subsidiaries. Fluence Energy, LLC was formed on June 30, 2017 as a joint venture between Siemens Industry, Inc. (\u201cSiemens Industry\u201d), an indirect subsidiary of Siemens AG (\u201cSiemens\u201d), and AES Grid Stability, LLC (\u201cAES Grid Stability\u201d), an indirect subsidiary of The AES Corporation (\u201cAES\u201d), and commenced operations on January 1, 2018. We refer to Siemens Industry and AES Grid Stability as the \u201cFounders\u201d in this Annual Report and together with Qatar Holding LLC (\u201cQHL\u201d), an affiliate of the Qatar Investment Authority (\u201cQIA\u201d), they are collectively referred to as the \u201cContinuing Equity Owners.\u201d As the sole managing member of Fluence Energy, LLC, Fluence Energy, Inc. operates and controls all the business and affairs of Fluence Energy, LLC and its direct and indirect subsidiaries. As a result, Fluence Energy, Inc. consolidates Fluence Energy, LLC and records a non-controlling interest in its consolidated financial statements for the economic interest in Fluence Energy, LLC held by the Founders. Except where the content clearly indicates otherwise, any reference in this Annual Report to \u201cFluence,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or \u201cthe Company\u201d refers to Fluence Energy, Inc. and all of its direct and indirect subsidiaries, including Fluence Energy, LLC. Overview Fluence is a global market leader delivering intelligent energy storage and optimization software for renewables and storage. Our energy storage solutions and operational services are designed to help create a more resilient grid and unlock the full potential of renewable portfolios. As of September 30, 2025, we had 6.8 gigawatts (\u201cGW\u201d) of energy storage assets deployed and 9.1 GW of contracted backlog across 33 marke ITEM 1A. RISK FACTORS Our business, operations, financial results, and future prospects, plans, and objectives of the Company are subject to various risks and uncertainties, including those described below, that could materially adversely affect our business, results of oper", "title": "FLNC - Fluence Energy, Inc.", "url": "/company/FLNC/" }, { "kind": "company", "summary": "SIC 8744 Services-Facilities Support Management Services; CIK 0001601548; latest 10-K filed 2026-02-23.", "text": "VVX - V2X, Inc. SIC 8744 Services-Facilities Support Management Services; CIK 0001601548; latest 10-K filed 2026-02-23. VVX V2X, Inc. 0001601548 8744 Services-Facilities Support Management Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with the audited Consolidated Financial Statements and notes thereto in this Annual Report on Form 10-K as well as the discussion in Item 1 of this Annual Report on Form 10-K entitled \"Business.\" This Annual Report provides additional information regarding the Company, our services, industry outlook and forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements. See \"Forward-Looking Statement Information\" for further information. Amounts presented in and throughout this Item 7 are rounded and, as such, rounding differences could occur in period over period changes and percentages reported. Forward-Looking Statement Information This Annual Report on Form 10-K and certain information incorporated herein by reference contain forward-looking statements within the meaning of Section 21E of the Exchange Act, and Section 27A of the Securities Act, and the Private Securities Litigation Reform Act of 1995 and, as such, may involve risks and uncertainties. All statements included or incorporated by reference in this report, other than statements that are purely historical, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as \u201cmay,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccould,\u201d \u201cpotential,\u201d \u201ccontinue\u201d or similar terminology. These statements are based on the beliefs and assumptions of our management based on information currently available to management. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements. The forward-looking statements included or incorporated by reference in this report are subject to additional risks and uncertainties further discussed under Item 1A. Risk Factors and are based on information available to us on the filing date of this report. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this report. New risks and uncertainties arise from time to time, and we cannot predict those events or how they may affect us. 32 Table of Contents We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company\u2019s historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to: our ability to submit proposals for and/or win all potential opportunities in our pipeline; our ability to retain and renew our existing contracts; our ability to compete with other companies in our market; security breaches, cyber-attacks or cyber intrusions, and other disruptions to our information technology and operation; our mix of cost-plus, cost-reimbursable, firm-fixed-price and time-and-materials contracts; maintaining our reputation and relationship with the U.S. government; protests of new awards; economic, political and social conditions in the countries in which we conduct our businesses; changes in U.S. or international government defense budgets, including potential changes or uncertainty arising from the U.S. president and administration; government regulations an ITEM 1. BUSINESS Overview V2X, Inc. (V2X or the Company) is a leading provider of critical mission solutions primarily to defense customers in 349 locations and 49 countries and territories worldwide. V2X enables its customers' most important missions by delivering end-to-end capabilities at scale across the world. This provides us with the expertise and ability to act as a trusted partner to bring differentiated integrated solutions that define mission success. As of December 31, 2025, we had approximately 16,200 employees and 7,300 subcontract personnel. The Company operates as one segment and offers a broad suite of capabilities including multi-domain high impact readiness, integrated supply chain management, assured communications, mission solutions, and platform renewal and modernization to national security, defense, civilian and international customers. Unless the context otherwise requires or unless stated otherwise, references to \"V2X\", \"we,\" \"us,\" \"our,\" \"the Company\" and \"our Company\" refer to V2X and all of its consolidated subsidiaries. Our Business Strategies Our overarching strategy is to deliver full lifecycle capabilities in support of national security priorities that enhance mission effectiveness, extend utility, lower cost, and improve security and mission outcomes. Key to enabling this strategy is to: \u2022Drive performance excellence in execution: V2X delivers operational excellence by maintaining high standards of quality, efficiency, and reliability. Our approach increases the likelihood projects are completed on time and within budget, exceeding customer expectations. \u2022Leverage innovation for differentiated solutions: V2X integrates technologies and advanced simulation systems to create solutions that address evolving threats and mission requirements. We foster a culture of continuous innovation that provides our customers with capabilities that give them a decisive edge. \u2022Expand global presence and markets: With a footprint spanning sev ITEM 1A. RISK FACTORS In evaluating our Company and business, you should carefully consider the risks and uncertainties described below, together with information disclosed elsewhere in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes and Management's Discussio", "title": "VVX - V2X, Inc.", "url": "/company/VVX/" }, { "kind": "company", "summary": "SIC 6531 Real Estate Agents & Managers (For Others); CIK 0001690680; latest 10-K filed 2026-03-02.", "text": "NMRK - NEWMARK GROUP, INC. SIC 6531 Real Estate Agents & Managers (For Others); CIK 0001690680; latest 10-K filed 2026-03-02. NMRK NEWMARK GROUP, INC. 0001690680 6531 Real Estate Agents & Managers (For Others) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of Newmark\u2019s financial condition and results of operations should be read together with Newmark\u2019s accompanying consolidated financial statements and related notes, as well as the \u201cSpecial Note Regarding Forward-Looking Information\u201d relating to forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, included elsewhere in this Annual Report on Form 10-K and the cautionary statements relating to forward-looking statements below. This discussion summarizes the significant factors affecting our results of operations and financial condition during the years ended December 31, 2025, 2024 and 2023. We operate in one reportable segment, real estate services. This discussion is provided to increase the understanding of, and should be read in conjunction with, our accompanying consolidated financial statements and the notes thereto included elsewhere in this Annual Report on Form 10-K. Forward-Looking Cautionary Statements Our actual results and the outcome and timing of certain events may differ significantly from the expectations discussed in the forward-looking statements. Factors that might cause or contribute to such a discrepancy include, but are not limited to, the factors set forth below: \u2022macroeconomic and other challenges and uncertainties, including those resulting from the conflict between Ukraine and Russia, conflicts in the Middle East and other ongoing or new conflicts in those or other regions, downgrades of U.S. Treasuries, fluctuating global interest rates, current or expected inflation rates and the Federal Reserve\u2019s responses thereto, stagflation, fluctuations in the value of global currencies, including the U.S. dollar, liquidity concerns regarding and changes in capital requirements for banking and financial institutions, changes in the economy, the commercial real estate services industry and the global financial markets, employment levels, global trade relations, volatility in tariffs imposed by the U.S. and foreign governments and other factors driving trade uncertainty, supply chain disruptions, changes in government spending, recession fears, infrastructure spending, and energy costs, including such changes\u2019 effect on demand for commercial real estate and capital markets transaction volumes, office space, levels of new lease activity and renewals, distressed non-GSE commercial mortgages, frequency of loan defaults and forbearance and associated losses, and fluctuations in the mortgage-backed securities markets, as well as potential changes in these factors; \u2022challenges relating to our repositioning of certain aspects of our business to adapt to and better address the needs of our clients in the future as a result of the acceleration of pre-existing long-term social and economic trends, fluctuating interest rates and market uncertainty, and other legal, cultural and political events and conflicts, and governmental measures taken in response thereto, uncertainty in the timing of stabilization of interest rates and the recovery of transaction volumes, changes in the mix of demand for commercial real estate space, decreased demand for urban office and retail space generally which may not be offset by increased demand for suburban office, data center, fulfillment, and distribution centers and life sciences facilities or otherwise, and which could materially reduce demand for commercial space and have a material adverse effect on the nature of and demand for our commercial real estate services, including the time and expense related to such repositioning, as well as risks related to declines in real estate values, including due to sales of loans previously held by failed financial institutions, increases in commercial real estate lending rates, and the volume of committed investment capital; \u2022market conditions and volatility, fluc ITEM 1. BUSINESS Throughout this document Newmark Group, Inc., and where applicable, its consolidated subsidiaries, is referred to as \u201cNewmark,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour.\u201d Our Business Newmark is a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers. We offer a diverse array of integrated services and products designed to meet the full needs of our clients. Our investor/owner services and products include: \u2022Capital Markets, consisting of investment sales (including the placement and raising of equity) and commercial mortgage origination (which includes GSEs and FHA lending, as well as the placement of debt, loan sales, and structured finance on behalf of third parties); \u2022Landlord (or agency) representation leasing; \u2022GSEs and FHA multifamily loan servicing, as well as limited loan servicing, special loan servicing, and asset management; \u2022Management consulting, managed services, and fund accounting for investors; \u2022Valuation and Advisory; \u2022Property management and flexible workspace solutions for owners; \u2022Due diligence, consulting and other advisory services; \u2022Our commercial real estate technology platform and capabilities; and \u2022Business rates for U.K. property owners. Our corporate or occupier services and products include: \u2022Tenant representation leasing; \u2022OS, which includes project management, transaction management, lease administration, and Facilities management, as well as corporate consulting services with respect to areas including real estate and supply chain optimization, workplace strategy, and occupancy strategy; \u2022Flexible workspace solutions for occupiers; and \u2022Our leading commercial real estate technology platform and capabilities; and \u2022Business rates for U.K. occupiers. Our goal is to lead with extraordinary talent, data, and analytics, which together allow us to provide strategic and specialized advice. This combination enables our reven ITEM 1A. RISK FACTORS An investment in shares of our Class A common stock, our 7.500% Senior Notes or our other securities involves risks and uncertainties, including the potential loss of all or a part of your investment. The following are important risks and uncertainties that could affect our business, but we d", "title": "NMRK - NEWMARK GROUP, INC.", "url": "/company/NMRK/" }, { "kind": "company", "summary": "SIC 3728 Aircraft Parts & Auxiliary Equipment, NEC; CIK 0000030305; latest 10-K filed 2026-02-26.", "text": "DCO - DUCOMMUN INC /DE/ SIC 3728 Aircraft Parts & Auxiliary Equipment, NEC; CIK 0000030305; latest 10-K filed 2026-02-26. DCO DUCOMMUN INC /DE/ 0000030305 3728 Aircraft Parts & Auxiliary Equipment, NEC Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview Ducommun Incorporated (\u201cDucommun,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a leading designer and manufacturer of and provider of manufacturing solutions for high-performance products often used in high-cost-of failure applications primarily in the aerospace and defense (\u201cA&D\u201d), industrial, medical, and other industries (collectively, \u201cIndustrial\u201d). Ducommun differentiates itself as a full-service solution-based provider, offering innovative, value-added proprietary products and manufacturing solutions to our customers in our primary businesses of electronics, structures and integrated solutions. We operate through two primary business segments: Electronic Systems and Structural Systems, each of which is a reportable segment. Economic Environment The Boeing Company In its 2025 Annual Report on Form 10-K, The Boeing Company (\u201cBoeing\u201d) indicated that in 2025, global air traffic expanded to near historical trend rates on an annual basis. The growth occurred despite a lower than usual contribution from the North America market, which had stagnant demand, particularly in the low-cost space. International demand outpaced domestic demand on an annual basis as the international demand continue to build on the recovery momentum from 2024, including in China, lifting demand for wide-body airplanes. Based on these trends, both single-aisle and wide-body demand remain above current industry supply levels. Overall, Boeing is experiencing strong demand from their airplane customers globally. Boeing was one of our largest customers in 2025, and the 737 MAX was one of our highest commercial end use market revenue platforms. In early January 2024, the Federal Aviation Administration (\u201cFAA\u201d) initiated an investigation into Boeing\u2019s quality control system, which was followed by the agency announcing actions to increase its oversight of Boeing as well as not approving production rate increases or additional production lines for the 737 MAX until it was satisfied that Boeing attained full compliance with required quality control procedures. Subsequently, in July 2024, Boeing pleaded guilty to conspiracy fraud charges, which may result in additional external oversight on its manufacturing and quality control processes. More recently, Boeing announced that the FAA cleared Boeing\u2019s plan to raise 737 MAX production from 38 airplanes to 42 airplanes per month. Since Boeing is one of our largest customers, if Boeing is unable to meet the full compliance of the FAA\u2019s required quality control procedures, and/or recover from the impact of a labor strike, which extended from early August 2025 to mid-November 2025, in the near term, it could have a material adverse impact on our business, results of operations and financial condition. See Risk Factors included in Part I, Item 1A of this Annual Report on Form 10-K (\u201cForm 10-K\u201d). Airbus SE Airbus SE (\u201cAirbus\u201d) is aligned with Boeing\u2019s view on international demand as its Global Services Forecast for Asia-Pacific (including China and India) anticipates that total services demand in the region will grow at a 5.2% compound annual growth rate through 2044, reaching an estimated market value of $138.7 billion. This sustained growth is expected to be underpinned by expanding air traffic and fleet growth. The region is also expected to remain the world\u2019s fastest growing air travel market, with passenger traffic expected to rise by 4.4% annually, well above the global average of 3.6%. U.S. Government Tariffs Since February 2025, the U.S. government has issued several executive orders (\u201cExecutive Orders\u201d), under various statutes, imposing tariffs on imports from most countries with whom the U.S. engages in trade. As such, during 2025, the United States reached bilateral trade agreements that recognize tariff-free trade of products within the scope of the World Trade Organization Agreement on Trade in Civil Ai ITEM 1. BUSINESS GENERAL Ducommun Incorporated (\u201cDucommun,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a leading designer and manufacturer of and provider of manufacturing solutions for high-performance products often used in high-cost-of failure applications primarily in the aerospace and defense (\u201cA&D\u201d), industrial, medical and other industries (collectively, \u201cIndustrial\u201d). Ducommun differentiates itself as a full-service solution-based provider, offering innovative, value-added proprietary products and manufacturing solutions to our customers in our primary businesses of electronics, structures, and integrated solutions. We operate through two primary business segments: Electronic Systems and Structural Systems. We are the successor to a business that was founded in California in 1849 and reincorporated in Delaware in 1970. 4 Table of Contents ACQUISITIONS Acquisitions have been an important element of our growth strategy. We have supplemented our organic growth by identifying, acquiring and integrating businesses that result in broader, more sophisticated product and service offerings while diversifying and expanding our customer base and markets. For example, in April 2023, we acquired 100% of the outstanding equity interests of BLR Aerospace L.L.C. (\u201cBLR\u201d), a privately-held leading provider of aerodynamic systems that enhance the productivity, performance, and safety of rotary and fixed-wing aircraft on commercial and military platforms. The initial purchase price was $115.0 million, net of cash acquired. We paid a gross aggregate of $117.0 million in cash upon the closing of the transaction. We utilized the 2022 Revolving Credit Facility (as defined below) to complete the acquisition. The acquisition of BLR added to our strategy to diversify and offer more customized, value-driven engineered products with aftermarket opportunities, and was included in our Structural Systems segment. PRODUCTS AND SERVICES Business Segment Information We operate through t ITEM 1A. RISK FACTORS Our business, financial condition, results of operations and cash flows may be affected by known and unknown risks, uncertainties and other factors. We have summarized below the significant, known material risks to our business. Additional risk factors not currently known to us or that we curre", "title": "DCO - DUCOMMUN INC /DE/", "url": "/company/DCO/" }, { "kind": "company", "summary": "SIC 2911 Petroleum Refining; CIK 0002013745; latest 10-K filed 2026-02-27.", "text": "CLMT - Calumet, Inc. /DE SIC 2911 Petroleum Refining; CIK 0002013745; latest 10-K filed 2026-02-27. CLMT Calumet, Inc. /DE 0002013745 2911 Petroleum Refining Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The historical consolidated financial statements included in this Annual Report reflect all of the assets, liabilities and results of operations of Calumet, Inc. and its consolidated subsidiaries (\u201cCalumet,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d). The following discussion analyzes the financial condition and results of operations of the Company for the years ended December 31, 2025, 2024, and 2023, respectively. Stockholders should read the following discussion and analysis of the financial condition and results of operations of the Company in conjunction with the historical consolidated financial statements and notes included elsewhere in this Annual Report. Overview We manufacture, formulate and market a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. We are headquartered in Indianapolis, Indiana and operate twelve facilities throughout North America. Our operations are managed using the following reportable segments: Specialty Products and Solutions; Performance Brands; Montana/Renewables; and Corporate. For additional information, refer to Note 18 \u2014 \u201cSegments and Related Information\u201d under Part II, Item 8 \u201cFinancial Statements and Supplementary Data \u2014 Notes to Consolidated Financial Statements.\u201d In our Specialty Products and Solutions segment, we manufacture and market a wide variety of solvents, waxes, customized lubricating oils, white oils, petrolatums, gels, esters, and other products. Our specialty products are sold to domestic and international customers who purchase them primarily as raw material components for consumer-facing and industrial products. In our Performance Brands segment, we blend, package and market high performance products through our Royal Purple, Bel-Ray, and TruFuel brands. Our Montana/Renewables segment is comprised of two facilities \u2014 renewable fuels and specialty asphalt. At our Montana renewable fuels facility, we process a variety of geographically advantaged renewable feedstocks into renewable diesel, sustainable aviation fuel, and renewable naphtha that are distributed into renewable markets in the western half of North America. At our Montana specialty asphalt facility, we process Canadian crude oil into conventional gasoline, diesel, jet fuel and specialty grades of asphalt, with production sized to serve local markets. Our Corporate segment primarily consists of general and administrative expenses not allocated to the Specialty Products and Solutions, Performance Brands or Montana/Renewables segments. Recent Developments 9.75% Senior Notes due 2031 On January 12, 2026, Calumet Specialty Products Partners, L.P. (the \u201cPartnership\u201d) and Calumet Finance Corp. (\u201cFinance Corp.\u201d and, together with the Partnership, the \u201cIssuers\u201d), each a subsidiary of the Company, issued $405.0 million aggregate principal amount of a new series of the Issuers\u2019 9.75% Senior Notes due 2031 (the \u201c2031 Notes\u201d) in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d). The Company subsequently redeemed all of the Issuers\u2019 outstanding 11.00% Senior Notes due 2026 (the \u201c2026 Notes\u201d) and all of the Issuers\u2019 outstanding 8.125% Senior Notes due 2027 (the \u201c2027 Notes\u201d) on or before January 21, 2026. Refer to Note 21 \u2014 \u201cSubsequent Events\u201d under Part II, Item 8 \u201cFinancial Statements \u2014 Notes to Consolidated Financial Statements\u201d for further information. 54 Table of Contents Ninth Amendment to Third Amended and Restated Credit Agreement On January 23, 2026, the Company entered into the Ninth Amendment to the Third Amended and Restated Credit Agreement (the \u201cNinth Amendment\u201d). The Ninth Amendment amended the Third Amended and Restated Credit Agreement, dated as of February 23, 2018 (the \u201cCredit Agreement\u201d), by and among Calumet GP, LLC, Calumet Spec Item 1A. Risk Factors An investment in our common stock involves a significant degree of risk. Before you invest in our common stock, you should carefully consider the risk factors discussed or referenced below. If any of the risks discussed below were actually to occur, our business, financial position or results of operations could be materially adversely affected. The disclosures in this section reflect our beliefs and opinions as to factors that could materially and adversely affect us in the future. References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not such factors have occurred in the past. 29 Table of Contents Risks Related to our Business Results of Operations and Financial Condition Our business depends on supply and demand fundamentals, which can be adversely affected by numerous macroeconomic factors outside of our control and which may in turn impact our operational and financial performance, including our ability to execute our business strategies in the expected time frame. Such macroeconomic factors include: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"reduction in the demand for, and the marketability of, our specialty products due to governmental regulations;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"increased volatility in product margins;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"the ability or willingness of our suppliers to provide raw materials, equipment, services or supplies for our operations or otherwise fulfill their contractual obligations, which could reduce our production levels or otherwise impact our ability to deliver refined or finished lubricant products timely or at all;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"the ability or willingness of our customers to fulfill their contractual obligations or any material reduction in, or loss of, orders or revenue from our customers;\"]] [[/GREPCENT_TABL", "title": "CLMT - Calumet, Inc. /DE", "url": "/company/CLMT/" }, { "kind": "company", "summary": "SIC 8071 Services-Medical Laboratories; CIK 0001699031; latest 10-K filed 2026-03-12.", "text": "GRAL - GRAIL, Inc. SIC 8071 Services-Medical Laboratories; CIK 0001699031; latest 10-K filed 2026-03-12. GRAL GRAIL, Inc. 0001699031 8071 Services-Medical Laboratories Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion of our results of operations and financial condition together with our accompanying consolidated financial statements and the notes thereto included under Item 8. \u201cFinancial Statements\u201d. This discussion contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry and our business and financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed in the section entitled \u201cRisk Factors\u201d in Part I, Item 1A of this Annual Report on Form 10-K and the section titled \u201cCautionary Statement Concerning Forward-Looking Statements\u201d of this Annual Report on Form 10-K. Our fiscal year end is December 31. References to 2025, 2024, and 2023 refer to the fiscal years ended December 31, 2025, December 31, 2024, and December 31, 2023. This section of this report generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. A detailed discussion comparing our results of operations for 2024 and 2023 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K, for the year ended December 31, 2024. GRAIL, LLC, previously named SDG Ops, LLC, was formed in the state of Delaware as a wholly owned subsidiary of Illumina, Inc. (\u201cIllumina\u201d). SDG Ops, LLC, along with SDG Ops, Inc., a Delaware corporation and wholly owned subsidiary of Illumina, were formed for the purpose of completing a merger transaction between GRAIL, Inc., and Illumina (the \u201cAcquisition\u201d) in order to carry on the business of GRAIL, Inc. and its subsidiaries. On September 20, 2020, GRAIL, Inc., Illumina and its subsidiaries, SDG Ops, LLC, and SDG Ops, Inc., entered into an agreement and plan of merger (the \u201cMerger Agreement\u201d). On August 18, 2021 (the \u201cClosing Date\u201d), Illumina completed its acquisition of GRAIL, Inc. According to the terms and conditions of the Merger Agreement, SDG Ops, Inc. and GRAIL, Inc. merged, with GRAIL, Inc. surviving and became a wholly owned subsidiary of Illumina (the \u201cFirst Merger\u201d). Immediately following the First Merger and as part of the same overall transaction, GRAIL, Inc., as the surviving corporation, merged with SDG Ops, LLC (the \u201cSecond Merger\u201d). According to the terms and conditions of the Merger Agreement, SDG Ops, LLC became the surviving company and was renamed GRAIL, LLC. On June 24, 2024, Illumina completed the previously announced spin-off of GRAIL (the \u201cSpin-Off\u201d) through a distribution of approximately 85.5% of our outstanding common stock to the holders of record of Illumina\u2019s common stock as of the close of business on June 13, 2024 (the \u201cDistribution\u201d). As a result of this Distribution, GRAIL became an independent public entity. Unless the context otherwise requires, references to \"GRAIL,\" \u201cwe,\u201d \u201cus,\u201d and the \"Company\" refer to (i) GRAIL, LLC and its consolidated subsidiaries prior to the Spin-Off as a carve-out business of Illumina and (ii) GRAIL, Inc. and its subsidiaries following the Spin-Off. Overview Our Business We are an innovative commercial-stage healthcare company focused on shifting the paradigm in early cancer detection at population scale. We believe screening individuals for many types of cancer with a single test represents a significant opportunity to reduce the global burden of cancer. Our multi-cancer early detection test (\u201cGalleri\u201d) can screen for many types of cancer, accurately predicting the specific organ or tissue type where the cancer signal originated (the \u201cCancer Signal of Origin\u201d, or \u201cCSO\u201d), with high positive predictive values (\u201cPPV\u201d) and low false positive Item 1. Business Our Company Our mission is to detect cancer early, when it can be cured. We are an innovative commercial-stage healthcare company focused on shifting the paradigm in early cancer detection at population scale. We believe screening individuals for many types of cancer with a single test represents a significant opportunity to reduce the global burden of cancer. Our multi-cancer early detection test (\u201cGalleri\u201d) can screen for many types of cancer, accurately predicting the specific organ or tissue type where the cancer signal originated (the \u201cCancer Signal of Origin\u201d, or \u201cCSO\u201d), with high positive predictive values (\u201cPPV\u201d) and low false positive rates, all from a simple blood draw. Galleri has detected some of the most aggressive cancers in early stages including, among others, endometrial, esophageal, gastrointestinal, head and neck, liver, pancreatic, and rectal cancers. We have conducted what we believe is the largest clinical program in genomic medicine to date with data from over 385,000 participants that we believe demonstrate the clinical validation and clinical utility of Galleri in its intended use population. We have deep operational experience with over 800,000 tests processed across this clinical program and from our commercial experience, including through partnerships with leading healthcare systems, employers, digital health platforms, payors, and life insurance providers. Recently we announced results from two of our large clinical trials, PATHFINDER 2 and NHS-Galleri Trial, and included certain results from those studies in our pre-market approval application (\u201cPMA\u201d) to the Food and Drug Administration (\u201cFDA\u201d), the last module of which we submitted in January 2026. Performance and safety data focused on the first approximately 25,000 participants of our approximately 35,000 participant PATHFINDER 2 study were presented at the European Society for Medical Oncology (\u201cESMO\u201d) in October 2025 (the \u201cPATHFINDER 2 Initial Results\u201d) and de Item 1A. Risk Factors You should carefully consider the following risks and other information in this Annual Report on Form 10-K in evaluating GRAIL and GRAIL common stock. Any of the following risks and uncertainties could materially adversely affect our business, financial condition, and results of operations. The following risks have gene", "title": "GRAL - GRAIL, Inc.", "url": "/company/GRAL/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001812364; latest 10-K filed 2026-02-26.", "text": "RLAY - Relay Therapeutics, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001812364; latest 10-K filed 2026-02-26. RLAY Relay Therapeutics, Inc. 0001812364 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. This discussion and other parts of this Annual Report on Form 10-K contain forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations, and intentions. As a result of many factors, including those factors set forth in the \"Risk Factors\" section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a clinical-stage, small molecule precision medicine company developing potentially life-changing therapies for patients living with cancer and genetic disease. Our Dynamo\u00ae platform integrates an array of leading-edge computational and experimental approaches designed to drug protein targets that have previously been intractable or inadequately addressed. We have deployed our technology platform to build a pipeline of product candidates to address targets in precision medicine where there is clear evidence linking target proteins to disease and where molecular diagnostics can unambiguously identify relevant patients for treatment. We believe this approach will increase the likelihood of successfully translating a specific pharmacological mechanism into clinical benefit. We are advancing a pipeline of medicine candidates to address targets in precision oncology and genetic disease, including zovegalisib (RLY-2608), our lead product candidate discussed below. Zovegalisib (RLY-2608). Zovegalisib is the first known allosteric, pan-mutant and isoform-selective phosphoinostide 3 kinase alpha, or PI3K\u03b1, inhibitor in clinical development. It is the lead program in our efforts to discover and develop mutant selective inhibitors of PI3K\u03b1. \u2022 Breast Cancer and Solid Tumors \u2022 ReDiscover Trial. In December 2021, we dosed the first patient in a first-in-human clinical trial for zovegalisib, or the ReDiscover Trial. Since then, we have predominantly focused on evaluating zovegalisib in combination with fulvestrant for patients with HR+, HER2\u2013, PI3K\u03b1-mutated, locally advanced or metastatic breast cancer. We are also advancing triplet combination arms with zovegalisib, fulvestrant and cyclin dependent kinase 4/6, or CDK 4/6, inhibitors, or atirmociclib, the investigative selective-CDK4 inhibitor from Pfizer Inc., or Pfizer. In the second quarter of 2025, we initiated a global Phase 3 registrational study, or the ReDiscover-2 Trial, which is designed to evaluate the safety and efficacy of zovegalisib plus fulvestrant in PI3K\u03b1-mutated, HR+/HER2- advanced breast cancer patients previously treated with a CDK4/6 inhibitor. The comparator arm in the ReDiscover-2 Trial is capivasertib plus fulvestrant. In February 2026, we announced that the FDA granted Breakthrough Therapy designation to zovegalisib in combination with fulvestrant for the treatment of adults with PIK3CA mutant HR+/HER2- locally advanced or metastatic breast cancer following recurrence or progression on or after treatment with a CDK4/6 inhibitor. o Clinical Data. In June 2025, we announced updated interim clinical data for the zovegalisib plus fulvestrant arm of the ReDiscover Trial with a data cut-off date of March 26, 2025, and in December 2025, we announced an efficacy subset analysis of interim clinical data for zovegalisib at the San Antonio Breast Cancer Symposium 2025 with a data cut-off date of October 15, 2025. We believe that while the clinical data from the ReDiscover Trial disclosed to date are preliminary, the data suggest differentiated interim efficacy signals in the specified patient population and support selective Item 1. Business. Overview We are a clinical-stage, small molecule precision medicine company developing potentially life-changing therapies for patients living with cancer and genetic disease. Our Dynamo\u00ae platform integrates an array of leading-edge computational and experimental approaches designed to drug protein targets that have previously been intractable or inadequately addressed. Precision medicine emerged as an approach for disease treatment as the understanding of the link between genetic alterations, protein dysfunction and diseases evolved. Precision medicine aims to specifically and potently drug genetically validated target proteins (i.e., genetic variants potentially implicated in biology of disease). However, some target proteins thus far have been intractable or inadequately addressed using conventional drug discovery tools. While conventional approaches are well-suited to solving some drug discovery problems such as orthosteric site kinase inhibitors, their reliance on static images of protein fragments limits their ability to gain accurate insights into the dynamic behavior of proteins in their natural state, which in turn limits their ability to discover medicines with exquisite specificity. Our approach pivots the understanding of protein targets from the industry-standard, static view, to a novel paradigm based on fundamental insights into protein motion. We then apply these novel insights into protein motion to drug discovery and design, which we term Motion-Based Drug Design\u00ae. We have deployed our technology platform to build a pipeline of product candidates to address targets in precision medicine where there is clear evidence linking target proteins to disease and where molecular diagnostics can unambiguously identify relevant patients for treatment. We believe this approach will increase the likelihood of successfully translating a specific pharmacological mechanism into clinical benefit. We are advancing a pipeline of medicine candid Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below, as well as the other information in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes an", "title": "RLAY - Relay Therapeutics, Inc.", "url": "/company/RLAY/" }, { "kind": "company", "summary": "SIC 6141 Personal Credit Institutions; CIK 0001409970; latest 10-K filed 2026-02-12.", "text": "LC - LendingClub Corp SIC 6141 Personal Credit Institutions; CIK 0001409970; latest 10-K filed 2026-02-12. LC LendingClub Corp 0001409970 6141 Personal Credit Institutions Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes that appear in this Annual Report. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and in this Annual Report, particularly in \u201cPart I \u2013 Item 1A. Risk Factors.\u201d The forward-looking statements included in this Report are made only as of the date hereof and we do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Overview LendingClub operates a leading, nationally chartered, digital marketplace bank that leverages data and technology to increase access to credit, reduce borrowing costs, and improve returns on savings for our members. Election of Fair Value Option Effective January 1, 2026, we elected the fair value option to account for held for investment (HFI) loans that were originated on or after that date. Prior to this election, loans that were originated as HFI were, and we expect will continue to be, accounted for at amortized cost, which required the initial recognition of an allowance for lifetime expected credit losses under the CECL methodology, recognized within \u201cProvision for credit losses\u201d on the Income Statement. We believe that applying the fair value option, rather than the CECL methodology, to HFI loans more accurately reflects the in-period economic performance of the loans by better aligning the value of the loan to its then fair value. Under the fair value option, origination fee revenue and marketing costs are recognized in earnings at the time of loan origination, rather than being deferred, and changes in fair value of loans are recognized in current period earnings within \u201cNet fair value adjustments\u201d on the Income Statement. Further, by applying the fair value option to HFI loans, we are applying the same accounting methodology to all loans we originate after January 1, 2026, as both HFI and held for sale (HFS) loans will be measured at fair value. Executive Summary The following is a summary of our results for the year ended December 31, 2025 compared to the same period in 2024, reflecting growth in loan originations, total net revenue and net income. \u2022Loan originations: Loan originations increased $2.4 billion, or 33%, for the year ended December 31, 2025 compared to the same period in 2024. The increase was driven by an increase in unsecured personal loan origination volume. \u25e6Marketplace loan originations increased $1.7 billion, or 30%, for the year ended December 31, 2025 compared to the same period in 2024, driven by a higher retention of HFS loans and an increase in marketplace investor demand. Loan originations HFS as a percentage of loan originations was 74% and 76% for the years ended December 31, 2025 and 2024, respectively. \u25e6Loan originations HFI at amortized cost increased $719.3 million, or 41%, for the year ended December 31, 2025 compared to the same period in 2024. Loan originations HFI at amortized cost as a percentage of loan originations was 26% and 24% for the years ended December 31, 2025 and 2024, respectively. \u2022Total net revenue: Total net revenue increased $211.8 million, or 27%, for the year ended December 31, 2025 compared to the same period in 2024. 56 LENDINGCLUB CORPORATION Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted) \u25e6Marketplace revenue: Marketpl Item 1. Business A Digital Bank for the Motivated Middle LendingClub operates a leading nationally chartered digital bank focused on serving a large and underserved segment of creditworthy U.S. consumers that we refer to as the \u201cmotivated middle.\u201d These consumers are digitally capable, value-conscious, and make frequent use of credit to achieve intentional financial goals; however, they are often poorly served by traditional financial institutions due to structural inefficiencies and limited transparency. Our branchless, mobile-first platform enables members to apply for and manage lending and banking products digitally, delivering competitive pricing and a streamlined experience. We focus on high-demand areas of lending where inefficiencies persist, including personal loans, auto refinance, and point-of-sale financing for major purchases. Our competitive differentiation is grounded in four core advantages: (i) an underwriting platform built on nearly two decades of proprietary data and machine-learning models; (ii) products designed to provide meaningful value to our members; (iii) digital experiences that enhance transparency and drive engagement, loyalty, and operating efficiency; and (iv) a technology stack engineered for innovation and scalability. Our advanced decisioning, pricing, and risk management capabilities are enabled by an extensive and diverse dataset spanning borrower behavior, credit performance, and economic cycles. We leverage our data advantage, lower-cost deposit base, and complementary marketplace platform and bank balance sheet to optimize loan sales and retention, generating both recurring net interest income and capital-light fee revenue while maintaining attractive returns through economic cycles. Our lending products typically serve as the entry point to our ecosystem, with members often returning for additional borrowing needs as their financial needs evolve. We supplement these lending interactions with ongoing engagement through ou Item 1A. Risk Factors You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report, including the section titled \u201cPart II \u2013 Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and the consolidated financial statements and re", "title": "LC - LendingClub Corp", "url": "/company/LC/" }, { "kind": "company", "summary": "SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0000805928; latest 10-K filed 2026-02-24.", "text": "AXGN - Axogen, Inc. SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0000805928; latest 10-K filed 2026-02-24. AXGN Axogen, Inc. 0000805928 3845 Electromedical & Electrotherapeutic Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following information should be read in conjunction with our consolidated financial statements and the notes thereto contained in Item 8 of Part II in this Form 10-K, \u201cForward-Looking Statements\u201d contained in Part I of this Form 10-K, \u201cRisk Factors\u201d contained in Item 1A of this Form 10-K, and the other information appearing elsewhere in, or incorporated by reference into, this Form 10-K. Dollar amounts referenced in this Item 7 are in thousands, except per share amounts. Unless the context otherwise requires, all references in this report to \u201cAxogen,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Axogen, Inc., and its wholly owned subsidiaries Axogen Corporation (\u201cAC\u201d), Axogen Processing Corporation, Axogen Europe GmbH and Axogen Germany GmbH. Overview We are the leading company focused specifically on the science, development, and commercialization of technologies for peripheral nerve regeneration and repair. We are passionate about providing the opportunity to restore nerve function and quality of life for patients with peripheral nerve injuries. We provide innovative, clinically proven, and economically effective repair solutions for surgeons and healthcare providers. Peripheral nerves provide the pathways for both motor and sensory signals throughout the body. Every day, people suffer traumatic injuries or undergo surgical procedures that impact the function of their peripheral nerves. Physical damage to a peripheral nerve or the inability to properly reconnect peripheral nerves can result in the loss of muscle or organ function, the loss of sensory feeling, or the initiation of pain. Product Portfolio Our platform for peripheral nerve repair features a comprehensive portfolio of products, including: \u2022Avance\u00ae (acellular nerve allograft-arwx) an FDA-approved acellular nerve scaffold for the treatment of adult and pediatric patients aged one month or older with sensory, mixed, and motor peripheral nerve discontinuities (\u201cAvance\u201d). \u2022Avance\u00ae Nerve Graft, a biologically active off-the-shelf processed human nerve allograft for bridging severed peripheral nerves without the comorbidities associated with a second surgical site (\u201cAvance Nerve Graft\u201d and together with Avance, the \u201cAvance Products\u201d). \u2022Axoguard Nerve Connector\u00ae, a porcine (pig) submucosa extracellular matrix (\u201cECM\u201d) coaptation aid for tensionless repair of severed peripheral nerves. \u2022Axoguard Nerve Protector\u00ae, a porcine submucosa ECM product used to wrap and protect damaged peripheral nerves and reinforce the nerve reconstruction while minimizing soft tissue attachments. \u2022Axoguard HA+ Nerve Protector\u2122, a porcine submucosa ECM base layer coated with a proprietary hyaluronate-alginate gel, a next-generation technology designed to enhance nerve gliding and provide short- and long-term protection for peripheral nerve injuries. \u2022Axoguard Nerve Cap\u00ae, a porcine submucosa ECM product used to protect a peripheral nerve end and separate the nerve from the surrounding environment to reduce the development of symptomatic or painful neuroma. \u2022Avive+ Soft Tissue Matrix\u2122, a multi-layer amniotic membrane allograft used to protect and separate tissues in the surgical bed during the critical phase of tissue healing. Our portfolio of products is currently available in the United States (\u201cU.S.\u201d), Canada, Germany, the United Kingdom, Spain and several other countries. We derive substantially all of our revenues from sales of our nerve repair products to customers in the U.S. On December 3, 2025, the FDA approved the Biologics License Application (\u201cBLA\u201d) for Avance (acellular nerve allograft-arwx). Continued approval depends on verification and description of clinical benefits in confirmatory studies. 59 Table of Contents Axogen, Inc. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations - Continued (in thousands, except share and per share a ITEM 1. BUSINESS General We are the leading company focused specifically on the science, development, and commercialization of technologies for peripheral nerve regeneration and repair. We are passionate about providing the opportunity to restore nerve function and quality of life for patients with peripheral nerve injuries. We provide innovative, clinically proven, and economically effective repair solutions for surgeons and healthcare providers. Peripheral nerves provide the pathways for both motor and sensory signals throughout the body. Every day, people suffer traumatic injuries or undergo surgical procedures that impact the function of their peripheral nerves. Physical damage to a peripheral nerve or the inability to properly reconnect peripheral nerves can result in the loss of muscle or organ function, the loss of sensory feeling, or the initiation of pain. Our platform for peripheral nerve repair features a comprehensive portfolio of products, including: \u2022Avance\u00ae (acellular nerve allograft-arwx) an acellular nerve scaffold approved by the United States (\u201cU.S.\u201d) Food and Drug Administration (\u201cFDA\u201d) on December 3, 2025 for the treatment of adult and pediatric patients aged one month or older with sensory, mixed, and motor peripheral nerve discontinuities (\u201cAvance\u201d) and is expected to be commercially available early in the second quarter of 2026 as a replacement for Avance\u00ae Nerve Graft; \u2022Avance\u00ae Nerve Graft, a biologically active off-the-shelf processed human nerve allograft for bridging severed peripheral nerves without the comorbidities associated with a second surgical site (\u201cAvance Nerve Graft\u201d and together with Avance, the \u201cAvance Products\u201d); \u2022Axoguard Nerve Connector\u00ae, a porcine (pig) submucosa extracellular matrix (\u201cECM\u201d) coaptation aid for tensionless repair of severed peripheral nerves (\u201cAxoguard Nerve Connector\u201d); \u2022Axoguard Nerve Protector\u00ae, a porcine submucosa ECM product used to wrap and protect damaged peripheral nerves and reinforce the n ITEM 1A. RISK FACTORS Our business involves a number of risks, some of which are beyond our control. The risk and uncertainties described below are not the only ones we face. Set forth below is a discussion of the risks and uncertainties that management believes to be material to us and could adversely affect our business, ", "title": "AXGN - Axogen, Inc.", "url": "/company/AXGN/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001326110; latest 10-K filed 2026-02-23.", "text": "IBRX - ImmunityBio, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001326110; latest 10-K filed 2026-02-23. IBRX ImmunityBio, Inc. 0001326110 2836 Biological Products, (No Diagnostic Substances) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis of our financial condition and results of operations should be read together with the description of our business that appears in Part I, Item 1. \u201cBusiness\u201d and the consolidated financial statements and related notes thereto in Part II, Item 8. \u201cFinancial Statements and Supplementary Data\u201d of this Annual Report. This discussion contains forward-looking statements as a result of many factors, including those set forth under Part I, Item 1. \u201cBusiness\u2014Forward-Looking Statements\u201d and Item 1A. \u201cRisk Factors\u201d and elsewhere in this Annual Report. These statements are based on our management\u2019s beliefs and assumptions and on information currently available to our management. Actual results could differ materially from those discussed in or implied by such forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report, particularly in Part I, Item 1A. \u201cRisk Factors.\u201d Except as required by law, we do not undertake any responsibility to update any of these factors or to announce publicly any revisions to any of the forward-looking statements contained in this or any document, whether as a result of new information, future events, or otherwise. Our Business ImmunityBio, Inc. is a biotechnology company focused on innovating, developing, and commercializing next-generation immunotherapies designed to activate the patient\u2019s immune system and deliver durable protection against cancer and infectious diseases. Our approach harnesses both the adaptive and innate immune systems with the goal of restoring immune function and generating lasting immunological memory in patients. At the core of our strategy is the Cancer BioShield platform, which is designed to stimulate critical lymphocytes, including natural killer (NK) cells, cytotoxic T cells, and memory T cells via our proprietary IL-15 superagonist, ANKTIVA (nogapendekin alfa inbakicept). Our Cancer BioShield platform is anchored by this antibody-cytokine fusion protein and is complemented by a portfolio that includes adenovirus-vectored vaccines, allogeneic (off-the-shelf) and autologous NK-cell therapies, and additional immunomodulators intended to promote immunogenic cell death and support durable immune responses while potentially reducing reliance on high-dose chemo-radiation therapy. ANKTIVA is our lead biologic product and a first-in-class IL-15 receptor superagonist antibody-cytokine fusion protein. We are commercializing ANKTIVA for the treatment of BCG-unresponsive NMIBC CIS with or without papillary tumors. ANKTIVA has received FDA Breakthrough Therapy designation for use in BCG-unresponsive NMIBC CIS in adult patients with or without papillary tumors. ANKTIVA is now approved in the U.S., UK, and Saudi Arabia for BCG-unresponsive NMIBC CIS with or without papillary tumors. In February 2026, the European Commission granted conditional marketing authorization in the EU for ANKTIVA for the same indication. In addition, ANKTIVA is conditionally approved in Saudi Arabia, for use in combination with a CPI, for the treatment of adult patients with metastatic NSCLC whose disease has progressed following standard-of-care therapy. The approved labels highlight ANKTIVA\u2019s ability to simultaneously activate NK cells, cytotoxic T cells, and memory T cells. ANKTIVA in combination with our CAR-NK therapy (PD-L1 t-haNK) has received RMAT designation from the FDA for use in combination with standard-of-care chemotherapy/radiotherapy for the reversal of lymphopenia and treatment of multiply relapsed locally advanced or metastatic pancreatic cancer. Separately, the FDA has authorized an EAP for ANKTIVA to treat lymphopenia in adult patients with refractory or relapsed solid tumors, regardless of tumor type, who have progressed following first-line standard-of-care treatment, ITEM 1. BUSINESS. Forward-Looking Statements This Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act that are based on our management\u2019s beliefs and assumptions and on information currently available to our management. Forward-looking statements include, but are not limited to: \u2022our ability to successfully commercialize ANKTIVA globally in NMIBC, NSCLC or other indications or any future approved products in the U.S. or internationally; \u2022our ability to obtain incremental approvals for ANKTIVA for new indications, including, without limitation, in BCG-unresponsive NMIBC with papillary tumors and NSCLC from the FDA or clearances or approvals from international regulatory agencies for the treatment of patients with NMIBC, NSCLC or other indications; \u2022potential future uses and applications of ANKTIVA, including as a lymphopenia rescue agent in solid tumors or other indications, and use in cancer vaccines and across multiple tumor types; \u2022our ability to develop next-generation therapies and vaccines that complement, harness, and amplify the immune system to defeat cancers and infectious diseases; \u2022our ability to obtain additional financing to fund our operations and advance the commercialization of our approved product and the development and commercialization of our other product candidates; \u2022our ability to comply with the terms, conditions, covenants, restrictions, and obligations set forth in the RIPA and related transaction documents, including payment obligations and servicing the interest on our related-party promissory note and the repayment of such note, to the extent required; \u2022our expectations regarding the potential benefits of our Cancer BioShield platform (comprises multiple therapeutic modalities to activate immune response) and our strategy and technology; \u2022our ability to forecast operating results and make period-to-period comparisons predictive of futur ITEM 1A. RISK FACTORS. Investing in our securities involves a high degree of risk. You should carefully consider the risks described below, any of which may be relevant to decisions regarding an investment in or ownership of our stock. The occurrence of any of these risks could have a significant adverse ", "title": "IBRX - ImmunityBio, Inc.", "url": "/company/IBRX/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001831828; latest 10-K filed 2026-02-26.", "text": "VERA - Vera Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001831828; latest 10-K filed 2026-02-26. VERA Vera Therapeutics, Inc. 0001831828 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. For a discussion of our financial condition and results of operations for 2024 as compared to 2023, except as set forth below, please refer to Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024, which discussion is incorporated by reference herein. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, beliefs and expectations, and involve risks and uncertainties. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report, particularly in the sections titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors.\u201d Overview We are a late clinical-stage biotechnology company focused on developing and commercializing transformative treatments for patients with serious immunological diseases. Our lead product candidate, atacicept, is currently being evaluated for the treatment of immunoglobulin A nephropathy (IgAN) and other autoimmune kidney diseases. Atacicept is a native human TACI-Fc fusion protein that binds both the B-cell activating factor (BAFF) and A proliferation-inducing ligand (APRIL) cytokines and is self-administered subcutaneously at home. We are conducting ORIGIN 3, the pivotal Phase 3 trial of atacicept 150 mg in IgAN. The trial met the primary efficacy endpoint of reduction in proteinuria as measured by 24-hour urine protein-to-creatinine ratio (UPCR) at week 36, where participants treated with atacicept achieved a 46% reduction from baseline in UPCR with a statistically significant and clinically meaningful 42% reduction in UPCR compared to placebo (p0.0001). The incidence of adverse events was generally balanced between the atacicept and placebo groups, with fewer serious adverse events reported with atacicept than placebo, no safety signals indicating immunosuppression, and no deaths in either treatment group. In November 2025, we submitted a Biologics License Application (BLA) for atacicept for the treatment of adults with IgAN to the U.S. Food and Drug Administration (FDA) through the Accelerated Approval Program. On January 7, 2026, the FDA granted priority review to the application and assigned a Prescription Drug User Fee Act (PDUFA) target action date of July 7, 2026. If approved, atacicept would be the first B-cell modulator inhibiting both BAFF and APRIL for IgAN, offering patients an autoinjector for at-home self-administration. The ORIGIN Phase 2b clinical trial evaluated the safety and efficacy of atacicept in 116 participants with IgAN and reported positive results at 24 weeks in January 2023, 36 weeks in June 2023, and 96 weeks in October 2024. The trial remained blinded through 36 weeks, after which all participants were eligible for the open label extension portion of the study and received atacicept 150 mg through 96 weeks. Atacicept met its primary endpoint at 24 weeks with a statistically significant reduction in UPCR. Through 36 weeks, participants treated with atacicept demonstrated reductions in galactose-deficient IgA1 (Gd-IgA1, the autoantigen produced by B cells in patients with IgAN), hematuria, and UPCR, with stable estimated glomerular filtration rate (eGFR). The improvements in Gd-IgA1, hematuria, UPCR and eGFR represent the quartet of findings consistent with IgAN disease modification. The 96-week open label extension results showed consistent and sustained reductions in Gd-IgA1, hematuria, and UPCR, with continued eGFR stabilization at a rate similar to the general population Item 1. Business. Overview We are a late clinical-stage biotechnology company focused on developing and commercializing transformative treatments for patients with serious immunological diseases. Our lead product candidate, atacicept, is currently being evaluated for the treatment of immunoglobulin A nephropathy (IgAN) and other autoimmune kidney diseases. Atacicept is a native human TACI-Fc fusion protein that binds both the B-cell activating factor (BAFF) and A proliferation-inducing ligand (APRIL) cytokines and is self-administered subcutaneously at home. We are conducting ORIGIN 3, the pivotal Phase 3 trial of atacicept 150 mg in IgAN. The trial met the primary efficacy endpoint of reduction in proteinuria as measured by 24-hour urine protein-to-creatinine ratio (UPCR) at week 36, where participants treated with atacicept achieved a 46% reduction from baseline in UPCR with a statistically significant and clinically meaningful 42% reduction in UPCR compared to placebo (p0.0001). The incidence of adverse events was generally balanced between the atacicept and placebo groups, with fewer serious adverse events reported with atacicept (n=1 [0.5%]) than placebo (n=11 [5%]), no safety signals indicating immunosuppression, and no deaths in either treatment group. In November 2025, we submitted a Biologics License Application (BLA) for atacicept for the treatment of adults with IgAN to the U.S. Food and Drug Administration (FDA) through the Accelerated Approval Program. On January 7, 2026, the FDA granted priority review to the application and assigned a Prescription Drug User Fee Act (PDUFA) target action date of July 7, 2026. If approved, atacicept would be the first B-cell modulator inhibiting both BAFF and APRIL for IgAN, offering patients an autoinjector for at-home self-administration. The ORIGIN 3 key secondary endpoint to support full approval is estimated glomerular filtration rate (eGFR) at 104 weeks, with results expected in 2027. The ORIGIN Phase 2b clinic Item 1A. Risk Factors. An investment in shares of our common stock involves a high degree of risk. You should carefully consider the risks described below, as well as the other information in this Annual Report on Form 10-K, including our financial statements and the related notes and the section titled \u201cManagement\u2019s", "title": "VERA - Vera Therapeutics, Inc.", "url": "/company/VERA/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001758009; latest 10-K filed 2026-03-02.", "text": "QUBT - Quantum Computing Inc. SIC 7372 Services-Prepackaged Software; CIK 0001758009; latest 10-K filed 2026-03-02. QUBT Quantum Computing Inc. 0001758009 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors including, but not limited to, those discussed under Item 1A, \u201cRisk Factors.\u201d The following analysis generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 20, 2025. Overview QCi is a development stage company with limited operations and revenue. The Company is developing quantum and ancillary non-quantum products for high-performance computing applications based on proprietary photonics technology. QCi\u2019s products are designed to operate at room temperature and low power at an affordable cost in the areas of high-performance computing, sensing, and quantum cybersecurity. The Company has generated some revenue based on sales of products and related services to date and is expanding its sales and marketing efforts. The Company\u2019s development team includes optical engineers, technicians, mathematicians, physicists, and software developers. 36 Recent Developments On December 15, 2025, we entered into a Stock Purchase Agreement (the \u201cStock Purchase Agreement\u201d) with Luminar Technologies, Inc., a Delaware corporation (the \u201cSeller\u201d) and Luminar, pursuant to which, subject to the terms and conditions set forth in the Stock Purchase Agreement, the Company agreed to acquire all of the issued and outstanding shares of common stock of Luminar from the Seller (the \u201cLuminar Acquisition\u201d) for a total purchase price of $110 million in cash (the \u201cPurchase Price\u201d). The Luminar Acquisition was completed on February 2, 2026. $11.0 million of the Purchase Price was placed with an escrow agent in connection with the signing of the Stock Purchase Agreement. The escrowed amount will remain with the escrow agent to cover certain limited indemnification obligations of the Seller pursuant to the Stock Purchase Agreement until February 2, 2027. The Seller, together with certain of its subsidiaries, is a debtor in a voluntary Chapter 11 case before the United States Bankruptcy Court for the Southern District of Texas (the \u201cBankruptcy Court\u201d), which commenced on December 15, 2025. Luminar is not a debtor in such Chapter 11 case and is operating in the ordinary course of business. Upon Bankruptcy Court approval, the Company was designated as the \u201cstalking horse\u201d bidder in connection with a sale of Luminar under Section 363 of the Bankruptcy Code. The Luminar Acquisition was conducted through a Bankruptcy Court-supervised process pursuant to Bankruptcy Court-approved bidding procedures and was subject to the receipt of higher or better offers from competing bidders at an auction, approval of the sale by the Bankruptcy Court, and the satisfaction of certain conditions. Key Factors Affecting Our Performance Macroeconomic conditions, including inflation, interest rates and currency fluctuations, have directly and indirectly impacted, and could in the future materially impact, the Company\u2019s results of operations and financial condition. Our business may be affected by disruptions or delays to the federal government budget. We are subject to a lengthy product commercialization timeline and a lengthy sales cycle. Beginning in the second quarter of 2025, new U.S. t ITEM 1. BUSINESS. The High-Performance Computing Landscape There is a large and growing demand for ever-increasing computational performance in information processing. The recent emergence of artificial intelligence (\u201cAI\u201d), large language models (\u201cLLMs\u201d), and machine learning (\u201cML\u201d) algorithms has added to the need for efficient processing of vast volumes of data. Classical computers, or the computers that are currently used in home and office settings, that use silicon microprocessors are understood to have performance limitations in solving certain classes of computational problems, in particular, large-scale optimization problems. Optimization deals with finding the best solution to a problem according to a defined criteria from a set of possible solutions. Solving large-scale optimization problems requires complex calculations that cannot currently be performed in a reasonable amount of time using classical computing systems for problem sizes relevant to many industrial and real-world applications. There is a growing belief among some computer science experts that quantum computing will solve problems faster than traditional computers and may offer a potential solution to the hard limits now being approached by classical computers. In addition to new computational methodologies using quantum phenomena, there is a corresponding emergence of new materials in microprocessors that may be able to overcome some of the limitations of the silicon-based processors used in classical computers. One promising area is in the use of photonics, which uses particles of light for computation. We believe that these emerging approaches will create an opportunity for new materials and methods that can meet the growing demand for scalable performance and power efficiency. While it is difficult to determine which area that quantum computers will create the first practical impact, we expect continued technological development across multiple quantum computing modalities and archite ITEM 1A. RISK FACTORS. This Annual Report on Form 10-K contains forward-looking statements that involve risks and uncertainties, such as statements of our objectives, expectations and intentions. The cautionary statements made in this Annual Report on Form 10-K should be read as applicable to all forward-looking statemen", "title": "QUBT - Quantum Computing Inc.", "url": "/company/QUBT/" }, { "kind": "company", "summary": "SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001878057; latest 10-K filed 2026-04-17.", "text": "SGHC - Super Group (SGHC) Ltd SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001878057; latest 10-K filed 2026-04-17. SGHC Super Group (SGHC) Ltd 0001878057 7990 Services-Miscellaneous Amusement & Recreation Overview We are a global online sports betting and gaming operator with a mission to responsibly provide first-class entertainment to the worldwide online betting and gaming community. Our strategy for achieving this goal is built around three key pillars: 1.Expanding our global footprint into as many regulated markets as possible in order to engage with as many customers as we can possibly reach; 2.Increasing awareness of our brands through strategic partnerships and coordinated sponsorship and marketing campaigns; and 3.Utilizing enhanced proprietary data to optimize the confluence of ethical corporate culture, responsible gaming values, value-for-money product offerings and customer-centric service delivery. Our predecessor holding company, SGHC Limited, was incorporated in July 2020. On October 7, 2020, it became the ultimate holding company for a group of companies through a subsequent restructure of entities with common ownership. Super Group (SGHC) Limited, the parent company of SGHC Limited, was incorporated on March 29, 2021. Following a corporate reorganization, our business includes Pindus Holdings Limited and its subsidiaries, Yakira Limited, Gazelle Management Holdings Limited and Raging River Trading Proprietary Limited, which collectively operate the portion of our business known as Betway, and Fengari Holdings Limited and SG Media Limited, which collectively operate the portion of our business known as Spin. 80 Table of Contents In January 2022, we entered into a Business Combination Agreement with Sports Entertainment Acquisition Corp., a Delaware corporation (\"SEAC\"), SGHC Merger Sub, Inc., and Sports Entertainment Acquisition Holdings LLC (the \"Business Combination\"). As part of the Business Combination, SGHC Limited underwent a pre-closing reorganization (the \"Reorganization\") whereby all existing shares of SGHC Limited were exchanged for newly issued ordinary shares of Super Group (SGHC) Limited. SGHC Limited was deemed the accounting predecessor and Super Group (SGHC) Limited has become the successor registrant with the SEC. As of the date of this Report, our subsidiaries are licensed in 20 jurisdictions and collectively we have approximately 2,900 employees. During 2025, on average, over 5.6 million customers per month yielded $4.7 billion in wagers per month. During 2025, total wagers amounted to $56.8 billion. Our business generated $2.2 billion in net gaming revenue for the year ended December 31, 2025 in different geographic regions, including North America, South America, Europe, Africa and Middle East, and Asia-Pacific, such regions accounting for 33%, 1%, 19%, 40%, and 7%, respectively, of our total revenue in 2025. What We Do Our global online sports betting and casino gaming services are delivered to customers by way of two primary product offerings: \u2022Betway, a single-brand premier online sports betting and casino offerings, and \u2022Spin, a multi-brand online casino offering. Betway is our single-brand online sports betting and casino offering with a global footprint derived from licenses to operate throughout Europe, the Americas and Africa. Betway seeks to continue to grow brand awareness, including through an expanding portfolio of partnerships and collaborations with sports teams, leagues and ambassadors worldwide. Betway has more than 90 such arrangements and seeks to maximize its impact and reach. Spin is our multi-brand online casino offering. Spin\u2019s diverse portfolio of more than 16 casino brands is designed to be culturally relevant across the globe while aiming to offer a wide range of casino products. Spin is casino-led but some of its brands also offer sports betting products. Spin seeks to achieve growth through a broad range of targeted marketing channels in which we believe an expansive brand portfolio will be a significant asset. In September 2022, we expanded the Spin portfolio by acquiring a majority stake in Jumpman. In 2024, the remaining stake was acquired. Jumpm", "title": "SGHC - Super Group (SGHC) Ltd", "url": "/company/SGHC/" }, { "kind": "company", "summary": "SIC 1040 Gold and Silver Ores; CIK 0001526243; latest 10-K filed 2026-03-31.", "text": "PPTA - PERPETUA RESOURCES CORP. SIC 1040 Gold and Silver Ores; CIK 0001526243; latest 10-K filed 2026-03-31. PPTA PERPETUA RESOURCES CORP. 0001526243 1040 Gold and Silver Ores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations as of December 31, 2025 and 2024 and for the fiscal years then ended together with our consolidated financial statements and related notes and other financial information appearing in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, operations and product candidates, includes forward-looking statements that involve risks and uncertainties. You should review the sections of this Annual Report captioned \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d for a discussion of important factors that could cause our actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview Perpetua Resources Corp. (formerly Midas Gold Corp.) was incorporated on February 22, 2011 under the BCBCA. The Corporation was organized to hold shares in wholly owned subsidiaries that locate, acquire, develop and restore mineral properties located principally in the Stibnite \u2013 Yellow Pine mining district in Valley County, Idaho, USA. The Corporation\u2019s principal asset is 100% ownership in subsidiaries that control the Stibnite Gold Project. The Corporation currently operates in one segment: mineral exploration and development in the United States. The registered and records office of Perpetua Resources is located at Suite 2501-550 Burrard St, Vancouver, BC, V6C 2B5, Canada and the corporate head office is located at Suite 201-405 S 8th St, Boise, ID 83702, USA. 2026 Outlook and Goals Perpetua Resources\u2019 vision is to provide the United States with a domestic source of the critical mineral antimony, develop one of the largest and highest-grade open pit gold mines in the country, and restore an abandoned brownfield site. Perpetua Resources\u2019 focus for 2026 is on the following: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Complete project financing, including closing an approximately $2.7 billion senior secured loan from U.S. EXIM, to finance the construction and development of the Project, described in the \\u201cFinancing Activities\\u201d section below;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Finalize the remaining state permits;\"]] [[/GREPCENT_TABLE]] 61 Table of Contents [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Advance detailed engineering, contracting, procurement and execution planning to be full sanction construction-ready in the second half of 2026;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Commence full construction of the Project;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Continue to expand the management team and workforce to support full-scale construction, detailed engineering and operations;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Advance commercial downstream antimony off-site processing and offtake agreements; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Continue project-wide exploration and testing to further expand the Company\\u2019s gold and antimony resources and reserves, and validate potential tungsten opportunities at the Project; any such expansion and other opportunities may be subject to further environmental review and permitting requirements.\"]] [[/GREPCENT_TABLE]] 2025 Key Highlights [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Zero lost time incidents or reportable environmental spills.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"USFS issued the Final ROD and approved the Plan of Operations for the Project.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"USACE issued the CWA Section 404 permit for the Project.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\" Item 1. Business Overview The Corporation was incorporated under the BCBCA on February 22, 2011 under the name \u201cMidas Gold Corp.\u201d The Corporation changed its name to \u201cPerpetua Resources Corp.\u201d on February 15, 2021. The Corporation\u2019s head office is located at Suite 201 \u2013 405 South 8th Street, Boise, Idaho, U.S.A. 83702 and its registered and records office is located at Suite 1008 \u2013 550 Burrard Street, Vancouver, British Columbia V6C 2B5. The Corporation is engaged in acquiring mining properties with the intention of exploring, evaluating, developing and placing them into production, if warranted. The Corporation\u2019s principal mineral project is the Stibnite Gold Project (the \u201cProject\u201d) in Idaho, USA, which contains several gold, silver and antimony mineral deposits. The Corporation\u2019s current focus is to redevelop three of the Deposits known as the Hangar Flats Deposit, West End Deposit and Yellow Pine Deposit, all of which are located within the Stibnite Gold Project, as well as reprocess certain historical tailings located on the Project. These development activities are intended to be undertaken in conjunction with a major restoration program designed to address legacy impacts related to historical mining activities in the Project area. The Corporation\u2019s subsidiaries\u2019 hold the properties of the Stibnite Gold Project which are comprised of a contiguous package of unpatented federal lode claims, unpatented federal mill sites, patented lode mining claims and patented mill sites. As of December 31, 2025, this land position encompassed approximately 28,536 acres held in 1,674 unpatented lode claims and mill sites and patented land holdings. A subsidiary of the Corporation acquired these rights through a combination of purchases and transactions and staking under the 1872 Mining Law and holds a portion under an option agreement. Bureau of Land Management claim rental payments and filings are current as of the date of this filing and the claims are all held in good st Item 1A. Risk Factors. Investing in our common shares involves a high degree of risk. An investment in our securities is speculative and involves a high degree of risk due to the nature of our business and the present stage of development of our mineral properties. You should carefully consider the risks described below, as well as the other in", "title": "PPTA - PERPETUA RESOURCES CORP.", "url": "/company/PPTA/" }, { "kind": "company", "summary": "SIC 6324 Hospital & Medical Service Plans; CIK 0001801170; latest 10-K filed 2026-02-27.", "text": "CLOV - CLOVER HEALTH INVESTMENTS, CORP. /DE SIC 6324 Hospital & Medical Service Plans; CIK 0001801170; latest 10-K filed 2026-02-27. CLOV CLOVER HEALTH INVESTMENTS, CORP. /DE 0001801170 6324 Hospital & Medical Service Plans Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. The discussion should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2025, contained in this Annual Report on Form 10-K (the \"Form 10-K\"). The following discussion and analysis does not include certain items related to the year ended December 31, 2024, including year-to-year comparisons between the year ended December 31, 2024 and the year ended December 31, 2023. For a discussion of these items and comparison of our results of operations for the fiscal years ended December 31, 2024 and December 31, 2023, see Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 3, 2025. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in the \"Risk Factors\" section of this Form 10-K. Actual results may differ materially from those contained in any forward-looking statements. See \"Cautionary Note Regarding Forward-Looking Statements\" for additional information. Unless the context otherwise requires, references in this \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" to \"we,\" \"us,\" \"our,\" \"Clover,\" \"Clover Health,\" and the \"Company\" mean the business and operations of Clover Health Investments, Corp. and its consolidated subsidiaries. Overview At Clover Health, our vision is to empower every physician with the technology to identify, manage, and treat chronic diseases earlier. Our strategy is to improve the care of people with Medicare, develop wide physician networks, and provide technology to help empower physicians. Our proprietary software platform, Clover Assistant (licensed externally as Counterpart Assistant), helps us execute this strategy by enabling physicians to detect, identify, and manage chronic diseases earlier than they otherwise could. This technology is a cloud-based software platform that provides physicians with access to data-driven and personalized insights for the patients they treat. We operate Preferred Provider Organization (\"PPO\") and Health Maintenance Organization (\"HMO\") Medicare Advantage (\"MA\") plans for Medicare-eligible individuals. We aim to provide high-quality, affordable healthcare for all Medicare beneficiaries. Among plans with similar major characteristics, we offer most members in our MA plans (the \"members\") among the lowest average out-of-pocket costs for primary care provider and specialist co-pays in their markets. We strongly believe in providing our members provider choice, and we consider our PPO plans to be our flagship insurance product. An important feature of our MA product is wide network access. We believe the use of Clover Assistant and related data insights allows us to improve clinical decision-making through a highly scalable platform. At December 31, 2025, we operated our MA plans in five states and 200 counties, with 113,803 members. 2025 Highlights 2026 Annual Election Period Results On January 14, 2026, the Company announced a 53% year-over-year growth of its MA membership during the most recent Annual Election Period. The Company entered 2026 with over 153,000 members, over 97% of whom are enrolled in the Company's flagship PPO plans. Geographic Presence Beginning in 2026, our MA plans will be available in a total of 203 counties and five states. CMS Star Ratings On October 9, 2025, the Company announced that CMS has decreased the Star rating of its PPO Medicare Advantage plans to 3.5 Stars for Star rating year 2026, which will affect payment yea Item 1. Business. General At Clover Health, our vision is to empower every physician with technology to identify, manage, and treat chronic diseases earlier. This results in earlier diagnosis and treatment, earlier disease management and more affordable and accessible care. Our strategy is to improve the care of our Medicare Advantage (\"MA\") members, develop wide physician networks, and provide technology to help empower physicians. Our proprietary software platform, Clover Assistant (licensed externally as Counterpart Assistant), supports clinical real-time decision making at the point of care by equipping the clinical with data and insights. This helps us execute our strategy by enabling physicians to detect, identify, and manage chronic diseases better than they otherwise could. This technology is a cloud-based software platform that curates data from over 100 sources and provides physicians with access to data-driven insights and personalized care recommendations for the patients. Our differentiated approach can be summarized as follows: (1)Represents full year 2025 Benefits expense ratio (\u201cBER\u201d) for Clover Health, as well as most recent results of other public companies with \u201cTraditional MA Plan\u201d approaches that have reported results as of the time of this publication. BER is a non-GAAP financial measure. We calculate our BER by taking the total of Insurance net medical expenses incurred and quality improvements, and dividing that total by premiums earned on a net basis, in a given period. Please refer to the Company's Key Performance Measures included in Part II, Item 7 of this Form 10-K, for a reconciliation of BER to Insurance Net medical claims incurred, net, the most directly comparable GAAP measure. Provider use of Clover Assistant enables data-driven clinical decision-making that benefits our members and drives rapid software iteration: the more that providers use Clover Assistant, the more it learns and furthers the precision of personalized data-dr Item 1A. Risk Factors. In the course of conducting our business operations, we are exposed to a variety of risks, any of which have affected or could materially adversely affect our business, financial condition, and results of operations. The market price of our common stock could declin", "title": "CLOV - CLOVER HEALTH INVESTMENTS, CORP. /DE", "url": "/company/CLOV/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0000882796; latest 10-K filed 2026-02-26.", "text": "BCRX - BIOCRYST PHARMACEUTICALS INC SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0000882796; latest 10-K filed 2026-02-26. BCRX BIOCRYST PHARMACEUTICALS INC 0000882796 2836 Biological Products, (No Diagnostic Substances) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) is intended to help the reader understand our results of operations and financial condition. This MD&A is provided as a supplement to, and should be read in conjunction with, our audited financial statements and the accompanying notes to the financial statements and other disclosures included in this report (including the \u201cCautionary Note Regarding Forward-Looking Statements\u201d at the beginning of this report and the \u201cRisk Factors\u201d section in Part I, Item 1A of this report). Overview We are a global biotechnology company focused on developing and commercializing medicines for hereditary angioedema (\u201cHAE\u201d) and other rare diseases, driven by our deep commitment to improving the lives of people living with these conditions. We have built a robust commercial infrastructure to support the successful commercialization of ORLADEYO, an oral, once-daily therapy discovered and developed internally for the prevention of HAE attacks. Our business strategy includes leveraging this established commercial platform to successfully commercialize a pipeline of potential first-in-class or best-in-class oral small molecule and injectable protein therapeutics targeting a range of rare diseases. These programs are being pursued through both internal discovery efforts and strategic business development. By utilizing our existing commercial capabilities and focusing on rare disease markets, we believe that we can more effectively optimize our costs and strategically allocate resources to support long-term, sustainable growth. Products and Product Candidates ORLADEYO\u00ae (berotralstat) ORLADEYO is an oral, once-daily therapy discovered and developed by us for the prevention of HAE attacks. A capsule formulation of ORLADEYO is approved in the United States and other global markets for the prevention of HAE attacks in adults and pediatric patients 12 years and older. In addition, in December 2025, the FDA approved an oral pellet formulation of once-daily ORLADEYO for prophylactic therapy in pediatric patients with HAE aged 2 to 12 years. 66 Table of Contents Based on proprietary analyses of HAE prevalence and market research studies with HAE patients, physicians, and payors in the United States and Europe, and five full years of commercialization experience with ORLADEYO, we anticipate that the global commercial market for ORLADEYO has the potential to reach a global peak of $1 billion in annual net ORLADEYO revenues. Based on our commercialization experience with ORLADEYO, we believe there is a seasonal impact to our business in the first quarter of each year due to typical first quarter requirements from payors for prescription reauthorization of specialty products, like ORLADEYO, that can temporarily move patients from paid drug to free product. These expectations are subject to numerous risks and uncertainties that may cause our actual results, performance, or achievements to be materially different. There can be no assurance that our commercialization methods and strategies will succeed, or that the market for ORLADEYO will develop in line with our current expectations. See \u201cRisk Factors\u2014Risks Relating to Our Business\u2014Risks Relating to Product Development and Commercialization\u2014There can be no assurance that our or our partners\u2019 commercialization efforts, methods, and strategies for our products or technologies will succeed, and our future revenue generation is uncertain\u201d in Part I, Item 1A of this report for further discussion of these risks. Revenue from sales of ORLADEYO in 2025, which was our fifth full year of ORLADEYO sales, is discussed under \u201cResults of Operations\u201d in this MD&A. Revenue from sales of ORLADEYO in future periods is subject to uncertainties and will depend on several factors, including, but not limited to the success of our and our partners\u2019 commercialization efforts i ITEM 1. BUSINESS Our Business We are a global biotechnology company focused on developing and commercializing medicines for hereditary angioedema (\u201cHAE\u201d) and other rare diseases, driven by our deep commitment to improving the lives of people living with these conditions. We have built a robust commercial infrastructure to support the successful commercialization of ORLADEYO, an oral, once-daily therapy discovered and developed internally for the prevention of HAE attacks. Our business strategy includes leveraging this established commercial platform to successfully commercialize a pipeline of potential first-in-class or best-in class oral small molecule and injectable protein therapeutics targeting a range of rare diseases. These programs are being pursued through both internal discovery efforts and strategic business development. By utilizing our existing commercial capabilities and focusing on rare disease markets, we believe that we can more effectively optimize costs and strategically allocate resources to support long-term, sustainable growth. Molecules from our discovery and business development efforts that are commercially available or that are in active development are summarized in the table below and are discussed in further detail under \u201cProducts and Product Candidates\u201d in this \u201cPart I\u2014Item 1\u2014Business\u201d section of this report. For a description of our relationships with third parties regarding our products and product candidates, see \u201cBusiness\u2014Collaborations, License and Other Relationships.\u201d In addition to the molecules referenced in the table below, we are pursuing certain pre-clinical medicines directed at other rare disease targets. [[GREPCENT_TABLE]] [[\"Drug/Drug Candidate\",\"\",\"Drug Class\",\"\",\"Therapeutic Area(s)\",\"\",\"Phase\"],[\"ORLADEYO\\u00ae(berotralstat)\",\"\",\"Oral Serine Protease Inhibitor Targeting Kallikrein (once-daily oral capsule treatment)\",\"\",\"Hereditary Angioedema\",\"\",\"Approved (United States and multiple global markets)\"],[\"\",\"\",\"Or ITEM 1A. RISK FACTORS An investment in our stock involves risks. You should carefully read this entire report and consider the following uncertainties and risks, which may adversely affect our business, financial condition or results of operations, along with all of the other inf", "title": "BCRX - BIOCRYST PHARMACEUTICALS INC", "url": "/company/BCRX/" }, { "kind": "company", "summary": "SIC 3621 Motors & Generators; CIK 0000880807; latest 10-K filed 2026-05-27.", "text": "AMSC - AMERICAN SUPERCONDUCTOR CORP /DE/ SIC 3621 Motors & Generators; CIK 0000880807; latest 10-K filed 2026-05-27. AMSC AMERICAN SUPERCONDUCTOR CORP /DE/ 0000880807 3621 Motors & Generators Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Executive Overview Guided by a belief in the power of next, we are a leading provider of power control solutions that apply innovation and creativity to address today\u2019s challenges and enable a more resilient and sustainable energy future. Driven by our purpose \u201cto power progress,\u201d we integrate future-facing technologies to balance the growing global demand for power with the need for reliable, and efficient power delivery. Our advanced grid systems, engineering services, power electronics, software controls, and superconductor-based solutions help the traditional and renewable energy sectors, electric utilities, the materials and mining sector, industrial facilities, and other critical infrastructure operators optimize network reliability, improve power quality, alleviate grid constraints, and scale operations without added complexity or size. We also deliver ship protection and power management solutions that enhance fleet efficiency, survivability, and operational readiness for the U.S. Navy and allied fleets. In the wind power market, we provide advanced electrical control systems, engineering, and support services that help manufacturers lower the cost of wind energy and improve turbine performance. Beyond these markets, we provide industrial process, environmental and emission control capabilities that support operational efficiency across the broader energy infrastructure. Across our businesses, our solutions are helping optimize power networks, strengthen naval capabilities, and support gigawatts of renewable energy generation worldwide as governments and industries continue investing in more resilient, secure, and sustainable power systems. We operate our business under two market-facing business segments: Grid and Wind. We believe this market centric structure enables us to more effectively anticipate and meet the needs of power generators, power utilities, industrial manufacturers, the military and renewable energy companies. [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Grid. Our Grid business segment enables electric utilities, industrial facilities, and traditional and renewable energy project developers to connect, transmit, transform and distribute power with exceptional efficiency, reliability, security and affordability. We provide transmission planning services that allow us to identify power grid congestion, poor power quality, and other risks, which help us determine how our solutions can improve network performance. These services often lead to sales of our grid interconnection solutions for wind farms and solar power plants, power quality systems and transmission and distribution cable systems. We also sell critical shipyard infrastructure power solutions, ship power supplies and ship protection products to U.S. and allied Navies through our Grid business segment.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Wind. Our Wind business segment enables manufacturers to field wind turbines with exceptional power output, reliability and affordability. We supply advanced power electronics and control systems, license our highly engineered wind turbine designs, and provide extensive customer support services to wind turbine manufacturers. Our design portfolio includes a broad range of drivetrains and power ratings of 2 megawatts (\\\"MWs\\\") and higher. We provide a broad range of power electronics and software-based control systems that are highly integrated and designed for optimized performance, efficiency, and grid compatibility.\"]] [[/GREPCENT_TABLE]] Our fiscal year begins on April 1 and ends on March 31. When we refer to a particular fiscal year, we are referring to the fiscal year that began on April 1 of that same year. For example, fiscal 2025 refers to the fiscal year that began on April 1, 2025. Other fiscal years follow similarly. Changes in macroeconomic conditions arising from various reasons, such as Item 1. BUSINESS Overview American Superconductor Corporation (together with its subsidiaries, \u201cAMSC\u00ae\u201d or the \u201cCompany\u201d) was founded on April 9, 1987. At AMSC, we believe that our creativity can meet today\u2019s challenges and help us progress to a better future. That means using future-facing technologies to harmonize the world\u2019s desire for sustainable progress with the need for more reliable, effective and efficient power delivery. Already, our transformative power solutions are moving the world forward. We design, develop, and deploy power control solutions that harmonize an increasingly complex energy system, helping our customers scale without added complexity or size. Our system level products leverage the Company's proprietary \"smart materials\" and \"smart software and controls\" to provide enhanced resiliency and improved performance of megawatt-scale power flow. Right now, we are powering the evolution of a grid that is fit for the future: a more reliable and resilient grid built to support and incorporate a broad mix of energy sources. Our pioneering products, software and control solutions are creating more cost-effective and efficient ways to deliver power across a mix of energy sources to ensure a reliable grid that meets the rising demand of power and supports critical infrastructure. This exciting energy future also depends on computer chips, batteries and fuel cells that are built from silicon, lithium and carbon. All of these building blocks must be mined, processed and assembled. Industrial manufacturers of these essential materials as well as semiconductor manufacturers must be able to power their factories in ways that scale without adding complexity or size. Our voltage compensators, capacitors, transformers and rectifiers can power the energy-intensive factories of the future while reducing the risk of costly power interruptions that could hinder this journey to a better future. In an era of increasing global tensions, we provide advanced power Item 1A. RISK FACTORS Risks Related to Our Operations If we fail to implement our business strategy successfully, our financial performance could be harmed. Our future financial performance and success are dependent in large part upon our ability to implement our business strategy successfully. Our business strategy env", "title": "AMSC - AMERICAN SUPERCONDUCTOR CORP /DE/", "url": "/company/AMSC/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001519449; latest 10-K filed 2026-03-02.", "text": "SKWD - Skyward Specialty Insurance Group, Inc. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001519449; latest 10-K filed 2026-03-02. SKWD Skyward Specialty Insurance Group, Inc. 0001519449 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview We are a growing specialty insurance company delivering commercial P&C products and solutions on a non-admitted (or E&S) and admitted basis, predominantly in the United States. We focus our business on markets that are underserved, dislocated and/or for which standard insurance coverages are insufficient or inadequate to meet the needs of businesses, including our customers and prospective customers operating in these markets. Our customers typically require highly specialized, customized underwriting solutions and claims capabilities. As such, we develop and deliver tailored insurance products and services to address each of the niche markets we serve. Our portfolio of insured risks is highly diversified \u2014 we insure customers operating in a wide variety of industries; we distribute through multiple channels; we write multiple lines of business, including general liability, excess liability, professional liability (which includes cyber and media liability insurance), commercial auto, group accident and health, property, agriculture, credit, surety and workers\u2019 compensation; we insure both short and medium duration liabilities; and our business mix is principally primary insurance and balanced between E&S and admitted markets. A portion of our business is specialty reinsurance (principally agriculture and credit) which is similarly focused on attractive specialty classes where we believe it is more efficient to approach these classes through reinsurance given factors such as cost of entry, including the costs of geographic expansion. All of these factors enable us to respond to market opportunities and dislocations by deploying capital with attractive risk-adjusted returns. We believe this diversification, which includes businesses not typically aligned with traditional P&C pricing cycles, combined with our underwriting and claims expertise, will more consistently produce strong growth and profitability across all insurance pricing cycles. We seek to lead in our chosen market niches and establish sustainable competitive positions in these markets. We refer to this strategy as \u201cRule Our Niche\u201d and it forms the basis of our approach to building a strong defensible market position, creating a competitive moat, and winning our chosen markets. We believe that the principles underlying our strategy are key to achieving and sustaining best-in-class underwriting results through P&C insurance pricing cycles. We consistently strive for excellence in risk selection, pricing, and claims outcomes, and to amplify these critical functions with the use of advanced technology and analytics. During the first quarter of 2025, we updated our underwriting divisions to align with how management currently oversees the business, allocates resources and evaluates operating performance. We added a ninth division, Agriculture and Credit (Re)insurance, which includes the Global Agriculture unit, previously reported with Global Property, and the Mortgage and Credit units, and focuses on specialty classes for which reinsurance provides a more attractive market entry. The Industry Solutions division is now the Construction & Energy Solutions division and the Inland Marine unit is now included in the Transactional E&S division. Programs is now Specialty Programs. Prior reporting periods have been conformed to reflect the new presentation. On September 2, 2025, we entered into two share purchase agreements (the \"Apollo Majority SPAs\") with institutional and management shareholders, respectively, of Apollo Group Holdings Limited (\"Apollo\") (the \"Majority Sellers\"). Pursuant to the Apollo Majority SPAs and in accordance with the terms and subject to the conditions therein, we agreed to acquire all of the issued shares of Apollo held by the Majority Sellers, representing approximately 87% of the issued share capital of Apollo. In addition, closing of the t Item 1. Business Who We Are Skyward Specialty was formed as a Delaware corporation on January 3, 2006 as an insurance holding company. We operated under the name Houston International Insurance Group, Ltd. until we re-branded as Skyward Specialty in November 2020. References to \u201cthe Company,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d or like terms refer to the business of Skyward Specialty Insurance Group, Inc. and its subsidiaries. We are a growing specialty insurance company delivering commercial insurance products and solutions on a non-admitted (or E&S) and admitted basis, predominantly in the United States. We focus our business on markets that are underserved, dislocated and/or for which standard insurance coverages are insufficient or inadequate to meet the needs of businesses, including our customers and prospective customers operating in these markets. Our customers typically require highly specialized, customized underwriting solutions and claims capabilities. As such, we develop and deliver tailored insurance products and services to address each of the niche markets we serve. Our portfolio of insured risks is highly diversified\u2014we insure customers operating in a wide variety of industries; we distribute through multiple channels; we write multiple lines of business, including general liability, excess liability, professional liability (including cyber and media liability insurance), commercial auto, group accident and health, property, agriculture, credit, surety and workers\u2019 compensation; we insure both short and medium duration liabilities; and our business mix is principally primary insurance and balanced between E&S and admitted markets. A portion of our business is specialty reinsurance (principally property, agriculture and credit) which is similarly focused on attractive specialty classes where we believe it is more efficient to approach these classes through reinsurance given factors such as cost of entry, including the costs of geographic expansion. All of these fa Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this report, including our consolidated financial statements and relate", "title": "SKWD - Skyward Specialty Insurance Group, Inc.", "url": "/company/SKWD/" }, { "kind": "company", "summary": "SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0001866364; latest 10-K filed 2026-04-09.", "text": "BULL - Webull Corp SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0001866364; latest 10-K filed 2026-04-09. BULL Webull Corp 0001866364 6211 Security Brokers, Dealers & Flotation Companies Overview Webull is a digital investment platform built upon a next-generation global infrastructure. We provide our customers with extensive products, features and functions that go beyond what is offered by most retail investment platforms in the markets today. The Webull platform is specifically designed and developed for our target demographic of young and digitally-savvy retail investors. We believe we are the platform of choice for this new generation of retail investors, whose demands for diverse investment products, mobile-first interface, around-the-clock availability, instant and in-depth market data, and social features may be prohibitively expensive for traditional investment platforms. We pride ourselves in the professional grade trading and investment features we offer. Though we may not be the place where our customers first learn about investing, we aim to be the platform they graduate into as they become more informed about investing. Our customers are primarily millennials and Gen Zs, and 68% report having prior investing experience before opening an account with us as of December 31, 2025. Our young customers provide us with opportunities to grow with and continue to serve them over the next several decades as their trusted lifelong investment partner. Driven by our strong belief that every retail investor should have access to the resources needed to become a more educated and empowered investor \u2014 what we refer to as the informed investor \u2014 our platform enables anyone to create a free account on Webull and gain access to the information and analytical tools that other brokerages typically lock behind a paywall, through which we help investors become more informed. The days when real-time stock price data were privileged information hidden behind a paywall are gone, and we believe more sophisticated market information should be made affordable and accessible to ordinary investors. We believe that no investment decision should be made without access to relevant public information, and no investor should have to question the stability of the underlying platform. As a result, many experienced investors choose us for the advanced trading tools and functions we offer, while novice investors look to us as a trusted resource for gaining the education and insight needed to become informed investors. We serve our customers through a global platform built around self-directed trading and provide our users access to market data from a broad range of exchanges worldwide as of December 31, 2025. Our freely available information and analytics, coupled with our open digital community features, foster a virtual trading floor experience similar to Wall Street and Canary Wharf where investment theses are freely exchanged and debated with the most popular ideas rising to the surface. Armed with these tools and the Webull Community, experienced and novice investors alike can learn and develop the confidence and ability to grow their personal wealth. While our core product offering is designed for the self-directed retail investor, we have recently added a number of wealth management services catered to those customers who prefer a more passive investment solution. We strive to make Webull the platform of choice for everyone who takes investing seriously. We generate revenues primarily via transaction-based trading activities and interest related income primarily in connection with stock lending and margin financing services provided to our customers. 77 The following tables set forth our key operating and financial metrics as of and for the periods indicated. We regularly review these key metrics to evaluate our business and financial performance as well as make strategic decisions. [[GREPCENT_TABLE]] [[\"\",\"\",\"For the Three Months Ended\"],[\"\",\"\",\"March 31, 2023\",\"\",\"\",\"June 30, 2023\",\"\",\"\",\"September 30, 2023\",\"\",\"\",\"December 31, 2023\",\"\",\"\",\"March 31, 2024\",\"\",\"\",\"June 30, 2024\",\"\",\"\",\"September 30, 2024\",\"\",\"\",\"December", "title": "BULL - Webull Corp", "url": "/company/BULL/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001600620; latest 10-K filed 2026-02-26.", "text": "AUPH - Aurinia Pharmaceuticals Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001600620; latest 10-K filed 2026-02-26. AUPH Aurinia Pharmaceuticals Inc. 0001600620 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the notes thereto and other financial information included in this Annual Report. Some of the information contained in this discussion and analysis, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the \u201cRisk Factors\u201d set forth in this Annual Report for a discussion of important factors that could cause our actual results to differ materially from the results described or implied by the forward-looking statements contained in the following discussion and analysis. The following generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussion of 2023 and year-to-year comparisons between 2024 and 2023 that are not included in this discussion can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 27, 2025. Overview Aurinia is a biopharmaceutical company focused on delivering therapies to people living with autoimmune diseases with high unmet medical needs. In January 2021, the Company introduced LUPKYNIS\u00ae (voclosporin), the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis (\u201cLN\u201d). Aurinia is also developing aritinercept, a dual inhibitor of B cell-activating factor (\u201cBAFF\u201d) and a proliferation-inducing ligand (\u201cAPRIL\u201d) for the potential treatment of autoimmune diseases. Results of Operations Comparison of the Years Ended December 31, 2025 and 2024 The following table sets forth our results of operations for the years ended December 31, 2025 and 2024 (in thousands): [[GREPCENT_TABLE]] [[\"\",\"Years Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"Change\"],[\"Revenue\"],[\"Net product sales\",\"$\",\"271,345\",\"\",\"\",\"$\",\"216,186\",\"\",\"\",\"$\",\"55,159\"],[\"License, collaboration and royalty revenue\",\"11,710\",\"\",\"\",\"18,947\",\"\",\"\",\"(7,237)\"],[\"Total revenue\",\"283,055\",\"\",\"\",\"235,133\",\"\",\"\",\"47,922\"],[\"Operating expenses\"],[\"Cost of revenue\",\"32,665\",\"\",\"\",\"28,248\",\"\",\"\",\"4,417\"],[\"Selling, general and administrative\",\"101,794\",\"\",\"\",\"172,028\",\"\",\"\",\"(70,234)\"],[\"Research and development\",\"32,505\",\"\",\"\",\"20,785\",\"\",\"\",\"11,720\"],[\"Restructuring\",\"1,647\",\"\",\"\",\"23,106\",\"\",\"\",\"(21,459)\"],[\"Other expense (income), net\",\"9,530\",\"\",\"\",\"(4,347)\",\"\",\"\",\"13,877\"],[\"Total operating expenses\",\"178,141\",\"\",\"\",\"239,820\",\"\",\"\",\"(61,679)\"],[\"Income (loss) from operations\",\"104,914\",\"\",\"\",\"(4,687)\",\"\",\"\",\"109,601\"],[\"Interest income\",\"13,573\",\"\",\"\",\"16,970\",\"\",\"\",\"(3,397)\"],[\"Interest expense\",\"(4,330)\",\"\",\"\",\"(4,835)\",\"\",\"\",\"505\"],[\"Net income before income taxes\",\"114,157\",\"\",\"\",\"7,448\",\"\",\"\",\"106,709\"],[\"Income tax (benefit) expense\",\"(173,045)\",\"\",\"\",\"1,696\",\"\",\"\",\"(174,741)\"],[\"Net income\",\"$\",\"287,202\",\"\",\"\",\"$\",\"5,752\",\"\",\"\",\"$\",\"281,450\"]] [[/GREPCENT_TABLE]] Net Product Sales Aurinia sells LUPKYNIS to two specialty pharmacies and a specialty distributor in the United States (the \u201cU.S.\u201d), and Aurinia sells LUPKYNIS inventory to its collaboration partner, Otsuka Pharmaceutical Co., Ltd. (\u201cOtsuka\u201d), for the European and Japanese market. The two specialty pharmacies, specialty distributor and Otsuka are considered our customers for accounting purposes. 32 For the year ended December 31, 2025, net product sales were $271.3 million, up 25% compared to $216.2 million in 2024. The increase is primarily due to an increase in the number of LUPKYNIS cartons sold to specialty pharmacies, driven by further LN market penetration. License, Collaboration and Royalty Revenue License, collaboration and royalty revenue consists of revenue from a collabor Item 1. Business. OVERVIEW Background Aurinia is a biopharmaceutical company focused on delivering therapies to people living with autoimmune diseases with high unmet medical needs. In January 2021, the Company introduced LUPKYNIS\u00ae (voclosporin), the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis (\u201cLN\u201d). Aurinia is also developing aritinercept, a dual inhibitor of B cell-activating factor (\u201cBAFF\u201d) and a proliferation-inducing ligand (\u201cAPRIL\u201d) for the potential treatment of autoimmune diseases. Net Product Sales Aurinia sells LUPKYNIS to two specialty pharmacies and a specialty distributor in the United States (\u201cU.S.\u201d), and Aurinia sells LUPKYNIS inventory to its collaboration partner, Otsuka Pharmaceutical Co., Ltd. (\u201cOtsuka\u201d), for the European and Japanese market. For the year ended December 31, 2025, net product sales were $271.3 million, up 25% compared to $216.2 million in 2024. LUPKYNIS Net Product Sales Cash Flows from Operating Activities For the year ended December 31, 2025, cash flows from operating activities were $135.7 million, up 206% compared to $44.4 million in 2024. Cash Position As of December 31, 2025, Aurinia had cash, cash equivalents, restricted cash and investments of $398.0 million, compared to $358.5 million at December 31, 2024. For the year ended December 31, 2025, the Company repurchased 12.2 million of its common shares for $98.2 million. 1 Otsuka Collaboration In December 2020, Aurinia entered into a collaboration and licensing agreement with Otsuka to develop and commercialize oral voclosporin in Japan, the European Union (the \u201cE.U.\u201d), the United Kingdom (the \u201cU.K.\u201d), Switzerland, Russia, Norway, Belarus, Iceland, Liechtenstein and Ukraine (collectively, the \u201cOtsuka Territories\u201d) in exchange for: (i) a $50 million upfront cash payment; (ii) regulatory and commercial milestone payments; and (iii) royalties ranging from 10% to 20% on net sales in the Otsuka Territories. In Au Item 1A. Risk Factors. An investment in our common shares involves a high degree of risk. You should carefully consider the material risks and uncertainties described below before deciding whether to purchase our common shares. Certain risks may be applicable to multiple categories but are only included once below. In assessing", "title": "AUPH - Aurinia Pharmaceuticals Inc.", "url": "/company/AUPH/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001075415; latest 10-K filed 2026-02-24.", "text": "DHC - DIVERSIFIED HEALTHCARE TRUST SIC 6798 Real Estate Investment Trusts; CIK 0001075415; latest 10-K filed 2026-02-24. DHC DIVERSIFIED HEALTHCARE TRUST 0001075415 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with our Consolidated Financial Statements included in Part IV, Item 15 of this Annual Report on Form 10-K. OVERVIEW We are a REIT organized under Maryland law that primarily owns senior living communities, medical office and life science properties and other healthcare related properties throughout the United States. As of December 31, 2025, we owned 298 properties located in 33 states and Washington, D.C., including 13 properties classified as held for sale. As of December 31, 2025, we owned an equity interest in each of the Seaport JV and the LSMD JV that own medical office and life science properties located in five states with an aggregate of approximately 2.2 million rentable square feet that were 99% leased with an average (by annualized rental income) remaining lease term of 14.2 years. 58 Table of Contents Beginning in September 2025, we transitioned the management of 116 of our senior living communities previously managed by Five Star to seven different third party managers in connection with AlerisLife's sale of all of its assets and the wind-down of its business. As of December 31, 2025, we completed the transition of all of the Five Star managed senior living communities to these managers. As of December 31, 2025, our 212 senior living communities were managed by 14 new and existing third party managers. As we transitioned these communities from Five Star, we experienced temporary disruption, including reduction in our cash flows. We are encouraged by positive trends, including increases in rates, margins and occupancy in our SHOP segment. Additionally, we expect that favorable supply and demand dynamics in the senior living industry will enable our managers to continue to grow occupancy and drive positive performance. While certain costs, primarily labor, insurance and food costs, have increased, we expect these cost increases to moderate, which will provide our managers the opportunity to increase rates in excess of increases in costs, resulting in improving returns to us. In an effort to optimize performance, our asset management team reviews the results of each of our senior living communities and our operators, taking into account various factors such as performance metric benchmarks, location and other relevant data points. This comprehensive review process ensures that our decisions are data-driven and strategically aligned with our overall objectives. As a result of these reviews, our strategy to drive positive performance includes analyzing non-performing communities for potential disposition or transition to different operators. We are closely monitoring the impacts of the current economic and market conditions on all aspects of our business, including, but not limited to, uncertainties surrounding interest rates and inflation, volatility in the public debt and equity markets, global geopolitical hostilities and tensions, any U.S. government shutdown, economic uncertainties and tariffs, labor market conditions and changes in real estate utilization. We expect to experience continued variability in labor, insurance and food costs in our SHOP segment. Inflationary pressures in the United States, as well as global geopolitical instability and tensions, have given rise to uncertainty regarding potential disruptions in the financial markets. Continued or intensified disruptions in the financial markets could adversely affect our financial condition and that of our managers, operators and tenants, could adversely impact the ability or willingness of our managers, operators, tenants or residents to pay amounts owed to us, could impair our ability to effectively deploy our capital or realize our target returns on our investments, may restrict our access to, and would likely increase, our cost of capital, and may cause the values of our properties and of Item 1. Business. Our Company We are a real estate investment trust, or REIT, that was organized under Maryland law in 1998. We primarily own senior living communities, medical office and life science properties and other healthcare related properties throughout the United States. As of December 31, 2025, we owned 298 properties, including 13 properties classified as held for sale, located in 33 states and Washington, D.C. As of December 31, 2025, we owned an equity interest in each of two unconsolidated joint ventures that own medical office and life science properties located in five states with an aggregate of approximately 2.2 million rentable square feet that were 99% leased with an average (by annualized rental income) remaining lease term of 14.2 years. Our principal executive offices are located at Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634, and our telephone number is (617) 796-8350. Our Business Strategy The healthcare industry remains one of the most resilient commercial real estate sectors, in part due to the scale of the U.S. healthcare market, which collectively represents approximately 18% of the U.S. gross domestic product, or GDP, according to the Centers for Medicare and Medicaid Services, or CMS. The healthcare sector\u2019s continued expansion has been driven by rising standards of care, increasing life expectancies and other demographic trends, as well as funding from both public and private sources. We believe that the aging of the U.S. population benefits our portfolio of healthcare real estate. According to U.S. Census data, by 2030, more than 20% of the total U.S. population will be age 65 or older, with that demographic projected to grow thereafter by the equivalent of 10,000 people per day. According to the U.S. Census Bureau, the age 75+ demographic is projected to be among the fastest growing age cohorts in the United States with an average annual growth of 4% between 2025 and 2035. The U.S. C Item 1A. Risk Factors. Summary of Risk Factors Our business is subject to a number of risks and uncertainties. The following is a summary of the principal risk factors described in this section: \u2022unfavorable market and commercial real estate industry conditions due to, among other things, uncertainties surrounding in", "title": "DHC - DIVERSIFIED HEALTHCARE TRUST", "url": "/company/DHC/" }, { "kind": "company", "summary": "SIC 6411 Insurance Agents, Brokers & Service; CIK 0001781755; latest 10-K filed 2026-02-26.", "text": "BWIN - Baldwin Insurance Group, Inc. SIC 6411 Insurance Agents, Brokers & Service; CIK 0001781755; latest 10-K filed 2026-02-26. BWIN Baldwin Insurance Group, Inc. 0001781755 6411 Insurance Agents, Brokers & Service ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including those set forth in Item 1A. Risk Factors and included elsewhere in this Annual Report on Form 10-K. See also \u201cNote Regarding Forward-Looking Statements.\u201d EXECUTIVE SUMMARY OF 2025 FINANCIAL RESULTS We are an independent insurance distribution firm providing indispensable expertise and insights that strive to give our clients the confidence to pursue their purpose, passion and dreams. The following is a summary of our 2025 financial results. Revenues for the year ended December 31, 2025 were $1.5 billion, an increase of $115.8 million, or 8%, year over year. Core commissions and fees grew organically by $98.5 million as a result of new and renewal business from clients across industry sectors and continued outperformance from MSI. Commissions and fees contributed by partnership activity were $23.6 million. In addition, profit-sharing and other revenue grew organically by $1.5 million. This growth was offset in part by a decrease in commissions and fees of $5.8 million related to the divestiture of our Wholesale Business in the first quarter of 2024. Operating expenses for the year ended December 31, 2025 were $1.4 billion, an increase of $102.6 million, or 8%, year over year. The increase in operating expenses was driven by higher other operating expenses, including increased technology outlay as we continue to invest in automation and efficiency and higher incurred losses and loss adjustment expense related to our newly established Captive business, as well as higher colleague compensation and benefits and outside commissions, largely reflecting the correlation between compensation and revenue growth, and increased amortization expense associated with our partnership activity. Interest expense, net, for the year ended December 31, 2025 was $121.4 million, a decrease of $2.2 million, or 2%, year over year, as a result of lower average interest rates due to the 2025 Refinancings and federal rate reductions, offset in part by higher average borrowings. We expect interest expense to grow in the near term on a year-over-year basis due to higher borrowings under the JPM Credit Facility to fund partnership opportunities and the settlement of deferred payment obligations, offset slightly by lower expected average interest rates. During the year ended December 31, 2025, we reported a loss on extinguishment and modification of debt of $6.2 million related to the 2025 Refinancings. Net loss for the year ended December 31, 2025 was $54.2 million, or a $0.50 loss per fully diluted share, compared to a net loss of $41.1 million, or a $0.39 loss per fully diluted share, in the same period of 2024. Adjusted EBITDA for the year ended December 31, 2025 was $341.5 million, an increase of $29.0 million year over year. Adjusted EBITDA margin was 22.7% for 2025, a 20 basis point expansion compared to 22.5% in 2024. Adjusted net income for the year ended December 31, 2025 was $198.9 million, an increase of $22.0 million year over year. Adjusted diluted EPS was $1.67 for 2025, an increase of 11% over $1.50 for 2024. Organic revenue for the year ended December 31, 2025 was $1.47 billion compared to $1.38 billion for the same period of 2024. Organic revenue growth was $100.0 million, or 7%, for 2025 compared to $196.9 million, or 17%, for 2024. Refer to the Non-GAAP Financial ITEM 1. BUSINESS The Company The Baldwin Insurance Group, Inc. is a holding company and sole managing member of The Baldwin Insurance Group Holdings, LLC (\u201cBaldwin Holdings\u201d) and its sole material asset is its ownership interest in Baldwin Holdings, through which all of our business is conducted. In this Annual Report on Form 10-K, unless the context otherwise requires, the words \u201cBaldwin,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to The Baldwin Insurance Group, Inc., together with its consolidated subsidiaries, including Baldwin Holdings and its consolidated subsidiaries and affiliates. Baldwin is an independent insurance distribution firm providing indispensable expertise and insights that strive to give our clients the confidence to pursue their purpose, passion and dreams. As a team of dedicated entrepreneurs and insurance professionals, we have come together to help protect the possible for our clients. We do this by delivering bespoke client solutions, services, and innovation through our comprehensive and tailored approach to risk management, insurance, and employee benefits. We support our clients, colleagues, insurance company partners and communities through the deployment of vanguard resources and capital to drive our organic and inorganic growth. When we consistently execute for these key stakeholders, we believe that the outcome is an increase in value for our stockholders. We are innovating the industry by taking a holistic and tailored approach to risk management, insurance and employee benefits. Our growth plan includes continuing to recruit, train and develop industry leading talent, continuing to add geographic representation, insurance product expertise and end-client industry expertise via our partnership strategy, and continuing to build out MSI, which delivers proprietary, technology-enabled insurance solutions to our internal risk advisors as well as to a growing channel of external distribution partners. We are a destination employer supp ITEM 1A. RISK FACTORS Summary Risk Factors Some of the factors that could materially and adversely affect our business, financial condition, results of operations or prospects include the following: \u2022We may not have sufficient cash flows from operating activities, cash on hand and available capital", "title": "BWIN - Baldwin Insurance Group, Inc.", "url": "/company/BWIN/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001816736; latest 10-K filed 2026-02-26.", "text": "IRON - Disc Medicine, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001816736; latest 10-K filed 2026-02-26. IRON Disc Medicine, Inc. 0001816736 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing at the end of this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis. Information pertaining to fiscal year ended December 31, 2023 was included in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2023, on pages 97 through 105, under Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d which was filed with the SEC on March 21, 2024. Overview We are a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel treatments for patients suffering from serious hematologic diseases. We have assembled a portfolio of clinical and preclinical product candidates that aim to modify fundamental biological pathways associated with the formation and function of red blood cells, specifically heme biosynthesis and iron homeostasis. Our current pipeline includes bitopertin for the treatment of erythropoietic porphyrias, or EPs, including erythropoietic protoporphyria, or EPP, and X-linked protoporphyria, or XLP; DISC-0974 for the treatment of anemia of myelofibrosis, or MF, and anemia of inflammatory bowel disease, or IBD; and DISC-3405 for the treatment of polycythemia vera, or PV, sickle cell disease, or SCD, and other hematologic disorders. In addition, our preclinical programs include DISC-0998 for the treatment of anemia associated with inflammatory diseases. Our approach to product candidate development leverages well-understood molecular mechanisms that have been validated in humans. We believe that each of our product candidates, if approved, has the potential to improve the lives of patients suffering from hematologic diseases. Heme Biosynthesis: Bitopertin Bitopertin is the lead product candidate in our heme biosynthesis modulation portfolio. Bitopertin was previously evaluated by F. Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc., or collectively, Roche, in a comprehensive clinical program in over 4,000 individuals in other indications which demonstrated the activity of bitopertin as a glycine transporter 1, or GlyT1, inhibitor and its effect on heme biosynthesis. We are initially developing bitopertin for the treatment of EPs, including EPP and XLP, which are part of a group of severe diseases, known as porphyrias, caused by defects in the heme biosynthesis pathway that cause an accumulation of toxic metabolites referred to as porphyrins, resulting in skin hypersensitivity to sunlight and some types of artificial light. We have completed two Phase 2 clinical trials of bitopertin: BEACON, an open-label, parallel-dose clinical trial in EPP and XLP patients conducted at sites in Australia, and AURORA, a randomized, double-blind, placebo-controlled clinical trial in EPP patients conducted at sites in the United States. In both trials, bitopertin significantly reduced the toxic metabolite, protoporphyrin IX, or PPIX, and was associated with improvements in measures of time spent in sunlight and quality of life. In addition, bitopertin was generally well-tolerated. All participants in AURORA and BEACON were eligible to participate in HELIOS, an ongoing open-label, long-term exte ITEM 1. BUSINESS Overview We are a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel treatments for patients suffering from serious hematologic diseases. We have assembled a portfolio of clinical and preclinical product candidates that aim to modify fundamental biological pathways associated with the formation and function of red blood cells, specifically heme biosynthesis and iron homeostasis. Our current pipeline includes bitopertin for the treatment of erythropoietic porphyrias, or EPs, including erythropoietic protoporphyria, or EPP, and X-linked protoporphyria, or XLP; DISC-0974 for the treatment of anemia of myelofibrosis, or MF, and anemia of inflammatory bowel disease, or IBD; and DISC-3405 for the treatment of polycythemia vera, or PV, sickle cell disease, or SCD, and other hematologic disorders. In addition, our preclinical programs include DISC-0998 for the treatment of anemia associated with inflammatory diseases. Our approach to product candidate development leverages well-understood molecular mechanisms that have been validated in humans. We believe that each of our product candidates, if approved, has the potential to improve the lives of patients suffering from hematologic diseases. Heme Biosynthesis: Bitopertin Bitopertin is the lead product candidate in our heme biosynthesis modulation portfolio. Bitopertin was previously evaluated by F. Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc., or collectively, Roche, in a comprehensive clinical program in over 4,000 individuals in other indications which demonstrated the activity of bitopertin as a glycine transporter 1, or GlyT1, inhibitor and its effect on heme biosynthesis. We are initially developing bitopertin for the treatment of EPs, including EPP and XLP, which are part of a group of severe diseases, known as porphyrias, caused by defects in the heme biosynthesis pathway that cause an accumulation of toxic metabolites referred to as ITEM 1A. RISK FACTORS Set forth below are the risks that we believe are material to our investors and they should be carefully considered. If any of the following risks and uncertainties actually occurs, our business, prospects, financial condition and results of operations could be materially and adversely affected. The risks d", "title": "IRON - Disc Medicine, Inc.", "url": "/company/IRON/" }, { "kind": "company", "summary": "SIC 3861 Photographic Equipment & Supplies; CIK 0000921582; latest 10-K filed 2026-02-25.", "text": "IMAX - IMAX CORP SIC 3861 Photographic Equipment & Supplies; CIK 0000921582; latest 10-K filed 2026-02-25. IMAX IMAX CORP 0000921582 3861 Photographic Equipment & Supplies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Presented below is Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) for IMAX for the twelve months ended December 31, 2025 and 2024. This MD&A should be read in conjunction with the accompanying Consolidated Financial Statements and related notes and the discussion under Item 8 of the Company\u2019s 2025 Annual Report on Form 10-K (this \u201cForm 10-K\u201d) and contains forward-looking statements that involve risks and uncertainties. Readers of this MD&A should review the sections titled \u201cSpecial Note Regarding Forward-Looking Information\u201d, \u201cRisk Factors\u201d, and \u201cQuantitative and Qualitative Disclosures about Market Risk\u201d for a discussion of forward-looking statements and factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements in the MD&A. For a discussion of results and comparisons for the twelve month ended December 31, 2023, see \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company\u2019s 2024 Annual Report on Form 10-K. OVERVIEW IMAX Corporation (\u201cIMAX\u201d) is a premier global technology platform for entertainment and events. Through its proprietary software, auditorium architecture, patented intellectual property, and specialized equipment, IMAX offers a unique end-to-end solution to create superior, awe-inspiring immersive content experiences for which the IMAX\u00ae brand is globally renowned. Top filmmakers, movie studios, artists, and creators utilize the cutting-edge visual and sound technology of IMAX to connect with audiences in innovative ways. As a result, IMAX is among the most important and successful global distribution platforms for domestic and international tentpole films. The Company\u2019s global content portfolio includes blockbuster films, both from Hollywood and local language film industries worldwide; IMAX documentaries, both original and acquired (\u201cIMAX Documentaries\u201d); and IMAX events and experiences in emerging verticals, including music, gaming, and sports. The Company leverages its proprietary technology and engineering in its business, which principally consists of the digital remastering of films and other content into the IMAX format for distribution across the IMAX network (\u201cIMAX Film Remastering\u201d) and the sale or lease of premium IMAX theater systems (\u201cIMAX System(s)\u201d). IMAX Systems are based on proprietary and patented image, audio and other technology developed over the course of the Company\u2019s history. The customers for IMAX Systems are principally exhibitors that operate commercial multiplex theaters, and, to a much lesser extent, institutional locations, including museums and science centers, and destination entertainment sites. The Company does not own the locations in the IMAX network, except for one, and is not an exhibitor, but instead sells or leases the IMAX System to exhibitor customers along with licenses to use its trademarks and ongoing maintenance services for which there are annual payments by the exhibitors to IMAX. IMAX has the largest global premium format network, more than double the size of its nearest competitor. As of December 31, 2025, there were 1,864 IMAX Systems operating in locations in 91 countries and territories, including 1,796 commercial multiplexes, 10 commercial destinations, and 58 institutional locations in the Company\u2019s global network. This compares to 1,807 IMAX Systems operating in 90 countries and territories as of December 31, 2024, including 1,735 commercial multiplexes, 11 commercial destinations, and 61 institutional locations in the Company\u2019s global network. Additional information on the composition of the IMAX network is provided in the discussion of \u201cMarketing and Customers\u201d in Part I, Item 1. IMAX Systems provide the Company\u2019s exhibitor customers with a combination of the following bene Item 1. Business IMAX Corporation (the \u201cCompany\u201d or \u201cIMAX\u201d) is a Canadian corporation that was formed in March 1994 as a result of an amalgamation between WGIM Acquisition Corp. and the former IMAX Corporation (\u201cPredecessor IMAX\u201d). Predecessor IMAX was incorporated in 1967. As of December 31, 2025, the Company indirectly owned 71.57% of IMAX China Holding, Inc. (\u201cIMAX China\u201d), whose shares trade on the Hong Kong Stock Exchange. IMAX China is a consolidated subsidiary of the Company. GENERAL IMAX is a premier global technology platform for entertainment and events. Through its proprietary software, auditorium architecture, patented intellectual property, and specialized equipment, IMAX offers a unique end-to-end solution to create superior, awe-inspiring immersive content experiences for which the IMAX\u00ae brand is globally renowned. Top filmmakers, movie studios, artists, and creators utilize the cutting-edge visual and sound technology of IMAX to connect with audiences in innovative ways. As a result, IMAX is among the most important and successful global distribution platforms for domestic and international tentpole films. The Company\u2019s global content portfolio includes blockbuster films, both from Hollywood and local language film industries worldwide; IMAX documentaries, both original and acquired (\u201cIMAX Documentaries\u201d); and IMAX events and experiences in emerging verticals, including music, gaming, and sports. The Company leverages its proprietary technology and engineering in its business, which principally consists of the digital remastering of films and other content into the IMAX format for distribution across the IMAX network (\u201cIMAX Film Remastering\u201d) and the sale or lease of premium IMAX theater systems (\u201cIMAX System(s)\u201d). IMAX Systems are based on proprietary and patented image, audio and other technology developed over the course of the Company\u2019s history. The customers for IMAX Systems are principally exhibitors that operate commercial multiplex thea Item 1A. Risk Factors Before you make an investment decision with respect to the Company\u2019s common shares, you should carefully consider all of the information included in this Form 10-K and the Company\u2019s subsequent periodic filings with the SEC. In particular, you should carefully consider the risk factors described below and the risks a", "title": "IMAX - IMAX CORP", "url": "/company/IMAX/" }, { "kind": "company", "summary": "SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0000109177; latest 10-K filed 2025-11-18.", "text": "SPB - Spectrum Brands Holdings, Inc. SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0000109177; latest 10-K filed 2025-11-18. SPB Spectrum Brands Holdings, Inc. 0000109177 3690 Miscellaneous Electrical Machinery, Equipment & Supplies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is management\u2019s discussion of the financial results, liquidity and other key items related to our performance and should be read in conjunction with our Consolidated Financial Statements and related notes in this Annual Report. Unless the context indicates otherwise, the terms the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d are used to refer to SBH and its subsidiaries, collectively. Non-GAAP Measurements Our consolidated results contain non-GAAP metrics such as organic net sales, Adjusted EBITDA and Adjusted EBITDA margin. While we believe organic net sales and Adjusted EBITDA are useful supplemental information, such adjusted results are not intended to replace our financial results in accordance with Accounting Principles Generally Accepted in the U.S. (\u201cGAAP\u201d) and should be read in conjunction with those GAAP results. Organic Net Sales. We define organic net sales as net sales excluding the effect of changes in foreign currency exchange rates and impact from acquisitions (where applicable). We believe this non-GAAP measure provides useful information to investors because it reflects regional and operating segment performance from our activities without the effect of changes in currency exchange rates and acquisitions. We use organic net sales as one measure to monitor and evaluate our regional and segment performance. Organic growth is calculated by comparing organic net sales to net sales in the prior year. The effect of changes in currency exchange rates is determined by translating the current period net sales using the currency exchange rates that were in effect during the prior comparative period. Net sales are attributed to the geographic regions based on the country of destination. We exclude net sales from acquired businesses in the current year for which there are no comparable sales in the prior period. The following is a reconciliation of net sales to organic net sales of for the year ended September 30, 2025, compared to net sales for the year ended September 30, 2024. [[GREPCENT_TABLE]] [[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"Variance\"],[\"Year Ended (in millions, except %)\",\"\",\"Net Sales\",\"\",\"Effect of Changes in Foreign Currency\",\"\",\"\",\"\",\"\",\"\",\"Organic Net Sales\"],[\"GPC\",\"\",\"$\",\"1,082.5\",\"\",\"\",\"$\",\"(9.2)\",\"\",\"\",\"\",\"\",\"\",\"\",\"$\",\"1,073.3\",\"\",\"\",\"$\",\"1,151.5\",\"\",\"\",\"$\",\"(78.2)\",\"\",\"(6.8\",\"%)\"],[\"H&G\",\"\",\"572.8\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\",\"\",\"\",\"572.8\",\"\",\"\",\"578.6\",\"\",\"\",\"(5.8)\",\"\",\"(1.0\",\"%)\"],[\"HPC\",\"\",\"1,153.7\",\"\",\"\",\"7.1\",\"\",\"\",\"\",\"\",\"\",\"\",\"1,160.8\",\"\",\"\",\"1,233.8\",\"\",\"\",\"(73.0)\",\"\",\"(5.9\",\"%)\"],[\"Total\",\"\",\"$\",\"2,809.0\",\"\",\"\",\"$\",\"(2.1)\",\"\",\"\",\"\",\"\",\"\",\"\",\"$\",\"2,806.9\",\"\",\"\",\"$\",\"2,963.9\",\"\",\"\",\"(157.0)\",\"\",\"(5.3\",\"%)\"]] [[/GREPCENT_TABLE]] 33 Table of Contents Adjusted EBITDA and Adjusted EBITDA Margin. Adjusted EBITDA and adjusted EBITDA margin are non-GAAP metrics used by management, which we believe are useful to investors to measure the operational strength and performance of our business. These metrics provide investors additional information about our operating profitability for certain non-cash items, non-routine items we do not expect to continue at the same level in the future, as well as other items not core to our continuing operations. By providing these measures, together with a reconciliation of the most directly comparable GAAP measure, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives, as securities analysts and other interested parties use such calculations as a measure of financial performance and debt service capabilities, and they are regularly used by management and our Board of Directors for internal purposes in evaluating our business performance, making budgeting decisions, and comparing our performance against other peer companies using simil ITEM 1. BUSINESS The terms \u201cthe Company,\u201d \u201cwe,\" \u201cour,\u201d and \"SBH\" as used in this report, refer to Spectrum Brands Holdings, Inc. and its consolidated subsidiaries, unless otherwise indicated. Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d), are available free of charge through our website at www.spectrumbrands.com as soon as reasonably practicable after such reports are filed with, or furnished to, the SEC. The SEC also maintains a website that contains our reports, proxy statements and other information at www.sec.gov. In addition, copies of our (i) Corporate Governance Guidelines, (ii) charters for the Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee, (iii) Code of Business Conduct and Ethics and (iv) Code of Ethics for the Principal Executive Officer and Senior Financial Officers are available on our website at www.spectrumbrands.com under \u201cInvestor Relations.\u201d Copies will also be provided to any stockholder upon written request to Spectrum Brands, Inc. at 3001 Deming Way, Middleton, Wisconsin 53562 or via electronic mail at investorrelations@spectrumbrands.com, or by telephone at (314) 253-5923. General Overview We are a diversified global branded consumer products and home essentials company managed in three vertically integrated, product focused segments: (i) Global Pet Care (\u201cGPC\u201d), (ii) Home and Garden (\u201cH&G\u201d) and (iii) Home and Personal Care (\u201cHPC\u201d). The Company manufactures, markets and distributes its products globally across regions including the North America (\u201cNA\u201d), Europe, Middle East & Africa (\u201cEMEA\u201d), Latin America (\u201cLATAM\u201d) and Asia-Pacific (\u201cAPAC\u201d) regions through a variety of trade channels, including retailers, wholesalers and distributors. We enjoy strong name recognition under our various brands and patented tec ITEM 1A. RISK FACTORS Any of the following factors could materially and adversely affect our business, financial condition and results of operations. The risks described below are not the only risks that we may face. Additional risks and uncertainties not cur", "title": "SPB - Spectrum Brands Holdings, Inc.", "url": "/company/SPB/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001439222; latest 10-K filed 2026-02-12.", "text": "AGIO - AGIOS PHARMACEUTICALS, INC. SIC 2834 Pharmaceutical Preparations; CIK 0001439222; latest 10-K filed 2026-02-12. AGIO AGIOS PHARMACEUTICALS, INC. 0001439222 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review \"Item 1A, Risk Factors\" of this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a commercial-stage biopharmaceutical company dedicated to redefining the future of rare disease treatment. Fueled by connections, we build trusted partnerships with communities, collaborating to develop and deliver innovative medicines with the potential to transform lives. With a foundation in hematology, we combine biological expertise with real-world insights to advance a growing pipeline of rare disease medicines that reflect the priorities of the people we serve. The lead product candidate in our portfolio, mitapivat, is an activator of both wild-type and mutant pyruvate kinase, or PK, enzymes for the potential treatment of hemolytic anemias. Mitapivat is approved in the United States by the U.S. Food and Drug Administration, or FDA, under the brand name AQVESME\u2122 for the treatment of anemia in adults with non-transfusion dependent and transfusion-dependent alpha- or beta-thalassemia and in Saudi Arabia under the brand name PYRUKYND\u00ae for the treatment of adult patients with non-transfusion-dependent and transfusion-dependent alpha- or beta-thalassemia. Mitapivat is also approved under the brand name PYRUKYND\u00ae in the United States by the FDA for the treatment of hemolytic anemia in adults with PK deficiency and in the European Union, or EU, and Great Britain for the treatment of PK deficiency in adults. In December 2024, we announced that we submitted a marketing authorization application, or MAA, to the European Medicines Agency, or EMA, and a regulatory application to the United Arab Emirates health authorities for PYRUKYND\u00ae for the treatment of adult patients with non-transfusion dependent and transfusion-dependent alpha- or beta-thalassemia. In October 2025, we announced that the Committee for Medicinal Products for Human Use, or the CHMP, of the EMA adopted a positive opinion for the new indication for PYRUKYND\u00ae in adults for the treatment of anemia associated with transfusion-dependent and non-transfusion-dependent alpha- or beta-thalassemia. The European Commission is reviewing the CHMP\u2019s opinion, with the final decision expected in early 2026. We will have a pre-supplemental New Drug Application, or sNDA, meeting with the FDA in the first quarter of 2026 and intend to submit a U.S. marketing application for mitapivat in sickle cell disease, or SCD, following that engagement. In addition, we are evaluating mitapivat for the treatment of pediatric patients with PK deficiency. We are also developing (i) tebapivat, a novel PK activator, for the potential treatment of lower-risk myelodysplastic syndromes, or LR MDS, and SCD; (ii) AG-181, our phenylalanine hydroxylase, or PAH, stabilizer for the potential treatment of phenylketonuria, or PKU; and (iii) AG-236, an siRNA in-licensed from Alnylam Pharmaceuticals, Inc., or Alnylam, targeting the transmembrane serine protease 6, or TMPRSS6, gene for the potential treatment of polycythemia vera, or PV. Alnylam License Agreement On July 28, 2023, we entered into a license agreement with Alnylam under which we acquired the rights to devel Item 1. Business General We are a commercial-stage biopharmaceutical company dedicated to redefining the future of rare disease treatment. Fueled by connections, we build trusted partnerships with communities, collaborating to develop and deliver innovative medicines with the potential to transform lives. With a foundation in hematology, we combine biological expertise with real-world insights to advance a growing pipeline of rare disease medicines that reflect the priorities of the people we serve. Business Overview Rare diseases The lead product candidate in our portfolio, mitapivat, is an activator of both wild-type and mutant pyruvate kinase, or PK, enzymes for the potential treatment of hemolytic anemias. Mitapivat is approved in the United States by the U.S. Food and Drug Administration, or FDA, under the brand name AQVESME\u2122 for the treatment of anemia in adults with non-transfusion dependent and transfusion-dependent alpha- or beta-thalassemia and in Saudi Arabia under the brand name PYRUKYND\u00ae for the treatment of adult patients with non-transfusion-dependent and transfusion-dependent alpha- or beta-thalassemia. Mitapivat is also approved under the brand name PYRUKYND\u00ae in the United States by the FDA for the treatment of hemolytic anemia in adults with PK deficiency and in the European Union, or EU, and Great Britain for the treatment of PK deficiency in adults. 3 Table of Contents In December 2024, we announced that we submitted a marketing authorization application, or MAA, to the European Medicines Agency, or EMA, and a regulatory application to the United Arab Emirates health authorities for PYRUKYND\u00ae for the treatment of adult patients with non-transfusion dependent and transfusion-dependent alpha- or beta-thalassemia. In October 2025, we announced that the Committee for Medicinal Products for Human Use, or the CHMP, of the EMA adopted a positive opinion for the new indication for PYRUKYND\u00ae in adults for the treatment of anemia associated with tr Item 1A. Risk Factors The following risk factors and other information included in this Annual Report on Form 10-K should be carefully considered. The risks and uncertainties described below are not the only risks and uncertainties we face. Additional risks and uncertainties not presently known to us or that we presen", "title": "AGIO - AGIOS PHARMACEUTICALS, INC.", "url": "/company/AGIO/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001472012; latest 10-K filed 2026-03-03.", "text": "IMNM - Immunome Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001472012; latest 10-K filed 2026-03-03. IMNM Immunome Inc. 0001472012 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes included elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d (Part I, Item 1A) section of this Annual Report, our actual results could differ materially from the results described in or implied by these forward-looking statements. You should carefully read the \u201cRisk Factors\u201d (Part I, Item 1A) section of this Annual Report to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section entitled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview We are a biotechnology company committed to the development of first-in-class and best-in-class targeted oncology therapies. Our goal is to establish a broad portfolio of differentiated clinical assets to improve the lives of cancer patients. Key to that strategy is our deep expertise in the discovery, design, development, manufacturing, and ultimately commercialization of antibody-drug conjugates and other oncology therapeutics. We are advancing a pipeline that includes three clinical assets and three preclinical assets. Varegacestat, formerly AL102, is an investigational, oral, once-daily gamma secretase inhibitor, or GSI. In December 2025, we announced positive topline results from the global pivotal Phase 3 RINGSIDE trial of varegacestat in patients with progressing desmoid tumors. We anticipate submitting a new drug application, or NDA, in the second quarter of 2026. IM-1021, a receptor tyrosine kinase-like orphan receptor 1, or ROR1, antibody-drug conjugate, is currently under evaluation in a Phase 1 trial. In November 2025, we reported observed objective responses at multiple dose levels in B-cell lymphoma patients treated with IM-1021, and we plan to share initial data in 2026. IM-3050, a fibroblast activation protein, or FAP, targeted radioligand therapy, or RLT, received IND clearance in April 2025, and we plan to initiate a Phase 1 trial in early 2026 after delivery of third-party diagnostic radiotracer supply. Our preclinical assets include three solid tumor ADCs with anticipated 2026 IND submissions: IM-1617, IM-1340, and IM-1335. Our pipeline also includes numerous early-stage ADCs produced by our internal discovery efforts, providing opportunities for additional IND submissions in 2027 and beyond. Our approach to discovery centers on designing ADCs against novel or underexplored targets. We believe that pursuing differentiated targets provides a path to significant clinical benefit and meaningful market opportunities. HC74, our differentiated, novel topoisomerase 1, or TOP1, inhibitor payload, supports this strategy. We have efforts underway to develop additional linkers and payloads and believe that a broad toolbox of linkers and payloads supports our mission to design and develop a diverse pipeline of ADCs with differentiated safety, efficacy, and tolerability profiles that address unmet medical need. Our current programs Varegacestat (formerly AL102) Our lead clinical asset is varegacestat, an investigational, oral, once-daily GSI therapy under evaluation for the treatment of desmoid tumors. In December 2025, we reported positive Phase 3 RINGSIDE (Part B) topline results showing that the study met all primary and key secondary endpoints. Varegacestat achieved the primary endpoint of progression free survival, delivering an 84% reduct Item 1. Business Overview We are a biotechnology company committed to the development of first-in-class and best-in-class targeted oncology therapies. Our goal is to establish a broad portfolio of differentiated clinical assets to improve the lives of cancer patients. Key to that strategy is our deep expertise in the discovery, design, development, manufacturing, and ultimately commercialization of antibody-drug conjugates and other oncology therapeutics. We are advancing a pipeline that includes three clinical assets and three preclinical assets. Varegacestat, formerly AL102, is an investigational, oral, once-daily gamma secretase inhibitor, or GSI. In December 2025, we announced positive topline results from the global pivotal Phase 3 RINGSIDE trial of varegacestat in patients with progressing desmoid tumors. We anticipate submitting a new drug application, or NDA, in the second quarter of 2026. IM-1021, a receptor tyrosine kinase-like orphan receptor 1, or ROR1, antibody-drug conjugate, is currently under evaluation in a Phase 1 trial. In November 2025, we reported observed objective responses at multiple dose levels in B-cell lymphoma patients treated with IM-1021, and we plan to share initial data in 2026. IM-3050, a fibroblast activation protein, or FAP, targeted radioligand therapy, or RLT, received IND clearance in April 2025, and we plan to initiate a Phase 1 trial in early 2026 after delivery of third-party diagnostic radiotracer supply. Our preclinical assets include three solid tumor ADCs with anticipated 2026 IND submissions: IM-1617, IM-1340, and IM-1335. Our pipeline also includes numerous early-stage ADCs produced by our internal discovery efforts, providing opportunities for additional IND submissions in 2027 and beyond. Our approach to discovery centers on designing ADCs against novel or underexplored targets. We believe that pursuing differentiated targets provides a path to significant clinical benefit and meaningful market opportunities. HC7 Item 1A. Risk Factors As noted throughout this Annual Report, an investment in shares of our common stock involves a high degree of risk. You should carefully consider the following risk factors, as well as other information included in this Annual Report as well as our other public filings with the SEC before deciding whether to invest in ", "title": "IMNM - Immunome Inc.", "url": "/company/IMNM/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000835324; latest 10-K filed 2026-02-26.", "text": "SYBT - Stock Yards Bancorp, Inc. SIC 6022 State Commercial Banks; CIK 0000835324; latest 10-K filed 2026-02-26. SYBT Stock Yards Bancorp, Inc. 0000835324 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. \u2019 Stock Yards Bancorp, Inc. (\u201cBancorp\u201d or \u201cthe Company\u201d), is a FHC headquartered in Louisville, Kentucky and is engaged in the business of banking through its wholly owned subsidiary, Stock Yards Bank & Trust Company (\u201cSYB\u201d or \u201cthe Bank\u201d). Bancorp, which was incorporated in 1988 in Kentucky, is registered with, and subject to supervision, regulation and examination by, the Board of Governors of the Federal Reserve System. As Bancorp has no significant operations of its own, its business and the business of SYB are essentially the same. The operations of SYB are fully reflected in the consolidated financial statements of Bancorp. Accordingly, references to \u201cBancorp\u201d in this document may encompass both the holding company and the Bank. All significant inter-company transactions and accounts have been eliminated in consolidation. SYB, established in 1904, is a state-chartered non-member financial institution that provides services in Louisville, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio markets through 75 full service banking center locations. The Bank is registered with, and subject to supervision, regulation and examination by the FDIC and the Kentucky Department of Financial Institutions. As a result of its acquisition of Commonwealth Bancshares, Inc. on March 7, 2022, Bancorp became the 100% successor owner of three unconsolidated Delaware trust subsidiaries: Commonwealth Statutory Trust III, Commonwealth Statutory Trust IV and Commonwealth Statutory Trust V. The sole assets of the trust subsidiaries represent the proceeds of offerings exchanged for subordinated debentures with similar terms to the TPS. As a result of its acquisition of Kentucky Bancshares, Inc. on May 31, 2021, Bancorp became the 100% successor owner of a Nevada-based insurance captive taxed under Section 831(b) of the Internal Revenue Code. On April 10, 2023, the IRS issued a proposed regulation that would potentially classify section 831(b) captive activity as a, \u201clisted transaction,\u201d and possibly disallow the related tax benefits, both prospectively and retroactively. The regulation was finalized on January 10, 2025, clarifying what is considered a listed transaction or a transaction of interest. Based on the final regulations, there is no change in the status for the captive insurance structure in place previously, which Bancorp dissolved in 2023. The captive remains classified as a transaction of interest for the open tax years and there is no reserve for an uncertain tax position based on the final regulation. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the consolidated financial statements and accompanying footnotes presented in Part II Item 8 \u201cFinancial Statements and Supplementary Data.\u201d To the extent that this discussion describes prior performance, the descriptions relate only to the periods listed, which may not be indicative of Bancorp\u2019s future financial outcomes. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause results to differ materially from management\u2019s expectations. Cautionary Statement Regarding Forward-Looking Statements This document contains statements relating to future results of Bancorp that are considered \u201cforward-looking\u201d as defined by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are principally, but not exclusively, contained in Part II Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and Part I Item 1A \u201cRisk Factors.\u201d Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may caus Item 1. Business. Stock Yards Bancorp, Inc. (\u201cBancorp\u201d or \u201cthe Company\u201d), is a FHC headquartered in Louisville, Kentucky and is engaged in the business of banking through its wholly owned subsidiary, Stock Yards Bank & Trust Company (\u201cSYB\u201d or \u201cthe Bank\u201d). Bancorp, which was incorporated in 1988 in Kentucky, is registered with, and subject to supervision, regulation and examination by, the Board of Governors of the Federal Reserve System. As Bancorp has no significant operations of its own, its business and the business of SYB are essentially the same. The operations of SYB are fully reflected in the consolidated financial statements of Bancorp. Accordingly, references to \u201cBancorp\u201d in this document may encompass both the holding company and the Bank. All significant inter-company transactions and accounts have been eliminated in consolidation. SYB, established in 1904, is a state-chartered non-member financial institution that provides services in Louisville, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets through 75 full service banking center locations. The Bank is registered with, and subject to supervision, regulation and examination by the FDIC and the Kentucky Department of Financial Institutions. As a result of its acquisition of Commonwealth Bancshares, Inc. on March 7, 2022, Bancorp became the 100% successor owner of three unconsolidated Delaware trust subsidiaries: Commonwealth Statutory Trust III, Commonwealth Statutory Trust IV and Commonwealth Statutory Trust V. The sole assets of the trust subsidiaries represent the proceeds of offerings exchanged for subordinated debentures with similar terms to the related TPS. As a result of its acquisition of Kentucky Bancshares, Inc. on May 31, 2021, Bancorp became the 100% successor owner of a Nevada-based insurance captive taxed under Section 831(b) of the Internal Revenue Code. On April 10, 2023, the IRS issued a proposed Item 1A. Risk Factors. FACTORS THAT MAY AFFECT FUTURE RESULTS An investment in Bancorp\u2019s common stock is subject to risks inherent in its business. Before making an investment decision, you should carefully consider the risks and uncertainties described below together with all of the other information included in this filing. In addition to the risks and unce", "title": "SYBT - Stock Yards Bancorp, Inc.", "url": "/company/SYBT/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001992243; latest 10-K filed 2026-03-31.", "text": "TE - T1 Energy Inc. SIC 3674 Semiconductors & Related Devices; CIK 0001992243; latest 10-K filed 2026-03-31. TE T1 Energy Inc. 0001992243 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our consolidated financial statements and the accompanying notes thereto contained in Part I, Item 8 \u201cFinancial Statements and Supplementary Data\u201d and Part I, Item 1 \u201cBusiness\u201d of this Annual Report on Form 10-K, for an overview of our operations and business environment. For a discussion related to changes in financial condition and the results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, refer to Part II, Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission on March 31, 2025. Overview T1 Energy Inc., a Delaware corporation (\u201cT1\u201d, the \u201cCompany\u201d, \u201cwe\u201d, or \u201cus\u201d), is an energy solutions provider building an integrated U.S. supply chain for solar modules and cells. We currently manufacture and sell photovoltaic (\u201cPV\u201d) solar modules. Recent Developments For the three months ended December 31, 2025, we recognized total net sales of $358.6 million in the period. Additionally, we ended the fourth quarter with cash, cash equivalents, and restricted cash of $270.8 million. Capital raises, debt repayments, and other transactions On October 10, 2025, we entered into a Simple Agreement for Future Equity (the \u201cSAFE\u201d) with Talon PV, LLC. Pursuant to the SAFE, and we invested $5.0 million (the \u201cPurchase Amount\u201d) in exchange for the right to certain shares of Talon\u2019s Capital Stock. On October 23, 2025, we entered into a Securities Purchase Agreement (the \u201cSecurities Purchase Agreement\u201d) with existing and new leading institutional investors for the sale and purchase of our common stock, par value $0.01 per share, in a registered direct offering (\u201cRegistered Direct Offering\u201d) for aggregate gross proceeds of $72.0 million, before deducting $4.6 million fees to the placement agent and other offering expenses payable by us. In connection with the Registered Direct Offering, we issued 22,153,850 shares of common stock at a purchase price of $3.25 per share. On December 15, 2025, we completed a public offering of 32,525,254 shares of common stock (including 4,242,424 shares of common stock pursuant to the underwriters\u2019 option to purchase additional shares, which was exercised in full on December 12, 2025) at a public offering price of $4.95 per share (the \u201cCommon Stock Offering\u201d) for aggregate gross proceeds of $161.0 million, before deducting underwriting discounts and commissions and our offering expenses of $10.5 million. On December 16, 2025, we completed a public offering of $161.0 million aggregate principal amount of the Company\u2019s 5.25% Convertible Senior Notes due 2030 (the \u201cConvertible Notes\u201d) (including $21.0 million aggregate principal amount of Convertible Notes pursuant to the underwriters\u2019 option to purchase additional Convertible Notes to cover over-allotments, which was exercised in full on December 12, 2025) at a public offering price of 100% of the principal amount thereof (the \u201cConvertible Notes Offering\u201d). The Convertible Notes are the senior unsecured obligations of the Company and bear interest at a rate of 5.25% per annum from and including December 16, 2025, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2026. The Convertible Notes mature on December 1, 2030, unless earlier repurchased, redeemed or converted. On December 29, 2025 we entered into a payoff letter (\u201cPayoff Letter\u201d) with Trina Solar (Schweiz) AG and TUS pursuant to which (i) all of our obligations under the Trina Solar AG Note were satisfied, discharged and terminated in full and (ii) $155.0 million of the Production Reservation Fee was satisfied, leaving $65.0 million ITEM 1. BUSINESS In February 2025, we changed our corporate name from FREYR Battery, Inc. to T1 Energy Inc. We will not distinguish between our prior and current corporate name and will refer to our current corporate name throughout this Annual Report on Form 10-K. As such, unless expressly indicated or the context requires otherwise, the terms \u201cT1,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d in this document refer to T1 Energy Inc., a Delaware corporation, and, where appropriate, its subsidiaries. Overview T1 Energy Inc. is an energy solutions provider building an integrated U.S. solar supply chain for solar modules to invigorate the United States with scalable, reliable, and low-cost energy. We currently manufacture and sell photovoltaic (\u201cPV\u201d) solar modules in Texas and are constructing our PV solar cell fab in Texas. We are an advanced manufacturer, and our strategy is to manufacture high-domestic content, high-efficiency, technologically advanced solar energy products. Demand for U.S.-manufactured solar is growing as developers seek to meet surging power demand tied to digital infrastructure development while satisfying domestic content requirements. We believe that the combination of solar and energy storage is the only scalable energy solution capable of meeting projected demand over the next several years. Other sources of power generation, such as new natural gas combined-cycle plants and nuclear power plants, often face multiyear delays before large-scale deployment. We believe solar\u2019s potential is enormous and largely untapped: one hour of Texas sunshine contains more energy than the world uses in one day. In the past, technology governed the growth of energy. Today, energy governs the growth of technology. We are one of the leading solar manufacturing companies in the United States, primarily selling into the utility-scale market, the largest solar market segment in the U.S. We produce PV solar modules that employ highly energy efficient Passivated Emitter an ITEM 1A. RISK FACTORS Summary of Risk Factors The following summarizes the significant factors, events, and uncertainties that could create risk with an investment in our securities. The events and consequences discussed in these risk factors could, in circumstances we may not be able to accurately predict, recognize, or control, have a ", "title": "TE - T1 Energy Inc.", "url": "/company/TE/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001580560; latest 10-K filed 2026-02-24.", "text": "FLYW - Flywire Corp SIC 7389 Services-Business Services, NEC; CIK 0001580560; latest 10-K filed 2026-02-24. FLYW Flywire Corp 0001580560 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this Annual Report on Form 10-K includes forward-looking statements that involve risks and uncertainties. You should read the sections titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Our fiscal year end is December 31, and our fiscal quarters end on March 31, June 30, September 30, and December 31. A discussion of our financial condition, results of operations, and cash flows for the year ended December 31, 2024 compared to the year ended December 31, 2023 is included in the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 26, 2025. As discussed in Note 1 - Business Overview and Summary of Significant Accounting Policies to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K, the Company has revised its financial statements for the years ended December 31, 2024 and 2023, to correct certain statement of cash flow classification errors the Company determined were not material to any previously issued financial statements. The amounts included in this Item 7 have been similarly revised. Overview Flywire is a leading global payments enablement and software company. Our next-gen payments platform, proprietary global payment network and vertical-specific software help our clients get paid and help their customers pay with ease\u2014no matter where they are in the world. Our clients rely on us for integrated solutions that are both global and local, and combine tailored invoicing, flexible payment options, and highly personalized omni-channel experiences. We believe we make generational advances for our clients by transforming payments into a source of value and growth for their organizations while delighting their customers with payment experiences that are engaging, secure, fast, and transparent. Our Flywire Advantage is derived from three core elements: (i) our next-gen payments platform; (ii) our proprietary global payment network; and (iii) our vertical-specific software backed by our deep industry expertise. With our Flywire Advantage, we aim to power the transformation of our clients\u2019 accounts receivable functions by automating paper and check-based business processes in addition to creating interactive, digital payment experiences for their customers. As a result, clients who implement our payments and software solutions can see increased digital payments and improved accounts receivable, higher enrollment in payment plans, and a reduction in customer support inquiries. We help our clients turn their accounts receivable functions into strategic, value-enhancing areas of their organizations. We reach clients through various channels, with our direct channel being our primary go-to-market strategy. Our industry-experienced sales and relationship management teams bring expertise and local reach, and our solution combines high-tech and high-touch functions backed by 24x7 multilingual customer support, resulting in high client and customer satisfaction. In addition, the value of our Flywire Advantage has been recognized, with global financial institutions and technology providers choosing to form channel partnerships with us. These partnerships promote organic referral and lead generation opportunities and enhance our indirect Item 1. Business Our Mission Our mission is to deliver the most important and complex payments. In an increasingly digital world, getting paid means Flywire. Our Company Flywire is a leading global payments enablement and software company. Our next-gen payments platform, proprietary global payment network, and vertical-specific software help our clients get paid and help their customers pay with ease\u2014no matter where they are in the world. Our clients rely on us for integrated solutions that are both global and local, and combine tailored invoicing, flexible payment options, and highly personalized omni-channel experiences. We believe we make generational advances for our clients by transforming payments into a source of value and growth for their organizations while delighting their customers with payment experiences that are engaging, secure, fast, and transparent. There have been substantial strides made in payments technology in the retail and e-commerce industries; however, massive sectors of our global economy\u2014including education, healthcare, travel, and B2B payments\u2014are still in the early stages of digital transformation. Our clients, and the types of organizations we serve in education, healthcare, travel, and across B2B industries, require payment processes and experiences that can deliver high-stakes, high-value payments and are specifically tailored to their industry, their business, and their customers. Often, payment solutions have a \u201cone size fits all\u201d approach, without regard for the particular nuances and detailed operations of specific verticals. Without Flywire, organizations often invest substantial resources in building their own payment offerings or rely on disparate legacy systems, which not only fail to meet their or their customers\u2019 needs but also divert meaningful resources away from revenue-generating work. When core payment capabilities like invoicing, diverse payment offerings and reconciliation are inefficient, organizations miss th Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. Before deciding whether to invest in shares of our common stock, you should consider carefully the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including \u201cManagement\u2019s Discussio", "title": "FLYW - Flywire Corp", "url": "/company/FLYW/" }, { "kind": "company", "summary": "SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001899287; latest 10-K filed 2026-03-06.", "text": "AMPX - Amprius Technologies, Inc. SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001899287; latest 10-K filed 2026-03-06. AMPX Amprius Technologies, Inc. 0001899287 3690 Miscellaneous Electrical Machinery, Equipment & Supplies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our audited financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Form 10-K, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the sections titled \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d in this Form 10-K, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We develop, manufacture and market lithium-ion batteries for mobility applications, including aviation, ground and marine vehicles. We have been in commercial battery production since 2018 and our disruptive silicon anode technology is intended to enable batteries with higher energy density, higher power density and fast charging capabilities over a wide range of operating temperatures. This results in our batteries providing superior performance compared to conventional graphite lithium-ion batteries. Our silicon anodes are a direct drop-in replacement of the graphite anode in traditional lithium-ion batteries, and our manufacturing processes leverage the manufacturing processes for conventional lithium-ion batteries and the related supply chain. Currently, our batteries are primarily used for existing and emerging aviation applications, including UAS, such as drones and HAPS. We believe our proprietary technology has the potential for broad application in electric transportation. 47 Table of Contents Index to Consolidated Financial Statements Our batteries and their performance specifications have been tested and validated for application by various customers, including our longtime partners such as AALTO Airbus, AeroVironment, BAE Systems, Kraus Hamdani Aerospace, Teledyne FLIR and the U.S. Army. Our total customer engagements since inception grew to over 500 with shipments to hundreds of customers during the year ended December 31, 2025. In addition, from our inception through December 31, 2025, we have shipped over 4.2 million units of batteries, which have enabled mission critical applications. Our proprietary silicon anode structures, battery cell designs and manufacturing processes are protected by our portfolio of patents, trade secrets and know-how developed over 15 years of research and development. Our SiCore batteries were developed in collaboration with Berzelius. We began limited shipment of SiCore batteries in 2023, which generated a strong demand from our customers. In order to support such demand, we entered into the Exclusive Supply Agreement with Berzelius in November 2023, which gives us exclusive rights to purchase its proprietary silicon anode materials in the United States, Canada and Mexico. In January 2024, we announced the full commercial launch of our SiCore batteries and accelerated engagement with our addressable markets. We entered into manufacturing supply agreements with three global contract manufacturing companies, which provided us an opportunity to rapidly scale production and ship a large volume of SiCore batteries to our customers. As of December 31, 2025, we had access, through our manufacturing supply agreements with our global contract manufacturers, including the addition of a consortium of South Korean companies that contribute capabilities across the lithium-ion battery value chain (the \u201cAmprius Korea Battery Alliance\u201d), to annual production exceeding 2.0 GWh of SiCore batteries in pouch, cylindrical and prismatic formats. Du Item 1. Business Overview Amprius Technologies, Inc. develops, manufactures and markets lithium-ion batteries for mobility applications, including aviation, ground and marine vehicles. Our disruptive silicon anode technology is intended to enable batteries with high energy density, high power density and fast charging capabilities over a wide range of operating temperatures. This results in our batteries providing superior performance compared to conventional graphite lithium-ion batteries. Our silicon anodes are a direct drop-in replacement of the graphite anode in traditional lithium-ion batteries, and our manufacturing processes leverage the manufacturing processes for conventional lithium-ion batteries and the related supply chain. Currently, our batteries are primarily used for existing and emerging aviation applications, including unmanned aerial systems or \u201cUAS\u201d, such as drones and high-altitude pseudo satellites or \u201cHAPS\u201d. We believe our proprietary technology has the potential for broad application in electric transportation. Our batteries and their performance specifications have been tested and validated for application by various customers, including AALTO Airbus, AeroVironment, BAE Systems, Kraus Hamdani Aerospace, Nokia Drone Networks, Nordic Wing, Teledyne FLIR and the U.S. Army. Our total customer engagements since inception grew to over 500 customers with shipments to hundreds of customers during the year ended December 31, 2025. In addition, from our inception through December 31, 2025, we have shipped over 4.2 million battery cells, which have enabled mission critical applications. Our proprietary silicon anode structures, battery cell designs and manufacturing processes are protected by our portfolio of patents, trade secrets and know-how developed over 15 years of research and development. Our SiCore batteries were developed in collaboration with Berzelius (Nanjing) Co., Ltd. (\u201cBerzelius\u201d), a former affiliated company. We began limited shipm Item 1A. Risk Factors Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report ", "title": "AMPX - Amprius Technologies, Inc.", "url": "/company/AMPX/" }, { "kind": "company", "summary": "SIC 3443 Fabricated Plate Work (Boiler Shops); CIK 0001822966; latest 10-K filed 2026-02-26.", "text": "SMR - NUSCALE POWER Corp SIC 3443 Fabricated Plate Work (Boiler Shops); CIK 0001822966; latest 10-K filed 2026-02-26. SMR NUSCALE POWER Corp 0001822966 3443 Fabricated Plate Work (Boiler Shops) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the financial condition and results of operations should be read together with our financial statements as of and for the years ended December 31, 2025, 2024 and 2023 together with related notes thereto. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties, including, but not limited to, those described under the section entitled \u201cRisk Factors\u201d included in this Form 10-K. Our actual results may differ materially from those projected in these forward-looking statements as a result of various factors. As used herein, \u201cNuScale,\u201d the \u201cCompany,\u201d \u201cus,\u201d \u201cour\u201d or \u201cwe\u201d refer to NuScale Corp, together with its consolidated subsidiaries. Overview Our mission is to provide scalable advanced nuclear technology to produce electricity, heat and clean water to improve the quality of life for people around the world. We are commercializing a modular, scalable electric Light Water Reactor nuclear power plant, that we believe will deliver safer scalable, cost-effective and reliable carbon free power. Our core technology, the NPM, can generate 77 MWe, with a focus on the integration of components, simplification or elimination of systems and use of passive safety features. We believe that this results in a safe and highly reliable power plant suitable to be sited close to where electricity, water desalinization, hydrogen production or process heat is needed. Since our founding in 2007, we have made significant progress towards commercializing the first SMR in the United States. In September 2020, our 12-module design (currently approved for 160 million watts of thermal power or 50 MWe per NPM) became the first and only SMR to receive an SDA from the NRC. In May 2025, the NRC finalized their review and approved our second SDA application and the associated licensing topical reports for our 6-unit 77 MWe NPM design, giving customers in the United States the ability to reference the approved design and SDA for expedited construction and operating licensing for a plant that is using the NuScale SMR technology. Outlook NuScale has contracted with ENTRA1 as our global strategic partner for commercialization and development of power plants utilizing NPMs. ENTRA1 holds the exclusive rights for the worldwide commercialization, distribution, sales and development of our products, services and power plants. In this strategic partnership, the Company collaborates on joint development initiatives and financially contributes alongside the partnership in joint activities which may be recoverable as part of its development costs. ENTRA1 can decide whether to participate in a commercial opportunity. If ENTRA1 declines to participate in a commercial opportunity, NuScale may pursue the opportunity on its own. Foreign SMR Market Demand for energy in foreign markets is currently being driven by population growth, industrialization and urbanization with countries in Asia contributing the most to international growth. Rising living standards, driven by economic growth, has increased the need for residential electricity, a trend that is expected to increase in the coming years, with Asia forecasted to account for nearly 60% of global growth in electricity consumption through 2050. The Company has currently one international customer: RoPower Nuclear S.A. (\u201cRoPower\u201d), which is a joint venture established by S.N. Nuclearelectrica S.A. (\u201cNuclearelectrica\u201d) and Nova Power & Gas S.A. In July 2024, NuScale and RoPower signed a technology licensing agreement, which granted RoPower a right to use certain intellectual property of NuScale\u2019s. In the third quarter of the 2024 fiscal year, Nuclearelectrica and RoPower signed the Front-End Engineering and Design (\u201cFEED\u201d) Phase 2 contract with Fluor, a related party to NuScale. FEED Phase 2 included tasks related to the de Item 1. Business Unless the context otherwise requires, all references in this section to \u201cNuScale,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d refer to the consolidated operations of NuScale Corp and NuScale LLC. Overview NuScale is redefining nuclear power through the development of proprietary and innovative SMR technology that the Company believes will deliver safe, scalable, cost-effective and reliable carbon-free power. The Company\u2019s core technology, the Light Water Nuclear Reactor NuScale Power Module\u2122 (\u201cNPM\u201d), can generate 77 MWe and is premised on well-established nuclear technology principles, with a focus on the integration of components, simplification or elimination of systems and use of passive safety features. The Company believes this results in a safe and highly reliable power plant suitable to be sited close to where electricity, water desalinization, hydrogen production or process heat is needed. Since 2007, over $1.8 billion has been invested in the development of NuScale technology, including more than $578.3 million from DOE under a series of cost-share programs, and we have received 513 patents globally, with an additional 268 patent applications currently pending. In September 2020, the Company\u2019s 12-module design (currently approved for 160 million watts of thermal power or 50 MWe per NPM) became the first and only SMR to receive an SDA from the Nuclear Regulatory Commission (\u201cNRC\u201d). In the U.S., the NRC oversees the licensing, permitting, and decommissioning of nuclear sites. In May 2025, the NRC finalized their review and approved the Company\u2019s second SDA application and the associated licensing topical reports for NuScale\u2019s 6-unit 77 MWe NPM design. Customers in the United States are now able to reference the approved design and SDA for expedited construction and operating licensing for a plant that is using the NuScale SMR technology. NuScale\u2019s unique SMR has several key defining characteristics, including: \u2022Proven. The Company\u2019s NPM techno Item 1A. Risk Factors We have identified the following risks and uncertainties that may have a material adverse effect on our business, financial condition, results of operations or reputation. The risks described below are not the only risks we face. Additional risks not presently known to us or that we currently beli", "title": "SMR - NUSCALE POWER Corp", "url": "/company/SMR/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001544522; latest 10-K filed 2026-02-26.", "text": "FRSH - Freshworks Inc. SIC 7372 Services-Prepackaged Software; CIK 0001544522; latest 10-K filed 2026-02-26. FRSH Freshworks Inc. 0001544522 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes that appear elsewhere in this Annual Report on Form 10-K. As described in the section titled \"Special Note Regarding Forward-Looking Statements,\" the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this report, particularly in \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. 46 Table of Contents A discussion regarding our financial condition and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024 is presented below. A discussion regarding our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission (\u201cSEC\u201d) on February 20, 2025. Overview We provide people-first AI service software that organizations use to deliver exceptional employee and customer experiences. Our employee experience (EX) products include Freshservice, Freshservice for Business Teams, Device42 and FireHydrant. Our customer experience (CX) products include our Freshdesk suite of products. Our AI offerings, which include Freddy AI Agent, Freddy AI Copilot and Freddy AI Insights, further enhance the employee and customer and employee experience and are designed to boost productivity. In June 2024, we acquired all outstanding shares of D42 Parent, Inc., an IT asset management company for approximately $238.1 million, which primarily consisted of $225.3 million in cash, and approximately $12.9 million of common stock and stock options. Our consolidated financial statements and key business metrics include D42 Parent, Inc. since the acquisition date. In January 2026, the Company completed the acquisition of FireHydrant, Inc., a provider of AI-powered incident management software. The Company will account for the transaction as a business combination. Since the closing date of the acquisition occurred subsequent to the end of the reporting period, the allocation of purchase price to the underlying net assets has not yet been completed. We generate revenue primarily from the sale of subscriptions for accessing our cloud-based software products over the contract term. We generally enter into subscription agreements with our customers on monthly, annual, or multi-year terms and invoice customers in advance in either monthly or annual installments. We also sell professional services that include product configuration, data migration, systems integration, and training. With the acquisition of D42 Parent, Inc., we also sell software licenses with associated maintenance. Our customer base and operations have scaled over time. Our total revenue was $838.8 million, $720.4 million and $596.4 million in the years ended December 31, 2025, 2024 and 2023, respectively, representing year-over-year growth rates of 16% and 21%, respectively. We generated operating income of $13.2 million and incurred operating losses of $138.6 million and $170.2 million in the years ended December 31, 2025, 2024 and 2023, respectively, and recognized net income of $183.7 million and incurred net losses of $95.4 million and $137.4 million in the years ended December 31, 2025, 2024 and 2023, respectively. Macroeconomic and Other Factors Current macroeconomic uncertainties, inclu Item 1. Business Overview We provide people-first AI service software that organizations use to deliver exceptional employee and customer experiences. Our employee experience (EX) products include Freshservice, Freshservice for Business Teams, Device42 and FireHydrant. Our customer experience (CX) products include our Freshdesk suite of products. Our AI offerings, which include Freddy AI Agents, Freddy AI Copilot and Freddy AI Insights, further enhance the employee and customer experience and are designed to boost productivity. Currently, nearly 75,000 companies use Freshworks' uncomplicated solutions to increase employee efficiency and customer loyalty. Our enterprise-grade solutions are powerful, yet easy to use, and quick to deliver results. Our people-first approach to AI is designed to eliminate friction, making employees more effective and organizations more productive. Businesses from approximately 170 countries around the world use Freshworks products to delight their customers and employees every day. As of December 31, 2025, over 60% of our annual recurring revenue (ARR) was from customers with more than 250 employees. We provide products across multiple markets in order to address the needs of businesses of all sizes that need to digitally transform to delight their customers and employees. Our business has grown significantly in recent periods as our customer base and operations have scaled. Our total revenue was $838.8 million, $720.4 million and $596.4 million in the years ended December 31, 2025, 2024 and 2023, respectively, representing year-over-year growth rates of 16% and 21%, respectively. Our Business Models Freshworks provides solutions that enable organizations to acquire, engage, and better serve their customers and employees. Our value proposition to customers is clear - powerful and modern solutions that are simple and intuitive to implement and that were built to provide rapid time to value and compelling ROI. We focus on meeting Item 1A. Risk Factors You should carefully consider the risks described below, as well as the other information in this Annual Report on Form 10-K, including our consolidated financial statements and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d The occurrence of any of the events or developments descri", "title": "FRSH - Freshworks Inc.", "url": "/company/FRSH/" }, { "kind": "company", "summary": "SIC 3561 Pumps & Pumping Equipment; CIK 0000042682; latest 10-K filed 2026-03-02.", "text": "GRC - GORMAN RUPP CO SIC 3561 Pumps & Pumping Equipment; CIK 0000042682; latest 10-K filed 2026-03-02. GRC GORMAN RUPP CO 0000042682 3561 Pumps & Pumping Equipment ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Amounts in tables in thousands of dollars, except for per share data) Executive Overview The Gorman-Rupp Company (\u201cwe\u201d, \u201cour\u201d, \u201cGorman-Rupp\u201d or the \u201cCompany\u201d) is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire suppression, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications. The Company attributes its success to long-term product quality, applications and performance combined with timely delivery and service, and continually seeks to develop initiatives to improve performance in these key areas. We regularly invest in training for our employees, in new product development and in modern manufacturing equipment, technology and facilities all designed to increase production efficiency and capacity and drive growth by delivering innovative solutions to our customers. We believe that the diversity of our markets is a major contributor to the generally stable financial growth we have produced historically. During 2025, based on changes in the agriculture market over the last few years, we took steps intended to optimize our National Pump Company (NPC) footprint. We reduced the number of NPC operating facilities from six to three and expect this change to result in improved profitability by lowering our fixed operating costs with minimal impact on sales. We have transitioned the NPC facility in Olive Branch, MS to our Patterson Pump Company operations to continue to support the growth we have seen in the fire, municipal and industrial markets. During 2025, we recognized $3.0 million in one-time facility optimization costs including inventory rationalization, severance, and facility costs. We expect these changes will result in annualized savings between $2.0 million and $2.5 million in payroll, payroll related, and facility costs. We do not expect future facility optimization costs to be material. Incoming orders for the year ending December 31, 2025, were $728.4 million, an increase of 10.5%, compared to 2024. The Company\u2019s backlog of orders was $244.0 million at December 31, 2025 compared to $206.0 million at December 31, 2024, an increase of 18.5%. Approximately 90% of the Company\u2019s backlog of unfilled orders is scheduled to be shipped during 2026, with the remainder principally during the first half of 2027. On January 22, 2026, the Board of Directors authorized the payment of a quarterly dividend of $0.19 per share, representing the 304th consecutive quarterly dividend to be paid by the Company. During 2025, the Company again paid increased dividends and thereby attained its 53rd consecutive year of increased dividends. These consecutive years of increases continue to position Gorman-Rupp in the top 50 of all U.S. public companies with respect to number of years of increased dividend payments. The Company currently expects to continue its exceptional history of paying regular quarterly dividends and increased annual dividends. However, any future dividends will be reviewed individually and declared by our Board of Directors at its discretion, dependent on our assessment of the Company\u2019s financial condition and business outlook at the applicable time. Outlook As we begin 2026 our outlook remains positive. The 10% increase in incoming orders during 2025 increased our backlog to a healthy $244.0 million. We expect our municipal market to continue to benefit from infrastructure spending, including strong demand for flood control and storm water management, and expect a number of our markets to continue to benefit from increased demand related to data center construction. Our strong cash flow positions us well to further reduce our debt and interest expense going forward. 17 Table of Contents Results of Operations \u2013 Year ITEM 1. BUSINESS The Gorman-Rupp Company (\u201cRegistrant\u201d, \u201cGorman-Rupp\u201d, the \u201cCompany\u201d, \u201cwe\u201d or \u201cour\u201d) was incorporated in Ohio in 1934. The Company designs, manufactures and globally sells pumps and pump systems for use in water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire suppression, heating, ventilating and air conditioning (\u201cHVAC\u201d), military and other liquid-handling applications. PRODUCTS The Company operates in one business segment, the manufacture and sale of pumps and pump systems. The following table sets forth, for the years 2023 through 2025, the total net sales, income before income taxes and year-end total assets of the Company. [[GREPCENT_TABLE]] [[\"\",\"\",\"(Dollars in thousands)\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"Net sales\",\"\",\"$\",\"682,389\",\"\",\"\",\"$\",\"659,667\",\"\",\"\",\"$\",\"659,511\"],[\"Income before taxes\",\"\",\"\",\"69,164\",\"\",\"\",\"\",\"50,493\",\"\",\"\",\"\",\"43,961\"],[\"Total assets\",\"\",\"\",\"860,055\",\"\",\"\",\"\",\"858,469\",\"\",\"\",\"\",\"890,358\"]] [[/GREPCENT_TABLE]] The Company\u2019s product line consists of pump models ranging in size from 1/4\u201d to nearly 15 feet and ranging in rated capacity from less than one gallon per minute to nearly one million gallons per minute. The types of pumps which the Company produces include self-priming centrifugal, standard centrifugal, magnetic drive centrifugal, axial and mixed-flow, vertical turbine line shaft, submersible, high-pressure booster, rotary gear, rotary vein, diaphragm, bellows and oscillating. The pumps have drives that range from fractional horsepower electric motors up to much larger electric motors or internal combustion engines capable of producing several thousand horsepower. Many of the larger units comprise encased, 3 Table of Contents fully-integrated water and wastewater pumping stations. In certain cases, units are designed for the inclusion of customer-supplied drives. The Company\u2019s larger pumps are sold principally for use in the construction, ITEM 1A. RISK FACTORS Gorman-Rupp\u2019s business and financial performance are subject to various risks and uncertainties, some of which are beyond its control. In addition to the risks discussed elsewhere in this Form 10-K, the following risks and uncertainties could materially adversely affect the Company\u2019s business, prospects, financial condition, results of ", "title": "GRC - GORMAN RUPP CO", "url": "/company/GRC/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001585389; latest 10-K filed 2026-02-27.", "text": "SMA - SmartStop Self Storage REIT, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001585389; latest 10-K filed 2026-02-27. SMA SmartStop Self Storage REIT, Inc. 0001585389 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with our consolidated financial data contained within this Form 10-K, and our accompanying consolidated financial statements and the notes thereto. See also \u201cCautionary Note Regarding Forward-Looking Statements\u201d preceding Part I. Overview We are a self-managed and fully-integrated self storage real estate investment trust (\u201cREIT\u201d). Our year end is December 31. As used in this report, \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and \u201cCompany\u201d refer to SmartStop Self Storage REIT, Inc. and each of our subsidiaries. Our Common Stock began trading on the New York Stock Exchange (the \u201cNYSE\u201d) under the ticker symbol \u201cSMA\u201d on April 2, 2025. We focus on the acquisition, ownership, and operation of self storage properties located primarily within the top 100 metropolitan statistical areas, or MSAs, throughout the United States and Canada. Based on the Inside Self Storage Top-Operators List ranking for 2025, and after accounting for recent market transactions, we are the 10th largest owner and operator of self storage properties in the United States based on rentable square footage. As of December 31, 2025, our wholly-owned portfolio consisted of 177 operating self storage properties diversified across 19 states, the District of Columbia, and Canada comprising approximately 122,000 units and 13.9 million net rentable square feet. Additionally, we owned a 50% equity interest in 13 unconsolidated real estate ventures located in Canada, which consisted of 10 operating self storage properties and three properties which were being developed into self storage properties as of December 31, 2025. Further, through our Managed Platform (as defined below), we serve as the sponsor of Strategic Storage Trust VI, Inc., a publicly-registered non-traded REIT (\u201cSST VI\u201d), Strategic Storage Growth Trust III, Inc., a private REIT (\u201cSSGT III\u201d), and Strategic Storage Trust X, a private net asset value REIT launched in January 2025, (\u201cSST X\u201d and together with SST VI and SSGT III, the \u201cManaged REITs\u201d). We manage the properties owned by the Managed REITs. Inclusive of the properties owned by the Managed REITs and the properties owned by Delaware statutory trusts (\u201cDSTs\u201d) sponsored by one of the Managed REITs, in total, as of December 31, 2025, we managed 52 of such operating self storage properties, consisting of approximately 41,000 units and 4.5 million rentable square feet. Effective October 1, 2025, we acquired Argus Professional Storage Management, LLC (\u201cArgus\u201d), a third-party manager of self storage properties (the \u201cThird Party Platform Acquisition\u201d). See Note 4 \u2013 Third Party Platform Acquisition of the Notes to the Consolidated Financial Statements for additional information. As such, as of December 31, 2025, we managed an additional 221 of such properties, consisting of more than approximately 98,000 units and 15.9 million rentable square feet (the \u201cThird Party Platform\u201d). The Third Party Platform, the Managed REITs, and the other properties operated by us as mentioned above, are referred to as the \u201cManaged Platform.\u201d In total, as of December 31, 2025, we managed 273 operating self storage properties, which we did not own, consisting of approximately 140,000 units and 20.4 million rentable square feet through our Managed Platform. Our primary business model is focused on owning and operating high quality self storage properties in high growth markets in the United States and Canada. We finance our portfolio through a diverse capital strategy which includes cash generated from operations, borrowings under our syndicated revolving line of credit, secured and unsecured debt financing, equity offerings and joint ventures. Our business model is designed to maximize cash flow available for distribution to our stockholders and to achieve sustainable long-term growth in cash flow in order to maximize long-term stockhold ITEM 1. BUSINESS Overview SmartStop Self Storage REIT, Inc., a Maryland corporation (the \u201cCompany\u201d), is a self-managed and fully-integrated self storage real estate investment trust (\u201cREIT\u201d), formed on January 8, 2013 under the Maryland General Corporation Law. Our year-end is December 31. As used in this report, \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and \u201cCompany\u201d refer to SmartStop Self Storage REIT, Inc. and each of our subsidiaries. Our Common Stock began trading on the New York Stock Exchange (the \u201cNYSE\u201d) under the ticker symbol \u201cSMA\u201d on April 2, 2025. Business Objectives and Strategy We focus on the acquisition, ownership, and operation of self storage properties located primarily within the top 100 metropolitan statistical areas, or MSAs, throughout the United States and Canada. Based on the Inside Self Storage Top-Operators List ranking for 2025, and after accounting for recent market transactions, we are the 10th largest owner and operator of self storage properties in the United States based on rentable square footage. As of December 31, 2025, our wholly-owned portfolio consisted of 177 operating self storage properties diversified across 19 states, the District of Columbia, and Canada comprising approximately 122,000 units and 13.9 million net rentable square feet. Additionally, we owned a 50% equity interest in 13 unconsolidated real estate ventures located in Canada, which consisted of 10 operating self storage properties and three properties which were being developed into self storage properties as of December 31, 2025. Further, through our Managed Platform (as defined below), we serve as the sponsor of Strategic Storage Trust VI, Inc., a publicly-registered non-traded REIT (\u201cSST VI\u201d), Strategic Storage Growth Trust III, Inc., a private REIT (\u201cSSGT III\u201d), and Strategic Storage Trust X, a private net asset value REIT launched in January 2025, (\u201cSST X\u201d and together with SST VI and SSGT III, the \u201cManaged REITs\u201d). We manage the properties owned by the Managed REITs. Inc ITEM 1A. RISK FACTORS Below are risks and uncertainties that could adversely affect our operations that we believe are material to stockholders. Additional risks and uncertainties not presently known to us or that we do not consider material based on the information currently available to us may also", "title": "SMA - SmartStop Self Storage REIT, Inc.", "url": "/company/SMA/" }, { "kind": "company", "summary": "SIC 3760 Guided Missiles & Space Vehicles & Parts; CIK 0001788060; latest 10-K filed 2026-03-10.", "text": "VOYG - Voyager Technologies, Inc./TX SIC 3760 Guided Missiles & Space Vehicles & Parts; CIK 0001788060; latest 10-K filed 2026-03-10. VOYG Voyager Technologies, Inc./TX 0001788060 3760 Guided Missiles & Space Vehicles & Parts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read together with the consolidated financial statements and related notes that are included within Item 8 of this Annual Report. This discussion contains forward-looking statements based upon our current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under Part I, Item 1A \u201cRisk Factors\u201d and under \u201cForward-Looking Statements\u201d elsewhere in this Annual Report. The following discusses our financial condition and the results of operations as of and for the year ended December 31, 2025 compared to the year ended December 31, 2024. For a discussion of our financial condition and the results of operations as of and for the year ended December 31, 2024 compared to the year ended December 31, 2023, see \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d within our final prospectus dated June 12, 2025, filed with the SEC pursuant to Rule 424(b)(4) (Prospectus) under the Securities Act. Overview We are a purpose-built, innovation-driven defense technology and space solutions company focused on delivering mission-critical solutions across national security, space exploration and infrastructure and commercial space markets. Our company was purpose-built to address some of the most complex and consequential challenges facing the defense and space sectors, where technological leadership, operational execution and long-term resilience are essential. Our work strengthens national security, protects critical assets and enables sustained human and economic activity in space. Our founding was rooted in our goal of building a company that would address challenges at the forefront of the defense, national security and space industries. Since 2019, we have accomplished significant achievements, including the successful deployment of first-of-its-kind missile defense maneuvering capabilities, the development of groundbreaking space technology and the selection by NASA to develop a replacement for the ISS. We have grown both organically and through acquisitions, including Nanoracks, Valley Tech Systems, Space Micro, Zin Technologies, ExoTerra, Estes and more. We serve as a \u201cprime\u201d contractor and \u201csubcontractor\u201d to various government and private enterprise customers through our defense, national security, and space product offerings. Since 2019, we have executed and successfully vertically and horizontally integrated twelve acquisitions, and have grown our revenue to $144.2 million from the year ended December 31, 2024 to $166.4 million in the year ended December 31, 2025. In addition, we received cash proceeds from NASA grants of $56.0 million during 2025 and $62.2 million during 2024. We have $34.3 million of eligible proceeds remaining as of December 31, 2025, from our $217.5 million development grant with NASA to design Starlab, the commercial space station replacement for the ISS when it is decommissioned in 2030. We intend to operate Starlab through the Starlab JV, a Voyager-led and majority-owned global joint venture, with international equity partners that include Airbus, Mitsubishi, MDA Space and Palantir. Our growth and increased size and scale are the result of investment and focus on our key technology offerings, as well as our ability to attract, cultivate and integrate accretive acquisitions. Key Factors Affecting Our Performance Our results have been affected, and are expected to be affected in the future, by a variety of factors. A discussion of key factors that have had, or may have, an effect on our results is set forth below. For a further discussion of the factors affecting our results of operations, see Part I, Item 1A. \u201cRisk Factors\u201d above. Governmen Item 1. Business Our Company We are a purpose-built, innovation-driven defense technology and space solutions company focused on delivering mission-critical solutions across national security, space exploration and infrastructure and commercial space markets. Our company was purpose-built to address some of the most complex and consequential challenges facing the defense and space sectors, where technological leadership, operational execution and long-term resilience are essential. Our work is designed to strengthen national security, protect critical assets and enable sustained human and economic activity in space. We design, develop and operate advanced systems and infrastructure that support defense, intelligence, civil and commercial missions. Our capabilities span communications and intelligence systems, missile-defense-enabling technologies, advanced propulsion and energetics, in-space infrastructure and end-to-end space mission services. These capabilities are organized across three operating segments: Defense & National Security, Space Solutions and Starlab Space Stations. Since our founding in 2019, we have achieved significant milestones across each of these segments, including the successful deployment of first-of-its-kind missile defense maneuvering capabilities, the development of groundbreaking space technology and the selection by National Aeronautical and Space Administration (\u201cNASA\u201d) to develop a replacement for the International Space Station (\u201cISS\u201d), which is set to be decommissioned in 2030. Our portfolio has managed and executed more than 1,400 missions to the International Space Station across scientific experiments and payload operations, and in September 2025, the multi-cloud region we developed was launched to the ISS as the first known space cloud infrastructure in space. We operate a flexible and disciplined business model, serving both as a prime contractor and merchant supplier or subcontractor. This dual-role operating model allows Item 1A. Risk Factors Investing in our Class A common stock involves a high degree of risk. Before making your decision to invest in shares of our Class A common stock, you should carefully consider and read carefully all of the risks described below, together with the other informati", "title": "VOYG - Voyager Technologies, Inc./TX", "url": "/company/VOYG/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001549595; latest 10-K filed 2026-01-28.", "text": "NRIX - Nurix Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001549595; latest 10-K filed 2026-01-28. NRIX Nurix Therapeutics, Inc. 0001549595 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes appearing elsewhere in this Annual Report on Form 10\u2011K. As discussed in the section titled \u201cSpecial Note Regarding Forward Looking Statements,\u201d the following discussion and analysis contains forward looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and those discussed in the section titled \u201cRisk Factors\u201d in Part I, Item 1A of this Annual Report on Form 10-K. Overview We are a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of targeted protein degradation medicines, the next frontier in innovative drug design aimed at improving treatment options for patients with cancer and inflammatory diseases. Powered by a fully AI-integrated discovery engine capable of tackling any protein class, and coupled with leading ligase expertise, we have built a significant advantage in translating the science of protein degradation into clinical advancements with the aim of establishing degrader-based treatments at the forefront of patient care. We leverage our proprietary DEL-AI platform, employing advanced automated chemistry synthesis and direct-to-biology technologies, to rapidly generate degraders and degrader antibody conjugates (DACs) as first-in-class or best-in-class drug candidates. Our wholly owned, clinical stage pipeline includes targeted protein degraders of Bruton\u2019s tyrosine kinase (BTK), a B-cell signaling protein, and inhibitors of Casitas B-lineage lymphoma proto-oncogene B (CBL-B), an E3 ligase that regulates activation of multiple immune cell types including T cells and NK cells. Our partnered drug discovery pipeline consists of multiple programs under collaboration agreements with Gilead Sciences, Inc. (Gilead), Sanofi S.A. (Sanofi) and Pfizer Inc. (Pfizer), within which we retain certain options for co-development, co-commercialization and profit sharing in the United States for multiple drug candidates. Targeted Protein Degradation Our portfolio of targeted protein degraders of the B\u2011cell signaling protein BTK comprises bexobrutideg (NX\u20115948), an investigational, orally bioavailable, highly selective BTK degrader for the treatment of relapsed or refractory B-cell malignancies and potentially autoimmune diseases, and zelebrudomide (NX\u20112127), an investigational orally bioavailable degrader that simultaneously degrades BTK and two well-characterized cereblon neosubstrates IKZF1 (Ikaros) and IKZF3 (Aiolos) that are clinically validated transcription factor targets for relapsed or refractory B\u2011cell malignancies. Bexobrutideg (NX-5948): We are currently conducting a Phase 2 study of bexobrutideg in patients with relapsed or refractory CLL having failed three previous lines of therapy, specifically a covalent BTK inhibitor (cBTKi), a BCL2 inhibitor (BCL2i) and a non-covalent BTK inhibitor (ncBTKi). This study is designed as a potentially pivotal trial for Accelerated Approval in the United States and commenced in October 2025 upon FDA agreement for the use of the 600mg, once daily dose of bexobrutideg as determined by our Phase 1b study of both a 200mg and a 600mg dose in patients in accordance with the FDA\u2019s Project Optimus. In January 2024, the U.S. Food and Drug Administration (FDA) granted Fast Track designation for bexobrutideg for the treatment of adult patients with relapsed or refractory chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma (SLL) after at least two lines of therapy, including Item 1. Business When used in this report, unless otherwise indicated, \u201cNurix,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refers to Nurix Therapeutics, Inc. and its wholly owned subsidiaries. Overview We are a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of targeted protein degradation medicines, the next frontier in innovative drug design aimed at improving treatment options for patients with cancer and inflammatory diseases. Powered by a fully artificial intelligence (AI)-integrated discovery engine capable of tackling any protein class, and coupled with leading ligase expertise, Nurix has built a significant advantage in translating the science of protein degradation into clinical advancements with the aim of establishing degrader-based treatments at the forefront of patient care. Our wholly owned, clinical stage pipeline includes three investigational drug candidates designed with the goal to be first-in-class or best-in-class therapeutics: bexobrutideg (NX-5948), a highly selective degrader of Bruton\u2019s tyrosine kinase (BTK); zelebrudomide (NX-2127), a dual degrader of BTK and transcription factors IKZF1(Ikaros) and IKZF3 (Aiolos); and NX-1607, an inhibitor of Casitas B-lineage lymphoma proto-oncogene B (CBL-B), an E3 ligase that regulates activation of multiple immune cell types including T cells and NK cells. We are also advancing multiple potentially first-in-class or best-in-class degraders and degrader antibody conjugates (DACs) in our preclinical pipeline. Our partnered drug discovery pipeline consists of a clinical stage degrader of IRAK4 (NX-0479/GS-6791), a preclinical stage degrader of STAT6, currently in investigational new drug application (IND), enabling studies, and multiple currently undisclosed targets under collaboration agreements with Gilead Sciences, Inc. (Gilead), Sanofi S.A. (Sanofi) and Pfizer Inc. (Pfizer). Within these collaborations, we retain certain options for co-development, co-commer Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial", "title": "NRIX - Nurix Therapeutics, Inc.", "url": "/company/NRIX/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001672619; latest 10-K filed 2026-03-03.", "text": "ELVN - Enliven Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001672619; latest 10-K filed 2026-03-03. ELVN Enliven Therapeutics, Inc. 0001672619 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties, including those described in the section titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Our actual results and the timing of selected events could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those set forth under the section titled \u201cRisk factors\u201d included elsewhere in this Annual Report on Form 10-K. Overview We are a clinical-stage biopharmaceutical company focused on the discovery and development of small molecule therapeutics to help people not only live longer, but live better. We aim to address existing and emerging unmet needs with a precision medicine approach that improves survival and enhances overall well-being. Our discovery process combines deep insights into clinically validated biological targets and differentiated chemistry with the goal of designing therapies for unmet needs. By combining clinically validated targets and specific target product profiles with disciplined clinical trial design and regulatory strategy, we aim to develop drugs that address unmet needs with an increased probability of clinical and commercial success. Validated targets are those whose role in disease pathology have been demonstrated by mechanistic and clinical studies. We are currently advancing ELVN-001, as well as pursuing multiple additional research-stage opportunities that align with our small molecule development approach. To prioritize the advancement of ELVN-001 and its upcoming pivotal trial, we are exploring strategic alternatives for the ELVN-002 program and are no longer pursuing its development. To prioritize the advancement of ELVN-001 and its upcoming pivotal trial, we are exploring strategic alternatives for the ELVN-002 program and are no longer pursuing its development. The following table summarizes our clinical programs: Enliven Inc. (formerly, Enliven Therapeutics, Inc.) (\u201cFormer Enliven\u201d) was incorporated in the State of Delaware in June 2019, and we are headquartered in Boulder, Colorado. We devote substantially all of our resources to research and development activities of our BCR-ABL program and our other programs, business planning, establishing and maintaining our intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these activities. We do not own or operate, and currently have no plans to establish, any manufacturing facilities. We rely, and expect to continue to rely, on third parties for the manufacture of our product candidates for clinical and preclinical testing, as well as for commercial manufacturing, should any of our product candidates obtain marketing approval. We believe that this strategy allows us to maintain a more efficient infrastructure by eliminating the need for us to invest in our own manufacturing facilities, equipment and personnel, while also enabling us to focus our expertise and resources on the development of our product candidates. Former Enliven funded its operations primarily through private placements of its convertible preferred stock and sale of common stock, raising aggregate gross proceeds of $140.5 million from these private placements and an aggregate of $164.5 million in gross proceeds from the sale of common stock in the Former Enliven pre-closing financing (the \u201cFinancing Transaction\u201d). In March 2024, we sold in the Private Placement common stock and pre-funded warrants to purchase shares of our common stock, resulting in aggregate gross proceeds of $90. Item 1. Business. Overview We are a clinical-stage biopharmaceutical company focused on the discovery and development of small molecule therapeutics to help people not only live longer, but live better. We aim to address existing and emerging unmet needs with a precision medicine approach that improves survival and enhances overall well-being. Our discovery process combines deep insights into clinically validated biological targets and differentiated chemistry with the goal of designing therapies for unmet needs. By combining clinically validated targets and specific target product profiles with disciplined clinical trial design and regulatory strategy, we aim to develop drugs that address unmet needs with an increased probability of clinical and commercial success. Validated targets are those whose role in disease pathology have been demonstrated by mechanistic and clinical studies. We are currently advancing ELVN-001 as well as pursuing multiple additional research-stage opportunities that align with our small molecule development approach. The following table summarizes our clinical programs: ELVN-001 is a potent, highly selective, small molecule kinase inhibitor designed to specifically target the breakpoint cluster region \u2013 Abelson (\u201cBCR-ABL\u201d) gene fusion, the oncogenic driver for patients with chronic myeloid leukemia (\u201cCML\u201d). It is an adenosine triphosphate (ATP)-competitive tyrosine kinase inhibitor (TKI), meaning it competes with ATP for binding at the kinase active site, thereby blocking phosphorylation and downstream oncogenic signaling. Although the approval of BCR-ABL tyrosine kinase inhibitors (\u201cTKIs\u201d) changed prognosis of CML from a fatal disease to a manageable chronic condition, patients still face several barriers that limit their ability to achieve durable responses, maintain long-term treatment success, and sustain a good quality of life. Patients can develop primary or secondary resistance to currently available TKIs, preventing them from a Item 1A. Risk Factors. Risk factors You should carefully consider the risks described below, as well as the other information in this Annual Report on Form 10-K, including our audited consolidated financial statements and related notes and the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condit", "title": "ELVN - Enliven Therapeutics, Inc.", "url": "/company/ELVN/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001676238; latest 10-K filed 2026-03-25.", "text": "BRZE - Braze, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001676238; latest 10-K filed 2026-03-25. BRZE Braze, Inc. 0001676238 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes that are included elsewhere in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion contains forward-looking statements that are based upon current plans, expectations and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, those set forth under the section entitled \u201cRisk Factors\u201d in Item 1A of Part I of this Annual Report on Form 10-K. See \u201cSpecial Note Regarding Forward Looking Statements\u201d in this Annual Report on Form 10-K. For a discussion regarding our financial condition and results of operations for the fiscal year ended January 31, 2025 compared to the fiscal year ended January 31, 2024, refer to \u201cManagement's Discussion and Analysis of Financial Condition 49 Table of Contents and Results of Operations\u201d in our Annual Report on Form 10-K for our fiscal year ended January 31, 2025, filed with the SEC on April 1, 2025. Overview Braze is a leading customer engagement platform that empowers brands to Be Absolutely Engaging. Our platform brings together rich, first-party context, transforms that context with composable intelligence (models, agents, and operators), and delivers continuous, and personally relevant interactions across channels. Using our platform, brands ingest and process customer data in real time, orchestrate and optimize contextually relevant marketing campaigns across multiple channels. Our platform is designed so that interactions between brands and consumers have the same relevance and cross-channel continuity as human interactions. Our customers include many established global enterprises and leading technology innovators, and span a wide variety of sizes and industries, including retail and consumer goods, media and entertainment, gaming, sports, restaurants and on-demand services, healthcare and life sciences, technology, and financial services. We primarily generate revenue from the sale of subscriptions to customers for the use of our platform. Our subscription fees are principally based on an upfront commitment by our customers for messaging volumes, a specific number of monthly active users, platform access and/or support and certain add-on products. Additionally, we provide professional services, which better enable customers to successfully onboard and use our platform, including certain premium professional services such as email deliverability support and dedicated technical support staff. We employ a land-and-expand business model centered around offering products that are easy to adopt and have a rapid time to value. We expand our reach within existing customers when our customers add new channels, purchase additional subscription products, implement new engagement strategies, or onboard new business units and geographies. We also grow as our customers grow because our pricing is based in large part on the number of consumers that our customers reach and the volume of messages our customers send. Accordingly, as our customers increase the use of our platform and increase the number of end users reached via our platform, the value of our contracts with such customers also increases. We have grown significantly in recent periods. We generated revenue of $738.2 million, $593.4 million, and $471.8 million in the fiscal years ended January 31, 2026, 2025, and 2024, respectively, representing year-over-year growth of 24.4% from the fiscal years ended January 31, 2025 to January 31, 2026 and 25.8% from the fiscal year ended January 31, 2024 to January 31, 2025. We had net losses of $130.8 million, $104.0 mi Item 1. Business Vision To forge vibrant connections between people and the brands they love, fueled by a community that inspires and technology that lights the way. Overview Braze is a leading customer engagement platform that empowers brands to Be Absolutely Engaging. Customer Engagement is an emerging category of business activity and software which we define as the full set of activities that companies use to build and maintain direct, meaningful relationships with their customers. Our platform brings together rich, first-party context, transforms that context with composable intelligence (models, agents, and operators), and delivers continuous, and personally relevant interactions across channels. As of January 2026, 2,609 customers around the world trusted Braze to power their cross-channel customer engagement strategies. In January 2026, our platform enabled interactions with 8.0 billion monthly active users via our customers\u2019 apps, websites, and other digital interfaces, up from 7.2 billion in January 2025. Our bond with technology has strengthened immensely over the past decade as we welcomed connected devices, digital services, and, most recently, artificial intelligence, or AI, into nearly every part of our lives. Braze was founded in 2011 in response to the step change in human history ushered in by the smartphone, when we became significantly more connected to each other and to the products and services that brands compete to sell to us. Today, we interact with many brands across a myriad of digital and physical touchpoints. The first-party data generated from the increase in digital touchpoints in particular has provided brands with new opportunities to reach customers with the right message at the right time, but it has also increased consumer expectations for brands to understand and anticipate their needs regardless of where they interact. The ongoing platform shift to AI has further elevated expectations for a personalized experience and creat Item 1A. Risk Factors Our operations and financial results are subject to various risks and uncertainties, including those described below. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including \u201cManagement\u2019s Discussion and Analysis of Fina", "title": "BRZE - Braze, Inc.", "url": "/company/BRZE/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001393434; latest 10-K filed 2026-02-05.", "text": "OCUL - OCULAR THERAPEUTIX, INC SIC 2834 Pharmaceutical Preparations; CIK 0001393434; latest 10-K filed 2026-02-05. OCUL OCULAR THERAPEUTIX, INC 0001393434 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties and should be read together with the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview Our Company We are an integrated biopharmaceutical company committed to redefining the retina experience. AXPAXLI, also known as OTX-TKI), our investigational product candidate for retinal disease, is an axitinib intravitreal hydrogel based 114 Table of Contents on our ELUTYX proprietary bioresorbable hydrogel-based formulation technology. AXPAXLI is currently being evaluated in a Phase 3 registrational program for wet age-related macular degeneration, or wet AMD, which we refer to as the SOL program. AXPAXLI is currently also being evaluated in a Phase 3 registrational program for diabetic retinal disease, including non-proliferative diabetic retinopathy, or NPDR, which we refer to as the HELIOS program. We also leverage the ELUTYX technology in our commercial product DEXTENZA, a corticosteroid approved by the U.S. Food and Drug Administration, or FDA, for the treatment of ocular inflammation and pain following ophthalmic surgery in adults and pediatric patients and for the treatment of ocular itching associated with allergic conjunctivitis in adults and pediatric patients aged two years or older, and in our product candidate OTX-TIC, which is a travoprost intracameral hydrogel that has completed a Phase 2 clinical trial for the treatment of open-angle glaucoma, or OAG, or ocular hypertension, or OHT. We are currently evaluating next steps for the OTX-TIC program. Key Business and Financial Developments AXPAXLI for the treatment of wet AMD Pending the receipt of favorable results from the SOL-1 trial and planned interactions with the FDA, we intend to submit a new drug application, or NDA, for AXPAXLI for the treatment of wet AMD based on Week 52 data from the SOL-1 trial, without necessarily waiting to receive additional clinical data from the SOL-1, SOL-R or other clinical trials. Because axitinib is FDA-approved for non-ophthalmic indications, we plan to submit an NDA under Section 505(b)(2) of the Federal Food, Drug, and Cosmetic Act, or FDCA, which has the potential to shorten the review timeline for AXPAXLI by up to two months compared to the traditional review pathway for new molecular entities. As of February 4, 2026, the SOL-1 trial continues to maintain an exceptional rate of subject retention and per protocol-defined treatment rescues. All subjects have completed their Week 52 visit and have been re-dosed according to their baseline treatment assignment. Oversight by an independent data and safety monitoring committee has not identified any safety signals in the SOL-1 trial to date. As of February 4, 2026, the results of the SOL-1 trial remain masked. We expect to present Week 52 results for the SOL-1 trial at the 49th Macula Society Annual Meeting, taking place between February 25 \u2013 28, 2026. In November 2025, we announced that the SOL-R trial has achieved its randomization target of 555 subjects. We continued to allow randomization of previously enrolled subjects that were still in the loading phase when we achieved target randomization to maintain our commitment to both patients and investig Item 1. Business We are an integrated biopharmaceutical company committed to redefining the retina experience. AXPAXLI, also known as OTX-TKI, our investigational product candidate for retinal disease, is an axitinib intravitreal hydrogel based on our ELUTYX proprietary bioresorbable hydrogel-based formulation technology. AXPAXLI is currently being evaluated in a Phase 3 registrational program for wet age-related macular degeneration, or wet AMD, which we refer to as the SOL program. AXPAXLI is currently also being evaluated in a Phase 3 registrational program for diabetic retinal disease, including non-proliferative diabetic retinopathy, or NPDR, which we refer to as the HELIOS program. We also leverage the ELUTYX technology in our commercial product DEXTENZA, a corticosteroid approved by the U.S. Food and Drug Administration, or FDA, for the treatment of ocular inflammation and pain following ophthalmic surgery in adults and pediatric patients and for the treatment of ocular itching associated with allergic conjunctivitis in adults and pediatric patients aged two years or older, and in our product candidate OTX-TIC, which is a travoprost intracameral hydrogel that has completed a Phase 2 clinical trial for the treatment of open-angle glaucoma, or OAG, or ocular hypertension, or OHT. We are currently evaluating next steps for the OTX-TIC program. DEXTENZA and our product candidates in clinical development generally incorporate therapeutic agents that have previously received regulatory approval from the FDA, including small molecules, into ELUTYX, with the goal of providing local programmed release to tailor the duration and amount of the therapeutic agent to be delivered to the eye. The hydrogel technology that underpins ELUTYX has been used in the human body since 1992 and has demonstrated its safety and effectiveness in over five million patients across eight FDA-approved treatments since that time. Our own approved product DEXTENZA, the first and only drug- Item 1A. Risk Factors. The following risk factors and other information included in this Annual Report on Form 10-K, including under the heading \u201cSummary of Risk Factors\u201d in this Annual Report, should be carefully considered. The risks and uncertainties described below are not the only ones we face. Additional risks and uncert", "title": "OCUL - OCULAR THERAPEUTIX, INC", "url": "/company/OCUL/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001831651; latest 10-K filed 2026-02-24.", "text": "SHLS - Shoals Technologies Group, Inc. SIC 3674 Semiconductors & Related Devices; CIK 0001831651; latest 10-K filed 2026-02-24. SHLS Shoals Technologies Group, Inc. 0001831651 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) should be read in conjunction with our consolidated financial statements and the related notes and other financial information included in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. For this purpose, any statements contained in this Form 10-K that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as \u201cmay,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201cbelieve,\u201d \u201canticipate,\u201d \u201cestimate\u201d or \u201ccontinue\u201d or comparable terminology are intended to identify forward-looking statements. Our actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under the sections of this Form 10-K captioned \u201cForward-Looking Statements\u201d and \u201cRisk Factors\u201d. Management\u2019s discussion and analysis relating to the fiscal year ended December 31, 2024 and the applicable year-to-year comparisons to the fiscal year ended December 31, 2023 are not included in this Annual Report on Form 10-K but can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. This MD&A contains the presentation of Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted Earnings per Share, which are not presented in accordance with generally accepted accounting principles in the U.S. (\u201cGAAP\u201d). Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted Earnings per Share are being presented because management believes they provide investors and readers of this Form 10-K with additional insight into our operational performance relative to earlier periods and relative to our competitors. We do not intend Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, 27 Table of Contents Adjusted Net Income, and Adjusted Diluted Earnings per Share to be substitutes for any GAAP financial information. Readers of this Form 10-K should use Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted Earnings per Share only in conjunction with Gross Profit, Net Income, and Net Income Attributable to Shoals Technologies Group, Inc., the most closely comparable GAAP financial measures, as applicable. Reconciliations of Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted Earnings per Share to the respective most closely comparable GAAP measure, as well as a calculation of Adjusted Gross Profit Percentage and Adjusted Diluted Weighted Average Shares Outstanding, are provided below, in \u201c\u2014Non-GAAP Financial Measures.\u201d Overview Shoals Technologies Group is a leading design-engineering and manufacturer of advanced electrical infrastructure solutions for mission\u2011critical applications across solar photovoltaic (PV), battery energy storage solutions (BESS), and data center power systems. Our solutions also support original equipment manufacturers (\u201cOEMs\u201d). EBOS encompasses all of the components that are necessary to carry the electric current produced by solar panels or stored by a BESS solution to an inverter and ultimately to the power grid. Since electrical infrastructure is the backbone of a solar or BESS project, our products play a mission-critical role in the quality, safety, reliability, and efficiency of energy projects, which the industry prioritizes over price when selecting EBOS solutions. We design, manufacture a Item 1. Business Unless the context otherwise requires or unless otherwise stated, references to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cShoals,\u201d the \u201cCorporation,\u201d the \u201cCompany\u201d and other similar references refer to Shoals Technologies Group, Inc., a Delaware corporation, and, unless otherwise stated, all of its consolidated subsidiaries. Shares of our Class A common stock trade on the Nasdaq Global Market under the symbol, \u201cSHLS\u201d. Overview Shoals Technologies Group is a leading design-engineering company and manufacturer of advanced electrical infrastructure solutions for mission\u2011critical applications across solar photovoltaic (PV), BESS, and data center power systems. Our solutions also support original equipment manufacturers (\u201cOEMs\u201d). Since its founding in 1996, the Company has introduced innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability at scale. In the solar industry, electrical infrastructure is referred to as electrical balance of systems (EBOS). EBOS encompasses all of the components that are necessary to carry the electric current produced by solar panels or stored by a BESS solution to an inverter and ultimately to the power grid. We refer to complete EBOS solutions that use products manufactured by us, typically in connection with the design and specification of an entire EBOS system, as \u201csystem solutions\u201d. When we sell one of our patented system solutions, we work closely with our customers to design, specify and engineer a complete EBOS solution tailored to their project. The result is a customized system that maximizes reliability and energy production while minimizing cost and accelerating installation. We also provide technical support during installation and the transition to operations and maintenance. Given the custom nature of both our system solutions and individual components and the long development cycle for solar energy and Item 1A. Risk Factors You should carefully consider the following discussion of significant factors, events and uncertainties in evaluating our business and the forward-looking statements contained in this Annual Report on Form 10-K. The risks described below could materially and adversely affect", "title": "SHLS - Shoals Technologies Group, Inc.", "url": "/company/SHLS/" }, { "kind": "company", "summary": "SIC 3844 X-Ray Apparatus & Tubes & Related Irradiation Apparatus; CIK 0001804176; latest 10-K filed 2026-02-27.", "text": "BFLY - Butterfly Network, Inc. SIC 3844 X-Ray Apparatus & Tubes & Related Irradiation Apparatus; CIK 0001804176; latest 10-K filed 2026-02-27. BFLY Butterfly Network, Inc. 0001804176 3844 X-Ray Apparatus & Tubes & Related Irradiation Apparatus Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of the financial condition and results of operations should be read in conjunction with the financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements reflecting our current expectations, estimates and assumptions concerning events and financial trends that may affect our future operating results or financial position. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in the sections entitled \u201cRisk Factors\u201d and \u201cCautionary Statement Regarding Forward-Looking Statements\u201d appearing elsewhere in this Annual Report on Form 10-K. Overview We are an innovative digital health business transforming care through a unique combination of portable, semiconductor-based ultrasound technology, intuitive software, services, and educational offerings that can make medical imaging more accessible than ever before. Butterfly\u2019s solution enables the practical application of ultrasound information into the clinical workflow through affordable hardware that fits in a healthcare professional\u2019s pocket and is paired with cloud-connected software that is easily accessed through a mobile application. Butterfly developed ultrasound devices that can perform whole-body imaging in a single handheld probe because they are powered by our proprietary semiconductor technology instead of piezoelectric crystals. Our Ultrasound-on-Chip\u2122 makes ultrasound more accessible outside of large healthcare institutions, while our software is intended to make the product easy to use, fully integrated with the clinical workflow, and accessible on a user\u2019s smartphone, tablet, and almost any hospital computer system connected to the Internet. We aim to enable the delivery of imaging information anywhere at point-of-care to drive earlier detection throughout the body and remote management of health conditions. We market and sell the Butterfly system, which includes probes, related accessories, and software subscriptions, to healthcare systems, physicians, and healthcare providers through a direct sales force, distributors, and our eCommerce channel. We also license our 44 Table of Contents proprietary Ultrasound-on-Chip\u2122 semiconductor platform for co-development of novel technologies in non-competitive markets through a program called Butterfly Embedded\u2122. Key Performance Measures We review the key performance measures discussed below to evaluate the business and measure performance, identify trends, formulate plans, and make strategic decisions. Our key performance measures may fluctuate over time as the adoption of our devices increases, which may shift the revenue mix more toward software and other services. Units fulfilled We define units fulfilled as the number of devices whereby control is transferred to a customer. We do not adjust this measure for returns as our volume of returns has historically been low. We view units fulfilled as a key indicator of the growth of our business. We believe that this measure is useful to investors because it presents our core growth and performance of our business period over period. Units fulfilled increased by 1,792, or 9.1%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was driven by higher probe sales volume in our US and veterinary sales channels. Software and other services mix We define software and other services mix as a percentage of our total revenue recognized in a reporting period that is based on software subscriptions and other related services, consisting primarily of our software as a service (\u201cSaaS\u201d) offering. We view software and other services mix as a key indicator of the profitability of our business, and thus we believe Item 1. BUSINESS Overview Butterfly is the pioneer of the Ultrasound-on-Chip\u2122 semiconductor platform and a leader in semiconductor-based point-of-care ultrasound technology. We combine proprietary hardware, intuitive software, services and educational offerings that can make ultrasound more accessible than ever before. Our flagship point-of-care solution enables the practical application of ultrasound information into the clinical workflow through affordable ultrasound devices that fit in a healthcare professional\u2019s pocket and pair with cloud-connected software that is easily accessed through a mobile application. While Butterfly\u2019s core commercial business is in the point-of-care ultrasound (\u201cPOCUS\u201d) category, our technology is fundamentally different from incumbent POCUS devices, which we view as mere extensions of cart-based hospital workflows. In contrast, Butterfly\u2019s devices are built on our one-of-a-kind Ultrasound-on-Chip\u2122 semiconductor platform. Our technology is designed for true mobility, not just because it is a single, portable imaging device suitable for any doctor or nurse, but also because it is powered by AI-driven tools, cloud connectivity, and seamless hospital integration. This combination of advanced, cloud-connected software and portable hardware is the key to mobility, allowing Butterfly to support large health systems while also functioning independently of them in remote or resource-limited settings. Wherever a doctor, nurse, or patient braves to go, Butterfly can deliver imaging that adapts to their environment and remains securely connected. With this proprietary, comprehensive portable ultrasound solution, that is protected by a robust intellectual property portfolio, we are on a mission to democratize healthcare by increasing access and use of ultrasound information wherever care is being delivered \u2013 whether a large healthcare system, a rural clinic, a global conflict zone or beyond. We are helping streamline and optimize deployment Item 1A. RISK FACTORS This Annual Report on Form 10-K contains forward-looking statements that involve risks and uncertainties. These statements include projections about our finances, plans and objectives for the future, future operating and economic performance, and other ", "title": "BFLY - Butterfly Network, Inc.", "url": "/company/BFLY/" }, { "kind": "company", "summary": "SIC 6111 Federal & Federally-Sponsored Credit Agencies; CIK 0000845877; latest 10-K filed 2026-02-19.", "text": "AGM - FEDERAL AGRICULTURAL MORTGAGE CORP SIC 6111 Federal & Federally-Sponsored Credit Agencies; CIK 0000845877; latest 10-K filed 2026-02-19. AGM FEDERAL AGRICULTURAL MORTGAGE CORP 0000845877 6111 Federal & Federally-Sponsored Credit Agencies Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations This section of the report provides discussion and analysis, from management\u2019s perspective, of the material information necessary to assess our financial condition and results of operations for the year ended December 31, 2025. Financial information included in this report is consolidated to include the accounts of Farmer Mac and our two subsidiaries \u2013 Farmer Mac Mortgage Securities Corporation and Farmer Mac II LLC. This discussion and analysis of financial condition and results of operations should be read together with our consolidated financial statements and the related notes to the consolidated financial statements for each fiscal year ended December 31, 2025, 2024, and 2023. We have omitted a discussion of the earliest of the three fiscal years presented because that information was previously included in our Form 10\u2011K for the year ended December 31, 2024 and is not necessary for an understanding of our financial condition, changes in financial condition, or results of operations for 2025. The prior discussion is available in Item 7 of that filing. Overview We are driven by our mission to increase the accessibility of financing to provide vital liquidity for American agriculture and rural infrastructure. Our secondary market provides liquidity to the nation's agricultural and rural infrastructure businesses, supporting a vibrant and strong rural America. We offer a wide range of solutions to help meet financial institutions\u2019 growth, liquidity, risk management, and capital relief needs across diverse markets, including agriculture, agribusiness, broadband infrastructure, power and utilities, and renewable energy. We are uniquely positioned to facilitate competitive access to financing that fuels growth, innovation, and prosperity in America's rural and agricultural communities. We also provide investment opportunities to entities, such as states, counties, municipalities, pension funds, banks, public trust funds, and credit unions, that may diversify their investment portfolios and provide possibilities to earn a competitive return on their investment dollars. During 2025, we: \u2022exceeded $30 billion in outstanding business volume; \u2022provided $10.5 billion in liquidity and lending capacity to lenders serving rural America; \u2022added $100.0 million in equity through the issuance of 4.0 million shares of 6.500% non-cumulative perpetual Series H preferred stock; \u2022maintained strong liquidity in our investment portfolio, with a monthly average of 301 days of liquidity during 2025, well above the regulatory requirement of a minimum of 90 days of liquidity; and \u2022maintained our strong capital position, with capital of $0.7 billion in excess of the minimum regulatory capital requirement, and maintained uninterrupted access to the debt capital markets. The discussion below of our financial information includes \"non-GAAP measures,\" which are measures of financial performance not presented in accordance with generally accepted accounting principles in the United States (\"GAAP\"). For more information about the non-GAAP measures we use, see MD&A\u2014Use of Non-GAAP Measures. 46 Net Income and Core Earnings The following table shows our net income attributable to common stockholders and core earnings for the periods presented. Core earnings is a non-GAAP measure that differs from net income attributable to common stockholders by excluding the effects of fair value fluctuations and specified infrequent or unusual transactions. Table 1 [[GREPCENT_TABLE]] [[\"\",\"For the Years Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\"],[\"\",\"(in thousands)\"],[\"Net income attributable to common stockholders\",\"$\",\"182,493\",\"\",\"\",\"$\",\"180,428\"],[\"Core earnings\",\"182,949\",\"\",\"\",\"171,630\"]] [[/GREPCENT_TABLE]] The year-over-year increase of $2.1 million in net income attributable to common stockholders for 2025 was primarily attributable to a $36.9 million increase Item 1.Business GENERAL Farmer Mac is a stockholder-owned, federally chartered corporation that combines private capital and public sponsorship to serve a public purpose. Congress has charged Farmer Mac, in our charter, with the mission of providing a secondary market for a variety of loans made to borrowers in rural America. A secondary market is an economic arrangement in which the owners of financial assets, such as the originators of loans, may sell all or part of those assets or pay a fee to offset some or all of the inherent risks of holding the assets. To fulfill our mission to increase the accessibility of financing to provide vital liquidity for American agriculture and rural infrastructure, our secondary market activities include: \u2022purchasing eligible loans directly from lenders, including participation interests, syndicated notes, revolving and non-revolving credit facilities, and unfunded loan commitments. \"Eligible Loans\" include obligations which are: secured by a first lien mortgage on real estate used in agricultural production or processing, including part-time farms and rural housing loans; agricultural and rural development loans guaranteed by the United States Department of Agriculture (\"USDA\"); and loans by lenders organized as cooperatives to finance electrification and telecommunications facilities, including broadband and middle mile broadband infrastructure, and renewable energy projects in rural areas; \u2022guaranteeing and purchasing securities issued by lenders and other financial institutions that obtain funding by pledging pools of Eligible Loans that they retain (we refer to these securities as \"AgVantage,\" one of our registered trademarks); \u2022issuing and guaranteeing securities that represent interests in, or obligations secured by, pools of Eligible Loans that we purchase and transfer to trusts (together with AgVantage, we refer to these securities as \"Farmer Mac Guaranteed Securities,\" which may be retained by the seller of the unde Item 1A.Risk Factors Our business activities, financial performance, and results of operations are, by their nature, subject to risks and uncertainties, including those related to the agricultural industry, infrastructure industries, access to the capital markets, the politic", "title": "AGM - FEDERAL AGRICULTURAL MORTGAGE CORP", "url": "/company/AGM/" }, { "kind": "company", "summary": "SIC 2835 In Vitro & In Vivo Diagnostic Substances; CIK 0001652130; latest 10-K filed 2026-02-26.", "text": "NTLA - Intellia Therapeutics, Inc. SIC 2835 In Vitro & In Vivo Diagnostic Substances; CIK 0001652130; latest 10-K filed 2026-02-26. NTLA Intellia Therapeutics, Inc. 0001652130 2835 In Vitro & In Vivo Diagnostic Substances Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Our management\u2019s discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements included in this Annual Report on Form 10-K, which have been prepared by us in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d) and with Regulation S-X, promulgated under the Securities Exchange Act of 1934, as amended. This discussion and analysis should be read in conjunction with these consolidated financial statements and the notes thereto included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in Part I, Item 1A. Risk Factors of this Annual Report on Form 10-K, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Information pertaining to fiscal year 2023 was included in our Annual Report on Form 10-K for the year ended December 31, 2024 under Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Position and Results of Operations,\u201d which was filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on February 27, 2025. Management Overview Intellia Therapeutics, Inc. (\u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cIntellia,\u201d or the \u201cCompany\u201d) is a leading biopharmaceutical company focused on revolutionizing medicine leveraging CRISPR gene editing and other core technologies. Our mission is to transform the lives of people with severe diseases by developing and commercializing potentially curative treatments. With deep scientific, technical and clinical development experience, we aim to reset the standard for medicine by durably treating the root causes of disease. For over a decade, Intellia has applied its proprietary technologies and expertise, including CRISPR-based gene editing technologies, oligonucleotides, and lipid nanoparticles (\u201cLNPs\u201d), to develop novel, first-in-class product candidates. This includes the development of lonvoguran ziclumeran (\u201clonvo-z,\u201d also referred to as NTLA-2002) for the treatment of hereditary angioedema (\u201cHAE\u201d) and nexiguran ziclumeran (\u201cnex-z,\u201d also referred to as NTLA-2001) for the treatment of transthyretin (\u201cATTR\u201d) amyloidosis. These lead product candidates are the first in vivo genome editing product candidates into Phase 3 development. These systemically administered CRISPR-based candidates are designed to address diseases with high unmet need with a single intravenous (\u201cIV\u201d) infusion that is administered in an outpatient setting. Lonvo-z and nex-z are currently in Phase 3 clinical development, and we are preparing for the planned commercial launch of lonvo-z in the first half of 2027. For more information regarding our business, mission and pipeline, see above sections in Part I entitled \u201cOverview,\u201d \u201cStrategy\u201d and \u201cOur Pipeline.\u201d Financial Overview Collaboration Revenue Our revenue consists of collaboration revenue, including amounts recognized related to upfront technology access payments for licenses, technology access fees, research materials shipped, research funding and milestone payments earned under our license and collaboration agreements. Research and Development Research and development expenses consist of expenses incurred in performing research and development activities, such as compensation and benefits, which includes stock-based compensation, for full-time research and development employees, allocated facility-related expenses, overhead expenses, license and milestone fees, contract research, development and manufacturing serv Item 1. Business Overview Intellia Therapeutics, Inc. (\u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cIntellia,\u201d or the \u201cCompany\u201d) is a leading biopharmaceutical company focused on revolutionizing medicine leveraging CRISPR gene editing and other core technologies. Our mission is to transform the lives of people with severe diseases by developing and commercializing potentially curative treatments. With deep scientific, technical and clinical development experience, we aim to reset the standard for medicine by durably treating the root causes of disease. For over a decade, Intellia has applied its proprietary technologies and expertise, including CRISPR-based gene editing technologies, oligonucleotides, and lipid nanoparticles (\u201cLNPs\u201d), to develop novel, first-in-class product candidates. This includes the development of lonvoguran ziclumeran (\u201clonvo-z,\u201d also referred to as NTLA-2002) for the treatment of hereditary angioedema (\u201cHAE\u201d) and nexiguran ziclumeran (\u201cnex-z,\u201d also referred to as NTLA-2001) for the treatment of transthyretin (\u201cATTR\u201d) amyloidosis. These lead product candidates are the first in vivo genome editing product candidates into Phase 3 development. These systemically administered CRISPR-based candidates are designed to address diseases with high unmet need with a single intravenous (\u201cIV\u201d) infusion that is administered in an outpatient setting. Lonvo-z and nex-z are currently in Phase 3 clinical development, and we are preparing for the planned commercial launch of lonvo-z in the first half of 2027. In order to treat\u2014and potentially cure\u2014a broader range of severe diseases, we and our collaboration partners are advancing the development of additional clinical and preclinical product candidates. Throughout our history, we have leveraged collaborations to expand and accelerate the development of product candidates. Our current relationships include our collaboration with Regeneron Pharmaceuticals, Inc. (\u201cRegeneron\u201d) and other research collaborations focused on the development Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. In evaluating us and our business, careful consideration should be given to the following risk factors, in addition to the other information set forth in this Annual Report on Form 10-K for the year ended D", "title": "NTLA - Intellia Therapeutics, Inc.", "url": "/company/NTLA/" }, { "kind": "company", "summary": "SIC 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys; CIK 0001865631; latest 10-K filed 2026-03-17.", "text": "NN - NEXTNAV INC. SIC 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys; CIK 0001865631; latest 10-K filed 2026-03-17. NN NEXTNAV INC. 0001865631 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes thereto and other financial information included elsewhere in this Annual Report on Form 10-K. In addition to historical information, some of the information contained in the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Forward-looking statements reflect management\u2019s current expectations and are inherently uncertain. Actual results and outcomes could differ materially for a variety of reasons. You should review \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cItem 1A. Risk Factors\u201d of this Annual Report on Form 10-K for a discussion of important factors that could cause our actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. 29 Overview We are the market leader in delivering resilient, next generation, complementary positioning, navigation and timing (\u201cPNT\u201d) solutions designed to overcome the limitations and vulnerabilities of existing space-based Global Navigation Satellite Systems (\u201cGNSS\u201d), including the Global Positioning System (\u201cGPS\u201d). PNT services are used in nearly every facet of our economy. Cellular and electrical distribution systems depend on GPS-based timing, and the mobile app economy relies on location to create innovative services and to drive data and advertising revenue. Public safety and enhanced 911 (\u201cE911\u201d) save lives every day with the use of location services. GPS has powered the global economy for nearly 40 years. Without high-precision timing from GPS, cellular systems would fail, the distribution of electricity would be impacted, and other aspects of everyday life would be adversely affected. Recent international events have demonstrated that having viable systems to backup and complement GPS is a national security issue. Our PNT solutions address these needs and issues in several ways. Our technology consists of a ground-based transmitter network operating on low-band spectrum assets in a manner similar to the function of GPS satellites. Unlike satellites, our network signals are designed to be much stronger and extremely difficult to jam or spoof. In addition, because the signals are terrestrial and low-band, they can penetrate buildings. As a result, our technology can act as a complement to satellite-based GPS, especially in urban canyons or deep indoors, and as a backup in case traditional GPS fails due to jamming, spoofing, technical failures, solar flares or other risks to satellite-based services. In addition, our location-based services are three-dimensional. Our core Pinnacle technology uses barometric sensors in smartphones and other communications devices and a network of sensors to determine vertical, or \u201cz-axis\u201d, location. This technology can provide accurate vertical location data to assist first responders, dispatchers and others, or could be used for autonomous systems, such as drones, in need of precise 3D mapping in urban areas, among other uses. Our complementary PNT solutions are built on our asset base of FCC licenses that cover 12 MHz of low-band spectrum available for use. This spectrum consists of a contiguous 8 MHz block of 900 MHz spectrum covering over 90% of the U.S. population and an additional 4 MHz of complementary spectrum covering part of the U.S. population that was transferred to us in 2025 as a result of a transaction with Telesaurus and Skybridge Spectrum Foundation. That transaction also gave us potential rights to an additional 2 MHz of related spectrum covered by terminated Skybridge Spectrum Foundation licenses. These licenses are subject to a Skybridge and Telesaurus petition Item 1. Business. Overview We are the market leader in delivering resilient, next generation, complementary positioning, navigation and timing (\u201cPNT\u201d) solutions designed to overcome the limitations and vulnerabilities of existing space-based Global Navigation Satellite Systems (\u201cGNSS\u201d), including the Global Positioning System (\u201cGPS\u201d). PNT services are used in nearly every facet of our economy. Cellular and electrical distribution systems depend on GPS-based timing, and the mobile app economy relies on location to create innovative services and to drive data and advertising revenue. Public safety and enhanced 911 (\u201cE911\u201d) save lives every day with the use of location services. GPS has powered the global economy for nearly 40 years. Without high-precision timing from GPS, cellular systems would fail, the distribution of electricity would be impacted, and other aspects of everyday life would be adversely affected. Recent international events have demonstrated that having viable systems to backup and complement GPS is a national security issue. Our PNT solutions seek to address these needs and issues in several ways. Our technology consists of a ground-based transmitter network operating on low-band spectrum assets in a manner similar to the function of GPS satellites. Unlike satellites, our network signals are designed to be much stronger and extremely difficult to jam or spoof. In addition, because the signals are terrestrial and low-band, they can penetrate buildings. As a result, our technology can act as a complement to satellite-based GPS, especially in urban canyons or deep indoors, and as a backup in case traditional GPS fails due to jamming, spoofing, technical failures, solar flares or other risks to satellite-based services. In addition, our location-based services are three-dimensional. Our core Pinnacle technology uses barometric sensors in smartphones and other communications devices and a network of sensors to determine vertical, or \u201cz-axis\u201d, Item 1A. Risk Factors. Our financial position, results of operations, liquidity, business and prospects are subject to various risks, many of which are not within our control, that could cause actual performance to differ materially from historical or projected future performance. You should consider carefu", "title": "NN - NEXTNAV INC.", "url": "/company/NN/" }, { "kind": "company", "summary": "SIC 3670 Electronic Components & Accessories; CIK 0001487952; latest 10-K filed 2026-02-27.", "text": "VPG - Vishay Precision Group, Inc. SIC 3670 Electronic Components & Accessories; CIK 0001487952; latest 10-K filed 2026-02-27. VPG Vishay Precision Group, Inc. 0001487952 3670 Electronic Components & Accessories Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview VPG is a global leader in precision measurement and sensing technologies that help power the future by bridging the physical world with the digital one. Many of our specialized sensors, weighing solutions, and measurement systems are \u201cdesigned-in\u201d by our customers, and address growing applications across a diverse array of industries and markets. Our products are marketed under brand names that we believe are characterized as having a very high level of precision and quality. Driven by the continued proliferation of data generated by the expanding use of sensors across a widening array of industrial and technology-driven applications, precision measurement and sensing technologies help ensure and deliver required levels of quality of mission-critical or high-value data. VPG\u2019s products are often at the first stage of a data value chain (i.e., the process of converting the physical world into a digital format that can be used for a specific purpose) and as such impact the effectiveness of vast number of critical, high-value downstream processes. Over the past few years, we have seen a broadening of precision sensing applications in both our traditional industrial markets and new markets, due to the development of higher functionality in our customers' end products. Our precision measurement solutions are used across a wide variety of end markets upon which we focus, including test and measurement, industrial, transportation, steel, avionics, military and space, as well as other markets such as agriculture, consumer, and medical. The Company has a long heritage of innovation in sensor technologies that provide accuracy, reliability and repeatability that make our customers' products safer, smarter, and more productive. As the functionality of customers' products continues to increase, and they integrate more precision measurement sensors and related systems into their solutions, we believe this will offer substantial growth opportunities for our products and expertise. As of February 27, 2026 (the date of this filing), following the recent war in Isarel, our operations in Israel have operated at normal levels, as well as the possibility of further spread of the conflict to other countries in the region as well as involving other political and military entities in the Middle East, poses risks to our operations and may lead to disruptions which could adversely affect our business, prospects, financial condition and results of operations. The impact of recent changes in tariffs have had an impact on VPG as we have manufacturing operations in India, China, Japan, Europe, Canada, Israel, and the United States, as well as in other countries. Beginning in the second quarter of 2025, new tariffs were announced on imports into the U.S. In response several countries have imposed reciprocal tariffs on import from the U.S. and other retaliatory measures. The tariffs have been set at various rates, with exemptions applicable to certain categories of imports and exports. VPG continues to actively monitor and evaluate the ongoing situation, focusing on quickly responding to cost and price adjustments. Overview of Financial Results VPG reports in three product segments: Sensors segment, Weighing Solutions segment, and Measurement Systems segment. The Sensors reporting segment is comprised of the foil resistor and strain gage operating segments. The Weighing Solutions segment is comprised of specialized modules and systems used to precisely measure weight, force torque, and pressure. The Measurement Systems reporting segment is comprised of highly specialized systems for steel production, materials development, and safety testing. Net revenues for the year ended December 31, 2025 were $307.2 million compared to net revenues of $306.5 million for the year ended December 31, 2024. Net earnings attributable to VPG stockholders for the year Item 1. BUSINESS DESCRIPTION General Vishay Precision Group, Inc. (\u201cVPG,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a global leader in precision measurement and sensing technologies that help power the future by bridging the physical world with the digital one. Many of our specialized sensors, weighing solutions, and measurement systems are \u201cdesigned-in\u201d by our customers, and address growing applications across a diverse array of industries and markets. Our products are marketed under brand names that we believe are characterized as having a very high level of precision and quality. Driven by the continued proliferation of data generated by the expanding use of sensors across a widening array of industrial and technology-driven applications, precision measurement and sensing technologies help ensure and deliver required levels of quality of mission-critical or high-value data. VPG\u2019s products are often at the first stage of a data value chain (i.e., the process of converting the physical world into a digital format that can be used for a specific purpose) and as such impact the effectiveness of vast number of critical, high-value downstream processes. Over the past few years, we have seen a broadening of precision sensing applications in both our traditional industrial markets and new markets, due to the development of higher functionality in our customers' end products. Our precision measurement solutions are used across a wide variety of end markets upon which we focus, including test and measurement, industrial, transportation, steel, avionics, military and space, as well as other markets such as agriculture, consumer, and medical. The Company has a long heritage of innovation in sensor technologies that provide accuracy, reliability and repeatability that make our customers' products safer, smarter, and more productive. As the functionality of customers' products continues to increase, and they integrate more precision measurement sensors and related systems into Item 1A. RISK FACTORS You should carefully consider the following risks and other information in this Form 10-K in evaluating our company and common stock. Any of the following risks, as well as additional risks and uncertainties not currently known to us or that we currently deem immaterial, coul", "title": "VPG - Vishay Precision Group, Inc.", "url": "/company/VPG/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001836981; latest 10-K filed 2026-03-02.", "text": "BBAI - BigBear.ai Holdings, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001836981; latest 10-K filed 2026-03-02. BBAI BigBear.ai Holdings, Inc. 0001836981 7372 Services-Prepackaged Software Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis provides information that BigBear.ai Holdings, Inc. (\u201cBigBear.ai\u201d, \u201cBigBear.ai Holdings\u201d, or the \u201cCompany\u201d) management believes is relevant to an assessment and understanding of BigBear.ai\u2019s audited consolidated results of operations and financial condition. The following discussion and analysis should be read in conjunction with BigBear.ai\u2019s consolidated financial statements and notes to those statements included elsewhere in this Annual Report on Form 10-K. Certain information contained in this management discussion and analysis includes forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors. Please see \u201cCautionary Note Regarding Forward-Looking Statements,\u201d and \u201cRisk Factors\u201d in our Annual Report on Form 10-K. Unless the context otherwise requires, all references in this section to the \u201cCompany,\u201d \u201cBigBear.ai,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d refer to BigBear.ai Holdings, Inc. The following discussion and analysis of financial condition and results of operations of BigBear.ai is provided to supplement the audited consolidated financial statements and the accompanying notes of BigBear.ai included elsewhere in this Annual Report on Form 10-K. We intend for this discussion to provide the reader with information to assist in understanding BigBear.ai\u2019s consolidated financial statements and the accompanying notes, the changes in those financial statements and the accompanying notes from period to period, along with the primary factors that accounted for those changes. All amounts presented below are in thousands of U.S. dollars unless stated otherwise. The discussion and analysis of financial condition and results of operations of BigBear.ai is organized as follows: \u2022Business Overview: This section provides a general description of BigBear.ai\u2019s business, our priorities and the trends affecting our industry in order to provide context for management\u2019s discussion and analysis of our financial condition and results of operations. \u2022Recent Developments: This section provides recent developments that we believe are necessary to understand our financial condition and results of operations. \u2022Results of Operations: This section provides a discussion of our results of operations for the year ended December 31, 2025, December 31, 2024 and December 31, 2023. \u2022Liquidity and Capital Resources: This section provides an analysis of our ability to generate cash and to meet existing or reasonably likely future cash requirements. \u2022Critical Accounting Policies and Estimates: This section discusses the accounting policies and estimates that we consider important to our financial condition and results of operations and that require significant judgment and estimates on the part of management in their application. In addition, our significant accounting policies, including critical accounting policies, are summarized in Note 2\u2014Summary of Significant Accounting Policies to the accompanying consolidated financial statements included in this Annual Report on Form 10-K. Business Overview Our mission is to help deliver clarity for the world\u2019s most complex decisions. BigBear.ai is a leading provider of Edge AI-powered decision intelligence solutions for national security, supply chain management and digital identity. Customers and partners rely on BigBear.ai\u2019s predictive analytics capabilities in highly complex, distributed, mission-based operating environments. We are a technology-led solutions organization, providing both software and services to our customers. Recent Developments Ask Sage Acquisition On December 31, 2025, the Company completed the acquisition of Ask Sage, Inc. (\u201cAsk Sage\u201d or the \u201cAsk Sa Item 1. Business Company Overview BigBear.ai Holdings, Inc.\u2019s (\u201cBigBear.ai\u201d or the \u201cCompany\u201d) is a specialized provider of mission-ready artificial intelligence (\u201cAI\u201d) technology, founded originally to serve defense and national security mission customers. Our objective is to deliver enduring strategic advantage for the U.S., its allies, and select commercial partners. We unite cutting-edge technology capabilities - from artificial intelligence to computer vision, predictive analytics and biometrics. National security, travel and trade are our core industries. Each area is highly specialized and requires deep domain expertise. They are also interdependent. Strengthening national security enables commerce and provides the baseline of trust necessary for nations to build prosperity. In turn, enhanced national security depends on the ability to move people and goods through the global economy and across borders with speed, precision and efficiency, which facilitates tens of trillions of dollars of annual trade. BigBear.ai operates where these vectors converge. We advance each of these systems by developing and deploying advanced technology and human expertise. In doing so, we both enable systems of commerce to operate faster and more effectively, and we reduce the risk that bad actors succeed in their tireless efforts to attack and destabilize societies and the economies on which we all depend. To that end, BigBear.ai opposes the forces that would harm the U.S. and its allies, and partners closely with governments and businesses who embrace their role in building prosperous, safer societies and international stability. Customer Context There is an urgent need for greater security in a volatile world and for greater transparency in how people and goods move. These trends have collided with historic demand for game-changing technology and pressure on governments and businesses all over the world to transform at breakneck pace, recognizing that never in the history Item 1A. Risk Factors Investing in our securities involves a high degree of risk. You should carefully review and consider the following risk factors and the other information contained in this Annual Report on Form 10-K, including the audited consolidated financial statements and notes to the consolidated financial statem", "title": "BBAI - BigBear.ai Holdings, Inc.", "url": "/company/BBAI/" }, { "kind": "company", "summary": "SIC 6141 Personal Credit Institutions; CIK 0001258602; latest 10-K filed 2026-02-26.", "text": "NNI - NELNET INC SIC 6141 Personal Credit Institutions; CIK 0001258602; latest 10-K filed 2026-02-26. NNI NELNET INC 0001258602 6141 Personal Credit Institutions ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is for the years ended December 31, 2025 and 2024. All dollars are in thousands, except share amounts, unless otherwise noted.) The following discussion and analysis provides information that the Company\u2019s management believes is relevant to an assessment and understanding of the consolidated results of operations and financial condition of the Company. The discussion and analysis should be read in conjunction with the Company\u2019s consolidated financial statements and related notes included in this report. This discussion and analysis contains forward-looking statements subject to various risks and uncertainties and should be read in conjunction with the disclosures and information contained in \"Forward-Looking and Cautionary Statements\" and Item 1A \"Risk Factors\" included in this report. A discussion related to the results of operations and changes in financial condition for the year ended December 31, 2025 compared with the year ended December 31, 2024 is presented below. A discussion related to the results of operations and changes in financial condition for the year ended December 31, 2024 compared with the year ended December 31, 2023 can be found in Part II, Item 7. \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in the Company's 2024 Annual Report on Form 10-K, which was filed with the United States Securities and Exchange Commission on February 27, 2025. OVERVIEW The Company is an operating holding company with primary businesses in consumer lending, loan servicing, payments, and technology-enabled services, many of which are focused on serving customers in the education sector. The Company conducts these activities both directly and through its wholly owned and majority-owned subsidiaries, and actively manages and operates its businesses on an integrated basis. Nelnet\u2019s largest operating and technology platforms support loan servicing and education-related technology and payment solutions. A significant portion of the Company\u2019s revenue is derived from net interest income earned on a portfolio of federally insured student loans, a substantial portion of which is serviced by the Company. The Company has also broadened its operating business mix both within and beyond its historical education-focused activities. These businesses include banking and other financial services conducted through the Company\u2019s bank and other subsidiaries, asset management and related customer-facing servicing, real estate development and management, reinsurance operations, renewable energy development, and selected strategic interests in early-stage, emerging growth, and other operating enterprises. The Company actively manages such businesses and holds interests in them for strategic and operational purposes. The Company was formed as a Nebraska corporation in 1978 to service federal student loans for two local banks. The Company built on this initial foundation as a servicer to become a leading originator, holder, and servicer of federal student loans, principally consisting of loans originated under the FFEL Program. The Reconciliation Act of 2010 discontinued new loan originations under the FFEL Program, effective July 1, 2010, and requires all new federal student loan originations be made directly by the Department through the Federal Direct Loan Program. This law does not alter or affect the terms and conditions of existing FFELP loans. Subsequent to the Reconciliation Act of 2010, the Company no longer originates FFELP loans. However, a significant portion of the Company's income continues to be derived from its existing FFELP student loan portfolio. Interest income on the Company's existing FFELP loan portfolio will decline over time as the portfolio is paid down. To reduce its reliance on interest income from FFE ITEM 1. BUSINESS Overview Nelnet is an operating holding company with primary businesses in consumer lending, loan servicing, payments, and technology-enabled services, many of which are focused on serving customers in the education sector. The Company conducts these activities both directly and through its wholly owned and majority-owned subsidiaries, and actively manages and operates its businesses on an integrated basis. Nelnet\u2019s largest operating and technology platforms support loan servicing and education-related technology and payment solutions. A significant portion of the Company\u2019s revenue is derived from net interest income earned on a portfolio of federally insured student loans, a substantial portion of which is serviced by the Company. The Company has also broadened its operating business mix both within and beyond its historical education-focused activities. These businesses include banking and other financial services conducted through the Company\u2019s bank and other subsidiaries, asset management and related customer-facing servicing, real estate development and management, reinsurance operations, renewable energy development, and selected strategic interests in early-stage, emerging growth, and other operating enterprises. The Company actively manages such businesses and holds interests in them for strategic and operational purposes. The Company earns substantially all of its revenue from external customers in the United States, and substantially all of its long-lived assets are located in the United States. The Company was formed as a Nebraska corporation in 1978 to service federal student loans for two local banks. The Company built on this initial foundation as a servicer to become a leading originator, holder, and servicer of federal student loans, principally consisting of loans originated under the Federal Family Education Loan Program. The Health Care and Education Reconciliation Act of 2010 (the \u201cReconciliation Act of 2010\u201d) discontinued ITEM 1A. RISK FACTORS We and our businesses are subject to a variety of risks. This section discusses material risk factors that could have a material adverse impact on our business, financial condition, results of operations, liquidity, and an investment in us. Although this section highlights key risk factors, other risks may emerge at any time, a", "title": "NNI - NELNET INC", "url": "/company/NNI/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0002032966; latest 10-K filed 2026-03-12.", "text": "TIC - TIC Solutions, Inc. SIC 7389 Services-Business Services, NEC; CIK 0002032966; latest 10-K filed 2026-03-12. TIC TIC Solutions, Inc. 0002032966 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. ASP Acuren Holdings, Inc. (\u201cASP Acuren\u201d) is our predecessor. The following is a discussion of the results of operations of TIC Solutions, Inc. (formerly Acuren Corporation) (Successor) for the year ended December 31, 2025, compared to the results of operations of ASP Acuren (Predecessor) for the period from January 1, 2024 through July 29, 2024, and of TIC Solutions, Inc. (Successor) for the period from July 30, 2024 through December 31, 2024. This discussion should be read in conjunction with the information contained in the audited TIC Solutions, Inc. consolidated financial statements and the notes related thereto included elsewhere in this Annual Report on Form 10-K. In this section, \u201cwe,\u201d us,\u201d \u201cour\u201d and \u201cCompany\u201d refer to TIC Solutions, Inc. (Successor) for the year ended December 31, 2025, and the Successor period from July 30, 2024 through December 31, 2024, and ASP Acuren Holdings, Inc. (Predecessor) for the Predecessor period from January 1, 2024 through July 29, 2024. Overview We are a leading provider of tech-enabled Testing, Inspection, Certification and Compliance (TICC), engineering and consulting, and geospatial services. We provide mission-critical services that are essential to the safety, reliability, and efficiency of industrial assets, buildings and public infrastructure. Our services are often non-discretionary and are driven by regulatory requirements, customer risk management policies, and the need to extend the useful life of critical assets. We operate primarily in North America and serve both private and public-sector clients. Our private-sector clients span industrial, infrastructure, construction, and commercial real estate end markets. Our public-sector clients include federal, state, and municipal agencies, public utilities, transportation authorities, and environmental regulators. Within industrial markets, our services address energy processing and refining, pipeline and midstream infrastructure, chemicals and industrial processing, manufacturing and industrial services, power generation and utilities, and companies in aerospace, automotive, renewable energy, pulp and paper, and mining. On October 10, 2025, we changed our name from Acuren Corporation to TIC Solutions, Inc. Recent Developments NV5 Acquisition On August 4, 2025 (the \u201cNV5 Closing Date\u201d), we completed the NV5 Acquisition. NV5 is a global provider of infrastructure engineering, building systems, environmental consulting and geospatial analytics to private and public-sector clients in the infrastructure, utility services, construction, real estate, environmental and geospatial markets. Pursuant to the terms of the merger agreement, the aggregate purchase price was approximately $1.7 billion, including the full repayment of NV5\u2019s outstanding debt. The Company paid total consideration consisting of $870.9 million in cash and the issuance of approximately 73.2 million shares of Company common stock. Tax Legislation On July 4, 2025, the \u201cOne Big Beautiful Bill Act\u201d was enacted into law. The legislation includes changes to federal tax law, including the restoration of immediate expensing of domestic R&D expenditures, reinstatement of 100% bonus depreciation and more favorable rules for determining the limitation on business interest expense, among other changes. The legislation is reflected in the annual effective rate and the cash tax position of the Company. Credit Facilities On January 31, 2025, we entered into the First Amendment to the Credit Agreement, by and among a wholly-owned subsidiary of the Company as the initial borrower, any other of our subsidiaries from time to time party thereto as borrowers, the guarantors from time to time party thereto, the lenders from time to time party thereto, and Jefferies Finance LLC, as administrative agent and collateral agent (the \u201cCredit Agreement\u201d), pursuant to which the interest rate m Item 1. Business. Overview We are a leading provider of tech-enabled Testing, Inspection, Certification and Compliance (TICC), engineering, and geospatial services. We provide mission-critical services that are essential to the safety, reliability, and efficiency of industrial assets, buildings, and public infrastructure. Our services are often non-discretionary and are driven by regulatory requirements, customer risk management policies, and the need to extend the useful life of critical assets. We operate primarily in North America and serve both private and public-sector clients. Our private-sector clients span industrial, infrastructure, construction, and commercial real estate end markets. Our public-sector clients include federal, state, and municipal agencies, public utilities, transportation authorities, and environmental regulators. Within industrial markets, our services address energy processing and refining, pipeline and midstream infrastructure, chemicals and industrial processing, manufacturing and industrial services, power generation and utilities, and companies in aerospace, automotive, renewable energy, pulp and paper, and mining. We provide these compliance-driven services and focus on the recurring maintenance and operational needs of our customers. On August 4, 2025 (the \u201cNV5 Closing Date\u201d), we completed our acquisition of NV5 Global, Inc. (\u201cNV5\u201d), an engineering and geospatial services company (the \u201cNV5 Acquisition\u201d), and on October 10, 2025, we changed our name from Acuren Corporation to TIC Solutions, Inc. We operate our business across three operating segments: (i) Inspection and Mitigation, (ii) Consulting Engineering, and (iii) Geospatial. Our Inspection and Mitigation services include Nondestructive Testing (\u201cNDT\u201d) and Rope Access Technician (\u201cRAT\u201d) solutions. NDT involves the inspection and evaluation of industrial equipment through various technology-enabled methods to ensure asset integrity, prevent costly outages, failures, and ac Item 1A. Risk Factors. Any investment in our securities involves a number of risks and uncertainties, including the risks described below. If any of the following risks actually occur, our business, financial condition and results of operations could be materially affected. As a result, the trading price of our shares could dec", "title": "TIC - TIC Solutions, Inc.", "url": "/company/TIC/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001567925; latest 10-K filed 2026-02-25.", "text": "SILA - Sila Realty Trust, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001567925; latest 10-K filed 2026-02-25. SILA Sila Realty Trust, Inc. 0001567925 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements, and the notes thereto, and the other financial information appearing elsewhere in this Annual Report on Form 10-K. The discussion contains forward looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of various factors, including those discussed below and elsewhere in this report, particularly under \u201cRisk Factors\u201d and \u201cForward-Looking Statements.\u201d All forward-looking statements in this document are based on information available to us as of the date hereof, and we assume no obligation to update any such forward-looking statements. This section of the Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. A discussion of the changes in our financial condition and results of operations for the years ended December 31, 2024 and 2023 may be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal years ended December 31, 2024 and December 31, 2023. 28 Table of Contents Regulation FD Disclosures We use any of the following to comply with our disclosure obligations under Regulation FD: SEC filings; press releases; public conference calls; or our website. We routinely post important information on our website at www.silarealtytrust.com, including information that may be deemed material. We encourage our shareholders and others interested in our company to monitor these distribution channels for material disclosures. The contents of our website address referenced herein is included in this Annual Report on Form 10-K as a textual reference only and is not incorporated by reference into this Annual Report on Form 10-K. Overview We are a net lease REIT with a strategic focus on investing in the growing and resilient healthcare sector. We invest in high quality net lease healthcare facilities along the continuum of care in the pursuit of generating predictable, durable and growing income streams. Our portfolio comprises high quality tenants in geographically diverse facilities, which are positioned to capitalize on the dynamic delivery of healthcare to patients. Our properties include, among others, medical outpatient buildings, inpatient rehabilitation facilities, and surgical and specialty facilities. We may also make other real estate related investments, which may include equity or debt interests in other real estate entities. As of December 31, 2025, we owned 140 real estate properties and three undeveloped land parcels, including the Stoughton Healthcare Facility which has been taken out of service and is being demolished. Recent Developments Share Repurchase Program On August 4, 2025, the Board authorized a share repurchase program of up to $75,000,000 in gross purchase proceeds for a period of three-years from August 4, 2025, subject to the limitation of $25,000,000 in gross purchase proceeds in any twelve-month period. Repurchases of Common Stock under the 2025 SRP may be made from time to time in the open market, in privately negotiated purchases, in accelerated share repurchase programs or by any other lawful means. The number of shares of Common Stock purchased and the timing of any purchases will depend on a number of factors, including the price and availability of Common Stock and general market conditions. The 2025 SRP replaced the Company\u2019s prior share repurchase program. The Company did not repurchase any shares under the 2025 SRP during the year ended December 31, 2025. During the year ended Decem Item 1. Business. General Description of Business and Operations Sila Realty Trust, Inc. is a Maryland corporation that was formed on January 11, 2013, headquartered in Tampa, Florida, that has elected, and conducts its operations so as to qualify, to be taxed as a real estate investment trust, or a REIT, under the Internal Revenue Code of 1986, as amended, or the Code, for federal income tax purposes. Substantially all of Sila Realty Trust, Inc.\u2019s business is conducted through Sila Realty Operating Partnership, LP, a Delaware limited partnership, or the Operating Partnership. Sila Realty Trust, Inc. is the sole general partner of the Operating Partnership and directly and indirectly owns 100% of the Operating Partnership. Except as the context otherwise requires, \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d and the \u201cCompany\u201d refer to Sila Realty Trust, Inc., our Operating Partnership and all wholly-owned subsidiaries. We are an internally managed company primarily focused on investing in the growing and resilient healthcare sector. We invest in high quality net lease healthcare facilities across the continuum of care, in the pursuit of generating predictable, durable and growing income streams. Our properties include, among others, medical outpatient buildings, inpatient rehabilitation facilities and surgical and specialty facilities. We may also make other real estate related investments, which may include equity or debt interests in other real estate entities. On June 13, 2024, our common stock, par value $0.01 per share, or our Common Stock, was listed and began trading on the New York Stock Exchange, or the NYSE, under the ticker symbol \u201cSILA\u201d. As of December 31, 2025, we owned 140 real estate healthcare properties and three undeveloped land parcels, including the Stoughton Healthcare Facility which has been taken out of service and is being demolished. Key Developments During 2025 \u2022We purchased six operating healthcare properties, comprising approximately 241,000 rentable square Item 1A. Risk Factors The factors described below represent our principal risks. Other factors may exist that we do not consider to be significant based on information that is currently available or that we are not currently able to anticipate. Risks Related to Our Business of Investing in Real Estate We are subject to polit", "title": "SILA - Sila Realty Trust, Inc.", "url": "/company/SILA/" }, { "kind": "company", "summary": "SIC 1389 Oil & Gas Field Services, NEC; CIK 0001693256; latest 10-K filed 2026-02-18.", "text": "WTTR - Select Water Solutions, Inc. SIC 1389 Oil & Gas Field Services, NEC; CIK 0001693256; latest 10-K filed 2026-02-18. WTTR Select Water Solutions, Inc. 0001693256 1389 Oil & Gas Field Services, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes thereto in Part II, Item 8. \u201cFinancial Statements and Supplementary Data\u201d. This discussion and analysis contains forward-looking statements based on our current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors as described under \u201cCautionary Note Regarding Forward-Looking Statements\u201d and Part I, Item 1A. \u201cRisk Factors.\u201d The following information updates the discussion of our financial condition provided in our previous filings, and analyzes the changes in the results of operations between the years ended December 31, 2025 and 2024. Refer to our 2024 Annual Report filed February 19, 2025 for discussion and analysis of the changes in results of operations between the years ended December 31, 2024 and 2023. We assume no obligation to update any of these forward-looking statements. Overview We are a leading provider of sustainable water and chemical solutions to the energy industry in the U.S. As a leader in the water solutions industry, we place the utmost importance on safe, environmentally responsible management of oilfield water throughout the lifecycle of a well. Additionally, we believe that responsibly managing water resources through our operations to help conserve and protect the environment in the communities in which we operate is paramount to our continued success. Across many of the regions in which we operate, there is growing concern surrounding the volumes of water required for new well completions, as well as the volumes of produced water injected into subterranean formations where induced seismicity may occur. In response, we are working collaboratively with our customers and local communities to advance more sustainable, cost-effective water management solutions that reduce both freshwater consumption and disposal volumes. Through our integrated infrastructure networks, we provide permanent and mobile solutions that enable the gathering, treatment, and reuse of produced water, which in turn reduces demand for freshwater resources and limits reliance on saltwater disposal wells. In select regions, we have also secured access to non-potable alternative water sources, including brackish groundwater and municipal or industrial effluent, to further support water reuse and reduce competition for freshwater. Leveraging our in-house chemical expertise and proprietary FluidMatch\u2122 design platform, we provide tailored water profiling, treatment assessment, and fluid system optimization to enable the economic use of these alternative sources without compromising well performance. Additionally, we help our customers lower emissions and minimize environmental impact through the deployment of combustion solutions for field-based methane control and the use of temporary layflat hose systems and permanent pipeline infrastructure. These water delivery systems are supported by our real-time automation and remote monitoring technologies, including leak detection, pressure monitoring, and volume tracking, which enhance the safety, reliability, and efficiency of our operations. By reducing the reliance on trucked water logistics, these solutions materially reduce greenhouse gas emissions, improve public safety, and help limit traffic congestion and road damage in the local communities where we operate. \u200b Recent Developments Recent Acquisitions During 2025, we executed a series of strategic asset acquisitions totaling $25.4 million to expand our water infrastructure footprint across both the Permian Basin and the Northeast Region. In the Permian, we acquired surface acreage, multiple SWDs, water storage assets, an ITEM 1. BUSINESS Select Water Solutions, Inc. and its consolidated subsidiaries (collectively referred to as \u201cSelect,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) is a leading provider of sustainable water-management solutions to the energy industry in the U.S. As a leader in the water management industry, we place the utmost importance on safe, environmentally responsible management of water throughout the lifecycle of a well. Additionally, we believe that responsibly managing water resources through our operations to help conserve and protect the environment in the communities in which we operate is paramount to our continued success. With a diverse geographic footprint across the U.S., we operate through three primary segments: Water Infrastructure, Water Services and Chemical Technologies. Our Water Infrastructure segment develops, builds, and operates permanent infrastructure solutions to support full life cycle water management and waste treatment solutions. These solutions support both new oil and gas well development and ongoing production activity throughout the life of existing wells. Select\u2019s infrastructure assets include permanent pipeline infrastructure, fixed and mobile treatment and recycling facilities, water storage facilities, saltwater disposal wells (\u201cSWDs\u201d) and landfill facilities. Select\u2019s water infrastructure networks, including largescale pipeline networks and recycling infrastructure, can provide both economic and environmental benefits by reducing demand for freshwater, water disposal and water hauling by truck, while at the same time enabling economies of scale that can help reduce customer capital expenditures and lease operating expenses (\u201cLOE\u201d) over the life of a field. These water infrastructure networks can also help balance water supply across broad geographic areas and between customers to promote greater water reuse. As of December 31, 2025, Select\u2019s water infrastructure network consisted of 2.4 million barrels per day of ITEM 1A. RISK FACTORS The following risks could affect our financial performance or could cause actual results to differ materially from estimates contained in our forward-looking statements. We may encounter risks in addition to those described below. Additional risks and uncertainties not currently known to us, or that we currentl", "title": "WTTR - Select Water Solutions, Inc.", "url": "/company/WTTR/" }, { "kind": "company", "summary": "SIC 1389 Oil & Gas Field Services, NEC; CIK 0001698514; latest 10-K filed 2026-03-06.", "text": "NESR - National Energy Services Reunited Corp. SIC 1389 Oil & Gas Field Services, NEC; CIK 0001698514; latest 10-K filed 2026-03-06. NESR National Energy Services Reunited Corp. 0001698514 1389 Oil & Gas Field Services, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis is provided to increase the understanding of, and should be read in conjunction with the accompanying consolidated financial statements and related notes. In addition, see Item 1A, \u201cRisk Factors\u201d and the \u201cForward-Looking Statements\u201d included in this Annual Report. for a discussion of the risks, uncertainties and assumptions associated with these statements. Unless otherwise noted, all amounts discussed herein are consolidated. EXECUTIVE OVERVIEW Drivers of Our Financial Condition and Results of Operations We are a provider of services to the oil and natural gas industry primarily in the MENA region. We currently operate in 16 countries, with a strong presence in Saudi Arabia, Oman, Kuwait, UAE, Iraq, Egypt, Libya, and Algeria. Our company was founded with a vision of creating a regional provider for oilfield services that offers a full portfolio of solutions for our customers with a focus on supporting the economies in which we operate. ESG considerations are central to our Company, and we believe that employing local staff and fully integrating with regional economies is a critical part of the social component of our ESG philosophy. In addition, we have found that promoting high local content in our operations optimizes our cost structure, enhancing our ability to generate free cash flow in various commodity price environments. Customer investment in oil and natural gas exploration, field development, and production is driven by multiple factors, including global energy supply and demand forecasts, geopolitical and economic conditions in key operating regions, and expectations for future oil and natural gas prices. During the years ended December 31, 2025, 2024, and 2023, approximately 99%, 99%, and 99%, respectively, of our revenue was generated from operations in the MENA region. According to the Energy Institute Statistical Review of World Energy 2025 (74th edition), the Middle East accounts for nearly one-third of global oil production, underscoring the region\u2019s critical role in global energy supply. NESR\u2019s strong presence in these markets provides a unique competitive advantage. Many MENA economies are structurally dependent on the energy sector as their primary source of national revenue and therefore maintain consistent production and development activity, even in periods of lower commodity prices. With some of the lowest break-even costs of production globally, Middle Eastern producers continue to invest through cycles, enabling NESR to benefit from a stable demand base and long-term customer relationships. This strategic geographic focus positions NESR to deliver resilient financial performance and sustainable growth, even amid broader market volatility. Key Performance Indicators Historically, we have monitored two principal non-financial performance indicators that serve as key drivers of our results of operations: oil prices and rig count. Oil price trends are significant because the level of spending by our customers is heavily influenced by expectations of future oil prices, which reflect anticipated global supply and demand dynamics. Fluctuations in spending directly affect the demand for our services. Rig count, particularly in the regions where we operate, serves as an indicator of the level of drilling activity and capital investment. Historically, changes in rig count have correlated closely with our financial performance and operational activity levels. In recent years, our customers, particularly in certain parts of the MENA region, have increased their focus on natural gas development, including the commercialization of unconventional gas resources. Over time, we expect the natural gas market to become an additional key performance indicator for the Company, reflecting its growing importance in regional energy strategies and our expanding participation in that seg", "title": "NESR - National Energy Services Reunited Corp.", "url": "/company/NESR/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001563880; latest 10-K filed 2026-03-17.", "text": "TRVI - Trevi Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001563880; latest 10-K filed 2026-03-17. TRVI Trevi Therapeutics, Inc. 0001563880 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the statements contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. The words \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201cshould,\u201d \u201ctarget,\u201d \u201cwould,\u201d and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We have based these forward-looking statements on our current expectations and projections about future events. The following information and any forward-looking statements should be considered in light of factors discussed elsewhere in this Annual Report on Form 10-K, particularly including those risks identified in Part I-Item 1A \u201cRisk Factors\u201d and our other filings with the SEC. Our actual results and the timing of certain events may differ materially from the results discussed, projected, anticipated, or indicated in any forward-looking statements. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward-looking statements contained in this Annual Report on Form 10-K. Statements made herein are as of the date of the filing of this Annual Report on Form 10-K with the SEC and should not be relied upon as of any subsequent date. Even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate are consistent with the forward-looking statements contained in this Annual Report on Form 10-K, they may not be predictive of results or developments in future periods. We disclaim any obligation, except as specifically required by law and the rules of the SEC, to publicly update or revise any such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. We caution readers not to place undue reliance on any forward-looking statements made by us, which speak only as of the date they are made. 82 Overview We are a clinical-stage biopharmaceutical company focused on the development and commercialization of the investigational therapy Haduvio (oral nalbuphine ER) for the treatment of chronic cough in patients with idiopathic pulmonary fibrosis, or IPF, non-IPF interstitial lung disease, or non-IPF ILD, and refractory chronic cough, or RCC. Haduvio is an oral extended-release formulation of nalbuphine. Haduvio acts on the cough reflex arc both centrally and peripherally as a kappa receptor agonist and a mu receptor antagonist (\u201cKAMA\u201d), targeting opioid receptors that play a key role in controlling chronic cough. The kappa- and mu-opioid receptors are known to be critical mediators of cough. Nalbuphine has been approved and marketed as an injectable for pain indications for decades in the United States, or the U.S., and Europe. Nalbuphine\u2019s mechanism of action also mitigates the risk of abuse associated with mu-opioid agonists because it antagonizes, or blocks, the mu-opioid receptor. Parenteral nalbuphine is not scheduled as Item 1. Business. Overview We are a clinical-stage biopharmaceutical company focused on the development and commercialization of the investigational therapy Haduvio (oral nalbuphine ER) for the treatment of chronic cough in patients with idiopathic pulmonary fibrosis, or IPF, non-IPF interstitial lung disease, or non-IPF ILD, and refractory chronic cough, or RCC. Haduvio is an oral extended-release formulation of nalbuphine. Haduvio acts on the cough reflex arc both centrally and peripherally as a kappa receptor agonist and a mu receptor antagonist (\u201cKAMA\u201d), targeting opioid receptors that play a key role in controlling chronic cough. The kappa- and mu-opioid receptors are known to be critical mediators of cough. Nalbuphine has been approved and marketed as an injectable for pain indications for decades in the United States, or the U.S., and Europe. Nalbuphine\u2019s mechanism of action also mitigates the risk of abuse associated with mu-opioid agonists because it antagonizes, or blocks, the mu-opioid receptor. Parenteral nalbuphine is not scheduled as a controlled substance by the U.S. Drug Enforcement Agency and in most of Europe. We believe this makes Haduvio a promising potential therapy for the treatment of chronic cough in patients with IPF, non-IPF ILD, and RCC. IPF-related Chronic Cough Program. We are developing Haduvio for the treatment of IPF-related chronic cough, which is a progressive fibrosing interstitial lung disease associated with high mortality rates. After an IPF diagnosis, the median survival is 3 to 5 years, during which time patients suffer from chronic cough, dyspnea, and fatigue. IPF-related chronic cough is a condition with high unmet need and no therapies approved by the U.S. Food and Drug Administration, or FDA. There are approximately 150,000 U.S. patients with IPF, and two-thirds of these patients have uncontrolled chronic cough. The impact of chronic cough is significant, with patients coughing up to 1,500 times per day. This consisten Item 1A. Risk Factors. Our business is subject to numerous risks. The following important factors, among others, could cause our actual results to differ materially from those expressed in forward-looking statements made by us or on our behalf in this Annual Report on Form 10-K and other filings with the Securities an", "title": "TRVI - Trevi Therapeutics, Inc.", "url": "/company/TRVI/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001395937; latest 10-K filed 2026-02-26.", "text": "SNDX - Syndax Pharmaceuticals Inc SIC 2834 Pharmaceutical Preparations; CIK 0001395937; latest 10-K filed 2026-02-26. SNDX Syndax Pharmaceuticals Inc 0001395937 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report. This discussion and analysis and other parts of this Annual Report contain forward-looking statements based upon current beliefs, plans and expectations that involve risks, uncertainties and assumptions, such as statements regarding our plans, objectives, expectations, intentions and projections. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under \u201cRisk Factors\u201d and elsewhere in this Annual Report. You should carefully read the \u201cRisk Factors\u201d section of this Annual Report to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section entitled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d For the discussion of the financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, refer to \"Management's Discussion and Analysis of Financial Condition and Results of Operations\u2014Results of Operations\" and \"\u2014Liquidity and Capital Resources\" included in the Annual Report on Form 10-K filed with the SEC on March 3, 2025. Overview We are a commercial-stage biopharmaceutical company advancing innovative cancer therapies. We currently have two commercially approved medicines, Revuforj\u00ae (revumenib) and Niktimvo\u2122 (axatilimab-csfr), and a robust slate of clinical development programs designed to unlock the full potential of our first two products. Revuforj is our first-in-class menin inhibitor that was approved by the U.S. Food and Drug Administration, or FDA, in November 2024 for the treatment of relapsed or refractory, or R/R, acute leukemia with a lysine methyltransferase 2A gene, or KMT2A, translocation in adult and pediatric patients one year old and older. In October 2025, Revuforj received a second approval from the FDA for the treatment of R/R acute myeloid leukemia, or AML, with a susceptible nucleophosmin 1 mutation, or NPM1m, in adult and pediatric patients one year and older who have no satisfactory alternative treatment options. We are also studying revumenib in combination with standard-of-care agents in NPM1m AML and KMT2A-rearranged, or KMT2Ar, acute leukemia across the treatment landscape, including in newly diagnosed patients. Additionally, we are exploring the potential for menin inhibition in the treatment of myelofibrosis, or MF. Niktimvo is our first-in-class colony stimulating factor-1 receptor, or CSF-1R, blocking antibody that was approved by the FDA in August 2024 for the treatment of chronic graft-versus-host disease, or cGVHD, after failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg. Axatilimab is in development for the treatment of newly diagnosed cGVHD patients in combination with standard of care therapies, and for the treatment of idiopathic pulmonary fibrosis, or IPF. We licensed the global rights to revumenib and axatilimab, the first two FDA approved medicines to emerge from our pipeline. We are leading the commercialization and further development of revumenib and working closely with our collaboration partner, Incyte, on the commercialization and further development of axatilimab. We plan to continue to leverage the technical and business expertise of our management team and scientific collaborators to license, acquire and develop additional therapeutics to expand our pipeline. We have incurred significant operating losses since our inception. While we generate product revenue from sales of Revuforj and collaboration as well as milestone revenue from sales of Ni Item 1. BUSINESS Our Company We are a commercial-stage biopharmaceutical company advancing innovative cancer therapies. We currently have two commercially approved medicines, Revuforj\u00ae (revumenib) and Niktimvo\u2122 (axatilimab-csfr), and a robust slate of clinical development programs designed to unlock the full potential of our first two products. Revuforj is our first-in-class menin inhibitor that was approved by the U.S. Food and Drug Administration, or FDA, in November 2024 for the treatment of relapsed or refractory, or R/R, acute leukemia with a lysine methyltransferase 2A gene, or KMT2A, translocation in adult and pediatric patients one year old and older. In October 2025, Revuforj received a second approval from the FDA for the treatment of R/R acute myeloid leukemia, or AML, with a susceptible nucleophosmin 1 mutation, or NPM1m, in adult and pediatric patients one year and older who have no satisfactory alternative treatment options. We are also studying revumenib in combination with standard-of-care agents in NPM1m AML and KMT2A-rearranged, or KMT2Ar, acute leukemia across the treatment landscape, including in newly diagnosed patients. Additionally, we are exploring the potential for menin inhibition in the treatment of myelofibrosis, or MF. Niktimvo is our first-in-class colony stimulating factor-1 receptor, or CSF-1R, blocking antibody that was approved by the FDA in August 2024 for the treatment of chronic graft-versus-host disease, or cGVHD, after failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg. Axatilimab is in development for the treatment of newly diagnosed cGVHD patients in combination with standard of care therapies, and for the treatment of idiopathic pulmonary fibrosis, or IPF. We licensed the global rights to revumenib and axatilimab, the first two FDA approved medicines to emerge from our pipeline. We are leading the commercialization and further development of revumenib and work Item 1A. Risk Factors This Annual Report contains forward-looking information based on our current expectations. Because our business is subject to many risks and our actual results may differ materially from any forward-looking statements made by or on behalf of us, this section includes a discussion of important f", "title": "SNDX - Syndax Pharmaceuticals Inc", "url": "/company/SNDX/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001500412; latest 10-K filed 2026-03-05.", "text": "AMBQ - Ambiq Micro, Inc. SIC 3674 Semiconductors & Related Devices; CIK 0001500412; latest 10-K filed 2026-03-05. AMBQ Ambiq Micro, Inc. 0001500412 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis should be read in conjunction with our historical consolidated financial statements and related notes thereto included in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements based upon current beliefs, plans and expectations that involve risks, uncertainties and assumptions, such as statements regarding our plans, objectives, expectations, intentions and projections. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those described under \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. You should carefully read the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K to gain an understanding of the important factors that could cause actual results to differ materially from forward-looking statements. Please also see the section titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview We are a pioneer and leading provider of ultra-low power semiconductor solutions designed to address the significant power consumption challenges of general purpose and Artificial Intelligence (AI) compute \u2013 especially at the edge. Our customers rely on Ambiq to deliver AI compute closer to end users (edge environments) where power consumption challenges are the most severe. We seek to drive growth in AI adoption at the edge in the personal devices, medical/healthcare, industrial edge, and smart home and building markets and continue to set new standards in edge AI performance and power efficiency. Over time, we expect to integrate our ultra-low power technology into additional chip products that benefit from greater power efficiency, including high-performance compute applications such as AI data centers and automotive. To date, a majority of AI compute has been deployed in data centers due to its large physical scale and the need for wall plug energy, as AI compute requires enormous and steady energy resources. At the edge, however, power limitations have been especially acute due to small device size and limited battery life. We believe this greatly constrains the potential of AI to improve our daily on-the-go lives. Enabling AI at the edge, where the action takes place, with vastly improved power efficiency will allow faster real-time decision-making due to data proximity, greater data privacy, higher energy efficiency from reduced network usage, and less dependence on constant costly connections to the cloud. We believe new AI use cases will only be possible if edge devices are much more power efficient. 44 Our proprietary Sub-threshold Power Optimized Technology (SPOT\u00ae) platform is designed to fundamentally and cost-effectively reduce power consumption of battery- and wireline-powered devices alike. Depending on the application, devices incorporating SPOT demonstrate a two to five times reduction in power consumption compared to conventional integrated circuit designs. SPOT is a ground-breaking approach at the chip design level that incorporates sub- and near-threshold hardware, without using expensive manufacturing processes. We provide a full stack solution encompassing tightly integrated hardware and software. Our solutions include a diverse family of systems-on-chip (SoCs) and the software required to enable on-chip AI processing, general compute, sensing, security, storage, wireless connectivity, and advanced graphics. Our SoC solutions deliver compute at a very small fraction of the power consumed by our competitors' products. Our ultra-low power SoCs serve a wide range of markets requiring on-device and real-time AI, including smartwatches and fitness trackers, augmented and virtual reality (AR/VR) glasses, smart rings, digital health monitors, security systems and access control, livestock t Item 1. Business. Overview We are a pioneer and leading provider of ultra-low power semiconductor solutions designed to address the significant power consumption challenges of general purpose and AI compute \u2013 especially at the edge. Our customers rely on Ambiq to deliver AI compute closer to end users (edge environments) where power consumption challenges are the most severe. Our leading position is built upon our hardware and software innovations that deliver two to five times lower power consumption than traditional semiconductor designs. Our products power over 290 million devices today. In 2025, we estimate that over 80% of our products ran AI algorithms. We seek to drive growth in AI adoption at the edge in the personal devices, medical/healthcare, industrial edge, and smart home and building markets and continue to set new standards in edge AI performance and power efficiency. Over time, we expect to integrate our ultra-low power technology into additional products that benefit from greater power efficiency, including high-performance compute applications such as AI data centers and automotive. To date, a majority of AI compute has been deployed in data centers due to its large physical scale and the need for wall plug energy, as AI compute requires enormous and steady energy resources. At the edge, however, power limitations have been especially acute due to small device size and limited battery life. We believe this greatly constrains the potential of AI to improve our daily on-the-go lives. Enabling AI at the edge \u2013 where the action takes place \u2013 with vastly improved power efficiency will allow faster real-time decision-making due to data proximity, greater data privacy, higher energy efficiency from reduced network usage, and less dependence on constant costly connections to the cloud. We believe new AI use cases will only be possible if edge devices are much more power efficient. Our proprietary Sub-threshold Power Optimized Technology (SPOT\u00ae) platfo Item 1A. Risk Factors. A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider the risks described below as well as the other information in this Annual Report on Form 10-K, including our consolidated financial statements and the notes thereto, and \u201cManageme", "title": "AMBQ - Ambiq Micro, Inc.", "url": "/company/AMBQ/" }, { "kind": "company", "summary": "SIC 8051 Services-Skilled Nursing Care Facilities; CIK 0002001184; latest 10-K filed 2026-02-27.", "text": "PACS - PACS Group, Inc. SIC 8051 Services-Skilled Nursing Care Facilities; CIK 0002001184; latest 10-K filed 2026-02-27. PACS PACS Group, Inc. 0002001184 8051 Services-Skilled Nursing Care Facilities Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our audited combined/consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should read the sections titled \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements\u201d for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Our historical results are not necessarily indicative of the results to be expected in the future. For a discussion of the year ended December 31, 2023 compared to the year ended December 31, 2024, refer to \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d found in our Annual Report on Form 10-K for the year ended December 31, 2024, that was filed with the Securities and Exchange Commission on November 19, 2025. 73 Table of Contents Overview We are a leading post-acute healthcare company primarily focused on delivering high-quality skilled nursing care through a portfolio of independently operated facilities. Founded in 2013, we are one of the largest skilled nursing providers in the United States based on number of facilities. We also provide senior care, assisted living, and independent living options in some of our communities. As of December 31, 2025, our portfolio consisted of 321 post-acute care, assisted living, and independent living facilities across 17 states serving over 31,700 patients daily. We believe our significant historical growth has been primarily driven by our expertise in acquiring underperforming long-term custodial care skilled nursing facilities and transforming them into higher acuity, high value-add short-term transitional care skilled nursing facilities. We believe our success is driven in significant part by our locally led, centrally supported operating model, through which we empower local leaders at each facility to operate their facility autonomously and deliver excellence in clinical quality and a superior experience for our patients. We provide our independently operated facilities with a comprehensive suite of technology, support, and back-office services that enable local leadership teams to focus more of their time and effort on providing quality care to patients. We believe our operating model delivers value to all of our healthcare stakeholders, including patients and families, referring providers, payors, and administrators and clinicians. We aim to create value by identifying and acquiring underperforming custodial care facilities and converting them into higher-value short-term transitional care facilities by investing in clinical teams and processes and upgrading technology, equipment, training, staffing, aesthetics, and other aspects of the business. We believe the resources and guidance offered by PACS Services are key to rapid integration of new facilities and provides our local leadership teams with an effective technology infrastructure, support tools, and regional support teams that enable local leadership to focus on operational improvements. Our facilities generally undergo an up to three-year post-acquisition transition period. During this period, we seek to implement best practices designed to realize and sustain the facility\u2019s full potential. These practices often result in significant improvements to clinical quality and other operational metrics, including skilled mix, occupancy rates and payor contracting. Item 1. BUSINESS Business Overview We are a leading post-acute healthcare company primarily focused on delivering high-quality skilled nursing care through a portfolio of independently operated facilities. Founded in 2013, we are one of the largest skilled nursing providers in the United States based on number of facilities. We also provide senior care, assisted living, and independent living options in some of our communities. In total, we operate 321 post-acute care facilities across 17 states serving over 31,700 patients daily. Our significant historical growth has been primarily driven by our expertise in acquiring underperforming long-term custodial care skilled nursing facilities and transforming them into higher acuity, high value-add short-term transitional care skilled nursing facilities. We believe our success is driven in significant part by our locally led, centrally supported operating model, through which we empower local leaders at each facility to operate their facility autonomously and deliver excellence in clinical quality and a superior experience for our patients. We provide our independently operated facilities with a comprehensive suite of technology, support, and back-office services that enable local leadership teams to focus more of their time and effort on providing quality care to patients. We believe our operating model delivers value to all of our healthcare stakeholders, including patients and families, referring providers, payors, and administrators and clinicians. The post-acute care ecosystem serves individuals who need additional help recuperating from acute conditions, illnesses, or serious medical procedures after they have been discharged from the hospital. This ecosystem ranges from higher acuity, higher-cost settings, such as long-term acute care hospitals and inpatient rehabilitation facilities, to lower acuity, lower-cost settings, such as assisted living facilities, and home health. Skilled nursing facilities (SNFs) are p Item 1A RISK FACTORS Our business involves a high degree of risk. You should carefully consider each of the following risk factors and all other information set forth in this report and our other filings with the SEC. Based on the information currently known to us, we believe that the following information ", "title": "PACS - PACS Group, Inc.", "url": "/company/PACS/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001798100; latest 10-K filed 2026-02-10.", "text": "NTST - NETSTREIT Corp. SIC 6798 Real Estate Investment Trusts; CIK 0001798100; latest 10-K filed 2026-02-10. NTST NETSTREIT Corp. 0001798100 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with the \u201cBusiness\u201d section as well as the consolidated financial statements and related notes in Part II, Item 8 in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this report, including information with respect to our plans and strategies for our business, includes forward-looking statements that involve risks and uncertainties. You should read \u201cItem 1A. Risk Factors\u201d and the \u201cForward-Looking Statements\u201d section of this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by these forward-looking statements. Also refer to \u201cItem 7 \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company\u2019s previously filed Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 24, 2025, for additional discussion of our financial condition and results of operations, including a comparison of our results of operations for the year ended December 31, 2024 and the year ended December 31, 2023, which is incorporated herein by reference. 39 Table of Contents Business Overview We are an internally managed real estate company that acquires, owns, and manages a diversified portfolio of single-tenant commercial retail properties, subject to long-term net leases with high-credit-quality tenants across the United States. We also invest in property developments and mortgage loans secured by real estate. As of December 31, 2025, we owned or had investments in 761 properties diversified by tenant, industry, and geography, comprising 129 different tenants across 28 retail sectors in 45 states. This includes three property developments where rent has not yet commenced. We focus on tenants in industries where we believe a physical location is critical to the generation of sales and profits, with a focus on necessity goods and essential services in the retail sector, including grocers, convenience stores, discount stores, home improvement, quick-service restaurants, general retail, and auto parts, all of which we refer to as defensive retail industries. As of December 31, 2025, our investments generated ABR1 of $198.3 million. Approximately 44% of our ABR is from investment grade2 credit rated tenants and an additional 14% of our ABR is derived from tenants with an investment grade profile3. Our portfolio was 99.9% occupied and, excluding mortgage loans receivable, had a weighted average remaining lease term (\u201cWALT\u201d) of 10.1 years. Reduced Margins on Debt As a result of receiving an investment grade credit rating, the interest rate on our term loans and Revolver (as defined below), including our Revolver facility fee, is now determined by our credit rating and consolidated total leverage ratio. For the 2028 Term Loan, 2029 Term Loan, 2030 Term Loan A, 2030 Term Loan B, and 2031 Term Loan (each as defined below), our applicable margin was reduced by 20 basis points from 1.15% to 0.95%. For the 2032 Term Loan (as defined below), our applicable margin was reduced by 25 basis points from 1.50% to 1.25%. For the Revolver, our applicable margin was reduced by 15 basis points from 1.00% to 0.85%, and the facility fee increased by five basis points from 0.15% to 0.20%. See Note 6 \u2013 \u201cDebt\u201d for further discussion on our debt and interest rates. September 2025 Debt Transactions On September 25, 2025, we entered into a Term Loan Agreement (the \u201cPNC Term Loan Agreement\u201d) which provides for: a $200.0 million senior unsecured term loan (the \u201c2031 Term Loan\u201d), all of which was funded on the closing date, and a $250.0 million senior unsecured term loan (the \u201c2032 Term Loan\u201d), of which $100.0 million Item 1. Business Business Overview We are an internally managed real estate company that acquires, owns, and manages a diversified portfolio of single-tenant commercial retail properties, subject to long-term net leases with high-credit-quality tenants across the United States. We also invest in property developments and mortgage loans secured by real estate. As of December 31, 2025, we owned or had investments in 761 properties diversified by tenant, industry, and geography, comprising 129 different tenants across 28 retail sectors in 45 states. This includes three property developments where rent has not yet commenced. We focus on tenants in industries where we believe a physical location is critical to the generation of sales and profits, with a focus on necessity goods and essential services in the retail sector, including grocers, convenience stores, discount stores, home improvement, quick-service restaurants, general retail, and auto parts, all of which we refer to as defensive retail industries. As of December 31, 2025, our investments generated ABR1 of $198.3 million. Approximately 44% of our ABR is from investment grade2 credit rated tenants and an additional 14% of our ABR is derived from tenants with an investment grade profile3. Our portfolio was 99.9% occupied and, excluding mortgage loans receivable, had a weighted average remaining lease term (\u201cWALT\u201d) of 10.1 years. We were formed as a Maryland corporation on October 11, 2019, and our common stock began trading on the New York Stock Exchange (\u201cNYSE\u201d) under the symbol \u201cNTST\u201d on August 13, 2020. We are structured as an umbrella partnership real estate investment trust (a \u201cREIT\u201d), meaning that we own our properties and conduct our business through our operating partnership, directly or through limited partnerships, limited liability companies or other subsidiaries. NETSTREIT GP, LLC, a wholly-owned subsidiary of the Company, is the sole general partner of our operating partnership. As of December 31, Item 1A. Risk Factors Our operations and financial results are subject to various risks and uncertainties, including those described below. You should consider and read carefully all of the risks and uncertainties described below, together with all the other information contained in this Annual Report on Form 10-K, including the sect", "title": "NTST - NETSTREIT Corp.", "url": "/company/NTST/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000714395; latest 10-K filed 2026-02-27.", "text": "GABC - GERMAN AMERICAN BANCORP, INC. SIC 6022 State Commercial Banks; CIK 0000714395; latest 10-K filed 2026-02-27. GABC GERMAN AMERICAN BANCORP, INC. 0000714395 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. INTRODUCTION German American Bancorp, Inc. is a Nasdaq-listed (symbol: GABC) financial holding company based in Jasper, Indiana. German American, through its banking subsidiary German American Bank, operates 94 banking offices located throughout Indiana (central/southern), Kentucky (northern/central/western), and Ohio (central/ southwest). In Columbus, Ohio and Greater Cincinnati, the Company does business as Heartland Bank, a Division of German American Bank. The Company also owns an investment brokerage subsidiary German American Investment Services, Inc. Throughout this Management\u2019s Discussion and Analysis, as elsewhere in this Report, when we use the term \u201cCompany\u201d and \u201cGerman American\u201d, we will usually be referring to the business and affairs (financial and otherwise) of the Company and its subsidiaries and affiliates as a whole. Occasionally, we will refer to the term \u201cGerman American Bancorp\u201d, \u201cBancorp\u201d, \u201cparent company\u201d or \u201cholding company\u201d when we mean to refer to only German American Bancorp, Inc., and the term \u201cBank\u201d when we mean to refer to only the Company\u2019s bank subsidiary. This Management\u2019s Discussion and Analysis includes an analysis of the major components of the Company\u2019s operations for the years 2023 through 2025 and its financial condition as of December 31, 2024 and 2025. This information should be read in conjunction with the accompanying consolidated financial statements and footnotes contained elsewhere in this Report and with the description of business included in Item 1 of this Report (including the cautionary disclosure regarding \u201cForward Looking Statements and Associated Risks\u201d). Financial and other information by segment is included in Note 18 (Segment Information) of the Notes to the Consolidated Financial Statements included in Item 8 of this Report and is incorporated into this Item 7 by reference. The statements of management\u2019s expectations and goals concerning the Company\u2019s future operations and performance that are set forth in the following Management Overview and in other sections of this Item 7 are forward-looking statements, and readers are cautioned that these forward-looking statements are based on assumptions and are subject to risks, uncertainties, and other factors. Actual results may differ materially from the expectations of the Company that is expressed or implied by any forward-looking statement. This Item 7, as well as the discussions in Item 1 (\u201cBusiness\u201d) entitled \u201cForward-Looking Statements and Associated Risks\u201d and in Item 1A (\u201cRisk Factors\u201d) (which discussions are incorporated in this Item 7 by reference) list some of the factors that could cause the Company\u2019s actual results to vary materially from those expressed or implied by any such forward-looking statements. Any statements of management\u2019s expectations and goals concerning the Company\u2019s future operations and performance, and future financial condition, liquidity and capital resources that are set forth in the following Management Overview and in other sections of this Item 7 are forward-looking statements, and readers are cautioned that these forward-looking statements are based on assumptions and are subject to risks, uncertainties, and other factors. Actual results may differ materially from the expectations of the Company that is expressed or implied by any forward-looking statement. This Item 7, as well as the discussions in Item 1 (\u201cBusiness\u201d) entitled \u201cForward-Looking Statements and Associated Risks\u201d and in Item 1A (\u201cRisk Factors\u201d) (which discussions are incorporated in this Item 7 by reference) list some of the factors that could cause the Company\u2019s actual results to vary materially from those expressed or implied by any such forward-looking statements. MANAGEMENT OVERVIEW Business Developments On February 1, 2025, German American Bancorp completed its previously announced acquisition of Heartland BancCorp (\u201c Item 1. Business. General German American Bancorp, Inc. is a Nasdaq-listed (symbol: GABC) financial holding company based in Jasper, Indiana. German American, through its banking subsidiary German American Bank, operates 94 banking offices located throughout Indiana (central/southern), Kentucky (northern/central/western), and Ohio (central/southwest). In Columbus, Ohio and Greater Cincinnati, the Company does business as Heartland Bank, a Division of German American Bank. The Company also owns an investment brokerage subsidiary, German American Investment Services, Inc. Throughout this Report, when we use the term \u201cCompany\u201d and \u201cGerman American\u201d, we will usually be referring to the business and affairs (financial and otherwise) of German American Bancorp, Inc. and its consolidated subsidiaries as a whole. Occasionally, we will refer to the term \u201cGerman American Bancorp\u201d, \u201cBancorp\u201d, \u201cparent company\u201d or \u201cholding company\u201d when we mean to refer to only German American Bancorp, Inc. and the term \u201cBank\u201d when we mean to refer only to the Company\u2019s bank subsidiary. The Company\u2019s lines of business include retail and commercial banking, and wealth management services. Our retail and commercial banking business involves attracting deposits from the general public and using those funds to originate consumer, commercial and agricultural, commercial and agricultural real estate, and residential mortgage loans, primarily in the Company\u2019s local markets. These core banking activities also include the sale of residential mortgage loans in the secondary market. Our wealth management services involve providing trust, investment advisory, brokerage and retirement planning services to customers. Financial and other information by segment is included in Note 18 (Segment Information) of the Notes to the Consolidated Financial Statements included in Item 8 of this Report and is incorporated into this Item 1 by reference. Substantially all of the Company\u2019s revenues are derived from custo Item 1A. Risk Factors. The following describes some of the principal risks and uncertainties to which our industry in general, and our securities, assets and businesses specifically, are subject; other risks are briefly identified in our cautionary statement that is included under the heading \u201cForward-Looking Statements", "title": "GABC - GERMAN AMERICAN BANCORP, INC.", "url": "/company/GABC/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001847367; latest 10-K filed 2026-03-19.", "text": "ALMS - ALUMIS INC. SIC 2834 Pharmaceutical Preparations; CIK 0001847367; latest 10-K filed 2026-03-19. ALMS ALUMIS INC. 0001847367 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K. This discussion and analysis and other parts of this Annual Report on Form 10-K contain forward-looking statements based upon current beliefs, plans and expectations related to future events and our future financial performance that involve risks, uncertainties and assumptions, such as statements regarding our intentions, plans, objectives and expectations for our business. Our actual results and the timing of selected events could differ materially from those described in or implied by these forward-looking statements as a result of several factors, including those set forth under Part I, Item 1A. \u201cRisk Factors\u201d in this Annual Report on Form 10-K. See also the section titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview Our mission is to significantly improve the lives of patients by replacing broad immunosuppression with targeted therapies. Our name, Alumis, captures our mission to enlighten immunology, and is inspired by the words \u201callumer\u201d\u2014French for illuminate\u2014and \u201cimmunis\u201d\u2014Latin for the immune system. We are a clinical stage biopharmaceutical company with an initial focus on developing our two TYK2 inhibitors: envu, formerly known as ESK-001, a second-generation inhibitor that we are developing to maximize target inhibition and optimize tolerability, and A-005, a CNS penetrant molecule. Envu is currently being evaluated in an ongoing Phase 2 OLE trial, as well as a Phase 3 LTE trial in patients with PsO and we plan to submit an NDA for envu in PsO to the FDA in the second half of 2026. Envu completed enrollment in the pivotal Phase 3 ONWARD1 and ONWARD2 clinical trials in patients with PsO, and we reported positive topline results in the first quarter of 2026. In addition, envu is currently being evaluated in a Phase 2 clinical trial in patients with SLE, for which we expect to report topline results in the third quarter of 2026. We are currently evaluating additional immune-mediated disease indications for envu, beyond PsO and SLE, and for A-005 in CNS and peripheral diseases. In April 2024, we initiated our Phase 1 program of A-005 in healthy volunteers and reported initial results in December 2024. In addition, in connection with the ACELYRIN Merger, we acquired lonigutamab, a subcutaneously delivered, monoclonal antibody targeting IGF-1R for the potential treatment of TED. We are continuing to evaluate the development program for lonigutamab and its potential differentiation in a capital efficient manner. Alumis was incubated by Foresite Labs and incorporated on January 29, 2021, as a Delaware corporation under the name FL2021-001, Inc. FL2021-001, Inc.\u2019s name was changed to Esker Therapeutics, Inc. in March 2021, and to Alumis Inc. in January 2022. Since our inception, we have devoted substantially all of our efforts to organizing our company, hiring personnel, business planning, acquiring and developing our product candidates, performing research and development, conducting preclinical studies and clinical trials, establishing and protecting our intellectual property portfolio, raising capital, integrating the acquired ACELYRIN business and personnel, and providing general and administrative support for these activities. We do not have any products approved for sale and have not generated any revenue from product sales. We expect to continue to incur significant and increasing expenses and increasing substantial losses for the foreseeable future as we continue our development of and seek regulatory approvals for our product candidates and commercialize any approved products, seek to expand our product pipeline and invest in our expa Item 1. Business Overview Our mission is to significantly improve the lives of patients by replacing broad immunosuppression with targeted therapies. Our name, Alumis, captures our mission to enlighten immunology, and is inspired by the words \u201callumer\u201d\u2014French for illuminate\u2014and \u201cimmunis\u201d\u2014Latin for the immune system. We are a clinical stage biopharmaceutical company with an initial focus on developing our two Tyrosine Kinase 2 (\u201cTYK2\u201d) inhibitors: envudeucitinib (\u201cenvu\u201d), formerly known as ESK-001, a second-generation inhibitor that we are developing to maximize target inhibition and optimize tolerability, and A-005, a central nervous system (\u201cCNS\u201d) penetrant allosteric TYK2 inhibitor. Envu is currently being evaluated in an ongoing Phase 2 open-label extension (\u201cOLE\u201d) trial, as well as a Phase 3 long-term extension (\u201cLTE\u201d) trial in patients with moderate-to-severe plaque psoriasis (\u201cPsO\u201d), and we plan to submit a New Drug Application (\u201cNDA\u201d) for envu in PsO to the FDA in the second half of 2026. Envu completed enrollment in the pivotal Phase 3 ONWARD1 and ONWARD2 clinical trials in patients with PsO, and we reported positive topline results in the first quarter of 2026. In addition, envu is currently being evaluated in a Phase 2 clinical trial in patients with systemic lupus erythematosus (\u201cSLE\u201d), for which we expect to report topline results in the third quarter of 2026. We are currently evaluating additional immune-mediated disease indications for envu, beyond PsO and SLE, and for A-005 in CNS and peripheral diseases. In April 2024, we initiated our Phase 1 program of A-005 in healthy volunteers and reported initial results in December 2024. In addition, in connection with the ACELYRIN Merger (as defined below), we acquired lonigutamab, a subcutaneously delivered, monoclonal antibody targeting IGF-1R for the potential treatment of Thyroid Eye Disease (\u201cTED\u201d). We are continuing to evaluate the development program for lonigutamab and its potential differentiation Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. Before deciding to invest in shares of our common stock, you should carefully consider the risks described below, together with the other information contained in this Annual Report on Form 10-K, including in the section titled \u201cManagement\u2019s Discussion and An", "title": "ALMS - ALUMIS INC.", "url": "/company/ALMS/" }, { "kind": "company", "summary": "SIC 3420 Cutlery, Handtools & General Hardware; CIK 0001822492; latest 10-K filed 2026-02-17.", "text": "HLMN - Hillman Solutions Corp. SIC 3420 Cutlery, Handtools & General Hardware; CIK 0001822492; latest 10-K filed 2026-02-17. HLMN Hillman Solutions Corp. 0001822492 3420 Cutlery, Handtools & General Hardware ITEM 7 \u2013 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion provides information which our management believes is relevant to an assessment and understanding of our operations and financial condition. This discussion should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements and schedules thereto appearing elsewhere herein. In addition, see \u201cSafe Harbor Statement under the Private Securities Litigation Reform Act of 1995 Regarding Forward-Looking Information\u201d, as well as \u201cRisk Factors\u201d in Item 1A of this Annual Report. Executive Overview and Trends in our Business Net sales during 2025 increased by 5.4% when compared to 2024. Driving our performance for the year was the net sales contributions from new business wins, along with the contribution of net sales from the Intex DIY acquisition, which closed in August 2024, and the contribution of price increases, which were implemented during the year to offset an increase in costs related to tariffs. These contributions to net sales were offset by the soft home improvement market during the year. Hardware and Protective Solutions, our largest segment making up 76.9% of our net sales, led the way with an increase of 7.8%, while our Robotics and Digital Solutions segment returned to growth during 2025 contributing 1.6%. Partially offsetting this growth was a decline in our Canadian business segment. Products across our business are primarily used by DIYers and professionals shopping at our customers' retail locations for repair, maintenance, and remodel projects. Because repair and maintenance projects are beneficial and often necessary no matter the economic environment, we believe our business is generally resilient to economic downturns. However, remodel projects are more dependent upon macroeconomic variables, including existing home sales. According to the National Association of Realtors, existing home sales in the U.S. for 2025 were unchanged from 2024, which marked a 30-year low, totaling 4.1 million. This was a headwind for our top line results during the year. Our competitive moat, which consists of our 1,200 member field sales and service team, our ability to ship direct to the retail locations of our customers rather than their distribution network, and our 60+ years of experience set us apart from the competition. As such, we launched multiple new business wins during the year and we won vendor of the year awards from Do It Best and Home Depot Canada. We continue to focus on taking great care of our customers which has been a key focus on the company for over 60-years. We are pleased with our top and bottom line results during 2025, as both were records for Hillman. Producing record top and bottom line results while successfully managing the dynamic and complex tariff situation is a testament to our team. Looking to 2026, we remain committed to driving value for our stakeholders, taking great care of our customers, and continuing to grow our business. Impact of Global Economic Conditions on our Results of Operation Our business is impacted by general economic conditions in the North American and international markets, particularly the U.S. and Canadian retail markets including hardware stores, home centers, mass merchants, and other retailers. Changes in current economic conditions, including inflationary pressures in the cost of inventory, transportation, and employee compensation, foreign currency volatility, and interest rates, have impacted consumer discretionary income levels and spending. Consumer discretionary income levels and spending impact the purchasing trends of our products by our retail customers. Any adverse trends in discretionary income and consumer spending could have a material adverse effect on our business or operating results. We are exposed to the risk of unfavorable changes in foreign currency exchange rates for the U ITEM 1 - BUSINESS. General Hillman Solutions Corp. and its wholly-owned subsidiaries (collectively, \u201cHillman\u201d or \u201cCompany\u201d) are one of the largest providers of hardware-related products and related merchandising services to retail markets in North America. Our principal business is operated through our wholly-owned subsidiary, Hillman, which had net sales of approximately $1,552.2 million in 2025. Hillman sells its products to hardware stores, home centers, mass merchants, pet supply stores, and other retail outlets principally in the United States, Canada, Mexico, Latin America, and the Caribbean. Product lines include thousands of small parts such as fasteners and related hardware items; threaded rod and metal shapes; keys; builder's hardware; personal protective equipment, such as gloves and eye-wear; rope and chain; and identification items, such as tags and letters, numbers, and signs. We support product sales with services that include design and installation of merchandising systems, maintenance of appropriate in-store inventory levels, and break-fix for our robotics kiosks. 2| December 27, 2025 Form 10-K Hillman's corporate headquarters is located at 1280 Kemper Meadow Drive, Cincinnati, Ohio. We maintain a website at www.hillmangroup.com. Information contained or linked on our website is not incorporated by reference into this annual report and should not be considered a part of this annual report. History In 1964, Max Hillman established Hillman Bolt & Screw Corporation in Cincinnati, Ohio when he purchased a franchise operation from Sharon Bolt & Screw, a hardware fastener company. Max began distributing fasteners to independent hardware stores in southern Ohio and northern Kentucky, with a relentless commitment to service. Max\u2019s two sons, Mick Hillman and Rick Hillman, joined their father\u2019s company in 1969, as Hillman\u2019s customer base and distribution network continued to grow. In 1982, Hillman Bolt & Screw was purchased by Sun Distributors followe ITEM 1A - RISK FACTORS. You should carefully consider the following risks. However, the risks set forth below are not the only risks that we face, and we face other risks which have not yet been identified or which are not yet otherwise predictable. If any of the following risks occur or are otherwise rea", "title": "HLMN - Hillman Solutions Corp.", "url": "/company/HLMN/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000356171; latest 10-K filed 2026-03-02.", "text": "TCBK - TRICO BANCSHARES / SIC 6022 State Commercial Banks; CIK 0000356171; latest 10-K filed 2026-03-02. TCBK TRICO BANCSHARES / 0000356171 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Introduction The following discussion and analysis is designed to provide a better understanding of the significant changes and trends related to the Company and the Bank\u2019s financial condition, operating results, asset and liability management, liquidity and capital resources and should be read in conjunction with the consolidated financial statements of the Company and the related notes at Part II, Item 8 of this report. Financial Overview In 2025, the Company reported net income of $121.6 million, a $6.7 million or 5.8% increase from the prior year. Earnings per share on a diluted basis for the year were $3.70, up 6.9% from the prior year. The current year net income was impacted by an increase in net interest income primarily associated with decreased interest expense and partially offset by an increase in provision for loan losses. In 2025, total interest expense was reported at $119.7 million, an decrease of $15.5 million or 11.4% from the prior year. Net interest income on a fully tax equivalent (FTE) basis, a non-GAAP financial measure, was $351.9 million, an increase of $19.4 million, or 5.8%, from 2024. The increase in FTE net interest income reflects the $75.8 million, or 0.8%, increase in average earning assets and an 18 basis point increase in the FTE net interest margin to 3.89%. Average earning asset declines included a $226.1 million or 10.5% decrease in average securities, partially offset by an $166.3 million, or 2.5% increase in average loans and leases. The decrease in average securities was driven by the redeployment of liquidity from prepayments, maturities and sales into the pay down of borrowings and loan growth during 2025. The net interest margin expansion was driven by the declining rate environment and a liability sensitive balance sheet, resulting in a decrease in the cost of funds from both deposits and borrowings. This decrease in interest expense was supported by improved average balances on loans, flat yields on earnings assets and to a greater extent, by the continued balance sheet mix shift where liquidity from deposit growth and investment security principal repayments were utilized to pay down borrowings. Total average interest-bearing deposits was $5.7 billion and $5.4 billion during 2025 and 2024, respectively, while average other borrowings totaled $35.6 million and $294.3 million, respectively, during the same periods. The provision for credit losses increased $5.4 million to $12.1 million, primarily due to growth in loan volume during 2025 and increased charge-offs, relative to the 2024 period with muted loan growth and less volatility within collateral values. The allowance for credit losses (ACL) was $125.8 million, or 1.77% of total loans and leases, at December 31, 2025, compared to $125.4 million, or 1.85% of total loans and leases, at December 31, 2024. Noninterest income was $68.3 million, up $3.9 million, or 6.1%, from the prior year, while noninterest expenses of $241.0 million was up $6.9 million or 2.9%, from the prior year. The year over year changes in noninterest income reflected improved earnings on deposit accounts and other service fees, coupled with elevated earnings from asset management from continued growth in assets under management. The increase in noninterest expense meanwhile as compared to the trailing year is attributed primarily to a combination of routine merit increases, increased incentive compensation from elevated levels of both loan and deposit production, and targeted strategic hiring. The tangible common equity to tangible assets ratio, a non-GAAP financial measure, was 10.71% at December 31, 2025, up 99 basis points from December 31, 2024, primarily due to an increase in tangible common equity related to the retention of 2025 earnings and a reduction in accumulated other comprehensive loss. 30 TriCo Bancshares 2025 10-K Table of Contents TRICO ITEM 1. BUSINESS Overview TriCo Bancshares is a registered bank holding company under the Bank Holding Company Act of 1956, as amended (the \u201cBHC Act\u201d). TriCo's principal business is to serve as the holding company for our wholly-owned subsidiary, Tri Counties Bank, a California-chartered commercial bank (the \u201cBank\u201d). TriCo is a California corporation and was incorporated in 1981. Our common stock is traded on the Nasdaq Global Select Market under the trading symbol \"TCBK\". The Company and the Bank are headquartered in Chico, California. As a bank holding company, TriCo is subject to the supervision of the Board of Governors of the Federal Reserve System (the \u201cFRB\u201d) under the BHC Act. The Bank is subject to the supervision of the California Department of Financial Protection & Innovation (the \u201cDFPI\u201d) and the Federal Deposit Insurance Corporation (the \"FDIC\"). See \u201cRegulation and Supervision.\u201d The Company maintains two capital subsidiary business trusts (collectively, the Trusts), both organized by the Company. For financial reporting purposes, the Company\u2019s remaining investments in the Trusts of $1.2 million are accounted for under the equity method and, accordingly, are not consolidated and are included in other assets on the consolidated balance sheet. For more information regarding the trust preferred securities please refer to \u201cNote 14 \u2013 Junior Subordinated Debt\u201d to the consolidated financial statements within Part II, Item 8 of this report. Additional Information Our executive offices are located at 63 Constitution Drive, Chico, California 95973, and our telephone number is (530) 898-0300. Additional information concerning the Company can be found on our website at www.tcbk.com. Copies of our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to these reports are available free of charge through the investor relations page of our website, www.tcbk.com/about/investor-relations, as soon as reasonably pr ITEM 1A. RISK FACTORS An investment in our securities is subject to certain risks. In addition to the other information in this report, investors should carefully consider the following discussion of significant risks and uncertainties before making investment decisions about our securities. The events and consequences discussed in these risk factors c", "title": "TCBK - TRICO BANCSHARES /", "url": "/company/TCBK/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001935979; latest 10-K filed 2026-03-02.", "text": "BHVN - Biohaven Ltd. SIC 2834 Pharmaceutical Preparations; CIK 0001935979; latest 10-K filed 2026-03-02. BHVN Biohaven Ltd. 0001935979 2834 Pharmaceutical Preparations Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K, or this Annual Report. Discussions of 2023 items and year-to-year comparisons between the years ended December 31, 2024 and 2023 that are not included in this Form 10-K can be found within \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors. We discuss factors that we believe could cause or contribute to these differences below and elsewhere in this report, including those set forth under Item 1A. \"Risk Factors\" and under \"Cautionary Note Regarding Forward-Looking Statements\" in this Annual Report. Overview We are a biopharmaceutical company focused on the discovery, development, and commercialization of life-changing treatments in key therapeutic areas, including immunology, neuroscience, and oncology. We are advancing our innovative portfolio of therapeutics, leveraging our proven drug development experience and multiple proprietary drug development platforms. In the fourth quarter of 2025, we initiated a strategic reprioritization of our clinical development programs are now focused on three key areas to prioritize resources. Our key clinical programs include Kv7 ion channel modulation for epilepsy; Molecular Degrader of Extracellular Proteins (\u201cMoDE\u201d) and Targeted Removal of Aberrant Protein (\"TRAP\") extracellular protein degradation for immunological diseases; and myostatin-activin pathway targeting agent for neuromuscular and metabolic diseases, including obesity (collectively, the \"key programs\"). For a full discussion of our programs, including recent developments, refer to \"Item 1. Business\" included in this Annual Report on Form 10-K. Separation from Biohaven Pharmaceutical Holding Company Ltd. On October 3, 2022, the Former Parent completed the Separation from Biohaven Ltd. As a result of the Separation, Biohaven Ltd. became an independent, publicly traded company as of October 3, 2022, and commenced regular way trading under the symbol \"BHVN\" on the NYSE on October 4, 2022. Biohaven is a British Virgin Islands (\"BVI\") corporation and was a wholly owned subsidiary of the Former Parent prior to the Separation. Agreements with the Former Parent We had entered into a Distribution Agreement and various other agreements relating to transition services, licenses and certain other matters with the Former Parent. These agreements govern our relationship with the Former Parent and include the allocation of employee benefits, taxes and certain other liabilities and obligations attributable to periods prior to, at and after the Separation. For additional information regarding these agreements, see Note 14, \"Related Party Transactions,\" of the Notes to the Consolidated Financial Statements appearing elsewhere in this Annual Report on Form 10-K. Recent Developments The following is a summary of key developments affecting our business in 2025 (excluding updates to our programs, which are discussed in \"Item 1. Business\" included in this Annual Report on Form 10-K): Note Purchase Agreement On April 28, 2025 (the \u201cClosing Date\u201d), the Company and certain of its subsidiaries entered into a Note Purchase Agreement (the \u201cNote Purchase Agreement\u201d or \"NPA\"), by and among Biohaven Therapeutics Ltd., as issuer (the \u201cIssuer\u201d), the Company and certain subsidiaries of the Company, as obligors (together with the Issuer, the \u201cO Item 1. Business Overview Biohaven is a biopharmaceutical company focused on the discovery, development, and commercialization of life-changing treatments in key therapeutic areas, including immunology, neuroscience, and oncology. We are advancing our innovative portfolio of therapeutics, leveraging our proven drug development experience and multiple proprietary drug development platforms. On October 3, 2022, Biohaven Pharmaceutical Holding Company Ltd. (the \u201cFormer Parent\u201d) completed the distribution to holders of its common shares of all of our outstanding common shares and the spin-off of Biohaven Ltd. from the Former Parent (the \u201cSeparation\u201d). As a result of the Separation, Biohaven became an independent, publicly traded company as of October 3, 2022, and commenced regular way trading under the symbol \u201cBHVN\u201d\u2019 on the New York Stock Exchange on October 4, 2022. In the fourth quarter of 2025, we initiated strategic portfolio and cost-optimization measures to prioritize three key, late-stage, clinical programs that we believe have the greatest potential for value generation. Our key clinical programs include Kv7 ion channel modulation for epilepsy; Molecular Degrader of Extracellular Proteins (\u201cMoDE\u201d) and Targeted Removal of Aberrant Protein (\"TRAP\") extracellular protein degradation for immunological diseases; and myostatin-activin pathway targeting agent for neuromuscular and metabolic diseases, including obesity (collectively, the \"key programs\"). The product candidates chart below summarizes our most advanced programs, including those that are key clinical stage programs and some of our preclinical programs that are beginning to advance to the clinic. Product Candidates The following table summarizes our programs for our product candidates. We hold the worldwide rights to substantially all of our product candidates. 1 Table of Contents Key Programs MoDE and TRAP Degraders Bispecific Molecular Degraders of Extracellular Proteins and TRAP Degraders Item 1A. Risk Factors In connection with any investment decision with respect to our securities, you should carefully consider the risks described below, as well as general economic and business risks and the other information in this Annual Report on Form 10-K and in our other filings with the SEC. The occurrence of any of the events or circumstances describe", "title": "BHVN - Biohaven Ltd.", "url": "/company/BHVN/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000906465; latest 10-K filed 2026-02-27.", "text": "QCRH - QCR HOLDINGS INC SIC 6022 State Commercial Banks; CIK 0000906465; latest 10-K filed 2026-02-27. QCRH QCR HOLDINGS INC 0000906465 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This section generally discusses 2025 and 2024 items and annual comparison between our fiscal 2025 performance compared to our fiscal 2024 performance. A detailed review of our fiscal 2024 performance compared to our fiscal 2023 performance can be found in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, under the caption \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d This discussion should be read together with our Consolidated Financial Statements and the accompanying notes thereto included or incorporated by reference elsewhere in this document. Additionally, a comprehensive list of the acronyms and abbreviations used throughout this discussion is included in Note 1 to the Consolidated Financial Statements. GENERAL The Company was formed in February 1993 for the purpose of organizing QCBT. Over the past 32 years, the Company has grown to include four banking subsidiaries and a number of nonbanking subsidiaries. As of December 31, 2025, the Company had $9.6 billion in consolidated assets, including $7.1 billion in total loans/leases, and $7.4 billion in deposits. The financial results of acquired entities for the periods since their acquisition are included in this Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q. Further information related to acquired entities has been presented in the Annual Reports on Form 10-K previously filed with the SEC corresponding to the period of each acquisition. CRITICAL ACCOUNTING POLICIES AND CRITICAL ACCOUNTING ESTIMATES The Company\u2019s financial statements are prepared in accordance with GAAP. The financial information contained within these statements is, to a significant extent, financial information that is based on approximate measures of the financial effects of transactions and events that have already occurred. The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance, determination of the fair value of loans acquired in business combinations, impairment of goodwill, the fair value of financial instruments, and the fair value of securities. A more detailed discussion of these critical accounting policies and estimates can be found in Note 1 to the Consolidated Financial Statements. Based on its consideration of accounting policies and estimates that involve the most complex and subjective decisions and assessments, management has identified the following as critical accounting policies and estimates: ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES AND OFF-BALANCE SHEET EXPOSURES \u200b The Company\u2019s allowance methodology incorporates a variety of risk considerations, both quantitative and qualitative, in establishing an allowance that management believes is appropriate at each reporting date. The Company\u2019s methodologies for estimating the ACL consider available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts. The methodologies apply historical loss information adjusted for asset-specific characteristics, economic conditions at the measurement date, and forecasts about future economic conditions that are expected to exist through the contractual lives of the financial assets and that are reasonable and supportable to the identified pools of financial assets with similar risk characteristics for w Item 1. Business General. QCR Holdings, Inc. is a multi-bank holding company headquartered in Moline, Illinois, that was formed in February 1993 under the laws of the state of Delaware. In 2016, the Company elected to operate as a financial holding company under the BHCA. The Company serves the Quad Cities, Cedar Rapids, Waterloo/Cedar Falls, Des Moines/Ankeny and Springfield communities through the following four wholly-owned banking subsidiaries (collectively, the \u201cBanks\u201d), which provide full-service commercial and consumer banking and trust and asset management services: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Quad City Bank & Trust (\\u201cQCBT\\u201d), which is based in Bettendorf, Iowa, and commenced operations in 1994;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Cedar Rapids Bank & Trust (\\u201cCRBT\\u201d), which is based in Cedar Rapids, Iowa, and commenced operations in 2001;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Community State Bank (\\u201cCSB\\u201d), which is based in Ankeny, Iowa, and was acquired in 2016; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Guaranty Bank (\\u201cGB\\u201d), which is based in Springfield, Missouri, and was acquired in 2018.\"]] [[/GREPCENT_TABLE]] \u200b The Company engages in direct financing lease contracts and equipment financing agreements through m2, a wholly-owned subsidiary of QCBT based in Waukesha, Wisconsin. Subsidiary Banks. Segments of the Company have been established by management as defined by the structure of the Company\u2019s internal organization, focusing on the financial information that the Company\u2019s operating decision-makers routinely use to make decisions about operating matters. The Company\u2019s Commercial Banking business is geographically divided by markets into the operating segments corresponding to the four subsidiary banks wholly-owned by the Company: QCBT, CRBT, CSB and GB. See the Consolidated Financial Statements incorporated herein generally, and Note 22 to th Item 1A. Risk Factors Investing in the Company\u2019s common stock involves a high degree of risk. The material risks and uncertainties that management believes affect the Company are described below. Before you decide to invest, you should carefully review and consider the risks described below, together with all other information included in this report and othe", "title": "QCRH - QCR HOLDINGS INC", "url": "/company/QCRH/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001777921; latest 10-K filed 2026-02-26.", "text": "AVPT - AvePoint, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001777921; latest 10-K filed 2026-02-26. AVPT AvePoint, Inc. 0001777921 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) summarizes the significant factors affecting the consolidated operating results, financial condition, liquidity and cash flows of our Company as of and for the periods presented below. The MD&A should be read in conjunction with the other sections of this Annual Report on Form 10-K, including our audited, consolidated financial statements and related notes contained in Part II, Item 8. Financial Statements and Supplementary Data, and the discussion of risk factors that may affect future results in Part I, Item 1A. Risk Factors. This section generally discusses the results of our operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024, which discussion is incorporated herein by reference. 2025 Business Highlights [[GREPCENT_TABLE]] [[\"\",\"\\u25a0\",\"As of December 31, 2025, total annual recurring revenue (\\u201cARR\\u201d) was $416.8 million, representing 27% year-over-year growth. On a foreign exchange (\\u201cFX\\u201d) adjusted basis, total ARR increased 26% year-over-year;\"],[\"\",\"\\u25a0\",\"Total revenue increased 27% year-over-year to $419.5 million. On a constant currency basis, total revenue increased 25% year-over-year;\"],[\"\",\"\\u25a0\",\"SaaS revenue increased 38% year-over-year to $319.2 million and represented 76% of total revenue, compared to 70% of revenue in 2024. On a constant currency basis, SaaS revenue increased 36% year-over-year;\"],[\"\",\"\\u25a0\",\"GAAP operating income was $33.0 million, compared to GAAP operating income of $7.2 million in 2024. Non-GAAP operating income was $79.2 million, compared to non-GAAP operating income of $47.6 million in 2024; and\"],[\"\",\"\\u25a0\",\"Net cash provided by operating activities was $85.3 million, representing 20% of revenue, compared to $88.9 million, representing 27% of revenue, for the year ended December 31, 2024.\"]] [[/GREPCENT_TABLE]] Overview AvePoint is the global leader in modern data protection, delivering a unified platform that enables organizations to secure, govern, and operationalize data at scale. Serving customers of all sizes across every major industry and geography, AvePoint addresses one of the most critical challenges facing enterprises today: how to safely unlock the value of data in a world increasingly driven by artificial intelligence (\u201cAI\u201d). As organizations rapidly embed AI into their core business processes, data has become both their most valuable asset and their greatest source of risk. AI systems amplify the consequences of poor data hygiene: overexposed sensitive information, accelerating compliance failures, and an increased blast radius from breaches and operational disruptions. As a result, enterprises require a modern data foundation that ensures data is discoverable, classified, governed, protected, and recoverable by design. The AvePoint Confidence Platform delivers this foundation. Purpose-built for today\u2019s cloud-first environments, the platform addresses four pervasive and interconnected data challenges that directly impact enterprise risk, cost, and growth: 1. Legacy and fragmented data, which undermines visibility, governance, and AI readiness; 2. Overexposed data, which increases security, privacy, and regulatory risk; 3. Digital sprawl, which drives operational complexity and rising total cost of ownership; and 4. Data loss and interruption, which threaten business continuity and organizational resilience. By solving these challenges through a single, integrated platform, AvePoint enables organizations to re ITEM 1. BUSINESS Company Overview AvePoint is a global provider of modern data protection, enabling organizations to secure, govern, and operationalize data at scale across major cloud ecosystems. Customers rely on the AvePoint Confidence Platform to reduce risk, improve operational efficiency, and accelerate digital transformation as they adopt cloud collaboration and artificial intelligence (\"AI\")-driven advanced tools and workflows. As organizations embed AI into core business processes, data becomes both a strategic asset and a growing source of risk. AI can amplify the impact of poor data hygiene, including sensitive data exposure, compliance failures, and operational disruption. Enterprises increasingly require a modern data foundation where data is discoverable, classified, governed, protected, and recoverable by design. 4 Table of Contents PART I Item 1 The Enterprise Challenges We Address Our solutions are designed to address four pervasive and interconnected enterprise data challenges: [[GREPCENT_TABLE]] [[\"\",\"\\u25a0\",\"Legacy and fragmented data that limits visibility, governance, and AI readiness;\"],[\"\",\"\\u25a0\",\"Overexposed data that increases security, privacy, and regulatory risk;\"],[\"\",\"\\u25a0\",\"Digital sprawl that drives operational complexity and rising total cost of ownership; and\"],[\"\",\"\\u25a0\",\"Data loss and interruption, which threaten business continuity and organizational resilience.\"]] [[/GREPCENT_TABLE]] By addressing these challenges through an integrated platform, we enable organizations to reduce risk, lower complexity, and accelerate time-to-value from their data. Platform Model and Recurring Revenue Dynamics Our platform model is designed to deliver compounding customer value over time, which supports durable recurring revenue. As customers increase adoption across workloads, users, geographies, and use cases, they gain improved visibility, cleaner data, stronger governance, and enhanced resilience outcomes and capabilit ITEM 1A. RISK FACTORS Certain factors may have a material adverse effect on our business, financial condition, and results of operations. You should consider carefully the risks and uncertainties described below, in addition to other information contained in this Annual Report, including our consolidated financial statements and related notes. The ris", "title": "AVPT - AvePoint, Inc.", "url": "/company/AVPT/" }, { "kind": "company", "summary": "SIC 8742 Services-Management Consulting Services; CIK 0001289848; latest 10-K filed 2026-02-24.", "text": "HURN - Huron Consulting Group Inc. SIC 8742 Services-Management Consulting Services; CIK 0001289848; latest 10-K filed 2026-02-24. HURN Huron Consulting Group Inc. 0001289848 8742 Services-Management Consulting Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. This Management's Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) should be read in conjunction with our Consolidated Financial Statements and related notes appearing under Part II\u2014Item 8. \u201cFinancial Statements and Supplementary Data.\u201d The following MD&A contains forward-looking statements and involves numerous risks and uncertainties, including, without limitation, those described under Part I\u2014Item 1A. \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d of this Annual Report on Form 10-K. Actual results may differ materially from those contained in any forward-looking statements. The following information summarizes our results of operations for 2025, 2024 and 2023; and discusses those results of operations for 2025 compared to 2024. For a discussion of our results of operations for 2024 compared to 2023 refer to Part II\u2014Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of the Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the United States Securities and Exchange Commission on February 25, 2025. OVERVIEW Huron is a global professional services firm that partners with clients to put possible into practice by creating sound strategies, optimizing operations, accelerating digital transformation, and empowering businesses to own their future. By embracing diverse perspectives, encouraging new ideas and challenging the status quo, we create sustainable results for the organizations we serve. We provide our services and products and manage our business under three operating segments: Healthcare, Education and Commercial. We also provide revenue reporting across two principal capabilities: i) Consulting and Managed Services and ii) Digital. See Part I\u2014Item 1. \u201cBusiness\u2014Overview\u2014Our Services\u201d and Note 19 \u201cSegment Information\u201d within the notes to our consolidated financial statements for a discussion of our segments and capabilities. COMPONENTS OF OPERATING RESULTS Total Revenues Revenues before Reimbursable Expenses Revenues before reimbursable expenses are primarily generated by our employees who provide consulting and other professional services to our clients and are billable to our clients based on the number of hours worked, services provided, or achieved outcomes. We refer to these employees as our revenue-generating professionals. Revenues before reimbursable expenses are primarily driven by the number of revenue-generating professionals we employ as well as the total value, scope, and terms of the consulting contracts under which they provide services. We also engage independent contractors to supplement our revenue-generating professionals on client engagements as needed. We generate our revenues before reimbursable expenses from providing professional services and software products under the following four types of billing arrangements: fixed-fee; time-and-expense; performance-based; and software support, maintenance and subscriptions. \u2022Fixed-fee: In fixed-fee billing arrangements, we agree to a pre-established fee in exchange for a predetermined set of professional services. We set the fees based on our estimates of the costs and timing for completing the engagements. \u2022Time-and-expense: Under time-and-expense billing arrangements, we invoice our clients based on the number of hours worked by our revenue-generating professionals at agreed upon rates. Time-and-expense arrangements also include speaking engagements, conferences and publications purchased by our clients. \u2022Performance-based: In performance-based billing arrangements, fees are tied to the attainment of contractually defined objectives. We enter into performance-based engagements in essentially two forms. First, we generally earn fees that are directly related to the savings formally acknowledged by the client as a result of adopting our recom ITEM 1. BUSINESS. OVERVIEW Huron is a global professional services firm that partners with clients to put possible into practice by creating sound strategies, optimizing operations, accelerating digital transformation, and empowering businesses to own their future. By embracing diverse perspectives, encouraging new ideas and challenging the status quo, we create sustainable results for the organizations we serve. We are headquartered in Chicago, Illinois, with additional locations in the United States and abroad in Canada, France, India, Poland, Singapore, Switzerland and the United Kingdom. OUR STRATEGY The combination of our deep industry expertise and breadth of our offerings is the foundation of our growth strategy and why our clients choose Huron as their trusted advisor. Key focus areas of our growth strategy include: \u2022Accelerating Growth in Healthcare and Education: Huron holds leading market positions in healthcare and education, providing comprehensive offerings to the largest health systems, academic medical centers, colleges and universities, and research institutes in the United States and abroad. The Company will continue to broaden its portfolio of offerings in healthcare and education to drive even greater impact on current and new clients as the needs in those industries further evolve due to competitive, regulatory, financial, and broader market changes. \u2022Growing Presence in Commercial Industries: Through its deep industry and capability expertise and nimble approach, Huron has grown its client base and expanded its credentials in the commercial industries. Huron\u2019s commercial industry focus has increased the diversification of the Company\u2019s portfolio and end markets while expanding the range of capabilities it can deliver to clients, providing new avenues for growth and an important balance to its healthcare and education focus. \u2022Rapidly Growing Global Digital Capability: As data, technology and artificial intelligence (\u201cAI\u201d) evolve across i ITEM 1A. RISK FACTORS. The following discussion of risk factors may be important to understanding the statements in this Annual Report on Form 10-K or elsewhere. The following information should be read in conjunction with Part II\u2014Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition", "title": "HURN - Huron Consulting Group Inc.", "url": "/company/HURN/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000712771; latest 10-K filed 2026-02-24.", "text": "CNOB - ConnectOne Bancorp, Inc. SIC 6022 State Commercial Banks; CIK 0000712771; latest 10-K filed 2026-02-24. CNOB ConnectOne Bancorp, Inc. 0000712771 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) of Financial Condition and Results of Operations The purpose of this analysis is to provide the reader with information relevant to understanding and assessing the Company\u2019s results of operations for each of the past three years and financial condition for each of the past two years. In order to fully appreciate this analysis, the reader is encouraged to review the consolidated financial statements and accompanying notes thereto appearing under Item 8 of this report, and statistical data presented in this document. Cautionary Statement Concerning Forward-Looking Statements See Item 1 of this Annual Report on Form 10-K for information regarding forward-looking statements. Critical Accounting Policies and Estimates Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is based on our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. The Company considers the allowance for credit losses and related provision to be critical to our financial results. For information on our significant accounting policies, see Note 1a in the Notes to Consolidated Financial Statements: Allowance for Credit Losses and Related Provision The allowance for credit losses is an estimate of current expected credit losses considering available information relevant to assessing collectability of cash flows over the contractual term of the financial assets necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses. The loan portfolio also represents the largest asset type on the Company\u2019s Consolidated Statements of Financial Condition. Management believes the following information may enable investors to better understand the changes in our allowance for credit losses for loans. The Company\u2019s allowance for credit losses (\"ACL\") for loans totaled $154.3 million and $82.7 million as of December 31, 2025 and 2024, respectively. The $71.6 million increase in the ACL for loans was primarily due to the FLIC merger with $43.3 million of allowance being recorded through goodwill related to the purchased credit-deteriorated loans and $27.3 million reflecting the initial provision for credit losses. The quantitative component of our ACL for collectively evaluated loans increased by $13.4 million as of December 31, 2025 when compared to December 31, 2024. This increase was primarily attributable to an increase in collectively evaluated loans of $3.0 billion due to the FLIC merger. The qualitative component of our ACL for loans, which is largely based on management\u2019s judgment of qualitative loss factors, increased by $17.2 million on an absolute basis, over the same period-of-time. In addition, qualitative risk factor trends generally increased over 2025. -42- The Company\u2019s allowance for credit losses for collectively evaluated loans totaled $111.8 million as of December 31, 2025, which included $94.4 million of allowance related to commercial and commercial real estate loans. Of the $94.4 million allowance related to commercial and commercial real estate loans, $47.9 million was attributable to qualitative loss factors. Changes in management's judgment of qualitative loss factors could result in a significant change to the ACL for loans. As described in Note 1a to our financial statements filed as part of this Annual Report on Item 1. Business Forward Looking Statements This report, in Item 1, Item 7 and elsewhere, includes forward-looking statements within the meaning of Sections 27A of the Securities Act of 1933, as amended, and 21E of the Securities Exchange Act of 1934, as amended, that involve inherent risks and uncertainties. These forward-looking statements concern the financial condition, results of operations, plans, objectives, future performance and business of ConnectOne Bancorp, Inc. and its subsidiaries, including statements preceded by, followed by or that include words or phrases such as \u201cbelieves,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cplans,\u201d \u201ctrend,\u201d \u201cobjective,\u201d \u201ccontinue,\u201d \u201cremain,\u201d \u201cpattern\u201d or similar expressions or future or conditional verbs such as \u201cwill,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cmight,\u201d \u201ccan,\u201d \u201cmay\u201d or similar expressions. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) the impact of the health emergencies, including pandemics, and natural disasters, such as flood or fires, and the government\u2019s response on our operations as well as those of our clients and on the economy generally and in our market area specifically, (2) competitive pressures among depository institutions may increase significantly; (3) changes in the interest rate environment may reduce interest margins; (4) prepayment speeds, loan origination and sale volumes, charge-offs and loan loss provisions may vary substantially from period to period; (5) general economic conditions may be less favorable than expected; (6) political developments, wars or other hostilities may disrupt or increase volatility in securities markets or other economic conditions; (7) legislative or regulatory changes or actions may adversely affect the businesses in which ConnectOne Bancorp, Inc. is engaged; (8) changes and trends in the secu Item 1A. Risk Factors An investment in our securities involves risks. Stockholders should carefully consider the risks described below, together with all other information contained in this Annual Report on Form 10-K, before making any purchase or sale decisions regarding our securities. If any of the following risks actually occ", "title": "CNOB - ConnectOne Bancorp, Inc.", "url": "/company/CNOB/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0000944148; latest 10-K filed 2026-02-26.", "text": "CBZ - CBIZ, Inc. SIC 7389 Services-Business Services, NEC; CIK 0000944148; latest 10-K filed 2026-02-26. CBZ CBIZ, Inc. 0000944148 7389 Services-Business Services, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations relates to, and should be read in conjunction with, our consolidated financial statements included elsewhere in this report. In addition to historical information, this discussion and analysis contain forward-looking statements that involve risks, uncertainties and assumptions, which could cause actual results to differ materially from management\u2019s expectations. Please see the sections of this report entitled \u201cForward-Looking Statements\u201d and \u201cRisk Factors.\u201d This section generally discusses the results of operations for fiscal year 2025 compared to fiscal year 2024. For discussion related to the results of operations and changes in financial conditions for fiscal year 2024 compared to fiscal year 2023 refer to Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the SEC on February 28, 2025. EXECUTIVE SUMMARY Financial Year in Review - Revenue of $2,758.0 million in 2025 grew $944.5 million, or 52.1%, from revenue of $1,813.5 million in 2024. Revenue from newly acquired operations, net of divestitures, contributed $914.2 million, or 50.4%, of incremental revenue for the year ended December 31, 2025, as compared to the same period in 2024. A detailed discussion of revenue by practice group is included under \u201cOperating Practice Groups.\u201d Net income in 2025 increased $74.4 million, or 181.3%, to $115.4 million from $41.0 million in 2024. Refer to \u201cResults of Operations\u201d for a detailed discussion of the components of net income. Earnings per diluted share was $1.83 in 2025, compared to $0.78 in 2024, with a fully diluted weighted average share count of 63.2 million shares in 2025, compared to 52.7 million shares in 2024. Strategic Use of Capital - Our overall business objective is funding organic growth acceleration and meeting working capital needs. This includes investments in client service delivery and emerging technology that support revenue growth and improve operational excellence. Following the completion of the Transaction, our second priority is to pay down debt to be within a net leverage ratio range of 2.0x and 2.5x overtime. As a result of the Transaction and related 2024 Credit Facilities, we have $1,472.4 million of outstanding debt under the 2024 Credit Facilities as of December 31, 2025. In addition, we believe that repurchasing shares of our common stock can be prudent use of our financial resources, and that investing in our stock is an attractive use of capital and an efficient means to provide value to our stockholders. We will also remain focused on making strategic acquisitions that allow us to strengthen our presence in existing markets, expand into high growth industries, and broaden our services to our clients. On February 11, 2026, the CBIZ Board of Directors authorized the purchase of up to 5.0 million shares of our common stock under our Share Repurchase Program (the \u201cShare Repurchase Program\u201d), which may be suspended or discontinued at any time and expires on March 31, 2026. The shares may be purchased (i) in the open market, (ii) in privately negotiated transactions, or (iii) under Rule 10b5-1 trading plans. CBIZ management will determine the timing and amount of the transaction based on its evaluation of market conditions and other factors. Under the Share Repurchase Program, we repurchased 1.5 million shares of our common stock for a total cost of $109.1 million under the ROFR Agreement and 0.9 million shares of our common stock in the open market during the year ended December 31, 2025 for a total cost of $50.9 million. We repurchased no shares on the open market during the year ended December 31, 2024. Shares repurchased to settle statutory employee withholding related to vesti ITEM 1. BUSINESS Overview CBIZ, Inc. (NYSE: CBZ) is a leading professional services advisor to middle-market businesses nationwide. With industry knowledge and expertise in accounting, tax, advisory, benefits, insurance, and technology, CBIZ delivers actionable insights to help clients anticipate what is next and discover new ways to accelerate growth. CBIZ has more than 9,500 team members across more than 140 locations in 23 major markets coast to coast. Business Strategy Since the Company\u2019s founding in 1996, CBIZ has been committed to building an organization that offers unparalleled services and expertise across its industries, addressing its clients' most critical, time-sensitive needs while delivering forward-thinking solutions and actionable insights. A key component of the Company\u2019s strategy is growth by acquisition. CBIZ pursues highly regarded organizations that help the Company enter attractive geographic markets, strengthen its presence in an existing market, add services or deepen expertise for existing offerings, expand into higher growth industries, and access top talent. The Company has completed acquisitions of organizations seeking a broader national platform and enhanced client service capabilities, possess strong leadership, and demonstrate a cultural fit. CBIZ\u2019s people are its key differentiator and competitive advantage. Our team members are committed to our clients\u2019 success and take pride in their deep and longstanding client relationships. They combine the scale of national resources with local delivery to provide clients with specialized expertise and technical depth. CBIZ continues to cultivate a culture designed to attract, develop, and retain top talent in support of long-term growth. CBIZ continues to be recognized as an employer of choice and in 2025, received 120 workplace awards from local, national, and industry publications, associations, and organizations. Business Services We deliver our services through the following three ITEM 1A. RISK FACTORS. The discussion below describes the material factors, events, and uncertainties that make an investment in our securities risky, and these risk factors should be considered carefully together with all other information in this Annual Report on Form 10-K, including the financial statements and notes thereto. The discussio", "title": "CBZ - CBIZ, Inc.", "url": "/company/CBZ/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001623526; latest 10-K filed 2026-03-16.", "text": "STOK - Stoke Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001623526; latest 10-K filed 2026-03-16. STOK Stoke Therapeutics, Inc. 0001623526 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and consolidated results of operations together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. You should carefully read the sections entitled \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements\u201d to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Overview We are a late-stage clinical company dedicated to addressing the underlying causes of severe diseases by upregulating protein expression with RNA-based medicines. Using our proprietary TANGO (Targeted Augmentation of Nuclear Gene Output) approach, we are developing antisense oligonucleotides (\u201cASOs\u201d) to selectively restore protein levels. Our first investigational new medicine in development, zorevunersen (STK-001), is a potential disease modifying medicine that is in late-stage clinical testing for the treatment of Dravet syndrome. Dravet syndrome is characterized by frequent, prolonged and refractory seizures beginning within the first year of life. The disease is classified as a developmental and epileptic encephalopathy (DEE) due to the developmental delays and cognitive impairment associated with it. Dravet syndrome is one of many diseases caused by a haploinsufficiency, in which a loss of approximately 50% of normal protein levels leads to disease. Following discussions with the U.S. Food and Drug Administration (\u201cFDA\u201d), European Medicines Agency (\u201cEMA\u201d), and Japan\u2019s Pharmaceuticals and Medical Devices Agency (\u201cPMDA\u201d), a global Phase 3 study, EMPEROR, was initiated in May 2025, with the first patient dosed in August 2025. This trial follows the completion of two open-label Phase 1/2a studies, MONARCH in the United States and ADMIRAL in the United Kingdom, and further evaluates the efficacy and safety of zorevunersen in children and adolescents ages 2 to up to 18 with Dravet syndrome. In addition to the MONARCH and ADMIRAL studies, we continue to run open-label extension (\u201cOLE\u201d) studies in patients who completed the Phase 1/2a studies and met study entry criteria. The four studies have shown substantial and durable reductions in convulsive seizure frequency when administered on top of standard of care anti-seizure medicines. In the Phase 1/2a studies, 85% of patients were taking at least three and 54% were taking at least four medicines to control seizures. Half the patients in the studies were taking concomitant fenfluramine. Ongoing treatment has led to continuous improvements in cognition and behavior through three years. Additional improvements were indicated within the first nine months of treatment among patients in the Phase 1/2a study. These improvements were observed across multiple domains of the Vineland-3 (Vineland Adaptive Behavior Scale, Third Edition), a standardized assessment of behavioral outcomes that is a key secondary endpoint for the Phase 3 study. Zorevunersen has been generally well tolerated across the studies. In addition to our Dravet program, we are also pursuing treatment for a second haploinsufficient disease, autosomal dominant optic atrophy (\u201cADOA\u201d), the most common inherited optic nerve disorder for which there are currently no approved treatments. STK-002 is our clinical candidate for the treatment of ADOA. STK-002 is designed to upregulate OPA1 protein expression by leveraging the non-mutant (wild-type) copy of the OPA1 gene to restore OPA1 protein expression with the aim to stop or slow v Item 1. Business. Overview We are a late-stage clinical company dedicated to addressing the underlying causes of severe diseases by upregulating protein expression with RNA-based medicines. Using our proprietary TANGO (Targeted Augmentation of Nuclear Gene Output) approach, we are developing antisense oligonucleotides (\u201cASOs\u201d) to selectively restore protein levels. Our first investigational, new medicine in development, zorevunersen (STK-001), is a potential disease modifying medicine that is in late-stage clinical testing for the treatment of Dravet syndrome, a severe and progressive genetic epilepsy. Dravet syndrome is characterized by frequent, prolonged and refractory seizures beginning within the first year of life. The disease is classified as a developmental and epileptic encephalopathy due to the developmental delays and cognitive impairment associated with it. There are currently no disease modifying medicines approved for the treatment of Dravet syndrome. Dravet syndrome is one of many diseases caused by a haploinsufficiency in which a loss of approximately 50% of normal protein levels leads to disease. Our initial focus is on haploinsufficiencies and diseases of the central nervous system and the eye, although proof of concept has been demonstrated in other organs, tissues, and systems, supporting our belief in the broad potential for our proprietary approach. Zorevunersen is currently being evaluated in our global Phase 3 clinical study, EMPEROR, which was initiated in May 2025, with the first patient dosed in August 2025.. We expect to complete enrollment of approximately 150 patients in the second quarter of 2026, with pivotal Phase 3 data anticipated in mid-2027 to support the submission of a New Drug Application (\u201cNDA\u201d) to the U.S. Food and Drug Administration (\u201cFDA\u201d). We plan to initiate a rolling NDA submission in the first half of 2027. This trial follows the completion of two open-label Phase 1/2a studies, MONARCH in the United States and A Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. Before making your decision to invest in shares of our common stock, you should carefully consider the risks described below, together with the other information contained in this annual report, including our consolidated financial stat", "title": "STOK - Stoke Therapeutics, Inc.", "url": "/company/STOK/" }, { "kind": "company", "summary": "SIC 3760 Guided Missiles & Space Vehicles & Parts; CIK 0001819810; latest 10-K filed 2026-02-27.", "text": "RDW - Redwire Corp SIC 3760 Guided Missiles & Space Vehicles & Parts; CIK 0001819810; latest 10-K filed 2026-02-27. RDW Redwire Corp 0001819810 3760 Guided Missiles & Space Vehicles & Parts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis is intended to assist in an understanding of our financial condition and results of operations for fiscal 2025 compared with fiscal 2024 items. Discussions of fiscal 2023 items and year-to-year comparisons between fiscal 2024 and fiscal 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 11, 2025. The following discussion and analysis is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and accompanying notes included in this Annual Report on Form 10-K. Certain information contained in this discussion and analysis includes forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to Item 1A. \u201cRisk Factors\u201d and the \u201cCautionary Note Regarding Forward-Looking Statements\u201d sections of this Annual Report on Form 10-K. Unless the context otherwise requires, all references in this section to the \u201cCompany,\u201d \u201cRedwire,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d refer to Redwire Corporation and its consolidated subsidiaries. Business Overview Redwire is an integrated space and defense technology company focused on advanced technologies including space infrastructure, autonomous systems and multi-domain operations leveraging digital engineering and artificial intelligence automation. Redwire\u2019s proven and reliable space and defense technology capabilities include our space and defense technology and platform offerings of Page 42 Table of Contents avionics, sensors, and payloads; power generation; structures and mechanisms; radio frequency systems; airborne and spacecraft platforms and missions; and microgravity payloads. Redwire combines decades of flight heritage and proven experience with an agile and innovative culture. Redwire\u2019s primary business model is providing proven, mission critical solutions based on space and defense technology offerings through both short- and long-duration projects for U.S. and international government and commercial customers. Redwire operates in two business segments: Space and Defense Tech. We organize our business segments based on the nature of the products and services offered. Redwire\u2019s Space segment focuses on delivering next-generation spacecraft, large space infrastructure, and microgravity capabilities to serve civil, national security, and commercial space customers globally. Our core space offerings are flight-proven and have supported hundreds of spacecraft, missions, and operations, including, but not limited to, the International Space Station, the European Space Agency\u2019s (\u201cESA\u201d) Project for On-Board Autonomy (\u201cPROBA\u201d), the National Aeronautics and Space Administration\u2019s (\u201cNASA\u201d) Double Asteroid Redirection Test and the Orion space capsule, and the Space Force\u2019s GPS. We are also a provider of innovative technologies with the potential to help transform the economics of space and create new markets for its exploration and commercialization. Redwire\u2019s Defense Tech segment focuses on delivering combat-proven autonomous systems, optical sensors, advanced optics, resilient energy solutions and radio frequency payloads that provide intelligence, surveillance, and reconnaissance capabilities for customers including the U.S. Department of War (\u201cDoW\u201d, formerly known as the Department of Defense), U.S. Federal Civilian Agencies and allied governments across multiple domains. Our defense technology offerings i Item 1. Business General Redwire is an integrated space and defense technology company focused on advanced technologies. The Company\u2019s vision is to pioneer next-generation space and defense technologies that empower scientific discovery, advance global industries, and strengthen security - transforming how humanity explores, connects, and protects - from the skies above to the stars beyond. Powered by this vision, Redwire is building the future of aerospace infrastructure, autonomous systems, and multi-domain operations, leveraging digital engineering and artificial intelligence (\u201cAI\u201d) automation. Redwire\u2019s broad portfolio of airborne and space-based systems combine decades of flight heritage with an agile and innovative culture. Through its global operations, Redwire\u2019s technologies are deployed across national security, civil, and commercial space and defense technology market segments globally. Operating out of 28 locations in North America and Europe, Redwire serves a diverse set of domestic and international customers. For a discussion of risks associated with our operations, refer to Item 1A. \u201cRisk Factors.\u201d Redwire\u2019s strategy to accelerate growth includes bundled sales and increased levels of offering integrations, such as systems, payloads, space and airborne platforms and full mission solutions. Our strategy also includes strategic acquisitions to complement and expand the Company\u2019s space and defense technologies. Our scale, reputation for quality and relationships allow us to be agile and innovative in our approach to pursuing growth through business models, partnerships and acquisitions. Effective December 1, 2025, the Company operated in two operating segments and two reportable segments: Space and Defense Tech. Refer to Note B \u2013 Summary of Significant Accounting Policies and Note U \u2013 Segment Reporting of the accompanying notes to the consolidated financial statements for additional information regarding this conclusion. Space Segment Business Strat Item 1A. Risk Factors Readers should carefully consider the following risk factors, together with all of the other information included in this Annual Report on Form 10-K. The risks and uncertainties described herein may not be the only ones facing the Company and are not organized in order of priority. Additional risks an", "title": "RDW - Redwire Corp", "url": "/company/RDW/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001288847; latest 10-K filed 2026-02-20.", "text": "FIVN - Five9, Inc. SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001288847; latest 10-K filed 2026-02-20. FIVN Five9, Inc. 0001288847 7374 Services-Computer Processing & Data Preparation ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion in conjunction with the consolidated financial statements and notes thereto included elsewhere in this report. Overview Five9 is a leading provider of the Intelligent CX Platform for enterprise contact centers. With a foundation in our cloud-native solution, Five9 is now evolving into an AI-native CX platform, empowering enterprises to scale seamlessly, innovate faster, and deliver enhanced customer experiences as the market opportunity continues to expand. Our reliable, secure, and scalable Intelligent CX Platform, powered by our Five9 Genius AI suite, delivers a comprehensive suite of easy-to-use applications that enable the breadth of customer service, sales, and marketing functions. We have become an established leader in the AI-powered CX market with more than 3,000 customers. Our Genius AI suite is a comprehensive portfolio of AI solutions that uses Generative AI to power agentic CX. The contact center is the system of record for interactions with full conversation history, and our platform serves as a real-time orchestration engine for every customer interaction across all channels, whether it is with a human agent or an AI agent. As a result, our platform is designed to deliver a seamless collaboration between human agents and AI agents, where each interaction strengthens the next. This continuous learning loop compounds over time, creating a powerful data flywheel that drives higher performance, accuracy, and personalization for every customer engagement. We believe this is the structural advantage of our end-to-end AI-powered CX platform. We provide our solution through a software-as-a-service, or SaaS, business model. We generate subscription revenue from our Intelligent CX Platform, and also generate usage-based telephony revenue. We charge our customers monthly subscription fees for access to our Intelligent CX Platform, primarily based on the number of licenses, as well as on a consumption or capacity basis for our AI solutions. Our customers generally purchase both subscriptions and related telephony usage from us. However, a growing number of our customers subscribe to our platform but purchase telephony usage directly from wholesale telecommunications service providers. We offer monthly, annual and multiple-year contracts to our customers, generally with 30 days\u2019 notice required for limited reductions in the number of licenses or the level of consumption or capacity. Increases in the number of licenses or the level of consumption or capacity can be provisioned almost immediately. Subscription fees are generally billed monthly in advance, while related usage fees are billed in arrears. For the years ended December 31, 2025, 2024 and 2023, subscription and related usage fees accounted for 93%, 92% and 92% our revenue, respectively. The remainder was comprised of professional services revenue from the implementation and optimization of our solution. Macroeconomic Factors We are subject to risks and exposures, including continued macroeconomic challenges, the impact of global tariff increases and potential future increases and announcements regarding same, and current and potential global conflicts. While the implications of macroeconomic challenges, and global conflicts on our business, results of operations and overall financial position remain uncertain over the long term, we expect that macroeconomic challenges will continue to have an adverse impact on our revenue in future periods. Reduction in Force Plans In August 2024, we announced a reduction in force plan, or the 2024 Plan, as part of our broader efforts to drive balanced, profitable growth, further supporting our positive, long-term outlook and focus on increasing stockholder value. The 2024 Plan reduced our global full-time employees by approximately 6%. For the year ended December 31, 2024, we incurred a tota ITEM 1. Business Overview Five9 is a leading provider of intelligent customer experience, or CX, platform for enterprise contact centers. With a foundation in our cloud-native solution, Five9 is now evolving into an AI-native CX platform, empowering enterprises to scale seamlessly, innovate faster, and deliver enhanced customer experiences as the market opportunity continues to expand. Our reliable, secure, and scalable Intelligent CX Platform, powered by our Five9 Genius AI suite, delivers a comprehensive suite of easy-to-use applications that enable the breadth of customer service, sales, and marketing functions. We have become an established leader in the AI-powered CX market with more than 3,000 customers. We believe our end-to-end, AI-powered CX platform creates a significant advantage by orchestrating interactions across all channels throughout the customer journey. We believe there are two key industry trends driving growth in the cloud contact center market. First is the increasing adoption of cloud-based solutions within companies around the world, which is creating strong demand for integrated cloud contact center software solutions. Cloud contact center solutions offer the functionality, reliability, scalability and security required by large, complex enterprise contact centers. Furthermore, organizations periodically refresh their on-premises contact center systems, which provides an opportunity for cloud solutions to replace legacy on-premises contact center systems. On-premises systems require large up-front investments, long deployment cycles, and are burdensome to scale and maintain. These systems are also often inflexible, complex, and require significant duplication of effort and integration across multiple sites. AI technologies generally require cloud deployment and, therefore, provide additional incentives for customers to migrate away from their legacy on-premises solutions. In addition, agents increasingly work remotely, which presents a c ITEM 1A. Risk Factors Our operations and financial results are subject to various risks and uncertainties. You should consider carefully the risks and uncertainties described below, together with all of the other information in this report. If any of the following risks or other risks actually occur, our b", "title": "FIVN - Five9, Inc.", "url": "/company/FIVN/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001004702; latest 10-K filed 2026-02-27.", "text": "OCFC - OCEANFIRST FINANCIAL CORP SIC 6021 National Commercial Banks; CIK 0001004702; latest 10-K filed 2026-02-27. OCFC OCEANFIRST FINANCIAL CORP 0001004702 6021 National Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview The Company conducts business primarily through its ownership of the Bank, which, at December 31, 2025, primarily operated out of its headquarters located in Toms River, New Jersey and its administrative office located in Red Bank, New Jersey. The Bank also conducts its business at 41 branch offices and various deposit production facilities located throughout central and southern New Jersey and major metropolitan areas of New York City and Philadelphia. The Bank also operates commercial loan production offices in New Jersey, New York City, the greater Philadelphia area, Pittsburgh, Washington D.C., Baltimore, Boston and Northern Virginia. The Company\u2019s results of operations are primarily dependent on net interest income, which is the difference between the interest income earned on interest-earning assets, such as loans and investments, and the interest expense on its interest-bearing liabilities, such as deposits and borrowings. The Company also generates non-interest income such as income from bankcard services, trust and asset management products and services, deposit account services, sales of loans and investments, bank owned life insurance and commercial loan swap income. The Company\u2019s operating expenses primarily consist of compensation and employee benefits, occupancy and equipment, marketing, federal deposit insurance and regulatory assessments, data processing, check card processing, professional fees and other general and administrative expenses. The Company\u2019s results of operations are significantly affected by competition, general economic conditions, including levels of unemployment and real estate values, as well as changes in market interest rates, inflation, government policies, including the imposition of tariffs and retaliatory responses, and actions of regulatory agencies. Strategy The Company operates as a full-service regional community bank delivering comprehensive financial products and services, which includes commercial financing, deposit services, and wealth management products and services, throughout New Jersey and in the major metropolitan areas from Massachusetts through Virginia. The Company competes with larger, out-of-market financial service providers through its entrenched presence in local markets, digital delivery channels, and agility to provide superior service at speed. The Company also competes with smaller in-market financial service providers by offering a broad array of products and services as well as the ability to extend larger credits. The Company\u2019s strategy has been to grow profitability while limiting exposure to credit, interest rate, and operational risks. To accomplish these objectives, the Company has sought to: (1) diversify and strengthen its deposit base through product offerings appealing to a broadened customer base; (2) grow the commercial banking business, with a particular focus on strengthening commercial and industrial banking; and (3) improve operating efficiency through the ongoing investment in information technology and infrastructure. On October 15, 2025, the Company outsourced its residential loan originations, which also included home equity loans and lines and other consumer, to a national mortgage banking company. The Company continued to process outstanding commitments to originate residential and consumer loans through December 2025. As of December 31, 2025, the Company had $9.5 million of residential loans and no consumer loans in the pipeline, which represents the remaining commitments expected to close in 2026. The Company focuses on prudent growth to create value for stockholders, which may include opportunistic acquisitions. Refer to Item 1 - Recent Developments for further discussion on the pending merger with Flushing. 53 The Company has continued to maintain and strengthen its liquidity and capital position, while servicing its custom Item 1. Business General OceanFirst Financial Corp. (the \u201cCompany\u201d) is incorporated under Delaware law and serves as the holding company for OceanFirst Bank N.A (the \u201cBank\u201d). At December 31, 2025, the Company had consolidated total assets of $14.6 billion and total stockholders\u2019 equity of $1.7 billion. The Company is subject to regulation by the Board of Governors of the FRB and the SEC. The Bank is primarily subject to regulation and supervision by the OCC, as well as the CFPB due to the Bank exceeding $10 billion in assets. The Bank is also subject to regulation and supervision by the FDIC, as its deposit insurer. Currently, the Company transacts the vast majority of its business through the Bank, its wholly owned subsidiary. The Bank\u2019s principal business is originating loans, consisting of commercial real estate and other commercial loans, which have become a key focus of the Bank. The Bank also invests in other types of loans, including residential construction and consumer loans. The Bank primarily funds these loans by attracting retail and commercial deposits. In addition, the Bank invests in MBS, securities issued by the U.S. Government and agencies thereof, corporate securities and other investments permitted by applicable law and regulations. The Bank\u2019s revenues are derived principally from interest on its loans, and to a lesser extent, interest on its debt and equity securities. The Bank also receives income from other products and services it offers including bankcard services, trust and fiduciary services, deposit account services, mortgage banking activity, income from bank owned life insurance and commercial loan swap income. The Bank\u2019s primary sources of funds are deposits, principal and interest payments on loans and investments, FHLB advances, and other borrowings. While scheduled payments on loans and securities are predictable sources of funds, deposit flows, loan prepayments, and loan and investment activity are greatly influenced by changes i Item 1A. Risk Factors An investment in the Company\u2019s common stock involves risks. Stockholders should carefully consider the risks described below, together with other information contained in this Annual Report on Form 10-K and other documents filed with the SEC, including the Company\u2019s registration statement on Form S-4", "title": "OCFC - OCEANFIRST FINANCIAL CORP", "url": "/company/OCFC/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001511337; latest 10-K filed 2026-02-27.", "text": "RLJ - RLJ Lodging Trust SIC 6798 Real Estate Investment Trusts; CIK 0001511337; latest 10-K filed 2026-02-27. RLJ RLJ Lodging Trust 0001511337 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our accompanying consolidated financial statements, the related notes included thereto, and Item 1A., \"Risk Factors\", all of which appear elsewhere in this Annual Report on Form 10-K. Overview We are a self-advised and self-administered Maryland REIT that owns primarily premium-branded, rooms-oriented, high-margin, focused-service and compact full-service hotels located within heart of demand locations. We own a geographically diversified portfolio of hotels located in urban markets that exhibit multiple demand generators and attractive long-term growth prospects. We believe that our investment strategy allows us to generate high levels of RevPAR, strong operating margins and attractive returns. Our focused-service and compact full-service hotels typically generate most of their revenue from room rentals, have limited food and beverage outlets and meeting space, and require fewer employees than traditional full-service hotels. We believe these types of hotels have the potential to generate attractive returns relative to other types of hotels due to their ability to achieve RevPAR levels at or close to those achieved by traditional full-service hotels while achieving higher profit margins due to their more efficient operating model and less volatile cash flows. Our Customers The majority of our hotels consist of premium-branded, focused-service and compact full-service hotels. As a result of this property profile, the majority of our customers are transient in nature. Transient business typically represents individual business or leisure travelers. The majority of our hotels are located in business districts within major metropolitan areas which benefit from a wide range of demand sources, including corporate, educational, government, leisure and international, among others. As a result, macroeconomic or political actions that impact these areas may have a significant effect on our business. Group business is typically defined as a minimum of 10 guestrooms booked together as part of the same piece of business. Group business may or may not use the meeting space at any given hotel. Given the limited meeting space at the majority of our hotels, group business that utilizes meeting space represents a small component of our customer base. A number of our hotel properties are affiliated with brands marketed toward extended-stay customers. Extended-stay customers are generally defined as those staying five nights or longer. Key Indicators of Operating Performance We use a variety of operating, financial and other information to evaluate the operating performance of our business. These key indicators include financial information that is prepared in accordance with accounting principles generally accepted in the United States of America (\"GAAP\") as well as other financial measures that are non-GAAP measures. In addition, we 32 use other information that may not be financial in nature, including industry standard statistical information and comparative data. We use this information to measure the operating performance of our individual hotels, groups of hotels and/or business as a whole. We also use these metrics to evaluate the hotels in our portfolio and potential acquisition opportunities to determine each hotel's contribution to cash flow and its potential to provide attractive long-term total returns. The key indicators include: \u2022Average Daily Rate \u2014 ADR represents the total hotel room revenues divided by the total number of rooms sold in a given period. ADR measures the average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base at a hotel or group of hotels. We use ADR to assess the pricing levels that we are able to generate, as changes in rates have a greater Item 1. Business Our Company We are a self-advised and self-administered Maryland real estate investment trust that owns primarily premium-branded, rooms-oriented, high-margin, focused-service and compact full-service hotels located within heart of demand locations. We are one of the largest U.S. publicly-traded lodging REITs in terms of both number of hotels and number of rooms. Our hotels are concentrated in markets that we believe exhibit multiple demand generators and attractive long-term growth prospects. We believe premium-branded, focused-service and compact full-service hotels with these characteristics generate high levels of RevPAR, strong operating margins and attractive returns. As of December 31, 2025, we owned 93 hotel properties with approximately 20,800 rooms, located in 23 states and the District of Columbia. We owned, through wholly-owned subsidiaries, a 100% interest in 91 of our hotel properties, a 95% controlling interest in one hotel property, and a 50% non-controlling interest in an entity owning one hotel property. We consolidate our real estate interests in the 92 hotel properties in which we hold a controlling financial interest, and we record the real estate interest in the one hotel property in which we hold an indirect 50% non-controlling interest using the equity method of accounting. We lease 92 of the 93 hotel properties to our TRSs, of which we own a controlling financial interest. We elect to be taxed as a real estate investment trust for U.S. federal income tax purposes (a \"REIT\"). Substantially all of our assets and liabilities are held by, and all of our operations are conducted through, the Operating Partnership. We are the sole general partner of the Operating Partnership. As of December 31, 2025, we owned, through a combination of direct and indirect interests, 99.5% of the units of limited partnership interest in the Operating Partnership (\"OP units\"). The Lodging Industry The lodging industry in the United States co Item 1A. Risk Factors Set forth below are the risks that we believe are material to our shareholders. You should carefully consider the following risks in evaluating our company and our business. The occurrence of any of the following risks could materially and adversely impact our financial condition, results of operations, cash flows, the ", "title": "RLJ - RLJ Lodging Trust", "url": "/company/RLJ/" }, { "kind": "company", "summary": "SIC 2100 Tobacco Products; CIK 0001290677; latest 10-K filed 2026-03-02.", "text": "TPB - Turning Point Brands, Inc. SIC 2100 Tobacco Products; CIK 0001290677; latest 10-K filed 2026-03-02. TPB Turning Point Brands, Inc. 0001290677 2100 Tobacco Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion is intended to help the reader understand the results of operations and financial condition of the Company. The discussion is provided as a supplement to, and should be read in conjunction with our historical consolidated financial statements and accompanying notes, which are included elsewhere in this Annual Report on Form 10-K and incorporated herein by reference. In addition, this discussion includes forward-looking statements subject to risks and uncertainties that may result in actual results differing from statements we make. See \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Factors that could cause actual results to differ include those risks and uncertainties discussed in Item 1A \u201cRisk Factors.\u201d The following discussion relates to the audited financial statements of Turning Point Brands, Inc., included elsewhere in this Annual Report on Form 10-K. In this discussion, unless the context requires otherwise, references to \u201cthe Company\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d refer to Turning Point Brands, Inc., and its consolidated subsidiaries. References to \u201cTPB\u201d refer to Turning Point Brands, Inc., without any of its subsidiaries. We were incorporated in 2004 under the name North Atlantic Holding Company, Inc. On November 4, 2015, we changed our name to Turning Point Brands, Inc. Many of the amounts and percentages in this discussion have been rounded for convenience of presentation. Overview Turning Point Brands, Inc. is a leading manufacturer, marketer and distributor of branded consumer products. We sell a wide range of products to adult consumers consisting of staple products with our iconic brands Zig-Zag\u00ae and Stoker\u2019s\u00ae and our next-generation products to fulfill evolving consumer preferences. Among other markets, we compete in the alternative smoking accessories and Other Tobacco Products (\u201cOTP\u201d) industries. The alternative smoking accessories market is a dynamic market experiencing robust secular growth driven by cannabinoid legalization in the U.S. and Canada and positively evolving consumer perception and acceptance in North America. The OTP industry, which consists of non-cigarette tobacco products, exhibited flat consumer unit annualized growth during the full year period ended 2025 as reported by MSAi a third-party analytics and information company. Our segments are led by our core proprietary and iconic brands: Zig-Zag\u00ae in the Zig-Zag products segment and Stoker\u2019s\u00ae along with FRE\u00ae, Beech-Nut\u00ae and Trophy\u00ae in the Stoker\u2019s products segment. Our businesses generate solid cash flow which we use to invest in our business, finance acquisitions, increase brand support, expand our distribution infrastructure, and strengthen our capital position. We currently ship to approximately 900 distributors with an additional 600 secondary, indirect wholesalers in the U.S. that carry and sell our products. Under the leadership of a senior management team with extensive experience in the consumer products, alternative smoking accessories and tobacco industries, we have grown and diversified our business through new product launches, category expansions and acquisitions while concurrently improving operational efficiency. We believe there are meaningful opportunities to expand through investing in organic growth via acquisitions and joint ventures across all product categories. Our products are currently available in approximately 220,000 retail locations in North America. Our sales team targets widespread distribution to all traditional retail channels, including convenience stores, and we have a growing e-commerce business. Recent Developments As a result of the U.S. trade policies beginning in 2025, we incurred tariff charges on certain products we import from overseas manufacturers. Certain of these tariffs were imposed by the administration utilizing the International Emergency Economic Powers Act(IEEPA). Item 1. Business Overview Turning Point Brands, Inc. (the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d) is a leading manufacturer, marketer and distributor of branded consumer products. We sell a wide range of products to adult consumers consisting of staple products with our iconic brands Zig-Zag\u00ae and Stoker\u2019s\u00ae. We primarily compete in the alternative smoking accessories and Other Tobacco Products (\u201cOTP\u201d) industries, among other markets. The alternative smoking accessories market is a dynamic market experiencing robust secular growth driven by cannabinoid legalization in the U.S. and Canada, and positively evolving consumer perception and acceptance in North America. The OTP industry, which consists of non-cigarette tobacco products, exhibited steady consumer unit annualized volumes during the full year period ended 2025 as reported by Management Science Associates, Inc. (\u201cMSAi\u201d) a third-party analytics and information company. Our segments are led by our core proprietary and iconic brands: Zig-Zag\u00ae in the Zig-Zag products segment, and Stoker\u2019s\u00ae along with FRE\u00ae, Beech-Nut\u00ae and Trophy\u00ae in the Stoker\u2019s products segment. Our businesses generate meaningful cash flow which we use to further invest in our business, introduce new product lines, finance acquisitions, increase brand support, expand our distribution infrastructure, and strengthen our capital position. We currently ship to approximately 900 distributors with an additional 600 secondary, indirect wholesalers in the U.S. that carry and sell our products. Under the leadership of a senior management team with extensive experience in the consumer products, alternative smoking accessories and tobacco industries, we have grown and diversified our business through new product launches, category expansions, and acquisitions while concurrently improving operational efficiency. We believe there are meaningful opportunities to grow by investing in organic growth, acquisitions and joint ventures across all product categories. As of Item 1A. Risk Factors The risk factors summarized and detailed below could materially harm our business, operating results and/or financial condition, impair our future prospects and/or cause the price of our common stock to decline. These are not all of the risks we face and other factors not presently known to us or that we currently bel", "title": "TPB - Turning Point Brands, Inc.", "url": "/company/TPB/" }, { "kind": "company", "summary": "SIC 7830 Services-Motion Picture Theaters; CIK 0001411579; latest 10-K filed 2026-02-23.", "text": "AMC - AMC ENTERTAINMENT HOLDINGS, INC. SIC 7830 Services-Motion Picture Theaters; CIK 0001411579; latest 10-K filed 2026-02-23. AMC AMC ENTERTAINMENT HOLDINGS, INC. 0001411579 7830 Services-Motion Picture Theaters Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. \u200b The following discussion relates to the consolidated audited financial statements of AMC included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements. Please see \u201cForward-Looking Statements\u201d and \u201cRisk Factors\u201d in Part I on this Annual Report on Form 10-K for a discussion of the risks, uncertainties and assumptions relating to these statements. See Note 1\u2014The Company and Significant Accounting Policies in Notes to the Consolidated Financial Statements under Part II, Item 8 of this Form 10-K for information regarding the Company\u2019s significant accounting policies. Overview AMC is the world\u2019s largest theatrical exhibition company and an industry leader in innovation and operational excellence. As of December 31, 2025 we operated in 11 countries including the United States and throughout Europe. Our theatrical exhibition revenues are generated primarily from box office admissions and food and beverage sales. The balance of our revenues is generated from ancillary sources, including online ticketing fees, on-screen advertising, income from gift card and exchange ticket sales, rental of theatre auditoriums, retail popcorn and merchandise sales, fees earned from our customer loyalty programs, and theatrical distribution. As of December 31, 2025, we owned, operated or had interests in 855 theatres and 9,640 screens. Significant Events\u2014For the Year Ended December 31, 2025 2025 Debt Refinancing and Additional Share Authorization. During the year ended December 31, 2025, we completed a series of refinancing transactions with certain holders of our Existing 7.5% Notes, certain holders of the Existing Exchangeable Notes, and certain lenders of our term loans outstanding under our credit agreement. Additionally, at the 2025 Annual Meeting of Stockholders held on December 10, 2025, the Company\u2019s stockholders approved an amendment to the Company\u2019s certificate of incorporation to increase the total number of authorized shares of the Company\u2019s Common Stock from 550,000,000 to 1,100,000,000 shares of Common Stock. The increase in authorized shares allows for, among other things, the potential conversion of the Company\u2019s New Exchangeable Notes that were issued as part of the refinancing transactions. See Note 7\u2014Corporate Borrowings and Finance Lease Liabilities in the Notes to the Consolidated Financial Statements under Part II, Item 8 of this Form 10-K for further information regarding these transactions. NCM ESA Amendment. On April 17, 2025, NCM (as defined herein) entered into the Amended ESA (as defined herein) with the Company. The term of the Amended ESA has been extended by five years through February 13, 2042. We treated the Amended ESA as a contract modification pursuant to ASC 606 \u2013 Revenue from Contracts with Customers. Accordingly, we have allocated the additional consideration received from the contract modification to the exhibitor services agreement contract liability and updated the discount rate used to account for the significant financing component to 16.12%. Prior to the contract modification, the weighted average discount rate used to account for the significant financing component was approximately 7.5%. The contract liability will be reclassified to other theatre revenue over the new term of the Amended ESA as the remaining performance obligations are satisfied. Concurrently with entering into the Amended ESA, NCM and the Company reached an agreement to, among other things, dismiss with prejudice the ongoing litigation between the parties. \u200b 43 Table of Contents Shares Issuances. During the year ended December 31, 2025, we were paid $108.7 million as initial gross cash proceeds associated with the establishment of forward positions for 30.0 million shares of Common Stock. Additionally, during the year ended December 31, 2025, we issued shares of Common Stock through an \u201ca Item 1. Business. \u200b General Development of Business AMC Entertainment Holdings, Inc. (\u201cHoldings\u201d), through its direct and indirect subsidiaries, including American Multi-Cinema, Inc. (\u201cMulti-Cinema\u201d) and its subsidiaries, (collectively with Holdings, unless the context otherwise requires, the \u201cCompany\u201d or \u201cAMC\u201d), is principally involved in the theatrical exhibition business and owns, operates or has interests in theatres located in the United States and Europe. Our business was founded in Kansas City, Missouri in 1920. Holdings was incorporated under the laws of the state of Delaware on June 6, 2007. We maintain our principal executive offices at One AMC Way, 11500 Ash Street, Leawood, Kansas 66211. Liquidity As of December 31, 2025, we had cash and cash equivalents of approximately $428.5 million. During the year ended December 31, 2025, we took action to lower the future interest expense of our fixed-rate debt through debt buybacks and exchanges for equity and enhanced liquidity through equity issuances. See Note 7\u2014Corporate Borrowings and Finance Lease Liabilities, Note 8\u2014Stockholders\u2019 Deficit, and Note 14\u2014Subsequent Events in the Notes to the Consolidated Financial Statements under Part II, Item 8 of this Form 10-K, for further information regarding equity issuances and debt repurchases and exchanges. 2025 Refinancing Transactions On July 24, 2025, Muvico, LLC, a wholly-owned subsidiary of the Company (\u201cMuvico\u201d), issued $857.0 million aggregate principal amount of new Senior Secured Notes due 2029 (the \u201cNew 2029 Notes\u201d) in exchange for $590.0 million aggregate principal amount of 7.5% First Lien Senior Secured Notes due 2029 (\u201cExisting 7.5% Notes\u201d) and $244.4 million of incremental, new money financing. On the same day, Muvico also issued $194.4 million aggregate principal amount of New Exchangeable Notes in exchange for $194.4 million aggregate principal amount of Existing Exchangeable Notes. On September 30, 2025, $39.9 million aggregate principal of Item 1A. Risk Factors. The following is a summary list of risk factors: 19 Table of Contents Financial Risks [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"absent significant increases in revenues and attendance, our ability to obtain additional liquidity, which if not realized or is insufficient, likely would result i", "title": "AMC - AMC ENTERTAINMENT HOLDINGS, INC.", "url": "/company/AMC/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001516912; latest 10-K filed 2026-02-25.", "text": "OBK - Origin Bancorp, Inc. SIC 6022 State Commercial Banks; CIK 0001516912; latest 10-K filed 2026-02-25. OBK Origin Bancorp, Inc. 0001516912 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis presents our financial condition and results of operations on a consolidated basis. However, we conduct all of our material business operations through our wholly-owned bank subsidiary, Origin Bank, and the discussion and analysis that follows primarily relates to activities conducted at the Bank level. The following discussion and analysis should be read in conjunction with our consolidated financial statements and related notes contained in Item 8 of this report. To the extent that this discussion describes prior performance, the descriptions relate only to the periods listed, which may not be indicative of our future financial outcomes. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause results to differ materially from management\u2019s expectations. Factors that could cause such differences are discussed in the sections titled \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cItem 1A. Risk Factors.\u201d We assume no obligation to update any of these forward-looking statements. Discussion in this Form 10-K includes results of operations and financial condition for 2025 and 2024 and year-over-year comparisons between 2025 and 2024. For discussion on results of operations and financial condition pertaining to 2024 and 2023 and year-over-year comparisons between 2024 and 2023, please refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025. Critical Accounting Policies and Estimates Our consolidated financial statements are prepared in accordance with U.S. GAAP and with general practices within the financial services industry. Application of these principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under current circumstances. These assumptions form the basis for our judgments about the carrying values of assets and liabilities that are not readily available from independent, objective sources. We evaluate our estimates on an ongoing basis. Use of alternative assumptions may have resulted in significantly different estimates. Actual results may differ from these estimates. Please refer to Note 1 \u2014 Significant Accounting Policies to our consolidated financial statements contained in Item 8 of this report for a full discussion of our accounting policies, including estimates. We have identified the following accounting estimates that, due to the difficult, subjective or complex judgments and assumptions inherent in those estimates and the potential sensitivity of the financial statements to those judgments and assumptions, are critical to an understanding of our financial condition and results of operations. We believe that the judgments, estimates and assumptions used in the preparation of the financial statements are appropriate. Allowance for Loan Credit Losses. The allowance for loan credit losses (\u201cALCL\u201d) represents the estimated losses for loans accounted for on an amortized cost basis. Expected losses are calculated using relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. We evaluate loans held for investment (\u201cLHFI\u201d) on a pool basis with pools of loans characterized by loan type, collateral, industry, internal credit risk rating and FICO score. The amount of the ALCL is affected by loan charge-offs, which decrease the allowance, recoveries on loans previously charge Item 1. Business Our Company Unless the context otherwise requires, references in this Annual Report on Form 10-K to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cour company,\u201d \u201cthe Company\u201d or \u201cOrigin\u201d refer to Origin Bancorp, Inc., a Louisiana corporation, and its consolidated subsidiaries. All references to \u201cOrigin Bank\u201d or \u201cthe Bank\u201d refer to Origin Bank, our wholly-owned bank subsidiary. Origin Bancorp, Inc. is a financial holding company headquartered in Ruston, Louisiana. Our wholly owned bank subsidiary, Origin Bank, was founded in 1912 in Choudrant, Louisiana. Deeply rooted in our history is a culture committed to providing personalized, relationship banking to businesses, municipalities, and personal clients to enrich the lives of the people in the communities we serve. We provide a broad range of financial services and currently operates more than 56 locations in Dallas/Fort Worth, East Texas, Houston, North Louisiana, Mississippi, South Alabama and the Florida Panhandle. In addition, we provide a broad range of insurance agency products and services through our wholly owned insurance agency subsidiary, Forth Insurance, LLC. At December 31, 2025, we had total assets of $9.72 billion, total loans held for investment (\u201cLHFI\u201d) of $7.67 billion, total deposits of $8.31 billion and total stockholders\u2019 equity of $1.25 billion. Our common stock is traded on the New York Stock Exchange (\u201cNYSE\u201d) under the stock symbol \u201cOBK\u201d. We are committed to building unique client experiences through a strong culture, experienced leadership team and a focus on delivering unmatched customer service throughout Texas, Louisiana, Mississippi, South Alabama and the Florida Panhandle. Our success has been based on (1) a talented team of relationship bankers, executives and directors; (2) a diverse footprint with stable and growth-oriented markets; (3) differentiated and customized delivery and service; (4) our core deposit franchise and (5) an ability to significantly leverage our infrastructure and t Item 1A. Risk Factors We face many risks and uncertainties, any one or more of which could have a material adverse effect on our business, results of operations, financial condition, prospects or the value of, or return on, an investment in our common stock. You should carefully consider the risks described below, together with all other inform", "title": "OBK - Origin Bancorp, Inc.", "url": "/company/OBK/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001601830; latest 10-K filed 2026-02-25.", "text": "RXRX - RECURSION PHARMACEUTICALS, INC. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001601830; latest 10-K filed 2026-02-25. RXRX RECURSION PHARMACEUTICALS, INC. 0001601830 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following is a discussion and analysis of the financial condition of Recursion Pharmaceuticals, Inc. (Recursion, the Company, we, us or our) and the results of our operations. This commentary should be read in conjunction with the Consolidated Financial Statements and accompanying notes appearing in Item 8, \u201cFinancial Statements.\u201d This discussion, particularly information with respect to our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading \"Note About Forward-Looking Statements\" in this Annual Report on Form 10-K. You should review the disclosure under the heading \"Risk Factors\" in our Annual Report on Form 10-K for a discussion of important factors that could cause our actual results to differ materially from those anticipated in these forward-looking statements. Overview Recursion is a clinical-stage TechBio company with a mission to decode biology to radically improve lives. We have advanced a portfolio of differentiated internal programs and strategic partnerships that leverage our integrated drug discovery and development platform, the Recursion Operating System (OS). This platform provides end-to-end, AI-native capabilities that span from novel biological ideas through the clinic, integrating multimodal biological data generation, AI-powered small molecule synthesis, and AI-enabled clinical development. All of our technologies are designed to translate complex science into medicines that matter \u2014 faster, better, and at scale \u2014 for patients who are waiting. Summary of Business Highlights: Driving a diversified pipeline powered by the end-to-end AI-native Recursion OS - wholly-owned and partnered programs 141 Table of Contents 2025 Wholly Owned Pipeline Achievements: Advancing programs with strong therapeutic rationale, powered by the Recursion OS \u2022REC-4881 (MEK1/2): Provided the first clinical validation of the Recursion OS from a novel phenotypic insight, with positive preliminary efficacy results from the ongoing Phase 2 portion of the TUPELO study in FAP, a disease with no approved pharmacotherapies \u25e6REC-4881 (4 mg QD) achieved rapid clinical activity, with 75% of evaluable patients showing reductions in total polyp burden and a 43% median reduction after 12 weeks of treatment (n=12). \u25e6After 12 weeks off therapy (week 25 of the study), 82% of evaluable patients (9 of 11) maintained a durable reduction in total polyp burden, with a 53% median reduction observed from baseline. \u25e6REC-4881 (4 mg QD) has a safety profile consistent with MEK1/2 inhibition, with the majority of treatment-related adverse events being Grade 1 or 2, Grade 3 events occurring in 15.8% of the safety-evaluable patients, and no Grade \u22654 TRAEs reported to date. The most frequent TRAEs (at \u226510%) included dermatitis acneiform / rash and blood CPK increase. \u2022REC-617 (CDK7): A potential best-in-class CDK7 inhibitor optimized for improved therapeutic index using our AI-driven precision design platform and identified as lead candidate in under 11 months with 136 novel compounds synthesized, delivered further Phase 1/2 results in November 2025, demonstrating promising safety and preliminary efficacy signals. The program is currently advancing in ongoing Phase 1 combination studies in 2L+ platinum-resistant ovarian cancer (PROC) alongside Phase 2 monotherapy expansion. \u2022REC-7735 (PI3K\u03b1 H1047R): Recursion announced new preclinical efficacy data on REC-7735, a potential best-in-class PI3K\u237a H1047R inhibitor, precision designed with 242 compounds synthesized from first novel hit to REC-7735 in 10 months using the Recursion OS platform. Current pan-PI3K\u237a inhibitors lack selectivity over the wild-type protein, resulting in metabolic liabilities, including hyperglycemia, t Item 1. Business. Business Overview Recursion is a clinical-stage TechBio company with a mission to decode biology to radically improve lives. We have advanced a portfolio of differentiated internal programs and strategic partnerships powered by our integrated drug discovery and development platform, the Recursion Operating System (OS). This platform provides end-to-end, AI-native capabilities that span from novel biological ideas through the clinic, integrating multimodal biological data generation, AI-powered small molecule synthesis, and AI-enabled clinical development. All of our technologies are designed to translate complex science into medicines that matter \u2014 faster, better, and at scale \u2014 for patients who are waiting. Historically, it has taken over ten years and an average capitalized R&D cost of approximately $2-3.5 billion to move a drug discovery project from early discovery to an approved therapeutic, with less than 4% of drug discovery programs initiated resulting in an approved medicine.1,2,3,4,5,6 Today, we are working to transform the traditional high-attrition, \u201cV-shaped\u201d discovery funnel by pivoting to a \u2018T-shaped\u2019 model. By leveraging advanced computational tools across biology, chemistry and clinical development, we aim to rapidly narrow a broad set of potential medicines to the candidates with the highest probabilities of success, with the goal to move programs through development more efficiently and with less attrition. Figure 1. Illustrative. Reshaping the drug discovery funnel. Recursion\u2019s goal is to leverage technology to reshape the typical drug discovery funnel towards its ideal state by moving failure as early as possible to rapidly narrowing the funnel into programs with the highest probability of success. In recent years, advances in artificial intelligence and machine learning (\u201cAI/ML\u201d) have increasingly influenced both the technology and biopharmaceutical industries. Industry reports estimate that a majority of large biopharmac Item 1A. Risk Factors. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K and our other public filings with the SEC, before making investment decisions regardin", "title": "RXRX - RECURSION PHARMACEUTICALS, INC.", "url": "/company/RXRX/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001593275; latest 10-K filed 2026-02-25.", "text": "HG - Hamilton Insurance Group, Ltd. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001593275; latest 10-K filed 2026-02-25. HG Hamilton Insurance Group, Ltd. 0001593275 6331 Fire, Marine & Casualty Insurance Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the \"Selected Consolidated Financial Data\" and our audited consolidated financial statements and related notes thereto included in the Group's Annual Report on Form 10-K (\"Annual Report\" or \"Form 10-K\"). In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management\u2019s expectations. Factors that could cause such differences are discussed in the sections entitled \"Special Note Regarding Forward-Looking Statements\" and \"Risk Factors\" in the Form 10-K. We do not undertake any obligation to update any forward-looking statements or other statements we may make in the following discussion or elsewhere in this document even though these statements may be affected by events or circumstances occurring after the forward-looking statements or other statements were made. 77 Index To Management's Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Overview\",\"79\"],[\"Selected Consolidated Financial Data\",\"82\"],[\"Summary of Critical Accounting Estimates\",\"84\"],[\"Reserve for Losses and Loss Adjustment Expenses\",\"84\"],[\"Premiums Written and Earned\",\"89\"],[\"Ceded Reinsurance and Unpaid Losses and Loss Adjustment Expenses Recoverable\",\"90\"],[\"Fair Value of Investments\",\"91\"],[\"Consolidated Results of Operations\",\"93\"],[\"Operating Highlights\",\"94\"],[\"Segment Information\",\"97\"],[\"International Segment\",\"98\"],[\"Bermuda Segment\",\"102\"],[\"Corporate and Other\",\"107\"],[\"Key Operating and Financial Metrics\",\"110\"],[\"Non-GAAP Measures\",\"112\"],[\"Financial Condition, Liquidity and Capital Resources\",\"114\"],[\"Financial Condition\",\"114\"],[\"Cash and Investments\",\"114\"],[\"Liquidity and Capital Resources\",\"119\"],[\"Financial Strength Ratings\",\"124\"],[\"Reserve for Losses and Loss Adjustment Expenses\",\"125\"],[\"Contractual Obligations and Commitments\",\"125\"],[\"Transactions with Related Parties\",\"125\"]] [[/GREPCENT_TABLE]] 78 Overview Hamilton Insurance Group, Ltd. (\"Hamilton\", \"Hamilton Group\", the \"Group\" or the \"Company\") is a global specialty insurance and reinsurance company founded in Bermuda in 2013, enhanced by data and technology, focused on producing sustainable underwriting profitability and delivering significant shareholder value. We intend to continue growing our diverse book of business by responding to changing market conditions, prudently managing our capital, and driving sustainable shareholder returns. We harness multiple drivers to create shareholder value, including diverse underwriting operations supported by proprietary technology and a team of over 600 full-time employees, a strong balance sheet, and a unique investment management relationship with Two Sigma. We operate globally, with underwriting operations in London, Dublin, Bermuda and across the United States. We operate three principal underwriting platforms (Hamilton Global Specialty, Hamilton Select and Hamilton Re) that are categorized into two reporting business segments (International and Bermuda): \u2022International: International consists of business written out of our Lloyd\u2019s syndicate and subsidiaries based in the United Kingdom, Ireland, and the United States, and includes the Hamilton Global Specialty and Hamilton Select platforms. \u2022Hamilton Global Specialty focuses predominantly on commercial specialty and casualty insurance for medium to large-sized accounts and specialty reinsurance products written by Lloyd\u2019s Syndicate 4000 and Hamilton Insurance DAC (\"HIDAC\"). Syndicate 4000, a leading Lloyd\u2019s syndicate, generates a significant portion of premium from the U.S. Excess & Surplus (\"E&S\") market and has ranked among the most profitable and least volatile syndicates at Lloyd\u2019s over the last 10 years. \u2022Hamilto BUSINESS In this Annual Report, references to \"Hamilton,\" \"Hamilton Group,\" the \"Group,\" the \"Company,\" \"we,\" \"us\" and \"our\" refer to Hamilton Insurance Group, Ltd., together with its consolidated subsidiaries, unless the context requires otherwise. Certain defined terms used through this Annual Report are included in the \"Glossary of Selected Terms\" attached hereto and for ease of reading, some defined terms may be used without initial capitalization but retain the meanings set forth in the glossary. Amounts in this Annual Report are presented in U.S. dollars, unless otherwise noted. Certain amounts presented in tables are subject to rounding adjustments and, as a result, the totals in such tables may not sum. Our Company Overview of Our Business We are a global specialty insurance and reinsurance company founded in Bermuda in 2013. We harness multiple drivers to create shareholder value. These include diverse underwriting operations supported by proprietary technology and a team of over 600 full-time employees, a strong balance sheet, and a unique investment management relationship with Two Sigma. We operate globally, with underwriting operations in London, Dublin, Bermuda and across the United States. We are led by an entrepreneurial and experienced management team that has grown gross premiums written to $2.9 billion, $2.4 billion and $2.0 billion for the years ended December 31, 2025, 2024 and 2023, respectively, with corresponding combined ratios of 92.9%, 91.3% and 90.1% for the same periods. The combined effects of organic premium growth, our 2019 strategic acquisition, the Company's 2023 initial public offering (\"IPO\"), our April 2024 AM Best \"A\" rating upgrade, and continuous platform cost optimization leave us well positioned to capitalize on market opportunities across the lines of business written by our established and scaled underwriting platforms. We operate three principal underwriting platforms (Hamilton Global Specialty, Hamilton Select and H Item 1A. Risk Factors Risk Factors Summary Our business is subject to a number of risks, including risks that could prevent us from achieving our business objectives or financial goals or that otherwise could adversely affect our business, results of operations, financial condition and liquidity, that yo", "title": "HG - Hamilton Insurance Group, Ltd.", "url": "/company/HG/" }, { "kind": "company", "summary": "SIC 2800 Chemicals & Allied Products; CIK 0001708035; latest 10-K filed 2026-02-27.", "text": "ECVT - Ecovyst Inc. SIC 2800 Chemicals & Allied Products; CIK 0001708035; latest 10-K filed 2026-02-27. ECVT Ecovyst Inc. 0001708035 2800 Chemicals & Allied Products ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Overview We are a leading integrated provider of virgin and regenerated sulfuric acid products and services. We believe that our business contributes to improving the sustainability of the environment. We are a leading provider of sulfuric acid recycling to the North American refining industry for the production of alkylate, an essential gasoline component for lowering vapor pressure and increasing octane to meet stringent gasoline specifications and fuel efficiency standards. We are a leading North American producer of high quality and high strength virgin sulfuric acid for mining and industrial applications. We also provide chemical waste handling and treatment services, as well as ex-situ catalyst activation services for the refining and petrochemical industry. In 2025, we served customers across many end uses and, as of December 31, 2025, operated out of nine strategically located manufacturing facilities. On September 10, 2025, we entered into a definitive agreement to sell our Advanced Materials & Catalysts business, which includes the Zeolyst Joint Venture, to Technip Energies N.V. for a purchase price of $556.0 million, subject to certain adjustments including for indebtedness, cash, working capital and transaction expenses. The transaction was concluded effective December 31, 2025. The results of operations, financial condition, and cash flows for the Advanced Materials & Catalysts business are presented herein as discontinued operations. Except where noted, any tables, percentages or metrics included within this filing exclude the results of our Advanced Materials & Catalysts business. Refer to Note 4 to our consolidated financial statements for additional information Stock Repurchase Program On April 27, 2022, the Board of Directors approved a stock repurchase program that authorized the Company to purchase up to $450.0 million of the Company\u2019s common stock over the four-year period from the date of approval (the \u201cStock Repurchase Program\u201d). In October 2025, the Board of Directors amended the Stock Repurchase Program to remove the limitation that all repurchases must be made within the four-year period from the date of original approval. For the year ended December 31, 2025, the Company repurchased 5,752,285 shares on the open market at an average price of $8.24 per share, for a total of $47.4 million excluding brokerage commissions and accrued excise tax. As of December 31, 2025, $182.2 million was available for share repurchases under the program. During the year ended December 31, 2024, the Company repurchased 552,081 shares on the open market at an average price of $9.05 per share, for a total of $5.0 million, excluding brokerage commissions and accrued excise tax. For possible future repurchases, the actual timing, number, and nature of shares repurchased will depend on a variety of factors, including stock price, trading volume, and general business and market conditions and may be conducted through negotiated transactions, open market repurchases or other means, including through Rule 10b-18 and 10b5-1 trading plans or accelerated share repurchases. 36 Table of Contents Key Performance Indicators Adjusted EBITDA, Adjusted Net Income and Net Debt Adjusted EBITDA, Adjusted Net Income and Net Debt are financial measures that are not prepared in accordance with GAAP and that we use to evaluate our operating performance, for business planning purposes and to measure our performance relative to that of our competitors. Adjusted EBITDA, Adjusted Net Income and Net Debt are presented as key performance indicators as we believe these financial measures will enhance a prospective investor\u2019s understanding of our results of operations and financial condition. EBITDA consists of net income from continuing operations before interest, taxes, depreciation and amortization. Adjusted EBITDA consists of EBITDA adjuste ITEM 1. BUSINESS. Ecovyst Inc. (\u201cEcovyst\u201d or the \u201cCompany\u201d), formerly PQ Group Holdings Inc., was incorporated in Delaware on August 7, 2015. We trace our roots to the late 1800s with our first sulfuric acid plant and the beginning of our oldest customer relationship. Our common stock is listed on the New York Stock Exchange under the stock ticker \u201cECVT\u201d. Unless the context otherwise indicates, the terms \u201cEcovyst Inc.,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or the \u201cCompany\u201d mean Ecovyst Inc. and our subsidiaries. Effective on December 31, 2025, we completed the sale of our Advanced Materials & Catalysts segment, which includes our investment in affiliated companies, Zeolyst International and Zeolyst C.V. (collectively, the \u201cZeolyst Joint Venture\u201d) to Technip Energies N.V. for a purchase price of $556.0 million, subject to certain adjustments set forth in the agreement. We used $465.0 million of the net cash proceeds to partially repay the Senior Secured Term Loan Facility due June 2031. The results of operations, financial condition and cash flows for the Advanced Materials & Catalysts business are presented herein as discontinued operations. Refer to Note 4 to our consolidated financial statements for additional information. Our Company We are a leading integrated provider of virgin and regenerated sulfuric acid products and services. We believe that our business contributes to improving the sustainability of the environment. We are a leader in our business, holding what we estimate to be a number one or number two supply share position for products and services that generated more than 95% of our 2025 sales. We believe that our footprint and efficient network of strategically located manufacturing and regeneration facilities provide us with a strong competitive advantage in serving our customers. Our products and services typically represent a small portion of our customers\u2019 overall end-product costs, yet are critical to their processes. With our long history of customer p ITEM 1A. RISK FACTORS. In addition to the other information contained in this Form 10-K, you should carefully consider the following risks that we believe are the material risks that we face. The risks described below could have a material adverse impact on our business, financial condition, cash flows and results of operations, and should be read together ", "title": "ECVT - Ecovyst Inc.", "url": "/company/ECVT/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001514416; latest 10-K filed 2026-02-19.", "text": "BAND - Bandwidth Inc. SIC 7372 Services-Prepackaged Software; CIK 0001514416; latest 10-K filed 2026-02-19. BAND Bandwidth Inc. 0001514416 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes that are included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current plans, expectations and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d in this Annual Report on Form 10-K. Our fiscal year ends on December 31. This Item generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included, and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 20, 2025. Overview A global communications transformation is underway, and we believe Bandwidth is at the center. Our mission is to develop and deliver the power to communicate. We enable innovative organizations\u2014from startup app developers to the world\u2019s largest enterprises\u2014to engage their end-users and deliver exceptional experiences everywhere people live, learn, work, and play. Backed by the Bandwidth Communications Cloud, our global owned-and-operated network spanning more than 65 countries reaching over 90 percent of GDP, innovative enterprises use Bandwidth\u2019s APIs to easily embed voice, messaging, emergency services, and AI capabilities into software and applications. Bandwidth was the first cloud communications provider to offer a robust selection of APIs built on our own cloud platform. Our award-winning support teams help businesses around the world transform their communications every day. Bandwidth is strategically positioned at the intersection of enterprise communications and AI. As global enterprises adopt AI-driven tools to modernize customer experiences, we believe AI voice will become a critical new layer of value creation. Our Maestro\u2122 platform and Communications Cloud are designed to support this evolution, enabling the orchestration of AI voice agents across diverse environments with superior quality, reliability, and scale. We see our emerging leadership in AI Voice as a natural extension of our long-term strategy to power trusted, mission-critical communications for the world\u2019s largest enterprises. Bandwidth\u2019s business continues to benefit from the application of AI technologies to cloud communications use cases, the enterprise migration to the cloud, adoption of CCaaS platforms, the need to be able to work from anywhere, the reinvention of customer experience, and the growth in messaging applications to engage directly with consumers. We believe these market trends are secular, long-lasting, and still early in the adoption curve. With the combination of our software APIs, our global Communications Cloud, our AI orchestration capabilities, and our broad range of experience with global regulatory frameworks, we believe Bandwidth is one of the best-positioned providers in our space to deliver mission-critical communications for global enterprises. In fact, Bandwidth already powers all the 2025 Gartner\u24c7 Magic Quadrant Leaders in the key cloud communications categories of UCaaS and CCaaS, along with leading hyperscalers and SaaS platforms. We aim to be the key enabling platform for communications transformation in the AI era. We will seek to do this in three ways: (1) cross-sell and up-sell our existing customers as they benefit from our global footprint, powerful APIs, and AI orchestration capabilities to automate and scale cloud communications; (2) focus Item 1. Business Overview A global communications transformation is underway, and we believe Bandwidth is at the center. Our mission is to develop and deliver the power to communicate. We enable innovative organizations\u2014from startup app developers to the world\u2019s largest enterprises\u2014to engage their end-users and deliver exceptional experiences everywhere people live, learn, work, and play. Backed by the Bandwidth Communications Cloud, our global owned-and-operated network spanning more than 65 countries reaching over 90 percent of global gross domestic product (\u201cGDP\u201d), innovative enterprises use Bandwidth\u2019s Application Programming Interfaces (\u201cAPIs\u201d) to easily embed voice, messaging, emergency services, and artificial intelligence (\u201cAI\u201d) capabilities into software and applications. Bandwidth was the first cloud communications provider to offer a robust selection of APIs built on our own cloud platform. Our award-winning support teams help businesses around the world transform their communications every day. Bandwidth is strategically positioned at the intersection of enterprise communications and AI. As global enterprises adopt AI-driven tools to modernize customer experiences, we believe AI voice will become a critical new layer of value creation. Our Maestro\u2122 platform and Communications Cloud are designed to support this evolution, enabling the orchestration of AI voice agents across diverse environments with superior quality, reliability, and scale. We see our emerging leadership in AI Voice as a natural extension of our long-term strategy to power trusted, mission-critical communications for the world\u2019s largest enterprises. Bandwidth\u2019s business continues to benefit from the application of AI technologies to cloud communications use cases, the enterprise migration to the cloud, adoption of Contact Center as a Service platforms, the need to be able to work from anywhere, the reinvention of customer experience, and the growth in messaging applications to engage Item 1A. Risk Factors A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis ", "title": "BAND - Bandwidth Inc.", "url": "/company/BAND/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001645113; latest 10-K filed 2026-02-26.", "text": "NVCR - NovoCure Ltd SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001645113; latest 10-K filed 2026-02-26. NVCR NovoCure Ltd 0001645113 3841 Surgical & Medical Instruments & Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is intended to provide information to assist you in better understanding and evaluating our financial condition and results of operations. We encourage you to read this MD&A in conjunction with our consolidated financial statements and the notes thereto included in Part II, Item 8 of this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Please refer to the information under the heading \"Cautionary Note Regarding Forward-Looking Statements\" elsewhere in this report. References to the words \"we,\" \"our,\" \"us,\" and the \"Company\" in this report refer to NovoCure Limited, including its consolidated subsidiaries. Commentary on Results of Operations Net revenues Our revenues are primarily derived from patients using our Products in our active markets. We charge for treatment with our Products on a monthly basis. Our potential net revenues per patient are determined by our ability to secure payment, the monthly fee we collect and the number of months that the patient remains on therapy. We also receive revenues pursuant to the Zai Agreement. For additional information regarding the Zai Agreement, see Note 12 to the Consolidated Financial Statements. Cost of revenues We contract with third parties to manufacture our Products. Our cost of revenues is primarily comprised of the following: \u2022disposable arrays; \u2022depreciation expense for the field equipment, including the electric field generator used by patients; and \u2022personnel and overhead costs such as facilities, freight and depreciation of property, plant and equipment associated with managing our inventory, warehousing and order fulfillment functions. Operating expenses Our operating expenses consist of research, development and clinical studies, sales and marketing and general and administrative expenses. Personnel costs are a significant component for each category of operating expenses and consist of wages, benefits and bonuses. Personnel costs also include share-based compensation. Research, development and clinical studies Our research, development and clinical studies activity is focused on advancing TTFields therapy through clinical studies across multiple solid tumor types and improving the efficacy and usability of our devices. Research, development and clinical studies costs, including direct and allocated expenses, are expensed as incurred and consist primarily of the following: \u2022personnel costs for those employees involved in our preclinical and basic research, clinical development programs, clinical affairs, product development and regulatory activities; \u2022costs to conduct research, product development and clinical study activity through agreements with contract research organizations and other third parties; \u2022manufacturing expenses associated with our Products, including durable components and disposable arrays, utilized in clinical studies and other research; \u2022costs associated with publications, presentations and investigator-sponsored trials; \u2022professional fees related to regulatory approvals and conformity assessment procedures; and \u2022facilities, depreciation and other allocated expenses, which include direct and allocated expenses for rent and maintenance of facilities, depreciation of leasehold improvements and equipment and laboratory and other supplies. 49 The following table summarizes our research, development and clinical study expenses by program for the years ended December 31, 2025, 2024 and 2023: [[GREPCENT_TABLE]] [[\"\",\"\",\"Year ended December 31,\"],[\"U.S. dollars in thousands\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Preclinical and basic research\",\"\",\"$\",\"19,990\",\"\",\"\",\"$\",\"18,827\",\"\",\"\",\"$\",\"18,936\"],[\"Clinical development programs:\"],[\"LUNAR\",\"\",\"480\",\"\",\"\",\"1,842\",\"\",\"\",\"6,846\"],[\"LUNAR - ITEM 1. BUSINESS Overview We are a global oncology company with a proprietary platform technology called Tumor Treating Fields (\"TTFields\"), which are electric fields that exert physical forces to kill cancer cells. Our therapy is delivered through a medical device. Our key priorities are to drive commercial adoption of Optune Gio\u00ae, Optune Lua\u00ae, and Optune Pax\u00ae, our commercial TTFields therapy devices, obtain regulatory approval to market TTFields therapy devices in new indications, such as brain metastases from non-small cell lung cancer (\"NSCLC\"), and to advance clinical and product development programs intended to extend overall survival in some of the most aggressive forms of cancer. Optune Gio is approved by the U.S. Food and Drug Administration (\"FDA\") under the Premarket Approval (\"PMA\") pathway for the treatment of adult patients with newly diagnosed glioblastoma (\"GBM\") together with temozolomide, a chemotherapy drug, and for adult patients with GBM following confirmed recurrence after chemotherapy as monotherapy treatment. We also have a CE certificate to market Optune Gio for the treatment of GBM in the European Union (\"EU\"), as well as approval or local registration in the United Kingdom (\"UK\"), Japan, Canada and certain other countries. Optune Lua is approved by the FDA under the PMA pathway for the treatment of adult patients with metastatic NSCLC concurrent with PD-1/PD-L1 inhibitors or docetaxel following progression on or after a platinum-based regimen. We also have a CE certificate to market Optune Lua concurrent with PD-1/PD-L1 inhibitors or docetaxel following progression on or after a platinum-based regimen for the treatment of metastatic NSCLC in the EU. In addition, we received regulatory approval for Optune Lua for the treatment of adult patients with unresectable advanced/recurrent NSCLC concurrent with PD-1/PD-L1 inhibitors following progression on or after a platinum-based regimen in Japan. Optune Lua is also approved by the FDA unde ITEM 1A. RISK FACTORS An investment in our ordinary shares involves a high degree of risk. Investors and prospective investors should carefully consider all of the information in this Annual Report on Form 10-K, including the risks and uncertainties described below. Any of the following risks could have a material adverse effect ", "title": "NVCR - NovoCure Ltd", "url": "/company/NVCR/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001746109; latest 10-K filed 2026-02-27.", "text": "BFC - Bank First Corp SIC 6021 National Commercial Banks; CIK 0001746109; latest 10-K filed 2026-02-27. BFC Bank First Corp 0001746109 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our consolidated financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes. Historical results of operations and the percentage relationships among any amounts included, and any trends that may appear, may not indicate trends in operations or results of operations for any future periods. We are a bank holding company and we conduct all of our material business operations through the Bank. As a result, the discussion and analysis above relates to activities primarily conducted at the Bank level. We have made, and will continue to make, various forward-looking statements with respect to financial and business matters. Comments regarding our business that are not historical facts are considered forward-looking statements that involve inherent risks and uncertainties. Actual results may differ materially from those contained in these forward-looking statements. For additional information regarding our cautionary disclosures, see the \u201cCautionary Note Regarding Forward-Looking Statements\u201d at the beginning of this Annual Report. OVERVIEW Bank First Corporation is a Wisconsin corporation that was organized primarily to serve as the holding company for Bank First, N.A. Bank First, N.A., which was incorporated in 1894, is a nationally-chartered bank headquartered in Manitowoc, Wisconsin. It is a member of the Federal Reserve, and is regulated by the OCC. Including its headquarters in Manitowoc, Wisconsin, the Bank has 38 banking locations in Brown, Columbia, Dane, Door, Fond du Lac, Green, Jefferson, Manitowoc, Monroe, Outagamie, Ozaukee, Rock, Shawano, Sheboygan, Walworth, Waupaca, Waushara, and Winnebago counties in Wisconsin and Winnebago county in Illinois. The Bank offers loan, deposit and treasury management products at each of its banking locations. As with most community banks, the Bank derives a significant portion of its income from interest received on loans and investments. The Bank\u2019s primary source of funding is deposits, both interest-bearing and noninterest-bearing. In order to maximize the Bank\u2019s net interest income, or the difference between the income on interest-earning assets and the expense of interest-bearing liabilities, the Bank must not only manage the volume of these balance sheet items, but also the yields earned on interest-earning assets and the rates paid on interest-bearing liabilities. To account for credit risk inherent in all loans, the Bank maintains an allowance for credit losses (\u201cACL \u2013 Loans\u201d) to absorb possible losses on existing loans that may become uncollectible. The Bank establishes and maintains this allowance by charging a provision for credit losses against operating earnings. Beyond its net interest income, the Bank further receives income through the net gain on sale of loans held for sale as well as servicing income which is retained on those sold loans. In order to maintain its operations and bank locations, the Bank incurs various operating expenses which are further described within the \u201cResults of Operations\u201d later in this section. The Bank, through its 100% owned subsidiary TVG Holdings, Inc., holds a 40% ownership interest in Ansay & Associates, LLC, an insurance agency providing clients primarily located in Wisconsin with insurance and risk management solutions. The Bank owned 49.8% of UFS, LLC through October 1, 2023. On that date it sold 100% of its member interest in UFS to a third party. These unconsolidated subsidiary interests contribute noninterest income to the Bank through their underlying annual earnings. As of December 31, 2025, the Company had total consolidated assets of $4.51 billion, total loans of $3.60 billion, total deposits of $3.70 billion and total stockholders\u2019 equity of $643.8 million. The Company employs approximately 380 full-time equ ITEM 1. BUSINESS General Overview Bank First Corporation is a Wisconsin corporation that was organized in April 1982 to serve as the holding company for Bank First, N.A., a national banking association founded in 1894. The Bank is a wholly-owned subsidiary of the Company. The Company and the Bank are headquartered in Manitowoc, Wisconsin, and the Bank is a member of the Board of Governors of the Federal Reserve System (the \u201cFederal Reserve\u201d) and regulated by the Office of the Comptroller of the Currency (the \u201cOCC\u201d). The Bank has thirty-eight (38) offices, including its headquarters, in Brown, Columbia, Dane, Door, Fond du Lac, Green, Jefferson, Manitowoc, Monroe, Outagamie, Ozaukee, Rock, Shawano, Sheboygan, Walworth, Waupaca, Waushara, and Winnebago counties in the State of Wisconsin and Winnebago county in the State of Illinois. We serve businesses, professionals and consumers with a wide variety of financial services, including retail and commercial banking. Some of the products that we offer include checking accounts, savings accounts, money market accounts, cash management accounts, certificates of deposit, commercial and industrial loans, commercial real estate loans, construction and development loans, residential mortgages, consumer loans, credit cards, online banking, telephone banking and mobile banking. The Bank has three subsidiaries: Bank First Investments, Inc., TVG Holdings, Inc. (\u201cTVG\u201d) and BFC Title, LLC. Bank First Investments, Inc. is a Wisconsin corporation organized in 2011, and is wholly-owned by the Bank. Bank First Investments, Inc.\u2019s purpose is to provide investment and safekeeping services to the Bank. TVG is a Wisconsin corporation organized in 2009. It is a wholly-owned subsidiary of the Bank, and its purpose is to hold the Bank\u2019s 40% ownership interest in Ansay & Associates, LLC (\u201cAnsay\u201d). Ansay is one of the nation\u2019s largest independent insurance providers, and the Bank\u2019s minority ownership of Ansay allows the Bank to provide diversi ITEM 1A. RISK FACTORS In addition to the other information contained in this Form 10-K, you should carefully consider the risks described below, as well as the risk factors and uncertainties discussed in our other public filings with the SEC under the caption \"Risk Factors\" in evaluating us and our business and making or continuing an investment ", "title": "BFC - Bank First Corp", "url": "/company/BFC/" }, { "kind": "company", "summary": "SIC 2750 Commercial Printing; CIK 0001262976; latest 10-K filed 2025-08-08.", "text": "CMPR - CIMPRESS plc SIC 2750 Commercial Printing; CIK 0001262976; latest 10-K filed 2025-08-08. CMPR CIMPRESS plc 0001262976 2750 Commercial Printing Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Report contains forward-looking statements that involve risks and uncertainties. The statements contained in this Report that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including but not limited to our statements about the anticipated growth and development of our businesses and financial results, the impact of interest rate and currency fluctuations, the impact of U.S. tariffs (including potential changes in related trade policies and potential mitigation actions and related estimates, cost impacts, pricing changes and changes in customer demand), sources of liquidity to fund future operations, future payment terms with suppliers, the timing of adoption of certain accounting standards, legal proceedings, our ability to prevail in our appeal of an adverse land duty tax assessment, indefinitely reinvested earnings, unrecognized tax benefits, our effective tax rate, and sufficiency of our tax reserves. Without limiting the foregoing, the words \u201cmay,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cexpect,\u201d \u201cplan,\u201d \u201cintend,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cpredict,\u201d \"assume,\" \u201cdesigned,\u201d \u201cpotential,\u201d \"possible,\" \u201ccontinue,\u201d \u201ctarget,\u201d \u201cseek,\u201d \"likely,\" \"will\" and similar expressions are intended to identify forward-looking statements. All forward-looking statements included in this Report are based on information available to us up to, and including the date of this document, and we disclaim any obligation to update any such forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various important factors, including but not limited to flaws in the assumptions and judgments upon which our forecasts and estimates are based; the development, severity, and duration of supply chain constraints and fluctuating inflation; our inability to make investments in our business and allocate our capital as planned or the failure of those investments and allocations to achieve the results we expect; costs and disruptions caused by acquisitions and minority investments; the failure of businesses we acquire or invest in to perform as expected; loss of key personnel or our inability to recruit talented personnel; our failure to develop and deploy our mass customization platform or the failure of the mass customization platform to drive the performance, efficiencies and competitive advantage we expect; unanticipated changes in our markets, customers, or businesses; disruptions caused by geopolitical events or political instability and war in Ukraine, Israel, the Middle East or elsewhere; changes in governmental policies, laws and regulations, or in the enforcement or interpretation of governmental policies, laws and regulations, that affect our businesses, including related to import tariffs; our failure to manage the growth and complexity of our business; our failure to maintain compliance with the covenants in our debt documents or to pay our debts when due; competitive pressures; general economic conditions; and other factors described in Item 1A (Risk Factors) of this Report and the documents that we periodically file with the SEC. The Business section of this Report also contains estimates and other statistical data from research we conducted in August 2022 with a third-party research firm, and this data involves a number of assumptions and limitations and contains projections and estimates of the sizes of the opportunities of our markets that are subject to a high degree of uncertainty and should not be given undue weight. Executive Overview Cimpress is a strategically focused collection of businesses that specialize in print mass customization, through which we deliver large volumes of individually small-sized customized orders of printed materia Item 1. Business Overview & Strategy Cimpress is a strategically focused collection of businesses that specialize in print mass customization, through which we deliver large volumes of individually small-sized customized orders of printed materials and promotional products. Our products and services include a broad range of marketing materials, business cards, signage, promotional products, logo apparel, packaging, books and magazines, wall decor, photo merchandise, invitations and announcements, design and digital marketing services, and other categories. Mass customization is a core element of the business model of each Cimpress business and is a competitive strategy that seeks to produce goods and services to meet individual customer needs with near mass production efficiency. We discuss mass customization in more detail further below. We have grown substantially over our history, from $0 in 1995 to $0.2 billion of revenue in fiscal year 2006, the year when we became a publicly traded company, then to $3.4 billion of revenue in fiscal year 2025. As we have grown we have achieved important benefits of scale. Our strategy is to invest in and build customer-focused, entrepreneurial print mass customization businesses for the long term, which we manage in a decentralized, autonomous manner. We drive competitive advantage across Cimpress through a select few shared strategic capabilities that have the greatest potential to create Cimpress-wide value. We limit all other central activities to only those which absolutely must be performed centrally. We believe this decentralized structure is beneficial in many ways as it enables our businesses to be more customer focused, to make better decisions faster, to manage a holistic cross-functional value chain required to serve customers well, to be more agile, to be held more accountable for driving investment returns, and to better understand where we are successful and where we are not. This structure delegates responsib Item 1A. Risk Factors Our future results may vary materially from those contained in forward-looking statements that we make in this Report and other filings with the SEC, press releases, communications with investors, and oral statements due to the following important factors, among others. Our forward-looking statements in this Report and in any other", "title": "CMPR - CIMPRESS plc", "url": "/company/CMPR/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001437402; latest 10-K filed 2026-02-19.", "text": "ARDX - ARDELYX, INC. SIC 2834 Pharmaceutical Preparations; CIK 0001437402; latest 10-K filed 2026-02-19. ARDX ARDELYX, INC. 0001437402 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our financial statements and related notes included elsewhere in this report. This discussion and other parts of this report contain forward-looking statements that involve risk and uncertainties, such as statements of our plans, objectives, expectations and intentions. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section of this report titled \u201cRisk Factors.\u201d These forward-looking statements speak only as of the date hereof. Except as required by law, we assume no obligation to update or revise these forward-looking statements for any reason. Unless the context requires otherwise, the terms \u201cArdelyx,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Ardelyx, Inc. EXECUTIVE SUMMARY AND FINANCIAL HIGHLIGHTS We are a commercial-stage biopharmaceutical company focused on the development and commercialization of innovative medicines that meet significant unmet medical needs. We currently market two therapies from the active ingredient tenapanor, an NHE3 inhibitor that was discovered and developed by Ardelyx. NHE3 is an antiporter expressed on the apical surface of the small and large intestines. Tenapanor is a minimally absorbed, first-in-class, oral, small molecule therapy. Tenapanor, branded as IBSRELA\u00ae, is approved in the U.S. for the treatment of adults with irritable bowel syndrome with constipation. We believe that IBSRELA can bring meaningful benefit to the approximately 13 million Americans who suffer from the symptoms of IBS-C, many of whom continue to experience symptoms despite intervention with other therapies. We are seeking to further expand the IBSRELA eligible patient population to include patients with CIC, and have initiated a Phase 3 clinical trial evaluating tenapanor in adult CIC patients. Tenapanor, branded as XPHOZAH\u00ae, is approved in the U.S. to reduce serum phosphorus in adults with chronic kidney disease on dialysis as add-on therapy in patients who have an inadequate response to phosphate binders or who are intolerant of any dose of phosphate binder therapy. We believe XPHOZAH can bring meaningful relief to adult chronic kidney disease patients on dialysis, the vast majority of whom have elevated levels of serum phosphorus and are unable to achieve target serum phosphorus levels with phosphate binders alone. Continually elevated levels of serum phosphorus can result in severe cardiovascular health complications. In addition to commercializing IBSRELA and XPHOZAH, we are also developing a next-generation NHE3 inhibitor that we believe can have application across multiple therapeutic areas. Refer to the Summary of Abbreviated Terms at the end of this Annual Report on Form 10-K for definitions of terms used throughout the document. We are committed to our mission of developing and commercializing innovative medicines that address unmet patient needs. Our principal strategy is to continue our commercial momentum with our current products while advancing and expanding a portfolio of important medicines for patients with unmet medical needs. Our priorities include (i) driving significant IBSRELA growth, (ii) maintaining XPHOZAH commercial momentum, (iii) further advancing our pipeline and portfolio and (iv) maintaining a solid financial foundation to support our future growth. 57 Table of Contents In February 2025, we announced the NDA approval by China\u2019s Center for Drug Evaluation of the NMPA for tenapanor in the control of serum phosphorus in adult patients with CKD on hemodialysis. This approval triggered a $5.0 million milestone to us under the terms of the Fosun Agreement, which was recorded as licensing revenue on our ITEM 1. BUSINESS Overview We are a commercial-stage biopharmaceutical company focused on the development and commercialization of innovative medicines that meet significant unmet medical needs. We currently market two therapies from the active ingredient tenapanor, a sodium/hydrogen exchanger (NHE3) inhibitor that was discovered and developed by Ardelyx. NHE3 is an antiporter expressed on the apical surface of the small and large intestines. Tenapanor is a minimally absorbed, first-in-class, oral, small molecule therapy. Tenapanor, branded as IBSRELA\u00ae, is approved in the U.S. for the treatment of adults with irritable bowel syndrome with constipation. We believe that IBSRELA can bring meaningful benefit to the approximately 13 million Americans who suffer from the symptoms of IBS-C, many of whom continue to experience symptoms despite intervention with other therapies. We are seeking to further expand the IBSRELA eligible patient population to include patients with chronic idiopathic constipation (CIC), and have initiated a Phase 3 clinical trial evaluating tenapanor in adult CIC patients. Tenapanor, branded as XPHOZAH\u00ae, is approved in the U.S. to reduce serum phosphorus in adults with chronic kidney disease on dialysis as add-on therapy in patients who have an inadequate response to phosphate binders or who are intolerant of any dose of phosphate binder therapy. We believe XPHOZAH can bring meaningful relief to adult chronic kidney disease patients on dialysis, the vast majority of whom have elevated levels of serum phosphorus and are unable to achieve target serum phosphorus levels with phosphate binders alone. Continually elevated levels of serum phosphorus can result in severe cardiovascular health complications. In addition to commercializing IBSRELA and XPHOZAH, we are also developing a next-generation NHE3 inhibitor that we believe can have application across multiple therapeutic areas. Refer to the Summary of Abbreviated Terms at the end of this Annual ITEM 1A. RISK FACTORS Our business involves significant risks, some of which are described below. You should carefully consider these risks, as well as other information in this Annual Report on Form 10-K, including our financial statements and the notes thereto and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Opera", "title": "ARDX - ARDELYX, INC.", "url": "/company/ARDX/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000034782; latest 10-K filed 2026-02-17.", "text": "SRCE - 1ST SOURCE CORP SIC 6022 State Commercial Banks; CIK 0000034782; latest 10-K filed 2026-02-17. SRCE 1ST SOURCE CORP 0000034782 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. This analysis is intended to assist you in understanding our results of operations for each of the past three years and financial condition for each of the past two years. FORWARD-LOOKING STATEMENTS This report, including Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. Words such as \u201cbelieve,\u201d \u201ccontemplate,\u201d \u201cseek,\u201d \u201cestimate,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201canticipate,\u201d \u201cpossible,\u201d \u201cassume,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201ctargeted,\u201d \u201ccontinue,\u201d \u201cremain,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cindicate,\u201d \u201cwould,\u201d \u201cmay\u201d and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management\u2019s views as of any subsequent date. All written or oral forward-looking statements that are made by or attributable to us are expressly qualified in their entirety by this cautionary notice. We have no obligation, and do not undertake, to update, revise, or correct any of the forward-looking statements after the date of this report, or after the respective dates on which such statements otherwise are made. We have expressed our expectations, beliefs, and projections in good faith and we believe they have a reasonable basis. However, we make no assurances that our expectations, beliefs, or projections will be achieved or accomplished. The results or outcomes indicated by our forward-looking statements may not be realized due to a variety of factors, including, without limitation, the following: \u2022Local, regional, national, and international economic conditions and the impact they may have on us and our clients and our assessment of that impact. \u2022Changes in the level of nonperforming assets and charge-offs. \u2022Changes in estimates of future cash reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements. \u2022The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board. \u2022Inflation, interest rate, securities market, and monetary fluctuations, including substantial changes in the cost of fuel. \u2022Political instability, acts of war or terrorism, or cybersecurity threats. \u2022The spread of infectious diseases or pandemics. \u2022The timely development and acceptance of new products and services and perceived overall value of these products and services by others. \u2022Changes in consumer spending, borrowings, and savings habits. \u2022Changes in the financial performance and/or condition of our borrowers. \u2022Technological changes. \u2022The impact of climate change. \u2022Acquisitions and integration of acquired businesses. \u2022The ability to increase market share and control expenses. \u2022The ability to expand effectively into new markets that we target. \u2022Changes in the competitive environment. \u2022The effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, insurance, and climate change) with which we and our subsidiaries must comply. \u2022The effect of changes in accounting policies and practices and aud Item 1. Business. 1ST SOURCE CORPORATION 1st Source Corporation, an Indiana corporation incorporated in 1971, is a bank holding company headquartered in South Bend, Indiana that provides, through its subsidiaries (collectively referred to as \u201c1st Source\u201d, the \u201cCompany\u201d, \u201cwe\u201d, and \u201cour\u201d), a broad array of financial products and services. 1st Source Bank (\u201cBank\u201d), its wholly-owned banking subsidiary, offers commercial and consumer banking services, trust and wealth advisory services, and insurance to individual and business clients (through 1st Source Insurance, Inc.) from most of our 78 banking center locations in 19 counties in Indiana and Michigan and Sarasota County in Florida. 1st Source Bank\u2019s Specialty Finance Group, with 15 locations nationwide, offers specialized financing services for construction equipment, new and pre-owned private and cargo aircraft, and various vehicle types (cars, trucks, vans) for fleet purposes. While our Specialty Finance lending portfolio is concentrated in certain equipment types, we serve a diverse client base. We are not dependent upon any single industry or client. At December 31, 2025, we had consolidated total assets of $9.06 billion, total loans and leases of $7.05 billion, total deposits of $7.23 billion, and total shareholders\u2019 equity of $1.27 billion. Our principal executive office is located at 100 North Michigan Street, South Bend, Indiana 46601 and our telephone number is (574) 235-2000. Access to our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports is available, free of charge, at www.1stsource.com soon after the material is electronically filed with or furnished to the Securities and Exchange Commission (SEC). Information on our website is not incorporated by reference into this Form 10-K or our other public filings. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding i Item 1A. Risk Factors. An investment in our common stock is subject to risks inherent to our business. The material risks and uncertainties that we believe affect us are described below. See \u201cForward Looking Statements\u201d under Item 7 of this report for a discussion of other important factors that can affect our business. 8 Table of Contents Credit Risks We are ", "title": "SRCE - 1ST SOURCE CORP", "url": "/company/SRCE/" }, { "kind": "company", "summary": "SIC 1389 Oil & Gas Field Services, NEC; CIK 0001680247; latest 10-K filed 2026-02-19.", "text": "PUMP - ProPetro Holding Corp. SIC 1389 Oil & Gas Field Services, NEC; CIK 0001680247; latest 10-K filed 2026-02-19. PUMP ProPetro Holding Corp. 0001680247 1389 Oil & Gas Field Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and the related notes included in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business and related financing, includes forward\u2011looking statements that involve risks and uncertainties. You should read the \"Risk Factors\" section of this Annual Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward\u2011looking statements contained in the following discussion and analysis. Basis of Presentation This discussion of our results omits our results of operations and cash flows for the year ended December 31, 2023, and the comparison of our results of operations for the years ended December 31, 2024, and 2023, which may be found in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 20, 2025. Unless otherwise indicated, references in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d to \u201cProPetro Holding Corp.,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d or like terms refer to ProPetro Holding Corp. and its subsidiaries. Overview Our Business We are a leading integrated energy service company, located in Midland, Texas, focused on providing innovative hydraulic fracturing, wireline and other complementary energy and power generation services to leading upstream oil and gas companies engaged in the exploration and production (\u201cE&P\u201d) of North American oil and natural gas resources. Our operations are primarily focused in the Permian Basin, where we have cultivated longstanding customer relationships with some of the region\u2019s most active and well\u2011capitalized E&P companies. The Permian Basin is widely regarded as one of the most prolific oil\u2011producing areas in the United States, and we believe we are one of the leading providers of completion services in the region. Our completion services includes our operating segments comprised of hydraulic fracturing, wireline and cementing operations. Our hydraulic fracturing operations account for approximately 73.2% of our total revenues and operations. Our total available hydraulic horsepower (\u201cHHP\u201d) at December 31, 2025, was 1,259,500 HHP, which was comprised of 445,000 HHP of our Tier IV Dynamic Gas Blending (\u201cDGB\u201d) dual-fuel equipment, 312,000 HHP of FORCE\u00ae electric-powered equipment and 502,500 HHP of conventional Tier II equipment. Our hydraulic fracturing fleets range from approximately 50,000 to 80,000 HHP depending on the job design and customer demand at the wellsite. Our equipment has been designed to handle the operating conditions commonly encountered in the Permian Basin and the region\u2019s increasingly high-intensity well completions (including simultaneous hydraulic fracturing (\"Simul-Frac\"), which involves fracturing multiple wellbores at the same time), which are characterized by longer horizontal wellbores, more stages per lateral and increasing amounts of proppant per well. With the industry transition to lower emissions equipment and Simul-Frac, in addition to several other changes to our customers' job designs, we believe that our available fleet capacity could decline if we decide to reconfigure our fleets to increase active HHP and backup HHP at wellsites. In 2021, we began to transition our fleet from traditional equipment to Tier IV DGB dual-fuel equipment. In 2022, we entered into three-year electric fleet leases which commenced in 2023 and 2024 for four FORCE\u00ae electric-powered hydraulic fracturing fleets worth of equipment with 60,000 HHP per fleet and in 2024, we entered into an additi Item 1. Business. Our Company We are a leading integrated energy service company, located in Midland, Texas, focused on providing innovative hydraulic fracturing, wireline, and other complementary energy and power generation services to leading upstream oil and gas companies engaged in the E&P of North American oil and natural gas resources. Our operations are primarily focused in the Permian Basin, where we have cultivated longstanding customer relationships with some of the region\u2019s most active and well\u2011capitalized E&P companies. The Permian Basin is widely regarded as one of the most prolific oil and natural gas producing areas in the United States, and we believe we are one of the leading providers of energy services in the region. In December 2024, we formed a new subsidiary, ProPetro Energy Solutions, LLC, doing business as PROPWR, which provides turnkey power generation services to oil and gas producers and for general industrial projects and data centers using mobile power generation equipment installed at customers\u2019 sites. This subsidiary began revenue-generating activities during the third quarter of fiscal year 2025 and has entered into contractual arrangements with equipment manufacturers to purchase mobile natural gas-fueled power generation equipment, including turbine generator sets, reciprocating engines, auxiliary equipment and battery energy storage solution equipment. On November 1, 2024, we sold our cementing business located in Vernal, Utah, to a business owned by a former employee as part of a strategic repositioning. We received a promissory note for $13.0 million as consideration, and recorded a gain on disposal of $8.2 million related to the sale of the business. The note receivable was fully repaid with interest in December 2025. The former employee was part of our cementing operations until November 1, 2024, and is no longer affiliated with the Company. On May 31, 2024, we consummated the acquisition of all of the outstanding equi Item 1A. Risk Factors. The following is a description of significant factors that could cause actual results to differ materially from those contained in forward-looking statements made in this Annual Report and presented elsewhere by management from time to time. Such factors may have a material adverse effect on our busin", "title": "PUMP - ProPetro Holding Corp.", "url": "/company/PUMP/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001658551; latest 10-K filed 2026-03-03.", "text": "AMLX - Amylyx Pharmaceuticals, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001658551; latest 10-K filed 2026-03-03. AMLX Amylyx Pharmaceuticals, Inc. 0001658551 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following information should be read in conjunction with the consolidated financial information and the notes thereto appearing elsewhere in this Annual Report. This discussion and other parts of this Annual Report contain forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a clinical-stage pharmaceutical company with a mission to develop novel therapies for communities with high unmet medical needs. We have preclinical and clinical development programs underway in endocrine conditions and neurodegenerative diseases. We are advancing a pipeline in which we have matched investigational therapies with diseases where we believe they can make the greatest impact, based on well-defined mechanistic rationale, clear clinical outcomes and biomarkers, and rigorous preclinical data, agnostic of modality. We are currently developing four investigational therapies for potential impact across several diseases: avexitide in PBH, AMX0035 in Wolfram syndrome, AMX0114 in ALS, and AMX0318 in PBH and other rare diseases. As of December 31, 2025, we had cash, cash equivalents and marketable securities of $317.0 million. We believe our existing cash, cash equivalents and marketable securities as of December 31, 2025 will be sufficient to fund our operations into 2028. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. See \u201cLiquidity and Capital Resources\u201d below. Components of Our Results of Operations Operating Expenses Research and Development Expenses Research and development expenses consist primarily of costs incurred in connection with the research and development of avexitide, AMX0035, AMX0114, AMX0318 and other potential future product candidates. We expense research and development costs as incurred. These expenses include: \u2022 expenses incurred under agreements with CROs, CMOs, as well as investigative sites and consultants that conduct our clinical trials, preclinical studies and other scientific development services; \u2022 manufacturing scale-up expenses and the cost of acquiring and manufacturing drug product for our preclinical studies and clinical trials, including manufacturing registration and validation batches, as well as pre-commercial manufacturing activities; \u2022 expenses to acquire technologies to be used in research and development; \u2022 employee-related expenses, including salaries, payroll taxes, related benefits and stock-based compensation expense for employees engaged in research and development functions; and \u2022 costs related to compliance with quality and regulatory requirements. Advance payments that we make for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. Such amounts are recognized as an expense as the goods are delivered or the related services are performed, or until it is no longer expected that the goods will be delivered, or the services rendered. Certain of our indirect research and development expenses are not tracked on an indication-by-indication basis. We do not allocate employee costs and facilities, including depreciation or other indirect costs, to specific indications because these costs are deployed across multiple indications and, as such, are not separately classified. We use internal resources to oversee the research and discovery as well as to manage our preclinical development, process development, manufacturing and clinical development Item 1. Business. Overview Amylyx Pharmaceuticals, Inc. (also referred to as Amylyx, we, our or us) is a clinical-stage pharmaceutical company with a mission to develop and advance novel therapies for communities with high unmet medical needs. We have preclinical and clinical development programs underway in endocrine conditions and neurodegenerative diseases. We are advancing a pipeline in which we have matched investigational therapies with diseases for which we believe these therapies can make the greatest impact, based on well-defined mechanistic rationales, clear clinical outcomes and biomarkers, and rigorous preclinical data, agnostic of modality. Our current pipeline is represented in the table below. Our lead investigational asset is avexitide, a first-in-class glucagon-like peptide-1, or GLP-1, receptor antagonist. Avexitide has been evaluated as a treatment for PBH and congenital hyperinsulinism, or Congenital HI, two indications characterized by hyperinsulinemic hypoglycemia. The U.S. Food and Drug Administration, or the FDA, has granted avexitide Breakthrough Therapy Designation for both PBH and HI, Rare Pediatric Disease Designation in Congenital HI, and Orphan Drug Designation for the treatment of hyperinsulinemic hypoglycemia. Post-bariatric hypoglycemia (PBH) is a condition that is estimated to affect approximately 8% of people in the U.S. who have undergone the two most common types of bariatric surgery, sleeve gastrectomy and Roux-en-Y gastric bypass (approximately 160,000 people in the U.S.). PBH is thought to be caused by an excessive glucagon-like peptide-1 (GLP-1) response leading to hypoglycemia and impaired quality of life. PBH can cause debilitating hypoglycemic events associated with inadequate supply of glucose to the brain, known as neuroglycopenia. Clinical manifestations can include impaired cognition, loss of consciousness, and seizures. PBH is also associated with a high degree of disability that can result in major disruptions to Item 1A. Risk Factors. Careful consideration should be given to the following risk factors, in addition to the other information set forth in this Annual Report and in other documents that we file with the SEC, in evaluating our business and our prospects. Investing in our common stock involves a high degree of risk. If", "title": "AMLX - Amylyx Pharmaceuticals, Inc.", "url": "/company/AMLX/" }, { "kind": "company", "summary": "SIC 8200 Services-Educational Services; CIK 0001286613; latest 10-K filed 2026-03-02.", "text": "LINC - LINCOLN EDUCATIONAL SERVICES CORP SIC 8200 Services-Educational Services; CIK 0001286613; latest 10-K filed 2026-03-02. LINC LINCOLN EDUCATIONAL SERVICES CORP 0001286613 8200 Services-Educational Services ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion together with the \u201cForward-Looking Statements\u201d and the Consolidated Financial Statements and the related notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that are based on management\u2019s current expectations, estimates and projections about our business and operations. Our actual results may differ materially from those currently anticipated and expressed in such forward-looking statements as a result of a number of factors, including those we discuss under \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d and elsewhere in this Annual Report on Form 10-K. The following generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussion of historical items and year-to-year comparisons between 2024 and 2023 that are not included in this discussion can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024. GENERAL Business Activities\u2014 Lincoln Educational Services Corporation and its subsidiaries (collectively, the \u201cCompany\u201d, \u201cwe\u201d, \u201cour\u201d, and \u201cus\u201d, as applicable) provide diversified career-oriented postsecondary education to recent high school graduates and working adults. The Company, which currently operates 22 campuses in 12 states, has entered into leases for two new campuses: one in Hicksville, New York, with programs expected to begin by the end of 2026, and one in Rowlett, Texas, a northern suburb of Dallas, where the lease commenced in the fourth quarter of 2025, and programs are expected to begin in the first quarter of 2027. The Company offers programs in skilled trades, automotive, health sciences and information technology. The schools operate under the brands Lincoln Technical Institute, Lincoln College of Technology and Nashville Auto Diesel College. Most of the Company\u2019s campuses serve major metropolitan markets and each typically offers courses in multiple areas of study. Five of our campuses are destination schools, which attract students from across the United States and, in some cases, from abroad. The Company\u2019s other campuses primarily attract students from their local communities and surrounding areas. All of our campuses are nationally accredited and are eligible to participate in federal financial aid programs administered by the U.S. Department of Education (the \u201cDOE\u201d) and applicable state education agencies and accrediting commissions which allow students to apply for and access federal student loans as well as other forms of financial aid. The Company was incorporated in New Jersey in 2003 as the successor-in-interest to various acquired schools including Lincoln Technical Institute, Inc. which opened its first campus in Newark, New Jersey in 1946. The Company\u2019s business is organized into two reportable business segments: Campus Operations and Transitional. The Company manages its business, evaluates performance and allocates resources based on these reportable business segments. Campus Operations - The Campus Operations segment includes campuses that are continuing in operation and contribute to the Company\u2019s core operations and performance. All of our campuses continuing in operation are classified in this segment. All of our campuses offer programs across various areas of study. Transitional \u2013 Historically, the Company classified certain campuses as part of a Transitional segment when such campuses were marked for closure, held for sale, or taught out. As of December 31, 2025, the Company had no campuses classified as Transitional. As of December 31, 2024, the net assets for the Summerlin, Las Vegas campus were classified as held for sale, with operating results classified within the Transitional segment. The sale of the Summerlin campus was con BUSINESS Overview Business Activities\u2014 Lincoln Educational Services Corporation and its subsidiaries (collectively, the \u201cCompany\u201d, \u201cwe\u201d, \u201cour\u201d, and \u201cus\u201d, as applicable) provide diversified career-oriented postsecondary education to recent high school graduates and working adults. The Company, which currently operates 22 campuses in 12 states, has entered into leases for two new campuses: one in Hicksville, New York, where programs are expected to begin by the end of 2026, and one in Rowlett, Texas, a northern suburb of Dallas, where the lease commenced in the fourth quarter of 2025, and programs are expected to begin in the first quarter of 2027. The Company offers programs in skilled trades, automotive, health sciences and information technology. The schools operate under the brands Lincoln Technical Institute, Lincoln College of Technology and Nashville Auto Diesel College. Most of the Company\u2019s campuses serve major metropolitan markets and each typically offers courses in multiple areas of study. Five of our campuses are destination schools, which attract students from across the United States and, in some cases, from abroad. The Company\u2019s other campuses primarily attract students from their local communities and surrounding areas. All of our campuses are nationally accredited and are eligible to participate in federal financial aid programs administered by the U.S. Department of Education (the \u201cDOE\u201d) and applicable state education agencies and accrediting commissions which allow students to apply for and access federal student loans as well as other forms of financial aid. The Company was incorporated in New Jersey in 2003 as the successor-in-interest to various acquired schools including Lincoln Technical Institute, Inc. which opened its first campus in Newark, New Jersey in 1946. As of December 31, 2025, we had 17,046 students enrolled at 22 campuses. Our average enrollment for the fiscal year ended December 31, 2025 was 16,622 students and our annual reve", "title": "LINC - LINCOLN EDUCATIONAL SERVICES CORP", "url": "/company/LINC/" }, { "kind": "company", "summary": "SIC 8011 Services-Offices & Clinics of Doctors of Medicine; CIK 0001477449; latest 10-K filed 2026-02-26.", "text": "TDOC - Teladoc Health, Inc. SIC 8011 Services-Offices & Clinics of Doctors of Medicine; CIK 0001477449; latest 10-K filed 2026-02-26. TDOC Teladoc Health, Inc. 0001477449 8011 Services-Offices & Clinics of Doctors of Medicine Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Discussion and analysis of our fiscal year 2023, as well as the year-over-year comparison of our 2024 financial performance to 2023, have been omitted from this section and may be found under the heading \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 that was filed with the SEC on February 27, 2025. Overview Teladoc, Inc. was incorporated in the State of Texas in June 2002 and changed its state of incorporation to the State of Delaware in October 2008. Effective August 10, 2018, Teladoc, Inc. changed its corporate name to Teladoc Health, Inc. Unless the context otherwise requires, Teladoc Health, Inc., together with its subsidiaries, is referred to herein as \u201cTeladoc Health,\u201d the \u201cCompany,\u201d or \u201cwe.\u201d In June 2025, the Company relocated its principal executive office from Purchase, New York to New York, New York. Teladoc Health is the global leader in virtual care. More than 20 years ago, we were founded on a simple, yet revolutionary idea: that everyone should have access to the best healthcare, anywhere in the world on their terms. Our mission is to empower all people everywhere to live their healthiest lives by transforming the healthcare experience. Today, we are transforming virtual care into a catalyst for how better health happens around the world. We connect patients, care providers, healthcare platforms and partners to provide more complete and personalized care. Through our unique technology, breadth of services and depth of clinical expertise, we are delivering and orchestrating care in order to improve health outcomes and reduce healthcare costs around the world. The impact that the imposition of tariffs and changes to global trade policies will have on our consolidated results of operations is uncertain. We expect tariffs on goods imported into the U.S. from Canada, Mexico, and China, and other countries upon which tariffs may be imposed, to continue to be met with retaliatory tariffs from those countries which would impact our consolidated results of operations as we import components for assembling welcome kits, refill kits, and replacement components for our chronic care management solutions and virtual care devices manufactured for sale or lease as part of our hosted virtual care platform solution. The extent and duration of tariffs and the resulting impact on macroeconomic conditions and on our business are uncertain and may depend on various factors, including negotiations between the U.S. and affected countries, retaliation imposed by other countries, tariff exemptions, negative sentiment toward U.S. companies and products, and availability of lower cost inputs that may be sourced domestically or in other countries with no or lower tariffs. We will continue to evaluate the nature and extent of the impact to our business and consolidated results of operations. For further information, see \u201cRisk Factors\u2014We depend on a limited number of third-party suppliers for certain components of our medical devices, and the loss of any of these suppliers, or their inability to provide us with an adequate supply of materials, could harm our business,\u201d and \u201c\u2014Our international operations pose certain political, legal and compliance, operational, regulatory, economic, and other risks to our business that may be different from or more significant than risks associated with our domestic operations, and our exposure to these risks is expected to increase\u201d included elsewhere in this Annual Report on Form 10-K. Key Factors Affecting Our Performance We believe that our future performance will depend on many factors, including the following: As it relates to the Integrated Care segment: Number of U.S. Integrated Care Members. U.S. Integrated Care members represent the number of unique individuals who have paid ac Item 1. Business Overview Teladoc Health is the global leader in virtual care. More than 20 years ago, we were founded on a simple, yet revolutionary idea: that everyone should have access to the best healthcare, anywhere in the world on their terms. Our mission is to empower all people everywhere to live their healthiest lives by transforming the healthcare experience. Today, we are transforming virtual care into a catalyst for how better health happens around the world. We connect patients, care providers, healthcare platforms and partners to provide more complete and personalized care. Through our unique technology, breadth of services and depth of clinical expertise, we are delivering and orchestrating care in order to improve health outcomes and reduce healthcare costs around the world. We are equipping care teams to perform at their highest caliber, providing effective care and support that addresses and resolves comprehensive health needs\u2014 physical and mental, simple and complex, urgent and ongoing. By applying the power of technology and insights from millions of health interactions, we are guiding targeted health actions and elevating healthcare experiences to make moments of care more impactful. We work with health plans, employers, health systems, and partners around the world, giving us visibility into best practices and health journeys that enable us to drive impact at scale. We offer a portfolio of services and solutions, bolstered by technology, artificial intelligence (\u201cAI\u201d), machine learning and human expertise to provide an effective care experience that people value and trust. By combining the latest in data science and analytics with a personalized user experience through a set of highly flexible integrated technology platforms, we completed 17.1 million telehealth visits in 2025 through our business-to-business (\u201cB2B\u201d) and direct-to-consumer (\u201cD2C\u201d) channels. We provide access to healthcare 24 hours a day, 7 days a week, and 365 days a year. Item 1A. Risk Factors Our business, financial and operating results are subject to many significant risks and uncertainties, as described below. The following is a summary of the material risks known to us. Additional risks and uncertainties that we are unaware of, or that we currently be", "title": "TDOC - Teladoc Health, Inc.", "url": "/company/TDOC/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001806310; latest 10-K filed 2026-03-19.", "text": "TSHA - Taysha Gene Therapies, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001806310; latest 10-K filed 2026-03-19. TSHA Taysha Gene Therapies, Inc. 0001806310 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes. Overview We are a clinical-stage biotechnology company focused on advancing AAV-based gene therapies for the treatment of severe monogenic diseases of the central nervous system, or CNS. Our lead clinical program TSHA-102 is in development for the treatment of Rett syndrome, a rare neurodevelopmental disorder with no approved disease-modifying therapies that address the genetic root cause of the disease. With a singular focus on developing transformative medicines, we aim to address severe unmet medical needs and dramatically improve the lives of patients and their caregivers. Our management team has proven experience in gene therapy development and commercialization. We leverage this experience, our manufacturing process and a clinically and commercially proven AAV9 capsid in an effort to rapidly translate treatments from bench to bedside. We are evaluating TSHA-102 for the treatment of females with Rett syndrome in our REVEAL and ASPIRE clinical trials. The REVEAL Phase 1/2 Adolescent and Adult Trial, also known as Part A, is a first-in-human, open-label, randomized, dose-escalation and dose-expansion study evaluating the safety and preliminary efficacy of TSHA-102 as a single lumbar intrathecal administration in adolescent and adult females aged 12 years and older with Rett syndrome due to MECP2 loss-of-function mutation. The trial is taking place in Canada and the United States. A total of six participants aged 15 to 21 years were treated with TSHA-102 in this study, and enrollment for this trial is complete. Part A also includes the REVEAL Phase 1/2 Pediatric Trial, which is a first-in-human, open-label, randomized, dose-escalation and dose-expansion study evaluating the safety and preliminary efficacy of TSHA-102 as a single lumbar intrathecal administration in pediatric females aged 5 to 8 years with Rett syndrome due to MECP2 loss-of-function mutation. The trial is taking place in the United States and Canada. A total of six participants aged 6 to 8 years were treated with TSHA-102 in this study, and enrollment for this trial is also complete. We have completed dosing of the 12 patients in Part A of both REVEAL trials, which includes eight patients in cohort two (high dose, 1x1015 total vg) and four patients in cohort one (low dose, 5.7x1014 total vg). We reported positive clinical data in May 2025, demonstrating that all patients gained or regained one or more developmental milestone across communication, fine motor and gross motor function following administration of TSHA-102 as of the May 19, 2025, data cutoff. Patients also showed improvements across multiple standardized Rett syndrome assessments. There have been no treatment-related serious adverse events or dose-limiting toxicities across the 12 patients treated with TSHA-102 as of the March 2026 data cutoff. An update on longer-term safety and efficacy data from the Part A REVEAL Phase 1/2 trials is expected in the second quarter of 2026. The TSHA-102 clinical development program is designed to support the potential future approval of TSHA-102 for a broad population of patients aged 2 years and older with Rett syndrome through an efficient and rigorously designed pathway. In close collaboration with the FDA, Taysha designed the TSHA-102 pivotal program so that efficacy data from the REVEAL pivotal trial in participants aged 6 to 22 years who have reached developmental plateau can be used to represent patients aged 2 to 6 years, while safety data in younger children are generated through the separate ASPIRE trial to support the potential for a broad label for TSHA-102. The REVEAL pivotal trial, also known as Part B, is a single-arm, open-label study evaluating the efficacy and safe Item 1. Business. Overview We are a clinical-stage biotechnology company focused on advancing AAV-based gene therapies for the treatment of severe monogenic diseases of the central nervous system, or CNS. Our lead clinical program TSHA-102 is in development for the treatment of Rett syndrome, a rare neurodevelopmental disorder with no approved disease-modifying therapies that address the genetic root cause of the disease. With a singular focus on developing transformative medicines, we aim to address severe unmet medical needs and dramatically improve the lives of patients and their caregivers. Our management team has proven experience in gene therapy development and commercialization. We leverage this experience, our manufacturing process and a clinically and commercially proven AAV9 capsid in an effort to rapidly translate treatments from bench to bedside. We are evaluating TSHA-102 for the treatment of females with Rett syndrome in our REVEAL and ASPIRE clinical trials. The REVEAL Phase 1/2 Adolescent and Adult Trial, also known as Part A, is a first-in-human, open-label, randomized, dose-escalation and dose-expansion study evaluating the safety and preliminary efficacy of TSHA-102 as a single lumbar intrathecal administration in adolescent and adult females aged 12 years and older with Rett syndrome due to MECP2 loss-of-function mutation. The trial is taking place in Canada and the United States. A total of six participants aged 15 to 21 years were treated with TSHA-102 in this study, and enrollment for this trial is complete. Part A also includes the REVEAL Phase 1/2 Pediatric Trial, which is a first-in-human, open-label, randomized, dose-escalation and dose-expansion study evaluating the safety and preliminary efficacy of TSHA-102 as a single lumbar intrathecal administration in pediatric females aged 5 to 8 years with Rett syndrome due to MECP2 loss-of-function mutation. The trial is taking place in the United States and Canada. A total of six participant Item 1A. Risk Factors. The following information sets forth risk factors that could cause our actual results to differ materially from those contained in forward-looking statements we have made in this Annual Report on Form 10-K and those we may make from time to time. You ", "title": "TSHA - Taysha Gene Therapies, Inc.", "url": "/company/TSHA/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001522540; latest 10-K filed 2026-02-24.", "text": "MQ - Marqeta, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001522540; latest 10-K filed 2026-02-24. MQ Marqeta, Inc. 0001522540 7372 Services-Prepackaged Software Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. As discussed in the section titled \u201cNote About Forward Looking Statements,\u201d our actual results may differ materially from those discussed in these forward-looking statements as a result of various factors, including those set forth under the section titled \u201cRisk Factors\u201d under Part I, Item 1A. You should read the following discussion and analysis of our financial condition and results of operations together with our Audited Consolidated Financial Statements and the related notes included elsewhere in this Annual Report on Form 10-K. A discussion regarding our liquidity, financial condition, and results of operations for the fiscal year ended December 31, 2025 compared to the fiscal year ended December 31, 2024 is presented below. A discussion regarding our liquidity, financial condition, and results of operations for the fiscal year ended December 31, 2024 compared to the fiscal year ended December 31, 2023 can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 26, 2025, which is hereby incorporated by reference. Overview Marqeta\u2019s mission is modernizing financial services by making the entire payment experience native and delightful. Marqeta\u2019s modern platform empowers our customers to create customized and innovative payment card programs with configurability and flexibility. Marqeta\u2019s open APIs provide instant access to highly scalable, cloud-based payment infrastructure that enables customers to embed the payments experience into apps or websites for a personalized user experience. Customers can launch and manage their own card programs, issue cards, and authorize and settle payment transactions quickly using our platform. We also deliver robust bank, network, and card program management and value added services, allowing our customers to embed Marqeta in their offering without having to build certain complex compliance elements or customer support services. Marqeta\u2019s innovative products are developed with deep domain expertise and a customer-first mindset to launch, scale, and manage card programs. Marqeta provides the following offerings based on a customer\u2019s desired level of control and responsibility: \u2022Processing: Marqeta provides all of its customers with issuer processor services as our core offering. Payment processing provides customers with access to the Marqeta dashboard via our APIs and webhooks, our JIT Funding feature, and assists with certain configuration elements that enable customers to use the platform independently. \u2022Bank and Network Management: Marqeta provides a service option to connect customers to an Issuing Bank partner to act as the BIN sponsor for the customer\u2019s card program, define and manage a number of the primary tasks related to launching a card program, and can provide a full range of services including configuring many of the critical resources required by a customer\u2019s production environment and managing the applicable regulations and the Issuing Bank. In addition, Marqeta provides another service offering to manage compliance with applicable Card Network rules. \u2022Program Management: Marqeta provides additional program management services that are required as part of a card program, including chargebacks and dispute resolution, reconciliation, and card fulfillment. \u2022Value Added Services: Marqeta provides value added services that provide a more seamless experience for our customers, which include tokenization, real-time decisioning and fraud management, digital banking, and other customer experience services. See the section titled \u201cBusiness\u201d under Part I, Item 1 of this Annual Report on Form 10- ITEM 1. BUSINESS Our Business Marqeta\u2019s mission is modernizing financial services by making the entire payment experience native and delightful. Marqeta\u2019s modern platform empowers our customers to create customized and innovative payment card programs, giving them configurability and flexibility. When our customers come to us to build a payments solution, they are not just building a card, they are building a payments experience. Our platform encompasses debit, prepaid, and credit programs, and provides banking and money movement, risk management, and rewards products. We deliver a scaled solution to our customers to maximize the benefit of their card programs while also providing the tech layer that bridges the bank and the customer. Marqeta\u2019s open APIs provide instant access to a highly scalable, cloud-based payment infrastructure that enables customers to embed the payments experience into apps or websites for a personalized user experience. Customers can launch and manage their own card programs, issue cards, and authorize and settle payment transactions quickly using our platform. We also deliver robust card program management, allowing our customers to embed Marqeta in their offering without having to build certain complex elements or customer support services. Our customers can focus on their areas of expertise, with more control over their card programs, while we manage the complexity of running the card programs with Issuing Banks and Card Networks (each as defined below). In the years ended December 31, 2025, 2024, and 2023, total processing volume (\u201cTPV\u201d) on the Marqeta Platform was $382.5 billion, $291.1 billion, and $222.3 billion, respectively, which reflected year-over-year growth of 31% and 31%, respectively. TPV is the total dollar amount of payments processed through the Marqeta platform, net of returns and chargebacks. See \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d for a more detailed discussion of Item 1A. Risk Factors Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K and our Consolidated Financial Statements and the related notes and the section titled \u201cManagement\u2019s", "title": "MQ - Marqeta, Inc.", "url": "/company/MQ/" }, { "kind": "company", "summary": "SIC 8090 Services-Misc Health & Allied Services, NEC; CIK 0001831097; latest 10-K filed 2026-02-25.", "text": "AGL - agilon health, inc. SIC 8090 Services-Misc Health & Allied Services, NEC; CIK 0001831097; latest 10-K filed 2026-02-25. AGL agilon health, inc. 0001831097 8090 Services-Misc Health & Allied Services, NEC ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The information set forth in this Item 7 is intended to provide readers with an understanding of our financial condition, changes in financial condition and results of operations. We will discuss and provide our analysis in the following order: \u2022Overview and Recent Developments \u2022Key Financial and Operating Metrics \u2022Key Components of Our Results of Operations \u2022Results of Operations \u2022Non-GAAP Financial Measures \u2022Liquidity and Capital Resources \u2022Critical Accounting Estimates \u2022Recent Accounting Pronouncements Overview and Recent Developments Our business is transforming healthcare by empowering the PCP to be the agent for change in the communities they serve. We believe that PCPs, with their intimate patient-physician relationships, are best positioned to drive meaningful change in quality, cost, and patient experience when provided with the right infrastructure and payment model. Through our combination of the agilon platform, a long-term partnership model with existing physician groups and a growing network of like-minded physicians, we believe we are poised to revolutionize healthcare for seniors across communities throughout the United States. We believe our purpose-built model provides the necessary capabilities, capital and business model for existing physician groups to create a Medicare-centric, globally capitated line of business. Our model operates by forming RBEs within local geographies, that enter into arrangements with payors providing for monthly or quarterly payments to manage the total healthcare needs of our physician partners\u2019 attributed patients (or, global capitation arrangements). The RBEs also contract with agilon to perform certain functions and enter into long-term professional service agreements with one or more anchor physician groups pursuant to which the anchor physician groups receive a base compensation rate and share in the savings from successfully improving quality of care and reducing costs. Our business model is differentiated by its focus on existing community-based physician groups and is built around three key elements: (1) agilon\u2019s platform; (2) agilon\u2019s long-term physician partnership model; and (3) agilon\u2019s network. With our model, our goal is to remove the barriers that prevent community-based physicians from evolving to a Total Care Model, where the physician is empowered to manage health outcomes and the total healthcare needs of their attributed Medicare patients. 2025 Results: \u2022MA members of approximately 511,000 as of December 31, 2025 decreased 3% from 2024. \u2022The CMS ACO Models attributed beneficiaries of approximately 114,000 as of December 31, 2025 decreased 13% from 2024. \u2022Total revenue of $5.93 billion decreased 2% from 2024. \u2022Gross loss of $160.0 million, compared to gross profit of $4.8 million in 2024. \u2022Medical margin was negative $56.6 million, compared to earnings of $205.2 million in 2024. \u2022Net loss of $391.3 million, compared to net loss of $260.1 million in 2024. \u2022Adjusted EBITDA loss of $296.2 million, compared to Adjusted EBITDA loss of $154.2 million in 2024. Platform Membership Details MA members decreased 3% during 2025, which was primarily attributable to partnership exits during 2024. Total members live on the agilon platform include 511,000 MA members and 114,000 attributed CMS ACO Models beneficiaries. Average MA membership during 2025 was approximately 510,000. 58 Table of Contents Reverse Stock Split On February 6, 2026, we filed a preliminary proxy statement indicating our intent to seek stockholder approval at a special meeting of stockholders to be held on March 17, 2026 for the purpose of seeking: (i) an amendment to our Amended and Restated Certificate of Incorporation to effect a reverse stock split of our common stock at a ratio of one-for-five to one-for-twenty-five, with the exact ratio to be set within this range by the Board in its ITEM 1. Business Overview Our business is transforming healthcare by empowering the primary care physicians (\u201cPCP\u201d) to be the agents for change in the communities they serve. We believe that PCPs, with their intimate patient-physician relationships, are best positioned to drive meaningful change in quality, cost and patient experience when provided with the right infrastructure and payment model. Through our combination of the agilon platform, a long-term partnership model with existing physician groups and a growing network of like-minded physicians, we believe we are poised to revolutionize healthcare for seniors across communities throughout the United States (\u201cU.S.\u201d). We believe our purpose-built model provides the necessary capabilities, capital and business model for existing physician groups to create a Medicare-centric, globally capitated line of business. Our model operates by primarily forming risk-bearing entities (\u201cRBEs\u201d) within local geographies, that enter into arrangements with payors providing for monthly payments to manage the total healthcare needs of our physician partners\u2019 attributed patients (or global capitation arrangements). The RBEs also contract with agilon to perform certain functions and enter into long-term professional service agreements with one or more anchor physician groups pursuant to which the anchor physician groups receive a base compensation rate and share in the savings from successfully improving quality of care and reducing costs. Our company was formed in 2016, and we established our inaugural partnership with an anchor physician group in 2017. Our ability to rapidly build scaled positions in local communities has allowed us to grow to 28 anchor physician groups and 30 geographies as of December 31, 2025. As of December 31, 2025, the PCPs on our platform serve approximately 511,000 MA members and 114,000 Medicare fee-for-service (\u201cFFS\u201d) beneficiaries through nine Accountable Care Organizations (\u201cACOs\u201d) through our partic ITEM 1A. Risk Factors Summary Risk Factors. Our business is subject to a number of risks, including risks that may prevent us from achieving our business objectives or may adversely affect our business, financial condition, cash flows, and results of operations that you should consider before making a decision to in", "title": "AGL - agilon health, inc.", "url": "/company/AGL/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001323885; latest 10-K filed 2026-02-19.", "text": "ATRC - AtriCure, Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001323885; latest 10-K filed 2026-02-19. ATRC AtriCure, Inc. 0001323885 3841 Surgical & Medical Instruments & Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollar and share amounts referenced in this Item 7 are in thousands, except per share amounts.) The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying Consolidated Financial Statements and notes thereto contained in Item 8, \u201cFinancial Statements and Supplementary Data,\u201d to provide an understanding of our results of operations, financial condition and cash flows. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. The actual results may differ from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those set forth under Item 1A \u201cRisk Factors,\u201d the cautionary statement regarding forward-looking statements at the beginning of Part I and elsewhere in this Form 10-K. Year Ended December 31, 2024 compared to December 31, 2023 For a comparison of our results of operations for the years ended December 31, 2024 and December 31, 2023, see \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 14, 2025. Overview We are a leading innovator in treatments for atrial fibrillation, left atrial appendage management and post-operative pain management. Our ablation and left atrial appendage management products are used by physicians during both open-heart and minimally invasive surgical procedures. In open-heart procedures, the physician performs heart surgery for other conditions, and our products are used in conjunction with (or \u201cconcomitant\u201d to) such a procedure. Minimally invasive procedures are performed on a standalone basis, and often include multi-disciplinary or \u201chybrid\u201d approaches, combining surgical procedures using AtriCure ablation and LAAM products with catheter ablation procedures performed by electrophysiologists. Our pain management devices are used by physicians to ablate peripheral nerves, providing pain relief in cardiac, thoracic and amputation procedures. We anticipate that substantially all of our revenue for the foreseeable future will relate to products we currently sell or are in the process of developing. We sell our products to medical centers through our direct sales force in the United States, Germany, France, the United Kingdom, the Benelux region, Australia and Canada. We also sell our products to distributors who in turn sell our products to medical centers in other markets. Our business is primarily transacted in U.S. Dollars; direct international sales transactions are transacted in Euros, British Pounds, Australian Dollars or Canadian Dollars. In 2025, we realized global revenue growth resulting from our strategic initiatives of product innovation, clinical science and physician education and training to expand awareness and adoption. Our worldwide revenues for the year ended December 31, 2025 of $534,528 increased by 14.9% over the prior year, driven by expanding adoption of our pain management, open ablation and appendage management product lines. Our recent product launches, including our cryoSPHERE MAX probe, AtriClip FLEX-Mini device and EnCompass clamp meaningfully contributed to our growth in 2025. There are limited competitors in our key markets; however, new entrants are developing and marketing competing products, procedures, and/or clinical solutions that may cause variability in our results. Highlights of the strategic and operational advancements in 2025 include: PRODUCT INNOVATION. We continue to invest in research and development of new products and pursue regulatory approvals to market and sell globally across a ITEM 1. BUSINESS Overview We are a leading innovator in surgical treatments and therapies for atrial fibrillation (Afib or AF), left atrial appendage (LAA) management and post-operative pain management. Afib is an irregular heartbeat, or arrhythmia, which affects over 59 million people worldwide and is a growing epidemic. It is the most common cardiac arrhythmia encountered in clinical practice and results in high utilization of healthcare services and significant cost burden. Patients often progress from being in Afib intermittently (paroxysmal) to being in Afib continuously (non-paroxysmal). The continuous Afib patient population includes early persistent Afib, which lasts seven days to six months, persistent Afib, which lasts six months to one year, and long-standing persistent Afib, which lasts longer than one year. It is estimated that over four million people in the United States currently suffer from long-standing persistent Afib. Afib often occurs in conjunction with other cardiovascular diseases, including hypertension, congestive heart failure, left ventricular dysfunction, coronary artery disease and valvular disease. Our cardiac ablation and left atrial appendage management (LAAM) products are used by physicians during open-heart and minimally invasive surgical procedures. In open-heart procedures, the patient is undergoing heart surgery for other conditions, such as a mitral or aortic valve repair or a coronary artery bypass, and our products are used by physicians in conjunction with (\u201cconcomitant\u201d to) such a procedure. Minimally invasive procedures are performed on a standalone basis, and often include multi-disciplinary or \u201chybrid\u201d approaches, combining surgical procedures using our ablation and LAAM products with catheter ablation performed by an electrophysiologist. Our pain management solutions are used by physicians to freeze nerves during cardiac, thoracic or amputation surgical procedures. Recovery from these surgeries can be complicated an ITEM 1A. RISK FACTORS The following discussion of risk factors contains forward-looking statements. These risk factors may be important to understanding other statements in this report. The following information should be carefully considered in addition to the other information set forth in this report, includ", "title": "ATRC - AtriCure, Inc.", "url": "/company/ATRC/" }, { "kind": "company", "summary": "SIC 3460 Metal Forgings & Stampings; CIK 0000842633; latest 10-K filed 2026-03-02.", "text": "TRS - TRIMAS CORP SIC 3460 Metal Forgings & Stampings; CIK 0000842633; latest 10-K filed 2026-03-02. TRS TRIMAS CORP 0000842633 3460 Metal Forgings & Stampings Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The statements in the discussion and analysis regarding industry outlook, our expectations regarding the performance of our business and the other non-historical statements in the discussion and analysis are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in Item 1A \"Risk Factors.\" Our actual results may differ materially from those contained in or implied by any forward-looking statements. You should read the following discussion together with Item 8, \"Financial Statements and Supplementary Data.\" Introduction TriMas designs, develops and manufactures a diverse set of products primarily for the consumer products and industrial markets through its TriMas Packaging and Specialty Products groups. Our wide range of innovative products are designed and engineered to solve application-specific challenges that our customers face. We believe our businesses share important and distinguishing characteristics, including: innovative product technologies and features; a high-degree of customer approved processes and qualifications; established distribution networks; modest capital investment requirements; strong cash flow conversion and long-term growth opportunities. While the majority of our revenue is in the United States, we manufacture and supply products globally to a wide range of companies. We are principally engaged in two reportable segments: Packaging and Specialty Products. On November 4, 2025, we entered into an Equity Purchase Agreement (the \u201cPurchase Agreement\u201d) with Takeoff Buyer, Inc. (the \u201cPurchaser\u201d), an affiliate of Tinicum L.P. and funds managed by Blackstone, Inc., to sell TriMas Aerospace. The purchase price for the sale of TriMas Aerospace consists of approximately $1.45 billion in cash, subject to customary adjustments. The sale of TriMas Aerospace is expected to close in the first quarter of 2026, subject to the satisfaction or waiver of customary and other closing conditions. The financial results of our Aerospace business were previously reported within our Aerospace reportable segment, and are presented as assets held for sale in our consolidated balance sheet and as discontinued operations in our consolidated statement of income for all periods presented in the financial statements. Key Factors Affecting Our Reported Results Demand for the products our businesses produce and results of operations depend upon general economic conditions. We serve customers in industries that are highly competitive and that may be significantly impacted by changes in economic or geopolitical conditions. Our results of operations have been materially impacted over the past few years by macro-economic factors, most recently by cost inflation (raw materials, wage rates and freight) and a lack of material, and in certain regions, skilled labor availability. Additionally, during 2025, the U.S. government altered its approach to international trade policy and announced baseline tariffs on products from all countries and additional individualized reciprocal tariffs on the countries with which the United States has the largest trade deficits, including China. This change in international trade policy has also created uncertainty with respect to future tariffs, including any retaliatory tariffs imposed by other countries, or other potential governmental actions. These factors have affected each of our businesses and how we operate, albeit in different ways and magnitudes. The current tariffs, predominately those imposed on China-based imports, have increased the costs of certain products sourced from non-U.S. countries. Sales of certain of our products for industrial applications, for example steel cylinders for packaged gas applications, have experienced volatility in demand related to customers securi Item 1. Business Overview TriMas designs, develops and manufactures a diverse portfolio of products primarily for the consumer products, aerospace and defense, and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. We believe our businesses share important attributes, including: innovative product technologies and features; customer-approved processes and qualified products; demonstrated operating discipline; strong cash generation; long-term growth opportunities; and a commitment to sustainability. Headquartered in Bloomfield Hills, Michigan, TriMas, including our Aerospace operations, has approximately 3,700 employees who serve our customers from 37 manufacturing and support locations in 13 countries. On November 4, 2025, we entered into an Equity Purchase Agreement (the \u201cPurchase Agreement\u201d) with Takeoff Buyer, Inc. (the \u201cPurchaser\u201d), an affiliate of Tinicum L.P. and funds managed by Blackstone, Inc., to sell TriMas Aerospace. The purchase price for the sale of TriMas Aerospace consists of approximately $1.45 billion in cash, subject to customary adjustments. The sale of TriMas Aerospace is expected to close in the first quarter of 2026, subject to the satisfaction or waiver of customary and other closing conditions. As a result, the financial results of our Aerospace segment are presented as a discontinued operation and the assets and liabilities have been retrospectively reclassified to assets and liabilities held for sale for all periods presented in the financial statements included in this Annual Report of Form 10-K During 2025, our net sales from continuing operations were $645.7 million, operating profit from continuing operations was $41.3 million, and net cash provided by operating activities was $117.5 million. Approximately 66% of our 2025 net sales from continuing operations were generated from sales in North America. Our Competitive Strengths Our management team believes TriMas benefits from a nu Item 1A. Risk Factors You should carefully consider each of the risks described below, together with information included elsewhere in this Annual Report on Form 10-K and other documents we file with the SEC. The risks and uncertainties described below are those that we have identified as material, but are not the only risks and uncertainties facing us. Alth", "title": "TRS - TRIMAS CORP", "url": "/company/TRS/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001667011; latest 10-K filed 2026-02-12.", "text": "AIP - Arteris, Inc. SIC 3674 Semiconductors & Related Devices; CIK 0001667011; latest 10-K filed 2026-02-12. AIP Arteris, Inc. 0001667011 3674 Semiconductors & Related Devices Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included under Part II, Item 8 in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements based upon current beliefs, plans and expectations that involve risks, uncertainties and assumptions, such as statements regarding our plans, objectives, expectations, intentions and projections. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under the heading \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. You should carefully read the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K to gain an understanding of the important factors that could cause actual results to differ materially from forward-looking statements. Please also see the section under the heading \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Unless the context otherwise requires, all references in this report to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany,\u201d and \u201cArteris\u201d refer to Arteris, Inc. and its subsidiaries. Overview We are a leading provider of semiconductor system IP, including interconnect and other intellectual property (collectively, System IP) technology. Our System IP technology manages on-chip communications and IP block deployments by helping to enable the underlying data movement across chiplets, single-die and multi-die System-on-Chip (SoC) semiconductors. Our leading proprietary System IP solutions achieve this by connecting various semiconductor IP blocks such as processors, memory and logic via multiple Network-on-Chips (NoCs) in order for our customers to meet functional design goals as well as performance and power requirements, while addressing design complexity with efficient and lower cost solutions. Our SoC Integration Automation software solutions, which were significantly enhanced by our acquisitions of Magillem Design Services S.A. (Magillem) in 2020, Semifore, Inc., (Semifore) in 2022 and Cycuity, Inc. (Cyuity) in 2026, complement our interconnect IP solutions by helping to automate not only the customer configuration of its NoC interconnect but also the process of integrating and assembling all of the customer\u2019s IP blocks into an SoC. Products incorporating our IP are used to carry most of the important data inside complex SoCs for sophisticated applications, including aerospace and defense, automotive, communications, consumer electronics, enterprise computing, and industrial markets. As of December 31, 2025, we had 299 employees and offices in eleven locations in the United States, France, China, South Korea, Japan, Taiwan and Poland. For the year ended December 31, 2025, we generated revenue of $70.6 million, net loss of $34.7 million and net loss per share, basic and diluted of $0.82. As of December 31, 2025, we had Annual Contract Value (as defined below) and Annual Contract Value plus royalties of $77.0 million and $83.6 million, respectively. During the year ended December 31, 2025, our customers had 83 Confirmed Design Starts (as defined below). Acquisitions On January 14, 2026, we completed the acquisition of Cycuity. Under the terms of the purchase agreement, we are obligated to pay an aggregate consideration up to $45.0 million, which includes $13.5 million in cash upon closing, $19.5 million in shares of our common stock upon closing and $12.0 million that is payable in shares of our common stock contingent upon Cycuity achieving certain specified booking milestones for the 2026 calendar year. On January 14, 2026, we completed the acquisition for which we paid $14.1 million in cash and issued 1.1 million shares of our common stock. The addit Item 1. Business Overview We are a leading provider of semiconductor system IP, including interconnect and other intellectual property (collectively, System IP) technology. Our System IP technology manages on-chip communications and IP block deployments by helping to enable the underlying data movement across chiplets, single-die and multi-die System-on-Chip (SoC) semiconductors. Our leading proprietary System IP solutions achieve this by connecting various semiconductor IP blocks such as processors, memory and logic via multiple Network-on-Chips (NoCs) in order for our customers to meet functional design goals as well as performance and power requirements, while addressing design complexity with efficient and lower cost solutions. Founded in 2003, we are among the pioneers in the development of NoC IP technology for on-chip communication that addresses the growing complexity, performance, and cost requirements of SoC semiconductors and as a result, we have emerged as a global leader. Over time, we have expanded and scaled our interconnect IP and other IP businesses to provide hardware, software, documentation, support, and training under a license, support and maintenance fee and a royalty business model, to companies that design and produce semiconductors. In addition, we are finding an increasing number of customers further down the supply chain, such as system-level companies and original equipment manufacturers (OEMs). Our SoC integration automation capabilities were significantly enhanced by our acquisitions of Magillem in 2020, Semifore in 2022 and Cycuity in 2026, complementing our interconnect IP solutions by helping to automate the customer configuration of its NoC IPs, the process of integrating and assembling all of the customer\u2019s IP blocks into SoC hardware, and ensuring correct hardware-software integration for software development. Products incorporating our IP are used to carry important data inside today\u2019s complex SoCs across a broad range of app Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. Before making your decision to invest in shares of our common stock, you should carefully consider and read carefully all of the risks described below, together with the other information contained in this report, including our financial statements ", "title": "AIP - Arteris, Inc.", "url": "/company/AIP/" }, { "kind": "company", "summary": "SIC 3825 Instruments For Meas & Testing of Electricity & Elec Signals; CIK 0000046129; latest 10-K filed 2026-03-05.", "text": "ALNT - ALLIENT INC SIC 3825 Instruments For Meas & Testing of Electricity & Elec Signals; CIK 0000046129; latest 10-K filed 2026-03-05. ALNT ALLIENT INC 0000046129 3825 Instruments For Meas & Testing of Electricity & Elec Signals Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Amounts presented in Item 7 are in thousands, except per share data. Overview We are a global company that designs, manufactures, and sells precision and specialty-controlled motion products and solutions used in a broad range of industries. Our target markets include Industrial, Vehicle, Medical, and Aerospace & Defense (A&D). We are headquartered in Amherst, NY, and have operations in the United States, Canada, Mexico, Europe, and Asia-Pacific. We are known worldwide for our expertise in electro-magnetic, mechanical, and electronic motion technology. We sell component and integrated controlled motion solutions to end customers and OEMs through our own direct sales force and authorized manufacturers\u2019 representatives and distributors. Our products include nano precision positioning systems, servo control systems, motion controllers, digital servo amplifiers and drives, brushless servo, torque, and coreless motors, brush motors, integrated motor-drives, gear motors, gearing, incremental and absolute optical encoders, active (electronic) and passive (magnetic) filters for power quality and harmonic issues, Industrial safety rated input/output Modules, Universal Industrial Communications Gateways, light-weighting technologies, and other controlled motion-related products. Financial Overview Highlights for our fiscal year ended December 31, 2025, include: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Revenue was $554,478 for 2025 compared with $529,968 in 2024. Strong results in the Industrial market was driven by increased demand in power quality solutions supporting data center infrastructure. This is partially offset by decreases in Vehicle due to reduced demand in power sports and truck applications. Sales to U.S. customers were 55% of total sales for each of 2025 and 2024, with the balance of sales to customers primarily in Europe, Canada and Asia-Pacific.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Gross profit was $181,709 for 2025, a 10% increase from $165,691 in 2024. As a percentage of revenue, gross margin increased 150 basis points to 32.8% in 2025 from 31.3% in 2024. Gross profit and gross margin percentage were impacted favorably by higher sales volume, improved product mix, and operational improvements driven by our Simplify to Accelerate NOW strategy.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Operating income was $43,985 for 2025 compared with $30,038 for 2024, or 7.9% and 5.7% of revenue in 2025 and 2024, respectively.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Net income was $22,034 for 2025, or $1.32 per diluted share, compared with $13,166, or $0.79 per diluted share, for 2024. Net income was 70% higher in 2025 compared to 2024, and earnings per diluted share increased by 70% as compared to 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Bookings were $550,864 for 2025 compared with $480,031 for 2024, an increase of 15%. Increases in bookings are primarily due to increasing demand at certain customers, primarily power quality solutions supporting data center infrastructure throughout 2025. Backlog as of December 31, 2025 was $232,925, an increase of 1% from $230,788 at year end 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Debt of $180,389, net of cash of $40,705, decreased by $48,391 to $139,684 at December 31, 2025 from debt of $224,177, net of cash of $36,102 of $188,075 at December 31, 2024, primarily as a result of payments made on debt from cash flows generated by operations.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"We declared and paid a dividend of $0.03 in each quarter of 2025 and 2024, pursuant to our quarterly dividend program. Dividends to shareholders for 2025 and 2024 were each $0.12 per share. The dividend payout ratio was 9% and 15% for 2025 and 2024, respectively when compared with the diluted earnings per share Item 1. Business. OVERVIEW We are a global company that designs, manufactures and sells precision and specialty controlled motion components and systems used in a broad range of industries. Our target markets include Industrial, Vehicle, Medical, and Aerospace & Defense (A&D). We are headquartered in Amherst, NY, and have global production operations and sell to markets across the United States, Canada, South America, Europe and Asia-Pacific. We are known worldwide for our expertise in electro-magnetic, mechanical and electronic motion technology. We sell component and integrated controlled motion solutions to end customers and OEMs through our own direct sales force and authorized manufacturers\u2019 representatives and distributors. Our products and solutions include nano precision positioning systems, servo control systems, motion controllers, digital servo amplifiers and drives, brushless servo, torque, and coreless motors, brush motors, integrated motor-drives, gear motors, gearing, incremental and absolute optical encoders, active (electronic) and passive (magnetic) filters for power quality and harmonic issues, Industrial safety rated input/output Modules, Universal Industrial Communications Gateways, light-weighting technologies, and other controlled motion-related products. Allient was established in 1962 under the laws of Colorado and operates in the United States, Canada, Mexico, Europe and Asia-Pacific. We are headquartered in Amherst, New York and the mailing address of our corporate headquarters is 495 Commerce Drive, Amherst, New York 14228. The telephone number at this location is (716) 242-8634. Our website is www.allient.com. We trade under the ticker symbol \u201cALNT\u201d on the NASDAQ exchange. The Company maintains a website at www.allient.com. We make available, free of charge on or through our website our annual reports on Form 10 K, quarterly reports on Form 10 Q, current reports on Form 8 K, and amendments to those reports as soon as reasonably prac Item 1A. Risk Factors \u200b In the ordinary course of our business, we face various strategic, operating, compliance and financial risks. These risks could have a material impact on our business, reputation, financial condition or results of operations. Our most significant risks are set f", "title": "ALNT - ALLIENT INC", "url": "/company/ALNT/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001390478; latest 10-K filed 2026-03-19.", "text": "SLS - SELLAS Life Sciences Group, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001390478; latest 10-K filed 2026-03-19. SLS SELLAS Life Sciences Group, Inc. 0001390478 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The purpose of this Management's Discussion and Analysis is to better allow our investors to understand and view our company from management's perspective. We are providing an overview of our business and strategy including a discussion of our financial condition and results of operations. You should read the following discussion in conjunction with the consolidated financial statements and the notes to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements within the meaning of federal securities laws. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contained in such forward-looking statements, including those discussed in the section \u201cRisk Factors\u201d in Part I \u2014 Item 1A of this Annual Report on Form 10-K. Overview We are a late-stage clinical biopharmaceutical company focused on the development of novel therapeutics for a broad range of cancer indications. Our product candidates currently include galinpepimut-S, or GPS, a peptide immunotherapy directed against the Wilms tumor 1, or WT1, antigen, and SLS009 (formerly GFH009), a highly selective small molecule cyclin-dependent kinase 9, or CDK9, inhibitor. Galinpepimut-S, or GPS: Highly Novel and Engineered Immunotherapy Targeting the WT1 Antigen Our lead product candidate, GPS, is a cancer immunotherapeutic agent licensed from Memorial Sloan Kettering Cancer Center, or MSK, that targets the WT1 protein, which is present in 20 or more cancer types. Based on its mechanism of action as a directly immunizing agent, GPS has potential as a monotherapy or in combination with other immunotherapeutic agents to address a broad spectrum of hematologic, or blood, cancers, and solid tumor indications. We have an ongoing open label randomized Phase 3 clinical trial, the REGAL study, for GPS monotherapy in patients with acute myeloid leukemia, or AML, in the maintenance setting after achievement of second complete remission, or CR2, following successful completion of second-line antileukemic therapy. Patients are randomized to receive either GPS or best available treatment, or BAT. We expect this study will be used as the basis for submission of a Biologics License Application, or BLA, subject to a statistically significant and clinically meaningful trial outcome and agreement with the U.S. Food and Drug Administration, or the FDA. The primary endpoint of the REGAL study is overall survival, or OS. We planned to enroll approximately 125 to 140 patients at approximately 95 clinical sites in North America, Europe and Asia with a planned interim safety, efficacy and futility analysis after 60 events (deaths). In March 2024, we announced the completion of enrollment. In December 2024, we announced that the pre-specified threshold of 60 events (deaths) per the protocol had been reached, triggering the interim analysis to be conducted by the Independent Data Monitoring Committee, or IDMC. In January 2025, we announced that the IDMC had completed pre-specified interim analysis of the REGAL study and had recommended that the study continue without modifications. The next and final analysis will be conducted once 80 events (deaths) are reached. In December 2025, we announced that our contract research organization informed us that the pooled number of events was 72 as of December 26, 2025. We remain blinded to all efficacy and survival data outcomes and, as no outcomes analyses were performed and no statistical penalty has been incurred, this one-time update on the aggregate number of events does not impact future statistical analyses. Because the final analysis is event driven, it is difficult to predict with any certainty and it may occur at a different time than currently expected. We will announce the 80th event when it occur ITEM 1. BUSINESS Overview We are a late-stage clinical biopharmaceutical company focused on the development of novel therapeutics for a broad range of cancer indications. Our product candidates currently include galinpepimut-S, or GPS, a peptide immunotherapy directed against the Wilms tumor 1, or WT1, antigen, and SLS009 (tambiciclib), a highly selective small molecule cyclin-dependent kinase 9, or CDK9, inhibitor. Galinpepimut-S: Highly Novel and Engineered Immunotherapy Targeting the WT1 Antigen Our lead product candidate, GPS, is a cancer immunotherapeutic agent licensed from Memorial Sloan Kettering Cancer Center, or MSK, that targets the WT1 protein, which is present in 20 or more cancer types. Based on its mechanism of action as a directly immunizing agent, GPS has potential as a monotherapy or in combination with other immunotherapeutic agents to address a broad spectrum of hematologic, or blood, cancers, and solid tumor indications. We have an ongoing open label randomized Phase 3 clinical trial, the REGAL study, for GPS monotherapy in patients with acute myeloid leukemia, or AML, in the maintenance setting after achievement of second complete remission, or CR2, following successful completion of second-line antileukemic therapy. Patients are randomized to receive either GPS or best available treatment, or BAT. We expect this study will be used as the basis for submission of a Biologics License Application, or BLA, subject to a statistically significant and clinically meaningful trial outcome and agreement with the U.S. Food and Drug Administration, or the FDA. The primary endpoint of the REGAL study is overall survival, or OS. We planned to enroll approximately 125 to 140 patients at approximately 95 clinical sites in North America, Europe and Asia with a planned interim safety, efficacy and futility analysis after 60 events (deaths). In March 2024, we announced the completion of enrollment. In December 2024, we announced that the pre-specified thresh ITEM 1A. RISK FACTORS You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K. We operate in a dynamic and rapidly changing industry that involves numerous risks and uncertainties. The risks and uncertainties", "title": "SLS - SELLAS Life Sciences Group, Inc.", "url": "/company/SLS/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001468748; latest 10-K filed 2026-03-31.", "text": "KOD - Kodiak Sciences Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001468748; latest 10-K filed 2026-03-31. KOD Kodiak Sciences Inc. 0001468748 2836 Biological Products, (No Diagnostic Substances) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis and other parts of this Annual Report on Form 10-K contain forward-looking statements based upon current beliefs, plans and expectations related to future events and our future financial performance that involve risks, uncertainties and assumptions, such as statements regarding our intentions, plans, objectives, expectations, forecasts and projections. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under the section titled \u201cPart I, Item 1A \u2014 Risk Factors\u201d and elsewhere in this Annual Report on Form 10-K. Overview We are a precommercial retina focused biotechnology company committed to researching, developing and commercializing transformative therapeutics. We are focused on bringing new science to the design and manufacture of next generation retinal medicines to prevent and treat the leading causes of blindness globally. Our Antibody Biopolymer Conjugate (\"ABC\") Platform uses molecular engineering to merge the fields of protein-based and chemistry-based therapies and has been at the core of Kodiak's discovery engine. We are developing a portfolio of three late-stage clinical programs, two of which are derived from our ABC platform and one which is platform-independent. Kodiak's lead investigational medicine, Zenkuda (tarcocimab), is an anti-VEGF antibody biopolymer conjugate under development for the treatment of high prevalence retinal vascular diseases. Zenkuda is being developed as a mainstay intravitreal biologic monotherapy that provides high immediacy, driven by the enhanced formulation, and high durability, driven by the ABC platform and our science of durability, with the ultimate objective of providing, once approved, a flexible 1-month through 6-month label for all patients with retinal vascular disease (treatment-na\u00efve, treatment-experienced, mild patients and severe patients). Zenkuda has completed four successful Phase 3 pivotal studies: the Phase 3 GLOW1 and GLOW2 studies in diabetic retinopathy (DR), the Phase 3 BEACON study in retinal vein occlusion (RVO) and the Phase 3 DAYLIGHT study in wet AMD. Zenkuda is currently being studied in one Phase 3 clinical trial, DAYBREAK in patients with wet AMD. DAYBREAK has completed enrollment. We intend to file a Biologics License Application (\u201cBLA\u201d) in DR, retinal vein occlusion (\u201cRVO\u201d) and wet AMD in 2026. KSI-501, our second investigational medicine, is a first-in-class anti-IL-6, VEGF-trap bispecific therapy built on our ABC platform and is being developed for high prevalence retinal vascular diseases to address the leading unmet needs of extended durability and targeting disease biology beyond VEGF for differentiated efficacy. KSI-501 is designed to provide high immediacy/efficacy and high durability. KSI-501 is currently being studied in the Phase 3 DAYBREAK study in patients with wet AMD. DAYBREAK has completed enrollment. KSI-101, our third investigational medicine, is a high strength (100 mg/mL) antibody-based therapy with a bispecific mechanism of action targeting both interleukin-6 (IL-6) and VEGF. We are developing KSI-101 for patients with macular edema (retinal fluid) secondary to inflammation (\u201cMESI\u201d). Data from our dose-finding Phase 1b APEX study demonstrated robust anatomical and visual responses across MESI patients. More than half of patients achieved \u226515-letter gains in best corrected visual acuity (\"BCVA\"), with additional benefit at higher dose levels. Rapid vision improvements and anatomical response was observed with 10-letter gains by Week 4 in ITEM 1. BUSINESS Overview Since its founding in 2009, Kodiak Sciences Inc. (\u201cKodiak,\u201d the \u201cCompany,\u201d \u201cwe\u201d or \u201cour\u201d) has developed a new technology platform, the Antibody Biopolymer Conjugate (\u201cABC\u201d) platform, for retinal medicines. Our goal is to prevent and treat the major causes of blindness by developing and commercializing next-generation therapeutics to address multiple unmet needs on the spectrum of retinal diseases. Kodiak has developed three late-stage clinical programs based on its internal discovery and development engine. The lead investigational medicine, tarcocimab tedromer (\u201cZenkuda\u201d or \u201cKSI-301\u201d or \u201ctarcocimab\u201d), is an anti-VEGF therapy built on Kodiak's proprietary ABC platform. Zenkuda has a mean ocular half-life in humans of 20 days, approximately three times longer than approved anti-vascular endothelial growth factor (\"VEGF\") therapies, and is designed to maintain effective drug levels in ocular tissues for longer. Zenkuda is being developed as a mainstay intravitreal biologic monotherapy that provides high immediacy, driven by the enhanced formulation, and high durability, driven by the ABC platform and our science of durability, with the ultimate objective of providing, once approved, a flexible 1-month through 6-month label for all patients with retinal vascular disease (treatment-na\u00efve, treatment-experienced, mild patients and severe patients). Zenkuda has completed four successful Phase 3 pivotal studies: the Phase 3 GLOW1 and GLOW2 studies in diabetic retinopathy (\"DR\"), the Phase 3 BEACON study in retinal vein occlusion (\"RVO\"), and the Phase 3 DAYLIGHT study in wet AMD. In the GLOW1 and GLOW2 studies, Zenkuda successfully treated DR patients and prevented disease progression with 100% of patients on extended 6-month dosing at Year 1. In the BEACON study, during the first 6 months, Zenkuda-treated patients were dosed at 8-week intervals (as opposed to 4-week intervals for aflibercept). In the second 6 months, identical retreatment crit ITEM 1A. RISK FACTORS You should consider carefully the following risk factors, together with all the other information in this report, including the section of this report titled \u201cPart II, Item 7 \u2014 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and", "title": "KOD - Kodiak Sciences Inc.", "url": "/company/KOD/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001000694; latest 10-K filed 2026-02-26.", "text": "NVAX - NOVAVAX INC SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001000694; latest 10-K filed 2026-02-26. NVAX NOVAVAX INC 0001000694 2836 Biological Products, (No Diagnostic Substances) Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the related notes included elsewhere in this filing. The following discussion and analysis does not include certain items related to the year ended December 31, 2023, including year-to-year comparisons between the year ended December 31, 2024 and the year ended December 31, 2023. For a comparison of our results of operations for the fiscal years ended December 31, 2024 and December 31, 2023, see Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025. Any statements in the discussion below and elsewhere in this Annual Report on Form 10-K about expectations, beliefs, plans, objectives, assumptions, or future events or performance of Novavax, Inc. (\u201cNovavax,\u201d together with its wholly owned subsidiaries, the \u201cCompany,\u201d \u201cwe,\u201d or \u201cus\u201d) are not historical facts and are forward-looking statements. Such forward-looking statements include, without limitation, statements about our capabilities, goals, expectations regarding future revenue and expense levels, and capital raising activities; our corporate growth strategy and key value drivers; our technology platform; our COVID-19 Vaccine (which includes \u201cNuvaxovid\u2122\u201d and \u201cJN.1 COVID-19 Vaccine\u201d, our Nuvaxovid\u2122 COVID-19 Vaccine for the 2025-2026 vaccination season); our operating plans and prospects, including our ability to continue as a going concern through one year from the date of Novavax\u2019 audited financial statements for the year ended December 31, 2025; our global restructuring and cost reduction plan (\u201cRestructuring Plan\u201d), which includes a more focused investment in our COVID-19 Vaccine; our cash flow forecast and project revenue, including potential royalties and milestones pursuant to our collaboration and license agreement (the \u201cSanofi CLA\u201d) with Sanofi Pasteur Inc. (\u201cSanofi\u201d); potential market sizes and demand for our products and product candidates; the efficacy, safety, and intended utilization of our products and product candidates; the development of our clinical-stage product candidates and our recombinant vaccine and adjuvant technologies; the development of our preclinical product candidates; our research and development investment strategy; the potential expansion of our pipeline beyond infectious diseases into other therapeutic areas; our expectations related to enrollment in our clinical trials; the conduct, timing, and potential results from clinical trials and other preclinical studies; plans for and potential timing of regulatory filings; our expectation of manufacturing capacity, timing, production, distribution, and delivery for our COVID-19 Vaccine by us and our partners; our expectations with respect to the anticipated ongoing development and commercialization or licensure of the COVID-19 Vaccine; our expectations with respect to the anticipated ongoing development of COVID-19 variant strain-containing formulations, including the Phase 2b/3 Hummingbird\u2122 trial, our CIC vaccine candidate and our stand-alone influenza vaccine candidate; our partnership efforts for our COVID-19-Influenza (\u201cCIC\u201d) vaccine candidate and stand-alone influenza vaccine candidate to advance towards a Biologics License Application (\u201cBLA\u201d) filing and commercialization; efforts to expand our COVID-19 Vaccine label worldwide as a booster, and to various age groups and geographic locations; the expected timing, content, and outcomes of regulatory actions; funding under our advance purchase agreements (\"APAs\") and supply agreements and amendments to, termination of, discussion regarding, or legal disputes relating to any such agreement; our available cash resources and usage a Item 1. BUSINESS Overview Novavax, Inc., together with our wholly owned subsidiaries, tackles some of the world\u2019s most pressing health challenges with its scientific expertise in vaccines and its proven technology platform, including its Matrix-M\u2122 adjuvant and protein-based nanoparticles. Our corporate growth strategy focuses on maximizing the impact of our cutting-edge technology by forging partnerships for our Matrix-M adjuvant and research and development (R&D) assets while maintaining a lean and focused operating model. Our technology platform, combined with our deep vaccine expertise, is the fuel for innovation and partnerships, and we believe it has the potential to create significant value. Our proprietary Matrix-M\u2122 adjuvant when added to vaccines, has been shown to help induce a stronger and longer-lasting immune response. Our recombinant protein-based nanoparticle technology has been shown to be highly immunogenetic. Together, we believe that our technology platform can induce potent, durable and broad immune responses, with the potential to be antigen-sparing. Our Matrix-M\u2122 adjuvant can increase both antibody and cell-mediated immune responses to the vaccine and it has demonstrated a favorable tolerability profile in clinical trials. Our technology platform is used in our authorized COVID-19 Vaccine (Nuvaxovid) and the R21/Matrix-M\u2122 adjuvant malaria vaccine (as defined below). Additionally, we are advancing our pipeline programs with a focus on potentially high-value assets in areas with unmet medical need, compelling scientific rationale and strong commercial opportunity. 4 Table of Contents Furthermore, we provide our Matrix-M\u2122 adjuvant for use in collaborations. These include the R21/Matrix-M\u2122 adjuvant malaria vaccine, a malaria vaccine developed by our partner, the Jenner Institute, University of Oxford (\u201cR21/Matrix-M\u2122 adjuvant malaria vaccine\u201d) and manufactured by Serum Institute of India Pvt. Ltd. (\u201cSII\u201d). R21/Matrix-M\u2122 adjuvant malaria va Item 1A. RISK FACTORS You should carefully consider the following risk factors in evaluating our business. A number of risks could cause our actual results to differ materially from those that are indicated by forward-looking statements. Some risks relate principally to our business and the industry in which ", "title": "NVAX - NOVAVAX INC", "url": "/company/NVAX/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0000937098; latest 10-K filed 2026-02-12.", "text": "TNET - TRINET GROUP, INC. SIC 7389 Services-Business Services, NEC; CIK 0000937098; latest 10-K filed 2026-02-12. TNET TRINET GROUP, INC. 0000937098 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Operational Highlights Our consolidated results for 2025 reflect our continuing efforts to serve our clients, attract new clients and invest in our platform. During 2025 we: \u2022made progress on our medium-term strategy focusing our business on our core value proposition, improving the efficiency and effectiveness of our operations, which has helped us realize all time high net promoter scores, \u2022continued to grow our ASO services product and completed the sale of TriNet Clarus R+D, \u2022achieved significant repricing of our insurance services rates in light of rising insurance costs, \u2022made progress in growing our sales force and broker channel partnerships, \u2022demonstrated disciplined expense management in line with our expectations, \u2022opened our new corporate center in Atlanta and made significant progress building out our India operations, and \u2022paid common stock dividends of $0.25 per share in January and $0.275 per share in April, July, and October. Together with common stock repurchases of $182 million, we returned $235 million to stockholders. Performance Highlights Our results for 2025 when compared to 2024 are noted below: [[GREPCENT_TABLE]] [[\"\",\"$5.0B\",\"\",\"$217M\",\"\",\"91%\"],[\"\",\"Total revenues\",\"\",\"Income before tax\",\"\",\"Insurance cost ratio\"],[\"\",\"(1)\",\"%\",\"decrease\",\"\",\"(4)\",\"%\",\"decrease\",\"\",\"1\",\"%\",\"increase\"],[\"\",\"$155M\",\"\",\"$3.20\",\"\",\"$230M\"],[\"\",\"Net income\",\"\",\"Diluted EPS\",\"\",\"Adjusted Net income *\"],[\"\",\"(10)\",\"%\",\"decrease\",\"\",\"(7)\",\"%\",\"decrease\",\"\",\"(14)\",\"%\",\"decrease\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"333,886\",\"\",\"323,206\"],[\"\",\"Average WSE\",\"\",\"Total WSE\"],[\"\",\"(5)\",\"%\",\"decrease\",\"\",\"(10)\",\"%\",\"decrease\"],[\"*\",\"Non-GAAP measure. See definitions below under the heading \\\"Non-GAAP Financial Measures\\\".\"]] [[/GREPCENT_TABLE]] Our total revenues decreased 1%, primarily driven by lower co-employed Average WSEs partially offset by higher rates charged for our services. Average WSEs and Total WSEs decreased 5% and 10%, respectively, compared to the same period in 2024, primarily due to WSE decreases in our Technology, Professional Services, and Main Street verticals, which were partially attributable to repricing of our health benefits services. Our results are highly influenced by health care cost and utilization trends. Our ICR was 1 percent higher compared to the same period in 2024, driven by insurance costs outpacing the growth in insurance services revenues. Higher insurance costs and lower revenues, resulted in decreases of net income and Adjusted Net income of 10% and 14%, respectively, as compared to the same period in 2024. [[GREPCENT_TABLE]] [[\"TRINET\",\"33\",\"2025 FORM 10-K\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"MANAGEMENT'S DISCUSSION AND ANALYSIS\",\"Table of Contents\"]] [[/GREPCENT_TABLE]] Results of Operations The following table summarizes our results of operations for the three years ended December 31, 2025, 2024 and 2023. For details of the critical accounting judgments and estimates that could affect the Results of Operations, see the Critical Accounting Judgments and Estimates section within MD&A. [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\",\"% Change\"],[\"(in millions, except operating metrics data)\",\"2025\",\"2024\",\"2023\",\"2025 vs. 2024\",\"2024 vs. 2023\"],[\"Income Statement Data:\"],[\"Professional service revenues\",\"$\",\"719\",\"\",\"$\",\"765\",\"\",\"$\",\"756\",\"\",\"(6)\",\"%\",\"1\",\"%\"],[\"Insurance service revenues\",\"4,224\",\"\",\"4,224\",\"\",\"4,166\",\"\",\"\\u2014\",\"\",\"1\"],[\"Interest income\",\"67\",\"\",\"64\",\"\",\"72\",\"\",\"5\",\"\",\"(11)\"],[\"Total revenues\",\"5,010\",\"\",\"5,053\",\"\",\"4,994\",\"\",\"(1)\",\"\",\"1\"],[\"Insurance costs\",\"3,835\",\"\",\"3,797\",\"\",\"3,513\",\"\",\"1\",\"\",\"8\"],[\"Operating expenses\",\"902\",\"\",\"968\",\"\",\"940\",\"\",\"(7)\",\"\",\"3\"],[\"Interest expense, bank fees and other\",\"56\",\"\",\"62\",\"\",\"40\",\"\",\"(10)\",\"\",\"55\"],[\"Total costs and expenses\",\"4,793\",\"\",\"4,827\",\"\",\"4,493\",\"\",\"(1)\",\"\",\"7\"],[\"Income before tax Item 1. Business TriNet is a leading provider of HR solutions for SMBs. We offer technology-enabled services that include human capital expertise, employee benefits such as health insurance and retirement plans, payroll and payroll tax administration, risk mitigation, and compliance consulting. Our long-term objective is to be the premier provider of HR services for a broad range of SMBs through industry-leading benefits, sales distribution excellence, and a world-class services delivery model. Since our founding in 1988, TriNet has served, and continues to serve, thousands of SMBs. We are the largest publicly traded company in the U.S. that focuses primarily on the PEO business, in terms of market capitalization as of December 31, 2025. In 2025, we processed $70 billion in payroll and payroll taxes for our clients and ended the year with approximately 323,200 WSEs. We aim to differentiate ourselves from other PEOs in three substantive areas. First, we offer a high-quality, technology-enabled service solution that is tailored to employee-centric SMBs. Our primary targeted industry verticals include technology, financial services, life sciences, nonprofit, professional services, and main street. Second, we offer our clients a premium HR advisory experience featuring high-touch services and efficient issue resolution, to yield a high level of customer satisfaction and retention. Finally, we believe our risk-based model allows our clients to better manage their benefits costs over the long term. Our medium-term strategy includes taking actions to increase revenue growth through improved benefits options and risk management capabilities, expanded sales force scale, tenure, and productivity, as well as expanded distribution channels. We continue to focus on improving our client and WSE experience to raise our net promoter scores and increase retention. In addition, we are focusing on cost discipline, operational efficiencies in our service delivery model, and prudent Item 1A. Risk Factors Below is a discussion of the risks that we face and believe are significant to our business. These risks are not the only ones we face. We may face additional risks that we do not currently consider to be significant or of which we are not currently aware, and any of these risks could cause our actual results to di", "title": "TNET - TRINET GROUP, INC.", "url": "/company/TNET/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001462120; latest 10-K filed 2026-02-27.", "text": "LOB - Live Oak Bancshares, Inc. SIC 6022 State Commercial Banks; CIK 0001462120; latest 10-K filed 2026-02-27. LOB Live Oak Bancshares, Inc. 0001462120 6022 State Commercial Banks Item 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview The following presents management\u2019s discussion and analysis (\u201cMD&A\u201d) of the more significant factors that affected the Company's financial condition and results of operations for the year ended December 31, 2025 as compared to December 31, 2024. For a comparison of 2024 results to 2023 and other 2023 information not included herein, refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d under Part II, Item 7 of the 2024 Form 10-K/A filed with the SEC on November 17, 2025. This discussion should be read in conjunction with the financial statements and related notes included elsewhere in this Annual Report on Form 10-K. Results of operations for the periods included in this review are not necessarily indicative of results to be obtained during any future period. Dollar amounts in tables are stated in thousands, except for per share amounts. Nature of Operations Live Oak Bancshares, Inc. (collectively with its subsidiaries including Live Oak Banking Company, the \u201cCompany\u201d) is a financial holding company and a bank holding company headquartered in Wilmington, North Carolina, incorporated under the laws of North Carolina in December 2008. The Company conducts business operations primarily through its commercial bank subsidiary, Live Oak Banking Company (the \u201cBank\u201d). The Bank was incorporated in February 2008 as a North Carolina-chartered commercial bank. The Bank specializes in providing lending and deposit-related services to small businesses nationwide. A significant portion of the loans originated by the Bank are partially guaranteed by the U.S. Small Business Administration (\u201cSBA\u201d) under the 7(a) Loan program and the U.S. Department of Agriculture (\u201cUSDA\u201d) Rural Energy for America Program (\u201cREAP\u201d), Water and Environmental Program (\u201cWEP\u201d), Business & Industry (\u201cB&I\u201d) and Community Facilities loan programs. These loans are to small businesses and professionals with what the Bank believes are lower risk characteristics. Industries, or \u201cverticals,\u201d on which the Bank focuses its lending efforts are carefully selected. The Bank also lends more broadly to select borrowers outside of those verticals. As of December 31, 2025, the Company\u2019s wholly owned material subsidiaries were the Bank, Government Loan Solutions (\u201cGLS\u201d), Live Oak Grove, LLC (\u201cGrove\u201d) and Live Oak Ventures, Inc. (\u201cLive Oak Ventures\u201d). GLS is a management and technology consulting firm that advises and offers solutions and services to participants in the government guaranteed lending sector. GLS primarily provides services in connection with the settlement, accounting, and securitization processes for government guaranteed loans, including loans originated under the SBA 7(a) loan programs and USDA guaranteed loans. The Grove provides Company employees and business visitors with on-site dining at the Company\u2019s Wilmington, North Carolina headquarters. Live Oak Ventures\u2019 purpose is investing in businesses that align with the Company's strategic initiative to be a leader in financial technology. Canapi Advisors, LLC (\u201cCanapi Advisors\u201d) was a wholly owned subsidiary providing investment advisory services to a series of funds (the \u201cCanapi Funds\u201d) focused on providing venture capital to new and emerging financial technology companies. During the third quarter of 2024, the Canapi Funds were restructured and Canapi Advisors voluntarily withdrew as an investment advisor to the funds. Canapi Advisors was subsequently dissolved in the fourth quarter of 2024. During the fourth quarter of 2024, Live Oak Ventures consolidated its investment in Synply, Inc. as a result of its controlling interest in that entity. Synply is a cloud-based technology platform designed to simplify the loan syndication process for financial institutions. The non-controlling interest in Synply is disclosed according to the Company\u2019s consolidation policy. As of Item 1.BUSINESS General Live Oak Bancshares, Inc. (individually, \u201cBancshares\u201d and collectively with its subsidiaries including Live Oak Banking Company, the \u201cCompany,\u201d also referred to as \u201cour\u201d and \u201cwe\u201d), headquartered in Wilmington, North Carolina, is the bank holding company for Live Oak Banking Company (the \u201cBank\u201d or \u201cLive Oak Bank\u201d). The Bank was incorporated in February 2008 as a North Carolina-chartered commercial bank and operates an established national online platform for small business lending and deposit gathering. Bancshares was incorporated under the laws of the state of North Carolina on December 18, 2008, for the purpose of serving as the bank holding company of Live Oak Bank. Bancshares completed its initial public offering (\u201cIPO\u201d) in July 2015. The Company The Company predominantly originates loans partially guaranteed by the U.S. Small Business Administration (the \u201cSBA\u201d) and to a lesser extent by the United States Department of Agriculture (\u201cUSDA\u201d) Rural Energy for America Program (\u201cREAP\u201d), Water and Environmental Program (\u201cWEP\u201d), Business & Industry (\u201cB&I\u201d) and Community Facilities loan programs. These loans are to small businesses and professionals with what the Company believes are lower risk characteristics. Industries, or \u201cverticals,\u201d on which the Company focuses its lending efforts are carefully selected. The Company also lends more broadly to select borrowers outside of those verticals. In addition to focusing on industry verticals, the Company emphasizes developing detailed knowledge of its customers\u2019 businesses. This knowledge is developed, in part, through virtual and/or regular visits with customers, wherever they are located. These regular visits are designed to foster, both for the Company and for the customer, a deep and personalized experience throughout the lending relationship. The Company has developed, and continues to refine, a technology-based platform to facilitate providing financial services to the small business commun Item 1A.RISK FACTORS An investment in Live Oak Bancshares, Inc.\u2019s securities involves certain risks. The following discussion highlights the risks that management believes are material for the Company, but do not necessarily include all the risks that we may face. Additional risks and uncertainties that are not currently known or", "title": "LOB - Live Oak Bancshares, Inc.", "url": "/company/LOB/" }, { "kind": "company", "summary": "SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001828318; latest 10-K filed 2026-02-25.", "text": "ENVX - Enovix Corp SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001828318; latest 10-K filed 2026-02-25. ENVX Enovix Corp 0001828318 3690 Miscellaneous Electrical Machinery, Equipment & Supplies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. The following MD&A describes the principal factors affecting our results of operations, financial resources, liquidity, contractual obligations and commitments, and critical accounting estimates during the fiscal year 2025, compared with the fiscal year 2024. A detailed discussion of the fiscal year 2024 compared with the fiscal year 2023 is not included herein and can be found in the MD&A section in our 2024 Annual Report on Form 10-K, filed with the SEC on February 25, 2025, which is incorporated herein by reference. This discussion and analysis contain forward-looking statements based upon our current expectations, estimates and projections that involve risks and uncertainties. Actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. Business Overview We design, develop and manufacture advanced lithium-ion batteries, including our proprietary silicon-anode architecture that enables higher energy density and performance relative to conventional battery cells, particularly in space-constrained devices such as smartphones, smart eyewear and next generation AI-enabled devices. We have expanded our suite of battery offerings through acquisitions and now also manufacture conventional lithium-ion batteries, primarily serving customers in the defense and industrial sectors. To date, we have concentrated our operational efforts on researching, developing and commercializing the next generation technology behind our silicon-anode lithium-ion battery cell architecture. Most recently, we launched the AI-1TM product platform, our Artificial Intelligence ClassTM batteries for the next generation of mobile smartphones, smart eyewear and other AI-enabled devices that require significantly higher total energy storage and power to perform AI functions locally. We also serve customers in defense and industrial markets through our conventional and silicon-doped graphite battery products across a range of battery sizes and configurations optimized for high discharge rate applications, such as drones, subsea systems, and munitions defense systems. Drones represent another priority area of focus, as we believe our products provide a strong competitive advantage for serving customers that are increasingly prioritizing higher energy density, extended flight time, and supply-chain diversification. In addition to the smartphone, smart eyewear and defense and industrial markets, we are pursuing deployment of our technology across other edge-AI applications, as well as computing and EVs, among others. We currently lease several facilities, including our headquarters in Fremont, California, and our manufacturing facility in Malaysia. Our manufacturing operations are conducted in Malaysia and South Korea, supporting both our next-generation silicon-anode platform and our conventional lithium-ion battery products. We have transitioned our prior U.S. pilot manufacturing activities to Malaysia and continue to focus on manufacturing execution, operational efficiency, and capacity planning to support commercialization efforts. Our research and development activities are conducted primarily in California, India, and South Korea and are focused on cell architecture, materials integration, and manufacturing process optimization. We also recently opened a sales office in Shenzhen, China. Fiscal Year Our fiscal year is the 52 or 53-week period ending on the Sunday closest to December 31 depending on the calendar year. Accordingly, we Item 1. Business Company Overview Enovix Corporation (the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and \u201cEnovix\u201d) is a global high-performance battery company focused on designing, developing, manufacturing, and commercializing advanced Lithium-ion, or Li-ion, batteries, including proprietary silicon-anode architectures, for smartphones, smart eyewear, defense, industrial and emerging edge-AI applications. Our proprietary silicon-anode battery architecture enables higher energy density and performance relative to conventional battery cells, particularly in space-constrained devices. Our battery\u2019s mechanical design, or \u201carchitecture,\u201d allows us to use high performance chemistries while maintaining safety and reliability, supporting commercialization opportunities across various consumer and industrial markets. Battery performance has become a critical constraint for modern electronic devices as they continue to incorporate slimmer designs with greater functionality, longer runtime, and higher power needs. Smartphones, smart eyewear, and defense and industrial systems, as well as emerging edge-AI applications, increasingly require batteries that can deliver higher energy density to support compact, always-on devices and advanced functionality \u2013 all without compromising safety, reliability, or manufacturability. From inception, we have focused on developing a battery architecture that allows the use of 100% active silicon and no graphite in the battery\u2019s anode, which is the negative electrode that stores lithium ions when a battery is charged. The battery industry has long recognized silicon\u2019s potential to significantly increase energy density relative to graphite, the anode material used in most lithium-ion batteries today. Silicon can theoretically store more than twice as much lithium as graphite, but the battery industry has historically struggled to incorporate more than a small amount of silicon in the anode because it can swell and crack in conventional battery architect Item 1A. Risk Factors RISK FACTORS Investing in our securities involves a high degree of risk. Before you make a decision to buy our securities, you should carefully consider the risks and uncertainties described below together with all of the other information contained in this Annual R", "title": "ENVX - Enovix Corp", "url": "/company/ENVX/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001590750; latest 10-K filed 2026-02-26.", "text": "VRDN - Viridian Therapeutics, Inc.\\DE SIC 2834 Pharmaceutical Preparations; CIK 0001590750; latest 10-K filed 2026-02-26. VRDN Viridian Therapeutics, Inc.\\DE 0001590750 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read together with our consolidated financial statements and the related notes thereto included elsewhere in this Annual Report. This discussion and other parts of this report contain forward-looking statements reflecting our current expectations that involve risks and uncertainties, such as our plans, objectives, expectations, intentions, and beliefs. See \u201cForward-Looking Statements\u201d for a discussion of the uncertainties, risks, and assumptions associated with these statements. Actual results and the timing of events could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the section entitled \u201cRisk Factors\u201d included elsewhere in this Annual Report. This section discusses 2025 and 2024 items and year-to-year comparisons between the years ended December 31, 2025 and 2024. Discussions of the year ended December 31, 2023 and year-to-year comparisons between the years ended December 31, 2024 and 2023 have been excluded from this Form 10-K and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 3, 2025. Overview and Recent Developments We are a biopharmaceutical company focused on discovering, developing, and commercializing potential best-in-class medicines for serious and rare diseases. We target therapeutic areas in which current treatments leave room for improvements in efficacy, safety, and/or dosing convenience. We believe there is significant potential in these areas for better medicines that address unmet needs, improve outcomes, and expand treatment options for patients. We aim to develop differentiated, potential best-in-class medicines that could lead to improved patient outcomes, reduced side effects, improved quality of life, and expanded market access. 90 Our pipeline targets validated pathways and disease-driving mechanisms in autoimmune and rare diseases. These include product candidates directed at the IGF\u20111R for the treatment of TED, inhibitors of the FcRn with potential application across multiple autoimmune disorders, and a TSHR inhibitor program with potential in TED and Graves\u2019 disease. We develop therapeutics through internal research and discovery, as well as through in-licensing opportunities that align with our strategic focus. Our capabilities span protein and antibody discovery and engineering, biologics manufacturing, nonclinical and clinical development, commercial planning, and commercialization in these therapeutic areas. As we prepare for the anticipated launch of our first commercial product, if approved, we are building the infrastructure we believe is required to support a successful transition to a commercial organization. This includes establishing sales and marketing, market access, patient services, and commercial operations functions, and expanding our medical, clinical, regulatory, quality, and supply chain and distribution capabilities. Our commercial readiness efforts focus on enabling reliable access for patients, supporting physicians, and engaging effectively with payors. Our strategy combines clear scientific, clinical, and commercial rationale with excellence in execution to rapidly discover, develop, and commercialize better medicines for patients. We rely on our scientific, clinical, and commercial expertise to identify opportunities to improve upon existing investigational or approved therapies and to apply these insights to designing, selecting, developing, and commercializing potential best-in-class product candidates. We bring potential improvements to critical areas such as molecular design, do ITEM 1. BUSINESS Company Overview We are a biopharmaceutical company focused on discovering, developing, and commercializing potential best-in-class medicines for serious and rare diseases. We target therapeutic areas in which current treatments leave room for improvements in efficacy, safety, and/or dosing convenience. We believe there is significant potential in these areas, for better medicines that address unmet needs, improve outcomes, and expand treatment options for patients. We aim to develop differentiated, potential best-in-class medicines that could lead to improved patient outcomes, reduced side effects, improved quality of life, and expanded market access. Our pipeline targets validated pathways and disease-driving mechanisms in autoimmune and rare diseases. These include product candidates directed at the insulin-like growth factor 1 receptor (\u201cIGF\u20111R\u201d) for the treatment of thyroid eye disease (\u201cTED\u201d), inhibitors of the neonatal Fc receptor (\u201cFcRn\u201d) with potential application across multiple autoimmune disorders, and a TSHR inhibitor program with potential in TED and Graves\u2019 disease. We develop therapeutics through internal research and discovery, as well as through in-licensing opportunities that align with our strategic focus. Our capabilities span protein and antibody discovery and engineering, biologics manufacturing, nonclinical and clinical development, commercial planning, and commercialization in these therapeutic areas. As we prepare for the anticipated launch of our first commercial product, if approved, we are building the infrastructure we believe is required to support a successful transition to a commercial organization. This includes establishing sales and marketing, market access, patient services, and commercial operations functions, and expanding our medical, clinical, regulatory, quality, and supply chain and distribution capabilities. Our commercial readiness efforts focus on enabling reliable access for patients, supporting phy ITEM 1A. RISK FACTORS Our business, financial condition, and operating results may be affected by a number of factors, whether currently known or unknown, including but not limited to those described below. Any one or more of such factors could directly or indirectly cause our actual results of operations a", "title": "VRDN - Viridian Therapeutics, Inc.\\DE", "url": "/company/VRDN/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001360214; latest 10-K filed 2026-03-02.", "text": "HROW - HARROW, INC. SIC 2834 Pharmaceutical Preparations; CIK 0001360214; latest 10-K filed 2026-03-02. HROW HARROW, INC. 0001360214 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and the related notes contained in this Annual Report on Form 10-K (this \u201cAnnual Report\u201d). Our consolidated financial statements have been prepared and, unless otherwise stated, the information derived therefrom as presented in this discussion and analysis is presented, in accordance with accounting principles generally accepted in the U.S. (GAAP). In addition to historical information, the following discussion contains forward-looking statements based upon our current views, expectations and assumptions that are subject to risks and uncertainties. Actual results may differ substantially from those expressed or implied by any forward-looking statements due to a number of factors, including, among others, the risks described in the \u201cRisk Factors\u201d section and elsewhere in this Annual Report. Additional information related to the comparison of our results of operations and liquidity and capital resources between the years 2024 and 2023 is included in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our 2024 Form 10-K filed with the SEC and is incorporated by reference herin. As used in this discussion and analysis, unless the context indicates otherwise, the terms the \u201cCompany,\u201d \u201cHarrow\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Harrow, Inc. and its consolidated subsidiaries, including Imprimis RxNJ, LLC, Imprimis NJOF, LLC, ImprimisRx, LLC, Harrow IP, LLC and Harrow Eye, LLC. 51 Overview We are a leading provider of ophthalmic disease management solutions in North America, and were founded with a commitment to deliver safe, effective, accessible, and affordable medications that enhance patient compliance and improve clinical outcomes. For over a decade, we have partnered with U.S. eyecare professionals to develop a comprehensive portfolio of high-quality products used to manage ophthalmic conditions affecting both the front and back of the eye, such as dry eye disease, wet (or neovascular) age-related macular degeneration, cataracts, refractive errors, glaucoma, and a range of other ocular surface conditions and retina diseases. By prioritizing clinical value \u2013 to the provider and the patient \u2013 Harrow empowers professionals to enhance patient outcomes and preserve vision. By combining our culture of creativity, entrepreneurship and groundbreaking innovation with operational discipline and strong financial performance, we are building a future where life-changing ophthalmic treatments are within reach for all. Factors Affecting Our Performance We believe the primary factors affecting our performance are our ability to increase revenues of our branded pharmaceutical products, grow and gain operating efficiencies in our operations, avoid or mitigate any potential regulatory-related restrictions, optimize pricing and obtain reimbursement options for our drug products, and continue to pursue development and commercialization opportunities for certain assets that we have not yet made commercially available. We believe we have built a tangible and intangible infrastructure that will allow us to scale revenues efficiently in the near and long-term. All of these activities will require significant costs and other resources, which we may not have or be able to obtain from operations or other sources. See \u201cLiquidity and Capital Resources\u201d below. Recent Developments The following describes certain developments in 2025 and 2026 to date that are important to understand our financial condition, results of operations, and expectations. See the notes to our consolidated financial statements included in this Annual Report for additional information about certain developments. Commercial and Sales Force Expansions In February 2026, we announced sev", "title": "HROW - HARROW, INC.", "url": "/company/HROW/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001668243; latest 10-K filed 2026-03-02.", "text": "URGN - UroGen Pharma Ltd. SIC 2834 Pharmaceutical Preparations; CIK 0001668243; latest 10-K filed 2026-03-02. URGN UroGen Pharma Ltd. 0001668243 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion contains management\u2019s discussion and analysis of our financial condition and results of operations and should be read together with the historical consolidated financial statements and the notes thereto included in \u201cFinancial Statements and Supplementary Data.\u201d This discussion contains forward-looking statements that reflect our plans, estimates and beliefs and involve numerous risks and uncertainties, including but not limited to those described in the \u201cRisk Factors\u201d section of this Annual Report. Actual results may differ materially from those contained in any forward-looking statements. You should carefully read \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors.\u201d Overview We are a biotechnology company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers. We have developed RTGel reverse-thermal hydrogel, a proprietary sustained release, hydrogel-based technology that has the potential to improve therapeutic profiles of existing drugs. Our technology is designed to enable longer exposure of urinary tract tissue to medications, making local therapy a potentially more effective treatment option. Our approved products Jelmyto (mitomycin) for pyelocalyceal solution and Zusduri (mitomycin) for intravesical solution are designed to ablate tumors by non-surgical means and to treat several forms of non-muscle invasive urothelial cancer, including low-grade upper tract urothelial cancer (\u201clow-grade UTUC\u201d) and recurrent low-grade intermediate risk non-muscle invasive bladder cancer (\u201clow-grade intermediate risk NMIBC\u201d), respectively. In addition, our immuno-uro-oncology pipeline includes UGN-501 (formerly known as ICVB-1042), a next-generation investigational oncolytic virus. On June 12, 2025, the U.S. Food and Drug Administration (\"FDA\") approved our new drug application (\u201cNDA\") for Zusduri (formerly known as UGN-102) for the treatment of adults with recurrent low-grade intermediate risk NMIBC. We estimate that the annual treatable population of low-grade intermediate risk NMIBC in the United States is approximately 82,000, of which approximately 23,000 are estimated to be newly diagnosed and 59,000 are estimated to be recurrent patients. We estimate that the total addressable market opportunity for Zusduri in recurrent low-grade intermediate risk NMIBC is potentially over $5.0 billion. We believe Zusduri has the potential to become the new standard of care for adults with recurrent low-grade intermediate risk NMIBC as the first and only FDA-approved non-surgical treatment. The existing standard of care for low-grade intermediate risk NMIBC is a surgical procedure typically performed under general anesthesia called transurethral resection of bladder tumor (\u201cTURBT\u201d). Due to high recurrence rates of low-grade intermediate risk NMIBC, repeat TURBTs may be necessary. We estimate that approximately 68% of low-grade intermediate risk NMIBC patients have two or more recurrences, with approximately 23% of recurrent patients having five or more recurrences. Repeated TURBT procedures to treat these recurrences can impact patients\u2019 physical health and quality of life. Patients who have had two to four procedures have an estimated 14% greater risk of death than patients who have only had one procedure. RTGel is a novel proprietary polymeric biocompatible, reverse thermal gelation hydrogel technology, which, unlike the general characteristics of most forms of matter, is liquid at lower temperatures and converts into gel form when warmed to body temperature. We believe that these characteristics promote ease of delivery into and retention of drugs in body cavities, including the bladder and the upper urinary tract, forming a transient reservoir of drug that dissolves over time while preventing rapid excretion, providing for increased dwell time. RTG Item 1. Business Overview We are a biotechnology company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers. We have developed RTGel reverse-thermal hydrogel, a proprietary sustained release, hydrogel-based technology that has the potential to improve therapeutic profiles of existing drugs. Our technology is designed to enable longer exposure of urinary tract tissue to medications, making local therapy a potentially more effective treatment option. Our approved products Jelmyto (mitomycin) for pyelocalyceal solution and Zusduri (mitomycin) for intravesical solution are designed to ablate tumors by non-surgical means and to treat several forms of non-muscle invasive urothelial cancer, including low-grade upper tract urothelial cancer (\u201clow-grade UTUC\u201d) and recurrent low-grade intermediate risk non-muscle invasive bladder cancer (\u201clow-grade intermediate risk NMIBC\u201d), respectively. In addition, our immuno-uro-oncology pipeline includes UGN-501 (formerly known as ICVB-1042), a next-generation investigational oncolytic virus. RTGel: Our Reverse Thermal Hydrogel Technology RTGel is a novel proprietary polymeric biocompatible, reverse thermal gelation hydrogel technology, which, unlike the general characteristics of most forms of matter, is liquid at lower temperatures and converts into gel form when warmed to body temperature. We believe that these characteristics promote ease of delivery into and retention of drugs in body cavities, including the bladder and the upper urinary tract, forming a transient reservoir of drug that dissolves over time while preventing rapid excretion and providing for increased dwell time. RTGel leverages the physiologic flow of urine to provide a natural exit from the body. RTGel\u2019s components are polymer-based and are inactive ingredients that are used in our FDA approved products, Jelmyto and Zusduri. We formulate RTGel with an active drug: mitomycin in the case of Jelmyto and Zu Item 1A. Risk Factors RISK FACTORS An investment in our ordinary shares involves a high degree of risk. You should carefully consider all of the information set forth in this Annual Report and in our other filings with the SEC, including the following risk factors which we face. Our business, financial condition or results of opera", "title": "URGN - UroGen Pharma Ltd.", "url": "/company/URGN/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001811063; latest 10-K filed 2026-03-02.", "text": "NUVB - Nuvation Bio Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001811063; latest 10-K filed 2026-03-02. NUVB Nuvation Bio Inc. 0001811063 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements are identified by words such as \u201cbelieve,\u201d \u201cwill,\u201d \u201cmay,\u201d \u201cestimate,\u201d \u201ccontinue,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cshould,\u201d \u201cplan,\u201d \u201cexpect,\u201d \u201cpredict,\u201d \u201ccould,\u201d \u201cpotentially\u201d or the negative of these terms or similar expressions. You should read these statements carefully because they discuss future expectations, contain projections of future results of operations or financial condition, or state other \u201cforward-looking\u201d information. These statements relate to our future plans, objectives, expectations, intentions and financial performance and the assumptions that underlie these statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in this report in Part I, Item 1A \u2014 \u201cRisk Factors,\u201d and elsewhere in this report. Forward-looking statements are based on our management\u2019s beliefs and assumptions and on information currently available to our management. These statements, like all statements in this report, speak only as of their date, and we undertake no obligation to update or revise these statements in light of future developments. We caution investors that our business and financial performance are subject to substantial risks and uncertainties. In addition, statements that \u201cwe believe\u201d and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Annual Report on Form 10-K. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into or review of, all relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely on these statements. Overview We are a commercial-stage, global biopharmaceutical company focused on tackling some of the greatest challenges in cancer treatment by developing differentiated and novel product candidates. We were founded in 2018 by our chief executive officer, David Hung, M.D., who founded Medivation, Inc. and led its successful development of oncology drugs Xtandi\u00ae and talazoparib (now marketed as Talzenna\u00ae), leading to its $14.3 billion sale to Pfizer Inc. (\u201cPfizer\u201d) in 2016. We leverage our team\u2019s extensive expertise in medicinal chemistry, preclinical development, drug development, business development, manufacturing, and commercialization to pursue oncology targets validated by strong clinical or preclinical data and develop novel small molecules that improve the activity and overcome the liabilities of currently marketed drugs. We commercially launched IBTROZI in the U.S. in June 2025, following its approval by the FDA on June 11, 2025 for the treatment of adult patients with locally advanced or metastatic ROS1+ NSCLC. Taletrectinib has also been approved by Japan\u2019s MHLW and by China\u2019s NMPA for the treatment of adult patients with locally advanced or metastatic ROS1+ NSCLC. Taletrectinib is being commercialized in Japan by our partner NK under the brand name IBTROZI and in China by our partner Innovent under the brand name DOVBLERON\u00ae. Taletrectinib has been granted Orphan Drug Designation by the U.S. FDA for the treatment of patients with ROS1+ NSCLC and other NSCLC indications, and was previously granted Breakthrough Therapy Designations by both the U.S. FDA and China\u2019s NMPA Item 1. Business. On February 10, 2021, (the \u201cClosing Date\u201d), Nuvation Bio Inc., a Delaware corporation (\u201cLegacy Nuvation Bio\u201d), Panacea Acquisition Corp. (\u201cPanacea\u201d), and Panacea Merger Subsidiary Corp, a Delaware corporation and a direct, wholly owned subsidiary of Panacea (\u201cMerger Sub\u201d) consummated the transactions contemplated by an Agreement and Plan of Merger among them dated October 20, 2020 (\u201cMerger Agreement\u201d). Pursuant to the terms of the Merger Agreement, a business combination of Panacea and Legacy Nuvation Bio was effected through the merger of Merger Sub with and into Legacy Nuvation Bio, with Legacy Nuvation Bio surviving as a wholly owned subsidiary of Panacea (the \u201cMerger\u201d). On the Closing Date, Legacy Nuvation Bio changed its name to Nuvation Bio Operating Company Inc. and Panacea changed its name to Nuvation Bio Inc. (the \u201cCompany\u201d or \u201cNuvation Bio\u201d). In connection with the closing of the Merger, our Class A common stock and warrants to purchase shares of our Class A common stock began trading on The New York Stock Exchange under the symbols \u201cNUVB\u201d and \u201cNUVB.WS,\u201d respectively, on February 11, 2021. The disclosure in Items 1 and 1A of this report gives effect to the Merger and includes the operations of Legacy Nuvation Bio prior to the Merger. On April 9, 2024 (the \u201cAcquisition Date\u201d), the Company completed its acquisition of AnHeart Therapeutics Ltd., an exempted company incorporated under the laws of the Cayman Islands (\u201cAnHeart\u201d), pursuant to that certain Agreement and Plan of Merger (the \u201cAnHeart Merger Agreement\u201d), by and among the Company, AnHeart, Artemis Merger Sub I, Ltd., an exempted company incorporated under the laws of the Cayman Islands and a wholly owned 3 subsidiary of the Company, and Artemis Merger Sub II, Ltd., an exempted company incorporated under the laws of the Cayman Islands and a wholly owned subsidiary of the Company. \u201cNuvation Bio\u201d is a registered trademark of Nuvation Bio Inc. in the U.S. and other countries. Othe Item 1A. Risk Factors. Our business and investing in our securities involve significant risks, some of which are described below. Before you make a decision to buy our securities, in addition to the risks and uncertainties discussed in the section titled \u201cCautionary Information Regarding Forward-Looking Statements,\u201d you should caref", "title": "NUVB - Nuvation Bio Inc.", "url": "/company/NUVB/" }, { "kind": "company", "summary": "SIC 5900 Retail-Miscellaneous Retail; CIK 0001573221; latest 10-K filed 2026-02-26.", "text": "REAL - TheRealReal, Inc. SIC 5900 Retail-Miscellaneous Retail; CIK 0001573221; latest 10-K filed 2026-02-26. REAL TheRealReal, Inc. 0001573221 5900 Retail-Miscellaneous Retail Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion of our financial condition and results of operations should be read together with our financial statements and related notes and other financial information included in this Annual Report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report, particularly in the section titled \u201cRisk Factors.\u201d Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Overview We are the world\u2019s largest online marketplace for authenticated resale luxury goods. We are revolutionizing luxury resale by providing an end-to-end service that unlocks supply from consignors and creates a trusted, curated online marketplace for buyers globally. Since our inception in 2011, we have cultivated a loyal and engaged consignor and buyer base through our investments in our technology platform, logistics infrastructure and people. We offer a wide selection of authenticated, primarily pre-owned luxury goods on our online marketplace bearing the brands of thousands of luxury and premium designers. We offer products across multiple categories including women\u2019s and men\u2019s fashion, fine jewelry and watches. We have built a vibrant online marketplace that we believe expands the overall luxury market, promotes the recirculation of luxury goods and contributes to a more sustainable world. We have transformed the luxury consignment experience by removing the friction and pain points inherent in the traditional consignment model. Our growth playbook centers on scalable supply engine, and helps us forge enduring relationships with our consignors. We offer concierge at-home consultation and pickup as well as virtual consultations. Consignors may also drop off items at our luxury consignment offices. Our retail stores provide an alternative location to drop off consigned items and an opportunity to interact with our authentication experts. Consignors may also utilize our complimentary shipping directly to our authentication centers. We leverage our proprietary transactional database and market insights from over 50 million item sales since our inception to deliver optimal pricing and rapid sell-through. For buyers, we offer highly coveted and exclusive authenticated pre-owned luxury goods at attractive values, as well as a high-quality experience befitting the products we offer. Our online marketplace is powered by our proprietary technology platform, including consumer facing applications and purpose-built software that supports our complex, single-SKU inventory management system. The substantial majority of our revenue is generated by consignment sales. We also generate revenue from other services and direct sales. \u2022Consignment revenue. When we sell goods through our online marketplace or retail stores on behalf of our consignors, we retain a percentage of the proceeds, which we refer to as our take rate. Take rates vary depending on the total value of goods sold through our online marketplace on behalf of a particular consignor as well as the category and price point of the items. In 2025 and 2024, our overall take rate on consigned goods was 37.7% and 38.4% respectively. The decrease in our take rate was due to sales mix into higher value items. Additionally, we earn revenue from our subscription program, First Look, in which we offer buyers early access to the items we sell in exchange for a monthly fee. \u2022Direct revenue. When we accept out of policy returns from buyers, or when we make direct purchases from businesses and consignors, we take ownership of goods and retain 100% of the proceeds when the goods subs Item 1. Business. Overview The RealReal is the world\u2019s largest online marketplace for authenticated, resale luxury goods. We are revolutionizing luxury resale by providing an end-to-end service that unlocks supply and creates a trusted, curated online marketplace for buyers globally. Since our inception, we have cultivated a loyal and engaged consignor and buyer base through continuous investment in our technology platform, logistics infrastructure, brand and people. We offer a wide selection of authenticated, primarily pre-owned luxury goods on our online marketplace bearing the brands of thousands of luxury and premium designers. The top-selling luxury designers on our online marketplace include Cartier, Chanel, Christian Dior, Gucci, Herm\u00e8s, Louis Vuitton, Prada, Rolex, Saint Laurent, Tiffany & Co., Van Cleef & Arpels and Bvlgari. We offer products across multiple categories including women\u2019s fashion, men\u2019s fashion, jewelry and watches. We have built a vibrant online marketplace that we believe expands the overall luxury market, promotes the recirculation of luxury goods and contributes to a more sustainable world. The Company executes against three strategic pillars that amplify one another to drive sustainable, profitable growth. The three components are: unlocking supply through our growth playbook, driving operational efficiency aided by technology, automation, and proprietary data and obsessing over service for buyers and consignors. A strong network effect drives the growth of our online marketplace. As we bring more consignors onto our platform, we unlock more high-quality, luxury supply, which increases our merchandise assortment and attracts more buyers. This, in turn, increases sales velocity and commissions for our consignors. In addition, a meaningful share of our consignors are buyers and vice versa, which creates a differentiated flywheel that enhances the network effect of our online marketplace. We operate neighborhood retail stores which ar Item 1A. Risk Factors. Risk Factors Summary The following is a summary of the principal risks and uncertainties described in more detail in this Annual Report on Form 10-K. Risks Relating to Our Business and Industry \u2022We have a history of losses and we may not be able to achieve or maintain profitability in the future. \u2022We may not be", "title": "REAL - TheRealReal, Inc.", "url": "/company/REAL/" }, { "kind": "company", "summary": "SIC 3317 Steel Pipe & Tubes; CIK 0001001385; latest 10-K filed 2026-02-26.", "text": "NWPX - NWPX Infrastructure, Inc. SIC 3317 Steel Pipe & Tubes; CIK 0001001385; latest 10-K filed 2026-02-26. NWPX NWPX Infrastructure, Inc. 0001001385 3317 Steel Pipe & Tubes Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following is management\u2019s discussion and analysis of certain significant factors that have affected our consolidated financial condition and results of operations during the periods included herein. This discussion should be read in conjunction with our historical Consolidated Financial Statements and Notes to Consolidated Financial Statements in Part II \u2014 Item 8. \u201cFinancial Statements and Supplementary Data\u201d of this 2025 Form 10\u2011K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under Part I \u2014 Item 1A. \u201cRisk Factors\u201d or in other parts of this 2025 Form 10\u2011K. For discussion related to the results of operations and changes in financial condition for the year ended December 31, 2024 compared to the year ended December 31, 2023 refer to Part II \u2014 Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2014 Year Ended December 31, 2024 Compared to Year Ended December 31, 2023\u201d and \u201cLiquidity and Capital Resources\u201d in our 2024 Form 10\u2011K, which was filed with the SEC on February 27, 2025, and which is incorporated herein by reference. Overview NWPX Infrastructure, Inc., formerly known as Northwest Pipe Company, is a leading manufacturer of water-related infrastructure products, and operates in two segments, Water Transmission Systems (WTS), operating as the Northwest Pipe Company brand, and Precast Infrastructure and Engineered Systems (Precast), which includes the brands NWPX Geneva and NWPX Park. For detailed descriptions of these segments, see the \u201cOur Segments\u201d discussion in Part I \u2014 Item 1. \u201cBusiness\u201d of this 2025 Form 10\u2011K. Under our Northwest Pipe Company brand, we are the largest manufacturer of engineered water transmission systems in North America and produce steel casing pipe, bar-wrapped concrete cylinder pipe, and pipeline system joints and fittings. We also provide solution-based products for a wide range of markets including high-quality reinforced precast concrete products, lined precast sanitary sewer system structures, water distribution and management equipment including pump lift stations, wastewater pretreatment, and stormwater quality products. We have broadened our manufacturing footprint by bringing lined and engineered precast products into production at additional facilities. This increases our capacity and improves regional availability. Strategically positioned to meet growing water and wastewater infrastructure needs, our skilled team is committed to quality and innovation while upholding our core values of accountability, commitment, and teamwork. Headquartered in Vancouver, Washington, we operate 13 manufacturing facilities across North America. On February 23, 2026, we completed the acquisition of 100% of the shares of Boughton\u2019s Precast, Inc., a single precast facility located in Pueblo, Colorado, for a purchase price of approximately $9.0 million. This acquisition expands our geographic footprint for our stormwater infrastructure and sanitary sewer products including manholes, catch basins, vaults, and reinforced concrete pipe. The financial information included in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is that of NWPX Infrastructure, Inc. prior to the acquisition of Boughton because the acquisition was completed after the period covered by the financial statements included in this 2025 Form 10\u2011K. Our water infrastructure products are sold generally to installation contractors, who include our products in their bids to federal, state, and municipal agencies, privately-owned water companies, or developers for specific projects. We believe our sales are substantially driven by spending Item 1. Business Unless otherwise indicated, the terms \u201cthe Company,\u201d \u201cNWPX Infrastructure,\u201d \u201cwe,\u201d \u201cour,\u201d and \u201cus\u201d are used in this 2025 Form 10\u2011K to refer to NWPX Infrastructure, Inc. or one of our consolidated subsidiaries or to all of them taken as a whole. We were incorporated in the State of Oregon in 1966. Overview NWPX Infrastructure, Inc., formerly known as Northwest Pipe Company, is a leading manufacturer of water-related infrastructure products, and operates in two segments, Water Transmission Systems (\u201cWTS\u201d), operating as the Northwest Pipe Company brand, and Precast Infrastructure and Engineered Systems (\u201cPrecast\u201d), which includes the brands NWPX Geneva and NWPX Park. Under the Northwest Pipe Company brand, we are the largest manufacturer of engineered water transmission systems in North America and produce steel casing pipe, bar-wrapped concrete cylinder pipe, and pipeline system joints and fittings. We also provide solution-based products for a wide range of markets including high-quality reinforced precast concrete products, lined precast sanitary sewer system structures, water distribution and management equipment including pump lift stations, wastewater pretreatment, and stormwater quality products. We have broadened our manufacturing footprint by bringing lined and engineered precast products into production at additional facilities. This increases our capacity and improves regional availability. Strategically positioned to meet growing water and wastewater infrastructure needs, our skilled team is committed to quality and innovation while upholding our core values of accountability, commitment, and teamwork. Headquartered in Vancouver, Washington, we operate 13 manufacturing facilities across North America. Our water infrastructure products are sold generally to installation contractors, who include our products in their bids to federal, state, and municipal agencies, privately-owned water companies, or developers for specific projects. We bel Item 1A. Risk Factors You should carefully consider the following factors, together with all the other information included in this 2025 Form 10\u2011K, in evaluating our company and our business. If any of the following risks actually occur, our business, financial condition, results of operations, or cash flows could be materially and ", "title": "NWPX - NWPX Infrastructure, Inc.", "url": "/company/NWPX/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001425205; latest 10-K filed 2026-02-24.", "text": "IOVA - IOVANCE BIOTHERAPEUTICS, INC. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001425205; latest 10-K filed 2026-02-24. IOVA IOVANCE BIOTHERAPEUTICS, INC. 0001425205 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our results of operations and financial condition should be read in conjunction with our financial statements and the notes to those financial statements that are included elsewhere in this report. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under the \u201cBusiness\u201d section and elsewhere in this report. We use words such as \u201cmay,\u201d \u201cwill,\u201d \u201cmight,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201caim,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d \u201congoing,\u201d \u201cgoal,\u201d \u201cforecast,\u201d \u201cguidance,\u201d \u201coutlook,\u201d or the negative of these terms or other similar expressions to identify forward-looking statements, although not all forward-looking statements contain these words. All forward-looking statements included in this report are based on information available to us on the date hereof and, except as required by law, we assume no obligation to update any such forward-looking statements. Overview \u200b We are a commercial-stage biopharmaceutical company pioneering a transformational approach to treating cancer. Our mission is to be the global leader in innovating, developing, and delivering tumor infiltrating lymphocyte, or TIL, cell therapies for patients with solid tumor cancers. TIL cell therapies harness the individual immune system\u2019s ability to recognize and destroy diverse cancer cells that are unique to each patient. These individualized therapies are manufactured using centralized, scalable, and proprietary manufacturing processes which rejuvenate and multiply each patient\u2019s polyclonal T cells into the billions. \u200b Iovance was founded to build upon the promise of TIL cell therapy initially developed at academic research centers, including the National Cancer Institute, or the NCI. Our multi-center trials, scalable manufacturing, regulatory approvals and commercial infrastructure have transformed TIL cell therapy from a research product available to only a small number of patients, into a commercially viable treatment that is accessible for thousands of cancer patients. \u200b Our two commercial products include Amtagvi\u00ae (lifileucel) and Proleukin\u00ae (aldesleukin), an interleukin-2, or IL-2, product used in the Amtagvi\u00ae treatment regimen and other applications. \u200b Amtagvi\u00ae is the first one-time, individualized T cell therapy for a solid tumor cancer and for the treatment of adult patients with previously treated advanced, or unresectable or metastatic melanoma. Amtagvi\u00ae is administered as part of a treatment regimen that includes lymphodepletion and a short course of Proleukin\u00ae. \u200b Globally, Amtagvi\u00ae has the potential to address more than 30,000 previously treated advanced melanoma patients annually. Amtagvi\u00ae is approved in the U.S. and Canada, and we plan to launch into additional markets with a high prevalence of advanced melanoma. Potential approvals are pending in the United Kingdom, or UK, and Australia in the first half of 2026 and Switzerland in 2027. In the European Union, or EU, we withdrew our initial marketing authorization application, or MAA, in July 2025. We are working with the European Medicines Agency, or EMA, to resubmit a centralized MAA in 2026. \u200b Our development pipeline consists of TIL cell therapies and next generation approaches in additional solid tumor cancers, including one-time TIL monotherapies for previously treated patients and TIL cell therapy combined with standard of care in earlier treatment settings. We are conducting two ongoing registrational trials in frontline advanced melanoma and previously tr Item 1. Business Overview We are a commercial-stage biopharmaceutical company pioneering a transformational approach to treating cancer. Our mission is to be the global leader in innovating, developing, and delivering tumor infiltrating lymphocyte, or TIL, cell therapies for patients with solid tumor cancers. TIL cell therapies harness the individual immune system\u2019s ability to recognize and destroy diverse cancer cells that are unique to each patient. These individualized therapies are manufactured using centralized, scalable, and proprietary manufacturing processes which rejuvenate and multiply each patient\u2019s polyclonal T cells into the billions. \u200b Iovance was founded to build upon the promise of TIL cell therapy initially developed at academic research centers, including the National Cancer Institute, or the NCI. Our multi-center trials, scalable manufacturing, regulatory approvals and commercial infrastructure have transformed TIL cell therapy from a research product available to only a small number of patients, into a commercially viable treatment that is accessible for thousands of cancer patients. \u200b Our two commercial products include Amtagvi\u00ae (lifileucel) and Proleukin\u00ae (aldesleukin), an interleukin-2, or IL-2, product used in the Amtagvi\u00ae treatment regimen and other applications. \u200b Amtagvi\u00ae is the first one-time, individualized T cell therapy for a solid tumor cancer and for the treatment of adult patients with previously treated advanced, or unresectable or metastatic melanoma. Amtagvi\u00ae is administered as part of a treatment regimen that includes lymphodepletion and a short course of Proleukin\u00ae. \u200b Globally, Amtagvi\u00ae has the potential to address more than 30,000 previously treated advanced melanoma patients annually. Amtagvi\u00ae is approved in the U.S. and Canada, and we plan to launch into additional markets with a high prevalence of advanced melanoma. Potential approvals are pending in the United Kingdom, or UK, and Australia in the first h Item 1A.Risk Factors The risks described below may not be the only ones relating to our company. Additional risks that we currently believe are immaterial may also impair our business operations. Our business, financial conditions and future prospects and the trading price of our common stock could ", "title": "IOVA - IOVANCE BIOTHERAPEUTICS, INC.", "url": "/company/IOVA/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001173489; latest 10-K filed 2026-02-27.", "text": "CEVA - CEVA INC SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001173489; latest 10-K filed 2026-02-27. CEVA CEVA INC 0001173489 7370 Services-Computer Programming, Data Processing, Etc. ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion together with the consolidated financial statements and related notes appearing elsewhere in this annual report. This discussion contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those included in such forward-looking statements. Factors that could cause actual results to differ materially include those set forth under \u201cRisk Factors,\u201d as well as those otherwise discussed in this section and elsewhere in this annual report. See \u201cForward-Looking Statements and Industry Data.\u201d BUSINESS OVERVIEW We enable Physical AI, the artificial intelligence embedded in billions of devices that connect, sense and infer data in the real world. We view Physical AI as the natural evolution of Edge AI. While Edge AI refers to running AI workloads locally on devices rather than in the cloud, Physical AI extends this concept further: it unifies connectivity, sensing and inference layers into a single fabric that allows devices not only to process data at the edge, but also to interact intelligently with their physical environment and the cloud. We believe Ceva is uniquely positioned as the only company with leadership in innovative silicon and software IP solutions across all three layers \u2013 connect, sense and infer. According to IPnest, we commanded 68% of the wireless connectivity IP market in 2024. Since 2003, more than 20 billion devices have shipped with Ceva IP, including approximately 2.1 billion in 2025. Our technologies power the connectivity, perception and intelligence in today\u2019s most advanced smart edge products across consumer IoT, automotive, industrial and infrastructure, and mobile and PC markets. Based on market research, we believe these sectors will represent a $170 billion total addressable market for Physical AI and Edge AI by 2030. Our portfolio spans: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Connectivity layer (wireless transport): Bluetooth, Wi\\u2011Fi, Ultra\\u2011Wideband (UWB), cellular internet-of-things (IoT), and 5G\\u2011Advanced IP platforms that form the backbone of ubiquitous, secure, and high\\u2011performance communication.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Sensing layer (software and DSPs): Sensor fusion processors, RealSpace spatial audio, MotionEngine software, and general\\u2011purpose digital signal processors (DSPs) that transform raw sensor data into actionable intelligence.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Inference layer (NPUs and AI DSPs): The NeuPro family of neural processing units (NPUs), from NeuPro\\u2011Nano for embedded AI to NeuPro\\u2011M for generative AI, supported by a unified toolchain and software stack for simple model deployment, and the SensPro family of AI DSPs for high\\u2011performance signal and AI workloads.\"]] [[/GREPCENT_TABLE]] Together, these layers make Ceva, with our unified AI fabric, an essential enabler of Physical AI that breaks down barriers to entry and accelerates time\u2011to\u2011market for our customers. For more than three decades, we have been a trusted partner to hundreds of leading semiconductor and original equipment manufacturer (OEM) companies, serving not only our largest target growth markets but also a wide variety of other applications, including smart home, surveillance, robotics and medical. Our transformative semiconductor IP and embedded software offerings are incorporated by customers into application-specific integrated circuits (ASICs) and application-specific standard products (ASSPs) to enable power\u2011efficient, intelligent, secure and connected devices that connect, sense and infer \u2013 the three critical pillars of the rapidly evolving era of AI\u2011enabled smart edge technology. We license our portfolio of wireless communications and scalable Edge AI IP to our customers, breaking down barriers to entry and enabling them to ITEM 1. BUSINESS Company Overview We are the leader in silicon and software intellectual property (\u201cIP\u201d) enabling Physical AI - the intelligence embedded directly into billions of devices that connect, sense, and infer data in the real world. Physical AI represents the natural evolution of Edge AI. While traditional Edge AI focuses on local inference on devices, Physical AI unifies connectivity, sensing, and inference into a cohesive technology fabric. This integrated approach allows devices not only to process information at the edge but also to understand their physical surroundings, communicate seamlessly, and interact intelligently with both the environment and the cloud. As Physical AI adoption accelerates across markets, these foundational layers are becoming essential for next\u2011generation consumer, automotive, industrial, and mobile systems. We are the only IP company with established leadership and deep expertise across all three foundational layers of Physical AI \u2013 connect, sense and infer. Our comprehensive portfolio powers the connectivity, perception, and intelligence capabilities of many of today\u2019s most advanced smart edge products across the consumer IoT, automotive, industrial and infrastructure, and mobile and PC markets. Devices incorporating Ceva IP have shipped in more than 20 billion units since 2003, and today our technologies are embedded in approximately 2 billion devices annually, reflecting the ubiquity and long\u2011term durability of our IP across multiple generations of silicon and end\u2011market product cycles. Our business model centers on licensing our IP platforms, processors, software, and related technologies to semiconductor and original equipment manufacturer (\u201cOEM\u201d) customers. These customers integrate our technologies into their application specific integrated circuits (\u201cASICs\u201d), application specific standard products (\u201cASSPs\u201d), and systems on chip (\u201cSoCs\u201d), which they manufacture, market, and sell globally. By providing pre\u2011validated ITEM 1A. RISK FACTORS We caution you that the following important factors, among others, could cause our actual future results to differ materially from those expressed in forward-looking statements made by or on behalf of us in filings with the Securities and Exchange Commission, press releases, communic", "title": "CEVA - CEVA INC", "url": "/company/CEVA/" }, { "kind": "company", "summary": "SIC 8071 Services-Medical Laboratories; CIK 0001217234; latest 10-K filed 2026-02-25.", "text": "CDNA - CareDx, Inc. SIC 8071 Services-Medical Laboratories; CIK 0001217234; latest 10-K filed 2026-02-25. CDNA CareDx, Inc. 0001217234 8071 Services-Medical Laboratories ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains certain forward-looking statements that involve risk and uncertainties. Our actual results may differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those set forth under the Section entitled \u201cRisk Factors\u201d in Item 1A, and other documents we file with the SEC. Historical results are not necessarily indicative of future results. A discussion regarding our financial condition and results of operations for fiscal 2025 compared to fiscal 2024 is presented under Results of Operations of this Form 10-K. Discussions regarding our financial condition and results of operations for fiscal 2024 compared to 2023 have been omitted from this Annual Report on Form 10-K, but can be found in \"Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 28, 2025, which is available without charge on the SEC's website at www.sec.gov and on our investor relations website at caredx.com. Overview We are a precision medicine company dedicated to improving outcomes for transplant patients and advancing organ health. We deliver solutions designed to empower clinicians and improve patient outcomes. Our integrated solutions include non-invasive molecular testing for heart, kidney, and lung transplants; laboratory products; digital health technologies; and patient solutions that support care before and after transplant. CareDx is the leading provider of genomics-based information for transplant patients. Our commercially available post-transplant testing services consist of AlloSure\u00ae Kidney, a donor-derived cell-free DNA, or dd-cfDNA, solution for kidney transplant patients, AlloMap\u00ae Heart, a gene expression profiling solution for heart transplant patients, AlloSure\u00ae Heart, a dd-cfDNA solution for heart transplant patients, HeartCare, the combined use of AlloMap Heart and AlloSure Heart, and AlloSure\u00ae Lung, a dd-cfDNA solution for lung transplant patients. We have initiated several clinical studies to generate data on our existing and planned future testing services. From time to time, we partner with pharma and biopharma companies to use our technology and tests, often in clinical trials, to identify or screen for patients that may be appropriate candidates for their products. We also offer high-quality products in the pre-transplant space that increase the chance of successful transplants by facilitating a better match between a donor and a recipient of stem cells and organs. We also provide digital transplant solutions and various offerings that help transplant centers with patient management, outcomes quality and operational support. See Part I, Item 1 (Business) of this Annual Report on Form 10-K for further information about our business. Fourth Quarter Business Highlights \u2022Revenue of $108 million, an increase of 25% year-over-year \u2022Testing services revenue of $78 million, an increase of 23% year-over-year, and testing services volume of approximately 53,000, an increase of 17% year-over-year \u2022Patient and digital solutions revenue of $16.8 million and product revenue of $13.3 million, representing year-over-year growth of 47% and 17%, respectively \u2022Average revenue per test of approximately $1,480 including approximately $5 million in prior period revenue \u2022Net loss of $4 million, compared to net income of $88 million for the fourth quarter of 2024 \u2022Cash flow from operations of $21.4 million \u2022Share repurchases of $12 million during the quarter ITEM 1. BUSINESS Company Overview CareDx is a precision medicine company dedicated to improving outcomes for transplant patients and advancing organ health. We deliver solutions designed to empower clinicians and improve patient outcomes. The Company's integrated solutions include non-invasive molecular testing for heart, kidney, and lung transplants; laboratory products; digital health technologies; and patient solutions that support care before and after transplant. CareDx is the leading provider of genomics-based information for transplant patients. Our headquarters is located in Brisbane, California, and we have other primary operations in Omaha, Nebraska and Stockholm, Sweden. We were originally incorporated in Delaware in December 1998 under the name Hippocratic Engineering, Inc. In April 1999, we changed our name to BioCardia, Inc., and in June 2002, we changed our name to Expression Diagnostics, Inc. In July 2007, we changed our name to XDx, Inc. and in March 2014, we changed our name to CareDx, Inc. Our principal executive offices are located at 8000 Marina Boulevard, Brisbane, California and our telephone number is (415) 287-2300. As of December 31, 2025, substantially all of our revenues came from the United States and Europe, and substantially all of our assets and operations were located in the United States and Sweden. We are organized and operate as a single reportable segment. Refer to Note 13, Segment Reporting, of the consolidated financial statements included elsewhere in this Annual Report on Form 10-K. Our Differentiated Approach We aim to create life-changing solutions that enable transplant patients to thrive. Over the past 25 years, we have made considerable investments, bringing to market a portfolio of solutions that have significantly impacted the lives of hundreds of thousands of transplant patients globally. At CareDx, we are incredibly passionate about the care of transplant patients and are deeply connected to this market, the p ITEM 1A. RISK FACTORS Summary of Risk Factors Below is a summary of the principal factors that make an investment in our common stock speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below under th", "title": "CDNA - CareDx, Inc.", "url": "/company/CDNA/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001577526; latest 10-K filed 2026-06-24.", "text": "AI - C3.ai, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001577526; latest 10-K filed 2026-06-24. AI C3.ai, Inc. 0001577526 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion, particularly information with respect to our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading \u201cSpecial Note Regarding Forward-Looking Statements\u201d in this Annual Report on Form 10-K. You should review the disclosure under the heading \u201cRisk Factors\u201d under Part I, Item 1A in this Annual Report on Form 10-K for a discussion of important factors that could cause our actual results to differ materially from those anticipated in these forward-looking statements. Unless the context otherwise requires, all references in this report to \u201cC3.ai,\u201d \u201cC3 AI,\u201d the \u201cCompany\u201d, \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d or similar terms refer to C3.ai, Inc. and its subsidiaries. Unless otherwise stated, references to particular years, quarters, months or periods refer to our fiscal years ended April 30 and the associated quarters, months and periods of those fiscal years. A discussion regarding our financial condition and results of operations for the fiscal year ended April 30, 2026 compared to the fiscal year ended April 30, 2025 is presented below. A discussion regarding our financial condition and results of operations for the fiscal year ended April 30, 2025 compared to the fiscal year ended April 30, 2024 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended April 30, 2025, filed with the Securities and Exchange Commission, or SEC, on June 23, 2025. Overview C3 AI is an Enterprise AI application software company. We have built a family of software applications that enable our customers to rapidly develop, deploy, and operate large-scale Enterprise AI applications. Customers can deploy C3 AI solutions on major public cloud infrastructures, private cloud or hybrid environments, or directly on their servers and processors. We have five core product areas, which we collectively refer to as our \u201cC3 AI Software\u201d: \u2022C3 Agentic AI Platform, our core technology, is a comprehensive, end-to-end application development and runtime environment that is designed to allow our customers to rapidly design, develop, and deploy Enterprise AI applications. The C3 Agentic AI Platform enables the creation of enterprise-grade AI agents that can autonomously perceive data, reason over complex systems, and take action to achieve defined business goals. These agents operate within secure, governed workflows and integrate seamlessly across the enterprise, delivering trusted, high-impact outcomes at scale. \u2022C3 AI Studio, is the integrated development environment in the C3 Agentic AI Platform that enables engineers, data scientists, and increasingly business analysts, to design, build, test, and deploy AI applications. \u2022C3 AI Applications, built using the C3 Agentic AI Platform, is a portfolio of pre-built, extensible, industry-specific and application-specific SaaS Enterprise AI applications that can be rapidly installed and deployed. \u2022C3 Generative AI, combines the utility of LLMs, agentic AI, generative AI, reinforcement learning, natural language processing, and the C3 Agentic AI Platform to reflect, collaborate, and execute complex workflows. \u2022C3 Code, enables users to build, configure, and deploy a complete, production-grade Enterprise AI applications automatically \u2014 including data pipelines, AI models, business logic, security controls, and user interfaces \u2014 using natural language instructions. C3 Code orchestrates multipl ITEM 1. BUSINESS Overview C3 AI is the Enterprise AI application software company. C3 AI delivers a family of fully integrated products including the C3 Agentic AI Platform, an end-to-end platform for developing, deploying, and operating Enterprise AI applications; C3 AI Applications, a portfolio of industry-specific Enterprise AI applications that enable the digital transformation of organizations globally; and C3 Generative AI, a library of agentic AI applications to retrieve data, analyze information, surface insights, and orchestrate workflows to drive business value. The C3 Agentic AI Platform and C3 AI Applications \u2014 built with our patented model-driven architecture \u2014 enable organizations to simplify and accelerate Enterprise AI application development, deployment, and administration. Our C3 AI software platform also enables developers to rapidly build applications without having to write complex, lengthy, structured programming code to define, control, and integrate the many requisite data and microservices components to work together; we significantly reduce the effort and complexity of the Enterprise AI software engineering problem. Powered by C3 AI\u2019s patented agent orchestration technology, C3 Generative AI enables autonomous agents to reflect, collaborate, and execute complex workflows \u2014 retrieving data, analyzing information, and delivering precise, actionable insights for high-value enterprise use cases across industries. C3 Generative AI delivers high-accuracy, domain-specific insights, and advanced reasoning across disparate enterprise and external data sources. C3 Generative AI is built natively into the C3 Agentic AI Platform and available with every C3 AI Application. Enterprise AI Software Solutions We have built a solution that enables our customers to rapidly develop, deploy, and operate large-scale Enterprise AI applications. Customers can deploy C3 AI software on major public cloud infrastructures, private cloud or hybrid environments, o ITEM 1A. RISK FACTORS You should consider carefully the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our consolidated financial statements and rela", "title": "AI - C3.ai, Inc.", "url": "/company/AI/" }, { "kind": "company", "summary": "SIC 4412 Deep Sea Foreign Transportation of Freight; CIK 0001289877; latest 10-K filed 2026-03-16.", "text": "SFL - SFL Corp Ltd. SIC 4412 Deep Sea Foreign Transportation of Freight; CIK 0001289877; latest 10-K filed 2026-03-16. SFL SFL Corp Ltd. 0001289877 4412 Deep Sea Foreign Transportation of Freight Overview We have established ourselves as a leading international maritime asset-owning company with a large and diverse asset base across the maritime and offshore industries. A full fleet list is provided in \u201cItem 4. Information on the Company \u2013 D. Property, Plants and Equipment\u201d showing the assets that we currently own and charter to our customers. Fleet Development The following table summarizes the development of our active fleet of vessels and rigs, including four chartered-in container vessels that are included in our associated companies and six container vessels and seven car carriers financed through sale and leaseback transactions. [[GREPCENT_TABLE]] [[\"\",\"\",\"Total fleet\",\"\",\"Additions/ Disposals\",\"\",\"Total fleet\",\"\",\"Additions/Disposals\",\"\",\"Total fleet\"],[\"Vessel type\",\"\",\"December 31, 2023\",\"\",\"2024\",\"\",\"December 31, 2024\",\"\",\"2025\",\"\",\"December 31, 2025\"],[\"Oil Tankers\",\"\",\"7\",\"\",\"\",\"\",\"\",\"\",\"7\",\"\",\"\",\"\",\"-1\",\"\",\"6\"],[\"Chemical tankers\",\"\",\"\\u2014\",\"\",\"2\",\"\",\"\",\"\",\"2\",\"\",\"\",\"\",\"\",\"\",\"2\"],[\"Dry bulk carriers\",\"\",\"15\",\"\",\"\",\"\",\"\",\"\",\"15\",\"\",\"\",\"\",\"-13\",\"\",\"2\"],[\"Container vessels\",\"\",\"36\",\"\",\"\",\"\",\"-3\",\"\",\"33\",\"\",\"\",\"\",\"-8\",\"\",\"25\"],[\"Car carriers\",\"\",\"5\",\"\",\"2\",\"\",\"\",\"\",\"7\",\"\",\"\",\"\",\"\",\"\",\"7\"],[\"Jack-up drilling rig\",\"\",\"1\",\"\",\"\",\"\",\"\",\"\",\"1\",\"\",\"\",\"\",\"\",\"\",\"1\"],[\"Ultra-deepwater drilling rig\",\"\",\"1\",\"\",\"\",\"\",\"\",\"\",\"1\",\"\",\"\",\"\",\"\",\"\",\"1\"],[\"Product tankers\",\"\",\"6\",\"\",\"3\",\"\",\"\",\"\",\"9\",\"\",\"\",\"\",\"\",\"\",\"9\"],[\"Total Active Fleet\",\"\",\"71\",\"\",\"7\",\"\",\"-3\",\"\",\"75\",\"\",\"\\u2014\",\"\",\"-22\",\"\",\"53\"]] [[/GREPCENT_TABLE]] Between January 1, 2026 and March 16, 2026, we sold and delivered the Suezmax tanker, SFL Thelon, to an unrelated third party. The vessel was delivered to its new owners in February 2026. Factors Affecting Our Current and Future Results Principal factors that have affected our current results, or are expected to affect our future results of operations and financial position, include: \u2022the earnings of our vessels under time charters or rigs under drilling contracts, including Maersk, Hapag Lloyd, Trafigura, ConocoPhillips, Volkswagen and other charterers; \u2022the earnings of our vessels under short term charter or trading in the spot market impacted by freight market conditions; \u2022the amount we receive under the profit sharing arrangements on fuel cost savings with Maersk and Eukor; \u2022the earnings and expenses related to any additional vessels that we acquire; \u2022earnings from the sale of assets and termination of charters; \u2022vessel management fees and operating expenses; \u2022vessel impairments; \u2022administrative expenses; \u2022interest expenses; \u2022mark-to-market movements on investment in equity securities; and \u2022mark-to-market movements on derivative financial instruments. 48 Revenues Since our incorporation in 2003 and public listing in 2004, we have increased our customer base from one to more than 10 customers. In addition, Golden Ocean is no longer a customer, since July 2025, when we sold and delivered eight Capesize dry bulk carriers to them, following exercise of the applicable purchase options in the charter contracts. As of December 31, 2025, our revenue is mainly generated from: \u202215 container vessels on time charters to Maersk accounted for 26% of our consolidated operating revenues (December 31, 2024: 23%, 14 container vessels). \u2022Four car carriers on time charter to Volkswagen accounted for 9% of our consolidated operating revenues (December 31, 2024: 8%, four car carriers). \u2022Seven tanker vessels on time charter to Trafigura accounted for 8% of our consolidated operating revenues (December 31, 2024: 7%, seven tanker vessels). \u2022Six container vessels on time charter to Hapag Lloyd accounted for 15% of our consolidated operating revenues (December 31, 2024: 6%, six container vessels). \u2022One jack-up drilling rig on drilling contract revenue with ConocoPhillips accounted for 13% of our consolidated operating revenues (December 31, 2024: 7%, one jack-up drilling rig). Our revenues arise primarily f", "title": "SFL - SFL Corp Ltd.", "url": "/company/SFL/" }, { "kind": "company", "summary": "SIC 7350 Services-Miscellaneous Equipment Rental & Leasing; CIK 0000071829; latest 10-K filed 2026-02-27.", "text": "NPKI - NPK International Inc. SIC 7350 Services-Miscellaneous Equipment Rental & Leasing; CIK 0000071829; latest 10-K filed 2026-02-27. NPKI NPK International Inc. 0000071829 7350 Services-Miscellaneous Equipment Rental & Leasing ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition, results of operations, liquidity, and capital resources should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 \u201cFinancial Statements and Supplementary Data.\u201d Overview NPK International Inc. is a temporary worksite access solutions company that manufactures, sells, and rents recyclable composite matting products, along with a full suite of services, including planning, logistics, and site restoration. In 2025, 66% of our revenues were generated from the rental of our recyclable composite matting systems, along with related site construction and services to customers in various markets including power transmission, oil and natural gas exploration and production, pipeline, renewable energy, petrochemical, construction and other industries within the United States and United Kingdom. The remaining 34% of our 2025 revenues were generated from the sale of our manufactured recyclable composite mats to customers around the world, with power transmission being the primary end market. We previously operated a Fluids Systems business, which was historically reported as a separate operating segment. In September 2024, we completed the sale of substantially all of the Company\u2019s Fluids Systems segment (the \u201cSale Transaction\u201d) to SCF Partners, a leading private equity firm serving the global energy industry (the \u201cPurchaser\u201d). The results of operations of Fluids Systems are reported in discontinued operations in the consolidated statements of operations. All results and information in the consolidated financial statements and related notes are presented for our continuing operations and exclude Fluids Systems unless otherwise noted specifically as discontinued operations. See Note 2 for additional information. 2025 Strategic Actions As aligned with our Strategy described in Part I. Item I. Business, the following reflect our strategic priorities intended to enhance long-term shareholder value as well as our actions and achievements in 2025. \u2022Accelerated Organic Growth \u2013 We seek to accelerate revenue growth through the expansion of our rental business, which includes a combination of geographic expansion to new growth territories, primarily within the U.S., while also expanding customer market share within currently-served markets. As part of this effort, we have placed a particular emphasis on penetrating larger-scale, longer-term (six months or longer) projects, which we believe will help drive improvements in revenue stability and operational efficiency. Due in part to the success of our efforts, rental and service revenues increased $38 million, or 26%, year-over-year for 2025, including a 39% increase in rental revenues. The elevated growth in rental revenues has been primarily attributable to our success on larger-scale, longer-term projects with a key utilities customer, and consequently, the revenue contribution from this customer grew substantially to 19% of our total revenues in 2025. We prioritize investment capital to support our organic growth objective, where over the past several years, we have seen the strong market adoption of our specialty rental products and differentiated service offering. During 2025, we made net investments of $37 million in the expansion of our composite rental fleet, expanding the fleet by approximately 16% (excludes Grassform, as discussed below). Further, with our revenue growth and the favorable macro-environment, we have also accelerated our manufacturing capacity expansion planning efforts. As a result, 2025 cost of revenues includes $0.9 million of expense associated with these efforts. In 2026, we intend to make investments to expand our composite mat production capacity, with additional capacity expected to come online in the first half of 2027. \u2022Pursued Inorganic Growth \u2013 We seek to accel ITEM 1. Business General NPK International Inc. is a temporary worksite access solutions company that manufactures, sells, and rents recyclable composite matting products, along with a full suite of services, including planning, logistics, and site restoration. In 2025, 66% of our revenues were generated from the rental of our recyclable composite matting systems, along with related site construction and services to customers in various markets including power transmission, oil and natural gas exploration and production, pipeline, renewable energy, petrochemical, construction and other industries within the United States and United Kingdom. The remaining 34% of our 2025 revenues were generated from the sale of our manufactured recyclable composite mats to customers around the world, with power transmission being the primary end market. NPK International Inc., formerly known as Newpark Resources, Inc., was organized in 1932 as a Nevada corporation. In 1991, we changed our state of incorporation to Delaware. On December 9, 2024, we changed our name to NPK International Inc. Our principal executive offices are located at 9320 Lakeside Boulevard, Suite 100, The Woodlands, Texas 77381. Our telephone number is (281) 362-6800. You can find more information about us on our website located at www.npki.com. We file or furnish annual, quarterly and current reports, proxy statements and other documents with the Securities and Exchange Commission (\u201cSEC\u201d). Our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and any amendments to those reports are available free of charge through our website. These reports are available as soon as reasonably practicable after we electronically file these materials with, or furnish them to, the SEC. Our Code of Ethics, our Corporate Governance Guidelines, our Audit Committee Charter, our Compensation Committee Charter, and our Nominating and Corporate Governance Committee Charter are also posted to ITEM 1A. Risk Factors The following summarizes the most significant risks to our business. In addition to these risks, we are subject to a variety of risks that affect many other companies generally, as well as other risks and uncertainties that are not known to us as of the dat", "title": "NPKI - NPK International Inc.", "url": "/company/NPKI/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0000844965; latest 10-K filed 2026-02-25.", "text": "TTI - TETRA TECHNOLOGIES INC SIC 1311 Crude Petroleum & Natural Gas; CIK 0000844965; latest 10-K filed 2026-02-25. TTI TETRA TECHNOLOGIES INC 0000844965 1311 Crude Petroleum & Natural Gas Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion is intended to analyze major elements of our consolidated financial statements and provide insight into important areas of management\u2019s focus. This section should be read in conjunction with the Consolidated Financial Statements and the accompanying Notes included elsewhere in this Annual Report. Statements in the following discussion may include forward-looking statements. These forward-looking statements involve risks and uncertainties. See \u201cItem 1A. Risk Factors\u201d for additional discussion of these factors and risks. For discussion of 2024 compared to 2023, see disclosures titled \u201cResults of Operations\u201d set forth in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 25, 2025. Business Overview We are an energy services and solutions company with operations on six continents focused on developing environmentally conscious services and solutions that help make people\u2019s lives better. Calcium chloride is used in the oil and gas industry, and also has broad industrial applications to the agricultural, road, food and beverage, and lithium production markets. We currently operate through two reporting segments - Completion Fluids & Products and Water & Flowback Services. Completion Fluids & Products Segment activity for 2025 increased compared to 2024, driven by stronger volumes for our deepwater completions fluids products, including the completion of three-well deepwater wells in the Gulf of America using our proprietary TETRA Neptune fluids. TETRA Neptune fluids projects are historically higher revenue and margin projects. The segment also benefited from increased activity levels from a new multi-well, multi-year deep water completion fluids contract in Brazil and continued strong results from our industrial calcium chloride business. Looking forward into 2026, we expect to see incremental growth in our base completion fluids products and industrial chloride business. We completed installation of our bulk electrolyte tanker loading system at our West Memphis plant and expect a significant increase in TETRA PureFlow Plus battery electrolyte revenue as Eos Energy Enterprises ramps up its production in early 2026. Our Water & Flowback Services Segment activity decreased compared to 2024 reflecting a slowdown in onshore activity in the Unites States, as well as lower service revenues following the sale of early production facilities in Latin America. We continued cost reduction actions during 2025 to adjust to market levels and continued deployment of automation technology. We also secured contracts in Argentina in late 2025, allowing us to further diversify our revenue base to offset the weaker United States onshore environment. 31 Results of Operations The following data should be read in conjunction with the Consolidated Financial Statements and the associated Notes contained elsewhere in this report. Consolidated Results of Operations [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\",\"\",\"Period to Period Change\"],[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2025 vs. 2024\",\"\",\"% Change\"],[\"\",\"\",\"(In Thousands, Except Percentages)\"],[\"Revenues\",\"\",\"$\",\"630,932\",\"\",\"\",\"$\",\"599,111\",\"\",\"\",\"$\",\"31,821\",\"\",\"\",\"5.3\",\"%\"],[\"Cost of product sales and services\",\"\",\"433,722\",\"\",\"\",\"423,428\",\"\",\"\",\"10,294\",\"\",\"\",\"2.4\",\"%\"],[\"Depreciation, amortization and accretion\",\"\",\"37,099\",\"\",\"\",\"35,721\",\"\",\"\",\"1,378\",\"\",\"\",\"3.9\",\"%\"],[\"Impairments and other charges\",\"\",\"4,162\",\"\",\"\",\"109\",\"\",\"\",\"4,053\",\"\",\"\",\"NM(1)\"],[\"Gross profit\",\"\",\"155,949\",\"\",\"\",\"139,853\",\"\",\"\",\"16,096\",\"\",\"\",\"11.5\",\"%\"],[\"General and administrative expense\",\"\",\"100,559\",\"\",\"\",\"89,969\",\"\",\"\",\"10,590\",\"\",\"\",\"11.8\",\"%\"],[\"Operating income\",\"\",\"55,390\",\"\",\"\",\"49,884\",\"\",\"\",\"5,506\",\"\",\"\",\"11.0\",\"%\"],[\"Interest expense, net\",\"\" Item 1. Business. The financial statements presented in this Annual Report are the consolidated financial statements of TETRA Technologies, Inc., a Delaware corporation and its subsidiaries. When the terms \u201cTETRA,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d are used in this document, those terms refer to TETRA Technologies, Inc. and its consolidated subsidiaries. TETRA is a Delaware corporation incorporated in 1981. Our corporate headquarters are located at 10000 Energy Drive, Spring, Texas, 77389. Our phone number is 281-367-1983 and our website is www.onetetra.com. Our common stock is traded on the New York Stock Exchange (the \u201cNYSE\u201d) under the symbol \u201cTTI.\u201d Our Corporate Governance Guidelines, Code of Business Conduct, Code of Ethics for Senior Financial Officers, Policy on Trading in Company Securities, Audit Committee Charter, Human Capital Management and Compensation Committee Charter, and Nominating, Governance and Sustainability Committee Charter, as well as our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, and all amendments to those reports are all available, free of charge, on our website at www.onetetra.com as soon as practicable after we file the reports with the SEC. Information contained on or connected to our website is not, and shall not be deemed to be, a part of this Annual Report on Form 10-K or incorporated into any other filings with the SEC. The documents referenced above are available in print at no cost to any stockholder who requests them from our Corporate Secretary. About TETRA TETRA Technologies, Inc., together with its consolidated subsidiaries, is an energy services and solutions company with operations on six continents focused on developing environmentally conscious services and solutions that help make people\u2019s lives better. In addition to providing products and services to the oil and gas industry and calcium chloride for diverse applications, TETRA is expanding into the low-carbon ener Item 1A. Risk Factors. Although it is not possible to identify all of the risks we encounter, we have identified the following significant risk factors that could affect our actual results and cause actual results to differ materially from any such results that might be projected, forecasted, or estimated by us in this Annu", "title": "TTI - TETRA TECHNOLOGIES INC", "url": "/company/TTI/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000318300; latest 10-K filed 2026-02-26.", "text": "PEBO - PEOPLES BANCORP INC SIC 6022 State Commercial Banks; CIK 0000318300; latest 10-K filed 2026-02-26. PEBO PEOPLES BANCORP INC 0000318300 6022 State Commercial Banks ITEM 7 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward-Looking Statements Certain statements made in this Form 10-K, which are not historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995. Words such as \u201canticipate,\u201d \u201cestimate,\u201d \u201cmay,\u201d \u201cfeel,\u201d \u201cexpect,\u201d \u201cbelieve,\u201d \u201cplan,\u201d \u201cwill,\u201d \u201cwill likely,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cproject,\u201d \u201cgoal,\u201d \u201ctarget,\u201d \u201cpotential,\u201d \u201cseek,\u201d \u201cintend,\u201d \u201ccontinue,\u201d \u201cremain,\u201d and similar expressions are intended to identify these forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. Factors that might cause such a difference include, but are not limited to: (1)the effects of interest rate policies, including any changes to such policies that may result from potential changes in the composition of the Federal Reserve Board, changes in the interest rate environment due to economic conditions and/or the fiscal and monetary policy measures undertaken by the U.S. government and the Federal Reserve Board, including changes in the Federal Funds Target Rate, in response to such economic conditions, which may adversely impact interest rates, the interest rate yield curve, interest margins, loan demand and interest rate sensitivity; (2)the effects of inflationary pressures on borrowers\u2019 liquidity and ability to repay; (3)the success, impact, and timing of the implementation of Peoples\u2019 business strategies and Peoples\u2019 ability to manage strategic initiatives, including the interest rate policies of the Federal Reserve Board, the completion and successful integration of acquisitions, and the expansion of commercial and consumer lending activities; (4)competitive pressures among financial institutions, or from non-financial institutions, which may increase significantly, including product and pricing pressures, which can in turn impact Peoples\u2019 credit spreads, changes to third-party relationships and revenues, changes in the manner of providing services, customer acquisition and retention pressures, and Peoples\u2019 ability to attract, develop and retain qualified professionals; (5)uncertainty regarding the nature, timing, cost, and effect of legislative or regulatory changes or actions, or deposit insurance premium levels, promulgated and to be promulgated by governmental and regulatory agencies, including the ODFI, the FDIC, the Federal Reserve Board, and the CFPB, which may subject Peoples, its subsidiaries, or one or more acquired companies to a variety of new and more stringent legal and regulatory requirements; (6)the effects of easing restrictions on participants in the financial services industry; (7)current and future local, regional, national and international economic conditions (including the impact of persistent inflation, supply chain issues or labor shortages, supply-demand imbalances affecting local real estate prices, high unemployment rates in the local or regional economies in which Peoples operates and/or the U.S. economy generally, an increasing federal government budget deficit, the failure of the federal government to raise the federal debt ceiling, potential or imposed tariffs, a U.S. withdrawal from or significant renegotiation of trade agreements, trade wars and other changes in trade regulations, and changes in the relationship of the U.S. and U.S. global trading partners), and changes in the federal, state, and local government policy and the impact these conditions may have on Peoples, Peoples\u2019 customers and Peoples\u2019 counterparties, and Peoples\u2019 assessment of the impact, which may be different than anticipated; (8)Peoples may issue equity securities in connection with future acquisitions, which could cause ownership and economic dilution to Peopl ITEM 1 BUSINESS The disclosures set forth in this Item are qualified by \u201cITEM 1A RISK FACTORS\u201d and the section captioned \u201cForward-Looking Statements\u201d in \u201cITEM 7 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS\u201d of this Form 10-K and other cautionary statements set forth elsewhere in this Form 10-K. Corporate Overview Peoples Bancorp Inc. is a financial holding company, which was organized in 1980. Peoples operates principally through its wholly-owned subsidiary, Peoples Bank, an Ohio state-chartered bank that was first chartered in 1902. Peoples\u2019 other wholly-owned operating subsidiary is Peoples Investment Company (\u201cPIC\u201d). Peoples also holds all of the common securities of NB&T Statutory Trust III, FNB Capital Trust One, Ascencia Statutory Trust I, and Porter Statutory Trusts II-IV. Peoples Bank\u2019s operating subsidiaries include Peoples Insurance Agency, LLC (\u201cPeoples Insurance\u201d) and Vantage Financial, LLC (\u201cVantage\u201d), a nationwide provider of equipment financing. Business Overview Peoples makes available a complete line of commercial and consumer banking, trust and investment, insurance, premium financing solutions, equipment leases and equipment financing agreements through its financial subsidiaries \u2013 Peoples Bank, Peoples Insurance and Vantage. These products and services include the following: \u25e6various demand deposit accounts, savings accounts, money market accounts, certificates of deposit and governmental deposits; \u25e6commercial loans, residential real estate loans, home equity lines of credit, consumer loans and overdraft services; \u25e6insurance premium financing; \u25e6commercial equipment financing; \u25e6technology equipment financing; \u25e6debit and automated teller machine (\u201cATM\u201d) cards; \u25e6credit cards for individuals and businesses; \u25e6merchant credit card transaction processing services; \u25e6person-to-person and business-to-business payment processing via Zelle\u00ae, FedNow\u00ae, and Real-Time Payments\u00ae; \u25e6mobile banking features inc ITEM 1A RISK FACTORS The following are certain risks that management believes are specific to Peoples\u2019 business. This should not be viewed as an all-inclusive list of risks or presenting the risk factors listed in any particular order. Additional risks that are not presently known or that Peoples presently deems to be immaterial could also have a mate", "title": "PEBO - PEOPLES BANCORP INC", "url": "/company/PEBO/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001819974; latest 10-K filed 2026-03-11.", "text": "SKYT - SkyWater Technology, Inc SIC 3674 Semiconductors & Related Devices; CIK 0001819974; latest 10-K filed 2026-03-11. SKYT SkyWater Technology, Inc 0001819974 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of the Company\u2019s financial condition and results of operations should be read in conjunction with the Company\u2019s audited annual consolidated financial statements and related notes in Item 8 of this Annual Report on Form 10-K. Item 7 in this Form 10-K discusses the Company's fiscal year 2025 and fiscal year 2024 results and the year-over-year comparisons between fiscal year 2025 and fiscal year 2024. Discussion of the fiscal year 2024 results and the year-over-year comparisons between fiscal year 2024 and fiscal year 2023 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Annual Report on Form 10-K for the year ended December 29, 2024, filed with the SEC on March 14, 2025, and incorporated by reference in this Form 10-K. In addition to historical financial information, the following discussion contains forward-looking statements that reflect the Company\u2019s current expectations, estimates, and assumptions concerning events and financial trends that may affect future operating results or financial position. Actual results and the timing of events may differ materially from those discussed or implied in the Company\u2019s forward-looking statements due to a number of factors, including those described in the sections entitled \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements\u201d and elsewhere herein. SkyWater's fiscal year ends on the Sunday closest to the end of the twelfth calendar month. We refer to the fiscal years ended December 28, 2025 and December 29, 2024 as fiscal year 2025 and fiscal year 2024, respectively. Fiscal years 2025 and 2024 each include 52 weeks. All percentage amounts and ratios presented in this management\u2019s discussion and analysis were calculated using the underlying data in thousands. Unless otherwise indicated, all changes identified for the current period results represent comparisons to results for the prior corresponding period. For purposes of this section, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and \u201cSkyWater\u201d refer to SkyWater Technology, Inc. and its subsidiaries collectively. Overview SkyWater Technology, Inc., together with its consolidated subsidiaries, is a U.S.-based, independent, pure-play semiconductor foundry providing foundational-node manufacturing, advanced technology development, and advanced packaging services through an integrated, multi-site operating model. We operate exclusively within the United States, with fabrication and packaging facilities in Minnesota, Texas, and Florida. Our operations are designed to support customers that require secure, domestic manufacturing, long product life cycles, high reliability, and close engineering collaboration. Our business model integrates production-scale manufacturing with advanced technology development, enabling customers to transition specialized semiconductor technologies efficiently from development to volume production. We support a broad array of applications where continuity of supply, manufacturability, and long-term availability are as critical as device performance. This integrated approach positions SkyWater as a leading domestic manufacturing partner for commercial and government customers. Our operations are comprised of two reportable segments: Legacy SkyWater: A pure-play technology foundry that offers advanced semiconductor development and manufacturing services from its fabrication facility in Bloomington, Minnesota and advanced packaging services from its Kissimmee, Florida facility. Legacy SkyWater provides ATS and Wafer Services product offerings. SkyWater Texas: A high-volume manufacturer that offers manufacturing services from its fabrication facility in Austin, Texas. SkyWater Texas provides Wafer Services product offerings focused on 200 mm semiconductor fabrication, copper processing, high-volta ITEM 1. BUSINESS Overview SkyWater Technology, Inc., together with its consolidated subsidiaries, is a U.S.-based, independent, pure-play semiconductor foundry providing foundational-node manufacturing, advanced technology development, and advanced packaging services through an integrated, multi-site operating model. We operate exclusively within the United States, with fabrication and packaging facilities in Minnesota, Texas, and Florida. Our operations are designed to support customers that require secure, domestic manufacturing, long product life cycles, high reliability, and close engineering collaboration. Our business model integrates production-scale manufacturing with advanced technology development, enabling customers to transition specialized semiconductor technologies efficiently from development to volume production. We support a broad array of applications where continuity of supply, manufacturability, and long-term availability are as critical as device performance. This integrated approach positions SkyWater as a leading domestic manufacturing partner for commercial and government customers. Before we began independent operations, our Minnesota fab was owned and operated by Cypress Semiconductor Corporation (\u201cCypress\u201d), as a captive manufacturing facility for 26 years. We became an independent company in 2017 when we were acquired by an affiliate of Oxbow Industries, LLC as part of a divestiture from Cypress. Prior to the closing of our initial public offering (\u201cIPO\u201d), we converted into a Delaware corporation and changed our name to SkyWater Technology, Inc. On April 23, 2021, we completed our IPO and issued 8,004,000 shares of common stock. Shares of our common stock began trading on the Nasdaq Stock Market on April 21, 2021 under the symbol \u201cSKYT\u201d. Foundational Semiconductor Technologies in the Modern Economy This context is central to understanding SkyWater\u2019s business model, service offerings, and manufacturing strategy. Semiconductor tec ITEM 1A. RISK FACTORS Our operations and financial results are subject to various risks and uncertainties, including those described below, that could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our common stock. Some statements in this Annual Report o", "title": "SKYT - SkyWater Technology, Inc", "url": "/company/SKYT/" }, { "kind": "company", "summary": "SIC 5411 Retail-Grocery Stores; CIK 0000050493; latest 10-K filed 2025-11-26.", "text": "IMKTA - INGLES MARKETS INC SIC 5411 Retail-Grocery Stores; CIK 0000050493; latest 10-K filed 2025-11-26. IMKTA INGLES MARKETS INC 0000050493 5411 Retail-Grocery Stores Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview Ingles is a leading supermarket chain in the Southeast United States and operates a total of 194 supermarkets in North Carolina (72), Georgia (64), South Carolina (35), Tennessee (21), Virginia (1) and Alabama (1), excluding three stores that remain temporarily closed due to damage sustained during Hurricane Helene. Ingles supermarkets offer customers a wide variety of nationally advertised food products, including grocery, meat and dairy products, produce, frozen foods and other perishables and non-food products. Non-food products include fuel centers, pharmacies, health/beauty/cosmetic products and general merchandise. The Company offers quality private label items in most of its departments. In addition, the Company focuses on selling products to its customers through the development of certified organic products, bakery departments and prepared foods including delicatessen sections. As of September 27, 2025, the Company operated 112 in-store pharmacies and 106 fuel stations. Ingles also operates a fluid dairy and earns shopping center rentals. Recent Developments On September 27, 2024, Hurricane Helene severely impacted western North Carolina, including the area where the Company\u2019s headquarters are located, resulting in catastrophic flooding and destruction, power and communication outages, water outages, major road closures, and loss of life. For the year ended September 28, 2024, the Company recognized an impairment loss of $30.4 million related to inventory damaged or destroyed by Hurricane Helene. The Company received insurance proceeds of $4.7 million for the year ended September 27, 2025 as a partial payment for inventory loss, and the Company continues to work with its insurance carriers to reach final determinations with respect to its inventory loss claims. Additionally, the Company recognized a property and equipment impairment loss of $4.5 million for the year ended September 28, 2024 pertaining to Hurricane Helene, for which the Company received insurance proceeds of $1.5 million for the year ended September 27, 2025. These recorded losses did not include future repairs and rebuilds, nor did they account for revenue lost due to store closures or electronic payment disruptions. Four stores sustained damage that required that they be temporarily closed, of which, as of the date of this Annual Report on Form 10-K, three remain closed and are currently expected to reopen at various times during 2026 or in 2027. In addition, for the year ended September 27, 2025, the Company incurred approximately $9.0 million in cleanup and repair costs as a result of Hurricane Helene. Critical Accounting Policies and Estimates Critical accounting policies are those accounting policies that management believes are important to the presentation of Ingles\u2019 financial condition and results of operations, and require management\u2019s most difficult, subjective or complex judgments, often as a result of the need to estimate the effect of matters that are inherently uncertain. Estimates are based on historical experience and other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management estimates, by their nature, involve judgments regarding future uncertainties, and actual results may therefore differ materially from these estimates. Self-Insurance The Company is self-insured for workers\u2019 compensation, general liability, and group medical and dental benefits. Risks and uncertainties are associated with self-insurance; however, the Company has limited its exposure by maintaining excess liability coverage of $1,000,000 per occurrence for workers\u2019 compensation and for general liability, and $500,000 per covered person for medical care benefits for a policy year. Self Item 1. BUSINESS General Ingles Markets, Incorporated, a North Carolina corporation (collectively with its subsidiaries, \u201cIngles,\u201d or the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d), is a leading supermarket chain in the southeast United States and operates a total of 194 supermarkets in North Carolina (72), Georgia (64), South Carolina (35), Tennessee (21), Virginia (1) and Alabama (1), excluding three stores that remain temporarily closed due to damage sustained during Hurricane Helene. Impact of Hurricane Helene On September 27, 2024, Hurricane Helene severely impacted western North Carolina, including the area where the Company\u2019s headquarters are located, resulting in catastrophic flooding and destruction, power and communication outages, water outages, major road closures, and loss of life. For the year ended September 28, 2024, the Company recognized impairment losses of $30.4 million related to inventory and $4.5 million related to property and equipment, in each case that was damaged or destroyed by Hurricane Helene. These recorded losses do not include future repairs and rebuilds, nor did they account for revenue lost due to store closures or electronic payment disruptions. The Company\u2019s properties, including its distribution center, were impacted; however, the distribution center returned to full operation within two weeks following the storm. Four stores sustained damage that required that they be temporarily closed, of which, as of the date of this Annual Report on Form 10-K, three remain closed and are currently expected to reopen at various times during 2026 or in 2027. In addition, for the year ended September 27, 2025, the Company incurred approximately $9.0 million in cleanup and repair costs and received aggregate insurance proceeds of $6.2 million. Legislative Update On July 4, 2025, the One Big Beautiful Bill Act (\u201cOBBB\u201d) was signed into law. The OBBB reinstated several key income tax provisions that were initially part of the U.S. Tax Cuts and Jobs A Item 1A. RISK FACTORS Below is a series of risk factors that may materially affect the Company\u2019s business, financial condition and results of operation. The Company operates in a continually changing business environment, and new risk factors emerge from time to time. The following information should be read together with other information con", "title": "IMKTA - INGLES MARKETS INC", "url": "/company/IMKTA/" }, { "kind": "company", "summary": "SIC 4923 Natural Gas Transmisison & Distribution; CIK 0001612720; latest 10-K filed 2026-03-02.", "text": "NEXT - NextDecade Corp SIC 4923 Natural Gas Transmisison & Distribution; CIK 0001612720; latest 10-K filed 2026-03-02. NEXT NextDecade Corp 0001612720 4923 Natural Gas Transmisison & Distribution Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Introduction The following discussion and analysis presents management\u2019s view of our business, financial condition and overall performance and should be read in conjunction with our Consolidated Financial Statements and the accompanying notes in \u201cFinancial Statements and Supplementary Data.\u201d This information is intended to provide investors with an understanding of our past performance, current financial condition and outlook for the future. Discussion of items for the year ended December 31, 2023, including drivers of variances between the year ended December 31, 2024 and the year ended December 31, 2023, are not included herein and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our annual report on Form 10-K for the fiscal year ended December 31, 2024. Our discussion and analysis includes the following subjects: \u2022Overview of Business \u2022Overview of Significant Events \u2022Liquidity and Capital Resources \u2022Contractual Obligations \u2022Results of Operations \u2022Summary of Critical Accounting Estimates \u2022Recent Accounting Standards 29 Overview of Business NextDecade Corporation, a Delaware corporation, is a Houston-based energy company primarily engaged in construction and development activities related to the liquefaction of natural gas and sale of LNG. We are constructing and developing a natural gas liquefaction and export facility located in the Rio Grande Valley near Brownsville, Texas (the \u201cRio Grande LNG Facility\u201d). The first five liquefaction trains and related infrastructure (together, \u201cPhase 1\u201d, \u201cTrain 4\u201d, and \u201cTrain 5\u201d) at the Rio Grande LNG Facility are currently under construction. We are also developing and advancing the permitting process for expansion Trains 6 through 8 and exploring a potential carbon capture and storage (\"CCS\") project at the Rio Grande LNG Facility. Overview of Significant Events Significant developments since January 1, 2025 and through the date of this 10-K include the following: Development and Construction \u2022Under the engineering, procurement, and construction (\u201cEPC\u201d) contracts with Bechtel Energy, Inc. (\u201cBechtel\u201d), as of January 2026: \u2022The overall project completion percentage for Trains 1 and 2 and the common facilities at the Rio Grande LNG Facility was 64.5%. Within this project completion percentage, engineering was 97.8% complete, procurement was 94.0% complete, and construction was 42.9% complete. \u2022The overall project completion percentage for Train 3 at the Rio Grande LNG Facility was 39.8%. Within this project completion percentage, engineering was 88.0% complete, procurement was 75.6% complete, and construction was 8.5% complete. \u2022The overall project completion percentage for Train 4 at the Rio Grande LNG Facility was 7.8%. Within this project completion percentage, engineering was 28.1% complete, procurement was 15.1% complete, and construction was 0.0% complete. \u2022The overall project completion percentage for Train 5 at the Rio Grande LNG Facility was 3.3%. Progress since the positive final investment decision (\u201cFID\u201d) on Train 5 in October 2025 has primarily focused on procurement. \u2022In February 2025, we provided additional information regarding our development of Trains 6 through 8 at the Rio Grande LNG Facility. Trains 6 through 8 are currently wholly owned by NextDecade and are cumulatively expected to increase the Company's total liquefaction capacity by approximately 18 million tonnes per annum (\"MTPA\") once constructed and placed into operation. \u25e6Train 6, which has an expected LNG production capacity of approximately 6 MTPA, is being developed inside the existing levee at the site and adjacent to Trains 1 through 5. In November 2025, we initiated the pre-filing process with the Federal Energy Regulatory Commission (\"FERC\") for expansion at the Rio Grande LNG Facility that includes Train 6 and an additional marine Item 1. Business Company Overview and Formation NextDecade Corporation, a Delaware corporation, is a Houston-based energy company primarily engaged in construction and development activities related to the liquefaction of natural gas and sale of LNG. We are constructing and developing a natural gas liquefaction and export facility located in the Rio Grande Valley near Brownsville, Texas (the \u201cRio Grande LNG Facility\u201d). The first five liquefaction trains and related infrastructure (together, \"Phase 1\", \"Train 4\", and \"Train 5\") at the Rio Grande LNG Facility are currently under construction. We are also developing and advancing the permitting process for expansion Trains 6 through 8 and exploring a potential carbon capture and storage (\"CCS\") project at the Rio Grande LNG Facility. We are focused on constructing and operating the Rio Grande LNG Facility safely, efficiently, on schedule, and on budget. We seek to deliver secure, affordable, and cleaner energy through the development and operation of liquefaction capacity at the Rio Grande LNG Facility. We were incorporated in Delaware on May 21, 2014, and were formed for the purpose of acquiring, through a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination, one or more businesses or entities. On July 24, 2017, one of our subsidiaries merged with and into NextDecade LLC, an LNG development company founded in 2010 to develop LNG export projects and associated pipelines. Prior to the merger with NextDecade LLC, we had no operations and our assets consisted of cash proceeds received in connection with our initial public offering. Our common stock trades on the Nasdaq Capital Market (\u201cNasdaq\u201d) under the symbol \u201cNEXT.\u201d Rio Grande LNG Facility Activity Liquefaction Facilities Overview We are constructing and developing the Rio Grande LNG Facility on the north shore of the Brownsville Ship Channel in south Texas. The site is located on app Item 1A. Risk Factors We are subject to uncertainties and risks due to the nature of the business activities we conduct. The following information describes certain uncertainties and risks that could affect our business, financial condition or results of operations or could cause actual results to differ materially from estimates or", "title": "NEXT - NextDecade Corp", "url": "/company/NEXT/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001210677; latest 10-K filed 2026-02-26.", "text": "FA - FIRST ADVANTAGE CORP SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001210677; latest 10-K filed 2026-02-26. FA FIRST ADVANTAGE CORP 0001210677 7374 Services-Computer Processing & Data Preparation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis is intended to help the reader understand the results of operations and financial condition of First Advantage Corporation and should be read in conjunction with our consolidated financial statements included elsewhere in this Annual Report. The discussion contains forward-looking statements involving risks, uncertainties and assumptions that could cause our results to differ materially from expectations. See \u201cCautionary Notice Regarding Forward-Looking Statements.\u201d Factors that might cause such differences include those described in Item 1A. \u201cRisk Factors\u201d and elsewhere in this Annual Report. Numerical figures included in this Annual Report have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them. Overview First Advantage is a global software and data company. We provide comprehensive, end-to-end identity solutions, criminal background screening, credential verifications, drug and health screening, and continuous risk monitoring. Combining AI-powered proprietary technology platforms with proprietary data, primary source data, and third-party data, we help organizations hire with confidence and manage risk across the entire employee lifecycle. On October 31, 2024, we completed our acquisition of Sterling, a global provider of technology-enabled background and identity verification services. This strategic acquisition enhanced our capabilities and expanded our service offerings, allowing us to deliver a comprehensive hiring and risk management solution that begins with identity verification and extends through criminal background screening, credential verification, drug and health screening, and ongoing risk monitoring. We derive a substantial majority of our revenues from pre-onboarding screening and perform screens across over 200 countries and territories, enabling us to serve as a one-stop-shop provider to both multinational companies and growth companies. Our over 80,000 customers are global enterprises, mid-sized companies, and small companies, and our products and solutions are used by personnel in Executive Management, Human Resources, Talent Acquisition, Compliance, Risk, Legal, Safety, and Vendor Management. Our platforms offer flexibility for customers to specify which products to include in their screening package, such as Social Security numbers, criminal records, education and work verifications, sex offender registry, and global sanctions. Generally, our customers order a background screening package or selected combination of screens related to a single individual before they onboard that individual. The type and mix of products and solutions we sell to a customer vary by customer size, their screening requirements, and industry vertical. Therefore, order volumes are not comparable across customers or periods. Package pricing can also vary considerably by customer depending on the product mix in their screening packages, order volumes, screening requirements and preferences, pass-through and third-party out-of-pocket costs, and bundling of products. We enter into contracts with our customers that are typically three years in length. These contracts set forth the general terms and pricing of our products and solutions but generally do not include minimum order volumes or committed order volumes. Additionally, a majority of Sterling\u2019s enterprise customer contracts are exclusive to Sterling or require Sterling to be used as the primary provider. Due to our contract terms and the nature of the background screening industry, we determined our contract terms for ASC 606 purposes to be three years or less. We typically bill our customers at the end of each month and recognize revenues as completed orders are reported or otherwise made available to our customers. A Item 1. Business. Our Company First Advantage Corporation (\u201cFirst Advantage\u201d or the \u201cCompany\u201d) is a global software and data company. We provide comprehensive, end-to-end identity solutions, criminal background screening, credential verifications, drug and health screening, and continuous risk monitoring. Combining AI-powered proprietary technology platforms with proprietary data, primary source data, and third-party data, we help organizations hire with confidence and manage risk across the entire employee lifecycle. We transform screening data into actionable intelligence\u2014with benchmarking, insights, and continuous monitoring that help organizations make smarter workforce decisions. With over 80,000 customers worldwide\u2014including approximately two-thirds of the Fortune 100\u2014we deliver fast, comprehensive, and reliable identity verification, screening, and monitoring solutions for employers, their candidates, and their employees. We conduct more than 200 million screens annually across over 200 countries and territories, supported by decades of experience and proprietary databases containing over 1 billion records. Identity, trust, and the way people work are shifting faster than ever. Organizations face unprecedented challenges: generative artificial intelligence (\u201cAI\u201d) and deepfake enabled identity-fraud, increasing regulatory complexity, borderless, distributed workforces, gig-based employment models, high churn and rapid role-switching, hybrid hiring, and social media risks. In this environment, identity can no longer be verified once; it must be actively understood, verified at multiple points in the employee lifecycle, and intelligently managed. First Advantage is well positioned to be a leader in this transformation, advancing the industry from fragmented, point-in-time checks to continuous, identity and background intelligence across the full employee lifecycle. Our expertise and resources position us to grow market share by focusing on strategic indust Item 1A. Risk Factors. You should carefully consider the following risk factors and all of the information contained in this Annual Report. If any of the following risks occur, our business, financial condition, and results of operations could be materially and adversely affected. The followin", "title": "FA - FIRST ADVANTAGE CORP", "url": "/company/FA/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001565687; latest 10-K filed 2025-08-20.", "text": "INTA - Intapp, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001565687; latest 10-K filed 2025-08-20. INTA Intapp, Inc. 0001565687 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read together with our audited consolidated financial statements and related notes and other financial information included in this Annual Report on Form 10-K. The following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the section titled \u201cCautionary Note regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Unless otherwise noted, any reference to a year preceded by the word \u201cfiscal\u201d refers to the fiscal year ended June 30 of that year. A discussion regarding our financial condition and results of operations for the fiscal year ended June 30, 2025 compared to the fiscal year ended June 30, 2024 is presented below. A discussion regarding our financial condition and results of operations for the fiscal year ended June 30, 2024 compared to the fiscal year ended June 30, 2023 can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended June 30, 2024 filed with the SEC on August 26, 2024. Overview We are a leading global provider of AI-powered solutions for the world\u2019s premier accounting, consulting, investment banking, legal, private capital and real assets firms. Our vertical software as a service (\u201cSaaS\u201d) solutions help professionals apply their collective expertise to make smarter decisions, manage risk, increase competitive advantage and drive new growth. Using the power of Applied AI, our purpose-built vertical SaaS solutions help firms accelerate the flow of information, activate expertise, empower teams, strengthen client relationships, reduce risk, and adapt more quickly in a highly complex ecosystem. The world\u2019s top firms \u2014 across accounting, consulting, investment banking, legal, private capital, and real assets \u2014 trust Intapp\u2019s industry-specific platform and solutions to modernize and drive new growth. Highlights for the Fiscal Year 2025 During fiscal year 2025, we generated total revenues of $504.1 million with a gross margin of 74%. Our operating cash flow was $123.5 million and we completed the acquisition of TermSheet, LLC. Total cash and cash equivalents as of June 30, 2025 was $313.1 million. Our remaining performance obligations, which represent all future revenue under contract yet to be recognized, were $719.7 million as of June 30, 2025. How We Generate Revenue We generate revenues primarily from software subscriptions, typically with one-year or multi-year contract terms. We sell our software through a direct sales model, which targets clients based on end market, geography, firm size, and business need. We recognize revenues from SaaS and support revenue ratably over the contract term. We recognize license revenues related to subscription fees upfront and license revenues related to support ratably over the term of the support contract. We generally price our subscriptions based on the number of users adopting our solution and the modules deployed. We expect the vast majority of our new ARR (as defined below) growth in the future to be from the sale of SaaS subscriptions. We generate service revenues primarily from professional services. Our clients utilize these services to configure and implement one or more modules of the Intapp Intelligent Cloud, integrate those modules with the existing platform and with other core systems in their IT environment, upgrade their Item 1. Business. Overview Intapp is a leading global provider of AI-powered solutions for the world\u2019s premier accounting, consulting, investment banking, legal, private capital and real assets firms. Intapp\u2019s vertical software as a service (\u201cSaaS\u201d) solutions help professionals apply their collective expertise to make smarter decisions, manage risk, increase competitive advantage and drive new growth. Using the power of Applied AI, our purpose-built vertical SaaS solutions help firms accelerate the flow of information, activate expertise, empower teams, strengthen client relationships, reduce risk, and adapt more quickly in a highly complex ecosystem. The accounting, consulting, investment banking, legal, private capital and real assets industries we serve are largely comprised of elite, partner-led firms, which together form one of the largest sectors of the global economy. Firms in these industries operate in highly connected ecosystems, providing valuable expertise, insight, and advice to a broad range of companies and institutions across varied transactions and engagements. These industries are highly regulated, competitive and uniquely structured around deeply experienced partners and professionals who leverage knowledge, intellectual capital, and relationships to succeed \u2014 differing greatly from companies that sell goods and products. Firms must manage an intricate web of complex, non-linear relationships spread across various functions, processes, and personnel, while also navigating an ever-changing market and regulatory environment. Historically, firms in these industries have either relied on internally built technology solutions and legacy on-premises software, or they have attempted to use horizontal software providers to meet their industry-specific technology needs. Internally built or legacy solutions tend to be outdated, expensive, and cumbersome to maintain, while horizontal solutions do not align well with how firms operate, necessitating heavy Item 1A. Risk Factors. Our business, operations and financial results are subject to various risks and uncertainties, including those described below, that could materially adversely affect our business, results of operations, financial condition, and the trading price of our common stock. The following material factors, among others, could", "title": "INTA - Intapp, Inc.", "url": "/company/INTA/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001831481; latest 10-K filed 2026-02-27.", "text": "SOC - Sable Offshore Corp. SIC 1311 Crude Petroleum & Natural Gas; CIK 0001831481; latest 10-K filed 2026-02-27. SOC Sable Offshore Corp. 0001831481 1311 Crude Petroleum & Natural Gas ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with our consolidated financial statements and notes thereto in Item 8. Financial Statements and Supplementary Data of this report. In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including but not limited to those discussed in \u201cCautionary Note Regarding Forward-Looking Statements\u201d and Part I, Item 1A. \u201cRisk Factors.\u201d A discussion of the year ended December 31, 2024, compared to the year ended December 31, 2023, has been reported previously under \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 17, 2025. Overview We are a Houston-based independent upstream company focused on responsibly developing the Santa Ynez Unit in federal waters offshore California. Our team has decades of experience safely operating in California and creating value for stakeholders. We have one reportable segment, the oil and gas segment, refer to Note 1\u2014Organization, and Business Operations and Going Concern and Note 2\u2014Significant Accounting Policies in Item 8. Financial Statements and Supplementary Data of this report for further discussion. For the purposes of this discussion, periods on or before February 13, 2024 reflect the financial position, results of operations and cash flows of SYU prior to the Business Combination, referred to herein as the \u201cPredecessor,\u201d and periods beginning on or after February 14, 2024 reflect the financial position, results of operations and cash flows of the Company as a result of the Business Combination, referred to herein as the \u201cSuccessor.\u201d 2025 Operational and Financial Highlights \u2022On May 19, 2025, we announced that (i) as of May 15, 2025, we had restarted production at the Santa Ynez Unit and begun flowing oil production to Las Flores Canyon and (ii) we completed our anomaly repair program on Pipeline Segments 324 and 325 of the Santa Ynez Pipeline System as specified by the Consent Decree. \u2022On May 23, 2025, we closed an upsized underwritten public offering of 10,000,000 shares of Common Stock at a public offering price of $29.50 per share. The gross proceeds from the offering, before deducting discounts and commissions and estimated expenses, were approximately $295.0 million. \u2022On May 28, 2025, we announced that we successfully completed hydrotests of all segments of the Santa Ynez Pipeline System, satisfying the final operational condition to resume petroleum transportation through Pipeline Segments 324 and 325 as outlined in the Consent Decree. \u2022As an alternative to the Santa Ynez Pipeline System, we announced that we are also pursuing an OS&T strategy to provide access to domestic and global markets via shuttle tankers for federal crude oil produced from the Santa Ynez Unit in the Pacific Outer Continental Shelf Area. \u2022On November 10, 2025, we entered into subscription agreements to issue 45,454,546 shares of Common Stock in a private placement to institutional investors at a purchase price of $5.50 per share, raising $250.0 million in gross proceeds. \u2022On November 24, 2025, we satisfied all conditions to effectiveness of the Second Amendment to the Senior Secured Term Loan, thereby extending the maturity date of the Senior Secured Term Loan to the earlier of (i) March 31, 2027 or (ii) the date falling 90 days after first sales of hydrocarbons. The Second Amendment increased the interest rate from ten percent (10%) per annum to fifteen percent (15%) per annum, compounded annually. \u2022On December 17, 202", "title": "SOC - Sable Offshore Corp.", "url": "/company/SOC/" }, { "kind": "company", "summary": "SIC 8711 Services-Engineering Services; CIK 0001370450; latest 10-K filed 2026-02-27.", "text": "WLDN - Willdan Group, Inc. SIC 8711 Services-Engineering Services; CIK 0001370450; latest 10-K filed 2026-02-27. WLDN Willdan Group, Inc. 0001370450 8711 Services-Engineering Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Our Company We are a provider of professional, technical and consulting services to utilities, private industry, and public agencies at all levels of government. As resource and infrastructure needs undergo continuous change, we help organizations and their communities evolve and thrive by providing a wide range of technical services for energy solutions, greenhouse gas reduction, and government infrastructure. Through engineering, program management, policy advisory, and software and data analytics, we plan, design and deliver comprehensive, innovative, cost-effective, and proven solutions to improve efficiency, resiliency, and sustainability in energy and infrastructure to our clients. Our broad portfolio of services operates within two financial reporting segments: (1) Energy and (2) Engineering and Consulting. The interfaces and synergies between these segments are important elements of our strategy to design and deliver trusted, comprehensive, innovative, and proven solutions and services for our customers. Our Energy segment provides specialized, innovative, comprehensive energy solutions to businesses, utilities, state agencies, municipalities, and non-profit organizations. Our experienced engineers, consultants, and staff help our clients realize cost and energy savings by tailoring efficient and cost-effective solutions to assist in optimizing energy spend. Our energy services include comprehensive audit and surveys, program design, master planning, demand reduction, grid optimization, benchmarking analyses, design engineering, AI data center power solutions, construction management, performance contracting, installation, alternative financing, measurement and verification services, and advances in software and data analytics for long-term planning. Our Engineering and Consulting segment provides civil engineering and construction management, building and safety services, city engineering and planning support, civil design, geotechnical services, and material testing. Our capabilities span traffic, bridges, rail, port, water systems, and other major infrastructure projects. In addition to technical expertise, we provide economic and financial consulting that helps agencies plan, fund, and maintain both daily operations and long-term capital programs. We also support the mandated reporting and other requirements associated with these financings. We provide financial advisory services for municipal securities but do not provide underwriting services. \u200b 37 Table of Contents Results of Operations Summary comparison of fiscal years 2025, 2024, and 2023 The following table sets forth, for the periods indicated, certain information derived from our consolidated statements of comprehensive income(1): [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"Fiscal Year\"],[\"\\u200b\",\"\\u200b\",\"2025\",\"\\u200b\",\"2024\",\"\\u200b\",\"2023\"],[\"\\u200b\",\"\\u200b\",\"(in thousands, except percentages)\"],[\"Contract revenue\",\"\\u200b\",\"$\",\"681,552\",\"\\u200b\",\"100.0\",\"%\",\"\\u200b\",\"$\",\"565,798\",\"\\u200b\",\"100.0\",\"%\",\"\\u200b\",\"$\",\"510,095\",\"\\u200b\",\"100.0\",\"%\"],[\"Direct costs of contract revenue:\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Salaries and wages\",\"\\u200b\",\"\\u200b\",\"109,098\",\"\\u200b\",\"16.0\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"93,543\",\"\\u200b\",\"16.5\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"89,915\",\"\\u200b\",\"17.6\",\"\\u200b\"],[\"Subcontractor services and other direct costs\",\"\\u200b\",\"\\u200b\",\"316,772\",\"\\u200b\",\"46.5\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"269,473\",\"\\u200b\",\"47.6\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"240,413\",\"\\u200b\",\"47.1\",\"\\u200b\"],[\"Total direct costs of contract revenue\",\"\\u200b\",\"\\u200b ITEM 1. BUSINESS Overview Willdan Group, Inc. (\u201cWilldan\u201d) is a provider of professional, technical and consulting services to utilities, private industry, and public agencies at all levels of government. As resource and infrastructure needs undergo continuous change, we help organizations and their communities evolve and thrive by providing a wide range of technical services for energy solutions, greenhouse gas reduction, and government infrastructure needs. Through engineering, program management, policy advisory, and software and data analytics, we plan, design and deliver comprehensive, innovative, cost-effective and proven solutions to improve efficiency, resiliency, and sustainability in energy and infrastructure to our clients. The company was founded in 1964 to serve public agencies in communities with populations ranging from 10,000 to 300,000 people. Willdan, a Delaware corporation, was formed in 2006 to serve as our holding company for the expanding subsidiary operations. We commenced providing energy efficiency services in 2008 and since then, through organic growth and acquisitions, our client base has grown to include investor-owned and other public utilities, as well as substantial energy users in government and business. Our overall growth strategy revolves around a combination of strong organic expansion and strategic acquisitions which provides us the ability to expand the breadth and depth of the services we provide to new and existing clients. We believe that we are well positioned to capitalize on the ongoing expansion and transformation of the energy and infrastructure environments as they adapt to climate change and other environmental challenges, electrification, and technology advancements, including the growing demand in load growth being fueled by artificial intelligence (\u201cAI\u201d) data centers, electric vehicles and other political and technological changes. We operate our business through a nationwide network of offices spread across 22 ITEM 1A. RISK FACTORS Risks Relating to Our Business and Industry We operate in a changing environment that involves numerous known and unknown risks and uncertainties that could materially adversely affect our operations. Set forth below and elsewhere in this report and in other documents we file with the SEC are descriptions of ", "title": "WLDN - Willdan Group, Inc.", "url": "/company/WLDN/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001820721; latest 10-K filed 2026-02-25.", "text": "ARRY - Array Technologies, Inc. SIC 3674 Semiconductors & Related Devices; CIK 0001820721; latest 10-K filed 2026-02-25. ARRY Array Technologies, Inc. 0001820721 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our financial statements and the related notes and other financial information included in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under the sections of this Annual Report on Form 10-K captioned \u201cForward-Looking Statements\u201d and \u201cRisk Factors.\u201d Overview We are a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers who construct, develop, and operate solar PV sites. With solutions engineered to withstand harsh weather conditions, Array\u2019s high-quality solar trackers, fixed-tilt systems, software platforms, foundation solutions, and field services combine to optimize energy production and deliver value to our customers for the entire lifecycle of a project. Trackers move solar panels throughout the day to maintain an optimal orientation to the sun, which significantly increases energy production. Solar energy projects that use trackers typically generate more energy and deliver a lower LCOE than projects that use \u201cfixed tilt\u201d mounting systems, which do not move. Hybrid sites utilizing trackers and fixed-tilt can be utilized to optimize productivity based on the topography, geography, and environment. The vast majority of ground mounted solar systems in the U.S. use trackers. Our flagship tracker, DuraTrack\u00ae, uses a patented design that allows one motor to drive multiple rows of solar panels through articulated driveline joints. To avoid infringing on our U.S. patent, our competitors must use designs that we believe are inherently less efficient and reliable. For example, our largest competitor\u2019s design requires one motor for each row of solar panels. As a result, we believe our products have greater reliability, lower installation costs, reduced maintenance requirements and competitive manufacturing costs. Our core U.S. patent is on a linked-row, single-driving apparatus that rotates multiple tracker rows connected by an articulating drive shaft. This patent does not expire until February 5, 2030. With our acquisition of STI in January 2022, we added a dual-row tracker design to our product portfolio, the Array STI H250. This tracker uses one motor to drive two connected rows and is ideally suited for sites with irregular and highly angled boundaries or fragmented project areas. Our third tracker product, OmniTrack, which was introduced in September 2022, requires significantly less grading and civil works permitting prior to installation in addition to accommodating uneven terrain. With the APA Acquisition in August 2025, we added a portfolio of fixed-tilt and foundation solutions, including the APA Titan and APA Titan Duo\u2122 racking systems and the APA A-Frame\u2122 Interface foundation. These products deliver adaptable designs for utility-scale projects, offering flexibility for challenging terrain, high snow loads, and large-format modules while streamlining installation and reducing material costs. We sell our products to solar developers, independent power producers, utilities, and EPCs that build solar energy projects, often under master supply agreements or multi-year procurement contracts. During the year ended December 31, 2025, we derived 81% and 19% of our revenues from customers in the U.S. and the rest of the world, respectively. From the founding of Array through December 31, 2025, we had shi Item 1. Business Overview We are a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers who construct, develop, and operate solar photovoltaic (\u201cPV\u201d) sites. With solutions engineered to withstand harsh weather conditions, Array\u2019s high-quality solar trackers, fixed-tilt systems, software platforms, foundation solutions, and field services combine to optimize energy production and deliver value to our customers for the entire lifecycle of a project. Our principal products are a portfolio of integrated solar tracking systems comprised of software and hardware that include, for example, component parts such as steel tubing, steel supports, drivelines, center structures, electric motors, motor controller assemblies, bearing assemblies, gearboxes and electronic controllers commonly referred to as a single-axis \u201ctracker.\u201d Trackers move solar panels throughout the day to maintain an optimal orientation to the sun, which significantly increases their energy production. Solar energy projects that use trackers typically generate more energy and deliver a lower Levelized Cost of Energy (\u201cLCOE\u201d) than projects that use \u201cfixed tilt\u201d mounting systems, which are stationary. The vast majority of ground mounted solar systems in the U.S. use trackers; however, there are certain situations where fixed-tilt solutions are preferred. Our flagship tracker uses a patented design that allows one motor to drive multiple rows of solar panels through articulated driveline joints, which typically leads to lower assembly costs and lower ongoing operating and maintenance costs. To avoid infringing on our U.S. patent, our competitors must use designs that we believe are inherently less efficient and reliable. For example, some of our competitors\u2019 designs require one motor for each row of solar panels. As a result, we believe our products have greater reliability, lower installation costs, reduced maintenance requirement Item 1A. Risk Factors In evaluating the Company, you should consider carefully the risks and uncertainties described below, as well as the other information in this Annual Report on Form 10-K, including our consolidated financial statements and related notes appearing at the end of this Annual Report on Form 10", "title": "ARRY - Array Technologies, Inc.", "url": "/company/ARRY/" }, { "kind": "company", "summary": "SIC 3211 Flat Glass; CIK 0001534675; latest 10-K filed 2026-03-02.", "text": "TGLS - Tecnoglass Inc. SIC 3211 Flat Glass; CIK 0001534675; latest 10-K filed 2026-03-02. TGLS Tecnoglass Inc. 0001534675 3211 Flat Glass Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion of the Company\u2019s financial condition and results of operations should be read in conjunction with the Company\u2019s consolidated financial statements and notes to those statements included in this Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Please see the section entitled \u201cForward-Looking Statements and Introduction\u201d in this Form 10-K. Overview We are experienced and highly skilled in the vertical integration of windows and architectural glass manufacturing, distribution, and professional fitting. Our expertise extends to the production of top-quality windows, as well as the supply of aluminum, vinyl, and other components. Our dedicated and knowledgeable team serves a diverse range of commercial and residential construction projects worldwide, guaranteeing outstanding products and seamless installation services. With a focus on innovation, combined with providing highly specified products with the highest quality standards at competitive prices, we have earned #1 spot in the Forbe\u2019s list of America\u2019s 100 most successful small-cap companies for 2024, and developed a leadership position in each of our core markets. In the United States, which is our largest market, we were ranked among the four largest glass fabricators serving the United States in 2023 by Glass Magazine. In addition, we believe we are the leading glass transformation company in Colombia. Our customers, which include developers, general contractors or installers for hotels, office buildings, shopping centers, airports, universities, hospitals and multi-family and residential buildings, look to us as a value-added partner based on our product development capabilities, our high-quality products and our unwavering commitment to exceptional service. With over 40 years of experience in architectural glass and aluminum assembly, we specialize in transforming various glass products. Our offerings include tempered safety glass, double thermo-acoustic glass, and laminated glass. Our wide range of finished glass products are utilized in diverse buildings for floating facades, curtain walls, windows, doors, handrails, as well as interior and bathroom spatial dividers. In addition to glass, we manufacture aluminum and vinyl products such as profiles, rods, bars, plates, and other hardware specifically designed for window manufacturing. 38 The majority of our products are manufactured in a 6.1 million square foot, state-of-the-art manufacturing complex in Barranquilla, Colombia that provides easy access to North, Central and South America, the Caribbean and the Pacific. Our products can be found on some of the most distinctive buildings in these regions, including the Aston Martin Residences (Miami), Miami World Tower (Miami), 3ELEVEN (New York), Raffles Hotel (Boston), Norwegian Cruise Line Terminal B (Miami), One Thousand Museum (Miami), Paramount Miami Worldcenter (Miami), Salesforce Tower (San Francisco) and AE\u2019O Tower (Honolulu).. Our track record of successfully delivering high profile projects has earned us an increasing number of opportunities across the United States, evidenced by our expanding backlog and overall revenue growth. Our structural competitive advantage is underpinned by our low-cost manufacturing footprint, vertically integrated business model and geographic location. Our integrated facilities in Colombia and distribution and services operations in Florida provide us with a significant cost advantage in both manufacturing and distribution, and we continue to invest in these operations to expand our operational capabilities. Our lower cost manufacturing footprint allows us to offer competitive prices for our customers, while also providing innovative, high quality and high value-added products, together with consistent and reliable service. We have historically generated high Item 1. Business. Overview Tecnoglass is a leading vertically integrated manufacturer, supplier and installer of high-end aluminum and vinyl windows and architectural glass for the global commercial and residential construction markets. Tecnoglass earned the #1 spot on Forbe\u2019s list of America\u2019s 100 most successful small-cap companies for 2024, and was ranked among the four largest glass fabricators in 2025 by Glass Magazine. Headquartered Miami, Florida,, the Company maintains its principal manufacturing operations in Colombia and operates out of aproximately 6.5 million square foot vertically-integrated, state-of-the-art manufacturing and operational footprint across Colombia and the United States that provides easy access to the Americas, the Caribbean, and the Pacific. Tecnoglass supplies over 1,000 customers in North, Central and South America, with the United States accounting for 96% of revenues. Tecnoglass\u2019s tailored, high-end products are found on some of the world\u2019s most distinctive properties, including the Aston Martin Residences (Miami), Miami World Tower (Miami), 3ELEVEN (New York), Raffles Hotel (Boston), Norwegian Cruise Line Terminal B (Miami), One Thousand Museum (Miami), Paramount Miami Worldcenter (Miami), Salesforce Tower (San Francisco) and AE\u2019O Tower (Honolulu). 5 Our Business General We are experienced and highly skilled in the vertical integration of window and architectural glass manufacturing, distribution, and professional fitting. Our expertise extends to the production of top-quality windows, as well as the supply of aluminum, vinyl, and other components. Our dedicated and knowledgeable team serves a diverse range of commercial and residential construction projects worldwide, guaranteeing outstanding products and seamless installation services. With a focus on innovation, combined with providing highly specified products with the highest quality standards at competitive prices, we have earned #1 spot in the Forbe\u2019s list of America\u2019 Item 1A. Risk Factors. You should carefully consider the risks and uncertainties described below, together with the financial and other information contained in this Annual Report on Form 10-K. Our business may also be adversely affected by risks and uncertainties not presently known to us or that we currently believe to be immaterial. If any of the following risks, such ", "title": "TGLS - Tecnoglass Inc.", "url": "/company/TGLS/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001133869; latest 10-K filed 2026-03-17.", "text": "CAPR - CAPRICOR THERAPEUTICS, INC. SIC 2834 Pharmaceutical Preparations; CIK 0001133869; latest 10-K filed 2026-03-17. CAPR CAPRICOR THERAPEUTICS, INC. 0001133869 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with the audited consolidated financial statements and the related audited consolidated notes to those statements included elsewhere in this Annual Report on Form 10-K. This discussion includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including, but not limited to, those set forth under Item 1A., \u201cRisk Factors\u201d or elsewhere in this annual report, our actual results may differ materially from those anticipated in these forward-looking statements. Company Overview Capricor Therapeutics, Inc. is a biotechnology company focused on the development and potential commercialization of cell and exosome-based therapeutics for the treatment of Duchenne muscular dystrophy (\u201cDMD\u201d), a rare genetic disorder characterized by progressive muscle degeneration and premature death, as well as other diseases with significant unmet medical need. Since our inception, we have devoted substantial resources to the development of our lead product candidate, Deramiocel, a cell therapy designed to address the cardiac and skeletal muscle complications associated with DMD, as well as to advancing our exosome-based platform technologies, developing manufacturing capabilities and supporting our research and development activities. Our Biologics License Application (\u201cBLA\u201d) for Deramiocel for the treatment of DMD is currently under review by the U.S. Food and Drug Administration (\u201cFDA\u201d), with a Prescription Drug User Fee Act (\u201cPDUFA\u201d) target action date of August 22, 2026, for potential approval in the United States. We currently have no products approved for commercial sale. Our ability to generate product revenue and achieve profitability will depend on the successful development, regulatory approval and commercialization of Deramiocel and any other product candidates we may develop. If approved, we intend to commercialize Deramiocel in the United States and may seek commercialization through strategic partners in other select international markets. Our development efforts for Deramiocel for the treatment of DMD have progressed through multiple clinical studies, and we continue activities to support regulatory review and potential approval in the United States, as well as commercialization preparation, if approved. Cell Therapy (Deramiocel) Our core program is focused on the development and commercialization of Deramiocel, a cell therapy product candidate comprised of cardiosphere-derived cells (\u201cCDCs\u201d), a population of cardiac-derived stromal cells isolated from qualified donated human hearts, for the treatment of Duchenne muscular dystrophy. Deramiocel is designed to slow disease progression through the immunomodulatory, anti-inflammatory, pro-angiogenic and anti-fibrotic activities of CDCs. These effects are mediated in part by exosomes secreted by CDCs that contain bioactive molecules, including microRNAs and other signaling factors, which may influence gene expression and cellular pathways involved in inflammation, fibrosis, and tissue repair. Our clinical development program for Deramiocel has focused primarily on adolescents and young adults with DMD, including many patients who are non-ambulatory and experiencing progressive cardiac and skeletal muscle decline. We believe therapies that address inflammatory and fibrotic processes contributing to muscle degeneration may provide potential benefit across a broad population of individuals with DMD. Exosomes Platform Technology (StealthXTM) Extracellular vesicles (\u201cEVs\u201d), including exosomes and microvesicles, are nano-scale membrane-enclosed vesicles secreted by many cell types that contain characteristic lipids, proteins and nucleic acids, including messenger RNA (\u201cmRNA\u201d) and microRNAs. These vesicles facilitate intercellular communication throug ITEM 1. BUSINESS Overview Capricor Therapeutics, Inc. is a biotechnology company focused on the development and potential commercialization of cell and exosome-based therapeutics for the treatment of Duchenne muscular dystrophy (\u201cDMD\u201d), a rare genetic disorder characterized by progressive muscle degeneration and premature death, as well as other diseases with significant unmet medical need. Since our inception, we have devoted substantial resources to the development of our lead product candidate, Deramiocel, a cell therapy designed to address the cardiac and skeletal muscle complications associated with DMD, as well as to advancing our exosome-based platform, developing manufacturing capabilities and supporting our research and development activities. Our Biologics License Application (\u201cBLA\u201d) for Deramiocel for the treatment of DMD is currently under review by the U.S. Food and Drug Administration (\u201cFDA\u201d), with a Prescription Drug User Fee Act (\u201cPDUFA\u201d) target action date of August 22, 2026, for potential approval in the United States. We currently have no products approved for commercial sale. Our ability to generate product revenue and achieve profitability will depend on the successful development, regulatory approval and commercialization of Deramiocel and any other product candidates we may develop. If approved, we intend to commercialize Deramiocel in the United States and may seek commercialization through strategic partners in other select international markets. Our development efforts for Deramiocel for the treatment of DMD have progressed through multiple clinical studies, and we continue activities to support regulatory review and potential approval in the United States, as well as commercialization preparation, if approved. Technology and Platforms Cell Therapy (Deramiocel) Our core program is focused on the development and commercialization of Deramiocel, a cell therapy product candidate comprised of cardiosphere-derived cells (\u201cCDCs\u201d), a populat ITEM 1A. RISK FACTORS Investment in our common stock involves significant risk. You should carefully consider the information described in the following risk factors, together with the other information appearing elsewhere in this Annual Report on Form 10-K, before making an investment decision regarding our common s", "title": "CAPR - CAPRICOR THERAPEUTICS, INC.", "url": "/company/CAPR/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001518621; latest 10-K filed 2026-02-20.", "text": "ORC - Orchid Island Capital, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001518621; latest 10-K filed 2026-02-20. ORC Orchid Island Capital, Inc. 0001518621 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with the financial statements and notes to those statements included in Item 8 of this Form 10-K. The discussion may contain certain forward-looking statements that involve risks and uncertainties. Forward-looking statements are those that are not historical in nature. As a result of many factors, such as those set forth under \u201cRisk Factors\u201d in this Form 10-K, our actual results may differ materially from those anticipated in such forward-looking statements. Overview We are a specialty finance company that invests in residential mortgage-backed securities (\u201cRMBS\u201d) which are issued and guaranteed by a federally chartered corporation or agency (\u201cAgency RMBS\u201d). Our investment strategy focuses on, and our portfolio consists of, two categories of Agency RMBS: (i) traditional PT Agency RMBS, such as mortgage PT certificates issued by the Federal National Mortgage Association (\"Fannie Mae\"), the Federal Home Loan Mortgage Corporation (\"Freddie Mac\" and together with Fannie Mae, the \"Enterprises\") or the Government National Mortgage Association (\"Ginnie Mae\" and, together with the Enterprises the \u201cGSEs\u201d) and collateralized mortgage obligations (\u201cCMOs\u201d) issued by the GSEs (\u201cPT RMBS\u201d) and (ii) structured Agency RMBS, such as interest-only securities (\u201cIOs\u201d), inverse interest-only securities (\u201cIIOs\u201d) and principal only securities (\u201cPOs\u201d), among other types of structured Agency RMBS. We were formed by Bimini Capital Management, Inc. (\"Bimini\") in August 2010, commenced operations on November 24, 2010 and completed our initial public offering (\u201cIPO\u201d) on February 20, 2013. We are externally managed by Bimini Advisors, LLC (\"Bimini Advisors,\" or our \"Manager\"), an investment adviser registered with the Securities and Exchange Commission (the \u201cSEC\u201d). Our business objective is to provide attractive risk-adjusted total returns over the long term through a combination of capital appreciation and the payment of regular monthly distributions. We intend to achieve this objective by investing in the two categories of Agency RMBS described above. We seek to generate income from (i) the net interest margin on our leveraged PT RMBS portfolio and the leveraged portion of our structured Agency RMBS portfolio, and (ii) the interest income we generate from the unleveraged portion of our structured Agency RMBS portfolio. We intend to fund our PT RMBS and certain of our structured Agency RMBS through short-term borrowings structured as repurchase agreements. We operate so as to qualify to be taxed as a real estate investment trust (\"REIT\") under the Internal Revenue Code of 1986, as amended (the \"Code\"). We generally will not be subject to U.S. federal income tax to the extent that we currently distribute all of our REIT taxable income (as defined in the Code) to our stockholders and maintain our REIT qualification. The Company\u2019s common stock trades on the New York Stock Exchange under the symbol \u201cORC\u201d. Capital Raising Activities On October 29, 2021, we entered into an equity distribution agreement (the \u201cOctober 2021 Equity Distribution Agreement\u201d) with four sales agents pursuant to which we could offer and sell, from time to time, up to an aggregate amount of $250,000,000 of shares of our common stock in transactions that were deemed to be \u201cat the market\u201d offerings and privately negotiated transactions. We issued a total of 9,742,188 shares under the October 2021 Equity Distribution Agreement for aggregate gross proceeds of approximately $151.8 million, and net proceeds of approximately $149.3 million, after commissions and fees, prior to its termination in March 2023. On March 7, 2023, we entered into an equity distribution agreement (the \u201cMarch 2023 Equity Distribution Agreement\u201d) with three sales agents pursuant to which we could offer and sell, ITEM 1. BUSINESS Our Company Orchid Island Capital, Inc., a Maryland corporation (\u201cOrchid,\u201d the \u201cCompany,\u201d \u201cwe\u201d or \u201cus\u201d), is a specialty finance company that invests in residential mortgage-backed securities (\u201cRMBS\u201d). The principal and interest payments of these RMBS are guaranteed by the Enterprises or the Government National Mortgage Association (\u201cGinnie Mae\u201d and, collectively with the Enterprises, \u201cGSEs\u201d) and are backed primarily by single-family residential mortgage loans. We refer to these types of RMBS as Agency RMBS. Our portfolio consists of two categories of Agency RMBS: (i) traditional pass-through (\"PT\") Agency RMBS, such as mortgage PT certificates and collateralized mortgage obligations (\u201cCMOs\u201d) issued by the GSEs and (ii) structured Agency RMBS, such as interest only securities (\u201cIOs\u201d), inverse interest only securities (\u201cIIOs\u201d) and principal only securities (\u201cPOs\u201d), among other types of structured Agency RMBS. Our website is located at http://ir.orchidislandcapital.com. Information on our website is not part of this Report. Our common stock is listed on the NYSE and trades under the symbol \u201cORC.\u201d We are organized and conduct our operations to qualify to be taxed as a REIT for U.S. federal income tax purposes. As such, we are required to distribute 90% of our REIT taxable income, determined without regard to the deductions for dividends paid and excluding any net capital gain, annually. We generally will not be subject to U.S. federal income tax on our REIT taxable income to the extent we currently distribute our net taxable income to our stockholders and maintain our REIT qualification. It is our intention to distribute 100% of our taxable income, after application of available tax attributes, within the limits prescribed by the Internal Revenue Code of 1986, as amended (the \u201cCode\u201d), which may extend into the subsequent taxable year. Our Manager Bimini Capital Management, Inc. (sometimes referred to herein as \u201cBimini\u201d) managed our portfolio from o ITEM 1A. RISK FACTORS Summary of Risk Factors Below is a summary of the principal factors that make an investment in our common stock speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we ", "title": "ORC - Orchid Island Capital, Inc.", "url": "/company/ORC/" }, { "kind": "company", "summary": "SIC 1381 Drilling Oil & Gas Wells; CIK 0001163739; latest 10-K filed 2026-02-13.", "text": "NBR - NABORS INDUSTRIES LTD SIC 1381 Drilling Oil & Gas Wells; CIK 0001163739; latest 10-K filed 2026-02-13. NBR NABORS INDUSTRIES LTD 0001163739 1381 Drilling Oil & Gas Wells ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \u200b The following discussion and analysis of our financial condition and results of operations is based on, and should be read in conjunction with, our consolidated financial statements and the related notes thereto included under Part II, Item 8.\u2014Financial Statements and Supplementary Data. This discussion and analysis contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth under Part I, Item 1A.\u2014Risk Factors and elsewhere in this annual report. See \u201cForward-Looking Statements.\u201d \u200b This section of this Form 10-K generally discusses fiscal 2025 and fiscal 2024 items and year-to-year comparisons between fiscal 2025 and fiscal 2024. Discussions of fiscal 2023 items and year-to-year comparisons between fiscal 2024 and fiscal 2023 that are not included in this Form 10-K can be found in \u201cPart II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of the Company\u2019s Annual Report on Form 10-K for the fiscal year December 31, 2024, as filed with the SEC on February 13, 2025, which is available on the SEC\u2019s website at www.sec.gov. \u200b Management Overview \u200b We are a leading provider of advanced technology for the energy industry. With operations in over 20 countries, Nabors has established a global network of people, technology and equipment to deploy solutions that deliver safe, efficient and sustainable energy production. By leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors aims to innovate the future of energy and enable the transition to a lower carbon world. \u200b Outlook \u200b The demand for our services and products is a function of the level of spending by oil and gas companies for exploration, development and production activities. The level of exploration, development and production activities is to a large extent tied to the prices of oil and natural gas, which can fluctuate significantly, are highly volatile and tend to be highly sensitive to factors including supply and demand cycles and geopolitical uncertainties particularly those impacting large hydrocarbon-producing countries. Certain oil and gas companies may also intentionally limit their capital spending as they focus on generating returns to shareholders as opposed to maximizing hydrocarbon production. Additionally, in recent years significant consolidation among oil and gas companies has taken place, especially in the United States. In some cases, these transactions may have an impact on overall rig demand, as the acquiring company may apply criteria that results in a different level of demand for drilling rigs than the previous two companies would have had on a stand-alone basis. \u200b Since late 2022 and continuing through the fourth quarter of 2025, global energy commodity markets have experienced sustained volatility driven by evolving geopolitical dynamics, and more recently, domestic policy changes. In the U.S., operators generally reacted to these market conditions with caution by reducing their drilling activity \u2013 particularly in the natural gas basins. This trend appears to be shifting with the expectation for higher natural gas demand in the future. Meanwhile, a number of operators in oil-driven basins, especially the Permian Basin, have reduced drilling activity as they have realized efficiency gains and achieved their production goals. \u200b 36 Table of Contents Despite the reduction in overall rig count in the United States, pricing discipline for drilling rigs in this market remained intact, generally supporting rig dayrates and daily rig margins. \u200b Oil prices have been impacted by recent production actions announced by certain large international oil producers. Natural gas pr ITEM 1. BUSINESS \u200b Nabors Industries, Ltd. (NYSE: NBR) was formed as a Bermuda exempted company on December 11, 2001. Unless the context requires otherwise, references in this annual report to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cthe Company,\u201d or \u201cNabors\u201d mean Nabors Industries Ltd., together with our subsidiaries. References in this annual report to \u201cNabors Delaware\u201d mean Nabors Industries, Inc., a wholly owned subsidiary of Nabors. \u200b Overview \u200b Nabors owns and operates one of the world\u2019s largest land-based drilling rig fleets and is a provider of offshore platform rigs in the United States and numerous international markets. Nabors also supplies performance software, tubular running services, managed pressure drilling services and innovative technologies for both its own rig fleet and those operated by third parties. In addition, Nabors manufactures advanced drilling equipment and provides drilling rig instrumentation. Also, Nabors has developed a portfolio of technologies designed to drive energy efficiency and emissions reductions for both itself and third-party customers. One key component of Nabors\u2019 strategy is to seamlessly integrate downhole hardware, surface equipment and software solutions into rig designs that drive industry-leading performance and increasing efficiencies. A second component is to leverage advanced drilling automation capabilities to set new standards for operational excellence and transform the industry. \u200b With operations in over 20 countries, we are a global provider of drilling and drilling-related services for land-based and offshore oil and natural gas wells. As of December 31, 2025, Nabors\u2019 fleet of drilling rigs and drilling-related equipment included: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"242 actively marketed rigs for land-based drilling operations in the United States and multiple international markets; and\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"27 actively marketed rigs for offshore platform drilling operations in ITEM 1A. RISK FACTORS \u200b In addition to the other information set forth elsewhere in this annual report, the following factors should be carefully considered when evaluating Nabors. The risks described below are not the only ones we face. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operatio", "title": "NBR - NABORS INDUSTRIES LTD", "url": "/company/NBR/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001776111; latest 10-K filed 2026-03-12.", "text": "MBX - MBX Biosciences, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001776111; latest 10-K filed 2026-03-12. MBX MBX Biosciences, Inc. 0001776111 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our audited financial statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K (this \"Annual Report\"). This discussion and other parts of this Annual Report contain forward-looking statements that involve risks and uncertainties, such as statements regarding our plans, objectives, expectations, intentions and projections. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the \u201cRisk Factors\u201d section of this Annual Report. You should carefully read the \"Risk Factors\" section of this Annual Report to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see \"Special Note Regarding Forward-Looking Statements\". Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Overview We are a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel precision peptide therapies for the treatment of endocrine and metabolic disorders. Our company was founded by global leaders with a transformative approach to peptide drug design and development. Leveraging this expertise, we designed our 99 proprietary Precision Endocrine Peptide\u2122 (the \"PEP\u2122\") platform to overcome the key limitations of unmodified and modified peptide therapies and to improve clinical outcomes and simplify disease management for patients. Our PEPs are selectively engineered to have optimized pharmaceutical properties, including extended time-action profiles and consistent drug concentrations with low peak-to-trough concentration ratios, consistent exposure to target tissues, and less frequent dosing. We are advancing a pipeline of novel candidates for endocrine and metabolic disorders with clinically validated targets, established endpoints for regulatory approval, significant unmet medical needs and large potential market opportunities. Our lead product candidate, canvuparatide (MBX 2109), is a parathyroid hormone (\"PTH\") peptide prodrug that is designed as a potential long-acting hormone replacement therapy for the treatment of chronic hypoparathyroidism (\"HP\"). Leveraging our proprietary PEP\u2122 platform, we designed canvuparatide to treat the underlying pathophysiology of HP by providing a continuous, infusion-like exposure to PTH, with convenient once-weekly administration. In a Phase 1 clinical trial, canvuparatide demonstrated a low ratio between the highest concentration of active drug observed after a dose and the concentration of active drug observed immediately prior to the next dose (\"peak-to-trough ratio\"). This result is consistent with a continuous, infusion-like profile, and an extended half-life, potentially enabling the first once-weekly PTH dosing regimen for patients with HP. Canvuparatide was generally well-tolerated with no drug-related severe or serious adverse effects. In a Phase 2 clinical trial of 64 patients with HP, canvuparatide achieved the primary endpoint with a statistically significant responder rate at Week 12 and further demonstrated positive six-month responder results from the open-label extension portion of the trial. All patients completed the 12-week trial, and canvuparatide was generally well-tolerated, with no treatment-related serious adverse events or discontinuations. We completed an End of Phase 2 meeting with the U.S. Food and Drug Administration (\"FDA\") and expect to receive Scientific Advice with the European Medicines Agency in the first half of 2026. We also intend to present results f Item 1. Business. Overview We are a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel precision peptide therapies for the treatment of endocrine and metabolic disorders. Our company was founded by global leaders with a transformative approach to peptide drug design and development. Leveraging this expertise, we designed our proprietary Precision Endocrine Peptide\u2122 (\"PEP\u2122\") platform to overcome the key limitations of unmodified and modified peptide therapies and to improve clinical outcomes and simplify disease management for patients. Our PEPs are selectively engineered to have optimized pharmaceutical properties, including extended time-action profiles and consistent drug concentrations with low peak-to-trough concentration ratios, consistent exposure to target tissues, and less frequent dosing. We are advancing a pipeline of novel candidates for endocrine and metabolic disorders with clinically validated targets, established endpoints for regulatory approval, significant unmet medical needs and large potential market opportunities. Our product candidates and programs include: \u2022 Canvuparatide: Our lead product candidate, canvuparatide (MBX 2109), is a parathyroid hormone (\"PTH\") peptide prodrug that is designed as a potential long-acting hormone replacement therapy for the treatment of chronic hypoparathyroidism (\"HP\"). Leveraging our proprietary PEP\u2122 platform, we designed canvuparatide to treat the underlying pathophysiology of HP by providing a continuous, infusion-like exposure to PTH, with convenient once-weekly administration. In a Phase 1 clinical trial, canvuparatide demonstrated a low ratio between the highest concentration of active drug observed after a dose and the concentration of active drug observed immediately prior to the next dose (\"peak-to-trough ratio\"). This result is consistent with a continuous, infusion-like profile, and an extended half-life, potentially enabling the first once-w Item 1A. Risk Factors. Our business involves significant risks. Stockholders should carefully consider the risks and uncertainties described below together with all of the other information contained in this Annual Report on Form 10-K (this \"Annual Report\") and in the other documents that we file with the SEC, including our", "title": "MBX - MBX Biosciences, Inc.", "url": "/company/MBX/" }, { "kind": "company", "summary": "SIC 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels); CIK 0000082020; latest 10-K filed 2026-02-26.", "text": "USLM - UNITED STATES LIME & MINERALS INC SIC 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels); CIK 0000082020; latest 10-K filed 2026-02-26. USLM UNITED STATES LIME & MINERALS INC 0000082020 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. FORWARD-LOOKING STATEMENTS. Any statements contained in this Report that are not statements of historical fact are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this Report, including without limitation statements relating to the Company\u2019s plans, strategies, objectives, expectations, intentions, and adequacy of resources, are identified by such words as \u201cwill,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201cbelieve,\u201d \u201cpossible,\u201d \u201cpotential,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cschedule,\u201d \u201cestimate,\u201d \u201canticipate,\u201d and \u201cproject.\u201d The Company undertakes no obligation to publicly update or revise any forward-looking statements. The Company cautions that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations, including without limitation the following: (i) the Company\u2019s plans, strategies, objectives, expectations, and intentions are subject to change at any time at the Company\u2019s discretion; (ii) the Company\u2019s plans and results of operations will be affected by its ability to maintain and increase its revenues and manage its growth; (iii) the Company\u2019s ability to meet short-term and long-term liquidity demands, including meeting the Company\u2019s operating and capital needs, including possible acquisitions and paying dividends, and conditions in the credit and equity markets, including the ability of the Company\u2019s customers to meet their obligations; (iv) interruptions to operations and increased expenses at the Company\u2019s facilities resulting from changes in mining methods or conditions, variability of chemical or physical properties of the Company\u2019s limestone and its impact on process equipment and product quality, inclement weather conditions, including more severe and frequent weather events resulting from climate change, natural disasters, accidents, IT systems failures or disruptions, including due to cybersecurity threats and incidents, utility disruptions, supply chain delays and disruptions, labor shortages and disruptions, or regulatory requirements; (v) volatile coal, petroleum coke, diesel, natural gas, electricity, and transportation costs and the consistent availability of trucks, truck drivers, and rail cars to deliver the Company\u2019s products to its customers and solid fuels to its plants on a timely basis at competitive prices; (vi) the Company\u2019s ability to expand its operations through projects and acquisitions of businesses with related or similar operations and the Company\u2019s ability to obtain any required financing for such projects and acquisitions, to integrate the projects and acquisitions into the Company\u2019s overall operations, and to sell any resulting increased production at acceptable prices; (vii) inadequate demand and/or prices for the Company\u2019s lime and limestone products due to increased competition from competitors, including new entrants into our markets, increasing competition for certain customer accounts, conditions in the U.S. economy, recessionary pressures in and the impact of government policies, including changes in immigration policy, on the overall economy and particular industries, including construction, oil and gas services, utility plants, steel, and industrial, moderation in current areas of active growth, including data center construction, effects of governmental fiscal and budgetary constraints, including the level of highway construction and infrastructure funding, changes to tax laws, legislative impasses, extended governmental shutdowns, reduced levels of government staffing, downgrades and defaults on U.S. government obligations, trade wars, tariffs, international incidents, including conflicts in Ukraine, the Middle East, and Latin America, oil cartel production and supply actions, sanctions, economic and regulatory uncertainties under state governments and the Un ITEM 1. BUSINESS. General. United States Lime & Minerals, Inc. (the \u201cCompany,\u201d the \u201cRegistrant,\u201d \u201cWe\u201d or \u201cOur\u201d), which was incorporated in 1950, conducts lime and limestone operations. The Company\u2019s principal corporate office is located at 5429 LBJ Freeway, Suite 230, Dallas, Texas 75240. The Company\u2019s telephone number is (972) 991-8400 and its internet address is www.uslm.com. The Company\u2019s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d), as well as the Company\u2019s definitive proxy statement filed pursuant to Section 14(a) of the Exchange Act, are available free of charge on the Company\u2019s website as soon as reasonably practicable after the Company electronically files such material with, or furnishes it to, the Securities and Exchange Commission (the \u201cSEC\u201d). Company Operations. Business and Products. The Company is a manufacturer of lime and limestone products, supplying primarily the construction (including highway, road, and building contractors), industrial (including paper and glass manufacturers), environmental (including municipal sanitation and water treatment facilities and flue gas treatment processes), metals (including steel producers), roof shingle manufacturers, agriculture (including poultry producers), and oil and gas services industries. The Company is headquartered in Dallas, Texas and operates lime and limestone plants and distribution facilities in Arkansas, Colorado, Louisiana, Missouri, Oklahoma and Texas through its wholly owned subsidiaries, Arkansas Lime Company, ART Quarry TRS LLC (DBA Carthage Crushed Limestone), Colorado Lime Company, Mill Creek Dolomite, LLC, Texas Lime Company, U.S. Lime Company, U.S. Lime Company-Shreveport, U.S. Lime Company-St. Clair and U.S. Lime Company-Transportation. In addition, the Company, through its wholly own ITEM 1A. RISK FACTORS. Industry Risks Our operations are affected by uncertain economic and regulatory conditions in the United States and in particular industries. General and industry-specific economic and regulatory conditions in the United S", "title": "USLM - UNITED STATES LIME & MINERALS INC", "url": "/company/USLM/" }, { "kind": "company", "summary": "SIC 5122 Wholesale-Drugs, Proprietaries & Druggists' Sundries; CIK 0001180262; latest 10-K filed 2026-02-18.", "text": "HLF - HERBALIFE LTD. SIC 5122 Wholesale-Drugs, Proprietaries & Druggists' Sundries; CIK 0001180262; latest 10-K filed 2026-02-18. HLF HERBALIFE LTD. 0001180262 5122 Wholesale-Drugs, Proprietaries & Druggists' Sundries Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Part I, Item 1A, Risk Factors, and our consolidated financial statements and related notes, each included elsewhere in this Annual Report on Form 10-K. This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-over-year comparisons between 2025 and 2024. Discussions of 2023 items and year-over-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in Part II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the year ended December 31, 2024, or the 2024 10-K. Overview We are a global nutrition company that sells weight management; targeted nutrition; energy, sports, and fitness; and outer nutrition products to and through independent members, or Members. In China, we sell our products to and through independent service providers and sales representatives to customers and preferred customers, as well as through Company-operated retail platforms when necessary. We refer to Members that distribute our products and achieve certain qualification requirements as \u201csales leaders.\u201d We provide high-quality, science-backed products to Members and their customers who seek a healthy lifestyle and we also offer a business opportunity to those Members who seek additional income. We believe enhanced consumer awareness and demand for our products due to global trends such as the obesity epidemic, increasing interest in a fit and active lifestyle, living healthier, and the rise of entrepreneurship, coupled with the effectiveness of personalized selling through a direct sales channel, have been the primary reasons for our continued success. Our products are grouped in four principal categories: weight management; targeted nutrition; energy, sports, and fitness; and outer nutrition, along with literature, promotional, and other items. Our products are often sold through a series of related products and literature designed to simplify weight management and nutrition for consumers and maximize our Members\u2019 cross-selling opportunities. While we continue to monitor the current global financial environment including the impacts of inflation, foreign exchange rate fluctuations, the wars in Ukraine and the Middle East, rising trade tensions, including U.S. tariffs and retaliatory tariffs from foreign countries and other factors, we remain focused on the opportunities and challenges in retailing our products and enhancing the customer experience, sponsoring and retaining Members, improving Member productivity, further penetrating existing markets, globalizing successful Daily Methods of Operation, or DMOs, such as Nutrition Clubs, Fit Clubs, and Weight Loss Challenges, introducing new products and globalizing existing products, developing niche market segments and further investing in our infrastructure. We sell our products in five geographic regions: \u2022 North America; \u2022 Latin America, which consists of Mexico and South and Central America; \u2022 EMEA, which consists of Europe, the Middle East, and Africa; \u2022 Asia Pacific (excluding China); and \u2022 China. On July 15, 2016, we reached a settlement with the U.S. Federal Trade Commission, or FTC, and entered into the Consent Order, which resolved the FTC\u2019s multi-year investigation of the Company. We continue to monitor the impact of the Consent Order and our Audit Committee assists our board of directors in overseeing continued compliance with the Consent Order. While we currently do not expect the settlement to have a long-term and materially adverse impact on our business and our Member base, our business and our Member base, particularly in the U.S., may be negatively impacted. The terms of the Consent Order Item 1. Business GENERAL Herbalife is a global health and wellness company, that, for 46 years, has empowered millions of people to reach their nutrition, health and wellness goals using our science-backed products and the individual coaching provided by our network of independent members. We are the number one active and lifestyle nutrition brand in the world and sell the number one protein shake in the world. We provide weight management, targeted nutrition, energy, sports and fitness, and outer nutrition products in 95 markets around the world. We use a direct-selling business model to distribute and market our nutrition products to and through a global network of Members. Members include consumers who purchase products for their own personal use and distributors who wish to resell products or build a sales organization. We further discuss the segmentation of our Members in Our Network Marketing Program \u2013 Segmentation, section below. We believe that direct selling is ideally suited for our business because our Members provide personalized support, coaching, and education to their customers, and also join a supportive and understanding community of like-minded people who prioritize health and nutrition. We believe that the primary drivers for our success throughout our 46-year history have been a result of the innovations of our Members, which have helped us quickly adapt to changing market conditions and consumer preferences. These innovations have combined with global trends such as the obesity epidemic, increasing interest in fitness, living healthier, and the rise of entrepreneurship, to power our success for the last 46 years and we believe they will continue to power our growth in the future. OUR PRODUCTS Our science-backed products are the foundation of our business. We believe that our products help our Members and their customers improve their overall health and wellness and achieve their fitness goals. As of December 31, 2025, we sold 144 product t Item 1A. Risk Factors Please carefully consider the following discussion of significant factors, events, and uncertainties that make an investment decision regarding our securities risky. The factors, events, uncertainties, and consequences discussed in these risk factors could, in circumstances we m", "title": "HLF - HERBALIFE LTD.", "url": "/company/HLF/" }, { "kind": "company", "summary": "SIC 5051 Wholesale-Metals Service Centers & of fices; CIK 0001481582; latest 10-K filed 2026-02-23.", "text": "RYZ - Ryerson Holding Corp SIC 5051 Wholesale-Metals Service Centers & of fices; CIK 0001481582; latest 10-K filed 2026-02-23. RYZ Ryerson Holding Corp 0001481582 5051 Wholesale-Metals Service Centers & of fices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis should be read in conjunction with the audited Consolidated Financial Statements of Ryerson Holding Corporation and Subsidiaries and the Notes thereto in Item 8. \u201cFinancial Statements and Supplementary Data.\u201d This discussion contains forward-looking statements that involve risks and uncertainties. See the section entitled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Our actual results and the timing of selected events could differ materially from those discussed in these forward-looking statements as a result of certain factors, including those discussed in Item 1A. \u201cRisk Factors\u201d and elsewhere in this Form 10-K. This section of this Form 10-K generally discusses 2025 and 2024 items and year-over-year comparisons between 2025 and 2024. Discussions of 2023 items and year-over-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview Business Ryerson Holding Corporation (\u201cRyerson Holding\u201d), a Delaware corporation, is the parent company of Joseph T. Ryerson & Son, Inc. (\u201cJT Ryerson\u201d), a Delaware corporation. As of December 31, 2025 affiliates of Platinum Equity, LLC (\u201cPlatinum\u201d) own approximately 3,924,478 shares of our common stock, which is approximately 12.2% of our issued and outstanding common stock. We are a leading value-added processor and distributor of industrial metals with operations in the United States (\"U.S.\") through JT Ryerson and other U.S. subsidiaries, in Canada through our indirect wholly-owned subsidiary Ryerson Canada, Inc., a Canadian corporation (\u201cRyerson Canada\u201d), and in Mexico through our indirect wholly-owned subsidiary Ryerson Metals de Mexico, S. de R.L. de C.V., a Mexican corporation (\u201cRyerson Mexico\u201d). In addition to our North American operations, we conduct metal processing and distribution operations in China through an indirect wholly-owned subsidiary, Ryerson China Limited, a Chinese limited liability company (\u201cRyerson China\u201d). Unless the context indicates otherwise, Ryerson Holding, JT Ryerson, Ryerson Canada, Ryerson Mexico, and Ryerson China together with their subsidiaries, are collectively referred to herein as \u201cRyerson,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or the \u201cCompany.\u201d Industry and Operating Trends We are a metals service center providing value-added processing and distribution of industrial metals with operations in the U.S., Canada, Mexico, and China. We purchase large quantities of metal products from primary producers and sell these materials in smaller quantities to a wide variety of metals-consuming industries. We carry a full line of approximately 75,000 products in stainless steel, aluminum, carbon steel, and alloy steels and a limited line of nickel and red metals in various shapes and forms. In addition to our metals products, we offer numerous value-added processing and fabrication services, and nearly 80% of the metals products we sell are processed by us by bending, beveling, blanking, blasting, burning, cutting-to-length, drilling, flattening, forming, grinding, laser cutting, machining, notching, painting, polishing, punching, rolling, sawing, shearing, slitting, stamping, tapping, threading, welding, or other techniques to process materials to a specified thickness, length, width, shape, and surface quality pursuant to specific customer orders. Similar to other metals service centers, we maintain substantial inventories of metals to accommodate the short lead times and just-in-time delivery requirements of our customers. Accordingly, we purchase metals to maintain our inventory at levels that we believe to be appropriate to satisfy the anticipated needs of our customers based upon customer forecasts, ITEM 1. BUSINESS. Ryerson Holding Corporation (\u201cRyerson Holding\u201d), a Delaware corporation, is the parent company of Joseph T. Ryerson & Son, Inc. (\u201cJT Ryerson\u201d), a Delaware corporation. As of December 31, 2025, affiliates of Platinum Equity, LLC (\u201cPlatinum\u201d) own approximately 3,924,478 shares of our common stock, which is approximately 12.2% of our issued and outstanding common stock. We are a leading value-added processor and distributor of industrial metals with operations in the United States (\"U.S.\") through JT Ryerson and other U.S. subsidiaries, in Canada through our indirect wholly-owned subsidiary Ryerson Canada, Inc., a Canadian corporation (\u201cRyerson Canada\u201d), and in Mexico through our indirect wholly-owned subsidiary Ryerson Metals de Mexico, S. de R.L. de C.V., a Mexican corporation (\u201cRyerson Mexico\u201d). In addition to our North American operations, we conduct metal processing and distribution operations in China through an indirect wholly-owned subsidiary, Ryerson China Limited, a Chinese limited liability company (\u201cRyerson China\u201d). Unless the context indicates otherwise, Ryerson Holding, JT Ryerson, Ryerson Canada, Ryerson Mexico, and Ryerson China together with their subsidiaries, are collectively referred to herein as \u201cRyerson,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or the \u201cCompany.\u201d Our Company We are one of the largest value-add processors and distributors of industrial metals in North America measured in terms of sales. As of December 31, 2025, we have approximately 4,300 employees across 103 facilities in North America and three facilities in China. Through this network we serve approximately 40,000 customers across a wide range of manufacturing end-markets. Our customers range from local, independently owned fabricators and machine shops to large, international original equipment manufacturers. We carry a full line of approximately 75,000 products in stainless steel, aluminum, carbon steel, and alloy steels and a limited line of nickel and red metals in various s ITEM 1A. RISK FACTORS. Our business faces many risks. You should carefully consider the risks and uncertainties described below, together with the other information in this report, including the consolidated financial statements and notes to the consolidated financial statements. We cannot assure y", "title": "RYZ - Ryerson Holding Corp", "url": "/company/RYZ/" }, { "kind": "company", "summary": "SIC 8742 Services-Management Consulting Services; CIK 0001362004; latest 10-K filed 2026-02-27.", "text": "ICFI - ICF International, Inc. SIC 8742 Services-Management Consulting Services; CIK 0001362004; latest 10-K filed 2026-02-27. ICFI ICF International, Inc. 0001362004 8742 Services-Management Consulting Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with our consolidated financial statements and related notes included in Item 8.\u201cFinancial Statements and Supplementary Data\u201d in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions, such as statements of our plans, objectives, expectations, and intentions. The cautionary statements made in this Annual Report on Form 10-K should be read as applying to all related forward-looking statements wherever they appear in this Annual Report on Form 10-K. Our actual results could differ materially from those anticipated in the forward-looking statements. Factors that could cause or contribute to our actual results differing materially from those anticipated include those discussed in Item 1A. \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2024 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 28, 2025, and is incorporated by reference into this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. OVERVIEW AND OUTLOOK We provide professional services and technology-based solutions, including management, technology, and policy consulting and implementation services. We help our clients conceive, develop, implement, and improve solutions that address complex business, natural resource, social, technological, and public safety issues. Our services primarily support clients that operate in the following key markets: \u2022 Energy, Environment, Infrastructure, and Disaster Recovery; \u2022 Health and Social Programs; and \u2022 Security and Other Civilian & Commercial. We provide services to our diverse client base that deliver value throughout the entire life cycle of a policy, program, project, or initiative. Our primary services include: \u2022 Advisory Services; \u2022 Program Implementation Services; \u2022 Analytics Services; \u2022 Digital Services; and \u2022 Engagement Services. Our clients rely on us because we combine broad institutional knowledge with the deep subject\u2011matter expertise of our highly trained staff, working together in multidisciplinary teams. Many of our client relationships span decades, giving us a nuanced understanding of their objectives and needs. We serve both government and commercial clients. Our government work includes projects for federal, state, local, and international agencies, as well as subcontracted engagements performed for commercial clients whose end customers are government entities. 37 Our largest clients are U.S. federal government departments and agencies. Our federal government clients include every cabinet-level department, most significantly HHS, DoD, DoE, and DoT. Federal government clients generated approximately 43%, 54%, and 55% of our revenue in 2025, 2024, and 2023, respectively. The decrease in U.S. federal government revenue was primarily as a result of terminated contracts in 2025 due to the Administration\u2019s changing priorities and the actions recommended by DOGE, as well as the disruption in the typical U.S. federal government procurement cycle. State and local government clients generated approximately 17%, 16%, and 16% of our revenue in each of 2025, 2024, and 2023, respectively. International government clients generated approximately 7%, 5%, and 5% of our revenue in 2025, 2024, and 2023, respectively. We also serve a variety of commercial cl ITEM 1. BUSINESS COMPANY OVERVIEW ICF International, Inc. was formed in 1999 as a Delaware limited liability company under the name ICF Consulting Group Holdings, LLC. It was formed to purchase our principal operating subsidiary, which was founded in 1969, from a larger services organization. We converted to a Delaware corporation in 2003 and changed our name to ICF International, Inc. in 2006. We completed our initial public offering in September 2006. We provide professional services and technology-based solutions, including management, technology, and policy consulting and implementation services, to government and commercial clients. Our government clients include U.S. federal agencies, state and local governments, as well as international governments. Our commercial clients include those that are inside and outside of the U.S. We help our clients conceive, develop, implement, and improve solutions that address complex business, natural resource, social, technological, and public safety issues. Our services primarily support clients that operate in these key markets: \u2022 Energy, Environment, Infrastructure, and Disaster Recovery; \u2022 Health and Social Programs; and \u2022 Security and Other Civilian & Commercial. We provide services to our diverse client base that deliver value throughout the entire life cycle of a policy, program, project, or initiative. We empower organizations to thrive in a rapidly changing world through five integrated service areas: Advisory Services, Program Implementation, Analytics Services, Digital Services, and Engagement Services. Our Advisory Services deliver strategic insights that help leaders anticipate trends and make confident decisions. Through Program Implementation, we turn strategy into action with tailored policies, programs, and tools that drive efficiency and impact. Our Analytics Services transform data into intelligence, leveraging advanced analytics and artificial intelligence (\u201cAI\u201d) to uncover opportunities and more i ITEM 1A. RISK FACTORS The following discussion sets forth the material risk factors facing the Company that make an investment in us speculative or risky. This information should be read in conjunction with the description of our business, Management\u2019s Discussion and Analysis, and the consolidated financial st", "title": "ICFI - ICF International, Inc.", "url": "/company/ICFI/" }, { "kind": "company", "summary": "SIC 4700 Transportation Services; CIK 0001820872; latest 10-K filed 2026-03-09.", "text": "GBTG - Global Business Travel Group, Inc. SIC 4700 Transportation Services; CIK 0001820872; latest 10-K filed 2026-03-09. GBTG Global Business Travel Group, Inc. 0001820872 4700 Transportation Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements, and the related notes, included elsewhere in this Annual Report. The discussion and analysis below presents our historical results as of and for the years ended on, the dates indicated. Unless otherwise indicated or the context otherwise requires, the terms , \u201cwe,\u201d \u201cus,\u201d or \u201cour,\u201d refer to GBTG and its subsidiaries. A discussion regarding our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 can be found in \"Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the SEC on March 7, 2025. Overview We operate American Express Global Business Travel, a leading technology and services company for travel, expense, and meetings & events. We are committed to offering companies and their travelers access to the most valuable marketplace in business travel for one simple reason: when people come together, great ideas come to life. We believe business travel is a fundamental driver of progress and innovation that can be both transactional and transformational. Our comprehensive and competitive marketplace, industry-leading software, AI (as defined herein)-powered efficiencies and 24/7 global support team offer solutions, savings, and flexibility for companies of every size. We believe this is why Amex GBT is one of the most trusted brands in the industry, dedicated to enabling better business travel. 54 We serve and create value for clients and travel suppliers in two ways: (i) by providing the most comprehensive and competitive content through the Amex GBT marketplace, enabling travel through content and distribution, expert service, partnerships, and (ii) by offering the data and insights through a suite of travel and expense software and professional services built on a proprietary AI-powered modern technology platform that enables effective and efficient management of business travel programs..Acquisitions On September 2, 2025, we completed the acquisition of CWT in accordance with terms of agreement. On December 29, 2025, we gained control over Uvet Global Business Travel S.p.A. (\"Uvet GBT\"), by obtaining majority representation on its board of directors. This was accounted for as a business acquisition under GAAP. For more information regarding the CWT and Uvet GBT transactions, see note 3 - Business Acquisitions to our consolidated financial statements included elsewhere in this Annual Report). Macroeconomic conditions and trends While transactions grew during the year ended December 31, 2025, macroeconomic and political uncertainties such as changing global geopolitical dynamics, changing trade policies and tariffs, risk of recession, inflationary pressures, currency fluctuations, stock market volatility and geopolitical conflicts, have contributed to an increasingly involved business environment and uncertainty in business trends. Our future operational results may be subject to volatility due to the impact of the aforementioned trends. Key Factors Affecting Our Results of Operations As a result of a number of factors, our historical results of operations are not comparable from period to period and may not be comparable to our financial results of operations in future periods. Set forth below is a brief discussion of the key factors impacting the comparability of our results of operations. Impact of Acquisition From time-to-time we pursue accretive acquisitions and have realized substantial growth through our acquisition strategy. In September 2025, we completed the acquisition of CWT. CWT is a global business travel and meetings management comp Item 1. Business Overview American Express Global Business Travel, operated by Global Business Travel Group, Inc., a Delaware corporation, (\"Amex GBT\") is a leading technology and services company for travel, expense, and meetings & events. We are committed to offering companies and their travelers access to the most valuable marketplace in business travel for one simple reason: when people come together, great ideas come to life. We believe business travel is a fundamental driver of progress and innovation that can be both transactional and transformational. Our comprehensive and competitive marketplace, industry-leading software, AI (as defined herein)-powered efficiencies and 24/7 global support team offer solutions, savings, and flexibility for companies of every size. We believe this is why Amex GBT is one of the most trusted brands in the industry, dedicated to enabling better business travel.1 During the year ended December 31, 2025, we generated total transaction value (\"TTV\") of approximately $36.3 billion, resulting in revenues of $2.72 billion, net income of $111 million, and Adjusted EBITDA of $532 million. See \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2014 Key Operating and Financial Metrics \u2014 Non-GAAP Financial Measures\u201d for additional information about our non-GAAP measures and a reconciliation to the most directly comparable financial measures calculated in accordance with generally accepted accounting principles in the United States, consistently applied (\"GAAP\"). Our operations are headquartered in London, United Kingdom. As of December 31, 2025, we had over 27,000 employees worldwide with a proprietary presence or operations in 49 countries. We expand our reach to service clients in the rest of the world through our Travel Partner Network, Egencia Global Alliance (\"EGA\"), and CWT Global Partner Network (collectively, the \"Partner Networks\" and, each individual partner, a \"Partner\") Item 1A. Risk Factors You should consider carefully all of the risks described below, together with the other information contained in this Annual Report. If any of the following events occur, our business, financial condition and operating results may be materially adversely affected. The risks and uncertainties descr", "title": "GBTG - Global Business Travel Group, Inc.", "url": "/company/GBTG/" }, { "kind": "company", "summary": "SIC 1000 Metal Mining; CIK 0001879016; latest 10-K filed 2026-02-23.", "text": "IE - Ivanhoe Electric Inc. SIC 1000 Metal Mining; CIK 0001879016; latest 10-K filed 2026-02-23. IE Ivanhoe Electric Inc. 0001879016 1000 Metal Mining Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes to those statements included elsewhere in this Annual Report. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under Item 1A. Risk Factors and elsewhere in this Annual Report. See \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Business Overview We are a technology-driven United States minerals exploration and development company with a focus on copper and other critical metals vital to electric transmission and generation, manufacturing, infrastructure development, technology, and national security. Our wholly owned assets are located in the United States. We operate exploration joint ventures and alliances in Saudi Arabia, Chile and the United States. We use our powerful Typhoon\u2122 geophysical surveying system, together with advanced data analytics provided by our 94.3%-owned subsidiary, Computational Geosciences Inc. (\u201cCGI\u201d), to accelerate and de-risk the mineral exploration process in the search for new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. We believe the United States is significantly underexplored and has the potential to yield major new discoveries of critical metals. Through the advancement of our portfolio of critical metals exploration and development projects, headlined by the Santa Cruz Copper Project in Arizona, we intend to contribute to domestic supply by developing resources that support industrial and strategic sectors. We also operate a 50/50 joint venture with Saudi Arabian Mining Company (\"Maaden\") to explore for minerals on ~50,000 km2 of underexplored Arabian Shield in Saudi Arabia. Finally, in 2024, we established an exploration alliance with BHP Mineral Resources Inc. (\u201cBHP\u201d), a subsidiary of BHP Group Limited, to search for critical minerals in the United States. Our other mineral projects in the United States include the Tintic Project, located in Utah, the Hog Heaven Copper-Silver-Gold Project, located in Montana, the Bristol Project located in Nevada, and the Gleeson, Lomitas Negras, Globe-Miami and Perseverance Projects in Arizona. Our other mineral projects outside of the United States include our the Alacr\u00e1n Project in Colombia (the \u201cAlacr\u00e1n Copper Project\u201d) which is owned through our approximate 60.8% interest in publicly traded company Cordoba Minerals Corp. (\u201cCordoba\u201d). In addition to our mineral projects, we also own a 90.0% controlling interest in VRB Energy, which itself owns 100% of VRB USA, an Arizona-based developer of advanced grid-scale energy storage systems utilizing vanadium redox flow batteries for integration with renewable power sources. VRB Energy also has a 49% interest in VRB China which is a joint venture with China Energy Storage Industry Co., Ltd. (\u201cRed Sun\u201d) a subsidiary of privately held Shanxi Red Sun Co., Ltd. VRB China manufactures, develops and sells vanadium redox flow batteries for Asian, African and Middle Eastern markets. Our shares of common stock are listed on the NYSE American and the TSX under the ticker symbol \u201cIE\u201d. Business Developments in the Year Corporate Activities In February 2025, we completed a public offering where we issued 11,794,872 units (the \u201cUnits\u201d) at a price of $5.85 per Unit for gross proceeds of approximately $69.0 million, after giving effect to the underwriter\u2019s exercise in full of its option to purchase additional Units. Each Unit consisted of (i) one share of our common stock Item 1. Business Overview We are a technology-driven United States minerals exploration and development company with a focus on copper and other critical metals vital to electric transmission and generation, manufacturing, infrastructure development, technology, and national security. Our wholly owned assets are located in the United States. We operate exploration joint ventures and alliances in Saudi Arabia, Chile and the United States. We use our powerful Typhoon\u2122 geophysical surveying system, together with advanced data analytics provided by our subsidiary, Computational Geosciences Inc. (\u201cCGI\u201d), to accelerate and de-risk the mineral exploration process in the search for new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. We believe the United States is significantly underexplored and has the potential to yield major new discoveries of critical metals. We are committed to the establishment of strong relationships with our local communities and the responsible development of our projects by incorporating best practices for health, safety and environmental standards, water management, protection of local cultural heritage and biodiversity, and minimizing our environmental footprint. We prioritize hiring from local communities. Our United States Mineral Projects As of the date of this annual report, we consider our sole material mineral project to be the Santa Cruz Copper Project in Arizona. The Santa Cruz Copper Project is a development project situated in a prolific mining region that hosts some of the largest copper mines in the United States. The Santa Cruz Copper Project encompasses approximately 26.0 square kilometers (~6,425 acres) on private land and includes associated water rights. The Santa Cruz Copper Project location provides excellent infrastructure, including access to rail, interstate highways, and electric transmission lines. On June 23, 2025, we announced the completion of the Preliminary Item 1A. Risk Factors The following risks and uncertainties may have a material and adverse effect on our business, financial condition, results of operations, prospects, or stock price. You should consider these risks and uncertainties carefully, together with all of the other information contained in this Annual Report, including our consolidated financial stat", "title": "IE - Ivanhoe Electric Inc.", "url": "/company/IE/" }, { "kind": "company", "summary": "SIC 4400 Water Transportation; CIK 0001000177; latest 10-K filed 2026-04-29.", "text": "NAT - NORDIC AMERICAN TANKERS Ltd SIC 4400 Water Transportation; CIK 0001000177; latest 10-K filed 2026-04-29. NAT NORDIC AMERICAN TANKERS Ltd 0001000177 4400 Water Transportation", "title": "NAT - NORDIC AMERICAN TANKERS Ltd", "url": "/company/NAT/" }, { "kind": "company", "summary": "SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001619762; latest 10-K filed 2026-02-24.", "text": "BRSL - Brightstar Lottery PLC SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001619762; latest 10-K filed 2026-02-24. BRSL Brightstar Lottery PLC 0001619762 7990 Services-Miscellaneous Amusement & Recreation Management\u2019s Discussion and Analysis The following discussion and analysis of Brightstar\u2019s financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements, including the notes thereto, included in this annual report, as well as \u201cPresentation of Financial and Certain Other Information,\u201d \u201cItem 3. Key Information \u2013 D. Risk Factors,\u201d and \u201cItem 4. Information on the Company \u2013 B. Business Overview.\u201d The following discussion includes information for the fiscal years ended December 31, 2025 and 2024. For a discussion and analysis of Brightstar\u2019s consolidated operating results and non-operating results for the year ended December 31, 2024, compared to the year ended December 31, 2023, please refer to the disclosure under \u201cItem 5. Operating and Financial Review and Prospects - A. Operating Results\u201d in the Company\u2019s Annual Report on Form 20-F for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025 (the \u201c2024 Form 20-F\u201d). A. Operating Results Business Overview Brightstar is a global leader in lottery focused on innovation and forward-thinking strategies and solutions, building on our renowned expertise in delivering secure technology and producing reliable, comprehensive solutions for our customers. As a pure-play global lottery company, our best-in-class lottery operations, retail, and digital solutions, and award-winning lottery games enable our customers to achieve their goals, responsibly entertain players, and distribute meaningful benefits to communities. Brightstar has a well\u2011established local presence and is a trusted partner to governments and regulators around the world, creating value by adhering to the highest standards of service, integrity and responsibility. The Company operates and provides an integrated portfolio of innovative lottery solutions, including lottery management services and instant lottery systems. The Company operates a worldwide land-based lottery and iLottery business, including sales, operations, product development, technology, and support, and is a leading iLottery platform provider globally. The Company is supported by central corporate support functions including finance, people and culture, legal, corporate communications, and strategy and corporate development. During 2025, Brightstar Lottery completed its transformation into a pure\u2011play global lottery operator following the sale of IGT Gaming on July 1, 2025. Our results of operations for the year were principally influenced by (i) the renewal of the Italian Lotto license and the resulting increase in upfront license fee amortization, (ii) lower LMA incentive revenues driven by U.S. multi\u2011state jackpot activity, (iii) continued growth in instant ticket and draw game sales, and (iv) the execution of the OPtiMa 3 restructuring programs to realign our cost structure. We ended 2025 with a strong liquidity position, reflecting disciplined capital allocation, debt reduction following the divestiture, and the return of capital to shareholders through dividends and share repurchases. Key Factors Affecting Operations and Financial Condition The Company\u2019s worldwide operations can be affected by industrial, economic, and political factors on both a regional and global level. Geopolitical instability such as the ongoing conflict between Russia and Ukraine and the conflict in Gaza, the tightening of monetary policy by central banks and other macroeconomic factors have caused disruptions and uncertainty in the global economy, including rising interest rates, increased inflationary pressures, foreign exchange rate fluctuations, cybersecurity risks, changes in consumer sentiment and exacerbated supply chain challenges. The extent to which our business, or the business of our suppliers or manufacturers, will be impacted by these factors in the future is unknown. We will continue to monitor the effects of these events on our business, as well as the prospect of trade war", "title": "BRSL - Brightstar Lottery PLC", "url": "/company/BRSL/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000899460; latest 10-K filed 2026-02-26.", "text": "MNKD - MANNKIND CORP SIC 2834 Pharmaceutical Preparations; CIK 0000899460; latest 10-K filed 2026-02-26. MNKD MANNKIND CORP 0000899460 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and notes thereto included in this Annual Report on Form 10-K. A discussion of changes in our results of operations during the year ended December 31, 2024 compared to the year ended December 31, 2023 has been omitted from this Annual Report on Form 10-K but may be found in \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 26, 2025, which discussion is incorporated herein by reference and which is available free of charge on the SEC\u2019s website at www.sec.gov. Overview We are a biopharmaceutical company dedicated to transforming chronic disease care through innovative, patient-centric solutions. Focused on cardiometabolic and orphan lung diseases, we develop and commercialize treatments that address serious unmet medical needs, including diabetes, pulmonary hypertension, and fluid overload in heart failure and chronic kidney disease. With deep expertise in drug-device combinations, we aim to deliver therapies designed to fit seamlessly into daily life. Our cardiometabolic business is currently comprised of three commercial products: Afrezza (insulin human) Inhalation Powder; Furoscix (furosemide injection); and the V-Go wearable insulin delivery device: \u2022 Afrezza is an ultra rapid-acting inhaled insulin indicated to improve glycemic control in adults with diabetes. Afrezza was developed by us and consists of a dry powder formulation of human insulin delivered from a small portable inhaler. Administered at the beginning of a meal, Afrezza dissolves rapidly upon inhalation to the lung and delivers insulin quickly to the bloodstream. \u2022 Furoscix is a novel formulation of furosemide that delivers an 80 mg dose via an on-body infusor over a five-hour period. Furoscix is indicated for the treatment of edema in pediatric patients who weigh at least 43 kg and adult patients with chronic heart failure or chronic kidney disease. Furoscix is the first FDA-approved subcutaneous loop diuretic that delivers intravenous-equivalent diuresis at home as opposed to a hospital setting. Furoscix was developed by scPharma, which we acquired in October 2025. See Note 3 - Business Combinations in the Consolidated Financial Statements included in Part II, Item 8 \u2013 Financial Statements and Supplementary Data. \u2022 V-Go is a mechanical basal-bolus insulin delivery system that is worn like a patch and can eliminate the need for taking multiple daily injections. V-Go administers a continuous preset basal rate of insulin over 24 hours and provides discreet on-demand bolus dosing at mealtimes. V-Go received 510(k) clearance by the FDA in 2010 and has been available commercially since 2012. In May 2022, we acquired V-Go from Zealand. We anticipate two potential milestones for our cardiometabolic business in 2026 based on regulatory submissions that we made in 2025. The FDA is currently reviewing a sBLA pursuant to which we are seeking approval for Afrezza in children and adolescents living with type 1 or type 2 diabetes. The sBLA has been assigned a PDUFA target action date of May 29, 2026. The FDA is also reviewing a sNDA pursuant to which we are seeking approval for Furoscix ReadyFlow Autoinjector, a high-concentration formulation of furosemide that is delivered subcutaneously in under ten seconds. The sNDA has been assigned a PDUFA target action date of July 26, 2026. In the United States, we are solely responsible for the commercialization of Afrezza, Furoscix and V-Go. Outside of the U.S., our strategy has been to establish regional partnerships in foreign jurisdictions where there are commercial opportunities, subject to the receipt of necessary foreign regulato Item 1. Business Unless the context requires otherwise, the words \u201cMannKind,\u201d \u201cwe,\u201d \u201cCompany,\u201d \u201cus\u201d and \u201cour\u201d refer to MannKind Corporation and its subsidiaries. We are a biopharmaceutical company dedicated to transforming chronic disease care through innovative, patient-centric solutions. Focused on cardiometabolic and orphan lung diseases, we develop and commercialize treatments that address serious unmet medical needs, including diabetes, pulmonary hypertension, and fluid overload in heart failure and chronic kidney disease. With deep expertise in drug-device combinations, we aim to deliver therapies designed to fit seamlessly into daily life. Our cardiometabolic business is currently comprised of three commercial products: Afrezza (insulin human) Inhalation Powder; Furoscix (furosemide injection); and the V-Go wearable insulin delivery device: \u2022 Afrezza is an ultra rapid-acting inhaled insulin indicated to improve glycemic control in adults with diabetes. Afrezza was developed by us and consists of a dry powder formulation of human insulin delivered from a small portable inhaler. Administered at the beginning of a meal, Afrezza dissolves rapidly upon inhalation to the lung and delivers insulin quickly to the bloodstream. \u2022 Furoscix is a novel formulation of furosemide that delivers an 80 mg dose via an on-body infusor over a five-hour period. Furoscix is indicated for the treatment of edema in pediatric patients who weigh at least 43 kg and adult patients with chronic heart failure or chronic kidney disease. Furoscix is the first FDA-approved subcutaneous loop diuretic that delivers intravenous-equivalent diuresis at home as opposed to a hospital setting. Furoscix was developed by scPharmaceuticals Inc. (\"scPharma\"), which we acquired in October 2025. See Note 3 - Business Combinations in the Consolidated Financial Statements included in Part II, Item 8 \u2013 Financial Statements and Supplementary Data. \u2022 V-Go is a mechanical basal-bolus insulin delivery syste Item 1A. Risk Factors You should consider carefully the following information about the risks described below, together with the other information contained in this Annual Report before you decide to buy or maintain an investment in our common stock. We believe the risks described below are the risks that are material to us as of the date of th", "title": "MNKD - MANNKIND CORP", "url": "/company/MNKD/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000752642; latest 10-K filed 2026-02-25.", "text": "UMH - UMH PROPERTIES, INC. SIC 6798 Real Estate Investment Trusts; CIK 0000752642; latest 10-K filed 2026-02-25. UMH UMH PROPERTIES, INC. 0000752642 6798 Real Estate Investment Trusts Item 7 \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations 2025 Accomplishments During 2025, UMH made substantial progress on multiple fronts \u2013 generating solid operating results, achieving strong growth and improving our financial position. We have: [[GREPCENT_TABLE]] [[\"\\u25cf\",\"Increased Rental and Related Income by 10%;\"],[\"\\u25cf\",\"Increased Community Net Operating Income (\\u201cNOI\\u201d) by 9%;\"],[\"\\u25cf\",\"Increased Normalized Funds from Operations (\\u201cNormalized FFO\\u201d) by 15%;\"],[\"\\u25cf\",\"Increased Normalized FFO per diluted share by 2% from $0.93 per diluted share in 2024 to $0.95 per diluted share in 2025;\"],[\"\\u25cf\",\"Increased Same Property NOI by 9%;\"],[\"\\u25cf\",\"Increased Same Property Occupancy by 80 basis points from 87.5% to 88.3%;\"],[\"\\u25cf\",\"Improved our Same Property expense ratio from 39.7% at yearend 2024 to 39.3% at yearend 2025;\"],[\"\\u25cf\",\"Acquired five communities containing 587 homesites for a total cost of approximately $41.8 million;\"],[\"\\u25cf\",\"Increased Sales of Manufactured Homes by 4%;\"],[\"\\u25cf\",\"In May 2025, completed the addition of ten communities to our Fannie Mae credit facility through Wells Fargo Bank, N.A., for total proceeds of approximately $101.4 million. The interest only loan for these ten communities is at a fixed rate of 5.855% with a 10-year term;\"],[\"\\u25cf\",\"In November 2025, completed the addition of another seven communities to our Fannie Mae credit facility through Wells Fargo Bank, N.A., for total proceeds of approximately $91.8 million. The interest only loan for these seven communities is at a fixed rate of 5.46% with a 9-year term;\"],[\"\\u25cf\",\"Issued approximately $80.2 million aggregate principal amount of 5.85% Series B Bonds due 2030 in an offering to investors in Israel;\"],[\"\\u25cf\",\"Amended our $35 million revolving line of credit with OceanFirst Bank to extend the maturity date to June 1, 2027;\"],[\"\\u25cf\",\"Raised our quarterly common stock dividend by $0.01 representing a 4.7% increase to $0.225 per share or $0.90 annualized, representing our fifth consecutive common stock dividend increase within the last five years, resulting in a total increase of $0.18 or 25% over this period;\"],[\"\\u25cf\",\"Issued and sold approximately 2.6 million shares of Common Stock through our At-the-Market Sale Program at a weighted average price of $17.59 per share, generating gross proceeds of $45.1 million and net proceeds of $44.1 million, after offering expenses;\"],[\"\\u25cf\",\"Issued and sold approximately 93,000 shares of Series D Preferred Stock through our At-the-Market Sale Programs at a weighted average price of $22.93 per share, generating gross proceeds of $2.1 million and net proceeds of $2.0 million, after offering expenses; and\"],[\"\\u25cf\",\"Subsequent to year end, issued and sold approximately 66,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of $22.51 per share, generating gross proceeds and net proceeds, after offering expenses, of $1.5 million.\"]] [[/GREPCENT_TABLE]] Refer to the discussion below in this Item 7, Management\u2019s Discussion and Analysis of Financial Condition, Results of Operations, and Non-U.S. GAAP Measures, contained in this Form 10-K for information regarding the presentation of community NOI, and for the presentation and reconciliation of funds from operations and normalized funds from operations to net income (loss) attributable to common shareholders. Overview The following discussion and analysis of the consolidated financial condition and results of operations should be read in conjunction with the historical Consolidated Financial Statements and Notes thereto included elsewhere in this Form 10-K. The Company is incorporated in Maryland and operates as a self-administered, self-managed REIT with its headquarters in Freehold, New Jersey. The Company\u2019s primary business is the ownership and operation of manufactured home communities, whi", "title": "UMH - UMH PROPERTIES, INC.", "url": "/company/UMH/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000102212; latest 10-K filed 2026-02-23.", "text": "UVSP - UNIVEST FINANCIAL Corp SIC 6022 State Commercial Banks; CIK 0000102212; latest 10-K filed 2026-02-23. UVSP UNIVEST FINANCIAL Corp 0000102212 6022 State Commercial Banks Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (All dollar amounts presented in tables are in thousands, except per share data. \"BP\" equates to \"basis points\"; \"N/M\" equates to \"not meaningful\"; \"\u2014\" equates to \"zero\" or \"doesn't round to a reportable number\"; and \"N/A\" equates to \"not applicable.\" Certain prior period amounts have been reclassified to conform to the current-year presentation.) The information contained in this report may contain forward-looking statements, including statements relating to the Corporation and its financial condition and results of operations that involve certain risks, uncertainties and assumptions. The Corporation's actual results may differ materially from those anticipated, expected or projected as discussed in forward-looking statements. A discussion of forward-looking statements and factors that might cause such a difference includes those discussed in Part I, \"Forward-Looking Statements,\" Item 1A. \"Risk Factors,\" as well as those within this Management's Discussion and Analysis (\"MD&A\") of Financial Condition and Results of Operations and elsewhere in this report. Critical Accounting Policies The discussion below outlines the Corporation's critical accounting policies. For further information regarding accounting policies, refer to Note 1, \"Summary of Significant Accounting Policies\" included in the Notes to the Consolidated Financial Statements under Item 8 of this Form 10-K. In order to prepare the Corporation's financial statements in conformity with U.S. generally accepted accounting principles, management is required to make estimates and assumptions that affect the amounts reported in the Corporation's financial statements. There are uncertainties inherent in making these estimates and assumptions. Certain critical accounting policies could materially affect the results of operations and financial condition of the Corporation should changes in circumstances require a change in related estimates or assumptions. The Corporation has identified the fair value measurement of investment securities available-for-sale and the calculation of the allowance for credit losses on loans and leases as critical accounting policies. Fair Value Measurement of Investment Securities Available-for-Sale: The Corporation designates its investment securities as held-to-maturity, available-for-sale or trading. Each of these designations affords different treatment on the balance sheet and statement of income for market value changes affecting securities. Should evidence emerge that indicates that management's intent or ability to manage the securities as originally asserted is not supportable, securities with the held-to-maturity or available-for-sale designations may be re-categorized, which may result in adjustments to either the balance sheet or statement of income. Fair values for securities are determined using independent pricing services and market-participating brokers. The independent pricing service utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information for structured securities, cash flows and, when available, loan performance data. Because many fixed income securities do not trade on a daily basis, the pricing service's evaluated pricing applications apply information as applicable through processes, such as benchmarking of like securities, sector groupings, and matrix pricing, to prepare evaluations. If at any time, the pricing service determines that it does not have sufficient verifiable information to value a particular security, the Corporation will utilize valuations from another pricing service. Management has a sufficient understanding of the third-party service's valuation models, assumptions and inputs used in determining the fair value of securities to enable management to maintain an appropriate system of internal control. Allowance for Credit Losses on Loa Item 1. Business General The Corporation is a Pennsylvania corporation, organized in 1973, and registered as a bank holding company pursuant to the Bank Holding Company Act of 1956. The Corporation owns all of the capital stock of Univest Bank and Trust Co. (the \"Bank\") and is the sole member of 1876 Double Eagle LLC. The consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiaries, the Bank and 1876 Double Eagle LLC. The Corporation's and the Bank's headquarters are located at 14 North Main Street, Souderton, Pennsylvania 18964. At December 31, 2025, the Corporation had total assets of $8.4 billion, net loans and leases of $6.8 billion, total deposits of $7.1 billion and total shareholders' equity of $943.3 million. The Bank is a Pennsylvania state-chartered bank and trust company. As a state-chartered member bank of the Federal Reserve System, the Bank is regulated primarily by the Pennsylvania Department of Banking and Securities and the Federal Reserve Bank of Philadelphia. The Bank is engaged in domestic banking services for individuals, businesses, municipalities and non-profit organizations. Through its wholly-owned subsidiaries, the Bank provides a variety of financial services throughout its markets of operation. The Bank is the parent company of Girard Investment Services, LLC, a full-service registered introducing broker-dealer and a licensed insurance agency, Girard Advisory Services, LLC, a registered investment advisory firm, and Girard Pension Services, LLC, a registered investment advisor, which provides investment consulting and management services to municipal entities. Girard Investments is headquartered in Souderton, Pennsylvania and Girard Advisory Services is headquartered in King of Prussia, Pennsylvania. The Bank is also the parent company of Univest Capital, Inc., an equipment financing business headquartered in Warminster, Pennsylvania, and Univest Insurance, LLC, an independent insuran Item 1A. Risk Factors An investment in the Corporation's common stock is subject to risks inherent to the Corporation's business. Before making an investment, you should carefully consider the risks and uncertainties described below, together with all of the other information included or incorporated by reference in this report. This report", "title": "UVSP - UNIVEST FINANCIAL Corp", "url": "/company/UVSP/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001577670; latest 10-K filed 2026-02-09.", "text": "LADR - Ladder Capital Corp SIC 6798 Real Estate Investment Trusts; CIK 0001577670; latest 10-K filed 2026-02-09. LADR Ladder Capital Corp 0001577670 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of financial condition and results of operations should be read in conjunction with the consolidated financial statements and the related notes of Ladder Capital Corp included within this Annual Report. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements. See \u201cCautionary Statement Regarding Forward-Looking Statements\u201d within this Annual Report and \u201cRisk Factors\u201d within this Annual Report for a discussion of the uncertainties, risks and assumptions associated with these statements. Actual results may differ materially from those contained in any forward-looking statements as a result of various factors, including but not limited to, those in \u201cRisk Factors\u201d set forth within this Annual Report. References to \u201cLadder,\u201d the \u201cCompany,\u201d and \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d refer to Ladder Capital Corp, a Delaware corporation incorporated in 2013, and its consolidated subsidiaries. Ladder Capital Corp is the sole general partner of Ladder Capital Finance Holdings LLLP (\u201cLCFH\u201d) and, as a result of the serialization of LCFH on December 31, 2014, became the sole general partner of Series REIT of LCFH. LC TRS I LLC, a wholly-owned subsidiary of Series REIT of LCFH, is the general partner of Series TRS of LCFH. Ladder Capital Corp has a controlling interest in Series REIT of LCFH, and through such controlling interest, also has a controlling interest in Series TRS of LCFH. Ladder Capital Corp\u2019s only business is to act as the sole general partner of LCFH and Series REIT of LCFH, and, as a result of the foregoing, Ladder Capital Corp directly and indirectly operates and controls all of the business and affairs of LCFH, and each Series thereof, and consolidates the financial results of LCFH, and each Series thereof, into Ladder Capital Corp\u2019s consolidated financial statements. Overview Ladder Capital is an investment grade-rated, internally-managed real estate investment trust (\u201cREIT\u201d) that is a leader in commercial real estate finance. We originate and invest in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. Our investment activities include: (i) our primary business of originating senior first mortgage fixed and floating rate loans collateralized by commercial real estate with flexible loan structures; (ii) owning and operating commercial real estate, including net leased commercial properties; and (iii) investing in investment grade securities secured by first mortgage loans on commercial real estate. We believe that our in-house origination platform, ability to flexibly allocate capital among complementary product lines, credit-centric underwriting approach, access to diversified financing sources, and experienced management team position us well to deliver attractive returns on equity to our shareholders through economic and credit cycles. Supplemental Guarantor Disclosures In June 2025, we filed a registration statement on Form S-3 with the SEC registering, among other securities, debt securities of LCFH and Ladder Capital Finance Corporation (\u201cCo-Issuer\u201d and, together with LCFH, the \u201cIssuers\u201d), which will be fully and unconditionally guaranteed by us. We own substantially all of our assets and conduct all of our operations through LCFH, and the Co-Issuer is a wholly-owned subsidiary of LCFH. The Issuers are consolidated into our financial statements. Pursuant to Rule 3-10 of Regulation S-X and Rule 12h-5 of the Exchange Act, subsidiary issuers of obligations guaranteed by their parent company and subsidiary guarantors of securities are not required to provide separate financial statements, provided that the subsidiary obligor is consolidated into such parent company\u2019s consolidated financial statements, such related guarantee is \u201cfull and unconditional\u201d and, subject to ce Item 1. Business Overview Ladder Capital is an investment grade-rated, internally-managed real estate investment trust (\u201cREIT\u201d) that is a leader in commercial real estate finance. We originate and invest in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. Our investment activities include: (i) our primary business of originating senior first mortgage fixed and floating rate loans collateralized by commercial real estate with flexible loan structures; (ii) owning and operating commercial real estate, including net leased commercial properties; and (iii) investing in investment grade securities secured by first mortgage loans on commercial real estate. We believe that our in-house origination platform, ability to flexibly allocate capital among complementary product lines, credit-centric underwriting approach, access to diversified financing sources, and experienced management team position us well to deliver attractive returns on equity to our shareholders through economic and credit cycles. Our businesses, including balance sheet lending, conduit lending, securities investments, and real estate investments, provide for a stable base of net interest and rental income. We have originated $31.3 billion of commercial real estate loans from our inception in October 2008 through December 31, 2025. During this timeframe, we also acquired $16.0 billion of predominantly investment grade-rated securities secured by first mortgage loans on commercial real estate and $2.2 billion of selected net leased and other real estate assets. As part of our commercial mortgage lending operations, we originate conduit loans, which are first mortgage loans on stabilized, income producing commercial real estate properties that we intend to make available for sale in commercial mortgage-backed securities (\u201cCMBS\u201d) securitizations. From our inception in October 2008 through December 31, 2025, we originated $17.0 billion of cond Item 1A. Risk Factors The following risk factors and other information included in this Annual Report on Form 10-K should be carefully considered. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also ma", "title": "LADR - Ladder Capital Corp", "url": "/company/LADR/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0000748268; latest 10-K filed 2026-03-19.", "text": "RCAT - Red Cat Holdings, Inc. SIC 7372 Services-Prepackaged Software; CIK 0000748268; latest 10-K filed 2026-03-19. RCAT Red Cat Holdings, Inc. 0000748268 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our audited consolidated financial statements and related notes and other financial data included elsewhere in this Annual Report on Form 10-K. In addition to our historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. For more information regarding forward-looking statements, please refer to the discussion above under the heading \u201cForward-Looking Statements.\u201d Recent Developments Change in Fiscal Year In September 2024, our Board of Directors approved a change in fiscal year end from April 30 to December 31, effective as of December 31, 2024. In accordance with SEC regulations, our Consolidated Financial Statements are comprised of our Consolidated Balance Sheets as of December 31, 2025 and 2024 and our Consolidated Statements of Operations, Consolidated Statements of Stockholders' Equity, Consolidated Statements of Cash Flows for the year ended December 31, 2025, eight months ended December 31, 2024, and year ended April 30, 2024. As a result, this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is comparing our results of operations for the year ended December 31, 2025 with our results of operations for the eight month period ended December 31, 2024 and the year ended April 30, 2024. Capital Transactions In April 2025, we entered into a securities purchase agreement with certain institutional investors pursuant to which we issued and sold, in a registered direct offering, an aggregate of 4,724,412 shares of our common stock, par value $0.001 per share, at a price of $6.35 per share. The gross proceeds were approximately $30 million, before deducting the placement agents\u2019 fees and other offering expenses. In June 2025, we entered into a securities purchase agreement with certain institutional investors pursuant to which we issued and sold, in a registered direct offering, an aggregate of 6,448,276 shares of our common stock, par value $0.001 per share, at a price of $7.25 per share. The gross proceeds were approximately $46.8 million, before deducting the placement agents\u2019 fees and other offering expenses. In September 2025, we entered into an underwriting agreement with a certain institutional investor pursuant to which we issued and sold, in a registered direct offering, an aggregate of 15,625,000 shares of our common stock, par value $0.001 per share, at a price of $9.60 per share. We also granted the underwriters a thirty day option to purchase up to an additional 2,343,750 shares of common stock at the public offering price, which the underwriters exercised in full at closing. The gross proceeds were approximately $172.5 million, before deducting the underwriters\u2019 fees and other offering expenses. Discussion and Analysis of Year Ended December 31, 2025 compared to Eight Month Transition Period Ended December 31, 2024 and Year Ended April 30, 2024 Revenues Consolidated revenues totaled $40.7 million during the year ended December 31, 2025 (or the \u201c2025 Period\u201d) compared to $4.9 million during the eight months ended December 31, 2024 (or the \"Transition Period\") and compared to $17.8 million during the year ended April 30, 2024 (or the \"2024 Period\"). This represents an increase of $35.8 million, or 739% compared to the Transition Period and an increase of $22.9 million, or 128% compared to the 2024 Period. The increase compared to both periods is attributable primarily to increased revenue associated with the commencement and scaling of drone deliveries to the U.S. Army under the SRR program. Gross Profit Consolidated gross profit totaled $1.3 million during the 2025 Period compared to gross loss of $1.4 million during the Tr ITEM 1. BUSINESS Overview We are a U.S.-based provider of advanced all-domain drone and robotic solutions for defense, national security, and commercial applications. We develop American-made hardware and software that supports military, government, and public safety operations across air, land, and sea. Our family of systems delivers tactical capabilities in small, unmanned aircraft systems (sUAS) and uncrewed surface vessels (USVs), delivering integrated platforms designed to enhance safety and multi-domain mission effectiveness. We were originally incorporated under the laws of the State of Colorado in 1984 under the name Oravest International, Inc. In November 2016, we changed our name to TimefireVR, Inc. and re-incorporated in Nevada. In May 2019, the Company completed a share exchange agreement with Propware which resulted in the Propware shareholders acquiring an 83% ownership interest, and management control, of the Company. In connection with the share exchange agreement, we changed our name to Red Cat Holdings, Inc. (\u201cRed Cat\u201d or the \u201cCompany\u201d or \u201cwe\u201d). Following the share exchange agreement and our name change, we completed a series of acquisitions and financings which have broadened the scope of our activities in the drone industry. The Drone Industry The drone industry continues to expand to become a powerful business tool and recreational activity, with growth occurring broadly and across our targeted industries. Unmanned systems have become an increasingly important component of modern military operations. Unmanned aerial systems, as well as unmanned surface vessels, enable military forces to conduct intelligence, surveillance, and reconnaissance, target acquisition, electronic warfare, and strike missions while reducing risk to personnel. Advances in autonomy, sensors, communications, and artificial intelligence have expanded the operational capabilities of these systems and broadened the range of missions they can support. Compared to traditio Item 1A. RISK FACTORS Risk Factor Summary Risks Related to our Financial Results and Condition \u2022We have incurred net losses since inception. \u2022We may need additional capital to fund our expanding operations until we reach profitability, and if we are not able to obtain sufficient capital, we may be forced to limit or curtail o", "title": "RCAT - Red Cat Holdings, Inc.", "url": "/company/RCAT/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001886428; latest 10-K filed 2026-03-02.", "text": "SLDE - Slide Insurance Holdings, Inc. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001886428; latest 10-K filed 2026-03-02. SLDE Slide Insurance Holdings, Inc. 0001886428 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Overview Launched in 2021, we are a technology-enabled, fast-growing, coastal specialty insurer. We focus on profitable underwriting of single family, condominium and commercial residential policies in the P&C industry in coastal states along the Atlantic seaboard through our insurance subsidiary, Slide Insurance Company (\u201cSIC\u201d). We utilize our differentiated technology and data-driven approach to focus on market opportunities that are underserved by other insurance companies. We acquire policies both from inorganic block acquisitions and subsequent renewals, as well as new business sales through a combination of independent agents and our direct-to-consumer (\u201cDTC\u201d) channel, through which we sell our insurance products directly to end consumers, without the use of retailers, brokers, agents or other intermediaries. We do not depend on any one key product or product line within the coastal specialty homeowners and commercial residential insurance market. We control all aspects of our value chain, including technology, underwriting, actuarial, distribution, claims and risk management which allows us to maximize profitability while maintaining disciplined underwriting standards. Our goal is to deliver long-term value for stockholders by focusing on underserved, coastal specialty markets where market capacity is limited and demand for insurance products is high. Coastal specialty market demand for insurance products has increased over the last few years as the larger, national insurance carriers have reduced their underwriting capacity in such markets which has created a unique market opportunity for us to capitalize on the imbalance of supply and demand. We have one reportable segment. See the below table for a summary of gross premiums written, policy fees, total revenue, consolidated combined ratio, return on equity, and return on tangible equity (1) for the year ended December 31, 2025 and 2024, and the total assets, shareholders' equity and tangible shareholders' equity (1) as of December 31, 2025 and 2024. [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\"],[\"($ in thousands)\",\"\",\"2025\",\"\",\"\",\"2024\"],[\"Gross premiums written\",\"\",\"$\",\"1,795,516\",\"\",\"\",\"$\",\"1,333,864\"],[\"Policy fees\",\"\",\"\",\"8,243\",\"\",\"\",\"\",\"6,550\"],[\"Total revenue\",\"\",\"\",\"1,155,901\",\"\",\"\",\"\",\"846,814\"],[\"Net income\",\"\",\"\",\"443,958\",\"\",\"\",\"\",\"201,125\"],[\"Combined ratio\",\"\",\"\",\"52.1\",\"%\",\"\",\"\",\"72.3\",\"%\"],[\"Return on equity\",\"\",\"\",\"57.4\",\"%\",\"\",\"\",\"60.0\",\"%\"],[\"Return on tangible equity (1)\",\"\",\"\",\"57.9\",\"%\",\"\",\"\",\"62.6\",\"%\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"($ in thousands)\",\"\",\"December 31, 2025\",\"\",\"\",\"December 31, 2024\"],[\"Total Assets\",\"\",\"$\",\"2,918,465\",\"\",\"\",\"$\",\"1,931,927\"],[\"Shareholders' Equity\",\"\",\"\",\"1,113,241\",\"\",\"\",\"\",\"433,159\"],[\"Tangible Shareholders' Equity (1)\",\"\",\"\",\"1,110,539\",\"\",\"\",\"\",\"422,864\"]] [[/GREPCENT_TABLE]] (1) Non-GAAP financial measure. See \u201cResults of Operations \u2013 Non-GAAP Financial Measures\u201d for a reconciliation of return on tangible equity to return on equity, the most directly comparable GAAP measure. Key Components of Our Results of Operations Revenue Gross premiums written. Gross premiums written represent, with respect to a fiscal period, the sum of assumed premiums written from Citizens policy assumptions (net of opt-outs) plus direct premiums written (premiums from subsequent renewals of such Citizens policies and new and renewal policies written through independent agents and our DTC channel, net of any midterm cancellations), in each case prior to amounts ceded to reinsurers. Gross premiums written in any given fiscal period are affected by: \u2022 Amount of premiums assumed from Citizens acquisitions; \u2022 Block acquisitions from other third-party insurers; \u2022 Renewals of existing policies; \u2022 New business submissions and binding of new submissions into effective policies; 57 \u2022 Average premium of new and ren Item 1. Business. As used herein, \u201cSlide,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Slide Insurance Holdings, Inc. and its consolidated subsidiaries. General Launched in 2021, we are a technology enabled, fast-growing, coastal specialty insurer. We focus on profitable underwriting of single family, condominium and commercial residential policies in the property and casualty (P&C) industry in coastal states along the Atlantic seaboard through our insurance subsidiary, Slide Insurance Company (\u201cSIC\u201d). In February 2025, we acquired an additional insurance subsidiary, Slide Specialty Insurance Company (\"Slide Specialty\"), which is licensed in New York, New Jersey, Rhode Island and South Carolina. We utilize our differentiated technology and data-driven approach to focus on market opportunities that are underserved by other insurance companies. We acquire policies both from inorganic block acquisitions and subsequent renewals, as well as new business sales through a combination of independent agents and our direct- to-consumer (\u201cDTC\u201d) channel, through which we sell our insurance products directly to end consumers, without the use of retailers, brokers, agents or other intermediaries. We do not depend on any one key product or product line within the coastal specialty homeowners and commercial residential insurance market. We control all aspects of our value chain, including technology, underwriting, actuarial, distribution, claims, risk management and reinsurance which allows us to maximize profitability while maintaining disciplined underwriting standards. Our goal is to deliver long-term value for stockholders by focusing on underserved, coastal specialty markets where market capacity is limited and demand for insurance products is high. Coastal specialty market demand for insurance products has increased over the last few years as the larger, national insurance carriers have reduced their underwriting capacity in such markets which has created a unique market Item 1A. Risk Factors. Our business is subject to a number of risks, including those described below, which could have a material effect on our results of operations, financial condition or liquidity and could cause our operating results to vary significantly from period to period. Risks Relating to Our ", "title": "SLDE - Slide Insurance Holdings, Inc.", "url": "/company/SLDE/" }, { "kind": "company", "summary": "SIC 3580 Refrigeration & Service Industry Machinery; CIK 0001317685; latest 10-K filed 2026-03-13.", "text": "ALH - Alliance Laundry Holdings Inc. SIC 3580 Refrigeration & Service Industry Machinery; CIK 0001317685; latest 10-K filed 2026-03-13. ALH Alliance Laundry Holdings Inc. 0001317685 3580 Refrigeration & Service Industry Machinery Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is a discussion of our financial condition and results of operations and should be read in conjunction with our audited historical consolidated financial statements and the accompanying notes elsewhere in this Annual Report. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. You should review the information set forth in \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cPart I. Item 1A. Risk Factors.\u201d For purposes of this section, references to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to Alliance Laundry Holdings Inc. and its subsidiaries. This discussion includes disclosures that are shown in rounded amounts. The related percentage disclosures are calculated on unrounded amounts. As such, certain totals, subtotals, and percentages may not reconcile. The following discussion and analysis of our financial condition and results of operations includes discussion of certain non-GAAP financial measures. For a description and reconciliation of the non-GAAP measures discussed in this section, see \u201c\u2014Non-GAAP Financial Measures and Key Operating Metrics\u201d below. The following is a discussion and analysis of, and a comparison between, our results of operations for the years ended December 31, 2025 and 2024. A discussion and analysis of, and a comparison between, our results of operations for the years ended December 31, 2024 and 2023 can be found in the section entitled, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our final prospectus on Form 424(b)(4) filed with the SEC on October 9, 2025. Our Business We are the world\u2019s largest designer and manufacturer of commercial laundry systems, serving a diverse and resilient range of global end markets. We believe we engineer and produce the highest quality and one of the most reliable commercial laundry systems in the industry. We leverage our pure play focus on the commercial laundry industry and over 100 years of engineering excellence to drive innovation and design our equipment to deliver outstanding performance in the most demanding applications. We believe the need for clean laundry is universal and growing, and our premium machines meet this fundamental human need, all day, every day. Key Factors Affecting Our Performance Our results of operations and financial condition have been, and will continue to be, affected by several factors that present significant opportunities for us but can also pose risks and challenges, including but not limited to those discussed below and in \"Part I. Item 1A. Risk Factors.\" 51 Table of Contents Incumbent Replacement Cycle Despite the high reliability and durability of our equipment it does have a finite life, and the mission-critical nature of our estimated eight million unit installed base of equipment, which we calculate assuming a ten-year average useful life of our products, means our growth and performance has been driven by a consistent and predictable demand for replacement equipment. The incumbency advantage offered by this significant installed base and our investment in maintaining industry-leading physical and digital product offerings make us, we believe, well placed to capitalize on global demand and continue to grow our market share and develop new markets for our products. This global demand is driven by the commercial demand of our continually improved products, our customers repeatedly choosing our products and the attractiveness of laundromats as an investment, and changes in customer habits or changes to the Item 1. Business Our Company Every Day is Laundry Day. We are the world\u2019s largest designer and manufacturer of commercial laundry systems, serving a diverse and resilient range of global end markets. We believe we engineer and produce the highest quality and one of the most reliable commercial laundry systems in the industry. We leverage our pure play focus on the commercial laundry industry and over 100 years of engineering excellence to drive innovation and design our equipment to deliver outstanding performance in the most demanding applications. We believe the need for clean laundry is universal and growing, and our premium machines meet this fundamental human need, all day, every day. According to a third-party market study, the total addressable market for commercial, residential and industrial laundry systems was approximately $82 billion in 2023. Within this market, the commercial laundry systems industry generated nearly $7.4 billion in revenues during the same year. We are focused on this large and attractive commercial laundry market where our systems\u2019 quality, durability and reliability are key strategic advantages with our channel partners, customers and end users. End users of our systems include healthcare facilities, fire stations, hotels, laundromats, communal laundry facilities and many other commercial applications where hygiene is critical. We believe the criticality of laundry equipment to these users\u2019 operations creates a discerning customer base that appreciates the quality and economic attractiveness of highly effective and reliable equipment. We leverage our scale and focus to deliver a compelling total value proposition to this diverse customer base. We estimate that we hold approximately 40% of the commercial laundry market in North America and have leading positions in growing markets around the world. The commercial laundry market benefits from a regular replacement cycle driven by a large base of installed machines, Item 1A. Risk Factors An investment in our common stock involves risks. Before making an investment decision, you should carefully consider the following risks and uncertainties, together with the other information contained in this Annual Report. The risks and uncertainties described below are not the only ones we face. If any ", "title": "ALH - Alliance Laundry Holdings Inc.", "url": "/company/ALH/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001933414; latest 10-K filed 2026-03-12.", "text": "MLYS - Mineralys Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001933414; latest 10-K filed 2026-03-12. MLYS Mineralys Therapeutics, Inc. 0001933414 2834 Pharmaceutical Preparations Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes included elsewhere in this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties, including those described in the section entitled \u201cForward-Looking Statements and Market Data.\u201d As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a biopharmaceutical company focused on developing medicines to target diseases driven by dysregulated aldosterone. Our product candidate, lorundrostat, is a proprietary, orally administered, highly selective ASI that we are developing for the treatment of cardiorenal conditions affected by dysregulated aldosterone, including hypertension and related comorbidities such as CKD and OSA. -86- Table of Contents In the United States, there are approximately 120 million patients with sustained elevated BP, or hypertension. Approximately 60 million patients are treated and over 30 million do not achieve their BP goal, with approximately 20 million having systolic BP levels greater than 140 mmHg. Patients with hypertension that persists despite taking two or more medications have 1.8 and 2.5 times greater mortality risk due to either cardiovascular disease or stroke, respectively. Dysregulated aldosterone levels are a key factor in uHTN or rHTN in approximately 30% of patients. We submitted our NDA to the FDA in December 2025 for lorundrostat for the treatment of hypertension in combination with other antihypertensive drugs. The FDA accepted the NDA submission and provided us with a PDUFA target action date of December 22, 2026. Clinical Program Highlights Ahead of the NDA submission in December 2025, we completed five successful clinical trials of lorundrostat supporting the efficacy and safety profile while also validating aldosterone as an integral therapeutic target in uHTN or rHTN. This includes two pivotal, registrational trials, the Phase 3 Launch-HTN trial and Phase 2 Advance-HTN trial, which support the robust, durable, and clinically meaningful reductions in systolic BP by lorundrostat. Lorundrostat was well tolerated in both trials with a favorable safety profile. Based on the positive results from our pivotal program, we submitted an NDA in December 2025 for lorundrostat for the treatment of hypertension in combination with other antihypertensive drugs. We believe, based on available clinical data, that our product candidate holds promise to be an innovative solution for the rapidly growing unmet need in multiple cardiorenal metabolic disorders. The image below summarizes the status of recently completed and ongoing clinical trials: We believe the Launch-HTN and Advance-HTN trial results demonstrate the opportunity for lorundrostat in third-line or later treatment of patients with hypertension. Detailed results of these trials are set forth in the \u201cBusiness\u201d section of this Annual Report. Our pivotal program was highlighted in several publications in 2025: \u2022The Launch-HTN trial results were presented in a late-breaking presentation at the 2025 European Society of Hypertension Meeting on Hypertension and Cardiovascular Protection in May 2025 and published in the June 30, 2025 issue of the Journal of the American Medical Association (JAMA, DOI:10.1001/jama.9413). \u2022The Launch-HTN clinical trial and results were featured in JAMA\u2019s inaugural \u201cResearch of the Year Roundup,\u201d a curated collection of the most impactful studies published between October 2024 and September 2025, including recognition of Launch-HTN as one of the top-nine manuscripts Item 1. Business Business Overview We are a biopharmaceutical company focused on developing medicines to target diseases driven by dysregulated aldosterone. Our product candidate, lorundrostat, is a proprietary, orally administered, highly selective aldosterone synthase inhibitor (ASI) that we are developing for the treatment of cardiorenal conditions affected by dysregulated aldosterone, including hypertension and related comorbidities such as chronic kidney disease (CKD) and obstructive sleep apnea (OSA). In the United States, there are approximately 120 million patients with sustained elevated blood pressure (BP), or hypertension. Approximately 60 million patients are treated and over 30 million do not achieve their BP goal, with approximately 20 million having systolic BP levels greater than 140 mmHg. Patients with hypertension that persists despite taking two or more medications have 1.8 and 2.5 times greater mortality risk due to either cardiovascular disease or stroke, respectively. Dysregulated aldosterone levels are a key factor in uncontrolled hypertension (uHTN) or resistant hypertension (rHTN) in approximately 30% of patients. Ahead of the NDA submission in December 2025, we completed five successful clinical trials of lorundrostat supporting the efficacy and safety profile while also validating aldosterone as an integral therapeutic target in uHTN or rHTN. This includes two pivotal, registrational trials, the Phase 3 Launch-HTN trial and Phase 2 Advance-HTN trial, which support the robust, durable, and clinically meaningful reductions in systolic BP by lorundrostat. Lorundrostat was well tolerated in both trials with a favorable safety profile. Based on the positive results from our pivotal program, we submitted an NDA in December 2025 for lorundrostat for the treatment of hypertension in combination with other antihypertensive drugs. The FDA accepted the NDA submission and provided us with a Prescription Drug User Fee Act (PDUFA) target action date Item 1A. Risk Factors You should carefully consider the following risk factors, together with the other information contained in this Annual Report, including our financial statements and the related notes and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d before making a dec", "title": "MLYS - Mineralys Therapeutics, Inc.", "url": "/company/MLYS/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001651562; latest 10-K filed 2026-02-23.", "text": "COUR - Coursera, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001651562; latest 10-K filed 2026-02-23. COUR Coursera, Inc. 0001651562 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following section discusses the financial condition and results of operations of Coursera, Inc. and its subsidiaries (\u201cCoursera,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) and should be read in conjunction with our Consolidated Financial Statements and related notes appearing elsewhere in this Annual Report on Form 10-K (\u201cForm 10-K\u201d). This discussion, particularly information with respect to our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading \u201cSpecial Note Regarding Forward-Looking Statements\u201d in this Form 10-K. You should review the disclosure under the heading \u201cRisk Factors\u201d under Part I, Item 1A in this Form 10-K for a discussion of important factors that could cause our actual results to differ materially from those anticipated in these forward-looking statements. Organization of Information Management\u2019s discussion and analysis provides a narrative on our financial performance and condition that should be read in conjunction with the accompanying Consolidated Financial Statements. It includes the following sections: \u2022Overview \u2022Key Financial Results \u2022Recent Developments \u2022Factors Affecting Our Performance \u2022Impact of Macroeconomic Conditions \u2022Components of Results of Operations \u2022Results of Operations \u2022Liquidity and Capital Resources \u2022Key Business Metrics and Non-GAAP Financial Measures \u2022Critical Accounting Estimates \u2022Recent Accounting Pronouncements In this section of the Form 10-K, we discuss our financial condition and results of operations for the years ended December 31, 2025 and 2024. Our financial condition and results of operations for the years ended December 31, 2024 and 2023 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the United States (\u201cU.S.\u201d) Securities and Exchange Commission (\u201cSEC\u201d) on February 24, 2025. Overview Coursera operates a global online learning platform that connects an ecosystem of learners, content creators, organizations, and institutions. The platform offers high-quality educational content, credentials, and learning tools to support skills development and career advancement. We partner with over 375 content creators, including universities and industry organizations, to create and distribute educational content that is modular, flexible, and affordable. As of December 31, 2025, the platform had approximately 197 million cumulative Registered Learners. Coursera offers a range of learning products to meet diverse educational and professional development needs, including Guided Projects, industry micro-credentials, and accredited degree programs. We continue to invest in platform capabilities to enhance and scale the delivery of online education. Recent innovations include generative AI-powered features such as Coach, Role Play, and Course Builder, as well as role-based solutions like Skills Tracks. These tools enable content creators and institutions to deliver targeted learning aligned with evolving workforce needs. Organizations across the public and private sectors use Coursera to upskill and reskill employees, students, and citizens in fields such as generative AI, data science, technology, and business. 63 Table of Contents Coursera serves individual learners and institutional customers through two operating segments: Consumer and Enterprise. The Consumer segment focuses on attracting learners via branded content, institutional partnerships, and digital marketing, supported by personalized discovery and localized recommendations. The Enterprise segment engages employers, academic institutions, and government organizations through Item 1. Business Overview Our mission is to provide universal access to world-class learning so that anyone, anywhere can transform their life through learning. We believe learning is a powerful source of human progress, transforming our world from illness to health, from poverty to prosperity, and from conflict to peace. As a global platform, Coursera unites educators, learners, and institutions, serving approximately 197 million learners from over 230 countries and territories as of December 31, 2025. Our content is created by a world-class ecosystem of expert instructors, including more than 200 universities and 175 industry leaders, who have developed a broad catalog of content and credentials, ranging from entry-level industry microcredentials to university degrees. These offerings are distributed globally through our platform, making high-quality, affordable education more accessible around the world. Coursera serves learners with educational content and product experiences designed to support skills development and verification for career advancement, including interactive learning tools and personalized learning paths. Our offerings are delivered directly through our global website, on the job through employers, and through programs sponsored by colleges, universities, and government organizations. The graphic below illustrates our global learning ecosystem as of December 31, 2025: Technology is advancing faster than the world\u2019s ability to adapt and acquire new skills. We believe that advancements in artificial intelligence (\u201cAI\u201d) and other emerging technologies are reshaping how we live, learn, and work, and we expect these changes will further increase the global skills gap. The rapid adoption of new technologies, tools, and processes creates an urgent need for organizations and learners to adapt in order to remain competitive. To seize the opportunities created by the digital economy, many aspiring and existing professionals need to develop, master, Item 1A. Risk Factors Risk Factors Summary Our business is subject to numerous risks, as more fully described in the section entitled \u201cRisk Factors\u201d below and elsewhere in this Form 10-K. In particular, risks associated with our business include, among others, the following, any of which could have an adverse effect on our business, financial conditi", "title": "COUR - Coursera, Inc.", "url": "/company/COUR/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001509991; latest 10-K filed 2026-03-02.", "text": "KOS - Kosmos Energy Ltd. SIC 1311 Crude Petroleum & Natural Gas; CIK 0001509991; latest 10-K filed 2026-03-02. KOS Kosmos Energy Ltd. 0001509991 1311 Crude Petroleum & Natural Gas Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis contains forward\u2011looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed in the forward\u2011looking statements as a result of various factors, including, without limitation, those set forth in \u201cCautionary Statement Regarding Forward\u2011Looking Statements\u201d and \u201cItem 1A. Risk Factors.\u201d The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes thereto included elsewhere in this annual report on Form 10\u2011K. Overview Kosmos Energy is a leading deepwater exploration and production company focused on meeting the world\u2019s growing demand for energy. We have diversified oil and gas production from assets offshore Ghana, Equatorial Guinea, Mauritania, Senegal, and the Gulf of America. Additionally, in the proven basins where we operate we are advancing high-quality development opportunities, which have come from our exploration success. Recent Developments Corporate On September 24, 2025, the Company entered into a senior secured term loan credit agreement secured by first priority liens on all of the Company\u2019s Gulf of America assets (as defined in the Credit Agreement). The GoA Term Loan Facility is a four-year term loan structured into two tranches, with the first tranche a principal amount of $150.0 million, which was funded in October 2025, and a second tranche of an additional $100.0 million, which was funded in January 2026. The net proceeds were used, together with cash on hand, to fund the redemption of the 7.125% Senior Notes due 2026 totaling $250.0 million in aggregate. The GoA Term Loan Facility is now fully drawn and matures in 2029, with principal payments beginning June 30, 2026. On January 16, 2026, the Company announced the pricing of $350.0 million aggregate principal amount of 11.250% senior secured bonds due 2031 in the Nordic market (the \u201cGTA Nordic bonds\u201d). The GTA Nordic bonds are fully and unconditionally guaranteed by the Company, as well as the Company\u2019s wholly-owned subsidiaries that own the Mauritania and Senegal assets. In February 2026, Kosmos used a portion of the net proceeds from the Nordic bond offering to fund the repurchase of an aggregate principal amount of $182.5 million of its 7.750% Senior Notes due 2027 and to make a voluntary early principal repayment of $100.0 million on outstanding borrowings under the Facility, with the remaining proceeds to be used for future retirements of the 7.750% Senior Notes due 2027. In July 2025, new U.S. tax legislation was signed into law in the United States known as the \u201cOne Big Beautiful Bill Act\u201d or \u201cOBBBA\u201d. The legislation includes a broad range of U.S. corporate tax reform provisions affecting businesses across numerous industries. The necessary adjustments have been reflected for the year ended December 31, 2025. Based on our evaluation, we have determined that the impact of OBBBA is not material to the Company\u2019s financial position or results. Ghana During the year ended December 31, 2025, Ghana production averaged approximately 93,100 Boepd gross (31,100 Boepd net). The partnership completed a new 4D seismic survey on the Jubilee and TEN Fields during the first quarter of 2025 and an Ocean Bottom Node survey was completed in the fourth quarter of 2025. In the second quarter of 2025, we commenced the next development drilling campaign in the Jubilee Field. The Jubilee drilling progressed during the year bringing one producer well successfully online in July 2025. After undergoing scheduled maintenance, the rig returned to the Jubilee Field to drill an additional producer well, which was successfully completed and brought online in January 2026. The development drilling campaign will continue in 2026 by drilling four planned producer wells and an additional wat Item 1. Business General Kosmos Energy is a leading deepwater exploration and production company focused on meeting the world\u2019s growing demand for energy. We have diversified oil and gas production from assets offshore Ghana, Equatorial Guinea, Mauritania, Senegal, and the Gulf of America. Additionally, in the proven basins where we operate we are advancing high-quality development opportunities, which have come from our exploration success. Kosmos is listed on the NYSE and LSE and is traded under the ticker symbol KOS. Kosmos was founded in 2003 to find oil and gas in under\u2011explored or overlooked parts of West Africa. We have a history of opening new hydrocarbon basins including the discovery of the Jubilee Field offshore Ghana in 2007 and the Greater Tortue Ahmeyim Field in 2015 (which includes the Ahmeyim and Guembeul discoveries offshore Mauritania and Senegal in 2015 and 2016, respectively). Jubilee was one of the largest oil discoveries worldwide in 2007 and is considered one of the largest finds offshore West Africa discovered during that decade. The Greater Tortue Ahmeyim discovery was one of the largest natural gas discoveries worldwide in 2015 and is one of the largest gas discoveries ever offshore West Africa. Our business strategy has evolved to focus on enhancing production through infill drilling and well work, infrastructure-led exploration, as well as value-accretive acquisitions. This strategic evolution was initially enabled by our acquisition of the Ceiba Field and Okume Complex assets offshore Equatorial Guinea in 2017, and bolstered by the 2018 acquisition of Deep Gulf Energy, a deepwater company operating in the Gulf of America, which further enhanced our production, exploitation and infrastructure-led exploration capabilities. Most recently, we have demonstrated infrastructure-led exploration success through the Winterfell and Tiberius discoveries in the Gulf of America in 2021 and 2023, respectively. We have demonstrated successful value Item 1A. Risk Factors You should consider and read carefully all of the risks and uncertainties described below, together with all of the other information contained in this report, including the consolidated financial statements and the related notes included in \u201cItem 8. Financial Statements and Supplementary Data.\u201d If any of the f", "title": "KOS - Kosmos Energy Ltd.", "url": "/company/KOS/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001937653; latest 10-K filed 2026-03-02.", "text": "ZYME - Zymeworks Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001937653; latest 10-K filed 2026-03-02. ZYME Zymeworks Inc. 0001937653 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the attached financial statements and notes thereto. This Annual Report on Form 10-K, including the following sections, contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and the Exchange Act. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those expressed or implied by such forward-looking statements. For a detailed discussion of these risks and uncertainties, see Item 1A, \u201cRisk Factors\u201d of this Annual Report on Form 10-K. We caution the reader not to place undue reliance on these forward-looking statements, which reflect management\u2019s analysis only as of the date of this Annual Report on Form 10-K. We undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this Annual Report on Form 10-K. The discussion regarding our financial condition and results of operations for fiscal 2024 as compared to fiscal 2023 has been omitted from this Annual Report on Form 10-K and is incorporated by reference from our Annual Report on 10-K for the fiscal year ended December 31, 2024, filed with the SEC and with the securities commissions in all provinces and territories of Canada on March 5, 2025, under the section titled \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d Overview Zymeworks is a global biotechnology company managing a portfolio of licensed healthcare assets and developing a diverse pipeline of novel, multifunctional biotherapeutics to improve the standard of care for difficult-to-treat conditions, including cancer, inflammation, and autoimmune disease. We believe our asset and royalty aggregation strategy differentiates us from other biotechnology companies because it provides us with an opportunity to optimize future milestone and royalty cash flows and selectively invest in high quality assets while retaining the flexibility to return capital to stockholders. We commenced operations in 2003 and have since devoted substantially all of our resources to research and development activities including developing our therapeutic platforms, identifying and developing potential product candidates and undertaking preclinical studies and clinical trials. Additionally, we have supported our research and development activities with general and administrative support, as well as by raising capital, conducting business planning and protecting our intellectual property. Other than the receipt of royalties on sales of zanidatamab and regulatory milestone payments relating to the regulatory approval of zanidatamab, we have not generated any revenue related to product approvals or the sale of approved products as of December 31, 2025, and, other than the anticipated receipt of additional royalties and potential regulatory milestone payments relating to future regulatory decisions and sales of zanidatamab, we do not expect to do so until such time as we or our strategic partners\u2019 obtain regulatory approval and commercialize one or more of our product candidates. We cannot be certain of the timing or success of approval of our product candidates. Since our initial public offering (\u201cIPO\u201d) in 2017, we have funded our operations primarily through follow-on public offerings, and private placements including the issuance of pre-funded warrants, and payments received under our license and collaboration agreements. Payments received or receivables from our license and collaboration agreements include upfront fees, milestone and royalty payments, as well as research support and reimbursement payments. Prior to our IPO, we also received financing from private equity placements and the issuance of convertible debt, which was subsequently Item 1. Business Overview Zymeworks is a global biotechnology company managing a portfolio of licensed healthcare assets and developing a diverse pipeline of novel, multifunctional biotherapeutics to improve the standard of care for difficult-to-treat conditions, including cancer, inflammation, and autoimmune disease. We believe our asset and royalty aggregation strategy differentiates us from other biotechnology companies because it provides us with an opportunity to optimize future milestone and royalty cash flows and selectively invest in high-quality assets while retaining the flexibility to return capital to stockholders. Our Strategy Our strategy is focused on compounding long-term stockholder value through a combination of royalty growth, strategic acquisitions, and internal innovation, supported by disciplined capital allocation and a strengthened financial foundation through expected milestone payments and royalties from existing commercial partners. We pursue this strategy by discovering or acquiring and developing a diversified portfolio of preclinical or clinical healthcare assets while also evaluating strategic partnership opportunities to transfer certain costs and risks related to clinical development and/or commercialization to our strategic partners and secure the right to receive potential future royalty and milestone revenues. The following elements collectively support the execution of our strategy. Proprietary Technology Platforms and R&D Engine We seek to leverage our expertise in protein engineering and drug chemistry to discover and develop next-generation antibody-based therapeutics to address significant unmet medical needs, particularly in hard-to-treat diseases. Our proprietary structure-guided molecular modeling, combined with internal antibody discovery and generation technologies, supports a fully integrated drug development engine capable of efficiently advancing a pipeline of innovative product candidates. Our pipeline of m Item 1A. Risk Factors. You should carefully consider the following risk factors, in addition to the other information contained in this Annual Report on Form 10-K, including our consolidated financial statements and related notes. If any of the events described in the following risk factors occurs, our business, operating results and financial c", "title": "ZYME - Zymeworks Inc.", "url": "/company/ZYME/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001588978; latest 10-K filed 2026-02-26.", "text": "PRCT - PROCEPT BioRobotics Corp SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001588978; latest 10-K filed 2026-02-26. PRCT PROCEPT BioRobotics Corp 0001588978 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes are included elsewhere in this report. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed in the section titled \u201cRisk Factors\u201d and elsewhere in this report. Please also see the section titled \u201cCautionary Note Regarding Forward-Looking Statements.\u201d The following generally compares our results of operations for the years ended December 31, 2025 and 2024. A detailed discussion comparing our results of operations for the years ended December 31, 2024 and 2023 can be found in Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024. Overview We are a surgical robotics company focused on advancing patient care by developing transformative solutions in urology. We develop, manufacture and sell the AquaBeam Robotic System and HYDROS Robotic System, which are advanced, image-guided, surgical robotic systems for use in minimally invasive urologic surgery, with an initial focus on treating benign prostatic hyperplasia, or BPH. BPH is the most common prostate disease and impacts approximately 40 million men in the United States. Each of our robotic systems employs a single-use disposable handpiece to deliver our proprietary Aquablation therapy, which combines real-time, multi-dimensional imaging, personalized treatment planning, automated robotics and heat-free waterjet ablation for targeted and rapid removal of prostate tissue. We designed our robotic systems to enable consistent and reproducible BPH surgery outcomes. We believe that Aquablation therapy represents a paradigm shift in the surgical treatment of BPH by addressing compromises associated with alternative surgical interventions. We designed Aquablation therapy to deliver effective, safe and durable outcomes for males suffering from lower urinary tract symptoms, or LUTS, due to BPH that is independent of prostate size and shape, and delivers resection independent of surgeon experience. We have developed a significant and growing body of clinical evidence, which includes nine clinical studies and over 150 peer-reviewed publications, supporting the benefits and clinical advantages of Aquablation therapy. As of December 31, 2025, we had an install base of 912 AquaBeam Robotic Systems and HYDROS Robotic Systems globally, including 718 in the United States. Our U.S. pivotal trial, the WATER study, is the only FDA pivotal study randomized against transurethral resection of prostate, or TURP, which is the historical standard of care for the surgical treatment of BPH. In this study, Aquablation therapy demonstrated superior safety and non-inferior efficacy compared to TURP across prostate sizes between 30 ml and 80 ml, and superior efficacy in a subset of patients with prostates larger than 50 ml. We have established strong relationships with key opinion leaders, or KOLs, within the urology community and collaborated with key urological societies in global markets. This support has been instrumental in facilitating broader acceptance and adoption of Aquablation therapy. As a result of our strong KOL network and our compelling clinical evidence, Aquablation therapy has been added to clinical guidelines of various professional associations, including the American Urological Association. We manufacture the robotic systems, the single-use disposable handpiece, integrated scope and other accessories at our facility in San Jose, Item 1. Business Overview We are a surgical robotics company focused on advancing patient care by developing transformative solutions in urology. We develop, manufacture and sell the AquaBeam Robotic System and HYDROS Robotic System, which are advanced, image-guided, surgical robotic systems for use in minimally invasive urologic surgery, with an initial focus on treating benign prostatic hyperplasia, or BPH. BPH is the most common prostate disease and impacts approximately 40 million men in the United States. Each of our robotic systems employs a single-use disposable handpiece to deliver our proprietary Aquablation therapy, which combines real-time, multi-dimensional imaging, personalized treatment planning, automated robotics and heat-free waterjet ablation for targeted and rapid removal of prostate tissue. We designed our robotic systems to enable consistent and reproducible BPH surgery outcomes. We believe that Aquablation therapy represents a paradigm shift in the surgical treatment of BPH by addressing compromises associated with alternative surgical interventions. We designed Aquablation therapy to deliver effective, safe and durable outcomes for males suffering from lower urinary tract symptoms, or LUTS, due to BPH that is independent of prostate size and shape, and delivers resection independent of surgeon experience. We have developed a significant and growing body of clinical evidence, which includes nine clinical studies and over 150 peer-reviewed publications, supporting the benefits and clinical advantages of Aquablation therapy. As of December 31, 2025, we had an install base of 912 AquaBeam Robotic Systems and HYDROS Robotic Systems globally, including 718 in the United States. BPH refers to the non-malignant enlargement of the prostate gland, a small gland in the male reproductive system. The prostate sits underneath the bladder and surrounds the top part of the urethra, which carries urine from the bladder. As the prostate enlarges, the gland Item 1A. Risk Factors Our operations and financial results are subject to various risks and uncertainties including those described below. You should consider carefully the risks and uncertainties described below, in addition to other information contained in this Annual Report on Form 10-", "title": "PRCT - PROCEPT BioRobotics Corp", "url": "/company/PRCT/" }, { "kind": "company", "summary": "SIC 3560 General Industrial Machinery & Equipment; CIK 0000716314; latest 10-K filed 2026-06-08.", "text": "GHM - GRAHAM CORP SIC 3560 General Industrial Machinery & Equipment; CIK 0000716314; latest 10-K filed 2026-06-08. GHM GRAHAM CORP 0000716314 3560 General Industrial Machinery & Equipment Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (Amounts in thousands, except per share and square footage data) Overview We are a global leader in the design and manufacture of mission critical fluid, power, heat transfer, vacuum, and advanced mixing technologies for the Defense, Energy & Process, and Space industries. For the Defense industry, our equipment is used in nuclear and non-nuclear propulsion, power, fluid transfer, thermal management, and advanced mixing systems. For the Energy & Process industries, we supply equipment for vacuum, heat transfer, advanced mixing, and fluid transfer applications used in oil refining, downstream chemical facilities, fertilizers, ethylene, methanol, energetics, edible oil, food & beverage, pulp & paper, medical, and multiple alternative energy applications such as hydrogen, small modular nuclear, concentrated solar, lithium extraction, and geothermal processes. For the Space industry, our equipment is used in propulsion, power, thermal management, advanced mixing, and life support systems. Our brands are built upon engineering expertise and close customer collaboration to design, develop, and produce mission critical equipment and systems that enable our customers to meet their economic and operational objectives. Continual improvement of our processes and systems to ensure qualified and compliant equipment are hallmarks of our brand. Our early engagement with customers and support until the end of service life are values upon which our brands are built. Our corporate headquarters is co-located with our production facilities in Batavia, NY, and we have wholly-owned subsidiaries in Arvada, CO, Greenville, SC, Jupiter, FL, and Louisville, CO and have sales and engineering offices in Houston, TX, Suzhou, China and Ahmedabad and Pune, India. This management's discussion and analysis of financial condition and results of operations omits a comparative discussion regarding the fiscal year ended March 31, 2025 versus the fiscal year ended March 31, 2024. Such information is located in Item 7 \u2013 Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Our fiscal year ends on March 31 of each year. We refer to our fiscal year, which ended March 31, 2026, as fiscal 2026. Likewise, we refer to our fiscal years that will end or have ended March 31, 2027, March 31, 2025, and March 31, 2024, as fiscal 2027, fiscal 2025, and fiscal 2024, respectively. Acquisitions On October 20, 2025, we completed our acquisition of Xdot Bearing Technologies (\"Xdot\"), a specialized consulting, design, and engineering firm focused on foil bearing technology. Xdot has been integrated into Barber-Nichols, LLC (\"BN\"). We believe that combining Xdot's foil bearing technology with BN's turbomachinery expertise will significantly expand our ability to design and deliver high-speed rotating machines into new markets and applications. Xdot has annual sales of approximately $1,000 and was slightly accretive to our fiscal 2026 net income. The purchase price for this transaction consisted of cash consideration of $900 at close, subject to certain potential adjustments including a customary working capital adjustment, and was funded with cash on hand. The purchase agreement included two potential cash contingent earn-outs to be paid on the first and second anniversary of the transaction dependent upon the achievement of certain qualitative milestones totaling $600. On January 23, 2026, we acquired FlackTek Manufacturing, LLC and FlackTek Sales, LLC (collectively, \"FlackTek\"), a provider of advanced mixing and material processing solutions. FlackTek's patented technology platform delivers highly repeatable, precision mixing with faster cycle times, minimal entrained air, reduced downtime between batches, consistency in production, and ultimately can achieve higher levels o Item 1. Business Graham Corporation (\"we,\" \"us,\" \"our\" or the \"Company\") is a global leader in the design and manufacture of mission critical fluid, power, heat transfer, vacuum, and advanced mixing technologies for the Defense, Energy & Process, and Space industries. For the Defense industry, our equipment is used in nuclear and non-nuclear propulsion, power, fluid transfer, thermal management, and advanced mixing systems. For the Energy & Process industries we supply equipment for vacuum, heat transfer, advanced mixing, and fluid transfer applications used in oil refining, downstream chemical facilities, fertilizers, ethylene, methanol, energetics, edible oil, food & beverage, pulp & paper, medical, and multiple alternative energy applications such as hydrogen, small modular nuclear, concentrated solar, lithium extraction, and geothermal processes. For the Space industry, our equipment is used in propulsion, power, thermal management, advanced mixing, and life support systems. Our brands are built upon engineering expertise and close customer collaboration to design, develop, and produce mission critical equipment and systems that enable our customers to meet their economic and operational objectives. Continual improvement of our processes and systems to ensure qualified and compliant equipment are hallmarks of our brand. Our early engagement with customers and support until the end of service life are values upon which our brands are built. Our corporate headquarters is co-located with our production facilities in Batavia, NY, and we have wholly-owned subsidiaries in Arvada, CO, Greenville, SC, Jupiter, FL, and Louisville, CO and have sales and engineering offices in Houston, TX, Suzhou, China and Ahmedabad and Pune, India. We were incorporated in Delaware in 1983 and are the successor to Graham Manufacturing Co., Inc., which was incorporated in New York in 1936. Our stock is traded on the New York Stock Exchange (\"NYSE\") under the ticker symbol \"GHM\". Our f Item 1A. Risk Factors The following disclosures reflect the Company\u2019s beliefs and opinions as to factors that could materially and adversely affect the Company and our future performance and securities in the future, or could cause actual results to differ materially from those expressed or implied in our forward-looking st", "title": "GHM - GRAHAM CORP", "url": "/company/GHM/" }, { "kind": "company", "summary": "SIC 1389 Oil & Gas Field Services, NEC; CIK 0001575828; latest 10-K filed 2026-02-19.", "text": "XPRO - EXPRO GROUP HOLDINGS N.V. SIC 1389 Oil & Gas Field Services, NEC; CIK 0001575828; latest 10-K filed 2026-02-19. XPRO EXPRO GROUP HOLDINGS N.V. 0001575828 1389 Oil & Gas Field Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operation The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and the related notes thereto included in Part II, Item 8. \u201cFinancial Statements and Supplementary Data\u201d included in this Form 10-K. This section contains forward-looking statements that are based on management\u2019s current expectations, estimates and projections about our business and operations, and involve risks and uncertainties. Our actual results may differ materially from those currently anticipated and expressed in such forward-looking statements because of various factors, including those described in the sections titled \u201cCautionary Note Regarding Forward-Looking Statements,\u201d Part I, Item 1A. \u201cRisk Factors\u201d and elsewhere in this Form 10-K. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7. of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. Overview of Business Working for clients across the entire well life cycle, we are a leading provider of energy services, offering cost-effective, innovative solutions and what we consider to be best-in-class safety and service quality. With roots dating to 1938, we have approximately 8,500 employees and provide services and solutions to leading exploration and production companies in both onshore and offshore environments in over 50 countries. Our extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity solutions. [[GREPCENT_TABLE]] [[\"\",\"Well Construction\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Our well construction products and services support customers\\u2019 new wellbore drilling, wellbore completion and recompletion, and wellbore plug and abandonment requirements. We offer advanced technology solutions in tubular running services, tubular products, cementing, drilling and wellbore cleanup. With a focus on innovation, we are continuing to advance the way wells are constructed by optimizing process efficiency on the rig floor, developing new methods to handle and install tubulars, and mitigating well integrity risks. We believe we are a market leader in deepwater tubular running services and solutions. In recent years, we have added a range of lower-risk, open water cementing solutions. We also offer a range of performance drilling tools designed to mitigate risk and optimize drilling efficiency, including proprietary downhole circulation tools and hydraulic pipe recovery systems.\"]] [[/GREPCENT_TABLE]] 28 Table of Contents [[GREPCENT_TABLE]] [[\"\",\"Well Management\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"Our well management offerings consist of well flow management, subsea well access and well intervention and integrity services.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Well flow management: We gather valuable well and reservoir data, with a particular focus on well-site safety and environmental impact. We provide global, comprehensive well flow management systems for the safe production, measurement and sampling of hydrocarbons from a well, including well testing during the exploration and appraisal phase of a new field; flowback and clean-up of a new well prior to production; and in-line testing of a well during its production life. We also provide early production facilities to accelerate production; production enhancement packages to enhance reservoir recovery rates through the realization of production that was previously locked within the reservoir; flare Item 1. Business General Expro Group Holdings N.V. is a Netherlands limited liability company (Naamloze Vennootschap) and includes the activities of its wholly owned subsidiaries (either individually or together, as context requires, \"Expro,\" the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d). Our Operations Working for clients across the entire well life cycle, we are a leading provider of energy services, offering cost-effective, innovative solutions and what we consider to be best-in-class safety and service quality. With roots dating to 1938, we have approximately 8,500 employees and provide services and solutions to leading exploration and production companies in both onshore and offshore environments in over 50 countries. Our extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity solutions. Description of Business Segments Our operations are comprised of four operating segments which also represent our reporting segments and are aligned with our geographic regions as follows: [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"North and Latin America (\\u201cNLA\\u201d),\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Europe and Sub-Saharan Africa (\\u201cESSA\\u201d),\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Middle East and North Africa (\\u201cMENA\\u201d), and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Asia-Pacific (\\u201cAPAC\\u201d).\"]] [[/GREPCENT_TABLE]] The table below shows our consolidated revenue and each segment\u2019s revenue and percentage of consolidated revenue for the periods indicated (revenue in thousands): [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended\",\"\",\"\",\"Percentage\"],[\"(in thousands)\",\"\",\"December 31, 2025\",\"\",\"\",\"December 31, 2024\",\"\",\"\",\"December 31, 2023\",\"\",\"\",\"December 31, 2025\",\"\",\"\",\"December 31, 2024\",\"\",\"\",\"December 31, 2023\"],[\"NLA\",\"\",\"$\",\"558,033\",\"\",\"\",\"$\",\"566,048\",\"\",\"\",\"$\",\"511,800\",\"\",\"\",\"\",\"34.7\",\"%\",\"\",\"\",\"33.0\",\"%\",\"\",\"\",\"33.8\",\"%\"], Item 1A. Risk Factors You should carefully consider the risks described below together with the other information contained in this Annual Report on Form 10-K (this \u201cForm 10-K\u201d). Realization of any of the following risks could have a material adverse effect on our business, financial condition, cash flows and results of oper", "title": "XPRO - EXPRO GROUP HOLDINGS N.V.", "url": "/company/XPRO/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0001923891; latest 10-K filed 2025-12-18.", "text": "NNE - Nano Nuclear Energy Inc. SIC 4911 Electric Services; CIK 0001923891; latest 10-K filed 2025-12-18. NNE Nano Nuclear Energy Inc. 0001923891 4911 Electric Services ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our consolidated financial statements and the related notes contained elsewhere in this Report and in our other Securities and Exchange Commission filings. The following discussion may contain predictions, estimates, and other forward-looking statements that involve a number of risks and uncertainties, including those discussed under \u201cRisk Factors\u201d and elsewhere in this Report. These risks could cause our actual results to differ materially from any future performance suggested below. Overview We are a nuclear energy and technology company, developing smaller, simpler, and safer advanced clean energy solutions, utilizing proprietary reactor designs, intellectual property, and research methods, to contribute towards a sustainable future. Led by a world class scientific and management team, our business plan involves comprehensive engagement across all sectors of the nuclear power and energy industry, spanning the value chain from sourcing raw materials to the development of cutting-edge advanced nuclear microreactors. Our dedication extends further, encompassing strategic initiatives within the commercial nuclear fuel transportation sector, the nuclear energy fuel supply chain, technology development, and nuclear consulting services. Currently, we are in the pre-revenue stage and are principally focused on four business lines as part of our development strategy, including our micro nuclear reactor business, our nuclear fuel processing business, our nuclear fuel transportation business, and our nuclear consultation services business. Our mission is to become a commercially focused, diversified and vertically integrated nuclear energy company that will capture market share in the very large and growing nuclear energy sector. To implement our plans, since our founding in 2022, our management has had constant communications with key U.S. government agencies, including the DOE, the INL and ORNL, which are a part of the DOE\u2019s national nuclear laboratory system. Our company also maintains important collaborations with leading researchers from the Cambridge Nuclear Energy Centre and The University of California, Berkeley. [[GREPCENT_TABLE]] [[\"\",\"57\"]] [[/GREPCENT_TABLE]] Overview of Operational Plan and Estimated Timelines for Corporate Achievements We continue to benefit from a global nuclear energy renaissance driven by several long term, sustainable growth trends and significant regulatory tailwinds. These include growth in AI data centers, industrial reshoring, and broader electrification, all driving a significant need for clean and reliable power, energy sustainability and independence, and climate mandates requiring reliable zero-emissions energy. All of this comes in an era of unprecedented bipartisan legislative and policy support in the U.S. for nuclear energy. Equally important, there is broad recognition that advanced reactors like the ones we are developing will be critical to future clean energy infrastructure. Over the next twelve months, we will continue to progress the development of our advanced reactors and our vertically integrated business plan, with estimated expenditures to be approximately $65 million. This allocation comprises approximately $43 million dedicated to the research, development, quality assurance, licensing, and physical test work of our microreactors and other technologies, such as our ALIP technology and fuel transportation system. A further amount of approximately $12 million will be allocated to the development of our planned HALEU fuel processing facilities alongside LIST, the related-party uranium enrichment company with whom we collaborate and in which we have made a strategic investment. The remaining approximately $10 million is earmarked for miscellaneous costs essential to propelling the progress of our microreactors, encompas Business Nuclear Safety Regulation. The commercial use of nuclear technology is regulated in all countries, and approval from national regulatory bodies is required for the design, construction, and operation of nuclear plants, including our proposed microreactors. Nuclear safety regulators primarily consider the safety and robustness of designs of nuclear plants against applicable internal hazards (e.g., component failures and fires) and external hazards (e.g., earthquakes and weather loads such as snow, rain and wind), and also consider the environmental impacts of construction and operations (e.g., water use and preservation of historical sites and animal and plant species) of nuclear plants. Nuclear safety regulation must be addressed on a country-by-country basis, although regulators may collaborate when a design is deployed in multiple countries. Our microreactor licensing strategy includes two primary goals: (1) obtain regulatory approval using the most efficient licensing pathway by engaging the regulator early and developing a complete and high-quality application; and (2) maintain a standard design for our microreactor in as many markets as possible by pursuing NRC Standard Design Certification that can be completely referenced in customer license applications. [[GREPCENT_TABLE]] [[\"\",\"22\"]] [[/GREPCENT_TABLE]] Nuclear Safety Regulatory Approval in the United States. For a nuclear plant to be constructed and operated in the United States, an applicant must develop and submit either a construction permit application followed by an operating license application in accordance with 10 CFR Part 50 or submit a combined license application in accordance with 10 CFR Part 52. An applicant utilizing either licensing pathway can incorporate by reference a design certification thus limiting the scope of its license application to site-specific information and operational programs. A customer desiring to construct and operate one of our microreactors can increase t", "title": "NNE - Nano Nuclear Energy Inc.", "url": "/company/NNE/" }, { "kind": "company", "summary": "SIC 3661 Telephone & Telegraph Apparatus; CIK 0000926282; latest 10-K filed 2026-02-26.", "text": "ADTN - ADTRAN Holdings, Inc. SIC 3661 Telephone & Telegraph Apparatus; CIK 0000926282; latest 10-K filed 2026-02-26. ADTN ADTRAN Holdings, Inc. 0000926282 3661 Telephone & Telegraph Apparatus ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our audited consolidated financial statements and the related notes included in Part II, Item 8 of this report. We have omitted discussion of the earliest of the three years of financial condition and results of operations and this information can be found in Part I, Item 7, \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d, Part I, Item 1A, \u201cRisk Factors\u201d, and Part I, Item 1, \u201cBusiness\u201d, included in Amendment No. 1 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on May 20, 2025 (the \"2024 Form 10-K/A\"), which is available free of charge on the SEC's website at http://www.sec.gov and on our website at www.adtran.com. This discussion is designed to provide the reader with information that will assist in understanding our consolidated financial statements, the changes in certain key items in those financial statements from period to period, and the primary factors that accounted for those changes, as well as how certain accounting principles affect our consolidated financial statements. See \u201cCautionary Note Regarding Forward-Looking Statements\u201d on page 2 of this report for a description of important factors that could cause actual results to differ from expected results. See also Part I, Item 1A, Risk Factors, of this Form 10-K. Overview The Company is a leading global provider of networking and communications platforms, software, systems and services focused on carrier networks, data center interconnect for private enterprise networks and mission critical infrastructure. It is serving a diverse domestic and international customer base in multiple countries that includes Large, Medium and Small Service Providers, alternative Service Providers, such as utilities, municipalities and fiber overbuilders; cable/MSOs; SMBs; distributed enterprises, including Fortune 500 companies with sophisticated business continuity applications; hyper-scalers, neocloud and content providers and data center companies; and federal, state and local government agencies. Our innovative solutions and services enable voice, data, video and internet-communications across a variety of network infrastructures and are currently in use by millions worldwide. We support our customers through our direct global sales organization and our distribution networks. Our success depends upon our ability to have customers adopt our technology, increase unit volume and market share through the introduction of new products and succeeding generations of products having optimal selling prices and increased functionality as compared to both the prior generation of a product and the products of competitors in order to gain market share. To service our customers and grow revenue, we are continually conducting research and developing new products addressing customer needs and testing those products for the specific requirements of the particular customers. We offer a broad portfolio of flexible software and hardware network solutions and services that enable Service Providers to meet today\u2019s service demands while enabling them to transition to the fully converged, scalable, highly-automated, cloud-controlled voice, data, internet and video network of the future. In addition to our global headquarters in Huntsville, Alabama, and our European headquarters in Munich, Germany, we have sales and research and development facilities in strategic global locations. The Company solely owns ADTRAN, Inc. and is the majority shareholder of Adtran Networks. Adtran is a leading global provider of open, disaggregated networking and communications solutions. Adtran Networks is a global provider of network solutions for data, storage, voice and video services. We believe that the combined technology portfolio can best address current and future customer ITEM 1. BUSINESS Company Overview ADTRAN Holdings, Inc. (\u201cAdtran\u201d or the \u201cCompany\u201d) is a leading global provider of networking and communications platforms, software, systems and services focused on the metro optical transport, data center interconnect, and broadband access market, serving a diverse domestic and international customer base in multiple countries that includes large, medium and small Service Providers, alternative Service Providers, such as utilities, municipalities and fiber overbuilders, cable/MSOs, SMBs and distributed enterprises, including Fortune 500 companies with sophisticated business continuity applications; hyper-scalers, neocloud and content providers and data center companies; and federal, state and local government agencies. We are focused on being a top global supplier of fiber-based communications infrastructure and AI-driven operations including SaaS applications spanning from the network core to the cloud edge (data centers) to the subscriber edge (customer premises) serving both the residential and enterprise connectivity markets, including fiber-based infrastructure for mobile networks. We offer a broad portfolio of flexible network infrastructure solutions, customer premises equipment, software applications, and global services and support that enable Service Providers to meet their service demands now and in the future. These products and services enable Service Providers to transition to a common network supporting the simplified delivery of high-capacity services, regardless of subscriber density, network topology and infrastructure diversity. We support our customers through our direct global sales organization and our distribution networks. Our success depends upon our ability to have customers adopt our technology, and increase unit volume and market share through the introduction of new products and succeeding generations of products having optimal selling prices and increased functionality as compared to both the prior ITEM 1A. RISK FACTORS Our business involves substantial risks. Any of the risk factors described below or elsewhere in this report could significantly and adversely affect our business prospects, financial condition and results of operations. Additional risks and uncertainties not presently known to us or that we c", "title": "ADTN - ADTRAN Holdings, Inc.", "url": "/company/ADTN/" }, { "kind": "company", "summary": "SIC 8000 Services-Health Services; CIK 0001818331; latest 10-K filed 2026-02-23.", "text": "WGS - GeneDx Holdings Corp. SIC 8000 Services-Health Services; CIK 0001818331; latest 10-K filed 2026-02-23. WGS GeneDx Holdings Corp. 0001818331 8000 Services-Health Services Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements and involves numerous risks and uncertainties. Actual results may differ materially from the results described in or implied by the forward-looking statements. You should carefully read the section entitled \u201cRisk Factors\u201d to gain an understanding of the important factors that could cause actual results to differ materially from these forward-looking statements. Overview See Note 1, \u201cOrganization and Description of Business\u201d to our consolidated financial statements for further information. Factors Affecting Our Operating Performance We believe several important factors have impacted, and will continue to impact, our performance and results of operations. While each of these areas presents significant opportunities for us, they also pose significant risks and challenges that we must address. See \u201cItem 1A. Risk Factors\u201d for more information. Test Volume The principal focus of our commercial operations is to offer our diagnostic tests through both our direct sales force and laboratory distribution partners. Test volume correlates with genomic database size and long-term patient relationships. Thus, test volume drives database diversity and enables potential identification of variants of unknown significance and population-specific insights. The number of exome and genome tests resulted and the mix of test results are key indicators that we use to assess the operational efficiency of our business. Once the appropriate workflow is completed, the test is resulted and details are provided to ordered patients or healthcare professionals for reviews, which corresponds to the timing of our revenue recognition. We believe the number of resulted exome and genome tests in any period is important and useful to our investors because it directly correlates with long-term patient relationships and the size of our genomic database. During the year ended December 31, 2025, we resulted 97,271 exome and genome tests, which represented 43% of all test results, compared to the years ended December 31, 2024 and 2023, in which we resulted 74,547 and 49,439 exome and genome tests, which represented 33% and 22%, respectively, of all test results. Success Obtaining and Maintaining Reimbursement Our ability to increase the number of billable tests and our revenue therefrom will depend on our success in achieving reimbursement for our tests from third-party payors. Reimbursement by a payor may depend on several factors, including a payor\u2019s determination that a test is appropriate, medically necessary, cost-effective, and has received prior authorization. The commercial success of our current and future products, if approved, will depend on the extent to which our customers receive coverage and adequate reimbursement from third-party payors including commercial and Medicaid. Since each payor makes its own decision as to whether to establish a policy or enter into a contract to provide coverage for our tests, as well as the amount it will reimburse us for a test, seeking these approvals is a time-consuming and costly process. In cases where we or our partners have established reimbursement rates with third-party payors, we face additional challenges in complying with their procedural requirements for reimbursement. These requirements often vary from payor to payor and are reassessed by third-party payors regularly. As a result, in the past we have needed additional time and resources to comply with the requirements. Third-party payors may decide to deny payment or seek to recoup payments for tests performed by us that they contend were improperly billed, not medically necessa Item 1. Business Unless otherwise stated in this Annual Report or the context otherwise requires, references to: \u2022\u201cGeneDx Holdings\u201d refer to GeneDx Holdings Corp., a Delaware corporation; \u2022\u201cLegacy GeneDx\u201d refer to GeneDx, LLC, a Delaware limited liability company, which we acquired on April 29, 2022 (the \u201cAcquisition\u201d); \u2022\u201cLegacy Sema4\u201d refer to Sema4 OpCo Inc., a Delaware corporation, which consummated the business combination with CM Life Sciences, Inc. (\u201cCMLS\u201d) on July 22, 2021 (the \u201cBusiness Combination\u201d); \u2022\u201cFabric Genomics\u201d refer to Fabric Genomics, Inc., a Delaware corporation, which we acquired on May 5, 2025 (the \u201cMerger\u201d); and \u2022\u201cwe,\u201d \u201cus\u201d and \u201cour,\u201d the \u201cCompany\u201d and \u201cGeneDx\u201d refer, as the context requires, to GeneDx Holdings and its consolidated subsidiaries. The Company\u2019s Class A common stock and public warrants are listed on the Nasdaq Global Select Market under the symbols \u201cWGS\u201d and \u201cWGSWW,\u201d respectively. Purpose At GeneDx, our mission is to empower everyone to live their healthiest life through genomics. GeneDx combines clinical expertise, advanced technology, and the proprietary GeneDx Infinity\u2122 dataset to power the ExomeDx\u2122 and GenomeDx\u2122 tests \u2013 ranked #1 by expert geneticists and granted FDA Breakthrough Device Designation \u2013 enabling clinicians to deliver precise, fast, and actionable diagnoses. GeneDx InfinityTM also fuels discovery for biopharma while supporting the network that we believe will drive the future of precision genetic medicine. We believe that what is best for patients must be embedded in every aspect of our work, and in support of these beliefs, we value equitability, simplicity, and transparency. Overview GeneDx was founded in 2000 by scientists from the National Institutes of Health whose mission was to make genetic testing accessible for patients with rare diseases. The company quickly became a leader in genomics, creating the foundation for how to provide genomic information at scale and pioneering exome and genome seq Item 1A. Risk Factors You should carefully review and consider the following risk factors and the other information contained in this Annual Report on Form 10-K as well as in our other filings with the SEC before deciding whether to invest in our securities. We cannot assure you that any of the events discussed below will not occur. These even", "title": "WGS - GeneDx Holdings Corp.", "url": "/company/WGS/" }, { "kind": "company", "summary": "SIC 3531 Construction Machinery & Equip; CIK 0001287213; latest 10-K filed 2026-02-24.", "text": "PLOW - DOUGLAS DYNAMICS, INC SIC 3531 Construction Machinery & Equip; CIK 0001287213; latest 10-K filed 2026-02-24. PLOW DOUGLAS DYNAMICS, INC 0001287213 3531 Construction Machinery & Equip Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations for the years ended December 31, 2024 and 2025 should be read together with our audited consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10\u2011K. For a discussion and analysis of the year ended December 31, 2024 compared to December 31, 2023, please refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 25, 2025. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10\u2011K, including information with respect to our plans and strategies for our business, includes forward\u2011looking statements that involve risks and uncertainties. You should review the \u201cRisk Factors\u201d section of this Annual Report on Form 10\u2011K for a discussion of important factors that could cause actual results to differ materially from the results described in, or implied by, the forward\u2011looking statements contained in this Annual Report on Form 10\u2011K. Results of Operations Operating Segments We conduct business in two segments: Work Truck Attachments and Work Truck Solutions. Under this reporting structure, our two reportable business segments are as follows: Work Truck Attachments. The Work Truck Attachments segment includes our operations that manufacture and sell snow and ice control attachments and other products sold under the FISHER\u00ae, WESTERN\u00ae, and SNOWEX\u00ae brands, and truck-mounted service cranes and dump hoists under the VENCO\u00ae and VENTURO\u00ae brands. As described under \u201cSeasonality and Year-To- Year Variability,\u201d the Work Truck Attachments segment is seasonal and, as a result, its results of operations can vary from quarter-to-quarter and from year-to-year. Work Truck Solutions. The Work Truck Solutions segment includes manufactured municipal snow and ice control products under the HENDERSON\u00ae brand and the upfit of market leading attachments and storage solutions under the HENDERSON\u00ae brand, and the DEJANA\u00ae brand and its related sub-brands. See Note 16 to the Consolidated Financial Statements for information concerning individual segment performance for the years ended December 31, 2025, December 31, 2024 and December 31, 2023, respectively. Business Update As a result of recent market volatility, supply chain disruptions, labor strikes, labor shortages, tariffs, inflationary pressures (including around materials, freight, labor and benefits), and other economic trends, our results of operations have been impacted in the years ended December 31, 2025, 2024 and 2023, and may be significantly impacted in future years. See below for further discussion of the impact to our financial statements. 28 Table of Contents We may have challenges in short-term liquidity that could impact our ability to fund working capital needs. We have taken various steps to preserve liquidity, including reducing discretionary spending and deferring payments where appropriate within existing contractual terms, while remaining committed to long term growth projects. In January 2024, we implemented the 2024 Cost Savings Program, which was primarily in the form of restructuring charges for salaried headcount reductions and impacted both the Work Truck Attachments segment and corporate functions in 2024. See Note 21 to the Consolidated Financial Statements for additional information regarding the 2024 Cost Savings Program. As discussed in Note 6 and Note 8 to the Consolidated Financial Statements, in September 2024, we executed a sale leaseback transaction for gross proceeds of $64.2 million, and, using a portion of the proceeds, we paid down $42.0 million on our term loan. In addition, as discussed in Note 8 to the Cons Item 1. Business Overview Home to the best-selling brands in the industry, Douglas Dynamics, Inc. (the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d) is North America's premier manufacturer and upfitter of commercial work truck attachments and equipment. For more than 75 years, the Company has been innovating products that enable end-users to perform their jobs more efficiently and effectively, providing opportunities for businesses to increase profitability. Our commitment to continuous improvement enables us to consistently produce high quality products and drive shareholder value. The Douglas Dynamics portfolio of products and services is separated into two segments: First, the Work Truck Attachments segment, which includes our operations that manufacture and sell snow and ice control attachments and other products sold under the FISHER\u00ae, SNOWEX\u00ae and WESTERN\u00ae brands, and truck-mounted service cranes and dump hoists under the VENCO\u00ae and VENTURO\u00ae brands. Second, the Work Truck Solutions segment, which includes manufactured municipal snow and ice control products under the HENDERSON\u00ae brand and the upfit of market leading attachments and storage solutions under the HENDERSON\u00ae brand, and the DEJANA\u00ae brand and its related sub-brands. For additional financial information regarding our reportable business segments, see Note 16 of the Notes to Consolidated Financial Statements of this report. Within the Commercial Snow & Ice reporting unit in our Work Truck Attachments segment, we offer a broad product line of snowplows and sand and salt spreaders for light trucks that we believe to be the most complete line offered in the U.S. and Canadian markets. We also provide a full range of related parts and accessories, which generates an ancillary revenue stream throughout the lifecycle of our snow and ice control equipment. With the acquisition of Venco Venturo in 2025, we also provide truck-mounted service cranes and dump hoists, and related parts and accessories. For the years ended Decem Item 1A. Risk Factors The Company operates in an environment that involves numerous known and unknown risks and uncertainties. Our business, prospects, financial condition and operating results could be materially adversely affected by any of these risks, as well as other risks not currently known to us or that we currently consid", "title": "PLOW - DOUGLAS DYNAMICS, INC", "url": "/company/PLOW/" }, { "kind": "company", "summary": "SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers; CIK 0001830033; latest 10-K filed 2026-02-26.", "text": "PCT - PureCycle Technologies, Inc. SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers; CIK 0001830033; latest 10-K filed 2026-02-26. PCT PureCycle Technologies, Inc. 0001830033 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis provides information that our management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. The discussion should be read together with the audited consolidated financial statements, together with related notes thereto, included elsewhere in this Annual Report on Form 10-K. Unless the context otherwise requires, references in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d to \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, \"PCT\", and \u201cthe Company\u201d are intended to mean the business and operations of PCT and its consolidated subsidiaries. Overview We are a Florida-based corporation focused on commercializing a patented dissolution recycling technology to physically separate the polymer from other plastics, color, odors and impurities (the \u201cTechnology\u201d), originally developed by The Procter & Gamble Company (\u201cP&G\u201d), for restoring waste polypropylene into resin, called PureFive\u00ae resin, which has similar properties and applicability for reuse as virgin polypropylene. We have a global license for the Technology from P&G, which was amended during 2025 to permanently waive the possible clawback of our exclusivity for plants located in North America and extend the time in which our plants must begin construction and commence sales in other regions to avoid a clawback of exclusivity under the license agreement. We have introduced an important new segment to the global polypropylene market that will assist multinational corporations in meeting their sustainability goals as well as federal and state regulations and mandates, providing consumers with polypropylene-based products that are sustainable, and reducing overall polypropylene waste in the world\u2019s landfills and oceans. Our process includes the following steps: \u2022 Feed PreP collects, sorts, and prepares polypropylene waste (\u201cfeedstock\u201d) for Purification. \u2022 Purification is a dissolution recycling process that uses a combination of solvent, temperature, and pressure to return the feedstock to near-virgin condition through a novel configuration of commercially-available equipment and unit operations. The Purification process puts the plastic through a physical extraction process using supercritical fluids that both extract and filter out other plastics and additives to purify the color, opacity and odor of the plastic without changing the bonds of the polymer. By not altering the chemical makeup of the polymer, we are able to use significantly less energy and reduce production costs as compared to virgin resin. \u2022 Compounding, which involves blending our resin with either virgin resin or additives, is a step that can be used on a case-by-case basis. Compounding allows for the modification of the resin to meet the end-user\u2019s qualifications with melt flow, flexibility, clarity, color and strength being some of the properties that can be tailored through compounding. During 2025, we completed various capital raises to fund operations and to fund future capital requirements for facilities expansion. In February 2025, we entered into subscription agreements (the \"Offering\") with certain investors in a private placement for an aggregate of 4,091,293 shares of our Common Stock at a price of $8.0655 per share. The gross proceeds from the Offering were approximately $33.0 million, before deducting fees and other estimated offering expenses. Further, during 2025, we sold $41.9 million in aggregate par amount of Southern Ohio Port Authority Exempt Facility Revenue Bonds (PureCycle Project), Tax-Exempt Series (\"Series A Bonds\") owned by PCT LLC at a price of $880 per $1,000 principal amount under a bond purchase agreement, for net proceeds of $36.9 million. 32 Table of Contents In June 2025, we sold $300.0 million in aggregate amount (before deducting placement agent fees Item 1. Business. Overview When used in this report, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cPCT\u201d and the \u201cCompany\u201d mean PureCycle Technologies, Inc. and its consolidated subsidiaries, collectively. We are a Florida-based corporation focused on commercializing a patented dissolution recycling technology for polypropylene that physically separates the polymer from other plastics, colors, odors and impurities (the \u201cTechnology\u201d). The Technology was originally developed by P&G and is designed to restore recycled polypropylene waste into like-new resin, called PureFive\u00ae resin. Our PureFive\u00ae resin has similar properties and applicability for reuse as virgin polypropylene. We have a global license for the Technology from P&G, which was amended during 2025 to permanently waive the possible clawback of our exclusivity for plants located in North America. The amendment also extends the time that our plants must begin construction and commence sales in other regions to avoid a clawback of the exclusivity under the license agreement. We have introduced an important new product to the global polypropylene market that will assist corporations in meeting their sustainability goals, as well as federal and state regulations and mandates, providing consumers with polypropylene-based products that are sustainable, and reducing overall polypropylene waste in the world\u2019s landfills and oceans. Our process includes the following steps: \u2022 Feed Pre-Processing (\"Feed PreP\") collects, sorts, and prepares polypropylene waste (\u201cfeedstock\u201d) for the dissolution recycling process (\"Purification\"). \u2022 Purification is a dissolution recycling process that uses a combination of solvent, temperature, and pressure to return the feedstock to near-virgin condition through a novel configuration of commercially-available equipment and unit operations. The Purification process puts the plastic through a physical extraction process using supercritical fluids that both extract and filter out other plastics and addit Item 1A. Risk Factors. You should carefully review this section in addition to the other information appearing in this Annual Report on Form 10-K, including the Company's consolidated financial statements and related notes, for important information regarding risks", "title": "PCT - PureCycle Technologies, Inc.", "url": "/company/PCT/" }, { "kind": "company", "summary": "SIC 8062 Services-General Medical & Surgical Hospitals, NEC; CIK 0001638833; latest 10-K filed 2026-03-02.", "text": "SGRY - Surgery Partners, Inc. SIC 8062 Services-General Medical & Surgical Hospitals, NEC; CIK 0001638833; latest 10-K filed 2026-03-02. SGRY Surgery Partners, Inc. 0001638833 8062 Services-General Medical & Surgical Hospitals, NEC Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and related notes included elsewhere in this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties. For additional information regarding certain of the risks and uncertainties that affect our business and the industry in which we operate, please see Item 1A. \"Risk Factors\" and Item 9A. \"Controls and Procedures\" found elsewhere in this Annual Report. Unless the context otherwise indicates, the terms \"Surgery Partners,\" \"we,\" \"us,\" \"our\" or the \"Company,\" as used herein, refer to Surgery Partners, Inc. and its subsidiaries. Unless the context implies otherwise, the term \"affiliates\" means direct and indirect subsidiaries of Surgery Partners, Inc. and partnerships and joint ventures in which such subsidiaries are partners. The terms \"facilities\" or \"hospitals\" refer to entities owned and operated by affiliates of Surgery Partners, Inc. and the term \"employees\" refers to employees of affiliates of Surgery Partners, Inc. Executive Overview As of December 31, 2025, we owned or operated, primarily in partnership with physicians, a portfolio of 176 surgical facilities comprised of 157 ASCs and 19 surgical hospitals across 30 states. We owned a majority interest in 90 of the surgical facilities and consolidated 121 of these facilities for financial reporting purposes. Total revenues for 2025 increased 6.2% to $3.3 billion from $3.1 billion in 2024. The increase in revenues was attributable to same-facility revenue growth and the net impact from acquisitions and divestitures completed in 2025. Days adjusted same-facility revenues for 2025 increased 4.9% from 2024, with a 1.4% increase in revenue per case and a 3.4% increase in same-facility cases. Additionally, for 2025, net loss attributable to Surgery Partners, Inc. was $77.9 million compared to $168.1 million for 2024. For 2025, Adjusted EBITDA increased 3.5% to $526.2 million compared to $508.2 million for 2024. The increase in Adjusted EBITDA was primarily attributable to revenue growth, continued cost management initiatives and acquisitions completed since the prior year. A reconciliation of non-GAAP financial measures appears below under the heading \"Certain Non-GAAP Measures.\" We continue to focus on improving our same-facility performance, selectively acquiring established facilities, developing new facilities and pursuing other portfolio management initiatives. During 2025, we acquired a controlling interest in twelve surgical facilities and several physician practices and other ancillary businesses for aggregate cash consideration of $162.1 million, net of cash acquired. We had cash and cash equivalents of $239.9 million and $692.8 million of borrowing capacity under the Revolver as of December 31, 2025. Recent Legislation On July 4, 2025, Congress passed the One Big Beautiful Bill Act (the \u201cOBBBA\u201d), which introduced significant changes to federally funded healthcare programs, including Medicaid, Medicare, and the Affordable Care Act. While such changes are projected to reduce overall healthcare spending and increase regulatory burdens in certain jurisdictions in which the Company operates, they are not expected to materially impact the Company's financial statements. The OBBBA also makes permanent key elements of the Tax Cuts and Jobs Act including, among others, 100% bonus depreciation and the business interest expense limitations. The Company\u2019s tax provision for the year ended December 31, 2025, incorporates the effects of these tax law changes. Revenues Our revenues consist of patient service revenues and other service revenues. Patient service revenues consist of revenue from our Surgical Facilities reportable segment. Specifically, patient service r Item 1. Business Overview Surgery Partners, Inc., a Delaware corporation, acting through its subsidiaries, owns and operates a national network of surgical facilities and ancillary services. Unless the context otherwise indicates, Surgery Partners, Inc. and its subsidiaries are referred to herein as \"Surgery Partners,\" \"we,\" \"us,\" \"our\" or the \"Company.\" We are a leading healthcare services company with an integrated outpatient delivery model focused on providing high-quality, cost-effective solutions for surgical and related ancillary care in support of both patients and physicians. We are one of the largest and fastest growing surgical services businesses in the United States (\"U.S.\"), with more than 200 locations in 30 states, including ambulatory surgery centers (\"ASCs\"), short-stay surgical hospitals (\"surgical hospitals\"), and multi-specialty physician practices, among others. Patient services provided in our ASCs and surgical hospitals (collectively, \"surgical facilities\" or \"facilities\") generated approximately $3.2 billion in revenue during 2025. Our Growth Strategies Our differentiated operating model employs a multifaceted strategy to grow revenue, earnings and cash flow. We believe the following are key components to this strategy: \u2022Deliver outstanding patient care and clinical outcomes; \u2022Continue to execute and expand upon our physician engagement strategy in attractive markets; \u2022Become the partner of choice for physicians seeking to become or stay independent; \u2022Become the employer of choice by attracting, engaging, retaining, developing and promoting talent; \u2022Drive organic growth at existing facilities through targeted physician recruitment, service line expansion and implementing our efficient operating model; \u2022Seek partnership opportunities with payors to make health care more affordable for their members; \u2022Continue our disciplined acquisition strategy; \u2022Offer new services to provide a more comprehensive continuum of care; and \u2022Enhance Item 1A. Risk Factors Risk Factors Summary Below is a summary of the principal factors that make an investment in our common stock speculative or risky. This summary does not address all of the risks that we face. A discussion of the risks we face can be found below under the heading \"Risk F", "title": "SGRY - Surgery Partners, Inc.", "url": "/company/SGRY/" }, { "kind": "company", "summary": "SIC 6512 Opeators of Nonresidential Buildings; CIK 0001042776; latest 10-K filed 2026-02-17.", "text": "PDM - Piedmont Realty Trust, Inc. SIC 6512 Opeators of Nonresidential Buildings; CIK 0001042776; latest 10-K filed 2026-02-17. PDM Piedmont Realty Trust, Inc. 0001042776 6512 Opeators of Nonresidential Buildings ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with our audited consolidated financial statements and notes thereto as of December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024, and 2023, included elsewhere in this Annual Report on Form 10-K. See also \u201cCautionary Note Regarding Forward-Looking Statements\u201d preceding Part I of this report and \u201cRisk Factors\" set forth in Item 1A. of this report. Liquidity and Capital Resources We intend to use cash on hand, cash flows generated from the operation of our properties, net proceeds from the disposition of select properties, and borrowings under our $600 Million Unsecured 2022 Line of Credit as our primary sources of immediate liquidity. As of December 31, 2025, we had $553 million of borrowing capacity available under our $600 Million Unsecured 2022 Line of Credit and no required debt maturities until 2028. Consequently, we believe that we have sufficient liquidity to meet our obligations for the foreseeable future; however, as part of our overall debt management strategy, we may seek other new secured or unsecured borrowings from third party lenders or issue other debt or equity securities as additional sources of capital. The nature and timing of these additional sources of capital will be highly dependent on market conditions. Our most consistent use of capital has historically been, and we believe will continue to be, to fund capital expenditures for our existing portfolio of properties. During the years ended December 31, 2025 and 2024, we incurred the following types of capital expenditures (in thousands): [[GREPCENT_TABLE]] [[\"\",\"December 31, 2025\",\"\",\"December 31, 2024\"],[\"Capital expenditures for redevelopment/renovations\",\"$\",\"58,858\",\"\",\"\",\"$\",\"96,790\"],[\"Other capital expenditures, including building and tenant improvements\",\"98,383\",\"\",\"\",\"115,318\"],[\"Total capital expenditures (1)\",\"$\",\"157,241\",\"\",\"\",\"$\",\"212,108\"]] [[/GREPCENT_TABLE]] (1)Of the total amounts paid, approximately $17.7 million and $19.9 million related to soft costs such as capitalized interest, payroll, and other general and administrative expenses for the year ended December 31, 2025 and 2024, respectively. \"Capital expenditures for redevelopment/renovations\" during the years ended December 31, 2025 and 2024 related to building upgrades, primarily to the lobbies and the addition of tenant amenities at certain of our buildings and assets under redevelopment. \"Other capital expenditures, including building and tenant improvements\" include all other capital expenditures during the respective period and are typically comprised of tenant and building improvements necessary to lease, maintain, or provide enhancements, including energy efficient equipment, to our existing portfolio of office properties. Given that our operating model frequently results in leases for multiple blocks of space to credit-worthy tenants, our leasing success can result in capital outlays which vary from one reporting period to another based upon the specific leases executed. For leases executed during the year ended December 31, 2025, we have committed to spend approximately $6.58 per square foot per year of lease term for tenant improvement allowances and lease commissions (net of expired lease commitments) as compared to $5.67 (net of expired lease commitments) for the year ended December 31, 2024 with the increase in the current year attributable to the significant amount of new tenant leasing completed. As of December 31, 2025, we had no individual tenant allowance commitments greater than $10 million. In addition to the amounts that we have already committed to as a part of executed leases, we also anticipate continuing to incur similar market-based tenant improvement allowances and leasing commissions in conjunction with procuring future leases for our existing portfolio of prop ITEM 1. BUSINESS General Piedmont Realty Trust, Inc. (\u201cPiedmont,\" \"we,\" \"our,\" or \"us\") (NYSE: PDM) is a Maryland corporation that operates in a manner so as to qualify as a real estate investment trust (\u201cREIT\u201d) for federal income tax purposes and engages in the ownership, management, development, redevelopment, and operation of high-quality, Class A office properties located primarily in major U.S. Sunbelt markets. Piedmont was incorporated in 1997 and commenced operations in 1998. Piedmont conducts business through its wholly-owned subsidiary, Piedmont Operating Partnership, L.P. (\u201cPiedmont OP\u201d), a Delaware limited partnership. Piedmont OP owns properties directly, through wholly-owned subsidiaries, and through various joint ventures which it controls. References to Piedmont herein shall include Piedmont and all of its subsidiaries, including Piedmont OP and its subsidiaries and joint ventures. Operating Objectives and Strategy Piedmont is a fully integrated, self-managed real estate investment company focused on delivering an exceptional office environment. As an owner, manager, developer and operator of approximately 16 million square feet (unaudited) of Class A properties across major U.S. Sunbelt markets, we are known for our hospitality-driven approach and commitment to transforming buildings into premier \u201cPiedmont PLACEs\u201d that enhance each client\u2019s workplace experience. As of December 31, 2025, we owned and operated a portfolio of 29 in-service projects and three redevelopment projects. The in-service office projects totaled approximately 14.9 million square feet (unaudited) and were 89.6% leased. Our redevelopment projects were approximately 62% leased as of December 31, 2025. Collectively, over 70% of our ALR is generated from our properties located in our Sunbelt markets. We lease space to a mixture of corporate tenants from multiple industries, and our average lease size is approximately 14,000 square feet with an average lease term remaining of s ITEM 1A. RISK FACTORS The risks detailed below are not the only risks facing us. Please be aware that additional risks and uncertainties not currently known to us or that we currently believe to be immaterial could also materially harm our business, operating results, cash flows or financial condition, im", "title": "PDM - Piedmont Realty Trust, Inc.", "url": "/company/PDM/" }, { "kind": "company", "summary": "SIC 2711 Newspapers: Publishing or Publishing & Printing; CIK 0001579684; latest 10-K filed 2026-02-26.", "text": "TDAY - USA TODAY Co., Inc. SIC 2711 Newspapers: Publishing or Publishing & Printing; CIK 0001579684; latest 10-K filed 2026-02-26. TDAY USA TODAY Co., Inc. 0001579684 2711 Newspapers: Publishing or Publishing & Printing ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW We are a diversified media company with expansive reach at the national and local level dedicated to empowering and enriching communities. Our mission is to inspire, inform, and connect audiences. As a media and digital marketing solutions company we are focused on sustainable growth. Through our trusted brands, including the USA TODAY NETWORK, comprised of the national publication, USA TODAY, and our network of local properties, in the United States (the \"U.S.\"), and Newsquest, a wholly-owned subsidiary operating in the United Kingdom (the \"U.K.\"), we provide essential journalism, local content, and digital experiences to audiences and businesses. We deliver trusted unbiased journalism when and where consumers want it. LocaliQ, our digital marketing solutions brand, supports small and medium-sized businesses (\"SMBs\") with innovative digital marketing products and solutions. In November 2025, we changed our corporate name from Gannett Co., Inc. to USA TODAY Co., Inc. and we revised the names of two of our reportable segments: Domestic Gannett Media is now referred to as USA TODAY Media and Digital Marketing Solutions is now referred to as LocaliQ. We do not distinguish between our prior and current corporate and reportable segment names and refer to our current corporate and reportable segment names throughout this Annual Report on Form 10-K. As such, unless expressly indicated or the context requires otherwise, the terms \"USA TODAY Co.,\" \"Company,\" \"we,\" \"us,\" and \"our\" in this document refer to USA TODAY Co., Inc., a Delaware corporation, and, where appropriate, its subsidiaries. We report in three segments: USA TODAY Media, Newsquest and LocaliQ. We also have a Corporate category that includes activities not directly attributable to a specific reportable segment and includes expenses associated with broad corporate functions. A full description of our reportable segments is included in Note 15 \u2014 Segment reporting in the notes to the Consolidated financial statements. Strategy and executive summary We are focused on becoming a sustainable, growth\u2011driven media and digital marketing solutions company. Our strategy is rooted in three operating pillars: (i) expanding our reach and engagement, (ii) diversifying our digital revenues, and (iii) strengthening our capital structure, all supported by an increasingly integrated operating foundation, including modernized technology systems, automated workflows, enhanced data capabilities, and continued investment in our people and talent development. Our strategy unifies trusted journalism and digital innovation under one brand: USA TODAY Co. and is represented by our motto, \"National voice. Local strength.\" Our consolidated results for the year ended December 31, 2025, reflect the execution of our operating priorities, including the changes in our mix of revenues, cost structure, and capital allocation. Expand reach and engagement with our customer segments We aim to grow and strengthen our large national and local audiences across our USA TODAY Media, Newsquest, and LocaliQ segments by delivering relevant content and expanded offerings, and as of December 31, 2025, we have built one of the largest digital audiences in the U.S. media sector, both locally and nationally. Diversify digital revenues We seek to accelerate digital revenue growth by developing a broad portfolio of monetization channels on our platforms, maximizing yield, and tailoring opportunities to individual consumer behavior. We aim to accomplish this by offering a wide range of solutions across advertising, subscriptions, and commerce, while increasingly leveraging our existing content to power syndication, affiliate, content and AI partnerships, as well as licensing arrangements. As a result of these efforts, as of December 31, 2025, total Digital revenues as a percentage of to ITEM 1. BUSINESS Overview USA TODAY Co. is a diversified media company with expansive reach at the national and local level dedicated to empowering and enriching communities. Our mission is to inspire, inform, and connect audiences. As a media and digital marketing solutions company we are focused on sustainable growth. Through our trusted brands, including the USA TODAY NETWORK, comprised of the national publication, USA TODAY, and our network of local properties, in the United States (the \"U.S.\"), and Newsquest, a wholly-owned subsidiary operating in the United Kingdom (the \"U.K.\"), we provide essential journalism, local content, and digital experiences to audiences and businesses. We deliver trusted unbiased journalism when and where consumers want it. LocaliQ, our digital marketing solutions brand, supports small and medium-sized businesses (\"SMBs\") with innovative digital marketing products and solutions. In November 2025, we changed our corporate name from Gannett Co., Inc. to USA TODAY Co., Inc. and we revised the names of two of our reportable segments: Domestic Gannett Media is now referred to as USA TODAY Media and Digital Marketing Solutions is now referred to as LocaliQ. We do not distinguish between our prior and current corporate and reportable segment names and refer to our current corporate and reportable segment names throughout this Annual Report on Form 10-K. As such, unless expressly indicated or the context requires otherwise, the terms \"USA TODAY Co.,\" \"Company,\" \"we,\" \"us,\" and \"our\" in this document refer to USA TODAY Co., Inc., a Delaware corporation, and, where appropriate, its subsidiaries. We report in three segments: USA TODAY Media, Newsquest and LocaliQ. We also have a Corporate category that includes activities not directly attributable to a specific reportable segment and includes broad corporate functions, such as legal, human resources, accounting, analytics, finance, marketing and technology, as well as other ge ITEM 1A. RISK FACTORS You should carefully consider the following risks and other information in this Annual Report on Form 10-K in evaluating us and our common stock, par value $0.01 per share (the \"Common Stock\"). Any of the following risks could materially and adversely affect our results of operations, our financial condition, and ", "title": "TDAY - USA TODAY Co., Inc.", "url": "/company/TDAY/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001702750; latest 10-K filed 2026-02-27.", "text": "BY - BYLINE BANCORP, INC. SIC 6022 State Commercial Banks; CIK 0001702750; latest 10-K filed 2026-02-27. BY BYLINE BANCORP, INC. 0001702750 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following is a discussion and analysis of our financial condition and results of operations and should be read in conjunction with our financial statements and notes thereto included in Part II, Item 8 of this report. In addition to historical information, this discussion contains forward\u2011looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management\u2019s expectations. Factors that could cause such differences are discussed in the sections entitled \"Special Note Regarding Forward\u2011Looking Statements\" and \"Risk Factors\". Byline assumes no obligation to update any of these forward\u2011looking statements. Management\u2019s discussion focuses on 2025 results compared to 2024. For a discussion of 2024 results compared to 2023, refer to Part I, Item 7 of our 2024 Annual Report filed on Form 10-K, which was filed with the SEC on February 28, 2025. Executive Summary Our results of operations depend substantially on net interest income, which is the difference between interest income on interest-earning assets, consisting primarily of interest income on loans and lease receivables, including accretion income on loans, investment securities and other short-term investments, and interest expense on interest-bearing liabilities, consisting primarily of deposits and borrowings. Our results of operations are also dependent upon our generation of non-interest income, consisting primarily of income from fees and service charges on deposits, loan servicing revenue, wealth management and trust income, ATM and interchange fees, and net gains on sales of investment securities and loans. Other factors contributing to our results of operations include our provisions for credit losses, provision for income taxes, and non-interest expenses, such as salaries and employee benefits, occupancy and equipment expenses, data processing expenses, and other miscellaneous operating costs. The Company's financial condition, operating results, and liquidity during 2025 were impacted by record revenues driven by growth in the loan and lease portfolio and lower rates paid on deposits, our acquisition of First Security, and actions taken to continue to strengthen the balance sheet. We reported consolidated net income of $130.1 million for the year ended December 31, 2025, compared to net income of $120.8 million for the year ended December 31, 2024, an increase of $9.3 million, or 7.7%. The increase in net income was attributable to a $37.3 million increase in net interest income, and a $2.1 million increase in non-interest income, offset by a $18.1 million increase in non-interest expense, a $9.1 million increase in provision for credit losses, and a $2.9 million increase in provision for income taxes. For the years ended December 31, 2025 and 2024, our earnings per basic share were $2.90 and $2.78, and per diluted share were $2.89 and $2.75, respectively. Our results of operations for the years ended December 31, 2025 and 2024, produced an annual return on average assets of 1.36% and 1.31% and a return on average stockholders\u2019 equity of 10.86% and 11.61%, respectively. Total assets were $9.7 billion as of December 31, 2025, an increase of $156.1 million or 1.6%, compared to $9.5 billion as of December 31, 2024. Total deposits were $7.6 billion as of December 31, 2025, an increase $188.8 million or 2.5%, from $7.5 billion as of December 31, 2024. Total borrowings and other liabilities were $737.3 million at December 31, 2025, a decrease of $209.1 million or 22.1%, from $946.4 million as of December 31, 2024. Total stockholders' equity as of December 31, 2025 was $1.3 billion, an increase of $176.4 million or 16.2%, compared to $1.1 billion as of December 31, 2024. Dividends declared on common shares were $18.2 million and $15.9 million for the years ended December 31, 2025 and 2024, respectively. Di Item 1. Business. General Byline Bancorp, Inc., headquartered in Chicago, Illinois, is a bank holding company. We conduct all our business activities through our subsidiary, Byline Bank, a full service commercial bank, and Byline Bank\u2019s subsidiaries. The words \"the Company,\" \"we,\" \"Byline,\" \"our\" and \"us\" refer to Byline Bancorp, Inc. and its consolidated subsidiaries, unless we indicate otherwise. We offer a broad range of banking products and services to small and medium sized businesses, commercial real estate and financial sponsors and to consumers who generally live or work near our branches. We also offer online account opening to consumer and business customers through our website and provide trust and wealth management services to our customers. In addition to our traditional commercial banking business, we provide small ticket equipment leasing solutions through Byline Financial Group, a wholly-owned subsidiary of Byline Bank, headquartered in Bannockburn, Illinois with sales offices in Illinois, and sales representatives in Illinois and New York. We participate in U.S. government guaranteed lending programs and originate U.S. government guaranteed loans. Byline Bank was the tenth most active originator of SBA 7(a) loans in the country and the most active SBA 7(a) lender in Illinois, as reported by the SBA for its fiscal year ended September 30, 2025. As of December 31, 2025, we had consolidated total assets of $9.7 billion, total gross loans and leases outstanding of $7.5 billion, total deposits of $7.6 billion, and total stockholders\u2019 equity of $1.3 billion. Strategic plan As part of our strategic plan, we explore potential opportunities for expansion in our primary and adjacent market areas through organic growth and the acquisition of financial institutions, branches, and non-banking organizations. Our aspiration to be the preeminent commercial bank in Chicago drives our focus on market expansion, deepening client relationships, and fostering a str Item 1A. Risk Factors. The material risks and uncertainties that management believes affect us are described below. You should carefully consider these risks, together with all of the information included herein. Any of the following risks, as well as risks that we do not know or currently deem immaterial, could have a material adverse effe", "title": "BY - BYLINE BANCORP, INC.", "url": "/company/BY/" }, { "kind": "company", "summary": "SIC 8000 Services-Health Services; CIK 0001766400; latest 10-K filed 2026-02-26.", "text": "PNTG - Pennant Group, Inc. SIC 8000 Services-Health Services; CIK 0001766400; latest 10-K filed 2026-02-26. PNTG Pennant Group, Inc. 0001766400 8000 Services-Health Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and accompanying notes, which appear elsewhere in this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Annual Report. See Item 1A., Risk Factors and Cautionary Note Regarding Forward-Looking Statements. Overview We are a leading provider of high-quality healthcare services to patients and residents of all ages, including the growing senior population, in the United States. We strive to be the provider of choice in the communities we serve through our innovative operating model. We operate in multiple lines of businesses including home health, hospice and senior living services across Alabama, Arizona, California, Colorado, Georgia, Idaho, Montana, Nevada, Oklahoma, Oregon, Tennessee, Texas, Utah, Washington, Wisconsin and Wyoming. We also provide home health and hospice operational support through a management service agreement in Connecticut. As of December 31, 2025, our home health and hospice business provided 30 Table of Contents home health, hospice and home care services from 172 agencies operating across 16 states, and our senior living business operated 63 senior living communities throughout seven states. The following table summarizes our affiliated home health and hospice agencies and senior living communities as of: [[GREPCENT_TABLE]] [[\"\",\"2016\",\"\",\"2017\",\"\",\"2018\",\"\",\"2019\",\"\",\"2020\",\"\",\"2021\",\"\",\"2022\",\"\",\"2023\",\"\",\"2024\",\"\",\"2025\"],[\"Home health and hospice agencies\",\"39\",\"\",\"\",\"46\",\"\",\"\",\"54\",\"\",\"\",\"63\",\"\",\"\",\"76\",\"\",\"\",\"88\",\"\",\"95\",\"\",\"\",\"111\",\"\",\"\",\"123\",\"\",\"\",\"172\"],[\"Senior living communities\",\"36\",\"\",\"\",\"43\",\"\",\"\",\"50\",\"\",\"\",\"52\",\"\",\"\",\"54\",\"\",\"\",\"54\",\"\",\"49\",\"\",\"\",\"51\",\"\",\"\",\"57\",\"\",\"\",\"63\"],[\"Senior living units\",\"3,184\",\"\",\"\",\"3,434\",\"\",\"\",\"3,820\",\"\",\"\",\"3,963\",\"\",\"\",\"4,127\",\"\",\"\",\"4,127\",\"\",\"\",\"3,500\",\"\",\"\",\"3,588\",\"\",\"\",\"3,960\",\"\",\"\",\"4,428\"],[\"Total number of home health, hospice, and senior living operations\",\"75\",\"\",\"\",\"89\",\"\",\"\",\"104\",\"\",\"\",\"115\",\"\",\"\",\"130\",\"\",\"\",\"142\",\"\",\"\",\"144\",\"\",\"\",\"162\",\"\",\"\",\"180\",\"\",\"\",\"235\"]] [[/GREPCENT_TABLE]] Recent Activities Acquisitions. During 2025, we expanded our operations with the addition of 30 home health agencies, nine hospice agencies, four home care agencies, and six senior living communities. A subsidiary of the Company entered into a separate purchase agreements with the prior operator of each acquired operation as part of each transaction. Expansion into New States. In the fourth quarter of 2025, we expanded our home health, hospice, and home care operations into the southeastern United States. This expansion was our largest acquisition to date and included 30 home health, hospice, and home care agencies in Alabama, Georgia, and Tennessee. This expansion is part of our strategy to grow our national presence in the post-acute care continuum across both our existing markets and new markets. Trends We have experienced improvement in senior living revenue per occupied unit and occupancy through the year ended December 31, 2025, compared to the same period in 2024. Though we have seen improvements in revenue per occupied unit and occupancy year over year, the highly competitive environment for senior living residents and inflationary factors will continue to impact the rate at which our revenue per occupied unit and occupancy levels change in our senior living communities. When we acquire turnaround or start-up operations, we expect that our combined metrics may be impacted. We expect these metrics to vary from period to period based upon the maturity of the operations within our portfolio. We have generally e Item 1. Business Overview The Pennant Group, Inc. is a leading provider of high-quality healthcare services to patients, residents, and clients of all ages, including the growing senior population, in the United States. We strive to be the provider of choice in the communities we serve through our innovative operating model and unique core values. As of December 31, 2025, we operate in multiple lines of business, including home health, hospice, and senior living services across Alabama, Arizona, California, Colorado, Georgia, Idaho, Montana, Nevada, Oklahoma, Oregon, Tennessee, Texas, Utah, Washington, Wisconsin and Wyoming. We also provide home health and hospice operational support through a management service agreement in Connecticut. We provide home health and hospice services through 172 agencies, and senior living services at 63 communities with 4,428 total units in our assisted living, independent living and memory care business. We derive revenue from a diversified blend of payors including Medicare and Medicaid programs, private pay patients and residents, and managed care payors. We believe our key differentiators are our (1) ability to recruit, train, and develop talented local leaders at each of our operations; (2) innovative operating model that empowers those leaders to make decisions that meet the needs of patients and residents, employees, referral sources and the communities they serve with the support of our service center; (3) disciplined growth strategy; and (4) ability to achieve quality care outcomes in cost effective settings. In our experience, healthcare is a local endeavor, largely dependent upon personal and professional relationships, community reputation and an ability to adapt to the changing needs of patients, residents, partners and communities. As our operational leaders build strong relationships with key partners in their local communities, they are empowered to make informed and critical operational decisions that produce q Item 1A. Risk Factors - Based on the information currently known to us, we believe that the following information identifies material risk factors affecting our company. However, the risks and uncertainties we face are not limited to those described below. Additional risks and uncertainties may also adversely affect our business. If any of the fol", "title": "PNTG - Pennant Group, Inc.", "url": "/company/PNTG/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001826457; latest 10-K filed 2026-03-17.", "text": "GLUE - Monte Rosa Therapeutics, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001826457; latest 10-K filed 2026-03-17. GLUE Monte Rosa Therapeutics, Inc. 0001826457 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties, including those described in the section titled \u201cSpecial Note Regarding Forward Looking Statements.\u201d Our actual results and the timing of selected events could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those set forth under the section titled \u201cRisk Factors\u201d included elsewhere in this Annual Report. Overview We are a biotechnology company developing a portfolio of novel and proprietary MGDs. MGDs are small molecule drugs that employ the body\u2019s natural protein destruction mechanisms to selectively degrade therapeutically relevant proteins. MGDs work by inducing the engagement of defined surfaces identified on target proteins by an E3 ligase, such as cereblon. We have developed a proprietary and industry-leading protein degradation discovery engine, called QuEENTM, to enable our unique and target-centric MGD discovery and development and our rational design of MGD products. We believe our small molecule MGDs may give us significant advantages over existing therapeutic modalities, including other protein degradation approaches. We prioritize our product development on therapeutic targets backed by strong biological and genetic rationale with the goal of discovering and developing novel medicines. Monte Rosa Therapeutics AG, a Swiss operating company, was incorporated under the laws of Switzerland in April 2018. Monte Rosa Therapeutics, Inc. was incorporated in Delaware in November 2019. In 2020, through a common control reorganization, Monte Rosa Therapeutics, Inc. acquired the net assets and shareholding of Monte Rosa Therapeutics AG. Monte Rosa Therapeutics, Inc. includes wholly owned subsidiaries Monte Rosa Therapeutics AG and Monte Rosa Securities Corporation. We are headquartered in Boston, Massachusetts with research operations in both Boston and Basel, Switzerland. Liquidity To date, we have financed our operations primarily through the issuance and sale of convertible promissory notes, convertible preferred stock, public offerings of our common stock or warrants to purchase common stock, registered direct offerings, and through our collaboration agreements. From our inception through the date hereof, we raised an aggregate of $1.3 billion of gross proceeds from such transactions, inclusive of approximately $345 million gross proceeds raised through an underwritten public offering, or the 2026 Offering, subsequent to December 31, 2025, which is discussed in Note 16, Subsequent events, to our consolidated financial statements appearing elsewhere in this Annual Report. Since inception, we have had significant operating losses. Our primary use of cash is to fund operating expenses, which consist primarily of research and development expenditures and, to a lesser extent, general and administrative expenditures. For the years ended December 31, 2025 and 2024, we reported net losses of $38.6 million and $72.7 million, respectively. As of December 31, 2025, we had an accumulated deficit of $477.2 million and $382.1 million in cash, cash equivalents, restricted cash, and marketable securities. Aggregate net proceeds from the 2026 Offering were approximately $323.8 million after deducting the underwriter discounts, commissions, and other offering costs. We anticipate that our existing cash and cash equivalents and marketable securities, together with the proceeds from the 2026 Offering, defined below, supports our cash runway into 2029. Impact of global economic and political developments The de Item 1. Business Overview We are a clinical-stage biotechnology company developing a portfolio of novel and proprietary molecular glue degraders, or MGDs. MGDs are small molecule drugs that employ the body\u2019s natural protein destruction mechanisms to selectively degrade therapeutically relevant proteins, in effect editing the human proteome. MGDs function by inducing the engagement of an E3 ligase, such as cereblon, with defined structural features on surfaces of target proteins. These target proteins are also referred to as neosubstrates. The E3 ligase then tags the target protein for degradation by adding a molecular mark known as ubiquitin. We believe our MGDs provide significant advantages over existing therapeutic modalities, including other protein degradation approaches. We have developed a proprietary and industry leading discovery engine, called QuEENTM (an abbreviation for \u201cQuantitative and Engineered Elimination of Neosubstrates\u201d) to enable our unique target-centric MGD discovery and development approach and our rational design of MGD product candidates. To date, our QuEENTM discovery engine has identified numerous proteins for potential targeting by our MGDs, including those targeted by product candidates in our pipeline. We combine our artificial intelligence or \u201cAI\u201d / machine learning or \u201cML\u201d engines with multiple proprietary experimental tools to identify therapeutically relevant target proteins amenable to degradation by our MGDs. We are continuously increasing our understanding of how MGDs function and we are using this understanding to develop design principles for the engineering of new MGDs. This growing expertise manifests in our expanding MGD library as well as our discovery and development pipeline. Using our insights, knowhow, and technology platform we have generated a library of MGDs that forms the basis for our MGD programs. At present, our library comprises a diverse set of rationally designed small molecules representing more than 100 Item 1A. Risk Factors Careful consideration should be given to the following risk factors, in addition to the other information set forth in this Annual Report and in other documents that we file with the SEC, in evaluating our business. Investing in our common stock inv", "title": "GLUE - Monte Rosa Therapeutics, Inc.", "url": "/company/GLUE/" }, { "kind": "company", "summary": "SIC 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl; CIK 0001846576; latest 10-K filed 2026-02-26.", "text": "FIGS - FIGS, Inc. SIC 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl; CIK 0001846576; latest 10-K filed 2026-02-26. FIGS FIGS, Inc. 0001846576 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in Part I, Item 1A. \u201cRisk Factors\u201d and other factors set forth in other parts of this Annual Report on Form 10-K. A discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023 has been reported previously in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025, under the heading \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d Overview Our mission is to celebrate, empower and serve those who serve others. We are a founder-led, direct-to-consumer healthcare apparel and lifestyle brand that seeks to celebrate, empower and serve current and future generations of healthcare professionals. We are committed to helping this growing, global community of professionals, whom we refer to as Awesome Humans, look, feel and perform at their best\u201424/7, 365 days a year. We create technically advanced apparel and products that feature an unmatched combination of comfort, durability, function and style, all at an affordable price. In doing so, we have redefined what scrubs are\u2014giving rise to our tag-line: why wear scrubs, when you can #wearFIGS? By elevating scrubs and creating premium products for healthcare professionals that support them on and off-shift, we revolutionized the large and fragmented healthcare apparel market, branded a previously unbranded industry and de-commoditized a previously commoditized product. Most importantly, we built a community and lifestyle around a profession. As a result, we have become the industry\u2019s category-defining healthcare apparel and lifestyle brand. We sell products purposefully designed to serve the particular needs of healthcare professionals primarily through our direct-to-consumer (\u201cDTC\u201d) digital platform, consisting of our website, mobile app and B2B business (\u201cTEAMS\u201d). We also operate physical retail stores, which we call Community Hubs, and which represent a first-of-its-kind retail experience for healthcare professionals. Our offerings include scrubwear and non-scrubwear, such as outerwear, underscrubs, footwear, compression socks, lab coats, loungewear and other apparel. We primarily design all of our products in-house, leverage third-party suppliers and manufacturers to produce our product components and finished products, and generally utilize shallow initial buys and data-driven repurchasing decisions to test new products. We directly and actively coordinate with our suppliers on every step of our product development and production process to ensure that our extremely high quality standards are met. We also have a dynamic merchandising model with lessened inventory risk, as a result of the largely non-discretionary, replenishment-driven nature of scrubwear and a focus on our core scrubs offerings. At December 31, 2025, we had approximately 2.9 million active customers. Our customers come to us through word of mouth referrals, as well as through our data-driven brand and performance marketing efforts. See the section titled \u201cKey Operating Metrics and Non-GAAP Financial Measures\u201d for a definition of active customers. In the year ended December 31, 2025, we had the following results compared to the comparable periods in 2024: \u25e6Expanded our community of active customers by 9.4% from approximately 2.7 million at December 31, 2024 to approximately 2. Item 1. Business. Overview Our mission is to celebrate, empower and serve those who serve others. We are a founder-led, direct-to-consumer healthcare apparel and lifestyle brand that seeks to celebrate, empower and serve current and future generations of healthcare professionals. We are committed to helping this growing, global community of professionals, whom we refer to as Awesome Humans, look, feel and perform at their best\u201424/7, 365 days a year. We create technically advanced apparel and products that feature an unmatched combination of comfort, durability, function and style, all at an affordable price. In doing so, we have redefined what scrubs are\u2014giving rise to our tag-line: why wear scrubs, when you can #wearFIGS? By elevating scrubs and creating premium products for healthcare professionals that support them on and off-shift, we revolutionized the large and fragmented healthcare apparel market, branded a previously unbranded industry and de-commoditized a previously commoditized product. Most importantly, we built a community and lifestyle around a profession. As a result, we have become the industry\u2019s category-defining healthcare apparel and lifestyle brand. We sell products purposefully designed to serve the particular needs of healthcare professionals primarily through our direct-to-consumer (\u201cDTC\u201d) digital platform, consisting of our website, mobile app and B2B business (\u201cTEAMS\u201d). We also operate physical retail stores, which we call Community Hubs, and which represent a first-of-its-kind retail experience for healthcare professionals. Our offerings include scrubwear and non-scrubwear, such as outerwear, underscrubs, footwear, compression socks, lab coats, loungewear and other apparel. We primarily design all of our products in-house, leverage third-party suppliers and manufacturers to produce our product components and finished products, and generally utilize shallow initial buys and data-driven repurchasing decisions to test new products. We di Item 1A. Risk Factors. 15 Table of Contents Our business involves significant risks. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K and in our other filings with the SEC. The realization of ", "title": "FIGS - FIGS, Inc.", "url": "/company/FIGS/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000350852; latest 10-K filed 2026-02-27.", "text": "CTBI - COMMUNITY TRUST BANCORP INC /KY/ SIC 6022 State Commercial Banks; CIK 0000350852; latest 10-K filed 2026-02-27. CTBI COMMUNITY TRUST BANCORP INC /KY/ 0000350852 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand Community Trust Bancorp, Inc., our operations, and our present business environment. The MD&A is provided as a supplement to\u2014and should be read in conjunction with\u2014our consolidated financial statements and the accompanying notes thereto contained in Item 8 of this annual report. Our Business Community Trust Bancorp, Inc. (\u201cCTBI\u201d) is a bank holding company headquartered in Pikeville, Kentucky. Currently, we own one commercial bank, Community Trust Bank, Inc. (\u201cCTB\u201d) and one trust company, Community Trust and Investment Company. Through our subsidiaries, we have eighty-one banking locations in eastern, northern, northeastern, central, and south central Kentucky, southern West Virginia, and northeastern Tennessee, four trust offices across Kentucky, and one trust office in northeastern Tennessee. At December 31, 2025, we had total consolidated assets of $6.7 billion and total consolidated deposits, including repurchase agreements, of $5.7 billion. Total shareholders\u2019 equity at December 31, 2025 was $856.1 million. Trust assets under management at December 31, 2025 were $4.1 billion, including CTB\u2019s investment portfolio totaling $1.1 billion. Through our subsidiaries, CTBI engages in a wide range of commercial and personal banking and trust and wealth management activities, which include accepting time and demand deposits; making secured and unsecured loans to corporations, individuals, and others; providing cash management services to corporate and individual customers; issuing letters of credit; renting safe deposit boxes; and providing funds transfer services. The lending activities of CTB include making commercial, construction, mortgage, and personal loans. Lines of credit, revolving lines of credit, term loans, and other specialized loans, including asset-based financing, are also available. Our corporate subsidiaries act as trustees of personal trusts, as executors of estates, as trustees for employee benefit trusts, as paying agents for bond and stock issues, as investment agent, as depositories for securities, and as providers of full-service brokerage, and insurance services. For further information, see Item 1 of this annual report. 22 Table of Contents Financial Goals and Performance The following table shows the primary measurements used by management to assess annual performance. The goals in the table below should not be viewed as a forecast of our performance for 2026. Rather, the goals represent a range of target performance for 2026. There is no assurance that any or all of these goals will be achieved. See \u201cCautionary Statement Regarding Forward Looking Statements.\u201d [[GREPCENT_TABLE]] [[\"\",\"\",\"2025 Goals\",\"2025 Performance\",\"2026 Goals\"],[\"\",\"Basic earnings per share\",\"$4.86 - $5.06\",\"$5.44\",\"$5.78 - $6.02\"],[\"\",\"Net income\",\"$88.0 - $91.6 million\",\"$98.1 million\",\"$105.1 - $109.3 million\"],[\"\",\"ROAA\",\"1.41% - 1.46%\",\"1.53%\",\"1.53% - $1.59%\"],[\"\",\"ROAE\",\"11.17% - 11.62%\",\"12.07%\",\"11.67% - 12.15%\"],[\"\",\"Revenues\",\"$261.6 - $272.3 million\",\"$282.6 million\",\"$294.7 - $306.7 million\"],[\"\",\"Noninterest revenue as % of total revenue\",\"23.50% - 25.50%\",\"22.41%\",\"22.0% - 24.5%\"],[\"\",\"Assets\",\"$6.19 - $6.57 billion\",\"$6.68 billion\",\"$6.80 - $7.23 billion\"],[\"\",\"Loans\",\"$4.53 - $4.71 billion\",\"$4.89 billion\",\"$5.02 - $5.22 billion\"],[\"\",\"Deposits, including repurchase agreements\",\"$5.32 - $5.54 billion\",\"$5.70 billion\",\"$5.83 - $6.07 billion\"],[\"\",\"Shareholders\\u2019 equity\",\"$797.8 - $830.3 million\",\"$856.1 million\",\"$923.9 - $961.6 million\"]] [[/GREPCENT_TABLE]] Results of Operations and Financial Condition We reported record earnings of $98.1 million, or $5.44 per basic share, for the year ended December 31, 2025 compared to $82.8 million, or Item 1. Business Community Trust Bancorp, Inc. (\u201cCTBI\u201d) is a bank holding company registered with the Board of Governors of the Federal Reserve System pursuant to Section 5(a) of the Bank Holding Company Act of 1956, as amended. CTBI was incorporated August 12, 1980, under the laws of the Commonwealth of Kentucky for the purpose of becoming a bank holding company. Currently, CTBI owns all the capital stock of one commercial bank and one trust company, serving small and mid-sized communities in eastern, northeastern, central, and south central Kentucky, southern West Virginia, and northeastern Tennessee. The commercial bank is Community Trust Bank, Inc., Pikeville, Kentucky (\u201cCTB\u201d) and the trust company is Community Trust and Investment Company, Lexington, Kentucky (\u201cCTIC\u201d). At December 31, 2025, CTBI had total consolidated assets of $6.7 billion and total consolidated deposits, including repurchase agreements, of $5.7 billion. Total shareholders\u2019 equity at December 31, 2025 was $856.1 million. Trust assets under management at December 31, 2025 were $4.1 billion, including CTB\u2019s investment portfolio totaling $1.1 billion. Through our subsidiaries, CTBI engages in a wide range of commercial and personal banking and trust and wealth management activities, which include accepting time and demand deposits; making secured and unsecured loans to corporations, individuals, and others; providing cash management services to corporate and individual customers; issuing letters of credit; renting safe deposit boxes; and providing funds transfer services. The lending activities of CTB include making commercial, construction, mortgage, and personal loans. Lines of credit, revolving lines of credit, term loans, and other specialized loans, including asset-based financing, are also available. Our corporate subsidiaries act as trustees of personal trusts, as executors of estates, as trustees for employee benefit trusts, as paying agents for bond and stock issues, as invest Item 1A. Risk Factors An investment in our common stock is subject to risks inherent to our business. The material risks and uncertainties that management believes affect us are described below. Before making an investment decision, you should carefully consider the risks and uncertainties described below, together with all of the other i", "title": "CTBI - COMMUNITY TRUST BANCORP INC /KY/", "url": "/company/CTBI/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001867096; latest 10-K filed 2026-03-02.", "text": "XERS - Xeris Biopharma Holdings, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001867096; latest 10-K filed 2026-03-02. XERS Xeris Biopharma Holdings, Inc. 0001867096 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K (\"Annual Report\"). This discussion contains forward-looking statements that involve significant risks and uncertainties. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those set forth in Part I, Item 1A. Risk Factors, of this Annual Report. This discussion and analysis compares 2025 results to 2024. For discussion and analysis that compares 2024 results to 2023, see Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7. of this Annual Report for the year ended December 31, 2024. Overview Xeris Biopharma Holdings, Inc. along with its subsidiaries, is referenced herein as the \"Company\", \"Xeris\", \"Xeris Biopharma\", \"we\" or \"our\". Throughout this document, unless otherwise noted, references to Gvoke include Gvoke PFS, Gvoke HypoPen, and Gvoke Kit. We are a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for people with chronic endocrine and neurological diseases in the United States. We offer Recorlev for the treatment of endogenous hypercortisolemia in patients with Cushing\u2019s syndrome, Gvoke for the treatment of severe hypoglycemia, and Keveyis for the treatment of Primary Periodic Paralysis (\"PPP\"). We are advancing our Phase 3-ready pipeline product, XP-8121, once-weekly subcutaneous (\"SC\") levothyroxine, which leverages our proprietary technology XeriSol. Financing We have funded our operations to date primarily with proceeds from the sale of our common stock and debt financing. For the year ended December 31, 2025 we reported a net income of $0.6 million. For the year ended December 31, 2024 we reported a net loss of $54.8 million. The year ended December 31, 2025 is the first year we have been profitable since inception, and, as of December 31, 2025, our accumulated deficit was $671.3 million. In the near term, we may incur net losses as we: [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"continue our marketing and selling efforts related to commercialization of Recorlev, Gvoke and Keveyis;\"],[\"\",\"\",\"\",\"continue our research and development efforts;\"],[\"\",\"\",\"\",\"continue to operate as a public company; and\"],[\"\",\"\",\"\",\"continue to fund our operations with an increased cost of borrowing due to a higher interest rate environment and tighter lending requirements.\"]] [[/GREPCENT_TABLE]] We may continue to seek public equity and debt financing to meet our capital requirements. There can be no assurance that such funding may be available to us on acceptable terms, or at all, or that we will be able to commercialize our product candidates, if approved. In addition, we may not be profitable even if we commercialize any of our product candidates. Components of our Results of Operations The following discussion sets forth certain components of the statement of operations of Xeris for the year ended December 31, 2025 and 2024 as well as factors that impact those items. Product revenue, net Product revenue, net, represents gross product sales less estimated allowances for patient copay assistance programs, prompt payment discounts, payor rebates, chargebacks, service fees, and product returns, all of which are recorded at the time of sale to the pharmaceutical wholesaler or other customer. We apply significant judgment and estimates in determining some of these allowances. If actual results differ from our estimates, we make adjustments to these allowances in the period in which the actual results or updates to estimates become known. Royalty, contract and other revenue Royalty a ITEM 1. BUSINESS Xeris Biopharma Holdings, Inc. along with its subsidiaries, is referenced herein as the \"Company\", \"Xeris\", \"Xeris Biopharma\", \"we\" or \"our\". Throughout this document, unless otherwise noted, references to Gvoke include Gvoke PFS, Gvoke HypoPen, and Gvoke Kit. Overview We are a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for people with chronic endocrine and neurological diseases in the United States. We offer Recorlev for the treatment of endogenous hypercortisolemia in patients with Cushing\u2019s syndrome, Gvoke for the treatment of severe hypoglycemia, and Keveyis for the treatment of Primary Periodic Paralysis (\"PPP\"). We are advancing our Phase 3-ready pipeline product, XP-8121, once-weekly subcutaneous (\"SC\") levothyroxine, which leverages our proprietary technology XeriSol. Commercial Products Our top priority is maximizing the potential of our three commercial products: \u2022Recorlev is a cortisol synthesis inhibitor approved for the treatment of endogenous hypercortisolemia in adults with Cushing's syndrome for whom surgery is not an option or has not been curative. Endogenous Cushing\u2019s syndrome is a rare but serious and potentially fatal endocrine disease caused by chronic elevated cortisol exposure. Recently published data has shown that hypercortisolemia may be a contributor to several widespread and chronic medical conditions suggesting that the prevalence of the condition may be significantly higher than previously believed. We believe this therapy represents a significant commercial opportunity in the United States, with the potential to generate approximately $1 billion in annual net revenue at peak penetration. \u2022Gvoke is a ready-to-use, liquid-stable glucagon for the treatment of severe hypoglycemia. The product is indicated for use in pediatric and adult patients with diabetes age two years and above and can be administered in two simple steps. We estimate that more than 14 million ITEM 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. You should carefully consider the following risk factors, in evaluating us and our business. If any of the following risks and uncertainties actually occurs, our business, prospects, financial condition and results of operations could ", "title": "XERS - Xeris Biopharma Holdings, Inc.", "url": "/company/XERS/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000357173; latest 10-K filed 2026-02-26.", "text": "OSBC - OLD SECOND BANCORP INC SIC 6022 State Commercial Banks; CIK 0000357173; latest 10-K filed 2026-02-26. OSBC OLD SECOND BANCORP INC 0000357173 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u200b The following discussion provides additional information regarding our operations for the twelve-month periods ended December 31, 2025, 2024 and 2023, and financial condition at December 31, 2025 and 2024 and should be read in conjunction with our consolidated financial statements and the related notes. Historical results of operations and the percentage relationships among any amounts included, and any trends that may appear, may not indicate trends in operations or results of operations for any future periods. \u200b We have made, and will continue to make, various forward-looking statements with respect to financial and business matters. Comments regarding our business that are not historical facts are considered forward-looking statements that involve inherent risks and uncertainties. Actual results may differ materially from those contained in these forward-looking statements. For additional information regarding our cautionary disclosures, see the \u201cCautionary Note Regarding Forward-Looking Statements\u201d at the beginning of this annual report. \u200b Business Overview \u200b We provide a wide range of financial services through our 55 banking locations located in Cook, DeKalb, DuPage, Kane, Kendall, LaSalle and Will counties in Illinois. These banking centers offer access to a full range of traditional retail and commercial banking services including treasury management operations as well as fiduciary and wealth management services. We focus our business on establishing and maintaining relationships with our clients while maintaining a commitment to providing for the financial services needs of the communities in which we operate through our retail branch network. We emphasize relationships with individual customers as well as small to medium-sized businesses throughout our market area. Our market area includes a mix of commercial and industrial, real estate, and consumer related lending opportunities, and provides a stable, loyal core deposit base. We also offer extensive wealth management services, which include a registered investment advisory platform in addition to trust administration and trust services related to personal and corporate trusts, including employee benefit plan administration services. \u200b Our primary deposit products are checking, NOW, money market, savings, and certificate of deposit accounts, and our primary lending products are commercial mortgages, leases, construction lending, commercial loans, residential mortgages, powersport, and other consumer loans. Many of our loans are secured by various forms of collateral including real estate, business assets, and consumer property although borrower cash flow is the primary source of repayment at the time of loan origination. \u200b On July 1, 2025, we completed our previously announced acquisition of Bancorp Financial, Inc. (\u201cBancorp Financial\u201d), pursuant to the agreement and plan of merger dated February 24, 2025. At the effective time of the acquisition, Bancorp Financial merged with and into the Company, with the Company continuing as the surviving corporation. Immediately following the merger, Evergreen Bank Group (\u201cEvergreen\u201d), an Illinois-chartered banking corporation and wholly owned subsidiary of Bancorp Financial, merged with and into Old Second National Bank, with the Bank continuing as the surviving bank. Under the terms of the merger agreement, each share of Bancorp Financial common stock outstanding immediately prior to the effective time was converted into the right to receive 2.5814 shares of Old Second common stock and $15.93 in cash, without interest, with cash paid in lieu of any fractional shares. \u200b As of July 1, 2025, Bancorp Financial had approximately $1.43 billion of total assets, $1.20 billion of total loans, and $1.23 billion of total deposits. The consideration paid totaled $189.4 million and consisted of 7.9 million shares of Old Item 1. Business \u200b General \u200b Old Second Bancorp, Inc. is a corporation organized under the laws of the State of Delaware in 1981 that serves as the bank holding company for its wholly-owned subsidiary bank, Old Second National Bank. Old Second National Bank (the \u201cBank\u201d) is a national banking association headquartered in Aurora, Illinois, that operates through 55 banking centers located in Cook, DeKalb, DuPage, Kane, Kendall, LaSalle and Will counties in Illinois. \u200b In this report, unless the context suggests otherwise, references to the \u201cCompany\u201d or \u201cOld Second\u201d refer to Old Second Bancorp, Inc. and references to \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d mean the combined business of the Company, the Bank and its wholly-owned subsidiaries. \u200b We conduct a full service community banking and trust business through the Bank and its wholly-owned subsidiaries, as follows: \u200b \u25cfOld Second Affordable Housing Fund, L.L.C., which was formed for the purpose of providing down payment assistance for home ownership to qualified individuals; \u25cfStation I, LLC, Station II, LLC, and Station III, LLC, which were formed to hold property acquired by the Bank through foreclosure or in the ordinary course of collecting a debt previously contracted with borrowers; and \u25cfRiver Street Advisors, LLC, which was formed in May 2010 to provide investment advisory/management services. \u200b Intercompany transactions and balances are eliminated in consolidation. We evaluate our operations as one operating segment, which is community banking. Financial information concerning our operations can be found in the financial statements in this annual report. \u200b Mergers and Acquisitions \u200b On July 1, 2025, we completed our previously announced acquisition of Bancorp Financial, Inc. (\u201cBancorp Financial\u201d), pursuant to the agreement and plan of merger dated February 24, 2025. At the effective time of the acquisition, Bancorp Financial merged with and into the Company, with the Company continuing as the surviving corpora Item 1A. Risk Factors \u200b There are risks, many beyond our control, which could cause our results to differ significantly from management\u2019s expectations. Some of these risk factors are described below. Any factor described in this Annual Report on Form 10-K could, by itself or together with one or more other factors, adversely affect our business, results of operati", "title": "OSBC - OLD SECOND BANCORP INC", "url": "/company/OSBC/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0002012593; latest 10-K filed 2026-03-10.", "text": "RAPP - Rapport Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0002012593; latest 10-K filed 2026-03-10. RAPP Rapport Therapeutics, Inc. 0002012593 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and related notes and other financial information included elsewhere in this Annual Report on Form 10-K (this \u201cAnnual Report\u201d). This discussion and analysis and other parts of this Annual Report contain forward-looking statements based upon our current plans and expectations that involve risks, uncertainties and assumptions, such as statements regarding our plans, strategies, objectives, expectations, intentions and beliefs. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d and elsewhere in this Annual Report. You should carefully read the \u201cRisk Factors\u201d section of this Annual Report to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Overview We are a clinical-stage biotechnology company dedicated to the discovery and development of small molecule precision medicines for patients with neurological or psychiatric disorders. Our foundational science has elucidated complexities of neuronal receptor biology and enables us to map and target certain neuronal receptor complexes. Neuronal receptors are complex assemblies of proteins, comprising receptor principal subunits and their receptor associated proteins (\u201cRAPs\u201d), the latter of which play crucial roles in regulating receptor expression and function. We believe that our deep expertise in RAP biology provides an opportunity for us to interrogate previously inaccessible targets and develop neurological and psychiatric drugs that are specific for receptor variants and neuroanatomical regions associated with certain diseases. Most neuroactive drugs lack this specificity, often resulting in undesired and intolerable side effects. Leveraging our expertise, we are developing a portfolio of precision product candidates that we believe has the potential to transform the standard of care of many neurological and psychiatric disorders. Our founders have made pioneering discoveries related to the function of RAPs in the brain. Their findings form the basis of our RAP technology platform, which enables a differentiated approach to generate precision small molecule product candidates with the potential to overcome many limitations of conventional neurology drug discovery. RAP-219, our most advanced product candidate, is an AMPA receptor (\u201cAMPAR\u201d) negative allosteric modulator (\u201cNAM\u201d). RAP-219 is designed to achieve neuroanatomical specificity through its selective targeting of a RAP known as TARP\uf0678, which is associated with the neuronal AMPARs. Whereas AMPARs are distributed widely in the central nervous system (\u201cCNS\u201d), TARP\uf0678 is expressed only in discrete regions, including the neocortex and mesial temporal lobe, where focal onset seizures (\u201cFOS\u201d) often originate. By contrast, TARP\uf0678 has minimal expression in the hindbrain, where drug effects are often associated with adverse events. As such, we believe RAP-219 has the potential for a differentiated profile as compared to traditional neuroscience medications. Due to the role of AMPA biology in various neurological disorders and our precision approach of selectively targeting TARP\uf0678, we believe RAP-219 has pipeline-in-a-product potential and we are evaluating it as a potentially transformational treatment for patients with FOS, primary generalized tonic-clonic seizures (\u201cPGTCS\u201d), and bipolar mania. Several Phase 1 trials in RAP-219 have been conducted in heal Item 1. Business Overview We are a clinical-stage biotechnology company dedicated to the discovery and development of small molecule precision medicines for patients with neurological or psychiatric disorders. Our foundational science has elucidated the complexities of neuronal receptor biology and enables us to map and target certain neuronal receptor complexes. Neuronal receptors are complex assemblies of proteins, comprising receptor principal subunits and their receptor associated proteins (\u201cRAPs\u201d), the latter of which play crucial roles in regulating receptor expression and function. We believe that our deep expertise in RAP biology provides an opportunity for us to interrogate previously inaccessible targets and develop neurological and psychiatric drugs that are specific for receptor variants and neuroanatomical regions associated with certain diseases. Most neuroactive drugs lack this specificity, often resulting in undesired and intolerable side effects. Leveraging our expertise, we are developing a portfolio of precision product candidates that we believe has the potential to transform the standard of care of many neurological and psychiatric disorders. Our founders have made pioneering discoveries related to the function of RAPs in the brain. Their findings form the basis of our RAP technology platform, which enables a differentiated approach to generate precision small molecule product candidates with the potential to overcome many limitations of conventional neurology drug discovery. RAP-219, our most advanced product candidate, is an AMPA receptor (\u201cAMPAR\u201d) negative allosteric modulator (\u201cNAM\u201d). RAP-219 is designed to achieve neuroanatomical specificity through its selective targeting of a RAP known as TARP\uf0678, which is associated with the neuronal AMPARs. Whereas AMPARs are distributed widely in the central nervous system (\u201cCNS\u201d), TARP\uf0678 is expressed only in discrete regions, including the neocortex and mesial temporal lobe, where focal onset seizur Item 1A. Risk Factors. Our business involves significant risks. Stockholders should carefully consider the risks and uncertainties described below and the other information in this Annual Report on Form 10-K (this \u201cAnnual Report\u201d) and in the other documents that we file with the SEC. Our business, financial con", "title": "RAPP - Rapport Therapeutics, Inc.", "url": "/company/RAPP/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001409493; latest 10-K filed 2026-02-18.", "text": "CIM - CHIMERA INVESTMENT CORP SIC 6798 Real Estate Investment Trusts; CIK 0001409493; latest 10-K filed 2026-02-18. CIM CHIMERA INVESTMENT CORP 0001409493 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and notes to those statements included in Part IV of this 2025 Form 10-K. The discussion may contain certain forward-looking statements that involve risks and uncertainties. Forward-looking statements are those that are not historical in nature. As a result of many factors, such as those set forth under \u201cRisk Factors\u201d in this 2025 Form 10-K, our actual results may differ materially from those anticipated in such forward-looking statements. This section of the 2025 Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this 2025 Form 10-K, can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Executive Summary We are a diversified real estate company that invests in, originates, and manages primarily residential real estate assets. The assets we may invest in and manage for others, through our wholly-owned subsidiary PAS, include residential mortgage loans, Non-Agency RMBS, Agency RMBS, business purpose loans (including RTLs) and investor loans, MSRs and other real estate-related assets such as Agency CMBS, junior liens and HELOCs, equity appreciation rights, and reverse mortgages. Also, through our wholly-owned subsidiary, HomeXpress, we originate consumer Non-QM and investor business purpose residential mortgage loans as well as QM residential mortgage loans. In 2025, we reevaluated the composition of our reportable segments based on changes in the significance of certain business activities, including the acquisition of HomeXpress, and the manner in which our management reviews operating results and allocates resources. As a result of this reevaluation, we report as two reportable segments: (i) Investment Portfolio, and (ii) Residential Origination. The Investment Portfolio segment consists of our investments and third-party advisory services activities. The Residential Origination segment consists of the stand-alone mortgage origination business of HomeXpress that originates consumer Non-QM, investor business purpose, and other Non-Agency and Agency mortgage loan products. Investment Portfolio Segment As of December 31, 2025, based on the fair value of our interest earning assets, approximately 65% of our investment portfolio was allocated to residential mortgage loans, 23% to Agency MBS, 5% to Non-Agency RMBS and less than 1% to interests in MSR financing receivables (excluding loans held for sale by HomeXpress). As of December 31, 2024, based on the fair value of our interest earning assets, approximately 88% of our investment portfolio was allocated to residential mortgage loans, 4% to Agency RMBS, and 8% to Non-Agency RMBS. We utilize a variety of channels, including securitizations, warehouse facilities, repurchase agreements and other capital market activities to finance our investments, manage liquidity, improve capital efficiency, support the implementation of our investment strategies, as well as to enhance our potential return on equity. We manage interest rate risk using hedging instruments such as interest rate swaps, swap futures, treasury futures, swaptions, and interest rate caps. Our investment strategy is intended to be durable across a variety of economic, rate, and credit environments. We seek to approach portfolio management in a disciplined manner and expect to operate in an environment characterized by ongoing uncertainty related to global trade dynamics, fiscal and monetary policy, inflation, labor market conditions, economic growth, and domestic and geopolitic Item 1. Business The Company We are a diversified real estate company that invests in, originates, and manages primarily residential real estate assets. The assets we may invest in and manage for others, through our wholly-owned subsidiary Palisades Advisory Services LLC (\u201cPAS\u201d), include residential mortgage loans, Non-Agency RMBS, Agency RMBS, business purpose loans (including RTLs) and investor loans, MSRs and other real estate-related assets such as Agency CMBS, junior liens and HELOCs, equity appreciation rights, and reverse mortgages. Also, through our wholly-owned subsidiary, HomeXpress Mortgage Corp. (\u201cHomeXpress\u201d), we originate consumer Non-QM and investor business purpose residential mortgage loans as well as QM residential mortgage loans. Chimera Investment Corporation was incorporated in Maryland on June 1, 2007 and started trading on the NYSE in November 2007, and is structured as an internally managed real estate investment trust (REIT) for U.S. federal income tax purposes. Acquisition of HomeXpress Mortgage Corp. On October 1, 2025, the Company completed the acquisition of HomeXpress (the \u201cHomeXpress Acquisition\u201d) for total consideration of $272 million, which consisted of (i) cash of $124 million, representing the Adjusted Book Value of HomeXpress as of September 30, 2025, (ii) cash premium of $120 million, and (iii) issuance of 2,077,151 shares of the Company's common stock. As a result of the HomeXpress Acquisition, the Company began originating consumer Non-QM, investor business purpose, and other mortgage loan products through its subsidiary, HomeXpress during the fourth quarter. In 2025, the Company reevaluated its composition and the number of our reportable segments based on changes in the significance of certain business activities, including the HomeXpress Acquisition. As a result of this reevaluation, the Company reports as two reportable segments: (i) Investment Portfolio, and (ii) Residential Origination. The Investment Portfolio segm Item 1A. Risk Factors You should carefully consider the following factors, together with all the other information included in this 2025 Form 10-K, in evaluating our company and our business. If any of the following risks actually occur, our business, financial condition and results of operations could be materially and ", "title": "CIM - CHIMERA INVESTMENT CORP", "url": "/company/CIM/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001784535; latest 10-K filed 2026-02-20.", "text": "PRCH - Porch Group, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001784535; latest 10-K filed 2026-02-20. PRCH Porch Group, Inc. 0001784535 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Business Overview\",\"49\"],[\"Basis of Presentation\",\"50\"],[\"Critical Accounting Estimates\",\"50\"],[\"Recent Developments\",\"52\"],[\"Results of Operations\",\"53\"],[\"Consolidated Results of Operations\",\"54\"],[\"Porch Shareholder Interest Results (Non-GAAP)\",\"60\"],[\"Key Performance Measures and Operating Metrics\",\"63\"],[\"Liquidity and Capital Resources\",\"64\"],[\"Non-GAAP Financial Measures\",\"68\"],[\"Contractual Obligations and Commitments\",\"72\"],[\"Recent Accounting Pronouncements\",\"72\"]] [[/GREPCENT_TABLE]] Business Overview Porch Group, Inc., together with its consolidated subsidiaries, (\u201cPorch,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d) is a new kind of homeowners insurance company\u2014one designed to stand out in a massive and growing market of more than $100 billion. Our strategy is built on three differentiators that set us apart. 1.Advantaged Underwriting Through Proprietary Data Leveraging unique property insights, we can assess risk with greater precision, enabling competitive pricing for low-risk customers and avoiding high-risk customers, while delivering superior underwriting performance. 2.Best Services for Homebuyers We are committed to being the go-to partner during one of life\u2019s most significant transitions\u2014buying a home\u2014by offering services that simplify moving and home setup. 3.More Protection We combine homeowners insurance with home warranty, filling coverage gaps and reducing unexpected costs for consumers. Beyond insurance, Porch is a leader in the home software-as-a-service (\u201cSaaS\u201d) space, serving approximately 24 thousand companies across industries essential to the home-buying process\u2014home inspectors, title companies, mortgage providers, and more. Our deep relationships and proprietary data give us unique visibility into approximately 90% of U.S. homes, enabling superior risk assessment and competitive pricing. Our mission is to be the best homeowners insurance partner for homebuyers, offering more than just coverage. Through the Porch app, we provide a full moving concierge service, helping customers with moving logistics and essential home services like security, TV/Internet setup, and more. Finally, we deliver greater home protection by pairing homeowners insurance with full home warranty, additional coverages, and appliance recall monitoring. This approach fills coverage gaps, reduces unexpected costs, and strengthens our value proposition\u2014creating deeper, lasting relationships with our customers. In January 2025, we completed the formation of Porch Reciprocal Exchange (the \u201cReciprocal\u201d) and, as part of this process, sold our legacy homeowners insurance carrier, Homeowners of America (\u201cHOA\u201d), to the Reciprocal. Following the sale, HOA became a wholly owned subsidiary of the Reciprocal. Porch continues to manage and operate the Reciprocal, providing critical services such as underwriting, policy renewal, risk and portfolio management, financial oversight, and investment guideline setting. In return, Porch earns commissions and fees for these services. Beginning in January 2025, we operate under four reportable segments that are also our operating segments. Three of these segments are owned by Porch \u2014 Insurance Services, Software & Data, and Consumer Services. We collectively call these three segments, along with corporate functions, the \u201cPorch Shareholder Interest.\u201d The fourth segment, the Reciprocal Segment, is managed, but not owned, by Porch and, at this time, is consolidated for reporting purposes as described in the basis of presentation section in Note 1 of the unaudited Notes to Consolidated Financial Statements. Insurance Services \u2014 Our Insurance Services segment manages and operates the Reciprocal, providing services related, but not limited, to underwriting, policy renewal, risk management, insurance portfolio management, 49 Table of Contents financial management, and set Item 1. Business [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Company Overview\",\"5\"],[\"Core Differentiation\",\"6\"],[\"Industry Trends\",\"7\"],[\"Strategic Growth Pillars\",\"7\"],[\"Government Regulation\",\"8\"],[\"Human Capital Management\",\"10\"],[\"Available Information\",\"11\"]] [[/GREPCENT_TABLE]] Company Overview Introduction to Porch Porch Group, Inc., together with its consolidated subsidiaries, (\u201cPorch,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d) is a new kind of homeowners insurance company\u2014one designed to stand out in a massive and growing market of more than $100 billion. Our strategy is built on three differentiators that set us apart. 1.Advantaged Underwriting Through Proprietary Data Leveraging unique property insights, we can assess risk with greater precision, enabling competitive pricing for low-risk customers and avoiding high-risk customers, while delivering superior underwriting performance. 2.Best Services for Homebuyers We are committed to being the go-to partner during one of life\u2019s most significant transitions\u2014buying a home\u2014by offering services that simplify moving and home setup. 3.More Protection We combine homeowners insurance with home warranty, filling coverage gaps and reducing unexpected costs for consumers. In January 2025, we completed the formation of Porch Reciprocal Exchange (the \u201cReciprocal\u201d) and, as part of this process, sold our legacy homeowners insurance carrier, Homeowners of America (\u201cHOA\u201d), to the Reciprocal. Following the sale, HOA became a wholly owned subsidiary of the Reciprocal. Porch continues to manage and operate the Reciprocal, providing critical services such as underwriting, policy renewal, risk and portfolio management, financial oversight, and investment guideline setting. In return, Porch earns commissions and fees for these services. Beyond insurance, Porch is a leader in the home software-as-a-service (\u201cSaaS\u201d) space, serving approximately 24 thousand companies across industries essential to the home-buying process\u2014home inspectors, Item 1A. Risk Factors The following summary risk factors and other information included in this Annual Report should be carefully considered. The summary risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not currently known to us or that we currently deem less significant may also affect our", "title": "PRCH - Porch Group, Inc.", "url": "/company/PRCH/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001637873; latest 10-K filed 2026-02-23.", "text": "ACVA - ACV Auctions Inc. SIC 7389 Services-Business Services, NEC; CIK 0001637873; latest 10-K filed 2026-02-23. ACVA ACV Auctions Inc. 0001637873 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations with our audited consolidated financial statements and the related notes appearing elsewhere in this Annual Report on Form 10- K. This discussion, particularly information with respect to our financial condition or results of operations, business strategy and plans and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading \u201cSpecial Note Regarding Forward-Looking Statements\u201d in this Annual Report on Form 10-K. You should review the disclosure under the heading \u201cItem 1A. Risk Factors\u201d in this Annual Report on Form 10-K for a discussion of important factors that could cause our actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. A discussion regarding our financial condition and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024 is presented below. A discussion regarding our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in our 2024 Form 10-K filed with the SEC on February 19, 2025. Overview Our mission is to build and enable the most trusted and efficient marketplace platform for buying and selling used vehicles with transparency and comprehensive data that was previously unimaginable. We provide a highly efficient and vibrant marketplace platform for wholesale vehicle transactions and data services that offer transparent and accurate vehicle information to our customers. Our marketplace platform leverages data insights and technology to power our digital marketplace and data services, enabling our dealers and commercial partners to buy, sell, and value vehicles with confidence and efficiency. We strive to solve the challenges that the used automotive industry has faced for generations and provide powerful technology-enabled capabilities to our dealers and commercial partners who fulfill a critical role in the automotive ecosystem. We help dealers source and manage inventory and accurately price their vehicles as well as process payments, transfer titles, manage arbitrations, and finance and transport vehicles. Our marketplace platform encompasses: \u2022Digital Marketplace. Connects buyers and sellers of wholesale vehicles in an intuitive and efficient manner. Our core digital marketplace offerings are auctions in varying formats, which facilitate real time transactions of wholesale vehicles, and are accessible across multiple platforms including mobile apps, desktop, and directly through API integration. We also offer transportation, financing and assurance services to facilitate the entire transaction journey. \u2022Remarketing Centers. Provides an additional channel to provide dealers and commercial partners with auction services. At remarketing centers, vehicles may be auctioned onsite and/or launched into the digital marketplace. Additional services are offered at remarketing centers that are important to servicing commercial partners. \u2022Data Services. Offers insights into the condition and value of used vehicles for transactions both on and off our Marketplace and helps dealers, their end consumers, and commercial partners make more informed decisions and transact with confidence and efficiency. We enable dealers to manage their inventory and set pricing more effectively while turning vehicles faster and maximizing profit by leveraging predictive analytics informed by artificial intelligence, machine learning and market data. \u2022Data and Technology. Underpins everything we do, and powers ou Item 1. Business. Overview Our mission is to build and enable the most trusted and efficient marketplace for buying and selling used vehicles with transparency and comprehensive data that was previously unimaginable. We provide a highly efficient and vibrant marketplace platform (\"marketplace platform\" or \"marketplace\") for wholesale vehicle transactions and data services that offer transparent and accurate vehicle information to our customers. Our marketplace platform leverages data insights and technology to power our digital marketplace and data services, enabling our dealers and commercial partners to buy, sell, and value vehicles with confidence and efficiency. Our marketplace platform is also supported by remarketing centers in various locations throughout the United States. We strive to solve the challenges that the used automotive industry has faced for generations and provide powerful technology-enabled capabilities to our dealers and commercial partners who fulfill a critical role in the automotive ecosystem. We help dealers source and manage inventory and accurately price their vehicles as well as process payments, transfer titles, manage arbitrations, and finance and transport vehicles. Our marketplace platform encompasses: \u2022Digital Marketplace. Connects buyers and sellers of wholesale vehicles in an intuitive and efficient manner. Our core digital marketplace offerings are auctions in varying formats, which facilitate real-time transactions of wholesale vehicles, and are accessible across multiple platforms including mobile apps, desktop, and directly through our application programming interface (API) integration. We also offer transportation, financing and assurance services to facilitate the entire transaction journey. \u2022Remarketing Centers. Provides an additional channel to provide dealers and commercial partners with auction services. At remarketing centers, vehicles may be auctioned onsite and/or launched into the digital marketplace. Addition Item 1A. Risk Factors. RISK FACTORS Our operations and financial results are subject to various risks and uncertainties including those described below. You should consider carefully the risks and uncertainties described below, in addition to other information contained in this Annual Report on Form 10-K, including our consoli", "title": "ACVA - ACV Auctions Inc.", "url": "/company/ACVA/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001370053; latest 10-K filed 2026-03-03.", "text": "ANAB - ANAPTYSBIO, INC SIC 2834 Pharmaceutical Preparations; CIK 0001370053; latest 10-K filed 2026-03-03. ANAB ANAPTYSBIO, INC 0001370053 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with the historical consolidated financial statements and the notes thereto included in Part II, Item 8\u2014Consolidated Financial Statements and Supplementary Data of this Annual Report on Form 10-K. This discussion and other sections of this Annual Report contain forward-looking statements that involve risks and uncertainties, such as our plans, objectives, expectations, intentions, and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the section entitled \u201cRisk Factors\u201d included in Part I, Item 1A of this Annual Report. You should also carefully read \u201cSpecial Note Regarding Forward-Looking Statements\u201d. Overview We are a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics for autoimmune and inflammatory diseases. Our clinical-stage pipeline includes rosnilimab, a selective pathogenic T cell depleter, for which we completed a Phase 2b trial for the treatment of moderate-to-severe rheumatoid arthritis (\u201cRA\u201d), ANB033, a CD122 antagonist, in a Phase 1b trial for celiac disease (\u201cCeD\u201d) and eosinophilic esophagitis (\u201cEoE\u201d), and ANB101, a BDCA2 modulator, in a Phase 1a trial. We also discovered and out-licensed, in financial collaborations, multiple therapeutic antibodies, including a PD-1 antagonist (Jemperli (dostarlimab-gxly) or \u201cJemperli\u201d) to GSK and an IL-36R antagonist (imsidolimab) to Vanda Pharmaceuticals Inc. (\u201cVanda\u201d). We currently recognize revenue from milestones and royalties achieved under our immuno-oncology collaboration with GSK and license and transition services revenue from our collaboration with Vanda. Intention to Separate Company In September 2025, we announced that our board of directors (\u201cBoard of Directors\u201d) approved plans to explore separating our business into two independent, publicly traded companies. One company is expected to hold and continue to manage the financial collaboration for Jemperli from GSK and for imsidolimab from Vanda, with a focus on protecting and returning value of the royalties to its shareholders. The other company is expected to be a clinical-stage biotechnology company focused on the development and potential commercialization of innovative therapeutics for autoimmune and inflammatory diseases, including rosnilimab, ANB033 and ANB101. Upon completion of the proposed separation, which we expect to complete in the second quarter of 2026, we intend to launch the clinical-stage biotechnology company with adequate capital to fund operations for at least twelve months after the date the proposed separation is completed. While the proposed separation is anticipated to be a taxable event, we are focused on minimizing overall corporate and shareholder-level taxes across the entire transaction. Completion of the proposed separation is subject to final approval by our Board of Directors and other customary conditions, including the effectiveness of a registration statement with the Securities and Exchange Commission (the \u201cSEC\u201d). Our Wholly Owned Clinical-Stage Pipeline Our antibodies are in development to treat inflammatory diseases. We believe these molecules have potential applicability across a broad range of autoimmune and inflammatory diseases, including in gastroenterology, rheumatology, dermatology, respiratory, and other therapeutic areas. Rosnilimab Rosnilimab is an IgG1 antibody that directly targets pathogenic T cells, such as activated Tph/Tfh and T effector cells, in the periphery or inflamed tissue. These T cells, when activated, proliferate and migrate, and secrete the inflammatory cytokines that are the drivers of autoimmune an Item 1. Business Overview We are a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics for autoimmune and inflammatory diseases. Our clinical-stage pipeline includes rosnilimab, a selective pathogenic T cell depleter, for which we completed a Phase 2b trial for the treatment of moderate-to-severe rheumatoid arthritis (\u201cRA\u201d), ANB033, a CD122 antagonist, in a Phase 1b trial for celiac disease (\u201cCeD\u201d) and eosinophilic esophagitis (\u201cEoE\u201d), and ANB101, a BDCA2 modulator, in a Phase 1a trial. We also discovered and out-licensed, in financial collaborations, multiple therapeutic antibodies, including a PD-1 antagonist (Jemperli (dostarlimab-gxly) or \u201cJemperli\u201d) to GSK and an IL-36R antagonist (imsidolimab) to Vanda Pharmaceuticals Inc. (\u201cVanda\u201d). We currently recognize revenue from milestones and royalties achieved under our immuno-oncology collaboration with GSK and license and transition services revenue from our collaboration with Vanda. Intention to Separate Company In September 2025, we announced that our board of directors (\u201cBoard of Directors\u201d) approved plans to explore separating our business into two independent, publicly traded companies. One company is expected to hold and continue to manage the financial collaboration for Jemperli from GSK and for imsidolimab from Vanda, with a focus on protecting and returning value of the royalties to its shareholders. The other company is expected to be a clinical-stage biotechnology company focused on the development and potential commercialization of innovative therapeutics for autoimmune and inflammatory diseases, including rosnilimab, ANB033 and ANB101. Upon completion of the proposed separation, which we expect to complete in the second quarter of 2026, we intend to launch the clinical-stage biotechnology company with adequate capital to fund operations for at least twelve months after the date the proposed separation is completed. While the proposed separation is anticipate Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below, as well as the other information in this report, including our consolidated financial statements and the related notes and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of", "title": "ANAB - ANAPTYSBIO, INC", "url": "/company/ANAB/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001964333; latest 10-K filed 2026-02-27.", "text": "BHRB - Burke & Herbert Financial Services Corp. SIC 6021 National Commercial Banks; CIK 0001964333; latest 10-K filed 2026-02-27. BHRB Burke & Herbert Financial Services Corp. 0001964333 6021 National Commercial Banks Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our consolidated financial condition and results of operations of the Company should be read in conjunction with our consolidated financial statements and notes thereto presented in Item 8. Financial Statements and Supplementary Data. Historical results of operations and the percentage relationships among any amounts included, and any trends that may appear, may not indicate trends in operations or results of operations for any future periods. We are a financial holding company and we conduct all of our material business operations through the Bank. As a result, the discussion and analysis below primarily relate to activities conducted at the Bank. We have made, and will continue to make, various forward-looking statements with respect to financial and business matters. Comments regarding our business that are not historical facts are considered forward-looking statements that involve inherent risks and uncertainties, see Disclosure Regarding Forward-Looking Statements. Actual results may differ materially from those contained in these forward-looking statements. 64 Table of Contents Overview Burke & Herbert Financial Services Corp. was organized as a Virginia corporation in 2022 to serve as the holding company for Burke & Herbert Bank & Trust Company. The Company became a bank holding company when it commenced operations on October 1, 2022, following a reorganization transaction in which it acquired control of the Bank under the BHCA. This transaction was treated as an internal reorganization as all shareholders of the Bank became shareholders of the Company. The Company has no material operations other than owning the Bank. In September 2023, the Company elected to become a financial holding company under the BHCA. As a financial holding company of a Virginia state bank, the Company is subject to regulation, supervision, and examination by the Federal Reserve and the Virginia BFI. The Bank is a Virginia chartered commercial bank that commenced operations in 1852. The Bank became a member of the Federal Reserve System on December 31, 2024. The Bank is subject to regulation, supervision, and examination by the Federal Reserve (through the Federal Reserve Bank of Richmond) and the Virginia BFI. The Bank\u2019s primary market area includes northern Virginia and West Virginia, and it has over 77 branches and commercial loan offices across Delaware, Kentucky, Maryland, Virginia, and West Virginia. The Company\u2019s branch locations accept business and consumer deposits from a diverse customer base. The Company\u2019s deposit products include checking, savings, and term certificate accounts. The Company\u2019s loan portfolio includes commercial and consumer loans, a substantial portion of which are secured by real estate. The Bank derives a significant portion of its income from interest received on loans and investments. The Bank\u2019s primary source of funding is deposits, both interest-bearing and non-interest-bearing. In order to maximize the Bank\u2019s net interest income, or the difference between the income on interest-earning assets and the expense of interest-bearing liabilities, the Bank must not only manage the volume of these balance sheet items, but also the yields earned on interest-earning assets and the rates paid on interest-bearing liabilities. To account for credit risk inherent in all loans, the Bank maintains an allowance for credit loss (\u201cACL\u201d) to absorb expected credit losses on existing loans that may become uncollectible. The Bank establishes and maintains this ACL by charging a provision for credit losses against operating earnings. In order to maintain its operations and branch locations, the Bank incurs various operating expenses, which are further described within the \u201cResults of Operations\u201d later in this section. As of December 31, 2025, we had total consolidated assets of $7.9 billion, Item 1. Business Overview Burke & Herbert Financial Services Corp. was organized as a Virginia corporation in 2022 to serve as the holding company for Burke & Herbert Bank & Trust Company. The Company became a bank holding company when it commenced operations on October 1, 2022, following a reorganization transaction in which it acquired control of the Bank under the Bank Holding Company Act of 1956 (\u201cBHCA\u201d). This transaction was treated as an internal reorganization as all shareholders of the Bank became shareholders of the Company. The Company has no material operations other than owning the Bank. In September 2023, the Company elected to become a financial holding company under the BHCA. As a financial holding company of a Virginia state bank, the Company is subject to regulation, supervision, and examination by the Board of Governors of the Federal Reserve System (the \u201cFederal Reserve\u201d) and the Bureau of Financial Institutions of the Virginia State Corporation Commission (the \u201cVirginia BFI\u201d). The Bank is a Virginia chartered commercial bank that commenced operations in 1852. The Bank became a member of the Federal Reserve System on December 31, 2024. The Bank is subject to regulation, supervision, and examination by the Federal Reserve (through the Federal Reserve Bank of Richmond) and the Virginia BFI. The Company is authorized to issue forty million (40,000,000) shares of common stock, par value $0.50 per share (\u201cCommon Stock\u201d), of which there were 15,038,857 outstanding as of the date of this Form 10-K. The Company\u2019s authorized capital also consists of up to two million (2,000,000) shares of serial preferred stock, par value $1.00 (\u201cSerial Preferred Stock\u201d) of which there were 1,500 outstanding shares of the Burke & Herbert Series 2021 Preferred Stock (the \u201cBurke & Herbert Series 2021 Preferred Stock\u201d) as of the date of this Form 10-K. These authorized capital share amounts reflect a share-split authorized and approved by the Company\u2019s Board of Directors ( Item 1A. Risk Factors An investment in our Common Stock involves risks and uncertainties. In addition to the other information set forth in this Form 10-K, including information addressed under \u201cDisclosure Regarding Forward-Looking Statements,\u201d investors in our Common Stock should carefully c", "title": "BHRB - Burke & Herbert Financial Services Corp.", "url": "/company/BHRB/" }, { "kind": "company", "summary": "SIC 3826 Laboratory Analytical Instruments; CIK 0001314102; latest 10-K filed 2026-03-05.", "text": "EYPT - EyePoint, Inc. SIC 3826 Laboratory Analytical Instruments; CIK 0001314102; latest 10-K filed 2026-03-05. EYPT EyePoint, Inc. 0001314102 3826 Laboratory Analytical Instruments ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of financial condition and results of operations should be read in conjunction with our audited Consolidated Financial Statements and related Notes beginning on page F-1 of this Annual Report on Form 10-K. This discussion contains forward-looking statements, based on current expectations and related to future events and our future financial performance, that involve risks and uncertainties. Our actual results may differ significantly from those anticipated or implied in these forward-looking statements as a result of many important factors, including, but not limited to, those set forth under Item 1A, \u201cRisk Factors,\u201d and elsewhere in this report. The following Management\u2019s Discussion and Analysis (MD&A) provides a narrative of our results of operations for the year ended December 31, 2025, and the comparable period ended December 31, 2024, respectively, and our financial position as of December 31, 2025 and 2024, respectively. The MD&A should be read together with our consolidated financial statements and related notes included in this Annual Report on Form 10-K. Overview We are a clinical-stage biopharmaceutical company committed to developing and commercializing innovative therapeutics to improve the lives of patients with serious retinal diseases. Our pipeline leverages its proprietary bioerodible Durasert E\u2122 technology (Durasert E\u2122) for sustained intraocular drug delivery. Our lead product candidate, DURAVYU\u21221, is an investigational sustained delivery treatment for vascular endothelial growth factor (VEGF) mediated retinal diseases combining vorolanib, a selective and patent-protected tyrosine kinase inhibitor (TKI) with our bioerodible Durasert E\u2122 drug delivery technology. DURAVYU is currently being evaluated in Phase 3 pivotal trials (LUGANO and LUCIA) for wet age-related macular degeneration (wet AMD) and in Phase 3 clinical trials (COMO and CAPRI) for diabetic macular edema (DME). Additional pipeline programs include EYP-2301, razuprotafib, a TIE-2 agonist, formulated in Durasert E\u2122 to potentially improve outcomes in serious retinal diseases. EyePoint is headquartered in Watertown, Massachusetts with a commercial manufacturing facility in Northbridge, Massachusetts. DURAVYU brings a potential new multi-mechanism of action paradigm for the treatment of retinal diseases as vorolanib, the active drug in DURAVYU, acts through intracellular inhibition of all VEGF receptors, platelet- derived growth factor (PDGF) and pro-inflammatory interleukin 6 (IL-6)/JAK1 signaling for at least six months. Vorolanib has also demonstrated neuroprotection in an in-vivo model of retinal detachment. DURAVYU is currently in Phase 3 clinical trials for the potential treatment of wet AMD and DME, the two largest retinal disease markets. Enrollment in the pivotal Phase 3 clinical trials for wet AMD is complete with data expected beginning in mid-2026. The first patient was dosed in the Phase 3 DME program in February 2026. We announced enrollment was completed in the pivotal Phase 3 LUGANO and LUCIA clinical trials evaluating DURAVYU on May 27, 2025 and July 29, 2025, respectively. Fiscal 2025 Overview The fiscal year ended December 31, 2025, was highlighted by the following events: \u2022 On January 8, 2025, we announced the appointment of renowned retina specialist and industry pioneer Reginald J. Sanders, M.D., FASRS to the Company\u2019s Board of Directors. \u2022 On March 18, 2025, ANI announced that it completed the buyout of its 3.125% perpetual royalty obligation to SWK on worldwide net revenues of ILUVIEN\u00ae and YUTIQ\u00ae for a one-time payment of $17.25 million. Under the terms of the agreement, upon making the buyout payment, no further royalty is due to SWK on net revenues beginning January 1, 2025, forward. As a result, the Company terminated the RPA effective March 18, 2025. \u2022 On October 14, 2025, we entered i ITEM 1. BUSINESS Overview EyePoint, Inc. (Nasdaq: EYPT) is a clinical-stage biopharmaceutical company committed to developing and commercializing innovative therapeutics to improve the lives of patients with serious retinal diseases. The Company's pipeline leverages its proprietary bioerodible Durasert E\u2122 technology (Durasert E\u2122) for sustained intraocular drug delivery. The Company\u2019s lead product candidate, DURAVYU\u21221, is an investigational sustained delivery treatment for vascular endothelial growth factor (VEGF) mediated retinal diseases combining vorolanib, a selective and patent-protected tyrosine kinase inhibitor (TKI) with the Company's bioerodible Durasert E\u2122 drug delivery technology. DURAVYU is currently being evaluated in Phase 3 pivotal trials (LUGANO and LUCIA) for wet age-related macular degeneration (wet AMD) and in Phase 3 clinical trials (COMO and CAPRI) for diabetic macular edema (DME). Additional pipeline programs include EYP-2301, razuprotafib, a TIE-2 agonist, formulated in Durasert E\u2122 to potentially improve outcomes in serious retinal diseases. EyePoint is headquartered in Watertown, Massachusetts with a commercial manufacturing facility in Northbridge, Massachusetts. DURAVYU brings a potential new multi-mechanism of action paradigm for the treatment of retinal diseases as vorolanib, the active drug in DRUAVYU\u2122, acts through intracellular inhibition of all VEGF receptors, platelet-derived growth factor (PDGF) and pro-inflammatory interleukin 6 (IL-6)/JAK1 signaling for at least six months. Vorolanib has also demonstrated neuroprotection in an in-vivo model of retinal detachment. DURAVYU is currently in Phase 3 clinical trials for the potential treatment of wet AMD and DME, the two largest retinal disease markets. Enrollment in the pivotal Phase 3 clinical trials for wet AMD is complete with data expected beginning in mid-2026. The first patient was dosed in the Phase 3 DME program in February 2026. Additional pipeline programs include EYP-230 ITEM 1A. RISK FACTORS RISKS RELATED TO OUR FINANCIAL POSITION AND OUR CAPITAL RESOURCES We will likely need additional capital to fund our operations. If we are unable to obtain sufficient capital, we will need to curtail and reduce our operations and costs and modify our business strategy. Our operations have consumed substantial ", "title": "EYPT - EyePoint, Inc.", "url": "/company/EYPT/" }, { "kind": "company", "summary": "SIC 5411 Retail-Grocery Stores; CIK 0000105418; latest 10-K filed 2026-03-12.", "text": "WMK - WEIS MARKETS INC SIC 5411 Retail-Grocery Stores; CIK 0000105418; latest 10-K filed 2026-03-12. WMK WEIS MARKETS INC 0000105418 5411 Retail-Grocery Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations: Overview The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand Weis Markets, Inc., its operations and its present business environment. The MD&A is provided as a supplement to and should be read in conjunction with the Consolidated Financial Statements and the accompanying notes thereto contained in \u201cItem 8. Financial Statements and Supplementary Data\u201d of this report. The following analysis should also be read in conjunction with the Financial Statements included in the Quarterly Reports on Form 10-Q and the Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission, as well as the cautionary statement captioned \u201cForward-Looking Statements\u201d immediately following this analysis. This overview summarizes the MD&A, which includes the following sections: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Company Overview - a general description of the Company\\u2019s business and strategic imperatives.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Results of Operations - an analysis of the Company\\u2019s consolidated results of operations for the three years presented in the Company\\u2019s Consolidated Financial Statements.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Liquidity and Capital Resources - an analysis of cash flows, aggregate contractual obligations, and off-balance sheet arrangements.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Critical Accounting Policies and Estimates - a discussion of accounting policies that require critical judgments and estimates.\"]] [[/GREPCENT_TABLE]] Restatement of Previously Issued Financial Statements The accompanying Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations gives effect to the restatement of the Company\u2019s previously reported consolidated financial statements for the years ended December 28, 2024 and December 30, 2023. As described in our Current Report on Form 8-K filed on February 20, 2026, the Audit Committee concluded that such previously issued financial statements and related previously reported unaudited consolidated financial statements for the thirteen and thirty-nine weeks ended September 27, 2025 and September 28, 2024, the thirteen and twenty-six weeks ended June 28, 2025 and June 29, 2024, and the thirteen weeks ended March 29, 2025 and March 30, 2024 should no longer be relied upon. This restatement related to the Company\u2019s overstatement of certain inventory amounts related to a single meat product manufacturing plant. The Audit Committee oversaw an investigation of this matter with the assistance of outside counsel and forensic accountants. Following the investigation, the Company determined that the overstatement resulted from the actions of a single former non-executive employee who intentionally altered inventory amounts. Company management also re-evaluated the effectiveness of the Company\u2019s internal control over financial reporting and identified material weaknesses in the Company\u2019s internal control over financial reporting as of December 27, 2025, described in Part II, Item 9a. \u201cControl and Procedures\u201d of this Form 10-K. For additional information and a detailed discussion of the restatement, see Note 1 and Note 12 in the notes to our consolidated financial statements included in this Annual Report on Form 10-K. Restatement adjustments have also been made to the previously reported unaudited consolidated financial statements for the thirteen and thirty-nine weeks ended September 27, 2025 and September 28, 2024, the thirteen and twenty-six weeks ended June 28, 2025 and June 29, 2024, and the thirteen weeks ended March 29, 2025 and March 30, 2024. For additional information related to the interim period restatements, see Note 1 and Note 12 in the notes to our consolidated financial stat Item 1. Business: Weis Markets, Inc. (Weis Markets or the Company) is a Pennsylvania business founded by Harry and Sigmund Weis in 1912 and incorporated in 1924. The Company is engaged principally in the retail sale of food in Pennsylvania and surrounding states. There was no material change in the nature of the Company\u2019s business during fiscal 2025. The Company\u2019s stock has been traded on the New York Stock Exchange since 1965 under the symbol \u201cWMK.\u201d The Weis family currently owns approximately 61% of the outstanding shares. Jonathan H. Weis serves as Chairman of the Board of Directors, President and Chief Executive Officer. The Company\u2019s retail food stores sell groceries, dairy products, frozen foods, meats, seafood, fresh produce, floral, pharmacy services, deli products, prepared foods, bakery products, beer and wine, fuel and general merchandise items, such as health and beauty care and household products. The store product selection includes national, local and private brands including natural, gluten-free and organic varieties. The Company advertises its products and promotes its brand through digital and printed circulars; television ads; radio ads; e-mail blasts; and on-line via its web site, social media and mobile applications. The Company promotes competitive pricing by using Everyday Lower Price; Low Price Guarantee; Low, Low Price; Weekly Hot Buys; senior and military discounts; and Loyalty programs. The Loyalty program includes reward points that may be redeemed for discounts on items in store, at the Company\u2019s fuel stations or at one of its third-party fuel station partners. The Company currently owns and operates 202 retail food stores many of which have on-line order customer service. The Company\u2019s operations are reported as a single reportable segment. The majority of the Company\u2019s revenues are generally not seasonal in nature. However, revenues tend to be higher during the major holidays throughout the year. Additionally, extreme weather syste Item 1a. Risk Factors: Competitive and Reputational Risks The Company\u2019s industry is highly competitive. If the Company is unable to compete effectively, the Company\u2019s financial condition and results of operations could be materially affected. The retail food industry is intensely price competitive, and the competition the Company encounters may have a nega", "title": "WMK - WEIS MARKETS INC", "url": "/company/WMK/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001777835; latest 10-K filed 2026-02-27.", "text": "PWP - Perella Weinberg Partners SIC 6199 Finance Services; CIK 0001777835; latest 10-K filed 2026-02-27. PWP Perella Weinberg Partners 0001777835 6199 Finance Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and related notes included elsewhere in this Annual Report on Form 10-K. Executive Overview We are a leading global independent advisory firm that provides strategic and financial advice to clients across some of the most active industry sectors and international markets. Our wide range of global clients include large public multinational corporations, mid-sized public and private companies, individual entrepreneurs, private and institutional investors, creditor committees and government institutions. For further information regarding our business, refer to \u201cPart I. Item 1. Business\u201d and \u201cPart I. Item 1A. Risk Factors\u201d of this filing. Business Environment Economic and global financial market conditions impact our financial performance. Our core advisory services benefit from macroeconomic changes that impact our client base and lead them to consider business combinations, acquisitions and divestitures, capital raises, restructurings, and liquidity solutions. We continue to invest in our platform to achieve scale, accelerate growth, and deliver value. See \u201cPart I \u2014 Item 1A. Risk Factors\u201d included elsewhere in this Form 10-K for a discussion of some of the factors that can affect our performance. Key Financial Measures Revenues We operate in a highly competitive environment, and each revenue-generating engagement is separately solicited and negotiated. Our fee-paying client engagements are not predictable, and we may experience fluctuations in revenues from quarter to quarter. To develop new business, we maintain an active business dialogue with existing and potential clients, and we expect to add new clients each year through expanding our relationships, hiring senior advisory professionals, and receiving introductions from our relationship network. However, we also lose clients each year due to various factors, such as sales or mergers, changes in clients\u2019 senior management, and competition from other financial services firms. Our revenue recognition is often tied to the completion of a transaction, which can be delayed or terminated due to various reasons, including failure to obtain regulatory or board approval, failure to secure financing, or adverse market conditions. Larger transactions may take longer to close, adding unpredictability to the timing of revenues. Despite our efforts, we may receive lower advisory fees or no fee at all if a transaction is not completed. Other barriers to the completion of restructuring transactions include a lack of anticipated bidders, failure to obtain court approval, or a failure to reach an agreement with creditors. In such cases, our advisory fees may be limited to monthly retainer fees plus the reimbursement of expenses. We do not present our revenue by the type of advice we provide because of the complexity of the transactions on which we may earn revenue and our holistic approach to client service. For instance, a traditional M&A engagement may require additional advisory services, such as capital markets or capital solutions advice or a private capital raise, which may call for cross-functional expertise from our professionals. We focus on dedicating the necessary resources and expertise to each engagement, regardless of product lines, to achieve the desired outcome for our clients. Consequently, disaggregation of revenues by type of advisory service offered would not provide a meaningful or reliable basis for presentation. 31 Operating Expenses Our operating expenses are classified as (i) total compensation and benefits expenses, including equity-based compensation, and (ii) non-compensation expenses. Compensation and Benefits Expenses Our compensation and benefits expenses consist of salaries, bonuses (discre Item 1. Business General We are a leading global independent advisory firm that provides strategic and financial advice to clients across the most active industry sectors and international markets. Our wide range of global clients include large public multinational corporations, mid-sized public and private companies, financial sponsors, individual entrepreneurs, private and institutional investors, creditor committees and government institutions. We were founded in June 2006 with the opening of offices in New York and London, led by a team of ten seasoned advisory partners who previously held senior management positions at large global investment banks. The foundation of our Company was rooted in a belief, among other considerations, that clients would increasingly seek out deeply experienced advisors who offer independent strategic thinking and who are not burdened by the complicated conflicts that large investment banking institutions may face due to their various businesses. The 2008 global financial crisis reinforced this hypothesis and contributed to the early growth of our Company. Today, we believe that our independence is even more important. For clients and for us, independence means freedom from the distractions that dilute strategic thinking and a willingness and candor to share an honest opinion, even if at times it is contrary to our clients\u2019 point of view. We believe that our clients choose to engage us because they value our unbiased perspective and expert advice regarding complex financial and strategic matters. Our business provides services to multiple industry sectors, geographic markets and advisory offerings. We believe that our collaborative partnership and integrated approach combining deep industry insights, significant technical, product and transactional expertise, and rigorous work ethic create a significant opportunity for our Company to realize sustainable growth. We seek to advise clients throughout their evolution, with the full r Item 1A. Risk Factors Risk Factor Summary The principal risks and uncertainties affecting our business include (but are not limited to) the following: changing market conditions; the Company's ability to execute on its growth initiatives, business strategies or operating plans; the Company's ability to successfully identify, recruit, develop and reta", "title": "PWP - Perella Weinberg Partners", "url": "/company/PWP/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001350653; latest 10-K filed 2026-02-24.", "text": "ATEC - Alphatec Holdings, Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001350653; latest 10-K filed 2026-02-24. ATEC Alphatec Holdings, Inc. 0001350653 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read in conjunction with the financial statements and the notes to those statements appearing elsewhere in this Annual Report on Form 10-K. A discussion regarding our financial condition and results of operations for 2025 compared to 2024 is presented under \u201cResults of Operations\u201d further below in this Item 7. For discussion regarding our financial condition and the results of operations for 2024 compared to 2023, refer to Part II, Item 7 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024. Some of the information contained in this discussion and analysis or set forth elsewhere in this report include the identification of certain trends and other statements that may predict or anticipate future business or financial results that are subject to important factors that could cause our actual results to differ materially from those indicated. See \u201cItem 1A Risk Factors\u201d included elsewhere in this Annual Report on Form 10-K. Overview We are a medical technology company, headquartered in Carlsbad, California, focused on the design, development, and advancement of technology for better surgical treatment of spine disorders. By applying our unique, 100% spine focus and deep industry know-how, we aim to revolutionize spine surgery through clinical distinction. The sophisticated approaches that we create from the ground up integrate with our expanding InformatiX\u2122 (\"IX\") platform to objectively inform surgery and achieve the goals of spine surgery more predictably and more reproducibly. We have a comprehensive product portfolio designed to address the spine\u2019s various pathologies and we are perpetually innovating to accomplish our vision to be the standard bearer in spine. The application of our team\u2019s deep spine know-how, coupled with a willingness to invest holistically in each of the technologies integrated into all of our procedural approaches continues to increasingly compel surgeons and sales talent to partner with us. That adoption-driven validation has been the source of industry-leading market share expansion, which has delivered an approximately 35% revenue compound annual growth rate since our transformation commenced in 2018. We market and sell our products through a network of independent sales agents and direct sales representatives. To deliver consistent, predictable growth, we have added, and intend to continue to add, clinically astute and exclusive sales team members to reach untapped surgeons, hospitals, and national accounts and better penetrate existing accounts and territories. Recent Developments 0.75% Senior Convertible Notes due 2030 In March 2025, we issued $405.0 million principal amount of unsecured senior convertible notes with a stated interest rate of 0.75% (the \"2030 Notes\"). The 2030 Notes began accruing interest immediately and interest is payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2025. The 2030 Notes are convertible into shares of our common stock based upon an initial conversion rate of 64.3407 shares of our common stock per $1,000 principal amount of 2030 Notes (equivalent to an initial conversion price of approximately $15.54 per share). The net proceeds from the sale of the 2030 Notes were approximately $392.9 million after deducting the offering expenses. The 2030 Notes will mature on March 15, 2030, unless earlier converted, redeemed, or repurchased. We used $42.5 million of the net proceeds from the 2030 Notes offering to enter into separate capped call instruments with certain financial institutions. The capped call transactions effectively limit the premium for conversion of the 2030 Notes to 100% and are generally expected to reduce potential di Item 1. Business We are a medical technology company, headquartered in Carlsbad, California, focused on the design, development, and advancement of technology for better surgical treatment of spine disorders. By applying our unique, 100% spine focus and deep industry know-how, we aim to revolutionize spine surgery through clinical distinction. The sophisticated approaches that we create from the ground up integrate with our expanding InformatiX\u2122 (\"IX\") platform to objectively inform surgery and achieve the goals of spine surgery more predictably and more reproducibly. We have a comprehensive product portfolio designed to address the spine\u2019s various pathologies and we are perpetually innovating to accomplish our vision to be the standard bearer in spine. Total revenue was $764.2 million for the year ended December 31, 2025, representing an increase of $152.6 million, or 25% compared to $611.6 million for the year ended December 31, 2024. We believe our future success will continue to be fueled by increasing surgeon adoption of our approach-specific procedures. Background The year 2018 marked the beginning of a business transformation that replaced 100% of our executive team, 92% of our Board of Directors, and 96% of the remaining team with experienced professionals, infusing spine know-how throughout our organization. Efforts that year founded the ATEC Organic Innovation Machine\u2122, in-house product design, development and testing capabilities that harnessed the team\u2019s collective spine expertise to create clinical distinction. From 2019 through 2021, we built a foundation capable of supporting the organization as we scale. We invested in new headquarters to substantially increase surgeon and sales training capacity and opened a distribution facility in Memphis, Tennessee, to ensure predictable and expedient surgical support as our footprint expands. We developed and released several key elements of our approach-based portfolio, including a comprehensive posterior Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the following risk factors and all other information contained or incorporated by reference in this Annual Report on Form 10-K. The risks and uncertainties described below are not t", "title": "ATEC - Alphatec Holdings, Inc.", "url": "/company/ATEC/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001823608; latest 10-K filed 2026-03-05.", "text": "AMAL - Amalgamated Financial Corp. SIC 6022 State Commercial Banks; CIK 0001823608; latest 10-K filed 2026-03-05. AMAL Amalgamated Financial Corp. 0001823608 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. General The following is a discussion of our consolidated financial condition as of December 31, 2025, as compared to December 31, 2024, and our results of operations for the years ended December 31, 2025, December 31, 2024, and December 31, 2023. The purpose of this discussion is to focus on information about our financial condition and results of operations which is not otherwise apparent from our consolidated financial statements and is intended to provide insight into our results of operations and financial condition. This discussion and analysis is best read in conjunction with our consolidated financial statements and related notes as well as the financial and statistical data appearing elsewhere in this report. Historical results of operations and the percentage relationships among any amounts included, and any trends that may appear, may not indicate results of operations for any future periods. This discussion generally focuses on 2025 and 2024 results and year-to-year comparisons between 2025 and 2024. Discussions of 2023 results and year-to-year comparisons between 2024 and 2023 can be found in the Management's Discussion and Analysis located in Part II, Item 7 of our annual report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 6, 2025. In addition to historical information, this discussion includes certain forward-looking statements regarding business matters and events and trends that may affect our future results. For additional information regarding forward-looking statements and our related cautionary disclosures, see the \u201cCautionary Note Regarding Forward-Looking Statements\u201d beginning on page ii of this report. In this discussion, unless the context indicates otherwise, references to \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to the Company and the Bank. However, if the discussion relates to a period before the Effective Date of our Reorganization, the terms refer only to the Bank. Overview Our Business Amalgamated Financial Corp., a Delaware public benefit corporation was formed on August 25, 2020 to serve as the holding company for the Bank, which was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country\u2019s oldest labor unions. On March 1, 2021, the Company acquired all of the outstanding stock of the Bank and the Bank became the sole subsidiary of the Company. Although we are no longer majority union-owned, The Amalgamated Clothing Workers of America\u2019s successor, Workers United, an affiliate of the Service Employees International Union that represents workers in the textile, distribution, food service and gaming industries, remains a significant stockholder, holding approximately 38% of our equity as of December 31, 2025. As of December 31, 2025, our total assets were $8.87 billion, our total loans, net of deferred fees and allowance were $4.90 billion, our total deposits were $7.95 billion, and our stockholders' equity was $794.5 million. As of December 31, 2025, our trust business held $38.63 billion in assets under custody and $16.63 billion in assets under management. We offer a complete suite of commercial and retail banking, investment management and trust and custody services. Our commercial banking and trust businesses are national in scope and we also offer a full range of products and services to both commercial and retail customers through our three branch offices across New York City, one branch office in Washington, D.C., one branch office in San Francisco, one commercial office in Boston and our digital banking platform. Our corporate divisions include Commercial Banking, Trust and Investment Management and Consumer Banking. Product line includes residential mortgage loans C&I loans, CRE loans, multifamily mortgages, consumer loans (predominantly residential solar) and a variety of commercial and consumer Item 1. Business General Overview Amalgamated Financial Corp., a Delaware public benefit corporation (\"we\" or the \"Company\"), was formed on August 25, 2020 to serve as the holding company for Amalgamated Bank (the \"Bank\") and is a bank holding company registered with the Board of Governors of the Federal Reserve under the Bank Holding Company Act of 1956, as amended. On March 1, 2021 (the \u201cEffective Date\u201d), the Company acquired all of the outstanding stock of Amalgamated Bank, a New York state-chartered commercial bank in a statutory share exchange transaction (the \u201cReorganization\u201d) effected under New York law and in accordance with the terms of a Plan of Acquisition dated September 4, 2020. Pursuant to the Reorganization, the Bank became the sole subsidiary of the Company, the Company became the holding company for the Bank and the stockholders of the Bank became stockholders of the Company. The Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country\u2019s oldest labor unions. Although we are no longer majority union-owned, the Amalgamated Clothing Workers of America\u2019s successor, Workers United, an affiliate of the Service Employees International Union that represents workers in the textile, distribution, food service and gaming industries, remains a significant stockholder, holding approximately 38% of our equity as of December 31, 2025. We are a full-service commercial bank offering a complete suite of commercial and retail banking products, investment management and trust and custody services, and lending services. We generate relationship deposits from our values-based commercial clients and consumer customers. We further develop new and existing relationships through our trust, custody, and investment management services, which generate fee income, and we also offer investment, brokerage, asset management, and insurance products to our retail customers through a third-party broker dealer. A Item 1A. Risk Factors. There are risks, many beyond our control, that could cause our financial condition or results of operations to differ materially from management\u2019s expectations. Any of the following risks, by itself or together with one or more other factors, could adversely affect our business, prospects, financial condition,", "title": "AMAL - Amalgamated Financial Corp.", "url": "/company/AMAL/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001868279; latest 10-K filed 2026-03-05.", "text": "AVBP - ArriVent BioPharma, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001868279; latest 10-K filed 2026-03-05. AVBP ArriVent BioPharma, Inc. 0001868279 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. You should carefully read the \u201cRisk Factors\u201d section of this Annual Report to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview We are a clinical-stage biopharmaceutical company dedicated to the identification, development and commercialization of differentiated medicines to address the unmet medical needs of patients with cancers. We seek to utilize our team\u2019s deep drug development experience to maximize the potential of our lead product candidate, firmonertinib, and advance a pipeline of novel therapeutics, such as next-generation antibody drug conjugates, including ARR-217 (MRG007) through approval and commercialization in patients suffering from cancer, with an initial focus on solid tumors. Firmonertinib is currently being evaluated in multiple clinical trials across a range of EGFRm in NSCLC. We are conducting a pivotal Phase 3 clinical trial of firmonertinib in treatment naive, or first-line, patients with locally advanced or metastatic EGFRm NSCLC with exon 20 insertion mutations and a pivotal Phase 3 clinical trial of 140 Table of Contents firmonertinib in first-line patients with locally advanced or metastatic EGFRm NSCLC with PACC mutations. We are also conducting a Phase 1 clinical trial of ARR-217 in patients with unresectable locally advanced or metastatic solid tumors. We received Breakthrough Therapy Designation for firmonertinib for first line EGFRm NSCLC with exon 20 insertion from the FDA in October 2023, and Orphan Drug Designation for treatment of NSCLC with EGFRm or HER2 mutations or HER4 mutations in February 2024. A product candidate can receive BTD if preliminary clinical evidence indicates that the product candidate, alone or in combination with one or more other drugs, may demonstrate substantial improvement over existing therapies on one or more clinically significant endpoints, such as substantial treatment effects observed early in clinical development. For drugs that have been designated as Breakthrough Therapies, interaction and communication between the FDA and the sponsor can help to identify the most efficient path for development although BTD may not result in a faster development process, review or approval and does not increase the likelihood that the product candidate will ultimately receive FDA approval for any indication. In 2021, we licensed from Allist the right to develop and commercialize firmonertinib worldwide, with the exception of greater China, which includes mainland China, Hong Kong, Macau and Taiwan. Firmonertinib is an investigational, novel, EGFR mutant-selective TKI that we are developing for the treatment of NSCLC patients across a broader set of EGFRm than are currently served by approved EGFR TKIs. Firmonertinib is currently only approved and commercially distributed by Allist in China as a first-line therapy to treat classical EGFRm NSCLC. The FDA has not approved firmonertinib for any use. We selected firmonertinib for global development agai Item 1. Business Overview We are a clinical-stage biopharmaceutical company dedicated to the identification, development and commercialization of differentiated medicines to address the unmet medical needs of patients with cancers. We seek to utilize our team\u2019s deep drug development experience to maximize the potential of our lead product candidate, firmonertinib, and advance a pipeline of novel therapeutics, such as next-generation antibody drug conjugates, including ARR-217 (MRG007), through approval and commercialization in patients suffering from cancer, with an initial focus on solid tumors. Firmonertinib is currently being evaluated in multiple clinical trials across a range of epidermal growth factor receptor (EGFR) mutations (EGFRm) in non-small cell lung cancer (NSCLC). We are conducting a pivotal Phase 3 clinical trial of firmonertinib in treatment naive, or first-line, patients with locally advanced or metastatic EGFRm NSCLC with exon 20 insertion mutations and a pivotal Phase 3 clinical trial of firmonertinib in first-line patients with locally advanced or metastatic EGFRm NSCLC with P-loop and-alpha-c-helix compressing (PACC) mutations. We are conducting a Phase 1 clinical trial of ARR-217 in patients with unresectable locally advanced or metastatic solid tumors. We received Breakthrough Therapy Designation (BTD) for firmonertinib for first line EGFRm NSCLC with exon 20 insertion from the U.S. Food and Drug Administration (FDA) in October 2023, and Orphan Drug Designation for treatment of NSCLC with EGFRm or human epidermal growth factor receptor 2 (HER2) mutations or human epidermal growth factor receptor 4 (HER4) mutations in February 2024. A product candidate can receive BTD if preliminary clinical evidence indicates that the product candidate, alone or in combination with one or more other drugs, may demonstrate substantial improvement over existing therapies on one or more clinically significant endpoints, such as substantial treatment effects o Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, the section of this Annual Report titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our financial statements and", "title": "AVBP - ArriVent BioPharma, Inc.", "url": "/company/AVBP/" }, { "kind": "company", "summary": "SIC 1600 Heavy Construction Other Than Bldg Const - Contractors; CIK 0002079999; latest 10-K filed 2026-03-23.", "text": "CDNL - Cardinal Infrastructure Group Inc. SIC 1600 Heavy Construction Other Than Bldg Const - Contractors; CIK 0002079999; latest 10-K filed 2026-03-23. CDNL Cardinal Infrastructure Group Inc. 0002079999 1600 Heavy Construction Other Than Bldg Const - Contractors Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included under \u201cPart II. Item 8. Financial Statements and Supplementary Data\u201d of this Report on Form 10-K. The following discussion contains forward-looking statements that reflect our future plans, estimates, beliefs and expected performance. The forward-looking statements are dependent upon events, risks and uncertainties that may be outside our control. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences are discussed elsewhere in this report, including in \u201cPart I. Item 1A. Risk Factors\u201d and \u201cCautionary Statement Regarding Forward-Looking Statements,\u201d all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed may not occur. We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law. As described in \u201cPart I. Item 1. Business \u2014 Initial Public Offering and Reorganization\u201d Cardinal Group. is a holding company that conducts no operations and our principal asset is the LLC Units of Cardinal acquired in connection with the completion of our IPO on December 11, 2025 and the Reorganization made prior to the IPO, including with respect to our operating entities Cardinal and Cardinal NC. Prior to the IPO, all of our business was conducted through Cardinal NC. Cardinal Group is the sole managing member of Cardinal. Although Cardinal Group has a minority economic interest in Cardinal, we have the sole voting interest in, and operate and control all of the business and affairs of, Cardinal and its subsidiaries, and through Cardinal conduct our business. As a result, Cardinal Group consolidates Cardinal and has recorded a significant noncontrolling interest in a consolidated entity in our consolidated financial statements for the economic interest in Cardinal held by the Continuing Equity Holders. Because the IPO and the Reorganization resulted in a change to our organizational structure, the historical financial statements, which do not reflect certain items that affect our results of operations and financial position since the IPO and the Reorganization, may not give you an accurate indication of what our actual results would have been if the transactions had been completed at the beginning of the periods presented or of what our future results of operations are likely to be. This section of this Report on Form 10-K generally discusses fiscal years 2025 and 2024 items and year-to-year comparisons between fiscal years 2025 and 2024. For a discussion of the consolidated financial results for the fiscal year ended December 31, 2023, see \u201cConsolidated Results for the Years Ended December 31, 2024 and 2023\u201d under the heading \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our final prospectus dated December 10, 2025 and filed with the SEC pursuant to Rule 424(b) under the Securities Act on December 10, 2025 (the \u201cFinal Prospectus\u201d). The comparison of the consolidated financial results for 2024 and 2023 refer only to Cardinal and its subsidiaries. Initial Public Offering and Reorganization As discussed above in \u201cPart I. Item 1. Business \u2014 Initial Public Offering and Reorganization,\u201d we completed our IPO of 11,500,000 shares of our Class A Common Stock at a price to the public of $21.00 per share on December 11, 2025, and on December 12, 2025, pursuant to the exercise in full of the underwriters\u2019 option, Cardinal Infrastructure Group Inc. completed 47 the sale of an additional 1,725,000 shares of its Class A Common Stock at a price to the public of $21.00 per share. Th Item 1. Business. Initial Public Offering And Organizational Transactions Cardinal Infrastructure Group Inc (the \u201cCardinal Group\u201d), a Delaware corporation, was formed on June 12, 2025. On December 11, 2025, the Cardinal Group completed an initial public offering (the \u201cIPO\u201d) of 11,500,000 shares of its Class A Common Stock at a price to the public of $21.00 per share, and on December 12, 2025, pursuant to the exercise in full of the underwriters\u2019 option, the Cardinal Group completed the sale of an additional 1,725,000 shares of its Class A Common Stock at a price to the public of $21.00 per share. The gross proceeds from the IPO, including the exercise in full of the sale of the additional shares, were approximately $277.7 million, before deducting underwriting discounts and offering expenses. The Cardinal Group used the net proceeds from the IPO to purchase 14,943,750 newly issued limited liability company units (\u201cLLC Units\u201d) from Cardinal for approximately $258.3 million in aggregate and became the sole managing member of Cardinal. In connection with the IPO, the Cardinal Group also issued 23,387,813 shares of its Class B Common Stock to the equity holders of Cardinal (the \u201cContinuing Equity Holders\u201d), which were equal to the number of LLC Units held by such Continuing Equity Holders, at the time of such issuance of Class B Common Stock, for nominal consideration. Prior to the IPO, all of our business was conducted through Cardinal Civil Contracting, LLC, a North Carolina limited liability company (\"Cardinal NC\"). In connection with the IPO, we undertook certain organizational transactions (the \u201cReorganization\u201d) to reorganize our organizational structure: \u2022 we recapitalized and reorganized Cardinal and Cardinal NC such that (i) minority equity holders of each of Cardinal NC\u2019s non-wholly owned subsidiaries became equity holders of Cardinal NC and such non-wholly owned subsidiaries of Cardinal NC became wholly owned subsidiaries of Cardinal NC and (ii) members o Item 1A. Risk Factors. An investment in our Class A Common Stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below and the other information in this Report, including the consolidated financi", "title": "CDNL - Cardinal Infrastructure Group Inc.", "url": "/company/CDNL/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000700565; latest 10-K filed 2026-02-27.", "text": "FMBH - FIRST MID BANCSHARES, INC. SIC 6022 State Commercial Banks; CIK 0000700565; latest 10-K filed 2026-02-27. FMBH FIRST MID BANCSHARES, INC. 0000700565 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis are intended to provide a better understanding of the consolidated financial condition and results of operations of the Company and its subsidiaries for the years ended December 31, 2025, 2024, and 2023. This discussion and analysis should be read in conjunction with the consolidated financial statements, related notes and selected financial data appearing elsewhere in this report. Forward-Looking Statements This report may contain certain forward-looking statements, such as discussions of the Company\u2019s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses, and planned schedules. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are identified by use of the words \u201cbelieve,\u201d \u201dexpect,\u201d \u201dintend,\u201d \u201danticipate,\u201d \u201destimate,\u201d \u201dproject,\u201d or similar expressions. Actual results could differ materially from the results indicated by these statements because the realization of those results is subject to many risks and uncertainties, including those described in Item 1A. \u201cRisk Factors\u201d and other sections of the Company\u2019s Annual Report on Form 10-K and the Company\u2019s other filings with the SEC, and changes in interest rates, general economic conditions and those in the Company\u2019s market area, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios and the valuation of the investment portfolio, the Company\u2019s success in raising capital, demand for loan products, deposit flows, competition, demand for financial services in the Company\u2019s market area and accounting principles, policies and guidelines. Furthermore, forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, we do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise. For the Years Ended December 31, 2025, 2024, and 2023 Overview This overview of management\u2019s discussion and analysis highlights selected information in this document and may not contain all the information that is important to you. For a more complete understanding of trends, events, commitments, uncertainties, liquidity, capital resources, and critical accounting estimates, you should carefully read this entire document. These have an impact on the Company\u2019s consolidated financial condition and results of consolidated operations. Net income was $91.7 million, $78.9 million, and $68.9 million and diluted earnings per share were $3.83, $3.30, and $3.15 for the years ended December 31, 2025, 2024, and 2023, respectively. The following table shows the Company\u2019s annualized performance ratios for the years ended December 31, 2025, 2024, and 2023: [[GREPCENT_TABLE]] [[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"Return on average assets\",\"\",\"\",\"1.20\",\"%\",\"\",\"\",\"1.04\",\"%\",\"\",\"\",\"0.97\",\"%\"],[\"Return on average common equity\",\"\",\"\",\"10.24\",\"%\",\"\",\"\",\"9.67\",\"%\",\"\",\"\",\"10.10\",\"%\"],[\"Average common equity to average assets (non-GAAP)\",\"\",\"\",\"11.68\",\"%\",\"\",\"\",\"10.76\",\"%\",\"\",\"\",\"9.61\",\"%\"]] [[/GREPCENT_TABLE]] Total assets at December 31, 2025, 2024, and 2023 were $7.97 billion, $7.52 billion, and $7.59 billion, respectively. Net loan balances increased to $5.94 billion at December 31, 2025, from $5.60 billion at December 31, 2024, and from $5.51 billion at December 31, 2023. The increase in 2025 wa ITEM 1. BUSINESS Company and Subsidiaries First Mid Bancshares, Inc. (the \u201cCompany\u201d), is a financial holding company. The Company is engaged in the business of banking through its wholly owned subsidiary, First Mid Bank & Trust, N.A. (\u201cFirst Mid Bank\u201d). The Company offers insurance products and services to customers through its wholly owned subsidiary, First Mid Insurance Group, Inc. (\u201cFirst Mid Insurance\u201d). The Company offers trust, farm services, investment services, and retirement planning through its wholly owned subsidiary, First Mid Wealth Management Company. The Company also wholly owns a captive insurance company, First Mid Captive, Inc. Through First Mid Bank, the Company owns an investment subsidiary, First Mid Investments, Inc. In addition, the Company wholly owns five statutory business trusts, First Mid-Illinois Statutory Trust II (\u201cFirst Mid Trust II\u201d), Clover Leaf Statutory Trust I (\"CLST Trust\"), FBTC Statutory Trust I (\"FBTCST I\"), Blackhawk Statutory Trust I (BHST I), and Blackhawk Statutory Trust II (BHST II) all of which are unconsolidated subsidiaries of the Company. On August 15, 2023, the Company acquired Blackhawk Bank, which was merged into First Mid Bank on December 1, 2023. During the quarter ended September 30, 2024, the Company acquired Mid Rivers Insurance Group, Inc. which was subsequently merged into First Mid Insurance. The Company, a Delaware corporation, was incorporated on September 8, 1981, and pursuant to the approval of the Board of Governors of the Federal Reserve System (the \u201cFederal Reserve Board\u201d) became the holding company owning all of the outstanding stock of First National Bank, Mattoon (\u201cFirst National\u201d) on June 1, 1982. First National changed its name to First Mid-Illinois Bank & Trust, N.A. in 1992, and subsequently changed its name to First Mid Bank & Trust, N.A. in 2019. The Company has also acquired all the outstanding stock of a number of community banks or thrift institutions, and subsequently combined their ITEM 1A. RISK FACTORS Various risks and uncertainties, some of which are difficult to predict and beyond the Company\u2019s control, could negatively impact the Company. As a financial institution, the Company is exposed to credit risk, interest rate and liquidity risk, operational risk, risks from economic and market conditions,", "title": "FMBH - FIRST MID BANCSHARES, INC.", "url": "/company/FMBH/" }, { "kind": "company", "summary": "SIC 2860 Industrial Organic Chemicals; CIK 0001309402; latest 10-K filed 2026-02-10.", "text": "GPRE - Green Plains Inc. SIC 2860 Industrial Organic Chemicals; CIK 0001309402; latest 10-K filed 2026-02-10. GPRE Green Plains Inc. 0001309402 2860 Industrial Organic Chemicals Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. General The following discussion and analysis includes information management believes is relevant to understand and assess our consolidated financial condition and results of operations. This section should be read in conjunction with our consolidated financial statements, accompanying notes and the risk factors contained in this report. Overview Incorporated in Iowa, Green Plains is a renewable fuels and agricultural technology company focused on producing low-cost, low-CI ethanol and related co-products, including high protein feeds and corn oil from locally sourced corn. Our goal is to create value through an operational excellence focus including disciplined operations, cost leadership and carbon reduction as we position the company to benefit from expanding low-carbon fuel markets. Founded in 2004, Green Plains now owns nine strategically located plants across the Midwest, capable of processing approximately 287 million bushels of corn annually, when all plants are operating. Today, our focus is to continue operating safely, efficiently and cost-effectively while reducing the CI of our products and maintaining financial flexibility to support long-term growth. During the year, under new leadership, the company completed targeted asset sales, strengthened liquidity and reduced debt, positioning Green Plains to capture value from the next phase of the low-carbon transition. Our streamlined platform is positioned to create value through our focus on operational excellence, continuous improvement and disciplined capital allocation. Our carbon reduction strategy plays a central role in achieving lower CI biofuel production and participation in various clean fuel programs. Carbon capture and storage (\"CCS\") is operational at our three Nebraska facilities. These plants are connected to the Tallgrass Trailblazer CO2 Pipeline, while our Iowa and Minnesota locations are committed to CCS through Summit Carbon Solutions, which publicly projects operations commencing in 2028. CCS initiatives are expected to significantly lower CI across our platform. Further, the company has purchased RECs to lower CIs at certain plants. Based on current CI score estimates, all eight operational Green Plains facilities are expected to qualify for the Section 45Z Clean Fuel Production Credit beginning in 2026, with six facilities qualifying in 2025, inclusive of three non-CCS facilities. In addition, we are collaborating with global partners to explore innovative options for carbon use where pipeline transport or direct injection may not be feasible. Reducing the CI of our fuel ethanol could allow us to benefit from state and federal clean fuel programs, including LCFS and federal tax credits under the IRA and OBBB, and could position our low-carbon ethanol as a potential feedstock for ATJ pathways to produce SAF. We have installed and are operating FQT MSC\u2122 technology at four of our biorefineries. Through our value-added ingredients initiative, we produce Ultra-High Protein, a feed ingredient with protein concentrations of 50% or greater and yeast concentrations of 25%, and increase production of renewable corn oil. We successfully completed full scale 60% protein production runs using FQT's MSC\u2122 system, which is our new specialty feed ingredient branded as Sequence\u2122. In September 2022, we broke ground at our biorefinery in Shenandoah, Iowa, as the first location to deploy FQT's CST\u2122 at commercial scale, and during 2024 the company successfully commissioned the CST\u2122 equipment in the Shenandoah facility. FQT's CST\u2122 technology allows for the production of both food and industrial grade dextrose at a dry mill ethanol plant to target applications in food production, in addition to serving as a feedstock for renewable chemicals and synthetic biology. The facility has a rated capacity of 60 million pounds of product per year. The facility has been idled s Item 1. Business. References to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cGreen Plains,\u201d or the \u201ccompany\u201d refer to Green Plains Inc. and its subsidiaries. Overview Incorporated in Iowa, Green Plains is a renewable fuels and agricultural technology company focused on producing low-cost, low-CI ethanol and related co-products, including high protein feeds and corn oil from locally sourced corn. Our goal is to create value through an operational excellence focus including disciplined operations, cost leadership and carbon reduction as we position the company to benefit from expanding low-carbon fuel markets. Founded in 2004, Green Plains now owns nine strategically located plants across the Midwest, capable of processing approximately 287 million bushels of corn annually, when all plants are operating. Today, our focus is on operating safely, efficiently and cost-effectively while reducing the CI of our products and maintaining financial flexibility to support long term growth. During the year, under new leadership, the company completed targeted asset sales, strengthened liquidity and reduced debt, positioning Green Plains to capture value from the next phase of the low-carbon transition. Our streamlined platform is positioned to create value through our focus on operational excellence, continuous improvement and disciplined capital allocation. We group our business activities into the following two operating segments to manage performance: \u2022Ethanol Production. Our ethanol production segment includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil at nine biorefineries in Illinois, Indiana, Iowa, Minnesota and Nebraska. At capacity, our nine facilities are capable of processing approximately 287 million bushels of corn per year and producing approximately 850 million gallons of ethanol, 2.0 million tons of distillers grains and Ultra-High Protein, and 296 million pounds of renewable corn oil, a low-carbon feedstock f Item 1A. Risk Factors. Our operations are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in this Form 10-K and could have a material adverse impact on our financial results. The risks described below are not the only risks facing us. Additional risks and uncertainties not", "title": "GPRE - Green Plains Inc.", "url": "/company/GPRE/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001529274; latest 10-K filed 2026-02-26.", "text": "ALKT - ALKAMI TECHNOLOGY, INC. SIC 7372 Services-Prepackaged Software; CIK 0001529274; latest 10-K filed 2026-02-26. ALKT ALKAMI TECHNOLOGY, INC. 0001529274 7372 Services-Prepackaged Software Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Refer to \u201cSpecial Note Regarding Forward-Looking Statements\u201d elsewhere in this Annual Report on Form 10-K. Unless the context otherwise requires, all references in this report to the \u201cCompany,\u201d \u201cAlkami,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Alkami Technology, Inc., a Delaware corporation, and its consolidated subsidiaries taken as a whole. A discussion regarding our financial condition and results of operation for the fiscal year ended December 31, 2025, compared to the fiscal year ended December 31, 2024, is presented below. A discussion regarding our financial condition and results of operations for fiscal year ended December 31, 2024, compared to the fiscal year ended December 31, 2023, can be found under Item 7 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 28, 2025. Overview Alkami is a cloud-based digital sales and service platform provider. We inspire and empower community, regional and super-regional financial institutions (\u201cFIs\u201d) to compete with large, technologically advanced and well-resourced banks in the United States. Our solution, the Alkami Digital Sales & Service Platform, consisting of the Alkami Digital Banking Platform, Onboarding & Account Opening, and Data & Marketing, allows FIs to onboard, engage and grow new users, accelerate revenues and meaningfully improve operational efficiency, all with the support of a proprietary, true cloud-based, multi-tenant architecture. We cultivate deep relationships with our clients through long-term, subscription-based contractual arrangements, aligning our growth with our clients\u2019 success and generating an attractive unit economic model. Alkami was founded to help level the playing field for FIs. Since then, our vision has been to create a platform that combines premium technology and fintech solutions in one integrated ecosystem, delivered as a software-as-a-service (\u201cSaaS\u201d) solution and providing our clients\u2019 account holders with a single point of access to all things digital. We have invested significant resources to build a technology stack that prioritized innovation velocity and speed-to-market given the importance of product depth and functionality in winning and retaining clients. In October 2020, we acquired ACH Alert, LLC (\u201cACH Alert\u201d) to pursue adjacent product opportunities, such as fraud prevention and to expand our addressable market. In April 2022, we acquired Segmint, Inc. (\u201cSegmint\u201d), a leading cloud-based financial data analytics and transaction data cleansing provider. In March 2025, we acquired Fin Technologies, Inc., dba MANTL (\u201cMANTL\u201d), to provide onboarding, account opening, and loan origination solutions that allow FIs to acquire commercial, business and retail customers through a variety of channels for deposit account and loan types. During 2024, we established a new subsidiary in India to support potential future operational needs. While our presence in India has grown since 2024, these operations remain immaterial to our consolidated financial statements as of December 31, 2025. Our domain expertise in retail and business banking has enabled us to develop a suite of products tailored to address key challenges faced by FIs. Due to our architecture, adding products through our single code base is fast, simple and cost-effective. The key differentiators of the Alkami Digital Sales & Service P Item 1. Business. Overview Alkami is a cloud-based digital sales and service platform provider. We inspire and empower community, regional and super-regional financial institutions (\u201cFIs\u201d) to compete with large, technologically advanced and well-resourced banks in the United States. Our solution, the Alkami Digital Sales & Service Platform, consisting of the Alkami Digital Banking Platform (\u201cPlatform\u201d), Onboarding & Account Opening, and Data & Marketing, allows FIs to onboard, engage and grow new users, accelerate revenues and meaningfully improve operational efficiency, all with the support of a proprietary, true cloud-based, multi-tenant architecture. We cultivate deep relationships with our clients through long-term, subscription-based contractual arrangements, aligning our growth with our clients\u2019 success and generating an attractive unit economic model. We founded Alkami to help level the playing field for FIs. Since then, our vision has been to create a platform that combines premium technology and fintech solutions in one integrated ecosystem, delivered as a SaaS solution and providing our clients\u2019 account holders, which include customers for banks and members for credit unions, with a single point of access to all things digital. We invested significant resources to build a technology stack that prioritized innovation velocity and speed-to-market given the importance of product depth and functionality in winning and retaining clients. In October 2020, we acquired ACH Alert, LLC (\u201cACH Alert\u201d) to pursue adjacent product opportunities, such as fraud prevention and to expand our addressable market. In April 2022, we acquired Segmint Inc. (\u201cSegmint\u201d), a leading cloud-based financial data analytics and transaction data cleansing provider. In March 2025, we acquired Fin Technologies, Inc. dba MANTL (\u201cMANTL\u201d), to provide onboarding, account opening, and loan origination solutions that allow FIs to acquire commercial, business and retail customers or members throu Item 1A. Risk Factors. RISK FACTOR SUMMARY Our business, prospects, financial condition, operating results and the trading price of our common stock could be materially adversely affected by a variety of risks and uncertainties, including those described below, as well as other risks not currently known to us or tha", "title": "ALKT - ALKAMI TECHNOLOGY, INC.", "url": "/company/ALKT/" }, { "kind": "company", "summary": "SIC 8731 Services-Commercial Physical & Biological Research; CIK 0001672688; latest 10-K filed 2026-03-24.", "text": "ABSI - Absci Corp SIC 8731 Services-Commercial Physical & Biological Research; CIK 0001672688; latest 10-K filed 2026-03-24. ABSI Absci Corp 0001672688 8731 Services-Commercial Physical & Biological Research Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview We are a clinical-stage biopharmaceutical company using an AI-native approach to develop differentiated antibody therapeutics. Our integrated drug creation platform combines Origin-1, our generative design model, with rapid validation using our lab-in-the-loop. We focus on underexplored mechanisms where unmet medical need is high and competition is low. We have advanced our first two programs from AI design to IND (or foreign equivalent) in around two years with a total investment of approximately $15 million per program, compared to an industry average of 4\u20136 years at a cost of greater than $50 million. This combination of underexplored target selection and capital-efficient execution is central to our strategy. Our lead product candidate, ABS-201, is an anti-prolactin receptor (PRLR) antibody engineered with an extended half-life to support a patient-friendly dosing interval. We believe PRLR is an underexplored target with the potential to provide durable, disease-modifying effects. If successfully developed, ABS-201 could establish a new treatment category in indications where current options remain inadequate. ABS-201 is being developed for two indications, androgenetic alopecia (AGA) or pattern hair loss (PHL) and endometriosis, each with large affected populations and significant unmet need: \u2022Androgenetic Alopecia: ABS-201 is being evaluated in the HEADLINE\u2122 Phase 1/2a clinical trial (NCT07317544) for AGA, a condition affecting approximately 80 million people in the United States. Our own patient and clinician surveys, as well as those of other parties, show broad dissatisfaction with current standard of care, which is limited by variable efficacy, poor compliance, and a lack of durable approaches. No approved therapy provides durable hair regrowth. We have dosed the first three single ascending dose cohorts with a favorable safety profile to date. Interim proof-of-concept data, including exploratory efficacy endpoints, are expected in the second half of 2026. \u2022Endometriosis: We plan to initiate a Phase 2 clinical trial of ABS-201 in endometriosis, a chronic condition estimated to affect approximately 10% of women of reproductive age worldwide. There is currently no FDA-approved disease-modifying therapy for endometriosis. The condition is associated with significant chronic pain, reduced quality of life, and impaired fertility, and treatment options are limited by inadequate long-term effectiveness and tolerability. PRLR signaling may contribute to both endometrial lesion development and pain-related pathways, which if demonstrated clinically, could support the potential for a non-hormonal and non-surgical treatment. A recent clinical trial has demonstrated clinical proof of concept for targeting PRLR for endometriosis. Our Phase 2 clinical trial for endometriosis is planned for the fourth quarter of 2026, subject to data from the ongoing HEADLINE trial and regulatory considerations. Beyond ABS-201, we are advancing additional preclinical programs using our platform. We may seek partnerships or out-licensing arrangements for select pipeline assets, which would provide non-dilutive capital We believe we are positioned to execute on near-term catalysts while building long-term pipeline value. Financial results Revenue was $2.8 million for the year ended December 31, 2025 compared to $4.5 million for the year ended December 31, 2024 due to the number of ongoing partnered programs and respective timing of project-based milestones achieved. We incurred a net loss of $115.2 million for the year ended December 31, 2025 compared to a net loss of $103.1 million for the year ended December 31, 2024. Research and development expenses increased by $17.6 million, or 27%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. As of December 31, 2025, we had an accumulated deficit of $624.8 milli Item 1. Business Overview We are a clinical-stage biopharmaceutical company using an AI-native approach to develop differentiated antibody therapeutics. Our integrated drug creation platform combines Origin-1, our generative design model, with rapid validation using our lab-in-the-loop. We focus on underexplored mechanisms where unmet medical need is high and competition is low. We have advanced our first two programs from AI design to IND (or foreign equivalent) in around two years with a total investment of approximately $15 million per program, compared to an industry average of 4\u20136 years at a cost of greater than $50 million. This combination of underexplored target selection and capital-efficient execution is central to our strategy. Our lead product candidate, ABS-201, is an anti-prolactin receptor (PRLR) antibody engineered with an extended half-life to support a patient-friendly dosing interval. We believe PRLR is an underexplored target with the potential to provide durable, disease-modifying effects. If successfully developed, ABS-201 could establish a new treatment category in indications where current options remain inadequate. ABS-201 is being developed for two indications, androgenetic alopecia (AGA) or pattern hair loss (PHL) and endometriosis, each with large affected populations and significant unmet need: \u2022Androgenetic Alopecia: ABS-201 is being evaluated in the HEADLINE\u2122 Phase 1/2a clinical trial (NCT07317544) for AGA, a condition affecting approximately 80 million people in the United States. Our own patient and clinician surveys, as well as those of other parties, show broad dissatisfaction with current standard of care, which is limited by variable efficacy, poor compliance, and a lack of durable approaches. No approved therapy provides durable hair regrowth. We have dosed the first three single ascending dose cohorts with a favorable safety profile to date. Interim proof-of-concept data, including exploratory efficacy endpoints, are expec Item 1A. Risk Factors This report contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed in this report. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below an", "title": "ABSI - Absci Corp", "url": "/company/ABSI/" }, { "kind": "company", "summary": "SIC 3089 Plastics Products, NEC; CIK 0000069488; latest 10-K filed 2026-03-05.", "text": "MYE - MYERS INDUSTRIES INC SIC 3089 Plastics Products, NEC; CIK 0000069488; latest 10-K filed 2026-03-05. MYE MYERS INDUSTRIES INC 0000069488 3089 Plastics Products, NEC ITEM 7. Management\u2019s Discussion and Analysis of Results of Financial Condition and Operations Executive Overview The Company conducts its business activities in two reportable segments: The Material Handling Segment and the Distribution Segment. The Company designs, manufactures, and markets a variety of plastic, metal and rubber products. The Material Handling Segment manufactures a broad selection of plastic reusable containers, pallets, small parts bins, bulk shipping containers, storage and organization products, OEM parts, custom plastic products, composite ground protection matting, consumer fuel containers and tanks for water, fuel and waste handling. Products in the Material Handling Segment are primarily injection molded, rotationally molded, compression molded or blow molded. The Distribution Segment is engaged in the distribution of tools, equipment and supplies used for tire, wheel and under vehicle service on passenger, heavy truck and off-road vehicles, as well as the manufacturing of tire repair and retreading products. The Company\u2019s results of operations for the year ended December 31, 2025 compared with the year ended December 31, 2024 are discussed below. The current economic environment includes heightened risks from tariffs, inflation, interest rates, banking liquidity, volatile commodity costs, supply chain disruptions and labor availability stemming from the broader economic effects of the international geopolitical climate, including rapidly changing regulations which has increased volatility in global commodity markets, including oil (a component of many plastic resins), energy and agricultural commodities. Some of our businesses have been and may continue to be affected by these broader economic effects, including customer demand for our products, supply chain disruptions, labor availability, tariffs and inflation. The Company believes it is well-positioned to manage through this uncertainty as it has a strong balance sheet with sufficient liquidity and borrowing capacity as well as a diverse product offering and customer base. Results of Operations: 2025 Compared with 2024 Net Sales: [[GREPCENT_TABLE]] [[\"(dollars in thousands)\",\"\",\"Year Ended December 31,\"],[\"Segment\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"Change\",\"\",\"\",\"% Change\"],[\"Material Handling\",\"\",\"$\",\"622,147\",\"\",\"\",\"$\",\"621,655\",\"\",\"\",\"$\",\"492\",\"\",\"\",\"\",\"0.1\",\"%\"],[\"Distribution\",\"\",\"\",\"203,887\",\"\",\"\",\"\",\"214,768\",\"\",\"\",\"\",\"(10,881\",\")\",\"\",\"\",\"(5.1\",\")%\"],[\"Inter-company sales\",\"\",\"\",\"(292\",\")\",\"\",\"\",\"(142\",\")\",\"\",\"\",\"(150\",\")\"],[\"Total net sales\",\"\",\"$\",\"825,742\",\"\",\"\",\"$\",\"836,281\",\"\",\"\",\"$\",\"(10,539\",\")\",\"\",\"\",\"(1.3\",\")%\"]] [[/GREPCENT_TABLE]] Net sales for the year ended December 31, 2025 were $825.7 million, a decrease of $10.5 million or 1.3% compared to the prior year. Net sales decreased due to lower pricing of $14.5 million, lower volume of $1.6 million and the effect of unfavorable currency translation of $0.8 million. The decrease in net sales was partially offset by $6.4 million of incremental sales in the Material Handling Segment from the acquisition of Signature on February 8, 2024. Signature's annual sales were approximately $110 million at the time of the acquisition. Net sales in the Material Handling Segment increased $0.5 million or 0.1% for the year ended December 31, 2025 compared to the prior year. Net sales increased due to $6.4 million of incremental sales from the acquisition of Signature on February 8, 2024 and higher volume of $8.7 million, partially offset by lower pricing of $13.8 million and the effect of unfavorable currency translation of $0.8 million. Net sales in the Distribution Segment decreased $10.9 million or 5.1% in the year ended December 31, 2025 compared to the prior year, primarily due to lower volume of $10.2 million and lower pricing of $0.7 million. Cost of Sales & Gross Profit: [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\"],[\"(dollars in thousands)\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"Cha ITEM 1. Business General Development of Business Myers Industries, Inc. (the \u201cCompany\u201d) was founded in 1933 and is headquartered in Akron, Ohio. The terms \u201cMyers Industries,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d wherever used herein refer to the Company, unless the context indicates to the contrary. Since its founding, the Company has grown from a small storefront distributing tire service supplies into an international manufacturing and distribution enterprise. In 1971, the Company went public, and the stock is traded on the New York Stock Exchange under the ticker symbol MYE. The Company designs, manufactures, and markets a variety of plastic, metal and rubber products, including a broad selection of plastic reusable containers, pallets, small parts bins, bulk shipping containers, storage and organization products, OEM parts, custom plastic products, composite ground protection matting, consumer fuel containers and tanks for water, fuel and waste handling. Our plastic bulk containers replace single-use packaging, reducing waste and improving sustainability. The Company is also the largest U.S. distributor of tools, equipment and supplies used for tire, wheel and under vehicle service on passenger, heavy truck and off-road vehicles, as well as the manufacturing of tire repair and retreading products. The Company operates fourteen manufacturing facilities and four distribution centers located in the U.S. and Canada and three distribution branches located in Central America. As of December 31, 2025, the Company has approximately 2,200 employees. Serving customers around the world, Myers Industries\u2019 brands provide sustainable solutions to a wide variety of customers in diverse niche markets. Myers Industries\u2019 diverse products and solutions help customers to improve shop productivity with point of use inventory, to store and transport products more safely and efficiently, to improve sustainability through reuse, to lower overall material handling costs, to improve ergo ITEM 1A. Risk Factors This Form 10-K and the information incorporated by reference contains \u201cforward-looking statements\u201d within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including information regarding the Company\u2019s financial outlook, future plans, objectives, business prospects and", "title": "MYE - MYERS INDUSTRIES INC", "url": "/company/MYE/" }, { "kind": "company", "summary": "SIC 3713 Truck & Bus Bodies; CIK 0001759631; latest 10-K filed 2026-02-25.", "text": "HYLN - Hyliion Holdings Corp. SIC 3713 Truck & Bus Bodies; CIK 0001759631; latest 10-K filed 2026-02-25. HYLN Hyliion Holdings Corp. 0001759631 3713 Truck & Bus Bodies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this Form 10-K. Dollar amounts in this discussion are expressed in millions, except as otherwise noted. The following discussion contains forward-looking statements that reflect future plans, estimates, beliefs and expected performance. The forward-looking statements are dependent upon events, risks and uncertainties that may be outside of our control. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed elsewhere in this Form 10-K, particularly in Part I, Item 1A, \u201cRisk Factors.\u201d We do not undertake, and expressly disclaim, any obligation to publicly update any forward-looking statements, whether as a result of new information, new developments or otherwise, except to the extent that such disclosure is required by applicable law. Key Factors Affecting Operating Results We believe that our performance and future success depend on several factors that present significant opportunities for us but also pose risks and challenges, including but not limited to economic uncertainties, supply chain disruptions, inflation, high interest rates, and other risks discussed below and referenced in Part I, Item 1A \u201cRisk Factors.\u201d 24 Table of Contents Commercialization of KARNO Power Module Our focus is on continuing development and testing of our fuel-agnostic KARNO Power Module and the deployment of initial units with customers. We anticipate that a substantial portion of our capital resources and efforts in the near future will be focused on these activities. The amount and timing of our future funding requirements will depend on many factors, including but not limited to the pace of completing initial KARNO Power Module testing and validation, the timing of KARNO Power Module commercialization, the pace at which we invest in KARNO Core additive printing capacity, our plans for manufacturing KARNO Power Module components (whether in-house or through outsourcing to third parties), the range of product offerings we plan to bring to market and external market factors beyond our control. Key Components of Statements of Operations Revenue We generate revenue by providing R&D services under contracts with third parties, including the U.S. government. Additionally, we expect to begin generating product revenue following the commercialization of our KARNO Power Module. Cost of Revenue Cost of revenue includes costs associated with R&D services revenue, such as direct costs, including labor and materials, and applicable overhead costs. Research and Development Expense R&D expenses consist primarily of costs incurred for the discovery and development of our KARNO Power Module, which include: \u2022personnel-related expenses including salaries, benefits, travel and share-based compensation, for personnel performing R&D activities; \u2022fees paid to third parties such as contractors for outsourced engineering services and to consultants; \u2022expenses related to components for development and testing, materials, supplies and other third-party services; \u2022depreciation for equipment used in R&D activities; and \u2022allocation of general overhead costs. We expect to continue to invest in R&D activities to achieve operational and commercial goals. Selling, General and Administrative Expense Selling, general and administrative expenses consist of personnel-related expenses for our corporate, executive, finance, information technology, sales, marketing and other administrative functions, expenses for outside professional services, including legal, audit and account ITEM 1. BUSINESS Overview Hyliion Holdings Corp. is a Delaware corporation headquartered in Cedar Park, Texas, with research and development (\u201cR&D\u201d) facilities in Cincinnati, Ohio, that designs and develops power generators for stationary and mobile applications and provides R&D services. References to the \u201cCompany,\u201d \u201cHyliion,\u201d \u201cwe,\u201d or \u201cus\u201d in this report refer to Hyliion Holdings Corp. and its wholly owned subsidiary, unless expressly indicated or the context otherwise requires. The Company was incorporated on November 7, 2018 and is listed on the NYSE American. Hyliion is committed to creating innovative solutions that enable clean, efficient, and flexible electricity production while contributing positively to the environment in the energy economy. Hyliion\u2019s primary product offering, the KARNO Power Module, is a modular, fully enclosed, fuel-agnostic and fully integrated power generating solution. The KARNO Power Module is powered by KARNO Core, a heat powered linear generator, to produce electricity with significant improvements in efficiency, emissions and lifecycle cost compared to conventional generation technologies. Hyliion\u2019s KARNO Power Modules enable effective power generation using a wide range of fuel sources, including conventional fuels such as natural gas, propane or diesel, waste fuels such as landfill gas, wellhead gas, and zero carbon fuels such as renewable hydrogen and ammonia. Hyliion is initially targeting the datacenter, commercial, industrial, and defense sectors with a locally-deployable generator designed to meet a wide range of power generation needs. The Company plans to scale up its KARNO Power Module solution to address larger utility-scale power needs and to develop future variants for industrial waste heat, nuclear, household use and e-mobility applications such as vehicles and marine vessels. Additionally, the KARNO Power Module technology is well-suited to provide combined heat and power in various stationary applications. Str ITEM 1A. RISK FACTORS. Investing in our securities involves risks. Before you make a decision to buy our securities, in addition to the risks and uncertainties discussed above under \u201cCautionary Note Regarding Forward-Looking Statements,\u201d you should carefully consider the specific risks set forth herein. If any of these risks actually occur, it may materi", "title": "HYLN - Hyliion Holdings Corp.", "url": "/company/HYLN/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001055160; latest 10-K filed 2026-02-20.", "text": "MFA - MFA FINANCIAL, INC. SIC 6798 Real Estate Investment Trusts; CIK 0001055160; latest 10-K filed 2026-02-20. MFA MFA FINANCIAL, INC. 0001055160 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with our financial statements and accompanying notes included in Item 8 of this Annual Report on Form 10-K. GENERAL We are a specialty finance company that invests in and finances residential mortgage assets. We invest, on a leveraged basis, in residential whole loans, residential mortgage securities and other real estate assets. Through our wholly-owned subsidiary, Lima One, a leading nationwide originator and servicer of business purpose loans (or BPLs), we also originate and service business purpose loans for real estate investors. Our principal business objective is to deliver shareholder value through the generation of distributable income and through asset performance linked to residential mortgage credit fundamentals. We selectively invest in residential mortgage assets with a focus on credit analysis, projected prepayment rates, interest rate sensitivity and expected return. We are an internally-managed real estate investment trust. At December 31, 2025, we had total assets of approximately $13.0 billion, of which $8.8 billion, or 68%, represented residential whole loans. Our residential whole loans include primarily: (i) loans to finance (or refinance) one-to-four family residential properties that are not considered to meet the definition of a \u201cQualified Mortgage\u201d in accordance with guidelines adopted by the Consumer Financial Protection Bureau (\u201cNon-QM loans\u201d), (ii) business purpose loans primarily originated by Lima One, to finance (or refinance) non-owner occupied one-to-four family residential properties that are rented to one or more tenants (\u201cSingle-family rental loans\u201d), (iii) short-term business purpose loans primarily originated by Lima One, collateralized by residential properties made to non-occupant borrowers that generally intend to rehabilitate or construct residential housing and then refinance or sell the properties (\u201cSingle-family transitional loans\u201d), (iv) short-term business purpose loans primarily originated by Lima One, collateralized by multifamily properties, typically with a loan balance below $10 million, made to non-occupant borrowers that generally intend to rehabilitate or stabilize and then refinance or sell the properties (\u201cMultifamily transitional loans, collectively with Single-family transitional loans, \u201cTransitional loans,\u201d also sometimes referred to as \u201cRehabilitation loans\u201d or \u201cFix and Flip loans\u201d and, collectively with Single-family rental loans, \u201cBusiness purpose loans\u201d), (v) loans primarily secured by residential real estate that were generally either non-performing or re-performing at acquisition (\u201cLegacy RPL/NPL\u201d) and (vi) loans on investor properties that conform to the standards for purchase by a federally chartered corporation, such as the Federal National Mortgage Association (\u201cFannie Mae\u201d) or the Federal Home Loan Mortgage Corporation (\u201cFreddie Mac\u201d) (\u201cAgency eligible investor loans,\u201d which are included in \u201cOther loans\u201d). In addition, at December 31, 2025, we had approximately $3.3 billion or 25% of total assets invested in investments in Agency MBS. The results of our business operations are affected by a number of factors, many of which are beyond our control, and primarily depend on, among other things, the level of our net interest income and the market value of our assets, liabilities and hedges that are accounted for at fair value through earnings, which is driven by numerous factors, including the supply and demand for residential mortgage assets in the marketplace, the terms and availability of adequate financing, general economic and real estate conditions (both on a national and local level), the impact of government actions in the real estate and mortgage sector, and the credit performance of our credit sensitive residential mortgage assets. Changes in these factors, or uncertainty in the market regarding th Item 1. Business. GENERAL We are a specialty finance company that invests in and finances residential mortgage assets. Our targeted investments include principally the following: \u2022Residential whole loans, including Non-QM loans, Business purpose loans, and Legacy RPL/NPL loans, which we acquire and hold through certain trusts that are consolidated on our balance sheet for financial reporting purposes. Through our wholly-owned subsidiary, Lima One Capital, LLC (together with its parent company, Lima One Holdings, LLC, \u201cLima One\u201d), a leading nationwide originator and servicer of Business purpose loans (or BPLs), which we acquired on July 1, 2021, we originate and service BPLs for real estate investors. We also own real estate (or REO), which is typically acquired as a result of the foreclosure or other liquidation of delinquent whole loans in connection with our loan investment activities. \u2022Residential mortgage securities, including Agency MBS, Non-Agency MBS and CRT securities. Our principal business objective is to deliver shareholder value through the generation of distributable income and through asset performance linked to residential mortgage credit fundamentals. We selectively invest in residential mortgage assets with a focus on credit analysis, projected prepayment rates, interest rate sensitivity and expected return. We are an internally-managed real estate investment trust (or REIT). 2025 delivered strong fixed income returns as markets benefited from a shift in monetary policy and continued macroeconomic resilience. Credit spreads tightened and the yield curve steepened over the year, with yields on two-year Treasuries declining by 78 basis points while ten-year Treasuries declined by 43 basis points. The Bloomberg US Aggregate Index returned 7.3% for the year, marking its strongest annual performance in five years. We capitalized on these constructive market conditions by accelerating the pace of capital deployment, benefiting from increased price Item 1A. Risk Factors. This section highlights specific risks that could affect us and our business. Readers should carefully consider each of the following risks and all of the other information set forth in this Annual Report on Form 10-K. Based on the information currently known to us, we believe the following information ide", "title": "MFA - MFA FINANCIAL, INC.", "url": "/company/MFA/" }, { "kind": "company", "summary": "SIC 1623 Water, Sewer, Pipeline, Comm & Power Line Construction; CIK 0000080035; latest 10-K filed 2026-03-05.", "text": "PLPC - PREFORMED LINE PRODUCTS CO SIC 1623 Water, Sewer, Pipeline, Comm & Power Line Construction; CIK 0000080035; latest 10-K filed 2026-03-05. PLPC PREFORMED LINE PRODUCTS CO 0000080035 1623 Water, Sewer, Pipeline, Comm & Power Line Construction Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the readers of our financial statements better understand our results of operations, financial condition and present business environment. The MD&A is provided as a supplement to, and should be read in conjunction with, our audited consolidated financial statements and related notes included elsewhere in this report. OVERVIEW Preformed Line Products Company (the \u201cCompany\u201d, \u201cPLPC\u201d, \u201cwe\u201d, \u201cus\u201d, or \u201cour\u201d) was incorporated in Ohio in 1947. We are an international designer and manufacturer of products and systems employed in the construction and maintenance of overhead and underground networks for the energy, telecommunication, cable operators, information (data communication), and other similar industries. Our primary products support, protect, connect, terminate, and secure cables and wires. We provide helical solutions, string hardware, connectors, insulators, fiber optic and copper splice closures, solar hardware mounting applications, and electric vehicle charging station foundations. We also provide aerial drone inspection services for utility assets including transmission and distribution power lines, substations, and generation facilities. We are respected around the world for quality, dependability and market-leading customer service. Our goal is to continue to achieve profitable growth as a leader in the research, innovation, development, manufacture, and marketing of technically advanced products and services related to energy, communications and cable systems and to take advantage of this leadership position to sell additional quality products in familiar markets. We have sales and manufacturing operations in 20 different countries. We report our segments in four geographic regions: PLP-USA (including corporate), The Americas (includes operations in North and South America, excluding PLP-USA), EMEA (Europe, Middle East & Africa) and Asia-Pacific, in accordance with accounting standards codified in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 280, \u201cSegment Reporting\u201d. Each segment distributes a full range of our primary products. Our PLP-USA segment is comprised of our U.S. operations manufacturing our traditional products primarily supporting our domestic energy, telecommunications, solar framing products and inspection services. Our other three segments, The Americas, EMEA and Asia-Pacific, support our energy, telecommunications, data communication, solar and other products in each respective geographical region. The segment managers responsible for each region report directly to the Company\u2019s Executive Chairman, who is the chief operating decision maker, and are accountable for the financial results and performance of their entire segment for which they are responsible. The business components within each segment are managed to maximize the results of the entire operating segment and the Company rather than the results of any individual business component of the segment. We evaluate segment performance and allocate resources based on several factors primarily based on gross sales and income before income taxes. MARKET OVERVIEW Our business continues to be concentrated in the energy and communications markets. We sit at the intersection of various economic and social megatrends impacting our markets, both domestically and internationally. The digitalization and electrification megatrends, which are increasing the need for power generation, have highlighted the need for bolstering grid reliability, strengthening grid resilience, and upgrading aging infrastructure. The continuing need for high-speed and efficient communication systems has led to further investment in network build-outs. Our focused portfolio is well-positioned to respond to these trends and prioritie Item 1. Business Background Preformed Line Products Company together with its subsidiaries (the \u201cCompany\u201d or \u201cPLP\u201d) is an international designer and manufacturer of products and systems employed in the construction and maintenance of overhead, ground-mounted and underground networks for energy, telecommunication, cable, data communication and other similar industries. The Company\u2019s primary products support, protect, connect, terminate and secure cables and wires. The Company provides formed wire solutions, connectors, fiber optic and copper splice closures, solar hardware mounting applications, and electric vehicle charging station foundations. The Company\u2019s goal is to continue to achieve profitable growth as a leader in the research, innovation, development, manufacture and marketing of technically advanced products and services primarily related to the energy and communications markets. The Company serves a worldwide market through strategically located domestic and international manufacturing facilities. Each of the Company\u2019s domestic and international manufacturing facilities have obtained or are actively seeking an International Organization of Standardization (\u201cISO\u201d) 9001:2015 Certified Management System Certificate. The ISO 9001:2015 certified management system is a globally recognized certified quality standard for manufacturing and assists the Company in marketing its products throughout the world. The Company\u2019s customers include public and private energy utilities and communication companies, cable operators, governmental agencies, contractors and subcontractors, distributors and value-added resellers. The Company is not dependent on a single customer or small group of customers. The Company has one customer accounting for 10.7% of the Company's consolidated revenues. The Company\u2019s products include: \u2022Energy Products \u2022Communications Products \u2022Special Industries Products \u2013Solar Framing and Electric Vehicle Products \u2013Inspection Services Energy Produ Item 1A. Risk Factors The Company\u2019s business, operating results, financial condition and cash flows may be affected by a number of factors including, but not limited to those discussed below. Any of these factors could cause the Company\u2019s actual results to vary materi", "title": "PLPC - PREFORMED LINE PRODUCTS CO", "url": "/company/PLPC/" }, { "kind": "company", "summary": "SIC 4700 Transportation Services; CIK 0001512499; latest 10-K filed 2026-02-26.", "text": "LIND - LINDBLAD EXPEDITIONS HOLDINGS, INC. SIC 4700 Transportation Services; CIK 0001512499; latest 10-K filed 2026-02-26. LIND LINDBLAD EXPEDITIONS HOLDINGS, INC. 0001512499 4700 Transportation Services Item 7. Management\u2019s Discussion and Analysis of the Results of Operations and Financial Condition The information contained in this section should be read in conjunction with our consolidated financial statements and related notes and the information contained elsewhere in this Form 10-K under the headings \u201cRisk Factors\u201d and \u201cBusiness.\u201d Overview We provide expedition cruising and land-based adventure travel fostering a spirit of exploration and discovery, using itineraries featuring up-close encounters with wildlife and nature, history and culture, and promote guest empowerment, human connections and interactivity. Our mission is to offer life-enhancing adventures around the world and pioneer innovative ways to allow our guests to connect with exotic and remote places. We currently operate a fleet of 12 owned expedition ships and 10 seasonal charter vessels (with several other vessels contracted for future expeditions) under the Lindblad Expeditions, LLC. (\u201cLindblad\u201d) brand. Each expedition ship is fully equipped with state-of-the-art tools for in-depth exploration, and the majority of our expeditions involve travel to remote places, such as voyages to Alaska, the Arctic, Antarctic, the Gal\u00e1pagos Islands, Baja\u2019s Sea of Cortez, the South Pacific, Costa Rica and Panama. We have a longstanding relationship with the National Geographic Society (\u201cNational Geographic\u201d) dating back to 2004, which is based on a shared interest in exploration, research, technology and conservation. This relationship, which was recently expanded and extended through 2040, includes a co-selling, co-marketing and global branding arrangement whereby our owned vessels carry the National Geographic name, and National Geographic sells our expeditions through its internal travel division. We collaborate with National Geographic on voyage planning to enhance the guest experience by having National Geographic experts, including photographers, writers, marine biologists, naturalists, field researchers and film crews, join our expeditions. Guests have the ability to interact with these experts through lectures, excursions, dining and other experiences throughout their voyage. We also operate land-based adventure travel experiences around the globe, with unique itineraries designed to offer intimate encounters with nature and the planet's remarkable destinations including the animals and people who live there. Natural Habitat, Inc. (\u201cNatural Habitat\u201d) provides eco-conscious expeditions and nature-focused, small-group experiences that include polar bear tours in Churchill, Canada, Alaskan grizzly bear adventures, small-group Gal\u00e1pagos Islands tours and African safaris. Natural Habitat has partnered with World Wildlife Fund (\u201cWWF\u201d) to offer conservation travel, which is sustainable travel that contributes to the protection of nature and wildlife. Off the Beaten Path, LLC (\u201cOff the Beaten Path\u201d) provides small group travel, led by local, experienced guides, with distinct focus on wildlife, hiking national parks and culture. Off the Beaten Path offerings include insider national park experiences in the Rocky Mountains, Desert Southwest, and Alaska, as well as unique trips across Central and South America, Oceania, Europe and Africa. DuVine Cycling + Adventure Company (\u201cDuVine\u201d) provides intimate cycling adventures and travel experiences, led by expert guides, with a focus on connecting with local character and culture, including high-quality local cuisine and accommodations. International cycling tours include the exotic Costa Rican rainforests, the rocky coasts of Ireland and the vineyards of Spain, while cycling adventures in the United States include cycling beneath the California redwoods, pedaling through Vermont farmland and wine tastings in the world-class vineyards of Napa and Sonoma. Classic Journeys, LLC (\u201cClassic Journeys\u201d) offers highly curated active small-group and private custom journeys centered around cinematic walks led by expert local guide Item 1. Business Overview Lindblad has been providing marine expedition adventures and active travel experiences globally to its guests since 1979. Our expedition sailing and land-based adventure travel experiences foster a spirit of exploration and discovery through itineraries that feature up-close encounters with wildlife, nature, history and culture, and promote guest empowerment, human connections and interactivity. Our mission is to offer life-enhancing adventures around the world and pioneering innovative ways to allow our guests to connect with exotic and remote places. Our brands include Lindblad Expeditions, Natural Habitat, Inc. (\u201cNatural Habitat\u201d), Off the Beaten Path, LLC (\u201cOff the Beaten Path\u201d), DuVine Cycling + Adventure Company (\u201cDuVine\u201d), Classic Journeys, LLC (\u201cClassic Journeys\u201d), and Thomson Group, consisting of Wineland-Thomson Adventures, LLC (\u201cThomson Safaris\u201d), Nature Discovery Ltd (\u201cNature Discovery\u201d), Thomson Safaris Ltd (\u201cThomson Safaris Tanzania\u201d), and Ngorongoro Safari Lodge Ltd (\u201cGibb\u2019s Farm\u201d). Segments Lindblad Segment The Lindblad segment consists primarily of ship-based expeditions aboard customized, nimble and intimately-scaled vessels that are designed for discovery, enabling us to venture where larger cruise ships cannot, thereby allowing Lindblad to offer up-close experiences in the planet\u2019s wild and remote places and capitals of culture. Many of these expeditions involve travel to remote places with limited infrastructure and ports, such as Antarctica and the Arctic, or places that are best accessed by a ship, such as the Gal\u00e1pagos Islands, Alaska and Baja California\u2019s Sea of Cortez and foster active engagement by guests. Each expedition ship is fully equipped with state-of-the-art tools for in-depth exploration. We choose to visit geographic areas based upon many factors, including weather, marine conditions, migration patterns and various natural phenomena and are continually expanding our travel offerings. In the northe Item 1A. Risk Factors You should carefully consider the risk factors set forth below and the other information in this Annual Report on Form 10-K. The matters discussed in the risk factors, and additional risks and uncertainties not currently known to us or that we currently deem immaterial, could have a mater", "title": "LIND - LINDBLAD EXPEDITIONS HOLDINGS, INC.", "url": "/company/LIND/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000891166; latest 10-K filed 2026-02-27.", "text": "UVE - UNIVERSAL INSURANCE HOLDINGS, INC. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000891166; latest 10-K filed 2026-02-27. UVE UNIVERSAL INSURANCE HOLDINGS, INC. 0000891166 6331 Fire, Marine & Casualty Insurance ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to assist in an understanding of our financial condition and results of operations and should be read in conjunction with our consolidated financial statements and accompanying notes in \u201cPart II\u2014Item 8\u2014Financial Statements and Supplementary Data\u201d below. Except for the historical information contained herein, the discussions in this MD&A contain forward-looking statements that involve risks and uncertainties. Our future results could differ materially from those discussed herein. Factors that could cause or contribute to such differences include, but are not limited to, those discussed above under \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cPart I\u2014 Item 1A\u2014Risk Factors\u201d. Overview We are a vertically integrated holding company offering property and casualty insurance and value-added insurance services. In addition, we generate revenue from our investment portfolio, reinsurance brokerage services, the receipt of managing general agency fees from policy holders and from other sources of revenue (collectively \u201cOther Revenue Sources\u201d). We develop, market, and underwrite insurance products for consumers predominantly in the personal residential homeowners\u2019 line of business and perform substantially all insurance-related services for our insurance entities, including risk management, claims management, and distribution. Our Insurance Entities offer insurance products through both appointed independent insurance agents and through our online distribution channel across 19 states, with licenses to write insurance in one additional state. We seek to produce an underwriting profit (defined as net premiums earned minus losses, LAE, policy acquisition costs and other operating costs and expenses) over the long term, along with growing our Other Revenue Sources. Revenues We generate revenue primarily from the collection of insurance premiums. Other sources of revenue include: commissions paid by our reinsurers to our reinsurance intermediary subsidiary BARC on reinsurance it places for the Insurance Entities; policy fees collected from policyholders by our managing general agent subsidiary, ERA; and financing fees charged to policyholders who choose to defer premium payments reflected in other income. In addition, our subsidiary Alder receives fees from the Insurance Entities for claims-handling services. The Insurance Entities are reimbursed for these fees on claims that are subject to recovery under the Insurance Entities\u2019 respective reinsurance programs. These fees, after expenses, are recorded in the consolidated financial statements as an adjustment to LAE. We also generate income by investing our assets. The nature of our business tends to be seasonal during the year, reflecting consumer behaviors in connection with the Florida residential real estate market and the hurricane season. The amount of direct premiums written tends to be highest in the second and third quarters of our fiscal year and lowest in the first and fourth quarters. Trends and Geographical Distribution Florida Trends Regulatory Environment We seek to achieve long-term rate adequacy and earnings for the Insurance Entities while managing our risks through market cycles and looking to take advantage of what we believe to be market opportunities. We currently transact insurance in 19 states. Although the majority of our policies cover properties in Florida, our business in other states continues to grow as a percentage of our total policies in force and premium volume. Our ability to write and retain policies is influenced by a range of local, national and global factors. Among these, the amount and types of policies we write depend on the regulatory environments in the states in which the Insurance Entities write policies. In parti ITEM 1. BUSINESS Overview Universal Insurance Holdings, Inc. (\u201cUVE,\u201d and together with its wholly-owned subsidiaries, \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d or the \u201cCompany\u201d) is a holding company offering property and casualty insurance and value-added insurance services. We develop, market, and underwrite insurance products for consumers predominantly in the personal residential homeowners lines of business and perform substantially all other insurance-related services for our primary insurance entities, including risk management, claims management, and distribution. Our primary insurance entities, Universal Property & Casualty Insurance Company (\u201cUPCIC\u201d) and American Platinum Property and Casualty Insurance Company (\u201cAPPCIC\u201d and together with UPCIC, the \u201cInsurance Entities\u201d), offer insurance products through both our appointed independent agent network and our online distribution channels across our multi-state footprint (primarily in Florida). The Insurance Entities seek to produce an underwriting profit (defined as earned premium minus losses, loss adjustment expense (\u201cLAE\u201d), policy acquisition costs and other operating costs and expenses) over the long term; maintain a conservative balance sheet to prepare for years in which the Insurance Entities are not able to achieve an underwriting profit; and generate investment income on assets. Business Strategy UVE\u2019s strategic focus is on creating a best-in-class experience for our customers and delivering strong shareholder returns across underwriting cycles. While weather-related volatility is an inherent part of property insurance, particularly in coastal markets such as Florida, our strategy includes generating non-risk bearing income that enhances returns in profitable underwriting periods, while serving as a buffer and potentially still allowing for consolidated profitability in challenging underwriting periods. We have more than 25 years of experience providing protection solutions. We continue to focus on disciplined underwrit ITEM 1A. RISK FACTORS The following summarizes the material factors that may render an investment in our securities speculative or risky. When any one or more of the following risks materialize from time to time, our business, reputation, financial condition, cash flows, and results of operat", "title": "UVE - UNIVERSAL INSURANCE HOLDINGS, INC.", "url": "/company/UVE/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001789029; latest 10-K filed 2026-03-20.", "text": "AEVA - Aeva Technologies, Inc. SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001789029; latest 10-K filed 2026-03-20. AEVA Aeva Technologies, Inc. 0001789029 3714 Motor Vehicle Parts & Accessories Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with the Consolidated Financial Statements and related notes that are included elsewhere in this report. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d or in other parts of this report. On March 18, 2024, we filed a Certificate of Amendment to our Amended and Restated Certificate of Incorporation (the \u201cAmendment\u201d) with the Secretary of State of the State of Delaware to effect a 1-for-5 reverse stock split (the \u201cReverse Stock Split\u201d) of shares of common stock, $0.0001 par value (the \u201ccommon stock\u201d). Pursuant to the Reverse Stock Split, every five (5) shares of issued and outstanding shares of common stock were combined into one (1) share of common stock. All share and per share amounts presented herein have been retroactively adjusted to reflect the Reverse Stock Split. There was no change to the shares authorized or in the par value per share of common stock of $0.0001. The Reverse Stock Split affected all stockholders uniformly and did not alter any stockholder\u2019s percentage interest in the Company\u2019s equity. The Company did not issue fractional shares in connection with the Reverse Stock Split. Stockholders who were otherwise entitled to fractional shares of common stock were instead entitled to receive a proportional cash payment. The number of shares of common stock issuable under our equity incentive plans and exercisable under the outstanding warrants were also proportionately adjusted. A discussion and analysis regarding our financial condition, results of operations and cash flows for the year ended December 31, 2025 compared to the year ended December 31, 2024 is presented below. Discussion regarding our financial condition and results of operations for the year ended December 31, 2024 as compared to the year ended December 31, 2023 is not included in this Form 10-K, and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K filed with the SEC on March 21, 2025. Overview Our vision is to bring perception to broad applications. Through our FMCW sensing technology, we believe we are introducing the world\u2019s first 4D LiDAR-on-chip that, along with our proprietary software applications, has the potential to enable the adoption of LIDAR across broad applications. Founded in 2017 by former Apple engineers Soroush Salehian and Mina Rezk and led by a multidisciplinary team of engineers and operators experienced in the field of sensing and perception, Aeva\u2019s mission is to bring the next wave of perception technology to broad applications from automated driving to industrial automation, consumer device and security applications. Our 4D LiDAR-on-chip combines silicon photonics technology that is proven in the telecom industry with precise instant velocity measurements and long-range performance for commercialization. As a development stage company, we work closely with our customers on the development and commercialization of their programs and the utilization of our products in such programs. Thus far, virtually all of our customers have purchased prototype products and engineering services from us for use in their research and development programs. We are expanding our manufacturing capacity through third-party manufacturers to meet our customers\u2019 anticipated demand for the production of our products. Unlike legacy 3D LiDAR, which relies on Time-of-Flight (\u201cToF\u201d) technology and measures only depth and reflectivity, Aeva\u2019s solution leverages a proprietary Item 1. Business. Overview Our vision is to bring perception to broad applications. Through our Frequency Modulated Continuous Wave (\u201cFMCW\u201d) sensing technology, we believe we are introducing the world\u2019s first 4D LiDAR-on-chip that, along with our proprietary software applications, have the potential to enable the adoption of LiDAR across broad applications. Founded in 2017 by former Apple engineers Soroush Salehian and Mina Rezk and led by a multidisciplinary team of engineers and operators experienced in the field of sensing and perception, Aeva\u2019s mission is to bring the next wave of perception technology to broad applications from automated driving, manufacturing automation and smart infrastructure, robotics and consumer devices. Our 4D LiDAR-on-chip combines silicon photonics technology that is proven in the telecom industry with precise instant velocity measurements and long-range performance for commercialization. Unlike legacy 3D LiDAR, which relies on Time-of-Flight (\u201cToF\u201d) technology and measures only depth and reflectivity, Aeva\u2019s solution leverages a proprietary FMCW technology to measure velocity in addition to depth, reflectivity and inertial motion. We believe the ability of Aeva\u2019s solution to measure instant velocity for every pixel is a major advantage over ToF-based sensing solutions. Furthermore, Aeva\u2019s technology is free from interference from other LiDAR or, the beams and sunlight, and our core innovations within FMCW are intended to enable vehicles to see at significantly higher distances of up to 500 meters. We believe the advantages of our 4D LiDAR-on-chip allow us to provide the first LiDAR solution that is fully integrated onto a chip with superior performance at scale, with the potential to enable higher level of automation for vehicles and the potential to drive new categories of perception across industrial automation, consumer device applications, and security markets. Technology Overview With the world\u2019s first LiDAR that is integr Item 1A. Risk Factors. Our operating and financial results are subject to various risks and uncertainties. You should carefully consider the following risk factors, which could materially affect our business, financial condition or results of operations in future periods. These risks are not the only risks we face", "title": "AEVA - Aeva Technologies, Inc.", "url": "/company/AEVA/" }, { "kind": "company", "summary": "SIC 0100 Agricultural Production-Crops; CIK 0001857475; latest 10-K filed 2026-03-02.", "text": "DOLE - Dole plc SIC 0100 Agricultural Production-Crops; CIK 0001857475; latest 10-K filed 2026-03-02. DOLE Dole plc 0001857475 0100 Agricultural Production-Crops Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations included herein should be read in conjunction with the information contained in our consolidated financial statements and the notes thereto, and may contain forward-looking statements that relate to our plans, objectives, estimates and goals and involve risks and uncertainties. Our actual results could differ materially from the forward-looking statements included herein. Statements regarding our future and projections relating to products, sales, revenues, expenditures, costs and earnings are typical of such statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in \u201cItem 1A. Risk Factors\u201d. Executive Overview We are a global leader in fresh fruits and vegetables, with produce sourced, both locally and globally, from over 100 countries in various regions and distributed and marketed in over 85 countries, across retail, wholesale, food service and e-commerce channels. Our most significant products hold leading market share positions in their respective categories and territories. We are one of the world\u2019s largest producers of fresh bananas and pineapples, a major global exporter of grapes and have an expanding presence in avocados, mangos, kiwis, berries, cherries and organic produce. We sell and distribute fruit and vegetable products throughout an extensive network in North America, Europe, Latin America, Asia, the Middle East and Africa (primarily in South Africa). For further information on our principal sources of revenue, refer to Note 5 \u201cRevenue\u201d to our consolidated financial statements included in \u201cItem 8. Financial Statements and Supplementary Data.\u201d In addition, see \u201cItem 1. Business\u201d for a more detailed description of our products and services offered. 37 Table of Contents Dole is comprised of the following three reportable segments: Fresh Fruit: The Fresh Fruit reportable segment primarily sells bananas, pineapples and plantains which are sourced from Dole-owned and leased farms or local growers, predominately located in Latin America, and sold throughout North America, Europe, Latin America and Asia. This segment also operates a commercial cargo business, which offers available capacity to transport third party cargo on company-owned vessels that are primarily used internally for transporting bananas and pineapples between Latin America, North America and Europe. Diversified Fresh Produce \u2013 EMEA: The Diversified Fresh Produce \u2013 EMEA reportable segment includes Dole\u2019s Irish, Dutch, Spanish, Portuguese, French, Italian, U.K., Swedish, Danish, South African, Czech, Slovakian, Polish, German and Brazilian businesses, the majority of which sell a variety of imported and local fresh fruits and vegetables through retail, wholesale, e-commerce and food service channels across the European marketplace. Diversified Fresh Produce \u2013 Americas & ROW: The Diversified Fresh Produce \u2013 Americas & ROW reportable segment includes Dole\u2019s U.S., Canadian, Mexican, Chilean, Peruvian and Argentinian businesses, all of which market globally and locally-sourced fresh produce, including avocados, kiwis, apples, berries and cherries, from third-party growers or Dole-owned farms to wholesale, retail-oriented marketing and specialist businesses. Vegetables Exit Process On August 1, 2025 we entered into the Vegetables Transaction with OG Holdco LLC to sell the Fresh Vegetables division for an aggregate purchase price of approximately $140.0 million (approximately $90.0 million in cash and a $50.0 million seller note), subject to customary adjustments, as well as a $10.0 million earn-out. On August 5, 2025 (the \u201cclosing date\u201d or \u201cdisposal date\u201d), the Vegetables Transaction closed and we completed the exit of the Fresh Vegetables division (the \u201cVegetables exit process\u201d). As a result of Item 1. Business Business Overview Dole plc is a global leader in the production, sourcing, distribution, and marketing of fresh fruits and vegetables. Our portfolio encompasses more than 300 products, which we grow and source both locally and worldwide from over 100 countries. As of December 31, 2025, we operate in 30 countries and distribute our products in more than 85 countries through retail, wholesale, foodservice and e-commerce channels. Our products are marketed under both business-to-business and business-to-consumer brands, with the most notable being the iconic DOLE\u00ae brand, which is recognized as the most trusted brand for fresh fruit and vegetables in the United States (\u201cU.S.\u201d). On August 5, 2025, we completed the sale of our Fresh Vegetables division to OG Holdco LLC for approximately $140.0 million (the \u201cVegetables Transaction\u201d). The Vegetables Transaction included substantially all of the assets and liabilities of the former Fresh Vegetables segment. As a result, the division\u2019s results are reported as discontinued operations in our consolidated financial statements. We continue to review and pursue opportunities for growth through acquisitions and development within the fragmented produce industry. Business Segments For our fiscal year ended December 31, 2025, we operated through three reportable segments, each managed separately due to differences in geography, products, production processes, distribution channels and customer bases. We believe this organizational structure allows us to continue serving our customers with the exceptional quality that they have come to associate with the brands we market and to drive growth and cost efficiencies through the realization of operational synergies across the overall business. Fresh Fruit: This segment encompasses our market-leading, vertically integrated production and distribution of bananas, pineapples and plantains primarily. We source these products from both Dole-owned and leased farms, as Item 1A. Risk Factors An investment in our Ordinary shares involves a high degree of risk. You should carefully consider the risks and uncertainties described below together with the other information set forth in this Annual Report. If any of the following risks or uncertainties actually occur, our business, financial position and results of operations could be m", "title": "DOLE - Dole plc", "url": "/company/DOLE/" }, { "kind": "company", "summary": "SIC 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels); CIK 0001227654; latest 10-K filed 2025-12-12.", "text": "CMP - COMPASS MINERALS INTERNATIONAL INC SIC 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels); CIK 0001227654; latest 10-K filed 2025-12-12. CMP COMPASS MINERALS INTERNATIONAL INC 0001227654 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The statements in this discussion regarding the industry outlook, our expectations for the future performance of our business, and the other non-historical statements in this discussion are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in Item 1A, \u201cRisk Factors.\u201d You should read the following discussion together with Item 1A, \u201cRisk Factors\u201d and the Consolidated Financial Statements and Notes thereto included elsewhere in this Form 10-K. COMPANY OVERVIEW Compass Minerals is a leading global provider of essential minerals, including salt, consisting of sodium chloride and magnesium chloride and sulfate of potash (SOP\u201d) specialty fertilizer. As of September 30, 2025, we operate 12 production and packaging facilities with more than 1,800 personnel throughout the U.S., Canada and the UK, including: \u2022The largest rock salt mine in the world in Goderich, Ontario, Canada; \u2022The largest dedicated rock salt mine in the UK in Winsford, Cheshire; \u2022A solar evaporation facility located near Ogden, Utah, which is both the largest sulfate of potash specialty fertilizer production site and the largest solar salt production site in the Western Hemisphere; and \u2022Several mechanical evaporation facilities producing consumer and industrial salt. Our Salt segment provides highway deicing salt to customers in North America and the UK as well as consumer deicing and water conditioning products, ingredients used in consumer and commercial food preparation, and other salt-based products for consumer, industrial, chemical and agricultural applications in North America. In the UK, we operate a records management business utilizing excavated areas of our Winsford salt mine with one other location in London, England. Our Plant Nutrition segment produces and markets SOP products in various grades worldwide to distributors and retailers of crop inputs, as well as growers and for industrial uses. We market our SOP under the trade name Protassium+. Debt Refinancing. In June 2025, we issued $650.0 million aggregate principal amount of our 8.00% Senior Notes due 2030 in a private offering (the \u201c2030 Notes\u201d). We used the net proceeds from the 2030 Notes to (i) repay all outstanding amounts under our senior secured credit facility, including $43.5 million under the revolving credit facility and $191.3 million under our term loan, (ii) redeem approximately $350.0 million of our outstanding 6.75% Senior Notes due 2027, (iii) pay transaction-related fees and expenses, (iv) increase cash on our balance sheet, and (v) for general corporate purposes. The redemption resulted in a loss on debt extinguishment of $7.6 million, which is included in Loss on extinguishment of debt in the Consolidated Statements of Operations for the fiscal year ended September 30, 2025. See the Liquidity and Capital Resources section below and Item 8, Note 10. Long Term Debt and Finance Lease Liabilities of our Consolidated Financial Statements for additional information. Fortress Exit. In May 2023, we completed the purchase of Fortress North America, LLC (\u201cFortress), a fire retardant company working to develop long-term aerial and ground fire retardant products to help combat wildfires. In March 2025, we took measures to align our cost structure to our current business needs as part of a larger strategic refocus to improve the profitability of our core Salt and Plant Nutrition businesses, including the process of exiting the Fortress business and terminating the employment of all Fortress employees. As a result of impairment tests performed during fiscal year ended September 30, 2025, we recorded a $53.0 million loss on impairment of long-lived assets related to customer relationships and trade name and a $0.7 million impairment related to the remaining Fortr ITEM 1. BUSINESS General Development Of Business Compass Minerals International, Inc. through its subsidiaries is a leading provider of essential minerals, primarily salt and plant nutrition. Our production sites are located in the United States (\u201cU.S.\u201d), Canada and the United Kingdom (\u201cUK\u201d). The Company also provides records management services in the UK. Back-to-Basics Strategy Our back-to-basics strategy focuses on improving cash flow generation and returns on capital in our core Salt and Plant Nutrition businesses through cost management and appropriate flexibility in capital intensity. We are committed to continually balancing inventory volumes, improving our cost structure, and enhancing profitability, leveraging our unique assets with durable competitive advantages and strong leadership positions in our respective marketplaces. We believe this strategy will enable us to create meaningful, long-term shareholder value and strengthen our financial performance. To achieve the strategy of improving cash flow generation and returns on capital in the core Salt and Plant Nutrition businesses, we have taken the following specific actions: \u2022Cost management. Implementing cost control measures to reduce expenses and to improve our cost structure and profitability. \u2022Debt reduction. Reducing levels of indebtedness to create long-term shareholder value. \u2022Continually balancing inventory volumes. Optimizing inventory volumes and associated cash impacts, while ensuring market opportunities are met. \u2022Flexibility in capital intensity. Optimizing our capital expenditures to enhance cash flow and returns on capital. The following are key actions we took on our back-to-basics strategy to strengthen our financial performance for the fiscal year ended September 30, 2025. \u2022Exited the Fire Retardant Business. On March 25, 2025, we announced actions to further optimize the cost structure of the Company and focus on activities in our core Salt and Plant Nutrition businesses ITEM 1A. RISK FACTORS We are subject to a number of risks that could have a material adverse effect on our business, financial condition, results of operations and the value of our securities. You should carefully consider the following risks and all of the informati", "title": "CMP - COMPASS MINERALS INTERNATIONAL INC", "url": "/company/CMP/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001883085; latest 10-K filed 2026-03-02.", "text": "PGY - Pagaya Technologies Ltd. SIC 6199 Finance Services; CIK 0001883085; latest 10-K filed 2026-03-02. PGY Pagaya Technologies Ltd. 0001883085 6199 Finance Services Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with this Annual Report and our consolidated financial statements and the related notes contained elsewhere in this Annual Report. This discussion and analysis may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in \u201cItem 1A.\u2014Risk Factors\u201d of this Annual Report. Pursuant to the FAST Act Modernization and Simplification of Regulation S-K, discussions related to the results of operations for the year ended December 31, 2024 in comparison to the year ended December 31, 2023 have been omitted. For such omitted discussions, refer to Pagaya\u2019s Operating Results included in the Annual Report on Form 10-K filed with the SEC on March 12, 2025. Company Overview 64 Table of Contents Pagaya\u2019s mission is to deliver more financial opportunity to more people, more often. We believe our mission will be accomplished by becoming the trusted lending technology partner for the consumer finance ecosystem, with an expansive product suite (the fee-generating side of our business) fueled by effective and efficient capital and risk management (the capital efficiency side of our business). Both sides of our business working harmoniously to meet the complex needs of the leading financial institutions. We are a product-focused technology company that deploys sophisticated data science and proprietary, AI-powered technology to enable better outcomes for financial institutions, their existing and potential customers, and institutional or sophisticated investors. We have built, and we are continuing to scale, a leading AI and data network for the benefit of financial services and other service providers, their customers, and investors. Services providers integrated in our network, which we refer to as our \u2018\u2018Partners,\u2019\u2019 range from high-growth financial technology companies to incumbent banks and financial institutions. We believe Partners benefit from our network to extend financial products to their customers, in turn helping those customers fulfill their financial needs. These assets originated by Partners with the assistance of Pagaya\u2019s AI technology are eligible to be acquired by Financing Vehicles: (i) funds managed or advised by Pagaya or one of its affiliates, (ii) securitization vehicles sponsored or administered by Pagaya or one of its affiliates and (iii) other similar vehicles (\u201cFinancing Vehicles\u201d). In recent years, investments in digitization have improved the front-end delivery of financial products, upgrading customer experience and convenience. Notwithstanding these advances, we believe underlying approaches to the determination of creditworthiness for financial products are often outdated and overly manual. In our experience, providers of financial services tend to utilize a limited number of factors to make decisions, operate with siloed technology infrastructure and have data limited to their own experience. As a result, we believe financial services providers approve a smaller proportion of their application volume than is possible with the benefit of modern technology, such as our AI technology and data network. At our core, we are a technology company that deploys data science and technology to drive better results across the financial ecosystem. We believe our solution drives a \u201cwin-win-win\u201d for Partners, their customers and potential customers, and investors. First, by utilizing our network, Partners are able to approve more customer applications, which we believe drives superior revenue growth, enhanced brand affinity, opportunities to promote other financial products and decreased unit-level customer acquisition costs. Partners realize these benefits with Item 1. Business History and Development of the Company Pagaya Technologies Ltd. was incorporated on March 20, 2016 and is organized under the laws of the State of Israel. We are registered with the Israeli Registrar of Companies, registration number 51-542127-9. In February 2024, Pagaya relocated its corporate headquarters to its current New York City office. The U.S. is where we conduct our business, generate the majority of our revenue, and where all of our Partners and SFR Partners are domiciled. The mailing address of our principal executive office is 335 Madison Ave, New York, NY 10017, telephone number +1 646-710-7714. Our office in Tel-Aviv, Israel is Azrieli Sarona Bldg, 54th Floor, 121 Derech Menachem Begin, Tel-Aviv, 6701203, Israel, telephone number +972 (3) 715 0920. Pagaya was founded with the goal of improving upon legacy underwriting practices in the United States through the use of artificial intelligence (\u201cAI\u201d)-powered technology and data science. We have built and continue to enhance a network connecting financial institutions and their customers with investors, which is designed to facilitate greater access to financial products and services for consumers. Our business began in personal loans and has expanded to auto loans, point-of-sale and single-family rental (\u201cSFR\u201d). Our website address is www.pagaya.com. Material information is disclosed on our website in the \u201cInvestor Relations\u201d section. Accordingly, the investment community, including investors, prospective investors, and sell-side analysts, can monitor such sections of our website, in addition to following our press releases, SEC filings and public conference calls and webcasts. Information contained on, or that can be accessed through, our website does not constitute a part of this Annual Report and is not incorporated by reference herein. We have included our website address in this Annual Report solely for informational purposes. Our SEC filings are available on the SEC\u2019s website a Item 1A. Risk Factors In addition to the other information contained in this Annual Report, including the matters addressed under the heading \u201cCautionary Statement Regarding Forward-Looking Statements,\u201d you should carefully consider the following risk factors in this Annual Report before investing in our securities. Certain factors may have a m", "title": "PGY - Pagaya Technologies Ltd.", "url": "/company/PGY/" }, { "kind": "company", "summary": "SIC 6794 Patent Owners & Lessors; CIK 0000317788; latest 10-K filed 2026-05-26.", "text": "APPS - Digital Turbine, Inc. SIC 6794 Patent Owners & Lessors; CIK 0000317788; latest 10-K filed 2026-05-26. APPS Digital Turbine, Inc. 0000317788 6794 Patent Owners & Lessors ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our consolidated financial statements and the notes appearing in Item 8. Financial Statements and Supplementary Data. This section of our Annual Report generally discusses the results of our operations for the year ended March 31, 2026, compared with the year ended March 31, 2025. For a discussion of the results of our operations for the year ended March 31, 2025, compared with the year ended March 31, 2024, see \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report for the fiscal year ended March 31, 2025. The following discussion contains forward-looking statements that reflect our future plans, estimates, beliefs, and expected performance. The forward-looking statements are dependent upon events, risks, and uncertainties that may be outside our control. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those factors discussed below and elsewhere in this Annual Report, particularly in Item 1A. Risk Factors and the Cautionary Note Regarding Forward-Looking Statements, all of which are difficult to predict. In light of these risks, uncertainties, and assumptions, the forward-looking statements discussed may not occur. We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law. 38 Table of Contents Company Overview Digital Turbine, Inc., through its subsidiaries (collectively \u201cDigital Turbine,\u201d the \u201cCompany,\u201d \u201cwe,\u201d or \u201cus\u201d), is a leading independent mobile growth platform that levels up the landscape for advertisers, publishers, carriers, and device original equipment manufacturers (\u201cOEMs\u201d). The Company offers end-to-end products and solutions leveraging proprietary technology to all participants in the mobile application ecosystem, enabling brand discovery and advertising, user acquisition and engagement, and operational efficiency for advertisers. In addition, our products and solutions provide monetization opportunities for OEMs, carriers, and application (\u201capp\u201d or \u201capps\u201d) publishers and developers. Recent Developments Debt Refinancing, Issuance of Warrants and At-the-Market Offering On August 29, 2025 (the \u201cClosing Date\u201d), the Company refinanced its existing senior credit facility. The Company and certain wholly owned subsidiaries of the Company, as guarantors (the \u201cGuarantors\u201d), entered into a Financing Agreement (the \u201cFinancing Agreement\u201d) with Blue Torch Finance LLC, as both administrative and collateral agent. The Financing Agreement (i) has a four-year term from the Closing Date and (ii) provides for three separate tranches of term loans in an aggregate principal amount of $430,000 (collectively the \u201cLoans\u201d), all of which were borrowed in full by the Company on the Closing Date. The Loans are secured by substantially all of the assets of the Company and the Guarantors, subject to certain exceptions. During the fiscal year ended March 31, 2026, the Company repaid one of the three term loan tranches. See Note 12\u2014Debt in the notes to the consolidated financial statements included in Item 8 of Part II of this Annual Report on Form 10-K for additional information regarding the Financing Agreement. In connection with the Financing Agreement, the Company issued warrants (the \u201c2025 Warrants\u201d) to purchase an aggregate of 824,421 shares of the Company\u2019s common stock (the \u201cCommon Stock\u201d), par value $0.0001 per share, to certain affiliates of the Financing Agreement\u2019s lenders at an exercise price of $4.84 per share (the \u201cExercise Price\u201d), which was equal to the 30-day volume-weighted average price per share of Common Stock ending on and including the trading day immediately preceding the Closing Date. On S ITEM 1. BUSINESS Overview Digital Turbine, Inc., through its subsidiaries (collectively \u201cDigital Turbine,\u201d the \u201cCompany,\u201d \u201cwe,\u201d or \u201cus\u201d), is a leading independent mobile growth platform that levels up the landscape for advertisers, publishers, carriers, and device original equipment manufacturers (\u201cOEMs\u201d). The Company offers end-to-end products and solutions leveraging proprietary technology to all participants in the mobile application ecosystem, enabling brand discovery and advertising, user acquisition and engagement, and operational efficiency for advertisers. In addition, our products and solutions provide monetization opportunities for OEMs, carriers, and application (\u201capp\u201d or \u201capps\u201d) publishers and developers. Our Products and Services The Company reports its results of operations through the following two segments, each of which represents an operating and a reportable segment, as follows: On Device Solutions The Company\u2019s On Device Solutions (\u201cODS\u201d) business consists of products and services that simplify the discovery and delivery of mobile apps and content media for device end users. ODS is comprised of the following product and service groups: \u2022Application Media represents the portion of the ODS business platform that delivers apps to end users through partnerships with wireless carriers and OEMs. Application Media optimizes revenue by using proprietary technology to streamline, track, and manage app install demand from hundreds of application developers across various publishers, carriers, OEMs, and devices. \u2022Content Media represents the portion of the ODS business platform that presents news, weather, sports, and other content directly within the native device experience (e.g., as the start page in the mobile browser, a widget, on unlock, etc.) through partnerships with wireless carriers and OEMs. Content Media optimizes revenue by a combination of: \u2022Programmatic Ad Partner Revenue - advertising within the content media that\u2019s sold on an ad ex ITEM 1A. RISK FACTORS You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d and our consolidated financial statements and the related n", "title": "APPS - Digital Turbine, Inc.", "url": "/company/APPS/" }, { "kind": "company", "summary": "SIC 3990 Miscellaneous Manufacturing Industries; CIK 0000074046; latest 10-K filed 2025-10-09.", "text": "ODC - Oil-Dri Corp of America SIC 3990 Miscellaneous Manufacturing Industries; CIK 0000074046; latest 10-K filed 2025-10-09. ODC Oil-Dri Corp of America 0000074046 3990 Miscellaneous Manufacturing Industries ITEM 7 \u2013 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read together with the Consolidated Financial Statements and the related notes included elsewhere herein. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause a difference include those discussed under \u201cForward-Looking Statements\u201d and in Item 1A \u201cRisk Factors\u201d in this Annual Report on Form 10-K. OVERVIEW We develop, mine, manufacture and market sorbent products principally produced from clay minerals, primarily consisting of calcium bentonite, attapulgite and diatomaceous shale. Our principal products include agricultural and horticultural chemical carriers, animal health and nutrition products, cat litter, fluids purification and filtration bleaching clays, industrial and automotive floor absorbents, and sports field products. Our products are sold to two primary customer groups, including customers who resell our products as originally produced to the end consumer and other customers who use our products as part of their production process or use them as an ingredient in their final finished product. We have two reportable operating segments based on the different characteristics of our two primary customer groups: the Retail and Wholesale Products Group and the Business to Business Products Group. Each operating segment is discussed individually below. Additional detailed descriptions of the operating segments are included in Item 1 \u201cBusiness\u201d above. On October 9, 2024, the Company announced that our Board approved a two-for-one stock split in the form of a stock dividend. Stockholders of record as of the close of business on December 20, 2024 received a distribution of one additional share of Common Stock for each share of Common Stock held by such stockholder and one additional share of Class B Stock for each share of Class B Stock held by such stockholder as of the record date. The additional shares were distributed on January 3, 2025, and our Common Stock began trading on a post-split basis on January 6, 2025. The stock split did not affect the par value of the Common Stock or Class B Stock, however, in order to implement the stock split we amended our Certificate of Incorporation on December 11, 2024 to increase the number of authorized shares of Common Stock from 15 million to 30 million. Proportionate adjustments were made to the number of shares that remain available for issuance pursuant to the Amended and Restated Oil-Dri Corporation of America 2006 Long Term Incentive Plan, as amended (the \"2006 Plan\"), as well as to the outstanding awards under the 2006 Plan. RESULTS OF OPERATIONS FISCAL YEAR 2025 COMPARED TO FISCAL YEAR 2024 OVERVIEW & CONSOLIDATED RESULTS [[GREPCENT_TABLE]] [[\"\",\"\",\"For the Year Ended July 31,\"],[\"(in thousands)\",\"\",\"2025\",\"\",\"2024\",\"\",\"$ Change\",\"% Change\"],[\"Consolidated Results\"],[\"Net Sales\",\"\",\"$\",\"485,572\",\"\",\"\",\"$\",\"437,587\",\"\",\"\",\"$\",\"47,985\",\"\",\"11%\"],[\"Gross Profit\",\"\",\"$\",\"143,083\",\"\",\"\",\"$\",\"125,094\",\"\",\"\",\"$\",\"17,989\",\"\",\"14%\"],[\"Operating Income\",\"\",\"$\",\"68,220\",\"\",\"\",\"$\",\"51,645\",\"\",\"\",\"$\",\"16,575\",\"\",\"32%\"],[\"Net income\",\"\",\"$\",\"53,996\",\"\",\"\",\"$\",\"39,426\",\"\",\"\",\"$\",\"14,570\",\"\",\"37%\"],[\"Business to Business\"],[\"Net Sales\",\"\",\"$\",\"182,596\",\"\",\"\",\"$\",\"150,471\",\"\",\"\",\"$\",\"32,125\",\"\",\"21%\"],[\"Operating Income\",\"\",\"$\",\"59,796\",\"\",\"\",\"$\",\"45,589\",\"\",\"\",\"$\",\"14,207\",\"\",\"31%\"],[\"Retail & Wholesale\"],[\"Net Sales\",\"\",\"$\",\"302,976\",\"\",\"\",\"$\",\"287,116\",\"\",\"\",\"$\",\"15,860\",\"\",\"6%\"],[\"Operating Income\",\"\",\"$\",\"44,137\",\"\",\"\",\"$\",\"43,804\",\"\",\"\",\"$\",\"333\",\"\",\"1%\"]] [[/GREPCENT_TABLE]] 36 Oil-Dri experienced another record-breaking year with consolidated net sales, gross profit and net income reaching all-time highs. Consolidated ne ITEM 1 \u2013 BUSINESS OVERVIEW OF BUSINESS Except as otherwise indicated herein or as the context otherwise requires, references to \u201cOil-Dri,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d refer to Oil-Dri Corporation of America and its subsidiaries. Oil-Dri is a leader in developing, manufacturing and/or marketing sorbent products. Our sorbent products are principally produced from hydrated aluminosilicate minerals, primarily consisting of calcium bentonite, attapulgite and diatomaceous shale, which we refer to collectively as our \u201cclay,\u201d our \u201cminerals,\u201d or \u201cFuller's Earth.\u201d We surface mine our clay on leased or owned land near our manufacturing facilities in Mississippi, Georgia, Illinois and California. We produce both absorbent and adsorbent products from our clay. Absorbents, like sponges, draw liquids up into their many pores. Examples of our absorbent clay products are Cat\u2019s Pride and Jonny Cat branded premium cat litter, as well as other private label cat litters. Additional examples are our Oil-Dri branded floor absorbents, Amlan branded animal health and nutrition solutions for livestock, and Agsorb and Verge agricultural chemical carriers. Adsorbent products attract impurities in liquids, such as metals and surfactants, and form low-level chemical bonds. Examples of our adsorbent products include Ultra-Clear, Pure-Flo, Supreme, Perform, Select, Metal-X and Metal-Z which act as purification mediums for edible and non-edible oils. We also sell nonclay-based products, such as our Oil-Dri synthetic sorbents used for automotive, industrial and marine cleanup, silica gel-based crystal cat litter, and plastic cat litter box liners. Our principal products are described in more detail below. Oil-Dri Corporation of America was incorporated in Delaware in 1969 as the successor to an Illinois corporation incorporated in 1946 (which was the successor to a partnership that commenced business in 1941). For additional information on recent business developments, see \u201cManagement ITEM 1A \u2013 RISK FACTORS We seek to identify, manage and mitigate risks to our business, but risk and uncertainty cannot be eliminated or necessarily predicted. You should consider the following factors carefully, in addition to other information contained in this Annual Report on Form 10-K, before making an i", "title": "ODC - Oil-Dri Corp of America", "url": "/company/ODC/" }, { "kind": "company", "summary": "SIC 5912 Retail-Drug Stores and Proprietary Stores; CIK 0001802255; latest 10-K filed 2026-03-11.", "text": "GRDN - Guardian Pharmacy Services, Inc. SIC 5912 Retail-Drug Stores and Proprietary Stores; CIK 0001802255; latest 10-K filed 2026-03-11. GRDN Guardian Pharmacy Services, Inc. 0001802255 5912 Retail-Drug Stores and Proprietary Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion analyzes our financial condition and results of operations and should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. See \u201cSpecial Note Regarding Forward-Looking Statements and Risk Factor Summary.\u201d When reviewing the discussion below, you should keep in mind the substantial risks and uncertainties that characterize our business. Known material factors that could affect our financial performance and actual results, and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this discussion or otherwise made by our management, are described in \u201cRisk Factors.\u201d Factors that could cause or contribute to such difference are not limited to those identified in \u201cRisk Factors.\u201d A discussion regarding our financial condition and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024 is presented below. Our historical results are not necessarily indicative of the results that may be expected for any future period. Overview We are a leading, highly differentiated pharmacy services company that provides an extensive suite of technology-enabled services designed to help residents of long-term health care facilities (\u201cLTCFs\u201d) adhere to their appropriate drug regimen, which in turn helps reduce the cost of care and improve clinical outcomes. We enter into contracts directly with LTCFs to serve as the principal pharmacy provider for their residents. In this capacity, we offer high-touch, individualized clinical, drug dispensing and administration capabilities that are tailored to serve the needs of residents in historically lower acuity LTCFs, such as assisted living facilities (\u201cALFs\u201d) and behavioral health facilities (\u201cBHFs\u201d). Additionally, our robust capabilities enable us to serve 49 Table of Contents residents in all types of LTCFs. Our services include prescription intake and adjudication management, packaging drugs into unit dose and/or multi-dose compliance packaging that are organized by date and time of administration, and electronically tracking each drug from delivery through administration to LTCF residents. We also offer training to caregivers and conduct mock audits to ensure compliance with pharmacy administration requirements, billing claims processing, government regulation and other matters. As of December 31, 2025, our 61 pharmacies, 54 of which are full-service, served approximately 205,000 residents in approximately 8,400 LTCFs across 38 states. While our national competitors have primarily focused on skilled nursing facilities (\u201cSNFs\u201d), we believe we enjoy a strong competitive position as a large and purpose-built provider of pharmacy services to ALFs and BHFs. More than two-thirds of our annual revenue for each of the past three years has been generated from residents of ALFs and BHFs, while the remainder has been generated primarily from residents of SNFs. LTCF industry trends, including aging demographics, increases in the number of assisted living residents, improving life expectancies and enhanced quality of care, have resulted in ALF and BHF resident populations that require assistance with their increasingly acute and complex healthcare needs. Through our value-added capabilities and local management model, we have been able to pass on to residents, LTCFs and health plan payors the benefits of our scale without compromising on the high-touch, localized customer service traditionally associated with an independent pharmacy. For this reason, we are well positioned to continue to serve ALFs and BHFs, which we believe to be the most attractive and highest growth sector of the LTCF market. Our core Item 1. Business. Overview We are a leading, highly differentiated pharmacy services company that provides an extensive suite of technology-enabled services designed to help residents of LTCFs adhere to their appropriate drug regimen, which in turn helps reduce the cost of care and improve clinical outcomes. We emphasize high-touch, individualized clinical, drug dispensing and administration capabilities that are tailored to serve the needs of residents in historically lower acuity LTCFs, such as assisted living facilities (\u201cALFs\u201d), and behavioral health facilities and group homes (collectively \u201cBHFs\u201d). More than two-thirds of our annual revenue for each of the past three years has been generated from residents of ALFs and BHFs, which are our target markets, while the remainder has been generated primarily from residents of skilled nursing facilities (\u201cSNFs\u201d). Additionally, our robust suite of capabilities enables us to serve residents in all types of LTCFs. We are a trusted partner to residents, LTCFs and health plan payors because we help reduce errors in drug administration, manage and ensure adherence to drug regimens, and lower overall healthcare costs. As of December 31, 2025, our 61 pharmacies, 54 of which are full-service, served approximately 205,000 residents in approximately 8,400 LTCFs across 38 states. Within the U.S. LTCF market, we believe the ALF and BHF sectors present the most attractive opportunity and have the highest growth potential for our business. Certain characteristics of ALFs and BHFs, which are not typical of SNFs, create additional challenges and complexities for pharmacy service providers that Guardian is well suited to address. First, residents at ALFs are typically on a variety of different pharmacy benefit plans, each with a distinct formulary and reimbursement process, covering their complex drug regimens. Second, ALFs often lack staff with formal clinical training and usually do not have an on-site medical director or full-time Item 1A. Risk Factors. Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K and the other documents that w", "title": "GRDN - Guardian Pharmacy Services, Inc.", "url": "/company/GRDN/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000736772; latest 10-K filed 2026-03-11.", "text": "CCNE - CNB FINANCIAL CORP/PA SIC 6022 State Commercial Banks; CIK 0000736772; latest 10-K filed 2026-03-11. CCNE CNB FINANCIAL CORP/PA 0000736772 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is presented to provide insight into management\u2019s assessment of financial results and should be read in conjunction with the following parts of this Annual Report on Form 10-K: Part I, Item 1 \"Business,\" Part II, Item 7A, \"Quantitative and Qualitative Disclosures About Market Risk,\" and Part II, Item 8 \"Financial Statements and Supplementary Data.\" This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of the Corporation\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. 26 Table of Contents Dollar amounts in tables are stated in thousands, except for per share amounts. Forward-Looking Statements and Factors that Could Affect Future Results The information below includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to CNB\u2019s financial condition, liquidity, results of operations, future performance and business. These forward-looking statements are intended to be covered by the safe harbor for \"forward-looking statements\" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond CNB\u2019s control). Forward-looking statements often include the words \"believes,\" \"expects,\" \"anticipates,\" \"estimates,\" \"forecasts,\" \"intends,\" \"plans,\" \"targets,\" \"potentially,\" \"probably,\" \"projects,\" \"outlook\" or similar expressions or future conditional verbs such as \"may,\" \"will,\" \"should,\" \"would\" and \"could.\" CNB\u2019s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Such known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, include, but are not limited to, (i) adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry; (ii) changes in interest rates; (iii) the credit risks of lending activities, including our ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs; (iv) effectiveness of our data security controls in the face of cyber attacks and any reputational risks following a cybersecurity incident; (v) changes in general business, industry or economic conditions or competition; (vi) changes in any applicable law, rule, regulation, policy, guideline or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise; (vii) adverse economic effects from international trade disputes, including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation, or similar events impacting economic activity; (viii) higher than expected costs or other difficulties related to integration of combined or merged businesses; (ix) the effects of business combinations and other acquisition transacti ITEM 1. BUSINESS CNB Financial Corporation (the \"Corporation\") is a financial holding company registered under the Bank Holding Company Act of 1956, as amended (the \"BHC Act\"). It was incorporated under the laws of the Commonwealth of Pennsylvania in 1983 for the purpose of engaging in the business of a financial holding company. On April 26, 1984, the Corporation acquired all of the outstanding capital stock of County National Bank, a national banking chartered institution. In December 2006, County National Bank changed its name to CNB Bank (the \"Bank\") and became a state bank chartered in Pennsylvania and subject to regulation by the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation. In October 2013, the Corporation acquired FC Banc Corp. and its subsidiary, The Farmers Citizens Bank. In July 2016, the Corporation acquired Lake National Bank, and in July 2020, the Corporation acquired Bank of Akron. On July 23, 2025, the Corporation completed its previously announced acquisition of ESSA Bancorp, Inc. (\"ESSA\") and its subsidiary bank, ESSA Bank & Trust Company (\"ESSA Bank\"), pursuant to the definitive merger agreement (the \"Merger Agreement\") dated as of January 9, 2025. The Corporation\u2019s acquisition of ESSA was an all-stock transaction. Under the terms of the Merger Agreement, ESSA merged with and into the Corporation, with the Corporation as the surviving entity, and immediately thereafter, ESSA Bank merged with and into the Bank, with the Bank as the surviving bank. Banking offices of ESSA Bank operate under the trade name ESSA Bank, a division of CNB Bank. Pursuant to the Merger Agreement, each outstanding share of ESSA common stock was converted into the right to receive 0.8547 shares of the Corporation\u2019s common stock. The total consideration paid to ESSA shareholders was approximately $202.6 million, comprised of approximately 8,359,430 shares of the Corporation's common stock, valued at approximately $202.5 m ITEM 1A. RISK FACTORS The Corporation\u2019s financial condition and results of operations are subject to various risks inherent in its business. The material risks and uncertainties that management believes affect the Corporation are described below. If any of these risks actually occur, the Corporation\u2019s business, financial condition, l", "title": "CCNE - CNB FINANCIAL CORP/PA", "url": "/company/CCNE/" }, { "kind": "company", "summary": "SIC 3330 Primary Smelting & Refining of Nonferrous Metals; CIK 0000101538; latest 10-K filed 2026-03-19.", "text": "UAMY - UNITED STATES ANTIMONY CORP SIC 3330 Primary Smelting & Refining of Nonferrous Metals; CIK 0000101538; latest 10-K filed 2026-03-19. UAMY UNITED STATES ANTIMONY CORP 0000101538 3330 Primary Smelting & Refining of Nonferrous Metals Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the Company\u2019s financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the notes related thereto which are included in \u201cItem 8. Financial Statements and Supplementary Data\u201d of this Annual Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth under \u201cCautionary Note Regarding Forward-Looking Statements,\u201d \u201cItem 1A. Risk Factors\u201d and elsewhere in this Annual Report. Overview United States Antimony Corporation began operations in Montana in January 1970 with an initial strategy centered around antimony mining and processing in Montana. Antimony mining ceased in the U.S. in the 1980\u2019s, including our antimony mining operations in Montana, due to a significant increase of less expensive antimony ore being imported into the United States from foreign countries. However, the Company continued to process ore sourced from certain foreign suppliers into antimony oxide, metal, and trisulfide and into precious metals, primarily gold and silver, at its facility in Montana. In 2025, the Company purchased the surface rights to one of its mining claims in Montana and mined 840 tons of antimony ore. While still procuring antimony ore from suppliers, the Company\u2019s operation in Montana is once again vertically integrated with the mining of its own ore. In the early 2000\u2019s, the Company expanded its footprint with antimony and precious metals operations located in Mexico and zeolite operations located in Idaho. Our zeolite operations are vertically integrated from mining to selling zeolite, which is the Company\u2019s goal for its businesses. Management has made significant changes to the Company and its operations over the past couple years to vertically integrate and expand overall operations in new areas and to grow sales. Operations Beginning in 2024 and continuing in 2025, the Company began acquiring mining claims and leases located in Alaska, Montana, and Ontario, Canada. The Company has also entered into an agreement to acquire exploration rights for mining properties located in the southeastern United States. We invested in these mining properties to further our strategy of vertical integration and to lower our ore cost compared to third-party antimony ore purchases. No active, revenue-producing operations were conducted in 2025 from the Company\u2019s mining claims and leases located in Los Juarez, Mexico (our ADM subsidiary), Ontario, Canada, Alaska, and Thompson Falls, Montana. Also, no mineral reserves or resources have been established yet for these mining claims. However, the Company performed exploration activities and limited surface mining at several locations. In September 2025, the Company obtained government permits to begin exploration of its mining claims in Alaska that it purchased in 2025 and commenced limited surface mining at two of these sites before the mining season ended due to weather constraints. In October 2025, the Company produced approximately 840 tons of antimony-bearing material during a mechanized bulk sampling program at its Montana Stibnite Hill mining claim it purchased in 2025. While Stibnite Hill represents a potential long-term source of feedstock for the Company\u2019s smelting operations, mining remains seasonal due to weather and ceased in November 2025. Mining is expected to resume in the spring of 2026. Future development remains subject to ongoing assay results, further permitting, and prevailing market conditions. In June 2025, the Company paid $5.0 million to acquire property located in the Sudbury District of Ontario, Canada, which included 50 single-cell tungsten mining claims Item 1. Business. Overview United States Antimony Corporation\u2019s (\u201cUS Antimony,\u201d \u201cUSAC,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour,\u201d) principal business is in the mining, procuring, processing and sale of antimony and precious metals, primarily gold and silver, in Montana and Mexico, and the mining, processing, and sale of zeolite in Idaho. Beginning in late 2024 and continuing in 2025, the Company acquired mining claims in Alaska, Montana, and Canada prospective for antimony, tungsten, cobalt and other critical minerals. In addition, the Company entered into an agreement to acquire exploration rights for mining properties located in the southeastern United States. The Company also procured antimony ore from new international suppliers and is nearing construction completion of an expansion of its antimony processing facility located in Montana that is expected to more than triple its current capacity. This additional antimony supply and processing capacity will be used to fulfill the Company\u2019s two new five-year sales contracts with the U.S. Defense Logistics Agency and an industrial customer, both of which were secured in 2025. On March 11, 2026, the Company\u2019s common stock began trading on the New York Stock Exchange (\u201cNYSE\u201d). Prior to that date, the Company\u2019s common stock was listed on the NYSE American exchange and the NYSE Texas. Antimony and zeolite are minerals used in a wide range of industrial, commercial, and governmental applications, and the Company supplies these minerals in processed forms suitable for end-use applications. Antimony The Company began operations in Montana in 1970 to mine and process antimony ore. Antimony mining ceased in the U.S. in the 1980\u2019s, including our antimony mining operation located in Montana, due to a significant increase of less expensive antimony ore being imported into the United States. However, the Company continued to process ore sourced from foreign suppliers into antimony trioxide, antimony metal, and antimony trisulfi Item 1A. Risk Factors. The following risks and uncertainties, together with the other information set forth in this report, should be carefully considered by those who invest in our securities. Any of the following material risk factors could adversely affect our business, fin", "title": "UAMY - UNITED STATES ANTIMONY CORP", "url": "/company/UAMY/" }, { "kind": "company", "summary": "SIC 0700 Agricultural Services; CIK 0001734713; latest 10-K filed 2025-11-19.", "text": "BV - BrightView Holdings, Inc. SIC 0700 Agricultural Services; CIK 0001734713; latest 10-K filed 2025-11-19. BV BrightView Holdings, Inc. 0001734713 0700 Agricultural Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion contains management\u2019s discussion and analysis of our financial condition and results of operations and should be read together with our audited consolidated financial statements and the related notes thereto included elsewhere in this Form 10-K. This section of this Form 10-K generally discusses the fiscal years ended September 30, 2025 and 2024 and year to year comparisons between the fiscal years ended September 30, 2025 and 2024. The discussion around results of operations for the fiscal year ended September 30, 2023 and a comparison of our results for the fiscal years ended September 30, 2024 and 2023 is included in Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for fiscal year ended September 30, 2024, filed with the SEC on November 13, 2024 and is incorporated by reference herein (Fiscal Year Ended September 30, 2024 10-K). Some of the information contained in this discussion and analysis, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review \u201cItem 1A. Risk Factors\u201d and the \u201cSpecial Note Regarding Forward-Looking Statements\u201d sections of this Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview Our Company We are the largest provider of commercial landscaping services in the United States, with revenues approximately 4 times those of our next largest commercial landscaping competitor. We provide commercial landscaping services ranging from landscape maintenance and enhancements to tree care and landscape development. We operate through a differentiated and integrated national service model which systematically delivers services at the local level by combining our network of over 265 branches with a qualified service partner network. Our branch delivery model underpins our position as a single-source end-to-end landscaping solution provider to our diverse customer base at the national, regional and local levels, which we believe represents a significant competitive advantage. We believe our commercial customer base understands the financial and reputational risk associated with inadequate landscape maintenance and considers our services to be essential and non-discretionary. Our Segments We report our results of operations through two reportable segments: Maintenance Services and Development Services. We serve a geographically diverse set of customers through our strategically located network of branches in 36 U.S. states and, through our qualified service partner network, we are able to efficiently provide nationwide coverage across the United States. Maintenance Services Our Maintenance Services segment delivers a full suite of recurring commercial landscaping services in both evergreen and seasonal markets, ranging from mowing, gardening, mulching and snow removal, to more horticulturally advanced services, such as water management, irrigation maintenance, tree care and golf course maintenance. In addition to contracted maintenance services, we also have a strong track record of providing value-added landscape enhancements. We primarily self-perform our maintenance services through our national branch network, which are route-based in nature. Our maintenance services customers include Fortune 500 corporate campuses and commercial properties, HOAs, public parks, leading international hotels and resorts, airport authorities, municipalities, hospitals and other healthcare facilities, educational institutions, restaurants and retail, and golf courses, among others. Development Services Through our Development Services s Item 1. Business BrightView Holdings, Inc. is a holding company that conducts substantially all of its activity through its direct, wholly-owned operating subsidiary, BrightView Landscapes, LLC (\u201cBrightView Landscapes\u201d) and its consolidated subsidiaries. The holding company and BrightView Landscapes are collectively referred to in this Form 10-K (the \u201cAnnual Report\u201d) as \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201courselves,\u201d \u201cCompany,\u201d or \u201cBrightView.\u201d Our Company We are the largest provider of commercial landscaping services in the United States, with revenues approximately 4 times those of our next largest commercial landscaping competitor. We provide commercial landscaping services, ranging from landscape maintenance and enhancements to tree care and landscape development. We operate through a differentiated and integrated national service model which systematically delivers services at the local level by combining our network of over 265 branches with a qualified service partner network. Our branch delivery model underpins our position as a single-source end-to-end landscaping solution provider to our diverse customer base at the national, regional and local levels, which we believe represents a significant competitive advantage. We believe our commercial customer base understands the financial and reputational risk associated with inadequate landscape maintenance and considers our services to be essential and non-discretionary. We operate through two segments: Maintenance Services and Development Services. Our maintenance services are primarily self-performed through our national branch network and are route-based in nature. Our development services are comprised of sophisticated design, coordination and installation of landscapes at some of the most recognizable corporate, athletic and university complexes and showcase highly visible work that is paramount to our customers\u2019 perception of our brand as a market leader. As the number one player in the highly attractive and growing Item 1A. Risk Factors You should carefully consider the following risk factors as well as the other information included in this Form 10-K, including \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our consolidated financial statements and related notes thereto. Any of the following risks could ", "title": "BV - BrightView Holdings, Inc.", "url": "/company/BV/" }, { "kind": "company", "summary": "SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0001438472; latest 10-K filed 2026-03-06.", "text": "MIAX - MIAMI INTERNATIONAL HOLDINGS, INC. SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0001438472; latest 10-K filed 2026-03-06. MIAX MIAMI INTERNATIONAL HOLDINGS, INC. 0001438472 6211 Security Brokers, Dealers & Flotation Companies Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations This section presents management\u2019s perspective on our financial condition and results of operations. The following discussion and analysis is intended to highlight and supplement data and information presented elsewhere in this Annual Report on Form 10-K, and should be read in conjunction with the accompanying audited consolidated financial statements and the notes thereto, included in Item 8 in this Annual Report on Form 10-K. It is also intended to provide you with information that will assist you in understanding our consolidated financial statements, the changes in key items in those consolidated financial statements from year to year, and the primary factors that accounted for those changes. To the extent that this discussion describes prior performance, the descriptions relate only to the periods shown, which may not be indicative of our future financial outcomes. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause results to differ materially from management\u2019s expectations. Factors that could cause such differences are discussed in the sections titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cItem 1A - Risk Factors.\u201d The following discusses financial conditions and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. Discussion of financial conditions and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in the Company\u2019s Form 424(b)(4) Prospectus filed with the SEC on December 15, 2025. Overview Our Company We are a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies. We operate markets across a diverse number of asset classes including options, futures and cash equities and are developing a portfolio of new products. Our markets include: options through MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire; U.S. equities through MIAX Pearl Equities; U.S. futures and options on futures through MIAX Futures, and international listings through BSX and TISE. We also own Dorman Trading, an FCM. We also trade Hard Red Spring Wheat futures and options on MIAX Futures. Through MIAX Futures Clearing, we also offer clearing services for U.S. futures and options on futures. We also owned MIAXdx, a DCM, and a DCO prior to the disposition of MIAXdx in January 2026. MIAXdx Transaction On January 20, 2026, the Company completed the sale of 90% of the issued and outstanding equity in MIAXdx to a joint venture established by Robinhood Markets, Inc. in partnership with Susquehanna International Group. MIH has retained 10% of the issued and outstanding equity of MIAXdx, now known as Rothera Exchange and Clearing LLC. The Company determined that MIAXdx met the criteria to be classified as held for sale, and accordingly, its total assets of $41.0 million and total liabilities of $2.8 million are presented separately as assets held for sale and liabilities held for sale, respectively, in the consolidated balance sheet as of December 31, 2025. The sale of MIAXdx resulted in a gain of approximately $50 million, which was recognized upon closing in January 2026. TISE Acquisition On June 5, 2025, MIH, through MIH East completed the TISE Acquisition. Prior to the TISE Acquisition, MIH East owned 29.46% of the issued ordinary share capital in TISEG. The total cash consideration paid for the TISE Acquisition was approximately \u00a351.5 million ($69.7 million). Initial Public Offering In August 2025, we raised $396.8 million in gross proceeds from our initial public offering (the \u201cIPO\u201d) of 17,250,000 shares of common stock, includin Item 1. Business The following description of our business should be read in conjunction with the information included elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025. This description contains forward-looking statements that involve risks and uncertainties. Actual results could differ significantly from the results discussed in the forward-looking statements due to the factors set forth in \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. Overview We are a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies. Our MIAX Exchanges, MIAX Futures Exchange and Bermuda Stock Exchange marketplaces are enabled by our in-house built, proprietary technology. We believe the speed and performance of our proprietary technology coupled with our fully integrated, award-winning customer service, sets us apart from our competitors. Our MIAX Exchange trading platform was originally built to meet the high-performance quoting demands of the U.S. options trading industry. We are regarded as a market leader relative to many of our peers with respect to our technology, based on feedback from our customers. We differentiate our trading platform with our throughput, latency, reliability and wire-order determinism. We maintain a broad portfolio of U.S. exchange and clearing licenses, in both securities and futures. We operate markets across a diverse number of asset classes including options and cash equities as well as futures and options on futures. Our markets currently include: options on our exchanges regulated by the SEC through MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire; U.S. equities through MIAX Pearl Equities \u2014 also regulated by the SEC; U.S. futures and options on futures through MIAX Futures Exchange, LLC (\u201cMIAX Futures,\u201d formerly the Minneapolis Grain Exchange, LLC (MGEX), which is regulated by the Commodity Futures Trading Commission Item 1A. Risk Factors A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider the risks and uncertainties described below, together with all of the other information included in this Annual Report, in", "title": "MIAX - MIAMI INTERNATIONAL HOLDINGS, INC.", "url": "/company/MIAX/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000706129; latest 10-K filed 2026-03-13.", "text": "HBNC - HORIZON BANCORP INC /IN/ SIC 6022 State Commercial Banks; CIK 0000706129; latest 10-K filed 2026-03-13. HBNC HORIZON BANCORP INC /IN/ 0000706129 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025. We make statements in this section that are forward-looking statements within the meaning of the federal securities laws. All of such forward-looking statements are expressly qualified by reference to the cautionary statements provided under the caption \u201cForward-Looking Statements\u201d included on page 3 of this report. Furthermore, a number of known and unknown factors may cause our actual results, performance or achievements to differ materially from those expressed or implied by the following discussion. Therefore, you are encouraged to read in its entirety the information provided under the caption \u201cRisk Factors\u201d included under Item 1A in Part I of this report for a discussion of risk factors that may negatively impact our expected results, performance, or achievements discussed below. Overview Horizon is a registered bank holding company incorporated in Indiana and headquartered in Michigan City, Indiana. Horizon provides a broad range of banking services in northern and central Indiana and southern and central Michigan through its bank subsidiary, Horizon Bank. Horizon operates as a single segment, which is commercial banking. Horizon\u2019s common stock is traded on the NASDAQ Global Select Market under the symbol HBNC. The Bank was founded in 1873 as a national association, and it remained a national association until its conversion to an Indiana commercial bank effective June 23, 2017. The Bank is a full\u2013service commercial bank offering commercial and retail banking services, corporate and individual trust and agency services, and other services incident to banking. Fourth Quarter and Full Year 2025 Highlights Fourth Quarter Highlights \u2022Strong performance of the core community banking model, combined with the successful completion of the balance sheet repositioning efforts, resulted in significant performance improvement for the quarter. The Company's return on average assets and return on average equity improved to 1.63% and 15.71%, respectively. \u2022Net interest income of $63.5 million for the three months ended December 31, 2025 increased 8.7% compared with $58.4 million for the three months ended September 30, 2025, and 19.5% compared with $53.1 million in the year ago period. The net interest margin, on a fully taxable equivalent (\"FTE\") basis1, expanded for the ninth consecutive quarter, to 4.29% for the three months ended December 31, 2025, compared with 3.52% for the three months ended September 30, 2025 and 2.97% for the three months ended December 31, 2024. \u2022Total loans held for investment (\"HFI\") increased 4.4% as of December 31, 2025 compared to the linked quarter annualized, with strong organic commercial loan growth of $75.8 million, or 9.1% annualized. \u2022Funding costs continued to trend favorably. Non-interest bearing deposits balances remained relatively flat, while declines in interest-bearing balances largely reflected the communicated planned exit of high-cost, transactional deposits. Total interest-bearing liability costs decreased by another 34 bps during the quarter. \u2022Credit quality remained strong, with annualized net charge offs of 0.08% of average loans during the fourth quarter. Non-performing assets remain well within expected ranges, with non-performing assets to total assets of 63 bps for the fourth quarter. \u2022Expenses were comparable to the third quarter when considering a select few items related to the balance sheet activities, displaying management's continued commitment to generate positive operating leverage through a more efficient expense base. 1 Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure. 36 Table ITEM1. BUSINESS The disclosures in this Item 1 are qualified by the disclosures below in Item 1A, \u201cRisk Factors,\u201d and Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d and in other cautionary statements set forth elsewhere in this Annual Report on Form 10\u2013K. General Horizon Bancorp, Inc. (\u201cHorizon\u201d or the \u201cCompany\u201d) is a registered bank holding company incorporated in Indiana and headquartered in Michigan City, Indiana. Horizon provides a broad range of banking services in northern and central Indiana and southern and central Michigan through its bank subsidiary, Horizon Bank (\u201cHorizon Bank\u201d or the \u201cBank\u201d) and other affiliated entities. Horizon operates as a single segment, which is commercial banking. Horizon\u2019s common stock is traded on the NASDAQ Global Select Market under the symbol HBNC. Horizon Bank (formerly known as \u201cHorizon Bank, N.A.\u201d) was founded in 1873 as a national association, and it remained a national association until its conversion to an Indiana commercial bank effective June 23, 2017. The Bank is a full\u2013service commercial bank offering commercial and retail banking services, corporate and individual trust and agency services and other services incident to banking. Over the last 20 years, Horizon has expanded its geographic reach and experienced financial growth through a combination of both organic expansion and mergers and acquisitions. Horizon\u2019s initial operations focused on northwest Indiana, but since then, the Company has developed a presence in new markets in southern and central Michigan and northeastern and central Indiana. The Bank maintains 71 full service offices. At December 31, 2025, the Bank had total assets of $6.4 billion and total deposits of $5.3 billion. The Bank has wholly\u2013owned direct and indirect subsidiaries: Horizon Investments, Inc. (\u201cHorizon Investments\u201d), Horizon Properties, Inc. (\u201cHorizon Properties\u201d), Horizon Insurance Services, Inc. (\u201cHorizon Insurance\u201d), Horizon Gra ITEM 1A. RISK FACTORS An investment in Horizon\u2019s securities is subject to numerous risks and uncertainties related to our business. The material risks and uncertainties that management believes currently affect Horizon are described below, categorized as risks related to our business, risks related to the banking industry generally, and ", "title": "HBNC - HORIZON BANCORP INC /IN/", "url": "/company/HBNC/" }, { "kind": "company", "summary": "SIC 1700 Construction - Special Trade Contractors; CIK 0001488139; latest 10-K filed 2026-03-03.", "text": "AMRC - Ameresco, Inc. SIC 1700 Construction - Special Trade Contractors; CIK 0001488139; latest 10-K filed 2026-03-03. AMRC Ameresco, Inc. 0001488139 1700 Construction - Special Trade Contractors Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes and other financial information included in Item 8 of this Report. Some of the information contained in this discussion and analysis are set forth elsewhere in this Report, including information with respect to our plans and strategy for our business and related financing, and includes forward-looking statements that involve risks and uncertainties. You should review the \u201cRisk Factors\u201d included in Item 1A of this Report for a discussion of important 27 Table of Contents factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview Ameresco is a leading energy infrastructure solutions provider dedicated to helping customers navigate the energy transition. Our comprehensive portfolio includes implementing smart energy efficiency solutions, upgrading aging infrastructure, and developing, constructing, and operating distributed energy resources. Drawing from decades of experience, Ameresco reduces energy use and delivers diversified generation solutions to Federal, state and local governments, utilities, educational and healthcare institutions, housing authorities, and commercial and industrial customers. We provide solutions primarily throughout North America and Europe, and our revenues are derived principally from energy efficiency projects, which entail the design, engineering, and installation of equipment and other measures that incorporate a range of innovative technology and techniques to improve the efficiency and control the operation of a facility\u2019s energy infrastructure; this can include designing and constructing a central plant or cogeneration system for a customer providing power, heat and/or cooling to a building, or other small-scale plant that produces electricity, gas, heat or cooling from renewable sources of energy. We also derive revenue from long-term O&M contracts, energy supply contracts for renewable energy operating assets that we own, integrated-PV, and consulting and enterprise energy management services. In addition to organic growth, strategic acquisitions of complementary businesses and assets, and joint venture arrangements have been an important part of our growth enabling us to broaden our service offerings and expand our geographical reach. Key Factors and Trends Regulatory Environment and Federal Policies Federal policies play an important role in our business and we benefit from regulatory measures and various clean energy tax incentives, including those implemented under the Inflation Reduction Act (the \u201cIRA\u201d). These credits were modified by the OBBB. Among other provisions, the OBBB introduces new timing requirements for solar-only projects seeking eligibility for Investment Tax Credits (the \u201cITC\u201d) under Section 48 of the Internal Revenue Code (the \u201cCode\u201d). To qualify, such projects must commence construction by July 4, 2026, and be placed in service by December 31, 2027. The OBBB also phases down ITCs for energy storage projects beginning in 2034, with a complete phase-out by 2036. Additionally, it increases the requirements for the domestic content bonus credit and introduces new compliance obligations under the Foreign Entity of Concern (\u201cFEOC\u201d) provisions for solar and energy storage projects beginning construction in 2026. These legislative and regulatory developments may adversely impact our eligibility for certain tax credits, the attractiveness of our solar and energy storage system offerings, and overall demand for our products. If we are unable to meet the revised domestic content or FEOC requirements, our ability to qualify for these incentives could be impaired, w Item 1. Business Company Overview Ameresco is a leading energy infrastructure solutions provider dedicated to helping customers reduce costs, enhance resilience, and decarbonize to net zero in the global energy transition. Our comprehensive portfolio includes implementing smart energy efficiency solutions, upgrading aging infrastructure, and developing, constructing, and operating distributed energy resources. Our solutions range from upgrades to facility\u2019s energy infrastructure to the development, construction and operation of renewable energy plants combined with tailored financial solutions. We work with customers on both sides of the meter to reduce operating expenses, upgrade and maintain facilities, stabilize energy costs, improve occupancy comfort levels, increase energy reliability and enhance the environment. Leveraging budget neutral solutions \u2014 including energy savings performance contracts (\u201cESPCs\u201d) and power purchase agreements (\u201cPPAs\u201d) \u2014 we aim to reduce the financial barriers that traditionally hamper energy efficiency and renewable energy projects. Ameresco helps its customers by reducing energy use and delivering energy infrastructure solutions to Federal, state and local governments, utilities, data centers, educational and healthcare institutions, housing authorities, and commercial and industrial customers across North America and Europe. We have sourced and raised approximately $7.0 billion in project financing while delivering $18.1 billion in energy solutions since our inception. Our growth is driven by staying ahead of the curve and at the leading edge of innovation taking place in the energy sector, offering new products and services to new and existing customers. In addition to organic growth, strategic acquisitions of complementary businesses and assets, and entering into joint venture arrangements, have been, and continue to be important components to our growth strategy. These initiatives allow us to broaden our service offerings Item 1A. Risk Factors We face many risks. If any of the events or circumstances described below actually occur, we and our businesses, financial condition or results of operations could suffer, and the trading price of our Class A Common Stock could decline. Our current and potential investors should consider the following", "title": "AMRC - Ameresco, Inc.", "url": "/company/AMRC/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0001477815; latest 10-K filed 2026-02-27.", "text": "SG - Sweetgreen, Inc. SIC 5812 Retail-Eating Places; CIK 0001477815; latest 10-K filed 2026-02-27. SG Sweetgreen, Inc. 0001477815 5812 Retail-Eating Places ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with the audited consolidated financial statements and related notes included elsewhere in this report. This discussion contains forward-looking statements based upon current plans, expectations, and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in the sections titled \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements\u201d and in other parts of this report. Unless the context otherwise requires, all references in this section to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany,\u201d or \u201cSweetgreen\u201d refer to Sweetgreen, Inc. and its subsidiaries. Our fiscal year is a 52- or 53-week period that ends on the last Sunday of the calendar year. Fiscal year 2025 was a 52-week period that ended December 28, 2025, fiscal year 2024 was a 52-week period that ended December 29, 2024, and fiscal year 2023 was a 53-week period that ended December 31, 2023. In a 52-week fiscal year, each fiscal quarter includes 13 weeks of operations. In a 53-week fiscal year, the first, second, and third fiscal quarters each include 13 weeks of operations, and the fourth fiscal quarter includes 14 weeks of operations. A discussion regarding our financial condition and results of operations for the year ended December 28, 2025, compared to the year ended December 29, 2024, is presented below. A discussion regarding our financial condition and results of operations for the year ended December 29, 2024, compared to the year ended December 31, 2023, can be found in Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 29, 2024, filed with the SEC on February 27, 2025. Overview We are a mission-driven, next generation restaurant and lifestyle brand that serves healthy food at scale. Our bold vision is to be as ubiquitous as traditional fast food, but with the transparency and quality that consumers increasingly expect. As of December 28, 2025, we owned and operated 281 restaurants in 24 states and Washington, D.C. Opening new restaurants, including those with Infinite Kitchen technology, is an important driver of our revenue growth. In fiscal years 2025, 2024, and 2023, we had 35, 25, and 35 Net New Restaurant Openings. One of our strategies is to grow our footprint in both existing and new U.S. markets and, over time, internationally. As of the end of fiscal year 2025, we utilized the Infinite Kitchen, a kitchen automation technology in 30 of our 281 restaurants. We incorporate the Infinite Kitchen technology into new and existing restaurants based, in large part, upon our evaluation of the potential economic and other benefits for those restaurants. We deployed units of the Infinite Kitchen in 18 of our new restaurants during fiscal year 2025 and 10 of our restaurants during fiscal year 2024. We continue to learn from these deployments and are incorporating our findings into future deployments. As a premium offering in the fast-casual industry, we are exposed both to consumers trading the convenience of food away from home for the cost benefit of cooking, and to consumers selecting less expensive fast-casual alternatives during weaker economic periods. We have been impacted by a decrease in consumer spending during fiscal year 2025, which we expect to continue at least in the near term. As we focus on discipline with respect to costs and allocation of capital in connection with the Sweet Growth Transformation Plan, we will be opening fewer restaurants in the near term. In fiscal year 2026, we expect approximately 15 Net New Restaurant Openings, with about half featuring Infinite Kitchen units. W ITEM 1. BUSINESS General Sweetgreen, Inc., a Delaware corporation (together with its subsidiaries, \u201cSweetgreen,\u201d \u201cwe,\u201d, \u201cus,\u201d or the \u201cCompany\u201d) is a mission-driven, next generation restaurant and lifestyle brand that serves healthy food at scale. Our bold vision is to be as ubiquitous as traditional fast food, but with the transparency and quality that consumers increasingly expect. As of December 28, 2025, we owned and operated 281 restaurants in 24 states and Washington, D.C. Our Menu Offerings We have designed our menu to be delicious, customizable, and convenient to empower our customers to make healthier choices for both lunch and dinner. We are constantly seeking ways to enhance our menu, all while honoring our food ethos. Core Menu Our core menu consists of a curated set of signature items offered year-round across all locations, designed to deliver consistent quality and reflect our food philosophy, supported by a disciplined and scalable supply chain. Guests may also create a custom salad, bowl, or plate from a broad assortment of ingredients and signature dressings, enabling meaningful customization within a standardized ingredient system. We supplement our core offerings with seasonal and limited-time items that allow us to introduce new flavors and test innovation while maintaining operational consistency. Through our owned digital channels, we also offer exclusive menu items and curated collections that support discovery, personalization, and guest engagement. Our Strategy Sweetgreen's mission is to build healthier communities by connecting people to real food. Over the past year, our leadership team has evaluated the business and refined our strategic priorities to strengthen execution, enhance the guest experience, and build a more durable financial model. We refer to this framework as the Sweet Growth Transformation Plan which is centered on five strategic priorities: 1.Operational Excellence Drive consistent execution across our restauran ITEM 1A. RISK FACTORS You should carefully consider the risks described below in addition to the other information set forth in this Annual Report on Form 10-K, including the Management\u2019s Discussion and Analysis of Financial Conditions and Results of Operations section and the consolidated financial statements and related notes. If any of the risks and uncerta", "title": "SG - Sweetgreen, Inc.", "url": "/company/SG/" }, { "kind": "company", "summary": "SIC 8200 Services-Educational Services; CIK 0001201792; latest 10-K filed 2026-03-12.", "text": "APEI - AMERICAN PUBLIC EDUCATION INC SIC 8200 Services-Educational Services; CIK 0001201792; latest 10-K filed 2026-03-12. APEI AMERICAN PUBLIC EDUCATION INC 0001201792 8200 Services-Educational Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion together with the consolidated financial statements and the related notes included elsewhere in this Annual Report. This discussion contains forward-looking statements that are based on management\u2019s current expectations, estimates, and projections about our business and operations, and involves risks and uncertainties. Our actual results may differ materially from those currently anticipated and expressed in such forward-looking statements as a result of a number of factors, including those we discuss under \u201cRisk Factors\u201d, \u201cSpecial Note Regarding Forward-Looking Statements\u201d, and elsewhere in this Annual Report. For a discussion of our financial condition and results of operations for 2024 compared to 2023, refer to Part II, Item 7 of our Annual Report on Form 10-K filed with the SEC, on March 6, 2025, which discussion is incorporated in this Annual Report by reference and which is available free of charge on the SECs website at www.sec.gov. OVERVIEW We are a provider of online and campus-based postsecondary education to approximately 108,600 students through three subsidiary institutions, American Public University System, or APUS, Rasmussen University, or RU, and Hondros College of Nursing, or HCN. Our subsidiary institutions offer purpose-built education programs designed to prepare individuals for productive contributions to their professions and society, and offer opportunities designed to advance students in their current professions or to help them prepare for their next career. Our subsidiary institutions are licensed or otherwise authorized by state authorities to offer postsecondary education programs to the extent the institutions believe such licenses or authorizations are required and are certified by ED to participate in Title IV programs. Additional information regarding our subsidiary institutions and their regulation is included in the \u201cBusiness\u201d section of this Annual Report. Our revenue is largely driven by the number of students enrolled at our institutions, the number of and types of courses that students take, student payor source, and the mix of programs students attend. Our consolidated revenue in 2025 was $648.9 million, representing a $24.3 million, or 3.9%, increase from $624.6 million in 2024. This includes revenue from GSUSA through July 25, 2025, or the GSUSA Sale Date. A significant portion of our revenue comes from our institutions\u2019 participation in Title IV programs, and APUS\u2019s participation in the DoD TA programs, and VA education programs, and this creates significant risks to our operations. Our operations for the periods covered by this Annual Report are organized into three reporting segments: \u2022American Public University System, or APUS Segment. This segment reflects the operational activities of APUS. \u2022Rasmussen University Segment, or RU Segment. This segment reflects the operational activities of RU. \u2022Hondros College of Nursing Segment, or HCN Segment. This segment reflects the operational activities of HCN. Beginning in fiscal year 2026, we will have two reporting segments: APU Global, formerly the APUS Segment, and RU Health+, the business that formerly comprised the RU Segment and HCN Segment. On January 28, 2025, we announced the planned combination of APUS, RU, and HCN, or the Combination, which will result in a combined institution named American Public University System comprised of two divisions named (i) APU Global, comprised of AMU and APU, and (ii) RU Health+, comprised of RU\u2019s campus-based and online nursing programs, RU\u2019s healthcare programs, HCN\u2019s campus-based nursing and healthcare programs, and RU\u2019s non-healthcare programs. The Combination constitutes a Change of Control, Structure or Organization pursuant to HLC policy and, accordingly, we were required to obtain HLC approval prior to effectuating the Combination. In December ITEM 1. BUSINESS COMPANY OVERVIEW American Public Education, Inc., or APEI, provides online and campus-based postsecondary education to approximately 108,600 students through our subsidiary institutions. Our institutions offer purpose-built education programs designed to prepare individuals for productive contributions to their professions and society and to offer opportunities designed to advance students in their current professions or to help them prepare for their next career. Our Vision and Mission Our vision is for education to transform lives, advance careers, and improve communities. Our mission is to Power Purpose, Potential and Prosperity for Those in Service to Others. Our institutions of advanced learning are purpose-built to prepare service-minded students for employment, careers, and leadership in a diverse and changing world. Many of our students are from underserved populations for whom our institutions can transform their and their families\u2019 lives. We are the number one educator of active-duty military and of veterans through American Public University System. We are a national leader in pre-licensure nursing education, focused on a Diploma in Practical Nursing, or PN diploma, and an Associate Degree in Nursing, or ADN, through Rasmussen University and Hondros College of Nursing, as well as a Bachelor of Science in Nursing, or BSN degree, through Rasmussen University. Our Institutions We have three subsidiary institutions: American Public University System; Rasmussen University; and Hondros College of Nursing. American Public University System American Public University System, or APUS, provides online postsecondary education to approximately 88,700 adult learners. APUS traces its roots to American Military University, or AMU, which was founded in 1991, as a distance-learning, graduate-level institution for military officers seeking an advanced degree in military studies. Since then, APUS has broadened its focus to include veterans, extended ITEM 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. Before making an investment, you should carefully consider the following risks, as well as the other information contained in this Annual Report, including our \u201cFinancial Statements and Supplementary Data\u201d and \u201cManagement\u2019s Discussi", "title": "APEI - AMERICAN PUBLIC EDUCATION INC", "url": "/company/APEI/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000945394; latest 10-K filed 2026-02-25.", "text": "SVC - Service Properties Trust SIC 6798 Real Estate Investment Trusts; CIK 0000945394; latest 10-K filed 2026-02-25. SVC Service Properties Trust 0000945394 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our consolidated financial statements and notes thereto included in Part IV, Item 15 of this Annual Report on Form 10-K. Overview (dollars in thousands, except per share amounts and per room hotel data) We are a REIT organized under the laws of the State of Maryland. As of December 31, 2025, we owned 854 properties in 46 states, the District of Columbia, Canada and Puerto Rico. Consumer confidence, corporate travel and lodging demand will continue to be affected by economic and market conditions, inflationary pressures, uncertainties surrounding interest rates, unemployment levels, work from home policies, use of technologies and broader economic trends. Increased labor costs and other price inflation may continue to negatively impact our hotel operations and the operations of our tenants. Further, recent announcements regarding tariffs on a wide variety of imports could impact the cost of products our operators use, such as furniture, equipment, materials and supplies sourced from outside the United States. An economic recession or continued or intensified disruptions in the financial markets could adversely affect our financial condition, operations at our hotels, our tenants and their ability or willingness to renew our leases or pay rent to us, may restrict our ability to obtain new or replacement financing, would likely increase our cost of capital, and may cause the values of our properties to decline. We previously identified 122 hotels with a total of 15,931 keys managed by Sonesta as of December 31, 2024 for disposition in 2025. As of December 31, 2025, we have sold 112 of these hotels with a total of 14,631 keys for a combined sales price of $858,752, excluding closing costs. From January 1, 2026 through February 23, 2026, we sold one hotel with 133 keys for a sales price of $7,100, excluding closing costs. We are at various stages of selling the remaining nine hotels with a total of 1,167 keys. Additionally, in January 2026 we began the marketing for sale of seven full service Sonesta hotels with a total of 2,010 keys. Following completion of the hotel sales, we expect to retain 52 hotels managed by Sonesta, or the Retained Hotels. In August 2025, we and Sonesta amended and restated our management agreements for the Retained Hotels and certain other hotels managed by Sonesta and waived any termination fees under the existing Sonesta management agreement associated with the sale of the 122 hotels. Our current strategy is focused on reducing debt, transitioning to a company with the majority of its properties being service-focused retail net lease properties through the growth of our net lease portfolio and improving the performance of the hotels we expect to retain after completing the sale of our previously announced dispositions. Leases and Management Agreements. At December 31, 2025, we owned 760 service-focused retail properties leased to 181 tenants subject to \u201ctriple net\u201d leases, where the tenants are generally responsible for the payment of operating expenses and capital expenditures. At December 31, 2025, we also owned 94 hotels managed by four operators. We leased all of these hotels to our wholly owned TRSs that are managed by hotel operating companies as of that date. Our consolidated statements of comprehensive income (loss) include rental income and net lease operating expenses from our net lease properties and hotel operating revenues and hotel operating expenses of our managed hotels. Net Lease Portfolio. As of December 31, 2025, we owned 760 service-focused retail net lease properties with an aggregate of 13,601,902 square feet leased to 181 tenants subject to \u201ctriple net\u201d leases (where the tenants are responsible for payments of operating expenses and capital expenditures) requiring annual minimum rents of $390,051. Our net lease properties Item 1. Business Our Company We are a REIT formed in 1995 under the laws of the State of Maryland. As of December 31, 2025, we owned 760 service-focused retail net lease properties with an aggregate of 13,601,902 square feet located in 42 states and 94 hotels with an aggregate of 21,243 rooms or suites located in 31 states, the District of Columbia, Ontario, Canada, and San Juan, Puerto Rico. Our principal place of business is Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634, and our telephone number is (617) 964-8389. We seek to have a geographically diverse portfolio of real estate primarily in the United States. Our principal internal growth strategy is to actively manage our net lease portfolio by engaging in early lease renewal discussions to maintain occupancy and grow rental income while simultaneously monitoring the credit of our tenants and identifying asset recycling opportunities. We apply asset management strategies to aid our hotel operators in improving performance and operating income of our hotel properties. Our asset management teams also work closely with our tenants and managers to ensure our net lease properties and hotels are well maintained and that capital investments are well planned, prudent and executed efficiently in order to maximize the long term value of our properties. During 2025, we sold 112 hotels with a total of 14,631 keys and we acquired 29 net lease properties with a total of 283,759 square feet. We are currently marketing additional hotels for sale and may acquire additional net lease properties as part of our initiative to re-balance our portfolio. Our external growth strategy is defined by our acquisition, disposition and financing policies as described below. Our investment, financing and disposition policies and business strategies are established by our Board of Trustees and may be changed by our Board of Trustees at any time without shareholder approval. Net Lease Portfolio As of Item 1A. Risk Factors Summary of Risk Factors Our business is subject to a number of risks and uncertainties. The following is a summary of the principal risk factors described in this section: \u2022unfavorable market and commercial real estate industry conditions due to, among other things, uncertainties surrounding interes", "title": "SVC - Service Properties Trust", "url": "/company/SVC/" }, { "kind": "company", "summary": "SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0001753539; latest 10-K filed 2026-03-17.", "text": "BKSY - BlackSky Technology Inc. SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0001753539; latest 10-K filed 2026-03-17. BKSY BlackSky Technology Inc. 0001753539 3663 Radio & Tv Broadcasting & Communications Equipment ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. As discussed in the section titled \u201cSpecial Note Regarding Forward Looking Statements,\u201d the following discussion and analysis contains forward looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed in the section titled \u201cRisk Factors\u201d under Part I, Item IA in this Annual Report on Form 10-K. Unless the context otherwise requires, references in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d to \u201cBlackSky,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to the business and operations of BlackSky Holdings, Inc. (\u201cLegacy BlackSky\u201d) and its consolidated subsidiaries prior to the completion of its merger on September 9, 2021 with a wholly-owned subsidiary of Osprey Technology Acquisition Corp. (the \u201cMerger\u201d) and of BlackSky Technology Inc. and its consolidated subsidiaries, following the closing of the Merger. Company Overview Founded in 2014, BlackSky is a space technology company that delivers real-time imagery, analytics and high-frequency monitoring of the world\u2019s most critical and strategic locations, economic assets, and events. By taking a software-first technology approach, we are delivering real time space-based intelligence at disruptive speed, scale and economics. BlackSky is trusted by many of the most demanding U.S. and international government agencies and commercial businesses around the world. We are defining a new category of space-based intelligence products and services centered upon real-time imagery and automated analytics, delivered through an easy-to-use interface that operates seamlessly with our high-revisit and low latency satellite constellation. Our first-of-its-kind, purpose-built, secure artificial intelligence (\"AI\")-enabled space-to-ground architecture helps customers see, understand and anticipate change for a decisive strategic advantage. BlackSky can provide dynamic hourly monitoring over many of the most strategic locations on Earth up to 15 times per day from dawn to dusk. BlackSky designs, builds, owns and operates the industry\u2019s most advanced, purpose-built commercial, real-time intelligence system that combines the power of the BlackSky Spectra\u00ae tasking and analytics software platform with our high resolution, low earth orbit (\"LEO\") small satellite (\u201csmallsat\u201d or \u201csmallsats\u201d) constellation. Our Gen-3 satellites (\u201cGen-3\u201d) include significantly enhanced capabilities, including 35-centimeter electro-optical imaging resolution and 1-meter short-wave infrared imaging technology for expanded imaging capabilities in low-light or at night. The Gen-3 constellation also features improved data communications capabilities that significantly increase the end-to-end delivery speed of intelligence products. BlackSky Spectra is a first-of-its-kind commercial tasking, analytics and multi-intelligence data-fusion software platform that helps customers monitor activities from space. The BlackSky constellation is the primary on-orbit data source and communications architecture that delivers space-based information to BlackSky Spectra. BlackSky\u2019s satellites fly in unconventional, inclined orbits, and with built-in automated systems. Our constellation can deliver time-diverse, dawn-to-dusk, rapid revisit imagery, and analytics\u2014 with no humans in the loop. BlackSky Spectra provides end users the ability to augment proprietary data collected from our con ITEM 1. BUSINESS Overview Founded in 2014, BlackSky Technology Inc. (\u201cBlackSky,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) is a space-based technology company that delivers real-time imagery, analytics and high-frequency monitoring of the world\u2019s most critical and strategic locations, economic assets, and events. By taking a software-first technology approach, we are delivering real-time space-based intelligence at disruptive speed, scale and economics. BlackSky is trusted by many government and commercial organizations around the world, including U.S defense and intelligence agencies and international ministries of defense. We are continuing to define a new category of space-based intelligence products and services centered upon real-time imagery and automated analytics, delivered through an easy-to-use interface that operates seamlessly with our high-revisit and low latency satellite constellation. Our first-of-its-kind, purpose-built, secure artificial intelligence (\u201cAI\u201d)-enabled space-to-ground architecture helps customers see, understand and anticipate change for a decisive strategic advantage. BlackSky can provide dynamic hourly monitoring over many of the most strategic locations on Earth up to 15 times per day from day to night. BlackSky designs, builds, owns and operates the industry\u2019s most advanced, purpose-built commercial, real-time intelligence system that combines the power of BlackSky\u2019s two key strategic assets\u2014our high resolution, low earth orbit (\u201cLEO\u201d) small satellite (\u201csmallsat\u201d or \u201csmallsats\u201d) constellation and the BlackSky Spectra\u00ae software platform. Our constellation includes our second generation satellites (Gen-2) and third generation satellites (\u201cGen-3\u201d). Our Gen-3 satellites include significantly enhanced capabilities, including 35-centimeter electro-optical imaging resolution and 1.2-meter short-wave infrared imaging technology for expanded imaging capabilities in low-light or at night. The Gen-3 satellites also feature improved data communi ITEM 1A. RISK FACTORS An investment in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K, including", "title": "BKSY - BlackSky Technology Inc.", "url": "/company/BKSY/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001437958; latest 10-K filed 2026-02-27.", "text": "CCB - COASTAL FINANCIAL CORP SIC 6022 State Commercial Banks; CIK 0001437958; latest 10-K filed 2026-02-27. CCB COASTAL FINANCIAL CORP 0001437958 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview This discussion should be read in conjunction with the consolidated financial statements and the related notes that appear elsewhere in this Form 10-K. We are a bank holding company that operates through our wholly owned subsidiaries, Coastal Community Bank (\u201cBank\u201d) and Arlington Olympic LLC. We are headquartered in Everett, Washington, which by population is the largest city in, and the county seat of, Snohomish County. Our business is conducted through three reportable segments: The community bank, CCBX and treasury & administration. The community bank segment includes all community banking activities, with a primary focus on providing a wide range of banking products and services to consumers and small to medium sized businesses in the broader Puget Sound region in the state of Washington and through the Internet and our mobile banking application. We currently operate 14 full-service banking locations, 12 of which are located in Snohomish County, where we are the largest community bank by deposit market share, and two of which are located in neighboring counties (one in King County and one in Island County) and have one loan production office in King County. The CCBX segment provides banking as a service (\u201cBaaS\u201d) that allows our digital financial service partners to offer their customers banking services. The CCBX segment had 28 partners as of December 31, 2025. The treasury & administration segment includes investments, debt and other reporting items that are not specific to the community bank or CCBX segments. The Bank\u2019s deposits are insured in whole or in part by the Federal Deposit Insurance Corporation (\u201cFDIC\u201d). The Bank is subject to regulation by the Federal Reserve and the Washington State Department of Financial Institutions Division of Banks. The Federal Reserve also has supervisory authority over the Company. As of December 31, 2025, we had total assets of $4.74 billion, total loans receivable of $3.75 billion, total deposits of $4.14 billion and total shareholders\u2019 equity of $491.0 million. The following discussion and analysis presents our financial condition and results of operations on a consolidated basis. However, because we conduct all of our material business operations through the Bank, the discussion and analysis relate to activities primarily conducted by the Bank. This discussion and analysis should be read in conjunction with the audited consolidated financial statements and the accompanying notes presented elsewhere in this Annual Report on Form 10-K. We generate most of our community bank revenue from interest on loans and CCBX revenue from BaaS fee income and interest on loans. Our primary source of funding for our loans is commercial and retail deposits from our customer relationships and from our partner deposit relationships. We place secondary reliance on wholesale funding, primarily borrowings from the Federal Home Loan Bank (\u201cFHLB\u201d). Less commonly used sources of funding include borrowings from the Federal Reserve System (\u201cFederal Reserve\u201d) discount window, draws on established federal funds lines from unaffiliated commercial banks, brokered funds, which allows us to obtain deposits from sources that do not have a relationship with the Bank and can be obtained through certificate of deposit listing services, via the internet or through other advertising methods, or a one-way buy through an insured cash sweep (\u201cICS\u201d) account, which allows us to obtain funds from other institutions that have deposited funds through ICS. Our largest expenses are provision for credit losses - loans, interest on deposits and borrowings, BaaS loan expense, salaries and employee benefits, BaaS fraud expense, legal and professional expenses, data processing and software licenses and occupancy expense. Our principal lending products are commercial real estate loans, consumer loans, residential real estate, Item 1. Business Our Company Coastal Financial Corporation (\u201cCompany\u201d) is a registered bank holding company, whose wholly owned subsidiaries are Coastal Community Bank (\u201cBank\u201d) and Arlington Olympic LLC (\u201cLLC\u201d). The Company is a Washington state corporation that was organized in 2003. The Bank was incorporated and commenced operations in 1997 and is a Washington state-chartered commercial bank and Federal Reserve System (\u201cFederal Reserve\u201d) member bank. The LLC was formed in 2019 and owns the Company\u2019s Arlington branch, which the Bank leases from the LLC. Our executive offices are located at 5415 Evergreen Way, Everett, Washington 98203, and our telephone number is (425) 257-9000. Our website addresses are www.coastalbank.com and www.ccbx.com. Information on our website should not be considered a part of this Annual Report on Form 10-K. We are headquartered in Everett, Washington, which by population is the largest city in, and the county seat of, Snohomish County. Our business is conducted through three reportable segments: the community bank, CCBX and treasury & administration. The primary focus of the community bank is on providing a wide range of banking products and services to consumers and small to medium sized businesses in the broader Puget Sound region in the state of Washington and through the Internet and our mobile banking application. We currently operate 14 full-service banking locations, 12 of which are located in Snohomish County, where we are the largest community bank by deposit market share, and two of which are located in neighboring counties (one in King County and one in Island County). The CCBX segment provides banking as a service (\u201cBaaS\u201d) that allows our digital financial service partners to offer their customers banking services. The CCBX segment had 28 partners as of December 31, 2025. The treasury & administration segment includes investments, debt and other reporting items that are not specific to the community bank or CCBX segmen Item 1A. Risk Factors As a financial services organization, we are subject to a number of risks inherent in our transactions and present in the business decisions we make. Described below are the material risks and uncertainties that if realized could have an adverse effect on our business, financial condition, results of operations or ca", "title": "CCB - COASTAL FINANCIAL CORP", "url": "/company/CCB/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001714174; latest 10-K filed 2026-02-26.", "text": "BUR - Burford Capital Ltd SIC 6199 Finance Services; CIK 0001714174; latest 10-K filed 2026-02-26. BUR Burford Capital Ltd 0001714174 6199 Finance Services Item 7. Management's discussion and analysis of financial condition and results of operations The following discussion and analysis of our financial condition and results of operations is for the year ended December 31, 2025, as compared to the year ended December 31, 2024. This discussion should be read in conjunction with our consolidated financial statements and the accompanying notes thereto contained elsewhere in this 2025 Form 10-K. The following discussion and analysis also contain a discussion of certain unaudited KPIs (as defined below) and non-GAAP financial measures that are used by management to monitor our financial condition and results of operations. These KPIs and non-GAAP financial measures are supplemental and should not be considered in isolation from, as substitutes for, or superior to, our consolidated financial condition or results of operations as reported under US GAAP. See \u201c\u2014Basis of presentation of financial information\u201d and \u201c\u2014Reconciliations\u201d for additional information with respect to KPIs and non-GAAP financial measures and the applicable reconciliations. The discussion and analysis of our financial condition and results of operations for the year ended December 31, 2024, as compared to the year ended December 31, 2023, can be found in the \u201cManagement's discussion and analysis of financial condition and results of operations\u201d section of our annual report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission on March 3, 2025. Economic and market conditions Our portfolio returns are driven by judicial activity, and we believe these returns are generally uncorrelated to market conditions or the performance of the overall economy. The most direct impact of economic and market conditions on our business relates to our cost of debt and ease of access to corporate debt capital markets, as well as movements in market rates that cause adjustments to the discount rates applied in the fair value of our assets and that impact our quarterly revenue recognition in accordance with US GAAP. We believe that we maintain access to corporate debt capital markets, supported by credit rating upgrades from Moody\u2019s in the second quarter of 2025 and from S&P in the third quarter of 2025 and as demonstrated by successful debt offerings in July 2025 and January 2026. Overall, we believe our business model is 41 Table of Contents particularly resilient to economic and market cycles due to the nature of the assets that drive our revenues and cash flow. More broadly, economic conditions can have an impact on the volume and type of litigation that we may consider financing. For example, increased rates of corporate insolvencies can lead to opportunities to finance litigation relating to or arising out of insolvencies and bankruptcies; higher interest rates or other forms of economic stress can cause businesses to act illegally (such as to conspire to fix prices) leading to financeable claims; and pressure from shareholders and markets can lead to the commission of securities fraud and other similar acts, again resulting in financeable claims. During the year ended December 31, 2025, the rising potential for global trade disruption through the implementation of tariffs drove significant volatility in global financial markets. We do not believe that a broad elevation in global tariff rates would have a significant impact on the performance of our legal finance portfolio or our financial results. While the economic impact of trade tariffs is uncertain at this point, tighter financial conditions and a weakening of gross domestic product would typically cause the incidence of corporate disputes and associated litigation to increase, although it is usual for this to occur with a lag. See \u201cRisk factors\u2014Risks relating to our business and industry\u2014We are subject to credit risk relating to our various legal finance assets that could adversely affect our business, financial Item 1. Business Introduction Burford is the world\u2019s largest dedicated provider of capital, based on portfolio size, against the underlying value of litigation and legal assets, which we colloquially call legal finance. We are a global firm that serves the legal industry by providing an array of financial products and services. Our largest business is providing capital to clients engaged in ongoing legal disputes, which they can use both to pay the legal fees and expenses associated with disputes and to monetize the expected future value of disputes. Our focus is on large, complex disputes, not on small-scale litigation typically pursued by consumers or small businesses. We rarely engage in transactions in which we are providing less than $5.0 million in capital, and we frequently provide multiples of that amount up to hundreds of millions of dollars. Since our inception in 2009, we made commitments of more than $12.1 billion into legal finance assets on a group-wide basis. Our clients include a wide range of the world\u2019s largest businesses and law firms. Legal finance allows litigants to hire the firm of their choice without incurring upfront fees and to accelerate a portion of an expected recovery on the business's preferred schedule. Further, legal finance may enable litigants to avoid incurring legal fees as an operating expense, and thus improve net income metrics, as well as boost liquidity by obtaining cash through upfront monetization of legal assets that otherwise would not be reflected in their financial statements. Legal finance allows law firms to obtain cash to operate their businesses and pay the salaries of their lawyers even when they have taken a case on a contingent fee or alternative fee basis. It also allows law firms that prefer to operate on an hourly basis to compete for contingency or alternative fee work. We have received financing inquiries or engaged on potential new business with 95 of the 100 largest US law firms by revenue according Item 1A. Risk factors Investing in our securities involves risk. Persons investing in our securities should carefully consider the risks set forth below and the other information contained in this 2025 Form 10-K and our other reports that we file with, or furnish to, the SEC from time to time, including our consolidated financial statements and accompanyin", "title": "BUR - Burford Capital Ltd", "url": "/company/BUR/" }, { "kind": "company", "summary": "SIC 3760 Guided Missiles & Space Vehicles & Parts; CIK 0001860160; latest 10-K filed 2026-03-20.", "text": "FLY - Firefly Aerospace Inc. SIC 3760 Guided Missiles & Space Vehicles & Parts; CIK 0001860160; latest 10-K filed 2026-03-20. FLY Firefly Aerospace Inc. 0001860160 3760 Guided Missiles & Space Vehicles & Parts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following is a discussion and analysis of our financial condition and results of operations as of, and for, the periods presented. The following discussion and analysis of our financial condition and result of operations should be read in conjunction with the sections entitled \u201cRisk Factors\u201d, \u201cCautionary Note Regarding Forward-Looking Statements\u201d and with the consolidated financial statements and accompanying notes included in this Annual Report on Form 10-K. Certain information contained in this discussion and analysis includes forward-looking statements, including statements regarding our expectations for the future of our business and our liquidity and capital resources as well as other non-historical statements. These statements are based upon our current plans, expectations, and beliefs, and are subject to numerous risks and uncertainties, including those described in Item 1 \u201cRisk Factors\u201d and the \u201cCautionary Note Regarding Forward-Looking Statements\u201d section of this Annual Report on Form 10-K. Our actual results may differ materially from those contained in or implied by these forward-looking statements. Overview Our company is a market leading space and defense technology company providing comprehensive mission solutions to national security, government, and commercial customers with an established track record of success. Our mission is to enable responsive and reliable launch, transit, and operations in space for our national security and commercial customers across the globe. Backed by our world-class team and proven technology, we have designed, developed, and deployed our class leading launch vehicles and dynamic spacecraft solutions, to support critical customer missions across the space domain. We operate as a single reportable segment and serve this critical domain through our differentiated and scalable platforms of Launch and Spacecraft Solutions. Our offerings include: Launch: Our launch vehicles provide dedicated and responsive launch capabilities for national security, government, and commercial customers. We are the only U.S. company with a liquid-powered orbital launch vehicle in the 1,000-kilogram payload class. Our Alpha launch vehicle employs a distinct combination of technologies designed to ensure high performance and efficiency at low cost. It uses a unique lightweight, rigid, and thermally insulated carbon composite technology for both the primary rocket structure as well as the propellant tanks, which ensures more of the usable mass goes to the mission payload. Alpha is also powered by our patented tap-off cycle engine technology, which is more efficient than legacy systems and provides greater reliability by employing fewer parts than those in traditional rocket engines. We have utilized this proprietary technology to develop and test all our rocket engines in-house. Alpha has five engines: four first stage Reaver engines, and one second stage Lightning engine. In addition to its track record of successful, dedicated, and responsive launch, Alpha is also designed to support testing of hypersonic payloads, providing significant growth opportunities for hypersonic deterrents, reconnaissance, and future national security needs. We are also expanding our launch pad operations from Vandenberg Space Force Base to add Virginia\u2019s Mid-Atlantic Regional Spaceport on Wallops Island and the Esrange Space Center in Sweden to support more missions, customers, and additional launch cadence opportunities. The launch pad we're building in Sweden is our first expansion outside the U.S. and an initial step in our international market strategy. Sweden represents a proving ground for expansion of Alpha production and operations to U.S. allied nations \u2013 such as the United Kingdom, Japan, South Korea, Australia, and additional opportunities in Europe and the Middle East \u2013 as we look to serve global market demand for a Item 1. Business. Overview Firefly is a market-leading space and defense technology company with an established track record of success providing comprehensive mission solutions to national security, government, and commercial customers. Our mission is to enable responsive, regular, and reliable launch, transit, and operations in space for our customers across the globe. Backed by our world-class team and proven technology, we have designed, developed, and deployed our class-leading launch vehicles and dynamic spacecraft solutions to support critical customer missions across the space domain. As a leader of responsive mission solutions and the only commercial company to achieve a fully successful Moon landing, we are a partner of choice for national security, government, and commercial customers for their critical space missions. As a U.S.-based company, our purpose-built family of products aligns with the ongoing paradigm shift in government missions and procurement processes, where speed, dependability, efficiency, and economics drive customer decision-making. On August 8, 2025, we completed an initial public offering (\u201cIPO\u201d) of shares of our common stock. We have differentiated and scalable platforms of Launch and Spacecraft Solutions with flight heritage. Within Launch, we have two offerings built on common technologies: Alpha and Eclipse. Our operational launch vehicle, Alpha, is the first and only U.S.-based orbital rocket in the 1,000 kilograms class to successfully reach orbit, with five launches completed successfully. Alpha's successful launches include responsive space missions, which are a significant differentiator for Firefly and a critical national defense solution that Firefly intends to expand to hypersonic test capabilities. Our second offering, Eclipse, a reusable and scaled up version of Alpha, is in final development in partnership with Northrop Grumman and is expected to deliver 16,000-kilogram payloads to Low Earth Orbit (\u201cLEO\u201d) and can acc Item 1A. Risk Factors. Our business, financial condition, results of operations, and future growth prospects are subject to numerous risks and uncertainties. You should carefully consider the following risk factors together with the financial and other information contained in this Annual Report", "title": "FLY - Firefly Aerospace Inc.", "url": "/company/FLY/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000910612; latest 10-K filed 2026-03-03.", "text": "CBL - CBL & ASSOCIATES PROPERTIES INC SIC 6798 Real Estate Investment Trusts; CIK 0000910612; latest 10-K filed 2026-03-03. CBL CBL & ASSOCIATES PROPERTIES INC 0000910612 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of financial condition and results of operations should be read in conjunction with the consolidated financial statements and accompanying notes that are included in this annual report. Capitalized terms used, but not defined, in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations have the same meanings as defined in the notes to the consolidated financial statements. This section of this annual report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. See Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K for the year ended December 31, 2024 for a similar discussion and year-to-year comparisons between 2024 and 2023. Executive Overview We are a self-managed, self-administered, fully integrated REIT that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, outlet centers, lifestyle centers, open-air centers and other properties. As of December 31, 2025, we own interests in 86 properties, consisting of 47 malls, 25 open-air centers, five outlet centers, four lifestyle centers and five other properties, including single-tenant and multi-tenant outparcels. As of December 31, 2025, our shopping centers are located in 22 states, and are primarily in the southeastern and midwestern United States. We have elected to be taxed as a REIT for federal income tax purposes. We conduct substantially all our business through the Operating Partnership. The Operating Partnership consolidates the financial statements of all entities in which it has a controlling financial interest or where it is the primary beneficiary of a VIE. See Item 2 for a description of our properties owned and under development as of December 31, 2025. The following summarizes our net income (loss) and net income (loss) attributable to common shareholders (in thousands): [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\"],[\"Net income\",\"\",\"$\",\"134,526\",\"\",\"\",\"$\",\"57,117\"],[\"Net income attributable to common shareholders\",\"\",\"$\",\"133,878\",\"\",\"\",\"$\",\"57,764\"]] [[/GREPCENT_TABLE]] Significant items that affected comparability between the years include: \u2022 Items increasing net income for the year ended December 31, 2025 compared to the year ended December 31, 2024 include: o Rental revenues were $65.1 million higher; o Gain on deconsolidation was $33.9 million higher; o Equity in earnings was $30.3 million higher; and o Gain on sales of real estate assets was $57.6 million higher. \u2022 Items decreasing net income for the year ended December 31, 2025 compared to the year ended December 31, 2024 include: o Depreciation and amortization was $24.6 million higher; o Interest expense was $21.5 million higher; o Total property operating expense was $29.2 million higher; o Gain on consolidation was $26.7 million lower; o General and administrative expense was $1.8 million higher; o Loss on impairment was $1.7 million higher; and o Interest and other income was $2.5 million lower. Our focus is on continuing to execute our strategy to improve occupancy, drive rent growth and transform the offerings available at our properties to include a targeted mix of retail, service, dining, entertainment and other non-retail uses, primarily through the re-tenanting of former anchor locations as well as diversification of in-line tenancy. This operational strategy is also supported by our balance sheet strategy of reducing overall debt, extending our debt maturity schedule and lowering our overall cost of borrowings to limit maturity risk, as well as improving net cash flow and enhancing enterprise value. In July 2025, we closed on the acquisition of four enclosed malls: Ashland Tow ITEM 1. BUSINESS This Annual Report on Form 10-K (this \"Annual Report\") is being filed by CBL & Associates Properties, Inc. (the \"Company,\" \"CBL,\" \"we,\" \"us\" and \"our\"), a Delaware corporation. Unless stated otherwise or the context otherwise requires, references to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d also includes our subsidiaries. The Company\u2019s Business We are a self-managed, self-administered, fully integrated real estate investment trust (\"REIT\"). We own, develop, acquire, lease, manage, and operate regional shopping malls, outlet centers, lifestyle centers, open-air centers and other properties. At December 31, 2025, our properties are located in 22 states, but are primarily in the southeastern and midwestern United States. We have elected to be taxed as a REIT for federal income tax purposes. We conduct substantially all our business through CBL & Associates Limited Partnership (the \"Operating Partnership\"), which is a variable interest entity (\"VIE\"). We are the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. CBL Holdings I, Inc. is the sole general partner of the Operating Partnership. At December 31, 2025, CBL Holdings I, Inc. owned a 1.0% general partner interest and CBL Holdings II, Inc. owned a 98.98% limited partner interest in the Operating Partnership, for a combined interest held by us of 99.98%. As of December 31, 2025, third parties owned a 0.02% limited partner interest in the Operating Partnership. See Note 1 to the consolidated financial statements for information on our properties as of December 31, 2025. Our malls, lifestyle centers, outlet centers, open-air centers and other property types are collectively referred to as the \u201cproperties\u201d and individually as a \u201cproperty.\u201d The other property type (the \"All Other\" or \"All Other Properties\") is made up of office buildings, outparcels and hotels. We conduct our property management and development activities through CBL & Associates Management, In ITEM 1A. RISK FACTORS Set forth below are certain factors that may adversely affect our business, financial condition, results of operations and cash flows. Any one or more of the following factors may cause our actual results for various financial reporting periods to differ materially from those expressed in any forw", "title": "CBL - CBL & ASSOCIATES PROPERTIES INC", "url": "/company/CBL/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001042729; latest 10-K filed 2026-02-27.", "text": "MBWM - MERCANTILE BANK CORP SIC 6022 State Commercial Banks; CIK 0001042729; latest 10-K filed 2026-02-27. MBWM MERCANTILE BANK CORP 0001042729 6022 State Commercial Banks MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FORWARD-LOOKING STATEMENTS The following discussion and other portions of this Annual Report contain forward-looking statements that are based on management\u2019s beliefs, assumptions, current expectations, estimates, and projections about the financial services industry, the economy, and our company. Words such as \u201canticipates,\u201d \u201cbelieves,\u201d \"could,\" \u201cestimates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cprojects,\u201d \u201cindicates,\u201d \u201cstrategy,\u201d \u201cfuture,\u201d \u201clikely,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201cwill,\u201d and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions (\u201cFuture Factors\u201d) that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. We undertake no obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events (whether anticipated or unanticipated), or otherwise. Future Factors include, among others, adverse changes in interest rates and interest rate relationships; increasing rates of inflation and slower growth rates; significant declines in the value of commercial real estate; market volatility; demand for products and services; climate impacts; labor markets; the degree of competition by traditional and non-traditional financial services companies; changes in banking regulation or actions by bank regulators; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; potential cyber-attacks, information security breaches, and other criminal activities; litigation liabilities; governmental and regulatory policy changes; the outcomes of existing or future contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; damage to our reputation resulting from adverse publicity, regulatory actions, litigation, operational failures, and the failure to meet client expectations and other facts; changes in the national and local economies, and unstable political and economic environments; difficulties integrating the business of Eastern Michigan Financial Corporation; focus of time and effort of our management team toward integration efforts; the anticipated benefits of the acquisition may not be realized; risks related to the indebtedness incurred to finance the merger; risks associated with the ongoing conversion of the core processing systems; and risk factors described in this Annual Report. These are representative of the Future Factors that could cause a difference between an ultimate actual outcome and a forward-looking statement. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report for the fiscal year ended December 31, 2024. CRITICAL ACCOUNTING ESTIMATES Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cManagement\u2019s Discussion and Analysis\u201d) is based on Mercantile Bank Corporation\u2019s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. Our critical accounting estimates are highly dependent upon subjective or complex judgments and assumptions, and changes in such may have a significant impact on the financial statements, just as actual results may differ. We have reviewed the a Item 1. Business. The Company Mercantile Bank Corporation is a registered bank holding company under the Bank Holding Company Act of 1956, as amended (the \u201cBank Holding Company Act\u201d). Unless the text clearly suggests otherwise, references to \u201cus,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cthe company\u201d include Mercantile Bank Corporation and its wholly owned subsidiaries. As a bank holding company, we are subject to regulation by the Board of Governors of the Federal Reserve System (the \u201cFederal Reserve Board\u201d). We were organized on July 15, 1997, under the laws of the State of Michigan, primarily for the purpose of holding all of the stock of Mercantile Bank, and of such other subsidiaries as we may acquire or establish. Mercantile Bank commenced business on December 15, 1997. During the third quarter of 2013, we filed an election to become a financial holding company, which election became effective April 14, 2014. Mercantile Insurance Center, Inc. (\u201cour insurance company\u201d), a subsidiary of Mercantile Bank, commenced operations during 2002 to offer insurance products. Mercantile Community Partners (\"MCP\"), our subsidiary, began operations during 2023 to invest in community development tax credit investments. On July 22, 2025, we entered into a merger agreement with Eastern Michigan Financial Corporation, the bank holding company for Eastern Michigan Bank. Eastern Michigan Financial Corporation shareholders had the right to receive 0.7116 shares of Mercantile Bank Corporation stock and $32.32 in exchange for each share of Eastern Michigan Financial Corporation stock they owned. The merger was completed on December 31, 2025, and Eastern Michigan Bank operates alongside Mercantile Bank Corporation\u2019s existing bank, Mercantile Bank (collectively, \u201cour banks\u201d). We plan for our banks to operate alongside each other until the conversion of our core processor is completed in the first quarter of 2027, at which time we plan to consolidate Eastern Michigan Bank into Mercantile Bank. Prior to comple Item 1A. Risk Factors. The following risk factors could affect our business, financial condition or results of operations. These risk factors should be considered in connection with evaluating the forward-looking statements contained in this Annual Report because they could cause the actual results and conditions to differ materiall", "title": "MBWM - MERCANTILE BANK CORP", "url": "/company/MBWM/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001624322; latest 10-K filed 2026-02-26.", "text": "BFST - Business First Bancshares, Inc. SIC 6022 State Commercial Banks; CIK 0001624322; latest 10-K filed 2026-02-26. BFST Business First Bancshares, Inc. 0001624322 6022 State Commercial Banks ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. This discussion presents management\u2019s analysis of our results of operations and financial condition over each of the last two most recent fiscal years. The discussion should be read in conjunction with our financial statements and the notes related thereto which appear elsewhere in this Report. The following discussion and analysis is to focus on significant changes in the financial condition of Business First and its subsidiaries from December 31, 2024 to December 31, 2025 and its results of operations for the year ended December 31, 2025. This discussion and analysis is intended to highlight and supplement information presented elsewhere in this Report, particularly the consolidated financial statements and related notes appearing in Item 8. This discussion and analysis contains forward-looking statements that are subject to certain risks and uncertainties and are based on certain assumptions that Business First believes are reasonable but may prove to be inaccurate. Certain risks, uncertainties and other factors, including those set forth under \u201cForward-Looking Statements,\u201d \u201cRisk Factors\u201d and elsewhere in this statement, may cause actual results to differ materially from those projected results discussed in the forward-looking statements appearing in this discussion and analysis. Business First assumes no obligation to update any of these forward-looking statements. A discussion regarding significant changes in the financial condition of Business First and its subsidiaries from December 31, 2023 to December 31, 2024 and its results of operations for the year ended December 31, 2024 can be found under \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 7, 2025, as amended, which is available on the SEC\u2019s website at www.sec.gov and on the Company\u2019s website, www.b1bank.com. Overview We are a registered financial holding company headquartered in Baton Rouge, Louisiana. Through our wholly-owned subsidiary, b1BANK, a Louisiana state chartered bank, we provide a broad range of financial services tailored to meet the needs of small-to-midsized businesses and professionals. Since our inception in 2006, our priority has been and continues to be creating shareholder value through the establishment of an attractive commercial banking franchise in Louisiana and across our region. We consider our primary market to include the State of Louisiana, the Dallas/Fort Worth metroplex and Houston. We currently operate out of banking centers and loan production offices in markets across Louisiana and Texas. As of December 31, 2025, we had total assets of $8.2 billion, total loans of $6.2 billion, total deposits of $6.7 billion, and total shareholders\u2019 equity of $896.9 million. As a financial holding company operating through one reportable operating segment, community banking, we generate most of our revenues from interest income on loans, customer service and loan fees, and interest income from securities. We incur interest expense on deposits and other borrowed funds and noninterest expense, such as salaries and employee benefits and occupancy expenses. We analyze our ability to maximize income generated from interest-earning assets and expense of our liabilities through our net interest margin. Net interest margin is a ratio calculated as net interest income divided by average interest-earning assets. Net interest income is the difference between interest income on interest-earning assets, such as loans and securities, and interest expense on interest-bearing liabilities, such as deposits and borrowings, which are used to fund those assets. Changes in the market interest rates and the interest rates we earn on interest-earning assets or pay on interest-bearing liabilities, as well as the volume and type ITEM 1. Business. General Business First Bancshares, Inc. is a financial holding company headquartered in Baton Rouge, Louisiana, and the parent company of b1BANK, formerly known as Business First Bank, a Louisiana state banking association and community-based financial institution that offers a full array of banking products and services. We currently operate throughout the state of Louisiana, in the Dallas/Fort Worth metroplex and Houston, from a network of banking centers and loan production offices. Since our founding in 2006, our mission has not changed \u2013 we seek to be the financial institution of choice for our markets\u2019 small-to-midsized businesses and their owners and employees. To achieve this goal, we focus on recruiting, retaining and empowering talented bankers who are intimately familiar with and well respected in the communities that they serve, and on providing market-leading products and services that add value to our customers\u2019 businesses. We are currently one of the largest Louisiana-based financial institutions. As of December 31, 2025, on a consolidated basis, we had total assets of $8.2 billion, total loans of $6.2 billion, total deposits of $6.7 billion and shareholders\u2019 equity of $896.9 million. Our common stock is listed on the Nasdaq Global Select Market under the symbol \u201cBFST\u201d. Our Business Strategy We believe a bank should be measured by the value it adds to its customers\u2019 businesses. We hold that our customers\u2019 needs are best met through local bankers with deep market experience who are empowered with decision-making authority and supported by centralized risk management practices and advanced technology. We understand our competitive strengths and pursue disciplined growth through the careful selection of markets and our position within those markets. Our expansion strategy primarily consists of identifying and recruiting talented teams of bankers in desirable markets and providing them with a platform to better serve their clients. ITEM 1A. Risk Factors. In evaluating our business, you should consider carefully the factors described below. The occurrence of one or more of these events could significantly and adversely affect our business, prospects, financial condition, results of operations and cash flows. You should also consider the cautio", "title": "BFST - Business First Bancshares, Inc.", "url": "/company/BFST/" }, { "kind": "company", "summary": "SIC 4813 Telephone Communications (No Radiotelephone); CIK 0001005731; latest 10-K filed 2025-09-29.", "text": "IDT - IDT CORP SIC 4813 Telephone Communications (No Radiotelephone); CIK 0001005731; latest 10-K filed 2025-09-29. IDT IDT CORP 0001005731 4813 Telephone Communications (No Radiotelephone) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. This Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements that contain the words \u201cbelieves,\u201d \u201canticipates,\u201d \u201cexpects,\u201d \u201cplans,\u201d \u201cintends\u201d and similar words and phrases. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results projected in any forward-looking statement. In addition to the factors specifically noted in the forward-looking statements, other important factors, risks and uncertainties that could result in those differences include, but are not limited to, those discussed under Item 1A to Part I \u201cRisk Factors\u201d in this Annual Report. The forward-looking statements are made as of the date of this Annual Report, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Investors should consult all of the information set forth in this report and the other information set forth from time to time in our reports filed with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934, including our periodic and current reports on Forms 10-Q and 8-K. The following discussion should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in Item 8 of this Annual Report. Our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations included in this Annual Report generally discusses fiscal 2025 and fiscal 2024 items and year-to-year comparisons between fiscal 2025 and fiscal 2024. Discussions of fiscal 2023 items and year-to-year comparisons between fiscal 2024 and fiscal 2023 that are not included in this Annual Report can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2024. CRITICAL ACCOUNTING ESTIMATES Our financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses as well as the disclosure of contingent assets and liabilities. Critical accounting estimates are estimates made in accordance with U.S. GAAP that involve a significant level of estimation uncertainty and have had, or are reasonably likely to have, a material impact on our financial condition or results of operations. Our critical accounting estimates include those related to goodwill impairment testing, valuation of long-lived assets, allowance for credit losses, and income taxes, sales taxes, and regulatory agency fees. See Note 1 to the Consolidated Financial Statements in Item 8 to Part II of this Annual Report for a complete discussion of our significant accounting policies. Goodwill Impairment Testing Under U.S. GAAP, goodwill is not amortized but is reviewed annually for impairment at a level of reporting referred to as a reporting unit. A reporting unit is an operating segment, or one level below the operating segment, depending on whether certain criteria are met. Our annual assessment date is May 1. An interim impairment test would be required whenever events or circumstances make it more likely than not that an impairment may have occurred. The goodwill impairment test compares the fair value of a reporting unit with its carrying amount. We would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit\u2019s fair value; however, the loss rec BUSINESS DESCRIPTION National Retail Solutions NRS generated $128.8 million in revenues and income from operations of $27.8 million in fiscal 2025, as compared with revenues of $103.1 million and income from operations of $21.6 million in fiscal 2024. NRS operates a network of POS terminals at independent retailers throughout the United States and has a small but growing presence in Canada. The NRS solutions include integrated hardware and software tools that enable these retailers to operate more efficiently and compete more effectively against larger retail chains. The POS terminal\u2019s hardware includes a cash register, barcode scanner, retailer and customer-facing hi-definition screens, a receipt printer, and a credit card reader. NRS\u2019 integrated, proprietary software is offered to retailers as a service and provides operational tools including inventory management, sales tracking, price book management, and other useful features. NRS technology teams continuously enhance the software and develop new features to better serve existing customers and facilitate expansion into additional retail market segments. 3 The primary market for NRS\u2019 POS terminals is the independently owned convenience, bodega, liquor, grocery, and tobacco stores, many of which primarily serve foreign-born communities in urban areas. NRS continues to increase the number of POS terminals active in its network. As of July 31, 2025, the NRS POS network included approximately 37,200 terminals, an increase from 32,100 a year earlier. We believe that our network of NRS retailers comprises the largest POS network serving independent convenience store retailers in the U.S. by a significant margin. NRS markets through three channels: [[GREPCENT_TABLE]] [[\"\",\"\\u25a0\",\"wholesale distributors;\"],[\"\",\"\\u25a0\",\"dedicated sales agents including exclusive agents and BOSS agents; and\"],[\"\",\"\\u25a0\",\"in-house telemarketing.\"]] [[/GREPCENT_TABLE]] NRS generates revenue from a portfolio of services for bo", "title": "IDT - IDT CORP", "url": "/company/IDT/" }, { "kind": "company", "summary": "SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001746618; latest 10-K filed 2026-02-25.", "text": "RVLV - Revolve Group, Inc. SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001746618; latest 10-K filed 2026-02-25. RVLV Revolve Group, Inc. 0001746618 5961 Retail-Catalog & Mail-Order Houses Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this report. This discussion contains forward-looking statements based upon current plans, expectations and beliefs that involve risks and uncertainties. Our actual results and the timing of certain events could differ materially from those anticipated in or implied by these forward-looking statements as a result of several factors, including those discussed in the sections titled \u201cRisk Factors\u201d and \u201cForward-Looking Statements.\u201d For discussion regarding our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for year ended 2024, which was filed with the SEC on February 25, 2025. Overview REVOLVE is the next-generation fashion retailer for Millennial and Generation Z consumers. As a trusted premium lifestyle brand and a go-to online source for discovery and inspiration, we deliver exceptional service and an engaging customer experience with a vast yet curated offering totaling over 140,000 apparel and footwear styles, as well as beauty and accessories. Our dynamic platform connects a deeply engaged community of millions of consumers, thousands of global fashion influencers and over 1,600 emerging, established and owned brands. Through more than 20 years of investment in technology, data analytics and innovative marketing and merchandising strategies, we have built a powerful platform and brand that we believe is connecting with the next generation of consumers and is redefining fashion retail. We sell merchandise through two complementary segments, REVOLVE and FWRD, that leverage one platform. Through REVOLVE, we offer an assortment of premium apparel, footwear, beauty and accessories from emerging, established and owned brands. Through FWRD, we offer an assortment of curated and elevated iconic and emerging luxury brands. REVOLVE has historically been focused on the discovery of trend-driven, ready-to-wear styles, while FWRD has been more heavily weighted toward the statement pieces in our customers\u2019 wardrobe, such as shoes and handbags. We believe that FWRD provides our customer with a unique destination for luxury products as our customers\u2019 spending power increases and their desire for fashion and inspiration remains central to their self-expression. We believe our product mix reflects the desires of the next-generation consumer and we optimize this mix through the selection of established brands that resonate with our consumer, the identification and incubation of emerging brands and the continued development of owned brands. The focus on emerging and owned brands minimizes our assortment overlap with other retailers, supporting marketing efficiency, conversion and sales at full price. We have invested in our robust and scalable internally-developed technology platform to meet the specific needs of our business and to support our customers\u2019 experience. We use proprietary algorithms and more than 20 years of data to efficiently manage our merchandising, marketing, product development, sourcing and pricing decisions. Our platform works seamlessly across devices and analyzes browsing and purchasing patterns and preferences to help us make purchasing decisions, which when combined with the small initial orders for new products, allows us to manage inventory and fashion risk. We have also invested in our creative capabilities to produce high-quality visual merchandising that caters to our customers by focusing on style with a distinct point of view rather than on individual products. The combination of our onli Item 1. BUSINESS Our Business REVOLVE is the next-generation fashion retailer for Millennial and Generation Z consumers. As a trusted premium lifestyle brand and a go-to online source for discovery and inspiration, we deliver exceptional service and an engaging customer experience with a vast yet curated offering totaling over 140,000 apparel and footwear styles, as well as beauty and accessories. Our dynamic platform connects a deeply engaged community of millions of consumers, thousands of global fashion influencers and over 1,600 emerging, established and owned brands. Through more than 20 years of investment in technology, data analytics and innovative marketing and merchandising strategies, we have built a powerful platform and brand that we believe is connecting with the next generation of consumers and is redefining fashion retail. Our co-chief executive officers founded REVOLVE in 2003 with the vision of leveraging digital channels and technology to transform the shopping experience, offering a scaled, one-stop destination for youthful, aspirational consumers. We believe that our model is more targeted and curated than premium department stores, and provides a greater selection and access than specialty retailers, which allows us to more effectively serve the next-generation consumer. To improve on the merchandise offerings of traditional retail, we have built a custom, proprietary technology platform to manage nearly all aspects of our business, with a particular focus on developing sophisticated and highly automated inventory management, pricing and trend-forecasting algorithms. Our proprietary technology leverages a comprehensive data net that encompasses millions of styles, attributes and customer interactions forming a strategic asset of hundreds of millions of data points. We have complemented these efforts with an organization built from the ground up to make decisions in a data-first, customer-centric way. Our approach facilitates constant newnes Item 1A. RISK FACTORS Investing in our Class A common stock involves certain risks. You should carefully consider the following risk factors, in addition to the other information contained in this report, including the section of this report titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and R", "title": "RVLV - Revolve Group, Inc.", "url": "/company/RVLV/" }, { "kind": "company", "summary": "SIC 8111 Services-Legal Services; CIK 0001053706; latest 10-K filed 2026-02-26.", "text": "CRAI - CRA INTERNATIONAL, INC. SIC 8111 Services-Legal Services; CIK 0001053706; latest 10-K filed 2026-02-26. CRAI CRA INTERNATIONAL, INC. 0001053706 8111 Services-Legal Services Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations This section of the Form 10-K does not address certain items regarding the year ended December 30, 2023. Discussion and analysis of year-to-year comparisons between fiscal 2024 and fiscal 2023 not included in this Form 10-K can be found in \"Item 7. Management's Discussion and Analysis of Financial Conditions and Results of Operations\" of our Annual Report on Form 10-K for the year ended December 28, 2024. Overview We are a leading worldwide economic, financial, and management consulting firm that applies advanced analytic techniques and in-depth industry knowledge to complex engagements for a broad range of clients. 23 Table of Contents We derive revenues principally from professional services rendered by our employee consultants. In most instances, we charge clients on a time-and-materials basis and recognize revenues in the period when we provide our services. We charge consultants' time at hourly rates, which vary from consultant to consultant depending on a consultant's position, experience, expertise, and other factors. We derive a portion of our revenues from fixed-price engagements. Revenues from fixed-price engagements are recognized using a proportional performance method based on the ratio of costs incurred to the total estimated project costs. We generate substantially all of our professional services fees from the work of our own employee consultants and a portion from the work of our non-employee experts. Factors that affect our professional services revenues include the number and scope of client engagements, the number of consultants we employ, the consultants' billing rates, and the number of hours our consultants work. Revenues also include reimbursements for costs we incur in fulfilling our performance obligations, including travel and other out-of-pocket expenses, fees for outside consultants and other reimbursable expenses. Our costs of services include the salaries, bonuses, share-based compensation expense, forgivable loan amortization, and benefits of our employee consultants. Our bonus program awards discretionary bonuses based on our revenues and profitability and individual performance. Costs of services also include out-of-pocket and other third-party vendor expenses, and the salaries of support staff whose time is billed directly to clients, such as librarians, editors, and programmers, as well as the amounts billed to us by our outside consultants for services rendered while completing a project. Costs of services does not include depreciation and amortization. Selling, general and administrative expenses include salaries, bonuses, share-based compensation expense, and benefits of our administrative and support staff, commissions to non-employee experts for generating new business, office rent, marketing, and other operating costs. Utilization and Seasonality We derive the majority of our revenues from the number of hours worked by our employee consultants. Our utilization of those employee consultants is one key indicator that we use to measure our operating performance. We calculate utilization by dividing the total hours worked by our employee consultants on engagements during the measurement period by the total number of hours that our employee consultants were available to work during that period. Utilization was 77%, 75%, and 70% for fiscal 2025, fiscal 2024, and fiscal 2023, respectively. We experience certain seasonal effects that impact our revenue. Concurrent vacations or holidays taken by a large number of consultants can adversely impact our revenue. For example, we usually experience fewer billable hours in our fiscal third quarter, as that is the summer vacation season for most of our offices, and in our fiscal fourth quarter, as that is the quarter that typically includes the December holiday season. In addition, much of our junior staff hiring occurs in our fiscal third quarter du Item 1. Business Unless otherwise indicated or required by the context, when we use the terms \"CRA\", \"the Company,\" \"us,\" \"we,\" or \"our\" we mean CRA International, Inc., a Massachusetts corporation, and its consolidated subsidiaries. Company Overview We are a leading global consulting firm specializing in providing economic, financial and management consulting services. We advise clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guide corporations through critical business strategy and performance-related issues. Since our inception in 1965, we have been engaged by clients for our unique combination of functional expertise and industry knowledge, and for our objective solutions to complex problems. We combine economic and financial analysis with expertise in litigation and regulatory support, business strategy and planning, market and demand forecasting, and policy analysis. We are often retained in high-stakes matters, such as multibillion-dollar mergers and acquisitions, new product introductions, major strategy and capital investment decisions, and complex litigation, the outcomes of which often have significant consequences for the parties involved. These matters often require independent analysis and, as a result, the parties involved must rely on outside experts. Our analytical strength enables us to reach objective, factual conclusions that help clients make important business and policy decisions and resolve critical disputes. Clients turn to us because we can provide highly credentialed and experienced economic and finance experts to address critical, tough assignments, with high-stakes outcomes. We offer consulting services in two broad areas: litigation, regulatory, and financial consulting and management consulting. We provide our consulting services primarily through our highly credentialed and experienced staff of employee consultants. Our employee consultants have backgrounds in a wide range of disc Item 1A. Risk Factors Our operations are subject to a number of risks. You should carefully read and consider the following risk factors, together with all other information in this report, in evaluating our business. If any of these risks, or any risks not presently known to us or that we currently believe are not significant, de", "title": "CRAI - CRA INTERNATIONAL, INC.", "url": "/company/CRAI/" }, { "kind": "company", "summary": "SIC 2810 Industrial Inorganic Chemicals; CIK 0001530804; latest 10-K filed 2026-02-20.", "text": "TROX - Tronox Holdings plc SIC 2810 Industrial Inorganic Chemicals; CIK 0001530804; latest 10-K filed 2026-02-20. TROX Tronox Holdings plc 0001530804 2810 Industrial Inorganic Chemicals Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with Tronox Holdings plc's consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. This discussion and other sections in this Annual Report on Form 10-K contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties, and actual results could differ materially from those discussed in the forward-looking statements as a result of numerous factors. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Forward-looking statements also can be identified by words such as \u201cfuture,\u201d \u201canticipates,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cpredicts,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201ccould,\u201d \u201ccan,\u201d \u201cmay,\u201d and similar terms. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. In particular, you should consider the numerous risks and uncertainties outlined in Item 1A. \u201cRisk Factors.\u201d This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains certain financial measures, in particular the presentation of earnings before interest, taxes, depreciation and amortization (\u201cEBITDA\u201d) and Adjusted EBITDA, which are not presented in accordance with accounting principles generally accepted in the United States (\u201cU.S. GAAP\u201d). We are presenting these non-U.S. GAAP financial measures because we believe they provide us and readers of this Form 10-K with additional insight into our operational performance relative to earlier periods and relative to our competitors. We do not intend for these non-U.S. GAAP financial measures to be a substitute for any U.S. GAAP financial information. Readers of these statements should use these non-U.S. GAAP financial measures only in conjunction with the comparable U.S. GAAP financial measures. A reconciliation of net loss to EBITDA and Adjusted EBITDA is also provided herein. Executive Overview Tronox Holdings plc (referred to herein as \"Tronox\", \"we\", \"us\", or \"our\") operates titanium-bearing mineral sand mines and beneficiation operations in Australia and South Africa to produce feedstock materials that can be processed into TiO2 for pigment, high purity titanium chemicals, including titanium tetrachloride, and Ultrafine\u00a9 titanium dioxide used in certain specialty applications. Our strategy is to be vertically integrated and produce enough feedstock materials to be as self-sufficient as possible in the production of TiO2 at our seven pigment facilities located in the United States, Australia, Brazil, UK, France and the Kingdom of Saudi Arabia (\u201cKSA\u201d). We believe that vertical integration is the best way to achieve our ultimate goal of delivering low cost, high-quality pigment to our coatings and other TiO2 customers throughout the world. The mining, beneficiation and smelting of titanium bearing mineral sands creates meaningful quantities of zircon, pig iron and the rare-earth bearing mineral, monazite, which we also supply to customers around the world. We are a public limited company listed on the New York Stock Exchange and are registered under the laws of England and Wales. Business Environment The following discussion includes trends and factors that may affect future operating results: Fourth quarter revenue increased 8% compared to the prior year, driven by higher sales volumes of TiO2 and zircon, higher sales of other products, and favorable exchange rate impacts partially offset by lower average selling prices, including mix of TiO2 and zirc Item 1. Business Overview Tronox is the world\u2019s leading vertically integrated manufacturer of TiO2 pigment. We operate titanium-bearing mineral sand mines and beneficiation and smelting operations in Australia and South Africa to produce feedstock materials that can be processed into TiO2 for pigment, high purity titanium chemicals, including titanium tetrachloride, and ultrafine TiO2 used in certain specialty applications. Our strategy is to be vertically integrated and produce enough feedstock materials to be as self-sufficient as possible in the production of TiO2 at our seven pigment facilities located in the United States, Australia, Brazil, UK, France, and the Kingdom of Saudi Arabia. We believe that vertical integration is the best way to achieve our ultimate goal of delivering low cost, high-quality pigment to our approximately 1,200 TiO2 customers throughout the world. The mining, beneficiation and smelting of titanium bearing mineral sands also creates meaningful quantities of co-products including zircon, pig iron and the rare-earth bearing mineral, monazite, which we also supply to customers around the world. The following chart highlights the TiO2 value chain we participate in. The following sets forth the percentage of our revenue derived from sales of our products by geographic region for the year ended December 31, 2025. 1 TABLE OF CONTENTS The below sets forth the percentage of our revenue derived from sales of our products for the year ended December 31, 2025. For further financial information regarding our products and geographic regions, see the section entitled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d, as well as Notes 4 and 25 of notes to our consolidated financial statements, each included elsewhere in this Form 10-K. 2025 Key Strategic Initiatives The following sets forth the key strategic initiatives underway in 2025: Become the Low Cost TiO2 Producer by Investing in our Business Item 1A. Risk Factors You should carefully consider the risk factors set forth below, as well as the other information contained in this Form 10-K, including our consolidated financial statements and related notes. This Form 10-K contains forward-looking statements that involve risks and uncertainties. Any of the following risks could ma", "title": "TROX - Tronox Holdings plc", "url": "/company/TROX/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001583648; latest 10-K filed 2026-03-31.", "text": "PVLA - PALVELLA THERAPEUTICS, INC. SIC 2834 Pharmaceutical Preparations; CIK 0001583648; latest 10-K filed 2026-03-31. PVLA PALVELLA THERAPEUTICS, INC. 0001583648 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated audited financial statements and accompanying notes appearing elsewhere in this Form 10-K. In addition to historical information, this discussion and analysis includes forward-looking statements that are subject to risks and uncertainties, including those discussed in the section titled \u201cRisk Factors,\u201d set forth in Part I, Item 1A of this Form 10-K, that could cause actual results to differ materially from historical results or anticipated results. Unless otherwise indicated or the context otherwise requires, references in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d section to \u201cthe Company,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to the business and operations of Palvella Therapeutics, Inc., a Delaware corporation (referred to as \u201cLegacy Palvella\u201d) prior to the Merger, and the business and operations of Palvella Therapeutics, Inc., a Nevada Corporation (previously Pieris Pharmaceuticals, Inc., referred to as \u201cPieris\u201d) and its consolidated subsidiaries following the Merger. Overview We are a clinical-stage biopharmaceutical company whose vision is to become the leading rare disease biopharmaceutical company focused on developing and, if approved, commercializing novel therapies to treat patients suffering from serious, rare skin diseases and vascular malformations for which there are no FDA-approved therapies. We envision a future treatment paradigm in which individuals suffering from serious, rare skin diseases and vascular malformations, and the physicians treating those diseases, have significantly improved treatment options which address the underlying causes of those diseases. We intend to leverage our versatile QTORIN platform to minimize the challenges and timelines typically associated with generating novel topical product candidates. The QTORIN platform is specifically designed to reproducibly generate novel topical product candidates that penetrate the deep layers of the skin to locally treat a broad spectrum of rare skin diseases and vascular malformations. Our lead product candidate, QTORIN 3.9% rapamycin anhydrous gel (\u201cQTORIN rapamycin\u201d), is currently in clinical development for microcystic lymphatic malformations (\u201cmicrocystic LMs\u201d) and cutaneous venous malformations (\u201ccutaneous VMs\u201d). QTORIN rapamycin contains the active pharmaceutical ingredient (\u201cAPI\u201d) rapamycin, also known as sirolimus, which is an inhibitor of mTOR, a kinase that has been known to play a key role in cell growth and proliferation. In February 2026, we announced positive topline results from SELVA, a Phase 3, single-arm, baseline-controlled study, which evaluated the safety and efficacy of QTORIN rapamycin for the treatment of microcystic LMs in patients 3 years and older. The study met the pre-specified primary endpoint, the mLM Investigator Global Assessment (\u201cmLM-IGA\u201d), with a +2.13 (p0.001) improvement. The study also met its pre-specified key secondary and all four additional secondary endpoints with statistical significance (all p0.001). In December 2025, we announced positive topline efficacy results from TOIVA, a Phase 2, single-arm, baseline-controlled study, which evaluated the safety and efficacy of QTORIN rapamycin for the treatment of cutaneous VMs in patients 6 years and older, which achieved nominal statistical significance (p0.001) on multiple pre-specified clinician-reported and patient-reported efficacy endpoints, including dynamic change endpoints and static severity endpoints at Week 12. In September 2025, we announced the expansion of our QTORIN rapamycin development program into clinically significant angiokeratomas. In November 2025, we announced a new QTORIN product candidate, QTORIN pitavastatin, for the treatment of disseminated superficial actin Item 1. Business. On December 13, 2024, we completed the previously announced business combination with Legacy Palvella in accordance with the terms of the Merger Agreement, pursuant to which, among other matters, Merger Sub merged with and into Legacy Palvella, with Legacy Palvella surviving as our wholly owned subsidiary (such business combination, the Merger). In connection with the completion of the Merger, we changed our name from \u201cPieris Pharmaceuticals, Inc.\u201d to \u201cPalvella Therapeutics, Inc.,\u201d and our business became primarily the business conducted by Legacy Palvella. We are now a clinical-stage biopharmaceutical company focused on developing and, if approved, commercializing novel therapies to treat patients suffering from serious, rare skin diseases and vascular malformations for which there are no FDA-approved therapies. Unless the context indicates otherwise, references in this section to the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d and \u201cPalvella\u201d refer, collectively, to Palvella Therapeutics, Inc. and its consolidated subsidiaries following completion of the Merger. Overview We are a clinical-stage biopharmaceutical company whose vision is to become the leading rare disease biopharmaceutical company focused on developing and, if approved, commercializing novel therapies to treat patients suffering from serious, rare skin diseases and vascular malformations for which there are no FDA-approved therapies. We envision a future treatment paradigm in which individuals suffering from serious, rare skin diseases and vascular malformations, and the physicians treating those diseases, have significantly improved treatment options which address the underlying causes of those diseases. We intend to leverage our versatile QTORIN platform to minimize the challenges and timelines typically associated with generating novel topical product candidates. The QTORIN platform is specifically designed to reproducibly generate novel topical product candidates that penetrate the deep la Item 1A. Risk Factors. Investing in our securities involves risks. Before you make a decision to buy our securities, in addition to the risks and uncertainties discussed above under \u201cCautionary Note Regarding Forward-Looking Statements,\u201d you should carefully consider the specific risks set forth herein. We opera", "title": "PVLA - PALVELLA THERAPEUTICS, INC.", "url": "/company/PVLA/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000714562; latest 10-K filed 2026-03-04.", "text": "THFF - FIRST FINANCIAL CORP /IN/ SIC 6022 State Commercial Banks; CIK 0000714562; latest 10-K filed 2026-03-04. THFF FIRST FINANCIAL CORP /IN/ 0000714562 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION CRITICAL ACCOUNTING POLICIES AND ESTIMATES The Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, as well as disclosures found elsewhere in this report are based upon First Financial Corporation\u2019s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires the Corporation to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses, securities valuation and goodwill. Actual results could differ from those estimates. Allowance for credit losses. The allowance for credit losses (ACL) represents management's estimate of expected losses inherent within the existing loan portfolio. The allowance for credit losses is increased by the provision for credit losses charged to expense and reduced by loans charged off, net of recoveries. The allowance for credit losses is determined based on management's assessment of several factors: reviews and evaluations of specific loans, changes in the nature and volume of the loan portfolio, current economic conditions, nonperforming loans, determination of acquired loans as purchase credit deteriorated, and reasonable and supportable forecasts. Loans are individually evaluated when they do not share risk characteristics with other loans in the respective pool. Loans evaluated individually are excluded from the collective evaluation. Management elected the collateral dependent practical expedient upon adoption of ASC 326. Expected credit losses on individually evaluated loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Management utilizes a cohort methodology to determine the allowance for credit losses. This method identifies and captures the balance of a pool of loans with similar risk characteristics, as of a particular point in time to form a cohort, then tracks the respective losses generated by that cohort of loans over their remaining life. The cohorts track loan balances and historical loss experience since 2008, and management extends the look back period each quarter to capture all available data points in the historical loss rate calculation. The quantitative component of the ACL involves assumptions that require a significant level of estimation; these include historical losses as a predictor of future performance, appropriateness of selected delay periods, and the reasonableness of the portfolio segmentation. A historical data set is expected to provide the best indication of future credit performance. Delay periods represent the amount of time it takes a cohort of loans to become seasoned, or incur sufficient attrition through pay downs, renewals, or charge-offs. Portfolio segmentation relates to the pooling of loans with similar risk characteristics, such as industry types, collateral, and consumer purpose. On an annual basis, in the first quarter, management performs a recalibration of the delay periods and portfolio segmentation to determine whether they are reasonable and appropriate based on the information available at that time. Management considers qualitative adjustments to expected credit loss estimates for information not already captured in the loss estimation process. Where past performance may not be representative of future losses, loss rates are adjusted for qualitative and economic forecast factors. Management uses the peak three consecutive quarter net charge off rate to capture maximum potential volatility over the reasonable and supportable forecast period. Historical losses utilized in setting the qualitative factor ITEM 1.BUSINESS FORWARD-LOOKING STATEMENTS A cautionary note about forward-looking statements: In its oral and written communication, First Financial Corporation from time to time includes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can include statements about estimated cost savings, plans and objectives for future operations and expectations about performance, as well as economic and market conditions and trends. They often can be identified by the use of words such as \u201cexpect,\u201d \u201cmay,\u201d \u201ccould,\u201d \u201cintend,\u201d \u201cproject,\u201d \u201cestimate,\u201d \u201cbelieve\u201d or \u201canticipate\u201d or words of similar import. By their nature, forward-looking statements are based on assumptions and are subject to risks, uncertainties and other factors. Actual results may differ materially from those contained in the forward-looking statement. First Financial Corporation may include forward-looking statements in filings with the Securities and Exchange Commission, in other written materials such as this Annual Report and in oral statements made by senior management to analysts, investors, representatives of the media and others. It is intended that these forward-looking statements speak only as of the date they are made, and First Financial Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the forward-looking statement is made or to reflect the occurrence of unanticipated events. The discussion in Item 1A (Risk Factors) and Item 7 (Management\u2019s Discussion and Analysis of Results of Operations and Financial Condition) of this Annual Report on Form 10-K, lists some of the factors which could cause actual results to vary materially from those in any forward-looking statements. Other uncertainties which could affect First Financial Corporation\u2019s future performance include the effects of competition, technological changes and regulatory de ITEM 1A.RISK FACTORS An investment in the Corporation involves risk, some of which, including market, liquidity, credit, operational, legal, compliance, regulatory, reputational, and strategic risks, could be substantial and is inherent in our business. This risk also includes the possibility that the value of the investment", "title": "THFF - FIRST FINANCIAL CORP /IN/", "url": "/company/THFF/" }, { "kind": "company", "summary": "SIC 3577 Computer Peripheral Equipment, NEC; CIK 0001805385; latest 10-K filed 2026-03-10.", "text": "EVLV - Evolv Technologies Holdings, Inc. SIC 3577 Computer Peripheral Equipment, NEC; CIK 0001805385; latest 10-K filed 2026-03-10. EVLV Evolv Technologies Holdings, Inc. 0001805385 3577 Computer Peripheral Equipment, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d and in other parts of this Annual Report on Form 10-K. As used in this Annual Report on Form 10-K, unless otherwise indicated or the context otherwise requires, references to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany\u201d and \u201cEvolv\u201d refer to the consolidated operations of Evolv Technologies Holdings, Inc. and its wholly owned subsidiaries, which include Evolv Technologies, Inc., Evolv Technologies UK Ltd. (\u201cEvolv UK\u201d) and Give Evolv LLC. References to \u201cNHIC\u201d refer to the company prior to the consummation of our business combination (the \u201cMerger\u201d) and references to \u201cLegacy Evolv\u201d refer to Evolv Technologies, Inc. dba Evolv Technology, Inc. prior to the consummation of the Merger. Business Overview Evolv is a leading security technology company pioneering Artificial Intelligence (\u201cAI\u201d)-powered screening solutions designed to help create safer environments while maintaining efficient visitor flow and a positive visitor experience. We serve customers across a range of end markets, including education, healthcare, sports, live entertainment, tourist attractions, houses of worship, and industrial workplaces. Our mission is to make the world a safer and more enjoyable place to live, work, learn, and play. Our goal is to help facility operators address escalating gun violence, mass shootings and terrorist attacks while maintaining a positive visitor experience. Our solutions are delivered through a Security-as-a-Service model that integrates our proprietary sensor platform and AI-powered software, cloud connectivity, and ongoing services. We deliver our solutions through two sales models: a pure subscription model and a purchase subscription model, each of which requires both hardware and an active, connected software subscription, as further described in \u201cSales Mix, Pricing, Product Cost and Margins\u201d. We believe this integrated approach reflects the full scope of our offering and aligns our long-term interests with those of our customers. Our hardware platforms are uniquely designed and purpose engineered for real world, high throughput security environments and are the foundational component of our solutions. Evolv Express\u00ae and Evolv eXpedite\u2122 operate exclusively with Evolv\u2019s proprietary software and cloud services. When deployed together, the two products are designed to support improved operational efficiency through better threat identification and alarm performance. We believe our ability to deliver continuous improvement through software upgrades differentiates our platform from many legacy hardware only offerings. Our platform was designed from inception around AI operating in physical environments. Our AI powered software and services are central to the performance and long-term value of our platform. Through continuous operation across a large and growing installed base, our systems generate substantial volumes of anonymized screening data related to the movement of people and bags through physical spaces. We train our models on a proprietary data set and can improve the system performance through new and updated algorithms, which customers receive from us through software updates. We focus on weapons detection and offer two core solutions that can be deployed independently or together and are supported by data and visual dashboards that provide actionable analytics and automated reports des ITEM 1. BUSINESS Company Overview Evolv Technologies Holdings, Inc., a Delaware corporation formed in 2021 (\u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany\u201d and \u201cEvolv\u201d) is a leading security technology company pioneering Artificial Intelligence (\u201cAI\u201d)-powered screening solutions designed to help create safer environments while maintaining efficient visitor flow and a positive visitor experience. We serve customers across a range of end markets, including education, healthcare, sports, live entertainment, tourist attractions, houses of worship, and industrial workplaces. Our mission is to make the world a safer and more enjoyable place to live, work, learn, and play. Our goal is to help facility operators address escalating gun violence, mass shootings and terrorist attacks while maintaining a positive visitor experience. Our solutions are delivered through a Security-as-a-Service model that integrates our proprietary sensor platform and AI-powered software, cloud connectivity, and ongoing services. We deliver our solutions through two sales models: a pure subscription model and a purchase subscription model, each of which requires both hardware and an active, connected software subscription, as further described in \u201cSales Models\u201d. We believe this integrated approach reflects the full scope of our offering and aligns our long-term interests with those of our customers. Our hardware platforms are uniquely designed and purpose engineered for real world, high throughput security environments and are the foundational component of our solutions. Evolv Express\u00ae and Evolv eXpedite\u2122 operate exclusively with Evolv\u2019s proprietary software and cloud services. When deployed together, the two products are designed to support improved operational efficiency through better threat identification and alarm performance. We believe our ability to deliver continuous improvement through software upgrades differentiates our platform from many legacy hardware only offerings. Our platform was designed ITEM 1A. RISK FACTORS Our business involves significant risks and uncertainties, some of which are described below. You should carefully consider the risks and uncertainties described below as well as in Management's Discussion and Analysis of Financial Condition and Results of Operations", "title": "EVLV - Evolv Technologies Holdings, Inc.", "url": "/company/EVLV/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000750686; latest 10-K filed 2026-03-06.", "text": "CAC - CAMDEN NATIONAL CORP SIC 6021 National Commercial Banks; CIK 0000750686; latest 10-K filed 2026-03-06. CAC CAMDEN NATIONAL CORP 0000750686 6021 National Commercial Banks Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The discussion below focuses on the factors affecting our consolidated results of operations and financial condition at and for the year ended December 31, 2025, and where appropriate, factors that may affect our future financial performance, unless stated otherwise. This discussion should be read in conjunction with the consolidated financial statements, notes to the consolidated financial statements and selected consolidated financial data. Refer to the Company\u2019s 2024 annual report on Form 10-K filed with the SEC on March 7, 2025 for the discussion of results of operations and financial condition at and for the year ended December 31, 2024. 34 ACRONYMS AND ABBREVIATIONS The acronyms and abbreviations identified below are used throughout Item 7. \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations.\u201d The following is provided to aid the reader and provide a reference page when reviewing this section of the Form 10-K: [[GREPCENT_TABLE]] [[\"Acronym\",\"\",\"Description\",\"\",\"Acronym\",\"\",\"Description\"],[\"AFS:\",\"\",\"Available-for-sale\",\"\",\"GDP:\",\"\",\"Gross domestic product\"],[\"ALCO:\",\"\",\"Asset/Liability Committee\",\"\",\"HTM:\",\"\",\"Held-to-maturity\"],[\"ACL:\",\"\",\"Allowance for credit losses\",\"\",\"LGD:\",\"\",\"Loss given default\"],[\"AOCI:\",\"\",\"Accumulated other comprehensive income (loss)\",\"\",\"LIBOR:\",\"\",\"London Interbank Offered Rate\"],[\"ASC:\",\"\",\"Accounting Standards Codification\",\"\",\"LTIP:\",\"\",\"Long-Term Performance Share Plan\"],[\"ASU:\",\"\",\"Accounting Standards Update\",\"\",\"Management ALCO:\",\"\",\"Management Asset/Liability Committee\"],[\"Bank:\",\"\",\"Camden National Bank, a wholly-owned subsidiary of Camden National Corporation\",\"\",\"MBS:\",\"\",\"Mortgage-backed security\"],[\"BOLI:\",\"\",\"Bank-owned life insurance\",\"\",\"MSPP:\",\"\",\"Management Stock Purchase Plan\"],[\"Board ALCO:\",\"\",\"Board of Directors' Asset/Liability Committee\",\"\",\"N/A:\",\"\",\"Not applicable\"],[\"BTFP:\",\"\",\"Bank Term Funding Program, introduced by the Federal Reserve Bank in March 2023\",\"\",\"NCT III:\",\"\",\"Northway Capital Trust III, an unconsolidated entity formed by Northway Financial, Inc., acquired by the Company on January 2, 2025\"],[\"CCTA:\",\"\",\"Camden Capital Trust A, an unconsolidated entity formed by Camden National Corporation\",\"\",\"NCT IV:\",\"\",\"Northway Capital Trust IV, an unconsolidated entity formed by Northway Financial, Inc., acquired by the Company on January 2, 2025\"],[\"CD:\",\"\",\"Certificate of deposits\",\"\",\"Northway\",\"\",\"Northway Financial, Inc., acquired by the Company on January 2, 2025\"],[\"CDI:\",\"\",\"Core deposit intangible\",\"\",\"Northway Bank\",\"\",\"Wholly-owned subsidiary bank of Northway Financial, Inc., which merged into Camden National Bank on January 2, 2025\"],[\"CECL:\",\"\",\"Current Expected Credit Losses\",\"\",\"N.M.:\",\"\",\"Not meaningful\"],[\"Company:\",\"\",\"Camden National Corporation\",\"\",\"OBBBA:\",\"\",\"One Big Beautiful Bill Act\"],[\"CMO:\",\"\",\"Collateralized mortgage obligation\",\"\",\"OCC:\",\"\",\"Office of the Comptroller of the Currency\"],[\"CPR:\",\"\",\"Conditional prepayment rate\",\"\",\"OCI:\",\"\",\"Other comprehensive income (loss)\"],[\"CUSIP:\",\"\",\"Committee on Uniform Securities Identification Procedures\",\"\",\"OREO:\",\"\",\"Other real estate owned\"],[\"DCRP:\",\"\",\"Defined Contribution Retirement Plan\",\"\",\"PCD:\",\"\",\"Purchase Credit Deteriorated\"],[\"EPS:\",\"\",\"Earnings per share\",\"\",\"PD:\",\"\",\"Probability of default\"],[\"FASB:\",\"\",\"Financial Accounting Standards Board\",\"\",\"ROU:\",\"\",\"Right-of-use\"],[\"FDIC:\",\"\",\"Federal Deposit Insurance Corporation\",\"\",\"SBA:\",\"\",\"U.S. Small Business Administration\"],[\"FHLBB:\",\"\",\"Federal Home Loan Bank of Boston\",\"\",\"SERP:\",\"\",\"Supplemental executive retirement plans\"],[\"FRB:\",\"\",\"Federal Reserve System Board of Governors\",\"\",\"SOFR:\",\"\",\"Secured Overnight Financing Rate\"],[\"FRBB:\",\"\",\"Federal Reserve Bank of Boston\",\"\",\"UBCT:\",\"\",\"Union Bankshares Capital Trust I, an unconsolidated entity formed by Union Bankshares Company that was subseq Item 1. Business Overview. Camden National Corporation (hereafter referred to as \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d or the \u201cCompany\u201d) is a publicly-held bank holding company, with $7.0 billion in assets at December 31, 2025, incorporated under the laws of the State of Maine and headquartered in Camden, Maine. Camden National Bank (the \u201cBank\u201d), a wholly-owned subsidiary of the Company, was founded in 1875. The Company was founded in 1984, went public in 1997, and is registered with NASDAQ Global Market (\u201cNASDAQ\u201d) under the ticker symbol \u201cCAC.\u201d Our consolidated financial statements accompanying this Form 10-K include the accounts of the Company, the Bank and the Bank\u2019s subsidiaries and divisions. All inter-company accounts and transactions have been eliminated in consolidation. On January 2, 2025, we completed our acquisition of Northway Financial, Inc. (\u201cNorthway\u201d) and its bank subsidiary, Northway Bank. The acquisition of Northway added $971.9 million of deposits and $1.2 billion total assets to our balance sheet, and expanded our presence in New Hampshire by adding 17 branches to our network. Refer to Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and Note 2 of the consolidated financial statements for additional details regarding the Northway acquisition. Who We Are. We are an award-winning, relationship-driven community bank with a long history of supporting individuals, families, and businesses at every stage of their financial journey. We combine local decision-making with scalable products, modern digital capabilities, and deep market knowledge. With 72 branches across Northern New England, we offer a comprehensive suite of competitive financial products and services. Our investments in digital banking convenience, efficiency, and engagement, enabling customers to bank how, when, and where they choose. Our experienced teams provide personalized advance and tailored solutions. Founded in 1875, we are passionate about makin Item 1A. Risk Factors An investment in the Company involves risk, which could be substantial. Market, liquidity, credit, operational, legal, compliance and strategic risks are inherent in our business. The material risks and uncertainties that management believes affect the Company are described below. Any of the following risks cou", "title": "CAC - CAMDEN NATIONAL CORP", "url": "/company/CAC/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001356090; latest 10-K filed 2026-03-25.", "text": "PGEN - PRECIGEN, INC. SIC 2834 Pharmaceutical Preparations; CIK 0001356090; latest 10-K filed 2026-03-25. PGEN PRECIGEN, INC. 0001356090 2834 Pharmaceutical Preparations Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of financial condition and results of operations is provided to enhance the understanding of, and should be read in conjunction with, Part I, Item 1, \"Business\" and Item 8, \"Financial Statements and Supplementary Data.\" For information on risks and uncertainties related to our business that may make past performance not indicative of future results, or cause actual results to differ materially from any forward-looking statements, see \"Special Note Regarding Forward-Looking Statements,\" and Part I, Item 1A, \"Risk Factors.\" Refer to Item 7: Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report on Form 10-K for management\u2019s discussion and analysis of financial condition and results of operations for the fiscal year 2024 compared to fiscal year 2023. Overview We are a biopharmaceutical company specializing in the advancement of innovative precision medicines to address difficult-to-treat diseases with high unmet patient need. Precigen is dedicated to advancing scientific breakthroughs from proof-of-concept through commercialization. We are leveraging our proprietary technology platforms to develop product candidates designed to target urgent and intractable diseases in our core therapeutic areas of immuno-oncology, autoimmune disorders, and infectious diseases. We believe that our array of technology platforms uniquely positions us among other biotechnology companies to advance precision medicine. Our proprietary and complementary technology platforms provide a strong foundation to realize the core promise of precision medicine by supporting our efforts to construct powerful gene programs to drive efficacy, deliver these programs through viral, non-viral, and microbe-based approaches to drive lower costs, and control gene expression to drive safety. Our therapeutic platforms, including AdenoVerse immunotherapy, UltraCAR-T, and ActoBiotics, are designed to allow us to precisely control the level and physiological location of gene expression and modify biological molecules to control the function and output of living cells to treat underlying disease conditions. We have developed a proprietary electroporation device, UltraPorator, designed to further streamline and ensure the rapid and cost-effective manufacturing of UltraCAR-T therapies. Our commercial product, Papzimeos (zopapogene imadenovec-drba, PRGN-2012), is the first and only US Food and Drug Administration (\u201cFDA\u201d) approved therapy for the treatment of adults with recurrent respiratory papillomatosis (\u201cRRP\u201d). Papzimeos is a non-replicating adenoviral vector-based immunotherapy designed to express a fusion antigen comprising selected regions of human papillomavirus (HPV) types 6 and 11 proteins. Papzimeos is designed to generate an immune response directed against HPV 6 and HPV 11 proteins in patients with RRP. Discovered and designed in Precigen's labs using Precigen's proprietary AdenoVerse therapeutic platform, Papzimeos represents a new therapeutic paradigm for RRP. Our clinical pipeline includes PRGN-2009, which are based on our AdenoVerse immunotherapy platform; and PRGN-3005, PRGN-3006 and PRGN-3007, which are built on our UltraCAR-T platform. We have completed enrollment in the Phase 1b clinical trial of PRGN-3006. As part of the strategic prioritization of our pipeline announced in August 2024, we paused enrollment in the PRGN-3005 and PRGN-3007 clinical trials, minimized UltraCAR-T spending and plan to focus on strategic 73 Table of Contents partnerships to further advance UltraCAR-T programs. In addition, we previously announced plans to continue PRGN-2009 Phase 2 clinical trials under a cooperative research and development agreement (\"CRADA\") with the National Cancer Institute (\"NCI\") in recurrent/metastatic cervical cancer and in newly diagnosed HPV-associated orop Item 1. Business Overview We are a commercial-stage biopharmaceutical company specializing in the advancement of innovative precision medicines to improve the lives of patients. We are leveraging our proprietary technology platforms to develop product candidates designed to target urgent and intractable diseases in our core therapeutic areas of immuno-oncology, autoimmune disorders, and infectious diseases. We believe that our array of technology platforms uniquely positions us among other biotechnology companies to advance precision medicine. Precision medicine is the practice of therapeutic product development that takes into account specific genetic variations within populations impacted by a disease to design targeted therapies to improve outcomes for a disease or patient population. Our proprietary and complementary technology platforms provide a strong foundation to realize the core promise of precision medicine by supporting our efforts to construct powerful gene programs to drive efficacy, deliver these programs through viral, non-viral, and microbe-based approaches to drive lower costs, and control gene expression to drive safety. Our therapeutic platforms, including AdenoVerse immunotherapy, and UltraCAR-T, are designed to allow us to precisely control the level and physiological location of gene expression and modify biological molecules to control the function and output of living cells to treat underlying disease conditions. We have developed a proprietary electroporation device, UltraPorator, designed to further streamline and ensure the rapid and cost-effective manufacturing of UltraCAR-T therapies. In August 2025, the FDA granted full approval to our product, Papzimeos (zopapogene imadenovec-drba, PRGN-2012), for the treatment of adults with recurrent respiratory papillomatosis (RRP). RRP is a rare, debilitating, and potentially life-threatening disease caused by chronic human papillomavirus (HPV) 6 or HPV 11 infection, which results in recurr Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below, together with the other information contained in this Annual Report, including our consolidated financial statements and the related notes appearing at the end of this Annual Report, before making your deci", "title": "PGEN - PRECIGEN, INC.", "url": "/company/PGEN/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001734342; latest 10-K filed 2026-02-27.", "text": "AMTB - Amerant Bancorp Inc. SIC 6021 National Commercial Banks; CIK 0001734342; latest 10-K filed 2026-02-27. AMTB Amerant Bancorp Inc. 0001734342 6021 National Commercial Banks Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and related notes included elsewhere in this Form 10-K. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Certain risks, uncertainties and other factors, including but not limited to those set forth under \u201cCautionary Note Regarding Forward-Looking Statements,\u201d \u201cRisk Factors\u201d and elsewhere in this Form 10-K, may cause actual results to differ materially from those projected in the forward looking statements. The emphasis of this discussion will be on changes in the year ended December 31, 2025 with respect to 2024. See our Annual Report on Form 10-K for the year ended December 31, 2024 for additional details on the Company\u2019s financial condition and results of operations in 2024 and changes in the Company\u2019s financial condition and results of operations from 2023 to 2024. Overview Our Company We are a bank holding company headquartered in Coral Gables, FL. We provide individuals and businesses a comprehensive array of deposit, credit, investment, wealth management, retail banking, mortgage services, and fiduciary services. We serve customers in our United States markets and select international customers. These services are offered through our main subsidiary, Amerant Bank, which is also headquartered in Coral Gables, FL, as well as our other subsidiary, Amerant Investments. Fiduciary, investment, wealth management and mortgage lending services are provided by the Bank and the Bank\u2019s securities broker-dealer, Amerant Investments. The Bank\u2019s primary markets are South Florida, where we are headquartered and operate 21 banking centers in Miami-Dade, Broward and Palm Beach counties; and Tampa, Florida where we have a regional headquarters office and currently operate two banking centers. See \u201cItem1. Business\u201d for recent developments. Amerant Mortgage is a subsidiary of the Bank. In April 2025, considering its strategic decision to focus on Florida, the Company announced it would transition its mortgage business from a national mortgage originator model to in-footprint focused approach, emphasizing mortgage lending that supports the Company\u2019s retail and private banking customers. Since April 2025, the Company progressively reduced the mortgage-focused FTE count from 77 FTEs to 3 at the close of 2025. In addition, in January 2026, loans owned by the Bank and sub-serviced by a third party have been transferred into the Bank\u2019s core platform, and remaining existing vendor contracts are expected to be terminated or modified. The Company expects to complete winding down Amerant Mortgage in the first half of 2026. The Cayman Bank is a subsidiary of the Bank. The Company is executing a plan for the dissolution of the Cayman Bank and, as of the date of this Annual Report on Form 10-K, the Cayman Bank no longer had any trust relationships, many of which were transferred to the Bank. The dissolution of the Cayman Bank, is expected to be completed in 2026, once regulatory approval from the applicable regulatory agency is received. 65 Primary Factors Used to Evaluate Our Business Results of Operations. In addition to net income or loss, the primary factors we use to evaluate and manage our results of operations include net interest income, noninterest income and expenses, and indicators of financial performance including return on assets (\u201cROA\u201d) and return on equity (\u201cROE\u201d). We also use certain non-GAAP financial measures in the internal evaluation and management of our businesses. Net Interest Income. Net interest income represents interest income less interest expense. We generate interest income from interest, dividends and fees received on interest-earning assets, including loans and investment securities w Item 1. BUSINESS Our Company We are a bank holding company headquartered in Coral Gables, FL, with $9.8 billion in assets, $6.6 billion in loans held for investment, $7.8 billion in deposits, $938.8 million of shareholders\u2019 equity, and $3.3 billion in assets under management and custody (\u201cAUM\u201d) as of December 31, 2025. We provide individuals and businesses with a comprehensive array of deposit, credit, investment, wealth management, retail banking, mortgage services and fiduciary services. We serve customers in our United States markets and select international customers. These services are offered through our main subsidiary, Amerant Bank, N.A., or the Bank, which is also headquartered in Coral Gables, FL, as well as the Bank\u2019s securities broker-dealer, Amerant Investments Inc., or Amerant Investments. Fiduciary, investment, wealth management and mortgage services are provided by the Bank and Amerant Investments. The Bank was founded in 1979. We currently operate 23 banking centers where we offer personal and commercial banking services. The Bank\u2019s primary markets are South Florida, where we are headquartered and operate 21 banking centers in Miami-Dade, Broward and Palm Beach counties. The Bank also operates two banking centers, and a regional headquarter office in Tampa, FL. We opened our new regional headquarters office and our new banking center in West Palm Beach, FL in April 2025, a banking center in Miami Beach, FL in September 2025, followed by the opening of our second banking center in Tampa, FL in October 2025. In July 2025, we received regulatory approval for the opening of a new banking center in St. Petersburg, FL which we currently expect to open in 2026. We also opened a new banking center in Bay Harbor Islands, FL, in January 2026. Amerant Investments is a member of the Financial Industry Regulatory Authority (\u201cFINRA\u201d), the Securities Investor Protection Corporation (\u201cSIPC\u201d) and a registered investment adviser with the Securities and Exchange C Item 1A. RISK FACTORS We are subject to risks and uncertainties that could potentially negatively impact our business, financial conditions, results of operations and cash flows. In evaluating us and our business and making or continuing an investment in our securities, you should carefully consider the risks described below as well ", "title": "AMTB - Amerant Bancorp Inc.", "url": "/company/AMTB/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001631574; latest 10-K filed 2026-02-26.", "text": "WVE - Wave Life Sciences Ltd. SIC 2834 Pharmaceutical Preparations; CIK 0001631574; latest 10-K filed 2026-02-26. WVE Wave Life Sciences Ltd. 0001631574 2834 Pharmaceutical Preparations Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in, or implied by, these forward-looking statements. Overview We are a clinical-stage biotechnology company focused on unlocking the broad potential of ribonucleic acid (\u201cRNA\u201d) medicines (also known as oligonucleotides), or those targeting RNA, to transform human health. Our RNA medicines platform, PRISM\u00ae, combines multiple modalities, chemistry innovation and deep insights into human genetics to deliver scientific breakthroughs that treat both rare and common disorders. Our toolkit of RNA-targeting modalities, including RNAi (SpiNA) and RNA editing (AIMers), provides us with unmatched capabilities for designing and sustainably delivering candidates that optimally address disease biology. Our pipeline is focused on our obesity (WVE-007), alpha-1 antitrypsin deficiency (\u201cAATD\u201d) (WVE-006) and PNPLA3 I148M liver disease (WVE-008) programs, and also includes clinical programs for Duchenne muscular dystrophy (\u201cDMD\u201d) and Huntington\u2019s disease (\u201cHD\u201d), as well as several preclinical programs utilizing our versatile RNA medicines platform. We were founded on the recognition that there was a significant, untapped opportunity to use chemistry innovation to tune the pharmacological properties of oligonucleotides. We have more than a decade of experience challenging convention related to oligonucleotide design and pioneering novel chemistry modifications to optimize the pharmacological properties of our molecules. We have seen in clinical trials that these chemistry modifications enhance potency, distribution, and durability of effect of our molecules. Our novel chemistry also allows us to avoid using complex delivery vehicles, such as lipid nanoparticles and viruses, and instead use clinically proven conjugates (e.g., N-acetylgalactosamine or (\u201cGalNAc\u201d)) or free uptake for delivery to a variety of cell and tissue types. We maintain strong and broad intellectual property, including for our novel chemistry modifications. Our best-in-class chemistry capabilities have also unlocked new areas of biology, such as harnessing adenosine deaminases acting on RNA (\u201cADAR\u201d) enzymes for messenger RNA (\u201cmRNA\u201d) correction and upregulation, selectively silencing a mutant allele, and more. By opening up new areas of biology, we have also opened up new opportunities to slow, stop, or reverse disease and have expanded the possibilities offered through our platform. The inspiration for our multimodal platform is based on the recognition that the biological machinery (i.e., enzymes) needed to address human disease already exists within our cells and can be harnessed for therapeutic purposes with the right tools. We believe that we have built the most versatile toolkit of RNA-targeting modalities in the industry, with multiple means of repairing, restoring, or reducing proteins and designing best-fit solutions based on the unique biology of a given disease target. We are actively advancing programs across modalities, including RNA interference (\u201cRNAi\u201d) (silencing), RNA editing, which uses novel A-to-I RNA editing oligonucleotides (\u201cAIMers\u201d), antisense silencing, and splicing. We have also advanced novel bifunctional modalities designed to silence multiple targets or silence Item 1. Business Overview We are a clinical-stage biotechnology company focused on unlocking the broad potential of ribonucleic acid (\u201cRNA\u201d) medicines (also known as oligonucleotides), or those targeting RNA, to transform human health. Our RNA medicines platform, PRISM\u00ae, combines multiple modalities, chemistry innovation and deep insights into human genetics to deliver scientific breakthroughs that treat both rare and common disorders. Our toolkit of RNA-targeting modalities, including RNAi (SpiNA) and RNA editing (AIMers), provides us with unmatched capabilities for designing and sustainably delivering candidates that optimally address disease biology. Our pipeline is focused on our obesity (WVE-007), alpha-1 antitrypsin deficiency (\u201cAATD\u201d) (WVE-006) and PNPLA3 I148M liver disease (WVE-008) programs, and also includes clinical programs for Duchenne muscular dystrophy (\u201cDMD\u201d) and Huntington\u2019s disease (\u201cHD\u201d), as well as several preclinical programs utilizing our versatile RNA medicines platform. We were founded on the recognition that there was a significant, untapped opportunity to use chemistry innovation to tune the pharmacological properties of oligonucleotides. We have more than a decade of experience challenging convention related to oligonucleotide design and pioneering novel chemistry modifications to optimize the pharmacological properties of our molecules. We have seen in clinical trials that these chemistry modifications enhance potency, distribution, and durability of effect of our molecules. Our novel chemistry also allows us to avoid using complex delivery vehicles, such as lipid nanoparticles and viruses, and instead use clinically proven conjugates (e.g., N-acetylgalactosamine or (\u201cGalNAc\u201d)) or free uptake for delivery to a variety of cell and tissue types. We maintain strong and broad intellectual property, including for our novel chemistry modifications. Our best-in-class chemistry capabilities have also unlocked new areas of biology, such as ha Item 1A. Risk Factors Risk Factors You should carefully consider the following risk factors, in addition to the other information contained in this Annual Report on Form 10-K, including the section of this report titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our financia", "title": "WVE - Wave Life Sciences Ltd.", "url": "/company/WVE/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0002007919; latest 10-K filed 2026-03-19.", "text": "INBX - Inhibrx Biosciences, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0002007919; latest 10-K filed 2026-03-19. INBX Inhibrx Biosciences, Inc. 0002007919 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report contains forward-looking statements that involve risk and uncertainties, including those described in the section of this Annual Report titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d As a result of many factors, including those factors set forth in the section of this Annual Report titled \u201cRisk Factors,\u201d our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a clinical-stage biopharmaceutical company with a pipeline of novel biologic therapeutic candidates, developed using our proprietary modular protein engineering platforms. We leverage our innovative protein engineering technologies and deep understanding of target biology to create therapeutic candidates with attributes and mechanisms we believe to be superior to current approaches and applicable to a range of challenging, validated targets with high potential. Recent Developments Separation from Former Parent On May 29, 2024, Inhibrx, Inc., or the Former Parent, effected the spin-off of INBRX-101, an optimized, recombinant alpha-1 antitrypsin, or AAT, augmentation therapy in a registrational trial for the treatment of patients with alpha-1 antitrypsin deficiency, upon which, the Former Parent completed a distribution to holders of its shares of common stock of 92% of the issued and outstanding shares of our common stock, or the Distribution. On May 30, 2024, the Former Parent completed a series of internal restructuring transactions, or the Separation. On May 30, 2024, the Former Parent completed the merger, or the Merger, of Art Acquisition Sub, Inc., a wholly-owned subsidiary of Aventis Inc., or the Acquirer, a wholly-owned subsidiary of Sanofi S.A., or Sanofi, with and into the Former Parent with the Former Parent continuing as the surviving entity. Pursuant to the Merger (i) all assets and liabilities primarily related to INBRX-101, or the 101 Business, were transferred to the Acquirer; and (ii) by way of the Separation, we acquired the assets and liabilities and corporate infrastructure associated with its ongoing programs, INBRX-106 and ozekibart (INBRX-109), and its discovery pipeline, as well as the remaining close-out obligations related to its previously terminated program, INBRX-105. Upon the closing, each Former Parent stockholder received: (i) $30.00 per share in cash, (ii) one contingent value right per share, representing the right to receive a contingent payment of $5.00 in cash upon the achievement of a regulatory milestone, and (iii) one SEC-registered, publicly listed, share of Inhibrx for every four shares of the Former Parent\u2019s common stock held. From and after the closing, Inhibrx continues to operate as a stand-alone, publicly traded company focused on ozekibart and INBRX-106, both of which are clinical-stage programs. For periods prior to the spin-off, descriptions of historical business activities are presented as if the spin-off had already occurred, and the Former Parent\u2019s activities related to such assets and liabilities had been performed by us. Refer to Note 1 to our consolidated financial statements included elsewhere in this Annual Report for further discussion of the underlying basis used to prepare the consolidated financial statements. The operating results presented in our historical financial statements prior to the Merger and in connection with the Separation and the Merger may not be indicative of our results following the Merger and Separation. Transactions with Item 1. Business. Overview We are a clinical-stage biopharmaceutical company with a pipeline of novel biologic therapeutic candidates, developed using our proprietary modular protein engineering platforms. We leverage our innovative protein engineering technologies and deep understanding of target biology to create therapeutic candidates with attributes and mechanisms we believe to be superior to current approaches and applicable to a range of challenging, validated targets with high potential. Recent Developments Separation from Former Parent On May 29, 2024, Inhibrx, Inc., or the Former Parent, effected the spin-off of INBRX-101, an optimized, recombinant alpha-1 antitrypsin, or AAT, augmentation therapy in a registrational trial for the treatment of patients with alpha-1 antitrypsin deficiency, upon which the Former Parent completed a distribution to holders of its shares of common stock of 92% of the issued and outstanding shares of our common stock, or the Distribution. On May 30, 2024, the Former Parent completed a series of internal restructuring transactions, or the Separation. On May 30, 2024, the Former Parent completed the merger, or the Merger, of Art Acquisition Sub, Inc., a wholly-owned subsidiary of Aventis Inc., or the Acquirer, a wholly-owned subsidiary of Sanofi S.A., or Sanofi, with and into the Former Parent with the Former Parent continuing as the surviving entity. Pursuant to the Merger (i) all assets and liabilities primarily related to INBRX-101, or the 101 Business, were transferred to the Acquirer; and (ii) by way of the Separation, we acquired the assets and liabilities and corporate infrastructure associated with its ongoing programs, INBRX-106 and ozekibart (INBRX-109), and its discovery pipeline, as well as the remaining close-out obligations related to its previously terminated program, INBRX-105. From and after the closing, Inhibrx continues to operate as a stand-alone, publicly traded company focused on ozekibart and INBRX-106, Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report, including our consolidated financial statements and relate", "title": "INBX - Inhibrx Biosciences, Inc.", "url": "/company/INBX/" }, { "kind": "company", "summary": "SIC 1700 Construction - Special Trade Contractors; CIK 0001606163; latest 10-K filed 2026-03-02.", "text": "LMB - Limbach Holdings, Inc. SIC 1700 Construction - Special Trade Contractors; CIK 0001606163; latest 10-K filed 2026-03-02. LMB Limbach Holdings, Inc. 0001606163 1700 Construction - Special Trade Contractors Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations 36 The following discussion should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from its management\u2019s expectations. Factors that could cause such differences are discussed in \u201cForward-Looking Statements\u201d, \u201cRisk Factor Summary\u201d and \u201cRisk Factors\u201d in this Annual Report on Form 10-K. The Company assumes no obligation to update any of these forward-looking statements, unless required to do so by applicable law. The discussion that follows includes a comparison of the Company\u2019s results of operations and liquidity and capital resources for the fiscal years ended December 31, 2025 and 2024. In accordance with Item 303(b) of Regulation S-K, the Company has elected to omit discussion of the earliest of the three years covered by the consolidated financial statements presented. For a discussion and analysis of fiscal year ended December 31, 2023 and of changes from the fiscal year ended December 31, 2024 to the fiscal year ended December 31, 2023, refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024 (filed with the SEC on March 10, 2025). Overview The Company is a building systems solutions firm that designs, delivers, and maintains mechanical (heating, ventilation, and air conditioning), electrical, plumbing, and controls (\u201cMEPC\u201d) systems. The Company partners with building owners and operators of mission-critical facilities across healthcare, industrial and manufacturing, data centers, life sciences, higher education, and cultural and entertainment markets. With approximately 1,500 team members across 21 offices throughout the Eastern and Midwestern regions of the United States, the Company strives to be an indispensable partner by combining its national capabilities with strong local execution and talent to deliver proactive, safe, and reliable solutions for complex facilities. Operating on a connected platform, the Company integrates engineering expertise with field execution to provide customized MEPC infrastructure solutions that address both operational and capital project needs, optimizing performance, enhancing reliability, and ensuring long-term safety. The Company\u2019s core market sectors consist of the following customer base with mission-critical systems: \u2022Healthcare, including research, acute care and inpatient hospitals for regional and national hospital groups; \u2022Industrial and manufacturing, including automotive, energy and general manufacturing plants; \u2022Data centers, including facilities composed of networked computers, storage systems and computing infrastructure that organizations use to assemble, process, store and disseminate large amounts of data; \u2022Life sciences, including organizations and companies whose work is centered around research and development focused on living organisms and biological systems; \u2022Higher education, including both public and private colleges, universities and research centers; and \u2022Cultural and entertainment, including entertainment facilities (including casinos) and amusement rides and parks. The Company operates in two segments, (i) ODR, in which the Company performs owner direct projects and/or provides maintenance or service primarily on MEPC systems, and specialty contracting projects to existing buildings direct to, or assigned by, building owners or operators, and (ii) GCR, in which the Company generally manages new construction or renovation projects that involve primarily MEPC systems awarded to the Company by general contractors or construction Item 1. Business Limbach Holdings, Inc. (the \u201cCompany,\u201d \u201cwe\u201d or \u201cour\u201d), a Delaware corporation headquartered in Warrendale, Pennsylvania, is a building systems solutions firm that designs, delivers, and maintains mechanical (heating, ventilation, and air conditioning), electrical, plumbing, and controls (\u201cMEPC\u201d) systems. The Company partners with building owners and operators of mission-critical facilities across healthcare, industrial and manufacturing, data centers, life sciences, higher education, and cultural and entertainment markets. With approximately 1,500 team members across 21 offices throughout the Eastern and Midwestern regions of the United States, the Company strives to be an indispensable partner by combining its national capabilities with strong local execution and talent to deliver proactive, safe, and reliable solutions for complex facilities. Operating on a connected platform, the Company integrates engineering expertise with field execution to provide customized MEPC infrastructure solutions that address both operational and capital project needs, optimizing performance, enhancing reliability, and ensuring long-term safety. 2025 Highlights In 2025, the Company: \u2022Produced record annual revenue of $646.8 million and a record annual gross profit of $169.3 million. \u2022Increased its revenue generated from the ODR segment (as defined below) by 40.6% (versus 2024), achieving its previously announced 2025 ODR segment revenue target of 70% - 80% of total consolidated revenue at 75.1%. \u2022Increased diluted earnings per share by 25.7% (versus 2024) to $3.23. \u2022Generated $45.7 million of net cash provided by operating activities. \u2022Successfully completed the acquisition of Pioneer Power, LLC (\u201cPioneer Power\u201d) (as described in more detail below). Segments The Company operates in two segments; (i) Owner Direct Relationships (\u201cODR\u201d), in which the Company performs owner direct projects and/or provides maintenance or service primarily on MEPC systems, and Item 1A. Risk Factors You should carefully consider the following risk factors, together with all of the other information included in this Annual Report on Form 10-K. The risks described below are those which we believe are the material risks that we face. Additional risks not presently known to us or which we curre", "title": "LMB - Limbach Holdings, Inc.", "url": "/company/LMB/" }, { "kind": "company", "summary": "SIC 3825 Instruments For Meas & Testing of Electricity & Elec Signals; CIK 0000099302; latest 10-K filed 2026-05-27.", "text": "TRNS - TRANSCAT INC SIC 3825 Instruments For Meas & Testing of Electricity & Elec Signals; CIK 0000099302; latest 10-K filed 2026-05-27. TRNS TRANSCAT INC 0000099302 3825 Instruments For Meas & Testing of Electricity & Elec Signals ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of financial condition and results of operations should be read in conjunction with our financial statements and related notes appearing elsewhere in this annual report. In addition to historical information, the following discussion and analysis includes forward looking statements that involve risks, uncertainties and assumptions. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in \u201cRisk Factors\u201d and elsewhere in this annual report. See the discussion under \u201cCautionary Note Regarding Forward Looking Statements\u201d beginning on page 1 of this annual report. OVERVIEW Operational Overview. We are a leading provider of accredited calibration services, cost control and optimization services, and distribution and rental of value-added professional grade handheld test, measurement, and control instrumentation. We operate our business through two reportable business segments, Service and Distribution, which offer a comprehensive range of services and products to the same customer base. Our strength in our Service segment is based upon our wide range of disciplines, our investment in quality systems and our ability to provide accredited calibrations to customers in highly regulated targeted market segments. Our services range from the calibration and repair of a single unit to managing a customer\u2019s entire calibration program. We believe our Service segment offers an opportunity for long-term growth and the potential for continuing revenue from established customers with regular calibration cycles and recurring laboratory instrument service requirements. Our Service segment has shown consistent revenue growth over the past several years, ending fiscal year 2026 with its 68th consecutive quarter of year-over-year growth. This segment has benefited from both organic growth as well as acquisitions over those 68 quarters. The business acquisitions that we made have been focused on expanding our service capabilities, increasing our geographic reach and leveraging our Calibration Service Centers and other infrastructure to create operational synergies. 28 Table of Contents Our Service segment revenue growth was 19.7% for fiscal year 2026 from fiscal year 2025. This increase was primarily due to the acquisitions of Essco and Martin. Acquired revenue, which represents revenue generated from acquisitions for twelve months subsequent to the acquisition date, was $30.9 million. The Service segment gross margin decreased by 90 basis points. Service segment gross margin decreases were primarily due to costs associated with new customer wins and lower than expected levels of organic growth in the first half of the fiscal year, which rebounded in the second half of the year. In our Distribution segment, we sell and offer for rent, professional grade handheld test and measurement instruments. Because we specialize in professional grade handheld test and measurement instruments, as opposed to a wide array of industrial products, our sales and customer service personnel can provide value-added technical assistance to our customers to aid them in determining what product best meets their particular application requirements. We have expertise in the procurement and sale of used equipment, furthering our ability to add value for our customers. We also have a higher-end electronic test and measurement equipment rental business that augments our organically grown test and measurement equipment rental business. Through our website and sales teams, customers can place orders for test and measurement instruments and can elect to have their purchased instruments calibrated and certified by our Calibration Service Centers before shipment as well as on regular post-purchase intervals. Pre ITEM 1. BUSINESS BUSINESS OVERVIEW Transcat, Inc. (\u201cTranscat\u201d, the \u201cCompany,\u201d \u201cwe\u201d or \u201cus\u201d) is a leading provider of accredited calibration, reliability, maintenance optimization, quality and compliance, validation, Computerized Maintenance Management System (\u201cCMMS\u201d), and pipette services. The Company is focused on providing best-in-class services and products to highly regulated industries, particularly the life sciences industry, which includes pharmaceutical, biotechnology, medical devices and other FDA-regulated businesses, as well as aerospace and defense and energy and utilities. Transcat also operates as a leading value-added distributor that markets, sells and rents new and used national and proprietary brand instruments. We conduct our business through two operating segments: service (\u201cService\u201d) and distribution (\u201cDistribution\u201d). See Note 7 to our Consolidated Financial Statements in this report for financial information for these segments. We concentrate on attracting new customers in each segment, retaining existing customers and cross-selling to customers to increase our total revenue. We serve approximately 27,000 customers through our Service and Distribution segments, with approximately 20% to 25% of those customers transacting with us through both of our business segments. Through the Company\u2019s acquisition strategy, we have been focused on building out our business segments, expanding our core calibration business, as well as entering new geographic markets and entering adjacent and complimentary markets. This has been demonstrated by the acquisitions of Essco Calibration Laboratory, LLC (\u201cEssco\u201d) in our fiscal year ended March 28, 2026 (\u201cfiscal 2026\u201d or \u201cfiscal year 2026\u201d) and Martin Calibration, LLC (\u201cMartin\u201d) and Becnel Rental Tools, LLC (\u201cBecnel\u201d) in our fiscal year ended March 29, 2025 (\u201cfiscal 2025\u201d or \u201cfiscal year 2025\u201d). In April 2026, the Company acquired SCM Metrology and Laboratories S. A. (\"SCM\"), a privately held calibration service ITEM 1A. RISK FACTORS The following disclosures reflect the Company\u2019s beliefs and opinions as to factors that could materially and adversely affect the Company, our securities, or could cause actual results to differ materially from those expressed or implied in our forward-looking", "title": "TRNS - TRANSCAT INC", "url": "/company/TRNS/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0000771266; latest 10-K filed 2026-04-13.", "text": "KOPN - KOPIN CORP SIC 3674 Semiconductors & Related Devices; CIK 0000771266; latest 10-K filed 2026-04-13. KOPN KOPIN CORP 0000771266 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview The following discussion should be read in conjunction with our consolidated financial statements and notes to those statements and other financial information appearing elsewhere in this Form 10-K. The following discussion contains forward-looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of a number of factors, including the risks discussed in \u201cItem 1A- Risk Factors\u201d, and elsewhere in this Form 10-K. Please refer to our cautionary note on Forward-Looking Statements on page 3 of this Form 10-K. We are a leading developer and provider of high-performance application-specific optical solutions consisting of high-resolution microdisplays and optics, microdisplays subassemblies and headsets. We define microdisplays as displays that have a diagonal measurement of less than 2 inches. Our products are used for defense applications (soldier thermal weapon rifle sights, avionic fixed and rotary wing pilot helmets, armored vehicle targeting systems, and training & simulation headsets); industrial and medical headsets; and 3D optical inspection systems. We believe that the technologies we are developing may eventually be used in consumer augmented reality (\u201cAR\u201d) and virtual reality (\u201cVR\u201d) wearable headsets systems. Our products are primarily used to overlay digital information on the real-world scene. Critical Accounting Estimates Management\u2019s discussion and analysis of our financial condition and results of operations are based upon our audited consolidated financial statements. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amount of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition under the cost-to-cost measurement method, and investment valuations. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for judgments about the carrying values of assets and liabilities that are not apparent from other sources. Actual results may differ from these estimates under different assumptions. We believe the following critical accounting policies are most affected by our more significant judgments and estimates used in the preparation of our consolidated financial statements: Revenue Recognition Substantially all of our product revenues are derived from the sales of microdisplays, which are sold as individual displays, modules that include electronics and optics, or higher-level subassemblies for use in defense, industrial and consumer near-eye applications such as avionic helmets, thermal weapon sights or virtual reality headsets. We also have development contracts for the design, manufacture and modification of products for the U.S. Government or a prime contractor for the U.S. Government or for a customer that sells into the industrial or consumer markets. The Company\u2019s contracts with the U.S. Government are typically subject to the Federal Acquisition Regulations (\u201cFAR\u201d) and are priced based on estimated or actual costs of producing goods. The FAR provides guidance on the types of costs that are allowable in establishing prices for goods provided under U.S. Government contracts. The pricing for non-U.S. Government contracts is based on the specific negotiations with each customer. Our fixed-price contracts with the U.S. Government or other customers may result in revenue recognized in excess of amounts currently billed. We disclose the excess of revenues over amounts actually billed as Contract assets on the balance sheet. Amounts billed and due from our customers are classified as Accounts receivable on the balance sh Item 1. Business Overview Corporate Background and Market Presence As used herein, the terms \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d refer to Kopin Corporation, a Delaware corporation. Kopin Corporation, a Delaware corporation, incorporated in 1984, and is headquartered in Westborough, Massachusetts, is a leader of innovative microdisplay technologies and optical systems, catering to defense, enterprise, industrial, consumer, and medical sectors. Our portfolio includes four types of miniature active-matrix liquid crystal displays (\u201cAMLCDs\u201d), liquid crystal on silicon (\u201cLCOS\u201d) displays, organic light emitting diode (\u201cOLED\u201d) displays, and emerging micro light emitting diode (\u201cMicroLED\u201d) displays, in addition to optics, electronics, and housings for subsystems which we call Application Specific Optical Solutions (\u201cASOS\u201d). These microdisplays and subsystem solutions are all geared toward enhancing human performance when it matters most \u2013 in critical applications. We are developing patent pending fifth-generation MicroDisplay called NeuralDisplay\u2122. The display is a bi-directional, human-in-the-loop and artificial intelligence enabled backplane that can be manufactured into microdisplays using either OLED or MicroLED deposition technology. The Company continues to research bi-directional sensing capabilities with potential partners, customers and investors. While microdisplays remain a core competency for Kopin, we also bring value to our customers through the design and manufacture of high-performance subsystems of application-specific solutions (\u201cASOS\u201d) which include optics, electronics, and housings that are designed to meet the rigorous performance, size, weight, power, and cost requirements of the applications into which they are used. These products are critical for applications ranging from weapon mounted thermal sights to spatial computing devices and medical headsets. We have been supplying our microdisplays and ASOS to the U.S. Department of War for many years fo Item 1A. Risk Factors We operate in a changing global environment that involves numerous known and unknown risks and uncertainties that could materially adversely affect our financial condition, results of operations, cash flows, and competitive position. Accordingly, our business and financial results are subject to risks and uncertainties", "title": "KOPN - KOPIN CORP", "url": "/company/KOPN/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001841925; latest 10-K filed 2026-02-27.", "text": "INDI - indie Semiconductor, Inc. SIC 3674 Semiconductors & Related Devices; CIK 0001841925; latest 10-K filed 2026-02-27. INDI indie Semiconductor, Inc. 0001841925 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF INDIE Throughout this section, unless otherwise noted, \u201cindie\u201d refers to indie Semiconductor, Inc. and its consolidated subsidiaries. The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. You should read this discussion and analysis in conjunction with the accompanying audited consolidated financial statements and notes thereto included elsewhere in this Form 10-K. Certain amounts may not foot due to rounding. This discussion and analysis contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described under the sections entitled \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d included elsewhere in this Form 10-K. We assume no obligation to update any of these forward-looking statements except as required by law. Actual results may differ materially from those contained in any forward-looking statements. OUR COMPANY indie offers highly innovative, high-performance and energy-efficient mixed-signal system-on-chips (\"SoCs\") and system solutions for advanced driver assistance systems (\u201cADAS\u201d) in addition to adjacent industrial applications. Our sensors span all major modalities, including Radar, LiDAR, Ultrasound and Computer Vision, while our embedded system control, power management, and interfacing solutions are accelerating the proliferation of automated vehicle safety features. We are an approved vendor to Tier 1 automotive suppliers and our platforms can be found in marquee automotive manufacturers around the world. Headquartered in Aliso Viejo, California, indie has design centers and sales offices in Austin, Texas; Detroit, Michigan; San Jose, California; Cordoba, Argentina; Budapest, Hungary; Dresden, Frankfurt an der Oder, Munich and Nuremberg, Germany; Edinburgh, Scotland; Schlieren, Switzerland; Rabat, Morocco; Haifa, Israel; Quebec City and Toronto, Canada; Seoul, South Korea; Tokyo, Japan; and several locations throughout China. We maintain design centers for our semiconductor engineers and designers in the United States, Argentina, Canada, Hungary, Germany, Scotland, Morocco, Israel, Switzerland and China. We engage subcontractors to manufacture our products. These subcontractors, as well as the majority of our customers\u2019 locations, are primarily in Asia. For the years ended December 31, 2025, 2024 and 2023, approximately 65%, 66% and 63%, respectively, of our product revenues were recognized for shipments to customer locations in Asia. Potential Divestiture of Wuxi In May 2025, indie entered into a non-binding agreement with United Faith Auto-Engineering Co., Ltd., a publicly-listed company in the People\u2019s Republic of China (\u201cUnited Faith\u201d), to sell up to all of our 34.38% equity interest in Wuxi. On October 27, 2025, we entered into an Asset Purchase Agreement (the \"Wuxi Agreement\") through Ay Dee Kay LLC (\"ADK\"), pursuant to which we have agreed to sell ADK's entire equity interest in Wuxi to United Faith. Pursuant to the Wuxi Agreement, subject to the satisfaction of closing conditions and receipt of all required regulatory approvals, United Faith will purchase all of ADK\u2019s outstanding equity interest in Wuxi for a total gross transaction consideration of RMB 960,834,355, or approximately $135 million (based on the exchange rate in effect on October 24, 2025), payable in cash to ADK, net of applicable local taxes. The Wuxi Agreement contains certain customary representations, warranties and covenants. The representations and warranties of parties under the Wuxi Agreement will not survive closing, and there is no post-closing indemnification arrangement for breaches of representations, warranties or covenants. The Wuxi Agreement\u2019s covenants include obligations of (i) ADK to ass ITEM 1. BUSINESS Company Overview Headquartered in Aliso Viejo, CA, indie is empowering the automotive revolution with next generation semiconductors, photonics and software platforms. We focus on developing innovative, high-performance and energy-efficient mixed-signal system-on-chips (\"SoCs\") and system solutions for advanced driver assistance systems (\"ADAS\") in addition to adjacent industrial applications. Our sensors span all major modalities, including Radar, LiDAR, Ultrasound, and Computer Vision, while our embedded system control, power management, and interfacing solutions are accelerating the proliferation of automated vehicle safety features. Through innovative analog, digital and mixed-signal integrated circuits (\u201cICs\u201d) with software running on the embedded processors, we are developing a differentiated, market-leading portfolio of automotive products. Our technological expertise, including cutting-edge design capabilities and packaging expertise, together with our deep application knowledge and strong customer relationships, has enabled us to ship over 550 million semiconductor devices since our inception. Our go-to-market strategy focuses on collaborating with key customers and partnering with Tier 1s through aligned product development, in pursuit of solutions addressing the automotive industry\u2019s highest growth applications. We leverage our core capabilities in system-level hardware and software integration to develop highly integrated, ultra-compact and power efficient solutions. Further, our products meet or exceed the quality standards set by the multitude of global automotive manufacturers who utilize our devices today. As a global innovator, we are an approved vendor to Tier 1 partners and our solutions can be found in marquee automotive OEMs worldwide. Potential Divestiture of Wuxi In May 2025, indie entered into a non-binding agreement with United Faith Auto-Engineering Co., Ltd., a publicly-listed company in the People\u2019s Republic of Chi ITEM 1A. RISK FACTORS In evaluating our company and our business, you should carefully consider the risks and uncertainties described below, together with the other information in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes and the section titled \u201cManag", "title": "INDI - indie Semiconductor, Inc.", "url": "/company/INDI/" }, { "kind": "company", "summary": "SIC 4813 Telephone Communications (No Radiotelephone); CIK 0001304492; latest 10-K filed 2026-06-25.", "text": "ATEX - Anterix Inc. SIC 4813 Telephone Communications (No Radiotelephone); CIK 0001304492; latest 10-K filed 2026-06-25. ATEX Anterix Inc. 0001304492 4813 Telephone Communications (No Radiotelephone) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following management\u2019s discussion and analysis of financial condition and results of operations should be read in conjunction with our historical consolidated financial statements and the related notes. This management\u2019s discussion and analysis contains forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. Any statements that are not statements of historical fact are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause our actual results or events to differ materially from those expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the section entitled \u201cRisk Factors\u201d included elsewhere in this Annual Report. Except as required by applicable law we do not undertake any obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this Annual Report. This management\u2019s discussion and analysis of financial condition and results of operations is based on our consolidated financial statements, which we have prepared in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d). The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported revenues and expenses during the reporting periods. On an ongoing basis, we evaluate such estimates and judgments, including those described in greater detail below. We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Our actual results may differ from these estimates under different assumptions or conditions. Overview Anterix Inc. is the nation\u2019s largest holder of licensed 900 MHz spectrum (896-901/935-940 MHz) with coverage spanning the contiguous United States, Hawaii, Alaska, and Puerto Rico. Our mission is to transform critical infrastructure connectivity, commercialize our spectrum assets and deliver advanced intelligent infrastructure solutions, including private broadband networks, tower access, and turnkey connectivity management, to utility and critical infrastructure enterprises seeking to enhance operational efficiency, strengthen grid resilience, and accelerate digital transformation. Refer to our Business Section of this Annual Report for a more complete description of the nature of our business, including details regarding the process and costs to secure our broadband licenses. Business Developments During fiscal 2026, we evolved our business strategy. Building on our foundational 900 MHz spectrum position, we transitioned from a model focused predominantly on long-term spectrum leasing to a broader operating model. In the ordinary course of business, we now secure and expand our spectrum position, clear and retune spectrum, monetize spectrum through both sales and long-term leases, and develop a growing portfolio of products and services offerings around our spectrum that are designed to generate recurring revenue. Together, these activities form the foundation of how we generate revenue today and how we expect to generate revenue over time. Our new brand and visual identity, introduced during the fourth quarter, reflects this evolution. On April 16, 2026, we entered into a 10 MHz 900 MHz spectrum license sale agreement with Public Utility District No. Item 1. Business Overview Anterix Inc. (\u201cAnterix,\u201d \u201cwe,\u201d \u201cour,\u201d or the \u201cCompany\u201d) is the nation\u2019s largest holder of licensed 900 MHz spectrum (896-901/935-940 MHz) with coverage spanning the contiguous United States, Hawaii, Alaska, and Puerto Rico. Our mission is to transform critical infrastructure connectivity, commercialize our spectrum assets and deliver advanced intelligent infrastructure solutions, including private broadband networks, tower access, and turnkey connectivity management, to utility and critical infrastructure enterprises seeking to enhance operational efficiency, strengthen grid resilience, and accelerate digital transformation. During fiscal 2026, we evolved our business strategy. Building on our foundational 900 MHz spectrum position, we transitioned from a model focused predominantly on long-term spectrum leasing to a broader operating model. In the ordinary course of business, we now secure and expand our spectrum position, clear and retune spectrum, monetize spectrum through both sales and long-term leases, and develop a growing portfolio of products and services offerings around our spectrum that are designed to generate recurring revenue. Together, these activities form the foundation of how we generate revenue today and how we expect to generate revenue over time. Our new brand and visual identity, introduced during the fourth quarter, reflects this evolution. Fiscal 2026 Highlights and Accomplishments \u2022Executed new spectrum sale agreements with CPS Energy (\u201cCPS\u201d), Texas-New Mexico Power (\u201cTNMP\u201d), and NorthWestern Energy (\u201cNWE\u201d). \u2022Subsequent to year end, in April 2026, we entered into a new spectrum sale agreement with Benton PUD. \u2022On February 18, 2026, the FCC adopted the 2026 Report and Order to expand the 900 MHz broadband segment from 6 MHz to 10 MHz. \u2022Received $127.0 million of contracted proceeds from customers with $50 million of contracted proceeds outstanding. \u2022Launched TowerXTM, a tower site access service, and Catal Item 1A. Risk Factors. You should carefully consider the following risk factors, together with the other information contained in this Annual Report and our other reports and filings made with the SEC, in evaluating our business and prospects. If any of the risks discussed in this Annual Report occur, our business,", "title": "ATEX - Anterix Inc.", "url": "/company/ATEX/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001476034; latest 10-K filed 2026-02-20.", "text": "MCB - Metropolitan Bank Holding Corp. SIC 6022 State Commercial Banks; CIK 0001476034; latest 10-K filed 2026-02-20. MCB Metropolitan Bank Holding Corp. 0001476034 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Executive Summary The Company is a bank holding company headquartered in New York, New York and registered under the BHC Act. Through its wholly owned bank subsidiary, Metropolitan Commercial Bank, a New York state chartered commercial bank, the Company provides a broad range of business, commercial and retail banking products and services to small businesses, middle-market enterprises, public entities and individuals primarily in the New York metropolitan area. For an analysis of 2024 results compared with 2023 results, see Part II, Item 7., \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in the annual report on Form 10-K for the year ended December 31, 2024 filed with the SEC. The Company\u2019s primary lending products are CRE, including multi-family loans, and C&I loans. Substantially all loans are secured by specific items of collateral including business and consumer assets, and commercial and residential real estate. Commercial loans are expected to be repaid from cash flows from operations of commercial enterprises. The Company has developed various deposit gathering strategies, which generate the funding necessary to operate without a large branch network. In addition to traditional commercial banking products, the Company offers: corporate cash management and retail banking services; tailored financial solutions for government entities, municipalities, and public institutions; specialized services to facilitate secure and efficient real estate transactions and tax-deferred exchanges for title and escrow and Section 1031 exchanges; and EB-5 Program escrow accounts of foreign investor funds for USCIS approved job-creating projects. The Company\u2019s primary deposit products are checking, savings, and term deposit accounts, all of which are insured by the FDIC up to the maximum amounts allowed by law. These activities, together with seven strategically located banking centers, generate a stable source of deposits to support the growth of our diverse loan portfolio and other assets. The Company is focused on organically growing its position in the New York metropolitan area. Growth in other markets across the country is generally dependent on the business activities of our New York-based customers. Through an experienced team of commercial relationship managers and its integrated, client-centric approach, the Company has grown market share by deepening existing client relationships and continually expanding its client base through referrals and the ability to offer alternatives to traditional retail banking products. The Company has converted many of its commercial lending clients into full retail relationship banking clients. Given the size of the market in which the Company operates and its differentiated approach to client service, there is significant opportunity to further grow its loans and deposits. By combining high-tech service with the relationship-based focus of a community bank with an extensive suite of financial products and services, the Company is well-positioned to continue to capitalize on the significant growth opportunities available in the New York metropolitan area and elsewhere. Critical Accounting Policies A summary of accounting policies is provided in Note 2 to the consolidated financial statements included in this report. Critical accounting estimates are necessary in the application of certain accounting policies and procedures and are particularly susceptible to significant change. Critical accounting policies are defined as those involving significant judgments and assumptions by management that could have a material impact on the carrying value of certain assets or on income under different assumptions or conditions. Management believes the Company\u2019s most critical accounting policy, which involves the most complex or subjective decisions or assessments, is the Item 1. Business The Company is a bank holding company headquartered in New York, New York and registered under the BHC Act. Through its wholly owned bank subsidiary, Metropolitan Commercial Bank, a New York state-chartered commercial bank, the Company provides a broad range of business, commercial and retail banking products and services to small businesses, middle-market enterprises, public entities and individuals primarily in the New York metropolitan area. The Company\u2019s founding members, including its Chief Executive Officer, Mark DeFazio, recognized a need in the New York metropolitan area for a solutions-oriented, commercial banking franchise focused on building relationships with middle market companies and real estate entrepreneurs whose financial needs are often overlooked by larger financial institutions. The Bank was established in 1999 with the goal of helping these under-served clients build and sustain wealth. Its motto, \u201cThe Entrepreneurial Bank,\u201d is a reflection of the Bank\u2019s aspiration to develop a commercially oriented middle-market bank that shares the same entrepreneurial spirit as its clients. By offering an extensive suite of financial products and highly customized personal services, combined with strong technology offerings and a community-based relationship focus, the Company is well-positioned to continue to capitalize on the significant growth opportunities available in the New York metropolitan area and elsewhere. See the \u201cGLOSSARY OF COMMON TERMS AND ACRONYMS\u201d for the definition of certain terms and acronyms used throughout this Form 10-K. In addition to traditional commercial banking products, the Company offers: corporate cash management and retail banking services; customized financial solutions for government entities, municipalities, public institutions and charter schools; specialized services to facilitate secure and efficient real estate transactions and tax-deferred exchanges for title and escrow and Section 1031 exchanges; Item 1A. Risk Factors The Company\u2019s operations and financial results are subject to various risks and uncertainties, including but not limited to those described below, which could adversely affect its business, financial condition, results of operations, cash flows and the trading price of its common stock. Risks Re", "title": "MCB - Metropolitan Bank Holding Corp.", "url": "/company/MCB/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001709442; latest 10-K filed 2026-03-06.", "text": "FSUN - FIRSTSUN CAPITAL BANCORP SIC 6021 National Commercial Banks; CIK 0001709442; latest 10-K filed 2026-03-06. FSUN FIRSTSUN CAPITAL BANCORP 0001709442 6021 National Commercial Banks Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF FIRSTSUN In this section, unless the context suggests otherwise, references to \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d mean the combined business of FirstSun and its wholly-owned subsidiaries, Sunflower Bank, Sunflower Wealth Advisors, LLC, and FEIF Capital Partners, LLC. The following discussion is an analysis of our consolidated results of operations for the years ended December 31, 2025, 2024 and 2023, and financial condition for the years ended December 31, 2025 and 2024. This discussion and analysis should be read in conjunction with our consolidated financial statements and accompanying footnotes filed with this report in \u201cPart II, Item 8. Financial Statements.\u201d We have omitted discussion of 2023 results where it would be redundant to the discussion previously included in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations of FirstSun\u201d section of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 7, 2025. Historical results of operations and the percentage relationships among any amounts included, and any trends that may appear, may not indicate trends in operations or results of operations for any future periods. Comments regarding our business that are not historical facts are considered forward-looking statements that involve inherent risks and uncertainties. Actual results may differ materially from those contained in these forward-looking statements. For additional information regarding our cautionary disclosures, see the \u201cCautionary Note Regarding Forward-Looking Statements\u201d beginning on page 3 of this report. General Overview FirstSun Capital Bancorp, headquartered in Denver, Colorado, is the financial holding company for Sunflower Bank, National Association, which is headquartered in Dallas, Texas and operates as Sunflower Bank, First National 1870 and Sunflower Bank Mortgage Lending. We conduct a full-service community banking and trust business through our wholly-owned subsidiaries\u2014Sunflower Bank, Sunflower Wealth Advisors, LLC and FEIF Capital Partners, LLC. We offer a full range of relationship-focused services to meet our clients\u2019 personal, business and wealth management financial objectives throughout Texas, Kansas, Colorado, New Mexico, Arizona, California and Washington and a mortgage lending platform with capabilities in 44 states. Our product line includes commercial and industrial loans, commercial real estate loans, residential mortgage, public finance and other consumer loans, and a variety of commercial and consumer deposit products, including noninterest-bearing accounts, interest-bearing demand products, savings accounts, money market accounts and certificates of deposit. We also offer wealth management and trust products including personal trust and agency accounts, employee benefit and retirement related trust and agency accounts, investment management and advisory agency accounts, and foundation and endowment trust and agency accounts. We also offer online banking and bill payment services, online cash management, safe deposit box rentals, debit card and ATM card services and the availability of a network of ATMs for our customers. We operate FirstSun through two operating segments: Banking and Mortgage Operations. We also allocate certain expenses to Corporate, which is not an operating segment. The expenses included in Corporate are not deemed to be allocable to our operating segments. The operating segments have been determined based on the products and services we offer and reflect the manner in which our financial information is evaluated by management. Each of the operating segments is complementary to each other and because of the interrelationship of the segments, the information presented is not indicative of how the segments would perform if they operated as independent entities. For additional information on our segmen Item 1. Business In this report, unless the context suggests otherwise, references to the \u201cCompany\u201d or \u201cFirstSun\u201d refers to FirstSun Capital Bancorp, a Delaware corporation, and references to \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to the combined business of FirstSun Capital Bancorp and its wholly-owned subsidiaries, including Sunflower Bank, National Association (\u201cSunflower Bank\u201d or the \u201cBank\u201d), Sunflower Wealth Advisors LLC, and FEIF Capital Partners, LLC. Overview We are a financial holding company headquartered in Denver, Colorado, providing a full spectrum of deposit, lending, treasury management, wealth management and online banking products and services through our two primary operating subsidiaries\u2014Sunflower Bank, a national banking association headquartered in Dallas, Texas, that operates as Sunflower Bank, N.A. and First National 1870, a division of Sunflower Bank, N.A., and Sunflower Wealth Advisors LLC, a registered investment advisor organized under the laws of the State of Kansas that provides discretionary investment management to retail and institutional accounts. FirstSun has a third wholly-owned subsidiary, FEIF Capital Partners, LLC, a Delaware limited liability company, which is planned to serve as the investment manager of a prospective credit fund. Sunflower Bank was founded in 1892 and offers a full range of specialized financial services to business customers as well as relationship-focused services to meet personal, business and wealth management financial objectives for its customers throughout Texas, Kansas, Colorado, New Mexico, Arizona, California and Washington and a mortgage lending platform with capabilities in 44 states. Our product line includes commercial and industrial loans and commercial real estate loans, residential mortgage and other consumer loans, a variety of commercial, consumer and private banking deposit products, including noninterest-bearing accounts, interest-bearing demand products, savings accounts, money market accounts Item 1A. Risk Factors An investment in our securities involves various risks, many of which are beyond our control, which could cause our results to differ significantly from management\u2019s expectations. Some of these risk factors are described below. Any risk factor discussed below could, by itself or together with one or mo", "title": "FSUN - FIRSTSUN CAPITAL BANCORP", "url": "/company/FSUN/" }, { "kind": "company", "summary": "SIC 4924 Natural Gas Distribution; CIK 0001888447; latest 10-K filed 2026-02-27.", "text": "EE - Excelerate Energy, Inc. SIC 4924 Natural Gas Distribution; CIK 0001888447; latest 10-K filed 2026-02-27. EE Excelerate Energy, Inc. 0001888447 4924 Natural Gas Distribution Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and notes thereto included in this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the section titled \u201cRisk Factors\u201d included in Part 1, Item 1A, of this Annual Report and our other filings with the Securities and Exchange Commission (\u201cSEC\u201d). Please also see the section titled \u201cForward-Looking Statements\u201d in this Annual Report. Overview Excelerate Energy, Inc. (\u201cExcelerate\u201d and together with its subsidiaries, \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or the \u201cCompany\u201d) owns and operates liquefied natural gas (\u201cLNG\u201d) and natural gas infrastructure assets. Once natural gas is liquefied, it needs an inlet into the countries where it will be consumed \u2013 Excelerate provides that home for LNG. Our assets are the receiving points across the globe for LNG, which we convert back into natural gas through the process of regasification. That natural gas is then used by us, our customers, or other end users further downstream for lower carbon emitting power generation or direct energy consumption. At Excelerate, we believe that access to energy sources such as LNG is critical to assist countries in growing their economies, enhancing their energy security, and advancing their decarbonization efforts. Our business is substantially supported by long-term, take-or-pay agreements, which provide consistent revenue and cash flow from our high-quality customer base. Under these agreements, we either provide regasification services or utilize our assets to directly provide natural gas, LNG, power, or steam to our customers. As of December 31, 2025, we control or operate 11 floating regasification terminals, one onshore regasification terminal and a combined heat and power plant. We have one new floating regasifiation terminal currently being constructed by Hyundai Heavy Industries in South Korea, which we expect to take delivery of in the second quarter of 2026. It will be utilized in a five-year regasification and LNG supply agreement with Iraq\u2019s Ministry of Electricity, which we expect to commence in the third quarter of 2026. Our business spans the globe, with a regional presence in 14 countries and an operational presence in Argentina, Bangladesh, Brazil, Finland, Germany, Iraq, Jamaica, Pakistan, the United Arab Emirates (\u201cUAE\u201d), and the United States. As of December 31, 2025, we have completed more than 3,800 ship-to-ship transfers of LNG with over 50 LNG operators since we began operations and have safely delivered more than 8,000 billion cubic feet of natural gas through 19 LNG regasification terminals. We are the largest provider of regasified LNG capacity in Argentina, Bangladesh, Finland, Jamaica and the UAE. We are also one of the largest providers of regasified LNG capacity in Brazil as well as in Pakistan, where we have regasified more LNG than any other provider in the past 10 years. For the year ended December 31, 2025, we generated revenues of $1,228.3 million, net income of $167.0 million and adjusted earnings before income tax, depreciation, and amortization (\u201cAdjusted EBITDA\u201d) of $449.3 million. For the year ended December 31, 2024, we generated revenues of $851.4 million, net income of $153.0 million and Adjusted EBITDA of $348.2 million. For the year ended December 31, 2023, we generated revenues of $1,159.0 million, net income of $126.8 million and Adjusted EBITDA of $346.8 million. For more information regarding our non-GAAP measure Adjusted EBITDA and a reconciliation to net income, the most comparable U.S. Generally Accepted Ac Item 1. Business. Overview and History Excelerate, a Delaware corporation incorporated in 2021, was formed as a holding company to own, as its sole material asset, a controlling equity interest in Excelerate Energy Limited Partnership (\u201cEELP\u201d), a Delaware limited partnership formed in 2003 by George B. Kaiser (together with his affiliates other than the Company, \u201cKaiser\u201d). Since April 2022 and in conjunction with its initial public offering (the \u201cIPO\u201d), Excelerate operates and controls all of EELP\u2019s business and affairs. As a result, we consolidate the financial results of EELP and report non-controlling interests related to the interests held by the other partners of EELP in our consolidated financial statements. The approximately 28.1% of EELP partnership interests owned by us are classified as Class A interests. The remaining approximately 71.9% of EELP interests are owned by Excelerate Energy Holdings, LLC (\u201cEE Holdings\u201d), an entity owned and controlled by Kaiser, and are classified as Class B interests. Our Company Excelerate owns and operates LNG and natural gas infrastructure assets. Once natural gas is liquefied, it needs an inlet into the countries where it will be consumed \u2013 and Excelerate provides that home for LNG. Our assets are the receiving point across the globe for LNG, which we convert back into natural gas through the process of regasification. That natural gas is then used by us, our customers, or other end users further downstream for lower carbon emitting power generation or direct energy consumption. At Excelerate, we believe that access to energy sources such as LNG is critical to assist countries in growing their economies, enhancing their energy security, and advancing their decarbonization efforts. Our business is substantially supported by long-term, take-or-pay agreements, which provide consistent revenue and cash flow from our high-quality customer base. Under these agreements, we either provide regasification services or utilize Item 1A. Risk Factors. Investing in our Class A Common Stock, $0.001 par value per share (\u201cClass A Common Stock\u201d), involves a high degree of risk. You should carefully consider the following discussion of significant factors, events and uncertainties, together with the other information contained in this Form 10-K. The occurrence o", "title": "EE - Excelerate Energy, Inc.", "url": "/company/EE/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001639723; latest 10-K filed 2026-04-02.", "text": "NAVN - Navan, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001639723; latest 10-K filed 2026-04-02. NAVN Navan, Inc. 0001639723 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. The following discussion contains forward looking statements that are based on current plans, expectations and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward looking statements as a result of various factors, including, but not limited to, those identified below and those discussed in the section titled \u201cRisk Factors\u201d and other sections, including the \u201cSpecial Note Regarding Forward-Looking Statements,\u201d of this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Discussion regarding our financial condition and results of operations for the fiscal year ended January 31, 2025 compared to the fiscal year ended January 31, 2024 can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in our final prospectus for our initial public offering (\u201cIPO\u201d), dated October 29, 2025, filed with the Securities and Exchange Commission on October 31, 2025, which is incorporated herein by reference. Overview Navan is a global AI-powered business travel and expense platform that makes travel easy for frequent travelers. Since our inception, we have leveraged technology to reimagine business travel. We built a comprehensive platform that serves as the foundation for further disruption. We deliver personalized experiences for users, efficiency and control for customers, and direct market access for suppliers \u2014 all powered by our proprietary AI framework, Navan Cognition. We generate revenue on a usage or subscription basis from the following: \u2022Customers: Our customers include companies and organizations that contract with us to provide their employees (our users) with access to our Travel offerings or Expense Management offering. We typically enter into annual or multi-year contracts whereby customers pay a per-trip or per-transaction fee for access to our Travel offering or on-demand Travel Management offerings (our VIP, Meetings and Events, and Bleisure offerings) and pay an annual subscription fee for access to our Expense Management offering. \u2022Suppliers: Our suppliers include airlines, hotels, rental car companies, rail carriers, providers of global distribution systems (\u201cGDS\u201d), and travel inventory providers. We earn revenue from our suppliers in the form of commissions based on the dollar volume of bookings made by users on our platform and a commission rate for each supplier. \u2022Payment partners: Our payment partners primarily include corporate card payment processors and card issuing partners. We earn revenue from our payment partners from fees based on the dollar volume of spend on our corporate cards. Initial Public Offering On October 31, 2025, we completed our initial public offering (the \u201cIPO\u201d) in which we issued and sold 30,000,000 shares of our Class A common stock at a public offering price of $25.00 per share, which resulted in net proceeds of $713.3 million after deducting underwriting discounts and before deducting offering costs. In addition, selling stockholders sold 6,924,406 shares of Class A common stock in the IPO at the public offering price of $25.00 per share. We did not receive any proceeds from the sale of Class A common stock by the selling stockholders. 80 Table of Contents Key Business Metrics We monitor and review a number of metrics, including the following key business metrics, to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions. We believe that these key busin ITEM 1. BUSINESS. Overview Navan is a global AI-powered business travel and expense platform. We leverage technology to reimagine business travel and deliver personalized experiences for users, efficiency and control for customers, and direct market access for suppliers\u2014all powered by our proprietary AI framework, Navan Cognition. We identified the challenges of legacy travel and expense management systems, and built Navan on the premise that to win, all players in the ecosystem - users, customers, and suppliers - must be integrated on one platform with AI at its core. Our platform was built from the ground up to connect distinct stakeholders, and unify traditionally disparate product features, through a single system that unlocks new efficiencies and experiences. By building true connectivity into the core of our cohesive offering, the Navan platform unlocks a smarter, more rewarding future for travel\u2014one where everyone wins. The Navan platform creates a powerful flywheel effect where the user, customer, and supplier benefits reinforce each other. Our enterprise-grade platform is characterized by its intuitive design, ease of use, and tangible time-saving features, which foster a user-centric experience that travelers genuinely appreciate. This is reflected in our overall customer satisfaction score (\u201cCSAT\u201d) score of 96%, our virtual agent CSAT score of 81%, which is on par with human agent performance, and net promoter score (\u201cNPS\u201d) of 45, each for the year ended January 31, 2026. When frequent travelers have a positive, efficient experience and earn rewards, they are more likely to use Navan. Our platform provides customers with greater visibility into spending, stronger policy control, and cost savings, making them more invested in the platform. This, in turn, attracts more suppliers who want access to our large and loyal user base. With more suppliers and inventory available, we can offer better options and competitive pricing, further enhancing the experie ITEM 1A. RISK FACTORS Investing in our Class A common stock involves a high degree of risk. You should consider carefully the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results", "title": "NAVN - Navan, Inc.", "url": "/company/NAVN/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001441683; latest 10-K filed 2026-02-19.", "text": "APPN - APPIAN CORP SIC 7372 Services-Prepackaged Software; CIK 0001441683; latest 10-K filed 2026-02-19. APPN APPIAN CORP 0001441683 7372 Services-Prepackaged Software Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those contained in or implied by any forward-looking statements. Factors that could cause or contribute to these differences include those under \u201cRisk Factors\u201d included in Part I, Item 1A or in other parts of this Annual Report on Form 10-K. Overview Appian provides process automation technology. For over 25 years, our highly reliable and scalable platform has been leveraged by large enterprises and governments. Combining leading edge process orchestration, automation, and intelligence, we provide everything an organization needs to design, automate, and optimize critical processes, facilitating continuous adaptation in changing environments. We have generated the majority of our revenue from sales of subscriptions, which include (1) cloud subscriptions bundled with maintenance and support and hosting services and (2) license subscriptions, and (3) maintenance and support for license subscriptions. Our subscription contracts are priced based on the number of users who access and utilize the applications built on our platform, non-user-based single application licenses, or consumption-based pricing. Our subscription contract terms generally vary from one to three years with most providing for payment in advance on an annual, quarterly, or monthly basis. We have invested in our professional services organization to help ensure customers are able to build and deploy applications on our platform. We also have several strategic partnerships, including with Accenture, Capgemini, Deloitte, Indra Group, KPMG, and PwC, which allow them to refer customers to us in order to purchase software subscriptions. Our partners then provide professional services directly to the customers using our software. Additionally, they often go to market with their own pre-built solutions using our platform, delivering software license revenue to us. We intend to continue to invest in both our professional services group and strategic partnerships to drive increased adoption of our platform. We believe our investment in professional services, including strategic partners building their practices around Appian, will drive increased adoption of our platform. Our customers primarily include financial services, government, life sciences, insurance, manufacturing, energy, healthcare, telecommunications, and transportation organizations. Generally, our sales team targets its efforts to organizations with over 2,000 employees and $2.0 billion in annual revenue. Revenue from U.S. federal government agencies represented 25.3%, 23.9%, and 21.3% of our total revenue in 2025, 2024, and 2023, respectively. No single end-customer accounted for more than 10% of our total revenue in 2025, 2024, and 2023. We offer our platform globally. Our platform supports multiple languages to facilitate collaboration and address challenges in multinational organizations. In 2025, 2024, and 2023, 37.6%, 36.6%, and 35.8%, respectively, of our total revenue was generated from customers outside of the United States. As of December 31, 2025, we operated in 16 countries. We believe we have a significant opportunity to continue to grow our international footprint, and we are investing in new geographies, including through investment in direct and indirect sales channels, professional services, and customer support and implementation partners. We have experienced strong revenue growth, with revenue of $726.9 million, $617.0 million, and $545.4 million in 202 Item 1. Business. Overview Appian Corporation (together with its subsidiaries, \u201cAppian,\u201d \u201cthe Company,\u201d \u201cwe,\u201d or \u201cour\u201d) provides process automation technology. For over 25 years, our highly reliable and scalable platform has been leveraged by large enterprises and governments. Combining leading edge process orchestration and intelligence, we provide everything an organization needs to design, automate, and optimize critical processes, facilitating continuous adaptation in changing environments. The market for process automation is large and growing. According to IDC, the worldwide Business Automation Platform market was $27.8 billion in 2024 and is expected to grow to approximately $70.2 billion in 2029. Core Capabilities Appian provides capabilities to tackle any process challenge. These capabilities are unified and scalable, meeting enterprise demands and easy to change as requirements evolve. \u2022Comprehensive Automation Platform. The Appian platform provides a complete set of features and tools, allowing our customers to apply the right tool to each step of their process. Our capabilities include business rules engines, pre-built connections, Application Program Interface (API) integrations, intelligent document processing (IDP), robotic process automation (RPA), and artificial intelligence (AI). \u2022Unified Data Fabric. Appian\u2019s patented data fabric is an integrated layer that unifies data across the enterprise without requiring companies to migrate their data, eliminating the need for additional systems and tools and accelerating time to insight. Our data fabric allows every worker, system, and agent to have the context it needs to act with confidence. \u2022Enterprise-Grade Controls. Appian delivers best-in-class security, auditability, and enterprise guardrails to support even the most mission critical workloads and most sensitive and confidential data. In addition, Appian provides process mining functionality that allows organizations to identify bottlenecks a Item 1A. Risk Factors. Our operations and financial results are subject to various risks and uncertainties including those described below and other information contained in this Annual Report on Form 10-K. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties we are unaware of, or we curre", "title": "APPN - APPIAN CORP", "url": "/company/APPN/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001710340; latest 10-K filed 2026-03-19.", "text": "ETON - Eton Pharmaceuticals, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001710340; latest 10-K filed 2026-03-19. ETON Eton Pharmaceuticals, Inc. 0001710340 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis together with our financial statements and the related notes thereto included in \u201cItem 8. Financial Statements and Supplementary Data\u201d in this Annual Report on Form 10-K. The following discussion contains forward-looking statements that involve risks and uncertainties. For a complete discussion of forward-looking statements, see the section above entitled \u201cForward Looking Statements.\u201d Our actual results could differ materially from those expressed or implied in any forward-looking statements as a result of various factors, including those set forth under the caption \u201cItem 1A. Risk Factors.\u201d Overview Eton is an innovative pharmaceutical company focused on developing and commercializing treatments for rare diseases. We currently have eight commercial rare disease products: INCRELEX\u00ae, ALKINDI SPRINKLE\u00ae, KHINDIVITM, GALZIN\u00ae, PKU GOLIKE\u00ae, Carglumic Acid, Betaine Anhydrous and Nitisinone. We have five additional product candidates in late-stage development: ET-600, Amglidia\u00ae, ET-700, ET-800 and ZENEO\u00ae hydrocortisone autoinjector. Results of Operations Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 During the twelve months ended December 31, 2025, we had $80.0 million in total revenues that generated a gross profit of $42.7 million, compared to total revenues of $39.0 million during the twelve-months ended December 31, 2024 that generated a gross profit of $23.4 million during the period. During the twelve-months ended December 31, 2025, we had product sales and royalties, net of $76.7 million, compared to product sales and royalties, net of $38.5 million during the twelve-months ended December 31, 2024, an increase of $38.2 million. The increase in product sales and royalties, net was the result of increased sales volume of our INCRELEX\u00ae, ALKINDI SPRINKLE\u00ae and GALZIN\u00ae products in the current year. Licensing revenue during the twelve-months ended December 31, 2025 was $3.3 million, compared to $0.5 million in licensing revenue during the twelve-months ended December 31, 2024. The increase in licensing revenue during the twelve-months December 31, 2025 was due to $1.8 million from our out-licensing of INCRELEX\u00ae rights outside of the U.S. and $1.5 million from the recognition of a development milestone event associated with our divestiture of DS-200. During the twelve-months ended December 31, 2024, we recognized $0.5 million in licensing revenue associated with the sale of our DS-200 product candidate in September 2024. Cost of Sales During the twelve-months ended December 31, 2025, total costs of sales was $37.2 million, compared to $15.6 million in total costs of sales during the twelve-months ended December 31, 2024. The increase in total costs of sales during the twelve-months December 31, 2025, was due to increases in INCRELEX\u00ae and ALKINDI SPRINKLE\u00ae product sales and higher commissions with respect to our out-licensing of INCRELEX\u00ae rights outside of the U.S. Gross profit during the twelve-months ended December 31, 2025 was $42.7 million or 53.5% as a percentage of total net revenues, compared to gross profit of $23.4 million or 60.0% as a percentage of total net revenues during the twelve-months ended December 31, 2024. The decrease in gross profit during the twelve-months ended December 31, 2025 was primarily attributable to higher commission with respect to our out-licensing of INCRELEX\u00ae rights outside of the U.S. Research and Development Expenses We currently have twelve employees that support our overall product development function. The majority of our spend in research and development (\u201cR&D\u201d) expenses is to third parties we contract with to develop, test our products and the development of partner milestone payments. During the twelve-months ended December 31, 2025, we incurred $7.8 million of R&D expenses, compared to $3.3 million during th Item 1. Business About Eton Eton is an innovative pharmaceutical company focused on developing and commercializing treatments for rare diseases. We currently have eight commercial rare disease products: INCRELEX\u00ae, ALKINDI SPRINKLE\u00ae, KHINDIVITM, GALZIN\u00ae, PKU GOLIKE\u00ae, Carglumic Acid, Betaine Anhydrous, and Nitisinone. We have five additional product candidates in late-stage development: ET-600, Amglidia\u00ae, ET-700, ET-800 and ZENEO\u00ae hydrocortisone autoinjector. INCRELEX\u00ae \u2013 This biologic product was approved by the FDA in August 2005 as a treatment for children who suffer from severe primary insulin-like growth factor 1 deficiency (SPIGFD). The product is approved in 40 territories, including the United States and the European Union. We acquired and launched the product in December 2024. ALKINDI SPRINKLE\u00ae \u2013 This product was approved by the FDA in September 2020 as a replacement therapy for Adrenocortical Insufficiency (\u201cAI\u201d) in children under 17 years of age. The product is the first and only FDA-approved granule hydrocortisone formulation designed to help provide accurate dosing for newborns and children with AI. We acquired U.S. marketing rights to the product in March 2020 and launched ALKINDI SPRINKLE\u00ae in December 2020 with a sales force targeting pediatric endocrinologists. We believe there are approximately 10,000 children currently suffering from AI in the United States. ALKINDI SPRINKLE\u00ae is protected by three issued patents that extend to 2032, 2033, and 2034. KHINDIVITM \u2013 This product was approved by the FDA in May 2025 as a replacement therapy in pediatric patients five years of age and older for adrenocortical insufficiency. KHINDIVI is the only FDA-approved oral solution formulation of hydrocortisone. It comes in a 1mg/ml strength designed to eliminate the need to split or crush tablets, and to offer simple and accurate dosing specifically tailored to each patient\u2019s needs. It does not require refrigeration, mixing, or shaking \u2013 it is a ready-to-use oral Item 1A. Risk Factors We operate in a dynamic and rapidly changing environment that involves numerous risks and uncertainties. Certain factors may have a material adverse effect on our business, financial condition and results of operations, and you should carefully consider them. Accordingly, in evaluating our business, we", "title": "ETON - Eton Pharmaceuticals, Inc.", "url": "/company/ETON/" }, { "kind": "company", "summary": "SIC 3990 Miscellaneous Manufacturing Industries; CIK 0000915779; latest 10-K filed 2026-06-24.", "text": "DAKT - DAKTRONICS INC /SD/ SIC 3990 Miscellaneous Manufacturing Industries; CIK 0000915779; latest 10-K filed 2026-06-24. DAKT DAKTRONICS INC /SD/ 0000915779 3990 Miscellaneous Manufacturing Industries Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) provides a narrative from the perspective of management relating to the financial condition, results of operations, liquidity, capital resources, and other factors that may impact our financial performance. The MD&A should be read in conjunction with the accompanying Consolidated Financial Statements and Notes to the Consolidated Financial Statements included in this Form 10-K. Daktronics operates on a 52- or 53-week fiscal year, with our fiscal year ending on the Saturday closest to April 30 of each year. When April 30 falls on a Wednesday, the fiscal year ends on the preceding Saturday. Within each fiscal year, each quarter is comprised of a 13-week period following the beginning of each fiscal year. In each 53-week year, an additional week is added to the first quarter, and each of the last three quarters is comprised of a 13-week period. The fiscal year ended May 2, 2026 contained operating results for 53 weeks. The fiscal years ended April 26, 2025 and April 27, 2024 contained operating results for 52 weeks. The year-over-year comparisons in this MD&A are as of and for the fiscal years ended May 2, 2026 and April 26, 2025, unless stated otherwise. Information pertaining to fiscal year 2024, including but not limited to, a comparison of fiscal 2025 with fiscal 2024 results of operations, liquidity, and other information, can be found in Part II, Item 7 \u201cManagement\u2019s Discussion And Analysis Of Financial Condition And Results Of Operations\u201d of our Annual Report on Form 10-K for fiscal 2025 filed with the SEC on June 25, 2025 under the sections entitled \u201cResults of Operations - Consolidated Performance Summary\u201d and \u201cResults of Operations - Reportable Segment Performance Summary.\u201d Non-GAAP Measures Contribution margin, which is a financial measure that is not defined under accounting principles generally accepted in the United States (\u201cGAAP\u201d), is utilized by management to evaluate segment profitability and guide resource allocation decisions. It is defined as gross profit less selling expenses. Selling expenses primarily include personnel-related costs, travel and entertainment, marketing expenditures (such as showroom operations, product demonstrations, depreciation and maintenance, conventions, and trade shows), costs associated with customer relationship management and marketing systems, bad debt expense, third-party commissions, and other related expenses. In the \u201cResults of Operations - Reportable Segment Performance Summary\u201d section of this MD&A, contribution margin is reconciled to gross profit, which is the most directly comparable GAAP financial measure. 28 Table of Contents In addition to gross profit, management considers contribution margin a meaningful metric for assessing the financial performance of individual segments. Management believes this measure provides investors with a useful view of our segment-level performance consistent with the approach used by management. By presenting contribution margin, we aim to enhance transparency and allow investors to better understand how we evaluate and manage our business operations. Overview Daktronics designs, manufactures, and provides electronic display systems and solutions used to inform, entertain, and communicate in a variety of end markets, including sports, commercial, and transportation. Our offerings include standard display products as well as customized digital display systems integrated with control, software, and content management capabilities. Our product portfolio ranges from small-scale scoreboards and message displays to large, complex video display systems deployed in stadiums, arenas, commercial facilities, and other high-visibility environments. These systems are often integrated with related technologies, including control systems, timing equipment Item 1. BUSINESS Business Overview Daktronics designs, manufactures, and sells electronic display systems and related solutions used in sports, commercial, and transportation applications. The Company\u2019s offerings include standard display products as well as custom-designed and integrated systems that incorporate display hardware, control systems, and software. The Company\u2019s product portfolio ranges from small scoreboards and electronic displays to large-scale video display systems deployed in stadiums, arenas, commercial facilities, and other public venues. These systems are often integrated with related technologies, including control, timing, and audio systems, and are used to present real-time data, graphics, animation, and video. Daktronics operates a vertically integrated business model that includes marketing and sales, engineering and product design and development, manufacturing, installation, and ongoing customer support. This lifecycle approach allows the 1 Table of Contents Company to support customers from initial system design and installation through long-term maintenance, upgrades, and replacement cycles. In addition to equipment sales and installation, the Company provides services that include technical support, professional services, and software-based solutions that enable customers to operate and manage their display systems. Daktronics was founded in 1968 in Brookings, South Dakota and became a publicly traded company in 1994. The Company operates globally, with manufacturing, sales, and service capabilities that support customers across multiple geographic regions and end markets. We currently employ 2,693 people globally. We are headquartered at 201 Daktronics Dr., Brookings, SD 57006, telephone 605-692-0200. Our Internet address is https://www.daktronics.com. Available Information We file annual, quarterly, and current reports, proxy statements, and other information with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Item 1A. RISK FACTORS Investing in our common stock involves risk and our future results may be affected by a number of factors over which we have little or no control. You should carefully consider the risks and uncertainties described below, together with all of the other information set forth in this Form 10-K and do", "title": "DAKT - DAKTRONICS INC /SD/", "url": "/company/DAKT/" }, { "kind": "company", "summary": "SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001857816; latest 10-K filed 2026-02-26.", "text": "GCT - GigaCloud Technology Inc SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001857816; latest 10-K filed 2026-02-26. GCT GigaCloud Technology Inc 0001857816 5961 Retail-Catalog & Mail-Order Houses Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following information should be read in conjunction with the consolidated financial statements and related notes thereto included in this annual report on Form 10-K. In addition to historical information, this report contains forward-looking statements that involve risks and uncertainties which may cause our actual results to differ materially from plans and results discussed in forward-looking statements. We encourage you to review the risks and uncertainties discussed in the sections entitled Item 1A. \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d included at the beginning of this annual report. The risks and uncertainties can cause actual results to differ significantly from those forecasted in forward-looking statements or implied in historical results and trends. We caution readers not to place undue reliance on any forward-looking statements made by us, which speak only as of the date they are made. We disclaim any obligation, except as specifically required by law and the rules of the SEC, to publicly update or revise any such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. 62 Table of Contents Overview We are a pioneer of global end-to-end B2B ecommerce solutions for large parcel merchandise. We generate revenues primarily through three revenue streams: \u2022GigaCloud 3P: generates service revenues, including revenues from platform commission, ocean transportation service, drayage service, warehousing service, packaging service, last-mile delivery service and others, by facilitating transactions between sellers and buyers in our GigaCloud Marketplace. \u2022GigaCloud 1P: generates product revenues through the sale of our inventory in our GigaCloud Marketplace. \u2022Off-platform ecommerce: generates product revenues through the sale of our inventory to and through third-party ecommerce websites. GMV from GigaCloud 3P and GigaCloud 1P together make up our GigaCloud Marketplace GMV, and GMV from off-platform ecommerce and GigaCloud Marketplace GMV together make up our total GMV across the platforms. These three revenue streams complement each other to improve our value proposition to sellers and buyers in our GigaCloud Marketplace. Key Financial and Operating Metrics We monitor the following key financial and operating metrics to evaluate the growth of our GigaCloud Marketplace, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. The following tables set forth our key financial and operating metrics for the periods indicated: [[GREPCENT_TABLE]] [[\"\",\"Year ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Key Financial Statement Metrics:\",\"(In thousands, except for per share data)\"],[\"Total revenues\",\"$\",\"1,289,897\",\"\",\"\",\"$\",\"1,161,042\",\"\",\"\",\"$\",\"703,831\"],[\"Gross profit\",\"300,666\",\"\",\"\",\"285,236\",\"\",\"\",\"188,633\"],[\"Operating income\",\"144,976\",\"\",\"\",\"130,622\",\"\",\"\",\"110,078\"],[\"Net income\",\"137,372\",\"\",\"\",\"125,808\",\"\",\"\",\"94,108\"],[\"Net income per ordinary share\"],[\"\\u2014Basic\",\"$\",\"3.60\",\"\",\"\",\"$\",\"3.06\",\"\",\"\",\"$\",\"2.31\"],[\"\\u2014Diluted\",\"$\",\"3.59\",\"\",\"\",\"$\",\"3.05\",\"\",\"\",\"$\",\"2.30\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"Year ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Non-GAAP Financial Metrics(1):\",\"(In thousands, except for per share data)\"],[\"Adjusted EBITDA\",\"$\",\"162,944\",\"\",\"\",\"$\",\"156,942\",\"\",\"\",\"$\",\"118,307\"],[\"Adjusted EPS \\u2013 diluted\",\"$\",\"4.26\",\"\",\"\",\"$\",\"3.81\",\"\",\"\",\"$\",\"2.89\"]] [[/GREPCENT_TABLE]] _____________________ (1) See \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operation\u2014\u2014Non-GAAP Financial Measures\u201d for information regarding our use of Adjust Item 1. Business Business Overview We are a pioneer of global end-to-end B2B ecommerce solutions for large parcel merchandise. Our B2B ecommerce platform, which we refer to as the \u201cGigaCloud Marketplace,\u201d integrates everything from product discovery to payments to logistics tools into one easy-to-use platform. Our global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the U.S., Europe and Japan, to execute cross-border transactions with confidence, speed and efficiency. We offer a truly comprehensive solution that transports products from manufacturers\u2019 warehouses to end customers, all at one fixed price. We first launched our marketplace in January 2019 by focusing on the global furniture market and have since expanded into additional categories such as home appliances and fitness equipment. GigaCloud Marketplace is one of the fastest growing large parcel B2B marketplaces with over $1,576.8 million, $1,341.4 million and $794.4 million of GMV transacted in our marketplace in 2025, 2024 and 2023, respectively. In 2023, we completed the acquisition of Noble House, a leading B2B distributor of indoor and outdoor home furnishings, for an aggregate consideration of approximately $77.6 million, and the acquisition of Wonder, a cloud-based interactive digital signage and e-catalog management SaaS company, for an aggregate purchase price of approximately $10.0 million. More recently, on January 1, 2026, we completed the acquisition of New Classic Home Furnishings, Inc., or New Classic, a U.S.-based distributor serving the home furnishings market, for approximately $18.0 million. We built the GigaCloud Marketplace to democratize access and distribution globally so that manufacturers, who are typically sellers in our marketplace, and resellers, who are typically buyers in our marketplace, can transact without borders. Manufacturers view our marketplace as an essential sales channel to thousands of resellers in the U.S. Item 1A. Risk Factors Our operations and financial results are subject to various risks and uncertainties, including those described below. We caution you that the following important factors, among others, could cause our actual results to differ materially from those expressed in forward-looking statements made by us or on our behalf", "title": "GCT - GigaCloud Technology Inc", "url": "/company/GCT/" }, { "kind": "company", "summary": "SIC 7363 Services-Help Supply Services; CIK 0000902791; latest 10-K filed 2026-02-26.", "text": "BBSI - BARRETT BUSINESS SERVICES INC SIC 7363 Services-Help Supply Services; CIK 0000902791; latest 10-K filed 2026-02-26. BBSI BARRETT BUSINESS SERVICES INC 0000902791 7363 Services-Help Supply Services Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview The Company is a leading provider of business management solutions for small and mid-sized companies. The Company has developed a management platform that integrates a knowledge-based approach from the management consulting industry with tools from the human resource outsourcing industry. This platform, through the effective leveraging of human capital, helps our business owner clients run their businesses more effectively. We believe this platform, delivered through a decentralized organizational structure, differentiates BBSI from our competitors. We report revenues in our financial results in two categories of services: professional employer services (\u201cPEO\u201d) and staffing. With our PEO clients, we enter into a co-employment arrangement in which we become the administrative employer while the client maintains physical care, custody and control of their workforce. Our PEO services are billed as a percentage of client payroll; the gross amount invoiced includes direct payroll costs and employee benefits coverage (if provided), plus an additional percentage amount to cover employer payroll-related taxes, workers\u2019 compensation coverage (if provided), other service-related costs and a margin. However, actual costs can be higher or lower than anticipated. PEO customers are invoiced following the end of each payroll processing cycle, with payment generally due on the invoice date. Revenues for PEO services exclude direct payroll billings because we are not the primary obligor for those payments. We generate staffing services revenues primarily from short-term staffing, contract staffing, on-site management and direct placement services. For staffing services other than direct placement, invoiced amounts include direct payroll, an amount intended to cover employer payroll-related taxes, workers\u2019 compensation coverage, other service-related costs and a margin. Staffing customers are typically invoiced weekly and generally have payment terms of 30 days. Direct placement services are billed at agreed fees at the time of a successful placement. Our business is concentrated in California, and we expect to continue to derive a majority of our revenues from this market in the future. Revenues generated in our California operations accounted for 72% of our total revenues in each of 2025, 2024 and 2023. Consequently, weakness in economic conditions, changes in the regulatory or insurance environment, or natural disasters or other major disruptive events in California could have a material adverse effect on our financial results. Our cost of revenues for PEO services includes employer payroll-related taxes, workers\u2019 compensation costs and employee benefits costs. Our cost of revenues for staffing services includes direct payroll costs, employer payroll-related taxes, and workers\u2019 compensation costs. Direct payroll costs represent the gross payroll earned by staffing services employees based on salary or hourly wages. Payroll taxes and benefits consist of the employer\u2019s portion of Social Security and Medicare taxes, federal and state unemployment taxes, and employee benefit costs, which primarily comprise health insurance premiums paid to third-party insurers and underwriting and benefit consultant payroll. Workers\u2019 compensation costs consist primarily of premiums paid to third-party insurers, claims reserves, third-party broker commissions, risk manager payroll, claims administration fees, legal fees, medical cost containment (\u201cMCC\u201d) expense, state administrative agency fees, as well as costs associated with operating our two wholly owned insurance companies, Associated Insurance Company for Excess (\u201cAICE\u201d) and Ecole Insurance Company (\u201cEcole\u201d). Selling, general and administrative expenses consist primarily of payroll and personnel related costs, incentive compensation, information systems costs, rent and professional and legal fees. Item 1. BUSINESS General Company Background Barrett Business Services, Inc. (\u201cBBSI,\u201d the \u201cCompany,\u201d \u201cour\u201d or \u201cwe\u201d), is a leading provider of business management solutions for small and mid-sized companies. The Company has developed a management platform that integrates a knowledge-based approach from the management consulting industry with tools from the human resource outsourcing industry. This platform, through the effective leveraging of human capital, helps our business owner clients run their businesses more effectively. We believe this platform, delivered through a decentralized organizational structure, differentiates BBSI from our competitors. BBSI was incorporated in Maryland in 1965. Certain statements below contain forward-looking information that is subject to risks and uncertainties. See \u201cForward-Looking Information\u201d in Item 7 of Part II of this report and \u201cRisk Factors\u201d in Item 1A of Part I of this report. Business Strategy Our strategy is to align local operations teams with the mission of small and mid-sized business owners, driving value to their business. To do so, BBSI: \u2022 partners with business owners to leverage their investment in human capital through a high-touch, results-oriented approach; \u2022 brings predictability to each client organization through a three-tiered management platform; and \u2022 enables business owners to focus on their core business by reducing organizational complexity and maximizing productivity. Business Organization We operate a decentralized delivery model using operationally-focused business teams, typically located within 50 miles of our client companies. These teams are led by experienced business generalists and include senior level professionals with expertise in human resources, organizational development, risk mitigation and workplace safety, recruiting, employee benefits, and various types of administration, including payroll. These teams are responsible for growth and profitability of their operations, and Item 1A. RISK FACTORS In addition to other information contained in this report, the following risk factors should be considered carefully in evaluating our business. Risks Related to Workers\u2019 Compensation Our ability to continue our business operations under our present service model is dependent on maintaining ", "title": "BBSI - BARRETT BUSINESS SERVICES INC", "url": "/company/BBSI/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001922446; latest 10-K filed 2026-02-26.", "text": "DEC - Diversified Energy Co SIC 1311 Crude Petroleum & Natural Gas; CIK 0001922446; latest 10-K filed 2026-02-26. DEC Diversified Energy Co 0001922446 1311 Crude Petroleum & Natural Gas Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in this report. Unless the context otherwise indicates, references to \u201cDiversified,\u201d the \u201cCompany,\u201d \u201cour,\u201d \u201cwe\u201d and \u201cus\u201d (i) for periods until the completion of the U.S. Domestication, refer to Diversified Energy Company PLC and its consolidated subsidiaries, collectively, and (ii) for periods at or after the completion of the U.S. Domestication, refer to Diversified Energy Company and its consolidated subsidiaries, collectively. For certain industry specific terms used in this Annual Report on Form 10-K, please refer to the Glossary of Terms. In this discussion and analysis of financial condition and results of operations, we address topics such as acquisitions, tax matters, derivatives, stockholders\u2019 equity, asset retirement obligations, and debt. For more detailed information on these areas, refer to Notes 38 [[GREPCENT_TABLE]] [[\"Table of Contents\",\"Form 10-K\",\"Diversified Energy Company\"]] [[/GREPCENT_TABLE]] 3, 4, 8, 11, 13, and 15 within the Notes to the Consolidated Financial Statements. These notes provide comprehensive disclosures and explanations that support the analysis presented in this section. Market Conditions Our business was influenced by a range of external factors in 2025, including commodity price volatility, geopolitical developments, regulatory changes, and evolving supply and demand dynamics. As a U.S. domestic energy producer focused primarily on natural gas, we benefited from strong LNG export demand and colder-than-average weather, which supported an average Henry Hub price of approximately $3.43 per MMBtu for the year. Prices fluctuated from an average high of $4.42 per MMBtu in December to an average low of $2.84 per MMBtu in October. Year-end inventories were above the five-year average, contributing to price stability despite ongoing global tensions. Geopolitical conflicts, such as the Russia-Ukraine war and instability in the Middle East and Venezuela, continued to disrupt global energy flows and underscored the strategic importance of U.S. energy production and exports. Domestically, policy shifts created a more favorable operating environment, although new tariffs on imported energy equipment and materials introduced some uncertainty for the industry. Our vertically integrated model helped insulate us from direct impacts, and our hedging program played a key role in mitigating commodity price risk and supporting cash flow stability. We also monitored inflationary pressures and supply chain challenges, which affected operating costs across the industry. Despite ongoing market volatility and policy uncertainty, we remain focused on optimizing our asset base, managing costs, and enhancing operational efficiency. Our integrated model and strategic positioning continue to enable us to navigate market fluctuations and capitalize on long-term opportunities in the natural gas and oil sector. Results of Operations for the Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 Production Volumes [[GREPCENT_TABLE]] [[\"\",\"For the Year Ended December 31,\"],[\"\",\"2025\",\"2024\",\"Change\",\"% Change\"],[\"Net production\"],[\"Natural gas (MMcf)\",\"295,723\",\"244,298\",\"51,425\",\"21%\"],[\"NGLs (MBbls)\",\"8,821\",\"5,980\",\"2,841\",\"48%\"],[\"Oil (MBbls)\",\"7,935\",\"1,568\",\"6,367\",\"406%\"],[\"Total production (MMcfe)\",\"396,259\",\"289,586\",\"106,673\",\"37%\"],[\"Average daily production (MMcfepd)\",\"1,086\",\"791\",\"295\",\"37%\"],[\"% Natural gas (Mcfe basis)\",\"75%\",\"84%\"]] [[/GREPCENT_TABLE]] The increase in production volumes for the year ended December 31, 2025 compared to the year ended December 31, 2024 was primarily related to the Maverick and Canvas acquisitions in 2025, as well as full year production for Item 1. Business Business Overview We are engaged in the production, transportation, and marketing of natural gas, NGLs, and oil, managing a diversified portfolio of mature, long-life assets. Our assets are located in the United States within the following geographical operating areas: \u2022Appalachian Region, which spans Ohio, Pennsylvania, Virginia, West Virginia, Kentucky, Tennessee and Alabama; \u2022Central Region, which includes Texas, Oklahoma, New Mexico, Louisiana and Arkansas; \u2022Other, which includes Florida and Wyoming. Our business model emphasizes responsible stewardship and operational excellence, focusing on maximizing value from existing reserves. Our disciplined, full-lifecycle asset management approach is central to our success. We focus on optimizing and extending the productive life of existing wells, using advanced monitoring technologies and data analytics to drive operational efficiency and safety. In addition to our work on our producing wells, we have an extensive and innovative asset retirement program that consists of a vertically integrated plugging company based in our Appalachian Region. With over 69,000 total net productive wells, we produced an annual average of 1,086 MMcfepd during the year ended December 31, 2025, and we are well-positioned to maximize asset value while maintaining a sound balance sheet and upholding high standards for safety and environmental responsibility. Our strategy is designed to deliver consistent shareholder returns and long-term value through disciplined growth and operational excellence. \u2022We maintain a diversified asset base that supports stable and predictable production. \u2022Our efficient capital investment process enables us to pursue growth opportunities and optimize returns. \u2022Operational reliability is enhanced by robust infrastructure and a focus on preventative maintenance. \u2022We execute a disciplined commodity hedging program that is designed to mitigate price volatility. \u2022Our experienced le Item 1A. Risk Factors You should carefully consider the risks described below, together with all of the other information in this Annual Report on Form 10- K. The risks and uncertainties below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we believe to be immaterial may also adversely affect our business. If any o", "title": "DEC - Diversified Energy Co", "url": "/company/DEC/" }, { "kind": "company", "summary": "SIC 2890 Miscellaneous Chemical Products; CIK 0001921865; latest 10-K filed 2026-04-10.", "text": "ASPI - ASP Isotopes Inc. SIC 2890 Miscellaneous Chemical Products; CIK 0001921865; latest 10-K filed 2026-04-10. ASPI ASP Isotopes Inc. 0001921865 2890 Miscellaneous Chemical Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of financial condition and results of operations is provided to enhance the understanding of, and should be read in conjunction with Part I, Item 1, \u201cBusiness\u201d and Item 8, \u2018Financial Statements and Supplementary Data.\u201d For information on risks and uncertainties related to our business that may make past performance not indicative of future results or cause actual results to differ materially from any forward-looking statements, see \u201cSpecial Note Regarding Forward-Looking Statements,\u201d and Part I, Item 1A, \u2018Risk Factors.\u201d Overview We are an advanced materials company dedicated to the development of a differentiated isotope enrichment platform to strengthen global supply chain access to critical materials used in nuclear medicine, next-generation semiconductors, and nuclear energy. Our proprietary enrichment technologies, the Aerodynamic Separation Process (\u201cASP technology\u201d) and QE technology, are designed to enable the production of isotopes for a range of industrial and advanced technology applications. Our initial focus is on the production and commercialization of enriched Carbon-14 (\u201cC-14\u201d), Silicon-28 (\u201cSi-28\u201d) and Ytterbium-176 (\u201cYb-176\u201d). We commenced commercial production of enriched isotopes at both of our ASP enrichment facilities located in Pretoria, South Africa during the first half of 2025. Our first ASP enrichment facility is designed to enrich light isotopes, such as C-14 and C-12. The second ASP enrichment facility, which is substantially larger than the first, should have the potential to enrich kilogram quantities of relatively heavier isotopes, including but not limited to Si-28. We are targeting initial commercial shipments of enriched C-14 in mid-2026. We are targeting initial commercial shipments of enriched Si-28 during the second quarter of 2026. We have also completed the commissioning phase and are producing commercial samples of highly enriched Yb-176 at our third enrichment facility, a QE technology facility, which is our first laser-based enrichment plant. We are targeting initial commercial shipments of Yb-176 in mid-2026 or the third quarter of 2026. In addition, we have started planning additional isotope enrichment plants both in South Africa and in other jurisdictions, including Iceland and the United States. We believe the C-14 we may produce using the ASP technology could be used in the development of new pharmaceuticals and agrochemicals. We believe the Si-28 we may produce using the ASP technology may be used to create advanced semiconductors and in quantum computing. We believe the Yb-176 we may produce using the QE technology may be used to create radiotherapeutics that treat various forms of oncology. We are considering the future development of the ASP technology for the separation of Zinc-68 and Xenon-129/136 for potential use in the healthcare end market, Germanium 70/72/74 for potential use in the semiconductor end market, and Chlorine -37 for potential use in the nuclear energy end market. We are also considering the future development of QE technology for the separation of Nickel-64, Gadolinium-160, Ytterbium-171, Lithium-6 and Lithium-7. QLE, our subsidiary, is currently pursuing an initiative to apply our enrichment technologies to the enrichment of Uranium-235 (\u201cU-235\u201d) in South Africa. We believe that the U-235 QLE may produce has the potential to be commercialized as a nuclear fuel component for use in the new generation of high-assay low-enriched uranium (\u201cHALEU\u201d)-fueled small modular reactors that are now under development for commercial and government uses. In furtherance of our uranium enrichment initiative in South Africa, we have entered into certain definitive agreements with TerraPower, LLC (\u201cTerraPower\u201d), including a term loan subject to conditions to support construction of a new uranium enrichment facility at Pelindaba, South Afri Item 1. Business Overview We are an advanced materials company dedicated to the development of a differentiated isotope enrichment platform to strengthen global supply chain access to critical materials used in nuclear medicine, next-generation semiconductors, and nuclear energy. In addition, in January 2026, we acquired Renergen, which is South Africa\u2019s leading onshore natural gas explorer and the first integrated producer of both liquid helium and LNG (as discussed further below). Our proprietary enrichment technologies, the Aerodynamic Separation Process (\u201cASP technology\u201d) and Quantum Enrichment technology (\u201cQE technology\u201d), are designed to enable the production of isotopes for a range of industrial and advanced technology applications. Our initial focus with respect to our isotope enrichment platform is on the production and commercialization of enriched Carbon-14 (\u201cC-14\u201d), Silicon-28 (\u201cSi-28\u201d) and Ytterbium-176 (\u201cYb-176\u201d). We commenced commercial production of enriched isotopes at both of our ASP enrichment facilities located in Pretoria, South Africa during the first half of 2025. Our first ASP enrichment facility is designed to enrich light isotopes, such as C-14 and C-12. The second ASP enrichment facility, which is substantially larger than the first, should have the potential to enrich kilogram quantities of relatively heavier isotopes, including but not limited to Si-28. We are targeting initial commercial shipments of enriched C-14 in mid-2026. We are targeting initial commercial shipments of enriched Si-28 during the second quarter of 2026. We have also completed the commissioning phase and are producing commercial samples of highly enriched Yb-176 at our third enrichment facility, a QE technology facility, which is our first laser-based enrichment plant. We are targeting initial commercial shipments of Yb-176 in mid-2026 or the third quarter of 2026. In addition, we have started planning additional isotope enrichment plants both in South Africa and Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risk factors below together with the information contained elsewhere in this Annual Report on Form 10-K, including Part II, Item 8, \u201cFinancial Statements and Supplementary Data\u201d and Part II, Item 7, \u201cManage", "title": "ASPI - ASP Isotopes Inc.", "url": "/company/ASPI/" }, { "kind": "company", "summary": "SIC 6029 Commercial Banks, NEC; CIK 0001531031; latest 10-K filed 2026-03-13.", "text": "ESQ - Esquire Financial Holdings, Inc. SIC 6029 Commercial Banks, NEC; CIK 0001531031; latest 10-K filed 2026-03-13. ESQ Esquire Financial Holdings, Inc. 0001531031 6029 Commercial Banks, NEC ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This discussion and analysis reflects our financial statements and other relevant statistical data, and is intended to enhance your understanding of our financial condition and results of operations. The information in this section has been derived from the financial statements, which appear elsewhere in this Annual Report. You should read the information in this section in conjunction with the other business and financial information provided in this Annual Report. Overview We are a financial holding company headquartered in Jericho, New York and registered under the BHC Act. Through our wholly owned bank subsidiary, Esquire Bank, National Association, we are a full service commercial bank dedicated to serving the financial needs of the legal and small business communities (as well as their owners and employees) on a national basis, and commercial and retail customers in the New York metropolitan market. We offer tailored products and solutions to the legal community and their clients as well as dynamic and flexible payment processing solutions to small business owners, both on a national basis. We also offer traditional banking products for businesses and consumers in our local market areas (a subset of the New York and Los Angeles markets). Our results of operations depend primarily on our net interest income which is the difference between the interest income we earn on our interest-earning assets and the interest we pay on our interest-bearing liabilities. Our results of operations also are affected by our provisions for credit losses, noninterest income and noninterest expense. Noninterest income currently consists primarily of payment processing income, ASP fee income and customer related fees and charges. Noninterest expense currently consists primarily of employee compensation and benefits, data processing costs, occupancy and equipment costs and professional and consulting services. Our results of operations also may be affected significantly by general and local economic and competitive conditions, changes in market interest rates, governmental policies, the litigation market and actions of regulatory authorities. The Company\u2019s foundation for success has been our nationwide branchless litigation and payment processing verticals supported by our forward-thinking senior managers, outstanding client service teams, and inclusive corporate culture. The future of our success will be the ability to continue developing and embracing cutting-edge technology to significantly leverage these verticals, differentiating us from other technology enabled financial firms and creating the catalyst for industry leading growth and returns. Proposed Signature Merger On March 11, 2026, the Company, Esquire Merger Sub, Inc., a direct, wholly owned subsidiary of the Company (\u201cMerger Sub\u201d), and Signature Bancorporation, Inc. entered into an Agreement and Plan of Merger (as may be amended, modified or supplemented from time to time in accordance with its terms, the \u201cmerger agreement\u201d), pursuant to which Esquire and Signature have agreed to combine their respective businesses. Under the merger agreement, Merger Sub will merge with and into Signature, with Signature as the surviving entity (the \u201cmerger\u201d), and immediately following the merger, Signature will merge with and into the Company, with the Company as the surviving entity (the \u201csecond step merger\u201d). Immediately following the second step merger, Signature Bank, an Illinois-chartered non-member bank and a wholly owned subsidiary of Signature (\u201cSignature Bank\u201d), will merge with and into Esquire Bank, with Esquire Bank as the surviving bank (the \u201cbank merger\u201d and, together with the merger and the second step merger, the \u201cmergers\u201d). Under the terms of the merger agreement, shareholders of Signature will receive a fixed exchange ratio of 2.63 shares of Esquire common stock for each share ITEM 1. Business Forward-Looking Statements This Annual Report contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as \u201cmay,\u201d \u201cmight,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201cattribute,\u201d \u201ccontinue,\u201d \u201cwill,\u201d \u201canticipate,\u201d \u201cseek,\u201d \u201cestimate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cprojection,\u201d \u201cgoal,\u201d \u201ctarget,\u201d \u201coutlook,\u201d \u201caim,\u201d \u201cwould,\u201d \u201cannualized\u201d and \u201coutlook,\u201d or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management\u2019s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"our ability to manage our operations under the current economic conditions nationally and in our market area;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"adverse changes in the financial industry, securities, credit and national local real estate markets (including ITEM 1A. Risk Factors Summary of Risk Factors The following is a summary of some of the material risks and uncertainties that could have an adverse effect on our business. [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Risks Related to Our Lending Activities\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"o\",\"Because we intend to continue", "title": "ESQ - Esquire Financial Holdings, Inc.", "url": "/company/ESQ/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001789972; latest 10-K filed 2026-03-10.", "text": "CGEM - Cullinan Therapeutics, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001789972; latest 10-K filed 2026-03-10. CGEM Cullinan Therapeutics, Inc. 0001789972 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion and other parts of this Annual Report on Form 10-K contain forward-looking statements that involve risks and uncertainties, such as statements regarding our plans, objectives, expectations, intentions and projections. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K. Overview We are a biopharmaceutical company developing potential first- or best-in-class, high-impact therapies for autoimmune diseases and cancer. We pursue promising therapeutic targets while leveraging core expertise in T cell engagers, which are established in oncology and are now advancing into autoimmune diseases. With a clinical-stage pipeline built on a rigorous scientific approach and purposeful innovation, we are advancing our mission to deliver new standards of care for patients. Immunology \u2022 CLN-978 is a CD19xCD3 bispecific T cell engager that we are developing for autoimmune diseases. In the Phase 1 OUTRACE Program, CLN-978 is being evaluated in patients with systemic lupus erythematosus (\u201cSLE\u201d), rheumatoid arthritis (\u201cRA\u201d), and Sj\u00f6gren\u2019s disease (\u201cSjD\u201d). The OUTRACE SLE Study is an ongoing global Phase 1 clinical trial in patients with moderate to severe SLE. The OUTRACE RA Study is a Phase 1 clinical trial in patients with active, difficult-to-treat RA, which is ongoing in Europe. We plan to share initial clinical data in SLE RA in the second quarter of 2026 and repeat dosing data in RA in the third quarter of 2026. The OUTRACE SjD Study is an ongoing global Phase 1 clinical trial in patients with active, moderate to severe Sj\u00f6gren\u2019s disease. We plan to share initial clinical data in Sj\u00f6gren\u2019s disease in the fourth quarter of 2026. \u2022 Velinotamig is a BCMAxCD3 bispecific T cell engager that we are developing for autoimmune diseases. Chongqing Genrix Biopharmaceutical Co., Ltd. (\"Genrix\"), from which we licensed velinotamig, is enrolling a Phase 1 clinical trial in China in patients with autoimmune diseases, initially in patients with SLE, followed by planned future expansion into other indications, and initial clinical data will be shared in the fourth quarter of 2026. We intend to use the data generated from this Phase 1 clinical trial to accelerate global clinical development. Following the completion of the Genrix Phase 1 clinical trial, we will conduct all further development of velinotamig in autoimmune diseases. Oncology \u2022 CLN-049 is a FLT3xCD3 bispecific T cell engager. CLN-049 is being evaluated in an ongoing Phase 1 clinical trial in patients with relapsed/refractory acute myeloid leukemia (\"AML\") or myelodysplastic syndrome (\u201cMDS\u201d). At the 2025 American Society for Hematology (\u201cASH\u201d) Annual Meeting, we shared monotherapy efficacy data from the ongoing dose escalation portion of the trial in a heavily pretreated all-comer population of patients with relapsed/refractory AML. We plan to share a clinical data update from the dose escalation portion of the trial in the second half of 2026. We also plan to begin enrolling dose expansion cohorts in the second quarter of 2026 and expect to complete enrollment in the fourth quarter of 2026 to determine the recommended Phase 2 dose for an expected single-arm pivotal registrational trial. \u2022 Zipalertinib (CLN-081/TAS6417), on which we are collaborating with an affiliate of Taiho Pharmaceutical Co., Ltd. (\"Taiho\"), is an orally-available small-molecule, irreversible epidermal growth factor receptor (\"EGFR\") inhibitor that is designe Item 1. Business. Overview We are a biopharmaceutical company developing potential first- or best-in-class, high-impact therapies for autoimmune diseases and cancer. We pursue promising therapeutic targets while leveraging core expertise in T cell engagers, which are established in oncology and are now advancing into autoimmune diseases. With a clinical-stage pipeline built on a rigorous scientific approach and purposeful innovation, we are advancing our mission to deliver new standards of care for patients. Our current programs are summarized in the diagram and bullets below: Immunology \u2022 CLN-978 is a CD19xCD3 bispecific T cell engager that we are developing for autoimmune diseases. In the Phase 1 OUTRACE Program, CLN-978 is being evaluated in patients with systemic lupus erythematosus (\u201cSLE\u201d), rheumatoid arthritis (\u201cRA\u201d), and Sj\u00f6gren\u2019s disease (\u201cSjD\u201d). The OUTRACE SLE Study is an ongoing global Phase 1 clinical trial in patients with moderate to severe SLE. The OUTRACE RA Study is a Phase 1 clinical trial in patients with active, difficult-to-treat RA, which is ongoing in Europe. We plan to share initial clinical data in SLE and RA in the second quarter of 2026 and repeat dosing data in RA in the third quarter of 2026. The OUTRACE SjD Study is an ongoing global Phase 1 clinical trial in patients with active, moderate to severe Sj\u00f6gren\u2019s disease. We plan to share initial clinical data in Sj\u00f6gren\u2019s disease in the fourth quarter of 2026. \u2022 Velinotamig is a BCMAxCD3 bispecific T cell engager that we are developing for autoimmune diseases. Chongqing Genrix Biopharmaceutical Co., Ltd. (\"Genrix\"), from which we licensed velinotamig, is enrolling a Phase 1 clinical trial in China in patients with autoimmune diseases, initially in patients with SLE, followed by planned future expansion into other indications, and initial clinical data will be shared in the fourth quarter of 2026. We intend to use the data generated from this Phase 1 clinical trial to accelerate global Item 1A. Risk Factors. The following information should be read in conjunction with the other information in this Annual Report on Form 10-K, including our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. The occurren", "title": "CGEM - Cullinan Therapeutics, Inc.", "url": "/company/CGEM/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001160308; latest 10-K filed 2026-03-13.", "text": "SVRA - Savara Inc SIC 2834 Pharmaceutical Preparations; CIK 0001160308; latest 10-K filed 2026-03-13. SVRA Savara Inc 0001160308 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes appearing elsewhere in this report. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including but not limited to those identified under Item 1A. Risk Factors in this report. Overview Savara Inc. (together with its subsidiaries \u201cSavara,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d) is a clinical-stage biopharmaceutical company focused on rare respiratory diseases. Our sole program, MOLBREEVI, an inhaled biologic, is a granulocyte-macrophage colony-stimulating factor (\"GM-CSF\") in development for autoimmune pulmonary alveolar proteinosis (\"autoimmune PAP\"). Savara previously announced positive topline results from IMPALA-2, the Phase 3 clinical trial of MOLBREEVI in autoimmune PAP and the submission of the Biologics License Application (\"BLA\") to the FDA for MOLBREEVI in autoimmune PAP. In May 2025, Savara announced the Company had received a Refusal to File letter (\"RTF\") from the FDA. The Company resubmitted the BLA in December 2025 and requested Priority Review, and the FDA formally filed the BLA for MOLBREEVI in February 2026 and granted Priority Review. MOLBREEVI in autoimmune PAP has been granted Fast Track and Breakthrough Therapy Designations by the FDA, Orphan Drug Designation by the FDA and the European Medicines Agency (\"EMA\"), as well as Innovation Passport (\"IP\") and Promising Innovative Medicine (\"PIM\") designations by the UK\u2019s Medicines and Healthcare Products Regulatory Agency (\"MHRA\"). Savara, together with its wholly-owned subsidiaries, which include Aravas Inc. and Savara ApS, operate in one segment with its principal office in Langhorne, Pennsylvania, though a majority of our employees work remotely. Since inception, we have devoted substantially all of our efforts and resources to identifying and developing our product candidates, recruiting personnel, and raising capital. We have incurred operating losses and negative cash flow from operations and have no product revenue from inception to date. From inception to December 31, 2025, we have raised net cash proceeds of approximately $738.1 million, primarily from underwritten offerings of our common stock, private placements of common stock, and debt financings. We have never been profitable and have incurred operating losses in each year since inception. Our net losses were $118.8 million and $95.9 million for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, we had an accumulated deficit of $608.1 million. Our operating losses primarily resulted from expenses attributed to our research and development programs and from general and administrative costs associated with our operations. We have chosen to operate by outsourcing our manufacturing and most of our clinical operations. We expect to incur significant additional expenses and continue to incur operating losses for at least the next several years as we initiate and continue the clinical development of, and seek regulatory approval for, our product candidate. We expect that our operating losses will fluctuate significantly from quarter to quarter and year to year due to timing of clinical development programs and efforts to achieve regulatory approval. As of December 31, 2025, we had cash and cash equivalents of $33.2 million and short-term investments of $202.5 million. Although we have sufficient capital to fund many of our planned activities, we may need to continue to raise additional capital to further fund the development of, and seek regulatory approvals for, o Item 1. Business. Business Overview Savara Inc. (together with its subsidiaries \u201cSavara,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d) is a clinical stage biopharmaceutical company focused on rare respiratory diseases. Our sole program, molgramostim inhalation solution (\"MOLBREEVI\" or \"molgramostim\"), is an investigational inhaled biologic, specifically an inhaled granulocyte-macrophage colony-stimulating factor (\"GM-CSF\") in Phase 3 development for autoimmune pulmonary alveolar proteinosis (\u201cautoimmune PAP\u201d). MOLBREEVI is delivered via a proprietary eFlow\u00ae Nebulizer System (PARI Pharma GmbH, \u201cPARI\u201d). Corporate Strategy Our goal is to become a leader in rare respiratory therapeutics through the development and commercialization of novel, best-in-class medicines that address unmet medical needs in this field. Key elements of our strategy include: \u2022 Continued advancement of the MOLBREEVI autoimmune PAP program, the completion of the Phase 3 IMPALA-2 pivotal clinical trial of which the 96-Week open-label period of the trial is ongoing and pursuing regulatory approval. The IMPALA-2 trial design was endorsed by regulatory authorities in the U.S. (U.S. Food and Drug Administration), Europe (European Medicines Agency), United Kingdom (Medicines and Healthcare Products Regulatory Agency), and Japan (Pharmaceuticals and Medical Devices Agency), and regulatory agencies and ethics committees in various countries and sites where the trial is being conducted. Having enrolled 164 patients (target enrollment was 160 patients), IMPALA-2 is the largest placebo-controlled trial in autoimmune PAP, and in June 2024 positive top line results from the trial were reported that demonstrated a favorable risk benefit profile for MOLBREEVI in autoimmune PAP. In March 2025, the biologics license application (\u201cBLA\u201d) for MOLBREEVI in autoimmune PAP was submitted to the U.S. Food and Drug Administration (\u201cFDA\u201d). In May 2025, we announced the receipt of a Refusal to File letter (\"RTF\") from the FDA. T Item 1A. Risk Factors. Investment in our common stock involves a high degree of risk and uncertainty. Our business, operating results, growth prospects and financial condition are subject to various risks, many of which are not exclusively within our control, that may cause actual performance to differ materially from historical or projected futu", "title": "SVRA - Savara Inc", "url": "/company/SVRA/" }, { "kind": "company", "summary": "SIC 5094 Wholesale-Jewelry, Watches, Precious Stones & Metals; CIK 0001591588; latest 10-K filed 2025-09-11.", "text": "GOLD - Gold.com, Inc. SIC 5094 Wholesale-Jewelry, Watches, Precious Stones & Metals; CIK 0001591588; latest 10-K filed 2025-09-11. GOLD Gold.com, Inc. 0001591588 5094 Wholesale-Jewelry, Watches, Precious Stones & Metals ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS CAUTIONARY STATEMENT PURSUANT TO THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This Annual Report on Form 10-K (\"Form 10-K\") contains statements that are considered forward-looking statements. Forward-looking statements give the Company's current expectations and forecasts of future events. All statements other than statements of current or historical fact contained in this Annual Report, including statements regarding the Company's future financial position, business strategy, budgets, projected costs and plans, and objectives of management for future operations, are forward-looking statements. The words \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccontinue,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cplan,\u201d and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. These statements are based on the Company's current plans, estimates and beliefs, and the Company's actual future activities and results of operations may be materially different from those set forth in the forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. Any or all of the forward-looking statements in this Annual Report may turn out to be inaccurate. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy, and financial needs. The forward-looking statements can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events occurring after the date hereof. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained in this Form 10-K. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and notes contained elsewhere in this Form 10-K. This discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those factors discussed below and elsewhere in this Annual Report, particularly in \u201cRisk Factors.\u201d INTRODUCTION Management's discussion and analysis of financial condition and results of operations is provided as a supplement to the accompanying consolidated financial statements and related notes to aid in the understanding of our results of operations and financial condition. We have omitted discussion of our fiscal year 2023 results where it would be redundant to the discussion previously included in Item 7 of our fiscal year 2024 Annual Report on Form 10-K. Our discussion is organized as follows: \u2022 Executive overview. This section provides a general description of our business, as well as significant transactions and events that we believe are important in understanding the results of operations. \u2022 Results of operations. This section provides an analysis of our results of operations presented in the accompanying consolidated statements of income by comparing the results for the respective periods presented. Included in our analysis is a discussion of seven performance metrics: o (i) ounces of gold and silver sold, o (ii) Wholesale Sales ticket volume, 36 o (iii) Direct-to-Consumer ticket volume: \u2022 (a) Direct-to-Consumer ticket volume from new customers, \u2022 (b) Direct-to-Consumer ticket volume from pre-existing customers, \u2022 (c) Direct-to-Consumer ITEM 1A. RISK FACTORS Summary of Risk Factors The following summary provides an overview of the material risks we are exposed to in the normal course business. This risk factor summary does not contain all of the information that may be important to you, and you should read these together with the more detailed discussion of risks set forth following this section, as well as elsewhere in this report under the heading \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d Additional risks beyond those summarized below, or discussed elsewhere in \u201cRisk Factors\u201d and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d may apply to our activities or operations as currently conducted or as we may conduct them in the future, or to the markets in which we currently operate or may in the future operate. \u2022 Preferences and perceptions regarding ownership of precious metals may change. \u2022 We may not be successful in responding to changing market realities, particularly in our direct-to-consumer business. \u2022 Our business is heavily dependent on our credit facility, and the failure to renew or replace this credit facility could limit our ability to conduct our business and have other adverse consequences. \u2022 We provide a variety of financing alternatives to our customers, and there is no assurance that the methods we use to minimize losses on the credit we extend will be sufficient. \u2022 Liquidity constraints may limit our ability to grow our business. \u2022 Interruptions in the supply of coin and bullion products that we sell or silver for our minting operations could result in our inability to satisfy our customers and could result in loss of sales. \u2022 We are dependent on key management, particularly our CEO, Mr. Greg Roberts. \u2022 We are dependent on our computer systems for executing trades and conducting our direct-to-consumer business, and breaches, damage and malfunctions affecting these systems could interr", "title": "GOLD - Gold.com, Inc.", "url": "/company/GOLD/" }, { "kind": "company", "summary": "SIC 7363 Services-Help Supply Services; CIK 0000930420; latest 10-K filed 2026-02-20.", "text": "KFRC - KFORCE INC SIC 7363 Services-Help Supply Services; CIK 0000930420; latest 10-K filed 2026-02-20. KFRC KFORCE INC 0000930420 7363 Services-Help Supply Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. This MD&A should be read in conjunction with our consolidated financial statements and the accompanying notes thereto contained in Item 8. Financial Statements and Supplementary Data of this report, as well as Item 1. Business of this report, for an overview of our operations and business environment. EXECUTIVE SUMMARY The following is an executive summary of what Kforce believes are highlights for the year ended December 31, 2025, which should be considered in the context of the additional discussions herein and in conjunction with the consolidated financial statements and notes thereto. \u2022Revenue for the year ended December 31, 2025 decreased 5.4% (5.1% on a billing day basis) to $1.33 billion in 2025 from $1.41 billion in 2024. Revenue decreased 4.8% (4.5% on a billing day basis) and 12.3% (11.9% on a billing day basis) for Technology and FA, respectively, in 2025, primarily driven by decreases in consultants on assignment. We believe these decreases are primarily related to macroeconomic uncertainties and the natural impacts of the early phases of significant technology evolutions (such as AI) as companies assess the implications on their businesses and their investment strategies. \u2022Flex revenue decreased 5.3% (4.9% on a billing day basis) to $1.30 billion in 2025 from $1.38 billion in 2024. In 2025, Flex revenue decreased 4.7% (4.4% on a billing day basis) for Technology and 12.8% (12.5% on a billing day basis) for FA. Notably, Tech Flex revenue decreased 0.2% sequentially (increased 3.0% on a billing day basis), and FA Flex revenue improved sequentially 2.4% (5.7% on a billing day basis) in the fourth quarter 2025. For our FA business, this represented the third consecutive quarter of sequential improvement, primarily due to, in our opinion, the benefits of a realignment in early 2025 intended to bring a greater intensity and focus on our FA business. \u2022Direct Hire revenue decreased 11.1% to $25.7 million in 2025 from $28.9 million in 2024. \u2022Gross profit margin decreased 20 basis points to 27.2% in 2025 from 27.4% in 2024, primarily driven by a decline in the mix of Direct Hire revenue. \u2022Flex gross profit margin decreased 10 basis points to 25.8% for 2025 from 25.9% in 2024. Flex gross profit margin decreased 10 basis points for Technology and 80 basis points for FA in 2025 as compared to 2024. Notably, our Flex gross profit margin increased 40 basis points in our Technology business in the fourth quarter of 2025 as compared to the same period in 2024. \u2022Selling, General and Administrative (\u201cSG&A\u201d) expenses as a percentage of revenue for the year ended December 31, 2025, increased to 23.0% from 22.0% in 2024, primarily driven by the declines in revenue and gross profit. In the fourth quarter of 2025, we recognized charges of $3.4 million related to refinements in our organizational structure and other non-recurring costs, which negatively impacted earnings per share for the fourth quarter of 2025 and fiscal 2025 by $0.13, net of the related tax effect. \u2022Net income for the year ended December 31, 2025, decreased 30.9% to $34.8 million, or $1.96 diluted earnings per share, from $50.4 million, or $2.68 diluted earnings per share, in 2024. \u2022The Firm returned $76.0 million of capital to our shareholders in the form of open market repurchases totaling $48.5 million, or 1.2 million shares, and quarterly dividends totaling $27.5 million during the year ended December 31, 2025. The total capital returned to shareholders in 2025 represented over 100% of operating cash flows. \u2022Cash provided by operating activities was $61.6 million during the year ended December 31, 2025, as compared to $86.9 million for 2024. The decrease was primarily related to lower profitability levels, higher capitalized implementation costs related to cloud computing arrangements for Workday, and the payment of 2024 federal income taxes that were defer ITEM 1. BUSINESS. COMPANY OVERVIEW Kforce Inc., along with its subsidiaries (collectively, \u201cKforce\u201d), is a solutions firm specializing in technology, finance and accounting, and other professional staffing services. Through our KNOWLEDGEforce\u00ae, we help industry-leading companies realize their digital transformation initiatives. We assemble and deploy teams of skilled technical experts who design and deliver solutions tailored to the unique requirements of each client. These scalable and flexible solutions are shaped by our deep market insight, thought leadership and broad experience across multiple industries. Our integrated approach is rooted in more than 60 years of proven success providing highly skilled professionals on a temporary (\u201cFlex\u201d) basis, whether through traditional staffing assignments or solutions-oriented engagements where we are responsible for delivering defined outcomes. We also support our clients by placing highly skilled professionals in permanent (\u201cDirect Hire\u201d) roles. Each year, approximately 17,000 talented experts work with Fortune 500 and other leading companies, enabling us to achieve Great Results Through Strategic Partnership and Knowledge Sharing\u00ae. Over more than a decade, we have executed meaningful strategic changes to sharpen our focus on technology talent solutions, including completing a series of divestitures of businesses that were outside our core offerings. During 2025, we expanded our delivery capabilities by establishing a development center in Pune, India, which is frequently ranked as one of the top information technology hubs in India. Beginning in January 2025, our India operations began supporting engagements with our U.S. clients. We believe that combining this offshore capability with our strong U.S. sales and delivery teams and our high-quality vendor network enhances our ability to meet clients\u2019 evolving needs, whether onshore, nearshore or offshore. [[GREPCENT_TABLE]] [[\"$1.1 BillionTotal Capital Returned ITEM 1A. RISK FACTORS. Our business, financial condition, results of operations and cash flows are subject to, and could be materially adversely affected by, various risks and uncertainties, including, without limitation, those set forth below, any one of which could cause our actual results to vary materially from recent results or our anticipated future ", "title": "KFRC - KFORCE INC", "url": "/company/KFRC/" }, { "kind": "company", "summary": "SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0001860543; latest 10-K filed 2026-03-10.", "text": "CDRE - Cadre Holdings, Inc. SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0001860543; latest 10-K filed 2026-03-10. CDRE Cadre Holdings, Inc. 0001860543 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of the financial condition and results of operations of Cadre Holdings, Inc. (D/B/A The Safariland Group) (\u201cCadre,\u201d \u201cthe Company\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d) should be read together with our audited consolidated financial statements together with related notes thereto, included elsewhere in this Annual Report on Form 10-K. A discussion of changes in our financial condition and the results of operations from the year ended December 31, 2024 to December 31, 2023 can be found in Part II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 11, 2025. The following discussion contains forward-looking statements that reflect future plans, estimates, beliefs and expected performance. The forward-looking statements are dependent upon events, risks and uncertainties that may be outside of Cadre\u2019s control. Our actual results may differ significantly from those projected in the forward- looking statements. Factors that might cause future results to differ materially from those projected in the forward- looking statements include, but are not limited to, those discussed in the sections entitled \u201cRisk Factors\u201d and \u201cCautionary Statement Regarding Forward-Looking Statements\u201d included elsewhere in this Annual Report on Form 10-K. Certain total amounts may not foot due to rounding. Overview and 2025 Financial Highlights Cadre is a global leader in the manufacturing and distribution of safety equipment and other related products for the law enforcement, first responder, military and nuclear markets. Our equipment provides critical protection to allow its users to safely and securely perform their duties and protect those around them in hazardous or life-threatening situations. Through our dedication to superior quality, we establish a direct covenant with end users that our products will perform and keep them safe when they are most needed. We sell a wide range of products including body armor, explosive ordnance disposal equipment, duty gear, remote handling solutions, containers for the storage of radioactive materials, and ventilation and containment solutions through both direct and indirect channels. In addition, through our owned distribution, we serve as a one-stop shop for first responders providing equipment we manufacture as well as third-party products including uniforms, optics, boots, firearms and ammunition. The majority of our diversified product offering is governed by rigorous safety standards and regulations. Demand for our products is driven by technological advancement as well as recurring modernization and replacement cycles for the equipment to maintain its efficiency, effective performance and regulatory compliance. We service the ever-changing needs of our end users by investing in research and development for new product innovation and technical advancements that continually raise the standards for safety equipment. Our target end user base includes domestic and international first responders such as state and local law enforcement, fire and rescue, explosive ordnance disposal technicians, emergency medical technicians, fishing and wildlife enforcement and departments of corrections, as well as federal agencies including DoS, DoW, DoI, DoJ, DHS, DoC, DoE and numerous foreign government agencies in over 100 countries. In April 2025, the Company acquired Zircaloy for $98.9 million. In January 2026, the Company acquired TYR Tactical, LLC for $174.0 million. The following table sets forth a summary of our financial highlights for the periods indicated: [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"Year Ended December 31,\"], Item 1. Business BUSINESS Business Overview We are a global leader in the manufacturing and distribution of safety equipment and other related products for the law enforcement, first responder, military and nuclear markets. Our equipment provides critical protection to allow its users to safely and securely perform their duties and protect those around them in hazardous or life-threatening situations. Through our dedication to superior quality, we establish a direct covenant with end users that our products will perform and keep them safe when they are most needed. We sell a wide range of products including body armor, explosive ordnance disposal equipment, duty gear, remote handling solutions, containers for the storage of radioactive materials, and ventilation and containment solutions through both direct and indirect channels. In addition, through our owned distribution, we serve as a one-stop shop for first responders providing equipment we manufacture as well as third-party products including uniforms, optics, boots, firearms, and ammunition. A substantial portion of our diversified product offering is governed by rigorous safety standards and regulations. Demand for our products is driven by technological advancement as well as recurring modernization and replacement cycles for the equipment to maintain its efficiency, effective performance, and regulatory compliance. Domestically, we are a top provider of safety holsters and soft body armor for first responders, as well as a top provider of nuclear safety solutions. Globally, we are a leading provider of explosive ordnance disposal technician equipment. We believe we have achieved these positions through our high-quality standards, innovation and a direct connection to the end users. We service the ever-changing needs of our end users by investing in research and development for new product innovation and technical advancements that continually raise the standards for safety equipment in the markets we se Item 1A. Risk Factors RISK FACTORS In addition to other information contained in this Annual Report on Form 10-K, the following risk factors should be carefully considered in evaluating our business, because such factors may have a significant impact on our business, opera", "title": "CDRE - Cadre Holdings, Inc.", "url": "/company/CDRE/" }, { "kind": "company", "summary": "SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001979330; latest 10-K filed 2026-03-03.", "text": "NBBK - NB Bancorp, Inc. SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001979330; latest 10-K filed 2026-03-03. NBBK NB Bancorp, Inc. 0001979330 6036 Savings Institutions, Not Federally Chartered ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This discussion and analysis reflects our consolidated financial statements and other relevant statistical data and is intended to enhance your understanding of our financial condition and results of operations. The information in this section has been derived from the consolidated financial statements that appear beginning on page 98 of this Annual Report on Form 10-K. You should read the information in this section in conjunction with the business and financial information regarding the Company and the Bank and the consolidated financial statements provided in this Annual Report on Form 10-K for the Company and, with respect to the years ended December 31, 2025, 2024 and 2023, the Company had not engaged in any material activities prior to December 28, 2023, the date of the consummation of the mutual to stock conversion. \u200b Our results of operations depend primarily on our net interest income. \u200b Net interest income is the difference between the interest income we earn on our interest-earning assets and the interest we pay on our interest-bearing liabilities. Our results of operations also are affected by our provision for credit losses, noninterest income and noninterest expense. Noninterest income currently consists primarily of customer service fees, swap contract income, and income on BOLI. Noninterest expense currently consists primarily of expenses related to salary and employee benefits and director fees, occupancy and equipment, data processing, marketing and charitable contribution expense, professional fees, FDIC assessments and other general and administrative expenses. \u200b Our results of operations also may be affected significantly by general and local economic and competitive conditions, changes in market interest rates, governmental policies and actions of regulatory authorities. \u200b On November 15, 2025 we completed our previously announced Provident Acquisition, which resulted in the addition of approximately $1.40 billion in total assets, $1.18 billion of total net loans and $1.14 billion in total deposits, all at fair value. Provident, a Massachusetts corporation, was a federally registered bank holding company headquartered in Amesbury, Massachusetts. BankProv, a Massachusetts-chartered bank, founded in 1828, was a wholly-owned subsidiary of Provident that operated through a network of 7 full-service banking offices in northeastern Massachusetts and southern New Hampshire, as well as a mortgage warehouse lending center in Ponte Vedra Beach, Florida. \u200b In accordance with the terms of the definitive merger agreement, through which we agreed to acquire Provident through a merger with the Company as the surviving entity, each share of Provident common stock was exchanged for 0.691 shares of the Company\u2019s common stock or $13.00 in cash, subject to allocation procedures to ensure that the total number of shares of Provident common stock that receive the stock consideration represents 50% of the total number of shares of Provident common stock outstanding immediately prior to the completion of the acquisition. 72 Table of Contents The transaction qualified as a tax-free reorganization for Federal income tax purposes and provided Provident shareholders with a tax-free exchange of their shares of Provident common stock in exchange for the Company\u2019s common stock as the consideration they received in the merger. We issued 5.9 million shares of our common stock in the exchange and paid $111.8 million in cash, which resulted in a transaction value of approximately $226.5 million based upon the closing price of our common stock on November 14, 2025 of $19.29 per share. \u200b Critical Accounting Policies and Estimates \u200b The discussion and analysis of the financial condition and results of operations are based on our consolidated financial statements, which are prepared in conformity with U.S. GAAP. The preparation ITEM 1. Business FORWARD-LOOKING STATEMENTS In this Annual Report on Form 10-K, the terms \u201cwe,\u201d \u201cour,\u201d and \u201cus\u201d refer to NB Bancorp, Inc. and Needham Bank, unless the context indicates another meaning. In addition, we sometimes refer to NB Bancorp, Inc. as \u201cNB Bancorp\u201d or the \u201cCompany\u201d and to Needham Bank as the \u201cBank.\u201d \u200b Certain statements contained in this Annual Report on form 10-K, that are not historical facts, may be considered forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d) and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of words such as \u201cestimate,\u201d \u201cproject,\u201d \u201cbelieve,\u201d \u201cintend,\u201d \u201canticipate,\u201d \u201cassume,\u201d \u201cplan,\u201d \u201cseek,\u201d \u201cexpect,\u201d \u201cwill,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201cindicate,\u201d \u201cwould,\u201d \u201ccontemplate,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cpotential,\u201d \u201ctarget\u201d and words of similar meaning. These forward-looking statements include, but are not limited to: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"statements of our goals, intentions and expectations;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"statements regarding our business plans, prospects, growth and operating strategies;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"statements regarding the asset quality of our loan and investment portfolios; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"estimates of our risks and future costs and benefits.\"]] [[/GREPCENT_TABLE]] These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisio ITEM 1A. Risk Factors \u200b In addition to factors discussed in the description of our business and elsewhere in this Annual Report on form 10-K, the following are factors that could adversely affect our future results of operations and financial condition. 42 Table of Contents We are subject to a number of risks potentially affe", "title": "NBBK - NB Bancorp, Inc.", "url": "/company/NBBK/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001422143; latest 10-K filed 2026-03-05.", "text": "KURA - Kura Oncology, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001422143; latest 10-K filed 2026-03-05. KURA Kura Oncology, Inc. 0001422143 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion of the financial condition and results of operations of Kura Oncology, Inc. should be read in conjunction with the financial statements and the notes to those statements appearing in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks, assumptions and uncertainties. Important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis include, but are not limited to, those set forth in \u201cItem 1A. Risk Factors\u201d in this Annual Report. All forward-looking statements included in this Annual Report are based on information available to us as of the time we file this Annual Report and, except as required by law, we undertake no obligation to update publicly or revise any forward-looking statements. For the comparison of the financial results for the fiscal years ended December 31, 2024 and 2023, see Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 28, 2025. References to \u201cKura Oncology, Inc.,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Kura Oncology, Inc. Overview We are a biopharmaceutical company committed to realizing the promise of precision medicines for the treatment of cancer. Since our founding in 2014, we have transformed from a research and development company to a fully-integrated commercial-stage organization with a diversified pipeline of product candidates. Our pipeline consists of small molecules designed to target cancer signaling pathways and address significant unmet needs in oncology and hematology. Our Product and Pipeline KOMZIFTI (ziftomenib) On November 13, 2025, the FDA approved our NDA for ziftomenib, which is being marketed in the United States under the trade name KOMZIFTI, for the treatment of adults with relapsed or refractory AML with a susceptible NPM1 mutation who have no satisfactory alternative treatment options. KOMZIFTI is the first and only menin inhibitor approved by the FDA for once-daily oral administration. The FDA previously granted Breakthrough Therapy, Fast Track and Orphan Drug Designations as well as Priority Review to ziftomenib. FDA approval of our NDA for KOMZIFTI was based upon positive data from our KOMET-001 trial, a global Phase 1/2 trial that evaluated KOMZIFTI\u2019s safety and efficacy in 112 patients with relapsed or refractory NPM1-mutated AML. We believe that KOMZIFTI is differentiated from other menin inhibitors on the four pillars of efficacy, safety, compatibility and simplicity, and our market research indicates that this differentiated profile aligns with the priorities of physicians, pharmacists and care teams who treat patients with AML as well as with third-party payors, including commercial insurers and government healthcare programs. Efficacy: The rate of CR+CRh in the KOMET-001 trial was 21.4% (95% CI: 14.2, 30.2). The median duration of CR+CRh was five months (95% CI: 1.9, 8.1) and the median time to first response in patients who achieved a CR or CRh was 2.7 months (range: 0.9 to 15 months). 88% of patients who achieved CR or CRh did so within six months of initiating KOMZIFTI. These data from the Prescribing Information for KOMZIFTI are generally consistent with the full results of the KOMET-001 trial published in the Journal of Clinical Oncology in September 2025. Safety: KOMZIFTI demonstrated a manageable safety profile in the KOMET-001 trial, with most reported adverse events being Grade 1 or Grade 2. The most common adverse reactions, including laboratory abno Item 1. Business. Overview We are a biopharmaceutical company committed to realizing the promise of precision medicines for the treatment of cancer. Since our founding in 2014, we have transformed from a research and development company to a fully-integrated commercial-stage organization with a diversified pipeline of product candidates. Our pipeline consists of small molecules designed to target cancer signaling pathways and address significant unmet needs in oncology and hematology. 2025 was a pivotal year for our company. On November 13, 2025, the FDA approved our new drug application, or NDA, for ziftomenib, which is being marketed in the United States under the trade name KOMZIFTITM, for the treatment of adults with relapsed or refractory acute myeloid leukemia, or AML, with a susceptible nucleophosmin 1, or NPM1, mutation who have no satisfactory alternative treatment options. KOMZIFTI is the first and only menin inhibitor approved by the FDA for once-daily oral administration. We continue to evaluate ziftomenib across the AML treatment continuum, including in relapsed or refractory and newly diagnosed disease and in patient subtypes representing up to 50% of AML cases. Among other studies, our clinical development program includes two registrational Phase 3 clinical trials of ziftomenib in combination with intensive and non-intensive chemotherapy in patients with newly diagnosed AML and multiple clinical trials of ziftomenib in combination with standards of care in patients with relapsed or refractory and newly diagnosed AML with NPM1 and FLT3 co-mutations. In addition to AML, we are evaluating ziftomenib in combination with imatinib for the treatment of gastrointestinal stromal tumors, or GIST. We also are exploring the use of KO-7246, a next-generation menin inhibitor, for use in diabetes and cardiometabolic disorders and additional next-generation menin inhibitors for use in combination with other therapies in solid tumors. In addition to our menin Item 1A. Risk Factors. RISK FACTORS Except for the historical information contained herein or incorporated by reference, this Annual Report and the information incorporated by reference contains forward-looking statements that involve risks and uncertainties. These statements include projections about our accounting and finances, plans", "title": "KURA - Kura Oncology, Inc.", "url": "/company/KURA/" }, { "kind": "company", "summary": "SIC 6500 Real Estate; CIK 0001482512; latest 10-K filed 2026-02-27.", "text": "HPP - Hudson Pacific Properties, Inc. SIC 6500 Real Estate; CIK 0001482512; latest 10-K filed 2026-02-27. HPP Hudson Pacific Properties, Inc. 0001482512 6500 Real Estate ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion relates to our consolidated financial statements and should be read in conjunction with the consolidated financial statements and the related notes, refer to Part IV, Item 15(a) \u201cExhibits, Financial Statement Schedules.\u201d Statements in this Item 7 contain forward-looking statements. Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. In particular, information concerning projected future occupancy rates, rental rate increases, property development timing and investment amounts contain forward-looking statements. Furthermore, all of the statements regarding future financial performance (including anticipated funds from operations (\u201cFFO\u201d) market conditions and demographics) are forward-looking statements. Numerous factors will affect our actual results, some of which are beyond our control. These include the strength of commercial and industrial real estate markets, market conditions affecting tenants, competitive market conditions, interest rate levels, volatility in our stock price and capital market conditions. Accordingly, investors should use caution and not place undue reliance on this information, which speaks only as of the date of this report. We expressly disclaim any responsibility to update any forward-looking information, whether as a result of new information, future events, or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws to disclose material information. For a discussion of important risks related to our business, and related to investing in our securities, including risks that could cause actual results and events to differ materially from results and events referred to in the forward-looking statements refer to Part I, Item 1A \u201cRisk Factors.\u201d In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this report might not occur. Executive Summary Through our interest in Hudson Pacific Properties, L.P. (our operating partnership) and its subsidiaries, at December 31, 2025, our portfolio of owned real estate included office properties comprising approximately 13.9 million square feet, studio properties comprising approximately 45 sound stages and 1.7 million square feet and land properties comprising approximately 3.2 million square feet of undeveloped density rights. Our production services assets include vehicles, lighting and grip, production supplies and other equipment and the lease rights to 20 sound stages. As of December 31, 2025, our in-service office portfolio was 77.0% leased (including leases not yet commenced). Our in-service studio properties average percent leased for the twelve months ended December 31, 2025 was 78.8%. Current Year Highlights Property Dispositions During the year ended December 31, 2025 the Company sold its Maxwell, Foothill Research Center, 625 Second and Element LA properties for $46.0 million, $23.0 million, $28.0 million and $150.0 million, respectively. Please refer to Part IV, Item 15 (a) \u201cExhibits, Financial Statement Schedules\u2014Note 4 to the Consolidated Financial Statements\u2014Investment in Real Estate\u201d for details. 40 Under Construction and Future Development Projects The following table summarizes the properties currently under construction and future development pipelines as of December 31, 2025: [[GREPCENT_TABLE]] [[\"\",\"\",\"Type\",\"\",\"Submarket\",\"\",\"Estimated Square Feet(1)\",\"\",\"Estimated Completion Date\",\"\",\"Estimated Stabilization Date\"],[\"Recently Completed:\"],[\"Seattle, Washington\"],[\"Washington 1000\",\"\", ITEM 1. Business Company Overview We are a vertically integrated real estate investment trust (\u201cREIT\u201d) offering end-to-end real estate solutions for dynamic tenants in the synergistic, converging and secular growth industries of tech and media. We acquire, reposition, develop and operate sustainable high-quality office and state-of-the-art studio properties in high-barrier-to-entry tech and media epicenters. Our primary investment markets include Los Angeles, the San Francisco Bay Area, Seattle, New York and Vancouver, British Columbia. We invest across the risk-return spectrum, favoring opportunities that allow us to leverage leasing, capital investment and operating expertise along with deep strategic relationships to create incremental stakeholder value. As of December 31, 2025, our portfolio included: \u2022Office properties comprising approximately 13.9 million square feet; \u2022Studio properties comprising approximately 1.7 million square feet, including 45 sound stages, production-supporting office and other facilities; \u2022Land properties comprising approximately 3.2 million square feet of undeveloped density rights for office, studio and residential space; and \u2022Production services assets, comprising vehicles, lighting and grip, production supplies and other equipment and the lease rights to an additional 20 sound stages. This Annual Report on Form 10-K includes financial measures that are not in accordance with generally accepted accounting principles in the United States (\u201cGAAP\u201d), which are accompanied by what the Company considers the most directly comparable financial measures calculated and presented in accordance with GAAP. The Company presents \u201cHPP\u2019s share\u201d of certain of these measures, which are non-GAAP financial measures that are calculated as the measure on a consolidated basis, in accordance with GAAP, plus our operating partnership\u2019s share of the measure from our unconsolidated joint ventures (calculated based upon the operating partnership\u2019s percen ITEM 1A. Risk Factors Overview The following section sets forth material factors that may adversely affect our business and financial performance. The following factors, as well as the factors discussed in \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2014 Factors That May Influence Our Operating Resu", "title": "HPP - Hudson Pacific Properties, Inc.", "url": "/company/HPP/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001806837; latest 10-K filed 2026-02-24.", "text": "VERX - Vertex, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001806837; latest 10-K filed 2026-02-24. VERX Vertex, Inc. 0001806837 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the consolidated financial statements and the notes thereto included elsewhere in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, beliefs, and expectations that involve risks and uncertainties. Our actual results and the timing of events could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the sections titled \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements.\u201d This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Annual Report on Form 10-K, and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. Overview Vertex is a leading provider of enterprise compliance technology for global commerce. Our software, data, and services help businesses operate with confidence by automating and governing transaction-based compliance obligations that arise wherever they buy, sell, and move goods and services around the world. Our mission is to deliver the most trusted tax technology enabling global businesses to transact, comply, and grow with confidence. Vertex provides cloud-based and on-premise solutions that can be tailored to specific industries for every major line of indirect tax, including sales and consumer use, value added (including e-invoicing), and payroll. Headquartered in North America, and with offices in South America and Europe, Vertex employs over 2,100 professionals and serves companies across the globe. We derive the majority of our revenue from software subscriptions. These subscriptions include use of our software and ongoing monthly content updates. Our software is offered on a subscription basis to our customers, regardless of their deployment preferences. On-premise subscriptions and cloud-based subscriptions are typically sold through one- to three-year contracts. We bill the majority of our customers annually in advance of the subscription period. Our customers include a majority of the Fortune 500, as well as a majority of the top 10 companies by revenue in multiple industries such as retail, technology, and manufacturing, in addition to leading marketplaces. Our customer base also includes many of Europe\u2019s largest companies in the industrial and chemical manufacturing, pharmaceutical, medical device and metals and mining industries. As our customers expand geographically and pursue omnichannel business models, their tax determination and compliance requirements increase and become more complex, providing sustainable organic growth opportunities for our business. Our flexible, tiered transaction-based pricing model also results in our customers growing their spend with us as they grow and continue to use our solutions. We principally price our solutions based on a customer\u2019s revenue base, in addition to a number of other factors. We employ a hybrid deployment model to align to our customers\u2019 technology preferences for their core financial management software across on-premise, cloud deployments, or any combination of these models. Over time, we expect both existing and newly acquired customers to continue to shift toward cloud deployment models. Cloud-based subscription sales to new customers have grown at a significantly faste Item 1.Business Overview Vertex is a leading provider of enterprise compliance technology for global commerce. Our software, data, and services help businesses operate with confidence by automating and governing transaction-based compliance obligations that arise wherever they buy, sell, and move goods and services around the world. At the core of global commerce are transaction-based regulatory requirements that must be calculated, documented, reported, and, in many cases, digitally transmitted to tax authorities in real time. Indirect taxes\u2014such as sales tax, use tax, and value-added tax (\u201cVAT\u201d)\u2014represent a significant portion of these obligations. Unlike direct taxes, which are paid directly by the entity being taxed, indirect taxes are collected from a purchaser and remitted to taxing authorities by the seller or service provider as part of each transaction. These obligations are inherently complex and pervasive. In the United States alone, indirect tax rules vary across more than 20,000 unique taxing jurisdictions, each with its own rates, rules, and reporting requirements. Globally, the complexity is compounded by continuously changing regulations, increasing enforcement, and the growing adoption of digital and real-time compliance mandates. For companies operating across multiple jurisdictions, compliance is not an isolated, periodic activity\u2014it is a requirement embedded in virtually every sale or purchase transaction they execute each day. Vertex helps enterprises manage this complexity by embedding compliance automation directly into the systems and workflows that drive global commerce. Our platform enables customers to determine transaction-level obligations, manage compliance data, support invoicing and reporting requirements, and maintain audit-ready records across jurisdictions. By reducing friction, enhancing transparency, and improving control, Vertex helps customers mitigate the risk of non-compliance while supporting business growth and operati Item 1A.Risk Factors Our business faces significant risks and uncertainties. Certain important factors may have a material adverse effect on our business prospects, financial condition and results of operations, and they should be carefully considered. Accordingly, in evaluating our business, we encourage you to consider the following discuss", "title": "VERX - Vertex, Inc.", "url": "/company/VERX/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000709337; latest 10-K filed 2026-03-05.", "text": "FMNB - FARMERS NATIONAL BANC CORP /OH/ SIC 6022 State Commercial Banks; CIK 0000709337; latest 10-K filed 2026-03-05. FMNB FARMERS NATIONAL BANC CORP /OH/ 0000709337 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following presents a discussion and analysis of Farmers\u2019 financial condition and results of operations by its management. The review highlights the principal factors affecting earnings and the significant changes in balance sheet items for the years 2025, 2024 and 2023. Financial information for prior years is presented when appropriate. The objective of this financial review is to enhance the reader\u2019s understanding of the accompanying tables and charts, the consolidated financial statements, notes to financial statements and financial statistics appearing elsewhere in this Annual Report on Form 10-K. Where applicable, this discussion also reflects management\u2019s insights of known events and trends that have or may reasonably be expected to have a material effect on Farmers\u2019 business, financial condition or results of operations. Cautionary Note Regarding Forward Looking Statements This Annual Report on Form 10-K contains \u201cforward-looking statements\u201d within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are not statements of historical fact, but rather statements based on Farmers\u2019 current expectations, beliefs and assumptions regarding the future of Farmers\u2019 business, future plans and strategies, projections, anticipated events and trends, its intended results and future performance, the economy and other future conditions. Forward-looking statements are preceded by terms such as \u201cwill,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cmay,\u201d \u201cexpect,\u201d \u201cestimate,\u201d \u201cbelieve,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cplan\u201d \u201cproject,\u201d or variations of these words, or similar expressions. Forward-looking statements are not a guarantee of future performance, and actual future results could differ materially from those contained in forward-looking information. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Numerous uncertainties, risks, and changes could cause or contribute to Farmers\u2019 actual results, performance, and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include, without limitation, risks and uncertainties detailed from time to time in Farmers\u2019 filings with the Commission, including without limitation the risk factors disclosed in Item 1A, \u201cRisk Factors\u201d of this Annual Report on Form 10-K. Many of these factors are beyond the Company\u2019s ability to control or predict, and readers are cautioned not to put undue reliance on those forward-looking statements. The following, which is not intended to be an all-encompassing list, summarizes several factors that could cause the Company\u2019s actual results to differ materially from those anticipated or expected in any forward-looking statement: [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"general economic conditions in markets where the Company conducts business, which could materially impact credit quality trends;\"],[\"\",\"\\u2022\",\"the length and extent of the economic impacts of the ongoing conflict in Ukraine;\"],[\"\",\"\\u2022\",\"the length and extent of U.S. and foreign country tariff policies and their impact on global, national, and regional economic conditions;\"],[\"\",\"\\u2022\",\"actions by the Federal Reserve Board, U.S. Treasury and other government agencies, including those that impact money supply, market interest rates and inflation;\"],[\"\",\"\\u2022\",\"disruptions in the mortgage and lending markets and significant or unexpected fluctuations in interest rates related to governmental responses to inflation, including financial stimulus packages and interest rate changes;\"],[\"\",\"\\u2022\",\"general business conditions in the banking industry;\"],[\"\",\"\\u2022\",\"the regulator Item 1. Business. General Farmers National Banc Corp. Farmers National Banc Corp. (the \u201cCompany,\u201d \u201cFarmers,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d), is a financial holding company that was organized as a one-bank holding company in 1983 under the laws of the State of Ohio and registered under the Bank Holding Company Act of 1956, as amended (the \u201cBHCA\u201d). Amendments to the BHCA in 1999 allowed for a bank holding company to declare itself a financial holding company and thereby engage in financial activities, including securities underwriting and dealing, insurance agency and underwriting activities, and merchant banking activities. The Company made the declaration to become a financial holding company in 2016. For a bank holding company to be eligible to declare itself a financial holding company, all of the depository institution subsidiaries must be well-capitalized and well-managed and have satisfactory or better ratings under the Community Reinvestment Act of 1977 (the \"CRA\"). The Company operates principally through its wholly-owned subsidiaries, The Farmers National Bank of Canfield (the \u201cBank\u201d or \u201cFarmers Bank\u201d) and Farmers Trust Company (\u201cFarmers Trust\u201d). A third subsidiary, Farmers National Captive, Inc. (\u201cCaptive\u201d), was dissolved in November of 2023. Farmers National Insurance, LLC (\u201cFarmers Insurance\u201d) and Farmers of Canfield Investment Co. (\u201cInvestments\" or \u201cFarmers Investments\u201d) are wholly-owned subsidiaries of the Bank. The Company and its subsidiaries operate in the domestic banking, trust, retirement consulting, insurance and financial management industries. The Company\u2019s principal business consists of owning and supervising its subsidiaries. Although Farmers directs the overall policies of its subsidiaries, including lending practices and financial resources, most day-to-day affairs are managed by their respective officers. The Company\u2019s principal executive offices are located at 20 South Broad Street, Canfield, Ohio 44406, and its telephone number is (330) 533-3 Item 1A. Risk Factors. The following are certain risk factors that could materially and negatively affect our business, results of operations, cash flows or financial condition. These risk factors should be considered in connection with evaluating the forward-looking statements contained in this Annual Report on ", "title": "FMNB - FARMERS NATIONAL BANC CORP /OH/", "url": "/company/FMNB/" }, { "kind": "company", "summary": "SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0002011514; latest 10-K filed 2026-02-26.", "text": "AVR - Anteris Technologies Global Corp. SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0002011514; latest 10-K filed 2026-02-26. AVR Anteris Technologies Global Corp. 0002011514 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies Item 7 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) summarizes the significant factors affecting the operating results, financial condition and liquidity, and cash flows of our company for the year ended December 31, 2025. The Company was incorporated under the laws of the state of Delaware to become the holding company of our business pursuant to the Reorganization. Prior to completion of the Reorganization, the Company had no business or operations and, following completion of the Reorganization, the business and operations of the Company consists solely of the business and operations of ATGC and its subsidiaries. Our financial statements as of December 31, 2023 and as of and for the years ended December 31, 2024 and 2025 consolidate, and our future financial statements will consolidate ATGC as an operating subsidiary. This MD&A should be read in conjunction with our consolidated financial statements, the accompanying notes to consolidated financial statements and other financial information included in this Form 10-K. Except for historical information, the matters discussed in this MD&A contain various forward-looking statements that involve risks and uncertainties and are based upon judgments concerning various factors beyond our control. Our actual results could differ materially from those anticipated in these forward-looking statements. You should carefully read the section titled \u201cRisk Factors\u201d to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section of this Form 10-K titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d. Overview Anteris is a structural heart company dedicated to revolutionizing cardiac care by pioneering science-driven and measurable advancements to restore heart valve patients to healthy function. Our lead product, the DurAVR\u00ae THV System, was designed in collaboration with the world\u2019s leading interventional cardiologists and cardiac surgeons to treat aortic stenosis \u2014 a potentially life-threatening condition resulting from a narrowing of the aortic valve. The balloon-expandable DurAVR\u00ae THV is the first biomimetic valve, which is shaped to mimic the performance of a healthy human aortic valve and aims to replicate normal aortic blood flow. Our DurAVR\u00ae THV System consists of a single-piece, biomimetic valve made with our proprietary ADAPT\u00ae tissue-enhancing technology and deployed with our balloon expandable ComASUR\u00ae Delivery System. ADAPT\u00ae is our proprietary anti-calcification tissue shaping technology that is designed to reengineer xenograft tissue into a pure, single-piece collagen bioscaffold. Our patented ADAPT\u00ae tissue has been clinically demonstrated to be calcium free for up to 10 years post-procedure, according to Performance of the ADAPT-Treated CardioCel\u00ae Scaffold in Pediatric Patients With Congenital Cardiac Anomalies: Medium to Long-Term Outcomes, published by William Neethling et. al., and has been distributed for use in over 55,000 patients globally in other indications. Our balloon expandable ComASUR\u00ae Delivery System, which was developed in consultation with physicians, is designed to provide precise alignment with the heart\u2019s native commissures to achieve accurate placement of the DurAVR\u00ae THV. As of December 2025, more than 130 patients have been implanted with the DurAVR\u00ae THV worldwide. In 2025, we advanced regulatory activities in Europe, with the goal of securing approval to commence the PARADIGM Trial in a number of European countries. In October 2025, we secured the first European regulatory approval in Denmark and subsequently enrolled and treated the first patients marking the formal initiation of the PARADIGM Trial. In November 2025, we also received IDE approval from the FDA for the PARADIGM Trial. The FDA grant Business Overview Anteris is a structural heart company dedicated to revolutionizing cardiac care by pioneering science-driven and measurable advancements to restore heart valve patients to healthy function. Our lead product, the DurAVR\u00ae THV System, was designed in collaboration with the world\u2019s leading interventional cardiologists and cardiac surgeons to treat aortic stenosis \u2014 a potentially life-threatening condition resulting from a narrowing of the aortic valve. The balloon-expandable DurAVR\u00ae THV is the first biomimetic valve, which is shaped to mimic the performance of a healthy human aortic valve and aims to replicate normal aortic blood flow. Our DurAVR\u00ae THV System consists of a single-piece, biomimetic valve made with our proprietary ADAPT\u00ae tissue-enhancing technology and deployed with our balloon expandable ComASUR\u00ae Delivery System. ADAPT\u00ae is our proprietary anti-calcification tissue shaping technology that is designed to reengineer xenograft tissue into a pure, single-piece collagen bioscaffold. Our patented ADAPT\u00ae tissue has been clinically demonstrated to be calcium free for up to 10 years post-procedure, according to Performance of the ADAPT-Treated CardioCel\u00ae Scaffold in Pediatric Patients With Congenital Cardiac Anomalies: Medium to Long-Term Outcomes, published by William Neethling et. al., and has been distributed for use in over 55,000 patients globally in other indications. Our balloon expandable ComASUR\u00ae Delivery System, which was developed in consultation with physicians, is designed to provide precise alignment with the heart\u2019s native commissures to achieve accurate placement of the DurAVR\u00ae THV. As of December 2025, more than 130 patients have been implanted with the DurAVR\u00ae THV worldwide. Aortic stenosis is one of the most common and serious valvular heart diseases. It is fatal in approximately 50% of patients if left untreated after two years, and no pharmacotherapy is available to treat this disease. Aortic stenosis causes a narrowing of", "title": "AVR - Anteris Technologies Global Corp.", "url": "/company/AVR/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001830081; latest 10-K filed 2026-03-05.", "text": "RUM - RUM Group Inc. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001830081; latest 10-K filed 2026-03-05. RUM RUM Group Inc. 0001830081 7370 Services-Computer Programming, Data Processing, Etc. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d should be read in conjunction with the \u201cBusiness\u201d section and Rumble Inc.\u2019s (\u201cRumble\u201d or the \u201cCompany\u201d) consolidated financial statements as of and for the years ended December 31, 2025 and 2024 (\u201cconsolidated financial statements\u201d) and other information included elsewhere in this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from such forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those identified below and those discussed in the sections titled \u201c1A. Risk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d included elsewhere in this Annual Report and those discussed in our other filings with the SEC. Additionally, our historical results are not necessarily indicative of the results that may be expected in any future period. Amounts are presented in U.S. dollars. Overview We are a high growth, video sharing and cloud services provider platform designed to help content creators manage, distribute, and monetize their content by connecting them with brands, publishers, and directly to their subscribers and followers. Our registered office is 444 Gulf of Mexico Drive, Longboat Key, Florida, 34228. Our shares of Class A common stock and warrants are traded on Nasdaq under the symbols \u201cRUM\u201d and \u201cRUMBW\u201d, respectively. Significant Events and Transactions On February 7, 2025, Tether, the largest company in the digital assets industry and the most widely used dollar stablecoin across the world, purchased 103,333,333 shares of Class A Common Stock at a price per share of $7.50, totaling $775 million in gross proceeds to Rumble. As part of the closing of the transaction, the Company completed a tender offer to purchase 70,000,000 shares of its Class A Common Stock at a price of $7.50 per share for a total of $525 million, excluding fees and expenses related to the tender offer. On November 10, 2025, the Company entered into the ND Business Combination Agreement. Subject to the satisfaction or waiver of the terms and conditions of the ND Business Combination Agreement, the Company will submit the Exchange Offer to all shareholders of Northern Data to acquire each Northern Data Share in exchange for certain shares of Class A Common Stock. Each Northern Data Share that is validly tendered and accepted for exchange will be exchanged for 2.0281 newly issued shares of our Class A Common Stock (with customary settlement mechanisms for fractional shares), subject to the satisfaction or waiver of the conditions to the Exchange Offer. Tether, along with an affiliate of Northern Data\u2019s current co-CEO (Aroosh Thillainathan) and another significant shareholder, collectively holding approximately 70% of the outstanding Northern Data Shares, have entered into the Transaction Support Agreements pursuant to which they will exchange their Northern Data Shares at the same Exchange Ratio contemporaneously with the closing of the Exchange Offer. 50 The launch of the Exchange Offer is expected to occur during the second quarter of 2026. The ND Business Combination is expected to close in the second quarter of 2026, subject to satisfaction of closing conditions and regulatory approvals. Additionally, the Company has entered into a significant agreement with Tether, which includes an initial commitment by Tether to purchase up to $150 million of GPU services over a two-year period following the closing of the ND Business Combination. The Company also announced a $100 million advertising commitment from Tether, representing $50 million per year over a two-year period beginning in the first quarter of 2026. This commitment is not contingent upon the completion of the ND Bu Item 1. Business Overview Unless the section herein specifies otherwise, references to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d are to, (a) prior to the consummation of the business combination (the \u201cCF Business Combination\u201d) contemplated by that certain business combination agreement, dated December 1, 2021 (as amended, the \u201cCF Business Combination Agreement\u201d), by and between CF Acquisition Corp. VI, a Delaware corporation (\u201cCF VI\u201d), and Rumble Inc., a corporation formed under the laws of the Province of Ontario, Canada (\u201cLegacy Rumble\u201d), either (i) CF VI or (ii) Legacy Rumble, as the context may require, and (b) following the closing of the CF Business Combination, Rumble Inc., a Delaware corporation. Unless the section herein specifies otherwise, references to \u201cRumble\u201d are to (x) prior to the closing of the CF Business Combination, Legacy Rumble and (y) following the closing of the CF Business Combination, Rumble Inc., a Delaware corporation. References to \u201cExchangeCo\u201d are to 1000045728 Ontario Inc., a corporation formed under the laws of the Province of Ontario, Canada, and an indirect, wholly owned subsidiary of Rumble, and references to \u201cExchangeCo Shares\u201d are to the exchangeable shares of ExchangeCo. Our Story Rumble was founded in 2013, when the concept of \u2018preferencing\u2019 on the internet was simple \u2013 it was big vs. small. At that time, it was clear that the incumbent social video platforms were beginning to preference large creators, influencers, and brands, while leaving the small creator behind and thus, creating a market opportunity. The Company was founded based on the premise of providing small creators with the tools and distribution that they needed to succeed. Fast forward to 2020, when a new, and much more nuanced form of \u2018preferencing\u2019 was evolving online, including sophisticated algorithms used by the incumbents for amplification and censorship. In contrast, Rumble never moved the goal posts on its content policies. This consistency and transparency Item 1A. Risk Factors Risks and uncertainties that could cause our actual results to differ materially from the results contemplated by the forward-looking statements contained in this Form 10-K and other public statements we make are described below. Investors in our securities should carefully", "title": "RUM - RUM Group Inc.", "url": "/company/RUM/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0001538263; latest 10-K filed 2026-03-13.", "text": "HTB - HomeTrust Bancshares, Inc. SIC 6035 Savings Institution, Federally Chartered; CIK 0001538263; latest 10-K filed 2026-03-13. HTB HomeTrust Bancshares, Inc. 0001538263 6035 Savings Institution, Federally Chartered Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This discussion and analysis reviews our consolidated financial statements and other relevant statistical data and is intended to enhance your understanding of our financial condition and results of operations. The information in this section has been derived from the Consolidated Financial Statements and notes thereto which are included in Item 8 of this Form 10-K. You should read the information in this section in conjunction with the business and financial information regarding us as provided in this Form 10-K. Financial Highlights [[GREPCENT_TABLE]] [[\"(Dollars in thousands)\",\"December 31, 2025\",\"\",\"December 31, 2024\",\"\",\"December 31, 2023\",\"\",\"June 30, 2023\"],[\"Selected financial condition data\"],[\"Total assets\",\"$\",\"4,545,635\",\"\",\"\",\"$\",\"4,595,430\",\"\",\"\",\"$\",\"4,672,633\",\"\",\"\",\"$\",\"4,607,487\"],[\"Cash and cash equivalents\",\"324,692\",\"\",\"\",\"279,219\",\"\",\"\",\"347,140\",\"\",\"\",\"303,497\"],[\"Certificates of deposit in other banks\",\"18,841\",\"\",\"\",\"28,538\",\"\",\"\",\"34,722\",\"\",\"\",\"33,152\"],[\"Debt securities available for sale, at fair value\",\"142,540\",\"\",\"\",\"152,011\",\"\",\"\",\"126,950\",\"\",\"\",\"151,926\"],[\"Loans, net of ACL and deferred loan fees and costs\",\"3,536,675\",\"\",\"\",\"3,603,014\",\"\",\"\",\"3,591,381\",\"\",\"\",\"3,611,630\"],[\"Deposits\",\"3,709,997\",\"\",\"\",\"3,779,203\",\"\",\"\",\"3,661,373\",\"\",\"\",\"3,601,168\"],[\"Junior subordinated debt\",\"10,220\",\"\",\"\",\"10,120\",\"\",\"\",\"10,021\",\"\",\"\",\"9,971\"],[\"Borrowings\",\"165,000\",\"\",\"\",\"188,000\",\"\",\"\",\"433,763\",\"\",\"\",\"457,263\"],[\"Stockholders\\u2019 equity\",\"600,690\",\"\",\"\",\"551,758\",\"\",\"\",\"499,893\",\"\",\"\",\"471,186\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\",\"\",\"Six Months Ended December 31, 2023\",\"\",\"Year Ended June 30, 2023\"],[\"(Dollars in thousands, except per share data)\",\"2025\",\"\",\"2024\"],[\"Selected operations data\"],[\"Total interest and dividend income\",\"$\",\"256,138\",\"\",\"\",\"$\",\"261,616\",\"\",\"\",\"$\",\"124,684\",\"\",\"\",\"$\",\"187,126\"],[\"Total interest expense\",\"79,400\",\"\",\"\",\"92,112\",\"\",\"\",\"40,144\",\"\",\"\",\"29,711\"],[\"Net interest income\",\"176,738\",\"\",\"\",\"169,504\",\"\",\"\",\"84,540\",\"\",\"\",\"157,415\"],[\"Provision for credit losses\",\"6,938\",\"\",\"\",\"7,545\",\"\",\"\",\"5,930\",\"\",\"\",\"15,392\"],[\"Net interest income after provision for credit losses\",\"169,800\",\"\",\"\",\"161,959\",\"\",\"\",\"78,610\",\"\",\"\",\"142,023\"],[\"Service charges and fees on deposit accounts\",\"9,807\",\"\",\"\",\"9,165\",\"\",\"\",\"4,686\",\"\",\"\",\"9,510\"],[\"Loan income and fees\",\"2,772\",\"\",\"\",\"2,737\",\"\",\"\",\"982\",\"\",\"\",\"2,571\"],[\"Gain on sale of loans held for sale\",\"7,668\",\"\",\"\",\"6,253\",\"\",\"\",\"2,330\",\"\",\"\",\"5,608\"],[\"BOLI income\",\"3,552\",\"\",\"\",\"4,312\",\"\",\"\",\"3,901\",\"\",\"\",\"2,116\"],[\"Operating lease income\",\"7,064\",\"\",\"\",\"7,346\",\"\",\"\",\"3,377\",\"\",\"\",\"5,471\"],[\"Gain on sale of branches\",\"1,448\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"Gain (loss) on sale of premises and equipment\",\"93\",\"\",\"\",\"(9)\",\"\",\"\",\"(248)\",\"\",\"\",\"2,097\"],[\"Other\",\"3,927\",\"\",\"\",\"3,645\",\"\",\"\",\"1,847\",\"\",\"\",\"3,677\"],[\"Total noninterest income\",\"36,331\",\"\",\"\",\"33,449\",\"\",\"\",\"16,875\",\"\",\"\",\"31,050\"],[\"Total noninterest expense\",\"125,176\",\"\",\"\",\"125,497\",\"\",\"\",\"59,802\",\"\",\"\",\"115,909\"],[\"Income before income taxes\",\"80,955\",\"\",\"\",\"69,911\",\"\",\"\",\"35,683\",\"\",\"\",\"57,164\"],[\"Income tax expense\",\"16,591\",\"\",\"\",\"15,106\",\"\",\"\",\"7,386\",\"\",\"\",\"12,560\"],[\"Net income\",\"$\",\"64,364\",\"\",\"\",\"$\",\"54,805\",\"\",\"\",\"$\",\"28,297\",\"\",\"\",\"$\",\"44,604\"],[\"Net income per common share \\u2013 basic\",\"$\",\"3.75\",\"\",\"\",\"$\",\"3.21\",\"\",\"\",\"$\",\"1.67\",\"\",\"\",\"$\",\"2.82\"],[\"Net income per common share \\u2013 diluted\",\"$\",\"3.72\",\"\",\"\",\"$\",\"3.20\",\"\",\"\",\"$\",\"1.67\",\"\",\"\",\"$\",\"2.80\"]] [[/GREPCENT_TABLE]] 26 [[GREPCENT_TABLE]] [[\"\",\"At or For the Year Ended December 31,\",\"\",\"At or For the Six Months Ended December 31, 2023\",\"\",\"At or For the Year Ended June 30, 2023\"],[\"\",\"2025\",\"\",\"2024\"],[\"Performance ratios\"],[\"Return on assets (ratio of net income to average total assets)(1)\",\"1.46\",\"%\",\"\",\"1.23\",\"%\",\"\",\"1.27\",\"%\",\"\",\"1.16\",\"%\"],[\"Return o Item 1. Business Overview HomeTrust Bancshares, Inc., a Maryland corporation, was formed for the purpose of becoming the holding company for HomeTrust Bank in connection with the Bank\u2019s conversion from mutual to stock form, which was completed on July 10, 2012. As a bank holding company and financial holding company, we are regulated by the Federal Reserve. At December 31, 2025, the Company had consolidated total assets of $4.5 billion, total deposits of $3.7 billion and stockholders\u2019 equity of $600.7 million. The Company has not engaged in any significant activity other than holding the stock of the Bank. Accordingly, the information set forth in this Form 10-K, including the audited consolidated financial statements and related data, relates primarily to the Bank and its subsidiary. As a North Carolina state-chartered bank, and member of the FRB, the Bank's primary regulators are the NCCOB and the Federal Reserve. The Bank's deposits are federally insured up to applicable limits by the FDIC. The Bank is a member of the FHLB of Atlanta, which is one of the 11 regional banks in the FHLB System. Our headquarters is located in Asheville, North Carolina. The Bank was originally formed in 1926. Between the fiscal years of 1996 and 2011, HomeTrust Bank's Board of Directors and executive management expanded the Bank beyond its historical Asheville market and created a unique partnership through which hometown community banks could combine their financial resources to achieve a shared vision. These actions resulted in mergers between six established banks located in Tryon, Shelby, Eden, Lexington and Cherryville, North Carolina. Since 2013, we have entered eight attractive growth markets through various acquisitions and new office openings, as well as expanded our product lines. These include: \u2022BankGreenville Financial Corporation - one office in Greenville, South Carolina (acquired in July 2013) \u2022Jefferson Bancshares, Inc. - nine offices across East Tennessee (acqui Item 1A. Risk Factors An investment in our common stock is subject to risks inherent in our business. Before making an investment decision, you should carefully consider the risks and uncertainties described below together with all of the other information included in this report. In additio", "title": "HTB - HomeTrust Bancshares, Inc.", "url": "/company/HTB/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001479681; latest 10-K filed 2026-03-05.", "text": "NUTX - Nutex Health Inc. SIC 7389 Services-Business Services, NEC; CIK 0001479681; latest 10-K filed 2026-03-05. NUTX Nutex Health Inc. 0001479681 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion is intended to assist you in understanding our results of operations and our present financial condition and contains forward-looking statements that reflect our future plans, estimates, beliefs and expected performance. The forward-looking statements are dependent upon events, risks and uncertainties that may be outside our control. We caution you that our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences are discussed elsewhere in this Annual Report, particularly in the \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors,\u201d all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law. Overview Nutex Health Inc. is a physician-led, healthcare services and operations company with 26 hospital facilities in 12 states (hospital division), and a primary care-centric, risk-bearing population health management division. Our hospital division implements and operates innovative health care models, including micro-hospitals, specialty hospitals and hospital outpatient departments (\u201cHOPDs\u201d). The population health management division owns and operates provider networks such as independent physician associations (\u201cIPAs\u201d) and offers a cloud-based proprietary technology platform to IPAs which aggregates clinical and claims data across multiple settings, information systems and sources to create a holistic view of patients and providers. At December 31, 2025, we employed approximately 944 full-time employees, contracted more than 280 doctors at our facilities and partnered with over 3,600 physicians within our networks. Our corporate headquarters is based in Houston, Texas. We were incorporated on April 13, 2000 in the state of Delaware. 41 Table of Contents Our financial statements present the Company\u2019s consolidated financial condition and results of operations including those of majority-owned subsidiaries and variable interest entities (\u201cVIEs\u201d) for which we are the primary beneficiary. The hospital division includes our healthcare billing and collections organization and hospital entities. In addition, we have financial and operating relationships with multiple professional entities (the \u201cPhysician LLCs\u201d) and real estate entities (the \u201cReal Estate Entities\u201d). The Physician LLCs employ the doctors who work in our hospitals. These Physician LLCs are consolidated by the Company as VIEs because they do not have sufficient equity at risk to finance their activities independently. The Company is considered the primary beneficiary of these entities because (i) it has the power to direct the activities that most significantly affect their economic performance through its contractual and operational oversight, and (ii) it has the obligation to absorb losses and the right to receive benefits that could be significant, as evidenced by the Company\u2019s historical practice of providing financial support during periods of cash shortfall and receiving the benefit of services. The Real Estate Entities own the land and hospital buildings which are leased to our hospital entities. The Real Estate Entities have mortgage loans payable to third parties which are collateralized by the land and buildings. We consolidate the Real Estate Entities as VIEs in instances where our hospital entities are guarantors or co-borrowers under their outstanding mortgage loans. As of December 31, 2025, two Real Estate Entities continue to be consolidated in our financial statements as VIEs. The Company has no direct or indirect ownership interest in the Physician LLCs. The Company has no direct or indirect interests Item 1. Business Overview Nutex Health Inc. (\u201cNutex Health\u201d or the \u201cCompany\u201d) is a physician-led, healthcare services and operations company with 26 hospital facilities (as of December 31, 2025) in 12 states (hospital division), and a primary care-centric, risk-bearing population health management division. Our hospital division implements and operates innovative health care models, including micro-hospitals, specialty hospitals and hospital outpatient departments (\u201cHOPDs\u201d). The population health management (\u201cPHM\u201d) division owns and operates provider networks such as independent physician associations (\u201cIPAs\u201d). We employ 944 full-time employees, contract more than 280 doctors at our facilities and partner with over 3,600 physicians and specialists within our IPA networks. Our corporate headquarters is based in Houston, Texas. We were incorporated on April 13, 2000 in the state of Delaware. Operating Segments We report the results of our operations as three segments: (i) the hospital division, (ii) the PHM division, and (iii) the real estate division. Hospital Division. Our hospital division develops and operates a network of micro-hospitals, specialty hospitals and HOPDs providing comprehensive and high-quality 24/7 care. Our full-service care delivery model provides concierge-level care traditionally offered by larger hospitals in a patient-friendly and cost-effective setting. We provide a full spectrum of healthcare services, including emergency room care, inpatient care, and behavioral health, and offer a complementary suite of ancillary services, including onsite imaging (CT scan, X-ray, MRI, ultrasound, etc.), certified and accredited laboratories, and onsite inpatient pharmacies. As of December 31, 2025, we owned and operated 26 healthcare facilities across 12 states and had an additional nine de novo micro-hospitals under various stages of development. Our micro-hospitals generate revenue from both emergency services and in-patient services, providing Item 1A. Risk Factors Our business, financial condition, and operating results are affected by a number of factors, whether currently known or unknown, including risks specific to us or the healthcare industry, as well as risks that affect businesses in general. The risks disclosed in this Annual Report could materially adversely ", "title": "NUTX - Nutex Health Inc.", "url": "/company/NUTX/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001920406; latest 10-K filed 2026-03-19.", "text": "ASST - Strive, Inc. SIC 6199 Finance Services; CIK 0001920406; latest 10-K filed 2026-03-19. ASST Strive, Inc. 0001920406 6199 Finance Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Information The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and notes to those consolidated financial statements included in Item 15 of this Annual Report. References to \"we\", \"us\", \"our\", or \"the Company\" refer to Strive, Inc. and its consolidated subsidiaries unless specifically stated otherwise. In addition to historical financial information, this discussion and analysis contains forward-looking statements that are based upon our current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond our control. See the section of this Annual Report entitled \u201cForward Looking Information and Risk Factor Summary.\u201d Actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cPart I. Item 1A. Risk Factors\u201d or elsewhere in this Annual Report. References to \"we\", \"us\", \"our\", or \"the Company\" refer to Strive, Inc. and its consolidated subsidiaries unless specifically stated otherwise. 1:20 Reverse Stock Split On February 6, 2026, we completed a 1:20 reverse stock split of our Class A and Class B Common Stock (the \"Reverse Stock Split\"). As a result of the Reverse Stock Split, all applicable share and per share information of the Successor presented within this \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d has been retroactively adjusted to reflect the Reverse Stock Split for all periods presented. Concurrent with the effectiveness of the Reverse Stock Split, the number of shares of Class A Common Stock available to purchase and the related exercise price of outstanding warrants were adjusted pro-rata to give effect to the Reverse Stock Split. Overview Strive is a structured finance company and institutional asset manager focused on disciplined capital allocation and long term value creation. We have strategically adopted bitcoin as our hurdle rate for capital deployment because of our fiduciary duty to maximize long-term value for stockholders, and compounding purchasing power over time. Relative to a traditional depreciating fiat-denominated benchmark, implementing a bitcoin hurdle rate establishes a higher level of accountability and strategic investment discipline, since our decisions are measured against an asset we believe will appreciate over time. Strive\u2019s operating business generates stockholder value through disciplined balance sheet management and the growth of our bitcoin holdings. Our SATA Stock exemplifies this approach, a publicly traded security that aims to provide investors with consistent cash flows and minimal volatility, while enabling Strive to capture the spread between SATA Stock\u2019s financing cost and the potential long term return of bitcoin. Beyond balance sheet strategy, Strive is focused on advancing innovation within the capital markets by modernizing established financing structures. The Company has developed our SATA Stock, our perpetual preferred equity instrument, that incorporates an at\u2011the\u2011market (\u201cATM\u201d) program, creating a flexible and continuous capital formation mechanism. This approach transforms a historically static capital structure into a dynamic and adaptive capital funding platform. Through 50 these innovations, Strive seeks to combine legacy market frameworks with modern assets, positioning the Company at the intersection of institutional finance and a bitcoin\u2011based reserve strategy. Following the completion of Strive Enterprises, Inc.'s reverse acquisition of Asset Entities Inc. in September 2025, Strive began operating as a publicly traded company and began deploying capital to execute on its bi Item 1. Business Overview Strive is a structured finance company and institutional asset manager focused on disciplined capital allocation and long term value creation. We have strategically adopted bitcoin as our hurdle rate for capital deployment because of our fiduciary duty to maximize long-term value for stockholders, and compounding purchasing power over time. Relative to a traditional depreciating fiat-denominated benchmark, implementing a bitcoin hurdle rate establishes a higher level of accountability and strategic investment discipline, since our decisions are measured against an asset we believe will appreciate over time. Strive\u2019s operating business generates stockholder value through disciplined balance sheet management and the growth of our bitcoin holdings. Our SATA Stock exemplifies this approach, a publicly traded security that aims to provide investors with consistent cash flows and minimal volatility, while enabling Strive to capture the spread between SATA Stock\u2019s financing cost and the potential long term return of bitcoin. Beyond balance sheet strategy, Strive is focused on advancing innovation within the capital markets by modernizing established financing structures. The Company has developed our SATA Stock, our perpetual preferred equity instrument, that incorporates an at\u2011the\u2011market (\u201cATM\u201d) program, creating a flexible and continuous capital formation mechanism. This approach transforms a historically static capital structure into a dynamic and adaptive capital funding platform. Through these innovations, Strive seeks to combine legacy market frameworks with modern assets, positioning the Company at the intersection of institutional finance and a bitcoin\u2011based reserve strategy. Following the completion of Strive Enterprises, Inc.\u2019s reverse acquisition of Asset Entities Inc. on September 12, 2025, Strive began operating as a publicly traded company and began deploying capital to execute on its bitcoin treasury strategy, becoming the firs Item 1A. Risk Factors Any investment in our securities involves a high degree of risk. Investors should carefully consider the risks described below before making an investment decision. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also im", "title": "ASST - Strive, Inc.", "url": "/company/ASST/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001626971; latest 10-K filed 2026-03-12.", "text": "CRVS - Corvus Pharmaceuticals, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001626971; latest 10-K filed 2026-03-12. CRVS Corvus Pharmaceuticals, Inc. 0001626971 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual report on Form 10-K. This Annual Report on Form 10-K, including the following sections, contains forward-looking statements within the meaning of the federal securities laws. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those expressed or implied by such forward-looking statements. For a detailed discussion of these risks and uncertainties, see the \u201cRisk Factors\u201d section in Item 1A of this Annual Report on Form 10-K. We caution the reader not to place undue reliance on these forward-looking statements, which reflect management\u2019s analysis only as of the date of this Form 10-K. We undertake no obligation to update forward-looking statements, which reflect events or circumstances occurring after the date of this Form 10-K. Overview We are a clinical stage biopharmaceutical company developing product candidates that precisely target proteins that are critical to immune cell maturation and function. We believe our proprietary product candidates have broad potential to address immune mediated diseases, inflammatory diseases and cancers. Our lead product candidate, soquelitinib (formerly CPI-818), is designed to bind specifically to a protein, interleukin 2 inducible T cell kinase (ITK), involved in T cell activation, T cell receptor signaling and T cell differentiation and function. Based on the proposed mechanism of action, we believe soquelitinib has the potential to be utilized to inhibit the production of a number of inflammatory cytokines involved in diseases such as atopic dermatitis, hidradenitis suppurativa, asthma, psoriasis and fibrotic diseases. In preclinical studies, Soquelitinib has affected T cell differentiation leading to enhanced function of T cells involved in tumor cell eradication. Since the immune cells targeted by our product candidates play a role in many diseases, our strategy is to leverage our research and development capabilities by evaluating our product candidates in clinical trials where there is an understanding of the role of specific T cells in the target indication and where we believe such product candidates have the broadest potential. We believe this strategy has enabled us to move rapidly from preclinical to clinical trials in diverse disease areas, each with large unmet needs. Soquelitinib entered a registrational, Phase 3 clinical trial for relapsed T cell lymphomas and is also being evaluated in a randomized, placebo-controlled Phase 2 trial in patients with atopic dermatitis. We have two additional product candidates which are in clinical development for the treatment of various solid tumors, also based on modulation of immune function. To date, the majority of our efforts have been focused on the research, development and advancement of soquelitinib, ciforadenant, and mupadolimab, and we have not generated any revenue from product sales and, as a result, we have incurred significant losses. We expect to continue to incur significant research and development and general and administrative expenses related to our operations. Our net loss for the years ended December 31, 2025 and 2024 was $15.3 million and $62.3 million, respectively, which includes non-operating income of $27.1 million and non-operating loss of $33.4 million, respectively. As of December 31, 2025, we had an accumulated deficit of $412.3 million. We expect our losses will increase as we continue our development of, seek regulatory approval for and begin to commercialize soquelitinib, ciforadenant and mupadolimab, and as we develop other product candidates. Even if we achieve profitability in the future, we may not be able to sustain profitability in subsequent periods. Since our inception and through Item 1. Business Overview We are a clinical stage biopharmaceutical company developing product candidates that precisely target proteins that are critical to immune cell maturation and function. We believe our proprietary product candidates have broad potential to address immune mediated diseases, inflammatory diseases and cancers. Our lead product candidate, soquelitinib (formerly CPI-818), is designed to bind specifically to a protein, interleukin 2 inducible T cell kinase (ITK), involved in T cell activation, T cell receptor signaling and T cell differentiation and function. Based on the proposed mechanism of action, we believe soquelitinib has the potential to be utilized to inhibit the production of a number of inflammatory cytokines involved in diseases such as atopic dermatitis, hidradenitis suppurativa, asthma, psoriasis and fibrotic diseases. In preclinical studies, Soquelitinib has affected T cell differentiation leading to enhanced function of T cells involved in tumor cell eradication. Since the immune cells targeted by our product candidates play a role in many diseases, our strategy is to leverage our research and development capabilities by evaluating our product candidates in clinical trials where there is an understanding of the role of specific T cells in the target indication and where we believe such product candidates have the broadest potential. We believe this strategy has enabled us to move rapidly from preclinical to clinical trials in diverse disease areas, each with large unmet needs. Soquelitinib entered both a registrational, Phase 3 clinical trial for relapsed T cell lymphomas and a recently initiated randomized, placebo-controlled Phase 2 trial in patients with atopic dermatitis. We have two additional product candidates which are in clinical development for the treatment of various solid tumors, also based on modulation of immune function. Product Candidate Pipeline Our product candidate pipeline and anticipated milestones inclu", "title": "CRVS - Corvus Pharmaceuticals, Inc.", "url": "/company/CRVS/" }, { "kind": "company", "summary": "SIC 3577 Computer Peripheral Equipment, NEC; CIK 0000807863; latest 10-K filed 2025-12-11.", "text": "MITK - MITEK SYSTEMS INC SIC 3577 Computer Peripheral Equipment, NEC; CIK 0000807863; latest 10-K filed 2025-12-11. MITK MITEK SYSTEMS INC 0000807863 3577 Computer Peripheral Equipment, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains predictions, estimates and other forward-looking statements that involve a number of risks and uncertainties, including those discussed under Item 1A\u2014\u201cRisk Factors\u201d or in other parts of this report. These risks could cause our actual results to differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors.\u201d Overview Mitek Systems, Inc. (\u201cMitek\u201d or the \u201cCompany\u201d) is a global provider of digital identity verification and fraud prevention solutions. The Company\u2019s technologies help organizations verify identities, mitigate fraud risk, and enable secure digital interactions in response to increasingly complex and evolving threats, including those driven by artificial intelligence (\u201cAI\u201d). Mitek\u2019s platform addresses key use cases across digital interactions and customer lifecycle, including new account openings, account access, and mobile check deposit. Core capabilities include AI, machine learning, computer vision, and proprietary biometric liveness, and deepfake detection technologies that support identity verification, detect manipulation, and help prevent digital impersonation. The Company\u2019s Mobile Check Deposit product enables approximately 1.2 billion transactions annually and is widely used by financial institutions to provide consumers with fast, accurate, and secure remote deposit functionality. Mitek\u2019s identity verification technologies are embedded within mobile and web applications, delivering real-time, automated identity validation across critical digital interactions. As of the date of this filing, Mitek serves more than 7,000 organizations globally, including financial institutions, financial technology (\u201cfintech\u201d) companies, telecommunications providers, and digital marketplaces. The Company\u2019s solutions assist customers in addressing fraud risk, complying with Know Your Customer (\u201cKYC\u201d) and anti-money laundering (\u201cAML\u201d) regulations, and improving operational efficiency and user experience. Strategic Acquisitions and Innovation Mitek has expanded its offerings through targeted acquisitions that support long-term innovation and enhance core capabilities in fraud prevention and identity verification. ID R&D, Inc., a provider of biometric authentication and passive liveness detection technologies, was acquired in 2021 and fully integrated by 2025. ID R&D combines applied AI research, biometric science, and product engineering to accelerate the Company\u2019s technology roadmap and support development of secure, scalable identity and fraud solutions. This acquisition strengthened the Company\u2019s ability to support multimodal authentication across multiple points in the digital identity lifecycle. These proprietary capabilities provide rapid response to evolving threats such as injection attacks, template attacks, and deepfakes. In 2022, Mitek acquired HooYu Ltd., a provider of orchestration and KYC solutions that integrate biometric verification with real-time data aggregation from third party data providers that include credit bureaus, sanctions lists, and law enforcement databases. The addition of HooYu further expanded the Company\u2019s offerings in fraud, risk management, and compliance. Addressing Emerging Threats The rapid advancement of AI has introduced a new class of fraud threats, including hyper-realistic deepfakes, voice clones, and synthetic identities that challenge traditional fraud and identity detection methods. These technologies have altered the market and lowered the barrier to entry for fraudsters, enabling scalable attacks that can bypass legacy systems ITEM 1. BUSINESS. Overview Mitek Systems, Inc. (\u201cMitek\u201d or the \u201cCompany\u201d) is a global provider of digital identity verification and fraud prevention solutions. The Company\u2019s technologies help organizations verify identities, mitigate fraud risk, and enable secure digital interactions in response to increasingly complex and evolving threats, including those driven by artificial intelligence (\u201cAI\u201d). Mitek\u2019s platform addresses key use cases across digital interactions and customer lifecycle, including new account openings, account access, and mobile check deposit. Core capabilities include AI, machine learning, computer vision, and proprietary biometric liveness, and deepfake detection technologies that support identity verification, detect manipulation, and help prevent digital impersonation. The Company\u2019s Mobile Check Deposit product enables approximately 1.2 billion transactions annually and is widely used by financial institutions to provide consumers with fast, accurate, and secure remote deposit functionality. Mitek\u2019s identity verification technologies are embedded within mobile and web applications, delivering real-time, automated identity validation across critical digital interactions. As of the date of this filing, Mitek serves more than 7,000 organizations globally, including financial institutions, financial technology (\u201cfintech\u201d) companies, telecommunications providers, and digital marketplaces. The Company\u2019s solutions assist customers in addressing fraud risk, complying with Know Your Customer (\u201cKYC\u201d) and anti-money laundering (\u201cAML\u201d) regulations, and improving operational efficiency and user experience. Strategic Acquisitions and Innovation Mitek has expanded its offerings through targeted acquisitions that support long-term innovation and enhance core capabilities in fraud prevention and identity verification. ID R&D, Inc., a provider of biometric authentication and passive liveness detection technologies, was acquired in 2021 and fully integ ITEM 1A. RISK FACTORS. Risk Factor Summary Below is a summary of the principal factors that make an investment in our common stock speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found be", "title": "MITK - MITEK SYSTEMS INC", "url": "/company/MITK/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001984086; latest 10-K filed 2026-03-09.", "text": "SEPN - Septerna, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001984086; latest 10-K filed 2026-03-09. SEPN Septerna, Inc. 0001984086 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our audited financial statements and related notes included elsewhere in this Annual Report. This discussion and other parts of this Annual Report contain forward-looking statements based upon current beliefs, plans, and expectations related to future events and our future financial performance that involve risks, uncertainties and assumptions, such as statements of our plans, objectives, expectations, intentions, forecasts and projections. Our actual results and the timing of selected events could differ materially from those discussed in these forward-looking statements as a result of several factors including, but not limited to, those set forth under the section titled \u201cRisk Factors\u201d and elsewhere in this Annual Report. Our historical results are not necessarily indicative of the results that may be expected for any period in the future, and you should carefully read the section titled \u201cRisk Factors\u201d to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview We are a clinical-stage biotechnology company pioneering a new era of GPCR oral small molecule drug discovered powered by our proprietary Native Complex Platform\u00ae. Our industrial-scale platform aims to unlock the full potential of GPCR therapies and has led to the discovery and development of our deep pipeline of drug candidates focused initially on treating patients in three therapeutic areas: endocrinology, immunology and inflammation, and metabolic diseases. Our proprietary Native Complex Platform\u00ae replicates the natural structure, function, and dynamics of GPCRs outside of cells at an industrial scale for, as we believe it, the first time. Our foundational technologies enable us to isolate, purify, and reconstitute full-length, properly folded GPCR proteins within ternary complexes with ligands and transducer proteins in a lipid bilayer that mimics the cell membrane. We then apply state-of-the-art discovery tools and technologies to these defined and tunable protein complexes to structurally design, screen for, and optimize potential product candidates. Leveraging our platform, we conduct GPCR oral small molecule drug discovery using an industrialized and iterative structure-based drug design approach for a diverse collection of GPCR targets. Our Native Complex Platform\u00ae is designed to enable us to target specific GPCRs, uncover novel binding pockets for validated receptors, and pursue a wide spectrum of pharmacologies, including agonists (which activate GPCR signaling), antagonists (which inhibit GPCR signaling), and allosteric modulators (which either increase or decrease the degree of GPCR activation by endogenous ligands), to affect GPCR signaling in different ways to achieve desired therapeutic effects. We are advancing a deep portfolio of oral small molecule GPCR-targeted programs with novel mechanistic approaches to treat diseases across multiple therapeutic areas for patients with significant unmet needs. Our wholly-owned pipeline is summarized in the figure below. 102 Financial Overview We were incorporated in Delaware in December 2019 under the name GPCR NewCo, Inc. In June 2021, we changed our name to Septerna, Inc. We are headquartered in South San Francisco, California. We have incurred significant operating losses since our inception, except for the year ended December 31, 2023. Our revenue to date has been generated solely from research services. Since our founding, we have devoted substantially all of our resources to organizing and staffing our company, business planning, raising capital, developing our proprietary and structure-based drug discovery pla Item 1. Business. Overview We are a clinical-stage biotechnology company pioneering a new era of G protein-coupled receptor (\u201cGPCR\u201d) oral small molecule drug discovery powered by our proprietary Native Complex Platform\u00ae. Our industrial-scale platform aims to unlock the full potential of GPCR therapies and has led to the discovery and development of our deep pipeline of product candidates focused initially on treating patients in three therapeutic areas: endocrinology, immunology and inflammation, and metabolic diseases. GPCRs are the largest and most diverse family of cell membrane receptors and regulate physiological processes in nearly every organ system of the human body. Due to their significant role in human diseases, GPCRs have been the most productive target class in drug discovery history, accounting for approximately one-third of all FDA-approved drugs, representing approximately 500 products with combined global revenue of approximately $125 billion in 2023. Despite the pharmacological and commercial success of GPCR-targeted agents, about 75% of potential GPCR therapeutic targets remain undrugged. For certain validated GPCRs, novel binding pockets may exist that could offer enhanced therapeutic benefits. Each step in GPCR activation involves subtle conformational changes that have been historically challenging to reproduce outside of a cell. The inability to isolate GPCR proteins in their native functional form outside of a cellular context has prevented scientists from leveraging some of the state-of-the-art technologies that have revolutionized drug discovery in other major target classes over the past decade. This complex challenge has limited GPCR drug discovery, particularly the development of novel oral small molecules, such as agonists for peptide GPCRs and allosteric modulators. Our proprietary Native Complex Platform\u00ae replicates the natural structure, function, and dynamics of GPCRs outside of cells at an industrial scale for, as we believe it Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below together with all of the other information contained in this Annual Report, including our financial statements and the related notes appearing at the end of this Annual Report and th", "title": "SEPN - Septerna, Inc.", "url": "/company/SEPN/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001227500; latest 10-K filed 2026-03-06.", "text": "EQBK - EQUITY BANCSHARES INC SIC 6022 State Commercial Banks; CIK 0001227500; latest 10-K filed 2026-03-06. EQBK EQUITY BANCSHARES INC 0001227500 6022 State Commercial Banks Item 7: Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the accompanying notes included elsewhere in this Annual Report on Form 10-K. The following discussion contains \u201cforward-looking statements\u201d that reflect our future plans, estimates, beliefs and expected performance. We caution that assumptions, expectations, projections, intentions or beliefs about future events may, and often do, vary from actual results and the differences can be material. See \u201cCautionary Statement Regarding Forward-Looking Statements.\u201d Also, see the risk factors and other cautionary statements described under the heading \u201cItem 1A \u2013 Risk Factors\u201d included in Item 1A of this Annual Report on Form 10-K. We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law. This discussion and analysis of our financial condition and results of operation includes the following sections: \u2022 Table containing selected financial data and ratios for the periods; \u2022 Overview; \u2022 Critical Accounting Policies \u2013 a discussion of accounting policies that require critical estimates and assumptions; \u2022 Results of Operations \u2013 an analysis of our operating results, including disclosures about the sustainability of our earnings; \u2022 Financial Condition \u2013 an analysis of our financial position; \u2022 Liquidity and Capital Resources \u2013 an analysis of our cash flows and capital position; and \u2022 Non-GAAP Financial Measures \u2013 reconciliation of non-GAAP measures. 53 [[GREPCENT_TABLE]] [[\"\",\"\",\"Years Ended December 31,\"],[\"(Dollars in thousands, except per share data)\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\",\"\",\"\",\"2022\",\"\",\"\",\"2021\"],[\"Statement of Income Data\"],[\"Interest and dividend income\",\"\",\"$\",\"330,835\",\"\",\"\",\"$\",\"296,843\",\"\",\"\",\"$\",\"246,712\",\"\",\"\",\"$\",\"188,248\",\"\",\"\",\"$\",\"157,368\"],[\"Interest expense\",\"\",\"\",\"104,754\",\"\",\"\",\"\",\"110,681\",\"\",\"\",\"\",\"87,694\",\"\",\"\",\"\",\"25,418\",\"\",\"\",\"\",\"14,789\"],[\"Net interest income\",\"\",\"\",\"226,081\",\"\",\"\",\"\",\"186,162\",\"\",\"\",\"\",\"159,018\",\"\",\"\",\"\",\"162,830\",\"\",\"\",\"\",\"142,579\"],[\"Provision (reversal) for credit losses\",\"\",\"\",\"8,953\",\"\",\"\",\"\",\"2,546\",\"\",\"\",\"\",\"1,873\",\"\",\"\",\"\",\"125\",\"\",\"\",\"\",\"(8,480\",\")\"],[\"Net gain on acquisition\",\"\",\"\\u2014\",\"\",\"\",\"\",\"2,131\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"962\",\"\",\"\",\"\",\"585\"],[\"Net gain (loss) from securities transactions\",\"\",\"\",\"(53,174\",\")\",\"\",\"\",\"220\",\"\",\"\",\"\",\"(51,909\",\")\",\"\",\"\",\"5\",\"\",\"\",\"\",\"406\"],[\"Other non-interest income\",\"\",\"\",\"37,146\",\"\",\"\",\"\",\"36,471\",\"\",\"\",\"\",\"32,780\",\"\",\"\",\"\",\"34,990\",\"\",\"\",\"\",\"31,851\"],[\"Merger expense\",\"\",\"\",\"8,065\",\"\",\"\",\"\",\"4,461\",\"\",\"\",\"\",\"297\",\"\",\"\",\"\",\"594\",\"\",\"\",\"\",\"9,189\"],[\"Goodwill impairment\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"Loss on extinguishment of debt\",\"\",\"\",\"1,361\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"372\"],[\"Other non-interest expense\",\"\",\"\",\"165,294\",\"\",\"\",\"\",\"139,696\",\"\",\"\",\"\",\"135,304\",\"\",\"\",\"\",\"127,786\",\"\",\"\",\"\",\"109,904\"],[\"Income (loss) before income taxes\",\"\",\"\",\"26,380\",\"\",\"\",\"\",\"78,281\",\"\",\"\",\"\",\"2,415\",\"\",\"\",\"\",\"70,282\",\"\",\"\",\"\",\"64,436\"],[\"Provision for income taxes\",\"\",\"\",\"3,654\",\"\",\"\",\"\",\"15,660\",\"\",\"\",\"\",\"(5,406\",\")\",\"\",\"\",\"12,594\",\"\",\"\",\"\",\"11,956\"],[\"Net income (loss)\",\"\",\"\",\"22,726\",\"\",\"\",\"\",\"62,621\",\"\",\"\",\"\",\"7,821\",\"\",\"\",\"\",\"57,688\",\"\",\"\",\"\",\"52,480\"],[\"Net income (loss) allocable to common stockholders\",\"\",\"\",\"22,726\",\"\",\"\",\"\",\"62,621\",\"\",\"\",\"\",\"7,821\",\"\",\"\",\"\",\"57,688\",\"\",\"\",\"\",\"52,480\"],[\"Basic earnings (loss) per share\",\"\",\"\",\"1.24\",\"\",\"\",\"\",\"4.04\",\"\",\"\",\"\",\"0.50\",\"\",\"\",\"\",\"3.56\",\"\",\"\",\"\",\"3.49\"],[\"Diluted earnings (loss) per share\",\"\",\"\",\"1.23\",\"\",\"\",\"\",\"4.00\",\"\",\"\",\"\",\"0.50\",\"\",\"\",\"\",\"3.51\",\"\",\"\",\"\",\"3.43\"],[\"Balance Sheet Data (at period end)\"],[\"Cash and cash equivalents\",\"\",\"$\",\"607,817\",\"\",\"\",\"$\",\"383,747\",\"\",\"\",\"$\" Item 1: Business Our Company We are a financial holding company headquartered in Wichita, Kansas. Our wholly-owned banking subsidiary, Equity Bank, provides a broad range of financial services primarily to businesses and business owners as well as individuals through our network of 77 branches located in Arkansas, Kansas, Missouri and Oklahoma, as of December 31, 2025. As of December 31, 2025, we had, on a consolidated basis, total assets of $6.37 billion, total deposits of $5.14 billion, total loans (net of allowances) of $4.15 billion and total stockholders\u2019 equity of $732.1 million. Our principal objective is to increase stockholder value and generate consistent earnings growth by expanding our commercial banking franchise both organically and through strategic acquisitions. We strive to provide an enhanced banking experience for our customers by providing them with a comprehensive suite of sophisticated banking products and services tailored to meet their needs while delivering the high-quality relationship-based customer service of a community bank. Our History and Growth We were founded in November 2002 by our Chairman and CEO, Brad S. Elliott. Mr. Elliott believed that, as a result of in-market consolidation, there existed an opportunity to build an attractive commercial banking franchise and create long-term value for our stockholders. Following thirteen years\u2019 experience as a finance executive, including serving as a Regional President for a Kansas bank with over $1.0 billion in assets, Mr. Elliott implemented his banking vision of developing a strategic consolidator of community banks and a destination for seasoned bankers and businesspersons who share our entrepreneurial spirit. In 2003, we raised capital from 23 local investors to finance the acquisition of National Bank of Andover in Andover, Kansas. We believe we have a successful track record of selectively acquiring, integrating and consolidating community banks and branch networks. Our acquisi Item 1A: Risk Factors Our business and results of operations are subject to numerous risks and uncertainties, many of which are beyond our control. The material risks and uncertainties that management believes affect the Company are described below. Additional risks and uncertainties that management is not aware of, or that management curr", "title": "EQBK - EQUITY BANCSHARES INC", "url": "/company/EQBK/" }, { "kind": "company", "summary": "SIC 7500 Services-Automotive Repair, Services & Parking; CIK 0001804745; latest 10-K filed 2026-05-19.", "text": "DRVN - Driven Brands Holdings Inc. SIC 7500 Services-Automotive Repair, Services & Parking; CIK 0001804745; latest 10-K filed 2026-05-19. DRVN Driven Brands Holdings Inc. 0001804745 7500 Services-Automotive Repair, Services & Parking MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis for Driven Brands Holdings Inc. and Subsidiaries (\u201cDriven Brands,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) should be read in conjunction with our consolidated financial statements and the related notes to our consolidated financial statements included elsewhere in this Annual Report. We operate on a 52- or 53-week fiscal year, which ends on the last Saturday in December. The twelve months ended December 27, 2025, December 28, 2024, and December 30, 2023 were all 52 week periods. Overview Description of Business Driven Brands is the largest automotive services company in North America with a growing and highly-franchised base of over 4,200 locations across 49 states in the U.S. and Canada. Our scaled, diversified platform fulfills an extensive range of core retail and commercial automotive needs, including oil change, paint, collision, glass, and repair services. We have continued to consistently grow our revenue through same store sales growth and adding new franchised and company-operated stores. Driven Brands generated net revenue of approximately $1.9 billion during the year ended December 27, 2025, an increase of 6% compared to the prior year, and system-wide sales of approximately $6.1 billion during the year ended December 27, 2025, an increase of 3% from the prior year. The broader operating environment in which we conduct our business is subject to a number of macroeconomic and industry-specific factors that may affect our performance. We have experienced softening demand within certain businesses, primarily as a result of inflationary pressures, increased competition, industry and macroeconomic dynamics, possible future tariffs, global conflicts, and negative weather patterns. We believe the impact of inflation on consumer demand and our cost structure could be significant in 2026. Restatement of Previously Issued Consolidated Financial Statements We have restated our previously issued audited consolidated financial statements for fiscal years 2024 and 2023 contained in the 2024 Form 10-K. Refer to the Explanatory Note preceding Item 1, Business, Note 3, Restatement of Previously Issued Consolidated Financial Statements and Note 19, Restatement and Recast of Quarterly Financial Information (Unaudited), included in Item 8 for background on the restatement, the fiscal periods impacted, control considerations, and other information. In addition, we have restated certain previously reported financial information for fiscal years 2024 and 2023 in this Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations as well as the Company\u2019s unaudited interim financial statements for each of the quarterly and year-to-date periods for the periods ended September 27, 2025, June 28, 2025 and March 29, 2025, and the respective comparative periods. In connection with the preparation of our financial statements for the fiscal year ended December 27, 2025, we identified multiple material weaknesses in our internal control over financial reporting as further described in Item 9A. As a result, we have concluded that our internal controls were not effective as of December 27, 2025. We are taking steps to remediate these weaknesses, including enhancing our control environment and implementing additional review procedures. Adjustments made as a result of the Restatement impacted financial results for fiscal years 2023 and 2024 and the first three quarters of fiscal year 2025. The impact of the Restatement on net income in 2023, 2024, and through the end of the third quarter of 2025 were reductions of $54 million, $5 million, and $5 million, respectively and reductions of $57 million, $12 million, and $8 million on Adjusted EBITDA in 2023, 2024 and through the end of the third quarter of 2025, respectively. An overview of the primary impacts from the restatement adjustments on th Item 1. Business Overview Driven Brands is the largest automotive services company in North America with a growing and highly-franchised base of over 4,200 locations across 49 U.S. states and Canada. Our scaled, diversified platform provides high-quality services to an extensive range of retail, commercial, and insurance customers. Our breadth of services covers a wide variety of automotive needs, including routine maintenance services, such as oil changes, as well as paint, collision, glass, and repair services. Our portfolio of brands continues to generate consistent revenue with strong operating margins. Our network generated approximately $1.9 billion in net revenue from approximately $6.1 billion in system-wide sales in 2025. The Company operates and reports financial information on a 52- or 53-week year with the fiscal year ending on the last Saturday in December. Our 2025, 2024, and 2023 fiscal years ending December 27, 2025, December 28, 2024, and December 30, 2023, respectively, each consisted of 52 weeks. We are the largest provider of diversified automotive services in North America and have a portfolio of well-known brands, including Take 5 Oil Change\u00ae (\u201cTake 5 Oil\u201d), Meineke Car Care Center\u00ae (\u201cMeineke\u201d), MAACO\u00ae (\u201cMaaco\u201d), CARSTAR\u00ae, AutoGlassNow\u00ae (\u201cAGN\u201d), and 1-800-Radiator & A/C\u00ae (\u201c1-800 Radiator\u201d), among others. Our Business Our automotive services are grouped in the following segments: Take 5 Our Take 5 segment is primarily comprised of Take 5 Oil. Take 5 Oil services a combination of retail and commercial customers, such as fleet operators, through 1,342 locations as of December 27, 2025. Take 5 Oil\u2019s services include oil changes as well as certain as-needed automotive maintenance enhancements, including differential fluid exchanges, coolant services and air and cabin filters. Founded in 1984, Take 5 Oil provides an efficient stay-in-your-car style oil change. Take 5 Oil\u2019s 530 franchised and 812 company-operated locations, as of December 27, Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. These risks include those described below and may include additional risks and uncertainties not currently known to us or that we currently deem immaterial. These risks could adversely affect our resu", "title": "DRVN - Driven Brands Holdings Inc.", "url": "/company/DRVN/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001325618; latest 10-K filed 2026-03-06.", "text": "IRMD - IRADIMED CORP SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001325618; latest 10-K filed 2026-03-06. IRMD IRADIMED CORP 0001325618 3841 Surgical & Medical Instruments & Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read this discussion and analysis together with our audited financial statements, the notes to such statements and the other financial information included in this Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. As a result of many factors, such as those set forth under the section entitled \u201cRisk Factors\u201d and elsewhere in this Form 10-K, our actual results may differ materially from those anticipated in these forward-looking statements. See \u201cCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\u201d for a discussion of the uncertainties, risks and assumptions associated with these statements. Due to rounding, certain amounts in the tables herein may not sum precisely. Our Business We develop, manufacture, market and distribute MRI compatible medical devices and accessories, disposables and services relating to them. We are a leader in the development of innovative MRI compatible medical devices. We are the only known provider of non-magnetic IV infusion pump systems specifically designed to be safe for use during MRI procedures. We were the first to develop an infusion delivery system that largely eliminates many of the dangers and problems present during MRI procedures. Standard infusion pumps contain magnetic and electronic components which can create radio frequency interference and are dangerous to operate in the presence of the powerful magnet that drives an MRI system. Our patented MRidium MRI compatible IV infusion pump systems have been designed with a non-magnetic ultrasonic motor, uniquely designed non-ferrous parts and other special features to safely and predictably deliver anesthesia and other IV fluids during various MRI procedures. Our pump solutions provide a seamless approach that enables accurate, safe and dependable fluid delivery before, during and after an MRI scan, which is important to critically ill patients who cannot be removed from their vital medications, and children and infants who must generally be sedated to remain immobile during an MRI scan. Each IV infusion pump system generally consists of an MRidium MRI compatible IV infusion pump, non-magnetic mobile stand, proprietary disposable IV tubing sets and many of these systems contain additional optional upgrade accessories. Our 3880 MRI compatible patient vital signs monitoring system has been designed with non-magnetic components and other special features to safely and accurately monitor a patient\u2019s vital signs during various MRI procedures. The IRadimed 3880 system operates dependably in magnetic fields up to 30,000 gauss, which means it can operate virtually anywhere in the MRI scanner room. The IRadimed 3880 has a compact, lightweight design allowing it to travel with the patient from their critical care unit, to the MRI and back, resulting in increased patient safety through uninterrupted vital signs monitoring and decreasing the amount of time critically ill patients are away from critical care units. The features of the IRadimed 3880 include: wireless ECG with dynamic gradient filtering; wireless SpO2 using Masimo\u00ae algorithms; non-magnetic respiratory CO2; invasive and non-invasive blood pressure; patient temperature; and optional advanced multi-gas anesthetic agent unit featuring continuous Minimum Alveolar Concentration measurements. The IRadimed 3880 MRI compatible patient vital signs monitoring system has an easy-to-use design and allows for the effective communication of patient vital signs information to clinicians. We generate revenue from the sale of MRI compatible medical devices and accessories, extended maintenance agreements, services related to maintaining our products and the sale of disposable products used with our devices. The principal customers for our MRI compatible products include hospitals and acute care facilities, both in the United States and internationa ITEM 1. BUSINESS Overview IRADIMED CORPORATION (\u201cIRadimed\u201d, the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or similar terms) develops, manufactures, markets and distributes Magnetic Resonance Imaging (\u201cMRI\u201d) compatible medical devices and related accessories, disposables and services relating to them. We were originally incorporated in Oklahoma under the name IRI Development, Inc. in 1992, and we merged our Oklahoma corporation into the newly formed Delaware corporation, IRADIMED CORPORATION, in April 2014. MRidium\u00ae 3870 MRI Compatible IV Infusion Pump System We are the only known provider of a non-magnetic intravenous (\u201cIV\u201d) infusion pump system that is specifically designed to be safe for use during MRI procedures and operates dependably in magnetic fields up to 15,000 gauss. We were the first to develop an infusion delivery system that largely eliminates many of the dangers and problems present during MRI procedures. Standard infusion pumps contain magnetic and electronic components which can create radio frequency interference and are dangerous to operate in the presence of the powerful magnet that drives an MRI system. Our patented MRidium 3870 MRI Compatible IV Infusion Pump System, introduced in 2025, has been designed with a non-magnetic ultrasonic motor, uniquely designed non-ferrous parts, touch screen user interface, and other special features to safely and predictably deliver anesthesia and other critical care IV fluids during various MRI procedures. Our pump solution provides a seamless approach that enables accurate, safe and dependable fluid delivery before, during and after an MRI scan, which is important to critically ill patients who cannot be removed from their vital medications, and children and infants who must generally be sedated to remain immobile during an MRI scan. The MRidium 3870 IV Infusion Pump System consists of the MRidium 3870 MRI Compatible IV Infusion Pump, a non-magnetic IV pole mounting system, a non-magnetic mobile IV pole stand, proprie ITEM 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. Before you decide to invest in our common stock, you should carefully consider the risks described below, together with all other information included in this Annual Report, including our consolidated financial statements and re", "title": "IRMD - IRADIMED CORP", "url": "/company/IRMD/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001434868; latest 10-K filed 2026-03-10.", "text": "ESPR - Esperion Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001434868; latest 10-K filed 2026-03-10. ESPR Esperion Therapeutics, Inc. 0001434868 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. For a comparison of our results of operations for the fiscal years ended December 31, 2024 and December 31, 2023, see \"Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 7, 2025. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors. We discuss factors that we believe could cause or contribute to these differences below and elsewhere in this report, including those set forth under Item 1A. \u201cRisk Factors\u201d and under \u201cForward-Looking Statements\u201d in this Annual Report on Form 10-K. Overview Corporate Overview We are a commercial stage biopharmaceutical company currently focused on bringing new medicines to patients that address unmet medical needs. We have developed and are commercializing U.S. Food and Drug Administration, or FDA, approved oral, once-daily, non-statin medicines for patients who are at risk for cardiovascular disease, or CVD, and are struggling with elevated low-density lipoprotein cholesterol, or LDL-C. Through commercial execution, international partnerships and collaborations, and advancement of our pre-clinical pipeline, we continue to evolve into a leading global biopharmaceutical company. Our lead products NEXLETOL\u00ae (bempedoic acid) tablets and NEXLIZET\u00ae (bempedoic acid and ezetimibe) tablets are oral, once-daily, non-statin medicines indicated to reduce the risk of myocardial infarction and coronary revascularization in adults who are unable or unwilling to take recommended statin therapy (including those not taking a statin) with established CVD, or at high risk for a CVD event but without established CVD, and to reduce LDL-C in adults with primary hyperlipidemia. Our products were approved by the FDA, the European Commission, or EC (which, with respect to the UK, has been converted to a UK marketing authorization), and Swiss Agency for Therapeutic Products, or Swissmedic in 2020. The FDA approved expanded indications for NEXLETOL and NEXLIZET tablets in March 2024. The EC approved expanded indications for NILEMDO\u00ae (bempedoic acid) tablets and NUSTENDI\u00ae (bempedoic acid and ezetimibe) tablets in May 2024. Otsuka Pharmaceutical Co., Ltd., or Otsuka, our Japanese collaborator, received approval from the Japanese Ministry of Health, Labour and Welfare to market NEXLETOL as a treatment for hypercholesterolemia and familial hypercholesterolemia in September 2025, with National Health Insurance, or NHI, pricing received in the fourth quarter of 2025. We filed supplemental NDAs for product approvals in Canada in November 2024, with NEXLETOL approval in the fourth quarter of 2025 and NEXLIZET approval expected in first half of 2026. Our collaboration partners filed in Israel in March 2025, with expected approval in the first half of 2026, and in Australia in July 2025, with expected approval in the fourth quarter of 2026. On March 2, 2026, we entered into an Agreement and Plan of Merger, or the Merger Agreement, with Corstasis Therapeutics Inc., a Delaware corporation, or Corstasis, and Cirrus Transaction Subsidiary, Inc., a Delaware corporation and wholly-owned subsidiary of Esperion, or the Merger Sub. Pursuant to the Merger Agreement, and upon the terms and subject to the conditions thereof, Merger Sub will merge with and into Corstasis, or the Merger, with Corstasis surviving the Merger as a wholly-owned subsidia Item 1. Business Overview Esperion is a commercial stage biopharmaceutical company currently focused on bringing new medicines to patients that address unmet medical needs. We have developed and are commercializing U.S. Food and Drug Administration, or FDA, approved oral, once-daily, non-statin medicines for patients who are at risk for cardiovascular disease, or CVD and are struggling with elevated low-density lipoprotein cholesterol, or LDL-C. Through commercial execution, international partnerships and collaborations, and advancement of our pre-clinical pipeline, we continue to evolve into a leading global biopharmaceutical company. Our lead products NEXLETOL\u00ae (bempedoic acid) tablets and NEXLIZET\u00ae (bempedoic acid and ezetimibe) tablets are oral, once-daily, non-statin medicines indicated to reduce the risk of myocardial infarction and coronary revascularization in adults who are unable or unwilling to take recommended statin therapy (including those not taking a statin) with established CVD, or at high risk for a CVD event but without established CVD, and to reduce LDL-C in adults with primary hyperlipidemia. Our products were approved by the FDA, European Commission, or EC (which, with respect to the UK, has been converted to a UK marketing authorization), and Swiss Agency for Therapeutic Products, or Swissmedic in 2020. The FDA approved expanded indications for NEXLETOL and NEXLIZET tablets in March 2024. The EC approved expanded indications for NILEMDO\u00ae (bempedoic acid) tablets and NUSTENDI\u00ae (bempedoic acid and ezetimibe) tablets in May 2024. Otsuka Pharmaceutical Co., Ltd., or Otsuka, our Japanese collaborator, received approval from the Japanese Ministry of Health, Labour and Welfare to market NEXLETOL as a treatment for hypercholesterolemia and familial hypercholesterolemia in September 2025, with National Health Insurance, or NHI, pricing received in the fourth quarter of 2025. We filed supplemental NDAs for product approvals in Canada in November 2024 Item 1A. Risk Factors Except for the historical information contained herein or incorporated by reference, this Annual Report on Form 10-K and the information incorporated by reference contains forward-looking statements that involve risks and uncertainties. These statements include projections about our accou", "title": "ESPR - Esperion Therapeutics, Inc.", "url": "/company/ESPR/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001568100; latest 10-K filed 2026-03-12.", "text": "PD - PagerDuty, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001568100; latest 10-K filed 2026-03-12. PD PagerDuty, Inc. 0001568100 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the financial condition and results of operations of PagerDuty, Inc. and its wholly-owned subsidiaries, and subsidiaries in which PagerDuty, Inc. holds a controlling interest (\u201cPagerDuty,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K (this \u201cForm 10-K\u201d). This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, adverse effects on our business and general economic conditions due to those identified below, and those discussed in the section titled \u201cRisk Factors\u201d included elsewhere in this Form 10-K. The last day of our fiscal year is January 31. Our fiscal quarters end on April 30, July 31, October 31, and January 31. In this section, we discuss the results of our operations for the year ended January 31, 2026 compared to the year ended January 31, 2025. For a discussion of the year ended January 31, 2025 compared to the year ended January 31, 2024, please refer to Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Annual Report on Form 10-K for the year ended January 31, 2025. Overview PagerDuty, Inc. transforms critical work for modern business by building operational resilience, reducing risk, improving customer experience, and driving operational efficiency across digital operations. As a global leader in digital operations management since 2009, PagerDuty helps enterprises manage the complex web of infrastructure, applications, and systems that power today's digital experiences. The PagerDuty Operations Cloud sits at the center of the enterprise technology stack as a system of intelligence and action, ingesting signals from over 700 integrations\u2014including monitoring, observability, security, customer service, and development tools\u2014to orchestrate the right response across people, machines, and software. Built for the modern era of artificial intelligence (\u201cAI\u201d), PagerDuty empowers customers to maximize the value of their AI investments through agentic workflows, AI-powered automation, and intelligent orchestration that accelerates incident detection and resolution while enabling teams to focus on innovation rather than firefighting. 55 Table of Contents In today's environment, every business is fundamentally a digital business. Whether in retail, financial services, healthcare, telecommunications, or supply chain logistics, modern commerce depends on increasingly complex networks of digital infrastructure, cloud services, applications, and distributed teams that operate in an always-on world. This complexity continues to accelerate as organizations adopt AI-driven systems and integrate artificial intelligence across their operations. Customer expectations have never been higher. Incidents are measured not just in lost revenue but in damaged brand reputation and customer trust. Organizations face mounting pressure to deliver always-on digital experiences, resolve issues proactively before customers are impacted, and innovate rapidly without proportionally increasing operational costs or headcount. The ability to anticipate, orchestrate, and resolve time-sensitive, critical, and unplanned work before it escalates has become a strategic imperative and competitive differentiator. Since our founding in 2009, PagerDuty has evolved from a single product focused on on-call management for developers into a comprehensive, multi-product operations cloud that spans the entire enterprise. Today, our platform breaks down organizational silos across development, IT operations, security, customer service, and business ope Item 1. Business Overview PagerDuty, Inc. (\u201cPagerDuty,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) transforms critical work for modern business by building operational resilience, reducing risk, improving customer experience, and driving operational efficiency across digital operations. As a global leader in digital operations management since 2009, PagerDuty helps enterprises manage the complex web of infrastructure, applications, and systems that power today's digital experiences. The PagerDuty Operations Cloud sits at the center of the enterprise technology stack as a system of intelligence and action, ingesting signals from over 700 integrations\u2014including monitoring, observability, security, customer service, and development tools\u2014to orchestrate the right response across people, machines, and software. Built for the modern era of artificial intelligence (\u201cAI\u201d), PagerDuty empowers customers to maximize the value of their AI investments through agentic workflows, AI-powered automation, and intelligent orchestration that accelerates incident detection and resolution while enabling teams to focus on innovation rather than firefighting. In today's environment, every business is fundamentally a digital business. Whether in retail, financial services, healthcare, telecommunications, or supply chain logistics, modern commerce depends on increasingly complex networks of digital infrastructure, cloud services, applications, and distributed teams that operate in an always-on world. This complexity continues to accelerate as organizations adopt AI-driven systems and integrate artificial intelligence across their operations. Customer expectations have never been higher. Incidents are measured not just in lost revenue but in damaged brand reputation and customer trust. Organizations face mounting pressure to deliver always-on digital experiences, resolve issues proactively before customers are impacted, and innovate rapidly without proportionally increasing operational costs or headcount. The Item 1A. Risk Factors Our business involves significant risks, some of which are described below. You should carefully consider the following risks, together with all of the other information in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes included elsewhere in this Annual Report on", "title": "PD - PagerDuty, Inc.", "url": "/company/PD/" }, { "kind": "company", "summary": "SIC 8000 Services-Health Services; CIK 0001803901; latest 10-K filed 2026-03-13.", "text": "TALK - Talkspace, Inc. SIC 8000 Services-Health Services; CIK 0001803901; latest 10-K filed 2026-03-13. TALK Talkspace, Inc. 0001803901 8000 Services-Health Services Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Unless the context otherwise requires, all references in this section as to \u201cTalkspace,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d refer to the business of Talkspace, Inc. and its consolidated subsidiaries. The following discussion and analysis of our financial condition and results of operations should be read together with the financial statements and the related notes contained in this Annual Report. This discussion contains forward-looking statements that reflect our plans, estimates, and beliefs that involve risks and uncertainties. As a result of many factors, such as those discussed in the \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d sections and elsewhere in this Annual Report, our actual results may differ materially from those anticipated in these forward-looking statements. The purpose of this section is to discuss and analyze our consolidated financial condition, liquidity and capital resources and results of operations for the years ended December 31, 2025 and 2024. For a discussion of our results of operations, liquidity and capital resources for the year ended December 31, 2023, see \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview Talkspace is a leading virtual behavioral healthcare company offering its members convenient and affordable access to a fully-credentialed network of highly qualified providers across a wide and growing spectrum of care through virtual psychotherapy and psychiatry. All care offered at Talkspace is delivered through an easy-to-use, fully-encrypted web and mobile platform that meets HIPAA, federal, and state regulatory requirements. Our customers are comprised of the following: \u2022 Health insurance plans from commercial and government institutions, and employee assistance programs (\u201cPayor\u201d), who offer their members access to our platform at in-network reimbursement rates, \u2022 Direct-to-Enterprise (\u201cDTE\u201d), comprised of enterprises who offer their enterprise members access to our platform while their enterprise is under an active contract with Talkspace, and \u2022 Individual subscribers (\u201cConsumer\u201d) who subscribe directly to our platform. For the year ended December 31, 2025 our revenues were $228.9 million compared to $187.6 million for the year ended December 31, 2024. For the year ended December 31, 2025, our clinicians completed 1,617,000 sessions related to members covered under our Payor customers compared to 1,229,200 completed sessions for the year ended December 31, 2024. As of December 31, 2025, we had approximately 5,000 Consumer active members compared to 7,200 Consumer active members as of December 31, 2024. Pending Merger with Universal Health Services, Inc. On March 9, 2026, we entered into a definitive Agreement and Plan of Merger (the \u201cMerger Agreement\u201d) with Universal Health Services, Inc., a Delaware corporation (\u201cUHS\u201d), and UHS Merger Subsidiary, Inc., a Delaware corporation and an indirect wholly owned subsidiary of UHS (\u201cMerger Subsidiary\u201d), pursuant to which, among other things, Merger Subsidiary will merge with and into us (the \u201cMerger\u201d), with us continuing as the surviving corporation and a wholly-owned subsidiary of UHS. Under the terms of the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of our common stock (subject to certain exceptions set forth in the Merger Agreement) will be cancelled and converted into the right to receive $5.25 per share in cash. Following completion of the Merger, we will be delisted from the NASDAQ Global Select Market and deregistered under the Securities Exchange Act of 1934. We have made customary representations and warranties in the Merger Agreement and have agreed to customary covenants regarding the operation of our business prior to the consummation Item 1. BUSINESS Our Mission Our mission is to make behavioral health care available to all and help people everywhere to heal. Overview Talkspace, Inc. together with its consolidated subsidiaries (referred to herein as the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d or \u201cTalkspace\u201d) is a leading virtual behavioral healthcare company offering its members convenient and affordable access to a fully-credentialed network of highly qualified providers across a wide and growing spectrum of care through virtual psychotherapy and psychiatry. Founded in 2012, Talkspace pioneered message-based therapy, fulfilling an unmet desire of many people to connect with a licensed therapist from anywhere. Today we are a single destination for comprehensive mental health care, including therapy for individuals, couples, and teens, as well as psychiatric treatment and medication management (18+), and self-guided tools and resources. Most Americans have access to Talkspace through their health insurance plans, employee assistance programs, our partnerships with leading healthcare companies, or as a free benefit through their employer, school, or government agency. All care offered at Talkspace is delivered through an easy-to-use, fully-encrypted web and mobile platform that meets HIPAA, federal, and state regulatory requirements. Our customers are comprised of the following: \u2022 Health insurance plans from commercial and government institutions, and employee assistance programs (\u201cPayor\u201d), who offer their members access to our platform at in-network reimbursement rates, \u2022 Direct-to-Enterprise (\u201cDTE\u201d), comprised of enterprises who offer their enterprise members access to our platform while their enterprise is under an active contract with Talkspace, and \u2022 Individual subscribers (\u201cConsumer\u201d) who subscribe directly to our platform. Our vast nationwide network of 5,700+ licensed providers, located across all 50 U.S. states and the District of Columbia, include therapists and psychiatric providers with Item 1A. RISK FACTORS In the course of conducting our business operations, we are exposed to a variety of risks. Any of the risk factors we describe below have affected or could materially adversely affect our business, financial condition and results of operations. Certain statements in \u201cRisk Factors\u201d are forward-looking statements, see \u201cForward-Looking", "title": "TALK - Talkspace, Inc.", "url": "/company/TALK/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001541401; latest 10-K filed 2026-03-02.", "text": "ESRT - Empire State Realty Trust, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001541401; latest 10-K filed 2026-03-02. ESRT Empire State Realty Trust, Inc. 0001541401 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Unless the context otherwise requires or indicates, references in this section to \"we,\" \"our,\" and \"us\" refer to our Company and its consolidated subsidiaries. The following discussion and analysis should be read in conjunction with our consolidated financial statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 and the notes related thereto which are included in this Annual Report on Form 10-K. FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. We intend these forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and can generally be identified by words such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201cestimate,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cwould,\u201d and similar expressions. Forward-looking statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Forward-looking statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, among others: economic and market conditions (including the impact of catastrophic events, pandemics, extreme weather, terrorism, armed hostilities, cybersecurity threats and other technology disruptions); increased costs due to tariffs or other economic factors; changes in the New York City office, retail and tourism markets (including changes in the use of office space and remote work); leasing activity, tenant defaults, early terminations and renewals, occupancy levels and rental rates; performance of the Observatory (including tourism levels, currency and geopolitical impacts, weather and competition); interest rate volatility and capital markets conditions, including our ability to refinance, restructure or extend indebtedness; real estate valuation declines and potential impairment charges; our ability to execute capital projects and complete acquisitions on acceptable terms; risks relating to governmental regulation, environmental and climate-related requirements (including Local Law 97), and our ability to achieve sustainability goals and metrics; risks relating to our ground leases; our ability to maintain our qualification as a REIT; potential taxable gain arising from transactions structured to qualify under Section 1031; legal proceedings; and risks relating to our disclosure controls and internal control over financial reporting. For a discussion of these and other factors, see \"Item 1A. Risk Factors\" in this report. Any forward-looking statement speaks only as of the date of this report. We undertake no obligation to update or revise any forward-looking statement to reflect subsequent events or circumstances, except as required by law. Overview 2025 Highlights \u2022Net income attributable to common stockholders of $43.4 million. \u2022Core Funds From Operations (\"Core FFO\") of $234.2 million attributable to common stockholders and the operating partnership. \u2022Signed a total of 1,009,009 rentable square feet of new, renewal and expansion leases. \u2022In June 2025, we closed on the acquisition of two retail properties on North 6th Street in Williamsburg, Brooklyn for a purchase price of $31.0 million. \u2022In December 2025, we closed on the acquisition of 130 Mercer Street, located in the SoHo submarket of Manhattan, for a purchase price of $386.0 million. Results of Operations Overview The discussion below relates to the financial condition and results of operations for the years ITEM 1. BUSINESS Overview Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused real estate investment trust (\"REIT\") that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT\u2019s flagship Empire State Building, the \u201cWorld's Most Famous Building,\u201d features its iconic Observatory, ranked the #1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor\u2019s 2025 Travelers\u2019 Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of December 31, 2025, our portfolio was comprised of approximately 7.9 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units, which are located in New York City. Our office portfolio included 10 properties (including three long-term ground leasehold interests), all of which are located in Manhattan. Additionally, we have entitled land in Stamford, Connecticut that can support the development of either office or residential per local zoning. We were organized as a Maryland corporation on July 29, 2011 and commenced operations upon completion of our initial public offering and related formation transactions on October 7, 2013 (the \"Offering\"). Our operating partnership, Empire State Realty OP, L.P. (the \"Operating Partnership\"), holds substantially all of our assets and conducts substantially all of our business. As of December 31, 2025, we owned approximately 61.4% of the aggregate operating partnership units in the Operating Partnership. We, as the sole general partner in the Operating Partnership, have responsibility and discretion in the management and control of the Operating Partnership, and the limited partners in the Operating Partnership, in such capacity, have no authority to transact business for, or participate in the management activities of, the Operating Partnership. ITEM 1A. RISK FACTORS You should carefully consider the following risks, together with all other information in this Annual Report on Form 10-K, before you decide to retain or make an investment in our securities. These are not the only risks we face. Additional risks currently unknown or deemed immaterial c", "title": "ESRT - Empire State Realty Trust, Inc.", "url": "/company/ESRT/" }, { "kind": "company", "summary": "SIC 4412 Deep Sea Foreign Transportation of Freight; CIK 0001326200; latest 10-K filed 2026-02-18.", "text": "GNK - GENCO SHIPPING & TRADING LTD SIC 4412 Deep Sea Foreign Transportation of Freight; CIK 0001326200; latest 10-K filed 2026-02-18. GNK GENCO SHIPPING & TRADING LTD 0001326200 4412 Deep Sea Foreign Transportation of Freight ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \u200b General \u200b The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand our results of operations and financial condition. The MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and notes thereto included in Item 8 \u2013 Financial Statements and Supplementary Data. \u200b The MD&A generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 21, 2025. \u200b We are a Marshall Islands company that transports iron ore, coal, grain, bauxite, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk carrier vessels. After the expected delivery of two Newcastlemax vessels during March 2026 that we have agreed to acquire, our fleet will consist of 45 drybulk vessels, including two Newcastlemax and 17 Capesize vessels and 15 Ultramax and 11 Supramax vessels with an aggregate carrying capacity of approximately 5,044,000 deadweight tons (\u201cdwt\u201d) and an average age of approximately 12.7 years, pro forma for agreed-upon acquisitions. We seek to deploy our vessels on time charters, spot market voyage charters, spot market-related time charters or in vessel pools trading in the spot market, to reputable charterers. The majority of the vessels in our current fleet are presently engaged under time charter, spot market voyage charters and spot market-related time charters that expire (assuming the option periods in the time charters are not exercised) between February 2026 and March 2027. \u200b See pages 5 for a table of our current fleet. \u200b IMO 2023 Compliance Requirements \u200b The International Maritime Organization (\u201cIMO\u201d) implemented two key measures to enhance energy efficiency in international shipping with effect from January 2023 which are as follows: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Energy Efficiency Existing Ship Index (\\u201cEEXI\\u201d): Requires vessels of 400 gross tonnage and above which were already in operation at the time the regulation entered force to meet specific minimum energy efficiency standards.\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Carbon Intensity Indicator (\\u201cCII\\u201d): Mandates ships of 5,000 gross tonnage and above to annually report their carbon intensity against a gradually more stringent target trajectory. Vessels receive ratings from A (best) to E (worst) and must implement corrective action plans if poorly rated.\"]] [[/GREPCENT_TABLE]] \u200b These requirements are discussed above under \u201cItem 1 \u2013 Environmental and Other Regulations \u2013 Air Emissions.\u201d \u200b Revised IMO GHG Strategy \u200b In July 2023, the IMO adopted an updated greenhouse gas (\u201cGHG\u201d) strategy, setting forth the following targets: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Reduce total annual GHG emissions from shipping by at least 20%, striving for 30%, by 2030 compared to 2008 levels,\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Achieve at least a 70% reduction, striving for 80%, by 2040,\"]] [[/GREPCENT_TABLE]] 43 Table of Contents [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Reach net-zero GHG emissions by around 2050.\"]] [[/GREPCENT_TABLE]] \u200b These requirements are discussed above under \u201cItem 1 \u2013 Environmental and Other Regulations \u2013 Greenhouse Gas Regulations.\u201d \u200b Vessel Acquisitions and Sales \u200b Acquisitions \u200b On November 15, 2025, we entered into agreements to acquire two 2020-built 208,000 dwt scrubber-fitted Newcastlemax vessels for a total pu ITEM 1. BUSINESS \u200b OVERVIEW \u200b General \u200b We are a New York City-based pure-play drybulk ship owning company focused on the seaborne transportation of commodities globally. We transport key cargoes such as iron ore, coal, grain, bauxite, steel products and other drybulk cargoes along worldwide shipping routes. After the expected delivery of two Newcastlemax vessels during March 2026 that we have agreed to acquire, our fleet will consist of 45 drybulk vessels, including two Newcastlemax and 17 Capesize vessels and 15 Ultramax and 11 Supramax vessels with an aggregate carrying capacity of approximately 5,044,000 deadweight tons (\u201cdwt\u201d) and an average age of 12.7 years. \u200b See page 5 for a table of our current fleet. \u200b Our approach towards fleet composition is to own a high-quality fleet of vessels that focuses on Newcastlemax, Capesize, Ultramax and Supramax vessels. Newcastlemax and Capesize vessels represent our major bulk vessel category, while Ultramax and Supramax vessels represent our minor bulk vessel category. Our major bulk vessels are primarily used to transport iron ore, coal and bauxite, while our minor bulk vessels are primarily used to transport grains, steel products and other drybulk cargoes such as cement, scrap, fertilizer, nickel ore, salt and sugar. This approach of owning ships that transport both major and minor bulk commodities provide us with exposure to a wide range of drybulk trade flows. \u200b We employ an active commercial strategy which consists of a global team located in the U.S., Denmark and Singapore. Overall, we utilize a portfolio approach to revenue generation through a combination of short-term, spot market employment, index-linked time charters as well as opportunistically booking longer-term fixed-rate coverage or contracts of affreightment depending on market conditions and management\u2019s outlook. Our fleet deployment strategy currently is weighted towards short-term fixtures, which provides us with optionality on our size ITEM 1A. RISK FACTORS \u200b The following risk factors and other information included in this report should be carefully considered. If any of the following risks actually occur, our business, financial condition, operating results or cash flows could be materially and adversely affected, and the trading price of our common stock ", "title": "GNK - GENCO SHIPPING & TRADING LTD", "url": "/company/GNK/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001819796; latest 10-K filed 2026-02-19.", "text": "GCMG - GCM Grosvenor Inc. SIC 6282 Investment Advice; CIK 0001819796; latest 10-K filed 2026-02-19. GCMG GCM Grosvenor Inc. 0001819796 6282 Investment Advice ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with the consolidated financial statements and the related notes included in this Annual Report on Form 10-K. This discussion contains forward-looking statements that reflect our plans, estimates, and beliefs that involve risks and uncertainties. As a result of many factors, such as those set forth under the \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d sections and elsewhere in this Annual Report on Form 10-K, our actual results may differ materially from those anticipated in these forward-looking statements. This section of the Annual Report on Form 10-K discusses activity as of and for the years ended December 31, 2025 and 2024. For discussion on activity for the year ended December 31, 2023 and period-over-period analysis on results for the year ended December 31, 2024 to 2023, refer to Part II, \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 20, 2025. Overview We are a leading alternative asset management solutions provider that invests across all major alternative investment strategies. We invest on a primary basis and through direct-oriented strategies, which we define as secondaries, co-investments, direct investments and seed investments. We operate customized separate accounts and commingled funds. We collaborate with our clients to invest on their behalf across the private and public markets, either through portfolios customized to meet a client\u2019s specific objectives or through specialized commingled funds that are developed to meet broad market demands for strategies and risk-return objectives. We operate at scale across the full range of private markets and absolute return strategies. Private markets and absolute return strategies are primarily defined by the liquidity of the underlying securities purchased, the length of the client commitment, and the form and timing of incentive fees. For private markets strategies, clients generally commit to invest over a three-year time period and have an expected duration of seven years or more. In private markets strategies, carried interest is typically based on realized gains on liquidation of the investment. For absolute return strategies, the securities tend to be more liquid, clients have the ability to redeem assets more regularly, and performance fees can be earned on an annual basis. We offer the following investment strategies: \u2022Private Equity \u2022Infrastructure \u2022Real Estate \u2022Absolute Return Strategies \u2022Alternative Credit \u2022Sustainable and Impact Investing Our clients include large, sophisticated, global institutional investors who rely on our investment expertise and differentiated investment access to navigate the alternatives market, but also include a growing individual investor client base. As one of the pioneers of the customized separate account solutions, we are equipped to provide investment services to clients with a wide variety of needs, internal resources and investment objectives, and our client relationships are deep and frequently span decades. Trends Affecting Our Business As a global alternative asset manager, our results of operations are impacted by a variety of factors, including conditions in the global financial markets and economic and political environments, particularly in the United States, Europe, Asia-Pacific, Latin America and the Middle East. While economic factors, such as interest rates, can make alternative investments more or less attractive relative to other asset classes, investors have increasingly gravitated towards the returns generated by alternative investments in order to meet their return objectives. In addition, increased equity market volatility can also ITEM 1. BUSINESS Our Company Over our 54-year history we have prided ourselves on our client-centric approach to alternative asset management. As a leading global solutions provider, we invest across all major alternative investment strategies and are highly flexible in how we structure our solutions, so that we can work to meet each client\u2019s specific needs. As of December 31, 2025, we had $90.9 billion in AUM. Our central objectives are to provide our clients with choice, deliver innovative alternative investment offerings and generate competitive risk-adjusted returns. We partner with our institutional and individual clients to invest on their behalf across the private and public markets, either through portfolios customized to meet a client\u2019s specific objectives or through specialized funds that are developed to meet broad market demands for strategies and risk-return objectives. Our clients include large, sophisticated, global institutional investors and a growing individual investor client base. In both cases, our clients rely on our investment expertise and differentiated, diversified investment sourcing to navigate the alternatives market. As one of the pioneers of customized separate account solutions, we are equipped to provide investment services to clients with a wide variety of needs, internal resources and investment objectives, and our client relationships are deep and frequently span decades. As of December 31, 2025, we had 553 employees, including 185 investment professionals, operating in nine offices throughout the United States and in Frankfurt, Hong Kong, London, Seoul, Sydney, Tokyo and Toronto. For the years ended December 31, 2025 and 2024, our total management fees were $426 million and $402 million, respectively, our total operating revenues were $558 million and $514 million, respectively, our net income was $45 million and $19 million, respectively, our fee related earnings were $185 million and $166 million, respectively, and our adj ITEM 1A. RISK FACTORS In the course of conducting our business operations, we are exposed to a variety of risks. These risks are generally inherent to the alternative asset management industry or otherwise generally impact alternative asset managers like us. Any of the risk factors we describe below have affected or could materially adversely affect our busi", "title": "GCMG - GCM Grosvenor Inc.", "url": "/company/GCMG/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000862831; latest 10-K filed 2026-03-09.", "text": "FISI - FINANCIAL INSTITUTIONS INC SIC 6021 National Commercial Banks; CIK 0000862831; latest 10-K filed 2026-03-09. FISI FINANCIAL INSTITUTIONS INC 0000862831 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion and analysis of our financial position and results of operations and should be read in conjunction with the information set forth under Part I, Item 1A, Risk Factors, and our consolidated financial statements and notes thereto appearing under Part II, Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K. INTRODUCTION Financial Institutions, Inc. (the \u201cParent\u201d and together with all its subsidiaries, \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d), is a financial holding company headquartered in New York State. We offer a broad array of deposit, lending, and other financial services to individuals, municipalities and businesses in Western and Central New York through our wholly-owned New York-chartered banking subsidiary, Five Star Bank (the \u201cBank\u201d). We have loan production offices in Baltimore, Maryland, and Syracuse, New York, which expands our footprint into the Mid-Atlantic and Central New York regions. Our indirect lending network includes relationships with franchised automobile dealers in Western and Central New York, and the Capital District of New York. We offer customized investment advice, wealth management, investment consulting and retirement plan services through our wholly-owned subsidiary Courier Capital, LLC (\u201cCourier Capital\u201d) an SEC-registered investment advisory and wealth management firm. On April 1, 2024, the Company announced and closed the sale of the assets of its wholly owned subsidiary, SDN Insurance Agency, LLC (\u201cSDN\u201d), which provided a broad range of insurance services to personal and business clients, to NFP Property & Casualty Services, Inc. (\u201cNFP\u201d), a subsidiary of NFP Corp. The sale generated $27 million in proceeds, or a pre-tax gain of $13.7 million, after selling costs, of which $13.5 million was recognized in the second quarter of 2024. Following the sale of the assets of SDN, we changed the name of the entity to Five Star Advisors LLC to serve as a conduit for the Bank to refer insurance business to NFP. Our primary sources of revenue are net interest income (interest earned on our loans and securities, net of interest paid on deposits and other funding sources) and noninterest income, particularly investment advisory and financial services provided to customers or ancillary services tied to loans and deposits. Business volumes and pricing drive revenue potential, and tend to be influenced by overall economic factors, including market interest rates, business spending, consumer confidence, economic growth, and competitive conditions within the marketplace. We are not able to predict market interest rate fluctuations with certainty and our asset/liability management strategy may not prevent interest rate changes from having a material adverse effect on our results of operations and financial condition. EXECUTIVE OVERVIEW Private Placement of Subordinated Notes and Subsequent Repayment of Past Issuances On December 11, 2025, we completed a private placement of $80.0 million in aggregate principal of fixed-to-floating rate subordinated notes to qualified institutional buyers and institutional accredited investors that will be subsequently exchanged for subordinated notes with substantially the same terms (the \u201c2025 Notes\u201d) registered under the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d) pursuant to registration rights agreements with the purchasers of the 2025 Notes. The 2025 Notes have a maturity date of December 15, 2035, and bear interest, payable semi-annually, at the rate of 6.50% per annum until December 15, 2030. Commencing on that date, the interest rate will reset quarterly to an interest rate per annum equal to the then current three-month Secured Overnight Financial Rate (\u201cSOFR\u201d) plus 312 basis points, payable quarterly until maturity. We are entitled to repay the 2025 Notes, in whole or in part, at any time on or after December 15 ITEM 1. BUSINESS GENERAL The Parent is a financial holding company organized in 1931 under the laws of New York State (\u201cNew York\u201d or \u201cNYS\u201d). The principal office of the Parent is located at 220 Liberty Street, Warsaw, New York 14569 and its telephone number is (585) 786-1100. The Parent was incorporated on September 15, 1931, but the continuity of the Company\u2019s banking business is traced to the organization of the National Bank of Geneva on March 28, 1817. Except as the context otherwise requires, the Parent and its direct and indirect subsidiaries are collectively referred to in this report as the \u201cCompany.\u201d The Parent\u2019s common stock is traded on the Nasdaq Global Select Market under the ticker symbol \u201cFISI.\u201d The Parent\u2019s primary business is the operation of its subsidiaries. It does not engage in any other substantial business activities. The Parent\u2019s direct wholly-owned subsidiaries are: Five Star Bank, referred to as \u201cFSB\u201d or \u201cthe Bank,\u201d which provides a full range of banking services to consumer, commercial and municipal customers in Western and Central New York, and commercial loans in the Mid-Atlantic region, through a loan production office in Ellicott City, Maryland (a suburb of Baltimore, Maryland), and the Central New York region, through an office in Syracuse, New York; and Courier Capital LLC, referred to as \u201cCourier Capital,\u201d which provides customized investment management, investment consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. As of December 31, 2025, the consolidated financial statements include the accounts of the Parent, the Bank, and Courier Capital. At December 31, 2025, the Company had consolidated total assets of $6.27 billion, deposits of $5.21 billion and shareholders\u2019 equity of $628.9 million and the Bank represented 99%, and Courier Capital represented less than 1% of the consolidated assets of the Company. Five Star Bank The Bank is a New York-chartered bank that ITEM 1A. RISK FACTORS An investment in our common stock is subject to risks inherent to our business. The material risks and uncertainties that management believe could affect us are described below. Before making an investment decision, you should carefully consider the risks and uncertainties described below, together ", "title": "FISI - FINANCIAL INSTITUTIONS INC", "url": "/company/FISI/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001863127; latest 10-K filed 2026-03-02.", "text": "TYRA - Tyra Biosciences, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001863127; latest 10-K filed 2026-03-02. TYRA Tyra Biosciences, Inc. 0001863127 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties, including those described in the section entitled \u201cForward Looking Statements and Market Data.\u201d Our actual results and the timing of selected events could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those set forth under the section entitled \u201cRisk Factors\u201d or in other parts of this Annual Report. Overview We are a clinical-stage biotechnology company focused on developing next-generation precision medicines for large opportunities in targeted oncology and genetically defined conditions, harnessing the power of Fibroblast Growth Factor Receptor (FGFR) biology. Our in-house precision medicine platform, SN\u00c5P, enables rapid and precise drug design through iterative molecular SN\u00c5Pshots that help us design and predict which product candidates may demonstrate the highest potency, selectivity and tolerability in the clinic. Through this approach, we have built a wholly-owned pipeline of oral small molecule product candidates focused on targets that have previously been considered difficult-to-drug. Our FGFR3 Programs\u2014oral dabogratinib (formerly TYRA-300) for Urothelial Cancers and Skeletal Dysplasia Alterations in the protein receptor FGFR3 are a validated driver in multiple indications with large market opportunities: urothelial cancers and skeletal dysplasia conditions. In urothelial cancer, uncontrolled activation of FGFR3 on the cell surface stimulates cellular proliferation. In skeletal dysplasia conditions, increased activity of FGFR3 expressed in growth plate chondrocytes (cartilage cells) results in excessive limitation of long bone growth. Our lead program, oral dabogratinib, was designed to be more selective for FGFR3 over FGFR1, FGFR2, and FGFR4 to minimize off-target side effects, providing potential clinical advantages over less selective first-generation compounds and potentially addressing key unmet needs across both urothelial cancers and skeletal dysplasia conditions. To date, oral dabogratinib has been administered to over 100 participants across multiple clinical studies. 101 We demonstrated initial clinical proof-of-concept results with oral dabogratinib in the SURF301 study, a Phase 1 proof-of-concept study in metastatic urothelial carcinoma (mUC). Oral dabogratinib demonstrated encouraging anti-tumor activity and was generally well-tolerated, with infrequent FGFR2- and FGFR1-associated toxicities. Response, safety, pharmacokinetics (PK) / pharmacodynamics (PD) and circulating tumor DNA (ctDNA) data from this study were leveraged to select doses that have the potential to achieve our target product profile for efficacy and safety in our Phase 2 trials and beyond. We are currently advancing oral dabogratinib in three Phase 2 trials for three outsized market indications: SURF303, evaluating the treatment of low-grade upper tract urothelial carcinoma (LG-UTUC); SURF302, evaluating the treatment of intermediate risk non-muscle invasive bladder cancer (IR NMIBC); and BEACH301, evaluating the treatment of achondroplasia (ACH) in children. If we are successful with these Phase 2 studies, we expect to advance oral dabogratinib toward three potential registrational trials in LG-UTUC, IR NMIBC and ACH. We are calling this approach our \u201cdabogratinib 3x3\u201d strategy. SURF303 for LG-UTUC: This open-label Phase 2a/b clinical trial was designed as a potential registrational trial to evaluate the efficacy and safety of oral dabogratinib at doses of 60 mg and 80 mg once daily (QD) in participants with FGFR3 Item 1. Business. Overview We are a clinical-stage biotechnology company focused on developing next-generation precision medicines for large opportunities in targeted oncology and genetically defined conditions, harnessing the power of Fibroblast Growth Factor Receptor (FGFR) biology. Our in-house precision medicine platform, SN\u00c5P, enables rapid and precise drug design through iterative molecular SN\u00c5Pshots that help us design and predict which product candidates may demonstrate the highest potency, selectivity and tolerability in the clinic. Through this approach, we have built a wholly-owned pipeline of oral small molecule product candidates focused on targets that have previously been considered difficult-to-drug. Our FGFR3 Programs\u2014oral dabogratinib (formerly TYRA-300) for Urothelial Cancers and Skeletal Dysplasia Alterations in the protein receptor FGFR3 are a validated driver in multiple indications with large market opportunities: urothelial cancers and skeletal dysplasia conditions. In urothelial cancer, uncontrolled activation of FGFR3 on the cell surface stimulates cellular proliferation. In skeletal dysplasia conditions, increased activity of FGFR3 expressed in growth plate chondrocytes (cartilage cells) results in excessive limitation of long bone growth. Our lead program, oral dabogratinib, was designed to be more selective for FGFR3 over FGFR1, FGFR2, and FGFR4 to minimize off-target side effects, providing potential clinical advantages over less selective first-generation compounds and potentially addressing key unmet needs across both urothelial cancers and skeletal dysplasia conditions. To date, oral dabogratinib has been administered to over 100 participants across multiple clinical studies. We demonstrated initial clinical proof-of-concept results with oral dabogratinib in the SURF301 study, a Phase 1 proof-of-concept study in metastatic urothelial carcinoma (mUC). Oral dabogratinib demonstrated encouraging anti-tumor activity and was genera Item 1A. Risk Factors. You should carefully consider the following risk factors, together with the other information contained in this Annual Report, including our financial statements and the related notes and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d before making a decision to pu", "title": "TYRA - Tyra Biosciences, Inc.", "url": "/company/TYRA/" }, { "kind": "company", "summary": "SIC 3640 Electric Lighting & Wiring Equipment; CIK 0000763532; latest 10-K filed 2025-09-11.", "text": "LYTS - LSI INDUSTRIES INC SIC 3640 Electric Lighting & Wiring Equipment; CIK 0000763532; latest 10-K filed 2025-09-11. LYTS LSI INDUSTRIES INC 0000763532 3640 Electric Lighting & Wiring Equipment MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand the results of the Company\u2019s operations and financial condition. MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying Notes to Financial Statements (Part II, Item 8 of this Form 10-K). This section generally discusses the results of our operations for the year ended June 30, 2025, compared to the year ended June 30, 2024. For a discussion of the year ended June 30, 2024, compared to the year ended June 30, 2023, please refer to Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended June 30, 2024. Overview LSI Industries Inc. (LSI) is a leading producer of non-residential lighting and retail display solutions. Non-residential lighting consists of American-made fixtures and services for both indoor and outdoor applications satisfying the specific performance requirements of our customers. Retail display solutions consist of multiple custom products and services which enhance our customer\u2019s brand image and improve the customer shopping experience. We offer customers in target vertical markets a package solution set of both lighting and display solutions, providing value for the customer by working with one partner to manage their regional and national location programs, versus multiple suppliers. Summary of Consolidated Results [[GREPCENT_TABLE]] [[\"Net Sales by Business Segment\"],[\"(In thousands)\",\"\",\"2025\",\"\",\"\",\"2024\"],[\"Lighting Segment\",\"\",\"$\",\"248,357\",\"\",\"\",\"$\",\"262,413\"],[\"Display Solutions Segment\",\"\",\"\",\"325,020\",\"\",\"\",\"\",\"207,225\"],[\"Total Net Sales\",\"\",\"$\",\"573,377\",\"\",\"\",\"$\",\"469,638\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"Operating Income (Loss) by Business Segment\"],[\"(In thousands)\",\"\",\"2025\",\"\",\"\",\"2024\"],[\"Lighting Segment\",\"\",\"$\",\"30,253\",\"\",\"\",\"$\",\"33,327\"],[\"Display Solutions Segment\",\"\",\"\",\"26,353\",\"\",\"\",\"\",\"19,969\"],[\"Corporate and Eliminations\",\"\",\"\",\"(20,837\",\")\",\"\",\"\",\"(17,779\",\")\"],[\"Total Operating Income\",\"\",\"$\",\"35,769\",\"\",\"\",\"$\",\"35,517\"]] [[/GREPCENT_TABLE]] Fiscal 2025 net sales of $573.4 million increased 22% compared to fiscal 2024 net sales of $470.0 million. The increase in net sales was attributed to a $117.8 million or 57% increase in net sales of the Display Solutions Segment, partially offset by a $14.1 or 5% decline in net sales of the Lighting Segment. The Display Solutions Segment generated organic growth of 17% driven by increased sales across all product categories and vertical markets supported mostly by the grocery and refueling/ C-Store verticals. The Company\u2019s acquisition of EMI and CBH contributed an additional $85.3 million of the year-over-year sales growth of the Display Solutions Segment. The decline in sales in the Lighting Segment is attributed to the comparison of year-over-year sales of large lighting projects. In fiscal 2024, the Company had several large lighting projects that did not repeat in fiscal 2025. While there was a year-over-year decline in large lighting projects, small project activity continued to increase over the prior year period while large lighting projects order activity increased in the fourth quarter of fiscal 2025. Fiscal 2025 operating income of $35.8 million represents a 1% increase from fiscal 2024 operating income of $35.5 million. Fiscal 2025 adjusted operating income, a Non-GAAP financial measure, was $48.4 million compared to adjusted fiscal 2024 operating income of $46.4 million. While sales increased 22% compared to the same period last year, Non-GAAP operating income rose 4%. The increase in sales was partially offset by the dilutive impact of acquisitions and by customer mix. Refer to \u201cNon-GAAP Financial Meas ITEM 1. BUSINESS Overview LSI Industries Inc. (LSI) is a leading producer of non-residential lighting and retail display solutions. Non-residential lighting consists of American-made fixtures and services for both indoor and outdoor applications satisfying the specific performance requirements of our customers. Retail display solutions consist of multiple custom products and services which enhance our customer\u2019s brand image and improve the customer shopping experience. We offer customers in target vertical markets a package solution set of both lighting and display solutions, providing value for the customer by working with one partner to manage their regional and national location programs, versus multiple suppliers. Our business is organized as follows: the Lighting Segment, which represented 43% of our fiscal 2025 net sales and the Display Solutions Segment, which represented 57% of our fiscal 2025 net sales. See Note 4 of Notes to Consolidated Financial Statements beginning on page 48 of this Form 10-K for additional information on business segments. Net sales by segment are as follows (in thousands): [[GREPCENT_TABLE]] [[\"\",\"\",\"2025\",\"\",\"\",\"2024\"],[\"Lighting Segment\",\"\",\"$\",\"248,357\",\"\",\"\",\"$\",\"262,413\"],[\"Display Solutions Segment\",\"\",\"\",\"325,020\",\"\",\"\",\"\",\"207,225\"],[\"Total Net Sales\",\"\",\"$\",\"573,377\",\"\",\"\",\"$\",\"469,638\"]] [[/GREPCENT_TABLE]] Lighting Segment Our Lighting Segment manufactures, markets, and sells outdoor and indoor lighting fixture and controls solutions in several vertical markets such as but not limited to the following: refueling and convenience store, parking lot and garage, quick-service restaurant, retail, grocery and pharmacy, automotive dealership, sports court and field, and warehouse. We service these markets through multiple channels: project business sold through electrical distributors and agents and shipped directly to the customer; standard products sold to and stocked by distributors; and direct to end-use customers. Our ITEM 1A. RISK FACTORS In addition to the other information set forth in this report, you should carefully consider the following factors which could materially affect our business, financial condition, cash flows or future results. Anyone of these factors could cause the Company\u2019s actual results to vary materially fr", "title": "LYTS - LSI INDUSTRIES INC", "url": "/company/LYTS/" }, { "kind": "company", "summary": "SIC 2033 Canned, Fruits, Veg, Preserves, Jams & Jellies; CIK 0000088948; latest 10-K filed 2026-06-11.", "text": "SENEA - Seneca Foods Corp SIC 2033 Canned, Fruits, Veg, Preserves, Jams & Jellies; CIK 0000088948; latest 10-K filed 2026-06-11. SENEA Seneca Foods Corp 0000088948 2033 Canned, Fruits, Veg, Preserves, Jams & Jellies Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Our Business Seneca is a leading provider of packaged fruits and vegetables, with facilities located throughout the United States. Its high-quality products are primarily sourced from more than 1,100 American farms. The Company\u2019s product offerings include canned, frozen and jarred produce, and snack chips. Its products are sold under private label as well as national and regional brands that the Company owns or licenses, including Seneca\u00ae, Libby\u2019s\u00ae, Green Giant\u00ae, Aunt Nellie\u2019s\u00ae, CherryMan\u00ae, Green Valley\u00ae and READ\u00ae. The Company\u2019s fruits and vegetables are sold nationwide by major grocery outlets, including supermarkets, mass merchandisers, limited assortment stores, club stores and dollar stores. The Company also sells its products to foodservice distributors, restaurant chains, industrial markets, other food processors, export customers in approximately 55 countries and federal, state and local governments for school and other food programs. Additionally, the Company packs canned and frozen vegetables under contract packing agreements. The Company\u2019s business strategies are designed to grow its market share and enhance sales and margins. These strategies include: 1) expand the Company\u2019s leadership in the packaged fruit and vegetable industry; 2) provide low cost, high quality fruit and vegetable products to consumers through the elimination of costs from the Company\u2019s supply chain and investment in state-of-the-art production and logistical technology; 3) invest in growth opportunities; and 4) pursue strategic acquisitions that leverage the Company\u2019s core competencies. All references to years are fiscal years ended March 31 unless otherwise indicated. Fluctuations in Commodity, Production, Distribution and Labor Costs We purchase raw materials, including raw produce, steel, ingredients and packaging materials from growers, commodity processors, steel producers and packaging suppliers. Raw materials and other input costs, such as labor, fuel, fertilizer, utilities and transportation, are subject to fluctuations in price attributable to a number of factors. Certain of the raw materials, namely steel, are subject to import tariffs and other restrictions, and the United States government may periodically impose new or revise existing duties, quotas, tariffs or other restrictions to which the Company may be subject. Fluctuations in commodity prices can lead to retail price volatility and can influence consumer and trade buying patterns. The cost of raw materials, fuel, labor, distribution and other costs related to our operations can increase from time to time significantly and unexpectedly, the impact of which could increase our cost of products sold and reduce our profitability. We experienced material cost increases to various production inputs during the last several years due to a number of factors, including but not limited to, supply chain disruptions, steel supply and pricing, raw material shortages, inflationary pressure, and labor shortages. Additionally, foreign conflicts have disrupted the global economic environment during these years. While the Company has no direct exposure to these foreign conflicts, some of which are ongoing, they have had a negative impact on the global economy which has increased certain of our input costs. While some of the factors mentioned above have started to ease and stabilize, our costs remain elevated as compared to historical levels. We attempt to manage costs by locking in prices through short-term supply contracts, advance grower purchase agreements, and by implementing cost saving measures. We also attempt to offset rising input costs by raising sales prices to our customers. However, increases in the prices we charge our customers may lag behind rising input costs. Competitive pressures and pricing methodologies employed in the various sales channels in which we compete may also limit our abi Item 1. Business Overview Seneca Foods Corporation (\u201cSeneca\u201d or the \u201cCompany\u201d) was founded in 1949 and has evolved through internal growth and strategic acquisitions into a leading provider of packaged fruits and vegetables, with 27 main facilities located throughout the United States. The facilities are comprised of plants for packaging, can manufacturing, seed production, a farming operation and a logistical support network. Food packaging operations are primarily supported by plant locations in New York, Michigan, Oregon, Wisconsin, Washington, Idaho, Illinois, Minnesota, and Arizona. The Company also maintains warehouses which are generally located adjacent to its packaging plants. The Company is incorporated in New York with its headquarters located at 350 WillowBrook Office Park, Fairport, New York 14450 and its telephone number is (585) 495-4100. The Company\u2019s business strategies are designed to grow its market share and enhance sales and margins. These strategies include: 1) expand the Company\u2019s leadership in the packaged fruit and vegetable industry; 2) provide low-cost, high-quality fruit and vegetable products to consumers through the elimination of costs from the Company\u2019s supply chain and investment in state-of-the-art production and logistical technology; 3) invest in growth opportunities; and 4) pursue strategic acquisitions that leverage the Company\u2019s core competencies. Available Information The Company\u2019s Internet address is www.senecafoods.com. The Company\u2019s annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, are available on the Company\u2019s website, as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. All such filings on the Company\u2019s website are available free of charge. Information on our website is not part of the annual Item 1A. Risk Factors The following factors as well as factors described elsewhere in this Form 10-K or in other filings by the Company with the SEC, could adversely affect the Company\u2019s consolidated financial position, results of operations or cash flows. Other factors not presently known to us", "title": "SENEA - Seneca Foods Corp", "url": "/company/SENEA/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000826154; latest 10-K filed 2026-03-12.", "text": "ORRF - ORRSTOWN FINANCIAL SERVICES INC SIC 6022 State Commercial Banks; CIK 0000826154; latest 10-K filed 2026-03-12. ORRF ORRSTOWN FINANCIAL SERVICES INC 0000826154 6022 State Commercial Banks ITEM 7 \u2013 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis is intended to assist readers in understanding the consolidated financial condition and results of operations of the Company and should be read in conjunction with our Consolidated Financial Statements and notes thereto included in this Annual Report on Form 10-K. Certain prior period amounts presented in this discussion and analysis have been reclassified to conform to current period classifications. These reclassifications did not have a material impact on the Company's consolidated balance sheets, statements of income or statement of consolidated cash flows. Overview The Company, headquartered in Harrisburg, Pennsylvania, is a one-bank holding company that has elected status as a financial holding company. The consolidated financial information presented herein reflects the Company and its wholly-owned subsidiary, the Bank. At December 31, 2025, the Company had total assets of $5.5 billion, total liabilities of $5.0 billion and total shareholders' equity of $591.5 million as reported in the consolidated balance sheets. The Company acquired Codorus Valley and its wholly-owned bank subsidiary PeoplesBank, A Codorus Valley Company on July 1, 2024. The merger and acquisition method of accounting was used to account for the transaction with the Company as the acquirer. The Company recorded the assets and liabilities of Codorus Valley at their respective fair values as of July 1, 2024. The transaction was valued at $233.4 million and expanded the Bank\u2019s footprint into the York, Pennsylvania market while increasing its market penetration in its existing markets. The Company incurred merger-related expenses of $2.6 million for the year ended December 31, 2025. For the year ended December 31, 2024, the Company incurred merger-related expenses of $22.7 million, a provision for non-PCD loans of $15.5 million, expenses for the retirement of an executive of $4.8 million and a provision for legal settlement of $478 thousand. The merger-related and other non-recurring expenses are included in non-interest expenses in the consolidated statements of income under Part II, Item 8, \"Financial Statements and Supplemental Data.\" Critical Accounting Estimates The Company\u2019s accounting and reporting policies are in accordance with GAAP and follow accounting and reporting guidelines prescribed by bank regulatory authorities and general practices within the financial services industry in which it operates. Our financial position and results of operations are affected by management's application of accounting policies, including estimates, and assumptions and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. The most significant accounting policies followed by the Company are presented in Note 1, Summary of Significant Accounting Policies, to the Consolidated Financial Statements under Part II, Item 8, \"Financial Statements and Supplementary Data.\" These estimates, assumptions, and judgments are based on information available as of the balance sheet date and through the date the financial statements are filed with the SEC. In applying those accounting policies, the Company's management is required to exercise judgment in determining many of the methodologies, assumptions and estimates to be utilized. Certain of the critical accounting estimates are more dependent on such judgment and, in some cases, may contribute to volatility in our reported financial performance should the assumptions and estimates used change over time due to changes in circumstances. The more critical accounting estimates include accounting for credit losses, income tax methodologies and accounting for business combinations. Business Combinations The Company accounts for its mergers and acquisitions using the acquisition method of accounting under the provisions of FASB ASC Topic 805 ITEM 1 \u2013 BUSINESS Background Orrstown Financial Services, Inc., a Pennsylvania corporation, is the financial holding company (\"FHC\") for its wholly-owned subsidiary Orrstown Bank. The Company\u2019s principal executive offices are located at 4750 Lindle Road, Harrisburg, Pennsylvania, 17111. The Parent Company was organized on November 17, 1987 for the purpose of acquiring the Bank and such other banks and bank-related activities as are permitted by law. The Company provides banking and financial advisory services in south central Pennsylvania, principally in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry and York Counties, Pennsylvania, and in Anne Arundel, Baltimore, Harford, Howard and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Company\u2019s lending area also includes counties in Pennsylvania, Maryland, Delaware, Virginia and West Virginia within a 75-mile radius of the Company's executive and administrative offices as well as the District of Columbia. Merger The Company merged with Codorus Valley Bancorp, Inc. (\"Codorus Valley\") and the Bank merged with its wholly-owned bank subsidiary, PeoplesBank, A Codorus Valley Company, with the Company and the Bank as the surviving entities in the Merger on July 1, 2024 (the \"Codorus Valley Merger\"). The merger and acquisition method of accounting was used to account for the transaction with the Company as the acquirer. The Company recorded the assets and liabilities of Codorus Valley at their respective fair values as of July 1, 2024. The transaction was valued at $233.4 million and expanded the Bank\u2019s footprint into the York, Pennsylvania market while increasing its market penetration in its existing markets. Business The Bank was organized in 1919 as a state-chartered bank. On March 8, 1988, in a bank holding company reorganization transaction, the Parent Company acquired 100% ownership of the Bank. The Parent Company\u2019s primary activity consists of owning and supervising its subsidiary ITEM 1A \u2013 RISK FACTORS An investment in our common stock is subject to risks inherent in our business. The material risks and uncertainties that management believes affect us are described below. This report is qualified in its entirety by these risk factors. Before making an investment decision, you should carefully c", "title": "ORRF - ORRSTOWN FINANCIAL SERVICES INC", "url": "/company/ORRF/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001124524; latest 10-K filed 2026-03-05.", "text": "CYRX - Cryoport, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001124524; latest 10-K filed 2026-03-05. CYRX Cryoport, Inc. 0001124524 2834 Pharmaceutical Preparations ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of our operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Form 10-K. Our actual results could differ materially from those contained in forward-looking statements due to a number of factors. See \u201cForward-Looking Statements\u201d in this Form 10-K. For further discussion and analysis regarding our financial condition and results of operations for the year ended December 31, 2024 as compared to the year ended December 31, 2023, refer to \u201cPart II, Item 7 - Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 7, 2025. 30 Table of Contents General Overview We are a leading global provider of integrated, temperature-controlled supply chain solutions for the life sciences, with a strong focus on supporting the rapidly growing cell and gene therapy (\u201cCGT\u201d) market. Our solutions are purpose-built to support a broad range of global life sciences markets, including biopharmaceutical and pharmaceutical companies, the animal health markets, reproductive medicine, academic institutions, research, and government agencies. Our solutions help our customers ensure the safe, compliant storage, handling, and delivery of high value, temperature sensitive biological materials, including cell and gene therapies and immunotherapies. Our corporate headquarters, located in Nashville, Tennessee, is complemented by global sites in the Americas, EMEA (Europe, the Middle East, and Africa), and APAC (Asia-Pacific), including locations in the United States, United Kingdom, France, the Netherlands, Belgium, Germany, Japan, and China. See the \u201cBusiness\u201d section in Part I, Item 1 of this Form 10-K for additional information. Impact of Inflation Inflation generally impacts us by increasing our costs of labor, material, transportation and pricing from third party manufacturers. The rates of inflation have not had a material impact on our financial statements in the past. Based on the current economic outlook, inflationary pressures could affect our financial performance in the future if cost increases cannot be offset by net realized annual price increases and productivity gains. Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (\u201cCODM\u201d) in making decisions regarding resource allocation and assessing performance. The CODM is the Company\u2019s Chief Executive Officer. We have two reportable segments: Life Sciences Services and Life Sciences Products. The Company\u2019s Life Sciences Services reportable segment, which aggregates two operating segments (BioLogistics and BioStorage/BioServices), provides temperature-controlled logistics, biostorage and bioservices within the life science industry through direct sales. Cryopreservation services are included in the BioLogistics operating segment. Revenue from the Life Sciences Services reportable segment is primarily comprised of Life Sciences Services revenue, but also includes certain immaterial revenue from the sale of accessories that constitute Life Sciences Products revenue. The Company\u2019s Life Sciences Products reportable segment manufactures and sells cryogenic systems, such as freezers and cryogenic dewars and related ancillary accessories used in the storage and transport of life science commodities through direct sales or a distribution network. Revenue from this reportable segment is exclusively Life Sciences Products revenue. See Note 19 \u2013 Segment Reporting to our consolidated financial statements included under Part II, Item 8 \u201cFinancial Statements and Supplementary Data\u201d for Item 1. Business Overview We are a leading global provider of integrated, temperature-controlled supply chain solutions for the life sciences, with a strong focus on supporting the rapidly growing cell and gene therapy (\u201cCGT\u201d) market. Our solutions are purpose-built to support a broad range of global life sciences markets, including biopharmaceutical and pharmaceutical companies, the animal health markets, reproductive medicine, academic institutions, research, and government agencies. Our solutions help our customers ensure the safe, compliant storage, handling, and delivery of high value, temperature sensitive biological materials, including cell and gene therapies and immunotherapies. We place particular emphasis on the CGT market, our fastest growing market, by delivering highly specialized, end-to-end supply chain solutions that support cell and gene therapy programs from preclinical research, through clinical trials, and ultimately to the global commercialization of approved therapies. As of December 31, 2025, Cryoport supported 760 clinical trials, and 20 commercially approved cell and gene therapies. Our integrated temperature-controlled supply chain solutions combine advanced logistics, biostorage, kitting and labelling, clinical sample management, collection and cryopreservation services for cell therapies starting materials, cryogenic systems manufacturing, and an industry-leading informatics platform that integrates all our solutions. Our capabilities for supporting cell and gene therapies enables our end-to-end Chain of Compliance\u00ae which includes chain-of-custody, chain-of-condition and chain-of-identity for some of the most complex therapies in development, clinical trials, and commercialization today. Our solutions are designed to maintain the viability, identity, and quality of these patient-specific and high-value therapies playing a critical role in enabling timely treatment, reducing the risk of therapy failure, and supporting positive patien ITEM 1A. RISK FACTORS The following risk factors could materially and adversely affect our business, financial condition and results of operations. These risk factors do not identify all of the risks that we face. Risks Related to Our Business As an increasingly global business, we are exposed to economic, political, and other risks in different ", "title": "CYRX - Cryoport, Inc.", "url": "/company/CYRX/" }, { "kind": "company", "summary": "SIC 1531 Operative Builders; CIK 0000915840; latest 10-K filed 2025-11-13.", "text": "BZH - BEAZER HOMES USA INC SIC 1531 Operative Builders; CIK 0000915840; latest 10-K filed 2025-11-13. BZH BEAZER HOMES USA INC 0000915840 1531 Operative Builders Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations is intended to help the reader understand our Company, business, operations and present business environment and is provided as a supplement to, and should be read together with the sections entitled \u201cRisk Factors,\u201d and the financial statements and the accompanying notes included elsewhere in this Form 10-K. In addition, the statements in this discussion and analysis regarding industry outlook, our expectations regarding the performance of our business, anticipated financial results, liquidity and the other non-historical statements are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in \u201cForward-Looking Statements\u201d and in \u201cRisk Factors\u201d above. Our actual results may differ materially from those contained in or implied by any forward-looking statements. Executive Overview and Outlook Market Conditions Fiscal 2025 presented a challenging operating environment, driven by persistent affordability concerns, elevated mortgage rates, weak consumer sentiment, and continued uncertainties in the macroeconomic environment. In response, we offered discounts and incentives to stimulate sales and turn inventory. We also maintained a disciplined approach to our operations and capital allocation. This included slowing land spend to match current market conditions, renegotiating more favorable land acquisition terms, and pursuing capital-efficient growth opportunities through expanded usage of lot option agreements. During fiscal 2025, we allocated more capital to share repurchases, as our shares traded at a discount to book value, which we believe represented a compelling investment opportunity. Despite the soft selling environment, we continue to see longer-term housing market conditions as favorable with production shortfalls over the past decade contributing to a fundamental long-term undersupply of housing. Multi-Year Goals During fiscal 2025, we made steady progress toward our Multi-Year Goals and remain on track to achieve each of these objectives. \u2022Growth: reaching more than 200 active communities by the end of fiscal 2027, \u2022Deleveraging: reducing our net debt to net capitalization ratio to the low 30% range by the end of fiscal 2027, and \u2022Book value per share: achieving a double-digit compound annual growth rate in book value per share from the end of fiscal 2024 through fiscal 2027. As of September 30, 2025, our ending active community count was 169, up 4.3% from 162 in the prior year. This marks the third consecutive year of growth in community count as we work towards our goal of reaching more than 200 active communities by the end of fiscal 2027. Our total debt to total capitalization ratio and net debt to net capitalization ratio were 45.2% and 39.5%, respectively, as of September 30, 2025, down 20 basis points and 50 basis points, respectively, compared to the prior year, despite the difficult environment. This reduction reflects our capital allocation and strategic asset alignment decisions to moderate land spend and increase land sales. With a strong balance sheet and ample liquidity, we believe we are well-equipped to navigate the evolving market dynamics and reduce our net debt to net capitalization ratio to the low 30% range by the end of fiscal 2027. Our book value per share as of September 30, 2025 was $42.57, up from $40.05 in the prior year, an increase of 6.3%. This growth reflects our continued profitability and active share repurchase program, which has contributed meaningfully to long-term value creation. During fiscal 2025, we repurchased 1.5 million shares of our common stock, approximately 5% of our outstanding shares, for $33.1 million at an average price per share of $22.20. As we look t Item 1. Business Beazer Homes is a nationally recognized homebuilder committed to building homes and communities designed with the intention of inspiring sustainable and healthier living. With personalized options and expert guidance, we empower homebuyers with competitive mortgage choices and energy saving features that make homeownership more attainable. Operating across 13 states in the West, East, and Southeast geographic regions of the United States, Beazer Homes offers a diverse portfolio of products tailored to meet the evolving needs of homebuyers that value a well-constructed and energy efficient home. Beazer Homes USA, Inc. was incorporated in Delaware in 1993. Our principal executive offices are located at 2002 Summit Blvd NE, 15th Floor, Atlanta, GA 30319, and our main telephone number is (770) 829-3700. We also provide information about our company, including active communities, online at www.beazer.com. Information on our website is not a part of this Form 10-K and shall not be deemed incorporated by reference. Strategy We continue to execute against our long-term balanced growth strategy, which is focused on growing profitability, improving balance sheet efficiency, and generating returns above our cost of capital, while minimizing operational risk and financial leverage. In response to changing market conditions, we intend to balance decreasing leverage and returning capital to investors through stock repurchases, as we make investments to grow the business long-term. Earlier this year, we updated our Multi-Year Goals, originally introduced in fiscal 2023, which reflected objectives aligned with our balanced growth strategy. For fiscal 2026, we expect continued progress on these goals, which include: \u2022reaching more than 200 active communities by the end of fiscal 2027, \u2022reducing our net debt to net capitalization ratio to the low 30% range by the end of fiscal 2027, and \u2022achieving a double-digit compound annual growth rate in book value per s Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the following risk factors, as well as other information in this Form 10-K, before deciding whether to invest in shares of our common stock. The occurrence of any of the events described below could harm our business, financial condition, resul", "title": "BZH - BEAZER HOMES USA INC", "url": "/company/BZH/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0002023658; latest 10-K filed 2026-03-30.", "text": "BCAX - Bicara Therapeutics Inc. SIC 2834 Pharmaceutical Preparations; CIK 0002023658; latest 10-K filed 2026-03-30. BCAX Bicara Therapeutics Inc. 0002023658 2834 Pharmaceutical Preparations Item 7. Management Discussion and Analysis The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties and should be read together with the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K for a discussion of important factors that could cause our actual results to differ materially from those described in or implied by these forward-looking statements contained in the following discussion and analysis. Please also see the section titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview We are a clinical-stage biopharmaceutical company committed to bringing transformative bifunctional therapies to patients with solid tumors. We have built a platform designed to facilitate the development of bifunctional therapies that precisely target the tumor and deliver a tumor-modulating payload to the tumor site. This dual-targeting approach both enhances drug exposure within the tumor microenvironment, or TME, and limits systemic toxicity. This approach was deployed in the development of our lead program ficerafusp alfa, formerly BCA101, a bifunctional epidermal growth factor receptor-, or EGFR, directed monoclonal antibody bound to a human transforming growth factor beta, or TGF-\u03b2, ligand trap. By combining these two clinically validated targets, ficerafusp alfa has the potential to exert potent anti-tumor activity by simultaneously blocking both cancer cell-intrinsic EGFR survival and proliferation, as well as the immunosuppressive TGF-\u03b2 signaling within the TME. Ficerafusp alfa directs the TGF-\u03b2 inhibitor into the immediate TME through the binding of EGFR on tumor cells, which we believe will drive the tumor penetration of immune cells that lead to deep and durable responses and an increase in overall survival, or OS. We believe ficerafusp alfa has the potential to provide meaningful clinical benefit in solid tumors that are challenged by inadequate tumor penetration and where there is a strong biologic rationale for the dual inhibition of both EGFR and TGF-\u03b2, such as head and neck cancers and other squamous cell carcinomas which typically overexpress EGFR and TGF-\u03b2 pathways. We are focusing our efforts and resources on the continued development of ficerafusp alfa in those tumor types for which there is strong biologic rationale and remaining unmet need for enhanced tumor penetration. Since our inception in December 2018, we have not generated any revenue from product sales or other sources and have incurred significant operating losses and negative cash flows from our operations. Our primary uses of cash to date have been conducting research and development, advancing development of ficerafusp alfa, raising capital, building infrastructure, developing intellectual property, hiring personnel and providing general and administrative support for these operations. To date, we have funded our operations primarily through sale of common stock in connection with our initial public offering, or IPO, ATM Program (as defined below), our February 2026 Offering (as defined below), exercise of stock options, private placements of our redeemable convertible preferred stock, and through debt financing. As of December 31, 2025, we had raised aggregate net proceeds of $719.6 million and had cash, cash equivalents and marketable securities of $414.8 million. The February 2026 Offering (as defined below) closed on February 26, 2026 and resulted in net proceeds to us of approximately $161.8 Item 1. Business Overview We are a clinical-stage biopharmaceutical company committed to bringing transformative bifunctional therapies to patients with solid tumors. We have built a platform designed to facilitate the development of bifunctional therapies that precisely target the tumor and deliver a tumor-modulating payload to the tumor site. This dual-targeting approach both enhances drug exposure within the tumor microenvironment, or TME, and limits systemic toxicity. This approach was deployed in the development of our lead program ficerafusp alfa, formerly BCA101, a bifunctional epidermal growth factor receptor-, or EGFR, directed monoclonal antibody bound to a human transforming growth factor beta, or TGF-\u03b2, ligand trap. By combining these two clinically validated targets, ficerafusp alfa has the potential to exert potent anti-tumor activity by simultaneously blocking both cancer cell-intrinsic EGFR survival and proliferation, as well as the immunosuppressive TGF-\u03b2 signaling within the TME. Ficerafusp alfa directs the TGF-\u03b2 inhibitor into the immediate TME through the binding of EGFR on tumor cells, which we believe will drive the tumor penetration of immune cells that lead to deep and durable responses and an increase in overall survival, or OS. We believe ficerafusp alfa has the potential to provide meaningful clinical benefit in solid tumors that are challenged by inadequate tumor penetration and where there is a strong biologic rationale for the dual inhibition of both EGFR and TGF-\u03b2, such as head and neck cancers and other squamous cell carcinomas which typically overexpress EGFR and TGF-\u03b2 pathways. We are focusing our efforts and resources on the continued development of ficerafusp alfa in those tumor types for which there is strong biologic rationale and remaining unmet need for enhanced tumor penetration. Ficerafusp alfa is currently being studied in head and neck squamous cell carcinoma, or HNSCC. Our global, double-blind, Phase 2/3 FORTIFI-HN01 Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should consider and read carefully all of the risks and uncertainties described below, as well as the other information in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes appea", "title": "BCAX - Bicara Therapeutics Inc.", "url": "/company/BCAX/" }, { "kind": "company", "summary": "SIC 3442 Metal Doors, Sash, Frames, Moldings & Trim; CIK 0001839839; latest 10-K filed 2026-03-04.", "text": "JBI - Janus International Group, Inc. SIC 3442 Metal Doors, Sash, Frames, Moldings & Trim; CIK 0001839839; latest 10-K filed 2026-03-04. JBI Janus International Group, Inc. 0001839839 3442 Metal Doors, Sash, Frames, Moldings & Trim Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis provides information which our management believes is relevant to an assessment and understanding of the consolidated results of operations and financial condition. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the consolidated financial statements and notes thereto contained in this Annual Report on Form 10-K (this \u201cAnnual Report\u201d). See \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in our Annual Report on Form 10-K filed on February 26, 2025 for discussion and analysis of results of operations for the year ended December 28, 2024. Certain information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the section entitled \u201cRisk Factors,\u201d our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Factors that could cause or contribute to such differences include, but are not limited to, capital expenditures, economic and competitive conditions, regulatory changes and other uncertainties, as well as those factors discussed below and elsewhere in this Annual Report. We assume no obligation to update any of these forward-looking statements. Unless otherwise indicated or the context otherwise requires, references in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations section to \u201cJanus,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and other similar terms refer to Janus International Group Inc. and its consolidated subsidiaries. Percentage amounts included in this Annual Report have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this Annual Report may vary from those obtained by performing the same calculations using the figures in our Consolidated Financial Statements included elsewhere in this Annual Report. Certain other amounts that appear in this Annual Report may not sum due to rounding. Dollar amounts are shown in millions of dollars, unless otherwise noted, and rounded to the nearest tenth of a million except for share and per share amounts. Introduction This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is a supplement to the accompanying Consolidated Financial Statements and provides additional information on our business, recent developments, financial condition, liquidity and capital resources, cash flows and results of operations. MD&A is organized as follows: \u2022Business Overview: This section provides a general description of our business, and a discussion of management\u2019s general outlook regarding market demand, our competitive position and product innovation, as well as recent developments that we believe are important to understanding our results of operations and financial condition or in understanding anticipated future trends. \u2022Basis of Presentation: This section provides a discussion of the basis on which our Consolidated Financial Statements were prepared. \u2022Results of Operations: This section provides an analysis of our results of operations for the years ended January 3, 2026 and December 28, 2024. \u2022Liquidity and Capital Resources: This section provides a discussion of our financial condition and an analysis of our cash flows for the years ended January 3, 2026 and December 28, 2024. This section also provides a discussion of our contractual obligations, other purchase commitments and customer credit risk that e Item 1. BUSINESS Overview Janus International Group, Inc. (\u201cwe,\u201d \u201cus,\u201d \u201cGroup,\u201d \u201cJanus\u201d or the \u201cCompany\u201d), headquartered in Temple, Georgia with eleven domestic and three international manufacturing facilities is a leading global manufacturer, supplier, and provider of turn-key self-storage, commercial, and industrial building solutions including: roll up and swing doors, hallway systems, single- and multi-story steel buildings, building components, relocatable storage \u201cMASS\u201d (Moveable Additional Storage Structures) units, facility and door automation technologies, and trucking terminal renovation, construction, remodeling, and maintenance services. We are highly integrated with customers at every phase of a project, including facility planning/design, construction, access control, and the restoration, rebuilding, and replacement (\u201cR3\u201d) of self-storage facilities. The self-storage industry is comprised of institutional and non-institutional facilities. Institutional facilities typically include multi-story, climate controlled facilities located in prime locations owned and/or managed by large real estate investment trusts (\u201cREITs\u201d) or returns-driven operators of scale and are primarily located in the top 50 U.S. metropolitan statistical areas (\u201cMSAs\u201d), whereas the vast majority of non-institutional facilities are single-story, non-climate controlled facilities located outside of city centers owned and/or managed by smaller private operators that are mostly located outside of the top 50 U.S. MSAs. Company History Founded in 2002, we are a leading global manufacturer and supplier of turn-key self-storage, commercial, and industrial building solutions, including roll-up and swing doors, hallway systems, relocatable storage units, and facility and door automation technologies. Over the past 20 years, we have expanded our operations to serve several U.S. and international locations. Our common stock is listed and traded on the NYSE under the ticker symbol \u201cJBI.\u201d Com Item 1A. RISK FACTORS Stockholders should carefully consider the following risk factors, together with all of the other information included in this Annual Report. We may face additional risks and uncertainties that are not presently known to us, or that we currently deem immaterial", "title": "JBI - Janus International Group, Inc.", "url": "/company/JBI/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001497645; latest 10-K filed 2026-02-25.", "text": "INN - Summit Hotel Properties, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001497645; latest 10-K filed 2026-02-25. INN Summit Hotel Properties, Inc. 0001497645 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Industry Trends and Outlook Room-night demand in the U.S. lodging industry is generally correlated to certain macroeconomic trends. Key drivers of demand, and therefore lodging revenues, include changes in gross domestic product, corporate profits, capital investments, employment, government policy, inbound international travel, and consumer and corporate sentiment. From a cost perspective, elevated inflation increased the cost of salaries, wages, supplies, material, freight, insurance, and energy in recent years. A portion of these costs were partially offset by increases in average guestroom rates for lodging properties. Expense growth has moderated to a pace consistent with historical long-term inflation rates; however, certain costs remain above historical levels and could be further affected by changes in tariff policies and agreements. During 2025, we experienced a modest same-store revenue decline resulting primarily from a reduction in government-related and inbound international travel. Ongoing macroeconomic uncertainty has had a negative effect on consumer and corporate sentiment and spending, and resulted in modest near-term pricing pressure in certain lodging demand segments. This uncertainty has been driven by various factors, including the current political environment, recent policy changes, such as tariff policies, and ongoing concerns related to inflationary pressures. The medium- and long-term outlook for the industry remain favorable as forecasted room night demand growth and increases in average daily rate, coupled with minimal supply growth, are expected to drive industry RevPAR growth over the next several years. Operating Performance Metrics We use a variety of performance indicators and other information to evaluate the financial condition and operating performance of our business. These key indicators include financial information that is prepared in accordance with GAAP, as well as other financial information that is not prepared in accordance with GAAP. In addition, we use other information that may not be financial in nature, including statistical information and comparative data. We use this information to measure the performance of individual lodging properties, groups of lodging properties or our business as a whole. We periodically compare historical information to our internal budgets as well as industry-wide information. These key indicators include: \u2022Hotel EBITDA \u2014 Hotel EBITDA is a measure of the operating performance of our lodging properties after excluding the effects of financing decisions, tax systems, and non-cash expenses such as depreciation and amortization. \u2022Hotel Gross Operating Profit \u2014 Hotel Gross Operating Profit (\u201cGOP\u201d) is a measure of the profitability of our lodging properties from core operations and represents Hotel EBITDA exclusive of property taxes, insurance, and management fees. \u2022Occupancy \u2014 Occupancy represents the total number of guestrooms occupied divided by the total number of guestrooms available. \u2022Average Daily Rate \u2014 ADR represents total room revenues divided by the total number of paid occupied guestrooms. \u2022Revenue Per Available Room \u2014 RevPAR is the product of ADR and Occupancy. Occupancy, ADR and RevPAR are commonly used measures within the lodging industry to evaluate operating performance. RevPAR is an important metric for monitoring operating performance at the individual lodging property level and across our business as a whole. We evaluate individual lodging property RevPAR performance on an absolute basis with comparisons to budget and prior periods, as well as on a company-wide and market-by-market basis. ADR and RevPAR are based only on room revenue. Room revenue depends on demand (as measured by occupancy), pricing (as measured by ADR), and our available supply of lodging property guestrooms. Our ADR, occupancy and RevPAR performance may b Item 1. Business. Unless the context otherwise requires, all references to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or the \u201cCompany\u201d refer to Summit Hotel Properties, Inc. and its consolidated subsidiaries. Overview Summit Hotel Properties, Inc. is a self-managed lodging property investment company that was organized on June 30, 2010 as a Maryland corporation. The Company holds both general and limited partnership interests in Summit Hotel OP, LP (the \u201cOperating Partnership\u201d), a Delaware limited partnership also organized on June 30, 2010. We focus on owning lodging properties with efficient operating models that generate strong margins and investment returns. At December 31, 2025, our portfolio consisted of 95 lodging properties with a total of 14,347 guestrooms located in 24 states. We own our properties fee simple, except for six hotel properties which are subject to ground leases. As of December 31, 2025, we own 100% of the outstanding equity interests in 52 of our lodging properties. We own a 51% controlling interest in 40 lodging properties through a joint venture with USFI G-Peak Pte. Ltd. (\u201cGIC\u201d), a private limited company incorporated in the Republic of Singapore, (the \u201cGIC Joint Venture\u201d), and two 90% equity interests in separate joint ventures (the \u201cBrickell Joint Venture\u201d and the \u201cOnera Joint Venture\u201d). The Brickell Joint Venture owns two lodging properties, and the Onera Joint Venture owns one lodging property. The GIC Joint Venture was formed in July 2019 with GIC to acquire assets that align with the Company\u2019s current investment strategy and criteria. The Company serves as general partner and asset manager of the GIC Joint Venture and intends to invest 51% of the equity capitalization of the limited partnership, with GIC investing the remaining 49%. The GIC Joint Venture intends to finance assets with an anticipated 50% overall leverage target. The Company earns fees for providing services to the GIC Joint Venture and has the potential to earn incentive fees bas Item 1A. Risk Factors. Summary of Risk Factors Risks Related to Our Business \u2022Risks related to achieving revenue and net income growth \u2022Risks related to financing, including the risk of leverage and the corresponding risk of default on our existing indebtedness and potential inability to refinance or extend the maturities o", "title": "INN - Summit Hotel Properties, Inc.", "url": "/company/INN/" }, { "kind": "company", "summary": "SIC 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens); CIK 0001514705; latest 10-K filed 2026-02-20.", "text": "SXC - SunCoke Energy, Inc. SIC 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens); CIK 0001514705; latest 10-K filed 2026-02-20. SXC SunCoke Energy, Inc. 0001514705 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Annual Report on Form 10-K contains certain forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This discussion contains forward-looking statements about our business, operations and industry that involve risks and uncertainties, such as statements regarding our plans, objectives, expected future developments, expectations and intentions, and they involve known and unknown risks that are difficult to predict. As a result, our future results and financial condition may differ materially from those we currently anticipate as a result of the factors we describe under \u201cCautionary Statement Concerning Forward-Looking Statements\u201d and \u201cRisk Factors.\u201d This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is based on financial data derived from the financial statements prepared in accordance with United States generally accepted accounting principles (\u201cGAAP\u201d) and certain other financial data that is prepared using a non-GAAP measure. For a reconciliation of the non-GAAP measure to its most comparable GAAP component, see \u201cNon-GAAP Financial Measures\u201d in this Item 7. Our MD&A is provided in addition to the accompanying consolidated financial statements and notes to assist readers in understanding our results of operations, financial condition and cash flows. Our results of operations include reference to our business operations and market conditions, which are further described in Part I of this document. 2025 Overview Our consolidated results of operations in 2025 were as follows: [[GREPCENT_TABLE]] [[\"\",\"Years Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"Increase (Decrease)\"],[\"\",\"(Dollars in millions)\"],[\"Net (loss) income\",\"$\",\"(38.8)\",\"\",\"\",\"$\",\"103.5\",\"\",\"\",\"$\",\"(142.3)\"],[\"Net cash provided by operating activities\",\"$\",\"109.1\",\"\",\"\",\"$\",\"168.8\",\"\",\"\",\"$\",\"(59.7)\"],[\"Adjusted EBITDA(1)\",\"$\",\"219.2\",\"\",\"\",\"$\",\"272.8\",\"\",\"\",\"$\",\"(53.6)\"]] [[/GREPCENT_TABLE]] (1)See \u201cNon-GAAP Financial Measures\u201d in this Item 7 below for both the definition of Adjusted EBITDA and the reconciliation from GAAP to the non-GAAP measurement. Operating results during the year ended December 31, 2025 primarily reflect a $90.1 million ($68.1 million net of tax) impairment charge at our Haverhill I cokemaking facility as a result of Algoma Steel's breach of contract. Additionally, operating results reflect lower pricing in our Domestic Coke segment mainly driven by the mix of contracted and non-contracted blast coke sales in the current year period, lower volumes due to unfavorable coal-to-coke yields, lower volumes due to Algoma Steel's breach of contract, the impact of the Granite City contract extension economics, lower terminals handling volumes due to market conditions as well as the absence of a $9.5 million pre-tax gain related to the extinguishment of certain black lung liabilities during the prior year period. Operating results for the year ended December 31, 2025 include five months of operating results associated with the acquisition of Flame Aggregator, LLC (\u201cPhoenix Global\u201d). Net loss was reduced during the current year period by income tax benefits recognized on investment tax credits and the impairment charge discussed above. Operating cash flows during the current period primarily reflect payments to settle liabilities assumed as part of the acquisition of Phoenix Global, an increase in income tax receivables related to capital investment tax credits and the unfavorable operating results discussed above. See detailed analysis of the year's results throughout this MD&A. We returned meaningful capital to our shareholders through the declaration and payment of a dividend of $0.12 per share during each quarter of 2025. Recent Developments \u2022One Big Beautiful Bill Act. On July 4, 2025, the One Big Beautiful Bill Act (\u201cOBBBA\u201d) was enacted into law. The OBB Item 1.Business Overview SunCoke Energy, Inc. (\u201cSunCoke Energy,\u201d \u201cSunCoke,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d) is the largest independent producer of high-quality coke in the Americas, as measured by tons of coke produced each year, and has more than 65 years of coke production experience. Coke is produced by heating metallurgical coal in a refractory oven, which releases certain volatile components from the coal, thus transforming the coal into coke. Our coke is primarily used as a principal raw material in the blast furnace steelmaking process as well as in the foundry production of casted iron, and the majority of our sales are derived from blast furnace coke sales made under long-term, take-or-pay agreements. We also sell coke produced utilizing capacity in excess of that reserved for our long-term, take-or-pay agreements to customers in both the export and North American domestic coke markets seeking high-quality product for their blast furnaces. We have designed, developed and built, and we currently own and operate five cokemaking facilities in the United States (\u201cU.S.\u201d) with collective nameplate capacity to produce approximately 3.7 million tons of blast furnace coke per year. Additionally, we designed and currently operate one cokemaking facility in Brazil under licensing and operating agreements on behalf of ArcelorMittal Brasil S.A. (\u201cArcelorMittal Brazil\u201d), which has approximately 1.7 million tons of annual cokemaking capacity. We also own and operate an industrial services business that provides export and domestic material handling and/or mixing services to coke, coal, steel, power and other bulk customers, as well as mission-critical mill services to leading steel producers globally. Our logistics terminals have the collective capacity to mix and transload more than 40 million tons of coal and other products annually and have storage capacity of approximately 3 million tons. These terminals are strategically located to reach Gulf Coast, East Coast, G Item 1A.Risk Factors Our business, operating results, cash flows and financial condition are subject to these risks and uncertainties, any of which could cause actual results to vary materially and adversely from recent results or from anticipated future results. In additio", "title": "SXC - SunCoke Energy, Inc.", "url": "/company/SXC/" }, { "kind": "company", "summary": "SIC 7311 Services-Advertising Agencies; CIK 0000876883; latest 10-K filed 2026-03-13.", "text": "STGW - Stagwell Inc SIC 7311 Services-Advertising Agencies; CIK 0000876883; latest 10-K filed 2026-03-13. STGW Stagwell Inc 0000876883 7311 Services-Advertising Agencies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis are based on and should be read in conjunction with our Audited Consolidated Financial Statements and the notes thereto included elsewhere in this Form 10-K. The following discussion and analysis contain forward-looking statements and should be read in conjunction with the disclosures and information contained and referenced under the captions \u201cForward-Looking Statements\u201d and \u201cRisk Factors\u201d in this Form 10-K. The following discussion and analysis also include a discussion of certain non-GAAP financial measures. A description of the non-GAAP financial measures discussed in this section and reconciliations to the comparable GAAP measures are below. In this section, the terms \u201cStagwell,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and the \u201cCompany\u201d refer to Stagwell Inc. and its direct and indirect subsidiaries. References to a \u201cfiscal year\u201d mean the Company\u2019s year commencing on January 1 of that year and ending December 31 of that year (e.g., fiscal 2025 means the period beginning January 1, 2025, and ending December 31, 2025). 28 Table of Contents Executive Summary Overview Stagwell conducts its business through its segments, which provide marketing and business solutions that realize the potential of combining data and creativity. Stagwell\u2019s strategy is to build, grow, and acquire market-leading businesses that deliver the modern suite of services that marketers need to thrive in a rapidly evolving business environment. We believe Stagwell\u2019s differentiation lies in its digital-first and technology-based roots and proven entrepreneurial leaders, which together with innovations in technology and data, bring transformational marketing, activation, communications and strategic consulting services to clients. Stagwell leverages its range of services in an integrated manner, offering strategic, creative and innovative solutions that are technologically forward and media-agnostic. The Company\u2019s strategy is intended to challenge the industry status quo, realize returns on investment, and drive transformative growth and business performance for its clients and stakeholders. Stagwell manages its business by monitoring several financial and non-financial performance indicators. The key indicators that we focus on are revenue, operating expenses, staff cost ratio, capital expenditures, net income (loss), net income (loss) attributable to Stagwell Inc. common shareholders, net income (loss) per share and the non-GAAP financial measures including Adjusted EBITDA, Free cash flow and Adjusted EPS, described below. Revenue growth is analyzed by reviewing a mix of measurements, including (i) growth by major geographic location, (ii) growth from existing clients and the addition of new clients, (iii) growth by principal capability, (iv) growth from currency changes, and (v) growth from acquisitions. In addition to monitoring the foregoing financial indicators, the Company assesses and monitors several non-financial performance indicators relating to the business performance of our networks. These indicators may include a network\u2019s recent new client win/loss record; the depth and scope of a pipeline of potential new client account activity; the overall quality of the services provided to clients; and the relative strength of the network\u2019s next generation team that is in place as part of a potential succession plan to succeed the current senior executive team. Recent Developments On January 30, 2026, the Company acquired Wavelength, a digital advocacy and communications company, for an estimated purchase price of $10.2 million, of which approximately $4.6 million was paid in cash and approximately $5.6 million was paid in 863,624 shares of the Company\u2019s Class A Common Stock subject to post-closing adjustments. In connection with the acquisition, the sellers are eligible to earn contingent consideration up to a maximum value of $24.8 Item 1. Business About Us Stagwell Inc. is the global challenger network transforming marketing through artificial intelligence (\u201cAI\u201d). Stagwell delivers scaled creative performance for the world\u2019s most ambitious brands, connecting culture-moving creativity with leading-edge technology to harmonize the art and science of marketing. Led by entrepreneurs, our specialists in over 34 countries have a unified purpose: to drive effectiveness and improve business results for our more than 4,500 clients as of December 31, 2025. Since 2021, Stagwell\u2019s standing in the industry has grown as customers have increasingly recognized our agencies\u2019 outstanding work - leading to accelerating net new business trends - and as we have invested in augmenting our capabilities and geographical reach. Throughout our growth, we have maintained a collaborative spirit that is integral to the Stagwell DNA. We believe our ability to work across business lines and geographies gives us a competitive advantage relative to many of the legacy holding company competitors. While Stagwell is still focused on growth, we believe we have the right scale, scope, and size to meet the needs of marketers worldwide. Our award-winning work and new business wins are evidence that our offering resonates with clients. Stagwell offers the capabilities marketers need in the digital age: Marketing Services, Digital Transformation, Media & Commerce, Communications (which includes Advocacy services), and \u201csoftware as a service\u201d (\u201cSaaS\u201d) and \u201cdata as a service\u201d (\u201cDaaS\u201d) technology tools within The Marketing Cloud. Our increasing global scale allows us to compete for many of the largest marketing contracts available, including multi-region contracts with annual fees in excess of $10 million. Stagwell operates in a highly competitive and fragmented industry, but we believe we have a distinct advantage given our digital composition and its alignment with evolving trends in the broader marketplace. Additionally, The Mark Item 1A. Risk Factors You should carefully consider the risk factors set forth below, as well as the other information contained in this Form 10-K, including our Audited Consolidated Financial Statements and related notes. Any of the following risks could materially and adversely affect our business, results of operations, financial conditio", "title": "STGW - Stagwell Inc", "url": "/company/STGW/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001717547; latest 10-K filed 2026-02-18.", "text": "BRSP - BrightSpire Capital, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001717547; latest 10-K filed 2026-02-18. BRSP BrightSpire Capital, Inc. 0001717547 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion of our results of operations and financial condition in conjunction with our financial statements and related notes, \u201cRisk Factors\u201d and \u201cBusiness\u201d included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed in the sections of this Annual Report on Form 10-K entitled \u201cRisk Factors\u201d and \u201cForward-Looking Statements.\u201d Introduction We are an internally-managed commercial real estate (\u201cCRE\u201d) credit real estate investment trust (\u201cREIT\u201d) focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments and net leased properties. CRE debt investments primarily consist of senior mortgage loans, which is our primary investment strategy. Additionally, we may also selectively originate mezzanine loans and preferred equity investments, which may include profit participations. The mezzanine loans and preferred equity investments may be in conjunction with our origination of corresponding senior mortgages on the same properties. Net leased properties consist of CRE properties with long-term leases to tenants on a net-lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance capital expenditures and real estate taxes. We were organized in the state of Maryland on August 23, 2017 and maintain key offices in New York, New York and Los Angeles, California. We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, beginning with our taxable year ended December 31, 2018. We conduct all our activities and hold substantially all our assets and liabilities through our operating subsidiary, BrightSpire Capital Operating Company, LLC (the \u201cOP\u201d). Our Target Assets Our investment strategy is to originate and selectively acquire our target assets, which consist of the following: \u2022Senior Loans. Our primary focus is originating and selectively acquiring senior loans that are backed by CRE assets. These loans are secured by a first mortgage lien on a commercial property and provide mortgage financing to a commercial property developer or owner. The loans may vary in duration, bear interest at a fixed or floating rate and amortize, if at all, over varying periods, often with a balloon payment of principal at maturity. Senior loans may include junior participations in our originated senior loans for which we have syndicated the senior participations to other investors and retained the junior participations for our portfolio. We believe these junior participations are more like the senior loans we originate than other loan types given their credit quality and risk profile. \u2022Mezzanine Loans. We may originate or acquire mezzanine loans, which are structurally subordinate to senior loans, but senior to the borrower\u2019s equity position. Generally, we will originate or acquire these loans if we believe we have the ability to protect our position and fund the first mortgage, if necessary. Mezzanine loans may be structured such that our return accrues and is added to the principal amount rather than paid on a current basis. We may also pursue equity participation opportunities in instances when the risk-reward characteristics of the investment warrant additional upside participation in the possible appreciation in value of the underlying assets securing the investment. \u2022Preferred Equity. We may make investments that are subor Item 1. Business Our Company References to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or the \u201cCompany\u201d refer to BrightSpire Capital, Inc., a Maryland corporation, together with its consolidated subsidiaries, unless the context specifically requires otherwise. References to the \u201cOP\u201d refer to BrightSpire Capital Operating Company, LLC a Delaware limited liability company, the operating company of the Company. We are an internally-managed commercial real estate (\u201cCRE\u201d) credit real estate investment trust (\u201cREIT\u201d) focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments and net leased properties. CRE debt investments primarily consist of senior mortgage loans, which is our primary investment strategy. Additionally, we may also selectively originate mezzanine loans and preferred equity investments, which may include profit participations. The mezzanine loans and preferred equity investments may be in conjunction with our origination of corresponding senior mortgages on the same properties. Net leased properties consist of CRE properties with long-term leases to tenants on a net-lease basis, where such tenants generally will be responsible for property operating expenses such as insurance, utilities, maintenance capital expenditures and real estate taxes. We were organized in the state of Maryland on August 23, 2017 and maintain key offices in New York, New York and Los Angeles, California. We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, beginning with our taxable year ended December 31, 2018. We conduct all our activities and hold substantially all our assets and liabilities through our operating subsidiary, BrightSpire Capital Operating Company, LLC. Our Investment Strategy Our objective is to preserve and protect shareholder capital, while producing attractive risk-adjusted returns that drive capital appreciation. We believe our investment strategy provides flexibility through eco Item 1A. Risk Factors An investment in our common stock involves a high degree of risk. You should carefully consider the risks described below before deciding to purchase shares of our common stock. If any of the events, contingencies, circumstances or conditions described in the risks below actually occurs, they c", "title": "BRSP - BrightSpire Capital, Inc.", "url": "/company/BRSP/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001275168; latest 10-K filed 2026-02-27.", "text": "FSBC - FIVE STAR BANCORP SIC 6022 State Commercial Banks; CIK 0001275168; latest 10-K filed 2026-02-27. FSBC FIVE STAR BANCORP 0001275168 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis presents management\u2019s perspective on our financial condition and results of operations on a consolidated basis. However, because we conduct all of our material business operations through our bank subsidiary, Five Star Bank, the discussion and analysis relate to activities primarily conducted by the Bank. This discussion and analysis should be read in conjunction with the audited consolidated financial statements and the accompanying notes presented elsewhere in this Annual Report on Form 10-K. Average balances, including balances used in calculating certain financial ratios, are generally comprised of average daily balances. To the extent that this discussion describes prior performance, the descriptions relate only to the periods listed, which may not be indicative of our future financial outcomes. In addition to containing historical information, this discussion contains forward-looking statements that involve risks, uncertainties, and assumptions that could cause results to differ materially from management\u2019s expectations. Factors that could cause such differences are discussed in the sections entitled \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cPart I, Item 1A. Risk Factors.\u201d We assume no obligation to update any of these forward-looking statements, except to the extent required by law. 44 Set forth below is a comparison of the results of operations and changes in financial condition for the fiscal years ended December 31, 2025 and December 31, 2024. For a discussion of our financial results for the fiscal year ended December 31, 2023, see the section entitled \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. Company Overview Headquartered in the greater Sacramento metropolitan area of California, Five Star Bancorp (\u201cBancorp\u201d or the \u201cCompany\u201d) is a bank holding company that operates through its wholly owned subsidiary, Five Star Bank, a California state-chartered non-member bank. We provide a broad range of banking products and services to small and medium-sized businesses, professionals, and individuals primarily in Northern California through nine branch offices. Our mission is to strive to become the top business bank in all markets we serve through exceptional service, deep connectivity, and customer empathy. We are dedicated to serving real estate, agricultural, faith-based, and small to medium-sized enterprises. We aim to consistently deliver value that meets or exceeds the expectations of our shareholders, customers, employees, business partners, and community. We refer to our mission as \u201cpurpose-driven and integrity-centered banking.\u201d At December 31, 2025, we had total assets of $4.8 billion, total loans held for investment of $4.1 billion, and total deposits of $4.2 billion. Key Factors Affecting our Business Interest Rates Net interest income is the most significant contributor to our net income and is the difference between the interest and fees earned on interest-earning assets and the interest expense incurred in connection with interest-bearing liabilities. Net interest income is primarily a function of the average balances and yields of these interest-earning assets and interest-bearing liabilities. These factors are influenced by internal considerations such as product mix and risk appetite as well as external influences such as economic conditions, competition for loans and deposits, and market interest rates. The cost of our deposits and short-term borrowings is primarily based on short-term interest rates, which are largely driven by the Federal Reserve\u2019s actions and market competition. The yields generated by our loans and securities are typically affected by short-term and long-term interest rates, which are driven by mar Item 1. Business Our Company Headquartered in the greater Sacramento metropolitan area of California, Five Star Bancorp is a bank holding company that operates through its wholly owned subsidiary, Five Star Bank, a California state-chartered non-member bank. The Bank began operations on December 20, 1999. Bancorp was incorporated on September 16, 2002 and became the sole shareholder of the Bank on June 2, 2003. Our executive offices are located at 3100 Zinfandel Drive, Suite 100, Rancho Cordova, California 95670 and our telephone number is (916) 626-5000. Our website address is https://www.fivestarbank.com. Information on our website should not be considered a part of this Annual Report on Form 10-K. The Company provides a broad range of banking products and services to small and medium-sized businesses, professionals, and individuals primarily in Northern California through nine branch offices. The Bank opened a full-service branch in Walnut Creek in September 2025. The Bank\u2019s deposits are insured in whole or in part by the FDIC. The Bank\u2019s loans and deposits are primarily within Northern California, and the Bank\u2019s primary funding source is deposits from customers. Our mission is to strive to become the top business bank in all markets we serve through exceptional service, deep connectivity, and customer empathy. We are dedicated to serving real estate, agricultural, faith-based, and small to medium-sized enterprises. We aim to consistently deliver value that meets or exceeds expectations of our shareholders, customers, employees, business partners, and community. We refer to our mission as \u201cpurpose-driven and integrity-centered banking.\u201d At December 31, 2025, we had total assets of $4.8 billion, total loans held for investment of $4.1 billion, and total deposits of $4.2 billion. In May 2021, the Company completed its IPO, in connection with which the Company terminated its status as a Subchapter S corporation as of May 5, 2021 and became a taxable C Corporatio Item 1A. Risk Factors Certain factors may have an adverse effect on our business, financial condition, and results of operations. You should carefully consider the following risks, together with all of the other information contained in this Annual Report on Form 10-K, including the sections entitled \u201cCautionary Note Regarding Forward-Looking S", "title": "FSBC - FIVE STAR BANCORP", "url": "/company/FSBC/" }, { "kind": "company", "summary": "SIC 3480 Ordnance & Accessories, (No Vehicles/Guided Missiles); CIK 0001092796; latest 10-K filed 2026-06-17.", "text": "SWBI - SMITH & WESSON BRANDS, INC. SIC 3480 Ordnance & Accessories, (No Vehicles/Guided Missiles); CIK 0001092796; latest 10-K filed 2026-06-17. SWBI SMITH & WESSON BRANDS, INC. 0001092796 3480 Ordnance & Accessories, (No Vehicles/Guided Missiles) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in conjunction with our consolidated financial statements and the related notes thereto contained elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those set forth under Item 1A, \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. This section generally discusses year-to-year comparisons between fiscal 2026 and fiscal 2025. A discussion of our results of operations, liquidity, and capital resources for fiscal 2025 compared with fiscal 2024 is not included in this Annual Report on Form 10-K and can be found in Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" of our Annual Report on Form 10-K for fiscal 2025, filed with the SEC on June 20, 2025. 2026 Highlights Our operating results for fiscal 2026 included the following: \u2022 Net sales of $523.8 million represented an increase of $49.2 million, or 10.4%, over the prior fiscal year. \u2022 Gross profit increased $13.9 million, or 10.9%, over the prior fiscal year, primarily because of higher sales volume. Gross margin increased by ten basis points from the prior fiscal year primarily due to lower promotional costs and lower federal firearms excise taxes, partially offset by unfavorable fixed-cost absorption and a 100-basis point impact from higher tariffs. \u2022 Net income was $18.5 million, or $0.41 per diluted share, compared with net income of $13.4 million, or $0.30 per diluted share, for the prior fiscal year. \u2022 During fiscal 2026, we paid $23.2 million in dividends compared with $23.1 million in fiscal 2025. \u2022 During fiscal 2026, we repaid $60.0 million on our revolving credit facility. Key Performance Indicators We evaluate the performance of our business based upon operating profit and net income, which includes net sales, cost of sales, selling and administrative expenses, and certain components of other income and expense. We also track our return on invested capital, and we use adjusted EBITDAS (earnings before interest, taxes, depreciation, amortization, and stock-based compensation expense, excluding certain non-operational items), which is a non-GAAP financial metric, as a supplemental measure of our performance in order to provide investors with an improved understanding of underlying performance trends. We evaluate the performance of our products using measurements such as gross margin per unit produced, units produced per day, revenue by trade channel, and incoming orders per day. External Factors that Impact the Firearm Industry The firearm industry has been subject to many external factors in the past that have significantly increased the volatility of revenue generated by companies within the industry. These factors include, among others, fears surrounding crime and terrorism; significant news events; potential restrictions on the sale or makeup of firearms; actual and potential legislative, judicial, and regulatory actions; economic changes; and changes in the social and political environment, including congressional and presidential elections. See Item 1A, Risk Factors, for further discussion of external factors that impact the firearm industry. Although these external factors have created demand surges and volatility in the firearm market, and often make it difficult to predict demand, we believe that those external factors have also likely contributed to a long-term increase in consumer interest in firearms. We estimate that the annual domestic non-military firearm market is approximately $2.7 billion for handguns and $1.7 billion for lon Item 1. Business Introduction General We are one of the world\u2019s leading manufacturers and designers of firearms. We manufacture a wide array of handguns (including revolvers and pistols), long guns (including modern sporting rifles, pistol caliber carbines, and lever-action rifles), handcuffs, firearm suppressors, and other firearm-related products for sale to a wide variety of customers, including firearm enthusiasts, collectors, hunters, sportsmen, competitive shooters, individuals desiring home and personal protection, law enforcement and security agencies and officers, and military agencies in the United States and throughout the world. We sell our products under the Smith & Wesson and Gemtech brands. We manufacture our products at our facilities in Maryville, Tennessee; Springfield, Massachusetts; and Houlton, Maine. We also sell our manufacturing services under our Smith & Wesson and Smith & Wesson Precision Components brands to other businesses to attempt to level-load our factories. Smith & Wesson was founded in 1852 by Horace Smith and Daniel B. Wesson. Mr. Wesson purchased Mr. Smith\u2019s interest in 1873. The Wesson family sold Smith & Wesson to Bangor Punta Corp. in 1965. Lear Siegler Corporation purchased Bangor Punta in 1984, thereby acquiring ownership of Smith & Wesson. Forstmann Little & Co. purchased Lear Siegler in 1986 and sold Smith & Wesson shortly thereafter to Tomkins Corporation, an affiliate of U.K.-based Tomkins PLC. We purchased Smith & Wesson from Tomkins in 2001 and renamed our company Smith & Wesson Holding Corporation. In 2017, we changed the name of our company from Smith & Wesson Holding Corporation to American Outdoor Brands Corporation. In 2020, in preparation for the spin-off of our outdoor products and accessories business, or the Separation, which was completed on August 24, 2020, we changed our name to Smith & Wesson Brands, Inc. In 2021, we announced our plan to move our headquarters and significant elements of our operations Item 1A. Risk Factors: The following summarizes the material risks of purchasing or owning our common stock. Additional unknown risks may also adversely impact our business, operating results, and financial condition. Our business, operating results, and financial co", "title": "SWBI - SMITH & WESSON BRANDS, INC.", "url": "/company/SWBI/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001747068; latest 10-K filed 2026-03-16.", "text": "MCBS - MetroCity Bankshares, Inc. SIC 6022 State Commercial Banks; CIK 0001747068; latest 10-K filed 2026-03-16. MCBS MetroCity Bankshares, Inc. 0001747068 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that involve risk, uncertainties and assumptions. Certain risks, uncertainties and other factors, including but not limited to those set forth under \u201cCautionary Note Regarding Forward-Looking Statements,\u201d \u201cRisk Factors,\u201d and elsewhere in this Annual Report on Form 10-K, may cause actual results to differ materially from those projected in the forward looking statements. We assume no obligation to update any of these forward-looking statements. Overview We are MetroCity Bankshares, Inc., a bank holding company headquartered in the Atlanta, Georgia metropolitan area. We operate through our wholly-owned banking subsidiary, Metro City Bank, a Georgia state-chartered commercial bank that was founded in 2006. We currently operate 29 full-service branch locations in multi-ethnic communities in Alabama, California, Florida, Georgia, New York, New Jersey, Texas and Virginia. We are focused on delivering full-service banking services in diverse multi-ethnic markets, including Asian-American communities in growing metropolitan markets in the Eastern U.S. and Texas 43 Table of Contents Prior to December 2014, the Bank operated without a holding company structure. In December 2014, the Bank formed MetroCity Bankshares, Inc. as its holding company, and on, December 31, 2014, MetroCity Bankshares, Inc. acquired all of the outstanding common stock of Metro City Bank in connection with the holding company formation transaction. We are a bank holding company and we conduct all of our material business operations through the Bank. Accordingly, the discussion and analysis herein relates primarily to activities primarily conducted at the Bank level. Acquisition of First IC Corporation and First IC Bank After the close of business on December 1, 2025, the Company completed the acquisition of First IC Corporation. (\u201cFirst IC\u201d). For each share of First IC common stock, First IC stockholders had the right to receive 0.3729 shares of the Company's common stock and $12.00 in cash, with cash paid in lieu of fractional shares. Total consideration was approximately $202.3 million and consisted of $90.5 million of equity (3,384,066 shares) in the form of the Company\u2019s common stock, plus $111.9 million in cash, including cash paid for stock option cancellations and fractional shares. As of December 31, 2025, First IC had approximately $1.13 billion in total assets, $1.01 billion in total loans and $878.4 million in deposits. Critical Accounting Policies and Estimates Our accounting and reporting policies conform to accounting principles generally accepted in the United States of America (\u201cGAAP\u201d) and conform to general practices within the industry in which we operate. To prepare financial statements in conformity with GAAP, management makes estimates, assumptions and judgments based on available information. These estimates, assumptions and judgments affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statements and, as this information changes, actual results could differ from the estimates, assumptions and judgments reflected in the financial statement. In particular, management has identified several accounting policies that, due to the estimates, assumptions and judgments inherent in those policies, are critical in understanding our financial statements. The following is a discussion of the critical accounting policies and significant estimates that require us to make complex and subjective judgments. Additional in Item 1. Business Our Company MetroCity Bankshares, Inc. (the \u201cCompany\u201d), a bank holding company incorporated in 2014 and headquartered in the Atlanta metropolitan area. We primarily operate through our wholly-owned banking subsidiary, Metro City Bank, a Georgia state-chartered commercial bank that was founded in 2006 (the \u201cBank\u201d). We currently operate 29 full-service branch locations in multi-ethnic communities in Alabama, California, Florida, Georgia, New York, New Jersey, Texas and Virginia. As of December 31, 2025, we had total assets of $4.77 billion, total loans held for investment of $4.08 billion, total deposits of $3.65 billion and total shareholders\u2019 equity of $544.2 million. We are a full-service commercial bank focused on delivering personalized service in an efficient and reliable manner to the small-to medium-sized businesses and individuals in our markets, including many customers in diverse and multi-ethnic communities in growing metropolitan markets in the Eastern U.S., Texas and California. We offer a suite of loan and deposit products tailored to meet the needs of the businesses of our customers. Through our diverse and experienced management team and talented employees, we are able to speak the language of our customers and provide them with services and products in a culturally competent manner. We have successfully grown our franchise since our founding primarily through de novo branch openings in vibrant, diverse markets where we feel our banking products and services will be well-received, as well as our recent acquisition of First IC Corporation. We have a proven track record of opening these new branches in a disciplined, cost efficient manner, without compromising the quality of our customer service or our profitability. Our consistent expansion efforts have given us the know-how and expertise to lower the cost of opening and operating de novo branches, allowing each of these branches to quickly become profitable. We believe that our c Item 1A. Risk Factors In addition to the other information contained in this Form 10-K, you should carefully consider the risks described below, as well as the risk factors and uncertainties discussed in our other public filings with the SEC under the caption \u201cRisk Factors\u201d in evaluating us and our business and making or continuing ", "title": "MCBS - MetroCity Bankshares, Inc.", "url": "/company/MCBS/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001434647; latest 10-K filed 2026-03-09.", "text": "ZVRA - ZEVRA THERAPEUTICS, INC. SIC 2834 Pharmaceutical Preparations; CIK 0001434647; latest 10-K filed 2026-03-09. ZVRA ZEVRA THERAPEUTICS, INC. 0001434647 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a commercial-stage company with a late-stage pipeline committed to redefining what is possible in bringing life-changing therapeutics to people living with rare diseases. We are focused on expanding patient access, progressing our pipeline toward key milestones, and delivering meaningful therapeutics. Our vision is realized through disciplined execution of our strategic plan and our core values \u2014 patient centricity, integrity, accountability, innovation, and courage \u2014 which guide our efforts to deliver long-term value. The commercialization of our lead product, marketed in the United States for Niemann-Pick disease type C (NPC), a rare, progressive neurodegenerative disorder, provides a strong corporate foundation and demonstrates our ability to advance therapies from development to market. In February 2023, we changed our name to Zevra Therapeutics, Inc. Zevra, is the Greek word for zebra, which is the internationally recognized symbol for rare disease. This name reflects our intense focus and dedication to developing transformational, patient-focused therapies for rare diseases with limited or no treatment options available, or treatment areas with significant unmet needs. Our strategic plan is focused on transforming Zevra into a leading rare-disease company. We are prioritizing the commercialization and global expansion of our lead product, MIPLYFFA, while OLPRUVA remains commercially available. We are also advancing the development of our clinical stage asset, celiprolol, and plan to further expand our pipeline through inorganic growth. We intend to become the preferred partner for assets that we believe will allow us to leverage the expertise and infrastructure that we have built to help mitigate risk and enhance our probability of success. On September 20, 2024, the U.S. Food and Drug Administration (\u201cFDA\u201d) approved the New Drug Application (\u201cNDA\u201d) for MIPLYFFA, for use in combination with miglustat for the treatment of neurological manifestations of NPC in adult and pediatric patients 2 years of age and older, and MIPLYFFA became commercially available for dispense in the United States in November 2024. In connection with this approval, we received a transferable rare pediatric disease priority review voucher (\u201cPRV\u201d). On April 1, 2025, we consummated the sale of the PRV, resulting in net proceeds of $148.3 million to us. MIPLYFFA has also been granted orphan medicinal product designation for the treatment of NPC by the European Commission. We are pursuing regulatory approval in Europe and filed a Marketing Authorization Application (\u201cMAA\u201d) with the European Medicines Agency (\u201cEMA\u201d) in July 2025; the application is currently under review. On November 17, 2023, we completed the acquisition of Acer Therapeutics, Inc. (\u201cAcer\u201d), pursuant to which Acer became a wholly-owned subsidiary of Zevra. This included the acquisition of OLPRUVA (sodium phenylbutyrate) for oral suspension, which was approved by the FDA on December 27, 2022, for the treatment of certain urea cycle disorders (\u201cUCDs\u201d). In addit ITEM 1. BUSINESS. Overview We are a commercial-stage company with a late-stage pipeline committed to redefining what is possible in bringing life-changing therapies to people living with rare diseases. We are focused on expanding patient access, progressing our pipeline toward key milestones, and delivering meaningful therapeutics. Our vision is realized through disciplined execution of our strategic plan and our core values \u2014 patient centricity, integrity, accountability, innovation, and courage \u2014 which guide our efforts to deliver long-term value. The commercialization of our lead product, marketed in the United States for Niemann-Pick disease type C (NPC), a rare, progressive neurodegenerative disease, provides a strong corporate foundation and demonstrates our ability to advance therapies from development to market. In February 2023, we changed our name to Zevra Therapeutics, Inc. Zevra, is the Greek word for zebra, which is the internationally recognized symbol for rare disease. This name reflects our intense focus and dedication to developing transformational, patient-focused therapies for rare diseases with limited or no treatment options available, or treatment areas with significant unmet needs. Our strategic plan is focused on transforming Zevra into a leading rare-disease company. We are prioritizing the commercialization and global expansion of our lead product, MIPLYFFA, while OLPRUVA remains commercially available. We are also advancing the development of our clinical stage asset, celiprolol, and plan to further expand our pipeline through inorganic growth. We intend to become the preferred partner for assets that we believe will allow us to leverage the expertise and infrastructure that we have built to help mitigate risk and enhance our probability of success. In May 2022, we purchased all of the assets and operations of Orphazyme A/S (\u201cOrphazyme\u201d) related to arimoclomol. On September 20, 2024, the U.S. Food and Drug Administration (\u201cFDA\u201d) ap ITEM 1A. RISK FACTORS. Risks Related to the Commercialization of Our Approved Products and Product Candidates If we are unable to establish effective sales, marketing and distribution capabilities for our approved products, including any of our product candidates that may receive marketing approval, we may not be successful ", "title": "ZVRA - ZEVRA THERAPEUTICS, INC.", "url": "/company/ZVRA/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000921557; latest 10-K filed 2026-03-06.", "text": "RBCAA - REPUBLIC BANCORP INC /KY/ SIC 6022 State Commercial Banks; CIK 0000921557; latest 10-K filed 2026-03-06. RBCAA REPUBLIC BANCORP INC /KY/ 0000921557 6022 State Commercial Banks Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. \u200b The consolidated financial statements included in this report include the accounts of Republic Bancorp, Inc. and its wholly owned subsidiary, Republic Bank & Trust Company. As used in this report, the terms \u201cRepublic,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d and \u201cus\u201d refer to Republic Bancorp, Inc. and, where the context requires, Republic Bancorp, Inc. and its subsidiary. The term the \u201cBank\u201d refers to the Company\u2019s subsidiary bank, Republic Bank & Trust Company, as well as its wholly owned subsidiary, RBT Insurance Agency LLC. The Company dissolved Republic Insurance Services, Inc., its former insurance captive subsidiary, in 2023. All significant intercompany balances and transactions are eliminated in consolidation. \u200b Republic is an FHC headquartered in Louisville, Kentucky, which is the most populous city in Kentucky. The Bank is a Kentucky-based, state-chartered non-member financial institution that provides both traditional and non-traditional banking products and services through five reportable segments using a multitude of delivery channels. While the Bank operates primarily in its geographical market footprint where it has physical locations, its non-brick-and-mortar delivery channels allow it to reach clients across the U.S. \u200b General Business Overview \u200b The Company\u2019s Executive Chair/CEO serves as the Company\u2019s CODM. Income before income tax expense is the reportable measure of segment profit or loss that the CODM regularly reviews and utilizes to allocate resources and evaluate performance. \u200b As of December 31, 2025, the Company was divided into five reportable segments: (I) Traditional Banking, (II) Warehouse Lending, (III) TRS, (IV) RPS, and (V) RCS. Management considers the first two segments to collectively constitute \u201cCore Bank\u201d or \u201cCore Banking\u201d operations, while the last three segments collectively constitute RPG operations. Prior to the first quarter of 2024, Republic had reported mortgage banking as a separate reportable segment. \u200b Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of Republic should be read in conjunction with Part II Item 8 \u201cFinancial Statements and Supplementary Data.\u201d \u200b Forward-looking Statements \u200b Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied in such statements. These statements are often, but not always, identified by words or phrases such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccan,\u201d \u201cconclude,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cforecast,\u201d \u201cforesee,\u201d \u201cgoal,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201coutlook,\u201d \u201cpossible,\u201d \u201cplan,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201cpotential,\u201d \u201cseek,\u201d \u201cshould,\u201d \u201ctarget,\u201d \u201cwill,\u201d \u201cwill likely,\u201d \u201cwould,\u201d or similar expressions. Forward-looking statements are not historical facts; rather, they are based on current expectations, estimates, and projections about the Company\u2019s industry, management\u2019s beliefs, and certain assumptions made by management\u2014many of which are inherently uncertain and beyond management\u2019s control. For additional information regarding forward-looking statements, see the section titled \u201cCautionary Statement Regarding Forward-Looking Statements.\u201d \u200b Accounting Standards Updates \u200b For disclosure regarding the impact to the Company\u2019s financial statements of ASUs, see the Footnote titled \u201cSummary of Significant Accounting Policies\u201d of Part II Item 8 \u201cFinancial Statements and Supplementary Data.\u201d \u200b 45 Table of Contents Critical Accounting Estimates \u200b Republic\u2019s consolidated financial statements and accompanying footnotes have been prepared in accordance with GAAP. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabiliti Item 1. Business. \u200b OVERVIEW \u200b The consolidated financial statements included in this report include the accounts of Republic Bancorp, Inc. and its wholly owned subsidiary, Republic Bank & Trust Company. As used in this report, the terms \u201cRepublic,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d and \u201cus\u201d refer to Republic Bancorp, Inc. and, where the context requires, Republic Bancorp, Inc. and its subsidiary. The term the \u201cBank\u201d refers to the Company\u2019s subsidiary bank, Republic Bank & Trust Company, as well as its wholly owned subsidiary, RBT Insurance Agency LLC. The Company dissolved Republic Insurance Services, Inc., its former insurance captive subsidiary, in 2023. All significant intercompany balances and transactions are eliminated in consolidation. \u200b Republic is an FHC headquartered in Louisville, Kentucky, which is the most populous city in Kentucky. The Bank is a Kentucky-based, state-chartered non-member financial institution that provides both traditional and non-traditional banking products and services through five reportable segments using a multitude of delivery channels. While the Bank operates primarily in its geographical market footprint where it has physical locations, its non-brick-and-mortar delivery channels allow it to reach clients across the U.S. \u200b The principal business of Republic is directing, planning, and coordinating the business activities of the Bank. The financial condition and results of operations of Republic are primarily dependent upon the results of operations of the Bank. As of December 31, 2025, Republic had total assets of $7.04 billion, total loans of $5.45 billion, total deposits of $5.20 billion, and total stockholders\u2019 equity of $1.10 billion. Based on total assets as of December 31, 2025, Republic ranked as the second largest Kentucky-based FHC. The executive offices of Republic are located at 601 West Market Street, Louisville, Kentucky 40202, telephone number (502) 584-3600. The Company\u2019s website address is www.republicbank.co Item 1A.Risk Factors. \u200b Republic\u2019s Class A Common Stock is traded on the NASDAQ under the symbol \u201cRBCAA.\u201d There is no established public trading market for the Company\u2019s Class B Common Stock, however, the Company\u2019s Class B Common Stock is fully convertible into the Company\u2019s publicly-traded Class A Common Stock on a one-for-one basis. \u200b FACTORS T", "title": "RBCAA - REPUBLIC BANCORP INC /KY/", "url": "/company/RBCAA/" }, { "kind": "company", "summary": "SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0000916907; latest 10-K filed 2025-09-11.", "text": "SMBC - SOUTHERN MISSOURI BANCORP, INC. SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0000916907; latest 10-K filed 2025-09-11. SMBC SOUTHERN MISSOURI BANCORP, INC. 0000916907 6036 Savings Institutions, Not Federally Chartered Item 7.\u200b \u200bManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations This discussion and analysis reviews our consolidated financial statements and other relevant statistical data and is intended to enhance your understanding of our financial condition and results of operations. The information in this section has been derived from the Consolidated Financial Statements and notes thereto, which are included in Item 8 of this Form 10-K. You should read the information in this section in conjunction with the business and financial information regarding us as provided in this Form 10-K. SELECTED CONSOLIDATED FINANCIAL INFORMATION \u200b The following tables set forth selected consolidated financial information and other financial data of the Company. The summary statement of financial condition information and statement of income information are derived from our consolidated financial statements, which have been audited by Forvis Mazars, LLP. See Item 8. \u201cFinancial Statements and Supplementary Data.\u201d Results for past periods are not necessarily indicative of results that may be expected for any future period. \u200b [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"(Dollars in thousands)\",\"\\u200b\",\"At June 30,\"],[\"Financial Condition Data:\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\",\"\",\"2022\",\"\",\"2021\"],[\"Total assets\",\"\\u200b\",\"$\",\"5,019,607\",\"\\u200b\",\"$\",\"4,604,316\",\"\\u200b\",\"$\",\"4,360,211\",\"\\u200b\",\"$\",\"3,214,782\",\"\\u200b\",\"$\",\"2,700,530\"],[\"Loans receivable, net\",\"\\u200b\",\"\",\"4,048,961\",\"\\u200b\",\"\",\"3,797,287\",\"\\u200b\",\"\",\"3,571,078\",\"\\u200b\",\"\",\"2,686,198\",\"\\u200b\",\"\",\"2,200,244\"],[\"Mortgage-backed securities\",\"\\u200b\",\"\",\"359,494\",\"\\u200b\",\"\",\"304,861\",\"\\u200b\",\"\",\"270,252\",\"\\u200b\",\"\",\"170,585\",\"\\u200b\",\"\",\"138,341\"],[\"Cash, interest-bearing deposits and investment securities\",\"\\u200b\",\"\",\"294,455\",\"\\u200b\",\"\",\"184,437\",\"\\u200b\",\"\",\"202,523\",\"\\u200b\",\"\",\"156,369\",\"\\u200b\",\"\",\"193,250\"],[\"Deposits\",\"\\u200b\",\"\",\"4,281,368\",\"\\u200b\",\"\",\"3,943,059\",\"\\u200b\",\"\",\"3,725,540\",\"\\u200b\",\"\",\"2,815,075\",\"\\u200b\",\"\",\"2,330,803\"],[\"Securities sold under agreement to repurchase\",\"\\u200b\",\"\\u200b\",\"15,000\",\"\\u200b\",\"\\u200b\",\"9,398\",\"\\u200b\",\"\\u200b\",\"\\u2014\",\"\\u200b\",\"\\u200b\",\"\\u2014\",\"\\u200b\",\"\\u200b\",\"\\u2014\"],[\"Borrowings\",\"\\u200b\",\"\",\"104,052\",\"\\u200b\",\"\",\"102,050\",\"\\u200b\",\"\",\"133,514\",\"\\u200b\",\"\",\"37,957\",\"\\u200b\",\"\",\"57,529\"],[\"Subordinated debt\",\"\\u200b\",\"\",\"23,208\",\"\\u200b\",\"\",\"23,156\",\"\\u200b\",\"\",\"23,105\",\"\\u200b\",\"\",\"23,055\",\"\\u200b\",\"\",\"15,243\"],[\"Stockholder's equity\",\"\\u200b\",\"\",\"544,692\",\"\\u200b\",\"\",\"488,748\",\"\\u200b\",\"\",\"446,058\",\"\\u200b\",\"\",\"320,772\",\"\\u200b\",\"\",\"283,423\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"(Dollars in thousands, except per share data)\",\"\\u200b\",\"For the Year Ended June 30,\"],[\"Operating Data:\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\",\"\",\"2022\",\"\",\"2021\"],[\"Interest income\",\"\\u200b\",\"$\",\"277,365\",\"\\u200b\",\"$\",\"248,375\",\"\\u200b\",\"$\",\"176,416\",\"\\u200b\",\"$\",\"116,867\",\"\\u200b\",\"$\",\"109,475\"],[\"Interest expense\",\"\\u200b\",\"\",\"122,749\",\"\\u200b\",\"\",\"108,892\",\"\\u200b\",\"\",\"49,671\",\"\\u200b\",\"\",\"13,300\",\"\\u200b\",\"\",\"16,789\"],[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Net interest income\",\"\\u200b\",\"\",\"154,616\",\"\\u200b\",\"\",\"139,483\",\"\\u200b\",\"\",\"126,745\",\"\\u200b\",\"\",\"103,567\",\"\\u200b\",\"\",\"92,686\"],[\"Provision (benefit) for credit losses\",\"\\u200b\",\"\",\"6,523\",\"\\u200b\",\"\",\"3,600\",\"\\u200b\",\"\",\"17,061\",\"\\u200b\",\"\",\"1,487\",\"\\u200b\",\"\",\"(1,024)\"],[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Net interest income after provision (benefit) for credit losse", "title": "SMBC - SOUTHERN MISSOURI BANCORP, INC.", "url": "/company/SMBC/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001737953; latest 10-K filed 2026-06-29.", "text": "REPL - Replimune Group, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001737953; latest 10-K filed 2026-06-29. REPL Replimune Group, Inc. 0001737953 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s discussion and analysis of financial condition and results of operations You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and related notes and other financial information included elsewhere in this Annual Report on Form 10-K. In addition to historical information, some of the statements contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. We have based these forward-looking statements on our current expectations and projections about future events. The following information and any forward-looking statements should be considered in light of factors discussed elsewhere in this Annual Report on Form 10-K, particularly including those risks identified in Part I, Item 1A \u201cRisk factors\u201d and our other filings with the SEC. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially from the forward-looking statements contained in this Annual Report on Form 10-K. Statements made herein are as of the date of the filing of this Annual Report on Form 10-K with the SEC and should not be relied upon as of any subsequent date. Even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate are consistent with the forward-looking statements contained in this Annual Report on Form 10-K, they may not be predictive of results or developments in future periods. We disclaim any obligation, except as specifically required by law and the rules of the SEC, to publicly update or revise any such statements to reflect any change in our expectations or in events, conditions or 63 TABLE OF CONTENTS circumstances on which any such statements may be based or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Overview We are a clinical-stage biotechnology company committed to applying our leading expertise in the field of oncolytic immunotherapy to transform the lives of cancer patients through our novel oncolytic immunotherapies. Our proprietary oncolytic immunotherapy product candidates are designed and intended to maximally activate the immune system against cancer. Oncolytic immunotherapy is an emerging drug class, which we intend to establish as the second cornerstone of immune-based cancer treatments, alongside checkpoint blockade. Oncolytic immunotherapy exploits the ability of certain viruses to selectively replicate in and directly kill tumors, as well as induce a potent, patient-specific, anti-tumor immune response. Our product candidates incorporate multiple mechanisms into a practical \u201coff-the-shelf\u201d approach that is intended to maximize the immune response against a patient\u2019s cancer and to offer significant advantages over other approaches of inducing anti-tumor immunity. We believe that the bundling of multiple approaches for the treatment of cancer into single therapies will increase clinical efficacy and simplify the development path of our product candidates, while also improving patient outcomes. Financial Since our inception, we have devoted substantially all of our resources to developing our proprietary RPx platform, building our intellectual property portfolio, conducting research and development of our product candidates, business planning, raising capital and providing selling, general and administrative support for our operations. To date, we have inc Item 1. Business Overview We are a clinical-stage biotechnology company committed to applying our leading expertise in the field of oncolytic immunotherapy to transform the lives of cancer patients through our novel oncolytic immunotherapies. Our proprietary oncolytic immunotherapy product candidates are designed and intended to maximally activate the immune system against cancer. Oncolytic immunotherapy is an emerging drug class. Oncolytic immunotherapy exploits the ability of certain viruses to selectively replicate in and directly kill tumors, as well as induce a potent, patient-specific, anti-tumor immune response. Our product candidates incorporate multiple mechanisms into a practical \u201coff-the-shelf\u201d approach that is intended to maximize the immune response against a patient\u2019s cancer and to offer significant advantages over other approaches to inducing anti-tumor immunity. We believe that the bundling of multiple approaches for the treatment of cancer into single therapies will increase clinical efficacy and simplify the development path of our product candidates, while also improving patient outcomes. Our proprietary RPx platform is based on a novel, engineered strain of herpes simplex virus 1, or HSV-1, backbone with payloads added that are intended to maximize immunogenic cell death and the induction of a systemic anti-tumor immune response. The RPx platform is intended to have unique dual local and systemic activity consisting of direct selective virus-mediated killing of the tumor resulting in the release of tumor-derived antigens and altering of the tumor microenvironment to ignite a strong and durable systemic response. Our product candidates are expected to be synergistic with most established and experimental cancer treatment modalities, and, with an attractive safety profile, the RPx platform is expected to have the versatility to be developed alone or combined with a variety of other treatment options. We currently have two RPx product candida Item 1A. Risk factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including our audited consolidated financial statements ", "title": "REPL - Replimune Group, Inc.", "url": "/company/REPL/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0001789940; latest 10-K filed 2026-02-24.", "text": "FWRG - First Watch Restaurant Group, Inc. SIC 5812 Retail-Eating Places; CIK 0001789940; latest 10-K filed 2026-02-24. FWRG First Watch Restaurant Group, Inc. 0001789940 5812 Retail-Eating Places Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview First Watch is an award-winning Daytime Dining concept serving made-to-order breakfast, brunch and lunch using fresh ingredients. Our common stock trades on Nasdaq under the ticker symbol \u201cFWRG.\u201d A recipient of many local \u201cBest Breakfast\u201d and \u201cBest Brunch\u201d accolades, First Watch\u2019s award-winning chef-driven menu includes elevated executions of classic favorites for breakfast, brunch and lunch. For four consecutive years, First Watch has been named a Top 100 Most Loved Workplace\u00ae by the Best Practice Institute, and in 2025, was named the #1 Most Loved Workplace for the second year in a row, featured in The Wall Street Journal. Also, in 2025, First Watch was named one of Yelp\u2019s Most-Loved Brands nationwide. We operate and franchise restaurants in 32 states under the \u201cFirst Watch\u201d trade name and as of December 28, 2025, had 560 company-owned restaurants and 73 franchise-owned restaurants. We do not operate outside of the United States. Our 52- or 53-week fiscal years end on the last Sunday of each calendar year. Our fiscal quarters are comprised of 13 weeks each and end on the 13th Sunday of each quarter, except for 53-week years, during which the fourth quarter ends on the 14th Sunday of the fourth quarter. All references to 2025 and 2024 reflect the results of the 52-week fiscal years ended December 28, 2025 and December 29, 2024, respectively. All references to 2023 reflect the results of the 53-week fiscal year ended December 31, 2023 unless otherwise stated. We report financial and operating information in one segment. This section of this Annual Report on the Form 10-K generally discusses Fiscal 2025 and Fiscal 2024 and year-over-year comparisons between Fiscal 2025 and Fiscal 2024. A discussion of Fiscal 2023 and year-over-year comparisons between Fiscal 2024 and Fiscal 2023 that are not included in this Annual Report on Form 10-K can be found in Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC on March 5, 2024. Key Performance Indicators Throughout this\u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d we commonly discuss the following key operating metrics that we believe will drive our financial results and long-term growth model. We believe these metrics are useful to investors because our Management uses these metrics to evaluate performance and assess the growth of our business as well as the effectiveness of our marketing and operational strategies. New Restaurant Openings (\u201cNROs\u201d): the number of new company-owned First Watch restaurants commencing operations during the period. Management reviews the number of new restaurants to assess new restaurant growth and company-owned restaurant sales. Franchise-owned New Restaurant Openings (\u201cFranchise-owned NROs\u201d): the number of new franchise-owned First Watch restaurants commencing operations during the period. Same-Restaurant Sales Growth: the percentage change in year-over-year restaurant sales (excluding gift card breakage) for the comparable restaurant base, which we define as the number of company-owned First Watch branded restaurants open for 18 months or longer as of the beginning of the fiscal year (\u201cComparable Restaurant Base\u201d). This operating metric compares the 52-week periods ended December 28, 2025, December 29, 2024 and December 31, 2023, rather than, the 53-week fiscal year ended December 31, 2023, in order to compare like-for-like periods. For the 52-weeks ended December 28, 2025, December 29, 2024 and December 31, 2023 there were 381, 344 and 327 restaurants, in our Comparable Restaurant Base, respectively. Measuring our same-restaurant sales growth allows Management to evaluate the performance of our existing restaurant base. We believe this measure is us Item 1. Business First Watch Restaurant Group, Inc. is a Delaware holding company. Unless the context otherwise requires, \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cFirst Watch,\u201d the \u201cCompany,\u201d \u201cManagement\u201d and other similar references refer to First Watch Restaurant Group, Inc. and, unless otherwise stated, all of its subsidiaries. Overview Since opening our doors in 1983, we have been a pioneer in Daytime Dining, serving made-to-order breakfast, brunch and lunch using the freshest of ingredients. We have built our brand on our commitment to operational excellence, our culinary mission centered around a fresh, continuously evolving menu, and our \u201cYou First\u201d culture. Our focus on one daytime shift enables us to optimize restaurant operations while generating an average unit volume of $2.3 million per restaurant in 2025 in only 7.5 hours per day. This daytime focus also provides us with a competitive advantage, allowing us to attract and retain employees who are passionate about hospitality and drawn to our \u201cNo Night Shifts Ever\u201d approach, among other attractive benefits. As of December 28, 2025, we had a total of 633 restaurants across 32 states, 560 of which were company-owned and 73 of which were franchise-owned. We \u201cFollow the Sun\u201d Every morning, thousands of our employees arrive at the crack of dawn to slice and juice fresh fruits and vegetables, bake muffins, brew our fresh coffee and whip up our French Toast batter from scratch. Every menu item is made-to-order and prepared with care. We do not use microwave ovens, heat lamps or deep fryers in our kitchens. At First Watch, we are driven by a pursuit of freshness as is highlighted by our culinary and sourcing philosophy to \u201cFollow the Sun.\u201d With this philosophy, our menu, which is inspired by the seasons, changes four to five times per year. Our rotating seasonal menu is commonly cited by our customers as a core element of the First Watch experience and has included favorites such as the Parmesan and Prosciutto Toast, Chimichur Item 1A. Risk Factors You should carefully consider the risks described below in addition to the other information set forth in this Annual Report on Form 10-K, including the sections titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d \u201cQuantitative and Qualitative Disclosu", "title": "FWRG - First Watch Restaurant Group, Inc.", "url": "/company/FWRG/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001518715; latest 10-K filed 2026-03-17.", "text": "MCHB - Mechanics Bancorp SIC 6022 State Commercial Banks; CIK 0001518715; latest 10-K filed 2026-03-17. MCHB Mechanics Bancorp 0001518715 6022 State Commercial Banks ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and related notes appearing elsewhere in this Annual Report. This Annual Report contains forward-looking statements that involve risks and uncertainties, including those described in the section entitled \u201cForward-Looking Statements.\u201d There are a number of important risks and uncertainties that could cause our actual results to differ materially from those discussed in these forward-looking statements. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the section entitled \u201cRisk Factors\u201d under Part I, Item 1A. of this Annual Report, and those discussed in our other disclosures and filings. Overview Mechanics Bancorp is a financial holding company and primarily operates through 121-year-old Mechanics Bank, a full- service community bank with 166 branches throughout California, Washington, Oregon and Hawaii. Following the strategic Merger of HomeStreet Bank with and into Mechanics Bank on September 2, 2025, with Mechanics Bank surviving the Merger as a wholly owned subsidiary of the Company, the assets, liabilities and operations of HomeStreet Bank became the assets, liabilities and operations of Mechanics Bank. Headquartered in Walnut Creek, California, Mechanics Bank provides a wide range of products and services in consumer and business banking, commercial lending, cash management services, private banking, and comprehensive wealth management and trust services. Other Recent Developments Presentation of Results - HomeStreet Bank Merger On September 2, 2025, we completed the Merger of HomeStreet Bank, the wholly-owned subsidiary of Mechanics Bancorp (formerly known as \u201cHomeStreet, Inc.\u201d) with and into Mechanics Bank, with Mechanics Bank as the surviving bank. Mechanics Bank is the accounting acquirer (\u201clegal acquiree\u201d), HomeStreet Bank is the accounting acquiree and Mechanics Bancorp is the legal acquirer. In this Annual Report on Form 10-K, our financial results for all periods ended prior to September 2, 2025 reflect Mechanics Bank\u2019s historical financial results on a standalone basis. In addition, our reported financial results for 2025 reflect Mechanics Bank\u2019s financial results on a standalone basis until the closing of the Merger on September 2, 2025 and results of the combined company from September 2, 2025 through December 31, 2025. The number of shares issued and outstanding, earnings per share, and all references to share quantities or metrics of Mechanics Bancorp have been retrospectively restated to reflect the equivalent number of shares issued in the Merger since the Merger was accounted for as a reverse acquisition. As the accounting acquirer, Mechanics Bank remeasured the identifiable assets acquired and liabilities assumed in the Merger as of September 2, 2025 at their acquisition date fair values. The estimates of fair value were recorded based on initial valuations at the Merger date. These estimates are considered preliminary as of December 31, 2025, are subject to change for up to one year after the Merger date, and any changes could be material. Unless we state otherwise or the content otherwise requires, references in this Annual Report on Form 10-K to \u201cMechanics,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d or the \u201cCompany\u201d refer collectively to Mechanics Bancorp, Mechanics Bank (the \u201cBank\u201d) and other direct and indirect subsidi ITEM 1.BUSINESS Overview Mechanics Bancorp, a Washington corporation, is a financial holding company and primarily operates through 121-year- old Mechanics Bank, its wholly-owned subsidiary. Mechanics Bank is a full-service community bank with 166 branches throughout California, Washington, Oregon and Hawaii. Following the strategic Merger of HomeStreet Bank with and into Mechanics Bank on September 2, 2025, with Mechanics Bank surviving the Merger as a wholly-owned subsidiary of the Company, the assets, liabilities and operations of HomeStreet Bank became the assets, liabilities and operations of Mechanics Bank. Headquartered in Walnut Creek, California, Mechanics Bank provides a wide range of products and services in consumer and business banking, commercial lending, cash management services, private banking, and comprehensive wealth management and trust services. Prior to merging with and into Mechanics Bank on September 2, 2025, HomeStreet Bank was principally engaged in commercial banking, consumer banking, and real estate lending, including construction and permanent loans on commercial real estate and single-family residences. It also sold insurance products for consumer clients. It provided these financial products and services to its customers through bank branches, loan production offices and ATMs, and through online, mobile and telephone banking channels. Ceasing the origination of auto loans in February 2023, Mechanics Bank continued to service its existing auto loan portfolio until May 1, 2025, when it entered into a servicing agreement with a third-party servicer to oversee and manage Mechanics Bank\u2019s active portfolio of auto loans. The portfolio consisted of new and pre-owned retail automobile sales contracts purchased from both franchised and independent automobile dealerships in the United States. The Company\u2019s business strategy is to offer a full range of financial products and services to our customer base consistent with a reg ITEM 1A.RISK FACTORS You should carefully consider the risks described below. The occurrence of any of the following risks could have a material adverse effect on our business, financial condition, results of operations and future growth prospects or cause our actual results to differ materially from those contained in forward-looking statements we have made or may make from time to time", "title": "MCHB - Mechanics Bancorp", "url": "/company/MCHB/" }, { "kind": "company", "summary": "SIC 6029 Commercial Banks, NEC; CIK 0001050743; latest 10-K filed 2026-03-11.", "text": "PGC - PEAPACK GLADSTONE FINANCIAL CORP SIC 6029 Commercial Banks, NEC; CIK 0001050743; latest 10-K filed 2026-03-11. PGC PEAPACK GLADSTONE FINANCIAL CORP 0001050743 6029 Commercial Banks, NEC Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS CAUTIONARY STATEMENT CONCERNING FORWARD LOOKING STATEMENTS: This Annual Report on Form 10-K may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about Management\u2019s confidence, strategies and expectations about new and existing programs and products, investments, relationships, financial results and operations, opportunities and market conditions. These statements may be identified by such forward-looking terminology as \u201cexpect,\u201d \u201clook,\u201d \u201cbelieve,\u201d \u201canticipate,\u201d \u201cmay,\u201d or similar statements or variations of such terms. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to: \u2022 our ability to successfully grow our business and implement our strategic plan, including our ability to generate revenues to offset the increased personnel and other costs related to the strategic plan; \u2022 the impact of anticipated higher operating expenses in 2026 and beyond; \u2022 our ability to successfully integrate wealth management firm and team acquisitions; \u2022 our ability to successfully integrate our expanded employee base; 28 \u2022 a decline in the economy, in particular in our New Jersey and New York market areas, including potential recessionary conditions; \u2022 declines in our net interest margin caused by the interest rate environment and/or our highly competitive market; \u2022 declines in the value in our investment portfolio; \u2022 impact from a pandemic event on our business, operations, customers, allowance for credit losses and/or capital levels; \u2022 increases in our allowance for credit losses; \u2022 changes in the methodology and assumptions used to calculate the allowance for credit losses; \u2022 higher than expected increases in credit losses or in the level of delinquent, nonperforming, classified and criticized loans or charge-offs; \u2022 inflation and changes in interest rates, which may adversely impact our margins and yields, reduce the fair value of our financial instruments, reduce our loan originations and lead to higher operating costs; \u2022 decline in real estate values within our market areas; \u2022 legislative and regulatory actions (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Basel III and related regulations) that may result in increased compliance costs; \u2022 the imposition of tariffs or other domestic or international governmental policies and retaliatory responses; \u2022 the impact of any federal government shutdown; \u2022 the failure to maintain current technologies and/or to successfully implement future information technology enhancements; \u2022 successful cyberattacks against our IT infrastructure and that of our IT and third-party providers; \u2022 increased FDIC insurance premiums; \u2022 adverse weather conditions; \u2022 the current or anticipated impact of military conflict, terrorism or other geopolitical events; \u2022 our inability to successfully generate new business and brand recognition in new geographic markets, including our expansion into New York City and Long Island; \u2022 a reduction in our lower-cost funding sources; \u2022 changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio; \u2022 our inability to adapt to technological changes; \u2022 claims and litigation pertaining to fiduciary responsibility, environmental laws and other matters; \u2022 our inability to retain key employees; \u2022 demand for loans and deposits in our market areas; \u2022 adverse changes in securities markets; \u2022 changes in new York City rent regulation law; \u2022 changes in governmental regulation, including, but not limited to, changes in the monetary and fiscal policies of the U.S Item 1. BUSINESS The disclosures set forth in this Form 10-K are qualified by Item 1A-Risk Factors and the section captioned \u201cCautionary Statement Concerning Forward-Looking Statements\u201d in Item 7-Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of this report and other cautionary statements set forth elsewhere in this report and filed by us from time to time with the Securities and Exchange Commission. The terms \u201cPeapack,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d refer to Peapack-Gladstone Financial Corporation and its wholly-owned subsidiaries unless otherwise indicated or the context requires otherwise. The Corporation Peapack-Gladstone Financial Corporation (the \"Company\") is a bank holding company registered under the Bank Holding Company Act of 1956, as amended (the \u201cBank Holding Company Act\u201d). The Company was organized under New Jersey law in 1997. Peapack-Gladstone Bank, which changed its name to Peapack Private Bank & Trust effective January 1, 2025 (\u201cPeapack Private\u201d), is a state-chartered commercial bank founded in 1921 under New Jersey laws, is its principal subsidiary. The Bank is a member of the Federal Reserve System. Through its branch network in Somerset, Morris, Hunterdon and Union counties and its private banking locations in Bedminster, Morristown, Princeton and Teaneck, New Jersey and in New York City and Long Island and its private wealth management, commercial private banking, retail private banking and residential lending divisions, along with its online platforms, Peapack Private is committed to offering unparalleled client service. Our wealth management clients include individuals, families, foundations, endowments, trusts and estates. Our commercial loan clients include business owners, professionals, retailers, contractors and real estate investors. Most forms of commercial lending are offered, including working capital lines of credit, term loans for fixed asset acquisitions, commercial mortgages, multi Item 1A. RISK FACTORS The material risks and uncertainties that Management believes affect the Company are described below. These risks and uncertainties are not the only ones affecting the Company. Additional risks and uncertainties that Management is not aware of or focused on or that Management currently deems immaterial may also affect t", "title": "PGC - PEAPACK GLADSTONE FINANCIAL CORP", "url": "/company/PGC/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001710350; latest 10-K filed 2026-03-27.", "text": "BTBT - Bit Digital, Inc SIC 6199 Finance Services; CIK 0001710350; latest 10-K filed 2026-03-27. BTBT Bit Digital, Inc 0001710350 6199 Finance Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes included elsewhere in this Annual Report. This discussion contains forward-looking statements reflecting our current expectations that involve risks and uncertainties. See \u201cForward Looking Statements and Risk Factor Summary\u201d for a discussion of the uncertainties, risks, and assumptions associated with these statements. Actual results and the timing of events could differ materially from those discussed in our forward-looking statements as a result of many factors, including those set forth under \u201cRisk Factors\u201d and elsewhere in this Annual Report. Overview Bit Digital, Inc. (\u201cBTBT\u201d or the \u201cCompany\u201d or \u201cWe\u201d), is a holding company incorporated on February 17, 2017, under the laws of the Cayman Islands. The Company is a strategic asset company focused on active participation in Ethereum (ETH)-native treasury and staking strategies. Through our majority equity stake in WhiteFiber Inc. (Nasdaq: WYFI), the Company also engages in high performance computing (\u201cHPC\u201d) business, including cloud services and HPC data center services. 76 HPC Business The Company\u2019s HPC business operates under the WhiteFiber brand. WhiteFiber is a leading provider of AI infrastructure solutions. WhiteFiber owns HPC data centers and provide cloud-based HPC GPU services, which we term cloud services, for customers such as AI application and ML developers (the \u201cHPC Business\u201d). The Tier-3 data centers provide hosting and colocation services. The cloud services support generative AI workstreams, especially training and inference. On July 30, 2025, WhiteFiber entered into the Contribution Agreement with us in connection with WhiteFiber\u2019s IPO, pursuant to which, on August 6, 2025, we contributed our HPC business to WhiteFiber through the transfer of 100% of the capital shares of our cloud services subsidiary, WhiteFiber AI, Inc. and our wholly-owned subsidiaries WhiteFiber HPC, Inc., WhiteFiber Canada, Inc., WhiteFiber Japan G.K. and WhiteFiber Iceland, ehf, in exchange for 27,043,749 Ordinary Shares. Colocation/Data Center Service WhiteFiber designs, develops, and operates Tier-3 data centers that provide hosting and colocation services with high reliability infrastructure, including N+1 redundancy, advanced cooling, and strict monitoring systems designed to support AI workloads. Its strategy focuses on rapidly developing retrofit data centers in metro areas with existing power infrastructure, allowing for significantly faster deployment than greenfield projects. The current portfolio includes facilities such as MTL-1, MTL-2, MTL-3 in Quebec and NC-1 in North Carolina, with a goal of reaching approximately 76 MW of total capacity by the end of 2026 and a broader development pipeline of roughly 1,500 MW under review. During 2025, WhiteFiber prioritized projects with committed customer demand and long-term contracts, including a major services agreement at the NC-1 facility expected to generate approximately $865 million of contracted revenue over 10 years, with electricity and certain operating costs passed through to the customer. Cloud Service WhiteFiber provides specialized GPU-based cloud infrastructure tailored for generative AI training and inference workloads, offering customized solutions and high service reliability. The business leverages partnerships with major hardware providers such as NVIDIA, SuperMicro, Dell, Hewlett Packard Enterprise, and QCT, and deploys advanced GPU architectures including H200, B200, and GB200 systems. Rather than building all infrastructure itself, WhiteFiber uses a global network of third-party data centers to host GPU clusters. Revenue is generated through a series of service agreements and MSAs with customers for GPU capacity and AI compute services, ra Item 1 Business Bit Digital, Inc. (\u201cBTBT\u201d or the \u201cCompany\u201d or \u201cWe\u201d), is a holding company incorporated on February 17, 2017, under the laws of the Cayman Islands. The Company is a strategic asset company focused on active participation in Ethereum (ETH)-native treasury, staking strategies. Through our majority equity stake in WhiteFiber Inc. (Nasdaq: WYFI), the Company also engages in high performance computing (\u201cHPC\u201d) business, including cloud services and HPC data center services. On August 8, 2025, WhiteFiber completed its initial public offering (\u201cIPO\u201d) of its ordinary shares. Prior to the consummation of the IPO, the Company entered into a contribution agreement (the \u201cContribution Agreement\u201d) with WhiteFiber, pursuant to which the Company contributed (the \u201cContribution\u201d) its HPC business through the transfer of 100% of the capital shares of its cloud services subsidiary, WhiteFiber AI, Inc. and its wholly-owned subsidiaries WhiteFiber HPC, Inc., WhiteFiber Canada, Inc., WhiteFiber Japan G.K. and WhiteFiber Iceland, ehf, to WhiteFiber in exchange for 27,043,749 ordinary shares of WhiteFiber (the \u201cReorganization\u201d). Pursuant to the Contribution Agreement, the transfer was be accounted for as a common control transaction immediately prior to the IPO. The Contribution became effective on August 6, 2025, when the registration statement on Form S-1, as amended (File No. 333-288650), of WhiteFiber was declared effective by the SEC. WhiteFiber AI became a wholly-owned subsidiary of WhiteFiber and the Company became the direct shareholder of WhiteFiber after the Reorganization. As of the date of this Form 10-K, the Company owns approximately 70.5% of WhiteFiber. On August 17, 2023, WhiteFiber Iceland ehf (f/k/a Bit Digital Iceland ehf) was incorporated by a third party on August 17, 2023 under the name Bit Digital Iceland ehf. WhiteFiber Iceland\u2019s directly and wholly-owned by WhiteFiber AI, is classified as a \u201ccontrolled foreign corporation\u201d for U.S. Federal Income ta Item 1A. Risk Factors Ownership of our securities involves a high degree of risk. You should carefully consider the risks described below, together with all other information contained in or incorporated by reference into this Annual Report on Form 10-K, including our audited financial statements and the notes thereto, and \u201cManagement\u2019s Discussion and Analys", "title": "BTBT - Bit Digital, Inc", "url": "/company/BTBT/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001285819; latest 10-K filed 2026-03-31.", "text": "OMER - OMEROS CORP SIC 2834 Pharmaceutical Preparations; CIK 0001285819; latest 10-K filed 2026-03-31. OMER OMEROS CORP 0001285819 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with the audited annual consolidated financial statements and the related notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements reflecting our current expectations that involve risks and uncertainties. Actual results may differ materially from those discussed in these forward-looking statements due to a number of factors, including those set forth in the section entitled \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. For further information regarding forward-looking statements, please refer to the special note regarding forward-looking statements at the beginning of this Annual Report on Form 10-K. Throughout this discussion, unless the context specifies or implies otherwise, the terms \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Omeros Corporation and our wholly owned subsidiaries. 36 Table of Contents Overview We are an innovative, commercial-stage biotechnology company that discovers and develops first-in-class protein and small-molecule therapeutics for large-market and orphan indications, with particular emphasis on complement-mediated diseases, cancers, and addictive or compulsive disorders. Complement Inhibitor Programs The complement system plays a role in the body\u2019s inflammatory response and becomes activated as a result of tissue damage or trauma or microbial pathogen invasion. Inappropriate or uncontrolled activation of the complement system can cause diseases characterized by serious tissue injury. Three main pathways can activate the complement system: classical, lectin, and alternative. We are focused on development of therapeutics to treat diseases associated with the lectin and/or alternative pathways of complement. We are developing antibodies as well as small-molecule inhibitors of key enzymes known to be centrally involved in the in activation of the targeted pathway of complement. Lectin Pathway / MASP-2 MASP-2 is a novel pro-inflammatory protein target that is the effector enzyme of the lectin pathway and is required for the function of this pathway. We are developing antibodies and small-molecule inhibitors of MASP-2 as potential therapeutics for diseases in which the lectin pathway has been shown to contribute to significant tissue injury and pathology. When not treated, these diseases are typically characterized by significant end-organ damage, such as kidney or central nervous system injury. Importantly, inhibition of MASP-2 has been demonstrated not to interfere with the antibody-dependent classical complement activation pathway, a critical component of the acquired immune response to infection. The lead product and product candidate in our pipeline of complement-targeted therapeutics is narsoplimab (OMS721), a proprietary, patented human monoclonal antibody targeting MASP-2, the key activator of the lectin pathway of complement. Our lead lectin pathway inhibitor YARTEMLEA\u00ae (narsoplimab-wuug) is FDA-approved and commercially available in the U.S. for the treatment of TA-TMA in adult and pediatric patients aged two years and older. An MAA for YARTEMLEA in TA-TMA is currently under review by the EMA. Clinical development of narsoplimab is anticipated to continue to expand the approved label in TA-TMA and to develop the drug in additional indications. Clinical development efforts have previously been directed to ARDS, including severe acute COVID-19, which can result in PASC. We are also developing OMS1029, our long-acting antibody targeting MASP-2, which we expect will be well-suited to indications requiring long-term, chronic administration. In addition, we have directed efforts towards the development of small-molecule inhibitors of MASP-2, designed for oral administration. For more information, see Part I, Item 1 in this Annual Report on Form 10 ITEM 1. BUSINESS Overview Omeros Corporation (\u201cOmeros,\u201d the \u201cCompany\u201d or \u201cwe\u201d) is an innovative, commercial-stage biotechnology company that discovers and develops first-in-class protein and small-molecule therapeutics for large-market and orphan indications, with particular emphasis on complement-mediated diseases, cancers, and addictive or compulsive disorders. Our complement-targeted product, product candidates, and therapeutic programs are primarily focused on diseases and disorders associated with the lectin and/or alternative pathways of complement. Our lectin pathway program includes inhibitors of mannan-binding lectin-associated serine protease 2 (\u201cMASP-2\u201d) and our alternative pathway program includes inhibitors of mannan-binding lectin-associated serine protease 3 (\u201cMASP-3\u201d). Our Commercial Product: YARTEMLEA\u00ae (narsoplimab-wuug) YARTEMLEA\u00ae (narsoplimab-wuug) is the first and only approved therapy for hematopoietic stem cell transplant-associated thrombotic microangiopathy (\u201cTA-TMA\u201d), an often-fatal complication of stem cell transplantation driven by activation of the lectin pathway of complement. YARTEMLEA selectively inhibits MASP-2, the effector enzyme of the lectin pathway, blocking the pathway\u2019s activation while preserving classical and alternative complement functions important for host defense against infection. YARTEMLEA was approved by the U.S. Food and Drug Administration (\u201cFDA\u201d) on December 23, 2025 for the treatment of TA-TMA in adult and pediatric patients aged two years and older. Unlike other complement inhibitors, YARTEMLEA has no boxed warning and no Risk Evaluation and Mitigation Strategy (\u201cREMS\u201d), and vaccinations are not required prior to treatment. Commercial distribution and sales of YARTEMLEA began in January 2026. A marketing authorization application (\u201cMAA\u201d) for YARTEMLEA in TA-TMA has been submitted to the European Medicines Agency (\u201cEMA\u201d) and is being reviewed under EMA\u2019s centralized review procedure, which all ITEM 1A. RISK FACTORS The risks and uncertainties described below may have a material adverse effect on our business, prospects, financial condition or operating results. In addition, we may be adversely affected by risks that we currently deem immaterial or by other risks that are not currently known to us. You should carefully consider these risks before making an inv", "title": "OMER - OMEROS CORP", "url": "/company/OMER/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000039311; latest 10-K filed 2026-03-06.", "text": "IBCP - INDEPENDENT BANK CORP /MI/ SIC 6022 State Commercial Banks; CIK 0000039311; latest 10-K filed 2026-03-06. IBCP INDEPENDENT BANK CORP /MI/ 0000039311 6022 State Commercial Banks MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Disclaimer Regarding Forward-Looking Statements. Statements in this report that are not statements of historical fact, including statements that include terms such as \u201cwill,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201cforecast,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201cproject,\u201d \u201cintend,\u201d \u201clikely,\u201d \u201coptimistic\u201d and \u201cplan\u201d and statements about future or projected financial and operating results, plans, projections, objectives, expectations, and intentions, are forward-looking statements. Forward-looking statements include, but are not limited to, descriptions of plans and objectives for future operations, products or services; projections of our future revenue, earnings or other measures of economic performance; forecasts of credit losses and other asset quality trends; statements about our business and growth strategies; and expectations about economic and market conditions and trends. These forward-looking statements express our current expectations, forecasts of future events, or long-term goals. They are based on assumptions, estimates, and forecasts that, although believed to be reasonable, may turn out to be incorrect. Actual results could differ materially from those discussed in the forward-looking statements for a variety of reasons, including: \u2022economic, market, operational, liquidity, credit, and interest rate risks associated with our business; \u2022economic conditions generally and in the financial services industry, particularly economic conditions within Michigan and the regional and local real estate markets in which our bank operates; \u2022the failure of assumptions underlying the establishment of, and provisions made to, our allowance for credit losses; \u2022increased competition in the financial services industry, either nationally or regionally; \u2022our ability to achieve loan and deposit growth; \u2022volatility and direction of market interest rates; \u2022the continued services of our management team; and \u2022implementation of new legislation, which may have significant effects on us and the financial services industry. This list provides examples of factors that could affect the results described by forward-looking statements contained in this report, but the list is not intended to be all-inclusive. The risk factors disclosed in Part I \u2013 Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, as updated by any new or modified risk factors disclosed in Part II \u2013 Item 1A of any subsequently filed Quarterly Report on Form 10-Q, include the primary risks our management believes could materially affect the results described by forward-looking statements in this report. However, those risks are not the only risks we face. Our results of operations, cash flows, financial position, and prospects could also be materially and adversely affected by additional factors that are not presently known to us, that we currently consider to be immaterial, or that develop after the date of this report. We cannot assure you that our future results will meet expectations. While we believe the forward-looking statements in this report are reasonable, you should not place undue reliance on any forward-looking statement. In addition, these statements speak only as of the date made. We do not undertake, and expressly disclaim, any obligation to update or alter any statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. Introduction. The following section presents additional information to assess the financial condition and results of operations of Independent Bank Corporation (\u201cIBCP\u201d), its wholly-owned bank, Independent Bank (the \u201cBank\u201d), and their subsidiaries. This section should be read in conjunction with the consolidated financial statements and the supplemental financial data contained elsewhere in this annual report. We also encourage you to read our Annual Report on Form 10-K filed wit ITEM 1. BUSINESS Independent Bank Corporation was incorporated under the laws of the State of Michigan on September 17, 1973, for the purpose of becoming a bank holding company. We are registered under the Bank Holding Company Act of 1956, as amended, and own all of the outstanding stock of Independent Bank (the \"bank\"), which is also organized under the laws of the State of Michigan. The bank was founded as First National Bank in Ionia in 1864. Over the years, we have grown both organically and as the result of acquisitions of community banks, bank branches, and other organizations within the financial services industry. Our most recent acquisition was our acquisition of Traverse City State Bank in April 2018. Aside from the stock of our bank, we have no other substantial assets. We conduct no business except for the collection of dividends or returns of capital from our bank and the payment of dividends to our shareholders and the payment of interest on subordinated debt and debentures. We have established certain employee retirement plans, including an employee stock ownership plan (ESOP) and deferred compensation plans, as well as health and other insurance programs, the cost of which is borne by our subsidiaries. We have no material patents, trademarks, licenses or franchises except the corporate charter of our bank, which permits it to engage in commercial banking pursuant to Michigan law. Our bank transacts business in the single industry of commercial banking. It offers a broad range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services. Our bank does not offer trust services. Our principal markets are the rural and suburban communities across Lower Michigan, which are served by the bank's main office in Grand Rapids, Michigan, and a total of 56 branches, one drive-thru facility, and five Michigan based loan ITEM 1A. RISK FACTORS Investing in our common stock involves risks, including (among others) the following factors: Risk Factors Relating to the Financial Services Industry Pressures from various global and national macroeconomic events, including heightened inflation, uncertainty regarding future interest rates, foreign currency e", "title": "IBCP - INDEPENDENT BANK CORP /MI/", "url": "/company/IBCP/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000859070; latest 10-K filed 2026-03-06.", "text": "FCBC - FIRST COMMUNITY BANKSHARES INC /VA/ SIC 6022 State Commercial Banks; CIK 0000859070; latest 10-K filed 2026-03-06. FCBC FIRST COMMUNITY BANKSHARES INC /VA/ 0000859070 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand our financial condition, changes in financial condition, and results of operations. MD&A contains forward-looking statements and should be read in conjunction with our consolidated financial statements, accompanying notes, and other financial information included in this report. Executive Overview First Community Bankshares, Inc. is a financial holding company, headquartered in Bluefield, Virginia, that provides banking products and services through its wholly owned subsidiary First Community Bank (the \u201cBank\u201d), a 151 year-old Virginia-chartered banking institution. Unless the context suggests otherwise, the terms \u201cFirst Community,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d and \u201cus\u201d refer to First Community Bankshares, Inc. and its subsidiaries as a consolidated entity. As of December 31, 2025, the Bank operated 52 branches in Virginia, West Virginia, North Carolina and Tennessee. Our primary source of earnings is net interest income, the difference between interest earned on assets and interest paid on liabilities, which is supplemented by fees for services, commissions on sales, and various deposit service charges. We fund our lending and investing activities primarily through the retail deposit operations of our branch banking network supplemented by retail and wholesale repurchase agreements and Federal Home Loan Bank (\u201cFHLB\u201d) borrowings. We invest our funds primarily in loans to retail and commercial customers and various investment securities. The Bank offers trust management, estate administration, and investment advisory services through its Trust Division and wholly owned subsidiary First Community Wealth Management (\u201cFCWM\u201d). The Trust Division manages inter vivos trusts and trusts under will, develops and administers employee benefit and individual retirement plans, and manages and settles estates. Fiduciary fees for these services are charged on a schedule related to the size, nature, and complexity of the account. Revenues consist primarily of commissions on assets under management and investment advisory fees. As of December 31, 2025, the Trust Division and FCWM managed and administered $1.79 billion in combined assets under various fee-based arrangements as fiduciary or agent. On January 23, 2026, the Company completed its previously announced merger (the \u201cMerger\u201d) with Hometown Bancshares, Inc. a West Virginia corporation headquartered in Middlebourne, West Virginia (\u201cHometown\u201d), pursuant to an Agreement and Plan of Merger (the \u201cAgreement\u201d) dated July 19, 2025, by and between the company and Hometown. At the Effective Time, Hometown merged with and into the Company, with the Company as the surviving corporation in the Merger. For additional information, see Note 24, \u201cSubsequent Events,\u201d to the Consolidated Financial Statements in Item 8, of this report. 20 Table of Contents Critical Accounting Policies Our consolidated financial statements are prepared in conformity with generally accepted accounting principles (\u201cGAAP\u201d) in the U.S. and prevailing practices in the banking industry. Our accounting policies, as presented in Note 1, \u201cBasis of Presentation and Significant Accounting Policies,\u201d to the Consolidated Financial Statements in Item 8 of this report are fundamental in understanding MD&A and the disclosures presented in Item 8, \u201cFinancial Statements and Supplementary Data,\u201d of this report. Management may be required to make significant estimates and assumptions that have a material impact on our financial condition or operating performance. Due to the level of subjectivity and the susceptibility of such matters to change, actual results could differ significantly from management\u2019s assumptions and estimates. Based on the valuation techniques used and the sensitivity of financial statement Item 1. Business. General First Community Bankshares, Inc. (the \u201cCompany\u201d), a financial holding company, was founded in 1989 and reincorporated under the laws of the Commonwealth of Virginia. The Company\u2019s principal executive office is located in Bluefield, Virginia. The Company provides banking products and services to individual and commercial customers through its wholly owned subsidiary First Community Bank (the \u201cBank\u201d), a Virginia-chartered banking institution founded in 1874. The Bank offers wealth management and investment advice through its Trust Division and wholly owned subsidiary First Community Wealth Management. Unless the context suggests otherwise, the terms \u201cFirst Community,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d and \u201cus\u201d in this Annual Report on Form 10-K refer to First Community Bankshares, Inc. and its subsidiaries as a consolidated entity. On January 23, 2026, the Company consummated its acquisition of Hometown Bancshares, Inc. (\"Hometown\"), the parent company of Union Bank, Inc., a West Virginia chartered bank, with eight branches in the state of West Virginia. Following the acquisition, we operate 60 branches across the states of Virginia, West Virginia, North Carolina, and Tennessee. We\u2019re committed to the passionate pursuit of excellence in community banking and we\u2019ve set our sights on being the bank of choice, employer of choice, and investment of choice in the communities in which we operate. Our mission is to: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"understand and anticipate customer and community financial needs and preferences by learning from our customers and engaging with our communities;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"help our customers and communities achieve their financial goals and objectives by providing workable solutions delivered in a professional manner by friendly, knowledgeable people and convenient, reliable systems;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"recruit, retain, and develop tale Item 1A. Risk Factors. The risk factors described below discuss potential events, trends, or other circumstances that could adversely affect our business, financial condition, results of operations, cash flows, liquidity, access to capital resources, and, consequently, cause the market value of our common stock to dec", "title": "FCBC - FIRST COMMUNITY BANKSHARES INC /VA/", "url": "/company/FCBC/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001829576; latest 10-K filed 2026-03-05.", "text": "CARE - Carter Bankshares, Inc. SIC 6021 National Commercial Banks; CIK 0001829576; latest 10-K filed 2026-03-05. CARE Carter Bankshares, Inc. 0001829576 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to assist readers in understanding Carter Bankshares, Inc.\u2019s, operations, financial condition, and current business environment. The MD&A should be read in conjunction with the Company\u2019s consolidated financial statements and the accompanying notes included in Item 8. of this Annual Report on Form 10-K. The MD&A includes the following sections: \u2022Explanation of Use of Non-GAAP Financial Measures; \u2022Critical Accounting Estimates; \u2022The Company\u2019s Business and Strategy; \u2022Results of Operations and Financial Condition; \u2022Capital Resources; \u2022Contractual Obligations; \u2022Off-Balance Sheet Arrangements; \u2022Liquidity; \u2022Inflation; and \u2022Stock Repurchase Program This section reviews the Company\u2019s financial condition for each of the two most recent years and results of operations for each of the three most recent years. Certain prior-period amounts have been reclassified to conform to the current period presentation. In addition, certain tables may include additional periods to illustrate trends within the Company\u2019s consolidated financial statements and related disclosures. The results of operations presented in the consolidated financial statements are not necessarily indicative of future results. Explanation of Use of Non-GAAP Financial Measures In addition to results presented in accordance with U.S. Generally Accepted Accounting Principles (\u201cGAAP\u201d), management uses, and this Annual Report contains or references, certain non-GAAP financial measures, including interest and dividend income, yield on interest earning assets, net interest income, and net interest margin on a fully taxable equivalent (\u201cFTE\u201d) basis. Management believes these non-GAAP measures are useful because they enhance the ability of investors and management to evaluate and compare the Company\u2019s operating results across periods in a meaningful manner. These measures also assist in assessing the Company\u2019s underlying operating performance and performance trends and facilitate comparisons with other financial services companies. The Company believes that presenting interest and dividend income, yield on interest earning assets, net interest income, and net interest margin on an FTE basis improves comparability between income derived from taxable and tax-exempt sources and is consistent with industry practice. Accordingly, GAAP measures presented in the Consolidated Statements of Income are reconciled to their corresponding FTE amounts, including: \u2022interest and dividend income, \u2022yield on interest earning assets, \u2022net interest income, and \u2022net interest margin. 46 Table of Contents CARTER BANKSHARES, INC. AND SUBSIDIARIES ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - (continued) These reconciliations are provided in the \"Results of Operations and Financial Condition - Net Interest Income\" section of this MD&A for the years ended 2025, 2024 and 2023. While management believes these non-GAAP measures provide meaningful supplemental information, they should not be considered as an alternative to GAAP results, as more relevant than financial results prepared in accordance with GAAP, or as necessarily comparable to similarly titled measures used by other companies. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of the Company\u2019s financial condition or results of operations as reported under GAAP. Investors are encouraged to review the Company\u2019s GAAP financial results and all other relevant information when evaluating its performance and financial condition. Critical Accounting Estimates The preparation of the Company\u2019s consolidated financial statements in accordance with GAAP requires management to m ITEM 1. BUSINESS General Carter Bankshares, Inc. (the \u201cCompany\u201d) is a bank holding company headquartered in Martinsville, Virginia with assets of $4.9 billion at December 31, 2025. In October 2025, the Company elected to become a financial holding company under the Bank Holding Company Act of 1956, as amended (the \u201cBHCA\u201d). As a financial holding company of a Virginia state bank, the Company is subject to regulation, supervision and examination by the Board of Governors of the Federal Reserve System (the \u201cFRB\u201d) and the Bureau of Financial Institutions of the Virginia State Corporation Commission (the \u201cVirginia BFI\u201d). The Company is the parent company of its wholly owned subsidiary, Carter Bank & Trust (the \u201cBank\u201d). The Bank is a Federal Deposit Insurance Corporation (\u201cFDIC\u201d) insured, Virginia state-chartered bank, which operates 64 branches in Virginia and North Carolina. The Bank became a member of the Federal Reserve System on November 13, 2025. The Bank is subject to regulation, supervision and examination by the FRB (through the Federal Reserve Bank of Richmond) and the Virginia BFI. The Company provides a full range of commercial banking, consumer banking, mortgage and services through the Bank. The Company\u2019s common stock trades on the Nasdaq Global Select Market under the ticker symbol \u201cCARE\u201d. In this Annual Report on Form 10-K, unless the context suggests otherwise, the terms \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to the Company and its subsidiaries, including the Bank. History and Holding Company Reorganization The Bank commenced business on December 29, 2006, following the concurrent merger of ten banking institutions. The merged banks and their respective main office locations were: Blue Ridge Bank, N.A. (Floyd, Virginia); Central National Bank (Lynchburg, Virginia); Community National Bank (South Boston, Virginia); First National Bank (Rock Mount, Virginia); First National Exchange Bank (Roanoke, Virginia); Mountain National Bank (Galax, Virginia); Patrick Henry ITEM 1A. RISK FACTORS Investments in the Company\u2019s common stock involve risks. In addition to the other information included in this Annual Report on Form 10-K, including the discussion under \u201cImportant Note Regarding Forward-Looking Statements,\u201d investors should carefully consider the risks described below. These risk factors highlight those risks ", "title": "CARE - Carter Bankshares, Inc.", "url": "/company/CARE/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001386278; latest 10-K filed 2026-03-16.", "text": "GDOT - GREEN DOT CORP SIC 6199 Finance Services; CIK 0001386278; latest 10-K filed 2026-03-16. GDOT GREEN DOT CORP 0001386278 6199 Finance Services ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Annual Report on Form 10-K, including this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act and the Exchange Act. All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as \u201cexpects,\u201d \u201canticipates,\u201d \u201ctargets,\u201d \u201cgoals,\u201d \u201cprojects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cbelieves,\u201d \u201cseeks,\u201d \u201cestimates,\u201d \u201ccontinues,\u201d \u201cendeavors,\u201d \u201cstrives,\u201d \u201cmay\u201d and \u201cassumes,\u201d variations of such words and similar expressions are intended to identify forward-looking statements. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are subject to risks, uncertainties, and assumptions that are difficult to predict, including inflation and interest rate trends and impacts and other macro-economic impacts on our business, results of operations and financial condition and governmental and our responses to such events, including those identified above, under \u201cPart I, Item 1A. Risk Factors,\u201d and elsewhere herein. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. We undertake no obligation to revise or update any forward-looking statements for any reason. In this Annual Report, unless otherwise specified or the context otherwise requires, \u201cGreen Dot,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to Green Dot Corporation and its consolidated subsidiaries. Overview Green Dot Corporation is a financial technology platform and registered bank holding company (\"BHC\") that builds banking and payment solutions to create value, retain and reward customers, and accelerate growth for businesses of all sizes. For more than two decades, we have delivered financial tools and services that address the most pressing financial needs of consumers and businesses, and that transform the way people and businesses manage and move money. Through Green Dot Bank, our wholly owned subsidiary, we deliver a broad spectrum of financial products to consumers and businesses through our portfolio of brands, including debit, checking, credit, prepaid, and payroll cards, as well as robust money processing services, such as tax refunds, cash deposits and disbursements. Our Chief Operating Decision Maker (our \u201cCODM\u201d who is our Chief Executive Officer) organizes and manages our businesses primarily on the basis of the channels in which our product and services are offered and uses net revenue and segment profit to assess profitability. Segment profit reflects each segment's net revenue less direct costs, such as sales and marketing expenses, processing expenses, transaction losses and fraud management, and customer support and related expenses. Our operations are aggregated amongst three reportable segments: 1) Business to Business (\"B2B\") Services, 2) Consumer Services, and 3) Money Movement Services. Net interest income, certain other investment income earned by our bank, interest profit sharing arrangements with certain BaaS partners (a reduction of revenue), eliminations of inter-segment revenues and expenses, and unallocated corporate expenses that are not considered when our CODM evaluates the performance of our three reportable segments are recorded in Corporate and Other expenses. Refer to \"Part I, Item 1. Business\" for more detailed information about our operati ITEM 1. Business Overview Founded in 1999, Green Dot Corporation (\u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d refer to Green Dot Corporation and its consolidated subsidiaries) is a financial technology platform and registered bank holding company that builds banking and payment solutions to create value, retain and reward customers, and accelerate growth for businesses of all sizes. For more than two decades, we have delivered financial tools and services that address the most pressing financial needs of consumers and businesses, and that transform the way people and businesses manage and move money. As the regulated entity and issuing bank for the substantial majority of products and services we provide, whether our own or on behalf of our partners, we are directly accountable for all aspects of each program\u2019s integrity, inclusive of ensuring the program\u2019s compliance with all applicable banking regulations, state and federal law and our various internal governance policies and procedures, in addition to deploying enterprise-class risk management practices and procedures to ensure each program\u2019s initial and ongoing safety and soundness. Green Dot Bank is a wholly owned subsidiary of Green Dot Corporation and member of the Federal Deposit Insurance Corporation. Proposed Transactions with CommerceOne Financial Corporation and Smith Ventures, LLC In connection with a strategic review process we commenced in March 2025 (our \u201cstrategic review process\u201d), on November 23, 2025, we entered into an Agreement and Plan of Merger (the \u201cMerger Agreement\u201d), with CommerceOne Financial Corporation, an Alabama corporation (\u201cCommerceOne\u201d), Compass Sub North, Inc., a newly formed Delaware corporation and a direct, wholly owned subsidiary of CommerceOne (\u201cNew CommerceOne\u201d), Compass Sub East, Inc., a newly formed Delaware corporation and a direct, wholly owned subsidiary of New CommerceOne (\u201cMerger Sub One\u201d), and Compass Sub West, Inc., a newly formed Delaware corporation and an indirect, wholly owned sub ITEM 1A. Risk Factors RISKS RELATED TO THE GREEN DOT MERGER AND THE PAYMENTS SALE Failure to complete the transactions contemplated by each of the Merger Agreement and the Separation Agreement could negatively affect our stock price and our future business and financial results. The Merger Agreement and the Separation Agreement each provide for a number of c", "title": "GDOT - GREEN DOT CORP", "url": "/company/GDOT/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001035092; latest 10-K filed 2026-03-02.", "text": "SHBI - SHORE BANCSHARES INC SIC 6021 National Commercial Banks; CIK 0001035092; latest 10-K filed 2026-03-02. SHBI SHORE BANCSHARES INC 0001035092 6021 National Commercial Banks Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion compares the Company\u2019s financial condition at December 31, 2025 to its financial condition at December 31, 2024 and the results of operations for the years ended December 31, 2025 and 2024. This discussion should be read in conjunction with the consolidated financial statements and the notes thereto included in Part II, Item 8 of this Annual Report on Form 10-K. The discussion comparing the Company\u2019s financial condition at December 31, 2024 to its financial condition at December 31, 2023 and the results of operations for the years ended December 31, 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. CRITICAL ACCOUNTING POLICIES The Company\u2019s consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (\u201cGAAP\u201d) and follow general practices within the industries in which it operates. Application of these principles requires management to make estimates, assumptions, and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statements; accordingly, as this information changes, the financial statements could reflect different estimates, assumptions, and judgments. Certain policies inherently have a greater reliance on the use of estimates, assumptions, and judgments and as such have a greater possibility of producing results that could be materially different than originally reported. The Company\u2019s most significant accounting policies are presented in Note 1 \u2013 \u201cSummary of Significant Accounting Policies\u201d in the \u201cNotes to Consolidated Financial Statements\u201d included in Part II, Item 8 of this Annual Report on Form 10-K. These policies, along with the disclosures presented in the notes to consolidated financial statements and in this management\u2019s discussion and analysis of financial condition and results of operations, provide information on how significant assets and liabilities are valued in the financial statements and how those values are determined. Based on the valuation techniques used and the sensitivity of financial statement amounts to the methods, assumptions, and estimates underlying those amounts, management has determined that the accounting policy for the allowance for credit losses (\u201cACL\u201d) on loans is a critical accounting policy. This policy is considered critical because it relates to an accounting area that requires the most subjective or complex judgments, and, as such, could be most subject to revision as new information becomes available. Allowance for Credit Losses on Loans The ACL represents management\u2019s best estimate of expected lifetime credit losses within the Company\u2019s loan portfolio as of the balance sheet date. The ACL is established through a provision for credit losses and is increased by recoveries of loans previously charged off. Loan losses are charged against the allowance when management\u2019s assessments confirm that the Company will not collect the full amortized cost basis of a loan. The calculation of expected credit losses is determined using a cash flow methodology, and includes considerations of historical experience, current conditions, and reasonable and supportable economic forecasts that may affect collection of the recorded balances. The Company assesses an ACL to groups of loans which share similar risk characteristics or on an individual basis, as deemed appropriate. Changes in the ACL on loans and the related provision for credit losses can materially affect financial results. Although the over Item 1. BUSINESS OVERVIEW General Shore Bancshares, Inc. was incorporated under the laws of Maryland on March 15, 1996 and is the bank holding company for Shore United Bank, N.A,. Throughout this report, references to the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d and \u201cus,\u201d and similar terms refer to the consolidated entity consisting of Shore Bancshares, Inc. and its subsidiaries. \u201cShore Bancshares\u201d refers solely to the parent holding company, and the \u201cBank\u201d refers solely to Shore Bancshares\u2019 subsidiary bank, Shore United Bank, N.A. Shore Bancshares is registered as a financial holding company under the Bank Holding Company Act of 1956, as amended (the \u201cBHC Act\u201d). The Company is the largest independent financial holding company headquartered on the Eastern Shore of Maryland. The Company conducts business primarily through the Bank. The Bank provides consumer and commercial banking products and services and secondary mortgage lending, trust, wealth management and financial planning services. The Company offered title services through its wholly-owned subsidiary, Mid-Maryland Title Company, Inc. (the \u201cTitle Company\u201d), which engaged in residential and commercial real estate settlement activities and offered title insurance policies, title search and lien satisfaction services. The Title Company ceased conducting real estate closings effective March 31, 2025. The Company and the Bank are Affirmative Action/Equal Opportunity Employers. Banking Products and Services The Bank, which traces its origin to 1876, is a national banking association chartered under the laws of the United States. The Bank currently operates 40 full-service branches and 10 loan production and administration offices, and provides a full range of commercial and consumer banking products and services to individuals, businesses, and other organizations in Maryland, Delaware and Virginia. The Bank\u2019s deposits are insured up to applicable legal limits by the FDIC. Services provided to businesses include commercia Item 1A. RISK FACTORS Investing in our common stock involves risks, including the possibility that the value of the investment could fall substantially and that dividends or other distributions could be reduced or eliminated. Investors should carefully consider the following risk factors before making an investment decision regarding our ", "title": "SHBI - SHORE BANCSHARES INC", "url": "/company/SHBI/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001447028; latest 10-K filed 2026-03-23.", "text": "ABUS - Arbutus Biopharma Corp SIC 2834 Pharmaceutical Preparations; CIK 0001447028; latest 10-K filed 2026-03-23. ABUS Arbutus Biopharma Corp 0001447028 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview Arbutus Biopharma Corporation (\u201cArbutus\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d, and \u201cour\u201d) is a clinical-stage biopharmaceutical company focused on infectious disease. We are currently developing imdusiran (AB-729), our proprietary, GalNAc-conjugated, subcutaneously-delivered ribonucleic acid interference (RNAi) therapeutic, and AB-101, our proprietary oral PD-L1 inhibitor, for the treatment of chronic hepatitis B (cHBV). We continue to protect and defend our intellectual property, which is the subject of our ongoing lawsuit against Pfizer Inc. and BioNTech SE (collectively, Pfizer/BioNTech) for their use of our patented lipid nanoparticle (LNP) technology in their COVID-19 messenger ribonucleic acid interference (mRNA)-LNP vaccines. The court issued a claim construction ruling in September 2025, which construed the disputed claim terms in a manner we generally consider to be favorable. The parties are awaiting further scheduling in the litigation. On March 3, 2026, we, along with Genevant Sciences GmbH and its parent (collectively, Genevant), entered into a settlement agreement (the Moderna Settlement Agreement) to resolve all patent infringement litigation and patent revocation proceedings involving Moderna, Inc. and its affiliates (collectively, Moderna) pending in the United States and internationally (the Moderna LNP Litigation). Under the terms of the Moderna Settlement Agreement, Moderna will make an aggregate $950.0 million noncontingent lump sum payment (the Noncontingent Settlement Payment) to us and Genevant on or before July 8, 2026. In addition, Moderna is obligated to pay us and Genevant an additional aggregate contingent lump sum payment of $1.3 billion (the Contingent Settlement Payment) upon a ruling that is favorable to us and Genevant in a limited appeal related to 28 U.S.C. \u00a71498 (\u00a71498) that Moderna is allowed to file pursuant to the Moderna Settlement Agreement (the Moderna \u00a71498 Appeal). Under our license with Genevant, we are entitled to receive, after deduction of litigation costs, 20% of the Noncontingent Settlement Payment. In addition, as of the date of this annual report, we own approximately 16% of the outstanding common equity of Genevant. We are currently evaluating a return of capital to our shareholders in the third quarter of calendar year 2026, following the receipt of our portion of the Noncontingent Settlement Payment. For more information, see \u201cItem 1 \u2013 Business \u2013 Other Collaborations, Royalty Entitlements and Intellectual Property Litigation\u201d and \u201cItem 3 \u2013 Legal Proceedings.\u201d During 2024, we streamlined the organization to focus our efforts on advancing the clinical development of imdusiran and AB-101, and therefore ceased all discovery efforts, halted preparations for a potential IM-PROVE III clinical trial and reduced our workforce by 40%. In the first quarter of 2025, we announced the appointment of five new members of our Board of Directors (our Board) to replace all of the former directors, as well as the appointment of a new President, Chief Executive Officer and Chairperson of our Board and a new Chief Financial Officer. Additionally, our Board took action to reduce our workforce by an additional 57%. Our Board also decided to exit our corporate headquarters in Warminster, Pennsylvania and to discontinue in-house scientific research. In connection with these actions, we incurred one-time restructuring charges during 2025 of $12.9 million. With these organizational changes and our ongoing cost management efforts, we significantly reduced our net cash burn in 2025 when compared to 2024. In June 2025, we launched a new Scientific Advisory Board (SAB) consisting of globally-recognized leaders in the treatment of cHBV with extensive experience in late-stage clinical trials. SAB members are advising us on the strategic evaluation of our cHBV pipeline. In August 2025, we announced changes Item 1. Business Overview Arbutus Biopharma Corporation (\u201cArbutus\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d, and \u201cour\u201d) is a clinical-stage biopharmaceutical company focused on infectious disease. We are currently developing imdusiran (AB-729), our proprietary, GalNAc-conjugated, subcutaneously-delivered ribonucleic acid interference (RNAi) therapeutic, and AB-101, our proprietary oral PD-L1 inhibitor, for the treatment of chronic hepatitis B (cHBV). We continue to protect and defend our intellectual property, which is the subject of our ongoing lawsuit against Pfizer Inc. and BioNTech SE (collectively, Pfizer/BioNTech) for their use of our patented lipid nanoparticle (LNP) technology in their COVID-19 messenger ribonucleic acid interference (mRNA)-LNP vaccines. The court issued a claim construction ruling in September 2025, which construed the disputed claim terms in a manner we generally consider to be favorable. The parties are awaiting further scheduling in the litigation. On March 3, 2026, we, along with Genevant Sciences GmbH and its parent (collectively, Genevant), entered into a settlement agreement (the Moderna Settlement Agreement) to resolve all patent infringement litigation and patent revocation proceedings involving Moderna, Inc. and its affiliates (collectively, Moderna) pending in the United States and internationally (the Moderna LNP Litigation). Under the terms of the Moderna Settlement Agreement, Moderna will make an aggregate $950.0 million noncontingent lump sum payment (the Noncontingent Settlement Payment) to us and Genevant on or before July 8, 2026. In addition, Moderna is obligated to pay us and Genevant an additional aggregate contingent lump sum payment of $1.3 billion (the Contingent Settlement Payment) upon a ruling that is favorable to us and Genevant in a limited appeal related to 28 U.S.C. \u00a71498 (\u00a71498) that Moderna is allowed to file pursuant to the Moderna Settlement Agreement (the Moderna \u00a71498 Appeal). Under our license with Genevant, w Item 1A. Risk Factors Our business is subject to substantial risks and uncertainties. The occurrence of any of the following risks and uncertainties, either alone or taken together, could materially and adversely affect our business, financial condition, results of operations or prospects. In these circumstances, the market pr", "title": "ABUS - Arbutus Biopharma Corp", "url": "/company/ABUS/" }, { "kind": "company", "summary": "SIC 2510 Household Furniture; CIK 0001345126; latest 10-K filed 2026-02-27.", "text": "CODI - Compass Diversified Holdings SIC 2510 Household Furniture; CIK 0001345126; latest 10-K filed 2026-02-27. CODI Compass Diversified Holdings 0001345126 2510 Household Furniture ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Item 7 contains forward-looking statements. Forward-looking statements in this Annual Report on Form 10-K are subject to a number of risks and uncertainties, some of which are beyond our control. Our actual results, performance, prospects or opportunities could differ materially from those expressed in or implied by the forward-looking statements. Additional risks of which we are not currently aware or which we currently deem immaterial could also cause our actual results to differ, including those discussed in the sections entitled \u201cForward-Looking Statements\u201d and \u201cRisk Factors\u201d included elsewhere in this Annual Report. Overview Compass Diversified Holdings, a Delaware statutory trust, was formed in Delaware on November 18, 2005. Compass Group Diversified Holdings LLC, a Delaware limited liability company, was also formed on November 18, 2005. In accordance with the Trust Agreement, the Trust is the sole owner of 100% of the Trust Interests (as defined in the LLC Agreement of the Company). Pursuant to the LLC Agreement, the Company has outstanding an identical number of Trust Interests as the number of outstanding shares of the Trust. Sostratus LLC owns all of our Allocation Interests. The Company is the operating entity with a board of directors and corporate governance responsibilities similar to those of a Delaware corporation. The Trust and the LLC were formed to acquire and manage a group of small and middle-market businesses headquartered in North America. We characterize small and middle market businesses as those that generate annual cash flows of up to $100 million. We focus on companies of this size because we believe they are better able to achieve growth rates above those of their relevant industries and efforts to improve earnings and cash flow are often more effective in companies of this size. In pursuing new acquisitions, we seek businesses with the following characteristics: \u2022North American base of operations; \u2022Stable and growing earnings and cashflow; \u2022Significant market share in defensible industry niches (i.e., has a \u201creason to exist\u201d); \u2022Solid and proven management team with meaningful incentives; \u2022Low technological and/or product obsolescence risk; and \u2022Diversified customer and supplier bases. Our management team\u2019s strategy for our subsidiaries involves: \u2022Utilizing structured incentive compensation programs tailored to each business to attract and retain talented managers; \u2022Assisting management in its analysis and pursuit of prudent organic cash flow growth strategies; \u2022Identifying and working with management to execute attractive external growth and acquisition opportunities; and \u2022Forming strong subsidiary-level boards of directors, including independent directors, to supplement management in developing and implementing strategic goals and objectives. Our management team leverages a network of intermediaries, advisors, and other sources of opportunities who expose us to potential acquisitions. Through these relationships, we regularly evaluate a range of potential acquisition opportunities. Our management team also has experience navigating complex acquisition situations, including corporate spin-offs, family-owned business transitions, management buy-outs, and reorganizations. We believe this flexibility, creativity, experience and expertise in structuring transactions provides a strategic advantage to us in executing non-traditional and complex transactions tailored to fit a specific acquisition target. Lugano Investigation and Restatement As previously disclosed, following concerns reported to the Company\u2019s management, the Company commenced the Lugano Investigation. As a result of the Lugano Investigation, the Company determined that the Company\u2019s 74 previously issued financial statements for fiscal years 2022, 2023, 2024, and the first three fiscal quarters of 2025 including other in ITEM 1. BUSINESS Company Background Compass Diversified Holdings, a Delaware statutory trust, was formed in Delaware on November 18, 2005. Compass Group Diversified Holdings, LLC, a Delaware limited liability company, was also formed on November 18, 2005. The Trust and the LLC were formed to acquire and manage a group of small and middle-market businesses headquartered in North America. The Trust is the sole owner of 100% of the Trust Interests, as defined in our LLC Agreement, of the LLC. Pursuant to the LLC Agreement, the Trust owns an identical number of Trust Interests in the LLC as exist for the number of outstanding shares of the Trust. The Trust was previously treated as a partnership for U.S. federal income tax purposes but elected, effective September 1, 2021, to be taxed as an association taxable as a corporation. The LLC is the operating entity with a board of directors (the \"Board\") whose corporate governance responsibilities are similar to that of a Delaware corporation. The LLC\u2019s Board oversees the management of the Company and our businesses and the performance of our Manager. Certain persons who are employees, former employees or members of our Manager receive a profit allocation as beneficial owners (through Sostratus LLC) of the Allocation Interests, as defined in our LLC Agreement. Overview We acquire controlling interests in and actively manage our subsidiaries that we believe (i) operate in industries with long-term macroeconomic growth opportunities, (ii) have positive and stable cash flows, (iii) face minimal threats of technological or competitive obsolescence, and (iv) have strong management teams largely in place. We offer investors a unique opportunity to own a diverse group of leading middle-market businesses in the branded-consumer and industrial sectors. Our disciplined approach to our target markets provides opportunities to methodically acquire and manage attractive businesses that will create value for our shareholders. For se ITEM 1A. RISK FACTORS Our business, operations and financial condition are subject to various risks and uncertainties. The following discussion of risk factors should be read in conjunction with the Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations set forth in Part II, Item. 7 and the \"Consolidated Financ", "title": "CODI - Compass Diversified Holdings", "url": "/company/CODI/" }, { "kind": "company", "summary": "SIC 7359 Services-Equipment Rental & Leasing, NEC; CIK 0001709682; latest 10-K filed 2026-03-10.", "text": "CTOS - Custom Truck One Source, Inc. SIC 7359 Services-Equipment Rental & Leasing, NEC; CIK 0001709682; latest 10-K filed 2026-03-10. CTOS Custom Truck One Source, Inc. 0001709682 7359 Services-Equipment Rental & Leasing, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Custom Truck One Source, Inc., a Delaware corporation, and its wholly owned subsidiaries (\u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d or \u201cthe Company\u201d) are engaged in the business of providing a range of products and services to customers through rentals and sales of specialty equipment, rentals and sales of aftermarket parts and services related to the specialty equipment, and repair, maintenance and customization services related to that equipment. We are a specialty equipment provider to the electric utility transmission and distribution, telecommunications, rail and other infrastructure-related industries in North America. Our core business relates to our new equipment inventory and rental fleet of specialty equipment that is utilized by service providers in infrastructure development and improvement work. We offer our specialized equipment to a diverse customer base, including utilities and contractors, for the maintenance, repair, upgrade, and installation of critical infrastructure assets, including distribution and transmission electric lines, telecommunications networks and rail systems, as well as for lighting and signage. We rent, produce, sell and service a broad range of new and used equipment, including bucket trucks, digger derricks, dump trucks, cranes, service trucks, and heavy-haul trailers. Through December 31, 2025, we managed the business in three reporting segments: Equipment Rental Solutions (\u201cERS\u201d), Truck and Equipment Sales (\u201cTES\u201d) and Aftermarket Parts and Services (\u201cAPS\u201d). Financial and Performance Measures Financial Measures Revenue \u2014 As a full-service equipment provider, we generate revenue through renting, selling, assembling, upfitting, and servicing new and used heavy-duty trucks and cranes, as well as the sale of related parts. We also sell and rent specialized tools on an individual basis and in kits. Rental revenue is primarily comprised of revenues from rental agreements and freight charges billed to customers. The Company records changes in estimated collectability directly against rental revenue. Equipment sales revenue reflects the value of vocational trucks and other equipment sold to customers as well as upfit services. Parts and service revenue is derived from maintenance and repair services, and parts, tools and accessories sold directly to customers. Rental revenue excludes active rental contracts which qualify to be accounted for as sales-type leases. Cost of rental revenue \u2014 Cost of rental revenue reflects repairs and maintenance costs of rental equipment, parts costs, labor and other overheads related to maintaining the rental fleet, and freight associated with the shipping of rental equipment. Depreciation of rental equipment \u2014 Depreciation of rental equipment is comprised of depreciation expense on the rental fleet. We allocate the cost of rental equipment generally over the rentable life of the equipment. The depreciation allocation is based upon estimated lives ranging from one to seven years. The cost of equipment is depreciated to an estimated residual value using the straight-line method. Cost of equipment sales \u2014 Cost of equipment sales reflects production and inventory costs associated with new units sold, parts costs, labor and other overheads related to production, and freight associated with the shipping and receiving of equipment and parts. Cost of equipment sales also includes the net book value of rental units sold, including active rental contracts which qualify to be accounted for as sales-type leases. Selling, general and administrative expenses \u2014 Selling, general and administrative expenses include sales compensation, fleet licensing fees and corporate expenses, including salaries, stock-based compensation expense, insurance, advertising costs, professional services, fees earned on customer arranged financing, gains or losses resulting from insurance settlements, and information tec Item 1. Business Company Overview Custom Truck One Source, Inc. (\u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cCustom Truck,\u201d or \u201cthe Company\u201d), a Delaware corporation, and its wholly owned subsidiaries are engaged in the business of providing a range of services and products to customers through rentals and sales of specialty equipment, rentals and sales of aftermarket parts and services related to the specialty equipment, and repair, maintenance, and customization services related to that equipment. Immediately following the acquisition by Nesco Holdings II, Inc. of Custom Truck One Source, L.P. (\u201cCustom Truck LP\u201d) on April 1, 2021 (the \u201cAcquisition\u201d), Nesco Holdings, Inc. (\u201cNesco Holdings\u201d) changed its name to \u201cCustom Truck One Source, Inc.\u201d and changed The New York Stock Exchange ticker for its shares of common stock from \u201cNSCO\u201d to \u201cCTOS.\u201d We are a specialty equipment provider to the electric utility transmission and distribution, telecommunications, rail, forestry, waste management and other infrastructure-related industries in North America. Our core business relates to our new equipment inventory and rental fleet of specialty equipment that is utilized by service providers in infrastructure development and improvement work. We offer our specialized equipment to a diverse customer base, including utilities and contractors, for the maintenance, repair, upgrade, and installation of critical infrastructure assets, including distribution and transmission electric lines, telecommunications networks, and rail systems, as well as for lighting and signage. We rent, produce, sell, and service a broad range of new and used equipment, including bucket trucks, digger derricks, dump trucks, cranes, service trucks, and heavy-haul trailers. Through December 31, 2025, we managed our business in our three reporting segments: Equipment Rental Solutions (\u201cERS\u201d), Truck and Equipment Sales (\u201cTES\u201d), and Aftermarket Parts and Services (\u201cAPS\u201d). Recently, our Chief Executive Officer reevaluated how he a Item 1A. Risk Factors In addition to the other information contained in this Annual Report on Form 10-K, the risk factors discussed herein should be considered carefully in evaluating the Company. Any of these factors could result in a significant or material adverse effect on our business,", "title": "CTOS - Custom Truck One Source, Inc.", "url": "/company/CTOS/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001842295; latest 10-K filed 2026-03-25.", "text": "MAZE - Maze Therapeutics, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001842295; latest 10-K filed 2026-03-25. MAZE Maze Therapeutics, Inc. 0001842295 2836 Biological Products, (No Diagnostic Substances) Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon our current plans and expectations that involve risks, uncertainties and assumptions, including those described in the section entitled \u201cSpecial note regarding forward-looking statements.\u201d Our actual results and the timing of selected events could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those set forth under the section entitled \u201cRisk Factors.\u201d Overview We are a clinical-stage biopharmaceutical company harnessing the power of human genetics to develop novel, small molecule precision medicines for patients living with kidney and metabolic diseases. We are advancing a pipeline using our Compass platform, which allows us to identify and characterize genetic variants associated with health and disease and then determine how these drive risk for and protection against disease in specific patient groups through a process we refer to as variant functionalization. Our Compass platform has been purpose-built to inform all phases of our drug discovery and development process through clinical trial design. We are currently advancing two wholly-owned clinical programs, MZE829 and MZE782. In March 2026, we announced positive topline clinical proof of concept data from our Phase 2 study of MZE829 in patients with broad APOL1-mediated kidney disease, or AMKD. The open-label study enrolled 15 patients, all of whom were included in a safety and tolerability analysis, and 12 of whom were evaluable for efficacy. MZE829 was well tolerated, and treatment with MZE829 resulted in a mean reduction in urinary albumin-to-creatinine ratio, or uACR, of 35.6% at week 12 in evaluable patients with broad AMKD, with 50% of such patients achieving at least a 30% reduction in uACR. In a subset of patients with focal segmental glomerulosclerosis, or FSGS, mean uACR reduction was 61.8%. Treatment of non-diabetic AMKD patients with MZE829 led to a clinically meaningful mean reduction from baseline uACR of 48.6%. We plan to continue enrollment in the Phase 2 trial and to advance MZE829 into a pivotal development program. See Item 1 of this Annual Report on Form 10-K for additional details. In September 2025, we announced positive clinical results from our Phase 1 healthy volunteer study of MZE782. We plan to initiate two Phase 2 proof-of-concept trials of MZE782, evaluating plasma Phe reduction in phenylketonuria, or PKU, and proteinuria reduction in chronic kidney disease, or CKD, in 2026. See Item 1 of this Annual Report on Form 10-K for additional details. Since our inception, we have focused substantially all of our efforts and financial resources on research and development activities for our programs and on establishing arrangements and collaborations with third parties for the development of our therapeutic candidates. To date, we have not generated any revenue from product sales and have financed our operations primarily through sales of our equity and convertible promissory notes, debt financing, as well as one-time, nonrefundable upfront payments we received pursuant to the license agreements we entered into with several biotechnology companies in 2024, including the exclusive license agreement with Shionogi & Company, Ltd., or Shionogi. We do not expect to generate any revenue from commercial sales for the foreseeable future. We expect to continue incurring significant operating losses for the foreseeable future due to the cost of research and development, clinical trials, preclinical studies and the regulatory approval proces Item 1. Business Overview We are a clinical-stage biopharmaceutical company harnessing the power of human genetics to develop novel, small molecule precision medicines for patients living with kidney and metabolic diseases. We are advancing a pipeline using our Compass platform, which allows us to identify and characterize genetic variants associated with health and disease and then determine how these drive risk for and protection against disease in specific patient groups through a process we refer to as variant functionalization. Our Compass platform has been purpose-built to inform all phases of our drug discovery and development process through clinical trial design. We are currently advancing two wholly-owned clinical programs, MZE829 and MZE782. Our most advanced program, MZE829, is an oral, small molecule inhibitor of apolipoprotein L1, or APOL1, for the treatment of patients with APOL1-mediated kidney disease, or AMKD, a genetically defined sub-set of chronic kidney disease, or CKD, for which there is no approved treatment today. In October 2024, we reported results from our Phase 1 clinical trial of MZE829, in which we enrolled 111 healthy adult volunteers. MZE829 was well tolerated and demonstrated dose-proportional pharmacokinetics, or PK. We initiated a Phase 2 trial of MZE829 in November 2024, dosed our first patient in February 2025 and reported positive topline clinical proof of concept data in March 2026. The open-label study enrolled 15 patients, all of whom were included in a safety and tolerability analysis, and 12 of whom were evaluable for efficacy. MZE829 was well tolerated, and treatment with MZE829 resulted in a mean reduction in urinary albumin-to-creatinine ratio, or uACR, of 35.6% at week 12 in evaluable patients with broad AMKD, with 50% of such patients achieving at least a 30% reduction in uACR. In a subset of patients with focal segmental glomerulosclerosis, or FSGS, mean uACR reduction was 61.8%. Treatment of non-diabetic AMKD pat Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. Before making your decision to invest in shares of our common stock, you should carefully consider the risks described below, together with the other information contained in this Annual Report o", "title": "MAZE - Maze Therapeutics, Inc.", "url": "/company/MAZE/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000886744; latest 10-K filed 2026-03-02.", "text": "GERN - GERON CORP SIC 2834 Pharmaceutical Preparations; CIK 0000886744; latest 10-K filed 2026-03-02. GERN GERON CORP 0000886744 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the section entitled \u201cBusiness\u201d in Part I, Item 1 and the audited financial statements and notes thereto included in Part II, Item 8 of this Report. The information provided should be reviewed in the context of the sections entitled \u201cRisks Related to the Further Development of RYTELO (Imetelstat),\u201d \u201cRisks Related to the Commercialization of RYTELO\u201d and \u201cRisks Related to Regulatory Approval of RYTELO\u201d in Part II, Item 1A entitled \u201cRisk Factors\u201d and elsewhere in this Report. Company Overview Summary We are a commercial-stage biopharmaceutical company aiming to change lives by changing the course of blood cancer. Our first-in-class telomerase inhibitor, RYTELO\u00ae (imetelstat), harnesses Nobel Prize winning science in a treatment that scientific evidence suggests reduces proliferation of malignant cells, allowing production of new healthy cells, which we believe drives differentiated clinical benefits, potentially altering the underlying course and modifying the disease of these hematologic malignancies. We commercially launched RYTELO in the U.S. in June 2024 following its approval by the U.S. Food and Drug Administration, or FDA on June 6, 2024 for the treatment of adult patients with low- to intermediate-1 risk myelodysplastic syndromes, or lower-risk MDS, with transfusion-dependent, or TD, anemia requiring four or more red blood cell units over eight weeks who have not responded to or have lost response to or are ineligible for erythropoiesis- stimulating agents, or ESAs. Lower-risk MDS is a progressive blood cancer with high unmet need, where many patients with anemia become dependent on red blood cell transfusions, which can be associated with clinical consequences and decreased quality of life. We believe that the high unmet need in lower-risk MDS and significant product differentiation, including observed benefit of RYTELO in difficult-to-treat sub-populations such as patients with high transfusion burden and ring sideroblast negative, or RS- patients, as well as the favorable FDA label and the National Comprehensive Cancer Network, or NCCN\u00ae, Clinical Practice Guidelines in Oncology, or NCCN Guidelines\u00ae, position RYTELO to potentially compete for significant market segments in lower-risk MDS. In March 2025, we were granted marketing authorization by the European Commission, or EC, for RYTELO as a monotherapy for the treatment of adult patients with TD anemia due to very low, low or intermediate risk myelodysplastic syndromes without an isolated deletion 5q cytogenetic, or non-del 5q, abnormality and who had an unsatisfactory response to or are ineligible for erythropoietin-based therapy. We are preparing for the planned commercialization of RYTELO in select EU markets in 2026. At this time, we do not plan to commercialize RYTELO independently in the EU (or in any other regions outside of the U.S. where RYTELO may be approved for marketing in the future). Accordingly, we plan to work with experienced third parties for the commercialization and marketing of RYTELO in the EU, including on critical path activities for the planned launch of RYTELO in the EU, such as reimbursement, Health Technology Assessment, or HTA, submissions, market access and distribution. To enable paid access to patients outside the U.S. through approved Named Patient Programs, or NPPs, in 2025 we partnered with Tanner Pharma, a distributor with broad global reach to support patient access. To date, product revenue pursuant to NPPs have been minimal. In addition to lower-risk MDS, we are developing imetelstat for the treatment of other myeloid hematologic malignancies. Our Phase 3 IMpactMF clinical trial is evaluating imetelstat in patients with intermediate-2 or high-risk myelofibrosis, or MF, who have relapsed after or are refractory to treatment with a janus ass ITEM 1.BUSINESS Company Overview We are a commercial-stage biopharmaceutical company aiming to change lives by changing the course of blood cancer. Our first-in-class telomerase inhibitor, RYTELO\u00ae (imetelstat), harnesses Nobel Prize winning science in a treatment that scientific evidence suggests reduces proliferation of malignant cells, allowing production of new healthy cells, which we believe drives differentiated clinical benefits, potentially altering the underlying course and modifying the disease of these hematologic malignancies. We commercially launched RYTELO in the U.S. in June 2024 following its approval by the U.S. Food and Drug Administration, or FDA, on June 6, 2024 for the treatment of adult patients with low- to intermediate-1 risk myelodysplastic syndromes, or lower-risk MDS, with transfusion-dependent, or TD, anemia requiring four or more red blood cell units over eight weeks who have not responded to or have lost response to or are ineligible for erythropoiesis- stimulating agents, or ESAs. Lower-risk MDS is a progressive blood cancer with high unmet need, where many patients with anemia become dependent on red blood cell transfusions, which can be associated with clinical consequences and decreased quality of life. We believe that the results of our Phase 3 clinical trial, IMerge, in LR-MDS, favorable FDA label and National Comprehensive Cancer Network, or NCCN\u00ae, Clinical Practice Guidelines in Oncology, or NCCN Guidelines\u00ae, position RYTELO as a potential treatment that can compete for significant market segments in lower-risk MDS, including second-line ESA ineligible patients regardless of prior treatment or RS status and first-line ESA ineligible patients. In March 2025, we received European Commission (EC) approval of RYTELO for the treatment of adults with TD anemia due to lower-risk MDS without an isolated deletion 5q cytogenetic (non-del 5q) abnormality and who had an unsatisfactory response to or are ineligible for ESA ITEM 1A. RISK FACTORS We operate in a dynamic and rapidly changing environment involving numerous risks and uncertainties that may have a material adverse effect on our business, financial condition or results of operations. You should carefully consider the risks and uncertainties described below, together with all of the other information included in this Report. Our business faces significa", "title": "GERN - GERON CORP", "url": "/company/GERN/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0001546417; latest 10-K filed 2026-02-25.", "text": "BLMN - Bloomin' Brands, Inc. SIC 5812 Retail-Eating Places; CIK 0001546417; latest 10-K filed 2026-02-25. BLMN Bloomin' Brands, Inc. 0001546417 5812 Retail-Eating Places Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s discussion and analysis of financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes. We have classified the results of operations, non-GAAP measures, and liquidity and capital resources of our Brazil operations as discontinued operations for all periods presented. Unless otherwise noted, this Management Discussion and Analysis of Financial Condition and Results of Operations does not include discontinued operations. We utilize a 52-53-week year ending on the last Sunday in December. In a 52-week fiscal year, each quarterly period is comprised of 13 weeks. The additional week in a 53-week fiscal year is added to the fourth quarter. Fiscal years 2025 and 2024 both consisted of 52 weeks. For discussion of our consolidated and segment-level results of operations, non-GAAP measures, and liquidity and capital resources not included in this Annual Report for fiscal year 2023, see our Annual Report on Form 10-K for the year ended December 29, 2024, filed with the SEC on February 26, 2025. Overview We are one of the largest casual dining restaurant companies in the world with a portfolio of leading, differentiated restaurant concepts. As of December 28, 2025, we owned and operated 967 restaurants and franchised 493 restaurants across 46 states, Guam and 12 countries. Our restaurant portfolio includes: Outback Steakhouse, Carrabba\u2019s Italian Grill, Bonefish Grill and Fleming\u2019s Prime Steakhouse & Wine Bar. Financial Overview - Our financial overview for 2025 includes the following: \u2022U.S. combined and Outback Steakhouse comparable restaurant sales of 0.2% and (0.5)%, respectively; \u2022Increase in Total revenues of 0.1% as compared to 2024; \u2022Operating income and restaurant-level operating margins of 0.9% and 11.7%, respectively, as compared to 3.5% and 13.3%, respectively for 2024; \u2022Operating income of $37.2 million as compared to $139.8 million in 2024; and \u2022Diluted earnings per share of $0.10 as compared to diluted loss per share of $(0.61) in 2024. Sale of Majority Ownership of our Brazil Operations - On December 30, 2024, we completed the sale of 67% of our Brazil operations (the \u201cBrazil Sale Transaction\u201d) and entered into amended and restated franchise agreements with all existing restaurants in Brazil. The balance sheets, results of operations and cash flows of our Brazil operations are reported as discontinued operations for all periods presented. See Note 2 - Discontinued Operations of the Notes to Consolidated Financial Statements for additional details. Our Turnaround Strategy - In November 2025, we announced a comprehensive turnaround strategy, with a key focus on Outback Steakhouse, to drive long-term sustainable and profitable growth. This strategy is based on four key platforms, including: \u2022Deliver a Remarkable Dine-In Experience: focus on operational excellence with center of the plate quality and service enhancements to deliver exceptional guest experience, which will drive in-restaurant traffic growth. \u2022Drive Brand Relevancy: expand brand reach to recruit new guests and increase frequency of visits. \u2022Reignite a Culture of Ownership and Fun: reinvest in our people and strengthen our Principles & Beliefs-based culture which will drive an enhanced guest experience. \u2022Invest in Our Restaurants: refresh our existing asset base to ensure restaurants are updated and reflect brand standards. 35 Table of Contents BLOOMIN\u2019 BRANDS, INC. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Continued These platforms will be supported by: \u2022Non-Guest Facing Productivity Savings: we are focused on cost savings in areas that will not impact the guest, such as indirect spend and contract negotiations. \u2022Balanced Capital Allocation: we have a dual approach to invest in the base business and focus on de Item 1. Business Bloomin\u2019 Brands, Inc. (\u201cBloomin\u2019 Brands,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d and similar terms mean Bloomin\u2019 Brands, Inc. and its subsidiaries except where the context otherwise requires), a Delaware corporation, is one of the largest casual dining restaurant companies in the world, with a portfolio of leading, differentiated restaurant concepts. Our restaurant portfolio includes Outback Steakhouse, Carrabba\u2019s Italian Grill, Bonefish Grill and Fleming\u2019s Prime Steakhouse & Wine Bar. Our restaurant concepts range in price point and degree of formality from casual (Outback Steakhouse and Carrabba\u2019s Italian Grill) to polished casual (Bonefish Grill) and fine dining (Fleming\u2019s Prime Steakhouse & Wine Bar). OSI Restaurant Partners, LLC (\u201cOSI\u201d), a wholly-owned subsidiary of Bloomin\u2019 Brands, is our primary operating entity. MARKETS As of December 28, 2025, we owned and operated 967 restaurants and franchised 493 restaurants across 46 states, Guam and 12 countries. On December 30, 2024, we completed the sale of the majority ownership of our Brazil operations, and all restaurants in that market are now operated as unconsolidated franchisees. See International Franchise Segment discussion below for details. Our Segments We consider each of our U.S. restaurant concepts and international franchise markets to be operating segments, which reflects how we manage our business, review operating performance and allocate resources. We aggregate our U.S. operating segments into the U.S. reportable segment. The U.S. segment includes all restaurants operating in the U.S. while franchised restaurants operating outside the U.S. are included in the international franchise segment. All other operating segments, which include the Company\u2019s operations in Hong Kong and the equity method investment in Brazil, do not meet the quantitative thresholds for determining reportable operating segments. Following is a summary of reportable segments as of December 28, 2025: [[GR Item 1A. Risk Factors The risk factors set forth below should be carefully considered. The risks described below are those that we believe could materially and adversely affect our business, financial condition or results of operations, however, they are not the only risks facing us. Additional risks and uncertainties not currently known to us or those we cur", "title": "BLMN - Bloomin' Brands, Inc.", "url": "/company/BLMN/" }, { "kind": "company", "summary": "SIC 0700 Agricultural Services; CIK 0001802974; latest 10-K filed 2025-12-18.", "text": "AVO - Mission Produce, Inc. SIC 0700 Agricultural Services; CIK 0001802974; latest 10-K filed 2025-12-18. AVO Mission Produce, Inc. 0001802974 0700 Agricultural Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes included elsewhere in this annual report. This discussion and analysis contains forward-looking statements based upon our current beliefs, plans and expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors. Please refer to the section of this report under the heading \u201cForward Looking Statements.\u201d Overview We are a world leader in sourcing, producing and distributing Hass avocados, serving retail, wholesale and foodservice customers. We source, produce, pack and distribute avocados and a small amount of other fruits to our customers and provide value-added services including ripening, bagging, custom packaging and logistical management. In addition, we provide our customers with merchandising and promotional support, insights on market trends and training designed to increase their retail avocado sales. Reportable segments We have three operating segments which are also reportable segments: \u2022Marketing & Distribution. Our Marketing & Distribution reportable segment sources fruit from growers and then distributes the fruit through our global distribution network. \u2022International Farming. International Farming owns and operates orchards from which the vast majority of fruit produced is sold to our Marketing & Distribution segment. The segment\u2019s farming activities range from cultivating early-stage plantings to harvesting from mature trees. It also earns service revenues for packing and processing fruit for both our Blueberries segment, as well as for third-party producers of other crops. Operations are principally located in Peru and Guatemala. \u2022Blueberries. The Blueberries segment consists of farming activities that include cultivating early-stage blueberry plantings and harvesting mature bushes. Substantially all blueberries produced are sold to a single distributor under an exclusive marketing agreement. Macroeconomic environment During fiscal 2025, the United States enacted a series of global trade policies including reciprocal and retaliatory tariffs, and subsequent revisions and exemptions thereof, on imported goods. As a result, tariffs have applied at different dates and rates throughout the year, depending on country of origin. We are continuing to monitor changes to global trade policies, including the impact of proposed and enacted tariffs as future changes could have direct or indirect impacts to our business. For additional information, see the risk factor \u201cChanges to U.S. trade policy, tariff and import/export regulations may adversely affect our operating results\u201d in Section 1A. of this report. 21 Supply chain optimization The Company closed its Canadian distribution centers within its Marketing & Distribution segment during the first quarter of 2025. In connection with the closure, we recognized approximately $2.7 million in charges for fiscal 2025. Charges consisted of accelerated depreciation expense of property, plant and equipment, accelerated amortization expense of operating lease right-of-use assets, loss on disposal of property, plant and equipment, and severance costs which were partially offset by gains on settlement of asset retirement obligations. Volume from these facilities has been absorbed by our other distribution centers and third-party service providers. Results of Operations The operating results of our businesses are significantly impacted by the price and volume of fruit we farm, source and distribute. In addition, our results have been, and will continue to be, affected by quarterly and annual fluctuations due to a number of factors, including but not limited to: tariffs; pests and d Item 1. Business Overview Mission Produce, Inc. together with its consolidated subsidiaries (\u201cMission Produce\u201d or the \u201cCompany,\u201d \u201cRegistrant,\u201d or \u201cIssuer,\u201d and generally referred to as \u201cwe\u201d or \u201cus\u201d), is a global leader in the avocado industry. The Company\u2019s expertise lies in the farming, packaging, marketing and distribution of avocados to food retailers, distributors and produce wholesalers worldwide. The Company procures avocados principally from California, Mexico and Peru. Through our various operating facilities, we grow, sort, pack, bag and ripen avocados and a small amount of other fruits for distribution to domestic and international markets. We report our results of operations in three operating segments which are also reportable segments: \u2022Marketing & Distribution sources fruit from growers and then distributes the fruit through our global distribution network; \u2022International Farming owns and operates orchards from which the vast majority of fruit produced is sold to our Marketing & Distribution segment. The segment\u2019s farming activities range from cultivating early-stage plantings to harvesting from mature trees. It also earns service revenues for packing and processing fruit for both our Blueberries segment, as well as for third-party producers of other crops. Operations are principally located in Peru and Guatemala. \u2022Blueberries consists of farming activities that include cultivating early-stage blueberry plantings and harvesting mature bushes. Substantially all blueberries produced are sold to a single distributor under an exclusive marketing agreement. Products and services We primarily source, produce, pack and distribute avocados. The avocados we sell are primarily of the Hass variety. We sort and pack avocados and match their specifications to respective customer requirements. We sell both pre-ripe and ripened avocados, and with our network of ripening facilities, we can adjust the level of ripeness to the needs of our customers. Our Item 1A. Risk Factors You should carefully consider the following risk factors, together with the other information contained in this annual report on Form 10-K, including our financial statements and the related notes and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d before making a decision to purchase or sell shares of", "title": "AVO - Mission Produce, Inc.", "url": "/company/AVO/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000903419; latest 10-K filed 2026-03-04.", "text": "ALRS - ALERUS FINANCIAL CORP SIC 6021 National Commercial Banks; CIK 0000903419; latest 10-K filed 2026-03-04. ALRS ALERUS FINANCIAL CORP 0000903419 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of the Company\u2019s financial condition and results of operations should be read in conjunction with the \u201cSelected Financial Data\u201d and the Company\u2019s audited consolidated financial statements and related notes included elsewhere in this report. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Certain risks, uncertainties and other factors, including but not limited to those set forth under \u201cCautionary Note Regarding Forward-Looking Statements,\u201d \u201cRisk Factors\u201d and elsewhere in this report, may cause actual results to differ materially from those projected in the forward-looking statements. The Company assumes no obligation to update any of these forward-looking statements. Results of operations for the year ended December 31, 2024 compared to results for the year ended December 31, 2023 can be found in Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of the Company\u2019s annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 14, 2025. Overview The Company is a diversified financial services company headquartered in Grand Forks, North Dakota. Through the Company\u2019s subsidiary, Alerus Financial, National Association, the Company provides innovative and comprehensive financial solutions to businesses and consumers through three distinct business lines\u2014banking, retirement and benefit services, and wealth. In prior periods, the Company had a fourth operating segment, mortgage. As of January 1, 2024, the mortgage division was fully integrated into the banking division to reflect the way the Company currently manages and views the business. These solutions are delivered through a relationship oriented primary point of contact along with responsive and client friendly technology. The Company\u2019s primary banking market areas are the states of North Dakota, Minnesota, specifically, the Twin Cities MSA and Rochester MSA, and Arizona, specifically, the Phoenix MSA. In addition to the Company\u2019s offices located in the Company\u2019s banking markets, its retirement and benefit services business administers plans in all 50 states through offices located in Minnesota and Colorado. The Company\u2019s business model produces strong financial performance and a diversified revenue stream, which has helped the Company establish a brand and culture yielding both a loyal client base and passionate and dedicated employees. The Company believes its client first and advice based philosophy, diversified business model and history of high performance and growth distinguishes the Company from other financial service providers. The Company generates a majority of its overall revenue from noninterest income, which is driven primarily by the Company\u2019s retirement and benefit services and wealth business lines. As of December 31, 2025, the Company had $5.2 billion of total assets, $4.0 billion of total loans, $4.2 billion of total deposits, $564.9 million of stockholders\u2019 equity, $44.9 billion of assets under administration/management in the Company\u2019s retirement and benefit services segment, and $4.9 billion of assets under administration/management in the Company\u2019s wealth segment. 40 Table of Contents Net Interest Income Net interest income represents interest income less interest expense. The Company generates interest income on interest-earning assets, primarily loans and available-for-sale securities. The Company incurs interest expense on interest-bearing liabilities, primarily interest-bearing deposits and borrowings. To evaluate net interest income, the Company measures and monitors: (i) yields on loans, available-for-sale securities and other interest-earning assets; (ii) the costs of deposits and other funding sources; (iii) the rates incurred on ITEM 1. BUSINESS Company Overview and History Alerus Financial Corporation (the \u201cCompany\u201d) is a diversified financial services company headquartered in Grand Forks, North Dakota. Through the Company\u2019s subsidiary, Alerus Financial, National Association (the \u201cBank\u201d), the Company provides innovative and comprehensive financial solutions to businesses and consumers through three distinct business segments\u2014banking, retirement and benefit services, and wealth. In prior periods, the Company had a fourth operating segment, mortgage. As of January 1, 2024, the mortgage division was fully integrated into the banking division to reflect the way the Company currently manages and views the business. These solutions are delivered through a relationship oriented primary point of contact along with responsive and client friendly technology. As of December 31, 2025, the Company had $5.2 billion of total assets, $4.0 billion of total loans, $4.2 billion of total deposits, $564.9 million of stockholders\u2019 equity, $44.9 billion of assets under administration/management in the Company\u2019s retirement and benefit services segment, and $4.9 billion of assets under administration/management in the Company\u2019s wealth segment. The Company\u2019s business model produces strong financial performance and a diversified revenue stream, which has helped the Company establish a brand and culture yielding both a loyal client base and passionate and dedicated employees. The Company believes its client first and advice-based philosophy, diversified business model and history of high performance and growth distinguishes the Company from other financial service providers. The Company generates its revenues from both net interest income and noninterest income. Net interest income is derived from offering the Company\u2019s traditional banking products and services. Noninterest income is driven primarily by the Company\u2019s retirement and benefit services and wealth business segments. 4 Table of Contents The Compa ITEM 1A. RISK FACTORS Investing in the Company\u2019s common stock involves a high degree of risk. The material risks and uncertainties that management believes affect the Company are described below. Before you decide to invest, you should carefully review and consider the risks described below, together with all other information included in", "title": "ALRS - ALERUS FINANCIAL CORP", "url": "/company/ALRS/" }, { "kind": "company", "summary": "SIC 4213 Trucking (No Local); CIK 0000928658; latest 10-K filed 2026-02-27.", "text": "CVLG - COVENANT LOGISTICS GROUP, INC. SIC 4213 Trucking (No Local); CIK 0000928658; latest 10-K filed 2026-02-27. CVLG COVENANT LOGISTICS GROUP, INC. 0000928658 4213 Trucking (No Local) ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read together with \u201cBusiness\u201d in Part I, Item 1 of this Annual Report on Form 10-K, as well as the consolidated financial statements and notes thereto in Part II, Item 8 of this Annual Report on Form 10-K. This discussion contains forward-looking statements as a result of many factors, including those set forth under Part I, Item 1A. \u201cRisk Factors\u201d and Part I \u201cCautionary Note Regarding Forward-Looking Statements\u201d of this Annual Report on Form 10-K, and elsewhere in this report. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from those discussed. EXECUTIVE OVERVIEW We are a leading provider of high-service truckload transportation and logistics services. Our strategy is to focus on value-added, less commoditized portions of our customers\u2019 supply chains and thereby become embedded in their business processes. We believe disciplined planning and execution of our strategy will continue to reduce the cyclicality and seasonality of our financial results through growth in higher margin, less volatile services, which in turn will enhance sustainable long-term earnings power and return on invested capital for our stockholders. Our four reportable segments are Expedited, Dedicated, Managed Freight, and Warehousing, each as described under \u201cReportable Segments and Service Offerings\u201d in Part I, Item 1 of this Annual Report on Form 10-K. During 2025, the Company operated in a challenging freight and logistics environment characterized by prolonged industry overcapacity, muted demand, episodic weather-related disruptions, and elevated cost pressures, including elevated insurance expense, impairment of goodwill, and additional equipment related expenses. Within our Expedited reportable segment, both total revenue and margins declined year over year primarily as a result of an approximately 4.7% reduction in average total tractors and a 3.7% increase in utilization year over year. Within our Dedicated reportable segment, total revenue increased while margins declined year over year primarily as a result of an approximately 11.5% increase in average total tractors along with a 8.0% decrease in utilization year over year. Managed Freight experienced increased revenue with the fourth quarter integration of assets acquired that are now operating as Star (the \"Star Acquisition\") helping to offset the July 2025 loss of a key customer, but heightened costs associated with securing capacity during peak season compressed margins. Warehousing operating income declined compared to 2024 primarily as the result of onboarding a significant new customer during the fourth quarter of 2025 resulting in associated startup expenses and operational inefficiencies that more than offset the incremental revenue. The table below reflects the total revenue trends in each of these reportable segments: [[GREPCENT_TABLE]] [[\"\",\"\",\"Year ended December 31,\"],[\"(in thousands)\",\"\",\"2025\",\"\",\"\",\"2024\"],[\"Revenues:\"],[\"Expedited\",\"\",\"$\",\"373,294\",\"\",\"\",\"$\",\"416,461\"],[\"Dedicated\",\"\",\"\",\"403,180\",\"\",\"\",\"\",\"364,414\"],[\"Managed Freight\",\"\",\"\",\"286,806\",\"\",\"\",\"\",\"248,939\"],[\"Warehousing\",\"\",\"\",\"100,555\",\"\",\"\",\"\",\"101,662\"],[\"Other\",\"\",\"\",\"637\",\"\",\"\",\"\",\"-\"],[\"Total revenues\",\"\",\"$\",\"1,164,472\",\"\",\"\",\"$\",\"1,131,476\"]] [[/GREPCENT_TABLE]] Our consolidated financial results are summarized as follows: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Total revenue was $1,164.5 million, compared with $1,131.5 million for 2024, and freight revenue (which excludes revenue from fuel surcharges) was $1,059.2 million, compared with $1,013.9 million for 2024;\"],[\"\",\"\\u25cf\",\"Operating income from continuing operations was $2.9 million, compared with operating income from continuing operations of $44.8 mill ITEM 1. BUSINESS GENERAL Background and Strategy We were founded in 1986 as a provider of expedited freight transportation, primarily using two-person driver teams in transcontinental lanes. Since that time, we have grown from 25 tractors to approximately 2,300 tractors and expanded our services to include a wide array of transportation and logistics services for our customers. We are strategically focused on continuing to integrate into the supply chain of our customers and reducing our seasonal and cyclical volatility. Our 2018 acquisition of Landair Holdings, Inc., Landair Transport, LLC, Landair Logistics, LLC, and Landair Leasing, Inc. (collectively, \"Landair\"), our 2022 acquisition of AAT Carriers, Inc. (\"AAT\"), and our 2023 acquisitions of Lew Thompson & Son Trucking, LLC, Lew Thompson & Son Leasing LLC, Lew Thompson & Son Dedicated Leasing, LLC, Josh Thompson Trucking, LLC (collectively \"LTST\") and Sims Transport Services LLC (\"Sims\"), and our 2025 acquisition of assets we are operating as Star Logistics Solutions (\"Star\") are examples of that commitment. Landair is a leading dedicated truckload carrier and supplier of transportation management, warehousing, and logistics inventory management systems. AAT specializes in highly regulated, time-sensitive loads for the U.S. government. LTST specializes in poultry feed and live haul transportation. Sims is a specialized brokerage company. Star provides freight brokerage services. As our fleet has grown over almost four decades and our service platform matured, several important trends dramatically affected the truckload industry and our business. First, supply chain patterns became more fluid in response to dynamic changes in labor and transportation costs, ocean freight and rail-intermodal service standards, retail distribution center networks, governmental regulations, and other industry-wide factors. Second, the cost structure of the truckload business rose dramatically, particularly equipment, driver wag ITEM 1A. RISK FACTORS Our future results may be affected by a number of factors over which we have little or no control. The following discussion of risk factors contains forward-looking statements as discussed in Item 1 above. The following issues, uncertainties, and risks, among others, should be considered in evaluating", "title": "CVLG - COVENANT LOGISTICS GROUP, INC.", "url": "/company/CVLG/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001750284; latest 10-K filed 2026-03-16.", "text": "OLMA - Olema Pharmaceuticals, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001750284; latest 10-K filed 2026-03-16. OLMA Olema Pharmaceuticals, Inc. 0001750284 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following management\u2019s discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and notes thereto included as part of this Annual Report. This discussion contains forward-looking statements that reflect our plans, estimates and beliefs and involve risks and uncertainties. Our actual results and the timing of certain events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those discussed in the section titled \u201cRisk Factors\u201d included under Part I, Item 1A and elsewhere in this Annual Report. See \u201cSpecial Note Regarding Forward-Looking Statements\u201d in this Annual Report. Overview Olema is a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of next-generation targeted therapies for breast cancer and beyond. We are advancing our pipeline of novel therapies by leveraging our deep understanding of endocrine-driven cancers, nuclear receptors, and mechanisms of acquired resistance. Our lead product candidate, palazestrant, is a novel, orally-available small molecule with dual activity as both a CERAN and SERD, currently being investigated in patients with recurrent, locally advanced or metastatic ER+/HER2- breast cancer. In pre-clinical models, palazestrant binds and completely blocks ER-driven transcriptional activity in both wild-type and mutant forms of ER+ MBC. In clinical studies across more than 400 patients, palazestrant has demonstrated strong anti-tumor activity, attractive pharmacokinetics and prolonged drug exposure, favorable tolerability, and combinability with CDK4/6 inhibitors with no significant drug-drug interaction. Based on the clinical results we have achieved to date, we are advancing palazestrant through late-stage clinical development both as a monotherapy and in combination with other targeted agents. In November 2023, we initiated OPERA-01, our pivotal Phase 3 clinical trial of palazestrant as a monotherapy in second/third-line ER+/HER2- metastatic breast cancer. We anticipate top-line results for this trial in the fall of 2026, expect to submit the NDA in 2027, and, if successful, anticipate potential FDA approval and commercial launch in late 2027. In combination, we are investigating palazestrant in multiple Phase 1/2 studies with CDK4/6 inhibitors (palbociclib or ribociclib), a phosphatidylinositol-3-kinase alpha inhibitor (alpelisib), an mTOR inhibitor (everolimus), and a CDK4 inhibitor (atirmociclib). In October 2025, at ESMO, we presented updated results from the ongoing Phase 1b/2 clinical trial of palazestrant in combination with ribociclib in patients with ER+/HER2- advanced or metastatic breast cancer. This data further support our thesis that palazestrant possesses key characteristics to make it a potential backbone endocrine therapy of preference for ER+/HER2- breast cancer, while also supporting the ongoing pivotal Phase 3 clinical trial of palazestrant in combination with ribociclib in front-line ER+/HER2- metastatic breast cancer, called OPERA-02. The execution of OPERA-02 is supported by our clinical trial collaboration and supply agreement with Novartis Pharma AG (Novartis), which was also announced in December 2024. Under the terms of the agreement, Novartis is providing Olema with ribociclib drug supply for the OPERA-02 trial, which we initiated in 2025. We anticipate top-line data in 2028 and, if successful, anticipate potential FDA approval and commercial launch in the frontline MBC setting in the United States in 2029. Our second product candidate in clinical development, called OP-3136, is a novel, orally-available small molecule that potently and selectively inhibits KAT6, an epigenetic target that is dysregulated in breast and other cancers. The IND application for Item 1. Business. Overview Olema is a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of next-generation targeted therapies for breast cancer and beyond. We are advancing our pipeline of novel therapies by leveraging our deep understanding of endocrine-driven cancers, nuclear receptors, and mechanisms of acquired resistance. Our lead product candidate, palazestrant (formerly known as OP-1250), is a novel, orally-available small molecule with dual activity as both a complete estrogen receptor (ER) antagonist (CERAN) and selective ER degrader (SERD), currently being investigated in patients with recurrent, locally advanced or metastatic ER-positive (ER+), human epidermal growth factor receptor 2-negative (HER2-), breast cancer. In pre-clinical models, palazestrant binds and completely blocks ER-driven transcriptional activity in both wild-type and mutant forms of metastatic ER+ breast cancer. In clinical studies across more than 400 patients, palazestrant has demonstrated strong anti-tumor activity, attractive pharmacokinetics and prolonged drug exposure, favorable tolerability, and combinability with cyclin-dependent kinase (CDK) 4/6 inhibitors (CDK4/6i) with no significant drug-drug interaction. Based on the clinical results we have achieved to date, we are advancing palazestrant through late-stage clinical development both as a monotherapy and in combination with other targeted agents. In November 2023, we initiated OPERA-01, our pivotal Phase 3 clinical trial of palazestrant as a monotherapy in second/third-line ER+/HER2- metastatic breast cancer. We anticipate top-line results for this trial in the fall of 2026, expect to submit the NDA in 2027, and, if successful, anticipate potential U.S. Food and Drug Administration (FDA) approval and commercial launch in late 2027. In combination, we are investigating palazestrant in multiple Phase 1/2 studies with CDK4/6 inhibitors (palbociclib or ribociclib), a phos Item 1A. Risk Factors. Risks related to our financial position and the need for additional capital We have no products approved for commercial sale, which may make it difficult for you to evaluate our current business and predict our future success and viability. We are a clinical-stage biopharmaceutical company, ", "title": "OLMA - Olema Pharmaceuticals, Inc.", "url": "/company/OLMA/" }, { "kind": "company", "summary": "SIC 2711 Newspapers: Publishing or Publishing & Printing; CIK 0000783412; latest 10-K filed 2025-12-29.", "text": "DJCO - DAILY JOURNAL CORP SIC 2711 Newspapers: Publishing or Publishing & Printing; CIK 0000783412; latest 10-K filed 2025-12-29. DJCO DAILY JOURNAL CORP 0000783412 2711 Newspapers: Publishing or Publishing & Printing Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Results of Operations The Company continues to operate as two different businesses: (1) The Traditional Business, being the business of newspaper publishing and related services that the Company had before 1999 when it purchased a software development company, and (2) Journal Technologies, Inc. (\u201cJournal Technologies\u201d), a wholly-owned subsidiary which supplies case management software systems and related products to courts, prosecutor and public defender offices, probation departments and other justice agencies, including administrative law organizations, city and county governments and bar associations. These organizations use the Journal Technologies family of products to help manage cases and information electronically, to interface with other critical justice partners and to extend electronic services to the public, including e-filing and a website to pay traffic citations and fees online. These products are licensed or subscribed to in approximately 37 states and internationally. Reportable Segments The Company\u2019s Traditional Business is one reportable segment and the other is Journal Technologies which includes Journal Technologies, Inc. and Journal Technologies (Canada) Inc. All inter-segment transactions were eliminated. Additional details about each of the reportable segments and the Company\u2019s corporate income and expenses are set forth below: [[GREPCENT_TABLE]] [[\"Overall Financial Results (in thousands)\"],[\"For the twelve months ended September 30\"],[\"\",\"\",\"Reportable Segments\"],[\"\",\"\",\"Traditional Business\",\"\",\"\",\"Journal Technologies\",\"\",\"\",\"Corporate\",\"\",\"\",\"Total\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2025\",\"\",\"\",\"2024\"],[\"Revenues\"],[\"Advertising\",\"\",\"$\",\"10,081\",\"\",\"\",\"$\",\"9,325\",\"\",\"\",\"$\",\"\\u2014\",\"\",\"\",\"$\",\"\\u2014\",\"\",\"\",\"$\",\"\\u2014\",\"\",\"\",\"$\",\"\\u2014\",\"\",\"\",\"$\",\"10,081\",\"\",\"\",\"$\",\"9,325\"],[\"Circulation\",\"\",\"\",\"4,269\",\"\",\"\",\"\",\"4,462\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"4,269\",\"\",\"\",\"\",\"4,462\"],[\"Advertising service fees and other\",\"\",\"\",\"3,412\",\"\",\"\",\"\",\"3,039\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"3,412\",\"\",\"\",\"\",\"3,039\"],[\"Licensing and maintenance fees\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"31,720\",\"\",\"\",\"\",\"28,265\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"31,720\",\"\",\"\",\"\",\"28,265\"],[\"Consulting fees\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"22,735\",\"\",\"\",\"\",\"15,086\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"22,735\",\"\",\"\",\"\",\"15,086\"],[\"Other public service fees\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"15,483\",\"\",\"\",\"\",\"9,754\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"15,483\",\"\",\"\",\"\",\"9,754\"],[\"Total operating revenues\",\"\",\"\",\"17,762\",\"\",\"\",\"\",\"16,826\",\"\",\"\",\"\",\"69,938\",\"\",\"\",\"\",\"53,105\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"87,700\",\"\",\"\",\"\",\"69,931\"],[\"Operating expenses\"],[\"Personnel\",\"\",\"\",\"10,467\",\"\",\"\",\"\",\"9,492\",\"\",\"\",\"\",\"44,032\",\"\",\"\",\"\",\"36,998\",\"\",\"\",\"\",\"2,967\",\"\",\"\",\"\",\"395\",\"\",\"\",\"\",\"57,466\",\"\",\"\",\"\",\"46,885\"],[\"Other segment items*\",\"\",\"\",\"7,460\",\"\",\"\",\"\",\"5,360\",\"\",\"\",\"\",\"13,246\",\"\",\"\",\"\",\"13,616\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"20,706\",\"\",\"\",\"\",\"18,976\"],[\"Total operating expenses\",\"\",\"\",\"17,927\",\"\",\"\",\"\",\"14,852\",\"\",\"\",\"\",\"57,278\",\"\",\"\",\"\",\"50,614\",\"\",\"\",\"\",\"2,967\",\"\",\"\",\"\",\"395\",\"\",\"\",\"\",\"78,172\",\"\",\"\",\"\",\"65,861\"],[\"Income from operations\",\"\",\"\",\"(165\",\")\",\"\",\"\",\"1,974\",\"\",\"\",\"\",\"12,660\",\"\",\"\",\"\",\"2,491\",\"\",\"\",\"\",\"(2,967\",\")\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"9,528\",\"\",\"\",\"\",\"4,070\"],[\"Dividends and interest income\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"7,459\",\"\",\"\",\"\",\"7,102\",\"\",\"\",\"\",\"7,459\",\"\",\"\",\"\",\"7,102\"],[\"Interest expense\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"(1,381\",\")\",\"\",\"\",\"(3,087\",\")\",\"\",\"\",\"(1,381\",\")\",\"\",\"\",\"(3,087\",\")\"], Item 1. Business Daily Journal Corporation (\u201cDaily Journal\u201d or \u201cthe Company\u201d) publishes newspapers and websites covering California and Arizona news and produces several specialized information publications. It also serves as a newspaper representative specializing in public notice advertising. This is sometimes referred to as the Company\u2019s \u201cTraditional Business\u201d. Journal Technologies, Inc. (\u201cJournal Technologies\u201d), a wholly-owned subsidiary of the Company, supplies case management software systems and related products to courts, prosecutor and public defender offices, probation departments and other justice agencies, including administrative law organizations, city and county governments and bar associations. These organizations use the Journal Technologies family of products to help manage cases and information electronically, to interface with other critical justice partners and to extend electronic services to the public, including e-filing and a website to pay traffic citations and fees online. These products are licensed or subscribed to in approximately 37 states, and internationally. Essentially all of the Company\u2019s U.S. operations are based in California and Utah. The Company also has a presence in Australia where Journal Technologies is working on four software installation projects and in British Columbia, Canada, where the Company has operated a wholly-owned subsidiary, Journal Technologies (Canada), Inc. since August 2022. Financial information of the Company, including information about each of the Company\u2019s reportable segments, is set forth in Item 8 (\u201cFinancial Statements and Supplementary Data\u201d). Products and Services Traditional Business Newspapers and related online publications. The Company publishes 10 newspapers of general circulation. Each newspaper, in addition to news of interest to the general public, has a particular area of in-depth focus for its news coverage, attracting readers interested in obtaining specific information through Item 1A. Risk Factors The foregoing business discussion and the other information included in this Form 10-K should be read in conjunction with the following risks, trends and uncertainties, any of which, either individually or in the aggregate, could materially and adversely affect our busin", "title": "DJCO - DAILY JOURNAL CORP", "url": "/company/DJCO/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001464521; latest 10-K filed 2026-03-18.", "text": "HTFL - Heartflow, Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001464521; latest 10-K filed 2026-03-18. HTFL Heartflow, Inc. 0001464521 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report. This discussion and analysis and other parts of this Annual Report contain forward-looking statements based upon our current plans and expectations that involve risks, uncertainties and assumptions, such as statements regarding our plans, objectives, expectations, intentions and beliefs. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under the section titled \u201cRisk Factors\u201d and elsewhere in this Annual Report. You should carefully read the section titled \u201cRisk Factors\u201d to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Our historical results are not necessarily indicative of the results that may be expected for any period in the future. This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d for the year ended December 31, 2024 included in our registration statement on Form S-1 (File No. 333-288733), which became effective on August 7, 2025. Overview We provide software and artificial intelligence (\u201cAI\u201d) designed to deliver a more accurate and clinically effective non-invasive solution for diagnosing and managing coronary artery disease (\u201cCAD\u201d), a leading cause of death worldwide. As of December 31, 2025, our Heartflow Platform has been used to assess CAD in more than 600,000 patients, including 219,000 in 2025 alone. We believe that we are the most widely adopted AI-powered test for CAD. Our novel platform leverages AI and advanced computational fluid dynamics to create a personalized 3D model of a patient\u2019s heart from a single coronary computed tomography angiography (\u201cCCTA\u201d), a specialized type of scan that provides detailed images of the heart\u2019s arteries. Our Heartflow Platform delivers actionable insights on blood flow, stenosis, plaque volume and plaque composition thereby overcoming the limitations of traditional non-invasive imaging tests which rely on indirect measures of coronary disease and lead to higher false negative and false positive rates as demonstrated by our PRECISE trial. We believe the differentiated accuracy and clinical utility of our Heartflow Platform, along with its ability to enhance workflows, will continue to support our growth and advance the \u201cCCTA + Heartflow\u201d pathway as the definitive standard for the non-invasive diagnosis and management of CAD. To date, we have developed three software products (with a fourth product expected to launch in the second quarter of 2026) under the Heartflow Platform that provide physicians with the critical insights needed to effectively diagnose and manage CAD: \u2022Heartflow RoadMap Analysis offers a highly intuitive anatomic visualization of the coronary arteries, helping physicians quickly identify clinically relevant areas to focus their review. We provide Heartflow RoadMap Analysis to accounts as an integrated feature to enhance the efficiency of their CCTA program, and it is not a stand-alone product. \u2022Heartflow FFRCT Analysis calculates blood flow and pinpoints clinically significant CAD, which is CAD with a fractional flow reserve (\u201cFFR\u201d) value of 0.80 or below, at every point i Item 1. Business Overview We provide software and artificial intelligence (\u201cAI\u201d) designed to deliver a more accurate and clinically effective non-invasive solution for diagnosing and managing coronary artery disease (\u201cCAD\u201d), a leading cause of death worldwide. As of December 31, 2025, our Heartflow Platform has been used to assess CAD in more than 600,000 patients, including 219,000 in 2025 alone. We believe that we are the most widely adopted AI-powered test for CAD. Our novel platform leverages AI and advanced computational fluid dynamics to create a personalized 3D model of a patient\u2019s heart from a single coronary computed tomography angiography (\u201cCCTA\u201d), a specialized type of scan that provides detailed images of the heart\u2019s arteries. Our Heartflow Platform delivers actionable insights on blood flow, stenosis, plaque volume and plaque composition thereby overcoming the limitations of traditional non-invasive imaging tests which rely on indirect measures of coronary disease and lead to higher false negative and false positive rates, as demonstrated by our PRECISE trial. We believe the differentiated accuracy and clinical utility of our Heartflow Platform, along with its ability to enhance workflows, will continue to support our growth and advance the \u201cCCTA + Heartflow\u201d pathway as the definitive standard for the non-invasive diagnosis and management of CAD. Cardiovascular disease is the leading cause of death worldwide, with CAD being the most lethal form. CAD occurs when plaque\u2014a buildup of cholesterol, fat, calcium and other substances\u2014accumulates on the walls of the coronary arteries, restricting blood flow and increasing the risk of heart attack or stroke. This condition is responsible for half of all cardiovascular-related deaths globally. In the United States alone, the Centers for Disease Control (\u201cCDC\u201d) estimates that approximately 805,000 people suffer a heart attack each year. Despite significant advancements in therapeutic and interventional treatmen Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, as well as the other information in this Annual Report, including our consolidated financial statements and the related notes and \u201cManagement\u2019s Dis", "title": "HTFL - Heartflow, Inc.", "url": "/company/HTFL/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000726601; latest 10-K filed 2026-02-27.", "text": "CCBG - CAPITAL CITY BANK GROUP INC SIC 6022 State Commercial Banks; CIK 0000726601; latest 10-K filed 2026-02-27. CCBG CAPITAL CITY BANK GROUP INC 0000726601 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s discussion and analysis (\u201cMD&A\u201d) provides supplemental information, which sets forth the major factors that have affected our financial condition and results of operations and should be read in conjunction with the Consolidated Financial Statements and related notes included in the Annual Report on Form 10-K. The MD&A is divided into subsections entitled \u201cBusiness Overview,\u201d \u201cExecutive Overview,\u201d \u201cResults of Operations,\u201d \u201cFinancial Condition,\u201d \u201cLiquidity and Capital Resources,\u201d \u201cOff-Balance Sheet Arrangements,\u201d and \u201cAccounting Policies.\u201d The following information should provide a better understanding of the major factors and trends that affect our earnings performance and financial condition, and how our performance during 2025 compares with prior years. Throughout this section, Capital City Bank Group, Inc., and its subsidiaries, collectively, are referred to as \u201cCCBG,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour.\u201d CAUTION CONCERNING FORWARD -LOOKING STATEMENTS This Annual Report on Form 10-K, including this MD&A section, contains \u201cforward -looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements about our beliefs, plans, objectives, goals, expectations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. The words \u201cmay,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201cbelieve,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201ctarget,\u201d \u201cvision,\u201d \u201cgoal,\u201d and similar expressions are intended to identify forward-looking statements. All forward-looking statements, by their nature, are subject to risks and uncertainties. Our actual future results may differ materially from those set forth in our forward-looking statements. Please see the Introductory Note and Business About Us General Capital City Bank Group, Inc. (\u201cCCBG\u201d) is a financial holding company headquartered in Tallahassee, Florida. CCBG was incorporated under Florida law on December 13, 1982, to acquire five national banks and one state bank that all subsequently became part of CCBG\u2019s bank subsidiary, Capital City Bank (\u201cCCB\u201d or the \u201cBank\u201d). The Bank commenced operations in 1895. In this report, the terms \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d mean CCBG and all subsidiaries included in our consolidated financial statements. CCBG is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4. 4 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and financial advisory services, including the sale of life insurance, risk management and asset protection services. The Bank has 62 banking offices and 108 ATMs/ITMs in Florida, Georgia, and Alabama. Through Capital City Home Loans, LLC (\u201cCCHL\u201d), we have 28 additional offices in the Southeast for our mortgage banking business. The majority of the revenue, approximately 81%, is derived from our Florida market areas while approximately 17% and 2% of the revenue is derived from our Georgia and other market areas, respectively. Below is a summary of our financial condition and results of operations for the past three fiscal years, which we believe is a sufficient period for understanding our general business development. Our financial condition and results of operations are more fully discussed in our Management\u2019s Discussion and Analysis on page 45 and our consolidated financial statements on page 70. Dollars in millions Year Ended December 31, Assets Deposits Shareowners\u2019 Equity Revenue (1) Net Income 2025 $4,385.8 $3,662.3 $552.9 $286", "title": "CCBG - CAPITAL CITY BANK GROUP INC", "url": "/company/CCBG/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000737468; latest 10-K filed 2026-02-24.", "text": "WASH - WASHINGTON TRUST BANCORP INC SIC 6022 State Commercial Banks; CIK 0000737468; latest 10-K filed 2026-02-24. WASH WASHINGTON TRUST BANCORP INC 0000737468 6022 State Commercial Banks ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following analysis is intended to provide the reader with a further understanding of the consolidated financial condition and results of operations of the Corporation for the periods shown. For a full understanding of this analysis, it should be read in conjunction with other sections of this Annual Report on Form 10-K, including Part I, Item 1 \u201cBusiness\u201d and Part II, Item 8 \u201cFinancial Statements and Supplementary Data.\u201d Information pertaining to 2023 was included in the Corporation\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, starting on page 31 under Part II, Item 7 \u201cManagement\u2019s Discussion and Analysis of Results of Operations and Financial Condition,\u201d which was filed with the SEC on February 25, 2025. Non-GAAP Financial Measures and Reconciliation to GAAP In addition to evaluating the Corporation\u2019s results of operations in accordance with GAAP, management supplements this evaluation with an analysis of certain non-GAAP financial measures, such as adjusted noninterest income, adjusted income before income taxes, adjusted income tax expense, adjusted effective tax rate, adjusted net income, adjusted net income available to common shareholders, adjusted diluted earnings per common share, adjusted dividend payout ratio, adjusted return on average assets and adjusted return on average equity. We believe these non-GAAP financial measures are utilized by regulators and market analysts to evaluate the Corporation\u2019s results of operations and financial condition, and therefore such information is useful to investors. In addition, these non-GAAP financial measures remove the impact of infrequent items that may obscure trends in the Corporation\u2019s underlying performance. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures, which may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. Each presentation below reconciles the \u201cas reported\u201d GAAP measure to the adjusted non-GAAP measure. -31- Management's Discussion and Analysis The following table presents adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense, adjusted effective tax rate, adjusted net income, and adjusted net income available to common shareholders: [[GREPCENT_TABLE]] [[\"(Dollars in thousands, except per share amounts)\"],[\"Years Ended December 31,\",\"2025\",\"2024\"],[\"Adjusted Noninterest Income:\"],[\"Noninterest income (loss), as reported\",\"$75,860\",\"\",\"($27,797)\"],[\"Less adjustments:\"],[\"Realized losses on securities, net\",\"\\u2014\",\"\",\"(31,047)\"],[\"Losses on sale of portfolio loans, net\",\"\\u2014\",\"\",\"(62,888)\"],[\"Gain on sale of bank-owned properties, net\",\"6,994\",\"\",\"988\"],[\"Litigation settlement income\",\"\\u2014\",\"\",\"2,100\"],[\"Total adjustments, pre-tax\",\"6,994\",\"\",\"(90,847)\"],[\"Adjusted noninterest income (non-GAAP)\",\"$68,866\",\"\",\"$63,050\"],[\"Adjusted Noninterest Expense:\"],[\"Noninterest expense, as reported\",\"$152,435\",\"\",\"$137,069\"],[\"Less adjustments:\"],[\"Pension plan settlement charge\",\"6,436\",\"\",\"\\u2014\"],[\"Total adjustments, pre-tax\",\"6,436\",\"\",\"\\u2014\"],[\"Adjusted noninterest expense (non-GAAP)\",\"$145,999\",\"\",\"$137,069\"],[\"Adjusted Income Before Income Taxes:\"],[\"Income (loss) before income taxes, as reported\",\"$67,413\",\"\",\"($38,818)\"],[\"Less: total adjustments, pre-tax\",\"558\",\"\",\"(90,847)\"],[\"Adjusted income before income taxes (non-GAAP)\",\"$66,855\",\"\",\"$52,029\"],[\"Adjusted Income Tax Expense:\"],[\"Income tax expense (benefit), as reported\",\"$15,169\",\"\",\"($10,759)\"],[\"Less: tax on total adjustments\",\"141\",\"\",\"(21,920)\"],[\"Adjusted income tax expense (non- ITEM 1. Business. Washington Trust Bancorp, Inc. The Bancorp, a publicly-owned registered bank holding company that has elected to be a financial holding company, was organized in 1984 under the laws of the state of Rhode Island. The Bancorp\u2019s common stock trades on the Nasdaq under the symbol WASH. The Bancorp owns all of the outstanding common stock of the Bank, a Rhode Island chartered financial institution founded in 1800. The Bancorp was formed in 1984 under a plan of reorganization in which outstanding common shares of the Bank were exchanged for common shares of the Bancorp. See additional information under the caption \u201cSubsidiaries.\u201d Washington Trust (hereafter also referred to as \u201cwe,\u201d \u201cour,\u201d or the \u201cCorporation\u201d) offers a full range of financial services, including commercial banking, mortgage banking, personal banking, and wealth management and trust services, through its offices located in Rhode Island, Connecticut, and Massachusetts. The accounting and reporting policies of Washington Trust conform to GAAP and to general practices of the banking industry. At December 31, 2025, Washington Trust had total assets of $6.6 billion, total deposits of $5.3 billion and total shareholders\u2019 equity of $543.6 million. Lending Activities Total loans amounted to $5.1 billion, or 78% of total assets, at December 31, 2025. Our lending activities are conducted primarily in southern New England and, to a lesser extent, other states. We offer a variety of lending products to consumer, commercial, non-profit and municipal customers. Interest rates charged on loans may be fixed or variable and vary with the degree of risk, loan term, underwriting and servicing costs, loan amount and the extent of other banking relationships maintained with customers. Rates are further subject to competitive pressures, the current interest rate environment, availability of funds and government regulations. Management evaluates the appropriateness of underwriting standards in res ITEM 1A. Risk Factors. Before making any investment decision with respect to our common stock, you should carefully consider the risks described below, in addition to the other information contained in this report and in our other filings with the SEC. The risks and uncertainties described below and in our other filings are not the o", "title": "WASH - WASHINGTON TRUST BANCORP INC", "url": "/company/WASH/" }, { "kind": "company", "summary": "SIC 4911 Electric Services; CIK 0000788965; latest 10-K filed 2026-03-12.", "text": "HNRG - HALLADOR ENERGY CO SIC 4911 Electric Services; CIK 0000788965; latest 10-K filed 2026-03-12. HNRG HALLADOR ENERGY CO 0000788965 4911 Electric Services ITEM 1. BUSINESS. Hallador Energy Company (\u201cHallador\u201d or the \u201cCompany\u201d) is a vertically integrated, independent power producer (\u201cIPP\u201d) and fuel company with operations primarily in Indiana. The Company operates across multiple stages of the energy value chain, from accredited capacity and energy to coal. The Company\u2019s electric operations are located within the Midcontinent Independent System Operator\u2019s (\"MISO\") footprint. Our operations comprise Hallador Power Company, LLC (\u201cHallador Power\u201d) that provides accredited capacity and energy to utilities and other energy market participants through its MISO interconnection, and Sunrise Coal, LLC (\u201cSunrise\u201d) that mines bituminous coal in Indiana to serve various power plants in the Midwest and Southeast United States. Our business is organized based on the services and products we provide in two segments: (i) Electric Operations and (ii) Coal Operations. The Company also holds 50% interests in Sunrise Energy, LLC and Oaktown Gas, LLC, which are accounted for using the equity method. Through its operating subsidiaries, the Company delivers three main products to its customers, as described below. Accredited Capacity. Hallador Power, the Company\u2019s wholly-owned electric subsidiary, owns and operates the Merom Power Plant (\u201cMerom\u201d), a 1,080 MW coal-fired power generating station, consisting of two steam turbine generators. Unit 1 entered commercial operations in 1982 and Unit 2 in 1983. The units are dispatched through its MISO interconnection. In order to purchase energy through the MISO interconnection, an end user must supply or purchase accredited capacity for an equivalent load. As accredited capacity is primarily available in meaningful quantities from dispatchable sources of energy, such as natural gas and coal-fired power plants, Hallador Power sells accredited capacity to utilities and other energy market participants within the MISO system mainly through power purchase agreements (\u201cPPAs\u201d) and other bilateral trans ITEM 1A. RISK FACTORS Risks Related to our Business Global economic conditions or economic conditions in any of the industries in which our customers operate as well as sustained uncertainty in financial markets could have material adverse impacts on our business and financial condition that we currently cannot predict. Weakness in global economic conditions or economic conditions in any of the industries we serve or in the financial markets could materially adversely affect our business and financial condition. For example: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"the demand for electricity in the U.S. and globally may decline if economic conditions deteriorate, which may negatively impact the revenues, margins, and profitability of our business;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"any inability of our customers to raise capital could adversely affect their ability to honor their obligations to us; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"our future ability to access the capital markets may be restricted as a result of future economic conditions, which could materially impact our ability to grow our business, including our planned addition of natural gas-fired generation to Merom and development of our coal reserves.\"]] [[/GREPCENT_TABLE]] The stability and profitability of our operations could be adversely affected if our customers do not honor existing contracts or do not extend existing contracts or enter into new long-term contracts for accredited capacity, electric power or coal. In 2025, a significant portion of our electric power, accredited capacity and coal sales were under contracts having a term greater than one year, which we refer to as long-term contracts. These contracts have historically provided a relatively secure market for the amount of production committed under the terms of the contracts. From time to time, industry conditions could make it more difficult for us to enter into long-term contracts with o", "title": "HNRG - HALLADOR ENERGY CO", "url": "/company/HNRG/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000879635; latest 10-K filed 2026-03-12.", "text": "MPB - MID PENN BANCORP INC SIC 6022 State Commercial Banks; CIK 0000879635; latest 10-K filed 2026-03-12. MPB MID PENN BANCORP INC 0000879635 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS Certain of the matters discussed in this document or in documents incorporated by reference herein, including matters discussed under the caption \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d may constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, or Securities Act, and Section 21E of the Securities Exchange Act of 1934, or Exchange Act. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, and expected operating results, including after giving effect to the Merger, and the assumptions upon which those statements are based. Forward looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as \u201cmay,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cbelieve,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cplan,\u201d or words or phrases of similar meaning. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. The following factors, among others, could cause our financial performance to differ materially from that expressed in such forward-looking statements: \u2022Mid Penn\u2019s ability to efficiently integrate acquisitions, including the Merger, into its business and operations, which may take longer than anticipated, may be more costly than anticipated and may have unanticipated adverse results relating to Mid Penn\u2019s existing business and operations; \u2022the possibility that the anticipated benefits of the Merger, including anticipated cost savings and other synergies of the Merger may take longer to be realized or may not be achieved in their entirety, and attrition in key client, partner and other relationships relating to the Merger may be greater than expected; \u2022the effects of future economic conditions on Mid Penn, the Bank, our nonbank subsidiaries, and our markets and customers; \u2022governmental monetary and fiscal policies, as well as legislative and regulatory changes; \u2022future actions or inactions of the United States government, including a failure to increase the government debt limit or a prolonged shutdown of the federal government; \u2022business or economic disruption from national or global epidemic or pandemic events; \u2022the risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, the value of investment securities, and interest rate protection agreements; \u2022the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet; \u2022an increase in the Pennsylvania Bank Shares Tax to which the Bank\u2019s capital stock is currently subject, or imposition of any additional taxes on the capital stock of Mid Penn or the Bank; \u2022impacts of the capital and liquidity requirements imposed by bank regulatory agencies; \u2022the effect of chan ITEM 1. BUSINESS The disclosures set forth in this Item are qualified by the section captioned \"Special Cautionary Notice Regarding Forward-Looking Statements\" contained in Part II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, and other cautionary statements set forth elsewhere in this report. Mid Penn Bancorp, Inc. Mid Penn Bancorp, Inc. is a financial holding company incorporated in August 1991 in the Commonwealth of Pennsylvania. Mid Penn Bancorp, Inc. and its wholly owned bank and nonbank subsidiaries are collectively referred to herein as \"Mid Penn\" or the \"Corporation.\" On December 31, 1991, Mid Penn acquired, as part of the holding company formation, all of the outstanding common stock of Mid Penn Bank, and the Bank became a wholly-owned subsidiary of Mid Penn. In addition to Mid Penn Bank, Mid Penn maintains six wholly-owned nonbank subsidiaries: MPB Financial Services, LLC, that serves as the mid-tier holding company for MPB Risk Services, LLC, a licensed insurance producer, MPB Acquisition Sub I, LLC, which was formed in connection with the acquisition of Cumberland Advisors, LLC. See \"Subsequent Events\" for additional information; MPB Wealth Management, LLC, which ceased operating during the first quarter of 2024; MPB Launchpad Fund I, LLC, which was formed to hold certain financial holding company eligible investments; and MPB Realty Holding, LLC, which was formed for purposes of holding certain assets acquired for debts previously contracted. As of December 31, 2025, the accounts and activities of these nonbank subsidiaries were not material to warrant separate disclosure or segment reporting. Mid Penn\u2019s primary business is to supervise and coordinate the business of the Bank and its nonbank subsidiaries, and to provide them with the capital and resources to fulfill their respective missions. Mid Penn\u2019s consolidated financial condition and results of operations consist almost entirely of that of the ITEM 1A. RISK FACTORS Before investing in Mid Penn common stock, an investor should carefully read and consider the risk factors described below, which are not intended to be all inclusive, and to review other information contained in this report and in our other filings with the SEC. We are subject to a number of risks potentially impacting our", "title": "MPB - MID PENN BANCORP INC", "url": "/company/MPB/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001038773; latest 10-K filed 2026-03-16.", "text": "SMBK - SMARTFINANCIAL INC. SIC 6021 National Commercial Banks; CIK 0001038773; latest 10-K filed 2026-03-16. SMBK SMARTFINANCIAL INC. 0001038773 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Selected Financial Data Set forth below is certain selected financial data related to the Company\u2019s operations for 2025, 2024 and 2023: (dollars in thousands, except per share data) [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"2025\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"2024\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"2023\",\"\\u200b\"],[\"Balance Sheet:\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Total assets\",\"\\u200b\",\"$\",\"5,860,810\",\"\\u200b\",\"\\u200b\",\"$\",\"5,275,904\",\"\\u200b\",\"\\u200b\",\"$\",\"4,829,387\",\"\\u200b\"],[\"Loans and leases\",\"\\u200b\",\"\\u200b\",\"4,363,582\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"3,906,340\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"3,444,462\",\"\\u200b\"],[\"Allowance for credit losses\",\"\\u200b\",\"\\u200b\",\"(40,906)\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"(37,423)\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"(35,066)\",\"\\u200b\"],[\"Total securities\",\"\\u200b\",\"\\u200b\",\"662,003\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"608,987\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"689,646\",\"\\u200b\"],[\"Goodwill and other intangibles, net\",\"\\u200b\",\"\\u200b\",\"95,328\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"104,723\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"107,148\",\"\\u200b\"],[\"Total deposits\",\"\\u200b\",\"\\u200b\",\"5,152,789\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"4,686,483\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"4,267,854\",\"\\u200b\"],[\"Borrowings\",\"\\u200b\",\"\\u200b\",\"3,009\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"8,135\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"13,078\",\"\\u200b\"],[\"Subordinated debt\",\"\\u200b\",\"\\u200b\",\"98,662\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"39,684\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"42,099\",\"\\u200b\"],[\"Shareholders' equity\",\"\\u200b\",\"\\u200b\",\"552,492\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"491,461\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"459,886\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Income Statement:\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Interest income\",\"\\u200b\",\"$\",\"285,972\",\"\\u200b\",\"\\u200b\",\"$\",\"251,119\",\"\\u200b\",\"\\u200b\",\"$\",\"218,043\",\"\\u200b\"],[\"Interest expense\",\"\\u200b\",\"\\u200b\",\"119,868\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"113,769\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"87,963\",\"\\u200b\"],[\"Net interest income\",\"\\u200b\",\"\\u200b\",\"166,104\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"137,350\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"130,080\",\"\\u200b\"],[\"Provision for loan and lease losses\",\"\\u200b\",\"\\u200b\",\"7,750\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"5,153\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"3,029\",\"\\u200b\"],[\"Net interest income after provision for loan and lease losses\",\"\\u200b\",\"\\u200b\",\"158,354\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"132,197\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"127,051\",\"\\u200b\"],[\"Noninterest income\",\"\\u200b\",\"\\u200b\",\"34,352\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"34,152\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"22,325\",\"\\u200b\"],[\"Noninterest expense\",\"\\u200b\",\"\\u200b\",\"131,205\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"120,890\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"113,150\",\"\\u200b\"],[\"Income before income taxes\",\"\\u200b\",\"\\u200b\",\"61,501\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"45,459\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"36,226\",\"\\u200b\"],[\"Income tax expense\",\"\\u200b\",\"\\u200b\",\"11,154\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"9,318\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"7,633\",\"\\u200b\"],[\"Net income\",\"\\u200b\",\"$\",\"50,347\",\"\\u200b\",\"\\u200b\",\"$\",\"36,141\",\"\\u200b\",\"\\u200b\",\"$\",\"28,593\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Per Share Data:\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Earnings per common share - basic\",\"\\u200b\",\"$\",\"3.00\",\"\\u200b\",\"\\u200b\",\"$\",\"2.16\",\"\\u200b\",\"\\u200b\",\"$\",\"1.70\",\"\\u200b\"],[\"Weighted average common shares outstanding - basic\",\"\\u200b\",\"\\u200b\",\"16,779,019\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"16,768,956\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"16,805,068\",\"\\ ITEM 1. BUSINESS OVERVIEW SmartFinancial, Inc. (\u201cSmartFinancial\u201d or the \u201cCompany\u201d) was incorporated on September 19, 1983, under the laws of the State of Tennessee. SmartFinancial is a bank holding company registered under the Bank Holding Company Act of 1956, as amended. In this Report on Form 10-K, the words \u201cSmartFinancial,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to SmartFinancial, Inc. together with SmartBank and SmartBank\u2019s wholly-owned subsidiaries, except where the context requires otherwise. \u200b The Company makes our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act available free of charge on our website at www.smartbank.com as soon as reasonably practicable after we electronically file such material with the SEC. These reports are also available without charge on the SEC\u2019s website at www.sec.gov. The primary activity of SmartFinancial is the ownership and operation of SmartBank (the \u201cBank\u201d). As a bank holding company, SmartFinancial intends to facilitate SmartBank\u2019s ability to provide financial services to its customers. The holding company structure also provides flexibility for expansion through the possible acquisition of other financial institutions and the provision of additional banking-related services, as well as certain non-banking services, which a traditional commercial bank may not provide under present laws. SmartBank SmartBank is a Tennessee-chartered commercial bank established in 2007 with its principal office in Pigeon Forge, Tennessee. The principal business of the Bank consists of attracting deposits from the general public and investing those funds, together with funds generated from operations and from principal and interest payments on loans, primarily in commercial loans, commercial and residential real estate loans, leases, consumer loans and residential and commercial construct ITEM 1A. RISK FACTORS Investing in our common stock involves various risks which are particular to SmartFinancial, its industry, and its market area. Several risk factors regarding investing in our securities are discussed below. This listing should not be considered as all-inclusive. If any of the following risks were to occur, we m", "title": "SMBK - SMARTFINANCIAL INC.", "url": "/company/SMBK/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001866633; latest 10-K filed 2026-02-13.", "text": "CCSI - Consensus Cloud Solutions, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001866633; latest 10-K filed 2026-02-13. CCSI Consensus Cloud Solutions, Inc. 0001866633 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations In addition to historical information, the following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements. These forward-looking statements involve risks, uncertainties and assumptions. The actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those discussed in Part I, Item 1A - \u201cRisk Factors\u201d in this Annual Report on Form 10-K. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management\u2019s opinions only as of the date hereof. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Readers should carefully review the Risk Factors and the risk factors set forth in other documents we file from time to time with the SEC. Overview Consensus is a leading provider of secure information delivery services. With our most prominent brand eFax\u00ae established over twenty-five years ago, Consensus has now evolved the service platform from pure cloud Fax to efficient and secure information exchange featuring solutions for data extraction, comprehension and transformation, facilitating interoperability and process improvement. Consensus is committed to security and compliance in data exchange, and our scalable Software-as-a-Service (\u201cSaaS\u201d) platform is particularly attractive to regulated industries like healthcare and healthcare technology, public sector, financial services, law, and education. We offer local phone numbers in 46 countries and/or territories, servicing approximately 703 thousand customers ranging from small businesses to large enterprises and the federal government. Each customer cohort has unique needs and engagement preferences, and our go-to-market and customer service offerings are adapted across this continuum to serve each appropriately. Our top 10 customers represent approximately $32.7 million or 9% of total revenues. Over the past decade, Consensus has increasingly focused on larger commercial customers (\u201cCorporate\u201d) and public sector customers. This shift occurred as enterprise data communication moved toward digitization and cloud-based solutions. Sales to these customers are made through e-commerce and direct interaction with a salesperson, and often involve specific pricing, multiple line subscriptions, API connections, and/or commercial grade security. Sales channels include e-commerce, direct sales and sales through or referred by channel and strategic partners. -35- Key Performance Metrics We use the following metrics to generally assess the operational and financial performance of our business, including the growth of our business, the value provided by customers to our business and our customer retention that provide insights that contribute to certain of our business planning decisions. We believe these financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. The following table sets forth certain key performance metrics for our operations for the years ended December 31, 2025, 2024 and 2023 (in thousands, except for percentages and Average Revenue per Customer Account): [[GREPCENT_TABLE]] [[\"\",\"Years Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Revenue\"],[\"Corporate\",\"$\",\"222,682\",\"\",\"$\",\"209,112\",\"\",\"$\",\"199,621\"],[\"SoHo\",\"127,002\",\"\",\"141,258\",\"\",\"162,916\"],[\"Total\",\"349,684\",\"\",\"350,370\",\"\",\"362,537\"],[\"Other revenues\",\"12\",\"\",\"12\",\"\",\"25\"],[\"Consolidated\",\"$\",\"349,696\",\"\",\"$\",\"350,382\",\"\",\"$\",\"362,562\"],[\"Average Revenue per C Item 1. Business Overview Consensus Cloud Solutions, Inc., together with its subsidiaries (\u201cConsensus Cloud Solutions\u201d, \u201cConsensus\u201d, the \u201cCompany\u201d, \u201cour\u201d, \u201cus\u201d or \u201cwe\u201d), is a provider of secure information delivery services. With our most prominent brand eFax\u00ae established over twenty-five years ago, Consensus has now evolved the service platform from pure cloud Fax to efficient and secure information exchange featuring solutions for data extraction, comprehension and transformation, facilitating interoperability and process improvement. Consensus is committed to security and compliance in data exchange, and our scalable Software-as-a-Service (\u201cSaaS\u201d) platform is particularly attractive to regulated industries like healthcare and healthcare technology, public sector, financial services, law, and education. We offer local phone numbers in 46 countries and/or territories, servicing approximately 703 thousand customers ranging from small businesses to large enterprises and the federal government. Each customer cohort has unique needs and engagement preferences, and our go-to-market and customer service offerings are adapted across this continuum to serve each appropriately. Our top 10 customers represent approximately $33 million or 9% of total revenues. Over the past decade, Consensus has increasingly focused on larger commercial customers (\u201cCorporate\u201d) and public sector customers. This shift occurred as enterprise data communication moved toward digitization and cloud-based solutions. Sales to these customers are made through e-commerce and direct interaction with a salesperson, and often involve specific pricing, multiple line subscriptions, API connections, and/or commercial grade security. Sales channels include e-commerce, direct sales and sales through or referred by channel and strategic partners. Our Corporate business has grown from $170 million of revenue in 2021 to approximately $223 million of revenue in 2025, representing a 7% compound annual growth Item 1A. Risk Factors Before deciding to invest in Consensus or to maintain or increase your investment, you should carefully consider the risks described below in addition to the other cautionary statements and risks described elsewhere in this Annual Report on Form 10-K and our other filings with the SE", "title": "CCSI - Consensus Cloud Solutions, Inc.", "url": "/company/CCSI/" }, { "kind": "company", "summary": "SIC 7000 Hotels, Rooming Houses, Camps & Other Lodging Places; CIK 0001712189; latest 10-K filed 2026-03-11.", "text": "TH - Target Hospitality Corp. SIC 7000 Hotels, Rooming Houses, Camps & Other Lodging Places; CIK 0001712189; latest 10-K filed 2026-03-11. TH Target Hospitality Corp. 0001712189 7000 Hotels, Rooming Houses, Camps & Other Lodging Places Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) summarizes the significant factors affecting the consolidated operating results, financial condition, liquidity and capital resources of Target Hospitality Corp. and is intended to help the reader understand Target Hospitality Corp., our operations and our present business environment. This discussion should be read in conjunction with the Company\u2019s audited consolidated financial statements and notes to those statements included in Part II, Item 8 within this Annual Report on Form 10-K. References to \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d, \u201cTarget Hospitality,\u201d or \u201cthe Company\u201d refer to Target Hospitality Corp. and its consolidated subsidiaries. Executive Summary Target Hospitality Corp. is one of North America\u2019s largest providers of vertically integrated specialty rental and value-added hospitality services including: catering and food services, maintenance, housekeeping, grounds-keeping, security, health and recreation facilities, community design and construction, overall workforce community management, concierge services and laundry service. As of December 31, 2025, our network included 29 communities to better serve our customers across the US and Canada. We also operate 2 communities not owned or leased by the Company. \u200b Economic Update In February 2025, the Company entered into the Workforce Housing Contract to provide construction of workforce housing, facility services, and hospitality solutions to Lithium Nevada in support of Lithium Nevada\u2019s development of Thacker Pass (the \u201cThacker Pass Project\u201d) and a North American critical minerals supply chain. The workforce housing community, located in Winnemucca, Nevada (\u201cWorkforce Hub\u201d) is located near Thacker Pass, which contains one of the largest known measured lithium resources. The Thacker Pass Project is expected to play a significant role in the domestic production of lithium batteries. At the time of entering into the Workforce Housing Contract, Lithium Nevada had commenced site preparation, and the Company began construction of the Workforce Hub. As of December 31, 2025, construction of the Workforce Hub was substantially complete. When fully operational, the Workforce Hub will be capable of supporting a population of approximately 2,000 individuals. The assets associated with the Workforce Hub that support this capacity are not owned by the Company. The Workforce Housing Contract has an initial term through 2027 with first occupancy that began in September 2025. In addition to constructing the Workforce Hub, the Company is providing turnkey operational support for the Workforce Hub, including culinary services, facilities management, and other support services. The Workforce Housing Contract, which consists of construction and services revenue, is expected to generate approximately $175.2 million of revenue over its initial term, with approximately $111.1 million of committed minimum revenue. Revenue recognized during 2025 on the Workforce Housing Contract is largely comprised of construction fee income recognized using the percentage of completion method with progress towards completion measured using the cost-to-cost method as the basis to recognize revenue. This contract activity is reported within the newly formed WHS segment. In February 2025, the Company received notice that the U.S. government terminated the PCC Contract with the Company\u2019s NP Partner, effective immediately on February 21, 2025 (\u201cPCC Termination Effective Date\u201d), and the NP Partner provided notice to the Company of their intention to terminate the PCC Contract as of the PCC Termination Effective Date. The Company provided facility and hospitality solutions to the NP Partner under the PCC Contract utilizing the Company\u2019s owned modular assets and real property, capable of supporting up to 6,000 indiv Item 1. Business Unless the context otherwise requires, references to \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, \u201cthe Company\u201d, or \u201cTarget Hospitality\u201d refer to Target Hospitality Corp. and its consolidated subsidiaries. Overview \u200b Our company, Target Hospitality, is one of the largest vertically integrated specialty rental and hospitality services companies in North America. We have an extensive network of geographically relocatable specialty rental accommodation units with 16,991 beds across 29 communities. A large portion of our specialty rental asset base is comprised of modular unit assets that are generally interchangeable across segments and geographies. We also operate 2 communities not owned or leased by the Company. A portion of our revenues is currently generated under contracts that include minimum revenue commitments, and nearly all of our revenues are earned through fully executed customer contracts. We expect to continue to enter into additional contracts that include minimum revenue commitments, and we expect these arrangements to comprise a larger share of our revenues going forward. We believe our customers enter into contracts with us because of our differentiated scale and vertically integrated solutions, including the ability to deliver premier accommodations and in-house culinary and hospitality services across many key geographies in which they operate. For the year ended December 31, 2025, we generated revenues of approximately $321 million. Approximately 58.5% of our revenue was earned from specialty rental with vertically integrated hospitality, specifically lodging and related ancillary services, whereas the remaining 14.3% of revenues were earned through leasing of lodging facilities and 27.2% of revenues were earned through construction fee income for the year ended December 31, 2025. For additional information on our revenue related to the years ended December 31, 2025 and 2024, refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Item 1A. Risk Factors Risk Factors Summary Below is a summary of the principal factors that make an investment in our common stock, par value $0.0001 per share (the \u201cCommon Stock\u201d), speculative or risky. This summary does not address all of the risks that we face. Additional discussion o", "title": "TH - Target Hospitality Corp.", "url": "/company/TH/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001810019; latest 10-K filed 2026-03-06.", "text": "RXT - Rackspace Technology, Inc. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001810019; latest 10-K filed 2026-03-06. RXT Rackspace Technology, Inc. 0001810019 7370 Services-Computer Programming, Data Processing, Etc. ITEM 7 - MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following MD&A is intended to help readers understand our results of operations, financial condition and cash flows and should be read in conjunction with the audited consolidated financial statements and the related notes included elsewhere in this Annual Report. References to \u201cRackspace Technology,\u201d \u201cwe,\u201d \u201cour company,\u201d \u201cthe company,\u201d \u201cus,\u201d or \u201cour\u201d refer to Rackspace Technology and its consolidated subsidiaries. The following discussion contains forward-looking statements that involve risk, assumptions and uncertainties, such as statements of our plans, objectives, expectations, intentions and forecasts. Our actual results and the timing of selected events could differ materially from those discussed in these forward-looking statements as a result of several factors, including those set forth under the section of this Annual Report titled \u201cRisk Factors\u201d and elsewhere in this Annual Report. You should carefully read the \u201cRisk Factors\u201d to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see \u201cSpecial Note Regarding Forward-Looking Statements\u201d contained elsewhere in this Annual Report. - 51 - Table of Contents Overview We are a leading end-to-end hybrid cloud and AI solutions company. We serve as a trusted operator of the full technology stack, from governed private cloud infrastructure to AI deployed in production environments. From edge to core to cloud, we design, integrate and operate the infrastructure, data foundations and software platforms required to deliver business outcomes with predictable cost, resilience, security and compliance. Our solutions are purpose-built for regulated and mission-critical environments where uptime, data sovereignty and operational accountability are essential. We serve our customers with a unique combination of proprietary technology resulting from over $1 billion of investment and services expertise from a team of highly skilled consultants and engineers. We also provide our customers with unbiased expertise and technology solutions, delivered over the world\u2019s leading cloud services, all wrapped in Fanatical Experience. We aim to be our customers\u2019 most trusted advisor and services partner in their path to cloud transformation and to accelerate the value of their cloud investments. We give customers the ability to make fluid decisions when choosing the right technologies, and we recommend solutions based on customers\u2019 unique objectives. In this way, we empower our customers to harness the full benefits of cloud adoption. Our team of 5,000 highly skilled Rackers, including consultants and engineers, partners with companies at every stage of their cloud transformation journey. We deliver our services to a global customer base through an integrated service delivery model. We have a presence in more than 60 cities around the world. This footprint allows us to better serve customers based in various countries, especially multinational companies requiring cross-border solutions. We have a strong presence with customers of all sizes, including enterprise businesses (revenue in excess of $3 billion), mid-market businesses (revenue of $300 million to $3 billion) and commercial customers (revenue less than $300 million). We operate our business and report our results through two reportable segments: Public Cloud and Private Cloud. Our Public Cloud segment is a services-centric, capital-light model providing value-added cloud solutions through managed services, Elastic Engineering and professional services offerings for customer environments hosted on the AWS, Microsoft Azure and Google Cloud public cloud platforms. Our Private Cloud segment is a technology-forward, capital-intensive model providing managed service offerings for customer environments hosted in one of our data centers as well as ITEM 1 \u2013 BUSINESS Overview Rackspace Technology is a leading end-to-end hybrid cloud and AI solutions company. We serve as a trusted operator of the full technology stack, from governed private cloud infrastructure to AI deployed in production environments. From edge to core to cloud, we design, integrate and operate the infrastructure, data foundations and software platforms required to deliver business outcomes with predictable cost, resilience, security and compliance. Our solutions are purpose-built for regulated and mission-critical environments where uptime, data sovereignty and operational accountability are essential. Cloud infrastructure has become the foundation of enterprise technology and AI is now reshaping how that infrastructure must be designed, operated and governed. Businesses have accelerated their adoption of cloud technologies driven by: \u2022Explosive growth in data volumes and the need for scalable, flexible infrastructure to process and manage them efficiently across an expanding range of workloads. \u2022The need to compete with \u201cdigital natives\u201d (technology companies that began their existence online in the digital age and do not have legacy infrastructure or technology to maintain and support). \u2022The emergence of AI as a transformative business capability, no longer simply a tool for optimizing performance, but a fundamental reshaping of how enterprises operate, compete and deliver value. In addition, the cost to maintain a company-owned data center (known in industry parlance as \u201con-premises\u201d or \u201con-prem\u201d data centers) has become cost prohibitive since companies must constantly upgrade hardware, maintain physical infrastructure and constantly apply security patches to counteract emerging security threats. Companies are also looking to reduce their on-premises operations budgets to fund the build-out of their cloud management operations and skill base. AWS, Google Cloud and Microsoft Azure are now the established backbone of enterprise comp ITEM 1A \u2013 RISK FACTORS Summary Our ability to execute our strategies is subject to certain risks and uncertainties, including but not limited to the risks described under the heading \u201cRisk Factors\u201d immediately following this summary. These risks and uncertainties could adverse", "title": "RXT - Rackspace Technology, Inc.", "url": "/company/RXT/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001528115; latest 10-K filed 2026-03-30.", "text": "ANNX - Annexon, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001528115; latest 10-K filed 2026-03-30. ANNX Annexon, Inc. 0001528115 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, beliefs, and expectations, and involve risks and uncertainties. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the sections titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors.\u201d Overview We are a biopharmaceutical company advancing the next generation platform of targeted immunotherapies aimed at complement-mediated neuroinflammatory diseases that impact nearly 10 million people worldwide. Building on more than a decade of expertise stopping acute and chronic neuroinflammation at its source, we have demonstrated robust target engagement in the body, brain and eye, and clinical proof of concept in multiple diseases. Our strategic priorities include advancing two late-stage registrational programs, tanruprubart toward our first approval in Guillain-Barr\u00e9 Syndrome, or GBS, and vonaprument toward pivotal data in geographic atrophy, or GA, as well as developing ANX1502, a novel oral small molecule for autoimmune conditions. Tanruprubart is an investigational targeted immunotherapy delivered in a single infusion to rapidly halt aggressive neuroinflammation and damage in GBS, an acute, rare, neuromuscular emergency that annually affects ~150,000 people worldwide. There are currently no therapies approved by the FDA for GBS and no substantial evidence of effectiveness from the current standard of care. In the placebo-controlled Phase 3 trial, approximately 90% of GBS patients treated with tanruprubart improved by week 1 and more than twice as many treated patients achieved a normal state of health at week 26. Tanruprubart has consistently demonstrated rapid and sustained functional improvements across a comprehensive data package. The open-label FORWARD study in the U.S. and Europe is ongoing and designed to support a broad intended label for the treatment of GBS and further expand the use of tanruprubart across geographies. We continue to engage with applicable EU and U.S. regulators to advance tanruprubart towards registration worldwide. We filed the Marketing Authorization Application, or MAA, with the European Medicines Agency, or EMA, for tanruprubart for the treatment of GBS in January 2026. We plan to submit a biologics license application, or BLA, to the FDA for GBS in 2026. Tanruprubart has been granted Fast Track and orphan drug designation for the treatment of GBS from the FDA. Tanruprubart has also been granted orphan designation from the EMA. Vonaprument is an investigational neuroprotective inhibitor of C1q and the classical complement cascade delivered intravitreally for GA, a leading cause of blindness affecting more than eight million people worldwide. There are no approved therapies for GA targeting the preservation of vision. Vonaprument is the only investigational therapy in GA to show significant vision preservation on assessments of best corrected visual acuity, or BCVA, and low luminance visual acuity, or LLVA, demonstrating significant protection from vision loss in both normal and low light conditions, as well as significant preservation of central retinal photoreceptors necessary for visual acuity. In the Phase 2 ARCHER trial, vonaprument also reduced risk of 15-letter vision loss by more than 70%. In July 2025, we completed enrollment of 659 patients in ARCHER II, a global, sham-controlled, double-masked Phase 3 trial. The primary endpoint of ARCHER II is the gold Item 1. Business. In this Annual Report on Form 10-K, \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cAnnexon\u201d and the \u201cCompany\u201d refer to Annexon, Inc. and its consolidated subsidiary. Annexon, Annexon, Inc., the Annexon logo and other trade names, trademarks or service marks of Annexon are the property of Annexon, Inc. This report contains references to our trademarks and to trademarks belonging to other entities. Trade names, trademarks and service marks of other companies appearing in this report are the property of their respective holders. We do not intend our use or display of other companies\u2019 trade names or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. Overview We are a biopharmaceutical company advancing the next generation platform of targeted immunotherapies aimed at complement-mediated neuroinflammatory diseases that impact nearly 10 million people worldwide. The classical complement pathway is a core component to the body\u2019s immune system that activates a powerful inflammatory cascade. We believe that by stopping the classical complement pathway at its start by targeting C1q, the initiating molecule of the classical complement pathway, our approach may have the potential to provide more complete protection against complement-mediated disorders of the body, brain and eye. Using our proprietary platform, we are identifying and characterizing the role of the classical complement pathway in three therapeutic areas\u2014autoimmune, neurodegeneration and ophthalmology. In so doing, we are advancing a pipeline of product candidates designed to block the early classical cascade and all downstream pathway components and their tissue-damaging functions. Our goal is to suppress excessive or aberrant classical complement activity that contributes to chronic inflammation and tissue damage to slow or even halt disease progression, while preserving the beneficial immune functions of the lectin and alternative complement pathways involved in th Item 1A. Risk Factors. Our business involves significant risks, some of which are described below. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K, including \"Management's Discussion and Analysis of Financial Condition and Resul", "title": "ANNX - Annexon, Inc.", "url": "/company/ANNX/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001476045; latest 10-K filed 2026-02-27.", "text": "CLDT - Chatham Lodging Trust SIC 6798 Real Estate Investment Trusts; CIK 0001476045; latest 10-K filed 2026-02-27. CLDT Chatham Lodging Trust 0001476045 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview Chatham Lodging Trust (\u201cwe,\u201d \u201cus\u201d or the \u201cCompany\u201d) was formed as a Maryland real estate investment trust on October 26, 2009. The Company is internally managed and was organized to invest primarily in upscale extended-stay and premium-branded select-service hotels. The Company has elected to be taxed as a real estate investment trust for federal income tax purposes (\"REIT\"). The Company had no operations prior to the consummation of its initial public offering (\"IPO\") in April 2010. The net proceeds from our share offerings are contributed to Chatham Lodging, L.P., our operating partnership (the \u201cOperating Partnership\u201d), in exchange for partnership interests. Substantially all of the Company\u2019s assets are held by, and all operations are conducted through, the Operating Partnership. The Company is the sole general partner of the Operating Partnership and owns 100% of the common units of limited partnership interest in the Operating Partnership (\"common units\"). Certain of the Company\u2019s executive officers hold vested and unvested long-term incentive plan units in the Operating Partnership (\"LTIP units\"), which are presented as non-controlling interests on our consolidated balance sheets. As of December 31, 2025, the Company owned 33 hotels with an aggregate of 5,021 rooms located in 15 states and the District of Columbia. To qualify as a REIT, the Company cannot operate its hotels. Therefore, the Operating Partnership and its subsidiaries lease the Company's hotels to taxable REIT subsidiary lessees (\u201cTRS Lessees\u201d), which are wholly owned by the Company\u2019s taxable REIT subsidiary (\u201cTRS\u201d) holding company. Each hotel is leased to a TRS Lessee under a percentage lease that provides for rental payments equal to the greater of (i) a fixed base rent amount or (ii) a percentage rent based on hotel revenue. Lease revenue from each TRS Lessee is eliminated in consolidation. The TRS Lessees have entered into management agreements with third-party management companies that provide day-to-day management for the hotels. As of December 31, 2025, Island Hospitality Management Inc. (\u201cIHM\u201d), which is 100% owned by Jeffrey H. Fisher, the Company's Chairman, President and Chief Executive Officer, managed all of the Company\u2019s hotels. Key Indicators of Operating Performance and Financial Condition We measure financial condition and hotel operating performance by evaluating non-financial and financial metrics and measures such as: [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Average Daily Rate (\\u201cADR\\u201d), which is the quotient of room revenue divided by total rooms sold,\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Occupancy, which is the quotient of total rooms sold divided by total rooms available,\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Revenue Per Available Room (\\u201cRevPAR\\u201d), which is the product of occupancy and ADR, and does not include food and beverage revenue, or other operating revenue,\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Funds From Operations (\\u201cFFO\\u201d),\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Adjusted FFO,\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Earnings before interest, taxes, depreciation and amortization (\\u201cEBITDA\\u201d),\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"EBITDAre,\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Adjusted EBITDA, and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Adjusted Hotel EBITDA.\"]] [[/GREPCENT_TABLE]] We evaluate the hotels in our portfolio and potential acquisitions using these metrics to determine each hotel\u2019s contribution toward providing income to our shareholders through increases in distributable cash flow and increasing long-term total returns through appreciation in the value of our common shares. RevPAR, ADR and Occupancy are hotel industry measure Item 1. Business Dollar amounts presented in this Item 1 are in thousands, except per share data. Overview Chatham Lodging Trust (\u201cwe,\u201d \u201cus\u201d or the \u201cCompany\u201d) was formed as a Maryland real estate investment trust on October 26, 2009. We elected to be taxed as a REIT for federal income tax purposes commencing with our 2010 taxable year. The Company is internally-managed and invests primarily in upscale extended-stay and premium-branded select-service hotels. We had no operations prior to the consummation of our initial public offering (\"IPO\") in April 2010. The net proceeds from our share offerings are contributed to Chatham Lodging, L.P., our operating partnership (the \u201cOperating Partnership\u201d), in exchange for partnership interests. Substantially all of the Company\u2019s assets are held by, and all of its operations are conducted through, the Operating Partnership. Chatham Lodging Trust is the sole general partner of the Operating Partnership and owns 100% of the common units of limited partnership interest in the Operating Partnership (\"common units\"). Certain of the Company's executive officers hold vested and unvested long-term incentive plan units in the Operating Partnership (\"LTIP Units\"), which are presented as non-controlling interests on our consolidated balance sheets. As of December 31, 2025, the Company owned 33 hotels with an aggregate of 5,021 rooms located in 15 states and the District of Columbia. To maintain our qualification as a REIT, the Company cannot operate its hotels. Therefore, the Operating Partnership and its subsidiaries lease our wholly owned hotels to taxable REIT subsidiary lessees (\u201cTRS Lessees\u201d), which are wholly owned by the Company\u2019s taxable REIT subsidiary (\u201cTRS\u201d) holding company. Each hotel is leased to a TRS Lessee under a percentage lease that provides for rental payments equal to the greater of (i) a fixed base rent amount or (ii) a percentage rent based on hotel room revenue. Lease revenue from each TRS Lessee is eliminated Item 1A. Risk Factors Our business faces many risks. The risks described below may not be the only risks we face. Additional risks that we do not yet know of or that we currently believe are immaterial may also impair our business operations. If any of the events or circumstances described in the following risk factors actually occu", "title": "CLDT - Chatham Lodging Trust", "url": "/company/CLDT/" }, { "kind": "company", "summary": "SIC 7900 Services-Amusement & Recreation Services; CIK 0001698991; latest 10-K filed 2026-03-03.", "text": "ACEL - Accel Entertainment, Inc. SIC 7900 Services-Amusement & Recreation Services; CIK 0001698991; latest 10-K filed 2026-03-03. ACEL Accel Entertainment, Inc. 0001698991 7900 Services-Amusement & Recreation Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion provides information that management believes is relevant to an understanding and assessment of our consolidated financial condition and results of operations. You should read this discussion in conjunction with our consolidated financial statements and the notes thereto included in Part II, Item 8 of this Annual Report on Form 10-K. This discussion and analysis of our financial condition and results of operations also contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those set forth under Item 1A. \u201cRisk Factors.\u201d A discussion of our results of operations on a consolidated basis for the years ended December 31, 2025 and 2024 are presented below. For the discussion of our results of operations on a consolidated basis for the years ended December 31, 2024 and 2023, please see our Annual Report on Form 10-K for the year ended December 31, 2024 that was filed on March 3, 2025. Company Overview We are a leading distributed gaming operator in the United States (\u201cU.S.\u201d), as well as a developer of brick-and-mortar casinos that serve local gaming markets and horse racing venues. We are a preferred partner for local business owners in the markets we serve. We offer turnkey, full-service gaming solutions to bars, restaurants, convenience stores, truck stops, and fraternal and veteran establishments across the country, as well as casinos and horse racing venues. Our focus is providing unmatched customer support, guidance, and expertise so our location partners can grow their businesses with an additional revenue stream. We install, maintain, operate and service gaming terminals and related equipment for our location partners as well as redemption devices that have automated teller machine (\u201cATM\u201d) functionality and stand-alone ATMs. We offer amusement devices, including jukeboxes, dartboards, pool tables, and other entertainment related equipment. These operations provide a complementary source of lead generation for our gaming business by offering a \u201cone-stop\u201d source of additional equipment for our location partners. We also design and manufacture gaming terminals and related equipment. We are continuously evaluating additional opportunities that are complementary to our core business, such as our acquisition of Fairmount Park - Casino & Racing (\u201cFairmount\u201d) in Collinsville, Illinois. We currently operate as a distributed gaming operator in the following states: \u2022Illinois - we are a licensed terminal operator by the Illinois Gaming Board (\u201cIGB\u201d) since 2012, \u2022Montana - we were granted a manufacturer, distributor and route operator license in June 2022 by the Gambling Control Division of the Montana Department of Justice, \u2022Nevada - we were granted an unlimited gaming license in May 2024 by the Nevada Gaming Commission, \u2022Nebraska - we became a licensed distributor of mechanical amusement devices in Nebraska in March 2022, and commenced operations in this market in June 2022, \u2022Georgia - we received approval from the Georgia Lottery Corporation as a Master Licensee in July 2020, \u2022Iowa - we are registered with the Iowa Department of Inspections and Appeals to conduct operations in Iowa, \u2022Pennsylvania - we have held a license from the Pennsylvania Gaming Control Board since November 2020. \u2022Louisiana - we hold a license as a device owner from the Louisiana Gaming Control Board to operate video draw poker devices since November 2024. Through our wholly owned subsidiary, Grand Vision Gaming, we also manufacture gaming terminals in the Montana, Nevada, South Dakota, and West Virginia markets. 27 As previously mentioned, we acquired Fairmount in December 2024, which serves the greater St. Louis/southern Illinois market and will expand ITEM 1. BUSINESS Who We Are We are a leading distributed gaming operator in the United States (\u201cU.S.\u201d), as well as a developer of brick-and-mortar casinos that serve local gaming markets and horse racing venues. We are a preferred partner for local business owners in the markets we serve. We offer turnkey, full-service gaming solutions to bars, restaurants, convenience stores, truck stops, and fraternal and veteran establishments across the country as well as casinos and horse racing venues. Our focus is providing unmatched customer support, guidance, and expertise so our location partners can grow their businesses with an additional revenue stream. We install, maintain, operate and service games of chance and games of skill, which we refer to as gaming terminals, and related equipment for our location partners as well as redemption devices that have automated teller machine (\u201cATM\u201d) functionality and stand-alone ATMs. We offer amusement devices, including jukeboxes, dartboards, pool tables, and other entertainment related equipment. These operations provide a complementary source of lead generation for our gaming business by offering a \u201cone-stop\u201d source of additional equipment for our location partners. We also design and manufacture gaming terminals and related equipment. We are continuously evaluating additional opportunities that are complementary to our core business, such as our acquisition of Fairmount Park \u2013 Casino & Racing (\u201cFairmount\u201d) in Collinsville, Illinois. In April 2025, the casino opened and the racing season began at Fairmount. Where We Operate [[GREPCENT_TABLE]] [[\"State\",\"\",\"Year Operations Started or Year of Acquisition\",\"\",\"Branding\",\"\",\"Operations\"],[\"Illinois\",\"\",\"2012\",\"\",\"Accel Entertainment\",\"\",\"\\u2022Establishments with a liquor license (up to 6 gaming terminals)\\u2022Bars/restaurants/retail\\u2022Gaming cafes\\u2022Fraternal organizations\\u2022Veterans\\u2019 organizations\\u2022Truck stops (up to 6 gaming terminals)\\u2022Large truck sto ITEM 1A. RISK FACTORS You should carefully consider the risk factors set forth below as well as the other information contained in this Annual Report on Form 10-K, including our consolidated financial statements and related notes. Any of the following risks could materially and adversely affect our bus", "title": "ACEL - Accel Entertainment, Inc.", "url": "/company/ACEL/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001410098; latest 10-K filed 2026-03-05.", "text": "CRMD - CorMedix Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001410098; latest 10-K filed 2026-03-05. CRMD CorMedix Inc. 0001410098 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis together with our audited consolidated financial statements and the accompanying notes contained elsewhere in this report. This discussion contains forward-looking statements, within the meaning of Section 27A of Securities Act, Section 21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995, including statements regarding our expected financial condition, business and financing plans. These statements involve risks and uncertainties. Our actual results could differ materially from the results described in or implied by these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Annual Report on Form 10-K, particularly under the heading \u201cRisk Factors.\u201d Overview The Company is a biopharmaceutical company focused on developing and commercializing therapeutic products for life-threatening diseases and conditions. Our primary focus has been commercializing DefenCath\u00ae (taurolidine and heparin), in the U.S., which we launched in 2024 in the hemodialysis setting. The name DefenCath is the U.S. proprietary name approved by the U.S. FDA. DefenCath is an FDA approved antimicrobial CLS (a formulation of taurolidine 13.5 mg/mL, and heparin 1000 USP Units/mL) indicated to reduce the incidence of CRBSI in adult patients with kidney failure receiving chronic hemodialysis through a CVC It is indicated for use in a limited and specific population of patients. CRBSIs can lead to treatment delays and increased costs to the healthcare system when they occur due to extended and often repeat hospitalizations, need for IV antibiotic treatment, long-term anticoagulation therapy, removal/replacement of the CVC, related treatment costs, as well as increased mortality. DefenCath is the first and only FDA-approved antimicrobial CLS in the U.S. and was shown to reduce the risk of CRBSI by up to 71% in a Phase 3 clinical study. 33 DefenCath is subject to Medicare ESRD PPS, which provides bundled payment for renal dialysis services and affords a TDAPA, which provides temporary, additional payments for certain new drugs and biologicals. TDAPA reimbursement is calculated based on 100 percent ASP (or 100 percent of wholesale acquisition price or manufacturers\u2019 list price, respectively, if such data is unavailable). TDAPA and post-TDAPA add-on payment adjustments for DefenCath apply for five years (with such add-on payments applying to all ESRD PPS payments for years three through five). DefenCath\u2019s TDAPA began on July 1, 2024. Looking forward, on July 1, 2026, DefenCath\u2019s TDAPA reimbursement transitions into a three-year, post-TDAPA Add-On Payment phase, the calculation of which is determined and published by CMS and will be $2.37 for the third and fourth quarters of 2026. As a result of the methodology utilized by CMS, the level of reimbursement provided to institutions treating dialysis patients will significantly decline, and as a result, we expect a corresponding reduction to net pricing for DefenCath in the third and fourth quarters of 2026. If CMS utilizes the same methodology to calculate the 2027 post-TDAPA Add-On Adjustment, which will be effective on January 1, 2027, we estimate the value of the Add-On Adjustment will be three to five-times higher than that granted for the third and fourth quarters of 2026, which we expect may result in higher DefenCath sales prices in 2027 relative to the second half 2026. After January 1, 2027, the post-TDAPA Add-On Payment will be reassessed again and be made effective on January 1, 2028 and January 1, 2029, covering the three-year period through June 30, 2029. Acquisition of Melinta On August 29, 2025 (the \u201cClosing Date\u201d), we completed the acquisition of Melinta. The acquisition of Melinta expanded our team, commercial platform and increased the commercial portfolio with si Item 1. Business Overview CorMedix Inc. (collectively, with our wholly owned subsidiaries, referred to herein as \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or the \u201cCompany\u201d) is a biopharmaceutical company focused on developing and commercializing therapeutic products for life-threatening diseases and conditions. Our primary focus has been commercializing DefenCath\u00ae (taurolidine and heparin), in the U.S., which we launched in 2024 in the hemodialysis setting. The name DefenCath is the U.S. proprietary name approved by the U.S. Food and Drug Administration (\u201cFDA\u201d). On August 29, 2025, the Company acquired Melinta Therapeutics, LLC, a Delaware limited liability company (\u201cMelinta\u201d), which expanded the Company\u2019s team, commercial platform and increased the commercial portfolio with six marketed, hospital- and clinic-focused infectious disease products, comprised of REZZAYO\u00ae (rezafungin for injection), MINOCIN\u00ae (minocycline) for Injection (\u201cMINOCIN IV\u201d), VABOMERE\u00ae (meropenem and vaborbactam), KIMYRSA\u00ae (oritavancin), ORBACTIV\u00ae (oritavancin), and BAXDELA\u00ae (delafloxacin), as well as an additional well-established cardiovascular product, TOPROL-XL\u00ae (metoprolol succinate) (together, the \u201cMelinta Portfolio,\u201d and, together with DefenCath, \u201cour Products\u201d). The Melinta Portfolio supports a multi-channel strategy of delivering anti-infectives for serious gram-positive, gram-negative and fungal infections within hospitals and the hospital ecosystem, including emergency departments, outpatient clinics and home infusion care, and provides synergy opportunities to drive growth for DefenCath. Business Strategy Our corporate strategy is focused on increasing stockholder value by maximizing the value of our current portfolio, with promotional efforts focused on DefenCath, REZZAYO, MINOCIN IV and VABOMERE. In addition, we seek to create additional value through the pursuit of expanded indications for both DefenCath, for the reduction of central line associated bloodstream infection (\u201cCLABSI\u201d) in adult patients Item 1A. Risk Factors Risks Related to Our Financial Position Although we achieved profitability in 2025, we have a history of operating losses, may incur additional operating losses in the future, and may never achieve sustained profitability. Our prospects must be considered in light of the uncertainties, risks, expenses and difficulties freq", "title": "CRMD - CorMedix Inc.", "url": "/company/CRMD/" }, { "kind": "company", "summary": "SIC 2013 Sausages & Other Prepared Meat Products; CIK 0001520358; latest 10-K filed 2026-04-14.", "text": "MAMA - Mama's Creations, Inc. SIC 2013 Sausages & Other Prepared Meat Products; CIK 0001520358; latest 10-K filed 2026-04-14. MAMA Mama's Creations, Inc. 0001520358 2013 Sausages & Other Prepared Meat Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. We have omitted discussion of the earliest of the three years covered by our consolidated financial statements presented in this report because that disclosure was already included in our Annual Report on Form 10-K for our fiscal year ended January 31, 2025, filed with the SEC on April 15, 2025. You are encouraged to reference Part II, Item 7, within that report, for a discussion of our financial condition and results of operations of the fiscal year ended January 31, 2025 compared to the fiscal year ended January 31, 2024. THE FOLLOWING DISCUSSION OF OUR FINANCIAL CONDITION AND RESULTS OF OPERATIONS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND RELATED NOTES TO THE FINANCIAL STATEMENTS INCLUDED ELSEWHERE IN THIS REPORT. THIS DISCUSSION CONTAINS FORWARD-LOOKING STATEMENTS THAT RELATE TO FUTURE EVENTS OR OUR FUTURE FINANCIAL PERFORMANCE. THESE STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE OUR ACTUAL RESULTS, LEVELS OF ACTIVITY, PERFORMANCE OR 18 Table of Contents ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, LEVELS OF ACTIVITY, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. THESE RISKS AND OTHER FACTORS INCLUDE, AMONG OTHERS, THOSE LISTED UNDER \u201cFORWARD-LOOKING STATEMENTS\u201d AND \u201cRISK FACTORS\u201d AND THOSE INCLUDED ELSEWHERE IN THIS REPORT. Overview Mama\u2019s Creations, Inc. is a leading marketer and manufacturer of fresh deli-prepared foods, found in over 12,000 grocery, mass, club and convenience stores nationally. The Company\u2019s broad product portfolio, born from MamaMancini\u2019s rich history in Italian foods, now consists of a variety of high-quality, fresh, clean and easy to prepare foods to address the needs of both our consumers and retailers. Our vision is to become a one-stop-shop deli solutions platform, leveraging vertical integration and a diverse family of brands to offer a wide array of prepared foods to meet the changing demands of the modern consumer. Recent Developments On September 2, 2025, Crown 1 Foods, Inc., a wholly owned subsidiary of the Company, acquired substantially all of the assets of Crown I Enterprises, Inc. (\"Crown 1\"), a full-service manufacturer of value-added proteins and ready-to-heat meals, for a $17.3 million cash payment. On September 2, 2025, the Company entered into a securities purchase agreement (the \u201cSecurities Purchase Agreement\u201d) with the purchasers named therein (the \u201cPurchasers\u201d) for the private placement (the \u201cPrivate Placement\u201d) of approximately 2.7 million shares (the \u201cShares\u201d) of the Company\u2019s common stock, par value $0.00001 per share (the \u201cCommon Stock\u201d), at a purchase price of $7.50 per share. The Private Placement resulted in net proceeds of approximately $18.9 million to the Company. The proceeds from the Private Placement were used to pay for expenses related to the acquisition of the Crown 1 Business and repayments of debt. Recent Trends We continue to monitor commodity costs so that we can purchase ingredients, packaging and other materials required for production. A variety of other factors may impact the cost and availability of raw materials. Although, almost all our inputs are sourced domestically and our manufacturing facilities are all in the United States, we continue to expect that recent tariff volatility will have a limited and manageable impact on the Company. We address commodity costs primarily through competitive sourcing procedures and manufacturing and overhead cost control. While certain ingredient costs have recently declined, we continue to face higher fuel and freight expenses as well as rising labor costs, all of which have negatively impacted profitability. The Company looks to offset rising costs through increasing efficiencies and price increases to our customers. Market dynamics, promotional incentives, or other factors may cause ou Item 1. Business. Our Company Mama\u2019s Creations, Inc. (together with its subsidiaries, the \"Company\") is a leading marketer and manufacturer of fresh deli-prepared foods, found in over 12,000 grocery, mass, club and convenience stores nationally. The Company\u2019s broad product portfolio, born from MamaMancini\u2019s rich history in Italian foods, now consists of a variety of high-quality, fresh, clean and easy-to-prepare foods to address the needs of both our consumers and retailers. Our vision is to become a one-stop-shop deli solutions platform, leveraging vertical integration and a diverse family of brands to offer a wide array of prepared foods to meet the changing demands of the modern consumer. MamaMancini\u2019s roots go back to our founder, Dan Dougherty, whose grandmother Anna \u201cMama\u201d Mancini emigrated from Bari, Italy to Bay Ridge, Brooklyn in 1921. Our products were developed using her old-world Italian recipes that were handed down to her grandson, Dan Dougherty. Over time, we have expanded our core product lines through acquisitions and internal development and today our product line includes all-natural specialty prepared refrigerated foods for sale in retailers around the country. Our primary products include chicken, beef and turkey meatballs, meat loaf, sausage-related products, and pasta and rice entrees. Our products include the MamaMancini's brand featuring many all-natural meals that contain a minimum number of ingredients, many of which are derived from the original recipes of Anna \u201cMama\u201d Mancini. Our products appeal to health-conscious consumers who seek to avoid artificial flavors, synthetic colors and preservatives that are used in many conventional packaged foods. The United States Department of Agriculture (the \u201cUSDA\u201d) defines \u201call-natural\u201d as a product that contains no artificial ingredients, coloring ingredients or chemical preservatives and is minimally processed. Many of MamaMancini\u2019s products were submitted to the USDA and approved as all-natur Item 1A. Risk Factors There are risks associated with an investment in our securities. The following risk factors should be read carefully in connection with evaluating our business and the forward-looking statements contained in this Annual Report on Form 10- 7 Table of Contents K. Any of these risk fac", "title": "MAMA - Mama's Creations, Inc.", "url": "/company/MAMA/" }, { "kind": "company", "summary": "SIC 4841 Cable & Other Pay Television Services; CIK 0001712184; latest 10-K filed 2026-02-18.", "text": "LILAK - Liberty Latin America Ltd. SIC 4841 Cable & Other Pay Television Services; CIK 0001712184; latest 10-K filed 2026-02-18. LILAK Liberty Latin America Ltd. 0001712184 4841 Cable & Other Pay Television Services Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS See the Glossary of defined terms at the beginning of this Annual Report on Form 10-K. The following discussion and analysis, which should be read in conjunction with our consolidated financial statements, is intended to assist in providing an understanding of our results of operations and financial condition and is organized as follows: \u2022Overview. This section provides a general description of our business and recent events. \u2022Results of Operations. This section provides an analysis of our results of operations for the years ended December 31, 2025 and 2024. \u2022Liquidity and Capital Resources. This section provides an analysis of our liquidity, consolidated statements of cash flows and contractual commitments. \u2022Critical Accounting Policies, Judgments and Estimates. This section discusses those material accounting policies that involve uncertainties and require significant judgment in their application. Unless otherwise indicated, operational data (including subscriber statistics) is presented as of December 31, 2025. A discussion regarding our financial condition and results of operations for the year ended December 31, 2024 compared with the year ended December 31, 2023 can be found under captions entitled \u201cResults of Operations\u201d and \u201cLiquidity and Capital Resources\u201d in the section entitled \u201cItem 7 - Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our annual report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 19, 2025, which is available free of charge through the SEC\u2019s website at www.sec.gov or our company\u2019s website, https://investors.lla.com/financials/sec-filings. Our company\u2019s website and the information contained therein, or incorporated therein, are not intended to be incorporated into this Annual Report on Form 10-K. Overview General We are an international provider of fixed, mobile and subsea telecommunications services. We provide, A.residential and B2B services in: i.over 20 countries across Latin America and the Caribbean through two of our reportable segments, Liberty Caribbean and C&W Panama; ii.Puerto Rico and USVI, through our reportable segment Liberty Puerto Rico; and iii.Costa Rica, through our reportable segment Liberty Costa Rica. B.through our reportable segment Liberty Networks, (i) enterprise services in certain other countries in Latin America and the Caribbean and (ii) wholesale services over our subsea and terrestrial fiber optic cable networks that connect over 30 markets in that region. At December 31, 2025, we (i) owned and operated fixed networks that passed 4,692,600 homes and served 3,836,600 RGUs comprising 1,746,500 broadband internet subscribers, 901,000 video subscribers and 1,189,100 fixed-line telephony subscribers, and (ii) served 6,794,000 mobile subscribers. Hurricane Melissa In late October 2025, the island of Jamaica was impacted by Hurricane Melissa with significant damage to homes, businesses and infrastructure, particularly in the southwest of the island and moderate damage in the northwest. The capital city, Kingston, and other urban areas in the east were less impacted. The mobile network has proved resilient and traffic levels were quick to recover, now running back to pre-hurricane levels across the vast majority of the island. The fixed infrastructure impact was more localized: over 75% of residential customers are on-line, with the metro areas much closer to full recovery. Following our internal network review, we have removed a total of 133,000 homes in the southwest and northwest part of the island from our total homes passed. Additionally, we have reduced II-4 our RGUs by approximately 136,000, comprised of 65,000 fixed-line telephony, 57,000 broadband internet and 14,000 video subscribers. These adjustments relate to RGUs where we currently do not expect to restore fixed services Item 1. BUSINESS (a) General Development of Business Liberty Latin America Ltd. is a registered company in Bermuda that primarily includes: (i) C&W; (ii) Liberty Communications PR; and (iii) LBT CT Communications, S.A. (a less than wholly-owned entity) and its subsidiaries, which include Liberty Telecomunicaciones. C&W owns less than 100% of certain of its consolidated subsidiaries, including C&W Bahamas, C&W Jamaica and CWP. We are an international provider of fixed, mobile and subsea telecommunications services. We provide: A.residential and B2B services in: i.over 20 countries across Latin America and the Caribbean through two of our reportable segments, Liberty Caribbean and C&W Panama; ii.Puerto Rico and USVI, through our reportable segment Liberty Puerto Rico; and iii.Costa Rica, through our reportable segment Liberty Costa Rica. B.through our reportable segment Liberty Networks, (i) enterprise services in certain other countries in Latin America and the Caribbean, and (ii) wholesale services over its subsea and terrestrial fiber optic cable networks that connect over 30 markets in that region. Developments in the Business We have expanded our footprint through fixed network new build and upgrade projects, mobile coverage expansion, and strategic acquisitions. Our new build projects consist of network programs pursuant to which we pass additional homes and businesses with our broadband communications network. We are also upgrading networks to increase broadband speeds and the services we can deliver for our customers. During the past three years, we passed or upgraded approximately 0.8 million additional homes and commercial premises. We have made strategic acquisitions to drive scale benefits across our business, enhancing our ability to innovate and deliver quality services, content and products to our customers. Within the last three years, we have completed the following transactions: \u2022On November 6, 2023, we entered into an agreement with Ec Item 1A. RISK FACTORS In addition to the other information contained in this Annual Report on Form 10-K, you should consider the following risk factors in evaluating our results of operations, financial condition, business and operations or an investment in the shares of our company. The risk factors described in this s", "title": "LILAK - Liberty Latin America Ltd.", "url": "/company/LILAK/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001437071; latest 10-K filed 2026-02-23.", "text": "IVR - Invesco Mortgage Capital Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001437071; latest 10-K filed 2026-02-23. IVR Invesco Mortgage Capital Inc. 0001437071 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The discussion and analysis disclosed herein apply to material changes in our consolidated financial statements for 2025 and 2024. For the comparison of 2024 and 2023, see the Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our 2024 Annual Report on Form 10-K, filed with the SEC on February 20, 2025. The following discussion should be read in conjunction with our consolidated financial statements and the accompanying notes to our consolidated financial statements, which are included in Part IV, Item 15 of this Report. Overview We are a Maryland corporation primarily focused on investing in, financing and managing MBS and other mortgage-related assets. Our objective is to provide attractive risk-adjusted returns to our stockholders, primarily through dividends and secondarily through capital appreciation. Factors Impacting Our Operating Results Our operating results can be affected by a number of factors and primarily depend on the level of our net interest income and the market value of our assets. Our net interest income, which includes the amortization of purchase premiums and accretion of purchase discounts, varies primarily as a result of changes in market interest rates and prepayment speeds, as measured by the constant prepayment rate (\u201cCPR\u201d) on our assets. Interest rates and prepayment speeds vary according to the type of investment, conditions in the financial markets, competition and other factors, none of which can be predicted with any certainty. The market value of our assets can be impacted by spreads and the supply of, and demand for, assets in which we invest. Market Conditions and Impacts Macroeconomic factors that affect our business include inflation, economic growth, employment conditions, public policy, fiscal and monetary policy, interest rates, interest rate volatility, financial conditions, spread premiums, residential and commercial real estate prices, credit availability, the health of the banking system, consumer spending, personal income and [[GREPCENT_TABLE]] [[\"\",\"40\"]] [[/GREPCENT_TABLE]] Table of Contents corporate earnings. Of these macroeconomic factors, financial conditions, inflation, employment conditions, monetary policy, interest rates and interest rate volatility had the most direct impact on our performance and financial condition during 2025. Financial conditions ended 2025 slightly improved, falling sharply after elevated uncertainty around U.S. trade policy in April before rebounding over the remainder of the year. Conditions remained accommodative in the fourth quarter as the Federal Open Market Committee (\u201cFOMC\u201d) reduced rates twice, volatility measures remained subdued and equity markets performed well. During the fourth quarter, the S&P 500 Index and the NASDAQ continued their strong performance, posting gains of 2.3% and 2.6%, respectively. For 2025, the S&P 500 gained 16.4% and the NASDAQ was up 20.4%. Credit market valuations improved over the course of 2025 and ended the fourth quarter largely unchanged, despite experiencing a period of notable deterioration driven primarily by uncertainty regarding U.S. trade policy. Inflation readings trended modestly lower during 2025 but continued to exceed the Federal Reserve\u2019s 2% target. The headline consumer price index (\u201cCPI\u201d) ended the year at 2.7%, down from 2.9% in December 2024. Core CPI (CPI excluding food and energy) declined from 3.2% to 2.6%. The disinflationary trend was also evident in the fourth quarter, as headline CPI decreased from 3.0% to 2.7% and core CPI declined modestly from 3.0% to 2.6%. Investors responded to the improved inflation readings by lowering expectations for future inflation, most directly reflected in Treasury inflation-protected securities breakeven rates. The two-year breakeven ended the year at 2.30% (down from 2.63% at the end of Septe Item 1. Business. Our Company Invesco Mortgage Capital Inc. (the \u201cCompany\u201d or \u201cwe\u201d) is a Maryland corporation primarily focused on investing in, financing and managing mortgage-backed securities (\u201cMBS\u201d) and other mortgage-related assets. Our objective is to provide attractive risk-adjusted returns to our stockholders, primarily through dividends and secondarily through capital appreciation. As of December 31, 2025, we were invested in: \u2022residential mortgage-backed securities (\u201cRMBS\u201d) that are guaranteed by a U.S. government agency such as the Government National Mortgage Association (\u201cGinnie Mae\u201d), or a federally chartered corporation such as the Federal National Mortgage Association (\u201cFannie Mae\u201d or \u201cFNMA\u201d) or the Federal Home Loan Mortgage Corporation (\u201cFreddie Mac\u201d or \u201cFHLMC\u201d) (collectively \u201cAgency RMBS\u201d); and \u2022commercial mortgage-backed securities (\u201cCMBS\u201d) that are guaranteed by a U.S. government agency such as Ginnie Mae or a federally chartered corporation such as Fannie Mae or Freddie Mac (collectively \u201cAgency CMBS\u201d). During the periods presented in this Report, we also invested in: \u2022CMBS that are not guaranteed by a U.S. government agency or a federally chartered corporation (\u201cnon-Agency CMBS\u201d); \u2022RMBS that are not guaranteed by a U.S. government agency or a federally chartered corporation (\u201cnon-Agency RMBS\u201d); \u2022to-be-announced securities forward contracts (\u201cTBAs\u201d) to purchase Agency RMBS; \u2022real estate-related financing arrangements in the form of unconsolidated ventures; and \u2022U.S. Treasury securities. We continuously evaluate new investment opportunities to complement our current investment portfolio by expanding our target assets and portfolio diversification. We conduct our business through our wholly-owned subsidiary, IAS Operating Partnership L.P. (the \u201cOperating Partnership\u201d). We are externally managed and advised by Invesco Advisers, Inc. (our \u201cManager\u201d), an indirect wholly-owned subsidiary of Invesco Ltd. (\u201cInvesco\u201d). We elected to be tax Item 1A. Risk Factors. Set forth below are the material risks and uncertainties that, if they were to occur, could materially and adversely affect our business, financial condition, results of operations and the trading price of our securities. Additional risks not presently known, or that we currently deem immaterial, a", "title": "IVR - Invesco Mortgage Capital Inc.", "url": "/company/IVR/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001788882; latest 10-K filed 2026-02-25.", "text": "ROOT - Root, Inc. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001788882; latest 10-K filed 2026-02-25. ROOT Root, Inc. 0001788882 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from such forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those identified below and those discussed in the sections titled \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements\u201d included elsewhere in this Annual Report on Form 10-K. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future. This Management\u2019s Discussion and Analysis does not discuss 2023 performance or a comparison of 2024 versus 2023 performance for select areas where we have determined the omitted information is not necessary to understand our current period financial condition, changes in our financial condition, or our results. The omitted information may be found in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission, or the SEC, on February 26, 2025. Overview Root is a technology insurance company founded on the idea that car insurance rates should be based primarily on driving behaviors, not demographics. We are revolutionizing the archaic car insurance industry by using modern technology, telematics, and data science to offer fair, personalized rates to good drivers. We believe our competitive advantage is derived from our ability to efficiently and effectively bind auto insurance policies quickly, through direct and partnership channels, aided by segmenting individual risk to price better drivers more fairly. Our customer experience is built for ease of use and a product offering made possible with our full-stack insurance structure. These are all uniquely integrated into a single cloud-based technology platform that captures the entire insurance value chain\u2014from customer acquisition to underwriting to claims administration and ongoing customer engagement. This unified platform enhances pricing accuracy, strengthens operating efficiency, and supports a more seamless customer experience, while creating a defensible, technology- and data-driven advantage that compounds over time. To scale the business, we aim to drive new customer growth and optimize unit economics via our two distribution channels: direct and partnership. The direct channel efficiently drives volume from high-intent customers by reaching them where they are already shopping for insurance, such as search engines or select marketplaces they actively use. The data science model continuously seeks to optimize bidding strategies that fine tunes our prices to strike a balance between offering a competitive price and achieving target unit economics. The partnership channel provides differentiated access to high intent customers, primarily in the automotive, financial services, and independent agent sectors. We build upon or within the mobile and web customer experiences of distribution partners to reach a captive customer base with an embedded solution, which can even remove the need for the customer to ever visit a Root website to purchase and bind a policy. We use technology to drive efficiency across the organization within distribution, underwriting, policy administration, and claims. Although we believe we are priced adequately in a majority of the states in which we operate, our technology- and data-driven approach to pricing and underwriting allows for rapid response to macroeconomic trends and competitive dynamics through quick, timely, and appropriate rate actions. We continue to release iterati Item 1. Business. Overview Root is a technology insurance company founded on the idea that car insurance rates should be based primarily on driving behaviors, not demographics. We are revolutionizing the archaic car insurance industry by using modern technology, data science, and telematics to offer fair, personalized rates to good drivers. We primarily reach customers through two channels: our direct channel, where we target consumers with what we believe to be a great insurance product at a great price, and through our partnership channel, where we meet consumers at contextually relevant times, such as during the car purchasing experience or through independent insurance agents. Our primary focus is the United States personal auto insurance market. We have built our company around the principle that each individual has unique behaviors and that customers should be in control and rewarded for their actions. For centuries, traditional insurance companies have grouped people into risk pools and long relied on the \u2018law of large numbers\u2019 to produce acceptable pricing on an aggregate basis. Root is different\u2014we have the ability to use technology to measure risk based on individual driving performance, prioritizing fairness to the customer. We are fundamentally reinventing insurance through technology, data science, and a strong focus on the customer experience. We believe the approximately $350 billion United States personal auto insurance market is ripe for disruption. Traditional methods of pooled risk assessment are not personalized and inherently less precise given individual behavioral data is underutilized or not widely measured as a component of the insurance risk assessment process. We believe traditional systems and processes have become outdated and are increasingly disconnected from the needs and expectations of modern consumers. Our initial focus on auto insurance reflects how well-suited we believe the product is for fundamental improvement through tec Item 1A. Risk Factors. The following are certain risk factors that could affect our business, results of operations, financial condition and prospects. Although the risks are organized by headings and each risk is described separately, many of the risks are interrelated. The risks that we have highlighted in the following section of t", "title": "ROOT - Root, Inc.", "url": "/company/ROOT/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001866692; latest 10-K filed 2026-02-19.", "text": "AMPL - Amplitude, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001866692; latest 10-K filed 2026-02-19. AMPL Amplitude, Inc. 0001866692 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. As discussed in the section titled \u201cSpecial Note Regarding Forward-Looking Statements,\u201d the following discussion and analysis contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and those discussed in the section titled \u201cRisk Factors\u201d under Part I, Item 1A in this Annual Report on Form 10-K. Our fiscal year ends December 31. Unless the context otherwise requires, all references in this report to \u201cAmplitude,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d or similar terms refer to Amplitude, Inc. and its subsidiaries. Overview Amplitude is a leading AI Analytics Platform that helps businesses understand how people are using their products so they can build amazing digital experiences that increase acquisition, monetization and retention and drive revenue growth. We work with more than 4,797 paying customers of various sizes and stages of digital maturity, across many industries, including the teams behind some of the most-beloved digital products in the world. We have experienced significant growth in recent years, with approximately 780 employees in seven global offices. At the core of our AI Analytics Platform is our Behavioral Graph, a proprietary, purpose-built behavioral database that is the largest of its kind. Our Behavioral Graph instantly finds patterns, makes recommendations, and connects customer actions along their journeys to the right business outcomes, like engagement, growth, and loyalty. We architected our Behavioral Graph to power numerous products, beginning with our core product analytics solution. Consistently ranked #1 in multiple categories by G2, Amplitude Analytics provides real-time product data and reconstructed user visits so cross-functional teams can understand what is working and what is not. We have since expanded our offerings to include products that enable teams to build personalized product experiences, test product changes, and improve data quality across their technology stack. We have experienced significant growth in recent years driven by the rapid adoption of our AI Analytics Platform by our global, diversified base of 4,797 paying customers as of December 31, 2025. Our customers span across industries and sizes, from the leading digital innovators to those earlier in their digital transformation journey. For the years ended December 31, 2025 and 2024, our revenue was $343.2 million and $299.3 million, respectively, representing year-over-year growth of 15%. For the years ended December 31, 2025 and 2024, our net loss was $88.5 million and $94.3 million, respectively. For the years ended December 31, 2025 and 2024, our net cash provided by operating activities was $29.8 million and $18.5 million, respectively, and our free cash flow was $23.5 million and $11.7 million, respectively. Our Business Model We generate revenue primarily through selling subscriptions to our platform. We reach customers through a direct sales motion, solution partners, and product-led growth initiatives, including subscription plans to meet the needs of a diverse range of companies. For the year ended December 31, 2025, subscription revenue comprised of 98% of our total revenue. Our customers typically start out using our platform for a specific business use case. As they see the value of our data, insights, and actions to drive positive business outcomes, they frequentl Item 1. Business Overview Founded in 2012, Amplitude is driving the evolution of AI analytics as part of our mission to help companies build better products and digital experiences. We believe we were the first company to recognize that traditional analytics tools were built for websites and marketing campaigns, not for understanding how people engage with digital products. That\u2019s why we built an AI Analytics Platform designed specifically to analyze behavioral data and provide real-time, actionable insights that drive business outcomes. Today, our platform goes far beyond standalone analytics. It unifies Analytics, Session Replay, Feature Experimentation, Web Experimentation, Audience Activation, Guides and Surveys, AI Agents, Amplitude Model Context Protocol (\"MCP\"), AI Visibility, AI Feedback and Automated Insights, allowing teams to seamlessly move from data to insights to actions\u2014all in one place. The platform is more than a collection of independent products. They all work better together, creating a powerful feedback loop where each component enhances the others. This integrated approach helps businesses to not just track and measure user behavior, but actively improve engagement, retention, and monetization. As digital transformation continues to accelerate, the market opportunity ahead remains massive. Companies face increasing challenges in understanding their users, making data-driven decisions, and delivering personalized, high-impact experiences. Businesses are shifting from traditional acquisition-focused marketing to product-led growth (\"PLG\") strategies, and also understanding their existing customers is more important than ever. This shift has brought AI analytics to the fore as a key component of the modern data stack, integrating product, marketing, and experience analytics into a single, holistic category. As a first mover in this space, we believe Amplitude is well-positioned to lead the category as it grows. We generate revenue primaril Item 1A. Risk Factors Risk Factors A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including our consolidated financial statements and rela", "title": "AMPL - Amplitude, Inc.", "url": "/company/AMPL/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000717538; latest 10-K filed 2026-03-06.", "text": "AROW - ARROW FINANCIAL CORP SIC 6021 National Commercial Banks; CIK 0000717538; latest 10-K filed 2026-03-06. AROW ARROW FINANCIAL CORP 0000717538 6021 National Commercial Banks Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [[\"Quarter Ended\",\"12/31/2025\",\"\",\"9/30/2025\",\"\",\"6/30/2025\",\"\",\"3/31/2025\",\"\",\"12/31/2024\"]] [[/GREPCENT_TABLE]] Selected Financial Information Dollars in thousands, except per share amounts [[GREPCENT_TABLE]] [[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Net Income\",\"$\",\"43,953\",\"\",\"\",\"$\",\"29,709\",\"\",\"\",\"$\",\"30,075\"],[\"Year-End Shares Outstanding\",\"16,445\",\"\",\"\",\"16,743\",\"\",\"\",\"16,942\"],[\"Basic Average Shares Outstanding\",\"16,503\",\"\",\"\",\"16,739\",\"\",\"\",\"17,037\"],[\"Diluted Average Shares Outstanding\",\"16,505\",\"\",\"\",\"16,745\",\"\",\"\",\"17,037\"],[\"Basic Earnings Per Share\",\"$\",\"2.65\",\"\",\"\",\"$\",\"1.77\",\"\",\"\",\"$\",\"1.77\"],[\"Diluted Earnings Per Share\",\"2.65\",\"\",\"\",\"1.77\",\"\",\"\",\"1.77\"],[\"Cash Dividends Per Share\",\"1.14\",\"\",\"\",\"1.09\",\"\",\"\",\"1.06\"],[\"Average Assets\",\"4,389,573\",\"\",\"\",\"4,266,721\",\"\",\"\",\"4,084,519\"],[\"Average Equity\",\"412,315\",\"\",\"\",\"384,858\",\"\",\"\",\"362,781\"],[\"Return on Average Assets\",\"1.00\",\"%\",\"\",\"0.70\",\"%\",\"\",\"0.74\",\"%\"],[\"Return on Average Equity\",\"10.66\",\"%\",\"\",\"7.72\",\"%\",\"\",\"8.29\",\"%\"],[\"Average Earning Assets\",\"$\",\"4,197,528\",\"\",\"\",\"$\",\"4,102,954\",\"\",\"\",\"$\",\"3,948,708\"],[\"Average Interest-Bearing Liabilities\",\"3,212,900\",\"\",\"\",\"3,126,495\",\"\",\"\",\"2,903,925\"],[\"Interest Income\",\"210,147\",\"\",\"\",\"194,993\",\"\",\"\",\"162,564\"],[\"Interest Income, Tax-Equivalent 1 *\",\"210,683\",\"\",\"\",\"195,638\",\"\",\"\",\"163,328\"],[\"Interest Expense\",\"76,983\",\"\",\"\",\"83,261\",\"\",\"\",\"57,732\"],[\"Net Interest Income\",\"133,164\",\"\",\"\",\"111,732\",\"\",\"\",\"104,832\"],[\"Net Interest Income, Tax-Equivalent 1 *\",\"133,700\",\"\",\"\",\"112,377\",\"\",\"\",\"105,596\"],[\"Net Interest Margin\",\"3.17\",\"%\",\"\",\"2.72\",\"%\",\"\",\"2.65\",\"%\"],[\"Net Interest Margin, Tax-Equivalent1 *\",\"3.19\",\"%\",\"\",\"2.74\",\"%\",\"\",\"2.67\",\"%\"],[\"Efficiency Ratio Calculation*\"],[\"Noninterest Expense\",\"$\",\"102,934\",\"\",\"\",\"$\",\"97,268\",\"\",\"\",\"$\",\"93,048\"],[\"Less: Intangible Asset Amortization\",\"311\",\"\",\"\",\"248\",\"\",\"\",\"176\"],[\"Net Noninterest Expense\",\"102,623\",\"\",\"\",\"97,020\",\"\",\"\",\"92,872\"],[\"Net Interest Income, Tax-Equivalent\",\"133,700\",\"\",\"\",\"112,377\",\"\",\"\",\"105,596\"],[\"Noninterest Income\",\"32,432\",\"\",\"\",\"28,074\",\"\",\"\",\"29,117\"],[\"Less: Net (Loss) Gain on Securities\",\"542\",\"\",\"\",\"(2,907)\",\"\",\"\",\"(92)\"],[\"Net Gross Income, Adjusted\",\"$\",\"165,590\",\"\",\"\",\"$\",\"143,358\",\"\",\"\",\"$\",\"134,805\"],[\"Efficiency Ratio*\",\"61.97\",\"%\",\"\",\"67.68\",\"%\",\"\",\"68.89\",\"%\"],[\"Year-End Capital Information:\"],[\"Tier 1 Leverage Ratio\",\"9.68\",\"%\",\"\",\"9.60\",\"%\",\"\",\"9.84\",\"%\"],[\"Total Stockholders\\u2019 Equity (i.e. Book Value)\",\"$\",\"431,852\",\"\",\"\",\"$\",\"400,901\",\"\",\"\",\"$\",\"379,772\"],[\"Book Value per Share\",\"26.26\",\"\",\"\",\"23.94\",\"\",\"\",\"22.42\"],[\"Intangible Assets\",\"25,530\",\"\",\"\",\"25,847\",\"\",\"\",\"22,983\"],[\"Tangible Book Value per Share *\",\"24.71\",\"\",\"\",\"22.40\",\"\",\"\",\"21.06\"],[\"Asset Quality Information:\"],[\"Net Loans Charged-off as a Percentage of Average Loans\",\"0.19\",\"%\",\"\",\"0.09\",\"%\",\"\",\"0.07\",\"%\"],[\"Provision for Credit Losses as a Percentage of Average Loans\",\"0.21\",\"%\",\"\",\"0.16\",\"%\",\"\",\"0.11\",\"%\"],[\"Allowance for Credit Losses as a Percentage of Year-End Loans\",\"0.99\",\"%\",\"\",\"0.99\",\"%\",\"\",\"0.97\",\"%\"],[\"Allowance for Credit Losses as a Percentage of Nonperforming Loans\",\"405.94\",\"%\",\"\",\"159.69\",\"%\",\"\",\"147.82\",\"%\"],[\"Nonperforming Loans as a Percentage of Year-End Loans\",\"0.24\",\"%\",\"\",\"0.62\",\"%\",\"\",\"0.66\",\"%\"],[\"Nonperforming Assets as a Percentage of Total Assets\",\"0.20\",\"%\",\"\",\"0.50\",\"%\",\"\",\"0.51\",\"%\"]] [[/GREPCENT_TABLE]] *See \"Use of Non-GAAP Financial Measures\" on page 5. 24 Arrow Financial Corporation Reconciliation of Non-GAAP Financial Information (Dollars In Thousands, Except Per Share Amounts) [[GREPCENT_TABLE]] [[\"Footnotes:\"],[\"1.\",\"Non-GAAP Financial Measure Reconciliation: Net Interest Margin is the ratio of annualized tax-equivalent net interest income to average earning assets. This is also a non-GAAP financial measure which Arrow believes provides investors with information that is useful in understanding its fina Item 1. Business A. GENERAL Arrow was incorporated on March 21, 1983 and is registered as a bank holding company within the meaning of the Bank Holding Company Act of 1956. As of December 31, 2025 the Company had one wholly-owned banking subsidiary, Arrow Bank National Association. Through Arrow Bank, Arrow indirectly owns various non-bank subsidiaries, including an insurance agency, a registered investment adviser and a REIT. See \"The Company and Its Subsidiaries,\" above. [[GREPCENT_TABLE]] [[\"Arrow Bank (dollars in thousands and data is as of December 31, 2025)\"],[\"Total Assets at Year-End\",\"$\",\"4,421,212\"],[\"Employees (full-time equivalent)\",\"578\"],[\"Bank Branches\",\"38\"],[\"Insurance Offices\",\"9\"],[\"Main Office\",\"250 Glen Street Glens Falls, NY\"]] [[/GREPCENT_TABLE]] Arrow\u2019s business consists primarily of the ownership, supervision and control of Arrow Bank, including the bank's subsidiaries. Arrow provides various advisory and administrative services and coordinates the general policies and operation of Arrow Bank. There were 578 full-time equivalent employees, including 40 employees within Arrow's insurance agency subsidiary, at December 31, 2025. See the discussion of our human capital resources in Section G (\"HUMAN CAPITAL\") of this Item 1. Arrow offers a broad range of commercial and consumer banking and financial products. The deposit base consists of deposits derived principally from the communities served. The Company targets lending activities to consumers and small- and mid-sized companies in Arrow's regional geographic area. In addition, through an indirect lending program Arrow sources consumer loans from an extensive network of automobile dealers that operate throughout New York and Vermont. Through its trust operations, Arrow Bank provides retirement planning, trust and estate administration services for individuals, and pension, profit-sharing and employee benefit plan administration for corporations. B. LENDING ACTIVITIES Arrow Bank enga Item 1A. Risk Factors Arrow's financial results and the market price of its stock are subject to risks arising from many factors, including the risks listed below, as well as other risks and uncertainties. Any of these risks could materially and adversely affect Arrow's business, financial condition or results of operations. Please note th", "title": "AROW - ARROW FINANCIAL CORP", "url": "/company/AROW/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0000708781; latest 10-K filed 2026-03-06.", "text": "CASS - CASS INFORMATION SYSTEMS INC SIC 7389 Services-Business Services, NEC; CIK 0000708781; latest 10-K filed 2026-03-06. CASS CASS INFORMATION SYSTEMS INC 0000708781 7389 Services-Business Services, NEC ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is intended to promote understanding of the results of operations and financial condition. MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and the accompanying Notes to Financial Statements (Part II, Item 8 of this Form 10-K). This section generally discusses the results of operations for 2025 compared to 2024. For discussion related to the results of operations and changes in financial condition for 2024 compared to 2023 refer to Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in the Company's 2024 Annual Report on Form 10-K filed with the SEC on March 5, 2025. The Company intends for the discussion of financial condition and results of operations that follows to provide information that will assist the reader in understanding the Consolidated Financial Statements, the changes in certain key items in those financial statements from year to year, and the primary factors that accounted for those changes, as well as how certain accounting principles, policies, and estimates affect the Consolidated Financial Statements. This discussion should be read in conjunction the Consolidated Financial Statements and the related notes that appear in Part II, Item 8 of this document. Forward-Looking Statements and Factors that Could Affect Future Results Certain statements contained in this Annual Report on Form 10-K that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the \u201cAct\u201d), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in the Company's future filings with the SEC, in press releases, and in oral and written statements made by the Company or with the Company's approval that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, 22 Table of Contents capital structure and other financial items; (ii) statements of plans, objectives and expectations of the Company or its management or Board of Directors, including those relating to products, services or operations; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as \u201cbelieves,\u201d \u201canticipates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201ctargeted,\u201d \u201ccontinue,\u201d \u201cremain,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cmay,\u201d and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: \u2022The effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board and the implementation of tariffs and other protectionist trade policies. \u2022Inflation, interest rate, securities market, and monetary fluctuations. \u2022Changes in energy prices. \u2022Changes in freight rates. \u2022Local, regional, national, and international economic conditions and the impact they may have on the Company and its customers and its assessment of that impact. \u2022Changes in the financial performance and/or condition of the Company's borrowers. \u2022Changes in the mix of loan sectors and types or the level of non-performing assets an ITEM 1. BUSINESS Description of Business Cass Information Systems, Inc. (\u201cCass\u201d or the \u201cCompany\u201d) provides payment and information processing services to large manufacturing, distribution and retail enterprises across the United States. The Company\u2019s services include freight invoice rating, payment processing, auditing, and the generation of accounting and transportation information. Cass also processes and pays facility-related invoices, which include electricity and gas as well as waste and telecommunications expenses. Cass solutions include integrated payments, a B2B payment platform for clients that require an agile fintech partner. Additionally, the Company offers a church management software solution and an on-line platform to provide generosity services for faith-based and non-profit organizations. The Company\u2019s bank subsidiary, Cass Commercial Bank (the \u201cBank\u201d), supports the Company\u2019s payment operations. The Bank also provides banking services to its target markets, which include privately held businesses in the St. Louis metropolitan area and restaurant franchises and faith-based ministries within the United States. On April 7, 2025, the Company signed an Asset Purchase Agreement providing for the sale of its telecom expense management and managed mobility solutions business unit (\"TEM Business Unit\") to Asignet USA Inc (\"Asignet\") for a purchase price of $18.0 million. The sale closed on June 30, 2025. The Company also signed a Transition Services Agreement with Asignet to provide certain information technology, data ingestion, and payment processing services for a period of time not to exceed 18 months after closing. Company Strategy and Core Competencies Cass is an information services company with a primary focus on processing payables and payables-related transactions for large corporations located in the United States. Cass possesses four core competencies that encompass most of its processing services. Data acquisition \u2013 This refers to the gath ITEM 1A. RISK FACTORS This section highlights specific risks that could affect the Company\u2019s business. Although this section attempts to highlight key factors, please be aware that other risks may prove to be important in the future. New risks may emerge at any time, and Cass cannot predict such risks or estimat", "title": "CASS - CASS INFORMATION SYSTEMS INC", "url": "/company/CASS/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001583107; latest 10-K filed 2026-03-23.", "text": "TBPH - Theravance Biopharma, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001583107; latest 10-K filed 2026-03-23. TBPH Theravance Biopharma, Inc. 0001583107 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Our Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) is intended to facilitate an understanding of our results of operations, as well as our liquidity and capital resources. Additionally, it describes accounting policies and estimates that management has deemed as \u201ccritical accounting policies and estimates.\u201d This MD&A should be read in conjunction with our consolidated financial statements and notes included in this Annual Report on Form 10-K. The information contained in this MD&A or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, our operating expenses, and future payments under our collaboration agreements, includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the \u201cSecurities Act\u201d), and Section 21E of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). Such statements are based upon current expectations that involve risks and uncertainties. You should review the section entitled \u201cRisk Factors\u201d in Item 1A of Part I above for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. See the section entitled \u201cSpecial Note regarding Forward-Looking Statements\u201d on page 3 for more information. \u200b Management Overview Theravance Biopharma, Inc. (\u201cwe,\u201d \u201cour,\u201d \u201cTheravance Biopharma\u201d or the \u201cCompany\u201d) is a biopharmaceutical company primarily focused on the development and commercialization of medicines. Our focus is to deliver medicines that make a difference\u00ae in people\u2019s lives. \u200b In pursuit of our purpose, we leverage decades of expertise, which has led to the development of the United States (\u201cUS\u201d) Food and Drug Administration (the \u201cFDA\u201d) approved YUPELRI\u00ae (revefenacin) inhalation solution indicated for the maintenance treatment of patients with chronic obstructive pulmonary disease (\u201cCOPD\u201d). \u200b Recent Significant Developments \u200b Ampreloxetine Phase 3 Clinical Study Top-line Results On March 3, 2026, we announced that our ampreloxetine Phase 3 clinical study (CYPRESS) in development for the treatment of symptomatic neurogenic orthostatic hypotension in patients with multiple system atrophy did not meet its primary endpoint in the Orthostatic Hypotension Symptom Assessment composite score. As a result of this outcome, we have decided to wind down the ampreloxetine program. \u200b Strategic Review Committee In connection with the CYPRESS study results, the Strategic Review Committee of our Board of Directors (the \"Committee\") is accelerating its ongoing review of alternatives to maximize value for shareholders. Since its formation in 2024, the Committee has been working on an ongoing basis with Lazard, its independent financial advisor, to evaluate opportunities available to the Company, including under multiple potential outcomes for the CYPRESS study. Building upon this work, the Committee will act with urgency to evaluate a broad range of value maximizing and tax efficient alternatives, including but not limited to a sale of the Company. There can be no assurance that the Committee's strategic review process will result in any transaction. We do not intend to disclose further developments on this review process unless and until it determines that such disclosure is appropriate or necessary. As we proceed with the orderly wind down of the ampreloxetine program, we will complete additional analyses of the CYPRESS dataset and Phase 3 program, in consultation with external experts, to assess whether the data merits further regulatory discussion. This assessment is intended to provide the Committee with additional clarity regarding any remaining value in ampreloxetine for our shareholders. There can be no assurance that any additional regulatory enga ITEM 1. BUSINESS Overview Theravance Biopharma, Inc. (\u201cwe,\u201d \u201cour,\u201d \u201cTheravance Biopharma\u201d or the \u201cCompany\u201d) is a biopharmaceutical company primarily focused on the development and commercialization of medicines. Our focus is to deliver medicines that make a difference\u00ae in people\u2019s lives. \u200b In pursuit of our purpose, we leverage decades of expertise, which has led to the development of the United States (\u201cUS\u201d) Food and Drug Administration (the \u201cFDA\u201d) approved YUPELRI\u00ae (revefenacin) inhalation solution indicated for the maintenance treatment of patients with chronic obstructive pulmonary disease (\u201cCOPD\u201d). \u200b Recent Significant Developments Ampreloxetine Phase 3 Clinical Study Top-line Results On March 3, 2026, we announced that our ampreloxetine Phase 3 clinical study (CYPRESS) in development for the treatment of symptomatic neurogenic orthostatic hypotension in patients with multiple system atrophy did not meet its primary endpoint in the Orthostatic Hypotension Symptom Assessment composite score. As a result of this outcome, we have decided to wind down the ampreloxetine program. \u200b Strategic Review Committee In connection with the CYPRESS study results, the Strategic Review Committee of our Board of Directors (the \"Committee\") is accelerating its ongoing review of alternatives to maximize value for shareholders. Since its formation in 2024, the Committee has been working on an ongoing basis with Lazard, its independent financial advisor, to evaluate opportunities available to the Company, including under multiple potential outcomes for the CYPRESS study. Building upon this work, the Committee will act with urgency to evaluate a broad range of value maximizing and tax efficient alternatives, including but not limited to a sale of the Company. There can be no assurance that the Committee's strategic review process will result in any transaction. We do not intend to disclose further developments on this review process unless and until it determines that such ITEM 1A. RISK FACTORS The risks described below and elsewhere in this Annual Report on Form 10-K and in our other public filings with the SEC are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business,", "title": "TBPH - Theravance Biopharma, Inc.", "url": "/company/TBPH/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000023795; latest 10-K filed 2026-02-19.", "text": "CTO - CTO Realty Growth, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0000023795; latest 10-K filed 2026-02-19. CTO CTO Realty Growth, Inc. 0000023795 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \u200b Forward-Looking Statements \u200b When the Company uses any words such as \u201canticipate,\u201d \u201cassume,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d or similar expressions, the Company is making forward-looking statements. Although management believes that the expectations reflected in such forward-looking statements are based upon current expectations and reasonable assumptions, the Company\u2019s actual results could differ materially from those set forth in the forward-looking statements. Certain factors or risks that could cause actual results or events to differ materially from those the Company anticipates or projects are described in \u201cItem 1A. Risk Factors\u201d of this Annual Report on Form 10-K. Given these uncertainties, readers are cautioned not to place undue reliance on such statements, which speak only as of the date of this Annual Report on Form 10-K or any document incorporated herein by reference. The Company undertakes no obligation to publicly release any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this Annual Report on Form 10-K. Our Business We are a publicly traded, self-managed equity REIT that focuses on the ownership, management, and repositioning of high-quality retail and mixed-use properties located primarily in what we believe to be faster growing, business-friendly markets exhibiting accommodative business tax policies, outsized relative job and population growth, and where retail demand exceeds supply. We have pursued our investment strategy by investing primarily through fee simple ownership of our properties, commercial loans and preferred equity. As of December 31, 2025, we own and manage, sometimes utilizing third-party property management companies, 21 commercial real estate properties in 7 states in the United States, comprising 5.5 million square feet of gross leasable space. In addition to our income property portfolio, as of December 31, 2025, our business included the following: Management Services: A fee-based management business that is engaged in managing PINE, as well as: (i) a portfolio of assets pursuant to the Portfolio Management Agreement (hereinafter defined) and (ii) Subsurface Interests (hereinafter defined) pursuant to the Subsurface Management Agreement (hereinafter defined), as further described in Note 5, \u201cManagement Services Business\u201d in the notes to the consolidated financial statements in Item 8. Commercial Loans and Investments: A portfolio of four commercial loan investments and two preferred equity investments which are classified as commercial loan investments. Real Estate Operations: There were no significant transactions within the Company\u2019s real estate operations during the year ended December 31, 2025. During the year ended December 31, 2024, the Company sold its remaining mitigation credits. These credits were produced by the Company\u2019s formerly owned mitigation bank. During the year ended December 31, 2024, the Company sold its portfolio of subsurface mineral interests associated with approximately 352,000 surface acres in 19 counties in the State of Florida (\u201cSubsurface Interests\u201d), as further described in Note 6, \u201cReal Estate Operations\u201d. As part of the Subsurface Interests sale, the Company entered into a management agreement with the buyer to provide ongoing management services (the \u201cSubsurface Management Agreement\u201d). Our business also includes our investment in PINE. As of December 31, 2025, the fair value of our investment totaled $41.3 million, or 15.4% of PINE\u2019s outstanding common equity, including the units of limited partnership interest (\u201cOP Units\u201d) we hold in Alpine Income Property OP, LP (the \u201cPINE Operating Partnership\u201d), which are redeemable for cash, based upon the value of an equivalent number of shares of PINE common stock at the time of the redemption, or shares of PINE co ITEM 1. BUSINESS DESCRIPTION OF BUSINESS We are a publicly traded, self-managed equity REIT that focuses on the ownership, management, and repositioning of high-quality retail and mixed-use properties located primarily in what we believe to be faster growing, business-friendly markets exhibiting accommodative business tax policies, outsized relative job and population growth, and where retail demand exceeds supply. We have pursued our investment strategy by investing primarily through fee simple ownership of our properties, commercial loans and preferred equity. As of December 31, 2025, we own and manage, sometimes utilizing third-party property management companies, 21 commercial real estate properties in 7 states in the United States, comprising 5.5 million square feet of gross leasable space. In addition to our income property portfolio, as of December 31, 2025, our business included the following: Management Services: A fee-based management business that is engaged in managing PINE, as well as: (i) a portfolio of assets pursuant to the Portfolio Management Agreement (hereinafter defined) and (ii) Subsurface Interests (hereinafter defined) pursuant to the Subsurface Management Agreement (hereinafter defined), as further described in Note 5, \u201cManagement Services Business\u201d in the notes to the consolidated financial statements in Item 8. Commercial Loans and Investments: A portfolio of four commercial loan investments and two preferred equity investments which are classified as commercial loan investments. Real Estate Operations: There were no significant transactions within the Company\u2019s real estate operations during the year ended December 31, 2025. During the year ended December 31, 2024, the Company sold its remaining mitigation credits. These credits were produced by the Company\u2019s formerly owned mitigation bank. During the year ended December 31, 2024, the Company sold its portfolio of subsurface mineral interests associated with approximat ITEM 1A. RISK FACTORS SUMMARY OF RISK FACTORS Below is a summary of the principal factors that make an investment in our securities speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below under the headin", "title": "CTO - CTO Realty Growth, Inc.", "url": "/company/CTO/" }, { "kind": "company", "summary": "SIC 3661 Telephone & Telegraph Apparatus; CIK 0001122904; latest 10-K filed 2026-02-13.", "text": "NTGR - NETGEAR, INC. SIC 3661 Telephone & Telegraph Apparatus; CIK 0001122904; latest 10-K filed 2026-02-13. NTGR NETGEAR, INC. 0001122904 3661 Telephone & Telegraph Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion of our financial condition and results of operations together with the audited consolidated financial statements and notes to the financial statements included elsewhere in this Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed under \u201cRisk Factors\u201d in Part I, Item 1A above. This section generally discusses the results of our operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. Business and Executive Overview We are a global provider of networking technologies for businesses, homes, and service providers. We deliver a wide range of networking hardware, software, and services designed to enable reliable connectivity and security. Our mission is to unleash the full potential of connectivity with intelligent solutions that delight and protect. We are executing a multi-phase transformation to strengthen execution, reinforce our core businesses, and support long-term growth and margin expansion, while exercising strong operational discipline. Our goal is to power extraordinary experiences where people collaborate and connect to a world of information and innovation. Our products and services are delivered through integrated platforms that combine hardware, software, and services. Our connected solutions range from switching and wireless products that support audio and video (\u201cAV\u201d) over Ethernet for Pro AV applications and business networks to WiFi networking solutions, security and support services for enterprise and home networks. We continually invest in research and development to create new technologies and services and to address technological trends such as AV over Ethernet, multi-Gigabit connectivity, WiFi 7, eSIM and future technologies. Our product line enables the creation and extension of wired and wireless networks and includes services that complement and enhance our hardware offerings. These products are available in multiple configurations to address the changing needs of our customers across geographic regions. In the first quarter of 2025, we realigned our business structure by separating the previously disclosed Connected Home segment into two reportable segments: Home Networking and Mobile. Effective January 1, 2025, we operated and reported in three segments for the first three fiscal quarters of 2025: NETGEAR for Business, Home Networking, and Mobile. Beginning on the first day of the fourth fiscal quarter of 2025, we streamlined our operating and reporting structure and returned to two reportable segments: Enterprise (formerly NETGEAR for Business) and Consumer (formerly reported as Connected Home), with Consumer comprising the former Home Networking and Mobile businesses. These realignments align our financial reporting more closely with our then and go-forward business strategy and customer focus. Refer to \u201cSegment\u201d in Note 1, The Company and Summary of Significant Accounting Policies, in Notes to Consolidated Financial Statements in Item 8 of Part II of this Annual Report on Form 10-K for additional information regarding the segment changes during 2025. The Enterprise segment focuses on small and medium enterprises and provides solutions Item 1. Business General We are a global provider of networking technologies for businesses, homes, and service providers. We deliver a wide range of networking hardware, software, and services designed to enable reliable connectivity and security. Our purpose is to power extraordinary experiences, and our mission is to unleash the full potential of connectivity with intelligent solutions that delight and protect. As part of the ongoing development of our business, we are executing a multi-phase transformation to strengthen execution, reinforce our core businesses, and support long-term growth and margin expansion, while exercising strong operational discipline. The first phase of this transformation, which began in 2024, has been completed and focused on establishing foundational capabilities, including organizational alignment, capital allocation priorities, and operational processes. The second phase, which we are now entering, is focused on strengthening our core businesses through improved execution across product development, go-to-market activities, and cost structure. Subject to market conditions and business performance, a subsequent phase is expected to focus on accelerating growth initiatives, including selective inorganic opportunities. In the first quarter of 2025, we realigned our business structure by separating the previously disclosed Connected Home segment into two reportable segments: Home Networking and Mobile. Effective January 1, 2025, we operated and reported in three segments for the first three fiscal quarters of 2025: NETGEAR for Business, Home Networking, and Mobile. Beginning on the first day of the fourth fiscal quarter of 2025, we streamlined our operating and reporting structure and returned to two reportable segments: Enterprise (formerly NETGEAR for Business) and Consumer (formerly Connected Home), with Consumer comprising the former Home Networking and Mobile businesses. These realignments align our financial reporting more clos Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. The risks described below are not exhaustive of the risks that might affect our business. Other risks, including those we currently deem immaterial, may also impact our business. Any of the following risks could materially adversely affect our bus", "title": "NTGR - NETGEAR, INC.", "url": "/company/NTGR/" }, { "kind": "company", "summary": "SIC 3672 Printed Circuit Boards; CIK 0001606757; latest 10-K filed 2025-08-22.", "text": "KE - Kimball Electronics, Inc. SIC 3672 Printed Circuit Boards; CIK 0001606757; latest 10-K filed 2025-08-22. KE Kimball Electronics, Inc. 0001606757 3672 Printed Circuit Boards Item 7 - Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements Certain statements contained within this document are considered forward-looking under the Private Securities Litigation Reform Act of 1995. The statements may be identified by the use of words such as \u201cbelieves,\u201d \u201canticipates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cprojects,\u201d \u201cestimates,\u201d \u201cforecasts,\u201d \u201cseeks,\u201d \u201clikely,\u201d \u201cfuture,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201ccould,\u201d \u201cwill,\u201d \u201cpotentially,\u201d \u201ccan,\u201d \u201cgoal,\u201d \u201cpredict,\u201d and similar expressions. These forward-looking statements are subject to risks and uncertainties including, but not limited to, global economic conditions, geopolitical environment and conflicts such as the war in Ukraine, global health emergencies, availability or cost of raw materials and components, tariffs and other trade barriers, foreign exchange fluctuations, and our ability to convert new business opportunities into customers and revenue. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of Kimball Electronics are located within Item 1A - Risk Factors. Business Overview We are a global, multifaceted manufacturing solutions provider. We provide electronics manufacturing services (\u201cEMS\u201d), including engineering and supply chain support, to customers in the automotive, medical, and industrial end markets. We further produce higher level and final assemblies and offer contract manufacturing organization (\u201cCMO\u201d) solutions which include the production of medical disposables and drug delivery devices, from precision molded plastics and cold chain management to drug integration. Our manufacturing services, including engineering and supply chain support, utilize common production and support capabilities globally. We are well recognized by our customers and the industry for our excellent quality, reliability, and innovative service. CIRCUITS ASSEMBLY, a leading brand and technical publication for electronics manufacturers worldwide, has recognized us for the past 13 consecutive years for rankings in Highest Overall Customer Rating in their Service Excellence Awards. Most recently, we were recognized by our customers for highest ratings in service excellence in seven categories: dependability/timely delivery, manufacturing quality, responsiveness, technology, value for the price, flexibility, and overall satisfaction. The contract manufacturing services industry is very competitive. As a mid-sized player, we can expect to be challenged by the agility and flexibility of the smaller, regional players, and we can expect to be challenged by the scale and price competitiveness of the larger, global players. We enjoy a unique market position between these extremes which allows us to compete with the larger scale players for high-volume projects, but also maintain our competitive position in the generally lower volume durable electronics market space. We expect to continue to effectively operate in this market space; however, one significant challenge will be maintaining our profit margins. Pricing is competitive in the market as production efficiencies and material pricing advantages for most projects drive costs and prices down over the life of the projects. This characteristic of the contract electronics marketplace is expected to continue. The Worldwide Manufacturing Services Market - 2025 Edition, a comprehensive study on the worldwide EMS market published by New Venture Research (\u201cNVR\u201d), provided worldwide forecast trends through 2029. NVR projects the worldwide assembly market for electronics products to grow at a compound annual growth rate (\u201cCAGR\u201d) of 6.3% over the next five years. We continue to monitor the current economic and industry conditions for uncertainties that may pose a threat to our future growth or cause disruption in business strategy, execution, and timing in the markets in which we compete. Net sales in fisca Item 1 - Business General As used herein, the terms \u201cCompany,\u201d \u201cKimball Electronics,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d refer to Kimball Electronics, Inc., the Registrant, and its subsidiaries. Reference to a year relates to a fiscal year, ended June 30 of the year indicated, rather than a calendar year unless the context indicates otherwise. Additionally, references to the first, second, third, and fourth quarters refer to those respective quarters of the fiscal year indicated. Forward-Looking Statements This document contains certain forward-looking statements. These are statements made by management, using their best business judgment based upon facts known at the time of the statements or reasonable estimates, about future results, plans, or future performance and business of the Company. Such statements involve risk and uncertainty, and their ultimate validity is affected by a number of factors, both specific and general. They should not be construed as a guarantee that such results or events will, in fact, occur or be realized as actual results may differ materially from those expressed in these forward-looking statements. The statements may be identified by the use of words such as \u201cbelieves,\u201d \u201canticipates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cprojects,\u201d \u201cestimates,\u201d \u201cforecasts,\u201d \u201cseeks,\u201d \u201clikely,\u201d \u201cfuture,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201ccould,\u201d \u201cwill,\u201d \u201cpotentially,\u201d \u201ccan,\u201d \u201cgoal,\u201d \u201cpredict,\u201d and similar expressions. It is not possible to foresee or identify all factors that could cause actual results to differ from expected or historical results. We make no commitment to update these factors or to revise any forward-looking statements for events or circumstances occurring after the statement is issued, except as required by law. The risk factors discussed in Item 1A - Risk Factors of this report could cause our results to differ materially from those expressed in forward-looking statements. There may be other risks and uncertainties that we are unable to predict Item 1A - Risk Factors The following important risk factors, among others, could affect future results and events, causing results and events to differ materially from those expressed or implied in forward-looking statements made in this report and presented elsewhere by management from time to time. Such factors, among others, may ", "title": "KE - Kimball Electronics, Inc.", "url": "/company/KE/" }, { "kind": "company", "summary": "SIC 1531 Operative Builders; CIK 0000357294; latest 10-K filed 2025-12-22.", "text": "HOV - HOVNANIAN ENTERPRISES INC SIC 1531 Operative Builders; CIK 0000357294; latest 10-K filed 2025-12-22. HOV HOVNANIAN ENTERPRISES INC 0000357294 1531 Operative Builders ITEM 7 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Hovnanian Enterprises, Inc. (\u201cHEI\u201d) conducts all of its homebuilding and financial services operations through its subsidiaries (references herein to the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d refer to HEI and its consolidated subsidiaries and should be understood to reflect the consolidated business of HEI\u2019s subsidiaries). The following tables and related discussion set forth key operating and financial data for our homebuilding and financial services operations as of and for the fiscal years ended October 31, 2025 and 2024. For similar operating and financial data and discussion of our fiscal 2024 results compared to our fiscal 2023 results, refer to Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our annual report on Form 10-K for the fiscal year ended October 31, 2024, which was filed with the SEC on December 18, 2024. Key Performance Indicators The following key performance indicators are commonly used in the homebuilding industry and by management as a means to better understand our operating performance and trends affecting our business and compare our performance with the performance of other homebuilders. We believe these key performance indicators also provide useful information to investors in analyzing our performance: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Net contracts is a volume indicator which represents the number of new contracts executed during the period for the purchase of homes, less cancellations of contracts in the same period. The dollar value of net contracts represents the dollars associated with net contracts executed in the period. These values are an indicator of potential future revenues;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Contract backlog is a volume indicator which represents the number of homes that are under contract but not yet delivered as of the stated date. The dollar value of contract backlog represents the dollar amount of the homes in contract backlog. These values are an indicator of potential future revenues;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Active selling communities is a volume indicator which represents the number of communities which are open for sale with ten or more home sites available as of the end of a period. We identify communities based on product type; therefore, at times there are multiple communities at one land site. These values are an indicator of potential revenues;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Net contracts per active selling community is used to indicate the pace at which homes are being sold (put into contract) in active selling communities and is calculated by dividing the number of net contracts in a period by the number of active selling communities in the same period. Sales pace is an indicator of market strength and demand; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Contract cancellation rates is a volume indicator which represents the number of sales contracts cancelled in the period divided by the number of gross sales contracts executed during the period. Contract cancellation rates as a percentage of backlog is calculated by dividing the number of cancelled contracts in the period by the contract backlog at the beginning of the period. Cancellation rates as compared to prior periods can be an indicator of market strength or weakness.\"]] [[/GREPCENT_TABLE]] 29 Table of Contents Overview Market Conditions and Operating Results The demand for new and existing homes is dependent on a variety of demographic and economic factors, including job and wage growth, household formation, consumer confidence, mortgage financing, interest rates, inflation and overall housing affordability. From January 2022 to October 2023, 30-year mortgage rates more than doubled. The sharp increase in interest rates, persistently high lev BUSINESS Business Overview Hovnanian Enterprises, Inc. (\u201cHEI\u201d) conducts all of its homebuilding and financial services operations through its subsidiaries (references herein to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d refer to HEI and its consolidated subsidiaries and should be understood to reflect the consolidated business of HEI\u2019s subsidiaries). Through its subsidiaries, HEI designs, constructs, markets, and sells single-family detached homes, attached townhomes and condominiums, urban infill, and active lifestyle homes in planned residential developments and is one of the nation\u2019s largest builders of residential homes. Founded in 1959 by Kevork Hovnanian, HEI was incorporated in New Jersey in 1967 and reincorporated in Delaware in 1983. Since the incorporation of HEI\u2019s predecessor company, the Company combined with its unconsolidated joint ventures have delivered in excess of 382,000 homes, including 6,431 homes in fiscal 2025. The Company has two distinct operations: homebuilding and financial services. Our homebuilding operations consist of three reportable segments: Northeast, Southeast and West. Our financial services operations provide mortgage loans and title services to the customers of our homebuilding operations. Excluding unconsolidated joint ventures, we are currently offering homes for sale in 140 communities in 27 markets in 13 states throughout the United States. We market and build homes for first-time buyers, move-up buyers, luxury buyers, active lifestyle buyers and empty nesters. We offer a variety of home styles at base prices ranging from $182,000 to $1,191,000 with an average sales price, including options, of $519,000 nationwide in fiscal 2025. Our operations span all significant aspects of the home-buying process \u2013 from design, construction, and sale, to mortgage origination and title services. The following is a summary of our growth history: 1959 - Founded by Kevork Hovnanian as a New Jersey homebuilder. 1983 - Completed initial public", "title": "HOV - HOVNANIAN ENTERPRISES INC", "url": "/company/HOV/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000854560; latest 10-K filed 2026-03-06.", "text": "GSBC - GREAT SOUTHERN BANCORP, INC. SIC 6022 State Commercial Banks; CIK 0000854560; latest 10-K filed 2026-03-06. GSBC GREAT SOUTHERN BANCORP, INC. 0000854560 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following sets forth selected consolidated financial information and other financial data of the Company. The summary statement of financial condition information and statement of income information are derived from our consolidated financial statements, which have been audited by Forvis Mazars, LLP. See Item 8. \u201cFinancial Statements and Supplementary Information.\u201d Results for past periods are not necessarily indicative of results that may be expected for any future period. \u200b [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b \\u200b \\u200b\",\"December 31,\"],[\"\\u200b\",\"\\u200b \\u200b \\u200b\",\"2025\",\"\\u200b \\u200b \\u200b\",\"2024\",\"\\u200b \\u200b \\u200b\",\"2023\",\"\\u200b \\u200b \\u200b\",\"2022\",\"\\u200b \\u200b \\u200b\",\"2021\"],[\"\\u200b\",\"\",\"(Dollars In Thousands)\"],[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Summary Statement of Financial Condition Information:\",\"\",\"\\u200b\",\"\\u200b\",\"\",\"\\u200b\",\"\\u200b\",\"\",\"\\u200b\",\"\\u200b\",\"\",\"\\u200b\",\"\\u200b\",\"\",\"\\u200b\",\"\\u200b\"],[\"Assets\",\"\\u200b\",\"$\",\"5,598,606\",\"\\u200b\",\"$\",\"5,981,628\",\"\\u200b\",\"$\",\"5,812,402\",\"\\u200b\",\"$\",\"5,680,702\",\"\\u200b\",\"$\",\"5,449,944\"],[\"Loans receivable, net\",\"\\u200b\",\"\",\"4,363,691\",\"\\u200b\",\"\",\"4,697,330\",\"\\u200b\",\"\",\"4,595,469\",\"\\u200b\",\"\",\"4,511,647\",\"\\u200b\",\"\",\"4,016,235\"],[\"Allowance for credit losses on loans\",\"\\u200b\",\"\",\"64,771\",\"\\u200b\",\"\",\"64,760\",\"\\u200b\",\"\",\"64,670\",\"\\u200b\",\"\",\"63,480\",\"\\u200b\",\"\",\"60,754\"],[\"Available-for-sale securities\",\"\\u200b\",\"\",\"523,831\",\"\\u200b\",\"\",\"533,373\",\"\\u200b\",\"\",\"478,207\",\"\\u200b\",\"\",\"490,592\",\"\\u200b\",\"\",\"501,032\"],[\"Held-to-maturity securities\",\"\\u200b\",\"\\u200b\",\"179,200\",\"\\u200b\",\"\\u200b\",\"187,433\",\"\\u200b\",\"\\u200b\",\"195,023\",\"\\u200b\",\"\\u200b\",\"202,495\",\"\\u200b\",\"\\u200b\",\"\\u2014\"],[\"Other real estate and repossessions, net\",\"\\u200b\",\"\",\"6,036\",\"\\u200b\",\"\",\"5,993\",\"\\u200b\",\"\",\"23\",\"\\u200b\",\"\",\"233\",\"\\u200b\",\"\",\"2,087\"],[\"Deposits\",\"\\u200b\",\"\",\"4,482,774\",\"\\u200b\",\"\",\"4,605,549\",\"\\u200b\",\"\",\"4,721,708\",\"\\u200b\",\"\",\"4,684,910\",\"\\u200b\",\"\",\"4,552,101\"],[\"Total borrowings and other interest- bearing liabilities\",\"\\u200b\",\"\",\"405,169\",\"\\u200b\",\"\",\"679,341\",\"\\u200b\",\"\",\"423,806\",\"\\u200b\",\"\",\"366,481\",\"\\u200b\",\"\",\"238,713\"],[\"Stockholders\\u2019 equity (retained earnings substantially restricted)\",\"\\u200b\",\"\",\"636,126\",\"\\u200b\",\"\",\"599,568\",\"\\u200b\",\"\",\"571,829\",\"\\u200b\",\"\",\"533,087\",\"\\u200b\",\"\",\"616,752\"],[\"Common stockholders\\u2019 equity\",\"\\u200b\",\"\",\"636,126\",\"\\u200b\",\"\",\"599,568\",\"\\u200b\",\"\",\"571,829\",\"\\u200b\",\"\",\"533,087\",\"\\u200b\",\"\",\"616,752\"],[\"Average loans receivable\",\"\\u200b\",\"\",\"4,633,992\",\"\\u200b\",\"\",\"4,716,533\",\"\\u200b\",\"\",\"4,631,856\",\"\\u200b\",\"\",\"4,386,042\",\"\\u200b\",\"\",\"4,274,176\"],[\"Average total assets\",\"\\u200b\",\"\",\"5,814,609\",\"\\u200b\",\"\",\"5,886,214\",\"\\u200b\",\"\",\"5,719,196\",\"\\u200b\",\"\",\"5,519,790\",\"\\u200b\",\"\",\"5,502,356\"],[\"Average deposits\",\"\\u200b\",\"\",\"4,679,098\",\"\\u200b\",\"\",\"4,681,660\",\"\\u200b\",\"\",\"4,754,310\",\"\\u200b\",\"\",\"4,607,363\",\"\\u200b\",\"\",\"4,539,740\"],[\"Average stockholders\\u2019 equity\",\"\\u200b\",\"\",\"623,749\",\"\\u200b\",\"\",\"585,960\",\"\\u200b\",\"\",\"550,920\",\"\\u200b\",\"\",\"565,173\",\"\\u200b\",\"\",\"627,516\"],[\"Number of deposit accounts\",\"\\u200b\",\"\",\"225,750\",\"\\u200b\",\"\",\"228,885\",\"\\u200b\",\"\",\"230,697\",\"\\u200b\",\"\",\"232,688\",\"\\u200b\",\"\",\"229,942\"],[\"Number of full-service offices\",\"\\u200b\",\"\",\"89\",\"\\u200b\",\"\",\"89\",\"\\u200b\",\"\",\"90\",\"\\u200b\",\"\",\"92\",\"\\u200b\",\"\",\"93\"]] [[/GREPCENT_TABLE]] \u200b 64 Table of Contents [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b \\u200b \\u200b\",\"For the Year Ended December 31,\"],[\"\\u200b\",\"\\u200b \\u200b \\u200b\",\"2025\",\"\\u200b \\ ITEM 1.BUSINESS. THE COMPANY Great Southern Bancorp, Inc. Great Southern Bancorp, Inc. (\u201cBancorp\u201d or \u201cCompany\u201d) is a bank holding company, a financial holding company and the parent of Great Southern Bank (\u201cGreat Southern\u201d or the \u201cBank\u201d). Bancorp was incorporated under the laws of the State of Delaware in July 1989 as a unitary savings and loan holding company. The Company became a one-bank holding company on June 30, 1998, upon the conversion of Great Southern to a Missouri-chartered trust company. In 2004, Bancorp was re-incorporated under the laws of the State of Maryland. As a Maryland corporation, the Company is authorized to engage in any activity that is permitted by the Maryland General Corporation Law and not prohibited by law or regulatory policy. The Company currently conducts its business as a financial holding company. Through the financial holding company structure, it is possible to expand the size and scope of the financial services offered by the Company beyond those offered by the Bank, although the Company has not yet chosen to offer financial services beyond those offered by the Bank. The financial holding company structure provides the Company with greater flexibility than the Bank has to diversify its business activities, through existing or newly formed subsidiaries, or through acquisitions of or mergers with other financial institutions as well as other companies. At December 31, 2025, Bancorp\u2019s consolidated total assets were $5.60 billion, consolidated net loans were $4.36 billion, consolidated deposits were $4.48 billion and consolidated total stockholders\u2019 equity was $636.1 million. For details about the Company\u2019s assets, revenues and profits for each of the last five fiscal years, see Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d The assets of the Company at the holding company level consist primarily of the stock of Great Southern and cash. Through the Bank and subsidiaries of the B ITEM 1A.RISK FACTORS An investment in the common stock of the Company is speculative in nature and is subject to certain risks inherent in the business of the Company and the Bank. The material risks and uncertainties that management believes affect the Company and the Bank are described below. You should carefully consi", "title": "GSBC - GREAT SOUTHERN BANCORP, INC.", "url": "/company/GSBC/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001709941; latest 10-K filed 2026-03-24.", "text": "BIOA - BioAge Labs, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001709941; latest 10-K filed 2026-03-24. BIOA BioAge Labs, Inc. 0001709941 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K and with our consolidated financial statements and the notes thereto for the year ended December 31, 2024 included on Form 10-K filed with the Securities and Exchange Commission on March 20, 2025. This discussion and analysis and other parts of this Annual Report contain forward-looking statements based upon our current plans and expectations that involve risks, uncertainties and assumptions, such as statements regarding our plans, objectives, expectations, intentions and beliefs. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under the section titled \u201cRisk Factors\u201d and elsewhere in this Annual Report. You should carefully read the section titled \u201cRisk Factors\u201d to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview We are a clinical-stage biopharmaceutical company developing therapeutic product candidates for metabolic diseases by targeting the biology of human aging. Our technology platform and differentiated human datasets enable us to identify promising targets based on insights into molecular changes that drive aging. In January 2025, we announced the nomination of our lead program, BGE-102, a potent, structurally novel, orally available, brain-penetrant small-molecule NLRP3 inhibitor. BGE-102 has a distinct mechanism and binding site from other NLRP3 inhibitors in development with issued patents covering both composition of matter and claims for the unique binding site. In December 2025, we announced that BGE-102 was well-tolerated in Single Ascending Dose (SAD) and initial Multiple Ascending Dose (MAD) cohorts, with a pharmacokinetic profile supporting once-daily oral dosing, strong target engagement and high brain penetration. We intend to advance BGE-102 in two therapeutic areas: cardiometabolic disease and ophthalmology. Our first therapeutic area for BGE-102 is cardiometabolic disease, with a focus on atherosclerotic cardiovascular disease (ASCVD) risk reduction. Chronic systemic inflammation, as measured by high-sensitivity C-reactive protein (hsCRP), is an independent risk factor for cardiovascular events that is not adequately addressed by current lipid-lowering and antihypertensive therapies. In January 2026, we announced additional positive interim Phase 1 data, demonstrating potential for best-in-class hsCRP reduction in participants with elevated cardiovascular risk. In obese participants with elevated hsCRP, BGE-102 demonstrated an 86% median reduction in hsCRP at Day 14, with 93% of participants achieving hsCRP levels below 2 mg/L \u2014 the threshold associated with a 25% reduction in major adverse cardiovascular events. This level of hsCRP reduction is comparable to injectable anti-IL-6 monoclonal antibodies in clinical development for ASCVD, but achieved with once-daily oral dosing. We anticipate full Phase 1 SAD / MAD clinical trial results in the first half of 2026. We plan to initiate a Phase 2a proof-of-concept trial in patients with obesity and elevated hsCRP in the first half of 2026, with results anticipated by 2026 year end. Our second therapeutic area for BGE-102 is ophthalmology. Diabetic macular edema (DME) is our first proof-of-concept indication in this area. DME affects approximately 1 million patients in the United States, and current intravitreal therapies face significant unmet need due to high injection burden Item 1. Business. Overview We are a clinical-stage biopharmaceutical company developing therapeutic product candidates for metabolic diseases by targeting the biology of human aging. Our technology platform and differentiated human datasets enable us to identify promising targets based on insights into molecular changes that drive aging. In January 2025, we announced the nomination of our lead program, BGE-102, a potent, structurally novel, orally available, brain-penetrant small-molecule NLRP3 inhibitor. BGE-102 has a distinct mechanism and binding site from other NLRP3 inhibitors in development with issued patents covering both composition of matter and claims for the unique binding site. In December 2025, we announced that BGE-102 was well-tolerated in Single Ascending Dose (SAD) and initial Multiple Ascending Dose (MAD) cohorts, with a pharmacokinetic profile supporting once-daily oral dosing, strong target engagement and high brain penetration. We intend to advance BGE-102 in two therapeutic areas: cardiometabolic disease and ophthalmology. Our first therapeutic area for BGE-102 is cardiometabolic disease, with a focus on atherosclerotic cardiovascular disease (ASCVD) risk reduction. Chronic systemic inflammation, as measured by high-sensitivity C-reactive protein (hsCRP), is an independent risk factor for cardiovascular events that is not adequately addressed by current lipid-lowering and antihypertensive therapies. In January 2026, we announced additional positive interim Phase 1 data, demonstrating potential for best-in-class hsCRP reduction in participants with elevated cardiovascular risk. In obese participants with elevated hsCRP, BGE-102 demonstrated an 86% median reduction in hsCRP at Day 14, with 93% of participants achieving hsCRP levels below 2 mg/L \u2014 the threshold associated with a 25% reduction in major adverse cardiovascular events. This level of hsCRP reduction is comparable to injectable anti-IL-6 monoclonal antibodies in clinical developm Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. Before making your decision to invest in shares of our common stock, you should carefully consider the risks described below, together with the other information contained in this Annual Report, including in the section titled \u201cManagement\u2019s Discussion", "title": "BIOA - BioAge Labs, Inc.", "url": "/company/BIOA/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001720116; latest 10-K filed 2026-03-04.", "text": "RDVT - Red Violet, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001720116; latest 10-K filed 2026-03-04. RDVT Red Violet, Inc. 0001720116 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion in conjunction with our consolidated financial statements and related notes included in this 2025 Form 10-K. This 2025 Form 10-K contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the \u201cPSLRA\u201d), Section 27A of the Securities Act, and Section 21E of the Exchange Act, about our expectations, beliefs, or intentions regarding our business, financial condition, results of operations, strategies, or prospects. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends, or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those contained in Part I, \u201cItem 1A. Risk Factors\u201d of this 2025 Form 10-K. We do not undertake any obligation to update forward-looking statements, except as required by law. We intend that all forward-looking statements be subject to the safe harbor provisions of the PSLRA. These forward-looking statements are only predictions and reflect our views as of the date they are made with respect to future events and financial performance. Overview Red Violet, Inc., a Delaware corporation, is dedicated to making the world a safer place and reducing the cost of doing business. We build proprietary technologies and apply analytical capabilities to deliver identity intelligence. Our technology powers critical solutions, which empower organizations to operate with confidence. Our solutions enable the real-time identification and location of people, businesses, assets, and their interrelationships. These solutions are used for purposes including identity verification, risk mitigation, due diligence, fraud detection and prevention, regulatory compliance, and customer acquisition. Our cloud-native, AI-enabled identity intelligence platform, CORETM, is purpose-built for the enterprise, yet flexible enough for organizations of all sizes, bringing clarity to massive datasets by transforming data into intelligence. We drive workflow efficiency and enable organizations to make better data-driven decisions. With artificial intelligence and machine learning embedded directly into CORE\u2019s architecture from inception, and integrated with extensive proprietary data assets and regulated workflows, the platform enables customers to uncover actionable insights, accelerate decision-making, and operate at enterprise scale with materially reduced manual effort and operating costs. These AI-driven capabilities support the streamlining of labor-intensive workflows through automated, intelligence-driven processes that materially enhance efficiency and outcomes across risk management, compliance, and investigative functions. Organizations are challenged by the structure, volume, velocity, and disparity of data. Our platform and applications provide real-time analytics, transforming the way our customers interact with information by presenting connections and relevance of information otherwise unattainable, which drives actionable insights and better outcomes. Leveraging cloud-native proprietary technology and applying machine learning and advanced analytical capabilities, CORE provides essential solutions to public and private sector organizations through intuitive, easy-to-use analytical interfaces. With extensive data assets consisti Item 1. Business. This business description should be read in conjunction with our audited consolidated financial statements and accompanying notes thereto appearing elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025 (the \u201c2025 Form 10-K\u201d), which are incorporated herein by this reference. Company Overview Red Violet, Inc. (\u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cred violet,\u201d or the \u201cCompany\u201d), a Delaware corporation, is dedicated to making the world a safer place and reducing the cost of doing business. We build proprietary technologies and apply analytical capabilities to deliver identity intelligence. Our technology powers critical solutions, which empower organizations to operate with confidence. Our solutions enable the real-time identification and location of people, businesses, assets, and their interrelationships. These solutions are used for purposes including identity verification, risk mitigation, due diligence, fraud detection and prevention, regulatory compliance, and customer acquisition. Our cloud-native, AI-enabled identity intelligence platform, CORETM, is purpose-built for the enterprise, yet flexible enough for organizations of all sizes, bringing clarity to massive datasets by transforming data into intelligence. We drive workflow efficiency and enable organizations to make better data-driven decisions. With artificial intelligence and machine learning embedded directly into CORE\u2019s architecture from inception, and integrated with extensive proprietary data assets and regulated workflows, the platform enables customers to uncover actionable insights, accelerate decision-making, and operate at enterprise scale with materially reduced manual effort and operating costs. These AI-driven capabilities support the streamlining of labor-intensive workflows through automated, intelligence-driven processes that materially enhance efficiency and outcomes across risk management, compliance, and investigative functions. Organizations are challen Item 1A. Risk Factors. Our business, financial condition, operating results, and cash flows may be impacted by a number of factors, many of which are beyond our control, including those set forth below and elsewhere in this 2025 Form 10-K, the occurrence of any one of which could have a material adverse effect on our actual resu", "title": "RDVT - Red Violet, Inc.", "url": "/company/RDVT/" }, { "kind": "company", "summary": "SIC 1000 Metal Mining; CIK 0001512228; latest 10-K filed 2025-09-11.", "text": "NB - NIOCORP DEVELOPMENTS LTD SIC 1000 Metal Mining; CIK 0001512228; latest 10-K filed 2025-09-11. NB NIOCORP DEVELOPMENTS LTD 0001512228 1000 Metal Mining ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) provides information that management believes is relevant to an assessment and understanding of the consolidated financial condition and results of operations of NioCorp and subsidiaries. This item should be read in conjunction with our consolidated financial statements and the notes thereto included in this Annual Report on Form 10-K. Summary of Consolidated Financial and Operating Performance The Company had no revenues from mining operations during the fiscal years presented below. Operating expenses incurred related primarily to performing exploration and feasibility study related activities, as well as the activities necessary to support corporate and shareholder duties. [[GREPCENT_TABLE]] [[\"\",\"\",\"For the year ended June 30,\"],[\"\",\"\",\"2025\",\"\",\"2024\"],[\"\",\"\",\"($000)\"],[\"Operating expenses\",\"\",\"$\",\"11,958\",\"\",\"\",\"$\",\"13,757\"],[\"Net loss attributable to the Company\",\"\",\"\",\"(17,405\",\")\",\"\",\"\",\"(11,435\",\")\"],[\"Net loss per share (basic and diluted)\",\"\",\"\",\"(0.36\",\")\",\"\",\"\",\"(0.31\",\")\"]] [[/GREPCENT_TABLE]] The net loss attributable to the Company increased to $17.4 million for fiscal year 2025 from $11.4 million for fiscal year 2024. This increased net loss in fiscal year 2025 as compared to fiscal year 2024 is primarily due to the fiscal year 2025 recognition of non-cash losses related to the valuation of the Earnout Share and Warrant liabilities, partially offset by lower interest expense, financial instrument fair values, and operating expenses. Results of Operations The Company had no revenues from mining operations during the fiscal years presented below. Operating expenses incurred related primarily to performing exploration and feasibility study related activities, and the activities necessary to support corporate and shareholder duties, as detailed in the following table: 45 [[GREPCENT_TABLE]] [[\"\",\"For the year ended June 30,\"],[\"\",\"2025\",\"\",\"\",\"2024\"],[\"\",\"($000)\"],[\"Operating expenses:\"],[\"Employee related costs\",\"$\",\"1,944\",\"\",\"\",\"$\",\"3,509\"],[\"Professional fees\",\"\",\"2,237\",\"\",\"\",\"\",\"3,533\"],[\"Exploration expenditures\",\"\",\"4,135\",\"\",\"\",\"\",\"2,552\"],[\"Other operating expenses\",\"\",\"3,642\",\"\",\"\",\"\",\"4,163\"],[\"Total operating expenses\",\"\",\"11,958\",\"\",\"\",\"\",\"13,757\"],[\"Change in fair value of earnout shares liability\",\"\",\"2,063\",\"\",\"\",\"\",\"(6,704\",\")\"],[\"Change in fair value of warrant liabilities\",\"\",\"4,093\",\"\",\"\",\"\",\"(1,875\",\")\"],[\"Change in fair value of convertible note\",\"\",\"40\",\"\",\"\",\"\",\"2,542\"],[\"Interest expense\",\"\",\"48\",\"\",\"\",\"\",\"4,490\"],[\"Foreign exchange gain\",\"\",\"(5\",\")\",\"\",\"\",\"(31\",\")\"],[\"Interest income\",\"\",\"(94\",\")\",\"\",\"\",\"-\"],[\"Other gains\",\"\",\"(122\",\")\",\"\",\"\",\"(147\",\")\"],[\"Loss on equity securities\",\"\",\"1\",\"\",\"\",\"\",\"5\"],[\"Income tax benefit\",\"\",\"-\",\"\",\"\",\"\",\"(139\",\")\"],[\"Loss attributable to noncontrolling interest\",\"\",\"(577\",\")\",\"\",\"\",\"(463\",\")\"],[\"Net loss attributable to the Company\",\"$\",\"(17,405\",\")\",\"\",\"$\",\"(11,435\",\")\"]] [[/GREPCENT_TABLE]] Fiscal Year 2025 as Compared to Fiscal Year 2024 Significant items affecting operating expenses are noted below: Employee-related expenditures decreased in fiscal year 2025 as compared to fiscal year 2024 primarily due to a reduction in the number of Options issued to employees and the impact of a lower stock price on the Black-Scholes modeling results. Professional fees decreased for fiscal year 2025 as compared to fiscal year 2024, primarily due to higher costs incurred in 2024 related to the timing of legal services associated with the Company\u2019s SEC registration statements filed in October 2023, as well as increased audit fees associated with the Company\u2019s June 30, 2023 financial statements and increased review fees in connection with the Company\u2019s September 30, 2023 financial statements. Exploration expenditures increased for fiscal year 2025 as compared to 2024, as fiscal year 2025 costs incl ITEM 1. BUSINESS Introduction NioCorp Developments Ltd. (\u201cNioCorp,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or the \u201cCompany\u201d) was incorporated under the laws of the Province of British Columbia under the Business Corporations Act (British Columbia) on February 27, 1987, under the name \u201cIPC International Prospector Corp.\u201d On May 22, 1991, we changed our name to \u201cKingston Resources Ltd.\u201d On June 29, 2001, we changed our name to \u201cButler Developments Corp.\u201d On February 12, 2009, we changed our name to \u201cButler Resource Corp.\u201d On March 4, 2010, we changed our name to \u201cQuantum Rare Earth Developments Corp.\u201d On March 4, 2013, we changed our name to \u201cNioCorp Developments Ltd.\u201d NioCorp is a United States Securities and Exchange Commission (\u201cSEC\u201d) reporting company, and we are also a Canadian reporting issuer in British Columbia, Alberta, Saskatchewan, Ontario, and New Brunswick. Our registered and records office is located at 1133 Melville Street, Suite 3500, Vancouver, British Columbia V6E 4E5 (ATTN: Blake, Cassels & Graydon LLP). Our principal executive office is located at 7000 South Yosemite Street, Suite 115, Centennial, Colorado 80112. Business Operations NioCorp, through ECRC (as defined below), is developing a critical minerals project that, if and when developed, will produce niobium, scandium, titanium, and potentially, rare earth products. Known as the \u201cElk Creek Project,\u201d it is located near Elk Creek, Nebraska, in the southeast portion of the state. [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Niobium is used to produce various superalloys that are extensively used in high performance aircraft and jet turbines. It also is used in high-strength, low-alloy steel, a stronger steel used in automobiles, bridges, structural systems, buildings, pipelines, and other applications that generally enables those applications to be stronger and lighter in mass. This \\u201clightweighting\\u201d benefit often results in environmental benefits, including reduced fuel consumption and material usage, which ca ITEM 1A. RISK FACTORS Our business activities are subject to significant risks, including those described below. You should carefully consider these risks. If any of the described risks occur, our business, financial position, and results of operations could be materially adversely affected. Such risks are not the only ones we face, and additional risks and un", "title": "NB - NIOCORP DEVELOPMENTS LTD", "url": "/company/NB/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001838406; latest 10-K filed 2026-03-06.", "text": "BKV - BKV Corp SIC 1311 Crude Petroleum & Natural Gas; CIK 0001838406; latest 10-K filed 2026-03-06. BKV BKV Corp 0001838406 1311 Crude Petroleum & Natural Gas ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included in Item 8 of Part II, Financial Statements and Supplementary Data in this Annual Report on Form 10-K. This Annual Report on Form 10-K contains certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Certain statements contained in the Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations are forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions, and projections about our industry, business, and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed in other sections of this Annual Report on Form 10\u2011K. See Item 1A of Part I, \u201cRisk Factors\u201d and under \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Overview We are a forward-thinking, growth-driven energy company focused on creating long-term risk-adjusted stockholder value through the development of natural gas producing assets, the ownership and operation of natural gas-fired power generation assets, and selective accretive acquisitions. Our core businesses are the production of natural gas and the generation of natural gas-fired power from our owned and operated assets, supported by a closed-loop strategy enabled by our upstream, midstream, power, and CCUS businesses. Our operations are supported by four business lines: natural gas production, natural gas midstream, power generation, and CCUS. Our operating approach is designed around a closed-loop model that aligns these business lines to support cost efficiency, commercial optimization, and operational reliability across the value chain. Through this approach, we retain operational control over the production, transportation, and processing of natural gas and provide multiple platforms for disciplined capital deployment, while meeting growing demand for low carbon natural gas and power. For example, in the Barnett Shale, natural gas produced from our upstream assets is gathered and transported in part through our midstream systems. In November 2023, we commenced sequestration operations at our first CCUS project, and we currently expect our second and third CCUS projects to commence sequestration activities in the first and second quarter of 2026 with additional CCUS growth opportunities beyond 2026. Further, we are pursuing a power growth strategy that aligns with both our natural gas and CCUS businesses. As part of our ongoing operations, we expect our owned and operated upstream and natural gas midstream businesses to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions during the early 2030s and net-zero Scope 1, Scope 2, and Scope 3 emissions by the late 2030s. We believe our business model, experienced management team, and disciplined technology-enabled operations support our ability to create long-term, risk-adjusted stockholder value. Recent Developments \u2022Equity Offering. On December 3, 2025, we completed an underwritten public offering of 6,900,000 shares of common stock for net proceeds of $170.1 million (the \"2025 Equity Offering\"). We used the net proceeds from the 2025 Equity Offering to fund the cash consideration for the BKV-BPP Power Joint Venture Transaction and related expenses. For additional information, see Note 1 - Business and Basis of Presentation and Note 13 - Stockholders' Equity and Mezzanine Equity. \u2022BKV-BPP Power Joint Venture Transaction. On January 30, 2026, we completed the previously announced BKV-BPP Power Joint Venture Transa ITEM 1. BUSINESS Overview BKV Corporation (\u201cBKV,\u201d the \u201cCompany,\u201d \u201cour,\u201d \u201cwe,\u201d and \u201cus\u201d) is a forward-thinking, growth-driven energy company focused on creating long-term risk-adjusted stockholder value through the development of natural gas producing assets, the ownership and operation of natural gas-fired power generation assets, and selective accretive acquisitions. Our core businesses are the production of natural gas and the generation of natural gas-fired power from our owned and operated assets, supported by a closed-loop strategy enabled by our upstream, midstream, power, and CCUS businesses. Our operations are supported by four business lines: natural gas production, natural gas midstream, power generation, and CCUS. Our operating approach is designed around a closed-loop model that aligns these business lines to support cost efficiency, commercial optimization, and operational reliability across the value chain. Through this approach, we retain operational control over the production, transportation, and processing of natural gas and provide multiple platforms for disciplined capital deployment, while meeting growing demand for low carbon natural gas and power. For example, in the Barnett Shale, natural gas produced from our upstream assets is gathered and transported in part through our midstream systems. In November 2023, we commenced sequestration operations at our first CCUS project, and we currently expect our second and third CCUS projects to commence sequestration activities during the first and second quarter of 2026 with additional CCUS growth opportunities beyond 2026. Further, we are pursuing a power growth strategy that aligns with both our natural gas and CCUS businesses. As part of our ongoing operations, we expect our owned and operated upstream and natural gas midstream businesses to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions during the early 2030s and net-zero Scope 1, Scope 2, and Scope 3 emissions by the late 2030s ITEM 1A. RISK FACTORS The following risk factors should be considered in evaluating our business and future prospects, in addition to other information included in this Annual Report on Form 10-K. Additional risk factors not presently known to us, or currently considered immaterial, may also have an adverse impact on our business, financial condition,", "title": "BKV - BKV Corp", "url": "/company/BKV/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001630472; latest 10-K filed 2026-02-17.", "text": "TRTX - TPG RE Finance Trust, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001630472; latest 10-K filed 2026-02-17. TRTX TPG RE Finance Trust, Inc. 0001630472 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Form 10-K. In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those in this discussion as a result of various factors, including but not limited to those discussed in Part, 1. Item 1A, \u201cRisk Factors\u201d in this Form 10-K. This section discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. Overview We are a commercial real estate finance company externally managed by TPG RE Finance Trust Management, L.P., an affiliate of our sponsor TPG. We directly originate, acquire and manage commercial mortgage loans and other commercial real estate-related debt instruments in North America for our balance sheet. Our objective is to provide attractive risk-adjusted returns to our stockholders over time through cash distributions and capital appreciation. To meet our objective, we focus primarily on directly originating and selectively acquiring floating rate first mortgage loans that are secured by high quality commercial real estate properties undergoing some form of transition and value creation, such as retenanting, refurbishment or other form of repositioning. The collateral underlying our loans is located in primary and select secondary markets in the U.S. that we believe have attractive economic conditions and commercial real estate fundamentals. We operate our business as one segment. We made an election to be taxed as a REIT for U.S. federal income tax purposes, commencing with our initial taxable year ended December 31, 2014. We believe we have been organized and have operated in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code and we believe that our organization and current and intended manner of operation will enable us to continue to meet the requirements for qualification and taxation as a REIT. As a REIT, we generally are not subject to U.S. federal income tax on our REIT taxable income that we distribute currently to our stockholders. We operate our business in a manner that permits us to maintain an exclusion or exemption from registration under the Investment Company Act. Our Manager We are externally managed by our Manager, TPG RE Finance Trust Management, L.P., an affiliate of TPG. TPG is a leading global alternative asset manager with $303 billion in assets under management as of December 31, 2025. TPG offers a broad range of investment strategies across the alternative asset management landscape, primarily in private equity, credit, and real estate. Our Manager manages our investments and our day-to-day business and affairs in conformity with our investment guidelines and other policies that are approved and monitored by our board of directors. Our Manager is responsible for, among other matters, the selection, origination or purchase and sale of our portfolio investments, our financing activities and providing us with investment advisory services. Our Manager is also responsible for our day-to-day operations and performs (or causes to be performed) such services and activities relating to our investments and business and affairs as may be appropriate. Our investment decisions are approved by an investment committee of our Manager that is comprised of senior investment Item 1. Business. Company and Organization TPG RE Finance Trust, Inc. is a commercial real estate finance company externally managed by TPG RE Finance Trust Management, L.P., an affiliate of TPG. Our principal executive offices are located at 888 Seventh Avenue, 35th Floor, New York, New York 10106. We are organized as a holding company and conduct our operations primarily through TPG RE Finance Trust Holdco, LLC (\u201cHoldco\u201d), a wholly owned Delaware limited liability company, and Holdco\u2019s direct and indirect subsidiaries. We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our REIT taxable income to the extent that we annually distribute all of our REIT taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion or exemption from registration under the Investment Company Act. We operate our business as one segment. Our principal business activity is to directly originate and acquire a diversified portfolio of commercial real estate-related assets, consisting primarily of first mortgage loans and senior participation interests in first mortgage loans secured by institutional-quality properties in primary and select secondary markets in the United States. Manager We are externally managed by our Manager, TPG RE Finance Trust Management, L.P., an affiliate of TPG. TPG is a leading global alternative asset manager with $303 billion in assets under management as of December 31, 2025. TPG offers a broad range of investment strategies across the alternative asset management landscape, primarily in private equity, credit, and real estate. Our Manager manages our investments and our day-to-day business and affairs in conformity with our investment guidelines and other policies that are approved and monitored by our board of directors. Our Manager is responsible for, among other matters, the s Item 1A. Risk Factors. The following is a summary of the principal risks and uncertainties that could materially adversely affect our business, financial condition and results of operations. This summary should be read together with the more detailed risk factors contained below. Risks Related to Our Lending and", "title": "TRTX - TPG RE Finance Trust, Inc.", "url": "/company/TRTX/" }, { "kind": "company", "summary": "SIC 4833 Television Broadcasting Stations; CIK 0001109116; latest 10-K filed 2026-03-05.", "text": "EVC - ENTRAVISION COMMUNICATIONS CORP SIC 4833 Television Broadcasting Stations; CIK 0001109116; latest 10-K filed 2026-03-05. EVC ENTRAVISION COMMUNICATIONS CORP 0001109116 4833 Television Broadcasting Stations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our consolidated results of operations and cash flows for the years ended December 31, 2025, 2024 and 2023 and consolidated financial condition as of December 31, 2025 and 2024 should be read in conjunction with our consolidated financial statements and the related notes included elsewhere in this annual report on Form 10-K. The discussion and analysis of our financial condition and results of operations for 2025 compared to 2024 appears below. As a smaller reporting company, we have chosen to omit the discussion and analysis of our financial condition and results of operations for 2024 compared to 2023. OVERVIEW We are a global media and advertising technology company. We have organized our operations into two reportable segments, media and ATS, and we manage and report our financial results through these two operating segments. Our Media business owns and operates one of the largest groups of Spanish-language television and radio stations in the United States. Our mission is to serve our Latino audience as a trusted provider of news, information, and entertainment. We serve our advertisers by providing marketing capabilities across broadcast and digital media. Our ATS business empowers advertisers, primarily mobile app developers, to grow their businesses globally. We provide programmatic advertising solutions through two brands. Smadex is our demand-side platform, which uses proprietary AI to automate media buying. Adwake is our performance-based digital marketing agency. In 2024, we discontinued and divested a significant portion of our operations, which consisted primarily of several acquisitions that had been completed prior to 2024, and which operations comprised the majority of our former digital segment. Our net revenue for the year ended December 31, 2025 was $447.6 million. Of this amount, revenue generated by our media segment accounted for approximately 39%, and revenue generated by our advertising technology & services segment accounted for approximately 61% of total revenue. See \"Item 1. Business\" for detailed information about our business, the industry in which we operate, certain industry trends and important recent business developments. 2025 Highlights During the year ended December 31, 2025, our revenue grew by double digits, driven primarily by revenue growth of 90% in our advertising technology & services segment, partially offset by a decrease in revenue in our media segment compared to the year ended December 31, 2024. In addition, during the year ended December 31, 2025: \u2022 investments in the AI capabilities of our platform and increased sales capacity enabled ATS to increase monthly active advertisers and revenue per monthly active advertiser. \u2022 amended our original 2023 Credit Agreement, or the original 2023 Credit Agreement, to provide more financial flexibility and accelerate debt reduction. \u2022 we continued to reduce our debt by making a voluntary prepayment of $10 million and scheduled amortization payments of $10 million under our Credit Facility. \u2022 management began to implement an ongoing organization design plan (the \"Plan\") to support revenue growth and reduce expenses, primarily in our media operations. As management continues to implement the Plan, and evaluate its early results, further changes may be made if management believes that is appropriate. For more details see Note 2 to Notes to Consolidated Financial Statements. Dispositions See Note 3 to Notes to Consolidated Financial Statements for details. 28 RESULTS OF OPERATIONS Separate financial data for each of our operating segments is provided below. Segment operating profit (loss) is defined as operating profit (loss) before corporate expenses, change in fair value of contingent consideration, impairment charge, other operating (gain) loss, and foreign currency (gain) loss. We evaluate the perfor ITEM 1. BUSINESS The discussion of the business of Entravision Communications Corporation and its wholly-owned subsidiaries, or Entravision or the Company, is as of the date of filing this report, unless otherwise indicated. Overview Entravision is a media and advertising technology company. Our Media business owns and operates one of the largest groups of Spanish-language television and radio stations in the United States. Our mission is to serve our Latino audience as a trusted provider of news, information, and entertainment. We serve our advertisers by providing marketing capabilities across broadcast and digital media. Our Advertising Technology & Services (ATS) business empowers advertisers, primarily mobile app developers, to grow their businesses globally. We provide programmatic advertising solutions through two brands. Smadex is our demand-side platform, which uses proprietary AI to automate media buying. Adwake is our performance-based digital marketing agency. We manage and report our financial results through these two operating segments: media and ATS. Our net revenue for the year ended December 31, 2025 was $447.6 million. Of this amount, revenue generated by our media segment accounted for approximately 39%, and revenue generated by our ATS segment accounted for approximately 61% of total revenue. MEDIA We own and/or operate one of the largest groups of Spanish-language television and radio stations in the United States. Our assets include 47 television stations and 44 radio stations. These stations are concentrated in 13 of the 20 highest-density Latino markets in the United States. We also provide digital marketing services for businesses targeting Latino consumers. We believe the Latino market is a long-term driver of the U.S. economy. There are 68 million Latinos in the United States. This group accounted for 56 percent of total U.S. population growth between 2010 and 2024, according to the U.S. Census Bureau. The median age of U.S. Lat ITEM 1A. RISK FACTORS Risks in our Media Operations We operate in highly competitive industries subject to changing technologies, and we may not be able to compete successfully. We operate in highly competitive industries. Our television and radio stations compete for audiences and advertising with other television", "title": "EVC - ENTRAVISION COMMUNICATIONS CORP", "url": "/company/EVC/" }, { "kind": "company", "summary": "SIC 8071 Services-Medical Laboratories; CIK 0001447362; latest 10-K filed 2026-02-26.", "text": "CSTL - CASTLE BIOSCIENCES INC SIC 8071 Services-Medical Laboratories; CIK 0001447362; latest 10-K filed 2026-02-26. CSTL CASTLE BIOSCIENCES INC 0001447362 8071 Services-Medical Laboratories Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of financial condition and results of operations together with our consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. This discussion and other parts of this Annual Report on Form 10-K contain forward-looking statements that involve risk and uncertainties, such as statements of our plans, objectives, expectations and intentions. Our actual results, performance or achievements could differ materially from any future results, performance or achievements discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the heading \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors.\u201d The following generally compares our results of operations for the years ended December 31, 2025 and 2024. A detailed discussion comparing our results of operations for the years ended December 31, 2024 and 2023 can be found in Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 27, 2025. Overview Castle Biosciences is a molecular diagnostics company offering innovative test solutions to aid clinicians in the diagnosis and treatment of dermatologic cancers, Barrett\u2019s esophagus (\u201cBE\u201d), atopic dermatitis (\u201cAD\u201d), and uveal melanoma (\u201cUM\u201d). 83 Table of Contents Our Test Portfolio We currently offer six commercially available proprietary multi-analyte assays with algorithmic analysis (\u201cMAAA\u201d) tests for use in the fields of dermatology, gastroenterology and ophthalmology, and most recently includes a test to guide systemic treatment decisions in moderate-to-severe atopic dermatitis. Our revenue is primarily generated by our DecisionDx-Melanoma risk stratification test for cutaneous melanoma (\u201cCM\u201d), our TissueCypher risk stratification test for BE which is supplemented by revenue generated from our DecisionDx-SCC risk stratification test for cutaneous squamous cell carcinoma (\u201cSCC\u201d), and our DecisionDx-UM risk stratification test for UM. All of our MAAA tests, excluding our recently launched AdvanceAD-Tx test, have been granted Advanced Diagnostic Laboratory Test (\u201cADLT\u201d) status by the Centers for Medicare and Medicaid (\u201cCMS\u201d) which means each test has demonstrated that (i) when combined with an empirically derived algorithm, it yields a result that predicts the probability a specific individual patient will develop a certain condition or conditions, or will respond to a particular therapy or therapies; and (ii) it provides new clinical diagnostic information that cannot be obtained from any other test or combination of tests. We believe this designation not only demonstrates our focus on developing and validating innovative tests but also enables our Medicare reimbursement rate to be set, over the long-term, by the median private payor rate, which we believe provides a fair exchange of value. Further information about Medicare coverage and ADLT status with respect to each of our tests is set forth below. Test Overview Our Dermatology Tests DecisionDx-Melanoma is our proprietary risk stratification gene expression profile (\u201cGEP\u201d) test designed to predict the likelihood of a positive sentinel lymph node and the risk of metastasis or recurrence, for patients diagnosed with invasive CM. In a typical year, we estimate approximately 130,000 patients are diagnosed with invasive CM in the U.S., representing an estimated U.S. total addressable market (\u201cTAM\u201d) of approximately $540 million. We estimate that approximately 50% of patients diagnosed with CM are 65 years of age or older. AdvanceAD-Tx is a non-invasive GEP test designed to guide systemic treatment selection for patients age Item 1. Business. As used in this Annual Report on Form 10-K, unless the context indicates or otherwise requires, \u201cCastle Biosciences,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Castle Biosciences, Inc., a Delaware Corporation. Overview Castle Biosciences is a molecular diagnostics company offering innovative test solutions to aid clinicians in the diagnosis and treatment of dermatologic cancers, Barrett\u2019s esophagus (\u201cBE\u201d), atopic dermatitis (\u201cAD\u201d), uveal melanoma (\u201cUM\u201d). Since our inception in 2008, it has been our vision to transform disease management by keeping people first: patients, clinicians, employees and investors. This foundational strategy remains the guidepost for the direction of our company and the basis of long-term value creation. Our Testing Solutions Our tests are designed to deliver personalized information to help better inform clinical care decisions. For our core tissue-based tests, we use multi-analyte assays with algorithmic analysis (\u201cMAAA\u201d) to characterize an individual patient\u2019s biology and generate clinically actionable information. Depending on the specific test, this information may be used to provide information to help guide treatment and patient management decisions including potential responsiveness to therapy and to assist in the diagnosis of a disease. Test Portfolio and Market Overview Our portfolio consists of test offerings to aid clinicians in the diagnosis and treatment of cancers or precancerous diagnoses in the fields of dermatology, gastroenterology and ophthalmology, and most recently includes a test to guide systemic treatment decisions in patients with moderate-to-severe AD. Maintaining commercial success for our existing test portfolio requires generating ongoing evidence, such as clinical performance and clinical use documentation, to support appropriate clinician adoption, reimbursement success and guideline inclusion. The clinical validity and utility of our test portfolio is supported by peer-reviewed Item 1A. Risk Factors. Risk Factors You should consider carefully the risks described below, as well as the other information in this Annual Report on Form 10\u2011K, before deciding whether to purchase, hold or sell shares of our common stock. The occurrence of any of the following risks could harm our business, financial condition, r", "title": "CSTL - CASTLE BIOSCIENCES INC", "url": "/company/CSTL/" }, { "kind": "company", "summary": "SIC 3861 Photographic Equipment & Supplies; CIK 0000031235; latest 10-K filed 2026-03-12.", "text": "KODK - EASTMAN KODAK CO SIC 3861 Photographic Equipment & Supplies; CIK 0000031235; latest 10-K filed 2026-03-12. KODK EASTMAN KODAK CO 0000031235 3861 Photographic Equipment & Supplies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand the results of operations and financial condition of Kodak and should be read in conjunction with the consolidated financial statements and notes thereto included in Part II, Item 8. \u201cFinancial Statements and Supplementary Data\u201d (\u201cItem 8\u201d) of this Annual Report on Form 10-K. All references to Notes relate to Notes to the Financial Statements in Item 8. CAUTIONARY STATEMENT PURSUANT TO SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This report on Form 10-K includes \"forward\u2013looking statements\" as that term is defined under the Private Securities Litigation Reform Act of 1995. Forward\u2013looking statements include statements concerning Kodak\u2019s plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, liquidity, investments, financing needs and business trends and other information that is not historical information. When used in this document, the words \u201cestimates,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cprojects,\u201d \u201cplans,\u201d \u201cintends,\u201d \u201cbelieves,\u201d \u201cpredicts,\u201d \u201cforecasts,\u201d \u201cstrategy,\u201d \u201ccontinues,\u201d \u201cgoals,\u201d \u201ctargets\u201d or future or conditional verbs, such as \u201cwill,\u201d \u201cshould,\u201d \u201ccould,\u201d or \u201cmay,\u201d and similar words and expressions, as well as statements that do not relate strictly to historical or current facts, are intended to identify forward\u2013looking statements. All forward\u2013looking statements, including management\u2019s examination of historical operating trends and data, are based upon Kodak\u2019s current expectations and assumptions. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results or outcomes, or timing of actual results or outcomes, to differ materially from historical results or those expressed in or implied by such forward-looking statements. Important factors that could cause actual events, results or outcomes, or their timing, to differ materially from the forward-looking statements include, among others, the risks and uncertainties described in more detail in this report on Form 10\u2013K under the headings \u201cBusiness,\u201d \u201cRisk Factors,\u201d \u201cLegal Proceedings\u201d and/or \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u2013Liquidity and Capital Resources,\u201d and in other filings the Company makes with the SEC from time to time, as well as the following: \u2022 Kodak\u2019s ability to improve and sustain its operating structure, cash flow, profitability and other financial results; \u2022 Kodak\u2019s ability to achieve strategic objectives, cash forecasts, financial projections, and projected growth; \u2022 Kodak\u2019s ability to achieve the financial and operational results contained in its business plans; \u2022 Changes in commodity prices, tariff rates, foreign currency exchange rates and interest rates; \u2022 Kodak\u2019s ability to obtain additional or alternate financing if and as needed, Kodak's continued ability to manage world-wide cash through intercompany loans, distributions and other mechanisms, and Kodak's ability to provide or facilitate financing for its customers; \u2022 Kodak\u2019s ability to fund continued investments, capital needs and collateral requirements and service its debt and Series B Preferred Stock; \u2022 The impact of the global economic environment, including inflationary pressures, geopolitical issues, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, medical epidemics and Kodak\u2019s ability to effectively mitigate or recoup the associated increased costs of aluminum, silver and other raw materials, energy, labor, shipping, delays in shipment and production times, and fluctuations in demand; \u2022 Kodak\u2019s ability to effectively compete with large, well-financed industry participants or with competitors whose cost s ITEM 1. BUSINESS When used in this report, unless otherwise indicated, \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d the \u201cCompany\u201d and \u201cKodak\u201d refer to the consolidated company on the basis of consolidation described in Note 1 to the consolidated financial statements in Part II, Item 8, \u201cFinancial Statements and Supplementary Data\u201d of this Form 10-K Report. Kodak is a global manufacturer focused on commercial print and advanced materials and chemicals. With 79,000 patents earned over 130 years of research and development (\"R&D\"), Kodak believes in the power of technology and science to enhance what the world sees and creates. Kodak's innovative, award-winning products, combined with its customer-first approach, make us the partner of choice for commercial printers worldwide. Kodak is committed to environmental stewardship, including industry leadership in developing sustainable solutions for print. The Company was founded by George Eastman in 1880 and incorporated in 1901 in the State of New Jersey. Kodak is headquartered in Rochester, New York. DESCRIPTION OF THE BUSINESS Kodak\u2019s operations are classified into three reportable segments: Print, Advanced Materials and Chemicals, and Brand. The balance of Kodak\u2019s continuing operations, which do not meet the criteria of a reportable segment, are reported in All Other and primarily represent the Eastman Business Park (\"EBP\") operations. Print The Print segment is comprised of four lines of business: the Prepress Solutions business, the Prosper business, the Software business and the Electrophotographic Printing Solutions business. Print segment products include digital offset plate offerings and computer-to-plate (\u201cCTP\u201d) imaging solutions, production press systems, consumables (primarily ink), inkjet components, software and services, and high-quality digital printing solutions using electrically charged toner-based technology. The Print segment serves a variety of commercial industries, including commercial print, direct mail, book publis ITEM 1A. RISK FACTORS Kodak operates in rapidly changing economic and technological environments which present numerous risks and uncertainties. The risk factors described below, if realized, could have a material adverse effect on Kodak\u2019s business, financial condition, and results of operations and make an investment in our secu", "title": "KODK - EASTMAN KODAK CO", "url": "/company/KODK/" }, { "kind": "company", "summary": "SIC 2810 Industrial Inorganic Chemicals; CIK 0000060714; latest 10-K filed 2026-02-26.", "text": "LXU - LSB INDUSTRIES, INC. SIC 2810 Industrial Inorganic Chemicals; CIK 0000060714; latest 10-K filed 2026-02-26. LXU LSB INDUSTRIES, INC. 0000060714 2810 Industrial Inorganic Chemicals ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This discussion is intended to provide a reader of our financial statements with management\u2019s perspective on our financial condition, results of operations, liquidity, and certain other factors that may affect our future results. Investors should read the following discussion and analysis in conjunction with the consolidated financial statements and related notes included in \u201cItem 8. Financial Statements and Supplementary Data.\u201d Notes referenced in this discussion and analysis refer to the notes to consolidated financial statements that are found in \u201cItem 8. Financial Statements and Supplementary Data\u2014Notes to Consolidated Financial Statements.\u201d Certain statements contained in this discussion may be deemed to be forward-looking statements. See \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the section entitled \u201cRisk Factors.\u201d Unless we state otherwise or the context otherwise requires, the terms \u201cLSB,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and the \u201cCompany\u201d refer to LSB Industries, Inc. and its consolidated subsidiaries. Overview LSB is headquartered in Oklahoma City, Oklahoma and we manufacture and sell chemical products for the agricultural and industrial markets. We own and operate three multi-plant facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma, and operate a facility on behalf of Covestro LLC in Baytown, Texas. Our products are sold through distributors and directly to end customers, primarily throughout the United States and parts of Canada, and to explosives manufacturers in the United States and other parts of North America. Key Operating Initiatives for 2026 We expect our future results of operations and financial condition to benefit from the following key initiatives: \u2022 Invest to improve Environmental, Health & Safety at our Facilities. We prioritize high safety standards that not only enable us to protect what matters, which is the well-being of our employees, but also translates into improved plant performance. We remain focused on our safety programs to move closer to attaining zero injuries. We continue to invest additional capital across our facilities to build upon the progress we have made in implementing enhanced safety programs during the last several years. \u2022 Improve the Reliability at our Facilities while Supplying our Customers with Products of the Highest Quality. Improving the reliability of our facilities while supplying customers with high-quality products remains a key operational focus. We have several initiatives underway aimed at increasing production volumes of ammonia and downstream products through improved operational execution and asset reliability. Progress in these areas is expected to support higher available production and improved unit cost performance over time, while we continue to maintain a strong focus on product quality and customer requirements. \u25aa Turnaround Excellence: We will continue to focus on the safe and effective execution of scheduled Turnarounds, with an emphasis on schedule adherence, cost control, and minimizing operational risk. We will continue to apply our standardized Turnaround management practices across all sites, including its revised Turnaround Standard, to support consistent execution and long-term asset reliability. \u25aa Mechanical Integrity: We will continue to enhance mechanical integrity through ongoing refinement of our inspection programs, with the objective of reducing fixed equipment failures and unplanned downtime. \u25aa Asset Care Strategies: We will continue to advance our machinery and asset care strategies, with a focus on reducing unplanned downtime, optimizing the scope and duration of planned outages, and ITEM 1. BUSINESS Overview All references to \u201cLSB Industries,\u201d \u201cLSB,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to LSB Industries, Inc. and its subsidiaries on a consolidated basis, except where the context makes clear that the reference is only to LSB Industries, Inc. itself and not its subsidiaries. Notes referenced throughout this document refer to consolidated financial statement footnote disclosures that are found in \u201cItem 8. Financial Statements and Supplementary Data\u201d of this report. Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto under the heading \u201cSpecial Note Regarding Forward-Looking Statements \u2013 Defined Terms.\u201d LSB is a Delaware corporation, formed in 1968, and headquartered in Oklahoma City, Oklahoma. LSB is committed to playing a leadership role in the production of low and no carbon products that build, feed and power the world. We seek to accomplish this goal through the manufacture and marketing of essential products for the agricultural and industrial markets, and in the future, low and no carbon products, all with an emphasis on a culture of excellence in customer experience. The Company manufactures ammonia and ammonia-related products in El Dorado, Arkansas (the \u201cEl Dorado Facility\u201d), Cherokee, Alabama (the \u201cCherokee Facility\u201d), and Pryor, Oklahoma (the \u201cPryor Facility\u201d), and operates a facility on behalf of Covestro LLC (\u201cCovestro\u201d) in Baytown, Texas (the \u201cBaytown Facility\u201d). Our products are sold through distributors and directly to end customers, such as farmers, ranchers, and fertilizer dealers, throughout the United States and parts of Canada, and to explosives manufacturers in the United States and other parts of North America. Our Business Our business manufactures products for two principal markets: (a) Industrial and (b) Agricultural. The chart below highlights representative products and applications in each of our end markets. The products we manufacture at our facilities are primarily der ITEM 1A. RISK FACTORS Risks Relating to Our Business Cost and the lack of availability of raw materials could materially affect our profitability. Our sales and profits are heavily affected by the costs and availability of primary raw materials. These primary raw materials are typically subject to considerable price volatility,", "title": "LXU - LSB INDUSTRIES, INC.", "url": "/company/LXU/" }, { "kind": "company", "summary": "SIC 3578 Calculating & Accounting Machines (No Electronic Computers); CIK 0000708821; latest 10-K filed 2026-02-26.", "text": "PAR - PAR TECHNOLOGY CORP SIC 3578 Calculating & Accounting Machines (No Electronic Computers); CIK 0000708821; latest 10-K filed 2026-02-26. PAR PAR TECHNOLOGY CORP 0000708821 3578 Calculating & Accounting Machines (No Electronic Computers) Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the notes thereto included under \"Part II, Item 8. Financial Statements and Supplementary Data\" of this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed under \"Forward-Looking Statements\" above and \"Part I, Item 1A. Risk Factors\" above. The following section generally discusses year-over-year comparisons between 2025 and 2024. Discussions related to year-over-year comparisons between 2024 and 2023 are included in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 3, 2025. 2025 Operating Performance Highlights [[GREPCENT_TABLE]] [[\"Organic - Year-over-year growth of 15.0%\",\"Total - Year-over-year growth of 15.7%\"]] [[/GREPCENT_TABLE]] GAAP - Year-over-year improvement of 120 basis points (bps) Non-GAAP - Year-over-year improvement of 90 basis points (bps) Net Loss from Cont. Ops.Year-over-year improvement of $5.3 million Adjusted EBITDAYear-over-year improvement of $29.3 million Refer to \"Key Performance Indicators and Non-GAAP Financial Measures\" below for important information on key performance indicators, such as annual recurring revenue (ARR), and non-GAAP financial measures, including non-GAAP subscription service gross margin percentage and adjusted EBITDA. We use these key performance indicators and non-GAAP financial measures to evaluate our performance. 25 Table of Contents Macroeconomic Environment The tariff and supply chain environment is complex and evolving. Beginning in the second quarter of 2025, the U.S. government implemented a series of significant new tariffs, including on imports from several countries where we source certain components and hardware products. Other countries have responded with retaliatory actions or plans for retaliatory actions. There has been significant uncertainty resulting from the implementation, termination, and conditional pause of these tariffs and the situation remains fluid, including because of the U.S. Supreme Court's decision that the International Emergency Economic Powers Act does not authorize the President to impose tariffs. Additionally, increased demand for hardware products and components from AI data center construction around the world has created uncertainty as to whether these products will be available or available in needed quantities and quality or at favorable or competitive prices. We continue to monitor macroeconomic trends and uncertainties in light of continuing changes to global trade policies and supply chain pressures, which may have adverse effects on our hardware revenue and hardware gross margin. As a result of these events, we anticipate increased supply chain challenges, commodity cost volatility, and consumer and economic uncertainty. Management continues to evaluate and implement mitigating actions, including potential supply chain resiliency movements, cost or pricing measures and alternative shipping practices, if needed, as the macroeconomic environment evolves. On July 4, 2025, the One Big Beautiful Bill Act (the \"Act\") was signed into law. The Act contains changes to U.S. federal tax law, including reinstatement of immediate expensing of domestic research and development expenditures, and has multiple effective dates. The enacted legislation did not have a material impact on our annual effective tax rate for the fiscal year ended December 31, 2025, and resulted in a decrease Item 1. BUSINESS Overview PAR is a leading foodservice technology company providing omnichannel cloud-based software and hardware solutions to the restaurant industry in three major restaurant categories \u2013 quick service, fast casual, and table service \u2013 and to the retail industry, including convenience and fuel retailers (C-Stores). Our product and service offerings include point-of-sale, customer engagement and loyalty, digital ordering and delivery, operational intelligence, payment processing, hardware, and related technologies, solutions, and services. We provide enterprise restaurants, franchisees, and other foodservice outlets with operational efficiencies through a data-driven network with integration capabilities from front- and back-of-house to customer fulfillment. Our omnichannel solutions are used in more than 150,000 active restaurants and retail locations across the world. PAR\u2019s solutions are designed with flexibility and openness at their core and are engineered to scale and adapt with brands at every stage of growth. Our solutions integrate with others, yet deliver significant value when used together across our software, hardware, and payments offerings. With intentional innovation as a priority, PAR\u2019s solutions help streamline operations, drive higher engagement, and strengthen guest experiences for restaurants and retailers globally. Our Mission and Vision Our mission is to enable personalized experiences that connect people to the brands, meals, and moments they love; and our strategy to achieve this mission is grounded in delivering a unified experience across our comprehensive suite of subscription services, hardware, and professional services that simplifies our customers' operations, elevates their customer engagement, and drives their continued success. PAR's vision of unified experience is a single platform that provides seamless connections from our customers' backend systems through to their customer-facing channels enabling our Item 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. The risks described below are not the only risks or uncertainties we face. The occurrence of any of the following risks or additional risks and uncertainties not presently known to us, or that we curr", "title": "PAR - PAR TECHNOLOGY CORP", "url": "/company/PAR/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001817713; latest 10-K filed 2026-02-26.", "text": "JANX - Janux Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001817713; latest 10-K filed 2026-02-26. JANX Janux Therapeutics, Inc. 0001817713 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes included in \u201cItem 8. Financial Statements and Supplementary Data\u201d in this Annual Report on Form 10-K. The following discussion contains forward-looking statements that involve risks and uncertainties. For a complete discussion of forward-looking statements, see the section above entitled \u201cSpecial Note Regarding Forward Looking Statements.\u201d Our actual results could differ materially from those expressed or implied in any forward-looking statements as a result of various factors, including those set forth under the caption \u201cItem 1A. Risk Factors.\u201d Additionally, our discussion and analysis below are focused on our financial results and liquidity and capital resources for the years ended December 31, 2025 and 2024, including year-over-year comparisons of our financial performance and condition for these years. Discussion and analysis of the year ended December 31, 2023 specifically, as well as the year-over-year comparison of our financial performance and condition for the years ended December 31, 2024 and 2023, are located in the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in the Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 27, 2025. Overview We are an innovative clinical-stage biopharmaceutical company developing a broad pipeline of novel immunotherapies by applying our proprietary technologies to our Tumor Activated T Cell Engager (TRACTr), Tumor Activated Immunomodulator (TRACIr), and Adaptive Immune Response Modulator (ARM) platforms. The TRACTr platform produces T cell engagers (TCEs) with a tumor antigen-binding domain and a CD3 T cell binding domain, while the TRACIr platform produces bispecifics with a tumor antigen-binding domain and a costimulatory CD28 binding domain. The goal of our TRACTr and TRACIr platforms is to provide cancer patients with safe and effective therapeutics that direct and guide their immune system to eradicate tumors while minimizing safety concerns. Our initial focus is on developing a novel class of TRACTr therapeutics designed to target clinically validated TCE drug targets, while overcoming the liabilities associated with prior generations of TCEs. While TCE therapeutics have displayed potent anti-tumor activity in hematological cancers, developing TCEs to treat solid tumors has faced challenges due to the limitations of prior TCE technologies, namely (i) on-target healthy tissue immune activation that contributes to cytokine release syndrome (CRS) and healthy tissue toxicity and (ii) poor 100 Table of Contents pharmacokinetics (PK) leading to short half-life. Our first clinical candidate, JANX007, is a prostate-specific membrane antigen (PSMA) TRACTr being investigated in a Phase 1 clinical trial in adult subjects with metastatic castration-resistant prostate cancer (mCRPC). Our second clinical candidate, JANX008, is an epidermal growth factor receptor (EGFR) TRACTr being investigated in a Phase 1 clinical trial for the treatment of multiple solid tumors. Our ARM platform builds upon our expertise to redesign bispecific T cell engagers to address the limitations of conventional approaches in autoimmune diseases and oncology. The platform is designed to enable controlled T cell activation and expansion followed by contraction, with the goal of achieving deep and durable target cell depletion while improving safety and convenience. We have initiated a Phase 1 clinical study of our CD19-ARM program (JANX011), which is designed to evaluate the safety, tolerability, pharmacokinetics and pharmacodynamics of JANX011 in healthy volunteers. JANX011 is being developed for autoimmune diseases, and the initiation of this stu Item 1. Business. Unless the context otherwise requires, the terms \u201cJanux Therapeutics,\u201d \u201cJanux,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and similar references in this Annual Report on Form 10-K refer to Janux Therapeutics, Inc. Overview\u200c We are an innovative clinical-stage biopharmaceutical company developing a broad pipeline of novel immunotherapies by applying our proprietary technologies to our Tumor Activated T Cell Engager (TRACTr), Tumor Activated Immunomodulator (TRACIr), and Adaptive Immune Response Modulator (ARM) platforms. The TRACTr platform produces T cell engagers (TCEs) with a tumor antigen-binding domain and a CD3 T cell binding domain, while the TRACIr platform produces bispecifics with a tumor antigen-binding domain and a costimulatory CD28 binding domain. The goal of our TRACTr and TRACIr platforms is to provide cancer patients with safe and effective therapeutics that direct and guide their immune system to eradicate tumors while minimizing safety concerns. Our initial focus is on developing a novel class of TRACTr therapeutics designed to target clinically validated TCE drug targets, while overcoming the liabilities associated with prior generations of TCEs. While TCE therapeutics have displayed potent anti-tumor activity in hematological cancers, developing TCEs to treat solid tumors has faced challenges due to the limitations of prior TCE technologies, namely (i) on-target healthy tissue immune activation that contributes to cytokine release syndrome (CRS) and healthy tissue toxicity and (ii) poor pharmacokinetics (PK) leading to short half-life. Our first clinical candidate, JANX007, is a prostate-specific membrane antigen (PSMA) TRACTr being investigated in a Phase 1 clinical trial in adult subjects with metastatic castration-resistant prostate cancer (mCRPC). In December 2024, we announced updated interim clinical data for JANX007 demonstrating meaningful and prolonged prostate-specific antigen (PSA) reductions, evidence of anti-tumor activity, a favorable Item 1A. Risk Factors. We operate in a dynamic and rapidly changing environment that involves numerous risks and uncertainties. Certain factors may have a material adverse effect on our business, financial condition and results of operations, and you should carefully consider them. Accordingly, in evaluating our busin", "title": "JANX - Janux Therapeutics, Inc.", "url": "/company/JANX/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001459839; latest 10-K filed 2026-02-24.", "text": "SIBN - SI-BONE, Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001459839; latest 10-K filed 2026-02-24. SIBN SI-BONE, Inc. 0001459839 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes to those statements included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many important factors, including those set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in, or implied, by these forward-looking statements. The following generally compares our results of operations for the years ended December 31, 2025 and 2024. A detailed discussion comparing our results of operations for the years ended December 31, 2024 and 2023 can be found in Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 25, 2025. Overview We are a leader in developing innovative procedural solutions for compromised bone, grounded in expertise in biomechanical design and anatomy-specific innovation. As pioneers of minimally invasive treatment for sacroiliac joint dysfunction and degeneration, we developed a deep competency in addressing the challenges of low-density bone in the sacrum. With our additive manufacturing, or 3D-printing, experience developed in sacroiliac fusion, we have established a technology platform that now extends to meet critical unmet needs in thoracolumbar fixation and fusion and pelvic trauma. We market our products primarily with a direct sales force as well as a number of third-party sales agents in the United States, and with a combination of a direct sales force and sales agents in other countries. As of December 31, 2025, more than 140,000 procedures have been performed since we introduced iFuse in 2009. Factors Affecting Results of Operations and Key Performance Indicators We monitor certain key performance indicators that we believe provide us and our investors indications of conditions that may affect results of our operations. Our revenue growth rate and commercial progress is impacted by, among other things, our key performance indicators, including our ability to expand access to solutions, increase physician penetration, launch new products, address human capital needs and gain operational efficiencies. Introduce Solutions Addressing New Markets We believe we are the industry leader in pioneering anatomy-specific solutions that are grounded in our biomechanical design expertise and backed by strong clinical evidence. As pioneers of minimally invasive treatment for sacroiliac joint dysfunction and degeneration, we developed a deep competency in addressing the challenges of low-density bone in the sacrum. Over the years, we have expanded our platform of solutions to address spinopelvic fixation and pelvic trauma. Our focus on innovation has resulted in three of our platform technologies being designated as breakthrough devices by the FDA. We continue to focus on the development of products and techniques to help physicians improve the treatment of their patients with compromised bone. We continue to invest in research and development initiatives to bring new and differentiated solutions to the market that deliver on our vision of improving patient quality of life through differentiated solutions to target new segments with a clear unmet clinical need. Robust clinical evidence is central to drive adoption and favorable reimbursement, and we remain focused on continuing to set the industry standard in delivering eviden Item 1. Business. Overview We are a leader in developing innovative procedural solutions for compromised bone, grounded in expertise in biomechanical design and anatomy-specific innovation. As pioneers of minimally invasive treatment for sacroiliac joint dysfunction and degeneration, we have developed a deep competency in addressing the challenges of low-density bone in the sacrum. With our additive manufacturing, or 3D-printing, experience developed in sacroiliac fusion, we have established a technology platform that now extends to meet critical unmet needs in thoracolumbar fixation and fusion and pelvic trauma. We market our products primarily with a direct sales force as well as a number of third-party sales agents in the United States, and with a combination of a direct sales force, sales agents and resellers in other countries. As of December 31, 2025, over 140,000 procedures have been performed using our products since we introduced iFuse in 2009. Product and Applications Our products include a series of patented titanium implants and the instruments used to implant them, as well as implantable bone products. Since launching our first generation iFuse in 2009, we have launched multiple implant product lines, including iFuse 3D in 2017, iFuse TORQ in 2021, iFuse Bedrock Granite in 2022, and iFuse INTRA and iFuse TORQ TNT in 2024. In the United States, iFuse, iFuse 3D, iFuse TORQ and iFuse Bedrock Granite have clearances for applications in sacroiliac joint dysfunction, adult spinal deformity and pelvic trauma. iFuse TORQ TNT has clearances for applications in pelvic trauma and sacroiliac joint dysfunction. In the European Economic Areas, iFuse, iFuse 3D and iFuse TORQ have been CE marked for applications in sacroiliac joint dysfunction, adult spinal deformity and pelvic fracture fixation. 5 [[GREPCENT_TABLE]] [[\"Product\",\"Description\",\"Market Regulatory Authorization\",\"Regulatory Authorization Date\",\"Breakthrough Device Designation (\\\"BDD\\\")\"],[\"iFuse\",\" Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. Investors should carefully consider the risks described below, as well as the other information in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes and the section \u201cManagement\u2019s D", "title": "SIBN - SI-BONE, Inc.", "url": "/company/SIBN/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0002036042; latest 10-K filed 2026-03-02.", "text": "SION - Sionna Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0002036042; latest 10-K filed 2026-03-02. SION Sionna Therapeutics, Inc. 0002036042 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and related notes and other financial information included elsewhere in this Annual Report. This discussion and analysis and other parts of this Annual Report contain forward-looking statements based upon our current plans and expectations that involve risks, uncertainties and assumptions, such as statements regarding our plans, objectives, expectations, intentions and beliefs. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d and elsewhere in this Annual Report. You should carefully read the \u201cRisk Factors\u201d section of this Annual Report to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Also see the section titled \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Our historical results are not necessarily indicative of the results that may be expected for any period in the future. For convenience of presentation, some of the numbers have been rounded in the text below. Overview We are a clinical-stage biopharmaceutical company on a mission to revolutionize the current treatment paradigm for cystic fibrosis (\u201cCF\u201d) by developing novel medicines that normalize the function of the cystic fibrosis transmembrane conductance regulator (\u201cCFTR\u201d) protein to deliver clinically meaningful benefit to people with CF. Our goal is to deliver differentiated medicines for people with CF that can restore their CFTR function to as close to normal as possible by directly stabilizing CFTR\u2019s nucleotide binding domain 1 (\u201cNBD1\u201d). We believe stabilizing NBD1 is central to unlocking dramatic improvements in clinical outcomes and quality of life for people with CF. We are also advancing a portfolio of complementary CFTR modulator candidates designed to work synergistically with our NBD1 stabilizers to improve CFTR function, as seen in preclinical models. We believe our robust pipeline provides multiple potential pathways to achieve our mission, either through development of an NBD1 stabilizer and a complementary modulator in combination with each other to produce a proprietary dual combination, or an NBD1 stabilizer administered in combination with the standard of care for CF. While we have prioritized development of a proprietary dual combination, we believe both development pathways offer attractive commercial opportunities. In June 2025, we announced positive topline data from our two randomized, double-blinded, placebo-controlled Phase 1 clinical trials evaluating SION-719 and SION-451, our lead NBD1 stabilizer product candidates, in healthy volunteers, and our plans to advance both compounds to the next phase of clinical development. The trials assessed the safety, tolerability, and pharmacokinetics (\"PK\") of single and multiple ascending doses of each product candidate, as well as food effect and tablet bioequivalence. Both SION-719 and SION-451 were generally well tolerated in these trials, with no serious adverse events, treatment emergent adverse events that led to discontinuation of drug, or dose-limiting toxicities observed. The Phase 1 data also supported the use of a tablet formulation in future trials and indicated that both compounds could be dosed in a fed or fasted state. Both NBD1 stabilizers met target exposure thresholds. Based on the Phase 1 data and our preclinical CF human bronchial epithelial (\"CFHBE\") model, we believe our NBD1 stabilizers have the potential to provide clinically meaningful benefit to people with CF when SION-719 is administered as an add-on to the standard of care or when SION-451 is used in proprietary d ITEM 1. BUSINESS Overview We are a clinical-stage biopharmaceutical company on a mission to revolutionize the current treatment paradigm for cystic fibrosis (\u201cCF\u201d) by developing novel medicines that normalize the function of the cystic fibrosis transmembrane conductance regulator (\u201cCFTR\u201d) protein to deliver clinically meaningful benefit to people with CF. CF is a progressive and life-threatening genetic disease caused by inherited mutations in the CFTR gene, which lead to insufficient CFTR function. While advances in the discovery and development of CFTR modulators have significantly improved the lives of people with CF, at least two-thirds of patients on the current standard of care do not have normal CFTR function, defined as sweat chloride levels below 30 mmol/L. Patients with reduced CFTR function can experience debilitating multi-system complications that lead to significantly impaired quality of life and shorter life expectancy. Our goal is to deliver differentiated medicines for people with CF that can restore their CFTR function to as close to normal as possible by directly stabilizing CFTR\u2019s nucleotide binding domain 1 (\u201cNBD1\u201d). Despite having long been identified as a critical component for proper CFTR function, NBD1 has been considered \u201cundruggable,\u201d and none of the currently approved CF therapies directly stabilizes NBD1. Leveraging more than a decade of our co-founders\u2019 research on NBD1, we are advancing a pipeline of small molecules engineered to correct the defects caused by the F508del genetic mutation, the most common CFTR mutation, which occurs in the NBD1 domain. Approximately 90% of people with CF carry at least one copy of the F508del genetic mutation. We believe stabilizing NBD1 is central to unlocking dramatic improvements in clinical outcomes and quality of life for people with CF. The NBD1 domain of the CFTR protein, as illustrated in Figure 1 below, plays a key role in the folding, assembly, stability and trafficking of CFTR to a cell\u2019s ITEM 1A. RISK FACTORS Our future operating results could differ materially from the results described in this Annual Report due to the risks and uncertainties described below. You should consider carefully the following information about risks below in evaluating our business. If any of the following risks actually", "title": "SION - Sionna Therapeutics, Inc.", "url": "/company/SION/" }, { "kind": "company", "summary": "SIC 3634 Electric Housewares & Fans; CIK 0000916789; latest 10-K filed 2026-04-23.", "text": "HELE - HELEN OF TROY LTD SIC 3634 Electric Housewares & Fans; CIK 0000916789; latest 10-K filed 2026-04-23. HELE HELEN OF TROY LTD 0000916789 3634 Electric Housewares & Fans Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) should be read in conjunction with the other sections of this Annual Report, including Item 1., \u201cBusiness\u201d and Item 8., \u201cFinancial Statements and Supplementary Data.\u201d The various sections of this MD&A contain a number of forward-looking statements, all of which are based on our current expectations. Actual results may differ materially due to a number of factors, including those discussed in Item 1A.,\u201cRisk Factors,\u201d and in the section entitled \u201cInformation Regarding Forward-Looking Statements\u201d following this MD&A, and in Item 7A., \u201cQuantitative and Qualitative Disclosures About Market Risk.\u201d Management uses the following key financial measures, some of which are non-GAAP, as further described below: net sales revenue, organic business sales revenue, adjusted operating margin and adjusted diluted earnings per share (\u201cEPS\u201d). Management uses these measures to evaluate historical performance on a comparable basis, predict future performance and benchmark our performance against our competitors. We believe these measures provide management and investors with important information that is useful in understanding our business results and trends. This MD&A, including the tables under the headings \u201cOperating (Loss) Income, Operating Margin, Adjusted Operating Income (non-GAAP) and Adjusted Operating Margin (non-GAAP) by Segment\u201d and \u201cNet (Loss) Income, Diluted (Loss) Earnings Per Share, Adjusted Income (non-GAAP) and Adjusted Diluted Earnings Per Share (non-GAAP),\u201d reports operating (loss) income, operating margin, net (loss) income and diluted (loss) earnings per share without the impact of acquisition-related expenses, asset impairment charges, a discrete tax charge to revalue existing deferred tax liabilities due to Barbados enacting domestic corporate income tax legislation (\u201cBarbados tax reform\u201d), costs incurred in connection with the departure of our former Chief Executive Officer (\u201cCEO\u201d) primarily related to severance and recruitment costs (\u201cCEO succession costs\u201d), settlement costs related to EPA packaging and labeling compliance for certain products in the air filtration, water filtration and humidification categories (\u201cEPA compliance costs\u201d), a transitional income tax benefit resulting from the recognition of deferred tax assets in connection with the reorganization of our intangible assets in fiscal 2025 and income tax expense from the recognition of valuation allowances in fiscal 2026 on the related deferred tax assets (\u201cintangible asset reorganization\u201d), restructuring charges, amortization of intangible assets and non-cash share-based compensation for the periods presented, as applicable. These measures may be considered non-GAAP financial measures as defined by SEC Regulation G, Rule 100. The tables reconcile these measures to their corresponding GAAP-based financial measures presented in our consolidated statements of (loss) income. We believe that adjusted operating income, adjusted operating margin, adjusted income and adjusted diluted earnings per share provide useful information to management and investors regarding financial and business trends relating to our financial condition and results of operations. We believe that these non-GAAP financial measures, in combination with our financial results calculated in accordance with GAAP, provide investors with additional perspective regarding the impact of such charges and benefits on applicable income, margin and earnings per share measures. We also believe that these non-GAAP measures reflect the operating performance of our business and facilitate a more direct comparison of our performance to our competitors. The material limitation associated with the use of the non-GAAP financial measures is that the non-GAAP measures do not reflect the full economic impact of our activiti Item 1. Business Our Company We incorporated as Helen of Troy Corporation in Texas in 1968 and were reorganized as Helen of Troy Limited in Bermuda in 1994. We are a leading global consumer products company offering creative products and solutions for our customers through a diversified portfolio of brands. We have built leading market positions through new product innovation, product quality and competitive pricing. We go to market under a number of brands, some of which are licensed. Our portfolio of brands includes OXO, Hydro Flask, Osprey, Vicks, Braun, Honeywell, PUR, Hot Tools, Drybar, Curlsmith, Revlon and Olive & June, among others. Segment Information We currently operate in two reportable business segments: \u2022Home & Outdoor: Offers a broad range of outstanding world-class brands that help consumers enjoy everyday living inside their homes and outdoors. Our innovative products for home activities include food preparation and storage, cooking, cleaning, organization and beverage service. Our outdoor performance range, on-the-go food storage and beverageware includes lifestyle hydration products, coolers and food storage solutions, backpacks and travel gear. Sales for this global segment are primarily to online and brick & mortar retailers and through our direct-to-consumer channel. \u2022Beauty & Wellness: Provides consumers with a broad range of outstanding world-class brands for beauty and wellness. In Beauty, we deliver innovation through products such as hair styling appliances, grooming tools, liquid and aerosol personal care products and nail care solutions that help consumers look and feel more beautiful. In Wellness, we are there when you need us most with highly regarded humidifiers, thermometers, water and air purifiers, heaters and fans. Sales for this global segment are primarily to online and brick & mortar retailers, distributors and through our direct-to-consumer channel. For more segment and geographic information concerning our net sales re Item 1A. Risk Factors Carefully consider the risks described below and all of the other information included in our Annual Report when deciding whether to invest in our securities or otherwise evaluating our business. If any of the risks or other events or circumstances described elsewhere in this Annual Report materialize, our busi", "title": "HELE - HELEN OF TROY LTD", "url": "/company/HELE/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000743367; latest 10-K filed 2026-03-13.", "text": "BHB - BAR HARBOR BANKSHARES SIC 6022 State Commercial Banks; CIK 0000743367; latest 10-K filed 2026-03-13. BHB BAR HARBOR BANKSHARES 0000743367 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion is management's analysis to assist in the understanding and evaluation of the consolidated financial condition and results of operations of the Company. It should be read in conjunction with the consolidated financial statements and footnotes and selected financial data presented elsewhere in this Annual Report. Within the tables presented, certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. The detailed financial discussion that follows focuses on 2025 results compared to 2024. For a discussion of 2024 results compared to 2023, see the Company's Annual Report on Form 10-K for the year ended December 31, 2024. GENERAL The Company is a bank holding company headquartered in Maine, providing a broad array of banking and nonbanking products and services to businesses and consumers primarily within our three-state footprint. The Company's primary sources of revenue, through the Bank, are net interest income (predominantly from loans and investment securities) and noninterest income (principally fees and other revenue from financial services provided to customers or ancillary services tied to loans and deposits). ANNUAL PERFORMANCE OVERVIEW Financial Highlights (For the year ended December 31, 2025 compared to the same period of 2024) \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"$36.9 million net income compared to $43.5 million\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"$2.31 diluted earnings per share compared to $2.84\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"3.41% net interest margin compared to 3.15%\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"59.23 efficiency ratio compared to 61.83%\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"$4.7 billion total assets compared to $4.1 billion\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"6% organic annualized commercial loan growth\"]] [[/GREPCENT_TABLE]] \u200b Acquisition of Guaranty Bancorp, Inc. On August 1, 2025, we completed our acquisition of Guaranty Bancorp, Inc., the parent company of Woodsville Guaranty Savings Bank (\u201cWoodsville\u201d). After purchase accounting fair value adjustments, the acquisition added $658.1 million of total assets, including $413.4 million of loans, as well as $641.2 million of total liabilities, primarily consisting of $531.3 million in deposits and $109.2 million in borrowings and subordinated debt. Based on the $39.2 million consideration paid the Company recorded goodwill of $22.3 million and core deposit intangibles of $14.0 million in other intangibles related to the acquisition. \u200b 39 Table of Contents SELECTED FINANCIAL DATA [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"At or For the Years Ended December 31,\"],[\"(in millions, except ratios and share data)\",\"\\u200b \\u200b \\u200b\",\"2025\",\"\\u200b \\u200b \\u200b\",\"2024\",\"\\u200b \\u200b \\u200b\",\"2023\"],[\"Financial Condition Data:\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Total assets\",\"\\u200b\",\"$\",\"4,684\",\"\\u200b\",\"$\",\"4,083\",\"\\u200b\",\"$\",\"3,971\"],[\"Total earning assets(1)\",\"\\u200b\",\"\",\"4,297\",\"\\u200b\",\"\",\"3,782\",\"\\u200b\",\"\",\"3,664\"],[\"Total investments\",\"\\u200b\",\"\",\"597\",\"\\u200b\",\"\",\"533\",\"\\u200b\",\"\",\"547\"],[\"Total loans\",\"\\u200b\",\"\",\"3,606\",\"\\u200b\",\"\",\"3,147\",\"\\u200b\",\"\",\"2,999\"],[\"Allowance for credit losses\",\"\\u200b\",\"\",\"34\",\"\\u200b\",\"\",\"29\",\"\\u200b\",\"\",\"28\"],[\"Total goodwill and intangible assets\",\"\\u200b\",\"\",\"158\",\"\\u200b\",\"\",\"123\",\"\\u200b\",\"\",\"124\"],[\"Total deposits\",\"\\u200b\",\"\",\"3,821\",\"\\u200b\",\"\",\"3,268\",\"\\u200b\",\"\",\"3,141\"],[\"Total borrowings\",\"\\u200b\",\"\",\"270\",\"\\u200b\",\"\",\"291\",\"\\u200b\",\"\",\"332\"],[\"Total shareholders' equity\",\"\\u200b\",\"\",\"533\",\"\\u200b\",\"\",\"458\",\"\\u200b\",\"\",\"432\"],[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\" ITEM 1. BUSINESS. FORWARD-LOOKING STATEMENTS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS \u200b Certain statements contained in this Annual Report on Form 10-K (the \u201cForm 10-K\u201d or \u201cAnnual Report\u201d) that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (\"Securities Act\"), and Section 21E of the Securities Exchange Act of 1934, as amended (\"Exchange Act\"), and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this Form 10-K the words \u201cbelieve,\u201d \u201canticipate,\u201d \u201cexpect,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cassume,\u201d \u201cshould,\u201d \u201cpredict,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cintend,\u201d \u201ctargets,\u201d \u201cestimates,\u201d \u201cprojects,\u201d \u201cplans,\u201d and \u201cpotential,\u201d and other similar words and expressions of the future, are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking, including statements about our future financial and operating results and plans, objectives, and intentions. All forward-looking statements are subject to risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of our company to differ materially from any results, performance, or achievements expressed or implied by such forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, including, but not limited to: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"changes in general business and economic conditions on a national basis and in our markets throughout Northern New England;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"changes in consumer behavior due to political, business, and economic conditions, including inflation and concerns about liquidity;\"]] [[/GREPCENT_TABLE]] [[GREPCENT ITEM 1A. RISK FACTORS An investment in our common stock is subject to risks inherent to our business. The material risks and uncertainties that management believes affect us are described below. Before making an investment decision, you should carefully consider the risks and uncertainties described below, together with all of the other information inclu", "title": "BHB - BAR HARBOR BANKSHARES", "url": "/company/BHB/" }, { "kind": "company", "summary": "SIC 3728 Aircraft Parts & Auxiliary Equipment, NEC; CIK 0000076267; latest 10-K filed 2026-05-29.", "text": "PKE - PARK AEROSPACE CORP SIC 3728 Aircraft Parts & Auxiliary Equipment, NEC; CIK 0000076267; latest 10-K filed 2026-05-29. PKE PARK AEROSPACE CORP 0000076267 3728 Aircraft Parts & Auxiliary Equipment, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. General: Park Aerospace Corp. (\u201cPark\u201d or the \u201cCompany\u201d) is an aerospace company which develops and manufactures solution and hot-melt advanced composite materials used to produce composite structures for the global aerospace markets. Park\u2019s advanced composite materials include film adhesives and lightning strike protection materials. Park offers an array of composite materials specifically designed for hand lay-up or automated fiber placement (AFP) manufacturing applications. Park\u2019s advanced composite materials are used to produce primary and secondary structures for jet engines, large and regional transport aircraft, military aircraft, Unmanned Aerial Vehicles (UAVs commonly referred to as \u201cdrones\u201d), business jets, general aviation aircraft and rotary wing aircraft. Park also offers specialty ablative materials for rocket motors and nozzles and specially designed materials for radome applications. As a complement to Park\u2019s advanced composite materials offering, Park designs and fabricates composite parts, structures and assemblies and low-volume tooling for the aerospace industry. Target markets for Park\u2019s composite parts and structures (which include Park\u2019s proprietary composite SigmaStrut\u2122 and AlphaStrut\u2122 product lines) are, among others, prototype and development aircraft, special mission aircraft, spares for legacy military and civilian aircraft and exotic spacecraft. The Company\u2019s fiscal year is the 52- or 53-week period ending the Sunday nearest to the last day of February. The 2026, 2025, and 2024 fiscal years ended on March 1, 2026, March 2, 2025, and March 3, 2024, respectively. The 2026 and 2025 fiscal years each consisted of 52 weeks and the 2024 fiscal year consisted of 53 weeks. Unless otherwise indicated in this Discussion and Analysis, all references to years and quarters in this Discussion and Analysis are to the Company\u2019s fiscal years and fiscal quarters, and all annual and quarterly information in this Discussion and Analysis is for such fiscal years and quarters, respectively. 2026 Financial Overview The Company's total net sales worldwide in 2026 were 18% higher than in 2025. The increase in sales was primarily driven by an increase in sales in the military and commercial aircraft markets and, to a lesser extent, higher sales in the space market, partially offset by lower sales in the Business Aircraft market. The Company\u2019s gross profit margin, measured as a percentage of sales, increased to 30.9% in 2026 from 28.4% in 2025. The higher gross profit margin was the result of higher sales prices, a more favorable sales mix and lower labor and overhead costs as a percentage of sales due to improved leverage of these costs. The Company\u2019s earnings from operations in 2026, as a percentage of sales, were 18.4% compared to 15.1% in 2025, primarily as a result of the higher sales and improved gross margin partially offset by higher selling, general and administrative expenses. The higher selling, general and administrative expenses were due to higher salaries and fringe benefits, travel expenses, professional fees, incentive compensation and research and development expenses in 2026. The Company\u2019s net earnings in 2026 were 92% higher than in 2025, primarily due to an 18% increase in sales, higher gross margins, higher interest income in 2026 and a $1.1 million storm damage charge in 2025. These increases were offset by higher selling, general and administrative expenses in 2026 as well as higher income tax expense in 2026. While income taxes increased in whole dollars in 2026, the 2026 tax rate decreased compared to the 2025 tax rate primarily as the result of a deferred tax provision recorded in the fourth quarter of fiscal 2025 on unrepatriated foreign earnings partially offset by a higher benefit from the reduction in uncertain tax positions in 2025 as compared to 2026. 24 The Company continues to experience in ITEM 1. BUSINESS. General Park Aerospace Corp. (\u201cPark\u201d), and its subsidiaries (unless the context otherwise requires, Park and its subsidiaries are hereinafter called the \u201cCompany\u201d), is an aerospace company which develops and manufactures solution and hot-melt advanced composite materials used to produce composite structures for the global aerospace markets. Park\u2019s advanced composite materials include film adhesives and lightning strike protection materials. Park offers an array of composite materials specifically designed for hand lay-up or automated fiber placement (\u201cAFP\u201d) manufacturing applications. Park\u2019s advanced composite materials are used to produce primary and secondary structures for jet engines, large and regional transport aircraft, military aircraft, Unmanned Aerial Vehicles (\u201cUAVs\u201d) commonly referred to as \u201cdrones\u201d), business jets, general aviation aircraft and rotary wing aircraft. Park also offers specialty ablative materials for rocket motors and nozzles and specially designed materials for radome applications. As a complement to Park\u2019s advanced composite materials offering, Park designs and fabricates composite parts, structures and assemblies and low-volume tooling for the aerospace industry. Target markets for Park\u2019s composite parts and structures (which include Park\u2019s proprietary composite SigmaStrut\u2122 and AlphaStrut\u2122 product lines) are, among others, prototype and development aircraft, special mission aircraft, spares for legacy military and civilian aircraft and exotic spacecraft. Park\u2019s core capabilities are in the areas of polymer chemistry formulation and coating technology. The Company's manufacturing and research and development facilities are located in Newton, Kansas. Park was founded in 1954 by Jerry Shore, who was the Company\u2019s Chairman of the Board until July 14, 2004. The Company makes available free of charge on its website, www.parkaerospace.com, its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports ITEM 1A. RISK FACTORS. The business of the Company faces numerous risks, including those set forth below or those described elsewhere in this Form 10-K Annual Report or in the Company's other filings with the Securities and Exchange Commission. The risks described below are not the only risks that the Comp", "title": "PKE - PARK AEROSPACE CORP", "url": "/company/PKE/" }, { "kind": "company", "summary": "SIC 3411 Metal Cans; CIK 0001845097; latest 10-K filed 2026-03-05.", "text": "AMBP - Ardagh Metal Packaging S.A. SIC 3411 Metal Cans; CIK 0001845097; latest 10-K filed 2026-03-05. AMBP Ardagh Metal Packaging S.A. 0001845097 3411 Metal Cans", "title": "AMBP - Ardagh Metal Packaging S.A.", "url": "/company/AMBP/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001477720; latest 10-K filed 2026-03-13.", "text": "ASAN - Asana, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001477720; latest 10-K filed 2026-03-13. ASAN Asana, Inc. 0001477720 7372 Services-Prepackaged Software Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. As described in the section titled \u201cSpecial Note Regarding Forward-Looking Statements,\u201d the following discussion and analysis contains forward\u2011looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove correct, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the section titled \u201cRisk Factors\u201d included above in this report. Our fiscal year ends on January 31. Overview Asana is the system of action for work, built for the Agentic Enterprise. We provide a comprehensive solution where humans and AI agents can collaborate effectively so that individuals work smarter, teams move faster, and organizations deliver results. Over 180,000 paying customers across 200 countries and territories use Asana to connect their work to company goals and orchestrate mission critical workflows like product launches, employee onboarding, resource planning, tracking company-wide strategic initiatives and more. By combining institutional memory with a governed execution surface, our platform enables organizations to orchestrate work across human and AI team members. This drives clarity, accountability, and impact across the organization from executives and department heads to the team leads, individuals, and agents delivering the work. In Asana, the \"Who, What, When, and Why\" of work is transparent, ensuring that every action, whether taken by a person or an AI agent, is grounded in real business context and aligned to strategic goals. We offer complementary products within the Asana platform to meet the needs of diverse organizations: \u2022our core work management product, available in a tiered, seat-based model; \u2022AI Teammates, collaborative AI agents that work like real teammates to accelerate outcomes, which operates on a consumption basis; and \u2022Asana AI Studio, a no-code builder that lets teams build and embed AI into workflows, also on a consumption basis. We employ a hybrid go-to-market approach, combining a product-led model, direct sales and channel partners. We have experienced significant growth in recent periods. Our revenues were $790.8 million, $723.9 million, and $652.5 million for fiscal 2026, fiscal 2025, and fiscal 2024, respectively, representing growth of 9% and 11% for fiscal 2026 and fiscal 2025, respectively. As of January 31, 2026, we had 1,767 employees, representing a decrease of 3% since January 31, 2025. We had a net loss of $189.0 million, $255.5 million, and $257.0 million for fiscal 2026, fiscal 2025, and fiscal 2024, respectively. Key Business Metrics We believe that our growth and financial performance are dependent upon many factors, including the key factors described below. Paying Customers We are focused on continuing to grow the number of customers that use our platform, and specifically on growing the number of customers spending over $5,000 on an annualized basis (\u201cCore customers\u201d), and those spending over $100,000 on an annualized basis. Our operating results and growth opportunity depend, in part, on our ability to attract new customers and expand within those same organizations. We believe we have significant greenfield opportunities among addressable customers worldwide and we will continue to invest in our research and development and our sales and marketing organizations to address this opportunity. 57 Table of Contents We define a customer as a distinct account, which could include a team, company, educational Item 1. Business Overview Asana is the system of action for work, built for the Agentic Enterprise. We provide a comprehensive solution where humans and AI agents can collaborate effectively so that individuals work smarter, teams move faster, and organizations deliver results. Over 180,000 paying customers across 200 countries and territories use Asana to connect their work to company goals and orchestrate mission-critical workflows like product launches, employee onboarding, resource planning, tracking company-wide strategic initiatives and more. By combining institutional memory with a governed execution surface, our platform enables organizations to orchestrate work across human and AI team members. This drives clarity, accountability, and impact across the organization from executives and department heads to the team leads, individuals, and agents delivering the work. In Asana, the \"Who, What, When, and Why\" of work is transparent, ensuring that every action, whether taken by a person or an AI agent, is grounded in real business context and aligned to strategic goals. Why Asana was Founded Asana was created because our co-founders experienced firsthand the work coordination challenges faced by large and growing companies. Instead of spending time on high impact work that generates results, employees get stuck in status meetings, lose time trying to use fragmented tools, and struggle to find information and coordinate work across a sprawl of emails, documents, and communication apps. Our co-founders created Asana to address this work coordination, transparency, and execution problem. They developed a solution that brings cross-functional teams together effectively and created a dynamic record and dependency map of all work across the organization. From the goals at the top to the strategic portfolios in place to achieve those goals, down to the cross-functional projects and individual tasks that support those strategies \u2013 Asana captures it all. By building Item 1A. Risk Factors Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks described below, together with the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our consoli", "title": "ASAN - Asana, Inc.", "url": "/company/ASAN/" }, { "kind": "company", "summary": "SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001484778; latest 10-K filed 2026-03-02.", "text": "TDUP - ThredUp Inc. SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001484778; latest 10-K filed 2026-03-02. TDUP ThredUp Inc. 0001484778 5961 Retail-Catalog & Mail-Order Houses Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. You should review the section titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d for a discussion of forward-looking statements and the section titled \u201cRisk Factors\u201d for a discussion of factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Our historical results are not necessarily indicative of the results that may be expected for any period in the future, and our interim results are not necessarily indicative of the results we expect for the full calendar year or any other period. Overview ThredUp operates one of the world\u2019s largest online resale platforms for apparel, shoes and accessories. Our mission is to inspire the world to think secondhand first. We believe in a sustainable fashion future and we are proud that our business model creates a positive impact to the benefit of our buyers, sellers, clients, employees, investors and the environment. Our custom-built operating platform consists of distributed processing infrastructure, proprietary software and systems and data science expertise. This platform is powering the rapidly emerging resale economy, one of the fastest growing sectors in retail, according to a GlobalData market survey conducted in January 2025. ThredUp\u2019s proprietary operating platform is the foundation for our managed marketplace, where we have bridged online and offline technology to make the buying and selling of tens of millions of unique items easy and fun. The marketplaces we have built enable buyers to browse and purchase resale items for primarily apparel, shoes and accessories across a wide range of price points. Buyers enjoy shopping value, premium and luxury brands all in one place, at up to 90% off estimated retail price. Sellers enjoy ThredUp because we make it easy to clean out their closets and unlock value for themselves or for the charity of their choice while doing good for the planet. ThredUp\u2019s sellers order a Clean Out Bag, fill and return it to us using our prepaid label. We take it from there and do the work to make those items available for resale. In addition to our core marketplace, some of the world\u2019s leading brands and retailers are taking advantage of our RaaS offering, which allows them to conveniently offer a scalable closet clean out service and/or resale shop to their customers. We believe RaaS will accelerate the growth of this emerging category and supplements our overall supply strategy and other services. Recent Business Developments Discontinued Operations On November 30, 2024, we divested 91% of our European business and Bulgarian subsidiary, Remix, which qualified for reporting as a discontinued operation. As a result, Remix\u2019s results for 2024, reflecting the period from the beginning of the year through the transaction date, are presented as a single line item, loss from discontinued operations, net of tax, and excluded from continuing operations in the consolidated statements of operations for the year ended December 31, 2024. Cash flows attributable to Remix are segregated and presented separately as net cash flow used in discontinued operating activities and net cash flow used in discontinued investing activities for the period through the transaction date during the year ended December 31, 2024 in the consolidated statements of cash flows. Accordingly, any discussion of historical Item 1. Business ThredUp operates one of the world\u2019s largest online resale platforms for apparel, shoes and accessories. Our mission is to inspire the world to think secondhand first. We believe in a sustainable fashion future and we are proud that our business model creates a positive impact to the benefit of our buyers, sellers, clients, employees, investors and the environment. Our custom-built operating platform consists of distributed processing infrastructure, proprietary software and systems and data science expertise. This platform is powering the rapidly emerging resale economy, one of the fastest growing sectors in retail, according to GlobalData's assessment of the secondhand market in January 2025. ThredUp\u2019s proprietary operating platform is the foundation for our managed marketplace, where we have bridged online and offline technology to make the buying and selling of tens of millions of unique items easy and fun. The marketplaces we have built enable buyers in the United States (\u201cU.S.\u201d) to browse and purchase resale items for primarily apparel, shoes and accessories across a wide range of price points. Buyers love shopping value, premium and luxury brands all in one place, at up to 90% off estimated retail price. Sellers enjoy ThredUp because we make it easy to clean out their closets and unlock value for themselves or for the charity of their choice while doing good for the planet. ThredUp\u2019s sellers order a Clean Out Bag, fill and return it to us using our prepaid label. We take it from there and do the work to make those accepted items available for resale. In addition to our core marketplace, some of the world\u2019s leading brands and retailers are already taking advantage of our Resale-as-a-Service (\u201cRaaS\u201d) offering, which allows them to conveniently offer a scalable closet clean out service and/or resale shop to their customers. We believe RaaS will accelerate the growth of this emerging category and supplements our overall supply strategy. We h Item 1A. Risk Factors A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysi", "title": "TDUP - ThredUp Inc.", "url": "/company/TDUP/" }, { "kind": "company", "summary": "SIC 1600 Heavy Construction Other Than Bldg Const - Contractors; CIK 0001402829; latest 10-K filed 2026-03-04.", "text": "ORN - Orion Group Holdings Inc SIC 1600 Heavy Construction Other Than Bldg Const - Contractors; CIK 0001402829; latest 10-K filed 2026-03-04. ORN Orion Group Holdings Inc 0001402829 1600 Heavy Construction Other Than Bldg Const - Contractors Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations is based on and should be read in conjunction with our consolidated financial statements and the accompanying notes beginning on page F-1 of this Annual Report on Form 10-K. Certain statements made in our discussion may be forward-looking. Forward-looking statements involve risks and uncertainties and a number of other factors that could cause actual results or outcomes to differ materially from our expectations. See \u201cForward-Looking Statements\u201d at the beginning of this Annual Report on Form 10-K for additional discussion of some of these risks and uncertainties. Unless the context requires otherwise, when we refer to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour,\u201d we are describing Orion Group Holdings, Inc. and its consolidated subsidiaries and affiliates. Overview We are a leading specialty construction company serving the infrastructure, industrial, and building sectors, providing services both on and off the water in the continental United States, Alaska, Hawaii, Canada and the Caribbean Basin through our marine segment and our concrete segment. Our marine segment provides construction and dredging services, including marine transportation facility construction, marine pipeline construction, construction of marine environmental structures, dredging of waterways, channels, and ports, environmental dredging, engineering and design, and specialty services related to marine construction, fabrication, and dredging. \u200b Our concrete segment provides turnkey concrete construction services, including concrete placement and finishing, site preparation, layout, forming, and rebar placement for large commercial, structural, and other concrete projects. \u200b Our contracts are obtained primarily through competitive bidding in response to \u201crequests for proposals\u201d by federal, state and local agencies and through negotiation and competitive bidding with private parties and general contractors. Our bidding activity and strategies are affected by factors such as our backlog, current utilization of equipment and other resources, job location, our ability to obtain necessary surety bonds and competitive considerations. The timing and location of awarded contracts may result in unpredictable fluctuations in the results of our operations. \u200b Most of our revenue is derived from fixed-price contracts. We record revenue on construction contracts over time, measured by the percentage of actual contract costs incurred to date to total estimated costs for each contract. There are a number of factors that can create variability in contract performance and therefore impact the results of our operations. \u200b The most significant of these include the following: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"completeness and accuracy of the original bid;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"increases in commodity prices such as concrete, steel and fuel;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"customer delays, work stoppages, and other costs due to weather and environmental restrictions;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"subcontractor performance;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"unforeseen site conditions;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"availability and skill level of workers; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"a change in availability and proximity of equipment and materials.\"]] [[/GREPCENT_TABLE]] \u200b All of these factors can have a negative impact on our contract performance, which can adversely affect the timing of revenue recognition and ultimate contract profitability. We plan our operations and bidding activity with these factors in mind and they generally have not had a material adverse impact on the results of our operations in the Item 1. BUSINESS Business Overview Orion Group Holdings, Inc. is a leading specialty construction company focused on large-scale, mission-critical, capital projects within the marine and infrastructure sectors. Unless the context otherwise requires, all references herein to \u201cOrion,\u201d the \u201cCompany,\u201d the \u201cRegistrant,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d refer to Orion Group Holdings, Inc. and its consolidated subsidiaries and affiliates. Orion is a Delaware corporation, and its common stock is listed on the New York Stock Exchange and NYSE Texas under the symbol ORN. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas. As of December 31, 2025, we had a workforce of over 2,000 employees who are committed to delivering projects with predictable excellence and guided by our core values: Safety, Quality, Delivery, Teamwork, and Integrity. On February 3, 2026, we entered into a Securities Purchase Agreement (the \u201cJEM Purchase Agreement\u201d) and completed an acquisition (the \u201cJEM Acquisition\u201d) of all of the capital stock of J.E. McAmis, Inc., a California corporation, and all of the membership interests in JEM Marine Leasing, LLC, a Washington limited liability company (collectively, \u201cJEM\u201d). The purchase price consisted of: (a) $50.0 million in cash, subject to adjustments pursuant to the purchase agreement; a $12.0 million unsecured subordinated promissory note; and 182,392 shares of Orion\u2019s common stock, and (b) contingent post-closing cash payments dependent upon project profit realized from contracts of JEM under backlog identified in the JEM Purchase Agreement. JEM is engaged in the business of providing dredging, jetty and breakwater construction, environmental restoration and rehabilitation, and dam and spillway construction. In addition to reporting our results of operations using Generally Accepted Accounting Principles (\u201cGAAP\u201d), we also utilize non-GAAP metrics to manage our business and provide what we believe are mean Item 1A. RISK FACTORS We operate in a changing environment that involves numerous known and unknown risks and uncertainties that could materially adversely affect our business, financial condition, and results of operations. The risks described below highlight the known factors that have affected and c", "title": "ORN - Orion Group Holdings Inc", "url": "/company/ORN/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001034842; latest 10-K filed 2026-03-03.", "text": "RIGL - RIGEL PHARMACEUTICALS INC SIC 2834 Pharmaceutical Preparations; CIK 0001034842; latest 10-K filed 2026-03-03. RIGL RIGEL PHARMACEUTICALS INC 0001034842 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our \u201cNotes to Financial Statements\u201d contained in Part II, Item 8 of this Form 10-K. This section of this Form 10-K discusses 2025 and 2024 items and 2025 and 2024 year-to-year comparisons. This section does not discuss 2023 items and 2024 to 2023 year-to-year comparisons. Discussions of 2023 items and 2024 to 2023 year-to-year comparisons can be found in the \u201cPart II, Item 7 Management\u2019s Discussion and Analysis of Financial Condition and Result of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024. Overview We are a biotechnology company dedicated to developing and providing novel therapies that significantly improve the lives of patients with hematologic disorders and cancer. We focus on products that address signaling pathways that are critical to disease mechanisms. TAVALISSE (fostamatinib disodium hexahydrate) is our first FDA-approved product and is the only approved oral SYK inhibitor for the treatment of adult patients with chronic ITP who have had an insufficient response to a previous treatment. The product is also commercially available in Europe and the UK (as TAVLESSE), and in Japan, Korea, Canada and Israel (as TAVALISSE) for the treatment of chronic ITP in adult patients. REZLIDHIA (olutasidenib) is our second FDA-approved product indicated for the treatment of adult patients with R/R AML with a susceptible IDH1 mutation as detected by an FDA-approved test. We in-licensed REZLIDHIA from Forma with exclusive, worldwide rights for its development, manufacturing and commercialization, pursuant to a license and services agreement entered in July 2022. GAVRETO (pralsetinib) is our third FDA-approved product which we began commercializing in June 2024. GAVRETO is a once daily, small molecule, oral, kinase inhibitor of wild-type RET and oncogenic RET fusions. GAVRETO is approved by the FDA for the treatment of adult patients with metastatic RET fusion-positive NSCLC as detected by an FDA-approved test. GAVRETO is also approved under accelerated approval based on overall response rate and duration response rate, for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer who require systemic therapy and who are radioactive iodine-refractory (if radioactive iodine is appropriate). We acquired the rights to research, develop, manufacture and commercialize GAVRETO in the US from Blueprint pursuant to an asset purchase agreement entered in February 2024. Our development pipeline includes R289, our dual IRAK1/4 inhibitor program, which is being advanced in an open-label, Phase 1b study to determine the safety, tolerability and preliminary efficacy of the drug in patients with lower-risk MDS who are relapsed, refractory or resistant to prior therapies. To expand our evaluation of olutasidenib in other disease areas with IDH1 mutations, we have strategic development collaborations with MDACC and with CONNECT. We also have a RIPK1 inhibitor program in clinical development that is being led by our partner Lilly. For discussions of recent business updates, please refer to \u201cPart I, Item 1, Business \u2013 Business Updates\u201d of this Annual Report on Form 10-K. Critical Accounting Estimates The preparation of these financial statements requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Our significant accounti Item 1. Business Overview We are a biotechnology company dedicated to developing and providing novel therapies that significantly improve the lives of patients with hematologic disorders and cancer. We focus on products that address signaling pathways that are critical to disease mechanisms. TAVALISSE\u00ae (fostamatinib disodium hexahydrate) is our first FDA-approved product and is the only approved oral spleen tyrosine kinase (SYK) inhibitor for the treatment of adult patients with chronic immune thrombocytopenia (ITP) who have had an insufficient response to a previous treatment. The product is also commercially available in Europe and the United Kingdom (UK) (as TAVLESSE), and in Japan, the Republic of Korea (Korea), Canada and Israel (as TAVALISSE) for the treatment of chronic ITP in adult patients. REZLIDHIA\u00ae (olutasidenib) is our second FDA-approved product and indicated for the treatment of adult patients with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test. We in-licensed REZLIDHIA from Forma Therapeutics, Inc., now Novo Nordisk (Forma), with exclusive, worldwide rights for its development, manufacturing and commercialization, pursuant to a license and transition services agreement entered in July 2022. GAVRETO\u00ae (pralsetinib) is our third FDA-approved product which we began commercializing in June 2024. GAVRETO is a once daily, small molecule, oral, kinase inhibitor of wild-type rearranged during transfection (RET) and oncogenic RET fusions. GAVRETO is approved by the FDA for the treatment of adult patients with metastatic RET fusion-positive non-small cell lung cancer (NSCLC) as detected by an FDA-approved test. GAVRETO is also approved under accelerated approval based on overall response rate and duration response rate, for the treatment of adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid Item 1A. Risk Factors In evaluating our business, you should carefully consider the following risks, as well as the other information contained in this Annual Report on Form 10-K. These risk factors could cause our actual results to differ materially from those contained in forward-looking statements we have made in this ", "title": "RIGL - RIGEL PHARMACEUTICALS INC", "url": "/company/RIGL/" }, { "kind": "company", "summary": "SIC 3873 Watches, Clocks, Clockwork Operated Devices/Parts; CIK 0000072573; latest 10-K filed 2026-03-19.", "text": "MOV - MOVADO GROUP INC SIC 3873 Watches, Clocks, Clockwork Operated Devices/Parts; CIK 0000072573; latest 10-K filed 2026-03-19. MOV MOVADO GROUP INC 0000072573 3873 Watches, Clocks, Clockwork Operated Devices/Parts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations GENERAL Net Sales The Company operates and manages its business in two principal business segments: Watch and Accessory Brands and Company Stores. The Company also operates in two geographic locations: United States and International. The Company divides its watch and accessory business into two principal categories: the owned brands category and the licensed brands category. The owned brands category consists of the Movado\u00ae, Concord\u00ae, EBEL\u00ae, Olivia Burton\u00ae and MVMT\u00ae brands. Products in the licensed brands category include the following brands manufactured and distributed under license agreements with the respective brand owners: Coach\u00ae, Tommy Hilfiger\u00ae, Hugo Boss\u00ae, Lacoste\u00ae, Calvin Klein\u00ae and, beginning spring 2027, Kate Spade New York\u00ae. The primary factors that influence annual sales are general economic conditions in the Company\u2019s U.S. and international markets, new product introductions, the level and effectiveness of advertising and marketing expenditures and product pricing decisions. 56.7% of the Company\u2019s total sales are from international markets (see Note 18 to the Consolidated Financial Statements), and therefore reported sales made in those markets are affected by foreign exchange rates. The Company\u2019s international sales are primarily billed in local currencies (predominantly Euros, British Pounds and Swiss Francs) and translated to U.S. dollars at average exchange rates for financial reporting purposes. The Company reduces its exposure to exchange rate risk through a hedging program. The Company divides its business into two major geographic locations: United States operations, and International, which includes the results of all other non-U.S. Company operations. The allocation of geographic revenue is based upon the location of the customer. The Company\u2019s International operations in Europe, the Americas (excluding the United States), Asia and the Middle East accounted for 34.1%, 9.7%, 7.0% and 5.9%, respectively, of the Company\u2019s total net sales for fiscal 2026. A vast majority of the Company\u2019s tangible International assets are owned by the Company\u2019s Swiss and Hong Kong subsidiaries. The Company\u2019s business is seasonal. There are two major selling seasons in the Company\u2019s markets: the spring season, which includes school graduations and several holidays and, most importantly, the Christmas and holiday season. Major selling seasons in certain international markets center on significant local holidays that occur in late winter or early spring. The Company\u2019s net sales historically have been higher during the second half of the fiscal year. The second half of each fiscal year accounted for 56.3% and 55.4% of the Company\u2019s net sales for the fiscal years ended January 31, 2026 and 2025, respectively. The Company\u2019s retail operations consist of 53 retail outlet locations in the United States and four locations in Canada. The significant factors that influence annual sales volumes in the Company\u2019s retail operations are similar to those that influence U.S. wholesale sales. In addition, most of the Company\u2019s retail outlet locations are near vacation destinations and, therefore, the seasonality of these stores is driven by the peak tourist seasons associated with these locations. Gross Margins The Company\u2019s overall gross margins are primarily affected by four major factors: channel and product sales mix, product pricing strategy, manufacturing costs and fluctuation in foreign currency exchange rates, in particular the relationship between the U.S. dollar and the Swiss Franc, British Pound and the Euro. Gross margins for the Company may not be comparable to those of other companies, since some companies include all the costs related to their distribution networks in cost of sales whereas the Company does not include the costs associated with its warehousing and distribution facilities nor the occupancy costs for the Compa Item 1. Business GENERAL In this Form 10-K, all references to the \u201cCompany,\u201d \u201cMovado Group,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d include Movado Group, Inc. and its subsidiaries, unless the context requires otherwise. The Company\u2019s common stock is traded on the NYSE under the trading symbol MOV. Movado Group designs, sources, markets and distributes quality watches globally. Its portfolio of watch brands is currently comprised of owned brands MOVADO\u00ae, CONCORD\u00ae, EBEL\u00ae, OLIVIA BURTON\u00ae and MVMT\u00ae as well as licensed brands COACH\u00ae, TOMMY HILFIGER\u00ae, HUGO BOSS\u00ae, LACOSTE\u00ae , CALVIN KLEIN\u00ae and KATE SPADE NEW YORK\u00ae. The Company is a leader in the design, development, marketing and distribution of watch brands sold in almost every major category comprising the watch industry. The Company also designs, sources, markets and distributes jewelry and other accessories under most of its brands. The Company was incorporated in New York in 1967 under the name North American Watch Corporation to acquire Piaget Watch Corporation and Corum Watch Corporation, which had been, respectively, the exclusive importers and distributors of Piaget and Corum watches in the United States since the 1950\u2019s. Since then, strategic acquisitions of watch brands and their subsequent growth, along with license agreements, have played an important role in the expansion of the Company\u2019s brand portfolio. Over time, the Company has developed its brand-building reputation and approach across an expanding number of brands and geographic markets. In 1970, the Company acquired the Concord brand and the Swiss company that had been manufacturing Concord watches since 1908. In 1983, the Company acquired the U.S. distributor of Movado watches and substantially all of the assets related to the Movado brand from the Swiss manufacturer of Movado watches. The Company changed its name to Movado Group, Inc. in 1996. The Company sold its Piaget and Corum distribution businesses in 1999 and 2000, respectively, to focus on its own portfolio Item 1A. Risk Factors 10 The following risk factors should be read carefully in connection with evaluating Movado Group\u2019s business. These risks and uncertainties could cause actual results and events to differ materially from those anticipated. Additional risks which the Company does not presently ", "title": "MOV - MOVADO GROUP INC", "url": "/company/MOV/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001598665; latest 10-K filed 2026-03-12.", "text": "HRTG - Heritage Insurance Holdings, Inc. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001598665; latest 10-K filed 2026-03-12. HRTG Heritage Insurance Holdings, Inc. 0001598665 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview We are a super-regional property and casualty insurance holding company that primarily provides personal and commercial residential insurance products across our multi-state footprint. We provide personal residential insurance in Alabama, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Rhode Island, South Carolina, and Virginia and commercial residential insurance in Florida, Hawaii, New Jersey, and New York. We provide personal residential insurance in Florida, Hawaii and South Carolina on both an admitted and non-admitted basis and in California on a non-admitted basis. As a vertically integrated insurer, we control or manage substantially all aspects of risk management, underwriting, claims processing and adjusting, actuarial rate making and reserving, customer service, and distribution. Our financial strength ratings are important to us in establishing our competitive position and can impact our ability to write policies. Recent Developments Economic and Market Factors We continue to monitor the effects of general changes in economic and market conditions on our business. As a result of general inflationary pressures, we have experienced, and may continue to experience, increased cost of materials and labor needed for repairs and to otherwise remediate claims throughout all states in which we conduct business. We mitigate the impact of inflation by implementation of rate increases and the use of inflation guard, which ensures appropriate replacement cost values for our business to reflect the inflationary impact on costs to repair properties. Use of inflation guard impacts both premium and total insured value (\"TIV\"). To the extent that reinsurance costs rise, we may seek to recoup the cost of reinsurance in future rate filings as well as mitigate the cost through exposure management. Supplemental Information The Supplemental Information table below demonstrates progress on our initiatives by providing policy count, premiums-in-force, and total insured value for Florida and all other states as of December 31, 2025 and comparing those metrics to December 31, 2024. One of our strategies had been to reduce personal lines exposure in Florida, given historical abusive claims practices. Since 2022, several legislative changes have been implemented to positively impact the Florida property insurance market by curtailing assignment of benefits and litigated claims abuses. The positive impact of the legislative changes is reflected in our loss trends, which favorably impact the cost of insurance to our policyholders. Our strategy has been to obtain rate adequacy throughout our portfolio. Through various underwriting, rate making and other actions over the last several years, we believe we have achieved rate adequacy in over 90% of our portfolio, with each of those rate adequate territories being currently open for writing new business. During 2025, we concluded our exposure management initiatives from previous years and began deployment of our managed growth initiative. We anticipate growing our portfolio during 2026 while maintaining our disciplined underwriting standards. [[GREPCENT_TABLE]] [[\"\",\"\",\"At December 31,\"],[\"Policies in force:\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"% Change\"],[\"Florida\",\"\",\"\",\"123,437\",\"\",\"\",\"\",\"133,775\",\"\",\"\",\"\",\"(7.7\",\")\",\"%\"],[\"Other States\",\"\",\"\",\"233,838\",\"\",\"\",\"\",\"255,700\",\"\",\"\",\"\",\"(8.5\",\")\",\"%\"],[\"Total\",\"\",\"\",\"357,275\",\"\",\"\",\"\",\"389,475\",\"\",\"\",\"\",\"(8.3\",\")\",\"%\"],[\"Premiums in force:\",\"\",\"(In thousands)\"],[\"Florida\",\"$\",\"\",\"679,079\",\"\",\"$\",\"\",\"707,197\",\"\",\"\",\"\",\"(4.0\",\")\",\"%\"],[\"Other States\",\"\",\"\",\"752,738\",\"\",\"\",\"\",\"726,048\",\"\",\"\",\"\",\"3.7\",\"\",\"%\"],[\"Total\",\"$\",\"\",\"1,431,817\",\"\",\"$\",\"\",\"1,433,245\",\"\",\"\",\"\",\"(0.1\",\")\",\"%\"],[\"Total Insured Value:\",\"\",\"(In thousands)\"],[\"Florida\",\"$\",\"\",\"105,997,817\",\"\",\"$\", Item 1. Business Our Business Heritage Insurance Holdings, Inc. (\u201cwe\u201d, \u201cour\u201d, \u201cus\u201d, \u201cHeritage\u201d and the \u201cCompany\u201d) is a super-regional property and casualty insurance holding company that primarily provides personal and commercial residential insurance through our insurance company subsidiaries. We are vertically integrated and control or manage substantially all aspects of insurance underwriting, customer service, financial reporting and actuarial analysis, distribution and claims processing and adjusting. We are led by a highly experienced and diverse management team with significant expertise in the residential property insurance industry and deep industry relationships. Our insurance subsidiaries include: \u2022 Heritage Property & Casualty Insurance Company (\u201cHeritage P&C\u201d), which provides personal and commercial residential property insurance and commercial general liability insurance; \u2022 Narragansett Bay Insurance Company (\u201cNBIC\u201d), which provides personal and commercial residential property insurance; and \u2022 Zephyr Insurance Company (\u201cZephyr\u201d), which provides personal and commercial residential and wind-only property insurance in Hawaii. Our financial strength ratings are important in establishing our competitive position and can significantly impact our ability to write policies. We are rated by both Demotech, Inc. (\u201cDemotech\u201d) and Kroll Bond Rating Agency (\u201cKBRA\u201d). Demotech, a rating agency specializing in evaluating the financial stability of insurers, maintains a letter-scale financial stability rating system (\u201cFSR\u201d) from A\u2019\u2019 (A double prime) to L (licensed by insurance regulatory authorities). KBRA\u2019s ratings assigned to insurance companies range from AAA (extremely strong operations to no risk) to R (operating under regulatory supervision). Demotech and KBRA have assigned the following insurance financial strength ratings (\u201cIFSR\u201d) to the Company and our key operating subsidiaries. [[GREPCENT_TABLE]] [[\"Subsidiary\",\"\",\"Demotech Rating\",\"\",\"KBRA Rating\",\" Item 1A. Risk Factors Set forth below are certain risk factors that could harm our business, results of operations and financial condition. You should carefully read the following risk factors, together with the financial statements, related notes and other information contained in this Annual ", "title": "HRTG - Heritage Insurance Holdings, Inc.", "url": "/company/HRTG/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001027838; latest 10-K filed 2026-02-17.", "text": "TCMD - TACTILE SYSTEMS TECHNOLOGY INC SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001027838; latest 10-K filed 2026-02-17. TCMD TACTILE SYSTEMS TECHNOLOGY INC 0001027838 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the accompanying notes thereto included elsewhere in this report. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations focuses on discussion of year-over-year comparisons between 2025 and 2024. Discussion of 2023 results and year-over-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 18, 2025. Overview We are a medical technology company that develops and commercializes medical devices in the United States. Our mission is to help people suffering from chronic diseases live better and care for themselves at home. We focus our efforts on advancing the standard of care in treating underserved chronic diseases in the home to improve patient outcomes and quality of life and help control rising healthcare expenditures. Our areas of therapeutic focus are (1) vascular disease, with a goal of advancing the standard of care in treating lymphedema and chronic venous insufficiency, (2) oncology, where lymphedema is a common consequence among cancer survivors and (3) providing airway clearance therapy for those suffering from chronic respiratory conditions. We possess a unique, scalable platform to deliver at-home healthcare solutions throughout the United States. This evolving home care delivery model is recognized by policymakers and insurance payers as a key for controlling rising healthcare costs. Our solutions deliver cost-effective, clinically proven, long-term treatment for people with these chronic diseases. We generally employ a direct-to-patient and -provider model within our lymphedema portfolio, through which we obtain patient referrals from clinicians, manage insurance claims on behalf of our patients and their clinicians, deliver our solutions directly to patients and train them on the proper use of our solutions. This model allows us to engage directly with patients and clinicians, which are both critical audiences to which we can provide clinical evidence and education. For our respiratory therapy product, we have a durable medical equipment (\u201cDME\u201d) distribution model, through which we sell the AffloVest product to accredited DME providers, whose representatives gather and submit documentation for payer reimbursement, train patients on use of the device, and provide ongoing patient support. Our current lymphedema products are the Flexitouch Plus, Entre Plus and Nimbl pneumatic compression pump systems and our airway clearance product is a High-Frequency Chest Wall Oscillation (\u201cHFCWO\u201d) device called AffloVest. The Flexitouch system product line is considered an advanced pneumatic compression device. The first generation Flexitouch system received 510(k) clearance from the U.S. Food and Drug Administration (the \u201cFDA\u201d) in July 2002, introducing a medical device technology to address the many limitations of self-administered home-based manual lymphatic drainage therapy. A second generation Flexitouch system received 510(k) clearance from the FDA in October 2006. In September 2016, we received 510(k) clearance from the FDA for the Flexitouch system in treating lymphedema of the head and neck. A third generation, Flexitouch Plus, received 510(k) clearance from the FDA in June 2017. In December 2020, we received 510(k) clearance from the FDA for two new indications for our Flexitouch Plus system: phlebolymphedema and lipedema. The Entre system product line and Nimbl product line are considered basic, or simple, pneumatic compression devices. These systems are so Item 1. Business. Overview Tactile Systems Technology, Inc. (\u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d) is a medical technology company that develops and provides innovative medical devices for the treatment of underserved chronic diseases. We were originally incorporated in Minnesota under the name Tactile Systems Technology, Inc. on January 30, 1995. During 2006, we established a merger corporation and subsequently, on July 21, 2006, merged with and into this merger corporation resulting in us being reincorporated as a Delaware corporation. The resulting corporation assumed the name Tactile Systems Technology, Inc. and in September 2013, we began doing business as \u201cTactile Medical\u201d. Our mission is to help people suffering from chronic diseases live better and care for themselves at home. We focus our efforts on advancing the standard of care in treating underserved chronic diseases in the home to improve patient outcomes and quality of life and help control rising healthcare expenditures. Our areas of therapeutic focus are (1) vascular disease, with a goal of advancing the standard of care in treating lymphedema and chronic venous insufficiency, (2) oncology, where lymphedema is a common consequence among cancer survivors and (3) providing airway clearance therapy for those suffering from chronic respiratory conditions. We possess a unique, scalable platform to deliver at-home healthcare solutions throughout the United States. This evolving home care delivery model is recognized by policymakers and insurance payers as a key for controlling rising healthcare costs. Our solutions deliver cost-effective, clinically proven, long-term treatment for people with these chronic diseases. We generally employ a direct-to-patient and -provider model within our lymphedema portfolio, through which we obtain patient referrals from clinicians, manage insurance claims on behalf of our patients and their clinicians, deliver our solutions directly to patients and train them on the proper use of our Item 1A. Risk Factors. Risk factors which could cause actual results to differ from our expectations and which could negatively impact our financial condition and results of operations are discussed below and elsewhere in this report. Additional risks and uncertainties not pr", "title": "TCMD - TACTILE SYSTEMS TECHNOLOGY INC", "url": "/company/TCMD/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001466026; latest 10-K filed 2026-03-02.", "text": "MSBI - Midland States Bancorp, Inc. SIC 6022 State Commercial Banks; CIK 0001466026; latest 10-K filed 2026-03-02. MSBI Midland States Bancorp, Inc. 0001466026 6022 State Commercial Banks ITEM 7 \u2013 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes thereto, included in Item 8 - \"Financial Statements and Supplementary Data\", and other financial data appearing elsewhere in this report. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Certain risks, uncertainties and other factors, including but not limited to those set forth under \u201cSafe Harbor Statement Under the Private Securities Litigation Reform Act of 1995,\u201d Item 1A \u2013 \"Risk Factors\u201d and elsewhere in this report, may cause actual results to differ materially from those projected in the forward-looking statements. We assume no obligation to update any of these forward-looking statements. Readers of our Annual Report on Form 10-K should therefore consider these risks and uncertainties in evaluating forward-looking statements and should not place undue reliance on forward-looking statements. Overview Midland States Bancorp, Inc. is a diversified financial holding company headquartered in Effingham, Illinois. Its wholly owned banking subsidiary, Midland States Bank, has branches across Illinois and in Missouri, and provides a full range of commercial and consumer banking products and services, merchant credit card services, trust and investment management services and insurance and financial planning services. As of December 31, 2025, we had assets of $6.51 billion, deposits of $5.42 billion and shareholders\u2019 equity of $565.5 million. Our strategic plan focuses on delivering a superior customer experience through a high-tech, high-touch approach, while remaining committed to core community banking and relationship-driven growth. We continue to enhance our regional franchise approach that serves our core customers with a consistent, high-performance culture rooted in our One Midland values and with a strong foundation in Enterprise Risk Management. Our principal lines of business include community banking and wealth management. Our community banking business primarily consists of commercial and retail lending and deposit taking. Our wealth management group provides a comprehensive suite of trust and wealth management products and services and had $4.48 billion of assets under administration as of December 31, 2025. Our principal business activity has been lending to and accepting deposits from individuals, businesses, municipalities and other entities. We have derived income principally from interest charged on loans and leases and, to a lesser extent, from interest and dividends earned on investment securities. We have also derived income from noninterest sources, such as: fees received in connection with various lending and deposit services; wealth management services; residential mortgage loan originations and sales; and, from time to time, gains on sales of assets. Our principal expenses include interest expense on deposits and borrowings, operating expenses, such as salaries and employee benefits, occupancy and equipment expenses, data processing costs, professional fees, provisions for credit losses, income tax expense, and other noninterest expenses. Factors Affecting Comparability Each factor listed below affects the comparability of our results of operations and financial condition in 2025 and 2024, and may affect the comparability of financial information we report in future fiscal periods. Sale of non-core consumer loan portfolios. During the fourth quarter of 2024, we sold our LendingPoint portfolio of $87.1 million, recognizing net charge-offs of $17.3 million on the sale. As of December 31, 2024, we also had committed to a plan to sell our GreenSky consumer loan portfolio and recognized net charge-offs of $35.0 million when these loans were transferred to held for ITEM 1 \u2013 BUSINESS Our Company Midland States Bancorp, Inc., an Illinois corporation formed in 1988, is a diversified financial holding company headquartered in Effingham, Illinois. Our banking subsidiary, Midland States Bank, an Illinois state-chartered bank formed in 1881, has branches across Illinois and in Missouri, and provides a full range of commercial and consumer banking products and services, merchant credit card services, trust and investment management, insurance and financial planning services. As of December 31, 2025, the Company had total assets of $6.51 billion, and our wealth management group had assets under administration of approximately $4.48 billion. Our strategic plan focuses on delivering a superior customer experience through a high-tech, high-touch approach, while remaining committed to core community banking and relationship-driven growth. We continue to enhance our regional franchise approach that serves our core customers with a consistent, high-performance culture rooted in our One Midland values and with a strong foundation in Enterprise Risk Management. Our Principal Businesses Community Banking. Our community banking business primarily consists of commercial and retail lending and deposit taking. We deliver a comprehensive range of banking products and services to individuals, businesses, municipalities and other entities within our market areas, which include Illinois and the St. Louis metropolitan area, where we operated 53 full-service banking offices as of December 31, 2025. Our lending strategy is to maintain a broadly diversified loan portfolio based on the type of customer (i.e., businesses versus individuals), type of loan product (e.g., owner occupied commercial real estate, commercial loans, agricultural loans, etc.), geographic location and industries in which our business customers are engaged (e.g., manufacturing, retail, hospitality, etc.). We principally focus our commercial lending activities on loans that we ori ITEM 1A \u2013 RISK FACTORS The material risks that management believes affect the Company are described below. You should carefully consider the risks, together with all of the information included herein. The risks described below are not the only risks the Company faces. Additional risks not presently known or that the Compan", "title": "MSBI - Midland States Bancorp, Inc.", "url": "/company/MSBI/" }, { "kind": "company", "summary": "SIC 1000 Metal Mining; CIK 0001951089; latest 10-K filed 2025-10-06.", "text": "CRML - Critical Metals Corp. SIC 1000 Metal Mining; CIK 0001951089; latest 10-K filed 2025-10-06. CRML Critical Metals Corp. 0001951089 1000 Metal Mining", "title": "CRML - Critical Metals Corp.", "url": "/company/CRML/" }, { "kind": "company", "summary": "SIC 2611 Pulp Mills; CIK 0001597672; latest 10-K filed 2026-03-05.", "text": "RYAM - RAYONIER ADVANCED MATERIALS INC. SIC 2611 Pulp Mills; CIK 0001597672; latest 10-K filed 2026-03-05. RYAM RAYONIER ADVANCED MATERIALS INC. 0001597672 2611 Pulp Mills Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following management\u2019s discussion and analysis of our financial condition and results of operations should be read in conjunction with our Financial Statements, the notes thereto, and the financial information appearing elsewhere in this 2025 Form 10-K. The following discussion includes forward-looking statements that involve certain risks and uncertainties. See Forward-Looking Statements and Item 1A\u2014Risk Factors in this 2025 Form 10-K. This section primarily discusses 2025 and 2024 items and comparisons between these years, with the exception of our \u201cOperating Results by Segment,\u201d which has been recast in line with our new segment reporting structure for all periods presented. For a discussion of all other year-over-year comparisons between 2024 and 2023 and other financial information related to 2023 that is not included in this 2025 Form 10-K, refer to Item 7\u2014Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 6, 2025. Overview of Operations We are a diversified global leader of cellulose-based technologies, operating in the following segments: \u2022Cellulose Specialties \u2022Biomaterials \u2022Cellulose Commodities \u2022Paperboard \u2022High-Yield Pulp Prior to 2025, the Cellulose Specialties, Biomaterials and Cellulose Commodities operating segments were reported as a single segment, High Purity Cellulose. In the first quarter of 2025, we determined that the performance and outlook of the High Purity Cellulose business would be better managed as three separate businesses. Prior period segment results have been recast to align with this new segment reporting structure. No changes were made to the composition of the Paperboard and High-Yield Pulp operating segments. See Note 22\u2014Segment and Geographical Information to our Financial Statements for further information. In January 2026, we appointed a new CEO who also assumed the role of CODM. Operating segments are determined based on how the CODM reviews and evaluates company operations for purposes of assessing performance and allocating resources. As a result of this leadership transition, we will evaluate whether any changes to our reportable segment structure are required in 2026. Cellulose Specialties We are the leading global producer of cellulose specialties, which are primarily used in dissolving chemical applications that require a highly purified form of cellulose, including liquid crystal displays, filters, textiles and performance additives for pharmaceutical, food and other industrial applications. Pricing for our cellulose specialties products is typically set by contract for at least one year, based on negotiations with customers. Key input costs \u2014 wood, chemicals and energy \u2014 represent approximately 45 percent of our per MT cost of sales. Transportation, depreciation, labor, maintenance and other manufacturing fixed costs represent our remaining cost of sales. Biomaterials Our specialized assets also produce biomaterials, including biofuels, lignosulfonates, tall oil soap, HCE and turpentine. Sales of lignin, a by-product of our manufacturing process, are also included in the Biomaterials operating segment. Commercial sales of our wood-based 2G bioethanol fuel are in accordance with a long-term offtake agreement with a large international petrochemicals company. Pricing for the other biomaterials that we currently produce is based on the market dynamics of supply and demand. Key input costs \u2014 chemicals and energy \u2014 represent approximately 30 percent of our cost of sales. Transportation, depreciation, labor, maintenance and other manufacturing fixed costs represent our remaining cost of sales. 28 Table of Contents Cellulose Commodities Our Cellulose Commodities products are primarily used for absorbent materials and viscose applications. Item 1. Business RYAM is a global leader of cellulose and derivatives commonly used in the production of filters, food, pharmaceuticals, high performance plastics, propellants and various industrial applications. RYAM\u2019s specialized assets, capable of creating the world\u2019s leading cellulose specialties products, are also used to produce cellulose viscose pulp, cellulose fluff pulp, high-yield pulp and various value-added derivatives, including paperboard, biofuels, bioelectricity and lignin. Company Background Before June 27, 2014, we consisted of Rayonier Inc.\u2019s wholly-owned performance fibers business, which was primarily engaged in producing cellulose specialties. On that date, we separated from Rayonier Inc. and started our business as an independent, publicly traded company. In November 2017, we acquired Tembec Inc., a manufacturer of cellulose specialties, lumber, paperboard, newsprint and high-yield pulp. In August 2021, we sold the lumber and newsprint assets acquired in the Tembec acquisition. As a result of this sale, the operating results of the lumber and newsprint operations are presented as discontinued operations in our Financial Statements. See Note 4\u2014Discontinued Operations to our Financial Statements for further information. In July 2024, we indefinitely suspended operations at our Temiscaming cellulose plant to mitigate high capital needs and operating losses related to exposure to commodity viscose products and improve our cash flow from operations. In the first quarter of 2026, we determined that we would permanently cease DWP production at the Temiscaming cellulose plant. Certain infrastructure assets of the site\u2019s cellulose plant continue to run in support of the ongoing energy and other needs of our Temiscaming paperboard and high-yield pulp plants that support our Paperboard and High-Yield Pulp operating segments, which continue to operate at full capacity, subject to market conditions. We are focused on rebuilding performance \u2014 aligning Item 1A. Risk Factors Our business, financial condition, results of operations and cash flows are subject to a number of risks including, but not limited to, those listed below. When considering an investment in our securities, you should carefully read and consider these risks, together with all other information in this 2025 Form 10-K and our othe", "title": "RYAM - RAYONIER ADVANCED MATERIALS INC.", "url": "/company/RYAM/" }, { "kind": "company", "summary": "SIC 8000 Services-Health Services; CIK 0001611115; latest 10-K filed 2026-03-06.", "text": "OMDA - Omada Health, Inc. SIC 8000 Services-Health Services; CIK 0001611115; latest 10-K filed 2026-03-06. OMDA Omada Health, Inc. 0001611115 8000 Services-Health Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes included elsewhere in this Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from management\u2019s expectations as a result of various factors, including, but not limited to, those discussed in the sections titled \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview Our mission is to bend the curve. Our hope is that, one day, tomorrow\u2019s epidemiologists will notice a bend in disease curves, wonder what might be happening, and conclude that part of that impact has been Omada. As part of that mission, we strive to inspire and enable people to make lasting health changes on their own terms. We launched our initial program in diabetes prevention and weight health in 2012, with the goal of showing that a virtual program could achieve the same clinical results as its in-person archetype. Today, we offer cardiometabolic programs for prediabetes, diabetes, hypertension, and high cholesterol; a physical therapy program to address musculoskeletal (\u201cMSK\u201d) conditions; additional support for members taking glucagon-like peptide-1 agonists (\u201cGLP-1\u201d) in our cardiometabolic programs (\u201cGLP-1 Care Tracks\u201d); and behavioral health support across all programs. As of December 31, 2025, we had more than 2,000 customers and over 886,000 total members enrolled in one or more programs. Our virtual care programs are rooted in evidence and combine relationship-based, human-led clinical care with purpose-built technology. We call this approach Compassionate Intelligence. Our Care Teams, composed of health coaches, select relevant specialists, and licensed physical therapists, depending on the program, deliver healthcare to our members within the scope of their credentials. Our prescribing capability also incorporates third-party licensed obesity care providers for prescribing AOMs and related medication management. Omada Care Teams are supported by our proprietary Care Team Platform that is purpose-built to magnify the impact of our Between-Visit Care model and drive operational excellence in a trusted and secure way. Broadly, our integrated technology platform supports activities across the entire lifecycle of our work with customers, channel partners, and members: from benefit eligibility confirmation and enrollment outreach to application and member onboarding, device management and fulfillment, member-facing tools and applications, Care Team tools, data capture and storage, and platform and billing infrastructure. The investments in our technology and Care Team Platform have enabled us to scale and serve nearly two million members since launch, while maintaining the ability to deliver an exceptional member experience, with high clinical quality and consistency. Key Factors Affecting Our Performance Key Factors Affecting Our Performance We believe that our future growth, success, and performance are dependent on many factors, including those set forth below. While these factors present significant opportunities for us, they also represent the challenges that we must successfully address in order to grow our business and improve our results of operations. Acquisition of New Customers and Channel Partners We believe there is substantial opportunity to further grow our base of customers and channel partners in our large addressable market. Historically, we have relied on a limited number of customers and channel partners, including employers, health plans, PBMs, health systems, and government entities, for a substantial portion of our total sales. Our customers include employers that cover our programs for their employees and their dependents and health sys Item 1. Business Overview Our mission is to bend the curve. Our hope is that, one day, tomorrow\u2019s epidemiologists will notice a bend in disease curves, wonder what might be happening, and conclude that part of that impact has been Omada. As part of that mission, we strive to inspire and enable people to make lasting health changes on their own terms. We deliver virtual care between doctor\u2019s visits, providing an engaging, personalized, and integrated experience for the individuals in our programs, which we call our \u201cmembers.\u201d Our care is designed to improve their health while delivering value for the employers, health insurance companies (\u201chealth plans\u201d), health systems, pharmacy benefit managers (\u201cPBMs\u201d), and other entities that cover the cost of our programs. Our platform is grounded in evidence and supported by peer-reviewed clinical research and third-party accreditations, which we believe enhances credibility with customers, our reseller partners, and other stakeholders. We differentiate through our human-led, technology-enabled care model, which combines proactive Care Teams with data-driven tools to deliver personalized support at scale. We call this approach Compassionate Intelligence. We work to develop trust with each member and use technology to help us personalize their experience, enabling us to unlock results at scale. Since our founding, our programs have had a meaningful, positive impact. As of December 31, 2025, we had more than 2,000 customers, over 886,000 total members enrolled in one or more programs, and had supported nearly two million members since launch. We sell our programs to customers that cover the cost for covered individuals, either by contracting with us directly or by arranging access through entities that we call \u201cchannel partners,\u201d which resell our programs to their own end customers. We count a member as enrolled in a program to the extent their participation was billed at least once in the preceding 12 months. We believe our p Item 1A. Risk Factors Certain factors may have a material adverse effect on our business, financial condition, results of operations, and prospects. You should carefully consider the risks described below, as well as the other information in this Annual Report on Form 10-K, including our consolidated financial statements and the related", "title": "OMDA - Omada Health, Inc.", "url": "/company/OMDA/" }, { "kind": "company", "summary": "SIC 6519 Lessors of Real Property, NEC; CIK 0001234006; latest 10-K filed 2026-02-18.", "text": "GOOD - GLADSTONE COMMERCIAL CORP SIC 6519 Lessors of Real Property, NEC; CIK 0001234006; latest 10-K filed 2026-02-18. GOOD GLADSTONE COMMERCIAL CORP 0001234006 6519 Lessors of Real Property, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the notes thereto contained elsewhere in this Form 10-K. General We are an externally-advised REIT that was incorporated under the General Corporation Law of the State of Maryland on February 14, 2003. We focus on acquiring, owning, and managing primarily industrial and office properties. Our properties are geographically diversified and our tenants cover a broad cross section of business sectors and range in size from small to very large private and public companies, many of which are corporations that do not have publicly-rated debt. We have historically 35 Table of Contents entered into, and intend in the future to enter into, purchase agreements primarily for real estate having net leases with remaining terms of approximately seven to 20 years and built-in rental rate increases. Under a net lease, the tenant is required to pay most or all operating, maintenance, repair and insurance costs and real estate taxes with respect to the leased property. We actively communicate with private equity funds, real estate brokers and other third parties to locate properties for potential acquisition or to provide mortgage financing in an effort to build our portfolio. We target secondary growth markets that possess favorable economic growth trends, diversified industries, and growing population and employment. All references to annualized generally accepted accounting principles (\u201cGAAP\u201d) rent are rents that each tenant pays in accordance with the terms of its respective lease reported evenly over the non-cancelable term of the lease. As of February 18, 2026: \u2022we owned 151 properties totaling 17.7 million square feet of rentable space, located in 27 states; \u2022our occupancy rate was 99.1%; \u2022the weighted average remaining term of our mortgage debt was 2.5 years and the weighted average interest rate was 4.21%; \u2022the weighted average remaining term of our senior unsecured notes was 4.4 years, and the weighted average interest rate was 6.22%; and \u2022the average remaining lease term of the portfolio was 7.3 years. Business Environment The business environment stabilized late in 2025 as interest rate volatility eased. After holding its benchmark rate steady for much of the year, the Federal Reserve implemented a 25 basis point cut in each of September, October, and December, lowering the federal funds target range in aggregate by 75 basis points to 3.50% to 3.75% by year-end. Subsequent to year end, the Federal Reserve held rates unchanged. Lower short-term rates improved sentiment in commercial real estate late in the year, though financing conditions remained selective and transaction activity limited. Liquidity showed modest improvement in the fourth quarter of 2025, but pricing gaps persisted and activity varied by property type. We expect conditions to remain generally consistent with those experienced in the fourth quarter of 2025, with interest rates, access to debt capital, and transaction activity remaining key factors. According to Cushman & Wakefield plc (\u201cCushman\u201d), industrial demand strengthened through the fourth quarter of 2025, marking a second consecutive quarter with net absorption exceeding 50 million square feet. Fourth quarter of 2025 net absorption totaled 54.5 million square feet, representing a 29% increase year over year and contributing to total 2025 absorption of 176.8 million square feet, a 16.3% increase compared to the prior year. Nationwide industrial vacancy remained stable at 7.1% for the third consecutive quarter, signaling that demand continued to catch up with a moderating supply pipeline. National industrial rent growth slowed to 1.5% year over year in the fourth quarter of 2025, the lowest growth rate since early 2020. While rent growth moderated, approximately Item 1. Business. Overview Gladstone Commercial Corporation (which we refer to as \u201cwe,\u201d \u201cus,\u201d or the \u201cCompany\u201d) was incorporated under the General Corporation Law of the State of Maryland on February 14, 2003. We have elected to be taxed as a REIT for federal income tax purposes. We focus on acquiring, owning, and managing primarily industrial and office properties. Our shares of common stock, par value $0.001 per share, 6.625% Series E Cumulative Redeemable Preferred Stock, par value $0.001 per share (\u201cSeries E Preferred Stock\u201d), and 6.00% Series G Cumulative Redeemable Preferred Stock, par value $0.001 per share (\u201cSeries G Preferred Stock\u201d), trade on the Nasdaq Global Select Market (\u201cNasdaq\u201d) under the trading symbols \u201cGOOD,\u201d \u201cGOODN\u201d and \u201cGOODO,\u201d respectively. Our senior common stock, par value $0.001 per share (\u201cSenior Common Stock\u201d) and our 6.00% Series F Cumulative Redeemable Preferred Stock, par value $0.001 per share (\u201cSeries F Preferred Stock\u201d), are not listed or traded on any exchange or automated quotation system. Our properties are geographically diversified and our tenants cover a broad cross section of business sectors and range in size from small to very large private and public companies, many of which are corporations that do not have publicly-rated debt. We have historically entered into, and intend in the future to enter into, purchase agreements for real estate having net leases with terms of approximately seven to 20 years with built-in rental rate increases. Under a net lease, the tenant is required to pay most or all operating, maintenance, repair and insurance costs and real estate taxes with respect to the leased property. We actively communicate with private equity funds, real estate brokers and other third parties to locate properties for potential acquisition or to provide mortgage financing in an effort to build our portfolio. We target secondary growth markets that possess favorable economic growth trends, diversified industries, and Item 1A. Risk Factors. An investment in our securities involves a number of significant risks and other factors relating to our structure and investment objectives. As a result, we cannot assure you that we will achieve our investment objectives. You should consider carefully the following information as an investor and/or ", "title": "GOOD - GLADSTONE COMMERCIAL CORP", "url": "/company/GOOD/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000944809; latest 10-K filed 2026-02-26.", "text": "OPK - OPKO HEALTH, INC. SIC 2834 Pharmaceutical Preparations; CIK 0000944809; latest 10-K filed 2026-02-26. OPK OPKO HEALTH, INC. 0000944809 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (\u201cPSLRA\u201d), Section 27A of the Securities Act of 1933, as amended, (the \u201cSecurities Act\u201d), and Section 21E of the Securities Exchange Act of 1934, as amended, (the \u201cExchange Act\u201d), about our expectations, beliefs, or intentions regarding our product development efforts, business, financial condition, results of operations, strategies and prospects. You can identify forward-looking statements by the fact that these statements do not relate to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results and otherwise reflect our views related thereto only as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those contained in \u201cItem 1A \u2014 Risk Factors\u201d of this Annual Report on Form 10-K. We do not undertake any obligation to update forward-looking statements except as required by applicable law. We intend that all forward-looking statements be subject to the safe harbor provisions of PSLRA. OVERVIEW We are a diversified healthcare company that seeks to establish industry-leading positions in large and rapidly growing medical markets. Our pharmaceutical business features Somatrogon (hGH-CTP), a once-weekly human growth hormone injection. We have partnered with Pfizer Inc. (\u201cPfizer\u201d) for further development and commercialization of Somatrogon (hGH-CTP). Regulatory approvals for Somatrogon (hGH-CTP) for the treatment of children and adolescents, as young as three years of age, with growth disturbance due to insufficient secretion of growth hormone, have been secured in more than 50 markets worldwide, including in the United States, European Union Member States, Japan, Canada, and Australia under the brand name NGENLA\u00ae. Also, through our pharmaceutical business, we manufacture and sell Rayaldee, an FDA approved treatment for secondary hyperparathyroidism (\u201cSHPT\u201d) in adults with stage 3 or 4 chronic kidney disease (\u201cCKD\u201d) and vitamin D insufficiency. Our subsidiary, ModeX Therapeutics, Inc. (\u201cModeX\u201d), is a biotechnology company focused on developing innovative multi-specific immune therapies for cancer and infectious disease candidates. ModeX has a robust early-stage pipeline with assets in key areas of immuno-oncology and infectious diseases, and we intend to further expand our pharmaceutical product pipeline through ModeX\u2019s portfolio of development candidates. Our diagnostics business, BioReference Health, LLC (\u201cBioReference\u201d), is a highly specialized laboratory in the United States, with a sales and marketing team focused on growth and new product integration, including the 4Kscore\u00ae test which is designed to assesses a patient's probability for prostate cancer. BioReference\u00ae offers a broad spectrum of diagnostic testing services for urology (4Kscore), and corrections nationwide, setting new standards with its industry-leading turnaround times. BioReference also provides comprehensive clinical and women\u2019s health testing in New York and New Jersey. Our test offerings are backed by a team of board-certified medical professionals and driven by the latest healthcare guidelines and standards. We market our laboratory testing services directly to physicians, geneticists, hospitals, clinics, correctional and other health facilities. As described below, we sold certain BioReference assets to Laborat ITEM 1. BUSINESS OVERVIEW We are a diversified healthcare company that seeks to establish industry-leading positions in large and rapidly growing medical markets. Our pharmaceutical business features NGENLA\u00ae (somatrogon-ghla), also referred to as Somatrogon (hGH-CTP), a once-weekly human growth hormone injection. We have partnered with Pfizer Inc. (\u201cPfizer\u201d) for further development and commercialization of Somatrogon (hGH-CTP). Regulatory approvals for Somatrogon (hGH-CTP) for the treatment of children and adolescents as young as three years of age with growth disturbance due to insufficient secretion of growth hormone, have been secured in more than 50 markets worldwide, including in the United States, European Union Member States, Japan, Canada, and Australia under the brand name NGENLA\u00ae. Through our pharmaceutical business, we manufacture and sell Rayaldee, a U.S. Food and Drug Administration (\u201cFDA\u201d) approved treatment for secondary hyperparathyroidism (\u201cSHPT\u201d) in adults with stage 3 or 4 chronic kidney disease (\u201cCKD\u201d) and vitamin D insufficiency. Rayaldee has secured marketing authorizations in 11 European countries, and we are advancing its development in mainland China through our strategic partners. Our subsidiary, ModeX Therapeutics, Inc. (\u201cModeX\u201d), is a biotechnology company focused on developing innovative multi-specific immune therapies for cancer and infectious disease candidates. ModeX has a robust early-stage pipeline with assets in key areas of immuno-oncology and infectious diseases, and we intend to further expand our pharmaceutical product pipeline through ModeX\u2019s portfolio of development candidates. We operate established, revenue-generating pharmaceutical platforms in Spain, Ireland, Chile, and Mexico, which contribute to positive cash flow and facilitate future market entry for our products currently in development. Our Irish subsidiary, EirGen Pharma, Ltd. (\"EirGen\") specializes in the development and commercial supply of high-potency oral ITEM 1A. RISK FACTORS. You should carefully consider the risks described below, as well as other information contained in this report, including the Consolidated Financial Statements and the notes thereto and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d The occurrence of any of the events ", "title": "OPK - OPKO HEALTH, INC.", "url": "/company/OPK/" }, { "kind": "company", "summary": "SIC 5080 Wholesale-Machinery, Equipment & Supplies; CIK 0001018164; latest 10-K filed 2026-03-10.", "text": "WLFC - WILLIS LEASE FINANCE CORP SIC 5080 Wholesale-Machinery, Equipment & Supplies; CIK 0001018164; latest 10-K filed 2026-03-10. WLFC WILLIS LEASE FINANCE CORP 0001018164 5080 Wholesale-Machinery, Equipment & Supplies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations (the \u201cMD&A\u201d) is intended to help the reader understand the results of operations and financial condition of the Company. The MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and related notes included in Part IV of this Annual Report on Form 10-K and incorporated herein by reference. A discussion of our results of operations for our fiscal year ended December 31, 2024 compared to the year ended December 31, 2023 is included our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 11, 2025 under the heading \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d 27 Table of Contents Forward-Looking Statements. This Annual Report on Form 10-K, including the MD&A, includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including statements regarding prospects or future results of operations or financial position, made in this Annual Report on Form 10-K are forward-looking. We use words such as anticipates, believes, expects, future, intends, and similar expressions to identify forward-looking statements. Forward-looking statements reflect management\u2019s current expectations and are inherently uncertain. Actual results could differ materially for a variety of reasons, including, among others: the effects on the airline industry and the global economy of events such as the current high interest rate and inflationary environment; changes in oil prices and other disruptions to the world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with our growth strategies and strategic priorities; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; managing the risks and impacts of potential and actual security breaches, cyberattacks, privacy breaches or data breaches, including business, service, or operational disruptions, the unauthorized access to or disclosure of data, financial loss, reputational damage, increased response and remediation costs, legal and regulatory proceedings or other unfavorable outcomes; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet the changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and the impact of pandemics or other public health crises on our business, financial condition, and results of operations. These risks and uncertainties, as well as other risks and uncertainties that could cause our actual results to differ significantly from management\u2019s expectations, are described in greater detail in Item 1A \u201cRisk Factors\u201d of Part I which, along with the other discussion in this report, describes some, but not all, of the factors that could cause actual results to differ significantly from management\u2019s expectations. OVERVIEW General. Our core business is acquiring and leasing commercial aircraft and aircraft engines and related aircraft equipment pursuant to operating leases, all of which we sometimes collectively refer to as \u201cequipment.\u201d As of December 31, 2025, the majority of our leases were operating leases with the exception of certain failed sale-leaseback transactions classified as notes receivable under the guidance provided by ASC 842 and investments in sales-type leases. As of Dec ITEM 1. BUSINESS INTRODUCTION Willis Lease Finance Corporation with its subsidiaries (\u201cWLFC\u201d or the \u201cCompany\u201d) is a leading lessor and servicer of commercial aircraft and aircraft engines. Our principal business objective is to build value for our shareholders by acquiring commercial aircraft and engines and managing those assets in order to provide a return on investment, primarily through lease rent and maintenance reserve revenues, as well as through management fees earned for managing assets owned by third parties. As of December 31, 2025, we had $2,801.7 million of equipment held in our operating lease portfolio, $139.9 million of notes receivable, $30.6 million of maintenance rights, and $16.6 million of investments in sales-type leases, which represented 363 engines, 20 aircraft, one marine vessel and other leased parts and equipment with 69 lessees in 37 countries. In addition to our owned portfolio, as of December 31, 2025, we managed 116 engines and related equipment for third parties. Willis Aeronautical Services, Inc. (\u201cWillis Aero\u201d) is a wholly-owned and vertically-integrated subsidiary whose primary focus is the sale of aircraft engine parts and materials through the acquisition or consignment of aircraft and engines. We are a Delaware corporation, incorporated in 1998. Our executive offices are located at 4700 Lyons Technology Parkway, Coconut Creek, Florida 33073. We transact business directly and through our subsidiaries and consolidated variable interest entities (\u201cVIE\u201d) unless otherwise indicated. We maintain a website at www.wlfc.global where our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all amendments to those reports are available without charge, as soon as reasonably practicable following the time we electronically file them with, or furnish them to, the Securities and Exchange Commission (\u201cSEC\u201d). The SEC also maintains an electronic Internet site that contains our reports, proxies a ITEM 1A. RISK FACTORS The following risk factors and other information included in this Annual Report should be carefully considered. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem i", "title": "WLFC - WILLIS LEASE FINANCE CORP", "url": "/company/WLFC/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001056943; latest 10-K filed 2026-03-16.", "text": "PFIS - PEOPLES FINANCIAL SERVICES CORP. SIC 6021 National Commercial Banks; CIK 0001056943; latest 10-K filed 2026-03-16. PFIS PEOPLES FINANCIAL SERVICES CORP. 0001056943 6021 National Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Management\u2019s Discussion and Analysis 2025 versus 2024 Management\u2019s Discussion and Analysis appearing on the following pages should be read in conjunction with the Consolidated Financial Statements and Management\u2019s Discussion and Analysis 2024 versus 2023 contained in this Item 7. Critical Accounting Estimates: Our consolidated financial statements are prepared in accordance with GAAP. The preparation of consolidated financial statements in conformity with GAAP requires us to establish critical accounting policies and make accounting estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenues and expenses during those reporting periods. An accounting estimate requires assumptions about uncertain matters that could have a material effect on the consolidated financial statements if a different amount within a range of estimates were used or if estimates changed from period to period. Readers of this report should understand that estimates are made considering facts and circumstances at a point in time, and changes in those facts and circumstances could produce results that differ from when those estimates were made. Management is required to make subjective and/or complex judgments about matters that are inherently uncertain and could be subject to revision as new information becomes available. Critical estimates that are particularly susceptible to material change within future periods relate to the determination of ACL and impairment of goodwill. Actual amounts could differ from those estimates. ACL The ACL represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to loans receivable and securities measured at amortized cost. Loans receivable are carried at amortized cost basis, which is comprised of the unpaid principal balance of the loan, unamortized deferred loan origination fees and costs and, if applicable, unamortized acquired premiums or discounts less any write-downs. The measurement of expected credit losses also applies to off-balance sheet credit exposures such as loan commitments and unused lines of credit. The methodology for determining the ACL is considered a critical accounting estimate by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded ACL. We monitor the adequacy of the allowance quarterly and adjust the allowance as necessary through normal operations. The allowance is established through a provision for credit losses that is charged against income. Management cannot ensure that charge-offs in future periods will not exceed the ACL or that additional increases in the ACL will not be required, resulting in an adverse impact on our financial condition and operating results. The ACL decreased $2.8 million to $39.0 million at December 31, 2025, from $41.8 million at the end of 2024. During the year ended December 31, 2024, an additional allowance of $14.3 million related to acquired non-PCD loans associated with the merger with FNCB Bancorp, Inc, and updated economic assumptions, additional qualitative factors related to the equipment financing portfolio and risk rating migrations lead to higher model loss rates and a higher provision when excluding the impact of one-time merger items. The ACL is calculated using an advanced probability of default model which exhibits the highest sensitivity to delinquencies, nonperforming loans, net charge-offs, recovery rates and variables within the economic forecast. The economic forecast is based on many of the components util Item 1. Business. General Peoples Financial Services Corp., a bank holding company incorporated under the laws of Pennsylvania, provides a full range of financial services through its wholly-owned direct and indirect subsidiaries, including Peoples Security Bank and Trust Company and 1st Equipment Finance, Inc (1st Equipment Finance\u201d). Unless the context indicates otherwise, all references in this annual report to the \u201cPeoples,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Peoples Financial Services Corp. and its subsidiaries. Peoples Security Bank and Trust Company is sometimes referred to as \u201cthe Bank.\u201d The Bank is a state-chartered bank and trust company under the jurisdiction of the Pennsylvania Department of Banking and Securities (\u201cDepartment of Banking\u201d) and the Federal Deposit Insurance Corporation (\u201cFDIC\u201d). The Bank\u2019s forty community banking offices, all similar with respect to economic characteristics, share a majority of the following aggregation criteria: products and services; operating processes; customer bases; delivery systems; and regulatory oversight. Accordingly, they are aggregated into a single operating segment. Merger with FNCB Bancorp, Inc. On July 1, 2024 (the \u201cAcquisition Date\u201d), the Company completed the acquisition of FNCB Bancorp, Inc., a Pennsylvania corporation (\u201cFNCB\u201d), in accordance with the definitive Agreement and Plan of Merger dated as of September 27, 2023, by and among the Company and FNCB. Pursuant to the agreement and plan, on the July 1, 2024, FNCB merged with and into Peoples, with Peoples continuing as the surviving corporation, and immediately following the merger, FNCB Bank, a Pennsylvania-chartered bank (\u201cFNCB Bank\u201d), merged with and into the Bank, with the Bank as the surviving institution (collectively, the \u201cmerger\u201d). At the time of the merger, Peoples added $1.8 billion in assets, $421.9 million in investments, $1.2 billion in loans, $1.4 billion in deposits, $226.3 million in Federal Home Loan Bank (the \u201cFHLB\u201d) a Item 1A. Risk Factors. In addition to the other information set forth in this report, one should carefully consider the factors discussed below, which could materially affect our business, financial condition or future results. The risks described below are not the only risks that we face but are designed to hig", "title": "PFIS - PEOPLES FINANCIAL SERVICES CORP.", "url": "/company/PFIS/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000715579; latest 10-K filed 2026-03-12.", "text": "ACNB - ACNB CORP SIC 6022 State Commercial Banks; CIK 0000715579; latest 10-K filed 2026-03-12. ACNB ACNB CORP 0000715579 6022 State Commercial Banks ITEM 7 \u2014 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is management\u2019s discussion and analysis of the significant changes in the financial condition, results of operations, capital resources, and liquidity presented in its accompanying Consolidated Financial Statements for ACNB Corporation, a financial holding company. Please read this discussion in conjunction with the Consolidated Financial Statements and disclosures included herein. Current performance does not guarantee, assure or indicate similar performance in the future. Discussion of the earliest of the three years covered by the Consolidated Financial Statements presented in this report has been omitted as that disclosure is included in the Corporation\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 in Item 7 \u2014 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d within that report. EXECUTIVE OVERVIEW ACNB Corporation is the financial holding company for the wholly-owned subsidiaries of ACNB Bank and ACNB Insurance Services. ACNB Bank provides a full range of retail and commercial financial services in Pennsylvania and Maryland primarily through its network of 33 community banking offices. ACNB Insurance Services offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster, Maryland, and Gettysburg, Pennsylvania and is licensed to do business in 46 states. The primary source of the Corporation\u2019s revenues is net interest income derived from interest earned on loans and investments, less deposit and borrowing funding costs. Revenues are influenced by general economic factors, including market interest rates, the economies of the markets served, stock market conditions, as well as competitive forces within the markets. The Corporation also generates revenue through commissions and fees earned on various services and financial products offered to its customers and through gains on sales of assets, such as loans, investments and properties. The Corporation incurs expenses to generate the revenue through provision for credit losses, noninterest expense and income taxes. The Corporation\u2019s overall strategy is to increase loan growth in its local markets, while maintaining a reasonable funding base by offering competitive deposit products and services. ACNB reported earnings of $37.1 million in 2025 impacted by three discrete items: $8.3 million merger-related expenses, net of tax impact, a provision for credit losses on non-PCD loans of $4.2 million, net of tax impact, both incurred as a result of the Acquisition, and a $2.8 million loss on sales of investment securities, net of tax impact, incurred as a result of the repositioning of the investment securities portfolio. Traditions Acquisition ACNB closed the Acquisition of Traditions effective February 1, 2025. Traditions contributed, after acquisition accounting adjustments, $877.7 million in assets, $648.5 million in loans and $741.5 million in deposits at the Acquisition date. See Note 2 \u2014 \u201cBusiness Combination\u201d in the Notes to Consolidated Financial Statements under Part II, Item 8 \u2014 \u201cFinancial Statements and Supplementary Data,\u201d for more information. Investment Securities Portfolio Repositioning ACNB completed a repositioning of the investment securities portfolio by selling $74.6 million in book value of available for sale investment securities for an after-tax loss of $2.8 million as announced on Form 8-K on December 5, 2025. For additional information see \u201cInvestment Securities\u201d in the Financial Condition section of this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. 31 Table of Contents The following table presents a summary of the Corporation\u2019s earnings and selected performance and asset quality ratios for the years ended December 31: [[GREPCENT_TABLE ITEM 1 \u2014 BUSINESS ACNB CORPORATION ACNB Corporation, headquartered in Gettysburg, Pennsylvania, is the financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, Pennsylvania, and ACNB Insurance Services, Westminster, Maryland. Originally founded in 1857, ACNB Bank serves its marketplace with banking, mortgage and wealth management services, including trust and retail brokerage, via a network of 33 community banking offices and two loan offices located in the Pennsylvania counties of Adams, Berks, Cumberland, Franklin, Lancaster and York and the Maryland counties of Baltimore, Carroll and Frederick. ACNB Insurance Services, the Corporation\u2019s insurance subsidiary, is a full-service agency licensed to do business in 46 states. The agency offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster, Maryland, and Gettysburg, Pennsylvania. ACNB Corporation was formed in 1982, and became the bank holding company for ACNB Bank (formerly Adams County National Bank) in 1983. On July 1, 2017, ACNB Corporation completed the acquisition of New Windsor Bancorp, Inc. and its wholly-owned subsidiary, New Windsor State Bank, a Maryland state-chartered, FDIC-insured community bank headquartered in Taneytown, Maryland. On January 11, 2020, ACNB completed its acquisition of Frederick County Bancorp, Inc. and its wholly-owned subsidiary, Frederick County Bank, a Maryland state-chartered, FDIC-insured community bank headquartered in Frederick, Maryland. Effective February 1, 2025, ACNB closed the acquisition of Traditions Bancorp, Inc., holding company for Traditions Bank, York, Pennsylvania. Traditions was merged with and into a wholly-owned subsidiary of ACNB Corporation immediately followed by the merger of Traditions Bank with and into ACNB Bank. ACNB Bank is operating the former Traditions Bank offices as \u201cTraditions Bank, A Division of ACNB Bank\u201d. Tra ITEM 1A \u2014 RISK FACTORS CREDIT RISKS ACNB IS SUBJECT TO INTEREST RATE RISK. ACNB\u2019s earnings and cash flows are largely dependent upon its net interest income. Net interest income is the difference between interest income earned on interest-earning assets, such as loans and securities, and interest expense paid on interest-bearing liabilities, such as deposits and ", "title": "ACNB - ACNB CORP", "url": "/company/ACNB/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0000894627; latest 10-K filed 2026-03-16.", "text": "EGY - VAALCO ENERGY INC /DE/ SIC 1311 Crude Petroleum & Natural Gas; CIK 0000894627; latest 10-K filed 2026-03-16. EGY VAALCO ENERGY INC /DE/ 0000894627 1311 Crude Petroleum & Natural Gas Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following management\u2019s discussion and analysis describes the principal factors affecting our capital resources, liquidity, and results of operations. This management\u2019s discussion and analysis should be read in conjunction with the accompanying Financial Statements and related notes, information about our business practices, significant accounting policies, risk factors, and the transactions that underlie our financial results, which are included in various parts of this Annual Report. For discussion related to changes in financial condition and results of operations for 2024 as compared with 2023, refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Form 10-K, which was filed with the SEC on March 17, 2025. Certain statements in our discussion below are forward-looking statements. These forward-looking statements involve risks and uncertainties. We caution that a number of factors could cause actual results to differ materially from those implied or expressed by the forward-looking statements. Please see \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and \u201cItem 1A. Risk Factors\u201d for further details about these statements. INTRODUCTION We are an independent energy company headquartered in Houston, Texas engaged in the acquisition, exploration, development and production of crude oil, natural gas and NGLs. We have a diversified African-focused portfolio of production, development and exploration assets located in Gabon, Egypt, Cote d'Ivoire, Equatorial Guinea, Nigeria, as well as, prior to the Canada Asset Divestment, producing properties in Canada. For further discussion of our five operating segments see \u201cItem 1. Business \u2013 Segment and Geographical Information.\u201d We intend to accelerate shareholder returns and increase shareholder value by controlling operating costs and capital expenditures, maximizing reserve recoveries and making disciplined strategic accretive acquisitions that meet our strategic and financial objectives. We believe that our quality portfolio, strong management and technical expertise specific to the markets in which we operate, and our ongoing focus on maintaining a competitive cost structure and disciplined capital allocation framework position us to achieve our business strategy and navigate a variety of commodity price environments. Over the past years, we have delivered on our focused strategy and believe we will continue to do so with the organic growth programs across our diversified portfolio over the coming years. Recent Developments and Outlook 2025 Acquisition In March 2025, the Company farmed into the CI-705 block offshore C\u00f4te d\u2019Ivoire as the operator with a 70% working interest and a 100% paying interest though a commercial carry arrangement with two other parties inclusive of the State Oil Company. The CI-705 block is located in the Tano basin, west of the Company\u2019s CI-40 Block, where the Baobab and Kossipo oil fields are located. The total amount of acquisition costs for this transaction is approximately $3.0 million. Divestment of Non-Core Assets On February 4, 2026, the Company entered into an asset purchase agreement (the \u201cCanada APA\u201d) to sell all its operating assets in Canada (the \u201cCanada Asset Divestment\u201d) for a purchase price of $24.4 million (C$33.4 million Canadian dollars), subject to customary adjustments. The Canada Asset Divestment closed on February 19, 2026 with an effective date of February 1, 2026 for an adjusted purchase price of $25.5 million. The Canada Asset Divestment represents the Company\u2019s complete exit of its Canadian oil and gas operations. Please see Part IV, Item 15., Note 4. Acquisitions and Divestiture and Note 20. Subsequent Events, to the Consolidated Financial Statements for further discussion on the Canada Asset Divestment. Capital Program We expect our 2026 capital p Item 1. Business OVERVIEW AND STRATEGY We are an independent energy company headquartered in Houston, Texas engaged in the acquisition, exploration, development and production of crude oil, natural gas and NGLs. We have a diversified, African-focused portfolio of production, development and exploration assets located in Gabon, Egypt, Cote d'Ivoire, Equatorial Guinea, Nigeria, as well as, prior to the Canada Asset Divestment (defined below), producing properties in Canada. Our overall business strategy is to maximize the value of our current resources and expand into new development opportunities across our strategically complementary asset base. We intend to accelerate shareholder returns and increase shareholder value by controlling operating costs and capital expenditures, maximizing reserve recoveries and making disciplined strategic accretive acquisitions that meet our strategic and financial objectives. Specifically, we seek to: \u2022Focus on maintaining production and lowering costs to increase margins and preserve optionality to capitalize on an increase in crude oil, natural gas and NGLs prices; \u2022Manage capital expenditures related to our drilling programs so that expenditures can be funded by cash on hand and cash from operations; \u2022Continue our focus on operating safely and complying with internationally accepted environmental operating standards; \u2022Optimize production through careful management of wells and infrastructure; \u2022Maximize our cash flow and income generation; \u2022Continue planning for additional development of our properties; \u2022Preserve a strong balance sheet by maintaining conservative leverage ratios and exhibiting financial discipline; \u2022Opportunistically hedge against exposures to changes in crude oil, natural gas or NGLs prices; and \u2022Actively pursue strategic, value-accretive mergers and acquisitions of similar properties to diversify our portfolio of producing assets. We believe that our quality portfolio, strong management and technical Item 1A. Risk Factors Our business faces many risks. You should carefully consider the following risk factors in addition to the other information included in this Annual Report. If any of these risks or uncertainties actually occurs, our business, financial condition and results of operations could be materially adversely affected. ", "title": "EGY - VAALCO ENERGY INC /DE/", "url": "/company/EGY/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001691082; latest 10-K filed 2026-03-26.", "text": "LBRX - LB PHARMACEUTICALS INC SIC 2834 Pharmaceutical Preparations; CIK 0001691082; latest 10-K filed 2026-03-26. LBRX LB PHARMACEUTICALS INC 0001691082 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our audited financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis and other parts of this Annual Report on Form 10-K contain forward-looking statements based upon current beliefs, plans and expectations related to future events and our future financial performance that involve risks, uncertainties and assumptions, such as statements regarding our intentions, plans, objectives and expectations for our business. Our actual results and the timing of selected events could differ materially from those described in or implied by these forward-looking statements as a result of several factors, including those set forth in the section titled \u201cRisk Factors\u201d in Part I, Item 1A of this Annual Report on Form 10-K. See also the section titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview We are a late-stage biopharmaceutical company developing novel therapies for the treatment of a wide range of neuropsychiatric disorders including schizophrenia, bipolar depression, adjunctive treatment of major depressive disorder and other diseases. We are building a pipeline that leverages the broad therapeutic potential of our lead product candidate, LB-102, which we believe has the potential to be the first benzamide antipsychotic drug approved for neuropsychiatric disorders in the United States. LB-102 is currently in late-stage clinical development for schizophrenia and bipolar depression. We are also planning to conduct a Phase 2 clinical trial evaluating LB-102 as an adjunctive treatment in major depressive disorder, or MDD. LB-102 is a new chemical entity and a methylated derivative of amisulpride, a second-generation antipsychotic drug approved in over 50 countries, not including the United States, because the development and regulatory requirements of the U.S. Food and Drug Administration, or FDA, for amisulpride were incompatible with patent coverage on the drug. Amisulpride is a generic drug that has been extensively used in clinical practice following its initial approval in France in the 1980s, generating at least two million monthly prescriptions in 2023 in a subset of 16 continental European countries. Among these European prescriptions for amisulpride, our data suggest that approximately 60% are for schizophrenia and schizoaffective disorders, approximately 20% are for mood disorders, approximately 14% are for anxiety, and the remainder are for a variety of other indications. We designed LB-102 to address the limitations of amisulpride with the aim to create a product candidate with the potential for a differentiated therapeutic profile and strong intellectual property protection. We believe LB-102\u2019s mechanism of action, data from our recently completed Phase 2 trial (NOVA-1) of LB-102 in acute schizophrenia, and the heritage of clinical experience with amisulpride support the continued development of LB-102 in both psychosis and mood disorders. In the future, additional expansion opportunities for LB-102 may include predominantly negative symptoms of schizophrenia, Alzheimer\u2019s disease psychosis and agitation, as well as other neuropsychiatric diseases. We believe that LB-102, if approved, can become a mainstay of psychiatric practice by offering a potentially attractive alternative to branded and generic therapeutics for the treatment of schizophrenia, bipolar depression, adjunctive MDD and other neuropsychiatric diseases, given the compelling balance of clinical activity and tolerability observed to date. The U.S. market for branded antipsychotic drugs was approximately $12 billion as of 2024. Antipsychotics that have expanded beyond schizophrenia and into mood disorder indications have realized substantial increases in revenue. De Item 1. Business. Overview We are a late-stage biopharmaceutical company developing novel therapies for the treatment of a wide range of neuropsychiatric disorders including schizophrenia, bipolar depression, adjunctive treatment of major depressive disorder and other diseases. We are building a pipeline that leverages the broad therapeutic potential of our lead product candidate, LB-102, which we believe has the potential to be the first benzamide antipsychotic drug approved for neuropsychiatric disorders in the United States. LB-102 is currently in late-stage clinical development for schizophrenia and bipolar depression. We are also planning to conduct a Phase 2 clinical trial evaluating LB-102 as an adjunctive treatment in major depressive disorder, or MDD. LB-102 is a new chemical entity and a methylated derivative of amisulpride, a second-generation antipsychotic drug approved in over 50 countries, not including the United States, because the development and regulatory requirements of the U.S. Food and Drug Administration, or FDA, for amisulpride were incompatible with patent coverage on the drug. Amisulpride is a generic drug that has been extensively used in clinical practice following its initial approval in France in the 1980s, generating at least two million monthly prescriptions in 2023 in a subset of 16 continental European countries. Among these European prescriptions for amisulpride, our data suggest that approximately 60% are for schizophrenia and schizoaffective disorders, approximately 20% are for mood disorders, approximately 14% are for anxiety, and the remainder are for a variety of other indications. We designed LB-102 to address the limitations of amisulpride with the aim to create a product candidate with the potential for a differentiated therapeutic profile and strong intellectual property protection. We believe LB-102\u2019s mechanism of action, data from our recently completed Phase 2 trial (NOVA-1) of LB-102 in acute schizophrenia, and the Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K, including our financial statements and their related notes included else", "title": "LBRX - LB PHARMACEUTICALS INC", "url": "/company/LBRX/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001640428; latest 10-K filed 2026-02-24.", "text": "EVER - EverQuote, Inc. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001640428; latest 10-K filed 2026-02-24. EVER EverQuote, Inc. 0001640428 7370 Services-Computer Programming, Data Processing, Etc. ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing in Part II, Item 8 of this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u2018\u2018Risk Factors\u2019\u2019 section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis. Overview We operate a leading online marketplace for insurance shopping, connecting consumers with insurance provider customers, which includes both carriers and agents. Our vision is to be the leading growth partner for P&C insurance providers. Our results-driven marketplace, powered by our proprietary data and technology platform, is improving the way insurance providers attract and connect with consumers shopping for insurance. We operate a marketplace to connect insurance providers to a large volume of high-intent, pre-validated consumer referrals that match the insurers\u2019 specific underwriting and profitability requirements. The transparency of our marketplace, as well as the campaign management tools we offer, are designed to make it easy for insurance carriers and third-party agents to evaluate the performance of their marketing spend on our platform and manage their own return on investment. We present consumers with a single starting point for a comprehensive insurance shopping experience where consumers can engage with insurance carriers through multiple channels based on their preferences. Our marketplace enables consumers to choose to visit an insurance provider\u2019s website to purchase a policy or engage with a carrier or agent by phone or submit their data to insurance providers to receive quotes. Our services are free for consumers, and we derive our revenue principally from consumer inquiries sold as referrals to insurance providers. In the years ended December 31, 2025, 2024 and 2023, our total revenue was $692.5 million, $500.2 million and $287.9 million, respectively, representing year-over-year increases of 38.5% from 2024 to 2025 and 73.7% from 2023 to 2024. We had net income of $99.3 million and $32.2 million for the years ended December 31, 2025 and 2024, respectively, and a net loss of $51.3 million for the year ended December 31, 2023, and had $94.6 million, $58.2 million and $0.5 million in adjusted EBITDA for these same periods, respectively. See the section titled \u201c\u2014Non-GAAP Financial Measure\u201d for information regarding our use of adjusted EBITDA and its reconciliation to net income (loss) determined in accordance with generally accepted accounting principles in the United States, or GAAP. Factors Affecting Our Performance We believe that our performance and future growth depend on a number of factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and in the section titled \u201cRisk Factors.\u201d Auto insurance industry risk For the years ended December 31, 2025 and 2024, we derived 91% and 89%, respectively, of our revenue from auto insurance providers and our financial results depend on the performance of the auto insurance industry. Furthermore, total revenue from our two largest customers accounted for 38% and 11%, respectively, of our total revenue for the year ended December 31, 2025 and revenue from our largest auto insurance carrier customer was 39% of our revenue for the year ended December 31, 2024. Business cycles within t ITEM 1. BUSINESS Company Overview We operate a leading online marketplace for insurance shopping, connecting consumers with our insurance provider customers, which includes both carriers and agents. Our vision is to be the leading growth partner for property and casualty, or P&C, insurance providers. Our results-driven marketplace, powered by our proprietary data and technology platform, is improving the way insurance providers attract and connect with consumers shopping for insurance. We operate a marketplace to connect insurance providers to a large volume of high-intent, pre-validated consumer referrals that match the insurers\u2019 specific underwriting and profitability requirements. The transparency of our marketplace, as well as the campaign management tools we offer, are designed to make it easy for insurance carriers and third-party agents to evaluate the performance of their marketing spend on our platform and manage their own return on investment. We present consumers with a single starting point for a comprehensive insurance shopping experience where consumers can engage with insurance carriers through multiple channels based on their preferences. Our marketplace enables consumers to choose to visit an insurance provider\u2019s website to purchase a policy or engage with a carrier or agent by phone or submit their data to insurance providers to receive quotes. Our services are free for consumers, and we derive our revenue principally from consumer inquiries sold as referrals to insurance providers. Market Opportunity P&C insurance is one of the largest segments of the United States economy and is highly fragmented with over 2,500 insurance carriers and over 100,000 insurance agencies, which collectively issued policies representing over $1 trillion in premiums in 2024. To capture new policies and retain their existing customers, U.S. P&C insurance carriers spent $129 billion in 2024 on marketing and distribution. However, carriers face challenges in this mark ITEM 1A. RISK FACTORS Investing in our Class A common stock involves a high degree of risk. Certain factors may have a material adverse effect on our business, financial condition and results of operation. You should carefully consider the risks and uncertainties described below, together ", "title": "EVER - EverQuote, Inc.", "url": "/company/EVER/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001823239; latest 10-K filed 2026-02-26.", "text": "MRVI - MARAVAI LIFESCIENCES HOLDINGS, INC. SIC 2834 Pharmaceutical Preparations; CIK 0001823239; latest 10-K filed 2026-02-26. MRVI MARAVAI LIFESCIENCES HOLDINGS, INC. 0001823239 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of financial condition and results of operations together with our audited consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis reflects our historical consolidated results of operations and financial position, and contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed in or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in Item 1A. \u201cRisk Factors.\u201d Please also see the section titled \u201cSpecial Note Regarding Forward Looking Statements.\u201d Unless otherwise noted or the context otherwise requires, references in this Annual Report on Form 10-K to \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d refer to Maravai LifeSciences Holdings, Inc. and its subsidiaries. This discussion and analysis generally addresses 2025 and 2024 items and year-over-year comparisons between 2025 and 2024. Discussions of 2023 items and year-over-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in Part II, Item 7 of our 2024 Annual Report on Form 10-K filed with the SEC on March 18, 2025. Overview We are a life sciences company that provides products and services supporting the development and manufacture of drug therapies, diagnostics, vaccines and cell and gene therapies. Our customers include biopharmaceutical companies, emerging biopharmaceutical, life sciences research companies, academic research institutions and diagnostics companies. Our product offerings support key phases of biopharmaceutical development and manufacturing and include complex nucleic acids and enzymes for therapeutic and diagnostic applications, and immunoassay, qpCR and mass spectrometry-based products and services to detect impurities during the production of biopharmaceutical products. We manage and evaluate our operations through two reportable segments: TriLink and Cygnus. TriLink provides nucleic acid products and related services, including mRNA, oligonucleotides, CleanCap\u00ae mRNA capping and ModTail\u2122 poly(A) tail modification technologies, synthesis inputs, specialty enzymes, and mRNA manufacturing services. Cygnus provides biologics safety testing products and services, including host cell protein ELISA kits, impurity detection assays, viral clearance prediction tools, and related reagents and services. During fiscal year 2025, we renamed our reportable segments from Nucleic Acid Production and Biologics Safety Testing to TriLink and Cygnus. This change reflects updated segment naming to better align with our internal brand and operating terminology. There were no changes to the composition of our reportable segments, the nature of the products and services offered, or the manner in which the CODM evaluates the Company\u2019s operating performance or allocates resources. Prior-period segment information has been recast to conform to the current presentation. During fiscal year 2025, we implemented a restructuring plan designed to better align our cost structure and operations with current market conditions and our strategic priorities. The restructuring included workforce reductions and operational streamlining initiatives and resulted in restructuring charges during the year. See \u201cResults of Operations\u201d below for additional discussion of the financial impacts of the restructuring. Our primary end customers are biopharmaceutical companies who are pursuing novel research and product development programs across a range of therapeutic modalities. We also serve government, academic and biotechnology institutions. As of December 31, 2025, we employed a team of over 435 full-time employees, approximately 26% of whom have advanced degr Item 1. Business Description of Business Maravai LifeSciences Holdings, Inc. (also referred to in this document as \u201cMaravai,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or \u201cthe Company\u201d) is a life sciences company providing critical products and services to enable the development of drugs, therapeutics, vaccines, and diagnostics, and support research on human disease. Our customers include biopharmaceutical companies, emerging biotech firms, life science research organizations, academic research institutions and diagnostics companies. Our comprehensive product portfolio addresses the critical stages of biopharmaceutical development, offering: \u2022complex nucleic acids for therapeutic, vaccine, and diagnostic applications; \u2022custom enzymes for research and diagnostic use; and \u2022antibody-based solutions to detect impurities during the production of biopharmaceutical products. Business Segments and Products We operate and report our business in two segments \u2013 TriLink, formerly referred to as Nucleic Acid Production, and Cygnus, formerly referred to as Biologics Safety Testing. During fiscal year 2025, we renamed our reportable segments from Nucleic Acid Production and Biologics Safety Testing to TriLink and Cygnus, respectively. This change reflects updated segment naming to better align with our internal brand and operating terminology. There were no changes to the composition of our reportable segments, the nature of the products and services offered, or the manner in which the chief operating decision maker (\u201cCODM\u201d) evaluates the Company\u2019s operating performance or allocates resources. TriLink provides nucleic acid products and related services, including mRNA, oligonucleotides, CleanCap\u00ae mRNA capping technology, ModTail\u2122 poly(A) tail modification technology, synthesis inputs, nucleoside triphosphates, specialty enzymes, and mRNA manufacturing services. Cygnus provides biologics safety testing products and services, including host cell protein ELISA kits, impurity detection assays, vir Item 1A. Risk Factors In addition to the other information in this report and our other filings with the SEC, you should carefully consider the risks and uncertainties described below, which could materially and adversely affect our business operations, financial condition and results of operations. The risk", "title": "MRVI - MARAVAI LIFESCIENCES HOLDINGS, INC.", "url": "/company/MRVI/" }, { "kind": "company", "summary": "SIC 8742 Services-Management Consulting Services; CIK 0001643615; latest 10-K filed 2026-02-26.", "text": "ONT - Onterris, Inc. SIC 8742 Services-Management Consulting Services; CIK 0001643615; latest 10-K filed 2026-02-26. ONT Onterris, Inc. 0001643615 8742 Services-Management Consulting Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and related notes and other information included in Item 8. \u201cFinancial Statements and Supplementary Data.\u201d This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from such forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those identified below and those discussed in Item 1A. \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. See \u201cForward-looking Statements.\u201d Overview Since our inception in 2012, our mission has been to help clients and communities meet their environmental goals and needs. According to data derived from a 2025 Environmental Industry Study prepared by Environmental Business International, Inc., or EBI, the global environmental industry is estimated to generate approximately $1.9 trillion in revenues in 2026, with $620.0 billion concentrated in the United States. Our Segments We provide environmental services to our clients through three business segments\u2014Assessment, Permitting and Response, Measurement and Analysis, and Remediation and Reuse. For more information on each of our operating segments, see Item 1. \u201cBusiness\u201d and our audited consolidated financial statements included in Item 8. \u201cFinancial Statements and Supplementary Data.\u201d Assessment, Permitting and Response Assessment, Permitting and Response segment provides scientific advisory and consulting services to support environmental assessments, environmental emergency response and recovery, toxicology consulting and environmental audits and permits for current operations, facility upgrades, new projects, decommissioning projects and development projects. We work closely with clients to navigate the regulatory process at the local, state, provincial and federal levels, identify the potential environmental and political impacts of their decisions and develop practical mitigation approaches, as needed. In addition to environmental toxicology and given our expertise in helping businesses plan for and respond to disruptions, our scientists and response teams have helped clients navigate their preparation for and response to emergency response situations. Measurement and Analysis Measurement and Analysis segment is one of the largest providers of environmental testing and laboratory services in North America. Our highly credentialed teams test and analyze air, water and soil to determine concentrations of contaminants, as well as the toxicological impact of contaminants on flora, fauna and human health. Our offerings include source and ambient air testing and monitoring, leak detection, and advanced multi-media laboratory services, including air, soil, stormwater, wastewater and drinking water analysis. Remediation and Reuse Remediation and Reuse segment provides clients with engineering, design, and implementation services, primarily (i) treatment technologies which treat contaminated water, or (ii) soil remediation. Our employees, including engineers, scientists and consultants, provide these services to assist our clients in designing solutions, managing products and mitigating environmental risks and liabilities at their locations. We do not own the properties or facilities at which we implement these projects or the underlying liabilities, nor do we own material amounts of the equipment used in projects. These operating segments have been structured and organized to align with how we view and manage the business with the full lifecycle of our clients\u2019 targeted environmental concerns and needs in mind. Within each segment, we cover similar service offerings, regulatory frameworks, internal operating structures and client Item 1. Business. Since our inception in 2012, our mission has been to help clients and communities meet their environmental goals and needs. We service complex and often non-discretionary environmental needs of our diverse clients across our three business segments: Assessment, Permitting and Response; Measurement and Analysis; and Remediation and Reuse. Examples of our services include: Our industry is highly fragmented with no single market leader. By focusing solely on environmental solutions, we believe we are uniquely positioned to become a leading platform in the environmental industry. We provide a diverse range of environmental services to our private and public sector clients across the life cycle of their needs\u2014whether they are launching new projects, maintaining operations, decommissioning operations, rehabilitating assets, managing the impacts of climate change or responding to unexpected environmental disruption. Our integrated platform has been a catalyst for our organic growth and we have built on this platform through strategic acquisitions. Innovation is core to our strategy. As the world\u2019s environmental challenges grow in number, scope and complexity, increasing public pressure and ongoing regulatory changes are driving the demand for better information and advanced solutions. We prioritize innovation to enhance the quality of information provided to clients, and provide solutions tailored to clients' specific environmental needs. Examples include more accurately measuring emissions, or identifying and remediating known and emerging contaminants. Our commitment to ongoing innovation includes investing in research, development, software development, and technology\u2014both directly and through strategic partnerships. These efforts are aimed at creating better solutions for our clients. We believe that these investments, along with our focus on geographic expansion, sales and marketing initiatives, environmental service offerings, and strategic acqui Item 1A. Risk Factors. Summary Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the financial statements and the related notes included in Item 8", "title": "ONT - Onterris, Inc.", "url": "/company/ONT/" }, { "kind": "company", "summary": "SIC 6500 Real Estate; CIK 0001406587; latest 10-K filed 2025-11-19.", "text": "FOR - Forestar Group Inc. SIC 6500 Real Estate; CIK 0001406587; latest 10-K filed 2025-11-19. FOR Forestar Group Inc. 0001406587 6500 Real Estate Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote an understanding of our financial condition, results of operations, liquidity and certain other factors that may affect future results. MD&A is provided as a supplement to, and should be read in conjunction with our consolidated financial statements and notes to those statements that appear elsewhere in this Form 10-K. This section generally discusses the results of operations for fiscal 2025 compared to 2024. For similar operating and financial data and discussion of our fiscal 2024 results compared to our fiscal 2023 results, refer to Item 7, \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" under Part II of our annual report on Form 10-K for the fiscal year ended September 30, 2024, which was filed with the SEC on November 19, 2024. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to any differences include, but are not limited to, those discussed under the caption \"Forward-Looking Statements\" and under Item 1A \u2014\"Risk Factors.\" Our Operations We are a residential lot development company with operations in 64 markets in 23 states as of September 30, 2025. In October 2017, we became a majority-owned subsidiary of D.R. Horton, Inc. As our controlling shareholder, D.R. Horton has significant influence in guiding our strategic direction and operations. We manage our operations through our real estate segment, which is our core business and generates substantially all of our revenues. The real estate segment primarily acquires land and installs infrastructure for single-family residential communities, and its revenues generally come from sales of residential single-family finished lots to local, regional and national homebuilders. We have other business activities for which the related assets and operating results are immaterial and therefore are included within our real estate segment. In fiscal year 2025, new home demand continued to be impacted by ongoing affordability constraints and cautious consumer sentiment during fiscal 2025. Homebuilders have continued to offer elevated levels of sales incentives, such as mortgage rate buydowns, to address affordability and spur the demand for new homes. Despite current market conditions, our revenues increased 10% from the prior year period. Our ongoing focus is primarily to develop lots for homes at affordable price points. While the disruptions in the supply chain for certain construction materials and tightness in the labor market have largely subsided, delays in receiving the necessary approvals from municipalities are still extending development cycle times in certain markets, and development costs remain elevated. We attempt to offset cost increases in one component with savings in another, and we increase our land and lot sales prices when market conditions permit. However, if market conditions are challenging, we may have to reduce selling prices or may not be able to offset cost increases with higher selling prices. We remain focused on managing the pricing and sales pace in each of our communities to optimize the returns on our inventory investments and adjust to local market conditions and demand. To adjust to changes in market conditions during recent years, we have reduced lot prices where necessary. We believe we are well-positioned to consolidate market share in the highly fragmented lot development industry because of our national footprint and strong local teams, our low net leverage and strong liquidity position, lower overhead model, geographically diverse lot portfolio that is focused on affordable price points and strategic Item 1. Business. Overview Forestar Group Inc. is a national, well-capitalized residential lot development company focused primarily on making investments in land acquisition and development to sell finished single-family residential lots to homebuilders. Our common stock is listed on the New York Stock Exchange (NYSE) and the NYSE Texas under the ticker symbol \"FOR.\" The listing and trading of the Common Stock on the NYSE Texas commenced on July 1, 2025. The terms \"Forestar,\" the \"Company,\" \"we\" and \"our\" used herein refer to Forestar Group Inc., a Delaware corporation, and its predecessors and subsidiaries. We conduct a wide range of project planning and management activities related to the entitlement, acquisition, community development and sale of residential lots. We generally secure entitlements while the land is under contract by creating plans that meet the needs of the markets where we operate, and we aim to have all entitlements secured before closing on the investment. Moving land through the entitlement and development process creates significant value. We primarily invest in entitled short-duration projects that can be developed in phases, enabling us to complete and sell lots at a pace that matches market demand, consistent with our focus on maximizing capital efficiency and returns. This strategy is a unique, lower-risk business model that we expect will produce more consistent returns than other public and private land developers. We also make short-term strategic investments in finished lots (lot banking) and undeveloped land (land banking) with the intent to sell these assets within a short time period to utilize available capital prior to its deployment into longer-term lot development projects. For the year ended September 30, 2025, we sold 14,240 lots with an average sales price of $108,400. At September 30, 2025, our lot position consisted of 99,800 residential lots, of which approximately 65,100 were owned and 34,700 were controlled through Item 1A. Risk Factors. Discussion of our business and operations included in this annual report on Form 10-K should be read together with the risk factors set forth below. They describe various risks and uncertainties we are or may become subject to, many of which are difficult to predict and beyond our control. Although the risks are organized and described se", "title": "FOR - Forestar Group Inc.", "url": "/company/FOR/" }, { "kind": "company", "summary": "SIC 1220 Silver Ores; CIK 0001687187; latest 10-K filed 2026-02-26.", "text": "METC - Ramaco Resources, Inc. SIC 1220 Silver Ores; CIK 0001687187; latest 10-K filed 2026-02-26. METC Ramaco Resources, Inc. 0001687187 1220 Silver Ores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion is intended to assist you in understanding our results of operations and our present financial condition and contains forward-looking statements that reflect our future plans, estimates, beliefs and expected performance. The forward-looking statements are dependent upon events, risks and uncertainties that may be outside our control. We caution you that our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences are discussed elsewhere in this Annual Report, particularly in the \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors,\u201d all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law. Overview We are a dual platform critical mineral company that is both an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and a developing producer of coal, rare earth and critical minerals in Wyoming. Our metallurgical coal development portfolio primarily includes the following properties: Elk Creek, Berwind, Knox Creek, and Maben. We believe each of these properties possesses geologic and logistical advantages that make our coal among the lowest delivered-cost U.S. metallurgical coal to our domestic customer base, North American blast furnace steel mills and coke plants, as well as to international metallurgical coal consumers. In mid-2025, we initiated development of our rare earth element and critical mineral operations near Sheridan, Wyoming (the \u201cBrook Mine\u201d). The Brook Mine initially produced representative ore material to serve as feedstock for testing, with the goal of demonstrating the viability of processing rare earth elements and critical minerals at a full-scale commercial facility and ultimately establishing mineral reserves and resources. Contiguous to the Brook Mine, the Company operates a carbon research facility related to the production of advanced carbon products and materials from coal. 85 Table of Contents Our reportable segments, which are primarily based on the Company\u2019s internal organizational structure and types of controlled mineral deposits, are its two operating segments\u2014Metallurgical Coal and Rare Earths and Critical Minerals. Where applicable, prior period amounts have been recast to conform to this segment reporting structure, which was modified during the third quarter of 2025. Metallurgical Coal Segment Our primary source of revenue is the sale of metallurgical coal. We maintain 85 million reserve tons and 1,337 million measured and indicated resource tons of high-quality metallurgical coal. Our plan is to continue the development of our existing properties and grow annual production over the next few years to possibly as much as seven million clean tons of metallurgical coal annually, subject to market conditions, permitting and additional capital deployment in the medium-term. We may also acquire additional reserves or infrastructure that contribute to our focus on advantaged geology and lower costs. The overall outlook of the metallurgical coal business is dependent on a variety of factors such as pricing, regulatory uncertainties, and global economic conditions. Coal consumption and production in the U.S. are driven by several market dynamics and trends including the U.S. and global economies, the U.S. dollar\u2019s strength relative to other currencies and accelerating production cuts. Blast furnace steelmaking is more prevalent outside the U.S. compared to domestic steel production, which creates demand for exports of metallurgical coal, including demand growth in Asia Pacifi Item 1. Business General Ramaco Resources, Inc. (the \u201cCompany,\u201d \u201cRamaco,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) is a Delaware corporation formed in October 2016. Our principal corporate and executive offices are located in Lexington, Kentucky with operational offices in Charleston, West Virginia and Sheridan, Wyoming. We are a dual platform critical mineral company that is both an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and a developing producer of coal, rare earth elements and critical minerals in Wyoming. Our metallurgical coal development portfolio primarily includes the following properties: Elk Creek, Berwind, Knox Creek, and Maben. We believe each of these properties possesses geologic and logistical advantages that make our coal among the lowest delivered-cost U.S. metallurgical coal to our domestic customer base, North American blast furnace steel mills and coke plants, as well as to international metallurgical coal consumers. In mid-2025, we initiated development of our rare earth element and critical mineral operations near Sheridan, Wyoming (the \u201cBrook Mine\u201d). The Brook Mine initially produced 4 Table of Contents representative ore material to serve as feedstock for testing, with the goal of demonstrating the viability of processing rare earth elements and critical minerals at a full-scale commercial facility and ultimately establishing mineral reserves and resources. Contiguous to the Brook Mine, the Company operates a carbon research facility related to the production of advanced carbon products and materials from coal. The Company\u2019s operations are organized into two reportable segments: Metallurgical Coal and Rare Earths and Critical Minerals. See Note 14--Segment Reporting in Item 8, Part II for additional information. We are an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia. We maintain 85 million reserve ton Item 1A. Risk Factors Our business involves certain risks and uncertainties. The following is a description of significant risks that might cause our future financial condition or results of operations to differ materially from those expected. In addition to the risks and uncertainties described below, we may face other risks and uncertainties, some of whic", "title": "METC - Ramaco Resources, Inc.", "url": "/company/METC/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001759774; latest 10-K filed 2026-02-24.", "text": "PSTL - Postal Realty Trust, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001759774; latest 10-K filed 2026-02-24. PSTL Postal Realty Trust, Inc. 0001759774 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis is based on, and should be read in conjunction with, the Consolidated Financial Statements and the related notes thereto of the Company as of and for the years ended December 31, 2025 and 2024. This management\u2019s discussion and analysis of financial condition and results of operations contains forward-looking statements that involve risks, uncertainties and assumptions. See \u201cCautionary Statement Regarding Forward-Looking Statements\u201d for a discussion of the risks, uncertainties and assumptions associated with those statements. Our actual results may differ materially from those expressed or implied in the forward-looking statements as a result of various factors, including, but not limited to, those in Item 1A. \u201cRisk Factors\u201d and included in other portions of this report. Overview Company We were formed as a Maryland corporation on November 19, 2018 and commenced operations upon completion of our IPO and the related formation transactions. We conduct our business through a traditional UPREIT structure in which our properties are owned by our Operating Partnership directly or through limited partnerships, limited liability companies or other subsidiaries. For the year ended December 31, 2025, we acquired 216 properties leased to the USPS for approximately $123.1 million, excluding closing costs. As of December 31, 2025, our portfolio consists of 1,917 owned properties, located in 49 states and one territory and comprising approximately 7.1 million net leasable interior square feet. 38 Table of Contents We are the sole general partner of our Operating Partnership through which our properties are directly or indirectly owned. As of February 24, 2026, we owned approximately 78.8% of our outstanding OP Units, including LTIP Units. Our Board of Directors oversees our business and affairs. ATM Program On November 4, 2022, we entered into separate open market sale agreements (the \"Sale Agreements\") for our at the market offering program with each of Jefferies LLC, BMO Capital Markets Corp., Janney Montgomery Scott LLC, Stifel, Nicolaus & Company, Incorporated and Truist Securities, Inc., as agents (the \"ATM Program\"), pursuant to which we may offer and sell shares of our Class A common stock having an aggregate sales price of up to $50.0 million. The agreements also provide that the Company may enter into one or more forward sale agreements under separate master forward confirmations and related supplemental confirmations with affiliates of certain agents. On August 8, 2023, we amended the ATM Program to increase the aggregate offering amount under the program to $150.0 million. On November 4, 2024, we entered into separate open market sale agreements for the ATM Program with each of Mizuho Securities USA LLC (\u201cMizuho\u201d) and M&T Securities, Inc. (\u201cM&T\u201d), as additional sales agents and affiliates of Mizuho, as forward sellers. During the year ended December 31, 2025, 3,154,321 shares were issued under the ATM Program, raising approximately $48.4 million in gross proceeds. As of December 31, 2025, we had approximately $45.3 million of availability remaining under the ATM Program. Subsequent to the end of the year, on February 24, 2026 we amended the ATM Program to increase the aggregate amount under the program to $300.0 million. On February 24, 2026, we also entered into a separate open market sale agreements for the ATM Program (the \"Additional Sale Agreements\") with each of (i) J.P. Morgan Securities LLC (\u201cJ.P. Morgan\u201d) and Scotia Capital (USA) Inc. (\u201cScotiaBank\u201d), as additional sales agents, (ii) JPMorgan Chase Bank, National Association, and The Bank of Nova Scotia, as additional forward purchasers and (iii) J.P. Morgan and ScotiaBank as additional forward sellers (in each case in its capacity as agent for its affiliated forward purchaser). The Additional Sale Agreements also provide that, in ad ITEM 1. BUSINESS General We are an internally managed REIT with a focus on acquiring and managing properties leased primarily to the USPS, ranging from last-mile post offices to industrial facilities. We believe that we are the largest owner and manager, measured by net leasable square footage, of properties that are leased to the USPS. We were organized in the state of Maryland on November 19, 2018 and commenced operations upon completion of our initial public offering (\"IPO\") on May 17, 2019 and the related formation transactions. Our Class A common stock trades on the New York Stock Exchange under the symbol \u201cPSTL\u201d. We elected to qualify to be taxed as a REIT for U.S. federal income tax purposes, commencing with our short tax year ended December 31, 2019. We conduct our business through an umbrella partnership, commonly referred to as an UPREIT structure, in which our properties are owned by our Operating Partnership directly or through limited partnerships, limited liability companies or other subsidiaries. We are the sole general partner of our Operating Partnership through which our properties are directly or indirectly owned. As of December 31, 2025, we owned approximately 79.3% of the outstanding common units of limited partnership interest in our Operating Partnership (the \u201cOP Units\u201d), including long term incentive units of our Operating Partnership (the \u201cLTIP Units\u201d). Our Board of Directors oversees our business and affairs. Real Estate Investments As of December 31, 2025, we had net investments of approximately $716.6 million in 1,917 real estate properties (including two properties accounted for as financing leases). The properties are located in 49 states and one territory, totaling approximately 7.1 million net leasable interior square feet in the aggregate and were 99.8% occupied as of December 31, 2025 with a weighted average remaining lease term of approximately 4 years. As of December 31, 2025, we manage, through our taxable REIT subsidiary ( ITEM 1A. RISK FACTORS Risk Factor Summary Risks Related to the USPS \u2022Our business is substantially dependent on the demand for leased postal properties. \u2022The USPS\u2019 inability to meet its financial obligations may have a material adverse effect on our business. \u2022The USPS has a substantial amount of indebtedness and is ", "title": "PSTL - Postal Realty Trust, Inc.", "url": "/company/PSTL/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001796280; latest 10-K filed 2026-02-23.", "text": "ORIC - Oric Pharmaceuticals, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001796280; latest 10-K filed 2026-02-23. ORIC Oric Pharmaceuticals, Inc. 0001796280 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties, including those described in the section titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Our actual results and the timing of selected events could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those set forth under the section titled \u201cRisk Factors\u201d included elsewhere in this report. Overview ORIC Pharmaceuticals is a clinical-stage biopharmaceutical company dedicated to improving patients\u2019 lives by Overcoming Resistance In Cancer. Our fully integrated research and development team is advancing a diverse pipeline of innovative clinical therapies designed to counter resistance mechanisms in cancer by leveraging our expertise within three specific areas: hormone-dependent cancers, precision oncology and key tumor dependencies. Our clinical stage product candidates include: \u2022 Rinzimetostat (formerly ORIC-944), an allosteric inhibitor of the PRC2 via the EED subunit, for which we licensed development and commercialization rights from Mirati with the Mirati License Agreement. We filed and cleared an IND with the FDA for rinzimetostat in the fourth quarter of 2021. We completed a Phase 1b trial of rinzimetostat as a single-agent, in patients with advanced prostate cancer and reported initial Phase 1b data from this trial in January 2024, demonstrating potential best-in-class drug properties, including an approximate 20-hour clinical half-life, robust target engagement and a favorable safety profile. In July 2024, we announced that in the first half of 2024 we initiated dosing of rinzimetostat in combination with apalutamide as well as in combination with darolutamide, as part of the ongoing Phase 1b trial in patients with mCRPC. We also announced that we entered into clinical trial collaboration and supply agreements with Johnson & Johnson and Bayer, to evaluate rinzimetostat in combination with Erleada\u00ae (apalutamide), Johnson & Johnson\u2019s AR inhibitor, and Nubeqa\u00ae (darolutamide), Bayer\u2019s AR inhibitor. In November 2025, we announced the completion of the dose exploration portion of the Phase 1b trial and the selection of RP2Ds of rinzimetostat to be tested in combination with the approved doses of darolutamide and apalutamide in the dose optimization portion of the Phase 1b trial: 400 mg and 600 mg QD of rinzimetostat in combination with 600 mg BID of darolutamide; and 600 mg, 800 mg and 1,200 mg QD of rinzimetostat in combination with 240 mg QD of apalutamide. Also, in November 2025, we reported Phase 1b dose exploration data in 20 patients with mCRPC, who were treated with rinzimetostat in combination with 240 mg QD of apalutamide or with 600 mg BID of darolutamide. The November 2025 data set (cutoff date of September 22, 2025) demonstrated PSA responses and ctDNA reductions across all rinzimetostat dose levels and at comparable rates in combination with apalutamide or with darolutamide. Broad and deep PSA responses were demonstrated, with 55% of patients achieving a PSA50 response rate (confirmed in 40%), and 20% of patients achieving a PSA90 response rate (all confirmed). Rapid and deep ctDNA responses were observed in patients across a breadth of AR mutations and other gene alterations, with 76% of patients achieving greater than 50% ctDNA reduction, and 59% of patients achieving ctDNA clearance. Both combination regimens demonstrated a safety profile compatible with long-term dosing, with the vast majority of TRAEs Grade 1 or 2 in severity and consistent with PRC2 and AR inhibition. As of the Sept Item 1. Business. Overview ORIC Pharmaceuticals is a clinical-stage biopharmaceutical company dedicated to improving patients\u2019 lives by Overcoming Resistance In Cancer. Profound advancements in oncology drug development have expanded the treatment options available to patients, yet therapeutic resistance and relapse continue to limit the efficacy and duration of clinical benefit of such treatments. Collectively, our founders and management team have a decades-long heritage of identifying and characterizing resistance mechanisms in oncology, having discovered, developed and commercialized groundbreaking medicines at companies such as Ignyta, Medivation, Aragon, Pharmacyclics, Deciphera and Genentech. Our fully integrated research and development team is advancing a diverse pipeline of innovative clinical therapies designed to counter resistance mechanisms in cancer by leveraging our expertise within three specific areas: hormone-dependent cancers, precision oncology and key tumor dependencies. Our clinical stage product candidates include: \u2022 Rinzimetostat (formerly ORIC-944), an allosteric inhibitor of the polycomb repressive complex 2 (PRC2) via the embryonic ectoderm development (EED) subunit, for which we licensed development and commercialization rights from Mirati Therapeutics, Inc. (Mirati) under a license agreement (Mirati License Agreement). We filed and cleared an Investigational New Drug application (IND) with the Food and Drug Administration (FDA) for rinzimetostat in the fourth quarter of 2021. We completed a Phase 1b trial of rinzimetostat as a single-agent, in patients with advanced prostate cancer and reported initial Phase 1b data from this trial in January 2024, demonstrating potential best-in-class drug properties, including an approximate 20-hour clinical half-life, robust target engagement and a favorable safety profile. In July 2024, we announced that in the first half of 2024 we initiated dosing of rinzimetostat in combination with apaluta Item 1A. Risk Factors. Risk factors You should carefully consider the risks described below, as well as the other information in this Annual Report on Form 10-K, including our financial statements and related notes and the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Op", "title": "ORIC - Oric Pharmaceuticals, Inc.", "url": "/company/ORIC/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001446847; latest 10-K filed 2026-02-26.", "text": "IRWD - IRONWOOD PHARMACEUTICALS INC SIC 2834 Pharmaceutical Preparations; CIK 0001446847; latest 10-K filed 2026-02-26. IRWD IRONWOOD PHARMACEUTICALS INC 0001446847 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u200b The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes to those financial statements appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve significant risks and uncertainties. As a result of many factors, such as those set forth under \u201cRisk Factors\u201d in Item 1A of this Annual Report on Form 10-K, our actual results may differ materially from those anticipated in these forward-looking statements. Overview We are a biotechnology company developing and commercializing life-changing therapies for people living with gastrointestinal, or GI, and rare diseases. We are focused on the development and commercialization of innovative product opportunities in areas of significant unmet need, leveraging our demonstrated expertise and capabilities in GI and rare diseases. \u200b LINZESS\u00ae (linaclotide), our commercial product, is the first product approved by the U.S. FDA, in a class of GI medicines called GC-C agonists and is indicated for the treatment of irritable bowel syndrome with constipation, or IBS-C, in adults and pediatric patients 7 years of age and older, chronic idiopathic constipation, or CIC, in adults, and functional constipation, or FC, in pediatric patients ages 6-17 years-old. LINZESS is also available for the treatment of adults with IBS-C or CIC in Mexico, adults with IBS-C or chronic constipation in Japan, and adults with IBS-C in China. Linaclotide is available under the trademarked name CONSTELLA\u00ae for the treatment of adults with IBS-C or CIC and pediatric patients ages 6-17 years old with FC in Canada, and to adults with IBS-C in certain European countries. \u200b We have strategic partnerships with leading pharmaceutical companies to support the development and commercialization of linaclotide throughout the world, including with AbbVie in the U.S. and all countries worldwide other than China (including Hong Kong and Macau) and Japan, AstraZeneca in China (including Hong Kong and Macau), and Astellas in Japan. \u200b Through the VectivBio Acquisition, we are advancing apraglutide, a next-generation, synthetic long-acting peptide analog of GLP-2 for SBS patients who are dependent on PS. In February 2024, we announced positive topline results from our pivotal Phase III clinical trial, STARS, which evaluated the efficacy and safety of once-weekly subcutaneous apraglutide in reducing parenteral support dependency in adult patients with SBS-IF. We are also conducting an open-label extension study, STARS Extend, to further assess the safety of apraglutide in adult patients with SBS-IF. In April 2025, we announced that, based on discussions with the U.S. FDA, a confirmatory Phase III clinical trial is needed to seek approval of a new drug application or NDA, for apraglutide for patients with SBS-IF who are dependent on PS. In the fourth quarter of 2025, we met with the U.S. FDA and aligned on key design elements of a confirmatory Phase III clinical trial, STARS-2, of apraglutide. Site initiations are expected to begin in the second quarter of 2026. \u200b To date, we have dedicated a majority of our activities to the research, development and commercialization of linaclotide, as well as other research and development programs, including apraglutide. Prior to the year ended December 31, 2019, we incurred net losses in each year since inception. As of December 31, 2025, we had an accumulated deficit of approximately $1.7 billion. We are unable to predict the extent of any future losses or guarantee that our company will be able to generate and maintain positive cash flows. \u200b We were incorporated in Delaware on January 5, 1998 as Microbia, Inc. On April 7, 2008, we changed our name to Ironwood Pharmaceuticals, Inc. We operate in one reportable business segment Item 1. Business Our Company We are a biotechnology company developing and commercializing life-changing therapies for people living with gastrointestinal, or GI, and rare diseases. We are focused on the development and commercialization of innovative product opportunities in areas of significant unmet need, leveraging our demonstrated expertise and capabilities in GI and rare diseases. LINZESS\u00ae (linaclotide), our commercial product, is the first product approved by the United States Food and Drug Administration, or U.S. FDA, in a class of GI medicines called guanylate cyclase type C agonists, or GC-C agonists, and is indicated for the treatment, in the U.S., of irritable bowel syndrome with constipation, or IBS-C, in adults and pediatric patients 7 years of age and older, chronic idiopathic constipation, or CIC, in adults, and functional constipation, or FC, in pediatric patients ages 6-17 years-old. LINZESS is also available for the treatment of adults with IBS-C or CIC in Mexico, adults with IBS-C or chronic constipation in Japan, and adults with IBS-C in China. Linaclotide is available under the trademarked name CONSTELLA\u00ae for the treatment of adults with IBS-C or CIC and pediatric patients ages 6-17 years old with FC in Canada, and to adults with IBS-C in certain European countries. We have strategic partnerships with leading pharmaceutical companies to support the development and commercialization of linaclotide throughout the world, including with our partner, AbbVie Inc. (together with its affiliates), or AbbVie, in the U.S. and all countries worldwide other than China (including Hong Kong and Macau) and Japan, AstraZeneca AB (together with its affiliates), or AstraZeneca, in China (including Hong Kong and Macau) and Astellas Pharma Inc., or Astellas, in Japan. \u200b Through our acquisition of VectivBio Holding AG, or VectivBio, in June 2023, or the VectivBio Acquisition, we are advancing apraglutide, a next-generation, synthetic long-acting peptide ana Item 1A. Risk Factors \u200b In addition to the other information in this Annual Report on Form 10-K, any of the factors described below could significantly and negatively affect our business, financial condition, results of operations or prospects. The trading price of our Class A Common Stock may decline due to these risks. \u200b Ri", "title": "IRWD - IRONWOOD PHARMACEUTICALS INC", "url": "/company/IRWD/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001671858; latest 10-K filed 2026-03-09.", "text": "SPRY - ARS Pharmaceuticals, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001671858; latest 10-K filed 2026-03-09. SPRY ARS Pharmaceuticals, Inc. 0001671858 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis together with our financial statements and related notes included in \u201cItem 8. Financial Statements and Supplementary Data\u201d in this Annual Report. The following discussion contains forward-looking statements that involve risks and uncertainties. For a complete discussion of forward-looking statements, see the section above entitled \u201cForward Looking Statements.\u201d Our actual results could differ materially from those expressed or implied in any forward-looking statements as a result of various factors, including those set forth under the caption \u201cItem 1A. Risk Factors.\u201d Overview We are a biopharmaceutical company focused on the commercialization and development of neffy (currently identified in the European Union (\u201cEU\u201d) and United Kingdom (\u201cU.K.\u201d) by the trade name EURneffy and in China by the trade name \u4f18\u654f\u901f) for needle-free intranasal delivery of epinephrine for emergency treatment of Type I allergic reactions, including anaphylaxis. neffy is the first and only U.S. Food and Drug Administration (\u201cFDA\u201d) and European Commission-approved needle-free epinephrine product, also has approvals in the U.K., Japan, Australia, and China. It is the first new delivery method for epinephrine in more than 35 years. neffy is a proprietary composition of epinephrine with an innovative absorption enhancer called Intravail, which allows neffy to safely provide intranasal delivery of epinephrine at a low dose within the exposures of approved injectable products across a range of dosing conditions (including repeat dosing and allergen challenge). We believe the market opportunity for neffy in the United States is significant. At the current list price for neffy and our target total gross-to-net yield, the estimated 6.5 million patients currently prescribed an epinephrine autoinjector in the United States represents an initial addressable market opportunity of approximately $3.5 billion in annual net sales, while the remaining 13.5 million diagnosed patients that have not been prescribed an epinephrine product represent an additional addressable market opportunity of approximately $7.0 billion in annual net sales. We believe neffy\u2019s \u201cno needle, no injection\u201d approach addresses a significant unmet need in the use of epinephrine. There are approximately 40 million people in the U.S. who experience Type I allergic reactions. Of this group, approximately 20 million people are reported to have been diagnosed and experienced severe Type I allergic reactions that may lead to anaphylaxis, and approximately 6.5 million of those were prescribed an epinephrine autoinjector. However, in recent years, only an estimated one-half of those consistently carry their prescribed autoinjector with them. We believe the market opportunity for neffy in the U.S. is significant. Those estimated 3.2 million patients who currently fill their active epinephrine autoinjector prescription would represent approximately $1.8 billion in annual U.S. net sales at neffy\u2019s target estimated gross-to-net yield based on epinephrine device unit volume in 2025. 110 Table of Contents In August 2024, the FDA approved neffy 2 mg for the emergency treatment of Type I allergic reactions, including anaphylaxis, in adults and children who weigh 30 kg or greater, with neffy 1 mg subsequently approved in March 2025 for patients who are four years of age and older and weigh 15 kg to less than 30 kg. Our launch strategy for neffy in the United States involves direct outreach to high-volume prescribers of epinephrine accounting for approximately 55% of prescriptions in the last year through an efficient sales force. As of December 31, 2025, our sales force is comprised of approximately 106 ARS Pharma employees, who serve as sales reps, key account managers, area sales managers, and national sales directors, as well as 10 virtual sales reps, and approxi Item 1. Business. As used in this Annual Report, unless the context indicates or otherwise requires, \u201cARS,\u201d \u201cARS Pharma,\u201d the \u201ccompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and other similar terms refer to ARS Pharmaceuticals, Inc., a Delaware corporation and its consolidated subsidiaries. neffy and EURneffy are trademarks of ours that we use in this Annual Report. This Annual Report also includes trademarks, trade names, and service marks that are the property of other organizations. Solely for convenience, our trademarks and trade names referred to in this Annual Report appear without the \u00ae or \u2122 symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights, or the right of the applicable licensor, to our trademark and trade names. The use or display of other companies\u2019 trade names or trademarks do not suggest or imply a relationship or affiliation with, or endorsement or sponsorship of us by, any other companies. Overview Company Summary We are a biopharmaceutical company focused on the commercialization and development of neffy (currently identified in the European Union (\u201cEU\u201d) and United Kingdom (\u201cU.K.\u201d) by the trade name EURneffy and in China by the trade name \u4f18\u654f\u901f) for needle-free intranasal delivery of epinephrine for emergency treatment of Type I allergic reactions, including anaphylaxis. neffy is the first and only FDA and European Commission (\u201cEC\u201d)-approved needle-free epinephrine product, and also has approvals in the U.K., Japan, Australia, and China. It is the first new delivery method for epinephrine in more than 35 years. neffy is a proprietary composition of epinephrine with an innovative absorption enhancer called Intravail, which allows neffy to safely provide intranasal delivery of epinephrine at a low dose within the exposures of approved injectable products across a range of dosing conditions (including repeat dosing and allergen challenge). We believe neffy\u2019s \u201cno need Item 1A. Risk Factors We operate in a dynamic and rapidly changing environment that involves numerous risks and uncertainties. Certain factors may have a material adverse effect on our business, financial condition and results of operations, and you should carefully consider them. Accordingly, in evaluating our busine", "title": "SPRY - ARS Pharmaceuticals, Inc.", "url": "/company/SPRY/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001127371; latest 10-K filed 2026-03-11.", "text": "CWBC - Community West Bancshares SIC 6022 State Commercial Banks; CIK 0001127371; latest 10-K filed 2026-03-11. CWBC Community West Bancshares 0001127371 6022 State Commercial Banks ITEM 7 -MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Management\u2019s discussion and analysis should be read in conjunction with the Company\u2019s audited Consolidated Financial Statements, including the Notes thereto, in Item 8 of this Annual Report. INTRODUCTION Effective April 1, 2024, Central Valley Community Bancorp, completed its merger transaction with Community West Bancshares. Shortly thereafter, Community West Bank, a wholly owned subsidiary of Community West Bancshares, merged with and into Central Valley Community Bank, a wholly owned subsidiary of Central Valley Community Bancorp, with Central Valley Community Bank being the surviving banking institution. Effective with these mergers, the names of Central Valley Community Bancorp and Central Valley Community Bank were changed to Community West Bancshares and Community West Bank, respectively. Community West Bancshares (NASDAQ: CWBC) (the Company) was incorporated on February 7, 2000. The formation of the holding company offered the Company more flexibility in meeting the long-term needs of customers, shareholders, and the 36 Table of Contents communities it serves. The Company currently has one bank subsidiary, Community West Bank (the Bank) and one business trust subsidiary, Service 1st Capital Trust 1. The Company\u2019s market area includes Central California from Sacramento, California in the north to Bakersfield, California in the south and west to the Central California Coast. During 2025, we focused on deposit and loan growth, asset quality, liquidity, and capital adequacy. We also focused on assuring that competitive products and services were made available to our clients while adjusting to the many new laws and regulations that affect the banking industry. As of December 31, 2025, the Bank operated 26 full-service offices. Additionally, the Bank maintains an Agribusiness Center, and a SBA Lending Division. OVERVIEW Financial Highlights The significant highlights for the Company as of or for the period ended December 31, 2025 included the following: \u2022Net income for 2025 was $38,168,000 compared to $7,666,000 and $25,536,000 for the years ended December 31, 2024 and 2023, respectively. \u2022Diluted earnings per share (EPS) for the year ended December 31, 2025 was $2.00, compared to $0.45 and $2.17 for the years ended December 31, 2024 and 2023, respectively. \u2022Total assets at December 31, 2025 were $3.69 billion compared to $3.52 billion at December 31, 2024. \u2022Net loans increased $202,368,000 or 8.77%, and total assets increased $168,546,000 or 4.79% at December 31, 2025 compared to December 31, 2024. \u2022Total deposits increased 6.34% to $3.10 billion at December 31, 2025 compared to $2.91 billion at December 31, 2024. \u2022Total equity was $409.6 million at December 31, 2025 compared to $362.7 million at December 31, 2024. \u2022Total cost of deposits decreased to 1.41% for the year ended December 31, 2025 compared to 1.53% for the year ended December 31, 2024. \u2022Average non-interest bearing demand deposit accounts as a percentage of total average deposits was 34.90% and 38.62% for the years ended December 31, 2025 and December 31, 2024, respectively. \u2022Net interest margin increased to 4.15% for the year ended December 31, 2025, from 3.76% for the year ended December 31, 2024. \u2022Return on average equity (\u201cROE\u201d) for 2025 was 9.92% compared to 2.42% and 13.81% for 2024 and 2023, respectively. \u2022Return on average assets (\u201cROA\u201d) for 2025 was 1.07% compared to 0.24% and 1.04% for 2024 and 2023, respectively. \u2022There were $6.96 million non-performing assets for the year ended December 31, 2025. Additionally, net loan recoveries were $68,000 and loans delinquent more than 30 days were $23.21 million, compared to net loan charge-offs of $463,000 and loans delinquent more than 30 days of $9.84 million for the year ended December 31, 2024. \u2022Capital positions remain strong at December 31, 2025 with a 9.80% Tier 1 Leverage Ratio; a ITEM 1A -RISK FACTORS An investment in our common stock is subject to risks inherent to our business. The material risks and uncertainties that management believes may affect our business are described below. Before making an investment decision, you should carefully consider the risks and uncertainties described below together with all of the other information included or incorporated by reference in this Annual Report. The risks and uncertainties described below are not the only ones facing our business. Additional risks and uncertainties that management is not aware of or focused on or that management currently deems immaterial may also impair our business operations. This Annual Report is qualified in its entirety by these risk factors. General Economic, Market, Investment Risks General economic conditions could adversely affect our business, financial condition and results of operations. Our financial performance is highly dependent upon the business environment in the markets in which we operate and in the United States as a whole. Unfavorable or uncertain economic and market conditions can be caused by declines in economic growth, business activity or investor or business confidence; limitations on the availability or increases in the cost of credit and capital; increases in inflation or interest rates; high unemployment; natural disasters; terrorist attacks; disruptions in global or national supply chains; or a combination of these or other factors. The Bank conducts banking operation principally in Central California. Central California is largely dependent on agriculture. The agricultural economy in Central California is therefore important to our financial performance, results of operations and cash flows. We are also dependent in a large part upon the business activity, population growth, income levels and real estate activity in this market area. A downturn in agriculture and the agricultural related businesses could have a material adverse effect", "title": "CWBC - Community West Bancshares", "url": "/company/CWBC/" }, { "kind": "company", "summary": "SIC 5810 Retail-Eating & Drinking Places; CIK 0001704720; latest 10-K filed 2026-03-02.", "text": "CNNE - Cannae Holdings, Inc. SIC 5810 Retail-Eating & Drinking Places; CIK 0001704720; latest 10-K filed 2026-03-02. CNNE Cannae Holdings, Inc. 0001704720 5810 Retail-Eating & Drinking Places Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations For a description of our business, including descriptions of segments and recent business trends, see the discussion under Business in Item 1 of Part I of this Annual Report, which is incorporated by reference into this Part II, Item 7 of this Annual Report. The following discussion should also be read in conjunction with the Consolidated Financial Statements and the Notes thereto included in Item 8 of Part II of this Annual Report. Recent Developments Dun & Bradstreet On March 24, 2025, Dun & Bradstreet (\"D&B\") entered into a definitive agreement to be acquired by Clearlake Capital Group, L.P. (the \"D&B Sale\"). Under the terms of the agreement, D&B shareholders received $9.15 in cash for each share of common stock they own upon closing of the D&B Sale. In conjunction with the D&B Sale, Cannae entered into a Voting and Support Agreement with Dun & Bradstreet pursuant to which Cannae agreed to vote the 69,048,691 shares of D&B common stock, par value $0.0001 per share, for which the Company was then the beneficial owner (the \"Owned Shares\") in favor of the D&B Sale. Pursuant to the Voting and Support Agreement, the Company also agreed not to take certain actions, including (i) tendering any Owned Shares into any tender or exchange offer, (ii) transferring any Owned Shares (subject to certain exceptions), (iii) granting any proxies or powers of attorney or (iv) taking any action that would make any representation or warranty by the Company contained in the Voting and Support Agreement untrue or incorrect in any material respect or have the effect of preventing or disabling the Company from performing its obligations under the Voting and Support Agreement in any material respect. Under the Voting and Support Agreement, the Company was permitted to sell up to 10.0 million of the Owned Shares prior to completion of the D&B Sale or termination of the merger agreement entered into by D&B related to the D&B Sale in accordance with its terms. As a result of the D&B Sale, we present our investment in Dun & Bradstreet as a discontinued operation in our Consolidated Financial Statements as of and for the year ended December 31, 2025 and all prior periods have been recast to reflect our investment in D&B as a discontinued operation and held for sale. See Note Q - Discontinued Operations for further discussion of our accounting for our ownership interest in D&B. During the second quarter, we sold 10.0 million shares of common stock of D&B, and Cannae received proceeds of $89.5 million. On August 26, 2025, the D&B Sale closed, and Cannae completed the disposition of its remaining ownership interests in Dun & Bradstreet, Inc. for aggregate proceeds of $540.3 million in cash in exchange for our remaining 59,048,691 shares of common stock (the \"D&B Disposition\"). Following the consummation of the D&B Disposition and as of December 31, 2025, Cannae no longer has any ownership interest in D&B. JANA On May 12, 2025, Cannae entered into an agreement to acquire an additional 30% ownership interest in JANA Partners (the \"JANA Investment\") in exchange for an upfront payment of $67.5 million and potential further payments aggregating to $26.0 million if JANA Partners achieves certain assets under management thresholds (the \"JANA Contingent Consideration\"). The transaction closed on September 2, 2025 and as of December 31, 2025, the Company has a 50.0% total ownership interest in JANA Partners. On September 2, 2025, Cannae invested an additional $30.0 million into the JANA Fund. We previously accounted for our investment in the JANA Fund as an equity security without a readily determinable fair value. Due to our incremental investment in the JANA Fund and JANA Partners, as of September 30, 2025, we began accounting for our ownership interest in the JANA Fund as an unconsolidated affiliate using the equity method of accounting and record our ratab Item 1. Business Introductory Note The following describes the business of Cannae Holdings, Inc. and its subsidiaries. Except where otherwise noted, all references to \"we,\" \"us,\" \"our,\" \"Cannae,\" \"Cannae Holdings\" or the \"Company,\" are to Cannae Holdings, Inc. and its subsidiaries, taken together. Description of Business We primarily acquire interests in operating companies and are engaged in actively managing and operating a core group of those companies, which we are committed to supporting for the long term. From time to time, we also seek to take meaningful equity ownership stakes where we have the ability to control or significantly influence quality companies, and we bring the strength of our operational expertise to each of our subsidiaries. We are a long-term owner that secures control and governance rights of other companies primarily to engage in their lines of business, and we have no preset time constraints dictating when we sell or dispose of our businesses. We believe that our long-term ownership and active involvement in the management and operations of companies helps maximize the value of those businesses for our shareholders. We believe Cannae provides our investors with a compelling opportunity to participate in the acquisition, operation and growth of businesses by a world-class management team. Fundamentally, the Company seeks to take meaningful equity ownership stakes where we have an ability to control or significantly influence quality companies that are well-positioned in their respective industries, run by best-in-class management teams and that operate in industries that have attractive organic and acquired growth opportunities. We leverage our management team's operational expertise, long-term relationships and industry connections and capital sourcing capabilities to identify, structure and execute on ownership interests in companies with these characteristics. Our management team has a proven track record of growing industry-l Item 1A. Risk Factors In the course of conducting our business operations, we are exposed to a variety of risks, some of which are inherent in our industry and others of which are more specific to our own businesses. In addition to the other information set forth in this Annual Report and other filings we have made and make in th", "title": "CNNE - Cannae Holdings, Inc.", "url": "/company/CNNE/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000003499; latest 10-K filed 2026-02-09.", "text": "ALX - ALEXANDERS INC SIC 6798 Real Estate Investment Trusts; CIK 0000003499; latest 10-K filed 2026-02-09. ALX ALEXANDERS INC 0000003499 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Introduction The following discussion should be read in conjunction with the consolidated financial statements and related notes included under Part II, Item 8 of this Annual Report on Form 10-K. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is focused on the years ended December 31, 2025 and 2024, including year-to-year comparisons between these years. Our MD&A for the year ended December 31, 2023, including year-to-year comparisons between 2024 and 2023, can be found in Part II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. Overview Alexander\u2019s, Inc. (NYSE: ALX) is a real estate investment trust (\u201cREIT\u201d), incorporated in Delaware, engaged in leasing, managing, developing and redeveloping its properties. All references to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cCompany\u201d and \u201cAlexander\u2019s\u201d refer to Alexander\u2019s, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust (\u201cVornado\u201d) (NYSE: VNO). We have five properties in New York City. We compete with a large number of real estate investors, property owners and developers, some of whom may be willing to accept lower returns on their investments. Our success depends upon, among other factors, trends of the global, national and local economies, the financial condition and operating results of current and prospective tenants and customers, the availability and cost of capital, construction and renovation costs, taxes, governmental regulations, legislation, population and employment trends, zoning laws, and our ability to lease, sublease or sell our properties, at profitable levels. Our success is also subject to our ability to refinance existing debt on acceptable terms as it comes due. See \u201cItem 1A. Risk Factors\u201d in this Annual Report on Form 10-K for additional information regarding these factors. Our business has been, and may continue to be, affected by interest rate fluctuations, the effects of inflation and other uncertainties including the potential for an economic downturn. These factors could have a material impact on our business, financial condition, results of operations and cash flows. 26 Overview - continued Year Ended December 31, 2025 Financial Results Summary Net income for the year ended December 31, 2025 was $28,224,000 or $5.50 per diluted share, compared to $43,444,000 or $8.46 per diluted share for the year ended December 31, 2024. Funds from operations (\u201cFFO\u201d) (non-GAAP) for the year ended December 31, 2025 was $62,995,000, or $12.27 per diluted share, compared to $77,968,000, or $15.19 per diluted share for the year ended December 31, 2024. Square Footage, Occupancy and Leasing Activity As of December 31, 2025, our portfolio was comprised of five properties aggregating 2,446,000 square feet. The commercial occupancy rate was 94.6% and the residential occupancy rate was 97.7%. On January 31, 2025, Home Depot\u2019s 83,000 square foot lease at the retail portion of our 731 Lexington Avenue property expired. Annual rental revenues from Home Depot were approximately $15,000,000. In the fourth quarter of 2024, we entered into ten-year leases with Burlington and Marshalls to relocate them to our Rego Park II property in 2025 from our Rego Park I property which is now vacant. We are currently exploring sale opportunities for our Rego Park I property and are in advanced negotiations with a potential buyer. Significant Tenant Bloomberg accounted for revenue of $129,317,000, $125,349,000 and $120,351,000 in the years ended December 31, 2025, 2024 and 2023, respectively, representing approximately 61%, 55% and 54% of our rental revenues in each year, respectively. No other tenant accounted for more than 10% of our rental revenues. If ITEM 1. BUSINESS General Alexander\u2019s, Inc. (NYSE: ALX) is a real estate investment trust (\u201cREIT\u201d), incorporated in Delaware, engaged in leasing, managing, developing and redeveloping its properties. All references to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cCompany\u201d and \u201cAlexander\u2019s\u201d refer to Alexander\u2019s, Inc. and its consolidated subsidiaries. We are managed by, and our properties are leased and developed by, Vornado Realty Trust (\u201cVornado\u201d) (NYSE: VNO). We have five properties in New York City consisting of: \u2022731 Lexington Avenue, a 1,080,000 square foot multi-use building, comprising the entire block bounded by Lexington Avenue, East 59th Street, Third Avenue and East 58th Street in Manhattan. The building contains 952,000 and 128,000 of rentable square feet of office and retail space, respectively. Bloomberg L.P. (\u201cBloomberg\u201d) occupies all of the office space. The Home Depot (83,000 square feet) was the principal retail tenant at the property until its lease expired on January 31, 2025; \u2022Rego Park II, a 606,000 square foot shopping center, is located on Junction Boulevard in Queens. The center is anchored by a 145,000 square foot Costco and a 133,000 square foot Kohl\u2019s. The center also includes a 60,000 square foot Burlington, a 47,000 square foot Best Buy, and a 40,000 square foot Marshalls. Kohl\u2019s\u2019 store is currently closed but the tenant remains obligated under its lease which expires in January 2031; \u2022Flushing, a 167,000 square foot building, located on Roosevelt Avenue and Main Street in Queens, that is subleased to New World Mall LLC. The property is ground leased through January 2037; \u2022Rego Park I, a 338,000 square foot shopping center, is located adjacent to our Rego Park II shopping center. The property is now vacant since the relocation of Burlington and Marshalls to Rego Park II in 2025. We are currently exploring sale opportunities for the property and are in advanced negotiations with a potential buyer; and \u2022The Alexander apartment tower, located above our R ITEM 1A. RISK FACTORS Material factors that may adversely affect our business, operations and financial condition are summarized below. The risks and uncertainties described herein may not be the only ones we face. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also adversely affect our busine", "title": "ALX - ALEXANDERS INC", "url": "/company/ALX/" }, { "kind": "company", "summary": "SIC 3480 Ordnance & Accessories, (No Vehicles/Guided Missiles); CIK 0000095029; latest 10-K filed 2026-03-02.", "text": "RGR - STURM RUGER & CO INC SIC 3480 Ordnance & Accessories, (No Vehicles/Guided Missiles); CIK 0000095029; latest 10-K filed 2026-03-02. RGR STURM RUGER & CO INC 0000095029 3480 Ordnance & Accessories, (No Vehicles/Guided Missiles) ITEM 7\u2014MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Company Overview Sturm, Ruger & Company, Inc. (the \u201cCompany\u201d) is principally engaged in the design, manufacture, and sale of firearms to domestic customers. Approximately 99% of sales are from firearms. Export sales represent approximately 5% of total sales. The Company\u2019s design and manufacturing operations are located in the United States and almost all product content is domestic. The Company\u2019s firearms are sold through a select number of independent wholesale distributors, principally to the commercial sporting market. The Company also manufactures investment castings made from steel alloys and metal injection molding (\u201cMIM\u201d) parts for internal use in its firearms and for sale to unaffiliated, third-party customers. Less than 1% of sales are from the castings segment. Results of Operations - 2025 Product Demand The estimated sell-through of the Company\u2019s products from the independent distributors to retailers in 2025 increased 5% from 2024. In 2025, adjusted NICS decreased 4% from 2024. The increase in the sell-through of the Company\u2019s products despite the decrease in adjusted NICS background checks may be attributable to new product introductions, like the Ruger American Rifle Generation II bolt-action rifles, the Marlin lever-action rifles, Glenfield and Harrier rifles, and the RXM pistol, which helped offset aggressive promotions, discounts, rebates, and the extension of payment terms offered by the Company\u2019s competitors. Estimated sell-through from distributors to retailers and total adjusted NICS background checks: [[GREPCENT_TABLE]] [[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Estimated Units Sold from Distributors to Retailers (1)\",\"\",\"\",\"1,537,600\",\"\",\"\",\"\",\"1,471,300\",\"\",\"\",\"\",\"1,406,600\"],[\"Total Adjusted NICS Background Checks (2)\",\"\",\"\",\"14,612,300\",\"\",\"\",\"\",\"15,239,000\",\"\",\"\",\"\",\"15,848,000\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"(1)\",\"The estimates for each period were calculated by taking the beginning inventory at the distributors, plus shipments from the Company to distributors during the period, less the ending inventory at distributors. These estimates are only a proxy for actual market demand as they:\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u00b7\",\"Rely on data provided by independent distributors that are not verified by the Company,\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u00b7\",\"Do not consider potential timing issues within the distribution channel, including goods-in-transit, and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u00b7\",\"Do not consider fluctuations in inventory at retail.\"]] [[/GREPCENT_TABLE]] 25 [[GREPCENT_TABLE]] [[\"\",\"(2)\",\"NICS background checks are performed when the ownership of most firearms, either new or used, is transferred by a Federal Firearms Licensee. NICS background checks are also performed for permit applications, permit renewals, and other administrative reasons.\"]] [[/GREPCENT_TABLE]] The adjusted NICS data presented above was derived by the NSSF by subtracting NICS checks that are not directly related to the sale of a firearm, including checks used for concealed carry (\u201cCCW\u201d) permit application checks as well as checks on active CCW permit databases. Adjusted NICS data can be impacted by changes in state laws and regulations and any directives and interpretations issued by governmental agencies. Orders Received and Ending Backlog The Company uses the estimated unit sell-through of its products from the independent distributors to retailers, along with inventory levels at the independent distributors and at the Company, as the key metrics for planning production levels. The units ordered, value of orders received and ending backlog, net of Federal Excise Tax, for the trailing three years are as follows (dollars in millions, except average sales price): [[GREPCENT_TABLE]] [[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Orders Received\",\"\",\"$\",\"", "title": "RGR - STURM RUGER & CO INC", "url": "/company/RGR/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001770069; latest 10-K filed 2026-03-26.", "text": "MPLT - MapLight Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001770069; latest 10-K filed 2026-03-26. MPLT MapLight Therapeutics, Inc. 0001770069 2834 Pharmaceutical Preparations Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and related notes and other financial information included elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, future results of operations and financial position, and our objectives for future operations, includes forward-looking statements that involve risks and uncertainties. In some cases, you can identify forward-looking statements by terms such as \"may,\" \"will,\" \"should,\" \"expect,\" \"plan,\" \"anticipate,\" \"could,\" \"might,\" \"intend,\" \"target,\" \"ongoing,\" \"project,\" \"estimate,\" \"believe,\" \"estimate,\" \"predict,\" \"potential\" or \"continue\" or the negative of these terms or other similar expressions intended to identify statements about the future. As a result of many factors, including those factors set forth in the section entitled \"Risk Factors\" of this Annual Report, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis or set forth elsewhere in this Annual Report. Overview We are a clinical-stage biopharmaceutical company focused on improving the lives of patients suffering from debilitating central nervous system, or CNS, disorders. We were founded by globally recognized leaders in psychiatry and neuroscience research to address the lack of circuit-specific pharmacotherapies available for patients. Our discovery platform holds the potential to fill this void by identifying neural circuits causally linked to disease and targeting those circuits for therapeutic modulation. We believe our deep understanding of these causal links between the modulation of defined neural circuits and the resulting changes in disease-specific behaviors will enable us to develop therapeutics that can deliver efficacy, safety, tolerability and ease-of-use advantages to patients and prescribers. Our lead product candidate, ML-007C-MA, is a fixed-dose combination of an M1/M4 muscarinic agonist, ML-007, co-formulated with a peripherally acting anticholinergic, or PAC, which we are initially developing for the treatment of schizophrenia and Alzheimer's disease psychosis, or ADP. ML-007C-MA is designed to activate both M1 and M4 muscarinic receptors centrally to drive efficacy, while synchronizing the pharmacokinetics of the agonist and antagonist components to mitigate peripheral cholinergic side effects. ML-007 alone, co-administered or co-formulated with the PAC has been evaluated in four Phase 1 trials, with a total of 270 healthy participants enrolled and more than 1,500 doses of ML-007 administered. Based on our clinical and preclinical data, we believe that ML-007C-MA has demonstrated the potential to be a well-tolerated treatment option with convenient dosing, while achieving or exceeding cerebrospinal fluid, or CSF, exposures expected to result in improvement across key symptom domains. We are conducting ZEPHYR, a Phase 2 trial evaluating ML-007C-MA for the treatment of schizophrenia, and we expect the trial to reach the target enrollment of 300 participants in April 2026 and report topline results in the third quarter of 2026. We are also conducting VISTA, a Phase 2 trial evaluating ML-007C-MA for the treatment of ADP, and expect to report topline results in the second half of 2027. In December 2025, ML-007C-MA was granted Fast Track designation by the FDA for the treatment of hallucinations and delusions associated with ADP. Since our inception in 2018, we have devoted substantially all of our time and efforts to performing research and development activities, raising capital and recruiting managem Item 1. Business. Overview We are a clinical-stage biopharmaceutical company focused on improving the lives of patients suffering from debilitating central nervous system, or CNS, disorders. We were founded by globally recognized leaders in psychiatry and neuroscience research to address the lack of circuit-specific pharmacotherapies available for patients. Our discovery platform holds the potential to fill this void by identifying neural circuits causally linked to disease and targeting those circuits for therapeutic modulation. We believe our deep understanding of these causal links between the modulation of defined neural circuits and the resulting changes in disease-specific behaviors will enable us to develop therapeutics that can deliver efficacy, safety, tolerability and ease-of-use advantages to patients and prescribers. Our lead product candidate, ML-007C-MA, is a fixed-dose combination of an M1/M4 muscarinic agonist, ML-007, co-formulated with a peripherally acting anticholinergic, or PAC, which we are initially developing for the treatment of schizophrenia and Alzheimer's disease psychosis, or ADP. ML-007C-MA is designed to activate both M1 and M4 muscarinic receptors centrally to drive efficacy, while synchronizing the pharmacokinetics of the agonist and antagonist components to mitigate peripheral cholinergic side effects. ML-007 alone, co-administered, or co-formulated with PAC has been evaluated in four Phase 1 trials, with a total of 270 healthy participants enrolled and more than 1,500 doses of ML-007 administered. Based on our clinical and preclinical data, we believe that ML-007C-MA has demonstrated the potential to be a well-tolerated treatment option with convenient dosing, while achieving or exceeding cerebrospinal fluid, or CSF, exposures expected to result in improvement across key symptom domains. We are conducting ZEPHYR, a Phase 2 trial evaluating ML-007C-MA for the treatment of schizophrenia, and we expect the trial to reach the target Item 1A. Risk Factors. The following information sets forth risk factors that could cause our actual results to differ materially from those contained in forward-looking statements we have made in this Annual Report on Form 10-K and those we may make from time to time. You should carefully consider the risks ", "title": "MPLT - MapLight Therapeutics, Inc.", "url": "/company/MPLT/" }, { "kind": "company", "summary": "SIC 7830 Services-Motion Picture Theaters; CIK 0000062234; latest 10-K filed 2026-02-27.", "text": "MCS - MARCUS CORP SIC 7830 Services-Motion Picture Theaters; CIK 0000062234; latest 10-K filed 2026-02-27. MCS MARCUS CORP 0000062234 7830 Services-Motion Picture Theaters Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. General Beginning in fiscal 2025, our fiscal year changed to a fiscal year ending on December 31 of each year. Fiscal 2025 was a 370 operating day year beginning on December 27, 2024 and ending on December 31, 2025 (comprised of five operating days between December 27-31, 2024, plus 365 operating days in calendar year 2025). Accordingly, for our fiscal year ended December 31, 2025, our quarterly results were for three month periods ended March 31, June 30, September 30 and December 31. For fiscal 2024 and prior periods, we reported our consolidated and individual segment results of operations on a 52- or 53-week fiscal year ending on the last Thursday in December, dividing our fiscal year into three 13-week quarters and a final quarter consisting of 13 or 14 weeks. Fiscal 2024 was a 52-week year with 364 operating days, beginning on December 29, 2023 and ending on December 26, 2024. Fiscal 2023 was a 52-week year with 364 operating days, beginning on December 30, 2022 and ending on December 28, 2023. Fiscal 2026 will be a 365 operating day year beginning on January 1, 2026 and ending on December 31, 2026, with quarterly results for the three month periods ending March 31, June 30, September 30 and December 31. Our first fiscal quarter typically produces the weakest operating results in our hotels and resorts division due primarily to the effects of reduced travel during the winter months. The quality of film product in any given quarter typically impacts the operating results in our theatre division. Our second and third fiscal quarters generally produce our strongest operating results because these periods coincide with the typical summer seasonality of the movie theatre industry and the summer strength of the lodging business. Due to the fact that the week between Christmas and New Year\u2019s Eve is historically one of the strongest weeks of the year for our theatre division, the specific timing of the last Thursday in December has historically impacted the results of our fiscal first and fourth quarters in that division. Due to the transition in our fiscal year during fiscal 2025 described above, the first quarter of fiscal 2025 included five days during the week between Christmas and New Year\u2019s Eve, and the fourth quarter of fiscal 2025 included the entire week between Christmas and New Year\u2019s Eve. Our primary operations are reported in two business segments: theatres and hotels and resorts. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) generally discusses fiscal 2025 and 24 Table of Contents fiscal 2024 items and year-to-year comparisons between fiscal 2025 and fiscal 2024. Discussions of fiscal 2023 items and year-to-year comparisons between fiscal 2024 and fiscal 2023 that are not included in this MD&A can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 26, 2024. Within this MD&A amounts for totals, subtotals, and variances may not recalculate exactly within tables due to rounding as they are calculated using the unrounded numbers. Current Plans Our aggregate cash capital expenditures, acquisitions and net purchases of interests in, and contributions to, joint ventures were $83.2 million during fiscal 2025, compared to $83.3 million during fiscal 2024 and $38.8 million during fiscal 2023. We currently estimate that cash capital expenditures during fiscal 2026 will be in the $50 - $55 million range, with significant investments in our hotels division now behind us as discussed below. We will, however, continue to monitor our operating results and economic and industry conditions so that we may adjust our plans accordingly. Our current strategic plans include the following goals and strategies: Theatres \u2022Maximize an Item 1. Business. General We are engaged primarily in two business segments: movie theatres and hotels and resorts. As of December 31, 2025, our theatre operations included 78 movie theatres with 985 screens throughout 17 states (Wisconsin, Illinois, Iowa, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Arkansas, Colorado, Georgia, Kentucky, Louisiana, New York, Pennsylvania, Texas and Virginia), including one movie theatre with 14 screens in Minnesota owned by a third party and managed by us. Our movie theatres operate under the Marcus Theatres, Movie Tavern by Marcus, and BistroPlex brands. We also operate a family entertainment center, Funset Boulevard, that is adjacent to one of our theatres in Appleton, Wisconsin. As of the date of this Annual Report, we are the 4th largest theatre circuit in the United States. As of December 31, 2025, our hotels and resorts operations included seven wholly-owned and operated hotels and resorts in Wisconsin, Illinois, and Nebraska. We also manage nine hotels, resorts and other properties for our joint ventures and third parties in Wisconsin, California, Minnesota, Nevada, Nebraska, Illinois, Iowa, and Pennsylvania. As of December 31, 2025, we owned or managed approximately 4,700 hotel and resort rooms. 1 Table of Contents Both of these business segments are discussed in detail below. For information regarding the revenues, operating income or loss, assets and certain other financial information of these segments for the last three full fiscal years, please see our consolidated financial statements and the accompanying Note 12 in Part II below. Strategic Plans Please see our discussion under \u201cCurrent Plans\u201d in Item 7 \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Theatre Operations At the end of fiscal 2025, we owned or operated 78 movie theatre locations with a total of 985 screens in Wisconsin, Illinois, Iowa, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Arkansas Item 1A. Risk Factors. The following risk factors and other information included in this Annual Report on Form 10-K should be carefully considered. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operati", "title": "MCS - MARCUS CORP", "url": "/company/MCS/" }, { "kind": "company", "summary": "SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0001401257; latest 10-K filed 2026-02-27.", "text": "FET - FORUM ENERGY TECHNOLOGIES, INC. SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0001401257; latest 10-K filed 2026-02-27. FET FORUM ENERGY TECHNOLOGIES, INC. 0001401257 3533 Oil & Gas Field Machinery & Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes included under Item 8 of this Annual Report on Form 10-K. This discussion contains forward-looking statements based on our current expectations, estimates and projections about our operations and the industry in which we operate. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, including those described in \u201cRisk Factors\u201d and \u201cCautionary note regarding forward-looking statements\u201d and elsewhere in this Annual Report on Form 10-K. We assume no obligation to update any of these forward-looking statements. Overview FET optimizes customer operations by improving safety, increasing efficiency, and reducing environmental impact. Our highly engineered products include capital equipment and consumable products. FET\u2019s customers include oil and natural gas operators, oilfield service companies, pipeline and refinery operators, defense contractors and renewable energy companies. Consumable products are used by our customers in drilling, well construction and completion activities and at processing centers and refineries. Our capital products are directed at drilling rig equipment for constructing new or upgrading existing rigs, subsea construction and development projects, pressure pumping equipment, the placement of production equipment on new producing wells, downstream capital projects and capital equipment for renewable energy projects. In 2025, approximately 80% of our revenue was derived from consumable products and activity-based equipment, while the balance was primarily derived from capital products with a small amount from rental and other services. We expect that the world\u2019s long-term energy demand will continue to rise for the foreseeable future. Hydrocarbons are expected to play a vital role in meeting the world\u2019s long-term energy needs even as renewable energy sources grow in importance. As such, we are focused on developing products to help oil and gas operators lower expenses, increase production, and reduce their emissions while also deploying our technologies in renewable energy applications. FET operates in the following two reportable segments: (1) Drilling and Completions and (2) Artificial Lift and Downhole. Refer to Note 15 Business Segments for the product lines making up each segment. A summary of the products and services offered by each segment is as follows: \u2022Drilling and Completions. This segment designs, manufactures and supplies products and solutions to the drilling, subsea, coiled tubing, well stimulation and intervention markets, including applications in the oil and natural gas, renewable energy, defense and communications industries. The products and solutions consist primarily of (i) capital equipment and consumable products used in the drilling process; (ii) capital equipment and aftermarket products including subsea ROVs and trenchers, submarine rescue vehicles, specialty components and tooling, and technical services; (iii) capital equipment and consumable products sold to the pressure pumping market, including hydraulic fracturing pumps, cooling systems, and high-pressure flexible hoses and flow iron; (iv) wireline cable and pressure control equipment used in the well completion and intervention service markets; and (v) coiled tubing strings and pressure control equipment used in coiled tubing operations, as well as coiled line pipe and related services. \u2022Artificial Lift and Downhole. This segment designs, manufactures and supplies products and solutions for the artificial lift, well construction, production and infrastructure markets. The products and solutions consist primarily of: (i) products designed to safeguard artificial li Item 1. Business Forum Energy Technologies, Inc., a Delaware corporation (the \u201cCompany,\u201d \u201cFET,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d), is a global manufacturing company serving the oil, natural gas, defense and renewable energy industries. Our common shares are listed on the New York Stock Exchange (\u201cNYSE\u201d) and NYSE Texas under the symbol \u201cFET.\u201d Our principal executive offices are located at 10344 Sam Houston Park Drive, Houston, Texas 77064, our telephone number is (713) 351-7900, and our website is www.f-e-t.com. Our Annual Reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and all amendments thereto, are available free of charge in the \u201cInvestors\u201d section of our website as soon as reasonably practicable after such reports are electronically filed with or furnished to the Securities and Exchange Commission (\u201cSEC\u201d). These reports are also available on the SEC\u2019s website at www.sec.gov. Information contained on or accessible from our website is not incorporated by reference into this Annual Report on Form 10-K and should not be considered part of this report or any other filing that we make with the SEC. Overview FET optimizes customer operations by improving safety, increasing efficiency, and reducing environmental impact. Our highly engineered products include capital equipment and consumable products. FET\u2019s customers include oil and natural gas operators, oilfield service companies, pipeline and refinery operators, defense contractors and renewable energy companies. Consumable products are used by our customers in drilling, well construction and completion activities and at processing centers and refineries. Our capital products are directed at drilling rig equipment for constructing new or upgrading existing rigs, subsea construction and development projects, pressure pumping equipment, the placement of production equipment on new producing wells, downstream capital projects and capital equipment for renewable energy projects. In 2025, approx Item 1A. Risk Factors The following summarizes the principal factors that make an investment in our company speculative or risky, all of which are more fully described in the Risk Factors section below. This summary should be read in conjunction with the Risk Factors section and should ", "title": "FET - FORUM ENERGY TECHNOLOGIES, INC.", "url": "/company/FET/" }, { "kind": "company", "summary": "SIC 4899 Communications Services, NEC; CIK 0001816017; latest 10-K filed 2026-03-19.", "text": "SPIR - Spire Global, Inc. SIC 4899 Communications Services, NEC; CIK 0001816017; latest 10-K filed 2026-03-19. SPIR Spire Global, Inc. 0001816017 4899 Communications Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our audited consolidated financial statements as of and for the years ended December 31, 2025 and 2024 and the related notes appearing in Part II, Item 8 of this Annual Report on Form 10-K. In addition to historical consolidated financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results could differ materially from those anticipated by these forward-looking statements as a result of many factors. We discuss factors that we believe could cause or contribute to these differences below and elsewhere in this Annual Report on Form 10-K, including those set forth in the sections titled \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Unless the context otherwise requires, all references to \u201cthe Company,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d and similar terms refer to Spire and its subsidiaries. Overview We are a global provider of space-based data, analytics, and space services, offering unique datasets and powerful insights about Earth so that organizations can make decisions with confidence in a rapidly changing world. We build, own, and operate a fully deployed constellation of multi-purpose nanosatellites that observe the Earth in real time using RF technology. The data acquired by our satellites provide global weather intelligence, aircraft and ship movements, and spoofing and jamming 32 detection to help predict how these patterns affect economies, global security, business operations, and the environment. Additionally, we deliver space-based intelligence through a mission-ready satellite network and military-grade analytics. Our platform supports persistent signal monitoring, source detection, and asset tasking across any global region of interest. We also offer Space Services solutions that enable our customers to deploy and scale their own constellation, by leveraging our proven space platform, global ground station network, end-to-end manufacturing facility, and extensive launch partnership network. We operate in the \u201clistening\u201d (radio frequency) satellite market. We do not operate in the \u201clooking\u201d (imagery) or \u201ctalking\u201d (communications) satellite markets. Our Data Solution Offerings Our proprietary constellation of Low Earth Multi-Use Receiver (\u201cLEMUR\u201d) satellites collects and transmits data to our proprietary global ground station network. The data is then autonomously moved from ground stations to proprietary data warehouses for cleansing, standardization, fusion and analysis. Our customers receive proprietary data, analysis, and predictive data and solutions delivered seamlessly in real and near real-time. For each data solution, we have the capability to offer customers a variety of features and additional value. The four forms of data we monetize are: \u2022 Clean data: Clean and structured data directly from our proprietary satellites; \u2022 Smart data: Clean data fused with third-party datasets and proprietary analysis to enhance value and provide insights; \u2022 Predictive data: Big data, artificial intelligence (\u201cAI\u201d), and machine learning (\u201cML\u201d) algorithms applied to fused data sets to create predictive analytics and insights; and \u2022 Data Solutions: Data-driven actionable recommendations to solve specific business problems, utilizing the full spectrum of our data analytics suite. We monetize our proprietary solutions across a broad and growing range of current and target governments and industries including agriculture, logistics, financial services, insurance, aviation operations, energy, and academia, among others. The solutions we provide include space reconnaissance, aviation, weather and climate, and space services. \u2022 Space Reconnaissance: Mission critical satellite data suppo Item 1. Business. General Spire Global, Inc. (\u201cSpire\u201d or the \u201cCompany\u201d), founded in August 2012, is a global provider of space-based data and analytics that offers its customers unique datasets and insights about Earth from the ultimate vantage point. The Company collects this space-based data through its proprietary constellation of multi-purpose nanosatellites. The Company designs, manufactures, integrates, and operates its own satellites and ground stations to deliver unique end-to-end comprehensive solutions. We are headquartered in Vienna, Virginia, and have wholly owned operating subsidiaries in the United States (\u201cU.S.\u201d), United Kingdom, Luxembourg, Singapore, Germany, and Canada. On August 16, 2021, Spire Global Subsidiary, Inc. (formerly known as Spire Global, Inc.) (\u201cLegacy Spire\u201d) closed its previously announced merger with NavSight Holdings, Inc. (\u201cNavSight\u201d), a special purpose acquisition company. As a result, Legacy Spire continued as the surviving corporation and a wholly owned subsidiary of NavSight (the \u201cMerger,\u201d and such consummation, the \u201cClosing\u201d). NavSight then changed its name to Spire Global, Inc. and Legacy Spire changed its name to Spire Global Subsidiary, Inc. 5 On April 25, 2025, we completed the sale of our maritime business to Kpler Holding SA for approximately $238.9 million (the \u201cMaritime Transaction\u201d). The sale did not include any portion of our satellite network or operations. As part of the transaction, a portion of the proceeds was used to settle a prior dispute with L3Harris Technologies, Inc. (\u201cL3Harris\u201d) pursuant to a settlement agreement, providing for the full and complete resolution and release of all disputes asserted in connection with the A&R L3 Harris Agreement between exactEarth and L3 Harris, and to repay all outstanding obligations under our financing agreements, including the Blue Torch Finance LLC (\u201cBlue Torch\u201d) and Strategic Innovation Fund (\u201cSIF\u201d) loan facilities. Our principal executive office is located at Item 1A. Risk Factors. Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the sections titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition an", "title": "SPIR - Spire Global, Inc.", "url": "/company/SPIR/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0002039497; latest 10-K filed 2026-03-12.", "text": "RHLD - Resolute Holdings Management, Inc. SIC 6199 Finance Services; CIK 0002039497; latest 10-K filed 2026-03-12. RHLD Resolute Holdings Management, Inc. 0002039497 6199 Finance Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the Company\u2019s financial condition and results of operations should be read in conjunction with the Company\u2019s audited consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. The following discussion contains forward-looking statements that reflect the Company\u2019s plans, estimates and beliefs. The Company\u2019s actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere particularly in the sections titled \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d included in this Annual Report on Form 10-K. Overview Resolute Holdings provides operating management services to GPGI Holdings and Husky Holdings and other companies it may manage in the future, both in the United States and internationally, to generate recurring, long-duration management fees. Resolute Holdings applies a differentiated approach of value creation through the systematic deployment of the Resolute Operating System to drive performance at businesses it manages with the intention of creating value at both the underlying managed businesses and at Resolute Holdings. Resolute Holdings also applies its M&A and capital markets expertise to drive inorganic growth of its managed businesses. In accordance with ASC 810 and due to the terms of the CompoSecure Management Agreement, Resolute Holdings is required to consolidate GPGI Holdings because it is a VIE of which Resolute Holdings is deemed to be the primary beneficiary. Resolute Holdings does not own any equity interests or common stock in GPGI Holdings, Husky Holdings, or GPGI. GPGI Holdings, through the CompoSecure business, is the global leader in the design and manufacturing of premium metal payment cards and secure authentication solutions. The company pioneered the use of metal in payment cards dating back to 2003 and combines industry-leading innovation, advanced materials science, and proprietary manufacturing processes to deliver highly differentiated products to its customers. CompoSecure\u2019s metal payment cards integrate a metal core with EMV\u00ae (acronym representing Europay, Mastercard, and Visa) chips, magnetic stripes, and contactless payment technology, while meeting stringent certification requirements from global payment networks. CompoSecure\u2019s metal cards deliver a distinctive weight, a premium aesthetic, and enhanced durability for consumers, while its issuer customers benefit from the ability to attract higher-value consumers, reduce cardholder churn, and unlock higher customer spend relative to traditional plastic cards. 33 Table of Contents Recent Developments On February 28, 2025, GPGI completed the Spin-Off, whereby each stockholder of record who held shares of GPGI Class A Common Stock as of the close of business on February 20, 2025, received one share of Resolute Holdings common stock for every twelve shares of GPGI Class A Common Stock then held. On February 28, 2025, Resolute Holdings started trading regular-way on The Nasdaq Stock Market LLC under the ticker symbol \u201cRHLD\u201d. On September 23, 2025, Resolute Holdings transferred the listing of its common stock to the New York Stock Exchange where it continues to trade under the ticker symbol \u201cRHLD\u201d. On March 2, 2026, Resolute Holdings redomiciled its state of incorporation from the State of Delaware to the State of Nevada. In connection with the completion of the Spin-Off, Resolute Holdings entered into the CompoSecure Management Agreement, pursuant to which Resolute Holdings is responsible for managing the day-to-day business and operations and overseeing the strategy of GPGI Holdings and its controlled affiliates. Due to the execution of and the terms of the CompoSecure Management Agreement, Resolute Item 1. Business Background & Strategy Resolute Holdings Management, Inc. (\u201cResolute Holdings\u201d) is a Nevada corporation that was originally formed as a Delaware corporation on September 27, 2024 (\u201cInception Date\u201d) and was recently redomiciled to the State of Nevada on March 2, 2026. It is organized to provide operating management services to GPGI Holdings, L.L.C. (formerly CompoSecure Holdings, L.L.C.) (\u201cGPGI Holdings\u201d) and as of January 12, 2026, Husky Holdings LLC (\u201cHusky Holdings\u201d), and other companies it may manage in the future, both in the United States and internationally, to generate recurring, long-duration management fees. Resolute Holdings applies a differentiated approach of value creation through the systematic deployment of the Resolute Operating System (\u201cROS\u201d) to drive performance at businesses it manages with the intention of creating value at both the underlying managed businesses and at Resolute Holdings. Resolute Holdings also applies its M&A and capital markets expertise to drive inorganic growth of its managed businesses. GPGI, Inc. (formerly CompoSecure, Inc.) (\u201cGPGI\u201d), through its wholly owned subsidiaries, GPGI Holdings and Husky Holdings, is a permanent capital platform designed to acquire, own, and scale high-quality businesses that hold \u201cgreat positions in good industries.\u201d The Resolute Holdings and GPGI structure is designed to eliminate the constraints found in traditional corporate structures to attract great operators to lead and manage each business within GPGI. The leaders of each operating business benefit from the support and experience of Resolute Holdings, allowing them to focus on operating their respective businesses. GPGI has evolved from a single operating business into a diversified permanent capital platform that is as of the date of this report comprised of two market leading businesses, CompoSecure and Husky, each wholly owned by GPGI Holdings and operating under the CompoSecure, L.L.C. and Husky Holdings legal entitie Item 1A. Risk Factors Summary of Risk Factors An investment in our company is subject to a number of risks. These risks relate to our business, the businesses we manage, CompoSecure and Husky, our common stock (including the Spin-Off) and the securities market. Any of these risks and other risks could materially and adver", "title": "RHLD - Resolute Holdings Management, Inc.", "url": "/company/RHLD/" }, { "kind": "company", "summary": "SIC 6141 Personal Credit Institutions; CIK 0001464343; latest 10-K filed 2026-03-12.", "text": "ATLC - Atlanticus Holdings Corp SIC 6141 Personal Credit Institutions; CIK 0001464343; latest 10-K filed 2026-03-12. ATLC Atlanticus Holdings Corp 0001464343 6141 Personal Credit Institutions ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our consolidated financial statements and the related notes included therein, where certain terms have been defined. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations includes forward-looking statements. We base these forward-looking statements on our current plans, expectations and beliefs about future events. There are risks, including the factors discussed in \"Risk Factors\" in Item 1A and elsewhere in this Report, that our actual experience will differ materially from these expectations. For more information, see \"Cautionary Notice Regarding Forward-Looking Statements\" at the beginning of this Report. In this Report, except as the context suggests otherwise, the words \"Company,\" \"Atlanticus Holdings Corporation,\" \"Atlanticus,\" \"we,\" \"our,\" \"ours,\" and \"us\" refer to Atlanticus Holdings Corporation and its subsidiaries and predecessors. OVERVIEW Atlanticus is a financial technology company powering more inclusive financial solutions for Everyday Americans. We leverage data, analytics, and innovative technology to unlock access to financial solutions for the millions of Americans who would otherwise be underserved. By facilitating appropriately priced consumer credit and financial service alternatives with value-added features and benefits curated for the unique needs of these consumers, we endeavor to empower better financial outcomes for Everyday Americans. We provide technology and other support services to lenders who offer an array of financial products and services to consumers. Both private label and general purpose card products are originated by The Bank of Missouri, WebBank and First Bank and Trust (collectively, our \u201cbank partners\u201d). Our bank partners originate these accounts through multiple channels, including retail and healthcare point-of-sale locations, direct mail solicitation, digital marketing and partnerships with third parties. The services of our bank partners are often extended to consumers who may not have access to financing options with larger financial institutions. Our flexible technology solutions allow our bank partners to integrate our paperless process and instant decisioning platform with the existing infrastructure of participating retailers, healthcare providers and other service providers. Using our technology and proprietary predictive analytics, lenders can make instant credit decisions utilizing hundreds of inputs from multiple sources and thereby offer credit to consumers overlooked by many providers of financing which focus exclusively on consumers with higher FICO scores. Atlanticus\u2019 decisioning platform is enhanced by machine learning, enabling lenders to make fast, sound decisions when it matters most. We are principally engaged in providing products and services to lenders in the U.S. for which these lenders pay us a fee and in most circumstances, the lenders are then obligated to sell us the receivables they generate from these products and services. We acquire these receivables for the principal amount of the loan. We compensate our bank partners monthly for the regulatory oversight they provide associated with our acquired receivables, the underlying accounts of which they continue to own and service, and also based on variable levels of the underlying performance of the acquired receivables (collectively, \"Bank partner fees\"). From time to time, we also purchase receivables portfolios from third parties other than our bank partners. In this Report, \"receivables\" or \"loans\" typically refer to receivables we have purchased from our bank partners or from other third parties. On September 11, 2025, the Company closed the acquisition of all outstanding equity interests of Mercury, a leading data- and tech-centric credit card platform utilized by bank partners to provide credit cards to ITEM 1. BUSINESS This Report contains information that we obtained from industry and general publications and research, surveys and studies conducted by third parties. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to any of this data. We have obtained this information from sources that we believe are reliable. However, we have not independently verified market or industry data from third party sources. General A general discussion of our business follows. For additional information about our business, please visit our website at www.Atlanticus.com. Information contained on or available through our website is not incorporated by reference in this Report. Atlanticus is a financial technology company powering more inclusive financial solutions for Everyday Americans. We leverage data, analytics, and innovative technology to unlock access to financial solutions for the millions of Americans who would otherwise be underserved. We provide technology and other support services to lenders who offer an array of financial products and services to consumers. Both private label and general purpose card products are originated by The Bank of Missouri, WebBank and First Bank and Trust (collectively, our \u201cbank partners\u201d). Our bank partners originate these accounts through multiple channels, including retail and healthcare point-of-sale locations, direct mail solicitation, digital marketing and partnerships with third parties. The services of our bank partners are often extended to consumers who may not have access to financing options with larger financial institutions. Our flexible technology solutions allow our bank partners to integrate our paperless process and instant decisioning platform with the existing infrastructure of participating retailers, healthcare providers and other service providers. Using our technology and proprietary predictive analytics, lenders can make instant credit decisions utilizing hundr ITEM 1A. RISK FACTORS An investment in our common stock, preferred stock or other securities involves a number of risks. You should carefully consider each of the risks described below, among others, before deciding to invest in our securities. If any of the following risks develops into actual events, our business,", "title": "ATLC - Atlanticus Holdings Corp", "url": "/company/ATLC/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0001163370; latest 10-K filed 2026-03-06.", "text": "NRIM - NORTHRIM BANCORP INC SIC 6035 Savings Institution, Federally Chartered; CIK 0001163370; latest 10-K filed 2026-03-06. NRIM NORTHRIM BANCORP INC 0001163370 6035 Savings Institution, Federally Chartered ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS We have prepared this Management's Discussion and Analysis as an aid to understanding our financial results. It highlights key information as determined by management but may not contain all of the information that is important to you. It should be read in conjunction with the Company\u2019s audited consolidated financial statements and the notes thereto included in Part II. Item 8 of this report. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II. Item 7 of our Annual Report on Form 10-K for fiscal year ended December 31, 2024. This annual report contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those indicated in forward-looking statements. See \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Executive Overview Net income increased 75% to $64.6 million or $2.87 per diluted share for the year ended December 31, 2025, from $37.0 million, or $1.66 per diluted share, for the year ended December 31, 2024. Return of average assets as 2.02% in 2025 compared to 1.29% in 2024. The increase in net income is primarily the result of a $19.2 million increase in net income in the Community Banking segment, a $14.5 million gain on sale of all of the operating assets of PWA, as well as an $8.4 million increase in net income in the Specialty Finance segment Highlights for the year ended December 31, 2025 are as follows: \u2022Net income in the Community Banking segment increased 63% or $19.2 million, to $49.5 million in 2025 as compared to 2024. This increase was primarily the result of a $20.5 million, or 20% increase in net interest income due to increased interest income on loans and short term investments, as well as a $14.5 million gain on sale of the operating assets of PWA. These increases were only partially offset by higher operating expenses and an increase in provision for income taxes. \u2022Net income in the Home Mortgage Lending segment was $4.8 million in 2025 consistent with 2024. Increases net realized gains on mortgage sales, interest income on home mortgages held for investment, and mortgage servicing revenue were offset by a decrease in the fair value of mortgage servicing rights and increases in the provision for credit losses and operating expenses. \u2022Net income in the Specialty Finance segment increased 455% or $8.4 million, to $10.3 million in 2025 as compared to 2024. This increase was primarily the result of the inclusion of a full year of operations of SCF. The Company completed its acquisition of SCF and its subsidiaries effective October 31, 2024. Average purchased receivables and loan balances at SCF were $69.7 million in 2025 with a yield of 31.23%. The yield in 2025 included the recognition of $1.3 million in one-time fees and $899,000 in nonaccrual fee income collected during 2025. The yield excluding these times for 2025 was 28.04%. Average purchased receivables and loan balances at NFS were $54.6 million for 2025 compared to $33.4 million for 2024. \u2022The net interest margin increased to 4.69% in 2025 from 4.28% in 2024 mostly due to an increase in average yields on interest earning assets in 2025 compared to 2024 as a result of higher interest rates, as well as an change in the mix of earning assets which includes a higher percentage of loans in 2025 versus 2024. These factors were only partially offset by an increase in the cost of interest-bearing liabilities. \u2022Loans increased 8% to $2.30 billion at December 31, 2025 compared to $2.13 billion at December 31, 2024, and deposits increased 5% to $2.81 billion at December 31, 2025 compared to $2.68 billion at December 31, 2024. \u2022Nonperforming loans, net of government guarantees, increased to $11 ITEM 1. BUSINESS In this document, please note that references to \"we\", \"our\", \"us\", or the \"Company\" mean Northrim BanCorp, Inc. and its subsidiaries, unless the context suggests otherwise. General We are a publicly traded bank holding company headquartered in Anchorage, Alaska. The Company\u2019s common stock trades on the Nasdaq Global Select Stock Market (\u201cNASDAQ\u201d) under the symbol, \u201cNRIM.\u201d The Company is regulated by the Board of Governors of the Federal Reserve System, (the \u201cFRB\u201d). We began banking operations in Anchorage in December 1990, and formed the Company as an Alaska corporation in connection with our reorganization into a holding company structure; that reorganization was completed effective December 31, 2001. The Company has grown to be the third largest commercial bank in Alaska in terms of deposits, with $2.8 billion in total deposits and $3.3 billion in total assets at December 31, 2025. Effective October 31, 2024, the Company completed its acquisition of Sallyport Commercial Finance, LLC (\u201cSCF\u201d), and its subsidiaries. SCF provides factoring, asset based lending, and alternative working capital lending to businesses throughout the United States and, through its subsidiaries and affiliates, to businesses in Canada and the United Kingdom. 2 The Company has three direct wholly-owned subsidiaries: \u2022Northrim Bank (the \u201cBank\u201d), a state chartered, full-service commercial bank headquartered in Anchorage, Alaska. The Bank is regulated by the Federal Deposit Insurance Corporation (the \u201cFDIC\u201d) and the State of Alaska Department of Commerce, Community and Economic Development, Division of Banking and Securities (the \u201cDivision\u201d). The Bank has 20 branch locations throughout the State of Alaska. We operate in Washington State through Northrim Funding Services (\u201cNFS\u201d), a division of the Bank started in 2004 engaged in the factoring business. We offer a wide array of commercial and consumer loan and deposit products, investment products, ITEM 1A. RISK FACTORS The material risks and uncertainties that management believes affect the Company are described below. Before making an investment decision, you should carefully consider the risks and uncertainties described below together with all of the other information included or incorporated by reference in this report. The risks and uncertainti", "title": "NRIM - NORTHRIM BANCORP INC", "url": "/company/NRIM/" }, { "kind": "company", "summary": "SIC 3760 Guided Missiles & Space Vehicles & Parts; CIK 0002086587; latest 10-K filed 2026-03-20.", "text": "YSS - York Space Systems Inc. SIC 3760 Guided Missiles & Space Vehicles & Parts; CIK 0002086587; latest 10-K filed 2026-03-20. YSS York Space Systems Inc. 0002086587 3760 Guided Missiles & Space Vehicles & Parts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following is a discussion and analysis of our financial condition and results of operations as of, and for, the periods presented. You should read the following discussion and analysis of the Company\u2019s financial condition and results of operations together with \"Risk Factors\" in Item 1A of Part I of this Annual Report on Form 10-K, the section entitled \"Special Note Regarding Forward-Looking Statement\" and our audited consolidated financial statements and related notes included in Item 8 of Part II of this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements, including statements regarding our expectations for the future of our business and our liquidity and capital resources as well as other non-historical statements. These statements are based upon our current plans, expectations, and beliefs, and are subject to numerous risks and uncertainties, including but not limited to the risks and uncertainties described in \u201cRisk Factors\u201d in Item 1A of Part I of this Annual Report on Form 10-K and the section entitled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Our actual results may differ materially from those contained in or implied by these forward-looking statements. Business Overview On January 28, 2026, the Registration Statement was declared effective and on January 29, 2026, our stock began trading on the NYSE under the ticker \u201cYSS\u201d. Refer to Note 1 \u2013 Description of Business and Basis of Presentation of the accompanying notes to the audited consolidated financial statements included in Item 8 of Part II of this Annual Report on Form 10-K for additional information. Our primary operating entity, York Space Systems is a leading, U.S.-based, space and defense prime providing a comprehensive suite of mission-critical solutions for national security, government and commercial customers. York is one of the only space and defense primes with proprietary hardware and software capabilities designed to address customers\u2019 complex mission requirements across the critical elements of the entire space ecosystem throughout the mission lifecycle. York is a partner of choice for our customers, with differentiated performance versus traditional primes based on price, speed to deployment, and sophistication of capabilities. For contracts which we have been awarded, our price per satellite has been approximately half the price per satellite of our competitors. We have also been the first to deliver and launch satellites for multiple PWSA programs. York is the first and only company to demonstrate Link-16 connectivity from space, highlighting our unique and innovative capabilities. York is purpose built to address evolving national security space challenges and to adapt to the ongoing shift in the U.S. government\u2019s mission needs and procurement processes, where economics, agility, rapid capabilities, and heritage drive customer decision making. We deliver mission-critical solutions in a zero-tolerance for error environment where systems must work and we believe we are positioned to capture outsized growth in our core markets. York provides customers a vertically integrated, full technology stack of solutions including design, production, integration, and operation of spacecraft with turnkey offerings to manage spacecraft and constellations throughout their entire mission lifecycle. York has significant space heritage, having 74 missions with flight heritage, created 17 products with flight heritage, and logged over four million on-orbit hours. York\u2019s position as a prime enables us to monetize the entire space vertical from launch to mission operations, from spacecraft to payloads, and from edge computing to data transfer. York was founded in 2012 by our CEO, Dirk Wallinger, to create an innovative space technology mission prime, with a goal of meeting the evolving national security threats from s Item 1. Business Overview York Space Systems Inc. (together with its consolidated subsidiaries, as appropriate, \"York Space Systems, \"York,\" the \"Company,\" \"we,\" \"us\" or \"our\") is a leading, U.S.-based, space and defense prime (a primary contractor that leads major defense programs and deal directly with the U.S. Department of Defense (\"DoD\")) providing a comprehensive suite of mission-critical solutions for national security, government and commercial customers. York is one of the only space and defense primes with proprietary hardware and software capabilities designed to address customers\u2019 complex mission requirements across the critical elements of the entire space ecosystem throughout the mission lifecycle. York is a partner of choice for our customers, with differentiated performance versus traditional primes based on price, speed to deployment, and sophistication of capabilities. For contracts which we have been awarded, our price per satellite has been approximately half the price of our competitors and have been the first to deliver and launch satellites for the DoD's Proliferated Warfighter Space Architecture (\"PWSA\"). York is the first and only company to demonstrate Link-16 (a real-time, military tactical data link network used by the U.S. government and the North Atlantic Treaty Organization (\"NATO\") connectivity from space, highlighting our unique and innovative capabilities. York is purpose built to address evolving national security space challenges and to adapt to the ongoing shift in the U.S. government\u2019s mission needs and procurement process. We believe we are positioned to capture an outsized share of growth in our core markets. York provides customers a vertically integrated, full technology stack of solutions including design, production, integration, and operation of spacecraft with turnkey offerings to manage spacecraft and constellations throughout their entire mission lifecycle. York has significant space heritage, having flown 74 missio Item 1A Risk Factors Investing in our common stock involves a high degree of risk. Before you decide to invest in our common stock, you should consider carefully the risks described below, together with the other information contained in this Annual Report on Form 10-K, including our consolidat", "title": "YSS - York Space Systems Inc.", "url": "/company/YSS/" }, { "kind": "company", "summary": "SIC 7200 Services-Personal Services; CIK 0001016281; latest 10-K filed 2026-02-26.", "text": "CSV - CARRIAGE SERVICES INC SIC 7200 Services-Personal Services; CIK 0001016281; latest 10-K filed 2026-02-26. CSV CARRIAGE SERVICES INC 0001016281 7200 Services-Personal Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. OVERVIEW General We operate in two business segments: Funeral Home Operations, which currently accounts for approximately 65% of our total revenue and Cemetery Operations, which currently accounts for approximately 35% of our total revenue. At December 31, 2025, we operated 155 funeral homes in 24 states and 28 cemeteries in 9 states. Our funeral home operations are principally service businesses that generate revenue from sales of burial and cremation services and related merchandise, such as caskets and urns. Funeral services include consultation, the removal and preparation of remains, the sale of caskets and related funeral merchandise, the use of funeral home facilities for visitation and memorial services and transportation services. We provide funeral services and products on both an \u201catneed\u201d (time of death) and \u201cpreneed\u201d (planned prior to death) basis. Our cemetery operations generate revenue primarily through sales of cemetery interment rights (primarily grave sites, lawn crypts, mausoleum spaces and niches), related cemetery merchandise (such as memorial markers, outer burial containers and monuments) and services (interments, inurnments and installation of cemetery merchandise). We provide cemetery services and products on both an atneed and preneed basis. Funeral Home Operations Factors affecting our funeral operating results include: demographic trends relating to population growth and average age, which impact death rates and number of deaths; establishing and maintaining leading market share positions supported by strong local heritage and relationships; effectively responding to increasing cremation trends by selling complementary services and merchandise; controlling salary, merchandise, and other controllable costs; exercising pricing leverage related to our atneed business to increase average revenue per contract; and our response to fluctuations in capital markets and interest rates, which affect investment earnings on trust funds, which would offset lower pricing power as preneed contracts mature. Overall, volume, as funeral services performed, and pricing fluctuations impacting our average revenue per contract are the two variables that primarily affect funeral revenue. The average revenue per contract is influenced by the mix of traditional and cremation services as our average cremation service revenue is approximately one-third of the average revenue earned from a traditional burial service. Funeral homes have a relatively large fixed cost structure. Cemetery Operations Factors affecting our cemetery operating results include: the size and success of our sales organization; local perceptions and heritage of our cemeteries; our ability to adapt to changes in the economy and consumer confidence; controlling salary, merchandise, and other controllable costs; exercising pricing leverage related to our atneed business to increase average price per interment right sold; and our response to fluctuations in capital markets and interest rates, which affect investment earnings on trust funds, finance charges on installment contracts and our securities portfolio within the trust funds. Macroeconomic, Inflationary, and Borrowing Costs During 2025, consumer spending on discretionary items reflected mixed trends. Based on recent economic indicators, aggregate consumer spending continues to reflect minimal to modest growth, with higher-income consumers appearing more resilient, while many middle and lower-income consumers exhibit more cautious behavior, which could result in an overall reduction in consumer spending and demand for products and services. This consumer caution appears to be influenced by factors like elevated inflation, heightened tariff and trade-policy uncertainty, and a more cautious macroeconomic environment. Additionally, beginning in April 2025, the U.S. government announced new and increa ITEM 1. BUSINESS. GENERAL Carriage Services, Inc. (\u201cCarriage,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) was incorporated in the State of Delaware in December 1993 and is a leading provider of funeral and cemetery services and merchandise in the United States (\u201cU.S.\u201d). We operate in two business segments: Funeral Home Operations, which currently accounts for approximately 65% of our total revenue, and Cemetery Operations, which currently accounts for approximately 35% of our total revenue. At December 31, 2025, we operated 155 funeral homes in 24 states and 28 cemeteries in 9 states. We compete with other publicly held and independent operators of funeral and cemetery companies. We believe we are a market leader in most of our markets. We provide funeral and cemetery services and products on both an \u201catneed\u201d (time of death) and \u201cpreneed\u201d (planned prior to death) basis. COMPANY DEVELOPMENTS Leadership Changes On January 16, 2026, Carriage Services, Inc. (the \u201cCompany\u201d) announced that the Board of Directors (the \u201cBoard\u201d) appointed Steven D. Metzger to serve as the Company\u2019s President and Chief Operating Officer, effective as of February 2, 2026. Mr. Metzger\u2019s appointment was made in connection with certain executive leadership changes and appointments announced by the Company to better align with the Company\u2019s business strategy. Acquisitions During the year ended December 31, 2025, we acquired eight funeral homes, one cemetery, and one cremation focused business in Florida for an aggregate price of $56.5 million. We acquired substantially all of the assets and assumed certain operating liabilities of these businesses. Additionally, we acquired the real property for one funeral home that we previously leased from a third party for a purchase price of $2.5 million. Divestitures During the year ended December 31, 2025, we sold thirteen funeral homes, four cemetery and real property for an aggregate of $40.4 million resulting in a gain of $1.5 million. Additi ITEM 1A. RISK FACTORS RISKS RELATED TO OUR BUSINESS Key Employees and Compensation The success of our businesses is typically dependent upon one or a few key employees for success because of the localized and personal nature of our business. Funeral home and cemetery businesses have built local heritage and tradition through successive generations,", "title": "CSV - CARRIAGE SERVICES INC", "url": "/company/CSV/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001798749; latest 10-K filed 2026-03-06.", "text": "JBIO - Jade Biosciences, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001798749; latest 10-K filed 2026-03-06. JBIO Jade Biosciences, Inc. 0001798749 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the consolidated financial statements and the related notes thereto and other financial information included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current plans, estimates and beliefs related to future events and our future financial performance that involve risks, uncertainties and assumptions. Our actual results and the timing of events could differ materially from those discussed in these forward-looking statements as a result of various factors. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the section titled \u201cRisk Factors.\u201d Please also see the section titled \u201cCautionary Statement Concerning Forward-Looking Statements.\u201d As used in this Annual Report on Form 10-K, unless the context suggests otherwise, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, \u201cthe Company\u201d, or \u201cJade\u201d refer to Jade Biosciences, Inc. and its consolidated subsidiaries, taken as a whole. Overview We are a clinical-stage biopharmaceutical company developing novel biologic therapies for patients living with autoimmune diseases. Our goal is to improve meaningfully upon the existing treatment paradigm through the delivery of 84 improved dosing and convenience, a comparable safety profile, and potentially increased clinical activity. Our approach is to discover and efficiently develop biologics that address emerging targets supported by third-party clinical data and that overcome shortcomings of existing product candidates in development, such as potency, bioavailability, formulation, and pharmacokinetic properties. Our lead product candidate, JADE101, is a monoclonal antibody (\u201cmAb\u201d) targeting a cytokine called \u201cA PRoliferation Inducing Ligand\u201d (\u201cAPRIL\u201d) that modulates plasma cell survival and immunoglobulin production, which we plan to initially develop for the treatment of IgA nephropathy (\u201cIgAN\u201d). We initiated a Phase 1 clinical trial of JADE101 in healthy volunteers in New Zealand in August 2025, with the aim of generating interim data, including mechanistic biomarker data, in the second quarter of 2026. We plan to initiate an open-label Phase 2 clinical trial in IgAN patients in the middle of 2026, with interim data expected in 2027. Our second product candidate is JADE201, a mAb targeting B cell activating factor receptor (\u201cBAFF-R\u201d) for the treatment of multiple autoimmune disorders. We plan to initiate a Phase 1 clinical trial evaluating JADE201 in patients with rheumatoid arthritis in the second quarter of 2026, with interim data expected in 2027. Our third product candidate is JADE301, targeting an undisclosed pathway. We expect to initiate a Phase 1 clinical trial for JADE301 in the first half of 2027. Since our inception, we have devoted substantially all of our resources to raising capital, organizing and staffing the company, business and scientific planning, conducting discovery and research activities, establishing arrangements with third parties, and providing general and administrative support for these operations. We do not have any products approved for sale and have not generated any revenue from product sales. To date, we have funded our operations primarily with proceeds from the issuance of convertible notes (\u201cConvertible Notes\u201d), from which we received gross proceeds of $80.0 million in July 2024 and $15.0 million in September 2024, $205.0 million in gross proceeds from the Pre-Closing Financing (as defined and described in \u201c\u2014Corporate Transactions\u2014Pre-Closing Financing\u201d below), approximately $135.0 million in gross proceeds from a private placement in October 2025, (the \u201cOctober 2025 PIPE\u201d) and $45.0 million in gross proceeds from a pr Item 1. Business. Company Overview We are a clinical-stage biopharmaceutical company developing novel biologic therapies for patients living with autoimmune diseases. Our goal is to improve meaningfully upon the existing treatment paradigm through the delivery of improved dosing and convenience, a comparable safety profile, and potentially increased clinical activity. Our approach is to discover and efficiently develop biologics that address emerging targets supported by third-party clinical data and that overcome shortcomings of existing product candidates in development, such as potency, bioavailability, formulation, and pharmacokinetic properties. Our lead product candidate, JADE101, is a monoclonal antibody (\u201cmAb\u201d) targeting a cytokine called \u201cA PRoliferation Inducing Ligand\u201d (\u201cAPRIL\u201d) that modulates plasma cell survival and immunoglobulin production, which we plan to initially develop for the treatment of IgA nephropathy (\u201cIgAN\u201d). Our second product candidate is JADE201, a mAb targeting B cell activating factor receptor (\u201cBAFF-R\u201d) for the treatment of multiple autoimmune disorders. Our third product candidate is JADE301, a mAb targeting an undisclosed pathway. Our Pipeline Figure 1. Our pipeline. JADE101 JADE101 is a high affinity, half-life extended mAb targeting APRIL, which plays a critical role in the development of IgAN and other autoimmune disorders. JADE101 has been engineered to address two key limitations of anti-APRIL mAb candidates in clinical development: potency and pharmacokinetic half-life. Increased APRIL binding affinity, improved potency in in vitro functional assays and an extended pharmacokinetic half-life in non-human primates (\u201cNHPs\u201d) have been observed in head-to-head preclinical studies of JADE101 compared to other therapeutics and product candidates in development that were manufactured based on public data. JADE101 is engineered with YTE half-life extension technology, an amino acid change in the fragment crystallizable (\u201cFc\u201d) d Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. Before you decide to invest in our common stock, you should consider carefully the risks described below, together with the other information contained in this Annual Report on Form 10-K. We believe the risks described below are the risks th", "title": "JBIO - Jade Biosciences, Inc.", "url": "/company/JBIO/" }, { "kind": "company", "summary": "SIC 3713 Truck & Bus Bodies; CIK 0000924822; latest 10-K filed 2026-03-04.", "text": "MLR - MILLER INDUSTRIES INC /TN/ SIC 3713 Truck & Bus Bodies; CIK 0000924822; latest 10-K filed 2026-03-04. MLR MILLER INDUSTRIES INC /TN/ 0000924822 3713 Truck & Bus Bodies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS INTRODUCTION As used in this report, \u201cMiller Industries\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cour\u201d, \u201cours\u201d, \u201cus\u201d, and similar pronouns refer to Miller Industries, Inc., and its consolidated subsidiaries, unless the context requires otherwise. Our fiscal year ends on December 31. References to fiscal 2025, 2024, and 2023, are to the fiscal years ended December 31, 2025, 2024, and 2023, respectively. Except as otherwise specified, information in this report is provided as of December 31, 2025. To facilitate timely reporting, the consolidated financial statements include accounts of certain subsidiaries whose fiscal closing dates differ from December 31st by 31 days (or less). Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Our MD&A within this Form 10-K generally discusses fiscal 2025 and fiscal 2024 items and year-over-year comparisons between fiscal 2025 and fiscal 2024. Fiscal 2024 items and discussions of year-over-year comparisons between fiscal 2024 and fiscal 2023 that are not included in this Form 10-K can be found in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the \u201c2024 Form 10-K\u201d). Important Information Regarding Forward-Looking Statements This report (including information incorporated by reference) includes forward-looking statements addressing expectations, prospects, estimates, and other matters that are dependent upon future events or developments. Many forward-looking statements appear in MD&A and Risk Factors, but there are others throughout this report, which may be identified by words such as \u201cmay\u201d, \u201cwill\u201d, \u201cshould\u201d, \u201ccould\u201d, \u201ccontinue\u201d, \u201cfuture\u201d, \u201cpotential\u201d, \u201cbelieve\u201d, \u201cproject\u201d, \u201cplan\u201d, \u201cintend\u201d, \u201cseek\u201d, \u201cestimate\u201d, \u201cpredict\u201d, \u201cexpect\u201d, \u201canticipate\u201d, and variations of such words and similar expressions, and include statements reflecting future results or guidance, statements of outlook, and expense accruals. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, or implied. The most significant of these risks and uncertainties are described in \u201cRisk Factors\u201d in this report. Forward-looking statements in this report speak only as of the date of this report. Except to the extent required by applicable law, we undertake no obligation to update or revise any forward-looking statements. Available Information Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports are available free of charge on our website (www.millerind.com), under the \u201cInvestors \u2014 Filings \u2014 Annual Reports\u201d caption, as soon as reasonably practicable after we electronically file them with, or furnish them to, the SEC. The SEC also maintains a website (www.sec.gov) where you can search for annual, quarterly, and current reports, proxy and information statements, and other information regarding us and other public companies. \u200b \u200b \u200b [[GREPCENT_TABLE]] [[\"\\u200b\"],[\"\\u200b\",\"29\"]] [[/GREPCENT_TABLE]] \u200b Table of Contents PART II ITEM 7. MD&A \u200b ABOUT MILLER INDUSTRIES Miller Industries, headquartered in Ooltewah, Tennessee, was formed in 1990 and has become The World\u2019s Largest Manufacturer of Towing and Recovery Equipment\u00ae, with domestic manufacturing operations in Tennessee and Pennsylvania, and foreign manufacturing operations in France, Italy, and the United Kingdom. Miller Industries operates as a single reportable segment and management evaluates performance on a consolidated basis. For more information, see Note 1 \u2013 \u201cOrganization and Summary of Significant Accounting Policies\u201d. We develop innovative high-quality towing and recovery equipment worldwide. We design and manufacture bodies of car carriers and wreckers, which are installed on c ITEM 1. BUSINESS OUR COMPANY Miller Industries, Inc., a Tennessee corporation, is The World\u2019s Largest Manufacturer of Towing and Recovery Equipment\u00ae, with executive offices in Ooltewah, Tennessee, domestic manufacturing operations in Tennessee and Pennsylvania, and foreign manufacturing operations in France, the United Kingdom and, most recently, Italy. On December 2, 2025, Miller Industries, Inc. acquired Omars \u2013 S.p.A (\u201cOmars\u201d), a designer and manufacturer of towing and recovery vehicles, headquartered in Cuneo, Italy. Miller Industries was founded in 1990. Since its inception, the Company has developed innovative high-quality towing and recovery equipment worldwide. We design and manufacture bodies of car carriers and wreckers, which are installed on chassis manufactured by third parties, and sold to our customers. Our products are marketed and sold primarily through a network of distributors that serve all 50 states, Canada, Mexico, and other foreign markets, and through prime contractors to governmental entities. Further, we have substantial distribution capabilities in Europe as a result of our ownership of Jige International S.A., Boniface Engineering, Ltd, and Omars. While most of our distributor agreements do not generally contain exclusivity provisions, management believes that more than 90 percent of our independent distributors do not offer products of any other towing and recovery equipment manufacturer, which we believe is a testament of their loyalty to our brands. In addition to selling our products, our independent distributors provide end-users with parts and service. We also utilize sales representatives to inform prospective end-users about our current product lines in an effort to drive sales to independent distributors. Management believes the strength of our distribution network and the breadth and quality of our product offerings are two key advantages over our competitors. In this Annual Report on Form 10-K, the words \u201cMiller Industr ITEM 1A. RISK FACTORS In addition to the information discussed elsewhere in this Form 10-K, you should carefully consider the following risk factors, as well as additional factors not presently known to us or that we currently deem to be immaterial, which could materially affect our business, liquidity, financial condition, and/or results of operations", "title": "MLR - MILLER INDUSTRIES INC /TN/", "url": "/company/MLR/" }, { "kind": "company", "summary": "SIC 6500 Real Estate; CIK 0001569187; latest 10-K filed 2026-02-26.", "text": "AHRT - AH Realty Trust, Inc. SIC 6500 Real Estate; CIK 0001569187; latest 10-K filed 2026-02-26. AHRT AH Realty Trust, Inc. 0001569187 6500 Real Estate Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Business Description We are a self-managed REIT with over four decades of experience managing high-quality properties located primarily in the Mid-Atlantic and Southeastern United States. As of December 31, 2025, our stabilized operating property portfolio was comprised of 46 retail properties, 14 office properties, and 11 multifamily properties. In addition to our operating property portfolio, we had three retail properties, two office properties, and three multifamily properties in various stages of predevelopment, development, redevelopment, or stabilization as of December 31, 2025. We also have historically provided general contracting services to third parties and invested in development projects through mezzanine lending arrangements and equity investments. Substantially all of our assets are held by, and all of our operations are conducted through, our Operating Partnership. We are the sole general partner of our Operating Partnership and, as of December 31, 2025, we owned, through a combination of direct and indirect interests, 77.3% of the outstanding OP Units in our Operating Partnership. We elected to be taxed as a REIT for U.S. federal income tax purposes commencing with the taxable year ended December 31, 2013. Our principal executive office is located at 222 Central Park Avenue, Suite 1000, Virginia Beach, Virginia 23462 in the Armada Hoffler Tower at the Virginia Beach Town Center. In addition, we have a construction office located at 1300 Thames Street, Suite 30, Baltimore, Maryland 21231 in Thames Street Wharf at Harbor Point. The telephone number for our principal executive office is (757) 366-4000. We maintain a website at ArmadaHoffler.com. The information on, or accessible through, our website is not incorporated into and does not constitute a part of this report. Discontinued Operations The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing in Item 8 of this Annual Report on Form 10-K. All historical financial information has been retrospectively adjusted to reflect the general contracting and real estate services segment as discontinued operations. The decision to exit the general contracting and real estate services segment resulted in the reclassification of approximately $132.5 million in revenue for the year ended December 31, 2025 to discontinued operations. Critical Accounting Policies and Estimates Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements that have been prepared in accordance with GAAP. Our accounting policies are more fully described in Note 2 of our consolidated financial statements in Item 8 of this Annual Report on Form 10-K. As disclosed in Note 2, the preparation of these financial statements requires us to exercise our best judgment in making estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. We base our estimates on historical experience and other assumptions that we believe to be reasonable under the circumstances. We evaluate our estimates on an ongoing basis, based upon current available information. Actual results could differ from these estimates. We believe the following accounting policies and estimates are the most critical to understanding our reported financial results as their effect on our financial condition and results of operations is material. Rental Revenues We lease our properties under operating leases and recognize base rents on a straight-line basis over the lease term. We also recognize revenue from tenant recoveries, through which tenants reimburse us for expenses paid by us such as utilities, janitorial, repairs and maintenance, security and alarm, parking lot and grounds, general and administrative, management fees, insurance, and real estate taxes on an ac Item 1. Business. Our Company References to \"we,\" \"our,\" \"us,\" \"our company,\" and \"Armada Hoffler\" refer to Armada Hoffler Properties, Inc., a Maryland corporation, together with our consolidated subsidiaries, including Armada Hoffler, L.P., a Virginia limited partnership (the \"Operating Partnership\"), of which we are the sole general partner. We are a self-managed REIT with over four decades of experience managing high-quality properties located primarily in the Mid-Atlantic and Southeastern United States. Our focus is to deliver long-term, sustainable shareholder value by consistently investing in and operating the highest-quality assets, maintaining a robust and resilient balance sheet, and fostering a dynamic, highly skilled team. We were formed on October 12, 2012 under the laws of the State of Maryland and are headquartered in Virginia Beach, Virginia. We elected to be taxed as a REIT for U.S. federal income tax purposes commencing with the taxable year ended December 31, 2013. Substantially all of our assets are held by, and all of our operations are conducted through, our Operating Partnership. As of December 31, 2025, we owned, through a combination of direct and indirect interests, 77.3% of the common units of limited partnership interest in our Operating Partnership (\"OP Units\"). During the fourth quarter of December 31, 2025, the Company completed a strategic review of its operations and committed to a plan to sell its general contracting and real estate services segment. This segment, which was historically conducted through the Company's taxable REIT subsidiary (\"TRS\"), builds properties for our own account and also provides construction and development services to both related and third parties. The decision to exit this business segment aligns with the Company's long-term strategy to simplify its business model, reduce earnings volatility associated with low-margin construction contracts, and focus capital allocation on its stabilized income Item 1A. Risk Factors Set forth below are the risks that we believe are material to our stockholders. You should carefully consider the following risks in evaluating our Company and our business. The occurrence of any of the following risks could materially and adversely impact our financial condition, results of operations, cash flow, the market price of shares of ou", "title": "AHRT - AH Realty Trust, Inc.", "url": "/company/AHRT/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001412408; latest 10-K filed 2026-03-31.", "text": "PHR - Phreesia, Inc. SIC 7389 Services-Business Services, NEC; CIK 0001412408; latest 10-K filed 2026-03-31. PHR Phreesia, Inc. 0001412408 7389 Services-Business Services, NEC Item 7. Management\u2019s discussion and analysis of financial condition and results of operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements based upon current plans, expectations and beliefs that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Our fiscal year ends January 31. References to fiscal 2026 and 2025 refer to the fiscal years ended January 31, 2026 and 2025, respectively. When we use the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cPhreesia,\u201d the \u201cCompany\u201d or similar words in this report, we are referring to, as the context may require, (i) for periods prior to November 12, 2025, Phreesia, Inc., a Delaware corporation, together with its subsidiaries Access eForms, LLC, a Texas limited liability company; ConnectOnCall.com, LLC, a New York limited liability company; Insignia Health, LLC, an Oregon limited liability company; MediFind, Inc., a Delaware corporation; Phreesia International LLC , a Delaware limited liability company; and Phreesia India Private Limited, an India private limited company and (ii) for periods on or after November 12, 2025, this also includes AccessOne Parent Holdings, Inc., a Delaware corporation, and its subsidiaries (\u201cAccessOne\u201d). Basis of Presentation This management's discussion and analysis discusses our financial condition and results of operations for the years ended January 31, 2026 and 2025. Please refer to Part II - Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Annual Report on Form 10-K for the year ended January 31, 2025 for a comparison of the year ended January 31, 2025 to the year ended January 31, 2024. Financial Highlights Fiscal 2026 \u2022Total revenue increased 14% to $480.6 million in fiscal 2026, as compared to $419.8 million in fiscal 2025. \u2022Net income was $2.3 million in fiscal 2026, as compared to net loss of $58.5 million in fiscal 2025. \u2022Adjusted EBITDA was $101.5 million in fiscal 2026, as compared to $36.8 million in fiscal 2025. \u2022Cash provided by operating activities was $78.8 million in fiscal 2026, as compared to $32.4 million in fiscal 2025. \u2022Free cash flow was $54.4 million in fiscal 2026, as compared to $8.3 million in fiscal 2025. \u2022Cash, cash equivalents and restricted cash was $73.8 million as of January 31, 2026, as compared to $84.2 million as of January 31, 2025. Adjusted EBITDA and Free cash flow are Non-GAAP measures. For a reconciliation of Adjusted EBITDA to net loss and a reconciliation of free cash flow to net cash provided by operating activities, and for more information as to how we define and calculate such measures, see the section below titled \u201cNon-GAAP financial measures.\u201d Overview We provide an integrated software, payments, and engagement platform designed to address three foundational challenges in healthcare delivery: access to care, affordability of care, and health patient outcomes. Our platform is embedded directly into provider workflows and patient interactions, enabling healthcare organizations to activate patients, streamline administrative processes, and improve financial performance across the care continuum. Our integrated platform is designed to address challenges patients and healthcare providers Item 1. Business Overview Phreesia, Inc. (\"Phreesia,\" \"we,\" \"our,\" or the \"Company\") was founded in 2005 and completed its initial public offering in July 2019. Phreesia provides an integrated software, payments, and engagement platform designed to address three foundational challenges in healthcare delivery: access to care, affordability of care, and patient health outcomes. Our platform is embedded directly into provider workflows and patient interactions, enabling healthcare organizations to activate patients, streamline administrative processes, and improve financial performance across the care continuum. We serve a diverse group of healthcare organizations including ambulatory practices, health systems, and hospitals, as well as life sciences companies, government entities, patient advocacy, public interest and not-for-profit and other organizations. Our solutions support the patient journey from care discovery and scheduling through intake, payment, and post-visit follow-up. In fiscal year 2026, our platform facilitated approximately 180 million patient visits, representing approximately one in six ambulatory patient visits in the United States. In fiscal year 2026, we completed the acquisition (the \u201cAccessOne Acquisition\u201d) of AccessOne Parent Holdings, Inc. (together with its subsidiaries, \u201cAccessOne\u201d), which expands our addressable market for healthcare payments. Our payment solutions now offer healthcare providers a trusted, scalable, compliant and operationally efficient healthcare payment card that accelerates cash flow. Revenue We generate revenue through a diversified model that includes three revenue streams: subscription and related services; payment solutions (previously labeled payment processing fees), which include payment processing fees and financing fees; and Network Solutions, which provides a channel for life sciences companies and other organizations to deliver compliant, personalized engagement to patients and providers who use our so Item 1A. Risk Factors Risk factors A description of the risks and uncertainties associated with our business and industry is set forth below. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including our consolidated financial statements", "title": "PHR - Phreesia, Inc.", "url": "/company/PHR/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001877184; latest 10-K filed 2025-07-17.", "text": "KMTS - KESTRA MEDICAL TECHNOLOGIES, LTD. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001877184; latest 10-K filed 2025-07-17. KMTS KESTRA MEDICAL TECHNOLOGIES, LTD. 0001877184 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operation should be read in conjunction with our audited consolidated financial statements and the related notes to those statements included in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under the sections entitled \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d included in this Annual Report on Form 10-K. Overview We are a commercial-stage, wearable medical device and digital healthcare company focused on transforming patient outcomes in cardiovascular disease using monitoring and therapeutic intervention technologies that are intuitive, intelligent, and connected. We have developed and are commercializing our Cardiac Recovery System platform, a comprehensive and advanced system that integrates monitoring, therapeutic treatment, digital health, and patient support services into a single, unified solution. The cornerstone of our Cardiac Recovery System platform is the ASSURE WCD, a next generation WCD used to protect patients at an elevated risk of SCA. The ASSURE WCD automatically monitors elevated risk patients and, if needed, delivers a defibrillation shock to return the patient\u2019s heart to normal rhythm. We believe the ASSURE WCD offers significant clinical and functional advantages, including greater patient compliance as a result of a major reduction in false alarms, enhanced comfort and improved wearability. In addition to the ASSURE WCD, our Cardiac Recovery System platform includes a comprehensive suite of fully integrated digital solutions and services that enable enhanced patient and provider engagement and oversight, with the objective of improving patient outcomes. We believe our Cardiac Recovery System platform has the potential to disrupt the large existing market and grow the underpenetrated addressable market. We have been issued a Medicare Provider Number by the CMS, which enables us to bill Medicare for reimbursement for our ASSURE WCD as an accredited supplier to the extent the claim meets Medicare medical necessity and coverage requirements. We derive nearly all our revenue from the direct billing of various third-party payors, including Medicare, Medicaid, private payors and other healthcare-related organizations, for the lease of our ASSURE WCD to patients. We also bill patients for co-insurance payments and deductibles. As WCD therapy has existed for over 20 years in the United States, reimbursement codes are well-established, and WCDs are covered by Medicare, Medicaid and many private payors. We outsource the manufacturing of our ASSURE WCD and all of its components to third-party suppliers, including contract manufacturers that manufacture garments, chargers, monitors, batteries, cables and various accessories for our ASSURE WCD. We believe that our contract manufacturing partners are recognized in their field for their competency to manufacture the respective components of our ASSURE WCD and have established quality systems that meet FDA requirements. We believe the manufacturers we currently utilize have sufficient capacity to meet our expansion requirements and can scale up their capacity to meet anticipated demand for our product for the foreseeable future. Since our inception, we have devoted substantially all of our efforts to research and development, undertaking clinical trials, enabling manufacturing activities in support of our product development efforts, hiring personnel, organizing and staffing our company, performing business planning, establish Item 1. Business. Overview We are a commercial-stage, wearable medical device and digital healthcare company focused on transforming patient outcomes in cardiovascular disease using monitoring and therapeutic intervention technologies that are intuitive, intelligent, and connected. We have developed and are commercializing our Cardiac Recovery System platform, a comprehensive and advanced system that integrates monitoring, therapeutic treatment, digital health, and patient support services into a single, unified solution. The cornerstone of our Cardiac Recovery System platform is the ASSURE WCD, a next generation wearable cardioverter defibrillator (\u201cWCD\u201d) used to protect patients at an elevated risk of sudden cardiac arrest (\u201cSCA\u201d), a major public health problem that accounts for approximately 50% of all cardiovascular deaths in the U.S. The ASSURE WCD automatically monitors elevated risk patients and, if needed, delivers a defibrillation shock to return the patient\u2019s heart to normal rhythm. The ASSURE WCD was purpose-built to enhance patient comfort and compliance and directly address the key barriers to adoption associated with the only other commercially available WCD. We believe the ASSURE WCD offers significant clinical and functional advantages, including greater patient compliance as a result of a major reduction in false alarms and enhanced comfort and wearability. In addition to the ASSURE WCD, our Cardiac Recovery System platform includes a comprehensive suite of fully integrated digital solutions and services that enable enhanced patient and provider engagement and oversight, with the objective of improving patient outcomes. We believe our Cardiac Recovery System platform addresses serious unmet needs in the cardiac patient population and has the potential to disrupt and grow the market which has been limited to a single solution for more than 20 years. Active prescriptions represent hospitals that have prescribed the ASSURE WCD within the last six mon Item 1A. Risk Factors. Investing in our common shares involves a high degree of risk. You should consider carefully the risks and uncertainties described below, together with all of the other information in this Annual Report, including the section titled \u201cManagement\u2019", "title": "KMTS - KESTRA MEDICAL TECHNOLOGIES, LTD.", "url": "/company/KMTS/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001674632; latest 10-K filed 2026-02-24.", "text": "BBNX - Beta Bionics, Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001674632; latest 10-K filed 2026-02-24. BBNX Beta Bionics, Inc. 0001674632 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes included elsewhere in this Annual Report on Form 10-K (Annual Report). Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our planned investments in our research and development, sales and marketing and general administrative functions, and our current plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the section titled \u201cRisk Factors,\u201d our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. You should carefully read the section titled \u201cRisk Factors\u201d to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview We are a commercial-stage medical device company engaged in the design, development, and commercialization of innovative solutions to improve the health and quality of life of insulin-requiring people with diabetes (PWD) by utilizing advanced adaptive closed-loop algorithms to simplify and improve the treatment of their disease. Diabetes is a chronic condition that requires ongoing insulin therapy, and suboptimal glycemic control remains common despite advances in treatment technologies. Our product, the iLet, is the first insulin delivery device cleared by the U.S. Food and Drug Administration (FDA) to utilize adaptive closed-loop algorithms to autonomously determine every insulin dose without requiring users to count carbohydrate intake. We believe this represents a significant advancement over currently available insulin delivery options by combining improved glycemic control with a simplified user experience. The iLet was designed to provide improved glycemic control relative to currently available treatment options, such as insulin pumps, partially automated insulin delivery systems, and multiple daily injections (MDI), while reducing the workload associated with achieving these outcomes. It uses adaptive closed-loop algorithms that learn each person\u2019s unique and changing insulin requirements and autonomously deliver the appropriate insulin dose every five minutes throughout the day and night. Only the user\u2019s body weight is required for initialization, unlike traditional pump and hybrid closed-loop systems that require numerous user-defined parameters. These adaptive algorithms eliminate the need to manually adjust pump settings or calculate meal and correction doses, which we believe makes the iLet easier to initiate and use than other available systems. Our initial commercialization efforts for the iLet are in type 1 diabetes (T1D), an indication for which we received FDA clearance in patients six and older in May 2023, in the United States. T1D is an autoimmune disorder that often develops during childhood or adolescence, but can occur at any age, and arises from a person\u2019s immune system attacking and destroying the insulin-producing beta cells in the pancreas. According to the Centers for Disease Control and Prevention (CDC), there are approximately 1.9 million people with T1D currently in the United States, all of whom require daily insulin replacement to manage their disease. We believe that one of the principal causes of suboptimal outcomes as it relates to disease management is the complexity of the user experience with most currently available insulin pumps and hybrid closed-loop systems, which has kept the majority o Item 1. Business. Overview We are a commercial-stage medical device company engaged in the design, development, and commercialization of innovative solutions to improve the health and quality of life of insulin-requiring people with diabetes (PWD) by utilizing advanced adaptive closed-loop algorithms to simplify and improve the treatment of their disease. Our product, the iLet Bionic Pancreas (iLet), was cleared by the U.S. Food and Drug Administration (FDA) for the treatment of Type 1 diabetes in adults and children six years and older and commercially launched in May 2023 in the United States. Since we began commercializing the iLet, our installed base has grown to 35,011 iLets as of December 31, 2025. Market Opportunity: Management of Diabetes Diabetes is a serious, chronic, and often lifelong condition with no known cure that is characterized by extended periods of elevated levels of glucose in the bloodstream (hyperglycemia), resulting from the body\u2019s inability to either produce or effectively utilize the hormone insulin. To treat their diabetes, PWD must undergo a rigorous regimen of daily insulin substitution, as elevated levels of glucose in the blood over time can lead to serious and often life-threatening cardiovascular, metabolic and nervous system complications. Despite decades of innovation that have advanced the quality of care available, a significant unmet need remains as the vast majority of PWD still cannot manage their diabetes effectively. There are two principal types of diabetes within the overall population: \u2022 Type 1 diabetes (T1D): an autoimmune disorder that often develops during childhood or adolescence, but can occur at any age, arising from a person\u2019s immune system attacking and destroying the insulin-producing beta cells in the pancreas leading to elevated blood-glucose (BG) levels. According to the Centers for Disease Control and Prevention (CDC), there are currently approximately 1.9 million people with T1D in the United States, Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below, as well as all of the other information contained in this Annual Report, including our consolidated financial statements and related notes, before investing in ", "title": "BBNX - Beta Bionics, Inc.", "url": "/company/BBNX/" }, { "kind": "company", "summary": "SIC 8071 Services-Medical Laboratories; CIK 0001527753; latest 10-K filed 2026-02-26.", "text": "PSNL - Personalis, Inc. SIC 8071 Services-Medical Laboratories; CIK 0001527753; latest 10-K filed 2026-02-26. PSNL Personalis, Inc. 0001527753 8071 Services-Medical Laboratories Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and accompanying notes and other financial information included elsewhere in this Annual Report on Form 10-K. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. You should review the sections titled \u201cNote Regarding Forward-Looking Statements\u201d for a discussion of forward-looking statements and in Part I, Item 1A, \u201cRisk Factors\u201d for a discussion of factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and elsewhere in this Annual Report on Form 10-K. Overview We develop, market, and sell advanced cancer genomic testing services. Our testing services are used by physicians to detect residual or recurrent cancer in patients, monitor cancer response to therapy, and uncover insights for therapy selection. Our testing services are used by pharmaceutical companies for translational research, biomarker discovery, the development of personalized cancer therapies, and clinical trials. We also provide whole exome sequencing services for other diagnostic companies and whole genome sequencing services for population sequencing initiatives. We are working with a growing number of leading cancer centers and world-class academic research institutions to build and publish the clinical evidence-base to support our testing services and our key indications, as well as to obtain reimbursement coverage from Medicare and other payors. Because of the ultra-high analytical sensitivity of our technology, we are primarily focusing on three indications: breast cancer, lung cancer, and immunotherapy (IO) monitoring. We have collaborations with Cancer Research UK, University College London, and the Francis Crick Institute (the TRACERx study); Institut Curie; The Royal Marsden; the Vall d'Hebron Institute of Oncology (VHIO); the University of California, San Diego; Duke University; Vanderbilt University and Johns Hopkins University (the PREDICT study); the Dana-Farber Cancer Institute; the University of Texas M.D. Anderson Cancer Center; University Medical Center Hamburg-Eppendorf (also known as UKE); Criterium and the Academic Breast Cancer Consortium; Yale Cancer Center; Aarhus University; British Columbia Cancer; and University Health Network, that will focus on building the evidence-base for our technology and these indications. Today, our testing services are routinely used by many of the largest oncology-focused pharmaceutical companies for analysis of patient samples in their clinical trials and drug development programs. Our advanced genomic sequencing and analytics also support the development of personalized neoantigen therapies for cancer and other next-generation cancer immunotherapies. For example, we are providing genomic testing services to ModernaTX, Inc. (\"Moderna\") in its ongoing clinical trials evaluating a personalized cancer therapy. In addition, we partner with diagnostics companies by providing our advanced tumor profiling and analysis capabilities as an input to their products. More recently, we launched new diagnostic offerings for the clinical setting and, in November 2023, entered into an agreement with Tempus to commercialize our NeXT Personal Dx test. In late 2024, we expanded our collaboration partnership with Tempus to enable Tempus to market and sell NeXT Personal to Tempus' pharmaceutical and biotech customers who wish to bundle MRD testing with other Tempus offerings in a given study. In July 2025, we further expanded our collaborati Item 1. Business. Company Background Personalis develops, markets, and sells advanced cancer genomic testing services. Our testing services are used by physicians to detect residual or recurrent cancer in patients, monitor cancer response to therapy, and uncover insights for therapy selection. Our testing services are used by pharmaceutical companies for translational research, biomarker discovery, the development of personalized cancer therapies, and clinical trials. We also provide whole exome sequencing services for other diagnostic companies and whole genome sequencing services for population sequencing initiatives. We perform our testing services in a large-scale, high-quality, Clinical Laboratory Improvement Amendments of 1988 (\"CLIA\") certified and College of American Pathologists (\u201cCAP\u201d) accredited, laboratory located in our 100,000 square foot headquarters in Fremont, California. We were incorporated under the laws of the state of Delaware in 2011 under the name Personalis, Inc. and became a publicly-traded company in 2019. Testing Services For cancer patients NeXT Personal\u00ae Dx NeXT Personal Dx is a tumor-informed liquid biopsy test for the detection of minimal residual disease (\"MRD\") and recurrence monitoring. We believe NeXT Personal Dx, which was introduced in the fourth quarter of 2023, is the first ultrasensitive test on the market to detect MRD and monitor therapy response in patients with solid tumor cancers. NeXT Personal Dx has been shown to potentially detect cancer recurrence ahead of traditional imaging and is designed to aid decision making throughout a patient's cancer journey. NeXT Personal Dx involves the initial whole genome sequencing of matched tumor and normal samples from a patient in order to create a personalized detection assay for each patient based on the biology of the patient's cancer and the subsequent use of that personalized assay to test one or more of the patient's blood/plasma samples. In the first quarter of 2026, Item 1A. Risk Factors. Our operations and financial results are subject to various risks and uncertainties including those described below. You should consider carefully the risks and uncertainties described below, in addition to other information contained in this Annual Report on Form 10-K, including our audited consolidated fina", "title": "PSNL - Personalis, Inc.", "url": "/company/PSNL/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0000724910; latest 10-K filed 2026-05-06.", "text": "NVEC - NVE CORP /NEW/ SIC 3674 Semiconductors & Related Devices; CIK 0000724910; latest 10-K filed 2026-05-06. NVEC NVE CORP /NEW/ 0000724910 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. You should read this discussion together with our Financial Statements and Notes included elsewhere in this Report. In addition to historical information, the following discussion contains forward-looking information that involves risks and uncertainties. Our actual future results could differ materially from those presently anticipated due to a variety of factors, including those discussed in Item 1A of this Report. General We develop and sell devices that use \u201cspintronics,\u201d a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. We manufacture high-performance spintronic products including sensors and couplers to revolutionize data sensing and transmission. We also receive contracts for research and development and are a licensor of spintronic magnetoresistive random access memory technology, commonly known as MRAM. Application of Critical Accounting Policies and Estimates In accordance with SEC guidance, those material accounting policies that we believe are the most critical to an investor\u2019s understanding of our financial results and condition and require complex management judgment are discussed below. Marketable Securities Marketable securities consist of debt investments and are recorded at their estimated fair value. Debt securities are considered available for sale. Unrealized holding gains and losses on available-for-sale debt securities are excluded from earnings and are reported as a separate component of accumulated other comprehensive income until realized. The costs of available-for-sale debt marketable securities are determined by specific identification for purposes of computing unrealized and realized gains and losses. Available-for-sale debt marketable securities are classified as short-term or long-term on the balance sheet based on their maturity date or expectations regarding future sales. We evaluated the available-for-sale debt securities for impairment and available-for-sale debt securities in loss position for greater than twelve months during fiscal 2026 and 2025. We monitor our debt marketable securities to determine whether a loss exists related to the credit quality of the issuer. If the present value of the cash flows expected to be collected from the security is less than the amortized cost basis of the security, then a credit loss exists and an allowance against the security for credit losses is recorded. The allowance is limited to the amount by which fair value is below amortized cost, recognizing that the investment could be sold at fair value. Credit losses continue to be remeasured in subsequent reporting periods. Credit losses and recoveries related to debt securities are included in other income (expenses) in the income statement. When developing an estimate of expected credit losses, we consider all relevant information including, historical experience, current conditions and reasonable forecast of expected future cash flows. There were no credit losses and recoveries during fiscal 2026 or 2025. Inventory Valuation Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first in, first out method. Where there is evidence that inventory could be disposed of at less than carrying value, the inventory is written down to the net realizable value in the current period. Additionally, we periodically examine our inventory in the context of inventory turnover, sales trends, competition, and other market factors, and we record provisions to inventory reserve when we determine certain inventory is unlikely to be sold. If reserved inventory is subsequently sold, corresponding reductions in inventory and inventory reserves are made. Our inventory reserve was $215,000 as of March 31, 2026 and March 31, 2025. Deferred Tax Estimation In determining the carrying value of our net deferred tax asse ITEM 1. BUSINESS. In General NVE Corporation, referred to as NVE, we, us, or our, develops and sells devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. We manufacture high-performance spintronic products including sensors and couplers that are used to acquire and transmit data. NVE History and Background NVE is a Minnesota corporation headquartered in a suburb of Minneapolis. We were founded in 1989 by James M. Daughton, Ph.D., a spintronics pioneer. Our common stock became publicly traded in 2000 through a reverse merger and became NASDAQ listed in 2003. Since our founding, we have been awarded more than $50 million in government research contracts. These contracts have helped us develop products and build our intellectual property portfolio. We have adopted a March 31 fiscal year, so fiscal years referenced in this report end March 31. Industry Background Much of the electronics industry is devoted to the acquisition, storage, and transmission of information. We have focused on three applications for our spintronic technology: magnetic sensors, couplers, and memories. Sensors acquire information, couplers transmit information, and memories store information. In that sense, our technology can provide the eyes, nerves, and brains of electronic systems. Magnetic sensors can be used for many purposes including detecting the position or speed of robotics and mechanisms, or for communicating with implantable medical devices. We believe our spintronic sensors are smaller, more precise, and more reliable than competing devices. Couplers are widely used in factory automation, providing reliable digital communication between electronic subsystems in factories. For example, couplers are used to send high-speed data between robots and central controllers. As manufacturing automation expands, there is a need for higher-speed data and more channel density. Because of their ITEM 1A. RISK FACTORS. We caution readers that the following important factors, among others, could affect our financial condition, operating results, business prospects, or any other aspect of NVE, and could cause our actual results to differ materially from that projected or estimated by us in the forward-looking statements made by us o", "title": "NVEC - NVE CORP /NEW/", "url": "/company/NVEC/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0001723596; latest 10-K filed 2026-03-06.", "text": "CLBK - Columbia Financial, Inc. SIC 6035 Savings Institution, Federally Chartered; CIK 0001723596; latest 10-K filed 2026-03-06. CLBK Columbia Financial, Inc. 0001723596 6035 Savings Institution, Federally Chartered Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The objective of this section is to help potential investors understand our views on our results of operations and financial condition. You should read this discussion in conjunction with the consolidated financial statements and notes to the consolidated financial statements that appear at the end of this report. Executive Summary Our primary source of pre-tax income is net interest income. Net interest income is the difference between the interest we earn on our loans and securities and the interest we pay on our deposits and borrowings. Changes in levels of interest rates as well as the balances of interest-earning assets and interest-bearing liabilities affect our net interest income. A secondary source of income is non-interest income, which is revenue we receive from providing products and services. Traditionally, the majority of our non-interest income has come from service charges, loan fees, interchange income, gains (losses) on sales of loans and securities, revenue from mortgage servicing, income from bank-owned life insurance and fee income from title insurance, insurance agency and wealth management businesses. The non-interest expense we incur in operating our business consists of compensation and employee benefits expenses, occupancy expenses; depreciation; amortization and maintenance expenses; data processing and software expenses and other miscellaneous expenses, such as loan expenses, advertising, insurance, professional fees and federal deposit insurance premiums. Our largest non-interest expense is compensation and employee benefits, which consist primarily of compensation and wages paid to our employees, payroll taxes, and expenses for health insurance, retirement plans and other employee benefits. Our business results are impacted by the pace of economic growth and the level of market interest rates, and the difference between short-term and long-term rates. Competition among banks to secure new customers, loans and deposits has remained fierce, and interest rate spreads have again declined over the last few years. We continue to adhere to our prudent underwriting standards and are committed to originating quality loans. Additionally, we have maintained relatively low levels of non-performing assets, past due loans and charge-offs, through all economic environments. December 2024 Balance Sheet Repositioning As part of the Company\u2019s strategy to improve future earnings and expand its net interest margin, in December 2024 the Company sold $352.3 million of debt securities available for sale. Proceeds from the sale were used to fund loan growth of $72.9 million, purchase $78.1 million of higher yielding debt securities and prepay $170.0 million of higher cost borrowings. The repositioning was immediately accretive to net interest income. The sale and prepayment resulted in a pre-tax loss of approximately $37.9 million. The repositioning was neutral to tangible book value per share as the unrealized loss with respect to the debt securities was already recognized in the Company\u2019s stockholders\u2019 equity through accumulated other comprehensive loss. Critical Accounting Policies and Estimates In the preparation of our consolidated financial statements, we have adopted various accounting policies that govern the application of U.S. generally accepted accounting principles (\u201cGAAP\u201d) and general practices within the banking industry. Our significant accounting policies are described in note 2 to the consolidated financial statements. Certain accounting policies involve significant judgments and assumptions by us that have a material impact on the carrying value of certain assets and liabilities. We consider these accounting policies, which are discussed below, to be critical accounting policies. These assumptions, estimates and judgments we use can be influenced by a number of factors, including the general econ Item 1A. Risk Factors Investing in the Company\u2019s common stock involves risks. The investor should carefully consider the following risk factors before deciding to make an investment decision regarding the Company\u2019s stock. The risk factors may cause future earnings to be lower or the financial condition to be less favorable than expected. In addition, other risks that the Company is not aware of, or which are not believed to be material, may cause earnings to be lower, or may deteriorate the financial condition of the Company. Consideration should also be given to the other information in this Annual Report on Form 10-K, as well as in the documents incorporated by reference into this Form 10-K. Risks Related to Our Pending Merger with Northfield If the conversion is not consummated, our Merger with Northfield Bancorp will not take place. Our acquisition of Northfield Bancorp depends upon our successful conversion from the mutual holding company form of organization to stock form of organization. The conversion requires stockholder and member approvals as well as the approval of the federal banking regulatory authorities, one or more of which we may not obtain in a timely manner, or at all. The conversion also depends upon the successful implementation of our plan of conversion as described in the section entitled \u201cPlan of Conversion and Reorganization.\u201d If we are unable to consummate the conversion, our acquisition of Northfield Bancorp will not take place. Our failure to acquire Northfield Bancorp could effect our ability to generate profits and grow our franchise, which could have a material adverse affect on our pro forma results of operations and financial condition if we determined to terminate the conversion. If the Merger with Northfield Bancorp does not occur, the conversion and stock offering would be delayed or terminated. We anticipate simultaneously completing the conversion, the stock offering and the Northfield Bancorp acquisition in the third", "title": "CLBK - Columbia Financial, Inc.", "url": "/company/CLBK/" }, { "kind": "company", "summary": "SIC 5412 Retail-Convenience Stores; CIK 0001823794; latest 10-K filed 2026-02-25.", "text": "ARKO - ARKO Corp. SIC 5412 Retail-Convenience Stores; CIK 0001823794; latest 10-K filed 2026-02-25. ARKO ARKO Corp. 0001823794 5412 Retail-Convenience Stores ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (\u201cPSLRA\u201d), Section 27A of the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d), and Section 21E of the Securities Exchange Act of 1934, as amended, (the \u201cExchange Act\u201d), about our expectations, beliefs, plans and intentions regarding our product development efforts, business, financial condition, results of operations, strategies and prospects. You can identify forward-looking statements by the fact that these statements do not relate to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those contained in \u201cItem 1A \u2014 Risk Factors\u201d of this Annual Report on Form 10-K. Forward-looking statements reflect our views only as of the date they are made. We do not undertake any obligation to update forward-looking statements except as required by applicable law. We intend that all forward-looking statements be subject to the safe harbor provisions of PSLRA. Overview Based in Richmond, Virginia, ARKO Corp. is one of the largest operators of convenience stores in the United States (\u201cU.S.\u201d), ranked by store count, operating 1,118 retail convenience stores as of December 31, 2025. We are also one of the largest wholesalers of fuel by gallons in the U.S. As of December 31, 2025, we supplied fuel to 2,099 dealer locations and operated 295 proprietary and third-party cardlock locations (unstaffed fueling locations). We are well diversified geographically and as of December 31, 2025, operated in the District of Columbia and more than 30 states in the Mid-Atlantic, Midwestern, Northeastern, Southeastern and Southwestern U.S. We own 100% of GPM Investments, LLC, a Delaware limited liability company (\u201cGPM\u201d), which was our primary operating entity through the closing of the initial public offering of the Class A common stock of our subsidiary ARKO Petroleum Corp., a Delaware corporation (\u201cAPC\u201d), on February 13, 2026 (the \u201cAPC IPO\u201d), after which GPM became our primary operating entity for our retail segment and APC became the primary operating entity for our wholesale, fleet fueling and GPMP segments. We own 75.9% of the economic interests and 94.0% of the combined voting power of APC. APC\u2019s Class A common stock began trading on the Nasdaq under the symbol \u201cAPC\u201d on February 12, 2026. Description of Segments Our reportable segments are described below. Retail Segment Our retail segment includes the operation of a chain of retail stores, which includes convenience stores selling fuel products and merchandise to retail customers, from which we generate a significant portion of our revenue and a large proportion of our profitability. At our convenience stores, we own the merchandise and fuel inventory and employ personnel to manage the store. As of December 31, 2025, we operated the stores under more than 25 regional store brands including 1-Stop, Admiral, Apple Market\u00ae, BreadBox, Corner Mart, Dixie Mart, ExpressStop, E-Z Mart\u00ae, fas mart\u00ae, fastmarket\u00ae, Flash Market, Handy Mart, Jetz, Jiffi Stop\u00ae, Jiffy Stop, Li\u2019l Cricket, Market Express, Next Door Store\u00ae, Pride, Roadrunner Markets, Rose Mart, Rstore, Scotchman\u00ae, shore stop\u00ae, Speedy\u2019s, SpeedyQ, Town Star, Uncle\u2019s, Village Pantry\u00ae and Young\u2019s. We operate our retail stores centrally with consistent marketing, merchand ITEM 1. BUSINESS Overview Based in Richmond, Virginia, ARKO Corp. is one of the largest operators of convenience stores and wholesalers of fuel in the United States (\u201cU.S.\u201d), ranked by store count and gallons sold, respectively. As of December 31, 2025, we operated 1,118 retail convenience stores under more than 25 regional store brands. Our brands have been in existence for an average of more than 50 years, and we consider them \u201ca Family of Community Brands.\u201d While maintaining multiple established brand names, our stores derive significant value from the scale, corporate infrastructure and centralized marketing programs associated with our large network, including a common operating platform and a loyalty program that we use as a platform for promotions and marketing initiatives across our convenience stores. As of December 31, 2025, we supplied fuel to 2,099 dealer locations. Additionally, we operate a fleet fueling business that included the operation of 295 proprietary and third-party cardlock locations (unstaffed fueling locations), as of December 31, 2025, and the issuance of proprietary fuel cards that provide customers access to a nationwide network of fueling sites. We are diversified geographically and, as of December 31, 2025, operated in the District of Columbia and in more than 30 states in the Mid-Atlantic, Midwestern, Northeastern, Southeastern and Southwestern U.S. We have achieved strong site count growth over the last decade, primarily through our implementation of a highly successful acquisition strategy. From 2013 through 2025, we completed 26 acquisitions, and our site count has grown from 320 sites in 2011 to 3,512 sites as of December 31, 2025. Since the second half of 2024, we have been implementing a multi-year transformation plan (the \u201cTransformation Plan\u201d) that includes the conversion of a significant number of retail stores to dealer locations, leveraging our position as a leading wholesale distributor of motor fuel. Corporate Info ITEM 1A. RISK FACTORS. You should carefully consider the risks described below, as well as other information contained in this Annual Report on Form 10-K, including the audited consolidated financial statements contained in Part II, Item 8 of this Annual Report on Form 10-K (the \u201cConsolidated Financial Statements\u201d) and the notes thereto and \u201cManagement\u2019s", "title": "ARKO - ARKO Corp.", "url": "/company/ARKO/" }, { "kind": "company", "summary": "SIC 4833 Television Broadcasting Stations; CIK 0001971213; latest 10-K filed 2026-02-27.", "text": "SBGI - Sinclair, Inc. SIC 4833 Television Broadcasting Stations; CIK 0001971213; latest 10-K filed 2026-02-27. SBGI Sinclair, Inc. 0001971213 4833 Television Broadcasting Stations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward Looking Statements We make statements in this section that are forward-looking statements within the meaning of the federal securities laws. For a complete discussion of forward-looking statements, see the section in this report entitled \u201cForward-Looking Statements.\u201d Certain risks may cause our actual results, performance, or achievements to differ materially from those expressed or implied by the following discussion. For a discussion of such risk factors, see Item 1A. Risk Factors. Overview The following Management\u2019s Discussion and Analysis provides qualitative and quantitative information about Sinclair\u2019s and SBG\u2019s financial performance and condition which should be read in conjunction with the other sections in this annual report, including Item 1. Business and within Sinclair\u2019s Consolidated Financial Statements and SBG\u2019s Consolidated Financial Statements, including the accompanying notes to those statements. This discussion consists of the following sections: Executive Overview \u2014 a description of our business, summary of significant events, and information about industry trends; Critical Accounting Policies and Estimates \u2014 a discussion of the accounting policies that are most important in understanding the assumptions and judgments incorporated within Sinclair\u2019s Consolidated Financial Statements and SBG\u2019s Consolidated Financial Statements and a summary of recent accounting pronouncements; Results of Operations \u2014 a summary of the components of Sinclair\u2019s and SBG\u2019s revenue by category and by network affiliation, a summary of other operating data, and an analysis of Sinclair\u2019s and SBG\u2019s revenue and expenses for 2025, 2024, and 2023, including a comparison between 2025 and 2024; and Liquidity and Capital Resources \u2014 a discussion of Sinclair\u2019s and SBG\u2019s primary sources of liquidity and contractual cash obligations and an analysis of Sinclair\u2019s and SBG\u2019s cash flows from or used in operating activities, investing activities, and financing activities. EXECUTIVE OVERVIEW We are a diversified media company with national reach and a strong focus on providing high-quality content on our local television stations and digital platform. The content, distributed through our broadcast platform and third-party platforms, consists of programming provided by third-party networks and syndicators, local news, sports, other original programming produced by us and our owned networks, and professional sports. Additionally, we own digital media products that are complementary to our extensive portfolio of television station related digital properties. We have interests in, own, manage and/or operate technical and software services companies, research and development for the advancement of broadcast technology, and other media and non-media related businesses and assets, including real estate, venture capital, private equity, and direct investments. As of December 31, 2025, Sinclair had two reportable segments, local media and tennis, and SBG had one reportable segment, local media. Sinclair and SBG\u2019s local media segment is comprised of our television stations, which are owned and/or operated by Sinclair and SBG\u2019s wholly-owned subsidiary, STG and its direct and indirect subsidiaries, original networks and content. Sinclair\u2019s tennis segment primarily consists of Tennis Channel, a cable network which includes coverage of many of tennis\u2019 top tournaments and original professional sports and tennis lifestyle shows. Sinclair also earns revenue from non-broadcast digital and internet services, technical services, and non-media investments, included within \u201cother.\u201d Other and corporate are not reportable segments for either Sinclair or SBG. As of December 31, 2025, STG, for which certain assets and results of operations are included in the local media segment and which is one of Sinclair and SBG\u2019s wholly owned ITEM 1. BUSINESS Sinclair, Inc. (\u201cthe Company\u201d or \u201cSinclair\u201d), a Maryland corporation formed in 2022, is the parent company of Sinclair Broadcast Group, LLC (\u201cSBG\u201d), a Maryland limited liability company, which formed from the conversion of Sinclair Broadcast Group, Inc. (\u201cOld Sinclair\u201d), a Maryland corporation founded in 1986, to a Maryland limited liability company in 2023. Refer to Company Reorganization in this Item 1. Sinclair is a diversified media company with national reach and a strong focus on providing high-quality content on our local television stations and digital platform. The content, distributed through our broadcast platform and third-party platforms, consists of programming provided by third-party networks and syndicators, local news, other original programming produced by us and our owned networks, and professional sports. Additionally, Sinclair owns digital media companies that are complementary to our extensive portfolio of television station related digital properties and has interests in, owns, manages, and/or operates technical and software services companies, research and development companies for the advancement of broadcast technology, and other media and non-media related businesses and assets, including real estate, venture capital, private equity, and direct investments. Sinclair and SBG\u2019s principal executive offices are located at 10706 Beaver Dam Road, Hunt Valley, Maryland 21030, their telephone number is (410) 568-1500, and Sinclair\u2019s website address is www.sbgi.net. The information contained on, or accessible through, Sinclair\u2019s website is not part of this Annual Report on Form 10-K and is not incorporated herein by reference. Company Reorganization On April 3, 2023, Old Sinclair, entered into an Agreement of Share Exchange and Plan of Reorganization (the \u201cShare Exchange Agreement\u201d) with Sinclair and Sinclair Holdings, LLC, a Maryland limited liability company (\u201cSinclair Holdings\u201d). The purpose of the transactions co ITEM 1A. RISK FACTORS You should carefully consider the risks described below before investing in our securities. The risks described below, along with risks not currently known to us or that we currently believe are immaterial, may impair our business operations and our liquidity in an adverse way. RISKS RELATING TO OUR STRATEGIC REVIEW PROCESS Although we announced the intenti", "title": "SBGI - Sinclair, Inc.", "url": "/company/SBGI/" }, { "kind": "company", "summary": "SIC 3721 Aircraft; CIK 0001784570; latest 10-K filed 2026-03-09.", "text": "BETA - BETA Technologies, Inc. SIC 3721 Aircraft; CIK 0001784570; latest 10-K filed 2026-03-09. BETA BETA Technologies, Inc. 0001784570 3721 Aircraft Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes and other financial information included elsewhere in this Annual Report. This discussion and analysis and other parts of this Annual Report contain forward-looking statements based upon our current plans and expectations that involve risks, uncertainties and assumptions, such as statements regarding our plans, strategies, objectives, expectations, intentions and beliefs. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d and elsewhere in this Annual Report. The \u201cRisk Factors\u201d section of this Annual Report should be carefully read to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Overview We are redefining the aerospace industry. We have developed an electric aircraft platform and propulsion systems that are positioned to transform the aviation industry forward into a new phase of growth. We design, manufacture, and sell high-performance electric aircraft, advanced electric propulsion systems, charging systems and components. Further, we have invested in the underlying infrastructure of this breakthrough technology, which is critical to bringing electric aviation to life. We believe we have developed a differentiated presence in North America and are well positioned to expand globally. Our company was purpose-built to capture the significant, untapped market opportunity in sustainable, reliable and efficient electric aviation. Vertical integration allows us to innovate rapidly and capture meaningful economic value throughout an aircraft\u2019s lifetime, by providing batteries and aftermarket services for BETA aircraft and other customers. Our focus is on the Enabling Technologies essential to electric aviation, including batteries, motors, flight control, charging systems and an international network of electric charging and related equipment. With proprietary control over these core technologies, we offer customers a complete platform to support their adoption of electric aircraft to enable both existing and new missions. This multilayered approach provides us with recurring, high margin opportunities. We are developing highly scalable technologies that can be tailored to and deployed for cost-effective and safe missions across cargo and logistics, medical, defense and passenger end markets. Our simplified approach to designing electric aircraft allows us to service a variety of end markets and mission types leveraging the same core technologies. The portability of our technologies and systems across various aircraft also unlocks flexibility to innovate on future generations of aircraft. 69 Table of Contents Industry Trends and Outlook The emergence of electric aviation is ushering in a new era of aviation, with the potential to dramatically lower costs, reduce environmental impact and open up entirely new markets. By leveraging electric propulsion technologies, aircraft can be made quieter, more efficient and less expensive to operate than traditional, fuel-based aircraft. This shift is especially significant for urban and regional routes, where electric aircraft can enable point-to-point travel within and among cities and underserved areas, bypassing the need for large airport infrastructure. This will be impactful for cargo and logistics, medical, defense and passenger operations. This opportunity will continue to grow a Item 1. Business. Our Company We are redefining the aerospace industry. We have developed an electric aircraft platform and propulsion systems that are positioned to transform the aviation industry forward into a new phase of growth. We design, manufacture and sell high-performance electric aircraft, advanced electric propulsion systems, charging systems and components. Further, we have invested in the underlying infrastructure of this breakthrough technology, which is critical to bringing electric aviation to life. We believe we have developed a differentiated presence in North America and are well positioned to expand globally. Our company was purpose-built to capture the significant, untapped market opportunity in sustainable, reliable and efficient electric aviation. Vertical integration allows us to innovate rapidly and capture meaningful economic value throughout an aircraft\u2019s lifetime by providing batteries and aftermarket services for BETA aircraft and other customers. Our focus is on the Enabling Technologies essential to electric aviation, including batteries, motors, flight control systems and an international network of electric charging and related equipment. With proprietary control over these core technologies, we offer customers a complete platform to support their adoption of electric aircraft to enable both existing and new missions. This multilayered approach provides us with recurring, high-margin opportunities. We have developed highly scalable technologies that can be tailored to and deployed for cost-effective and safe missions across cargo and logistics, medical, defense and passenger end markets. Our simplified approach to designing electric aircraft allows us to service a variety of end markets and mission types leveraging the same core technologies. The portability of our technologies and systems across various aircraft also unlocks flexibility to innovate on future generations of aircraft. We are pursuing a stepwise approach to grow Item 1A. Risk Factors. An investment in our Class A common stock involves a high degree of risk. You should carefully consider the risks described below before making an investment decision. Our business, results of operations, financial condition or prospects could be harmed by any of these risks, as well as other risks not currently known to us or that we curr", "title": "BETA - BETA Technologies, Inc.", "url": "/company/BETA/" }, { "kind": "company", "summary": "SIC 4011 Railroads, Line-Haul Operating; CIK 0001899883; latest 10-K filed 2026-03-16.", "text": "FIP - FTAI Infrastructure Inc. SIC 4011 Railroads, Line-Haul Operating; CIK 0001899883; latest 10-K filed 2026-03-16. FIP FTAI Infrastructure Inc. 0001899883 4011 Railroads, Line-Haul Operating Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help you understand FTAI Infrastructure Inc. (\u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, or the \u201cCompany\u201d). Our MD&A should be read in conjunction with our consolidated financial statements and the accompanying notes, and with Part I, Item 1A, \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d included elsewhere in this Annual Report on Form 10-K. Overview We are in the business of acquiring, developing and operating assets and businesses that represent critical infrastructure for customers in the transportation, energy and industrial products industries. We were formed on December 13, 2021 as FTAI Infrastructure LLC, a Delaware limited liability company and subsidiary of FTAI Aviation Ltd. (previously Fortress Transportation and Infrastructure Investors LLC; \u201cFTAI\u201d or \u201cFormer Parent\u201d). We are a publicly-traded company trading on The Nasdaq Global Select Market under the symbol \u201cFIP.\u201d Our operations consist of four primary business lines: (i) Railroad, (ii) Ports and Terminals, (iii) Power and Gas and (iv) Sustainability and Energy Transition. Our Railroad business primarily invests in and operates short line and regional railroads in North America. Our Ports and Terminals business, consisting of our Jefferson Terminal and Repauno segments, develops or acquires industrial properties in strategic locations that store and handle for third parties a variety of energy products, including crude oil, refined products and clean fuels. Our Power and Gas business develops and operates facilities, such as a 485-megawatt power plant at the Long Ridge terminal in Ohio, that leverage the property\u2019s location and key attributes to generate incremental value. Our Sustainability and Energy Transition business focuses on investments in companies and assets that utilize green technology, produce sustainable fuels and products or enable customers to reduce their carbon footprint. For the year ended December 31, 2025, our Railroad business accounted for 34% of our total revenue, our Ports and Terminals business accounted for 19% of our total revenue and our Power and Gas business accounted for 36% of our total revenue. Corporate and other sources accounted for the remaining 11% of our total revenue. We expect to continue to invest in such market sectors and pursue additional investment opportunities in other infrastructure businesses and assets we believe to be attractive and meet our investment objectives. Our team focuses on acquiring a diverse group of long-lived assets or operating businesses that provide mission-critical services or functions to infrastructure networks and typically have high barriers to entry, strong margins, stable cash flows and upside from earnings growth and asset appreciation driven by increased use and inflation. We believe that there are a large number of acquisition opportunities in our markets and that our Manager\u2019s expertise and business and financing relationships, together with our access to capital and generally available capital for infrastructure projects in today\u2019s marketplace, will allow us to take advantage of these opportunities. As of December 31, 2025, we had total consolidated assets of $5.7 billion and redeemable preferred stock and equity of $944.0 million. Operating Segments During the first quarter of 2023, we modified our definition of Adjusted EBITDA to exclude the impact of other non-recurring items, such as severance expense. All segment data and related disclosures for earlier periods presented herein have been recast to reflect this segment reporting structure. Our reportable segments represent strategic business units comprised of investments in different types of infrastructure assets. We have five reportable segments which operate in infrastructure businesses across several market sectors, all i Item 1. Business Our Company FTAI Infrastructure Inc. (\u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, or the \u201cCompany\u201d) is in the business of acquiring, developing and operating assets and businesses that represent critical infrastructure for customers in the transportation, energy and industrial products industries. We were formed on December 13, 2021 as FTAI Infrastructure LLC, a Delaware limited liability company and subsidiary of FTAI Aviation Ltd. (previously Fortress Transportation and Infrastructure Investors LLC; \u201cFTAI\u201d or \u201cFormer Parent\u201d). We are a publicly-traded company trading on The Nasdaq Global Select Market under the symbol \u201cFIP.\u201d Our operations consist of four primary business lines: (i) Railroad, (ii) Ports and Terminals, (iii) Power and Gas and (iv) Sustainability and Energy Transition. Our Railroad business primarily invests in and operates short line and regional railroads in North America. Our Ports and Terminals business, consisting of our Jefferson Terminal and Repauno segments, develops or acquires industrial properties in strategic locations that store and handle for third parties a variety of energy products including crude oil, refined products and clean fuels. Our Power and Gas business develops and operates facilities, such as a 485-megawatt power plant at the Long Ridge terminal in Ohio, that leverage the property\u2019s location and key attributes to generate incremental value. Our Sustainability and Energy Transition business focuses on investments in companies and assets that utilize green technology, produce sustainable fuels and products or enable customers to reduce their carbon footprint. For the year ended December 31, 2025, our Railroad business accounted for 34% of our total revenue, our Ports and Terminals business accounted for 19% of our total revenue and our Power and Gas business accounted for 36% of our total revenue. Corporate and other sources accounted for the remaining 11% of our total revenue. We target sectors that we believe value strong lon Item 1A. Risk Factors You should carefully consider the following risks and other information in this Form 10-K in evaluating us and our common stock. Any of the following risks, as well as additional risks and uncertainties not currently known to us or that we currently deem immaterial, could materially and advers", "title": "FIP - FTAI Infrastructure Inc.", "url": "/company/FIP/" }, { "kind": "company", "summary": "SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers; CIK 0001673985; latest 10-K filed 2026-02-20.", "text": "ASIX - AdvanSix Inc. SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers; CIK 0001673985; latest 10-K filed 2026-02-20. ASIX AdvanSix Inc. 0001673985 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (Dollars in thousands, except per share data or unless otherwise noted) The following section, referred to as the \"MD&A\" presents management's discussion and analysis of the Company's financial condition and results of operations and should be read in conjunction with the Consolidated Financial Statements and the notes thereto contained in this Form 10-K. This section of this Form 10-K generally discusses our financial condition and results of operations as of and for the years ended December 31, 2025 and 2024 and year-to-year comparisons between 2025 and 2024. Discussions of our financial condition and results of operations as of and for the year ended December 31, 2023 and year-to-year comparisons between 28 2024 and 2023 that are not included in this Form 10-K can be found under the heading \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 21, 2025. Business Overview AdvanSix Inc. is an integrated chemistry company that produces essential materials for our customers across diverse end markets. Our value chain of our five U.S.-based manufacturing facilities plays a critical role in global supply chains and enables us to innovate and deliver essential products for our customers across building and construction, fertilizers, agrochemicals, plastics, solvents, packaging, paints, coatings, adhesives, electronics and other end markets. AdvanSix strives to deliver best-in-class customer experiences and differentiated products in the industries of nylon solutions, plant nutrients and chemical intermediates, guided by our core values of Safety, Integrity, Accountability and Respect. Our four key product lines are Nylon, Caprolactam, Ammonium Sulfate and Chemical Intermediates. Global demand for Nylon 6 resin spans a variety of end-uses such as textiles, engineered plastics, industrial filament, food and industrial films, and carpet. The market growth typically tracks global GDP growth over the long-term but varies by end-use. We produce and sell caprolactam as a commodity product and produce and sell our Nylon 6 resin as both a commoditized and differentiated resin product. Our results of operations are primarily driven by production volume and the spread between the sales prices of our products and the costs of the underlying raw materials built into market-based and value-based pricing models. The global prices for nylon resin typically track a spread over the price of caprolactam, which in turn tracks as a spread over benzene because the key feedstock materials for caprolactam, phenol or cyclohexane, are derived from benzene. This price spread has historically experienced cyclicality as a result of global changes in supply and demand. Generally, Nylon 6 resin prices track the cyclicality of caprolactam prices, although prices set above the spread are achievable when nylon resin manufacturers, like AdvanSix, formulate and produce differentiated nylon resin products for current and new customer applications, such as our wire and cable and co-polymer offerings. Global prices for ammonium sulfate fertilizer are influenced by several factors including the price of urea, which is the most widely used source of nitrogen-based fertilizer in the world. Other global factors driving ammonium sulfate fertilizer demand are general agriculture trends, including planted acres and the price of crops. Our ammonium sulfate product is positioned with the added value proposition of sulfur nutrition to increase yields of key crops. In addition, due to its nutrient density, the typical ammonium sulfate product delivers pound for pound the most readily available sulfur and nitrogen to crops as compared to other fertilizers. We also directly supply packaged ammonium sulfate to cu Item 1. Business In this Annual Report on Form 10-K, unless the context otherwise dictates, \u201cAdvanSix,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d means AdvanSix Inc. and its consolidated subsidiaries. Corporate History On October 1, 2016, Honeywell International Inc. (\u201cHoneywell\u201d) completed the separation of AdvanSix. The separation was completed by Honeywell distributing (the \"Distribution\") all of the then outstanding shares of common stock of AdvanSix on October 1, 2016 (the \u201cDistribution Date\u201d) through a dividend in kind of AdvanSix common stock, par value $0.01 per share, to holders of Honeywell common stock as of the close of business on the record date of September 16, 2016 who held their shares through the Distribution Date. Description of Business AdvanSix Inc. is an integrated chemistry company that produces essential materials for diverse end markets. Our value chain of our five U.S.-based manufacturing facilities plays a critical role in global supply chains and enables us to innovate and deliver essential products for our customers across building and construction, fertilizers, agrochemicals, plastics, solvents, packaging, paints, coatings, adhesives, electronics and other end markets. Guided by our core values of Safety, Integrity, Accountability and Respect, AdvanSix strives to deliver best-in-class customer experiences and differentiated products in the industries of nylon solutions, plant nutrients and chemical intermediates. Our key product lines are as follows: \u2022Nylon Solutions \u25e6Nylon \u2013 We sell our Nylon 6 resin globally, primarily under the Aegis\u00ae brand name. Nylon 6 is a polymer resin which is a synthetic material used by our customers to produce fibers, filaments, engineered plastics and films that, in turn, are used in such end-products as carpets, automotive and electric components, sports apparel, food packaging and other industrial applications. \u25e6Caprolactam \u2013 Caprolactam is the key monomer used in the production of Nylon 6 resin. We inter Item 1A. Risk Factors Cautionary Statement Concerning Forward-Looking Statements All statements other than statements of historical fact included in this Form 10-K including, without limitation, statements under \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results", "title": "ASIX - AdvanSix Inc.", "url": "/company/ASIX/" }, { "kind": "company", "summary": "SIC 7373 Services-Computer Integrated Systems Design; CIK 0001044777; latest 10-K filed 2026-02-26.", "text": "OSPN - OneSpan Inc. SIC 7373 Services-Computer Integrated Systems Design; CIK 0001044777; latest 10-K filed 2026-02-26. OSPN OneSpan Inc. 0001044777 7373 Services-Computer Integrated Systems Design Item 7 - Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (in thousands, except head count, ratios, time periods and percentages) The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion may contain predictions, estimates and other forward-looking statements that involve a number of risks and uncertainties, including those discussed under Item 1A, Risk Factors and elsewhere in this Form 10-K. These risks could cause our actual results to differ materially from any future performance suggested below. Please see \u201cCautionary Note Regarding Forward Looking Statements\u201d at the beginning of this Form 10-K. For a comparison of our results of operations for the fiscal years ended December 31, 2024 and 2023, see \u201cPart II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2023, filed on March 6, 2024. 37 Overview OneSpan helps organizations build secure, seamless, and trusted digital experiences through two solution portfolios: Cybersecurity and Digital Agreements. Our cybersecurity solutions protect identities, secure mobile apps, and safeguard access through advanced high-assurance authentication, threat intelligence, fraud prevention, and mobile app protection, defending users, devices, and applications against sophisticated attacks. Our digital agreement solutions streamline agreement workflows with secure e-signatures, identity verification, and smart digital forms, built to enable speed, compliance and exceptional customer experiences. Trusted by leading global enterprises, including more than 60% of the world\u2019s 100 largest banks, OneSpan processes over a hundred million digital agreements and billions of secure authentication transactions across more than 120 countries each year. We offer our products primarily through a subscription licensing model and provide multiple deployment options, including cloud-based and on-premises solutions. Our solutions are sold worldwide through our direct sales force, as well as through distributors, resellers, systems integrators, and original equipment manufacturers. We report our financial results under the following two business divisions, which are our reportable operating segments: Cybersecurity and Digital Agreements. \u2022Cybersecurity. Cybersecurity, formerly Security Solutions, consists of our broad portfolio of software products, software development kits (\"SDKs\") and Digipass authenticator devices that are used to build applications designed to defend against attacks on digital transactions across online environments, devices, and applications. The software products and SDKs included in the Cybersecurity segment are delivered through on-premises and cloud-based deployment models and include standards-based authentication technologies such as Fast Identity Online (\"FIDO\") authentication and passkeys, multi-factor authentication, transaction signing solutions and mobile application security. \u2022Digital Agreements. Digital Agreements consists of solutions that enable our clients to secure and automate business processes associated with their digital agreement and customer transaction lifecycles that require consent, non-repudiation and compliance. These solutions, which are cloud-based, include OneSpan Sign e-signature, OneSpan Notary, and OneSpan Identity Verification. Beginning in mid-2023 and through the third quarter of 2024, our focus was on adjusting our cost structure to enable both business divisions to operate profitably. These cost optimization efforts were a major factor in the overall business returning to operating profitability in the fourth quarter of 2023. The subsequent increase in pro Item 1 \u2013 Business Overview OneSpan helps organizations build secure, seamless, and trusted digital experiences through two solution portfolios: Cybersecurity and Digital Agreements. Our cybersecurity solutions protect identities, secure mobile apps, and safeguard access through advanced high-assurance authentication, threat intelligence, fraud prevention, and robust mobile app protection, defending users, devices, and applications against sophisticated attacks. Our digital agreement solutions streamline agreement workflows with secure e-signatures, identity verification, and smart digital forms, built to enable speed, compliance and exceptional customer experiences. Trusted by leading global enterprises, including more than 60% of the world\u2019s 100 largest banks, OneSpan processes over 100 million digital agreements and billions of secure authentication transactions across more than 120 countries each year. We offer our products primarily through a subscription licensing model and provide multiple deployment options, including cloud-based and on-premises solutions. Our solutions are sold worldwide through our direct sales force, as well as through distributors, resellers, systems integrators, and original equipment manufacturers. We report our financial results under the following two business divisions, which are our reportable operating segments: Cybersecurity and Digital Agreements. \u2022Cybersecurity. Cybersecurity, formerly Security Solutions, consists of our broad portfolio of software products, software development kits (\"SDKs\") and Digipass authenticator devices that are used to build applications designed to defend against attacks on digital transactions across online environments, devices, and applications. The software products and SDKs included in the Cybersecurity segment are delivered through on-premises and cloud-based deployment models and include standards-based authentication technologies such as Fast Identity Online (\"FIDO\") authentication and pass Item 1A - Risk Factors Risk Factors Summary Our business is subject to numerous risks and uncertainties, including those highlighted in the section titled \u201cRisk Factors\u201d immediately following this Risk Factors Summary. These summary risks provide an overview of many of the risks we are exposed to in the normal cou", "title": "OSPN - OneSpan Inc.", "url": "/company/OSPN/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001683606; latest 10-K filed 2026-02-26.", "text": "CARS - Cars.com Inc. SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001683606; latest 10-K filed 2026-02-26. CARS Cars.com Inc. 0001683606 7374 Services-Computer Processing & Data Preparation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our business, financial condition, results of operations and quantitative and qualitative disclosures should be read in conjunction with our Consolidated Financial Statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis also contains forward-looking statements and should be read in conjunction with the disclosures and information contained in \"Note About Forward-Looking Statements\" and \"Risk Factors\" in this Annual Report on Form 10-K. The financial information discussed below and included elsewhere in this Annual Report on Form 10-K may not necessarily reflect what our financial condition, results of operations and cash flows may be in the future. References in this discussion and analysis to \"we,\" \"us,\" \"our\" and similar terms refer to Cars.com Inc. and its subsidiaries, collectively, unless the context indicates otherwise. Business Overview. Cars.com Inc. is a trusted audience-powered and data-driven technology platform that simplifies buying and selling cars. The flagship Cars.com marketplace connects millions of consumers to dealerships across the U.S., powering the car buying experience with artificial intelligence (\"AI\") shopping tools and comprehensive vehicle reviews and content. Our interconnected ecosystem of products enables dealers and OEMs to sell more cars by efficiently leveraging our marketplace, dealer websites, trade and appraisal tools and proprietary in-market media solutions. Overview of Results [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\"],[\"(In thousands)\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"Revenue\",\"\",\"$\",\"723,239\",\"\",\"\",\"$\",\"719,152\",\"\",\"\",\"$\",\"689,183\"],[\"Net income (1)\",\"\",\"\",\"20,052\",\"\",\"\",\"\",\"48,188\",\"\",\"\",\"\",\"118,442\"]] [[/GREPCENT_TABLE]] (1) Net income for the year ended December 31, 2023 is primarily related to the release of a significant portion of our valuation allowance for deferred tax assets that had been recorded as a result of the 2020 goodwill and indefinite-lived intangible asset impairments. For more information, see Note 12 (Income Taxes) to the accompanying Consolidated Financial Statements included in Part II, Item 8. \"Financial Statements and Supplementary Data\" of this Annual Report on Form 10-K. Key Operating Metrics We regularly review a number of key metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make operating and strategic decisions. Key Operating Metrics are as follows (Traffic and Average Monthly Unique Visitors in thousands): [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"% Change\"],[\"Average Monthly Unique Visitors\",\"\",\"25,708\",\"\",\"\",\"\",\"25,517\",\"\",\"\",\"\",\"1\",\"%\"],[\"Traffic\",\"\",\"627,141\",\"\",\"\",\"\",\"627,556\",\"\",\"\",\"\",\"(0\",\")%\"],[\"Monthly Average Revenue Per Dealer - Annual\",\"$\",\"2,460\",\"\",\"\",\"$\",\"2,483\",\"\",\"\",\"\",\"(1\",\")%\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"December 31, 2025\",\"\",\"\",\"December 31, 2024\",\"\",\"\",\"YoY % Change\",\"\",\"\",\"September 30, 2025\",\"\",\"\",\"QoQ % Change\"],[\"Dealer Customers\",\"\",\"19,544\",\"\",\"\",\"\",\"19,206\",\"\",\"\",\"\",\"2\",\"%\",\"\",\"\",\"19,526\",\"\",\"\",\"\",\"0\",\"%\"],[\"Monthly Average Revenue Per Dealer - Quarterly\",\"$\",\"2,472\",\"\",\"\",\"$\",\"2,475\",\"\",\"\",\"\",\"(0\",\")%\",\"\",\"$\",\"2,460\",\"\",\"\",\"\",\"0\",\"%\"]] [[/GREPCENT_TABLE]] Average Monthly Unique Visitors (\"UVs\") and Traffic. UVs and Traffic are fundamental to our business. They are indicative of our consumer reach and the level of engagement consumers have with our platform. Although our consumer engagement does not directly result in revenue, we believe our ability to reach in-market car shoppers is attractive to our dealers, OEMs and national customers and a primary reason they do business with us. We believe we have achieved audience scale as measured by UVs and Traffic. Traffic is Item 1. Business. Cars.com Inc. (NYSE:CARS) is a trusted audience-powered and data-driven technology platform that simplifies buying and selling cars. The flagship Cars.com marketplace connects millions of consumers to dealerships across the U.S., powering the car buying experience with artificial intelligence (\"AI\") shopping tools and comprehensive vehicle reviews and content. Our interconnected ecosystem of products enables dealers and OEMs to sell more cars by efficiently leveraging our marketplace, dealer websites, trade and appraisal tools and proprietary in-market media solutions. Learn more at www.carscommerce.inc. Our premier automotive marketplace, Cars.com, empowers shoppers with the data, resources and digital tools they need to make informed buying decisions and seamlessly connect with automotive retailers. We also equip dealerships and OEMs with innovative solutions and data-driven intelligence to better reach and influence our 26 million average monthly shoppers. Not only does our marketplace drive ready-to-buy customers to the dealership, we believe our interconnected ecosystem of products also allows dealerships to operate more efficiently by facilitating a faster and easier car buying and selling experience. The strength of our products and solutions has attracted approximately 19,500 franchise and independent dealer customers across the U.S. and Canada to our platform. Approximately 80% of our dealer customers subscribe to either the Cars.com marketplace or the marketplace and additional interconnected solutions, with our remaining customers subscribing to standalone digital website solutions. In addition, substantially all OEMs selling vehicles in the U.S. and Canada do business with us today. For Consumers. Buying a car is one of life\u2019s most significant and researched decisions. Consumers are challenged with makes, models and trim-levels, opaque, yet negotiable prices, and gaps in the online-to-offline shopping experience, all of which add com Item 1A. Risk Factors. The following risk factors should be considered carefully, together with all other information contained in this report, including \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" and our financial statements and related notes, when evaluatin", "title": "CARS - Cars.com Inc.", "url": "/company/CARS/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0001493225; latest 10-K filed 2026-03-02.", "text": "NFBK - Northfield Bancorp, Inc. SIC 6035 Savings Institution, Federally Chartered; CIK 0001493225; latest 10-K filed 2026-03-02. NFBK Northfield Bancorp, Inc. 0001493225 6035 Savings Institution, Federally Chartered ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements of Northfield Bancorp and the Notes thereto included elsewhere in this report (collectively, the \u201cfinancial statements\u201d). Overview Net income was $796,000, or $0.02 per diluted common share, and $29.9 million, or $0.72 per diluted common share, for the years ended December 31, 2025 and December 31, 2024, respectively. Significant variances from the prior year are as follows: a $22.9 million increase in net interest income, a $3.1 million increase in the provision for credit losses on loans, a $43.3 million increase in non-interest expense, which includes a $41.0 million, or $1.03 per share, non-cash, non-tax deductible goodwill impairment charge, and a $5.7 million increase in income tax expense. Net income for the year ended December 31, 2025 included additional tax expense of $580,000, or $0.01 per share, related to options that expired in May 2025. Net income for the year ended December 31, 2024 included a $3.4 million, or $0.06 per share, gain on the sale of property, additional tax expense of $795,000, or $0.02 per share, related to options that expired in June 2024, and severance expense of $683,000, or $0.01 per share, related to employee severance. Assets increased by $87.6 million, or 1.5%, to $5.75 billion at December 31, 2025 compared to $5.67 billion at December 31, 2024. The increase was primarily due to an increase in available-for-sale debt securities of $311.6 million, or 28.3%, partially offset by decreases in loans receivable of $170.3 million, or 4.2%, goodwill of $41.0 million, or 100%, and other assets of $13.8 million, or 29.4%. Liabilities increased by $102.3 million, or 2.1%, to $5.06 billion at December 31, 2025, from $4.96 billion at December 31, 2024, as the decrease in total deposits of $122.7 million (primarily due to a decrease in brokered deposits, which decreased by $222.9 million, or 84.6%, to $40.5 million at December 31, 2025, from $263.4 million at December 31, 2024) was more than offset by an increase in borrowings of $234.0 million. Stockholders\u2019 equity decreased by $14.6 million to $690.1 million at December 31, 2025, from $704.7 at December 31, 2024. The decrease was attributable to $15.0 million in stock repurchases and $21.2 million in dividend payments, partially offset by a $16.1 million decrease in accumulated other comprehensive loss associated with an increase in the estimated fair value of our debt securities available-for-sale portfolio, a $4.7 million increase in equity award activity, and net income of $796,000 for the year ended December 31, 2025. 50 Selected Financial Data The summary information presented below at the dates or for each of the years presented is derived in part from our consolidated financial statements. The following information is only a summary, and should be read in conjunction with our consolidated financial statements and notes included in this Annual Report on Form 10-K. [[GREPCENT_TABLE]] [[\"\",\"At December 31,\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"\",\"(Dollars in thousands)\"],[\"Selected Financial Condition Data:\"],[\"Total assets\",\"$\",\"5,754,010\",\"\",\"\",\"$\",\"5,666,378\",\"\",\"\",\"$\",\"5,598,396\"],[\"Cash and cash equivalents\",\"163,951\",\"\",\"\",\"167,744\",\"\",\"\",\"229,506\"],[\"Trading securities\",\"15,215\",\"\",\"\",\"13,884\",\"\",\"\",\"12,549\"],[\"Debt securities available-for-sale, at estimated fair value\",\"1,412,419\",\"\",\"\",\"1,100,817\",\"\",\"\",\"795,464\"],[\"Debt securities held-to-maturity, at amortized cost\",\"8,339\",\"\",\"\",\"9,303\",\"\",\"\",\"9,866\"],[\"Equity securities\",\"5,000\",\"\",\"\",\"14,261\",\"\",\"\",\"10,629\"],[\"Loans held-for-sale\",\"\\u2014\",\"\",\"\",\"4,897\",\"\",\"\",\"\\u2014\"],[\"Loans held-for-investment, net\",\"3,856,773\",\"\",\"\",\"4,022,224\",\"\",\"\",\"4,203,654\"],[\"Allowance for credit losses\",\"(38,144)\",\"\",\"\",\"(35,183)\",\"\",\"\",\"(37,535)\"],[\"Net loans held-for-investment\",\"3,818,629\",\"\",\"\",\"3,987 ITEM 1. BUSINESS Forward-Looking Statements This Annual Report may contain certain \u201cforward-looking statements,\u201d which can be identified by the use of such words as \u201cestimate,\u201d \u201cproject,\u201d \u201cbelieve,\u201d \u201cintend,\u201d \u201canticipate,\u201d \u201cplan,\u201d \u201cseek,\u201d \u201cexpect,\u201d \u201ccould,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201cwill,\u201d and words of similar meaning. These forward-looking statements include, but are not limited to: \u2022statements of our goals, intentions, and expectations; \u2022statements regarding our business plans, prospects, growth and operating strategies; \u2022statements regarding the quality of our loan and investment portfolios; \u2022statements about our performance, financial condition and liquidity; and \u2022estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are subject to significant business, economic and competitive uncertainties, and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: \u2022general economic conditions, internationally, nationally, or in our market areas, including inflationary pressures and/or recessionary conditions, employment prospects, supply chain issues, fluctuations in residential and commercial real estate values and market conditions, military conflict, geopolitical risks, and downgrades of the U.S. credit rating; \u2022competition among depository and other financial institutions, including with respect to fees and interest rates; \u2022changes in the interest rate environment that reduce our margins and yields, or reduce the market value of our assets, including the fair value of financial instruments, or reduce our ability to originate loans; \u2022adve ITEM 1A. RISK FACTORS Certain material risks and uncertainties that management believes affect us are described below. You should carefully consider the risks and uncertainties described below, together with all of the other information included or incorporated by reference herein as well as in other docume", "title": "NFBK - Northfield Bancorp, Inc.", "url": "/company/NFBK/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000790816; latest 10-K filed 2026-02-23.", "text": "BDN - BRANDYWINE REALTY TRUST SIC 6798 Real Estate Investment Trusts; CIK 0000790816; latest 10-K filed 2026-02-23. BDN BRANDYWINE REALTY TRUST 0000790816 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the Consolidated Financial Statements appearing elsewhere herein and is based primarily on our Consolidated Financial Statements for the years ended December 31, 2025, 2024 and 2023. This report including the following discussion, contains forward-looking statements, which we intend to be covered by the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities 32 Exchange Act of 1934, as amended. The words \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cwill,\u201d \u201cshould\u201d and similar expressions, as they relate to us, are intended to identify forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. These forward-looking statements are inherently uncertain, and actual results may differ from expectations. \u201cSee \u201cForward-Looking Statements\u201d immediately before Part I of this report. OVERVIEW During the twelve months ended December 31, 2025, we owned and managed properties within four segments: (1) Philadelphia Central Business District (\u201cPhiladelphia CBD\u201d), (2) Pennsylvania Suburbs, (3) Austin, Texas, and (4) Other. The Philadelphia CBD segment includes properties located in the City of Philadelphia in Pennsylvania. The Pennsylvania Suburbs segment includes properties in Chester, Delaware and Montgomery counties in the Philadelphia suburbs. The Austin, Texas segment includes properties in the City of Austin, Texas. The Other segment includes properties in Northern Virginia, Washington, D.C., Southern Maryland, Camden County, New Jersey and New Castle County, Delaware. In addition to the four segments, our corporate group is responsible for cash and investment management, development/redevelopment of certain real estate properties during the construction period, and certain other general support functions. Our financial condition and operating performance are dependent upon the demand for office, residential, life science, parking and retail space in our markets, our leasing results, our acquisition, disposition and development/redevelopment activity, our financing activity, our cash requirements and economic and market conditions, including prevailing interest rates. We generate cash and revenue from leases of space at our Properties and, to a lesser extent, from the management and development/redevelopment of properties owned by third parties (primarily unconsolidated real estate ventures) and from investments in the unconsolidated real estate ventures. Factors that we evaluate when leasing space include rental rates, costs of tenant improvements, tenant creditworthiness, current and expected operating costs, the length of the lease term, vacancy levels and demand for space. We also generate cash through sales of assets, including assets that we do not view as core to our business plan, either because of location or expected growth potential, and assets that are commanding premium prices from third-party investors. Overall macroeconomic conditions, including but not limited to inflation and high interest rates and changes in work patterns, including remote working arrangements, that have contributed to negative lease absorption within our office markets, have had a dampening effect on the fundamentals of our business, as reflected in, among other metrics, our increased borrowing costs and lower occupancy as well as downward pressures on asset valuations. These adverse conditions could continue to impact our net income, cash flows and liquidity and could have a material adverse effect on our financial condition and results of operations. Notwithstanding the challenging macroeconomic conditions, which have contributed to recent difficulties in asset Item 1. Business Overview We are a self-administered and self-managed real estate investment trust (\u201cREIT\u201d) engaged in the acquisition, development, redevelopment, ownership, management, and operation of a portfolio of office, life science/lab, residential and mixed-use properties. During the twelve months ended December 31, 2025, we owned and managed properties within four segments: (1) Philadelphia Central Business District (\u201cPhiladelphia CBD\u201d), (2) Pennsylvania Suburbs, (3) Austin, Texas, and (4) Other. The Philadelphia CBD segment includes properties located in the City of Philadelphia, Pennsylvania. The Pennsylvania Suburbs segment includes properties in Chester, Delaware and Montgomery counties in the Philadelphia suburbs. The Austin, Texas segment includes properties in the City of Austin, Texas. The Other segment includes properties in Washington, D.C., Northern Virginia, Southern Maryland, Camden County, New Jersey and New Castle County, Delaware. In addition to our four segments, our corporate group is responsible for cash and investment management, development/redevelopment of certain real estate properties during the construction period, and certain other general support functions. See Note 1 \u201cOrganization of the Parent Company and the Operating Partnership,\u201d to our Consolidated Financial Statements for our property portfolio, management services and land holdings. Unless otherwise indicated, all references in this Form 10-K to \u201csquare feet\u201d represent the net rentable area. The Parent Company was organized and commenced its operations in 1986 as a Maryland REIT. The Parent Company owns its assets and conducts its operations through the Operating Partnership and subsidiaries of the Operating Partnership. The Operating Partnership was formed in 1996 as a Delaware limited partnership. The Parent Company controls the Operating Partnership as its sole general partner. See Note 1 \u201cOrganization of the Parent Company and the Operating Partnership,\u201d to our Item 1A. Risk Factors You should carefully consider these risk factors, together with all of the other information included in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes thereto, before you decide whether to make an investment in our securities. The Risk Factor Summar", "title": "BDN - BRANDYWINE REALTY TRUST", "url": "/company/BDN/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001770121; latest 10-K filed 2026-03-03.", "text": "SANA - Sana Biotechnology, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001770121; latest 10-K filed 2026-03-03. SANA Sana Biotechnology, Inc. 0001770121 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and the related notes included elsewhere in this Annual Report. This discussion and analysis and other parts of this Annual Report contain forward-looking statements that are based upon current beliefs, plans, and expectations related to future events and our future financial performance that involve risks, uncertainties, and assumptions, such as statements regarding our intentions, plans, objectives, and expectations for our business. Our actual results and the timing of selected events could differ materially from those described in or implied by these forward-looking statements as a result of numerous factors, including those set forth in the section of this Annual Report titled \u201cRisk Factors.\u201d See also the section of this Annual Report titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview We were founded on the belief that engineered cells will be one of the most important transformations in medicine over the next several decades. The burden of diseases that can be addressed at their root cause through engineered cells is significant. We view engineered cells as having the potential to be as therapeutically disruptive as biologic drugs to clinical practice, enabling us to repair cells in the body when possible and replace them when needed. We have developed ex vivo and in vivo cell engineering platforms to revolutionize treatment across a broad array of therapeutic areas with unmet treatment needs, including type 1 diabetes, oncology, and B cell mediated autoimmune diseases. For our ex vivo platform, we have made focused investments in our hypoimmune platform technology, which we refer to as our HIP technology, with the twin goals of engineering allogeneic cells that can \"hide\" from the patient's immune system to overcome the fundamental challenge of immune rejection and cell persistence and that we can manufacture at scale. A successful therapeutic requires cells that can engraft, function, and persist in the body, and we believe our approach can unlock a wave of disruptive therapeutics, starting in type 1 diabetes. For in vivo therapies that aim to repair or control genes in the body, a successful product candidate requires both gene modification and in vivo delivery of the therapeutic payload. Our initial focus is on cell-specific delivery of genetic payloads, known as chimeric antigen receptors (CARs), to a patient\u2019s T cells, resulting in the generation and proliferation of CAR T cells, which have been shown to deplete a patient\u2019s disease-causing B cells. We are currently focused on advancing two distinct therapeutics, each of which leverages one of these platform technologies. SC451 is our HIP-edited product candidate for the treatment of type 1 diabetes. SG293 is our in vivo CAR T product candidate for the treatment of B cell malignancies and B cell mediated autoimmune diseases. We retain worldwide rights to each of these product candidates. \u2022 Type 1 Diabetes: Almost ten million people suffer from type 1 diabetes (T1D) worldwide, and there has been limited progress in treatments for this disease since the advent of insulin injections over 100 years ago. We are developing SC451, a HIP-modified, stem cell-derived pancreatic islet cell therapy, for the treatment of T1D. The goal of this therapy is euglycemia, or normal blood glucose, without the need for exogenous insulin injections or immunosuppression. Through a first-in-human investigator-sponsored study (IST), we have shown that UP421, an allogeneic, primary islet cell therapy engineered with our HIP technology, can survive and function for twelve months post-transplant in a patient with T1D without the need for immunosuppression. We have incorporated this HIP technology into a more scala Item 1. Business Overview We were founded on the belief that engineered cells will be one of the most important transformations in medicine over the next several decades. The burden of diseases that can be addressed at their root cause through engineered cells is significant. We view engineered cells as having the potential to be as therapeutically disruptive as biologic drugs to clinical practice, enabling us to repair cells in the body when possible and replace them when needed. We have developed ex vivo and in vivo cell engineering platforms to revolutionize treatment across a broad array of therapeutic areas with unmet treatment needs, including type 1 diabetes, oncology, and B cell mediated autoimmune diseases. For our ex vivo platform, we have made focused investments in our hypoimmune platform technology, which we refer to as our HIP technology, with the twin goals of engineering allogeneic cells that can \"hide\" from the patient's immune system to overcome the fundamental challenge of immune rejection and cell persistence and that we can manufacture at scale. A successful therapeutic requires cells that can engraft, function, and persist in the body, and we believe our approach can unlock a wave of disruptive therapeutics, starting in type 1 diabetes. For in vivo therapies that aim to repair or control genes in the body, a successful product candidate requires both gene modification and in vivo delivery of the therapeutic payload. Our initial focus is on cell-specific delivery of genetic payloads, known as chimeric antigen receptors (CARs), to a patient\u2019s T cells, resulting in the generation and proliferation of CAR T cells, which have been shown to deplete a patient\u2019s disease-causing B cells. We are currently focused on advancing two distinct therapeutics, each of which leverages one of these platform technologies. SC451 is our HIP-edited product candidate for the treatment of type 1 diabetes. SG293 is our in vivo CAR T product candidate for the treatmen Item 1A. Risk Factors. Investing in shares of our common stock involves a high degree of risk. You should carefully consider the following risks and uncertainties, together with all of the other information contained in this Annual Report, including our financial statements and", "title": "SANA - Sana Biotechnology, Inc.", "url": "/company/SANA/" }, { "kind": "company", "summary": "SIC 1040 Gold and Silver Ores; CIK 0001030192; latest 10-K filed 2026-03-23.", "text": "IDR - Idaho Strategic Resources, Inc. SIC 1040 Gold and Silver Ores; CIK 0001030192; latest 10-K filed 2026-03-23. IDR Idaho Strategic Resources, Inc. 0001030192 1040 Gold and Silver Ores ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Plan of Operation Idaho Strategic is a gold producer and critical minerals exploration company focused on a diversified asset base and cash flows from operations. Its portfolio of mineral properties are located in the historic producing silver and gold districts of the Coeur d\u2019Alene Mining region of north Idaho and the Elk City region of north-central Idaho, as well as the historic REE-Th Belt located near the city of Salmon in central Idaho. The Company\u2019s plan of operation is to generate positive cash flow, increase its gold production and asset base over time while being mindful of corporate overhead. The Company\u2019s management is focused on utilizing its in-house technical and operating skills to build a portfolio of producing mines and milling operations with a focus on gold production and critical minerals exploration. The Company\u2019s gold properties include: the Golden Chest (currently in production), and the New Jersey Mill (majority ownership interest), as well as the Little Baldy and Niagara exploration properties and other less advanced properties. The Company\u2019s primary focus as it relates to its gold properties is to continue to grow production at the Golden Chest Mine and look to reinvest the cash flow into both the Golden Chest, the New Jersey Mill, and furthering its exploration efforts near the Golden Chest, as well as at its REE properties. In addition to its gold properties, Idaho Strategic has three REE exploration properties in Idaho known as Mineral Hill, Lemhi Pass, and Diamond Creek. The Company\u2019s expansion into REE\u2019s came about in an effort to diversify its holdings towards the anticipated demand for these elements in advanced robotics, low-carbon technologies, and a renewed focus on the United States\u2019 domestic critical minerals supply chain security for national defense. To date, Idaho Strategic has conducted numerous exploration programs on its REE properties which include mapping, sampling, trenching, and drilling of certain areas within the Company\u2019s 21,385-acre landholdings. Idaho Strategic has been able to leverage its track record of operations and experience in mining, milling, and exploring at the Golden Chest to develop relationships with different state government agencies, universities, national labs, and other government and non-government entities to advance its REE exploration activities on multiple fronts. Idaho Strategic plans to continue to look for additional partnerships to find mutually beneficial solutions to advance the U.S.' domestic REE supply chain. Critical Accounting Estimates The SEC has requested that all registrants address their most critical accounting policies. The SEC has indicated that a \u201ccritical accounting policy\u201d is one which is both important to the representation of the registrant\u2019s financial condition and results and requires management\u2019s most difficult, subjective, or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain. The Company bases its estimates on experience and on various other assumptions that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results will differ and may differ materially from these estimates under different assumptions or conditions. Additionally, changes in accounting estimates could occur in the future from period to period. Company management has discussed the development and selection of the most critical financial estimates with the Audit and Finance Committee of the Company\u2019s Board of Directors. The following paragraphs identify the most critical accounting policies: The Company\u2019s concentrate sales sometimes involve variable consideration, as they can be subject to changes in metals prices betwe ITEM 1A. RISK FACTORS The following risks and uncertainties, together with the other information set forth in this report, should be carefully considered by those who invest in the Company\u2019s securities. Any of the following material risk factors could adversely affect its business, financial condition or operating results and could decrease the value of its common stock. These are not all the risks the Company may face, and other factors not currently believed to be immaterial may also affect the business if they occur. Financial Risks Diversity in application of accounting literature in the mining industry may impact reported financial results. The mining industry has limited industry-specific accounting literature and, as a result, the Company understands diversity in practice exists in the interpretation and application of accounting literature to mining-specific issues. As diversity in mining industry accounting is addressed, the Company may need to restate its reported results if the resulting interpretations differ from current accounting practices. The Company\u2019s accounting and other estimates may be imprecise. Preparing consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts and related disclosure of assets, liabilities, revenue, and expenses at the date of the consolidated financial statements and reporting periods. The more significant areas requiring the use of management assumptions and estimates relate to: [[GREPCENT_TABLE]] [[\"\",\"\\u00b7\",\"mineral reserves, resources, and exploration targets that are the basis for future income and cash flow estimates and units-of-production depreciation, depletion and amortization calculations;\"],[\"\",\"\\u00b7\",\"future ore grades, throughput and recoveries;\"],[\"\",\"\\u00b7\",\"future metals prices;\"],[\"\",\"\\u00b7\",\"future capital and operating costs;\"],[\"\",\"\\u00b7\",\"environmental, reclamation and closure obligations;\"],[\"\",\"\\u00b7\",\"permitting and other re", "title": "IDR - Idaho Strategic Resources, Inc.", "url": "/company/IDR/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001130144; latest 10-K filed 2026-02-27.", "text": "BSRR - SIERRA BANCORP SIC 6022 State Commercial Banks; CIK 0001130144; latest 10-K filed 2026-02-27. BSRR SIERRA BANCORP 0001130144 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This discussion presents Management\u2019s analysis of the Company\u2019s financial condition as of December 31, 2025, and 2024, and the results of operations for each year in the three-year period ended December 31, 2025. The discussion is best read in conjunction with the Company\u2019s consolidated financial statements and the notes related thereto presented elsewhere in this Form 10-K Annual Report (see Item 8 below). CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATMENTS Statements contained in this report or incorporated by reference that are not purely historical are forward looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended, including the Company\u2019s expectations, intentions, beliefs, or strategies regarding the future. These forward-looking statements include, but are not limited to, statements about the Company\u2019s plans, objectives, expectations, and intentions that are not historical facts, and other statements identified by words such as \u201cexpects,\u201d \u201canticipates,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cbelieves,\u201d \u201cshould,\u201d \u201cprojects,\u201d \u201cseeks,\u201d \u201cestimates,\u201d or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. All forward-looking statements concerning economic conditions, growth rates, income, expenses, or other values which are included in this document are based on information available to the Company on the date noted, and the Company assumes no obligation to correct, revise, or update any such forward-looking statements. It is important to note that the Company\u2019s actual results could materially differ from those in such forward-looking statements, and you should not place undue reliance on these forward-looking statements. Risk factors and the Company\u2019s ability to manage that risk could cause actual results to differ materially from those in forward-looking statements but are not limited to those outlined previously in Item 1A. Critical Accounting Estimates The Company\u2019s financial statements are prepared in accordance with accounting principles generally accepted in the United States and prevailing practices within the banking industry. All significant intercompany balances and transactions have been eliminated. Certain reclassifications may have been made to prior year\u2019s balances to conform to classifications used in 2025. Actual results may differ from those estimates under divergent conditions. 33 Table of Contents Critical accounting estimates are those that involve the most complex and subjective decisions and assessments and have the greatest potential impact on the Company\u2019s stated results of operations. In Management\u2019s opinion, the Company\u2019s critical accounting estimates deal primarily with the establishment of an allowance for credit losses on loans, as explained in detail in Note 2 to the consolidated financial statements and in the \u201cCredit Losses Expense on Loans\u201d and \u201cAllowance for Credit Losses on Loans\u201d sections of this discussion and analysis. Critical accounting areas are evaluated on an ongoing basis to ensure that the Company\u2019s financial statements incorporate the most recent expectations with regard to those areas. The following table presents selected historical financial information concerning the Company, which should be read in conjunction with our audited consolidated financial statements, including the related notes, and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included elsewhere herein. [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Selected Financial Data\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"(dollars in thousands, except per share data)\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"As of and ITEM 1. BUSINESS General The Company Sierra Bancorp (the \u201cCompany\u201d) is a California corporation headquartered in Porterville, California, and is a registered bank holding company under federal banking laws. The Company was formed to serve as the holding company for Bank of the Sierra (the \u201cBank\u201d). The Company has been the Bank\u2019s sole shareholder since August 2001. The Company exists primarily for the purpose of holding the stock of the Bank and of such other subsidiaries it may acquire or establish. As of December 31, 2025, the Company\u2019s only other subsidiaries were Sierra Statutory Trust II, Sierra Capital Trust III, and Coast Bancorp Statutory Trust II, which were formed solely to facilitate the issuance of capital trust pass-through securities (\u201cTruPS\u201d). Pursuant to the Financial Accounting Standards Board (\u201cFASB\u201d) standard on the consolidation of variable interest entities, these trusts are not reflected on a consolidated basis in the financial statements of the Company. References herein to the \u201cCompany\u201d include Sierra Bancorp and its consolidated subsidiary, the Bank, unless the context indicates otherwise. At December 31, 2025, the Company had consolidated assets of $3.8 billion (including gross loans of $2.5 billion), liabilities totaling $3.5 billion (including deposits of $2.9 billion), and shareholders\u2019 equity of $364.9 million. The Company\u2019s liabilities include $36.0 million in debt obligations due to its trust subsidiaries, related to TruPS issued by those entities. The Bank Bank of the Sierra, a California state-chartered bank headquartered in Porterville, California, offers a wide range of retail and commercial banking services via branch offices located throughout California\u2019s South San Joaquin Valley, the Central Coast, Ventura County, and neighboring communities. The Bank was incorporated in September 1977 and opened for business in January 1978 as a one-branch bank with $1.5 million in capital. Growth in the ensuing years has largely be", "title": "BSRR - SIERRA BANCORP", "url": "/company/BSRR/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000944745; latest 10-K filed 2026-03-06.", "text": "CIVB - CIVISTA BANCSHARES, INC. SIC 6022 State Commercial Banks; CIK 0000944745; latest 10-K filed 2026-03-06. CIVB CIVISTA BANCSHARES, INC. 0000944745 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (Amounts in thousands, except per share data) General The following paragraphs more fully discuss the significant highlights, changes and trends as they relate to the Company\u2019s financial condition, results of operations, liquidity and capital resources as of December 31, 2025 and 2024, and during the three-year period ended December 31, 2025. This discussion should be read in conjunction with the Consolidated Financial Statements and Notes to the Consolidated Financial Statements, which are included elsewhere in this report. The Company operates as a single reportable segment. The Chief Financial Officer, who serves as the Company's chief operating decision maker (\"CODM\"), evaluates financial performance and allocates resources on a consolidated basis. Acquisition of The Farmers Savings Bank (\"FSB\") At the close of business on November 6, 2025, the Company closed the previously announced acquisition of FSB. The acquisition added approximately $268.1 million of total assets, $106.2 million of total loans and leases, $236.1 million of total deposits, and two branches. The 2025 results reflect inclusion of FSB since November 7, 2025. Upon the closing of the acquisition, FSB was merged with and into Civista Bank. In addition, the management and organization structure was updated to reflect the combined organization. On-boarding of former FSB colleagues and their initial training remain ongoing. Certain of Civista's products and services are being introduced across the legacy FSB customer base, and customer-facing colleagues are focused on both growing and retaining customers. Technology conversions were completed in mid-February 2026, subsequent to year-end, and did not impact the Company's December 31, 2025 financial statements. Offering of Common Shares On July 10, 2025, CBI announced an underwritten public offering of up to a maximum of 3,788,238 of its common shares. CBI subsequently closed on the sale of 3,294,120 common shares on July 14, 2025, and the sale of an additional 494,118 common shares on July 16, 2025 pursuant to the underwriters' exercise of their overallotment option, at the public offering price of $21.25 per share. The aggregate net proceeds from the offering were approximately $75.7 million, after deducting $608 of direct expenses and the underwriting discount of $4.2 million. The net proceeds from the offering were initially used to pay-down short-term FHLB advances, but the long-term strategic plan is to use the net proceeds for general corporate purposes, which may include supporting organic growth opportunities and future strategic transactions. Financial Condition At December 31, 2025, the Company\u2019s total assets were $4,336,453, compared to $4,098,469 at December 31, 2024. Net loans and leases (sometimes referred to herein as \"net loans\") and securities available for sale increased $186,465 and $33,841 from December 31, 2024, to December 31, 2025, respectively. Other factors contributing to the change in assets are discussed in the following sections. Loans held for sale increased $6,515, from $665 at December 31, 2024 to $7,180 at December 31, 2025. The increase is due to higher loan origination activity. At December 31, 2025, 27 loans totaling $7,180 were held for sale as compared to six loans totaling $665 at December 31, 2024. At December 31, 2025, the Company\u2019s net loans totaled $3,228,026 and increased by 6.1% from $3,041,561 at December 31, 2024. Excluding the net loans acquired of $104.2 million from the FSB acquisition, net loans increased $82.3 million in 2025. Commercial Real Estate - Owner Occupied loans increased $11,180, Commercial Real Estate - Non-Owner Occupied loans increased $24,975, Residential Real Estate loans increased $168,510, Farm Real Estate loans increased $14,740, and Consumer and Other loans increased $21,859. The increases in the foregoing loan segments were partially Item 1. Business General Development of Business CIVISTA BANCSHARES, INC. (\u201cCBI\u201d or the \"Company\") was organized under the laws of the State of Ohio on February 19, 1987 and is a registered financial holding company under the Gramm-Leach-Bliley Act of 1999, as amended (the \u201cGLBA\u201d). CBI\u2019s office is located at 100 East Water Street, Sandusky, Ohio. CBI and its subsidiaries are sometimes referred to together as the \u201cCompany\u201d. The Company had total consolidated assets of $4,336,453 at December 31, 2025. CIVISTA BANK (\u201cCivista\u201d), owned by the Company since 1987, opened for business in 1884 as The Citizens National Bank. In 1898, Civista was reorganized under Ohio banking law and was known as The Citizens Bank and Trust Company. In 1908, Civista surrendered its trust charter and began operation as The Citizens Banking Company. The name Civista Bank was introduced during the first quarter of 2015 to distinguish ourselves from the many other banks using the \u201cCitizens\u201d name in our existing and prospective markets. Civista maintains its main office at 100 East Water Street, Sandusky, Ohio and operates branch banking offices in the following Ohio communities: Sandusky, Spencer, Wellington, Norwalk, Berlin Heights, Huron, Port Clinton, Castalia, New Washington, Shelby, Willard, Greenwich, Plymouth, Shiloh, Akron, Dublin, Plain City, Russells Point, Urbana, West Liberty, Quincy, Dayton, Beachwood, Gahanna, Napoleon, Malinta, Liberty Center, Holgate, Bowling Green, and in the following Indiana communities: Lawrenceburg, Aurora, West Harrison, Milan, Osgood and Versailles. Civista also operates loan production offices in Westlake, Ohio and Fort Mitchell, Kentucky and a leasing company office in Pittsburgh, Pennsylvania. Civista and its wholly owned subsidiaries as discussed below, accounted for 99.8% of the Company\u2019s consolidated assets at December 31, 2025. FIRST CITIZENS INVESTMENTS, INC. (\u201cFCI\u201d) was formed in 2007 as a wholly owned subsidiary of Civista to hold and manage i Item 1A. Risk Factors FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K may contain \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d), and Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d), relating to such matters ", "title": "CIVB - CIVISTA BANCSHARES, INC.", "url": "/company/CIVB/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001163668; latest 10-K filed 2026-03-05.", "text": "SPFI - SOUTH PLAINS FINANCIAL, INC. SIC 6022 State Commercial Banks; CIK 0001163668; latest 10-K filed 2026-03-05. SPFI SOUTH PLAINS FINANCIAL, INC. 0001163668 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the accompanying notes included in Item 8. Financial Statements and Supplementary Data. This discussion and analysis contains forward-looking statements that are subject to certain risks and uncertainties and are based on certain assumptions that we believe are reasonable but may prove to be inaccurate. Certain risks, uncertainties and other factors, including those set forth under \u201cCautionary Note Regarding Forward-Looking Statements,\u201d \u201cRisk Factors\u201d and elsewhere in this Report, may cause actual results to differ materially from those projected results discussed in the forward-looking statements appearing in this discussion and analysis. Except as required by law, we assume no obligation to update any of these forward-looking statements. Discussion in this Form 10-K includes results of operations and financial condition for 2025 and 2024 and year-over-year comparisons between 2025 and 2024. For discussion on results of operations and financial condition pertaining to 2024 and 2023 and year-over-year comparisons between 2024 and 2023, please refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 7, 2025. Overview We are a bank holding company headquartered in Lubbock, Texas, and our wholly-owned subsidiary, City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. Through City Bank, we provide a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in our market areas. Our principal business activities include commercial and retail banking, along with investment, trust and mortgage services. 40 Table of Contents On December 1, 2025, SPFI, and BOH Holdings, Inc., a Texas corporation (\u201cBOH\u201d), entered into an Agreement and Plan of Reorganization (the \u201cReorganization Agreement\u201d), providing for the acquisition by SPFI of BOH through the merger of BOH with and into SPFI, with SPFI surviving the merger (the \u201cMerger\u201d). At December 31, 2025, BOH had $745.1 million in assets, $624.5 million in total gross loans, and $603.0 million in deposits. Pursuant to the terms and subject to the conditions of the Reorganization Agreement, which has been unanimously approved by the boards of directors of each of SPFI and BOH, each share of BOH common stock issued and outstanding immediately prior to the effective time of the Merger (the \u201ceffective time\u201d) will be converted into the right to receive, without interest, 0.1925 shares of SPFI common stock, subject to adjustment pursuant to the terms of the Reorganization Agreement (the \u201cExchange Ratio\u201d), plus cash in lieu of any fractional shares. Based on the closing price of $37.79 for SPFI common stock on November 28, 2025, the Merger would have an aggregate value of approximately $105.9 million, though the transaction value is likely to change until closing due to fluctuations in the price of SPFI common stock. Immediately following the consummation of the Merger, Bank of Houston, a Texas state banking association and wholly-owned subsidiary of BOH, will merge with and into City Bank, with City Bank surviving the merger. The Merger is expected to close during the second quarter of 2026, subject to the satisfaction of customary closing conditions, including the receipt of all required regulatory approvals and the approval of BOH\u2019s shareholders. Selected Financial Data The following table sets forth certain of our selected financial data for, and as Item 1. Business General South Plains Financial, Inc. (the \u201cCompany\u201d or \u201cSPFI\u201d) is a bank holding company headquartered in Lubbock, Texas, and City Bank, SPFI\u2019s wholly-owned banking subsidiary, is one of the largest independent banks in West Texas (\u201cCity Bank\u201d or the \u201cBank\u201d). The Company is hereafter collectively referred to as \u201cwe,\u201d \u201cus\u201d or \u201cour.\u201d We have additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. Through City Bank, we provide a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in our market areas. Our principal business activities include commercial and retail banking, along with investment, trust and mortgage services. We had total assets of $4.48 billion, gross loans held for investment of $3.14 billion, total deposits of $3.87 billion, and total shareholders\u2019 equity of $493.8 million as of December 31, 2025. Our history dates back over 80 years. We trace our beginnings to the founding of First State Bank of Morton, a community bank headquartered in West Texas that held approximately $1 million of total assets in 1941. In 1962, the bank was sold to new management, including J.K. Griffith, the father of our current Chairman and Chief Executive Officer, Curtis C. Griffith. Since Mr. Griffith was elected Chairman of First State Bank of Morton in 1984, the Bank has transformed from a small-town institution with approximately $30 million in total assets and a single branch location into one of the largest community banks in West Texas. The parent company to First State Bank of Morton acquired South Plains National Bank of Levelland, Texas in 1991 and changed its name to South Plains Bank. The Company became the holding company to First State Bank of Morton and South Plains Bank in 1993, the same year we acquired City Bank. City Bank was originally established in Lubbock in 1984. We merg Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. Before you decide to invest, you should carefully consider the risks described below, together with all other information included in this Report. We believe the risks described below are the risks that are material to us. Any of the followi", "title": "SPFI - SOUTH PLAINS FINANCIAL, INC.", "url": "/company/SPFI/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001735438; latest 10-K filed 2026-03-30.", "text": "MGTX - MeiraGTx Holdings plc SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001735438; latest 10-K filed 2026-03-30. MGTX MeiraGTx Holdings plc 0001735438 2836 Biological Products, (No Diagnostic Substances) ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of financial condition and operating results together with our financial statements and the related notes appearing in this Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Form 10-K, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many important factors, including those set forth in the section of this Form 10-K captioned \u201cItem 1A. Risk Factors\u201d and elsewhere in this Form 10-K, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis. For convenience of presentation some of the numbers have been rounded in the text below. Overview We are a vertically integrated, clinical-stage genetic medicines company with a broad pipeline of late-stage clinical programs, including radiation-induced xerostomia, Parkinson\u2019s disease and AIPL1-associated retinal dystrophy. Our clinical programs use targeted local delivery of small doses of genetic medicines to treat both inherited and more common conditions with severe unmet need. The successful development of the clinical pipeline is supported by our internal end-to-end manufacturing capabilities. We have two GMP viral vector production facilities, internal plasmid production for GMP, as well as an in-house Quality Control hub for stability and release, all fit for IND through 118 Table of Contents commercial supply. In addition, we have developed a proprietary manufacturing platform with industry-leading yield and quality aspects and commercial readiness. Our core capabilities in viral vector and capsid optimization allow increased potency, decreased dose and significantly reduced cost of goods for our genetic medicines. We have developed a transformative gene regulation platform using bespoke synthetic riboswitch technology invented in-house that allows for the precise, dose-responsive control of any transgene under the control of oral small molecules. We are focusing the riboswitch platform on in vivo delivery of biologic therapeutics such as the metabolic peptides GLP-1, GIP, glucagon, amylin, PYY and leptin via oral small molecules, as well as cell therapy for oncology and autoimmune diseases, and long-term intractable pain. We have developed unique comprehensive technology capabilities to apply genetic medicine to more prevalent diseases, increasing efficacy, addressing novel targets, and expanding access in some of the largest disease areas where the unmet need remains high. We are an exempted company incorporated under the laws of the Cayman Islands in 2018, and prior to that, we commenced operations as MeiraGTx Limited, a private limited company incorporated under the laws of England and Wales in 2015. Our discussion of our financial condition and results of operations is based upon our financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States (\u201cGAAP\u201d). Since our formation, we have devoted substantially all of our resources to developing our technology platform, establishing our viral vector manufacturing facilities and our GMP plasmid and DNA production facility and developing manufacturing processes, advancing the product candidates in our ophthalmology, salivary gland and neurodegenerative disease programs, building our intellectual property portfolio, organizing and staffing our company, developing our business plan, raising capital, and providing general and administrative support for these operations. To date, we have financed our operations primarily with cash on hand and proceeds from the sales of our Series A ordinary shares, Convertible Preferr ITEM 1. BUSINESS Overview We are a vertically integrated, clinical-stage genetic medicines company with a broad pipeline of late-stage clinical programs, including radiation-induced xerostomia, Parkinson\u2019s disease and AIPL1-associated retinal dystrophy. Our clinical programs use targeted local delivery of small doses of genetic medicines to treat both inherited and more common conditions with severe unmet need. The successful development of the clinical pipeline is supported by our internal end-to-end manufacturing capabilities. We have two viral vector production facilities for good manufacturing practices, or GMP, internal plasmid production for GMP, as well as an in-house Quality Control hub for stability and release, all fit for Investigational New Drug application (IND) through commercial supply. In addition, we have developed a proprietary manufacturing platform with industry-leading yield and quality aspects and commercial readiness. Our core capabilities in viral vector and capsid optimization allow increased potency, decreased dose and significantly reduced cost of goods for our genetic medicines. We have developed a transformative gene regulation platform using bespoke synthetic riboswitch technology invented in-house that allows for the precise, dose-responsive expression of any transgene under the control of oral small molecules. We are focusing the riboswitch platform on the in vivo delivery of biologic therapeutics such as the metabolic peptides glucagon-like peptide-1 (GLP-1), glucose-dependent insulinotropic polypeptide (GIP), glucagon, amylin, peptide YY (PYY) and leptin via oral small molecules, as well as cell therapy for oncology and autoimmune diseases, and long term intractable pain. We have developed unique comprehensive technology capabilities to apply genetic medicine to more prevalent diseases, increasing efficacy, addressing novel targets, and expanding access in some of the largest disease areas where the unmet need remains high. We ow ITEM 1A.RISK FACTORS Investing in our ordinary shares involves a high degree of risk. You should consider carefully the risks described below, together with the other information included or incorporated by reference in this Form 10-K. If any of the following risks occur, our business,", "title": "MGTX - MeiraGTx Holdings plc", "url": "/company/MGTX/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0000910638; latest 10-K filed 2026-03-09.", "text": "DDD - 3D SYSTEMS CORP SIC 7372 Services-Prepackaged Software; CIK 0000910638; latest 10-K filed 2026-03-09. DDD 3D SYSTEMS CORP 0000910638 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read together with our consolidated financial statements, and notes thereto, included in Item 8 of this Form 10-K. Certain statements contained in this discussion may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those reflected in any forward-looking statements. See \"Risk Factors\" in Part I, Item 1A and \"Forward-Looking Statements.\" All amounts are in thousands, except share and per share amounts, or as otherwise indicated. For discussion related to our results of operations and changes in financial condition for fiscal 2024 compared to fiscal 2023, refer to Part II, Item 7. \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" (\"MD&A\") in our fiscal 2024 Form 10-K. Our fiscal 2024 Form 10-K was filed with the SEC on March 27, 2025. Business Overview 3D Systems Corporation (\"3D Systems\" or the \"Company\" or \"we,\" \"our\" or \"us\") markets our products and services through subsidiaries in North America and South America (\"Americas\"), Europe and the Middle East (\"EMEA\") and Asia Pacific and Oceania (\"APAC\"). We provide comprehensive 3D printing and digital manufacturing solutions, including 3D printers for plastics and metals, materials, software, and services, including maintenance, advanced manufacturing and applications engineering. Our solutions support advanced applications in two key industry verticals which are our reportable segments: Healthcare Solutions (which includes dental, medical devices, personalized health services and regenerative medicine) and Industrial Solutions (which includes aerospace, defense, transportation and general manufacturing). We have more than 35 years of experience and expertise, which have proven vital to our development of an ecosystem and end-to-end digital workflow solutions that enable customers to optimize product designs, transform workflows, bring innovative products to market and drive new business models. Recent Developments 2025 Restructuring Plan In March 2025, the Company authorized the next phase of its multi-faceted cost savings and restructuring initiative (the \"2025 Restructuring Plan\"). The 2025 Restructuring Plan includes initiatives to deliver sustainable growth and profitability, enabled by a streamlining of both infrastructure and business processes, while consistently investing in core research and development (\"R&D\") activities to support long-term growth opportunities. Additionally, in May 2025, in response to the uncertain macroeconomic environment, the Company announced an incremental cost reduction initiative focused on labor force reductions to deliver incremental cost savings. We incurred $8.5 million in severance and termination benefit costs related to headcount reductions during the year ended December 31, 2025. These costs were primarily cash charges and were generally recognized when probable and estimable consistent with the Company\u2019s past practices or statutory law. The Company does not expect to incur significant additional restructuring charges in 2026 related to the 2025 Restructuring Plan. Divestitures In December 2024, the Company entered into a definitive agreement with Hexagon AB for the sale of its Geomagic software business (\"Geomagic\"), which was included in our Industrial Solutions segment. On April 1, 2025, the Company completed the sale of Geomagic and received $119.4 million in cash, which reflected applicable purchase price adjustments. The Company recorded a pre-tax gain of $125.7 million from the sale of Geomagic in the year ended December 31, 2025. In September 2025, the Company entered into a definitive agreement for the sale of its 3DXpert and Oqton business Item 1. Business General 3D Systems Corporation (\"3D Systems\" or the \"Company\" or \"we,\" \"our\" or \"us\") markets our products and services through subsidiaries in North America and South America (\"Americas\"), Europe and the Middle East (\"EMEA\") and Asia Pacific and Oceania (\"APAC\"). We provide comprehensive 3D printing and digital manufacturing solutions, including 3D printers for plastics and metals, materials, software, and services, including maintenance, advanced manufacturing and applications engineering. Our solutions support advanced applications in two key industry verticals: Healthcare Solutions (which includes dental, medical devices, personalized health services and regenerative medicine) and Industrial Solutions (which includes aerospace, defense, transportation and general manufacturing). We have more than 35 years of experience and expertise, which have proven vital to our development of an ecosystem and end-to-end digital workflow solutions that enable customers to optimize product designs, transform workflows, bring innovative products to market and drive new business models. Business Strategy Accelerating Additive Manufacturing Adoption We partner with customers to enable them to adopt and scale additive manufacturing in their production environments. We believe that our additive manufacturing capabilities can help customers solve a number of design and manufacturing challenges \u2013 such as improved lead times, enhanced design freedom, part consolidation and the ability for mass customization. We believe that we have both the scale and the breadth of technologies, encompassing hardware platforms, materials and software, that our customers require for the successful implementation of additive manufacturing into their design and manufacturing processes. Using a strong application focus in our Industrial and Healthcare verticals, our Applications Innovation Group integrates our printer hardware, materials, software, and professional and technical serv Item 1A. Risk Factors You should carefully read the following discussion of significant factors, events and uncertainties when evaluating our business and the forward-looking information contained in this Form 10-K. The events and consequences discussed in these risk factors could materially and adversely affect our business, operating resu", "title": "DDD - 3D SYSTEMS CORP", "url": "/company/DDD/" }, { "kind": "company", "summary": "SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001781730; latest 10-K filed 2026-03-04.", "text": "TCBX - Third Coast Bancshares, Inc. SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001781730; latest 10-K filed 2026-03-04. TCBX Third Coast Bancshares, Inc. 0001781730 6036 Savings Institutions, Not Federally Chartered Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the accompanying notes thereto included in this Annual Report on Form 10-K (this \u201cForm 10-K\u201d). Unless we state otherwise or the context otherwise requires, references in this Form 10-K to \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d and the \u201cCompany\u201d refer to Third Coast Bancshares, Inc., a Texas corporation, and its consolidated subsidiaries, references in this Form 10-K to the \u201cBank\u201d refer to Third Coast Bank, a Texas banking association and our wholly owned bank subsidiary, and references in this Form 10-K to \u201cTCCC\u201d refer to Third Coast Commercial Capital, Inc., a Texas corporation and wholly owned subsidiary of the Bank. The following discussion contains \u201cforward-looking statements\u201d that reflect our future plans, estimates, beliefs and expected performance. We caution that assumptions, expectations, projections, intentions or beliefs about future events may, and often do, vary from actual results and the differences can be material. See \u201cCautionary Note Regarding Forward-Looking Statements\u201d and the risk factors and other cautionary statements described under the heading \u201cRisk Factors\u201d included in Item 1A of this Form 10-K. We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law. Overview We are a bank holding company headquartered in Humble, Texas and operated through our wholly owned subsidiary, the Bank, and the Bank\u2019s wholly owned subsidiary, TCCC. We focus on providing commercial banking solutions to small- and medium-sized businesses and professionals with operations in our markets. Our market expertise, coupled with a deep understanding of our customers\u2019 needs, allows us to deliver tailored financial products and services. Following the completion of our merger with Keystone Bancshares, Inc., a Texas corporation (\u201cKeystone\u201d), discussed below, we currently operate twenty-two branches, with ten branches in the Greater Houston market, three branches in the Dallas-Fort Worth market, seven branches in the Austin-San Antonio market, one branch in Ballinger, Texas, and one branch in Detroit, Texas. As of December 31, 2025, we had, on a consolidated basis, total assets of $5.34 billion, total loans of $4.39 billion, total deposits of $4.63 billion and total shareholders\u2019 equity of $531.0 million. As a bank holding company that operates through one segment, community banking, we generate most of our revenue from interest on loans, and customer service and loan fees. We incur interest expense on deposits and other borrowed funds, as well as noninterest expense, such as salaries and employee benefits and occupancy expenses. We analyze our ability to maximize income generated from interest-earning assets and control the interest expenses of our liabilities, measured as net interest income, through our net interest margin and net interest spread. Net interest income is the difference between interest income on interest-earning assets, such as loans and interest-bearing time deposits in other banks, and interest expense on interest-bearing liabilities, such as deposits and borrowings, which are used to fund those assets. Net interest margin is a ratio calculated as net interest income divided by average interest-earning assets. Net interest spread is the difference between average rates earned on interest-earning assets and average rates paid on interest-bearing liabilities. Changes in market interest rates and the interest rates we earn on interest-earning assets or pay on interest-bearing liabilities, as well as in the volume and types of interest-earning assets, interest-bearing liabilities and noninterest-bearing liabilities, are usually the largest drivers of periodic changes in net interest spread, net interest Item 1. Business. General We are a bank holding company with headquarters in Humble, Texas that operates through our wholly owned subsidiary, the Bank, and the Bank\u2019s wholly owned subsidiary, TCCC. We focus on providing commercial banking solutions to small and medium-sized businesses and professionals with operations in our markets. Our market expertise, coupled with a deep understanding of our customers\u2019 needs, allows us to deliver tailored financial products and services. Following the completion of our merger with Keystone discussed below, we currently operate twenty branches in the Greater Houston, Dallas-Fort Worth, and Austin-San Antonio markets, one branch in Ballinger, Texas, and one branch in Detroit, Texas. We have experienced significant organic growth since commencing banking operations in 2008, as well as growth through our 2020 merger with Heritage Bancorp, Inc. and our merger with Keystone. As of December 31, 2025, we had, on a consolidated basis, total assets of $5.34 billion, total loans of $4.39 billion, total deposits of $4.63 billion and total shareholders' equity of $531.0 million. On February 1, 2026, we completed our merger with Keystone, the parent company of Keystone Bank, SSB (\u201cKeystone Bank\u201d), a Texas state savings bank, pursuant to the terms of the Agreement and Plan of Reorganization, dated as of October 22, 2025, by and among the Company, Arch Merger Sub, Inc. (\u201cMerger Sub\u201d), a Texas corporation and a wholly owned subsidiary of the Company, and Keystone (the \u201cMerger Agreement\u201d). Pursuant to the Merger Agreement, on February 1, 2026, Merger Sub merged with and into Keystone (the \u201cMerger\u201d), with Keystone surviving as a wholly owned subsidiary of the Company. Immediately following the Merger, Keystone merged with and into the Company, with the Company surviving the merger (the \u201cSecond Step Merger\u201d). Immediately following the Second Step Merger, Keystone Bank merged with and into the Bank, with the Bank surviving the merger. On March 1 Item 1A. Risk Factors. Our business and results of operations are subject to numerous risks and uncertainties, many of which are beyond our control. The material risks and uncertainties that management believes affect the Company are described below. Additional risks and unc", "title": "TCBX - Third Coast Bancshares, Inc.", "url": "/company/TCBX/" }, { "kind": "company", "summary": "SIC 2090 Miscellaneous Food Preparations & Kindred Products; CIK 0001739566; latest 10-K filed 2026-02-12.", "text": "UTZ - Utz Brands, Inc. SIC 2090 Miscellaneous Food Preparations & Kindred Products; CIK 0001739566; latest 10-K filed 2026-02-12. UTZ Utz Brands, Inc. 0001739566 2090 Miscellaneous Food Preparations & Kindred Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Audited Financial Statements and related notes included in Item 8 of this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in Item 1A \u201cRisk Factors\u201d of this Annual Report on Form 10-K. Our fiscal year end is the Sunday closest to December 31. Our fiscal year 2023 ended December 31, 2023 and was a fifty-two-week fiscal year, our fiscal year 2024 ended December 29, 2024 and was a fifty-two-week fiscal year and our fiscal year 2025 ended December 28, 2025 and was a fifty-two-week fiscal year. Our fiscal quarters are comprised of thirteen weeks each, except for fifty-three-week fiscal periods for which the fourth quarter is comprised of fourteen weeks, and end on the thirteenth Sunday of each quarter (fourteenth Sunday of the fourth quarter, when applicable). Overview We were founded in 1921 in Hanover, Pennsylvania and benefit from over 100 years of brand awareness and heritage in the salty snack industry. We are a leading United States manufacturer of branded salty snacks, producing a broad offering of salty snacks, including potato chips, tortilla chips, pretzels, cheese snacks, pork skins, pub/party mixes and other snacks. Our iconic portfolio of authentic, craft and \u201cbetter-for-you\u201d (\"BFY\") brands includes Utz\u00ae, On The Border\u00ae, Zapp\u2019s\u00ae, Boulder Canyon\u00ae, Golden Flake\u00ae, Hawaiian\u00ae Brand and Miguelito's!\u00ae, among others, and enjoys strong household penetration in the United States, where our products can be found in approximately 50% of U.S. households as of December 28, 2025. As of December 28, 2025, we operate eight primary manufacturing facilities across the United States with a broad range of capabilities. As part of Utz's ongoing supply chain transformation, the Company made the strategic decision to consolidate its manufacturing footprint from eight primary manufacturing facilities to seven, with the planned closure of its Grand Rapids, Michigan manufacturing facility. Our products are distributed nationally to grocery, mass merchant, club, convenience, drug and other retailers through direct shipments, distributors and approximately 2,500 direct-store delivery (\"DSD\") routes. We have historically expanded our geographic reach and product portfolio organically and through acquisitions. Based on 2025 retail sales, we are the second-largest producer of branded salty snacks in our collective core geographies of Alabama, Connecticut, Delaware, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, Washington, and West Virginia (our \u201cCore Geographies\u201d), where we have acquired strong regional brands and distribution capabilities in recent years. Key Developments and Trends Our management team monitors a number of developments and trends that could impact our revenue and profitability objectives. Growth Strategy - We have a long-term growth strategy focusing on various initiatives and have experienced share gains in our geographies in the United States other than our Core Geographies (the \"Expansion Geographies\") over the past ten consecutive quarters with retail volumes and retail sales being up by 6.7% and 7.8%, respectively, for the fiscal year ended December 28, 2025 versus the comparable prior year period. Our portfolio strategy is focused on accelerating investments in marketing and innovation to drive top-line growth and achieve share gains in the attractive salty snack category. We plan to further penetrate Item 1. Business Unless the context otherwise requires, all references in this Annual Report on Form 10-K to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \"our\u201d refer to Utz Brands, Inc. and its consolidated subsidiaries. Our core geographies consist of Alabama, Connecticut, Delaware, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, Washington, and West Virginia, with the rest of the U.S. representing our expansion geographies. Overview We were founded in 1921 in Hanover, Pennsylvania and benefit from over 100 years of brand awareness and heritage in the salty snack industry. We are a leading United States manufacturer of branded salty snacks, producing a broad offering of salty snacks, including potato chips, tortilla chips, pretzels, cheese snacks, pork skins, pub/party mixes and other snacks. Our iconic portfolio of authentic, craft and \u201cbetter-for-you\u201d (\"BFY\") brands includes Utz\u00ae, On The Border\u00ae, Zapp\u2019s\u00ae, Boulder Canyon\u00ae, Golden Flake\u00ae, Hawaiian\u00ae Brand and Miguelito's\u00ae, among others, and enjoys strong household penetration in the United States, where our products can be found in approximately 50% of U.S. households as of December 28, 2025. As of December 28, 2025, we operate eight primary manufacturing facilities across the United States with a broad range of capabilities. Our products are distributed nationally to grocery, mass merchant, club, convenience, drug and other retailers through direct shipments, distributors and approximately 2,500 direct-store delivery (\"DSD\") routes. We have historically expanded our geographic reach and product portfolio organically and through acquisitions. Based on 2025 retail sales, we are the second-largest producer of branded salty snacks in our collective core geographies of Alabama, Connecticut, Delaware, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New York, North Carolin Item 1A. Risk Factors Our business is subject to numerous risks and uncertainties. You should carefully consider the following risks as well as the other information included in this Annual Report on Form 10-K. We operate in a changing environment that involves numerous known and unknown r", "title": "UTZ - Utz Brands, Inc.", "url": "/company/UTZ/" }, { "kind": "company", "summary": "SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0001874315; latest 10-K filed 2026-03-19.", "text": "SATL - Satellogic Inc. SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0001874315; latest 10-K filed 2026-03-19. SATL Satellogic Inc. 0001874315 3663 Radio & Tv Broadcasting & Communications Equipment ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and notes to those statements included in this Report. This discussion contains forward-looking statements that involve risks and uncertainties. In addition to historical information, the following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements that involve risks and uncertainties. Please see \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d in this Report. Company Overview Founded in 2010 by Emiliano Kargieman and Gerardo Richarte, Satellogic is the first vertically integrated geospatial company, driving real outcomes with planetary-scale insights. Satellogic has built a scalable, fully automated EO platform with the ability, when scaled, to remap the entire planet with an optimal balance of frequency and resolution at unprecedented unit economics, providing accessible and affordable solutions for our customers. Satellogic\u2019s mission is to democratize access to geospatial data through its information platform of high-resolution images to help solve the world\u2019s most pressing problems including climate change, energy supply, and food security. Using its patented Earth imaging technology, Satellogic seeks to unlock the power of EO to deliver high-quality, planetary insights at unparalleled value. With more than a decade of experience in space and over 150 years of flight heritage, Satellogic has proven technology and a strong track record of delivering satellites to orbit and high-resolution data to customers at the right price point. We believe our unmatched capacity and ability to scale, our cost leadership and technical superiority, and our non-ITAR (International Traffic in Arms Regulations) design provides us with key competitive advantages. Unmatched Capacity and Ability to Scale Today\u2019s EO data market is supply-constrained with customers demanding more data at lower costs. With 17 operational satellites and two satellites in commissioning as of December 31, 2025, we have one of the largest high- 58 Table of Contents resolution constellations commercially available with the ability to significantly leverage existing, in-orbit capabilities as capacity and cost champions. Radical Cost Leadership and Technical Superiority We produce and launch our satellites for a fraction of the cost of our competitors, which is achieved through our vertical integration, in-house manufacturing and an AI-First design philosophy optimized for low mass and rapid production. We design the core components that go into developing and manufacturing our satellites to be mission specific. We manufacture many of our components, but we also partner with third parties to manufacture certain other components to our design specifications. We assemble, integrate and test the components and satellites in our facilities located in a free-trade zone in Montevideo, Uruguay. Additionally, our patent-protected camera design allows us to capture approximately 10x more imagery than our competitors. Our superior capture capacity, coupled with our radical cost leadership, results in industry-leading unit economics. When taken together with the resolution and frequency we are able to deliver, we believe Satellogic is uniquely positioned to drive a meaningful expansion of today\u2019s EO market with persistent monitoring and actionable data. Non-ITAR Design We are a U.S.-incorporated company operating without the heavy burden of export controls based on our non-ITAR design and our principal manufacturing location in Montevideo, Uruguay. This allows us to provide unique, disruptively priced sovereign and defense solutions rapidly with technology and knowledge transfer resulting in local manufacturing capabilities and in-orbit flight her ITEM 1. BUSINESS Company Overview Satellogic\u2019s mission is to democratize access to geospatial data through its information platform of high-resolution images to help solve the world\u2019s most pressing problems including climate change, energy supply, and food security. Using its patented Earth imaging technology, Satellogic seeks to unlock the power of EO to deliver high-quality, planetary insights at unparalleled value. With more than a decade of experience in space and over 150 years of flight heritage, Satellogic has proven technology and a strong track record of delivering satellites to orbit and high-resolution data to customers at the right price point. We believe our unmatched capacity and scale, our cost leadership and technical superiority, and our non-ITAR (International Traffic in Arms Regulations) design provides us with key competitive advantages. Founded in 2010 by Emiliano Kargieman and Gerardo Richarte, Satellogic is a vertically integrated Earth observation company that designs, manufactures, and operates satellite systems, delivering decision-grade insights at scale to government and commercial customers. Through an end-to-end production and operations model, Satellogic provides governments with flexible options across their journey toward sovereign Earth observation. From access to high-frequency imagery and managed space systems to full satellite ownership, to supporting autonomous data availability and long-term technological independence. This integrated approach enables Satellogic to deploy satellites on predictable timelines and operate with capacity to support persistent coverage across large portfolios of sites. Satellogic enables continuous monitoring and alert-driven workflows that help defense and intelligence (\u201cD&I\u201d) agencies, civil governments, and commercial operators move from reactive tasking to proactive decision-making, providing mission-critical data when it is needed. Unmatched Capacity and Scale Today\u2019s EO data market is sup ITEM 1A. RISK FACTORS Any investment in our securities involves a high degree of risk, including the risks described below. Readers should carefully consider the following risks and other information in this Report, including our Consolidated Financial Statements and related notes included elsewhere", "title": "SATL - Satellogic Inc.", "url": "/company/SATL/" }, { "kind": "company", "summary": "SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001844862; latest 10-K filed 2026-02-25.", "text": "SLDP - Solid Power, Inc. SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001844862; latest 10-K filed 2026-02-25. SLDP Solid Power, Inc. 0001844862 3690 Miscellaneous Electrical Machinery, Equipment & Supplies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this Report. The following discussion contains forward-looking statements that reflect future plans, estimates, beliefs, and expected performance. For additional discussion, see \u201cCautionary Note Regarding Forward-Looking Statements\u201d above. The forward-looking statements are dependent upon events, risks, and uncertainties that may be outside of our control. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed elsewhere in this Report under \u201cPart I, Item 1A. Risk Factors,\u201d as such descriptions may be updated or amended in future filings we make with the SEC. Unless indicated otherwise, the following discussion and analysis of financial condition and results of operations should be read in conjunction with the consolidated statements and notes thereto in this Report. We do not undertake, and expressly disclaim, any obligation to publicly update any forward-looking statements, whether as a result of new information, new developments or otherwise, except to the extent that such disclosure is required by applicable law. Overview Solid Power is a U.S.-based leader in solid-state battery technology and manufacturing processes. Our core technology is a sulfide-based solid electrolyte material, which replaces the liquid or gel electrolyte used in traditional lithium-ion battery cells. We believe our electrolyte technology has the potential to enable a step-change improvement in battery cell performance beyond what is currently achievable in conventional lithium-ion battery cells, including improved energy density, battery life, and safety performance. We are currently targeting the EV market due to the size and perceived demand for next generation battery technology but believe our technologies can have a broader application as they mature. \u200b Key Factors Affecting Operating Results We are a research and development-stage company and have not generated cash flows through the sale of our electrolyte or licensing of our cell designs to adequately cover our costs. Our ability to commercialize our products depends on several factors that present significant opportunities but also pose material risks and challenges, including those discussed in the \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d sections of this Report, which are incorporated by reference. Prior to reaching commercialization, we must improve our products to ensure they meet the performance requirements of our customers. We also will have to negotiate commercial agreements with our customers on terms and conditions that are mutually acceptable. To satisfy anticipated demand, we will need to scale production of our electrolyte. All of these will take time, require capital, and affect our operating results. Since many factors are difficult to quantify, our actual operating results may be different than currently anticipated. Revenue generated to date has primarily come from performance on research and development licensing agreements, the line installation agreement, and government contracts. We will need to continue to deploy substantial capital to expand our production capabilities and engage in research and development programs. We also expect to continue to incur administrative expenses as a publicly traded company. Solid Power, Inc. | 2025 Form 10-K | 36 Table of Contents In addition to meeting our development goals, commercialization and future growth and demand for our products are highly dependent upon consumers adopting EVs. The market for new e Item 1. Business Overview Solid Power is a U.S.-based leader in solid-state battery technology and manufacturing processes. Our core technology is a sulfide-based solid electrolyte material, which replaces the liquid or gel electrolyte used in traditional lithium-ion battery cells. We believe our electrolyte technology has the potential to enable a step-change improvement in battery cell performance beyond what is currently achievable in conventional lithium-ion battery cells, including improved energy density, battery life, and safety performance. We are currently targeting the battery electric vehicle (\u201cEV\u201d) market due to the size and perceived demand for next generation battery technology but believe our technologies can have a broader application as the technologies mature. Commercialization Strategy Our commercialization strategy is to manufacture and sell electrolyte to Tier 1 battery manufacturers and automotive original equipment manufacturers (\u201cOEMs\u201d) that choose to produce their own battery cells. We also intend to pursue licensing arrangements for our cell manufacturing processes and cell designs. This business model distinguishes us from competitors who are, or plan to be, commercial battery manufacturers and allows us to focus on our core strength of electrolyte development and production. Since we do not plan to produce commercial battery cells, we expect to have significantly lower capital requirements than cell manufacturers. Technologies and Pilot Manufacturing Our electrolyte is a sulfide-based material comprised of lithium sulfide (\u201cLi2S\u201d) and other inputs. We believe most OEMs and battery manufacturers have a technology roadmap that includes sulfide-based, solid-state cell products that can utilize our electrolyte. Our electrolyte is made from abundant materials produced at industrial scale in multiple geographical locations, except for the Li2S precursor material. Since we anticipate our Li2S need to significantly increase upon commerciali Item 1A. Risk Factors Our business is subject to numerous risks and uncertainties that you should be aware of in evaluating our business. If any such risks and uncertainties materialize, our business, prospects, results of operations, and financial condition could be materially an", "title": "SLDP - Solid Power, Inc.", "url": "/company/SLDP/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001320461; latest 10-K filed 2026-02-13.", "text": "CPS - Cooper-Standard Holdings Inc. SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001320461; latest 10-K filed 2026-02-13. CPS Cooper-Standard Holdings Inc. 0001320461 3714 Motor Vehicle Parts & Accessories Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This management\u2019s discussion and analysis of financial condition and results of operations is intended to assist in understanding and assessing the trends and significant changes in our results of operations and financial condition. Our historical results may not indicate, and should not be relied upon as an indication of, our future performance. Our forward-looking statements reflect our current views about future events, are based on assumptions and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those contemplated by these statements. See Item 1. \u201cBusiness\u2014Forward-Looking Statements\u201d for a discussion of risks associated with reliance on forward-looking statements. Factors that may cause differences between actual results and those contemplated by forward-looking statements include, but are not limited to, those discussed below and in Item 1A. \u201cRisk Factors.\u201d Management\u2019s discussion and analysis of financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes to those statements included in Item 8. \u201cFinancial Statements and Supplementary Data\u201d of this Report. References in this Annual Report on Form 10-K (the \u201cReport\u201d) to \u201cwe\u201d, \u201cour\u201d, or the \u201cCompany\u201d refer to Cooper-Standard Holdings Inc., together with its consolidated subsidiaries. Executive Overview Our Business We design, manufacture and sell sealing systems and fluid handling systems (consisting of fuel and brake delivery systems and fluid transfer systems) for use primarily in passenger vehicles and light trucks manufactured by global OEMs. In 2025, approximately 86% of our sales consisted of original equipment sold directly to OEMs for installation on new vehicles. The remaining 14% of our sales were primarily to Tier I and Tier II suppliers and non-automotive manufacturers. Accordingly, sales of our products are directly affected by the annual vehicle production of OEMs, particularly the production levels of the vehicles for which we provide specific parts. Most of our products are custom designed and engineered for a specific vehicle platform. Our sales and product development personnel frequently work directly with OEM engineering departments in the design and development of our various products. Although each OEM may emphasize different requirements as the primary criteria for judging its suppliers, we believe success as an automotive supplier generally requires outstanding performance with respect to quality, price, service, new program launches, design and engineering capabilities, innovation, timely delivery, financial stability, an extensive global footprint, and sustainability. Also, we believe our continued commitment to invest in global common processes is an important factor in servicing global customers with the same quality and consistency of product wherever we produce in the world. This is especially important when supplying products for global platforms. In addition, to remain competitive and offset continued customer pricing pressure, we must also consistently achieve and sustain cost savings. In an ongoing effort to reduce our cost structure, we run a global continuous improvement program which includes training for our employees, as well as implementation of lean tools, structured problem solving, best business practices, standardized processes and change management. We also continually evaluate opportunities to optimize our manufacturing footprint by consolidating facilities and relocating production as appropriate. We believe we will continue to be successful in our efforts to improve our design and engineering capabilities and manufacturing processes while achieving cost savings, including through our continuous improvement initiatives. Our OEM sales are generally based upon purchase orders issued by th Item 1. Business Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the \u201cCompany,\u201d \u201cCooper Standard,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d) is a leading manufacturer of sealing systems and fluid handling systems (consisting of fuel and brake delivery systems and fluid transfer systems). Our products are primarily designed for passenger vehicles and light trucks that are manufactured by global automotive original equipment manufacturers (\u201cOEMs\u201d) and replacement markets. Nearly all of our activities are conducted through our subsidiaries. Cooper Standard is listed on the New York Stock Exchange (\u201cNYSE\u201d) under the ticker symbol \u201cCPS.\u201d The Company has approximately 22,000 employees, including 4,000 contingent workers, across 108 facilities in 20 countries. We believe we are the largest global producer of sealing systems, the second largest global producer of the types of fuel and brake delivery products we manufacture, and the third largest global producer of the types of fluid transfer systems we manufacture. We design and manufacture our products in each major region of the world through a disciplined and sustained approach to engineering and operational excellence. We operate in 65 manufacturing locations and 43 design, engineering, administrative and logistics locations. Approximately 86% of our sales in 2025 were to OEMs. Our largest customers are Ford Motor Company (\u201cFord\u201d), General Motors Company (\u201cGM\u201d), Stellantis, Volkswagen Group, Mercedes-Benz, and Renault-Nissan. Our other customers include BMW, Jaguar/Land Rover, Toyota, Hyundai, Honda, and Rivian, among others. Our OEM customers in China include BYD, Geely, and Chery, among others. The remaining 14% of our 2025 sales were primarily to Tier I and Tier II automotive suppliers, non-automotive customers, and replacement market distributors. The Company\u2019s products are featured on more than 430 nameplates globally. Our organizational structure primarily consists of global product-line focused Item 1A. Risk Factors We have listed below (not necessarily in order of importance or probability of occurrence) the most significant risk factors that could cause our actual results to vary materially from recent or anticipated results and could materially and adversely affect our business, results of operations", "title": "CPS - Cooper-Standard Holdings Inc.", "url": "/company/CPS/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001783183; latest 10-K filed 2026-02-26.", "text": "PHAT - Phathom Pharmaceuticals, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001783183; latest 10-K filed 2026-02-26. PHAT Phathom Pharmaceuticals, Inc. 0001783183 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes included elsewhere in this annual report. This discussion and analysis contains forward-looking statements based upon our current beliefs, plans and expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d or in other parts of this annual report. Overview We are a commercial-stage biopharmaceutical company focused on commercializing and developing novel treatments for gastrointestinal, or GI, diseases. Our approved products, VOQUEZNA\u00ae, VOQUEZNA\u00ae DUAL PAK\u00ae and VOQUEZNA\u00ae TRIPLE PAK\u00ae, contain vonoprazan, an oral small molecule potassium-competitive acid blocker, or PCAB. PCABs are a novel class of molecules that block acid secretion in the stomach. VOQUEZNA is the only PCAB currently approved for marketing and sale in the United States. We began U.S. commercialization of VOQUEZNA for the treatment of erosive gastroesophageal reflux disease, or Erosive GERD, and Helicobacter pylori, or H. pylori, infection, and VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK for the treatment of H. pylori infection, in November 2023. The U.S. Food and Drug Administration, or FDA, approved VOQUEZNA for the relief of heartburn associated with Non-Erosive GERD, the largest category of GERD, in July 2024. Vonoprazan was originally developed by Takeda Pharmaceutical Company Limited, or Takeda, and is marketed in multiple countries outside the United States. We licensed U.S., European and Canadian rights to vonoprazan from Takeda in 2019. We are independently commercializing VOQUEZNA, VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK in the United States. During the year ended December 31, 2025, we generated increased revenues from sales of our VOQUEZNA products compared to the prior year, reflecting continued execution of our U.S. commercial strategy. The majority of our 2025 revenue was derived from sales of VOQUEZNA. During this period, we also experienced growth in prescription volume and prescriber adoption, with most prescriptions written for GERD indications. As of February 13, 2026, over 1.1 million prescriptions for VOQUEZNA, VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK have been filled since launch. We continue to have broad commercial coverage for VOQUEZNA, with access for over 120 million, or over 80%, of U.S. commercial lives. Our commercial efforts are supported by a targeted sales force and continued focus on prescriber engagement and payer access. In May 2021, the FDA granted qualified infectious disease product, or QIDP, designation to VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK, resulting in an extension of the five-year new chemical entity, or NCE, exclusivity by an additional five years. In December 2024, we submitted a citizen petition requesting that the FDA update the Orange Book listing for VOQUEZNA to reflect the same ten-year period of NCE exclusivity applicable to VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK. In June 2025, the FDA granted the petition and updated the Orange Book listing for VOQUEZNA to reflect the ten-year period of NCE exclusivity for vonoprazan. As a result, all three VOQUEZNA products now have NCE exclusivity extending through May 3, 2032. In the fourth quarter of 2025, we initiated a Phase 2 clinical trial evaluating vonoprazan in the treatment of adults with eosinophilic esophagitis, or EoE. While our current focus is on continued U.S. commercialization of VOQUEZNA products for GERD and H. pylori, we are also selectively pursuing life-cycle management opportunities for vonoprazan. We may also explore the potential for vonoprazan in Europe and Canada, as well as opportunities to in-l Item 1. Business Overview We are a commercial-stage biopharmaceutical company focused on commercializing and developing novel treatments for gastrointestinal, or GI, diseases. Our approved products, VOQUEZNA\u00ae, VOQUEZNA\u00ae DUAL PAK\u00ae and VOQUEZNA\u00ae TRIPLE PAK\u00ae, contain vonoprazan, an oral small molecule potassium-competitive acid blocker, or PCAB. PCABs are a novel class of molecules that block acid secretion in the stomach. VOQUEZNA is the only PCAB currently approved for marketing and sale in the United States. We began U.S. commercialization of VOQUEZNA for the treatment of erosive gastroesophageal reflux disease, or Erosive GERD, and Helicobacter pylori, or H. pylori, infection, and VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK for the treatment of H. pylori infection, in November 2023. The U.S. Food and Drug Administration, or FDA, approved VOQUEZNA for the relief of heartburn associated with Non-Erosive GERD, the largest category of GERD, in July 2024. Vonoprazan was originally developed by Takeda Pharmaceutical Company Limited, or Takeda, and is marketed in multiple countries outside the United States. We licensed U.S., European and Canadian rights to vonoprazan from Takeda in 2019. We are independently commercializing VOQUEZNA, VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK in the United States. During the year ended December 31, 2025, we generated increased revenues from sales of our VOQUEZNA products compared to the prior year, reflecting continued execution of our U.S. commercial strategy. The majority of our 2025 revenue was derived from sales of VOQUEZNA. During this period, we also experienced growth in prescription volume and prescriber adoption, with most prescriptions written for GERD indications. As of February 13, 2026, over 1.1 million prescriptions for VOQUEZNA, VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK have been filled since launch. We continue to have broad commercial coverage for VOQUEZNA, with access for over 120 million, or over 80%, of U.S. commerc Item 1A. Risk Factors You should carefully consider the following risk factors, together with the other information contained in this annual report on Form 10-K, including our financial statements and the related notes and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d", "title": "PHAT - Phathom Pharmaceuticals, Inc.", "url": "/company/PHAT/" }, { "kind": "company", "summary": "SIC 8741 Services-Management Services; CIK 0001628908; latest 10-K filed 2026-02-25.", "text": "EVH - Evolent Health, Inc. SIC 8741 Services-Management Services; CIK 0001628908; latest 10-K filed 2026-02-25. EVH Evolent Health, Inc. 0001628908 8741 Services-Management Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand the Company\u2019s financial condition and results of operations. The MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying notes to our consolidated financial statements presented in \u201cPart II \u2013 Item 8. Financial Statements and Supplementary Data\u201d as well as \u201cPart I - Item 1A. Risk Factors.\u201d INTRODUCTION Business Overview We are a market leader in connecting care for people with complex conditions like cancer, cardiovascular disease, and musculoskeletal diagnoses. We work on behalf of health plans and other risk-bearing entities and payers (our customers) to support physicians and other healthcare providers (our users) in providing high quality evidence-based care to their patients. We believe adherence to evidence-based clinical pathways supports better outcomes for patients, a better experience for physicians, and lower costs for the healthcare system overall. Specialty care represents a significant and fast-growing portion of healthcare costs in the United States, driven in part by the pace of development of new therapies and treatments. To manage these increasing costs, some health plans and other risk-bearing entities historically deployed cost containment strategies that can limit access to care and operate in narrow silos (for example, prior authorization for radiological studies being considered independently from a comprehensive chemotherapy regimen). We believe Evolent can bring an integrated approach to a patient\u2019s condition across multiple specialties, using technology to recommend our 42 evidence-based clinical pathways in a way that provides rapid feedback to the provider, seeks to remove barriers to care, and aligns financial incentives with the best evidence. We were an early innovator in value-based care, founded in 2011 by members of our management team, UPMC, an integrated delivery system based in Pittsburgh, Pennsylvania, and The Advisory Board Company. All of our revenue is recognized in the United States and substantially all of our long-lived assets are located in the United States. Recent Events Transactions The Company has undertaken several transactions, some of which may impact year-to-year comparisons. The following is a discussion of certain of those transactions. Disposal During the third quarter, the Company entered into the ECP Purchase Agreement pursuant to which the Company agreed to sell all of the outstanding shares of capital stock of Evolent Care Partners for a purchase price of $100.0 million, subject to customary closing purchase price adjustments, and a contingent payment of up to $13.0 million, subject to the achievement of certain metrics following the closing. The Company consummated the transaction on December 5, 2025. The Company previously recorded its operations from Evolent Care Partners in its total cost of care management solution. The Company determined that the transaction met the held for sale criteria and ceased recording amortization of provider network contract intangibles at that time. The Company received cash proceeds of $91.3 million after net working capital adjustments. The carrying value of net assets and liabilities of $76.4 million, inclusive of allocated goodwill, was disposed resulting in a gain on disposal of $14.9 million recorded in (gain) loss on disposal of non-strategic assets for the year ended December 31, 2025. The Company allocated $44.8 million of goodwill to the transaction based on the value of the transaction compared to the estimated business enterprise value on the closing date. Refer to \u201cPart II - Item 8. Financial Statements and Supplementary Data - Note 4\u201d for additional discussion regarding our disposal. 2031 Item 1. Business Market Opportunity Evolent is a market leader in connecting care for people with complex conditions like cancer, cardiovascular disease, and musculoskeletal diagnoses. We work on behalf of health plans and other risk-bearing entities and payers (our customers) to support physicians and other healthcare providers (our users) in providing high quality evidence-based care to their patients. We believe adherence to evidence-based clinical pathways supports better outcomes for patients, a better experience for physicians, and lower costs for the healthcare system overall. Specialty care represents a significant and fast-growing portion of healthcare costs in the United States, driven in part by the pace of development of new therapies and treatments. To manage these increasing costs, some health plans and other risk-bearing entities historically deployed cost containment strategies that can limit access to care and operate in narrow silos (for example, prior authorization for radiological studies being considered independently from a comprehensive chemotherapy regimen). We believe Evolent can bring an integrated approach to a patient\u2019s condition across multiple specialties, using technology to recommend our evidence-based clinical pathways in a way that provides rapid feedback to the provider, seeks to remove barriers to care, and aligns financial incentives with the best evidence. Our Business Our History Evolent was founded in 2011 by members of our management team, UPMC, an integrated delivery system in Pittsburgh, Pennsylvania, and The Advisory Board Company, to enable providers to pursue a value-based business model and evolve their competitive position and market opportunity. Since that time, we have grown both organically and through acquisitions. Our acquisitions have been focused on companies with extensive experience assisting customers in managing the large and complex specialties of oncology, cardiology, radiology, musculoskeletal, phys Item 1A. Risk Factors The following summary highlights some of the principal risks that could adversely affect our business, financial condition or results of operations. This summary is not complete and the risks summarized below are not the only risks we face. These risks are discussed more fully further below. These risks include, bu", "title": "EVH - Evolent Health, Inc.", "url": "/company/EVH/" }, { "kind": "company", "summary": "SIC 3669 Communications Equipment, NEC; CIK 0001774170; latest 10-K filed 2026-06-15.", "text": "AIOT - Powerfleet, Inc. SIC 3669 Communications Equipment, NEC; CIK 0001774170; latest 10-K filed 2026-06-15. AIOT Powerfleet, Inc. 0001774170 3669 Communications Equipment, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion is intended to assist you in understanding our financial condition and results of operations and should be read in conjunction with the financial statements and related notes included elsewhere in this Form 10-K. Many of the amounts and percentages in this section have been rounded for convenience of presentation, but actual recorded amounts have been used in computations. Accordingly, some information may appear not to be computed accurately. This section of this Form 10-K discusses our financial condition and results of operations for the fiscal years ended March 31, 2026 and 2025, and year-to-year comparisons between fiscal years 2026 and 2025 in accordance with GAAP. A discussion of our financial condition and results of operations and our liquidity and capital resources for the fiscal year ended December 31, 2023 and the three months ended March 31, 2025 and 2024 and year-to-year comparisons between the fiscal years ended March 31, 2025 and December 31, 2023, and the three months ended March 31, 2025 and 2024 that are not included in this Form 10-K can be found under the heading \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, filed with the SEC on June 26, 2025. Overview We are a global provider of AIoT solutions providing valuable connected business intelligence for managing high-value enterprise and mid-market assets that improve operational efficiencies. We are headquartered in Woodcliff Lake, New Jersey, with offices located around the globe. Our Unity data highway and AIoT ecosystem is the centerpiece of our strategy. Unity has the capability to ingest data from multiple data sources, harmonizing and transforming the dataset, and delivering simply understood actionable insights through a unified SaaS platform and deep integrations with customer business systems. Unity provides mission-critical solutions from warehouse to trailer to vehicle, allowing customers to consolidate suppliers and gain end-to-end control of their operations in a single pane of glass. Unity enables customers to consume their data in multiple ways, from data-powered applications to unified operations integrations, which provide the ability to improve performance of the asset, the individual in charge of the asset, and the business process, continuously improving our customers\u2019 business performance. Within the Unity ecosystem, our Powerfleet for Warehouse, Yard and Site AIoT solutions are designed to provide on-premise or in-facility asset safety, compliance and operator management, monitoring, and visibility for warehouse and factory trucks such as forklifts, man-lifts, tuggers and ground support equipment at airports. These solutions utilize a variety of communications capabilities such as Bluetooth\u00ae, WiFi, and proprietary radio frequency technology, as well as AI video solutions for pedestrian proximity detection and incident prevention. Additionally, within the Unity ecosystem, our Powerfleet for On-Road AIoT and AI video solutions are designed to provide bumper-to-bumper AIoT asset management, monitoring, and visibility for over-the-road based assets such as heavy trucks, dry-van trailers, refrigerated trailers and shipping containers and their associated cargo. These AIoT solutions provide mobile-asset tracking and condition-monitoring solutions to meet the transportation market\u2019s desire for greater visibility, safety, security, and productivity throughout global supply chains. Our On-Road AIoT solutions extend to all mobile assets, whether it is a rental car, a private fleet, or automotive OEM partners. We achieve this by providing critical information that can be used to increase revenues, reduce costs, enhance safety and sustainability, deliver compliance, and improve customer s Item 1. Business Overview We are a global provider of Artificial Intelligence-of-Things (\u201cAIoT\u201d) solutions providing valuable connected business intelligence for managing high-value enterprise and mid-market assets that improve operational efficiencies. We are headquartered in Woodcliff Lake, New Jersey, with offices located around the globe. Our Unity data highway and AIoT ecosystem is the centerpiece of our strategy. Unity has the capability to ingest data from multiple data sources, harmonizing and transforming the dataset, and delivering simply understood actionable insights through a unified Software-as-a-Service (\u201cSaaS\u201d) platform and deep integrations with customer business systems. Unity provides mission-critical solutions from warehouse to trailer to vehicle, allowing customers to consolidate suppliers and gain end-to-end control of their operations in a single pane of glass. Unity enables customers to consume their data in multiple ways, from data-powered applications to unified operations integrations, which provide the ability to improve performance of the asset, the individual in charge of the asset, and the business process, continuously improving our customers\u2019 business performance. Within the Unity ecosystem, our Powerfleet for Warehouse, Yard and Site AIoT solutions are designed to provide on-premise or in-facility asset safety, compliance and operator management, monitoring, and visibility for warehouse and factory trucks such as forklifts, man-lifts, tuggers and ground support equipment at airports. These solutions utilize a variety of communications capabilities such as Bluetooth\u00ae, WiFi, and proprietary radio frequency technology, as well as artificial intelligence (\u201cAI\u201d) video solutions for pedestrian proximity detection and incident prevention. Additionally, within the Unity ecosystem, our Powerfleet for On-Road AIoT and AI video solutions are designed to provide bumper-to-bumper AIoT asset management, monitoring, and visibility for over Item 1A. Risk Factors In addition to the other information contained in this Form 10-K, the following risk factors should be considered carefully in evaluating the Company and our business. The risks described below could materially and adversely affect our business, financial condition or results of operations. Additional risks and unc", "title": "AIOT - Powerfleet, Inc.", "url": "/company/AIOT/" }, { "kind": "company", "summary": "SIC 3823 Industrial Instruments For Measurement, Display, and Control; CIK 0000724004; latest 10-K filed 2026-06-03.", "text": "MLAB - MESA LABORATORIES INC /CO/ SIC 3823 Industrial Instruments For Measurement, Display, and Control; CIK 0000724004; latest 10-K filed 2026-06-03. MLAB MESA LABORATORIES INC /CO/ 0000724004 3823 Industrial Instruments For Measurement, Display, and Control Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) is intended to help investors understand Mesa, our operations and our present business environment. MD&A is provided as a supplement to, and should be read in conjunction with, our Consolidated Financial Statements and the accompanying notes thereto contained in this Annual Report on Form 10-K. Unless the context requires otherwise, the terms \u201cMesa,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cits,\u201d and \u201cour\u201d in this annual report refer to Mesa Laboratories, Inc. and its subsidiaries. This section generally discusses our fiscal years ended March 31, 2026 and March 31, 2025 and year-to-year comparisons between fiscal year 2026 and fiscal year 2025. Discussions of fiscal year 2024 and year-to-year comparisons between fiscal year 2025 and fiscal year 2024 can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company's annual report for the fiscal year ended March 31, 2025 filed with the SEC on May 28, 2025. Overview We are a global leader in the design and manufacture of life sciences tools and critical quality control solutions for regulated applications in the pharmaceutical, healthcare and medical device industries. We offer products and services to help our customers ensure product integrity, increase patient and worker safety, and improve the quality of life throughout the world. We have manufacturing operations in the United States and Europe, and our products are marketed by our sales personnel in North America, Europe and APAC, and by independent distributors in these areas as well as throughout the rest of the world. As of March 31, 2026, we managed our operations in four reportable segments, or divisions: Sterilization and Disinfection Control, Biopharmaceutical Development, Calibration Solutions and Clinical Genomics. Each of our divisions is described further in \"Results of Operations\" below. Unallocated corporate expenses and other business activities are reported within Corporate and Other. Corporate Strategy We strive to create stakeholder value and further our purpose of Protecting the Vulnerable\u00ae by growing our business both organically and through acquisitions, by improving our operating efficiency, and by continuing to hire, develop and retain top talent. We commit to our purpose every day by taking a customer-focused approach to developing, building and delivering our products and services. We serve a broad set of industries, particularly the pharmaceutical, healthcare and medical device sectors, in which the safety, quality and efficacy of products is critical. By delivering the highest quality products possible, we are committed to protecting the communities we serve. Organic Revenues Growth Organic revenues growth is driven by the expansion of our customer base, increases in sales volumes, new product offerings, and price increases, and may be affected positively or negatively by changes in foreign currency rates. Our ability to increase organic revenues is affected by general economic conditions, both domestic and international, customer capital spending trends, competition, currency exchange rates, and the introduction of new products. Our policy is to price our products competitively and, where possible, we pass along cost increases to our customers in order to maintain our margins. We typically evaluate costs and pricing annually, with price increases effective January 1. We evaluate the need to increase prices at other times of the year in response to changes in regulatory policy, such as the imposition of tariffs, or significant increases in the price of inputs to our products. Inorganic Revenues Growth - Acquisitions Over the past decade, we have consummated a number of acquisitions as part of our growth strategy. These acquisitions have allowed us to expand our product offerings and the industr Item 1. Business In this annual report, Mesa Laboratories, Inc., a Colorado corporation, together with its subsidiaries is collectively referred to as \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany,\u201d or \u201cMesa.\u201d Mesa was organized in 1982 as a Colorado corporation. General We are a global leader in the design and manufacture of life sciences tools and critical quality control solutions for regulated applications in the pharmaceutical, healthcare and medical device industries. We offer products and services to help our customers ensure product integrity, increase patient and worker safety, and improve the quality of life throughout the world. We have manufacturing operations in the United States and Europe, and our products are marketed by our sales personnel in North America, Europe and the Asia Pacific region (\"APAC\"), and by independent distributors throughout the world. We are headquartered in Lakewood, Colorado and our common stock is listed for trading on the Nasdaq Global Market (\u201cNasdaq\u201d) under the symbol MLAB. Our fiscal year ends on March 31. References in this annual report to a particular \u201cfiscal year,\u201d \u201cyear\u201d or \u201cyear-end\u201d refer to our fiscal year. Strategy We strive to create stakeholder value and further our purpose of Protecting the Vulnerable\u00ae by growing our business both organically and through acquisitions, by improving our operating efficiency, and by continuing to hire, develop and retain top talent. As a business, we commit to our purpose of Protecting the Vulnerable\u00ae every day by taking a customer-focused approach to developing, building and delivering our products and services. By delivering the highest quality products and services possible, we are committed to protecting the communities we serve. Our revenues are derived from sales of products and services. Product sales consist primarily of consumables and hardware, while services consist primarily of discrete and ongoing maintenance, calibration and testing services. We grow revenues organically Item 1A. Risk Factors In addition to the other information set forth in this annual report other documents we filed with the SEC, you should carefully consider the following factors which could materially affect our business, financial condition or results of op", "title": "MLAB - MESA LABORATORIES INC /CO/", "url": "/company/MLAB/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001521951; latest 10-K filed 2026-02-25.", "text": "FBIZ - FIRST BUSINESS FINANCIAL SERVICES, INC. SIC 6022 State Commercial Banks; CIK 0001521951; latest 10-K filed 2026-02-25. FBIZ FIRST BUSINESS FINANCIAL SERVICES, INC. 0001521951 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations General Unless otherwise indicated or unless the context requires otherwise, all references in this Report to the \u201cCorporation,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or similar references mean First Business Financial Services, Inc. together with our subsidiary. \u201cFBB\u201d or the \u201cBank\u201d refers to our subsidiary, First Business Bank. Forward-Looking Statements This report may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, which reflect our current views with respect to future events and financial performance. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results, or other developments. Forward-looking statements are based on management\u2019s expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such statements are subject to risks and uncertainties, including among other things: \u2022 Adverse changes in the economy or business conditions, either nationally or in the Corporation's markets including, without limitation, inflation, economic downturn, labor shortages, wage pressures, and the adverse effects of public health events on the global, national, and local economy. \u2022 Uncertainty created by potential federal government actions relating to the authority of regulatory agencies (including bank regulators), international trade policy, prolonged shutdown of the federal government, and other significant policy matters. \u2022 Competitive pressures among depository and other financial institutions nationally and in the Corporation's markets. \u2022 Increases in defaults by borrowers and other delinquencies. \u2022 Management's ability to manage growth effectively, including the successful expansion of client support, administrative infrastructure, and internal management systems. \u2022 Fluctuations in interest rates and market prices. \u2022 Changes in legislative or regulatory requirements applicable the Corporation and its subsidiaries. \u2022 Changes in tax requirements, including tax rate changes, new tax laws, and revised tax law interpretations. \u2022 Fraud, including client and system failure or breaches of the Corporation's network security, including the Corporation's internet banking activities. \u2022 Failure to comply with the applicable SBA regulations in order to maintain the eligibility of the guaranteed portions of SBA loans. \u2022 Ongoing volatility in the banking sector may result in new legislation, regulations or policy changes that could subject the Corporation and the Bank to increased government regulation and supervision. \u2022 The proportion of the Corporation\u2019s deposit account balances that exceed FDIC insurance limits may expose the Bank to enhanced liquidity risk. \u2022 The Corporation may be subject to increases in FDIC insurance assessments. These risks, together with the risks identified in Item 1A \u2014 Risk Factors, could cause actual results to differ materially from what we have anticipated or projected. These risk factors and uncertainties should be carefully considered by our stockholders and potential investors. Investors should not place undue reliance on any such forward-looking statements, which speak only as of the date made. Where any such forward-looking statement includes a statement of the assumptions or bases underlying such forward-looking statement, we caution that, while our management believes such assumptions or bases are reasonable and are made in good faith, assumed facts or bases can vary from actual results, and the differences between assumed facts or bases and actual results can be material, depending on the circumstances. Where, in any forward-looking statement, an expectation or belief is expressed as to future 40 Table of Contents results, such expectation or belief is expressed in good faith and believed to Item 1. Business BUSINESS General First Business Financial Services, Inc. (together with all of its subsidiaries, collectively referred to as the \u201cCorporation,\u201d \u201cFBFS,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) is a registered bank holding company originally incorporated in 1986 under the laws of the State of Wisconsin and is engaged in the commercial banking business through its wholly-owned bank subsidiary, First Business Bank (collectively with its subsidiaries \u201cFBB\u201d or the \u201cBank\u201d), headquartered in Madison, Wisconsin. All of our operations are conducted through FBB and its wholly-owned subsidiary First Business Specialty Finance, LLC (\u201cFBSF\u201d). The Bank operates as a business bank, delivering a full line of commercial banking products and services tailored to meet the specific needs of small and medium-sized businesses, business owners, executives, professionals, and high net worth individuals. Our products and services are focused on business banking, private wealth, and bank consulting. Within business banking, we offer commercial real estate lending, commercial and industrial lending, asset-based lending, accounts receivable financing, equipment financing, floorplan financing, vendor financing, Small Business Administration (\u201cSBA\u201d) lending and servicing, treasury management solutions, and company retirement services. Our private wealth management services include trust and estate administration, financial planning, investment management, and private banking. Our bank consulting experts provide investment portfolio administrative services and asset liability management services. We are not a retail bank and do not rely on a traditional branch network to gather deposits or attract clients. Instead, our operating model is built on deep client relationships, specialized financial expertise, and an efficient, centralized administrative structure designed to deliver best-in-class client satisfaction. This focused approach enables our experienced professionals to provide the level of Item 1A. Risk Factors Risk Factors Summary An investment in our common stock is subject to risks inherent to our business. Before making an investment decision, you should carefully read and consider the following risks and uncertainties. We may encounter risks in addition to those described below, including risk", "title": "FBIZ - FIRST BUSINESS FINANCIAL SERVICES, INC.", "url": "/company/FBIZ/" }, { "kind": "company", "summary": "SIC 3730 Ship & Boat Building & Repairing; CIK 0001590976; latest 10-K filed 2025-08-28.", "text": "MBUU - MALIBU BOATS, INC. SIC 3730 Ship & Boat Building & Repairing; CIK 0001590976; latest 10-K filed 2025-08-28. MBUU MALIBU BOATS, INC. 0001590976 3730 Ship & Boat Building & Repairing Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [[\"\",\"Overview\",\"39\"],[\"\",\"Outlook\",\"40\"],[\"\",\"Factors Affecting Our Results of Operations\",\"40\"],[\"\",\"Components of Results of Operations\",\"42\"],[\"\",\"Results of Operations\",\"43\"],[\"\",\"GAAP Reconciliation of Non-GAAP Financial Measures\",\"48\"],[\"\",\"Liquidity and Capital Resources\",\"51\"],[\"\",\"Critical Accounting Policies\",\"54\"],[\"\",\"New Accounting Pronouncements\",\"57\"]] [[/GREPCENT_TABLE]] Overview We are a leading designer, manufacturer and marketer of a diverse range of recreational powerboats, including performance sport boats, sterndrive and outboard boats. Our product portfolio of premium brands is used for a broad range of recreational boating activities including, among others, water sports, such as water skiing, wakeboarding and wake surfing, as well as general recreational boating and fishing. Our passion for consistent innovation, which has led to proprietary technology such as Surf Gate, has allowed us to expand the market for our products by introducing consumers to new and exciting recreational activities. We design products that appeal to an expanding range of recreational boaters and water sports enthusiasts whose passion for boating and water sports is a key aspect of their lifestyle and provide consumers with a better customer-inspired experience. With performance, quality, value and multi-purpose features, our product portfolio has us well positioned to broaden our addressable market and achieve our goal of increasing our market share in the recreational boating industry. We currently sell our boats under eight brands as shown in the table below, and we report our results of operations under three reportable segments, Malibu, Saltwater Fishing and Cobalt. [[GREPCENT_TABLE]] [[\"\",\"\",\"% of Total Revenues\"],[\"\",\"\",\"Fiscal Year Ended June 30,\"],[\"Segment\",\"Brands\",\"2025\",\"2024\",\"2023\"],[\"Malibu\",\"Malibu\",\"38.7%\",\"33.7%\",\"45.8%\"],[\"Axis\"],[\"Saltwater Fishing\",\"Pursuit\",\"34.6%\",\"39.5%\",\"32.4%\"],[\"Maverick\"],[\"Cobia\"],[\"Pathfinder\"],[\"Hewes\"],[\"Cobalt\",\"Cobalt\",\"26.7%\",\"26.8%\",\"21.8%\"]] [[/GREPCENT_TABLE]] Our Malibu segment participates in the manufacturing, distribution, marketing and sale throughout the world of Malibu and Axis performance sports boats. Our flagship Malibu boats offer our latest innovations in performance, comfort and convenience, and are designed for consumers seeking a premium performance sport boat experience. As of June 30, 2025, we are among the market leaders in the United States in the performance sport boat category through our Malibu and Axis brands. Our Axis boats appeal to consumers who desire a more affordable performance sport boat product but still demand high performance, functional simplicity and the option to upgrade key features. Retail prices of our Malibu and Axis boats typically range from $80,000 to $300,000. Our Saltwater Fishing segment participates in the manufacturing, distribution, marketing and sale throughout the world of Pursuit boats and the Maverick Boat Group family of boats (Maverick, Cobia, Pathfinder and Hewes). Our Pursuit boats include center console, dual console and offshore models. Our Maverick Boat Group family of boats are highly complementary to Pursuit, expanding our saltwater outboard offerings with a strong focus in length segments under 30 feet. We are among the 39 Table of Contents market leaders in the fiberglass outboard fishing boat category with the brands in our Saltwater Fishing segment. Retail prices for our Saltwater Fishing boats typically range from $45,000 to $1,400,000. Our Cobalt segment participates in the manufacturing, distribution, marketing and sale throughout the world of Cobalt boats. Our Cobalt boats consist of mid to large-sized luxury cruisers and bowriders that we believe offer the ultimate experience in comfort, performance and quality. As of June 30, 2025, we are among the market leader in the United St Item 1. Business Unless otherwise expressly indicated or the context otherwise requires, in this Annual Report on Form 10-K: \u2022We use the terms \u201cMalibu Boats,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or similar references to refer (1) prior to the consummation of our initial public offering, or \"IPO\" on February 5, 2014, to Malibu Boats Holdings, LLC, or the LLC, and its consolidated subsidiaries and (2) after our IPO, to Malibu Boats, Inc. and its consolidated subsidiaries; \u2022We use the term \"Boats, LLC\" to refer to the LLC's subsidiary Malibu Boats, LLC; \u2022We refer to the owners of membership interests in the LLC immediately prior to the consummation of the IPO, collectively, as our \u201cpre-IPO owners\u201d; \u2022We refer to owners of membership interests in the LLC (the \"LLC Units\"), collectively, as our \u201cLLC members\u201d; \u2022References to \u201cfiscal year\u201d refer to the fiscal year of Malibu Boats, which ends on June 30 of each year; \u2022We refer to our Malibu branded boats as \"Malibu\", our Axis Wake Research branded boats as \"Axis\", our Pursuit branded boats as \"Pursuit\", our Maverick, Cobia, Pathfinder and Hewes branded boats as \"Maverick Boat Group\", and our Cobalt branded boats as \"Cobalt\"; \u2022We use the term \u201crecreational powerboat industry\u201d to refer to our industry group, which includes performance sport boats, sterndrive and outboard boats; \u2022We use the term \u201cperformance sport boat category\u201d to refer to the industry category, consisting primarily of fiberglass boats equipped with inboard propulsion and ranging from 19 feet to 26 feet in length, which we believe most closely corresponds to (1) the inboard ski/wakeboard category, as defined and tracked by the National Marine Manufacturers Association, or NMMA, and (2) the inboard ski boat category, as defined and tracked by Statistical Surveys, Inc., or SSI; \u2022We use the terms \u201csterndrive\u201d and \u201coutboard\u201d to refer to the industry category, consisting primarily of sterndrive and outboard boats ranging from 20 feet to 40 feet, which most c Item 1A. Risk Factors The following describes the risks and uncertainties that could cause our actual results to differ materially from those presented in our forward-looking statements. The risks and uncertainties described below are not the only ones we face but do represent those risks and uncertainties that we believe are mat", "title": "MBUU - MALIBU BOATS, INC.", "url": "/company/MBUU/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001001614; latest 10-K filed 2026-03-04.", "text": "REPX - Riley Exploration Permian, Inc. SIC 1311 Crude Petroleum & Natural Gas; CIK 0001001614; latest 10-K filed 2026-03-04. REPX Riley Exploration Permian, Inc. 0001001614 1311 Crude Petroleum & Natural Gas Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the Company\u2019s financial condition and results of operations should be read in conjunction with the Company\u2019s consolidated financial statements and related notes thereto presented in this Annual Report. The following discussion contains \u201cforward-looking statements\u201d that reflect the Company\u2019s future plans, estimates, beliefs and expected performance. The Company\u2019s actual results could differ materially from those discussed in these forward-looking statements. See \"Cautionary Statement Regarding Forward-Looking Statements\" and \"Part I. Item 1A. Risk Factors.\" The following discussion and analysis focuses primarily on our results for 2025 and 2024 and comparisons between those periods. Discussion of 2023 results and comparisons between 2024 and 2023 are not included herein and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our 2024 Annual Report on Form 10-K. Overview Riley Permian is a growth-oriented, independent oil and natural gas company focused on horizontal drilling of conventional oil-saturated and liquids-rich formations in the Permian Basin that produce long-term cash flows. The majority of our acreage is located in Yoakum County, Texas and Eddy County, New Mexico. 61 Table of Contents Our strategic business objectives include enhancing the rate of return on our invested capital, generating sustainable free cash flow, maintaining a strong and flexible balance sheet and maximizing our returns to shareholders. We implement this strategy primarily through identification and capture of attractive development opportunities, optimization of our assets and pursuing complementary growth opportunities that increase our scale and meet our strategic and financial objectives. Recent Developments Geopolitical and Economic Conditions Commodity prices remain volatile. General domestic and international economic, market and political conditions, including military conflicts, global economic growth, unpredictability of tariffs, actions of OPEC+ countries and changes to the current political environment could prolong market volatility and cause a decline in commodity prices. Although the broader rate of inflation has moderated, we continue to monitor the risk of persistent cost pressures in specific areas of our operating expenses and capital expenditures. Our margins may be compressed if costs increase more than commodity prices. Additionally, the current interest rate environment remains sensitive to shifts in macroeconomic factors and central bank policies. Increased interest rates could have the effects of raising our cost of capital and the potential for depressing economic growth, either of which (or the combination thereof) could hurt the financial and operating results of our business. The Company cannot estimate the length or gravity of the future impact these conditions will have on the Company's results of operations, financial position, liquidity and the value of the oil and natural gas reserves. Midstream Sale On December 3, 2025, the Company sold all of our membership interests in Dovetail Midstream, LLC, a wholly owned subsidiary of the Company that holds certain midstream infrastructure projects in Eddy County, New Mexico, to Targa for an aggregate cash purchase price of approximately $111 million, subject to customary purchase price adjustments. The Midstream Sale also provided for the subsequent sale by the Company of certain compressor station assets for an aggregate cash purchase price of approximately $10 million plus reimbursement of $1.4 million of capital improvements; this second transaction closed on December 24, 2025. In connection with the Midstream Sale, the Company recognized a pre-tax gain of $71.7 million, net of $2.6 million of transaction costs, which was recorded in our consolidat Item 1A. Risk Factors The Company is subject to various risks and uncertainties in the ordinary course of business. The following summarizes significant risks and uncertainties that may adversely affect our business, financial condition or results of operations. Other risks are described in Item 1 and 2. Business and Properties, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations and Item 7A. Quantitative and Qualitative Disclosures About Market Risk. We could also face additional risks and uncertainties not currently known to us or that we currently deem to be immaterial. If any of these risks actually occurs, it could materially harm our business, financial condition or results of operations and the trading price of 28 Table of Contents our stock could decline. Investors should carefully consider each of the following risk factors and all of the other information set forth in this Annual Report. Risks Related to our Business, Operations, and Strategy Recent regulatory restrictions on use of produced water and a moratorium on new produced water disposal wells in certain areas of the Permian Basin to stem rising seismic activity and earthquakes could increase our operating costs and adversely impact our business, results of operations and financial condition. We may be subject to regulation that restricts our ability to discharge water produced as part of our oil, natural gas and NGL production operations. Productive zones frequently contain water that must be removed for the oil, natural gas and NGLs to produce, and our ability to remove and dispose of sufficient quantities of water from the various zones will determine whether we can produce oil, natural gas and NGLs in commercial quantities. The produced water must be transported from the leasehold and/or injected into disposal wells. The availability of transportation and disposal wells with sufficient capacity to receive all of the water produced from our wells m", "title": "REPX - Riley Exploration Permian, Inc.", "url": "/company/REPX/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001020214; latest 10-K filed 2026-03-02.", "text": "CERS - CERUS CORP SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001020214; latest 10-K filed 2026-03-02. CERS CERUS CORP 0001020214 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This discussion and analysis should be read in conjunction with our audited consolidated financial statements and the accompanying notes included in this Annual Report on Form 10-K for the year ended December 31, 2025. Operating results for the year ended December 31, 2025, are not necessarily indicative of results that may occur in future periods. This discussion contains forward-looking statements that involve risks and uncertainties. When reviewing the discussion below, you should keep in mind the substantial risks and uncertainties that impact our business, including but not limited to the risks and uncertainties described in \u201cRisk Factors\u201d in Part I, Item 1A in this Annual Report on Form 10-K. These risks and uncertainties could cause actual results to differ materially from those projected in forward-looking statements contained in this report or implied by past results and trends. Overview Since our inception in 1991, we have devoted substantially all of our efforts and resources to the research, development, clinical testing and commercialization of the INTERCEPT Blood System. Our INTERCEPT Blood System is intended for use with blood components and certain of their derivatives: plasma, platelets, red blood cells and to produce INTERCEPT Fibrinogen Complex, or IFC, and pathogen reduced plasma, cryoprecipitate reduced. The INTERCEPT Blood System for platelets, or platelet system, and the INTERCEPT Blood System for plasma, or plasma system, have received a broad range of regulatory approvals and certifications, and are being marketed and sold in a number of countries around the world, including the U.S., certain countries in Europe, the Commonwealth of Independent States, or CIS, the Middle East, and Latin America and selected countries in other regions of the world. Additionally, we have received FDA approval for the INTERCEPT Blood System for Cryoprecipitation which uses our plasma system to produce IFC for the treatment and control of bleeding, including massive hemorrhage, associated with fibrinogen deficiency. In addition, the INTERCEPT Blood System for Cryoprecipitation is used to produce pathogen reduced plasma, cryoprecipitate reduced. We currently sell the platelet and plasma systems using our direct sales force and through distributors and we sell IFC or disposable kits to manufacture IFC in the U.S. using our direct sales force. The platelet system is approved by the FDA in the U.S. for ex vivo preparation of pathogen-reduced apheresis platelet components collected and stored in 100% plasma or InterSol in order to reduce the risk of transfusion-transmitted infection, or TTI, including sepsis, and as an alternative to gamma irradiation for prevention of transfusion-associated graft versus host disease or TA-GVHD. The plasma system is approved by the FDA in the U.S. for ex vivo preparation of pathogen-reduced, whole blood derived or apheresis plasma in order to reduce the risk of TTI when treating patients requiring therapeutic plasma transfusion, and as an alternative to gamma irradiation for prevention of TA-GVHD. Outside of the U.S., we have received CE Certificates of Conformity issued by our Notified Body in accordance with the European Union Medical Devices Regulation 2017/745, or MDR, for the platelet system and the plasma system and affixed the CE Mark to these products. The INTERCEPT Blood System for red blood cells, or the red blood cell system, is currently in development and has not been commercialized anywhere in the world. We filed our application for conformity assessment to obtain a CE Certificate of Conformity to affix the CE Mark to the red blood cell system in December 2018 under the Medical Device Directive 93/42/EEC, or MDD, and in June 2021, we completed the resubmission of our application under the MDR. In October 2024, we announced that T\u00dcV-S\u00dcD, our Notified Body for the red blood cell system Item 1. Business Overview We are a biomedical products company focused on developing and commercializing the INTERCEPT Blood System to enhance blood safety. The INTERCEPT Blood System, which is based on our proprietary technology for controlling biological replication, is designed to reduce blood-borne pathogens in donated blood components intended for transfusion. 5 Our INTERCEPT Blood System is intended for use with blood components and certain of their derivatives: platelets, plasma, red blood cells and to produce INTERCEPT Fibrinogen Complex, or IFC, and pathogen reduced plasma, cryoprecipitate reduced. The INTERCEPT Blood System for platelets, or platelet system, and the INTERCEPT Blood System for plasma, or plasma system, have received a broad range of regulatory approvals and certification, including but not limited to FDA approval in the U.S., CE Certificates of Conformity delivered in accordance with the Medical Devices Regulation 2017/745, or MDR, permitting us to affix the CE Mark to our products and place them on the market in the European Union and other jurisdictions that recognize the CE Mark, and are being marketed and sold in a number of countries around the world, including the U.S., certain countries in Europe, the Commonwealth of Independent States, or CIS, the Middle East, and Latin America and selected countries in other regions of the world. Additionally, we have received FDA approval for the INTERCEPT Blood System for Cryoprecipitation. The INTERCEPT Blood System for Cryoprecipitation uses our plasma system to produce IFC for the treatment and control of bleeding, including massive hemorrhage, associated with fibrinogen deficiency. In addition, the INTERCEPT Blood System for Cryoprecipitation is used to produce pathogen reduced plasma, cryoprecipitate reduced. We currently sell the platelet and plasma systems using our direct sales force and through distributors and sell IFC or disposable kits to manufacture IFC in the U.S. using our dire Item 1A. Risk Factors Our business faces significant risks. If any of the events or circumstances described in the following risks actually occurs, our business may suffer, the trading price of our common stock could decline and our financial condition or results of operations could be harmed. These risks should b", "title": "CERS - CERUS CORP", "url": "/company/CERS/" }, { "kind": "company", "summary": "SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0002035149; latest 10-K filed 2026-02-26.", "text": "FLOC - Flowco Holdings Inc. SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0002035149; latest 10-K filed 2026-02-26. FLOC Flowco Holdings Inc. 0002035149 3533 Oil & Gas Field Machinery & Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes and other information included elsewhere in this Annual Report. In addition to historical data, this discussion contains forward-looking statements about our business, results of operations, cash flows, financial condition and prospects based on current expectations that involve risks, uncertainties and assumptions. Our actual results could differ materially from such forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those identified below and those discussed in Part I. Item 1A. Risk Factors and the section titled \u201cForward-Looking Statements\u201d included elsewhere in this Annual. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future. We use words such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201cpotential,\u201d \u201cseek,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cwould,\u201d and similar expressions to identify forward-looking statements. Company Overview We are a leading provider of production optimization, artificial lift and emissions management and monetization solutions for the oil and natural gas industry. Consistent with the manner in which our chief operating decision maker evaluates performance and allocate resources, our operations are conducted, managed and presented within the following two reportable segments: \u2022 Production Solutions: segment is comprised of our artificial lift operations, including digital solutions; and \u2022 Natural Gas Technologies: segment is comprised of our vapor recovery and natural gas systems operations. We have strategically positioned ourselves to provide products and services that include a full range of equipment and technology solutions that enable our customers to efficiently and cost-effectively maximize the profitability and economic lifespan of the production phase of their operations. As a result of this strategic position, we are able to generate revenues throughout the long production lives of oil and natural gas wells. Our products and services also integrate proprietary digital technologies that allow for remote monitoring and controls, and other enhanced uses of our equipment. We have an operating presence in every major onshore oil and natural gas producing region in the U.S. For a more detailed overview of our business, see Part 1. Item 1. Business and Part 1. Item 2. Properties in this Annual Report. Recent Developments IPO We consummated our initial public offering (\u201cIPO\u201d) on January 15, 2025, in which we issued and sold 20,470,000 shares of our Class A common stock at a price of $24.00 per share, resulting in net proceeds to us of approximately $461.8 million, after deducting the underwriting discount of approximately $29.5 million. Debt Repayments On January 17, 2025, we used a portion of the net proceeds from the IPO, after giving effect to the redemption of certain Flowco LLC interests held by non-affiliate holders, to repay $440.0 million of outstanding borrowings under our revolving Credit Agreement. The repayment substantially lowered our outstanding debt and interest expense in 2025 and enhanced our liquidity and capital structure. Share Repurchase Program On June 11, 2025, our Board of Directors authorized a share repurchase program providing for the repurchase of up to $50 million of our outstanding common stock. The Repurchase Program is intended to provide the Company with 55 flexibility to return capital to shareholders and to opportunistically repurchase shares when management believes such repurchases represent an attractive use of capital. Repurchases under the Repurchase Program may be ma Item 1. Business Overview We are incorporated under the laws of the state of Delaware, and our common stock is listed on the New York Stock Exchange (\u201cNYSE\u201d) under the trading symbol \u201cFLOC.\u201d Our operations are located in the U.S. Our corporate headquarters are located at 1300 Post Oak Blvd., Suite 450, Houston, Texas 77056. We are a leading provider of production optimization, artificial lift and emissions management and monetization solutions for the oil and natural gas industry. Our products and services include a full range of equipment and technology solutions that enable our customers to efficiently and cost-effectively maximize the profitability and economic lifespan of the production phase of their operations. Our principal products and services are organized into two business segments: (i) Production Solutions; and (ii) Natural Gas Technologies. Our core technologies include high pressure gas lift (\u201cHPGL\u201d), conventional gas lift, plunger lift and vapor recovery unit (\u201cVRU\u201d) solutions, all of which are overlaid by our proprietary digital technologies and solutions that enable real-time remote monitoring and control to maximize efficiencies for our products and services. These products and services, including proprietary technologies such as HPGL, which was pioneered by Estis, hold, in their respective categories, leading positions in growing markets, and are used extensively by the largest oil and natural gas producers primarily in the U.S. We generate revenues throughout the long production lives of oil and natural gas wells. As of December 31, 2025, we had a fleet of over 4,600 active systems enabling consistent revenue generation. We also sell other products and services that help our customers optimize the value of their assets. We believe that the demand for our products and services is more stable than the demand for drilling and completion related services, and this demand has resulted in more durable, recurring cash flows for our products and serv Item 1A. Risk Factors Investing in our Class A common stock involves a high degree of risk. Our investors should consider the following risks that could affect us and our business. The following disclosures should be read in conjunction with Management\u2019s Discussion and Analysis of Financial Condition and Results of", "title": "FLOC - Flowco Holdings Inc.", "url": "/company/FLOC/" }, { "kind": "company", "summary": "SIC 2761 Manifold Business Forms; CIK 0000033002; latest 10-K filed 2026-05-08.", "text": "EBF - ENNIS, INC. SIC 2761 Manifold Business Forms; CIK 0000033002; latest 10-K filed 2026-05-08. EBF ENNIS, INC. 0000033002 2761 Manifold Business Forms ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis provides material historical and prospective disclosures intended to enable investors and other users to assess our financial condition and results of operations. Statements that are not historical are forward-looking and involve risk and uncertainties, including those discussed under the caption \u201cRisk Factors\u201d in Item 1A of this Annual Report on Form 10-K and elsewhere in this Report. You should read this discussion and analysis in conjunction with our Consolidated Financial Statements and the related notes appearing elsewhere in this Report. The words \u201canticipate,\u201d \u201cpreliminary,\u201d \u201cexpect,\u201d \u201cbelieve,\u201d \u201cintend\u201d and similar expressions identify forward-looking statements. We believe these forward-looking statements are based upon reasonable assumptions. All such statements involve risks and uncertainties, and as a result, actual results could differ materially from those projected, anticipated, or implied by these statements. In view of such uncertainties, investors should not place undue reliance on our forward-looking statements since such statements may prove to be inaccurate and speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This Management\u2019s Discussion and Analysis covers the continuing operations of the Company, which are comprised of the production and sale of business forms and other business products. This Management\u2019s Discussion and Analysis includes the following sections: \u2022 Overview \u2013 An overall discussion regarding our Company, the business challenges and opportunities we believe are key to our success, and our plans for facing these challenges relating to our continuing operations. \u2022 Critical Accounting Estimates \u2013 A discussion of the accounting policies that require our most critical judgments and estimates relating to our continuing operations. This discussion provides insight into the level of subjectivity, quality, and variability involved in these judgments and estimates. This section also provides a summary of recently adopted and recently issued accounting pronouncements that have or may materially affect our business. \u2022 Results of Operations \u2013 An analysis of our consolidated results of operations and segment results for the three years presented in our Consolidated Financial Statements. This analysis discusses material trends within our continuing business and provides important information necessary for an understanding of our continuing operating results. \u2022 Liquidity and Capital Resources \u2013 An analysis of our cash flows and a discussion of our financial condition and contractual obligations. This section provides information necessary to evaluate our ability to generate cash and to meet existing and known future cash requirements over both the short and long term. References to 2026, 2025 and 2024 refer to the fiscal years ended February 28, 2026, February 28, 2025 and February 29, 2024, respectively. Overview The Company \u2013 Our management believes we are the largest provider of business forms, pressure-seal forms, labels, tags, envelopes, and presentation folders to independent distributors in the United States. Our Business Challenges \u2013 Our industry continues to experience consolidation of traditional supply channels, ongoing product obsolescence, paper supplier capacity adjustments, and periodic pricing volatility and potential supply allocations resulting from demand and supply imbalance. Technology advances have enabled electronic document distribution, web-based hosting, digital printing and print-on-demand as viable and cost-effective alternatives to traditional custom-printed documents and customer communications. Improved equipment has become more accessible to both existing and new competitors. As a result, ITEM 1. BUSINESS Overview Ennis, Inc. (collectively with its subsidiaries, the \u201cCompany,\u201d \u201cRegistrant,\u201d \u201cEnnis,\u201d or \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) was organized under the laws of Texas in 1909. Ennis is primarily a \u201ctrade printer\u201d that manufactures a broad range of printed products that are resold throughout the United States through a network of independent distributors. This distributor channel encompasses independent print distributors, commercial printers, direct mail, fulfillment companies, payroll and accounts payable software companies, and advertising agencies, among others. We also sell products to many of our competitors to satisfy their customers\u2019 needs. Business Overview Our management believes we are the largest provider of business forms, pressure-seal forms, labels, tags, envelopes, and presentation folders to independent distributors in the United States. We are in the business of manufacturing, designing and selling business forms and other printed business products primarily to distributors located in the United States. We operate approximately 50 manufacturing plants throughout the United States in 20 strategically located states as one reportable segment; printing services and manufacture of business forms. Approximately 95% of the business products we manufacture are custom and semi-custom products, constructed in a wide variety of sizes, colors, number of parts and quantities on an individual job basis, depending upon the customers\u2019 specifications. The products we sell include snap sets, continuous forms, laser cut sheets, tags, labels, envelopes, integrated products, jumbo rolls and pressure sensitive products in short, medium and long runs under the following labels: Ennis\u00ae, Royal Business Forms\u00ae, Block Graphics\u00ae, ColorWorx\u00ae, Enfusion\u00ae, Uncompromised Check Solutions\u00ae, VersaSeal\u00ae, Ad ConceptsSM, FormSource LimitedSM, Star Award Ribbon Company\u00ae, Witt Printing\u00ae, Genforms\u00ae, PrintGraphics\u00ae, Calibrated Forms\u00ae, PrintXcel\u00ae, Printegra\u00ae, Forms Manufacture ITEM 1A. RISK FACTORS You should carefully consider the risks described below, as well as the other information included or incorporated by reference in this Annual Report on Form 10-K, before making an investment in our common stock. The risks described below are not the only ones we face in our business. Additional risks and uncertainties not presently known", "title": "EBF - ENNIS, INC.", "url": "/company/EBF/" }, { "kind": "company", "summary": "SIC 3825 Instruments For Meas & Testing of Electricity & Elec Signals; CIK 0000039020; latest 10-K filed 2025-07-18.", "text": "FEIM - FREQUENCY ELECTRONICS INC SIC 3825 Instruments For Meas & Testing of Electricity & Elec Signals; CIK 0000039020; latest 10-K filed 2025-07-18. FEIM FREQUENCY ELECTRONICS INC 0000039020 3825 Instruments For Meas & Testing of Electricity & Elec Signals Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u201cSafe Harbor\u201d Statement under the Private Securities Litigation Reform Act of 1995: The statements in this Annual Report on Form 10-K regarding future earnings and operations and other statements relating to the future constitute \u201cforward-looking\u201d statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, the risks associated with reliance on key customers, including the U.S. government, the Company\u2019s use of estimates when accounting for contracts, actions by significant customers or competitors, competitive factors, new products and technological changes, continued acceptance of the Company\u2019s products in the marketplace, dependence upon third-party vendors, product prices and raw material costs, the Company\u2019s ability to attract and retain key employees, general domestic and international economic conditions, health epidemics and pandemics, external disruptions to the Company\u2019s facilities or supply chain, the Company\u2019s operations in a highly regulated industry, the outcome of any litigation and arbitration proceedings, cybersecurity attacks, volatility in the Company\u2019s stock price, including due to the relatively low trading volume of its common stock, and failure to maintain an effective system of internal controls over financial reporting. The factors listed above are not exhaustive. Other sections of this Form 10-K include additional factors that could materially and adversely impact the Company\u2019s business, financial condition and results of operations. Moreover, the Company operates in a very competitive and rapidly changing environment. New factors emerge from time to time and it is not possible for management to predict the impact of all these factors on the Company\u2019s business, financial condition or results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not rely on forward-looking statements as a prediction of actual results. Any or all of the forward-looking statements contained in this Form 10-K and any other public statement made by the Company or its management may turn out to be incorrect. The Company expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 17 Table of Contents Critical Accounting Estimates The Company\u2019s significant accounting policies are described in Note 1 to the Consolidated Financial Statements. The Company believes its most critical accounting policies to be the recognition of revenue and costs on production contracts, income taxes and the valuation of inventory. Each of these areas requires the Company to make use of reasonable estimates, including estimating the cost to complete a contract, the realizable value of its inventory or the market value of its products. Changes in estimates can have a material impact on the Company\u2019s financial position and results of operations. Revenue Recognition Revenues for most contracts are reported in operating results over time using the cost-to-cost method. Under this method, revenue is recorded based upon the ratio that incurred costs bear to total estimated contract costs with related cost of revenues recorded as the costs are incurred. Each month management reviews estimated contract costs through a process of aggregating actual costs incurred and estimating additional costs to completion based upon the current available information regarding la", "title": "FEIM - FREQUENCY ELECTRONICS INC", "url": "/company/FEIM/" }, { "kind": "company", "summary": "SIC 3559 Special Industry Machinery, NEC; CIK 0001421517; latest 10-K filed 2026-02-25.", "text": "ERII - Energy Recovery, Inc. SIC 3559 Special Industry Machinery, NEC; CIK 0001421517; latest 10-K filed 2026-02-25. ERII Energy Recovery, Inc. 0001421517 3559 Special Industry Machinery, NEC Item 7 \u2014 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management Discussion and Analysis of Financial Condition and Results of Operations is intended to help the reader understand our results of operations and financial condition. It should be read in conjunction with the Consolidated Financial Statements and related Notes included in Part II, Item 8, \u201cFinancial Statements and Supplementary Data,\u201d in this Annual Report on Form 10-K. Overview Our reportable operating segments consist of the Water and Emerging Technologies segments. These segments are based on the industries in which the technology solutions are sold, the type of energy recovery device or other technology sold and the related solution and service or, in the case of emerging technologies, where revenues from new and/or potential devices utilizing our pressure exchanger technology can be brought to market. Other factors for determining the reportable operating segments include the manner in which management evaluates the performance of the Company combined with the nature of the individual business activities. In addition, our corporate operating expenses include expenditures in support of the water and emerging technologies segments, as well as R&D expenditures applicable to potential future industry verticals, or enabling technologies that could benefit either or both existing business units. On February 25, 2026, we decided to wind down operations of the CO2 retail grocery business within our Emerging Technologies segment due to a fundamental change in the outlook of the business. See Note 13, \u201cSubsequent Events,\u201d of the Notes for further discussion regarding the wind down. Global Economic and Political Environment Considerations The markets for our products are dynamic and constantly evolving. Our products are sold in numerous countries worldwide, with a large percentage of our sales generated outside the U.S., specifically in the Middle East, Africa and Asia markets which provide a significant portion of our total revenue. Therefore, we are exposed to and impacted by global macroeconomic factors, U.S. and foreign government policies and foreign exchange fluctuations. There is uncertainty surrounding macroeconomic factors in the U.S. and globally characterized by the supply chain environment, inflationary pressure, rising interest rates, and labor shortages. These global macroeconomic factors, coupled with the U.S. political climate, political unrest internationally, and known conflicts in Europe and the Middle East, have created global economic and political uncertainty, and have impacted demand for certain of our products. While the impact and longevity of these factors remain uncertain, we are constantly evaluating the extent to which these factors will impact our business, financial condition or results of operations. Over the long-term, demand for our energy recovery devices could correlate to global macroeconomic and geopolitical factors. Any disruption to the economic factors and regulations in these regions, which remain uncertain, may adversely affect our results of operations and financial condition. Refer to Part I, Item 1, \u201cBusiness,\u201d and Part I, Item 1A, \u201cRisk Factors,\u201d in this Annual Report on Form 10-K for further discussion of these trends and other risks. Results of Operations A discussion regarding our financial condition and results of operations for the year ended December 31, 2024, compared to the year ended December 31, 2023, can be found under Item 7 in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 26, 2025, which is available free of charge on the SEC\u2019s website at http://www.sec.gov and at our investor relations website (https://ir.energyrecovery.com). Revenue Energy Recovery, Inc. | 2025 Annual Report (Form 10-K) | 35 Table of Contents As a significant portion of our revenue is Item 1 \u2014 Business Overview Energy Recovery, Inc. (the \u201cCompany\u201d, \u201cEnergy Recovery\u201d, \u201cwe\u201d, \u201cour\u201d and \u201cus\u201d) designs and manufactures world-class energy-saving technology for critical infrastructure that communities rely on every day, driving a more resilient and sustainable future. Grounded in more than 30 years of leadership in the desalination industry, today we use our proprietary pressure exchanger technology to help customers in multiple industries improve their operations and lower their emissions. We have been incorporated in the state of Delaware since 2001. Our corporate headquarters, principal research and development (\u201cR&D\u201d), and manufacturing facility is located in San Leandro, California. In addition, we have manufacturing and warehouse space in Tracy, California. We have a global direct sales team and on-site technical support staff to service customers in the United States of America (the \u201cU.S.\u201d), Europe, North, South and Latin America, the Middle East, Northern Africa, and Asia. On February 25, 2026, we decided to wind down operations of the CO2 retail grocery business within our Emerging Technologies segment due to a fundamental change in the outlook of the business. See Note 13, \u201cSubsequent Events,\u201d of the Notes for further discussion regarding the wind down. Pressure Exchanger Technology Our pressure exchanger technology platform is at the heart of many of our solutions. It is designed to efficiently capture and transfer pressure energy, making commercial and industrial processes more efficient and environmentally sustainable, thereby lowering costs, saving energy, and minimizing emissions. This versatile technology is applicable to a wide range of industries that utilize pressurized fluids, including liquids and gas, and is ideal for a wide range of pressure ratings. Our pressure exchanger technology acts like a fluid piston, efficiently transferring energy between high- and low-pressure liquid or gas through continuously r Item 1A \u2014 Risk Factors The following discussion sets forth what management currently believes could be the most significant risks and uncertainties that could impact our businesses, results of operations, and financial condition. Other risks and uncertainties, including those not currently known to us or our management, could also negatively impact our businesses, results of opera", "title": "ERII - Energy Recovery, Inc.", "url": "/company/ERII/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0002035832; latest 10-K filed 2026-03-30.", "text": "AKTS - Aktis Oncology, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0002035832; latest 10-K filed 2026-03-30. AKTS Aktis Oncology, Inc. 0002035832 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes and other financial information included elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. See \u201cSpecial Note Regarding Forward-Looking Statements.\u201d As a result of many factors, including those factors set forth in the \"Risk Factors\" section of this Annual Report and \"Cautionary Note Regarding Forward-Looking Statements\", our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Overview We are a clinical-stage oncology company focused on expanding the breakthrough potential of targeted radiopharmaceuticals to large patient populations, including those not addressed by existing platform technologies. The field of targeted radiopharmaceuticals is currently led by two marketed products that illustrated transformative survival outcomes and quality of life benefits can be conferred by delivering radioisotopes to solid tumors. These leading products, which target prostate specific membrane antigen or somatostatin-2 receptor, are each currently approved in only one tumor type, but in those indications, have seen considerable commercial uptake and have become fundamental pillars of cancer treatment. Despite these advances, we believe that the field of radiopharmaceuticals is still in its infancy, with many emerging companies still primarily focused on these same two targets. In contrast, we see a significant opportunity to broaden the cancer patient populations benefiting from targeted radiopharmaceuticals by developing next-generation technologies that expand the scope of tumor targets for which it is possible to safely deliver a powerful payload of an alpha-emitting radioisotope. To ensure patient demand is reliably met, we are also establishing efficient end-to-end supply, with a combination of critical internal capabilities paired with experienced external vendors. Through these efforts, we seek to maximize clinical utility across multiple indications in multiple tumor types, and to expand the commercial uptake of radiopharmaceuticals beyond the traditional nuclear medicine setting and into the more expansive clinical oncology setting. Since our inception in August 2020, we have devoted substantially all of our resources to developing our miniprotein radioconjugate platform, identifying and developing our product candidates and programs, establishing and protecting our intellectual property, conducting research and development activities, building our supply chain and manufacturing capabilities, organizing and staffing our company, raising capital and providing general and administrative support for these operations. We do not have any products approved for commercial sale and have not generated any revenues from product sales. We have funded our operations primarily with proceeds from the issuance and sale of our redeemable convertible preferred stock and upfront payments from a Research and Collaboration Agreement, the Collaboration Agreement, with Eli Lilly and Company, or Eli Lilly, and have received aggregate net proceeds of $345.5 million from the sale of our redeemable convertible preferred stock, $60.0 million in upfront payments upon entering into the Collaboration Agreement, and $1.0 million upon achieving the first development milestone under the Collaborat Item 1. Business. Overview We are a clinical-stage oncology company focused on expanding the breakthrough potential of targeted radiopharmaceuticals to large patient populations, including those not addressed by existing platform technologies. The field of targeted radiopharmaceuticals is currently led by two marketed products that illustrated transformative survival outcomes and quality of life benefits can be conferred by delivering radioisotopes to solid tumors. These leading products, which target prostate specific membrane antigen or somatostatin-2 receptor, are each currently approved in only one tumor type, yet have seen considerable commercial uptake and have become fundamental pillars of cancer treatment. Despite these advances, we believe that the field of radiopharmaceuticals is still in its infancy, with many emerging companies still primarily focused on these same two targets. In contrast, we see a significant opportunity to broaden the cancer patient populations benefiting from targeted radiopharmaceuticals by developing next-generation technologies that expand the scope of tumor targets for which it is possible to safely deliver a powerful payload of an alpha-emitting radioisotope. To ensure patient demand is reliably met, we are also establishing efficient end-to-end supply, with a combination of critical internal capabilities paired with established external vendors. Through these efforts, we seek to maximize clinical utility across multiple indications in multiple tumor types, and to expand the commercial uptake of radiopharmaceuticals beyond the traditional nuclear medicine setting and into the more expansive clinical oncology setting. We have built a proprietary miniprotein radioconjugate platform that aims to safely confer breakthrough efficacy to a broad range of patient populations. Our miniprotein radioconjugates are designed to selectively deliver the tumor-killing properties of radioisotopes to targeted tumors with high tumor penetration Item 1A. Risk Factors. You should carefully consider the risks and uncertainties described below, as well as the other information in this Annual Report, including our consolidated financial statements and the related notes appearing elsewhere in this Annual Report and the sections of this Annual Report titled \u201cSpecial No", "title": "AKTS - Aktis Oncology, Inc.", "url": "/company/AKTS/" }, { "kind": "company", "summary": "SIC 2810 Industrial Inorganic Chemicals; CIK 0001096056; latest 10-K filed 2026-02-24.", "text": "LXFR - LUXFER HOLDINGS PLC SIC 2810 Industrial Inorganic Chemicals; CIK 0001096056; latest 10-K filed 2026-02-24. LXFR LUXFER HOLDINGS PLC 0001096056 2810 Industrial Inorganic Chemicals Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Information regarding forward-looking statements This Annual Report on Form 10-K contains certain statements, statistics and projections that are, or may be, forward-looking. These forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that could cause our actual results of operations, financial condition, liquidity, performance, prospects, opportunities, achievements or industry results, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. The accuracy and completeness of all such statements, including, without limitation, statements regarding our future financial position, strategy, plans and objectives for the management of future operations, is not warranted or guaranteed. These statements typically contain words such as \"believes,\" \"intends,\" \"expects,\" \"anticipates,\" \"estimates,\" \"may,\" \"will,\" \"should\" and words of similar import. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Although we believe that the expectations reflected in such statements are reasonable, no assurance can be given that such expectations will prove to be correct. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to, factors identified in \"Business,\" \"Risk factors,\" and \"Management's Discussion and Analysis of Financial Condition and Results of Operations,\" or elsewhere in this Annual Report, as well as: \u2022general economic conditions, or conditions affecting demand for the services offered by us in the markets in which we operate, both domestically and internationally, being less favorable than expected; \u2022worldwide economic and business conditions and conditions in the industries in which we operate; \u2022potential or actual tariffs, and other political risks worldwide; \u2022future pandemics; \u2022fluctuations in the cost and / or availability of raw materials, including Chinese rare earths, labor and energy, as well as our ability to pass on cost increases to customers; \u2022currency fluctuations and other financial risks; \u2022our ability to protect our intellectual property; \u2022the amount of indebtedness we have incurred and may incur, and the obligations to service such indebtedness and to comply with the covenants contained therein; \u2022relationships with our customers and suppliers; \u2022increased competition from other companies in the industries in which we operate; \u2022changing technology; \u2022our ability to execute and integrate new acquisitions; \u2022claims for personal injury, death or property damage arising from the use of products produced by us; \u2022the occurrence of accidents or other interruptions to our production processes; \u2022changes in our business strategy or development plans, and our expected level of capital expenditure; \u2022our ability to attract and retain qualified personnel; \u2022restrictions on the ability of Luxfer Holdings PLC to receive dividends or loans from certain of its subsidiaries; \u2022climate change regulations and the potential impact on energy costs; \u2022regulatory, environmental, legislative and judicial developments; and \u2022our intention to pay dividends. Please read the sections \"Business,\" \"Risk factors,\" and \"Management's Discussion and Analysis of Financial Condition and Results of Operations,\" of this Annual Report on Form 10-K for a more complete discussion of the factors that could affect our performance and the industries in which we operate, as well as those discussed Item 1. Business Background and business overview Luxfer Holdings PLC (\u201cLuxfer,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cour\u201d) is a global industrial company focused on niche applications in advanced materials engineering. We develop and manufacture high-performance materials, components, and high-pressure gas containment solutions for customers operating in defense, first response and healthcare, transportation, and specialty industrial markets. Luxfer\u2019s strategy is centered on value creation through the application of deep technical expertise, proprietary technologies, and close collaboration with customers to solve complex engineering challenges. Our core product lines include magnesium alloys and powders, zirconium-based chemicals, aluminum and composite high-pressure gas cylinders, and carbon composite technologies. We believe we hold leading positions in several of our principal markets, including magnesium alloys and powders for aerospace, defense, and commercial applications; zirconium chemicals used in automotive catalytic converters and industrial catalysis; and high-pressure composite cylinders used in self-contained breathing apparatus and in the transport and storage of compressed natural gas (\u201cCNG\u201d) and hydrogen. Our competitive position is supported by proprietary manufacturing processes, long-standing customer relationships, strong customer service capabilities, and a global manufacturing footprint. Luxfer operates a global manufacturing network, and operated in 13 facilities during 2025 located in the United States, the United Kingdom, Canada, and China, and maintains a joint venture in Japan. One manufacturing facility relates to a discontinued operation and one facility ceased operations during 2025. We employ approximately 1,400 people worldwide, including temporary staff, with fewer than 50 employees supporting discontinued operations. For the year ended 2025, net sales from continuing operations were $384.6 million (2024: $391.9 million, 2023: $405. Item 1A. Risk Factors The risks described below are not the only risks facing us. Any of the following risks could materially and adversely affect our business, financial condition or results of operations. Additional risks and uncertainties not currently known to us or those we currently view to be immaterial may also materially and adversely affect ou", "title": "LXFR - LUXFER HOLDINGS PLC", "url": "/company/LXFR/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001846069; latest 10-K filed 2026-02-18.", "text": "NXDR - Nextdoor Holdings, Inc. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001846069; latest 10-K filed 2026-02-18. NXDR Nextdoor Holdings, Inc. 0001846069 7370 Services-Computer Programming, Data Processing, Etc. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides information which our management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. The discussion should be read together with our consolidated financial statements and related notes that are included elsewhere in this Annual Report. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d or in other parts of this Annual Report. Discussions regarding our financial condition and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024 are presented below. Discussions regarding our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 are located in Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025. Overview Nextdoor is the essential neighborhood network connecting over 105 million Verified Neighbors to the people, places, and information that matter most in their local communities. Operating in over 350,000 neighborhoods across 11 countries, Nextdoor fosters trusted, real-world utility through locally relevant content and services, including news, real-time safety alerts, neighbor recommendations, for sale and free listings, and events. This focus on practical local value drives genuine, high-intent local engagement and supports a diverse ecosystem of neighbors and partners seeking to connect with neighbors. Key business metrics for the three months ended December 31, 2025 are as follows: \u2022Platform weekly active users (\u201cPlatform WAU\u201d) was 21.0 million, a decrease of 5% compared to the three months ended December 31, 2024. \u2022Average revenue per platform weekly active user (\u201cPlatform ARPU\u201d) was $3.31, an increase of 13% compared to the three months ended December 31, 2024. Financial Results as of and for the year ended December 31, 2025 are as follows: \u2022Revenue was $257.6 million, an increase of 4% compared to 2024. \u2022Total costs and expenses were $329.6 million, a decrease of 11% compared to 2024. \u2022Net loss decreased 45% to $54.2 million in 2025, compared to $98.1 million in 2024. \u2022Adjusted EBITDA was positive $0.6 million in 2025, compared to a loss of $18.2 million in 2024. \u2022Cash, cash equivalents, and marketable securities were $404.8 million. See \u201cNon-GAAP Financial Measure\u201d below for more information and for a reconciliation of net loss, the most directly comparable financial measure calculated and presented in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d), to Adjusted EBITDA. 47 Table of Contents Restructuring In August 2025, we announced a cost reduction plan intended to right size the business and align the workforce and other expenses with our business priorities. The execution of the cost reduction plan was substantially complete by the end of the third quarter of 2025. The following table summarizes the restructuring charges in the consolidated statements of operations for the year ended December 31, 2025 (in thousands): [[GREPCENT_TABLE]] [[\"\",\"Severance and Related Charges\",\"\",\"Stock-Based Compensation Expense\",\"\",\"\",\"\",\"Total\"],[\"Research and development\",\"$\",\"2,660\",\"\",\"\",\"$\",\"792\",\"\",\"\",\"\",\"\",\"$\",\"3,452\"],[\"Sales and marketing\",\"1,250\",\"\",\"\",\"126\",\"\",\"\",\"\",\"\",\"1,376\"],[\"General and administrative\",\"750\",\"\",\"\",\"51\",\"\",\"\",\"\",\"\",\"801\"],[\"Total\",\"$\",\"4,660\",\"\",\"\",\"$\",\"969\",\"\",\"\",\"\",\"\" Item 1. Business Overview Nextdoor is the essential neighborhood network connecting over 105 million Verified Neighbors1 to the people, places, and information that matter most in their local communities. Operating in over 350,000 neighborhoods across 11 countries, Nextdoor fosters trusted, real-world utility through locally relevant content and services, including news, real-time safety alerts, neighbor recommendations, for sale and free listings, and events. This focus on practical local value drives genuine, high-intent local engagement and supports a diverse ecosystem of neighbors and partners seeking to connect with neighbors. Our platform is powered by unique geospatial technology and a proprietary advertising system that enables businesses of all sizes to reach highly engaged audiences with a local focus. Through these capabilities, Nextdoor helps strengthen local communities while providing partners \u2014 including small businesses, national brands, publishers, and civic and government agencies \u2014 with effective tools to communicate and engage locally at scale. As of December 31, 2025, Nextdoor had 21.0 million Platform Weekly Active Users (\u201cPlatform WAU\u201d) and reached 1 in 3 households in the United States. Our Platform and Our Users In 2025, we launched the new Nextdoor initiative, the first phase of a multi\u2011phase product transformation designed to create more engaging experiences for neighbors and partners and deliver enhanced value for advertisers. This evolution expands the platform beyond primarily neighbor-generated content to a dynamic feed enriched with timely, locally relevant information \u2014 including news and alerts \u2014 with artificial intelligence (\u201cAI\u201d) and machine learning (\u201cML\u201d) used to help surface and personalize content for neighbors. The Nextdoor Ecosystem Nextdoor is built on the unique combination of neighbor identity, trust and proximity. Our platform is powered by our core constituencies: neighbors, businesses, and public agencies seeki Item 1A. Risk Factors Investing in our Class A common stock involves risks. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report, including the section titled \u201cManagement\u2019s Discussion and Analysis of F", "title": "NXDR - Nextdoor Holdings, Inc.", "url": "/company/NXDR/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001285550; latest 10-K filed 2026-03-17.", "text": "CLPT - ClearPoint Neuro, Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001285550; latest 10-K filed 2026-03-17. CLPT ClearPoint Neuro, Inc. 0001285550 3841 Surgical & Medical Instruments & Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes thereto included elsewhere in this Annual Report. This discussion and analysis contains forward-looking statements that are based upon current expectations and involve risks, assumptions and uncertainties. You should review the \u201cRisk Factors\u201d section of this Annual Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements described in the following discussion and analysis. Overview We are a commercial-stage medical device company that develops and commercializes integrated systems used in minimally invasive neurosurgical procedures in the brain. We have deployed significant resources to fund our efforts to develop the foundational capabilities for enabling MRI-guided interventions, building an intellectual property portfolio, and identifying and building out commercial applications for the technologies developed by our company. Over the past several years, we have expanded our capabilities beyond the MRI suite to include operating room based neurosurgical device products and a growing portfolio of services that support pharmaceutical and biotechnology partners developing gene and cell therapies. In 2025, with the acquisition of IRRAS, we expanded our portfolio into neurocritical care, focusing on treatments for intracerebral hemorrhage, intraventricular hemorrhage, and other conditions requiring intracranial fluid management. Our business today consists of two integrated components: (i) a business providing medical devices for neurosurgical applications, and (ii) a business focused on partnerships in the biologics and drug delivery space. Our primary medical device product, the ClearPoint system, is an integrated system comprised of hardware components, disposable components, and intuitive, menu-driven software. The primary applications for the ClearPoint system are to target and guide: (a) the insertion of deep brain stimulation electrodes, biopsy needles, and laser catheters; and (b) the infusion of pharmaceuticals into the brain. The ClearPoint system was originally designed for use in an MRI setting. In 2021, we launched the SmartFrame Array Neuro Navigation System and Software, which allows for operating room placement of the ClearPoint system and completion of the procedure in the MRI suite. In 2024, we introduced the SmartFrame OR Stereotactic System to the market, which allows for complete procedures to be performed in the operating room. In 2025, we released the ClearPoint Navigation Software Version 3.0, which allows for the ClearPoint system navigation software to support end-to-end procedures in the operating room. In 2022, we commenced commercialization of the ClearPoint Prism Neuro Laser Therapy System, a laser ablation system. The ClearPoint Prism Neuro Laser Therapy System was developed and is manufactured for us by CLS. We have exclusive global rights to commercialize the system for neuro applications. In 2025, through the acquisition of IRRAS, we added the IRRAflow system to our portfolio of medical devices. The IRRAflow system integrates continuous irrigation, drainage, and real-time intracranial pressure monitoring to provide controlled, automated intracranial fluid management within neurocritical care and operating room settings. The second component of our business is focused on partnerships in the biologics drug and delivery space, supporting our customers from the earliest stages of their research through their clinical study and commercialization process. Since 2021, a growing and significant part of the revenue from our business has been derived from preclinical development services, which include protocol consulta ITEM 1. BUSINESS Overview We are a commercial-stage medical device company, incorporated in 1998 as a Delaware corporation, that develops and commercializes integrated systems used in minimally invasive neurosurgical procedures in the brain. From our inception in 1998, we have deployed significant resources to fund our efforts to develop the foundational capabilities for enabling magnetic resonance imaging (\u201cMRI\u201d) guided interventions, building an intellectual property portfolio, and identifying and building out commercial applications for the technologies we develop. In 2021, our efforts expanded beyond the MRI suite to encompass development and commercialization of neurosurgical device products for the operating room setting, as well as consulting services for pharmaceutical companies. In 2025, through our acquisition of IRRAS Holdings, Inc. (\u201cIRRAS\u201d), we expanded our portfolio into neurocritical care. IRRAS is a commercial-stage medical technology company focused on treatments for intracerebral hemorrhage, intraventricular hemorrhage, and other conditions requiring intracranial fluid management. The IRRAS products complement our existing neurosurgical technologies and broaden our reach into acute care settings, enabling us to offer an expanded set of solutions spanning functional neurosurgery, neurocritical care, and intracranial drug delivery. Our business consists of two integrated components: (i) a business providing medical devices for neurosurgical applications, and (ii) a business focused on partnerships in the biologics and drug delivery space. Medical Devices for Neurosurgical Application The first foundational component of our business is focused on providing medical devices for neurosurgical applications. Our primary medical device product, the ClearPoint system, is an integrated system comprised of hardware components, disposable components, and intuitive, menu-driven software. The primary applications for the ClearPoint system are to target an ITEM 1A. RISK FACTORS Any investment in our common stock involves a high degree of risk. You should consider carefully the risks and uncertainties described below and all information contained in this Annual Report before you decide whether to purchase our common stock. If any of the following ris", "title": "CLPT - ClearPoint Neuro, Inc.", "url": "/company/CLPT/" }, { "kind": "company", "summary": "SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0001861107; latest 10-K filed 2026-02-24.", "text": "CBLL - Ceribell, Inc. SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0001861107; latest 10-K filed 2026-02-24. CBLL Ceribell, Inc. 0001861107 3845 Electromedical & Electrotherapeutic Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes included elsewhere in this Annual Report. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs that involve significant risks and uncertainties. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to those differences include those discussed below and elsewhere in this Annual Report, particularly in \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview We are a medical technology company focused on transforming the diagnosis and management of patients with serious neurological conditions. We have developed the Ceribell System, a novel, point-of-care EEG platform specifically designed to address the unmet needs of patients in the acute care setting. By combining proprietary, highly portable, and rapidly deployable hardware with sophisticated artificial intelligence (\u201cAI\u201d)-powered algorithms, the Ceribell System enables rapid diagnosis and continuous monitoring of patients with neurological conditions. We initially focused on becoming the standard of care for the detection and management of seizures in the acute care setting, where the technological and operational limitations of conventional EEG systems have contributed to significant delays in seizure and delirium diagnosis and suboptimal patient care and clinical outcomes, as well as a high economic burden for hospitals and the healthcare system. By making EEG more accessible and enabling continuous monitoring through the power of AI, the Ceribell System enables clinicians to more rapidly and accurately diagnose and manage patients at risk of seizure and delirium in the acute care setting, resulting in improved patient outcomes and hospital and payer economics. As of December 31, 2025, the Ceribell System has been adopted by more than 600 hospitals, ranging from top academic centers to small community hospitals. For information regarding how patient care and clinical outcomes are measured, see \u201cBusiness\u2014Market Overview\u2014Challenges of Managing Seizures in the Acute Care Setting\u201d included elsewhere in this Annual Report on Form 10-K. We specifically designed the Ceribell System to address the limitations of conventional EEG in the acute care setting and dramatically improve clinical outcomes of critically ill patients at high risk of seizures. The Ceribell System integrates proprietary, highly portable hardware with AI-powered algorithms to aid in the detection and management of seizures. Our hardware is composed of disposable, flexible headbands and headcaps (\u201cWearables\u201d) and a pocket-sized, rechargeable battery-operated recorder used to capture and wirelessly transmit EEG signals. The hardware is simple to use and, after approximately one hour of training, can be applied within minutes by any non-specialized healthcare professional. The recorder is integrated with a proprietary web-based portal that allows neurologists to remotely access EEG data in real time from any web-enabled device. EEG data captured by the recorder is interpreted by our proprietary AI-powered seizure detection algorithms, which continuously monitor the patient\u2019s EEG signal and can support the clinician\u2019s real-time assessment of seizure activity and delirium. We are currently focused on becoming the standard of care for the detection and management of seizures in the acute care setting. In May 2023, Clarity\u00ae became the first device to receive 510(k) clearance from the U.S. Food and Drug Administration (\u201cFDA\u201d) for diagnosing electrographic status epilepticus. In December 2025, the FDA granted 510(k) clearance for Ceribell\u2019s propr Item 1. Business. Overview We are a medical technology company focused on transforming the diagnosis and management of patients with serious neurological conditions. We have developed the Ceribell System, a novel, point-of-care EEG platform specifically designed to address the unmet needs of patients in the acute care setting. By combining proprietary, highly portable, and rapidly deployable hardware with sophisticated artificial intelligence (\u201cAI\u201d)-powered algorithms, the Ceribell System enables rapid diagnosis and continuous monitoring of patients with neurological conditions. We are initially focused on becoming the standard of care for the detection and management of seizures in the acute care setting, where the technological and operational limitations of conventional EEG systems have contributed to significant delays in seizure diagnosis and suboptimal patient care and clinical outcomes, as well as a high economic burden for hospitals and the healthcare system. By making EEG more accessible and enabling continuous monitoring through the power of AI, the Ceribell System enables clinicians to more rapidly and accurately diagnose and manage patients at risk of seizure in the acute care setting, resulting in improved patient outcomes and hospital and payer economics. As of December 31, 2025, the Ceribell System has been adopted by more than 600 hospitals, ranging from top academic centers to small community hospitals. For information regarding how patient care and clinical outcomes are measured, see \u201c\u2014Market Overview\u2014Challenges of Managing Seizures in the Acute Care Setting.\u201d A seizure is an abnormal burst of uncontrolled electrical activity in the brain which, if left untreated, can result in permanent disability or death. Seizures are often associated with epilepsy, a chronic condition that causes recurring seizures throughout an individual\u2019s life. However, seizures in the acute care setting are also commonly triggered by serious conditions such as brain tumo Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below, as well as the other information in this Annual Report, including our financial statements and the related notes and \u201cManagement\u2019s Discussion and Analysis of ", "title": "CBLL - Ceribell, Inc.", "url": "/company/CBLL/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001707502; latest 10-K filed 2026-03-19.", "text": "SLDB - Solid Biosciences Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001707502; latest 10-K filed 2026-03-19. SLDB Solid Biosciences Inc. 0001707502 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in or implied by these forward-looking statements. Overview We are a life sciences company focused on advancing a portfolio of current and future gene therapy candidates, which we refer to collectively as our Candidates, including SGT-003 for the treatment of Duchenne muscular dystrophy (\u201cDuchenne\u201d), SGT-212 for the treatment of Friedreich\u2019s ataxia (\u201cFA\u201d), SGT-501 for the treatment of catecholaminergic polymorphic ventricular tachycardia (\u201cCPVT\u201d), SGT-601 for the treatment of TNNT2-mediated dilated cardiomyopathy (\u201cTNNT2 DCM\u201d), and additional assets for the treatment of genetic cardiac and neuromuscular diseases, at different stages of development, with varying levels of investment. We are advancing our diverse pipeline across rare neuromuscular and cardiac diseases, bringing together experts in science, technology, disease management and care. Patient-focused and founded by those directly impacted by Duchenne, our mission is to improve the daily lives of patients living with these devastating diseases. Solid was purpose-built to advance the best science and accelerate the discovery and development of treatments that may benefit all patients with Duchenne. As we expand to bring meaningful treatments to patients living with other neuromuscular and cardiac diseases, the values and guiding principles that drive us continue. Our corporate vision is to build an innovation platform enabling the discovery and development of high-value genetic medicines for neuromuscular and cardiac diseases by integrating internal capabilities, including a vector core, use of validated animal models, optimized expression cassettes, novel capsids and regulatory expertise, and collaborations with leaders in related clinical and research fields. Our mission, which guides our operations, is to treat and change the course of neuromuscular and cardiac diseases at all stages. Underscoring this mission, our disease-focused business model is founded on the following fundamental principles: \u2022 identify and develop meaningful therapies for underserved patients with sometimes fatal neuromuscular and cardiac diseases; \u2022 build innovative libraries of delivery capsids and other enabling technologies with the potential to have broad impact on the gene therapy field at large; \u2022 bring together the leading experts in neuromuscular and cardiac diseases, science, technology, disease management and care; and \u2022 be guided by the needs of these patients. We are continuing to advance our pipeline of Candidates. The U.S. Food and Drug Administration (the \u201cFDA\u201d) has granted Fast Track, Orphan Drug, and Rare Pediatric Disease designations for SGT-003 for Duchenne and SGT-003 has also been awarded an Innovation Passport by the new UK Innovative Licensing and Access Pathway. The FDA has granted Fast Track, Orphan Drug and Rare Pediatric Disease designations to SGT-212 for the treatment of FA and SGT-501 for the treatment of CPVT. As we continue to pursue opportunities in both the U.S. and international markets, we remain attentive to evolving global economic conditions, including uncertainties related to international trade policies, tariffs, and supply chain dynamics. Although these factor Item 1. Business. Overview We are a life sciences company focused on advancing a portfolio of current and future gene therapy candidates, which we refer to collectively as our Candidates, including SGT-003 for the treatment of Duchenne muscular dystrophy (\u201cDuchenne\u201d), SGT-212 for the treatment of Friedreich\u2019s ataxia (\u201cFA\u201d), SGT-501 for the treatment of Catecholaminergic polymorphic ventricular tachycardia (\u201cCPVT\u201d), SGT-601 for the treatment of TNNT2-mediated dilated cardiomyopathy (\u201cTNNT2 DCM\u201d), and additional assets for the treatment of genetic cardiac and neuromuscular diseases, at different stages of development, with varying levels of investment. We are advancing our diverse pipeline across rare neuromuscular and cardiac diseases, bringing together experts in science, technology, disease management and care. Patient-focused and founded by those directly impacted by Duchenne, our mission is to improve the daily lives of patients living with these devastating diseases. Solid was purpose-built to advance the best science and accelerate the discovery and development of treatments that may benefit all patients with Duchenne. As we expand to bring meaningful treatments to patients living with other neuromuscular and cardiac diseases, the values and guiding principles that drive us continue. Our corporate vision is to build an innovation platform enabling the discovery and development of high-value genetic medicines for neuromuscular and cardiac diseases by integrating internal capabilities, including a vector core, use of validated animal models, optimized expression cassettes, novel capsids and regulatory expertise, and collaborations with leaders in related clinical and research fields. Our mission, which guides our operations, is to treat and change the course of neuromuscular and cardiac diseases at all stages. Underscoring this mission, our disease-focused business model is founded on the following fundamental principles: \u2022 identify and develop meaningful the Item 1A. Risk Factors. You should carefully consider the following risk factors, in addition to the other information contained in this Annual Report on Form 10-K, including the section of this report titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Op", "title": "SLDB - Solid Biosciences Inc.", "url": "/company/SLDB/" }, { "kind": "company", "summary": "SIC 3537 Industrial Trucks, Tractors, Trailors & Stackers; CIK 0001173514; latest 10-K filed 2026-03-03.", "text": "HY - HYSTER-YALE, INC. SIC 3537 Industrial Trucks, Tractors, Trailors & Stackers; CIK 0001173514; latest 10-K filed 2026-03-03. HY HYSTER-YALE, INC. 0001173514 3537 Industrial Trucks, Tractors, Trailors & Stackers Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS HYSTER-YALE, INC. AND SUBSIDIARIES (Dollars in Millions, Except Per Share Data) OVERVIEW Hyster-Yale, Inc. (\"Hyster-Yale\" or the \"Company\") and its subsidiaries, including its operating companies, Hyster-Yale Materials Handling, Inc. (\"HYMH\") and Bolzoni S.p.A. (\"Bolzoni\"), is a globally integrated company offering a full line of high-quality, application-tailored lift trucks and solutions aimed at meeting the specific materials handling needs of its customers. The Company's solutions include attachments, parts, fleet management services, technology and energy solutions. Through HYMH, the Company designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments, parts, fleet management services, technology and energy solutions marketed globally, primarily under the Hyster\u00ae, Yale\u00ae and Nuvera\u00ae brand names, mainly to independent Hyster\u00ae and Yale\u00ae retail dealerships. The materials handling business historically has been cyclical because the order rate for lift trucks fluctuates depending on the economic activity level in the various industries and countries its customers serve. Lift trucks and component parts are manufactured and assembled in the United States (\"U.S.\"), Northern Ireland, China, the Netherlands, Mexico, the Philippines, Brazil, Japan, Italy and Vietnam. The Company owns a 90% majority interest in Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd. (\"Hyster-Yale Maximal\"), a manufacturer of low-intensity and standard lift trucks and specialized material handling equipment. Hyster-Yale Maximal also designs and produces specialized products in the port equipment and rough terrain forklift markets. Bolzoni manufactures precision-engineered lift truck attachments, forks, masts and lift tables designed for handling delicate and specialized loads. These solutions are marketed under the Bolzoni\u00ae, Auramo\u00ae and Meyer\u00ae brand names and the Silver Line product portfolio. Bolzoni also produces components for lift truck manufacturers. Bolzoni products are manufactured in Italy, the U.S., China, Germany, Finland and Brazil. Through the design, production and distribution of a wide range of attachments, Bolzoni has a strong presence in the lift-truck attachments market and industrial material handling. During 2025, the Company announced a strategic business realignment of Nuvera Fuel Cells, LLC (\"Nuvera\") designed both to increase near-term profits and to create an integrated energy solutions program in the Americas segment, which is part of the HYMH business. Nuvera was merged into HYMH in the second quarter of 2025. As a result, the Company revised its operating segments to reflect changes in the way the chief operating decision maker (\u201cCODM\u201d) manages and evaluates the business. These changes did not impact the Company's Consolidated Financial Statements, but did impact its reportable segments. The historical and current results of the former Nuvera segment are now presented within the Americas operating segment. Refer to Note 4, Business Segments, to the Consolidated Financial Statements for additional information on the Company's reportable segments. Comparative prior period amounts have been recast to reflect the segment change. Competition in the lift truck industry is based primarily on strength and quality of dealers, brand loyalty, customer service, new lift truck sales prices, availability of products and parts, comprehensive product line offerings, product performance, quality and innovation, including features, and the cost of ownership over the life of the lift truck. The Company competes with several global lift truck manufacturers that operate in all major markets, as well as other niche companies. The lift truck industry also competes with alternative methods of materials handling, including conveyor systems and automated guided vehicle systems. The Company's parts offerings Item 1. BUSINESS General Hyster-Yale, Inc. (\"Hyster-Yale\" or the \"Company\") and its subsidiaries, including its operating companies, Hyster-Yale Materials Handling, Inc. (\"HYMH\") and Bolzoni S.p.A. (\"Bolzoni\"), is a globally integrated company offering a full line of high-quality, application-tailored lift trucks and solutions aimed at meeting the specific materials handling needs of its customers. The Company's solutions include attachments, parts, fleet management services, technology and energy solutions. The Company is headquartered in Cleveland, Ohio. Through HYMH, the Company designs, engineers, manufactures, sells and services a comprehensive line of lift trucks, attachments, parts, fleet management services, technology and energy solutions marketed globally, primarily under the Hyster\u00ae, Yale\u00ae and Nuvera\u00ae brand names, mainly to independent Hyster\u00ae and Yale\u00ae retail dealerships. The Company owns a 90% majority interest in Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd. (\"Hyster-Yale Maximal\"), a manufacturer of low-intensity and standard lift trucks and specialized materials handling equipment. Hyster-Yale Maximal also designs and produces specialized products in the port equipment and rough terrain forklift markets. Lift trucks and component parts are manufactured in the United States (\"U.S.\"), Northern Ireland, China, the Netherlands, Mexico, the Philippines, Brazil, Japan, Italy and Vietnam. Hyster-Yale was incorporated as a Delaware corporation in 1999. Bolzoni manufactures precision-engineered lift truck attachments, forks, masts and lift tables designed for handling delicate and specialized loads. These solutions are marketed under the Bolzoni\u00ae, Auramo\u00ae and Meyer\u00ae brand names and the Silver Line product portfolio. Bolzoni also produces components for lift truck manufacturers. Bolzoni products are manufactured in Italy, the U.S., China, Germany, Finland and Brazil. Through the design, production and distribution of a wide range of attachments, Bolzo Item 1A. RISK FACTORS In addition to the other information in this Annual Report on Form 10-K and the Company's other filings with the SEC, the following risk factors should be carefully considered in evaluating the Company and its business before investing in the Company's common stock. The risks and unc", "title": "HY - HYSTER-YALE, INC.", "url": "/company/HY/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0000049754; latest 10-K filed 2026-02-25.", "text": "DIN - Dine Brands Global, Inc. SIC 5812 Retail-Eating Places; CIK 0000049754; latest 10-K filed 2026-02-25. DIN Dine Brands Global, Inc. 0000049754 5812 Retail-Eating Places Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. General The following provides a discussion of our results of operations for fiscal 2025 as compared to fiscal 2024 and should be read together with the financial statements included in this Annual Report on Form 10-K. For discussion of our results of operations for fiscal 2024 and 2023 results, please refer to \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d contained in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 29, 2024. This Item 7 is organized as follows: \u2022Consolidated Results \u2022Key Performance Indicators \u2022Segment Results \u2022Non-Segment Items \u2022Liquidity and Capital Resources of the Company \u2022Critical Accounting Estimates \u2022Recent Accounting Pronouncements Consolidated Results [[GREPCENT_TABLE]] [[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"Change\"],[\"\",\"\",\"(In millions)\"],[\"Revenues:\"],[\"Franchise revenues\",\"\",\"$\",\"665.5\",\"\",\"\",\"$\",\"686.0\",\"\",\"\",\"$\",\"(20.5)\"],[\"Company-owned restaurant revenues\",\"\",\"104.6\",\"\",\"\",\"9.3\",\"\",\"\",\"95.3\"],[\"Rental revenues\",\"\",\"109.3\",\"\",\"\",\"117.1\",\"\",\"\",\"(7.8)\"],[\"Total revenues\",\"\",\"879.3\",\"\",\"\",\"812.3\",\"\",\"\",\"67.0\"],[\"Cost of revenues:\"],[\"Franchise expenses\",\"\",\"323.2\",\"\",\"\",\"339.9\",\"\",\"\",\"(16.7)\"],[\"Company-owned restaurant expenses\",\"\",\"112.6\",\"\",\"\",\"9.9\",\"\",\"\",\"102.7\"],[\"Rental expenses\",\"\",\"84.2\",\"\",\"\",\"87.2\",\"\",\"\",\"(3.0)\"],[\"Total cost of revenues\",\"\",\"520.0\",\"\",\"\",\"437.0\",\"\",\"\",\"83.0\"],[\"Gross profit\",\"\",\"359.3\",\"\",\"\",\"375.3\",\"\",\"\",\"(16.0)\"],[\"General and administrative expenses\",\"\",\"203.8\",\"\",\"\",\"196.7\",\"\",\"\",\"7.1\"],[\"Interest expense, net\",\"\",\"78.0\",\"\",\"\",\"72.1\",\"\",\"\",\"5.8\"],[\"Closure and impairment charges\",\"\",\"40.0\",\"\",\"\",\"9.2\",\"\",\"\",\"30.7\"],[\"Amortization of intangible assets\",\"\",\"11.9\",\"\",\"\",\"10.8\",\"\",\"\",\"1.1\"],[\"Loss on extinguishment of debt\",\"\",\"0.9\",\"\",\"\",\"\\u2014\",\"\",\"\",\"0.9\"],[\"Gain on disposition of assets\",\"\",\"(0.5)\",\"\",\"\",\"(3.1)\",\"\",\"\",\"2.7\"],[\"Income before income taxes\",\"\",\"$\",\"25.2\",\"\",\"\",\"$\",\"89.5\",\"\",\"\",\"$\",\"(64.4)\"]] [[/GREPCENT_TABLE]] Total revenues increased $67.0 million in fiscal year 2025 compared to fiscal year 2024, largely driven by $95.3 million increase from the Company-owned restaurant segment from restaurants acquired over the last 14 months. This increase was partially offset by a $20.5 million decrease in franchise revenues due to lower system sales and a $7.8 million decrease in rental revenues. Total cost of revenues increased $83.0 million primarily due to an increase in Company-owned restaurant expenses. Income before income taxes in fiscal year 2025 decreased compared to fiscal year 2024 largely due to increases in closure and impairment charges, decrease in gross profit, increases in general and administrative expenses, and increase in interest expense. The increase in closure and impairment charges is primarily due to a $29 million non-cash impairment charge recorded in the fourth quarter of 2025 related to the Fuzzy's tradename intangible assets. The increase in general and administrative expenses is primarily due to an increase in compensation-related expenses and an increase in professional service fees. The increase in interest expense is primarily the result of the refinancing of our Fixed Rate Senior Secured Notes Series 2025-1 completed in June 2025. This increase is driven by an increase in the interest rate and an increase to the principal, partially offset by a decrease in the Credit Facility interest. 29 Key Performance Indicators In addition to revenue, cost of revenues, and gross profit in evaluating the performance of each of our brands, management also considers the following key performance indicators in evaluating our business: \"System sales\u201d are retail sales at IHOP, Applebee\u2019s and Fuzzy's restaurants operated by franchisees reported to the Company and revenues generated at Company-owned restaurants. Sales at restaurants that are operated by franchisees a Item 1. Business Dine Brands Global, Inc.\u00ae, together with its subsidiaries (referred to as the \u201cCompany,\u201d \u201cDine Brands Global,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d), owns and franchises the International House of Pancakes\u00ae (\u201cIHOP\u201d) restaurant concept in the full-service restaurant family dining category, the Applebee\u2019s Neighborhood Grill + Bar\u00ae (\u201cApplebee\u2019s\u201d) restaurant concept in the full-service casual dining category, and the Fuzzy\u2019s Taco Shop\u00ae (\u201cFuzzy\u2019s\u201d) restaurant concept in the limited-service fast-casual dining category. References herein to IHOP\u00ae, Applebee\u2019s\u00ae and Fuzzy\u2019s restaurants are to these three restaurant concepts, whether operated by franchisees, area licensees and their sub-licensees or by the Company. The terms franchise or franchisee used throughout this document are intended to describe third parties that operate under franchise agreements. As of December 28, 2025, the substantial majority of our 3,509 restaurants across all brands were owned and operated by independent franchisees. During the year ended December 28, 2025, we conducted our business through the following three reportable business segments: \u2022Franchise - consists of IHOP, Applebee\u2019s, and Fuzzy's franchise operations which generate revenues primarily from royalties and advertising fees from 1,812 IHOP franchised restaurants, 1,520 Applebee\u2019s franchised restaurants, and 105 Fuzzy's franchised restaurants in addition to revenues from the sale of proprietary IHOP and Fuzzy's products to our franchisees; \u2022Company-owned restaurants - primarily generates revenues from 12 IHOP restaurants, 59 Applebee's restaurants and one Fuzzy's restaurant; \u2022Rental - rental revenues are primarily from lease or sublease agreements covering 521 IHOP franchised restaurants and one Applebee\u2019s franchised restaurant. Most of our revenue is derived from domestic sources within our business segments, with approximately 74% of our total revenues for the year ended December 28, 2025 being generated from our two largest Item 1A. Risk Factors. The occurrence of any of the events discussed in the following risk factors may materially adversely affect our business, financial condition and results of operations, which may materially adversely affect the value of our common stock. It is not possible to identify or predict all risk factors. There may be risks and uncertainti", "title": "DIN - Dine Brands Global, Inc.", "url": "/company/DIN/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001828105; latest 10-K filed 2026-03-05.", "text": "HIPO - Hippo Holdings Inc. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001828105; latest 10-K filed 2026-03-05. HIPO Hippo Holdings Inc. 0001828105 6331 Fire, Marine & Casualty Insurance ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. Certain statements included in this section constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management\u2019s current expectations and beliefs concerning future developments and their potential effects on Hippo Holdings Inc. and its subsidiaries. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially are described in the \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d sections included elsewhere in this Annual Report on Form 10-K. Unless the context otherwise requires, references in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d to \u201cwe,\u201d \u201cour,\u201d \u201cHippo\u201d and \u201cthe Company\u201d refer to Hippo Holdings Inc. and its consolidated subsidiaries. Overview Hippo is an insurance holding company with subsidiaries that provide property and casualty insurance products to both individuals and business customers primarily in the United States. We conduct insurance underwriting through our regulated carrier subsidiaries and generate revenue from a combination of insurance underwriting activities and fee- and commission-based services. Our operations include providing insurance capacity and related services for our owned MGA and in partnership with third-party MGAs and fee-based and commission-based services that support the placement and servicing of insurance policies. We continue to execute actions to support balanced diversified growth, leveraging both third-party MGAs and our owned MGA to source and underwrite a diversified portfolio of risk across personal and commercial lines. We participate in MGA programs when they align with our risk appetite, and assess performance through disciplined underwriting, selective risk retention, reinsurance, and ongoing portfolio management. Over time, the mix of our written premium base has evolved, and we expect it may continue to evolve, with a lower proportion attributable to homeowners insurance as we further diversify our portfolio across less catastrophe exposed lines of business. Our 2025 financial results reflect the business mix and portfolio composition during the period, as well as broader market conditions affecting the property and casualty insurance industry. Segment structure Beginning in the third quarter of 2025, we changed our reportable segment structure from three segments to one reportable segment to reflect the manner in which our chief operating decision maker evaluates financial performance and allocates resources. Prior-period segment information has been recast and is presented on a consistent basis in the notes to our consolidated financial statements. This change affects how segment information is presented but does not impact our consolidated results of operations, financial condition, or cash flows. Accordingly, the discussion below focuses on our consolidated results. See Note 19 to the consolidated financial statements for additional information on Segments. Line of business disclosure During 2025, we expanded our presentation of operating information by line of business to provide additional transparency into the composition and diversification of our premium base. These lines of business reflect the primary categories of insurance products offered by our insurance subsidiaries, including Homeowners, Renters, Commercial Multi-Peril, Casualty, and other programs. Line-of-business information represents supplemental premium-related information ITEM 1. BUSINESS Our Company In August 2021, Hippo Enterprises Inc., a Delaware corporation (\u201cOld Hippo\u201d) completed a business combination resulting in Old Hippo becoming a wholly owned subsidiary of, Reinvent Technology Partners Z, a Cayman Islands exempted company and special purpose acquisition company which at that time changed its name to Hippo Holdings Inc. Hippo Holdings Inc. (\u201cHippo\u201d) is a technology-native insurance holding company that, through its subsidiaries, delivers a broad range of insurance products to customers via its owned and partner MGAs which generated $1.1 billion of gross written premium in 2025. By combining disciplined underwriting, advanced data analytics, and a customer-first approach, Hippo is building a diversified risk portfolio aimed at delivering sustainable long-term returns on stockholders\u2019 equity. The Company offers its services primarily in the United States as of December 31, 2025. Our goal is to create long-term value for our stockholders by generating attractive risk adjusted underwriting results while growing our business. We strive to accomplish this by growing our diversified portfolio of risk through disciplined underwriting, continuous portfolio optimization, and risk management\u2014striving to deliver consistent, sustainable returns across market cycles. Hippo had $436.1 million of stockholders\u2019 equity at year-end 2025, operates as a multi-carrier platform and strives to be the carrier of choice for leading MGAs. The platform serves as a licensed insurance carrier for MGAs, offering admitted and non-admitted (E&S) paper together with access to capital, regulatory licenses, and reinsurance across multiple lines of business spanning homeowners, renters, commercial multi-peril, casualty, and other lines\u2014empowering partner growth and protecting policyholders. Hippo focuses on balanced, diversified growth by combining stable fee income from its carrier platform with selective risk retention across personal and commercial l ITEM 1A. RISK FACTORS An investment in our securities involves a high degree of risk. You should carefully consider the risks described below before making an investment decision. Our business, prospects, financial condition, or operating results could be harmed by any of these risks, as well as other risks not currently k", "title": "HIPO - Hippo Holdings Inc.", "url": "/company/HIPO/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001631569; latest 10-K filed 2026-02-17.", "text": "CHCT - Community Healthcare Trust Inc SIC 6798 Real Estate Investment Trusts; CIK 0001631569; latest 10-K filed 2026-02-17. CHCT Community Healthcare Trust Inc 0001631569 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The purpose of this Management's Discussion and Analysis (\"MD&A\") is to provide an understanding of the Company's consolidated financial condition, results of operations and liquidity. MD&A is provided as a supplement to, and should be read in conjunction with, the Company's Consolidated Financial Statements and accompanying notes. Overview We were organized in the State of Maryland in March 2014 and began operations upon the completion of our initial public offering in May 2015. We are a self-administered, self-managed healthcare REIT that acquires and owns properties that are leased to hospitals, doctors, healthcare systems or other healthcare service providers. Trends and Matters Impacting Operating Results Management monitors factors and trends that it believes are important to the Company and the REIT industry in order to gauge their potential impact on the operations of the Company. Certain of the factors and trends that management believes may impact the operations of the Company are discussed below. Real estate acquisitions During the year ended December 31, 2025, the Company acquired three real estate properties for an aggregate purchase price of approximately $64.5 million. Upon acquisition, the properties, totaling approximately 113,000 square feet, were 100.0% leased in the aggregate with lease expirations through 2040. Real estate dispositions and Assets Held for Sale During the year ended December 31, 2025, the Company disposed of five properties. The Company received net proceeds of approximately $32.9 million, including $0.7 million where cash was received subsequent to December 31, 2025, and recognized a net gain on sales, net of losses and impairments, totaling approximately $11.6 million. Additionally, during the second quarter of 2025, the Company amended an operating lease on a property that resulted in a sales-type lease. As such, the Company reclassified the net book value of the real estate totaling $3.7 million to a net lease investment in other assets on the Condensed Consolidated Balance Sheet and recognized a gain on sale totaling approximately $1.3 million (see Sales-type leases in Note 3 \u2013 Real Estate Leases in the Consolidated Financial Statements for more details). The Company has one property with a carrying balance of $5.3 million classified as held for sale at December 31, 2025. During the year ended December 31, 2025, the Company recorded impairment charges of $1.1 million on this property. See Note 4 \u2013 Real Estate Acquisitions, Dispositions, and Assets Held for Sale in the Consolidated Financial Statements for more details. Acquisition pipeline The Company has five properties under definitive purchase agreements, to be acquired after completion and occupancy, for an aggregate expected purchase price of approximately $122.5 million. The Company's expected returns on these investments are approximately 9.1% to 9.75%. The Company anticipates closing on one of these properties in the first quarter of 2026 with the remainder throughout 2026 and 2027; however, the Company cannot provide assurance as to the timing of when, or whether, these transactions will actually close. Leased square footage As of December 31, 2025, our real estate portfolio was approximately 90.6% leased, excluding the real estate asset held for sale. During the year ended December 31, 2025, we had expiring or terminated leases related to approximately 712,000 square feet, and we leased or renewed leases related to approximately 683,000 square feet. 53 Purchase Option Provisions Certain of the Company's leases provide the lessee with a purchase option or a right of first refusal to purchase the leased property. The purchase option provisions generally allow the lessee to purchase the leased property at fair value or at an amount greater than the Company's gross investment in the leased property at the time of the ITEM 1. BUSINESS We are a fully-integrated healthcare real estate company organized as a corporation in the State of Maryland on March 28, 2014. We own and acquire real estate properties that are leased to hospitals, doctors, healthcare systems or other healthcare service providers. Real Estate Investments As of December 31, 2025, we had gross investments of approximately $1.2 billion in 198 real estate properties (including one property, with sales-type leases, with a gross amount totaling approximately $8.1 million and one property classified as held for sale with a net investment totaling approximately $5.3 million). The properties are located in 36 states, totaling approximately 4.5 million square feet in the aggregate, with a weighted average remaining lease term of approximately 7.0 years. Excluding the real estate asset held for sale at December 31, 2025, the properties were approximately 90.6% leased. The Company\u2019s real estate investments by property type, geographic area, and customer are detailed in Note 2 \u2013 Real Estate Investments to the Consolidated Financial Statements. The following table shows the diversification by property types based on annualized rent. [[GREPCENT_TABLE]] [[\"\",\"Number of Properties\",\"Annualized Rent (%)\"],[\"Medical Office Building (MOB)\",\"93\",\"36.0\",\"%\"],[\"Inpatient Rehabilitation Facilities (IRF)\",\"10\",\"\",\"21.2\",\"%\"],[\"Acute Inpatient Behavioral (AIB)\",\"5\",\"\",\"12.6\",\"%\"],[\"Specialty Centers (SC)\",\"36\",\"\",\"8.9\",\"%\"],[\"Physician Clinics (PC)\",\"33\",\"\",\"8.2\",\"%\"],[\"Behavioral Specialty Facilities (BSF)\",\"13\",\"\",\"7.1\",\"%\"],[\"Surgical Centers and Hospitals (SCH)\",\"6\",\"\",\"4.0\",\"%\"],[\"Long-term Acute Care Hospitals (LTACH)\",\"2\",\"\",\"2.0\",\"%\"],[\"Total real estate investments\",\"198\",\"\",\"100.0\",\"%\"]] [[/GREPCENT_TABLE]] Customer Concentrations The Company's real estate portfolio is leased to a diverse tenant base. Our tenants include many nationally recognized healthcare providers, such as Adventist HealthCare, Inc., Hospital Corpora ITEM 1A. RISK FACTORS Risk Factor Summary Investing in our common stock involves a degree of risk. You should carefully consider all information in this Annual Report on Form 10-K prior to investing in our common stock. These risks are discussed more fully below in the section titled \u201cRisk Factors.\u201d These risks and uncer", "title": "CHCT - Community Healthcare Trust Inc", "url": "/company/CHCT/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001768267; latest 10-K filed 2025-11-20.", "text": "CRNC - Cerence Inc. SIC 7372 Services-Prepackaged Software; CIK 0001768267; latest 10-K filed 2025-11-20. CRNC Cerence Inc. 0001768267 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, (the \u201cMD&A\u201d), describes the principal factors, based on management\u2019s assessment, which had a material impact on our results of operations, financial condition and liquidity, as well as our critical accounting estimates. Our MD&A generally includes a discussion of results of operations, financial condition, liquidity and capital resources related to year-over-year comparisons between fiscal years ended September 30, 2025 and 2024, as well as fiscal years ended September 30, 2024 and 2023. The following discussion and analysis presented below should be read in conjunction with the Consolidated Financial Statements and the corresponding notes, included elsewhere in this Form 10-K. The information presented in this section includes forward-looking statements, which are described in detail in the section titled \u201cCautionary Statement Concerning Forward-Looking Statements.\u201d The matters discussed in these forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those made, projected, or implied in the forward-looking statements. See Item 1A.\u201cRisk Factors\u201d for a discussion of the risks, uncertainties, and assumptions associated with these statements. Overview Cerence builds conversational and agentic AI solutions for the mobility/transportation market. Our primary target is the automobile market, but our solutions can apply to all forms of transportation including, but not limited to, two-wheel vehicles, planes, tractors, cruise ships and elevators as well as the Internet of Things industry as a whole, including televisions, smart watches, voice-powered kiosks, and more. Our solutions power natural conversational and intuitive interactions between automobiles, drivers and passengers, and the broader digital world. We possess one of the leading software platforms for building automotive virtual assistants. Our automotive customers include nearly all major automobile original equipment manufacturers (\u201cOEMs\u201d) or their tier 1 suppliers worldwide. We deliver our solutions on a white-label basis, enabling our customers to deliver customized virtual assistants with unique, branded personalities and ultimately strengthening the bond between automobile brands and end users. Our vision is to enable a more enjoyable, safer journey for everyone. Our principal offering is our software platform, which our customers use to build virtual assistants that can communicate, find information and take action across an expanding variety of categories. Our software platform has a hybrid architecture combining edge software components with cloud-connected components. Edge software components are installed on a vehicle\u2019s head unit and can operate without access to external networks and information. Cloud-connected components are comprised of certain speech and natural language understanding related technologies, AI-enabled personalization and context-based response frameworks, and content integration platform. We generate revenue primarily by selling software or intellectual property (\u201cIP\u201d) licenses and cloud-connected services. Our edge software components are typically sold under a traditional per unit perpetual software license model, in which a per unit fee is charged on a variable basis for each software instance installed on an automotive head unit. We typically license cloud-connected software components in the form of a service to the vehicle end user, which is paid for in advance. In addition, we generate professional services revenue from our work with our customers during the design, development and deployment phases of the vehicle model lifecycle and through maintenance and enhancement projects. We have existing relationships with nearly all major automotive OEMs or their tier 1 supp Item 1. Business. Overview Cerence builds conversational and agentic AI solutions that make interaction with technology feel effortless. With decades of expertise in voice, AI, and edge-to-cloud engineering, we\u2019re trusted by many of the world\u2019s leading automakers, transportation OEMs, consumer brands, and technology companies to build voice powered-interfaces that shape the user experiences of today and tomorrow. While the majority of our business is in the automotive market, our solutions can be leveraged across other areas of transportation - two-wheeled vehicles, trucks, and more - as well as outside of automotive - televisions, smart watches, voice-powered kiosks, and more. Our automotive customers include nearly all major automobile original equipment manufacturers (OEMs) worldwide, including BMW, Mercedes-Benz, the Volkswagen Group (Volkswagen, Audi, Porsche, and other brands), Stellantis, Renault, Toyota, Ford, General Motors, BYD, Great Wall Motor, and NIO. We also partner with leading tier-one suppliers including HARMAN, EcarX, Bosch, Continental, Denso Ten, Aptiv, and others. We deliver our solutions on a white-label basis, enabling our customers to deliver highly customized virtual assistants with unique, branded personalities that strengthen the bond between their brands and end users. Fast-moving technological advancements and increasing user engagement and comfort with large language models are driving automakers to examine how they can quickly and cost-effectively bring expanded AI features into their cars. To meet the increasing demand for automotive cognitive assistance and to offer differentiated in-car experiences, OEMs and suppliers are building proprietary virtual assistants into their vehicles. We believe that this trend will continue and that consumer adoption of in-car AI will continue to grow. Cerence is a market leader for building integrated, branded and differentiated virtual assistants for automobiles, offering an extensive solution Item 1A. Risk Factors. You should carefully consider all of the information in this Form 10-K and each of the risks described below, which we believe are the material risks that we face. Some of the risks relate to our business, others to our intellectual property and technology, the securities markets, our indebtedness and ownership of ", "title": "CRNC - Cerence Inc.", "url": "/company/CRNC/" }, { "kind": "company", "summary": "SIC 3678 Electronic Connectors; CIK 0000065270; latest 10-K filed 2026-06-24.", "text": "MEI - METHODE ELECTRONICS INC SIC 3678 Electronic Connectors; CIK 0000065270; latest 10-K filed 2026-06-24. MEI METHODE ELECTRONICS INC 0000065270 3678 Electronic Connectors Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is based upon our consolidated financial statements, which have been prepared in accordance with GAAP. You should read the following discussion and analysis in conjunction with our consolidated financial statements and related notes included in this Annual Report. This discussion and analysis of our financial condition and results of operations also contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements because of a variety of factors, including those set forth under Item 1A, \u201cRisk Factors\u201d of this Annual Report. We undertake no duty to update any such forward-looking statements to conform to actual results or changes in our expectations. Executive Overview Our Business We are a leading global supplier of custom engineered solutions with sales, engineering, and manufacturing locations in North America, Europe, the Middle East, and Asia. We design, engineer, and manufacture mechatronic products for Original Equipment Manufacturers (\u201cOEMs\u201d) and tiered suppliers across mobility, industrial, and commercial markets. Our capabilities include power distribution, including busbars, smart connect systems, battery disconnect units, and integrated circuit boards; as well as user interface components, specialized light-emitting diode (\u201cLED\u201d) lighting solutions, and sensor applications. Our products are found in the end markets of transportation (including automotive, commercial vehicle, e-bike, aerospace, bus and rail), cloud computing and data center infrastructure, and construction equipment. Our business is managed on a segment basis, with those segments being Automotive, Industrial and Interface. In the fourth quarter of fiscal 2026, we divested our dataMate business and the consumer appliance business is winding down as programs roll-off, both of which are included in our Interface segment. We reported a fourth segment, Medical, through fiscal 2024. For more information regarding the business and products of these segments, see Item 1, \u201cBusiness\u201d of this Annual Report. Trends Affecting Our Business The following trends have significantly affected and may continue to affect our business, financial condition and results of operations. See the risk factors identified under Item 1A, \u201cRisk Factors\u201d of this Annual Report for more information. Trade Policy/Tariffs We are exposed to market risk from duties assessed on raw materials, component parts, and finished goods imported into the U.S. Beginning in 2025, the U.S. implemented new tariffs across multiple jurisdictions in which we operate, including broad country-level measures and product-specific tariffs affecting light and commercial vehicles, component parts, steel and aluminum, and other key inputs we source to manufacture our parts. These actions prompted retaliatory measures by certain trading partners and the long-term state of global trade policy remains unsettled. Given our manufacturing operations across multiple jurisdictions, including Canada, China, Egypt, Europe, and Mexico, the continuation or expansion of tariffs and other trade barriers could increase input costs, pressure margins or affect customer demand. During fiscal 2026, we mitigated these effects through a variety of strategies, including negotiated price adjustments and ongoing cost recovery arrangements with our customers, as well as supply chain optimization initiatives. To the extent similar mitigation efforts are insufficient, new or expanded tariffs could have a material adverse effect on our results of operations, financial position, and cash flows. Macroeconomic Conditions The global economy continues to experience volatile disruptions including to the commodity, labor and transportation Item 1. Business Description of Business We are a leading global supplier of custom engineered solutions with sales, engineering, and manufacturing locations in North America, Europe, the Middle East, and Asia. We design, engineer, and manufacture mechatronic products for Original Equipment Manufacturers (\u201cOEMs\u201d) and tiered suppliers across mobility, industrial, and commercial markets. Our capabilities include power distribution, including busbars, smart connect systems, battery disconnect units, and integrated circuit boards; as well as user interface components, specialized light-emitting diode (\u201cLED\u201d) lighting solutions, and sensor applications. Our products are found in the end markets of transportation (including automotive, commercial vehicle, e-bike, aerospace, bus and rail), cloud computing and data center infrastructure, and construction equipment. Fiscal Year Our fiscal year ends on the Saturday closest to April 30 of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. The fiscal year ended May 2, 2026 was a 52-week fiscal year. The fiscal year ended May 3, 2025 was a 53-week fiscal year. The fiscal year ended April 27, 2024 was a 52-week fiscal year. Operating Segments Our business is managed, and our financial results are reported, based on our Automotive, Industrial and Interface segments. We reported a fourth segment, Medical, through the fiscal year ended April 27, 2024. See Note 15, \u201cSegment Information and Geographic Area Information\u201d to the consolidated financial statements in this Annual Report for further information. The Automotive segment supplies electronic and electro-mechanical devices and related products to automobile OEMs and their tiered suppliers across a broad range of vehicle platforms and powertrains. Our capabilities include a full spectrum of vehicle systems from power distribution solutions, including busbars, smart connect systems, bat Item 1A. Risk Factors Our business, financial condition and results of operations are subject to various risks, including, but not limited to, those set forth below, which could cause actual results to vary materially from recent results or from anticipated future results. These risk factors should be considered together with information inclu", "title": "MEI - METHODE ELECTRONICS INC", "url": "/company/MEI/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0002002473; latest 10-K filed 2026-02-24.", "text": "BOW - Bowhead Specialty Holdings Inc. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0002002473; latest 10-K filed 2026-02-24. BOW Bowhead Specialty Holdings Inc. 0002002473 6331 Fire, Marine & Casualty Insurance ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Year ended December 31, 2024 compared to year ended December 31, 2023 For a discussion of our year ended December 31, 2024 results and a comparison between the years ended December 31, 2024 and 2023, see \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025. Overview We were founded in September 2020, backed by capital provided by GPC Fund, a private equity fund managed by Gallatin Point, and our strategic partner, AmFam, to take advantage of favorable pricing environments, and to address a growing and unmet demand from brokers and policyholders for specialized insurance solutions and quality service in complex lines of business. Our principal objective is to create and sustain superior returns for our stockholders by generating consistent, underwriting profits across our product offerings and through all market cycles, while prudently managing capital. We offer commercial specialty P&C insurance products to policyholders that vary in size, industry and complexity, focusing on casualty, professional liability, and healthcare liability risks. Our products are delivered through two complementary underwriting models designed to support sustainable and profitable growth across market cycles: a \u201ccraft\u201d model for large, complex, higher-severity risks, and a \u201cdigital\u201d model for smaller, simpler, and scalable business. Our craft underwriting model, Bowhead\u2019s foundation, relies on experienced underwriters who apply deep technical expertise and long-standing broker relationships to deliver tailored solutions for complex, non-standard, and higher-severity risks. Our digital underwriting model, including Baleen Specialty and other small-business offerings, a capability we call \u201cexpress\u201d, emphasizes speed, consistency, and disciplined decision making through clear appetites, standardized products, and technology-enabled execution for small risks\u2014without compromising underwriting discipline. While Baleen Specialty targets small, distressed, or hard-to-place risks with more restrictive coverage, our express offerings enhance Bowhead\u2019s existing products by simplifying the submission, underwriting, and servicing for small and mid-sized accounts. 54 Table of Contents Our policies are primarily written on a non-admitted, or E&S basis, which is free of rate and policy form restrictions, and provides the flexibility to rapidly adjust to emerging market opportunities. We distribute our products through carefully selected relationships with leading distribution partners in both the wholesale and retail markets. The policies we write are issued on AmFam paper under their own name through BSUI, our managing general agency, in exchange for a Ceding Fee, and reinsured 100% to BICI, our wholly-owned insurance company subsidiary. This mutually beneficial partnership with AmFam has enabled us to grow quickly, but prudently, to take advantage of favorable market conditions, and allows us to deploy capital efficiently. We built a nimble, remote-friendly organization that is able to attract best-in-class talent nationwide, who are committed to operational excellence and superior service. We are led by a highly experienced and respected underwriting team with a disciplined approach to underwriting and decades of individual, successful underwriting experience. We are supported by a collaborative culture that spans all functions of our business, which allows us to provide a consistent, positive experience for all our partners. We believe that our current market opportunity, differentiated expertise, relationships, culture and leadership team position us well to continue to grow our business profitably. Components of Our Results of Operations Gross written premiums Gross written premiums are the a ITEM 1 BUSINESS Who We Are We were founded in September 2020, backed by capital provided by GPC Partners Investments (SPV III) LP (\u201cGPC Fund\u201d), a private equity fund managed by Gallatin Point Capital LLC (\u201cGallatin Point\u201d), and our strategic partner, AmFam, to take advantage of favorable pricing environments, and to address a growing and unmet demand from brokers and policyholders for specialized insurance solutions and quality service in complex lines of business. Our principal objective is to create and sustain superior returns for our stockholders by generating consistent, underwriting profits across our product offerings and through all market cycles, while prudently managing capital. We offer commercial specialty property and casualty (\u201cP&C\u201d) insurance products to policyholders that vary in size, industry and complexity, focusing on casualty, professional liability, and healthcare liability risks. Our products are delivered through two complementary underwriting models designed to support sustainable and profitable growth across market cycles: a \u201ccraft\u201d model for large, complex, higher-severity risks, and a \u201cdigital\u201d model for smaller, simpler, and scalable business. Our craft underwriting model, Bowhead\u2019s foundation, relies on experienced underwriters who apply deep technical expertise and long-standing broker relationships to deliver tailored solutions for complex, non-standard, and higher-severity risks. Our digital underwriting model, including Baleen Specialty and other small-business offerings, a capability we call \u201cexpress\u201d, emphasizes speed, consistency, and disciplined decision making through clear appetites, standardized products, and technology-enabled execution for small risks\u2014without compromising underwriting discipline. While Baleen Specialty targets small, distressed, or hard-to-place risks with more restrictive coverage, our express offerings enhance Bowhead\u2019s existing products by simplifying the submission, underwriting, and servicing for s ITEM 1A. RISK FACTORS A description of the risks and uncertainties associated with our business is set for below. You should carefully consider the following information about these risks, together with the other information contained in this Annual Report on Form 10-K, including our financial stateme", "title": "BOW - Bowhead Specialty Holdings Inc.", "url": "/company/BOW/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001398733; latest 10-K filed 2026-03-04.", "text": "AQST - Aquestive Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001398733; latest 10-K filed 2026-03-04. AQST Aquestive Therapeutics, Inc. 0001398733 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and the notes to those financial statements appearing elsewhere in the Annual Report on Form 10-K. This discussion contains forward-looking statements that involve significant risks and uncertainties. As a result of many factors, such as those set forth under \u201cRisk Factors\u201d in Part 1 Item 1A of this Annual Report on Form 10-K, our actual results may differ materially from those anticipated in these forward-looking statements. All dollar amounts are stated in thousands. Overview Aquestive is a pharmaceutical company advancing medicines to bring meaningful improvement to patients' lives through innovative science and delivery technologies. We are developing pharmaceutical products to deliver complex molecules through administrations that are alternatives to invasive and inconvenient standard of care therapies. We are advancing our late stage non-device based epinephrine prodrug product candidate for the treatment of severe allergic reactions, including anaphylaxis, under the Anaphylm\u2122 trade name, and our Adrenaverse\u2122 epinephrine prodrug pipeline platform. We have four licensed commercialized products which are marketed by our licensees in the U.S. and around the world. We are the exclusive manufacturer of these licensed products. Aquestive also collaborates with pharmaceutical companies to bring new molecules to market using proprietary, best-in-class technologies, like PharmFilm\u00ae, and has proven drug development and commercialization capabilities. Our production facilities are located in Portage, Indiana, and our corporate headquarters and primary research laboratory facilities are based in Warren, New Jersey. We manufacture licensed products at our facilities and anticipate that our current manufacturing capacity is sufficient for commercial quantities of our licensed products and product candidates currently in development. Our facilities have been inspected by the FDA, TGA, and DEA, and are subject to inspection by all applicable health agencies, including ANVISA and EMA. Not all collaborative or licensed products of the Company that may be commercially launched in the future will necessarily be manufactured by us. Financial Operations Overview Revenues Our revenues to date have been earned from our manufactured products made to order for licensees, as well as revenue from our self-developed, self-commercialized proprietary product, Libervant for ARS patients between two and five years of age which lost U.S. market access as a result of a court case challenging FDA's approval of Libervant in April 2025. Revenues are also earned from our product development services provided under contracts with customers, and from the licensing of our intellectual property. We generate revenues in four primary categories: manufacture and supply revenue, license and royalty revenue, co-development and research fees, and proprietary product revenue, net. Manufacture and Supply Revenue We manufacture based on receipt of purchase orders from our licensees, and our licensees have an obligation to accept these orders once quality assurance validates the quality of the manufactured product with agreed upon technical specifications. In most cases, our licensees are responsible for all other aspects of commercialization of these products, and we have no role, either direct or indirect, in our customers\u2019 commercialization activities, including those related to marketing, pricing, sales, payor access and regulatory operations. We expect future manufacture and supply revenue from licensed products to be based on volume demand for existing licensed products, and for manufacturing and supply rights under license and supply agreements for existing or new agreements for successful product development collaborations. Item 1. Business Overview Aquestive is a pharmaceutical company advancing medicines to bring meaningful improvement to patients' lives through innovative science and delivery technologies. We are developing pharmaceutical products to deliver complex molecules through administrations that are alternatives to invasive and inconvenient standard of care therapies. We are advancing our late stage non-device based epinephrine prodrug product candidate for the treatment of severe allergic reactions, including anaphylaxis, under the \"Anaphylm\u2122\" trade name, and our AdrenaVerse\u2122 epinephrine prodrug pipeline platform. We have four licensed commercialized products which are marketed by our licensees in the U.S. and around the world. We are the exclusive manufacturer of these licensed products. Aquestive also collaborates with pharmaceutical companies to bring new molecules to market using proprietary, best-in-class technologies, like PharmFilm\u00ae, and has proven drug development and commercialization capabilities. Our production facilities are located in Portage, Indiana, and our corporate headquarters and primary research laboratory facilities are based in Warren, New Jersey. We manufacture licensed products at our facilities and anticipate that our current manufacturing capacity is sufficient for commercial quantities of our licensed products and proprietary product candidates currently in development. Our facilities have been inspected by the FDA, TGA, and DEA, and are subject to inspection by all applicable health agencies, including ANVISA and EMA. Not all proprietary or collaborative or licensed products of the Company that may be commercially launched in the future will necessarily be manufactured by us. PharmFilm\u00ae \u2013 Our Oral Film Technology We are presently the worldwide leader in oral film drug delivery and manufacturing, having historically supplied the substantial majority of the world\u2019s oral films for prescription pharmaceutical use and having shipped more than Item 1A. Risk Factors Investing in our common stock involves significant risk and investors should carefully consider the risks described below, together with all other information included or referenced in this Annual Report on Form 10-K. There are numerous and varied risks, known and unknown, that may prevent us from ", "title": "AQST - Aquestive Therapeutics, Inc.", "url": "/company/AQST/" }, { "kind": "company", "summary": "SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001436425; latest 10-K filed 2026-03-06.", "text": "HBCP - HOME BANCORP, INC. SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001436425; latest 10-K filed 2026-03-06. HBCP HOME BANCORP, INC. 0001436425 6036 Savings Institutions, Not Federally Chartered Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is an analysis and discussion of the financial condition and results of operations of Home Bancorp, Inc. (the \u201cCompany\u201d), and its wholly owned subsidiary, Home Bank, N.A. (the \u201cBank\u201d). This discussion and analysis should be read in conjunction with our Consolidated Financial Statements and related notes included herein in Part II, Item 8, \u201cFinancial Statements and Supplementary Data\u201d and the description of our business included herein in Part 1, Item 1 \u201cBusiness\u201d. EXECUTIVE OVERVIEW The Company reported net income for 2025 of $46.1 million, or $5.87 diluted EPS compared to $36.4 million, or $4.55 diluted EPS, reported for 2024. Key components of the Company's performance in 2025 are summarized below. \u2022Assets increased $49.0 million, or 1.4%, from December 31, 2024 to $3.5 billion at December 31, 2025. \u2022Loans increased by $25.8 million, or 1.0%, from December 31, 2024 to $2.7 billion at December 31, 2025. \u2022During the year ended December 31, 2025, the Company provisioned $1.1 million of the allowance for loan losses compared to a $2.4 million provisioned for the year ended December 31, 2024. \u2022The allowance for loan losses (\"ALL\") totaled $33.1 million, or 1.21% of total loans, at December 31, 2025. The allowance for credit losses (\"ACL\"), which is comprised of the allowance for loan losses plus the allowance for unfunded lending commitments, totaled $34.8 million, or 1.27% of total loans, at December 31, 2025. \u2022Total deposits increased $192.1 million, or 6.9%, from December 31, 2024 to $3.0 billion at December 31, 2025, primarily due to increases in certificate of deposits, money market accounts, and demand deposit accounts. \u2022The Company repurchased 321,590 shares of common stock at an average price of $44.30 per share during 2025. \u2022The net interest margin was 4.03% for the year ended December 31, 2025, up 32 bps compared to 2024, primarily due to a decline in the average cost of interest-bearing liabilities and an increase in the average yield earned on interest-earning assets during 2025. \u2022The average rate paid on total interest-bearing deposits during 2025 was 2.53%, down 13 bps compared to 2024. \u2022Noninterest income increased $836,000, or 5.7%, in 2025 compared to 2024, primarily due to an increase in gain on sale of loans, service fees and charges, and bank card fees, which were partially offset by a decrease in gain on sale of assets. \u2022Noninterest expense increased $2.3 million, or 2.6%, in 2025 compared to 2024, primarily due to an increase in compensation and benefits and other expenses, which were partially offset by a reversal in the provision for credit losses on unfunded commitments. 19 SELECTED FINANCIAL DATA Set forth below is selected summary historical financial and other data of the Company. When you read this summary historical financial data, it is important that you also read the historical financial statements and related notes contained in Item 8 of this Form 10-K. Taxable equivalent (\u201cTE\u201d) ratios have been calculated using a marginal tax rate of 21%. [[GREPCENT_TABLE]] [[\"\",\"\",\"As of December 31,\"],[\"(dollars in thousands)\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\",\"\",\"2022\",\"\",\"2021\"],[\"Selected Financial Condition Data:\"],[\"Total assets\",\"\",\"$\",\"3,492,626\",\"\",\"\",\"$\",\"3,443,668\",\"\",\"\",\"$\",\"3,320,122\",\"\",\"\",\"$\",\"3,228,280\",\"\",\"\",\"$\",\"2,938,244\"],[\"Cash and cash equivalents\",\"\",\"141,605\",\"\",\"\",\"98,548\",\"\",\"\",\"75,831\",\"\",\"\",\"87,401\",\"\",\"\",\"601,443\"],[\"Interest-bearing deposits in banks\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"99\",\"\",\"\",\"349\",\"\",\"\",\"349\"],[\"Investment securities:\"],[\"Available for sale\",\"\",\"391,448\",\"\",\"\",\"402,792\",\"\",\"\",\"433,926\",\"\",\"\",\"486,518\",\"\",\"\",\"327,632\"],[\"Held to maturity\",\"\",\"1,065\",\"\",\"\",\"1,065\",\"\",\"\",\"1,065\",\"\",\"\",\"1,075\",\"\",\"\",\"2,102\"],[\"Loans receivable, net\",\"\",\"2,710,881\",\"\",\"\",\"2,6 Item 1. Business. General. Home Bancorp, Inc. (the \u201cCompany\u201d) is a Louisiana corporation and the holding company for Home Bank, N.A. (the \u201cBank\u201d). The Bank, which is headquartered in Lafayette, Louisiana and is a wholly-owned subsidiary of the Company, currently conducts business through 43 banking offices in the Acadiana, Baton Rouge, Greater New Orleans and Northshore (of Lake Pontchartrain) regions of south Louisiana, the Natchez region of west Mississippi and the Houston region of Texas. The Company is subject to regulation as a bank holding company by the Board of Governors of the Federal Reserve System (the \u201cFRB\u201d or the \u201cFederal Reserve\u201d). The Bank established HB Investment Fund I, LLC and HB Investment Fund II, LLC, wholly-owned subsidiaries of the Bank to invest in New Markets Tax Credits (\u201cNMTC\u201d) and Federal Tax Credits (\"FTC\") in our market areas. HB Investment Fund I, LLC was dissolved in October 2025 due to the conclusion of the NMTC compliance period for this subsidiary. The Bank is primarily engaged in attracting deposits from the general public and using those funds to invest in loans and securities. Our principal sources of funds are customer deposits, repayments of loans, repayments of investments and funds borrowed from outside sources such as the Federal Home Loan Bank (\u201cFHLB\u201d) of Dallas. These funds are primarily used for the origination of loans, including one-to four-family first mortgage loans, home equity loans and lines, commercial real estate loans, construction and land loans, multi-family residential loans, commercial and industrial loans and consumer loans. The Bank derives its income principally from interest earned on loans and investment securities and, to a lesser extent, from fees received in connection with the origination of loans, service charges on deposit accounts and for other services. The Bank\u2019s primary expenses are interest expense and general operating expenses, the most significant of which is compensation and bene Item 1A. Risk Factors. In analyzing whether to make or to continue an investment in our securities, investors should consider, among other factors, the following risk factors. Risks Related to Our Lending Activities There are increased risks involved with commercial real estate, including multi-family residenti", "title": "HBCP - HOME BANCORP, INC.", "url": "/company/HBCP/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001944558; latest 10-K filed 2026-03-02.", "text": "VTS - Vitesse Energy, Inc. SIC 1311 Crude Petroleum & Natural Gas; CIK 0001944558; latest 10-K filed 2026-03-02. VTS Vitesse Energy, Inc. 0001944558 1311 Crude Petroleum & Natural Gas Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion of our results of operations and financial condition together with our Audited Consolidated Financial Statements and the notes thereto included under the section entitled \u201cIndex to Financial Statements,\u201d as well as the discussion in Part I. Items 1 and 2. Business and Properties. This discussion contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about the oil and natural gas industry and our business and financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed in Part I. Item 1A. Risk Factors and \u201cCautionary Statement Concerning Forward-Looking Statements.\u201d This section generally discusses certain 2025 and 2024 items and certain year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 12, 2025 which is incorporated herein by reference. Unless otherwise indicated, the financial, reserve and operational information presented does not reflect the Lucero Acquisition for periods prior to March 7, 2025. Executive Overview Our business strategy is focused on creating long-term stockholder value through the profitable acquisition, development and production of oil and natural gas assets that provide an attractive return on invested capital, while maintaining a strong balance sheet and distributing a meaningful dividend to our stockholders. We invest in working and mineral interests in oil and natural gas properties with our core area of focus currently in the Bakken and Three Forks formations of the Williston Basin of North Dakota and Montana. We also have interests in wells in the Denver-Julesburg Basin located in Colorado and Wyoming and the Powder River Basin located in Wyoming. As of December 31, 2025, we had a working interest in 6,402 gross (226.1 net) productive wells and 283 gross (6.1 net) wells that were being drilled or completed, and an additional 336 gross (15.9 net) wells that had been permitted for development by us or our operators. In addition, we had a royalty only interest in 1,301 gross (3.2 net) productive wells. Our financial and operating performance for the year ended December 31, 2025 included the following: \u25a0Paid $92.1 million in dividends to our equity holders. \u25a0Production of 17,444 Boe/d with 65% of production from oil. \u25a0Total revenue of $274.0 million. \u25a0Net income of $25.3 million. \u25a0Cash flows from operations of $170.3 million. \u25a0Invested $127.7 million in capital development and acquisitions. \u25a0Proved reserves of 47.8 MMBoe and $473 million PV-10 value at December 31, 2025, as estimated by our third-party reserve engineers using SEC guidelines. \u25a0Total debt of $124.5 million at December 31, 2025. See Non-GAAP Financial Information for additional information about PV-10. On March 7, 2025, we closed the Lucero Acquisition pursuant to which we acquired Lucero in an all-stock transaction. Lucero shareholders received 8,169,368 shares of Vitesse common stock. Lucero is an oil and natural gas operator with assets in the Bakken and Three Forks formations in the Williston Basin area of North Dakota. Industry Trends Impacting Our Business Commodity prices are a significant factor impacting our earnings, operating cash flows and our acquisition and divestiture strategy, as well as the decisions of us and our operators in conducting operations. During the last several years, Item 1A. Risk Factors You should carefully consider the following risks and other information in this Annual Report on Form 10-K. The following risks have generally been separated into five groups: risks relating to our common stock, risks relating to our business, risks relating to our indebtedness, risks relating to legal and regulatory matters and risks related to tax matters. If any of the following events actually occur, our business, financial condition and results of operations could be materially adversely affected, the trading price of our common stock could decline and you could lose all or part of your investment. Additional risks and uncertainties that we do not presently know about or currently believe are not material may also adversely affect our business, financial condition and results of operations. Summary Risk Factors We believe that the risks associated with our business, and consequently the risks associated with an investment in our equity or debt securities, fall within the following categories: Risks Relating to Our Common Stock \u25a0Vitesse is an emerging growth company and the information we provide stockholders may be different from information provided by other public companies, which may result in a less active trading market for our common stock and higher volatility in our stock price. \u25a0Although we expect to continue to pay dividends, we cannot provide assurance that we will pay dividends on our common stock, and our indebtedness may limit our ability to pay dividends on our common stock. \u25a0Certain provisions in our Amended and Restated Certificate of Incorporation, Amended and Restated Bylaws and Delaware law may discourage takeovers. \u25a0Stockholders percentage ownership in Vitesse may be diluted in the future. \u25a0Our Amended and Restated Certificate of Incorporation designate the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockh", "title": "VTS - Vitesse Energy, Inc.", "url": "/company/VTS/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001841968; latest 10-K filed 2026-02-27.", "text": "RPC - Ridgepost Capital, Inc. SIC 6282 Investment Advice; CIK 0001841968; latest 10-K filed 2026-02-27. RPC Ridgepost Capital, Inc. 0001841968 6282 Investment Advice Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis relates to the activities and operations of Ridgepost. As used in this section, \u201cRidgepost,\u201d the \u201cCompany\u201d, \u201cwe\u201d or \u201cour\u201d includes Ridgepost and only its consolidated subsidiaries. The following information should be read in conjunction with our selected financial and operating data and the accompanying consolidated financial statements and related notes contained elsewhere in this annual report on Form 10-K. Our historical results discussed below, and the way we evaluate our results, may differ significantly from the descriptions of our business and key metrics used elsewhere in this annual report on Form 10-K. The following discussion may contain forward-looking statements that reflects our plans, estimates and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and elsewhere in this Form 10-K, particularly in \"Risk Factors\", the \"Summary of Risk Factors\" and the \"Forward-Looking Information.\" Unless otherwise indicated, references in this Annual Report on Form 10-K to fiscal 2025, fiscal 2024 and fiscal 2023 are to our fiscal years ended December 31, 2025, 2024 and 2023, respectively. Business Overview We are a leading multi-asset class private market solutions provider in the alternative asset management industry. Our mission is to provide our investors differentiated access to a broad set of solutions and investment vehicles across highly attractive asset classes and geographies that generate superior risk-adjusted returns. Our success and growth have been driven by our position in the private markets\u2019 ecosystem, providing investors with specialized private market solutions across a comprehensive set of investment strategies, including primary investment funds, secondary investment funds, direct investment and co-investments and advisory solutions. As investors entrust us with additional capital, our relationships with our fund managers are strengthened, which drives additional investment opportunities, sources more data, enables portfolio optimization and enhances returns, and in turn attracts new investors. On February 11, 2026, the Company's name changed to Ridgepost Capital, Inc. The Company's stock symbol also changed to NYSE: RPC. As of December 31, 2025, our private market solutions were comprised of the following: \u2022 Private Equity Solutions (PES). Under PES, we make direct and indirect investments in middle and lower- middle market private equity across North America and Europe. PES also makes minority equity investments in a diversified portfolio of mid-sized managers across private equity, private credit, real estate and real assets. The PES investment team, which is comprised of 70 investment professionals with an average of 22+ years of experience, has deep and long-standing investor and fund manager relationships in the middle and lower-middle market which it has cultivated since inception in 2001, including over 3,800+ investors, 320+ fund managers, 690+ private market funds and 5,600+ portfolio companies. We have 70 active investment vehicles. PES occupies a differentiated position within the private markets ecosystem helping our investors access, perform due diligence, analyze and invest in what we believe are attractive middle and lower-middle market private equity opportunities. We are further differentiated by the scale, depth, diversity and accuracy of our constantly expanding proprietary private markets database that contains comprehensive information on more than 6,400+ investment firms, 62,700+ funds, 94,500+ individual transactions, 49,400+ private companies and 556,000+ financial metrics. As of December 31, 2025, PES has raised over $24 billion assets under management (\"AUM\"), of which $17.5 Item 1. Business. Our Company We are a leading multi-asset class private market solutions provider in the alternative asset management industry. Our mission is to provide our investors differentiated access to a broad set of investment solutions that address their diverse investment needs within private markets. We structure, manage, and monitor portfolios of private market investments, which include specialized funds and customized separate accounts within primary investment funds, secondary investments, direct investments, and co-investments (collectively, \u201cspecialized investment vehicles\u201d) across highly attractive asset classes and geographies in the middle and lower-middle markets that generate superior risk-adjusted returns. Our existing portfolio of private solutions includes Private Equity, Venture Capital, and Private Credit. Our deep industry relationships, differentiated investment access and structure, proprietary data analytics, and portfolio monitoring and reporting capabilities provide our investors with the ability to navigate the increasingly complex and difficult-to-access private markets investments. Our revenue is composed almost entirely of recurring management and advisory fees, with the vast majority of fees earned on committed capital that is typically subject to ten to fifteen-year lock-up agreements. We have an attractive business model that is underpinned by highly recurring, diversified management and advisory fee revenues, as well as strong free cash flow. The nature of our solutions and their integral role in our investors\u2019 investment decisions have translated into high revenue visibility and investor retention. As of December 31, 2025, we had FPAUM of $29.4 billion. We are distinguished by the scale, depth, diversity, and investment performance of our solutions, which are bolstered by the investment expertise of our team, our long-standing access to leading fund managers, our robust and continually expanding data capabilities, and o Item 1A. Risk Factors. Risks Relating to Our Business Our revenue could decline materially if a significant number of our investors or clients were to exercise certain removal, termination, non-renewal and/or non-continuation rights. Our revenue consists almost entirely of management and advisory fees generated by our registered investment ", "title": "RPC - Ridgepost Capital, Inc.", "url": "/company/RPC/" }, { "kind": "company", "summary": "SIC 3460 Metal Forgings & Stampings; CIK 0001766368; latest 10-K filed 2026-03-04.", "text": "MEC - Mayville Engineering Company, Inc. SIC 3460 Metal Forgings & Stampings; CIK 0001766368; latest 10-K filed 2026-03-04. MEC Mayville Engineering Company, Inc. 0001766368 3460 Metal Forgings & Stampings Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in understanding and assessing the trends and significant changes in our results of operations and financial condition. Historical results may not be indicative of future performance. This discussion includes forward-looking statements that reflect our plans, estimates and beliefs. Such statements involve risks and uncertainties. Our actual results may differ materially from those contemplated by these forward-looking statements as a result of various factors, including those set forth in \u201cRisk Factors\u201d in Part I, Item 1A and \u201cCautionary Statement Regarding Forward-Looking Statements\u201d of this Annual Report on Form 10-K. This discussion should be read in conjunction with our audited consolidated financial statements and the notes thereto included in Part II, Item 8 of this Annual Report on Form 10-K. In this discussion, we use certain financial measures that are not prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Explanation of these non-GAAP financial measures and reconciliation to the most directly comparable GAAP financial measures are included in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Investors should not consider non-GAAP financial measures in isolation or as substitutes for financial information presented in compliance with GAAP. All amounts are presented in thousands except share amounts, per share data, years and ratios. Overview MEC is a leading U.S.-based vertically-integrated, value-added manufacturing partner providing a full suite of manufacturing solutions from concept to production, including design, prototyping and tooling, fabrication, aluminum extrusion, coating, assembly and aftermarket components. Our customers operate in diverse end markets, including heavy- and medium-duty commercial vehicles, construction & access equipment, powersports, data center & critical power, agriculture, military and other end markets. We have developed long-standing relationships with our blue-chip customers based upon our commitment to \u201cUnmatched Excellence\u201d. Our one operating segment focuses on producing metal components that are used in a broad range of heavy- and medium-duty commercial vehicles, construction & access equipment, powersports, data center & critical power, agricultural, military and other products. Critical Accounting Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosures. Therefore, these estimates and assumptions affect reported amounts of assets, liabilities, revenue, expenses, and associated disclosures of contingent liabilities. Critical accounting estimates are those estimates that, in management\u2019s view, are most important in the portrayal of our financial condition and results of operations. Management evaluates these estimates on an ongoing basis, using historical experience, consultation with third parties, and other methods considered reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from our estimates. Any effects on our business, financial position, or results of operations resulting from revisions to these estimates are recognized in the accounting period in which the facts that give rise to the revision become known. The methods, estimates, and judgments that we use in applying our accounting estimates have a significant impact on the results that we report in our financial statements. These critical accounting estimates require us to make difficult and subjective judgments, often as a result of the need to make estimates regarding matters that are inherently uncertain. Those critical account Item 1. Business. General Mayville Engineering Company, Inc. (MEC) is a leading U.S.-based, vertically integrated, value-added manufacturing partner providing a full suite of manufacturing solutions from concept to production, including design, prototyping and tooling, fabrication, aluminum extrusion, coating, assembly and aftermarket components. Our customers operate in diverse end markets, including heavy- and medium-duty commercial vehicles, construction & access equipment, powersports, data center & critical power, agriculture, military and other end markets. We have developed long-standing relationships with our blue-chip customers based upon our commitment to \u201cUnmatched Excellence\u201d. We provide a diverse set of process offerings and a one-source solution with benefits throughout the entire product lifecycle, including front-end collaboration in design and prototyping, product manufacturing, aftermarket components and ancillary supply chain benefits. Founded as a corporation in 1945 and headquartered in Milwaukee, Wisconsin, we are a leading Tier I U.S. supplier of highly engineered components to original equipment manufacturer (OEM) customers with leading positions in their respective markets. We are focused on producing the highest quality components using complex processes at the lowest cost by working with customers throughout the product design and development process to establish optimal solutions. Our engineering expertise and technical know-how allow us to add value through every product redevelopment cycle (generally every three to five years for our customers). According to The Fabricator magazine, we have been ranked as the largest fabricator in the United States for the past 15 years in a row (2011 \u2013 2025). Our customers\u2019 complex products require a unique combination of our capabilities that allow us to achieve a customized offering to satisfy our customers\u2019 desired outcomes. Our capabilities, which include, but are not limited to: metal fabricati Item 1A. Risk Factors. Investing in our common stock involves risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Resul", "title": "MEC - Mayville Engineering Company, Inc.", "url": "/company/MEC/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0001617242; latest 10-K filed 2025-08-21.", "text": "KRNY - Kearny Financial Corp. SIC 6035 Savings Institution, Federally Chartered; CIK 0001617242; latest 10-K filed 2025-08-21. KRNY Kearny Financial Corp. 0001617242 6035 Savings Institution, Federally Chartered Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations General This discussion and analysis reflects Kearny Financial Corp.\u2019s consolidated financial statements and other relevant statistical data, and is intended to enhance your understanding of our financial condition and results of operations. You should read the information in this section in conjunction with the business and financial information regarding Kearny Financial Corp. and the audited consolidated financial statements and notes thereto contained in this Annual Report on Form 10-K. Critical Accounting Policies and Estimates Our accounting policies are integral to understanding the results reported. We describe them in detail in Note 1 to our audited consolidated financial statements. In preparing the audited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the Consolidated Statements of Financial Condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant changes relate to the determination of the allowance for credit losses and goodwill. Allowance for Credit Losses. The determination of our allowance for credit losses on loans (\u201cACL\u201d) is considered a critical accounting estimate by management because of the high degree of judgment involved in determining qualitative loss factors, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded ACL. See Note 1 to our audited consolidated financial statements for a detailed discussion of our accounting policies and methodologies for establishing the ACL. Management believes the following information may enable investors to better understand the changes in our ACL. Our ACL totaled $46.2 million and $44.9 million at June 30, 2025 and 2024, respectively. The $1.3 million increase in our ACL was largely attributable to an increase in reserves for individually evaluated loans. The quantitative component of our ACL, which is largely based on the national unemployment rate forecast, decreased $1.2 million. The qualitative component of our ACL, which is largely based on management\u2019s judgment of qualitative loss factors, increased $0.9 million. Our ACL totaled $46.2 million at June 30, 2025 and the amount allocated to our collectively evaluated multi-family and nonresidential mortgage loans was $30.5 million, of which $21.1 million was attributable to qualitative loss factors. Changes in managements\u2019 judgment of qualitative loss factors could result in a significant change to the ACL. As described in Note 1, qualitative loss factors are applied to each portfolio segment with the amounts judgmentally determined by the relative risk to the most severe loss periods identified in the historical loan charge-offs of a peer group of similar-sized regional banks. At June 30, 2025, the most severe historical loss rate for multi-family and nonresidential mortgages loans was 1.66%. Management performed a hypothetical sensitivity analysis to understand the impact of a change in a key input on our ACL. At June 30, 2025, if the four-quarter national unemployment rate forecast had been 9% rather than an average of approximately 4.1%, our ACL as a percent of total loans would have increased 34 basis points from 0.79% to 1.13%. This sensitivity analysis includes the impact to both the quantitative and qualitative components of our ACL. Changes in quantitative inputs and qualitative loss factors may not occur in the same direction or magnitude across all segments of our loan portfolio and deterioration in some quantitative inputs and qualitative loss factors may offset improvement in others. This sensitivity analysis does not represent a ch Item 1. Business Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements, which can be identified by the use of words such as \u201cestimate,\u201d \u201cproject,\u201d \u201cbelieve,\u201d \u201cintend,\u201d \u201canticipate,\u201d \u201cplan,\u201d \u201cseek,\u201d \u201cexpect\u201d and words of similar meaning. These forward-looking statements include, but are not limited to: \u2022statements of our goals, intentions and expectations; \u2022statements regarding our business plans, prospects, growth and operating strategies; \u2022statements regarding the quality of our loan and investment portfolios; and \u2022estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of the Annual Report on Form 10-K. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: \u2022general economic conditions, either nationally or in our market areas, that are worse than expected; \u2022the imposition of tariffs or other domestic or international governmental policies and retaliatory responses; \u2022changes in the amount and trend of loan delinquencies and write-offs and changes in estimates and the methodologies for calculating the allowance for credit losses; \u2022our ability to access cost-effective funding; \u2022fluctuations in real estate values and both residential and commercial real estate market conditions; \u2022demand for loans and deposits in our market area; \u2022our ability to implement changes in our business strategi Item 1A. Risk Factors An investment in our securities is subject to risks inherent in our business and the industry in which we operate. Before making an investment decision, you should carefully consider the risks and uncertainties described below and all other information included in this Annual Report on ", "title": "KRNY - Kearny Financial Corp.", "url": "/company/KRNY/" }, { "kind": "company", "summary": "SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001669779; latest 10-K filed 2026-02-27.", "text": "CWH - Camping World Holdings, Inc. SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001669779; latest 10-K filed 2026-02-27. CWH Camping World Holdings, Inc. 0001669779 5500 Retail-Auto Dealers & Gasoline Stations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read together with our Consolidated Financial Statements and related notes included in Part II, Item 8 of this Form 10-K. This discussion contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various important factors, including those set forth under \u201cRisk Factors\u201d included in Part I, Item 1A of this Form 10-K, the \u201cCautionary Note Regarding Forward-Looking Statements\u201d and in other parts of this Form 10-K. Except to the extent that differences among reportable segments are material to an understanding of our business taken as a whole, we present the discussion in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations on a consolidated basis. In this Item 7, we discuss the results of operations for the years ended December 31, 2025 and 2024 and comparisons of the year ended December 31, 2025 to the year ended December 31, 2024. Discussions of the results of operations for the year ended December 31, 2023 and comparisons of the year ended December 31, 2024 to the year ended December 31, 2023 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 28, 2025. Overview Camping World Holdings, Inc. (together with its subsidiaries) is America\u2019s largest retailer of RVs and related products and services. Through our Camping World and Good Sam brands, our vision is to make it easy for everyone to enjoy RVing and empower our customers\u2019 joy of travel. We strive to build long-term value for our customers, employees, and stockholders by combining a comprehensive offering of RV products and services with a national network of RV dealerships, service centers and customer support centers. We also believe that our Good Sam organization and family of highly-specialized services and plans, including roadside assistance, protection plans and insurance, uniquely enable us to protect our customers on the road ahead. On December 31, 2025, we operated a total of 196 store locations, with all of them selling and/or servicing RVs. See Note 1 \u2500 Summary of Significant Accounting Policies \u2500 Description of the Business to our consolidated financial statements included in Part II, Item 8 of this Form 10-K. A summary of the changes in quantities and types of retail stores and changes in same stores from December 31, 2024 to December 31, 2025, are in the table below: [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"RV\",\"RV Service &\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"Same\"],[\"\\u200b\",\"Dealerships\",\"Retail Centers\",\"\\u200b\",\"Total\",\"\\u200b\",\"Store(1)\"],[\"Number of store locations as of December 31, 2024\",\"\\u200b\",\"204\",\"\\u200b\",\"2\",\"\\u200b\",\"206\",\"\\u200b\",\"175\"],[\"Opened\",\"\\u200b\",\"9\",\"\\u200b\",\"\\u2014\",\"\\u200b\",\"9\",\"\\u200b\",\"\\u2014\"],[\"Converted\",\"\\u200b\",\"1\",\"\\u200b\",\"(1)\",\"\\u200b\",\"\\u2014\",\"\\u200b\",\"(1)\"],[\"Temporarily closed\",\"\\u200b\",\"(2)\",\"\\u200b\",\"\\u2014\",\"\\u200b\",\"(2)\",\"\\u200b\",\"(2)\"],[\"Closed\",\"\\u200b\",\"(17)\",\"\\u200b\",\"\\u2014\",\"\\u200b\",\"(17)\",\"\\u200b\",\"(12)\"],[\"Achieved designation of same store (1)\",\"\\u200b\",\"\\u2014\",\"\\u200b\",\"\\u2014\",\"\\u200b\",\"\\u2014\",\"\\u200b\",\"15\"],[\"Number of store locations as of December 31, 2025\",\"\\u200b\",\"195\",\"\\u200b\",\"1\",\"\\u200b\",\"196\",\"\\u200b\",\"175\"],[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"(1)\",\"Our same store revenue and units calculations for a given period include only those stores that were open both at the ITEM 1. BUSINESS Overview Camping World Holdings, Inc. (together with its subsidiaries) is America\u2019s largest retailer of RVs and related products and services. Through our Camping World and Good Sam brands, our vision is to make it easy for everyone to enjoy RVing and empower our customers\u2019 joy of travel. We strive to build long-term value for our customers, employees, and stockholders by combining a comprehensive offering of RV products and services with a national network of RV dealerships, service centers and customer support centers. We also believe that our Good Sam organization and family of highly specialized services and plans, including roadside assistance, protection plans and insurance, uniquely enable us to protect our customers on the road ahead. On December 31, 2025, we operated a total of 196 store locations, with all locations selling and/or servicing RVs. Business Strategy [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Purpose\",\"Mission\",\"Vision\"],[\"To bond people with travel and the outdoors through RVing.\",\"We make it easy for everyone to enjoy RVing.\",\"To be the most trusted RV company in the world by enriching and preserving our customer\\u2019s time.\"]] [[/GREPCENT_TABLE]] \u200b Key elements of our business strategy are: Offer a Unique and Comprehensive Assortment of RV Products and Services. We believe our product and service offerings represent the best and most comprehensive assortment of services, protection plans, products and resources in the RV industry. We also believe our used RV offering and reconditioning program are best in class and provide us with a unique strategic advantage in the market. Many of our offerings, including our Good Sam services and plans, our exclusive brand RVs, and our digital retail experience through direct.campingworld.com are unique to us and have been developed in collaboration with leading industry suppliers and RV enthusiasts. We believe our size and scale allow us to deliver exceptional value to ou ITEM 1A. RISK FACTORS Investing in our Class A common stock involves a high degree of risk. You should consider carefully the risks and uncertainties described below, together with the other information included in this Form 10-K. The occurrence of any of the following risks may materially a", "title": "CWH - Camping World Holdings, Inc.", "url": "/company/CWH/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001953926; latest 10-K filed 2026-03-16.", "text": "ZBIO - Zenas BioPharma, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001953926; latest 10-K filed 2026-03-16. ZBIO Zenas BioPharma, Inc. 0001953926 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Investors should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis contain forward-looking statements based upon current beliefs, plans, and expectations related to future events and our future performance that involve risks, uncertainties, and assumptions, such as statements regarding our intentions, plans, objectives, and expectations for our business. Our actual results and the timing of events could differ materially from those discussed in these forward-looking statements as a result of several factors, including those set forth in the section titled \u201cRisk Factors.\u201d See also the section titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview We are a clinical stage global biopharmaceutical company committed to being a leader in the development and commercialization of transformative immunology-based therapies for patients in need. With the evolving understanding of the pathogenesis of autoimmune diseases, along with the expansion of promising immunology-based pharmacologic targets, we are building an I&I focused biopharmaceutical company. Our core business strategy combines disciplined product candidate acquisition with strategic deployment of internal expertise and effective use of external resources. We leverage our experienced executive management team and our established networks throughout the biopharmaceutical industry to identify, acquire and develop product candidates that we believe can provide superior clinical benefits to patients living with autoimmune diseases. Our lead I&I product candidate, obexelimab, is a bifunctional monoclonal antibody designed to bind both CD19 and Fc\u03b3RIIb, which are broadly present across B cell lineage, in order to inhibit the activity of cells that are implicated in many autoimmune diseases without depleting them. Based on existing clinical data generated to date, we believe that targeting B cell lineage via CD19 and Fc\u03b3RIIb can inhibit B cells and has been shown to be well-tolerated. 140 Table of Contents We are developing obexelimab as a potential I&I franchise for patients in several autoimmune diseases, representing substantial commercial opportunities individually and in the aggregate. The first three indications we are pursuing include IgG4-RD through a registration-directed Phase 3 trial, which reported topline data in January 2026, RMS through an ongoing Phase 2, double-blind, randomized, placebo-controlled trial which reported topline data in October 2025 and SLE through an ongoing Phase 2, double-blind, randomized, placebo-controlled trial, for which we expect to report topline results, including biomarker data, in the fourth quarter 2026. In January 2026, we reported positive results from the Phase 3 trial of obexelimab in patients with IgG4-RD. Obexelimab met the primary endpoint, demonstrating a highly statistically significant and clinically meaningful 56% reduction in the risk of IgG4-RD flare compared to placebo (Hazard Ratio 0.44, p=0.0005) and also met and demonstrated highly statistically significant activity compared to placebo on all four key secondary endpoints. Obexelimab was well tolerated with a safety profile consistent with that observed in previously completed clinical trials. Based on these results, we plan to submit the obexelimab BLA to the FDA for the treatment of IgG4-RD in the second quarter of 2026. We also intend to submit an MAA to the EMA in the second half of 2026. In October 2025, we announced topline data from the MoonStone trial. Obexelimab met the primary endpoint, demonstrating a statistically significant 95% relative reduction in Item 1. Business Overview We are a clinical stage global biopharmaceutical company committed to being a leader in the development and commercialization of transformative immunology-based therapies for patients in need. With the evolving understanding 6 Table of Contents of the pathogenesis of autoimmune diseases, along with the expansion of promising immunology-based pharmacologic targets, we are building an I&I focused biopharmaceutical company. Our core business strategy combines disciplined product candidate acquisition with strategic deployment of internal expertise and effective use of external resources. We leverage our experienced executive management team and our established networks throughout the biopharmaceutical industry to identify, acquire and develop product candidates that we believe can provide superior clinical benefits to patients living with autoimmune diseases. Our lead I&I product candidate, obexelimab, is a bifunctional monoclonal antibody designed to bind both CD19 and Fc\u03b3RIIb, which are broadly present across B cell lineage, in order to inhibit the activity of cells that are implicated in many autoimmune diseases without depleting them. Based on existing clinical data generated to date, we believe that targeting B cell lineage via CD19 and Fc\u03b3RIIb can inhibit B cells and has been shown to be well-tolerated. While anti-CD20 or other anti-CD19 targeting agents may effectively deplete B cells in systemic circulation, these agents do not fully impact B cells in relevant tissue, and the intermittent dosing regimens of these agents may not provide optimal benefits for all patients. In addition, anti-CD20 and other anti-CD19 targeting agents may cause prolonged depletion of circulating B cells for six months or longer, placing patients at higher risk of opportunistic infections and potentially reducing their ability to respond to, and receive full benefit from, vaccines. We believe obexelimab\u2019s mechanism of action and chronic dosing regimen m Item 1A. Risk Factors Investors should carefully consider the risks described below, together with the other information contained in this Annual Report, including in the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and in our audited consolidated financial statements and r", "title": "ZBIO - Zenas BioPharma, Inc.", "url": "/company/ZBIO/" }, { "kind": "company", "summary": "SIC 3569 General Industrial Machinery & Equipment, NEC; CIK 0001832483; latest 10-K filed 2026-03-12.", "text": "SERV - Serve Robotics Inc. /DE/ SIC 3569 General Industrial Machinery & Equipment, NEC; CIK 0001832483; latest 10-K filed 2026-03-12. SERV Serve Robotics Inc. /DE/ 0001832483 3569 General Industrial Machinery & Equipment, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes included in Part II, Item 8. \u201cFinancial Statements and Supplementary Data,\u201d of this Annual Report on Form 10-K. In addition to our historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. You should review the sections titled \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and Part I, Item 1A. \u201cRisk Factors,\u201d for a discussion of factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in this Annual Report on Form 10-K. Overview We are engaged in developing technologies intended to enable sustainable, autonomous robotic solutions for public spaces. Serve has developed an advanced, AI-powered robotics mobility platform that integrates proprietary hardware, AI, computer vision, and cloud-based fleet management software to enable autonomous operation in complex, real-world environments. We design, engineer, deploy, and operate low-emission robotic systems built on this platform. Serve is shaping the future of sustainable, self-driving delivery. While food delivery remains our primary commercial application, we are expanding our platform into adjacent markets, customer segments, and operating environments where autonomous mobility can address labor constraints, improve service levels, and reduce emissions. We intend to leverage our core autonomy stack, fleet management infrastructure, and operational expertise to support additional use cases across both outdoor and indoor settings. Our core technology originated in 2017 as a specialized project within Postmates, one of the pioneering food delivery startups in the United States. As of December 31, 2025, our fleet consisted of over 2,000 sidewalk delivery robots. We maintain platform-level integrations with major food delivery platforms, including Uber Eats and DoorDash, enabling real-time order dispatch, robot status updates, and operational coordination. In addition to delivery revenue, we are developing supplementary revenue streams, including on-robot advertising and branding, fleet data monetization, and software licensing opportunities. We plan to extend our autonomous mobility platform into indoor environments, including healthcare and other commercial settings. These initiatives are intended to broaden our addressable market beyond outdoor food delivery and reflect our strategy to deploy our AI-enabled robotics platform across multiple verticals. We expect to leverage complementary 40 Table of Contents technologies, domain expertise, and commercial relationships to enhance product capabilities, accelerate deployment opportunities, and support scalable, recurring revenue growth over time. Financial Overview For the year ended December 31, 2025 and 2024, we generated revenues of $2.7 million and $1.8 million, respectively, and reported net loss of $101.4 million and $39.2 million, respectively. As noted in our consolidated financial statements, as of December 31, 2025, we had an accumulated deficit of $208.9 million. Recent Developments Securities Purchase Agreement (October 2025) On October 10, 2025, the Company entered into a securities purchase agreement with certain institutional investors pursuant to which the Company agreed to issue and sell, in a registered direct offering, an aggregate of 6,250,000 shares of the Company\u2019s common stock, $0.0001 par value per share at a price of $16.00 per share. The gross proceeds to the Company from the registered direct offering were approximately $1 Item 1. Business Unless otherwise stated or the context otherwise indicates, all references to \u201cServe,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d or similar terms refer to Serve Robotics Inc. together with its wholly-owned subsidiaries. Serve Operating Co. is our direct, wholly-owned subsidiary and holds all material assets and conducts all business activities and operations of Serve. Glossary of Terms and Abbreviations The following is a glossary of technical terms used in this Annual Report on Form 10-K: GPU \u2014 Graphical Processing Unit LiDAR \u2014 A digital sensor for measuring distance to objects which uses the principle of radar, but uses light from a laser ODD \u2014 Operating Design Domain describes the specific operating conditions in which the automated driving system is designed to properly operate, including but not limited to roadway types, speed range, and environmental conditions Reverse Logistics \u2014 A type of supply chain management that moves goods from customers back to the sellers or manufacturers Company Overview We are engaged in developing technologies intended to enable sustainable, autonomous robotic solutions for public and commercial spaces. Our activities include the design, engineering, deployment, and operation of low-emission robotic systems built on our proprietary AI-enabled mobility platform. Our systems are designed to operate safely and efficiently in real world environments. While food delivery remains our primary commercial application, we are expanding our platform into adjacent markets, customer segments, and operating environments where autonomous mobility can address labor constraints, improve service levels, and reduce emissions. We intend to leverage our core autonomy stack, fleet management infrastructure, and operational expertise to support additional use cases across both outdoor and indoor settings. Our core technology originated in 2017 as a specialized project within Postmates Inc. (\u201cPostmates\u201d), an on-demand delivery company Item 1A. Risk Factors Investment in our stock involves a high degree of risk. You should consider carefully the risks described below, together with other information in this Annual Report on Form 10-K and our other filings with the SEC, before making investment decisions regarding our stock. If any", "title": "SERV - Serve Robotics Inc. /DE/", "url": "/company/SERV/" }, { "kind": "company", "summary": "SIC 5084 Wholesale-Industrial Machinery & Equipment; CIK 0000945114; latest 10-K filed 2026-02-27.", "text": "GIC - GLOBAL INDUSTRIAL Co SIC 5084 Wholesale-Industrial Machinery & Equipment; CIK 0000945114; latest 10-K filed 2026-02-27. GIC GLOBAL INDUSTRIAL Co 0000945114 5084 Wholesale-Industrial Machinery & Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Overview Global Industrial Company, through its subsidiaries, is a value-added distributor and source for industrial equipment and supplies in North America going to market through a system of branded e-commerce websites and relationship marketers. In April 2025, the Company completed the acquisition of an equipment service provider for approximately $4.3 million in cash. At closing, $0.3 million was held in escrow for settlement of potential obligations. The accounts acquired are included in the accompanying consolidated financial statements from the date of acquisition. This acquisition broadens the Company's value-added offerings in certain key equipment categories. The Company acquired 100% of the outstanding equity interests of Indoff, a business-to-business direct marketer of material handling products, commercial interiors and business products with operations in North America, on May 19, 2023 for approximately $72.6 million in cash. The Indoff accounts are included in the accompanying consolidated financial statements from the date of acquisition. This acquisition expands the Company's presence in the maintenance, repair and operations (\"MRO\") market in North America. See Note 4, Acquisition, of Notes to Consolidated Financial Statements for additional financial information regarding these acquisitions. 22 Table of Contents Continuing Operations The Company specializes in providing maintenance, repair and operations solutions to businesses ranging from small to enterprise, and to the public sector. The Company is committed to its customer-centric strategy and uses industry expertise, products from its own Global Industrial Exclusive BrandsTM , and nationally known brands to provide customers with a breadth of offerings to meet their needs. These industrial and MRO products are manufactured by other companies. Some products are manufactured for us and sold as a white label product, and some are manufactured to our own design and marketed as private brand products under the trademarks: Global\u2122, GlobalIndustrial.com\u2122, Nexel\u2122, Paramount\u2122, Interion\u2122 and Absocold\u2122. Operating Conditions The market for the sale of industrial products in North America is highly fragmented and is characterized by multiple distribution channels. Industrial products distribution is working capital intensive, requiring us to incur significant costs associated with the warehousing of many products, including the costs of maintaining inventory, leasing warehouse space, inventory management systems and employing personnel to perform the associated tasks. We supplement our on-hand product availability by maintaining relationships with major distributors and manufacturers, utilizing a combination of stock and drop-shipment fulfillment. The primary component of our operating expenses historically has been employee-related costs, which includes items such as wages, commissions, bonuses, employee benefits and equity-based compensation, as well as marketing expenses, primarily comprised of digital marketing spend, and occupancy related charges associated with our leased distribution and call center facilities. We continually assess our operations to ensure that they are efficient, aligned with market conditions and responsive to customer needs. The discussion of our results of operations and financial condition that follows will provide information that will assist in understanding our financial statements, the factors that we believe may affect our future results and financial condition as well as information about how certain accounting policies and estimates affect the consolidated financial statements. The Company has elected to omit discussion of the earliest year presented, December 31, 2023, in MD&A. This discussion can be found in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in Form 10-K for th Item 1. Business. General Global Industrial Company, through its operating subsidiaries, is a value-added distributor of industrial equipment and source for industrial equipment and supplies in North America going to market through a system of branded e-commerce websites and relationship marketers. The Company was incorporated in Delaware in 1995. Certain predecessor businesses which now constitute the Company's operations have been in business since 1949. Our headquarters office is located at 11 Harbor Park Drive, Port Washington, New York. Continuing operations The Company sells a wide array of industrial and maintenance, repair and operation (\"MRO\") products, including its own Global Industrial Exclusive BrandsTM, which are marketed in North America. These industrial and MRO products are manufactured by other companies. Some products are manufactured for us and sold as a white label product, and some are manufactured to our own design and marketed as private brand products under the trademarks: Global\u2122, GlobalIndustrial.com\u2122, Nexel\u2122, Paramount\u2122, Interion\u2122 and Absocold\u2122. On April 28, 2025, the Company completed the acquisition of an equipment service provider for approximately $4.3 million in cash. This acquisition broadens the Company's value-added offerings in certain key equipment categories. On May 19, 2023 the Company acquired 100% of the outstanding equity interests of Indoff LLC (\"Indoff\"), a business-to-business direct marketer of material handling products, commercial interiors and business products with operations in North America, for approximately $72.6 million in cash. This acquisition expanded the Company's presence in the MRO market in North America. See Note 4, Acquisitions, and Note 6, Revenue, of Notes to Consolidated Financial Statements included in Item 15 of this Form 10-K for additional financial information about our business, recent acquisitions as well as information about our geographic operations. Customer Focused Strategy The C Item 1A. Risk Factors. There are a number of factors and variables described below that may affect our future results of operations and financial condition. Other factors, of which we are currently not aware or that we currently deem immaterial, may also affect our results of operations and financial position.", "title": "GIC - GLOBAL INDUSTRIAL Co", "url": "/company/GIC/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001728688; latest 10-K filed 2025-11-21.", "text": "IIIV - i3 Verticals, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001728688; latest 10-K filed 2025-11-21. IIIV i3 Verticals, Inc. 0001728688 7372 Services-Prepackaged Software Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our audited financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those under the heading \u201cRisk Factors\u201d in Part I, Item 1A of this Annual Report on Form 10-K. Certain amounts in this section may not foot due to rounding. Executive Overview After giving effect to the sale of our Healthcare RCM Business on May 5, 2025, as described below, the Company provides mission-critical enterprise software solutions to its public sector customers. These comprehensive cloud-native solutions address a broad range of government functions, including courts, transportation, utilities, revenue and schools. The Company\u2019s mission is to enable state and local governments and related agencies to serve their constituents in an effective and efficient manner. With thousands of software installations across all 50 states and Canada, i3 Verticals is a leader in the public sector vertical. 50 Prior to the disposition of the Healthcare RCM Business, we had two operating segments and reportable segments, a Public Sector segment and a Healthcare Segment, as reflected in the Company\u2019s consolidated financial statements for the three and six months ended March 31, 2025, included in the Company's Quarterly Report on Form 10-Q for these periods filed on May 9, 2025. After giving effect to the disposition of the Healthcare RCM Business, the Company determined that it had one operating segment and one reportable segment as of June 30, 2025, and accordingly has updated its segment presentation to reflect this determination. See Note 19 to our consolidated financial statements for additional information. Economic Trends Inflationary pressures, elevated interest rate levels, monetary policy, and the current geopolitical situation (including the military conflicts in the Middle East and Ukraine), tariff and trade-related developments, and budgetary and political pressures to reduce government spending are causing broad economic uncertainty and could potentially cause new, or exacerbate existing, economic challenges that may impact us. For example, we have business operations in Canada, and the determination of Canadian governmental authorities or businesses to cancel or not renew contracts, or otherwise reduce business, with U.S. companies as a result of current trade tensions with the United States, as has been advocated by certain Canadian governmental authorities, could adversely impact our financial results. The future magnitude, duration and effects of these macroeconomic and geopolitical conditions are difficult to predict, and as such we are unable to predict the extent of the potential effect of these conditions on our financial results. Liquidity At September 30, 2025, we had $66.7 million of cash and cash equivalents and $400.0 million of available capacity under our 2023 Senior Secured Credit Facility, subject to our financial covenants. As of September 30, 2025, we were in compliance with these covenants with a consolidated interest coverage ratio and total leverage ratio 96.8x, and 0.0x, respectively. For additional information about our 2023 Senior Secured Credit Facility, see the section entitled \u201cLiquidity and Capital Resources\u201d below. Divestitures Sale of Healthcare RCM Business On May 5, 2025, i3 Verticals, LLC, and i3 Healthcare Solutions, LLC, a wholly-owned subsidiary of i3 Verticals, LLC (\u201cHealthcare RCM Seller,\u201d and collectively with i3 Verticals LLC, the \u201cHealthcare RCM Seller Parties\u201d), completed the sale of Item 1. Business Our Company i3 Verticals provides mission-critical enterprise software solutions to public sector entities. These comprehensive cloud-native solutions address a broad range of government functions, including courts and public safety, public administration, utilities, transportation and schools. The Company\u2019s mission is to enable state and local governments and related agencies to perform their functions and serve their constituents as effectively and efficiently as possible. With thousands of software installations across all 50 states and Canada, i3 Verticals is a leader in the public sector vertical. Sale of Merchant Services Business On September 20, 2024, i3 Verticals, LLC, and i3 Holdings Sub, Inc., a wholly-owned subsidiary of i3 Verticals, LLC (\u201cCorporation Seller,\u201d and collectively with i3 Verticals, LLC, the \u201cSellers\u201d) completed the transactions (such closing, the \u201cClosing\u201d) contemplated by that certain Securities Purchase Agreement dated as of June 26, 2024 (the \u201cMerchant Services Purchase Agreement\u201d), by and among i3 Verticals, LLC, Corporation Seller, the Company (solely for the purpose of providing a guaranty of the obligations of Sellers as set forth in the Purchase Agreement), Payroc Buyer, LLC (\u201cBuyer\u201d), and Payroc WorldAccess, LLC (solely for the purpose of providing a guaranty of the obligations of Buyer as set forth in the Merchant Services Purchase Agreement), the entry into which Merchant Services Purchase Agreement was previously disclosed in a Current Report on Form 8-K filed by the Company on June 26, 2024. Pursuant to the terms of the Merchant Services Purchase Agreement, the Sellers sold to Buyer the equity interests of certain direct and indirect wholly-owned subsidiaries of Sellers (the \u201cMerchant Services Acquired Entities\u201d) primarily comprising the Company\u2019s merchant services business, including its associated proprietary technology (the \u201cMerchant Services Business\u201d), after giving effect to the contribution of certai Item 1A. Risk Factors Our business faces significant risks and uncertainties. If any of the following risks are realized, our business, financial condition and results of operations could be materially and adversely affected. The following risk factors, some of which contain statements that constitute forward-looking statements, shoul", "title": "IIIV - i3 Verticals, Inc.", "url": "/company/IIIV/" }, { "kind": "company", "summary": "SIC 3715 Truck Trailers; CIK 0000879526; latest 10-K filed 2026-02-18.", "text": "WNC - WABASH NATIONAL Corp SIC 3715 Truck Trailers; CIK 0000879526; latest 10-K filed 2026-02-18. WNC WABASH NATIONAL Corp 0000879526 3715 Truck Trailers ITEM 7\u2014MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) describes the matters that we consider to be important to understanding the results of our operations for the years ending December 31, 2025 and December 31, 2024. In addition, we address our capital resources and liquidity as of December 31, 2025. Our discussion begins with our assessment of the condition of the North American trailer industry along with a summary of the actions we have taken to strengthen the Company. We then analyze the results of our operations for the last two years, including trends in the overall business and our operating segments, followed by a discussion of our cash flows and liquidity, capital market events, debt obligations, and contractual commitments. We conclude with a review of critical accounting judgments and estimates and information on recent accounting pronouncements that we adopted during the year, if any, as well as those not yet adopted that may have a material impact on our financial accounting practices, if any. For a discussion of results of operations for the year ended December 31, 2024 compared to the results of operations for the year ended December 31, 2023, see Part II, Item 7,\u2014\u201dManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d of our 2024 Annual Report on Form 10-K, filed with the SEC on February 18, 2025. Executive Summary In 2025, the company continued to build on our strategic accomplishments of 2024 by demonstrating improved resilience during an industry down-cycle and maintaining a forward posture by continuing to invest in strategic growth in a manner that's unprecedented relative to market conditions. Operating profit in 2025 totaled $307.5 million and the operating margin was 19.9%. The Company\u2019s operating profit includes a $418.6 million non-cash charge for punitive damages stemming from the Product Liability Matter as further described in Note 15 in the Notes to Consolidated Financial Statements. Additional discussion related to financial results are included in the \u201cResults of Operations\u201d section below. 35 Table of Contents Throughout 2025, we have continued to create more points of connection with our customers with greater focus on Parts & Services as well as innovative offerings like Trailers as a Service (TaaS)\u2120 that allow us to add recurring, longer-term value beyond an initial transaction. These advancements have not only deepened our customer engagement but have also enriched our collaborations with supplier and technology partners. We have solidified specific partnerships that are enabling us to grow our recurring revenue within the transportation, logistics and infrastructure ecosystem. Our Wabash Parts joint venture rapidly established significant distribution capabilities that allow our dealer network efficient access to our comprehensive portfolio of aftermarket parts. In 2025, Wabash exercised its option to acquire its joint venture partner\u2019s 51% membership interest in Linq Venture Holdings, LLC, a transaction that makes it a wholly-owned subsidiary. Linq Venture Holdings, LLC continues to play a crucial role in advancing our digital capabilities, which aim to revolutionize the online experience for our dealers, traditional and non-traditional suppliers of both parts and services and a broad set of customers spanning across the vast transportation and logistics landscape. Additionally, our 2023 investment to add 20% more dry van manufacturing capacity at our Lafayette facility has reinforced our go-to-market strategy with a portfolio-based selling approach that leverages the breadth of our products. In addition to our commitment to sustain profitable growth within each of our existing reporting segments, our long-term strategic initiatives include a focus on diversification efforts, both organic and strategic, to continue to ITEM 1\u2014BUSINESS Overview Wabash National Corporation, which we refer to herein as \u201cWabash,\u201d the \u201cCompany,\u201d \u201cus,\u201d \u201cwe,\u201d or \u201cour,\u201d is Changing How the World Reaches You\u00ae. Wabash was founded in 1985 and incorporated as a corporation in Delaware in 1991, with its principal executive offices in Lafayette, Indiana, as a dry van trailer manufacturer. Today we combine physical and digital technologies to deliver innovative, end-to-end solutions that optimize supply chains across transportation, logistics, and infrastructure markets. To that end, we design, manufacture, and service a diverse range of products supporting first-to-final mile operations, including dry freight and refrigerated trailers, platform trailers, tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade processing equipment. In addition, through Wabash Hub, customers gain access to a nationwide parts and service network, Trailers as a Service (TaaS)\u2120, and advanced tools designed to streamline operations and drive growth. We have achieved this diversification through acquisitions, organic growth, and product innovation. We believe our position as a leader in our key industries is the result of longstanding relationships with our core customers, our demonstrated ability to attract new customers, our broad and innovative product lines, our engineering leadership, and our extensive dealer and preferred partner network. More importantly, we believe our leadership position is indicative of the Values and Leadership Principles that guide our actions. At Wabash, it is our focus on people, purpose, and performance that drives us to do better. Our Purpose is to change how the world reaches you; our Vision is to be a premier provider of diverse solutions that optimize customers\u2019 end-to-end supply chains across transportation, logistics, and infrastructure markets and our Mission is to transform Wabash into a dynamic grow ITEM 1A\u2014RISK FACTORS You should carefully consider the risks described below in addition to other information contained or incorporated by reference in this Annual Report before investing in our securities. Realization of any of the following risks could have a material adverse effect on our business, financial condition, cash flows and results of operati", "title": "WNC - WABASH NATIONAL Corp", "url": "/company/WNC/" }, { "kind": "company", "summary": "SIC 3661 Telephone & Telegraph Apparatus; CIK 0000796505; latest 10-K filed 2025-11-25.", "text": "CLFD - Clearfield, Inc. SIC 3661 Telephone & Telegraph Apparatus; CIK 0000796505; latest 10-K filed 2025-11-25. CLFD Clearfield, Inc. 0000796505 3661 Telephone & Telegraph Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Cautionary Statement Regarding Forward-Looking Information Statements made in this Annual Report on Form 10-K, in the Company\u2019s other SEC filings, in press releases and in oral statements, that are not statements of historical fact are \u201cforward-looking statements.\u201d Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results or performance of the Company to be materially different from the results or performance expressed or implied by such forward-looking statements. The words \u201cbelieves,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cseeks,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cplan,\u201d \u201caim,\u201d \u201cproject,\u201d \u201ctarget,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201coutlook,\u201d \u201ccontinue,\u201d and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The risks and uncertainties that could cause actual results to differ materially and adversely from those expressed or implied by the forward-looking statements include those risks described in Part I, Item 1A \u201cRisk Factors.\u201d 18 Overview of Business: Clearfield designs, manufactures, and distributes fiber optic management, protection, and delivery products for communications networks. Its \u201cfiber to the anywhere\u201d platform serves the unique requirements of leading broadband service providers in the United States, which include Community Broadband, Large Regional Service Providers, National Carriers, and Multiple System Operators (\u201cMSOs\u201d or \u201ccable TV\u201d), while also serving the broadband needs of the International markets, primarily in Canada, the Caribbean, Central/South America and Mexico. These customers are collectively included in the category of Broadband Service Providers. The Company\u2019s sales channels include direct to customer and through distribution partners. The Company\u2019s products are sold by its sales employees and independent sales representatives. Results of Operations The Company\u2019s reportable segment is based on the Company\u2019s method of internal reporting. The internal reporting of the operating segment is defined based, in part, on the reporting and review process used by the Company\u2019s Chief Executive Officer, also known as the Chief Operating Decision Maker (\u201cCODM\u201d). The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance. As such, the Company has determined that it operates as one reportable segment. On November 11, 2025, the Company completed the sale of its Nestor Cables business, which was previously reported as the Nestor Cables Operating Segment. In connection with this sale, the historical results of the Nestor Cables business and certain assets and liabilities of the Nestor Cables business are reported in our consolidated financial statements as discontinued operations. Following the sale of the Nestor Cables business, the continuing operations of the Company comprise one operating segment and one reportable segment. Reported below are the results of operations for the Company\u2019s continuing operations unless otherwise stated. Year ended September 30, 2025, compared to year ended September 30, 2024 The Company\u2019s net sales for fiscal year 2025 increased 20%, or $24,566,000, to $150,134,000 from net sales of $125,568,000 in fiscal year 2024. The Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Accordingly, international sales represented 3% and 2% of net sales for the years ended September 30, 2025, and 2024, respectively. The increase in net sales for fiscal year 2025 of $24,566,000 compared to fiscal year 2024 is attributable to increased demand across the Company\u2019s core markets. Sales to the Communit ITEM 1. BUSINESS Company Overview We design, manufacture, and distribute fiber protection, fiber management, and fiber delivery solutions to enable rapid and cost-effective fiber-fed deployment throughout the broadband service provider space primarily across North America. Our \u201cfiber to anywhere\u201d platform serves the unique requirements of Community Broadband customers (Tier 2 and 3 telco carriers, utilities, municipalities, and alternative carriers), Multiple System Operators (cable television), Large Regional Service Providers (ILEC operating a multi-state network with more than 500,000 subscribers), National Carriers (wireline/wireless national telco carriers (Tier 1)), and International customers (primarily Europe, Canada, Mexico, and Caribbean Markets). Our mission is to enable the lifestyle that better broadband provides through innovative product design that accelerates fiber-based deployment, making communications simpler and more affordable for people everywhere. We believe our products offer broadband service providers a competitive advantage at a crucial time when demand for fiber-based services is increasing to historic levels as providers focus on passing and connecting more homes. We are driven to help broadband service providers reduce the cost - and increase the speed of fiber deployment. Segment Information We are engaged in global operations. Our operations currently comprise one reportable segment. On November 11, 2025, the Company completed the sale of its Nestor Cables business, which was previously reported as the Nestor Cables Operating Segment. In connection with this sale, the historical results of the Nestor Cables business and certain assets and liabilities of the Nestor Cables business are reported in our consolidated financial statements as discontinued operations. Following the sale of the Nestor Cables business, the continuing operations of the Company comprise one operating segment and one reportable segment. Clearfie ITEM 1A. RISK FACTORS Risks Relating to Our Operations We depend on the availability of sufficient supply of certain materials. Global disruptions in the supply chain for these materials could prevent us from meeting customer demand for our products. We purchase critical components for our products, including injected molded parts, various cabling, optic", "title": "CLFD - Clearfield, Inc.", "url": "/company/CLFD/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001754226; latest 10-K filed 2026-03-16.", "text": "OBT - Orange County Bancorp, Inc. /DE/ SIC 6022 State Commercial Banks; CIK 0001754226; latest 10-K filed 2026-03-16. OBT Orange County Bancorp, Inc. /DE/ 0001754226 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations for the years ended December 31, 2025 and 2024 should be read in conjunction with our audited consolidated financial statements and the accompanying notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that are subject to certain risks and uncertainties and are based on certain assumptions that we believe are reasonable but may prove to be inaccurate. Certain risks, uncertainties and other factors, including those set forth under \u201cCautionary Note Regarding Forward-Looking Statements,\u201d \u201cItem 1A-Risk Factors\u201d and elsewhere in this Annual Report on Form 10-K, may cause actual results to differ materially from those projected results discussed in the forward-looking statements appearing in this discussion and analysis. We assume no obligation to update any of these forward-looking statements. Overview We are a bank holding company headquartered in Middletown, New York and registered under the BHC Act. Through our wholly owned subsidiaries, Orange Bank & Trust Company and Orange Investment Advisors, Inc., we offer full-service commercial and consumer banking products and services and trust and wealth management services to small businesses, middle-market enterprises, local municipal governments and affluent individuals in the Lower Hudson Valley region, the New York metropolitan area and nearby markets in Connecticut and New Jersey. By combining the high-touch service and relationship-based focus of a community bank with the extensive suite of financial products and services offered by our larger competitors, we believe we can capitalize on the substantial growth opportunities available in our market areas. We also offer a variety of deposit accounts to businesses and consumers, including checking accounts and a full line of municipal banking accounts through our business banking platform. These activities, together with our 16 branches and one loan production office, generate a stable source of low-cost core deposits and a diverse loan portfolio with attractive risk-adjusted yields. We also offer private banking services through Orange Bank & Trust Private Banking, a division of Orange Bank & Trust Company, and provide trust and wealth management services through Orange Bank & Trust Company\u2019s trust services department and OIA, which combined has $1.9 billion in assets under management at December 31, 2025. As of December 31, 2025, our assets, loans, deposits and stockholders\u2019 equity totaled $2.7 billion, $2.0 billion, $2.3 billion and $284.4 million, respectively. Key Factors Affecting Our Business Net Interest Income. Net interest income is the most significant contributor to our net income and is the difference between the interest and fees earned on interest-earning assets and the interest expense incurred in connection with interest-bearing liabilities. Net interest income is primarily a function of the average balances and yields of these interest-earning assets and interest-bearing liabilities. These factors are influenced by internal considerations such as product mix and risk appetite as well as external influences such as economic conditions, competition for loans and deposits and market interest rates. The cost of our deposits and short-term borrowings is primarily based on short-term interest rates, which are largely driven by the FRB\u2019s actions and market competition. The yields generated by our loans and securities are typically affected by short-term and long-term interest rates, which are driven by market competition and market rates often impacted by the FRB\u2019s actions. The level of net interest income is influenced by movements in such interest rates and the pace at which such movements occur. Interest rates experienced some volatility and pressure during Item 1. Business Overview Orange County Bancorp, Inc. (the \u201cCompany\u201d) is a bank holding company incorporated under Delaware law in 2007 and headquartered in Middletown, New York. Through its wholly owned subsidiaries, Orange Bank & Trust Company, a New York state-chartered trust company (the \u201cBank\u201d) and Orange Investment Advisors, Inc., a registered investment advisor (\u201cOIA\u201d), the Company offers full- service commercial and consumer banking products and services and trust and wealth management services to small businesses, middle-market enterprises, local municipal governments and individuals in the Lower Hudson Valley region, the New York metropolitan area and nearby markets in Connecticut and New Jersey. The Company\u2019s main office is located at 212 Dolson Avenue, Middletown, New York 10940. By combining the high-level personal service and relationship-based focus of a community bank with the extensive suite of financial products, technology, and services offered by our larger competitors, we believe we can capitalize on the substantial growth opportunities available in our market areas. We also offer a variety of deposit accounts to businesses and consumers, including checking accounts and a full line of municipal banking accounts. These activities, together with our 16 branch offices and one loan production office, continue to generate a stable source of low-cost core deposits and a diverse loan portfolio with attractive risk-adjusted yields. As of December 31, 2025, the Company\u2019s assets, loans, deposits and stockholders\u2019 equity totaled $2.7 billion, $2.0 billion, $2.3 billion and $284.4 million, respectively. Orange Bank & Trust Company\u2019s trust department and OIA had a combined $1.9 billion in assets under management at December 31, 2025. As a bank holding company, the Company is subject to the supervision of the Board of Governors of the Federal Reserve System (the \u201cFRB\u201d). We are required to file with the FRB reports and other information regarding our busin Item 1A. Risk Factors You should carefully consider the following risk factors, in addition to all other information in this Annual Report on Form 10-K, in evaluating an investment in our common stock. Risks Related to Economic Conditions A substantial portion of our business is in the New York City Metropolitan ar", "title": "OBT - Orange County Bancorp, Inc. /DE/", "url": "/company/OBT/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001717307; latest 10-K filed 2026-02-18.", "text": "ILPT - Industrial Logistics Properties Trust SIC 6798 Real Estate Investment Trusts; CIK 0001717307; latest 10-K filed 2026-02-18. ILPT Industrial Logistics Properties Trust 0001717307 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following information should be read in conjunction with our consolidated financial statements and accompanying notes included in Part IV, Item 15 of this Annual Report on Form 10-K. OVERVIEW (dollars in thousands, except per square foot data) We are a REIT organized under Maryland law. As of December 31, 2025, our portfolio was comprised of 409 properties containing approximately 59,604,000 rentable square feet located in 39 states with 94.5% occupancy leased to approximately 300 different tenants. As of December 31, 2025, we also owned a 22% equity interest in the unconsolidated joint venture. We believe consumer expectations, long-term growth of e-commerce and modernization of and demand for supply chain resiliency will keep demand for industrial properties strong for the foreseeable future. This continued demand has contributed to favorable market conditions, resulting in positive mark-to-market rents on our lease renewals and new leases. During 2025, there were uncertainties in global and U.S. economic conditions driven by fluctuations in interest rates and inflation, wars and other geopolitical hostilities and tensions, changes in trade policies and tariffs and a U.S. government shutdown, all of which have impacted financial markets and supply chains. While these factors did not have a significant adverse impact on our operations, if continued, they could adversely affect our financial condition primarily through our tenants\u2019 financial stability, including their ability or willingness to renew leases or satisfy lease obligations. Most of our leases require our tenants to be responsible for certain operating expenses, including real estate taxes, insurance and common area maintenance, thereby reducing our exposure to increases in operating expenses resulting from inflation or other factors. 47 Table of Contents Our portfolio as of December 31, 2025 is summarized below (square feet in thousands): [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"% of\",\"\",\"Weighted\"],[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"Rentable\",\"\",\"\",\"\",\"Annualized\",\"\",\"Average\"],[\"\",\"\",\"Ownership\",\"\",\"\",\"\",\"Number of\",\"\",\"\",\"\",\"Square\",\"\",\"\",\"\",\"Rental\",\"\",\"Remaining\"],[\"\",\"\",\"Vehicle\",\"\",\"Ownership\",\"\",\"Properties\",\"\",\"Location\",\"\",\"Feet\",\"\",\"Occupancy\",\"\",\"Revenues\",\"\",\"Lease Term (1)\"],[\"Mainland Properties\",\"\",\"ILPT\",\"\",\"100%\",\"\",\"88\",\"\",\"33 states\",\"\",\"21,833\",\"\",\"\",\"95.7%\",\"\",\"34.5%\",\"\",\"5.7\"],[\"Hawaii Properties\",\"\",\"ILPT\",\"\",\"100%\",\"\",\"226\",\"\",\"Hawaii\",\"\",\"16,729\",\"\",\"\",\"85.8%\",\"\",\"27.8%\",\"\",\"12.2\"],[\"Mainland Properties\",\"\",\"Mountain JV\",\"\",\"61%\",\"\",\"94\",\"\",\"27 states\",\"\",\"20,978\",\"\",\"\",\"100.0%\",\"\",\"37.4%\",\"\",\"5.9\"],[\"Mainland Properties\",\"\",\"Tenancy in common\",\"\",\"67%\",\"\",\"1\",\"\",\"New Jersey\",\"\",\"64\",\"\",\"\",\"98.1%\",\"\",\"0.3%\",\"\",\"4.1\"],[\"Total / weighted average\",\"\",\"\",\"\",\"409\",\"\",\"\",\"\",\"59,604\",\"\",\"\",\"94.5%\",\"\",\"100.0%\",\"\",\"7.6\"]] [[/GREPCENT_TABLE]] (1)Based on annualized rental revenues as of December 31, 2025. Property Operations Occupancy and rental rate data for our portfolio as of December 31, 2025 and 2024 were as follows (square feet in thousands): [[GREPCENT_TABLE]] [[\"\",\"All Properties\",\"\",\"Comparable Properties\"],[\"\",\"As of December 31,\",\"\",\"as of December 31, (1)\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2025\",\"\",\"2024\"],[\"Total properties\",\"409\",\"\",\"\",\"411\",\"\",\"\",\"409\",\"\",\"\",\"409\"],[\"Total rentable square feet\",\"59,604\",\"\",\"\",\"59,890\",\"\",\"\",\"59,604\",\"\",\"\",\"59,604\"],[\"Percent leased (2)\",\"94.5\",\"%\",\"\",\"94.4\",\"%\",\"\",\"94.5\",\"%\",\"\",\"94.6\",\"%\"],[\"Average effective rental rates per square feet (3)\",\"$\",\"7.96\",\"\",\"\",\"$\",\"7.71\",\"\",\"\",\"$\",\"7.95\",\"\",\"\",\"$\",\"7.73\"]] [[/GREPCENT_TABLE]] (1)Consists of properties that we have owned continuously since January 1, 2024. (2)Leased square feet is pursuant to existing leases as of December 31, 2025, and includes space being fitted out for occupancy, if any, and space which is leased but is not occu Item 1. Business Our Company We are a REIT organized under Maryland law in 2017. We own and lease industrial and logistics properties throughout the United States. As of December 31, 2025, our portfolio was comprised of 409 properties containing approximately 59,604,000 rentable square feet located in 39 states with 94.5% occupancy, including properties owned by Mountain Industrial REIT LLC, or Mountain JV, or our consolidated joint venture. As of December 31, 2025, we also owned a 22% equity interest in The Industrial Fund REIT LLC, or the unconsolidated joint venture. Our portfolio as of December 31, 2025 is summarized below (square feet in thousands): [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"% of\",\"\",\"Weighted\"],[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"Rentable\",\"\",\"\",\"\",\"Annualized\",\"\",\"Average\"],[\"\",\"\",\"Ownership\",\"\",\"\",\"\",\"Number of\",\"\",\"\",\"\",\"Square\",\"\",\"\",\"\",\"Rental\",\"\",\"Remaining\"],[\"\",\"\",\"Vehicle\",\"\",\"Ownership\",\"\",\"Properties\",\"\",\"Location\",\"\",\"Feet\",\"\",\"Occupancy\",\"\",\"Revenues\",\"\",\"Lease Term (1)\"],[\"Mainland Properties\",\"\",\"ILPT\",\"\",\"100%\",\"\",\"88\",\"\",\"33 states\",\"\",\"21,833\",\"\",\"\",\"95.7%\",\"\",\"34.5%\",\"\",\"5.7\"],[\"Hawaii Properties\",\"\",\"ILPT\",\"\",\"100%\",\"\",\"226\",\"\",\"Hawaii\",\"\",\"16,729\",\"\",\"\",\"85.8%\",\"\",\"27.8%\",\"\",\"12.2\"],[\"Mainland Properties\",\"\",\"Mountain JV\",\"\",\"61%\",\"\",\"94\",\"\",\"27 states\",\"\",\"20,978\",\"\",\"\",\"100.0%\",\"\",\"37.4%\",\"\",\"5.9\"],[\"Mainland Properties\",\"\",\"Tenancy in common\",\"\",\"67%\",\"\",\"1\",\"\",\"New Jersey\",\"\",\"64\",\"\",\"\",\"98.1%\",\"\",\"0.3%\",\"\",\"4.1\"],[\"Total / weighted average\",\"\",\"\",\"\",\"409\",\"\",\"\",\"\",\"59,604\",\"\",\"\",\"94.5%\",\"\",\"100.0%\",\"\",\"7.6\"]] [[/GREPCENT_TABLE]] (1)Based on annualized rental revenues as of December 31, 2025. As of December 31, 2025, our properties located in 38 of the contiguous states, or our Mainland Properties, represented 72.2% of our annualized rental revenues and our properties located primarily on the island of Oahu, Hawaii, or our Hawaii Properties, represented 27.8% of our annualized rental revenues. W Item 1A. Risk Factors Summary of Risk Factors Our business is subject to a number of risks and uncertainties. The following is a summary of the principal risk factors described in this section: \u2022we have a substantial amount of debt and we are subject to risks related to our debt, including our abil", "title": "ILPT - Industrial Logistics Properties Trust", "url": "/company/ILPT/" }, { "kind": "company", "summary": "SIC 3531 Construction Machinery & Equip; CIK 0002048519; latest 10-K filed 2026-03-19.", "text": "AEBI - Aebi Schmidt Holding AG SIC 3531 Construction Machinery & Equip; CIK 0002048519; latest 10-K filed 2026-03-19. AEBI Aebi Schmidt Holding AG 0002048519 3531 Construction Machinery & Equip Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations A discussion of changes in (i) our results of operations, (ii) our segment results of operations and (iii) our cash flows from operating, investing and financing activities for the year ended December 31, 2024 compared with the year ended December 31, 2023 has been omitted from this Annual Report but may be found under the headings (i) \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations - Results of Operations,\u201d (ii) \u201cManagement's 32 Discussion and Analysis of Financial Condition and Results of Operations - Segment Results of Operations\u201d and (iii) \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations - Cash Flows,\u201d respectively, included in the Company's Registration Statement on Form S-4/A (File No. 333-286373) filed with the SEC on May 12, 2025. Forward-Looking Statements The following discussion and analysis of the financial condition and results of operations of Aebi Schmidt should be read together with Aebi Schmidt\u2019s audited consolidated financial statements as of and for the years ended December 31, 2025, 2024 and 2023, and the related notes thereto, which are included elsewhere in this Annual Report. Unless the context requires otherwise, references to \u201cAebi Schmidt\u201d in this section of the Annual Report refer to Aebi Schmidt and its consolidated subsidiaries. The information presented herein is based on management\u2019s perspective of Aebi Schmidt\u2019s results of operations. The following discussion contains forward-looking statements that reflect future plans, estimates, beliefs and expected performance. The forward-looking statements are dependent upon events, risks and uncertainties that may be outside of Aebi Schmidt\u2019s control. Aebi Schmidt\u2019s actual results may differ significantly from those projected in the forward-looking statements. Factors that might cause future results to differ materially from those projected in the forward-looking statements include, but are not limited to, those discussed in the sections entitled \u201cForward-Looking Statements\u201d and \u201cRisk Factors\u201d. Overview Aebi Schmidt is a leading global manufacturer of specialty vehicles. We are headquartered in Switzerland and employ approximately 5,700 people. We operate in 17 countries through our own sales and service organizations, with more than 70 locations worldwide, including over a dozen production facilities and a dense network of upfitting and service centers. Through established partnerships with dealers, we are represented in more than 90 additional countries globally. Our core offerings include solutions and equipment for snow removal and de-icing, street and runway sweepers, truck and RV chassis, as well as truck bodies and vehicle upfitting for a wide range of commercial fleets and vocations. Furthermore, we produce specialty vehicles and equipment for municipal and airport maintenance services as well as for the cultivation of steep and challenging terrain. On July 1, 2025, Aebi Schmidt acquired 100% of the outstanding equity interests of Shyft, a niche market leader in specialty vehicle manufacturing and assembly for the commercial and recreational vehicle industries, through the Merger. The Merger involved 100% of the voting equity interests of Shyft, with the primary reasons for the combination being to enhance our product offerings in specialty vehicle solutions, develop our market share in North America, and the leverage Shyft's innovative design and manufacturing capabilities. Aebi Schmidt has a track record in continuous profitable growth. For the year ended December 31, 2025, its sales increased by $440.7 million, or 41%, to $1,526.6 million in comparison to the year ended December 31, 2024, due in part to the Merger with Shyft in July 2025. For the year ended December 31, 2024, its Sales increased by $70.4 million, or 7%, to $1,086.0 million in comparison to the year en Item 1. Business Aebi Schmidt Holdings AG is a leading global manufacturer of specialty vehicles. We are headquartered in Switzerland and employ around 5,700 people. We operate in 17 countries through our own sales and service organizations, with more than 70 locations worldwide, including over a dozen production facilities and a dense network of upfitting and service centers. Through established partnerships with dealers, we are represented in more than 90 additional countries globally. Our core offerings include solutions and equipment for snow removal and de-icing, street and runway sweepers, truck and recreational vehicle (\u201cRV\u201d) chassis, as well as truck bodies and vehicle upfitting for a wide range of commercial fleets and vocations. Furthermore, we produce specialty vehicles and equipment for municipal and airport maintenance services as well as for the cultivation of steep and challenging terrain. Brands Our portfolio of product brands consists of Aebi, Schmidt, Monroe, Towmaster, MB, Utilimaster, Magnum, Strobes-R-Us, Swenson, Meyer, MB and Spartan RV Chassis \u2013 all well-established brands in their respective markets, some for more than 100 years. \u2022Aebi was founded in 1883 in Burgdorf, Switzerland, and is one of the world\u2019s leading brands for vehicles that enable the safe mechanical cultivation and maintenance of extreme slopes and challenging terrain. In 1976, Aebi launched the first Terratrac slope tractor on the market, and remains a leader in its class. The current Aebi portfolio is supplemented by single-axle implement carriers and transporters with implement carrier functions which enable versatile and multifunctional bodies and attachments. This makes Aebi products attractive not only for agriculture, but also for the municipal sector. \u2022Schmidt was founded in 1920 in St. Blasien, Germany, and has shaped the technological development of winter maintenance equipment for over 100 years. In addition to plows, snow cutters, spreaders and sprayers, Schm Item 1A. Risk Factors Our business, financial condition, results of operations and cash flows are subject to various risks which may cause actual performance to differ materially from historical or projected future performance, many of which are not exclusively within our control. The risks described below are the pr", "title": "AEBI - Aebi Schmidt Holding AG", "url": "/company/AEBI/" }, { "kind": "company", "summary": "SIC 1000 Metal Mining; CIK 0001639877; latest 10-K filed 2026-03-26.", "text": "GSM - Ferroglobe PLC SIC 1000 Metal Mining; CIK 0001639877; latest 10-K filed 2026-03-26. GSM Ferroglobe PLC 0001639877 1000 Metal Mining Introduction You should read the following management\u2019s discussion and analysis of our financial condition and results of operations together with our consolidated financial statements, including the notes thereto, included in this Annual Report. The following discussion is based on our financial information prepared in accordance with IFRS as issued by the IASB, which might differ in material respects from generally accepted accounting principles in other jurisdictions. The following discussion includes forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those described under \u201cItem 3. Key information\u2014D. Risk factors\u201d and elsewhere in this Annual Report. Principal Factors Affecting Our Results of Operations Sale prices Ferroglobe\u2019s operating performance is highly correlated to the demand for our products, market prices and costs to serve in a globally competitive environment. Ferroglobe follows a pricing policy aimed at balancing its exposure to termed contracts, based on formula pricing, and to the spot market, depending on market opportunities. This approach allows Ferroglobe to remain flexible in adjusting its production and sales footprint depending on changing market conditions, which traditionally have been volatile. \u200b During 2025, market prices across our key segments were impacted by the ongoing decline in market price, which began in 2024. Pricing pressures were caused by lower priced imports resulting from global oversupply as well as end market demand uncertainty associated with tariffs. Additionally, lower market demand continued throughout 2025, especially from the automotive and construction sectors which impacted the demand for a variety of our products. \u200b Silicon metal pricing declined during the year in line with lower demand and increasing inventories across global value chains such as the chemical, aluminum, and other commodity sectors. Pricing across Europe and Asia has converged as a result of Chinese competition while the US still carries a premium. The drop in demand has forced western producers to adjust their production in an effort to attenuate the downward trend in silicon prices suffered in 2024, which has accelerated through 2025 due to persistent oversupply. Ferroalloy prices in the EU followed a similar trend as a result of uncertainty around safeguard measures before recovering in Q4 2025, when such measures were finalized. Indian producers continued to be aggressive in pricing, driving manganese alloy prices lower in a low-demand environment. \u200b Cost of raw materials The main raw materials sourced by Ferroglobe are quartz, manganese ore, coal, metallurgical coke, wood, and charcoal. 75 Table of Contents Manganese ore is the largest component of the cost base for manganese-based alloys. In 2025, 42% of Ferroglobe\u2019s total 574kt purchases fell under an annual commitment (39% of 345kt in 2024 and 35% of 552kt in 2023), while the remaining was purchased on a spot basis. Total manganese ore expenses in 2025 were $115 million ($110.2 million in 2024 and $112.6 million in 2023). In 2025, annual volume purchased increased compared to 2024. From a qualitative point of view, Ferroglobe purchased more external sinter compared with producing internally. High Grade ore market prices averaged $4.46/dmtu in 2025 vs $ 5.55/dmtu in 2024. Market Medium Grade ore price averaged $ 4.06/dmtu in 2025 vs $4.33/dmtu in 2024. In 2025, coal represented a $148.6 million expense for Ferroglobe ($178.6 million in 2024 and $191.3 million in 2023). In 2025, volume declined significantly as a result of the lower operating rate of silicon metal plants. Washed coal prices declined throughout 2025, reflecting the evolution of international prices. The average price of API 2, the index for European coal, was $99.14/MT in 2025 compared t", "title": "GSM - Ferroglobe PLC", "url": "/company/GSM/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001071236; latest 10-K filed 2026-03-13.", "text": "RRBI - RED RIVER BANCSHARES INC SIC 6022 State Commercial Banks; CIK 0001071236; latest 10-K filed 2026-03-13. RRBI RED RIVER BANCSHARES INC 0001071236 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The purpose of this discussion and analysis is to focus on significant changes in the financial condition and results of operations of Red River Bancshares, Inc. on a consolidated basis during the year ended December 31, 2025 and selected prior periods. This discussion and analysis should be read in conjunction with information presented elsewhere in this Report, including our audited consolidated financial statements and notes thereto included in \u201cItem 8. Financial Statements and Supplementary Data.\u201d The following discussion contains forward-looking statements that reflect our current views with respect to, among other things, future events and our financial performance. We caution that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. See the risk factors and other cautionary statements described in \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cItem 1A. Risk Factors\u201d in this Report. We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law. CORPORATE SUMMARY Red River Bancshares, Inc. is the bank holding company for Red River Bank, a Louisiana state-chartered bank established in 1999 that provides a fully integrated suite of banking products and services tailored to the needs of our commercial and retail customers. As of December 31, 2025, Red River Bank operated from a network of 28 banking centers throughout Louisiana and two combined LDPOs, one each in New Orleans, Louisiana and Lafayette, Louisiana. Banking centers are located in the following Louisiana markets: Central, which includes the Alexandria MSA; Northwest, which includes the Shreveport-Bossier City MSA; Capital, which includes the Baton Rouge MSA; Southwest, which includes the Lake Charles MSA; the Northshore, which includes the Slidell-Mandeville-Covington MSA; Acadiana, which includes the Lafayette MSA; and New Orleans, which includes the New Orleans-Metairie MSA. Our priority is to drive shareholder value through the establishment of a market-leading commercial banking franchise based in Louisiana. We provide our services through relationship-oriented bankers who are committed to their customers and the communities where we offer our products and services. Our strategy is to expand market share in existing markets and engage in opportunistic new market de novo expansion, supplemented by strategic acquisitions of financial institutions with customer-oriented, compatible philosophies located in desirable geographic areas. 2025 FINANCIAL AND OPERATIONAL HIGHLIGHTS In 2025, we had record-high net income and EPS, and an improved net interest margin, along with solid balance sheet growth. We also increased our cash dividend, had significant stock buyback activity, continued our organic expansion initiative, and improved our digital banking systems. \u2022Net income for the year ended December 31, 2025, was $42.8 million, or $6.38 diluted EPS, an increase of $8.5 million, or 24.9%, compared to $34.2 million, or $4.95 diluted EPS, for the year ended December 31, 2024. The increase in net income was mainly due to higher net interest income. \u2022The return on assets was 1.33% for 2025 and 1.11% for 2024. \u2022The return on equity was 12.58% for 2025 and 11.02% for 2024. \u2022Net interest income and net interest margin FTE increased for 2025 compared to 2024. Net interest income for 2025 was $105.6 million, which was $16.3 million, or 18.2%, higher than $89.3 million for the prior year. Net interest margin FTE increased 42 bps to 3.38% for 2025, compared to 2.96% for the prior year. These improvements were due to higher loans and securities yields, lower cost of deposits, and an improved earning asset mix. \u2022As of December 31, 2025, loans HFI were $2.25 billion, which was $173.7 mill Item 1. Business OUR COMPANY Red River Bancshares, Inc., a Louisiana corporation, was founded in 1998 and is a bank holding company headquartered in Alexandria, Louisiana. Through our wholly owned subsidiary, Red River Bank, a Louisiana state-chartered bank, we provide a fully integrated suite of banking products and services tailored to the needs of our commercial and retail customers. Our mission is to be the premier statewide banking organization in Louisiana. We completed an initial public offering of our common stock in May 2019. Our common stock is listed on the Nasdaq Global Select Market under the symbol \u201cRRBI.\u201d As of December 31, 2025, we were the sixth largest financial institution headquartered in Louisiana based on assets, with total assets of $3.35 billion, loans HFI of $2.25 billion, total deposits of $2.96 billion, and total stockholders\u2019 equity of $365.2 million. OUR MARKETS As of December 31, 2025, we operated from a network of 28 banking centers throughout Louisiana and two combined LDPOs, one each in New Orleans, Louisiana and Lafayette, Louisiana. Banking centers are located in the following Louisiana markets: Central, which includes the Alexandria MSA; Northwest, which includes the Shreveport-Bossier City MSA; Capital, which includes the Baton Rouge MSA; Southwest, which includes the Lake Charles MSA; the Northshore, which includes the Slidell-Mandeville-Covington MSA; Acadiana, which includes the Lafayette MSA; and New Orleans, which includes the New Orleans-Metairie MSA. We believe our markets offer us an attractive combination of growth opportunities and core deposit stability, as well as loan diversity. We operate nine banking centers, including our main office, in the Central Louisiana market, which we define to include Rapides and Avoyelles Parishes. We operate seven banking centers in our Northwest Louisiana market, which we define to include Caddo, Bossier, and DeSoto Parishes. In our Capital market, which we define to include Eas Item 1A. Risk Factors Ownership of our common stock involves a high degree of risk. You should carefully consider the risks described below, together with all other information included in this Report, including the disclosures in \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our co", "title": "RRBI - RED RIVER BANCSHARES INC", "url": "/company/RRBI/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001090009; latest 10-K filed 2026-02-24.", "text": "SFST - SOUTHERN FIRST BANCSHARES INC SIC 6021 National Commercial Banks; CIK 0001090009; latest 10-K filed 2026-02-24. SFST SOUTHERN FIRST BANCSHARES INC 0001090009 6021 National Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis identifies significant factors that have affected our financial position and operating results during the periods included in the accompanying financial statements. We encourage you to read this discussion and analysis in conjunction with the financial statements and the related notes and the other statistical information also included in this Annual Report on Form 10-K. OVERVIEW Our business model continues to be client-focused, utilizing relationship teams to provide our clients with a specific banker contact and support team responsible for all of their banking needs. The purpose of this structure is to provide a consistent and superior level of professional service, and we believe it provides us with a distinct competitive advantage. We consider exceptional client service to be a critical part of our culture, which we refer to as \u201cClientFIRST.\u201d At December 31, 2025, we had total assets of $4.40 billion, an increase from total assets of $4.09 billion at December 31, 2024. The largest components of our total assets are loans, which were $3.85 billion and $3.63 billion at December 31, 2025 and 2024, respectively. Our liabilities and shareholders\u2019 equity at December 31, 2025 totaled $4.03 billion and $368.7 million, respectively, compared to liabilities of $3.76 billion and shareholders\u2019 equity of $330.4 million at December 31, 2024. The principal component of our liabilities is deposits which were $3.72 billion and $3.44 billion at December 31, 2025 and 2024, respectively. Like most community banks, we derive the majority of our income from interest received on our loans and investments. Our primary source of funds for making these loans and investments is our deposits, on which we pay interest. Consequently, one of the key measures of our success is our amount of net interest income, or the difference between the income on our interest-earning assets, such as loans and investments, and the expense on our interest-bearing liabilities, such as deposits and borrowings. Another key measure is the difference between the yield we earn on these interest-earning assets and the rate we pay on our interest-bearing liabilities, which is called our net interest spread. In addition to earning interest on our loans and investments, we earn income through fees and other charges to our clients. Our net income available to common shareholders for the years ended December 31, 2025 and 2024 was $30.4 million and $15.5 million, or diluted earnings per share (\u201cEPS\u201d) of $3.72 and $1.91 for the years ended December 31, 2025 and 2024, respectively. The increase in net income resulted primarily from an increase in net interest income. In addition, our net income available to common shareholders was $13.4 million, or EPS of $1.66 for the year ended December 31, 2023. 49 Table of Contents SELECTED FINANCIAL DATA The following table sets forth our selected historical consolidated financial information for the periods and as of the dates indicated. We derived our balance sheet and income statement data for the years ended December 31, 2025, 2024, and 2023 from our audited consolidated financial statements. You should read this information together with \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our audited consolidated financial statements and the related notes thereto, which are included elsewhere in this Annual Report on Form 10-K. [[GREPCENT_TABLE]] [[\"\",\"\",\"Years Ended December 31,\"],[\"(dollars in thousands, except per share data)\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"BALANCE SHEET DATA\"],[\"Total assets\",\"\",\"$\",\"4,403,494\",\"\",\"\",\"\",\"4,087,593\",\"\",\"\",\"\",\"4,055,789\"],[\"Investment securities\",\"\",\"\",\"147,793\",\"\",\"\",\"\",\"151,617\",\"\",\"\",\"\",\"154,641\"],[\"Loans (1)\",\"\",\"\",\"3,845,124\",\"\",\"\",\"\",\"3,631,767\",\"\",\"\",\"\",\"3,602,627\"],[\"Allowance for credit losses\",\"\",\"\",\"42, Item 1. Business General Southern First Bancshares, Inc. (the \u201cCompany\u201d) was incorporated in March 1999 under the laws of South Carolina and is a bank holding company registered under the Bank Holding Company Act of 1956 (the \u201cBHCA\u201d). Our primary business is to serve as the holding company for Southern First Bank (the \u201cBank\u201d), a South Carolina state bank. The Bank is a commercial bank with eight retail offices located in the Greenville, Columbia, and Charleston markets of South Carolina, three retail offices in the Raleigh, Greensboro, and Charlotte markets of North Carolina and one retail office in Atlanta, Georgia. In addition, we opened our Dream Mortgage Center, a loan production office, located in Columbia, South Carolina during 2023 and expect to open a retail office in Cary, North Carolina in late 2026. The Bank is primarily engaged in the business of accepting demand deposits and savings deposits insured by the Federal Deposit Insurance Corporation (the \u201cFDIC\u201d), and providing commercial, consumer and mortgage loans to the general public. Unless the context requires otherwise, references to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or similar references mean Southern First Bancshares, Inc. and its subsidiaries. Our Competitive Strengths We believe that the following business strengths have been instrumental to the success of our core operations. We believe these attributes will enable us to continue profitable growth, while remaining fundamentally sound and driving value to our shareholders. Simple and Efficient ClientFIRST Model. We operate our Bank using a simple and efficient style of banking that is focused on providing core banking products and services to our clients through a team of talented and experienced bankers. We refer to this model as \u201cClientFIRST\u201d and it is structured to deliver superior client service via \u201crelationship teams,\u201d which provide each client with a specific banker contact and a consistent support team responsible for all of the clie Item 1A. Risk Factors. The following risk factors and other information included in this Annual Report on Form 10-K should be carefully considered. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial a", "title": "SFST - SOUTHERN FIRST BANCSHARES INC", "url": "/company/SFST/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0001606366; latest 10-K filed 2026-03-13.", "text": "LOCO - El Pollo Loco Holdings, Inc. SIC 5812 Retail-Eating Places; CIK 0001606366; latest 10-K filed 2026-03-13. LOCO El Pollo Loco Holdings, Inc. 0001606366 5812 Retail-Eating Places ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our \u201cAudited Consolidated Financial Statements\u201d and accompanying \u201cNotes to Consolidated Financial Statements\u201d included elsewhere in this Annual Report. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties, and assumptions that could cause actual results to differ materially from management\u2019s expectations. See \u201cForward- 34 Table of Contents Looking Statements\u201d and \u201cItem 1A. Risk Factors\u201d included elsewhere in this Annual Report. We assume no obligation to update any of these forward-looking statements. Basis of Presentation We use a 52- or 53-week fiscal year ending on the last Wednesday of each calendar year. Fiscal 2025, 2024, and 2023 ended on December 31, 2025, December 25, 2024 and December 27, 2023, respectively. In a 52-week fiscal year, each quarter includes 13 weeks of operations. In a 53-week fiscal year, the first, second and third quarters each include 13 weeks of operations, and the fourth quarter includes 14 weeks of operations. Approximately every five or six years a 53-week fiscal year occurs. Fiscal 2025 was a 53-week fiscal year, and fiscal 2024 and 2023 were 52-week fiscal years. 53-week years may cause revenues, expenses, and other results of operations to be higher due to the additional week of operations. Fiscal years are identified in this Annual Report according to the calendar years in which they ended. For example, references to fiscal 2025 refer to the fiscal year ended December 31, 2025. Overview El Pollo Loco is a differentiated and growing restaurant concept that specializes in fire-grilling citrus-marinated chicken and operates in the limited-service restaurant segment. We strive to offer quality chicken served fast and easy. Our distinctive menu features our signature product--citrus-marinated fire-grilled chicken--and a variety of Mexican and LA-inspired entrees that we create from our chicken. We serve individual and family-sized chicken meals, including a variety of entrees like our Double Chicken Tostada, Guacamole Chicken Burrito, and Salsa Verde Chicken Quesadilla. Our famous Creamy Cilantro dressings and salsas are prepared fresh daily, allowing our customers to create their favorite flavor profiles to enhance their culinary experience. We believe that our distinctive menu that features quality chicken is a flavorful and affordable option that appeals to consumers across a wide variety of socio-economic backgrounds and drives our balanced composition of sales throughout the day, including at lunch and dinner. Market Trends and Uncertainties As a result of recent California legislation increasing wages of fast food workers, we experienced an increase in our labor and regulatory compliance costs in fiscal 2024 and fiscal 2025. Although we have been able to substantially offset these cost pressures through various actions, such as increasing menu prices, managing menu mix, and productivity improvements, we expect these cost pressures to continue in 2026. Additionally, we are impacted by macroeconomic challenges, such as inflationary pressures and changes in trade policies, that have in the past affected, and may continue in the future, to affect our operations in certain areas such as food cost, labor costs, construction costs and other restaurant operating costs. We have been able to substantially offset these inflationary and other cost pressures through various actions, such as increasing menu prices, managing menu mix, and productivity improvements. However, we expect these inflationary and other cost pressures to continue in 2026 and we may not be able to offset cost increases in the future. Global events, such as the recent outbreak of war in Iran, may also impact our business costs, including the costs of transportation and energy. There is ongoing unce ITEM 1.BUSINESS Our Company We opened our first location on Alvarado Street in Los Angeles, California, in 1980, and have grown our restaurant system to 503 domestic restaurants, comprised of 175 company-operated and 328 franchised restaurants as of December 31, 2025. Our restaurants are located principally in California, but also in Arizona, Nevada, Texas, Utah, Colorado, Washington and Louisiana. Additionally, as of December 31, 2025, we had 8 licensed restaurants in the Philippines. Our typical restaurant is a free-standing building with drive-thru service that ranges in size from 2,200 to 3,000 square feet with seating for approximately 50 to 70 people. El Pollo Loco is a differentiated and growing restaurant concept that specializes in fire-grilling citrus-marinated chicken and operates in the limited service restaurant (\u201cLSR\u201d) market segment. We believe that our market position to make and serve quality chicken that is fast and easy sets El Pollo Loco apart. Our distinctive menu features our signature product, citrus-marinated fire-grilled chicken, served in a variety of Mexican-inspired entrees, like burritos, tostadas, and salads, as well as bone-in chicken meals available in a variety of sizes to feed individuals and larger groups. Our entrees include favorites such as tostadas, burritos, bowls, and salads, and we offer a variety of fresh salsas and delicious dressings that give our customers the opportunity to customize their meals. Our distinctive menu with high quality chicken entrees appeals to consumers across a wide variety of socio-economic backgrounds and drives our balanced composition of sales throughout the day, including at lunch and dinner. The Company operates in one operating segment. All significant revenues relate to retail sales of food and beverages through either company or franchised restaurants. Financial information about our operations, including our revenues and expenses for fiscal 2025, 2024 and 2023, and our total assets as of ITEM 1A.RISK FACTORS You should carefully consider the following risk factors, as well as other information contained in this Annual Report, including our financial statements and the notes related to those statements. The occurrence of any of the following risks could materially and adversely affect our business, prospects, fin", "title": "LOCO - El Pollo Loco Holdings, Inc.", "url": "/company/LOCO/" }, { "kind": "company", "summary": "SIC 3531 Construction Machinery & Equip; CIK 0000061986; latest 10-K filed 2026-02-18.", "text": "MTW - MANITOWOC CO INC SIC 3531 Construction Machinery & Equip; CIK 0000061986; latest 10-K filed 2026-02-18. MTW MANITOWOC CO INC 0000061986 3531 Construction Machinery & Equip Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with the consolidated financial statements and accompanying notes appearing in Part II, Item 8 of this Annual Report on Form 10-K. Overview: The Manitowoc Company, Inc. (\u201cManitowoc\u201d or the \u201cCompany\u201d) was founded in 1902, and is headquartered in Milwaukee, Wisconsin, United States. Manitowoc, through its wholly-owned subsidiaries, provides high quality, customer-focused lifting products and services world-wide through its Grove, Manitowoc, National Crane, Potain, Shuttlelift, and Upfits by Aspen Equipment brands and its support-focused subsidiary MGX Equipment Services. For more information, visit www.manitowoc.com. The information on our website is not part of this or any other report we file with or furnish to the SEC and is not incorporated herein by reference. All dollar amounts are in millions throughout the tables included in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations unless otherwise indicated. Orders and Backlog Orders and backlog are not measures defined by accounting principles generally accepted in the United States of America (\u201cGAAP\u201d) and our methodology for determining orders and backlog may vary from the methodology used by other companies. Management uses orders and backlog for capacity and resource planning. The Company believes this information is useful to investors to provide an indication of future revenues. Backlog represents the dollar value of orders which are expected to be recognized in net sales in the future. Orders are included in backlog when an executed binding contract with a price that has a floor has been received but has not been recognized in net sales. Orders for the year ended December 31, 2025 increased 22.7% to $2,359.0 million from $1,922.8 million for the same period in 2024. The increase in orders was primarily due to higher demand in the Americas and EURAF segments. This was partially offset by lower demand in the MEAP segment. Orders were favorably impacted by $34.3 million from changes in foreign currency exchange rates. The Company\u2019s backlog as of December 31, 2025 was $793.5 million, a 22.0% increase from the December 31, 2024 backlog of $650.2 million. The increase in backlog from December 31, 2024 was primarily attributable to the higher orders as discussed above. Backlog was favorably impacted by $32.4 million from changes in foreign currency exchange rates. Results of Operations A detailed discussion of the year-over-year changes for the years ended December 31, 2024 and 2023 can be found in the Management's Discussion and Analysis section of the Company's 2024 Annual Report on Form 10-K filed on February 21, 2025, and is available on the SEC's website at www.sec.gov as well as in the \"Investors\" section of our website at www.manitowoc.com. Results of Operations for the Years Ended December 31, 2025 and 2024 [[GREPCENT_TABLE]] [[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"Percentage Change\"],[\"Net sales\",\"\",\"\",\"2,240.9\",\"\",\"\",\"\",\"2,178.0\",\"\",\"\",\"\",\"2.9\",\"%\"],[\"Gross profit\",\"\",\"\",\"404.7\",\"\",\"\",\"\",\"375.0\",\"\",\"\",\"\",\"7.9\",\"%\"],[\"Gross profit %\",\"\",\"\",\"18.1\",\"%\",\"\",\"\",\"17.2\",\"%\"],[\"Engineering, selling and administrative expenses\",\"\",\"\",\"342.9\",\"\",\"\",\"\",\"315.7\",\"\",\"\",\"\",\"8.6\",\"%\"],[\"Interest expense\",\"\",\"\",\"37.7\",\"\",\"\",\"\",\"38.3\",\"\",\"\",\"\",\"(1.6\",\")%\"],[\"Other expense - net\",\"\",\"\",\"(2.2\",\")\",\"\",\"\",\"(0.4\",\")\",\"\",\"*\"],[\"Provision (benefit) for income taxes\",\"\",\"\",\"5.2\",\"\",\"\",\"\",\"(44.1\",\")\",\"\",\"*\"],[\"*Measure not meaningful\"]] [[/GREPCENT_TABLE]] Net Sales Consolidated net sales for the year ended December 31, 2025 increased 2.9% to $2,240.9 million from $2,178.0 million for the year ended December 31, 2024. The increase was primarily attributable to $50.6 million of higher new tower crane shipments in the EURAF segment, $51.0 million of higher non-new machine sales, and $15.5 millio Item 1. BUSINESS General The Manitowoc Company, Inc. (\u201cManitowoc\u201d or the \u201cCompany\u201d) was founded in 1902, and is headquartered in Milwaukee, Wisconsin, United States. Manitowoc, through its wholly-owned subsidiaries, provides high quality, customer-focused lifting products and services world-wide through its Grove, Manitowoc, National Crane, Potain, Shuttlelift, and Upfits by Aspen Equipment brands and its support-focused subsidiary MGX Equipment Services. For more information, visit www.manitowoc.com. The information on our website is not part of this or any other report we file with or furnish to the SEC and is not incorporated herein by reference. Reporting Segments The Company has three reportable segments; the Americas segment, the Europe and Africa (\u201cEURAF\u201d) segment, and the Middle East and Asia Pacific (\u201cMEAP\u201d) segment. The Americas reporting segment includes the North America and South America continents. The EURAF reporting segment includes the Europe and Africa continents, excluding the Middle East region. The MEAP reporting segment includes the Asia and Australia continents and the Middle East region. The segments were identified using the \u201cmanagement approach,\u201d which designates the internal organization that is used by management for making operating decisions and assessing performance. Refer to Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and Note 17, \u201cSegments,\u201d for additional information on our reporting segments. Vision, Mission, and Core Values Manitowoc's vision is that we build the physical communities and structures for current and future generations. Our Mission is integral to this vision; We aspire to deliver the highest level of customer confidence and trust in the lifting industry. Our Core Values are the guiding principles for our employees to ensure that we meet our Vision and Mission. These Core Values are: (1) We succeed when our customers excel: We are committed to our cus Item 1A. RISK FACTORS The Company's financial position, results of operations, and cash flows are subject to various risks, many of which are not exclusively within the Company's control, which may cause actual performance to differ materially from historical or projected future performance. Investors should carefully consider information", "title": "MTW - MANITOWOC CO INC", "url": "/company/MTW/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001462056; latest 10-K filed 2026-03-10.", "text": "BLZE - Backblaze, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001462056; latest 10-K filed 2026-03-10. BLZE Backblaze, Inc. 0001462056 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Result of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes to those statements included in \u201cPart II \u2014 Item 8. Financial Statements and Supplementary Data\" of this Annual Report on Form 10-K. This discussion, particularly information with respect to our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties, as described under the heading, \u201cSpecial Note Regarding Forward-Looking Statements\u201d in \u201cPart I \u2014 Item 1A. Risk Factors.\u201d You should review the disclosure under the heading, \u201cRisk Factors\u201d for a discussion of important factors that could cause our actual results to differ materially from those described or implied in these forward-looking statements contained in the following discussion and analysis and elsewhere in this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Unless the context otherwise requires, all references in this report to \u201cBackblaze,\u201d the \u201cCompany,\u201d \u201cwe,\u201d our,\u201d \u201cus,\u201d or similar terms refer to Backblaze, Inc. and its consolidated subsidiaries. A discussion and analysis of our financial condition and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024 is presented below. A discussion regarding our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 can be found under Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 11, 2025. Overview We are a high-performance cloud storage platform for data-intensive use cases in the artificial intelligence (\u201cAI\u201d) era and across a broad range of modern cloud workloads, designed to help customers address complex storage needs by reducing the barriers of lock-in, complexity, and cost. Our mission is to make customers succeed by solving their toughest data storage challenges. We aim to achieve this mission through our purpose-built, web-scale software infrastructure, which is essential to the global data center and compute infrastructure buildout. We provide cloud services through a purpose-built, web-scale software infrastructure built on commodity hardware. We believe that by offering a cloud storage solution optimized for price-to-performance at scale, engineered for efficiency, and priced predictably, we substantially reduce the cost, complexity and frustration of storing, using, and protecting data, and we empower customers to focus on their core business operations. Customers use us to support their AI workflows, help ensure the cyber-resilience of their organizations, streamline their media workflows, and enable a variety of other data-focused application and information technology (\u201cIT\u201d) needs. Through our blog and culture of transparency, we have built a community of millions of readers and brand advocates. Our direct sales activities, channel and technology partners, and referrals from our community of brand advocates, combined with our highly efficient and self-serve customer acquisition model have allowed us to attract over 500,000 customers as of December 31, 2025, and our direct sales activities have historically supported us in acquiring larger customers, including leading neocloud platforms via our Powered by Backblaze program. As we move up-market, we expect our direct sales activities to increasingly contribute to the acquisition of customers like these. Our customers use our Backblaze Storage Cloud platform across more than 175 countries to store and protect their data with an aggregate of approximatel Item 1. Business Overview We are a high-performance cloud storage platform for data-intensive use cases in the artificial intelligence (\u201cAI\u201d) era and across a broad range of modern cloud workloads, designed to help customers address complex storage needs by reducing the barriers of lock-in, complexity, and cost. Our mission is to make customers succeed by solving their toughest data storage challenges. We aim to achieve this mission through our purpose-built, web-scale software infrastructure, which is essential to the global data center and compute infrastructure buildout. We provide cloud services through a purpose-built, web-scale software infrastructure built on commodity hardware. We believe that by offering a cloud storage solution optimized for price-to-performance at scale, engineered for efficiency, and priced predictably, we substantially reduce the cost, complexity and frustration of storing, using, and protecting data, and we empower customers to focus on their core business operations. Customers use us to support their AI workflows, help ensure the cyber-resilience of their organizations, streamline their media workflows, and enable a variety of other data-focused application and information technology (\u201cIT\u201d) needs. Through our blog and culture of transparency, we have built a community of millions of readers and brand advocates. Our direct sales activities, channel and technology partners, and referrals from our community of brand advocates, combined with our highly efficient and self-serve customer acquisition model have allowed us to attract over 500,000 customers as of December 31, 2025, and our direct sales activities have historically supported us in acquiring larger customers, including leading neocloud platforms via our Powered by Backblaze program. As we move up-market, we expect our direct sales activities to increasingly contribute to the acquisition of customers like these. Our customers use our Backblaze Storage Cloud platform across mor Item 1A. Risk Factors Certain factors may have a material adverse effect on our business, financial condition, and results of operations. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManageme", "title": "BLZE - Backblaze, Inc.", "url": "/company/BLZE/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001533615; latest 10-K filed 2026-03-02.", "text": "XRN - Chiron Real Estate Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001533615; latest 10-K filed 2026-03-02. XRN Chiron Real Estate Inc. 0001533615 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our financial statements, including the notes to those financial statements, included elsewhere in this Report. Some of the statements we make in this section are forward-looking statements within the meaning of the federal securities laws. For a complete discussion of forward-looking statements, see the section in this Report entitled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Certain risk factors may cause actual results, performance, or achievements to differ materially from those expressed or implied by the following discussion. For a discussion of such risk factors, see the section in this Report entitled \u201cRisk Factors.\u201d Unless otherwise indicated, all dollar and share amounts in the following discussion are presented in thousands. Note: On September 19, 2025, the Company completed a one-for-five reverse stock split of its outstanding shares of common stock, with a corresponding adjustment to the outstanding partnership units of the Operating Partnership (the \u201cReverse Stock Split\u201d). Unless otherwise noted, all common share and unit amounts shown below are shown on a split-adjusted basis. Objective of MD&A Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) is a narrative explanation of the financial statements and other statistical data that we believe will enhance a reader\u2019s understanding of our financial condition, changes in financial condition and results of operations. The objectives of MD&A are: [[GREPCENT_TABLE]] [[\"\",\"a.\",\"To provide a narrative explanation of our financial statements that enables investors to see the Company from management\\u2019s perspective;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"b.\",\"To enhance the overall financial disclosure and provide the context within which financial information should be analyzed; and\"]] [[/GREPCENT_TABLE]] 38 Table of Contents [[GREPCENT_TABLE]] [[\"\",\"c.\",\"To provide information about the quality of, and potential variability of, our earnings and cash flow so that investors can ascertain the likelihood that past performance is indicative of future performance.\"]] [[/GREPCENT_TABLE]] Overview Chiron Real Estate Inc. (the \u201cCompany,\u201d \u201cus,\u201d \u201cwe,\u201d or \u201cour\u201d) is a Maryland corporation and internally managed REIT that primarily acquires healthcare facilities leased to physician groups and regional and national healthcare systems. We hold our facilities and conduct our operations through a Delaware limited partnership subsidiary, Chiron Real Estate LP (the \u201cOperating Partnership\u201d). Our wholly owned subsidiary, Chiron Real Estate GP LLC, is the sole general partner of our Operating Partnership. As of December 31, 2025, we owned 92.0% of the outstanding common operating partnership units (\u201cOP Units\u201d), with the remaining 8.0% owned by holders of long-term incentive plan units (\u201cLTIP Units\u201d) and third-party limited partners who contributed properties or services in exchange for OP Units. On February 23, 2026, the Company changed its name from Global Medical REIT Inc. to Chiron Real Estate Inc. Our revenues are derived from the rental and operating expense reimbursement payments we receive from our tenants, and most of our leases are medium to long-term triple net leases with contractual rent escalation provisions. Our primary expenses are depreciation, interest, and general and administrative expenses. We finance our acquisitions with a mixture of debt and equity primarily from our cash from operations, borrowings under our Third Amended and Restated Credit Facility (the \u201cCredit Facility\u201d), and stock issuances. Our Properties As of December 31, 2025, we had gross investments of approximately $1.5 billion in real estate, consisting of 189 buildings with an aggregate of approximately 5.1 million leasable square feet and approximately $118.8 million of annualized base rent. This data does not include amo ITEM 1. BUSINESS \u200b Organization Chiron Real Estate Inc. (the \u201cCompany,\u201d \u201cus,\u201d \u201cwe,\u201d or \u201cour\u201d) is a Maryland corporation and internally managed REIT that primarily acquires healthcare facilities leased to physician groups and regional and national healthcare systems. The Company\u2019s common stock is listed on the New York Stock Exchange. On February 23, 2026, the Company changed its name from Global Medical REIT Inc. to Chiron Real Estate Inc. We elected to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2016. We hold our facilities and conduct our operations through a Delaware limited partnership subsidiary, Chiron Real Estate LP (the \u201cOperating Partnership\u201d). Our wholly owned subsidiary, Chiron Real Estate GP LLC, is the sole general partner of our Operating Partnership and, as of December 31, 2025, we owned 92.0% of the outstanding common operating partnership units (\u201cOP Units\u201d) of our Operating Partnership, with an aggregate of 8.0% of the Operating Partnership owned by holders of long-term incentive plan units (\u201cLTIP Units\u201d) and third-party limited partners who contributed properties or services to the Operating Partnership in exchange for OP Units. On September 19, 2025, the Company completed a one-for-five reverse stock split of its outstanding shares of common stock, with a corresponding adjustment to the outstanding partnership units of the Operating Partnership (the \u201cReverse Stock Split\u201d). Unless otherwise noted, all common share and unit amounts shown herein are shown on a split-adjusted basis. Business Overview and Strategy Our business strategy is to invest primarily in healthcare properties that provide an attractive rate of return relative to our cost of capital and are operated by profitable physician groups, regional or national healthcare systems or combinations thereof. We believe this strategy allows us to attain our goals of providing stockholders with (i) attractive dividends an ITEM 1A. RISK FACTORS \u200b The following summarizes the material risks of purchasing or owning our securities. Our business, financial condition and/or results of operations and our ability to make distributions to our stockholders may be materially adversely affected by the nature and impact of these risks. In such case, the market valu", "title": "XRN - Chiron Real Estate Inc.", "url": "/company/XRN/" }, { "kind": "company", "summary": "SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0001121484; latest 10-K filed 2026-03-04.", "text": "OIS - OIL STATES INTERNATIONAL, INC SIC 3533 Oil & Gas Field Machinery & Equipment; CIK 0001121484; latest 10-K filed 2026-03-04. OIS OIL STATES INTERNATIONAL, INC 0001121484 3533 Oil & Gas Field Machinery & Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our Consolidated Financial Statements and related notes appearing in \u201cPart II Item 8 Financial Statements and Supplementary Data.\u201d This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in \u201cPart II, Item 7 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. This discussion contains \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act that are based on our current expectations, estimates and projections about our business operations. Our actual results may differ materially from those currently anticipated and expressed in such forward-looking statements as a result of numerous factors, including the known material factors set forth in \u201cPart I, Item 1A. Risk Factors.\u201d You should read the following discussion and analysis together with our Consolidated Financial Statements and the notes to those statements included elsewhere in this Annual Report on Form 10\u2011K in order to understand factors, such as business combinations, charges and credit and financing transactions, which may impact comparability from period to period. We provide a broad range of manufactured products and services to customers in the energy, military and industrial sectors through our Offshore Manufactured Products, Completion and Production Services and Downhole Technologies segments. Demand for our products and services is cyclical and substantially dependent upon activity levels in the oil and gas industry, particularly our customers\u2019 willingness to invest capital in the exploration for and development of crude oil and natural gas reserves. Our customers\u2019 capital spending programs are generally based on their cash flows and their outlook for near-term and long-term commodity prices, making demand for our products and services sensitive to expectations regarding future crude oil and natural gas prices, as well as economic growth, commodity demand and estimates of resource production and regulatory pressures. Recent Developments Brent and WTI crude oil and natural gas pricing trends were as follows: [[GREPCENT_TABLE]] [[\"\",\"\",\"Average Price(1) for quarter ended\",\"\",\"Average Price(1) for year ended December 31\"],[\"Year\",\"\",\"March 31\",\"\",\"June 30\",\"\",\"September 30\",\"\",\"December 31\"],[\"Brent Crude (per bbl)\"],[\"2025\",\"\",\"$\",\"75.87\",\"\",\"\",\"$\",\"68.07\",\"\",\"\",\"$\",\"69.03\",\"\",\"\",\"$\",\"63.65\",\"\",\"\",\"$\",\"69.14\"],[\"2024\",\"\",\"82.92\",\"\",\"\",\"$\",\"84.68\",\"\",\"\",\"$\",\"80.01\",\"\",\"\",\"$\",\"74.66\",\"\",\"\",\"$\",\"80.52\"],[\"WTI Crude (per bbl)\"],[\"2025\",\"\",\"$\",\"71.78\",\"\",\"\",\"$\",\"64.57\",\"\",\"\",\"$\",\"65.78\",\"\",\"\",\"$\",\"59.62\",\"\",\"\",\"$\",\"65.39\"],[\"2024\",\"\",\"77.50\",\"\",\"\",\"$\",\"81.81\",\"\",\"\",\"$\",\"76.43\",\"\",\"\",\"$\",\"70.73\",\"\",\"\",\"$\",\"76.61\"],[\"Henry Hub Natural Gas (per MMBtu)\"],[\"2025\",\"\",\"$\",\"4.14\",\"\",\"\",\"$\",\"3.19\",\"\",\"\",\"$\",\"3.03\",\"\",\"\",\"$\",\"3.73\",\"\",\"\",\"$\",\"3.52\"],[\"2024\",\"\",\"2.15\",\"\",\"\",\"$\",\"2.07\",\"\",\"\",\"$\",\"2.11\",\"\",\"\",\"$\",\"2.44\",\"\",\"\",\"$\",\"2.19\"]] [[/GREPCENT_TABLE]] ________________ (1)Source: U.S. Energy Information Administration (spot prices). As can be derived from the table above, the 2025 average spot price of WTI crude oil declined 15% from the 2024 average following increased crude oil production by OPEC+. In addition, the imposition of broad based trade tariffs by the United States has led to ongoing uncertainty regarding the future effect of reciprocal and other trade tariffs on the global economy. These factors have negatively impacted the demand for and prici Item 1. Business Our Company Oil States International, Inc., through its subsidiaries, is a global provider of manufactured products and services to customers in the energy, military and industrial sectors. The Company\u2019s manufactured products include highly engineered capital equipment and consumable products. Oil States is headquartered in Houston, Texas with manufacturing and service facilities strategically located across the globe. Our customers include many national oil and natural gas companies, major and independent oil and natural gas companies, offshore drilling companies and other oilfield service, defense and industrial companies. We operate through three business segments \u2013 Offshore Manufactured Products, Completion and Production Services and Downhole Technologies \u2013 and maintain a leadership position with certain of our product and service offerings in each segment. In this Annual Report on Form 10\u2011K, references to the \u201cCompany\u201d or \u201cOil States,\u201d or to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and similar terms are to Oil States International, Inc. and its consolidated subsidiaries. Available Information Our website can be found at www.oilstatesintl.com. We make available, free of charge through our website, our Annual Report on Form 10\u2011K, Quarterly Reports on Form 10\u2011Q, Current Reports on Form 8\u2011K, our proxy statement, our Registration Statements and Forms 3, 4 and 5 filed on behalf of directors and executive officers, and amendments to these reports, as soon as reasonably practicable after we electronically file such material with, or furnish such material to, the SEC. We are not including the information contained on our website or any other website as a part of, or incorporating it by reference into, this Annual Report on Form 10\u2011K or any other filing we make with the SEC. The filings are also available through the SEC\u2019s website at www.sec.gov. Our Board of Directors (the \u201cBoard\u201d) has documented its governance practices by adopting several corporate governance policies Item 1A. Risk Factors The risks described in this Annual Report on Form 10\u2011K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or futur", "title": "OIS - OIL STATES INTERNATIONAL, INC", "url": "/company/OIS/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001349436; latest 10-K filed 2026-03-05.", "text": "SD - SANDRIDGE ENERGY INC SIC 1311 Crude Petroleum & Natural Gas; CIK 0001349436; latest 10-K filed 2026-03-05. SD SANDRIDGE ENERGY INC 0001349436 1311 Crude Petroleum & Natural Gas Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis is intended to help the reader understand our business, financial condition, results of operations, liquidity and capital resources. This discussion and analysis should be read in conjunction with other sections of this report, including: \u201cBusiness\u201d in Item 1 and \u201cFinancial Statements and Supplementary Data\u201d in Item 8. Our discussion and analysis includes the following subjects: \u2022Overview; \u2022Consolidated Results of Operations; \u2022Liquidity and Capital Resources; \u2022Valuation Allowance; and \u2022Critical Accounting Policies and Estimates. We have applied the Securities and Exchange Commission\u2019s adopted FAST Act Modernization and Simplification of Regulation S-K, which limits the discussion to the two most recent calendar years. This discussion and analysis deals with comparisons of material changes in the consolidated financial statements for years ended December 31, 2025 and 2024. For the comparison of the years ended December 31, 2024 and 2023, see \u201cManagement's Discussion and Analysis of Consolidated Results of Operations\u201d in Part II, Item 7 of our 2024 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 11, 2025. Overview We are an independent oil and natural gas company with a principal focus on acquisition, development and production activities in the U.S. Mid-Continent region (\"Mid-Con\"). Operational Activities During the year ended December 31, 2025, the Company operated one drilling rig and drilled seven operated wells, and completed six wells. As of December 31, 2025, one operated well was being drilled and another operated well was awaiting completion. Additionally, four non-operated wells were drilled and completed during 2025. For the year ended December 31, 2024 there were no operated wells drilled, while three operated and one non-operated wells were completed. The charts below show production and percent revenues by product for the years ended December 31, 2025 and 2024: 45 Table of Contents Total production by volume on a Boe basis was composed of the following: [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\"],[\"Oil\",\"17.9\",\"%\",\"\",\"15.2\",\"%\"],[\"Natural gas\",\"48.8\",\"%\",\"\",\"53.6\",\"%\"],[\"NGL\",\"33.3\",\"%\",\"\",\"31.2\",\"%\"],[\"Total\",\"100.0\",\"%\",\"\",\"100.0\",\"%\"]] [[/GREPCENT_TABLE]] Highlighted Events \u2022On August 5, 2025, the Board approved a dividend reinvestment plan (the \u201cDividend Reinvestment Plan\u201d), pursuant to which the shareholders of the Company may, at their election, reinvest any dividends declared by the Board. During 2025, we issued 92,733 shares of common stock in lieu of cash dividends under the Dividend Reinvestment Plan. \u2022On July 18, 2025, the Board increased its size from five members to six members and appointed Mr. Brett Icahn to serve as a member of the Board, effective as of August 1, 2025. Mr. Icahn's current term as a member of the Board will run until the 2026 annual meeting of stockholders. \u2022Under our ongoing one-rig Cherokee development program we drilled seven operated wells, completed six operated wells during the year and turned six wells to sales during 2025. \u2022We paid cash dividends to stockholders totaling $15.9 million or $0.46 per share in 2025, excluding stockholders who elected to take shares in lieu of cash under the Dividend Reinvestment Plan. \u2022For the year ended December 31, 2025, we repurchased 595,635 shares of common stock for $6.4 million with a weighted average price of $10.72, under our share repurchase program. 46 Table of Contents Outlook We remain committed to growing the value of our asset base in a safe, responsible and efficient manner, while prudently allocating capital to high-return, growth projects. Currently, these projects include: (1) one-rig development in the Cherokee Shale Play (2) evaluation of accretive merger and acquisition opportunities, with considera Item 1A. Risk Factors An investment in our common stock involves certain risks. If any of the following key risks were to develop into actual events, it could have a material adverse effect on our financial position, results of operations and cash flows. In any such circumstance and others described below, the trading price of our securities could decline and you could lose part or all of your investment. Risk Factors Summary The following is a summary of the material risk factors that could adversely affect our business, financial condition, and results of operations: Risks Relating to the Oil and Natural Gas Industry and Our Business \u2022Oil, natural gas and NGL prices fluctuate widely due to a number of factors that are beyond our control \u2022Drilling for and producing oil and natural gas are high risk activities with many uncertainties \u2022Market conditions or operational impediments may hinder our access to oil, natural gas and NGL markets or delay production \u2022A financial downturn could negatively affect our business, results of operations, financial condition, cash flows and access to capital \u2022Our producing properties are depleting assets, and the development or acquisition of additional reserves would be necessary to maintain or increase our production levels as the natural decline of our producing assets would result in a decrease in production levels. Failure to successfully identify, complete and integrate acquisitions of properties or business combinations, or the lack of development activity, could slow or even eliminate our growth or offset the natural decline of our producing properties and adversely affect our results of operations. \u2022Future drilling activities face substantial uncertainties \u2022Certain of our undeveloped acreage is subject to leases that will expire over the next several years unless production is established on units containing the acreage or we renew the leases \u2022We may be unable to obtain needed capital or financing on satisfactory", "title": "SD - SANDRIDGE ENERGY INC", "url": "/company/SD/" }, { "kind": "company", "summary": "SIC 4941 Water Supply; CIK 0000928340; latest 10-K filed 2026-03-16.", "text": "CWCO - Consolidated Water Co. Ltd. SIC 4941 Water Supply; CIK 0000928340; latest 10-K filed 2026-03-16. CWCO Consolidated Water Co. Ltd. 0000928340 4941 Water Supply ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \u200b Overview \u200b Our water production operations and activities, and those of our affiliate OC-BVI, are conducted at 10 plants in three countries: the Cayman Islands, The Bahamas, and the British Virgin Islands. The following table sets forth the comparative combined production capacity of our retail and bulk segments and our affiliate as of December 31 of each year. \u200b [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Comparative Operations\"],[\"Water Production Plants\",\"\\u200b\",\"2025\",\"\\u200b\",\"2024\",\"\\u200b\",\"2023\"],[\"Location\",\"\\u200b \\u200b \\u200b\",\"Plants\",\"\\u200b \\u200b \\u200b\",\"Capacity (1)\",\"\\u200b \\u200b \\u200b\",\"Plants\",\"\\u200b \\u200b \\u200b\",\"Capacity (1)\",\"\",\"Plants\",\"\\u200b \\u200b \\u200b\",\"Capacity (1)\"],[\"Cayman Islands\",\"\",\"6\",\"\\u200b\",\"11.6\",\"\\u200b \\u200b \\u200b\",\"6\",\"\\u200b\",\"10.6\",\"\\u200b \\u200b \\u200b\",\"6\",\"\\u200b\",\"9.3\"],[\"Bahamas\",\"\",\"2\",\"\\u200b\",\"14.8\",\"\\u200b\",\"2\",\"\\u200b\",\"14.8\",\"\\u200b\",\"2\",\"\\u200b\",\"14.8\"],[\"British Virgin Islands\",\"\",\"2\",\"\\u200b\",\"0.8\",\"\\u200b\",\"2\",\"\\u200b\",\"0.8\",\"\\u200b\",\"2\",\"\\u200b\",\"0.8\"],[\"\\u200b\",\"\",\"10\",\"\\u200b\",\"27.2\",\"\\u200b\",\"10\",\"\\u200b\",\"26.2\",\"\\u200b\",\"10\",\"\\u200b\",\"24.9\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"(1)\",\"In millions of gallons per day.\"]] [[/GREPCENT_TABLE]] \u200b Effective October 1, 2023, the Company purchased, through its wholly-owned subsidiary PERC, a 100% ownership interest in Ramey Environmental Compliance, Inc., a Colorado company that operates and maintains water and wastewater treatment facilities and provides technical services to clients throughout the Rocky Mountain and Eastern Plains Regions of Colorado. PERC acquired REC in November 2023 for approximately $4.1 million and recorded goodwill and intangible assets of $2,436,391 and $1,108,390, respectively, as of October 1, 2023 as a result of this acquisition. The following table sets forth the comparative combined estimated production capacity of our subsidiaries PERC and REC as of December 31 of each year. \u200b [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Comparative Operations\"],[\"Water Treatment Plants\",\"\\u200b\",\"2025\",\"\\u200b\",\"2024\",\"\\u200b\",\"2023\"],[\"Location\",\"\\u200b \\u200b \\u200b\",\"Plants (2)\",\"\\u200b \\u200b \\u200b\",\"Capacity (1)\",\"\\u200b \\u200b \\u200b\",\"Plants (2)\",\"\\u200b \\u200b \\u200b\",\"Capacity (1)\",\"\\u200b \\u200b \\u200b\",\"Plants (2)\",\"\\u200b\",\"Capacity (1)\"],[\"United States\",\"\",\"97\",\"\\u200b\",\"78.5\",\"\\u200b \\u200b \\u200b\",\"93\",\"\\u200b\",\"80.8\",\"\\u200b \\u200b \\u200b\",\"103\",\"\\u200b\",\"89.8\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"(1)\",\"In estimated millions of gallons per day.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"(2)\",\"Consists of water treatment plants for which we are the \\u201cCertified Operator in Responsible Charge\\u201d under operations and maintenance and other service agreements.\"]] [[/GREPCENT_TABLE]] \u200b 26 Table of Contents Cayman Islands \u200b We have been operating our business on Grand Cayman since 1973 and have been using reverse osmosis technology to convert seawater to potable water since 1989. The Cayman Islands have a limited natural supply of fresh water. We have an exclusive license from the Cayman Islands government to process potable water from seawater and then sell and distribute that water by pipeline to the Seven Mile Beach and West Bay areas of Grand Cayman. Our Grand Cayman operations consist of three company-owned seawater reverse osmosis desalination plants which (as of December 31, 2025) provide water to 8,717 retail residential and commercial connections within a government licensed area and three government-owned seawater reverse osmosis plants which supply bulk water to the WAC. Our pipeline system on Grand Cayman Island covers the Seven Mile Beach a ITEM 1. BUSINESS \u200b Overview \u200b Through our subsidiaries and affiliate, we provide the following products and services to our customers in the Cayman Islands, The Bahamas, the United States and the British Virgin Islands: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Retail Water Operations. We produce potable water from seawater utilizing reverse osmosis technology and supply this water to end-users, including residential, commercial and government customers in the Cayman Islands under an exclusive retail license issued by the Cayman Islands government to provide water in two of the three most populated areas on Grand Cayman. In 2025, our retail water operations generated approximately 26% of our consolidated revenue.\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Bulk Water Operations. We produce potable water from seawater utilizing reverse osmosis technology and supply this water to government-owned utilities in the Cayman Islands and The Bahamas. In 2025, our bulk water operations generated approximately 25% of our consolidated revenue.\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Services Operations. We design, construct and sell water production and water treatment plants, and we manage and operate water production plants and water treatment and reuse infrastructure, for third parties. We also provide water related consulting services. In 2025, our services operations generated approximately 35% of our consolidated revenue.\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Manufacturing Operations. We manufacture and service a wide range of specialized and custom water-related products and systems applicable to commercial, municipal and industrial water production, supply and treatment. In 2025, our manufacturing operations generated approximately 14% of our consolidated revenue.\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Affiliate Operations. We own 50% of the voting rights and 43.53% of the equity rights ITEM 1A. RISK FACTORS \u200b Investing in our common stock involves risks. Before investing in our common stock, you should consider carefully the factors discussed below and the information contained in this Annual Report. Each of these risks, as well as other risks and uncertainties not presently known to us or that we currently deem immaterial, could adversely affect", "title": "CWCO - Consolidated Water Co. Ltd.", "url": "/company/CWCO/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001275187; latest 10-K filed 2025-07-18.", "text": "ANGO - ANGIODYNAMICS INC SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001275187; latest 10-K filed 2025-07-18. ANGO ANGIODYNAMICS INC 0001275187 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Conditions and Results of Operations. The following information should be read together with the audited consolidated financial statements and the notes thereto and other information included elsewhere in this annual report on Form 10-K. This discussion may contain forward-looking statements related to future events and our future financial performance that are based on current expectation and are subject to risks and uncertainties. Our actual results may differ materially from those anticipated in any forward-looking statements as a result of many factors, including those set forth in Part I, Item 1A, \"Risk Factors\" and \"Disclosure Regarding Forward-Looking Statements\" included in this Annual Report on Form 10-K. Company and Market AngioDynamics is a dynamic, diversified medical technology company committed to expanding treatment options and improving patient outcomes and quality of life by focusing on cardiovascular disease and cancer. Our execution strategy is built on innovative R&D, clinical and regulatory pathway expansion and customer centric sales performance. We design, manufacture and sell a wide range of medical, surgical and diagnostic devices used by professional healthcare providers for vascular access, for the treatment of peripheral vascular disease and for use in oncology and surgical settings. Our devices are generally used in minimally invasive, image-guided procedures. Many of our products are intended to be used once and then discarded, or they may be temporarily implanted for short- or long-term use. Our business operations cross a variety of markets. Our financial performance is impacted by changing market dynamics, which have included an emergence of value-based purchasing by healthcare providers, consolidation of healthcare providers, the increased role of the consumer in health care decision-making and an aging population, among others. In addition, our growth is impacted by changes within our sector, such as the merging of competitors to gain scale and influence; changes in the regulatory environment for medical device; and fluctuations in the global economy. Our sales and profitability growth also depends, in part, on the introduction of new and innovative products, together with ongoing enhancements to our existing products. Expansions of our product offerings are created through internal and external product development, technology licensing and strategic alliances. We recognize the importance of, and intend to continue to make investments in research and development activities and selective business development opportunities to provide growth opportunities. We sell our products in the United States primarily through a direct sales force, and outside the U.S. mainly through distributor relationships. Our end users include interventional radiologists, interventional cardiologists, vascular surgeons, urologists, interventional and surgical oncologists and critical care nurses. We expect our businesses to grow in both sales and profitability by expanding geographically, penetrating new markets, introducing new products and increasing our presence internationally. The current macroeconomic environment continues to impact our business and may continue to pose future risks. The Company's ability to manufacture products, the reliability of our supply chain, labor shortages, backlog, inflation (including the cost and availability of raw materials, direct labor and shipping) and tariffs have impacted our business, trends that may continue. Accordingly, management continues to evaluate the Company\u2019s liquidity position, communicate with and monitor the actions of our customers and suppliers, and review our near-term financial performance. On January 5, 2024, the Company announced a restructuring to optimize its manufacturing efficiency, capabilities and footprint (the \"Plan\"). In the second quarter of fiscal year 2025, the Company announced a Item 1. Business. OVERVIEW AngioDynamics is a dynamic, diversified medical technology company committed to expanding treatment options and improving patient outcomes and quality of life by designing, manufacturing and selling products and technologies which aid clinicians in the treatment of patients with cardiovascular disease and cancer diagnoses. Our execution strategy is built on innovative R&D, clinical and regulatory pathway expansion and customer centric sales performance. HISTORY AngioDynamics was founded in Queensbury, N.Y., U.S., in 1988 and began manufacturing and shipping product in the early 1990s. The Company is headquartered in Latham, N.Y., with manufacturing primarily out of the Queensbury facility. Initially dedicated to the research and development of products used in interventional radiology, the Company soon became well established as a producer of diagnostic catheters for non-coronary angiography and thrombolytic delivery systems. 2 The Company grew over the following years as a result of acquisitions of companies including RITA Medical Systems in January 2007, Oncobionic in May 2008, the assets of Diomed in June 2008, Vortex Medical, Inc. in October 2012, the assets of Microsulis Medical Limited in January 2013, and Clinical Devices in August 2013. These acquisitions added product lines including ablation and NanoKnife systems, vascular access products, angiographic products and accessories, dialysis products, drainage products, thrombolytic products, embolization products and venous products. In May 2012, the Company acquired Navilyst Medical's Fluid Management business, which the Company sold in May 2019 to Medline Industries, Inc. pursuant to an asset purchase agreement. In August 2018, the Company acquired the BioSentry product line from Surgical Specialties, LLC, which the Company sold in June 2023 to Merit Medical Systems, Inc. pursuant to an asset purchase agreement. In September 2018, the Company acquired RadiaDyne, which includ Item 1A. Risk Factors. In addition to the other information contained in this Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission, the following risk factors should be considered carefully by investors in evaluating our business. Our financial and operating result", "title": "ANGO - ANGIODYNAMICS INC", "url": "/company/ANGO/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001385613; latest 10-K filed 2026-03-09.", "text": "GLRE - GREENLIGHT CAPITAL RE, LTD. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001385613; latest 10-K filed 2026-03-09. GLRE GREENLIGHT CAPITAL RE, LTD. 0001385613 6331 Fire, Marine & Casualty Insurance ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is management\u2019s discussion and analysis (\u201cMD&A\u201d) of the financial condition and results of operations for the years ended December 31, 2025, and 2024. Comparisons between 2024 and 2023 have been omitted from this Annual Report, but may be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC. Accordingly, this information is incorporated by reference. This discussion and analysis should be read in conjunction with our audited consolidated financial statements and notes thereto presented in \u201cPart II, Item 8. Financial Statements and Supplementary Data\u201d of this Annual Report. Unless otherwise noted, tabular dollars are in thousands, except per share amounts. Amounts may not reconcile due to rounding differences. Page [[GREPCENT_TABLE]] [[\"Overview\",\"55\"],[\"Business Overview\",\"55\"],[\"Outlook and Trends\",\"55\"],[\"Revenues and Expenses\",\"55\"],[\"Key Financial Measures and Non-GAAP Measures\",\"56\"],[\"Consolidated Results of Operations\",\"58\"],[\"Segment Results\",\"60\"],[\"Open Market Segment\",\"60\"],[\"Innovations Segment\",\"63\"],[\"Other Corporate\",\"65\"],[\"Runoff Underwriting Business\",\"65\"],[\"Income from Investment in Solasglas\",\"66\"],[\"Financial Condition\",\"66\"],[\"Liquidity and Capital Resources\",\"69\"],[\"Liquidity\",\"69\"],[\"Capital Resources\",\"70\"],[\"Contractual Obligations and Commitments\",\"71\"],[\"Critical Accounting Estimates\",\"71\"],[\"Premium Recognition\",\"71\"],[\"Loss and LAE Reserves\",\"73\"],[\"Investments Valuation\",\"75\"]] [[/GREPCENT_TABLE]] 54 Return to table of contents Overview Business Overview We are a global specialty property and casualty reinsurer headquartered in the Cayman Islands, with an underwriting and investment strategy that we believe differentiates us from most of our competitors. Our goal is to build long-term shareholder value by providing risk management solutions to the insurance, reinsurance, and other risk marketplaces. Refer to \u201cPart 1, Item 1. Business\u201d for additional information. We earned a net income of $74.8 million for the year ended December 31, 2025, an increase of $32.0 million, or 74.8% compared to the prior year, predominantly due to strong underwriting results and favorable foreign exchange movement in 2025, partially offset by lower net investment income from Innovations and lower yields on restricted cash and cash equivalents. The following is a summary of our financial performance for the year ended December 31, 2025, compared to the prior year: \u2022Gross premiums written was $773.3 million, an increase of 10.7%; \u2022Net premiums earned was $661.1 million, an increase of 6.6%; \u2022Net underwriting income was $35.7 million, compared to net underwriting loss of $8.2 million; \u2022Total investment income was $60.2 million, a decrease of 24.4%; \u2022Foreign exchange gains were $8.5 million, compared to foreign exchange losses of $5.6 million; \u2022Diluted EPS was $2.17, compared to $1.24, an increase of 75.0%; and \u2022Fully diluted book value per share was $20.43, an increase of $2.48, or 13.8%. Outlook and Trends Reinsurance market conditions At the January 1, 2026 renewals, we experienced greater opportunities owing to our stronger balance sheet and the upgrade of our A.M. Best Rating to A (Excellent), but we also faced a more competitive market. Rate changes for Open Market business varied significantly by line of business: property and specialty rates experienced downward pressure, whereas casualty rates increased. Attachment points and other terms and conditions mostly held firm. Although January 1st, is not historically a significant renewal date for our Innovations portfolio, we observed more opportunities with rate holding up well. In the current market conditions, we see increasing opportunities to leverage retrocession cov Item 1. BUSINESS Unless otherwise indicated or unless the context otherwise requires, all references in this Form 10-K to \u201cthe Company,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and similar expressions are references to Greenlight Capital Re, Ltd. and its consolidated subsidiaries. Unless otherwise indicated or unless the context otherwise requires, all references in this Annual Report to entity names are as set forth in the following table: [[GREPCENT_TABLE]] [[\"Reference\",\"Entity\\u2019s legal name\"],[\"Greenlight Capital Re or GLRE\",\"Greenlight Capital Re, Ltd.\"],[\"Greenlight Re\",\"Greenlight Reinsurance, Ltd.\"],[\"GRIL\",\"Greenlight Reinsurance Ireland, Designated Activity Company\"],[\"Verdant\",\"Verdant Holding Company, Ltd.\"],[\"Greenlight Re UK\",\"Greenlight Re Marketing (UK) Limited\"],[\"Syndicate 3456\",\"Greenlight Innovation Syndicate 3456\"],[\"GCM\",\"Greenlight Re Corporate Member Ltd.\"],[\"Viridis Re\",\"Viridis Re SPC, Ltd.\"],[\"GRIS\",\"Greenlight Re Ireland Services Limited\"]] [[/GREPCENT_TABLE]] We have included a Glossary of Selected Reinsurance Terms at the end of \u201cPart I, Item 1. Business\u201d of this Form 10-K. All dollar amounts referred to in this Form 10-K are in U.S. dollars unless otherwise indicated. Tabular dollars are presented in thousands, with the exception of per share amounts or as otherwise noted. Due to rounding, numbers presented in the tables included in this Form 10-K may not add up precisely to the totals provided. Additionally, we disclosed Non-GAAP financial measures in this Form 10-K. Refer to \u201cPart II, Item 7, Management Discussion and Analysis - Key Financial Measures and Non-GAAP Measures\u201d for further details. Company Overview Established in 2004, we are a global specialty property and casualty (\u201cP&C\u201d) reinsurer headquartered in the Cayman Islands and listed on NASDAQ (ticker: GLRE). We believe that our reinsurance and investment strategy differentiates us from most of our competitors. We conduct our operations principally through two wholly-owned licensed a ITEM 1A. RISK FACTORS The following risk factors could result in a significant or material adverse effect on our results of operations or financial condition. Risks Relating to Our Business Our results of operations fluctuate from period to period and may not be indicative of our long-term prospects. Our results of operations fluctuate ", "title": "GLRE - GREENLIGHT CAPITAL RE, LTD.", "url": "/company/GLRE/" }, { "kind": "company", "summary": "SIC 3140 Footwear, (No Rubber); CIK 0000014707; latest 10-K filed 2026-04-02.", "text": "CAL - CALERES INC SIC 3140 Footwear, (No Rubber); CIK 0000014707; latest 10-K filed 2026-04-02. CAL CALERES INC 0000014707 3140 Footwear, (No Rubber) ITEM 7MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \u200b OVERVIEW Business Overview We are a global footwear company that operates retail shoe stores and e-commerce websites, and designs, develops, sources, manufactures and distributes footwear for people of all ages. Our mission is to inspire people to feel great...feet first. We offer retailers and consumers a diversified portfolio of leading footwear brands. Outfitted in our brands, customers can step confidently into every aspect of their lives. As both a retailer and a wholesaler, we have a perspective on the marketplace that enables us to serve consumers from different vantage points. We believe our diversified business model provides us with synergies by spanning consumer segments, categories and distribution channels. A combination of thoughtful planning and rigorous execution is key to our success in optimizing our business and portfolio of brands. Our business strategy is focused on accelerating growth in our Brand Portfolio segment, gaining market share and deepening connections with the millennial family in our Famous Footwear segment, leveraging our \u201cOne Caleres\u201d capabilities to increase profitability, and delivering value for our shareholders. Famous Footwear Famous Footwear, which is one of America\u2019s leading family\u2013branded footwear retailers, was founded on a simple idea: that everyone deserves to feel the joy that comes from a new pair of shoes. Our Famous Footwear segment includes 821 Famous Footwear stores, famousfootwear.com and famousfootwear.ca in Canada. This North American footprint of 28 Table of Contents mostly off-mall store locations is convenient for Famous Footwear\u2019s target consumer, the millennial family. We seek to meet the needs of that millennial family and others by providing an assortment of trend-right, brand-name fashion, casual and athletic footwear at a great price. During 2025, we continued to execute on our three-pronged strategy, which concentrates on merchandising, marketing and consumer experience. We remained focused on increasing the opportunity between Famous Footwear and the brands within our Brand Portfolio segment, such as Dr. Scholl\u2019s Shoes, LifeStride, Naturalizer and Blowfish Malibu, among others. Vertical integration provides Famous Footwear with greater access to fashion products from brands that resonate with its consumer, as well as greater ability to be flexible with trends and offer better profit potential. We also have focused on offering the consumer a balanced assortment of fashion and athletic styles from well-known brands. We continued to tightly manage our inventory levels in 2025, optimizing SKU counts and amplifying key product trends and items to drive sales volume. We believe our kids category is a key competitive differentiator. With the millennial mom as our target consumer, we believe her primary purchase motivation is her kids and will prioritize these purchases, even with macroeconomic pressures. As a result, we continue to make the kids business a critical component of how our associates connect with our consumers, including ensuring every child finds the perfect style and fit. We are leaning into our best brands from an inventory, marketing and store presence perspective. In addition, we continue to invest in enhancing our in-store shopping experience to deliver a more engaging and inspiring experience across the omnichannel. Our FLAIR (Famous Localized and Immersive Retail) store concept has been successful at driving sales growth and we plan to continue to transform stores to this enhanced consumer shopping experience in 2026. The FLAIR store concept highlights our leading assortment of trending brands and elevates those brands in an energetic and exciting manner. Brand Portfolio Our Brand Portfolio segment is consumer-focused and we believe our success is dependent upon our ability to strengthen consumers\u2019 preference for our ITEM 1BUSINESS \u200b Caleres, Inc. (the \"Company\"), originally founded as Brown Shoe Company in 1878 and incorporated in 1913, is a global footwear company that operates retail shoe stores and e-commerce websites, and designs, develops, sources, manufactures and distributes footwear for people of all ages. Our mission is to inspire people to feel great...feet first. We meet consumers where they want to shop, whether in-store or online. We employ our \u201cOne Caleres\u201d capabilities \u2013 design, sourcing, speed and marketing, working in unison to accelerate growth. The Company\u2019s business operations are organized into two reportable segments\u2014Famous Footwear and Brand Portfolio. The Famous Footwear segment is comprised of our Famous Footwear retail stores, famousfootwear.com and famousfootwear.ca. The Famous Footwear segment operated 821 stores at the end of 2025, selling primarily branded footwear for the entire family. The Brand Portfolio segment offers retailers and consumers a carefully cultivated portfolio of leading brands. This segment is comprised of wholesale operations that designs, develops, sources, manufactures, markets and distributes branded, licensed and private-label footwear primarily to online retailers, national chains, department stores, independent retailers, mass merchandisers and franchise partners, as well as Company-owned Famous Footwear, Sam Edelman, Naturalizer, Allen Edmonds and Stuart Weitzman stores and e-commerce businesses. It includes the Allen Edmonds, Sam Edelman, Stuart Weitzman and Naturalizer retail stores, including 81 stores in the United States, four in Canada and 103 stores in East and Southeast Asia at the end of 2025, and the e-commerce businesses for our Company-owned brands. In addition, there were 148 international branded stores owned and operated by third parties through franchise agreements at the end of 2025. Our net sales are comprised of four major categories: women\u2019s footwear, men\u2019s footwear, children\u2019s footwear an ITEM 1ARISK FACTORS \u200b An investment in our common stock involves certain risks and uncertainties. In addition to other information in this Form 10-K, the following risk factors should be considered. Additional risks and uncertainties of which we are currently unaware could also have a material adverse effect on our business and financial conditions. These disclosures reflect our beliefs and opinio", "title": "CAL - CALERES INC", "url": "/company/CAL/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000803164; latest 10-K filed 2026-03-13.", "text": "COFS - CHOICEONE FINANCIAL SERVICES INC SIC 6022 State Commercial Banks; CIK 0000803164; latest 10-K filed 2026-03-13. COFS CHOICEONE FINANCIAL SERVICES INC 0000803164 6022 State Commercial Banks Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion is designed to provide a review of the consolidated financial condition and results of operations of ChoiceOne Financial Services, Inc. (\u201cChoiceOne\u201d or the \u201cCompany\u201d), and its wholly-owned subsidiaries. This discussion should be read in conjunction with the consolidated financial statements and related footnotes. We have omitted discussion of 2024 results where it would be redundant to the discussion previously included in Part II, Item 7 of our 2024 Annual Report on Form 10-K. Selected Financial Data [[GREPCENT_TABLE]] [[\"(Dollars in thousands, except per share data)\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"For the year\"],[\"Net interest income\",\"\",\"$\",\"137,070\",\"\",\"\",\"$\",\"74,442\",\"\",\"\",\"$\",\"65,885\"],[\"Provision for credit losses, net\",\"\",\"\",\"14,813\",\"\",\"\",\"\",\"625\",\"\",\"\",\"\",\"150\"],[\"Noninterest income\",\"\",\"\",\"24,666\",\"\",\"\",\"\",\"17,995\",\"\",\"\",\"\",\"14,906\"],[\"Noninterest expense\",\"\",\"\",\"112,735\",\"\",\"\",\"\",\"58,723\",\"\",\"\",\"\",\"55,074\"],[\"Income before income taxes\",\"\",\"\",\"34,188\",\"\",\"\",\"\",\"33,089\",\"\",\"\",\"\",\"25,567\"],[\"Income tax expense\",\"\",\"\",\"6,012\",\"\",\"\",\"\",\"6,362\",\"\",\"\",\"\",\"4,306\"],[\"Net income\",\"\",\"\",\"28,176\",\"\",\"\",\"\",\"26,727\",\"\",\"\",\"\",\"21,261\"],[\"Cash dividends declared\",\"\",\"\",\"16,949\",\"\",\"\",\"\",\"9,012\",\"\",\"\",\"\",\"7,910\"],[\"Per share\"],[\"Basic earnings\",\"\",\"$\",\"2.02\",\"\",\"\",\"$\",\"3.27\",\"\",\"\",\"$\",\"2.82\"],[\"Diluted earnings\",\"\",\"\",\"2.01\",\"\",\"\",\"\",\"3.25\",\"\",\"\",\"\",\"2.82\"],[\"Cash dividends declared\",\"\",\"\",\"1.13\",\"\",\"\",\"\",\"1.09\",\"\",\"\",\"\",\"1.05\"],[\"Shareholders' equity (at year end)\",\"\",\"\",\"31.02\",\"\",\"\",\"\",\"29.05\",\"\",\"\",\"\",\"25.92\"],[\"Average for the year\"],[\"Securities\",\"\",\"$\",\"997,629\",\"\",\"\",\"$\",\"981,454\",\"\",\"\",\"$\",\"1,042,559\"],[\"Gross loans\",\"\",\"\",\"2,714,377\",\"\",\"\",\"\",\"1,456,434\",\"\",\"\",\"\",\"1,265,261\"],[\"Deposits\",\"\",\"\",\"3,383,348\",\"\",\"\",\"\",\"2,165,705\",\"\",\"\",\"\",\"2,111,970\"],[\"Borrowings\",\"\",\"\",\"202,631\",\"\",\"\",\"\",\"208,142\",\"\",\"\",\"\",\"141,507\"],[\"Subordinated debt\",\"\",\"\",\"46,277\",\"\",\"\",\"\",\"35,627\",\"\",\"\",\"\",\"35,382\"],[\"Shareholders' equity\",\"\",\"\",\"400,271\",\"\",\"\",\"\",\"226,547\",\"\",\"\",\"\",\"177,201\"],[\"Assets\",\"\",\"\",\"4,079,074\",\"\",\"\",\"\",\"2,668,556\",\"\",\"\",\"\",\"2,493,840\"],[\"At year end\"],[\"Securities\",\"\",\"$\",\"980,082\",\"\",\"\",\"$\",\"896,123\",\"\",\"\",\"$\",\"939,576\"],[\"Gross loans\",\"\",\"\",\"3,029,219\",\"\",\"\",\"\",\"1,552,928\",\"\",\"\",\"\",\"1,415,363\"],[\"Deposits\",\"\",\"\",\"3,600,025\",\"\",\"\",\"\",\"2,214,103\",\"\",\"\",\"\",\"2,122,055\"],[\"Borrowings\",\"\",\"\",\"264,788\",\"\",\"\",\"\",\"175,000\",\"\",\"\",\"\",\"200,000\"],[\"Subordinated debt\",\"\",\"\",\"48,460\",\"\",\"\",\"\",\"35,752\",\"\",\"\",\"\",\"35,507\"],[\"Shareholders' equity\",\"\",\"\",\"465,353\",\"\",\"\",\"\",\"260,415\",\"\",\"\",\"\",\"195,634\"],[\"Assets\",\"\",\"\",\"4,410,551\",\"\",\"\",\"\",\"2,723,243\",\"\",\"\",\"\",\"2,576,706\"],[\"Selected financial ratios\"],[\"Return on average assets\",\"\",\"\",\"0.69\",\"\",\"%\",\"\",\"1.00\",\"\",\"%\",\"\",\"0.85\",\"\",\"%\"],[\"Return on average shareholders' equity\",\"\",\"\",\"7.04\",\"\",\"\",\"\",\"11.80\",\"\",\"\",\"\",\"12.00\"],[\"Cash dividend payout as a percentage of net income\",\"\",\"\",\"60.15\",\"\",\"\",\"\",\"33.72\",\"\",\"\",\"\",\"37.21\"],[\"Shareholders' equity to assets (at year end)\",\"\",\"\",\"10.55\",\"\",\"\",\"\",\"9.56\",\"\",\"\",\"\",\"7.59\"]] [[/GREPCENT_TABLE]] 19 RECENT EVENTS On March 1, 2025, ChoiceOne completed the merger (the \u201cMerger\u201d) of Fentura Financial, Inc. (\u201cFentura\u201d), the former parent company of The State Bank, with and into ChoiceOne with ChoiceOne surviving the merger. On March 14, 2025, ChoiceOne Bank completed the consolidation of The State Bank with and into ChoiceOne Bank with ChoiceOne Bank surviving the consolidation. RESULTS OF OPERATIONS Summary ChoiceOne reported net income of $28,176,000 for the year ended December 31, 2025, compared to net income of $26,727,000 for the same period in the prior year . Net income excluding merger expenses, net of taxes, and merger related provision for credit losses, net of taxes, was $51,524,000 for the year ended December 31, 2025. Diluted earnings per share were $2.01 for the year ended December 31, 2025, compared to Item 1. Business General ChoiceOne Financial Services, Inc. (the \u201cCompany\u201d) is a financial holding company registered under the Bank Holding Company Act of 1956, as amended (\u201cBHC Act\u201d). The Company was incorporated on February 24, 1986, as a Michigan corporation. The Company was formed to create a bank holding company for the purpose of acquiring all of the capital stock of ChoiceOne Bank, which became a wholly owned subsidiary of the Company on April 6, 1987. Effective November 1, 2006, Valley Ridge Financial Corp., a one-bank holding company for Valley Ridge Bank (\u201cVRB\u201d), merged with and into the Company. In December 2006, VRB was consolidated into ChoiceOne Bank. Effective October 1, 2019, County Bank Corp. (\"County\"), a one-bank holding company for Lakestone Bank & Trust (\u201cLakestone\u201d), merged with and into the Company. Lakestone was consolidated into ChoiceOne Bank in May 2020. On July 1, 2020, Community Shores Bank Corporation (\"Community Shores\"), a one bank holding company for Community Shores Bank, merged with and into the Company. Community Shores Bank was consolidated into ChoiceOne Bank in October 2020. ChoiceOne Bank owns all of the outstanding common stock of ChoiceOne Insurance Agencies, Inc., an independent insurance agency headquartered in Sparta, Michigan (the \"Insurance Agency\"). On July 18, 2023, the Company organized 109 Technologies, LLC as a wholly owned subsidiary of the Company with the intent to own intellectual property for a fintech product licensed to third party banks and bank holding companies. On March 1, 2025, the Company completed the merger (the \u201cMerger\u201d) of Fentura Financial, Inc. (\u201cFentura\u201d), the former parent company of The State Bank, with and into the Company with the Company surviving the merger. On March 14, 2025, ChoiceOne Bank completed the consolidation of The State Bank with and into ChoiceOne Bank with ChoiceOne Bank surviving the consolidation. The Company's business is primarily concentrated in a single industry seg Item 1A. Risk Factors The Company is subject to many risks and uncertainties. Although the Company seeks ways to manage these risks and develop programs to control risks to the extent that management can control them, the Company cannot predict the future. Actual results may differ materially from management\u2019s exp", "title": "COFS - CHOICEONE FINANCIAL SERVICES INC", "url": "/company/COFS/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001625101; latest 10-K filed 2026-02-19.", "text": "PLSE - PULSE BIOSCIENCES, INC. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001625101; latest 10-K filed 2026-02-19. PLSE PULSE BIOSCIENCES, INC. 0001625101 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes thereto included in Item 8 under the heading \u201cFinancial Statements and Supplementary Data\u201d. Some of the information contained in this discussion and analysis or set forth elsewhere in this Form 10-K contains \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d). Forward-looking statements relate to expectations concerning matters that are not historical facts. The words \u201canticipates,\u201d \u201cbelieves,\u201d \u201ccould,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cplans,\u201d \u201cprojects,\u201d \u201cwill,\u201d \u201cwould,\u201d and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, but are not limited to, statements related to our expected business, new product introductions, results of clinical studies, expectations regarding regulatory clearance and the timing of FDA or non-US filings or approvals including meetings with FDA or non-US regulatory bodies, procedures and procedure adoption, future results of operations, future financial position, our ability to generate revenue, our financing plans and future capital requirements, anticipated costs of revenue, anticipated expenses, the effect of recent accounting pronouncements, our anticipated cash flows, our ability to finance operations from cash flows or otherwise, and statements based on current expectations, estimates, forecasts, and projections about the economies and markets in which we operate and intend to operate and our beliefs and assumptions regarding these economies and markets. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. You should read the \u201cRisk Factors\u201d section of this Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. We do not assume any obligation to update any forward-looking statements. In addition, statements that \u201cwe believe\u201d and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Annual Report, and although we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted a thorough inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. This Annual Report and any documents incorporated by reference may contain market data that we obtain from industry sources. These sources do not guarantee the accuracy or completeness of the information. Although we believe that our industry sources are reliable, we do not independently verify the information. The market data may include projections that are based on other projections. While we believe these assumptions and projections are reasonable and sound, as of the date of this Annual Report, actual results may differ from the projections. Overview We are a novel ablation company committed to health innovation using our patented Nano-pulse Stimulation (\u201cNPS\u201d) technology, a revo Item 1. Business Overview We are a novel ablation company committed to health innovation using our patented Nano-pulse Stimulation (\u201cNPS\u201d) technology, a revolutionary energy modality that delivers nanosecond-duration pulses of electrical energy, each less than a millionth of a second long, to nonthermally clear or kill targeted cells. NPS technology, also referred to as Nanosecond Pulsed-Field Ablation (\u201cnsPFA\u201d) technology when used to ablate cellular tissue, can be used to treat a variety of medical conditions for which an optimal solution remains unfulfilled. We developed our proprietary nPulse System (formerly known as CellFX), a novel nsPFA delivery platform, and commercialized the initial application of its nsPFA technology to treat benign lesions of the skin. In parallel, we have designed a variety of applicators, or disposables, to explore the potential use of the nPulse platform to treat disorders in other medical specialties, such as cardiology, gastroenterology, gynecology, and otolaryngology. These applicators include devices for open surgical procedures, endoscopic or minimally invasive procedures, and endoluminal catheters, and each has been used in preclinical studies. Based on our preclinical experience and the potential to significantly improve outcomes for patients in a large and growing market, we decided in 2022 to focus our primary efforts on the use of nsPFA energy and the nPulse platform in the treatment of atrial fibrillation, where approximately 1.9 million patients in the United States are diagnosed annually. This potentially represents a greater than $3.0 billion addressable market within electrophysiology alone combined with long-term double-digit growth. Additionally, we are also pursuing the treatment of atrial fibrillation via a surgical approach as well as select other markets where nsPFA technology could have a profound positive impact on healthcare for both patients and providers, such as surgical soft tissue ablation. nPulse Vybr Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report, including our financial statements and related notes, which co", "title": "PLSE - PULSE BIOSCIENCES, INC.", "url": "/company/PLSE/" }, { "kind": "company", "summary": "SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001576942; latest 10-K filed 2025-09-25.", "text": "SFIX - Stitch Fix, Inc. SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001576942; latest 10-K filed 2025-09-25. SFIX Stitch Fix, Inc. 0001576942 5961 Retail-Catalog & Mail-Order Houses ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with \u201cSpecial Note Regarding Forward-Looking Statements\u201d, \u201cRisk Factors\u201d included under Part I, Item 1A, and our consolidated financial statements and related notes thereto included in Part II, Item 8 of this Annual Report on Form 10-K (\u201cAnnual Report\u201d). We use a 52- or 53-week fiscal year, with our fiscal year ending on the Saturday that is closest to July 31 of that year. The fiscal year ending August 2, 2025 (\u201cfiscal 2025\u201d) and July 29, 2023 (\u201cfiscal 2023\u201d) consisted of 52 weeks, and the fiscal year ended August 3, 2024 (\u201cfiscal 2024\u201d) consisted of 53 weeks. Throughout this Annual Report, all references to quarters and years are to our fiscal quarters and fiscal years unless otherwise noted. In addition, refer to our discussion and analysis of our financial condition and results of operations from fiscal 2024 to fiscal 2023 in Part II, Item 7 in our Annual Report on Form 10-K for the fiscal year ended August 3, 2024, filed with the Securities and Exchange Commission on September 25, 2024. BUSINESS OVERVIEW In 2011, Stitch Fix introduced an innovative approach to shopping for clothing and accessories. We were inspired by the opportunity to create a client-first styling experience, offering an alternative to impersonal, time-consuming and inconvenient traditional shopping. Clients primarily engage with us by (1) receiving a curated shipment of items informed by our algorithms and chosen by a Stitch Fix Stylist (a \u201cFix\u201d); or (2) purchasing directly from our website or mobile app based on an individualized assortment of outfit and item recommendations (\u201cFreestyle\u201d). For the Fix experience, clients choose to schedule regular shipments or order a Fix on demand. Then, after receiving a Fix, they can purchase the items they want to keep and return the other items, if any. DISCONTINUED OPERATIONS During the first quarter of fiscal 2024, we ceased operations of our UK business and the accounting requirements for reporting the UK business as a discontinued operation were met. Accordingly, any discussion of historical information in Management\u2019s Discussion and Analysis below reflects the results of the UK business as a discontinued operation, and amounts and disclosures below relate to the Company's continuing operations for all periods presented, unless otherwise noted. Refer to Note 15, \u201cDiscontinued Operations\u201d within the Notes to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report for further details. FINANCIAL OVERVIEW For fiscal 2025, we reported $1.3 billion in revenue, net, representing a year-over-year decrease of 5.3%, compared to fiscal 2024. As of August 2, 2025, and August 3, 2024, we had approximately 2,309,000 and 2,508,000 active clients, respectively, representing a year-over-year decline of 7.9%. During fiscal 2025, we experienced a decline in net revenue year-over-year primarily due to our challenges in acquiring and retaining active clients. In fiscal 2026, we expect broader macroeconomic uncertainty and market conditions to negatively impact consumer discretionary spending, and we will enter the fiscal year with fewer active clients than the start of fiscal 2025. However, we project that positive trends in average order values and the number of items kept per Fix will offset the negative impact of those active client losses on net revenue in fiscal 2026. We remain focused on retaining current clients, attracting new clients, improving the conversion of new visitors to our site and app, and enhancing our overall client experience for new and existing clients. Net loss from continuing operations for fiscal 2025 was $28.8 million, compared to a net loss from continuing operations of $118.9 million for fiscal 2024. For more information on the components of net loss ITEM 1. BUSINESS. OVERVIEW Stitch Fix is the leading online personal styling service that helps people discover the styles they will love that fit perfectly so they always look - and feel - their best. In 2011, Stitch Fix, Inc. (\u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cthe Company,\u201d or \u201cStitch Fix\u201d) introduced an innovative approach to shopping for clothing and accessories. We were inspired by the opportunity to create a client-first styling experience, offering an alternative to impersonal, time-consuming and inconvenient traditional shopping. Since inception, our business has been grounded in our commitment to developing and fostering client relationships and making people happier and more confident in what they wear. We help our clients discover and define their style. We reduce their anxiety and stress when getting ready in the morning. And, we give them time back in their lives to invest in themselves. We do this through our unique business model that pairs expert Stylists with best-in-class artificial intelligence (\u201cAI\u201d) and recommendation algorithms. It is this combination that enables us to help people discover the styles they will love without having to spend hours browsing stores or sifting through endless choices online. Clients primarily engage with us by (1) receiving a curated shipment of items informed by our algorithms and chosen by a Stitch Fix Stylist (a \u201cFix\u201d); or (2) purchasing directly from our website or mobile app based on an individualized assortment of outfit and item recommendations (\u201cFreestyle\u201d). Clients choose to schedule regular shipments or order a Fix on demand. Then, after receiving a Fix, they can purchase the items they want to keep and return the other items, if any. Since our inception, Stitch Fix has been powered by AI and data science, and we continue to enhance these capabilities. Our rich data set and our proprietary algorithms fuel our business by enhancing the client experience and driving business model efficiencies. For example, we curr ITEM 1A. RISK FACTORS RISK FACTOR SUMMARY Our business is subject to numerous risks. The following summary highlights some of the risks you should consider with respect to our business and prospects. This summary is not complete and the risks summarized below are not the only risks we face. You should review and consider careful", "title": "SFIX - Stitch Fix, Inc.", "url": "/company/SFIX/" }, { "kind": "company", "summary": "SIC 1000 Metal Mining; CIK 0001852353; latest 10-K filed 2026-03-25.", "text": "DC - Dakota Gold Corp. SIC 1000 Metal Mining; CIK 0001852353; latest 10-K filed 2026-03-25. DC Dakota Gold Corp. 0001852353 1000 Metal Mining ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. You should read the following discussion and analysis of financial condition and results of operations of Dakota Gold Corp. together with our consolidated financial statements and the related notes included elsewhere in this Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review Item 1A. Risk Factors above for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. This management\u2019s discussion and analysis should be read in conjunction with the annual consolidated financial statements of Dakota Gold Corp. and notes thereto as set forth herein. Readers are urged to carefully review and consider the various disclosures made by us, which attempt to advise interested parties of the factors which affect our business, including without limitation, the disclosures made under Item 1A. Risk Factors. Our audited annual consolidated financial statements are stated in United States dollars and are prepared in accordance with United States generally accepted accounting principles. \u200b 32 Table of Contents Overview The Company\u2019s goal is to create stockholder value through the acquisition, responsible exploration, and future development of high caliber gold properties in the Homestake District of South Dakota. Management and the technical teams cumulatively have several hundred years of international mining and exploration experience and key personnel have more than 50 combined years in the Homestake District, mostly with the Homestake Mining Company, as well as other exploration companies that have operated in the region. We believe that this experience uniquely positions the Company and will allow us to leverage our direct experience and knowledge of past exploration and mining activities in the Homestake District. Combined with the use of modern exploration and mining techniques, and new geologic understanding from experience in other mines, new research and information extracted from our new geophysical surveys, we hope to focus our programs and build upon where the historic Homestake Mining Company left off in the 1990s. The Homestake District has historically yielded approximately 45 million ounces of gold production as of December 31, 2025 with most of it coming from within a small geographic area. The production ledges of the Homestake Mine define a cumulative surface projection area of less than three square miles. Homestake Mining Company\u2019s historic gold production and exploration in the Homestake District was overwhelmingly focused on the underground mine. Outside of the mine area, the Homestake District has been underexplored and heretofore has not been the subject of modern exploration efforts required to search for other deposits, especially under the cover of younger rocks that dominate the surface. We have consistently pursued a strategy of expanding our portfolio of brownfield properties located exclusively within the Homestake District to build a strong land position with the goal of consolidating possible mineral potential. Other than our mineral resource estimate with an effective date of February 3, 2025 contained in our IA, none of our other properties are sufficiently drilled to prepare an estimate of mineral resources under S-K 1300. The Company believes the Homestake District is in a safe jurisdiction with well-developed infrastructure and is in a favorable regulatory environment in which authorities have demonstrated a willingness to work with responsible operators to permit well-planned compliant projects. Drill Programs and Results ITEM 1. BUSINESS Corporate History Dakota Gold Corp. was incorporated as JR Resources Corp. (\u201cJR\u201d) on November 15, 2017 under the Business Corporations Act (British Columbia, Canada). The Company focuses its business efforts on the acquisition, exploration, and development of mineral properties in the United States of America (\u201cU.S.\u201d). On May 22, 2020, the Company completed the domestication process and changed its registration from the Province of British Columbia, Canada to the State of Nevada, including a name change to \u201cDakota Gold Corp.\u201d On March 31, 2022, the Company completed a merger with Dakota Territory Resource Corp., a Nevada corporation (\u201cDakota Territory\u201d or \u201cDTRC\u201d). On May 14, 2024, following the receipt of approval by its shareholders, the Company changed its state of incorporation from the State of Nevada to the State of Delaware. The Company currently operates in one segment, mineral exploration and evaluation in the United States. Our Business The Company has been in the exploration stage since its formation and has not realized any revenues from operations. To date, while no development or mining activities have commenced, the Company\u2019s strategy is to move projects from exploration to development and finally into production as results of exploration may dictate. The Company\u2019s management and technical teams have extensive mining and exploration experience, much of it in the Homestake District, and the Company intends to leverage its experience together with its business presence in South Dakota to create value for the Company\u2019s stakeholders. The Company\u2019s principal executive offices are located at 106 Glendale Drive, Suite A, Lead, South Dakota, 57754, and its telephone number is (605) 717-2540. The Company maintains 100% ownership of mineral properties in the Homestake District comprised of 2,147 unpatented claims and a combination of surface leases and/or ownership covering a total of over 49,500 acres located in the Homestake Mining Distri ITEM 1A. RISK FACTORS Investors in Dakota Gold should consider carefully, in addition to the other information contained in, or incorporated by reference into, this Form 10-K, the following risk factors before deciding to invest in the Company. Risks Associated with Our Financial Condition We have a limited operating history, currently generate no revenue, and if we are ", "title": "DC - Dakota Gold Corp.", "url": "/company/DC/" }, { "kind": "company", "summary": "SIC 6163 Loan Brokers; CIK 0001434621; latest 10-K filed 2026-03-09.", "text": "TREE - LendingTree, Inc. SIC 6163 Loan Brokers; CIK 0001434621; latest 10-K filed 2026-03-09. TREE LendingTree, Inc. 0001434621 6163 Loan Brokers ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our consolidated financial statements and accompanying notes included elsewhere within this report. This discussion includes both historical information and forward-looking information that involves risks, uncertainties and assumptions. Our actual results may differ materially from management's expectations as a result of various factors, including but not limited to those discussed in the sections entitled \u201cRisk Factors\u201d and \u201cCautionary Statement Regarding Forward-Looking Information.\u201d Company Overview LendingTree, Inc. is the parent of LT Intermediate Company, LLC, which holds all of the outstanding ownership interests of LendingTree, LLC, and LendingTree, LLC owns several companies. We operate what we believe to be the leading online consumer platform that connects consumers with the choices they need to be confident in their financial decisions. Our online consumer platform provides consumers with access to product offerings from our Network Partners, including mortgage loans, home equity loans and lines of credit, auto loans, credit cards, deposit accounts, personal loans, small business loans, insurance quotes and other related offerings. In addition, we offer tools and resources, including free credit scores, that facilitate comparison shopping for loans, deposit products, insurance, and other offerings. We seek to match consumers with multiple providers, who can offer them competing quotes for the product(s) they are seeking. We also serve as a valued partner to lenders and other providers seeking an efficient, scalable and flexible source of customer acquisition with directly measurable benefits, by matching the consumer inquiries we generate with these Network Partners. We are focused on developing new product offerings and enhancements to improve the experience of consumers and Network Partners as they interact with us. By expanding our portfolio of financial services offerings, we are growing and diversifying our business and sources of revenue. We intend to capitalize on our expertise in performance marketing, product development and technology by leveraging the widespread recognition of the LendingTree brand. We believe the consumer and insurance industries are in the middle stages of a fundamental shift to online product offerings, similar to the shift that started in retail and travel many years ago and is now well established. We believe that, like retail and travel, as consumers continue to move towards online shopping and transactions for financial services, suppliers will increasingly shift their product offerings and advertising budgets toward the online channel. We believe the strength of our brands and of our Network Partners place us in a strong position to continue to benefit from this market shift. Economic Conditions We continue to monitor the current global economic environment, specifically inflationary pressures and interest rates, and any resulting impacts on our financial position and results of operations. During 2023, the challenging interest rate environment and inflationary pressures presented challenges for many of our mortgage, consumer and insurance partners. In our Home segment, mortgage rates hit multi-decade highs of nearly 8% in October, then proceeded to drop below 7% by December, ending the year at 6.6%. The continued high mortgage rates in 2023 and home affordability issues continued to cause declines in refinance volumes and purchase activity. Our Consumer segment was also negatively impacted by economic conditions, with successive Federal Reserve rate increases having their intended effect of tightening financial conditions. The availability of credit contracted and lenders were less inclined to make loans in an environment with high inflation a ITEM 1. Business Our Company LendingTree, Inc. (\u201cLendingTree\u201d, the \u201cCompany\u201d, \u201cwe\u201d or \u201cus\u201d) operates what we believe to be the leading online consumer platform that connects consumers with the choices they need to be confident in their financial decisions. Through multiple branded marketplaces, LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of approximately 770 partners (which we refer to as \u201cNetwork Partners\u201d) in one simple search, and choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, home equity loans and lines of credit, auto loans, credit cards, deposit accounts, personal loans, small business loans, insurance quotes and other related offerings. In addition, we offer tools and resources, including free credit scores, that facilitate comparison shopping for loans, deposit products, insurance and other offerings. We seek to match consumers with multiple providers who can offer them competing quotes for the product(s) they are seeking. We believe our platform, consisting of a deep network of Network Partners across a broad array of financial products, differentiates us from other loan or insurance comparison-shopping marketplaces which may focus on fewer product offerings or partner with fewer service providers. Our strategically designed and executed advertising and marketing campaigns (which we refer to as \u201cperformance marketing\u201d) span a wide array of digital and traditional media acquisition channels and promote our LendingTree and other brands and product offerings. Our marketing efforts are designed to attract consumers to our websites, mobile applications and toll-free telephone numbers. Interested consumers complete inquiry forms, providing detailed information about themselves and the loans or other offerings they are seeking. We refer to such consumer inquiries as ITEM 1A. Risk Factors Risk Factors Investing in our common stock involves a high degree of risk. Before making an investment decision, you should carefully consider the risks described below, together with all of the other information included in this Annual Report. If any of the risks described below actually occur, our business, financial condition or results of", "title": "TREE - LendingTree, Inc.", "url": "/company/TREE/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001499422; latest 10-K filed 2026-03-09.", "text": "RBB - RBB Bancorp SIC 6022 State Commercial Banks; CIK 0001499422; latest 10-K filed 2026-03-09. RBB RBB Bancorp 0001499422 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. CRITICAL ACCOUNTING POLICIES The discussion and analysis of our audited consolidated financial statements are based upon its audited consolidated financial statements, which have been prepared in accordance with Generally Accepted Accounting Principles (\"GAAP\"). The preparation of these audited consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities at the date of our consolidated financial statements. Actual results may differ from these estimates under different assumptions or conditions. Allowance for Credit Losses (\u201cACL\u201d) - Loans Held for Investment We account for credit losses on loans in accordance with ASC 326, which requires us to record an estimate of expected lifetime credit losses for loans at the time of origination. The ACL is maintained at a level deemed appropriate by management to provide for expected credit losses in the portfolio as of the date of the consolidated balance sheets. Estimating expected credit losses requires management to use relevant forward-looking information, including the use of reasonable and supportable forecasts. The use of reasonable and supportable forecasts requires significant judgment, such as utilizing the Federal Open Market Committee's projected unemployment rate as part of the economic forecast, determining the appropriate length of the forecast horizon and determining the appropriate weighting and degree of risk assigned to each of the qualitative factors based on management's direct control or influence over specific qualitative factors and internal understanding of such levels of exposure. Management estimates the allowance balance required using past loan loss experience, peer loss history, loan prepayment speeds, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Any unexpected adverse changes or uncertainties to these factors that are beyond our control could result in increases in the ACL through additional provision for credit losses. A sensitivity analysis of our ACL was performed as of December 31, 2025. Based on this sensitivity analysis, a 25% increase in loan prepayment speeds would result in a $891,000, or 2.0%, decrease to the ACL. Conversely, a 25% decrease in loan prepayment speeds would result in a $1.1 million, or 2.5%, increase to the ACL. Additionally, a one percentage point increase in the forecasted unemployment rate would result in a $1.0 million, or 2.4%, increase to the ACL and a one percentage point decrease in the forecasted unemployment rate would result in a $943,000, or 2.1%, decrease to the ACL. Management reviews the results using the comparison scenario for sensitivity analysis and considered the results when evaluating the qualitative factor adjustments. On a quarterly basis, we stress test the qualitative factors, which are lending policy, procedures & strategies, economic conditions, changes in nature and volume of the portfolio, credit & lending staff, problem loan trends, loan review results, collateral value, concentrations and regulatory and business environment by creating two scenarios, moderate risk and major risk. In the Moderate Stress scenario, the status of all nine risk factors across all pooled loan segments were set at \u201cModerate Risk.\u201d In the Major Stress scenario, the status of all nine risk factors across all pooled loan segments were set at \u201cMajor Risk.\u201d Under the Moderate Stress scenario, ACL increased by $11.0 million, or 24.8%, as of December 31, 2025. Under the Major Stress scenario, ACL increased by $31.2 million or 70.6% as of December 31, 2025. Goodwill Goodwill is generally determined as the excess of the fair value of the considera Item 1. Business. Company Overview RBB Bancorp is a bank holding company registered under the Bank Holding Company Act of 1956, as amended. RBB Bancorp\u2019s principal business is to serve as the holding company for its wholly-owned banking subsidiaries, Royal Business Bank (\u201cBank\u201d) and RBB Asset Management Company (\u201cRAM\u201d), collectively referred to herein as \"the Company.\" RBB Bancorp was formed in January 2011 as a bank holding company and RAM was formed in 2012 to hold and manage problem assets acquired in business combinations. There are no problem assets at RAM or activity in this subsidiary for the fiscal years ended 2025 or 2024. When we refer to \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, or the \u201cCompany\u201d, we are referring to RBB Bancorp and its consolidated subsidiaries including the Bank, collectively. When we refer to the \u201cparent company\u201d, \u201cBancorp\u201d, or the \u201cholding company\u201d, we are referring to RBB Bancorp, the parent company, on a stand-alone basis. The Bank provides business-banking and consumer products and services predominantly to the Asian-centric communities through full service branches located in Los Angeles County, Orange County and Ventura County in California, Las Vegas (Nevada), the New York City metropolitan areas, Chicago (Illinois), Edison (New Jersey) and Honolulu (Hawaii). The products and services include commercial and investor real estate loans, business loans and lines of credit, Small Business Administration (\u201cSBA\u201d) 7A and 504 loans, mortgage loans, trade finance and a full range of depository accounts, including specialized services such as remote deposit, E-banking, mobile banking and treasury management services. We have supported our organic growth with disciplined strategic growth. Between 2011 and 2018 we successfully completed six whole-bank acquisitions and, in 2022, a bank branch acquisition in Hawaii. All of our acquisitions have been accounted for using the acquisition method of accounting and, accordingly, the operating results of the acquired e Item 1A. Risk Factors. Risks Related to Interest Rates Fluctuations in interest rates may reduce net interest income and otherwise negatively impact our financial condition and results of operations. Shifts in short-term interest rates may reduce net interest income, which is the principal component of our earnings. Net interest income is the difference between t", "title": "RBB - RBB Bancorp", "url": "/company/RBB/" }, { "kind": "company", "summary": "SIC 3679 Electronic Components, NEC; CIK 0001681622; latest 10-K filed 2025-11-18.", "text": "VREX - Varex Imaging Corp SIC 3679 Electronic Components, NEC; CIK 0001681622; latest 10-K filed 2025-11-18. VREX Varex Imaging Corp 0001681622 3679 Electronic Components, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis contains forward-looking statements relating to future events or our future financial or operating performance that involve risks and uncertainties, as set forth above under \"Forward-Looking Statements.\" Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors described in this Annual Report on Form 10-K. 30 Table of Contents Our Business Varex Imaging Corporation is a leading innovator, designer and manufacturer of X-ray imaging components including X-ray tubes, flat panel and photon counting detectors and accessories, linear accelerators, and image software processing solutions, which are critical components of a variety of X-ray based imaging equipment, and stand-alone X-ray based systems in select application areas. Our success depends, among other things, on our ability to anticipate and respond to changes in our business, the direction of technological innovation, and the demand from our customers. For additional information on our business, see Item 1 \"Business\". Impact of Current Economic and Trade Environment The current economic and trade environment remains dynamic and unpredictable. The uncertain outcome and effect of tariffs and reciprocal actions between the United States and other countries and its impact on the economic and geopolitical environment, supply chain and logistic challenges, and geopolitical tensions and local conflicts have contributed to, and may continue to contribute to, delayed customer purchasing decisions, increased tariff costs, higher inflation, fluctuations in interest rates and capital costs, supply chain disruption, increased costs of labor and materials, exchange rate volatility, increased shipping costs, and other similar effects. Additionally, a sustained United States government shutdown could negatively impact the global economy and in turn our financial condition and results of operations. During the calendar year 2025, the United States Administration has announced and/or imposed a variety of new tariffs on imports from other countries. In response, a number of those impacted or potentially impacted countries have announced and/or imposed retaliatory tariffs on United States imports. These actions impacted our results of operations and profitability in fiscal year 2025, particularly the bilateral United States and Chinese tariffs. Absent a de-escalation in the current trade wars, particularly the trade war between the United States and China, these tariffs have and are expected to make our products less competitive with similar product not imported from the United States, which has had and in the future is expected to negatively impact our business and financial results. Additional new tariffs, trade restrictions or other retaliatory actions aimed at specific industries, such as X-ray imaging products, could also materially impact our business. We remain committed to working with our customers to minimize the effects of the tariffs. In this regard, we are actively working to implement a number of options that could reduce the impact, including pursuing commonly utilized mitigation practices and localizing more manufacturing in the region. At this time, however, we do not anticipate these efforts will allow us to fully offset the additional costs or other negative impacts resulting from such tariffs. Considering the mitigation efforts we have in flight at this point, we are not currently planning to do any restructuring in China. We continue to monitor potential changes in customer procurement decisions resulting from the current trade climate, along with other tariff-related actions, investigations and other activities that might negatively affect our costs or otherwise impact our business and results of operations. Furthermore, if international c Item 1. Business Overview Varex Imaging Corporation is a leading innovator, designer and manufacturer of X-ray imaging components including X-ray tubes, flat panel and photon counting detectors and accessories, linear accelerators, image software processing solutions, and stand-alone X-ray based systems in select application areas. Our components are used in medical diagnostic imaging, security inspection systems, and industrial quality inspection systems, as well as for analysis and measurement applications in industrial manufacturing applications. Global OEMs incorporate our X-ray imaging components into their systems to detect, diagnose, protect, irradiate, and inspect. Varex has approximately 2,400 full-time equivalent employees, located at engineering, manufacturing, and service center sites in North America, Europe, and Asia. Our products are sold in three geographic regions: the Americas, EMEA, and APAC. The Americas includes North America (primarily the United States) and Latin America. EMEA includes Europe, the Middle East, India, and Africa. APAC includes Asia (other than India) and Australia. Revenues by region are based on the known final destination of products sold. Our success depends, among other things, on our ability to anticipate and respond to changes in our business, the direction of technological innovation, and the demand from our customers. We continually invest in research and development and employ approximately 400 individuals in product development related activities. Our focus on innovation and product performance along with strong and long-term customer relationships allows us to collaborate with our customers to deliver industry-leading X-ray imaging products. We continue to work to improve the life and quality of our imaging components and leverage our scale as one of the largest independent X-ray imaging component suppliers to provide cost-effective solutions for our customers. Operating Segments and Products We Item 1A. Risk Factors Investing in Varex Imaging Corporation common stock involves risks and the following risk factors and other information included in this Annual Report on Form 10-K under Item 1 \"Business\", Item 7 \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" and Item 7A \"Quantitative and Qualitative Disclosures about Market R", "title": "VREX - Varex Imaging Corp", "url": "/company/VREX/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001560327; latest 10-K filed 2026-02-19.", "text": "RPD - Rapid7, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001560327; latest 10-K filed 2026-02-19. RPD Rapid7, Inc. 0001560327 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those contained in or implied by any forward-looking statements. Factors that could cause or contribute to these differences include those under \u201cRisk Factors\u201d included in Part I, Item 1A or in other parts of this Annual Report on Form 10-K. Overview Rapid7 is a global cybersecurity software and service provider on a mission to create a safer digital world by making cybersecurity simpler and more accessible. For more than twenty years, Rapid7 has partnered with enterprises across the globe representing a diverse range of industries to improve the efficacy and productivity of their security operations (\u201cSecOps\u201d). In today's rapidly evolving IT environment, customers are encountering escalating challenges due to the widening spectrum of attackers and techniques, including the proliferation of cyberattacks leveraging AI and targeted automation. We empower security professionals to manage a modern attack surface through our trusted AI infused technology, leading-edge research, and broad, strategic expertise. Rapid7\u2019s comprehensive security solutions help our global customers unite exposure management with threat detection and response to reduce attack surfaces and eliminate threats with speed and precision. Our Command Platform is anchored on our cloud security, security information and event management (\u201cSIEM\u201d), advanced detection and response, and vulnerability management offerings. Rapid7 enables the Security Operations Center (\u201cSOC\u201d) to understand their fragmented attack surface with attacker perspective, allowing them to proactively secure their attack surface and better detect and respond to threats. Enriched by years of managed services expertise, our integrated security operations platform enables SecOps teams to move away from a reactive approach, reduce their attack surface, and enhance response efficiency with a deep contextual understanding of their environment. In the past few years, we have observed the industry undergoing a customer-driven shift to consolidated security platforms. As part of this transition, customers are moving away from cloud security as a specialized function towards cloud security as an integrated capability for SecOps teams. We view this as a demand driver for integrated SecOps, and believe that we have an opportunity to be a leader in delivering integrated risk and threat management across on-premise, cloud, and external attack surfaces. As we have shifted our strategic focus to SecOps consolidation, we are focused on continuing to drive innovation 38 Table of Contents across our core products and capabilities to accelerate customer value and provide a frictionless and integrated cloud security experience. As the threat landscape continues to grow in complexity, customers are demonstrating demand for integrated expertise to support them in effectively managing their security technologies. The convergence of these key trends \u2013 security consolidation, integrated cloud security, and expertise driven outcomes \u2013 are the foundation of what our customers require for the modern SOC. Our focus is to be the leading provider of integrated security operations solutions by providing exposure and threat management that leverages our ability to give customers command of their attack surface. We market and sell our products and professional services to organizations of all sizes globally, including mid-market businesses, enterprises, non-profits, educational institutions Item 1. Business Overview Rapid7 is a global cybersecurity operations software and service provider on a mission to create a safer digital world by making cybersecurity simpler and more accessible. For twenty-five years, Rapid7 has partnered with customers across the globe representing a diverse range of industries and sizes to improve the efficacy and productivity of their security operations (\u201cSecOps\u201d). In today's rapidly evolving IT environment, customers are encountering escalating challenges due to the widening spectrum of attackers and techniques, including the proliferation of cyberattacks leveraging AI. We empower security professionals to manage a modern attack surface through our best-in-class AI-driven technology, leading-edge research, and broad, strategic expertise. Rapid7\u2019s comprehensive security solutions, including our market-leading managed detection and response (\"MDR\") services, next-gen security information and event management (\"SIEM\"), and exposure management help our global customers unify exposure management with threat detection and response to prioritize and reduce material risk, and eliminate threats with greater speed, precision, and consistency. We believe that Rapid7 is poised to expand the capabilities of today's SecOps teams through our integrated, open data security operations platform which is powered by our AI enabled detection and response, automation, and exposure management capabilities. Rapid7 enables the Security Operations Center (\u201cSOC\u201d) to understand their fragmented attack surface through an attacker's perspective, thereby allowing them to proactively reduce exposures and better detect and respond to threats. Enriched by years of industry-leading risk research and managed services expertise, our integrated AI-driven platform replaces reactive security with a preemptive, risk-aware approach that reduces attack surfaces and enables faster, more confident response through contextually rich insights and deep operational visi Item 1A. Risk Factors. Our operations and financial results are subject to various risks and uncertainties including those described below. You should consider carefully the risks and uncertainties described below, in addition to other information contained in this Annual Report on Form 10-K, including our consolidated financial statements an", "title": "RPD - Rapid7, Inc.", "url": "/company/RPD/" }, { "kind": "company", "summary": "SIC 5990 Retail-Retail Stores, NEC; CIK 0001409171; latest 10-K filed 2026-03-31.", "text": "TITN - Titan Machinery Inc. SIC 5990 Retail-Retail Stores, NEC; CIK 0001409171; latest 10-K filed 2026-03-31. TITN Titan Machinery Inc. 0001409171 5990 Retail-Retail Stores, NEC ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes appearing under Item 8, Financial Statements and Supplementary Data, of this Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this annual report, including information with respect to our plans and strategy for our business and expected financial results, includes forward-looking statements that involve risks and uncertainties. You should review the \"Information Regarding Forward-Looking Statements\" in this Item 7 and the risks and uncertainties described under Part I, Item 1A, Risk Factors, of this Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis in this Form 10-K. A discussion of changes in our Financial Results and Cash Flow Comparisons from fiscal 2024 to fiscal 2025 has been omitted from this Form 10-K, but may be found in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended January 31, 2025, filed with the SEC on April 7, 2025. BUSINESS DESCRIPTION We own and operate a network of full service agricultural and construction equipment stores in the United States, Europe, and Australia. Based upon information provided to us by CNH, we are the largest retail dealer of Case IH Agriculture equipment in the world, one of the largest retail dealers of Case Construction equipment in North America and one of the largest retail dealers of New Holland Agriculture and New Holland Construction equipment in the U.S. We operate our business through four reportable segments: Agriculture, Construction, Europe and Australia. Within each segment, we have four principal sources of revenue: new and used equipment sales, parts sales, equipment repair and maintenance services and equipment rental and other business activities. The agricultural equipment we sell and service includes machinery and attachments for uses ranging from large-scale farming to home and garden use. The construction equipment we sell and service includes heavy construction machinery, light industrial machinery for commercial and residential construction, road and highway construction machinery, energy, and forestry operations equipment. We offer our customers a one-stop solution for their equipment needs through: \u2022new and used equipment sales; \u2022parts sales; \u2022equipment repair and maintenance services; and \u2022equipment rental and other business activities. The new equipment and parts we sell are supplied primarily by CNH. According to its public reports, CNH is a leading manufacturer and supplier of agricultural and construction equipment based on the number of units sold, primarily through the Case IH Agriculture, New Holland Agriculture, Case Construction and New Holland Construction brands. Sales of new CNH products accounted for approximately 69% of our new equipment revenue in fiscal 2026, with our single largest manufacturer other than CNH representing approximately 3% of our total new equipment revenue in fiscal 2026. We acquire used equipment for resale primarily through trade-ins from our customers and in some cases through selective purchases. We sell parts and provide in-store and on-site repair and maintenance services. We rent equipment and provide other ancillary products and services such as equipment transportation, GPS signal subscriptions, farm data management systems, precision farming equipment, and finance and insurance products. Throughout our 45-year operating history, we have built an extensive, geographically contiguous network of 90 full service stores ITEM 1. BUSINESS Our Company Titan Machinery Inc. and its subsidiaries (collectively, \"Titan Machinery,\" the \"Company,\" \"we,\" or \"our\") own and operate a network of full service agricultural and construction equipment stores in the United States, Europe and Australia. We have been an authorized dealer of CNH Industrial N.V. or its U.S. subsidiaries (collectively referred to in this Annual Report on Form 10-K (this \"Form 10-K\") as \"CNH\") since our formation in 1980. CNH is a leading global manufacturer and supplier of agricultural and construction equipment, which includes the Case IH Agriculture, New Holland Agriculture, Case Construction and New Holland Construction brands. Based upon information provided to us by CNH, we are the largest retail dealer of Case IH Agriculture equipment in the world, one of the largest retail dealers of Case Construction equipment in North America and one of the largest retail dealers of New Holland Agriculture and New Holland Construction equipment in the United States. In addition to the CNH brands, we sell and service equipment supplied by a variety of other manufacturers and distributors. We operate our business in four reportable segments, Agriculture, Construction, Europe and Australia, within which we engage in four principal business activities: \u2022new and used equipment sales; \u2022parts sales; \u2022equipment repair and maintenance services; and \u2022equipment rental and other business activities. We offer our customers a one-stop solution by providing equipment and parts sales, equipment repair and maintenance services, and rental functions in each store. Our full service approach provides us with multiple points of customer contact and cross-selling opportunities. We believe our mix of principal business activities, as well as our broad geographic footprint, provide us with crop, weather and market diversification. This diversification helps to lower our overall exposure to adverse economic cycles that affect particular geogra ITEM 1A. RISK FACTORS The following risks should be considered in conjunction with Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, of this Form 10-K, including the risks and uncertainties described under the heading \"Information Regarding Forward-Looking Statements\", and our financial stat", "title": "TITN - Titan Machinery Inc.", "url": "/company/TITN/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001422930; latest 10-K filed 2026-02-26.", "text": "PUBM - PubMatic, Inc. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001422930; latest 10-K filed 2026-02-26. PUBM PubMatic, Inc. 0001422930 7370 Services-Computer Programming, Data Processing, Etc. ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the section titled \u201cRisk Factors\u201d included elsewhere in this Annual Report on Form 10-K. Overview We are an independent, artificial intelligence-powered advertising technology company that delivers digital advertising performance. Our mission is to fuel the endless potential of Internet content creators and to enable a thriving, advertisement-funded digital ecosystem where global audiences can gain free or affordable access to information and entertainment. Our integrated technology platform connects buyers, publishers, data providers, and commerce media networks on a single, unified platform, to deliver advertising performance, control, transparency and efficiency. Our platform empowers the world\u2019s leading digital content creators (which we collectively refer to as \u201cpublishers\u201d) to maximize monetization of their advertising inventory and audiences and provides control and transparency to buyers, which includes advertisers, agencies, agency trading desks, and demand side platforms (\u201cDSPs\u201d), which we collectively refer to as \u201cbuyers\u201d. We continue to focus on the strengths that we believe provide us with long-term competitive advantages. These strengths include our global, omnichannel reach which targets a diverse set of publishers touching many ad formats and digital device types, including mobile app, mobile web, desktop, display, video, over-the-top video/connected TV (\u201cOTT/CTV\u201d), and rich media. Additionally, as an independent infrastructure provider prioritizing transparency, we can be more closely aligned with both publishers and buyers which has enabled us to create bespoke products that meet our customers\u2019 needs. We have also maintained a demonstrated track record of stability and agility to address changes in market conditions and provide superior outcomes for both publishers and buyers. Finally, we have designed our technology to efficiently process real-time advertising transactions while leveraging data to optimize outcomes for publishers and buyers. We own and operate our software and hardware infrastructure globally, which saves significant infrastructure expenditures as compared to public cloud alternatives. Industry Trends and Macroeconomic Factors The digital advertising ecosystem continues to evolve and adapt at a rapid pace. Some noted trends include the continued growth of digital media across multiple platforms, an increased focus on performance driven media, and a desire for transparency and control throughout the supply chain from both the buyers and publishers. In addition, rapidly evolving data and privacy regulations and industry standards continue to impact our business. Additionally, recent macroeconomic uncertainty, including adopted or proposed changes in the trade policies and tariff rates of the United States and international trade partners, slowing domestic growth, economic recession concerns, interest rate fluctuations, volatility in domestic and international equity and debt markets, foreign currency fluctuation and weakening of the U.S. Dollar, and persistent inflation in the U.S. and other markets globally, continue to create economic volatility and dislocation in the capital and credit markets in the U.S. and globally. To date, we have not observed material impacts in our business or outlook, but we intend to continue to monitor macroe ITEM 1. BUSINESS Overview PubMatic, Inc. (\u201cwe\u201d, or \u201cus) is an independent, artificial intelligence-powered advertising technology company that delivers digital advertising performance. Our mission is to fuel the endless potential of Internet content creators and to enable a thriving, advertisement-funded digital ecosystem where global audiences can gain free or affordable access to information and entertainment. Our integrated technology platform connects buyers, publishers, data providers, and commerce media networks on a single, unified platform, to deliver advertising performance, control, transparency and efficiency. Our platform empowers the world\u2019s leading digital content creators (which we collectively refer to as \u201cpublishers\u201d) to maximize monetization of their advertising inventory and audiences and provides control and transparency to buyers, which includes advertisers, agencies, agency trading desks, and demand side platforms (\u201cDSPs\u201d), which we collectively refer to as \u201cbuyers\u201d. Our Industry The digital advertising ecosystem continues to evolve and adapt at a rapid pace. Some key industry trends include: Continued Growth of Digital Media Across Multiple Platforms: Consumers have dramatically increased the amount of time they spend online, on mobile devices, or watching content through connected television, or CTV. To better reach consumers, media spend continues to shift to digital formats across every media channel and device. Consolidation and Convergence of the Digital Advertising Supply Chain: As advertisers increase the percentage of their overall advertising budgets spent on digital formats, they are increasingly demanding greater efficiency and control of their entire digital advertising supply chain. This desire for efficiency and control has led to a growing trend among advertisers to establish direct relationships with vendors in the digital advertising ecosystem that have transparent business practices and technical capabilities to meet t ITEM 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including our consolidated financial statements and rel", "title": "PUBM - PubMatic, Inc.", "url": "/company/PUBM/" }, { "kind": "company", "summary": "SIC 5031 Wholesale-Lumber, Plywood, Millwork & Wood Panels; CIK 0001301787; latest 10-K filed 2026-02-24.", "text": "BXC - BlueLinx Holdings Inc. SIC 5031 Wholesale-Lumber, Plywood, Millwork & Wood Panels; CIK 0001301787; latest 10-K filed 2026-02-24. BXC BlueLinx Holdings Inc. 0001301787 5031 Wholesale-Lumber, Plywood, Millwork & Wood Panels ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Form 10-K. In addition to historical information, the following discussion and other parts of this Form 10-K contain forward-looking information that involves risks and uncertainties. Our actual results could differ materially from those anticipated by this forward-looking information due to the factors discussed under \u201cRisk Factors,\u201d \u201cCautionary Statement Concerning Forward-Looking Statements,\u201d and elsewhere in this Form 10-K. Factors That Affect Our Operating Results and Trends Our results of operations and financial performance are influenced by a variety of factors, including: (i) general economic and industry conditions affecting demand in the housing market; (ii) the commoditized nature of many of the products we manufacture and distribute; and (iii) cost and availability of the products we distribute. These factors, and the related trends and uncertainties, have historically produced cyclicality in our results of operations, and we expect this cyclicality to continue in future periods. General Economic Conditions Affecting Demand Many of the factors that cause our operations to fluctuate are seasonal or cyclical in nature. Historically, our operating results have also been correlated with the level of single-family residential housing starts in the U.S. The demand for new homes is dependent on a variety of factors, including unemployment levels, job and wage growth, changes in population and demographics, the availability and cost of mortgage financing, the supply and affordability of new and existing homes, availability and affordability of homeowners insurance coverage, and consumer confidence and demand. Certain developments have led to a more challenging macro-economic environment, such as broad-based inflation, the rapid rise in mortgage rates, home price appreciation, and low existing home turnover. These developments have impacted the U.S. housing market, including the residential repair and remodel and residential new construction markets, and have contributed to a slowdown in the U.S. housing industry that continued through 2024 and 2025. In addition, looking ahead, we believe that the demand for our products could face pressure from increases in tariffs and other inflationary pressures, the potential for trade disruption through embargoes, sanctions and import and export controls, and labor shortages and workforce disruption in the home building and remodeling industry due to immigration enforcement activities. However, we believe that several factors, including the current high levels of home equity, the fundamental undersupply of housing in the U.S., potential actions of the U.S. government to address housing availability and affordability, repair and remodel activity, and demographic shifts, among others, will support demand for our products. For additional information regarding the risk factors impacting our business, refer to Part I, Item 1A, Risk Factors, in this Annual Report. Industry Conditions Affecting Demand Residential Repair and Remodel We estimate that demand from the residential repair and remodel market (\u201cR&R\u201d) accounts for approximately 45 percent of our annual sales. Historically, R&R demand conditions have tended to be less cyclical when compared to the residential new construction market, particularly for exterior products that are exposed to the elements and where maintenance is less likely to be deferred for long periods of time. We believe R&R demand is driven by a myriad of factors including, but not limited to: home prices and affordability; macro-economic conditions and expectations around inflationary rate, unemployment rate, interest rate, and economic output; raw materials prices; the pace of new household ITEM 1. BUSINESS General BlueLinx is a leading wholesale distributor of residential and commercial building products in the United States. We are a \u201ctwo-step\u201d distributor. Two-step distributors purchase products from manufacturers and distribute those products to dealers and other suppliers in local markets, who then sell those products to end users. We carry a broad portfolio of both branded and private-label stock keeping units (\u201cSKUs\u201d) across two principal product categories: specialty products and structural products. Specialty products include items such as engineered wood products (\u201cEWP\u201d), siding, millwork, outdoor living products, specialty lumber and panels, and industrial products. Structural products include items such as lumber, plywood, oriented strand board, rebar, and remesh. We also provide a wide range of value-added services and solutions aimed at relieving distribution and logistics challenges for our customers and suppliers, while enhancing their marketing and inventory management capabilities. We have a strong market position and a broad geographic coverage footprint servicing all 50 U.S. states. We operate branches in 57 cities across the U.S., and some have multiple warehouse and storage facilities which enhance our distribution and storage capacity. This network allows us to serve many of the largest and highest growth metropolitan areas as it relates to forecasted housing starts and repair and remodel spend. Our corporate headquarters facility located near Atlanta in Marietta, Georgia helps support our customers, suppliers, employees, and corporate functions. With the strength of a locally focused sales force, we distribute a comprehensive range of products from suppliers that include some of the leading manufacturers in the industry such as Allura, Arauco, Fiberon, Georgia-Pacific, Huber Engineered Woods, Louisiana-Pacific, Oldcastle APG, Ply Gem, Roseburg, and Westlake Royal. We supply products to a broad base of customers including nat ITEM 1A. RISK FACTORS In addition to the other information contained in this Form 10-K, including the information set forth in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our financial statements and related notes, the following risk fa", "title": "BXC - BlueLinx Holdings Inc.", "url": "/company/BXC/" }, { "kind": "company", "summary": "SIC 4832 Radio Broadcasting Stations; CIK 0001400891; latest 10-K filed 2026-03-02.", "text": "IHRT - iHeartMedia, Inc. SIC 4832 Radio Broadcasting Stations; CIK 0001400891; latest 10-K filed 2026-03-02. IHRT iHeartMedia, Inc. 0001400891 4832 Radio Broadcasting Stations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW Format of Presentation Management\u2019s discussion and analysis of our financial condition and results of operations (\u201cMD&A\u201d) should be read in conjunction with the consolidated financial statements and related footnotes contained in Part II, Item 8 of this Annual Report on Form 10-K of iHeartMedia, Inc. (the \"Company,\" \"iHeartMedia,\" \"we,\" \"our,\" or \"us\"). We report based on three reportable segments: \u25aathe Multiplatform Group, which includes our Broadcast radio, Networks and Sponsorships and Events businesses; \u25aathe Digital Audio Group, which includes our Digital businesses, including Podcasting; and \u25aathe Audio & Media Services Group, which includes Katz Media Group (\"Katz Media\"), our full-service media representation business, and RCS Sound Software (\"RCS\"), a provider of scheduling and broadcast software and services. These reporting segments reflect how senior management operates the Company. This structure provides visibility into the underlying performance, results, and margin profiles of our distinct businesses and enables senior management to monitor trends at the operational level and address opportunities or issues as they arise via regular review of segment-level results and forecasts with operational leaders. Our segment profitability metric is Segment Adjusted EBITDA, which is reported to the Company's Chief Operating Decision Maker (\"CODM\") for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment. The Company\u2019s CODM is our Chief Executive Officer. Segment Adjusted EBITDA is calculated as Revenue less operating expenses, excluding Restructuring expenses (as defined below) and share-based compensation expenses. We believe the presentation of our results by segment provides insight into our broadcast radio business and our digital business. We believe that our ability to generate cash flow from operations from our businesses and our current liquidity will provide sufficient resources to fund and operate our business, fund capital expenditures and other obligations and make interest payments on our long-term debt for at least the next twelve months. Certain prior period amounts have been reclassified to conform to the 2025 presentation. Description of our Business Our strategy centers on delivering entertaining and informative content where our listeners want to find it across our various platforms. Multiplatform Group The primary source of revenue for our Multiplatform Group is from selling local and national advertising time on our radio stations, with contracts typically less than one year in duration. The programming formats of our radio stations are designed to reach audiences with targeted demographic characteristics. We work closely with our advertising and marketing partners to develop tools and leverage data to enable advertisers to effectively reach their desired audiences. Our Multiplatform Group also generates revenue from network syndication, nationally recognized events and other miscellaneous transactions. Management looks at our Multiplatform Group's operations\u2019 overall revenue as well as each revenue stream including Broadcast Radio, Networks, and Sponsorship and Events. We periodically review and refine our selling structures in all regions and markets in an effort to maximize the value of our offering to advertisers and, therefore, our revenue. Management also looks at Multiplatform Group's revenue by region and market size. Typically, larger markets can reach larger audiences with wider demographics than smaller markets. Additionally, management reviews our share of audio advertising revenues in markets where such information is available, as well as our share of target demographics listening in an average quarter hour. This metric gauges how well our formats are attracting and retaining listeners. 35 Management also ITEM 1. BUSINESS iHeartMedia is the number one audio media company in the U.S. based on consumer reach. Within the audio industry, companies operate in two primary sectors: \u2022The \u2018music collection\u2019 sector, which essentially replaced downloads and CDs, and \u2022The \u2018companionship\u2019 sector, in which people regard radio and podcasting personalities as their trusted friends and companions on whom they rely to provide coverage on everything from entertainment, local news, storytelling, information about new music and artists, weather, traffic, sports and more. We operate in the second sector and use our large scale and national reach in broadcast radio to build additional complementary platforms. We believe we are the only major multi-platform audio media company, and each platform is complementary to the others, building on and extending our companionship relationship with the consumer. Our product strategy is to be where our listeners are with the products and services they expect from us regardless of where they are and what platforms they are using. Our radio stations, podcasts and other content can be heard across a broad range of audio platforms, including our AM/FM broadcast radio stations; HD digital radio stations; the Internet at iHeart.com, our radio stations\u2019 websites, and certain Metaverse platforms; and through our iHeartRadio mobile application on 500+ platforms and thousands of devices, including enhanced automotive dashes, on tablets, wearables and smartphones, on gaming consoles, via in-home entertainment (including smart televisions) and voice-controlled smart speaker devices. All of this is supported by the largest audio sales force in the United States, executing on the strategy of any seller, anywhere being able to sell anything, supported by our unique technology. We lead in: \u2022Broadcast radio: We have a strong relationship with our consumers, and our broadcast radio audience has the largest reach of any audio company in the U.S., with an audienc ITEM 1A. RISK FACTORS Risks Related to Our Business Our results have been in the past, and could be in the future, adversely affected by economic or political uncertainty or deterioration in economic conditions and corresponding reduced spending by advertisers. We derive revenues from the sale of advertising. As is common in the audio entertainment i", "title": "IHRT - iHeartMedia, Inc.", "url": "/company/IHRT/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001795815; latest 10-K filed 2026-03-13.", "text": "BCAL - California BanCorp \\ CA SIC 6021 National Commercial Banks; CIK 0001795815; latest 10-K filed 2026-03-13. BCAL California BanCorp \\ CA 0001795815 6021 National Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our consolidated financial condition and consolidated results of operations should be read in conjunction with our consolidated financial statements and related notes. Historical consolidated results of operations and the percentage relationships among any amounts included, and any trends that may appear, may not indicate trends in operations or consolidated results of operations for any future periods. We are a bank holding company and we conduct all our material business operations through the Bank. As a result, the discussion and analysis below primarily relate to activities conducted at the Bank level. Overview California BanCorp is a California corporation incorporated on October 2, 2019, and headquartered in Del Mar, California. On May 15, 2020, we completed a reorganization whereby California Bank of Commerce, N.A. became the wholly owned subsidiary of the Company. California Bank of Commerce, N.A. has a wholly-owned subsidiary, BCAL OREO1, LLC, which was incorporated on February 14, 2024. BCAL OREO1, LLC is used for holding other real estate owned and other assets acquired by foreclosure. We are regulated as a bank holding company by the Board of Governors of the Federal Reserve System (\u201cFederal Reserve\u201d). The Bank operates under a national charter and is regulated by the Office of Comptroller of the Currency (\u201cOCC\u201d). We are a relationship-focused community bank and we offer a range of financial products and services to individuals, professionals, and small to medium-sized businesses through our 14 branch offices and 11 commercial banking offices serving California. We keep a steady focus on our solution-driven, relationship-based approach to banking, providing clients accessibility to decision makers and enhancing the value of our services through strong client partnerships. Our lending products consist primarily of construction and land development loans, real estate loans, C&I loans and consumer loans, and we are a Preferred SBA Lender. Our deposit products consist primarily of demand deposit, money market, and certificates of deposit. In addition, we are a participant in the Certificate of Deposit Account Registry Service (\u201cCDARS\u201d) and IntraFi Network Insured Cash Sweep (\u201cICS\u201d) networks. We receive an equal dollar amount of deposits (\u201creciprocal deposits\u201d) from other participating banks in exchange for the deposits we place into the networks to fully qualify large customer deposits for FDIC insurance. We also provide treasury management services including online banking, cash vault, sweep accounts and lock box services. Recent Developments Merger with California BanCorp (\u201cCALB\u201d) On July 31, 2024, the Company completed its all-stock merger with CALB on the terms set forth in the Agreement and Plan of Merger and Reorganization, dated January 30, 2024, by and between the Company and CALB. At July 31, 2024, CALB had total loans of $1.43 billion, total assets of $1.91 billion, and total deposits of $1.64 billion. Immediately following the merger of CALB with and into the Company, California Bank of Commerce, a California state-chartered bank and wholly-owned subsidiary of CALB, merged with and into the Bank. Effective with these mergers, the corporate names of Southern California Bancorp and Bank of Southern California, N.A. were changed to California BanCorp and California Bank of Commerce, N.A., respectively. The merger expanded the Company\u2019s footprint into Northern California and provided an opportunity for building scale and increasing market share through complementary business models with a strong deposit base. The combined company retained all banking offices of both banks, adding CALB\u2019s one full-service bank branch and its four loan production offices in Northern California to the Bank\u2019s 13 full-service bank branches located throughout the Southern California region for a Item 1. Business General Overview California BanCorp is a California corporation incorporated on October 2, 2019 and is registered with the Board of Governors of the Federal Reserve System as a bank holding company for California Bank of Commerce, N.A. under the Bank Holding Company Act of 1956, as amended. On May 15, 2020, the Company completed a reorganization whereby the Bank became a wholly-owned subsidiary of the Company. California Bank of Commerce, N.A. began business operations in December 2001 under the name Ramona National Bank. The Bank changed its name to First Business Bank, N.A. in 2006, to Bank of Southern California, N.A. in 2010, and to California Bank of Commerce, N.A. on July 31, 2024. The Bank has a wholly-owned subsidiary, BCAL OREO1, LLC, which was incorporated on February 14, 2024. BCAL OREO1, LLC is used for holding other real estate owned and other assets acquired by foreclosure. The Bank operates under a federal charter and its primary regulator is the Office of the Comptroller of the Currency (\u201cOCC\u201d). The words \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or the \u201cCompany\u201d refer to California BanCorp and California Bank of Commerce, N.A. collectively and on a consolidated basis. References herein to \u201cCalifornia BanCorp,\u201d or the \u201cholding company\u201d refer to California BanCorp on a stand-alone basis. References to the \u201cBank\u201d refer to California Bank of Commerce, N.A. Since its founding, our franchise has experienced significant growth through acquisitions and our dedication to serving the communities in which we operate. As of December 31, 2025, we had consolidated assets of $4.03 billion and our branch footprint extends throughout California. Community support is integral to who we are, how we operate, and our success in each community we bank. We have deep roots in the communities in which we do business, through donations, regional Advisory Boards, and our employees\u2019 involvement in local nonprofits. We support our communities through philanthropic giving to nonpr Item 1A. Risk Factors Investing in our common stock involves a significant degree of risk. You should carefully consider the following risk factors which we have identified as being material to us, in addition to the other information contained in this annual report, including our consolidated financial statements and relate", "title": "BCAL - California BanCorp \\ CA", "url": "/company/BCAL/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0002042022; latest 10-K filed 2026-03-26.", "text": "WYFI - WhiteFiber, Inc. SIC 6199 Finance Services; CIK 0002042022; latest 10-K filed 2026-03-26. WYFI WhiteFiber, Inc. 0002042022 6199 Finance Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes included elsewhere in this Annual Report. This discussion contains forward-looking statements reflecting our current expectations that involve risks and uncertainties. See \u201cForward-Looking Statements and Risk Factor Summary\u201d for a discussion of the uncertainties, risks, and assumptions associated with these statements. Actual results and the timing of events could differ materially from those discussed in our forward-looking statements as a result of many factors, including those set forth under \u201cRisk Factors\u201d and elsewhere in this Annual Report. References to \u201cWhiteFiber\u201d or the \u201cCompany\u201d refer to WhiteFiber, Inc. and its subsidiaries, giving effect to the Reorganization which occurred on August 6, 2025. Overview We believe we are a leading provider of AI infrastructure solutions. We own HPC data centers and provide cloud-based HPC GPU services, which we term cloud services, for customers such as AI application and ML developers (the \u201cHPC Business\u201d). Our Tier-3 data centers provide hosting and colocation services. Our cloud services support generative AI workstreams, especially training and inference. On July 30, 2025, we entered into the Contribution Agreement with Bit Digital in connection with our IPO, pursuant to which, on August 6, 2025, Bit Digital contributed its HPC business to us through the transfer of 100% of the capital shares of its cloud services subsidiary, WhiteFiber AI, Inc. and its wholly-owned subsidiaries WhiteFiber HPC, Inc., WhiteFiber Canada, Inc., WhiteFiber Japan G.K. and WhiteFiber Iceland, ehf, in exchange for 27,043,749 Ordinary Shares. Colocation/Data Center Service The Company designs, develops, and operates Tier-3 data centers that provide hosting and colocation services with high reliability infrastructure, including N+1 redundancy, advanced cooling, and strict monitoring systems designed to support AI workloads. Its strategy focuses on rapidly developing retrofit data centers in metro areas with existing power infrastructure, allowing for significantly faster deployment than greenfield projects. The current portfolio includes facilities such as MTL-1, MTL-2, MTL-3 in Quebec and NC-1 in North Carolina, with a goal of reaching approximately 76 MW of total capacity by the end of 2026 and a broader development pipeline of roughly 1,500 MW under review. During 2025, the Company prioritized projects with committed customer demand and long-term contracts, including a major services agreement at the NC-1 facility expected to generate approximately $865 million of contracted revenue over 10 years, with electricity and certain operating costs passed through to the customer. Cloud Service The Company provides specialized GPU-based cloud infrastructure tailored for generative AI training and inference workloads, offering customized solutions and high service reliability. The business leverages partnerships with major hardware providers such as NVIDIA, SuperMicro, Dell, Hewlett Packard Enterprise, and QCT, and deploys advanced GPU architectures including H200, B200, and GB200 systems. Rather than building all infrastructure itself, the Company uses a global network of third-party data centers to host GPU clusters. Revenue is generated through a series of service agreements and MSAs with customers for GPU capacity and AI compute services, ranging from short-term deployments to multi-year contracts. Key agreements include large GPU deployments for AI workloads and cloud gaming providers such as Boosteroid, with some contracts offering significant expansion potential and long-term recurring revenue streams. 76 Key Factors that May Affect Future Results of Operations We believe that the growth of our business and our future success are Item 1. Business Our Business We believe we are a leading provider of artificial intelligence (\u201cAI\u201d) infrastructure solutions. We own high-performance computing (\u201cHPC\u201d) data centers and provide cloud-based HPC graphics processing units (\u201cGPU\u201d) services, which we term cloud services, for customers such as AI application and machine learning (\u201cML\u201d) developers (the \u201cHPC Business\u201d). Our Tier-3 data centers provide hosting and colocation services. Our cloud services support generative AI workstreams, especially training and inference. Our business model integrates our data center infrastructure and cloud services to provide scalable, high-performance computing solutions for enterprises, research institutions, and AI and ML driven businesses. Our integrated approach aligns specialized data center operations with GPU-focused cloud services, addressing the unique requirements of AI and ML workloads. These workloads demand greater power density, advanced cooling solutions, and robust bandwidth to handle large-scale data transfers. By operating our data centers, we are able to provide the power to support our cloud services and we believe we can better meet the needs of AI and ML workloads and reduce the complexity associated with procuring power and connectivity from external vendors. We can also design our facilities to accommodate the higher heat loads generated by modern GPUs, potentially shortening deployment timelines for customers who require rapid expansion of their computing infrastructure. From a financial standpoint, our vertically integrated solution allows us to capture additional margin for both our data center and cloud services businesses, avoiding expenses that would otherwise be due to third-party providers. Colocation/Data center services We design, develop, and operate data centers, through which we offer our hosting and colocation services. Our operational data centers meet the requirements of the Tier-3 standard, including N+1 redundancy architectur Item 1A. Risk Factors Investing in our Ordinary Shares involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report, including the matters discussed under the heading \u201cForward-Looking Statements and Risk Factor Summary\u201d, before making a decision to inve", "title": "WYFI - WhiteFiber, Inc.", "url": "/company/WYFI/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001376339; latest 10-K filed 2026-02-25.", "text": "MDXG - MIMEDX GROUP, INC. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001376339; latest 10-K filed 2026-02-25. MDXG MIMEDX GROUP, INC. 0001376339 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Executive Summary During 2025, we delivered 20.0% growth in net sales, with broad-based contributions across Wound and Surgical. This growth was driven by a combination of demand for newer Wound products (CELERA\u2122, EMERGE\u2122 and EPIXPRESS\u00ae), increasing adoption of Surgical products across a growing number of use cases in the operating room and commercial execution. Operating and financial highlights during the year include: \u2022Fourth quarter and full year 2025 net sales of $118.1 million and $418.6 million, respectively, reflecting 27.1% and 20.0% growth over the fourth quarter and full year 2024, respectively. \u2022GAAP net income for the fourth quarter and full year 2025 of $15.2 million and $48.6 million, respectively. \u2022Featured the Company\u2019s growing body of clinical and scientific evidence at Wound & Surgical-focused industry conferences, including MedStar Georgetown University Hospital\u2019s Diabetic Limb Salvage Conference, Symposium on Advanced Wound Care Spring and Fall meetings, and Digestive Disease Week 2025, among others. \u2022Announced publication of health economics data in Mohs micrographic surgery \u2022Entered into a strategic collaboration with Vaporox, Inc., establishing the ability for the Company to co-promote and co-market its leading placental allograft portfolio alongside Vaporox\u2019s Vaporous Hyperoxia Treatment device \u2022Launched EPIXPRESS\u00ae the Company\u2019s next-generation, lyophilized human placental allograft, further expanding the Company\u2019s broad portfolio of advanced wound care products \u2022Announced interim results of its EPIEFFECT\u00ae randomized clinical trial, which were published and presented, demonstrating clinical benefit associated with use of EPIEFFECT\u00ae when compared to Standard of Care. \u2022Announced publication in the Journal of Inflammation focused on the immunomodulatory effects of Purion\u00ae processed human amniotic membrane allografts in vitro. The study, which investigated the influence of MIMEDX DHACM and LHACM products on inflammatory response, demonstrated support of the healing cascade and tissue repair. \u2022Entered into an exclusive U.S. distribution agreement for RegenKit\u00ae-Wound Gel with Regen Lab USA, LLC, continuing to broaden the Company\u2019s leading Wound product offering beyond placental allografts. Additionally, at the end of 2025, CMS finalized sweeping changes related to the reimbursement of skin substitutes, which were implemented on January 1, 2026. These changes include: 1) reimbursing skin substitute products uniformly across the HOPD and physician office and associated care settings and 2) capping the reimbursement rate for skin substitutes at $127.14 per square centimeter in these care settings, subject to geographic adjustments. The specific policies were put into effect in the Physician Fee Schedule (\u201cPFS\u201d) and Hospital Outpatient Prospective Payment System (\u201cOPPS\u201d). Overview MIMEDX is a pioneer and leader focused on helping humans heal. With nearly two decades of experience helping clinicians manage chronic and other hard-to-heal wounds, MIMEDX provides a leading portfolio of products for applications in the wound care, burn, and surgical sectors of healthcare. All of our products sold in the United States are regulated by the U.S. Food and Drug Administration (\u201cFDA\u201d). We apply Current Good Tissue Practices (\u201cCGTP\u201d) and other applicable quality standards in addition to terminal sterilization to produce our allografts. Recent Developments On October 31, 2025, CMS issued the final update to Medicare reimbursement for skin substitutes, which was broadly in line with the initial proposed rate (the \u201c2026 Rules\u201d). Effective January 1, 2026, the 2026 Rules revolutionize skin substitute reimbursement by moving away from \u201cAverage Sales Price (ASP) +6%\u201d model to a flat, standardized rate of $127.14 per square centimeter, cutting costs by nearly 90%. The change in policy to a flat rate is primarily driven to Item 1. Business Overview MIMEDX is a pioneer and leader focused on helping humans heal. With nearly two decades of helping clinicians manage chronic and other hard-to-heal wounds, MIMEDX provides a leading portfolio of products for applications in the wound care, burn, and surgical sectors of healthcare. The Company\u2019s vision is to be the leading global provider of healing solutions through relentless innovation to restore quality of life. Since its inception, MIMEDX has focused on leading the industry with its deep expertise, unmatched peer-reviewed scientific and clinical data, robust intellectual property portfolio and an expansive library of real-world evidence supporting the use of our products. Historically, our sole focus has been on placental biologics. However, in 2024, we broadened our portfolio and began offering animal-derived products, or xenografts, and in 2025 and early 2026, we entered into agreements with manufacturers of other wound care modalities to further expand our product offering to serve our large and growing customer base. We continue to look for ways to broaden our portfolio, both inorganically and through our internal research and development efforts. Today, our product portfolio is routinely used to help clinicians treat patients suffering from chronic and other hard-to-heal wounds, in wound care and in an increasing number of surgical specialties. In wound care, our products are often used when a patient is either slowly responding or not responding to conventional treatments and a clinician determines they may benefit from advanced treatments. When advanced treatments are determined to be necessary in order to continue treatment, clinicians select products from our portfolio to support the healing process. Our placental allografts are human tissues that are derived from one person (the donor) and used to process products that treat multiple people (the recipients). The manufacturing of our human-derived product offering begins wi Item 1A. Risk Factors An investment in our Common Stock involves a substantial risk of loss. Set forth below is a summary of the risks and uncertainties affecting our business that we currently believe to be material. Our future operating results could differ materially from the results described in this Annual", "title": "MDXG - MIMEDX GROUP, INC.", "url": "/company/MDXG/" }, { "kind": "company", "summary": "SIC 5051 Wholesale-Metals Service Centers & of fices; CIK 0000352825; latest 10-K filed 2026-03-05.", "text": "FSTR - FOSTER L B CO SIC 5051 Wholesale-Metals Service Centers & of fices; CIK 0000352825; latest 10-K filed 2026-03-05. FSTR FOSTER L B CO 0000352825 5051 Wholesale-Metals Service Centers & of fices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars in thousands, except share data unless otherwise noted) Our Business L.B. Foster Company is a global technology solutions provider of products and services for the rail and infrastructure markets. The Company\u2019s innovative engineering and product development solutions address the safety, reliability, and performance needs of its customers' most challenging requirements. The Company is organized and operates in two reporting segments: Rail, Technologies, and Services (\u201cRail\u201d) and Infrastructure Solutions (\u201cInfrastructure\u201d). Our financial statements presented herein are prepared using accounting principles generally accepted in the United States of America (\u201cUS GAAP\u201d). Throughout Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (the \u201cMD&A\u201d), we refer to measures used by management to evaluate performance. We also refer to a number of financial measures that are not defined under US GAAP, including Consolidated EBITDA (as defined in the Credit Agreement), funding capacity, new orders, net, and backlog. The explanation at the end of the MD&A provides the definition of these non-GAAP financial measures. A reconciliation of funding capacity to its most directly comparable respective US GAAP financial measure is presented in the \u201cLiquidity and Capital Resources\u201d section below. Product Line Exits On August 30, 2023, the Company announced the discontinuation of its Bridge Products grid deck product line (\u201cBridge Exit\u201d) which was reported in the Steel Products business unit within the Infrastructure segment. The Bedford, PA based operations supporting the product line completed all customer obligations as of December 31, 2025. For the years ended December 31, 2025 and 2024, the product line had $1,637 and $3,700 in sales, respectively. The decision to exit the bridge grid deck product line was a result of a weak bridge grid deck market condition and outlook due to customer adoption of newer technologies replacing the grid deck solution. During the year ended December 31, 2025, the Company announced the discontinuation of its Automation and Materials Handling product line (the \u201cAMH Exit\u201d) which was reported in the Technology Services and Solutions business unit within the Rail segment. The decision to exit this product line was due to the Company's initiatives to scale back businesses in the United Kingdom. The Company completed all remaining customer obligations in 2025. This product line had net sales of $1,843 and $5,230 for the years ended December 31, 2025 and 2024, respectively. The Company has incurred a total of $1,351 in exit costs associated with the AMH Exit, which included $615 in inventory write-offs, $40 in fixed asset write-offs, $507 in personnel expenses, and $189 in other exit costs. Exit costs of $1,085 were recorded in \u201cCost of goods sold\u201d and $266 were recorded in \u201cSelling and administrative expenses\u201d within our Rail segment. The Company does not expect to incur additional material exit costs associated with the AMH Exit. 21 Table of Contents Full Year Results Comparison Results of Operations [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\",\"\",\"Change\"],[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"\",\"\",\"2025 vs. 2024\"],[\"Net sales\",\"\",\"$\",\"540,009\",\"\",\"\",\"$\",\"530,765\",\"\",\"\",\"\",\"\",\"$\",\"9,244\"],[\"Gross profit\",\"\",\"113,752\",\"\",\"\",\"118,062\",\"\",\"\",\"\",\"\",\"(4,310)\"],[\"Gross profit margin\",\"\",\"21.1\",\"%\",\"\",\"22.2\",\"%\",\"\",\"\",\"\",\"(110)\",\"bps\"],[\"Expenses:\"],[\"Selling and administrative expenses\",\"\",\"$\",\"88,556\",\"\",\"\",\"$\",\"96,398\",\"\",\"\",\"\",\"\",\"$\",\"(7,842)\"],[\"Selling and administrative expenses as a percent of sales\",\"\",\"16.4\",\"%\",\"\",\"18.2\",\"%\",\"\",\"\",\"\",\"(180)\",\"bps\"],[\"(Gain) on sale of former joint venture facility\",\"\",\"$\",\"\\u2014\",\"\",\"\",\"$\",\"(3,477)\",\"\",\"\",\"\",\"\",\"$\",\"3,477\"],[\"Amortization expense\",\"\",\"3,311\",\"\",\"\",\"4,628\",\"\",\"\",\"\",\"\",\"(1,317)\"],[\"Operating income\",\"\",\"$\",\"21,885\",\"\",\"\",\"$\" ITEM 1. BUSINESS Summary Description of Businesses Founded in 1902, L.B. Foster Company is a Pennsylvania corporation with its principal office in Pittsburgh, PA. L.B. Foster Company is a global technology solutions provider of engineered, manufactured products and services that builds and supports infrastructure. The Company\u2019s innovative engineering and product development solutions address the safety, reliability, and performance needs of its customers\u2019 most challenging requirements. The Company maintains locations in North America, South America, Europe, and Asia. As used herein, \u201cL.B. Foster,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d or similar references refer collectively to L.B. Foster Company and its subsidiaries, unless the context indicates otherwise. Business Segments The Company operates under two reporting segments (1) Rail, Technologies, and Services (\u201cRail\u201d) and (2) Infrastructure Solutions (\u201cInfrastructure\u201d), each of which has certain business units, as described below. The Company's reportable operating segments have been determined in accordance with the Company's internal management structure, which is organized based on operating activities, the manner in which we organize segments for making operating and resource allocation decisions and assessing performance, and the availability of separate financial results. The following table shows the net sales for each reporting segment as a percentage of total net sales for the years ended December 31, 2025 and 2024: [[GREPCENT_TABLE]] [[\"\",\"\",\"Percentage of Net Sales\"],[\"\",\"\",\"2025\",\"\",\"2024\"],[\"Rail, Technologies, and Services\",\"\",\"57\",\"%\",\"\",\"62\",\"%\"],[\"Infrastructure Solutions\",\"\",\"43\",\"\",\"\",\"38\"],[\"\",\"\",\"100\",\"%\",\"\",\"100\",\"%\"]] [[/GREPCENT_TABLE]] Financial information concerning these segments is set forth in Part II, Item 8, Financial Statements and Supplementary Data, Note 2 to the Consolidated Financial Statements contained in this Annual Report on Form 10-K, which is incorporated by referen ITEM 1A. RISK FACTORS Risks and Uncertainties The Company operates in a changing environment that involves numerous known and unknown risks and uncertainties that could have a material and adverse effect on its business, financial condition, and results of operations. The following risk factors highlight what it bel", "title": "FSTR - FOSTER L B CO", "url": "/company/FSTR/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000712770; latest 10-K filed 2026-03-06.", "text": "OLP - ONE LIBERTY PROPERTIES INC SIC 6798 Real Estate Investment Trusts; CIK 0000712770; latest 10-K filed 2026-03-06. OLP ONE LIBERTY PROPERTIES INC 0000712770 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. \u200b Overview \u200b We are a self-administered and self-managed REIT focused on acquiring, owning and managing a geographically diversified portfolio consisting primarily of industrial properties. As of February 1, 2026 and after giving effect to the ten industrial properties we acquired in January 2026, we own 113 properties with approximately 12.5 million square feet, including 79 industrial properties with approximately 11.0 million square feet, and we anticipate that our industrial properties will generate approximately 81.6% of our 2026 base rent. \u200b General Challenges and Uncertainties \u200b In addition to the challenges and uncertainties described under \u201cCautionary Note Regarding Forward-Looking Statements\u201d, and \u201cItem 1A. Risk Factors\u201d, we, among other things, face additional challenges and uncertainties, including the possibility we will not be able to: lease our properties on terms favorable to us or at all; collect amounts owed to us by our tenants; renew or re-let, on acceptable terms, leases that are expiring or otherwise terminating; acquire or dispose of properties on acceptable terms; or grow, through acquisitions or otherwise, our property portfolio so as to generate additional rental and net income. If we are unable to address these challenges successfully, we may be unable to sustain our current level of dividend payments. \u200b Other than with respect to our continuing focus on acquiring industrial properties, we generally seek to manage the risk of our real property portfolio and the related financing arrangements by (i) diversifying among locations, tenants, scheduled lease expirations, mortgage maturities and lenders, and (ii) minimizing our exposure to interest rate fluctuations. As a result, as of December 31, 2025: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"our 2026 base rent is derived from the following property types: 80.9% from industrial, 14.6% from retail and 4.5% from other properties,\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"there are two states with properties that account for more than 10% of 2026 base rent (i.e., South Carolina at 12.8% and Pennsylvania at 10.8%) and six states with properties that account for 5% or more of 2026 base rent,\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"there is one tenant at five properties that accounts for 5% of 2026 base rent (i.e., FedEx at 5%),\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"the weighted average remaining term on our leases is 4.4 years,\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"the percentage of our 2026 base rent represented by expiring leases equals or exceeds 10% for each of 2027 through 2031 (i.e., 18.3% in 2027, 16.0% in 2028, 14.3% in 2029, 15.2% in 2030 and 11.1% in 2031),\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"the weighted average remaining term to maturity of our mortgage debt is 5.8 years and the weighted average interest rate thereon is 4.88%,\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"substantially all of our mortgage debt bears interest at fixed rates, and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"in 2026, 2027 and 2028, 5.5%, 9.3% and 7.6%, respectively, of our total scheduled principal mortgage payments (i.e., amortization and balances due at maturity) is due.\"]] [[/GREPCENT_TABLE]] \u200b We monitor the risk of tenant non-payments through a variety of approaches tailored to the applicable situation. Generally, based on our assessment of the credit risk posed by our tenants, we monitor a tenant\u2019s financial condition through one or more of the following actions: reviewing tenant financial statements or other financial information, obtaining other tenant related information, reviewing changes in tenant payment patterns, regular contact with tenant\u2019s representatives, tenant credit checks and regular management reviews of our tenants. We may s Item 1. Business. \u200b General \u200b We are a self-administered and self-managed real estate investment trust, also known as a REIT. We acquire, own and manage a geographically diversified portfolio consisting primarily of industrial properties. \u200b As of December 31, 2025: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"we own 103 properties with an aggregate of approximately 11.8 million square feet and located in 30 states;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"our 2026 base rent (as described in \\u201c\\u2014 Our Tenants\\u201d) is $82.7 million;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"the occupancy rate of our properties is 98.5% based on square footage;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"the weighted average remaining term of our $522.5 million mortgage debt is 5.8 years and the weighted average interest rate thereon is 4.88%; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"the weighted average remaining term of the leases generating our 2026 base rent is 4.4 years.\"]] [[/GREPCENT_TABLE]] \u200b As of February 1, 2026 and after giving effect to the ten industrial properties we acquired in January 2026, we own 113 properties with approximately 12.5 million square feet, including 79 industrial properties with approximately 11.0 million square feet, and we anticipate that our industrial properties will generate approximately 81.6% of our 2026 base rent. See \u201c \u2013Recent Developments.\u201d \u200b We maintain a website at www.1liberty.com. The reports and other documents that we electronically file with, or furnish to, the SEC pursuant to Section 13 or 15(d) of the Exchange Act can be accessed through this site, free of charge, as soon as reasonably practicable after we electronically file or furnish such reports. These filings are also available on the SEC\u2019s website at www.sec.gov. The information on our website is not part of this report. \u200b 2025 Activities \u200b In 2025, we: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"acquire Item 1A. Risk Factors. \u200b Set forth below is a discussion of certain risks affecting our business. The categorization of risks set forth below is meant to help you better understand the risks facing our business and is not intended to limit your consideration of the possible effects of these risks to the listed categories. Any impacts from the", "title": "OLP - ONE LIBERTY PROPERTIES INC", "url": "/company/OLP/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001820144; latest 10-K filed 2026-03-02.", "text": "GRND - Grindr Inc. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001820144; latest 10-K filed 2026-03-02. GRND Grindr Inc. 0001820144 7370 Services-Computer Programming, Data Processing, Etc. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report. In addition to the audited consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, beliefs and expectations that involve risks and uncertainties. Our actual results and the timing of events could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report, particularly in Part I, Item 1A. \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview Grindr Inc.\u2019s (\u201cGrindr\u201d, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d or the \u201cCompany\u201d) mission is to build the Global Gayborhood in Your Pocket\u2122, and, through our success, to make a world where the lives of our global LGBTQ community are free, equal, and just. We manage and operate the Grindr platform, a global social networking platform primarily serving and addressing the needs of gay, bisexual, and sexually explorative adults around the world. We had 15.0 million, 14.2 million, and 13.3 million Average MAUs for the years ended December 31, 2025, 2024, and 2023, respectively. Additionally, we had 1.3 million, 1.1 million, and 0.9 million Average Paying Users for the years ended December 31, 2025, 2024, and 2023, respectively. Through gayborhood expansion initiatives, we are developing new products and services for users to engage with through the Grindr platform, which include new partnership-based digital versions of services typically found in physical gayborhoods. Our social impact division, Grindr for Equality, advances human rights, health, and safety for millions of lesbian, gay, bisexual, transgender, and queer (\u201cLGBTQ\u201d) people in partnership with organizations in every region of the world. The Grindr mobile application is free to download and provides certain services and features to Grindr\u2019s users at no cost. We also offer a variety of additional controls and features for users who enroll in our paid subscriptions and add-on products. A substantial portion of our revenue is from direct revenue, representing 83.3%, 84.4%, and 86.8% of total revenue for the years ended December 31, 2025, 2024, and 2023, respectively. Direct revenue is derived from users in the form of subscription fees, providing our users access to a variety of features for the period of their subscription. Our current subscription offerings are Grindr XTRA and Grindr Unlimited. We utilize a freemium model to drive increased user acquisition, subscriber conversions, and monetization on the Grindr platform. We also offer premium add-ons on a pay-per-use, or a-la-carte, basis. Leveraging strong brand awareness and our significant user network stemming from our first mover advantage in the gay, bisexual, transgender, and queer (\u201cGBTQ\u201d) social networking industry, our historical growth in number of users has been driven primarily by word-of-mouth referrals and other organic means. In addition to our revenue generated from subscription fees and premium add-ons, we also generate indirect revenue, representing 16.7%, 15.6%, and 13.2% of total revenue for the years ended December 31, 2025, 2024, and 2023, respectively. Indirect revenue includes both first-party and third-party advertising. We provide advertisers with the opportunity to directly reach the GBTQ community, a group with significant global purchasing power and economic potential. We have attracted advertisers from a diverse array of industries, including healthcare, entertainment, gaming, travel, and consumer goods. We offer our partners a diverse range of advertising opportunities to advertisers, including in-app banners, full Item 1. Business Our Company Our mission is to build the Global Gayborhood in Your Pocket\u2122, and, through our success, to make a world where the lives of our global LGBTQ community are free, equal, and just. We manage and operate the Grindr platform, a global social networking platform primarily serving and addressing the needs of gay, bisexual, and sexually explorative adults around the world. We had 15.0 million, 14.2 million, and 13.3 million Average MAUs for the years ended December 31, 2025, 2024, and 2023, respectively. Additionally, we had 1.3 million, 1.1 million, and 0.9 million Average Paying Users for the years ended December 31, 2025, 2024, and 2023, respectively. We enable our users to find and engage with one another, share content and interests, discover products and experiences relevant for them, and generally express their unique selves. As a \u201cgayborhood\u201d on our users\u2019 mobile devices, our platform is a meaningful part of our users\u2019 lives and has embedded us at the center of their communities, as they seek relationships of various forms, whether intimate, romantic, or social. As a company built by gay people for gay people, Grindr fulfills crucial needs for its users. While the broader global landscape of social networks is highly competitive with many different platforms, there are few global platforms that focus solely on the gay, bisexual, transgender, and queer (\u201cGBTQ\u201d) community and address their unique needs. Our platform enables GBTQ adults to connect with one another and the world. Our users have a range of intentions and use cases. Our platform helps our users find what they are looking for: casual dating, long-term relationships, community and friendships, professional networking, travel information, and local discovery. By facilitating the connection of our users around the world, we believe we can help our community find one another; advance lesbian, gay, bisexual, transgender, and queer (\u201cLGBTQ\u201d) rights globally; and make the world a s Item 1A. Risk Factors RISK FACTORS Investing in our securities involves a high degree of risk. Before you make a decision to buy our securities, in addition to the risks and uncertainties discussed above under \u201cSpecial Note Regarding Forward-Looking Statements,\u201d you should carefully consider", "title": "GRND - Grindr Inc.", "url": "/company/GRND/" }, { "kind": "company", "summary": "SIC 2621 Paper Mills; CIK 0001000623; latest 10-K filed 2026-02-26.", "text": "MATV - Mativ Holdings, Inc. SIC 2621 Paper Mills; CIK 0001000623; latest 10-K filed 2026-02-26. MATV Mativ Holdings, Inc. 0001000623 2621 Paper Mills Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following is a discussion of our financial condition and results of operations. This discussion should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. The discussion of our financial condition and results of operations includes various forward-looking statements about our markets, the demand for our products and our future prospects. These statements are based on certain assumptions that we consider reasonable. For information about risks and exposures relating to us and our business, you should read the sections entitled \"Factors That May Affect Future Results,\" in Part I, Item 1A of this Annual Report on Form 10-K and \"Forward Looking Statements\" at the end of this Item 7. Unless the context indicates otherwise, references to \"Mativ,\" the \"Company,\" \"we,\" \"us,\" \"our,\" or similar terms include Mativ Holdings, Inc. and our consolidated subsidiaries. This Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is designed to provide a reader of our financial statements with an understanding of our recent performance, our financial condition and our prospects. As discussed in Note 8. Discontinued Operations of the Notes to Consolidated Financial Statements, the results from continuing operations exclude the results of our EP Business for all periods presented. All information presented within this MD&A is on a continuing operations basis. Recent Developments Throughout 2025, the U.S. government proposed the implementation of, or did implement, a number of tariffs on imports to the United States from a large number of countries, including baseline tariffs and additional individualized reciprocal tariff on certain countries with whom the United States has the largest trade deficits. Increased tariffs by the United States has led and may continue to lead to the imposition of retaliatory tariffs by foreign governments. Additionally, throughout 2025, the U.S. government announced and rescinded multiple tariffs on several foreign jurisdictions, which has increased uncertainty regarding the ultimate effect of the tariffs on economic conditions. Uncertainties about tariffs and their effects on trading relationships, including as a result of future developments, may impact the macroeconomic conditions in the markets in which we operate, and may do so with little to no advanced notice. Although we are continuing to monitor the impact of such announcements, as well as opportunities to mitigate their related impacts, costs and other effects associated with the tariffs remain uncertain. 36 CRITICAL ACCOUNTING ESTIMATES We disclose those accounting estimates that we consider to be significant in determining the amounts to be utilized for communicating our consolidated financial position, results of operations and cash flows in the first note to our consolidated financial statements included elsewhere herein. Our discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements. Our consolidated financial statements are prepared in conformity with accounting principles generally accepted in the U.S., which require management to make estimates that affect the amounts of revenues, expenses, assets and liabilities reported and disclosure of contingencies. Changes in these estimates could have a material impact on our financial position, results of operations, and cash flows. We discussed with the Audit Committee of the Board of Directors the estimates and judgments made for each of the following items and our accounting for and presentation of these items in the accompanying consolidated financial statements: Income Taxes Our income tax expense (benefit), deferred tax assets and liabilities, and liabilities for unrecognized tax benefits reflect manag Item 1. Business Disclosure Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results, performance or achievements could differ materially from those projected in the forward-looking statements as a result of a number of risks, uncertainties, and other factors. For a discussion of important factors that could cause our results, performance, or achievements to differ materially from any future results, performance, or achievements expressed or implied by our forward-looking statements, refer to Part I, Item 1A \u201cRisk Factors\u201d and Part I, Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d below. Unless the context indicates otherwise, references to \u201cMativ,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or similar terms include Mativ Holdings, Inc. and our consolidated subsidiaries. GENERAL Background Mativ Holdings, Inc. is a global leader in specialty materials, solving our customers\u2019 most complex challenges by engineering bold, innovative solutions that connect, protect, and purify our world. Mativ manufactures globally through our family of business-to-business and consumer product brands. Mativ targets premium applications across diversified and growing end-markets, from filtration to healthcare to sustainable packaging and more. Our broad portfolio of technologies combines polymers, fibers, and resins to optimize the performance of our customers\u2019 products across multiple stages of the value chain. Mativ was incorporated in Delaware in 1995 as a wholly-owned subsidiary of Kimberly-Clark Corporation (\"Kimberly-Clark\"). On November 30, 1995, Kimberly-Clark transferred its tobacco-related paper and other paper products businesses conducted in the United States, France and Canada to the Company and distributed all of the outstan Item 1A. Risk Factors Factors That May Affect Future Results Many risk factors both within and outside of our control could have an adverse impact on our business, financial condition, results of operations and cash flows and on the market price of our common stock. While not an exhaustive list, the following important risk factors could affect our future results,", "title": "MATV - Mativ Holdings, Inc.", "url": "/company/MATV/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001650648; latest 10-K filed 2026-03-18.", "text": "FDMT - 4D Molecular Therapeutics, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001650648; latest 10-K filed 2026-03-18. FDMT 4D Molecular Therapeutics, Inc. 0001650648 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes included elsewhere in this Annual Report on Form 10-K (this \u201creport\u201d). This discussion and analysis and other parts of this report contain forward-looking statements based upon current beliefs, plans and expectations related to future events and our future financial performance that involve risks, uncertainties and assumptions, such as statements regarding our intentions, plans, objectives, expectations, forecasts and projections. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under the section titled \u201cRisk Factors\u201d and elsewhere in this report. Overview We are a leading late-stage biotechnology company advancing durable and disease-targeted therapeutics with potential to transform treatment paradigms and provide unprecedented benefits to patients. Our primary focus is advancing 4D-150 for wet age-related macular degeneration (\u201cwet AMD\u201d) and diabetic macular edema (\u201cDME\u201d) through late-stage studies and potential commercialization and advancing our other pipeline programs, 4D-175 for geographic atrophy, 4D-710 for CF lung disease, and 4D-725 for A1AT lung disease primarily through external funding including strategic partnerships. We believe we are well positioned to discover, develop, manufacture and if approved, commercialize targeted genetic medicines with the potential to transform the lives of patients suffering from debilitating diseases. Our lead product candidate 4D-150 utilizes our proprietary R100 vector and a transgene encoding anti-VEGF biologics: aflibercept and an RNA interference (RNAi) approach targeting VEGF-C. The goal for our development and potential commercialization of 4D-150 is to transform the standard of care for large market retinal vascular diseases with a safe, in-office, and durable lifelong backbone therapy substantially reducing treatment burden and improving long-term vision outcomes. 4D-150 is initially being developed for the treatment of wet AMD and DME. In March 2025, we initiated 4FRONT-1, our first Phase 3 trial of 4D-150 in wet AMD. Subsequently in February 2026, we announced enrollment completion within an approximately 11-month period, ahead of initial projections, with the clinical trial overenrolled and expected to exceed 500 patients randomized, reflecting strong interest from investigators and patients. We anticipate topline data with the 52-week primary endpoint in the first half of 2027. Additionally, 4FRONT-2, our second Phase 3 trial of 4D-150 in wet AMD, was initiated in June 2025. 4FRONT-2 is a global clinical trial and is enrolling both treatment-na\u00efve and recently diagnosed, treatment-experienced patients. We expect 52-week topline data for 4FRONT-2 in the second half of 2027. In November 2025, we announced positive long-term interim results from the ongoing 4D-150 PRISM Phase 1/2 clinical trial in wet AMD. 4D-150 demonstrated consistent and durable benefit across all three patient cohorts as evidenced by maintenance of visual acuity, control of retinal anatomy and reduction of treatment burden at all time points with 1.5 to 2 years of follow-up. In addition, a consistent dose response was observed between 3E10 vg/eye, the selected Phase 3 dose, and the lower dose of 1E10 vg/eye. The Phase 3 dose achieved clinically meaningful reductions in treatment burden. No new cases of intraocular inflammation were reported during this follow-up period with up to approximately 3.5 years of follow-up. In July 2025, we presented positive 60-week results from the 4D-150 SPECTRA clinical trial in DME where 4D-150 continued to be well tolerated with no intraocular inflammation obser Item 1. Business. Overview We are a leading late-stage biotechnology company advancing durable and disease-targeted therapeutics with the potential to transform treatment paradigms and provide unprecedented benefits to patients. Our products are developed with customized and evolved adeno-associated virus (\u201cAAV\u201d) vectors invented from our proprietary vector discovery platform, Therapeutic Vector Evolution (\u201cTVE\u201d) which was designed to generate vectors with properties that overcome the limitations of conventional AAV vectors. TVE applies the principles of directed evolution in non-human primate (\u201cNHP\u201d) models to select vectors that target tissues of diseases with high unmet need using routine and local routes of administration. We are focused on clinical-stage product candidates in retina and lung utilizing vectors invented with TVE and believe the clinical results to date validate the platform. Our lead product candidate 4D-150 utilizes our proprietary R100 vector and a transgene encoding anti-VEGF biologics (inhibitors of vascular endothelial growth factor): aflibercept (targeting VEGF-A, VEGF-B and placental growth factor) and an RNA interference (RNAi) approach targeting VEGF-C. The goal for our development and potential commercialization of 4D-150 is to transform the standard of care for large market retinal vascular diseases with a safe, in-office, and durable lifelong backbone therapy, substantially reducing treatment burden and improving long-term vision outcomes. 4D-150 is initially being developed for the treatment of wet age-related macular degeneration (\u201cwet AMD\u201d) and diabetic macular edema (\u201cDME\u201d). Our other pipeline programs include 4D-710, which we believe is the first known genetic medicine to demonstrate successful delivery and durable expression of the cystic fibrosis transmembrane conductance regulator (\u201cCFTR\u201d) transgene in the lungs of people with cystic fibrosis (\"CF\") and is currently in Phase 2 development. We believe these results will tra Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below, as well as the other information in this report, including our financial statements and the related notes and the section of", "title": "FDMT - 4D Molecular Therapeutics, Inc.", "url": "/company/FDMT/" }, { "kind": "company", "summary": "SIC 8082 Services-Home Health Care Services; CIK 0001832332; latest 10-K filed 2026-03-19.", "text": "AVAH - Aveanna Healthcare Holdings, Inc. SIC 8082 Services-Home Health Care Services; CIK 0001832332; latest 10-K filed 2026-03-19. AVAH Aveanna Healthcare Holdings, Inc. 0001832332 8082 Services-Home Health Care Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. This Annual Report on Form 10-K contains forward-looking statements within the meaning of the PSLRA, Section 27A of the Securities Act, and Section 21E of the Exchange Act, about our expectations, beliefs, plans and intentions regarding our product development efforts, business, financial condition, results of operations, strategies and prospects. You can identify forward-looking statements by the fact that these statements do not relate to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those contained in \u201cItem 1A \u2014 Risk Factors\u201d of this Annual Report on Form 10-K. Forward-looking statements reflect our views only as of the date they are made. We do not undertake any obligation to update forward-looking statements except as required by applicable law. We intend that all forward-looking statements be subject to the safe harbor provisions of PSLRA. Our fiscal year ends on the Saturday that is closest to December 31 of a given year, resulting in either a 52-week or 53-week fiscal year. Our \u201cfiscal year 2025\u201d refers to the 53-week fiscal year ended on January 3, 2026. Our \u201cfiscal year 2024\u201d refers to the 52-week fiscal year ended on December 28, 2024. Our \u201cfiscal year 2023\u201d refers to the 52-week fiscal year ended on December 30, 2023. Overview We are a leading, diversified home care platform focused on providing care to medically complex, high-cost patient populations. We directly address the most pressing challenges facing the U.S. healthcare system by providing safe, high-quality care in the home, the lower cost care setting preferred by patients. Our patient-centered care delivery platform is designed to improve the quality of care our patients receive, which allows them to remain in their homes and minimizes the overutilization of high-cost care settings such as hospitals. Our clinical model is led by our caregivers, primarily skilled nurses, who provide specialized care to address the complex needs of each patient we serve across the full range of patient populations: newborns, children, adults and seniors. We have invested significantly in our platform to bring together best-in-class talent at all levels of the organization and support such talent with industry leading training, clinical programs, infrastructure and technology-enabled systems, which are increasingly essential in an evolving healthcare industry. We believe our platform creates sustainable competitive advantages that support our ability to continue driving rapid growth, both organically and through acquisitions, and positions us as the partner of choice for the patients we serve. 51 Segments We deliver our services to patients through three segments: Private Duty Services (\u201cPDS\u201d); Home Health & Hospice (\u201cHHH\u201d); and Medical Solutions (\u201cMS\u201d). The following table summarizes the revenues generated by each of our segments for the fiscal years ended January 3, 2026 and December 28, 2024: [[GREPCENT_TABLE]] [[\"(dollars in thousands)\",\"Consolidated\",\"\",\"PDS\",\"\",\"HHH\",\"\",\"MS\"],[\"For the fiscal year ended January 3, 2026\",\"$\",\"2,433,199\",\"\",\"$\",\"2,001,147\",\"\",\"$\",\"248,557\",\"\",\"$\",\"183,495\"],[\"Percentage of consolidated revenue\",\"\",\"\",\"\",\"82\",\"%\",\"\",\"10\",\"%\",\"\",\"8\",\"%\"],[\"For the fiscal year ended December 28, 2024\",\"$\",\"2,024,506\",\"\",\"$\",\"1,634,609\",\"\",\"$\",\"217,805\",\"\",\"$\",\"172,092\"],[\"Percentage of consolidated revenue\",\"\",\" Item 1. Business. Background Aveanna is a Delaware corporation and was incorporated on November 30, 2016, originally under the name BCPE Oasis Holdings Inc. Aveanna commenced operations in March 2017 in connection with the transformative merger of Epic Health Services Inc. and Pediatric Services of America, Inc. in March 2017 under the name BCPE Eagle Holdings Inc. On May 26, 2017, we changed our name to Aveanna Healthcare Holdings Inc. and commenced trading on the Nasdaq Stock Market on April 29, 2021. Our principal executive offices are located at 400 Interstate North Parkway SE, Suite 1600, Atlanta, Georgia and our phone number is (770) 441-1580. We maintain a website at www.aveanna.com. Information contained on, or accessible through, our website is not a part of and is not incorporated by reference into this Annual Report on Form 10-K. Unless the context otherwise requires, all references in this Annual Report on Form 10-K to \u201cAveanna\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cour\u201d, and \u201cus\u201d refer to Aveanna Healthcare Holdings Inc., including its consolidated subsidiaries. Overview We are a leading, diversified home care platform focused on providing care to medically complex, high-cost patient populations. We directly address the most pressing challenges facing the U.S. healthcare system by providing safe, high-quality care in the home, the lower cost care setting preferred by patients. Our patient-centered care delivery platform is designed to improve the quality of care our patients receive, which allows them to remain in their homes and minimizes the overutilization of high-cost care settings such as hospitals. Our clinical model is led by our caregivers, primarily skilled nurses, who provide specialized care to address the complex needs of each patient we serve across the full range of patient populations: newborns, children, adults and seniors. We have invested significantly in our platform to bring together best-in-class talent at all levels of the organization and s Item 1A. Risk Factors. You should carefully consider the risks described below, as well as other information contained in this report, including the consolidated financial statements and the notes thereto and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Opera", "title": "AVAH - Aveanna Healthcare Holdings, Inc.", "url": "/company/AVAH/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001327688; latest 10-K filed 2026-04-03.", "text": "OOMA - OOMA INC SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001327688; latest 10-K filed 2026-04-03. OOMA OOMA INC 0001327688 7374 Services-Computer Processing & Data Preparation ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our consolidated financial statements and the related notes to those statements included elsewhere in this Form 10-K. In addition to historical financial information, the following discussion contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under \u201cRisk Factors\u201d and elsewhere in this Form 10-K. The last day of our fiscal year is January 31, and we refer to our fiscal year ended January 31, 2026 as fiscal 2026, our fiscal year ended January 31, 2025 as fiscal 2025 and our fiscal year ended January 31, 2024 as fiscal 2024. All other references to years are references to calendar years. This section of this Form 10-K generally discusses fiscal 2026 and 2025 items and year-to-year comparisons between fiscal 2026 and 2025. Discussion regarding our financial condition and results of operations for fiscal 2025 as compared to 2024 is included in Item 7 of our Annual Report on Form 10-K for the year ended January 31, 2025, filed with the SEC on April 1, 2025 (the \"FY2025 Form 10-K\"). Executive Overview Ooma provides leading communications services and related technologies that bring unique features, ease of use, and affordability to businesses and residential customers through our smart SaaS and unified communications platforms. For businesses of all sizes, we deliver advanced voice and collaboration features including messaging, intelligent virtual attendants, and video conferencing to help them run more efficiently. Ooma\u2019s all-in-one replacement solution for analog phone lines helps businesses maintain mission-critical systems by moving connectivity to the cloud. For consumers, our residential phone service provides PureVoice high-definition voice quality, advanced functionality and integration with mobile devices. We generate revenues primarily from the sale of subscriptions and other services for our business and residential communications solutions. We generate our product and other revenue from the sale of our on-premise devices and end-point devices, including Ooma AirDial. We primarily offer our solutions in the United States and Canada, with limited offerings in certain other countries. On December 1, 2025, we completed the acquisition of FluentStream Corp. and its wholly-owned subsidiaries (\u201cFluentStream\u201d) a provider of enterprise-grade business phone services for small and medium-sized organizations, for total gross cash consideration of approximately $50.5 million, subject to cash acquired and customary working capital adjustments. We believe the acquisition of FluentStream will accelerate overall growth of Ooma Business. We financed the acquisition through term loan borrowings of $45.0 million under our credit agreement, as amended, with Citizens Bank, N.A., as administrative agent and lender (the \u201cCredit Agreement\u201d). On December 26, 2025, we completed the acquisition of Phone.Com, Inc. (\u201cPhone.com\u201d) a provider of cloud-based business communications for small and medium-sized organizations, for total gross cash consideration of approximately $22.6 million, subject to cash acquired and customary working capital adjustments. We believe the acquisition of Phone.com will accelerate overall growth of Ooma Business. We financed the acquisition through a combination of cash on hand and term loan borrowings of $20.0 million under our Credit Agreement. We refer to Ooma Office, Ooma Enterprise, Ooma AirDial, 2600Hz, FluentStream, Phone.com, and OnSIP collectively as Ooma Business. Ooma Residential includes Ooma Telo basic and premier services, as well as Ooma Telo LTE services. See Item 1. Business above for additional information regarding our business, including products and servic Item 1. Business Overview Ooma provides leading communications services and related technologies that bring unique features, ease of use, and affordability to business and residential customers through our smart software-as-a-service (\u201cSaaS\u201d) and unified communications platforms. For businesses of all sizes, we deliver advanced voice and collaboration features including messaging, intelligent virtual attendants and video conferencing to help them run more efficiently. Ooma\u2019s all-in-one replacement solution for analog phone lines helps businesses maintain mission-critical systems by moving connectivity to the cloud. For consumers, our residential phone service provides PureVoice high-definition voice quality, advanced functionality and integration with mobile devices. We drive the adoption of our platforms by providing communications solutions to the large and growing markets for business, residential and mobile users, and then facilitate growth by offering new and innovative connected services to our user base. Our customers typically adopt our platforms by making a purchase or rental of our on-premise devices and end-point devices, including Ooma AirDial, connecting to the internet and activating services, for which they primarily pay on a monthly basis. We believe we have achieved high levels of customer satisfaction, retention and loyalty. Our business and residential phone service solutions are each top-ranked by our customers according to surveys by PC Mag and Consumer Reports. Our services rely upon the following main elements: our multi-tenant cloud service, on-premise devices, desktop and mobile applications, and calling platforms. Ooma\u2019s cloud provides a high-quality, secure, managed and reliable connection integrating every element of our platforms. Our platforms power all aspects of our business, providing a high-volume, low-cost infrastructure for our communications solutions, and enabling a number of other current and future applications and service ITEM 1A. Risk Factors Our current and prospective investors should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes, \u201cManagement\u2019s Discussion and An", "title": "OOMA - OOMA INC", "url": "/company/OOMA/" }, { "kind": "company", "summary": "SIC 8742 Services-Management Consulting Services; CIK 0001847590; latest 10-K filed 2026-03-05.", "text": "BWMN - Bowman Consulting Group Ltd. SIC 8742 Services-Management Consulting Services; CIK 0001847590; latest 10-K filed 2026-03-05. BWMN Bowman Consulting Group Ltd. 0001847590 8742 Services-Management Consulting Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains \u201cforward-looking statements\u201d reflecting our current expectations, estimates and assumptions concerning events and financial trends that may affect our future operating results or financial position. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to several factors. Factors that could cause or contribute to such differences include, but are not limited to, economic and competitive conditions, regulatory changes, and other uncertainties, as well as those factors discussed in the \u201cRisk Factors\u201d section and \u201cCautionary Statements about Forward-Looking Statements,\u201d in this Annual Report on Form 10-K, all of which are difficult to predict. Considering these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. We assume no obligation to update any of these forward-looking statements, except to the extent required by applicable laws or rules. Unless the context otherwise requires, references to \u201cBowman,\u201d the \u201ccompany,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to Bowman Consulting Group Ltd., its wholly owned subsidiaries and combined entities under common control, or either or all of them as the context may require. Overview Bowman is a professional services firm delivering innovative engineering, technical consulting and program management services to customers who own, develop, and maintain the built environment. We provide planning, engineering, construction management, commissioning, environmental consulting, geospatial imaging, surveying, land procurement and other advisory services to customers operating in a diverse set of end markets. We work as both a prime and sub-consultant for a broad base of public and private sector customers that generally operate in highly regulated environments. We have a diversified business that is not dependent on any one customer service line, geographic region, or end market. We are deliberate in our efforts to balance our sources of revenue and avoid reliance on any one significant customer, service line, geography or end market concentration. Our strategic focus is on penetrating and expanding our presence in markets which best afford us opportunities to secure assignments that provide reoccurring revenue and multi-year engagements thus resulting in dependable and predictable revenue streams with high employee utilization. We limit our exposure to risk by providing professional and related services exclusively. We do not engage in general contracting activities either directly, or through joint ventures, and therefore have no related exposure. We are likewise not a financial partner in any design-build construction projects. We carry no heavy equipment inventory, and our risk of contract loss is generally limited to time associated with fixed fee professional services assignments. Gross contract revenue for the years ended December 31, 2025, and 2024 was $490.0 million and $426.6 million, respectively. Gross contract revenue derived from our workforce (see Net service billing \u2013 non-GAAP below) represented 88.7% and 89.0% of gross contract revenue for the years ended December 31, 2025 and 2024, respectively. Our net income for the years ended December 31, 2025, and 2024 was $12.8 million and $3.0 million, respectively. Our Adjusted EBITDA (see Adjusted EBITDA - non-GAAP below) was $72.9 million on net income of $12.8 million and $59.5 million on net income of $3.0 million for the years ended December 31, 2025, and 2024, respectively. See \u201cOther Financial Information and Non-GAAP Measurements and Key Performance Indicators\u201d below for additional information. Methods of Evaluation Item 1. Business Bowman is a professional services firm delivering integrated engineering, technical consulting and program management services to customers who own, develop, and maintain the built environment. We provide planning, engineering, program management, commissioning, environmental consulting, geospatial imaging, surveying, land procurement and other infrastructure management services to customers operating in a diverse set of end markets. Over the approximately 5 years since our IPO, we have experienced a more than four-fold increase in gross contract revenue to $490 million for the year ended December 31, 2025 (we interchangeably refer to gross contract revenue as \"revenue\"). We have achieved this increase in revenue through both organic growth and acquisitions. In 2025, we ranked 72nd on the ENR Top 500 Design Firms list, up from 144th in 2021, the year of our initial public offering and 78th in 2024. As of December 31, 2025, we have a workforce of over 2,300 employees that provides services for thousands of customer projects both big and small, as well as both short- and long-term. We operate from more than 135 locations throughout the United States and four offices in Mexico. As of December 31, 2025, we have approximately 10,000 active projects in our backlog. We work as both a prime and sub-consultant for a broad base of public and private sector customers that generally operate in regulated environments. Our public sector assignments originate from customers that are transportation departments, utilities, government agencies (federal, state, and local), military branches, school systems, water authorities and other general public infrastructure operators. Our private sector customers include infrastructure owners and operators from multiple industries such as investor-owned utilities, oil & gas extractors and refiners, pipeline operators, participants in the renewable energy and decarbonization marketplace, data center developers and hyper-scale Item 1A. Risk Factors Summary of Risk Factors Our business is subject to numerous risks. The following summary highlights some of the risks you should consider with respect to our business and prospects. This summary is not complete, and the risks summarized below are not the only risks", "title": "BWMN - Bowman Consulting Group Ltd.", "url": "/company/BWMN/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001393726; latest 10-K filed 2026-03-09.", "text": "TIPT - TIPTREE INC. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001393726; latest 10-K filed 2026-03-09. TIPT TIPTREE INC. 0001393726 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is presented in this section as follows: \u2022 Overview \u2022 Results of Operations \u2022 Non-GAAP Measures and Reconciliations \u2022 Liquidity and Capital Resources \u2022 Critical Accounting Policies and Estimates OVERVIEW Our 2025 key highlights include: \u2022 On September 26, 2025, Tiptree entered into the Sale Agreement with Purchaser and Fortegra whereby Tiptree and Warburg will sell Fortegra to Purchaser for aggregate consideration of $1.65 billion in cash (subject to certain adjustments set forth in the Sale Agreement). As of December 31, 2025, Tiptree owns approximately 69.1% of Fortegra on a fully diluted basis. At the closing of the Sale, Purchaser will acquire complete common equity ownership of Fortegra and all of its subsidiaries. Due to the pending transaction, Fortegra is classified as held for sale and presented in discontinued operations on Tiptree\u2019s financial statements at December 31, 2025. This pending transaction has had no impact on Tiptree\u2019s financial statements at December 31, 2025 other than incurred transaction expenses of approximately $14.5 million for the year ended December 31, 2025. If the transaction had been completed as of December 31, 2025, Tiptree would have reflected the below: [[GREPCENT_TABLE]] [[\"\",\"As of\"],[\"\",\"December 31, 2025\"],[\"Consideration\",\"$\",\"1,650,000\"],[\"Less: transaction expenses\",\"\",\"27,000\"],[\"Net consideration\",\"\",\"1,623,000\"],[\"Tiptree diluted ownership of Fortegra\",\"\",\"69.10\",\"%\"],[\"Fair value of consideration received\",\"\",\"1,121,490\"],[\"Estimated gain on disposal\",\"$\",\"419,052\"]] [[/GREPCENT_TABLE]] \u2022 On October 31, 2025, Tiptree entered into the Reliance Purchase Agreement with Reliance Buyer and Reliance whereby Tiptree will sell all of the issued and outstanding shares of common stock of Reliance to Reliance Buyer for aggregate consideration of 93.5% of Reliance\u2019s tangible book value, or an estimated $50 million of gross proceeds and an after-tax loss impairment recorded of $10.7 million as of December 31, 2025 (subject to certain adjustments set forth in the Reliance Purchase Agreement). RESULTS OF OPERATIONS The following is a summary of our consolidated financial results for the years ended December 31, 2025, 2024 and 2023. In addition to GAAP results, management uses the Non-GAAP measure book value per share as measurement of operating performance. Management believes this measure provides supplemental information useful to investors as it is frequently used by the financial community to analyze financial performance and comparison among companies. The Company reclassified income and expenses attributable to Fortegra and Reliance to net income (loss) from discontinued operations for the years ended December 31, 2025, 2024 and 2023. Assets and liabilities attributable to Fortegra and Reliance have been reclassified to assets held for sale and liabilities held for sale, respectively, as of December 31, 2025 and 2024. 43 Table of Contents Summary of Consolidated Results [[GREPCENT_TABLE]] [[\"\",\"\",\"For the Year Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"Revenues:\"],[\"Other revenue\",\"\",\"$\",\"488\",\"\",\"\",\"$\",\"1,520\",\"\",\"\",\"$\",\"2,118\"],[\"Total revenues\",\"\",\"\",\"488\",\"\",\"\",\"\",\"1,520\",\"\",\"\",\"\",\"2,118\"],[\"Expenses:\"],[\"Employee compensation and benefits\",\"\",\"\",\"33,844\",\"\",\"\",\"\",\"29,159\",\"\",\"\",\"\",\"30,694\"],[\"Depreciation and amortization\",\"\",\"\",\"1,448\",\"\",\"\",\"\",\"1,451\",\"\",\"\",\"\",\"1,425\"],[\"Other expenses\",\"\",\"\",\"11,920\",\"\",\"\",\"\",\"11,184\",\"\",\"\",\"\",\"13,457\"],[\"Total expenses\",\"\",\"\",\"47,212\",\"\",\"\",\"\",\"41,794\",\"\",\"\",\"\",\"45,576\"],[\"Operating income (loss) before taxes\",\"\",\"\",\"(46,724\",\")\",\"\",\"\",\"(40,274\",\")\",\"\",\"\",\"(43,458\",\")\"],[\"Non operating income:\"],[\"Net realized and unrealized gains (losses)\",\"\",\"\",\"(1,518\",\")\",\"\",\"\",\"(905\",\")\",\"\",\"\",\"(5,289\",\")\"],[\"Other income\",\"\",\"\",\"3,640\",\"\" Item 1. Business OVERVIEW Our Business At Tiptree, our mission is to build long-term value by allocating capital to select small and middle market companies across industries. We have a significant track record investing in the insurance and credit-related financial sectors. With proprietary access and a flexible capital base, we seek to uncover compelling investment opportunities and support management teams in unlocking the full value potential of their businesses. This investment philosophy, executed by our experienced leadership, is our hallmark and has delivered consistent risk-adjusted returns to our stockholders since 2007. Our Operating Principles We acquire controlling interests and invest in businesses that we believe (i) operate in industries with long-term growth opportunities, (ii) have positive and stable cash flows, (iii) offer scalable business models with embedded optionality, and (iv) have strong management teams. We believe that our patient capital approach and long-term outlook enhances the ability for our businesses to grow earnings and cash flows across market cycles. Invest for Long-term Returns. Our financial goals are to generate consistent and growing earnings and cash flow, and to enhance stockholder value as measured by growth in stock price plus dividends paid. We manage Tiptree with a long-term perspective, balancing cash-flowing investments with opportunities for capital appreciation. We focus on targeting investment returns that have a combination of current earnings and long-term capital appreciation, understanding that temporary accounting gains and losses may vary significantly from one period to the next. Think Like Owners. Efficient deployment of capital is our top priority. We aim to find the best use of capital to create long-term value for our stockholders. We hope to achieve this through a combination of investments in our existing businesses, select acquisitions and monetization opportunities, opportunistic share repu Item 1A. Risk Factors We are subject to certain risks and uncertainties in our business operations which are described below. The risks and uncertainties described below are not the only risks we face. Additional risks and uncertainties that are not presently known or are currently deemed immaterial may also impair our business, results of op", "title": "TIPT - TIPTREE INC.", "url": "/company/TIPT/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001655759; latest 10-K filed 2026-02-24.", "text": "ARVN - ARVINAS, INC. SIC 2834 Pharmaceutical Preparations; CIK 0001655759; latest 10-K filed 2026-02-24. ARVN ARVINAS, INC. 0001655759 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis is meant to provide material information relevant to an assessment of the financial condition and results of operations of our company, including an evaluation of the amount and certainty of cash flows from operations and from outside sources, so as to allow investors to better view our company from management's perspective. You should read the following discussion and analysis of financial condition and results of operations together with our consolidated financial statements and the related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. As a result of many factors, such as those set forth in the section titled \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K, our actual results may differ materially from those anticipated in or implied by these forward-looking statements. Overview Our Business We are a clinical-stage biotechnology company dedicated to improving the lives of patients suffering from debilitating and life-threatening diseases. Through our PROteolysis TArgeting Chimera, or PROTAC, protein degradation platform, we are pioneering the development of a new class of therapeutics designed to harness the body\u2019s own natural protein disposal system to selectively and efficiently degrade and remove disease-causing proteins. We have designed and optimized our proprietary PROTAC Discovery Engine for the discovery of PROTAC therapeutics to address diseases caused by abnormal proteins or aberrant protein expression. We believe that our targeted protein degradation approach is a novel therapeutic modality that may provide distinct advantages over existing therapies and address a broad range of targets, including historically undruggable proteins, in areas of significant unmet need. In the past five years, seven of the programs developed using our PROTAC protein degradation platform have progressed to clinical trials in oncology and neurology indications after demonstrating potent and selective protein degradation in our preclinical studies. The U.S. Food and Drug Administration, or FDA, has accepted our New Drug Application, or NDA, for vepdegestrant, our most advanced product candidate from the platform, for the treatment of patients with estrogen receptor-positive (ER+)/human epidermal growth factor receptor 2-negative (HER2-), or ER+/HER2-, estrogen receptor 1, or ESR1, mutated advanced or metastatic breast cancer who have previously received endocrine-based therapy, and has assigned a Prescription Drug User Fee Act, or PDUFA, action date of June 5, 2026. We believe favorable clinical trial results in our ongoing oncology and neurology programs would further validate our platform as a new therapeutic modality for the potential treatment of diseases caused by dysregulated intracellular proteins. We are currently progressing the following product candidates through clinical development programs: \u2022ARV-102, targeting the leucine-rich repeat kinase 2, or LRRK2, protein for the treatment of neurodegenerative diseases, including Parkinson's disease, or PD, and progressive supranuclear palsy, or PSP; \u2022ARV-806, targeting Kirsten rat sarcoma, or KRAS, G12D protein for cancers with the G12D mutation, including pancreatic, colorectal and non-small cell lung cancer; \u2022ARV-393, targeting the B-cell lymphoma 6, or BCL6, protein for the treatment of relapsed/refractory non-Hodgkin lymphoma, or NHL; \u2022ARV-027, targeting the polyglutamine-expanded androgen receptor, or polyQ-AR, in skeletal muscle; and \u2022vepdegestrant, targeting the estrogen receptor, or ER, for the treatment of locally advanced or metastatic ER+/HER2- breast cancer. 122 We are also advancing several preclinical candidates through early stage development in a broad range of intracellular disease targets, including pr Item 1. Business. Overview We are a clinical-stage biotechnology company dedicated to improving the lives of patients suffering from debilitating and life-threatening diseases. Through our PROteolysis TArgeting Chimera, or PROTAC, protein degradation platform, we are pioneering the development of a new class of therapeutics designed to harness the body\u2019s own natural protein disposal system to selectively and efficiently degrade and remove disease-causing proteins. We have designed and optimized our proprietary PROTAC Discovery Engine for the discovery of PROTAC therapeutics to address diseases caused by abnormal proteins or aberrant protein expression. We believe that our targeted protein degradation approach is a novel therapeutic modality that may provide distinct advantages over existing therapies and address a broad range of targets, including historically undruggable proteins, in areas of significant unmet need. In the past five years, seven of the programs developed using our PROTAC protein degradation platform have progressed to clinical trials in oncology and neurology indications after demonstrating potent and selective protein degradation in our preclinical studies. The U.S. Food and Drug Administration, or FDA, has accepted our New Drug Application, or NDA, for vepdegestrant, our most advanced product candidate from the platform, for the treatment of patients with estrogen receptor-positive (ER+)/human epidermal growth factor receptor 2-negative (HER2-), or ER+/HER2-, estrogen receptor 1, or ESR1,-mutated advanced or metastatic breast cancer who have previously received endocrine-based therapy, and has assigned a Prescription Drug User Fee Act, or PDUFA, action date of June 5, 2026. We believe favorable clinical trial results in our ongoing oncology and neurology programs would further validate our platform as a new therapeutic modality for the potential treatment of diseases caused by dysregulated intracellular proteins. We are currently progressing Item 1A. Risk Factors. We face a variety of risks and uncertainties in our business and investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below together with all of the other information contained in this Annual Report on Form 10-K, including our consolidated financia", "title": "ARVN - ARVINAS, INC.", "url": "/company/ARVN/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001367644; latest 10-K filed 2026-02-27.", "text": "EBS - Emergent BioSolutions Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001367644; latest 10-K filed 2026-02-27. EBS Emergent BioSolutions Inc. 0001367644 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations for each of the two years in the period ended December 31,2025 should be read in conjunction with our consolidated financial statements and accompanying notes and other financial information included elsewhere in this Annual Report on Form 10-K (this \u201cAnnual Report\u201d). For a similar discussion and analysis of our results for the year ended December 31, 2024 compared to our results for the year ended December 31, 2023, refer to Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report for the year ended December 31, 2024, filed with the United States (\u201cU.S.\u201d) Securities and Exchange Commission (\u201cSEC\u201d) on March 3, 2025. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report includes information with respect to our plans and strategy for our business and financing, as well as forward-looking statements that involve risks and uncertainties. You should carefully review the sections entitled \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d in this Annual Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. BUSINESS OVERVIEW Emergent BioSolutions Inc. (\u201cEmergent,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d) is a global life sciences company focused on providing innovative preparedness and response solutions addressing accidental, deliberate, and naturally occurring Public Health Threats (\u201cPHTs\u201d). The Company's solutions include a product portfolio, a product development portfolio, and a contract development and manufacturing services (\u201cCDMO\u201d) portfolio. We are currently focused on the following four PHT categories: chemical, biological, radiological, nuclear and explosives (\u201cCBRNE\u201d); emerging infectious diseases (\u201cEID\u201d); emerging health crises; and acute, emergency and community care. We have a product portfolio of 11 products, 10 of which are owned by the Company, that contribute a substantial portion of our revenue and are sold to government and commercial customers. Additionally, we have a development pipeline consisting of a diversified mix of both pre-clinical and clinical stage product candidates. Finally, we have a fully integrated portfolio of CDMO services which cover development services, drug substance manufacturing and drug product manufacturing and packaging. The Company structures the business with a focus on markets and customers. As such, the key components of the business structure include the following four product and service categories: Anthrax - Medical Countermeasures (\u201cMCM\u201d) products, Naloxone Commercial products, Smallpox - MCM products and Emergent Bioservices (CDMO) services (\u201cBioservices\u201d). The Company manages the business with a focus on three operating segments: (1) a Commercial Products segment consisting of NARCAN\u00ae Nasal Spray and KLOXXADO\u00ae Nasal Spray, (2) a MCM Products segment consisting of Anthrax - MCM, Smallpox - MCM and Other Products and (3) a Services segment consisting of our Bioservices offerings. Commercial Products and MCM Products are our two reportable segments (see Note 19, \u201cSegment information\u201d in the Notes to Consolidated Financial Statements in Part II, Item 8, of this Form 10-K for more information on our reportable segments). Commercial Product Segment: The majority of our Commercial product revenue comes from the following product: Naloxone Products \u2022NARCAN\u00ae (naloxone HCl) Nasal Spray, an intranasal formulation of naloxone approved by the United States Food and Drug Administration (\u201cFDA\u201d) (including in over-the-counter (\u201cOTC\u201d) form) and Health Canada for the emergency treatment of k ITEM 1. BUSINESS OVERVIEW We are a global life sciences company focused on providing innovative preparedness and response solutions addressing accidental, deliberate and naturally occurring Public Health Threats (\u201cPHTs\u201d). Our solutions include a product portfolio, a product development portfolio, and a contract development and manufacturing (\u201cCDMO\u201d) services portfolio. The types of PHTs we are currently addressing are focused on the following four categories: \u2022chemical, biological, radiological, nuclear and explosives (\u201cCBRNE\u201d); \u2022emerging infectious diseases (\u201cEID\u201d); \u2022emerging health crises; and \u2022acute, emergency and community care. Our revenues are derived from a combination of the sale and procurement of our product/product candidate portfolio (described below), the provision of our bioservices to external customers, and non-dilutive contract and grant funding for research and development (\u201cR&D\u201d) projects from various third-party sources. As of December 31, 2025, the Company has a portfolio of 11 products focused on addressing global public health threats like smallpox, mpox, anthrax, Ebola and opioid overdose emergencies. The revenues generated by the products comprise a substantial portion of our revenue. We structure our business with a focus on markets and customers. As such, the key components of the business structure include the following four product and service categories: Commercial products, consisting of NARCAN\u00ae Nasal Spray and KLOXXADO\u00ae, Anthrax \u2013 Medical Countermeasures (\u201cMCM\u201d) Products, Smallpox - MCM products, and Emergent Bioservices (CDMO) (\u201cBioservices\u201d). OUR OPERATING SEGMENTS Our business is organized in three operating segments: \u2022our Commercial Product Segment consisting of NARCAN\u00ae Nasal Spray and KLOXXADO\u00ae (naloxone HCl) Spray; \u2022our MCM Products Segment consisting of Anthrax\u2014MCM products, Smallpox\u2014MCM products and Other Products (as discussed below); and \u2022our Services Segment consisting of our Bioservices portfolio. Additionall ITEM 1A. RISK FACTORS The following risk factors and other information included in this Annual Report on Form 10-K should be carefully considered. The occurrence of any of the following risks or of unknown risks and uncertainties may adversely affect our business, operating results and financial condition. RISK FACTOR SUMMARY Th", "title": "EBS - Emergent BioSolutions Inc.", "url": "/company/EBS/" }, { "kind": "company", "summary": "SIC 8011 Services-Offices & Clinics of Doctors of Medicine; CIK 0001799191; latest 10-K filed 2026-03-12.", "text": "TOI - Oncology Institute, Inc. SIC 8011 Services-Offices & Clinics of Doctors of Medicine; CIK 0001799191; latest 10-K filed 2026-03-12. TOI Oncology Institute, Inc. 0001799191 8011 Services-Offices & Clinics of Doctors of Medicine Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of the consolidated results of operations and financial condition of The Oncology Institute, Inc. (\"TOI\") along with its consolidating subsidiaries (the \"Company\"). The discussion should be read together with the historical audited annual financial statements for the years ended December 31, 2025 and 2024, and the related notes that are included elsewhere in this Annual Report. The information in this discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (as amended, \"Securities Act\"), as amended, and Section 21E of the Securities Exchange Act of 1934 (as amended, the \"Exchange Act\"). Such statements are based upon current expectations, as well as management's beliefs and assumptions and involve a high degree of risk and uncertainty. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Statements that include the words \"believes,\" \"anticipates,\" \"plans,\" \"expects,\" \"intends,\" and similar expressions that convey uncertainty of future events or outcomes are forward-looking statements. Our actual results could differ materially from those discussed or suggested in the forward-looking statements herein. Factors that could cause or contribute to such differences include those described under the heading \"Risk Factors\" section in this Annual Report on Form 10-K, and in subsequent filings we make with the Securities and Exchange Commission, where we may discuss new risks that have not yet arisen at the time of this Annual Report. In addition, as a result of these and other factors, our past financial performance should not be relied on as an indication of future performance. All forward-looking statements in this document are based on information available to us as of the filing date of this Annual Report on Form 10-K and we assume no obligation to update any forward-looking statements or the reasons why our actual results may differ. All dollar values are expressed in thousands, unless otherwise noted. Unless the context dictates otherwise, references in this Annual Report on Form 10-K to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and similar words are references to The Oncology Institute, Inc., a Delaware corporation (\u201cTOI\u201d), and its consolidated subsidiaries and affiliated entities, as appropriate, including its consolidated variable interest entities (\u201cVIEs\u201d). Overview The Company is a leading value-based oncology company that manages community-based oncology practices for the Company and for independent oncology practices that together serve patients across 17 markets and five states throughout the United States. As of December 31, 2025, we operate 65 community-based oncology practices, staffed with 116 oncologists and advanced practice providers employed by our affiliated physician-owned professional corporations, referred to as the \"TOI PCs.\" In addition to our TOI-affiliated providers, we also manage a network of 207 providers in Florida under the Florida Oncology Network brand. Collectively across the provider base, we manage a population of approximately 2.0 million patients under value-based agreements as of December 31, 2025. The Company's mission is to heal and empower cancer patients through compassion, innovation, and state-of-the-art medical care. Operationally, the Company\u2019s medical centers provide a complete suite of medical oncology services including: physician services, in-house infusion, in-house specialty pharmacy, clinical trials, radiation therapy, educational seminars, support groups, counseling, and 24/7 patient assistance. Many of our services, such as managing clinical trials and palliative care programs, are traditionally accessed through academic and tertiary ca Item 1. Business Overview Formed in 2007, the business of what is now The Oncology Institute, Inc. (\"TOI\", the \"Company\", \"we\", or \"our) and its affiliated professional corporations was created initially as a collection of community oncology practices in southern California, and has evolved to be a national leader in the pursuit of reducing the ever-rising cost of oncology care, while embracing clinical best practices, state-of-the-art technology, and compassionate treatment of patients. While we continue our original purpose of seeing our patients on a fee-for-service basis for their oncology, hematology, specialty infusion, oral pharmacy needs, as well as enrolling patients in clinical trials, where appropriate, TOI's true mission lies in our differentiated ability to partner with managed care providers and other risk-bearing entities to transfer the risk and patient coordination responsibility of treating cancer in the subset of the population that is experiencing an oncology treatment episode. To do this, we utilize a combination of gain/loss sharing, capitation, and full delegation contracts at the population-level, which allow TOI to control the treatment of oncology patients in an outpatient setting, across both medical oncology (traditional IV-based infusion therapy) and radiation oncology (radiation therapy provided by linear accelerator equipment). TOI treats patients across 17 markets and five states throughout the United States, via our 65 clinics owned by affiliated physicians and staffed with 116 providers (the \"TOI PCs\"), 81 independently-owned clinics which are contracted with TOI's managed services organization, as well as our contracted network of 198 independent providers unaffiliated with TOI in instances where TOI is the fully delegated market manager under a value-based contract. Through this network, TOI managed a population of approximately 2.0 million patients under value-based agreements as of December 31, 2025. Our Business Lines P Item 1A. Risk Factors We operate in a rapidly changing environment that involves a number of risks. Our operations and financial results are subject to various risks and uncertainties including those described below. You should consider carefully the risks and uncertainties desc", "title": "TOI - Oncology Institute, Inc.", "url": "/company/TOI/" }, { "kind": "company", "summary": "SIC 5030 Wholesale-Lumber & Other Construction Materials; CIK 0001145986; latest 10-K filed 2026-03-13.", "text": "ASPN - ASPEN AEROGELS INC SIC 5030 Wholesale-Lumber & Other Construction Materials; CIK 0001145986; latest 10-K filed 2026-03-13. ASPN ASPEN AEROGELS INC 0001145986 5030 Wholesale-Lumber & Other Construction Materials Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes thereto included in this Annual Report on Form 10-K. In addition to historical information, some of the information contained in the following discussion and analysis or set forth elsewhere in this report, including information with respect to our plans and strategy for our business, includes forward-looking information that involves risks, uncertainties and assumptions. You should read the Risk Factors set forth in Item 1A of this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Our actual results and the timing of events could differ materially from those anticipated by these forward looking statements. Investors and others should note that we routinely use the Investors section of our website to announce material information to investors and the marketplace. While not all of the information that we post on the Investors section of our website is of a material nature, some information could be deemed to be material. Accordingly, we encourage investors, the media, and others interested in us to review the information that we share on the Investors section of our website, https://www.aerogel.com/. The information contained on, or that can be accessed through, our website is not a part of, or incorporated by reference in, this Annual Report on Form 10-K or our other filings with the SEC. We have included our website address in this Annual Report on Form 10-K solely as an inactive textual reference. Products Our core businesses are organized into two reportable segments: Thermal Barrier and Energy Industrial. The following describes our key product offerings and new product innovations by reportable segment. Thermal Barrier We have developed a number of promising aerogel products and technologies for the electric vehicle (EV) market, including our proprietary line of PyroThin aerogel thermal barriers for use in battery packs in EVs. Our PyroThin product is an ultra-thin, lightweight and flexible thermal barrier designed with other functional layers to impede the propagation of thermal runaway across multiple lithium-ion battery system architectures. Our thermal barrier technology is designed to offer a unique combination of thermal management, mechanical performance and fire protection properties. These properties enable EV manufacturers to achieve critical battery performance and safety goals by impeding the propagation of thermal runaway in lithium-ion battery systems at the battery cell, module, and pack levels across multiple lithium-ion battery system architectures. Our ultra-thin, lightweight and flexible thermal barriers are designed to allow battery manufacturers to achieve critical safety goals without sacrificing energy density. We have entered into multi-year production contracts with a number of automotive EV original equipment manufacturer (OEM) customers to supply fabricated, multi-part thermal barriers for use in the battery systems of their EV models. These customers include General Motors LLC (GM), Scania, Automotive Cells Company, which is a battery cell joint venture between Stellantis N.V, Saft-TotalEnergies and Mercedes-Benz (ACC), Audi, a luxury brand of the Volkswagen Group, Volvo Truck, and a large EU battery manufacturer to supply a next generation vehicle platform of a major EU luxury sports car brand. We are currently supplying thermal barrier production parts to GM, Toyota, and ACC, and thermal barrier prototype parts to a number of global manufacturers of EVs, grid storage, and home battery systems. During 2025, 2024 and 2023, we sold $168 Item 1. BUSINESS When used in this report, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and \u201cthe Company\u201d refer to Aspen Aerogels, Inc. and its subsidiaries. Additionally, we do not use the \u00ae or \u2122 symbol in each instance in which one of our trademarks appears in this report, but this should not be construed as any indication that we will not assert our rights thereto to the fullest extent under applicable law. Aspen Aerogels, Inc. is an aerogel technology company that designs, develops and manufactures innovative, high-performance aerogel materials used primarily in the energy industrial, sustainable insulation materials, and electric vehicle (EV) markets. We have provided high-performance aerogel insulation to the energy industrial and sustainable insulation markets for nearly two decades. We have developed and commercialized our proprietary line of PyroThin\u00ae aerogel thermal barriers for use in battery packs in EVs. Our core businesses are organized into two reportable segments: Thermal Barrier and Energy Industrial. The following describes our key product offerings and new product innovations by reportable segment. Thermal Barrier We have developed a number of promising aerogel products and technologies for the EV market, including our proprietary line of PyroThin aerogel thermal barriers for use in battery packs in EVs. Our PyroThin product is an ultra-thin, lightweight and flexible thermal barrier designed with other functional layers to impede the propagation of thermal runaway across multiple lithium-ion battery system architectures. Our thermal barrier technology is designed to offer a unique combination of thermal management, mechanical performance and fire protection properties. These properties enable EV manufacturers to achieve critical battery performance and safety goals by impeding the propagation of thermal runaway in lithium-ion battery systems at the battery cell, module, and pack levels across multiple lithium-ion battery system architectures. Our ultra-thin, l Item 1A. RISK FACTORS Summary of Risk Factors Our business is subject to numerous risks and uncertainties, including those highlighted in this section below, that represent challenges that we face in connection with the successful implementation of our strategy. The occurrence of one or mor", "title": "ASPN - ASPEN AEROGELS INC", "url": "/company/ASPN/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001827401; latest 10-K filed 2025-12-23.", "text": "DRUG - BRIGHT MINDS BIOSCIENCES INC. SIC 2834 Pharmaceutical Preparations; CIK 0001827401; latest 10-K filed 2025-12-23. DRUG BRIGHT MINDS BIOSCIENCES INC. 0001827401 2834 Pharmaceutical Preparations", "title": "DRUG - BRIGHT MINDS BIOSCIENCES INC.", "url": "/company/DRUG/" }, { "kind": "company", "summary": "SIC 1389 Oil & Gas Field Services, NEC; CIK 0001084991; latest 10-K filed 2026-03-16.", "text": "NGS - NATURAL GAS SERVICES GROUP INC SIC 1389 Oil & Gas Field Services, NEC; CIK 0001084991; latest 10-K filed 2026-03-16. NGS NATURAL GAS SERVICES GROUP INC 0001084991 1389 Oil & Gas Field Services, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The discussion and analysis of our financial condition and results of operations for each of the years ended December 31, 2025 and 2024 are based on, and should be read in conjunction with, our audited Consolidated Financial Statements and the related notes included elsewhere in this 2025 Annual Report on Form 10-K. For a discussion and analysis of changes from 2023 to 2024 and other financial information related to prior periods, refer to Part II, Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in our 2024 Annual Report on Form 10-K. The following discussion contains forward-looking statements that include risks and uncertainties. For a description of limitations inherent in forward-looking statements, see \u201cSpecial Note Regarding Forward-Looking Statements\u201d on page i and Part I, Item 1A. \u201cRisk Factors\u201d in this Report. All dollar amounts included in the tables that follow are presented in thousands unless otherwise indicated. Certain variances presented as changes in year over year amounts that represent results that are not meaningful are indicated as \u201cNM.\u201d Overview We rent, design, install, service and maintain natural gas and electric compressors and related equipment for oil and gas production and processing facilities, generally using equipment from third-party fabricators and OEM suppliers. Substantially all of our compressor assembly is done by third-party contractors while a limited level of assembly work remains in-house at our Tulsa, Oklahoma facility. Our primary focus is on the rental of natural gas engine and electric motor drive compressors. Our rental agreements generally provide for initial terms of 12 to 60 months, with our large horsepower units having longer initial terms than our small and medium horsepower units. After the initial term of our rental agreements, most of our customers have continued to rent our compressors on a month-to-month basis. Rental amounts are billed monthly in advance and include maintenance of the rented compressor units. We conduct our operations in several oil and gas producing basins throughout the U.S. including the Permian, Barnett Shale, Anadarko, San Juan, Utica/Marcellus Shale, Eagle Ford Shale and Antrim Shale. We have operating facilities in five states including Texas, Oklahoma, New Mexico, Michigan and Ohio. A total of 78 percent of our rental revenue is generated from the Permian Basin and approximately 90 percent of our rental revenue supports oil production primarily in the form of gas lift operations. We operate in one reporting segment. State of the Industry and Outlook Our strategy for growth is focused on our compressor rental business. Gross margins, exclusive of depreciation and amortization, for our rental business have historically been in the mid-50 percent to low-60 percent range, while margins for the compressor sales and aftermarket services businesses tend to be substantially lower. The oil and gas equipment rental and services industry is cyclical in nature. The most critical factor in assessing the outlook for the industry is the worldwide supply and demand for oil and gas and the corresponding changes in commodity prices. As demand and prices increase, oil and gas producers typically increase their capital expenditures for drilling, development and production activities, although recent equity capital constraints and demands from institutional investors to keep spending within operating cash flow have meaningfully restrained capital expenditure budgets of domestic E&P companies. Generally, increased capital expenditures result in greater revenues and profits for service and equipment companies. Generally, sustained higher commodity prices lead to higher capital expenditures by oil and gas producers and higher levels of production. In general, we expect our overall business activity and rev ITEM 1. BUSINESS Unless the context otherwise requires, references in this Annual Report on Form 10-K to \u201cNatural Gas Services Group,\u201d the \u201cCompany,\u201d \u201cNGS,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d refer to Natural Gas Services Group, Inc. and its consolidated subsidiary, NGSG Properties, LLC. Certain specialized terms used in describing our natural gas compressor business are defined in \u201cGlossary of Industry Terms\u201d on page ii. Description of Business We were incorporated in December 1998 and initially operated as a holding company of a group of subsidiaries that were engaged in the manufacturing, operation and leasing of natural gas compression equipment, flares and related assets to the natural gas industry with a focus on unconventional natural gas production plays in the U.S. (such as coalbed methane, gas shales and tight gas). We completed our initial public offering in October 2002 and our common stock began trading on the American Stock Exchange under the symbol \u201cNGS.\u201d In October 2008, our common stock began trading on the New York Stock Exchange. Today, we are a premier provider of natural gas and electric compression equipment, technology and services to the energy industry. We rent, design, install, service and maintain natural gas engine and electric motor drive compressors for oil and gas production and processing facilities. We also provide aftermarket services in the form of call-out services on customer-owned equipment as well as commissioning of new units for customers. We are headquartered in Southlake, Texas, with administrative offices in Midland, Texas, an engineering facility located in Tulsa, Oklahoma and service facilities located in several major oil and gas producing basins in the U.S. Our primary business and source of revenue and gross profit is derived from the rental of natural gas engine and electric motor drive compressor units for applications associated with oil and gas production with a focus on large and medium horsepower applications. Our cus ITEM 1A. RISK FACTORS You should carefully consider the following risks associated with owning our common stock. Although the risks described below are the risks that we believe are material, they are not the only risks relating to our industry, our business and our common stock. Additional risks and uncertainties,", "title": "NGS - NATURAL GAS SERVICES GROUP INC", "url": "/company/NGS/" }, { "kind": "company", "summary": "SIC 4512 Air Transportation, Scheduled; CIK 0001670076; latest 10-K filed 2026-02-18.", "text": "ULCC - Frontier Group Holdings, Inc. SIC 4512 Air Transportation, Scheduled; CIK 0001670076; latest 10-K filed 2026-02-18. ULCC Frontier Group Holdings, Inc. 0001670076 4512 Air Transportation, Scheduled ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K. Our discussion and analysis of fiscal year 2025 compared to fiscal year 2024 is included herein. For a discussion of the results of operations for fiscal year 2023 and comparisons between fiscal year 2024 and fiscal year 2023, please refer to \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 18, 2025. Overview The following table provides select financial and operational information for the years ended December 31, 2025 and 2024 (in millions, except percentages): [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\",\"\",\"Change\"],[\"\",\"2025\",\"\",\"2024\"],[\"Total operating revenues\",\"$\",\"3,724\",\"\",\"\",\"$\",\"3,775\",\"\",\"\",\"(1)\",\"%\"],[\"Total operating expenses\",\"$\",\"3,873\",\"\",\"\",\"$\",\"3,717\",\"\",\"\",\"4\",\"%\"],[\"Income (loss) before income taxes\",\"$\",\"(134)\",\"\",\"\",\"$\",\"86\",\"\",\"\",\"N/M\"],[\"Available seat miles (\\u201cASMs\\u201d)\",\"39,754\",\"\",\"\",\"39,871\",\"\",\"\",\"\\u2014\",\"%\"],[\"Earnings (loss) per share, diluted\",\"$\",\"(0.60)\",\"\",\"\",\"$\",\"0.37\",\"\",\"\",\"N/M\"]] [[/GREPCENT_TABLE]] Revenues Total operating revenues for the year ended December 31, 2025 totaled $3,724 million, a decrease of 1% compared to the year ended December 31, 2024. Revenue per available seat mile (\u201cRASM\u201d) decreased by 1% driven by a 1% decrease in total revenue per passenger, as compared to the corresponding prior year period. Operating Expenses Total operating expenses during the year ended December 31, 2025 increased to $3,873 million, resulting in a cost per available seat mile (\u201cCASM\u201d) of 9.74\u00a2, an increase of 5% compared to the year ended December 31, 2024. Fuel expense was $112 million lower, as compared to the corresponding prior year period. This 11% decrease in fuel expense for the year ended December 31, 2025 was primarily driven by a 10% decrease in fuel cost per gallon, as well as the 2% decrease in fuel gallons consumed. Our non-fuel expenses increased by 10% during the year ended December 31, 2025, as compared to the corresponding prior year period, driven primarily by increased aircraft rent due to a larger fleet, increased station costs due to station mix and rate inflation, increased employee costs, and the benefit from a legal settlement in the prior period, partially offset by lower lease return costs during the same period. CASM (excluding fuel), a non-GAAP measure, increased 10% to 7.41\u00a2, while capacity remained consistent, for the year ended December 31, 2025, as compared to the corresponding prior year period, due to the aforementioned drivers of increased non-fuel expenses. Adjusted CASM (excluding fuel), a non-GAAP measure, increased from 6.81\u00a2 for the year ended December 31, 2024 to 7.41\u00a2 for the year ended December 31, 2025. There were no adjustments for the year ended December 31, 2025. For the year ended December 31, 2024, Adjusted CASM (excluding fuel) excludes the impact of $38 million related to a legal settlement. 61 Net Income (Loss) We generated a net loss of $137 million during the year ended December 31, 2025, compared to a net income of $85 million for the year ended December 31, 2024. There were no non-GAAP adjustments for the year ended December 31, 2025. Considering the aforementioned non-GAAP adjustments and the $5 million valuation allowance and the write-off of $1 million in unamortized deferred financing costs for the year ended December 31, 2024, our adjusted net income, a non-GAAP measure, was $53 million for the year ended December 31, 2024. For the reconciliation to the corresponding GAAP mea ITEM 1. BUSINESS Overview Frontier Group Holdings, Inc. is the parent company of Frontier Airlines, Inc. (\u201cFrontier\u201d or \u201cthe Company\u201d), an ultra low-cost carrier. We are headquartered in Denver, Colorado and offer flights throughout the United States and to select near international destinations in the Americas. As of December 31, 2025, we had a fleet of 176 Airbus single-aisle aircraft, consisting of 6 A320ceos, 89 A320neos, 21 A321ceos and 60 A321neos. Our unique strategy is underpinned by our low-cost structure and superior low-fare brand. Our Business Model Our business model is based on our unique ULCC strategy and customer offerings. While our strategy is similar to the business models utilized by other ULCCs, including with respect to low-cost structure, low fares and flexible optional services, we believe our strategy differentiates us from other ULCCs as a result of our focus on delivering a family-friendly customer experience with a more upscale look and feel than traditionally experienced on ULCCs globally. From the perspective of our customers, our business model provides a product offering that combines low-cost fares with dependable customer service, a customer-friendly digital platform, a modern fleet, comfortable cabin seating, a rewarding frequent flyer program, flexible optional and bundled services, and operational integrity. Additionally, our A320neo family fleet, along with our use of high-density seating configuration and weight-saving initiatives, have contributed to Frontier having the most fuel-efficient fleet of all major U.S. carriers when measured by available seat miles (\u201cASMs\u201d) per fuel gallon consumed during the year ended December 31, 2025, which helps us maintain our low-cost structure. Our Competitive Strengths & Our Business Strategy Our goal is to offer the most attractive option for air travel with a compelling combination of value, product and service, and, in doing so, to grow profitably and enhance our position among U.S ITEM 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financ", "title": "ULCC - Frontier Group Holdings, Inc.", "url": "/company/ULCC/" }, { "kind": "company", "summary": "SIC 3531 Construction Machinery & Equip; CIK 0001005229; latest 10-K filed 2026-06-08.", "text": "CMCO - COLUMBUS MCKINNON CORP SIC 3531 Construction Machinery & Equip; CIK 0001005229; latest 10-K filed 2026-06-08. CMCO COLUMBUS MCKINNON CORP 0001005229 3531 Construction Machinery & Equip Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This section should be read in conjunction with our consolidated financial statements included in Item 8, Financial Statements and Supplementary Data of this Form 10-K. EXECUTIVE OVERVIEW Columbus McKinnon Corporation (\"Columbus McKinnon\" or the \"Company\") is a leading worldwide designer, manufacturer and marketer of intelligent motion solutions that move the world forward and improve lives by efficiently and ergonomically moving, lifting, positioning and securing materials. Key products include hoists, crane components, precision conveyor systems, rigging tools, light rail workstations and digital power and motion control systems. These are highly relevant, professional-grade solutions that solve our customers\u2019 critical material handling requirements. Founded in 1875, we have grown to our current size and leadership position through organic growth and acquisitions. We developed our leading market position over our 150-year history by emphasizing technological innovation, manufacturing excellence and superior customer service. In accordance with our strategic framework, we are building out our business system (\"CMBS\") and growth framework to be market-led, customer-centric, and operationally excellent with our people and values at the core. We believe this will transform Columbus McKinnon into a top-tier intelligent motion solutions company. We expect our strategy will enhance shareholder value by growing sales and expanding EBITDA margins. Our revenue base is geographically diverse with approximately 44% derived from customers outside the U.S. for the year ended March 31, 2026. We believe this diversity balances the impact of changes that occur in local economies, as well as benefits the Company by providing access to growing emerging markets. We monitor both U.S. and Eurozone Industrial Capacity Utilization statistics as well as the ISM Production Index as indicators of anticipated demand for our products. In addition, we continue to monitor the potential impact of other global and U.S. trends including, industrial production, trade tariffs, raw material cost inflation, interest rates, foreign currency exchange rates, and activity of end-user markets around the globe. From a strategic perspective, we are investing in new products and channels as we focus on our greatest opportunities for growth. We have leading market positions in hoists, lifting and sling chain, forged attachments, actuators, precision conveyors and digital power and motion control systems for the material handling industry. We are focusing our sales and marketing activities toward select North American and global market sectors including general industrial, energy, automotive, heavy OEM, entertainment, construction and infrastructure, life sciences food and beverage, e-commerce and consumer products. We operate in a highly competitive and global business environment. We see a variety of opportunities in our markets and geographies, including trends toward automation and increasing labor productivity and the expansion of market opportunities in Asia and other emerging markets. While we execute our long-term growth strategy, we are supported by our strong free cash flow as well as our liquidity position and flexible debt structure. On May 31, 2023, the Company completed its acquisition of montratec GmbH (\"montratec\"), a leading automation solutions company that designs and develops intelligent automation and transport systems for interlinking industrial production and logistics processes. montratec product offerings compliment the previous acquisitions of both Dorner and Garvey, and these acquisitions are collectively helped to accelerate the Company\u2019s shift to intelligent motion solutions and serve as a platform to expand capabilities in advanced, higher technology automation solutions. On February 3, 2026, the Company completed its acquisition of K Item 1. Business General Founded in 1875, Columbus McKinnon Corporation (referred to in this Form 10-K as \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cColumbus McKinnon\u201d or the \u201cCompany\u201d) is a leading worldwide designer, manufacturer and marketer of intelligent motion solutions for material handling that move the world forward and improve lives by efficiently and ergonomically moving, lifting, positioning and securing materials. Key products include hoists, crane components, precision conveyor systems, rigging tools, light rail workstations and digital power and motion control systems. These are highly relevant, professional-grade solutions that solve our customers\u2019 critical material handling requirements. The Company is focused on commercial and industrial applications that require the safety, reliability and quality provided by its superior design and engineering know-how. Our products are used for mission critical applications where we have established, trusted brands that are well known in the industry. Our targeted market verticals include manufacturing, transportation including electric vehicle (\u201cEV\u201d) production and aerospace, energy and utilities, process industries, industrial automation, construction and infrastructure, food and beverage, entertainment, life sciences, consumer packaged goods, e-commerce, supply chain and warehousing. In the United States, we are a leader for installed lifting solutions, lifting securement and consumables, material handling digital power control systems and precision conveyors, our principal lines of products and have a strong market position with actuator products. Additionally, in Europe, we are a leader for manual hoists and a leader in linear actuators used for heavy load, rail and niche custom applications for actuation. The Kito Crosby Acquisition has expanded our business into Japan where we are a leader in providing precision engineered hoists, cranes, chains and accessories. We have achieved these leadership positions through str Item 1A. Risk Factors Columbus McKinnon is subject to a number of risks that could negatively affect our business, financial condition or results from business operations or cause our actual results to differ materially from those projected or indicated in any forward-looking statement. You should carefully consider the risks descr", "title": "CMCO - COLUMBUS MCKINNON CORP", "url": "/company/CMCO/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001341317; latest 10-K filed 2026-02-26.", "text": "BWB - Bridgewater Bancshares Inc SIC 6022 State Commercial Banks; CIK 0001341317; latest 10-K filed 2026-02-26. BWB Bridgewater Bancshares Inc 0001341317 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General The following discussion and analysis of the Company\u2019s results of operations and financial condition should be read in conjunction with the Company\u2019s consolidated financial statements and related notes included elsewhere in this report. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Certain risks, uncertainties and other factors, including but not limited to those set forth under \u201cForward-Looking Statements,\u201d \u201cRisk Factors\u201d and elsewhere in this report, may cause actual results to differ materially from those projected in the forward-looking statements. The Company assumes no obligation to update any of these forward-looking statements. Readers of the Company\u2019s Annual Report on Form 10-K should 51 Table of Contents consider these risks and uncertainties in evaluating forward-looking statements and should not place undue reliance on forward-looking statements. \u200b The following consolidated selected financial data is derived from the Company\u2019s audited consolidated financial statements as of and for the three years ended December 31, 2025. This information should be read in connection with our audited consolidated financial statements and related notes appearing elsewhere in this report. \u200b [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"As of and for the year ended December 31,\",\"\\u200b\"],[\"(dollars in thousands, except per share data)\",\"\\u200b\",\"2025\",\"\\u200b\",\"2024\",\"\\u200b\",\"2023\",\"\\u200b\"],[\"Income Statement\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Net Interest Income\",\"\\u200b\",\"$\",\"132,438\",\"\\u200b\",\"$\",\"102,193\",\"\\u200b\",\"$\",\"105,174\",\"\\u200b\"],[\"Provision for (Recovery of) Credit Losses\",\"\\u200b\",\"\\u200b\",\"6,050\",\"\\u200b\",\"\\u200b\",\"3,525\",\"\\u200b\",\"\\u200b\",\"(175)\",\"\\u200b\"],[\"Noninterest Income\",\"\\u200b\",\"\\u200b\",\"10,915\",\"\\u200b\",\"\\u200b\",\"7,368\",\"\\u200b\",\"\\u200b\",\"6,493\",\"\\u200b\"],[\"Noninterest Expense\",\"\\u200b\",\"\\u200b\",\"77,271\",\"\\u200b\",\"\\u200b\",\"63,300\",\"\\u200b\",\"\\u200b\",\"59,320\",\"\\u200b\"],[\"Net Income\",\"\\u200b\",\"\\u200b\",\"46,088\",\"\\u200b\",\"\\u200b\",\"32,825\",\"\\u200b\",\"\\u200b\",\"39,960\",\"\\u200b\"],[\"Net Income Available to Common Shareholders\",\"\\u200b\",\"\\u200b\",\"42,034\",\"\\u200b\",\"\\u200b\",\"28,771\",\"\\u200b\",\"\\u200b\",\"35,906\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Per Common Share Data\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Basic Earnings Per Share\",\"\\u200b\",\"$\",\"1.53\",\"\\u200b\",\"$\",\"1.05\",\"\\u200b\",\"$\",\"1.29\",\"\\u200b\"],[\"Diluted Earnings Per Share\",\"\\u200b\",\"\\u200b\",\"1.49\",\"\\u200b\",\"\\u200b\",\"1.03\",\"\\u200b\",\"\\u200b\",\"1.27\",\"\\u200b\"],[\"Adjusted Diluted Earnings Per Share (1)\",\"\\u200b\",\"\\u200b\",\"1.52\",\"\\u200b\",\"\\u200b\",\"1.04\",\"\\u200b\",\"\\u200b\",\"1.25\",\"\\u200b\"],[\"Book Value Per Share\",\"\\u200b\",\"\\u200b\",\"16.23\",\"\\u200b\",\"\\u200b\",\"14.21\",\"\\u200b\",\"\\u200b\",\"12.94\",\"\\u200b\"],[\"Tangible Book Value Per Share (1)\",\"\\u200b\",\"\\u200b\",\"15.55\",\"\\u200b\",\"\\u200b\",\"13.49\",\"\\u200b\",\"\\u200b\",\"12.84\",\"\\u200b\"],[\"Basic Weighted Average Shares Outstanding\",\"\\u200b\",\"\\u200b\",\"27,544,024\",\"\\u200b\",\"\\u200b\",\"27,479,764\",\"\\u200b\",\"\\u200b\",\"27,857,420\",\"\\u200b\"],[\"Diluted Weighted Average Shares Outstanding\",\"\\u200b\",\"\\u200b\",\"28,169,857\",\"\\u200b\",\"\\u200b\",\"27,943,342\",\"\\u200b\",\"\\u200b\",\"28,315,587\",\"\\u200b\"],[\"Shares Outstanding at Period End\",\"\\u200b\",\"\\u200b\",\"27,759,970\",\"\\u200b\",\"\\u200b\",\"27,552,449\",\"\\u200b\",\"\\u200b\",\"27,748,965\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Selected Performance Ratios\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Retu ITEM 1. BUSINESS Company Overview and History Bridgewater Bancshares, Inc. (the \u201cCompany\u201d) is a Minnesota corporation and financial holding company with one wholly-owned subsidiary: Bridgewater Bank (the \u201cBank\u201d). The Bank has two wholly-owned subsidiaries: BWB Holdings, LLC, which was formed for the purpose of holding repossessed property; and Bridgewater Investment Management, Inc., which was formed for the purposes of holding certain municipal securities and engaging in municipal lending activities. The Bank has nine full-service offices located in Bloomington, Greenwood, Minneapolis (2), Minnetonka, Orono, Lake Elmo, St. Louis Park, and St. Paul, Minnesota. The Lake Elmo branch opened in February 2026. The Company is headquartered in St. Louis Park, Minnesota, a suburb located approximately 5 miles southwest of downtown Minneapolis. The Company and Bank were established in 2005 as a de novo bank by a group of industry veterans and local business leaders dedicated to providing responsive support and simple solutions to businesses, entrepreneurs, and successful individuals. Since inception, the Company has grown significantly and profitably, with a focus on organic growth, driven primarily by commercial real estate (\u201cCRE\u201d) lending. Assets have grown at a compounded annual growth rate of 28.6% since 2005, surpassing total asset milestones of $1.0 billion in 2016, $3.0 billion in 2021, and $5.0 billion in 2024. While 4 Table of Contents this growth has primarily been organic, the Company has completed two bank acquisitions. Most recently, the Bank acquired First Minnetonka City Bank (\u201cFMCB\u201d) in December 2024, which added approximately $245.0 million of assets, $225.7 million of deposits, $117.1 million of loans and leases, and two branch locations in Minnetonka, Minnesota. One of these branches was subsequently closed in December 2025 given the close proximity of other Bridgewater Bank branches. The acquisition also added an investment advisory function that ITEM 1A. RISK FACTORS Investing in the Company\u2019s common stock involves various risks, many of which are specific to the Company\u2019s business. Before making an investment decision, you should carefully read and consider the risk factors described below as well as the other information included in this report and other documents we file", "title": "BWB - Bridgewater Bancshares Inc", "url": "/company/BWB/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000920427; latest 10-K filed 2026-03-04.", "text": "UNTY - UNITY BANCORP INC /NJ/ SIC 6022 State Commercial Banks; CIK 0000920427; latest 10-K filed 2026-03-04. UNTY UNITY BANCORP INC /NJ/ 0000920427 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations: The purpose of this analysis is to provide the reader with information relevant to understanding and assessing the Company\u2019s results of operations and financial condition for each of the past two years. In order to fully appreciate this analysis, the reader is encouraged to review the consolidated financial statements and accompanying notes thereto appearing under Item 8 of this report and statistical data presented in this document. Overview Unity Bancorp, Inc. (the \u201cParent Company\u201d) is a financial holding company incorporated in New Jersey and registered under the Bank Holding Company Act of 1956, as amended. Its wholly-owned subsidiary, Unity Bank (the \u201cBank\u201d or, 27 Table of Contents when consolidated with the Parent Company, the \u201cCompany\u201d) is chartered by the New Jersey Department of Banking and Insurance and commenced operations on September 13, 1991. The Bank provides a full range of commercial and retail banking services through online banking platforms and its twenty-two branch offices located in Bergen, Hunterdon, Middlesex, Morris, Ocean, Somerset, Union and Warren counties in New Jersey and Northampton County in Pennsylvania. These services include the acceptance of demand, savings and time deposits and the extension of consumer, real estate, SBA and other commercial credits. The Bank has multiple subsidiaries used to hold part of its investment, other real estate owned and loan portfolios. The below table reflects a 5-year trend of the Company\u2019s net income and return on average equity, (\u201cROE\u201d): Results of Operations Net income totaled $58.0 million, or $5.67 per diluted share for the year ended December 31, 2025, compared to $41.5 million, or $4.06 per diluted share for the year ended December 31, 2024. Highlights for the year include: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Net income increased 39.8 percent to $58.0 million from $41.5 million in the prior year.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Net income per diluted share increased 39.7 percent to $5.67 per share from $4.06 per share in the prior year.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Net interest income increased $18.4 million, or 18.7 percent, to $117.0 million from $98.6 million in the prior year, primarily due to increased volume and rate of interest-earning assets and decrease in rate of interest-bearing liabilities, partially offset by increases in the volume of interest-bearing liabilities.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Net interest margin for the year ending December 31, 2025 increased 36 basis points to 4.52 percent compared to 4.16 percent in the prior year.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Noninterest income was $14.8 million, a 74.5 percent increase compared to $8.5 million in the prior year, primarily due to increased net securities gains, service and loan fee and branch fee income. The increased net\"]] [[/GREPCENT_TABLE]] 28 Table of Contents [[GREPCENT_TABLE]] [[\"\",\"\",\"gains on securities was primarily driven by $1.7 million in unrealized gains and $3.5 million in realized gains on the Patriot National Bancorp, Inc. position.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Noninterest expense totaled $52.4 million, an increase of $3.7 million when compared to $48.7 million in the prior year. The increase was primarily due to increased compensation and benefits, processing and communications, director fees and occupancy expenses, partially offset by a decrease in loan related expenses.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Net income before provision for income taxes increased 38.8 percent to $75.5 million from $54.4 million in the prior year.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"The effective tax rate decreased to 23.3 percent compared to 23.8 percent in the prior year.\"]] [[/GREPCENT_TABLE]] Item 1. Business: Forward Looking Statements This report, in Item 1, Item 7 and elsewhere, includes forward-looking statements within the meaning of Sections 27A of the Securities Act of 1933, as amended, and 21E of the Securities Exchange Act of 1934, as amended, that involve inherent risks and uncertainties. These forward-looking statements concern the financial condition, results of operations, plans, objectives, future performance and business of Unity Bancorp, Inc. and its subsidiaries, including statements preceded by, followed by or that include words or phrases such as \u201cbelieves,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cplans,\u201d \u201ctrend,\u201d \u201cobjective,\u201d \u201ccontinue,\u201d \u201cremain,\u201d \u201cpattern\u201d or similar expressions or future or conditional verbs such as \u201cwill,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cmight,\u201d \u201ccan,\u201d \u201cmay\u201d or similar expressions. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) the potential impact of pandemics and other health emergencies and the government\u2019s response thereto on our operations as well as those of our clients and on the economy generally and in our market area specifically; (2) competitive and technological pressures among financial institutions may increase significantly; (3) changes in the interest rate environment may reduce interest margins; (4) prepayment speeds, loan origination and sale volumes, charge-offs and credit loss provisions may vary substantially from period to period; (5) general economic conditions may be less favorable than expected; (6) political developments, wars or other hostilities may disrupt or increase volatility in securities markets or other economic conditions; (7) legislative or regulatory changes or actions may adversely affect the businesses in which Unity Bancorp, Inc. is engaged; (8) changes and trends in the securities markets may adv Item 1A. Risk Factors: The Company\u2019s business, financial condition, results of operations and the trading price of its securities can be materially and adversely affected by many events and conditions including the following: The Company has been and may continue to be affected by national financial markets and economic conditions, as well as local co", "title": "UNTY - UNITY BANCORP INC /NJ/", "url": "/company/UNTY/" }, { "kind": "company", "summary": "SIC 2835 In Vitro & In Vivo Diagnostic Substances; CIK 0000899923; latest 10-K filed 2026-02-24.", "text": "MYGN - MYRIAD GENETICS INC SIC 2835 In Vitro & In Vivo Diagnostic Substances; CIK 0000899923; latest 10-K filed 2026-02-24. MYGN MYRIAD GENETICS INC 0000899923 2835 In Vitro & In Vivo Diagnostic Substances Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes thereto included elsewhere in this Annual Report on Form 10-K. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations provides an overview of our business and 2025 financial highlights and describes principal factors affecting the results of our operations, financial condition and liquidity, as well as our critical accounting estimates that require significant judgment and thus have the most significant potential impact on our Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K. The discussion and analysis below includes year-to-year comparisons between the year ended December 31, 2025 and the year ended December 31, 2024. Discussions of comparisons between the year ended December 31, 2024 and the year ended December 31, 2023 that are not included in this Annual Report on Form 10-K can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 28, 2025. Unless otherwise noted, all of the financial information in this Annual Report on Form 10-K is consolidated financial information of the Company. Overview Myriad Genetics is a leading molecular diagnostics and precision medicine company committed to advancing health and well-being for all. We develop and commercialize molecular tests that help patients and providers uncover genetic insights. Our tests assess the risk of developing disease or disease progression and guide treatment decisions across medical specialties where molecular insights can significantly improve patient care, support earlier detection, enable more precise treatment and contribute to lowering healthcare costs. Personalized molecular data and digital and virtual consumer trends are converging to transform traditional models of care. We believe that engaging with providers and patients throughout their consumer and patient journey will better enable us to execute our strategies and fulfill our mission. We believe there are significant growth opportunities in addressing the pressing healthcare needs of patient populations through innovative molecular diagnostic testing and precision medicine solutions and services. Our long-term growth strategy is built on leveraging our differentiated strengths, including our reputation for trusted high-quality tests and customer service, and our established, extensive commercial reach in community medicine. Our strategy also leverages investments in science and innovation, technology-enabled operations, an enhanced customer experience, strong commercial execution, and scalable operations. Our strategic intent is to accelerate profitable growth by focusing on (i) providing a comprehensive testing menu for the Cancer Care Continuum (CCC) market with a priority for high growth applications; (ii) growing our Prenatal Health and Mental Health revenues at or above market growth; and (iii) delivering sustained profitable growth through financial and operational discipline and leveraging our operating model. Under this strategy, we plan to leverage our strong scientific foundation, deep clinical partnerships, and technology-enabled capabilities to expand adoption of our testing portfolio and integrate our precision medicine solutions more deeply into clinical workflows across the Cancer Care Continuum, Prenatal Health, and Mental Health. Cancer remains one of the most prevalent diseases, with more than two million new cases diagnosed, and more than eighteen million survivors, in the United States in 2025. Myriad is Item 1. BUSINESS Overview and Mission Myriad Genetics is a leading molecular diagnostics and precision medicine company committed to advancing health and well-being for all. We develop and commercialize molecular tests that help patients and providers uncover genetic insights. Our tests assess the risk of developing disease or disease progression and guide treatment decisions across medical specialties where molecular insights can significantly improve patient care, support earlier detection, enable more precise treatment and contribute to lowering healthcare costs. Our Business Strategy Personalized molecular data and digital and virtual consumer trends are converging to transform traditional models of care. We believe that engaging with providers and patients throughout their consumer and patient journey will better enable us to execute our strategies and fulfill our mission. We believe there are significant growth opportunities in addressing the pressing healthcare needs of patient populations through innovative molecular diagnostic testing and precision medicine solutions and services. Our long-term growth strategy is built on leveraging our differentiated strengths, including our reputation for trusted high-quality tests and customer service, and our established, extensive commercial reach in community medicine. Our strategy also leverages investments in science and innovation, technology-enabled operations, an enhanced customer experience, strong commercial execution, and scalable operations. Our strategic intent is to accelerate profitable growth by focusing on (i) providing a comprehensive testing menu for the Cancer Care Continuum (CCC) market with a priority for high growth applications; (ii) growing our Prenatal Health and Mental Health revenues at or above market growth; and (iii) delivering sustained profitable growth through financial and operational discipline and leveraging our operating model. Under this strategy, we plan to leverage our st Item 1A. RISK FACTORS The following is a summary of the principal risks that could adversely affect our business, operations, and financial results: Risks Related to Our Business and Our Strategy \u2022We may not be able to generate sufficient revenue from our existing tests or develop new tests to be profitable. \u2022Our", "title": "MYGN - MYRIAD GENETICS INC", "url": "/company/MYGN/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000791908; latest 10-K filed 2026-03-18.", "text": "XOMA - XOMA Royalty Corp SIC 2834 Pharmaceutical Preparations; CIK 0000791908; latest 10-K filed 2026-03-18. XOMA XOMA Royalty Corp 0000791908 2834 Pharmaceutical Preparations Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview XOMA is a royalty aggregator. We have a sizable portfolio of economic rights to future potential milestone and royalty payments associated with over 120 commercial and pre-commercial therapeutic candidates. In 2017, we transformed our business model to become a royalty aggregator. We subsequently advanced our portfolio by building upon our existing out-licensing agreements for proprietary products and platforms through the acquisition of rights to future milestones, royalties and commercial payments. Currently, our portfolio is anchored royalty streams and milestone payments derived from seven commercial-stage assets. In 2025, we received $33.6 million in commercial payments and $16.9 million from milestone payments and other fees, for total cash receipts of $50.5 million. Our royalty aggregator business is primarily focused on early to mid-stage clinical assets, primarily in Phase 1 and 2 development, which we believe have significant commercial sales potential and that are licensed to well-funded sponsors or developers with established expertise in developing and commercializing drugs. We also acquire milestone and royalty revenue streams on late-stage clinical assets and commercial assets that are designed to address unmet markets or have a therapeutic advantage over other treatment options, and have long duration of market exclusivity. We expect most of our future revenue and income to be based on payments we may receive for milestones and royalties associated with these assets as well as the periodic recognition of income under the EIR method. The generation of future revenues and income related to licenses, milestone payments, and royalties is dependent on the achievement of milestones or product sales by the sponsors, marketers, and licensees. We generated a net income of $31.7 million and net cash provided by operating activities was $2.9 million for the year ended December 31, 2025. We generated a net loss of $13.8 million and net cash used in operating activities was $13.7 million for the year ended December 31, 2024. We had an accumulated deficit of $1.2 billion as of December 31, 2025. Recent Business Developments Completed Acquisitions Mural Acquisition In December 2025, we acquired Mural for $2.035 per ordinary share and RSU, for a total purchase price of approximately $37.6 million. The transaction included the acquisition of short-term financial assets, such as cash and prepaid expenses. Because the fair value of these net assets exceeded the purchase price, we recognized a $3.2 million bargain purchase gain in other income (expense), net for the year ended December 31, 2025. LAVA Acquisition In November 2025, we acquired LAVA through a tender offer for $1.04 in cash per LAVA ordinary share and one non-transferable CVR per share, resulting in total purchase consideration of $39.0 million. As a part of the acquisition, we acquired IP assets related to LAVA\u2019s existing partnered programs with J&J and Pfizer, as well as LAVA-1266, a clinical program for acute myeloid leukemia and myelodysplastic syndrome. We have no plans to develop LAVA-1266, which is instead targeted for divestiture through sale or licensing. The value of the acquired IP assets was reduced by the excess of the fair value of the net assets acquired over the initial consideration based on the relative fair value of each IP. We are entitled to 25% of the net proceeds related to sales or licenses of these programs. 71 Table of Contents Under the LAVA CVR Agreement, CVR holders are entitled to 75% of the net proceeds from ongoing and future collaborations related to the partnered programs over a 10-year period, 75% of the net proceeds from the disposition of LAVA-1266, 100% of the amount by which LAVA\u2019s closing net cash exceeds the amount of closing net cash as determined by the LAVA Merger Agreement, minus any permitted deductions, as we Item 1. BUSINESS Overview XOMA is a royalty aggregator that plays a distinctive role in helping biotech companies achieve their goal of improving human health. We do this by providing capital in exchange for the economic rights to future milestone and royalty payments associated with clinical candidates and approved products. In return the drug developer or marketer receives non-dilutive, non-recourse funding. We seek to generate stockholder value by maintaining a diversified portfolio to mitigate single-asset, binary risk and by operating under a capital efficient and low corporate cost structure. We have a sizable portfolio of economic rights to future potential milestone and royalty payments associated with over 120 commercial products and pre-commercial therapeutic candidates. In 2017, we transformed our business model to become a royalty aggregator. We subsequently advanced our portfolio by building upon our existing out-licensing agreements for proprietary products and platforms through the acquisition of rights to future milestones, royalties and commercial payments. Currently, our portfolio is anchored by royalty streams and milestone payments derived from seven commercial-stage assets. In 2025, we received $33.6 million in commercial payments and $16.9 million from milestone payments and other fees, for total cash receipts of $50.5 million. Strategy Our royalty aggregator business is primarily focused on early to mid-stage clinical assets, primarily in Phase 1 and 2 development, which we believe have significant commercial sales potential and that are licensed to well-funded sponsors or developers with established expertise in developing and commercializing drugs. We also acquire milestone and royalty revenue streams on late-stage clinical assets and commercial assets that are designed to address unmet markets or have a therapeutic advantage over other treatment options and have long duration of market exclusivity. We expect most of our future revenue Item 1A. RISK FACTORS In evaluating our business, you should carefully consider the following discussion of material risks, events and uncertainties that make an investment in us speculative or risky in addition to the other information included in this Annual Report. A manifestation of any of the following risks and uncertainties could, ", "title": "XOMA - XOMA Royalty Corp", "url": "/company/XOMA/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001557746; latest 10-K filed 2026-02-26.", "text": "ACRS - Aclaris Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001557746; latest 10-K filed 2026-02-26. ACRS Aclaris Therapeutics, Inc. 0001557746 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u200b You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the consolidated financial statements and the related notes to those statements included later in this Annual Report on Form 10-K (this \u201cAnnual Report\u201d). In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, beliefs and expectations that involve risks and uncertainties. Our actual results and the timing of events could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report, particularly in Part I, Item 1A. \u201cRisk Factors,\u201d and \u201cSpecial Note Regarding Forward-Looking Statements.\u201d \u200b Overview \u200b We are a clinical-stage biopharmaceutical company focused on discovering and developing novel small and large molecule product candidates for immuno-inflammatory diseases. Our proprietary KINect drug discovery platform coupled with our integrated discovery approach to small and large molecules enables us to identify and advance product candidates designed to have superior target affinity, specificity and potency. We are seeking to identify and consummate transactions with third-party partners to further develop, obtain marketing approval for and/or commercialize our novel product candidates. In addition, we provide contract research services to third parties enabled by our early-stage research and development expertise. \u200b Financial Overview \u200b Since our inception, we have incurred significant net losses. Our net loss was $64.9 million for the year ended December 31, 2025 and $132.1 million for the year ended December 31, 2024. As of December 31, 2025, we had an accumulated deficit of $967.8 million. We expect to incur significant expenses and operating losses for the foreseeable future as we advance our product candidates from discovery through preclinical and clinical development. In addition, our product candidates, even if they are approved by regulatory agencies for marketing, may not achieve commercial success. We may also not be successful in identifying and consummating transactions with third-party partners to further develop, obtain marketing approval for and/or commercialize our product candidates. Furthermore, we have incurred and expect to continue to incur significant costs associated with operating as a public company, including legal, accounting, investor relations and other expenses. As a result, we will need substantial additional funding to support our continuing operations. \u200b We have historically financed our operations primarily with sales of equity securities and non-dilutive financing. In the near term, we expect to finance our operations through these and other capital sources, including potential partnerships with other companies or other strategic transactions. We may be unable to raise additional funds or enter into such other agreements or arrangements when needed on commercially acceptable terms, or at all. If we fail to raise capital or enter into such agreements as, and when needed, we may have to significantly delay, scale back or discontinue the development of one or more of our product candidates. \u200b Impact of Macroeconomic Conditions on Our Business \u200b Unfavorable conditions in the economy both in the United States and abroad may negatively affect the growth of our business and our results of operations. For example, macroeconomic events, including inflationary pressure, tariff policies, and geopolitical conflicts, have led to economic uncertainty globally. The effect of macroeconomic conditions may not be fully reflected in our results of operations until future periods. If, however, economic uncertainty increases or the global economy worse Item 1. Business \u200b Overview \u200b We are a clinical-stage biopharmaceutical company focused on discovering and developing novel small and large molecule product candidates for immuno-inflammatory diseases. Our proprietary KINect drug discovery platform coupled with our integrated discovery approach to small and large molecules enables us to identify and advance product candidates designed to have superior target affinity, specificity and potency. We are seeking to identify and consummate transactions with third-party partners to further develop, obtain marketing approval for and/or commercialize our novel product candidates. \u200b Our Approach \u200b We are dedicated to developing a pipeline of novel product candidates to address the needs of patients with immuno-inflammatory diseases who lack satisfactory treatment options. Our approach to achieving this goal includes the following key elements: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Leverage discovery, research and development expertise. We have state-of-the-art capabilities and expertise in small molecule and antibody development, including cell and molecular biology, biochemistry, enzymology, biomarker development, immunology, translational research, in vivo efficacy models, structure-based drug design (\\u201cSBDD\\u201d), and bioanalytical, computational, and medicinal chemistry. In addition, our team of scientists and professionals has broad experience in clinical development and strategy across atopic, respiratory, inflammatory and immunologic diseases.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Develop innovative biologic product candidates targeting validated pathways. We are advancing biologics programs comprising monoclonal and multispecific antibodies targeting well-characterized pathways in immuno-inflammatory diseases. Our approach leverages established biological targets while incorporating novel mechanisms and dual-targeting strategies to potentially enhance therapeutic outcomes. The biologic Item 1A. Risk Factors \u200b Our business is subject to numerous risks. You should carefully consider the following risks and all other information contained in this Annual Report, as well as general economic and business risks, together with any other documents we file with the SEC. If any of the following events actually occur or ri", "title": "ACRS - Aclaris Therapeutics, Inc.", "url": "/company/ACRS/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000711669; latest 10-K filed 2026-03-13.", "text": "CBAN - COLONY BANKCORP INC SIC 6022 State Commercial Banks; CIK 0000711669; latest 10-K filed 2026-03-13. CBAN COLONY BANKCORP INC 0000711669 6022 State Commercial Banks Item 7 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that involve risk, uncertainties and, assumptions. Certain risks, uncertainties and other factors, including but not limited to those set forth under \u201cCautionary Note Regarding Forward-Looking Statements,\u201d \u201cRisk Factors,\u201d and elsewhere in this Annual Report on Form 10-K, may cause actual results to differ materially from those projected in the forward-looking statements. We assume no obligation to update any of these forward-looking statements. The Company Colony Bankcorp, Inc. is a bank holding company headquartered in Fitzgerald, Georgia that provides, through its wholly-owned subsidiary Colony Bank (collectively referred to as the Company), a broad array of products and services throughout north, central, south and coastal Georgia markets, Birmingham, Alabama and Santa Rosa Beach, Tallahassee and Jacksonville, Florida. The Company offers commercial and consumer banking services as well as specialized solutions including mortgage, government guaranteed lending, consumer insurance, credit cards, wealth management and merchant services. Recent Developments The Company paid dividends to its shareholders throughout 2025 and 2024 on a quarterly basis. In 2025, we had a quarterly dividend of $0.1150 per share of common stock and in 2024, we had a quarterly dividend of $0.1125 per share of common stock. On January 1, 2023, the Company adopted ASC Topic 326 which replaced the incurred loss approach for measuring credit losses with an expected loss model, referred to the current expected credit loss (\"CECL\") model. CECL applies to financial assets subject to credit losses and measured at amortized cost and certain off-balance-sheet credit exposures, which include, but are not limited to, loans, leases, held-to-maturity securities, loan commitments and financial guarantees. The adoption of this guidance resulted in a decrease of the allowance for credit losses on loans of $53,000, the creation of an allowance for unfunded commitments of $1.7 million and a reduction of retained earnings of $1.2 million, net of the increase in deferred tax assets of $410,000 as of December 31, 2024. Effective October 1, 2025, the Company early adopted ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans, which amended the accounting for certain purchased financial assets. Under the new guidance, the Company is allowed to apply the 'gross-up' approach to acquired loans that meet the definition of 'purchased seasoned loans' (PSLs), whereby an allowance for credit losses is recognized at the acquisition date with an offsetting adjustment to the amortized cost basis of the assets. This aligns the accounting for PSLs with the treatment of purchased financial assets with credit deterioration (PCD assets). This change eliminated the immediate recognition of day-one credit loss expense and resulted in an increase to the allowance for credit losses on loans of $4.6 million and an increase to the allowance for unfunded commitments of $134,000. Going forward, the impact of utilizing the CECL approach to calculate the allowance for credit losses will be significantly influenced by the composition, characteristics and quality of our loan portfolio, as well as the prevailing economic conditions and forecasts utilized. Material changes to these and other relevant factors may result in greater volatility to the provision for credit losses, and therefore, greater volatility to our reported earnings. See Notes 1 and 5, included elsewhere in this Form 10-K, for additional information on the allowance for credit losses and the allowance for unfunded Business COLONY BANKCORP, INC. General Colony Bankcorp, Inc. (the \u201cCompany\u201d or \u201cColony\u201d) is a financial services company and a registered bank holding company headquartered in Fitzgerald, Georgia. The Company was incorporated on November 8, 1982 under the laws of the State of Georgia. The Company was organized for the purpose of operating as a bank holding company under the Bank Holding Company Act of 1956, as amended, and the bank holding company laws of Georgia. Our business is conducted primarily through our wholly-owned bank subsidiary, Colony Bank, a Georgia state-chartered commercial bank, which provides a broad range of banking services to its retail and commercial customers. We operate locations throughout Georgia as well as in Birmingham, Alabama, and Jacksonville, Santa Rosa Beach and Tallahassee, Florida. At December 31, 2025, we had approximately $3.7 billion in total assets, $2.5 billion in total loans, $3.1 billion in total deposits and $375.9 million in stockholder\u2019s equity. Deposits are insured, up to applicable limits, by the Federal Deposit Insurance Corporation. The Parent Company Because the Company is a financial services company and a registered bank holding company, its principal operations are conducted through the Bank. It has 100 percent ownership of the Bank and maintains systems of financial, operational and administrative controls that permit centralized evaluation of the operations of the Bank in selected functional areas including operations, accounting, marketing, investment management, purchasing, human resources, computer services, auditing, compliance and credit review. As a bank holding company, we also perform certain shareholder and investor relations functions. Colony Bank - Banking Services Our principal subsidiary is the Bank. The Bank, headquartered in Fitzgerald, Georgia, offers a comprehensive range of banking solutions tailored to both personal and commercial customers. Our lending solutions include loans for small", "title": "CBAN - COLONY BANKCORP INC", "url": "/company/CBAN/" }, { "kind": "company", "summary": "SIC 7363 Services-Help Supply Services; CIK 0001141103; latest 10-K filed 2026-03-09.", "text": "CCRN - CROSS COUNTRY HEALTHCARE INC SIC 7363 Services-Help Supply Services; CIK 0001141103; latest 10-K filed 2026-03-09. CCRN CROSS COUNTRY HEALTHCARE INC 0001141103 7363 Services-Help Supply Services Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Item 1. Business, Item 1A. Risk Factors, Forward-Looking Statements, and Item 15. Consolidated Financial Statements and the accompanying notes and other data, all of which appear elsewhere in this Annual Report on Form 10-K. Management's Discussion and Analysis (MD&A) below generally discusses 2025 and 2024 and provides year-to-year comparisons between 2025 and 2024. Discussions of 2023 and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 5, 2025 and such information is incorporated herein by reference. Business Overview We provide total talent management services, including strategic workforce solutions, contingent staffing, permanent placement, and consultative services for healthcare customers across the continuum of care, by recruiting and placing highly qualified healthcare professionals in virtually every specialty and area of expertise. In addition to clinical roles such as school nurses, speech language, and behavioral therapists, we place non-clinical professionals such as teachers, substitute teachers, and other education specialties at educational facilities across the nation. Our diverse customer base includes both public and private acute care and non-acute care hospitals, outpatient clinics, ambulatory care facilities, single and multi-specialty physician practices, rehabilitation facilities, PACE programs, urgent care centers, local and national healthcare systems, managed care providers, public and charter schools, correctional facilities, government facilities, pharmacies, and many other healthcare providers. Through our national staffing teams, we offer our workforce solutions and place clinicians on travel and per diem assignments, local short-term contracts, and permanent positions. In addition, we continually evaluate opportunities to acquire companies that would complement or enhance our business, like Workforce Solutions Group, Inc. (WSG) and Mint Medical Physician Staffing, LP and Lotus Medical Staffing LLC (collectively, Mint). Our workforce solutions include MSPs, VMS, caregiver services to PACE programs (home-based staffing), education health services, RPO, project management, and other outsourcing and consultative services as described in Item 1. Business in this Annual Report on Form 10-K. By utilizing the solutions that we offer, customers are able to better plan their personnel needs, 26 optimize their talent acquisition and management processes, strategically flex and balance their workforce, have access to quality healthcare personnel, and provide continuity of care for improved patient outcomes. The Company's two reportable segments, Nurse and Allied Staffing and Physician Staffing, represented approximately 82% and 18%, respectively, of total revenue for the year ended December 31, 2025. See further discussion of these segments in Item 1. Business in this Annual Report on Form 10-K. Summary of Operations and Recent Updates For the year ended December 31, 2025, consolidated revenue decreased 21.6% year-over-year to $1.1 billion, primarily due to volume declines in the Nurse and Allied Staffing and Physician Staffing segments. These declines were partly offset by continued growth in home-based staffing, which was up 28.0% over the prior year. Net loss attributable to common stockholders for the year ended December 31, 2025 was $94.9 million, as compared to net loss of $14.6 million for the year ended December 31, 2024. During the fourth quarter of 2025, the Company recorded a non-cash goodwill impairment charge o Item 1. Business. Overview of Our Company Cross Country Healthcare, Inc. (Nasdaq: CCRN) is a healthcare workforce solutions company delivering an AI-powered digital platform and advisory services, backed by nearly 40 years of healthcare labor expertise, to help health systems optimize and sustain their entire labor ecosystem. Through Intellify\u00ae, Cross Country's cloud-based workforce management and vendor management system, health systems gain clear visibility across internal and contingent labor. Intellify\u00ae integrates with core hospital systems and brings all service lines, including non-clinical, nursing, allied health, and locums, into one centralized view. Powered by real-time analytics and AI-driven insights, Intellify\u00ae helps leaders make smarter workforce decisions, streamline operations, reduce labor costs, improve flexibility, and support high-quality outcomes. Leveraging national and in-market staffing teams, we place highly qualified healthcare professionals in virtually every specialty on travel and per diem assignments, local short-term contracts, and permanent positions. We also place teachers, substitute teachers, and other education specialties at educational facilities, healthcare leaders within nursing, allied, physician, and human resources at healthcare organizations, and non-healthcare providers to participants in Programs of All-Inclusive Care for the Elderly (PACE) programs. Our varied customer base includes both public and private acute care and non-acute care hospitals, outpatient clinics, ambulatory care facilities, single and multi-specialty physician practices, rehabilitation facilities, PACE programs, urgent care centers, local and national healthcare systems, managed care providers, public and charter schools, correctional facilities, government facilities, pharmacies, and many other healthcare providers including those in underserved communities. By utilizing the solutions that we offer, customers are able to better plan their person Item 1A. Risk Factors. The following risk factors could materially and adversely affect our future operating results and could cause actual results to differ materially from those predicted in the forward-looking statements we make about our business. Our risks are identified primarily through dialogue with our", "title": "CCRN - CROSS COUNTRY HEALTHCARE INC", "url": "/company/CCRN/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001683695; latest 10-K filed 2026-03-06.", "text": "IMXI - International Money Express, Inc. SIC 7389 Services-Business Services, NEC; CIK 0001683695; latest 10-K filed 2026-03-06. IMXI International Money Express, Inc. 0001683695 7389 Services-Business Services, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The objectives of our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations are to provide users of our consolidated financial statements with a narrative explanation from the perspective of management of our financial condition, results of operations, cash flows, liquidity and certain other factors that may affect future results. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our Consolidated Financial Statements and related Notes included elsewhere in this Annual Report on Form 10-K. This Annual Report on Form 10-K contains forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed in other sections of this Annual Report on Form 10-K. See \u201cSpecial Note Regarding Forward-Looking Statements\u201d for additional factors relating to such statements and see \u201cRisk Factors\u201d included in Item 1A of this Annual Report on Form 10-K. Our past operating results are not necessarily indicative of operating results in any future periods. Overview We are a global leading omnichannel money remittance services company focused primarily on the United States of America (\u201cUnited States\u201d or \u201cU.S.\u201d) to Latin America and the Caribbean (\u201cLAC\u201d) corridor, which includes Mexico, Central and South America and the Caribbean. We also provide remittance services to Africa and Asia from the United States and offer money transfer services from Canada to Latin America and Africa. We also provide remittance services from Spain, Italy and Germany to Africa, Asia and Latin America. We utilize our proprietary technology to deliver convenient, reliable and value-added services to consumers through a broad network of sending and paying agents. Our remittance services, which include a comprehensive suite of ancillary financial processing solutions and payment services, are available in all 50 states in the U.S., Washington D.C., Puerto Rico and 13 provinces in Canada, as well as in certain locations in Spain, Italy and Germany, where consumers can send money to beneficiaries in more than 60 countries in LAC, Europe, Africa and Asia. Our services are accessible in person through over 100,000 independent sending and paying agents and 118 Company-operated stores, as well as digitally through the Internet via our websites, co-branded websites with digital partners and mobile device applications. Additionally, our product and service portfolio include online payment options, pre-paid debit cards and direct deposit payroll cards, which may present different cost, demand, regulatory and risk profiles relative to our core money remittance business. Money remittance services to LAC countries, mainly Mexico, Guatemala, El Salvador, Honduras and the Dominican Republic, are the primary source of our revenue. These services involve the movement of funds on behalf of an originating consumer for receipt by a designated beneficiary at a designated receiving location. Our remittances to LAC countries are primarily generated in the United States by consumers with roots in Latin American and Caribbean countries, many of whom do not have an existing relationship with a traditional full-service financial institution capable of providing the services we offer. We provide these consumers with flexibility and convenience to help them meet their financial needs. We believe many consumers who use our services may have access to traditional banking services, but prefer to use our services based on reliability, convenience and v ITEM 1. BUSINESS Overview International Money Express, Inc. (the \u201cCompany\u201d or \u201cIntermex\u201d) is a global leading omnichannel money remittance services company focused primarily on the United States of America (\u201cUnited States\u201d or \u201cU.S.\u201d) to Latin America and the Caribbean (\u201cLAC\u201d) corridor, which includes Mexico, Central and South America and the Caribbean. We also provide our remittance services to Africa and Asia from the United States and offer money transfer services from Canada to Latin America and Africa. We also provide remittance services from Spain, Italy and Germany to Africa, Asia and Latin America. We utilize our proprietary technology to deliver convenient, reliable and value-added services to consumers through a broad network of sending and paying agents. Our remittance services, which include a comprehensive suite of ancillary financial processing solutions and payment services, are available in all 50 states in the U.S., Washington D.C., Puerto Rico and 13 provinces in Canada, as well as in certain locations in Spain, Italy and Germany, where consumers can send money to beneficiaries in more than 60 countries in LAC, Africa, Asia and Europe. Our services are accessible in person through over 100,000 independent sending and paying agents and 118 Company-operated stores, as well as digitally through the Internet via our websites, co-branded websites with digital partners and mobile device applications. Additionally, our product and service portfolio include online payment options, pre-paid debit cards and direct deposit payroll cards, which may present different cost, demand, regulatory and risk profiles relative to our core money remittance business. Money remittance services to LAC countries, mainly Mexico, Guatemala, El Salvador, Honduras and the Dominican Republic, are the primary source of our revenue. These services involve the movement of funds on behalf of an originating consumer for receipt by a designated beneficiary at a designated receivin ITEM 1A. RISK FACTORS An investment in our securities involves certain risks. The risks and uncertainties described below reflect the Company\u2019s beliefs and opinions as to factors that could materially and adversely affect the Company and its securities in the future, but are not the only risks ", "title": "IMXI - International Money Express, Inc.", "url": "/company/IMXI/" }, { "kind": "company", "summary": "SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001130713; latest 10-K filed 2026-02-24.", "text": "BBBY - BED BATH & BEYOND, INC. SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001130713; latest 10-K filed 2026-02-24. BBBY BED BATH & BEYOND, INC. 0001130713 5961 Retail-Catalog & Mail-Order Houses ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis contains forward-looking statements relating to future events or our future financial or operating performance that involve risks and uncertainties, as set forth above under \"Special Cautionary Note Regarding Forward-Looking Statements\" or in Item 1A under the heading \"Risk Factors\" or included elsewhere in this Annual Report on Form 10-K. In addition, our future results may be significantly different from our historical results. Overview We are an e-commerce-focused retailer with an affinity model that owns or has ownership interests in various brands, offering a comprehensive array of products and services that enable its customers to enhance everyday life through quality, style, and value. In addition, we also offer an increasing number of add-on services across our platforms, including warranties, shipping insurance, and installation services. Our customer engagement and retention are bolstered by our welcome rewards+ membership program, enhancing the overall value proposition for our customers. We currently own Bed Bath & Beyond, Overstock, and buybuy BABY, among other brands. As used herein, \"Bed Bath & Beyond,\" \"the Company,\" \"we,\" \"our\" and similar terms include Bed Bath & Beyond, Inc. and its controlled subsidiaries, unless the context indicates otherwise. Through our Bed Bath & Beyond brand, we provide an extensive array of home-related products tailored specifically for our target customers - consumers who seek comprehensive support throughout their shopping journey, aspiring to discover quality, stylish products at competitive prices that align with their budget requirements. We regularly refresh our product assortment to reflect the evolving preferences of our customers and aim to stay aligned with current trends. The mission of this brand is to achieve category-leading ownership of four distinct rooms of the home: the bedroom, the bathroom, the kitchen, and the patio, and our goal is for our assortment to include not only core legacy categories like bedding and kitchenware, but also adjacent categories like bedroom and outdoor furniture and rugs. Furniture across all rooms continues to play a critical role in our strategy. Leveraging an asset-light supply chain, direct shipping is offered to customers from both our suppliers and third-party logistics providers. Bed Bath & Beyond's strategic priorities include curating stylish, high-quality assortments to make product selection intuitive and affordable, in addition to enhancing offerings with trusted aspirational brands. We transform the customer experience by building trust, creating life-stage experiences, and consistently delivering inspiration, quality, and value. Through our Overstock brand, we aim to provide a wide array of quality goods at discounted prices, and a treasure hunt-like experience for our target customers - consumers who are highly engaged, very accustomed to purchasing online, and actively seeking great deals. The mission of this brand is to delight our customers by offering them deals on products they will love. Our product assortment includes home categories such as indoor and outdoor furniture, rugs, d\u00e9cor, and lighting, as well as lifestyle categories such as jewelry and watches, apparel and accessories, and designer shoes and handbags. The buybuy BABY brand acquisition allows us to reunite two traditionally related brands, Bed Bath & Beyond and buybuy BABY, and support our customers through key life stage shopping moments. In August 2025, we changed our corporate name from Beyond, Inc. to Bed Bath & Beyond, Inc. and changed our ticker symbol from \"BYON\" to \"BBBY\". Merger Agreement On November 24, 2025, we entered in an Agreement and Plan of Merger (the \"Merger Agreement\"), by and among the Company, Knight Merger Sub II, Inc., a wholly owned subsidiary of the Company, and TBHC, pursuant to which, ITEM 1. BUSINESS The following description of our business contains forward-looking statements relating to future events or our future financial or operating performance that involve risks and uncertainties, as set forth above under \"Special Note Regarding Forward-Looking Statements.\" Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors described in this Annual Report, including those set forth under \"Special Cautionary Note Regarding Forward-Looking Statements\" Item 1A under the heading \"Risk Factors,\" or elsewhere in this Annual Report. Introduction Bed Bath & Beyond, Inc., is an e-commerce-focused retailer with an affinity model that owns or has ownership interests in various brands, offering a comprehensive array of products and services that enable its customers to enhance everyday life through quality, style, and value. We currently own Bed Bath & Beyond, Overstock, and buybuy BABY, among other brands. We strive to curate an exceptional online shopping experience. Our diversified portfolio of retail offerings allow us to offer a comprehensive array of products and add-on services, catering to customers in the United States. Our e-commerce platform, which is also accessible through our mobile apps, includes www.bedbathandbeyond.com and www.overstock.com, and is collectively referred to as the \"Website.\" The Website is targeted at customers seeking a diverse array of top-tier, on-trend products at competitive prices. From furniture, bedding, and bath essentials to patio and outdoor furniture, area rugs, tabletop and cookware, d\u00e9cor, storage, jewelry, watches, and fashion \u2013 we offer an extensive range of products at a smart value. In addition to products, we also offer an increasing number of add-on services across our platforms, including warranties, shipping insurance, and installation services. Our company, based in Murray, Utah, was founded as a Utah limited liability compa ITEM 1A. RISK FACTORS Any investment in our securities involves a high degree of risk. Please consider the following risk factors carefully. If any one or more of the following risks were to occur, it could have a material adverse effect on our business, prospects, financial condition and results of operations, and ", "title": "BBBY - BED BATH & BEYOND, INC.", "url": "/company/BBBY/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001665988; latest 10-K filed 2026-03-05.", "text": "BVS - Bioventus Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001665988; latest 10-K filed 2026-03-05. BVS Bioventus Inc. 0001665988 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with Part I, Item 1A. Risk Factors and our consolidated financial statements and the related notes to those statements included elsewhere in this Annual Report on Form 10-K (\u201cAnnual Report\u201d). In addition to historical consolidated financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Some of the numbers included herein have been rounded for the convenience of presentation. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under Part 1, Item 1A. Risk Factors and elsewhere in this Annual Report. A discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023 has been reported previously in our Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 11, 2025, under the heading \"Management's Discussion and Analysis of Financial Condition and Results of Operations.\" Executive Summary We are a global medical device company focused on helping patients recover and live life to the fullest by relieving pain and addressing musculoskeletal challenges through a diverse portfolio of high-quality, innovative, and clinically proven solutions. We operate our business through two reporting segments, U.S. and International, and our portfolio of products is comprised of five patient-focused areas, grouped into three businesses based on clinical use: (i) Pain Treatments & PRP (\u201cPain Treatments\u201d), (ii) Surgical Solutions and (iii) Restorative Therapies. \u2022Pain Treatments, consisting of: \u25e6Knee Osteoarthritis (\u201cKOA\u201d): Our product portfolio includes a range of intra-articular, hyaluronic acid (\u201cHA\u201d) injections that help relieve patient discomfort and improve quality of life. In the U.S., we also distribute the XCELL Platelet-Rich Plasma (\u201cPRP\u201d) system, a technology that is synergistic with our existing physician call points, as many surgeons who use HA also use PRP. \u25e6Peripheral Nerve Stimulation (\u201cPNS\u201d): We are focused on developing a full portfolio of peripheral nerve stimulation products with solutions for acute, temporary and chronic pain. \u2022Surgical Solutions, consisting of: \u25e6Ultrasonics: Our Ultrasonics business offers precision bone resection for patients with degenerative spine conditions and spinal deformities. This portfolio also enables precision ultrasonic neuro and general surgery to address brain tumors and pathologies of the liver and other organs. \u25e6Bone Graft Substitutes (\u201cBGS\u201d): Our BGS product portfolio includes a range of products that facilitate optimal bone fusion following a surgical procedure. \u2022Restorative Therapies, consisting of: \u25e6Fracture Care: We provide low-intensity pulse ultrasound to help patients who suffer from bone fractures that do not heal through traditional methods. We plan to expand our U.S. clinical fracture care indications to address the healing of fresh fractures, especially for high-risk patients. The following table sets forth total net sales, net income (loss) and Adjusted EBITDA for the periods presented: [[GREPCENT_TABLE]] [[\"\",\"Years Ended December 31,\"],[\"(in thousands, except for income (loss) per share)\",\"2025\",\"\",\"2024\"],[\"Net sales\",\"$\",\"568,087\",\"\",\"\",\"$\",\"573,280\"],[\"Net income (loss)\",\"$\",\"27,274\",\"\",\"\",\"$\",\"(47,049)\"],[\"Adjusted EBITDA(a)\",\"$\",\"116,277\",\"\",\"\",\"$\",\"108,882\"],[\"Income (loss) per Class A common stock\"],[\"Basic\",\"$\",\"0.34\",\"\",\"\",\"$\",\"(0.56)\"],[\"Diluted\",\"0.33\",\"\",\"\",\"(0.56)\"]] [[/GREPCENT_TABLE]] (a)See below under Results of Operations-Adjusted EBITDA for a reconciliation of net income (loss) to Adjusted EBITDA. 71 Table of Contents Significant Developments 2025 Credit Agreement On July 31, 2025, w Item 1. Business. Unless the context requires otherwise, in this Annual Report on Form 10-K (\u201cAnnual Report\u201d) the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany,\u201d \u201cBioventus,\u201d \u201cBioventus Inc.\u201d and similar references refer to the combined operations of Bioventus Inc. and its consolidated subsidiaries and affiliates, including Bioventus LLC (\u201cBV LLC\u201d). Company Overview We are a global medical device company focused on helping patients recover and live life to the fullest by relieving pain and addressing musculoskeletal challenges through a diverse portfolio of high-quality, innovative, and clinically-proven solutions. We manage our business through two reporting segments, U.S. and International, which accounted for 88% and 12%, respectively, of our total net sales during the fiscal year ended December 31, 2025. Our portfolio of products is comprised of five patient-focused areas, grouped into three businesses based on clinical use: (i) Pain Treatments & PRP (\u201cPain Treatments\u201d), (ii) Surgical Solutions and (iii) Restorative Therapies. \u2022Pain Treatments, consisting of: \u25e6Knee Osteoarthritis (\u201cKOA\u201d): Our product portfolio includes a range of intra-articular, hyaluronic acid (\u201cHA\u201d) injections that help relieve patient discomfort and improve quality of life. In the U.S., we also distribute the XCELL Platelet-Rich Plasma (\u201cPRP\u201d) system, a technology that is synergistic with our existing physician call points, as many surgeons who use HA also use PRP. \u25e6Peripheral Nerve Stimulation (\u201cPNS\u201d): We are focused on developing and commercializing a full portfolio of peripheral nerve stimulation products with solutions for acute, temporary and chronic pain. \u2022Surgical Solutions, consisting of: \u25e6Ultrasonics: Our Ultrasonics business offers precision bone resection for patients with degenerative spine conditions and spinal deformities. This portfolio also enables precision bone cutting in ultrasonic neuro and general surgery to address brain tumors and pathologies of the liver and o Item 1A. Risk Factors. Described below are certain risks that we believe apply to our business and the industry in which we operate. You should carefully consider each of the following risk factors in conjunction with other information provided in this Annual Report and in our other public disclosures. The risks described below highligh", "title": "BVS - Bioventus Inc.", "url": "/company/BVS/" }, { "kind": "company", "summary": "SIC 7311 Services-Advertising Agencies; CIK 0001490281; latest 10-K filed 2026-03-10.", "text": "GRPN - Groupon, Inc. SIC 7311 Services-Advertising Agencies; CIK 0001490281; latest 10-K filed 2026-03-10. GRPN Groupon, Inc. 0001490281 7311 Services-Advertising Agencies ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read together with our Consolidated Financial Statements and related notes included under Item 8 of this Annual Report on Form 10-K. This discussion contains forward-looking statements about our business and operations. Our actual results may differ materially from those we currently anticipate as a result of many factors, including those we describe under Item 1A. Risk Factors, and elsewhere in this Annual Report. See Part I, Forward-Looking Statements, for additional information. For further discussion regarding operating and financial data for the year ended December 31, 2024 as compared to the year ended December 31, 2023, refer to Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview Groupon is a global scaled two-sided marketplace that connects consumers to merchants. Consumers access our marketplace through our mobile applications and our websites. We operate in two segments, North America and International, and in three categories, Local, Goods and Travel. See Item 8, Note 19, Segment and Geographical Information, for additional information. We generate service revenue from Local, Goods and Travel categories. Revenue primarily represents the net commissions earned from selling goods or services on behalf of third-party merchants. Revenue is reported on a net basis as the purchase price collected from the customer less the portion of the purchase price that is payable to the third-party merchant. We also earn commissions when customers make purchases with retailers using digital coupons accessed through our websites and mobile applications. How We Measure Our Business We use several operating and financial metrics to assess the progress of our business and make strategic decisions. Certain of the financial metrics are reported in accordance with GAAP and certain of those metrics are considered non-GAAP financial measures. As our business evolves, we may make changes to the key financial and operating metrics that we use to measure our business. For further information and reconciliations to the most applicable financial measures under GAAP, refer to our discussion under Non-GAAP Financial Measures in the Results of Operations section. Operating Metrics \u2022Gross billings is the total dollar value of customer purchases of goods and services. Gross billings is presented net of customer refunds, order discounts and sales and related taxes. The substantial majority of our revenue transactions are comprised of sales of vouchers and similar transactions in which we collect the transaction price from the customer and remit a portion of the transaction price to the third-party merchant who will provide the related goods or services. For these transactions, gross billings differs from Revenue reported in our Consolidated Statements of Operations, which is presented net of the merchant's share of the transaction price. Gross billings is an indicator of our growth and business performance as it measures the dollar volume of transactions generated through our marketplaces. Tracking gross billings also allows us to monitor the percentage of gross billings that we are able to retain after payments to merchants. \u2022Units are the number of purchases during the reporting period, before refunds and cancellations, made either through one of our online marketplaces, a third-party marketplace, or directly with a merchant for which we earn a commission. We do not include purchases with retailers using digital coupons accessed through our websites or mobile applications in our units metric. We consider units to be an important indicator of the total volume of business conducted through our marketplaces. \u2022Active ITEM 1. BUSINESS Groupon is a global scaled two-sided marketplace that connects consumers to merchants. Consumers access our marketplace through our mobile applications and our websites, which are primarily localized groupon.com sites in thirteen countries. We operate in two segments, North America and International, and in three categories, Local, Goods and Travel. See Item 8, Note 19, Segment and Geographical Information, for additional information. Revenue is earned through transactions during which we generate commissions by selling goods or services on behalf of third-party merchants. Revenue also includes commissions we earn when customers make purchases with retailers using digital coupons accessed through our digital properties. Our Strategy Our strategy is to be the trusted local experience marketplace where customers go to buy quality local services and experiences at unbeatable value. We plan to grow our revenue by building long-term relationships with local merchants to strengthen our online selection and by enhancing the customer reach through experience curation and improved convenience in order to drive customer demand and purchase frequency. We continue to invest in making our platform more efficient, stable and agile. By improving our technology, our customer base can enjoy a modernized experience along with seamless execution of new product innovation, improved customer experience and customer satisfaction. Central to this is our continued investment in our product and engineering organization, building the development velocity, platform depth, and technical capabilities required to deliver faster innovation and more personalized experiences for both customers and merchants. Our product agenda is focused on driving growth through smarter discovery, deeper personalization, and an increasingly seamless experience across every surface we serve. We believe the next generation of local commerce will be driven by AI native experiences, for which AI ITEM 1A. RISK FACTORS Our business, prospects, financial condition, operating results and the trading price of our Common Stock could be materially adversely affected by the risks described below. In assessing those risks, you should also refer to the other information contained in this Annual Report on Form 10-K, including Part II, Item 7. ", "title": "GRPN - Groupon, Inc.", "url": "/company/GRPN/" }, { "kind": "company", "summary": "SIC 2890 Miscellaneous Chemical Products; CIK 0001609804; latest 10-K filed 2026-02-17.", "text": "OEC - Orion S.A. SIC 2890 Miscellaneous Chemical Products; CIK 0001609804; latest 10-K filed 2026-02-17. OEC Orion S.A. 0001609804 2890 Miscellaneous Chemical Products Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis summarizes the significant factors affecting our results of operations and financial condition during the years ended December 31, 2025 and 2024, and should be read in conjunction with the information included under Item 1. Business and Item 8. Financial Statements and Supplementary Data included elsewhere in this Annual Report. We prepare our financial statements in accordance with accounting principles generally accepted in the United States (\u201cGAAP\u201d or \u201cU.S. GAAP\u201d) and in U.S. dollars. This section discusses year-to-year comparisons between 2025 and 2024. For discussions on year-to-year comparison between 2024 and 2023 refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report in Form 10-K filed with the United States Securities and Exchange Commission (\u201cSEC\u201d) on February 19, 2025 (the \u201cPrior Annual Report\u201d). Key Factors Affecting Our Results of Operations We believe certain factors had, and will continue to have, a material effect on our results of operations and financial condition. As many of these factors are beyond our control, and certain of these factors have historically been volatile, past performance will not necessarily be indicative of future performance, and it is difficult to predict future performance with any degree of certainty. In addition, important factors that could cause our actual results of operations or financial conditions to differ materially from those expressed or implied below, include, but are not limited to, factors indicated under \u201cItem 1A. Risk Factors\u201d and \u201cCautionary Statement for the Purposes of the \u201cSafe Harbor\u201d Provisions of the Private Securities Litigation Reform Act of 1995\u201d elsewhere in this Annual Report. Operating Results 2025 Compared to 2024 Operating results for the periods discussed are as follows: [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\",\"\",\"Year-Over-Year\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"Delta\"],[\"\",\"(In millions, except volume)\",\"\",\"%\"],[\"Volume (in kmt)\",\"948.6\",\"\",\"\",\"934.8\",\"\",\"\",\"13.8\",\"\",\"\",\"1.5%\"],[\"Net sales\",\"$\",\"1,806.7\",\"\",\"\",\"$\",\"1,877.5\",\"\",\"\",\"$\",\"(70.8)\",\"\",\"\",\"(3.8)%\"],[\"Cost of sales\",\"1,446.9\",\"\",\"\",\"1,448.7\",\"\",\"\",\"(1.8)\",\"\",\"\",\"(0.1)%\"],[\"Gross profit\",\"359.8\",\"\",\"428.8\",\"\",\"(69.0)\",\"\",\"\",\"(16.1)%\"],[\"Selling, general and administrative expenses\",\"230.7\",\"\",\"\",\"237.8\",\"\",\"\",\"(7.1)\",\"\",\"\",\"(3.0)%\"],[\"Research and development costs\",\"27.5\",\"\",\"\",\"27.1\",\"\",\"\",\"0.4\",\"\",\"\",\"1.5%\"],[\"Loss (recovery) due to misappropriation of assets, net\",\"(6.9)\",\"\",\"\",\"59.3\",\"\",\"\",\"(66.2)\",\"\",\"\",\"(111.6)%\"],[\"Goodwill impairment\",\"80.8\",\"\",\"\",\"\\u2014\",\"\",\"\",\"80.8\",\"\",\"\",\"\\u2014%\"],[\"Other expense (income), net\",\"0.2\",\"\",\"\",\"1.9\",\"\",\"\",\"(1.7)\",\"\",\"\",\"(89.5)%\"],[\"Income from operations\",\"27.5\",\"\",\"102.7\",\"\",\"(75.2)\",\"\",\"\",\"(73.2)%\"],[\"Interest and other financial expense, net\",\"62.3\",\"\",\"\",\"49.4\",\"\",\"\",\"12.9\",\"\",\"\",\"26.1%\"],[\"Income (loss) before earnings in affiliated companies and income taxes\",\"(34.8)\",\"\",\"53.3\",\"\",\"(88.1)\",\"\",\"\",\"(165.3)%\"],[\"Income tax expense\",\"35.8\",\"\",\"\",\"9.7\",\"\",\"\",\"26.1\",\"\",\"\",\"269.1%\"],[\"Earnings in affiliated companies, net of tax\",\"0.5\",\"\",\"\",\"0.6\",\"\",\"\",\"(0.1)\",\"\",\"\",\"(16.7)%\"],[\"Net income (loss)\",\"(70.1)\",\"\",\"\",\"44.2\",\"\",\"\",\"(114.3)\",\"\",\"\",\"(258.6)%\"],[\"Other comprehensive loss, net of tax\"],[\"Foreign currency translation adjustments\",\"(4.5)\",\"\",\"\",\"(24.3)\",\"\",\"\",\"19.8\",\"\",\"\",\"(81.5)%\"],[\"Net losses on derivatives\",\"(3.2)\",\"\",\"\",\"(5.3)\",\"\",\"\",\"2.1\",\"\",\"\",\"(39.6)%\"],[\"Defined benefit plans, net\",\"5.3\",\"\",\"\",\"(0.4)\",\"\",\"\",\"5.7\",\"\",\"\",\"(1425.0)%\"],[\"Other comprehensive loss\",\"(2.4)\",\"\",\"\",\"(30.0)\",\"\",\"\",\"27.6\",\"\",\"\",\"(92.0)%\"],[\"Comprehensive income (loss)\",\"$\",\"(72.5)\",\"\",\"\",\"$\",\"14.2\",\"\",\"\",\"$\",\"(86.7)\",\"\",\"\",\"(610.6)%\"]] [[/GREPCENT_TABLE]] Net sales Volume increased marginally by 13.8 kmt, or 1.5%, year-over-year to 948.6 Item 1. Business Overview Orion S.A. (\u201cOrion\u201d, \u201cCompany\u201d, \u201cwe\u201d or \u201cour\u201d), is a Luxembourg joint stock corporation (soci\u00e9t\u00e9 anonyme or S.A.), incorporated in 2014 as a Luxembourg limited liability company (soci\u00e9t\u00e9 \u00e0 responsabilit\u00e9 limit\u00e9e). Our registered office is located at 6, Route de Tr\u00e8ves, L-2633 Senningerberg (Municipality of Niederanven), Grand Duchy of Luxembourg. Our principal executive office is located in Spring, Texas, U.S. We are one of the largest global producers of Specialty and Rubber Carbon Black. Carbon black is a powdered form of carbon that is used to create a variety of desired physical, electrical and optical qualities of various materials. Carbon black products are primarily used as additives for the production of polymers, batteries, printing inks and coatings (\u201cSpecialty Carbon Black\u201d or \u201cSpecialty\u201d) and in the reinforcement of tires and other rubber applications (\u201cRubber Carbon Black\u201d or \u201cRubber\u201d). Our core competencies include the ability to engineer the physical properties of carbon black to meet the functional needs of our customers. We currently operate 14 wholly owned production facilities, excluding the under-construction facility at La Porte, Texas, in Europe, North and South America, South Africa, and Asia, and one jointly-owned production facility at Dortmund, Germany. Our headquarters in Luxembourg, we have our principal executive office in Spring, Texas (U.S.), as well as offices in Frankfurt (Germany), Cologne (Germany), Shanghai (China), Seoul (South Korea), Tokyo (Japan), Sao Paolo (Brazil) and other locations. Our principal research and development (\u201cR&D\u201d) center is located in Cologne (Germany). We also have laboratories to support our customers in Carlstadt, New Jersey (U.S.), Shanghai (China) and Yeosu (South Korea). We are a premium supplier of carbon black generating long-term benefits for stakeholders while remaining committed to responsible business practices with a focus on team culture, reliability, quality and Item 1A. Risk Factors The following risks may have material adverse effects on our business, financial condition and results of operations. Additional risks and uncertainties of which we are not presently aware or that we currently deem immaterial could also materially affect our business operations and financial condition. Risks Related to Our Bus", "title": "OEC - Orion S.A.", "url": "/company/OEC/" }, { "kind": "company", "summary": "SIC 8000 Services-Health Services; CIK 0001779128; latest 10-K filed 2026-03-03.", "text": "SRTA - Strata Critical Medical, Inc. SIC 8000 Services-Health Services; CIK 0001779128; latest 10-K filed 2026-03-03. SRTA Strata Critical Medical, Inc. 0001779128 8000 Services-Health Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with other sections of this Annual Report on Form 10-K, including our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. For important information regarding these forward-looking statements, please see the discussion above under the caption \u201cNote Regarding Forward-Looking Statements.\u201d Overview Strata Critical Medical, Inc. (f/k/a Blade Air Mobility, Inc.) (\u201cStrata\u201d or the \u201cCompany\u201d) is a time-critical logistics and medical services provider to the United States healthcare industry. The Company operates one of the nation\u2019s largest air transport and surgical services networks for transplant hospitals and organ procurement organizations, offering an integrated \u201cone call\u201d solution for donor organ recovery. Strata\u2019s core services include air and ground logistics, surgical organ recovery, organ placement and normothermic regional perfusion for the transplant industry, as well as perfusion staffing and equipment solutions for cardiovascular surgery centers, offered under the Trinity Medical Solutions (\u201cTrinity\u201d) and Keystone brands. Strata\u2019s mission is to increase the number of organs that are successfully transplanted while leveraging the Company\u2019s expertise and resources to provide other medical and logistics services to a broader customer base. Strata\u2019s goals are closely aligned with those of all participants in the transplant ecosystem, including transplant centers, regulators, Organ Procurement Organizations (\u201cOPOs\u201d) and other service providers. We believe that, by working with Strata, industry participants can save money, save more lives and operate more efficiently. 36 Table of Contents Beginning with the fourth quarter of 2025, following the integration of Keystone, Strata operates across two segments: Logistic and Clinical (see Note 11, to the consolidated financial statements included in this Annual Report on form 10-K for further information on reportable segments), both offering services related to organ transplant and the broader healthcare industry. All of Strata\u2019s services are provided to transplant centers, organ procurement organizations, hospitals or other businesses that pay the Company directly. Strata provides: Logistics Segment Strata\u2019s Logistics segment is marketed under the Trinity brand name and includes the following: \u2022Air Logistics \u2013 Air transportation of human organs for transplant as well as related staff, equipment, blood samples, and tissue samples. Service is typically provided on fixed wing aircraft operating specifically for each individual organ. Strata also offers on-board couriers for commercial flights and \u201cnext flight out\u201d shipping coordination. \u2022Ground Logistics \u2013 Ground transportation of human organs for transplant as well as related staff, equipment, blood samples, and tissue samples. \u2022Organ Placement \u2013 Administrative services related to the acceptance of potential donor organs for recipients and support coordinating with the transplant process. Clinical Segment Strata\u2019s Clinical segment is marketed under the Keystone brand name and includes the following: Transplant Clinical \u2022Organ Recovery \u2013 Surgical procurement of donor organs. \u2022Normothermic Regional Perfusion (\u201cNRP\u201d) \u2013 In situ perfusion of donor organs with oxygenated blood to improve clinical outcomes and enable functional assessment prior to recovery. \u2022Preservation - Operation of devices utilized to preserve organs prior to being transplanted into a recipient. Other Clinical Services \u2022Cardiac Care \u2013 Cardiac perfusion, blood management & autotransf Item 1. Business Business Overview Strata Critical Medical, Inc.(f/k/a Blade Air Mobility, Inc.) (\u201cStrata\u201d or the \u201cCompany\u201d) is a time-critical logistics and medical services provider to the United States healthcare industry. The Company operates one of the nation\u2019s largest air transport and surgical services networks for transplant hospitals and organ procurement organizations, offering an integrated \u201cone call\u201d solution for donor organ recovery. Strata\u2019s core services include air and ground logistics, organ placement, surgical organ recovery, normothermic regional perfusion and preservation for the transplant industry, as well as perfusion staffing and equipment solutions for cardiovascular surgery centers, offered under the Trinity Medical Solutions (\u201cTrinity\u201d) and Keystone Perfusion Services LLC (\u201cKeystone\u201d) brands. Strata\u2019s mission is to increase the number of organs that are successfully transplanted while leveraging the Company\u2019s expertise and resources to provide other medical and logistics services to a broader customer base. Strata\u2019s goals are closely aligned with those of all participants in the transplant ecosystem, including transplant centers, regulators, Organ Procurement Organizations (\u201cOPOs\u201d) and other service providers. We believe that, by working with Strata, industry participants can save money, save more lives and operate more efficiently by working with Strata. Strata operates across two operating segments: Logistics and Clinical (see Note 11 to the consolidated financial statements included in this Annual Report on Form 10-K for further information on reportable segments), offering a variety of logistics and clinical services related to organ transplant and the broader healthcare industry. All of Strata\u2019s services are provided to transplant centers, organ procurement organizations, hospitals or other businesses that pay the Company directly. Strata provides: Logistics Segment Our Logistics segment is marketed under the Trinity brand name Item 1A. Risk Factors Our operations and financial results are subject to various risks and uncertainties which could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our common and capital stock. You should carefully consider the risks described below as well as the o", "title": "SRTA - Strata Critical Medical, Inc.", "url": "/company/SRTA/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001528287; latest 10-K filed 2026-03-03.", "text": "NPCE - NeuroPace Inc SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001528287; latest 10-K filed 2026-03-03. NPCE NeuroPace Inc 0001528287 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K. This discussion and analysis and other parts of this Annual Report on Form 10-K contain forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions, which are based on the beliefs of our management, as well as assumptions made by, and information currently available to, our management. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section entitled \u201cRisk Factors\u201d under Part I, Item 1A of this report and elsewhere in this Annual Report on Form 10-K. Overview We are a medical device company focused on transforming the lives of people living with epilepsy by reducing or eliminating the occurrence of debilitating seizures. Our novel and differentiated RNS System is the first and only commercially available, brain-responsive neuromodulation system that delivers personalized, real-time treatment at the seizure source. By continuously monitoring and analyzing the brain\u2019s electrical activity, recognizing patient-specific abnormal electrical patterns, and responding in real time with imperceptible electrical pulses to prevent seizures, our RNS System delivers the precise amount of therapy when and where it is needed and provides exceptional clinical outcomes with approximately three minutes of stimulation on average per day. Our RNS System is also the only commercially available device that records continuous brain activity data and allows clinicians to monitor patients not only in person, but also remotely, providing them the data they need to make more informed treatment decisions, thus optimizing patient care. We believe the therapeutic advantages of our RNS System, combined with the insights obtained from our extensive brain data set, offer a significant leap forward in epilepsy treatment. Our RNS System is currently indicated in the United States for use in adult epilepsy patients, meaning patients who are 18 years of age or older, with drug-resistant focal epilepsy. Primary effectiveness endpoint data from our Post-approval Study in this patient population demonstrated that the RNS System efficacy improved over time, with a 62.5% median seizure reduction at six months after implant (n=314) and an 82.0% median seizure reduction at 36 months after implant (n=255). Additionally, 42.5% of patients experienced a period of seizure-freedom for at least six months, and 22% of patients were seizure free for at least one year were presented at the American Academy of Neurology Annual Meeting in April 2025. We are conducting studies to expand our indication for use in patients with drug-resistant idiopathic generalized epilepsy and patients with drug-resistant focal epilepsy under the age of 18. In March 2025, the last patient in our NAUTILUS study for drug-resistant idiopathic generalized epilepsy completed one year of follow up. In May 2025, we announced the preliminary results from the NAUTILUS study based on analysis of the one-year data. The study met the 12-week post-implant primary safety endpoint, demonstrating excellent safety outcomes and confirming the favorable safety profile of the RNS System. While the primary effectiveness endpoint did not reach statistical significance in the overall study, pre-specified secondary endpoints did show meaningful and clinically significant seizure reduction. In December 2025, we filed the Premarket Approval Supplement, or PMA-S, to support label expansion for our RNS System in patients who have drug-resi Item 1. Business. Overview We are a medical device company focused on transforming the lives of people living with epilepsy by reducing or eliminating the occurrence of debilitating seizures. Our novel and differentiated RNS System is the first and only commercially available, brain-responsive neuromodulation system that delivers personalized, real-time treatment at the seizure source. By continuously monitoring and analyzing the brain\u2019s electrical activity, recognizing patient-specific abnormal electrical patterns, and responding in real time with imperceptible electrical pulses to prevent seizures, our RNS System is programmed by clinicians to deliver the precise amount of therapy when and where it is needed and provides exceptional clinical outcomes with approximately three minutes of stimulation on average per day. Our RNS System is also the only commercially available device that records continuous brain activity data and allows clinicians to monitor patients not only in person, but also remotely, providing them the data they need to make more informed treatment decisions, thus optimizing patient care. We believe the therapeutic advantages of our RNS System, combined with the insights obtained from our extensive brain data set, offer a significant leap forward in epilepsy treatment. As of December 31, 2025, over 8,000 patients have received our RNS System. We believe our compelling body of long-term clinical data, demonstrating continuous improvement in outcomes over time, will support the continued adoption of our RNS System among the approximately 575,000 adults in the United States with drug-resistant focal epilepsy. We continue seeking indication expansion to, over time, cover the entire approximately 1.2 million drug-resistant epilepsy patients in the United States and may additionally seek to expand our operations to reach the approximately 16.5 million drug-resistant epilepsy patients globally. Epilepsy is a devastating chronic disorder characterized Item 1A. Risk Factors. Our business involves significant risks, some of which are described below. You should carefully consider these risks, as well as the other information in this Annual Report on Form 10-K, including our audited financial statements and the related notes and \u201cManagement\u2019s Discussion and ", "title": "NPCE - NeuroPace Inc", "url": "/company/NPCE/" }, { "kind": "company", "summary": "SIC 3730 Ship & Boat Building & Repairing; CIK 0001638290; latest 10-K filed 2025-08-27.", "text": "MCFT - MasterCraft Boat Holdings, Inc. SIC 3730 Ship & Boat Building & Repairing; CIK 0001638290; latest 10-K filed 2025-08-27. MCFT MasterCraft Boat Holdings, Inc. 0001638290 3730 Ship & Boat Building & Repairing ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis should be read together with the sections entitled \u201cRisk Factors\u201d and the financial statements and the accompanying notes included elsewhere in this Form 10-K. In addition, the statements in this discussion and analysis regarding the performance expectations of our business, anticipated financial results, liquidity and the other non-historical statements are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in \u201cCautionary Note Regarding Forward-Looking Statements\u201d and in \u201cRisk Factors\u201d above. Our actual results may differ materially from those contained in or implied by any forward-looking statements. This section generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Annual Report on Form 10-K and can be found in Item 7 of the Company\u2019s Annual Report on Form 10-K for the year ended June 30, 2024, which was filed with the SEC on August 30, 2024. Key Performance Measures From time to time we use certain key performance measures in evaluating our business and results of operations and we may refer to one or more of these key performance measures in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d These key performance measures include: \u2022 Unit sales volume \u2014 We define unit sales volume as the number of our boats sold to our dealers during a period. \u2022 Net sales per unit \u2014 We define net sales per unit as net sales divided by unit sales volume. \u2022 Gross margin \u2014 We define gross margin as gross profit divided by net sales, expressed as a percentage. \u2022 Net income margin \u2014 We define net income margin as income from continuing operations divided by net sales, expressed as a percentage. \u2022 Adjusted EBITDA \u2014 We define Adjusted EBITDA as income from continuing operations, before interest, income taxes, depreciation, and amortization (\u201cEBITDA\u201d), as further adjusted to eliminate certain non-cash charges and unusual items that we do not consider to be indicative of our core/ongoing operations. For a reconciliation of EBITDA to Adjusted EBITDA, see \u201cNon-GAAP Measures\u201d below. \u2022 Adjusted EBITDA margin \u2014 We define Adjusted EBITDA margin as Adjusted EBITDA divided by net sales, expressed as a percentage. For a reconciliation of Adjusted EBITDA margin to net income margin, see \u201cNon-GAAP Measures\u201d below. \u2022 Adjusted Net Income \u2014 We define Adjusted Net Income as income from continuing operations, adjusted to eliminate certain non-cash charges and other items that we do not consider to be indicative of our core/ongoing operations and adjusted for the impact to income tax expense related to non-GAAP adjustments. For a reconciliation of income from continuing operations to Adjusted Net Income, see \u201cNon-GAAP Measures\u201d below. \u2022 Free cash flow \u2014 We define Free cash flow from continuing operations as net cash from operating activities less purchases of property, plant, and equipment. For a reconciliation of net cash provided by operating activities of continuing operations to Free cash flow, see \u201cNon-GAAP Measures\u201d below. Overview Discontinued Operations On October 18, 2024, the Company completed the Aviara Transaction and on December 23, 2024, the Company completed the Aviara Facility Sale. In fiscal 2023, the Company sold its NauticStar business. The Company's results for all periods presented, as discussed in Management's Discussion and Analysis, are presented on a continuing operations basis. Results related to our Aviara and NauticStar reporting units are reported as discontinued operations for all periods presented. See Notes 1 and 3 in Notes to Consolidated Financial Statements for more information on ITEM 1. BUSINESS We are a leading innovator, designer, manufacturer, and marketer of recreational powerboats sold through our three brands, MasterCraft, Crest, and Balise. As a leader in recreational marine, we strive to deliver the best on-water experience through innovative, high-quality products with a relentless focus on the consumer. Our Segments MasterCraft Segment Our MasterCraft segment, which manufactures and sells premium ski/wake boats, consists of our MasterCraft brand. The MasterCraft brand was founded in 1968 and evolved over the next 55-plus years to become the most award-winning ski/wake boat manufacturer in the world. Today, MasterCraft participates in one of the highest margin producing category within the powerboat industry by manufacturing the industry\u2019s premier competitive water ski, wakeboarding, and wake surfing performance boats. We believe the MasterCraft brand is known among boating enthusiasts for high performance, premier quality, and relentless innovation. We believe that the market recognizes MasterCraft as a premier brand in the powerboat industry due to the overall superior value proposition that our boats deliver to consumers. We work tirelessly every day to maintain this iconic brand reputation. Pontoon Segment Our Pontoon segment, which manufactures and sells pontoon boats, consists of our Crest and our Balise brands. The Pontoon segment participates in the largest unit producing category in the powerboat industry. Crest, which we acquired in October 2018, was founded in 1957 and has grown to be one of the top producers of innovative, high-quality pontoon boats ranging from 20 to 27 feet. Crest\u2019s long-standing reputation for high-quality, standard features and content, and innovation provides Crest with strong dealer and consumer bases in its core geographic markets. Our Balise brand, an all-new, independent pontoon brand which was launched in April 2024, has been conceived with the discerning consumer in mind. With luxuriou ITEM 1A. RISK FACTORS RISK FACTORS Our operations and financial results are subject to certain risks and uncertainties, including those described below, which could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our common stock. Risks Relat", "title": "MCFT - MasterCraft Boat Holdings, Inc.", "url": "/company/MCFT/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001505732; latest 10-K filed 2026-03-04.", "text": "BWFG - Bankwell Financial Group, Inc. SIC 6022 State Commercial Banks; CIK 0001505732; latest 10-K filed 2026-03-04. BWFG Bankwell Financial Group, Inc. 0001505732 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This section presents management\u2019s perspective on our financial condition and results of operations. The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes contained elsewhere in this annual report. To the extent that this discussion describes prior performance, the descriptions relate only to the periods listed, which may not be indicative of future financial outcomes. In addition to historical information, this discussion contains forward looking statements that involve risks, uncertainties and assumptions that could cause results to differ materially from management\u2019s expectations. Factors that could cause such differences are discussed in the sections titled \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d. We assume no obligation to update any of these forward-looking statements. General Bankwell Financial Group, Inc. (the \"Parent Corporation\") is a bank holding company headquartered in New Canaan, Connecticut. The Parent Corporation offers a broad range of financial services through its banking subsidiary, Bankwell Bank (the \"Bank\" and, collectively with the Parent Corporation and the Parent Corporation's subsidiaries, \"we\", \"our\", \"us\", or the \"Company\"). The Bank is a Connecticut state chartered commercial bank, founded in 2002, whose deposits are insured under the Deposit Insurance Fund administered by the Federal Deposit Insurance Corporation (\u201cFDIC\u201d). The Bank provides a wide range of services to clients in our market, an area encompassing approximately a 100 mile radius around our branch network. In addition, the Bank pursues certain types of commercial lending opportunities outside our market, particularly where we have strong relationships. The Bank operates full-service branches in New Canaan, Stamford, Fairfield, Westport, Darien, Norwalk, and Hamden, Connecticut. The Bank also operates in a limited service Domestic Representative Office in New Canaan, Connecticut and in Garden City, New York. During 2025, the Bank received regulatory approval from the FDIC, the CT DOB, and the NY DFS to establish a new full-service branch in Brooklyn, New York, which opened during the first quarter of 2026. The following discussion and analysis presents our results of operations and financial condition on a consolidated basis. However, because we conduct all of our material business operations through the Bank, the discussion and analysis relates to activities primarily conducted at the Bank. We generate most of our revenue from interest on loans and investments and fee-based revenues. Our primary source of funding for our loans is deposits. Our largest expenses are interest on these deposits and salaries and related employee benefits. We measure our performance primarily through our net interest margin, efficiency ratio, ratio of ACL-Loans to total loans, return on average assets and return on average equity, among other metrics, while maintaining appropriate regulatory leverage and risk-based capital ratios. Selected Financial Data The following table sets forth selected consolidated financial data as of the dates and for the periods presented. The selected consolidated balance sheet data as of December 31, 2025 and 2024 and the selected consolidated statement of income data for the years ended December 31, 2025 and 2024 have been derived mainly from our audited consolidated financial statements and related notes that we have included elsewhere in this Annual Report. The selected consolidated balance sheet data as of December 31, 2023, 2022, and 2021 and the selected consolidated statement of income data for the years ended December 31, 2023, 2022, and 2021 has been derived mainly from audited consolidated financial statements that are not presented in this Annual Report. The selected historical consolidated financial data Item 1. Business Cautionary Note Regarding Forward-Looking Statements This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, or the Exchange Act. These statements are often, but not always, made with the words or phrases such as \u201cmay,\u201d \u201cshould,\u201d \u201cbelieve,\u201d \u201clikely result in,\u201d \u201cexpect,\u201d \u201cwould,\u201d \u201cintend,\u201d \u201ccould,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d \u201cwill,\u201d \u201canticipate,\u201d \u201cseek,\u201d \u201cestimate,\u201d \u201cplan,\u201d \u201cprojection,\u201d and \u201coutlook\u201d or the negative version of those words or other similar words of a forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management\u2019s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, uncertainties and other factors that could cause the actual results to differ materially from those contemplated by these forward-looking statements. Important factors that may cause actual results to differ materially from those contemplated by these forward-looking statements include, but are not limited to, those disclosed under \u201cRisk Factors\u201d in Part I Item 1A as well as the following factors: \u2022Disruptions to economic conditions, the financial and labor markets and workplace operating environments; \u2022Local, regional and national business or economic conditions may differ from those expected; \u2022Credit risk and resulting losses in our loan portfolio; \u2022Our Allowance for Credit Losses-Loans (\u201cACL-Loans\u201d) may not be adequate to absorb loan losses; \u2022Changes in real estate values could increase our credit risk; \u2022Changes in our executive management team; \u2022Our ability to successfully ex Item 1A. Risk Factors Risks Relating to Our Business As a business operating in the financial services industry, our business and operations may be adversely affected in numerous and complex ways by weak economic conditions. Our business, which primarily consist of extending credit to clients through loans, borrowing money from c", "title": "BWFG - Bankwell Financial Group, Inc.", "url": "/company/BWFG/" }, { "kind": "company", "summary": "SIC 6153 Short-Term Business Credit Institutions; CIK 0002046042; latest 10-K filed 2026-03-13.", "text": "JCAP - Jefferson Capital, Inc. / DE SIC 6153 Short-Term Business Credit Institutions; CIK 0002046042; latest 10-K filed 2026-03-13. JCAP Jefferson Capital, Inc. / DE 0002046042 6153 Short-Term Business Credit Institutions Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u200b MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the combined and consolidated financial statements and the related notes and other financial data included elsewhere in the Annual Report on Form 10-K. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, beliefs, and expectations that involve risks and uncertainties. Our actual results and the timing of events could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and the sections titled \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d in this Annual Report on Form 10-K (the \u201cAnnual Report\u201d). A discussion regarding our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 is included under \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our final prospectus filed with the SEC pursuant to Rule 424(b)(4) on June 27, 2025. Overview We provide debt recovery solutions and other related services across a broad range of consumer receivables, including credit card, secured and unsecured automotive, telecom and utilities, and other receivables. We primarily purchase portfolios of previously charged-off consumer receivables at deep discounts to face value and manage them by working with individuals as they repay their obligations and work toward financial recovery. Previously charged-off receivables include receivables subject to bankruptcy proceedings. We also provide debt servicing and other portfolio management services to credit originators for nonperforming loans. In addition, through our credit card acquisition programs, we earn credit card revenue. All deployments are made to independent third parties. We operate and manage our business through four reportable segments that are based on geography: United States, United Kingdom, Canada, and Latin America. We also have the following two primary lines of business: [[GREPCENT_TABLE]] [[\"\",\"\\u25fe\",\"Distressed, our largest line of business, represents the purchase, collection, and servicing collection of nonperforming consumer loans; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25fe\",\"Insolvency, which consists of the purchasing and/or servicing of financial assets of consumers who have entered bankruptcy through Chapter 7 or 13 of the U.S. Bankruptcy Code in the United States, consumer proposal, credit counseling, or bankruptcy in Canada and the United Kingdom.\"]] [[/GREPCENT_TABLE]] We are headquartered in Minneapolis, Minnesota, and as of December 31, 2025, with 1,120 FTE (including our offshore co-sourced operation). Key Business Metrics and Non-GAAP Financial Measures We regularly review net operating income and net income along with a number of key business metrics and non-GAAP financial measures to evaluate our business, measure our performance, identify trends, prepare financial projections, and make business decisions. Although we believe the key business metrics and non-GAAP financial measures we review are useful, they have limitations as analytical tools and should not be considered in isolation, or as substitutes for analysis of our financial results prepared in accordance with GAAP. 40 Table of Contents Key Business Metrics Estimated Remaining Collections We define ERC as the undiscounted sum of all future projected collections on our owned finance receivables portfolios. We calculate ERC using data derived from our databases of owned and serviced debt portfolio in the markets in which we operate an Item 1. Business \u200b 1.Organization and Description of Business The accompanying combined and consolidated financial statements include the combined and consolidated results of operations of Jefferson Capital, Inc., and its subsidiaries (the \u201cCompany\u201d). Jefferson Capital, Inc. is a Delaware corporation headquartered in Minneapolis, Minnesota. The Company and its subsidiaries in the U.S., Canada, the U.K and Latin America, provide debt recovery solutions and other related services across a broad range of consumer receivables, including credit card, secured and unsecured automotive, utilities, telecom, and other receivables. The Company primarily purchases portfolios of consumer receivables at deep discounts to face value and manages them by working with individuals as they repay their obligations and work toward financial recovery. Previously charged-off receivables include receivables subject to bankruptcy proceedings. The Company also provides debt servicing and other portfolio management services to credit originators for non-performing loans. Through credit card acquisition programs, the Company earns credit card revenue. All deployments are purchased from independent third parties. The Company purchases portfolios of receivables from a diverse client base, including Fortune 500 creditors, banks, fintech origination platforms, telecommunications providers, credit card issuers, and auto finance companies. The Company\u2019s top five clients accounted for 45.2% and 55.3%, with the top client representing 23.6% and 32.8% of purchases for the years ended December 31, 2025 and 2024, respectively. For credit card receivables, the Company purchases from two issuers. Initial Public Offering June 2025 In June 2025, the Company completed its initial public offering (\u201cIPO\u201d), in which the selling shareholders sold 10,875,000 shares after giving effect to the underwriters\u2019 exercise of the over-allotment option, at a public offering price of $15.00 per share. The Company also Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below and the other information contained in this Annual Report on Form 10-K before making an investment in our common stock. Our business, financial", "title": "JCAP - Jefferson Capital, Inc. / DE", "url": "/company/JCAP/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0000792966; latest 10-K filed 2026-02-27.", "text": "FMAO - FARMERS & MERCHANTS BANCORP INC SIC 6035 Savings Institution, Federally Chartered; CIK 0000792966; latest 10-K filed 2026-02-27. FMAO FARMERS & MERCHANTS BANCORP INC 0000792966 6035 Savings Institution, Federally Chartered ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Reclassification Certain 2024 and 2023 amounts within the loans disclosure (Note 4) and the loan section of Management's Discussion and Analysis have been reclassified to conform with current year presentation to provide additional information to the reader. The reclassifications had no effect on income. Critical Accounting Estimates The Company\u2019s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, and the Company follows general practices within the financial services industry in which it operates. At times the application of these principles requires management to make assumptions, estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. These assumptions, estimates and judgments are based on information available as of the date of the financial statements. As this information changes, the financial statements could reflect different assumptions, estimates and judgments. Certain policies inherently have a greater reliance on assumptions, estimates and judgments and as such have a greater possibility of producing results that could be materially different than 25 originally reported. Examples of critical assumptions, estimates and judgments are when assets and liabilities are required to be recorded at fair value, when a decline in the value of an asset not required to be recorded at fair value warrants an impairment write-down or valuation reserve to be established, or when an asset or liability must be recorded contingent upon a future event. All significant accounting policies followed by the Company are presented in Note 1 to the consolidated financial statements. These policies, along with the disclosures presented in the notes to the consolidated financial statements and in the management's discussion and analysis of financial condition and results of operations, provide information on how significant assets and liabilities are valued and how those values are determined for the financial statements. Based on the valuation techniques used and the sensitivity of financial statement amounts to assumptions, estimates and judgments underlying those amounts, management has identified the Allowance for Credit Losses (ACL) as the accounting area that requires the most subjective or complex judgments, and as such could be the most subject to revision as new information becomes available. The total allowance for credit losses represents management's estimate of credit losses inherent in the Bank's loan portfolio and unfunded loan commitments at the report date. The estimate is a composite of a variety of factors including experience, collateral value, and the general economy. The collection and ultimate recovery of the book value of the collateral, in most cases, is beyond our control. For more information regarding the estimate and calculation used to establish the ACL, please see Note 1 to the consolidated financial statements provided herewith. 26 2025 in Review The focus for 2025 was to improve profitability through the control of loan growth and improvement in the customer gathering of core deposits to fund loans. Cost control, balance sheet management and overall revenue enhancement were included. The Bank strove to reduce dependency on high-cost deposits and expand our contingent liability funding options. As the numbers show, we have been successful in all these areas and begin 2026 with a continuing focus on strong core deposit growth, moderate loan growth and controlling costs. The largest contributor to better profitability was the increase in the net interest margin from 2.72% to 3.28%, a 56-basis point increase and net interest spread increasing 60 basis points in comparing year-end 2024 to year-end 2025. Loan growth at just under 6%, was funded by a decreased cash position ITEM 1. BUSINESS General Farmers & Merchants Bancorp, Inc. (Company) is a bank holding company incorporated under the laws of Ohio in 1985 and elected to become a financial holding company under the Federal Reserve in 2014. Our primary subsidiary, The Farmers & Merchants State Bank (Bank) is a local independent community bank that has been primarily serving Northwest Ohio, Northeast Indiana and Southeast Michigan since 1897. Our other subsidiary, Farmers & Merchants Risk Management (Captive) was a captive insurance company formed in December 2014, located in Nevada and dissolved in December 2023. The Bank includes F&M Insurance Agency, LLC, a subsidiary offering insurance products, which was formed in November 2023. We report our financial condition and net income on a consolidated basis and have only one segment. Our executive offices are located at 307 North Defiance Street, Archbold, Ohio 43502, and our telephone number is (419) 446-2501. For a discussion of the general development of the Company\u2019s business throughout 2025, please see the portion of Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations captioned \u201c2025 in Review.\u201d Nature of Activities The Farmers & Merchants State Bank engages in general commercial banking and savings business including commercial, agricultural and residential mortgage as well as consumer lending activities. Because the Bank's offices are primarily located in 3 Northwest Ohio, Northeast Indiana and Southeast Michigan, a substantial amount of the loan portfolio is comprised of loans made to customers in the agricultural industry for such items as farmland, farm equipment, livestock and operating loans for seed, fertilizer, and feed. Other types of lending activities include loans for home improvements and loans for such items as autos, trucks, recreational vehicles and motorcycles. With the expansion into newer market areas, the most recent increases in loan activity have been in commercial ITEM 1a. RISK FACTORS Credit Risk The risk of nonpayment of loans is inherent in commercial banking. Such nonpayment could have an adverse effect on the Company\u2019s earnings and our overall financial condition as well as the value of our common stock. Management attempts to reduce the Bank\u2019s c", "title": "FMAO - FARMERS & MERCHANTS BANCORP INC", "url": "/company/FMAO/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001166928; latest 10-K filed 2026-02-26.", "text": "WTBA - WEST BANCORPORATION INC SIC 6022 State Commercial Banks; CIK 0001166928; latest 10-K filed 2026-02-26. WTBA WEST BANCORPORATION INC 0001166928 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (dollars in thousands, except per share amounts) INTRODUCTION The Company\u2019s financial highlights and key performance measures are presented in the table below. [[GREPCENT_TABLE]] [[\"\",\"\",\"As of and for the Years Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Performance Ratios\"],[\"Return on average assets\",\"\",\"0.81\",\"%\",\"\",\"0.61\",\"%\",\"\",\"0.66\",\"%\"],[\"Return on average equity\",\"\",\"13.47\",\"%\",\"\",\"10.71\",\"%\",\"\",\"11.42\",\"%\"],[\"Efficiency ratio (1)(2)\",\"\",\"54.11\",\"%\",\"\",\"63.25\",\"%\",\"\",\"60.73\",\"%\"],[\"Nonperforming assets/total assets (1)\",\"\",\"0.00\",\"%\",\"\",\"0.00\",\"%\",\"\",\"0.01\",\"%\"],[\"Net interest margin(2)\",\"\",\"2.35\",\"%\",\"\",\"1.91\",\"%\",\"\",\"2.01\",\"%\"],[\"Dividends and Per Share Data\"],[\"Basic earnings per common share\",\"\",\"$\",\"1.92\",\"\",\"\",\"$\",\"1.43\",\"\",\"\",\"$\",\"1.44\"],[\"Diluted earnings per common share\",\"\",\"1.92\",\"\",\"\",\"1.42\",\"\",\"\",\"1.44\"],[\"Cash dividends per common share\",\"\",\"1.00\",\"\",\"\",\"1.00\",\"\",\"\",\"1.00\"],[\"Dividend payout ratio\",\"\",\"51.95\",\"%\",\"\",\"69.88\",\"%\",\"\",\"69.21\",\"%\"],[\"Dividend yield\",\"\",\"4.51\",\"%\",\"\",\"4.62\",\"%\",\"\",\"4.72\",\"%\"],[\"Operating Results and Year-End Balances\"],[\"Net income\",\"\",\"$\",\"32,560\",\"\",\"\",\"$\",\"24,050\",\"\",\"\",\"$\",\"24,137\"],[\"Total assets\",\"\",\"4,142,244\",\"\",\"\",\"4,014,991\",\"\",\"\",\"3,825,758\"],[\"Securities available for sale\",\"\",\"468,447\",\"\",\"\",\"544,565\",\"\",\"\",\"623,919\"],[\"Loans\",\"\",\"3,001,690\",\"\",\"\",\"3,004,860\",\"\",\"\",\"2,927,535\"],[\"Deposits\",\"\",\"3,468,470\",\"\",\"\",\"3,357,596\",\"\",\"\",\"2,973,779\"],[\"Borrowings\",\"\",\"376,406\",\"\",\"\",\"392,629\",\"\",\"\",\"592,637\"],[\"Stockholders\\u2019 equity\",\"\",\"265,985\",\"\",\"\",\"227,875\",\"\",\"\",\"225,043\"],[\"Average equity to average assets ratio\",\"\",\"6.02\",\"%\",\"\",\"5.65\",\"%\",\"\",\"5.77\",\"%\"]] [[/GREPCENT_TABLE]] Definition of ratios: \u2022Return on average assets - net income divided by average assets. \u2022Return on average equity - net income divided by average equity. \u2022Efficiency ratio - noninterest expense (excluding other real estate owned expense and write-down of premises) divided by noninterest income (excluding net securities gains/losses and gains/losses on disposition of premises and equipment) plus tax-equivalent net interest income. \u2022Nonperforming assets to total assets - total nonperforming assets divided by total assets. \u2022Net interest margin - tax-equivalent net interest income divided by average interest-earning assets. \u2022Dividend payout ratio - dividends paid to common stockholders divided by net income. \u2022Dividend yield - dividends per share paid to common stockholders divided by closing year-end stock price. \u2022Average equity to average assets ratio - average equity divided by average assets. (1) A lower ratio is more desirable. (2) As presented, this is a non-GAAP financial measure. For further information, refer to the section \"Non-GAAP Financial Measures\" of this item. 35 Table of Contents (dollars in thousands, except per share amounts) The Company\u2019s 2025 net income was $32,560, compared to $24,050 in 2024. Basic and diluted earnings per common share for 2025 were $1.92 and $1.92, respectively, compared to $1.43 and $1.42, respectively, in 2024. During 2025, we paid our common stockholders $16,914 ($1.00 per common share) in dividends compared to $16,806 ($1.00 per common share) in 2024. The dividend declared and paid in the first quarter of 2026 was $0.25 per common share. Total assets were $4,142,244 at December 31, 2025, compared to $4,014,991 at December 31, 2024, a 3.2 percent increase. Our loan portfolio declined to $3,001,690 as of December 31, 2025, from $3,004,860 as of December 31, 2024. Deposits increased to $3,468,470 as of December 31, 2025, from $3,357,596 as of December 31, 2024. The Company compares three key performance metrics to those of an identified peer group for evaluating its results. The peer group for 2025 consists of 20 Midwestern, publicly traded financial institutions including Bank First Corporation, Bridgewater Bancshares, Inc., ITEM 1. BUSINESS General Development of Business West Bancorporation, Inc. (the Company or West Bancorporation) is an Iowa corporation and a financial holding company registered under the Bank Holding Company Act of 1956, as amended (BHCA). The Company was formed in 1984 to own West Bank, an Iowa-chartered bank headquartered in West Des Moines, Iowa. West Bank is a business-focused community bank that was organized in 1893. The Company\u2019s primary activity during 2025 was the ownership of West Bank. The Company\u2019s and West Bank\u2019s only business is banking, and therefore, no segment information is presented in this report. For additional information regarding the Company\u2019s segment reporting, see Note 1 of the Notes to the Consolidated Financial Statements included in Item 8 of this Form 10-K . As a financial holding company, the Company has additional flexibility to engage in a broader range of financial activities through affiliates than are permissible for bank holding companies that are not financial holding companies. While the Company does not currently have a plan to engage in any new activities, as a financial holding company, it has the ability to respond more quickly to market developments and opportunities. 5 Table of Contents West Bancorporation, Inc. and Subsidiary The Company currently operates in the following markets: central Iowa, which is generally the greater Des Moines metropolitan area; eastern Iowa, which includes the area surrounding Iowa City and Coralville; and southern Minnesota, which includes the cities of Rochester, Owatonna, Mankato and St. Cloud. The Company continues to grow, as total assets at the end of 2025 totaled $4.1 billion compared to $4.0 billion at the end of 2024, an increase of 3.2 percent. Total deposits at the end of 2025 totaled $3.5 billion compared to $3.4 billion at the end of 2024, an increase of 3.3 percent. The Company continues to focus on expanding existing and entering into new customer relationships while m ITEM 1A. RISK FACTORS West Bancorporation\u2019s business is conducted almost exclusively through West Bank. West Bancorporation and West Bank are subject to many of the common risks that challenge publicly traded, regulated financial institutions. An investment in West Bancorporation\u2019s common stock is also subject to the following specific risks. In addi", "title": "WTBA - WEST BANCORPORATION INC", "url": "/company/WTBA/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001559053; latest 10-K filed 2026-02-27.", "text": "PRTA - PROTHENA CORP PUBLIC LTD CO SIC 2834 Pharmaceutical Preparations; CIK 0001559053; latest 10-K filed 2026-02-27. PRTA PROTHENA CORP PUBLIC LTD CO 0001559053 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS In addition to historical information, this Form 10-K contains forward-looking statements which may cause our actual results to differ materially from expectations, plans and anticipated results discussed in forward-looking statements. Factors that could cause our actual results to differ materially include, but are not limited to, the risks and uncertainties set forth in the \u201cSummary of Risks Affecting Our Business\u201d at the beginning of this Form 10-K, Item 1A \u201cRisk Factors\u201d of this Form 10-K, and in our other filings with the SEC. This discussion should be read in conjunction with the Consolidated Financial Statements and Notes to the Consolidated Financial Statements presented in Item 8 of this Form 10-K. Overview Prothena is a late-stage clinical biotechnology company with expertise in protein dysregulation and a pipeline of investigational therapeutics with the potential to change the course of devastating neurodegenerative and rare peripheral amyloid diseases. Fueled by our deep scientific expertise built over decades of research, we are advancing a pipeline of therapeutic candidates for a number of indications and novel targets for which our ability to integrate scientific insights around neurological dysfunction and the biology of misfolded proteins can be leveraged. These programs include prasinezumab for the potential treatment of Parkinson\u2019s disease and other related synucleinopathies that targets alpha-synuclein in collaboration with Roche. In addition, we have partnered BMS-986446 (formerly PRX005) for the potential treatment for Alzheimer\u2019s disease that targets tau and PRX019 for the potential treatment of neurodegenerative diseases with an undisclosed target in two separate license agreements with Bristol Myers Squibb (BMS). We are also entitled to certain potential milestone payments pursuant to our share purchase agreement with Novo Nordisk pertaining to our ATTR amyloidosis business (inclusive of coramitug, formerly PRX004). Our wholly-owned and unpartnered portfolio includes clinical and preclinical-stage programs that we are exploring strategic interest to further develop. We were formed on September 26, 2012, under the laws of Ireland and re-registered as an Irish public limited company on October 25, 2012. Our ordinary shares began trading on The Nasdaq Global Market under the symbol \u201cPRTA\u201d on December 21, 2012, and currently trade on The Nasdaq Global Select Market. Critical Accounting Policies and Estimates Management\u2019s discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with the accounting principles generally accepted in the U.S. (\u201cGAAP\u201d). The preparation of these consolidated financial statements requires us to make estimates and assumptions for the reported amounts of assets, liabilities, revenues, expenses and related disclosures. We believe the following policies to be critical to the judgments and estimates used in the preparation of our financial statements. 61 Revenue Recognition Our collaboration revenue includes revenue recognized for milestone payments and reimbursements under our License Agreement with Roche as well as revenue recognized under our Collaboration Agreement with BMS. Our license and intellectual property revenue includes revenue from Novo Nordisk for the sale of intellectual property and related rights to the Company\u2019s ATTR amyloidosis business and pipeline and milestones payments. Revenue is recognized only when we satisfy an identified performance obligation by transferring a promised good or service to a customer. We recognize revenue associated with our collaboration arrangements, which may require us to exercise considerable judgment in estimating revenue to be recognized, including judgments made on day one accounting and judgments associated with the amo ITEM 1. BUSINESS Overview Prothena Corporation plc (\u201cProthena\u201d or the \u201cCompany\u201d) is a late-stage clinical biotechnology company with expertise in protein dysregulation with the potential to change the course of devastating neurodegenerative and rare peripheral amyloid diseases. Fueled by its deep scientific expertise built over decades of research, the Company is advancing a pipeline of therapeutic candidates for a number of indications and novel targets for which its ability to integrate scientific insights around neurological dysfunction and the biology of misfolded proteins can be leveraged. The Company\u2019s pipeline includes both wholly-owned and partnered programs being developed for the potential treatment of diseases including Parkinson\u2019s disease, ATTR amyloidosis with cardiomyopathy, Alzheimer\u2019s disease, Amyotrophic lateral sclerosis (ALS) and a number of other neurodegenerative diseases. Prothena is developing and applying its proprietary CYTOPE\u00ae technology to target a broad spectrum of intracellular disease pathways in the brain and periphery. The Company was formed on September 26, 2012, under the laws of Ireland and re-registered as an Irish public limited company on October 25, 2012. The Company's ordinary shares began trading on The Nasdaq Global Market under the symbol \u201cPRTA\u201d on December 21, 2012, and currently trade on The Nasdaq Global Select Market. Our Strategy Our goal is to be a leading biotechnology company focused on the discovery and development of novel therapies to treat diseases caused by protein dysregulation. Under certain pathological conditions, the process by which proteins fold into specific conformations to carry out their intended biological activities becomes dysregulated. When this happens, proteins misfold and propagate many diseases that are not adequately addressed by current therapies. Proteins that misfold and aggregate to form amyloid are associated with a multitude of common and rare human diseases that can gravely dam ITEM 1A. RISK FACTORS You should carefully consider the risks described below, together with all of the other information included in this Form 10-K, in considering our business and prospects. Set forth below and elsewhere in this Form 10-K and in other documents we file with the SEC are descriptions of certain risks, u", "title": "PRTA - PROTHENA CORP PUBLIC LTD CO", "url": "/company/PRTA/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001419536; latest 10-K filed 2026-03-16.", "text": "CBNK - Capital Bancorp Inc SIC 6021 National Commercial Banks; CIK 0001419536; latest 10-K filed 2026-03-16. CBNK Capital Bancorp Inc 0001419536 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Introduction This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended as a review of significant factors affecting the Company\u2019s financial condition and results of operations for the periods indicated. This discussion and analysis should be read in conjunction with the accompanying consolidated financial statements and the related notes. Non-GAAP Financial Measures This report contains non-GAAP financial measures denoted throughout our MD&A by reference to \u201cnon-GAAP.\u201d We believe these non-GAAP financial measures provide useful information to investors because they are used by management to evaluate our operating performance and to make day-to-day operating decisions. In addition, we believe our non-GAAP results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of non-GAAP results increases comparability of period-to-period results. Other companies may use similarly titled non-GAAP financial measures that may be calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP. [[GREPCENT_TABLE]] [[\"\",\"41\"]] [[/GREPCENT_TABLE]] For more information on the computation of non-GAAP financial measures, see \u201cNon-GAAP Financial Measures and Reconciliations.\u201d Financial Performance The following summary should be read in conjunction with the MD&A section in its entirety. Net income of $57.2 million for the year ended December 31, 2025 increased $26.2 million, or 84.6% when compared to the prior year, augmented in part by the acquisition of IFH and strong organic growth. Net income as adjusted for the year ended December 31, 2025 of $56.3 million excludes the impact of $3.5 million after-tax impact from issuing a call of brokered time deposits acquired from the IFH transaction (\u201cCall of Brokered Time Deposits\u201d) and $2.6 million after-tax merger-related expenses. Net income as adjusted for the year ended December 31, 2024 included $3.3 million of after-tax merger-related expenses, $3.2 from the Initial IFH ACL Provision on non-purchased credit deteriorated loans, and $2.6 million of non-recurring equity and debt investment write-down that was nondeductible for tax purposes (non-GAAP). Net interest income of $196.0 million increased $41.2 million from the prior year primarily driven by organic growth and the acquisition of IFH. For more information on the computation of non-GAAP financial measures, see \u201cNon-GAAP Financial Measures and Reconciliations.\u201d The net interest margin decreased 12 basis points to 6.10% for the year ended December 31, 2025 compared to 6.22% for the prior year. The decrease was primarily driven by the acquisition of commercial loans from IFH, which diluted the impact from OpenSky\u2122. For the year ended December 31, 2025, average interest earning assets increased $727.9 million, or 29.3%, to $3.2 billion as compared to the same period in 2024, and the average yield on interest earning assets decreased 46 basis points as a result of the acquisition of commercial loans from IFH, diluting the impact from OpenSkyTM. The Commercial Bank net interest margin was 4.38% for the year ended December 31, 2025, which included 15 basis points related to the Call of Brokered Time Deposits, compared to 3.93% for the prior year. For the year ended December 31, 2025, the Commercial Bank average interest ea ITEM 1. BUSINESS We are Capital Bancorp, Inc., a bank holding company and a Maryland corporation incorporated in 1998, operating primarily through our wholly-owned subsidiary, Capital Bank, N.A., a commercial-focused community bank based in the Washington, D.C. and Baltimore metropolitan areas. The Bank is headquartered in Rockville, Maryland, received its charter in 1999 and began operations the same year. We serve businesses, not-for-profit associations, entrepreneurs and others throughout the Washington, D.C., Baltimore, other Maryland markets, Delaware, Florida, Illinois, and North Carolina through seven commercial bank branches, one mortgage banking office, three loan production offices, three government loan servicing offices, and one credit card operations office. On October 1, 2024, the Company completed its acquisition of IFH. At the effective time of the merger, IFH merged with and into the Company, with the Company continuing as the surviving corporation in the acquisition. Immediately following the acquisition, West Town Bank & Trust, merged with and into Capital Bank, with Capital Bank as the surviving bank. Windsor Advantage\u2122, a wholly owned subsidiary of the Company, was acquired in connection with the IFH acquisition. The Company currently operates four divisions and reporting segments: Commercial Banking, OpenSky\u2122, Windsor Advantage\u2122, and Capital Bank Home Loans (\u201cCBHL\u201d). In determining the appropriateness of segment definition, the Company considers components of the business about which financial information is available and regularly evaluated relative to resource allocation and performance assessment. The accompanying consolidated financial statements have been prepared in accordance with GAAP, and conform to general practices within the banking industry. Our Commercial Banking division primarily operates within a corridor extending from Raleigh, North Carolina to Delaware, with significant activity in the Washington, D.C. and Baltimore metr ITEM 1A. RISK FACTORS. Ownership of our common stock involves certain risks. The risks and uncertainties described below are not the only ones we face. You should carefully consider the risks described below, as well as all other information contained in this Annual Report on Form 10-K. Additional risks and uncertainties not presently ", "title": "CBNK - Capital Bancorp Inc", "url": "/company/CBNK/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001830214; latest 10-K filed 2026-02-26.", "text": "DNA - Ginkgo Bioworks Holdings, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001830214; latest 10-K filed 2026-02-26. DNA Ginkgo Bioworks Holdings, Inc. 0001830214 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. Further, this section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. For discussion related to 2023 items and year-to-year comparisons between 2024 and 2023 that are not 64 Table of Contents included in this Form 10-K, please refer to Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Form 10-K, filed with the United States Securities and Exchange Commission on February 25, 2025. This discussion contains forward-looking statements that reflect our plans, estimates and beliefs that involve risks and uncertainties. Actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed in Item 1A. \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d elsewhere in this Annual Report on Form 10-K. Overview Our mission is to make biology easier to engineer. Ginkgo sells services to government and commercial customers in two business segments: cell engineering, where we provide tools and biological R&D services across a range of industries, and biosecurity, where we provide services to customers who are working to identify, monitor, prevent, mitigate, and ultimately protect humanity from biological threats. An overview of these two business segments is provided below. Cell Engineering Ginkgo does not make end products; instead, we offer biological R&D services on our platform to enable our customers to bring their products to market. Historically, Ginkgo\u2019s primary service offering has been cell engineering R&D services (solutions) where Ginkgo performs technical activities. In 2024, Ginkgo expanded its service offering to include services that provide our customers cell engineering tools for biological R&D, where Ginkgo enables its customers to conduct certain in-house R&D activities themselves. Our services are designed to offer customers better results on the dimensions of probability of success, speed, or cost \u2013 and ideally on all three. The fundamental advantage of our cell engineering platform over traditional cell engineering done by hand at our customers\u2019 labs is that our platform improves with scale while in-house cell engineering in our customers' labs largely does not. Compounding and mutually reinforcing improvements of our laboratory automation and software infrastructure\u2014our Autonomous Lab\u2014and our reusable data assets enable us to improve our services with each successive project. Our Autonomous Lab is a flexible wet lab built from our Reconfigurable Automation Cart (\u201cRAC\u201d) systems capable of large scale data generation; it powers generative AI and machine learning (\u201cML\u201d) tools that enable more successful biological R&D. We now offer services providing such data generation, AI and automation tools directly to Ginkgo customers. Our data assets comprise best practices for cell engineering, along with sequences and host cells that have been honed through dozens of programs and can be directly reusable for our cell engineering solutions. We now offer licenses to our host cells and other IP assets, such as our broad metagenomic library. Cell engineering tools offerings We charge customers fees for the services we provide in our cell engineering tools offerings. Fees for our automation solutions (RAC systems) are typically earned over a period that covers design, build, and deployment and range from six to twelve months. In addition, we offer support services for our RAC systems with fixed fees covering the support periods. Fees for our Datapoints services Item 1. Business. Unless the context otherwise requires, all references in this section to the \u201cCompany,\u201d \u201cGinkgo,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d refer to the business of Ginkgo Bioworks Holdings, Inc. and our subsidiaries. Overview: Our Mission is to Make Biology Easier to Engineer Our mission is to make biology easier to engineer. That has never changed. Every choice we\u2019ve made with respect to our business model, our platform, our people, and our culture is grounded in whether it will advance our mission. Why? Because: 1.Biology is programmable. All living things run on the same DNA code. 2.Biology matters. The ability to engineer biology has had and will have a profound impact on how we develop new medicines and vaccines, grow our food, and manufacture many of the things we use every day. 3.Biology is hard. Today, it is still too difficult and too costly to engineer biology, preventing critical innovations from reaching the market. Ginkgo sells services to government and commercial customers in two business segments: cell engineering, where we provide tools and biological R&D services across a range of industries, and biosecurity, where we provide services to customers who are working to identify, monitor, prevent, mitigate, and ultimately protect humanity from biological threats. An overview of these two business segments is provided below. Cell engineering Our cell engineering customers work with biology to discover and manufacture new products that have transformative potential across industries: \u2022in medicine, developing innovative new therapeutics and vaccines; \u2022in agriculture, advancing the sustainability and security of our food systems; \u2022in industrial biotechnology, advancing the way we manufacture a wide range of products for better performance and lower environmental impact; and \u2022in government, advancing new R&D priorities of strategic importance to the United States and its allies. Because engineering biology is difficult and unpredictable, bio Item 1A. Risk Factors. An investment in our securities involves a high degree of risk. You should carefully consider the following risk factors, together with all of the other information included in this Annual Report, before making an investment decision. Our business, prospects, financia", "title": "DNA - Ginkgo Bioworks Holdings, Inc.", "url": "/company/DNA/" }, { "kind": "company", "summary": "SIC 5945 Retail-Hobby, Toy & Game Shops; CIK 0001113809; latest 10-K filed 2026-04-16.", "text": "BBW - BUILD-A-BEAR WORKSHOP INC SIC 5945 Retail-Hobby, Toy & Game Shops; CIK 0001113809; latest 10-K filed 2026-04-16. BBW BUILD-A-BEAR WORKSHOP INC 0001113809 5945 Retail-Hobby, Toy & Game Shops ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. The following section is qualified in its entirety by the more detailed information, including our financial statements and the notes thereto, which appears elsewhere in this Annual Report on Form 10-K. Business Overview Build-A-Bear Workshop, Inc., a Delaware corporation, was formed in 1997 as a mall-based, experiential specialty retailer for children. Build\u2011A\u2011Bear has evolved to become a leading global \"retailtainment\" brand on a mission to add a little more heart to life. At Build-A-Bear, guests are invited to create personalized furry friends through a unique stuffing, dressing, accessorizing and naming process, accentuated by a memorable Heart Ceremony that creates moments of connection for people of all ages. Over the years, Build\u2011A\u2011Bear has grown into a multi\u2011generational phenomenon, positioned at the intersection of pop\u2011culture trends. Beyond its signature retail experience, our brand also offers pre\u2011stuffed plush, gifting, partnerships with best\u2011in\u2011class licensed and collectible characters, and original storytelling through Build\u2011A\u2011Bear Entertainment, LLC. Build\u2011A\u2011Bear\u2019s current brand platform and message, \u201cThe Stuff You Love,\u201d crosses ages and cultures while celebrating nearly 30 years of helping people mark life\u2019s meaningful moments. The Build-A-Bear brand has high consumer awareness and positive affinity, and we leverage our brand strength to expand the footprint of our retail experience locations through a range of store sizes, formats, and locations, including tourist destinations. In addition to growing our corporately-managed store footprint, we are also growing through partner-operated and franchise locations, particularly for our international expansion. Our ongoing digital transformation, which touches our e-commerce business, consumer loyalty program, and digital content, has led to omnichannel growth over the past several years. Build-A-Bear's pop-culture appeal plays a key role in expanding our total addressable market beyond children to teens and adults with sports licensing, collectible and gifting offerings, as well as to categories beyond plush. As of January 31, 2026, the Company had 662 global locations through a combination of its corporately-managed, partner-operated, and franchise models. This reflects 375 corporately-managed locations, including 333 stores in the United States (\u201cU.S.\u201d) and Canada and 42 stores in the United Kingdom (\u201cU.K.\u201d) and the Republic of Ireland, 178 partner-operated locations in which we sell our products on a wholesale basis to other companies that then, in turn, execute our retail experience, and 109 franchise locations operating internationally, all under the Build-A-Bear Workshop brand. In addition to these stores, we sell products on our company-owned e-commerce sites and third-party marketplace sites, our franchisees sell products through sites that they manage as well as other third-party marketplace sites and other parties sell products on their sites under wholesale agreements. For the 2025 fiscal year, the Company had net new unit growth of 64 experience locations, comprised of seven corporately managed locations, 40 partner-operated locations, and 17 international franchise locations. 26 Table of Contents We operate in three segments that share the same infrastructure, including management, systems, merchandising and marketing, and generate revenues as follows: [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Direct to Consumer (\\u201cDTC\\u201d ITEM 1. BUSINESS Overview Build-A-Bear Workshop, Inc., a Delaware corporation, was formed in 1997 as a mall-based, experiential specialty retailer for children. Build\u2011A\u2011Bear has evolved to become a leading global \"retailtainment\" brand on a mission to add a little more heart to life. At Build-A-Bear, guests are invited to create personalized furry friends through a unique stuffing, dressing, accessorizing and naming process, accentuated by a memorable Heart Ceremony that creates moments of connection for people of all ages. Over the years, Build\u2011A\u2011Bear has grown into a multi\u2011generational phenomenon, positioned at the intersection of pop\u2011culture trends. Beyond its signature retail experience, our brand also offers pre\u2011stuffed plush, gifting, partnerships with best\u2011in\u2011class licensed and collectible characters, and original storytelling through Build\u2011A\u2011Bear Entertainment, LLC. Build\u2011A\u2011Bear\u2019s current brand platform and message, \u201cThe Stuff You Love,\u201d crosses ages and cultures while celebrating nearly 30 years of helping people mark life\u2019s meaningful moments. The Build-A-Bear brand has high consumer awareness and positive affinity, and we leverage our brand strength to expand the footprint of our retail experience locations through a range of store sizes, formats, and locations, including tourist destinations. In addition to growing our corporately-managed store footprint, we are also growing through partner-operated and franchise locations, particularly for our international expansion. Our ongoing digital transformation, which touches our e-commerce business, consumer loyalty program, and digital content, has led to omnichannel growth over the past several years. Build-A-Bear's pop-culture appeal plays a key role in expanding our total addressable market beyond children to teens and adults with sports licensing, collectible and gifting offerings, as well as to categories beyond plush. As of January 31, 2026, the Company had 662 global locations through a combinatio ITEM 1A. RISK FACTORS We operate in a changing environment that involves numerous known and unknown risks and uncertainties that could materially affect our operations. The risks, uncertainties and other factors set forth below may cause our actual results, performances or achievements to be materially different from ", "title": "BBW - BUILD-A-BEAR WORKSHOP INC", "url": "/company/BBW/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000775215; latest 10-K filed 2026-03-06.", "text": "HBT - HBT Financial, Inc. SIC 6022 State Commercial Banks; CIK 0000775215; latest 10-K filed 2026-03-06. HBT HBT Financial, Inc. 0000775215 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Unless the context requires otherwise, references in this report to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to HBT Financial, Inc. and its subsidiaries. Management\u2019s discussion and analysis should be read in conjunction with the following parts of this Annual Report on Form 10-K: Part I, Item 1 \u201cBusiness\u201d, Part II, Item 7A, \u201cQuantitative and Qualitative Disclosures About Market Risk\u201d, and Part II, Item 8 \u201cFinancial Statements and Supplementary Data\u201d. Detailed discussion and analysis of the financial condition and results of operation for 2025 as compared to 2024 can be found below. Detailed discussion and analysis of the financial condition and results of operation for 2024 as compared to 2023 can be found in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, under the caption \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d OVERVIEW HBT Financial, Inc., headquartered in Bloomington, Illinois, is the holding company for Heartland Bank and Trust Company, and has banking roots that can be traced back to 1920. We provide a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa. As of December 31, 2025, the Company had total assets of $5.1 billion, loans held for investment of $3.5 billion, and total deposits of $4.4 billion. Market Area As of December 31, 2025, our branch network included 66 full-service branch locations throughout Illinois and eastern Iowa. We hold a leading deposit share in many of our central Illinois markets, which we define as a top three deposit share rank, providing the foundation for our strong deposit base. The stability provided by this low-cost funding is a key driver of our strong track record of financial performance. Below is a summary of our loan and deposit balances by geographic region: [[GREPCENT_TABLE]] [[\"\",\"December 31, 2025\",\"\",\"December 31, 2024\"],[\"(dollars in thousands)\",\"Loans\",\"\",\"Deposits\",\"\",\"Loans\",\"\",\"Deposits\"],[\"Central\",\"$\",\"1,569,443\",\"\",\"\",\"$\",\"3,005,134\",\"\",\"\",\"$\",\"1,676,842\",\"\",\"\",\"$\",\"2,984,820\"],[\"Chicago MSA\",\"1,522,963\",\"\",\"\",\"1,244,319\",\"\",\"\",\"1,443,777\",\"\",\"\",\"1,218,098\"],[\"Illinois\",\"3,092,406\",\"\",\"\",\"4,249,453\",\"\",\"\",\"3,120,619\",\"\",\"\",\"4,202,918\"],[\"Iowa\",\"363,803\",\"\",\"\",\"109,810\",\"\",\"\",\"345,527\",\"\",\"\",\"115,336\"],[\"Total\",\"$\",\"3,456,209\",\"\",\"\",\"$\",\"4,359,263\",\"\",\"\",\"$\",\"3,466,146\",\"\",\"\",\"$\",\"4,318,254\"]] [[/GREPCENT_TABLE]] 43 Table of Contents CNB Bank Shares, Inc. Acquisition On March 1, 2026, HBT Financial completed its acquisition of CNB, the holding company for CNB Bank. The combined company will have increased density in the central Illinois, Chicago MSA, and St. Louis MSA markets. Prior to the acquisition, CNB operated 18 full-service branch locations which now operate as branches of Heartland Bank. The core system conversion is expected to occur in March 2026. As of December 31, 2025, CNB had total assets of $1.8 billion, total loans of $1.3 billion, and total deposits of $1.5 billion. This acquisition is a subsequent event and the financial results of CNB are not recognized in this Form 10-K. Total consideration consisted of 5.5 million shares of HBT Financial's common stock and $34 million in cash. Based upon the closing price of HBT Financial common stock of $26.96 on February 27, 2026, the aggregate consideration was approximately $182 million. Acquisition-related expenses recognized during the year ended December 31, 2025 totaled $1.0 million. Town and Country Financial Corporation Acquisition On February 1, 2023, HBT Financial completed its acquisition of Town and Country, the holding company for Town and Country Bank. The acquisition of Town and Country further enhanced HBT Financial\u2019s footprint in central Illinois and expanded our footprint into metro-east St. Louis. At the ITEM 1. BUSINESS COMPANY OVERVIEW HBT Financial, Inc. (the \u201cCompany\u201d or \"HBT Financial\"), a Delaware corporation incorporated in 1982, is a bank holding company headquartered in Bloomington, Illinois that has elected to be regulated as a financial holding company. As of December 31, 2025, we had total assets of $5.1 billion, loans held for investment of $3.5 billion, and total deposits of $4.4 billion. Through our bank subsidiary, Heartland Bank and Trust Company (\u201cHeartland Bank\u201d or the \u201cBank\u201d), we provide a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa. The Company\u2019s common stock is traded on the Nasdaq Global Select Market under the symbol \u201cHBT.\u201d The roots of our Company can be traced back to 1920 when M.B. Drake, the grandfather of our Executive Chairman, Fred Drake, helped found a community bank in Cornland, Illinois. The Drake family went on to operate several banks throughout central Illinois, and in 1982, George Drake (M.B.'s son and Fred's father) incorporated the Company as one of the first multi-bank holding companies in Illinois. Since that time, we have grown both organically and through the successful integration of more than a dozen community bank acquisitions. The foundation for our success has been built upon a steadfast commitment to our core operating principles: \u2022Prioritize safety and soundness. We engage in safe and sound banking practices that preserve the asset quality of our balance sheet and protect our deposit base. \u2022Maintain strong profitability. We have produced consistently strong earnings even through challenging cycles such as the 2008-2009 global financial crisis and the COVID-19 pandemic. \u2022Continue disciplined growth. We have a strong track record of successful organic and acquisitive growth with our seasoned senior management team. \u2022Uphold our Midwestern values. We convey the values of the Midwest through hard work and persevera ITEM 1A. RISK FACTORS The material risks and uncertainties that management believes affect us are described below. You should carefully consider these risks, together with all of the information included herein. Any of the following risks, as well as risks that we do not know or currently deem immaterial, could have a material adverse effect on our business", "title": "HBT - HBT Financial, Inc.", "url": "/company/HBT/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001614178; latest 10-K filed 2026-03-10.", "text": "YEXT - Yext, Inc. SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001614178; latest 10-K filed 2026-03-10. YEXT Yext, Inc. 0001614178 7374 Services-Computer Processing & Data Preparation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. As discussed in the section titled \"Special Note Regarding Forward Looking Statements,\" the following discussion and analysis contains forward looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed in the section titled \"Risk Factors\" under Part I, Item 1A in this Annual Report on Form 10-K. Overview Yext empowers businesses to manage their knowledge so they can deliver relevant, actionable answers to consumer questions as well as consistent, accurate and engaging experiences to customers throughout the digital ecosystem. Our digital presence platform (also known as the Answers Platform) lets businesses structure and organize information about their brands in our Knowledge Graph (previously known as Yext Content), which is then delivered across first-and third-party websites and applications through our network of over 200 service and application providers, which we refer to as our Publisher Network. These publishers include, among others, Amazon Alexa, Apple, Bing, Facebook, Gemini, Google, OpenAI, and Yelp. Our platform powers all of our key products, including Listings, Reviews, Pages, Search, Social, Relate, and Scout, each with robust analytics capabilities for businesses to easily track performance across customer experiences. It is our mission to empower businesses to easily manage every aspect of their digital presence to make meaningful connections with their customers across every digital touchpoint. We sell our platform throughout the world to customers of all sizes, including our enterprise, mid-size, and third-party reseller customers. In transactions with resellers, we are only party to the transaction with the reseller and are not a party to the reseller's transaction with its customer. Revenue is a function of the number of customers, the number of licenses or capacity purchased by each customer, the package to which each customer subscribes, the price of the package and renewal rates. We offer subscriptions in a discrete range of packages, with pricing based on specified feature sets and the number of licenses managed by the customer as well as on a capacity-basis. In August 2024, we acquired Hearsay Social, Inc., a digital client engagement platform for financial services (\"Hearsay\"). See Note 4 \"Business Combinations\" to our consolidated financial statements for additional information. Fiscal Year Our fiscal year ends on January 31st. References to fiscal 2026, for example, are to the fiscal year ended January 31, 2026. Macroeconomic Conditions Our results of operations have been and may continue to be influenced by general macroeconomic conditions, including, but not limited to, the impact of foreign currency fluctuations, interest rates, inflation, recession risks, tariffs and other trade restrictions, geopolitical events and shifts, and changes in government administration policy positions. Fluctuations in foreign exchange rates and rising inflation have had, and may continue to have an adverse impact on our financial condition and operating results in future periods. The extent to which such disruptions will continue in future periods remains uncertain, which has had and may continue to have an adverse impact on our financial condition and operating results in future periods. We continue to be committed to our business, the strength of our platform, our ability to continue to Item 1. Business Overview Yext, Inc. (\u201cYext,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) empowers businesses to manage their knowledge so they can deliver relevant, actionable answers to consumer questions as well as consistent, accurate and engaging experiences to customers throughout the digital ecosystem. Our digital presence platform (also known as the Answers Platform) lets businesses structure and organize information about their brands in our Knowledge Graph (previously known as Yext Content), which is then delivered across first- and third-party websites and applications through our network of over 200 service and application providers, which we refer to as our Publisher Network. These publishers include among others, Amazon Alexa, Apple, Bing, Facebook, Gemini, Google, OpenAI, and Yelp. Our platform powers all of our key products, including Listings, Reviews, Pages, Search, Social, Relate, and Scout, each with robust analytics capabilities for businesses to easily track performance across customer experiences. It is our mission to empower businesses to easily manage every aspect of their digital presence to make meaningful connections with their customers across every digital touchpoint. The digital consumer journey continues to change with the expansion of artificial intelligence (\u201cAI\u201d) and large language models. Consumers increasingly depend on more tools to find information and interact with brands across search, websites, apps, voice assistants and AI chat. Consumers are no longer solely depending on individual keyword searches like \u201cmortgage\u201d or \u201cmenswear.\u201d Instead, they are increasingly using natural language phrases like \u201cwealth advisor near me who specializes in healthcare\u201d or asking specific questions like \u201cwhat\u2019s the best menswear store in London that sells dress shirts and is open now?\u201d Additionally, consumers are leveraging multiple channels, such as online reviews and social media, to find information that influences decisions both in-person and on Item 1A. Risk Factors You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K, including our consolidated financial statements and related notes, before making a decision to invest in our common stock. ", "title": "YEXT - Yext, Inc.", "url": "/company/YEXT/" }, { "kind": "company", "summary": "SIC 5900 Retail-Miscellaneous Retail; CIK 0001883313; latest 10-K filed 2026-02-20.", "text": "SVV - Savers Value Village, Inc. SIC 5900 Retail-Miscellaneous Retail; CIK 0001883313; latest 10-K filed 2026-02-20. SVV Savers Value Village, Inc. 0001883313 5900 Retail-Miscellaneous Retail Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The Company reports on a fiscal year basis, which ends on the Saturday nearest December 31. Our last two fiscal years consisted of the 53 weeks ended January 3, 2026 (\u201cfiscal 2025\u201d) and the 52 weeks ended December 28, 2024 (\u201cfiscal 2024\u201d). You should read the following discussion and analysis of the financial condition and results of operations of Savers Value Village, Inc. in conjunction with our audited consolidated financial statements and related notes and other financial information included in this Annual Report. This section of this Annual Report generally discusses fiscal 2025 and 2024 items and year-to-year comparisons between fiscal 2025 and 2024. Discussions of fiscal 2023 items and year-to-year comparisons between fiscal 2024 and 2023 are not included in this Annual Report on Form 10-K and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 28, 2024, which was filed with the SEC on February 21, 2025. Unless the context otherwise requires, all references in this section to \u201cSavers Value Village\u201d, \u201cthe Company\u201d, \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d refer to the business of Savers Value Village, Inc.. This discussion contains forward-looking statements that involve risks and uncertainties about our business and operations and reflect our plans, estimates and beliefs. Our actual results and the timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under Part I, Item 1A \u201cRisk Factors\u201d or in other parts of this Annual Report. Overview We are the largest for-profit thrift operator in the United States (\u201cU.S.\u201d) and Canada based on number of stores and operated a total of 367 stores as of January 3, 2026 under the Savers\u00ae, Value Village\u00ae, Value Village Boutique\u2122, Village des ValeursMD, Unique\u00ae and 2nd Ave.\u00ae banners. We are committed to redefining secondhand shopping by providing one-of-a-kind, low-priced merchandise ranging from quality clothing to home goods in an exciting treasure-hunt shopping environment. We purchase secondhand textiles (e.g., clothing, bedding and bath items), shoes, accessories, housewares, books and other goods from our non-profit partners (\u201cNPPs\u201d). We then process, select, price, merchandise and sell these items in our stores. Items that are unsuited for or unsold at retail stores are marketed to wholesale customers who reuse or repurpose the items they purchase from us. We believe our hyper-local and socially responsible procurement model, industry-leading and innovative operations, differentiated value proposition and deep relationships with our customers distinguish us from other secondhand and value-based retailers. Our business model is rooted in sustainability and contributing to the communities we serve, with a mission to positively impact our stakeholders: thrifters, NPPs and their donors, our team members and our stockholders. As a leader and pioneer of the for-profit thrift category, we seek to positively impact the environment by reducing waste and extending the life of reusable goods. The vast majority of the clothing and textiles we source is sold to our retail or wholesale customers. We offer a dynamic, ever-changing selection of items, with an average unit retail (\u201cAUR\u201d) price of approximately $5. Our most engaged customers are members of our Super Savers Club\u00ae loyalty program. As of January 3, 2026, we had 6.1 million total active members enrolled in our U.S. and Canadian loyalty programs who shopped with us during fiscal 2025, compared to 5.9 million total active members as of December 28, 2024. Active members drove 72.7% of retail sales during fiscal 2025, compared to 72.4% during fiscal 2024. We have innovated and invested in the development of signif Item 1. Business Company Overview Savers Value Village, Inc. (the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d, or \u201cour\") is the largest for-profit thrift operator in the United States (\u201cU.S.\u201d) and Canada based on number of stores. With nearly 24,000 team members, we operate a total of 367 stores under the Savers\u00ae, Value Village\u00ae, Value Village Boutique\u2122, Village des ValeursMD, Unique\u00ae and 2nd Ave.\u00ae banners. As of January 3, 2026, we had 179 stores in the U.S., 170 stores in Canada and 18 stores in Australia. The Company reports on a fiscal year basis, which ends on the Saturday nearest December 31. Our last three fiscal years consisted of the 53 weeks ended January 3, 2026 (\u201cfiscal 2025\u201d), the 52 weeks ended December 28, 2024 (\u201cfiscal 2024\u201d) and the 52 weeks ended December 30, 2023 (\u201cfiscal 2023\u201d). Our mission Our mission is to champion reuse and inspire a future where secondhand is second nature. From the thrill of the hunt to the joy of decluttering, we help communities harness the power of pre-loved stuff to keep reusable items around for years to come. Who we are We are committed to redefining secondhand shopping by providing one-of-a-kind, low-priced merchandise ranging from quality clothing to home goods in an exciting treasure-hunt shopping environment. We purchase secondhand textiles (e.g., clothing, bedding and bath items), shoes, accessories, housewares, books and other goods from our non-profit partners (\u201cNPPs\u201d). We then process, select, price, merchandise and sell these items in our stores. Items that are unsuited for or unsold at retail stores are marketed to wholesale customers who reuse or repurpose the items they purchase from us. We believe our hyper-local and socially responsible procurement model, industry-leading and innovative operations, differentiated value proposition and deep relationships with our customers distinguish us from other secondhand and value-based retailers. Our business model is rooted in sustainability and contributing to the communities we Item 1A. Risk Factors Risk Factor Summary Below is a summary of the principal factors that we believe make an investment in the Company speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face", "title": "SVV - Savers Value Village, Inc.", "url": "/company/SVV/" }, { "kind": "company", "summary": "SIC 4941 Water Supply; CIK 0000108985; latest 10-K filed 2026-03-03.", "text": "YORW - YORK WATER CO SIC 4941 Water Supply; CIK 0000108985; latest 10-K filed 2026-03-03. YORW YORK WATER CO 0000108985 4941 Water Supply Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. (All dollar amounts are stated in thousands of dollars.) Overview The York Water Company (the \u201cCompany\u201d) is the oldest investor-owned water utility in the United States, operated continuously since 1816. The Company also owns and operates three wastewater collection systems and twelve wastewater collection and treatment systems. The Company is a purely regulated water and wastewater utility. Profitability is largely dependent on water revenues. Due to the size of the Company and the limited geographic diversity of its service territory, weather conditions, particularly precipitation, economic, and market conditions can have an adverse effect on revenues. The Company experienced increased revenues in 2025 compared to 2024 primarily due to an increase in the number of customers and higher revenues from the distribution system improvement charge, or DSIC. The DSIC allows the Company to add a charge to customers\u2019 bills for qualified replacement costs of certain infrastructure without submitting a rate filing. The Company\u2019s business does not require large amounts of working capital and is not dependent on any single customer or a very few customers for a material portion of its business. In 2025, operating revenue was derived from the following sources and in the following percentages: residential, 64%; commercial and industrial, 29%; and other, 7%, which is primarily from the provision for fire service, but includes other water and wastewater service-related income. The diverse customer mix helps to reduce volatility in consumption. The Company seeks to grow revenues by increasing the volume of water sold and wastewater service provided through increases in the number of customers, making timely and prudent investments in infrastructure replacements, expansion and improvements, and timely filing for rate increases. The Company continuously looks for acquisition and expansion opportunities both within and outside its current service territory as well as through contractual services and bulk water supply. Table of Contents Page 13 The Company has agreements with several municipalities to provide billing and collection services. The Company continues to review and consider opportunities to expand this initiative to further diversify the business. In addition to increasing revenue, the Company consistently focuses on minimizing costs without sacrificing water quality or customer service. Paperless billing, expanding online services, negotiation of favorable electric, banking, and other costs, and reduced pension contributions are examples of the Company\u2019s recent efforts to minimize costs. Performance Measures Company management uses financial measures including operating revenues, net income, earnings per share and return on equity to evaluate its financial performance. Additional statistical measures including number of customers, customer complaint rate, annual customer rates and the efficiency ratio are used to evaluate performance quality. These measures are calculated on a regular basis and compared with historical information, budget and the other publicly-traded water and wastewater companies. The Company\u2019s performance in 2025 was strong under the above measures. Operating revenues increased in 2025 compared to 2024 primarily due to an increase in the number of customers and higher revenues from the DSIC. The increase in operating expenses offset the increase in operating revenues. The Company incurred higher interest expense and lower allowance for funds used during construction. The Company did benefit from a lower income taxes and a gain on life insurance. The overall effect was a decrease in net income in 2025 over 2024 of 1.3% and a return on year end common equity of 8.3%. The return on year end common equity was lower than the 2024 result and the five year historical average return on year end comm Item 1. Business. The York Water Company (the \u201cCompany\u201d) is the oldest investor-owned water utility in the United States and is duly organized under the laws of the Commonwealth of Pennsylvania. The Company has operated continuously since 1816. The primary business of the Company is to impound, purify to meet or exceed safe drinking water standards and distribute water. The Company also owns and operates three wastewater collection systems and twelve wastewater collection and treatment systems. The Company operates within its franchised water and wastewater territory, which covers portions of 58 municipalities within four counties in south-central Pennsylvania. The Company is regulated by the Pennsylvania Public Utility Commission, or PPUC, for both water and wastewater in the areas of billing, payment procedures, dispute processing, terminations, service territory, debt and equity financing and rate setting. The Company must obtain PPUC approval before changing any practices associated with the aforementioned areas. Water service is supplied through the Company\u2019s own distribution system. The Company obtains the bulk of its water supply for its primary system for York and Adams Counties from both the South Branch and East Branch of the Codorus Creek, which together have an average daily flow of approximately 73.0 million gallons from a combined watershed area of approximately 117 square miles. The Company has two reservoirs on this primary system, Lake Williams and Lake Redman, which together hold up to approximately 2.5 billion gallons of water. The Company supplements these reservoirs with a 15-mile pipeline from the Susquehanna River to Lake Redman which provides access to an additional supply of 12.0 million gallons of untreated water per day. The Company obtains its water supply for its system for Franklin County from the Roxbury Dam on the Conodoguinet Creek, which has an average daily flow of approximately 26.0 million gallons from a watershed are", "title": "YORW - YORK WATER CO", "url": "/company/YORW/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001591670; latest 10-K filed 2026-02-19.", "text": "FPI - Farmland Partners Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001591670; latest 10-K filed 2026-02-19. FPI Farmland Partners Inc. 0001591670 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u200b The following analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and the notes included elsewhere in this Annual Report on Form 10-K. \u200b Overview and Background \u200b Our primary strategic objective is to utilize our position as a leading institutional acquirer, owner and manager of high-quality farmland located in agricultural markets throughout North America to deliver strong risk adjusted returns to investors through a combination of cash dividends and asset appreciation. As of December 31, 2025, we owned farms with an aggregate of approximately 71,600 acres in Arkansas, California, Colorado, Illinois, Indiana, Louisiana, Missouri, Nebraska, South Carolina, Texas and West Virginia. In addition, as of December 31, 2025, we owned land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. As of December 31, 2025, approximately 60% of our portfolio (by value) was used to grow primary crops, such as corn, soybeans, wheat, rice and cotton, and approximately 40% was used to produce specialty crops, such as almonds, pistachios, citrus, avocados, strawberries, and edible beans. We believe our portfolio gives investors the economic benefit of increasing global food demand in the face of growing scarcity of high-quality farmland and will continue to reflect the approximate allocation of U.S. agricultural output between primary crops and animal protein (whose production relies principally on primary crops as feed), on one hand, and specialty crops, on the other. In addition, under the FPI Loan Program, we make loans to landowners with whom we have established relationships and third-party farmers (both tenant and non-tenant) to provide financing for business operations, property acquisitions, working capital requirements, operational farming activities, farming infrastructure projects and non-farming business needs. \u200b FPI was incorporated in Maryland on September 27, 2013, and is the sole member of the sole general partner of the Operating Partnership, which is a Delaware limited partnership that was formed on September 27, 2013. All of FPI\u2019s assets are held by, and its operations are primarily conducted through, the Operating Partnership and its wholly owned subsidiaries. As of December 31, 2025, FPI owned 98.1% of the Common units and none of the Series A preferred units. See \u201cNote 9\u2014Stockholders\u2019 Equity and Non-controlling Interests\u201d within the notes to the consolidated financial statements included in this Annual Report on Form 10-K for additional information regarding the non-controlling interests. \u200b FPI has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with its short taxable year ended December 31, 2014. \u200b Recent Developments \u200b 2025 Dispositions \u200b During 2025, we completed dispositions consisting of 60 properties in the Corn Belt, Delta and South, High Plains and West Coast regions. We received $90.2 million in aggregate consideration, including $2.1 million in seller financing, and recognized an aggregate net gain on sale of $34.9 million. The 60 property dispositions include 23 properties that were exchanged for the redemption and cancellation of 31,000 Series A preferred units (see \u201cExchange of Properties for Series A Preferred Units\u201d below for more information). \u200b 2025 Acquisitions \u200b During 2025, we completed acquisitions consisting of six properties in the Corn Belt region. Aggregate consideration for these acquisitions was $7.3 million. \u200b Share Repurchases \u200b During the year ended December 31, 2025, we repurchased 3,411,581 shares of our common stock at a weighted average price of $11.07 per share under our share repurchase program. As of December 31, 2025, we had approximately 43 Table of Conten Item 1. Business \u200b Our Company \u200b Farmland Partners Inc. (\u201cFPI\u201d), collectively with its subsidiaries, is an internally managed real estate company that owns and seeks to acquire high-quality farmland located in agricultural markets throughout North America. FPI was incorporated in Maryland on September 27, 2013. FPI elected to be taxed as a real estate investment trust (\u201cREIT\u201d) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the \u201cCode\u201d), commencing with its short taxable year ended December 31, 2014. \u200b FPI is the sole member of the sole general partner of Farmland Partners Operating Partnership, LP (the \u201cOperating Partnership\u201d), which was formed in Delaware on September 27, 2013. All of FPI\u2019s assets are held by, and its operations are primarily conducted through, the Operating Partnership and the wholly owned subsidiaries of the Operating Partnership. As of December 31, 2025, FPI owned a 98.1% interest in the Operating Partnership. See \u201cNote 9\u2014Stockholders\u2019 Equity and Non-controlling Interests\u201d for additional discussion regarding Class A Common units of limited partnership interest in the Operating Partnership (\u201cCommon units\u201d), Series A preferred units of limited partnership interest in the Operating Partnership (\u201cSeries A preferred units\u201d) and Series B participating preferred units of limited partnership interest in the Operating Partnership (\u201cSeries B participating preferred units\u201d). Unlike holders of FPI\u2019s common stock, par value $0.01 per share (\u201ccommon stock\u201d), holders of the Operating Partnership\u2019s Common units and Series A preferred units generally do not have voting rights or the power to direct the affairs of FPI. As the sole member of the sole general partner with control of the Operating Partnership, FPI is the primary beneficiary and therefore consolidates the Operating Partnership in accordance with accounting standards for consolidation of variable interest entities. References to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cou Item 1A. Risk Factors \u200b Set forth below are the risks that we believe are material to our stockholders. You should carefully consider the following risks in evaluating our Company and our business. The occurrence of any of the following factors, events or circumstances described below could materially adversely impact our financial condition, ", "title": "FPI - Farmland Partners Inc.", "url": "/company/FPI/" }, { "kind": "company", "summary": "SIC 5411 Retail-Grocery Stores; CIK 0001547459; latest 10-K filed 2025-12-11.", "text": "NGVC - Natural Grocers by Vitamin Cottage, Inc. SIC 5411 Retail-Grocery Stores; CIK 0001547459; latest 10-K filed 2025-12-11. NGVC Natural Grocers by Vitamin Cottage, Inc. 0001547459 5411 Retail-Grocery Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with our consolidated financial statements and notes thereto which are included elsewhere in this Form 10-K. This MD&A contains forward-looking statements. Refer to \u201cForward-Looking Statements\u201d at the beginning of this Form 10-K for an explanation of these types of statements. Summarized numbers included in this section, and corresponding percentage or basis point changes may not sum due to the effects of rounding. Company Overview We operate natural and organic grocery and dietary supplement stores that are focused on providing high-quality products at affordable prices, exceptional customer service, nutrition education and community outreach. We offer a variety of natural and organic groceries, dietary supplements and body care products that meet our strict quality standards. We believe we have been at the forefront of the natural and organic foods movement since our founding. We are headquartered in Lakewood, Colorado. As of September 30, 2025, we operated 169 stores in 21 states, including Colorado, Arizona, Arkansas, Idaho, Iowa, Kansas, Louisiana, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington and Wyoming. We also operate a bulk food repackaging facility and distribution center in Golden, Colorado. We offer a variety of natural and organic groceries and dietary supplements that meet our strict quality guidelines. The sizes of our stores range from approximately 7,000 to 17,000 selling square feet. The growth in the organic and natural foods industry and growing consumer interest in health and nutrition have enabled us to continue to open new stores and enter new markets. During the five fiscal years ended September 30, 2025, we increased our store count at a compound annual growth rate of 1.2%. In fiscal year 2025, we opened two new stores, relocated/remodeled three existing stores and closed two stores. We plan to open six to eight new stores and relocate/remodel two to three existing stores in fiscal year 2026. We intend to continue to target an annual new store unit growth rate of 4% to 5% for the foreseeable future. Between October 1, 2025 and the date of this Form 10-K, we did not open any new stores or relocate/remodel any existing stores and closed one store. Performance Highlights Key highlights of our performance are discussed briefly below and in further detail throughout this MD&A. Key financial metrics, including, but not limited to, daily average comparable store sales, are defined in the section \u201cKey Financial Metrics in Our Business,\u201d presented later in this MD&A. [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Net sales. Net sales were $1,330.8 million for the year ended September 30, 2025, an increase of $89.3 million, or 7.2%, compared to net sales of $1,241.6 million for the year ended September 30, 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Daily average comparable store sales. Daily average comparable store sales for the year ended September 30, 2025 increased 7.3% from the year ended September 30, 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Net income. Net income was $46.4 million for the year ended September 30, 2025, an increase of $12.5 million, or 36.9%, compared to net income of $33.9 million for the year ended September 30, 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"EBITDA. Earnings before interest, taxes, depreciation, and amortization (EBITDA) was $93.8 million for the year ended September 30, 2025, an increase of $15.9 million, or 20.4%, compared to EBITDA of $77.9 million for the year ended September 30, 2024. EBITDA is not a measure of financial performance under generally accepted accounting principles in the United States Item 1. Business. General Natural Grocers\u00ae is an expanding specialty retailer of natural and organic groceries and dietary supplements. We focus on providing high-quality products at affordable prices, exceptional customer service, nutrition education and community outreach. We strive to generate long-term relationships with our customers based on transparency and trust by: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"selling only natural and organic groceries, body care products and dietary supplements that meet our strict quality guidelines - we do not approve for sale grocery products that are known to contain artificial flavors, preservatives or sweeteners, synthetic colors, or partially hydrogenated or hydrogenated oils;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"utilizing an efficient and flexible smaller-store format to offer affordable prices and a convenient, clean and shopper-friendly retail environment;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"enhancing our customers\\u2019 shopping experience by providing free science-based nutrition education to help our customers make well-informed health and nutrition choices; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"incorporating principles of ecological sustainability into our product standards and Company practices.\"]] [[/GREPCENT_TABLE]] 1 Table of Contents Our History and Founding Principles Our founders, Margaret and Philip Isely, were early proponents of the connection between health and the use of natural and organic products and dietary supplements. In the mid-1950\u2019s, Margaret transformed her health and the health of her family by applying concepts and principles she learned from books on nutrition. This inspired the Iselys to provide the same type of nutrition education to their community. The Iselys started by lending books on nutrition and providing samples of whole grain bread door-to-door in Golden, Colorado and subsequently concluded they could develop a v Item 1A. Risk Factors. Risk Factor Summary We are providing the following summary of the risk factors contained in our Form 10-K to enhance the readability and accessibility of our risk factor disclosures. We encourage our stockholders to carefully review the full risk factors contained in this Form 10-K in t", "title": "NGVC - Natural Grocers by Vitamin Cottage, Inc.", "url": "/company/NGVC/" }, { "kind": "company", "summary": "SIC 2621 Paper Mills; CIK 0000041719; latest 10-K filed 2025-11-25.", "text": "MAGN - Magnera Corp SIC 2621 Paper Mills; CIK 0000041719; latest 10-K filed 2025-11-25. MAGN Magnera Corp 0000041719 2621 Paper Mills Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Outlook The Company is affected by general economic and industrial growth, raw material availability, cost inflation, supply chain disruptions, new and changing tariffs and general industrial production. Our business has both geographic and end market diversity, which reduces the effect of any one of these factors on our overall performance. Our results are affected by our ability to pass through raw material and other cost changes, including tariffs, to our customers, improve manufacturing productivity and adapt to volume changes of our customers. During fiscal 2025, the Company announced capacity rationalizations (Project CORE) in order to deliver future cost savings and optimize equipment utilization. In total, over the next two years, these actions are projected to cost approximately $20 million with the operations savings intended to counter general economic softness. Despite global macro-economic challenges and uncertainties attributed to inflation, changing tariff policies and general market softness, we continue to believe our underlying long-term demand fundamental in all segments will remain strong as we focus on providing advantaged products in targeted markets. For fiscal year 2026 (\"fiscal 2026\"), we project cash from operations between $170 to $190 million and free cash flow between $90 to $110 million. Projected fiscal 2026 free cash flow assumes $80 million of capital spending. For the definition of free cash flow and further information related to free cash flow as a non-GAAP financial measure, see \u201cLiquidity and Capital Resources.\u201d Discussion of Results of Operations for Fiscal 2025 Compared to Fiscal 2024 Business integration expenses consist of restructuring and impairment charges, divestiture-related costs, and other business optimization costs. Tables present dollars in millions. A discussion and analysis regarding our results of operations for fiscal year 2024 compared to fiscal year 2023 can be found on Form 8-K/A, filed with the SEC on January 31, 2025. [[GREPCENT_TABLE]] [[\"Consolidated Overview\",\"Fiscal Year\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"$ Change\",\"\",\"% Change\"],[\"Net sales\",\"$\",\"3,204\",\"\",\"\",\"$\",\"2,187\",\"\",\"\",\"$\",\"1,017\",\"\",\"\",\"\",\"47\",\"%\"],[\"Operating income (loss)\",\"$\",\"5\",\"\",\"\",\"$\",\"(141)\",\"\",\"\",\"$\",\"146\",\"\",\"\",\"\",\"104\",\"%\"]] [[/GREPCENT_TABLE]] Net sales: The net sales increase included revenue from the Transaction of $1,145 million partially offset by decreased selling prices of $45 million primarily due to the pass-through of lower raw material costs, a $32 million unfavorable impact from foreign currency changes and a 2% organic volume decline, that was attributed to general market softness in Europe and competitive pressures from imports in South America. Operating income (loss): The operating income improvement is primarily attributed to the $171 million goodwill impairment charge in fiscal 2024, the elimination of $18 million in corporate expense allocations, an $11 million favorable change from prior year hyperinflation in Argentina, and operating income from GLT, partially offset by a $16 million inventory fair value step-up charge related to the Transaction, a $25 million unfavorable impact from increased business integration costs, a $12 million increase in stock compensation expense, and an unfavorable impact from volume declines. 8 [[GREPCENT_TABLE]] [[\"Other expense (income), net\",\"Fiscal Year\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"$ Change\",\"\",\"% Change\"],[\"Other expense (income), net\",\"$\",\"30\",\"\",\"\",\"$\",\"(9)\",\"\",\"\",\"$\",\"39\",\"\",\"\",\"\",\"433\",\"%\"]] [[/GREPCENT_TABLE]] The Other expense (income) increase is due to a $15 million prepayment penalty charge for retiring debt concurrently with the Transaction, $8 million of non-cash charges associated with pre-Transaction tax liabilities, and a $12 million unfavorable change in currency charges related to intercompany loans. [[GREPCENT_TABLE]] [[\"In Item 1. BUSINESS (In millions of dollars, except as otherwise noted) General The Company is a leading global supplier of a diverse portfolio of innovative specialty materials comprised of organic and synthetic raw ingredients. We market our products predominantly into stable, consumer-oriented end markets for disposable and durable applications. End user examples include wipes, healthcare, adult incontinence, apparel, baby, feminine care, air filtration, and food and beverage. We also provide technical solutions in infrastructure markets. Our customers include a mix of leading global and national brands, private label, and small to mid-sized regional businesses. On November 4, 2024 (the \u201cClosing Date\u201d), Treasure Holdco, Inc. (\u201cTreasure\u201d), which was a wholly owned subsidiary of Berry Global Group, Inc. (\u201cBerry\u201d), completed its merger (the \u201cTransaction\u201d) with the Glatfelter Corporation (\u201cGLT\u201d or \u201cGlatfelter\u201d) which concurrently changed its name to Magnera Corporation (the \u201cCompany,\u201d \u201cwe,\u201d or \u201cMagnera\u201d). As a result, pre-Transaction Treasure shareholders received shares of Magnera representing 90% of the combined company and GLT shareholders retained 10%. As Treasure was identified as the accounting acquirer, the prior year presentation represents standalone Treasure results with the acquisition method of accounting being applied to the assets acquired and liabilities assumed from GLT. See Note 2. Acquisition. Additional financial information about our segments is provided in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and the \u201cNotes to Consolidated and Combined Financial Statements,\u201d which are included elsewhere in this report. Segment Overview The Company\u2019s operations are organized into two operating and reportable segments: Americas and Rest of World. The structure is designed to align us with our customers, provide improved service, enable future growth initiatives and efficiency of decision making to facilitat Item 1A. RISK FACTORS Operational Risks Global economic conditions, including inflation and supply chain disruptions, may negatively impact our business operations and financial results. Challenging current and future global economic conditions, including inflation and supply chain disruptions may negatively impact our business operations and financial results. Current global economic ch", "title": "MAGN - Magnera Corp", "url": "/company/MAGN/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001631596; latest 10-K filed 2026-02-03.", "text": "KREF - KKR Real Estate Finance Trust Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001631596; latest 10-K filed 2026-02-03. KREF KKR Real Estate Finance Trust Inc. 0001631596 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Annual Report on Form 10-K. The historical consolidated financial data below reflects the historical results and financial position of KREF. In addition, this discussion and analysis contains forward-looking statements and involves numerous risks and uncertainties, including those described under \u201cCautionary Note Regarding Forward-Looking Statements,\" and Part I, Item 1A. \"Risk Factors\" in this Annual Report on Form 10-K. Actual results may differ materially from those contained in any forward-looking statements. Introduction KKR Real Estate Finance Trust Inc. is a real estate finance company that focuses primarily on originating and acquiring senior loans secured by CRE assets. We are externally managed by KKR Real Estate Finance Manager LLC, an indirect subsidiary of KKR, and are a REIT traded on the NYSE under the symbol \u201cKREF.\u201d We are headquartered in New York City. We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute at least 90% of our net taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion from registration under the Investment Company Act. We are organized as a holding company and conduct our business primarily through our various subsidiaries. 2025 Highlights Operating Results: \u2022Net Loss Attributable to Common Stockholders of $69.9 million, or ($1.05) per diluted share of common stock \u2022Distributable Earnings of $26.3 million, or $0.39 per diluted share of common stock \u2022Repurchased 4,629,824 shares at an average price per share of $9.35 for a total of $43.3 million \u2022Common book value of $844.8 million, or $13.04 per share, as of December 31, 2025, inclusive of a CECL allowance of $204.1 million, or ($3.15) per share; the CECL allowance increased for the year ended December 31, 2025 primarily due to additional reserves for risk-rated 5 loans of $119.4 million, or ($1.79) per share Investment Activity: \u2022Originated and funded $1.1 billion and $1.0 billion, respectively, relating to twelve floating-rate loans, including two European loans, with a weighted average LTV(1) of 68% and coupon of 2.8% over applicable benchmark; and funded $96.1 million in loan principal for existing loans \u2022Received $1.5 billion in loan repayments \u2022$5.9 billion predominantly floating-rate senior loan portfolio with a weighted average unlevered all-in-yield(2) of 7.3% as of December 31, 2025 \u2022Took title to multifamily properties in West Hollywood, CA and Raleigh, NC through deed-in-lieu of foreclosures; these loan resolutions resulted in net realized losses of $34.8 million, or ($0.52) per diluted share of common stock \u2022Sold certain real estate owned assets, including a parking garage in Philadelphia, PA and a retail/redevelopment parcel in Portland, OR, for a combined gain of $1.2 million Portfolio Financing: \u2022Non-mark-to-market financing was $3.5 billion as of December 31, 2025, representing 74% of our secured financing. \u2022Refinanced and upsized the secured term loan from $339.5 million to $650.0 million, reduced the spread from S+3.50% to S+2.50%, and extended the maturity to March 2032 \u2022Increased the borrowing capacity of the corporate revolving credit facility by $90.0 million to $700.0 million and extended the maturity date until 2030 \u2022Entered into three term lending agreements totaling $650.0 million, which provide match-term financing on a non-mark-to-market basis, and a new \u00a3300.0 million term credit agreement to finance European originations \u2022No final facility maturities until 2027 and no corporate debt due until 2030 58 Table of Conten ITEM 1. BUSINESS Our Company KREF is a real estate finance company that focuses primarily on originating and acquiring transitional senior loans secured by institutional-quality commercial real estate (\"CRE\") properties that are owned and operated by experienced and well-capitalized sponsors and located in top markets with strong underlying fundamentals. Our target assets also include mezzanine loans, preferred equity and other debt-oriented instruments with these characteristics. Our investment objective is capital preservation and the generation of attractive risk-adjusted returns for our stockholders over the long term, primarily through dividends. We began our investment activities in October 2014 with an initial commitment of $400.0 million from KKR. We raised an additional $438.1 million in equity commitments from third-party investors and certain current and former employees of, and consultants to, KKR that brought our total committed capital base to $838.1 million, which was fully drawn prior to our initial public offering (\"IPO\") that generated net proceeds of $225.9 million on May 5, 2017. We had a common book value of $844.8 million as of December 31, 2025 and established a diversified investment portfolio which totaled $5,924.2 million, consisting primarily of performing senior commercial real estate loans. We are organized as a holding company externally managed by our Manager, an indirect subsidiary of KKR, and operate our business primarily through various subsidiaries in a single segment that originates, acquires, and finances our target assets. We conduct our operations as a REIT for federal income tax purposes while operating our business in a manner that allows us to maintain an exclusion from registration under the Investment Company Act of 1940, as amended, (the \"Investment Company Act\"). We generally will not be subject to U.S. federal income taxes on the portion of our annual net taxable income that we distribute to stockholders if we mai ITEM 1A. RISK FACTORS The following risks could materially and adversely affect our business, financial condition, and results of operations, and the trading price of our common stock could decline. These risk factors do not identify all risks that we face, and our operations could also be affected by factors th", "title": "KREF - KKR Real Estate Finance Trust Inc.", "url": "/company/KREF/" }, { "kind": "company", "summary": "SIC 6500 Real Estate; CIK 0000096869; latest 10-K filed 2026-03-19.", "text": "TRC - TEJON RANCH CO SIC 6500 Real Estate; CIK 0000096869; latest 10-K filed 2026-03-19. TRC TEJON RANCH CO 0000096869 6500 Real Estate ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS See Part I, \"Forward-Looking Statements\" for our cautionary statement regarding forward-looking information. This discussion and analysis is based on, should be read together with, and is qualified in its entirety by, the consolidated financial statements and notes thereto included in Item 15(a) of this Form 10-K, beginning at page F-1. It also should be read in conjunction with the disclosure under \u201cForward-Looking Statements\u201d in Part 1 of this Form 10-K. When this report uses the words \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cTejon,\u201d \u201cTRC,\u201d and the \u201cCompany,\u201d they refer to Tejon Ranch Co. and its subsidiaries, unless the context otherwise requires. References herein to fiscal year refer to our fiscal years ended or ending December 31. OVERVIEW Our Business We are a diversified real estate development and agribusiness company focused on responsibly utilizing our land resources to meet the housing, employment, and lifestyle needs of Californians while creating long-term shareholder value. In support of these objectives, we have been investing in land planning and entitlement activities for new commercial/industrial and resort/residential land developments and in infrastructure improvements within our active industrial development. Our prime asset is approximately 270,000 acres of contiguous, largely undeveloped land that, at its most southerly border, is 60 miles north of Los Angeles and, at its most northerly border, is 15 miles east of Bakersfield. 43 Our business model is designed to create value through the execution of commercial/industrial development, entitlement and development of land for resort/residential uses, and the maximization of earnings from operating assets, while at the same time protecting significant portions of our land for conservation purposes. We operate our business near one of the country\u2019s largest population centers, which is expected to continue to grow well into the future. We currently operate in six reporting segments: real estate - commercial/industrial; multifamily; real estate - resort/residential; mineral resources; farming; and ranch operations. Our commercial/industrial real estate segment generates revenues from real estate leases, and sales of land and buildings, with TRCC representing our primary commercial and industrial development. In 2025, we expanded our real estate operations to include a dedicated multifamily segment focused on the development, lease-up, and long-term ownership of residential rental communities within TRCC, beginning with Terra Vista at Tejon. The addition of multifamily residential leasing further diversifies our portfolio and is expected to enhance long-term recurring revenue streams. Our resort/residential real estate development segment is actively involved in the land entitlement and pre-development activities, both internally and through a joint venture. Our active developments within this segment include Mountain Village, Grapevine, and Centennial. Our mineral resources segment generates revenues from oil and gas royalty leases, rock and aggregate mining leases, a lease with National Cement of California Inc., and water sales. Our farming segment produces revenues from the sale of wine grapes, almonds, and pistachios, and we are expanding our permanent crop portfolio to include olives. Lastly, our ranch operations segment generates revenues from game management activities and ancillary land uses, including grazing leases and filming activities. Financial Highlights For 2025, net income attributable to common stockholders was $75,000 compared to net income attributable to common stockholders of $2,690,000 in 2024. The primary factor driving the decrease was an increase in corporate expenses of $2,976,000, primarily due to higher shareholder-related expenses associated with a contested board election and proxy defense efforts. Additionally, equity in earnings of unc ITEM 1. BUSINESS Company Overview We are a diversified real estate development company anchored by the Tejon Ranch Commerce Center (\u201cTRCC\u201d), a 20 million-square-foot commercial and industrial development strategically located along Interstate 5 at the gateway between the Los Angeles Basin and California\u2019s Central Valley. TRCC is the primary driver of our revenue and earnings. TRC\u2019s portfolio within TRCC comprises approximately 3.4 million square feet of gross leasable area, which is substantially fully leased to nationally recognized tenants, including IKEA, L\u2019Or\u00e9al, and Dollar General. In addition, the broader TRCC development, totaling over 8 million square feet, includes major third-party industrial users such as Caterpillar and Nestl\u00e9, further reinforcing the scale, quality, and strategic importance of the park. We are actively expanding TRCC through additional industrial development, commercial leasing activity, and the introduction of our first residential community, Terra Vista at Tejon, which has transitioned TRCC into a mixed-use master-planned development. In connection with the commencement of lease-up at Terra Vista at Tejon, we began reporting Multifamily as a separate operating segment in 2025, reflecting our expansion into the development and long-term ownership of residential rental communities. These commercial and multifamily operations are complemented by mineral resources, farming, and ranching activities conducted across approximately 270,000 acres of contiguous landholdings. In addition, we hold long-term real estate entitlements for two large-scale master-planned residential communities and are pursuing entitlements for a third, representing in the aggregate more than 35,000 housing units and approximately 35 million square feet of future commercial development. Capital allocation decisions, including the timing of residential development, joint venture formation, infrastructure investment and potential asset monetization, are subject ITEM 1A. RISK FACTORS The material risks and uncertainties described below make investing in our securities risky. If any of the following risks occur, our business, financial condition, results of operations or future prospects could be materially adversely affected. Our strategy, focused on more aggressive development of our land, involves significant risk and could result in operating ", "title": "TRC - TEJON RANCH CO", "url": "/company/TRC/" }, { "kind": "company", "summary": "SIC 3577 Computer Peripheral Equipment, NEC; CIK 0001770450; latest 10-K filed 2026-03-17.", "text": "XRX - Xerox Holdings Corp SIC 3577 Computer Peripheral Equipment, NEC; CIK 0001770450; latest 10-K filed 2026-03-17. XRX Xerox Holdings Corp 0001770450 3577 Computer Peripheral Equipment, NEC Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Throughout the Management\u2019s Discussion and Analysis (MD&A) that follows, references to \"Xerox Holdings\" refer to Xerox Holdings Corporation and its consolidated subsidiaries, while references to \"Xerox\" refer to Xerox Corporation and its consolidated subsidiaries or Xerox Holdings Corporation and its consolidated subsidiaries, as determined by the context. References herein to \u201cwe,\u201d \"us,\" \u201cour,\u201d or the \u201cCompany,\u201d refer collectively to both Xerox Holdings and Xerox unless the context suggests otherwise. References to \u201cXerox Holdings Corporation\u201d refer to the stand-alone parent company and do not include its subsidiaries. References to \u201cXerox Corporation\u201d refer to the stand-alone company and do not include its subsidiaries. Xerox Holdings' primary direct operating subsidiary is Xerox and Xerox reflects nearly all of Xerox Holdings' operations. Accordingly, the following MD&A primarily focuses on the operations of Xerox and is intended to help the reader understand Xerox's business and its results of operations and financial condition. Throughout this combined Form 10-K, references are made to various notes in the Consolidated Financial Statements which appear in Part II, Item 8 of this combined Form 10-K, and the information contained in such notes is incorporated by reference into the MD&A in the places where such references are made. Xerox Holdings' other direct subsidiary is Xerox Ventures LLC, which was established solely to invest in startups and early/mid-stage growth companies aligned with the Company\u2019s innovation focus areas and targeted adjacencies. In January 2024, Myriad Ventures Fund I LP (Myriad) was established, and the investments held by Xerox Ventures LLC were transferred to Myriad, which will continue to be fully consolidated by Xerox Holdings. The investments are primarily equity or equity-linked and for less than 20% ownership. At December 31, 2025 and 2024 Xerox's investment in Myriad was $41 million and $40 million, respectively. The following discussion includes the results of Xerox Ventures LLC as they are immaterial to earnings and the balance sheet, and for ease of discussion. Our results include Lexmark International II, LLC (Lexmark) from July 1, 2025, the effective date of the acquisition (the Lexmark Acquisition), as well as the results of ITsavvy LLC (ITsavvy), acquired on November 20, 2024. In order to provide a clearer comparison of our results to the prior year, we are also providing a discussion and analysis on a pro forma basis. See the \u201cPro Forma Basis\u201d section below for further explanation and discussion of pro forma results. In addition, the following discussion includes references to \"legacy Xerox\", which reflects the financial results of Xerox, excluding the impact of the Lexmark Acquisition and ITsavvy, as applicable. Executive Overview 2025 was a pivotal year for Reinvention, which is a multi-year strategy designed to transform the way Xerox operates. Its objectives are to strengthen our core business and improve financial flexibility enabling investments in solutions, initiatives, and capabilities that will position Xerox to gain share in existing markets and mix shift into higher growth verticals beyond print, delivering long-term, sustainable growth in revenue and profits. Total revenue for full year 2025 of $7.0 billion increased 12.9% reflecting a 15.5-percentage point benefit and 6.5-percentage point benefit from the Lexmark Acquisition and ITsavvy, respectively, as well as a 0.7-percentage point benefit from currency. On a pro forma1 basis total revenue declined 7.6%. _____________ (1)Reflects the inclusion of Lexmark as if it was acquired on January 1, 2024, and ITsavvy was acquired on January 1, 2023. Refer to the \"Pro Forma Basis\" section for an explanation of this measure. Recent Changes and Developments Acquisitions On July 1, 2025, Xerox Corporation completed the acquisi Item 1. Business Xerox is a workplace technology company, building and integrating services-led, software-enabled, workplace solutions for enterprises large and small. As customers seek to manage information and document workflows across digital and physical platforms, we deliver a seamless, secure, and sustainable experience. Whether inventing the copier, the Ethernet, the laser printer or more, Xerox has long defined the modern work experience and continues to do so with investments in IT infrastructure, artificial intelligence (AI), Internet of Things (IoT), intelligent document processing (IDP), robotic process automation (RPA) and other technologies that enable Xerox to deliver essential products and services to address the productivity challenges of a hybrid workplace and distributed workforce. Xerox serves customers globally in North America, Europe, Latin America, Brazil, Asia Pacific (APAC), the Middle East, Africa, and India. This geographic span allows us to deliver our technology and solutions to customers of all sizes, regardless of complexity or number of customer locations. Recent Changes and Developments Reinvention 2025 was a pivotal year for Reinvention, which is a multi-year strategy designed to transform the way Xerox operates. Its objectives are to strengthen our core business and improve financial flexibility enabling investments in solutions, initiatives, and capabilities intended to support market share gains and expansion into higher-growth verticals beyond print, with the goal of delivering sustainable long-term revenue and profit growth. In 2025, we completed the acquisition of Lexmark International II, LLC (Lexmark) (the Lexmark Acquisition). The addition of Lexmark is intended to enhance Xerox's operational resilience and cost structure. Expected benefits include increased presence in the A4 color segment, entry into the APAC print market, potential reductions in product and tariff-related costs through the use of Lexmark\u2019s manufac Item 1A. Risk Factors You should carefully consider the following risk factors as well as the other information included, and risks described, in other sections of this combined Form 10-K, including under the headings \u201cCautionary Statement Regarding Forward-Looking Statements,\u201d \u201cLegal Proceedings,\u201d and \u201cManagement\u2019s Discu", "title": "XRX - Xerox Holdings Corp", "url": "/company/XRX/" }, { "kind": "company", "summary": "SIC 8062 Services-General Medical & Surgical Hospitals, NEC; CIK 0001108109; latest 10-K filed 2026-02-19.", "text": "CYH - COMMUNITY HEALTH SYSTEMS INC SIC 8062 Services-General Medical & Surgical Hospitals, NEC; CIK 0001108109; latest 10-K filed 2026-02-19. CYH COMMUNITY HEALTH SYSTEMS INC 0001108109 8062 Services-General Medical & Surgical Hospitals, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read this discussion together with our Consolidated Financial Statements and the accompanying Notes to Consolidated Financial Statements included elsewhere in this Form 10-K. Executive Overview We are one of the nation\u2019s largest healthcare companies. Our affiliates are leading providers of healthcare services, developing and operating healthcare delivery systems in 36 distinct markets across 14 states. As of December 31, 2025, our subsidiaries own or lease 69 affiliated hospitals, with more than 10,000 beds, and operate more than 1,000 sites of care, including physician practices, urgent care centers, freestanding emergency departments, occupational medicine clinics, imaging centers, cancer centers and ambulatory surgery centers. We generate revenues by providing a broad range of general and specialized hospital healthcare services and outpatient services to patients in the communities in which we are located. For the hospitals and other sites of care that we own and operate, we are paid for our services by governmental agencies, private insurers and directly by the patients we serve. Acquisition, Divestiture and Closure Activity During the year ended December 31, 2025, we paid approximately $1 million to acquire the operating assets and related businesses of certain physician practices, clinics, ambulatory surgery centers and other ancillary businesses that operate within the communities served by our hospitals. The purchase price for these transactions was primarily allocated to property and equipment, intangible assets, working capital, noncontrolling interests and goodwill. During 2025, we completed the divestiture of four hospitals and the sale of a majority interest in three hospitals. These hospitals represented annual net operating revenues in 2024 of approximately $792 million and we received total net proceeds of over $1.0 billion in connection with these dispositions. In addition, on December 1, 2025, we completed a transaction pursuant to which Laboratory Corporation of America Holdings acquired select assets and assumed certain leases of the ambulatory outreach business of the Company\u2019s subsidiaries across 13 states, including certain patient service centers and in-office phlebotomy locations, for a total purchase price paid to us at the closing of approximately $194 million of cash, before transaction expenses. During 2024, we completed the divestiture of two hospitals. These hospitals represented annual net operating revenues in 2023 of approximately $198 million and we received total net proceeds of approximately $174 million in connection with these dispositions. These total net proceeds do not include additional cash consideration which has been, and may continue to be, received in connection with the sale of Tennova Healthcare \u2013 Cleveland that was completed on August 1, 2024, beyond the approximately $160 million of cash received at closing. In this regard, during the three months ended December 31, 2025, we received additional cash consideration of approximately $91 million as a result of modifications to applicable supplemental reimbursement programs as more specifically provided in the asset purchase agreement underlying the transaction. Additional cash consideration may be received in one or more future periods, or a portion of the consideration previously received may be returned by us to the buyer, subject to periodic reconciliations as set forth in the asset purchase agreement underlying the transaction. During 2023, we completed the divestiture of eight hospitals and the sale of a majority interest in one hospital. These hospitals represented annual net operating revenues in 2022 of approximately $594 million and we received total net proceeds of approximately $518 million in connection with these dispositions, inclusive of approximately $85 million received at a preliminary closing on Dec Item 1. Business of Community Health Systems, Inc. Overview of Our Company We are one of the nation\u2019s largest healthcare companies. Our affiliates are leading providers of healthcare services, developing and operating healthcare delivery systems in 36 distinct markets across 14 states. At December 31, 2025, our subsidiaries own or lease 69 affiliated hospitals, with more than 10,000 beds, and operate more than 1,000 sites of care, including physician practices, urgent care centers, freestanding emergency departments, occupational medicine clinics, imaging centers, cancer centers and ambulatory surgery centers. We generate revenues by providing a broad range of general and specialized hospital healthcare services and outpatient services to patients in the communities in which we are located. For the hospitals and other sites of care that we own and operate, we are paid for our services by governmental agencies, private insurers and directly by the patients we serve. Services provided through our hospitals and outpatient facilities include general acute care, emergency room, general and specialty surgery, critical care, internal medicine, obstetrics, diagnostic, psychiatric and rehabilitation services. An integral part of providing these services is our network of affiliated physicians at our hospitals and affiliated businesses. At December 31, 2025, we employed approximately 1,700 physicians and an additional 1,400 licensed healthcare practitioners. Through our management and operation of these businesses, we provide standardization and centralization of operations across key business areas; strategic assistance to expand and improve services and facilities; implementation of patient safety and quality of care improvement programs and assistance in the recruitment of additional physicians and licensed healthcare practitioners to the markets in which our hospitals are located. In a number of our markets, we have partnered with local physicians, for-profit entities a Item 1A. Risk Factors Our business faces a variety of risks. If any of the events or circumstances described in any of the following risk factors occurs, our business, results of operations or financial condition could be materially and adversely affected, and our a", "title": "CYH - COMMUNITY HEALTH SYSTEMS INC", "url": "/company/CYH/" }, { "kind": "company", "summary": "SIC 3826 Laboratory Analytical Instruments; CIK 0001299130; latest 10-K filed 2026-02-25.", "text": "PACB - PACIFIC BIOSCIENCES OF CALIFORNIA, INC. SIC 3826 Laboratory Analytical Instruments; CIK 0001299130; latest 10-K filed 2026-02-25. PACB PACIFIC BIOSCIENCES OF CALIFORNIA, INC. 0001299130 3826 Laboratory Analytical Instruments ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes included in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. You should read the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Our Management\u2019s Discussion and Analysis (\"MD&A\") is organized in the following sections: \u2022Overview and Outlook \u2022Results of Operations \u2022Liquidity and Capital Resources\u2022Off Balance Sheet Arrangements\u2022Critical Accounting Policies and Estimates\u2022Recent Accounting Pronouncements OVERVIEW AND OUTLOOK About PacBio We are a premier life science technology company that designs, develops, and manufactures advanced sequencing solutions that enable scientists and clinical researchers to improve their understanding of the genome and ultimately, resolve genetically complex problems. Our products and technology, which include our HiFi long-read sequencing technology, address a broad set of applications including human germline sequencing, plant and animal sciences, infectious disease and microbiology, oncology, and other emerging applications. Our focus is on creating some of the world\u2019s most advanced sequencing systems to provide our customers with the most complete and accurate view of genomes, transcriptomes, and epigenomes. Our customers include academic and governmental research institutions, commercial testing and service laboratories, genome centers, public health labs, hospitals and clinical research institutes, CROs, pharmaceutical companies, and agricultural companies. Recent Developments On January 30, 2026, we completed a disposition of assets to Buyer in accordance with the terms of the Asset Purchase Agreement, pursuant to which, among other matters, Buyer acquired certain intellectual property and other assets related to our short-read DNA sequencing technology and related clustering, sequencing reagent, and detection technologies. As consideration for the Asset Sale, Buyer paid us $50.0 million in cash and assumed certain liabilities. In addition, Buyer granted us a non-exclusive license to certain intellectual property included in the purchased assets. In connection with the Asset Sale, Buyer will pay at our direction 4% of the net proceeds from the Purchase Price to the former equity holders of Apton related to the waiver of all remaining milestone obligations associated with our purchase of Apton in August 2023, which payment is expected in the first quarter of 2026. As a result, we received approximately $48.1 million in net cash proceeds from the Asset Sale. [[GREPCENT_TABLE]] [[\"\",\"Fiscal 2025 Form 10-K\",\"\",\"60\"]] [[/GREPCENT_TABLE]] Table of Contents Strategic Objectives Looking ahead to 2026, our main objectives are to grow revenue and expand gross margins through the following five activities. These initiatives are designed to improve the economics of HiFi sequencing, expand adoption across clinical and research markets, and drive durable growth across our platform portfolio. \u2022Accelerate samples onto the Revio platform through SPRQ-Nx chemistry and application kits. SPRQ-Nx is designed to lower the cost of sequencing and improve sequencing efficiency, which we believe will support higher throughput, increased sample volumes, and broader adoption of HiFi sequencing in large-scale research studies and cli ITEM 1. BUSINESS Overview We are a premier life science technology company that designs, develops, and manufactures advanced sequencing solutions that enable scientists and clinical researchers to improve their understanding of the genome and ultimately, resolve genetically complex problems. Our products and technology, which include our HiFi long-read sequencing technology, address a broad set of applications including human germline sequencing, plant and animal sciences, infectious disease and microbiology, oncology, and other emerging applications. Our focus is on creating some of the world's most advanced sequencing systems to provide our customers with the most complete and accurate view of genomes, transcriptomes, and epigenomes. Our customers include academic and governmental research institutions, commercial testing and service laboratories, genome centers, public health labs, hospitals and clinical research institutes, contract research organizations (\"CROs\"), pharmaceutical companies, and agricultural companies. Recent Developments On January 30, 2026, we completed the disposition of assets to Illumina Cambridge Limited (the \u201cBuyer\u201d) in accordance with the terms of an Asset Purchase Agreement, dated January 30, 2026 (the \u201cAsset Purchase Agreement\u201d), by and among us, Buyer, and Illumina, Inc. (\"Illumina\"), solely for purposes of Section 8.16 of the Asset Purchase Agreement, pursuant to which, among other matters, Buyer acquired certain intellectual property and other assets related to our short-read DNA sequencing technology and related clustering, sequencing reagent, and detection technologies (the \u201cAsset Sale\u201d). As consideration for the Asset Sale, Buyer paid us $50.0 million in cash and assumed certain liabilities (the \u201cPurchase Price\u201d). In addition, Buyer granted us a non-exclusive license to certain intellectual property included in the purchased assets. In connection with the Asset Sale, Buyer will pay at our direction 4% of the net proceeds fr ITEM 1A. RISK FACTORS You should carefully consider the risks and uncertainties described below, together with all of the other information in our public filings with the SEC, which could materially affect our business, financial condition, results of operations and prospects. The risks d", "title": "PACB - PACIFIC BIOSCIENCES OF CALIFORNIA, INC.", "url": "/company/PACB/" }, { "kind": "company", "summary": "SIC 6361 Title Insurance; CIK 0000720858; latest 10-K filed 2026-03-16.", "text": "ITIC - INVESTORS TITLE CO SIC 6361 Title Insurance; CIK 0000720858; latest 10-K filed 2026-03-16. ITIC INVESTORS TITLE CO 0000720858 6361 Title Insurance ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the Consolidated Financial Statements and the related notes in this report. The following discussion may contain forward-looking statements. These forward-looking statements are based on certain assumptions and expectations of future events that are subject to a number of risks and uncertainties. Actual results may vary. See the sections in this Annual Report on Form 10-K titled \u201cSafe Harbor and Forward-Looking Statements\u201d and \u201cRisk Factors\u201d included in Part I, Item 1A that could affect forward-looking statements. 21 Overview Title Insurance Investors Title Company (the \u201cCompany\u201d) is a holding company that engages primarily in issuing title insurance through two subsidiaries, Investors Title Insurance Company (\u201cITIC\u201d) and National Investors Title Insurance Company (\u201cNITIC\u201d). Total revenues from the title segment accounted for 90.2% of the Company\u2019s revenues in 2025. Through ITIC and NITIC, the Company underwrites land title insurance for owners and mortgagees as a primary insurer. Title insurance protects against loss or damage resulting from title defects that affect real property and customarily arising prior to the policy date. When real property is conveyed from one party to another, occasionally there is an undisclosed defect in the title or a mistake or omission in a prior deed, will or mortgage that may give a third party a legal claim against such property. If a covered claim is made against real property, title insurance provides indemnification against insured defects. There are two basic types of title insurance policies \u2013 one for the mortgage lender and one for the real property owner. A lender often requires the property owner to purchase a lender\u2019s title insurance policy to protect its position as a holder of a mortgage loan, but the lender\u2019s title insurance policy does not protect the property owner. The property owner has to purchase a separate owner\u2019s title insurance policy to protect its investment. The Company issues title insurance policies directly and through a network of agents. Issuing agents are typically real estate attorneys, independent agents or subsidiaries of community and regional mortgage lending institutions, depending on local customs and regulations and the Company\u2019s marketing strategy in a particular territory. The ability to attract and retain issuing agents is a key determinant of the Company\u2019s growth in title insurance premiums written. Revenues for the title insurance segment primarily result from purchases of new and existing residential and commercial real estate, refinance activity and certain other types of mortgage lending such as home equity lines of credit. Title insurance premiums vary from state to state and are subject to extensive regulation. Statutes generally provide that rates must not be excessive, inadequate or unfairly discriminatory. The process of implementing a rate change in most states involves pre-approval by the applicable state insurance regulator. Volume is a factor in the Company\u2019s profitability due to fixed operating costs that are incurred by the Company regardless of title insurance premium volume. The resulting operating leverage tends to amplify the impact of changes in volume on the Company\u2019s profitability. The Company\u2019s profitability also depends, in part, upon its ability to manage its investment portfolio to maximize investment returns and to minimize risks such as interest rate changes, defaults and impairments of assets. The Company\u2019s volume of title insurance premiums is affected by the overall level of residential and commercial real estate activity, which includes property sales, mortgage financing and mortgage refinancing. Real estate activity, home sales and mortgage lending are cyclical in nature. Real estate activity is affected by a number of factors, including the availability ITEM 1. BUSINESS GENERAL Investors Title Company (the \u201cCompany\u201d) is a holding company that operates through its subsidiaries and was incorporated as a corporation under the laws of the state of North Carolina in 1973. The Company became operational in 1976, when it acquired Investors Title Insurance Company (\u201cITIC\u201d), which had itself been operating since 1972, as a wholly owned subsidiary under a plan of exchange of shares of common stock. In 1983, the Company acquired National Investors Title Insurance Company (\u201cNITIC\u201d), formerly Northeast Investors Title Insurance Company, which had itself been operating since 1973, as a wholly owned subsidiary under a plan of exchange of shares of common stock. The Company\u2019s executive offices are located at 121 North Columbia Street, Chapel Hill, North Carolina 27514 and its telephone number is (919) 968-2200. The Company maintains a website at www.invtitle.com. The contents of the Company\u2019s website are not and shall not be a part of this Annual Report on Form 10-K or any other SEC filing. OVERVIEW OF THE BUSINESS The Company has two reportable segments. The Company\u2019s primary business activity, and one of its reportable operating segments, is the issuance of residential and commercial title insurance through ITIC and NITIC. The Company\u2019s second reportable operating segment is providing tax-deferred real property exchange services through its subsidiaries, Investors Title Exchange Corporation (\u201cITEC\u201d) and Investors Title Accommodation Corporation (\u201cITAC\u201d). Additionally, the Company provides management services to title insurance agencies through its subsidiary, Investors Title Management Services (\u201cITMS\u201d), and investment management and trust services to individuals, trusts and other entities through its subsidiary Investors Trust Company (\u201cInvestors Trust\u201d). Refer to \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and Note 12 of the Notes to Consolidated Financial Statements ITEM 1A. RISK FACTORS The risk factors listed in this section and other factors noted herein could cause actual results to differ materially from those contained in any forward-looking statements or could result in a significant or material adverse effect on the Company\u2019s results of operations. RISKS RELATED TO THE COMPANY\u2019S BUSINESS Adverse changes in economic co", "title": "ITIC - INVESTORS TITLE CO", "url": "/company/ITIC/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001988494; latest 10-K filed 2026-02-25.", "text": "FVR - FrontView REIT, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001988494; latest 10-K filed 2026-02-25. FVR FrontView REIT, Inc. 0001988494 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Except where the context suggests otherwise, as used in this Annual Report on Form 10-K, the terms \u201cFVR,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and \u201cour company\u201d refer to FrontView REIT, Inc., a Maryland corporation incorporated on June 23, 2023, and, as required by context, FrontView Operating Partnership LP, a Delaware limited partnership, which we refer to as the or our \u201cOP\u201d, and to their respective subsidiaries. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand our results of operations and financial condition. This MD&A is provided as a supplement to, and should be read in conjunction with, our Consolidated Financial Statements and the accompanying Notes to the Consolidated Financial Statements appearing in Item 8 \u201cFinancial Statements and Supplemental Data\u201d in this Annual Report on Form 10-K. Overview We are an internally-managed net-lease REIT that is experienced in acquiring, owning and managing properties with frontage that are net leased to a diversified group of tenants. We are a growing net-lease REIT and owned a well-diversified portfolio of 303 properties across 37 U.S. states as of December 31, 2025. Our tenants include service-oriented businesses, such as medical and dental providers, quick service restaurants, casual dining, financial institutions, cellular stores, automotive stores, automotive services, convenience stores and gas stations, general retail, discount retail, automotive dealers, fitness operators, car washes, pharmacies, home improvement stores, as well as professional services tenants. We currently derive a majority of our revenue from rents received from individual tenants of each of our properties in our portfolio. Our properties are typically leased under long-term net leases. As of December 31, 2025, we had ABR of $62.9 million with a weighted average remaining term of our leases was approximately 7.4 years, excluding renewal options. Approximately 97.3% of our leases (based on ABR) had contractual rent escalations, including, in some cases, pursuant to option terms. As of December 31, 2025, we had 321 tenants that represented 155 different brands. Our top 10 tenant brands (based on ABR) represented approximately 23.7% of our portfolio ABR as of December 31, 2025. In connection with our initial public offering on October 2, 2024, we completed the Internalization pursuant to which we began directly employing employees and entered into employment agreements with each of our named executive officers. In addition, the Internalization eliminated the management and other fees and carried interest provisions that were previously paid by our Predecessor. The historical results of operations for our Predecessor through October 2, 2024, include the payment of management fees that we no longer pay following the Internalization and do not include the direct compensation expense, or other asset management, acquisition or general and administrative expenses not previously incurred based upon our externally managed structure. As of December 31, 2025, we had total debt of $315.5 million, Net Debt of $302.0 million, a Net Debt to Annualized Adjusted EBITDAre ratio of 5.6x and a Fixed Charge Coverage Ratio of 3.6x. Net Debt, Annualized Adjusted EBITDAre and Fixed Charge Coverage Ratio are non-GAAP financial measures, and Annualized Adjusted EBITDAre is calculated based upon EBITDA, EBITDAre, and Adjusted EBITDAre, each of which is also a non-GAAP financial measure. Refer to Non-GAAP Measures below for further details concerning our calculation of non-GAAP measures and reconciliations to the comparable GAAP measure. Factors that Affect Our Results of Operations and Financial Condition Our results of operations and financial condition are affected by numerous factors, many of which are beyond our control. Key factors that impact Item 1. Business. BUSINESS AND PROPERTIES Our Company FrontView is an internally-managed net-lease real estate investment trust (\u201cREIT\u201d) that is experienced in acquiring, owning and managing properties with frontage that are net leased to a diversified group of tenants. We have selected the name \u201cFrontView\u201d to reflect our unique \u201creal estate first\u201d investment strategy. This approach targets properties with frontage located in prominent retail areas that can attract multiple tenants and can have replaceable rents. Our target properties have direct frontage on high-traffic roads, ensuring high visibility to consumers with adaptable spaces that can typically work for various usages. We are a growing net-lease REIT and own a well-diversified portfolio of 303 properties with direct frontage across 37 U.S. states as of December 31, 2025. FrontView's tenants typically include service-oriented businesses, such as medical and dental providers, quick service restaurants, casual dining, other service providers, financial institutions, cellular stores, automotive stores, fitness operators, discount retail, convenience stores and gas stations, automotive dealers, car washes, home improvement stores, other necessity tenants, pharmacies, as well as professional services tenants. We typically invest in net-leased properties located in larger populated markets, within active retail corridors, and in areas with direct visibility on high-traffic roads. We believe our tenants value the prominent location of our properties for their core business operations. In addition, our tenants are able to retain operational control of their strategically important locations through long-term net leases. As of December 31, 2025, our portfolio comprised approximately 2.7 million rentable square feet of operational space and was highly diversified based on tenant, industry, and geography. As of December 31, 2025, our properties were located in 37 U.S. states, with no single state exceeding 14.9% Item 1A. Risk Factors. The following are some of the risks and uncertainties that could cause our actual results to differ materially from those presented in our forward-looking statements. You should consider carefully the risks described below and the other information in this Annual Report on Form 10-K, including our consol", "title": "FVR - FrontView REIT, Inc.", "url": "/company/FVR/" }, { "kind": "company", "summary": "SIC 8071 Services-Medical Laboratories; CIK 0001674930; latest 10-K filed 2026-02-27.", "text": "FLGT - Fulgent Genetics, Inc. SIC 8071 Services-Medical Laboratories; CIK 0001674930; latest 10-K filed 2026-02-27. FLGT Fulgent Genetics, Inc. 0001674930 8071 Services-Medical Laboratories Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Forward-Looking Statements The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes included in this report and contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. We have omitted discussion of 2023 results where it would be redundant to the discussion previously included in Item 7 of our 2024 Annual Report on Form 10-K. Forward-looking statements are statements other than historical facts and relate to future events or circumstances or our future performance, and they are based on our current assumptions, expectations and beliefs concerning future developments and their potential effect on our business. The forward-looking statements in this discussion and analysis include statements about, among other things, our future financial and operating performance, our future cash flows and liquidity and our growth strategies, as well as anticipated trends in our business and industry. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, those described under \u201cItem 1A. Risk Factors\u201d in Part I of this report. Moreover, we operate in a competitive and rapidly evolving industry and new risks emerge from time to time. It is not possible for us to predict all of the risks we may face, nor can we assess the impact of all factors on our business or the extent to which any factor or combination of factors could cause actual results to differ from our expectations. In light of these risks and uncertainties, the forward-looking events and circumstances described in this discussion and analysis may not occur, and actual results could differ materially and adversely from those described in or implied by any forward-looking statements we make. Although we have based our forward-looking statements on assumptions and expectations we believe are reasonable, we cannot guarantee future results, levels of activity, performance or achievements or other future events. As a result, forward-looking statements should not be relied on or viewed as predictions of future events, and this discussion and analysis should be read with the understanding that actual future results, levels of activity, performance and achievements may be materially different than our current expectations. The forward-looking statements in this discussion and analysis speak only as of the date of this report, and except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this report to conform these statements to actual results or to changes in our expectations. Overview We are a technology-based company with a well-established laboratory services business and a therapeutic development business. Our laboratory services business includes technical laboratory and testing services and professional interpretation of laboratory results by licensed physicians. Our therapeutic development business is focused on developing product candidates for treating a broad range of cancers using a novel nanoencapsulation and targeted therapy platform designed to improve the therapeutic window and PK profile of new and existing cancer drugs. We recorded revenue and net (loss) from operations of $322.7 million and ($60.5) million, respectively, in 2025, compared to revenue and net (loss) from operations of $283.5 million and ($42.7) million, respectively, in 2024. 2025 Developments Bako and StrataDx Acquisition In December 2025, we announced that we entered into definitive agreements to acquire selected assets of Bako Diagnostics, a premier pathology laboratory headquartered in Alpharetta, Georgia and to acquire StrataDx, a premier dermatopathology laboratory located in Lexington Item 1. Business. Overview We are a technology-based company with a well-established laboratory services business and a therapeutic development business. Our laboratory services business includes technical laboratory and testing services and professional interpretation of laboratory results by licensed physicians. Our therapeutic development business is focused on developing product candidates for treating a broad range of cancers using a novel nanoencapsulation and targeted therapy platform designed to improve the therapeutic window and pharmacokinetic profile, or PK profile, of new and existing cancer drugs. Mission and Vision Founded in 2011, Fulgent began with two simple ideas: flexibility and affordability. We offer and develop flexible and affordable diagnostic and genetic tests and laboratory services designed to improve patient care and quality of life. We strive to provide the most effective and wide-ranging genetic and diagnostic testing menu on the market. Our long-term vision is to transform from a diagnostic business into a fully integrated precision medicine company. Our Laboratory Services Business We have broad testing capabilities with a testing services menu that is scalable and affordable for our customers. Our testing services include: Comprehensive anatomic pathology testing services, including gastrointestinal pathology, dermatopathology, urologic pathology, breast pathology, neuropathology, and hematopathology. These services are supported by our expansive geographic presence with the Clinical Laboratory Improvement Amendments of 1988, or CLIA, licensed laboratories in the United States. We have also made significant investment in digital pathology using artificial intelligence, or AI, technology, which allows us to digitize specimen slides instead of the traditional method of microscopy. Precision diagnostics testing services, including next-generation sequencing, or NGS, tests for biopharma research and clinical tests for rare diseas Item 1A. Risk Factors. Summary of Risk Factors Investing in our common stock involves a high degree of risk. Before making any investment decision with respect to our common stock, you should carefully consider the risks described below, together with the other risk factors set forth in this Item 1A, all other information ", "title": "FLGT - Fulgent Genetics, Inc.", "url": "/company/FLGT/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001602658; latest 10-K filed 2026-03-16.", "text": "ISTR - Investar Holding Corp SIC 6022 State Commercial Banks; CIK 0001602658; latest 10-K filed 2026-03-16. ISTR Investar Holding Corp 0001602658 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This section presents management\u2019s perspective on the financial condition and results of operations of Investar Holding Corporation and its wholly-owned subsidiary, Investar Bank, National Association. The following discussion and analysis should be read in conjunction with the Company\u2019s consolidated financial statements and related notes and other supplemental information included herein. Certain risks, uncertainties and other factors, including those set forth under Cautionary Note Regarding Forward-Looking Statements at the beginning of this document, Item 1A. Risk Factors in Part I, and elsewhere in this Annual Report on Form 10-K, may cause actual results to differ materially from those projected results discussed in the forward-looking statements appearing in this discussion and analysis. Discussion in this Annual Report on Form 10-K includes results of operations and financial condition for 2025 and 2024 and year-over-year comparisons between 2025 and 2024. For discussion on results of operations and financial condition pertaining to 2024 and 2023 and year-over-year comparisons between 2024 and 2023, please refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 12, 2025. Overview The Bank commenced operations in 2006 and we completed our initial public offering in July 2014. On July 1, 2019, the Bank changed from a Louisiana state bank charter to a national bank charter and its name changed to Investar Bank, National Association. Through the Bank, we provide full banking services, excluding trust services, tailored primarily to meet the needs of individuals, professionals, and small to medium-sized businesses. Our primary areas of operation are south Louisiana (approximately 77% of our total deposits as of December 31, 2025), including Baton Rouge, New Orleans, Lafayette, Lake Charles, and their surrounding areas; Texas, including Houston and its surrounding area, and, as of January 1, 2026, north Dallas and Wichita Falls and their surrounding areas; and Alabama, including York and Oxford and their surrounding areas. As of March 16, 2026, we operated 36 full-service branches comprised of 20 full-service branches in Louisiana, ten full-service branches in Texas, and six full-service branches in Alabama. Our strategy focuses on consistent, quality earnings through the optimization of our balance sheet. Our strategy includes originating and renewing high quality, primarily variable-rate, loans and allowing higher risk credit relationships to run off. We have kept duration short on our liabilities to provide flexibility to secure lower cost funding that was accretive to our net interest margin. Our strategy also includes growth through acquisitions, including whole-bank acquisitions, strategic branch acquisitions and asset acquisitions. We have completed eight whole-bank acquisitions since 2011 and regularly review acquisition opportunities. Our most recent whole bank acquisition was completed in January 2026. For additional information, see Item 1. Business \u2013 Acquisition Activity \u2013 Recent Acquisitions. Our principal business is lending to and accepting deposits from individuals and small to medium-sized businesses in our areas of operation. As a financial holding company operating through one reportable segment, we generate our income principally from interest on loans and, to a lesser extent, our securities investments, as well as from fees charged in connection with our various loan and deposit services. Our principal expenses are interest expense on interest-bearing customer deposits and borrowings, salaries and employee benefits, occupancy costs, data processing and other operating expenses. We measure our performance through our net interest margin, return on av Item 1. Business General Investar Holding Corporation, a Louisiana corporation incorporated in 2009, is a financial holding company headquartered in Baton Rouge, Louisiana that conducts its operations primarily through its wholly-owned subsidiary, Investar Bank, National Association, a national bank chartered by the OCC. The Bank was originally chartered as a Louisiana commercial bank in 2006 and converted to a national bank in July 2019. Through the Bank, the Company offers a wide range of commercial banking products tailored to meet the needs of individuals, professionals, and small to medium-sized businesses. Our primary areas of operation are south Louisiana, including Baton Rouge, New Orleans, Lafayette, Lake Charles, and their surrounding areas; Texas, including Houston and its surrounding area, and, as of January 1, 2026, north Dallas and Wichita Falls and their surrounding areas; and Alabama, including York and Oxford and their surrounding areas. These markets are served from our executive and operations center located in Baton Rouge and from 36 full-service branches located throughout our market areas. We have experienced significant growth since the Bank was chartered, completing eight whole-bank acquisitions and establishing additional branches in our market areas. As of December 31, 2025, on a consolidated basis, the Company had total assets of $2.8 billion, net loans of $2.1 billion, total deposits of $2.4 billion, and stockholders\u2019 equity of $301.1 million. Our strategy focuses on consistent, quality earnings through the optimization of our balance sheet by originating and renewing high quality, primarily variable-rate, loans and allowing higher risk credit relationships to run off. Our strategy also includes growth through acquisitions, including whole-bank acquisitions, strategic branch acquisitions and asset acquisitions. Over time, management believes that we have significant opportunities for growth and franchise expansion, both organically an Item 1A. Risk Factors. These factors include, but are not limited to, the following, any one or more of which could materially affect the outcome of future events: [[GREPCENT_TABLE]] [[\"\\u2022\",\"the significant risks and uncertainties for our business, results of operations and financial condition, as well as our regulatory capital ", "title": "ISTR - Investar Holding Corp", "url": "/company/ISTR/" }, { "kind": "company", "summary": "SIC 1700 Construction - Special Trade Contractors; CIK 0000866273; latest 10-K filed 2025-09-10.", "text": "MTRX - MATRIX SERVICE CO SIC 1700 Construction - Special Trade Contractors; CIK 0000866273; latest 10-K filed 2025-09-10. MTRX MATRIX SERVICE CO 0000866273 1700 Construction - Special Trade Contractors Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States (\u201cGAAP\u201d). GAAP represents a comprehensive set of accounting and disclosure rules and requirements, the application of which requires management judgments and estimates including, in certain circumstances, choices between acceptable GAAP alternatives. The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from these estimates under different assumptions or conditions. Note 1 - Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements included in Part II, Item 8 - Financial Statements and Supplementary Data in this Annual Report on Form 10-K, contains a comprehensive summary of our significant accounting policies. The following is a discussion of our most critical accounting policies, estimates, judgments and uncertainties that are inherent in our application of GAAP. RESULTS OF OPERATIONS Reportable Segments We operate our business through three reportable segments: \u2022Storage and Terminal Solutions: primarily consists of engineering, procurement, fabrication, and construction services related to cryogenic and other specialty tanks and terminals for LNG, NGLs, hydrogen, ammonia, propane, butane, liquid nitrogen/liquid oxygen, and liquid petroleum. We also perform work related to traditional aboveground crude oil and refined product storage tanks and terminals. This segment also includes terminal balance of plant work, truck and rail loading/offloading facilities, and marine structures as well as storage tank and terminal maintenance and repair. Finally, we manufacture and sell precision engineered specialty tank products, including geodesic domes, aluminum internal floating roofs, floating suction and skimmer systems, roof drain systems and floating roof seals. \u2022Utility and Power Infrastructure: primarily consists of engineering, procurement, fabrication, and construction services to support growing demand for LNG utility peak shaving facilities. We also perform power delivery work for public and private utilities, including construction of new substations, upgrades of existing substations, and maintenance. We also provide construction services to a variety of power generation facilities, including natural gas fired facilities in simple or combined cycle configurations. \u2022Process and Industrial Facilities: primarily consists of plant maintenance, repair, and turnarounds in the downstream and midstream markets for energy clients including refining and processing of crude oil, fractionating, and marketing of natural gas and natural gas liquids. We also perform engineering, procurement, fabrication, and construction for refinery upgrades and retrofits for renewable fuels, including hydrogen processing, production, loading and distribution facilities. We also engineer and construct thermal vacuum test chambers for aerospace and defense industries and other infrastructure for industries including chemicals, petrochemical, sulfur, mining and minerals primarily in the extraction of non-ferrous metals, cement, agriculture, wastewater treatment facilities and other industrial customers. Overview Significant period to period changes in revenue, gross profits and operating results between fiscal 2025 and fiscal Item 1. Business BUSINESS We began operations in 1984 as an Oklahoma corporation under the name of Matrix Service. In 1989, we incorporated in the State of Delaware under the name of Matrix Service Company, and in 1990 we began trading on the NASDAQ exchange. We provide engineering, fabrication, construction, and maintenance services to support critical energy infrastructure and industrial markets. We maintain regional offices throughout the United States, Canada and other international locations, and operate through separate union and non-union subsidiaries. We operate in all 50 states, in four Canadian provinces and in other international locations. Our principal executive offices are located at 15 E. 5th Street, Suite 1100, Tulsa, Oklahoma 74103. Our telephone number is (918) 838-8822. Unless the context otherwise requires, all references herein to \u201cMatrix Service Company\u201d, \u201cMatrix\u201d, the \u201cCompany\u201d or to \u201cwe\u201d, \u201cour\u201d, and \u201cus\u201d are to Matrix Service Company and its subsidiaries. Our purpose is to create long-term value for our employees, business partners, shareholders and communities everywhere. We are committed to fulfilling our purpose by being a profitable, innovative, and growth-oriented company of choice for engineering, constructing, and maintaining essential energy and industrial infrastructure that delivers its services safely, with high quality, and on time, resulting in strong customer relationships. Through our zero incident safety culture, commitment to execution excellence and highly skilled workforce, we share one goal: to deliver the best to our customers, shareholders, employees and people across the globe who rely on the infrastructure we help design, build and maintain. REPORTABLE SEGMENTS We operate our business through three reportable segments: \u2022Storage and Terminal Solutions: primarily consists of engineering, procurement, fabrication, and construction services related to cryogenic and other specialty tanks and terminals for LNG, NG Item 1A. Risk Factors The following risk factors should be considered with the other information included in this Annual Report on Form 10-K. As we operate in a continuously changing environment, other risk factors may emerge which could have a material adverse effect on our results of operations, financial conditi", "title": "MTRX - MATRIX SERVICE CO", "url": "/company/MTRX/" }, { "kind": "company", "summary": "SIC 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels); CIK 0001576873; latest 10-K filed 2025-09-18.", "text": "ABAT - AMERICAN BATTERY TECHNOLOGY Co SIC 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels); CIK 0001576873; latest 10-K filed 2025-09-18. ABAT AMERICAN BATTERY TECHNOLOGY Co 0001576873 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS. Forward-Looking Statements You should read the following discussion of our financial condition and results of operations in conjunction with the consolidated financial statements and the notes thereto included elsewhere in this Form 10-K. The information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These forward-looking statements include, but are not limited to, statements concerning our strategy, future operations, future financial position, future revenues, projected costs, prospects and plans and objectives of management. The words \u201canticipates,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cmay,\u201d \u201cplans,\u201d \u201cprojects,\u201d \u201cwill,\u201d \u201cwould\u201d and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including, without limitation, the risks set forth in our filings with the SEC. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements except as required by applicable securities laws. 28 Overview American Battery Technology Company (the \u201cCompany\u201d) is a growth-stage company in the lithium\u2013ion battery industry that is working to increase the domestic U.S. production of battery materials, such as lithium, nickel, cobalt, and manganese through its exploration of new domestic-United States primary resources of battery metals, development and commercialization of new technologies for the extraction of these battery metals from primary resources, and commercialization of an internally developed integrated process for the recycling of lithium\u2013ion batteries. Through this three\u2013pronged approach the Company is working to both increase the domestic production of these battery materials, and to ensure spent batteries have their elemental battery metals returned to the domestic manufacturing supply chain in an economical, environmentally-conscious, closed\u2013loop fashion. To implement this business strategy, the Company has constructed its first integrated lithium\u2013ion battery recycling facility, which takes in waste and end\u2013of\u2013life battery materials from the electric vehicle, stationary storage, and consumer electronics industries. The Company\u2019s revenue increased from $0.3 million in fiscal 2024 to $4.3 million in fiscal 2025. The ramp-up and operation of this facility remain a top priority, and the Company has significantly expanded resources to support its execution. These efforts included hiring additional technical staff, expanding laboratory facilities, and purchasing equipment. As a result, the Company generated its first revenue in the fourth quarter of fiscal 2024 and achieved continued growth in production volumes and revenues throughout fiscal 2025. The Company has been awarded a competitively bid grant from the U.S. Advanced Battery Consortium to support a $2 million project to accelerate the development and demonstration of the technologies within this integrated lithium\u2013ion battery recycling facility. The Company has also been awarded an additional grant from the U.S. Department of Energy (\u201cDOE\u201d) to support a $20 million project under the Bipartisan Infrastructure Law to validate, test, and deploy three next-generation di Business Lithium-Ion Battery Recycling ABTC has developed a universal lithium-ion battery recycling system that is capable of recycling batteries with both a wide range of form factors (packs, modules, cylindrical cells, prismatic cells, pouch cells, defect and intermediate waste cells, metal scraps, slurries, and powders) and of a wide range of cathode chemistries (lithiated cobalt oxide, lithiated nickel-cobalt-aluminum oxide, lithiated nickel-cobalt-manganese oxide, lithiated nickel-cobalt-manganese-aluminum oxide, lithiated nickel-oxide, and lithiated manganese-oxide) of various relative weighting of transition metals. The Company\u2019s recycling system is a two-phase process: an automated de-manufacturing process followed by a targeted chemical extraction train to separate the individual high-value metals. The Company intends to commission each phase in sequence. Phase 1, the automated de-manufacturing process, separates the components of battery feedstock material into its constituent components, including scrap metals and cathode and anode powders in the form of black mass filter cake. Scrap metals are then sold as byproducts under various offtake agreements or into the open scrap market. The black mass filter cake produced in this phase will also be sold under offtake contracts or into the open market. Upon commissioning of Phase 2, the black mass produced in Phase 1 will be fed into a proprietary chemical extraction train to extract lithium, nickel, cobalt, manganese and other products and upgrade them to the battery cathode grade specifications demanded by high energy density cathode manufacturers. 6 The Company has acquired and leveraged the experience of several members of its leadership and implementation teams who worked on the design, construction, commissioning, and optimization of one of the largest lithium-ion battery manufacturing giga factories in the world. This significant pool of experience has enabled the team to leverage their knowledge of", "title": "ABAT - AMERICAN BATTERY TECHNOLOGY Co", "url": "/company/ABAT/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000884624; latest 10-K filed 2026-02-24.", "text": "OFIX - Orthofix Medical Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000884624; latest 10-K filed 2026-02-24. OFIX Orthofix Medical Inc. 0000884624 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and result of operations should be read in conjunction with \"Forward-Looking Statements\" and our consolidated financial statements and notes thereto appearing elsewhere in this Annual Report. The discussion and analysis below is focused on our 2025 and 2024 financial results, including comparisons of our year-over-year performance between these years. Discussion and analysis of our 2023 fiscal year, as well as the year-over-year comparison of our 2024 financial performance to 2023, is located in Part II, Item 7 \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025, which is available on our website at www.orthofix.com and the SEC\u2019s website at www.sec.gov. Executive Summary Orthofix is a global medical technology company headquartered in Lewisville, Texas. By providing medical technologies that heal musculoskeletal pathologies, we deliver exceptional experiences and life-changing solutions to patients around the world. Orthofix offers a comprehensive portfolio of spinal hardware, bone growth therapies, specialized orthopedic solutions, biologics, and enabling technologies, including the 7D FLASH navigation system. In January 2023 we completed a \u201cmerger of equals\u201d transaction with SeaSpine whereby we acquired SeaSpine via an all-stock merger. For additional discussion of the merger with SeaSpine, see Note 4 of the Notes to the Consolidated Financial Statements in Item 8 of this Annual Report. The shares of common stock of Orthofix, as the corporate parent entity in the combined company structure, continue to trade on NASDAQ under the symbol \"OFIX\". In February 2025, we announced our intent to discontinue our M6-C artificial cervical disc and M6-L artificial lumbar disc product lines (together, the \"M6 artificial discs\" or \"M6 product lines\") in order to allocate associated resources and investments to more profitable growth opportunities. All pro forma measures contained within this discussion of our operating results exclude the impact of this decision to discontinue the product lines. Notable financial results in 2025 include the following: \u2022 Net sales of $822.3 million, including sales from our M6 artificial cervical and lumbar discs, and pro forma net sales of $811.9 million, excluding net sales from our M6 discs, representing an increase of 2.9% on a reported basis and 4.1% on a pro forma constant currency basis compared to the prior year \u2022 Global Spine Fixation net sales growth of 10.1% on both a reported and pro forma constant currency basis over the prior year, inclusive of U.S. Spine Fixation net sales growth of 5.5% compared to prior year \u2022 Bone Growth Therapies (\"BGT\") net sales of $247.2 million, representing growth of 5.9% compared to the prior year \u2022 Global Limb Reconstruction net sales of $134.7 million, representing growth of 8.4% on a reported basis and 5.3% on a constant currency basis over the prior year, inclusive of U.S. Limb Reconstruction growth of 15.8% compared to the prior year Results of Operations The following table presents certain items in our consolidated statements of operations as a percent of net sales: [[GREPCENT_TABLE]] [[\"\",\"\",\"Year ended December 31,\"],[\"\",\"\",\"2025 (%)\",\"\",\"\",\"2024 (%)\",\"\",\"\",\"2023 (%)\"],[\"Net sales\",\"\",\"\",\"100.0\",\"\",\"\",\"\",\"100.0\",\"\",\"\",\"\",\"100.0\"],[\"Cost of sales\",\"\",\"\",\"31.2\",\"\",\"\",\"\",\"31.7\",\"\",\"\",\"\",\"34.9\"],[\"Gross profit\",\"\",\"\",\"68.8\",\"\",\"\",\"\",\"68.3\",\"\",\"\",\"\",\"65.1\"],[\"Sales, general, and administrative\",\"\",\"\",\"67.4\",\"\",\"\",\"\",\"66.6\",\"\",\"\",\"\",\"71.0\"],[\"Research and development\",\"\",\"\",\"8.0\",\"\",\"\",\"\",\"9.2\",\"\",\"\",\"\",\"10.7\"],[\"Acquisition-related amortization, impairment, and remeasurement\",\"\",\"\",\"3.3\",\"\",\"\",\"\",\"3.1\",\"\",\"\",\"\",\"2.0\"],[\"Operating loss\",\"\",\"\" Item 1. Business In this Annual Report, the terms \"we,\" \"us,\" \"our,\" \"Orthofix,\" and \"the Company\" refer to the combined operations of Orthofix Medical Inc. and its consolidated subsidiaries and affiliates, unless the context requires otherwise. Company Overview Orthofix is a global medical technology company headquartered in Lewisville, Texas. By providing medical technologies that heal musculoskeletal pathologies, Orthofix delivers exceptional experiences and life-changing solutions to patients around the world. Orthofix offers a comprehensive portfolio of spinal hardware, bone growth therapies, limb reconstruction solutions, biologics and enabling technologies, including the 7D FLASH Navigation System. The Company was founded in Verona, Italy in 1980 and formally incorporated in 1987 in Cura\u00e7ao as \"Orthofix International N.V.\" In 2018, we completed a change in our jurisdiction of organization from Cura\u00e7ao to the State of Delaware and changed our name to \"Orthofix Medical Inc.\" As a result, we are a corporation existing under the laws of the State of Delaware. In January 2023, we completed a \"merger of equals\" transaction with SeaSpine Holdings Corporation (\"SeaSpine\") whereby we acquired SeaSpine via an all-stock merger (the \"Merger\"). As a result of the Merger, each share of SeaSpine common stock issued and outstanding immediately prior to the closing of the Merger was converted into 0.4163 shares of Orthofix common stock. Following the Merger, the shares of common stock of Orthofix, as the corporate parent entity in the combined company structure, continued to trade on NASDAQ under the symbol \"OFIX\". Available Information and Orthofix Website Our filings with the Securities and Exchange Commission (\"SEC\"), including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Proxy Statements for Meetings of Shareholders, registration statements, and amendments to those filings, are available free of charge on our website Item 1A. Risk Factors In addition to the other information contained in this Annual Report and the exhibits hereto, you should carefully consider the risks described below. These risks are not the only ones that we may face. Additional risks not presently known to us or that we currently consider immater", "title": "OFIX - Orthofix Medical Inc.", "url": "/company/OFIX/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001587987; latest 10-K filed 2026-03-10.", "text": "NEWT - NewtekOne, Inc. SIC 6021 National Commercial Banks; CIK 0001587987; latest 10-K filed 2026-03-10. NEWT NewtekOne, Inc. 0001587987 6021 National Commercial Banks ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Introduction and Certain Cautionary Statements The following discussion and analysis of our financial condition and results of operations is intended to assist in the understanding and assessment of significant changes and trends related to the results of operations and financial position of the Company together with its subsidiaries. This discussion and analysis should be read in conjunction with the consolidated financial statements and the accompanying notes as well as Item 1 - Business. The statements in this Annual Report may contain forward-looking statements relating to such matters as anticipated future financial performance, business prospects, legislative developments and similar matters. We note that a variety of factors could cause our actual results to differ materially from the anticipated results expressed in the forward-looking statements such as intensified competition and/or operating problems in our operating business projects and their impact on revenues and profit margins or additional factors as described under \u201cRisk Factors\u201d above. Executive Overview We are a financial holding company owning Newtek Bank - a branchless OCC nationally chartered bank. In 2023, we converted to a financial holding company from a BDC and a non-bank lender (see below). Our target market is owners and prospective owners of SMBs and our services are offered online and in some cases delivered and fulfilled by our staff via video and voice calls. We offer lending products, FDIC insured deposit products and services, payments processing, payroll services and insurance brokerage services. We source our business through our NewtekOne.com and NewtekBank.com web sites, our alliance partner network and our marketing database, which is facilitated through our patented NewTracker\u00ae platform. Our loan products include SBA 7(a), ALP, SBA 504, and traditional C&I and CRE bank loans. Our deposit products primarily include consumer high yield savings accounts, high yield certificates of deposit, zero-fee business checking, and business money market accounts. We offer business and financial solutions under the Newtek\u00ae and NewtekOne\u00ae brands to the independent business owner (SMB) market. Our process to extend credit to borrowers begins with technology, but finishes with credit committee approval. We record CECL reserves on loans held for investment at amortized cost, which for unguaranteed SBA 7(a) loans exceeds 6%. For SBA7(a) loans, we hold the unguaranteed portion and sell portions guaranteed by the SBA, within approximately 180 days of origination (or we may hold guaranteed portions for longer periods), for premiums that have historically exceeded 10%, depending on loan characteristics and market conditions. Unlike traditional financial and bank holding companies, the majority of our income is driven and influenced by noninterest income, specifically gains on sales and market value adjustments on loans. We sell certain loans servicing retained, in which case we record a servicing asset that increases our gain on sale and provides a stream of future income to the extent the loan balance continues to be outstanding. We fund our activities at Newtek Bank primarily through the aforementioned deposit products. We have also offered loans outside of our bank (primarily ALP loans that have been funded by our JVs and our non-bank subsidiary Newtek ALP Holdings) that have been initially funded with capital and lines of credit and hedged until a sufficient volume is attained at which time the loans are securitized. We are required by law to hold risk retention in securitization transactions, and the majority of our interests in securitizations are designed to absorb first loss on the loans held in the securitization trusts. Prior to July 1, 2024, the Company originated ALP loans with the intent to sell the loans to a JV. While the Company may continue to ITEM 1. BUSINESS. We are a financial holding company subject to the regulation and supervision of the Federal Reserve and the Federal Reserve Bank of Atlanta that, together with our consolidated subsidiaries, provides a wide range of business and financial solutions under the Newtek\u00ae and NewtekOne\u00ae brands to the independent business owner (SMB) market. Prior to January 6, 2023 when we acquired Newtek Bank and converted to a financial holding company, we operated as an internally managed non-diversified closed-end management investment company that was regulated as a BDC under the 1940 Act, and was treated as a RIC under the Code for U.S. federal income tax purposes. See \u201cExecutive Overview - Conversion to a Financial Holding Company.\u201d In addition to our bank subsidiary, Newtek Bank and its consolidated subsidiary, SBL, the following are our consolidated non-bank direct and indirect subsidiaries: Newtek Small Business Finance, LLC (NSBF); Newtek Business Services Holdco 6, Inc. d/b/a Newtek ALP Holdings (NALH); Newtek Merchant Solutions, LLC (NMS) and its subsidiary Mobil Money, LLC; CDS Business Services, Inc. d/b/a Newtek Business Credit Solutions (NBC); PMTWorks Payroll, LLC d/b/a Newtek Payroll and Benefits Solutions (PMT); Newtek Insurance Agency, LLC (NIA); Titanium Asset Management LLC (TAM); and POS on Cloud, LLC, d/b/a Newtek Payment Systems (POS). NewtekOne is a Technology Enabled Financial Holding Company Offering Business and Financials Solutions to its Client Base of Independent Business Owners NewTracker\u00ae NewTracker is our primary tool for acquiring business referrals without traditional bankers, bank branches, brokers or business development officers. We have an established and reliable platform that is not limited by client size, industry type, or location. As a result, we believe we have a strong and diversified client base across the United States and across a variety of different industries. In addition, we have developed a financial and tec ITEM 1A. RISK FACTORS. The following is a summary of the risk factors that we believe are most relevant to our business. These are factors that, individually or in the aggregate, we think could cause our actual results to differ significantly from anticipated or historical results. If any of the following risks occur, our business, financial ", "title": "NEWT - NewtekOne, Inc.", "url": "/company/NEWT/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001841387; latest 10-K filed 2026-03-12.", "text": "CADL - Candel Therapeutics, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001841387; latest 10-K filed 2026-03-12. CADL Candel Therapeutics, Inc. 0001841387 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis contains forward-looking statements that involve risks and uncertainties. You should review the section titled \u201cRisk factors\u201d in this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described below. Overview We are a clinical stage biopharmaceutical company focused on developing off-the-shelf viral immunotherapies that elicit an individualized, systemic anti-tumor immune response to help patients fight cancer. Our engineered viruses are designed to induce a systemic anti-tumor response due to induction of immunogenic cell death within the tumor microenvironment, thus releasing tumor neo-antigens and creating a pro-inflammatory microenvironment at the site of injection. This is intended to lead to in-situ immunization against the injected tumor and uninjected distant metastases. Local administration is designed to achieve these therapeutic effects while minimizing systemic exposure and associated toxicity. The immune cells induced by these viral immunotherapies are believed to target patients\u2019 specific tumor antigens, potentially improving responses in immunologically \u201chot\u201d tumors while at the same time infiltrating the tumor microenvironment, transforming non-inflamed \u201ccold\u201d tumors with limited immune response into \u201chot\u201d tumors. While our product candidates are administered directly into the tumor, we have observed systemic immune responses in our preclinical studies and clinical trials that may indicate the potential of our product candidates to induce systemic immune response against distal, uninjected tumors, also known as an \u201cabscopal\u201d effect. We believe viral immunotherapy is among the most promising cancer treatment modalities today. Our goal is to further improve patient outcomes through viral immunotherapies by selecting the optimal vector, specific transgenes and clinical indications for each tumor type while optimizing product candidate attributes, such as high-titer formulation, intratumoral administration to induce systemic anti-tumor immunity, and storage conditions that could potentially lower logistical barriers for patients and clinicians. We have established two clinical off-the-shelf viral immunotherapy platforms based on novel, genetically modified adenovirus and herpes simplex virus (HSV) constructs, respectively. Our most advanced product candidate, aglatimagene besadenovec (referred to herein as aglatimagene and previously as CAN-2409), is an off-the-shelf adenovirus product candidate, administered in conjunction with the prodrug valacyclovir, and has generated promising clinical activity across a range of solid tumor indications. Aglatimagene is being studied in the following ongoing clinical trials: \u25aa Prostate Cancer o A pivotal phase 3 randomized, double-blind, placebo-controlled clinical trial in the United States under a Special Protocol Assessment (SPA) with the U.S. Food and Drug Administration (FDA) evaluating patients with newly diagnosed, localized prostate cancer who have an intermediate- or high-risk for progression. The FDA granted Fast Track Designation for the use of aglatimagene for the treatment of localized, primary prostate cancer in combination with radiation therapy to improve the local control rate. o The primary goal of curative treatment for localized prostate cancer is complete tumor eradication, as outlined by National Comprehensive Cancer Network (NCCN) guidelines. However, up to 30% of intermediate- to high-risk patients experience recurrence despite radical the Item 1. Business. Overview We are a clinical stage biopharmaceutical company focused on developing off-the-shelf viral immunotherapies that elicit an individualized, systemic anti-tumor immune response to help patients fight cancer. Our engineered viruses are designed to induce a systemic anti-tumor response due to induction of immunogenic cell death within the tumor microenvironment, thus releasing tumor neo-antigens and creating a pro-inflammatory microenvironment at the site of injection. This is intended to lead to in-situ immunization against the injected tumor and uninjected distant metastases. Local administration is designed to achieve these therapeutic effects while minimizing systemic exposure and associated toxicity. The immune cells induced by these viral immunotherapies are believed to target patients\u2019 specific tumor antigens, potentially improving responses in immunologically \u201chot\u201d tumors while at the same time infiltrating the tumor microenvironment, transforming non-inflamed \u201ccold\u201d tumors with limited immune response into \u201chot\u201d tumors. While our product candidates are administered directly into the tumor, we have observed systemic immune responses in our preclinical studies and clinical trials that may indicate the potential of our product candidates to induce systemic immune response against distal, uninjected tumors, also known as an \u201cabscopal\u201d effect. We believe viral immunotherapy is among the most promising cancer treatment modalities today. Our goal is to further improve patient outcomes through viral immunotherapies by selecting the optimal vector, specific transgenes and clinical indications for each tumor type while optimizing product candidate attributes, such as high-titer formulation, intratumoral administration to induce systemic anti-tumor immunity, and storage conditions that could potentially lower logistical barriers for patients and clinicians. We have established two clinical off-the-shelf viral immunotherapy platforms based o Item 1A. Risk Factors. Our future operating results could differ materially from the results described in this Annual Report on Form 10-K due to the risks and uncertainties described below. You should consider carefully the following information about risks below in evaluating our", "title": "CADL - Candel Therapeutics, Inc.", "url": "/company/CADL/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0001874071; latest 10-K filed 2026-03-13.", "text": "PDLB - Ponce Financial Group, Inc. SIC 6035 Savings Institution, Federally Chartered; CIK 0001874071; latest 10-K filed 2026-03-13. PDLB Ponce Financial Group, Inc. 0001874071 6035 Savings Institution, Federally Chartered Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following management\u2019s discussion and analysis of the financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those described below. Such risks and uncertainties include, but are not limited to, those identified below and those described in Part I, Item 1A. \u201cRisk Factors,\u201d within this Annual Report on Form 10-K. Discussion and analysis of our 2024 fiscal year specifically, as well as the year-over-year comparison of our 2024 financial performance to 2023, are located under Part II, Item 7 \u2014 Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 13, 2025 (the \"2024 Form 10-K\"), which is available on our investor relations website at poncebank.gcs-web.com and the SEC's website at sec.gov. Overview Our principal business is attracting retail deposits from the general public and investing those deposits together with funds generated from ongoing operations and borrowings, primarily in (1) originations and purchases of multi-family residential properties, commercial business loans, commercial real estate mortgage loans, one-to-four family (focusing on mixed-use properties, which are properties that contain both residential dwelling units and commercial units); (2) construction loans; (3) SBA loans; (4) mortgage-backed securities; and (5) U.S. government securities, corporate fixed-income securities and other marketable securities. We also originate certain other consumer loans including overdraft lines of credit. Our results of operations depend primarily on net interest income, which is the difference between the income earned on its interest-earning assets and the cost of our interest-bearing liabilities. We also generate non-interest income mainly from service charges and fees, late and prepayment charges, income on sale of mortgage loans and grant income. Our non-interest expense consists principally of employee compensation and benefits, occupancy and equipment costs, data processing expenses, direct loan expenses, professional fees, other operating expenses and income tax expense. Our results of operations can also be significantly affected by our periodic provision for credit losses. Federal Economic Relief Funds To Aid Lending to Small Businesses Emergency Capital Investment Program On June 7, 2022 (the \u201cOriginal Closing Date\u201d), the Company issued 225,000 shares of the Company\u2019s Preferred Stock\u200e, par value $0.01 (the \u201cPreferred Stock\u201d) for an aggregate purchase price equal to $225,000,000 in cash to the Treasury, pursuant to the Treasury\u2019s ECIP. Under the ECIP, Treasury provided investment capital directly to depository institutions that are CDFIs or MDIs or their holding companies, to provide loans, grants, and forbearance for small businesses, minority-owned businesses, and consumers, in low-income and underserved communities. No dividends accrued or were due for the first two years after issuance. For years three through ten, depending upon the level of qualified and/or deep impact lending made in targeted communities, as defined in the ECIP guidelines, dividends will be at an annual rate of either 2.0%, 1.25% or 0.5% and, thereafter, will be fixed at one of the foregoing rates. If we are unable to make qualified and/or deep impact loans at required levels, we will be required to pay dividends at the higher annual rates. Additionally, we may make qualified and/or deep impact loans that are riskier than we otherwise would in an effort to meet the lending requirements for the lower dividend rates and/or to qualify fo Item 1. Business Ponce Financial Group, Inc. Ponce Financial Group, Inc. (hereafter referred to as \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cPonce Financial Group, Inc.,\u201d or the \u201cCompany\u201d), is a financial holding company and the holding company of Ponce Bank, National Association (\u201cPonce Bank\u201d or the \u201cBank\u201d), a national bank. The Company is authorized to pursue other business activities permitted by applicable laws and regulations for financial holding companies, which may include the acquisition of banking and financial services companies. The Company\u2019s cash flow is dependent on earnings from investments and any dividends received from Ponce Bank. Ponce Financial Group, Inc. does not own nor lease any property, but instead uses the premises, equipment and furniture of Ponce Bank. At the present time, the Company employs only persons who are officers of Ponce Bank to serve as officers of Ponce Financial Group, Inc. It uses the support staff of Ponce Bank from time to time. These persons are not separately compensated by Ponce Financial Group, Inc. Ponce Financial Group, Inc. may hire additional employees, as appropriate, to the extent it so determines in the future. The Company\u2019s executive office is located at 2244 Westchester Avenue, Bronx, New York 10462, and the telephone number at that address is (718) 931-9000. Available Information Under Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d), Ponce Financial Group, Inc. is required to file annual, quarterly, and current reports, proxy statements and other information with the Securities and Exchange Commission (\u201cSEC\u201d). The Company electronically files its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and other reports as required with the SEC. The SEC website, www.sec.gov, provides access to all Company filings which have been filed electronically. Additionally, the Company\u2019s SEC filings and additional shareholders\u2019 information Item 1A. Risk Factors. Investments in the Company\u2019s securities involve risks. In addition to the other information set forth in this Annual Report on Form 10-K, including the information addressed under \u201cCautionary Note Regarding Forward-Looking Statements,\u201d investors in the Company\u2019s se", "title": "PDLB - Ponce Financial Group, Inc.", "url": "/company/PDLB/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001403475; latest 10-K filed 2026-03-13.", "text": "BMRC - Bank of Marin Bancorp SIC 6022 State Commercial Banks; CIK 0001403475; latest 10-K filed 2026-03-13. BMRC Bank of Marin Bancorp 0001403475 6022 State Commercial Banks ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of financial condition as of December 31, 2025 and 2024 and results of operations for each of the years in the three-year period ended December 31, 2025 should be read in conjunction with our consolidated financial statements and related notes thereto, included in Part II ITEM 8 of this report. The Company restated its Consolidated Statements of Condition and revised its Consolidated Statements of Comprehensive (Loss) Income for the years ended December 31, 2024 and 2023, and the quarters ended September 30, 2025, June 30, 2025, March 31, 2025, September 30, 2024, June 30, 2024, and March 31, 2024, (the \u201cAffected Periods\u201d) for misstatements between the balance sheet and income statement that were determined, in the aggregate, to be material to previously issued financial statements. Generally, the restatements and revisions related to the misclassification of certain deposits and expenses related thereto as non-interest bearing deposits and non-interest expense when they should have been classified as interest bearing deposits and interest expense. See \u201cNote 19, Restatement of Prior Period Financial Statements (Quarterly Information Unaudited)\u201d in Item 8 of this Form 10-K, for additional information related to the restatement and revision, including descriptions of the misstatements and the impacts on our consolidated financial statements. All affected tables and narrative disclosures herein from the Affected Periods have likewise been corrected. Forward-Looking Statements The disclosures set forth in this item are qualified by important factors detailed in Part I captioned Forward-Looking Statements and ITEM 1A captioned Risk Factors of this report and other cautionary statements set forth elsewhere in the report. Critical Accounting Estimates Critical accounting estimates are those estimates made in accordance with generally accepted accounting principles that involve a significant level of estimation and uncertainty and have had or are reasonably likely to have a material impact on our financial condition and results of operations. We consider accounting estimates to be critical to our financial results if (i) the accounting estimate requires management to make assumptions about matters that are highly uncertain, (ii) management could have applied different assumptions during the reported period, and (iii) changes in the accounting estimate are reasonably likely to occur in the future and could have a material impact on our financial statements. Management has determined the following accounting estimates and related policies to be critical. Allowance for Credit Losses on Loans and Unfunded Commitments The allowance for credit losses on loans is a valuation account that is deducted from the amortized cost basis at the balance sheet date to present the net amount of loans expected to be collected. The allowance for credit losses on unfunded loan commitments is based on estimates of the probability that these commitments will be drawn upon according to historical utilization experience, expected loss severity, and loss rates as determined for pooled funded loans. The allowance for credit losses on unfunded commitments is a liability account included in interest payable and other liabilities. Management estimates these allowances quarterly using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Credit loss experience among the Bank and peer groups provides the basis for the estimation of expected credit losses. The allowance for credit losses (\"ACL\") model utilizes a discounted cash flow (\"DCF\") method to measure the expected credit losses on loans collectively evaluated that are sub-segmented by loan pools with similar credit risk characteristics, which generally correspond to federal regulator ITEM 1. BUSINESS Bank of Marin (the \u201cBank\u201d) was incorporated in August 1989, received its charter from the California Superintendent of Banks (now the Department of Financial Protection and Innovation or \"DFPI\") and commenced operations in January 1990. The Bank is an insured bank by the Federal Deposit Insurance Corporation (\u201cFDIC\u201d). Bank of Marin Bancorp (\"Bancorp\") was formed in 2007 and the Bank became its sole subsidiary when each share of Bank common stock was exchanged for one share of Bancorp common stock. Bancorp is listed on the Nasdaq Stock Market under the symbol BMRC. Upon formation of the holding company, Bancorp became subject to regulation under the Bank Holding Company Act of 1956, as amended, and reporting and examination requirements by the Board of Governors of the Federal Reserve System (\"Federal Reserve\"). Bancorp files periodic reports and proxy statements with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended. References in this report to \u201cBancorp\u201d or the \"Company\" mean Bank of Marin Bancorp, parent holding company for the Bank. References to \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d mean the holding company and the Bank that are consolidated for financial reporting purposes. Virtually all of our business is conducted through Bancorp's subsidiary, Bank of Marin, which is headquartered in Novato, California. In addition to our headquarters and a regional office in the Greater Sacramento region, we operate 27 retail branches and 8 commercial banking offices across Northern California with a strong emphasis on supporting local communities. Our customer base is comprised of business, not-for-profit, and personal banking relationships within our Northern California footprint. Our business banking focus is on small to medium-sized businesses, not-for-profit organizations, and commercial real estate investors. We offer a suite of business and personal financial products and services designed to meet the needs of o ITEM 1A. RISK FACTORS We assume and manage a certain degree of risk in order to conduct our business. The material risks and uncertainties that management believes may affect our business are listed below and in ITEM 7A, Quantitative and Qualitative Disclosure about Market Risk. The list is not exhaustive; additional risks and uncertainties that", "title": "BMRC - Bank of Marin Bancorp", "url": "/company/BMRC/" }, { "kind": "company", "summary": "SIC 5045 Wholesale-Computers & Peripheral Equipment & Software; CIK 0000945983; latest 10-K filed 2026-02-27.", "text": "CLMB - Climb Global Solutions, Inc. SIC 5045 Wholesale-Computers & Peripheral Equipment & Software; CIK 0000945983; latest 10-K filed 2026-02-27. CLMB Climb Global Solutions, Inc. 0000945983 5045 Wholesale-Computers & Peripheral Equipment & Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u200b The following management\u2019s discussion and analysis of the Company\u2019s financial condition and results of operations should be read in conjunction with the Company\u2019s Consolidated Financial Statements and the Notes thereto. This discussion and analysis contains, in addition to historical information, forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain risks and uncertainties, including those set forth under the heading \u201cRisk Factors\u201d and elsewhere in this Annual Report. \u200b Overview \u200b Our Company is a value added IT distribution and solutions company, primarily selling software and other third-party IT products and services through two reportable operating segments. Through our \u201cDistribution\u201d segment we sell products and services to corporate resellers, VARs, consultants and systems integrators worldwide, who in turn sell these products to end users. Through our \u201cSolutions\u201d segment we act as a cloud solutions provider and value-added reseller, selling computer software and hardware developed by others and provide technical services directly to end user customers worldwide. We offer an extensive line of products from leading software vendors and tools for virtualization/cloud computing, security, networking, storage and infrastructure management, application lifecycle management and other technically sophisticated domains as well as computer hardware. We market these products through creative marketing communications, including our web sites, local seminars, webinars, social media, direct e-mail, and printed materials. \u200b We have subsidiaries in the United States, Canada, Netherlands, United Kingdom, Ireland, and Germany through which sales are made. \u200b 18 Table of Contents Factors Influencing Our Financial Results \u200b We derive most of our net sales through the sale of third-party software licenses, maintenance and service agreements. In our Distribution segment, sales are impacted by the number of product lines we distribute, and sales penetration of those products into the reseller channel, product lifecycle competition, and demand characteristics of the products which we are authorized to distribute. In our Solutions segment sales are generally driven by sales force effectiveness and success in providing superior customer service and cloud solutions support, competitive pricing, and flexible payment solutions to our customers. Our sales are also impacted by external factors such as levels of IT spending and customer demand for products we distribute. Our customers evaluate the complex technology landscape in order to balance priorities and focus on products that lead to business optimization, cost management and security risk management, resulting in a more measured approach to their IT spending. We provide security, software and hybrid and cloud offerings to help customers achieve their objectives. Technology trends drive customer purchasing behaviors in the market. Current technology trends are focused on delivering greater flexibility and efficiency, as well as designing and managing IT securely. These trends are driving customer adoption of cloud, AI, software defined architectures and hybrid on-premise and off-premise combinations. Technology trends are likely to evolve as customers prioritize spend that will produce the most important outcomes for their business. \u200b We sell in a competitive environment where gross product margins have historically declined due to competition and changes in product mix towards products where no delivery of a physical product is required. In addition, we grant discounts, allowances, and rebates to certain customers, which may vary from period to period, based on volume, payment terms and other criteria. To date, we have been able to implement cos Item 1. Business \u200b General \u200b The Company is a value added information technology (\u201cIT\u201d) distribution and solutions company. The Company primarily operates through its \u201cDistribution\u201d segment, which distributes emerging and disruptive technologies to corporate resellers, value added resellers (\u201cVARs\u201d), consultants and systems integrators worldwide under the name \u201cClimb Channel Solutions\u201d. The Company also operates a smaller segment called \u201cSolutions\u201d, which is a cloud solutions provider and value-added reseller of software, hardware and services for customers worldwide under the name \u201cGrey Matter\u201d. Across both segments, we offer an extensive line of products from leading software vendors and tools for virtualization/cloud computing, security, networking, storage and infrastructure management, application lifecycle management and other technically sophisticated domains, as well as computer hardware. \u200b The Company was incorporated in Delaware in 1982. Our common stock, par value $0.01 per share (\u201cCommon Stock\u201d), is listed on The NASDAQ Global Market under the symbol \u201cCLMB\u201d. \u200b Distribution Segment \u200b In our Distribution segment, which accounted for approximately 96% of our consolidated net sales and 87% of our consolidated gross profit during the year ended December 31, 2025, we distribute technology products from software developers, software vendors or original equipment manufacturers (\u201cOEMs\u201d) to resellers, and system integrators worldwide. We purchase software, maintenance/service agreements, networking/storage/security equipment and complementary products from our vendors and sell them to our reseller customers. The large majority of hardware products we sell are \u201cdrop shipped\u201d directly to the customers, which reduces physical handling by the Company and required investment in inventory. Generally, a vendor authorizes a limited number of companies to act as distributors of their product and sell their product to resellers. Our reseller customers includ Item 1A. Risk Factors \u200b Investors should carefully consider the risk factors set forth below as well as the other information contained in this Annual Report. Any of the following risks could materially and adversely affect our business, financial condition or results of operations and c", "title": "CLMB - Climb Global Solutions, Inc.", "url": "/company/CLMB/" }, { "kind": "company", "summary": "SIC 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels); CIK 0001421461; latest 10-K filed 2026-03-05.", "text": "IPI - Intrepid Potash, Inc. SIC 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels); CIK 0001421461; latest 10-K filed 2026-03-05. IPI Intrepid Potash, Inc. 0001421461 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels) ITEM 7.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management's Discussion and Analysis should be read in conjunction with the accompanying consolidated financial statements and related notes contained in \"Item 8. Financial Statements and Supplemental Data\" of this Annual Report. This Management's Discussion and Analysis contains forward\u2011looking statements that involve risks, uncertainties, and assumptions as described under the heading \"Cautionary Note Regarding Forward\u2011Looking Statements,\" in Part I of this Annual Report. Our actual results could differ materially from those anticipated by these forward\u2011looking statements as a result of many factors, including those discussed under \"Item 1A. Risk Factors\" and elsewhere in this Annual Report. A discussion of the changes in our results of operations between the years ended December 31, 2024, and December 31, 2023, has been omitted from this Annual Report on Form 10-K but may be found in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 4, 2025, which is available free of charge on the SEC's website at www.sec.gov and our corporate website (www.intrepidpotash.com). Overview We are a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed and the oil and gas industry. We are the only U.S. producer of muriate of potash (sometimes referred to as potassium chloride or potash), which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications, and used as an ingredient in animal feed. In addition, we produce a specialty fertilizer, Trio\u00ae, which delivers three key nutrients, potassium, magnesium, and sulfur, in a single particle. We also provide water, magnesium chloride, brine and various oilfield products and services. Our extraction and production operations are conducted entirely in the continental U.S. We produce potash from three solution mining facilities: our HB solution mine in Carlsbad, New Mexico, our solution mine in Moab, Utah, and our brine recovery mine in Wendover, Utah. We also operate our North compaction facility in Carlsbad, New Mexico, which compacts and granulates product from the HB mine. We produce Trio\u00ae from our conventional underground East mine in Carlsbad, New Mexico. We also have certain land, water rights, federal grazing leases, and other related assets in southeast New Mexico. We refer to these assets and operations as \"Intrepid South.\" Intrepid South generates revenue from sales of various oilfield-related products and services, including but not limited to, water, brine, surface use and right-of-way agreements, a produced water royalty agreement, and caliche sales. We have three segments: potash, Trio\u00ae, and oilfield solutions. We account for the sale of byproducts as revenue in the potash or Trio\u00ae segment based on which segment generated the byproduct. For each of the years ended December 31, 2025, 2024, and 2023, a majority of our byproduct sales were accounted for in the potash segment. Significant Business Trends and Activities Our financial results have been, or are expected to be, impacted by several significant trends and activities, including impacts from global disruptions. Given the dynamic nature of such disruptions, we cannot reasonably estimate the impacts of such disruptions, if any, on our financial condition, results of operations, liquidity, or cash flows in the future. We expect that any such disruptions may have a material effect on revenue growth, financial condition, liquidity, and overall profitability in future reporting periods. Please see further discussion under \"Item 1A. Risk Factors.\" We expect that the trends described below may continue to impact our resul ITEM 1.BUSINESS General We are a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed and the oil and gas industry. We are the only U.S. producer of muriate of potash (sometimes referred to as potassium chloride or potash), which is applied as an essential nutrient for healthy crop development, utilized in several industrial applications, and used as an ingredient in animal feed. In addition, we produce a specialty fertilizer, Trio\u00ae, which delivers three key nutrients, potassium, magnesium, and sulfur, in a single particle. We also provide water, magnesium chloride, brine, and various oilfield products and services. Our extraction and production operations are conducted entirely in the continental U.S. We produce potash from three solution mining facilities: our HB solution mine in Carlsbad, New Mexico, our solution mine in Moab, Utah, and our brine recovery mine in Wendover, Utah. We also operate our North compaction facility in Carlsbad, New Mexico, which compacts and granulates product from the HB mine. We produce Trio\u00ae from our conventional underground East mine in Carlsbad, New Mexico. We also have certain land, water rights, federal grazing leases, and other related assets in southeast New Mexico. We refer to these assets and operations as \"Intrepid South.\" Our Intrepid South property generates revenue from sales of various oilfield related products and services, including but not limited to, water, brine, surface use and right-of-way agreements, a produced water royalty agreement, and caliche. Our principal offices are located at 707 17th Street, Suite 4200, Denver, Colorado 80202, and our telephone number is (303) 296-3006. Intrepid was incorporated in Delaware in 2007. Our Products and Services Our three primary products are potash, Trio\u00ae, and water. We also sell salt, magnesium chloride, brines, and water that are derived as part of our min ITEM 1A.RISK FACTORS You should carefully consider the following risk factors. Our future performance is subject to a variety of risks and uncertainties that could materially and adversely affect our business, financial condition, and results of operations, and the trading price of our common stock. We may be ", "title": "IPI - Intrepid Potash, Inc.", "url": "/company/IPI/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001814287; latest 10-K filed 2026-03-13.", "text": "ABX - Abacus Global Management, Inc. SIC 6282 Investment Advice; CIK 0001814287; latest 10-K filed 2026-03-13. ABX Abacus Global Management, Inc. 0001814287 6282 Investment Advice Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion provides an analysis of the Company\u2019s financial condition, cash flows and results of operations from management\u2019s perspective and should be read in conjunction with the consolidated financial statements and notes thereto included in Part II, Item 8 of this Annual Report on Form 10-K. Our objective is to provide discussion of events and uncertainties known to management that are reasonably likely to cause the reported financial information not to be indicative of future operating results or of future financial condition and to also offer information that provides an understanding of our financial condition, cash flows and results of operations. This section of this Form 10-K discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. The statements contained in this Annual Report on Form 10-K that are not purely historical are forward-looking statements within the meaning of Section27A of the Securities Act, and Section 21E of the 32 Table of Contents Exchange Act including statements regarding our expectations, hopes, intentions or strategies regarding the future. In addition to historical financial analysis, this discussion and analysis contains forward-looking statements based upon current expectations that involve risks, uncertainties, and assumptions, as described under the heading \u201cCautionary Note Regarding Forward-Looking Statements.\u201d All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements. Actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to: the potential impact of our business relationships, including with our employees, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; weakness or adverse changes in the level of activity in our sector or the sectors of our affiliated companies, which may be caused by, among other things, high or increasing interest rates, or a weak U.S. economy; significant competition that our operating subsidiaries face; compliance with extensive government regulation; and other risks detailed in the those set forth under \u201cRisk Factors\u201d or elsewhere in this quarterly statement. Unless the context otherwise requires, references in this \u201cAbacus Global Management, Inc. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and \u201cCompany\u201d are intended to mean the business and operations of Abacus Global Management, Inc. Business Overview We are a financial services company specializing in alternative asset management, data-driven wealth solutions, technology innovations, and institutional services. With a focus on longevity-based assets and personalized financial planning, we leverage proprietary data analytics and decades of industry expertise to deliver innovative solutions that optimize financial outcomes for individuals and institutions worldwide. We serve as the originator and market maker of the assets we purchase and manage, providing a distinct advantage for consumers seeking to monetize insurance policies and for investors seeking to deploy capital. In a highly regulated and difficult-to-access insurance marketplace, we provide consumers with the maximum opportunity for their insurance assets and we also provide investors with a high-quality class of assets. For a further overview of our business, please see the discussion under the heading, \u201cItem 1. Business,\u201d in this Annual Report on Form 10-K. The Company is a vertically integrated alternative asset manager and market maker, specializing in longevity and actuarial technology. The Company opera Item 1. Business Business Combination Abacus Global Management, Inc. (\u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany,\u201d or \u201cAbacus\u201d) was formerly known as Abacus Life, Inc. and East Resources Acquisition Company (\u201cERES\u201d). The Company was initially organized as ERES, a blank check company incorporated in Delaware on May 22, 2020. On June 30, 2023, we completed a business combination by and between Abacus Merger Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of ERES (\u201cAbacus Merger Sub\u201d), Longevity Market Assets, LLC, a Florida limited liability company (\u201cLMA\u201d), and Abacus Settlements, LLC, a Florida limited liability company (\u201cAbacus Settlements\u201d and, together with LMA, the \u201cCompanies\u201d), pursuant to which (i) LMA Merger Sub merged with and into LMA, with LMA surviving and (ii) Abacus Merger Sub merged with and into Abacus, with Abacus 1 Table of Contents surviving (together the \u201cMergers\u201d and, along with the transactions contemplated in the Merger Agreement, the \u201cBusiness Combination\u201d) and the Companies became direct wholly owned subsidiaries of ERES. In connection with the Business Combination, ERES changed its name to Abacus Life, Inc. On February 27, 2025, we changed our name to Abacus Global Management, Inc. Prior to December 2, 2024, the Company conducted its business through its wholly owned, consolidated subsidiaries, primarily the Companies. On December 2, 2024, we completed the acquisitions of Carlisle Management Company S.C.A., a corporate partnership limited by shares established under the laws of Luxembourg (\u201cCMC\u201d), Carlisle Investment Group S.A.R.L., a private limited liability company incorporated under the laws of Luxembourg (\u201cCIG,\u201d and together with CMC, \u201cCarlisle\u201d), a Luxembourg-based investment manager in the life settlement space (such acquisitions, the \u201cCarlisle Acquisition\u201d). On December 2, 2024, we also completed the acquisition of FCF Advisors, LLC (\u201cFCF Advisors\u201d or \u201cFCF\u201d), a New York based asset manager and index provider sp Item 1A. Risk Factors The following discussion of \u201cRisk Factors\u201d identifies factors that we believe could adversely affect our business, operations, financial condition or future performance and trading in our securities. This information should be read in conjunction with \u201cManagement\u2019s Discussion and Analysis of Financial Conditio", "title": "ABX - Abacus Global Management, Inc.", "url": "/company/ABX/" }, { "kind": "company", "summary": "SIC 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens); CIK 0000899751; latest 10-K filed 2026-02-26.", "text": "TWI - TITAN INTERNATIONAL INC SIC 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens); CIK 0000899751; latest 10-K filed 2026-02-26. TWI TITAN INTERNATIONAL INC 0000899751 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) ITEM 7 \u2013 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS MANAGEMENT\u2019S DISCUSSION AND ANALYSIS Management\u2019s discussion and analysis of financial condition and results of operations is designed to provide a reader of the financial statements included in this annual report with a narrative from the perspective of the management of Titan on Titan\u2019s financial condition, results of operations, liquidity, and other factors which may affect the Company\u2019s future results. You should read the following discussion and analysis in conjunction with our consolidated financial statements and related notes in \"Item 8. Financial Statements and Supplementary Data.\" The following discussion includes forward-looking statements about our business, financial condition, and results of operations, including discussions about management\u2019s expectations for our business. These statements represent projections, beliefs, and expectations based on current circumstances and conditions and in light of recent events and trends, and you should not construe these statements either as assurances of performance or as promises of a given course of action. Instead, various known and unknown factors are likely to cause our actual performance and management\u2019s actions to vary, and the results of these variances may be both material and adverse. See \u201cForward-Looking Statements\u201d and \"Item 1A. Risk Factors\" in Part I of this Form 10-K. Acquisition of Carlstar Group (now also known as \"Titan Specialty\") On February 29, 2024, the Company acquired 100% of the equity interests of Carlstar, now also known as Titan Specialty. The results of Titan Specialty's operations have been included in our consolidated financial statements since February 29, 2024. Total acquisition-related costs related to the Titan Specialty acquisition for the year ended December 31, 2024 were $6.2 million. The purchase consideration for the Titan Specialty acquisition was allocated to the estimated fair value of assets acquired and liabilities assumed as of February 29, 2024. For further information, refer to Note 2 to our consolidated financial statements. BUSINESS For a description of the Company\u2019s business and segments see \"Item 1. Business\" in Part I of this Form 10-K. MARKET CONDITIONS AND OUTLOOK AGRICULTURAL MARKET OUTLOOK The agricultural market is affected by related commodity prices and farmer income, among other variables. The customer demand in the agricultural markets in North America and Europe are currently experiencing a mix of customer demand levels driven by favorable customer order patterns in small agricultural products as compared to a significant slowdown in customer demand for large agricultural products. The mix in demand levels has been and continues to be further exacerbated by the dynamic and uncertain tariff policy environment, including the imposition of tariffs by the United States and other countries throughout the world, and responses thereto, including litigation, which has created uncertainty in the global markets including impact on farmer sentiment. Amid the evolving global tariff situation, Titan is in a uniquely advantaged position among its competitors, having manufacturing capabilities that are strategically located in the key markets we serve. In addition, some mid to long term global market trends anticipate population growth, a shift in consumer preference toward higher protein diets, and the pressures to replace an aging large equipment fleet in favor of newer and higher productivity technology. The Company expects that the underlying market trends mentioned above will provide future support for the mid to long-term demand for the Company's products. However, many variables, including weather, volatility in the price of commodities, the demand for used equipment, export markets, foreign currency exchange rates, interest rates, government policies, subsidies, and uncertainty 23 Table of Contents surrounding the ITEM 1 \u2013 BUSINESS OVERVIEW Titan, is a global wheel, tire, and undercarriage industrial manufacturer and supplier that services customers across the globe. Titan traces its roots to the Electric Wheel Company in Quincy, Illinois, which was founded in 1890. Titan was originally incorporated in 1983 and has increased its global footprint and enhanced product offerings through major acquisitions which include the following: \u20222005 - North American farm tire assets of The Goodyear Tire & Rubber Company (\"Goodyear\") \u20222006 - Off-the-road (\"OTR\") tire assets of Continental Tire North America \u20222011 - Goodyear's Latin American farm tire business \u20222013/2014 - A noncontrolling interest in Voltyre-Prom, a leading producer of agricultural and industrial tires, which owns and operates an over two million square foot manufacturing facility located in Volgograd, Russia \u20222019 - An additional 21.4% interest in Voltyre-Prom (from 42.9% to 64.3%) resulting in controlling interest \u20222024 - Acquisition of Carlstar, a global manufacturer and distributor of wheels and tires for a variety of end-market verticals including outdoor power equipment, power sports, trailers, and small to midsize agricultural and construction equipment. As a leading manufacturer in the off-highway industry, Titan produces a broad range of products to meet the specifications of original equipment manufacturers (\"OEMs\") and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. Titan manufactures and sells certain tires under the Goodyear Farm Tire, Titan Tire, Carlstar and Voltyre-Prom Tire brands and has complete research and development facilities to validate tire and wheel designs. Carlstar sells tire 4 Table of Contents products under the Carlisle\u00ae brand under a long-term license agreement that expires in 2033 and also sells tires under other recognized brand names, including ITP\u00ae, Trail Wolf\u00ae, Links\u00ae, USA Trail\u00ae and Carlisle Radial Trail HD\u2122 highway trailer tir ITEM 1A \u2013 RISK FACTORS The Company is subject to various risks and uncertainties that it believes are significant to our business. These risks relate to or arise out of the nature of the Company's business and overall business, economic, financial, legal, and other factors or condi", "title": "TWI - TITAN INTERNATIONAL INC", "url": "/company/TWI/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001570562; latest 10-K filed 2026-03-03.", "text": "EOLS - Evolus, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001570562; latest 10-K filed 2026-03-03. EOLS Evolus, Inc. 0001570562 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion contains management\u2019s discussion and analysis of our financial condition and consolidated results of operations and should be read together with the audited consolidated financial statements and the related notes thereto included in Item 8 \u201cFinancial Statements and Supplementary Data\u201d and included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that reflect our plans, estimates and beliefs and involve numerous risks and uncertainties, including but not limited to those described in the Item 1A \u201cRisk Factors\u201d section of this Annual Report on Form 10-K. Actual results may differ materially from those contained in any forward-looking statements. You should carefully read \u201cSpecial Note Regarding Forward-Looking Statements\u201d and Item 1A \u201cRisk Factors\u201d in this Annual Report on Form 10-K. This section of the Form 10-K generally discusses the years ended December 31, 2025 and 2024 and year-to-year comparisons of 2025 to 2024. Discussions of the year ended December 31, 2023 and year-to-year comparisons of 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 4, 2025. Overview We are a global performance beauty company delivering breakthrough products with a customer-centric approach in the cash-pay aesthetic market. Our current commercial product portfolio includes Jeuveau\u00ae (prabotulinumtoxinA-xvfs) and Evolysse\u2122, a collection of injectable hyaluronic acid (\u201cHA\u201d) gels. We currently sell Jeuveau\u00ae in the United States, Canada, certain European countries and Australia, and, in April 2025, we launched Evolysse\u2122 Form and Evolysse\u2122 Smooth in the United States, which are indicated for wrinkles and folds, such as nasolabial folds, in adults. We expect to launch all four Evolysse\u2122 products in Europe in the second quarter of 2026 and anticipate two additional Evolysse\u2122 products, Evolysse\u2122 Sculpt and Evolysse\u2122 Lips, to be approved in the United States in 2026 and 2027, respectively. Our primary market is the cash-pay aesthetic market, which consists of medical products that consumers pay for directly out of pocket. Our customers are aesthetic practitioners who are properly licensed to deliver our products. By avoiding the regulatory burdens that accompany reimbursed products and pursuing an aesthetic-only non-reimbursed product strategy, we create flexibility to deliver a unique value proposition to our customers. We utilize this flexibility to drive customer adoption through programs such as our consumer loyalty program, co-branded marketing programs, portfolio bundles, promotional events and pricing strategies. Market Trends and Uncertainties The global economy has experienced heightened volatility and disruptions, including enacted and threatened tariffs. While inflation in the United States is moderating, job growth has been muted, and consumer confidence has generally been weakening. Recently enacted tariffs by the United States have adversely affected and potentially will continue to adversely affect overall consumer sentiment and discretionary spending. As a result, lower consumer sentiment and discretionary spending have negatively impacted aesthetic procedures and our sales and may negatively impact our sales in the future if consumer discretionary spending does not improve. We cannot reasonably estimate the financial impact of current and threatened tariffs by the United States on our future financial condition, results of operations or cash flows. As of December 31, 2025, the majority of our debt outstanding represents a long-term loan bearing variable rates of interest (see Note 7. Term Loans in the Notes to the Consolidated Financial Stat Item 1. Business. Overview We are a global performance beauty company delivering breakthrough products with a customer-centric approach. Our primary market is the cash-pay aesthetic market, which consists of medical products that consumers pay for directly out of pocket. Our customers are aesthetic practitioners who are properly licensed to deliver our products. By avoiding the regulatory burdens that accompany reimbursed products and pursuing an aesthetic-only non-reimbursed product strategy, we believe that we create flexibility to deliver a unique value proposition to our customers. We utilize this flexibility to drive customer adoption efforts through programs such as our consumer loyalty program, co-branded marketing programs, promotional events and pricing strategies. Our Products and Product Candidates Our current commercially available products and our product candidates represent two of the largest product categories within medical aesthetics, injectable neurotoxins and injectable hyaluronic acid (\u201cHA\u201d) gels. Jeuveau\u00ae is a proprietary 900 kilodalton (\u201ckDa\u201d), purified botulinum toxin type A formulation indicated for the temporary improvement in the appearance of moderate to severe glabellar lines, also known as \u201cfrown lines,\u201d in adults. Jeuveau\u00ae offers a 900 kDa botulinum toxin alternative to BOTOX (onabotulinumtoxinA). We believe aesthetic practitioners generally prefer the performance characteristics of the complete 900 kDa neurotoxin complex and are accustomed to injecting this formulation. Jeuveau\u00ae is bolstered by the results from our TRANSPARENCY global clinical program which included more than 2,100 patients and provides robust data to physicians evaluating the purchase of Jeuveau\u00ae. We believe the comprehensive TRANSPARENCY clinical data set, including a head-to-head Phase III study comparing Jeuveau\u00ae and BOTOX, provides physicians with confidence in recommending Jeuveau\u00ae to their patients. Jeuveau\u00ae is currently available in the United State Item 1A. Risk Factors. An investment in our company involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all the other information in this Annual Report on Form 10-K, including Item 7\u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and the consoli", "title": "EOLS - Evolus, Inc.", "url": "/company/EOLS/" }, { "kind": "company", "summary": "SIC 5712 Retail-Furniture Stores; CIK 0001875444; latest 10-K filed 2026-02-26.", "text": "ARHS - Arhaus, Inc. SIC 5712 Retail-Furniture Stores; CIK 0001875444; latest 10-K filed 2026-02-26. ARHS Arhaus, Inc. 0001875444 5712 Retail-Furniture Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations We have prepared this Management's Discussion and Analysis (\u201cMD&A\u201d) as an aid to understanding our financial results. It should be read together with the accompanying consolidated financial statements and related notes. It includes management\u2019s analysis of past financial results and certain potential factors that may affect future results, potential future risks and approaches that may be used to manage those risks. Some of the statements we make in this section are forward-looking statements within the meaning of the federal securities laws. For a complete discussion of forward-looking statements, see the section in this Annual Report entitled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d In addition to the discussion of potential risks discussed in MD&A, certain other risk factors may cause actual results, performance or achievements to differ materially from those expressed or implied by the following discussion. For a discussion of such risk factors, see the section in this Annual Report entitled \u201cRisk Factors.\u201d This discussion and analysis addresses 2025 and 2024 items and year-over-year comparisons between 2025 and 2024. Discussions regarding our financial condition and results of operations for 2024 compared to 2023 not included in this Annual Report can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview Founded in 1986 by John Reed, our CEO, and his father, Arhaus is a premium home furnishings brand built on a simple idea: furniture and d\u00e9cor should be responsibly sourced, lovingly made, and built to last. We operate a vertically integrated model, designing and sourcing products directly from skilled artisans and carefully selected manufacturing vendors around the world, including domestic upholstery production at our own North Carolina manufacturing facility. This approach enables us to offer a highly exclusive and customizable assortment of heirloom-quality furniture and d\u00e9cor designed to be used and enjoyed for generations. Design is at the core of everything Arhaus does. With more than 100 Showroom locations across the United States, our integrated omni-channel model connects every client touchpoint, from Showroom and interior design to eCommerce and catalog, allowing us to meet clients wherever and however they choose to shop while delivering a highly personalized client-first experience from discovery through delivery. Our vertically integrated model, inclusive of design and product development teams, upholstery manufacturing capabilities, direct vendor sourcing, direct-to-consumer and direct-to-trade selling, allows Arhaus to maintain greater control over product quality, design integrity, and value. We offer merchandise across a broad range of categories, including furniture, outdoor, bath, lighting, textiles and d\u00e9cor. Our curated assortments are presented across our sales channels in sophisticated, family-friendly and lifestyle-oriented settings. Based on third-party reports, publicly available data, and our internal research, we believe the United States premium home furnishings market is approximately $100 billion. This highly fragmented market is served by a large number of independent retailers, which we believe provides us a meaningful opportunity to increase market share over time. We believe that we are well positioned to grow market share through our differentiated brand positioning, scale, and strong resonance with affluent clients who value quality, craftsmanship, and design. Products are designed for use throughout the home and are sourced directly from a global network of nearly 400 vendors. Through close collaboration with Arhaus product development teams and sourcing relationships, and supported by our vertically integrated model, we believe we are able t Item 1. Business Overview Founded in 1986 by John Reed, our Chief Executive Officer (\u201cCEO\u201d), and his father, Arhaus, Inc. (\u201cArhaus\u201d, \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d) is a premium home furnishings brand built on a simple idea: furniture and d\u00e9cor should be responsibly sourced, lovingly made, and built to last. We operate a vertically integrated model, designing and sourcing products directly from skilled artisans and carefully selected manufacturing vendors around the world, including domestic upholstery production at our own North Carolina manufacturing facility. This approach enables us to offer a highly exclusive and customizable assortment of heirloom-quality furniture and d\u00e9cor designed to be used and enjoyed for generations. Design is at the core of everything Arhaus does. With more than 100 Showroom locations across the United States, our integrated omni-channel model connects every client touchpoint, from Showroom and interior design to eCommerce and catalog, allowing us to meet clients wherever and however they choose to shop while delivering a highly personalized client-first experience from discovery through delivery. On November 4, 2021, the Company completed its initial public offering (\u201cIPO\u201d) of its Class A common stock, which is traded on the Nasdaq Global Select Market (the \u201cNasdaq\u201d) under the symbol \u201cARHS\u201d. Our vertically integrated model, inclusive of design and product development teams, upholstery manufacturing capabilities, direct vendor sourcing, direct-to-consumer and direct-to-trade selling, allows Arhaus to maintain greater control over product quality, design integrity, and value. We offer merchandise across a broad range of categories, including furniture, outdoor, bath, lighting, textiles and d\u00e9cor. Our curated assortments are presented across our sales channels in sophisticated, family-friendly and lifestyle-oriented settings. Based on third-party reports, publicly available data, and our internal research, we believe the United States Item 1A. Risk Factors You should carefully consider all of the risks described below, which are not necessarily exhaustive, together with the other information contained in this report, including the financial statements. If any of the following risks occur, our business, financial condition or results of operations may be materially and adversely a", "title": "ARHS - Arhaus, Inc.", "url": "/company/ARHS/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001788999; latest 10-K filed 2026-02-26.", "text": "XPER - Xperi Inc. SIC 7372 Services-Prepackaged Software; CIK 0001788999; latest 10-K filed 2026-02-26. XPER Xperi Inc. 0001788999 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis is intended to promote understanding of the results of operations and financial condition and should be read in conjunction with our consolidated financial statements and notes thereto. This discussion may contain forward-looking statements that reflect the plans, estimates and beliefs of Xperi. The words \u201cexpects,\u201d \u201canticipates,\u201d \u201cplans,\u201d \u201cbelieves,\u201d \u201cseeks,\u201d \u201cestimates,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cintends,\u201d \u201cpotentially,\u201d \u201cprojects,\u201d \u201ctargets,\u201d or other words of similar meaning and similar expressions, among others, generally identify \u201cforward-looking statements,\u201d which speak only as of the date the statements were made. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those set forth under Item 1A, \u201cRisk Factors\u201d and elsewhere in this report. We disclaim and do not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law. This section of Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025, which is available free of charge on the SEC\u2019s website at www.sec.gov and our Investor Relations website at investor.xperi.com. Business Overview We are a leading media and entertainment technology company. Our technologies are integrated into consumer devices, connected cars, and a variety of media platforms worldwide, enabling our unique audiences to connect with entertainment content in a more intelligent, immersive, and personal way. As our audiences engage with content on our platform, we operate a global, cross-screen advertising solution that enables brands to reach millions of engaged consumers across our rapidly expanding digital entertainment ecosystem, driving increased value for our partners, customers, and consumers. We operate in one reportable business segment and group our revenue into four categories: Pay-TV, Consumer Electronics, Connected Car and Media Platform. Headquartered in Silicon Valley with operations around the world, we have approximately 1,460 employees and more than 35 years of operating experience. Divestitures In December 2023, we entered into a definitive agreement with Tobii AB, an eye tracking and attention computing company, pursuant to which we agreed to sell our AutoSense in-cabin safety business and related imaging solutions (the \u201cAutoSense Divestiture\u201d). The AutoSense Divestiture was completed in January 2024 and has streamlined our business and further enhanced our focus on entertainment markets. In August 2024, we entered into an Asset Purchase Agreement with Amazon.com Services LLC to sell substantially all of the assets and certain liabilities of Perceive Corporation (\u201cPerceive\u201d, later known as Xperi Pylon Corporation and subsequently dissolved in December 2024), a subsidiary focused on edge inference hardware and software technologies, for a gross amount of $80.0 million in cash, including a holdback of $12.0 million to be held for 18 months after the closing of the transaction (the \u201cPerceive Transaction\u201d) to secure our and Perceive\u2019s indemnification obligations. The Perceive Transaction was completed in October 2024, allowing us to be fully focused on entertainment-based solutions to grow our independent media platform and licensing businesses. Macroeconomic Conditions Macroeconomic conditions\u2014including rising inflation and interest rates, recessionary concerns, financial and credit market volatility, Item 1. Business Corporate Information The principal executive offices of Xperi Inc. (\u201cwe,\u201d \u201cour,\u201d the \u201cCompany,\u201d or \u201cXperi\u201d) are located at 2190 Gold Street, San Jose, California 95002 USA. Our telephone number is +1 (408) 519-9100. We maintain a corporate website at www.xperi.com. The reference to our website address does not constitute incorporation by reference of the information contained on this website. Xperi, the Xperi logo, TiVo, the TiVo logo, DTS, the DTS logo, DTS HD, DTS Audio Processing, DTS:X Ultra, DTS Virtual:X, DTS Headphone:X, DTS Play-Fi, DTS:X, HD Radio, DTS AutoStage, DTS AutoStage Video Service Powered by TiVo, TiVo OS and TiVo+ are trademarks or registered trademarks of Xperi or its affiliated companies in the United States and other countries. All other company, brand and product names may be trademarks or registered trademarks of their respective companies. Overview We are a leading media and entertainment technology company. Our technologies are integrated into consumer devices, connected cars, and a variety of media platforms worldwide, enabling our unique audiences to connect with entertainment content in a more intelligent, immersive, and personal way. As our audiences engage with content on our platform, we operate a global, cross-screen advertising solution that enables brands to reach millions of engaged consumers across our rapidly expanding digital entertainment ecosystem, driving increased value for our partners, customers, and consumers. We operate in one reportable business segment and group our revenue into four categories: Pay-TV, Consumer Electronics, Connected Car and Media Platform. Headquartered in Silicon Valley with operations around the world, we have approximately 1,460 employees and more than 35 years of operating experience. In November 2025, we approved a restructuring plan designed to improve cost efficiency and better align our operating structure with our long-term strategies and prevailing market conditions Item 1A. Risk Factors An investment in our common stock involves a high degree of risk. Risk factors that could cause actual results to differ from our expectations and that could negatively impact our financial condition and results of operations are summarized and set forth in detail below and elsewhere in this Annual Report on Form 10-K. If a", "title": "XPER - Xperi Inc.", "url": "/company/XPER/" }, { "kind": "company", "summary": "SIC 4833 Television Broadcasting Stations; CIK 0002026478; latest 10-K filed 2026-03-26.", "text": "NMAX - Newsmax Inc. SIC 4833 Television Broadcasting Stations; CIK 0002026478; latest 10-K filed 2026-03-26. NMAX Newsmax Inc. 0002026478 4833 Television Broadcasting Stations ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Readers should carefully review this document and the other documents filed by Newsmax Inc. with the Securities and Exchange Commission (the \u201cSEC\u201d). This section should be read together with the consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. The consolidated financial statements are referred to as the \u201cFinancial Statements\u201d herein. Overview of the Company's Business Founded in 1998 as a digital media brand, Newsmax Inc. entered the cable news market in 2014. Since then, the network has had an astonishing rise, climbing into the top tier of cable channels, and is now the fourth highest-rated cable news channel in the United States, just behind CNN. We have developed a significant audience, reaching over 58 million Americans each month through its television broadcasts and multi-platform content, and has demonstrated remarkable growth. As of December 31, 2025 revenues are up 353% since 2019. In June 2024, a Reuters global survey of media found Newsmax Inc. was one of the nation\u2019s \u201ctop news brands,\u201d identifying the network as one of only 12 major media outlets Americans are turning to regularly. For the second year in a row, Newsmax was voted the \"most trusted\" cable news outlet in the nation by attendees at the 2025 Conservative Political Action Conference. Newsmax Inc. is a holding company that owns 100% of the equity interests of its operating company Newsmax Media, Inc. and the other Subsidiaries operate the businesses described in this Annual Report, and none of those businesses are operated by Newsmax Inc. Newsmax Inc. is a television broadcaster and multi-platform content publisher that produces original news and editorial content for consumers through various media outlets, including through its TV news channels, digital and print publications, its popular website Newsmax.com and affiliated sites, its syndicated radio show and podcasts, social media accounts and other platforms in order to sell advertising to third-party marketers as well as offering paid subscriptions to more than a dozen digital and print products sold by Newsmax Media. Newsmax Broadcasting content, notably its Newsmax channel, is carried by all major linear cable and satellite pay TV platforms, or MVPDs. Newsmax Broadcasting also airs its World at War military documentary channel on several MVPDs. Newsmax2, Newsmax Broadcasting's free streaming and FAST channel is carried on almost all top OTT streaming platforms. Newsmax Broadcasting's TV content is now available to over 100 million homes in the U.S. In addition, international companies have licensed Newsmax Broadcasting\u2019s channels and brand for regional, national and local television and digital media purposes. Certain licensing agreements currently in place have allowed Newsmax Broadcasting\u2019s partners to provide cable television and digital news under the Newsmax brand to viewers in several European countries, including Republic of Serbia, Republic of Croatia, Bosnia and Herzegovina, Montenegro, North Macedonia, Slovenia, Albania, Hungary, Poland, Bulgaria, Slovakia, Romania, and the Czech Republic. Newsmax Inc. operates several business lines through its subsidiaries and divisions, creating a synergistic effect on audience growth, revenues and customer acquisition. These business lines are grouped into two separate reportable segments which consist of Broadcasting and Digital: Broadcasting - The broadcast segment of our business produces and licenses news, business news and lifestyle content for distribution primarily through multichannel video programming distributors (\u201cMVPDs\u201d) including cable television systems, direct broadcast satellite operators and telecommunication companies, primarily in the United States, generating revenue through (1) placement of advertisements on our broadcast content, (2) subscriptions to our broadcast content ITEM 1. BUSINESS Corporate History Newsmax Inc. (the \u201cCompany\u201d) is a holding company that owns 100% of the equity interests of its operating company Newsmax Media, Inc. (\u201cNewsmax Media\u201d). Newsmax Media and its other subsidiaries operate the businesses described herein. Newsmax Media has six wholly-owned Florida limited liability company subsidiaries (the \u201cSubsidiaries\u201d): Newsmax Broadcasting, LLC (\u201cNewsmax Broadcasting\u201d), Newsmax Radio LLC (\u201cNewsmax Radio\u201d), Crown Atlantic Insurance, LLC (\u201cCrown Atlantic\u201d), Humanix Publishing, LLC (\u201cHumanix Publishing\u201d), Medix Select, LLC (\u201cMedix Select\u201d), and ROI Media Strategies, LLC (\u201cROI Media Strategies\u201d). Newsmax Media was incorporated as Sequoia Digital Corporation in the State of Nevada in 1998. In 1999, Newsmax Media changed its name from Sequoia Digital Corporation to Newsmax.com, Inc. In 2001, Newsmax Media changed its name from Newsmax.com, Inc. to Newsmax Media, Inc. In 2006, Newsmax Media became a wholly-owned subsidiary of NMX Holdings, LLC. In 2014, Newsmax Media changed its state of domicile from Nevada to Delaware and consummated a corporate reorganization in which the members of NMX Holdings, LLC exchanged their membership interests in NMX Holdings, LLC for capital stock of Newsmax Media. In 2024, Newsmax Media consummated a corporate reorganization. Newsmax Inc. was formed as a new holding company that owns all of the outstanding shares of the operating company, Newsmax Media. The stockholders of Newsmax Media exchanged their shares of capital stock in Newsmax Media for the same class and number of shares in Newsmax Inc. Subsequently, Newsmax Media changed its state of domicile from Delaware to Florida. As a result of this reorganization, Newsmax Inc. became the direct holding company and the sole shareholder of Newsmax Media. Newsmax Media\u2019s ownership of its subsidiaries was not affected or changed as a result of this reorganization. On March 28, 2025, in accordance with the terms of the applicable Certifi ITEM 1A. RISK FACTORS An investment in our securities involves a high degree of risk. The SEC requires that we identify risks that are specific to our business and our financial condition. You should carefully consider the following risk factors and the other information in this Annual Report before investing in our securities. Our b", "title": "NMAX - Newsmax Inc.", "url": "/company/NMAX/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001590877; latest 10-K filed 2026-03-05.", "text": "RGNX - REGENXBIO Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001590877; latest 10-K filed 2026-03-05. RGNX REGENXBIO Inc. 0001590877 2836 Biological Products, (No Diagnostic Substances) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the audited financial statements and the notes thereto included elsewhere in this Annual Report on Form 10-K. In addition, you should read the \u201cRisk Factors\u201d and \u201cInformation Regarding Forward-Looking Statements\u201d sections of this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. For a full discussion and analysis of financial condition and results of operations for the year ended December 31, 2024, including a year-over-year comparison to the year ended December 31, 2023, please read the \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d section of our Annual Report on Form 10-K for the year ended December 31, 2024, which we filed with the SEC on March 13, 2025. Overview We are a leading clinical-stage biotechnology company seeking to improve lives through the curative potential of gene therapy. Our investigational gene therapies are designed to deliver functional genes to address genetic defects in cells, enabling the production of therapeutic proteins or antibodies that are intended to impact disease. Through a single administration, gene therapy could potentially alter the course of disease significantly and deliver improved patient outcomes with long-lasting effects. Overview of Product Candidates We have developed a broad pipeline of gene therapy programs using our proprietary adeno-associated virus (AAV) gene therapy delivery platform (NAV Technology Platform) as a one-time treatment to address an array of diseases. Our lead programs and product candidates are described below: \u2022 ABBV-RGX-314: We are developing ABBV-RGX-314 (surabgene lomparvovec, sura-vec) in collaboration with AbbVie as a potential one-time treatment for chronic retinal conditions that cause total or partial vision loss, including wet age-related macular degeneration (wet AMD) and diabetic retinopathy (DR). ABBV-RGX-314 is currently being evaluated in multiple clinical trials, including two pivotal trials (ATMOSPHERE and ASCENT), one Phase II bridging study, one long-term follow-up study and a fellow eye sub-study in patients with wet AMD, all utilizing subretinal delivery. Additionally, two Phase II clinical trials in patients with wet AMD (AAVIATE) and DR (ALTITUDE) are ongoing along with two corresponding long-term follow-up studies, all utilizing in-office suprachoroidal delivery. Within the Phase II study in DR, we are also evaluating ABBV-RGX-314 in diabetic macular edema (DME). Additionally, we are planning a Phase IIb/III program in DR and expect to dose the first patient in a two-part Phase IIb/III study (NAAVIGATE) in the second quarter of 2026. ABBV-RGX-314 uses the NAV\u00ae AAV8 vector to deliver a gene encoding a therapeutic antibody fragment to inhibit vascular endothelial growth factor (VEGF). We have licensed certain exclusive rights to the SCS Microinjector\u00ae from Clearside Biomedical, Inc. (Clearside) to deliver gene therapy treatments to the suprachoroidal space of the eye. Wet AMD Subretinal Delivery Enrollment in the ATMOSPHERE\u00ae and ASCENT\u00ae pivotal trials for the treatment of patients with wet AMD using subretinal delivery was completed in October 2025. These trials are expected to support global regulatory submissions with the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA). Topline data from these trials are expected to be shared in the fourth quarter of 2026 in partnership with AbbVie. Suprachoroidal Delivery The AAVIATE\u00ae trial is a multi-center, open label, randomized, controlled, dose-escalation Phase II trial to evaluate the efficacy, safety an ITEM 1. BUSINESS Overview We are a leading clinical-stage biotechnology company seeking to improve lives through the curative potential of gene therapy. Our investigational gene therapies are designed to deliver functional genes to address genetic defects in cells, enabling the production of therapeutic proteins or antibodies that are intended to impact disease. Through a single administration, gene therapy could potentially alter the course of disease significantly and deliver improved patient outcomes with long-lasting effects. Our investigational gene therapies use adeno-associated virus (AAV) vectors from our proprietary gene delivery platform, which we call our NAV\u00ae Technology Platform. AAV vectors are non-replicating viral delivery vehicles that are not known to cause disease. Our NAV Technology Platform has consisted of exclusive rights to a large portfolio of AAV vectors (NAV Vectors), including commonly used AAV8 and AAV9. We believe this platform forms a strong foundation for our current clinical-stage programs and, with our ongoing research and development, we expect to continue to expand our platform and pipeline of potential AAV vector-based gene therapies. Our NAV Technology Platform is the foundation for commercial and investigational AAV therapeutics that have treated thousands of patients through our clinical pipeline and NAV licensees. We have developed a broad pipeline of investigational AAV therapeutics using our NAV Technology Platform as one-time treatments to address an array of diseases. We are currently focusing our internal development pipeline in three areas: retinal, neuromuscular and neurodegenerative diseases. We believe these product candidates are differentiated, can be expedited, and support meaningful near-term and long-term value generation. Our investigational gene therapies include: \u2022 Surabgene lomparvovec (sura-vec, ABBV-RGX-314), which we are developing in collaboration with AbbVie to treat large patient populations impact ITEM 1A. RISK FACTORS You should carefully consider the risk factors set forth below as well as the other information contained in this Annual Report on Form 10-K and in our other public filings in evaluating our business. Any of the following risks could materially and adversely affect our business, fin", "title": "RGNX - REGENXBIO Inc.", "url": "/company/RGNX/" }, { "kind": "company", "summary": "SIC 5411 Retail-Grocery Stores; CIK 0000103595; latest 10-K filed 2025-10-09.", "text": "VLGEA - VILLAGE SUPER MARKET INC SIC 5411 Retail-Grocery Stores; CIK 0000103595; latest 10-K filed 2025-10-09. VLGEA VILLAGE SUPER MARKET INC 0000103595 5411 Retail-Grocery Stores ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars in thousands, except per share and per square foot data). OVERVIEW Village Super Market, Inc. (the \u201cCompany\u201d or \u201cVillage\u201d) operates a chain of 34 supermarkets in New Jersey (26), New York (6), Maryland (1) and Pennsylvania (1) under the ShopRite and Fairway banners and three Gourmet Garage specialty markets in New York City. Village is the second largest member of Wakefern Food Corporation (\u201cWakefern\u201d), the nation\u2019s largest retailer-owned food cooperative and owner of the ShopRite, Fairway and Gourmet Garage names. This ownership interest in Wakefern provides Village with many of the economies of scale in purchasing, distribution, advanced retail technology, marketing and advertising associated with larger chains. The supermarket industry is highly competitive and characterized by narrow profit margins. The Company competes directly with multiple retail formats, both in-store and online, including national, regional and local supermarket chains as well as warehouse clubs, supercenters, drug stores, discount general merchandise stores, fast food chains, restaurants, dollar stores and convenience stores. The Company competes by providing a superior customer service experience, competitive pricing and a broad range of consistently available quality products. The ShopRite Price Plus and Fairway Insider customer loyalty programs enable Village to offer continuity programs, focus on target marketing initiatives and to offer discounts and attach digital coupons directly to a customer's loyalty card. Online grocery ordering for in-store pick up or home delivery is available in all of our ShopRite stores through either shoprite.com, the ShopRite app or through third party service providers. Additionally, the ShopRite Order Express app enables customers to pre-order deli, catering, specialty occasion cakes and other items. Online ordering for home delivery is available in all Fairway stores through fairwaymarket.com, the Fairway app or through third party service providers. Online ordering for home delivery is available in all Gourmet Garage stores through gourmetgarage.com, the Gourmet Garage app or through third party service providers. To promote production efficiency, product quality and consistency, the Company operates a centralized commissary supplying certain products in deli, bakery, prepared foods and other perishable product categories to all stores. The Company\u2019s stores, nine of which are owned, average 57,000 total square feet. These larger store sizes enable the Company to offer a wide variety of national branded and locally sourced food products, including grocery, meat, produce, dairy, deli, seafood, prepared foods, bakery and frozen foods as well as non-food product offerings, including health and beauty care, general merchandise, liquor and 21 in-store pharmacies. Most product departments include high-quality, competitively priced own-brand offerings under the Wholesome Pantry, Bowl & Basket, Paperbird, Fairway and Gourmet Garage brands. Our Fairway Markets offer a one-stop destination shopping experience with an emphasis on fresh, unique, and high quality offerings paired with an expansive variety of natural, organic, specialty and gourmet products. Our Gourmet Garage specialty markets offer organic produce, signature soups and prepared foods, high-quality meat and seafood, charcuterie and gourmet cheeses, artisan baked bread and pastries, chef-prepared meals to go and pantry staples. The Company has an ongoing program to upgrade and expand its supermarket chain. This program has included store remodels as well as the opening or acquisition of additional stores. When remodeling, Village has sought, whenever possible, to increase the amount of selling space in its stores. On April 9, 2025, we opened a 72,000 sq. ft. replacement ShopRite store in Watchung, NJ, that replaced an existing 44,000 sq. ft. store", "title": "VLGEA - VILLAGE SUPER MARKET INC", "url": "/company/VLGEA/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001509261; latest 10-K filed 2025-09-17.", "text": "RZLT - Rezolute, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001509261; latest 10-K filed 2025-09-17. RZLT Rezolute, Inc. 0001509261 2834 Pharmaceutical Preparations Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements which involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth under the Cautionary Statement Regarding Forward-Looking Statements on page ii, the \u201cRisk Factors\u201d set forth in Item 1A, and elsewhere in this Annual Report. We assume no obligation to update forward-looking statements or the risk factors. You should read the following discussion in conjunction with our consolidated financial statements and related notes included in Item 8 of this Annual Report. Certain figures, such as interest rates and other percentages included in this section have been rounded for ease of presentation. Percentage figures included in this section have not in all cases been calculated on the basis of such rounded figures but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this section may vary slightly from those obtained by performing the same calculations using the figures in our consolidated financial statements or in the associated text. Certain other amounts that appear in this section may similarly not sum due to rounding. Executive Summary Our priorities going into the second half of 2025 and first half of 2026 are to execute across our two Phase 3 clinical trials. Our goals include (i) complete the sunRIZE study (as defined below) to enable topline data in December 2025, (ii) continue enrollment in the registrational tumor HI study, and (iii) assuming supportive data from sunRIZE, submit a Biologics License Application to the FDA for ersodetug in mid-2026. Clinical Development Our focus as a Company is advancing ersodetug as a potential treatment for all forms of HI, specifically in two Phase 3 clinical studies for congenital HI and tumor HI. To that end, we have completed enrollment in the pivotal Phase 3 sunRIZE clinical study of ersodetug, which is a randomized, double-blind, placebo-controlled, parallel arm evaluation of ersodetug in participants with congenital HI who are not adequately responding to standard of care medical therapies. Target enrollment of 56 participants was exceeded with 62 participants between 3 months and 45 years of age enrolled, including approximately 15 percent from U.S. sites. Topline results from the study are anticipated to be available in December 2025, but the specific date of the availability of such results may vary. \u200b The upLIFT study in tumor HI is currently enrolling in the U.S. and Europe. At a meeting held with FDA on August 19, 2025, the agency agreed to modifications to the design of the study including removing the need to conduct a double-blind randomized placebo-controlled trial. The truncated study will include as few as 16 participants and will be limited to the -19- - Table of Contents single-arm open-label portion of the upLIFT study. Topline results from the study are anticipated to be available in the second half of 2026. Recent Developments Appointment of Chief Commercial Officer. On August 18, 2025, the Board of Directors approved the appointment of Sunil Karnawat to serve as our Chief Commercial Officer. In connection with the appointment, we extended Mr. Karnawat an employment offer letter (the \u201cOffer Letter\u201d). The Offer Letter provides for the following compensation: (i) an annual base salary of $475,000\u037e (ii) a signing bonus of $65,000, (iii) eligibility to receive an annual performance bonus with a target of 40% of Mr. Karnawat\u2019s base salary, on December 31st of each year; (iv) an inducement grant pursuant to Nasdaq Listing Rule 5635(c)(4) in the form of stock options to purchase 275,000 shares (the \u201cInducement Grant\u201d) of our common stock, and (v) 25,000 shares of RS Item 1. Business. Rezolute, Inc. (\u201cRezolute\u201d, the \u201cCompany\u201d, \u201cwe\u201d or \u201cus\u201d) is a late-stage rare disease company focused on significantly improving outcomes for individuals with hypoglycemia caused by hyperinsulinism (\u201cHI\u201d). Summary of Clinical Assets Ersodetug Our lead clinical asset, ersodetug, is a potential treatment for hypoglycemia caused by multiple forms of hyperinsulinism. Ersodetug is an intravenously administered human monoclonal antibody that binds to a unique site (allosteric) on the insulin receptor in insulin target tissues, such as in the liver, fat, and muscle. The antibody down modulates insulin\u2019s binding, signaling, and action thereby counteracting the effects of elevated insulin in the body, and helping to restore glucose to a more normalized range. Ersodetug shows dose dependent pharmacokinetics with a half-life greater than 2 weeks, which has the potential for monthly dosing. Therefore, we believe that ersodetug is ideally suited as a potential therapy for conditions characterized by excessive insulin or insulin-like levels, and it is being developed to treat hyperinsulinism. As ersodetug acts downstream from beta cells, it has the potential to be universally effective at treating hypoglycemia related to HI, whether genetic or acquired. Ersodetug for Congenital Hyperinsulinism \u200b sunRIZE Phase 3 Study \u200b We completed enrollment in May 2025 of a pivotal Phase 3 clinical study (the \u201csunRIZE\u201d study) of ersodetug for the treatment of hypoglycemia in participants with congenital HI, an ultra-rare pediatric genetic disorder characterized by excessive production of insulin by the pancreas. The study was to enroll approximately 56 participants in more than a dozen countries around the world, inclusive of U.S. patients, and enrollment target was exceeded. Topline results from the study are anticipated to be available in December 2025, but the specific date of the availability of such results may vary. The sunRIZE study is a global, randomized, d Item 1A. Risk Factors. Investors should consider carefully the following risks before deciding to purchase any of our securities. If any of the events or developments described below actually occur, our business, results of operations and financial condition would likely suffer and investors may lose all or part of their investment. In addition, it is", "title": "RZLT - Rezolute, Inc.", "url": "/company/RZLT/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001336706; latest 10-K filed 2026-03-27.", "text": "NPB - NORTHPOINTE BANCSHARES INC SIC 6022 State Commercial Banks; CIK 0001336706; latest 10-K filed 2026-03-27. NPB NORTHPOINTE BANCSHARES INC 0001336706 6022 State Commercial Banks Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Introduction The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that involve risk, uncertainties and assumptions. Certain risks, uncertainties and other factors, including but not limited to those set forth under \u201cCautionary Note Regarding Forward-Looking Statements,\u201d \u201cRisk Factors,\u201d and elsewhere in this Annual Report on Form 10-K, may cause actual results to differ materially from those projected in the forward-looking statements. We assume no obligation to update any of these forward-looking statements. Business Overview Northpointe Bancshares, Inc. (the \u201cCompany\u201d) is a bank holding company headquartered in Grand Rapids, Michigan. Our common stock is traded on the New York Stock Exchange under the ticker symbol NPB. Through our wholly-owned subsidiary, Northpointe Bank (the \u201cBank\u201d), we focus on (1) providing a best-in-class platform for independent mortgage bankers nationwide to utilize as an alternative to traditional mortgage warehouse lending (we refer to this business as our Mortgage Purchase Program, or \u201cMPP\u201d) and (2) offering attractive products and services to our residential mortgage and digital banking retail customers. Our residential lending business provides a comprehensive range of financing options nationwide through two main channels: consumer direct and traditional retail. We are a nationwide mortgage lender, with 122 mortgage originators across 25 states. These channels combine the convenience of online, self-service platforms with the personalized service of an experienced residential mortgage loan officer. Both residential mortgage loan origination channels are supported by our proprietary point-of-service digital platform that streamlines the loan application and closing processes. Our consumer direct and traditional retail channels primarily originate mortgage loans which are saleable through an end investor. In addition, our traditional retail channel selectively originates first-lien home equity lines which are tied seamlessly to a demand deposit sweep account (we refer to the loans we originate as \u201cAll-in-One\u201d or \u201cAIO\u201d loans). We have one bank branch located in Grand Rapids, Michigan and physical loan production offices located in 25 cities in 15 states across the country, which are supported by our centralized operations and back-office support teams based in Grand Rapids, Michigan. Our results of operations are driven by a combination of net interest income, which is the difference between interest income from interest-earning assets and interest expense on interest-bearing liabilities, as well as fee income from a variety of sources. Key components of noninterest income include gains from the sale loans, loan servicing fees, MPP fees, service charges from our deposit services, and other fees. Our principal operating expense, aside from interest expense, consists of salaries and employee benefits, including commissions paid to loan originators, occupancy and equipment costs, data processing expense, professional fees, and provisions for credit losses. Our income is affected by regulatory, economic, and competitive factors that influence interest rates, residential loan demand and deposits costs. In addition, we are subject to interest rate risk to the degree that our interest-earnings assets mature or reprice at different times or at different speeds than our interest-bearing liabilities. Known Trends and Uncertainties Our results of operations and financial condition are influenced by several known trends and uncertainties that management believes are reasonably likely to have a material impact on future performance. These trends and uncertainties inc Item 1. Business As used in this report, the terms \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, \u201cNorthpointe\u201d, and \u201cCompany\u201d mean Northpointe Bancshares, Inc. and its subsidiary, unless the context indicates another meaning. The term \u201cBank\u201d means Northpointe Bank. Our Business Company Overview Northpointe Bancshares, Inc. (\u201cthe Company\u201d) is a bank holding company headquartered in Grand Rapids, Michigan and registered under the Bank Holding Company Act of 1956. The Company completed an initial public offering of common stock in February 2025 as an emerging growth company under the Jumpstart Our Business Startups Act of 2012 (\u201cthe JOBS Act\u201d). Our common stock is listed on the New York Stock Exchange under the symbol \u201cNPB\u201d. Our Bank was founded in 1999 as a focused mortgage portfolio lender primarily operating in the midwestern states of Michigan, Ohio and Indiana. Presently, the Bank also offers a nationwide mortgage purchase program, residential mortgage lending, digital deposit banking to our retail customers and custodial deposit services to our loan servicing clients. Our delivery systems are primarily digital and are available to clients nationwide; and we provide our staff with loan production offices across 25 cities in 15 states and support them through our centralized operating center in Grand Rapids, Michigan. Our nationwide presence has enabled us to have clients in all 50 states and the District of Columbia. Today, we are the largest bank headquartered in the state of Michigan, one of the largest providers of mortgage warehouse financing, and one of the only mortgage-focused banks in the country. In the large and fragmented mortgage marketplace, we believe we are well-positioned as a specialty bank that uses a widely accepted and growing digitally-enabled platform to serve the borrowing and payment needs of increasingly sophisticated mortgage warehouse clients and the rapidly evolving demands of professional mortgage originators and retail borrowers. We have strategically bu Item 1A. Risk Factors An investment in our common stock involves a significant degree of risk. The material risks and uncertainties that management believes affect us are described below. Before you decide to invest in our common stock, you should carefully read and consider the risk factors described below as well as the other i", "title": "NPB - NORTHPOINTE BANCSHARES INC", "url": "/company/NPB/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001730984; latest 10-K filed 2026-03-16.", "text": "BCML - BayCom Corp SIC 6022 State Commercial Banks; CIK 0001730984; latest 10-K filed 2026-03-16. BCML BayCom Corp 0001730984 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This discussion and analysis reviews our consolidated financial statements and other relevant statistical data and is intended to enhance your understanding of our financial condition and results of operations. The information in this section has been derived from the Consolidated Financial Statements and footnotes thereto that appear in \u201cItem 8. Financial Statements and Supplementary Data\u201d of this Form 10-K. The information contained in this section should be read in conjunction with these Consolidated Financial Statements and footnotes and the business and financial information provided in this Form 10-K. Unless otherwise indicated, the financial information presented in this section reflects the consolidated financial condition and results of operations of BayCom Corp and its subsidiary, United Business Bank. Because we conduct all of our material business operations through the Bank, the entire discussion relates to activities primarily conducted by the Bank. History and Overview BayCom is a bank holding company headquartered in Walnut Creek, California. The Company\u2019s wholly owned banking subsidiary, United Business Bank, provides a broad range of financial services primarily to businesses and business owners, as well as individual consumers, through its branch network. At December 31, 2025, the Bank had 34 full-service branches, with 16 locations in California, one in Nevada, one in Washington, five in New Mexico and 11 in Colorado. Our principal objective is to enhance shareholder value and generate consistent earnings growth by expanding our commercial banking franchise through both strategic acquisitions and organic growth. Since 2010, we have expanded our geographic footprint through ten strategic acquisitions, which includes our most recent acquisition of PEB, which closed in February 2022. We believe our strategy of selectively acquiring and integrating community banks has yielded economies of scale and improved our overall franchise efficiency. Looking forward, we expect to continue pursuing strategic acquisitions, believing our targeted market areas present us with many and varied acquisition opportunities. We are also committed to organic growth, leveraging the potential within metropolitan and community markets where we 46 Table of Contents currently operate. These markets offer significant opportunities to expand our commercial client base, increase interest-earning assets, and enhance market share. We believe our geographic footprint, which now includes the San Francisco Bay area, the metropolitan markets of Los Angeles, California; Seattle, Washington; Denver, Colorado; and Las Vegas, Nevada, and community markets including Albuquerque, New Mexico and Custer, Delta and Grand counties, Colorado, provides us access to low cost, stable core deposits that we can use to fund commercial loan growth. We strive to enhance our clients\u2019 banking experience by providing them with a comprehensive suite of sophisticated products and services tailored to meet their needs, while delivering the high-quality, relationship-based service of a community bank. At December 31, 2025, the Company, on a consolidated basis, had total assets of $2.6 billion, loans receivable, net of $2.0 billion, deposits of $2.2 billion and shareholders\u2019 equity of $338.6 million. We continue to focus on growing our commercial loan portfolios through both acquisitions and organic growth. At December 31, 2025, our $2.0 billion total loan portfolio included $224.9 million, or 10.9%, of acquired loans (all of which were recorded to their estimated fair values at the time of acquisition), and the remaining $1.8 billion, or 89.1%, consisted of loans we originated. The profitability of our operations depends primarily on our net interest income after provision for credit losses, which is the difference between interest earned on interest earning assets and i Item 1. Business The disclosures set forth in this item are qualified by \u201cItem 1A. Risk Factors\u201d below and the section captioned \u201cSpecial Note Regarding Forward-Looking Statements\u201d above and other cautionary statements set forth elsewhere in this Form 10-K. Overview General. BayCom is a bank holding company headquartered in Walnut Creek, California. BayCom\u2019s wholly owned banking subsidiary, United Business Bank, provides a broad range of financial services to businesses and business owners, as well as individual consumers, through its network of 34 full-service branches, with 16 locations in California, one in Nevada, one in Washington, five in New Mexico and 11 in Colorado. The Company\u2019s business activities generally are limited to passive investment activities and the monitoring of its investment in the Bank. Accordingly, the information set forth in this Form 10-K, including the consolidated financial statements and related data, relate primarily to the Bank. Our principal business objective is to enhance shareholder value and generate consistent earnings growth by expanding our commercial banking franchise through both strategic acquisitions and organic growth. Since 2010, we have expanded our geographic footprint through ten strategic acquisitions. We believe that our selective acquisition of community banks has yielded economies of scale and improved our efficiency. We have also grown organically by leveraging the potential within metropolitan and community markets where we operate. These markets have offered significant opportunities to expand our commercial client base, increase interest-earning assets, and enhance market share. We believe our geographic footprint, which now includes the San Francisco Bay area, the metropolitan markets of Los Angeles, California; Seattle, Washington; Denver, Colorado; and Las Vegas, Nevada, and community markets including Albuquerque, New Mexico, and Custer, Delta, and Grand Counties, Colorado, provides us access to low Item 1A. Risk Factors An investment in our common stock is subject to risks inherent in our business. Before making an investment decision, you should carefully consider the risks and uncertainties described below together with all the other information included in this Form 10-K. The risks described below are not the only ones we face. Additional risks an", "title": "BCML - BayCom Corp", "url": "/company/BCML/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001315399; latest 10-K filed 2026-03-11.", "text": "PKBK - PARKE BANCORP, INC. SIC 6022 State Commercial Banks; CIK 0001315399; latest 10-K filed 2026-03-11. PKBK PARKE BANCORP, INC. 0001315399 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Overview We are a bank holding company and are headquartered in Washington Township, New Jersey. Through the Bank, we provide personal and business financial services to individuals and small to mid-sized businesses primarily in New Jersey, Pennsylvania, and New York. The Bank has branches in Galloway Township, Northfield, Washington Township, and Collingswood, New Jersey and Philadelphia, Pennsylvania. The vast majority of our revenue and income is currently generated through the Bank. We manage our Company for the long term. We are focused on the fundamentals of growing customers, loans, deposits and revenue and improving profitability, while investing for the future and managing risk, expenses and capital. We continue to invest in our products, markets and brand, and embrace our commitments to our customers, shareholders, employees and the communities where we do business. Our approach is concentrated on organically growing and deepening client relationships across our businesses that meet our risk/return measures. We focus on small to mid - sized business and retail customers and offer a range of loan products, deposit services, and other financial products through our retail branches and other channels. The Company's results of operations are dependent primarily on its net interest income, which is the difference between the interest income earned on its interest earning-assets and the interest expense paid on its interest-bearing liabilities. In our operations, we have three major lines of lending: residential real estate mortgage, commercial real estate mortgage, and construction lending. Our interest income is primarily generated from our lending and investment activities. Our deposit products include checking, savings, money market accounts, and certificates of deposit. The majority of our deposit accounts are obtained through our retail banking business, which provides us with low cost funding to grow our lending efforts. The Company also generates income from loan and deposit fees and other non-interest related activities. The Company's non-interest expense primarily consists of employee compensation, administration, and other operating expenses. 23 Table of Contents As of December 31, 2025, we had total assets of $2.25 billion, total liabilities of $1.92 billion, and total shareholders' equity of $324.5 million. Net income available to common shareholders for the year ended December 31, 2025 was $37.8 million. In 2025, net income available to common shareholders increased 37.3% over the previous year primarily due to an increase in net interest income, partially offset by an increase in the provision for credit losses, a decrease in non-interest income, and an increase in non-interest expense. At December 31, 2025, total assets increased 5.0% and total equity increased 8.1%, compared to December 31, 2024. Our risk based tier 1 capital ratio was 20.5% at December 31, 2025. In addition, during the fiscal year ended December 31, 2025 we returned $8.4 million of capital to our common shareholders through cash dividends, and we repurchased 300,000 common stock shares at a total cost of $6.5 million. Our business operations are subject to risks and uncertainties that could materially affect our operating results. The extent of such impact will depend on future developments, which are highly uncertain. There continues to be various other risks and uncertainties that could impact the Company\u2019s businesses and future results, such as changes to the economic conditions in the United States, market interest rates, the Federal Reserve's monetary policy, other government policies, and actions of regulatory agencies. Please refer to \"Forward-Looking Statements\" above for further information about risks and uncertainties that could affect our operating results. Results of Operations Net Income We recorded net income avai Item 1. Business. General We are a bank holding company incorporated under the laws of the State of New Jersey in January 2005. Our business and operations primarily consist of our ownership of Parke Bank (the \"Bank\"). The Bank is a full-service commercial bank and is chartered by the New Jersey Department of Banking and insured by the Federal Deposit Insurance Corporation (\u201cFDIC\u201d). The Bank conducts its business through offices in Gloucester, Atlantic and Camden Counties in New Jersey and the Philadelphia area in Pennsylvania. We, through our wholly owned subsidiary Parke Bank, provide personal and business financial services to individuals and small to mid-sized businesses. We offer a range of loan products, deposits services, and other financial products through our retail branches and other channels to our customers. Our core lending businesses are commercial real estate lending, residential real estate lending, and construction lending. We also offer a variety of commercial and industry loan and consumer loan products to our customers. We fund our lending business primarily with deposits generated through retail deposits and commercial relationships. Our deposit products include checking, savings, money market deposit, time deposits, and other traditional deposit services. In addition to traditional products and services, we offer contemporary products and services, such as debit cards, internet banking and online bill payment. We commenced operations on June 1, 2005, upon completion of the reorganization of the Bank into the holding company form of ownership following approval of the reorganization by shareholders of the Bank at its 2005 Annual Meeting of Shareholders. Our headquarters is located at 601 Delsea Drive, Washington Township, New Jersey. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, are available free of charge at www.parkebank.com as soon as reasonably practica", "title": "PKBK - PARKE BANCORP, INC.", "url": "/company/PKBK/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001517375; latest 10-K filed 2026-02-27.", "text": "SPT - Sprout Social, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001517375; latest 10-K filed 2026-02-27. SPT Sprout Social, Inc. 0001517375 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and related notes included elsewhere in this Annual Report. This discussion contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d and in other parts of this Annual Report. Overview Sprout Social is a powerful, centralized platform that provides the critical business layer to unlock the massive commercial value of social media. We have made it increasingly easy to standardize on Sprout Social as the centralized system of record for social and to help customers maximize the value of this mission critical channel. Currently, tens of thousands of customers across more than 100 countries rely on our platform. Introduced in 2011, our cloud software brings together social messaging, data and workflows in a unified system of record, intelligence and action. Operating across major networks, including X (formerly known as Twitter), Facebook, Instagram, TikTok, Pinterest, LinkedIn, Google, Reddit, Bluesky, Glassdoor and YouTube, and commerce platforms Facebook Shops, Shopify and WooCommerce, we provide organizations with a centralized platform to manage their social media efforts across stakeholders and business functions. Virtually every aspect of business has been impacted by social media, from marketing, sales, commerce and public relations to customer service, product and strategy, creating a need for an entirely new category of software. We offer our customers a centralized, secure and powerful platform to manage this broad, complex channel effectively across their organization. We generate revenue primarily from subscriptions to our social media management platform under a software-as-a-service model. Our subscriptions can range from monthly to one-year or multi-year arrangements and are generally non-cancellable during the contractual subscription term. Subscription revenue is recognized ratably over the contract terms beginning on the date the product is made available to customers, which typically begins on the commencement date of each contract. We also generate revenue from professional services related to our platform provided to certain customers, which is generally recognized at the time these services are provided to the customer. This revenue has historically represented less than 1% of our revenue and is expected to be immaterial for the foreseeable future. Our tiered subscription-based model allows our customers to choose among four core plans to meet their needs. Each plan is licensed on a per user per month basis at prices dependent on the level of features offered. Additional product modules, which offer increased functionality depending on a customer\u2019s needs, can be purchased by the customer on a per user per month basis. We generated revenue of $457.5 million, $405.9 million and $333.6 million during the years ended December 31, 2025, 2024, and 2023, respectively, representing growth of 13% in 2025 and 22% in 2024. In 2025, software subscriptions contributed 99% of our revenue. We generated net losses of $43.3 million, $62.0 million and $66.4 million during the years ended December 31, 2025, 2024, and 2023, respectively. Our net losses include stock-based compensation expense of $78.7 million, $84.3 million and $67.7 million in the years ended December 31, 2025, 2024, and 2023, respectively. We expect to continue investing in the growth of our business and, as a result, generate net losses for the foreseeable future. Macroeconomic and Geopolitical Conditions 69 As a company with a global footprint, we are s Item 1. Business Sprout Social \u2014 Driving Smarter, Faster Business Impact With more than 5.22 billion global users consuming and sharing billions of posts per day, social media has fundamentally changed the customer experience and the way the world communicates. Social media has become mission-critical to the way organizations reach, engage and understand their target audience and customers. Billions of users are sharing their interests, opinions and values with their social networks every day and are using social media to communicate with and about businesses, organizations and causes on an unprecedented scale. Virtually every aspect of business has been impacted by social media, from marketing, sales, commerce and public relations to customer service, product and strategy, creating a need for an entirely new category of software and an entirely new system of record. We offer our customers a centralized, secure and powerful platform that can scale horizontally across an organization to drive maximum business value. For over 15 years, Sprout Social has helped companies command their market on social media. As social has evolved from a marketing channel to a critical source of enterprise intelligence, our platform has evolved with it. Our human-centric AI and advanced analytics - powered by Trellis, our proprietary AI agent - deliver real-time social intelligence from more than 1 billion daily messages, driving impact quickly and boosting productivity. With straight-forward onboarding, powerful integrations, and ease of use, our platform is designed to scale to meet even the largest enterprise needs. Our AI-led suite of solutions helps brands maximize the value of social, connect meaningfully with their audience, and leverage insights to enhance business strategies and customer retention. The exceptional value we deliver is bolstered by our recognition as a Leader by IDC in the 2024-25 Marketscape for Social Marketing software for large enterprises, and our consis Item 1A. Risk Factors Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks described below, as well as the other information in this Annual Report and in our other public filings, including our audited consolidated financial statements and the related notes and the section", "title": "SPT - Sprout Social, Inc.", "url": "/company/SPT/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000872912; latest 10-K filed 2026-02-26.", "text": "DCTH - DELCATH SYSTEMS, INC. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000872912; latest 10-K filed 2026-02-26. DCTH DELCATH SYSTEMS, INC. 0000872912 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this Annual Report on Form 10-K. Overview We are an interventional oncology company focused on the treatment of cancers primary or metastatic to the liver. Our lead product, the HEPZATO KIT (melphalan for Injection/Hepatic Delivery System), a drug/device combination product, was approved by the FDA on August 14, 2023, indicated as a liver-directed treatment for adult patients with uveal melanoma with unresectable hepatic metastases affecting less than 50% of the liver and no extrahepatic disease, or extrahepatic 51 Table of Contents disease limited to the bone, lymph nodes, subcutaneous tissues, or lung that is amenable to resection, or radiation. The first commercial use of the HEPZATO KIT for the treatment of mUM took place in January 2024. In the United States, HEPZATO is considered a combination drug and device product and is regulated as a drug by the FDA. Primary jurisdiction for regulation of HEPZATO has been assigned to the FDA\u2019s Center for Drug Evaluation and Research. The FDA has granted us six orphan drug designations (five for melphalan in the treatment of patients with ocular (uveal) melanoma, cutaneous melanoma, intrahepatic cholangiocarcinoma, hepatocellular carcinoma, and neuroendocrine tumor indications and one for doxorubicin in the treatment of patients with hepatocellular carcinoma). We have sufficient raw material and component constituent parts of the HEPZATO KIT to meet anticipated demand and we intend to manage supply chain risk through stockpiled inventory and contracting with multiple suppliers for critical components. In Europe, the hepatic delivery system is a stand-alone medical device having the same device components as HEPZATO, but without the melphalan hydrochloride and is approved for sale under the trade name CHEMOSAT Hepatic Delivery System for Melphalan, or CHEMOSAT, where it has been used at major medical centers to treat a wide range of cancers in the liver. On February 28, 2022, CHEMOSAT received MDR certification under the European Medical Devices Regulation (EU) 2017/745, which may be considered by jurisdictions when evaluating reimbursement. As of March 1, 2022, we have assumed direct responsibility for sales, marketing and distribution of CHEMOSAT in Europe. The FOCUS Trial Our clinical development program for HEPZATO was comprised of the FOCUS Trial, a global registration clinical trial that investigated objective response rate in patients with mUM. The current focus of our clinical development program is to generate clinical data for CHEMOSAT and HEPZATO in patients with mUM, either as monotherapy or in combination with immunotherapy. On May 6, 2024, we announced the publication of results from our Phase 3 FOCUS Trial, including an ORR of 36.3%, which included 7.7% of patients with Complete Response, as determined by an Independent Review Committee. An ORR of 36.3% in the FOCUS study was statistically significantly better than the pooled ORR estimate (a weighted mean of the observed ORR) of 5.5% in the historical control group. We expect that the publication will support increased clinical adoption of and reimbursement for CHEMOSAT in Europe, and support reimbursement in various jurisdictions, including the United States. In addition to HEPZATO\u2019s use to treat mUM, the Company believes that HEPZATO has the potential to treat other cancers in the liver, such as metastatic colorectal cancer, metastatic breast cancer, metastatic neuroendocrine tumors and intrahepatic cholangiocarcinoma. Our IND application for a Phase 2 clinical trial evaluating HEPZATO in combination with SOC for liver-dominant mCRC was cleared by the FDA in December 2024. The Phase 2 trial will evaluate the safety and effi Item 1. Business. Unless the context otherwise requires, all references in this Annual Report on Form 10-K to the \u201cCompany\u201d, \u201cDelcath\u201d, \u201cDelcath Systems\u201d, \u201cwe\u201d, \u201cour\u201d, and \u201cus\u201d refers to Delcath Systems, Inc., a Delaware corporation, incorporated in August 1988, and all entities included in our consolidated financial statements. Our corporate offices are located at 566 Queensbury Avenue, Queensbury, New York 12804. Our telephone number is (518) 743-8892 and our internet address is www.delcath.com. The information found on, or otherwise accessible through, our website is not incorporated by reference into, and does not form a part of, this Annual Report on Form 10-K. Company Overview We are an interventional oncology company focused on the treatment of cancers primary or metastatic to the liver. Our lead product, the HEPZATOTM KIT (melphalan for Injection/Hepatic Delivery System), a drug/device combination product (\u201cHEPZATO\u201d or \u201cHEPZATO KIT\u201d), was approved by the US Food and Drug Administration (the \u201cFDA\u201d) on August 14, 2023, indicated as a liver-directed treatment for adult patients with uveal melanoma with unresectable hepatic metastases affecting less than 50% of the liver and no extrahepatic disease, or extrahepatic disease limited to the bone, lymph nodes, subcutaneous tissues, or lung that is amenable to resection, or radiation. The first commercial use of the HEPZATO for the treatment of metastatic hepatic dominant uveal melanoma (\u201cmUM\u201d) took place in January 2024. In the United States, HEPZATO is considered a combination drug and device product and is regulated as a drug by the FDA. Primary jurisdiction for regulation of HEPZATO has been assigned to the FDA\u2019s Center for Drug Evaluation and Research. The FDA has granted us six orphan drug designations (five for melphalan in the treatment of patients with ocular (uveal) melanoma, cutaneous melanoma, intrahepatic cholangiocarcinoma, hepatocellular carcinoma, and neuroendocrine tumor indications and one fo Item 1A. Risk Factors An investment in our securities involves a high degree of risk. You should carefully consider the following risks, in conjunction with the financial and other information contained in this Annual Report on Form 10-K. As previously discussed, our actual results could differ material", "title": "DCTH - DELCATH SYSTEMS, INC.", "url": "/company/DCTH/" }, { "kind": "company", "summary": "SIC 2860 Industrial Organic Chemicals; CIK 0001392380; latest 10-K filed 2026-03-05.", "text": "GEVO - Gevo, Inc. SIC 2860 Industrial Organic Chemicals; CIK 0001392380; latest 10-K filed 2026-03-05. GEVO Gevo, Inc. 0001392380 2860 Industrial Organic Chemicals Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K (this \u201cAnnual Report\u201d). Some of the information contained in this discussion and analysis and set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the section titled \u201cRisk Factors\u201d in Part I, Item 1A of this Annual Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Company Overview We are a growth-oriented renewable fuels and chemicals company that focuses on hard to decarbonize market sectors such as aviation fuels, certain specialty fuels, on-road fuels, specialty and commodity chemicals and materials, coproduct carbon dioxide and certain products for the food chain such as protein and animal feeds made as co-products from our processes. Each of the market areas that Gevo focuses on have the common need for carbon-based products and are not conducive to full electrification or hydrogen. We produce and sell renewable, drop-in products for these sectors, and generate carbon abatement value through our processes, plant designs and business systems. Carbon abatement value can be valorized via Renewable Identification Numbers (\u201cRINs\u201d), state credits, Inflation Reduction Act (\u201cIRA\u201d) tax credits, and various voluntary carbon credits including value creation from Scope 1 and 3 greenhouse gas emissions reductions for end customers. Gevo is primarily a project development, investment, and technology company, which also holds certain operating assets with the intent of generating cash flow. Our primary market focus, given the large demand and growing customer interest, is renewable hydrocarbon fuels, including (SAF). We believe that SAF produced from a carbohydrate-to-alcohol process is the most economically viable approach to generate value from carbon abatement. We also have commercial opportunities for other renewable hydrocarbon products, such as RNG; hydrocarbons for gasoline and racing fuel blendstocks and diesel fuel; ingredients for the chemical industry, such as ethylene, propylene and butenes for plastics and materials; and other chemicals. Project Updates Alcohol-to-Jet Projects. Our concept of \u201cAlcohol-to-Jet Projects\u201d consists of a portfolio of planned production facilities designed to manufacture energy-dense liquid hydrocarbons including synthetic aviation fuel (\u201cSAF\u201d) using renewable feedstock, renewable and/or clean energy, and Gevo\u2019s proprietary ATJ technology and process. We collaborate with a select group of technology, engineering, and equipment partners, most notably Fluid Quip Technologies (\u201cFQT\u201d), Axens North America, Inc. (\u201cAxens\u201d), and PRAJ Industries Limited (\u201cPraj\u201d). FQT and Axens provide proven area-specific operation designs that have been incorporated into Gevo\u2019s proprietary, integrated carbohydrate-to-hydrocarbon ATJ plant designs. Praj is working with us on our proprietary design and construction of prefabricated process modules for our ATJ facilities. While these partners contribute important technology and execution capabilities, Gevo owns the overall plant designs, engineering integration, modularization strategy and associated intellectual property. These collaborations are intended to reduce capital intensity, lower operating costs, and leverage technologies that are proven in other commercial applications, thereby de-risking project execution. We have substantially completed the engineering design of the ATJ-30 platform and are advancing int Item 1A.Risk Factors You should carefully consider the risk factors described below before you decide to invest in our securities. The risks described below are not the only ones facing us. Our business is also subject to the risks that affect many other companies, such as competition, technological obsolescence, labor relations, general economic conditions, geopolitical changes and international operations. Additional risks and uncertainties not presently known to us or that we currently believe are immaterial may also impair our business operations and our liquidity. The risks described below could cause our actual results to differ materially from those contained in the forward-looking statements we have made in this Report, the information incorporated herein by reference and those forward-looking statements we may make from time to time. Risk Related to our Business and Strategy We have a history of net losses, and we may not achieve or maintain profitability. We incurred net losses attributable to Gevo of $33.8 million and $78.6 million during the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, we had an accumulated deficit of $834.2 million. We expect to incur losses for the foreseeable future. We currently derive revenue primarily from the sale of ethanol, RNG and related environmental attributes produced at GevoND and GevoRNG. We also expect to spend significant amounts on (i) developing and financing our Alcohol-to-Jet projects and other similar growth projects, (ii) marketing, general and administrative expenses associated with our planned growth, and (iii) management of operations as a public company. As a result, we expect to continue to incur new losses for the foreseeable future. We may not achieve profitability during the foreseeable future and may never achieve it. If we fail to achieve profitability, or if the time required to achieve profitability is longer than we anticipate, we may not be able to continue our", "title": "GEVO - Gevo, Inc.", "url": "/company/GEVO/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001404644; latest 10-K filed 2026-03-24.", "text": "NGNE - Neurogene Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001404644; latest 10-K filed 2026-03-24. NGNE Neurogene Inc. 0001404644 2834 Pharmaceutical Preparations Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, include forward-looking statements that involve risks, uncertainties, and assumptions. As a result of many factors, including those factors set forth in the section entitled \u201cRisk Factors,\u201d our actual results or outcomes, or the timing of our results or outcomes, could differ materially from the results or outcomes described in or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section of this report entitled \u201cRisk Factors.\u201d You should carefully read the \u201cCautionary Note About Forward-Looking Statements\u201d and \u201cRisk Factors\u201d sections of this Annual Report on Form 10-K to gain an understanding of the important factors that could cause actual results or outcomes, or the timing of our results or outcomes, to differ materially from the results or outcomes described below. In this section, references to \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d and \u201cthe Company\u201d refer to post-merger Neurogene Inc. and our wholly owned subsidiary incorporated in the state of Nevada, also named Neurogene Inc. (\u201cNeurogene OpCo\u201d), unless otherwise indicated. Overview Despite recent scientific advances in genetics, most neurological diseases, particularly those with devastating consequences to patients, are left untreated. Conventional gene therapy is an attractive potential treatment approach for only a limited number of monogenic diseases due to the challenges caused by the complex biology of neurological diseases and by inherent variable transgene uptake and expression. We are a clinical-stage biotechnology company committed to overcoming these limitations and turning today\u2019s complex devastating neurological diseases into treatable conditions. We are building a robust and differentiated product portfolio of genetic medicines for rare neurological diseases with high unmet need not otherwise addressable by conventional gene therapy. One approach we are taking harnesses our proprietary transgene regulation technology, EXACTTM (Expression Attenuation via Construct Tuning), that utilizes microRNA-based genetic circuits that are designed to deliver therapeutic levels of transgene to key areas of the brain that underlie neurological disease pathology. Our first clinical-stage program, NGN-401, utilizes the EXACT platform and adeno-associated virus (\u201cAAV\u201d) delivery, and is in development for the treatment of Rett syndrome, a severe and progressive neurodevelopmental disease with substantial neurological and physical impairment and significant unmet need. Our ongoing registrational trial of NGN-401, EmboldenTM, is a single-arm, open-label, baseline-controlled trial evaluating the 1E15 vg dose of NGN-401 in 20 females with Rett syndrome. The Embolden trial is designed to evaluate NGN-401 in females ages three and above with potential to support a broad label in a single study and enable an efficient path to market. Embolden has enrolled 100% of participants, and more than 50% of participants have been dosed. We expect to complete dosing in the second quarter of 2026. We completed dosing in a Phase 1/2 open-label, multi-center clinical trial of NGN-401 gene therapy for Rett syndrome, with ten participants receiving the 1E15 vg dose. NGN-401 is delivered using a one-time intracerebroventricular (\u201cICV\u201d) procedure, which we believe is the most suitable route of administration to achieve optimal biodistribution in key regions of the brain an Item 1. Business Overview Despite recent scientific advances in genetics, most neurological diseases, particularly those with devastating consequences to patients, are left untreated. Conventional gene therapy is an attractive potential treatment approach for only a limited number of monogenic diseases due to the challenges caused by the complex biology of neurological diseases and by inherent variable transgene uptake and expression. We are a clinical-stage biotechnology company committed to overcoming these limitations and turning today\u2019s complex devastating neurological diseases into treatable conditions. We are building a robust and differentiated product portfolio of genetic medicines for rare neurological diseases with high unmet need not otherwise addressable by conventional gene therapy. One approach we are taking harnesses our proprietary transgene regulation technology, EXACTTM (Expression Attenuation via Construct Tuning), that utilizes microRNA-based genetic circuits designed to deliver therapeutic levels of transgene to key areas of the brain that underlie neurological disease pathology. Our first clinical-stage program, NGN-401 in development for the treatment of Rett syndrome, utilizes the EXACT technology and adeno-associated virus (\u201cAAV\u201d) delivery. Rett syndrome is a severe and progressive neurodevelopmental disease with substantial neurological and physical impairment and significant unmet need. Our ongoing registrational trial of NGN-401, EmboldenTM, is a single-arm, open-label, baseline-controlled trial evaluating the 1E15 vg dose of NGN-401 in 20 females with Rett syndrome. The Embolden trial is designed to evaluate NGN-401 in females ages three and above with potential to support a broad label in a single study and enable an efficient path to market. Embolden has enrolled 100% of participants, and more than 50% of participants have been dosed. We expect to complete dosing in the second quarter of 2026. We completed dosing in a Phase 1/2 open Item 1A. Risk Factors Investing in shares of our common stock involves a high degree of risk. You should carefully consider the following risks and uncertainties, together with all of the other information contained in this Annual Report on Form 10-K before making an investment decision. The occurrence of any of the following risks co", "title": "NGNE - Neurogene Inc.", "url": "/company/NGNE/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000765207; latest 10-K filed 2026-03-06.", "text": "FNLC - First Bancorp, Inc /ME/ SIC 6021 National Commercial Banks; CIK 0000765207; latest 10-K filed 2026-03-06. FNLC First Bancorp, Inc /ME/ 0000765207 6021 National Commercial Banks ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The Company was incorporated in the State of Maine on January 15, 1985, and is the parent holding company of the Bank. On January 28, 2016, the Board of Directors voted to change the Bank's name to First National Bank from The First, N.A. The Company generates almost all of its revenues from the Bank, which was chartered as a national bank under the laws of the United States on May 30, 1864. The Bank, which has eighteen offices along coastal and eastern Maine, emphasizes personal service to the communities it serves, concentrating primarily on small businesses and individuals. The Bank offers a wide variety of traditional banking services and derives the majority of its revenues from net interest income \u2013 the spread between what it earns on loans and investments and what it pays for deposits and borrowed funds. While net interest income typically increases as earning assets grow, the spread can vary up or down depending on the level and direction of movements in interest rates. Management believes the Bank has moderate exposure to changes in interest rates, as discussed in \"Interest Rate Risk Management\" elsewhere in Management's Discussion. Non-interest income is the Bank's secondary source of revenue and includes fees and service charges on deposit accounts and services, interchange from debit cards, income from the sale and servicing of mortgage loans, and income from investment management and private banking services through First National Wealth Management (previously First Advisors), a division of the Bank. The abbreviations and descriptions identified below may be used throughout Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operation and Item 8 - Financial Statement and Supplementary Data. The following is provided to aid the reader and provide a reference page when reviewing these sections of the Form 10-K. [[GREPCENT_TABLE]] [[\"Abbreviation\",\"Description\",\"Abbreviation\",\"Description\"],[\"ACL\",\"Allowance for credit losses\",\"GDP\",\"Gross domestic product\"],[\"AFS\",\"Available-for-sale\",\"GNMA\",\"Government National Mortgage Association\"],[\"ALCO\",\"Asset/Liability Committee\",\"HTM\",\"Held-to-maturity\"],[\"AOCI\",\"Accumulated other comprehensive income (loss)\",\"IAL\",\"Individually Analyzed Loans\"],[\"ASC\",\"Accounting Standards Codification\",\"IRS\",\"Internal Revenue Service\"],[\"ASU\",\"Accounting Standards Update\",\"MPF\",\"Mortgage Partnership Finance Program\"],[\"C&I\",\"Commercial and Industrial\",\"OAEM\",\"Other assets especially mentioned\"],[\"CDs\",\"Certificates of deposit\",\"OCC\",\"Office of the Comptroller of the Currency\"],[\"CECL\",\"Current Expected Credit Loss\",\"OCI\",\"Other comprehensive income (loss)\"],[\"CET1\",\"Common Equity Tier 1\",\"OIS\",\"Overnight Indexed Swap\"],[\"CLLD\",\"Construction, land, and land development\",\"OREO\",\"Other real estate owned\"],[\"EPS\",\"Earnings per share\",\"POR\",\"Period of Redemption\"],[\"FASB\",\"Financial Accounting Standards Board\",\"PSA\",\"Public Securities Association\"],[\"FDIC\",\"Federal Deposit Insurance Corporation\",\"PTPP\",\"Pre-Tax, Pre-Provision\"],[\"FHLB\",\"Federal Home Loan Bank\",\"SEC\",\"Securities and Exchange Commission\"],[\"FHLBB\",\"Federal Home Loan Bank of Boston\",\"SOFR\",\"Secured Overnight Financing Rate\"],[\"FHLMC\",\"Federal Home Loan Mortgage Corporation\",\"The 2020 Plan\",\"The 2020 Equity Incentive Plan\"],[\"FNMA\",\"Federal National Mortgage Association\",\"The Bank\",\"First National Bank\"],[\"FOMC\",\"Federal Open Market Committee\",\"The Company\",\"The First Bancorp, Inc.\"],[\"FRB\",\"Federal Reserve Board\",\"U.S.\",\"United States of America\"],[\"FRBB\",\"Federal Reserve Bank of Boston\",\"USD\",\"U.S. Dollar\"],[\"GAAP\",\"Accounting principles generally accepted in the U.S.\",\"WSJP\",\"Wall Street Journal Prime\"]] [[/GREPCENT_TABLE]] Forward-Looking Statements This report contains statements that are \"forward-looking statements.\" We may also make written or oral forward-looking statements in other documents ITEM 1A. Risk Factors The risks and uncertainties described below are not the only ones the Company faces. Additional risks and uncertainties that we are unaware of, or that we currently deem immaterial, also may become important factors that affect us and our business. If any of these risks were to materialize, our business, financial condition or results of operations could be materially and adversely affected. Risk Associated With Our Business Credit Risks We are subject to credit risk and may incur losses if loans are not repaid. There are inherent risks associated with our lending activities. These risks include, among other things, the impact of changes in interest rates and changes in the economic conditions in the markets where we operate as well as those across the United States and abroad. Increases in interest rates and/or weakening economic conditions could adversely impact the ability of borrowers to repay outstanding loans and the value of the collateral securing these loans. Other changes in the values of underlying collateral securing loans could pose additional risk if the collateral must be relied upon for repayment in the event of a loan default. We seek to mitigate the risks inherent in our loan portfolio by adhering to specific underwriting practices. Although we believe that our underwriting criteria are appropriate for the various kinds of loans we make, we may incur losses on loans that meet our underwriting criteria, and these losses may exceed the amounts set aside as reserves in our allowance for credit losses. Our loan portfolio includes commercial, commercial real estate, and commercial construction loans that may have higher risks than other types of loans. Our commercial, commercial real estate, and commercial construction loans at December 31, 2025 and 2024 were $981.4 million and $970.9 million, or 41.0% and 41.5% of total loans, respectively. Commercial and commercial real estate loans generally carry larger loan balances and", "title": "FNLC - First Bancorp, Inc /ME/", "url": "/company/FNLC/" }, { "kind": "company", "summary": "SIC 3510 Engines & Turbines; CIK 0001137091; latest 10-K filed 2026-03-02.", "text": "PSIX - POWER SOLUTIONS INTERNATIONAL, INC. SIC 3510 Engines & Turbines; CIK 0001137091; latest 10-K filed 2026-03-02. PSIX POWER SOLUTIONS INTERNATIONAL, INC. 0001137091 3510 Engines & Turbines Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis includes forward-looking statements about the Company\u2019s business and consolidated results of operations for the fiscal years ended December 31, 2025 and 2024, including discussions about management\u2019s expectations for the Company\u2019s business. These statements represent projections, beliefs and expectations based on current circumstances and conditions and in light of recent events and trends, and these statements should not be construed either as assurances of performance or as promises of a given course of action. Instead, various known and unknown factors are likely to cause the Company\u2019s actual performance and management\u2019s actions to vary, and the results of these variances may be both material and adverse. A description of material factors known to the Company that may cause its results to vary, or may cause management to deviate from its current plans and expectations, is set forth under \u201cRisk Factors\u201d in this report. See also \u201cForward-Looking Statements.\u201d The following discussion should also be read in conjunction with the Company\u2019s consolidated financial statements and the related Notes included in this report. Executive Overview The Company designs, engineers, manufactures, markets and sells a broad range of advanced, emission-certified engines and power systems that run on a wide variety of clean, alternative fuels, including natural gas, propane, and biofuels, as well as gasoline and diesel options, within the power systems, industrial and transportation end markets with primary manufacturing, assembly, engineering, R&D, sales and distribution facilities located in suburban Chicago, Illinois and Darien and Beloit, Wisconsin. The Company provides highly engineered, comprehensive solutions designed to meet specific customer application requirements and technical specifications, including those imposed by environmental regulatory bodies, such as the EPA, CARB, MEE, and EU. The Company\u2019s products are primarily used by global OEM and end-user customers across a wide range of applications and equipment that includes standby and prime power generation, demand response, microgrid, combined heat and power, arbor care, material handling (including forklifts), agricultural and turf, construction, pumps and irrigation, compressors, utility vehicles, light- and medium-duty vocational trucks, school and transit buses, and utility power. The Company manages the business as a single reporting segment. 26 Net sales by geographic area and by end market for 2025 and 2024 are presented below: [[GREPCENT_TABLE]] [[\"(in thousands)\",\"\",\"For the year ended December 31, 2025\",\"\",\"For the Year Ended December 31, 2024\"],[\"Geographic Area\",\"\",\"\",\"% of Total\",\"\",\"\",\"% of Total\"],[\"United States\",\"\",\"$\",\"675,194\",\"\",\"93\",\"%\",\"\",\"$\",\"419,706\",\"\",\"88\",\"%\"],[\"North America (outside of United States)\",\"\",\"21,270\",\"\",\"3\",\"%\",\"\",\"24,466\",\"\",\"5\",\"%\"],[\"Pacific Rim\",\"\",\"22,309\",\"\",\"3\",\"%\",\"\",\"24,652\",\"\",\"5\",\"%\"],[\"Europe\",\"\",\"3,373\",\"\",\"1\",\"%\",\"\",\"7,090\",\"\",\"2\",\"%\"],[\"Others\",\"\",\"259\",\"\",\"\\u2014\",\"%\",\"\",\"53\",\"\",\"\\u2014\",\"%\"],[\"Total\",\"\",\"$\",\"722,405\",\"\",\"100\",\"%\",\"\",\"$\",\"475,967\",\"\",\"100\",\"%\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"(in thousands)\",\"\",\"For the year ended December 31, 2025\",\"\",\"For the Year Ended December 31, 2024\"],[\"End Market\",\"\",\"\",\"% of Total\",\"\",\"\",\"% of Total\"],[\"Power Systems\",\"\",\"$\",\"586,347\",\"\",\"81\",\"%\",\"\",\"$\",\"325,749\",\"\",\"68\",\"%\"],[\"Industrial\",\"\",\"114,768\",\"\",\"16\",\"%\",\"\",\"123,268\",\"\",\"26\",\"%\"],[\"Transportation\",\"\",\"21,290\",\"\",\"3\",\"%\",\"\",\"26,950\",\"\",\"6\",\"%\"],[\"Total\",\"\",\"$\",\"722,405\",\"\",\"100\",\"%\",\"\",\"$\",\"475,967\",\"\",\"100\",\"%\"]] [[/GREPCENT_TABLE]] During 2025, the Company sold approximately 19,800 engines of which 74% utilized propane or natural gas as their fuel source and 18% utilized gasoline. The remaining 8% of engines were dual fuel gasoline/propane, diesel and service engines. Item 1. Business. General Business Overview Power Solutions International, Inc., incorporated under the laws of the state of Delaware in 2011, designs, engineers, manufactures, markets and sells a broad range of advanced, emission-certified engines and power systems that are powered by a wide variety of clean, alternative fuels, including natural gas, propane, and biofuels, as well as gasoline and diesel options, within the power systems, industrial and transportation end markets. The Company manages the business as a single reportable segment. The Company\u2019s products are primarily used by global original equipment manufacturers (\u201cOEMs\u201d) and end-user customers across a wide range of applications and equipment that includes standby and prime power generation, demand response, microgrid, combined heat and power, arbor equipment, material handling (including forklifts), agricultural and turf, construction, pumps and irrigation, compressors and utility vehicles. The Company provides highly engineered, comprehensive solutions designed to meet specific customer application requirements and technical specifications, including those imposed by environmental regulatory bodies, including the U.S. Environmental Protection Agency (\u201cEPA\u201d), the California Air Resources Board (\u201cCARB\u201d), the People\u2019s Republic of China\u2019s Ministry of Ecology and Environment (\u201cMEE\u201d) and regulatory bodies within the European Union (\u201cEU\u201d). The Company\u2019s products include both sourced and internally designed and manufactured engines that are engineered and integrated with associated components. These comprehensive power systems are tested and validated to meet quality, safety, durability and environmental standards and regulations. Through advanced research and development (\u201cR&D\u201d) and engineering capabilities, the Company is able to provide its customers with highly optimized, efficient, durable and emissions-compliant products that enhance their competitive position. The Company\u2019s business is d Item 1A. Risk Factors. The Company\u2019s business and results of operations are subject to various risks, including those listed below, many of which are not within the Company\u2019s control, which may cause actual financial performance to differ materially from historical or projected future performance. New risks may emerge at any t", "title": "PSIX - POWER SOLUTIONS INTERNATIONAL, INC.", "url": "/company/PSIX/" }, { "kind": "company", "summary": "SIC 5661 Retail-Shoe Stores; CIK 0000018498; latest 10-K filed 2026-03-25.", "text": "GCO - GENESCO INC SIC 5661 Retail-Shoe Stores; CIK 0000018498; latest 10-K filed 2026-03-25. GCO GENESCO INC 0000018498 5661 Retail-Shoe Stores ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our Consolidated Financial Statements and related Notes and other financial information appearing elsewhere in this Annual Report on Form 10-K, and with Part II, Item 7 (\u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d) of our Annual Report on Form 10-K for the fiscal year ended February 1, 2025, filed with the SEC on March 26, 2025, which provides a discussion of our financial condition and results of operations for Fiscal 2025 compared to our Fiscal 2024. Summary of Results of Operations \u2022 Net sales increased 4.8% to $2.4 billion in Fiscal 2026 compared to Fiscal 2025. \u2022 Journeys Group sales increased 7% and Schuh Group sales increased 4%, partially offset by a sales decrease of 4% at Genesco Brands Group, while Johnston & Murphy Group sales were flat for Fiscal 2026 as compared to Fiscal 2025. \u2022 Total comparable sales increased 6% for Fiscal 2026, including a 6% increase in same store sales and a 4% increase in comparable e-commerce sales. \u2022 Gross margin decreased 90 basis points as a percentage of net sales from 47.2% in Fiscal 2025 to 46.3% in Fiscal 2026. \u2022 Selling and administrative expenses decreased 120 basis points as a percentage of net sales from 46.4% in Fiscal 2025 to 45.2% in Fiscal 2026. \u2022 Operating margin increased 10 basis points as a percentage of net sales from 0.6% in Fiscal 2025 to 0.7% in Fiscal 2026. \u2022 The effective income tax rate decreased from 309.6% in Fiscal 2025 to (5.4)% in Fiscal 2026 as a result of the impact of the One Big Beautiful Bill Act (\"OBBBA\") in Fiscal 2026 and a $26.2 million valuation allowance in Fiscal 2025. \u2022 Diluted earnings per share from continuing operations was $1.25 per share in Fiscal 2026 compared to a diluted loss per share from continuing operations of $1.80 per share in Fiscal 2025. Key Performance Indicators In assessing the performance of our business, we consider a variety of performance and financial measures. The key performance indicators we use to evaluate the financial condition and operating performance of our business are comparable sales, net sales, gross margin, operating income and operating margin. These key performance indicators should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the U.S. GAAP financial measures presented herein. These measures may not be comparable to similarly-titled performance indicators used by other companies. Comparable Sales We consider comparable sales to be an important indicator of our current performance, and investors may find it useful as such. Comparable sales results are important to achieve leveraging of our costs, including occupancy, selling salaries, depreciation, etc. Comparable sales also have a direct impact on our total net revenue, working capital and cash. We define \"comparable sales\" as sales from stores open longer than one year, beginning with the first day a store has comparable sales (which we refer to in 31 this report as \"same store sales\"), and sales from websites operated longer than one year and direct mail catalog sales (which we refer to in this report as \"comparable e-commerce sales\"). Temporarily closed stores are excluded from the comparable sales calculation if closed for more than seven days. Expanded stores are excluded from the comparable sales calculation until the first day an expanded store has comparable prior year sales. Current year foreign exchange rates are applied to both current year and prior year comparable sales to achieve a consistent basis for comparison. Results of Operations\u2014Fiscal 2026 Compared to Fiscal 2025 Our net sales for Fiscal 2026 increased 4.8% to $2.4 billion compared to $2.3 billion in Fiscal 2025. The net sales incr ITEM 1. BUSINESS General Genesco Inc., incorporated in 1934 in the State of Tennessee, is a leading retailer and wholesaler of branded footwear, apparel and accessories with net sales for Fiscal 2026 of $2.4 billion. During Fiscal 2026, we operated four reportable business segments (not including corporate): (i) Journeys Group, comprised of the Journeys\u00ae, Journeys Kidz\u00ae and Little Burgundy\u00ae retail footwear chains and e-commerce operations; (ii) Schuh Group, comprised of the Schuh retail footwear chain and e-commerce operations; (iii) Johnston & Murphy Group, comprised of Johnston & Murphy\u00ae retail operations, e-commerce operations and wholesale distribution of products under the Johnston & Murphy\u00ae brand; and (iv) Genesco Brands Group, comprised of the licensed Dockers\u00ae (\"Dockers\") and Levi's\u00ae (\"Levi's\") brands, as well as other brands we license for footwear. We also source, design, market and distribute footwear, apparel and accessories at wholesale, primarily under our Johnston & Murphy brand, the licensed Dockers\u00ae brand, the licensed Levi's\u00ae brand and other brands that we license for footwear to over 900 retail accounts in the United States, including a number of leading department, discount, and specialty stores as well as e-commerce retailers. Our license with Levi's expires in May 2026 and we are in the process of exiting that business. During the second quarter of Fiscal 2026, we signed a multi-year licensing agreement with Kontoor Brands, Inc. (\"Kontoor\") to design, source market and distribute men's, women's and children's footwear under the Wrangler\u00ae brand (\"Wrangler\"). We expect to launch the first Wrangler footwear collection under the licensing agreement in the Fall of calendar year 2026. During the third quarter of Fiscal 2026, we announced the formation of the Journeys Global Retail Group which unites Journeys, Schuh and Little Burgundy. This alignment creates a powerful opportunity across our retail banners to position the business as the world\u2019s ITEM 1A. RISK FACTORS Our business is subject to a variety of risks which might have a material impact on our business. You should carefully consider the risks and uncertainties described below and the other information in this Annual Report on Form 10-K, including our Consolidated Financial Statements and the notes to those statements. The risks and uncertainties described ", "title": "GCO - GENESCO INC", "url": "/company/GCO/" }, { "kind": "company", "summary": "SIC 3569 General Industrial Machinery & Equipment, NEC; CIK 0001963685; latest 10-K filed 2026-01-20.", "text": "RR - RICHTECH ROBOTICS INC. SIC 3569 General Industrial Machinery & Equipment, NEC; CIK 0001963685; latest 10-K filed 2026-01-20. RR RICHTECH ROBOTICS INC. 0001963685 3569 General Industrial Machinery & Equipment, NEC ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our consolidated financial statements and the related notes contained elsewhere in this Report and in our other Securities and Exchange Commission filings. The following discussion may contain predictions, estimates, and other forward-looking statements that involve a number of risks and uncertainties, including those discussed under \u201cRisk Factors\u201d and elsewhere in this Report. These risks could cause our actual results to differ materially from any future performance suggested below. Overview We are a robotics company focused on the development of embodied AI systems for manufacturing, retail, hospitality, and other sectors. We develop proprietary hardware and software that employ the latest robotics and AI innovations. Our goal is to deploy robotics at scale in business operations across our target markets. 39 Key Business Highlights for Fiscal Year 2025 Fiscal year 2025 was a transformative period for us, defined by the accelerated execution of our strategic shift toward a high-margin, recurring revenue business model. Strategic and Operational Milestones [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"RaaS Contract Acceleration: Successfully secured 55 RaaS contracts, demonstrating strong market adoption of our RaaS model and validating the long-term strategy to build a high-quality, predictable recurring revenue base.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Expansion of Hospitality Management Segment (AlphaMax): Launched strategic initiatives under the AlphaMax subsidiary, including deployment of robots in restaurants in partnered with Walmart stores. Twofranchise agreements were secured during the period to kickstart this expansion.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"New Brand Launch (Clouffee & Tea): Established our first self-owned robotic restaurant brand, Clouffee & Tea, which serves as a scalable franchise blueprint, a live platform for technological testing, and a new growth channel, with the inaugural location opening in Las Vegas in early 2025.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Corporate Restructuring and Infrastructure: The Company purchased a new corporate headquarters in Las Vegas, Nevada, optimizing its long-term operational footprint and accommodating organizational growth.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"New Data Services: We have launched a new suite of services focused on producing robotic training datasets and embodied AI development.\"]] [[/GREPCENT_TABLE]] Financial and Capital Milestones [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Total Revenue Growth: Achieved a 19% increase in total net revenue, rising to $5,045 thousand for fiscal year 2025, despite the short-term revenue impact caused by the strategic shift to the RaaS model.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Gross Margin Expansion: Drove significant margin improvement with a 21.65% increase in Gross Profit, driven by our shift from one-time hardware sales to leasing and recurring revenue. Under the model, robots are recognized as long-lived assets and depreciated over the lease term, resulting in a structurally higher gross margin profile compared to the traditional one-time sale model.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Balance Sheet Strengthening (Subsequent Event): Subsequent to September 30, 2025, the Company successfully utilized its At-The-Market (\\u201cATM\\u201d) offering program to raise $71.6 million in gross proceeds, substantially strengthening our liquidity and providing capital to accelerate the build-out of the RaaS asset fleet. A portion of these proceeds was generated through a direct sale of shares to a large institutional investor under the ATM program.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Deleveraging and Cost Optimization: Executed de ITEM 1. Business Overview Richtech is a robotics and artificial intelligence (\u201cAI\u201d) technology company focused on developing advanced embodied AI systems that aims to improve the efficiency and productivity of U.S. businesses. Richtech trains proprietary artificial intelligence models on in-house data to operate advanced robotic systems in the real world. We design, engineer, manufacture, and deploy next generation embodied AI systems to serve a wide range of industries\u2014including food service, retail, industrial manufacturing, automotive, healthcare, and hospitality. Our robots are designed to be user friendly, reliable, and highly customizable, with the goal of driving tangible profit and loss (\u201cP&L\u201d) improvements for our customers. Our mission is to accelerate the advancement of embodied AI in the United States. We aim to become a robotics \u201cSuper-Operator\u201d\u2014i.e. a company operating over one hundred thousand intelligent robots connected through a unified, data-rich AI ecosystem. These robots will perform a wide range of tasks across commercial and industrial environments, from scrubbing floors and packaging deliveries to supporting medical staff in hospitals and staffing factory production lines. Corporate History and Corporate Structure We were originally founded as Richtech Creative Displays LLC in Nevada in July 2016, and we converted to Richtech Robotics Inc., a Nevada corporation, in June 2022. We completed our initial public offering on November 21, 2023, and shares of our Class B common stock, $0.0001 par value per share (the \u201cClass B common stock\u201d) began trading on the Nasdaq Capital Market on November 17, 2023 under the symbol \u201cRR.\u201d To support our clients in optimizing the use of ADAM robots and enhancing the efficiency of their operations, we established a wholly-owned subsidiary, Alphamax Management LLC (\u201cAlphamax Management\u201d), in June 2024. Alphamax Management provides business management and operational services to help our clients better integr ITEM 1A. Risk Factors Investing in our securities involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Report, before deciding to invest in our securities. If any of the following risks mate", "title": "RR - RICHTECH ROBOTICS INC.", "url": "/company/RR/" }, { "kind": "company", "summary": "SIC 1040 Gold and Silver Ores; CIK 0001502377; latest 10-K filed 2026-03-16.", "text": "CTGO - Contango Silver & Gold Inc. SIC 1040 Gold and Silver Ores; CIK 0001502377; latest 10-K filed 2026-03-16. CTGO Contango Silver & Gold Inc. 0001502377 1040 Gold and Silver Ores Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of the Company\u2019s financial condition and results of operations should be read in conjunction with the financial statements and the related notes and other information included elsewhere in this report. Overview The Company engages in exploration for gold, silver, and copper ores in Alaska. The Company\u2019s largest asset is a 30% membership interest in the Peak Gold JV, which leases approximately 675,000 acres from the Tetlin Tribal Council and owns approximately 13,000 State of Alaska mining claims for exploration and development through its wholly-owned subsidiary, CORE Alaska. The Company\u2019s wholly-owned subsidiary, Contango Minerals, controls 100% interest in the mineral rights to approximately 84,580 acres of State of Alaska mining claims located north and northwest of the Manh Choh Project. The Company is actively working to acquire additional properties for exploration. In July 2024, the Peak Gold JV commenced ore mining at the Manh Choh Project and processing of the ore at the Fort Knox mill. On July 8, 2024, Manh Choh Project achieved a significant milestone and poured its first gold bar, on schedule. During 2024, the Company received $40.5 million in cash distributions from the Peak Gold JV relating to the production at Manh Choh. During 2025, the Company received $102.0 million in cash distributions from the Peak Gold JV relating to the production at Manh Choh. The Peak Gold JV believes that Manh Choh will be mined over approximately five years. Recent Developments Dolly Varden Acquisition Dolly Varden Silver Corporation (\u201cDolly Varden\u201d) was amalgamated under the Business Corporations Act (British Columbia) on January 30, 2012. Dolly Varden\u2019s primary activity is the acquisition and exploration of mineral properties in Canada. Dolly Varden is a mineral exploration company focused on exploration and advancing its 100% owned Kitsault Valley project (the \u201cKitsault Valley Project\u201d), which includes the Dolly Varden property and the Homestake Ridge property located in the Golden Triangle of British Columbia, Canada, 25 kilometers (\u201ckm\u201d) by road to tide water. The 163-square km Kitsault Valley Project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past-producing Dolly Varden and Torbrit silver mines. In addition to the Kitsault Valley Project, Dolly Varden has consolidated a land package of six other properties in the same region as the Kitsault Valley Project. These six properties have historically been explored for gold, copper, silver, lead and zinc. Including the Kitsault Valley Project and the recent acquisitions, Dolly Varden now holds a combined area of 100,000 hectares within the region. On December 8, 2025, Contango and Dolly Varden entered into the Arrangement Agreement in respect of the Arrangement. Under the terms of the Arrangement Agreement, Contango will acquire all of the issued and outstanding Dolly Varden Shares at the Exchange Ratio. The estimated fair value of the shares to be issued based on information available as of December 8, 2025 is $397.5 million. Immediately prior to Closing, all Dolly Varden RSUs will vest and be settled for Dolly Varden Shares. Pursuant to the Arrangement, all outstanding Dolly Varden Options will be exchanged for stock options to acquire Contango Shares, adjusted to reflect the Exchange Ratio. Eligible Canadian stockholders of Dolly Varden will be able to elect to receive exchangeable shares in a Canadian subsidiary of Contango, which will be exchangeable into Contango Shares, instead of the Contango Shares to which they would otherwise be entitled. Upon completion of the Arrangement, existing Contango Stockholders and former Dolly Varden Shareholders will own approximately 50.001% and 49.999% each of the combined company, respectively, using the fully diluted in-the-money treasury-stock-m Item 1. BUSINESS Overview Contango ORE, Inc. (\u201cCORE\u201d or the \u201cCompany\u201d) was formed on September 1, 2010 as a Delaware corporation for the purpose of engaging in the exploration for and development of gold ore and associated minerals in the State of Alaska. On January 8, 2015, CORE Alaska, LLC, a wholly-owned subsidiary of the Company (\u201cCORE Alaska\u201d), and a subsidiary of Royal Gold, Inc. (\u201cRoyal Gold\u201d) formed Peak Gold, LLC (the \u201cPeak Gold JV\u201d). On September 30, 2020, CORE Alaska sold a 30% membership interest in the Peak Gold JV to KG Mining (Alaska), Inc. (\u201cKG Mining\u201d), an indirect wholly-owned subsidiary of Kinross Gold Corporation (\u201cKinross\u201d), a large gold producer with a diverse global portfolio and extensive operating experience in Alaska. The sale is referred to herein as the \u201cCORE Transactions\u201d. Concurrently with the CORE Transactions, KG Mining, in a separate transaction, acquired 100% of the equity of Royal Alaska, LLC from Royal Gold, which held Royal Gold\u2019s 40% membership interest in the Peak Gold JV (the \u201cRoyal Gold Transactions\u201d and, together with the CORE Transactions, the \u201cKinross Transactions\u201d). After the consummation of the Kinross Transactions, CORE Alaska retained a 30% membership interest in the Peak Gold JV. KG Mining now holds a 70% membership interest in the Peak Gold JV and KG Mining serves as the manager of the Peak Gold JV, which operates the Manh Choh (as defined below) mines. The Company conducts its business through the below primary means: \u2022 its 30% membership interest in Peak Gold JV, which leases approximately 675,000 acres from the Tetlin Tribal Council and holds approximately 13,000 additional acres of State of Alaska mining claims (such combined acreage, the \u201cPeak Gold JV Property\u201d) for exploration and development, including in connection with the Peak Gold JV\u2019s production from the Main and North Manh Choh deposits within the Peak Gold JV Property (\u201cManh Choh\u201d or the \u201cManh Choh Project\u201d); \u2022 its wholly-owned subsidiary, Contang Item 1A. RISK FACTORS In addition to other information set forth elsewhere in this Form 10-K, you should carefully consider the following factors when evaluating the Company. An investment in the Company is subject to risks inherent in the mining business as an exploration stage company. The value of an investment in the Company may", "title": "CTGO - Contango Silver & Gold Inc.", "url": "/company/CTGO/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001325670; latest 10-K filed 2026-03-16.", "text": "FRST - Primis Financial Corp. SIC 6022 State Commercial Banks; CIK 0001325670; latest 10-K filed 2026-03-16. FRST Primis Financial Corp. 0001325670 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Item 7 of our Annual Report on Form 10-K generally discusses year-to-year comparisons between the years ended December 31, 2025 and 2024. Discussions of comparisons between 2024 and 2023 are not included in this Form 10-K, but can be found in \u201cItem 7\u2014Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the SEC on April 29, 2025. MD&A is presented to aid the reader in understanding and evaluating the financial condition and results of operations of the Company. This discussion and analysis should be read with the consolidated financial statements, the footnotes thereto, and the other financial data included in this report. CRITICAL ACCOUNTING ESTIMATES AND POLICIES We follow accounting and reporting policies that conform, in all material respects, to accounting principles generally accepted in the U.S. and to general practices within the financial services industry. The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. While we base estimates on historical experience, current information and other factors deemed to be relevant, actual results could differ from those estimates. We consider accounting estimates to be critical to reported financial results if (i) the accounting estimate requires management to make assumptions about matters that are highly uncertain and (ii) different estimates that management reasonably could have used for the accounting estimate in the current period, or changes in the accounting estimate that are reasonably likely to occur from period to period, could have a material impact on our financial statements. Allowance for credit losses Accounting policies related to the allowance for credit losses on financial instruments including loans and off-balance-sheet credit exposures are considered to be critical as these policies involve considerable subjective judgment and estimation by management. In the case of loans, the allowance for credit losses is a contra-asset valuation account, calculated in accordance with ASC 326, which is deducted from the amortized cost basis of loans to present the net amount expected to be collected. In the case of off-balance-sheet credit exposures, the allowance for credit losses is a liability account, calculated in accordance with ASC 326. The allowance is reported as a component of other liabilities in our consolidated balance sheets. Adjustments to the allowance are reported in our income statement as a component of noninterest expenses. The amount of each allowance account represents management's best estimate of current expected credit losses on these financial instruments considering available information, from internal and external sources, relevant to assessing exposure to credit loss over the contractual term of the instrument. We use internal factors including loan balances, credit quality, contractual life of loans, and historical loss experience. While historical credit loss experience provides the basis for the estimation of expected credit losses, adjustments to historical loss information may be made for differences in current portfolio-specific risk characteristics, environmental conditions or other relevant factors. Management\u2019s primary qualitative factors utilized in informing qualitative adjustments to the modeled allowance calculations are loan-to-value exceptions, borrower debt service coverage exceptions, and large concentrations. As of December 31, 2025, the qualitative adjustments applied by management increased our modeled allowance that was based on historical loss information, but did not represent a material amount of our total allow Item 1. Business Overview Primis Financial Corp. is the bank holding company for Primis Bank, a Virginia state-chartered bank which commenced operations on April 14, 2005. Primis Bank provides a range of financial services to individuals and small and medium-sized businesses. \u200b As of December 31, 2025, Primis had $4.0 billion in total assets, $3.3 billion in total loans held for investment, $3.4 billion in total deposits and $423 million in total stockholders\u2019 equity. As of December 31, 2025, Primis Bank had 24 full-service branches in Virginia and Maryland and also provides services to customers through certain online and mobile applications. Headquartered in McLean, Virginia, the Company has an administrative office in Glen Allen, Virginia and an operations center in Atlee, Virginia. PMC, a residential mortgage lender headquartered in Wilmington, North Carolina, is a consolidated subsidiary of Primis Bank. PFH owns the rights to the Panacea Financial brand and its intellectual property and partners with the Bank to offer a suite of financial products and services for doctors, their practices, and ultimately the broader healthcare industry. PFH was deconsolidated from the Company on March 31, 2025, as further 6 Table of Contents discussed below in \u201cPFH Deconsolidation and Sale of Shares\u201d. The operating results of PFH were included in the Company\u2019s consolidated operating results through March 31, 2025. Primis Bank\u2019s deposits are insured, up to applicable limits, by the FDIC. We make our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act available free of charge on our website at www.primisbank.com as soon as reasonably practicable after we electronically file such material with the SEC. These reports are also available without charge on the SEC\u2019s website at www.sec.gov. We include our website address throughout this Item 1A. Risk Factors An investment in our common stock involves risks. The following is a description of the material risks and uncertainties that Primis Financial Corp. believes affect its business and should be considered before making an investment in our common stock. Additional risks and uncertainties that we are unaware of, or that", "title": "FRST - Primis Financial Corp.", "url": "/company/FRST/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001326190; latest 10-K filed 2026-03-06.", "text": "ALT - Altimmune, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001326190; latest 10-K filed 2026-03-06. ALT Altimmune, Inc. 0001326190 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report. Some of the information contained in this discussion and analysis contains forward-looking statements that involve substantial risks and uncertainties. See \u201cForward-looking statements\u201d in Part I of this Annual Report and the section entitled \u201cRisk Factors\u201d in Part I, Item 1A of this Annual Report for a discussion of certain factors that could cause actual results or events to differ materially from the forward-looking statements that we make. Overview Altimmune, Inc. is a late clinical-stage biopharmaceutical company developing novel therapies for serious liver diseases. Our lead product candidate, pemvidutide (formerly known as ALT-801), is a balanced 1:1 glucagon/GLP-1 dual receptor agonist in development for the treatment of MASH, AUD and ALD. We may also pursue additional indications for pemvidutide that leverage its differentiated clinical profile. Except where the context indicates otherwise, references to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cAltimmune\u201d, or the \u201cCompany\u201d refer to the company and its subsidiaries. Fiscal Year 2025 Business Update MASH On June 26, 2025, we released 24-week topline efficacy results from IMPACT, a Phase 2b trial of pemvidutide in patients with MASH. The Phase 2b trial enrolled 212 subjects with biopsy-confirmed MASH and fibrosis stages F2/F3 with and without diabetes randomized 1:2:2 to receive weekly subcutaneous doses of pemvidutide at 1.2 mg, 1.8 mg or placebo. The topline 24-week data showed that treatment with pemvidutide achieved statistically significant improvements in MASH resolution without worsening of fibrosis, improvements in fibrosis without worsening of MASH, and statistically significant changes in well-established NITs of fibrosis, including ELF score and LSM compared with placebo at both doses. On December 11, 2025, we held an End-of-Phase 2 meeting with the FDA to discuss and align on the parameters for a registrational Phase 3 trial of pemvidutide for MASH patients with moderate to advanced fibrosis with biopsy driven endpoints. The FDA agreed to the use of AIM-MASH AI Assist, the first FDA-qualified AI pathology tool for MASH clinical trials, in our Phase 3 trial. We received final minutes from the End-of-Phase 2 meeting in January 2026, which we believe describe a clear regulatory path for a Phase 3 trial in MASH. We also intend to seek scientific advice from European regulators to further inform the final Phase 3 protocol. See Item 1. Business for additional information. On December 19, 2025, we announced positive 48-week topline results from the IMPACT Phase 2b trial of pemvidutide in patients with MASH. The topline 48-week data from the IMPACT trial showed that treatment with pemvidutide achieved statistically significant improvements across treatment arms versus placebo in the key anti-fibrosis NITs of ELF and LSM. Additional Indications for Pemvidutide On March 13, 2025, we announced that we are pursuing two additional indications for our lead product candidate, pemvidutide. The new indications are AUD and ALD. AUD On May 19, 2025, we announced the enrollment of the first subject in the RECLAIM Phase 2 trial evaluating the efficacy and safety of pemvidutide in subjects with AUD. RECLAIM is a randomized, placebo-controlled trial conducted across approximately 15 sites in the United States, targeting enrollment of approximately 100 subjects. On August 19, 2025, we announced that the U.S. Food and Drug Administration has granted Fast Track designation to pemvidutide for the treatment of AUD. Fast Track designation is intended to accelerate the development and review of new drugs that target serious conditions and address unmet medical needs. 80 Table of Contents Item 1. Business Overview Altimmune, Inc. is a late clinical-stage biopharmaceutical company developing novel therapies for serious liver diseases. Our lead product candidate, pemvidutide (formerly known as ALT-801), is a balanced 1:1 glucagon/GLP-1 dual receptor agonist in development for the treatment of metabolic dysfunction-associated steatohepatitis (\u201cMASH\u201d), alcohol use disorder (\u201cAUD\u201d) and alcohol-associated liver disease (\u201cALD\u201d). We may also pursue additional indications for pemvidutide that leverage its differentiated clinical profile. Except where the context indicates otherwise, references to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cAltimmune\u201d, or the \u201cCompany\u201d refer to the company and its subsidiaries. Pemvidutide We obtained pemvidutide as part of the acquisition Spitfire Pharma Inc., in July of 2019. Pemvidutide was designed as a MASH therapeutic based on the understanding that targeting both metabolic and liver-specific effects could lead to an improved and differentiated candidate. Early work provided compelling preclinical efficacy data obtained from a mouse model of MASH. Following a first-in-human clinical trial where we observed initial signs of weight loss and pronounced liver effects, we evaluated pemvidutide in participants with fatty liver disease, or metabolic-dysfunction associated liver disease (MASLD), where we observed robust reductions in liver fat content and weight loss. These results confirmed the earlier study and paved the way for the biopsy-driven IMPACT Phase 2b trial in MASH. To better characterize the quality of the weight loss and cardiometabolic effects of pemvidutide, the MOMENTUM Phase 2 trial in overweight and obese participants was conducted and showed significant weight loss characterized by relative sparing of lean muscle mass and improvements in serum lipids associated with cardiovascular disease. In addition to the recently completed IMPACT trial, pemvidutide is currently being evaluated in participants with AUD and, separately, ALD. Item 1A. Risk Factors In addition to the other information included in this Annual Report, the following risk factors should be carefully considered when evaluating an investment in us. These risk factors and other uncertainties may cause our actual future results or performance to differ materially from any future results or performance expressed", "title": "ALT - Altimmune, Inc.", "url": "/company/ALT/" }, { "kind": "company", "summary": "SIC 2780 Blankbooks, Looseleaf Binders & Bookbindg & Relatd Work; CIK 0000712034; latest 10-K filed 2026-03-09.", "text": "ACCO - ACCO BRANDS Corp SIC 2780 Blankbooks, Looseleaf Binders & Bookbindg & Relatd Work; CIK 0000712034; latest 10-K filed 2026-03-09. ACCO ACCO BRANDS Corp 0000712034 2780 Blankbooks, Looseleaf Binders & Bookbindg & Relatd Work ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS INTRODUCTION Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the consolidated financial statements of ACCO Brands Corporation and the accompanying notes contained in Part II, Item 8. and the relevant risks outlined in Part I, Item 1A. Risk Factors of this report. The following discussion and analysis are for the year ended December 31, 2025, compared with the same period in 2024 unless otherwise stated. For a discussion and analysis of the year ended December 31, 2024, compared with the same period in 2023, please refer to \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" included in Part II, Item 7. of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the \"SEC\") on February 21, 2025. Overview of the Company ACCO Brands is a leading global consumer, technology and business branded products company, providing well-known brands and innovative product solutions used in schools, homes and at work. These brands include At-A-Glance\u00ae, Barrilito\u00ae, Buro\u00ae Esselte\u00ae, Five Star\u00ae, Foroni\u00ae, GBC\u00ae, Hilroy\u00ae, Kensington\u00ae, Leitz\u00ae, Mead\u00ae, PowerA\u00ae, Quartet\u00ae, Rapid\u00ae, Swingline\u00ae, Tilibra\u00ae, and others. Our products are sold primarily in the U.S., Europe, Australia, Canada, Brazil, and Mexico. The Company has two operating segments, Americas and International. Americas includes the U.S., Canada, Brazil, Mexico, and Chile and International includes EMEA, Australia, New Zealand, and Asia. Each operating segment designs, markets, sources, manufactures and sells recognized consumer, technology, and business branded products used in schools, homes, and at work. Product designs are tailored to end-user preferences in each geographic region, and where possible, leverage common engineering, design, and sourcing. Our product categories include gaming and computer accessories; storage and organization; notebooks; shredding; laminating and binding machines; stapling; punching; planners; dry erase boards; and do-it-yourself tools, among others. We distribute our products through a wide variety of channels to ensure that our products are readily and conveniently available for purchase by consumers and other end-users, wherever they prefer to shop. These channels include mass retailers, e-tailers, discount, drug/grocery and variety chains, warehouse clubs, hardware and specialty stores, independent office product dealers, office superstores, wholesalers, contract stationers, and specialist technology businesses. We also sell directly through e-commerce sites and our direct sales organization. Overview of 2025 Financial Performance During 2025, the Company was impacted by soft global demand, reflecting weak consumer and business spending due to a weak macroeconomic environment and geopolitical uncertainties. We expect these collective global trends to continue to impact our financial results. In 2025, our net sales decreased $141.5 million, or 8.5 percent, compared to the prior year. Globally, demand was softer for certain office related products. In addition, sales were impacted by tariff disruptions in the Americas operating segment, primarily in the United States. Gross margin decreased 50 basis points compared to the prior-year period, primarily due to the impact of volume declines and tariff related impacts. We reported operating income of $92.3 million in 2025 compared to an operating loss of $37.0 million in 2024. The increase was primarily due to the prior year non-cash goodwill and intangible asset impairment charge. 27 We reported net income of $41.3 million, or $0.44 per share, compared to a net loss of $101.6 million, or $(1.06) per share in the prior year. The prior year reported net loss reflects non-cash goodwill and intangible asset impairment charges and lower benefits ITEM 1. BUSINESS As used in this Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the terms \"ACCO Brands,\" \"ACCO,\" the \"Company,\" \"we,\" \"us,\" and \"our\" refer to ACCO Brands Corporation, a Delaware corporation incorporated in 2005, and its consolidated domestic and international subsidiaries. For a description of certain factors that may have had, or may in the future have, a significant impact on our business, results of operations or financial condition, see \"Part I, Item 1A. Risk Factors\" of this report. Overview of the Company ACCO Brands is a leading global consumer, technology and business branded products company, providing well-known brands and innovative product solutions used in schools, homes and at work. Approximately 75 percent of our 2025 net sales came from brands that are in the No. 1 or No. 2 position in the product categories in which we compete. Our top 12 brands represented approximately $1.1 billion of our 2025 net sales. Our products are sold primarily in the U.S., Europe, Australia, Canada, Brazil, and Mexico. Note: Artline\u00ae in Australia/N.Z. only Business Strategy Our key strategic priorities are to: \u2022 Enhance innovation and new product development processes, expand into new points of distribution and extend our product offering into adjacent categories. \u2022 Expand organically and inorganically the mix of business into higher growth technology peripheral categories. \u2022 Use our strong brand recognition and supply chain expertise to expand relationships with new and existing customers. \u2022 Manage mature product categories which remain important profit and cash generators. \u2022 Support profitability through margin expansion initiatives and our multi-year cost reduction and footprint rationalization programs. 1 \u2022 Execute a disciplined acquisition approach focused on expanding brand presence, extending our geographic reach and complementing existing product lines, while maintaining a low leverage ratio and realizing syn ITEM 1A. RISK FACTORS The factors that are discussed below, as well as the matters that are generally set forth in this Annual Report on Form 10-K and the documents incorporated by reference herein, could materially and adversely affect the Company\u2019s business, results of operations, and financ", "title": "ACCO - ACCO BRANDS Corp", "url": "/company/ACCO/" }, { "kind": "company", "summary": "SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001530979; latest 10-K filed 2026-02-25.", "text": "HNST - Honest Company, Inc. SIC 5961 Retail-Catalog & Mail-Order Houses; CIK 0001530979; latest 10-K filed 2026-02-25. HNST Honest Company, Inc. 0001530979 5961 Retail-Catalog & Mail-Order Houses Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion, particularly information with respect to our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading \u201cSpecial Note Regarding Forward-Looking Statements\u201d in this Annual Report on Form 10-K. You should review the disclosure under the heading \u201cRisk Factors\u201d in this Annual Report on Form 10-K for a discussion of important factors that could cause our actual results to differ materially from those anticipated in these forward-looking statements. Unless the context otherwise requires, all references in this Annual Report on Form 10-K to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cour company,\u201d \"the Company\" and \u201cHonest\u201d refer to The Honest Company, Inc. and its consolidated subsidiaries. A discussion regarding our financial condition and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024 is presented below. A discussion regarding our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 can be found in Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (\u201cSEC\u201d) on February 26, 2025. Overview Founded in 2012, The Honest Company (the \u201cCompany,\u201d or \u201cHonest,\u201d or which may also be referred to as \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a personal care company dedicated to creating cleanly-formulated and sustainably-designed products for everyone from babies to adults. By combining thoughtful design with science-based innovation, we deliver personal care products for everyone from babies to adults, spanning categories across wipes, personal care, diapers, and beauty. Our commitment to our core values, continual innovation and engaging our community has differentiated and elevated our brand and our products. Since our launch, we have cultivated deep trust around what matters most to our consumers: their health, their families and their homes. We seek to meet consumers wherever they want to shop, balancing deep consumer connection with broad convenience and availability. We believe our distribution strategy positions us for continued growth through our trusted brand and award-winning multi-category product offering. The Honest Standard, the Company\u2019s rigorous set of guiding principles that shape every step of product innovation and development, reflects Honest\u2019s ongoing dedication to safety, transparency and integrity. As a leader in clean and sustainable products, Honest continues to set a new standard for clean formulations, bringing joy to a community that seeks authenticity, transparency and efficacy in everyday essentials. Honest products are available nationwide at major retailers, including Amazon, Target and Walmart. Effective December 31, 2025, we have transitioned away from Honest.com as a shipping and fulfillment channel, while maintaining Honest.com as a resource for educating consumers, showcasing our complete product portfolio, and driving consumers to purchase through our leading retailers and their websites, and third-party ecommerce sites. Transformation 2.0: Powering Honest Growth In 2023, we executed a broad-based Transformation Initiative designed to build the Honest brand and drive growth in higher-margin areas of the portfolio, strengthen our cost structure, drive focus on the most productive areas of our business, deliver greater impact from brand- Item 1. Business Overview of Business Founded in 2012, The Honest Company (the \u201cCompany,\u201d or \u201cHonest,\u201d or which may also be referred to as \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a personal care company dedicated to creating cleanly-formulated and sustainably-designed products for everyone from babies to adults. By combining thoughtful design with science-based innovation, we deliver personal care products for everyone from babies to adults, spanning categories across wipes, personal care, diapers, and beauty. Our commitment to our core values, continual innovation and engaging our community has differentiated and elevated our brand and our products. Since our launch, we have cultivated deep trust around what matters most to our consumers: their health, their families and their homes. We seek to meet consumers wherever they want to shop, balancing deep consumer connection with broad convenience and availability. We believe our distribution strategy positions us for continued growth through our trusted brand and award-winning multi-category product offering. Our Products and Product Categories Our Chief Executive Officer, as the chief operating decision maker, organizes the Company, manages resource allocations, and measures performance on the basis of one operating segment. We offer an array of cleanly-formulated and sustainably-designed products, including a portfolio of wipes and a personal care collection for everyone from babies to adults, as well as diapers. We use cleanly-formulated and safe ingredients designed for the whole family, including many naturally-derived ingredients that, most importantly, are effective. We also offer a portfolio of wipes, including all-purpose wipes, flushable wipes in both toddler and adult variations, sanitizing wipes, and make-up remover wipes. Our Clean Conscious\u00ae wipes are compostable and plant-based, made with over 99% water and designed to protect delicate skin. We have an extensive collection of personal care products for everyone fr Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the following risk factors, as well as the other information in this Form 10-K, including our consolidated financial statements and the related notes and \u201cManagement\u2019s Discussion and Analysis of Financi", "title": "HNST - Honest Company, Inc.", "url": "/company/HNST/" }, { "kind": "company", "summary": "SIC 6141 Personal Credit Institutions; CIK 0001519401; latest 10-K filed 2026-02-20.", "text": "RM - Regional Management Corp. SIC 6141 Personal Credit Institutions; CIK 0001519401; latest 10-K filed 2026-02-20. RM Regional Management Corp. 0001519401 6141 Personal Credit Institutions ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. An index to our management\u2019s discussion and analysis follows: [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Forward-Looking Statements\",\"47\"],[\"Overview\",\"47\"],[\"Outlook\",\"48\"],[\"Factors Affecting Our Results of Operations\",\"48\"],[\"Components of Results of Operations\",\"49\"],[\"Results of Operations\",\"51\"],[\"Comparison of December 31, 2025, versus December 31, 2024\",\"51\"],[\"Comparison of the Year Ended December 31, 2025, versus the Year Ended December 31, 2024\",\"51\"],[\"Comparison of the Year Ended December 31, 2024, versus the Year Ended December 31, 2023\",\"54\"],[\"Liquidity and Capital Resources\",\"54\"],[\"Critical Accounting Policies and Estimates\",\"56\"]] [[/GREPCENT_TABLE]] Forward-Looking Statements The following discussion and analysis should be read in conjunction with, and is qualified in its entirety by reference to, our audited consolidated financial statements and the related notes that appear in Part II, Item 8, \u201cFinancial Statements and Supplementary Data\u201d in this Annual Report on Form 10-K. These discussions contain forward-looking statements that reflect our current expectations and that include, but are not limited to, statements concerning our strategies, future operations, future financial position, future revenues, projected costs, expectations regarding demand and acceptance for our financial products, growth opportunities and trends in the market in which we operate, prospects, and plans and objectives of management. The words \u201canticipates,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cmay,\u201d \u201cplans,\u201d \u201cprojects,\u201d \u201cpredicts,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements involve risks and uncertainties that could cause actual results, events, and/or performance to differ materially from the plans, intentions, and expectations disclosed in the forward-looking statements. Such risks and uncertainties include, without limitation, the risks set forth in Part I, Item 1A, \u201cRisk Factors\u201d in this Annual Report on Form 10-K. The forward-looking information we have provided in this Annual Report on Form 10-K pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 should be evaluated in the context of these factors. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to update or revise such statements, except as required by the federal securities laws. Overview We are a diversified consumer finance company that provides installment loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies, and other lenders. As of December 31, 2025, we operate under the name \u201cRegional Finance\u201d online and in 353 branch locations in 19 states across the United States, serving 590,800 active accounts. Most of our loan products are secured, and each is structured on a fixed-rate, fixed-term basis with fully amortizing equal monthly installment payments, repayable at any time without penalty. We source our loans through our omni-channel platform, which includes our branches, centrally-managed direct mail campaigns, digital partners, and our consumer website. We operate an integrated branch model in which nearly all loans, regardless of origination channel, are serviced through our branch network with the support of centralized sales, underwriting, service, collections, and administrative teams. This model provides us with frequent contact with our customers, which we believe improves our credit performance and customer loyalty ITEM 1. BUSINESS. Overview We are a diversified consumer finance company that provides installment loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies, and other lenders. As of December 31, 2025, we operated under the name \u201cRegional Finance\u201d online and in branch locations in 19 states across the United States, serving 590,800 active accounts. Most of our loan products are secured, and each is structured on a fixed-rate, fixed-term basis with fully amortizing equal monthly installment payments, repayable at any time without penalty. We source our loans through our omni-channel platform, which includes our branches, centrally-managed direct mail campaigns, digital partners, and consumer website. We operate an integrated branch model in which nearly all loans, regardless of origination channel, are serviced through our branch network with the support of centralized sales, underwriting, service, collections, and administrative teams. This model provides us with frequent in-person contact with our customers, which we believe improves our credit performance and customer loyalty. Our goal is to consistently grow our finance receivables and to soundly manage our portfolio risk, while providing our customers with attractive and easy-to-understand loan products that serve their varied financial needs. Our core products are large and small installment loans. As a complement to our loan products, we offer our customers optional payment and collateral protection insurance. \u2022 Large Loans \u2013 We offer large installment loans with cash proceeds to customers ranging from $2,501 to $35,000, with terms between 18 and 60 months. Our large loans are typically secured by non-essential household goods and/or a vehicle. As of December 31, 2025, we had 289,300 large loans outstanding representing $1.6 billion in finance receivables, or an average of approximately $5,500 per loan. In 2025, 2024, and 2023, interest and fee i ITEM 1A. RISK FACTORS. We operate in a rapidly changing environment that involves a number of risks, some of which are beyond our control. The following discussion highlights some of the risks that may affect our future operating results. These are the risks and uncertainties that we believe are the most important fo", "title": "RM - Regional Management Corp.", "url": "/company/RM/" }, { "kind": "company", "summary": "SIC 6770 Blank Checks; CIK 0002001557; latest 10-K filed 2026-03-30.", "text": "INV - Innventure, Inc. SIC 6770 Blank Checks; CIK 0002001557; latest 10-K filed 2026-03-30. INV Innventure, Inc. 0002001557 6770 Blank Checks Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Unless the context otherwise requires, references in this section to \u201cwe\u201d, \u201cus\u201d and \u201cour\u201d refer to the business and operations of Innventure LLC and its consolidated subsidiaries prior to the Business Combination, which became the business of the Company and its subsidiaries following the consummation of the Business Combination. Unless otherwise indicated, all dollar amounts (\u201c$\u201d) are expressed in thousands. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our and our predecessor\u2019s, as applicable, consolidated financial statements and related notes and other information included elsewhere in this Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from such forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those identified below in this section and those discussed in the sections titled \u201cRisk Factors\u201d and \u201cCautionary Statement Regarding Forward\u2013Looking Statements\u201d included elsewhere in this Form 10-K. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future. Overview Innventure is an industrial growth conglomerate that founds, funds, and operates companies with a focus on commercializing transformative, sustainable technology solutions acquired or licensed from MNCs or other technology innovators with the intent to maximize values for investors and other stakeholders through positive cash flow generated through holding long term positions in our Innventure Companies. Refer to Item 1. \u201cBusiness\u201d of this Form 10-K for a detailed discussion of our business activities. Segments Based on the allocation of resources and assessment of financial performance by our Chief Executive Officer (who has been determined to be our Chief Operating Decision Maker), we have identified one reportable segment: Technology. The Company\u2019s remaining operations are not reportable segments and are classified as \u201cOther\u201d. \u201cOther\u201d primarily includes the Company\u2019s remaining operations consisting of Innventure\u2019s original platform business, service activities, Refinity and equity method investment activities. The Business Combination On October 24, 2023, Learn CW and Innventure LLC entered into a Business Combination Agreement with Holdco, LCW Merger Sub and Innventure Merger Sub. On September 30, 2024, the stockholders of Learn CW approved the Business Combination, and the Business Combination closed on the Closing Date. The Business Combination has been accounted for using the acquisition method of accounting. The Company determined the accounting acquirer to be Holdco. Accordingly, the Company recorded assets acquired, liabilities assumed and non-controlling interest at their acquisition date fair values and recognized goodwill. As a consequence of the Business Combination, Innventure, Inc. is the successor to an SEC-registered and Nasdaq listed company which will require Innventure to hire additional personnel and implement procedures and processes to address public company regulatory requirements and customary practices. Innventure expects to incur additional annual expenses as a public company for, among other things, directors\u2019 and officers\u2019 liability insurance, director fees and additional internal and external accounting and legal and administrative resources, including increased audit and legal fees. Innventure\u2019s future results of consolidated operations and financial position may not be comparable to historical results as a result of the Business Combination. 49 Financial Summary Highlights The year ended December 31, 2025 includes the following highlights: \u2022Innventure\u2019s Technology segment began generating revenue related to its co Item 1. Business. Overview Innventure is an industrial growth conglomerate that founds, funds, and operates companies with a focus on commercializing transformative, sustainable technology solutions acquired or licensed from multinational corporations (\u201cMNCs\u201d) or other technology innovators (collectively, \u201cTechnology Solutions Providers\u201d) with the intent to maximize value for investors and other stakeholders through positive cash flow generated through long-term ownership of our Innventure Companies (as defined below). These Technology Solutions Providers are typically MNCs but need not be MNCs. In connection with the founding of a new company, we look to establish a collaborative relationship with at least one MNC that (1) has expressed a need for, and an interest in using or distributing, the specific technology that we intend to commercialize and (2) we expect will become a channel partner capable of providing a path to market adoption, distribution and/or revenue for the new company. This collaborating MNC, which we refer to as a channel partner, may be the entity from which we source the technology or it may be an unrelated entity. As owner-operators, our goal is to take what we believe to be breakthrough technologies that have advanced beyond proof of concept from evaluation to scaled commercialization utilizing an approach designed to help mitigate risk as we build disruptive companies that we believe have the potential to achieve a target enterprise value of at least $1 billion. When we say \u201cdisruptive,\u201d we mean innovations that, in our opinion, have the ability to significantly change the way businesses, industries, markets, and/or consumers operate. We have launched four such companies since inception: PureCycle Technologies, Inc. (\u201cPureCycle\u201d or \u201cPCT\u201d), AeroFlexx, LLC (\u201cAeroFlexx\u201d or \u201cAFX\u201d), Accelsius Holdings LLC (\u201cAccelsius\u201d or \u201cACC\u201d) and Refinity Olefins, LLC (\u201cRefinity\u201d). PureCycle, which converts polypropylene plastic waste into like-new plastic, w Item 1A. Risk Factors. You should carefully consider the following risk factors, together with all of the other information included in this Form 10-K. The market price of the Company\u2019s common stock, par value $0.0001 per share (\u201cCommon Stock\u201d) could decline due to any of these risks, in which case you could lose all or part of your investment. In assessing these risks, ", "title": "INV - Innventure, Inc.", "url": "/company/INV/" }, { "kind": "company", "summary": "SIC 8090 Services-Misc Health & Allied Services, NEC; CIK 0001729149; latest 10-K filed 2026-03-04.", "text": "VMD - VIEMED HEALTHCARE, INC. SIC 8090 Services-Misc Health & Allied Services, NEC; CIK 0001729149; latest 10-K filed 2026-03-04. VMD VIEMED HEALTHCARE, INC. 0001729149 8090 Services-Misc Health & Allied Services, NEC Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the accompanying notes included elsewhere in this report. The forward-looking statements include statements that reflect management\u2019s beliefs, plans, objectives, goals, expectations, anticipations and intentions with respect to our future development plans, capital resources and requirements, results of operations, and future business performance. Our actual results could differ materially from those anticipated in the forward-looking statements included in this discussion as a result of certain factors, including, but not limited to, those discussed in the section entitled \u201cSpecial Note Regarding Forward-Looking Statements\u201d immediately preceding Part I of this report. Discussion in this Form 10-K includes results of operations and financial condition for 2025 and 2024 and year-over-year comparisons between 2025 and 2024. For discussion on results of operations and financial condition pertaining to 2023 and year-over-year comparisons between 2024 and 2023, please refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. General Matters In this Annual Report on Form 10-K, unless the context otherwise requires, the terms \"Company,\" \"we,\" \"us\" and \"our\" refer to Viemed Healthcare, Inc. and subsidiaries in which it has a controlling financial interest. We were incorporated on December 14, 2016 pursuant to the Business Corporations Act (British Columbia). As of June 30, 2020, we determined that we no longer qualify as a \"foreign private issuer,\" as defined in Rule 3b-4 of the Exchange Act, for the purposes of the informational requirements of the Exchange Act. As a result, effective January 1, 2021, we became subject to the proxy solicitation rules under Section 14 of the Exchange Act and Regulation FD, and our officers, directors, and principal shareholders became subject to the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. We will continue to file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K with the SEC and with the relevant Canadian securities regulatory authorities on the System for Electronic Document Analysis and Retrieval (SEDAR+). Overview We provide an array of home medical equipment, services and supplies, specializing in post-acute respiratory care services in the United States. Viemed\u2019s primary objective is to drive growth by increasing the number of patients served and the level of care provided through its technology-enabled, home-based clinical care and chronic disease management model. Viemed's care programs are designed specifically to treat patients in the home for less total cost and with a superior quality of care. Viemed's services include respiratory disease management (through the rental of various HME devices), neuromuscular care, in-home sleep testing and sleep apnea treatment, oxygen therapy, the sale of associated supplies, women\u2019s health products and services, and healthcare staffing services. We derive a significant portion of our revenue through the rental of non-invasive and invasive ventilators which represented 50.6% and 55.6% of our revenue for the years ended December 31, 2025 and 2024, respectively. We combine the benefits of home ventilation support with licensed RTs to drive improved patient outcomes and reduce costly hospital readmissions. We expect to grow through expansion of existing service areas as well as in new territories through a cost efficient launch that reduces location expenses. We currently serve patients in all 50 states. Viemed expects to expand its workforce of licensed clinical practitioners, in Item 1. Business Company Overview Viemed Healthcare, Inc. (the \"Company\" or \"Viemed\"), through its subsidiaries, is a provider of home medical equipment (\"HME\") and post-acute healthcare services in the United States, with a focus on respiratory, chronic care, and women\u2019s health products and services. The Company\u2019s primary service offerings are focused on effective in-home treatment with clinical practitioners providing therapy and counseling to patients in their homes using cutting edge technology. Viemed\u2019s primary objective is to drive growth by increasing the number of patients served and the level of care provided through its technology-enabled, home-based clinical care and chronic disease management model. Viemed's care programs are designed specifically to treat patients in the home for less total cost and with a superior quality of care. Viemed's services include respiratory disease management (through the rental of various HME devices), neuromuscular care, in-home sleep testing and sleep apnea treatment, oxygen therapy, the sale of associated supplies, women\u2019s health products and services, and healthcare staffing services. Viemed seeks to grow through expansion of existing service areas as well as in new territories through a cost efficient launch that reduces location expenses. The Company currently serves patients in all 50 states of the United States. Viemed anticipates expanding its workforce of licensed clinical practitioners, including respiratory therapists (\"RTs\") to support the Company's growth and ensure the high service model is maintained in the home. As of December 31, 2025, the Company employed 401 licensed RTs, representing approximately 29% of the Company-wide employee count. Beyond fulfilling its internal staffing needs, Viemed also provides healthcare staffing and recruitment services, offering tailored workforce solutions to external healthcare institutions and partners seeking qualified clinical professionals. By focusing overhead co Item 1A. Risk Factors Risks Related to Our Industry and Business We compete against companies that have longer operating histories and greater resources, which may result in reduced profit margins and loss of market share. The respiratory care industry is highly competitive and dynamic and may", "title": "VMD - VIEMED HEALTHCARE, INC.", "url": "/company/VMD/" }, { "kind": "company", "summary": "SIC 7363 Services-Help Supply Services; CIK 0000055135; latest 10-K filed 2026-02-12.", "text": "KELYA - KELLY SERVICES INC SIC 7363 Services-Help Supply Services; CIK 0000055135; latest 10-K filed 2026-02-12. KELYA KELLY SERVICES INC 0000055135 7363 Services-Help Supply Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Executive Overview In 2025, Kelly continued to advance its multi-year transformation, building on the decisive actions taken in 2023 and 2024 to streamline the portfolio, sharpen strategic focus, and expand into higher-margin, higher-growth specialties. We remained focused on capturing a greater share of growth, converting a higher proportion of revenue into bottom-line performance, and positioning Kelly to benefit from an eventual recovery in the staffing environment. Kelly entered 2025 with a simplified operating model concentrated on North American staffing, business process outsourcing (\u201cBPO\u201d) and specialty solutions and global Managed Service Provider (\u201cMSP\u201d) and recruitment process outsourcing (\u201cRPO\u201d) offerings, following the 2024 sale of its European staffing operations and the Ayers Group and acquisition of Motion Recruitment Partners (\u201cMRP\u201d) and Children\u2019s Therapy Center (\u201cCTC\u201d). These portfolio actions reflected a deliberate shift toward businesses with more attractive growth profiles, scalable platforms, and improved EBITDA margin potential. We continued to execute our refreshed go-to-market strategy, designed to deliver the full suite of Kelly solutions to large enterprise customers and capture a greater share of wallet while maintaining high service levels for customers of all sizes. This strategy was supported by ongoing commitment to delivering greater effectiveness and data-driven sales processes and initiatives. Critical to positioning Kelly for future growth was the hiring of Chris Layden as President and Chief Executive Officer in September 2025. Layden succeeded Peter Quigley, who announced his intention to retire in February 2025. Layden brings dynamic industry leadership and extensive experience leading organizations through periods of significant change, while delivering growth and strengthening competitive positioning. Layden\u2019s hiring underscores Kelly\u2019s commitment to enhancing its operational capabilities and service delivery while transforming its technology processes and platforms. During 2025, Kelly faced a dynamic macroeconomic environment characterized by sluggish labor market demand and policy shifts which had significant impacts on the industry, including Kelly. In the face of these headwinds, Kelly demonstrated measurable progress in cost discipline and selective market strength. At the same time, we accelerated structural and demand-driven cost optimization initiatives, including technology modernization, acquisition integration and process efficiencies to enhance execution and agility while positioning Kelly to capture market share and improve profitability when staffing market conditions stabilize. Structural cost actions, operating model simplification, acquisition integration and portfolio reshaping are expected to support continued improvement in Kelly\u2019s growth prospects and financial profile as we move through 2026 and beyond. Financial Measures Reported percentage changes are computed based on millions. Prior year percent changes were computed based on actual amounts in thousands. Prior year percent changes have been recast to conform to the new presentation which is calculated based on millions. All dollar amounts are presented in millions except for per share data. Days sales outstanding (\u201cDSO\u201d) represents the number of days that sales remain unpaid for the period being reported. DSO is calculated by dividing average net sales per day (based on a rolling three-month period) into trade accounts receivable, net of allowances at the period end. Although secondary supplier revenues are recorded on a net basis (net of secondary supplier expense), secondary supplier revenue is included in the daily sales calculation in order to properly reflect the gross revenue amounts billed to the customer. NM (not meaningful) in the following tables is used in place of percentage changes where: the ITEM 1. BUSINESS. History and Development of Business William Russell Kelly pioneered the staffing industry when he founded Kelly\u00ae in 1946 and we\u2019ve been reinventing it ever since. Our inception helped usher in and embolden a workforce of women who kept the economy moving forward during World War II, opening doors and creating completely new opportunities. Over the next 79 years, as work evolved, Kelly continued to equip people with the skills to master new technologies as they emerged and the opportunity to put them to work in ways that enriched their lives. As the world of work has evolved, so have our offerings to reflect the changing needs of employers and talent. In 1996, Kelly established the industry\u2019s first Managed Service Provider (\u201cMSP\u201d) program. Three years later, the Company launched specialized offerings in engineering, information technology and education. After successfully establishing industry-leading positions in each of these attractive markets, Kelly initiated a strategic plan to drive greater value creation by refocusing its portfolio on specialties. In 2020, Kelly launched a new operating model comprising five specialty business units: Kelly Professional & Industrial (\u201cP&I\u201d); Kelly Science, Engineering & Technology (\u201cSET\u201d); Kelly Education; KellyOCG (\u201cOutsourcing & Consulting\u201d or \u201cOCG\u201d); and Kelly International. To enhance specialization in higher margin, higher growth specialties, Kelly also pursued an aggressive approach to driving inorganic growth in SET, Education and OCG. By monetizing non-core assets (Persol Holdings Co., Ltd. in 2022 and EMEA staffing operations in 2024, among other transactions) and redeploying available capital, Kelly completed several strategic acquisitions over the years, including Teachers On Call; Global Technology Associates (\u201cGTA\u201d); NextGen; Greenwood/Asher & Associates; Softworld; RocketPower; Pediatric Therapeutic Services (\u201cPTS\u201d); Motion Recruitment Partners (\u201cMRP\u201d); and Children\u2019s Therapy Center (\u201cCTC\u201d). ITEM 1A. RISK FACTORS. Risks Related to Macroeconomic Conditions Our business is significantly affected by fluctuations in general economic conditions. Historically, the general level of economic activity and employment in the United States and the other countries in which we operate has significantly affected the demand for staf", "title": "KELYA - KELLY SERVICES INC", "url": "/company/KELYA/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000810958; latest 10-K filed 2026-03-06.", "text": "CZNC - CITIZENS & NORTHERN CORP SIC 6022 State Commercial Banks; CIK 0000810958; latest 10-K filed 2026-03-06. CZNC CITIZENS & NORTHERN CORP 0000810958 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Certain statements in this section and elsewhere in this Annual Report on Form 10-K are forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Such forward-looking statements may include financial and other projections as well as statements regarding the Corporation that may include future plans, objectives, performance, revenues, growth, profits, operating expenses or the Corporation\u2019s underlying assumptions. Citizens & Northern Corporation and its wholly-owned subsidiaries (collectively, the \u201cCorporation\u201d) intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Reform Act of 1995. Forward-looking statements are not historical facts, are based on certain assumptions and describe future plans, business objectives and expectations, and are generally identifiable by the use of words such as, \u201cmay\u201d, \u201cwould\u201d, \u201cwill\u201d, \"should\", \u201clikely\u201d, \u201cpossibly\u201d, \"expect\", \"anticipate\", \u201cintend\u201d, \u201cpro forma\u201d, \u201cestimate\u201d, \u201ctarget\u201d, \u201cpotentially\u201d, \u201cprobably\u201d, \u201coutlook\u201d, \u201cpredict\u201d, \u201ccontemplate\u201d, \u201ccontinue\u201d, \u201cstrategic\u201d, \u201cobjective\u201d, \u201cplan\u201d, \u201cforecast\u201d, \u201cproject\u201d, \u201cbelieve\u201d and \u201cgoal\u201d or other similar words, phrases or concepts. Persons reading this document are cautioned that such statements are only predictions, and that the Corporation\u2019s actual future results or performance may be materially different. A number of factors could cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments expressed, implied or anticipated by such forward-looking statements. In addition to factors previously disclosed in the reports filed by the Corporation with the SEC, including the Risk Factors section of this Form 10-K, and those identified elsewhere in this document, the following factors, among others, could cause actual results to differ materially from forward looking statements: [[GREPCENT_TABLE]] [[\"\\u25cf\",\"changes in monetary and fiscal policies of the Federal Reserve Board and the U.S. Government, particularly related to changes in interest rates\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\\u25cf\",\"changes in general economic conditions\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\\u25cf\",\"the potential for adverse developments in the banking industry that could have a negative impact on customer confidence\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\\u25cf\",\"the possibility that the Corporation\\u2019s credit standards and its on-going credit assessment processes might not protect it from significant credit losses\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\\u25cf\",\"difficulties in integrating the operations of the former Susquehanna. (acquired by the Corporation October 1, 2025)\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\\u25cf\",\"legislative or regulatory changes\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\\u25cf\",\"downturn in demand for loan, deposit and other financial services in the Corporation\\u2019s market area\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\\u25cf\",\"increased competition from other banks and non-bank providers of financial services\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\\u25cf\",\"technological changes and increased technology-related costs\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\\u25cf\",\"information security breaches or other technology difficulties or failures\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\\u25cf\",\"changes in, or the application of, generally accepted accounting principles with respect to the presentation of the Corporation\\u2019s financial statements\"]] [[/GREPCENT_TABLE]] 14 Table of Contents [[GREPCENT_TABLE]] [[\"\\u25cf\",\"fraud and cyber malfunction risks as usage of artificial intelligence continues to expand\"]] [[/GREPCENT_TABLE]] ITEM 1. BUSINESS Citizens & Northern Corporation (\u201cCorporation\u201d) is a bank holding company whose principal activity is community banking. The Corporation\u2019s principal office is located in Wellsboro, Pennsylvania. The largest subsidiary is Citizens & Northern Bank (\u201cC&N Bank\u201d or the \u201cBank\u201d). The Corporation\u2019s other wholly-owned subsidiaries are Citizens & Northern Investment Corporation and Bucktail Life Insurance Company (\u201cBucktail\u201d). Citizens & Northern Investment Corporation was formed in 1999 to engage in investment activities. Bucktail reinsures credit and mortgage life and accident and health insurance on behalf of C&N Bank. C&N Bank is a Pennsylvania banking institution that was formed by the consolidation of Northern National Bank of Wellsboro and Citizens National Bank of Towanda in 1971. C&N Bank has operated under its current name since May 6, 1975, at which time C&N Bank changed its charter from a national bank to a Pennsylvania bank. The Bank has expanded its presence over the past several decades through a series of mergers as well as by opening new branch and lending offices and providing access to banking services via the internet and through ATMs. At December 31, 2025, the Bank had 35 branch offices, including 28 in the Northern tier/Northcentral region of Pennsylvania, 1 in the Southern tier of New York State, 4 in Southeastern Pennsylvania (3 in Bucks County and 1 in Chester County) and 2 in Southcentral Pennsylvania (York and Lancaster). In addition to its branch locations, the Bank has a lending office in Elmira, New York. On October 1, 2025, the Corporation completed its previously announced merger with Susquehanna Community Financial, Inc. (\u201cSusquehanna\u201d). Susquehanna was the parent company of Susquehanna Community Bank, with seven banking offices located in Lycoming, Northumberland, Snyder and Union counties in Pennsylvania. Pursuant to the Agreement and Plan of Merger dated April 23, 2025 between the Corporation and Susquehanna, Susquehanna ITEM 1A. RISK FACTORS The Corporation is subject to the many risks and uncertainties applicable to all banking companies, as well as risks specific to the Corporation\u2019s geographic locations. Although the Corporation seeks to effectively manage risks, and maintains a level of equity that exceeds the banking regulatory agencies\u2019 threshol", "title": "CZNC - CITIZENS & NORTHERN CORP", "url": "/company/CZNC/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001177648; latest 10-K filed 2025-11-19.", "text": "ENTA - ENANTA PHARMACEUTICALS INC SIC 2834 Pharmaceutical Preparations; CIK 0001177648; latest 10-K filed 2025-11-19. ENTA ENANTA PHARMACEUTICALS INC 0001177648 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of financial condition and results of operations together with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion and other parts of this Annual Report on Form 10-K contain forward-looking statements that involve risks and uncertainties, such as statements regarding our plans, objectives, expectations, intentions, and projections. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K. Overview We are a biotechnology company that uses our robust, chemistry-driven approach and drug discovery capabilities to discover and develop small molecule drugs for virology and immunology indications. Virology We discovered glecaprevir, the second of two antiviral protease inhibitors developed through our collaboration with AbbVie for the treatment of acute or chronic infection with hepatitis C virus, or HCV. Glecaprevir is co-formulated as part of AbbVie\u2019s leading brand of direct-acting antiviral, or DAA, combination treatment for HCV, which has been marketed under the tradenames MAVYRET\u00ae (U.S.) and MAVIRET\u00ae (ex-U.S.) (glecaprevir/pibrentasvir) since 2017 for the treatment of chronic HCV. MAVYRET\u00ae was also approved as the first and only treatment for acute HCV infection in June 2025. Our active development programs in virology are focused on respiratory syncytial virus, or RSV, the most common cause of bronchiolitis and pneumonia and a leading cause of U.S. hospitalization in young children and a significant cause of respiratory illness in older adults. Populations at high risk for severe RSV infection include infants and young children, adults older than 65 years of age, and those with comorbidities such as chronic heart or lung disease. Recent CDC estimates suggest a significant RSV burden in the U.S., with up to 6.5 million outpatient visits, 350,000 hospitalizations and 23,000 deaths annually. We also have clinical stage programs in virology for SARS-CoV-2, the virus that causes COVID-19, and Hepatitis B virus, or HBV, the most prevalent chronic hepatitis. Immunology In immunology, we are designing and developing highly potent and selective oral small molecule inhibitors for the treatment of type 2 inflammatory disease by targeting key mechanisms of the immune response. An overactive response is a primary driver of a number of inflammatory diseases. Our initial immunology targets involve the following mechanisms of immune response: \u2022 The receptor tyrosine kinase, known as KIT, which is critical for regulating mast cell survival and activation, including release of potent inflammatory mediators such as histamine, which is a primary driver of inflammation in the skin and implicated in multiple allergic diseases; and \u2022 STAT6, a transcription factor uniquely responsible for interleukin-4, or (IL-4)/interleukin-13, or (IL-13) cell signaling, which drives a type 2 dominant phenotype and downstream inflammation. These mechanisms are implicated, along with others, in several diseases, and it is not uncommon for an efficacious treatment for one disease to be tested and approved for other immunology indications. We currently plan to focus our initial immunology drug development proof-of-concept efforts on the following disease indications: \u2022 Chronic spontaneous urticaria, or CSU, a severely debilitating, chronic inflammatory skin disease manifested by hives, angioedema, which is swelling of soft tissues, or both, but with no identified triggers, which has an estimated global prevalence of between 0.5% \u2013 1% of the population, resulting in approximately 1.75 - 3.5 million people with this condition ITEM 1. BUSINESS BUSINESS Overview We are a biotechnology company that uses our robust, chemistry-driven approach and drug discovery capabilities to discover and develop small molecule drugs for virology and immunology indications. Virology: We discovered glecaprevir, the second of two antiviral protease inhibitors developed through our collaboration with AbbVie for the treatment of acute or chronic infection with hepatitis C virus, or HCV. Glecaprevir is co-formulated as part of AbbVie\u2019s leading brand of direct-acting antiviral, or DAA, combination treatment for HCV, which has been marketed under the tradenames MAVYRET\u00ae (U.S.) and MAVIRET\u00ae (ex-U.S.) (glecaprevir/pibrentasvir) since 2017 for the treatment of chronic HCV. MAVYRET\u00ae was also approved as the first and only treatment for acute HCV infection in June 2025. Our active development programs in virology are focused on respiratory syncytial virus, or RSV, the most common cause of bronchiolitis and pneumonia and a leading cause of U.S. hospitalization in young children and a significant cause of respiratory illness in older adults. Populations at high risk for severe RSV infection include infants and young children, adults older than 65 years of age, and those with comorbidities such as chronic heart or lung disease. Recent CDC estimates suggest a significant RSV burden in the U.S., with up to 6.5 million outpatient visits, 350,000 hospitalizations and 23,000 deaths annually. We also have clinical-stage programs in virology for SARS-CoV-2, the virus that causes COVID-19, and Hepatitis B virus, or HBV, the most prevalent chronic hepatitis. Immunology In immunology, we are designing and developing highly potent and selective, oral small molecule inhibitors for the treatment of type 2 inflammatory disease by targeting key mechanisms of the immune response. An overactive response is a primary driver of a number of inflammatory diseases for which there is an enduring unmet need including atopic dermatitis, o ITEM 1A. RISK FACTORS RISK FACTORS Our business faces significant risks and uncertainties. Certain factors may have a material adverse effect on our business prospects, financial condition and results of operations, and you should carefully consider them. Accordingly, in evaluating our business, we encourage you to consider th", "title": "ENTA - ENANTA PHARMACEUTICALS INC", "url": "/company/ENTA/" }, { "kind": "company", "summary": "SIC 7812 Services-Motion Picture & Video Tape Production; CIK 0000929351; latest 10-K filed 2025-06-26.", "text": "STRZ - STARZ ENTERTAINMENT CORP /CN/ SIC 7812 Services-Motion Picture & Video Tape Production; CIK 0000929351; latest 10-K filed 2025-06-26. STRZ STARZ ENTERTAINMENT CORP /CN/ 0000929351 7812 Services-Motion Picture & Video Tape Production ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Overview Prior to the Separation, as further discussed below, the Starz Business substantially consisted of Old Lionsgate\u2019s Media Networks segment consisting of (i) Starz Networks, which includes the domestic distribution of STARZ branded premium subscription video services through over-the-top (\u201cOTT\u201d) streaming platforms and distributors, on a direct to- consumer basis through the Starz App and through wholesale U.S. and Canada OTT and multichannel video programming distributors (\u201cMVPDs\u201d), including cable operators, satellite television providers and telecommunications companies (in the aggregate the \u201cStarz Platform\u201d), and (ii) International, which consists of the OTT distribution of subscription video services outside the U.S. and Canada. Furthermore, as described in the Company's May 12, 2025 Form 8-K filing, on May 8, 2025, the Company\u2019s Board of Directors approved a change in the Company's fiscal year end from March 31 to December 31. The date of the Company's 32 Table of Contents next fiscal year end will be December 31, 2025. As a result of the change, the Company will file a Transition Report on Form 10-K for the nine-month transition period from April 1, 2025 to December 31, 2025. Separation On May 6, 2025, Old Lionsgate, through a series of transactions contemplated by Arrangement Agreement completed the separation of the LG Studios Business from the Starz Business (the \u201cSeparation\u201d). As a result of the Arrangement Agreement, the pre-transaction shareholders of Old Lionsgate own shares in two separately traded public companies: (1) Old Lionsgate, which was renamed \u201cStarz Entertainment Corp.\u201d and holds, directly and through subsidiaries, the Starz Business previously held by Old Lionsgate, and (2) New Lionsgate, which was renamed \u201cLionsgate Studios Corp.\u201d and holds, directly and through subsidiaries, the LG Studios Business previously held by Old Lionsgate, and is owned by Old Lionsgate shareholders and Legacy Lionsgate Studios shareholders. (See Note 18, Subsequent Events, to our audited combined financial statements for further details). Notwithstanding the legal form of the Separation, for accounting and financial reporting purposes, in accordance with U.S. GAAP, due to the relative significance of the Studios Business as compared to the Starz Business and the continued involvement of Old Lionsgate\u2019s senior management with New Lionsgate following the completion of the Starz Separation, New Lionsgate (which holds the LG Studios Business) is considered the accounting spinnor or divesting entity and Starz (which holds the Starz Business) is considered the accounting spinnee or divested entity. As a result, Old Lionsgate will be the accounting predecessor to New Lionsgate and the Starz Business' historical financial information has been prepared on a carve-out basis and are derived from Old Lionsgate\u2019s consolidated financial statements and accounting records. These combined financial statements reflect the Company's combined historical financial position, results of operations and cash flows as they were historically managed. See also \"Management's Discussion and Analysis of Financial Condition and Results of Operations \u2013 Liquidity and Capital Resources\u201d for discussion of Separation related financing transactions. Restructuring In the fiscal year ended March 31, 2023, Old Lionsgate began a plan to restructure its international LIONSGATE+ business, which included the OTT distribution of the LIONSGATE+ branded premium subscription video services outside the U.S. and Canada. During the fiscal years ended March 31, 2025 and 2024, Old Lionsgate continued executing the restructuring plan, which included exiting all international territories of the Starz Business, with the exceptions of Canada (included in the Starz Networks segment) and India (included in the International segment), which was completed in May 2024. The ITEM 1. BUSINESS. Separation Prior to the Separation, as defined and further discussed below, Starz Entertainment Corp. (the \u201cStarz Business\u201d) substantially consisted of Lions Gate Entertainment Corp's (\u201cOld Lionsgate\u201d or \u201cParent\u201d) Media Networks segment consisting of (i) Starz Networks, which includes the domestic distribution of STARZ branded premium subscription video services through over-the-top (\u201cOTT\u201d) streaming platforms and distributors, on a direct-to-consumer basis through the Starz App and through wholesale U.S. and Canada OTT and multichannel video programming distributors (\u201cMVPDs\u201d), including cable operators, satellite television providers and telecommunications companies (in the aggregate the \u201cStarz Platform\u201d), and (ii) International, which at that time primarily consisted of the OTT distribution of subscription video services outside the U.S. and Canada. On May 6, 2025, Old Lionsgate, through a series of transactions contemplated by the arrangement agreement, dated as of January 29, 2025, as amended by an agreement, dated as of March 12, 2025 (as amended, the \"Arrangement Agreement\") completed the separation of the businesses (the \u201cLG Studios Business\u201d) of Lionsgate Studios Corp. (\"Legacy Lionsgate Studios\"), from the Starz Business (the \u201cSeparation\u201d). As a result of the Arrangement Agreement, the pre-transaction shareholders of Old Lionsgate own shares in two separately traded public companies: (1) Old Lionsgate, which was renamed \u201cStarz Entertainment Corp.\u201d and holds, directly and through subsidiaries, the Starz Business previously held by Old Lionsgate, and (2) Lionsgate Studios Holding Corp. (\u201cNew Lionsgate\u201d), which was renamed \u201cLionsgate Studios Corp.\u201d and holds, directly and through subsidiaries, the LG Studios Business previously held by Old Lionsgate, and is owned by Old Lionsgate shareholders and Legacy Lionsgate Studios shareholders. Notwithstanding the legal form of the Separation, for accounting and financial reporting purposes, in acc ITEM 1A. RISK FACTORS. You should carefully consider the following risks as well as other information included in, or incorporated by reference into this Form 10-K. The risk and uncertainties described below are not the only ones facing the Company; additional risks and unce", "title": "STRZ - STARZ ENTERTAINMENT CORP /CN/", "url": "/company/STRZ/" }, { "kind": "company", "summary": "SIC 8742 Services-Management Consulting Services; CIK 0001644378; latest 10-K filed 2025-11-12.", "text": "RMR - RMR GROUP INC. SIC 8742 Services-Management Consulting Services; CIK 0001644378; latest 10-K filed 2025-11-12. RMR RMR GROUP INC. 0001644378 8742 Services-Management Consulting Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following information should be read in conjunction with our consolidated financial statements and accompanying notes included in Part IV, Item 15 of this Annual Report on Form 10-K. OVERVIEW (dollars in thousands) RMR Inc. is a holding company and substantially all of its business is conducted by RMR LLC. RMR Inc. has no employees, and the personnel and various services it requires to operate are provided by RMR LLC. RMR LLC manages a diverse portfolio of real estate and real estate related businesses. Business Environment and Outlook The continuation and growth of our business depends upon our ability to manage the Managed Equity REITs, SEVN and our private capital clients so as to maintain, grow and increase the value of their businesses and to successfully expand our business through the execution of new business ventures and additional investments. Our business and the businesses of our clients generally follow the business cycle of the U.S. real estate industry, but with certain property type and regional geographic variations. Typically, as the general U.S. economy expands, commercial real estate, or CRE, occupancies increase and new real estate development occurs; new development frequently leads to increased real estate supply and reduced occupancies; and then the cycle repeats. These general trends can be impacted by property type characteristics or regional factors; for example, demographic factors such as the aging U.S. population, the growth of e-commerce retail sales or net population migration across different geographic regions can slow, accelerate, overwhelm or otherwise impact general cyclical trends. Because of such multiple factors, we believe it is often possible to grow real estate based businesses in selected property types or geographic areas despite general national trends. U.S. trade and fiscal policy, coupled with ongoing geopolitical tensions, has caused uncertainty in financial markets. As a result, we believe many CRE investors continue to remain on the sidelines, waiting until they have greater clarity on the outcomes of negotiations with U.S. trade partners, new tariff announcements, domestic fiscal policy initiatives and the path of interest rates to make buy and sell decisions. Despite the macroeconomic uncertainty, both we and our clients will continue to balance our pursuit of growth of our and our clients\u2019 businesses by executing, on behalf of our clients, sensible capital recycling or business arrangement restructurings in an attempt to help our clients prudently manage leverage and increased operating costs. We also look to reposition their portfolios and businesses when circumstances warrant such changes or when other more desirable opportunities are identified. For a discussion of some of the circumstances that may adversely affect us and our business, see elsewhere in this Annual Report on Form 10-K, including \u201cWarning Concerning Forward-Looking Statements\u201d, Part I, Item 1 \u201cBusiness\u201d and Part I, Item 1A \u201cRisk Factors\u201d. Managed Equity REITs The base business management fees we earn from the Managed Equity REITs are calculated monthly in accordance with the applicable business management agreement and are based on a percentage of the lower of (i) the average historical cost of each REIT\u2019s properties and (ii) each REIT\u2019s average market capitalization. The property management fees we earn from the Managed Equity REITs are principally based on a percentage of the gross rents collected at certain managed properties owned by the Managed Equity REITs, excluding rents or other revenues from hotels, senior living communities, travel centers and wellness centers, which are separately managed by Sonesta, AlerisLife or a third party. Also, under the terms of the property management agreements, we receive construction supervision fees in connection with certain construction activities undertak Item 1. Business Our Company The RMR Group Inc., or RMR Inc., is a holding company and substantially all of its business is conducted by its majority owned subsidiary, The RMR Group LLC, or RMR LLC. RMR Inc. is a Maryland corporation and RMR LLC is a Maryland limited liability company. RMR Inc. serves as the sole managing member of RMR LLC and, in that capacity, operates and controls the business and affairs of RMR LLC. In this Annual Report on Form 10-K, unless otherwise indicated, \u201cwe\u201d, \u201cus\u201d and \u201cour\u201d refers to RMR Inc. and its direct and indirect subsidiaries, including RMR LLC. As of September 30, 2025, RMR Inc. owned 16,063,495 class A membership units of RMR LLC, or Class A Units, and 1,000,000 class B membership units of RMR LLC, or Class B Units. The aggregate RMR LLC membership units RMR Inc. owns represent approximately 53.2% of the economic interest of RMR LLC. A wholly owned subsidiary of ABP Trust owns 15,000,000 redeemable Class A Units, representing approximately 46.8% of the economic interest of RMR LLC. Adam Portnoy, the Chair of our Board, one of our Managing Directors and our President and Chief Executive Officer, is the sole trustee, an officer and the controlling shareholder of our controlling shareholder, ABP Trust, and owns all of ABP Trust\u2019s voting securities and a majority of the economic interest of ABP Trust. As of September 30, 2025, Adam Portnoy beneficially owned (including through ABP Trust), in aggregate, (i) 245,361 shares of Class A common stock of RMR Inc., or Class A Common Shares; (ii) all the outstanding shares of Class B-1 common stock of RMR Inc., or Class B-1 Common Shares; and (iii) all the outstanding shares of Class B-2 common stock of RMR Inc., or Class B-2 Common Shares. Since its founding in 1986, RMR LLC has substantially grown assets under management and the number of real estate businesses it manages. As of September 30, 2025, we had $39.0 billion of assets under management. We provide management services to fo Item 1A. Risk Factors Summary of Risk Factors Our business is subject to a number of risks and uncertainties. The following is a summary of the principal risk factors described in this section: \u2022unfavorable market and industry conditions have had and may continue to have a material adverse effect on our and our clients\u2019 ", "title": "RMR - RMR GROUP INC.", "url": "/company/RMR/" }, { "kind": "company", "summary": "SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001847398; latest 10-K filed 2026-03-13.", "text": "NECB - NorthEast Community Bancorp, Inc./MD/ SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001847398; latest 10-K filed 2026-03-13. NECB NorthEast Community Bancorp, Inc./MD/ 0001847398 6036 Savings Institutions, Not Federally Chartered ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This discussion and analysis reflects our consolidated financial statements and other relevant statistical data, and is intended to enhance your understanding of our financial condition and results of operations. The information in this section has been derived from the audited consolidated financial statements of the Company that appear beginning on page F-1 of this report. Executive Summary Our results of operations depend primarily on our net interest income. Net interest income is the difference between the interest income we earn on our interest-earning assets, consisting primarily of loans, investment securities, mortgage-backed securities and other interest-earning assets (primarily cash and cash equivalents), and the interest we pay on our interest-bearing liabilities, consisting of money market accounts, statement savings accounts, individual retirement accounts and certificates of deposit. Our results of operations also are affected by our provisions for credit losses, non-interest income and non-interest expense. Non-interest income currently consists primarily of loan fees, service charges, and earnings on bank owned life insurance. Non-interest expense currently consists primarily of salaries and employee benefits, deposit insurance premiums, directors\u2019 fees, occupancy and equipment, data processing and professional fees. Our results of operations also may be affected significantly by general and local economic and competitive conditions, changes in market interest rates, governmental policies and actions of regulatory authorities. Business Strategy Growing our assets with a continued focus on the origination of construction loans. At December 31, 2025, $1.3 billion, or 71.8%, of our total loan portfolio, net of loans in process, consisted of construction loans primarily located in high demand and high absorption areas in the New York Metropolitan Area. There continues to be a significant need for construction financing within the high absorption, homogeneous 31 Table of Contents communities served by the Bank and we intend to continue to support the growth of these communities through the financing of condominium and apartment construction loans within the communities. Maintaining strong asset quality and managing credit risk. Strong asset quality is a key to the long-term financial success of any financial institution. We have been successful in maintaining strong asset quality in recent years. Our ratio of non-performing assets to total assets was 0.00%, 0.25%, and 0.33%, at December 31, 2025, 2024 and 2023, respectively. We attribute this credit quality to a conservative credit culture and an effective credit risk management environment. We have an experienced team of credit professionals, well-defined and implemented credit policies and procedures, what we believe to be conservative loan underwriting criteria, and active credit monitoring policies and procedures. Our senior management team also spends substantial time conducting construction site visits and visiting regularly with community leaders and borrowers in our high absorption communities, which enables us to understand the needs of our communities and to stay informed as to matters affecting those communities. Continuing to grow our non-interest bearing deposit accounts through the maintenance of low customer fees and charges. We believe that as a community bank we should maintain the fees and charges we charge our customers as low as possible. By doing so, we have been able to attract and retain supermarkets and other businesses as customers of the Bank and at the same time increase the amount of our non-interest bearing business accounts. Expanding our franchise through de novo branching or branch acquisitions. As the communities we serve continue to grow and expand into new areas, we believe there will be branch expansion opportunities withi ITEM 1.BUSINESS General Northeast Community Bancorp, Inc. (the \u201cCompany\u201d) is a Maryland corporation that was incorporated in May 2021 to be the successor to NorthEast Community Bancorp, Inc., a federally chartered corporation (the \u201cMid-Tier Holding Company\u201d), upon completion of the second-step conversion of NorthEast Community Bank (the \u201cBank\u201d) from the two-tier mutual holding company structure to the stock holding company structure. NorthEast Community Bancorp, MHC was the former mutual holding company for the Mid-Tier Holding Company prior to the completion of the second-step conversion. In conjunction with the second-step conversion, each of NorthEast Community Bancorp, MHC and the Mid-Tier Holding Company merged out of existence and now cease to exist. The second-step conversion was completed on July 12, 2021, at which time the Company sold, for gross proceeds of $97.8 million, a total of 9,784,077 shares of common stock at $10.00 per share. As part of the second-step conversion, each of the existing outstanding shares of Mid-Tier Holding Company common stock owned by persons other than NorthEast Community Bancorp, MHC was converted into 1.3400 shares of Company common stock. As a result of the second-step conversion, all share information has been subsequently revised to reflect the 1.3400 exchange ratio, unless otherwise noted. The Bank is a New York State-chartered savings bank and the Company\u2019s primary activity is the ownership and operation of the Bank. The Bank is headquartered in White Plains, New York. The Bank was founded in 1934 and is a community oriented financial institution dedicated to serving the financial services needs of individuals and businesses within its market area. The Bank currently conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex and Norfolk Counties in Massachusetts and three loan production offices located in White Plains, New Item 1A.RISK FACTORS Investing in the Company\u2019s common stock involves risks. The investor should carefully consider the following risk factors before deciding to make an investment decision regarding the Company\u2019s stock. The risk factors may cause future earnings to", "title": "NECB - NorthEast Community Bancorp, Inc./MD/", "url": "/company/NECB/" }, { "kind": "company", "summary": "SIC 7310 Services-Advertising; CIK 0001538379; latest 10-K filed 2026-02-26.", "text": "IBTA - Ibotta, Inc. SIC 7310 Services-Advertising; CIK 0001538379; latest 10-K filed 2026-02-26. IBTA Ibotta, Inc. 0001538379 7310 Services-Advertising Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes included in Item 8. Financial Statements and Supplementary Data to this Annual Report on Form 10-K. This discussion contains forward-looking statements, such as those relating to our plans, objectives, expectations, intentions, and beliefs, which involve risks and uncertainties. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the sections titled Special Note Regarding Forward-Looking Statements and Risk Factors included elsewhere in this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. The following discusses our financial condition and the results of operations as of and for the year ended December 31, 2025 compared to the year ended December 31, 2024. For a discussion of our financial condition and the results of operations as of and for the year ended December 31, 2024 compared to the year ended December 31, 2023, see \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of this Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 27, 2025, which is incorporated herein by reference. Overview Ibotta\u2019s mission is to Make Every Purchase Rewarding. We accomplish this mission by delivering digital promotions to consumers through the Ibotta Performance Network (IPN). We source digital promotions from our clients, which are primarily consumer packaged goods (CPG) brands, and distribute these promotions to consumers via our network of publishers, which is enabled by our technology platform. We have strategic relationships with Walmart Inc. (Walmart), Dollar General Corporation (Dollar General), Family Dollar Stores, Inc. (Family Dollar), Maplebear, Inc. (Instacart), and DoorDash, Inc. (DoorDash), among others, who are third-party publishers on the IPN and use our content to power their digital offer programs on a white-label basis. We also host offers on Ibotta\u2019s direct-to-consumer properties, which include the Ibotta-branded cash back mobile app, website, and browser extension (collectively, direct-to-consumer (D2C), which is part of the IPN). Within D2C, we also partner with affiliate networks to access offers from certain retailer advertisers so consumers can earn cash back on a percentage of their total basket spend at those retailers. In 2025, we introduced LiveLift\u2122, a set of capabilities designed to help brands drive incremental sales at scale in a more cost-efficient manner. LiveLift\u2122 enables more sophisticated projections and profitability metrics, including incremental sales and CPID, to help our clients achieve the desired scale or efficiency for their promotions. We also have partnerships with Circana and ABCS Insights, which allow our clients to obtain third-party validation of the impact of their digital promotion campaigns via sales lift studies. As of December 31, 2025, we worked with over 900 clients, representing over 3,100 CPG brands, to source exclusive digital offers. Most of our offers cover products in non-discretionary categories, such as grocery, but we also source offers for general merchandise categories, such as toys, clothing, beauty, electronics, pet, and home goods. Initial Public Offering On April 22, 2024, we closed our initial public offering (IPO), in which we issued and sold 2,500,000 shares of our Class A common stock at $88.00 per share. We received net proceeds of $198.0 million after deducting underwriting discounts and commissions of $13.2 Item 1. Business Overview Ibotta\u2019s mission is to Make Every Purchase Rewarding. We accomplish this mission by delivering digital promotions to consumers through the Ibotta Performance Network (IPN). We source digital promotions from our clients, which are primarily consumer packaged goods (CPG) brands, and distribute these promotions to consumers via our network of publishers, which is enabled by our technology platform. We have strategic relationships with Walmart Inc. (Walmart), Dollar General Corporation (Dollar General), Family Dollar Stores, Inc. (Family Dollar), Maplebear, Inc. (Instacart), and DoorDash, Inc. (DoorDash), among others, who are third-party publishers on the IPN and use our content to power their digital offer programs on a white-label basis. We also host offers on Ibotta\u2019s direct-to-consumer properties, which include the Ibotta-branded cash back mobile app, website, and browser extension (collectively, direct-to-consumer (D2C), which is part of the IPN). Within D2C, we also partner with affiliate networks to access offers from certain retailer advertisers so consumers can earn cash back on a percentage of their total basket spend at those retailers. In 2025, we introduced LiveLift\u2122, a set of capabilities designed to help brands drive incremental sales at scale in a more cost-efficient manner. LiveLift\u2122 enables more sophisticated projections and profitability metrics, including incremental sales and cost-per-incremental-dollar (CPID), to help our clients achieve the desired scale or efficiency for their promotions. We also have partnerships with Circana and ABCS Insights, which allow our clients to obtain third-party validation of the impact of their digital promotion campaigns via sales lift studies. As of December 31, 2025, we worked with over 900 clients, representing over 3,100 CPG brands, to source exclusive digital offers. Most of our offers cover products in non-discretionary categories, such as grocery, but we also source offers for g Item 1A. Risk Factors Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks described below, as well as the other information included in this Annual Report on Form 10-K, including the section titled, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our financ", "title": "IBTA - Ibotta, Inc.", "url": "/company/IBTA/" }, { "kind": "company", "summary": "SIC 3460 Metal Forgings & Stampings; CIK 0000076282; latest 10-K filed 2026-03-05.", "text": "PKOH - PARK OHIO HOLDINGS CORP SIC 3460 Metal Forgings & Stampings; CIK 0000076282; latest 10-K filed 2026-03-05. PKOH PARK OHIO HOLDINGS CORP 0000076282 3460 Metal Forgings & Stampings Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Our consolidated financial statements include the accounts of Park-Ohio Holdings Corp. and its subsidiaries. All intercompany transactions have been eliminated in consolidation. EXECUTIVE OVERVIEW General We are a diversified international company providing world-class customers with a supply chain management outsourcing service, capital equipment used on their production lines, and manufactured components used to assemble their products. We operate through three reportable segments: Supply Technologies, Assembly Components and Engineered Products. Refer to Part 1, Item 1. Business for descriptions of our business segments. On December 29, 2023, the Company completed the sale of its Aluminum Products business, which has been classified as a discontinued operation for all periods presented. Subsequent Events On January 26, 2026, the Company's Board of Directors declared a quarterly dividend of $0.125 per common share. The dividend was paid on February 20, 2026, to shareholders of record as of the close of business on February 6, 2026 and resulted in cash payments of $1.8 million. 21 Table of Contents RESULTS FROM CONTINUING OPERATIONS This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-over-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The amounts below exclude discontinued operations. 2025 Compared with 2024 and 2024 Compared with 2023 [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"2025 vs. 2024\",\"\",\"2024 vs. 2023\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\",\"\",\"$ Change\",\"\",\"% Change\",\"\",\"$ Change\",\"\",\"% Change\"],[\"\",\"(Dollars in millions, except per share data)\"],[\"Net sales\",\"$\",\"1,599.1\",\"\",\"\",\"$\",\"1,656.2\",\"\",\"\",\"$\",\"1,659.7\",\"\",\"\",\"$\",\"(57.1)\",\"\",\"\",\"(3)\",\"%\",\"\",\"$\",\"(3.5)\",\"\",\"\",\"\\u2014\",\"%\"],[\"Cost of sales\",\"1,327.9\",\"\",\"\",\"1,374.8\",\"\",\"\",\"1,388.3\",\"\",\"\",\"(46.9)\",\"\",\"\",\"(3)\",\"%\",\"\",\"(13.5)\",\"\",\"\",\"(1)\",\"%\"],[\"Gross margin\",\"17.0\",\"%\",\"\",\"17.0\",\"%\",\"\",\"16.4\",\"%\"],[\"Selling, general and administrative (\\\"SG&A\\\") expenses\",\"189.6\",\"\",\"\",\"187.4\",\"\",\"\",\"181.5\",\"\",\"\",\"2.2\",\"\",\"\",\"1\",\"%\",\"\",\"5.9\",\"\",\"\",\"3\",\"%\"],[\"SG&A expenses as a percentage of net sales\",\"11.9\",\"%\",\"\",\"11.3\",\"%\",\"\",\"10.9\",\"%\"],[\"Restructuring and other special charges\",\"6.4\",\"\",\"\",\"4.9\",\"\",\"\",\"6.6\",\"\",\"\",\"1.5\",\"\",\"\",\"31\",\"%\",\"\",\"(1.7)\",\"\",\"\",\"(26)\",\"%\"],[\"Asset impairment charges\",\"8.9\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"8.9\",\"\",\"\",\"*\",\"\",\"\\u2014\",\"\",\"\",\"*\"],[\"Gains on sales of assets, net\",\"\\u2014\",\"\",\"\",\"(2.5)\",\"\",\"\",\"(0.8)\",\"\",\"\",\"2.5\",\"\",\"\",\"*\",\"\",\"(1.7)\",\"\",\"\",\"*\"],[\"Other expense\",\"\\u2014\",\"\",\"\",\"5.0\",\"\",\"\",\"\\u2014\",\"\",\"\",\"(5.0)\",\"\",\"\",\"*\",\"\",\"5.0\",\"\",\"\",\"*\"],[\"Operating income\",\"66.3\",\"\",\"\",\"86.6\",\"\",\"\",\"84.1\",\"\",\"\",\"(20.3)\",\"\",\"\",\"(23)\",\"%\",\"\",\"2.5\",\"\",\"\",\"3\",\"%\"],[\"Other components of pension and other postretirement benefits income, net\",\"7.0\",\"\",\"\",\"5.2\",\"\",\"\",\"2.5\",\"\",\"\",\"1.8\",\"\",\"\",\"35\",\"%\",\"\",\"2.7\",\"\",\"\",\"108\",\"%\"],[\"Interest expense, net\",\"(47.5)\",\"\",\"\",\"(47.4)\",\"\",\"\",\"(45.1)\",\"\",\"\",\"(0.1)\",\"\",\"\",\"\\u2014\",\"%\",\"\",\"(2.3)\",\"\",\"\",\"5\",\"%\"],[\"Loss on extinguishment of debt\",\"(2.0)\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"(2.0)\",\"\",\"\",\"*\",\"\",\"\\u2014\",\"\",\"\",\"*\"],[\"Income from continuing operations before income taxes\",\"23.8\",\"\",\"\",\"44.4\",\"\",\"\",\"41.5\",\"\",\"\",\"(20.6)\",\"\",\"\",\"(46)\",\"%\",\"\",\"2.9\",\"\",\"\",\"7\",\"%\"],[\"Income tax expense\",\"(2.8)\",\"\",\"\",\"(4.9)\",\"\",\"\",\"(8.5)\",\"\",\"\",\"2.1\",\"\",\"\",\"(43)\",\"%\",\"\",\"3.6\",\"\",\"\",\"42\",\"%\"],[\"Income from continuing operations\",\"21.0\",\"\",\"\",\"39.5\",\"\",\"\",\"33.0\",\"\",\"\",\"(18.5)\",\"\",\"\",\"(47)\",\"%\",\"\",\"6.5\",\"\",\"\",\"20\",\"%\"],[\"Loss attributable to noncontrolling interests\",\"3 Item 1. Business Overview Park-Ohio Holdings Corp. (\u201cHoldings\u201d or \u201cParkOhio\u201d), incorporated in Ohio since 1998, is a diversified international company providing world-class customers with a supply chain management outsourcing service, capital equipment used on their production lines, and manufactured components used to assemble their products. References herein to \u201cwe\u201d or \u201cthe Company\u201d include, where applicable, Holdings and Park-Ohio Industries, Inc. and Holdings\u2019 other direct and indirect subsidiaries. The Company operates through three reportable segments: Supply Technologies, Assembly Components and Engineered Products. As of December 31, 2025, we employed approximately 6,300 people. The following table summarizes the key attributes of each of our business segments: [[GREPCENT_TABLE]] [[\"\",\"Supply Technologies\",\"\",\"Assembly Components\",\"\",\"Engineered Products\"],[\"NET SALES FOR 2025\",\"$747.5 million\",\"\",\"$380.6 million\",\"\",\"$471.0 million\"],[\"SELECTED PRODUCTS\",\"Sourcing, planning and procurement of over 280,000 production components, including:\\u2022 Fasteners\\u2022 Pins\\u2022 Valves\\u2022 Hoses\\u2022 Wire harnesses\\u2022 Clamps and fittings\\u2022 Rubber and plastic components\\u2022 Other Class C and MRO products\",\"\",\"\\u2022 Fuel rails\\u2022 Fuel filler assemblies\\u2022 Extruded rubber and plastics\\u2022 Molded rubber and plastics\",\"\",\"\\u2022 Induction heating and melting systems\\u2022 Pipe threading systems\\u2022 Industrial oven systems\\u2022 Forging presses\\u2022 Forged steel and machined products\\u2022 Generators and transformers\\u2022 Forming machines\\u2022 Inverters\"],[\"SELECTED INDUSTRIES SERVED\",\"\\u2022 Heavy-duty truck \\u2022 Power sports and recreational equipment \\u2022 Aerospace and defense \\u2022 Semiconductor equipment \\u2022 Electrical distribution and controls \\u2022 Consumer electronics \\u2022 Bus and coaches \\u2022 Automotive \\u2022 Agricultural and construction equipment \\u2022 HVAC \\u2022 Lawn and garden \\u2022 Plumbing \\u2022 Medica Item 1A. Risk Factors The following risk factors set forth below and elsewhere in this Form 10-K could materially and adversely affect our business, results of operations and financial condition. These risks are not the only ones we may face. Although the risks are organized by headings, and each risk is discussed separately, many ar", "title": "PKOH - PARK OHIO HOLDINGS CORP", "url": "/company/PKOH/" }, { "kind": "company", "summary": "SIC 2670 Converted Paper & Paperboard Prods (No Contaners/Boxes); CIK 0001712463; latest 10-K filed 2026-03-05.", "text": "PACK - Ranpak Holdings Corp. SIC 2670 Converted Paper & Paperboard Prods (No Contaners/Boxes); CIK 0001712463; latest 10-K filed 2026-03-05. PACK Ranpak Holdings Corp. 0001712463 2670 Converted Paper & Paperboard Prods (No Contaners/Boxes) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The information in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read together with our consolidated financial statements and related notes set forth in Part II, Item 8, as well as the discussion included in Part I, Item 1A, \u201cRisk Factors,\u201d of this Report. This section generally discusses the results of our operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. Overview We are a leading provider of environmentally sustainable, systems-based, product protection and end-of-line automation solutions for e-commerce and industrial supply chains. We provide our PPS systems and paper consumables to distributors and certain select end-users. We operate manufacturing facilities in the United States, Europe and Asia. For our Automation product lines, we currently have dedicated facilities in Shelton, Connecticut and the Netherlands. R Squared Robotics, a division of Ranpak, uses three-dimensional computer vision and artificial intelligence technologies to improve end-of-line packaging and logistics functions. We have two segments, North America and Europe/Asia. Management evaluates segment performance by net revenue and Earnings Before Interest, Taxes, Depreciation and Amortization (\u201cEBITDA\u201d) by geographic region. Key Performance Indicators and Other Factors Affecting Performance We use the following key performance indicators and monitor the following other factors to analyze our business performance, determine financial forecasts, and help develop long-term strategic plans: PPS Systems Base. We closely track the number of PPS systems installed with end-users as it is a leading indicator of underlying business trends and near-term and ongoing net revenue expectations. Our installed base of PPS systems also drives our capital expenditure budgets. The following table presents our installed base of PPS systems as of December 31, 2025 and 2024: [[GREPCENT_TABLE]] [[\"\",\"December 31, 2025\",\"\",\"December 31, 2024\",\"\",\"Change\",\"\",\"% Change\"],[\"PPS Systems\",\"(in thousands)\"],[\"Cushioning\",\"34.1\",\"\",\"\",\"34.4\",\"\",\"\",\"(0.3)\",\"\",\"\",\"(0.9)\"],[\"Void-Fill\",\"88.8\",\"\",\"\",\"85.7\",\"\",\"\",\"3.1\",\"\",\"\",\"3.6\"],[\"Wrapping\",\"22.9\",\"\",\"\",\"22.6\",\"\",\"\",\"0.3\",\"\",\"\",\"1.3\"],[\"Total\",\"145.8\",\"\",\"\",\"142.7\",\"\",\"\",\"3.1\",\"\",\"\",\"2.2\"]] [[/GREPCENT_TABLE]] Paper and Other Costs. Paper is a key component of our cost of goods sold and paper costs can fluctuate significantly between periods. We purchase both 100% virgin and 100% recycled paper, as well as blends, from various suppliers for conversion into the paper consumables we sell. The cost of paper supplies is our largest input cost, and we historically have negotiated supply and pricing arrangements with most of our paper suppliers annually, with a view towards mitigating fluctuations in paper cost. Nevertheless, as paper is a commodity, its price on the open market, and in turn the prices we negotiate with suppliers at a given point in time, can fluctuate significantly, and is affected by several factors outside of our control, including inflationary pressures, supply and demand and the cost of other commodities that are used in the manufacture of paper, including wood, energy, and chemicals. For example, energy prices in Europe have experienced recent increased volatility, and such volatility has, in the past, increased the cost of paper. The market for our solutions is competitive and it may be difficult to pass on increases in paper prices to our customers immediately, or at all, which has in the past, and could in the future, adversely aff ITEM 1. BUSINESS Overview Ranpak Holdings Corp. (\u201cRanpak,\u201d the \u201cCompany,\u201d \u201cwe,\u201d or \u201cus\u201d) is a leading provider of Protective Packaging Solutions (\u201cPPS\u201d) products and end-of-line automation solutions for e-commerce and industrial supply chains. Since our inception in 1972, we have delivered a broad array of value-added solutions to global customers, while maintaining our commitment to environmental sustainability. All of our packaging solutions are 100% recyclable, renewable, and biodegradable. Our automation solutions reduce packing time and materials, resulting in significant cost savings for our customers. We continue to work to respond to customer needs and develop innovative products and a comprehensive suite of solutions that improve supply chain performance, reduce costs and environmental impact, and deliver value. In 2025, we generated net revenue of $395.0 million. Our revenues are geographically diverse, with approximately 47% of our 2025 net revenue generated in North America, approximately 45% generated in Europe, and approximately 8% generated in Asia and other locations. We have over 145,000 installed systems serving over 30,000 end-users as of December 31, 2025. We historically have benefited from net revenue that is recurring in nature with attractive profit margins from our installed base, resulting in strong payback periods and returns on invested capital per PPS system. Growth Opportunities We believe that our business benefits from multiple factors that will drive our future growth: \u2022Growth of E-commerce. E-commerce is a significant growth driver in our business. Approximately 40% of our net revenue is derived from sales to e-commerce end-users. We continue to believe that global investment in e-commerce provides a significant opportunity for us as e-commerce continues to grow and outpaces growth in retail sales. \u2022Demand for Automation and Machine Vision. Our Automation and Machine Vision product lines provide many high-volume businesses wi ITEM 1A. RISK FACTORS Summary Risk Factors Our business faces significant risks. In addition to the summary below, you should carefully review the \u201cRisk Factors\u201d section of this Report. We may be subject to additional risks and uncertainties not presently known to us or tha", "title": "PACK - Ranpak Holdings Corp.", "url": "/company/PACK/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001609151; latest 10-K filed 2026-03-05.", "text": "WEAV - Weave Communications, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001609151; latest 10-K filed 2026-03-05. WEAV Weave Communications, Inc. 0001609151 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion of our financial condition and results of operations in conjunction with the consolidated financial statements and the notes thereto included elsewhere in this Annual Report on Form 10-K. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Readers are cautioned that these forward-looking statements are subject to risks, uncertainties, and assumptions that are difficult to predict, including those identified above, under \u201cPart I, Item 1A. Risk Factors,\u201d and elsewhere herein. Therefore, our actual results could differ materially from those discussed in the forward-looking statements. We undertake no obligation to revise or update any forward-looking statements for any reason. In this Annual Report on Form 10-K, unless otherwise specified or the context otherwise requires, \u201cWeave,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to Weave Communications, Inc. and its consolidated subsidiaries. 58 Table of Contents We have elected to omit discussion of the earliest of the three years presented in the Consolidated Financial Statements of this Annual Report on Form 10-K. Refer to \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the U.S. Securities and Exchange Commission (\u201cSEC\u201d) on March 13, 2025, for year-over-year comparisons of the results of operation between the year ended December 31, 2024 and December 31, 2023 as well as a discussion of 2023 performance metrics and cash flow activity, all of which are incorporated herein by reference. Overview Weave is a leading AI-powered patient communications, engagement, and payments platform purpose-built for small and medium-sized (\u201cSMB\u201d) healthcare practices. We strive to elevate patient experiences through a unified platform that improves business operations, allowing healthcare professionals to focus on what matters most: patient care. Weave serves as the orchestration layer for modern healthcare practices, bringing together voice, text, and AI-powered workflows into a single system of work. Our platform is built on nearly two decades of domain expertise and billions of patient interactions, allowing us to leverage our vertically specialized data to deliver high-accuracy automation within strict privacy and regulatory frameworks. We deliver powerful communication and engagement capabilities previously only available to enterprises, made them intuitive and easy to use and put them in one solution. Our verticalized software platform helps streamline the day-to-day operations of running an SMB healthcare practice. Supplemental Financial Information \u2014 Disaggregated Revenue and Cost of Revenue To supplement our discussion of our consolidated results of operations, we have separated our revenue and cost of revenue into recurring and onboarding categories to disaggregate revenue and costs of revenue that are one-time in nature from those that are term-based and renewable. We generate revenue primarily from recurring subscription fees charged to access our platform, which also includes embedded lease revenue on phone hardware. These recurring revenues accounted for 91% and 92% of our revenue for each of the years ended December 31, 2025 and 2024, respectively. In addition, we provide recurring payment processing services through Weave Payments and derive revenue from transactions between our customers that utilize Weave Payments and their end consumers. We also derive revenue associated with installation fees for onboarding customers. We utilize our onboarding services and phone hardware as customer acquisition tools and price them competitively to lower the barriers to entry for new customers adopting our platform. As a result, the variable cost asso Item 1. Business Our Mission Our mission is to elevate the patient experience through a unified platform that improves business operations so healthcare professionals can focus on patient care and realize their dreams. Overview Weave is a leading AI-powered patient communications, engagement, and payments platform purpose-built for small and medium-sized (\u201cSMB\u201d) healthcare practices. We strive to elevate patient experiences through a unified platform that improves business operations, allowing healthcare professionals to focus on what matters most: patient care. Weave serves as the orchestration layer for modern healthcare practices, bringing together voice, text, and AI-powered workflows into a single system of work. Our platform is built on nearly two decades of domain expertise and billions of patient interactions, allowing us to leverage a vertically specialized data that allows us to deliver high-accuracy automation within strict privacy and regulatory frameworks. Our platform integrates with more than 90 practice management systems (\u201cPMS\u201d) to provide more personalized interactions between practices and patients. We have democratized powerful communication and engagement capabilities previously only available to enterprises, made them intuitive and easy to use, and put them in one solution. Key current capabilities include: \u2022Communications: our proprietary telephony platform unifies voice and text interactions and manages the practice's trusted phone number. \u2022AI-powered Workflows: we provide agentic AI functionality that handles scheduling automation, responds to frequently asked questions, and follows up on marketing leads. \u2022AI-powered Insights: our analytic tools transcribe phone calls, assesses call sentiment, creates follow-up tasks, and surfaces opportunities for additional revenue in the practice. \u2022Weave Payments: we provide payment processing, with point-of-sale and digital payment solutions that allow patients to make payments from anywhere, a Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes and the section", "title": "WEAV - Weave Communications, Inc.", "url": "/company/WEAV/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001818383; latest 10-K filed 2026-02-23.", "text": "MAX - MediaAlpha, Inc. SIC 7389 Services-Business Services, NEC; CIK 0001818383; latest 10-K filed 2026-02-23. MAX MediaAlpha, Inc. 0001818383 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and related notes included in \u201cFinancial Statements and Supplementary Data.\u201d Some of the information contained in this discussion and analysis, including information with respect to our plans and strategy for our business, includes forward-looking statements involving significant risks and uncertainties. As a result of many factors, such as those set forth in \u201cRisk Factors,\u201d our actual results may differ materially from the results described in, or implied by, these forward-looking statements. We have omitted discussion of 2023 results where it would be redundant to the discussion previously included in Part II, Item 7 \"Management's Discussion and Analysis of Financial Condition and Results of Operations,\" of our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission and is incorporated by reference, and should be referred to for information regarding this period. Overview Our mission is to help insurance carriers and distributors target and acquire consumers more efficiently and at greater scale through technology and data science. Our technology platform brings together leading insurance carriers and high-intent consumers through a real-time, programmatic, transparent, and results-driven ecosystem. We believe we are the leading customer acquisition infrastructure for insurance carriers, supporting $2.2 billion in Transaction Value across our platform from our core verticals of property & casualty (\"P&C\") insurance, health insurance, and life insurance in the year ended December 31, 2025. We have multi-faceted relationships with top-tier insurance carriers and distributors. A buyer or a Demand Partner within our ecosystem is generally an insurance carrier or distributor seeking to reach high-intent insurance consumers. A seller or a Supply Partner is typically an insurance carrier looking to maximize the value of non-converting or low expected LTV consumers, or an insurance-focused research destination or other financial website looking to monetize high-intent users on their websites. During the year ended December 31, 2025, consumers shopping for insurance products through the websites of our diversified group of Supply Partners and our proprietary websites drove an average of 11.8 million Consumer Referrals on our platform each month. We generate revenue by earning a fee for each Consumer Referral sold on our platform. A transaction becomes payable upon a qualifying consumer action, such as a click, call or lead, and is generally not contingent on the sale of a product to the consumer. We believe our technology is a key differentiator and a powerful driver of our performance. We maintain deep, custom integrations with partners representing the majority of our Transaction Value, which enable automated, data-driven processes that optimize our partners\u2019 customer acquisition spend and revenue. Through our platform, our P&C insurance carrier partners can target and price across over 35 separate consumer attributes to manage customized acquisition strategies. 51 Table of Contents Executive Summary Highlights [[GREPCENT_TABLE]] [[\"(in millions, except percentages)\",\"\",\"Year ended December 31, 2025\",\"\",\"$\",\"\",\"%\",\"\",\"Year ended December 31, 2024\"],[\"Revenue\",\"\",\"$\",\"1,113.6\",\"\",\"\",\"248.9\",\"\",\"\",\"28.8%\",\"\",\"$\",\"864.7\"],[\"Transaction Value1\",\"\",\"$\",\"2,156.2\",\"\",\"\",\"664.3\",\"\",\"\",\"44.5%\",\"\",\"$\",\"1,491.9\"],[\"Contribution1\",\"\",\"$\",\"176.3\",\"\",\"\",\"21.9\",\"\",\"\",\"14.2%\",\"\",\"$\",\"154.4\"],[\"Net Income\",\"\",\"$\",\"26.8\",\"\",\"\",\"4.7\",\"\",\"\",\"21.0%\",\"\",\"$\",\"22.1\"],[\"Adjusted EBITDA1\",\"\",\"$\",\"113.7\",\"\",\"\",\"17.6\",\"\",\"\",\"18.3%\",\"\",\"$\",\"96.1\"]] [[/GREPCENT_TABLE]] 1.Transaction Value is an operating metric not presented in ac Item 1. Business. Our Company Our mission is to help insurance carriers and distributors target and acquire consumers more efficiently and at greater scale through technology and data science. Our technology platform brings together leading insurance carriers, agents, and high-intent consumers through a real-time, programmatic, transparent, and results-driven ecosystem. We believe we are the leading customer acquisition infrastructure for insurance carriers, supporting $2.2 billion in Transaction Value(1) across our platform from our core verticals of property & casualty (\u201cP&C\u201d) insurance, health insurance and life insurance during the year ended December 31, 2025. We believe in the disruptive power of transparency. Traditionally, insurance customer acquisition platforms operated in a black box. We recognized that consumers may be valued differently by one insurer versus another; therefore, insurers should be able to determine pricing granularly based on the value that a particular customer segment is expected to bring to their business. As a result, we developed a technology platform that powers an ecosystem where buyers and sellers can transact with full transparency, control, and confidence. We have multi-faceted relationships with top-tier insurance carriers and distributors. A buyer or a Demand Partner within our ecosystem is generally an insurance carrier, agent or distributor seeking to reach high-intent insurance consumers. A seller or a Supply Partner is typically an insurance carrier looking to maximize the value of non-converting or low expected LTV consumers, or an insurance-focused research destination or other financial website looking to monetize high-intent users on their websites. Our model\u2019s versatility allows for the same insurance carrier or distributor to be both a Demand and Supply Partner, which deepens the partner\u2019s relationship with us. In fact, it is this supply partnership that presents insurance carriers with a highly differentiated m Item 1A. Risk Factors. Risks related to our business and industry Our business is dependent on our relationships with our partners using our platform, many of which have no long-term contractual commitments with us. If Demand Partners stop purchasing Consumer Referrals on our platform, if Supply Partners stop making Consumer Referral", "title": "MAX - MediaAlpha, Inc.", "url": "/company/MAX/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001625278; latest 10-K filed 2026-02-25.", "text": "NRDS - NERDWALLET, INC. SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001625278; latest 10-K filed 2026-02-25. NRDS NERDWALLET, INC. 0001625278 7374 Services-Computer Processing & Data Preparation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that reflect our current plans, estimates and beliefs, and involve risks and uncertainties. Our actual results and the timing of certain events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including but not limited to those discussed in the sections titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d in this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Except as otherwise noted, all references to 2025 refer to the year ended December 31, 2025, references to 2024 refer to the year ended December 31, 2024, and references to 2023 refer to the year ended December 31, 2023. A discussion and analysis of our financial condition and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024 is presented below. For a discussion of our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, see \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. Overview NerdWallet, Inc. (NerdWallet, we, our, or us) provides consumers and small and mid-sized businesses (SMBs) with trusted guidance across a broad range of finance topics through a digital platform that integrates independent editorial content, comparison tools, data-driven product marketplaces, and access to regulated financial services offered through our subsidiaries. Our mission is to provide clarity for all of life\u2019s financial decisions. Our vision is a world where everyone makes financial decisions with confidence. Our platform enables users to compare financial products, access educational resources, receive personalized insights, and connect with third-party providers across credit cards, banking, insurance, lending, investing, wealth management, and other financial categories. We generate revenue primarily through referral fees, lead generation, and partner-based monetization, as well as through revenue derived from brokering and advisory services. Our business model is designed to be partner-neutral and to support transparent consumer and SMB choice by offering side-by-side comparisons and unbiased information supported by editorial standards. Acquisitions We have made acquisitions and established subsidiaries to expand into new verticals; to enter new markets; and to grow our platform so that our users have better outcomes. Recent acquisitions include: \u2022Next Door Lending. In October 2024, we acquired Next Door Lending LLC (NDL), a mortgage broker that offers a selection of loan products for home purchase and refinance, including cash-out refinance and debt consolidation, across a range of maturities and interest rates. Through NDL, we offer consumers access to government-sponsored entity-conforming loans, FHA insured loans, VA guaranteed loans and jumbo loans. \u2022NerdWallet Insurance Experts. In March 2025, we established NerdWallet Insurance Experts, LLC (NWIE), an insurance agency. Through NWIE, we provide property and casualty brokerage services to assist consumers to compare quotes and connect with licensed carriers or agents to obtain insurance policies. \u2022NerdWallet Wealth Partners. In June 2025, we acquired an SEC-registered investment adviser and created NerdWallet Wealth Partners, LLC, which provides traditional investment advisory services, such as financial planning Item 1. Business. Overview NerdWallet, Inc. (NerdWallet, the Company, we, our, or us) provides consumers and small and mid-sized businesses (SMBs) with trusted guidance across a broad range of finance topics through a digital platform that integrates independent editorial content, comparison tools, data-driven product marketplaces, and access to regulated financial services offered through our subsidiaries. Our mission is to provide clarity for all of life\u2019s financial decisions. Our vision is a world where everyone makes financial decisions with confidence. Our platform enables users to compare financial products, access educational resources, receive personalized insights, and connect with third-party providers across credit cards, banking, insurance, lending, investing, wealth management, and other financial categories. We generate revenue primarily through referral fees, lead generation, and partner-based monetization, as well as through revenue derived from brokering and advisory services. Our business model is designed to be partner-neutral and to support transparent consumer and SMB choice by offering side-by-side comparisons and insightful information supported by editorial standards. NerdWallet operates in the United States, Canada, and the United Kingdom. We are a remote-first company with our primary corporate offices located in San Mateo, California and Scottsdale, Arizona, and we maintain hub offices in several major metropolitan areas across the United States. Our global subsidiaries support localized content, compliance oversight, product integrations, and technology development. The Company\u2019s platform comprises three primary components: \u2022Editorial and Content Publishing\u2014Consumer and SMB financial education, tools, calculators, guides, and research published under the \u201cNerdWallet\u201d brand across web, mobile, and third-party channels. \u2022Marketplace and Referral Services\u2014Tools that enable users to compare, pre-qualify for, or connect with third-party Item 1A. Risk Factors. In addition to risks and uncertainties in the ordinary course of business that are common to all businesses, important factors that are specific to our industry and the company could have a material and adverse impact on our business, financial condition, results of operations an", "title": "NRDS - NERDWALLET, INC.", "url": "/company/NRDS/" }, { "kind": "company", "summary": "SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001046050; latest 10-K filed 2025-12-09.", "text": "TSBK - TIMBERLAND BANCORP INC SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001046050; latest 10-K filed 2025-12-09. TSBK TIMBERLAND BANCORP INC 0001046050 6036 Savings Institutions, Not Federally Chartered Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General Management's Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in understanding the consolidated financial condition and results of operations of the Company. The information contained in this section should be read in conjunction with the Consolidated Financial Statements and accompanying notes thereto included in Item 8 of this Annual Report on Form 10-K. Overview Timberland Bancorp, Inc., a Washington corporation, is the holding company for Timberland Bank. The Bank opened for business in 1915 and serves consumers and businesses across Grays Harbor, Thurston, Pierce, King, Kitsap and Lewis counties, Washington with a full range of lending and deposit services through its 23 branches (including its main office in Hoquiam). At September 30, 2025, the Company had total assets of $2.01 billion, net loans receivable of $1.46 billion, total deposits of $1.72 billion and total shareholders\u2019 equity of $262.61 million. The Company\u2019s business activities generally are 49 limited to passive investment activities and oversight of its investment in the Bank. Accordingly, the information set forth in this report relates primarily to the Bank\u2019s operations. The Bank is a community-oriented bank which has traditionally offered a variety of savings products to its retail and business customers while concentrating its lending activities on real estate secured loans. Lending activities have been focused primarily on the origination of loans secured by real estate, including residential construction loans, one- to four-family residential loans, multi-family loans and commercial real estate loans. The Bank originates adjustable-rate residential mortgage loans, some of which do not qualify for sale in the secondary market. The Bank also originates commercial business loans and other consumer loans. The profitability of the Company\u2019s operations depends primarily on its net interest income after provision for (recapture of) credit losses. Net interest income is the difference between interest income, which is the income that the Company earns on interest-earning assets, which are primarily loans and investments, and interest expense, which is the amount that the Company pays on its interest-bearing liabilities, which are primarily deposits and borrowings (as needed). Net interest income is affected by changes in the volume and mix of interest-earning assets, the interest earned on those assets, the volume and mix of interest-bearing liabilities and the interest paid on those interest-bearing liabilities. Management attempts to maintain a net interest margin and return on average assets (\"ROA\") placing it within the top quartile of its Washington State peers. Changes in market interest rates, the slope of the yield curve, and interest we earn on interest earning assets or pay on interest bearing liabilities, as well as the volume and types of interest earning assets, interest bearing and non-interest bearing liabilities and shareholders\u2019 equity, usually have the largest impact on changes in our net interest spread, net interest margin and net interest income during a reporting period. Since March 2022, in response to inflation, the Federal Open Market Committee (\"FOMC\") of the Federal Reserve has increased the target range for the federal funds, which stood at 4.00% to 4.25% as of September 30, 2025. Subsequent to fiscal year end, the FOMC reduced the target federal funds rate by 25 basis points. The provision for (recapture of) credit losses on loans is dependent on changes in the loan portfolio and management\u2019s assessment of the collectability of the loan portfolio as well as prevailing economic and market conditions. The ACL on loans reflects the amount that the Company believes is adequate to c Item 1. Business General Timberland Bancorp, Inc. (\u201cTimberland Bancorp\"), a Washington corporation, was organized on September 8, 1997 for the purpose of becoming the holding company for Timberland Bank (the \"Bank\"). At September 30, 2025, on a consolidated basis, the Company had total assets of $2.01 billion, net loans receivable of $1.46 billion, total deposits of $1.72 billion and total shareholders\u2019 equity of $262.61 million. The Company\u2019s business activities generally are limited to passive investment activities and oversight of its investment in the Bank. Accordingly, the information set forth in this report, including consolidated financial statements and related data, relates primarily to the Bank and its subsidiary, Timberland Service Corp. The Bank opened for business in 1915 and serves consumers and businesses across Grays Harbor, Pierce, Thurston, King, Kitsap and Lewis counties, Washington with a full range of lending and deposit services through its 23 branches (including its main office in Hoquiam). The Bank\u2019s deposits are insured up to applicable legal limits by the Federal Deposit Insurance Corporation (the \u201cFDIC\u201d). The Bank has been a member of the Federal Home Loan Bank System since 1937. The Bank is regulated by the Washington State Department of Financial Institutions - Division of Banks (the \u201cDFI\u201d) and the FDIC. The Company is regulated by the Federal Reserve. Timberland Bank is a community-oriented bank which has traditionally offered a variety of savings products to its retail customers while concentrating its lending activities on real estate mortgage loans. Lending activities have been focused primarily on the origination of loans secured by real estate, including residential and commercial / multi-family construction loans, one- to four-family residential loans, multi-family loans, commercial real estate loans and land loans. The Bank originates adjustable-rate residential mortgage loans that do not qualify for sale in the secondar Item 1A. Risk Factors We assume and manage a certain degree of risk in order to conduct our business. In addition to the risk factors described below, other risks and uncertainties not specifically mentioned, or that are currently known to, or deemed to be immaterial by management, also may materially and a", "title": "TSBK - TIMBERLAND BANCORP INC", "url": "/company/TSBK/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0001772177; latest 10-K filed 2025-11-06.", "text": "KRUS - KURA SUSHI USA, INC. SIC 5812 Retail-Eating Places; CIK 0001772177; latest 10-K filed 2025-11-06. KRUS KURA SUSHI USA, INC. 0001772177 5812 Retail-Eating Places Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with the \u201cSelected Financial Data\u201d and our financial statements and the related notes and other financial information included elsewhere in this report. Some of the information contained in this discussion and analysis or set forth elsewhere in this report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d sections of this report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. The following MD&A includes a discussion comparing our results in fiscal year 2025 to fiscal year 2024. For a discussion of our results of operations comparing fiscal year 2024 to fiscal year 2023 and a discussion of our cash flows for fiscal year 2023, refer to Part II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, included in our Annual Report on Form 10-K for the fiscal year ended August 31, 2024, filed with the SEC on November 8, 2024. Overview Kura Sushi USA, Inc. is a technology-enabled Japanese restaurant concept that provides guests with a distinctive dining experience by serving authentic Japanese cuisine through an engaging revolving sushi service model, which we refer to as the \u201cKura Experience.\u201d We encourage healthy lifestyles by serving freshly prepared Japanese cuisine using high-quality ingredients that are free from artificial seasonings, sweeteners, colorings, and preservatives. We aim to make quality Japanese cuisine accessible to our guests across the United States through affordable prices and an inviting atmosphere. Business Trends During fiscal year 2025, we opened 15 restaurants and expanded our restaurant base to 79 restaurants in 22 U.S. states and Washington, DC as of fiscal year end 2025. We expect to open 16 new restaurants in fiscal year 2026 and therefore, we expect our revenue and restaurant operating costs to increase in fiscal year 2026. We also expect our general and administrative expenses to increase on a dollar basis in fiscal year 2026 to support the growth of the company. We have evaluated and will continue to evaluate the impact of import laws and tariffs on our operations. As of August 31, 2025, there was no significant impact on our business, financial condition, results of operations or cash flows. Based on the current economic environment, tariffs are expected to have a considerable impact on our operations in certain areas, such as food and beverage costs, construction and equipment costs and other restaurant operating costs in fiscal year 2026. We have historically used menu price increases to manage profitability in times of inflation or tariff increases, which we expect will partially offset the impact on our operations in fiscal year 2026. See \u201cPart I, Item 1A, \u201cRisk Factors \u2014 Risks Related to Our Operations and Growth Strategy\u201d. Key Financial Definitions Sales. Sales represent sales of food and beverages in restaurants. Restaurant sales in a given period are directly impacted by the number of restaurants we operate and comparable restaurant sales growth. Food and beverage costs. Food and beverage costs are variable in nature, change with sales volume and are influenced by menu mix and subject to increases or decreases based on fluctuations in commodity costs. Other important factors causing fluctuations in food and beverage costs include seasonality and restaurant-level management of food waste. Food and beverage costs are a substantial expense and are expected to grow proportionall Item 1. Business Company Overview Kura Sushi USA, Inc. (\u201cKura Sushi\u201d) is a technology-enabled Japanese restaurant concept that provides guests with a distinctive dining experience by serving authentic Japanese cuisine through an engaging revolving sushi service model, which we refer to as the \u201cKura Experience.\u201d We encourage healthy lifestyles by serving freshly prepared Japanese cuisine using high-quality ingredients that are free from artificial seasonings, sweeteners, colorings, and preservatives. We aim to make quality Japanese cuisine accessible to our guests across the United States through affordable prices and an inviting atmosphere. Kura Sushi is headquartered in Irvine, California and was established in 2008 as a subsidiary of Kura Sushi, Inc. (\u201cKura Japan\u201d), a Japan-based revolving sushi chain with over 650 restaurants internationally and 45 years of brand history. Kura Sushi opened its first restaurant in Irvine, California in 2009, and currently operates 82 restaurants across 22 U.S. states and Washington, DC. Kura Japan owns 4,126,500 shares of our Class A common stock and all of our 1,000,050 Class B common stock. Kura Japan\u2019s combined ownership of Class A common stock and Class B common stock represents 67% of the combined voting power of our equity interests. As a result, we are a \u201ccontrolled company\u201d within the meaning of the corporate governance rules of the Nasdaq Stock Market, and Kura Japan can exert significant voting influence over fundamental and significant corporate matters and transactions and may have interests that differ from yours. See \u201cItem 1A. Risk Factors\u2014Risks Related to Our Organizational Structure.\u201d Our Strengths Authentic Japanese Cuisine\u2014A Tribute to Our Roots. We provide our guests with a Kura Experience that is uniquely Japanese and is based on the legacy built by Kura Japan. Kura Japan opened its first revolving sushi restaurant in 1984 and was among the pioneers of the revolving sushi restaurant model. Our various sus Item 1A. Risk Factors Summary Risk Factors Our Company is subject to several risks that if realized could materially affect our business, prospects, financial condition, results of operations, cash flows and access to liquidity. Our business is subject to uncertainties and risks including: \u2022 Inflationary Conditions. We have experienced and cont", "title": "KRUS - KURA SUSHI USA, INC.", "url": "/company/KRUS/" }, { "kind": "company", "summary": "SIC 6153 Short-Term Business Credit Institutions; CIK 0001168455; latest 10-K filed 2026-03-19.", "text": "PLBC - PLUMAS BANCORP SIC 6153 Short-Term Business Credit Institutions; CIK 0001168455; latest 10-K filed 2026-03-19. PLBC PLUMAS BANCORP 0001168455 6153 Short-Term Business Credit Institutions ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General Plumas Bancorp is a bank holding company for Plumas Bank, a California state-chartered commercial bank. We derive our income primarily from interest received on real estate related, commercial, automobile and consumer loans and, to a lesser extent, interest on investment securities and cash balances and fees received in connection with servicing deposit and loan customers. Our major operating expenses are the interest we pay on deposits and borrowings and general operating expenses. We rely on locally-generated deposits to provide us with funds for making loans. We are subject to competition from other financial institutions and our operating results, like those of other financial institutions operating in California and Northern Nevada, are significantly influenced by economic conditions in California and Northern Nevada, including the strength of the real estate market. In addition, both the fiscal and regulatory policies of the federal and state government and regulatory authorities that govern financial institutions and market interest rates also impact the Bank\u2019s financial condition, results of operations and cash flows. SALES/LEASEBACK AND iNVESTMENT RESTRUCTURING 2025 Sale/Leaseback On March 28, 2025, Plumas Bank entered into an agreement for the purchase and sale of real property (the \u201cPurchase Agreement\u201d). The Purchase Agreement as amended provided for the sale to BBS Branch III, LLC, a Delaware limited liability company, two administrative buildings located in Quincy California for an aggregate cash purchase price of $5.5 million. The sale was completed on November 19, 2025, resulting in a net gain on sale of $5.5 million, recording of right-of-use assets totaling $5.3 million and recording a lease liability of $4.7 million. Concurrent with the closing of the sale, Plumas Bank and Plumas Investor, LLC, a Delaware limited liability company and Plumas Quincy, LLC, a Delaware limited liability company entered into triple net lease agreements (the \u201cLease Agreements\u201d) pursuant to which the Bank leased back the Properties sold. The Lease Agreements have an initial term of 15 years with three five-year renewal options. The Lease Agreements provide for annual rent of approximately $463,000 in the aggregate for both Properties, increasing by three percent per annum each year. The gain on sales of the branches was mostly offset by a $5.4 million loss on the sale of approximately $47 million in investment securities. We sold $47 million in investment securities having a weighted average tax equivalent yield of 2.43% recording a $5.4 million loss on the sales. As part of the restructuring, beginning in November 2025 and ending on January 13, 2026, we purchased $42 million in investment securities having a weighted average tax equivalent yield of 4.88%. 2024 Sale/Leaseback On January 19, 2024, Plumas Bank entered into two agreements for the purchase and sale of real property (the \u201cSale Agreements\u201d). One Sale Agreement provided for the sale to MountainSeed of nine properties owned and operated by Plumas Bank as branches for an aggregate cash purchase price of approximately $25.7 million. The branch portion of the sale was completed on February 14, 2024 resulting in a net gain on sale of $19.9 million, recording of right-of-use assets totaling $22.3 million and recording a lease liability of $22.3 million. The second Sale Agreement provided for the sale to MountainSeed of up to three properties operated as non-branch administrative offices (the \u201cNon-Branch Offices\u201d). This agreement was terminated in August 2024. Concurrently with the closing of the sale of the branch properties, we entered into triple net lease agreements (the \u201cLease Agreements\u201d) pursuant to which Plumas Bank leased back each of the properties sold. Each Lease Agreement has an initial term of fifteen years with one 15-year renewal option. The Lease A ITEM 1. BUSINESS References in this report to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Plumas Bancorp and its consolidated subsidiary, unless the context indicates otherwise. References to the \u201cBank\u201d refer to Company\u2019s wholly-owned subsidiary, Plumas Bank. References to \u201cManagement\u201d refer to the members of the Company\u2019s management and references to the \u201cBoard of Directors\u201d or the \u201cBoard\u201d refer to the Company\u2019s Board of Directors. General The Company. Plumas Bancorp is a bank holding company headquartered in Reno, Nevada. Substantially all of the Company's operations are conducted through its subsidiary, Plumas Bank, which is also the principal source of the Company\u2019s revenue. At December 31, 2025, the Company had consolidated assets of $2.2 billion, deposits of $1.8 billion, other liabilities of $168 million and shareholders\u2019 equity of $261 million. The Company\u2019s other liabilities include $21 million in borrowings, $29 million in lease liabilities and $98 million in repurchase agreements. These items are described in detail later in this Form 10-K. The Company is a California corporation incorporated in 2002 for the purpose of becoming the holding company for the Bank, which it acquired in a bank holding company reorganization the same year. Our common stock trades on the Nasdaq Stock Market under the symbol \u201cPLBC.\u201d We file annual, quarterly, and other reports required under the Securities Exchange Act of 1934 with the Securities and Exchange Commission (the \u201cSEC\u201d). These reports are available at no cost on our website, www.plumasbank.com, as soon as reasonably practicable after filing with the SEC. These reports are also available through the SEC\u2019s website at www.sec.gov. The address of our headquarters is 5525 Kietzke Lane, Suite 100, Reno, Nevada, 89511. The Bank. The Bank is a California state-chartered bank that was incorporated and commenced business in 1980. The Bank\u2019s deposit accounts are insured by the Federal Deposit Insurance Corporati ITEM 1A. RISK FACTORS Risks Relating to our Business and Industry The majority of our assets are loans, which are subject to credit risks and potential losses. The Bank, like other lenders, is subject to credit risk, which is the risk of losing principal or interest due to borrowers\u2019 failure to perform their obligations in accordance", "title": "PLBC - PLUMAS BANCORP", "url": "/company/PLBC/" }, { "kind": "company", "summary": "SIC 4833 Television Broadcasting Stations; CIK 0000043196; latest 10-K filed 2026-02-26.", "text": "GTN - GRAY MEDIA, INC SIC 4833 Television Broadcasting Stations; CIK 0000043196; latest 10-K filed 2026-02-26. GTN GRAY MEDIA, INC 0000043196 4833 Television Broadcasting Stations Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Executive Overview Introduction. The following discussion and analysis of the financial condition and results of operations of Gray Media, Inc. and its consolidated subsidiaries (except as the context otherwise provides, \u201cGray,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) should be read in conjunction with our audited consolidated financial statements and notes thereto included elsewhere herein. This section of our Annual Report discusses 2025 and 2024 items and year-over-year comparisons between 2025 and 2024. A detailed discussion of 2023 items and year-over-year comparisons between 2024 and 2023 that are not included in this Annual Report can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7. of our Annual Report for the year ended December 31, 2024. Business Overview. We are a multimedia company headquartered in Atlanta, Georgia. We are the nation\u2019s largest owner of top-rated local television stations and digital assets in the United States. Our television stations serve 114 full-power television markets that collectively reach approximately 37% of US television households. This portfolio includes 77 markets with the top-rated television station and 97 markets with the first and/or second highest rated television station in average all-day ratings across the 113 of such markets measured by Nielsen in 2025. We also own the largest Telemundo Affiliate group with 47 markets totaling over 1.6 million Hispanic TV Households. We also own Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the most advanced digital products and services. Our additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios. Our operating revenues are derived primarily from broadcast and digital advertising, retransmission consent fees and, to a lesser extent, other sources such as production of television and event programming, television commercials, tower rentals and management fees. For the years ended December 31, 2025, 2024 and 2023, we generated revenue of $3.1 billion, $3.6 billion and $3.3 billion, respectively. Revenues, Operations, Cyclicality and Seasonality. Broadcast advertising is sold for placement generally preceding or following a television station\u2019s network programming and within local and syndicated programming. Broadcast advertising is sold in time increments and is priced primarily on the basis of a program\u2019s popularity among the specific audience an advertiser desires to reach. In addition, broadcast advertising rates are affected by the number of advertisers competing for the available time, the size and demographic makeup of the market served by the station and the availability of alternative advertising media in the market area. Broadcast advertising rates are generally the highest during the most desirable viewing hours, with corresponding reductions during other hours. The ratings of a local station affiliated with a major network can be affected by ratings of network programming. Most advertising contracts are short-term, and generally run only for a few weeks. We also sell digital advertising on our stations\u2019 websites and mobile apps. These advertisements may be sold as banner advertisements, video advertisements and other types of advertisements or sponsorships. 33 Our broadcast and digital advertising revenues are affected by several factors that we consider to be seasonal in nature. These factors include: [[GREPCENT_TABLE]] [[\"\\u25cf\",\"Spending by political candidates, political parties and special interest groups increases during the even-numbered \\u201con-year\\u201d of the two-year election cycle. This political spending typically is heaviest during the fo Item 1. BUSINESS On January 1, 2025, we changed our corporate name from Gray Television, Inc. to Gray Media, Inc. We will not distinguish between our prior and current corporate name and will refer to our current corporate name throughout this Annual Report. As such, in this Annual Report, unless otherwise indicated or the context otherwise requires, the words \u201cGray,\u201d \u201cGray Media,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to Gray Media, Inc. and its consolidated subsidiaries. Unless otherwise indicated, all station rank, in-market share and television household data herein are derived from reports prepared by The Nielsen Company US, LLC (\u201cNielsen\u201d) and/or Comscore, Inc. (\u201cComscore\u201d). While we believe this data to be accurate and reliable, we have not independently verified such data, nor have we ascertained the underlying assumptions relied upon therein and cannot guarantee the accuracy or completeness of such data. General We are a multimedia company headquartered in Atlanta, Georgia. We are the nation\u2019s largest owner of top-rated local television stations and digital assets in the United States. Our television stations serve 114 full-power television markets that collectively reach approximately 37% of US television households. This portfolio includes 77 markets with the top-rated television station and 97 markets with the first and/or second highest rated television station in average all-day ratings across the 113 of such markets measured by Nielsen in 2025. We also own the largest Telemundo Affiliate group with 47 markets totaling over 1.6 million Hispanic TV Households. We also own Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the most advanced digital products and services. Our additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios. 3 Our o Item 1A. RISK FACTORS In addition to the other information contained in, incorporated by reference into or otherwise referred to in this Annual Report, you should consider carefully the following factors when evaluating our business. Any of these risks, or the occurrence of any of the events described in these risk factors, could ma", "title": "GTN - GRAY MEDIA, INC", "url": "/company/GTN/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000275053; latest 10-K filed 2026-03-10.", "text": "NATR - NATURES SUNSHINE PRODUCTS INC SIC 2834 Pharmaceutical Preparations; CIK 0000275053; latest 10-K filed 2026-03-10. NATR NATURES SUNSHINE PRODUCTS INC 0000275053 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion highlights the principal factors that have affected our financial condition, results of operations, liquidity and capital resources for the periods described. This discussion should be read in conjunction with our consolidated financial statements and the related notes in Item 8, Part 2 of this report. This discussion contains forward-looking statements. Please see \u201cCautionary Note Regarding Forward-Looking Statements\u201d for the risks, uncertainties and assumptions associated with these forward-looking statements. 22 Table of Contents OVERVIEW Our Business, Industry and Target Market We are a global leader in manufacturing and marketing high-quality herbal and nutritional supplements. We are a Utah corporation with our principal place of business in Lehi, Utah, and sell our products directly to customers and to a sales force of independent consultants who resell our products to consumers. Our independent consultants market and sell our products to customers and sponsor other independent consultants who also market our products to customers. Because a significant amount of revenue is generated through the sales of our independent consultants, our revenue can be impacted by the number and productivity of our independent consultants. We seek to motivate and provide incentives to our independent consultants by offering high quality products, product support, training seminars and financial incentives, among other considerations. 2025 Performance In 2025, we experienced an increase in our consolidated net sales of 5.7 percent (or 5.3 percent in local currencies) compared to 2024. Asia net sales increased approximately 6.7 percent (or 6.4 percent in local currencies) compared to 2024. Europe net sales increased approximately 9.8 percent (or 7.8 percent in local currencies) compared to 2024. North America net sales increased approximately 3.4 percent (or 3.6 percent in local currencies) compared to 2024. Latin America and Other net sales decreased approximately 5.5 percent (or 4.2 percent in local currencies) compared to 2024. The strengthening of the U.S. dollar versus the local currencies, primarily in our Europe and Asia markets, resulted in an approximate 0.4 percent, or $1.8 million, increase of our net sales during the year ended December 31, 2025. Cost of sales increased $2.7 million during 2025, compared to the same period in 2024, and as a percentage of net sales, were 27.6 percent and 28.5 percent for 2025 and 2024, respectively. The decrease in cost of sales percentage is primarily due to cost savings initiatives and market mix. In absolute terms, selling, general and administrative expenses increased $14.4 million during 2025, and as a percentage of net sales, were 37.2 percent and 36.1 percent for 2025 and 2024, respectively. The increase was primarily related to the timing of compensation costs, incremental investment in digital marketing and consultant events, increased service fees due to China\u2019s higher net sales, as well as other non-recurring expenses. As an international business, we have significant sales and costs denominated in currencies other than the U.S. Dollar. We expect foreign markets with functional currencies other than the U.S. Dollar will continue to represent a substantial portion of our overall sales and related operating expenses. Accordingly, changes in foreign currency exchange rates could materially affect sales and costs or the comparability of sales and costs from period to period as a result of translating foreign markets' financial statements into our reporting currency. Eastern Europe On February 24, 2022, Russian forces launched significant military action against Ukraine. There continues to be sustained conflict and disruption in the region, which is expected to endure for the foreseeable future. Our consultants in the impacted regions continue to operate thei Item 1. Business The Company We are a natural health and wellness company primarily engaged in the manufacturing and direct selling of nutritional and personal care products. We are a Utah corporation formed in 1976 with our principal place of business in Lehi, Utah. We sell our products to a sales force of independent consultants who use the products themselves or resell them to consumers. Business Segments We have four business segments (Asia, Europe, North America and Latin America and Other) based primarily upon the geographic region where each segment operates, as well as the internal organization of our officers and their responsibilities. The geographic segments operate under the Nature\u2019s Sunshine Products and Synergy WorldWide\u00ae brands. The Latin America and Other segment includes our wholesale business in which we sell products to various locally-managed entities, independent of the Company, that we have granted distribution rights for the relevant market. Product Categories Our line of over 800 products includes several different product classifications, such as immune, cardiovascular, digestive, personal care, weight management and other general health products. We purchase herbs and other raw materials in bulk, and after quality control testing, we formulate, encapsulate, tablet or concentrate them, label and package them for shipment. Most of our products are manufactured at our facility in Spanish Fork, Utah. Contract manufacturers produce some of our products in accordance with our specifications and standards. We have implemented quality control procedures to verify that our contract manufacturers have complied with our specifications and standards. A summary of the U.S. dollar amounts from the sale of general health, immune, cardiovascular, digestive, personal care and weight management products for the years ended December 31, 2025 and 2024, by business segment can be found in Note 12, \u201cBusiness Segment and International Operation Information Item 1A. Risk Factors You should carefully consider the following risks in evaluating us and our business. The risks described below are the risks that we currently believe are material to our business. However, additional risks not presently known to us, or risks that we currently believe are not material, may also i", "title": "NATR - NATURES SUNSHINE PRODUCTS INC", "url": "/company/NATR/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001401667; latest 10-K filed 2026-02-26.", "text": "PBYI - PUMA BIOTECHNOLOGY, INC. SIC 2834 Pharmaceutical Preparations; CIK 0001401667; latest 10-K filed 2026-02-26. PBYI PUMA BIOTECHNOLOGY, INC. 0001401667 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Annual Report contains forward-looking statements within the meanings of the federal securities laws. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those expressed or implied by such forward-looking statements. For a detailed discussion of these risks and uncertainties, see the \u201cRisk Factors\u201d section in Item 1A of Part I of this Annual Report. We caution the reader not to place undue reliance on these forward-looking statements, which reflect management\u2019s analysis only as of the date of this Annual Report. We undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this Annual Report. Overview We are a biopharmaceutical company that develops and commercializes innovative products to enhance cancer care and improve treatment outcomes for patients. We are currently commercializing NERLYNX, an oral version of neratinib, for the treatment of certain HER2-positive breast cancers. Additionally, we have in-licensed, and are responsible for global development and commercialization of, alisertib. Alisertib is a selective, small-molecule inhibitor of Aurora Kinase A that is designed to disrupt mitosis leading to apoptosis of rapidly proliferating tumor cells that are dependent on Aurora Kinase A. Prior to our licensing alisertib from Takeda, alisertib was tested in over 1,300 patients who were treated across 22 company-sponsored trials resulting in a large, well-characterized clinical safety database. Based on information in this database, we believe alisertib has potential application in the treatment of a range of different cancer types, including hormone receptor-positive breast cancer, triple negative breast cancer and small cell lung cancer. We intend to pursue development of alisertib initially in small cell lung cancer and hormone receptor-positive breast cancer. NERLYNX is currently approved in the United States for two indications: the extended adjuvant treatment of adult patients with early stage HER2-overexpressed/amplified breast cancer following adjuvant trastuzumab-based therapy and for use in combination with capecitabine for the treatment of adult patients with advanced or metastatic HER2-positive breast cancer who have received two or more prior anti-HER2-based regimens in the metastatic setting. We currently market NERLYNX in the United States using our direct specialty sales force consisting of approximately 35 sales specialists. Our sales specialists are supported by an experienced sales leadership team consisting of five regional business leaders a Senior Vice President of Sales and a Senior Vice President of Marketing, as well as experienced professionals in marketing, managed markets, access and reimbursement, research, and sales planning and operations. Outside the United States, we seek to enter into exclusive sub-license agreements with third parties to pursue regulatory approval, if necessary, and commercialize NERLYNX, if approved. As of December 31, 2025, NERLYNX has received approval for the treatment of certain patients with extended adjuvant or metastatic HER2-positive breast cancer in over 40 countries outside the United States. We are currently party to several sub-licenses in various regions outside the United States, including Europe (excluding Ukraine), Australia, Canada, China, Southeast Asia, Israel, South Korea, Russia and various countries and territories in Central America, South America, Africa and the Middle East. In September 2022, we entered into an exclusive license agreement with Takeda to license the worldwide research and development and commercial rights to alisertib. Alisertib is an investigational, reversible, ATP-competitive inhibitor that is designed to be highly selective for Aurora Kinase A. Inhibition of Aurora Kinase A can lead to ITEM 1. BUSINESS Company Overview Unless otherwise provided in this Annual Report, references to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to Puma Biotechnology, Inc. and our wholly owned subsidiary. We are a biopharmaceutical company that develops and commercializes innovative products to enhance cancer care and improve treatment outcomes for patients. We are currently commercializing NERLYNX, an oral version of neratinib, for the treatment of certain HER2-positive breast cancers. Additionally, we have in-licensed, and are responsible for global development and commercialization of, alisertib. Alisertib is a selective, small-molecule inhibitor of Aurora Kinase A that is designed to disrupt mitosis leading to apoptosis of rapidly proliferating tumor cells that are dependent on Aurora Kinase A. Prior to our licensing alisertib from a subsidiary of Takeda Pharmaceutical Company Limited (\u201cTakeda\u201d), alisertib was tested in over 1,300 patients who were treated across 22 company-sponsored trials resulting in a large, well-characterized clinical safety database. Based on information in this database, we believe alisertib has potential application in the treatment of a range of different cancer types, including hormone receptor-positive breast cancer, triple negative breast cancer and small cell lung cancer. We intend to pursue development of alisertib initially in small cell lung cancer and hormone receptor-positive breast cancer. The following figure provides an overview of our commercial product and drug candidates. [[GREPCENT_TABLE]] [[\"*\",\"EBC: Early breast cancer\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"**\",\"MBC: Metastatic breast cancer\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"***\",\"HRc+: Hormone receptor-positive\"],[\"****\",\"NSCLC: Non-small cell lung cancer\"]] [[/GREPCENT_TABLE]] Neratinib Breast cancer is the leading cause of cancer death among women worldwide, with approximately 2.3 million new cases reported each year and more than 670,000 death ITEM 1A. RISK FACTORS In addition to the other information contained in this Annual Report, the following risk factors should be considered carefully in evaluating our company. Our business, financial condition, liquidity and results of operations could be materially adversely affected by any of these risks. The risks and u", "title": "PBYI - PUMA BIOTECHNOLOGY, INC.", "url": "/company/PBYI/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000933034; latest 10-K filed 2025-08-25.", "text": "STRT - STRATTEC SECURITY CORP SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000933034; latest 10-K filed 2025-08-25. STRT STRATTEC SECURITY CORP 0000933034 3714 Motor Vehicle Parts & Accessories ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management's Discussion and Analysis should be read in conjunction with the accompanying audited consolidated financial statements and notes. Business Overview Strattec Security Corporation is a leading global manufacturer and provider of highly engineered advanced automotive access and security products and solutions. Products include locks & locksets, vehicle start systems, engineered latches, power access solutions, door handles, keys & fobs and other vehicle access products. While the Company serves major automotive OEMs globally, the majority of sales are to the three largest automobile original equipment manufacturers in North America. Current Business Update Our financial results for fiscal 2025 represented a significant improvement over prior year and included $565.1 million in sales (+5.1% increase year-over-year) and $18.7 million in net income attributable to Strattec (or $4.58 per share compared to $4.07 per share in the prior year). Cash flow from operations also increased year-over-year from $12.2 million in fiscal 2024 to $71.7 million in fiscal 2025. As we look forward and navigate macroeconomic challenges and fluctuating OEM production volumes, our operational discipline, product portfolio refinement, and cost control measures position us to continue to drive long-term shareholder value. Market Demand Volatility in the North American automotive industry is driven by supply chain disruptions, global inflation, thinning labor availability, rising global commodity costs and a changing global trade and geopolitical climate. These macro conditions, coupled with changes in production volumes by OEMs in response to new vehicle consumer demand, impact our sales and profitability levels. We delivered 5% sales growth in fiscal 2025, the result of new program launches, pricing actions and increased volumes on the platforms we serve. However, based on recent third party industry projections, it is expected that North American light vehicle production will be flat over the next several years with fiscal 2026 OEM production levels forecasted to be down approximately 5-6%, with a recovery in fiscal 2027 and 2028. Lower near term North American light vehicle production estimates, which are subject to change, are a result of recent tariff uncertainties and related demand impacts, coupled with a lower number of scheduled new platform launches by our addressable customers. Trade Environment & Tariffs In the second half of fiscal 2025 the United States government announced broad tariffs on goods imported into the U.S. from numerous countries, with certain exemptions such as USMCA-compliant imports. In response, multiple nations have countered with reciprocal tariffs and other actions. Since that time, reciprocal tariffs have continued to evolve and the fact pattern remains uncertain. Like other automotive suppliers, we source raw materials and components from a global supply chain with final assembly for our products completed in our Mexico operations. We ship approximately 65% of our sales (the majority of which are USMCA compliant) to customer production sites in the United States, with the balance shipped to other countries. We continue to monitor the dynamic global trade environment and are taking actions to mitigate the cost impact of additional tariffs and understand any associated changes in customer demand and production build schedules. Prior to mitigation efforts, we estimate that the annual impact of the recently enacted tariffs as of August 2025 is a $5 -$7 million increase in our cost of goods sold. We have already mitigated a majority of the cost increase through changes in our global supply chain, pass through of costs to customers and changes in our logistics processes. We will continue to pursue commercial recoveries in an effort to fully offset the cost increase. Global Conditions Due to our ope ITEM 1. BUSINESS Overview Strattec, which has a history serving the automotive industry for over 100 years, was incorporated as a stand-alone company in 1995. Our Milwaukee, Wisconsin headquarters oversees operations in the United States and Mexico for a global customer base. Since the Company\u2019s inception, we have partnered with our customers to design and manufacture highly engineered products and solutions creating a broad range of innovative automotive access products. While primarily focused on key North American automotive original equipment manufacturers (\u201cOEM\u201d), we also provide our products globally to customers in both OEM and aftermarket channels. We believe that our engineering expertise, ability to deliver customized solutions and our quality and delivery performance are key advantages that differentiate the Company from its competitors and allow us to be a premier partner to our customers. Products As automotive vehicle security and safety demands continue to strengthen, our product portfolio is well positioned to meet our customers\u2019 evolving needs. Our product offerings primarily relate to security and authorization solutions, as well as vehicle access systems. Security and authorization products include mechanical and electronically enhanced locks and keys, fobs, passive entry passive start systems, digital key, steering column and instrument panel ignition lock housings and related solutions. We established our leading market position with North American automotive customers initially with our legacy mechanical locks and keys. Our flexible and responsive service and our deep relationships with our customers have allowed us to deliver these products both directly to our OEM customers and through our differentiated service in the aftermarket channel. Our vehicle access product portfolio was derived from an acquisition in fiscal 2009 and includes power sliding doors, power tailgates and lift gate systems, as well as power deck lid systems. The prod ITEM 1A. RISK FACTORS Investors and readers should carefully consider each of the risks, assumptions, uncertainties and other factors described below and elsewhere in this Annual Report, as well as any amendments or updates reflected in subsequent filings with the Securities and Exchange Commission. We believe these", "title": "STRT - STRATTEC SECURITY CORP", "url": "/company/STRT/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001894562; latest 10-K filed 2026-03-03.", "text": "PRME - Prime Medicine, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001894562; latest 10-K filed 2026-03-03. PRME Prime Medicine, Inc. 0001894562 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review \"Item 1A, Risk Factors\" of this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a biotechnology company focused on developing a new class of genetic medicines designed to provide durable, and potentially curative, treatment options for patients with diseases driven by defined genetic alterations, acquired cellular dysfunction, or dysregulated gene expression. We are focused on advancing our in vivo liver franchise, where we are advancing programs to cure two of the largest genetic liver diseases, Wilson Disease and AATD. Both programs are currently in late stages of pre-clinical development and are on track for IND and/or CTA filings in the first half of 2026 for Wilson Disease and the middle of 2026 for AATD. We intend to leverage the modularity of our platform to expeditiously and efficiently develop these programs supported by our universal liver lipid nanoparticle along with potential regulatory, clinical and other synergies from our modular technology. We also continue to advance our in vivo Cystic Fibrosis program with support from CFF, and our efforts to develop Prime Edited CAR-T products for hematology, immunology and oncology in partnership with BMS. In addition, we will continue to pursue additional business development opportunities to accelerate innovation, ensure the broadest application of Prime Editing, and further bolster our financial resources. In August 2025, we announced additional data from the first patient dosed and initial data from the second patient dosed in our Phase 1/2 trial in CGD. Discussions are underway with the FDA to explore a potential accelerated path to approval in the United States. Components of Our Results of Operations Revenues To date, we have not generated any revenue from product sales and do not expect to generate any revenue from the sale of products for the foreseeable future. Our revenues to date have been generated through research collaboration and license agreements. We recognize revenue over the expected performance period under each agreement. We expect that our revenue for the next several years will be derived primarily from our current collaboration agreements and any additional collaborations that we may enter into in the future. To date, we have not received any royalties under any of our existing collaboration agreements. Research and Development Expenses Research and development expenses consist primarily of costs incurred in connection with the development and research of our immediate target indications and our differentiation target indications. These expenses include: \u2022personnel-related expenses, including salaries, bonuses, benefits and stock-based compensation for employees engaged in manufacturing, and research and development functions; \u2022expenses incurred in connection with continuing our current research programs and preclinical and clinical development of any product candidates we may identify, including under agreements with third parties, such as consultants and contractors; \u2022the cost of developing and validating our manufacturing process for use in our preclinical and clinical studies; ITEM 1. Business Overview We are a biotechnology company focused on developing a new class of genetic medicines designed to provide durable, and potentially curative, treatment options for patients with diseases driven by defined genetic alterations, acquired cellular dysfunction, or dysregulated gene expression. Our approach is grounded in Prime Editing, a next-generation gene editing technology that enables targeted modifications to genomic DNA without introducing double-stranded breaks. We believe Prime Editing represents the most versatile and precise method for rewriting, replacing, or repairing DNA sequences and may allow us to address a broad spectrum of diseases with an improved safety and specificity profile relative to earlier editing technologies. We are advancing a pipeline of wholly owned in vivo programs targeting diseases of the liver, Cystic Fibrosis, or CF, programs with the support of the Cystic Fibrosis Foundation, or CFF, and partnered ex vivo programs with Bristol-Myers Squibb, or BMS, supported by our modular delivery and Prime Editor platform. Early clinical data from our ex vivo program, PM359 for CGD, have demonstrated restoration of functional protein activity in treated patients, providing clinical validation of Prime Editing and a potentially curative treatment for CGD patients. Genetic diseases affecting the liver and lung, as well as hematologic disorders addressed through ex vivo editing, represent our initial development priorities. Many of these diseases arise from well-characterized mutations, have established natural histories, and impose meaningful clinical burdens on patients, caregivers and physicians despite available standard-of-care therapies. We believe these attributes enable efficient clinical development, clear biomarker-driven readouts, and the potential to demonstrate meaningful patient benefit in early-stage clinical studies. Our lead program, PM577 for Wilson Disease, is designed to initially correct the H1069Q mu Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below, together with all the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financi", "title": "PRME - Prime Medicine, Inc.", "url": "/company/PRME/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001423869; latest 10-K filed 2026-03-16.", "text": "PCB - PCB BANCORP SIC 6022 State Commercial Banks; CIK 0001423869; latest 10-K filed 2026-03-16. PCB PCB BANCORP 0001423869 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of financial condition and results of operations together with the Consolidated Financial Statements and accompanying notes included in Item 8 of this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth under Item 1A \u201cRisk Factors\u201d and \u201cForward Looking Statements\u201d immediately preceding Part I of this Annual Report on Form 10-K. Critical Accounting Estimates The Company follows accounting and reporting policies and procedures that conform, in all material respects, to GAAP and to practices generally applicable to the financial services industry, the most significant of which are described in Note 1 to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K. The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make judgments and accounting estimates that affect the amounts reported for assets, liabilities, revenues and expenses on the Consolidated Financial Statements and accompanying notes, and amounts disclosed as contingent assets and liabilities. While the Company bases estimates on historical experience, current information and other factors deemed to be relevant, actual results could differ from those estimates. Accounting estimates are necessary in the application of certain accounting policies and procedures that are particularly susceptible to significant change. Critical accounting policies are defined as those that require the most complex or subjective judgment and are reflective of significant uncertainties, and could potentially result in materially different results under different assumptions and conditions. The following is a summary of the more subjective and complex accounting estimates and principles affecting the financial condition and results reported in financial statements. In each area, the Company has identified the variables that management believes to be the most important in the estimation process. The Company uses the best information available to make the estimations necessary to value the related assets and liabilities in each of these areas. Allowance for Credit Losses On January 1, 2023, the Company adopted the provisions of Accounting Standards Codification (\u201cASC\u201d) 326, \u201cFinancial Instruments - Credit Losses (Topic 326).\u201d The adoption of ASC 326 changes the way the Company estimates the ACL on certain financial assets. The adoption of ASC 326 requires the Company to measure and record current expected credit losses for financial assets within the scope of ASC 326, which for the Company currently consist substantially of loans, off-balance sheet credit exposures and securities available-for-sale. Measuring credit losses under the current expected credit losses (\u201cCECL\u201d) framework requires a significant amount of judgment, including the incorporation of reasonable and supportable forecasts about future conditions that may ultimately impact the level of credit losses the Company may recognize. Under the CECL framework, current expected credit losses are recorded on financial assets within the scope of ASC 326 at the time of their origination or acquisition. The following table summarizes the initial adjustment to the ACL as of January 1, 2023: [[GREPCENT_TABLE]] [[\"($ in thousands)\",\"\",\"Pre-ASC 326 Adoption\",\"\",\"Impact of ASC 326 Adoption\",\"\",\"As Reported Under ASC 326\"],[\"Assets\"],[\"ACL on loans\"],[\"Commercial real estate\",\"\",\"$\",\"15,536\",\"\",\"\",\"$\",\"(610)\",\"\",\"\",\"$\",\"14,926\"],[\"Commercial and industrial\",\"\",\"5,502\",\"\",\"\",\"4,344\",\"\",\"\",\"9,846\"],[\"Consumer\",\"\",\"3,904\",\"\",\"\",\"(2,667)\",\"\",\"\",\"1,237\"],[\"Total ACL on loans\",\"\",\"2 Item 1. Business General PCB Bancorp is a California corporation incorporated in 2007 as a registered bank holding company subject to the Bank Holding Company Act of 1956, as amended (\u201cBHCA\u201d), to serve as the holding company for PCB Bank (the \u201cBank\u201d), which was founded in 2003. The Company has no material operations other than those of the Bank. The Bank is a California state-chartered commercial bank. The Bank\u2019s deposit accounts are insured by the Federal Deposit Insurance Corporation (\u201cFDIC\u201d) up to the maximum amount currently allowable under federal law. As of December 31, 2025, the Bank is a single operating segment that operates nine full-service branches in Los Angeles and Orange Counties, California, three full-service branches on the East Coast (Bayside, New York; and Englewood Cliffs and Palisades Park, New Jersey), two full-service branches in Texas (Carrollton and Dallas), and one full-service branch in Georgia (Suwanee). The Bank also has loan originators of primarily SBA loans in Washington. The Bank offers a broad range of loans, deposits, and other products and services predominantly to small and middle market businesses and individuals. The principal executive office of the Company is located at 3701 Wilshire Boulevard, Suite 900, Los Angeles, California 90010, and its telephone number is (213) 210-2000. The reports, proxy statements and other information that the Company files with the SEC, as well as news releases, are available free of charge through the Company\u2019s website at www.mypcbbank.com. This information can be found under the \u201cInvestor Relations\u201d link on the website. Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed and furnished pursuant to Section 13(a) of the Exchange Act are available as soon as reasonably practicable after they have been filed or furnished to the SEC. Reference to the Company\u2019s website address is not intended to incorporate any of the i Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. Before you decide to invest, you should carefully consider the risks described below, together with all other information included in this Annual Report on Form 10-K. Any of the following risks, as well as risks that we do not know or currently deem immaterial, could have a m", "title": "PCB - PCB BANCORP", "url": "/company/PCB/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001549346; latest 10-K filed 2026-02-17.", "text": "SSTK - Shutterstock, Inc. SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001549346; latest 10-K filed 2026-02-17. SSTK Shutterstock, Inc. 0001549346 7374 Services-Computer Processing & Data Preparation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this filing. In addition to historical consolidated financial information, this discussion contains forward-looking statements including statements about our plans, estimates and beliefs. These statements involve risks and uncertainties and our actual results could differ materially from those expressed or implied in forward-looking statements. See \u201cForward Looking Statements\u201d above. See also the \u201cRisk Factors\u201d disclosure in Item 1A above for additional discussion of the risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Merger Agreement with Getty Images On January 6, 2025, we entered into an Agreement and Plan of Merger (the \u201cMerger Agreement\u201d) to combine in a merger-of-equals transaction with Getty Images Holdings, Inc. (NYSE:GETY) (\u201cGetty Images\u201d) (such transaction referred to herein as the \u201cMerger\u201d). Subject to terms and conditions in the Merger Agreement, the aggregate consideration to be paid by Getty Images in respect of the outstanding shares of common stock of Shutterstock will be: (a)An amount in cash equal to the product of $9.50 multiplied by the number of shares of Shutterstock common stock outstanding immediately prior to the transaction close (including vested Shutterstock restricted stock units and performance stock units); and (b)A number of shares of Getty Images common stock equal to the product of 9.17 multiplied by the number of shares of Shutterstock common stock outstanding immediately prior to the transaction close (including vested Shutterstock restricted stock units and performance stock units). Each holder of shares of Shutterstock common stock immediately prior to the transaction close will have the option to receive, subject to proration, for each share of Shutterstock common stock held by such holder: (a)Cash consideration of $9.50 and 9.17 shares of Getty Images common stock (a \u201cMixed Election\u201d); (b)Cash consideration of $28.8487; or (c)13.67237 shares of Getty Images common stock. If no election is made by a holder, each of such holder\u2019s shares of Shutterstock common stock shall be treated as having made a Mixed Election. A majority of Shutterstock stockholders approved the adoption of the Merger Agreement at a special meeting of stockholders held on June 10, 2025 (the \u201cShutterstock Stockholder Approval\u201d). The Merger is subject to the satisfaction of customary closing conditions, further described below, including receipt of required regulatory approvals. Subject to the satisfaction of the closing conditions, upon closing of the Merger, Shutterstock\u2019s common stock will be delisted from the NYSE and deregistered under the Securities Exchange Act of 1934, as amended. The closing of the Merger is subject to the satisfaction or waiver of certain closing conditions, including: \u2022the Shutterstock Stockholder Approval, which condition was subsequently satisfied as described above, and the Getty Images stockholder approval, which condition was subsequently satisfied by the Getty Images stockholder written consent; \u2022Getty Images\u2019 registration statement on Form S-4 to be filed in connection with the Merger having become effective and the mailing of an information statement to Getty Images stockholders at least 20 business days prior to the closing, which condition was subsequently satisfied on April 30, 2025; \u2022absence of any order, injunction or other order or law in certain jurisdictions prohibiting the Merger or making the closing of the Merger illegal; \u2022expiration of the applicable waiting period (and extensions thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, Item 1. Business. Overview Shutterstock, Inc. (referred to herein as the \u201cCompany\u201d, \u201cwe,\u201d \u201cour,\u201d and \u201cus\u201d) is a leading global creative platform connecting brands and businesses to high quality content. Our platform brings together users and contributors of content by providing readily-searchable content that our customers pay to license and by compensating contributors as their content is licensed. Contributors upload their content to our web properties in exchange for royalty payments based on customer download activity. Beyond content, customers also leverage our platform to assist with the entire creative process from ideation through creative execution. Digital content licensed to our customers for their creative needs includes images, footage, music, and 3D models (our \u201cContent\u201d offering). Our Content revenues represent the majority of our business and are supported by our searchable creative platform and driven by our large contributor network. In addition, our customers have needs that are beyond traditional content license products and services. These include (i) licenses to metadata associated with our images, footage, music tracks and 3D models through our data offering, (ii) distribution and advertising services from our Giphy business, which consists of GIFs (graphics interchange format visuals) that serve as a critical ingredient in text- and message- based conversations and in contextual advertising settings, (iii) specialized solutions for high-quality content matched with production tools and services through Shutterstock Studios and (iv) other tailored white-glove services (collectively, our \u201cData, Distribution, and Services\u201d offerings). Our Content and Data, Distribution, and Services offering revenues are as follows (in thousands): [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Content\",\"\",\"$\",\"786,661\",\"\",\"\",\"$\",\"760,011\",\"\",\"\",\"$\",\"737,264\"],[\"Data, Distribution, and Services\",\"\",\"203,264\",\" Item 1A. Risk Factors. You should carefully consider the risks and uncertainties described below, together with the financial and other information contained in this Annual Report on Form 10-K. Our business may also be adversely affected by risks and uncertainties not presently known to us or that we current", "title": "SSTK - Shutterstock, Inc.", "url": "/company/SSTK/" }, { "kind": "company", "summary": "SIC 1389 Oil & Gas Field Services, NEC; CIK 0001699039; latest 10-K filed 2026-03-05.", "text": "RNGR - Ranger Energy Services, Inc. SIC 1389 Oil & Gas Field Services, NEC; CIK 0001699039; latest 10-K filed 2026-03-05. RNGR Ranger Energy Services, Inc. 0001699039 1389 Oil & Gas Field Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the historical financial statements and related notes included elsewhere in this Annual Report. This discussion contains \u201cforward\u2011looking statements\u201d reflecting our current expectations, estimates and assumptions concerning events and financial trends that may affect our future operating results or financial position. These statements include certain risks and uncertainties. Please read \u201cCautionary Statement Regarding Forward\u2011Looking Statements\u201d and the risk factors described under \u201cPart I, Item 1A.-Risk Factors\u201d for more details. 30 2025 Business Update Business Outlook We are a provider of onshore high specification well service rigs and complementary services in the U.S. We provide an extensive range of well site services to leading U.S. E&P companies that are fundamental to establishing, maintaining and enhancing the flow of oil and natural gas throughout the productive life of a well. Additionally, we serve to assist our customers in decommissioning wells at the end of their economic life. A comprehensive discussion of each of our reporting segments is included below in the section titled \u201cHow We Evaluate Our Operations.\u201d We operate in most of the active oil and natural gas basins in the U.S., including the Permian Basin, Denver-Julesburg Basin, Bakken Shale, Eagle Ford Shale, Haynesville Shale, Gulf Coast, South Central Oklahoma Oil Province and Sooner Trend Anadarko Basin Canadian and Kingfisher Counties plays. As the Company looks ahead to 2026, we anticipate that our core business will remain resilient in the face of continued macroeconomic pressures. We expect our financial results to show meaningful year-over-year improvement, driven by our production-oriented focus, our continued relationships with our core customers that represent the largest E&P businesses in the Lower 48, and our increased exposure to the Permian Basin following the acquisition of AWS. We believe the acquisition of AWS will deliver more than $36.0 million in Adjusted EBITDA in fiscal year 2026, while legacy Ranger business lines are expected to remain largely flat year-over-year in the current oil and gas environment. As we are a production-focused business with solely domestic operations, we have considered the U.S. Energy Information Administration\u2019s (\u201cEIA\u201d) estimate that daily crude oil production in the U.S. is expected to remain flat from 2025 to 2026 at 13.6 million barrels per day, up from 13.2 million barrels per day in 2024. The EIA estimates that Lower 48 crude oil production in the U.S. is expected to average 11.1 million barrels per day in 2026, down from 11.3 million barrels per day in 2025 but still up from 11.0 million barrels per day in 2024. In the Permian Basin, where we have our largest base of operations following the acquisition of AWS, crude oil production is expected to remain flat from 2025 to 2026 at 6.6 million barrels per day, up from 6.3 million barrels per day in 2024. With supply and demand remaining imbalanced, downward pressure on prices is forecasted by both the International Energy Agency and the U.S. Energy Information Administration, with oil prices expected to average approximately $56 per barrel during 2026 as compared to $69 per barrel in 2025 and $81 per barrel in 2024. Our business should benefit from increased demand for natural gas, driven by domestic electricity demand and international demand for increasing LNG exports from the U.S. While our direct exposure to natural gas markets is limited in comparison to our crude oil exposure, the assets both we and our competition operate in basins are capable of being deployed across both crude oil and natural gas wells and tightening in either market should benefit the broader complex. We also see potential tailwinds for our Torrent natural gas processing solution as increases in regulator Item 1. Business Overview Ranger Energy Services, Inc. (\u201cRanger, Inc.,\u201d \u201cRanger,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or the \u201cCompany\u201d) is a provider of onshore high specification well service rigs, wireline services, and additional processing solutions and ancillary services in the United States (\u201cU.S.\u201d). The Company provides an extensive range of well site services to leading U.S. E&P companies that are fundamental to establishing and maintaining the flow of oil and natural gas throughout the productive life of a well. Our service offerings consist of well completion support, well workover and maintenance, wireline associated services, and other complementary services, as well as installation, commissioning and operating of modular equipment, which are conducted in three reportable segments, as follows: \u2022High Specification Rigs. Provides high specification well service rigs and complementary equipment and services to facilitate operations throughout the lifecycle of a well. \u2022Wireline Services. Provides services necessary to bring and maintain a well on production and consists of our wireline completion, wireline production and pump down lines of business. \u2022Processing Solutions and Ancillary Services. Provides other services often utilized in conjunction with our High Specification Rigs and Wireline Services segments. These services include equipment rentals, plug and abandonment, logistics, coil tubing, mixing plants and chemicals, tubing and inspection, transportation, and processing solutions. The Company\u2019s operations take place in most of the active oil and natural gas basins in the U.S., including the Permian Basin, Denver-Julesburg Basin, Bakken Shale, Eagle Ford Shale, Haynesville Shale, Gulf Coast, South Central Oklahoma Oil Province and Sooner Trend, Anadarko Basin, and Canadian and Kingfisher Counties plays. For further information related to our services and financial results of our operating segments, see \u201cPart I, Item 1. Business\u2014Our Segments\u201d and \u201cPart II, Item Item 1A. Risk Factors You should carefully consider the information in this Annual Report, including the matters addressed under \u201cCautionary Statement Regarding Forward\u2011Looking Statements\u201d and the following risks before making an investment decision. If any of the following risks actually occur, the trading pr", "title": "RNGR - Ranger Energy Services, Inc.", "url": "/company/RNGR/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001277902; latest 10-K filed 2026-03-12.", "text": "MVBF - MVB FINANCIAL CORP SIC 6022 State Commercial Banks; CIK 0001277902; latest 10-K filed 2026-03-12. MVBF MVB FINANCIAL CORP 0001277902 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis provides information that management believes is necessary to understand our financial condition, results of operations and cash flows for the year ended December 31, 2025 as compared to 2024. This information should be read in conjunction with our consolidated financial statements and related notes thereto included elsewhere in this report. A discussion of changes in our results of operations from 2023 to 2024 may be found in Item 7 \u2013 Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 13, 2025. Further, we encourage you to revisit the Forward-Looking Statements at the beginning of this report. Executive Summary We continue to adapt our business model due to challenging market conditions, primarily due to the current interest rate environment and economy, as well as consideration of regulatory and geopolitical environments, among others. The Federal Reserve lowered its key interest rate to a range of 3.50% to 3.75% in December 2025. Higher loan balances primarily reflect the Bank's execution of its asset generation strategies that include the diversification of risk among loans with relatively smaller loan balances, as well as a focus on loans with fixed interest rates. We remain committed to the gaming, payments and banking-as-a-service industries. We continue to expand the Bank's treasury services function to support the banking needs of financial and emerging technology companies, which we believe will further enhance CoRe deposits, notably through the expansion of deposit acquisition and fee income strategies through the Fintech division. Additionally, we have expanded our compliance and risk management team to support the growth in these lines of business. Financial Results Net interest income declined $1.8 million to $107.4 million, noninterest income increased $17.4 million to $60.3 million and noninterest expense declined $0.1 million to $122.1 million during 2025 compared to 2024. Our tax-equivalent yield on earning assets was 5.95% in 2025, compared to 6.22% in 2024. Total loans increased $243.0 million to $2.34 billion as of December 31, 2025 from $2.10 billion as of December 31, 2024. Our overall cost of interest-bearing liabilities was 3.43% in 2025 compared to 4.07% in 2024. Despite the decline in the cost of interest-bearing liabilities outpacing the decline in the earning assets yield, the shift in the mix of earning assets and the increase in interest-bearing liabilities resulted in our tax-equivalent net interest margin declining to 3.65% during the year ended December 31, 2025 from 3.67% during the year ended December 31, 2024. Net income available to common shareholders in 2025 totaled $26.9 million, compared to $20.1 million in 2024, an increase of $6.8 million. Earnings for 2025 equated to a return on average assets of 0.8% and a return on average equity of 8.7%, compared to 2024 results of 0.6% and 6.9%, respectively. Basic and diluted earnings per share were $2.11 and $2.06, respectively, in 2025 compared to $1.56 and $1.53, respectively, in 2024. Net Interest Income and Net Interest Margin (Average Balance Schedules) The following tables present, for the periods indicated, information about (1) average balances, the total dollar amount of interest income from interest-earning assets and the resultant average yields; (2) average balances, the total dollar amount of interest expense on interest-bearing liabilities and the resultant average rates; (3) the interest rate spread; (4) net interest income and margin; and (5) net interest income and margin (on a tax-equivalent basis). The average balances presented are derived from daily average balances. 34 Average Balances and Analysis of Net Interest Income [[GREPCENT_TABLE]] [[\"\",\"\",\" ITEM 1. BUSINESS Corporate Overview MVB Financial Corp. is a financial holding company organized in 2003 as a West Virginia corporation that operates principally through its wholly-owned subsidiary, MVB Bank, Inc. (the \u201cBank\u201d). The Bank\u2019s consolidated subsidiaries include MVB Edge Ventures, Inc. (\u201cEdge Ventures\u201d), Paladin Fraud, LLC (\"Paladin Fraud\") and MVB Insurance, LLC. Edge Ventures wholly-owns MVB Technology, LLC and Victor Technologies, Inc. (\"Victor\"). The Bank also owns an equity method investment in Intercoastal Mortgage Company, LLC (\u201cICM\u201d) and MVB Financial Corp. owns equity method investments in Warp Speed Holdings, LLC (\u201cWarp Speed\u201d) and Ayers Socure II, LLC (\u201cAyers Socure II\u201d). MVB Financial Corp.'s consolidated subsidiaries also include SPE PR, LLC. As of December 31, 2024, the Bank owned an 80.8% interest in Trabian Technology, Inc. (\"Trabian\"). In January 2025, the Bank entered into a stock repurchase agreement with Trabian in which Trabian repurchased all the shares held by MVB. Refer to note Note 24 \u2013 Acquisitions and Divestitures. On September 30, 2025, we executed an asset purchase agreement to sell substantially all assets and operations of Victor to Jack Henry & Associates (\"Jack Henry\"). We recorded a $34.2 million pre-tax gain associated with the sale of Victor that is included in gain on divestiture activity in the consolidated statement of income. Refer to Note 24 \u2013 Acquisitions and Divestitures. Business Overview We conduct a wide range of business activities through the Bank, primarily commercial and retail (\u201cCoRe\u201d) banking services, as well as Fintech banking. CoRe Banking We offer our customers a full range of products and services including: [[GREPCENT_TABLE]] [[\"l\",\"Various demand deposit accounts, savings accounts, money market accounts and certificates of deposit;\"],[\"l\",\"Commercial, consumer and real estate mortgage loans and lines of credit;\"],[\"l\",\"Debit cards;\"],[\"l\",\"Cashier\\u2019s checks; and\"],[\"l\",\"Safe deposit re ITEM 1A. RISK FACTORS Carefully consider the risks described below, together with all other information included or incorporated by reference in this Annual Report on Form 10-K. If any of the following risks actually occur, our business, financial condition, results of operations and cash flows could be materially adversely affected. In these circu", "title": "MVBF - MVB FINANCIAL CORP", "url": "/company/MVBF/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0001525769; latest 10-K filed 2026-03-31.", "text": "PLAY - Dave & Buster's Entertainment, Inc. SIC 5812 Retail-Eating Places; CIK 0001525769; latest 10-K filed 2026-03-31. PLAY Dave & Buster's Entertainment, Inc. 0001525769 5812 Retail-Eating Places ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our audited consolidated financial statements and related notes included herein. This discussion may contain forward-looking statements. See Cautionary Statement Regarding Forward-Looking Statements and Risk Factors for a discussion of the uncertainties and risks associated with these statements. Unless otherwise specified, the meanings of all defined terms in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d are consistent with the meanings of such terms as defined in the Notes to consolidated financial statements. All dollar amounts are presented in millions, unless otherwise noted, except per share amounts. 26 Fiscal 2025 Financial Highlights \u2022Revenue of $2,102.8 decreased 1.4% compared to $2,132.7 in fiscal 2024. \u2022Comparable store sales decreased 5.0% compared to fiscal 2024. See further discussion of comparable store sales below at Revenues. \u2022Net loss totaled $48.7, or $1.40 per diluted share, compared to net income of $58.3, or $1.46 per diluted share in fiscal 2024. \u2022Adjusted EBITDA decreased $69.6 to $436.6, or 20.8% of revenues, compared to Adjusted EBITDA of $506.2, or 23.7% of revenues, in fiscal 2024. See further discussion of Adjusted EBITDA, a non-GAAP measure, at Non-GAAP Financial Measures below along with a reconciliation to net income, the most comparable GAAP measure, at Reconciliations of Non-GAAP Financial Measures below. General We are a leading owner and operator of high-volume venues primarily in North America that combine entertainment and dining for both adults and families under the \u201cDave & Buster\u2019s\u201d and \u201cMain Event\u201d brands. The core of our concept is to offer our customers various forms of entertainment along with quality dining all in one location. Our entertainment offerings provide an extensive assortment of attractions centered around playing games, bowling, and watching live sports and other televised events. Our brands appeal to a relatively balanced mix of male and female adults, as well as families and teenagers. We believe we appeal to a diverse customer base by providing a highly customizable experience in a dynamic and fun setting. Our Dave & Buster\u2019s stores average 37,000 square feet and range in size between 16,000 and 70,000 square feet. Our Main Event stores average 53,000 square feet and range in size between 37,500 and 78,000 square feet. Generally, our stores are open seven days a week, with normal hours of operation generally beginning between 10:00 to 11:30 a.m. and continuing until midnight, with stores typically open for extended hours on weekends. Strategy Our strategy is built on the following key initiatives: \u2022Offer the latest entertainment at competitive prices. \u2022Offer novel food & drink to bring people together. \u2022Drive customer engagement through strategic marketing and loyalty offerings. \u2022Optimize our footprint with new venues and refreshed existing locations. \u2022Drive incremental sales volume through advertising and hosting special events. \u2022Drive an improved customer experience and optimize operations through targeted technology investments. For further information about our strategy, refer to \u201cItem 1. Business - Strategy.\u201d Key Measures of Our Performance We monitor and analyze several key performance measures to manage our business and evaluate financial and operating performance, including: Comparable store sales. Comparable store sales are a comparison of sales to the same period of prior years for the comparable store base. We historically define the comparable store base to include those stores owned and open for a full 18 months before the beginning of the fiscal year and exclude stores permanently closed during the period. For fiscal 2025, our comparable store base consisted of 153 Dave & Buste ITEM 1. Business Dave & Buster\u2019s Entertainment, Inc. (\u201cD&B Entertainment\u201d) is the owner and operator of 243 venues in North America that offer premier entertainment and dining experiences for both adults and families under the Dave & Buster's and Main Event brands. As of February 3, 2026, the Company had 179 Dave & Buster\u2019s branded stores in 43 states, Puerto Rico, and Canada that offer guests the opportunity to \u201cEat Drink Play and Watch\u201d, all in one location. Each store offers a full menu of entr\u00e9es and appetizers, a complete selection of alcoholic and non-alcoholic beverages, and an extensive assortment of entertainment attractions centered around playing games and watching live sports and other televised events. Internationally, the Company is in early-stage growth as a franchisor of the Dave & Buster\u2019s brand, with four franchised locations currently open. As of February 3, 2026, the Company also has 64 Main Event stores in 22 states across the United States. Main Event offers food, drinks and entertainment, including state-of-the-art bowling, laser tag, arcade games and virtual reality, making it the perfect place for families to connect and make memories. Unless otherwise provided in this report, references to \u201cDave & Buster\u2019s,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or the \u201cCompany\u201d refer to D&B Entertainment and its wholly owned subsidiaries and any predecessor entities. All dollar amounts are presented in millions, unless otherwise noted or the context otherwise requires, except for per share amounts. 2 Our fiscal year consists of 52 or 53 weeks ending on the Tuesday after the Monday closest to January 31. During fiscal 2024, we adjusted the year-end day from Sunday to Tuesday to improve labor and operational efficiencies by ending the Company's periods outside of the busier weekend timeframe. Each quarterly period has 13 weeks, except in a 53-week year when the fourth quarter has 14 weeks. Fiscal 2025 and fiscal 2024 contained 52 weeks, while fiscal 2023 contained 53 wee ITEM 1A. Risk Factors Various risks and uncertainties could affect our business. In addition to the information contained elsewhere in this report and other filings that we make with the SEC, the risk factors described below could have a material impact on our business, financial condition, results of operations, cash flows or the", "title": "PLAY - Dave & Buster's Entertainment, Inc.", "url": "/company/PLAY/" }, { "kind": "company", "summary": "SIC 6141 Personal Credit Institutions; CIK 0001806201; latest 10-K filed 2026-03-12.", "text": "LPRO - Open Lending Corp SIC 6141 Personal Credit Institutions; CIK 0001806201; latest 10-K filed 2026-03-12. LPRO Open Lending Corp 0001806201 6141 Personal Credit Institutions Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis should be read in conjunction with our consolidated financial statements and related notes appearing in Item 8. Financial Statements and Supplementary Data. This section of our Annual Report generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report can be found in Part II, \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The following discussion contains forward-looking statements that reflect our future plans, estimates, beliefs and expected performance. The forward-looking statements are dependent upon events, risks and uncertainties that may be outside our control. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to those factors discussed below and elsewhere in this Annual Report, particularly in Item 1A\u2014Risk Factors and Cautionary Note Regarding Forward-Looking Statements, all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law. Business Overview We are a leading provider of lending enablement and risk analytics to credit unions, regional banks, finance companies and OEM captive finance companies of automakers. Through our flagship product, LPP, our customers, collectively referred to herein as automotive lenders, make automotive consumer loans to underserved near-prime and non-prime borrowers by harnessing our risk-based interest rate pricing models, powered by our proprietary data and real-time underwriting of automotive loan default insurance coverage from insurers. Since our inception in 2000, we have facilitated over one million automotive loans representing over $27.9 billion in originations through LPP, and we have accumulated approximately 25 years of proprietary data and developed over two million unique risk profiles. We currently serve 450 active lenders. We specialize in risk-based pricing and modeling and provide automated decision-technology for automotive lenders throughout the U.S. We target the financing needs of near-prime and non-prime borrowers, or borrowers with a credit bureau score generally between 560 and 699, who are underserved in the automotive finance industry. Borrowers who must utilize the near-prime and non-prime automotive lending market have fewer lenders focused on loans with longer terms or higher advance rates. As a result, many near-prime and non-prime borrowers turn to sub-prime lenders, resulting in higher interest rate loan offerings than such borrower's credit profile often merits or warrants. We seek to make this market more competitive, resulting in more attractive loan terms. LPP is a cloud-based automotive lending enablement platform. LPP supports loans made to near-prime and non-prime borrowers and is designed to underwrite default insurance by linking automotive lenders to our insurance partners. The platform uses risk-based pricing models which enable automotive lenders to assess the credit risk of a potential borrower using data driven analysis. Our proprietary risk models project loan performance, including expected losses and prepayments, in arriving at the optimal contract interest rate. LPP recommends a risk-based, all-inclusive interest rate for a loan that is customized to each automotive lender, reflecting cost of capital, loan servicing and acquisition costs, expected recovery rates and target retu Item 1. Business. Unless the context otherwise requires, \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cOpen Lending,\u201d and the \u201cCompany\u201d refer to Open Lending Corporation and its subsidiaries. Open Lending, LLC and Lenders Protection, LLC are wholly owned subsidiaries of Open Lending Corporation. Company Overview We are a leading provider of lending enablement and risk analytics to credit unions, regional banks, finance companies and the captive finance companies of automakers (\u201cOEM captive finance companies\u201d). Through our flagship product, LPP, our customers, collectively referred to herein as automotive lenders or lenders, make automotive consumer loans to underserved near-prime and non-prime borrowers by harnessing our risk-based interest rate pricing models, powered by our proprietary data and real-time underwriting of automotive loan default insurance coverage from insurers. Since our inception in 2000, we have facilitated over one million automotive loans through LPP, representing over $27.9 billion in originations, and we have accumulated approximately 25 years of proprietary data and developed over two million unique risk profiles. We currently serve 450 active lenders. Lenders Protection Platform LPP is a cloud-based automotive lending enablement platform. LPP supports loans made to near-prime and non-prime borrowers and is designed to underwrite default insurance by linking automotive lenders to our insurance partners. The platform uses risk-based pricing models that enable automotive lenders to assess the credit risk of a potential borrower using data-driven analysis. Our proprietary risk models project loan performance, including expected losses and prepayments, in arriving at the optimal contract interest rate. LPP recommends a risk-based, all-inclusive interest rate for a loan that is customized to each automotive lender, reflecting cost of capital, loan servicing and acquisition costs, expected recovery rates and target return on assets. LPP risk models use a proprietary s Item 1A. Risk Factors. A description of the material and other risks and uncertainties associated with our business and industry is set forth below. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report, including our consolidated financial sta", "title": "LPRO - Open Lending Corp", "url": "/company/LPRO/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001681087; latest 10-K filed 2026-02-26.", "text": "TECX - Tectonic Therapeutic, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001681087; latest 10-K filed 2026-02-26. TECX Tectonic Therapeutic, Inc. 0001681087 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes included elsewhere in this Annual Report on Form 10-K. The following discussion contains forward-looking statements that are based upon current expectations that involve risks, uncertainties and assumptions. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. Please also see the section titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Unless otherwise indicated or the context otherwise requires, references in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d section to the Company, \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to the business and operations of Tectonic Operating Company, Inc. (previously Tectonic Therapeutic, Inc., referred to as \u201cLegacy Tectonic\u201d) and its consolidated subsibdiaries prior to the Merger, and the business and operations of Tectonic Therapeutic, Inc. (previously AVROBIO, Inc., referred to as \u201cAVROBIO\u201d) and its consolidated subsidiaries following the Merger. Overview We are a clinical-stage biotechnology company focused on the discovery and development of therapeutic proteins and antibodies that modulate the activity of GPCRs. The discovery of biologics that can modulate GPCRs has historically been quite challenging. We have developed a proprietary technology platform called GEODe\u2122, with the aim of addressing these challenges to enable the discovery and development of GPCR-targeted biologic medicines that can modify the course of disease. We focus on areas of significant unmet medical need, often where therapeutic options are poor or nonexistent, as these are areas where new medicines have the potential to improve patient quality of life or extend duration of life. Our lead product candidates are TX45, an Fc-relaxin fusion molecule that activates the RXFP1 receptor, the GPCR target of the hormone relaxin, and TX2100, a VHH-Fc fusion antagonist antibody that binds to the APJ receptor (\u201cAPLNR\u201d). In September 2024, we announced favorable results from a Phase 1a clinical trial evaluating safety, tolerability and pharmacokinetic (\u201cPK\u201d) and pharmacodynamic (\u201cPD\u201d) properties for TX45. In this clinical trial, TX45 was well-tolerated with no drug-related severe adverse events, no observed immunogenicity and demonstrated a favorable PK/PD relationship. Renal plasma flow was measured in each patient at several time points as a PD marker. This data was used to develop an exposure-response model which enabled the selection of doses for the APEX Phase 2 clinical trial. In May 2025, we announced the complete results from Part A of the Phase 1b hemodynamic clinical trial of TX45 in subjects with Group 2 Pulmonary Hypertension (\u201cPH\u201d) in Heart Failure with Preserved Ejection Fraction (\u201cHFpEF\u201d), known as PH-HFpEF. Part A of the TX45 Phase 1b clinical trial was a single dose IV, open-label clinical trial evaluating the safety, tolerability and hemodynamic effects of TX45 over an 8-hour period in subjects with PH-HFpEF. The complete data from Part A confirmed the tolerability and hemodynamic effects of TX45 in subjects with PH-HFpEF previously reported in the interim data in January 2025. Based on the complete dataset, TX45 was well-tolerated in subjects with PH-HFpEF with no serious or severe adverse events. In the overall study population of the complete dataset, TX45 achieved a 19.0% reduction in pulmonary capillary wedge pressure (\u201cPCWP\u201d), an endpoint reported to correlate with exercise capacity, morbidity and mortality in patients with heart failure, and an 18.5% improvement in cardiac output. In the subpopulation with combined pre- and po Item 1. Business. The business and the industry in which Tectonic Therapeutic, Inc. (inclusive of its consolidated subsidiaries, \u201cTectonic,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) operates is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section titled \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by Tectonic. Overview We are a clinical-stage biotechnology company focused on the discovery and development of therapeutic proteins and antibodies that modulate the activity of G-protein coupled receptors (\u201cGPCRs\u201d). The discovery of biologics that can modulate GPCRs has historically been quite challenging. We have developed a proprietary technology platform called GEODe\u2122 (GPCRs Engineered for Optimal Discovery) with the aim of addressing these challenges and enabling the discovery and development of GPCR-targeted biologic medicines that can modify the course of disease. We focus on areas of significant unmet medical need, often where therapeutic options are poor or nonexistent, and where new medicines have the potential to improve patients\u2019 quality of life. GPCRs are receptor molecules found on the surface of cells that act as sensors for various extracellular stimuli to enable communication between cells and their environment. These molecules regulate diverse aspects of human biology, including blood pressure, glucose metabolism, neuronal signaling, and immune surveillance. There are over 800 human genes encoding GPCRs, underscoring the extent to which human biology has relied on this molecular system for physiological control. The breadth of effects controlled by GPCRs is illustrated by the fact that greater than 30% of all approved drugs address targets in this class. The vast majority of these drugs, however, are small molecules, and their targets", "title": "TECX - Tectonic Therapeutic, Inc.", "url": "/company/TECX/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001855747; latest 10-K filed 2026-03-16.", "text": "BLND - Blend Labs, Inc. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001855747; latest 10-K filed 2026-03-16. BLND Blend Labs, Inc. 0001855747 7370 Services-Computer Programming, Data Processing, Etc. ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements. You should review the section titled \u201cSpecial Note Regarding Forward-Looking Statements\u201d for a discussion of forward-looking statements and the section titled \u201cRisk Factors\u201d for a discussion of factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis and elsewhere in this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. This section of this Annual Report on Form 10-K generally discusses fiscal years 2025 and 2024 items and year-to-year comparisons between fiscal years 2025 and 2024. Discussions of fiscal year 2023 items and year-to-year comparisons between fiscal years 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on March 13, 2025. During the first quarter of 2025, we classified the results of our previously reported Title segment as discontinued operations in accordance with ASC 205-20. Accordingly, the financial results and related discussion for all periods presented reflect continuing operations only and exclude the results of the Title segment, which are separately presented as discontinued operations elsewhere in this Annual Report on Form 10-K. The 2024 financial results presented herein have been recast to conform to this presentation. As a result, the 2024 figures discussed in this section are not directly comparable to those reported in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on March 13, 2025, where the Title segment was presented as a consolidated operating segment. Refer to Note 16, \"Assets Held for Sale and Discontinued Operations,\" to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K for additional information regarding the discontinued operations. Overview Blend Labs, Inc. was founded in 2012, with a vision to bring simplicity and transparency to financial services, so everyone can gain access to the capital they need to lead better lives. To realize this vision, we have built a market-leading cloud-based software platform and suite of products for financial services firms that is designed to power the end-to-end consumer journey for any banking product. Our software platform was built in an extensible, modular, and configurable fashion to support continued product expansion. We have technology, data, and service providers on our software platform, including access to an extensive marketplace of insurance carriers and settlement agencies. Our products and marketplaces provide multiple opportunities for us to serve financial services firms and consumers and drive revenue growth. The development of our business reflects ongoing product innovation as we continue to attract financial services firms to our software platform and grow with them as they serve consumers. Financial services firms have been shifting for years to a digital-first approach to acquiring consumers, delivering products, and deepening existing consumer relationships. This imperative to compete through digital-first consumer experiences ITEM 1. BUSINESS Company Overview Blend (NYSE: BLND) is on a mission to transform the financial services industry by making the process of obtaining a loan or opening an account as seamless and intuitive as modern e-commerce. Today\u2019s consumers expect simplicity, hyper-personalization, and speed across every banking and lending interaction. Our platform brings together the data, technology, and AI-powered architecture needed to streamline and personalize every step of origination. We help financial institutions deliver transparency, speed, and scale across all major product lines in home lending and consumer banking, supporting end-to-end mortgage applications, home equity, refinance, vehicle, credit card, personal loan, and deposit account opening. By unifying complex processes into a single, intelligent system, we enable financial institutions to operate with greater efficiency and agility across any channel, while giving our customers the kind of modern, effortless experiences they expect. Today, our software powers many of the nation\u2019s most trusted financial institutions, including banks, credit unions, independent mortgage banks, and mortgage servicers. Our Segments We operate in a single operating segment and a single reporting segment. This reporting structure has been in place since we announced our decision to exit the title business in the first quarter of 2025 and classified the results of our previously reported Title segment as discontinued operations. Our platform comprises a suite of products that power the origination process from back end workflows, Loan Team and Banker tools to consumer experience. Our growing suite of SaaS products currently enables digital-first consumer application journeys for mortgages, home equity loans and lines of credit, vehicle loans, personal loans, credit cards, and deposit accounts. Each of our products is guided by a workflow orchestration engine that leverages an extensive library of pre-defined rules that typ ITEM 1A. RISK FACTORS Our business involves significant risks, some of which are described below. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManage", "title": "BLND - Blend Labs, Inc.", "url": "/company/BLND/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001907108; latest 10-K filed 2026-03-30.", "text": "LXEO - Lexeo Therapeutics, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001907108; latest 10-K filed 2026-03-30. LXEO Lexeo Therapeutics, Inc. 0001907108 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with the financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed in \u201cItem 1A. Risk Factors\u201d and in other parts of this Annual Report on Form 10-K. Overview We are a clinical stage genetic medicine company dedicated to reshaping heart health by applying pioneering science to fundamentally change how cardiovascular diseases are treated. We are advancing a portfolio of therapeutic candidates that take aim at the underlying genetic causes of conditions, including FA cardiomyopathy, plakophilin-2, or PKP2, arrhythmogenic cardiomyopathy, or ACM, and other devastating diseases with high unmet need. LX2006 for the treatment of FA cardiomyopathy Our most advanced cardiovascular product candidate, LX2006 for the treatment of FA cardiomyopathy, is currently being evaluated in SUNRISE-FA, our ongoing Phase 1/2 clinical trial and in a Cornell investigator-initiated trial. Interim Clinical Data Updates In October 2025, we provided an interim clinical update, which included baseline characteristics and safety data from the 17 treated participants across the two studies, and clinical efficacy data from the 16 participants who had reached at least six months follow-up as of that time. A summary of key observations from the October 2025 interim update is set forth below. \u2022 Improvements in LVMI among participants with abnormal baseline LVMI (n=6). Five of six participants achieved 10% by 12-month visit or sooner and six of six participants achieved LVMI measurements within the normal range as of latest visit. A 18% mean improvement in LVMI was observed at 6-month visit and a 23% mean improvement in LVMI was observed at 12-month visit, exceeding 10% FDA-aligned threshold for pivotal study. In the mid- and high-dose cohorts (n=3), a 28% mean improvement in LVMI was observed at 6-month visit and a 33% mean improvement in LVMI was observed at 12-month visit, suggesting dose-dependent improvement. Among participants with normal baseline LVMI (n=10), the majority demonstrated LVMI improvement or stabilization over time. \u2022 Improvements in secondary cardiac biomarkers. Fourteen of sixteen participants achieved 25% reduction in high-sensitivity troponin I from baseline at latest visit. Fourteen of sixteen participants achieved reduction or stabilization in LWT from baseline at latest visit. \u2022 Improvements in mFARS as demonstrated by a 2.0-point mean improvement from baseline at latest visit across all participants. Eleven of sixteen participants achieved reduction or stabilization in mFARS from baseline at latest visit. \u2022 Previously reported data in April 2025 from ongoing SUNRISE-FA trial (n=8) showed that all study participants achieved increases in frataxin protein expression from baseline at 3-month visit, with dose-dependent increases observed across cohorts. Based on the data observed as of the October 2025 update, LX2006 remained generally well tolerated with no Grade 3+ SAEs and no signs of complement activation or other immunogenicity. Regulatory Alignment In February 2025, we announced further alignment on elements of the accelerated development pathway following a Type B RMAT meeting with the FDA including frataxin expression co-primary endpoint to be evaluated for any increase from baseline rather than numerical threshold. In July 2025, we announced Breakthrough Therapy designation based on interim clinical data from Phase 1/2 trials showing clinically meaningful improvements in cardiac biomarkers and functio Item 1. Business. Overview We are a clinical stage genetic medicine company dedicated to reshaping heart health by applying pioneering science to fundamentally change how cardiovascular diseases are treated. We are advancing a portfolio of therapeutic candidates that take aim at the underlying genetic causes of conditions, including Friedreich ataxia, or FA, cardiomyopathy, plakophilin-2, or PKP2, arrhythmogenic cardiomyopathy, and other devastating diseases with high unmet need. Our most advanced cardiovascular product candidate, LX2006 for the treatment of FA cardiomyopathy, is currently being evaluated in SUNRISE-FA, our ongoing Phase 1/2 clinical trial and in a Cornell investigator-initiated trial. In October 2025, we reported positive interim clinical data demonstrating an encouraging safety profile and evidence of meaningful cardiac and functional benefit. Further, interim clinical data presented in a late-breaker presentation at the American College of Cardiology (ACC) Annual Meeting in March 2026 continue to show sustained or deepening improvements across both cardiac and neurologic measures of FA. In February 2026, we submitted the final registrational trial design and statistical analysis plan for the SUNRISE-FA 2 study to the U.S. Food and Drug Administration (FDA) following a Type B meeting. We expect to receive final feedback from the FDA in the second quarter of 2026 and plan to initiate a registrational study in the first half of 2026. Our second most advanced cardiovascular product candidate, LX2020 for the treatment of arrhythmogenic cardiomyopathy, or ACM, caused by mutations in the PKP2 gene, referred to as PKP2-ACM, is currently being evaluated in HEROIC-PKP2, an ongoing Phase 1/2 clinical trial. In January 2026, we announced positive interim data from the HEROIC Phase 1/2 clinical trial. Across dose cohorts, LX2020 was generally well tolerated and led to robust transduction, increased PKP2 protein expression, and clinically meaningful improv Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should consider carefully the risks and uncertainties described below, together with all of the other information in this Annual Report, including the section titled \u201cManagement\u2019s Discussion and Anal", "title": "LXEO - Lexeo Therapeutics, Inc.", "url": "/company/LXEO/" }, { "kind": "company", "summary": "SIC 5712 Retail-Furniture Stores; CIK 0000216085; latest 10-K filed 2026-02-26.", "text": "HVT - HAVERTY FURNITURE COMPANIES INC SIC 5712 Retail-Furniture Stores; CIK 0000216085; latest 10-K filed 2026-02-26. HVT HAVERTY FURNITURE COMPANIES INC 0000216085 5712 Retail-Furniture Stores ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion provides an analysis of the Company\u2019s financial condition and results of operations from management's perspective and should be read in conjunction with the consolidated financial statements and related notes included in this report. The discussion in this Form 10-K generally focuses on the year ended December 31, 2025 compared to the year ended December 31, 2024. A discussion of our results of operations and changes in financial condition for the 2024 year compared to 2023 has been excluded from this report, but can be found in Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our Form 10-K for the year ended December 31, 2024. Industry Overview The retail residential furniture industry is influenced by the overall strength of the economy, new and existing home sales, consumer confidence, spending on large ticket items, interest rates, and the availability of credit. Although inflation and home sales showed modest improvement in 2025, the industry continued to face headwinds from rising consumer debt, constrained housing inventory, tight access to home mortgage credit, and ongoing economic uncertainty driven by changes in tariff policy and geopolitical tensions. Throughout 2025, the current U.S. presidential administration announced new and modified tariffs on imported goods, including those sourced from China, Vietnam, and other key manufacturing regions. In response, several affected countries implemented retaliatory tariffs, adding economic uncertainty and increased cost pressures across the industry. The evolving tariff landscape has led many home furnishing retailers to adjust sourcing strategies, reassess vendor relationships, and implement pricing actions in an effort to mitigate the impact of these policy changes. On February 20, 2026, certain tariffs were invalidated following a ruling by the U.S. Supreme Court, adding further uncertainty to the trade environment, particularly with respect to the scope and timing of any recovery related to the invalidated tariffs and the impact of new tariffs the administration has announced. We continue to assess the impact of tariff policy changes on our business. Business Overview We sell home furnishings in retail stores and online, recording revenue when products are delivered to the customer. Our product assortment is selected to appeal to middle to upper-middle income consumers across a variety of styles. Our commissioned sales team members receive comprehensive product and customer service training to ensure we provide a high-quality in-store experience. We also aim to have at least one designer serving each of our stores. These individuals collaborate with our sales team to provide customers additional confidence and design inspiration throughout the purchasing process. Unlike many of our competitors, we do not outsource the delivery function; instead, our Haverty's delivery team ensures a seamless and professional experience, which includes a detailed inspection of the product prior to delivery, as well as placement and assembly of the furniture in the customer's home. We are recognized in our markets for offering high-quality, fashionable products and delivering exceptional customer service. Management Objectives Management remains focused on gaining market share and improving profitability. These objectives can be achieved by concentrating our efforts on improving our customer's experience, highlighted by new products, high-touch service, and upgraded technology. In addition, our growth strategy includes the expansion of our retail operations to increase our footprint within our distribution network. The Company\u2019s strategies for profitability include: \u2022increasing sales volume, \u2022maintaining strong gross margins, \u2022implementing targeted marketing initiatives, \u2022improving productivity and proc ITEM 1. BUSINESS Unless otherwise indicated by the context, we use the terms \u201cHavertys,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d when referring to the consolidated operations of Haverty Furniture Companies, Inc. and subsidiary. Overview Havertys is a specialty retailer of residential furniture and accessories. Our founder, J.J. Haverty began the business in 1885 in Atlanta, Georgia with one store and made deliveries using horse-drawn wagons. The Company grew to 18 stores and was incorporated in September 1929. Anticipating further growth, the Company accessed additional capital through its initial public offering in October 1929. The Company's common stock (\"HVT\") and Class A common stock (\"HVT-A\") are traded on the New York Stock Exchange (the \"NYSE\"). Havertys has grown to 129 stores in 17 states in the Southern and Midwest regions of the U.S. All of our retail locations are operated using the Havertys name, and we do not franchise our stores. Our brand has strong recognition in the markets we serve, and consumer surveys consistently associate Havertys with high quality, style, value, and service. Customers Havertys core customers are typically women in middle to upper-middle income households. They generally own homes in the suburbs, and their unique personalities are expressed through style-conscious choices that reflect an awareness of current trends. These consumers research and shop online and in-store, often engaging friends or family members in the purchasing process. They are discerning buyers, desiring furnishings that fit their style, but never sacrifice quality or value. Our marketing, merchandising, stores, online presence, and customer service are targeted to attract and meet the needs of our customers. We have a seasoned, commissioned-based sales team serving our customers. Their product knowledge is important in helping customers evaluate Havertys' merchandise compared to our competitors. We also offer a free design service, including in-home consultations, to ITEM 1A. RISK FACTORS The following discussion of risk factors contains forward-looking statements. These risk factors may be important to understanding any statement in this annual report on Form 10-K or elsewhere. The following information should be read in conjunction with Part II, Item 7. \u201cManagement\u2019s Discussion and A", "title": "HVT - HAVERTY FURNITURE COMPANIES INC", "url": "/company/HVT/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001288403; latest 10-K filed 2026-03-16.", "text": "WTI - W&T OFFSHORE INC SIC 1311 Crude Petroleum & Natural Gas; CIK 0001288403; latest 10-K filed 2026-03-16. WTI W&T OFFSHORE INC 0001288403 1311 Crude Petroleum & Natural Gas ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations is based on, and should be read in conjunction with Part I, Item 1. Business, Item 1A. Risk Factors, Item 2. Properties and Item 7A. Quantitative and Qualitative Disclosures About Market Risk and with Part II, Item 8. Financial Statements and Supplementary Data and other financial information appearing elsewhere in this 2025 Form 10-K. The following discussion and analysis includes forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those anticipated in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this Form 10-K, particularly in Part I, Item 1A. Risk Factors. 40 Table of Contents This section primarily discusses 2025 and 2024 items and comparisons between 2025 and 2024. Discussions of 2024 items and comparisons between 2024 and 2023 that are not included in this Form 10-K are incorporated by reference to Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2024. Business Overview We are an independent oil and natural gas producer, active in the exploration, development and acquisition of oil and natural gas properties in the Gulf of America. As of December 31, 2025, we held working interests in 49 offshore producing fields in federal and state waters (which include 42 fields in federal waters and seven in state waters). We currently have under lease approximately 624,700 gross acres (490,200 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 5,600 gross acres in Alabama state waters, 477,200 gross acres on the conventional shelf and approximately 141,900 gross acres in the deepwater. A majority of our daily production is derived from wells we operate. Our interests in fields, leases, structures and equipment are primarily owned by our wholly-owned subsidiaries and through our proportionately consolidated interest in Monza Energy LLC. In managing our business, we are focused on optimizing production and making profitable investments, pursuing high rate of return projects and developing oil and natural gas resources in a manner that allows us to grow our production, reserves and cash flow in a capital efficient manner, organically enhancing the value of our assets. Significant Developments Receipt of Insurance Proceeds In January 2025, we received $58.5 million related to the settlement of claims related to the Mobile Bay plant turnaround in February 2023. During the turnaround, the MB 78-1 well was shut-in and did not return to production following completion of the planned maintenance. We filed a claim under our Energy Package Policy and in December 2024, we and the underwriters of the Energy Package Policy agreed to a settlement of claims. Issuance of 10.75% Notes and Related Transactions On January 28, 2025, we issued $350.0 million of 10.75% Notes. The 10.75% Notes were issued at par and mature on February 1, 2029. The net proceeds from the issuance of the 10.75% Notes along with cash on hand were used to (i) purchase for cash pursuant to a tender offer (the \u201cTender Offer\u201d), such of our 11.75% Senior Second Lien Notes due 2026 (the \u201c11.75% Notes\u201d) that were validly tendered (and not validly withdrawn) pursuant to the Tender Offer, (ii) on or after August 1, 2025, redeem in full any remaining 11.75% Notes not validly tendered and accepted for purchase in the Tender Offer and, pending such redemptions, satisfy and discharge the indenture governing the 11.75% Notes; (iii) repay outstanding amounts under the credit agreement of certain of our indirect, ITEM 1. BUSINESS W&T Offshore, Inc. (\u201cwe,\u201d \u201cour\u201d or \u201cus\u201d) is a publicly held Texas corporation. We are an independent oil and natural gas producer with substantially all our operations offshore in the Gulf of America. We are active in the acquisition, exploration and development of oil and natural gas properties. We operate in one reportable segment. Since our founding in 1983 by our Chairman and Chief Executive Officer, Tracy Krohn, we have developed significant technical expertise in finding and developing properties in the Gulf of America with existing production which provide the best opportunity to achieve a return on our invested capital. We have successfully discovered and produced properties on the conventional shelf and in the deepwater across the Gulf of America. We have continually grown our footprint in the Gulf of America through acquisitions, exploration and development. As of December 31, 2025, we held working interests in 49 offshore producing fields in federal and state waters. Our producing fields are located in federal and state waters in the Gulf of America in water depths ranging from less than 10 feet to up to 7,300 feet. The reservoirs in our offshore fields are generally characterized as having high porosity and permeability, with higher initial production rates relative to other domestic reservoirs. Our acreage, well, production and reserves information are described in more detail under Part I, Item 2. Properties, in this Form 10-K. Business Strategy The Gulf of America offers unique advantages, and we are uniquely positioned to create value with a diverse portfolio in valuable shelf, deep shelf and deepwater projects. Our diverse portfolio of operations in the Gulf of America enables stacked pay development, attractive primary production, and recompletion opportunities. We use advanced seismic and geoscience tools to execute successful drilling projects. In managing our business, we are focused on optimizing production and increasin ITEM 1A. RISK FACTORS In addition to risks and uncertainties in the ordinary course of business that are common to all businesses, important factors that are specific to us and our industry could materially impact our future performance and results of operations. We have provided below a list of known material risk factors that should be r", "title": "WTI - W&T OFFSHORE INC", "url": "/company/WTI/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000739421; latest 10-K filed 2026-03-12.", "text": "CZFS - CITIZENS FINANCIAL SERVICES INC SIC 6022 State Commercial Banks; CIK 0000739421; latest 10-K filed 2026-03-12. CZFS CITIZENS FINANCIAL SERVICES INC 0000739421 6022 State Commercial Banks ITEM 7 \u2013 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. CAUTIONARY STATEMENT We have made forward-looking statements in this document, and in documents that we incorporate by reference, that are subject to risks and uncertainties. Forward-looking statements include information concerning possible or assumed future results of operations of the Company, the Bank, First Citizens Insurance, Realty or the Company on a consolidated basis. When we use words such as \u201cbelieves,\u201d \u201cexpects,\u201d \u201canticipates,\u201d or similar expressions, we are making forward-looking statements. Forward-looking statements may prove inaccurate. For a variety of reasons, actual results could differ materially from those contained in or implied by forward-looking statements: [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Interest rates could change more rapidly or more significantly than we expect or remain inverted for a longer period than anticipated.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"The economy could change significantly in an unexpected way, which would cause the demand for new loans and the ability of borrowers to repay outstanding loans to change in ways that our models do not anticipate.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"The financial markets could suffer a significant disruption, which may have a negative effect on our financial condition and that of our borrowers, and on our ability to raise money by issuing new securities.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"It could take us longer than we anticipate implementing strategic initiatives, including expansions, designed to increase revenues or manage expenses, or we may be unable to implement those initiatives at all.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Acquisitions and dispositions of assets and companies could affect us in ways that management has not anticipated.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"We may become subject to new legal obligations or the resolution of litigation may have a negative effect on our financial condition or operating results.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"We may become subject to new and unanticipated accounting, tax, regulatory or compliance practices or requirements. Failure to comply with any one or more of these requirements could have an adverse effect on our operations.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"We could experience greater loan delinquencies than anticipated, adversely affecting our earnings and financial condition.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"We could experience greater losses than expected due to the ever-increasing volume of information theft and fraudulent scams impacting our customers and the banking industry.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"We could lose the services of some or all of our key personnel, which would negatively impact our business because of their business development skills, financial expertise, lending experience, technical expertise and market area knowledge.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"The agricultural economy is subject to extreme swings in both the costs of resources and the prices received from the sale of products as a result of weather, government regulations, international trade agreements and consumer tastes, which could negatively impact certain of our customers.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Loan concentrations in certain industries could negatively impact our results, if financial results or economic conditions deteriorate.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"A budget impasse in the Commonwealth of Pennsylvania and/or a Federal Government shutdown could impact our asset values, liquidity and profitability as a result of either delayed or reduced funding to school districts and municipalities who are custome ITEM 1 \u2013 BUSINESS. CITIZENS FINANCIAL SERVICES, INC. Citizens Financial Services, Inc. (the \u201cCompany\u201d), a Pennsylvania corporation, was incorporated on April 30, 1984 to be the holding company for First Citizens Community Bank (the \u201cBank\u201d), a Pennsylvania-chartered bank and trust company. During 2020, CZFS Acquisition Company, LLC (\u201cCZFS\u201d) was formed as a wholly owned subsidiary of the Company, and subsequently the Company\u2019s interest in the Bank was transferred to CZFS to facilitate the merger with MidCoast Community Bancorp, Inc. (\u201cMidCoast\u201d) and its wholly owned subsidiary, MidCoast Community Bank (\u201cMC Bank\u201d), which was completed on April 17, 2020. During 2024, the Company terminated the corporate existence of CZFS and the interest in the Bank was transferred back to the Company. On June 16, 2023, the Company acquired HV Bancorp, Inc. (\u201cHVBC\u201d) and its wholly owned subsidiary, Huntingdon Valley Bank (\u201cHVB\u201d). The Company is primarily engaged in the ownership and management of CZFS, its subsidiary, the Bank and the Bank\u2019s wholly owned subsidiaries, First Citizens Insurance Agency, Inc. (\u201cFirst Citizens Insurance\u201d) and 1st Realty of PA LLC (\u201cRealty\u201d). During 2024, the Bank terminated the corporate existence of Realty. AVAILABLE INFORMATION A copy of the Company\u2019s annual report on Form 10-K, quarterly reports on Form 10-Q, current events reports on Form 8-K, and amendments to these reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, are made available free of charge through the Company\u2019s web site at www.firstcitizensbank.com as soon as reasonably practicable after such reports are filed with or furnished to the Securities and Exchange Commission. Copies of the reports the Company files electronically with the Securities and Exchange Commission are also available through the Securities and Exchange Commission\u2019s website at www.sec.gov. Information on our website shall not be considered as incorporated by ITEM 1A \u2013 RISK FACTORS. The following discussion sets forth the material risk factors that could affect the Company\u2019s consolidated financial condition and results of operations. Readers should not consider any descriptions of these factors to be a complete set of all potential risks that could affect the Company. Any risk ", "title": "CZFS - CITIZENS FINANCIAL SERVICES INC", "url": "/company/CZFS/" }, { "kind": "company", "summary": "SIC 2890 Miscellaneous Chemical Products; CIK 0000928054; latest 10-K filed 2026-03-16.", "text": "FTK - FLOTEK INDUSTRIES INC/CN/ SIC 2890 Miscellaneous Chemical Products; CIK 0000928054; latest 10-K filed 2026-03-16. FTK FLOTEK INDUSTRIES INC/CN/ 0000928054 2890 Miscellaneous Chemical Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with Part 1, including the matters set forth in Item 1.A. Risk Factors, and our audited consolidated financial statements and related notes thereto, which have been prepared in accordance with U.S. GAAP, included elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act , and is subject to the safe harbor created by those sections. As a result of many risks and uncertainties, including those factors set forth in Item 1.A. Risk Factors of this Annual Report, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. For more information, see \u201cForward-Looking Statements.\u201d These forward-looking statements are made as of the date of this Annual Report, and we do not intend, and do not assume any obligation, to update these forward-looking statements, except as required by applicable law. All dollar amounts stated herein are in U.S. dollars unless specified otherwise. Executive Summary Flotek strives to be the collaborative partner of choice for solutions that reduce the environmental impact of energy on air, water, land and people. An advanced technology-driven, chemical and data analytics company, Flotek seeks to provide unique and innovative solutions to its customers in both the domestic and international energy markets. The Company is committed to delivering products and services that endeavor to maximize customer returns by leveraging chemistry as the common value creation platform. The Company has two operating segments, Chemistry Technologies (\u201cCT\u201d) and Data Analytics (\u201cDA\u201d), which are both supported by the Company\u2019s continuing Research and Innovation (\u201cR&I\u201d) advanced laboratory capabilities. Company Overview Chemistry Technologies The Company\u2019s CT segment provides sustainable, optimized chemistry solutions that we believe maximize our customers\u2019 value by improving return on invested capital, lowering operational costs and providing tangible environmental benefits. The Company\u2019s proprietary chemistries, specialty chemistries, logistics and technology services seek to enable our customers to pursue improved efficiencies and performance throughout the life cycle of their desired chemical applications program. The Company designs, develops, manufactures, packages, distributes and markets optimized chemistry solutions that are designed to accelerate existing sustainability practices to reduce the environmental impact of energy on the air, water, land and people. Customers of the CT segment include energy-related companies, such as our related party ProFrac Services, LLC (\u201cProFrac Services\u201d), with whom we have a long-term chemistry supply agreement, as well as industrial companies. Major integrated oil and gas companies, oilfield services companies, independent oil and gas companies, national and state-owned oil companies, geothermal energy companies, solar energy companies and advanced alternative energy companies may benefit from our best-in-class technology, field operations, and continuous improvement exercises that go beyond existing sustainability practices. ProFrac Supply Agreement On February 2, 2022, the Company entered into a Chemical Products Supply Agreement with ProFrac Services, which was subsequently amended on May 17, 2022 and February 1, 2023 (collectively, the \u201cProFrac Agreement\u201d). The ProFrac Agreement contains minimum requirements for chemistry purchases. If the minimum vo Item 1. Business General Flotek strives to be the collaborative partner of choice for solutions that reduce the environmental impact of energy on air, water, land and people. An advanced technology-driven, chemical and data analytics company, Flotek seeks to provide unique and innovative solutions to its customers in both the domestic and international energy markets. The Company is committed to delivering products and services that endeavor to maximize customer returns by leveraging chemistry as the common value creation platform. The Company\u2019s Chemistry Technologies (\u201cCT\u201d) segment designs, develops, manufactures, packages, distributes and markets optimized chemistry solutions that we believe help customers improve their return on invested capital, lower operational costs and realize tangible environmental benefits aimed at enhancing the profitability of hydrocarbon producers. The Company\u2019s Data Analytics (\u201cDA\u201d) segment provides analytical measurement and digital solutions, including measure-and-control services, that deliver near real-time insights for process control across the oil and gas value chain and emerging applications in power and digital valuation. DA solutions help customers optimize performance, improve decision-making, and reduce emissions and carbon intensity. The Company was initially incorporated under the laws of the Province of British Columbia in 1985. In October 2001, the Company changed its corporate domicile to the State of Delaware. In December 2007, the Company\u2019s common stock began trading on the New York Stock Exchange (\u201cNYSE\u201d) under the stock ticker symbol \u201cFTK.\u201d As used herein, \u201cFlotek,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d refers to Flotek Industries, Inc. and/or the Company\u2019s wholly-owned subsidiaries. The use of these terms is not intended to connote any particular corporate status or relationship. Recent Developments The Company entered into a series of transactions in connection with an Asset Purchase Agreement, dated as of Item 1A. Risk Factors The Company\u2019s business, financial condition, results of operations, cash flows, liquidity and prospects are subject to various risks and uncertainties. Readers of this Annual Report should not consider any descriptions of these risk factors to be a complete set of all potential risks that could aff", "title": "FTK - FLOTEK INDUSTRIES INC/CN/", "url": "/company/FTK/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001347178; latest 10-K filed 2026-02-12.", "text": "VNDA - Vanda Pharmaceuticals Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001347178; latest 10-K filed 2026-02-12. VNDA Vanda Pharmaceuticals Inc. 0001347178 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes appearing in this annual report on Form 10-K (Annual Report). This discussion and analysis generally addresses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report can be found in Part II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report include historical information and other information with respect to our plans and strategy for our business and contain forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including but not limited to those set forth under Part I, Item 1A, Risk Factors, and elsewhere in this Annual Report. Overview Vanda Pharmaceuticals Inc. (we, our, us or Vanda) is a leading global biopharmaceutical company focused on the development and commercialization of innovative therapies to address high unmet medical needs and improve the lives of patients. We strive to advance novel approaches to bring important new medicines to market through responsible innovation. We are committed to the use of technologies that support sound science, including genetics and genomics, in drug discovery, clinical trials and the commercial positioning of our products. Our commercial portfolio is currently comprised of four products: Fanapt\u00ae for the acute treatment of manic or mixed episodes associated with bipolar I disorder and the treatment of schizophrenia, HETLIOZ\u00ae for the treatment of Non-24-Hour Sleep-Wake Disorder (Non-24) and for the treatment of nighttime sleep disturbances in Smith-Magenis syndrome (SMS), PONVORY\u00ae for the treatment of relapsing forms of multiple sclerosis (RMS) including clinically isolated syndrome, relapsing-remitting disease and active secondary progressive disease and NEREUSTM for the prevention of vomiting induced by motion (collectively, our commercial products). HETLIOZ\u00ae is the first product approved by the United States Food and Drug Administration (FDA) for patients with Non-24 and for patients with SMS. In addition, we have a number of drugs and/or additional indications for current products in development, including: \u2022Fanapt\u00ae (iloperidone) long acting injectable (LAI) formulation for the treatment of schizophrenia and hypertension; \u2022BysantiTM (milsaperidone), the active metabolite of Fanapt\u00ae, for the acute treatment of manic or mixed episodes associated with bipolar I disorder and for the treatment of schizophrenia and major depressive disorder (MDD); \u2022HETLIOZ\u00ae (tasimelteon) for the treatment of jet lag disorder, insomnia, pediatric insomnia, delayed sleep phase disorder (DSPD) and pediatric Non-24; \u2022PONVORY\u00ae (ponesimod) for the treatment of psoriasis and ulcerative colitis; \u2022NEREUSTM (tradipitant) for the prevention of vomiting induced by GLP-1 receptor agonists, the treatment of gastroparesis and the treatment of atopic dermatitis; \u2022Imsidolimab, an IL-36R antagonist, for the treatment of generalized pustular psoriasis (GPP); \u2022VTR-297, a small molecule histone deacetylase (HDAC) inhibitor for the treatment of hematologic malignancies and onychomycosis and with potential use as a treatment for several oncology indications; \u2022Portfolio of Cystic Fibrosis Transmembrane Conductance Regulator (CFTR) activators and inhibitors, including VSJ-110 for the treatment of dry eye and ocular inflammation a ITEM 1. BUSINESS Overview Vanda Pharmaceuticals Inc. (we, our, the Company or Vanda) is a leading global biopharmaceutical company focused on the development and commercialization of innovative therapies to address high unmet medical needs and improve the lives of patients. We strive to advance novel approaches to bring important new medicines to market through responsible innovation. We are committed to the use of technologies that support sound science, including genetics and genomics, in drug discovery, clinical trials and the commercial positioning of our products. Our commercial portfolio is currently comprised of four products: Fanapt\u00ae for the acute treatment of manic or mixed episodes associated with bipolar I disorder and the treatment of schizophrenia, HETLIOZ\u00ae for the treatment of Non-24-Hour Sleep-Wake Disorder (Non-24) and for the treatment of nighttime sleep disturbances in Smith-Magenis syndrome (SMS), PONVORY\u00ae for the treatment of relapsing forms of multiple sclerosis (RMS) including clinically isolated syndrome, relapsing-remitting disease and active secondary progressive disease and NEREUSTM for the prevention of vomiting induced by motion (collectively, our commercial products). HETLIOZ\u00ae is the first product approved by the United States Food and Drug Administration (FDA) for patients with Non-24 and for patients with SMS. In addition, we have a number of drugs and/or additional indications for current products in development, including: \u2022Fanapt\u00ae (iloperidone) long acting injectable (LAI) formulation for the treatment of schizophrenia and hypertension; \u2022BysantiTM (milsaperidone), the active metabolite of Fanapt\u00ae, for the acute treatment of manic or mixed episodes associated with bipolar I disorder and for the treatment of schizophrenia and major depressive disorder (MDD); \u2022HETLIOZ\u00ae (tasimelteon) for the treatment of jet lag disorder, insomnia, pediatric insomnia, delayed sleep phase disorder (DSPD) and pediatric Non-24; \u2022PONVORY\u00ae (ponesimod ITEM 1A. RISK FACTORS Our business, financial condition and operating results can be affected by a number of factors, whether currently known or unknown, including but not limited to those described below, any one or more of which could, directly or indirectly, cause our actual operating results and financial condition to v", "title": "VNDA - Vanda Pharmaceuticals Inc.", "url": "/company/VNDA/" }, { "kind": "company", "summary": "SIC 2080 Beverages; CIK 0001806347; latest 10-K filed 2026-03-10.", "text": "WEST - Westrock Coffee Co SIC 2080 Beverages; CIK 0001806347; latest 10-K filed 2026-03-10. WEST Westrock Coffee Co 0001806347 2080 Beverages Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following is a discussion of our financial condition at December 31, 2025 and 2024 and our results of operations for each of the years in the three-year period ended December 31, 2025. The purpose of this Item 7 is to focus on material information relevant to an assessment of our financial condition and results of operations that is not otherwise apparent from the consolidated financial statements and footnotes. This discussion should be read in conjunction with the disclosure regarding \u201cForward-Looking Statements\u201d as well as the risks discussed under Part I, Item 1A \u201cRisk Factors\u201d, and our consolidated financial statements and notes thereto included under Item 8 \u201cFinancial Statements and Supplementary Data\u201d of this Annual Report on Form 10-K. Overview Westrock Coffee Company, a Delaware corporation (the \u201cCompany,\u201d \u201cWestrock,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d), is a leading integrated coffee, tea, flavors, extracts, and ingredients solutions provider in the United States, providing coffee sourcing, supply chain management, product development, roasting, packaging, and distribution services to the retail, food service and restaurant, convenience store and travel center, non-commercial account, consumer packaged goods (\u201cCPG\u201d), and hospitality industries around the world. \u200b Our platform is built upon four fundamental pillars that enable us to positively impact the coffee, tea, flavors, extracts, and ingredients ecosystems from crop to cup: (i) we operate a transparent supply chain, (ii) we develop innovative beverage solutions tailored to our customers\u2019 specific needs, (iii) we deliver a high quality and comprehensive set of products to our customers, and (iv) we leverage our scaled international presence to serve our blue-chip customer base. These four tenets comprise the backbone of our platform and position us as a leading provider of value-added beverage solutions. By partnering with Westrock, our customers also benefit from the benchmark-setting responsible sourcing policies and strong Environmental, Social, and Governance focus surrounding our products, top tier consumer insights, and a differentiated product ideation process. Leading brands choose us because we are singularly positioned to meet their needs, while simultaneously driving a new standard for sustainably and responsibly sourced products. We manage our business in two operating segments: Beverage Solutions and Sustainable Sourcing & Traceability (\u201cSS&T\u201d). Beverage Solutions: Through this segment, we combine our product innovation and customer insights to provide value-added beverage solutions, including coffee, tea, flavors, extracts, and ingredients. We provide products in a variety of 27 Table of Contents packaging, including branded and private label coffee in bags, fractional packs, single serve cups, multi-serve bottles and ready-to-drink bottles and cans, as well as extract solutions to be used in products such as cold brew and ready-to-drink offerings. Currently, we serve customers in the United States, Europe, and Asia through the retail, food service and restaurant, convenience store and travel center, non-commercial account, CPG and hospitality industries. Sustainable Sourcing & Traceability: Through this segment, we utilize our proprietary technology and digitally traceable supply chain to directly impact and improve the lives of our farming partners, provide tangible economic empowerment and emphasize environmental accountability and farmer literacy. Revenues primarily consist of sales from commodity contracts related to forward sales of green coffee. Significant Developments Convertible Notes Offering \u200b On November 4, 2025, the Company sold and issued in a private placement $30.0 million in aggregate principal amount of 5.00% convertible senior notes due 2031 (the \u201c2031 Convertible Notes\u201d). The 2031 Convertible Notes are unsecured and senior obligati Item 1. Business \u200b General \u200b Westrock Coffee Company, a Delaware corporation (the \u201cCompany,\u201d \u201cWestrock,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d), is a leading integrated coffee, tea, flavors, extracts, and ingredients solutions provider in the United States, providing coffee sourcing, supply chain management, product development, roasting, packaging, and distribution services to the retail, food service and restaurant, convenience store and travel center, non-commercial account, consumer packaged goods (\u201cCPG\u201d), and hospitality industries around the world. Our mission is to build and efficiently operate the preeminent integrated coffee, tea, flavors, extracts, and ingredients solutions provider to the world\u2019s most iconic brands. We do this to provide smallholder farmers and their families in developing countries the ability to advance their quality of life and economic well-being. \u200b Our platform is built upon four fundamental pillars that position us as a leading provider of value-added beverage solutions and enable us to positively impact the coffee, tea, flavors, extracts, and ingredients ecosystems from crop to cup: (i) operate a transparent supply chain, (ii) develop innovative beverage solutions tailored to our customers\u2019 specific needs, (iii) deliver a high quality and comprehensive set of products to our customers, and (iv) leverage our scaled international presence to serve our blue-chip customer base. The Company operates manufacturing and distribution facilities in Concord, North Carolina, North Little Rock, Arkansas, Conway, Arkansas, and Johor Bahru, Malaysia. In addition, the Company operates Trading and Representative offices in Lewes, UK, Austin, Texas, Lima & Jaen, Peru, Addis Ababa, Ethiopia, Johor Bahru, Malaysia, and Seoul, Korea. As of December 31, 2025, our operating structure consists of two reportable segments: Beverage Solutions and Sustainable Sourcing & Traceability (\u201cSS&T\u201d). Beverage Solutions: Through this segment, we combine our product innovatio Item 1A. Risk Factors \u200b An investment in our Common Shares involves a variety of risks, some of which are specific to us and some of which are inherent to the industry in which we operate. The following risks and other information in this report or incorporated in this report by reference, including our consolidated financial statements and related notes and \u201cManagement\u2019s Discus", "title": "WEST - Westrock Coffee Co", "url": "/company/WEST/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001828805; latest 10-K filed 2025-09-09.", "text": "ALMU - Aeluma, Inc. SIC 3674 Semiconductors & Related Devices; CIK 0001828805; latest 10-K filed 2025-09-09. ALMU Aeluma, Inc. 0001828805 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Unless otherwise stated or the context otherwise indicates, references to \u201cAeluma,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d or similar terms refer to Aeluma, Inc. and Subsidiary. You should read the following discussion and analysis of our financial condition and results of operations, together with our consolidated financial statements and the related notes and other financial information included in this report. Some of the information contained in this discussion and analysis or set forth elsewhere in this report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the disclosure under the heading \u201cRisk Factors\u201d in other filings we make with the SEC for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. You should not place undue reliance on forward-looking statements as predictive of future results. 31 Overview Aeluma develops novel optoelectronic and electronic devices for sensing, communication, and computing applications. Aeluma has pioneered a technique to produce semiconductor materials and chips using high-performance compound semiconductors on large-diameter substrates that are commonly used to manufacture mass-market microelectronics. This enables cost-effective manufacturing of high-performance photodetectors and photodetector arrays for imaging applications in mobile devices, as well as other applications. Aeluma\u2019s technology has the potential to impact a broad range of market verticals. Aeluma is based in Goleta, California, where we operate in a 9,000 sq. ft. facility with a state-of-the-art R&D/manufacturing cleanroom and access to world-class rapid prototyping capabilities. The facility houses unique equipment for scalable manufacturing. Aeluma also partners with production-scale fabrication foundries and packaging companies. Aeluma maintains extensive patent protection and trade secrets that relate to its materials, manufacturing technology, and applications. Aeluma is a transformative semiconductor company specializing in high-performance technology that scales. Applications include mobile, automotive, AI, defense & aerospace, communication, AR/VR, high-performance commuting, and quantum computing. Aeluma aims to break out of traditional manufacturing to expand the reach of its technology into mass markets. The demand for higher-performance semiconductors in consumer markets is increasing (https://www.marketsandmarkets.com/Market-Reports/shortwave-ir-market-52975079.html). Aeluma\u2019s disruptive technology is scalable, cost-effective, while not sacrificing performance. Additionally, Aeluma\u2019s technology may be used to manufacture other electronic and optoelectronic devices including lasers, transistors, and solar cells. Recent Government Contracts In August 2024, we received a contract by NASA to develop quantum dot photonic integrated circuits (PICs) on silicon. This advanced technology targets next-generation space and aerospace applications, enabling capabilities such as free-space laser communication, autonomous navigation, and precision sensing. In September 2024, we received an $11.7 million contract with DARPA to develop heterogeneous integration technology for nano-scale semiconductors that is compatible with leading-edge and future advanced-node semiconductors. Technology applications include AI, mobile devices, and 5G/6G wireless networking. This DARPA contract to Aeluma is structured with $6.0 million expected to be invoiced over the first 18 months and the remaining $5.7 million invoiced over the following 18 months, contingent on Aeluma meeting certain milestones. In April 2025, we received a contract with the U.S. Departme Item 1. Business. Overview We develop high-performance semiconductors for sensing, communication, and computing applications. Aeluma has pioneered a technique to manufacture devices using compound semiconductor materials on large-diameter substrates that are commonly used to manufacture mass-market microelectronics. This enables cost-effective manufacturing of high-performance photodetectors and photodetector arrays for imaging applications in mobile devices, as well as other applications. Aeluma\u2019s technology has the potential to impact a broad range of market verticals. Aeluma is based in Goleta, California, considered one of the most important technology hubs in the world that some claim is the next Silicon Valley. We operate in a 9,000 sq. ft. facility with a state-of-the-art research and development (R&D)/manufacturing cleanroom and access to world-class rapid prototyping capabilities. The facility houses unique equipment for scalable manufacturing. We also partner with production-scale fabrication foundries and packaging companies. We maintain extensive patent protection and trade secrets that relate to our materials, manufacturing technology and applications. Recent Events Shelf Registration Statement On July 31st, 2025, we filed a registration statement on Form S-3 with the SEC, using a \u201cshelf\u201d registration process. Under this shelf registration process, we may sell any combination of the securities described in the related prospectus in one of more offerings up to a total dollar amount of proceeds of $100,000,000. The prospectus describes the general manner in which our securities may be offered by the prospectus. Each time we sell securities under the prospectus, we will provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus supplement may also add, update, or change information contained in this prospectus or in documents incorporated by reference in this prospectus. The prospectus supp Item 1A. Risk Factors Investing in our securities includes a high degree of risk. Prior to making a decision about investing in our securities, you should consider carefully the specific factors discussed below, together with all of the other information contained in this prospectus. If any of the following risks actually occurs, our bus", "title": "ALMU - Aeluma, Inc.", "url": "/company/ALMU/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001664710; latest 10-K filed 2026-03-04.", "text": "KROS - Keros Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001664710; latest 10-K filed 2026-03-04. KROS Keros Therapeutics, Inc. 0001664710 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in, or implied by, these forward-looking statements. Overview We are a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapeutics to treat a wide range of patients with disorders that are linked to dysfunctional signaling of the transforming growth factor-beta, or TGF-\u00df, family of proteins. We are a leader in understanding the role of the TGF-\u00df family of proteins, which are master regulators of the growth, repair and maintenance of a number of tissues, including skeletal muscle, bone, adipose, heart tissue and blood. By leveraging this understanding, we have discovered and are developing protein therapeutics that have the potential to provide meaningful and potentially disease-modifying benefit to patients. Our lead product candidate, rinvatercept (KER-065), is being developed for the treatment of Duchenne muscular dystrophy and for the treatment of amyotrophic lateral sclerosis. Our most advanced product candidate, elritercept (KER-050), is being developed for the treatment of low blood cell counts, or cytopenias, including anemia and thrombocytopenia, in patients with myelodysplastic syndromes, or MDS, and in patients with myelofibrosis. In December 2024, we entered into an exclusive license agreement with Takeda Pharmaceuticals U.S.A., Inc., or Takeda, which became effective on January 16, 2025, to further develop, manufacture and commercialize elritercept worldwide outside of mainland China, Hong Kong and Macau. Since our inception in 2015, we have devoted the majority of our efforts into business planning, research and development of our product candidates, including by conducting clinical trials and preclinical studies, raising capital and recruiting management and technical staff to support these operations. To date, we have not generated any revenue from product sales as none of our product candidates have been approved for commercialization. We have historically financed our operations primarily through the sale of convertible preferred stock and common stock and cash received from licensing agreements. ATM Sales Agreement In December 2022, we filed a prospectus supplement to our registration statement on Form S-3ASR with the Securities and Exchange Commission, or the SEC, for the issuance and sale, if any, of up to $250.0 million of shares of our common stock pursuant to a sales agreement with Leerink Partners LLC, or Leerink, as sales agent, which we refer to as the ATM Sales Agreement, under which we may offer and sell, from time to time, shares of our common stock, or the ATM Shares, through Leerink, which we refer to as the ATM Offering. In May 2024, we filed a new registration statement on Form S-3ASR, which we refer to as the New Shelf Registration Statement, to replace the prior shelf registration statement that was set to expire, including a base prospectus, which became effective immediately upon filing, under which we could issue an unspecified amount of shares of our common stock, preferred stock, debt securities and warrants. In June 2024, we filed a prospectus supplement to the New Shelf Registration Statement for the issuance and sale, if any, of up to an additi ITEM 1. BUSINESS Overview We are a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapeutics to treat a wide range of patients with disorders that are linked to dysfunctional signaling of the transforming growth factor-beta, or TGF-\u00df, family of proteins. We are a leader in understanding the role of the TGF-\u00df family of proteins, which are master regulators of the growth, repair and maintenance of a number of tissues, including skeletal muscle, bone, adipose, heart tissue and blood. By leveraging this understanding, we have discovered and are developing protein therapeutics that have the potential to provide meaningful and potentially disease-modifying benefit to patients. Our lead product candidate, rinvatercept (KER-065), is being developed for the treatment of neuromuscular diseases. Our most advanced product candidate, elritercept (KER-050), is being developed for the treatment of low blood cell counts, or cytopenias, including anemia and thrombocytopenia, in patients with myelodysplastic syndromes, or MDS, and in patients with myelofibrosis. In December 2024, we entered into an exclusive license agreement with Takeda Pharmaceuticals U.S.A., Inc., or Takeda, to further develop, manufacture and commercialize elritercept worldwide outside of mainland China, Hong Kong and Macau, which became effective on January 16, 2025. Rinvatercept is designed to bind to and inhibit TGF-\u00df ligands, including myostatin (GDF8) and activin A, which are negative regulators of muscle and bone mass and strength. Through inhibition of these TGF-\u00df ligands, we believe that rinvatercept has the potential to increase skeletal muscle regeneration, increase muscle size and strength, reduce body fat, reduce fibrosis of the skeletal muscle and increase bone strength. We are developing rinvatercept for the treatment of Duchenne muscular dystrophy, or DMD and for the treatment of amyotrophic lateral sclerosis, or ALS. In March 2025, we announced initia ITEM 1A. RISK FACTORS Our business is subject to numerous risks. You should consider carefully the risks and uncertainties described below, in addition to other information contained in this Annual Report on Form 10-K as well as our other public filings with the Securities and Exchange Commission, or the SEC. Any of", "title": "KROS - Keros Therapeutics, Inc.", "url": "/company/KROS/" }, { "kind": "company", "summary": "SIC 4932 Gas & Other Services Combined; CIK 0001368265; latest 10-K filed 2026-02-24.", "text": "CLNE - Clean Energy Fuels Corp. SIC 4932 Gas & Other Services Combined; CIK 0001368265; latest 10-K filed 2026-02-24. CLNE Clean Energy Fuels Corp. 0001368265 4932 Gas & Other Services Combined Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (this discussion, as well as discussions under the same heading in our other periodic reports, are referred to as the \u201cMD&A\u201d) should be read together with our audited consolidated financial statements and the related notes included in this report, and all cross references to notes included in this MD&A refer to the identified note in such consolidated financial statements. This section of this report generally discusses 2025 and 2024 items and year-to-year comparisons of 2025 to 2024. Discussions of 2023 items and year-to-year comparisons of 2024 and 2023 that are not included in this report can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 24, 2025. Cautionary Note Regarding Forward-Looking Statements This MD&A contains forward-looking statements. See the discussion about these statements under \u201cCautionary Note Regarding Forward-Looking Statements\u201d at the beginning of this report. 35 Table of Contents Overview We are North America\u2019s leading provider of the cleanest fuel for the transportation market, based on the number of stations operated and the amount of gasoline gallon equivalents (\u201cGGEs\u201d) of renewable natural gas (\u201cRNG\u201d) and conventional natural gas sold. We calculate one GGE to equal 125,000 British Thermal Units (\u201cBTUs\u201d) and, as such, one million BTUs (\u201cMMBTU\u201d) equals eight GGEs. Through our sales of RNG, which is derived from biogenic methane produced by the breakdown of organic waste, we help thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, reduce their amount of climate-harming greenhouse gases (\u201cGHG\u201d) from 60% to over 400% based on determinations by the California Air Resources Board (\u201cCARB\u201d), depending on the source of the RNG, while also reducing criteria pollutants such as Nitrogen Oxides, or NOx. RNG is either delivered as compressed natural gas (\u201cCNG\u201d) or liquefied natural gas (\u201cLNG\u201d). As a clean energy solutions provider, we supply RNG (sourced from third party sources and from our anaerobic digester gas (\u201cADG\u201d) RNG joint venture projects with TotalEnergies S.E. and BP Products North America, Inc. (\u201cbp\u201d) (see Note 3 to the accompanying consolidated financial statements) and conventional natural gas (sourced from third party suppliers), in the form of CNG and LNG, for medium and heavy-duty vehicles; design and build, as well as operate and maintain (\u201cO&M\u201d), public and private vehicle fueling stations in the United States (\u201cU.S.\u201d) and Canada; develop and own dairy ADG RNG production facilities; sell and service compressors and other equipment used in RNG production and at fueling stations; transport and sell RNG and conventional natural gas via \u201cvirtual\u201d natural gas pipelines and interconnects; sell U.S. federal, state and local government credits (collectively, \u201cEnvironmental Credits\u201d) we generate by selling RNG as a vehicle fuel, including Renewable Identification Numbers (\u201cRIN Credits\u201d or \u201cRINs\u201d) under the federal Renewable Fuel Standard Phase 2 and credits under the California, Oregon, New Mexico and Washington Low Carbon Fuel Standards (collectively, \u201cLCFS Credits\u201d); and obtain federal, state and local tax credits, grants and incentives. At present, we see the best use of RNG as a replacement for fossil-based fuel in the transportation sector. We believe the most attractive market for RNG is U.S. heavy-duty Class 8 trucking and, based on information from the American Trucking Association and our own internal estimates, we believe there are approximately 4.1 million Class 8 heavy-duty trucks operating in the U.S. that use over 40 billion gallons of fuel per year. As of December 31, 2025, we Item 1. Business. Overview Clean Energy Fuels Corp., a Delaware corporation, is a leading renewable energy company focused on the procurement and distribution of renewable natural gas (\u201cRNG\u201d) and conventional natural gas, in the form of compressed natural gas (\u201cCNG\u201d) and liquefied natural gas (\u201cLNG\u201d), for the United States (\u201cU.S.\u201d) and Canadian transportation markets. RNG, which is delivered as either CNG or LNG, is created by the recovery and processing of naturally occurring, environmentally detrimental waste methane (\u201cbiogas\u201d) from non-fossil fuel sources\u2014such as dairy and other livestock waste and landfills\u2014for environmentally beneficial use as a replacement for fossil-based transportation fuels at an affordable price. Methane is one of the most potent climate-harming greenhouse gases (\u201cGHG\u201d) with a comparative impact on global warming that is about 28 times more powerful than that of carbon dioxide. We are focused on developing, owning, and operating dairy RNG projects and supplying RNG (currently procured from third party sources) to our customers in the heavy and medium-duty commercial transportation sectors. We have participated in the alternative vehicle fuels industry for over 28 years. We believe we are in a unique position because the valuable Environmental Credits (as defined below) are generated by the party that dispenses RNG into vehicle fuel tanks, and we believe we have access to more dispensers than any other market participant. Clean Energy also sells bulk natural gas in the form of LNG and CNG to customers ranging from marine cargo ships to space aircraft to large paper mills. We believe we were the first organization to sell RNG as a vehicle fuel in the U.S., and sales of our RNG for such purpose have increased from 13.0 million gasoline gallon equivalents (\u201cGGEs\u201d) in 2013 to 237.4 million GGEs in 2025. We calculate one GGE to equal 125,000 British Thermal Units (\u201cBTUs\u201d) and, as such, one million BTUs (\u201cMMBTU\u201d) equals eight GGEs. We are N", "title": "CLNE - Clean Energy Fuels Corp.", "url": "/company/CLNE/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001425450; latest 10-K filed 2026-03-04.", "text": "KIDS - ORTHOPEDIATRICS CORP SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001425450; latest 10-K filed 2026-03-04. KIDS ORTHOPEDIATRICS CORP 0001425450 3841 Surgical & Medical Instruments & Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes thereto and other financial information included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the \u2018\u2018Risk Factors\u2019\u2019 section of this Annual Report on Form 10-K for a discussion of important factors that could cause our actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. This section discusses our results of operations for the year ended December 31, 2025 as compared to the year ended December 31, 2024. For a discussion and analysis of the year ended December 31, 2024 compared to December 31, 2023, please refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 5, 2025. Overview We are the only global medical device company focused exclusively on providing a comprehensive trauma and deformity correction, scoliosis and sports medicine/other product offering to the pediatric orthopedic market in order to improve the lives of children with orthopedic conditions. We design, develop and commercialize innovative orthopedic implants, instruments and specialized braces to meet the needs of pediatric surgeons or orthotists and their patients, who we believe have been largely neglected by the orthopedic industry. We currently serve three of the largest categories in this market. We estimate that the portion of this market that we currently serve represents a $6.2 billion opportunity globally, including over $2.8 billion in the United States. We sell implants, instruments and specialized braces to our customers for use by pediatric orthopedic surgeons, orthotists or physical therapists to treat orthopedic conditions in children. We provide our implants in sets that consist of a range of implant sizes and include the instruments necessary to perform the surgical procedure. In the United States and a few selected international markets, our customers typically expect us to have full sets of implants and instruments on site at each hospital but do not purchase the implants until they are used in surgery. Accordingly, we must make an up-front investment in inventory of consigned implants and instruments before we can generate revenue from a particular hospital and we maintain substantial levels of inventory at any given time. We operate over 45 orthotic and prosthetic (\"O&P\") clinics in the United States serving children's hospitals in numerous states. In the international markets where we sell to stocking distributors or in the case of our braces, we transfer control of our products to the distributor or customer when title passes upon shipment. We currently market 87 surgical and specialized bracing systems that serve three of the largest categories within the pediatric orthopedic market: (i) trauma and deformity correction, (ii) scoliosis and (iii) sports medicine/other. We rely on a broad network of third parties to manufacture the components of our products, which we then inspect and package. We believe our innovative products promote improved surgical accuracy, increase consistency of outcomes and enhance surgeon confidence in achieving high standards of care. In the future, we expect to expand our product offering within these categories, as well as to address additional categories of the pediatric orthoped ITEM 1. BUSINESS GENERAL OrthoPediatrics Corp. (the \"Company\") is a Delaware corporation, headquartered in Warsaw, Indiana, and organized in November 2007. The Company\u2019s Common Stock is traded on the Nasdaq Global Market under the symbol KIDS. OrthoPediatrics Corp. is a medical device company committed to designing, developing and marketing anatomically appropriate implants, instruments and specialized braces for children with orthopedic conditions, giving pediatric orthopedic surgeons and caregivers the ability to treat children with technologies specifically designed to meet their needs. Initially organized as an Indiana limited liability company on August 31, 2006, OrthoPediatrics Corp. was converted to a Delaware corporation on November 30, 2007. We sell our specialized products, including PediLoc\u00ae, PediPlates\u00ae, Cannulated Screws, PediFlexTM nail, PediNailTM, PediLoc\u00ae Tibia, ACL Reconstruction System, Locking Cannulated Blade, Locking Proximal Femur, Spica Tables, RESPONSETM Spine, BandLocTM, Pediatric Nailing Platform | Femur, Devise Rail, Orthex\u00ae, The Fassier-Duval Telescopic Intramedullary System\u00ae, SLIMTM Nail, The GAP NailTM, The Free Gliding SCFE Screw SystemTM, GIRO\u2122 Growth Modulation System, PNP Tibia System, ApiFix\u00ae Mid-C System, Mitchell Ponseti\u00ae, VerteGlideTM, and Boston Brace 3D\u00ae specialized bracing products to various hospitals and medical facilities throughout the United States and various international markets. We currently use a contract manufacturing model for the manufacturing of implants and related surgical instrumentation while our orthopedic bracing products are typically manufactured in-house. We also operate multiple orthotic and prosthetic (\"O&P\") clinics delivering leading pediatric non-surgical O&P treatment. The Company began selling its products in the United States in 2008 and internationally in 2011. In 2017, we expanded operations and established legal entities in the United Kingdom (UK), Australia and New Zealand, permitting us ITEM 1A. RISK FACTORS Our business is subject to many risks. This section includes a discussion of important factors that could affect our business, operating results, financial condition and the trading price of our common stock. You should carefully consider these risk factors, together with ", "title": "KIDS - ORTHOPEDIATRICS CORP", "url": "/company/KIDS/" }, { "kind": "company", "summary": "SIC 8742 Services-Management Consulting Services; CIK 0001320760; latest 10-K filed 2026-03-18.", "text": "TSSI - TSS, Inc. SIC 8742 Services-Management Consulting Services; CIK 0001320760; latest 10-K filed 2026-03-18. TSSI TSS, Inc. 0001320760 8742 Services-Management Consulting Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion contains statements that are forward-looking. These statements are based on expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of, among other reasons, factors discussed in Item 1A \u2013 Risk Factors and elsewhere in this Annual Report. The commentary should be read in conjunction with the consolidated financial statements and related notes and other statistical information included in this Annual Report. In this section, we discuss the results of our operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Annual Report on Form 10-K for the year ended December 31, 2024. Overview TSS, Inc. (\"TSS\u201d, the \"Company\u201d, \"we\u201d, \"us\u201d or \"our\u201d) provides a comprehensive suite of services for the integration of complex Artificial Intelligence (AI) technologies, planning, design, deployment, maintenance and refresh of end-user and enterprise systems, including the mission-critical facilities in which they are housed. We provide a single source solution for enabling technologies in data centers, operations centers, network facilities, server rooms, security operations centers, communications facilities and the infrastructure systems that are critical to their function. Our services consist of technology consulting, design and engineering, project management, systems integration, systems installation, facilities management and IT procurement services. Beginning in 2024, our systems integration services have been enhanced to include integration of AI enabled data center server racks. TSS was incorporated in Delaware in December 2004. We deliver complex solutions to a broad range of enterprise customers who utilize our services to deploy solutions in their own data centers, in modular data centers (MDCs), in colocation facilities or at the edge of the network. This market remains highly competitive and is subject to constant evolution as new computing technologies or applications drive continued demand for more advanced computing and storage capacity. In recent years, these enterprises have shifted their investment priorities towards AI and accelerated computing infrastructure initiatives. Enterprise and data center operators are facing immense pressure to rapidly integrate and deploy the latest generative, inferencing and agentic AI equipment and GPUs (Graphics Processing Units) and will need to adapt these next-generation servers and custom rack-scale architectures to quickly and successfully compete in the market. Ensuring adequate power and thermal management systems are implemented to support these new technologies while meeting increasingly stringent sustainability requirements is critical to a successful deployment. TSS exists to assist these operators in achieving these benefits over the life cycle of their IT investments. Over the last ten years, we have optimized our business by providing world-class integration services to our customer base. As computing technologies evolve and as we see new power and cooling technologies emerge, including direct liquid-cooled IT solutions and the rapid adoption of AI computing solutions, we will continue to adapt our systems integration business and capabilities to support these new products. We will also continue to offer expanded services to enable the integration, deployment, support, and maintenance of these new IT solutions. We compete in expanding market segments, often against larger competitors who have extensive resources. We rely on several large relationships and one US-based OEM (original equipment manufacturer) strategic customer to win cont Item 1. Business Company Overview TSS, Inc. (\"TSS\u201d, the \"Company\u201d, \"we\u201d, \"us\u201d or \"our\u201d) provides a comprehensive suite of services for the integration of complex Artificial Intelligence (AI) technologies, planning, design, deployment, maintenance and refresh of end-user and enterprise systems, including the mission-critical facilities in which they are housed. We provide a single source solution for enabling technologies in data centers, operations centers, network facilities, server rooms, security operations centers, communications facilities and the infrastructure systems that are critical to their function. Our services consist of technology consulting, design and engineering, project management, systems integration, systems installation, facilities management and IT procurement services. Beginning in 2024, our systems integration services have been enhanced to include integration of AI enabled data center server racks. TSS was incorporated in Delaware in December 2004. In the second quarter of 2025 we relocated our corporate offices and primary integration facility from Round Rock, Texas to Georgetown, Texas and continued to operate a secondary integration facility in our Round Rock facility for approximately one additional quarter before all operations were migrated to our new facility in Georgetown. We deliver complex solutions to a broad range of enterprise customers who utilize our services to deploy solutions in their own data centers, in modular data centers (MDCs), in colocation facilities or at the edge of the network. This market remains highly competitive and is subject to constant evolution as new computing technologies or applications drive continued demand for more advanced computing and storage capacity. In recent years, these enterprises have shifted their investment priorities towards AI and accelerated computing infrastructure initiatives. Enterprise and data center operators are facing immense pressure to rapidly integrate and deploy the l Item 1A. RISK FACTORS Our business involves a number of risks, some of which are beyond our control. The risks and uncertainties described below are not the only ones we face. Such factors could have a significant impact on our business, operating results and financial condition. We believe the most significant of these ri", "title": "TSSI - TSS, Inc.", "url": "/company/TSSI/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001737287; latest 10-K filed 2026-03-12.", "text": "ALLO - Allogene Therapeutics, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001737287; latest 10-K filed 2026-03-12. ALLO Allogene Therapeutics, Inc. 0001737287 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion contains management\u2019s discussion and analysis of our financial condition and results of operations and should be read together with the historical consolidated financial statements and the notes thereto included in \u201cFinancial Statements and Supplementary Data\u201d. This discussion contains forward-looking statements that reflect our plans, estimates and beliefs and involve numerous risks and uncertainties, including but not limited to those described in the \u201cRisk Factors\u201d section of this Annual Report. Actual results may differ materially from those contained in any forward-looking statements. You should carefully read \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors.\u201d Overview We are a clinical stage immuno-oncology company pioneering the development of genetically engineered allogeneic T cell product candidates for the treatment of cancer and autoimmune diseases. We are developing a pipeline of \u201coff-the-shelf\u201d T cell product candidates that are designed to target and kill cancer cells in patients or eliminate pathogenic autoreactive cells in patients with autoimmune disorders. Our engineered T cells are allogeneic, meaning they are derived from healthy donors for intended use in any patient, rather than from an individual patient for that patient\u2019s use, as in the case of autologous T cells. We believe this key difference will enable us to deliver readily available treatments faster, more reliably, at greater scale, and to more patients. We have a deep pipeline of allogeneic chimeric antigen receptor (CAR) T cell product candidates targeting multiple promising antigens in a host of hematological malignancies, solid tumors and autoimmune diseases. We are focusing our resources on three core programs: ALPHA3, RESOLUTION and TRAVERSE clinical trials. In June 2024, we initiated a pivotal Phase 2 clinical trial (ALPHA3) evaluating cemacabtagene ansegedleucel (cema-cel, previously ALLO-501A) as part of a first-line (1L) consolidation treatment for patients newly diagnosed with large B-cell lymphoma (LBCL) who, despite initial treatment success, remain at high risk for relapse. A trial-in-progress poster highlighting ALPHA3 was presented at the 2025 Annual Meeting of the American Society of Clinical Oncology (ASCO, June 1, 2025). We now have over 60 activated trial sites in the United States and Canada. Additional sites in Australia and South Korea are progressing toward activation in mid-2026. We have met with European Union (EU) regulatory authorities and have received scientific advice to assist us with finalizing our regulatory strategy for opening the trial in the EU, and operational feasibility assessments for both the EU and United Kingdom (UK) are ongoing. The ALPHA3 trial design expands on findings from our Phase 1 ALPHA2 study and incorporates an investigational diagnostic developed by Foresight Diagnostics, Inc., which was acquired by Natera, Inc. (Natera) in December 2025 and continues to operate as a standalone subsidiary. This diagnostic test identifies patients who, despite achieving remission according to standard evaluations, remain at risk due to minimal residual disease (MRD) following 1L chemoimmunotherapy. Patients eligible for enrollment include those who achieve either a complete response or a near-complete partial response to initial treatment and would otherwise be monitored through observation as the current standard of care. The trial\u2019s primary endpoint is event-free survival (EFS). Initially, the trial was designed to randomize approximately 240 MRD-positive patients into one of three arms: (1) cema-cel therapy following lymphodepletion with standard fludarabine and cyclophosphamide (FC arm), (2) cema-cel therapy 91 Table of Contents following lymphodepletion with fludarabine, cyclophosphamide, and ALLO-647 (an anti-CD52 monoclonal antibody) (FCA arm), or (3) s Item 1. Business Overview We are a clinical stage immuno-oncology company pioneering the development of genetically engineered allogeneic T cell product candidates for the treatment of cancer and autoimmune diseases. We are developing a pipeline of \u201coff-the-shelf\u201d T cell product candidates that are designed to target and kill cancer cells in patients or eliminate pathogenic autoreactive cells in patients with autoimmune disorders. Our engineered T cells are allogeneic, meaning they are derived from healthy donors for intended use in any patient, rather than from an individual patient for that patient\u2019s use, as in the case of autologous T cells. We believe this key difference will enable us to deliver readily available treatments faster, more reliably, at greater scale, and to more patients. After nearly eight years of platform development and treatment of more than 200 patients across six clinical studies, multiple anticipated clinical readouts are expected in the second quarter of 2026. These readouts could begin to validate several key scientific and clinical assumptions underlying off-the-shelf CAR T therapy, including biologic activity, safety, and the feasibility of standardized, readily available cell therapy across oncology and autoimmune indications. We continue to focus on three core programs: 1.Large B-Cell Lymphoma (LBCL): Potentially groundbreaking ALPHA3 Trial that we believe may leapfrog other CAR T\u2019s and embed cemacabtagene ansegedleucel (cema-cel, previously ALLO-501A) in first line (1L) LBCL treatment in community cancer centers where most newly diagnosed patients seek care. 2.Autoimmune Disease (AID): ALLO-329, our next-generation CD19 Dagger\u00ae program, focuses on scalability and reduced or chemotherapy-free lymphodepletion, positioning allogeneic CAR T to potentially transform autoimmune management and meet the demand of the market. 3.Renal Cell Carcinoma (RCC): TRAVERSE trial with ALLO-316 seeks to advance scientific innovation underlying t Item 1A. Risk Factors RISK FACTORS An investment in shares of our common stock involves a high degree of risk. We have identified the following material factors that make an investment in our common stock speculative or risky. You should carefully consider the following risk fac", "title": "ALLO - Allogene Therapeutics, Inc.", "url": "/company/ALLO/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001720420; latest 10-K filed 2025-09-11.", "text": "IBEX - IBEX Ltd SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001720420; latest 10-K filed 2025-09-11. IBEX IBEX Ltd 0001720420 7374 Services-Computer Processing & Data Preparation ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes thereto included elsewhere in this Form 10-K. Unless otherwise noted, all of the financial information in this Form 10-K is consolidated financial information for the Company. The forward-looking statements in this discussion regarding our industry and the industries we serve, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements in this discussion are subject to numerous risks and uncertainties. See \"Cautionary Note Regarding Forward-Looking Statements\" and Part I, Item 1A of this Form 10-K. Our actual results may differ materially from those contained in any forward-looking statements. This Form 10-K includes certain historical consolidated financial and other data for IBEX Limited (\u201cibex,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or the \u201cCompany\u201d). The following discussion provides a narrative of our financial condition and results of operations for the fiscal year ended June 30, 2025 compared to the fiscal year ended June 30, 2024. Discussion and analysis for the fiscal year ended June 30, 2024 compared to the fiscal year ended June 30, 2023 may be found in the Company\u2019s Annual Report on Form 10-K for the year ended June 30, 2024 filed with the SEC on September 12, 2024. 1 The Average Price Paid per Share excludes broker commissions. 44 Table of Contents Overview ibex delivers innovative business process outsourcing (\u201cBPO\u201d), smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage, and retain valuable customers. Today, ibex operates a global customer experiences (\u201cCX\u201d) delivery center model consisting of 30 delivery centers around the world, while deploying next-generation technology to drive superior customer experiences for many of the world\u2019s leading companies across various verticals, including Retail & E-commerce, HealthTech, FinTech, Utilities, and Travel, Transportation & Logistics. ibex leverages its diverse global team of approximately 33,000 employees together with industry-leading technology, including its Wave iX platform, to manage nearly 169 million customer interactions on behalf of our clients, driving a truly differentiated customer experience. Business Highlights During the fiscal year ended June 30, 2025, the Company delivered strong financial results, and experienced growth with leading clients in our Retail & E-commerce, HealthTech, Travel, Transportation & Logistics, and Other verticals, partially offset by decreases in our FinTech and Telecommunications verticals. We increased capacity in our offshore and nearshore regions and expanded into two new sites. The business performed well in several important areas during the current year, including total revenues and profitability. Our sales pipeline remained strong and we had sixteen new client wins during the fiscal year ended June 30, 2025, consistent with eighteen in the prior year. Recent Financial Highlights The Company delivered revenues of $558.3 million during the fiscal year ended June 30, 2025, a 9.8% increase compared to the prior year due to growth from existing and new clients launched throughout fiscal 2024 and fiscal 2025. Net income during the fiscal year ended June 30, 2025 was $36.9 million, a 9.5% increase from $33.7 million during the prior year. Fully diluted earnings per share for the fiscal year ended June 30, 2025 of $2.36, increased from $1.84 in the prior year. The increase in net income was driven by revenue growth in our higher margin offshore regions and improved gross margin performance. The increase in fully diluted earnings per share was driven by higher net income during the current year and fewer diluted shares outstanding compared to the prior year period. ITEM 1. BUSINESS Company Overview ibex delivers innovative business process outsourcing (\u201cBPO\u201d), smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage, and retain valuable customers. We combine our strong heritage of delivering leading customer experience (\u201cCX\u201d) operations, services and solutions that span omnichannel customer engagement and support, digital marketing and customer experience management to help our clients measure customer sentiment and deliver a superior CX to their end-customers. Leveraging our proprietary technology platform, company culture and operational excellence, ibex helps more than 140 clients create innovative and differentiated customer experiences to help increase loyalty, enhance brand awareness and drive revenue in an era of rapid change and digital transformation. Our Service Offerings The Company is an end-to-end provider of technology-enabled customer lifecycle experience (\u201cCLX\u201d) solutions. Through the Company\u2019s integrated CLX platform, a comprehensive portfolio of solutions is offered to help optimize customer acquisition, engagement, expansion and experience for clients. The Company leverages sophisticated technology and proprietary analytics, in combination with its global footprint and BPO expertise, to protect and enhance clients\u2019 brands. Our Connect business lies at the core of our offerings and generates the majority of the Company\u2019s revenue. This business unit delivers differentiated customer service (assisting our clients\u2019 customers with information about our clients and their products or services), technical support (providing specialized teams to provide information, assistance and technical guidance to our clients\u2019 customers on a specific product or service), revenue generation (upselling and cross selling) and other value-added outsourced back office services (finance and accounting, marketing support, sales operations, and human ITEM 1A. RISK FACTORS Risk Factors We are subject to certain material risks and uncertainties described below that make an investment in us speculative or risky, in addition to other information provided in this Form 10-K, which you should consider carefully in evaluating our business. If one or more of these risks or uncer", "title": "IBEX - IBEX Ltd", "url": "/company/IBEX/" }, { "kind": "company", "summary": "SIC 3679 Electronic Components, NEC; CIK 0001902314; latest 10-K filed 2026-03-26.", "text": "MPTI - M-tron Industries, Inc. SIC 3679 Electronic Components, NEC; CIK 0001902314; latest 10-K filed 2026-03-26. MPTI M-tron Industries, Inc. 0001902314 3679 Electronic Components, NEC Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis together with our audited consolidated financial statements and the accompanying notes. This discussion contains forward-looking statements, including statements regarding our expected financial position, business and financing plans. These statements involve risks and uncertainties. Our actual results could differ materially from the results described in or implied by these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Report, particularly under the headings \"Cautionary Statement Concerning Forward-Looking Statements\" and \"Risk Factors.\" Unless otherwise stated, all dollar amounts are in thousands. Overview Mtron is engaged in the designing, manufacturing and marketing of highly-engineered, high reliability frequency and spectrum control products used to control the frequency or timing of signals in electronic circuits in various applications. Mtron\u2019s primary markets are aerospace and defense, space, and avionics. The accompanying consolidated financial statements include the accounts of the Company and all of its majority-owned subsidiaries. For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, refer to Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 27, 2025, which is available free of charge on the SEC's website at https://www.sec.gov and on our website at ir.mtron.com. Trends and Uncertainties We are not aware of any material trends or uncertainties, other than the global economic conditions affecting our industry generally, that may reasonably be expected to have a material impact, favorable or unfavorable, on our revenues or income other than those listed in Part I, Item 1A, Risk Factors, of this Annual Report on Form 10-K. 16 Table of Contents Results of Operations The following table presents our Consolidated Statements of Operations for the periods indicated: [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31,\"],[\"(in thousands)\",\"\",\"2025\",\"\",\"2024\",\"\",\"$ Change\",\"\",\"% Change\"],[\"Revenues\",\"\",\"$\",\"54,417\",\"\",\"\",\"$\",\"49,012\",\"\",\"\",\"$\",\"5,405\",\"\",\"\",\"\",\"11.0\",\"%\"],[\"Costs and expenses:\"],[\"Manufacturing cost of sales\",\"\",\"\",\"30,269\",\"\",\"\",\"\",\"26,372\",\"\",\"\",\"\",\"3,897\",\"\",\"\",\"\",\"14.8\",\"%\"],[\"Engineering, selling and administrative\",\"\",\"\",\"13,857\",\"\",\"\",\"\",\"13,246\",\"\",\"\",\"\",\"611\",\"\",\"\",\"\",\"4.6\",\"%\"],[\"Total costs and expenses\",\"\",\"\",\"44,126\",\"\",\"\",\"\",\"39,618\",\"\",\"\",\"\",\"4,508\",\"\",\"\",\"\",\"11.4\",\"%\"],[\"Operating income\",\"\",\"\",\"10,291\",\"\",\"\",\"\",\"9,394\",\"\",\"\",\"\",\"897\",\"\",\"\",\"\",\"9.5\",\"%\"],[\"Other income:\"],[\"Interest income, net\",\"\",\"\",\"539\",\"\",\"\",\"\",\"243\",\"\",\"\",\"\",\"296\",\"\",\"\",\"\",\"121.8\",\"%\"],[\"Other income, net\",\"\",\"\",\"124\",\"\",\"\",\"\",\"138\",\"\",\"\",\"\",\"(14\",\")\",\"\",\"\",\"-10.1\",\"%\"],[\"Total other income, net\",\"\",\"\",\"663\",\"\",\"\",\"\",\"381\",\"\",\"\",\"\",\"282\",\"\",\"\",\"\",\"74.0\",\"%\"],[\"Income before income taxes\",\"\",\"\",\"10,954\",\"\",\"\",\"\",\"9,775\",\"\",\"\",\"\",\"1,179\",\"\",\"\",\"\",\"12.1\",\"%\"],[\"Income tax expense\",\"\",\"\",\"2,507\",\"\",\"\",\"\",\"2,139\",\"\",\"\",\"\",\"368\",\"\",\"\",\"\",\"17.2\",\"%\"],[\"Net income\",\"\",\"$\",\"8,447\",\"\",\"\",\"$\",\"7,636\",\"\",\"\",\"$\",\"811\",\"\",\"\",\"\",\"10.6\",\"%\"]] [[/GREPCENT_TABLE]] 2025 compared to 2024 Total Revenues Total revenues increased $5,405, or 11.0%, from $49,012 in 2024 to $54,417 in 2025 primarily due to strong defense program product and solution shipments, as well as an increase in shipments in the avionics and industrials sectors. Total Costs and Expenses Total costs and expenses increased $4,508, or 11.4%, from $39,618 in 2024 to $44,126 in 2025 primarily due to: [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"a $3,897, or 14.8%, increase in Manufacturing cost of sales from $26,372 in 2024 to $30,269 in 2025 driven by the incr Item 1. Business In this Annual Report on Form 10-K, the terms \"Mtron,\" the \"Company,\" \"we,\" \"us,\" and \"our\" refer collectively to M-tron Industries, Inc. and its subsidiaries. Unless otherwise stated, all dollar amounts are in thousands. General Originally founded in 1965, M-tron Industries, Inc. is engaged in the designing, manufacturing and marketing of highly engineered, high reliability frequency and spectrum control products used to control the frequency or timing of signals in electronic circuits in various applications. Mtron's primary markets are aerospace and defense, avionics, industrials, and space. Our component-level devices and integrated modules are used extensively in electronic systems for applications in aerospace and defense, avionics, satellites, global positioning systems, down-hole drilling, medical systems, instrumentation, and industrial devices. As an engineering-centric company, Mtron provides close support to the customer throughout its products' entire life cycles, including product design, prototyping, production and subsequent product upgrades and maintenance. This collaborative approach has resulted in the development and growth of long-standing business relationships with its customers. The Company has manufacturing facilities in Orlando, Florida; Yankton, South Dakota; and Noida, India. The Company also has a sales office in Hong Kong. All of Mtron's production facilities are International Organization for Standardization (\"ISO\") 9001:2015 certified (the international standard for creating a quality management system) and Restriction of Hazardous Substances (\"RoHS\") compliant. In addition, the Company's U.S. production facilities in Orlando and Yankton are International Traffic in Arms Regulations (\"ITAR\") registered and International Aerospace Quality Group AS9100 Rev D certified and our Yankton, South Dakota production facility is Military Standard (\"MIL-STD\") 790 certified. Mtron's production facility in India operates under Item 1A. Risk Factors Investing in our securities involves risks. Before making an investment decision, you should carefully consider the risks described below. Any of these risks could result in a material adverse effect on our business, financial condition, results of operations, or prospects, and could cause the trading price of our", "title": "MPTI - M-tron Industries, Inc.", "url": "/company/MPTI/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000800457; latest 10-K filed 2026-03-06.", "text": "DGICA - DONEGAL GROUP INC SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000800457; latest 10-K filed 2026-03-06. DGICA DONEGAL GROUP INC 0000800457 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview Donegal Mutual Insurance Company (\u201cDonegal Mutual\u201d) organized us as an insurance holding company on August 26, 1986. See \u201cBusiness - History and Organizational Structure\u201d for more information. Our insurance subsidiaries are Atlantic States Insurance Company (\u201cAtlantic States\u201d), Michigan Insurance Company (\u201cMICO\u201d), The Peninsula Insurance Company and its wholly owned subsidiary, Peninsula Indemnity Company (collectively, \u201cPeninsula\u201d), and Southern Insurance Company of Virginia (\u201cSouthern\u201d). Our insurance subsidiaries and their affiliates write commercial and personal lines of property and casualty coverages exclusively through a network of independent insurance agents in certain Mid-Atlantic, Midwest, Southern and Southwestern states. The commercial lines products of our insurance subsidiaries consist primarily of commercial automobile, commercial multi-peril and workers\u2019 compensation policies. The personal lines products of our insurance subsidiaries consist primarily of homeowners and private passenger automobile policies. At December 31, 2025, Donegal Mutual held approximately 44% of our outstanding Class A common stock and approximately 85% of our outstanding Class B common stock. This ownership provides Donegal Mutual with approximately 70% of the combined voting power of our outstanding shares of Class A common stock and our outstanding shares of Class B common stock. Donegal Mutual and Atlantic States have participated in a proportional reinsurance agreement, or pooling agreement, since 1986. Under the pooling agreement, Donegal Mutual and Atlantic States contribute substantially all of their respective premiums, losses and loss expenses to the underwriting pool, and the underwriting pool, acting through Donegal Mutual, then allocates 80% of the pooled business to Atlantic States. Thus, Donegal Mutual and Atlantic States share the underwriting results of the pooled business in proportion to their respective participation in the underwriting pool. The operations of our insurance subsidiaries and Donegal Mutual are interrelated due to the pooling agreement and other factors. While maintaining the separate corporate existence of each company, our insurance subsidiaries conduct business together with Donegal Mutual and its insurance subsidiaries as the Donegal Insurance Group. The Donegal Insurance Group is not a legal entity, is not an insurance company and does not issue or administer insurance policies. Rather, it is a trade name that refers to the group of insurance companies that are affiliated with Donegal Mutual. See \u201cBusiness - Relationship with Donegal Mutual\u201d for more information regarding the pooling agreement and other transactions with our affiliates. Donegal Mutual and our insurance subsidiaries operate together as the Donegal Insurance Group and share a combined business plan designed to achieve market penetration and underwriting profitability objectives. The products our insurance subsidiaries and Donegal Mutual offer are generally complementary, thereby allowing Donegal Insurance Group to offer a broader range of products to a given market and to expand Donegal Insurance Group\u2019s ability to service an entire personal lines or commercial lines account. Distinctions within the products of Donegal Mutual and our insurance subsidiaries generally allow the individual companies to manage certain risk segments through variations in coverage, terms and pricing. Therefore, the underwriting profitability of the business the individual companies write directly will vary. However, because the pool homogenizes the risk characteristics of the predominant percentage of the business Donegal Mutual and Atlantic States write directly and each company shares the underwriting results according to each company\u2019s participation percentage, each company realizes its percentage share of the underwriting results of the pool. I Item 1. Business. Introduction Donegal Group Inc., or DGI, is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty insurance in 21 Mid-Atlantic, Midwestern, Southern and Southwestern states. DGI has no significant business operations and is separate and distinct from its insurance subsidiaries. As used in this Form 10-K Report, the terms \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Donegal Group Inc. and its insurance subsidiaries. Our Class A common stock and our Class B common stock trade on the NASDAQ Global Select Market under the symbols \u201cDGICA\u201d and \u201cDGICB,\u201d respectively. Donegal Mutual Insurance Company, or Donegal Mutual, organized us as an insurance holding company on August 26, 1986. At December 31, 2025, Donegal Mutual held approximately 44% of our outstanding Class A common stock and approximately 85% of our outstanding Class B common stock. Donegal Mutual\u2019s ownership provides Donegal Mutual with approximately 70% of the combined voting power of our outstanding shares of Class A common stock and our outstanding shares of Class B common stock. Our insurance subsidiaries and Donegal Mutual have interrelated operations due to an intercompany pooling agreement and other intercompany agreements and transactions we describe in Note 3 of the Notes to Consolidated Financial Statements. While maintaining the separate corporate existence of each company, our insurance subsidiaries conduct business together with Donegal Mutual and its insurance subsidiaries as the Donegal Insurance Group. The Donegal Insurance Group is not a legal entity, is not an insurance company and does not issue or administer insurance policies. Rather, it is a trade name that refers to the group of insurance companies that are affiliated with Donegal Mutual. At December 31, 2025, we had three segments: our investment function, our commercial lines of insurance and our personal lines of insurance. We set forth financial information about these segments in N Item 1A. Risk Factors. Risk Factors Risks Relating to the Property and Casualty Insurance Industry Industry trends, such as increasing loss severity due to higher rates of litigation against the insurance industry and individual insurers, the willingness of courts to expand covered causes of loss, rising jury awards,", "title": "DGICA - DONEGAL GROUP INC", "url": "/company/DGICA/" }, { "kind": "company", "summary": "SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001530249; latest 10-K filed 2026-03-13.", "text": "FSBW - FS Bancorp, Inc. SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001530249; latest 10-K filed 2026-03-13. FSBW FS Bancorp, Inc. 0001530249 6036 Savings Institutions, Not Federally Chartered Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This discussion and analysis reviews our consolidated financial statements and other relevant statistical data and is intended to enhance your understanding of our financial condition and results of operations. The information in this section has been derived from the Consolidated Financial Statements and footnotes thereto that appear in Item 8. of this Form 10\u2013K. The information contained in this section should be read in conjunction with these Consolidated Financial Statements and footnotes and the business and financial information provided in this Form 10\u2013K. Overview 1st Security Bank has been serving the Puget Sound area since 1907, which includes the period in which the predecessor to Anchor Bank, one of its banking acquisitions, was formed. On July 9, 2012, the Bank converted from mutual to stock ownership and became the wholly owned subsidiary of FS Bancorp. The Company is relationship-driven, delivering banking and financial services to local families, local and regional businesses and industry niches in suburban communities in the greater Puget Sound area, the Kennewick-Pasco-Richland metropolitan area of Washington, also known as the Tri-Cities, as well as Goldendale, Vancouver, and White Salmon, Washington and Manzanita, Newport, Ontario, Tillamook, and Waldport, Oregon. 52 Table of Contents The Company also maintains its long-standing indirect consumer lending platform which operates primarily throughout the Western United States. The Company emphasizes long-term relationships with families and businesses within the communities served, working with them to meet their financial needs. The Company is also actively involved in community activities and events within these market areas, which further strengthens its relationships within these markets. The Company's strategic focus involves diversifying revenues, expanding lending channels, and enhancing the banking franchise. Management is committed to establishing varied revenue streams considering credit, interest rate, and concentration risks. The business plan includes: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Growing and diversifying our loan portfolio;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Maintaining strong asset quality;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Emphasizing lower cost core deposits to reduce the costs of funding our loan growth;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Capturing customers\\u2019 complete relationships through a broad array of products and services, leveraging community involvement, and selectively emphasizing offerings aligned with customers\\u2019 banking needs; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Expanding into new markets.\"]] [[/GREPCENT_TABLE]] As a diversified lender, the Company specializes in originating one-to-four-family residential loans, CRE mortgages, second mortgages, consumer loans, marine lending, and commercial business loans. At December 31, 2025, the Company's loan portfolio consisted of the following major categories: CRE loans, residential real estate loans, consumer loans, and commercial business loans representing 36.5%, 28.6%, 22.5% and 12.4% of the portfolio, respectively. Indirect home improvement loans to finance window, gutter, siding replacement, solar panels, spas, and other improvement renovations are a large segment of the consumer loan portfolio. These indirect home improvement loans are dependent on the Company's contractor/dealer network of 33 currently active fixture dealerships located throughout Washington, Oregon, California, Idaho, Colorado, Nevada, Arizona, Minnesota, Texas, Utah, Massachusetts, Montana, and New Hampshire. During the year ended December 31, 2025, the Company originated 6,146 indirect home improvement loans with an aggregate total of $138.2 million. Five contractor/dealer accounted for 77.5% of th Item 1. Business General FS Bancorp, a Washington corporation, was organized in September 2011 for the purpose of becoming the holding company of 1st Security Bank upon the Bank\u2019s conversion from a mutual to a stock savings bank (\u201cConversion\u201d). The Conversion was completed on July 9, 2012. At December 31, 2025, the Company had consolidated total assets of $3.2 billion, total loans receivable, net of $2.62 billion, total deposits of $2.67 billion, and total stockholders\u2019 equity of $307.7 million. The Company has not engaged in significant activities other than holding the stock of the Bank and providing capital to it through the debt and equity markets. Accordingly, the information set forth in this Form 10\u2013K, including the consolidated financial statements and related data, relates primarily to the Bank. \u200b 1st Security Bank is a relationship-focused community bank dedicated to serving local families, regional businesses, and industry niches primarily within distinct Puget Sound and Pacific Northwest communities. The Bank prioritizes long-term relationships, working closely with customers to meet their financial needs while actively participating in community activities and events to further strengthen these connections. 1st Security Bank has been serving the Puget Sound area since 1907, including the period during which the predecessor to Anchor Bank, one of its banking acquisitions, was formed. The Bank was originally chartered as a credit union, under the name Washington\u2019s Credit Union and primarily served select employment groups. On April 1, 2004, the Bank converted from a credit union to a Washington state-chartered mutual savings bank. Upon completion of the Conversion in July 2012, 1st Security Bank became a Washington state-chartered stock savings bank and a wholly-owned subsidiary of the Company. At December 31, 2025, the Company maintained its headquarters, which produces loans and accepts deposits, in Mountlake Terrace, Washington, and an administr Item 1A. Risk Factors An investment in our common stock is subject to risks inherent in our business. Before making an investment decision, you should carefully consider the risks and uncertainties described below together with all the other information included in this report and our other documents filed with a", "title": "FSBW - FS Bancorp, Inc.", "url": "/company/FSBW/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001495240; latest 10-K filed 2026-02-24.", "text": "LAND - GLADSTONE LAND Corp SIC 6798 Real Estate Investment Trusts; CIK 0001495240; latest 10-K filed 2026-02-24. LAND GLADSTONE LAND Corp 0001495240 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the notes thereto contained elsewhere in this Form 10-K. OVERVIEW General We are an externally-managed, agricultural REIT that is primarily engaged in owning and leasing farmland, including through lease structures with a variable rent component based on the gross revenues generated from certain farms in lieu of fixed base rent. From time to time, and on a temporary basis, we may also directly operate certain of our farms via management agreements with third-party operators and/or through a TRS. We currently own 144 farms totaling 98,688 acres across 14 states in the U.S. and 55,532 acre-feet of water assets in California. In addition, two of our properties (comprising four farms) are currently being directly operated. We conduct substantially all of our activities through, and all of our properties are held, directly or indirectly, by the Operating Partnership. Gladstone Land Corporation controls the sole general partner of the Operating Partnership and currently owns all of the OP Units. In addition, we have elected for Land Advisers, an indirect wholly-owned subsidiary of ours, to be treated as a TRS. Our Adviser manages our real estate portfolio pursuant to an advisory agreement, and our Administrator provides administrative services to us pursuant to an administration agreement. Our Adviser and our Administrator collectively employ all of our personnel and directly pay their salaries, benefits, and general expenses. As of February 24, 2026: \u2022we owned 144 farms comprised of 98,688 total acres across 14 states in the U.S. and 55,532 acre-feet of water assets in California; \u2022our occupancy rate (based on farmable acreage and including direct-operated farms) was 95.0%, and our farms were leased to 82 different, unrelated third-party tenants growing over 60 different types of crops; \u2022the weighted-average remaining agricultural lease term across our farmland holdings was 4.7 years; and \u2022the weighted-average term to maturity of our notes and bonds payable was 6.6 years, and approximately 97.9% of our borrowings bore interest at fixed rates; on a weighted-average basis, the remaining fixed-price term of our borrowings was 2.7 years, with an expected weighted-average effective interest rate (after interest patronage, as described below) of 3.39% over that term. Business Environment Impact of Inflation, Interest Rates, and Tariffs and Trade Inflation According to the U.S. Bureau of Labor Statistics, the Consumer Price Index (\u201cCPI\u201d) rose at an annual rate of 2.7% through December 31, 2025, reflecting continued moderation from peak inflation levels observed in mid-2022. Food price increases 36 Table of Contents have likewise slowed but remain elevated relative to headline CPI, with the overall food category up by 3.1% over the same period. Notably, over the past four years, food prices have risen by 19.8%, outpacing the overall CPI increase of 16.2% and reflecting sustained pricing pressures across many agricultural markets. In addition, the U.S. Department of Agriculture\u2019s August 2025 Land Values Summary reported that nationwide farm real estate values increased 4.3% year-over-year, while cropland values rose 4.7%. This data indicates that farmland values have continued to appreciate, although at a more moderate pace than in prior years. While elevated input costs remain a concern for farm operators, we believe these pressures are being offset in certain markets to the extent food prices keep pace with or exceed broader inflation trends. Interest Rates The Federal Reserve (the \u201cFed\u201d) resumed monetary easing in late 2025, lowering the target range for the federal funds rate by 25 basis points in each of September, October, and December 2025, bringing the range to 3.50% to 3.75%. The F ITEM 1. BUSINESS Overview We are an externally-managed, agricultural real estate investment trust (\u201cREIT\u201d) that is primarily in the business of owning and leasing farmland, including through lease structures with a variable rent component based on the gross revenues generated from certain farms in lieu of fixed base rent. We are not generally a grower of crops, nor do we typically farm the properties we own, though from time to time, and on a temporary basis, we may also directly operate certain of our farms via management agreements with third-party operators and/or through a taxable REIT subsidiary (\u201cTRS\u201d). We currently own 144 farms totaling 98,688 acres across 14 states in the U.S. and 55,532 acre-feet of water assets in California. In addition, as of December 31, 2025, two of our properties (comprising four farms) were directly operated by us. We also own several farm-related facilities that are necessary to the farming operations on the underlying farmland. Our farmland is predominantly concentrated in locations where farmers are able to grow either fresh produce annual row crops (e.g., certain berries and vegetables), which are typically planted and harvested annually, or certain permanent crops (e.g., almonds, blueberries, pistachios, and wine grapes). To a much lesser extent, we also own farms that grow certain commodity crops (e.g., corn and beans). In addition, we own several farm-related facilities, such as cooling facilities, packinghouses, processing facilities, and various storage facilities. While our focus will continue to be on farmland growing either fresh produce annual row crops or certain permanent crops, in the future, we expect to acquire more farmland that grows commodity crops on a selective basis, as well as more farm-related facilities. We conduct substantially all of our business activities through an Umbrella Partnership Real Estate Investment Trust (\u201cUPREIT\u201d) structure, by which all of our properties are held, directly or indirectl ITEM 1A. RISK FACTORS An investment in our securities involves a number of significant risks and other factors relating to our structure and investment objectives. As a result, we cannot assure you that we will achieve our investment objectives. You should consider carefully the following information as an investor and/or prospective inv", "title": "LAND - GLADSTONE LAND Corp", "url": "/company/LAND/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001807120; latest 10-K filed 2026-03-09.", "text": "DSGN - Design Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001807120; latest 10-K filed 2026-03-09. DSGN Design Therapeutics, Inc. 0001807120 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and notes thereto included in \u201cItem 8. Financial Statements and Supplementary Data\u201d of this Annual Report on Form 10-K. In addition to historical information, this Annual Report contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including but not limited to those set forth under the caption \u201cItem 1A. Risk Factors.\u201d Overview We are a clinical-stage biopharmaceutical company pioneering the research and development of GeneTAC\u00ae molecules, which are a novel class of small-molecule gene targeted chimera therapeutic candidates designed to be disease-modifying by addressing the underlying cause of diseases caused by inherited nucleotide repeat expansion mutations. Certain diseases caused by inherited nucleotide repeat expansion, such as Friedreich ataxia (FA) and fragile X syndrome, can result in reduced gene expression and deficiency of vital proteins; in other diseases, such as myotonic dystrophy type-1 (DM1), Fuchs endothelial corneal dystrophy (FECD), and Huntington's disease (HD), the nucleotide repeat expansions result in the generation of toxic gene products, often associated with pathological nuclear foci and broad splicing disruptions or the expression of mutant proteins that form toxic aggregates. Our GeneTAC\u00ae small molecules are designed to selectively target expanded genetic repeat sequences, modulate gene expression either by dialing up or down mRNA transcription, depending on the cause of the disease, and restore cellular health. As a platform, we believe that GeneTAC\u00ae molecules have broad potential applicability across currently unaddressed degenerative, monogenic nucleotide repeat expansion diseases affecting millions of individuals worldwide. In preclinical studies for our lead program in FA, we have observed restoration of frataxin (FXN) levels in multiple cell types from FA patients and an in vivo murine model of FA using our FA GeneTAC\u00ae molecules. At doses that were observed to be well-tolerated in rodents and non-human primates (NHPs), FA GeneTAC\u00ae molecules achieved biodistribution to brain and heart, key organs affected by FA, at concentrations that exceeded those observed to restore FXN levels in FA patient cells. Further, and consistent with this favorable target-organ biodistribution, we observed increased endogenous FXN expression in the brain and heart in an animal model of FA after treatment with our FA GeneTAC\u00ae molecules. Previously, we reported clinical data for our lead FA GeneTAC\u00ae small molecule, DT-216, formulated as the prior DT-216 product candidate (DT-216P1) from a Phase 1 single-ascending dose (SAD) clinical trial in December 2022 and a Phase 1 multiple-ascending dose (MAD) clinical trial in August 2023. Both studies showed that DT-216 was generally well-tolerated and exhibited the ability to overcome the FXN transcription impairment that causes FA. Data from the Phase 1 MAD clinical trial for DT-216P1 suggests more sustained exposure to DT-216 is likely needed to achieve a more durable increase in FXN expression. We then shifted focus to developing DT-216 with a potentially improved formulation to enable more sustained exposure for the treatment of FA. These efforts resulted in a new product candidate, DT-216P2, which uses the same drug substance, DT-216. In nonclinical studies, we observed higher and more sustained DT-216 plasma levels after administration of DT-216P2 than was seen in studies with DT-216P1. A Phase 1 SAD clinical trial of DT-216P2 in normal healthy volunteers to evaluate single doses using multiple routes of administration, specifically IV infusion and subcutaneous (SC) i Item 1. Business. As used in this Annual Report on Form 10-K, unless the context indicates or otherwise requires, \u201cDesign,\u201d \u201cour company,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to Design Therapeutics, Inc., a Delaware corporation. Overview We are a clinical-stage biopharmaceutical company pioneering the research and development of GeneTAC\u00ae molecules, which are a novel class of small-molecule gene targeted chimera therapeutic candidates designed to be disease-modifying by addressing the underlying cause of diseases caused by inherited nucleotide repeat expansion mutations. Certain diseases caused by inherited nucleotide repeat expansion, such as Friedreich ataxia (FA) and fragile X syndrome, can result in reduced gene expression and deficiency of vital proteins; in other diseases, such as myotonic dystrophy type-1 (DM1), Fuchs endothelial corneal dystrophy (FECD), and Huntington's disease (HD), the nucleotide repeat expansions result in the generation of toxic gene products, often associated with pathological nuclear foci and broad splicing disruptions or the expression of mutant proteins that form toxic aggregates. Our GeneTAC\u00ae small molecules are designed to selectively target expanded genetic repeat sequences, modulate gene expression either by dialing up or down mRNA transcription, depending on the cause of the disease, and restore cellular health. As a platform, we believe that GeneTAC\u00ae molecules have broad potential applicability across currently unaddressed degenerative, monogenic nucleotide repeat expansion diseases affecting millions of individuals worldwide. In preclinical studies for our lead program in FA, we have observed restoration of frataxin (FXN) levels in multiple cell types from FA patients and an in vivo murine model of FA using our FA GeneTAC\u00ae molecules. At doses that were observed to be well-tolerated in rodents and non-human primates (NHPs), FA GeneTAC\u00ae molecules achieved biodistribution to brain and heart, key organs affected by FA, at concentratio Item 1A. Risk Factors. We operate in a dynamic and rapidly changing environment that involves numerous risks and uncertainties. Certain factors may have a material adverse effect on our business, financial condition and results of operations, and you should carefully consider them. Accordingly, in evaluating our b", "title": "DSGN - Design Therapeutics, Inc.", "url": "/company/DSGN/" }, { "kind": "company", "summary": "SIC 2000 Food and Kindred Products; CIK 0001278027; latest 10-K filed 2026-03-03.", "text": "BGS - B&G Foods, Inc. SIC 2000 Food and Kindred Products; CIK 0001278027; latest 10-K filed 2026-03-03. BGS B&G Foods, Inc. 0001278027 2000 Food and Kindred Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth under Part I, Item 1A, \u201cRisk Factors,\u201d under the heading \u201cForward-Looking Statements\u201d before Part I of this report and elsewhere in this report. The following discussion should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this report. General We manufacture, sell and distribute a diverse portfolio of branded, high-quality, shelf-stable and frozen foods and household products, many of which have leading regional or national market shares. In general, we position our branded products to appeal to the consumer desiring a high-quality and reasonably priced product. We complement our branded product retail sales with institutional and foodservice sales and private label sales. Our company has been built upon a successful track record of acquisition-driven growth. Our goal is to continue to increase sales, profitability and cash flows through strategic acquisitions, new product development and organic growth. We intend to implement our growth strategy through the following initiatives: expanding our brand portfolio - 34 - Table of Contents with disciplined acquisitions of complementary branded businesses, continuing to develop new products and delivering them to market quickly, leveraging our multiple channel sales and distribution system and continuing to focus on higher growth customers and distribution channels. Since 1996, we have successfully acquired and integrated more than 50 brands or businesses into our company. On January 15, 2026, we entered into an agreement to acquire the broth and stock business of Del Monte Foods Corporation II Inc. and its affiliates, including the College Inn and Kitchen Basics brands. Subject to customary closing conditions and the simultaneous closing of two other pending sales by Del Monte Foods unrelated to B&G Foods or the broth and stock business, we expect the pending acquisition to close during the first quarter of 2026. We refer to this pending acquisition as the \u201cCollege Inn and Kitchen Basics acquisition.\u201d This acquisition is expected to be accounted for using the acquisition method of accounting and, accordingly, the assets acquired and liabilities assumed and results of operations of the acquired business will be included in our consolidated financial statements from the date of acquisition. This acquisition and the application of the acquisition method of accounting will affect comparability between periods. In addition, in an attempt to sharpen focus, improve margins and reduce our long-term debt, we have begun reshaping our portfolio through select divestitures. For example, on March 2, 2026, we completed the sale of the Green Giant U.S. frozen business to Seneca Foods Corporation. On October 24, 2025, we entered into an agreement to sell our Green Giant and Le Sieur frozen and shelf-stable product lines in Canada to Nortera Foods Inc., which, subject to regulatory approval and customary closing conditions, is expected to close during the second quarter of 2026. On August 1, 2025, we completed the sale of the Le Sueur U.S. shelf-stable vegetable brand to McCall Farms. On May 23, 2025, we completed the sale of the Don Pepino and Sclafani brands of pizza and spaghetti sauces, crushed tomatoes, tomato puree and whole peeled tomatoes to Violet Foods LLC. On January 3, 2023, we completed the sale of the Back to Nature business to a subsidiary of Barilla America, Inc. On November 8, 2023, we completed the sale of the Green Giant U.S. shelf-stable product line to Seneca Foods Corporation. In this rep Item 1. Business. Overview The terms \u201cB&G Foods,\u201d \u201cour,\u201d \u201cwe\u201d and \u201cus,\u201d as used in this report, refer to B&G Foods, Inc. and its wholly owned subsidiaries, except where it is clear that the term refers only to the parent company. Throughout this report, we refer to our fiscal years ended December 30, 2023, December 28, 2024, January 3, 2026 and January 2, 2027 as \u201cfiscal 2023,\u201d \u201cfiscal 2024,\u201d \u201cfiscal 2025\u201d and \u201cfiscal 2026,\u201d respectively. Typically, our fiscal years and fiscal quarters consist of 52 and 13 weeks, respectively, ending on the Saturday closest to December 31 in the case of our fiscal year and fourth fiscal quarter, and on the Saturday closest to the end of the corresponding calendar quarter in the case of our other fiscal quarters. As a result, a 53rd week is added to our fiscal year every five or six years. Fiscal 2026 contains 52 weeks, fiscal 2025 contained 53 weeks, and fiscal 2024 and 2023 each contained 52 weeks. Each quarter of fiscal 2026 will contain 13 weeks, and the first three quarters of fiscal 2025 and each quarter of fiscal 2024 and fiscal 2023 contained 13 weeks. The fourth quarter of fiscal 2025 contained 14 weeks. When we refer to a \u201cquarter\u201d in this report, we are referring to a fiscal quarter. B&G Foods manufactures, sells and distributes a diverse portfolio of branded, high-quality, shelf-stable and frozen food and household products across the United States, Canada and Puerto Rico. Many of our branded products have leading regional or national market shares. In general, we position our products to appeal to the consumer desiring a high-quality and reasonably priced product. We complement our branded product retail sales with institutional and foodservice sales and private label sales. B&G Foods, including our subsidiaries and predecessors, has been in business for over 130 years. We were incorporated in Delaware on November 25, 1996 under the name B Companies Holdings Corp. On August 11, 1997, we changed our name to B&G Foods Item 1A. Risk Factors. Any investment in our company will be subject to risks inherent to our business. Before making an investment decision, investors should carefully consider the risks described below together with all of the other information included in this report. The risks and uncertainties described below are not the only ones facing o", "title": "BGS - B&G Foods, Inc.", "url": "/company/BGS/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001593899; latest 10-K filed 2026-03-05.", "text": "AVIR - Atea Pharmaceuticals, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001593899; latest 10-K filed 2026-03-05. AVIR Atea Pharmaceuticals, Inc. 0001593899 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes to those statements included elsewhere in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed in Part I, Item 1A, \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. See \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview We are a late-stage clinical biopharmaceutical company leveraging our deep understanding of antiviral drug development, medicinal chemistry, biochemistry and virology to discover, develop and commercialize novel, orally administered antivirals to treat serious viral diseases. Our current product candidate pipeline includes the regimen of bemnifosbuvir and ruzasvir which we believe has the potential to improve the current standard of care (\u201cSOC\u201d) for the treatment of patients with hepatitis C virus (\u201cHCV\u201d) infection and AT-587 which we believe has the potential to be the first direct-acting antiviral (\u201cDAA\u201d) for the treatment of patients, particularly immunocompromised patients, with chronic hepatitis E virus (\u201cHEV\u201d) infection. HCV - Our Goal and our Program The objective of our HCV development program is to improve upon the current SOC by offering bemnifosbuvir and ruzasvir as a differentiated pan-genotypic protease inhibitor-free, short-duration regimen for patients infected with HCV, if successfully developed and approved. We believe that a novel treatment regimen that can be easily prescribed will benefit today\u2019s HCV population, which is predominately young (20-49 years old) and non-cirrhotic, and it would be a significant improvement to the current SOC. Presently, there are no short-course (i.e., eight week) nucleotide inhibitor-based, pan-genotypic HCV treatment regimens. Clinical and nonclinical results from studies conducted to date, including a global Phase 2 clinical trial which enrolled 275 HCV infected patients, have shown that the regimen of bemnifosbuvir and ruzasvir has high potency and has been well tolerated. These studies have also shown that the regimen has a low risk for drug-drug interactions with many commonly prescribed medications including proton pump inhibitors and offers the convenience of being able to be taken with or without food. This is a profile that we believe will offer a significant improvement to the current SOC, if approved. The global HCV Phase 3 program we are conducting consists of two randomized, open label studies: C-BEYOND which has clinical trial sites in the US and Canada, and C-FORWARD which has clinical trial sites in countries outside of North America. In these Phase 3 trials we are comparing our regimen of bemnifosbuvir and ruzasvir to an active comparator, the regimen of sofosbuvir and velpatasvir, in patients with chronic HCV infection. We are conducting the Phase 3 program in geographically diverse regions in order to enroll patients with a broad array of HCV genotypes. C-BEYOND is fully enrolled with over 880 patients, and we expect to report topline results mid-2026. We are actively progressing enrollment of an additional 880 patients in C-FORWARD and expect to report topline results from C-FORWARD at year-end 2026. Pending successful results from these Phase 3 clinical trials, we are targeting submission to US Food and Drug Administration (\u201cFDA\u201d) of a New Drug Application (\u201cNDA\u201d) for marketing approval in March 2027. We are executing a focused chemistry, manufacturing and controls (\u201cCMC\u201d) strategy to provide fixed dose combinat Item 1. Business. Overview We are a late-stage clinical biopharmaceutical company leveraging our deep understanding of antiviral drug development, medicinal chemistry, biochemistry and virology to discover, develop and commercialize novel, orally administered antivirals to treat serious viral diseases. Our current product candidate pipeline includes the regimen of bemnifosbuvir and ruzasvir which we believe has the potential to improve the current standard of care (\u201cSOC\u201d) for the treatment of patients with hepatitis C virus (\u201cHCV\u201d) infection and AT-587 which we believe has the potential to be the first direct-acting antiviral (\u201cDAA\u201d) for the treatment of patients, particularly immunocompromised patients, with chronic hepatitis E virus (\u201cHEV\u201d) infection. HCV - Our Goal and our Program The objective of our HCV development program is to improve upon the current SOC by offering bemnifosbuvir and ruzasvir as a differentiated pan-genotypic protease inhibitor-free, short-duration regimen for patients infected with HCV, if successfully developed and approved. We believe that a novel treatment regimen that can be easily prescribed will benefit today\u2019s HCV population, which is predominately young (20-49 years old) and non-cirrhotic, and it would be a significant improvement to the current SOC. Presently, there are no short-course (i.e., 8 week) nucleotide inhibitor-based, pan-genotypic HCV treatment regimens. Clinical and nonclinical results from studies conducted to date, including a global Phase 2 clinical trial which enrolled 275 HCV infected patients, have shown that the regimen of bemnifosbuvir and ruzasvir has high potency and has been well tolerated. These studies have also shown that the regimen has a low risk for drug-drug interactions (\u201cDDIs\u201d) with many commonly prescribed medications including proton pump inhibitors and offers the convenience of being able to be taken with or without food. This is a profile that we believe will offer a significant improvement Item 1A. Risk Factors. You should carefully consider the risks and uncertainties described below, as well as the other information in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes and \u201cManagement\u2019s Discussion and Analysis of Results of Operations and Financial C", "title": "AVIR - Atea Pharmaceuticals, Inc.", "url": "/company/AVIR/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001116463; latest 10-K filed 2026-03-09.", "text": "OSUR - ORASURE TECHNOLOGIES INC SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001116463; latest 10-K filed 2026-03-09. OSUR ORASURE TECHNOLOGIES INC 0001116463 3841 Surgical & Medical Instruments & Apparatus ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Statements below regarding future events or performance are \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. The Company's actual results could be quite different from those expressed or implied by the forward-looking statements. Factors that could affect results are discussed more fully under the Item 1A, entitled \u201cRisk Factors,\u201d and elsewhere in this Annual Report. Although forward-looking statements help to provide complete information about the Company, readers should keep in mind that forward-looking statements may not be reliable. Readers are cautioned not to place undue reliance on the forward-looking statements. The Company undertakes no duty to update any forward-looking statements made herein after the date of this Annual Report. The following discussion should be read in conjunction with the consolidated financial statements contained herein and the notes thereto, along with the Section entitled \u201cCritical Accounting Policies and Estimates,\u201d set forth below. This section of this Annual Report on Form 10-K for the year ended December 31, 2025 (this \"Annual Report\") generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussion of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. Business Overview The Company's business consists of the development, manufacture, marketing, sale and distribution of simple, easy to use diagnostic products and specimen collection devices using its proprietary technologies, as well as other diagnostic products including immunoassays and other in vitro diagnostic tests that are used on other specimen types. Our diagnostic products include tests for diseases including HIV, Hepatitis C, Syphilis, Sickle Cell and COVID-19 that are performed on a rapid basis at the point of care. These products are sold in the United States and internationally to various clinical laboratories, hospitals, clinics, community-based organizations, and other public health organizations, distributors, government agencies, physicians\u2019 offices, and commercial and industrial entities. The Company's HIV and COVID-19 products are also sold in a consumer-friendly format in the OTC market in the U.S. and, in the case of the HIV and HCV products, as a self-test to individuals in a number of other countries, including, for the HIV products, as an oral swab in-home test for HIV-1 and HIV-2 in Europe, and for the HCV products, as an OTC test. In December 2025, the Company submitted a 510(k) to the FDA for clearance of its rapid molecular self-test for CT/NG, which is currently under review. The Company's business also includes sample management solutions and services that are used by clinical laboratories, direct-to-consumer laboratories, researchers, pharmaceutical companies, and animal health service and product providers. The revenues from sample management solutions are derived from product sales to commercial customers and sales into the academic and research markets. Customers span the disease risk management, diagnostics, pharmaceutical, biotech, and companion animal market segments. The Company has also developed collection devices for the emerging microbiome market, which focuses on studying microbiomes and their effect on human and animal health. The Company also has a urine collection device which allows for the volumetric collection of first void urine. Initial sales of this product for research use only are occurring primarily through distributors and collaborations in the liquid biopsy and sexually transmitted disease markets. In December 2025, the Company also su ITEM 1. Business. OTI transforms health through actionable insight and decentralizes diagnostics to connect people to healthcare wherever they are. Our products and services reside under one reporting hierarchy, with commercial and innovation teams, which are part of a single business unit covering multiple product lines. Our business is principally comprised of the development, manufacture, marketing, sale and distribution of (i) diagnostics products, and (ii) sample management solutions. In November 2025, the Company acquired BioMedomics, Inc. (\"BioMedomics\"). BioMedomics' SickleSCAN\u00ae test is the world's first rapid point-of-care test for sickle cell disease. The SickleSCAN\u00ae test is currently sold in markets outside the U.S. Products and Services The Company's business consists of the development, manufacture, marketing, sale and distribution of simple, easy to use diagnostic products and specimen collection devices using its proprietary technologies, as well as other diagnostic products, including immunoassays and other in vitro diagnostic tests that are used on other specimen types. Our diagnostic products include tests for diseases including HIV, Hepatitis C virus (\u201cHCV\u201d), Syphilis, Sickle Cell and COVID-19 that are performed on a rapid basis at the point of care. These products are sold in the United States and internationally to various clinical laboratories, hospitals, clinics, community-based organizations, and other public health organizations, distributors, government agencies, physicians\u2019 offices, and commercial and industrial entities. The Company's HIV and COVID-19 products are also sold in a consumer-friendly format in the over-the-counter (\u201cOTC\u201d) market in the U.S. and, in the case of the HIV and HCV products, as a self-test to individuals in a number of other countries, including, for the HIV products, as an oral swab in-home test for HIV-1 and HIV-2 in Europe, and for the HCV products, as an OTC test. In December 2025, the Company submitted ITEM 1A. Risk Factors Summary of Risk Factors Investing in the Company's securities involves risk. Below is a summary of the principal factors that could adversely affect OraSure's business, operations and financial results. You should carefully consider the following risks and uncertainties, ", "title": "OSUR - ORASURE TECHNOLOGIES INC", "url": "/company/OSUR/" }, { "kind": "company", "summary": "SIC 1090 Miscellaneous Metal Ores; CIK 0001500881; latest 10-K filed 2026-03-31.", "text": "EU - enCore Energy Corp. SIC 1090 Miscellaneous Metal Ores; CIK 0001500881; latest 10-K filed 2026-03-31. EU enCore Energy Corp. 0001500881 1090 Miscellaneous Metal Ores Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following is a discussion and analysis of the Company\u2019s financial condition and historical results of operations. The following should be read in conjunction with our financial statements and accompanying notes. This discussion contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results could differ materially from those projected, forecasted or expected in these forward-looking statements as a result of various factors, including but not limited to, those discussed below and elsewhere in this Annual Report. Refer to \u201cCautionary Note Regarding Forward-looking Statements\u201d and Item 1A. Risk Factors herein. Our management believes the assumptions underlying the Company\u2019s financial statements and accompanying notes are reasonable. However, the Company\u2019s financial statements and accompanying notes may not be an indication of our financial condition and results of operations in the future. Business Overview enCore Energy Corp., America\u2019s Clean Energy Company\u2122, was incorporated on October 30, 2009, under the Laws of British Columbia and is a reporting issuer in all of the provinces and territories of Canada. As of January 1, 2025, the Company ceased to be a \u201cforeign private issuer\u201d and has become a \u201cdomestic issuer\u201d and a non-accelerated filer within the meanings under the Exchange Act. As a result, the Company must comply with the filing deadlines and disclosure obligations of a domestic issuer and non-accelerated filer as set forth in the Exchange Act. This classification impacts the timing of our periodic filings, internal control assessments, and other regulatory requirements. The Company\u2019s common shares are listed on Nasdaq and the TSX-V under the trading symbol EU. We are an Exploration Stage Issuer as defined by S-K 1300 as we have not established proven or probable mineral reserves, through the completion of a pre-feasibility or feasibility study for any of our uranium projects, as required by the SEC to be defined as a Development Stage Issuer. Even though we commenced extraction of uranium at our Rosita Project and our Alta Mesa Project, the Company remains classified as an Exploration Stage Issuer and will continue to remain an Exploration Stage Issuer until such time as proven or probable mineral reserves have been established at one of our uranium projects. 80 Table of Contents The Company is focused on extracting domestic uranium within the United States. The Company utilizes only proven ISR technology to provide necessary fuel for the generation of clean, reliable, and carbon-free nuclear energy. In 2023, the Company commenced uranium extraction at the Rosita CPPs and at the Alta Mesa CPP in South Texas. enCore\u2019s strategy is to build uranium extraction capacity by developing and placing into operation a series of uranium extraction facilities in South Texas, followed by a future pipeline of exploration projects in South Dakota and Wyoming, becoming a leading supplier of domestic uranium to fuel a growing demand for clean energy generation using nuclear power. Industry and Market Update The primary use of uranium is to fuel nuclear power plants for the generation of carbon and emission free electricity. According to the World Nuclear Association (\u201cWNA\u201d), as of September 2025, there were 440 operable nuclear reactors world-wide, which required approximately 180 to 225 million pounds of U3O8 annually at full operation. According to data from TradeTech LLC (\u201cTradeTech\u201d), the world continues to require more uranium than it produces from primary extraction. The gap between demand and primary supply is being filled by stockpiled inventories and secondary supplies, which the Company believes have dwindled significantly in recent years. Expanding the current reactor fleet to meet the levels of electrical generating capacity remains a significant challenge to the nuclear indust Item 1. Business and Properties Our Company enCore Energy Corp., America\u2019s Clean Energy Company\u2122, was incorporated on October 30, 2009, under the Laws of British Columbia and is a reporting issuer in all of the provinces and territories of Canada. As of January 1, 2025, the Company ceased to be a \u201cforeign private issuer\u201d and has become a \u201cdomestic issuer.\u201d As of December 31, 2024, the Company filing status was a large, accelerated filer within the meanings under the Exchange Act. As of December 31, 2025, the Company\u2019s filing status was a non-accelerated filer within the meanings under the Exchange Act. As a result, the Company must comply with the filing deadlines and disclosure obligations of a domestic issuer and non-accelerated filer as set forth in the Exchange Act. This classification impacts the timing of our periodic filings, internal control assessments, and other regulatory requirements. The Company\u2019s common shares are listed on The Nasdaq Capital Market LLC (\u201cNasdaq\u201d) and the TSX Venture Exchange (\u201cTSX-V\u201d) under the trading symbol EU. The Company is an \u201cExploration Stage Issuer\u201d as defined by S-K 1300, as it has not established proven or probable Mineral Reserves, through the completion of a pre-feasibility or feasibility study for any of our uranium projects as required by the SEC is defined as a Development Stage Issuer. Even though we commenced extraction of uranium at our Rosita Uranium Project and our Alta Mesa Uranium Project, the Company remains classified as an Exploration Stage Issuer and will continue to remain an Exploration Stage Issuer until such time as Proven or Probable Mineral Reserves have been established at one of our uranium projects. The Company is focused on extracting domestic uranium within the United States. The Company only utilizes the proven ISR technology to provide necessary fuel for the generation of clean, reliable, and carbon-free nuclear energy. In 2024, the Company commenced uranium extraction at the Rosita Central P Item 1A. Risk Factors The Company is subject to risks, certain of which are described below. The occurrence of any one or more of these risks or uncertainties could have a material adverse effect on the value of any investment in the Company and the financial condition or operating results of the Company. Additional risks and uncertainties ", "title": "EU - enCore Energy Corp.", "url": "/company/EU/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001013272; latest 10-K filed 2026-03-13.", "text": "NWFL - NORWOOD FINANCIAL CORP SIC 6022 State Commercial Banks; CIK 0001013272; latest 10-K filed 2026-03-13. NWFL NORWOOD FINANCIAL CORP 0001013272 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Conditions and Results of Operations. Introduction This Management\u2019s Discussion and Analysis and related financial data are presented to assist in the understanding and evaluation of the financial condition and results of operations for the Company and the Bank, as of December 31, 2025 and 2024, and for the years ended December 31, 2025 and 2024. This section should be read in conjunction with the consolidated financial statements and related footnotes. RECENT TRANSACTIONS During the year ended December 31, 2024, the Company\u2019s financial condition and results of operations were significantly impacted by two transactions. On December 23, 2024, the Company completed the underwritten public offering and sale of 1,150,000 shares of its common stock at $26.00 per share, resulting in net proceeds to the Company of approximately $28 million (the \u201cOffering\u201d). Immediately subsequent to the Offering, the Company utilized a portion of the net proceeds from the Offering to reposition a substantial portion of the Company\u2019s available-for-sale debt securities portfolio. The Company undertook the repositioning transactions with the objective of increasing the profitability of its investment portfolio, improving liquidity, strengthening its capital position and supporting future growth. Please see \u201cFinancial Condition\u2014Securities\u201d below for more information on the repositioning transactions. Critical Accounting Policies Note 2 to the Company\u2019s consolidated financial statements lists significant accounting policies used in the development and presentation of its financial statements. This discussion and analysis, the significant accounting policies, and other financial statement disclosures identify and address key variables and other qualitative and quantitative factors that are necessary for an understanding and evaluation of the Company and its results of operations. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses and the determination of goodwill impairment. Please refer to the discussion of the allowance for credit losses calculation under \u201cAllowance for Credit Losses and Non-performing Assets\u201d in the \u201cFinancial Condition\u201d section. In connection with the acquisition of North Penn in 2011, we recorded goodwill in the amount of $9.7 million, representing the excess of amounts paid over the fair value of the net assets of the institution acquired at the date of acquisition. In connection with the acquisition of Delaware in 2016, we recorded goodwill in the amount of $1.6 million, representing the excess of amounts paid over the fair value of the net assets of the institution acquired at the date of acquisition. In connection with the acquisition of UpState in July 2020, we recorded goodwill in the amount of $17.9 million, representing the excess of amounts paid over the fair value of the net assets of the institution acquired at the date of acquisition. Goodwill is tested annually and deemed impaired when the carrying value of goodwill exceeds its implied fair value. 11 OVERVIEW The following table provides an overview of selected financial data: [[GREPCENT_TABLE]] [[\"For the years ended December 31, (Dollars in thousands, except per share data)\",\"2025\",\"2024\",\"2023\"],[\"Net interest income\",\"$78,324\",\"$62,191\",\"$62,067\"],[\"Provision for credit losses\",\"1,773\",\"2,673\",\"5,548\"],[\"Other income before (losses) gains on sales of loans and investments\",\"9,291\",\"8,616\",\"8,270\"],[\"Net realized gains (losses) on sales of loans and securities\",\"326\",\"(19,767)\",\"(146)\"],[\"Other expenses\",\"51,149\",\"48,625\",\"43,497\"],[\"Income (loss) before income taxes\",\"35,019\",\"(258)\",\"21,146\"],[\"Income tax expense (benefit)\",\"7,264\",\"(98)\",\"4,387\"],[\"NET INCOME (LOSS)\",\"27,755\",\"(160)\",\"16,759\"],[\"Net income (loss) per share-Basic\",\"$3.01\",\"($0.02)\",\"$2.08\"],[\"-Diluted\",\"$3.01\",\"($0.02)\",\"$2.07\"], Item 1. Business. General Norwood Financial Corp (the \u201cCompany\u201d), a Pennsylvania corporation, was incorporated in 1995 to become the holding company for Wayne Bank (the \u201cBank\u201d). The Company is a registered bank holding company subject to regulation and supervision by the Board of Governors of the Federal Reserve System (\u201cFederal Reserve\u201d). As of December 31, 2025, the Company had total consolidated assets of $2.425 billion, consolidated deposits of $2.183 billion, and consolidated stockholders\u2019 equity of $242.2 million. The Company\u2019s ratio of average equity to average assets was 9.59%, 8.26%, and 8.14% for fiscal years 2025, 2024 and 2023, respectively. Wayne Bank is a Pennsylvania chartered bank and trust company headquartered in Honesdale, Pennsylvania. The Bank was originally chartered on February 17, 1870, as Wayne County Savings Bank and changed its name to Wayne County Bank and Trust in December 1943. In September 1993, the Bank adopted the name Wayne Bank. The Bank\u2019s deposits are insured to applicable limits by the Federal Deposit Insurance Corporation (\u201cFDIC\u201d) and the Bank is a member of the Federal Home Loan Bank (\u201cFHLB\u201d) of Pittsburgh. The Bank is regulated and examined by the Pennsylvania Department of Banking and Securities (\u201cDepartment\u201d) and the FDIC. The Bank is an independent community bank with fifteen offices in Northeastern Pennsylvania and fourteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Bank offers a wide variety of personal and business credit services and trust and investment products and real estate settlement services to the consumers, businesses, nonprofit organizations, and municipalities in each of the communities that the Bank serves. The Bank primarily serves the northeastern Pennsylvania counties of Wayne, Pike, Monroe, Lackawanna and Luzerne and, to a much lesser extent, Susquehanna County in addition to the New York counties of Delaware, Sullivan, Ontario, Otsego and Yates. In addition, the", "title": "NWFL - NORWOOD FINANCIAL CORP", "url": "/company/NWFL/" }, { "kind": "company", "summary": "SIC 4841 Cable & Other Pay Television Services; CIK 0001514991; latest 10-K filed 2026-02-11.", "text": "AMCX - AMC Global Media Inc. SIC 4841 Cable & Other Pay Television Services; CIK 0001514991; latest 10-K filed 2026-02-11. AMCX AMC Global Media Inc. 0001514991 4841 Cable & Other Pay Television Services Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Management's discussion and analysis of financial condition and results of operations, or MD&A, is a supplement to and should be read in conjunction with the accompanying consolidated financial statements and related notes. Our MD&A is provided to enhance the understanding of our financial condition, changes in financial condition and results of our operations and is organized as follows: Business Overview. This section provides a general description of our business and our operating segments, as well as other matters that we believe are important in understanding our results of operations and financial condition and in anticipating future trends. Consolidated Results of Operations. This section provides an analysis of our results of operations for the years ended December 31, 2025 and 2024. Our discussion is presented on both a consolidated and segment basis. Our two segments are: (i) Domestic Operations and (ii) International. Analysis of our results of operations, on both a consolidated and segment basis, for the year ended December 31, 2023, including a comparison of 2024 to 2023, is included in our Annual Report on Form 10-K for the year ended December 31, 2024. Liquidity and Capital Resources. This section provides a discussion of our financial condition as of December 31, 2025 as well as an analysis of our cash flows for the years ended December 31, 2025 and 2024. The discussion of our financial condition and liquidity also includes a summary of our primary sources of liquidity. Analysis of our cash flows for the year ended December 31, 2023 is included in our Annual Report on Form 10-K for the year ended December 31, 2024. Critical Accounting Policies and Estimates. This section provides a discussion of our accounting policies considered to be important to an understanding of our financial condition and results of operations, and which require significant judgment and estimates on the part of management in their application. Business Overview Financial Highlights The tables presented below set forth our consolidated revenues, net, operating income (loss) and adjusted operating income (\"AOI\")(1), for the periods indicated. [[GREPCENT_TABLE]] [[\"(In thousands)\",\"Year Ended December 31,\",\"\",\"Change\"],[\"2025\",\"\",\"2024\",\"\",\"\",\"\",\"2025 vs. 2024\"],[\"Revenues, net\",\"$\",\"2,311,801\",\"\",\"\",\"$\",\"2,421,314\",\"\",\"\",\"\",\"\",\"(4.5)\",\"%\"],[\"Operating Income (Loss)\",\"$\",\"133,322\",\"\",\"\",\"$\",\"(39,600)\",\"\",\"\",\"\",\"\",\"n/m\"],[\"Adjusted Operating Income\",\"$\",\"411,874\",\"\",\"\",\"$\",\"562,573\",\"\",\"\",\"\",\"\",\"(26.8)\",\"%\"],[\"n/m - Absolute percentages greater than 100% and comparisons between positive and negative values or zero values are considered not meaningful.\"]] [[/GREPCENT_TABLE]] (1) Adjusted Operating Income is a non-GAAP financial measure. See the \"Non-GAAP Financial Measures\" section in this MD&A for additional information, including our definition and our use of this non-GAAP financial measure, and for a reconciliation to its most comparable GAAP financial measure. Segment Reporting We manage our business through the following two operating segments: \u2022Domestic Operations: Consists of our five programming networks, our streaming services, our AMC Studios operation and our film distribution business. Our programming networks are AMC, We TV, BBCA, IFC, and SundanceTV. Our streaming services consist of AMC+ and our targeted subscription streaming services (Acorn TV, Shudder, Sundance Now, ALLBLK, HIDIVE and All Reality). Our AMC Studios operation produces original programming for our programming services and third parties and also licenses programming worldwide. Our film distribution business includes Independent Film Company, RLJE Films and Shudder. The operating segment also includes AMC Networks Broadcasting & Technology, our technical services business, which primarily services the programming networks. \u2022International: Consists of A Item 1. Business. AMC Networks Inc. is a Nevada corporation with its principal executive offices located at 11 Penn Plaza, New York, NY 10001. AMC Networks Inc. is a holding company and conducts substantially all of its operations through its majority owned or controlled subsidiaries. Unless the context otherwise requires, all references to \"we,\" \"our,\" \"us,\" \"AMC Networks\" or the \"Company\" refer to AMC Networks Inc., together with its subsidiaries. Our telephone number is (212) 324-8500. AMC Networks Inc. was incorporated on March 9, 2011 as an indirect, wholly-owned subsidiary of Cablevision Systems Corporation. On June 30, 2011, Cablevision Systems Corporation spun off AMC Networks Inc., which became an independent public company. OVERVIEW AMC Networks is a global entertainment company known for its popular and award-winning content. We distribute our content to audiences globally on an array of distribution platforms, including linear networks, subscription streaming services and other ad-supported streaming and connective TV platforms, as well as through licensing arrangements. We have an extensive library of television and film properties, including several storied franchises such as The Walking Dead Universe and the Anne Rice Immortal Universe, that are well-known to global audiences. We have operated in the entertainment industry for more than 40 years, and over that time we have created targeted and focused video entertainment products that we own and operate and that are powered by distinguished brands, including streaming services AMC+, Acorn TV, ALLBLK, All Reality, HIDIVE, Shudder, and Sundance Now; and cable networks AMC, BBC AMERICA (\"BBCA\"), IFC, SundanceTV and We TV. We also operate a film distribution business that distributes independent narrative and documentary films under the IFC Entertainment Group umbrella, which includes three distinct film brands: Independent Film Company, RLJ Entertainment Films (\"RLJE Films\") and Shudder. The film di Item 1A. Risk Factors. A wide range of risks may affect our business, financial condition and results of operations, now and in the future. We consider the risks described below to be the most significant. There may be other economic, business, competitive, regulatory or other factors that are currently unknown or u", "title": "AMCX - AMC Global Media Inc.", "url": "/company/AMCX/" }, { "kind": "company", "summary": "SIC 7373 Services-Computer Integrated Systems Design; CIK 0001023459; latest 10-K filed 2025-12-01.", "text": "SLP - Simulations Plus, Inc. SIC 7373 Services-Computer Integrated Systems Design; CIK 0001023459; latest 10-K filed 2025-12-01. SLP Simulations Plus, Inc. 0001023459 7373 Services-Computer Integrated Systems Design ITEM 7 \u2013 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis is intended to assist the reader in understanding our results of operations and financial condition. Management\u2019s Discussion and Analysis is provided as a supplement to, and should be read in conjunction with, our audited consolidated financial statements beginning on page F-1 of this Report. This Report includes certain statements that may be deemed to be \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act. All statements, other than statements of historical fact, included in this Report that address activities, events or developments that we expect, project, believe, or anticipate will or may occur in the future, including matters having to do with expected and future revenue, our ability to fund our operations and repay debt, business strategies, expansion and growth of operations and other such matters, are forward-looking statements. These statements are based on certain assumptions and analyses made by our management in light of its experience and its perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate in the circumstances. These statements are subject to a number of assumptions, risks and uncertainties, including general economic and business conditions, the business opportunities (or lack thereof) that may be presented to and pursued by us, our performance on our current contracts and our success in obtaining new contracts, our ability to attract and retain qualified employees, and other factors, many of which are beyond our control. You are cautioned that these forward-looking statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in such statements. Executive Overview Our clients face many challenges. Developing new therapies is time-consuming and expensive, requiring an average of 10-15 years and an average cost of approximately $2.2 billion to develop a single drug. Drug sponsors must prioritize not only efficacy and safety of the drug, but also issues like drug-drug interactions, inclusion of patients representative of the indicated population, regulatory approvals, minimization of animal testing, safety and compliance during clinical trials, and commercial success. Our MIDD software and services allow clients to use modeling and simulation to accelerate drug development, reduce the costs of R&D, comply with regulatory guidance and best practices, and increase confidence in the safety and efficacy of their drugs and biologics. Our adaptive learning solutions support the success of clinical trials by accelerating recruitment of an appropriate patient population, increasing retention of participants, and by driving competency and compliance with trial protocols, while our medical communications solutions provide support in obtaining regulatory approval and commercialization of drugs. The Company was previously headquartered in Southern California; however, in support of the Company's remote work culture and plan to reduce excess office space to achieve its carbon footprint reduction targets, the Company fully exited four office locations in Lancaster, California; Raleigh, North Carolina; Buffalo, New York; and Pittsburgh, Pennsylvania. As a result, the company moved its headquarters from Lancaster, California, to Research Triangle Park, North Carolina, and also maintains a European office in Paris, France. 33 Table of Contents Results of Operations Comparison of fiscal years ended 2025 and 2024 [[GREPCENT_TABLE]] [[\"(in thousands)\",\"\",\"Years ended\",\"\",\"% of Revenue\"],[\"\",\"\",\"August 31, 2025\",\"\",\"August 31, 2024\",\"\",\"August 31, 2025\",\"\",\"August 31, 2024\",\"\",\"$ Change\",\"\",\"% Change\"],[\"Revenue\",\"\",\"$\",\"79,179\",\"\",\"\",\"$\",\"70,013\",\"\",\"\",\"100\",\"%\",\"\",\"100\",\"%\",\"\",\"$\",\"9,166\",\"\",\"\" ITEM 1 \u2013BUSINESS As used in this Report, each of the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany,\u201d and \u201cSimulations Plus\u201d refers to Simulations Plus, Inc. and its wholly owned subsidiaries (both current and previous, as applicable). Simulations Plus, Inc. was incorporated in California on July 17, 1996. The Company is a global leader and premier provider in the biopharma sector, offering advanced software and consulting services that enhance drug discovery and development, clinical trial operations, and commercialization. The Company supports its clients across the drug development lifecycle from early discovery through all phases of clinical research and development (\u201cR&D\u201d), including clinical operations, to product commercialization. The Company serves clients as a strategic partner throughout the entire drug development lifecycle, offering solutions that integrate scientific software platforms, artificial intelligence-augmented insights, and expert consulting. This optimizes efficiency, costs, and time-to-market for our clients, thereby enhancing our competitive position. Our clients face many challenges. Developing new therapies is time-consuming and expensive, requiring an average of 10-15 years at an average cost of $2.2 billion to develop a single drug according to Drug Discovery Today. Drug sponsors must prioritize not only the safety and efficacy of the drug, but also navigate issues such as drug-drug interactions, inclusion of diverse populations, evolving regulatory policies, increasing compliance during clinical trials, and achieving commercial success. Our model-informed drug development (\u201cMIDD\u201d) software and services solutions allow clients to use modeling and simulation to accelerate the drug development timeline, minimize animal testing, reduce the costs of R&D, comply with regulatory guidance and best practices, and increase confidence in the safety and efficacy of their drugs. Our clinical operations solutions support the success of clinical trials b ITEM 1A \u2013 RISK FACTORS You should carefully consider the risks described below, as well as the other information in this Annual Report, including our financial statements and the related notes and the section entitled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Op", "title": "SLP - Simulations Plus, Inc.", "url": "/company/SLP/" }, { "kind": "company", "summary": "SIC 5661 Retail-Shoe Stores; CIK 0000895447; latest 10-K filed 2026-03-26.", "text": "SHOE - SHOE CARNIVAL INC SIC 5661 Retail-Shoe Stores; CIK 0000895447; latest 10-K filed 2026-03-26. SHOE SHOE CARNIVAL INC 0000895447 5661 Retail-Shoe Stores ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations (the \u201cMD&A\u201d) should be read together with our consolidated financial statements and notes to those statements included in PART II, ITEM 8 of this Annual Report on Form 10-K. This section of this Annual Report on Form 10-K generally discusses Fiscal 2025 and Fiscal 2024 and year-over-year comparisons between Fiscal 2025 and Fiscal 2024. A discussion of Fiscal 2024 and year-over-year comparisons between Fiscal 2024 and Fiscal 2023 that are not included in this Annual Report on Form 10-K can be found in PART II, ITEM 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for our fiscal year ended February 1, 2025, filed with the SEC on March 21, 2025. At the end of this section of this Annual Report on Form 10-K, we have included historical data for the past five fiscal years to facilitate trend analysis of key data reported in our consolidated financial statements and other select operating data. Overview of Our Business Shoe Carnival, Inc. is one of the nation\u2019s largest omnichannel sellers of footwear for the family, and our goal is to be the leading family footwear retailer in the United States. Our product assortment, whether shopping in a physical store or through our e-commerce sales channel, is primarily branded footwear and includes dress and casual shoes, sandals, boots, work, and a wide assortment of athletic shoes. We carry shoes in two general categories \u2013 athletics and non-athletics with subcategories for men\u2019s, women\u2019s and children\u2019s and we also carry certain accessories. In addition to our physical stores, through our e-commerce sales channel, customers can purchase the same assortment of merchandise in all categories of footwear with expanded options in certain instances. During Fiscal 2025, we operated two banners: Shoe Carnival and Shoe Station. For a description of these two banners, including the in-store environment, target customer and product assortment, see PART I, ITEM 1 of this Annual Report on Form 10-K. As of our Fiscal 2025 year end, we operated 426 stores across 35 states and Puerto Rico, consisting of 144 Shoe Station locations and 282 Shoe Carnival locations. As more fully described in PART I, ITEM 1 of this Annual Report on Form 10-K, at the end of Fiscal 2025, Shoe Station bannered stores represented approximately 34% of our total store fleet, compared to approximately 10% at the end of Fiscal 2024. During Fiscal 2025, we rebannered 101 stores into Shoe Station stores, consisting of 73 Shoe Carnival stores and all 28 Rogan\u2019s stores. On November 13, 2025, we announced that our Board of Directors unanimously approved changing our corporate name to Shoe Station Group, Inc., subject to shareholder approval at our Annual Meeting of Shareholders in June 2026. That proposed name change remains on the June 2026 agenda. The proposed corporate name change to Shoe Station Group, Inc. reflects the Board\u2019s conviction that the Shoe Station concept is our primary long-term growth vehicle. Store Portfolio and Our Banner Strategy The following tables set forth our physical store count for Fiscal 2025 and Fiscal 2024, as impacted by store rebanners, acquisitions, store openings and store closures. [[GREPCENT_TABLE]] [[\"\",\"\",\"January 31, 2026\"],[\"\",\"\",\"Beginning\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"Permanently\",\"\",\"\",\"\",\"\",\"\",\"End of\"],[\"Banner\",\"\",\"of Period\",\"\",\"\",\"Opened\",\"\",\"\",\"Acquired\",\"\",\"\",\"Closed\",\"\",\"\",\"Rebannered\",\"\",\"\",\"Period\"],[\"Shoe Carnival\",\"\",\"\",\"360\",\"\",\"\",\"\",\"0\",\"\",\"\",\"\",\"0\",\"\",\"\",\"\",\"(5\",\")\",\"\",\"\",\"(73\",\")\",\"\",\"\",\"282\"],[\"Shoe Station\",\"\",\"\",\"42\",\"\",\"\",\"\",\"1\",\"\",\"\",\"0\",\"\",\"\",\"\",\"0\",\"\",\"\",\"\",\"101\",\"\",\"\",\"\",\"144\"],[\"Rogan's\",\"\",\"\",\"28\",\"\",\"\",\"\",\"0\",\"\",\"\",\"0\",\"\",\"\",\"\",\"0\",\"\",\"\",\"\",\"(28\",\")\",\"\",\"\",\"0\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\",\"February 1, ITEM 1. BUSINESS Our Company Shoe Carnival, Inc. is one of the nation\u2019s largest omnichannel retailers of footwear and accessories for the family. Our goal is to be the leading family footwear retailer in the United States. We operate a retail-focused business model designed to deliver a differentiated footwear shopping experience featuring national name brands. Our omnichannel approach provides customers easy access to our broad assortment of branded footwear for athletics, daily activities, special events and work through the customer\u2019s preferred delivery channel. We have a demonstrated track record of selling branded footwear, including Nike, Skechers, Crocs, adidas, Puma, HEYDUDE, HOKA, Birkenstock, Converse and Brooks, and of generating profits without incurring debt. We have been in operation for 47 years and have been subject to SEC reporting requirements as a public company since 1993. Since 1993, we have earned a profit in every fiscal year except 1995. As part of our long-term growth strategy, we have invested, and will continue to invest, significantly in our rebanner strategy, acquisitions, our customer relationship management (\u201cCRM\u201d) capabilities, our e-commerce infrastructure and modernization of our store fleet as key drivers of profitable growth. As of our Fiscal 2025 year end, we operated 426 stores across 35 states and Puerto Rico, consisting of 144 Shoe Station locations and 282 Shoe Carnival locations. During Fiscal 2025, we initiated a Shoe Station rebanner growth strategy, which has evolved over time, as described below. Our fiscal year is a 52/53 week year ending on the Saturday closest to January 31. Unless otherwise stated, references to years 2025, 2024 and 2023 relate to the fiscal years ended January 31, 2026 (\u201cFiscal 2025\u201d), February 1, 2025 (\u201cFiscal 2024\u201d), and February 3, 2024 (\u201cFiscal 2023\u201d), respectively. Fiscal 2026 refers to our fiscal year ending January 30, 2027. Fiscal 2023 consisted of 53 weeks, while all other years prese ITEM 1A. Risk Factors Carefully consider the following risk factors and all other information contained in this Annual Report on Form 10-K before making an investment decision with respect to our common stock. Investing in our common stock involves a high degree of risk. If any of the following risks actually occur, we may not be able to conduct our busi", "title": "SHOE - SHOE CARNIVAL INC", "url": "/company/SHOE/" }, { "kind": "company", "summary": "SIC 4841 Cable & Other Pay Television Services; CIK 0001702780; latest 10-K filed 2026-02-13.", "text": "OPTU - Optimum Communications, Inc. SIC 4841 Cable & Other Pay Television Services; CIK 0001702780; latest 10-K filed 2026-02-13. OPTU Optimum Communications, Inc. 0001702780 4841 Cable & Other Pay Television Services Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations All dollar amounts, except per customer and per share data, included in the following discussion, are presented in thousands. This Annual Report contains statements that constitute forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Act of 1934, as amended. In this Form 10-K there are statements concerning our future operating results and future financial performance. Words such as \"expects\", \"anticipates\", \"believes\", \"estimates\", \"may\", \"will\", \"should\", \"could\", \"potential\", \"continue\", \"intends\", \"plans,\" and similar words and terms used in the discussion of future operating results, future financial performance, and future events identify forward-looking statements. Investors are cautioned that such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors. We operate in a highly competitive, consumer and technology driven and rapidly changing business that is affected by government regulation and economic, strategic, technological, political and social conditions. Various factors could adversely affect our operations, business or financial results in the future and cause our actual results to differ materially from those contained in the forward-looking statements. In addition, important factors that could cause our actual results to differ materially from those in our forward-looking statements include: \u2022competition for broadband, video, and telephony customers from existing competitors (such as broadband communications companies, DBS providers, wireless data and telephony providers and Internet-based providers) and new fiber-based competitors entering our footprint; \u2022changes in consumer preferences, laws and regulations or technology that may cause us to change our operational strategies; \u2022increased difficulty negotiating programming agreements on favorable terms, if at all, resulting in increased costs to us and the loss of popular programming; \u2022increasing programming costs and delivery expenses related to our products and services; \u2022our ability to achieve anticipated customer and revenue growth, to successfully introduce new products and services and to implement our growth strategy; \u2022our ability to complete our capital investment plans on time and on budget, including our plan to build a parallel FTTH network; \u2022our ability to develop mobile voice and data services and our ability to attract customers to these services; \u2022the effects of economic conditions or other factors which may negatively affect our customers\u2019 demand for our current and future products and services; \u2022the effects of industry conditions; \u2022demand for digital and linear advertising products and services; \u2022our substantial indebtedness and debt service obligations; \u2022adverse changes in the credit market and availability of capital to refinance or repay future debt obligations; \u2022changes as a result of any tax reforms that may affect our business; \u2022financial community and rating agency perceptions of our business, operations, financial condition, and the industries in which we operate; \u2022the restrictions contained in our financing agreements; \u2022our ability to generate sufficient cash flow to meet our debt service obligations; \u2022fluctuations in interest rates which may cause our interest expense to vary from quarter to quarter; \u2022technical failures, equipment defects, physical or electronic break-ins to our services, computer viruses, and similar problems; \u2022cybersecurity incidents as a result of hacking, phishing, denial of service attacks, dissemination of computer viruses, ransomware and other malicious software, misappropriation of Item 1. Business Optimum Communications, Inc. (together with its subsidiaries, the \"Company,\" \"Optimum Communications,\" \"we,\" \"us,\" or \"our\") is one of the largest broadband communications and video services providers in the United States. We deliver high-speed broadband, video, mobile, and advertising services to residential and business customers across 21 states. In November 2025, we amended our certificate of incorporation to change our corporate name from Altice USA, Inc. (\"Altice USA\") to Optimum Communications, Inc. On November 19, 2025, our Class A common stock began trading on the New York Stock Exchange (\"NYSE\") under the new ticker symbol \"OPTU\" (formerly \"ATUS\"). We are controlled by Patrick Drahi through Next Alt. S.\u00e0.r.l. (\"Next Alt\"), who also controls Altice Group Lux S.\u00e0.r.l., formerly Altice Europe N.V. (\"Altice Europe\") and its subsidiaries and other entities. We are a holding company that does not conduct any business operations of our own. Altice Europe, through a subsidiary, acquired Cequel Corporation (\"Cequel\") on December 21, 2015 (the \"Cequel Acquisition\") and Cequel was contributed to Optimum Communications on June 9, 2016. Optimum Communications acquired Cablevision Systems Corporation (\"Cablevision\") on June 21, 2016 (the \"Cablevision Acquisition\"). We principally provide broadband communications and video services in the United States and market our services under the Optimum brand. We deliver broadband, video, telephony, and mobile services to approximately 4.3 million residential and business customers across our footprint. Our footprint extends across 21 states (primarily in the New York metropolitan area and various markets in the south-central United States) through a fiber-rich hybrid-fiber coaxial (\"HFC\") broadband network and a fiber-to-the-home (\"FTTH\") network with approximately 10.0 million total passings as of December 31, 2025. Additionally, we offer news programming and advertising services. Our ongoing FTTH netwo Item 1A. Risk Factors Summary of Risk Factors Our business is subject to a number of risks that may impact our business and prospects. The following summary identifies certain risk factors that may prevent us from achieving our business objectives or may adversely affect our business, financial condition, and resu", "title": "OPTU - Optimum Communications, Inc.", "url": "/company/OPTU/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001645469; latest 10-K filed 2026-03-27.", "text": "MNPR - Monopar Therapeutics SIC 2834 Pharmaceutical Preparations; CIK 0001645469; latest 10-K filed 2026-03-27. MNPR Monopar Therapeutics 0001645469 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing at the end of this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business and related financing activities, includes forward-looking statements that involve risks and uncertainties. You should read the \u201cItem 1A. Risk Factors\u201d section of this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a clinical-stage biopharmaceutical company with late-stage ALXN1840 for Wilson disease, and radiopharmaceutical programs, including Phase 1-stage MNPR-101-Zr for imaging advanced cancers along with Phase 1a-stage MNPR-101-Lu and late preclinical-stage MNPR-101-Ac225 for the treatment of advanced cancers. We leverage our scientific and clinical experience to help reduce the risk and accelerate the clinical development of our drug product candidates. Financial Status Our cash, cash equivalents and investments as of December 31, 2025, were $140.4 million. As discussed further below and elsewhere in this Annual Report on Form 10-K, we expect that our current funds will be sufficient at least through December 31, 2027, in order for us to: (1) assemble a regulatory package and file an NDA for the in-licensed ALXN1840 investigational drug candidate for Wilson disease; (2) continue to conduct and conclude our first-in-human imaging and dosimetry clinical trial with MNPR-101-Zr, continue to conduct our first-in-human therapeutic clinical trial of MNPR-101-Lu, and advance our preclinical MNPR-101-Ac program into the clinic; and (3) invest in internal R&D projects to expand our radiopharmaceutical pipeline. Prior to the fourth quarter of 2024, our primary funding source since our initial public offering was sales of shares of our common stock under at-the-market sales programs. On October 30, 2024, we sold 1,181,540 shares of our common stock at $16.25 per share in a public offering, yielding net proceeds of approximately $17.8 million, after deducting placement agent fees and other offering costs. On December 23, 2024, we sold 798,655 shares of our common stock at $23.79 per share in a public offering. Concurrent with that offering, we completed a private placement of pre-funded warrants to purchase 882,761 shares of common stock at a purchase price of $23.789 per pre-funded warrant to an institutional investor. The net proceeds of the shares and the pre-funded warrants sold were approximately $37.4 million after fees, commissions and other offering costs. On September 23, 2025, we sold 1,034,433 shares of our common stock at $67.67 per share and pre-funded warrants to purchase 960,542 shares of our common stock at $67.669 per pre-funded warrant, reflecting the $0.001 exercise price, in a public offering. The net proceeds of the shares and pre-funded warrants sold were approximately $126.9 million after underwriting discounts and commissions but before offering expenses. On September 24, 2025, pursuant to a share purchase agreement with Tactic Pharma, an existing significant stockholder that held approximately 13.4% of our common stock prior to this purchase, we used $35 million of the offering proceeds to repurchase 500,229 shares of our common stock from Tactic Pharma at $63.6098 per share, which equals the public offering price per share less underwriting discounts and commissions. After giving effect to the repurchase, our net proceeds from the offering were approximately $91.9 million before es Item 1. Business You should read the following discussion in conjunction with our financial statements as of December 31, 2025, and the notes to such financial statements included elsewhere in this Annual Report on Form 10-K. Overview Monopar Therapeutics Inc. (\u201cMonopar,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d and similar terms mean Monopar Therapeutics Inc. and its subsidiaries except where the context otherwise requires) is a clinical-stage biopharmaceutical company developing an innovative treatment for Wilson disease and novel radiopharmaceuticals for oncology. Our Wilson disease product candidate is ALXN1840, a late-stage, investigational once-daily, oral medicine. Our radiopharmaceutical programs consist of Phase 1-stage MNPR-101-Zr for imaging advanced cancers, and Phase 1a-stage MNPR-101-Lu and late preclinical-stage MNPR-101-Ac for the treatment of advanced cancers, that express urokinase plasminogen activator receptor (\u201cuPAR\u201d). We build our drug development pipeline through both in-house efforts and licensing of late preclinical- and clinical-stage therapeutics, leveraging our scientific and clinical expertise to reduce risk and accelerate development. Our Product Pipeline 7 Table of Contents Our Product Candidates ALXN1840 for Wilson Disease ALXN1840 (tiomolybdate choline) is an investigational once-daily, orally-administered drug candidate in development for the treatment of Wilson disease, a rare and progressive genetic condition in which the body\u2019s pathway for removing excess copper is compromised. Over time this excess copper results in the build-up of toxic copper levels in the liver and brain, leading to damage that greatly impacts a patient\u2019s life. Patients can develop a wide range of symptoms, including liver disease and psychiatric or neurological manifestations, such as personality changes, tremors and difficulty walking, swallowing or talking. In some cases, the damage and loss of function may be irreversible. ALXN1840 is a novel small Item 1A. Risk Factors RISK FACTORS An investment in our common stock involves a high degree of risk. A prospective investor should carefully consider the following information about these risks, together with other information appearing elsewhere in this Annual Report on Form 10-K, before deciding to invest in our common stock. The oc", "title": "MNPR - Monopar Therapeutics", "url": "/company/MNPR/" }, { "kind": "company", "summary": "SIC 4731 Arrangement of Transportation of Freight & Cargo; CIK 0001171155; latest 10-K filed 2025-09-15.", "text": "RLGT - RADIANT LOGISTICS, INC SIC 4731 Arrangement of Transportation of Freight & Cargo; CIK 0001171155; latest 10-K filed 2025-09-15. RLGT RADIANT LOGISTICS, INC 0001171155 4731 Arrangement of Transportation of Freight & Cargo ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and result of operations should be read in conjunction with the consolidated financial statements and the related notes and other information included elsewhere in this report. Overview We operate as a leading third-party logistics company, providing technology-enabled global transportation and value-added logistics services primarily in the United States and Canada. We service a large, broad, and diversified account base consisting of consumer goods, food and beverage, electronics and high-tech, aviation and automotive, military and government, and manufacturing and retail customers, which is supported by an extensive network of operating locations across North America as well as an integrated international service partner network located in other key markets around the globe. The Company provides these services through a multi-brand network, which includes over 100 operating locations. Included in these operating locations are a number of independent agents, who are also referred to as \u201cstrategic operating partners,\u201d that operate exclusively on the Company's behalf, and approximately 30 Company-owned locations. As the operator of a third-party logistics business, the Company has a vast carrier network of asset-based transportation companies, including motor carriers, railroads, airlines and ocean lines in its carrier network. We believe shippers value our services because we are able to objectively arrange the most efficient and cost-effective means, type and provider of transportation service without undue influence caused by the ownership of transportation assets. In addition, our minimal investment in physical assets affords us the opportunity for a higher return on invested capital and net cash flows than our asset-based competitors. Through our operating locations across North America, we offer domestic and international freight forwarding and freight brokerage services, including air, ocean, truckload, LTL, and intermodal, which is the movement of freight in trailers or containers by combination of truck and rail. Our primary business operations involve arranging shipments, on behalf of our customers, of materials, products, equipment and other goods that are generally larger than shipments handled by integrated carriers of primarily small parcels, such as FedEx, DHL and UPS. Our services include arranging and monitoring all aspects of material flow activity utilizing advanced information technology systems. We also provide other value-added logistics services, including MM&D, CHB and GTM solutions to complement our core transportation service offering. The Company expects to grow its business organically and by completing acquisitions of other companies with complementary geographical and logistics service offerings. The Company\u2019s organic growth strategy will continue to focus on strengthening existing and expanding new customer relationships leveraging the benefit of the Company\u2019s technology platform, while continuing its efforts on the organic build-out of the Company\u2019s network of strategic operating partner locations. In addition, as the Company continues to grow and scale its business, the Company believes that it is creating density in its trade lanes, which creates opportunities for the Company to more efficiently source and manage its transportation capacity. In addition to its focus on organic growth, the Company will continue to search for acquisition candidates that bring critical mass from a geographic and purchasing power standpoint, along with providing complementary service offerings to the current platform. As the Company continues to grow and scale its business, it also remains focused on leveraging its back-office infrastructure and technology systems to drive productivity improvement across the organization. Impact of Notable External Co ITEM 1. BUSINESS Our Company Radiant Logistics, Inc., and its consolidated subsidiaries (the \u201cCompany,\u201d \u201cwe\u201d or \u201cus\u201d), operates as a leading third-party logistics company, providing technology-enabled global transportation and value-added logistics services primarily in the United States and Canada. We service a large, broad and diversified account base across a range of industries and geographies, which is supported by an extensive network of operating locations across North America as well as an integrated international service partner network located in other key markets around the globe. The Company provides these services through a multi-brand network, which includes over 100 operating locations. Included in these operating locations are a number of independent agents, who are also referred to as \u201cstrategic operating partners,\u201d that operate exclusively on the Company's behalf, and approximately 30 Company-owned locations. As the operator of a third-party logistics business, the Company has a vast carrier network of asset-based transportation companies, including motor carriers, railroads, airlines and ocean lines in its carrier network. We believe shippers value our services because we are able to objectively arrange the most efficient and cost-effective means, type and provider of transportation service without undue influence caused by the ownership of transportation assets. In addition, our minimal investment in physical assets affords us the opportunity for a higher return on invested capital and net cash flows than our asset-based competitors. Through our operating locations across North America, we offer domestic and international freight forwarding and freight brokerage services, including air, ocean, truckload, less-than-truckload (\u201cLTL\u201d), and intermodal, which is the movement of freight in trailers or containers by combination of truck and rail. Our primary transportation services involve arranging shipments, on behalf of our customers, of materials ITEM 1A. RISK FACTORS RISKS PARTICULAR TO OUR BUSINESS You should carefully consider the risk factors set forth below as well as the other information contained in or incorporated by reference into this Annual Report on Form 10-K before investing in our common stock. Any of the f", "title": "RLGT - RADIANT LOGISTICS, INC", "url": "/company/RLGT/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001401521; latest 10-K filed 2026-03-09.", "text": "ACIC - AMERICAN COASTAL INSURANCE Corp SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001401521; latest 10-K filed 2026-03-09. ACIC AMERICAN COASTAL INSURANCE Corp 0001401521 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing in Part II, Item 8 of this Form 10-K. The following discussion provides an analysis of our results of operations and financial condition for 2025 as compared to 2024. Discussion regarding our results of operations and financial condition for 2024 as compared to 2023 is included in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed or implied in these forward-looking statements as a result of certain known and unknown risks and uncertainties. See \u201cForward-Looking Statements.\u201d OVERVIEW American Coastal Insurance Corporation is a holding company primarily engaged in commercial property and casualty insurance business with investments in the United States. On July 10, 2023, we changed our corporate name from United Insurance Holdings Corp. to American Coastal Insurance Corporation. During the periods presented, we conducted our business principally through our wholly owned insurance subsidiary, American Coastal Insurance Company (AmCoastal). Collectively, we refer to the holding company and all our subsidiaries, including non-insurance subsidiaries, as \u201cACIC,\u201d which is the preferred brand identification for our Company. Our Company\u2019s revenue is generated from writing insurance in Florida. Our target market in such areas consists of states where the perceived threat of natural catastrophe has caused large national insurance carriers to reduce their concentration of policies. We believe an opportunity exists for ACIC to write profitable business in such areas. On February 27, 2023, our former insurance subsidiary that wrote personal residential business in six states, United Property & Casualty Insurance Company (UPC) was placed into receivership with the Florida Department of Financial Services (the \"DFS\"), which divested our ownership of UPC. The events leading to receivership and results of this subsidiary, now included within discontinued operations, can be seen in Note 4 of the Notes to Consolidated Financial Statements below. On May 9, 2024, we entered into a Stock Purchase Agreement (the \"Sale Agreement\") with Forza Insurance Holdings, LLC (Forza) in which ACIC agreed to sell and Forza agreed to acquire 100% of the issued and outstanding stock of IIC. Forza\u2019s application to acquire IIC was approved by the New York Department of Financial Services (\"NYDFS\") on February 13, 2025, and the sale closed on April 1, 2025. The Company received cash proceeds totaling $25,679,000 from the sale resulting in a loss on disposal of $247,000, net of tax impacts. The Company also recognized a $1,348,000 loss, net of tax impacts, on IIC's fixed maturity portfolio, which was included in accumulated other comprehensive loss on the Company's Consolidated Balance Sheets prior to the sale. As a result, IIC results of operations and assets and liabilities are captured within discontinued operations and can be seen in Note 4 of the Notes to Consolidated Financial Statements below. We have historically grown our business through strong organic growth, complemented by strategic acquisitions and partnerships, including our acquisitions of AmCo Holding Company, LLC (AmCo) and its subsidiaries, including AmCoastal, in April 2017. Our policies in-force increased by 5.20% from 4,099 policies in-force at December 31, 2024, to 4,311 policies in-force at December 31, 2025. Our business is subject to the impact of weather-related catastrophes on our loss and loss adjustment expenses (LAE). During the year ended December 31, 2025, no named storms made landfall in ou Item 1. Business INTRODUCTION Company Overview American Coastal Insurance Corporation (referred to in this Form 10-K as we, our, us, the Company or ACIC) is a holding company primarily engaged in the commercial property and casualty insurance business with investments in the United States. On July 10, 2023, we changed our corporate name from United Insurance Holdings Corp. to American Coastal Insurance Corporation. We conduct our business principally through our wholly owned insurance subsidiary, American Coastal Insurance Company (AmCoastal). The Company also previously wrote insurance outside of Florida through Interboro Insurance Company (IIC); however, on April 1, 2025, the Company completed the sale of IIC. The details of this transaction are described below. Collectively, we refer to the holding company and all our subsidiaries, including non-insurance subsidiaries, as \u201cAmerican Coastal Insurance Corporation,\u201d which is the preferred brand identification for our Company. Our Company\u2019s revenue is generated from writing insurance in Florida. Our target market in such areas consists of states where the perceived threat of natural catastrophe has caused large national insurance carriers to reduce their concentration of policies. We believe an opportunity exists for ACIC to write profitable business in such areas. In 2023, our former insurance subsidiary that wrote personal residential business in six states, United Property & Casualty Insurance Company (UPC) was placed into receivership with the Florida Department of Financial Services (the \"DFS\"), which divested our ownership of UPC. The results of this subsidiary for periods prior to receivership, now included within discontinued operations, can be seen in Note 4 of the Notes to Consolidated Financial Statements below. Discussion of 2023 and 2024 related to UPC can be found in our 2023 and 2024 Forms 10-K. We have historically grown our business through strong organic growth, complemented by strategic acquis Item 1A. Risk Factors Many factors affect our business, financial condition and results of operations, some of which are beyond our control. If any of the following risks or uncertainties occur, our business, financial condition or results of operations may be materially and adversely affected.", "title": "ACIC - AMERICAN COASTAL INSURANCE Corp", "url": "/company/ACIC/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001404281; latest 10-K filed 2026-03-19.", "text": "ELDN - Eledon Pharmaceuticals, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001404281; latest 10-K filed 2026-03-19. ELDN Eledon Pharmaceuticals, Inc. 0001404281 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is intended to help the reader understand the results of operations and financial condition of the Company. The Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our audited consolidated financial statements and notes thereto for the year ended December 31, 2025. In addition to historical information, this Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d) and Section 21E of the Securities Exchange Act of 1934, as amended, (the \u201cExchange Act\u201d) which are intended to be covered by the safe harbors created thereby. See \u201cSpecial Note Regarding Forward-Looking Statements\u201d in this Annual Report on Form 10-K. Our actual results and the timing of events could differ materially from those discussed in our forward-looking statements as a result of many factors, including those set forth under the Part I, Item 1A. Risk Factors section and elsewhere in this report, as well as, in other reports and documents we file with the Securities and Exchange Commission from time to time. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of this Annual Report on Form 10-K. RECENT DEVELOPMENTS Overview Our business strategy is to optimize the clinical and commercial value of tegoprubart and become a global biopharmaceutical company with a focused immunology franchise. Tegoprubart targets the CD40 ligand (also known as CD40L). Blocking CD40L has been shown to inhibit multiple costimulatory receptors including CD40 and CD11, key components of how immune cells communicate with one another. Blocking CD40L also increases polarization of lymphocytes into Tregs, a specialized subpopulation of T cells that act to suppress immune response. We believe the central role of CD40L signaling in generating pro-inflammatory responses makes it an attractive candidate for therapeutic intervention in the protection of transplanted organs and the prevention of transplant rejection, as well as modulating immune responses in autoimmune disease, and in neuroinflammation. Blocking the activation of the CD40L pathway has been shown to slow disease progression and pathology in preclinical models of autoimmunity and neurodegeneration, and to prevent acute and long-term allograft transplant rejection in multiple animal species. We continue to focus on the development of tegoprubart for the prevention of rejection of allograft (i.e., transplanting an organ from one human to another) and xenograft (i.e., transplanting an organ from an animal to a human) organs and cells. Our mission is to both extend the functional life of transplanted organ and reduce side effect of current immunosuppressive treatments such as kidney toxicity, high blood pressure, and tremor. Tegoprubart is being evaluated in multiple kidney transplantation studies, including a Phase 1b trial and a Phase 2 open-label extension study, and was evaluated through our Phase 2 BESTOW trial, each designed to assess safety, pharmacokinetics, and efficacy compared to standard-of-care immunosuppression. Final and interim data suggest improved renal function and reduced immunosuppressive-related adverse events. Additionally, an investigator-initiated islet cell transplantation study has shown potential in achieving insulin independence without the use of calcineurin inhibitors, supporting further exploration in Type 1 diabetes. We also continue to explore xenotransplantation applications, an emerging area of scientific and commercial interest. Our collaboration with eGenesis, Inc. supports preclinical and clinical studies in kidney, heart, and islet cell tran Item 1. Business. Overview Eledon is a clinical stage biotechnology company using our immunology expertise in targeting the CD40 Ligand (\u201cCD40L\u201d) pathway to develop therapies to protect transplanted organs and prevent rejection, and to treat amyotrophic lateral sclerosis (\u201cALS\u201d). Our lead compound in development is tegoprubart, an IgG1, anti-CD40L antibody with high affinity for the CD40L, a well-validated biological target that we believe has broad therapeutic potential. We believe the central role of CD40L signaling in both adaptive and innate immune cell activation and function positions it as an attractive target for non-lymphocyte depleting, immunomodulatory therapeutic intervention. Tegoprubart is engineered to potentially both improve safety and provide pharmacokinetic, pharmacodynamic, and dosing advantages compared to other anti-CD40 approaches. The CD40L/CD40 pathway is recognized for its prominent role in immune regulation. CD40L is primarily expressed on activated CD4+ T cells, platelets and endothelial cells while the CD40 receptor is constitutively expressed on antigen presenting cells such as macrophages and dendritic cells, as well as B cells. By blocking CD40L and not the CD40 receptor, tegoprubart inhibits both the CD40 and CD11 costimulatory signaling pathways, providing the potential for improved efficacy compared to anti-CD40 receptor approaches. Blocking CD40L also increases polarization of CD4+ lymphocytes to Tregs, a specialized subpopulation of T cells that act to suppress an immune response, thus creating a more tolerogenic environment, which may play a therapeutic role in autoimmune diseases and in the prevention of allograft rejection after solid organ transplantation. Tegoprubart is designed to negate the risk of thrombolytic events seen in the first generation of anti-CD40L antibodies by introducing structural modifications that have been shown in preclinical models to eliminate binding to the Fc\u03b3 receptors associated with platelet Item 1A. Risk Factors. An investment in shares of our common stock involves a high degree of risk. You should carefully consider the following risk factors, as well as the other information in this Annual Report on Form 10-K and in our other public filings. The occurrence of any of these risks could harm our bu", "title": "ELDN - Eledon Pharmaceuticals, Inc.", "url": "/company/ELDN/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001524566; latest 10-K filed 2026-04-24.", "text": "WLTH - WEALTHFRONT CORP SIC 6199 Finance Services; CIK 0001524566; latest 10-K filed 2026-04-24. WLTH WEALTHFRONT CORP 0001524566 6199 Finance Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and operating results should be read in conjunction with our audited consolidated financial statements and related notes included elsewhere in this Form 10-K. A discussion of the results of operations for fiscal year 2025 compared to fiscal year 2024 can be found in the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our final prospectus filed with the SEC on December 12, 2025. There have been no material changes to those results since that filing. In addition to our historical operating results and financial position, this discussion contains forward-looking statements that are subject to risks and uncertainties. You should read the sections titled \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d included elsewhere in this Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Our fiscal year ends on January 31, and our fiscal quarters end on April 30, July 31, October 31, and January 31. Company Overview Wealthfront is a technology-driven financial solutions platform specifically engineered to help digital native generations build long-term wealth through a broad, automated suite of investment, cash management, financial planning and borrowing and lending products. As of January 31, 2026, our platform served 1.4 million funded clients and had $94.1 billion in platform assets reflecting the deep trust we have established through fundamentally aligned incentives and a commitment to our clients' financial success. Our business model is designed to optimize for our clients\u2019 success. Our focus on delivering fully automated services results in being one of the lowest cost producers in each category in which we participate. We share the savings directly with our clients, significantly reducing their fees, improving their financial outcomes, and enhancing their trust in us. This trust leads clients to add more money to our platform as they save, adopt new products and refer their friends, family, and co-workers. Our cost structure and our organic growth are business model advantages, and have enabled us to achieve our historic profitability, which allows us to further invest in our platform. Our revenue, earned primarily from platform asset-based fees, grows as clients\u2019 wealth increases and they trust us with more assets. This aligns our incentives directly with our clients\u2019 long-term financial success, allowing us to focus solely on growing and maintaining their wealth. We primarily generate revenue from cash management and investment advisory products. Cash management revenue is primarily earned from fees received for the delivery of cash management services, including our cash sweep program.2 Investment advisory revenue consists of fees charged for investment advisory and portfolio management services. Investment advisory fees are earned based on the market value, less fee waivers, of investment advisory assets. Other revenue primarily consists of fees earned from clients\u2019 borrowings on margin and proxy distribution revenue earned through a partnership with a third-party investor communications company. 2 Wealthfront is not a bank, and we do not provide banking services or products directly to our clients. Clients are notified, via our website (including our Wealthfront Cash Account product page and Help Center), disclaimers included in certain advertising materials, legal disclosures provided on client account pages, and Wealthfront Advisers LLC\u2019s Form ADV Part 2A Client Brochure, that Wealthfront does not provide direct banking services and such services are provided through third-party banking partners. Clients ar ITEM 1. BUSINESS Company Overview We are a product-driven technology company that built a financial solutions platform for \u201cdigital natives,\u201d defined as those born after 1980 (i.e., Millennials, Gen Z, and later generations). Our platform is designed to address the needs of the wealth builders within these generations. We have differentiated, trusted relationships with our clients due to our unique and fundamentally aligned incentives. Simply put, we succeed because our clients succeed. Founded in 2008 and headquartered in Palo Alto, California, we were among the first digital-only financial solutions platforms, pioneering the use of automation to offer low-cost diversified portfolios. We built our platform using software to deliver our solutions quickly, conveniently, and at low cost. These principles align with the preferences of digital natives, who use digital platforms for the vast majority of their everyday services ranging from entertainment and commerce to food delivery and ride sharing. Our technology-driven financial solutions help clients turn savings into long-term wealth. Our broad suite of products, including cash management, investment advisory, borrowing and lending, and financial planning solutions, address the diverse financial needs of our clients regardless of the economic environment. We are led by a technically proficient management team, including our CEO, who served as our CTO for many years. We built our products on a proprietary technology infrastructure. We have a strong, somewhat contrarian preference for building over buying or partnering. This allows us to automate to an extent not seen in the industry. Automation not only allows us to launch and iterate products faster, lower costs to clients, and offer a better overall client experience, but also lowers our cost of support. Automation is a core principle underpinning everything we do\u2014the way we design our products, organize our company, and foster employee culture. Our Business M ITEM 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Form 10-K. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we are unaware of or ", "title": "WLTH - WEALTHFRONT CORP", "url": "/company/WLTH/" }, { "kind": "company", "summary": "SIC 2844 Perfumes, Cosmetics & Other Toilet Preparations; CIK 0001868726; latest 10-K filed 2026-03-05.", "text": "OLPX - OLAPLEX HOLDINGS, INC. SIC 2844 Perfumes, Cosmetics & Other Toilet Preparations; CIK 0001868726; latest 10-K filed 2026-03-05. OLPX OLAPLEX HOLDINGS, INC. 0001868726 2844 Perfumes, Cosmetics & Other Toilet Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and related notes included elsewhere in this Annual Report. Some of the information contained in this discussion and analysis, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from management\u2019s expectations as a result of various factors. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and those discussed in the \u201cSpecial Note Regarding Forward-Looking Statements\u201d section and in the \u201cRisk Factors\u201d section in this Annual Report. Company Overview OLAPLEX is a foundational health and beauty company powered by breakthrough innovation that starts with and is inspired by the Pro. Our products are designed to enable Pros and their clients to achieve their best results and to provide consumers with a holistic hair regimen that starts by establishing a foundation for healthy hair. In 2014, OLAPLEX revolutionized the haircare category through the introduction of our patent-protected bond-building technology, Bis-aminopropyl diglycol dimaleate (\u201cBis-amino\u201d), in our No. 1 Bond Multiplier\u00ae and No. 2 Bond Perfector\u00ae products. This new two-part salon treatment allowed Pros around the world to repair disulfide bonds deep inside the hair that are broken during chemical services (such as coloring, perming and straightening). Later in 2014, OLAPLEX launched an at-home version of this signature bond-building treatment, No. 3 Hair Perfector\u00ae, allowing consumers to achieve the benefits of OLAPLEX beyond the salon. By the end of 2015, OLAPLEX products were sold globally, demonstrating the relevance of the product and brand proposition around the world. From our original three bond-building products, we expanded to a range of products suitable across hair types for use in the salon and at home. Since our inception, we have focused on delivering patent-protected technology and proven performance in the prestige haircare category. From our origins of creating the bond-building space, our product portfolio has expanded to approximately 30 products that support the hair health needs of our Pro and consumer communities. Our synergistic omnichannel model leverages the strength of each of our channels and our strong digital capabilities, which we apply across all of our sales platforms. Our professional channel serves as the foundation for our brand. Through this channel, Pros introduce consumers to our products and, we believe, influence consumer purchasing decisions. Our specialty retail channel allows us to build our brand by reinforcing our relationship with current consumers and accessing new consumers. Our DTC channel, comprised of Olaplex.com and sales through third-party e-commerce platforms, further broadens our access to consumers, while allowing us to directly engage with and educate consumers through our owned platforms. Our Strategy Following the initial implementation of our \u201cBonds and Beyond\u201d vision in 2025, we are focused on the following three strategic priorities in 2026 aimed at accelerating our transformation. Energize our \u201cHero\u201d Products We seek to implement our 360-degree marketing engine to maximize the productivity of our core products, which are significant contributors to our brand health and business. In addition, we are upgrading and expanding the assortment of our core products. Through targeted marketing strategies and enhanced storytelling, we are focused on continuing to elevate our brand and enhancing brand loyalty to generate demand. Fuel Science-based Innovation Olaplex\u2019s heritage includes a focus on bringing technical solutions to real-world hair co ITEM 1. BUSINESS Company Overview OLAPLEX is a foundational health and beauty company powered by breakthrough innovation that starts with and is inspired by the professional hairstylist (\u201cPro\u201d). Our products are designed to enable Pros and their clients to achieve their best results and to provide consumers with a holistic hair regimen that starts by establishing a foundation for healthy hair. In 2014, OLAPLEX revolutionized the haircare category through the introduction of our patent-protected bond-building technology, Bis-aminopropyl diglycol dimaleate (\u201cBis-amino\u201d), in our No. 1 Bond Multiplier\u00ae and No. 2 Bond Perfector\u00ae products. This new two-part salon treatment allowed Pros around the world to repair disulfide bonds deep inside the hair that are broken during chemical services (such as coloring, perming and straightening). Later in 2014, OLAPLEX launched an at-home version of this signature bond-building treatment, No. 3 Hair Perfector\u00ae, allowing consumers to achieve the benefits of OLAPLEX beyond the salon. By the end of 2015, OLAPLEX products were sold globally, demonstrating the relevance of the product and brand proposition around the world. From our original three bond-building products, we expanded to a range of products suitable across hair types for use in the salon and at home. Since our inception, we have focused on delivering patent-protected technology and proven performance in the prestige haircare category. OLAPLEX has evolved from a handful of products capable of treating severely damaged hair to a broader range designed to provide healthy hair from root to tip. Our products are designed to repair damage associated not only with chemical and thermal processes, but also everyday causes of damage such as pollutants, environmental factors, heat styling and blow drying, and mechanical friction, such as hair brushing and the use of hair ties. We identify our Pros\u2019 and consumers\u2019 most relevant haircare concerns and strive to address them through o ITEM 1A. RISK FACTORS An investment in our common stock involves risks. Investors should carefully consider the following information about these risks, together with the other information contained in this Annual Report. The risks described below reflect our beliefs and opinions as to f", "title": "OLPX - OLAPLEX HOLDINGS, INC.", "url": "/company/OLPX/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0001569994; latest 10-K filed 2026-02-26.", "text": "WSBF - Waterstone Financial, Inc. SIC 6035 Savings Institution, Federally Chartered; CIK 0001569994; latest 10-K filed 2026-02-26. WSBF Waterstone Financial, Inc. 0001569994 6035 Savings Institution, Federally Chartered Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview The following discussion and analysis is presented to assist the reader in understanding and evaluating the Company's financial condition and results of operations. It is intended to complement the consolidated financial statements, footnotes, and supplemental financial data appearing elsewhere in this Annual Report on Form 10-K and should be read in conjunction therewith. The detailed discussion in the sections below focuses on the results of operations for the year ended December 31, 2025, compared to the year ended December 31, 2024, and the financial condition as of December 31, 2025 compared to the financial condition as of December 31, 2024. As described in the notes to consolidated financial statements, we have two reportable segments: community banking and mortgage banking. The community banking segment provides consumer and business banking products and services to customers. Consumer products include loan products, deposit products, and personal investment services. Business banking products include loans for working capital, inventory and general corporate use, commercial real estate construction loans, and deposit accounts. The mortgage banking segment, which is conducted through Waterstone Mortgage Corporation, consists of originating residential mortgage loans primarily for sale in the secondary market. Our community banking segment generates the significant majority of our consolidated net interest income and requires the significant majority of our provision for credit losses. Our mortgage banking segment generates the significant majority of our noninterest income and a majority of our noninterest expenses. We have provided below a discussion of the material results of operations for each segment on a separate basis for the year ended December 31, 2025, compared the year ended December 31, 2024, which focuses on noninterest income and noninterest expenses. We have also provided a discussion of the consolidated operations of Waterstone Financial, which includes the consolidated operations of WaterStone Bank and Waterstone Mortgage Corporation, for the same periods. For a discussion of our results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, see \u201cPart II, Item 7: Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d Discussion of Results of Operations included in our 2024 Form 10-K, filed with the SEC on March 6, 2024. - 38 - Significant Items There were no Significant Items for the years ended December 31, 2025 and 2024. Critical Accounting Policies Our consolidated financial statements are prepared in accordance with GAAP and follow general practices within the banking industry. Application of these principles requires management to make complex and subjective estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable and appropriate under current circumstances. These assumptions form the basis for our judgments about the carrying values of assets and liabilities that are not readily available from independent, objective sources. We evaluate our estimates on an ongoing basis. Use of alternative assumptions may have resulted in significantly different estimates. Actual results may differ from these estimates. Accounting policies are an integral part of our financial statements. A thorough understanding of these accounting policies is essential when reviewing our reported results of operations and our financial position. We believe that the critical accounting policies and estimates discussed below involve a heightened level of management judgment due to the complexity, subjectivity and sensitivity involved in their application. See Note Item 1. Business Forward-Looking Statements This Annual Report on Form 10-K may contain or incorporate by reference various forward-looking statements, which can be identified by the use of words such as \u201cestimate,\u201d \u201cproject,\u201d \u201cbelieve,\u201d \u201cintend,\u201d \u201canticipate,\u201d \u201cplan,\u201d \u201cseek,\u201d \u201cexpect\u201d and similar expressions and verbs in the future tense. These forward-looking statements include, but are not limited to: [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Statements of our goals, intentions and expectations;\"],[\"\",\"\\u2022\",\"Statements regarding our business plans, prospects, growth and operating strategies;\"],[\"\",\"\\u2022\",\"Statements regarding the quality of our loan and investment portfolio;\"],[\"\",\"\\u2022\",\"Estimates of our risks and future costs and benefits.\"]] [[/GREPCENT_TABLE]] These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements. [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"general economic conditions, either nationally or in our market area, including employment prospects, that are different than expected;\"],[\"\",\"\\u2022\",\"competition among depository and other financial institutions, including with respect to overdraft fees;\"],[\"\",\"\\u2022\",\"inflation and changes in the interest rate environment that reduce our margins and yields, our mortgage banking revenues or reduce the fair value of financial instruments or reduce the origination levels in our lending business, or increase the level of defaults, losses or prepayments on loans we have made whether held in Item 1A. Risk Factors An investment in our securities is subject to risks inherent in our business and the industry in which we operate. Before making an investment decision, you should carefully consider the risks and uncertainties described below and all other information included in this report, as we", "title": "WSBF - Waterstone Financial, Inc.", "url": "/company/WSBF/" }, { "kind": "company", "summary": "SIC 4931 Electric & Other Services Combined; CIK 0001528356; latest 10-K filed 2026-05-01.", "text": "GNE - Genie Energy Ltd. SIC 4931 Electric & Other Services Combined; CIK 0001528356; latest 10-K filed 2026-05-01. GNE Genie Energy Ltd. 0001528356 4931 Electric & Other Services Combined Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. This Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the \"Exchange Act\") including statements that contain the words \u201cbelieves,\u201d \u201canticipates,\u201d \u201cexpects,\u201d \u201cplans,\u201d \u201cintends\u201d and similar words and phrases. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results projected in any forward-looking statement. In addition to the factors specifically noted in the forward-looking statements, other important factors, risks and uncertainties that could result in those differences include, but are not limited to, those discussed under Item 1A to Part I \u201cRisk Factors\u201d in this Annual Report. The forward-looking statements are made as of the date of this Annual Report, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Investors should consult all of the information set forth in this report and the other information set forth from time to time in our reports filed with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Exchange Act, including our reports on Forms 10-Q and 8-K. The following discussion should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in Item 8 of this Annual Report. Restatement of Previously Issued Consolidated Financial Statements The Company has restated its previously issued Consolidated Financial Statements contained in this Annual Report on Form 10-K. Refer to the \"Explanatory Note\" preceding Item 1, Business, for background on the Restatement, the fiscal periods impacted, control considerations and other information. In addition, we have restated certain previously reported financial information at December 31, 2024 and for the fiscal years ended December 31, 2024 and 2023 in this Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, including but not limited to information within the Results of Operations and Liquidity and Capital Resources. See Note 1 \u2014 Restatement of Previously Issued Consolidated Financial Statements and Note 21 \u2014 Quarterly Financial Data (Unaudited), in Item 8, Financial Statements and Supplementary Data, for additional information related to the Restatement, including descriptions of the misstatements and the impacts on our Consolidated Financial Statements. Overview We are comprised of Genie Retail Energy (\"GRE\") and Genie Renewables (\"GREW\"). Prior to the third quarter of 2022, we had a segment, Genie Retail Energy International, or GRE International, which supplied electricity to residential and small business customers in Scandinavia. In the third quarter of 2022, we discontinued the operations of Lumo Finland and Lumo Sweden, and GRE International ceased to be a segment and the remaining assets and liabilities and results of any continuing operations of GRE International were combined with corporate. GRE owns and operates retail energy providers (\"REPs\"), including IDT Energy, Residents Energy, Town Square Energy (\"TSE\"), Southern Federal, Evergreen and Mirabito Natural Gas. GRE's REPs' businesses resell electricity and natural gas primarily to residential and small business customers, with the majority of the customers in the Midwestern and Eastern United States and Texas. GREW holds a 95.5% interest in Genie Solar, an integrated solar energy company that develops, constructs and operates utility-scale solar energy projects, a 93.8% interest in CityCom Solar, a marketer of community solar and alternative products and services complementary to our energy offerings, a 91.5% interest in Diversegy, an energy procurement ad Item 1. Business. BUSINESS OVERVIEW Genie Energy Ltd. is end-to-end provider of energy services. We manage our business and report results through two reporting segments. \u25cf Genie Retail Energy (\u201cGRE\u201d) supplies electricity and natural gas to residential and small business customers through retail energy providers (\"REPs\") operating in certain deregulated markets within the United States; and \u25cf Genie Renewables (\"GREW\") is primarily comprised of the following three lines of businesses: o Genie Solar \u2014 an integrated solar energy company; o CityCom Solar (\u201cCityCom\u201d) \u2014 a marketer of community solar and alternative products and services complementary to our energy offerings; o Diversegy LLC (\u201cDiversegy\u201d) \u2014 an energy procurement advisor for industrial, commercial and municipal customers; and o Roded Recycling Industries (\"Roded\") \u2014 a producer of high-grade plastic pallets from recycled materials. REPORTABLE SEGMENTS We have two reportable business segments: GRE and GREW. Our reportable segments are distinguished by types of service, customers and customer geography. Financial information by segment and geographic areas is presented in \"Note 20 \u2014 Business Segment and Geographic Information\" in the Notes to our Consolidated Financial Statements in this Annual Report. The Company owns 100% of Genie Retail Energy, Inc. and 95.5% of Genie Energy Services, LLC (\u201cGES\u201d). GES holds our interest in the entities comprising the GREW segment. In the third quarter of 2022, the Company ceased to operate a former segment, GRE International (\u201cGREI\u201d). Certain of GREI's assets and liabilities and operations were classified as discontinued operations and the segment's remaining assets and liabilities were combined with corporate. GRE owns and operates REPs, including IDT Energy, Inc. (\u201cIDT Energy\u201d), Residents Energy, LLC (\u201cResidents Energy\u201d), Town Square Energy, LLC and Town Square Energy East, LLC (collectively, \u201cTSE\u201d), Southern Federal Power, LLC (\u201cSFP\u201d), Eve Item 1A. Risk Factors. RISK FACTORS Our business, operating results or financial condition could be materially adversely affected by any of the following risks as well as the other risks highlighted elsewhere in this document, particularly the discussions about regulation, competition and intellectual property. The trading price of our Class B common", "title": "GNE - Genie Energy Ltd.", "url": "/company/GNE/" }, { "kind": "company", "summary": "SIC 3140 Footwear, (No Rubber); CIK 0000895456; latest 10-K filed 2026-03-11.", "text": "RCKY - ROCKY BRANDS, INC. SIC 3140 Footwear, (No Rubber); CIK 0000895456; latest 10-K filed 2026-03-11. RCKY ROCKY BRANDS, INC. 0000895456 3140 Footwear, (No Rubber) ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") describes the matters that we consider to be important to understanding the results of our operations for each of the two years in the period ended December 31, 2025 and 2024, and our capital resources and liquidity as of December 31, 2025 and 2024. For the discussion of the changes in our results of operations and statement of cash flows between the years ended December 31, 2024 and December 31, 2023, refer to Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\", of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 17, 2025, which is available on the SEC's website at https://www.sec.gov/edgar/search/ and our corporate website at www.rockybrands.com. We analyze the results of our operations for the last two years (including trends in the overall business), followed by a discussion of our cash flows and liquidity, our credit facilities, and our contractual commitments. We then provide a review of the critical accounting policies and estimates we have made that we believe are most important to the understanding of our MD&A and our Consolidated Financial Statements. We conclude our MD&A with information on recent accounting pronouncements we adopted during the year, as well as those not yet adopted that are expected to have an impact on our financial accounting practices. The following discussion should be read in conjunction with our Consolidated Financial Statements and the notes thereto, included elsewhere herein. The forward-looking statements in this section and other parts of this Annual Report on Form 10-K involve risks and uncertainties including statements regarding our plans, objectives, goals, strategies and financial performance. Our actual results could differ materially from the results anticipated in these forward-looking statements as a result of factors set forth under the caption \"Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995\" below. The Private Securities Litigation Reform Act of 1995 provides a \"safe harbor\" for forward-looking statements made by or on behalf of the Company. BUSINESS OVERVIEW We are a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names including Muck, XTRATUF, Rocky, Durango, Georgia Boot, Lehigh, Ranger, and the licensed brand Michelin. Our portfolio of brands is organized into three reportable segments in which our product is distributed: Wholesale, Retail, and Contract Manufacturing. The reportable segments are targeted around six distinct product lines: work, outdoor, western, duty, commercial military, and military. We frequently experience significant seasonal fluctuations in our business as many of our footwear products and product lines are used by consumers in adverse weather conditions. Accordingly, average inventory levels have been highest during the second and third quarters of each year and sales have been highest in the last two quarters of the year. Our footwear products incorporate varying features and are positioned across a range of suggested retail price points from $45.00 for our value priced products to $680.00 for our premium products. As a part of our strategy of outfitting consumers from head-to-toe, we market complementary branded apparel and accessories that we believe leverage the strength and positioning of each of our brands. 16 Table of Contents In our Wholesale business, we distribute our products through a wide range of distribution channels representing thousands of retail store locations in the U.S., the U.K. and other international markets such as Europe. Our Wholesale channels vary by product line and include sporting goods stores, outdoor retailer ITEM 1. BUSINESS. All references to \"we,\" \"us,\" \"our,\" \"Rocky Brands,\" or the \"Company\" in this Annual Report on Form 10-K mean Rocky Brands, Inc. and our subsidiaries. We are a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names, including The Original Muck Boot Company (\"Muck\"), XTRATUF, Rocky, Durango, Georgia Boot, Lehigh CustomFit (\"Lehigh\"), Ranger, and the licensed brand Michelin. Our brands have a long history of representing high quality, comfortable, functional, and durable footwear and our products are organized around six target markets: work, outdoor, western, commercial military, duty, and military. Our footwear products incorporate varying features and are positioned across a range of suggested retail price points from $45.00 for our value priced products to $680.00 for our premium products. In addition, as part of our strategy of outfitting consumers from head-to-toe, we market complementary branded apparel and accessories that we believe leverage the strength and positioning of each of our brands. The Company's portfolio of brands is organized into the following reportable segments, in which our products are distributed: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Wholesale\"],[\"\",\"\\u25cf\",\"Retail\"],[\"\",\"\\u25cf\",\"Contract Manufacturing\"]] [[/GREPCENT_TABLE]] Wholesale We distribute Muck, XTRATUF, Rocky, Durango, Georgia Boot, Lehigh, Ranger, and Michelin products through a wide range of Wholesale distribution channels throughout the world. Our Wholesale channels vary by product line and include sporting goods stores, outdoor retailers, independent shoe retailers, hardware stores, mass merchants, uniform stores, farm store chains, specialty safety stores, specialty retailers, and online retailers. As of December 31, 2025 , our products were offered for sale in thousands of retail locations across the U.S. and Canada as well as several international markets, such as ITEM 1A. RISK FACTORS. An investment in our common stock is subject to certain risks inherent in our business. Before making an investment decision, investors should carefully consider the risks and uncertainties described below, together with all of the other information included or incorporated by reference in this Annual Report on Form 10-K. ", "title": "RCKY - ROCKY BRANDS, INC.", "url": "/company/RCKY/" }, { "kind": "company", "summary": "SIC 2000 Food and Kindred Products; CIK 0001655210; latest 10-K filed 2026-04-09.", "text": "BYND - BEYOND MEAT, INC. SIC 2000 Food and Kindred Products; CIK 0001655210; latest 10-K filed 2026-04-09. BYND BEYOND MEAT, INC. 0001655210 2000 Food and Kindred Products ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including those set forth in Part I, Item 1A, Risk Factors, and Note Regarding Forward-Looking Statements included elsewhere in this report. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and related notes included elsewhere in this report. Our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations included in this report generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this report can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview Beyond Meat is a leading plant-based meat company offering a portfolio of revolutionary plant-based meats and other innovative plant-based food and beverage products. We seek to deliver the power of plants to consumers through our plant-based meat products, an innovation that enables consumers to experience the taste, texture and other sensory attributes of popular animal-based meat products while enjoying the nutritional and environmental benefits of eating our plant-based meat products, and adjacent products that deliver taste and macronutrients from plants and plant-based ingredients. Our brand promise, \u201cEat What You Love,\u201d represents a strong belief that there is a better way to feed our future and that the positive choices we all make, no matter how small, can have a great impact on our personal health and the health of our planet. By shifting from animal-based meat to plant-based meat, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare. We sell a range of plant-based meat products across our three core platforms of beef, pork and poultry. As of December 2025, Beyond Meat branded products were available across mainstream grocery, mass merchandiser, club store and natural retailer channels, and various food-away-from-home channels, including restaurants, foodservice outlets and schools, with certain of our products available generally for a limited time exclusively through our Beyond Test Kitchen DTC channel, which we launched in the fourth quarter of 2025. As the demand for plant-based meat products has continued to decline persistently over the past three years, we have continued to adjust to the changing market landscape and evolving patterns in consumer demand to position Beyond Meat for long-term growth. In addition to our cost-cutting initiatives, discussed in more detail below, we have taken steps to broaden our distribution channels, including direct-to-consumer sales, optimize our distributor relationships and seek more effective consumer input to enable us to respond to shifts in consumer preferences. For example, we launched our Beyond Test Kitchen DTC platform, in the fourth quarter of 2025, giving consumers early access to new plant-based protein products, generally for a limited time, which allows us to test new products directly with consumers and obtain consumer feedback and make adjustments before investing in potential broader product release. We have also sought to further simplify and improve the quality of product ingredients, including with the use of avocado oil in many of our products. We have also taken our first step in expanding our product portfolio to product adjacencies with the introduction in January 2026 of ITEM 1. BUSINESS. Overview Beyond Meat is a leading plant-based meat company offering a portfolio of revolutionary plant-based meats and other innovative plant-based food and beverage products. We seek to deliver the power of plants to consumers through our plant-based meat products, an innovation that enables consumers to experience the taste, texture and other sensory attributes of popular animal-based meat products while enjoying the nutritional and environmental benefits of eating our plant-based meat products, and adjacent products that deliver taste and macronutrients from plants and plant-based ingredients. Our brand promise, \u201cEat What You Love,\u201d represents a strong belief that there is a better way to feed our future and that the positive choices we all make, no matter how small, can have a great impact on our personal health and the health of our planet. By shifting from animal-based meat to plant-based meat, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare. To capture this market opportunity, we have developed three core plant-based product platforms that align with the largest meat categories globally: beef, pork and poultry. The primary components of animal-based meat\u2014amino acids, lipids, carbohydrates, trace minerals and water\u2014are not exclusive to animals and are plentiful in plants. We create our plant-based meat products using proprietary scientific processes that determine the architecture of the animal-based meat we are seeking to replicate and then we assemble it using plant-derived amino acids, lipids, carbohydrates, trace minerals and water. We are focused on continuously improving our products so that eventually they are, to the human sensory system, indistinguishable from their animal-based counterparts. We are focused on making our plant-based meat products nutritionally dense, with fewer negative attributes relative to their animal protein alternatives. L ITEM 1A. RISK FACTORS. Risk Factor Summary We are providing the following summary of the risk factors to enhance the readability and accessibility of our risk factor disclosures. We encourage you to carefully review the full risk factors immediately following this summary as well as the other information in this report, including Ite", "title": "BYND - BEYOND MEAT, INC.", "url": "/company/BYND/" }, { "kind": "company", "summary": "SIC 5600 Retail-Apparel & Accessory Stores; CIK 0001318484; latest 10-K filed 2026-04-15.", "text": "CTRN - Citi Trends Inc SIC 5600 Retail-Apparel & Accessory Stores; CIK 0001318484; latest 10-K filed 2026-04-15. CTRN Citi Trends Inc 0001318484 5600 Retail-Apparel & Accessory Stores ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. This discussion may contain forward-looking statements that involve risks and uncertainties. As a result of many factors, such as those set forth under the section entitled \u201cRisk Factors\u201d and elsewhere in this Report, our actual results may differ materially from those anticipated in these forward-looking statements. Discussions of our results of operations for the year ended February 1, 2025 compared to the year ended February 3, 2024 that have been omitted under this item can be found in \"Part II, Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Annual Report on Form 10-K for the year ended February 1, 2025, which was filed with the United States Securities and Exchange Commission on April 16, 2025. Executive Overview We are the leading off-price value retailer of apparel, accessories and home trends primarily for Black families. Our high-quality and trend-right merchandise offerings at everyday low prices are designed to appeal to the fashion and trend preferences of value-conscious customers. As of January 31, 2026, we operated 590 stores in urban, suburban and rural markets in 33 states. Fiscal 2025 Business Highlights [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Continued to refine our three-tiered product assortment strategy, with balanced good-better-best offerings, trend-right fashion and the addition of extreme value branded treasures, focused on Black consumers\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Launched our holiday \\u201cJoy Looks Good on You\\u201d marketing campaign, with over 55 million views and engagements, and refreshed our social media presence under @wearecititrends\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Completed the implementation of an AI-based allocation system in the third quarter and began development of an AI-based merchandise planning system\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Implemented foundational and fundamental standardized business practices throughout the organization to improve consistency of operating performance and efficiency of expense.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Opened 3 new stores, remodeled 62 stores and closed 4 stores to end the year with 590 locations\"]] [[/GREPCENT_TABLE]] Fiscal 2025 Financial Highlights [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Total sales of $820.0 million, an increase of $66.9 million, or 8.9%, compared to fiscal 2024\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Comparable store sales increase of 9.7% vs fiscal 2024, 13.1% on a two-year basis, with the majority of the growth from increased transactions\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Net income of $5.2 million, including the $11.0 million gain on the sale of the Savannah office building in the second quarter of fiscal 2025\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Cash of $66.1 million at the end of the fiscal year, with no debt and no drawings on our $75 million line of credit\"]] [[/GREPCENT_TABLE]] Our Strategy We believe that CITITRENDS is in a unique position to serve our loyal customer base, with a long runway for store growth and a strong leadership team supported by a healthy balance sheet. As described in more detail in \u201cItem 1 \u2013 Business,\u201d we have identified five strategic areas of focus that we believe will accelerate our sales and earnings growth over the next few years: Offer Compelling Value Proposition. We believe that we can drive increases in traffic and basket by focusing on our three-tiered product strategy of opening prices, core value product and familiar brands ITEM 1.BUSINESS Overview Citi Trends, Inc. (\u201cCITITRENDS\u201d or the \u201cCompany\u201d) is a highly differentiated off-price value retailer known for trendy fashions, great brands and amazing prices. We are the leading off-price retailer specifically focused on Black customers, delivering the styles, brands, and trends at amazing prices that resonate with our primary and secondary customers. Our product offering is Women\u2019s, Men\u2019s and Children\u2019s apparel, family footwear, accessories and products for the home, with a three-tiered mix of product. At the opening price point, we offer value-focused basics for our most budget-conscious customers. The core of our business is our \u2018better\u2019 tier- quality products with breadth of selection and fresh styles. At the top end, we\u2019re expanding our \u2018best\u2019 tier with two distinct approaches. First, we\u2019re adding more trend-relevant product at prices well below specialty retail. Second, we\u2019re building our extreme value capabilities, offering well-known branded product at 50% to 75% off MSRP. Our research shows this treasure hunt element resonates particularly well with our core customer, who views shopping as both a practical necessity and an enjoyable activity, fostering deep customer loyalty and high shopping frequency in the communities in which we operate. Our customers are discerning. They understand that value is more than price and are willing to spend more when the style is for them, the fashion is on trend and the quality is right. In short, value is not just price. Our brand promise is clear: Styles that see you, prices that amaze you and trends that tell your story. 3 Table of Contents Our stores are strategically located in vibrant Black communities with product offerings for the entire family. Our stores average approximately 11,000 square feet of selling space and are typically found in outdoor community shopping centers across a variety of urban, suburban and rural markets. As of January 31, 2026, we operated 590 stores in 33 st ITEM 1A.RISK FACTORS You should carefully consider the following risk factors, together with the other information contained or incorporated by reference into this Report and our other filings with the SEC. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known t", "title": "CTRN - Citi Trends Inc", "url": "/company/CTRN/" }, { "kind": "company", "summary": "SIC 2810 Industrial Inorganic Chemicals; CIK 0001084554; latest 10-K filed 2026-02-26.", "text": "LTBR - LIGHTBRIDGE Corp SIC 2810 Industrial Inorganic Chemicals; CIK 0001084554; latest 10-K filed 2026-02-26. LTBR LIGHTBRIDGE Corp 0001084554 2810 Industrial Inorganic Chemicals ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, is intended to help the reader understand Lightbridge Corporation, our operations, and our present business environment. MD&A is provided as a supplement to, and should be read in conjunction with, our Consolidated Financial Statements and the accompanying Notes thereto, which are contained in Part II. Item 8. Financial Statements and Supplementary Data of this Annual Report on Form 10-K. As discussed in more detail under \u201cForward-Looking Statements\u201d preceding this MD&A, the following discussion contains forward-looking statements that are based on our management\u2019s current expectations, estimates, and projections, which are subject to a number of risks and uncertainties. Our actual results may differ materially from those discussed in these forward-looking statements because of the risks and uncertainties inherent in future events, including those set forth under \u201cForward-Looking Statements\u201d and Part I. Item 1A. Risk Factors. Overview of Our Business and Recent Developments of Lightbridge Fuel\u2122 Our Business At Lightbridge, we are developing next generation nuclear fuel for water-cooled reactors that could significantly improve the economics and safety of existing and new nuclear power plants and enhance proliferation resistance of spent nuclear fuel while supplying clean energy to the electric grid or to \u201cbehind the meter\u201d customers for electric power, including data centers. We believe our metallic fuel could offer significant economic and safety benefits over traditional nuclear fuel, primarily because of the superior heat transfer properties and the resulting lower operating temperature of our all-metal fuel. Data centers will need massive, constant power that we believe nuclear power can provide. Advances in reactor technology, combined with growing corporate and governmental support for clean energy, can position nuclear power as a cornerstone of future energy strategies for data-intensive industries, which may be willing to pay a premium for reliable, clean, and sustainable baseload electricity. We believe our metallic fuel can be used in different types of water-cooled commercial power reactors, such as PWRs, BWRs, VVERs, CANDUs, water-cooled SMRs, and water-cooled research reactors. We have obtained patent validation in key countries that we believe would have a commercial market for our fuel and will continue to seek patent validation in countries that either currently operate or are expected to build and operate a large number of nuclear power reactors compatible with our fuel technology. Recent Developments of Lightbridge Fuel\u2122 Memorandum of Understanding with Oklo, Inc. In January 2025, we signed a MOU with Oklo to: (1) conduct a preliminary evaluation of feasibility of co-locating a Lightbridge Commercial-scale Fuel Fabrication Facility at Oklo\u2019s proposed commercial fuel fabrication facility; (2) explore opportunities for collaboration on reprocessing and recycling of spent uranium zirconium fuel; and (3) explore any other areas of collaboration that may be of mutual interest. We believe there may be some potential synergies in co-locating our expandable fuel facility at Oklo\u2019s proposed site. We also believe that recycling and reprocessing spent uranium-zirconium fuel may represent another area of potential synergies. Master Services Agreement with Amentum Technology Inc. In December 2025, the Company entered into a MSA with Amentum relating to the performance of activities by Amentum in support of the co-location feasibility study under the MOU with Oklo, as well as other activities as the Company and Amentum may agree from time to time. In January 2026, we entered into a statement of work under our MSA with Amentum pursuant to which we expect to incur approximately $0.4 million in costs during 2026 r ITEM 1. BUSINESS When used in this Annual Report on Form 10-K, the terms \u201cLightbridge,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d and \u201cus\u201d refer to Lightbridge Corporation together with its wholly-owned subsidiaries, Lightbridge International Holding LLC and Thorium Power Inc. Overview At Lightbridge, we believe that increasing the supply of reliable electric power is necessary for people and economies to flourish. We are developing next generation nuclear fuel for water-cooled reactors that could significantly improve the economics and safety of existing and new nuclear power plants, large and small, and enhance proliferation resistance of spent nuclear fuel while supplying clean energy to the electric grid or to \u201cbehind the meter\u201d customers for electric power, including data centers. We project that the world\u2019s energy needs and climate goals can only be met if nuclear power\u2019s share of the energy-generating mix grows substantially in the coming decades. We believe Lightbridge can benefit from a growing nuclear power industry, and that our nuclear fuel can help enable that growth to happen. We believe our metallic fuel could offer significant economic and safety benefits over traditional nuclear fuel, primarily because of the superior heat transfer properties and the resulting lower operating temperature of our all-metal fuel. U.S. and international electricity demand is growing rapidly due to AI-driven data centers, electrification, and industrial development. Solely in the U.S., demand is expected to grow by ~3 million gigawatt hours over the next 20 years, increasing demand by ~70% from current day. In particular, the data center demand tends to be stable around the clock and will likely require resources that can provide firm, reliable generation. This potential need for firm, baseload power combined with on-going international, state, and corporate carbon emissions reduction targets means that nuclear power is expected to be a critical part of new electricity generatio ITEM 1A. RISK FACTORS Our business faces significant risks. You should carefully consider all the information set forth in this annual report and in our other filings with the SEC, including the following risk factors which we face, and which are faced by our industry. Our business, financial condition, and results of operations could", "title": "LTBR - LIGHTBRIDGE Corp", "url": "/company/LTBR/" }, { "kind": "company", "summary": "SIC 3089 Plastics Products, NEC; CIK 0001833197; latest 10-K filed 2026-03-04.", "text": "SWIM - Latham Group, Inc. SIC 3089 Plastics Products, NEC; CIK 0001833197; latest 10-K filed 2026-03-04. SWIM Latham Group, Inc. 0001833197 3089 Plastics Products, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with other sections of this Annual Report, including \u201cItem 1. Business,\u201d \u201cItem 1A. Risk Factors\u201d and our audited consolidated financial statements and related notes for the three years ended December 31, 2025, 2024 and 2023, included elsewhere in this Annual Report. As used in this Annual Report, references to \u201cLatham,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to the Company and its consolidated subsidiaries unless otherwise indicated of the context requires otherwise. Overview We are the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand. We hold the leading position in North America in every product category in which we compete. It is our view that we are the most sought-after brand in the pool industry. We are Latham, The Pool CompanyTM. With an operating history that spans over 70 years, we offer the industry\u2019s broadest portfolio of pools and related products, including in-ground swimming pools, pool covers, and pool liners. We have a heritage of innovation. In an industry that has traditionally marketed on a business-to-business basis (pool manufacturer to dealer), we pioneered the first \u201cdirect-to-homeowner\u201d digital and social marketing strategy that has transformed the homeowner\u2019s purchase journey. Through this marketing strategy, we are able to create demand for our pools and to provide high quality, purchase-ready consumer leads to our dealer partners. Partnership with our dealers is integral to our collective success, and we have enjoyed long-tenured relationships averaging over 15 years. We support our dealer network with business development tools, co-branded marketing programs, and in-house training. The full resources of our company are dedicated to designing and manufacturing high-quality pool products, with the homeowner in mind, and positioning ourselves as a value-added partner to our dealers. Our operations consist of approximately 1,850 employees on average across approximately 30 locations. The broad geographic reach of our national manufacturing and distribution network allows us to service our customers on short lead times and to deliver our products in a cost-effective manner. Our mission is to design and manufacture high-quality pool products, with the homeowner in mind, and to be a value-added partner to our dealers. We conduct our business as one operating and reportable segment that designs, manufactures, and markets in-ground swimming pools, pool covers, and pool liners. Recent Developments Highlights for the year ended December 31, 2025 \u2022Increase in net sales of 7.4%, or $37.4 million, to $545.9 million for the year ended December 31, 2025, compared to $508.5 million for the year ended December 31, 2024. \u2022Increase in net income of $29.0 million, to $11.1 million for the year ended December 31, 2025 and representing a 2.0% net income margin for the year ended December 31, 2025, compared to a net loss of $17.9 million for the year ended December 31, 2024. \u2022Increase in Adjusted EBITDA (as defined below) of $19.6 million, to $99.8 million for the year ended December 31, 2025, compared to $80.2 million for the year ended December 31, 2024. Adjusted EBITDA margin increased from 15.8% to 18.3%. 36 Table of Contents Business Update In 2025, we built on our market leadership with further gains in fiberglass and autocover penetration and greater representation in the Sand States. In 2026, we will continue to execute on our key strategic priorities, namely, to build the Latham brand and drive increased awareness and adoption of fiberglass pools and autocovers, which we expect will enable us to continue to significantly outperform the U.S. in-ground pool market which we believe will remain flat in 20 Item 1. Business Overview We are the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand. We hold the leading position in North America in every product category in which we compete. It is our view that we are the most sought-after brand in the pool industry. We are Latham, The Pool CompanyTM. With an operating history that spans over 70 years, we offer the industry\u2019s broadest portfolio of pools and related products, including in-ground swimming pools, pool covers, and pool liners. We have a heritage of innovation. In an industry that has traditionally marketed on a business-to-business basis (pool manufacturer to dealer), we pioneered the first \u201cdirect-to-homeowner\u201d digital and social marketing strategy that has transformed the homeowner\u2019s purchase journey. Through this marketing strategy, we are able to create demand for our pools and to provide high quality, purchase-ready consumer leads to our dealer partners. Partnership with our dealers is integral to our collective success, and we have enjoyed long-tenured relationships averaging over 15 years. We support our dealer network with business development tools, co-branded marketing programs, and in-house training. The full resources of our Company are dedicated to designing and manufacturing high-quality pool products, with the homeowner in mind, and positioning ourselves as a value-added partner to our dealers. Our operations consist of approximately 1,850 employees on average across approximately 30 locations. The broad geographic reach of our national manufacturing and distribution network allows us to service our customers on short lead times and to deliver our products in a cost-effective manner. Our mission is to design and manufacture high-quality pool products, with the homeowner in mind, and to be a value-added partner to our dealers. We conduct our business as one operating and reportable segment that designs, manufactu Item 1A. Risk Factors You should carefully consider the following risks and uncertainties, together with all of the other information contained in this Annual Report, including our Consolidated Financial Statements and related notes included elsewhere in this Annual Report, before making an investment decision. In addition, past financial performance may ", "title": "SWIM - Latham Group, Inc.", "url": "/company/SWIM/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0001871509; latest 10-K filed 2026-02-24.", "text": "PTLO - Portillo's Inc. SIC 5812 Retail-Eating Places; CIK 0001871509; latest 10-K filed 2026-02-24. PTLO Portillo's Inc. 0001871509 5812 Retail-Eating Places ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This section and other parts of this Annual Report on Form 10-K (\u201cForm 10-K\u201d) contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 (\"PSLRA\"), which are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different from the statements made herein. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as \"aim,\" \"anticipate,\" \"believe,\" \"estimate,\" \"expect,\" \"forecast,\" \"future,\" \"intend,\" \"outlook,\" \"potential,\" \"project,\" \"projection,\" \"plan,\" \"seek,\" \"may,\" \"could,\" \"would,\" \"will,\" \"should,\" \"can,\" \"can have,\" \"likely,\" the negatives thereof and other similar expressions. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. You should evaluate all forward-looking statements made in this Form 10-K in the context of the risks and uncertainties disclosed in Part I, Item 1A \"Risk Factors\" and in this Item 7 \"Management's Discussion and Analysis of Financial Condition and Results of Operations.\" The forward-looking statements included in this Form 10-K are made only as of the date hereof. We undertake no obligation to publicly update any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements. For a comparison of results of operations and financial condition for fiscal years 2024 and 2023, see \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Form 10-K for the fiscal year ended December 29, 2024, filed February 25, 2025. We use a 52- or 53-week fiscal year ending on the Sunday on or prior to December 31. In a 52-week fiscal year, each quarterly period is comprised of 13 weeks. The additional week (the \"53rd week\") in a 53-week fiscal year is added to the fourth quarter. The fiscal years ended December 28, 2025 (\"fiscal 2025\") and December 29, 2024 (\"fiscal 2024\") both consisted of 52 weeks. Overview Portillo\u2019s serves iconic Chicago street food through high-energy, multichannel restaurants designed to ignite the senses and create a memorable dining experience. Refer to Part I, Item 1, \"Business\" of this document for additional information about our business. Recent Developments and Trends Financial Highlights for Fiscal 2025 vs. Fiscal 2024: \u2022Total revenue increased 3.0% or $21.5 million to $732.1 million \u2022Same-restaurant sales decreased -0.5% \u2022Operating income decreased $14.4 million to $43.7 million \u2022Net income decreased $14.0 million to $21.1 million \u2022Restaurant-Level Adjusted EBITDA* decreased $9.7 million to $158.4 million \u2022Adjusted EBITDA* decreased $7.4 million to $97.3 million * Adjusted EBITDA and Restaurant-Level Adjusted EBITDA are non-GAAP measures. Definitions and reconciliations of Adjusted EBITDA to net income (loss) and Restaurant-Level Adjusted EBITDA to operating income, the most directly comparable financial measures presented in accordance with GAAP, are set forth under the section \"Key Performance Indicators and Non-GAAP Financial Measures\". Portillo's Inc. Form 10-K | 22 In fiscal 2025, we continued to make progress against our long-term strategic priorities while managing significant operational and leadership transitions. As further discussed in Part I, I ITEM 1. BUSINESS Portillo\u2019s Inc. (the \u201cCompany\") was incorporated as a Delaware corporation on June 8, 2021, for the purpose of facilitating an initial public offering (\"IPO\") and other related transactions in order to carry on the business of PHD Group Holdings LLC and its subsidiaries (\u201cPortillo\u2019s OpCo\u201d). The Company became the sole managing member of Portillo\u2019s OpCo and operates and controls all of the business and affairs of Portillo's OpCo. As a result, the Company consolidates the financial results of Portillo's OpCo and reports a non-controlling interest representing the economic interest in Portillo's OpCo held by the other members of Portillo's OpCo (the \"pre-IPO LLC Members\"). Portillo\u2019s Inc. Class A common stock trades on the Nasdaq under the symbol \"PTLO.\" Unless the context otherwise requires, references to \"we,\" \"us,\" \"our,\" \"Portillo's,\" the \"Company\" and other similar references refer to Portillo's Inc. and its subsidiaries, including Portillo\u2019s OpCo. As of the fiscal year ended December 28, 2025 (\"fiscal 2025\"), we owned and operated 102 restaurants across 11 states, including a restaurant owned by C&O Chicago, L.L.C. (\"C&O\") of which we own 50% of the equity. As of December 28, 2025, the Company owned 95.4% of Portillo's OpCo and the pre-IPO LLC Members owned the remaining 4.6% of Portillo's OpCo. The Company entered into a joint venture agreement to develop and operate a restaurant at the Dallas-Fort Worth International Airport (\"DFW\") which is expected to commence operations in 2026. The Company holds a 65% ownership interest in AP Dogs, LLC (\"AP Dogs\") and has day-to- day operational and managerial control over its business and affairs. Accordingly, the Company consolidates the joint venture and reports a noncontrolling interest representing the economic interest in AP Dogs held by the other partner. Overview of Portillo's Portillo\u2019s serves iconic Chicago street food in high-energy, multichannel restaurants designed to ignite the ITEM 1A. RISK FACTORS You should carefully consider each of the following risk factors in conjunction with other information provided in this Annual Report on Form 10-K and in our other public disclosures. Our business is subject to a number of risks, including risks that may prevent us from achieving our business objectives or may adversely affect our business, financial con", "title": "PTLO - Portillo's Inc.", "url": "/company/PTLO/" }, { "kind": "company", "summary": "SIC 2741 Miscellaneous Publishing; CIK 0001951070; latest 10-K filed 2026-06-11.", "text": "MH - McGraw Hill, Inc. SIC 2741 Miscellaneous Publishing; CIK 0001951070; latest 10-K filed 2026-06-11. MH McGraw Hill, Inc. 0001951070 2741 Miscellaneous Publishing Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our results of operations and financial condition should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion may contain forward-looking statements that involve risks and uncertainties, including, but not limited to, those discussed in the sections titled \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d included elsewhere in this Annual Report on Form 10-K. Our actual results could differ materially from such forward-looking statements. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future. Company Overview McGraw Hill is a leading global provider of education solutions for K-12, higher education and professional learning markets. We are helping shape the education industry by providing access to effective learning experiences that improve outcomes and opportunities for all. McGraw Hill operates at the intersection of proprietary content, software and data, using artificial intelligence to deliver personalized learning experiences at global scale, driving positive outcomes throughout the entire learning lifecycle. For more than 137 years, McGraw Hill has built one of the world\u2019s most recognized education brands with over 100 million active student and educator curriculum licenses worldwide. 52 Table of Contents Demand for personalized content, delivered via intuitive digital solutions is reshaping the industry as educators continue to leverage technology, including generative AI, to meet students where they are in their learning journey. The business is comprised of the following four reportable segments: \u2022K-12: The Company provides end-to-end core, supplemental and intervention curricula to support the needs of U.S. K-12 schools. The Company sells blended digital and print learning solutions directly to school districts across the United States. \u2022Higher Education: The Company provides students, instructors and institutions with adaptive digital learning solutions and content, and instructional materials. The primary users of the Company's solutions are students enrolled in two-and four-year non-profit colleges and universities, and to a lesser extent, for-profit institutions. The Company sells its Higher Education solutions to well-known online retailers and distribution partners, who subsequently sell to students. The Company also sells direct to student via its proprietary e-commerce platform. \u2022Global Professional: The Company provides students, institutions and professionals with comprehensive medical and engineering learning solutions. The Company sells digital learning solutions and print materials which are easily accessible through a broad range of mediums. \u2022International: The Company is a provider of comprehensive digital and print solutions in more than 100 countries and 80 languages outside of the United States. Through our expansive global distribution network, we serve the needs of learners and educators throughout the world with our K-12 and Higher Education solutions that primarily originate or are adapted from our U.S.-based solutions. Recent Developments Stock Conversion and Stock Split In connection with the Company's initial public offering, on July 23, 2025, the Company converted all of its outstanding Class A voting Common Stock and Class B non-voting Common Stock into a single class of Common Stock on a 1-for-1 basis (the \u201cStock Conversion\u201d) and effected a 1.06555-for-1 stock split (the \u201cStock Split\u201d) of the Company's Common Stock, including the shares of Common Stock underlying outstanding stock options. The par value of the Company\u2019s Common Stock was not adjusted and 166,611,519 shares of Common Stock with a par value of $0.01 per share, were out Item 1. Business Our Company McGraw Hill is a leading global provider of education solutions for K-12, higher education and professional learning markets. We are helping shape the education industry by providing access to effective learning experiences that improve outcomes and opportunities for all. McGraw Hill operates at the intersection of proprietary content, software and data, using artificial intelligence to deliver personalized learning experiences at global scale, driving positive outcomes throughout the entire learning lifecycle. For more than 137 years, McGraw Hill has built one of the world\u2019s most recognized education brands with over 100 million active student and educator curriculum licenses worldwide. Demand for personalized content, delivered via intuitive digital solutions, is reshaping the industry as educators continue to leverage technology, including generative artificial intelligence (\u201cAI\u201d), to meet students where they are in their learning journey. Over the last decade, we have invested more than $2.0 billion in developing a suite of market-leading digital learning solutions. Our scalable digital solutions rely on shared technology infrastructure, years of collaborative partnerships with leading institutions, expertise in learning science led by a team of approximately 300 software engineers. We utilize our data analytics capabilities to generate continuous feedback loops that drive product and go-to-market innovation, which allows us to simplify workflows while creating meaningful learning experiences that are tailored to the needs of each learner. At McGraw Hill, we recognize that educational content integrity is of the utmost importance, especially as generative AI becomes more integrated into the learning process. With the proliferation of AI-generated content, the risks of dissemination of inaccurate and low-quality information to learners and educators are heightened, which is why our proprietary content is rigorously researched a Item 1A. Risk Factors A wide range of factors could materially adversely affect our business, operating results, financial condition and/or the value of our Common Stock and outstanding debt securities. These factors include, but are not limited to, the following risks and uncertainties. These disclosures reflect the Company\u2019s beliefs and opinions as ", "title": "MH - McGraw Hill, Inc.", "url": "/company/MH/" }, { "kind": "company", "summary": "SIC 5080 Wholesale-Machinery, Equipment & Supplies; CIK 0000703604; latest 10-K filed 2026-03-05.", "text": "DSGR - Distribution Solutions Group, Inc. SIC 5080 Wholesale-Machinery, Equipment & Supplies; CIK 0000703604; latest 10-K filed 2026-03-05. DSGR Distribution Solutions Group, Inc. 0000703604 5080 Wholesale-Machinery, Equipment & Supplies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis of DSG\u2019s financial condition and results of operations should be read in conjunction with the audited consolidated financial statements and related notes included in this Annual Report on Form 10-K. This section of this Annual Report on Form 10-K generally discusses the years ended December 31, 2025 and 2024 and the year-over-year comparisons between the years ended December 31, 2025 and 2024. Discussions of items for the year ended December 31, 2023, and the year-over-year comparisons between the years ended December 31, 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in DSG\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 6, 2025. References to \u201cDSG\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cour\u201d or \u201cus\u201d refer to Distribution Solutions Group, Inc. and all entities consolidated in the accompanying consolidated financial statements. Overview Organization and Structure DSG is a multi-platform specialty distribution company providing high touch, value-added distribution solutions to the maintenance, repair and operations (\u201cMRO\u201d), the original equipment manufacturer (\u201cOEM\u201d) and the industrial technologies markets. We manage and report our operating results through four reportable segments: Lawson, TestEquity, Gexpro Services and Canada Branch Division. A summary of our segments is presented below. For additional details about our segments, see Item 1. Business and Note 14 \u2013 Segment Information in Item 8. Financial Statements and Supplementary Data. Lawson is a distributor of specialty products and services to the industrial, commercial, institutional and government MRO marketplace. TestEquity is a distributor of test and measurement equipment and solutions, industrial and electronic production supplies, vendor managed inventory programs, and converting, fabrication and adhesive solutions from its leading manufacturer partners supporting the aerospace and defense, wireless and communication, semiconductors, industrial electronics and automotive, and electronics manufacturing industries. Gexpro Services is a global supply chain solutions provider, specializing in the development of mission critical production line management, aftermarket and field installation programs. Canada Branch Division combines the operations of our Bolt and Source Atlantic subsidiaries, which distribute industrial MRO supplies, safety products, fasteners, power tools and related value-add services to the Canadian MRO market through the sale of products and services via warehouse shipments and to its walk-up customers through 35 branch locations. In addition to these four reportable segments, we have an \u201cAll Other\u201d category which includes unallocated DSG holding company costs that are not directly attributable to the ongoing operating activities of our reportable segments. Recent Events 2025 Debt Amendment In December 2025, the Company amended and expanded the senior secured facility through 2030. The new facility includes $700 million of term debt and a revolving credit arrangement of $400 million, an increase over the previous revolver capacity of $255 million. Refer to Note 9 \u2013 Debt within Item 8. Financial Statements and Supplementary Data for additional information about the Amended Credit Agreement. Share Repurchase Increase 27 In November 2025, the Board authorized a $30.0 million increase to the Company\u2019s existing stock repurchase program for shares of DSG common stock. As a result of the additional authorization, the aggregate repurchase authorization under the Company\u2019s repurchase program for shares of DSG common stock increased from $37.5 million to $67.5 million. The remaining availability for stock repurchases under the stock repurch ITEM 1. BUSINESS. Overview Distribution Solutions Group, Inc. (\u201cDSG\u201d), a Delaware corporation, is a global specialty distribution company providing value-added distribution solutions to the maintenance, repair and operations (\u201cMRO\u201d), original equipment manufacturer (\u201cOEM\u201d) and industrial technology markets. Through the strategic Mergers (as defined below) completed in 2022, the complementary distribution businesses of Lawson Products, Inc. (\u201cLawson\u201d), a leader in MRO distribution of C-parts, TestEquity Acquisition, LLC (\u201cTestEquity\u201d), a leader in electronic test and measurement solutions, and 301 HW Opus Holdings, Inc., which conducts business as Gexpro Services (\u201cGexpro Services\u201d), a leading global supply chain services provider to manufacturing customers were combined under the DSG holding company. On April 1, 2022, DSG, which at the time already owned Lawson, acquired TestEquity and Gexpro Services, in transactions in which TestEquity and Gexpro Services were merged with and into subsidiaries of DSG, with Lawson, TestEquity and Gexpro Services surviving as wholly-owned subsidiaries of DSG, and in connection with which DSG issued shares of DSG common stock to the former equityholders of TestEquity and Gexpro Services in exchange for their equity interests in TestEquity and Gexpro Services (\u201cthe Mergers\u201d). Through its collective businesses, DSG is dedicated to helping customers lower their total cost of operation by increasing productivity and efficiency with the right products, expert technical support, and fast, reliable delivery to be a one-stop solution provider. DSG serves approximately 220,000 distinct customers in several diverse end markets supported by approximately 4,300 dedicated employees and strong vendor partnerships. DSG ships from strategically located distribution and service centers to customers in North America, Europe, Asia, South America and the Middle East. DSG was originally incorporated in Illinois in 1952 and was reincorporated in Delaw ITEM 1A. RISK FACTORS. Our operating results depend on many factors and are subject to various risks and uncertainties, including those discussed below. The material risks and uncertainties known to us and described below may negatively affect our business, financial condition and ", "title": "DSGR - Distribution Solutions Group, Inc.", "url": "/company/DSGR/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001793229; latest 10-K filed 2026-02-26.", "text": "CTEV - Claritev Corp SIC 7389 Services-Business Services, NEC; CIK 0001793229; latest 10-K filed 2026-02-26. CTEV Claritev Corp 0001793229 7389 Services-Business Services, NEC Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with Part I, Item 1A. \"Risk Factors\", our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. For further discussion of our products and solutions, technology and competitive strengths, refer to Item 1. \"Business\". For discussion related to changes in financial condition and the results of operations for fiscal year 2024 compared to fiscal year 2023, refer to Part II, Item 7. \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" in our Annual Report on Form 10-K for fiscal year 2024, which was filed with the SEC on February 26, 2025. Company Overview Claritev is a technology, data and insights company focused on improving transparency, affordability and quality across the healthcare system. We bring objective, market-based insights to some of the healthcare system's most complex decisions based on decades of claims expertise. By applying data, analytics and experience, we help organizations across the healthcare ecosystem better understand costs, pricing and payment dynamics. This clarity enables more informed decision-making, reduces friction, and improves how the healthcare system functions in service of greater affordability, alignment, and long-term sustainability. Although the end beneficiaries of our solutions are employers and other plan sponsors and their health plan members, our direct clients are typically payers, including payers providing administrative services only, and TPAs, who go to market with our solutions to those end clients. We offer these payers a single interface to our solutions, which are used in combination or individually to reduce the medical cost burden on their health plan clients by lowering the per-unit cost of medical services incurred, managing the utilization of medical services, and increasing the likelihood that the services are reimbursed without error and accepted by the provider. We are a technology-enabled service provider and transaction processor and do not deliver health-care services, provide or manage healthcare services, provide care or care management, or adjudicate or pay claims. The Company, primarily through its operating subsidiary, Multiplan, Inc., d/b/a Claritev, offers its solutions nationally through a range of solution lines, which include: \u2022Claims Intelligence Solutions are designed to reduce medical cost through data-driven algorithms and insights that detect claims over-charges and either negotiate or recommend fair reimbursement for out-of-network medical costs using a variety of data sources and pricing algorithms. Within our claims intelligence solutions, the claim pricing solutions are generally priced based on a percentage of savings achieved. Also included in this category are solutions that enable lower cost health plans that feature reference-based pricing either in conjunction with or in place of a provider network. These solutions are generally priced at a bundled PEPM rate; \u2022Network Solutions are designed to reduce medical cost by providing access to contracted discounts with healthcare providers with whom payers do not have a contractual relationship, through our expansive network of healthcare providers, which forms one of the largest independent preferred provider organizations in the United States. Our network solutions are priced based on either a percentage of savings achieved or at a per employee/member per month fee. This solution category also includes customized network development and management services for payers seeking to expand their network footprint using outsourced services. These solutions are generally priced on a per provider contract or other project-based price; \u2022Payment and Revenue Integrity Solutions are designed to reduce medical cost through data, technology, and clinical ex Item 1. Business Our Business and Market Opportunity Claritev Corporation is a technology, data and insights company focused on improving transparency, affordability and quality across the healthcare system. Claritev brings objective, market-based insights to some of the healthcare system's most complex decisions - grounded in decades of claims experience. By applying data, analytics and experience, Claritev helps organizations across the healthcare ecosystem better understand costs, pricing and payment dynamics. This clarity enables more informed decision-making, reduces friction and improves how the healthcare system functions in service of greater affordability, alignment and long-term sustainability. Founded in 1980, Claritev brings over 45 years of claims and data experience and builds on world-class technology and artificial intelligence (\"AI\") solutions, to deliver its portfolio of product and service offerings. We exist to address the growing cost, risk and complexity of healthcare in the United States. According to the Centers for Medicare and Medicaid (\"CMS\"), U.S. healthcare spending was projected to grow 7.1% in 2025 to $5.6 trillion, or 18.5% of U.S. GDP. Healthcare spending is projected to grow by a compound annual growth rate of 5.4% annually from 2025 through 2033, outpacing the average growth rate for GDP and representing more than $8.6 trillion of total healthcare spending by 2033. As healthcare expenditures continue to rise, we believe services aimed at bringing transparency and competitive market efficiencies, utilization management and billing and payment accuracy will continue to be highly important to all aspects of the healthcare marketplace and across the markets and clients we serve. We expect growth in demand for these services will be driven by three major trends: (i) increasing treatment and claims volumes from: (a) an aging population; (b) the growth of the insured population in the United States; and (c) the advent of new treatm Item 1A. Risk Factors RISK FACTORS Our operations and financial results are subject to various risks and uncertainties that could adversely affect our business. You should consider carefully the risks and uncertainties described below, in addition to other information contained in this Annual Report on Form 10-K, including our consolid", "title": "CTEV - Claritev Corp", "url": "/company/CTEV/" }, { "kind": "company", "summary": "SIC 6351 Surety Insurance; CIK 0000814585; latest 10-K filed 2026-02-26.", "text": "MBI - MBIA INC SIC 6351 Surety Insurance; CIK 0000814585; latest 10-K filed 2026-02-26. MBI MBIA INC 0000814585 6351 Surety Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of financial condition and results of operations of MBIA Inc. should be read in conjunction with the other sections of this Form 10-K. In addition, this discussion and analysis of financial condition and results of operations includes statements of the opinion of MBIA Inc.\u2019s management which may be forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. Refer to \u201cRisk Factors\u201d in Part I, Item 1A of this Form 10-K for a further discussion of risks and uncertainties. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024 results. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 results not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. OVERVIEW MBIA Inc., together with its consolidated subsidiaries, (collectively, \u201cMBIA\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d, or \u201cour\u201d) operates within the financial guarantee insurance industry. MBIA manages its business within three operating segments: 1) United States (\u201cU.S.\u201d) public finance insurance; 2) corporate; and 3) international and structured finance insurance. Our U.S. public finance insurance portfolio is managed through National Public Finance Guarantee Corporation (\u201cNational\u201d), our corporate segment is managed through MBIA Inc. and several of its subsidiaries, including our service company, MBIA Services Corporation (\u201cMBIA Services\u201d), and our international and structured finance insurance business is managed through MBIA Insurance Corporation and its subsidiaries (\u201cMBIA Corp.\u201d). National\u2019s primary objectives are to maximize the performance of its existing insured portfolio through effective surveillance and remediation activity and effectively manage its investment portfolio. Our corporate segment consists of general corporate activities, including providing support services to MBIA\u2019s operating subsidiaries and asset and capital management. MBIA Corp.\u2019s primary objectives are to satisfy all claims by its policyholders and to maximize future recoveries, if any, for its surplus note holders, and then its preferred stock holders. MBIA Corp. is executing this strategy by, among other things, taking steps to maximize the collection of recoveries and reducing and mitigating potential losses on its insurance exposures. We do not expect National or MBIA Corp. to write new financial guarantee policies outside of remediation related activities. Economic Environment Available indicators suggest that U.S. economic activity has been expanding at a solid pace. The unemployment rate has shown signs of stabilization and job gains have remained low. Inflation remains elevated. The Federal Open Market Committee (\u201cFOMC\u201d) seeks to achieve maximum employment and 2% inflation over the longer run, and has noted that uncertainty around the economic outlook remains elevated. At its most recent meeting, the FOMC maintained its federal funds rate target range at 3.50% to 3.75%. Economic and financial market trends could impact the Company\u2019s financial results. Economic improvement at the state and local level strengthens the credit quality of the issuers of our insured municipal bonds, improves the performance of our insured U.S. public finance portfolio and could reduce the amount of National\u2019s potential incurred losses. Lower interest rates could adversely affect investment portfolio yields and income, but increase the values of our Company\u2019s in Item 1. Business As used in this Annual Report on Form 10-K, (i) \u201cMBIA,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d refer to MBIA Inc., a Connecticut corporation incorporated in 1986, together with its subsidiaries, and (ii) unless otherwise indicated or the context otherwise requires, references to \u201cMBIA Corp.\u201d are to MBIA Insurance Corporation together with MBIA Mexico S.A. de C.V. (\u201cMBIA Mexico\u201d). OVERVIEW The Company\u2019s operating subsidiaries are running off their insured portfolios. Today, the Company\u2019s primary objectives are ensuring that adequate liquidity exists at the holding company to satisfy all of its outstanding obligations, mitigating losses at National Public Finance Guarantee Corporation (\u201cNational\u201d) and MBIA Corp., and maximizing recoveries on paid insurance claims. We do not expect National or MBIA Corp. to write new financial guarantee policies outside of remediation related activities. MBIA\u2019s primary business has been to provide financial guarantee insurance to the United States\u2019 public finance markets through our indirect, wholly-owned subsidiary, National, whose financial guarantee insurance policies provide investors with unconditional and irrevocable guarantees of the payment of the principal, interest or other amounts owing on insured obligations when due. National ceased pursuing the writing of new financial guarantee insurance policies in 2017, and its primary activity today is to provide ongoing surveillance, including remediation activity where warranted, of its existing insured portfolio of $22.3 billion gross par outstanding as of December 31, 2025. The Company has also provided financial guarantee insurance in the international and structured finance markets through its subsidiary MBIA Corp. As of December 31, 2025, MBIA Corp.\u2019s total insured gross par outstanding was $2.1 billion. As a result of MBIA Corp.\u2019s capital structure and business prospects, we do not expect its financial performance to have a material economic impact on MBIA In Item 1A. Risk Factors References in the risk factors to the \u201cCompany\u201d are to MBIA Inc., together with its subsidiaries. References to \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d are to MBIA Inc. or the Company, as the context requires. Our risk factors are grouped into categories and are presented in the following order: \u201cInsured Portfolio Loss Related Risk Factors\u201d, \u201cLegal, Regulatory and Other", "title": "MBI - MBIA INC", "url": "/company/MBI/" }, { "kind": "company", "summary": "SIC 6510 Real Estate Operators (No Developers) & Lessors; CIK 0001494582; latest 10-K filed 2026-03-30.", "text": "BOC - BOSTON OMAHA Corp SIC 6510 Real Estate Operators (No Developers) & Lessors; CIK 0001494582; latest 10-K filed 2026-03-30. BOC BOSTON OMAHA Corp 0001494582 6510 Real Estate Operators (No Developers) & Lessors Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results and the timing of certain events could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those discussed below and as set forth under Summary Risk Factors and \u201cItem 1A. Risk Factors.\u201d Please also refer to the section under the heading \u201cCautionary Note Concerning Forward-Looking Statements.\u201d Overview We are currently engaged in outdoor billboard advertising, broadband services, surety insurance and related brokerage businesses, and an asset management business. In addition, we hold minority investments in commercial real estate management and brokerage services, a bank focused on servicing the automotive loan market, and a developer of private aviation infrastructure focused on building, leasing and managing business aviation hangars. Outdoor Billboard Advertising. In June 2015, we commenced our billboard business operations through acquisitions by Link, our wholly owned subsidiary, of smaller billboard companies located in the Southeast United States and Wisconsin. During July and August 2018, we acquired the membership interest or assets of three larger billboard companies which increased our overall billboard count to approximately 2,900 billboards. In addition, we have made several billboard acquisitions on a smaller scale since that date. We believe that we are a leading outdoor billboard advertising company in the markets we serve in the Midwest. As of December 31, 2025, we operate approximately 3,900 billboards with approximately 7,500 advertising faces. One of our principal business objectives is to continue to acquire additional billboard assets through acquisitions of existing billboard businesses in the United States when they can be made at what we believe to be attractive prices relative to other opportunities generally available to us. Surety Insurance. In September 2015, we established an insurance subsidiary, GIG, designed to own and operate insurance businesses generally handling high volume, lower policy limit commercial lines of property and casualty insurance. In April 2016, our surety insurance business commenced with the acquisition of a surety insurance brokerage business with a national internet-based presence. In December 2016, we completed the acquisition of UCS, a surety insurance company, which at that time was licensed to issue surety bonds in only nine states. UCS now has licenses to operate in all 50 states and the District of Columbia. In addition, we have also acquired additional surety insurance brokerage businesses located in various regions of the United States. We may in the future expand the reach of our insurance activities to other forms of insurance which may have similar characteristics to surety, such as high volume and low average policy premium insurance businesses which historically have similar economics. Broadband Services. In March 2020, we commenced our broadband services business with the acquisition of substantially all of the business assets of FibAire, a rural broadband internet provider that served over 8,000 customers in communities in southern Arizona with a high-speed fixed wireless internet service and is building an all fiber-to-the-home network in select Arizona markets. In December 2020, we acquired substantially all of the business assets of UBB, a broadband internet provider that provided high-speed internet to over 10,000 customers throughout Utah. In September 2021, we announced the launch of Fiber Fast Homes, LLC, which partners with builders, develop Item 1. Business. Our Company Boston Omaha Corporation, which we refer to as \u201cthe Company,\u201d \u201cour Company,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour,\u201d commenced its current business operations in June 2015 and currently operates four separate lines of business: outdoor billboard advertising, broadband services, surety insurance and related brokerage activities, and an asset management business. In addition, we hold minority investments in commercial real estate management and brokerage services, a bank focused on servicing the automotive loan market, a company serving the broadband industry, and a publicly-traded developer of private aviation infrastructure focused on building, leasing and managing business aviation hangars. Outdoor Billboard Advertising In June 2015, we commenced our billboard business operations through acquisitions by our wholly owned subsidiary, Link Media Holdings, LLC, which we refer to as \"Link,\" of smaller billboard companies located in the Southeast United States and Wisconsin. During July and August 2018, we acquired the membership interest or assets of three larger billboard companies which increased our overall billboard count to approximately 2,900 billboards. In addition, we have made several billboard acquisitions on a smaller scale since that date. We believe that we are a leading outdoor billboard advertising company in the markets we serve in the Midwest. As of December 31, 2025, we operate approximately 3,900 billboards with approximately 7,500 advertising faces. One of our principal business objectives is to continue to acquire additional billboard assets through acquisitions of existing billboard businesses in the United States when they can be made at what we believe to be attractive prices relative to other opportunities generally available to us. We are attracted to the outdoor advertising market due to a number of factors, including high regulatory barriers to building new billboards in some states, growing demand, low maintenance capital exp Item 1A. Risk Factors. An investment in shares of our common stock is highly speculative and involves a high degree of risk. You should carefully consider all of the risks discussed below, as well as the other information contained in this Annual Report. If any of the following risks or uncerta", "title": "BOC - BOSTON OMAHA Corp", "url": "/company/BOC/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001281895; latest 10-K filed 2026-02-26.", "text": "RCKT - ROCKET PHARMACEUTICALS, INC. SIC 2834 Pharmaceutical Preparations; CIK 0001281895; latest 10-K filed 2026-02-26. RCKT ROCKET PHARMACEUTICALS, INC. 0001281895 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements, related notes and other financial information included elsewhere in this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties such as our plans, objectives, expectations, and intentions. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in \u201cRisk Factors\u201d included elsewhere in this Annual Report. Unless otherwise indicated, references to \u201cRocket,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d refer to Rocket Pharmaceuticals, Inc. and its subsidiaries. Introduction We are a fully integrated, late-stage biotechnology company focused on the development, manufacturing, and potential commercialization of genetic therapies for rare and often fatal diseases with a high unmet medical need. Our innovative multi-platform approach allows for the creation of best-in-class gene therapy product candidates aimed at correcting the root cause of complex genetic disorders, spanning across cardiac and hematologic indications, offering the potential for transformative and durable clinical benefits. Rocket\u2019s platform is supported by in-house R&D capabilities and current cGMP facilities that enable end-to-end control over clinical production and scale-up for commercialization. We seek to bring hope and relief to patients with devastating, undertreated and rare diseases through the development and commercialization of potentially curative first-in-class gene therapies. As a fully integrated, late-stage biotechnology company, we have the resources and opportunity to generate a portfolio of highly differentiated and potentially first-in-class or best-in-class genetic medicines. 67 In July 2025, we announced a strategic corporate reorganization and pipeline prioritization designed to maximize near-term value, extend our operational runway, and position the Company for sustained long-term growth. This initiative focuses our resources on advancing our AAV cardiovascular gene therapy platform and supporting the submission of our responses to the FDA\u2019s CRL for KRESLADI\u2122. The program contemplates a scaled commercial effort tailored to the exceptionally small patient population affected by this ultra-rare indication. As part of this strategic realignment, we are also de-prioritizing further development activities related to our FA and PKD programs. As part of the restructuring, the Company implemented a reduction in the workforce of approximately 30%, which, along with other planned cost-saving initiatives, is expected to reduce Rocket\u2019s 12-month operating expenses by approximately 25%. Our strategy is built on several foundational pillars: \u2022 First-and-Best-in-Class Approach: With our program selection, we apply a rigorous, disease-based selection approach to identify and prioritize programs: targeting complex genetic disorders with differentiated therapies that offer the potential to be first-, best-, or only-in-class, focusing on monogenic disease with on-target mechanisms of action to directly address the root cause of the disease to offer superior clinical profiles, and choosing indications with sizable market opportunities to enable broad patient impact and sustainable value creation. \u2022 Strategic Focus on Rare Cardiovascular Indications: Our near-term research and platform investments are focused on leveraging our AAV capabilities in rare cardiovascular diseases. Collectively, our clinical cardiovascular gene therapy programs target the major genetically defined causes of hypertrophic, arrhythmogenic, and dilated cardiomyopathies which represent a significant portion Item 1. Business Overview We are a fully integrated, late-stage biotechnology company focused on the development, manufacturing, and potential commercialization of genetic therapies for rare and often fatal diseases with high unmet medical need. Our innovative multi-platform approach is designed to create best-in-class gene therapy product candidates aimed at correcting the underlying genetic causes of complex inherited cardiomyopathies and related disorders, with the potential to deliver transformative and durable clinical benefits. Our platform is supported by in-house research and development capabilities and current cGMP manufacturing facilities that enable end-to-end control of clinical production, process development, and scale-up for potential commercialization. Our Strategy We seek to bring hope and relief to patients with devastating, undertreated and rare diseases through the development and commercialization of potentially curative first-in-class gene therapies. As a fully integrated, late-stage biotechnology company, we have the resources and opportunity to generate a portfolio of highly differentiated and potentially first-in-class or best-in-class genetic medicines. In July 2025, we announced a strategic corporate reorganization and pipeline prioritization designed to maximize near-term value, extend our operational runway, and position the Company for sustained long-term growth. This initiative focuses our resources on advancing our AAV cardiovascular gene therapy platform and supported the submission of our responses to the FDA\u2019s CRL for KRESLADI\u2122. The program contemplates a scaled commercial effort tailored to the exceptionally small patient population affected by this ultra-rare indication. As part of this strategic realignment, we are also de-prioritizing further development activities related to our FA and PKD programs. As part of the restructuring, the Company implemented a reduction in the workforce of approximately 30%, which, along with Item 1A. Risk Factors We operate in an industry that involves numerous risks and uncertainties. You should carefully consider the following information about these risks, together with the other information appearing elsewhere in this Annual Report, including our financial statements and related notes hereto. The oc", "title": "RCKT - ROCKET PHARMACEUTICALS, INC.", "url": "/company/RCKT/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001526119; latest 10-K filed 2026-03-04.", "text": "VSTM - Verastem, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001526119; latest 10-K filed 2026-03-04. VSTM Verastem, Inc. 0001526119 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results and the timing of certain events could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those discussed below and as set forth under \u201cRisk Factors.\u201d Please also refer to the section under the heading \u201cForward-Looking Statements.\u201d OVERVIEW We are a biopharmaceutical company committed to developing and commercializing new medicines to improve the lives of patients diagnosed with challenging RAS/MAPK pathway-driven cancers. Verastem markets AVMAPKI FAKZYNJA CO-PACK (avutometinib capsules; defactinib tablets) in the U.S., the first treatment specifically FDA-approved for adults with KRAS mutated recurrent LGSOC who have received prior systemic therapy. AVMAPKI FAKZYNJA CO-PACK received accelerated approval in the U.S. on May 8, 2025. We are also conducting RAMP 301, a Phase 3 trial designed to evaluate avutometinib plus defactinib versus Investigator\u2019s Choice of Treatment (\u201cICT\u201d) in patients with recurrent LGSOC with and without a KRAS mutation. This trial will serve as a confirmatory study for the initial U.S. indication and has the potential to expand the indication regardless of KRAS mutation status. Results of the RAMP 301 trial may also support future regulatory filings in Europe and Japan. Our pipeline includes clinical-stage programs, preclinical research programs and externally partnered early-stage programs. Our focus is on novel small molecule drugs developed both as monotherapy and in combination, which inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including targeting RAS directly with KRAS G12D inhibition, targeting the pathway downstream with RAF/MEK inhibition, and targeting the parallel pathway that drives resistance with FAK inhibition. Our focus is to expeditiously develop and deliver transformative therapies that truly change outcomes for people living with RAS/MAPK pathway-driven cancers. Our operations to date have been focused on organizing and staffing our company, business planning, raising capital, identifying and acquiring potential product candidates, undertaking preclinical studies and clinical trials for our product candidates and initiating U.S. commercial operations following the approval of COPIKTRA through our ownership period ending in September 2020 and in anticipation of and following the approval of AVMAPKI FAKZYNJA CO-PACK in May 2025. We have financed our operations to date primarily through public and private offerings of our common stock, pre-funded warrants and warrants, offerings of convertible notes, sales of common stock under our at-the-market equity offering program, our Note Purchase Agreement, former loan agreements, the upfront payments and milestone payments under our license and collaboration agreements with Sanofi, CSPC, and Yakult, the upfront payment and milestone payments received under the Secura APA, and sales of Series B Convertible Preferred Stock. Additionally, we have also financed a portion of our operations through product revenue, including from AVMAPKI FAKZYNJA CO-PACK, beginning with our U.S. commercial launch in May 2025 and from COPIKTRA, from its U.S. commercial launch in September 2018 through our sale of the COPIKTRA license in September 2020. As of December 31, 2025, we had an accumulated deficit of $1,165.0 million. Our net loss was $209.5 million, $130.6 million, and $87.4 million, for the years ended December 31, 2025, 2024, and 2023, respectively. We anticipate to incur significant expenses an Item 1. Business OVERVIEW We are a biopharmaceutical company committed to developing and commercializing new medicines to improve the lives of patients diagnosed with challenging RAS/MAPK pathway-driven cancers. We market AVMAPKI FAKZYNJA CO-PACK (avutometinib capsules; defactinib tablets) in the United States (\u201cU.S.\u201d), the first treatment specifically FDA-approved for adults with KRAS-mutated recurrent low-grade serous ovarian cancer (\u201cLGSOC\u201d) who have received prior systemic therapy. AVMAPKI FAKZYNJA CO-PACK received accelerated approval in the U.S. on May 8, 2025. We are also conducting RAMP 301, a Phase 3 trial designed to evaluate avutometinib plus defactinib versus Investigator\u2019s Choice of Treatment (\u201cICT\u201d) in patients with recurrent LGSOC with and without a KRAS mutation. This trial will serve as a confirmatory study for the initial U.S. indication and has the potential to expand the indication regardless of KRAS mutation status. Results of the RAMP 301 trial may also support future regulatory filings outside of the U.S. Our pipeline includes clinical-stage programs, preclinical research programs and externally partnered early-stage programs. Our focus is on novel small molecule drugs developed both as monotherapy and in combination, which inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including targeting RAS directly with KRAS G12D inhibition, targeting the pathway downstream with RAF/MEK inhibition, and targeting the parallel pathway that drives resistance with FAK inhibition. Our focus is to expeditiously develop and deliver transformative therapies that truly change outcomes for people living with RAS/MAPK pathway-driven cancers. For our clinical-stage pipeline programs, we are evaluating VS-7375, a potential best-in-class oral KRAS G12D (ON/OFF) inhibitor, for the treatment of patients with KRAS G12D mutated cancers, including pancreatic ductal adenocarcinoma (\u201cPDAC\u201d), non-small cell lung cancer ( ITEM 1A. Risk Factors Careful consideration should be given to the following material risk factors, in addition to the other information set forth in this Annual Report on Form 10-K and in other documents that we file with the U.S. Securities and Exchange Commission (\u201cSEC\u201d) in evaluating us and our business. Investing in our common stock in", "title": "VSTM - Verastem, Inc.", "url": "/company/VSTM/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001496443; latest 10-K filed 2026-03-25.", "text": "PAYS - Paysign, Inc. SIC 7389 Services-Business Services, NEC; CIK 0001496443; latest 10-K filed 2026-03-25. PAYS Paysign, Inc. 0001496443 7389 Services-Business Services, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION and RESULTS OF OPERATIONS. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the audited consolidated financial statements and related notes included elsewhere in this Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in \u201cRisk Factors\u201d included elsewhere in this Form 10-K. [[GREPCENT_TABLE]] [[\"\",\"26\"]] [[/GREPCENT_TABLE]] Disclosure Regarding Forward-Looking Statements This Annual Report on Form 10-K includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d), and Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d) (\u201cForward-Looking Statements\u201d). All statements other than statements of historical fact included in this report are Forward-Looking Statements. These Forward-Looking Statements are based on our current expectations, assumptions, estimates and projections about our business and our industry. Words such as \u201cbelieve,\u201d \u201canticipate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cpropose,\u201d \u201cmay,\u201d and other similar expressions identify Forward-Looking Statements. Specific forward-looking statements made herein include: our belief that we cannot predict how future regulations might affect us; our belief that complying with future regulation could be expensive or require us to change the way we operate our business; our belief that our in-house customer service center provides the highest customer service experience for our clients as training is performed on-site by Paysign staff; we may utilize independent contractors who make direct sales and are paid on a commission basis only; our belief that nearly every state would require us to obtain a money transmitter license to operate a money transfer business; our anticipation that we will not pay any cash dividends in the foreseeable future; our intention to retain any earnings to finance the operation and expansion of our business; our intention to continue to make significant investments to maintain the security of our data and cybersecurity infrastructure; our expectation that the trading price for our common stock will be affected by any research or reports that securities analysts publish about us or our business; our belief that our editing processes are consistent with applicable reimbursement rules and industry practice; our belief that all independent contractor and employment agreement relationships are satisfactory; our belief that we have taken appropriate actions to remediate previously reported control deficiencies that we have identified and to strengthen our internal control over financial reporting; our belief that we have utilized proven systems designed for robust data security and integrity in electronic transactions; we may introduce products in the future that would be subject to money transfer and payment instrument licensing regulations; our belief that a data security breach at one of the banks that issue our cards or our third-party service providers could result in significant reputational harm to us and cause the use and acceptance of our cards to decline, either of which could have a significant adverse impact on our operating results and future growth prospects; our belief that our existing competitors have longer operating histories, are substantially larger than we are, may already have or could develop substantially greater financial and other resources than we have, may offer, develop or introduce a wider range of programs and services than we offer or may use more effective advertising and marketing strategies than we do to achieve broader brand recognitio ITEM 1. BUSINESS. Overview Paysign, Inc. (the \u201cCompany,\u201d \u201cPaysign,\u201d \u201cwe\u201d or \u201cour\u201d), headquartered in Nevada, was incorporated on August 24, 1995, and trades under the symbol PAYS on The Nasdaq Stock Market LLC. We are a vertically integrated provider of prepaid card products and processing services for corporate, consumer and government entities. Our payment solutions are utilized by our corporate customers as a means to increase customer loyalty, increase patient adherence rates, reduce administration costs and streamline operations. We market our prepaid card solutions under our Paysign\u00ae brand. As we are a payment processor and prepaid card program manager, we derive our revenue from all stages of the prepaid card lifecycle. In addition to our payment solutions, we also offer life science technology solutions targeting blood and plasma collection organizations. These software solutions are marketed under the Apherion\u2122 brand, and we derive our revenue from licensing, hosting and consulting fees. We operate on a powerful, high-availability payment solutions platform with cutting-edge fintech capabilities that can be seamlessly integrated with our clients\u2019 systems. This distinctive positioning allows us to provide end-to-end technologies that securely manage transaction processing, cardholder enrollment, value loading, account management, data and analytics and customer service. Our architecture is known for its cross-platform compatibility, flexibility, and scalability \u2013 allowing our clients and partners to leverage these advantages for cost savings and revenue opportunities. Our suite of product offerings includes solutions for corporate rewards, prepaid gift cards, general purpose reloadable debit cards, employee incentives, consumer rebates, donor compensation, clinical trials, healthcare reimbursement payments and pharmaceutical payment assistance, demand deposit accounts accessible with a debit card and software solutions targeting blood and plasma collect ITEM 1A. RISK FACTORS. An investment in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Form 10-K, including our consolidated financial statements and related notes. If any of the following risks actually", "title": "PAYS - Paysign, Inc.", "url": "/company/PAYS/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000763563; latest 10-K filed 2026-03-13.", "text": "CHMG - CHEMUNG FINANCIAL CORP SIC 6022 State Commercial Banks; CIK 0000763563; latest 10-K filed 2026-03-13. CHMG CHEMUNG FINANCIAL CORP 0000763563 6022 State Commercial Banks ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION Overview The following is the MD&A of the Corporation as of and for the years ended December 31, 2025 and 2024. The purpose of this discussion is to focus on information about the financial condition and results of operations of the Corporation. Reference should be made to the accompanying audited consolidated financial statements and footnotes for an understanding of the following discussion and analysis. See the list of commonly used abbreviations and terms on pages 2-5. The MD&A included in this Form 10-K contains statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of the Corporation's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. For a discussion of those risks and uncertainties and the factors that could cause the Corporation\u2019s actual results to differ materially from those risks and uncertainties, see Forward-looking Statements below. The Corporation has been a financial holding company since 2000, the Bank was established in 1833 and CFS was established in 2001. Through the Bank and CFS, the Corporation provides a wide range of financial services, including demand, savings and time deposits, commercial, residential, and consumer loans, interest rate swaps, letters of credit, wealth management services, employee benefit plans, insurance products, mutual funds and brokerage services. The Bank relies substantially on a foundation of locally generated deposits. The Corporation, on a stand-alone basis, has minimal results of operations. The Bank derives its income primarily from interest and fees on loans, interest on investment securities, WMG fee income, and fees received in connection with deposit and other services. The Bank\u2019s operating expenses are interest expense paid on deposits and borrowings, salaries and employee benefit plans, and general operating expenses. Forward-looking Statements This discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995. The Corporation intends its forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in these sections. All statements regarding the Corporation's expected financial position and operating results, the Corporation's business strategy, the Corporation's financial plans, forecasted demographic and economic trends relating to the Corporation's industry and similar matters are forward-looking statements. These statements can sometimes be identified by the Corporation's use of forward-looking words such as \"may,\" \"will,\" \"anticipate,\" \"estimate,\" \"expect,\" or \"intend.\" The Corporation cannot guarantee that its expectations in such forward-looking statements will turn out to be correct. The Corporation's actual results could be materially different from expectations because of various factors, including changes in economic conditions or interest rates, credit risk, inflation, tariffs, cybersecurity risks, changes in FDIC assessments, public health issues, geopolitical conflicts, bank failures, difficulties in managing the Corporation\u2019s growth, competition, changes in law or the regulatory environment, and changes in general business and economic trends. Information concerning these and other factors can be found in the Corporation\u2019s periodic filings with the SEC, including the discussion under the heading \u201cItem 1A. Risk Factors\u201d of this annual report on Form 10-K. The Corporation's quarterly filings are available publicly on the SEC\u2019s website at http://www.sec.gov, on the Corporation's website at http://www.chemungcanal.com or by written request to: Kathleen S. McKillip, Cor ITEM 1. BUSINESS General The Corporation was incorporated on January 2, 1985 under the laws of the State of New York and is headquartered in Elmira, New York. The Corporation was organized for the purpose of acquiring the Bank. The Bank was established in 1833 under the name Chemung Canal Bank, and was subsequently granted a New York State bank charter in 1895. In 1902, the Bank was reorganized as a New York State trust company under the name Elmira Trust Company, and its name was changed to Chemung Canal Trust Company in 1903. The Corporation became a financial holding company in June 2000. Financial holding company status provided the Corporation with the flexibility to offer an array of financial services, such as insurance products, mutual funds, and brokerage services, which provide additional sources of fee-based income and allows the Corporation to better serve its customers. The Corporation established a financial services subsidiary, CFS, in September 2001 which offers non-banking financial services such as mutual funds, annuities, brokerage services, insurance, and tax preparation services. The Corporation\u2019s Board of Directors has concluded that expansion of the franchise\u2019s geographic footprint, an increase in the Bank\u2019s interest-earning assets and deposits, as well as the generation of new sources of non-interest income are important components of its strategic plan. Over the past two decades, the Corporation has completed two whole bank acquisitions, including of Canton, Pennsylvania based Canton Bancorp, Inc. in 2009 and Albany, New York based Fort Orange Financial Corp., in 2011, as well as branch acquisitions involving offices in Broome, Cayuga, Cortland, Seneca, Tioga, and Tompkins counties of New York. Additionally, in 2021 the Corporation expanded its geographic footprint into Western New York with the opening of a de novo branch office in Erie County, and established the \u201cCanal Bank, a division of Chemung Canal Trust Company\u201d brand in 2024, c ITEM 1A. RISK FACTORS The Corporation\u2019s business is subject to many risks and uncertainties. Although the Corporation seeks ways to manage these risks and develop programs to control those that management can control, the Corporation ultimately cannot predict the extent to which these risks and uncertainties could affect the Corpora", "title": "CHMG - CHEMUNG FINANCIAL CORP", "url": "/company/CHMG/" }, { "kind": "company", "summary": "SIC 5400 Retail-Food Stores; CIK 0001857154; latest 10-K filed 2026-03-06.", "text": "DNUT - Krispy Kreme, Inc. SIC 5400 Retail-Food Stores; CIK 0001857154; latest 10-K filed 2026-03-06. DNUT Krispy Kreme, Inc. 0001857154 5400 Retail-Food Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our audited Consolidated Financial Statements and related notes included elsewhere in this Annual Report. This section of the Annual Report generally discusses fiscal 2025 and fiscal 2024 items and year-to-year comparisons of fiscal 2025 to fiscal 2024. Discussions of fiscal 2023 items and year-to-year comparisons of fiscal 2024 and fiscal 2023 are not included in this Annual Report and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report for the year ended December 29, 2024. This discussion contains forward-looking statements that involve risks and uncertainties. For more information, see the section of this Annual Report titled \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Overview We operate and report financial information on a 52 or 53-week fiscal year ending on the Sunday closest to December 31. Fiscal 2025 reflects our results of operations for the 52-week period ended December 28, 2025. Fiscal 2024 reflects our results of operations for the 52-week period ended December 29, 2024. We conduct our business through the following three reported segments: \u2022U.S.: Includes all Company-owned operations in the U.S., and Insomnia Cookies Bakeries globally through the date of deconsolidation (refer to Note 3, Acquisitions and Divestitures, to the audited Consolidated Financial Statements for more information); \u2022International: Includes all Company-owned operations in the U.K., Ireland, Australia, New Zealand, Mexico, and Canada, as well as Japan for all periods covered by this Annual Report; and \u2022Market Development: Includes franchise operations across the globe. The following table presents a summary of our financial results for the periods presented: [[GREPCENT_TABLE]] [[\"\",\"Fiscal Years Ended\"],[\"(in thousands, except percentages)\",\"December 28, 2025 (52 weeks)\",\"\",\"December 29, 2024 (52 weeks)\",\"\",\"% Change\"],[\"Net Revenues (1)\",\"$\",\"1,522,616\",\"\",\"\",\"$\",\"1,665,397\",\"\",\"\",\"-8.6\",\"%\"],[\"Net (Loss)/Income (2)\",\"(523,779)\",\"\",\"\",\"3,815\",\"\",\"\",\"nm\"],[\"Net (Loss)/Income Attributable to Krispy Kreme, Inc. (2)\",\"(515,767)\",\"\",\"\",\"3,095\",\"\",\"\",\"nm\"],[\"Adjusted Net (Loss)/Income, Diluted (3)\",\"(17,703)\",\"\",\"\",\"19,170\",\"\",\"\",\"-192.3\",\"%\"],[\"Adjusted EBIT (3)\",\"34,458\",\"\",\"\",\"90,228\",\"\",\"\",\"-61.8\",\"%\"],[\"Adjusted EBITDA (3)\",\"140,253\",\"\",\"\",\"193,528\",\"\",\"\",\"-27.5\",\"%\"]] [[/GREPCENT_TABLE]] (1)Organic revenue decline was (1.3)% in fiscal 2025. Refer to \u201cResults of Operations\u201d below for more information on and the calculation of organic revenue growth. (2)\u201cnm\u201d as used here and within \u201cResults of Operations\u201d means \u201cnot meaningful.\u201d (3)Refer to \u201cKey Performance Indicators and Non-GAAP Measures\u201d below for more information as to how we define and calculate Adjusted EBITDA, Adjusted EBIT, and Adjusted Net (Loss)/Income, Diluted and for a reconciliation of Adjusted EBITDA, Adjusted EBIT, and Adjusted Net (Loss)/Income, Diluted to net (loss)/income, the most comparable measure calculated under accounting principles generally accepted in the U.S. (\u201cGAAP\u201d). 40 Table of Contents Significant Events and Transactions Our Turnaround Plan During fiscal 2025, we implemented a comprehensive turnaround plan to deleverage the balance sheet and deliver sustainable, profitable growth through a focus on the following components: \u2022Refranchising: Improve financial flexibility through pursuit of opportunities to refranchise certain international equity markets, and to restructure our consolidated subsidiary in the western U.S., W.K.S. Krispy Kreme, LLC, which accounts for approximately 15% of revenues in the U.S. segment as of the fourth quarter of fiscal 2025, to a minority ownership interest while adding current Company-owned shops to the joint venture. I Item 1. Business The Joy of Krispy Kreme Krispy Kreme, Inc. (\u201cKKI\u201d and, together with its subsidiaries, the \u201cCompany\u201d or \u201cKrispy Kreme\u201d) is one of the most beloved and well-known sweet treat brands in the world. Over its nearly 89-year history, Krispy Kreme has developed a broad consumer base globally and currently operates in 42 countries through its unique network of shops (\u201cDoughnut Shops\u201d), partnerships with leading retailers, and growing digital business. The Company\u2019s purpose is to touch and enhance lives through the joy that is Krispy Kreme. Our Business Model We are an omni-channel business that focuses on fresh, high-quality doughnuts with 15,194 points of access globally as of the end of fiscal 2025. We refer to the points of access where consumers can purchase our doughnuts as our \u201cGlobal Points of Access\u201d or \u201cPoints of Access\u201d when referring to points of access in a particular region or segment. We sell doughnuts to consumers through three main channels: (1) Hot Light Theater Shops and Fresh Shops, (2) fresh delivery, and (3) digital. These channels are supported by a capital-efficient Hub and Spoke model, which leverages production capabilities of our \u201cHubs\u201d to deliver fresh doughnuts to our \u201cSpokes.\u201d The primary components of our Hub and Spoke model are as follows: \u2022Doughnut Factories: Non-consumer facing production Hubs, which provide fresh doughnuts to our Spoke locations in certain countries or regions. \u2022Hot Light Theater Shops: Consumer-facing Hubs where fresh doughnuts are made and sold on premise, providing a unique and differentiated consumer experiences while serving as local production Hubs for our network. The average capital investment for a Hot Light Theater Shop is $2 million to $5 million. \u2022Fresh Shops: Smaller Doughnut Shops and kiosks, without manufacturing capabilities, selling fresh doughnuts delivered from Hub locations. The average capital investment for a Fresh Shop is $0.1 million to $1 million. \u2022Fresh Delivery: Fresh dou Item 1A. Risk Factors Investing in our securities involves a variety of risks and uncertainties, including those discussed below. These disclosures reflect the Company\u2019s beliefs and opinions as to risks or uncertainties that could have a material adverse effect on the Company, our business, financial condition, prospects, results of operations, cash flows, and st", "title": "DNUT - Krispy Kreme, Inc.", "url": "/company/DNUT/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001501796; latest 10-K filed 2026-03-30.", "text": "AURA - Aura Biosciences, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001501796; latest 10-K filed 2026-03-30. AURA Aura Biosciences, Inc. 0001501796 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis should be read in conjunction with the audited consolidated financial statements and related notes included elsewhere in this Annual Report. This discussion and analysis and other parts of this Annual Report contain forward-looking statements based upon current beliefs, plans and expectations that involve risks, uncertainties and assumptions, such as statements regarding our plans, objectives, expectations, intentions and projections. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under Part I, Item 1A, \u201cRisk Factors\u201d and elsewhere in this Annual Report. You should carefully read the \u201cRisk Factors\u201d section of this Annual Report to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview We are a clinical-stage biotechnology company developing precision therapies to treat solid tumors designed to preserve organ function. Our lead candidate bel-sar is in late-stage clinical development for the treatment of patients with early choroidal melanoma and is also in clinical development for other ocular oncology indications and bladder cancer. There is significant unmet need for novel treatments for patients with choroidal melanoma, given the limitations of the current standard of care, or SoC, and patient reluctance to undergo radiotherapy in the form of either plaque brachytherapy or proton beam therapy, both highly-invasive therapies that result in significant vision loss, and potential legal blindness in the treated eye. Enucleation, or surgical removal of the affected eye, is another treatment option for patients with choroidal melanoma, in which patients lose all vision without the possibility of vision restoration. We are evaluating the safety and efficacy of bel-sar as a potential vision-sparing therapy in our ongoing global Phase 3 CoMpass trial for the first-line treatment of adult patients with small choroidal melanoma and/or indeterminate lesions, or early choroidal melanoma. Moreover, we intend to assess the safety and efficacy of bel-sar in treating a range of other solid tumors, beginning with metastases to the choroid and bladder cancer where bel-sar is in clinical development as well as cancers of the ocular surface. We believe bel-sar, if approved, has the potential to change the current treatment paradigm for patients with ocular and urologic cancers and other solid tumors. Bel-sar has shown clinical benefit and has been generally well-tolerated in clinical trials to date. In a Phase 2 study (ClinicalTrials.gov ID: NCT04417530) evaluating suprachoroidal, or SC, administration of bel-sar for the first-line treatment of early choroidal melanoma, patients were closely monitored over a twelve-month follow-up period to assess tumor control, visual acuity preservation, and tumor growth rate. A total of 22 patients were enrolled in the study. Bel-sar achieved an 80% tumor control rate (n=8/10) among Phase 3-eligible patients who received the therapeutic regimen, with complete cessation of growth following treatment among responders (post-treatment average growth rate of 0.011 mm/yr among responders compared to 0.351 mm/yr prior to study entry; p0.0001). Visual acuity preservation was achieved in 90% of these ten patients. Importantly, 80% of these ten patients were at high risk for vision loss with tumors close to the fovea or optic disc, highlighting the potential for vision preservation with this novel class of drugs. The safety profile of bel-sar was highly favorable in all participants regardless of dose. We believe the Phase 2 results are a significant achievement c Item 1. Business. Overview We are a clinical-stage biotechnology company developing precision therapies to treat solid tumors designed to preserve organ function. Our lead candidate bel-sar is in late-stage clinical development for the treatment of patients with early choroidal melanoma (defined as small choroidal melanoma and/or indeterminate lesions) and is also in clinical development for other ocular oncology indications and bladder cancer. There is significant unmet need for novel treatments for patients with choroidal melanoma, given the limitations of the current standard of care, or SoC, and patient reluctance to undergo radiotherapy in the form of either plaque brachytherapy or proton beam therapy, both highly-invasive therapies that result in significant vision loss, and potential legal blindness in the treated eye. Enucleation, or surgical removal of the affected eye, is another treatment option for patients with choroidal melanoma, in which patients lose all vision without the possibility of vision restoration. We are evaluating the safety and efficacy of bel-sar as a potential vision-sparing therapy in our ongoing global Phase 3 CoMpass trial for the first-line treatment of adult patients with early choroidal melanoma. Moreover, we intend to assess the safety and efficacy of bel-sar in treating a range of other solid tumors, beginning with metastases to the choroid and bladder cancer where bel-sar is in clinical development, as well as in cancers of the ocular surface. We believe bel-sar, if approved, has the potential to change the current treatment paradigm for patients with ocular and urologic cancers and other solid tumors. Bel-sar has shown clinical benefit and has been generally well-tolerated in clinical trials to date. In a Phase 2 study (ClinicalTrials.gov ID: NCT04417530) evaluating suprachoroidal, or SC, administration of bel-sar for the first-line treatment of early choroidal melanoma, patients were closely monitored over a twelve-month Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully read and consider all of the risks described below, as well as the other information in this Annual Report on Form 10-K, including our consolidated financial statements and rel", "title": "AURA - Aura Biosciences, Inc.", "url": "/company/AURA/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0000069733; latest 10-K filed 2026-06-09.", "text": "NATH - NATHANS FAMOUS, INC. SIC 5812 Retail-Eating Places; CIK 0000069733; latest 10-K filed 2026-06-09. NATH NATHANS FAMOUS, INC. 0000069733 5812 Retail-Eating Places Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Introduction Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to facilitate an understanding of our business and results of operations. This MD&A should be read in conjunction with our Consolidated Financial Statements and the accompanying Notes to Consolidated Financial Statements included elsewhere in this Form 10-K. The following section generally discusses fiscal year 2026 and fiscal year 2025 items and year-to-date comparisons between 2026 and 2025. Recent Events Affecting Our Results of Operations Merger with Smithfield Foods, Inc. On January 20, 2026, the Company entered into an Agreement and Plan of Merger (the \u201cMerger Agreement\u201d) with Smithfield Foods, Inc., a Virginia corporation (\u201cBuyer\u201d or \u201cSmithfield Foods\u201d) and Boardwalk Merger Sub, Inc. a Delaware corporation and wholly owned subsidiary of Buyer (\u201cMerger Sub\u201d). Pursuant to the Merger Agreement, and upon the terms and subject to the conditions thereof and in accordance with the General Corporation Law of the State of Delaware, Merger Sub shall merge with and into the Company (the \u201cMerger,\u201d and the effective time of the Merger, the \u201cEffective Time\u201d). As a result of the Merger, at the Effective Time, the separate corporate existence of Merger Sub shall cease, the Company shall continue as the surviving corporation in the Merger (the \u201cSurviving Corporation\u201d) and the Surviving Corporation shall become a wholly owned subsidiary of Buyer. After the Merger, the Company will cease to be publicly traded. Completion of the transaction remains contingent upon meeting several conditions specified in the Merger Agreement. These include securing approval from the holders of a majority of Nathan\u2019s outstanding stock, obtaining clearance from the Committee on Foreign Investment in the United States (CFIUS), and fulfilling other closing requirements. However, given the impact of the partial government shutdown on statutory deadlines for CFIUS\u2019s review process, our anticipated closing timeline has shifted, and we now expect the transaction to close in the second half of 2026. See NOTE N \u2013 MERGER to the accompanying Consolidated Financial Statements included in the Annual Report on Form 10-K. Inflationary Factors Inflationary pressures negatively impacted our consolidated results of operations during fiscal 2026, most notably within our Branded Product Program segment, due primarily to commodity prices on beef and beef trimmings. We anticipate continued inflationary pressures on commodity prices, including beef and beef trimmings during fiscal 2027. In general, we have been able to offset some of these cost increases resulting from inflation through various actions, such as increasing prices at our Company-owned restaurants and entering into sales agreements with our Branded Product Program customers that are correlated to our cost of beef and beef trimmings. We continue to monitor these inflationary pressures and may need to adjust our prices further to mitigate the impact of these inflationary pressures. Inherent volatility in commodity markets, including beef and beef trimmings, could have a significant impact on our results of operations. Delays in implementing price increases, competitive pressures, a decline in consumer spending levels and other factors may limit our ability to implement further price increases in the future. Uncertainty in the current macroeconomic environment, including the impact of inflation, may have an adverse impact on our sales or increase our cost of goods sold. 39 Business Overview We are engaged primarily in the marketing of the \u201cNathan\u2019s Famous\u201d brand and the sale of products bearing the \u201cNathan\u2019s Famous\u201d trademarks through several different channels of distribution. Historically, our business has been the operation and franchising of quick-service restaurants featuring Nathan\u2019s W Item 1. Business. As used herein, unless we otherwise specify, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cNathan\u2019s,\u201d \u201cNathan\u2019s Famous\u201d and the \u201cCompany\u201d mean Nathan\u2019s Famous, Inc. and its subsidiaries. References to a year are to our fiscal year, unless the context requires otherwise. Our 2026 year commenced on March 31, 2025 and ended on March 29, 2026; and our 2025 year commenced on April 1, 2024 and ended on March 30, 2025. We are a leading branded licensor, wholesaler and retailer of products marketed under our Nathan\u2019s Famous brand, including our popular Nathan\u2019s World Famous Beef Hot Dogs. What began as a nickel hot dog stand on Coney Island in 1916 has evolved into a highly recognized brand throughout the United States and the world. Our innovative business model seeks to maximize the points of distribution for and the consumption of Nathan\u2019s World Famous Beef Hot Dogs, crinkle-cut French fries and our other products across a wide-range of grocery retail and foodservice formats. Our products are currently marketed for sale in thousands of locations, including supermarkets, mass merchandisers and club stores, selected foodservice locations and our Company-owned and franchised restaurants throughout the United States and in twenty foreign countries. The Company considers itself to be in the foodservice industry and has pursued co-branding initiatives within other foodservice environments. Our major channels of distribution are as follows: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Our licensing program contracts with certain third parties to manufacture, distribute, market and sell a broad variety of Nathan\\u2019s Famous branded products including our hot dogs, frozen crinkle-cut French fries and additional products through supermarkets, grocery channels and club stores throughout the United States. As of March 29, 2026, packaged Nathan\\u2019s World Famous Beef Hot Dogs continued to be sold in supermarkets, mass merchandisers and club stores including Walmart, Kroger, Aho Item 1A. Risk Factors. Our business is subject to various risks. Certain risks are specific to certain ways we do business, such as through Company-owned restaurants, franchised restaurants, virtual kitchens, branded products and retail, while other risks, such as health-related or economic risks, may affect all of the ways that we do business. Investors shou", "title": "NATH - NATHANS FAMOUS, INC.", "url": "/company/NATH/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001132651; latest 10-K filed 2026-03-12.", "text": "ATLO - AMES NATIONAL CORP SIC 6021 National Commercial Banks; CIK 0001132651; latest 10-K filed 2026-03-12. ATLO AMES NATIONAL CORP 0001132651 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview The following financial data of the Company for the three years ended December 31, 2023 through 2025 is derived from the Company's historical audited financial statements and related footnotes. The information set forth below should be read in conjunction with the consolidated financial statements and related notes contained elsewhere in this Annual Report. [[GREPCENT_TABLE]] [[\"\",\"\",\"Years Ended December 31,\"],[\"(dollars in thousands, except per share amounts)\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"STATEMENT OF INCOME DATA\"],[\"Interest income\",\"\",\"$\",\"87,093\",\"\",\"\",\"$\",\"82,607\",\"\",\"\",\"$\",\"74,301\"],[\"Interest expense\",\"\",\"\",\"31,431\",\"\",\"\",\"\",\"37,631\",\"\",\"\",\"\",\"29,676\"],[\"Net interest income\",\"\",\"\",\"55,662\",\"\",\"\",\"\",\"44,976\",\"\",\"\",\"\",\"44,625\"],[\"Credit loss expense\",\"\",\"\",\"1,037\",\"\",\"\",\"\",\"592\",\"\",\"\",\"\",\"789\"],[\"Net interest income after credit loss expense\",\"\",\"\",\"54,625\",\"\",\"\",\"\",\"44,384\",\"\",\"\",\"\",\"43,836\"],[\"Noninterest income\",\"\",\"\",\"11,170\",\"\",\"\",\"\",\"9,837\",\"\",\"\",\"\",\"9,215\"],[\"Noninterest expense\",\"\",\"\",\"41,929\",\"\",\"\",\"\",\"41,980\",\"\",\"\",\"\",\"40,162\"],[\"Income before provision for income tax\",\"\",\"\",\"23,866\",\"\",\"\",\"\",\"12,241\",\"\",\"\",\"\",\"12,889\"],[\"Provision for income taxes\",\"\",\"\",\"4,839\",\"\",\"\",\"\",\"2,023\",\"\",\"\",\"\",\"2,072\"],[\"Net income\",\"\",\"$\",\"19,027\",\"\",\"\",\"$\",\"10,218\",\"\",\"\",\"$\",\"10,817\"],[\"DIVIDENDS AND EARNINGS PER SHARE DATA\"],[\"Cash dividends declared**\",\"\",\"$\",\"5,323\",\"\",\"\",\"$\",\"8,444\",\"\",\"\",\"$\",\"9,712\"],[\"Cash dividends declared per share**\",\"\",\"$\",\"0.60\",\"\",\"\",\"$\",\"0.94\",\"\",\"\",\"$\",\"1.08\"],[\"Basic and diluted earnings per share\",\"\",\"$\",\"2.14\",\"\",\"\",\"$\",\"1.14\",\"\",\"\",\"$\",\"1.20\"],[\"Weighted average shares outstanding\",\"\",\"\",\"8,895,197\",\"\",\"\",\"\",\"8,991,286\",\"\",\"\",\"\",\"8,992,167\"],[\"BALANCE SHEET DATA\"],[\"Total assets\",\"\",\"$\",\"2,133,540\",\"\",\"\",\"$\",\"2,133,180\",\"\",\"\",\"$\",\"2,155,481\"],[\"Net loans\",\"\",\"\",\"1,280,222\",\"\",\"\",\"\",\"1,303,917\",\"\",\"\",\"\",\"1,277,812\"],[\"Deposits\",\"\",\"\",\"1,854,667\",\"\",\"\",\"\",\"1,846,682\",\"\",\"\",\"\",\"1,811,831\"],[\"Stockholders' equity\",\"\",\"\",\"207,894\",\"\",\"\",\"\",\"174,706\",\"\",\"\",\"\",\"165,788\"],[\"Equity to assets ratio\",\"\",\"\",\"9.74\",\"%\",\"\",\"\",\"8.19\",\"%\",\"\",\"\",\"7.69\",\"%\"],[\"FINANCIAL PERFORMANCE\"],[\"Net income\",\"\",\"$\",\"19,027\",\"\",\"\",\"$\",\"10,218\",\"\",\"\",\"$\",\"10,817\"],[\"Average assets\",\"\",\"\",\"2,104,305\",\"\",\"\",\"\",\"2,127,051\",\"\",\"\",\"\",\"2,140,034\"],[\"Average stockholders' equity\",\"\",\"\",\"191,287\",\"\",\"\",\"\",\"169,732\",\"\",\"\",\"\",\"153,530\"],[\"Return on assets (net income divided by average assets)\",\"\",\"\",\"0.90\",\"%\",\"\",\"\",\"0.48\",\"%\",\"\",\"\",\"0.51\",\"%\"],[\"Return on equity (net income divided by average equity)\",\"\",\"\",\"9.95\",\"%\",\"\",\"\",\"6.02\",\"%\",\"\",\"\",\"7.05\",\"%\"],[\"Net interest margin (net interest income divided by average earning assets)*\",\"\",\"\",\"2.75\",\"%\",\"\",\"\",\"2.22\",\"%\",\"\",\"\",\"2.20\",\"%\"],[\"Efficiency ratio (noninterest expense divided by noninterest income plus net interest income)\",\"\",\"\",\"62.74\",\"%\",\"\",\"\",\"76.59\",\"%\",\"\",\"\",\"74.60\",\"%\"],[\"Dividend payout ratio (dividends per share divided by net income per share)**\",\"\",\"\",\"28.04\",\"%\",\"\",\"\",\"82.46\",\"%\",\"\",\"\",\"90.00\",\"%\"],[\"Dividend yield (dividends per share divided by closing year-end market price)**\",\"\",\"\",\"2.61\",\"%\",\"\",\"\",\"5.72\",\"%\",\"\",\"\",\"5.06\",\"%\"],[\"Equity to assets ratio (average equity divided by average assets)\",\"\",\"\",\"9.09\",\"%\",\"\",\"\",\"7.98\",\"%\",\"\",\"\",\"7.17\",\"%\"]] [[/GREPCENT_TABLE]] * See page 32 for further discussion of this Non-GAAP financial measure. ** Beginning in August 2025 the dividends were declared and paid in the same quarter. Previously dividends had been declared in one quarter and then paid in the subsequent quarter. To convert to this new timing, the Company did not declare a dividend in the second quarter payable in the third quarter of 2025; rather the dividend typically paid in the third quarter was both declared and paid in the third quarter of 2025. 27 The following discussion is provided for the consolidated operations of the Company and i ITEM 1. BUSINESS General Ames National Corporation (the \"Company\") is an Iowa corporation and bank holding company registered under the Bank Holding Company Act of 1956, as amended. The Company owns 100% of the stock of six bank subsidiaries consisting of one national bank and five state-chartered banks, as described below. All of the Company\u2019s operations are conducted in the State of Iowa and primarily within the central, north-central and south-central Iowa counties of Boone, Clarke, Hancock, Marshall, Polk, Story, Taylor and Union where the Company\u2019s banking subsidiaries are located. The Company does not engage in any material business activities apart from its ownership of its banking subsidiaries and the management of its own loan portfolios. The principal executive offices of the Company are located at 323 Sixth Street, Ames, Iowa 50010. The Company\u2019s telephone number is (515) 232-6251 and website address is www.amesnational.com. The Company was organized and incorporated on January 21, 1975 under the laws of the State of Iowa to serve as a holding company for its principal banking subsidiary, First National Bank, Ames, Iowa (\"First National\") located in Ames, Iowa. In 1983, the Company acquired the stock of State Bank & Trust Co. (\"State Bank\") located in Nevada, Iowa; in 1991, the Company, through a newly-chartered state bank known as Boone Bank & Trust Co. (\"Boone Bank\"), acquired certain assets and assumed certain liabilities of the former Boone State Bank & Trust Company located in Boone, Iowa; in 1995, the Company acquired the stock of Reliance State Bank, (\u201dReliance Bank\u201d) located in Story City, Iowa; in 2002, the Company chartered and commenced operations of a new banking organization, United Bank & Trust Co. (\u201cUnited Bank\u201d), located in Marshalltown, Iowa; and in 2019, the Company acquired the stock of Iowa State Savings Bank (\u201cIowa State Bank\u201d) located in Creston, Iowa. First National, State Bank, Boone Bank, Reliance Bank, United Bank and Iowa Sta ITEM 1A. RISK FACTORS Set forth below is a description of risk factors related to the Company\u2019s business, provided to enable investors to assess, and be appropriately apprised of, certain risks and uncertainties the Company faces in conducting its business. An investor should carefully consider the risks described below and elsewhere ", "title": "ATLO - AMES NATIONAL CORP", "url": "/company/ATLO/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001420520; latest 10-K filed 2026-02-24.", "text": "ATOM - Atomera Inc SIC 3674 Semiconductors & Related Devices; CIK 0001420520; latest 10-K filed 2026-02-24. ATOM Atomera Inc 0001420520 3674 Semiconductors & Related Devices Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the financial condition and results of operations of Atomera Incorporated should be read in conjunction with our financial statements and the accompanying notes that appear elsewhere in this Annual Report. Statements in this Annual Report on Form 10-K include forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. We use words such as \u201canticipate,\u201d \u201cestimate,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201ccontinuing,\u201d \u201congoing,\u201d \u201cexpect,\u201d \u201cbelieve,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201ccould,\u201d and similar expressions to identify forward-looking statements. Although forward-looking statements in this Annual Report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks, uncertainties, and changes in condition, significance, value and effect, including those risk factors set forth in this Annual Report. Such risks, uncertainties and changes in condition, significance, value and effect could cause our actual results to differ materially from those expressed herein and in ways not readily foreseeable. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this Annual Report and are based on information currently and reasonably known to us. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this Annual Report. Readers are urged to carefully review and consider the various disclosures made in this Annual Report, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects. [[GREPCENT_TABLE]] [[\"\",\"21\"]] [[/GREPCENT_TABLE]] Overview We are engaged in the business of developing, commercializing and licensing proprietary processes and technologies for the $700+ billion semiconductor industry. Our lead technology, named Mears Silicon Technology\u2122, or MST\u00ae, is a thin film of reengineered silicon, typically 100 to 300 angstroms (or approximately 20 to 60 silicon atomic unit cells) thick. MST is our proprietary and patent-protected performance enhancement technology that we believe addresses a number of key engineering challenges facing the semiconductor industry. We believe that by incorporating MST, transistors can be made smaller, with increased speed, reliability and power efficiency. In addition, since MST is an additive and low-cost technology, we believe it can be deployed on an industrial scale, with machines commonly used in semiconductor manufacturing. We believe that MST can be widely incorporated into the most common types of semiconductor products, including analog, logic, optical and memory integrated circuits. We do not design or manufacture integrated circuits directly. Instead, we develop and license technologies and processes that we believe offer the designers and manufacturers of integrated circuits a low-cost solution to the industry\u2019s need for greater performance and lower power consumption. Our customers and partners include: [[GREPCENT_TABLE]] [[\"\",\"\\u00b7\",\"foundries, which manufacture integrated circuits on behalf of fabless manufacturers;\"],[\"\",\"\\u00b7\",\"integrated device manufacturers, or IDMs, which are the fully-integrated designers and manufacturers of integrated circuits;\"],[\"\",\"\\u00b7\",\"fabless semiconductor manufacturers, which are designers of integrated circuits that outsource the manufacturing of their chips to foundries;\"],[\"\",\"\\u00b7\",\"Manufacturers of semiconductor wafers, which provide the substrates upon which integrated circuits are fabricated:;\"],[\"\",\"\\u00b7\",\"original equipment manufa Item 1. Business Company Overview We are engaged in the business of developing, commercializing and licensing proprietary processes and technologies for the $700+ billion semiconductor industry. Our lead technology, named Mears Silicon Technology\u2122, or MST\u00ae, is a thin film of reengineered silicon. MST is our proprietary and patent-protected performance enhancement technology that we believe addresses a number of key engineering challenges facing the semiconductor industry. MST provides multiple benefits to the semiconductor manufacturing process, enabling transistors to be made smaller, with increased speed, reliability and power efficiency. In addition, since MST is an additive and low-cost technology, we believe it can be deployed on an industrial scale, with machines commonly used in semiconductor manufacturing. We believe that MST can be widely incorporated into the most common types of semiconductor products, including analog, logic, optical and memory integrated circuits. We do not design or manufacture wafers or integrated circuits directly. Instead, we develop and license technologies and processes that we believe offer the designers and manufacturers of wafers and integrated circuits a low-cost solution to the industry\u2019s need for greater performance and lower power consumption. Our customers and partners include: [[GREPCENT_TABLE]] [[\"\",\"\\u00b7\",\"foundries, which manufacture integrated circuits on behalf of fabless manufacturers;\"],[\"\",\"\\u00b7\",\"integrated device manufacturers, or IDMs, which are the fully-integrated designers and manufacturers of integrated circuits;\"],[\"\",\"\\u00b7\",\"fabless semiconductor manufacturers, which are designers of integrated circuits that outsource the manufacturing of their chips to foundries;\"],[\"\",\"\\u00b7\",\"manufacturers of semiconductor wafers, which provide the substrates upon which integrated circuits are fabricated;\"],[\"\",\"\\u00b7\",\"original equipment manufacturers, or OEMs, that manufacture the epitaxial, or epi, machi Item 1A. Risk Factors We are subject to various risks that may harm our business, prospects, financial condition and results of operation or prevent us from achieving our goals. If any of these risks occur, our business, financial condition or results of operation may be materially adversely affected. In such case, the trading price", "title": "ATOM - Atomera Inc", "url": "/company/ATOM/" }, { "kind": "company", "summary": "SIC 3949 Sporting & Athletic Goods, NEC; CIK 0000788329; latest 10-K filed 2025-12-12.", "text": "JOUT - JOHNSON OUTDOORS INC SIC 3949 Sporting & Athletic Goods, NEC; CIK 0000788329; latest 10-K filed 2025-12-12. JOUT JOHNSON OUTDOORS INC 0000788329 3949 Sporting & Athletic Goods, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Unless otherwise stated, all monetary amounts in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, other than per share amounts, are stated in thousands. Executive Overview The Company designs, manufactures and markets innovative, high quality recreational products for the outdoor enthusiast. Through a combination of innovative products, strong marketing, a talented and passionate workforce and efficient distribution, the Company seeks to set itself apart from the competition in its markets. Its subsidiaries operate as a network that promotes innovation and leverages best practices and synergies in the design, production and marketing of their recreational products, following the strategic vision set by executive management and approved by the Company\u2019s Board of Directors. 17 Table of Contents Highlights The Company\u2019s fiscal 2025 full-year revenues remained essentially flat to the prior year. New product successes in the Fishing segment helped to offset sales declines resulting from the exit of the Company's Eureka! brand in the prior year. Favorable overhead absorption and lower inventory reserve adjustments in the current year contributed to a 1.2 point increase in gross margin year over year. An 8% decrease in operating expenses between years, driven mainly by the $11,173 write-off of goodwill in the prior year, as well as a decrease in promotional spending year over year, contributed to a $27,331 improvement in operating loss in fiscal 2025 from fiscal 2024. Results of Operations Summary consolidated financial results from continuing operations for the fiscal years presented were as follows: [[GREPCENT_TABLE]] [[\"(thousands, except per share data)\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Net sales\",\"$\",\"592,415\",\"\",\"\",\"$\",\"592,846\",\"\",\"\",\"$\",\"663,844\"],[\"Gross profit\",\"208,093\",\"\",\"\",\"200,980\",\"\",\"\",\"244,087\"],[\"Operating expenses\",\"224,284\",\"\",\"\",\"244,502\",\"\",\"\",\"232,347\"],[\"Operating (loss) profit\",\"(16,191)\",\"\",\"\",\"(43,522)\",\"\",\"\",\"11,740\"],[\"Interest income, net\",\"(3,559)\",\"\",\"\",\"(4,692)\",\"\",\"\",\"(4,391)\"],[\"Other income, net\",\"(3,353)\",\"\",\"\",\"(8,968)\",\"\",\"\",\"(9,693)\"],[\"Income tax expense (benefit)\",\"25,015\",\"\",\"\",\"(3,329)\",\"\",\"\",\"6,290\"],[\"Net (loss) income\",\"(34,294)\",\"\",\"\",\"(26,533)\",\"\",\"\",\"19,534\"]] [[/GREPCENT_TABLE]] The Company\u2019s internal and external sales and operating profit (loss) by business segment for each of the three most recent completed fiscal years were as follows: [[GREPCENT_TABLE]] [[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Net sales:\"],[\"Fishing\",\"$\",\"459,162\",\"\",\"\",\"$\",\"452,341\",\"\",\"\",\"$\",\"492,927\"],[\"Camping & Watercraft Recreation\",\"58,071\",\"\",\"\",\"66,635\",\"\",\"\",\"86,087\"],[\"Diving\",\"75,458\",\"\",\"\",\"73,628\",\"\",\"\",\"85,069\"],[\"Other / Eliminations\",\"(276)\",\"\",\"\",\"242\",\"\",\"\",\"(239)\"],[\"\",\"$\",\"592,415\",\"\",\"\",\"$\",\"592,846\",\"\",\"\",\"$\",\"663,844\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Operating profit (loss):\"],[\"Fishing\",\"$\",\"19,570\",\"\",\"\",\"$\",\"(6,598)\",\"\",\"\",\"$\",\"41,325\"],[\"Camping & Watercraft Recreation\",\"918\",\"\",\"\",\"(488)\",\"\",\"\",\"(1,320)\"],[\"Diving\",\"1,667\",\"\",\"\",\"(1,244)\",\"\",\"\",\"6,092\"],[\"Other / Eliminations\",\"(38,346)\",\"\",\"\",\"(35,192)\",\"\",\"\",\"(34,357)\"],[\"\",\"$\",\"(16,191)\",\"\",\"\",\"$\",\"(43,522)\",\"\",\"\",\"$\",\"11,740\"]] [[/GREPCENT_TABLE]] See Note 13 to the Consolidated Financial Statements included elsewhere in this report for the definition of segment net sales and operating profit. Fiscal 2025 vs. Fiscal 2024 Net Sales Net sales in fiscal 2025 were $592,415 compared to $592,846 in fiscal 2024. Foreign currency exchange had a negligible impact on the current year\u2019s sales versus the prior year. 18 Table of Contents Net sales for the Fishing business increased by $6,821, or 2% during fiscal 2025 from fiscal 2024. The increase in sales in this segment year over year was mainly due to sales generated by the introduction of new pro ITEM 1. BUSINESS Johnson Outdoors is a leading global manufacturer and marketer of branded seasonal, outdoor recreation products used primarily for fishing from a boat, diving, paddling, hiking and camping. The Company\u2019s portfolio of well-known consumer brands has attained leading market positions due to innovation, marketing excellence, product performance and quality. Company values and culture support innovation in all areas, promoting and leveraging best practices and synergies within and across its subsidiaries to advance the Company\u2019s strategic vision set by executive management and approved by the Board of Directors. The Company is controlled by Helen P. Johnson-Leipold (Chairman and Chief Executive Officer), members of her family and related entities. The Company was incorporated in Wisconsin in 1987 as successor to various businesses. Fishing The Company\u2019s Fishing segment key brands are: Minn Kota electric motors for quiet trolling or primary propulsion, marine battery chargers and shallow water anchors; Humminbird sonar and GPS equipment for fish finding, navigation and marine cartography; and Cannon downriggers for controlled-depth fishing. Minn Kota trolling motors and shallow water anchors and Cannon downriggers are designed and manufactured primarily at the Company's Mankato, Minnesota facility. Humminbird sonar and GPS equipment are designed and manufactured primarily in Eufaula, Alabama and Alpharetta, Georgia. Fishing brands and related accessories are sold across the globe, with the majority of sales coming from North America through large outdoor specialty retailers, such as Bass Pro Shops and Scheels; large retail store chains; distributors that service independent marine, sporting goods and internet dealers; and original equipment manufacturers (OEM) of boat brands such as Tracker, Skeeter and Ranger. The Company also sells direct to consumers via its Minn Kota, Humminbird and Cannon websites. Markets outside of North America are acc ITEM 1A. RISK FACTORS The risks described below are not the only risks we face. Additional risks that we do not yet know of or that we currently think are immaterial may also impair our future business operations. If any of the events or circumstances described in the following risks actually occur, our business, financial condition or results ", "title": "JOUT - JOHNSON OUTDOORS INC", "url": "/company/JOUT/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001517022; latest 10-K filed 2026-02-26.", "text": "AKBA - Akebia Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001517022; latest 10-K filed 2026-02-26. AKBA Akebia Therapeutics, Inc. 0001517022 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Annual Report on Form 10-K, or Form 10-K, including this management's discussion and analysis of financial condition and results of operations, contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those described in or implied in these forward-looking statements as a result of various factors, including those factors set forth in the \u201cRisk Factors\u201d section included in Part I, Item 1A of this Form 10-K. All references to years, unless otherwise noted, refer to our fiscal years, which end on December 31. For purposes of this section, all references to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cAkebia,\u201d or the \u201cCompany\u201d refer to Akebia Therapeutics, Inc. and its consolidated subsidiaries. The following discussion and analysis should also be read in conjunction with the accompanying audited consolidated financial statements and related notes included in Part II, Item 8 of this Form 10-K. This section discusses 2025 and 2024 financial condition, and results of operations and year-to-year comparisons between 2025 and 2024. For discussion of 2024 items and year-over-year comparisons between 2024 and 2023 that are not included in this 2025 Form 10-K, refer to \u201cItem 7. \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d found in our Form 10-K for the year ended December 31, 2024, that was filed with the Securities and Exchange Commission on March 13, 2025. Business Overview We are a fully integrated biopharmaceutical company with two commercial products for patients impacted by kidney disease. We have built a business focused on developing and commercializing innovative therapeutics that we believe serve as a foundation for future growth, including by contributing net product revenue to support the development and advancement of our robust pipeline of mid-stage programs targeting rare kidney diseases and early-stage programs targeting kidney disease and non-kidney focused indications. We have established the Company as a leader in the kidney community and believe our cross-organizational expertise in kidney disease positions us for success. Chronic kidney disease, or CKD, is a condition in which the kidneys are progressively damaged to the point that they cannot properly filter the blood circulating in the body. This damage causes waste products to build up in the patient\u2019s blood, leading to other health problems, including anemia, cardiovascular disease and bone disease. CKD significantly impacts the United States, or U.S., healthcare system, potentially affecting approximately 35.5 million Akebia Therapeutics, Inc. | Form 10-K | Page 120 Table of Contents patients. In 2022, in the U.S. treating Medicare beneficiaries with CKD cost an estimated $95.7 billion, and treating people on dialysis cost an estimated $45.3 billion. Our two commercial products address certain complications of kidney disease. Our current product portfolio includes: Vafseo\u00ae (vadadustat) is an orally administered medicine that was approved by the U.S. Food and Drug Administration, or the FDA, in March 2024 for the treatment of anemia due to CKD in adult patients on dialysis for at least three months. The current U.S. market opportunity for the treatment of anemia due to CKD in patients with dialysis is approximately $1 billion based on current erythropoiesis stimulating agent, or ESA, pricing. Vafseo is the only oral hypoxia inducible factor, or HIF, based treatment available in the U.S. Vafseo entered the market in January 2025, at which time we had commercial supply agreements for the purchase of Vafseo in place with dialysis organizations caring for nearly 100% of dialysis patients in the U.S. Throughout 2025, we worked closely with dialysis organizations as their medical teams developed, implemented and operationalized protocols to enable pre Item 1. Business Overview We are a fully integrated biopharmaceutical company with two commercial products for patients impacted by kidney disease. We have built a business focused on developing and commercializing innovative therapeutics that we believe serve as a foundation for future growth, including by contributing net product revenue to support the development and advancement of our robust pipeline of mid-stage programs targeting rare kidney diseases and early-stage programs targeting kidney disease and non-kidney focused indications. We have established the Company as a leader in the kidney community and believe our cross-organizational expertise in kidney disease positions us for success. Chronic kidney disease, or CKD, is a condition in which the kidneys are progressively damaged to the point that they cannot properly filter the blood circulating in the body. This damage causes waste products to build up in the patient\u2019s blood, leading to other health problems, including anemia, cardiovascular disease and bone disease. CKD significantly impacts the United States, or U.S., healthcare system, potentially affecting approximately 35.5 million patients. In 2022, in the U.S. treating Medicare beneficiaries with CKD cost an estimated $95.7 billion, and treating people on dialysis cost an estimated $45.3 billion. Our two commercial products address certain complications of kidney disease. Our current product portfolio includes: Vafseo\u00ae (vadadustat) is an orally administered medicine that was approved by the U.S. Food and Drug Administration, or the FDA, in March 2024 for the treatment of anemia due to CKD in adult patients on dialysis for at least three months. The current U.S. market opportunity for the treatment of anemia due to CKD in patients with dialysis is approximately $1 billion based on current erythropoiesis stimulating agent, or ESA, pricing. Vafseo is the only oral hypoxia inducible factor, or HIF, based treatment available in the U.S. Vafseo ente Item 1A. Risk Factors. We face a variety of risks and uncertainties in our business. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also become important factors that affect our business, reputation, results of operations, financial condition and stock pric", "title": "AKBA - Akebia Therapeutics, Inc.", "url": "/company/AKBA/" }, { "kind": "company", "summary": "SIC 3721 Aircraft; CIK 0001823652; latest 10-K filed 2026-03-16.", "text": "EVEX - Eve Holding, Inc. SIC 3721 Aircraft; CIK 0001823652; latest 10-K filed 2026-03-16. EVEX Eve Holding, Inc. 0001823652 3721 Aircraft Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides information that Eve\u2019s management believes is relevant to an assessment and understanding of Eve\u2019s consolidated results of operations and financial condition. The discussion should be read together with the audited consolidated financial statements for the year ended December 31, 2025 and 2024, and the related notes that are included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. The Company\u2019s actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d in this Annual Report on Form 10-K and in our other filings with the SEC. Capitalized terms not defined have the same meaning as in the notes to the consolidated financial statements. Discussions of results for the year ended December 31, 2023 and year-to-year comparisons between 2023 and 2024 that are not included in this Form 10-K can be found in our 2024 Annual Report on Form 10-K filed with the SEC on March 11, 2025. Overview Eve Holding, Inc. (together with its subsidiaries, as applicable, \u201cEve\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d), a Delaware corporation, is an aerospace company with operations in Melbourne, Florida and S\u00e3o Paulo, Brazil. Eve\u2019s goal is to be a leading company in the urban air mobility (\u201cUAM\u201d) market by taking a holistic approach to developing a UAM solution that includes: the design and production of electric vertical take-off and landing vehicles (\u201ceVTOLs\u201d), a portfolio of services and support (TechCare) focused on Eve\u2019s and third-party eVTOLs, and a new air traffic management system (Vector) for eVTOLs, otherwise known as Urban Air Traffic Management (\u201cUATM\u201d) system designed to allow eVTOLs to operate safely and efficiently in dense urban airspace alongside conventional aircraft and drones. Eve\u2019s mission is to bring affordable air transportation to all passengers, improve quality of life, unleash economic productivity, save passengers time, and reduce global carbon emissions. Eve plans to leverage its strategic relationship with Embraer to de-risk and accelerate its development plans, while saving costs by utilizing Embraer\u2019s extensive resources. Fourth Quarter Developments eVTOL First Flight. On December 19, 2025, the Company announced the completion of the first flight of its uncrewed full-scale eVTOL aircraft prototype at Embraer S.A.\u2019s test facility in Gavi\u00e3o Peixoto, state of S\u00e3o Paulo, Brazil. BNDES Financing Agreement. On November 18, 2025, Eve Brazil entered into a financing agreement, dated as of November 14, 2025 (the \u201cFinancing Agreement\u201d), with BNDES, pursuant to which BNDES has agreed to grant two lines of credit to Eve Brazil. The credit is intended to support the electric motor development phase of electric vertical takeoff and landing aircrafts. The Financing Agreement provides that the availability of such lines of credit is subject to BNDES\u2019s rules and regulations including the delivery by Eve Brazil of guarantee letters issued by financial institutions approved by BNDES. The first line of credit (\u201cSub-credit A\u201d), in the amount of R$160 million (approximately U.S.$30.3 million) is to be provided from the resources of the National Fund on Climate Change, within the scope of the Climate Fund Program. The second line of credit (\u201cSub-credit B\u201d), in the amount of R$40 million (approximately U.S.$7.6 million), is to be provided with funds raised by the BNDES System in foreign currency. Itau Syndicated Loan On January 13, 2026, the Company entered into a syndicated credit agreement with Banco do Brasil S.A. New York Branch (\u201cBB\u201d), Citibank, N.A. (\u201cCitibank\u201d), Ita\u00fa Unibanco S.A. Miami Branch (\u201cIta\u00fa\u201d), MUFG Item 1. Business Overview Eve Holding, Inc., a Delaware corporation, is an aerospace company with operations in Melbourne, Florida and S\u00e3o Paulo, Brazil. We are a leading developer of next-generation Urban Air Mobility (\u201cUAM\u201d) solutions. We are developing a comprehensive UAM solution that includes: the design and production of electric vertical take-off and landing vehicles (\u201ceVTOLs\u201d); a portfolio of maintenance and support services, named TechCare, focused on our and third-party eVTOLs; and a new Urban Air Traffic Management system, named Vector, designed to allow eVTOLs to operate safely and efficiently in dense urban airspace alongside conventional aircraft and drones. We believe we are uniquely positioned to develop, certify and commercialize our UAM solution on a global scale given our aviation heritage, our strategic relationship with Embraer S.A., a Brazilian corporation (\u201csociedade anonima\u201d) (\u201cERJ\u201d), our technology and intellectual property portfolio and the experience of our management team and employees, among other factors. Our eVTOL has successfully completed important development steps, including engineering simulations, subscale test flights, wind tunnel tests and full-scale ground tests, which have enhanced the technological capability and maturity of our eVTOL. Eve flew our full-scale engineering prototype in December 2025, starting several flight tests with the vehicle. We have also begun validating simulations of our fleet operations services model in Brazil, working with partners and utilizing conventional helicopters, to better understand the needs of passengers, partners and community stakeholders that will benefit from our mobility services. We have also engaged with aviation organizations in various cities including Melbourne, Australia; Rio de Janeiro and S\u00e3o Paulo in Brazil; London, United Kingdom; Chicago and Miami in the USA, to develop and simulate a concept of operation (\u201cCONOPS\u201d) to help inform the development of Vector, our Urban", "title": "EVEX - Eve Holding, Inc.", "url": "/company/EVEX/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000894315; latest 10-K filed 2026-02-26.", "text": "SITC - SITE Centers Corp. SIC 6798 Real Estate Investment Trusts; CIK 0000894315; latest 10-K filed 2026-02-26. SITC SITE Centers Corp. 0000894315 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations EXECUTIVE SUMMARY The Company is a self-administered and self-managed Real Estate Investment Trust (\u201cREIT\u201d) in the business of owning, leasing, redeveloping and managing shopping centers. As of December 31, 2025, the Company\u2019s portfolio consisted of 19 shopping centers (including 11 shopping centers owned through two unconsolidated joint ventures). At December 31, 2025, the Company owned 5.0 million square feet of gross leasable area (\u201cGLA\u201d) through all its properties (wholly-owned and joint venture). At December 31, 2025, the aggregate occupancy of the Company\u2019s operating shopping center portfolio was 85.9% on a pro rata basis, and the average annualized base rent per occupied square foot was $22.61 on a pro rata basis. In addition, at December 31, 2025, the Company owns two adjacent office buildings located in Beachwood, Ohio, totaling approximately 339,000 square feet, yielding approximately 227,000 square feet of GLA, of which the Company occupies approximately 60,000 square feet of GLA and approximately 167,000 square feet of GLA is leased or available to be leased to third parties. In January 2026, the Company sold its interest in the RVIP IIIB joint venture (Deer Park Town Center in Deer Park, Illinois). Curbline Spin-Off In October 2023, the Company announced a plan to spin off a portfolio of convenience retail assets into a separate, publicly traded company to be named Curbline Properties Corp. (\u201cCurbline\u201d or \u201cCurbline Properties\u201d) in recognition of the distinct characteristics and opportunities within the Company\u2019s unanchored and grocery, lifestyle and power center portfolios. Convenience 27 properties are generally positioned on the curbline of well-trafficked intersections and major vehicular corridors, offering enhanced access and visibility along with dedicated parking and often include drive-thru units. Convenience properties generally consist of a homogeneous row of primarily small-shop units leased to a diversified mixture of national and local service and restaurant tenants that cater to daily convenience trips from the growing suburban population. As of September 30, 2024, the Curbline portfolio consisted of 79 wholly-owned convenience retail assets consisting of approximately 2.7 million square feet of GLA. The separation of Curbline was completed on October 1, 2024. On October 1, 2024, the Company, Curbline and Curbline Properties LP (the \u201cOperating Partnership\u201d) entered into a Separation and Distribution Agreement (the \u201cSeparation and Distribution Agreement\u201d), which provided for the principal transactions necessary to complete the spin-off, including the allocation among the Company, Curbline and the Operating Partnership of the Company\u2019s assets, liabilities and obligations attributable to periods both prior to and following the spin-off. In particular, the Separation and Distribution Agreement provided, among other things, that certain assets relating to Curbline\u2019s business were to be transferred to the Operating Partnership or the applicable Curbline subsidiary, including equity interests of certain Company subsidiaries that held assets and liabilities related to Curbline, interests in real property, certain tangible personal property, cash and cash equivalents held in Curbline accounts (including the transfer to Curbline of unrestricted cash of $800.0 million upon consummation of the spin-off) and other assets primarily used or held primarily for use in Curbline\u2019s business. The Separation and Distribution Agreement also provided that certain liabilities relating to Curbline\u2019s business were to be transferred to the Operating Partnership or the applicable Curbline subsidiary, including liabilities relating to or arising out of the operation of Curbline\u2019s business after the effective time of the spin-off and liabilities expressly allocated to Curbline or one of its subsidiaries by the Separation and Distr Item 1. BUSINESS Overview SITE Centers Corp., an Ohio corporation (the \u201cCompany\u201d or \u201cSITE Centers\u201d), is a self-administered and self-managed Real Estate Investment Trust (\u201cREIT\u201d) engaged in the business of owning, leasing, redeveloping and managing shopping centers. Unless otherwise provided, references herein to the Company or SITE Centers include SITE Centers Corp. and its wholly-owned subsidiaries and consolidated and unconsolidated joint ventures. On October 1, 2024, the Company completed the spin-off of 79 convenience retail properties consisting of approximately 2.7 million square feet of gross leasable area (\u201cGLA\u201d) into a separate publicly traded company named Curbline Properties Corp. (\u201cCurbline\u201d or \u201cCurbline Properties\u201d). In connection with the spin-off, on October 1, 2024, the Company, Curbline and Curbline Properties LP (the \u201cOperating Partnership\u201d) entered into a Separation and Distribution Agreement (the \u201cSeparation and Distribution Agreement\u201d), pursuant to which, among other things, the Company transferred its portfolio of convenience retail properties, $800.0 million of unrestricted cash and certain other assets, liabilities and obligations to Curbline and effectuated a pro rata special distribution of all of the outstanding shares of Curbline common stock to common shareholders of the Company as of September 23, 2024, the record date. On the spin-off date, holders of the Company\u2019s common shares received two shares of common stock of Curbline for every one common share of the Company held on the record date. The spin-off of the convenience properties represented a strategic shift in the Company\u2019s business and, as such, the Curbline properties were considered as held for sale as of October 1, 2024 and are reflected as discontinued operations for all periods prior to the spin-off date. Except as otherwise noted, operating statistics cited in this Annual Report on Form 10-K for the years ended December 31, 2024 and 2023 have been adjusted for discont Item 1A. RISK FACTORS Summary of Risk Factors The following is a summary of material risks that could affect the Company\u2019s business, results of operations, financial condition, liquidity and cash flows. The risks summarized below are discussed in greater detail in the risk factors that follow and are not the only risks the Com", "title": "SITC - SITE Centers Corp.", "url": "/company/SITC/" }, { "kind": "company", "summary": "SIC 6311 Life Insurance; CIK 0000024090; latest 10-K filed 2026-03-12.", "text": "CIA - CITIZENS, INC. SIC 6311 Life Insurance; CIK 0000024090; latest 10-K filed 2026-03-12. CIA CITIZENS, INC. 0000024090 6311 Life Insurance Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. This discussion should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this report. OVERVIEW For over 55 years, Citizens has been fulfilling the needs of our policyholders and their families by providing insurance products that offer both living and death benefits. We conduct insurance related operations through our insurance subsidiaries, which provide benefits to policyholders globally. We specialize in offering primarily individual whole life insurance, endowment products and final expense insurance in niche markets where we believe we can optimize our competitive position. As an insurance provider, we collect premiums on an ongoing basis from our policyholders and invest the majority of the premiums to pay future benefits, including claims, surrenders and policyholder dividends. Accordingly, the Company derives its revenues principally from: (1) life insurance premiums earned for insurance coverages provided to insureds in our two operating segments \u2013 International Insurance and Domestic Insurance; and (2) net investment income. In addition to paying and reserving for insurance benefits that we pay to our policyholders, our expenses consist primarily of the costs of selling our insurance products (e.g., commissions, underwriting, marketing expenses), operating expenses and income taxes. Objective of our Management's Discussion and Analysis We refer to our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations as our \u201cMD&A\u201d. The objective of our MD&A is to provide investors with a succinct analysis of the Company's financial performance from management's perspective. We start by discussing how industry developments and economic circumstances in general (e.g., interest rate environment) affected or could affect our financial performance and then discuss how certain events specifically impacted our business. We summarize our financial highlights and discuss the factors that we believe drive our operating results. We then discuss in more detail our results of operations for the year ended December 31, 2025 so an investor or potential investor understands the various line items of our profit and loss statements from management\u2019s perspective. Since our investments are one of two principal sources of our revenues, we describe them in detail. Finally, we discuss our capital resources and liquidity so investors better understand how those resources are utilized and how we are able to meet our cash needs. Throughout the MD&A, we describe how we view the Company and which matters we believe are reasonably likely to affect future operations. We describe our priorities for the business in Part I. Item 1. Business - Strategic Initiatives and in the MD&A, we describe how we performed on those initiatives and any known trends or uncertainties that might impact our ability to achieve our goals. ECONOMIC AND INSURANCE INDUSTRY DEVELOPMENTS Life insurers continue to operate in an environment marked by economic volatility, shifting financial market conditions, evolving regulatory expectations, geopolitical uncertainty and rapid technological change. These developments have influenced profitability, product demand, capital requirements, and consumer behavior across the industry, including our Company. Interest Rate Environment, Market Volatility and Inflation. The material uptick in interest rates over the past few years has generally benefited life insurers by improving reinvestment yields and net investment income. However, these benefits have been partially offset by unrealized losses in fixed-income portfolios as market values declined during the rate\u2011rising cycle, a trend observable across the industry. Life ins Item 1. BUSINESS OVERVIEW Incorporated in Colorado and based in Austin, Texas, Citizens, Inc. (\"Citizens\" or the \"Company\") is an insurance holding company. Since 1969 it has addressed the life insurance needs of people in the United States, and since 1975, it has extended life insurance offerings to clients worldwide. Through our international insurance subsidiary, we provide insurance benefits to residents in over 80 different countries, and through our domestic insurance subsidiaries, we are licensed to issue insurance products in 43 U.S. states. We pursue a strategy of offering insurance products in niche markets where we believe we are able to achieve competitive advantages. We had approximately $1.8 billion of assets and over $5.4 billion of direct insurance in force at December 31, 2025. We operate in the following two business segments. International Insurance We sell U.S. dollar-denominated life insurance, endowment and other financial products to non-U.S. residents, located principally in Latin America and the Pacific Rim. [[GREPCENT_TABLE]] [[\"\",\"CICA Life, A.I. (\\\"CICA International\\\") issues our international policies.\"]] [[/GREPCENT_TABLE]] Domestic Insurance We sell life insurance and other financial products in the United States. [[GREPCENT_TABLE]] [[\"\",\"The majority of first year premiums in our Domestic Insurance segment are generated from final expense whole life products sold through CICA Life Insurance Company of America (\\\"CLOA\\\").\"],[\"\",\"Security Plan Life Insurance Company (\\\"SPLIC\\\") issues final expense whole life policies throughout Louisiana, Mississippi and Arkansas, which are intended to cover funeral and burial costs.\"]] [[/GREPCENT_TABLE]] As an insurance provider, we collect premiums on an ongoing basis from our policyholders and invest the majority of the premiums to pay future benefits, including claims, maturities, surrenders and policyholder dividends. Accordingly, we derive our revenues principally from: (1) life i Item 1A. RISK FACTORS As a smaller reporting company, we are not required to provide risk factors. However, we believe it is important to disclose the material risks of investing in our securities. If any of these risks develop into actual events, our business, financial condition, results of operations or cash flows could be materially and adversely affected, and, as a result,", "title": "CIA - CITIZENS, INC.", "url": "/company/CIA/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000318306; latest 10-K filed 2026-03-17.", "text": "ABEO - ABEONA THERAPEUTICS INC. SIC 2834 Pharmaceutical Preparations; CIK 0000318306; latest 10-K filed 2026-03-17. ABEO ABEONA THERAPEUTICS INC. 0000318306 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis together with our consolidated financial statements and related notes included in this Form 10-K. This discussion and analysis contains forward-looking statements, which involve risks and uncertainties. As a result of many factors, such as those described under \u201cForward-Looking Statements,\u201d \u201cRisk Factors\u201d and elsewhere in this Form 10-K, our actual results may differ materially from those anticipated in these forward-looking statements. OVERVIEW We are a commercial-stage biopharmaceutical company developing cell and gene therapies for life-threatening diseases. On April 28, 2025, the FDA approved ZEVASKYN\u00ae (prademagene zamikeracel) gene-modified cellular sheets, also known as ZEVASKYN\u00ae, as the first and only autologous cell-based gene therapy for the treatment of wounds in adult and pediatric patients with RDEB, a serious and debilitating genetic skin disease. There is no cure for RDEB, and ZEVASKYN\u00ae is the only FDA-approved product to treat RDEB wounds with a single application. ZEVASKYN\u00ae was granted Orphan Drug and Rare Pediatric Disease designations by the FDA. ZEVASKYN\u00ae is manufactured at our current cGMP manufacturing facility in Cleveland, Ohio, and is made available through ZEVASKYN\u00ae qualified treatment centers. Our development portfolio also features adeno-associated virus (\u201cAAV\u201d) based gene therapies designed to treat ophthalmic diseases with high unmet need using novel AIM\u2122 capsids. Abeona\u2019s novel, next-generation AAV capsids are being evaluated to improve tropism profiles for a variety of devastating diseases. 57 Preclinical Pipeline Our preclinical programs are investigating the use of novel AAV capsids in AAV-based therapies for serious genetic eye diseases, including ABO-504 for Stargardt disease, ABO-503 for X-linked retinoschisis (\u201cXLRS\u201d) and ABO-505 for autosomal dominant optic atrophy (\u201cADOA\u201d). We completed pre-Investigational New Drug Application (\u201cpre-IND\u201d) meetings with the FDA regarding the preclinical development plans and regulatory requirements to support first-in-human trials. Recent Developments Since we resumed manufacturing operations in mid-January after a planned facility shutdown, a patient treatment has been completed, multiple biopsies have been collected for scheduled ZEVASKYN\u00ae treatments in the coming weeks, and additional biopsies are scheduled. RESULTS OF OPERATIONS Comparison of Years Ended December 31, 2025 and December 31, 2024 [[GREPCENT_TABLE]] [[\"\",\"\",\"For the year ended December 31,\",\"\",\"\",\"Change\"],[\"($ in thousands)\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"$\",\"\",\"\",\"%\"],[\"Revenues:\"],[\"Product revenue, net\",\"\",\"$\",\"2,420\",\"\",\"\",\"$\",\"\\u2014\",\"\",\"\",\"$\",\"2,420\",\"\",\"\",\"\",\"100\",\"%\"],[\"License and other revenues\",\"\",\"\",\"3,400\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"3,400\",\"\",\"\",\"\",\"100\",\"%\"],[\"Total revenues\",\"\",\"\",\"5,820\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"5,820\",\"\",\"\",\"\",\"100\",\"%\"],[\"Costs and expenses:\"],[\"Cost of sales\",\"\",\"\",\"1,532\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"1,532\",\"\",\"\",\"\",\"100\",\"%\"],[\"Royalties\",\"\",\"\",\"1,893\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"1,893\",\"\",\"\",\"\",\"100\",\"%\"],[\"Research and development\",\"\",\"\",\"26,812\",\"\",\"\",\"\",\"34,360\",\"\",\"\",\"\",\"(7,548\",\")\",\"\",\"\",\"(22\",\")%\"],[\"Selling, general and administrative\",\"\",\"\",\"65,031\",\"\",\"\",\"\",\"29,851\",\"\",\"\",\"\",\"35,180\",\"\",\"\",\"\",\"118\",\"%\"],[\"Total costs and expenses\",\"\",\"\",\"95,268\",\"\",\"\",\"\",\"64,211\",\"\",\"\",\"\",\"31,057\",\"\",\"\",\"\",\"48\",\"%\"],[\"Loss from operations\",\"\",\"\",\"(89,448\",\")\",\"\",\"\",\"(64,211\",\")\",\"\",\"\",\"(25,237\",\")\",\"\",\"\",\"39\",\"%\"],[\"Interest income\",\"\",\"\",\"5,556\",\"\",\"\",\"\",\"4,246\",\"\",\"\",\"\",\"1,310\",\"\",\"\",\"\",\"31\",\"%\"],[\"Interest expense\",\"\",\"\",\"(3,740\",\")\",\"\",\"\",\"(4,208\",\")\",\"\",\"\",\"468\",\"\",\"\",\"\",\"(11\",\")%\"],[\"Change in fair value of warrant and derivative liabilities\",\"\",\"\",\"6,139\",\"\",\"\",\"\",\"(755\",\")\",\"\",\"\",\"6,894\",\"\",\"\",\"\",\"(913\",\")%\"],[\"Gain from sale of priority review voucher, net\",\"\",\"\",\"152,366\",\"\",\"\",\"\",\"\\u201 Business Abeona Therapeutics Inc., a Delaware corporation (together with our subsidiaries, \u201cwe,\u201d \u201cour,\u201d \u201cAbeona\u201d or the \u201cCompany\u201d), is a commercial-stage biopharmaceutical company developing cell and gene therapies for life-threatening diseases. On April 28, 2025, the U.S. Food and Drug Administration (\u201cFDA\u201d) approved ZEVASKYN\u00ae (prademagene zamikeracel) gene-modified cellular sheets, also known as ZEVASKYN\u00ae, as the first and only autologous cell-based gene therapy for the treatment of wounds in adult and pediatric patients with recessive dystrophic epidermolysis bullosa (\u201cRDEB\u201d), a serious and debilitating genetic skin disease. There is no cure for RDEB, and ZEVASKYN\u00ae is the only FDA-approved product to treat RDEB wounds with a single surgical application. ZEVASKYN\u00ae was granted Orphan Drug and Rare Pediatric Disease designations by the FDA ZEVASKYN\u00ae is manufactured at our current Good Manufacturing Practices (\u201ccGMP\u201d) manufacturing facility in Cleveland, Ohio. Treatments are available through ZEVASKYN\u00ae qualified treatment centers, a network of centers that are selected based on their expertise in cell and gene therapy and trained to administer ZEVASKYN\u00ae. As of March 2026, we have activated 4 qualified treatment centers and are in discussions with additional centers as we continue to expand the ZEVASKYN\u00ae qualified treatment network. The Company\u2019s development portfolio also features adeno-associated virus (\u201cAAV\u201d)-based gene therapies designed to treat ophthalmic diseases with high unmet need using novel AIM\u2122 capsids. Abeona\u2019s novel AAV capsids are being evaluated to improve tropism profiles for a variety of devastating diseases. We partner with leading academic researchers, patient advocacy organizations, caregivers and other biotechnology companies to develop and deliver therapies that address the underlying cause of a broad spectrum of rare genetic diseases for which no effective treatment options exist today. Our Mission and Strategy Our strategy consists of:", "title": "ABEO - ABEONA THERAPEUTICS INC.", "url": "/company/ABEO/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001809104; latest 10-K filed 2026-02-24.", "text": "ALIT - Alight, Inc. / Delaware SIC 7389 Services-Business Services, NEC; CIK 0001809104; latest 10-K filed 2026-02-24. ALIT Alight, Inc. / Delaware 0001809104 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. This discussion includes forward-looking statements. See \u2018Disclaimer Regarding Forward-Looking Statements\u2019 for certain cautionary information regarding forward-looking statements and \u2018Risk Factors\u2019 in Item 1A. of this Annual Report for a list of factors that could cause actual results to differ materially from those predicted in those statements. This discussion includes references to non-GAAP financial measures as defined in the rules of the SEC. We present such non-GAAP financial measures as we believe such information is of interest to the investment community because it provides additional meaningful methods of evaluating certain aspects of the Company\u2019s operating performance from period to period on a basis that may not be otherwise apparent under U.S. generally accepted accounting principles (\u201cU.S. GAAP\u201d), and these provide a measure against which our businesses may be assessed in the future. Our methods of calculating these measures may differ from those used by other companies and therefore comparability may be limited. These financial measures should be viewed in addition to, not in lieu of, the consolidated financial statements for the year ended December 31, 2025. See \u2018Non-GAAP Financial Measures\u2019 below for further discussion. BUSINESS Overview Alight is a technology-enabled services company delivering human capital management solutions to many of the world\u2019s largest and most complex organizations. This includes the implementation and administration of employee benefits (e.g. health, wealth and leaves) solutions. Alight\u2019s numerous solutions and services are utilized year-round by employees and their family members in support of their overall health, wealth and wellbeing goals. Participants can access their solutions digitally, including through a mobile application on Alight Worklife\u00ae, our intuitive, cloud-based employee engagement platform. Through Alight Worklife, the Company believes it is defining the future of employee benefits by providing an enterprise level, integrated offering designed to drive better outcomes for organizations and individuals. We aim to be the pre-eminent employee experience partner by providing personalized experiences that help employees make the best decisions for themselves and their families about their health, wealth and wellbeing. At the same time, we help employers tackle their biggest people and business challenges by helping them understand prevalence, trends and risks to generate better outcomes for the future, such as improved employee productivity and retention, while also realizing a return on their people investment. Our data, analytics and AI allow us to deliver actionable insights that drive measurable outcomes, such as healthcare claims savings, for companies and their people. Business Combination On July 2, 2021 (the \u201cClosing Date\u201d), Alight Holding Company, LLC (the \"Predecessor\" or \"Alight Holdings\") completed a business combination (the \"Business Combination\") with a special purpose acquisition company. On the Closing Date, pursuant to the Business Combination Agreement, the special purpose acquisition company became a wholly owned subsidiary of Alight, Inc. (\u201cAlight\u201d, the \u201cCompany\u201d, \u201cwe\u201d \u201cus\u201d \u201cour\u201d or the \u201cSuccessor\u201d). As of December 31, 2025, Alight owned approximately 99% of the economic interest in the Predecessor, had 100% of the voting power and controlled the management of the Predecessor. The non-voting ownership percentage held by noncontrolling interest was less than 1% as of December 31, 2025. Divestiture On July 12, 2024, the Company, completed the previously announced sale (the \u201cTransaction\u201d) of the \u201cDivested Business\u201d entities affiliated with H.I.G. Capital, L.L.C. (collectively, \u201cBuyer\u201d), pursuant to the terms of the Stock and Asset Purchase Agreement (the \u201cPurchase Agreement\u201d), dated as of March 20, 2024. Under the terms of the Purchase Agreement, th Item 1. Business. Throughout this section, references to \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to Alight and its consolidated subsidiaries as the context so requires. Alight is a technology-enabled services company delivering human capital management solutions to many of the world\u2019s largest and most complex organizations. This includes the implementation and administration of employee benefits (e.g., health, wealth and leaves) solutions. Alight\u2019s numerous solutions and services are utilized year-round by employees and their family members in support of their overall health, wealth and wellbeing goals. Participants can access their solutions digitally, including through a mobile application on Alight Worklife\u00ae, our intuitive, cloud-based employee engagement platform. Through Alight Worklife, the Company believes it is defining the future of employee benefits by providing an enterprise level, integrated offering designed to drive better outcomes for organizations and individuals. We aim to be the pre-eminent employee experience partner by providing personalized experiences that help employees make the best decisions for themselves and their families about their health, wealth and wellbeing. At the same time, we help employers tackle their biggest people and business challenges by helping them understand prevalence, trends and risks to generate better outcomes for the future, such as improved employee productivity and retention, while also realizing a return on their people investment. Our data, analytics and AI allow us to deliver actionable insights that drive measurable outcomes, such as healthcare claims savings, for companies and their people. Principal Services and Segment We currently operate under one reportable segment, Employer Solutions. Employer Solutions is driven by our Alight Worklife platform, and includes integrated benefits administration, healthcare navigation, financial wellbeing, leave of absence management and retiree healthcare. We leverage data acros Item 1A. Risk Factors. RISK FACTORS In addition to the other information in this Annual Report, the following risk factors should be considered carefully in evaluating our Company and our business. Any of the following risks could materially and adversely affect our business financial condition and results of operat", "title": "ALIT - Alight, Inc. / Delaware", "url": "/company/ALIT/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001650664; latest 10-K filed 2026-03-09.", "text": "EDIT - Editas Medicine, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001650664; latest 10-K filed 2026-03-09. EDIT Editas Medicine, Inc. 0001650664 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K contains forward-looking statements that involve substantial risks and uncertainties. The words \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201cwould,\u201d and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. There are a number of important risks and uncertainties that could cause our actual results to differ materially from those indicated by forward-looking statements. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions, and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements included in this Annual Report on Form 10-K, particularly in the section entitled \u201cRisk Factors\u201d in Part I, Item 1A that could cause actual results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that we may make. You should read this Annual Report on Form 10-K and the documents that we have filed as exhibits to this Annual Report on Form 10-K completely and with the understanding that our actual future results may be materially different from what we expect. The forward-looking statements contained in this Annual Report on Form 10-K are made as of the date of this Annual Report on Form 10-K, and we do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Overview We are a pioneering gene editing company dedicated to developing potentially transformative genomic medicines to treat a broad range of serious diseases. We have developed a proprietary gene editing platform based on CRISPR technology and we continue to expand its capabilities. Our product development strategy is to target diseases where gene editing can be used to enable or enhance therapeutic outcomes for patients, while maximizing probability of technical, regulatory and commercial success. We are focused on the development of in vivo gene editing medicines utilizing functional upregulation, which aims to increase the expression of a normal gene copy and its normal protein function to treat diseases caused by genetic mutations that eliminate or disrupt normal function. We believe the ability to provide in vivo gene editing, in which the medicine is injected or infused into the patient to edit the cells inside their body, and functionally upregulates normal gene expression and normal protein function in the target tissues holds the potential to significantly expand the addressable therapeutic possibilities of CRISPR-based gene editing. To that end, our preclinical efforts are also focused on the creation of a \u201cplug \u2018n play\u201d lipid nanoparticle (\u201cLNP\u201d) platform to enable targeted delivery of in vivo gene editing medicines to multiple cells and tissues, including the liver, hematopoietic stem cells (\u201cHSCs\u201d), and other cells and tissues. In September 2025, we announced the nomination of our lead in vivo development candidate, EDIT-401, an experimental, potential best-in-class, one-time therapy to significantly reduce LDL-cholest Item 1. Business We are a pioneering gene editing company dedicated to developing potentially transformative genomic medicines to treat a broad range of serious diseases. The promise of genomic medicines is supported by the advancing knowledge of the human genome and by harnessing the progress in technologies for cell therapy, gene therapy, and, most recently, gene editing. We believe this progress sets the stage for us to create medicines with the potential to have a durable benefit for patients. Our core capability in gene editing uses the technology known as CRISPR (clustered, regularly interspaced, short palindromic repeats) to allow us to create molecules that efficiently and specifically edit DNA. Our mission is to translate the promise of gene editing into a broad class of differentiated, transformational medicines for previously untreatable diseases. We have developed a proprietary gene editing platform based on CRISPR technology and we continue to expand its capabilities. CRISPR uses a protein-RNA complex composed of an enzyme, including either Cas9 (CRISPR associated protein 9) or Cas12a (CRISPR from Prevotella and Francisella 1, also known as Cpf1), bound to a guide RNA molecule designed to recognize a particular DNA sequence. Once the complex binds to the DNA sequence it is designed to recognize, the complex makes a specific cut in the DNA. We believe we are the only human gene editing company with a platform that includes CRISPR/Cas9, CRISPR/Cas12a, engineered forms of both of these CRISPR systems, and foundational intellectual property for both of these CRISPR systems. Because of the broad nature of this platform, we believe we can create gene editing molecules for more than 95% of the human genome. Our Strategy We seek to be a leader in in vivo gene editing, leveraging cutting edge gene editing technology to deliver transformative therapies that simplify the usability for patients, minimize the burdens to patients and healthcare systems, and are m Item 1A. Risk Factors Our business is subject to numerous risks. The following important factors, among others, could cause our actual results to differ materially from those expressed in forward-looking statements made by us or on our behalf in this Annual Report on Form 10-K and ot", "title": "EDIT - Editas Medicine, Inc.", "url": "/company/EDIT/" }, { "kind": "company", "summary": "SIC 6500 Real Estate; CIK 0000844059; latest 10-K filed 2026-04-15.", "text": "FRPH - FRP HOLDINGS, INC. SIC 6500 Real Estate; CIK 0000844059; latest 10-K filed 2026-04-15. FRPH FRP HOLDINGS, INC. 0000844059 6500 Real Estate MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion includes a non-GAAP financial measure within the meaning of Regulation G promulgated by the Securities and Exchange Commission to supplement the financial results as reported in accordance with GAAP. The non-GAAP financial measure discussed is pro-rata net operating income (NOI). The Company uses this metric to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its operating and financial performance. This measure is not, and should not be viewed as, a substitute for GAAP financial measures. Refer to \u201cNon-GAAP Financial Measure\u201d below in this annual report 40 Table of contents for a more detailed discussion, including reconciliations of this non-GAAP financial measure to its most directly comparable GAAP financial measure. Executive Overview FRP Holdings, Inc. (\u201cFRP\u201d or the \u201cCompany\u201d) is a real estate development, asset management and operating company business. Our properties are located in the Mid-Atlantic and southeastern United States and consist of: Residential/mixed-use apartments in Washington, D.C., Greenville, SC, and Florida; Warehouse or office properties in Maryland, New Jersey and Florida either existing or under development; Mining royalty lands, some of which will have second lives as development properties; Properties held for sale. We believe our present capital structure, liquidity and land provide us with years of opportunities to increase recurring revenue and long-term value for our shareholders. We intend to focus on our core business activity of real estate development, asset management and operations. We are developing a broad range of asset types that we believe will provide acceptable rates of return, grow recurring revenues and support future growth. Capital commitments will be funded with cash proceeds from completed projects, existing cash, owned-land, partner capital and financing arrangements. Timing of projects may be subject to delays caused by factors beyond our control. Reportable Segments We conduct all of our business in the following four reportable segments: (1) multifamily (2) industrial and commercial (3) mining royalty lands and (4) development. For more information regarding our reportable segments, see Note 10. Business Segments of our consolidated financial statements included in this annual report. Multifamily Segment. As of December 31, 2025 the Multifamily segment included six stabilized joint ventures which own and manage apartment buildings and any associated retail. These assets create revenue and cash flows through tenant rental payments and reimbursements for building operating costs. The Company\u2019s residential units typically lease for 12 \u2013 15 month lease terms. If no notice to move out or renew is made, then the leases go month-to-month until notification of termination or renewal is received. Renewal terms are typically 9 \u2013 12 months. The Company also leases retail spaces at apartment/mixed-use properties. The retail leases are typically 10 - 15 year leases with options to renew for another five years. Retail leases at these properties also include percentage rents which collect on average 3-6% of annual sales when a tenant exceeds a breakpoint stipulated by each individual lease. All base rent revenue is recognized on a straight-line basis. The major cash outlays incurred in this segment are for property taxes, full service maintenance, property management, utilities and marketing. Industrial and Commercial Segment. The Industrial and Commercial segment owns, leases and manages commercial properties. These assets create revenue and cash flows through tenant rental payments, lease management fees and reimbursements for building operating costs. The Company\u2019s industrial warehouses typically lease for terms ranging from 3 \u2013 10 years often with one or two renewal options. All base rent revenue is recogniz Item 1. BUSINESS. FRP Holdings, Inc., a Florida corporation (the \u201cCompany\u201d) was incorporated on April 22, 2014 in connection with a corporate reorganization that preceded the Spin-off of Patriot Transportation Holding, Inc. The Company\u2019s predecessor issuer was formed on July 20, 1988. The business of the Company is conducted through our wholly-owned subsidiaries FRP Development Corp., a Maryland corporation, and Florida Rock Properties, Inc., a Florida corporation, and the various subsidiaries and joint ventures of each. Our Business. FRP Holdings, Inc. is engaged in the real estate business, namely (i) leasing and management of industrial and commercial properties (the \u201cIndustrial and Commercial Segment\u201d), (ii) leasing and management of mining royalty land owned by the Company (the \u201cMining Royalty Lands Segment\u201d), (iii) real property acquisition, entitlement, development and construction primarily for apartment, retail, industrial, and office (the \u201cDevelopment Segment\u201d), and (iv) management of mixed-use residential/retail properties owned through joint ventures (the \u201cMultifamily Segment\u201d). Our investments in real estate partnerships not wholly owned by FRP which are conducted through limited liability corporations (\u201cLLC\u201d) are also referred to as joint ventures. The Industrial and Commercial Segment owns, leases and manages in-service commercial properties. Currently this includes ten warehouses in three business parks, an office building partially occupied by the Company, and two ground leases all wholly owned by the Company. This segment will also include joint ventures of commercial properties when they are stabilized. Our Mining Royalty Lands Segment owns several properties totaling approximately 16,640 acres currently under lease for mining rents or royalties (this does not include the 4,280 acres owned in our Brooksville joint venture 50/50 with Vulcan Materials). Other than one location in Virginia, all of these properties are located in Florida and Georg Item 1A. RISK FACTORS. Our future results may be affected by a number of factors over which we have little or no control. The following issues, uncertainties, and risks, among others, should be considered in evaluating our business and outlook. Also, note that additional risks not currently identified or known to us could also negatively impact our business or financial resu", "title": "FRPH - FRP HOLDINGS, INC.", "url": "/company/FRPH/" }, { "kind": "company", "summary": "SIC 6162 Mortgage Bankers & Loan Correspondents; CIK 0000873860; latest 10-K filed 2026-02-17.", "text": "ONIT - ONITY GROUP INC. SIC 6162 Mortgage Bankers & Loan Correspondents; CIK 0000873860; latest 10-K filed 2026-02-17. ONIT ONITY GROUP INC. 0000873860 6162 Mortgage Bankers & Loan Correspondents ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars in millions, including for charts, except per share amounts and unless otherwise indicated) The Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations section of this Form 10-K generally discusses 2025 and 2024 items and provides year-to-year comparisons between 2025 and 2024. Discussions of year-to-year comparisons between 2024 and 2023 are not included in this Form 10-K and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 21, 2025. OVERVIEW General We are a leading non-bank mortgage servicer and originator providing solutions through our primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH is one of the largest non-bank servicers in the country based on UPB, focused on delivering a variety of servicing and lending programs. PHH is also one of the largest correspondent lenders in the U.S. based on origination UPB. Liberty is one of the nation\u2019s largest reverse mortgage lenders and servicers based on origination and securitization UPB, dedicated to education and providing loans that help customers meet their personal and financial needs by drawing upon their home equity. We serviced or subserviced 1.4 million loans with a total UPB of $328.3 billion on behalf of more than 3,900 investors and 119 subservicing clients as of December 31, 2025. We service all mortgage loan classes, including conventional, government-insured, non-Agency, small-balance commercial and multi-family loans. Our Originations business is part of our balanced business model to generate gains on loan sales and profitable returns, and to support the replenishment and the growth of our servicing portfolio. Through our retail, correspondent and wholesale channels, we originate and purchase conventional and government-insured forward and reverse mortgage loans that we sell or securitize on a servicing retained basis. In addition, we grow our mortgage servicing volume through MSR flow purchase agreements, Agency Cash Window and co-issue programs, bulk MSR purchase transactions, and subservicing agreements. 48 Volume Overview The table below summarizes the new volume of Originations by channel during 2025, compared with the volume of the two preceding years. The volume of Originations is a key driver of the profitability of our Originations segment, along with margins, and also a key driver of the replenishment and growth of our Servicing segment. In 2025, we added $84.8 billion of new volume, with $33.3 billion of subservicing additions, $42.7 billion of new Originations production and $8.8 billion bulk acquisitions, as further detailed in the below table. [[GREPCENT_TABLE]] [[\"$ In billions\",\"UPB\",\"\",\"$ Change\"],[\"\",\"Years Ended December 31,\",\"\",\"2025 vs 2024\",\"\",\"2024 vs 2023\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Mortgage servicing originations\"],[\"Retail - Consumer Direct MSR (1)\",\"$\",\"1.9\",\"\",\"$\",\"0.9\",\"\",\"$\",\"0.4\",\"\",\"$\",\"1.0\",\"\",\"$\",\"0.5\"],[\"Correspondent MSR (1)\",\"22.3\",\"\",\"16.1\",\"\",\"12.2\",\"\",\"6.2\",\"\",\"4.0\"],[\"Flow and Agency Cash Window MSR purchases (2)\",\"17.8\",\"\",\"11.9\",\"\",\"9.1\",\"\",\"5.9\",\"\",\"2.8\"],[\"Reverse mortgage origination (3)\",\"0.6\",\"\",\"0.8\",\"\",\"0.7\",\"\",\"(0.1)\",\"\",\"0.1\"],[\"Total Originations production\",\"42.7\",\"\",\"29.7\",\"\",\"22.3\",\"\",\"13.0\",\"\",\"7.4\"],[\"Bulk MSR purchases (2)\",\"8.8\",\"\",\"10.9\",\"\",\"0.5\",\"\",\"(2.1)\",\"\",\"10.4\"],[\"Total servicing additions\",\"51.5\",\"\",\"40.6\",\"\",\"22.8\",\"\",\"10.9\",\"\",\"17.9\"],[\"Interim forward subservicing\",\"12.9\",\"\",\"7.9\",\"\",\"6.8\",\"\",\"5.0\",\"\",\"1.1\"],[\"Other new subservicing\",\"20.4\",\"\",\"37.0\",\"\",\"20.8\",\"\",\"(16.6)\",\"\",\"16.2\"],[\"Total subservicing additions (4)\",\"33.3\",\"\",\"44.9\",\"\",\"27.6\",\"\",\"(11.6)\",\"\",\"17.3\"],[\"Total servicing and subservicing UPB additions\",\"$\",\"84.8\",\"\",\"$\",\"85.5\",\"\",\"$\",\"50.4\",\"\",\"$ ITEM 1. BUSINESS When we use the terms \u201cOnity,\u201d \u201cONIT,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour,\u201d we are referring to Onity Group Inc. and its consolidated subsidiaries. OVERVIEW We are a financial services company that services and originates both forward and reverse mortgage loans, through our primary brands, PHH Mortgage and Liberty Reverse Mortgage. We are a leader in the servicing industry that is focused on creating positive outcomes for homeowners, clients, and investors. This long-standing core competency continues to be a guiding principle as we seek to grow our business and improve our financial performance. We are headquartered in West Palm Beach, Florida with offices and operations in the U.S., in the United States Virgin Islands (USVI), in India and the Philippines. At December 31, 2025, approximately 75% of our workforce was located outside the U.S. Onity Group Inc. is a Florida corporation organized in February 1988. With our predecessor companies, we have been servicing residential mortgage loans since 1988. We have been originating forward mortgage loans since 2012 and reverse mortgage loans since 2013. BUSINESS MODEL AND SEGMENTS We seek to create value and maximize returns for shareholders through balance and diversification, prudent capital-light growth, industry-leading cost structure, top tier operating performance and capabilities, and dynamic asset management. Our core competencies revolve around our Servicing business with an Originations platform to replenish and pursue growth of our servicing portfolio. Our Servicing business is comprised of two components, our owned mortgage servicing rights (MSR) servicing portfolio and our subservicing portfolio that complement each other when managing scale. We invest our capital to fund purchases and originations of our owned MSRs, for which we establish a targeted return on investment. Our net return includes servicing revenue net of servicing costs, less MSR portfolio runoff, and less MSR and advance funding ITEM 1A. RISK FACTORS An investment in our common stock involves significant risk. We describe below material risks that management believes affect or could affect us. Understanding these risks is important to understanding any statement in this Annual Report and to evaluating an investment in our common stock. You should c", "title": "ONIT - ONITY GROUP INC.", "url": "/company/ONIT/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001791145; latest 10-K filed 2026-03-30.", "text": "GBFH - GBank Financial Holdings Inc. SIC 6022 State Commercial Banks; CIK 0001791145; latest 10-K filed 2026-03-30. GBFH GBank Financial Holdings Inc. 0001791145 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Introduction The objective of this section is to provide an overview of our results of operations and financial condition by focusing on changes in certain key measures from year to year. It should be read in conjunction with our consolidated financial statements and the related Notes thereto (our \u201cConsolidated Financial Statements\u201d) and other financial data presented elsewhere in this Annual Report on Form 10-K, particularly the information regarding our business operations described in Item 1. A detailed discussion comparing 2024 and 2023 results is incorporated herein by reference to our Company\u2019s Registration Statement on Form S-1/A filed with the SEC on April 1, 2025. Executive Summary We generate the majority of our revenue through net interest income, calculated as the difference between interest earned on loans and investments and interest paid on deposits and borrowings. Growth in net interest income is dependent upon balance sheet growth and maintaining or increasing our net interest margin, which is calculated as net interest income as a percentage of average interest-earning assets. We also generate non-interest income through fees earned on the various services and products offered to our customers, net interchange fees earned on credit card transaction volume, and through gains on sales of the guaranteed portion of SBA and USDA loans. Offsetting these revenue sources are provisions for credit losses, non-interest expenses, and income taxes. The following table presents a summary of our earnings and selected performance ratios: [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"(Dollars in thousands, except per share data)\",\"2025\",\"\",\"\",\"2024\"],[\"Net Income\",\"$\",\"20,929\",\"\",\"\",\"$\",\"18,636\"],[\"Diluted Earnings Per Share\",\"$\",\"1.44\",\"\",\"\",\"$\",\"1.39\"],[\"Return on Average Assets\",\"\",\"1.70\",\"%\",\"\",\"\",\"1.85\",\"%\"],[\"Return on Average Equity\",\"\",\"13.61\",\"%\",\"\",\"\",\"16.14\",\"%\"],[\"Net Interest Margin\",\"\",\"4.33\",\"%\",\"\",\"\",\"4.79\",\"%\"],[\"Non-Performing Assets to Total Assets\",\"\",\"2.75\",\"%\",\"\",\"\",\"1.26\",\"%\"],[\"Net Charge-Off (Recoveries) to Average Loans\",\"\",\"0.33\",\"%\",\"\",\"\",\"0.02\",\"%\"]] [[/GREPCENT_TABLE]] For the years ended December 31, 2025 and 2024, we experienced strong balance sheet growth, primarily driven by increases in loans, cash equivalents and interest-bearing deposits. We experienced favorable volume-driven increases in net interest income as well as a 56% increase in noninterest income driven by a significant increase in credit card net interchange fees. Financial highlights for the year ended December 31, 2025 are presented below: [[GREPCENT_TABLE]] [[\"\",\"\\u00b7\",\"Net income of $20.9 million and diluted earnings per share of $1.44\"],[\"\",\"\\u00b7\",\"Net interest margin of 4.33%\"],[\"\",\"\\u00b7\",\"Loan growth of $143.3 million, or 18% year over year\"],[\"\",\"\\u00b7\",\"Credit card transaction volume of $420.5 million and net interchange fees of $7.8 million, compared to $73.8 million and $1.4 million, respectively, for the year ended December 31, 2024\"],[\"\",\"\\u00b7\",\"Principal balances of loans sold of $353.9 million, an increase of $37.5 million, or 12%, compared to principal balances of loans sold of $316.4 million during the year ended December 31, 2024\"],[\"\",\"\\u00b7\",\"Gain on sale of loans of $12.3 million, an increase of $265 thousand, or 2%, compared to $12.1 million of gain on sale of loans for the year ended December 31, 2024\"],[\"\",\"\\u00b7\",\"Guaranteed loans, including loans held for sale and loans held for investment, totaled $229.7 million as of December 31, 2025, compared to $233.9 million as of December 31, 2024\"],[\"\",\"\\u00b7\",\"Non-performing assets of $37.4 million as of December 31, 2025, representing 2.75% of total assets, compared to $14.2 million of non-performing assets as of December 31, 2024\"]] [[/GREPCENT_TABLE]] 34 Business Strategy Our primary business strategy is to be a forward-thinking prov Item 1. Business. The disclosures set forth in this Item are qualified by the section captioned \u201cCautionary Note Regarding Forward-Looking Statements\u201d, and other cautionary statements set forth elsewhere in this Annual Report on Form 10-K. GBank Financial Holdings Inc., a Nevada corporation (our \u201cCompany\u201d), is a bank holding company that conducts business through its wholly owned subsidiary, GBank, a Nevada corporation (the \u201cBank\u201d, and together with our Company, \u201cwe\u201d, \u201cus\u201d, or \u201cour\u201d). GBank is a Nevada state-chartered bank, with deposits insured by the FDIC. Through the Bank, we deliver a diversified suite of financial services. Founded in 2007, GBank serves clients locally through two full-service commercial banking branches in Las Vegas, Nevada while extending its reach nationwide through specialized government-guaranteed lending programs, innovative Gaming FinTech and payment solutions, and the GBank Visa Signature\u00ae Card. As the result of a reorganization approved by our stockholders in 2017, the Bank became our Company\u2019s wholly owned subsidiary. The Bank\u2019s deposits are insured up to the applicable limits by the FDIC. Our administrative headquarters is located at 9115 West Russell Road, Suite 110, Las Vegas, Nevada 89148. The Bank provides general commercial banking services with an emphasis on serving the needs of small- and medium-sized businesses, high net worth individuals, professionals, and investors. The Bank offers a full complement of consumer deposit products and is focused on delivering a premium level of service. The Bank is committed to fulfilling our responsibilities under the Community Reinvestment Act in assessing and attempting to meet the credit needs of all members of the communities we serve. We derive our revenue from interest on loans, interest on investments, various fees and service charges, loan servicing, and gains on loan sales at the Bank level. The Bank offers a full range of deposit and loan products for businesses including rem Item 1A. Risk Factors. In the course of conducting our business operations, we are exposed to a variety of risks, some of which are inherent in the financial services industry and others of which are more specific to our own business. The following discussion addresses the most significant risks that could affect our busine", "title": "GBFH - GBank Financial Holdings Inc.", "url": "/company/GBFH/" }, { "kind": "company", "summary": "SIC 7812 Services-Motion Picture & Video Tape Production; CIK 0001484769; latest 10-K filed 2025-03-03.", "text": "FUBO - FuboTV Inc. SIC 7812 Services-Motion Picture & Video Tape Production; CIK 0001484769; latest 10-K filed 2025-03-03. FUBO FuboTV Inc. 0001484769 7812 Services-Motion Picture & Video Tape Production Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis by our management of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the sections titled \u201cForward-Looking Statements\u201d and \u201cRisk Factors\u201d for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. This section generally discusses fiscal years 2024 and 2023 and year-to-year comparisons between those years. Discussions of fiscal year 2022 and year-to-year comparisons between fiscal years 2023 and 2022 that are not included in this Form 10-K can be found in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission (\u201cSEC\u201d) on March 4, 2024. Overview We are a sports-first, cable TV replacement product, offering subscribers access to tens of thousands of live sporting events annually, as well as leading news and entertainment content, both live and on demand. Fubo allows customers to access content through streaming devices and on Smart TVs, mobile phones, tablets, and computers. Our business motto is \u201ccome for the sports, stay for the entertainment.\u201d First, we leverage sporting events to acquire subscribers at efficient acquisition costs, given the built-in demand for sports. We then leverage our technology and data to drive higher engagement and induce retentive behaviors such as watching content, favoriting channels, recording shows, and increasing discovery through our proprietary machine learning recommendations engine. We monetize our growing base of highly engaged subscribers by driving higher average revenue per user. We drive our business model with three core strategies: \u2022Grow our paid subscriber base \u2022Optimize our content portfolio, engagement and retention \u2022Increase monetization through subscription and advertising. Nature of Business We are a leading live TV streaming platform for sports, news, and entertainment. Our revenues are almost entirely derived from the sale of subscription services and the sale of advertisements in the United States, though we have expanded into several international markets, with operations in Canada, Spain and France. Our subscription-based services are offered to consumers who can sign-up for accounts at https://fubo.tv, through which we provide basic plans with the flexibility for consumers to purchase the add-ons and features best suited for them. Besides the website, consumers can also sign-up via some TV-connected devices. Our platform provides, what we believe to be, a superior viewer experience, with a broad suite of unique features and personalization capabilities such as multi-channel viewing capabilities, favorites lists and a dynamic recommendation engine as well as 4K streaming and Cloud DVR offerings. On October 17, 2022, we ceased operation of our business-to-consumer online mobile sportsbook (\"Fubo Sportsbook\") in connection with the dissolution of our wholly-owned subsidiary, Fubo Gaming, Inc. (\"Fubo Gaming\"). The results of operations of Fubo Sportsbook are presented as discontinued operations in the accompanyi Item 1. Business. Our Mission With a global mission to aggregate the best in TV, including premium sports, news and entertainment content, through a single app, Fubo aims to transcend the industry\u2019s current TV model. Overview We are a sports-first, Pay TV replacement product offering subscribers access to tens of thousands of live sporting events annually, alongside leading news and entertainment content, both live and on demand. Fubo\u2019s platform is designed to empower customers to seamlessly access content through streaming devices and on Smart TVs, mobile phones, tablets, and computers. Live TV streaming has disrupted the traditional Pay TV model (linear video delivered via cable or satellite providers for a paid subscription), which we refer to as \u201cPay TV.\u201d This disruption has shifted billions of dollars in subscription and advertising revenue to over-the-top (\u201cOTT\u201d) streaming platforms, as evidenced by the accelerating rate of Pay TV cord-cutting in the United States. We believe there remains a significant opportunity for us to capitalize on the cord-cutting movement. We offer subscribers a live TV streaming service with the option to purchase incremental features, including additional content or enhanced functionality (\u201cAttachments\u201d) best suited to their preferences. Our subscription packages (including Fubo Essential, Pro, Elite, and others) boast a broad mix of top Nielsen-ranked channels across sports, news, and entertainment. Our offering sits on a proprietary technology platform built specifically for live TV and sports viewership, leveraging our first-party data. This enables us to consistently introduce new features and functionalities. Unlike video on demand (\"VOD\")-only services, live TV streaming demands sophisticated infrastructure due to the nuances of regularly refreshing live programming. Notably, our video delivery platform caters to all major sports leagues and entertainment content owners. For example, Apple TV and certain Roku users can e Item 1A. Risk Factors. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report, including our consolidated financial statements and related notes and the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition ", "title": "FUBO - FuboTV Inc.", "url": "/company/FUBO/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001710482; latest 10-K filed 2026-03-13.", "text": "JMSB - John Marshall Bancorp, Inc. SIC 6022 State Commercial Banks; CIK 0001710482; latest 10-K filed 2026-03-13. JMSB John Marshall Bancorp, Inc. 0001710482 6022 State Commercial Banks Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the consolidated financial condition and results of operations of the Company and its subsidiary should be read in conjunction with the consolidated financial statements and related notes presented in Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K. Historical results of operations and the percentage relationships among any amounts included, and any trends that may appear, may not be indicative of results of operations or trends in operations for any future periods. Use of Non-GAAP Financial Measures This discussion and analysis contains financial information determined by methods other than in accordance with GAAP. Management believes that the supplemental non-GAAP information provides a better comparison of period-to-period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company\u2019s financial condition and therefore, such information is useful to investors. Non-GAAP measures used in this report consist of tax-equivalent net interest income and net interest margin. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Where the non-GAAP financial measure is used, the comparable GAAP financial measure, as well as reconciliation to that comparable GAAP financial measure, a statement of the company\u2019s reasons for utilizing the non-GAAP financial measure, can be found within this discussion and analysis. Overview John Marshall Bancorp, Inc. is a bank holding company headquartered in Reston, Virginia primarily serving the Washington, D.C. metropolitan area. The material business operations of the Company are performed through its only subsidiary, John Marshall Bank. As a result, the discussion and analysis within this section primarily relate to activities conducted at the Bank. As with most community banks, the Bank derives a significant portion of its income from interest received on loans and investments. The Bank\u2019s primary source of funding is deposits, both interest-bearing and non-interest-bearing. To account for credit risk inherent in all loans, the Bank maintains an allowance for loan credit losses to absorb lifetime losses on existing loans. The Bank establishes and maintains this allowance by recording a provision for loan credit losses against earnings. In addition to net interest income, the Bank also generates income through service charges on deposits, insurance commission income, merchant services fee income, swap fee income and gain on sale of the guaranteed portion of U.S. Small Business Administration (\u201cSBA\u201d) 7(a) loans. Net income for the year ended December 31, 2025 was $21.2 million ($1.49 per diluted common share) compared to $17.1 million ($1.20 per diluted common share) for the year ended December 31, 2024, representing a 24.0% and 24.2% increase in net income and earnings per diluted common share, respectively. The increase during 2025 was driven by a $9.5 million increase in net interest income, which was partially offset by a $2.1 million increase in provision for credit losses and a $1.8 million increase in non-interest expense. The increase in net interest income was driven primarily by the decrease in 45 Table of Contents rates of interest-bearing deposits coupled with increases in average balances and yields of the loan portfolio. The net interest margin for the twelve months ended December 31, 2025 was 2.68% as compared to 2.28% for the same period in the prior year. An improvement in net interest margin during the current year was attributable to management\u2019s proactive approach in repricing deposits concurrently with each of the three federal funds rate cuts totaling 75 basis Item 1.Business General Overview John Marshall Bancorp, Inc. was organized as a Virginia corporation in 2016 to serve as the holding company for John Marshall Bank. The Company and the Bank are each headquartered in Reston, Virginia (approximately 20 miles west of Washington, D.C.). The Company commenced operations as a bank holding company on March 1, 2017 following a reorganization transaction in which it became the Bank\u2019s holding company. This transaction was treated as an internal reorganization as all shareholders of the Bank became shareholders of the Company. As a bank holding company, the Company is subject to regulation and supervision by the Federal Reserve. The Company has no material operations other than its sole ownership of the Bank. The Bank is a Virginia chartered commercial bank that commenced operations in 2006. The Bank is supervised and regulated by the Federal Reserve and the Bureau of Financial Institutions of the Virginia State Corporation Commission (the \u201cVirginia BFI\u201d). We primarily serve small to medium-sized businesses, their owners and employees, professional corporations, non-profits and individuals with a broad range of banking products and financial services. Some of the products and services that we offer include commercial checking, savings and money market accounts, certificates of deposit, treasury and cash management services, commercial and industrial loans, commercial real estate loans, residential and commercial construction and development loans, U.S. Small Business Administration (\u201cSBA\u201d) 7(a) loans, consumer mortgages, online banking, and mobile banking. As of December 31, 2025, we had total consolidated assets of $2.33 billion, gross loans of $1.97 billion, total deposits of $1.97 billion and total shareholders\u2019 equity of $265.6 million. Market Area A key factor in our ability to achieve our strategic goals and create shareholder value is the attractiveness of our market area. The market area in which we operate has se Item 1A.Risk Factors In addition to the other information set forth in this Annual Report on Form 10-K, including the information addressed under \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d and our consolidated financial stat", "title": "JMSB - John Marshall Bancorp, Inc.", "url": "/company/JMSB/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001675644; latest 10-K filed 2026-03-16.", "text": "FVCB - FVCBankcorp, Inc. SIC 6022 State Commercial Banks; CIK 0001675644; latest 10-K filed 2026-03-16. FVCB FVCBankcorp, Inc. 0001675644 6022 State Commercial Banks Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following presents management's discussion and analysis of our consolidated financial condition at December 31, 2025 and 2024 and the results of our operations for the years ended December 31, 2025 and 2024. This discussion should be read in conjunction with our consolidated financial statements and the notes thereto appearing elsewhere in this report. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause results to differ materially from management's expectations. Overview We are a bank holding company headquartered in Fairfax County, Virginia. Our sole subsidiary, FVCbank, was formed in November 2007 as a community-oriented, locally-owned and managed commercial bank under the laws of the Commonwealth of Virginia. The Bank offers a wide range of traditional bank loan and deposit products and services to both our commercial and retail customers. Our commercial relationship officers focus on attracting small and medium sized businesses, commercial real estate developers and builders, including government contractors, non-profit organizations, and professionals. Our approach to our market features competitive customized financial services offered to customers and prospects in a personal relationship context by seasoned professionals. Net interest income is our primary source of revenue. We define revenue as net interest income plus noninterest income. We manage our balance sheet and interest rate risk exposure to maximize, and concurrently stabilize, net interest income. We do this by monitoring our liquidity position and the spread between the interest rates earned on interest-earning assets and the interest rates paid on interest-bearing liabilities. We attempt to minimize our exposure to interest rate risk, but are unable to eliminate it entirely. In addition to managing interest rate risk, we also analyze our loan portfolio for exposure to credit risk. Loan defaults and foreclosures are inherent risks in the banking industry, and we attempt to limit our exposure to these risks by carefully underwriting and then monitoring our extensions of credit. In addition to net interest income, noninterest income is a complementary source of revenue for us and includes, among other things, service charges on deposits and loans, income from our minority membership interest in ACM, merchant services fee income, insurance commission income, income from bank owned life insurance (\"BOLI\"), and gains and losses on sales of investment securities available-for-sale. Critical Accounting Estimates General The accounting principles we apply under GAAP are complex and require management to apply significant judgment to various accounting, reporting, and disclosure matters. Management must use assumptions, judgments, and estimates when applying these principles where precise measurements are not possible or practical. These policies are critical because they are highly dependent upon subjective or complex judgments, assumptions, and estimates. Changes in such judgments, assumptions, and estimates may have a significant impact on the consolidated financial statements. Actual results, in fact, could differ from initial estimates. The accounting policies we view as critical are those relating to judgments, assumptions, and estimates regarding the determination of the allowance for credit losses on our loan portfolio. Allowance for Credit Losses - Loans We maintain the allowance for credit losses (\"ACL\") at a level that represents management\u2019s best estimate of expected losses in our loan portfolio. Accounting Standards Codification (\"ASC\") 326 requires that an estimate of expected credit losses be immediately recognized and reevaluated over the contractual life of the financial asset. The ACL is a valuation account that is deducted from the amo Item 1. Business Overview The Company is a registered bank holding company headquartered in Fairfax, Virginia. We operate primarily through our sole subsidiary, FVCbank (the \"Bank\"), a community oriented, locally-owned and managed commercial bank organized under the laws of the Commonwealth of Virginia. We serve the banking needs of commercial businesses, nonprofit organizations, professional service entities, and their respective owners and employees located in the greater Washington, D.C. and Baltimore metropolitan areas. The Company was established as the holding company for the Bank in 2015. Since the Bank began operations in November 2007, it has grown largely organically, through de novo branch expansion, banker and customer acquisition, and two whole-bank acquisitions. In 2012, we completed the acquisition of 1st Commonwealth Bank of Virginia (\"1st Commonwealth\"), a $58.9 million asset savings and loan association in Arlington, Virginia. On October 12, 2018, we completed our acquisition of Colombo Bank (\"Colombo\"), which was headquartered in Rockville, Maryland, and which added banking locations in Washington, D.C., and Montgomery County and the City of Baltimore in Maryland. On August 31, 2021, we announced that the Bank made an investment in Atlantic Coast Mortgage, LLC (\"ACM\") for $20.4 million to obtain a 28.7% ownership interest in ACM. The Bank provides a warehouse lending facility to ACM, which includes a construction-to-permanent financing line, and has developed portfolio mortgage products to diversify our held to investment loan portfolio. Market Area We operate in one of the most economically dynamic and wealthy regions of the Washington and Baltimore Metropolitan Statistical Areas (\"MSA\"), focusing primarily on the Virginia counties of Arlington, Fairfax, Loudoun and Prince William and the independent cities located within those counties, as well as Washington, D.C. and its Maryland suburbs and Baltimore, Maryland and its surrounding suburb Item 1A. RISK FACTORS The material risks and uncertainties that we believe affect us are described below. Any of these risks, if they are realized, could materially adversely affect our business, financial condition and results of operations, and consequently, the market value of our common stock. Additional risks and uncertainties not currently kn", "title": "FVCB - FVCBankcorp, Inc.", "url": "/company/FVCB/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001527590; latest 10-K filed 2026-03-02.", "text": "RC - Ready Capital Corp SIC 6798 Real Estate Investment Trusts; CIK 0001527590; latest 10-K filed 2026-03-02. RC Ready Capital Corp 0001527590 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations 72 Introduction Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to provide a reader of our consolidated financial statements with a narrative from the perspective of our management on our financial condition, results of operations, liquidity and certain other factors that may affect our future results. Our MD&A is presented in five main sections: \u2022Overview \u2022Results of Operations \u2022Liquidity and Capital Resources \u2022Contractual Obligations and Off-Balance Sheet Arrangements \u2022Critical Accounting Estimates The following discussion should be read in conjunction with our consolidated financial statements and accompanying Notes included in Item 8, \u201cFinancial Statements and Supplementary Data,\u201d of this Form 10-K. The discussion and analysis of our financial condition and results of operations is for the year ended December 31, 2025 compared with the year ended December 31, 2024. Discussions of our financial condition and results of operations for the year ended December 31, 2024 compared with the year ended December 31, 2023 that have been omitted under this item can be found in Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in our Annual Report on Form 10-K/A for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission on September 30, 2025. In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. See \u201cForward- Looking Statements\u201d and \u201cCritical Accounting Estimates\u201d in this Form 10-K for certain other factors that may cause actual results to differ, materially, from those anticipated in the forward-looking statements included in this Form 10-K. Our actual results may differ materially from those in this discussion as a result of various factors, including but not limited to those discussed in Part, 1. Item 1A, \u201cRisk Factors\u201d in this Form 10-K. Overview Our Business We are a multi-strategy real estate finance company that originates, acquires, finances, and services LMM loans, SBA loans, construction loans, USDA loans and, to a lesser extent, MBS collateralized primarily by LMM loans, or other real estate-related investments. Our loans generally range in original principal amounts up to $40 million and are used by businesses to purchase real estate used in their operations or by investors seeking to acquire multi-family, office, retail, mixed use or warehouse properties. Our objective is to provide attractive risk-adjusted returns to our stockholders. In order to achieve this objective, we intend to grow our investment portfolio and believe that the breadth of our full-service real estate finance platform will allow us to adapt to market conditions and deploy capital in our asset classes and segments with the most attractive risk-adjusted returns. We completed the disposition of our Residential Mortgage Banking segment effective on June 30, 2025. In connection with this sale, we classified our Residential Mortgage Banking segment as a discontinued operation. For all periods presented, the operating results for these operations have been removed from continuing operations. Our MD&A has been adjusted to exclude discontinued operations unless otherwise noted. We report our activities in the following two operating segments: \u2022LMM Commercial Real Estate. We originate LMM loans across the full life-cycle of an LMM property including construction, bridge, stabilized and agency loan origination channels through our subsidiary, ReadyCap Commercial, LLC. These originated loans are generally held-for-investment or placed into securitization structures. As part of this segment, we originate Item 1. Business In this Form 10-K, we refer to Ready Capital Corporation and its subsidiaries as \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or \u201cour Company\u201d unless we specifically state otherwise or the context indicates otherwise. General We are a multi-strategy real estate finance company that originates, acquires, finances, and services LMM loans, SBA loans, construction loans, USDA loans and, to a lesser extent, MBS collateralized primarily by LMM loans, or other real estate-related investments. Our loans range in original principal amounts generally up to $40 million and are used by businesses to purchase real estate used in their operations or by investors seeking to acquire multi-family, office, retail, mixed use or warehouse properties. Our objective is to provide attractive risk-adjusted returns to our stockholders. In order to achieve this objective, we intend to grow our investment portfolio and believe that the breadth of our full-service real estate finance platform will allow us to adapt to market conditions and deploy capital to asset classes and segments with the most attractive risk-adjusted returns. We completed the disposition of our Residential Mortgage Banking segment effective on June 30, 2025. In connection with this sale, we classified our Residential Mortgage Banking segment as a discontinued operation on the consolidated statements of income, and excluded from continuing operations for all periods presented in this Form 10-K. Item 1. \u201cBusiness\u201d in this Form 10-K has been adjusted to exclude discontinued operations unless otherwise noted. We report our activities in the following two operating segments: \u2022LMM Commercial Real Estate. We originate LMM loans across the full life-cycle of an LMM property including construction, bridge, stabilized and agency loan origination channels through our subsidiary, ReadyCap Commercial, LLC (\u201cReadyCap Commercial\u201d). These originated loans are generally held-for- investment or placed into securitization structu Item 1A. Risk Factors Our business and operations are subject to a number of risks and uncertainties, the occurrence of which could adversely affect our business, financial condition, consolidated results of operations and ability to make distributions to stockholders and could cause the value of our capital stock to decline. The risks and uncertainties described below are not the o", "title": "RC - Ready Capital Corp", "url": "/company/RC/" }, { "kind": "company", "summary": "SIC 3089 Plastics Products, NEC; CIK 0001758021; latest 10-K filed 2026-03-13.", "text": "KRT - Karat Packaging Inc. SIC 3089 Plastics Products, NEC; CIK 0001758021; latest 10-K filed 2026-03-13. KRT Karat Packaging Inc. 0001758021 3089 Plastics Products, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes to the consolidated financial statements. This discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors including, but not limited to, those discussed in Part I, Item 1A. \u201cRisk Factors.\u201d and elsewhere in this Annual Report on Form 10-K. See \u201cForward Looking Statements\u201d above for further explanation. Due to rounding, numbers presented throughout this report may not add up precisely to totals we provide and percentages may not precisely reflect the absolute figures. Overview We are a rapidly-growing and nimble distributor and manufacturer of disposable foodservice products and related items, including food and take-out containers, bags, boxes, tableware, cups, lids, cutlery, straws, specialty beverage ingredients, gloves, janitorial supplies, and other products. Our products are available in plastic, paper, biopolymer-based, and other compostable forms. We are a leader in product innovation, offering a growing line of environmentally-friendly products to our customers, who are increasingly focused on sustainability. We also offer customized solutions to our customers, including new product development, design, printing, and logistics services. We operate our business strategically and with broad flexibility to provide both our large and small customers with the wide spectrum of products they need to successfully run and grow their businesses. We believe we have established ourselves as a differentiated and reliable provider of high-quality products relative to our competitors. Our operating model entails generating the majority of our revenue from the distribution of products sourced from a diversified global network, complemented by select manufacturing capabilities in the U.S., which allows us to provide customers with broad product choices and customized offerings with short lead times. This model provides us with the flexibility to adjust the mix of our product offering from import and manufacturing in evolving economic environments to drive operating efficiency and sustained margin expansion and ensure quality of our customer service and product availability during global supply chain disruptions. Starting in 2023 and continuing into 2025, in light of the rising domestic labor and other operating costs and dropping ocean freight rates, we executed a strategy to pivot into a more asset-light model by increasing imports and scaling back domestic manufacturing. Amidst the evolving tariff environment throughout 2025, we have placed our strategic emphasis on expanding and diversifying our global vendor network to enhance the resilience of our supply chain, minimize tariff impact on our operations and financial results, and maintain a strong margin profile and operating cash flows. We are prioritizing strong partnerships with reliable and cost-efficient sources and more favorable trade terms, negotiating additional vendor support, exploring opportunities to collaborate with vendors in new countries and geographies, while reallocating our own domestic production capabilities to optimize overall product margin. We operate an approximately 500,000 square foot distribution center located in Rockwall, Texas, an approximately 300,000 square foot distribution center in Chino, California, and an approximately 76,000 square foot distribution center located in Kapolei, Hawaii. We have selected manufacturing capabilities in all of these facilities. In addition, we operate seven other distribution centers located in Puyallup, Washington; Branchburg, New Jersey; Kapolei, Hawaii; Aurora, Illinois; Mesa, Arizo ITEM 1. BUSINESS As used in this Annual Report on Form 10-K, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, \u201cKarat\u201d, \u201cthe Company\u201d or \u201cour Company\u201d refer to Karat Packaging Inc., a Delaware corporation, and, unless the context requires otherwise, our operating subsidiaries. References to \u201cGlobal Wells\u201d or \u201cour variable interest entity\u201d refer to Global Wells Investment Group LLC, a Texas limited liability company and our consolidated variable interest entity, in which the Company has an equity interest and which is controlled by one of our stockholders. References to \u201cLollicup\u201d refer to Lollicup USA Inc., our wholly-owned subsidiary incorporated in California in 2001 and redomesticated to the State of Texas in October 2025. Our Company We are a rapidly-growing and nimble distributor and manufacturer of disposable foodservice products and related items, including food and take-out containers, bags, boxes, tableware, cups, lids, cutlery, straws, specialty beverage ingredients, gloves, janitorial supplies, and other products. Our products are available in plastic, paper, biopolymer-based, and other compostable forms. We are a leader in product innovation, offering a growing line of environmentally-friendly products to our customers, who are increasingly focused on sustainability. We also offer customized solutions to our customers, including new product development, design, printing and logistics services. We operate our business strategically and with broad flexibility to provide both our large and small customers with the wide spectrum of products they need to successfully run and grow their businesses. We believe we have established ourselves as a differentiated provider of high-quality products relative to our competitors. Our operating model entails generating the majority of our revenue from the distribution of products sourced from a diversified global network of nearly 150 vendors, complemented by select manufacturing capabilities in the U.S., which allows us to provide customers with ITEM 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. Investors should carefully consider the risks described below and all of the other information set forth in this Annual Report on Form 10-K, including our financial statements and related notes and \"Management's Discussion and Analysis of Financial Condit", "title": "KRT - Karat Packaging Inc.", "url": "/company/KRT/" }, { "kind": "company", "summary": "SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0001488917; latest 10-K filed 2025-08-26.", "text": "ELMD - Electromed, Inc. SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0001488917; latest 10-K filed 2025-08-26. ELMD Electromed, Inc. 0001488917 3845 Electromedical & Electrotherapeutic Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the accompanying notes included elsewhere in this Annual Report on Form 10-K. The forward-looking statements include statements that reflect management\u2019s good faith beliefs, plans, objectives, goals, expectations, anticipations and intentions with respect to our future development plans, capital resources and requirements, results of operations, and future business performance. Our actual results could differ materially from those anticipated in the forward-looking statements included in this discussion as a result of certain factors, including, but not limited to, those discussed in the section entitled \u201cInformation Regarding Forward-Looking Statements\u201d immediately preceding Part I of this Annual Report on Form 10-K. Overview Electromed develops and provides innovative airway clearance products applying HFCWO technologies in pulmonary care for patients of all ages. We manufacture, market and sell products that provide HFCWO, including the SmartVest System that includes our newest generation SmartVest Clearway, previous generation SmartVest SQL and related products, to patients with compromised pulmonary function. The SmartVest Clearway is an updated and modern approach to HFCWO focused on an enhanced patient experience and proven patient outcomes. The product delivers effective 360o oscillatory pressure through our proprietary rapid inflate-deflate technology which improves the patient\u2019s ability to breathe deeply during therapy. SmartVest Clearway delivers a sleek and lightweight generator and is designed with an intuitive touchscreen to simplify programing and everyday use. Our products are sold in both the homecare market and the hospital market. The SmartVest SQL has been sold in the domestic homecare market since 2014. In 2015, we launched the SmartVest SQL into hospital and certain international markets. In June 2017, we announced the launch of the SmartVest SQL with SmartVest Connect\u2122 wireless technology, which allows data connection between physicians and patients to track therapy performance and collaborate in treatment decisions. In 2022, we launched the SmartVest Clearway to adult pulmonary, pediatric and cystic fibrosis patients for use in the home. We have marketed the SmartVest System and its predecessor products since 2000 to patients suffering from cystic fibrosis, bronchiectasis and repeated episodes of pneumonia. Additionally, we offer our products to a patient population that includes neuromuscular disorders such as cerebral palsy, muscular dystrophies, ALS, and patients with post-surgical complications or who are ventilator dependent or have other conditions involving excess secretion and impaired mucus transport. The SmartVest System is often eligible for reimbursement from major private insurance providers, health maintenance organizations (\u201cHMOs\u201d), state Medicaid systems, and the federal Medicare system, which we believe is an important consideration for patients considering an HFCWO course of therapy. For domestic sales, the SmartVest System may be reimbursed under the Medicare-assigned billing code (E0483) for HFCWO devices if the patient has cystic fibrosis, bronchiectasis (including chronic bronchitis or COPD that has resulted in a diagnosis of bronchiectasis), or any one of certain enumerated neuromuscular diseases, and can demonstrate that another less expensive physical or mechanical treatment did not adequately mobilize retained secretions. Private payers consider a variety of sources, including Medicare, as guidelines in setting their coverage policies and payment amounts. We have primarily employed a direct-to-patient and provider model, through which we obtain patient referrals from clinicians, manage insurance claims on behalf of our patient Item 1. Business. Overview Electromed, Inc. (\u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cElectromed\u201d or the \u201cCompany\u201d) develops, manufactures, markets and sells innovative products that provide airway clearance therapy, including the SmartVest\u00ae Airway Clearance System (\u201cSmartVest System\u201d) to patients with compromised pulmonary function with a commitment to excellence and compassionate service. Our goal is to make High Frequency Chest Wall Oscillation (\u201cHFCWO\u201d) treatments as effective, convenient, and comfortable as possible, so our patients can breathe easier and live better with improved respiratory function and fewer exacerbations. We primarily employ a direct-to-patient and provider model, through which we obtain patient referrals from clinicians, manage insurance claims on behalf of our patients, and deliver the SmartVest System to patients, training them on proper use in their homes. This model allows us to directly approach patients and clinicians, whereby we disintermediate the traditional home medical equipment (\u201cHME\u201d) channel and capture both the manufacturer and distributor margins. We also sell our products in the acute care setting for patients in a post-surgical or intensive care unit, or who were admitted for a lung infection brought on by compromised airway clearance. Electromed was incorporated in Minnesota in 1992. Our common stock is listed on the NYSE American under the ticker symbol \u201cELMD.\u201d The SmartVest System generates HFCWO, an airway clearance therapy. The SmartVest System features a programmable air pulse generator, a therapy garment worn over the upper body and a connecting hose, which together provide safe, comfortable, and effective therapy to clear the lung and airway from retained secretions and mucus which can harbor bacteria and lead to infection. One important factor of respiratory health is the ability to clear secretions from airways. Impaired airway clearance, when mucus cannot be expectorated, may result in labored breathing, inflammatory response a Item 1A. Risk Factors. As a smaller reporting company, we are not required to provide disclosure pursuant to this item. [[GREPCENT_TABLE]] [[\"Item 1B.\",\"Unresolved Staff Comments.\"]] [[/GREPCENT_TABLE]] None. [[GREPCENT_TABLE]] [[\"Item 1C.\",\"Cybersecurity.\"]] [[/GREPCENT_TABLE]] Protecting the pri", "title": "ELMD - Electromed, Inc.", "url": "/company/ELMD/" }, { "kind": "company", "summary": "SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001760689; latest 10-K filed 2026-03-16.", "text": "MVST - Microvast Holdings, Inc. SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001760689; latest 10-K filed 2026-03-16. MVST Microvast Holdings, Inc. 0001760689 3690 Miscellaneous Electrical Machinery, Equipment & Supplies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis provides information that our management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. The discussion should be read together with the historical consolidated financial statements and related notes that are included elsewhere in this Annual Report. Discussion of the earliest of the three years covered by the Consolidated Financial Statements presented in this report has been omitted as that disclosure is included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations within that report. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. The Business Founded in 2006 and headquartered in Stafford, Texas, Microvast Holdings, Inc. (NASDAQ: MVST) is a global leader in advanced specialized battery technologies. Since our public listing in 2021, we have focused on delivering high-performance lithium-ion battery solutions for the next generation of commercial and industrial electrification. We specialize in the design, development, and manufacturing of battery components and systems primarily for electric commercial vehicles and energy storage systems (\u201cESS\u201d). Our guiding principle is to innovate lithium-ion battery designs from the ground up without relying on legacy technologies. We believe that this approach allows us to create purpose-built solutions for new markets, rather than repurposing existing ones. Our mission is to become a leader in U.S. domestic battery production, reducing reliance on overseas suppliers, and strengthening national energy independence. We believe that this mission, along with our engineering expertise, vertically integrated business model, and our focus on continuous investment in our research and development and operations, differentiates us from competitors and positions us for long-term revenue and income growth. We employ a vertically integrated approach, which we believe provides a competitive advantage in optimizing performance and cost. Our proprietary technology stack spans the entire battery system, including core cell materials (cathode, anode, electrolyte, and separator), cells, modules, packs, thermal management systems, and intelligent battery management systems. This end-to-end expertise has driven critical advancements in ultra-fast charging, high energy density, long cycle life, and safety, all critical factors for commercial transportation and ESS applications. With significant in-house capabilities in design, testing, and R&D, we continue to build an industry-leading body of knowledge in battery chemistry and performance. Our Strategy Our objective is to drive long-term stakeholder value by scaling our proprietary battery technologies across high-growth sectors. Since 2008, our research and development efforts have been dedicated to pioneering cutting-edge battery technologies that offer ultra-fast charging, extended cycle life, high energy density, and enhanced safety. Our commitment to innovation has well positioned us developing the next-generation lithium-ion batteries. We are focused on designing battery technologies for electric commercial vehicles and ESS. Our solutions empower industries to transition to cleaner, more efficient power sources, unlocking new levels of performance, longevity, and cost efficiency. Historically, demand for electric commercial vehicle batteries was concentrated in the Asia & Pacific regions. We are now working towards a balanced global strategy throughout EMEA and North America. As customer demand for our products and services has grown in Europe and the U.S., we have expanded to meet these growth opportunities. We continue to invest in ou ITEM 1. BUSINESS Business Overview Founded in 2006 and headquartered in Stafford, Texas, Microvast Holdings, Inc. (NASDAQ: MVST) is a global leader in advanced specialized battery technologies. Since our public listing in 2021, we have focused on delivering high-performance lithium-ion battery solutions for the next generation of commercial and industrial electrification. We specialize in the design, development, and manufacturing of battery components and systems primarily for electric commercial vehicles and energy storage systems (\u201cESS\u201d). Our guiding principle is to innovate lithium-ion battery designs from the ground up without relying on legacy technologies. We believe that this approach allows us to create purpose-built solutions for new markets, rather than repurposing existing ones. Our mission is to become a leader in U.S. domestic battery production, reducing reliance on overseas suppliers, and strengthening national energy independence. We believe that this mission, along with our engineering expertise, vertically integrated business model, and our focus on continuous investment in our research and development and operations, differentiates us from competitors and positions us for long-term revenue and income growth. We employ a vertically integrated approach, which we believe provides a competitive advantage in optimizing performance and cost. Our proprietary technology stack spans the entire battery system, including core cell materials (cathode, anode, electrolyte, and separator), cells, modules, packs, thermal management systems, and intelligent battery management systems. This end-to-end expertise has driven critical advancements in ultra-fast charging, high energy density, long cycle life, and safety, all critical factors for commercial transportation and ESS applications. With significant in-house capabilities in design, testing, and R&D, we continue to build an industry-leading body of knowledge in battery chemistry and performance. Our Strat ITEM 1A. RISK FACTORS You should carefully consider the risk factors discussed below, as well as all other information, as an investment in the Company involves a high degree of risk. We operate in a changing environment that involves numerous known and unknown ", "title": "MVST - Microvast Holdings, Inc.", "url": "/company/MVST/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001738021; latest 10-K filed 2026-03-05.", "text": "CMPX - Compass Therapeutics, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001738021; latest 10-K filed 2026-03-05. CMPX Compass Therapeutics, Inc. 0001738021 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Unless otherwise stated or the context otherwise indicates, references to the \u201cCompany\u201d, \u201cwe\u201d, \u201cour\u201d, \u201cus\u201d or similar terms refer to Compass Therapeutics, Inc. together with its wholly-owned subsidiaries, which we refer to as Compass Therapeutics. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes and other financial information included in this Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties as described under the heading \u201cSpecial Note Regarding Forward-Looking Statements\u201d elsewhere in this Form 10-K. You should review the disclosure under the heading \u201cRisk Factors\u201d in this Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a clinical-stage, oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases. Our scientific focus is on the relationship between angiogenesis, the immune system, and tumor growth. Our pipeline of novel product candidates is designed to target multiple critical biological pathways required for an effective anti-tumor response. These include modulation of the microvasculature via angiogenesis-targeted agents, induction of a potent immune response via activators on effector cells in the tumor microenvironment, and alleviation of immunosuppressive mechanisms used by tumors to evade immune surveillance. We plan to advance our product candidates through clinical development and commercialization as both standalone therapies and in combination with proprietary pipeline antibodies based on supportive clinical and nonclinical data. Financial Overview Since our inception, we have devoted substantially all of our efforts to organizing and staffing our Company, business planning, raising capital, research and development activities, building our intellectual property portfolio and providing general and administrative support for these operations. We have funded our operations primarily with proceeds from the sale of equity securities of $568 million through December 31, 2025. We have incurred significant operating losses since inception. We have not generated any revenue since our inception and do not expect to generate any revenue from the sale of products in the near future, if at all. Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of our therapies and any future product candidates. Our net losses were $66 million and $49 million for the years ended December 31, 2025 and 2024, respectively, and as of December 31, 2025, we had an accumulated deficit of $431 million. We expect to continue to incur significant expenses for at least the next several years as we advance through clinical development, develop additional product candidates and seek regulatory approval of any product candidates that complete clinical development. In addition, if we obtain marketing approval for any product candidates, we expect to incur significant commercialization expenses related to product manufacturing, marketing, sales and distribution. We may also incur expenses in connection with the in-licensing or acquisition of additional product candidates. As a result, we will need substantial additional funding to support our continuing operations and pursue our growth strategy. Until such time as we can generate significant revenue Item 1. Business. Overview We are a clinical-stage, oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases. Our scientific focus is on the relationship between angiogenesis, the immune system, and tumor growth. Our pipeline of novel product candidates is designed to target multiple critical biological pathways required for an effective anti-tumor response. These include modulation of the microvasculature via angiogenesis-targeted agents, induction of a potent immune response via activators on effector cells in the tumor microenvironment, and alleviation of immunosuppressive mechanisms used by tumors to evade immune surveillance. We plan to advance our product candidates through clinical development and commercialization as both standalone therapies and in combination with proprietary pipeline antibodies based on supportive clinical and nonclinical data. Our pipeline consists of four clinical product candidates. Our lead product candidate, tovecimig (formerly known as CTX-009), is a bispecific antibody targeting Delta-like ligand 4 (\u201cDLL4\u201d), a ligand of Notch-1, and vascular endothelial growth factor A (\u201cVEGF-A\u201d). Simultaneous blockade of the VEGF-A and the Notch pathways is known to turn productive angiogenesis into non-productive angiogenesis, which leads to tumor shrinkage and apoptosis. Our second program, CTX-471, is an agonistic antibody targeting a member of the tumor necrosis factor receptor superfamily member 9 (TNFRSF9), also known as CD-137 or 4-1BB, a co-stimulatory receptor which is mostly expressed on activated, but not on resting, T-cells and NK cells. Our third program, CTX-8371, is a bispecific antibody targeting the programmed cell death protein-1 (\u201cPD-1\u201d), an inhibitory immune checkpoint receptor, and its ligand PD-L1, two validated immune-oncology targets. Our fourth program, CTX-10726, is a bispecific antibody targeting PD-1 and VEFG-A. Tovecimig (CTX-009), our bispecific Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below together with all of the other information in this Annual Report on Form 10-K (\"Form 10-K\"), including our financial statements and the", "title": "CMPX - Compass Therapeutics, Inc.", "url": "/company/CMPX/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001327607; latest 10-K filed 2026-02-27.", "text": "MYFW - First Western Financial Inc SIC 6022 State Commercial Banks; CIK 0001327607; latest 10-K filed 2026-02-27. MYFW First Western Financial Inc 0001327607 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the accompanying notes included elsewhere in this Annual Report on Form 10-K. The following discussion contains \"forward-looking statements\" that reflect our future plans, estimates, beliefs and expected performance. We caution that assumptions, expectations, projections, intentions or beliefs about future events may, and often do, vary from actual results and the differences can be material. See \"Cautionary Statement Regarding Forward-Looking Statements.\" Also, see the risk factors and other cautionary statements described under the heading \"Item 1A \u2013 Risk Factors\" included in Item 1A of this Annual Report on Form 10-K. We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law. Company Overview We are a financial holding company founded in 2002 and headquartered in Denver, Colorado. We provide a fully integrated suite of wealth management services to our clients including banking, trust, and investment management products and services. Our mission is to be the best private bank for the Western wealth management client. We target entrepreneurs, professionals, and high-net worth individuals, typically with $1.0 million-plus in liquid net worth, and their related philanthropic and business organizations, which we refer to as the \"Western wealth management client.\" We believe that the Western wealth management client shares our entrepreneurial spirit and values our sophisticated, high-touch wealth management services that are tailored to meet their specific needs. We partner with our clients to solve their unique financial needs through our expert integrated services provided in a team approach. We offer our services through a branded network of boutique private trust bank offices, which we believe are strategically located in affluent and high-growth markets in locations across Colorado, Arizona, Wyoming, Montana, and California. Our profit centers, which are comprised of private bankers, lenders, wealth planners, and portfolio managers, under the leadership of a local chairman and/or president, are also supported centrally by teams providing management services such as operations, risk management, credit administration, marketing, technology support, human capital, and accounting/finance services, which we refer to as support centers. From 2004, when we opened our first profit center, until December 31, 2025, we have expanded our footprint into fourteen full service profit centers, four loan production offices, and one trust office located across five states. As of and for the year ended December 31, 2025, we had $3.15 billion in total assets, $96.9 million in total revenues, and provided fiduciary and advisory services on $7.28 billion of assets under management (AUM). Primary Factors Used to Evaluate the Results of Operations As a financial institution, we manage and evaluate various aspects of both our results of operations and our financial condition. We evaluate the comparative levels and trends of the line items in our Consolidated Balance Sheets and Statements of Income as well as various financial ratios that are commonly used in our industry. The primary factors we use to evaluate our results of operations include net interest income, non-interest income, and non-interest expense. Net Interest Income Net interest income represents interest income less interest expense. We generate interest income on interest-earning assets, primarily loans and investment securities. We incur interest expense on interest-bearing liabilities, primarily interest-bearing deposits and borrowings. To evaluate Net interest income, we measure and monitor: (i) yields on loans, investment securities Item 1: Business Our Company First Western Financial, Inc. is a financial holding company headquartered in Denver, Colorado. We provide a fully integrated suite of wealth management services on our private trust bank platform, which includes a comprehensive selection of deposit, loan, trust, wealth planning and investment management products and services. We believe our integrated business model distinguishes us from other banks and non-bank financial services companies in the markets in which we operate. As of December 31, 2025, we provided fiduciary and advisory services on $7.28 billion of trust and investment management assets (AUM), and we had total assets of $3.15 billion, total loans excluding mortgage loans held for sale of $2.65 billion, total deposits of $2.75 billion, and total shareholders\u2019 equity of $265.6 million. Our mission is to be the best private bank for the Western wealth management client. We believe that the \"Western wealth management client\" shares our entrepreneurial spirit and values our sophisticated, high-touch integrated financial services that are tailored to meet their specific needs. Our target clients include successful entrepreneurs, professionals and other high net worth individuals or families, along with their businesses and philanthropic organizations. We offer our services through a branded network of boutique private trust bank offices, loan production offices, and trust offices, which we believe are strategically located in affluent and high-growth markets in nineteen locations across Colorado, Arizona, Wyoming, Montana, and California. We generate a significant portion of our revenues from non-interest income, which we produce from our trust, investment management, and other advisory services as well as through the origination and sale of mortgage loans. The balance of our revenue is generated from net interest income, which we derive from our traditional banking products and services. For the year ended December 31, 202 ITEM 1A. Risk Factors Our business and results of operations are subject to numerous risks and uncertainties, many of which are beyond our control. The material risks and uncertainties that management believes affect the Company are described below. Additional risks and uncertainties that management is not aware of, or that", "title": "MYFW - First Western Financial Inc", "url": "/company/MYFW/" }, { "kind": "company", "summary": "SIC 7500 Services-Automotive Repair, Services & Parking; CIK 0001821159; latest 10-K filed 2026-03-09.", "text": "EVGO - EVgo Inc. SIC 7500 Services-Automotive Repair, Services & Parking; CIK 0001821159; latest 10-K filed 2026-03-09. EVGO EVgo Inc. 0001821159 7500 Services-Automotive Repair, Services & Parking Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. The discussion should be read in conjunction with our consolidated financial statements and the related notes thereto as of and for the years ended December 31, 2025 and 2024, included elsewhere in this Annual Report. In addition to historical information, this discussion contains forward-looking statements that involve numerous risks, uncertainties and assumptions that could cause our actual results to differ materially from management\u2019s expectations due to a number of factors, including those discussed in the sections entitled \u201cRisk Factors\u201d and \u201cCautionary Statement Regarding Forward-Looking Statements\u201d in this Annual Report. Overview We are one of the nation\u2019s leading public EV fast charging providers. With more than 1,200 fast charging stations across 47 states, we strategically deploy localized and accessible charging infrastructure by partnering with leading businesses across the U.S., including retailers, grocery stores, restaurants, shopping centers, gas stations, rideshare operators and autonomous vehicle companies. At our Innovation Lab, we perform extensive interoperability testing and have ongoing technical collaborations with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience. The foundation of our business is building, owning and operating EV fast charging sites that deliver charging to EVs driven by individuals, commercial drivers, and fleet operators. Our core revenue stream is from the provision of charging services for EVs of all types on our network. In addition, a variety of business-to-business commercial relationships provide us with revenue or cash payments based on commitments to build new infrastructure, provide guaranteed access to charging, and provide marketing, data and software-driven services. We also earn revenue from the sale of regulatory credits generated through sales of electricity and our operation and ownership of our DCFC network. We believe this combination of revenue streams can drive long-term margin expansion and customer retention. Specifically, charging network revenue is earned through the following streams: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Charging Revenue, Retail: We sell electricity directly to drivers who access our publicly available networked chargers. Various pricing plans exist for customers and drivers have the choice to charge through a subscription offering or a variety of pay-as-you-go plans. Drivers locate the chargers through our mobile application, their vehicle\\u2019s in-dash navigation system, or third-party databases, such as PlugShare, that license charger-location information from us. Our chargers are generally installed in parking spaces owned or leased by commercial or public-entity Site Hosts that desire to provide charging services at their respective locations. Commercial Site Hosts include retail and grocery stores, offices, medical complexes, airports and convenience stores. Our offerings are well aligned with the goals of Site Hosts, as many commercial businesses increasingly view charging capabilities as essential to attracting tenants, employees, customers and visitors and achieving sustainability goals. Site Hosts are generally able to obtain these benefits at no cost when partnering with us through our owner and/or operator model, in which we are responsible for the development, construction, and operation of chargers located on Site Hosts\\u2019 properties. In many cases, Site Hosts will earn revenue from license payments in the form of parking space rental fees that we pay in exchange for use of the site.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Charging Revenue, Comme Item 1. Business. Overview We are one of the nation\u2019s leading public EV fast charging providers. With more than 1,200 fast charging stations across 47 states, we strategically deploy localized and accessible charging infrastructure by partnering with leading businesses across the U.S., including retailers, grocery stores, restaurants, shopping centers, gas stations, rideshare operators and autonomous vehicle companies. The foundation of our business is building, owning and operating EV fast charging sites that deliver charging to EVs driven by individuals, commercial drivers and fleet operators. We prioritize the build out of high-power chargers, a key market segment that is expected to grow faster than the overall EV charging market. See \u201c\u2014 Suppliers and Service Providers \u2014 Electricity.\u201d To take advantage of the expected growth in the number of EVs on the road in the U.S., we continue to expand our nationwide network of charging stations, focusing on development of locations with favorable traffic, utilization and financial return characteristics. Our proprietary technology and analytical tools, along with our extensive commercial partnerships with OEMs, fleets and Site Host businesses, provide a strong competitive edge as we select, design and develop new charging stations. Furthermore, our robust underwriting standards require our portfolio to meet or exceed a pre-defined internal rate of return before project approval. Our partnerships and collaboration with a wide range of automotive OEMs, rideshare operators and other channel partners are designed to support domestic investment in transportation electrification, helping to accelerate EV adoption across the U.S. Through these partnerships, our network powered more than 1.1 billion electric miles during 2025. Total miles delivered is equal to the number of kWh we have dispensed multiplied by Vehicle Efficiency. The weighted average Vehicle Efficiency from all vehicles compatible with our network in operation Item 1A. Risk Factors. In the course of conducting our business operations, we are exposed to a variety of risks, any of which have affected or could materially and adversely affect our business, financial condition and results of operations. Before you make a decision to buy our securities, in addition to the", "title": "EVGO - EVgo Inc.", "url": "/company/EVGO/" }, { "kind": "company", "summary": "SIC 5122 Wholesale-Drugs, Proprietaries & Druggists' Sundries; CIK 0001021561; latest 10-K filed 2026-02-13.", "text": "NUS - NU SKIN ENTERPRISES, INC. SIC 5122 Wholesale-Drugs, Proprietaries & Druggists' Sundries; CIK 0001021561; latest 10-K filed 2026-02-13. NUS NU SKIN ENTERPRISES, INC. 0001021561 5122 Wholesale-Drugs, Proprietaries & Druggists' Sundries ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes, which are included in this Annual Report on Form 10-K. Business Overview Our Products Nu Skin Enterprises, Inc. develops and distributes a comprehensive line of premium-quality beauty and wellness solutions in nearly 50 markets worldwide. In 2025, our revenue of $1.5 billion was primarily generated by our two primary product categories: beauty products and wellness products. We operate in the direct selling channel, primarily utilizing person-to-person marketing to promote and sell our products, including through the use of social and digital platforms. In addition to our core Nu Skin business, we also explore new areas of synergistic and adjacent growth through our strategic investment arm known as Rhyz Inc., which we formed in 2018. Our Rhyz businesses primarily consist of consumer, technology and manufacturing companies. In 2025, the Rhyz companies generated $223.6 million, or 15%, of our 2025 reported revenue (excluding sales to our core Nu Skin business). As discussed further in \u201cRhyz Companies,\u201d below, in January 2025 we sold one of our Rhyz businesses that accounted for $69.6 million of our 2024 reported revenue. Our Rhyz companies enable us to optimize our cost of goods, improve lead times, diversify our revenue mix, and create synergies for our brands. Our Global Operations In 2025, we generated approximately 26% of our revenue from the United States (consisting of our Nu Skin United States and Rhyz businesses) and the remainder from our international markets. Given the size of our international operations, our results, as reported in U.S. dollars, are often impacted by foreign-currency fluctuations; in 2025, our revenue was negatively impacted 0.8% from foreign-currency fluctuations compared to 2024. Our results also can be impacted by global economic, political, demographic and business trends and conditions. A Global Network of Customers, Paid Affiliates and Sales Leaders As of December 31, 2025, we had 748,796 persons who purchased directly from the company during the previous three months (\u201cCustomers\u201d). Our Customer numbers include members of our sales force who made such a purchase, including Paid Affiliates and those who qualify as Sales Leaders, but they do not include consumers who purchase directly from members of our sales force. We believe a significant majority of Customers purchase our products primarily for personal or family consumption but are not actively pursuing the opportunity to generate supplemental income by actively and consistently marketing and reselling products. Our revenue is highly influenced by the number and productivity of our Sales Leaders. \u201cSales Leaders\u201d are our Brand Affiliates, as well as sales employees and independent marketers in Mainland China, who achieve certain qualification requirements. Our reported Sales Leaders number is the three-month average of our monthly Sales Leaders as of the end of each month of the quarter. As we continue to focus on customer acquisition and social commerce, we believe our number of Paid Affiliates is an important indicator of consumer purchasing activity in our business. \u201cPaid Affiliates\u201d are any Brand Affiliates, as well as members of our sales force in Mainland China, who earned sales compensation during the previous three months. Paid Affiliates power our social commerce model and are a bridge to attracting new customers and nurturing relationships and community. We have been successful in attracting and motivating our sales force by: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"developing and marketing innovative, technologically and scientifically advanced products;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"providing compelling initiatives and strong support; a ITEM 1. BUSINESS Nu Skin Enterprises, Inc. develops and distributes a comprehensive line of premium-quality beauty and wellness solutions in nearly 50 markets worldwide. In 2025, our revenue of $1.5 billion was primarily generated by our two primary product categories: beauty products and wellness products. We operate in the direct selling channel, primarily utilizing person-to-person marketing to promote and sell our products, including through the use of social and digital platforms. In addition to our core Nu Skin business, we also explore new areas of synergistic and adjacent growth through our strategic investment arm known as Rhyz Inc., which we formed in 2018. Our Rhyz businesses primarily consist of consumer, technology and manufacturing companies. In 2025, the Rhyz companies generated $223.6 million, or 15%, of our 2025 reported revenue (excluding sales to our core Nu Skin business). As discussed further in \u201cRhyz Companies,\u201d below, in January 2025 we sold one of our Rhyz businesses that accounted for $69.6 million of our 2024 reported revenue. Our Rhyz companies enable us to optimize our cost of goods, improve lead times, diversify our revenue mix, and create synergies for our brands. In 2025, we generated approximately 26% of our revenue from the United States (consisting of our Nu Skin United States and Rhyz businesses) and the remainder from our international markets. Given the size of our international operations, our results, as reported in U.S. dollars, are often impacted by foreign-currency fluctuations; in 2025, our revenue was negatively impacted 0.8% from foreign-currency fluctuations compared to 2024. Our results also can be impacted by global economic, political, demographic and business trends and conditions. Our operations are subject to various laws and regulations globally, particularly with respect to our product categories and our distribution channel. See Item 1A. Risk Factors for a more detailed description of the risks associated wi ITEM 1A. RISK FACTORS Risk Factor Summary We are providing the following summary of the risk factors contained in this Annual Report on Form 10-K to enhance the readability and accessibility of our risk factor disclosures. We encourage you to carefully review the full risk fa", "title": "NUS - NU SKIN ENTERPRISES, INC.", "url": "/company/NUS/" }, { "kind": "company", "summary": "SIC 4813 Telephone Communications (No Radiotelephone); CIK 0000879585; latest 10-K filed 2026-03-16.", "text": "ATNI - ATN International, Inc. SIC 4813 Telephone Communications (No Radiotelephone); CIK 0000879585; latest 10-K filed 2026-03-16. ATNI ATN International, Inc. 0000879585 4813 Telephone Communications (No Radiotelephone) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview We are a leading provider of digital infrastructure and communications services with a strategic focus on rural and remote markets in the US, and internationally, including Bermuda and the Caribbean region. We have developed significant operational capabilities and resources that enhance the performance of our local market operations. Our operating subsidiaries benefit from this shared expertise, which allows them to deliver improved service quality and achieve greater economies of scale than would typically be possible in the smaller markets we serve. We provide centralized management, technical, financial, regulatory, and marketing support to these operating subsidiaries and typically receive a management fee based on a percentage of their revenues. The intercompany fees are eliminated in our consolidated financial results. We use the cash generated from our operations to repay debt and increase liquidity, reinvest our network and service operations, fund capital expenditures, return value to stockholders through dividends or share repurchases, and to pursue strategic transactions. We continuously evaluate both domestic and international opportunities that align with our long-term goal of generating sustained excess operating cash flows. For additional information regarding our reportable segments and geographic distribution of revenues and assets, please refer to Notes 1 and 13 of the Consolidated Financial Statements included in this Report. As of December 31, 2025, we offered the following services to our customers: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Fixed Services. We provide fixed data and voice telecommunications services to business and consumer customers, including high-speed broadband and enterprise data solutions. In select markets, fixed services also include video offerings and revenue derived from support under certain government programs.\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Carrier Services. We offer infrastructure services to other telecommunications providers, including the leasing of critical network infrastructure such as towers and transport facilities, wholesale roaming, site maintenance and international long-distance services.\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Mobility Services. We offer mobile communications services over our wireless networks, including voice, messaging and data services along with related equipment, such as handsets, to both business and consumer customers.\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Managed Services. We deliver information technology solutions, including network management, application support and infrastructure services to complement our fixed telecommunications services in our existing markets for the purpose of supporting both enterprise and residential users.\"]] [[/GREPCENT_TABLE]] \u200b Through December 31, 2025, we identified two operating segments to manage and review our operations, as well as to support investor presentations of our results. These operating segments are as follows: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"International Telecom. In our international markets, we offer fixed, carrier, mobility and managed services to customers in Bermuda, the Cayman Islands, Guyana and the US Virgin Islands.\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"US Telecom. In the US, we offer fixed, carrier, and managed services to customers in Alaska and the western US.\"]] [[/GREPCENT_TABLE]] \u200b 31 Table of Contents \u200b The following chart summarizes the operating activities of our principal subsidiaries, the segments in which we reported our revenue and the markets we served during 2025: \u200b [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"International Telecom\",\"US Telecom\"],[\"Services\",\"Markets\",\"Tradenames (1)\",\"Markets\",\"Tradenames\"],[\"Mobility Se ITEM 1. BUSINESS Business Overview and Strategy We provide digital infrastructure and communications services in the United States (\u201cUS\u201d), primarily in the western US, and Alaska, and internationally, including Bermuda and the Caribbean region. Since our founding in 1987, we have concentrated on smaller, often rural or remote markets with strong and growing demand for connectivity. We have invested in these markets to build durable network assets and establish a defensible market position. In select markets, we also serve carrier customers by leveraging our network assets to provide communications services. Through our operating subsidiaries, we primarily offer: (i) fixed and mobile telecommunications connectivity to residential, business, and government customers; and (ii) carrier communications services to large enterprise and government customers, including terrestrial and submarine fiber optic transport. In recent years, we have undertaken a disciplined business transformation focused on strengthening our operational foundation, optimizing our cost structure, and prioritizing long-lived digital infrastructure assets that support sustainable cash flow generation. This approach aligns with our strategy of targeting durable markets and executing consistently, with the objective of creating long-term stockholder value. We believe that universal access to reliable, high-quality communications services across data, voice and video is essential to the economic growth and well-being of all communities. Our mission is to digitally empower people and communities, enabling them to connect with the world and thrive. We do this by delivering essential communication technologies, including high-speed broadband through fiber or fiber-like services, to rural and remote markets. These services are foundational, supporting access to healthcare, public safety infrastructure, education, and economic opportunity. Our strategy to deliver long-term value to our customers and ITEM 1A. RISK FACTORS In addition to the other information contained in, or incorporated by reference into, this Report, you should carefully consider the risks described below that could materially affect our business, financial condition, or future results. These risks are not the only risks facing us. Additi", "title": "ATNI - ATN International, Inc.", "url": "/company/ATNI/" }, { "kind": "company", "summary": "SIC 6500 Real Estate; CIK 0001666291; latest 10-K filed 2026-02-18.", "text": "CMTG - Claros Mortgage Trust, Inc. SIC 6500 Real Estate; CIK 0001666291; latest 10-K filed 2026-02-18. CMTG Claros Mortgage Trust, Inc. 0001666291 6500 Real Estate Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this Annual Report on Form 10-K. In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those in this discussion as a result of various factors, including those discussed in Part I. Item 1A, \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d in this Annual Report on Form 10-K. Introduction We are a CRE finance company focused primarily on originating senior and subordinate loans on transitional CRE assets located in major U.S. markets, including mortgage loans secured by a first priority or subordinate mortgage on transitional CRE assets, and subordinate loans including mezzanine loans secured by a pledge of equity ownership interests in the direct or indirect property owner rather than directly in the underlying commercial properties. These loans are subordinate to a mortgage loan but senior to the property owner\u2019s equity ownership interests. Transitional CRE assets are properties that require repositioning, renovation, rehabilitation, leasing, development or redevelopment or other value-added elements in order to maximize value. We believe our Sponsor\u2019s real estate development, ownership and operations experience, and infrastructure differentiates us in lending on these transitional CRE assets. Our objective is to be a premier provider of debt capital for transitional CRE assets and, in doing so, to generate attractive risk-adjusted returns for our stockholders over time, primarily through dividends. We strive to create a diversified investment portfolio of CRE loans that we generally intend to hold to maturity. We focus primarily on originating loans ranging from $50 million to $300 million on transitional CRE assets located in U.S. markets with attractive fundamental characteristics supported by macroeconomic tailwinds. Our loan origination and repayment volume may fluctuate based on market conditions or other conditions inherent in our portfolio. As such, we may modify our investment strategy from time to time by shifting focus to optimizing outcomes within our existing portfolio, which may include actions such as selling a loan or syndicating a portion of a loan, working with our borrowers to enhance the value of underlying properties that constitute our collateral, and in certain circumstances assuming legal title and/or physical possession of the collateral property of a defaulted loan. We were organized as a Maryland corporation on April 29, 2015 and commenced operations on August 25, 2015, and our common stock is traded on the New York Stock Exchange, or NYSE, under the symbol \u201cCMTG.\u201d We have elected and believe we have qualified to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015. We are externally managed and advised by our Manager, an investment adviser registered with the U.S. Securities and Exchange Commission (the \u201cSEC\u201d) pursuant to the Investment Advisers Act of 1940, as amended, (the \u201cAdvisers Act\u201d). We operate our business in a manner that permits us to maintain our exclusion from registration under the 1940 Act. I. Key Financial Measures and Indicators As a CRE finance company, we believe the key financial measures and indicators for our business are net income (loss) per share, Distributable Earnings (Loss) per share, Distributable Earnings per share prior to realized gains and losses, which such gains and losses includes charge-offs of principal, accrued interest receivable, and/or exit fees, dividends declared per share, book value per share, adjusted book value per share, Item 1. Business. Our Company We are a CRE finance company focused primarily on originating senior and subordinate loans on transitional CRE assets located in major U.S. markets, including mortgage loans secured by a first priority or subordinate mortgage on transitional CRE assets, and subordinate loans including mezzanine loans secured by a pledge of equity ownership interests in the direct or indirect property owner rather than directly in the underlying commercial properties. These loans are subordinate to a mortgage loan but senior to the property owner\u2019s equity ownership interests. Transitional CRE assets are properties that require repositioning, renovation, rehabilitation, leasing, development or redevelopment or other value-added elements in order to maximize value. We believe our Sponsor\u2019s real estate development, ownership and operations experience, and infrastructure differentiates us in lending on these transitional CRE assets. Our objective is to be a premier provider of debt capital for transitional CRE assets and, in doing so, to generate attractive risk-adjusted returns for our stockholders over time, primarily through dividends. We strive to create a diversified investment portfolio of CRE loans that we generally intend to hold to maturity. We focus primarily on originating loans ranging from $50 million to $300 million on transitional CRE assets located in major U.S. markets with attractive fundamental characteristics supported by macroeconomic tailwinds. Our loan origination and repayment volume may fluctuate based on market conditions or other conditions inherent in our portfolio. As such, we may modify our investment strategy from time to time by shifting focus to optimizing outcomes within our existing portfolio, which may include actions such as selling a loan or syndicating a portion of a loan, working with our borrowers to enhance the value of underlying properties that constitute our collateral, and, in certain circumstances in order to Item 1A. Risk Factors. Set forth below are some (but not all) of the risk factors that could adversely affect our business, financial condition, liquidity, results of operations and prospects and our ability to service our debt and resume paying dividends to our stockholders (which we refer to collectively as \u201cmaterially and adversely affectin", "title": "CMTG - Claros Mortgage Trust, Inc.", "url": "/company/CMTG/" }, { "kind": "company", "summary": "SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001937987; latest 10-K filed 2026-03-30.", "text": "FBYD - Falcon's Beyond Global, Inc. SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001937987; latest 10-K filed 2026-03-30. FBYD Falcon's Beyond Global, Inc. 0001937987 7990 Services-Miscellaneous Amusement & Recreation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of financial condition and results of operations of the Company is provided to supplement the audited consolidated financial statements and the accompanying notes of the Company as of and for the years ended December 31, 2025, and 2024, included elsewhere in this Annual Report. We intend for this discussion to provide the reader with information to assist in understanding the Company\u2019s audited consolidated financial statements and the accompanying notes, the changes in those financial statements and the accompanying notes from period to period along with the primary factors that accounted for those changes. Certain information contained in this management\u2019s discussion and analysis includes forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors. Please see \u201cCautionary Statement Regarding Forward-Looking Statements and Risk Factor Summary,\u201d in this Annual Report. Overview of Business The Company is a visionary entertainment and technology enterprise at the forefront of the global experience economy. We design, develop, engineer, deliver, and commercialize immersive physical and digital experiences for leading brands, developers, and destination operators worldwide, as well as for our own portfolio of entertainment and technology concepts. Our business is built on an integrated experience platform that brings together creative development, proprietary technologies, advanced engineering, IP, and operational execution to enable the repeatable creation, deployment, and scaling of entertainment experiences across multiple formats and locations globally. We operate through three complementary business divisions: Falcon\u2019s Creative Group, Falcon\u2019s Beyond Brands, and Falcon\u2019s Beyond Destinations, each of which serves a distinct role within the Company\u2019s operating model and participates in different stages of value creation within the experience economy. These divisions are conducted through five and four operating segments as of December 31, 2025 and 2024, respectively. FCG provides creative and advisory services including destination strategy, master planning, experiential and attraction design, digital media, interactive software, IP development, and creative guardianship for entertainment and hospitality destinations. FBB, consisting of Falcon's Attractions and FBB, encompasses a broad portfolio of intellectual property, proprietary technologies, and operating businesses that design, engineer, commercialize, and deploy entertainment systems, products, content, and experiences across physical and digital environments. FBD, consisting of PDP, a joint venture between Falcon\u2019s and Meli\u00e1, and Destinations Operations, develops, owns, operates, and expands entertainment venues, hospitality experiences, and branded destination concepts across a variety of location\u2011based formats, utilizing proprietary and third\u2011party intellectual property. Our consolidated financial statements have been prepared in accordance with U.S. GAAP. All amounts are shown in thousands of U.S. dollars unless otherwise stated. The following reflects our results of operations for the years ended December 31, 2025 and 2024. Recent Developments Acquisition of OES In February 2025, the Company hired a team of 29 employees that had previously worked for OES. The employees were hired under customary terms and conditions for newly hired employees and no benefits or obligations from OES were paid or assumed associated with these employees. On May 9, 2025, the Company purchased certain tangible assets and a portfolio of intellectual property, including patented technologies, proprietary engineering and manufacturing processes, from Oceaneering Entertainment Systems (\u201cOES\u201d), a division of Oceaneering Intern Item 1A. Risk Factors You should carefully consider the following risk factors in addition to the other information included in this Annual Report, including matters addressed in the section entitled \u201cCautionary Statement Regarding Forward-Looking Statements and Risk Factor Summary.\u201d We may face additional risks and uncertainties that are not presently known to us, or that we currently deem immaterial, which may also impair our business, prospects, financial condition or operating results. The following discussion should be read in conjunction with our financial statements and notes to the financial statements included herein. Business and Business Development Risks We may not be able to sustain our growth, effectively manage our anticipated future growth, implement our business strategies or achieve the results we anticipate. We have a limited operating history and have experienced substantial growth due, in large part, to the combination of Falcon\u2019s Treehouse, LLC and its subsidiaries and Falcon\u2019s Treehouse National, LLC with Katmandu Group, LLC and Fun Stuff, S.L. in April of 2021, the Business Combination with FAST Acquisition Corp. II in October 2023, which resulted in the Company becoming a public company with its securities traded on Nasdaq, the Strategic Investment by Qiddiya Investment Company (\u201cQIC\u201d), and the acquisition of OES assets in May 2025. However, recent growth rates may not be indicative of our future performance due to our limited operating history as a combined company and the rapid evolution of our business model. We may not be able to achieve similar results or accelerate growth at the same rate as we have organically or in connection with the completion of the Business Combination, and we may not achieve our expected results, all of which may have a material and adverse impact on our financial condition and results of operations. Our growth and expansion have placed, and will continue to place, significant strain on our management and r", "title": "FBYD - Falcon's Beyond Global, Inc.", "url": "/company/FBYD/" }, { "kind": "company", "summary": "SIC 7371 Services-Computer Programming Services; CIK 0001169445; latest 10-K filed 2026-03-31.", "text": "TBRG - TruBridge, Inc. SIC 7371 Services-Computer Programming Services; CIK 0001169445; latest 10-K filed 2026-03-31. TBRG TruBridge, Inc. 0001169445 7371 Services-Computer Programming Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion of our financial condition and results of operations in conjunction with the \"Selected Financial Data\" and our financial statements and the related notes included elsewhere in this Annual Report. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not limited to those set forth under \"Risk Factors\" and elsewhere in this Annual Report. Background During much of the Company's history, our strategy, operations, and financial results have been largely associated with developments in the electronic health record (\"EHR\") industry. With the rapid maturity of the EHR industry and the increasing prevalence of and demand for outsourced revenue cycle management (\"RCM\") services and complementary solutions, we've seen our strategy, operations, and financial results naturally evolve to become more heavily associated with RCM, with RCM-related revenues comprising 64% of our consolidated revenue for 2025. In recognition of this significant shift in strategic focus, Computer Programs and Systems, Inc. changed its corporate name to TruBridge, Inc. on March 4, 2024. Contemporaneous with this name change, the former wholly-owned subsidiaries Evident, LLC, TruBridge, LLC, and TruCode, LLC were merged into the parent company, while the former wholly-owned subsidiary Rycan Technologies, Inc. was merged into its parent and another wholly-owned subsidiary, Healthland Holding Inc. With these changes, the Company's remaining legal structure includes TruBridge, Inc., the parent company, with Viewgol, LLC (\"Viewgol\"), TruBridge Healthcare Private Limited, iNetXperts, Corp. d/b/a Get Real Health, Healthcare Resource Group, Inc. (\"HRG\"), Healthland Holding Inc. and Healthland, Inc. as its wholly-owned direct and indirect subsidiaries. Founded in 1979, TruBridge is a leading provider of healthcare services and solutions for community hospitals, their clinics and other healthcare systems. Our combined companies are focused on helping improve the health of the communities we serve, connecting communities for a better patient care experience, and improving the financial operations of our customers. The Company operates its business in two operating segments, which are also our reportable segments: Financial Health and Patient Care. These reporting segments contribute towards the combined focus of improving the health of the communities we serve as follows: \u2022The Financial Health reporting segment focuses on providing business management, consulting, and managed IT services along with a complete RCM solution for all care settings, regardless of their primary healthcare information solutions provider. \u2022The Patient Care segment provides comprehensive acute care EHR solutions and related services for community hospitals and their physician clinics. The Patient Care segment also offers comprehensive patient engagement and empowerment technology solutions to improve patient outcomes and engagement strategies with care providers. Our companies currently support community hospitals and other healthcare systems with a geographically diverse patient mix within the domestic community healthcare market. Our target market for our Financial Health and Patient Care solutions includes community hospitals with fewer than 400 acute care beds and their clinics, as well as independent or small to medium sized chains of skilled nursing facilities. Approximately 98% of our Patient Care hospital customer base is comprised of hospitals with fewer than 100 beds. See Note 18 to the consolidated financial statements included herein for additional information on our two reportable segments. Management Overview Strategy Our core strategy is t ITEM 1. BUSINESS Overview Founded in 1979, TruBridge, Inc. (\u201cTruBridge\u201d or the \u201cCompany\u201d) is a leading provider of healthcare solutions and services for community hospitals, their clinics and other healthcare systems. Previously named Computer Programs and Systems, Inc., the Company changed its name to TruBridge, Inc. on March 4, 2024 in a Company-wide rebranding and legal entity consolidation. TruBridge is a trusted partner to more than 1,500 healthcare organizations with a broad range of technology-first solutions that address the unique needs and challenges of diverse communities, promoting equitable access to quality care and fostering positive outcomes. TruBridge has over four decades of experience in connecting providers, patients and communities with innovative data-driven solutions that create real value by supporting both the financial and clinical side of healthcare delivery. Our industry leading HFMA Peer Reviewed\u00ae suite of revenue cycle management (RCM) offerings combine unparalleled visibility and transparency to enhance productivity and support the financial health of healthcare organizations across all care settings. We support efficient patient care with electronic health record (EHR) product offerings that successfully integrate data between care settings. Above all, we believe in the power of community and encourage collaboration, connection, and empowerment with our customers. We clear the way for care. The Company\u2019s legal structure includes TruBridge, Inc., the parent company, with Viewgol, LLC (\"Viewgol\"), TruBridge Healthcare Private Limited, iNetXperts, Corp. d/b/a Get Real Health, Healthcare Resource Group, Inc. (\"HRG\"), Healthland Holding Inc. (\u201cHHI\u201d) and Healthland, Inc. as its wholly-owned direct and indirect subsidiaries. The Company operates its business in two operating segments, which are also our reportable segments: Financial Health and Patient Care. These segments contribute towards the combined focus of improving the health of t ITEM 1A. RISK FACTORS These are not the only risks and uncertainties that we face. Our business, financial condition, operating results, and stock price can be materially and adversely affected by a number of factors, whether currently known or unknown, including, but not limited to, those described below. Any one or ", "title": "TBRG - TruBridge, Inc.", "url": "/company/TBRG/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001928446; latest 10-K filed 2026-03-06.", "text": "GRNT - Granite Ridge Resources, Inc. SIC 1311 Crude Petroleum & Natural Gas; CIK 0001928446; latest 10-K filed 2026-03-06. GRNT Granite Ridge Resources, Inc. 0001928446 1311 Crude Petroleum & Natural Gas Item 7. Management\u2019s Discussion and Analysis of Financial Conditions and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes included elsewhere in this Annual Report on Form 10-K. The following discussion contains \u201cforward\u2011looking statements\u201d reflecting our current expectations, estimates and assumptions concerning events and financial trends that may affect our future operating results or financial position. Actual results and the timing of events may differ materially from those contained in these forward\u2011looking statements due to a number of factors. Factors that could cause or contribute to such differences include, but are not limited to, market prices for oil and natural gas, capital expenditures, economic and competitive conditions, regulatory changes and other uncertainties, as well as those factors discussed below and elsewhere in this report. Please read \u201cCautionary Note Regarding Forward\u2011Looking Statements.\u201d Also, please read the risk factors and other cautionary statements described under \u201cPart I, Item 1A. Risk Factors.\u201d We assume no obligation to update any of these forward\u2011looking statements, except as required by applicable law. Overview Granite Ridge is a scaled energy company which aims to provide shareholders with exposure similar to energy private equity through operated partnerships and traditional non-operated assets. We own assets in six prolific unconventional basins across the United States. We aim to deliver a diversified portfolio with best-in-class full cycle returns by investing in a large number of high-graded opportunities developed by proven public and private operators. We focus on success as measured by total shareholder returns, which we seek to balance with a low leverage profile. As of December 31, 2025, we owned an interest in 3,602 gross (245 net) producing wells, 355,252 gross (47,534 net) developed acres, and 33,399 gross (12,504 net) undeveloped acres, all located in the United States. Our average daily production for the year ended December 31, 2025 was 31,984 Boe per day. 53 Table of Contents Business Combination On October 24, 2022 (the \u201cClosing Date\u201d), Granite Ridge and Executive Network Partnering Corporation (\"ENPC\") consummated the business combination pursuant to the terms of the Business Combination Agreement, dated as of May 16, 2022 (the \u201cBusiness Combination Agreement\u201d), by and among ENPC, Granite Ridge, ENPC Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Granite Ridge (\u201cENPC Merger Sub\u201d), GREP Merger Sub, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Granite Ridge (\u201cGREP Merger Sub\u201d), and Granite Ridge Holdings, LLC, a Delaware limited liability company formerly known as GREP Holdings, LLC (\u201cGREP\u201d). Pursuant to the Business Combination Agreement, on the Closing Date, (i) ENPC Merger Sub merged with and into ENPC (the \u201cENPC Merger\u201d), with ENPC surviving the ENPC Merger as a wholly-owned subsidiary of Granite Ridge and (ii) GREP Merger Sub merged with and into GREP (the \u201cGREP Merger,\u201d and together with the ENPC Merger, the \u201cMergers\u201d), with GREP surviving the GREP Merger as a wholly-owned subsidiary of Granite Ridge (the transactions contemplated by the foregoing clauses (i) and (ii) the \u201cBusiness Combination,\u201d and together with the other transactions contemplated by the Business Combination Agreement, the \u201cTransactions\u201d). For additional information on the Business Combination See Note 1 in the Notes to the Consolidated Financial Statements. Source of Our Revenues We derive our revenues from our interests in the sale of oil and natural gas production. Revenues are a function of production, the prevailing market price at the time of sale, oil quality, and transportation costs to market. We use derivative instruments to hedge future sales prices on a portion of our oil and Item 1. Business In this \u201cBusiness\u201d section, unless otherwise specified or the context otherwise requires, \u201cGranite Ridge,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to Granite Ridge Resources, Inc. and its consolidated subsidiaries. The following discussion of our business should be read in conjunction with the accompanying audited consolidated financial statements and related notes included elsewhere in this Annual Report. Overview Granite Ridge is a scaled energy company which aims to provide shareholders with exposure similar to energy private equity through operated partnerships and traditional non-operated assets. We own assets in six prolific unconventional basins across the United States. We aim to deliver a diversified portfolio with best-in-class full cycle returns by investing in a large number of high-graded opportunities developed by proven public and private operators. We focus on success as measured by total shareholder returns, which we seek to balance with a low leverage profile. To this end, we aim to: \u2022manage our current portfolio of assets to generate cash flow; \u2022participate in the development of new wells alongside operators with significant expertise in our core asset areas; \u2022source and evaluate new opportunities which provide healthy risk-adjusted returns; and \u2022return cash to shareholders as appropriate while maintaining a low leverage profile. Business Combination Granite Ridge is a Delaware corporation, formed on May 9, 2022 to consummate the Business Combination (as defined below). On October 24, 2022 (the \u201cClosing Date\u201d), Granite Ridge and Executive Network Partnering Corporation, a Delaware corporation (\u201cENPC\u201d) consummated a business combination pursuant to the terms of the Business Combination Agreement, dated as of May 16, 2022 (the \u201cBusiness Combination Agreement\u201d), by and among ENPC, Granite Ridge, ENPC Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Granite Ridge (\u201cENPC Merger Sub\u201d), GREP Merger S Item 1A. Risk Factors The following risk factors apply to our business and operations. These risk factors are not exhaustive, and investors are encouraged to perform their own investigation with respect to our business, financial condition and prospects. You should carefully consider the following risk factors in addi", "title": "GRNT - Granite Ridge Resources, Inc.", "url": "/company/GRNT/" }, { "kind": "company", "summary": "SIC 2631 Paperboard Mills; CIK 0001441236; latest 10-K filed 2026-02-18.", "text": "CLW - Clearwater Paper Corp SIC 2631 Paperboard Mills; CIK 0001441236; latest 10-K filed 2026-02-18. CLW Clearwater Paper Corp 0001441236 2631 Paperboard Mills ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our audited consolidated financial statements and related notes that appear elsewhere in this report. This discussion contains forward-looking statements reflecting our current expectations that involve risks and uncertainties. Actual results may differ materially from those discussed in these forward-looking statements due to a number of factors, including those set forth in the section entitled \u201cRisk Factors\u201d and elsewhere in this report. A discussion of the earliest year may be found in Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K filed on February 24, 2025. Overview of Business We are a premier manufacturer and supplier of Solid Bleached Sulfate (SBS) paperboard packaging products to independent converters. We believe we are well positioned to capitalize on sustainability trends toward renewable and recyclable materials. We focus on food service and folding carton markets and provide limited distribution and sheeting services. Additionally, we sell minor amounts of pulp to outside customers. We believe our status as an independent, non-integrated supplier is core to our value proposition. We strive to develop new products and innovative solutions to expand and diversify our paperboard portfolio. In 2024, we completed the acquisition of a paperboard manufacturing facility and associated business in Augusta, Georgia. Significant Factors That Impact Our Business and Results of Operations The paperboard industry is affected by macro-economic conditions around the world and has historically experienced cyclical market conditions. As a result, prices for products and sales volumes have historically been volatile. Product pricing is significantly affected by the relationship between supply and demand for our products. Product supply in the industry is influenced primarily by fluctuations in available manufacturing production, which tends to increase during periods when prices remain strong. During 2025, the paperboard industry saw significant weakness due to increasing supply. Our operating costs include raw materials, labor and selling, general and administrative expenses. We manage these costs through cost saving and productivity initiatives, sourcing programs, and pricing actions. Additionally, our operations, as do all pulp and paperboard manufacturing operations, require regular annual planned maintenance outages. Critical Accounting Policies and Significant Estimates A discussion of our significant accounting policies and significant accounting estimates and judgments is presented in Note 1, \"Summary of Significant Accounting Policies\" of the Notes to Consolidated Financial Statements in Item 8 of this report. Throughout the preparation of the financial statements, we employ significant judgments in the application of accounting principles and methods. We believe that the accounting estimates discussed below represent the accounting estimates requiring the exercise of judgment where a different set of judgments could result in the greatest changes to reported results. We reviewed the development, selection and disclosure of our critical accounting estimates with the Audit Committee of our Board of Directors. For 2025, the significant accounting estimate and judgment includes: Retirement Plans and Postretirement Benefits We have a number of defined benefit pension plans in the United States covering many of our employees. Benefit accruals under most of our defined benefit pension plans in the United States were frozen prior to January 2014. We account for the consequences of our sponsorship of these plans using assumptions to calculate the related assets, liabilities and expenses recorded in our financial statements. Net actuarial gains and losses occur when actual experience ITEM 1. Business GENERAL Clearwater Paper is recognized as a leading manufacturer and supplier of Solid Bleached Sulfate (SBS) paperboard packaging products, serving independent converters throughout North America. We participate in the North American paperboard market, which encompasses approximately 10 million tons and is divided into three principal substrates, each offering a diverse array of applications. SBS constitutes nearly fifty percent of the market, while Coated Unbleached Kraft (CUK) and Coated Recycled Board (CRB) comprise the remaining substrates. The paperboard products produced are inherently sustainable, aligning with prevailing trends that favor renewable and recyclable materials. We believe we are strategically positioned to benefit from the increasing emphasis on sustainability within the industry. We produce paperboard that is then converted and printed by independent converters and primarily used in folding carton and food service applications. Additionally, minor amounts of pulp are sold to outside customers. We regularly pursue the development of new products and innovative solutions, with the objective of expanding and diversifying our paperboard portfolio. Our status as an independent, non-integrated supplier is considered fundamental to our value proposition, distinguishing us within the competitive landscape of the paperboard packaging industry. Our manufacturing facilities and all other assets are located within the continental United States. We believe we are one of the five largest producers of paperboard in North America with approximately 11% of the available production capacity in 2025. We also provide custom sheeting and slitting of paperboard products. Acquisition and Divestiture Throughout 2024, we underwent two significant transactions that focused our strategy exclusively on the paperboard packaging sector. Looking ahead, we expect to consider further acquisitions or other arrangements that may be considered as part of ITEM 1A. Risk Factors Our business, financial condition, results of operations and liquidity are subject to various risks and uncertainties, including those described below, and as a result, the trading price of our common stock could decline. You should read the following risk factors carefully in connection with evaluating the Company\u2019s business and the ", "title": "CLW - Clearwater Paper Corp", "url": "/company/CLW/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001023731; latest 10-K filed 2026-05-22.", "text": "EGHT - 8X8 INC /DE/ SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001023731; latest 10-K filed 2026-05-22. EGHT 8X8 INC /DE/ 0001023731 7374 Services-Computer Processing & Data Preparation ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes and other information included elsewhere in this Annual Report. In addition to historical data, this discussion contains forward-looking statements about our business, results of operations, cash flows, financial condition and prospects based on current expectations that involve risks, uncertainties and assumptions. Our actual results could differ materially from such forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those identified below and those discussed in the sections titled \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d included elsewhere in this Annual Report. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future. This section discusses items pertaining to and comparisons of financial results between fiscal 2026 and fiscal 2025. A discussion of fiscal 2025 items and comparisons between fiscal 2025 and fiscal 2024 financial results can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended March 31, 2025 (the \u201c2025 MD&A\u201d), filed with the SEC on May 22, 2025. Overview 8x8, Inc. is a global provider of integrated customer experience and business communications solutions, purpose-built to unify customer and employee engagement across the enterprise. Our 8x8 Platform for CX combines contact center, business communications, and application programmable interfaces (\"APIs\") for communications into a single, secure, system powered by artificial intelligence (\"AI\") that delivers seamless, data-driven interactions. Designed for agility and scale, our platform helps businesses eliminate silos, improve operational efficiency, and turn every conversation into actionable intelligence. By aligning technology with measurable outcomes, we empower organizations to transform how they connect, serve, and grow from first interactions to lasting relationships. We serve a broad customer base, from small businesses to large global enterprises across every major industry. We reach customers through a combination of direct sales and an expanding global network of channel partners. To serve a diverse organizations of all sizes, we invest in retaining and growing customers across segments through a service model that scales from AI-powered support for smaller accounts to dedicated customer success resources for our most complex enterprise relationships. We generate Service Revenue from subscriptions to our UCaaS and CCaaS offerings, as well as usage of our platform. Our service subscription plans are sold on a per-user basis and are structured with increasing levels of functionality, based on the specific communication needs and customer engagement profile of each user. Platform usage revenue is revenue recognized from sales of products on an as-used basis and includes the use of our communications APIs, digital and voice AI interactions and telephony minutes. Usage revenue increased by 56% in fiscal 2026 as customers increased inbound and outbound engagement strategies using our communication APIs and AI-based interactions. We generate Other Revenue from professional services and the sale of office phones and other hardware equipment. We define a \u201ccustomer\u201d as one or more legal entities to which we provide services pursuant to a single contractual arrangement. In some cases, we may have multiple billing relationships with a single customer (for example, where we establish separate billing accounts for a parent company and each of its subsidiaries). Macroeconomic and Other Factors We are ITEM 1. Business Overview 8x8, Inc. (\u201c8x8\u201d) is a global provider of integrated customer experience and business communications solutions, purpose-built to unify customer and employee engagement across the enterprise. Our Platform for CX\u2122 combines contact center, business communications, and application programmable interfaces, or APIs, for communications into a single, secure, AI-powered system that delivers seamless, data-driven interactions. Designed for agility and scale, our platform helps businesses eliminate silos, improve operational efficiency, and turn every conversation into actionable intelligence. By aligning technology with measurable outcomes, we empower organizations to transform how they connect, serve, and grow from first interactions to lasting relationships. We serve a broad customer base, from small businesses to large global enterprises, across every major industry. Our strategic focus has increasingly shifted toward mid-market, small and mid-sized enterprise, and public sector organizations, particularly those with 500 to 10,000 employees. These customers often have more complex communication and customer service needs and are more likely to benefit from, and invest in, multiple services across our platform. This focus aligns with our strengths, eliminating communication silos and enabling businesses to transform every customer interaction into a strategic asset. We also invest resources in retaining our small business customers, including world class onboarding and customer care specialists that are a single point of contact for all service and support needs. We reach customers through a diversified go-to-market strategy that includes both direct and indirect channels. We utilize a diversified partner ecosystem to complement our direct sales efforts and expand our global market reach. Our go-to-market strategy includes technology solutions distributors, or TSDs, and their sub-agent networks, who contribute to pipeline growth through referr ITEM 1A. Risk Factors Our operations and financial results are subject to various risks and uncertainties. You should consider carefully the risks and uncertainties described below, together with all of the other information in this report. If any of the following risks or other risks actually occur, our", "title": "EGHT - 8X8 INC /DE/", "url": "/company/EGHT/" }, { "kind": "company", "summary": "SIC 7373 Services-Computer Integrated Systems Design; CIK 0000746838; latest 10-K filed 2026-02-25.", "text": "UIS - UNISYS CORP SIC 7373 Services-Computer Integrated Systems Design; CIK 0000746838; latest 10-K filed 2026-02-25. UIS UNISYS CORP 0000746838 7373 Services-Computer Integrated Systems Design ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (For a discussion of 2024 compared with 2023, refer to Part II, Item 7 contained in the company\u2019s Form 10-K for the fiscal year ended December 31, 2024.) Overview In 2025, the company recorded a net loss attributable to Unisys Corporation of $339.8 million, or $4.79 per diluted share, compared with a net loss of $193.4 million, or $2.79 per diluted share, in 2024. The net loss in 2025 and 2024 included $228.2 million and $130.6 million, respectively, of defined benefit pension plan settlement losses and goodwill impairment charges of $55.0 million and $39.1 million, respectively, related to the Digital Workplace Solutions (DWS) reportable segment. During 2025, the company purchased a group annuity contract, with plan assets, for approximately $316 million to transfer projected benefit obligations related to one of the company\u2019s U.S. defined benefit pension plans. This action resulted in a pre-tax settlement loss of $227.7 million for the year ended December 31, 2025. During 2024, the company purchased a group annuity contract, with plan assets, for approximately $192 million to transfer projected benefit obligations related to one of the company\u2019s U.S. defined benefit pension plans. This action resulted in a pre-tax settlement loss of $130.1 million in 2025. Results of operations Company results Revenue for 2025 was $1,950.1 million compared with $2,008.4 million for 2024, a decrease of 2.9%. The decrease was primarily due to lower volume with clients in the Digital Workplace Solutions (DWS) and Cloud, Applications & Infrastructure Solutions (CA&I) reportable segments. Foreign currency fluctuations had a negligible impact on revenue in 2025 compared with 2024. License and Support (L&S) represents software license and related support services, primarily ClearPath\u00ae Forward, within the company's Enterprise Computing Solutions (ECS) reportable segment. Software license renewals tend to be significant and impactful to revenue and gross profit based on timing, which can fluctuate considerably from quarter to quarter. L&S revenue for 2025 was $428.1 million compared to $431.5 million for 2024, a decrease of 0.8%. Excluding License and Support (Ex-L&S) measures exclude revenue, gross profit and gross profit margin in connection with software license and related support services within the ECS reportable segment. Ex-L&S revenue for 2025 was $1,522.0 million compared with $1,576.9 million for 2024, a decrease of 3.5%. The decrease was primarily driven by lower volume with clients in the DWS and CA&I reportable segments. During 2025, the company recognized net cost-reduction charges and other costs of $30.5 million. The net charges related to workforce reductions were $23.0 million and were comprised of: (a) a charge of $27.6 million for severance costs and (b) a credit of $4.6 million for changes in estimates. In addition, the company recorded net charges of $7.5 million comprised of $4.3 million of lease abandonment costs and an asset write-off charge of $3.2 million. During 2024, the company recognized net cost-reduction charges and other costs of $18.0 million. The net charges related to workforce reductions were $13.5 million and were comprised of: (a) a charge of $23.7 million for severance costs and (b) a credit of $10.2 million for changes in estimates. In addition, the company recorded net charges of $4.5 million comprised of an asset write-off charge of $4.4 million and a net charge of $0.1 million for other expenses related to other cost-reduction efforts. The cost reduction charges (credits) were recorded in the following statement of income (loss) classifications: [[GREPCENT_TABLE]] [[\"Year ended December 31,\",\"\",\"2025\",\"\",\"2024\"],[\"Cost of revenue\",\"\",\"$\",\"18.0\",\"\",\"\",\"$\",\"12.1\"],[\"Selling, general and administrative\",\"\",\"9.4\",\"\",\"\",\"6.0\"],[\"Research and development\",\"\",\"3.1\",\"\",\"\",\"(0.1)\"],[\"Total\",\"\",\"$\",\"30.5\",\"\",\" ITEM 1. BUSINESS General Unisys Corporation, a Delaware corporation (Unisys, we, our, or the company), is a global information technology (IT) solutions company that powers breakthroughs for the world\u2019s leading organizations. We transform and manage infrastructure, data, software, applications, devices and workflows that power enterprises, financial institutions and public sector organizations around the world. Our clients rely on us to help solve many of their toughest business and technology challenges in highly complex, regulated, and heterogeneous environments. Our solutions and services are provided through global delivery capabilities, which allows us to execute large-scale, rapid technology migration, and modernization projects to create breakthroughs and outcomes that matter for our clients. From our origins dating back to 1873 through the formation of Unisys in 1986, we have built a legacy of innovation and a reputation of trust. In recent decades, enterprise and government interactions with customers, suppliers, employees, and citizens have shifted increasingly to digital channels. Cloud computing, artificial intelligence (AI), automation, and soon, quantum computing, have pushed the required pace of innovation and led to a proliferation of data. At the same time, organizations face rising costs and complexity of managing IT infrastructure, data, security, and compliance while integrating new technologies. We have a long track record of helping clients navigate technological change and architecting innovative solutions that simplify and accelerate digital transformation. Our Market The market in which we operate is broad and rapidly evolving, encompassing a wide range of technologies, services, and solutions aimed at helping organizations improve their operations and achieve their business objectives. Organizations across the globe are harnessing technology to reimagine their business models and create competitive advantages. In addition to technical ITEM 1A. RISK FACTORS We are subject to a wide range of factors that could materially affect future performance. Because of these factors, past performance may not be a reliable indicator of future results. You should carefully consider, together with the other information contained in this Annual Report on Form 10-K, the ", "title": "UIS - UNISYS CORP", "url": "/company/UIS/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000723646; latest 10-K filed 2026-03-13.", "text": "FRAF - FRANKLIN FINANCIAL SERVICES CORP /PA/ SIC 6022 State Commercial Banks; CIK 0000723646; latest 10-K filed 2026-03-13. FRAF FRANKLIN FINANCIAL SERVICES CORP /PA/ 0000723646 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [[\"\",\"\",\"Summary of Selected Financial Data as of and for the Year Ended December 31\"],[\"(Dollars in thousands, except per share)\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\",\"\",\"2022\",\"\",\"2021\"],[\"Balance Sheet Highlights\"],[\"Total assets\",\"\",\"$\",\"2,239,018\",\"\",\"$\",\"2,197,841\",\"\",\"$\",\"1,836,039\",\"\",\"$\",\"1,699,579\",\"\",\"$\",\"1,773,806\"],[\"Debt securities available for sale, at fair value\",\"\",\"\",\"454,586\",\"\",\"\",\"508,604\",\"\",\"\",\"472,503\",\"\",\"\",\"487,247\",\"\",\"\",\"530,292\"],[\"Loans, net\",\"\",\"\",\"1,540,583\",\"\",\"\",\"1,380,424\",\"\",\"\",\"1,240,933\",\"\",\"\",\"1,036,866\",\"\",\"\",\"983,746\"],[\"Deposits\",\"\",\"\",\"1,835,772\",\"\",\"\",\"1,815,647\",\"\",\"\",\"1,537,978\",\"\",\"\",\"1,551,448\",\"\",\"\",\"1,584,359\"],[\"Other borrowings\",\"\",\"\",\"200,000\",\"\",\"\",\"200,000\",\"\",\"\",\"130,000\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"Shareholders' equity\",\"\",\"\",\"175,242\",\"\",\"\",\"144,716\",\"\",\"\",\"132,136\",\"\",\"\",\"114,197\",\"\",\"\",\"157,065\"],[\"Summary of Operations\"],[\"Interest income\",\"\",\"$\",\"114,371\",\"\",\"$\",\"101,451\",\"\",\"$\",\"76,762\",\"\",\"$\",\"56,449\",\"\",\"$\",\"47,573\"],[\"Interest expense\",\"\",\"\",\"44,725\",\"\",\"\",\"43,937\",\"\",\"\",\"23,125\",\"\",\"\",\"4,863\",\"\",\"\",\"2,902\"],[\"Net interest income\",\"\",\"\",\"69,646\",\"\",\"\",\"57,514\",\"\",\"\",\"53,637\",\"\",\"\",\"51,586\",\"\",\"\",\"44,671\"],[\"Provision for credit losses - loans\",\"\",\"\",\"3,030\",\"\",\"\",\"1,975\",\"\",\"\",\"2,589\",\"\",\"\",\"650\",\"\",\"\",\"(2,100)\"],[\"Provision for credit losses - unfunded commitments\",\"\",\"\",\"(131)\",\"\",\"\",\"8\",\"\",\"\",\"135\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\"],[\"Total provision for credit losses\",\"\",\"\",\"2,899\",\"\",\"\",\"1,983\",\"\",\"\",\"2,724\",\"\",\"\",\"650\",\"\",\"\",\"(2,100)\"],[\"Net interest income after provision for credit losses\",\"\",\"\",\"66,747\",\"\",\"\",\"55,531\",\"\",\"\",\"50,913\",\"\",\"\",\"50,936\",\"\",\"\",\"46,771\"],[\"Noninterest income\",\"\",\"\",\"19,176\",\"\",\"\",\"13,679\",\"\",\"\",\"14,851\",\"\",\"\",\"15,250\",\"\",\"\",\"19,488\"],[\"Noninterest expense\",\"\",\"\",\"59,656\",\"\",\"\",\"55,895\",\"\",\"\",\"50,011\",\"\",\"\",\"48,691\",\"\",\"\",\"43,245\"],[\"Income before income taxes\",\"\",\"\",\"26,267\",\"\",\"\",\"13,315\",\"\",\"\",\"15,753\",\"\",\"\",\"17,495\",\"\",\"\",\"23,014\"],[\"Income tax expense\",\"\",\"\",\"5,041\",\"\",\"\",\"2,216\",\"\",\"\",\"2,155\",\"\",\"\",\"2,557\",\"\",\"\",\"3,398\"],[\"Net income\",\"\",\"$\",\"21,226\",\"\",\"$\",\"11,099\",\"\",\"$\",\"13,598\",\"\",\"$\",\"14,938\",\"\",\"$\",\"19,616\"],[\"Performance Measurements\"],[\"Return on average assets\",\"\",\"\",\"0.94%\",\"\",\"\",\"0.54%\",\"\",\"\",\"0.78%\",\"\",\"\",\"0.83%\",\"\",\"\",\"1.17%\"],[\"Return on average equity\",\"\",\"\",\"13.55%\",\"\",\"\",\"8.05%\",\"\",\"\",\"11.39%\",\"\",\"\",\"11.64%\",\"\",\"\",\"13.20%\"],[\"Return on average tangible equity (1)\",\"\",\"\",\"14.38%\",\"\",\"\",\"8.62%\",\"\",\"\",\"12.32%\",\"\",\"\",\"12.52%\",\"\",\"\",\"14.05%\"],[\"Efficiency ratio (1)\",\"\",\"\",\"66.48%\",\"\",\"\",\"73.36%\",\"\",\"\",\"70.75%\",\"\",\"\",\"71.21%\",\"\",\"\",\"66.12%\"],[\"Net interest margin, fully tax equivalent\",\"\",\"\",\"3.25%\",\"\",\"\",\"2.95%\",\"\",\"\",\"3.31%\",\"\",\"\",\"3.11%\",\"\",\"\",\"2.88%\"],[\"Shareholders' Value (per common share)\"],[\"Diluted earnings per share\",\"\",\"$\",\"4.74\",\"\",\"$\",\"2.51\",\"\",\"$\",\"3.10\",\"\",\"$\",\"3.36\",\"\",\"$\",\"4.42\"],[\"Basic earnings per share\",\"\",\"\",\"4.76\",\"\",\"\",\"2.52\",\"\",\"\",\"3.11\",\"\",\"\",\"3.38\",\"\",\"\",\"4.44\"],[\"Regular cash dividends paid\",\"\",\"\",\"1.31\",\"\",\"\",\"1.28\",\"\",\"\",\"1.28\",\"\",\"\",\"1.28\",\"\",\"\",\"1.25\"],[\"Book value\",\"\",\"\",\"39.11\",\"\",\"\",\"32.69\",\"\",\"\",\"30.23\",\"\",\"\",\"26.01\",\"\",\"\",\"35.36\"],[\"Tangible book value (1)\",\"\",\"\",\"37.10\",\"\",\"\",\"30.65\",\"\",\"\",\"28.17\",\"\",\"\",\"23.96\",\"\",\"\",\"33.34\"],[\"Market value*\",\"\",\"\",\"50.20\",\"\",\"\",\"29.90\",\"\",\"\",\"31.55\",\"\",\"\",\"36.10\",\"\",\"\",\"33.10\"],[\"Market value/book value ratio\",\"\",\"\",\"128.36%\",\"\",\"\",\"91.47%\",\"\",\"\",\"104.37%\",\"\",\"\",\"138.79%\",\"\",\"\",\"93.61%\"],[\"Market value/tangible book value ratio\",\"\",\"\",\"135.33%\",\"\",\"\",\"97.54%\",\"\",\"\",\"112.01%\",\"\",\"\",\"150.67%\",\"\",\"\",\"99.29%\"],[\"Price/earnings multiple year-to-date\",\"\",\"\",\"10.59\",\"\",\"\",\"11.91\",\"\",\"\",\"10.18\",\"\",\"\",\"10.74\",\"\",\"\",\"7.49\"],[\"Dividend yield**\",\"\",\"\",\"2.63%\",\"\",\"\",\"4.28%\",\"\",\"\",\"4.06%\",\"\",\"\",\"3.55%\",\"\",\"\",\"3.87%\"],[\"Dividend payout ratio\",\"\",\"\",\"27.54%\",\"\",\"\",\"50.72%\",\"\",\"\",\"41.15%\",\"\",\"\",\"37.88%\",\"\",\"\",\"28.16%\"],[\"Safety and Soundness\"],[\"Aver Item 1. Business General Franklin Financial Services Corporation (the \u201cCorporation\u201d) was organized as a Pennsylvania business corporation on June 1, 1983 and is a registered bank holding company under the Bank Holding Company Act of 1956, as amended (the \u201cBHCA\u201d). On January 16, 1984, pursuant to a plan of reorganization approved by the shareholders of Farmers and Merchants Trust Company of Chambersburg (\u201cF&M Trust\u201d or \u201cthe Bank\u201d) and the appropriate regulatory agencies, the Corporation exchanged all of the shares of F&M Trust and issued its own shares of the Corporation to former F&M Trust shareholders on a one share \u2013 for - one share basis. The Corporation\u2019s common stock is listed under the symbol \u201cFRAF\u201d on the Nasdaq Capital Market. The Corporation\u2019s internet address is www.franklinfin.com. Electronic copies of the Corporation\u2019s 2025 Annual Report on Form 10-K are available free of charge by visiting the \u201cInvestor Information\u201d section of www.franklinfin.com. Electronic copies of quarterly reports on Form 10-Q and current reports on Form 8-K are also available at this internet address. These reports are posted as soon as reasonably practicable after they are electronically filed with the Securities and Exchange Commission (SEC). This reference to the Corporation\u2019s internet address shall not, under any circumstances, be deemed to incorporate the information available at such internet address into this Form 10-K or other SEC filings. The information available at the Corporation\u2019s internet address is not part of this Form 10-K or any other report filed by the Corporation with the SEC. The Corporation\u2019s SEC filings can also be obtained on the SEC\u2019s website on the internet at http://www.sec.gov. The Corporation conducts substantially all of its business through its wholly owned direct banking subsidiary, F&M Trust. F&M Trust, established in 1906, is a full-service, Pennsylvania-chartered commercial bank and trust company, which is not a member of the Federal Reserve Item 1A. Risk Factors 8 Table of Contents The following is a summary of the primary risks associated with the Corporation\u2019s business, financial condition and results of operations, and common stock. Risk Factors Relating to the Corporation Real estate related loans are a significant portion of ou", "title": "FRAF - FRANKLIN FINANCIAL SERVICES CORP /PA/", "url": "/company/FRAF/" }, { "kind": "company", "summary": "SIC 5047 Wholesale-Medical, Dental & Hospital Equipment & Supplies; CIK 0000075252; latest 10-K filed 2026-02-20.", "text": "ACH - ACCENDRA HEALTH INC/VA/ SIC 5047 Wholesale-Medical, Dental & Hospital Equipment & Supplies; CIK 0000075252; latest 10-K filed 2026-02-20. ACH ACCENDRA HEALTH INC/VA/ 0000075252 5047 Wholesale-Medical, Dental & Hospital Equipment & Supplies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Sale of Products & Healthcare Services Business On February 28, 2025, we announced that we were actively engaged in discussions regarding the potential sale of our Products & Healthcare Services business. On October 7, 2025, we entered into an Equity Purchase Agreement (the Purchase Agreement) by and among the Company, Dominion Healthcare Acquisition Corporation, a Delaware 34 Table of Contents corporation (the Purchaser), and Dominion Healthcare Holdings, L.P., a Delaware limited partnership (Purchaser Parent) to sell the P&HS business, for an aggregate of $375 million in cash, subject to certain adjustments for cash, indebtedness, net working capital and transaction expenses. On December 31, 2025, we completed the sale of the P&HS business pursuant to the Purchase Agreement. We retained a 5% equity interest in the P&HS business. In accordance with GAAP, the financial position and results of operations of the P&HS business are presented as discontinued operations and, as such, have been excluded from continuing operations for all periods presented. With the exception of Note 3, the Notes to Consolidated Financial Statements reflect the continuing operations of Accendra Health, Inc. unless otherwise noted. See Note 3 in the Notes to Consolidated Financial Statements for additional information regarding discontinued operations. Overview Accendra Health, Inc. (f/k/a Owens & Minor, Inc.) and subsidiaries (Accendra Health, we, us, our or the Company) is a leading nationwide provider of products, technology, and services that supports health beyond the hospital for millions of people each year. As discussed later within Note 1 to Consolidated Financial Statements, our business activities comprise a single operating and reporting segment. Net (loss) per share from continuing operations was $(1.34) for the year ended December 31, 2025 as compared to net (loss) per share from continuing operations of $(4.57) for the year ended December 31, 2024. Our financial results for the year ended December 31, 2025 as compared to the prior year were favorably impacted by the following: (1) no goodwill impairment charges for the year ended December 31, 2025 as compared to charges incurred for the year ended December 31, 2024 of $307 million, or a $3.97 negative impact per share (see Notes 1 and 5 in the Notes to Consolidated Financial Statements); (2) revenue growth of $82 million; (3) a reduction in exit and realignment charges of $28 million; (4) the remeasurement of an uncertain tax position for the year ended December 31, 2024, including interest which resulted in a $19 million, or a $0.24 negative income tax charge per share (see Note 12 in the Notes to Consolidated Financial Statements); that did not reoccur and (5) a $15 million reduction in selling, general and administrative expense. These impacts were partially offset by (1) an $80 million transaction breakage fee incurred in connection with the termination of the Rotech acquisition; (2) an increase in cost of net revenue of $73 million; (3) an increase in intangible amortization of $33 million; and (4) $18 million in transaction fees during the year ended December 31, 2025. Net (loss) per share from continuing operations was $(4.57) for the year ended December 31, 2024 as compared to net income per share from continuing operations of $0.12 for the year ended December 31, 2023. Our financial results for the year ended December 31, 2024 as compared to the prior year were unfavorably impacted by the following: (1) a goodwill impairment charge incurred for the year ended December 31, 2024 of $307 million, or a $3.97 negative impact per share; (2) an $81 million increase in selling, general, and administrative expenses including legal settlements of $17 million related primarily to compensation and wage and hour disputes; (3) a $64 million increase in cost of net revenue; and (4) a $39 mil Item 1. Business General Accendra Health, Inc. (f/k/a Owens & Minor, Inc.) and subsidiaries (Accendra Health, we, us, our or the Company) is a leading nationwide provider of products, technology, and services that supports health beyond the hospital for millions of people each year. We connect patients, providers, and insurers, delivering innovative solutions that help promote better health outcomes and improve quality of life for people living with chronic, complex, and acute health conditions. Together, our trusted brands, Apria and Byram Healthcare, bring nearly 90 years of combined experience in promoting health beyond the hospital in communities across the country. We are headquartered in Richmond, Virginia. The description of our business should be read in conjunction with the consolidated financial statements and supplementary data included in this Form 10-K. Sale of Products & Healthcare Services Business On October 7, 2025, we entered into an Equity Purchase Agreement, (the Purchase Agreement) by and among the Company, Dominion Healthcare Acquisition Corporation, a Delaware corporation (the Purchaser), and Dominion Healthcare Holdings, L.P., a Delaware limited partnership (Purchaser Parent) to sell the Products & Healthcare Services (P&HS) business, for an aggregate of $375 million in cash, subject to certain adjustments for cash, indebtedness, net working capital and transaction expenses. On December 31, 2025, we completed the sale of the P&HS business pursuant to the Purchase Agreement. We have retained a 5% equity interest in the P&HS business. \u200b Product Offering and Services We provide delivery of products, including disposable medical supplies sold directly to patients and home health agencies and are a leading provider of integrated home healthcare equipment and related services in the U.S. We offer a comprehensive range of products and services for in-home care and delivery across diabetes treatment, home respiratory therapy (including home ox Item 1A. Risk Factors \u200b Index to Risk Factors [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Section\",\"\\u200b\",\"Page\"],[\"Operational Risks\",\"\\u200b\",\"14\"],[\"Risks Related to the Sale of our Products & Healthcare Services business\",\"\\u200b\",\"18\"],[\"Industry and Econ", "title": "ACH - ACCENDRA HEALTH INC/VA/", "url": "/company/ACH/" }, { "kind": "company", "summary": "SIC 8742 Services-Management Consulting Services; CIK 0001057379; latest 10-K filed 2026-02-27.", "text": "HCKT - HACKETT GROUP, INC. SIC 8742 Services-Management Consulting Services; CIK 0001057379; latest 10-K filed 2026-02-27. HCKT HACKETT GROUP, INC. 0001057379 8742 Services-Management Consulting Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview The following Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) is intended to help the reader understand the results of operations and financial condition of Hackett. MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying Notes to our consolidated financial statements included in this Annual Report on Form 10-K. We have omitted discussion of fiscal 2023 items and year-to-year comparisons between fiscal years 2024 and 2023 where it would be redundant with the discussion previously included in Part II, Item 7 (MD&A) of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 26, 2025. Hackett is a global IP platform-based Gen AI strategic consulting and executive advisory digital transformation firm. The Hackett Group provides dedicated expertise in Gen AI enabled enterprise transformation services across front, mid and back office areas, including its highly recognized Oracle, SAP, OneStream and eProcurement implementation offerings. In early 2024, we launched our AI assessment platform, AI XPLR which helps clients identify, evaluate and design Gen AI enablement opportunities. Using AI XPLR, our experienced professionals guide organizations to harness the power of Gen AI solutions designed to digitally transform their operations to achieve quantifiable, breakthrough results, allowing us to be key architects of our clients' Gen AI journey. We believe Gen AI will fundamentally change the way companies operate as well as the way consulting services are sold and delivered. We believe the Gen AI platform capabilities we have developed in AI XPLR which were expanded with ZBrain, which we acquired as part of the LeewayHertz acquisition, is highly differentiating and we expect will enable us to effectively compete in this emerging and important space. The Hackett Group has completed over 28,400 benchmarking and performance studies with major organizations. These studies are executed utilizing our Quantum Leap platform which drives our DTP. This includes the firm's benchmarking metrics, best practices repository, and best practice configuration and process flow accelerators, which enables our clients and partners to achieve digital world-class performance. Our transformation expertise is grounded in best practices insights from benchmarking the world\u2019s leading businesses \u2013 including 97% of the Dow Jones Industrials, 90% of the Fortune 100, 68% of the DAX 40 and 53% of the FTSE 100, which inform and are delivered utilizing our platforms. Impact of Macroeconomic Conditions on Our Business The level of revenue we achieve is based on our ability to deliver market leading services and solutions and to deploy skilled teams of professionals quickly. Our results of operations are affected by economic conditions, including macroeconomic conditions and levels of business confidence. Any deterioration in the current macroeconomic environment or economic downturn as a result of weak or uncertain economic conditions due to inflation, high interest rates, national or geopolitical events or other factors impacting economic activity or business confidence could adversely affect our clients' financial condition or outlook which may reduce the clients' demand for our services. Critical Accounting Policies and Estimates In the ordinary course of business, we make a number of estimates and assumptions relating to the reporting of results of operations and financial position in conformity with generally accepted accounting principles in the United States (\u201cGAAP\u201d). Actual results could differ from those estimates under different assumptions and conditions. We believe the following discussion addresses our most critical accounting policies that have had or are reasonably likely to have a material impact on our financial condition or results of operatio ITEM 1. BUSINESS GENERAL In this Annual Report on Form 10-K, unless the context otherwise requires, \u201cThe Hackett Group,\u201d \u201cHackett,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to The Hackett Group, Inc. and its subsidiaries and predecessors. We were originally incorporated on April 23, 1997. Our fiscal year ended December 26, 2025. OVERVIEW The Hackett Group, Inc. (NASDAQ: HCKT) is a global, IP platform-based generative artificial intelligence (\u201cGen AI\u201d) strategic advisory, business transformation, and enterprise application implementation firm. We combine proprietary benchmarking and best-practice process intelligence intellectual property (\"IP\") with Gen AI\u2013enabled delivery platforms to help clients identify, prioritize, design, and implement high-impact improvements across enterprise functions, including supply chain and operations, finance, human resources, information technology, procurement and corporate services, as well as selected enterprise application implementation services, including Oracle, SAP, OneStream, and eProcurement applications. WHAT MAKES US DIFFERENT? Over the past two years, we have systematically developed a suite of IP Gen AI platforms delivery platforms, which are distinctly enabled by our Hackett Domain Specific Language Model, which we refer to as our Solution Language Model (\"SLM\"). The Hackett SLM does not produce generic ideas. It applies domain expertise, our process performance benchmarks and best practices intelligence IP, and a structured ideation and solution-design approach to rapidly turn AI opportunities into deployable, implementation-ready solutions. This innovation allows us to accelerate and enhance all of our client AI transformation efforts and highly differentiates our offerings. We do not believe that you can successfully deploy high impact solutions without a detail understanding of the client specific requirements. Without client specific business, process, automation and data requirements, there is no way to ITEM 1A. RISK FACTORS Our business is subject to risks. The following important factors could cause actual results to differ materially from those contained in forward-looking statements made in this Annual Report on Form 10-K or our other publicly filed documents. 8 Business, Market and Strategy Risks We may no", "title": "HCKT - HACKETT GROUP, INC.", "url": "/company/HCKT/" }, { "kind": "company", "summary": "SIC 3829 Measuring & Controlling Devices, NEC; CIK 0001555279; latest 10-K filed 2026-03-09.", "text": "MASS - 908 Devices Inc. SIC 3829 Measuring & Controlling Devices, NEC; CIK 0001555279; latest 10-K filed 2026-03-09. MASS 908 Devices Inc. 0001555279 3829 Measuring & Controlling Devices, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing in Part II, Item 8 of this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u2018\u2018Risk Factors\u2019\u2019 section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis. Overview We have developed an innovative suite of purpose-built handheld devices for point-of-need chemical analysis. Leveraging complementary analytical technologies including our proprietary mass spectrometry, or Mass Spec, and FTIR, an optical spectroscopy technology and analytics and machine learning technologies, we make devices that are significantly smaller and more accessible than conventional laboratory instruments. Our devices are used at the point-of-need to interrogate unknown and invisible materials and provide quick, actionable answers to directly address vital health and safety applications, including the fentanyl and illicit drug crisis, toxic carcinogen exposure, and global security threats. We create simplified measurement devices that our customers can use as accurate tools where and when their work needs to be done, rather than overly complex and centralized analytical instrumentation. We believe the insights and answers our devices provide will accelerate workflows, reduce costs, and offer transformational opportunities for our end users. Front-line workers rely upon our Mass Spec handheld devices to combat the opioid crisis and detect counterfeit pharmaceuticals and illicit materials in the air or on surfaces at levels 1,000 times below their lethal dose. First responders also utilize our handheld devices to detect and identify thousands of hazardous bulk materials. The term \u201cproducts\u201d as used in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d refers to the MX908, ThreatID, ProtectIR, XplorIR, VipIR and related devices. On April 29, 2024, we entered into an Equity Purchase Agreement, or the Purchase Agreement, with RedWave, CAM3 HoldCo, LLC, a Connecticut limited liability company, or Seller Entity, each of the holders of outstanding equity interests of Seller Entity, or the Beneficial Sellers, and the other parties thereto, pursuant to which we purchased all of the outstanding equity interests of RedWave, and the transaction closed on the same day. The purchase price included an initial payment of $45.0 million in cash and 1,497,171 unregistered shares of the Company\u2019s common stock, which reflects closing adjustments relating to working capital, cash and debt adjustments. RedWave is a leading provider of portable Fourier Transform Infrared, or FTIR, spectroscopic analyzers for rapid chemical identification of bulk materials. FTIR, an optical spectroscopy technology, is highly regarded for its specific substance identification abilities across a broad range of bulk materials. This acquisition provides us with an expanded portfolio of handheld chemical analysis devices for forensic workflows that quickly detect and identify unknown solids, liquids, vapors, and aerosols at the point of need. In addition, RedWave provided a line of accessories for pharma Process Analytical Technology, or PAT, and industrial Quality Control applications. On March 4, 2025, the Company completed the sale of its Desktop Portfolio to Repligen. The Company has determined the Item 1. Business. Analysis at the Speed of Life We are making chemical analysis simple, smart and speedy with our purpose-built handheld devices that empower people to take swift action in life-altering applications. Company Overview We have developed an innovative suite of purpose-built handheld devices for point-of-need chemical analysis. Leveraging mass spectrometry, or Mass Spec, and optical spectroscopy, analytics and machine learning technologies, we make devices that are significantly smaller and more accessible than conventional laboratory instruments. Our devices are used at the point-of-need to interrogate unknown and invisible materials and provide quick, actionable answers to directly address some of the most critical problems in vital health, safety and defense tech applications, addressing the fentanyl and illicit drug crisis, toxic carcinogen exposure, and global security threats. The term \u201cproducts\u201d or \u201cdevices\u201d used in this \u201cBusiness\u201d section each refer to the MX908, ThreatID, ProtectIR, XplorIR, and VipIR. We create simplified measurement devices that our customers can use as accurate tools where-and-when their work needs to be done, rather than overly complex and centralized analytical instrumentation. We believe the insights and answers our devices provide accelerate workflows, reduce costs, and offer transformational opportunities for our end users. Since the launch of our first device in 2014, we have sold more than 3,700 handheld devices to over 700 customers, including numerous domestic and foreign government agencies. Front-line workers rely upon our Mass Spec handheld devices to combat the opioid crisis and to detect counterfeit pharmaceuticals and illicit materials in the air or on surfaces at levels as low as 1,000 times below their lethal dose. Mass Spec is the gold-standard analytical technology for laboratory-based molecular analysis and can identify and quantify sample components via molecular weight measurements. Mass Spec is Item 1A. Risk Factors. An investment in our common stock involves risks. You should carefully consider the following risks and all of the other information contained in this Annual Report on Form 10-K before investing in our common stock. The risks described below are those that we believe are the material risks that we", "title": "MASS - 908 Devices Inc.", "url": "/company/MASS/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001529377; latest 10-K filed 2026-02-10.", "text": "ACRE - Ares Commercial Real Estate Corp SIC 6798 Real Estate Investment Trusts; CIK 0001529377; latest 10-K filed 2026-02-10. ACRE Ares Commercial Real Estate Corp 0001529377 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations We are a specialty finance company primarily engaged in directly originating and investing in CRE loans and related investments. We are externally managed by ACREM, a subsidiary of Ares Management, a publicly traded, leading global alternative investment manager, pursuant to the terms of the Management Agreement. From the commencement of our operations in late 2011, we have been primarily focused on directly originating and managing a diversified portfolio of CRE debt-related investments for our own account. We were formed and commenced operations in late 2011. We are a Maryland corporation and completed our initial public offering in May 2012. We have elected and qualified to be taxed as a REIT for United States federal income tax purposes under the Internal Revenue Code of 1986, as amended, commencing with our taxable year ended December 31, 2012. We generally will not be subject to United States federal income taxes on our REIT taxable income as long as we annually distribute to stockholders an amount at least equal to our REIT taxable income prior to the deduction for dividends paid and comply with various other requirements as a REIT. We also operate our business in a manner that is intended to permit us to maintain our exemption from registration under the 1940 Act. Below are significant developments during the year ended December 31, 2025 presented by quarter: Developments During the First Quarter of 2025: \u2022We exercised our redemption option under the FL3 collateralized loan obligation (\"CLO\") securitization on March 17, 2025 and in connection therewith, all of the outstanding notes of the FL3 CLO securitization held by a third party were repaid in full at par through a refinancing of certain remaining underlying loans held for investment under the Wells Fargo Facility and the Citibank Facility. \u2022We amended the Wells Fargo Facility to, among other things, extend the initial maturity date and funding period of the Wells Fargo Facility to February 10, 2028. The maturity date of the Wells Fargo Facility continues to be subject to two 12-month extensions, each of which may be exercised at our option, subject to the satisfaction of certain conditions and applicable extension fees being paid, which, if both were exercised, would extend the maturity date of the Wells Fargo Facility to February 10, 2030. \u2022We exercised our 12-month extension option to extend the maturity date of the CNB Facility to March 10, 2026. Developments During the Second Quarter of 2025: \u2022We amended the Morgan Stanley Facility to, among other things, (1) reduce the commitment from $250.0 million to $150.0 million and include an accordion provision such that the maximum commitment may be increased to up to $250.0 million at our option, subject to the satisfaction of certain conditions, including payment of an upsize fee and (2) extend the initial maturity date to July 16, 2026, subject to one 12-month extension, which may be exercised at our option assuming no existing defaults under the Morgan Stanley Facility and the applicable extension fee being paid, which, if exercised, would extend the maturity date to July 16, 2027. \u2022We received a discounted payoff of a $51.5 million senior mortgage loan, which was collateralized by an office (life sciences) property in Massachusetts, in conjunction with a sale of the office (life sciences) property by the borrower. At the time of the discounted payoff, the senior mortgage loan was on non-accrual status. For the three and six months ended June 30, 2025, we received $1.1 million and $2.1 million, respectively, of interest payments in cash on the senior Massachusetts loan that was recognized as a reduction to the carrying value of the loan and the borrower was current on all contractual interest payments. We recognized a realized loss of $33.0 million as the carrying value, not including the CECL Reserve, exceeded Item 1. Business The following description of the business of Ares Commercial Real Estate Corporation (\u201cACRE\u201d) should be read in conjunction with the information included elsewhere in this annual report on Form 10-K for the year ended December 31, 2025. We refer to ACRE together with our consolidated subsidiaries as \u201cwe,\u201d \u201cus,\u201d \u201cCompany,\u201d or \u201cour,\u201d unless we specifically state otherwise or the context indicates otherwise. We refer to our manager, Ares Commercial Real Estate Management LLC, as our \u201cManager\u201d or \u201cACREM,\u201d and the parent company of our Manager, Ares Management Corporation, together with its consolidated subsidiaries, as \u201cAres Management.\u201d GENERAL We are a specialty finance company primarily engaged in directly originating and investing in commercial real estate (\u201cCRE\u201d) loans and related investments. We are externally managed by Ares Commercial Real Estate Management LLC (\u201cACREM\u201d or our \u201cManager\u201d), a subsidiary of Ares Management Corporation (NYSE: ARES) (\u201cAres Management\u201d), a publicly traded, leading global alternative investment manager, pursuant to the terms of the Amended and Restated Management Agreement dated July 26, 2022, between us and our Manager (the \u201cManagement Agreement\u201d). From the commencement of our operations in late 2011, we have been primarily focused on directly originating and managing a diversified portfolio of CRE debt-related investments for our own account. We are a Maryland corporation and completed our initial public offering in May 2012. We have elected and qualified to be taxed as a real estate investment trust (\u201cREIT\u201d) for United States federal income tax purposes under the Internal Revenue Code of 1986, as amended (the \u201cCode\u201d), commencing with our taxable year ended December 31, 2012. We generally will not be subject to United States federal income taxes on our REIT taxable income, as long as we annually distribute to stockholders an amount at least equal to our REIT taxable income prior to the deduction for dividends pai Item 1A. Risk Factors SUMMARY OF RISK FACTORS The following is a summary of the principal risks that you should carefully consider before investing in our securities: \u2022A global economic slowdown or further declines in real estate values could impair our investments and have a significant adverse effect", "title": "ACRE - Ares Commercial Real Estate Corp", "url": "/company/ACRE/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001211583; latest 10-K filed 2026-03-27.", "text": "FENC - FENNEC PHARMACEUTICALS INC. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001211583; latest 10-K filed 2026-03-27. FENC FENNEC PHARMACEUTICALS INC. 0001211583 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Caution Concerning Forward-Looking Statements The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing at the end of this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the sections entitled \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cItem 1A - Risk Factors\u201d of this Annual Report, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis. Overview Fennec Pharmaceuticals Inc., a corporation existing under the laws of British Columbia, was originally formed under the name Adherex Technologies Inc. and subsequently changed its name on September 3, 2014. Fennec is a commercial stage specialty pharmaceutical company dedicated to preventing cisplatin-induced ototoxicity (\u201cCIO\u201d), a serious and often irreversible side effect of cancer treatment, with one FDA approved and European Commission approved product, PEDMARK\u00ae in the U.S. and PEDMARQSI\u00ae, which is the branded name for PEDMARK\u00ae outside of the U.S. (collectively, \u201cPEDMARK\u201d), developed to reduce the risk of ototoxicity associated with cisplatin in pediatric patients one month of age and older with localized, non-metastatic solid tumors. The Company has four wholly owned subsidiaries: Oxiquant, Inc. and Fennec Pharmaceuticals, Inc., both Delaware corporations, Cadherin Biomedical Inc., a Canadian corporation, and Fennec Pharmaceuticals (EU) Limited, an Ireland company (\u201cFennec Limited\u201d). With the exception of Fennec Pharmaceuticals, Inc., all subsidiaries are inactive. On September 20, 2022, we received approval from the FDA for PEDMARK\u00ae (sodium thiosulfate injection). This approval makes PEDMARK\u00ae the first and only treatment approved by the FDA in this area of significant unmet medical need. On October 17, 2022, we announced commercial availability of PEDMARK\u00ae in the United States. Further, PEDMARQSI\u00ae received European Commission Marketing Authorization in June 2023 and received U.K. approval in October 2023. PEDMARK\u00ae is currently the only FDA-approved therapy indicated to reduce the risk of ototoxicity associated with cisplatin in pediatric patients one month of age and older with localized, non-metastatic solid tumors. In clinical studies in this population, treatment with PEDMARK\u00ae resulted in an approximate 50% relative reduction in the incidence of cisplatin-induced hearing loss compared to cisplatin alone, without evidence of materially compromised antitumor efficacy. PEDMARK\u00ae is administered as a short intravenous infusion and has generally been associated with a mild-to-moderate and manageable safety profile consistent with its known pharmacology. In March 2024, we announced that we entered into an agreement with Norgine, a leading European specialist pharmaceutical company. This is an exclusive licensing agreement under which Norgine will commercialize PEDMARQSI\u00ae in Europe, Australia and New Zealand. PEDMARQSI\u00ae is the first and only approved therapy in the EU and U.K. for the prevention of ototoxicity (hearing loss) induced by cisplatin chemotherapy in patients one month to eighteen years of age with localized, non-metastatic solid tumors. During 2025, Norgine made PEDMARQSI\u00ae commercially available and expects additional launches to occur in 2026 and beyond. \u200b Under the terms of the Norgine licensing agreement, Fennec received approximately $43 million in upfront consideration and may receive up to approximately $23 Item 1A. Risk Factors An investment in our common shares involves a significant risk of loss. You should carefully read this entire Annual Report and should give particular attention to the following risk factors. You should recognize that other significant risks may arise in the future, which we cannot reasonably foresee at this time. Also, the risks that we now foresee might affect us to a greater or different degree than currently expected. There are a number of important factors that could cause our actual results to differ materially from those expressed or implied by any of our forward-looking statements in this Annual Report. These factors include, without limitation, the risk factors listed below, and other factors presented throughout this Annual Report and any other documents filed by us with the SEC and the Canadian securities regulators on SEDAR. Risks Related to Our Business We have a history of significant losses and have had limited revenues to date through the sale of our product. If we do not generate significant revenues, we will not achieve profitability. To date, we have been engaged primarily in research and development activities. We have incurred significant operating losses every year since our inception in September 1996. We reported a net loss of approximately $9,741 for the year ended December 31, 2025 and reported a net loss of approximately $436 for the year ended December 31, 2024. At December 31, 2025, we had an accumulated deficit of approximately $229,422. We anticipate potentially incurring substantial additional losses due to the need to spend significant amounts on activities required for the continued commercialization of PEDMARK in the U.S. and for obtaining and maintaining regulatory approvals for PEDMARK outside of the U.S., as well as for anticipated research and development activities and general and administrative expenses, among other factors. We may never achieve or sustain profitability on an ongoing basis. \u200b", "title": "FENC - FENNEC PHARMACEUTICALS INC.", "url": "/company/FENC/" }, { "kind": "company", "summary": "SIC 7373 Services-Computer Integrated Systems Design; CIK 0001708055; latest 10-K filed 2026-02-26.", "text": "RBBN - Ribbon Communications Inc. SIC 7373 Services-Computer Integrated Systems Design; CIK 0001708055; latest 10-K filed 2026-02-26. RBBN Ribbon Communications Inc. 0001708055 7373 Services-Computer Integrated Systems Design Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our financial statements and the related notes included in Item 8, \u201cFinancial Statements and Supplementary Data\u201d in this Annual Report. This discussion contains forward-looking statements that reflect our plans, estimates and beliefs and involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors including, but not limited to, those disclosed in Item 1A, \u201cRisk Factors\u201d, elsewhere in this Annual Report, in other documents filed with the SEC and otherwise publicly disclosed. Please refer to \u201cCautionary Note Regarding Forward-Looking Statements\u201d above for additional information. For a complete description of our business and other important information, please refer to Item 1 of Part I of this Annual Report. Overview We are a leading global provider of communications technology to service providers and enterprises. We provide a broad range of software and high-performance hardware products, network solutions, and services that enable the secure delivery of data and voice communications, and high-bandwidth networking and connectivity for residential consumers and for small, medium, and large enterprises and industry verticals such as finance, education, government, utilities, and transportation. Our mission is to create a recognized global technology leader providing cloud-centric solutions that enable the secure exchange of information, with unparalleled scale, performance and elasticity. We are at the intersection of the adoption of Artificial Intelligence (\u201cAI\u201d) by Service Providers and Enterprises addressing the rapid growth in fiber connectivity and integration of voice capabilities into Agentic AI platforms. We are headquartered in Plano, Texas, and have a global presence with research and development or sales and support locations in over thirty countries around the world. Key Trends and Economic Factors Affecting Ribbon Supplier Disruptions. Ongoing uncertainty in the global economy due to inflation, global military actions, including in Israel and Ukraine, national security concerns and other factors, continue to disrupt various manufacturing, commodity and financial markets, increase volatility, and impede global supply chains. Our ability to deliver our solutions as agreed upon with our customers depends in part on the ability of our global contract manufacturers, vendors, licensors and other business partners to deliver products or perform services we have procured from them. Continued uncertain global economic conditions may cause our customers to restrict spending or delay purchases for an indeterminate period of time and consequently cause our revenues to decline. Further, such factors may negatively impact our operating costs resulting in a reduction in net income. The degree to which the ongoing wars in Israel and Ukraine and the inflationary and high interest rate environment impacts our future business, financial position and results of operations will depend on developments beyond our control. The Ongoing War in Ukraine and military action in Israel. The uncertainty resulting from the recent war in Israel and ongoing war in Ukraine, and the threat for expansion of one or both of these wars, could result in some of our customers delaying purchases from us. Further, a number of our employees in Israel are members of the military reserves and subject to immediate call-up in response to the war in Israel. Following the terrorist attacks in Israel in October 2023, a number of our employees have been activated for military duty and we expect that additional employees will also be activated if the war in Israel continues. While we have business continuity plans in place to address the military call-ups, it could affect the timing of projects in the short-t Item 1. Business Company Overview We are a leading global provider of communications technology to service providers and enterprises. We provide a broad range of software and high-performance hardware products, network solutions, and services that enable the secure delivery of data and voice communications, and high-bandwidth networking and connectivity for residential consumers and for small, medium, and large enterprises and industry verticals such as finance, education, government, utilities, and transportation. Our mission is to create a recognized global technology leader that provides network solutions that are scalable, elastic and cloud-centric, enabling the secure exchange of information. We are at the intersection of the adoption of Artificial Intelligence (\u201cAI\u201d) by Service Providers and Enterprises addressing the rapid growth in fiber connectivity and integration of voice capabilities into Agentic AI platforms We are headquartered in Plano, Texas, and have a global presence with research and development or sales and support locations in over 30 countries around the world. Company History The Ribbon name was created by the merger of Sonus Networks, Inc. and GENBAND US LLC (\u201cGENBAND\u201d) in October 2017, with both companies specializing in secure high-performance Voice Over Internet Protocol (\u201cVoIP\u201d) technology and solutions. Prior to that, GENBAND acquired assets of Nortel\u2019s Carrier division in 2010, which included a world-class engineering and sales team, a broad deployment base of products and technology, and a recognized industry reputation and pedigree with customers around the world. Since our formation in 2017, we have completed several acquisitions to strengthen and expand our portfolio of product offerings to service providers and enterprises. Recent notable acquisitions include: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Edgewater Networks Inc. (August 2018): Expanded our portfolio of security and signaling solutions for the enterprise network edge.\"]] Item 1A. Risk Factors Our business faces significant risks and uncertainties. Certain important factors may have a material adverse effect on our business prospects, financial condition and results of operations, and they should be carefully considered. Accordingly, in evaluating our b", "title": "RBBN - Ribbon Communications Inc.", "url": "/company/RBBN/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001098151; latest 10-K filed 2026-03-13.", "text": "FDBC - FIDELITY D & D BANCORP INC SIC 6021 National Commercial Banks; CIK 0001098151; latest 10-K filed 2026-03-13. FDBC FIDELITY D & D BANCORP INC 0001098151 6021 National Commercial Banks ITEM 7: MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION Critical accounting estimates The presentation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect many of the reported amounts and disclosures. Actual results could differ from these estimates. A material estimate that is particularly susceptible to significant change relates to the determination of the allowance for credit losses. Management believes that the allowance for credit losses at December 31, 2025 is adequate and reasonable to cover expected losses. Given the subjective nature of identifying and estimating loan losses, it is likely that well-informed individuals could make different assumptions and could, therefore, calculate a materially different allowance amount. While management uses available information to recognize losses on loans, changes in economic conditions and reasonable and supportable forecasts may necessitate revisions in the future. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company\u2019s allowance for credit losses. Such agencies may require the Company to recognize adjustments to the allowance based on their judgment of information available to them at the time of their examination. All significant accounting policies are contained in Note 1, \u201cNature of Operations and Summary of Significant Accounting Policies\u201d, within the notes to consolidated financial statements and incorporated by reference in Part II, Item 8. The following discussion and analysis presents the significant changes in the financial condition and in the results of operations of the Company as of December 31, 2025 and 2024 and for each of the years then ended. This discussion should be read in conjunction with the consolidated financial statements and notes thereto included in Part II, Item 8 of this report. Non-GAAP Financial Measures The following are non-GAAP financial measures which provide useful insight to the reader of the consolidated financial statements but should be considered supplemental to GAAP used to prepare the Company\u2019s financial statements and should not be read in isolation or relied upon as a substitute for GAAP measures. In addition, the Company\u2019s non-GAAP measures may not be comparable to non-GAAP measures of other companies. The Company\u2019s tax rate used to calculate the fully-taxable equivalent (FTE) adjustment was 21% as of December 31, 2025 and 2024. The following table reconciles the non-GAAP financial measures of FTE net interest income: [[GREPCENT_TABLE]] [[\"(dollars in thousands)\",\"\",\"2025\",\"\",\"\",\"2024\"],[\"Interest income (GAAP)\",\"\",\"$\",\"119,839\",\"\",\"\",\"$\",\"107,022\"],[\"Adjustment to FTE\",\"\",\"\",\"3,116\",\"\",\"\",\"\",\"3,036\"],[\"Interest income adjusted to FTE (non-GAAP)\",\"\",\"\",\"122,955\",\"\",\"\",\"\",\"110,058\"],[\"Interest expense (GAAP)\",\"\",\"\",\"47,168\",\"\",\"\",\"\",\"45,157\"],[\"Net interest income adjusted to FTE (non-GAAP)\",\"\",\"$\",\"75,787\",\"\",\"\",\"$\",\"64,901\"]] [[/GREPCENT_TABLE]] 20 Table of Contents The efficiency ratio is non-interest expenses as a percentage of FTE net interest income plus non-interest income less gain/(loss) on sales of securities. The following table reconciles the non-GAAP financial measures of the efficiency ratio to GAAP: [[GREPCENT_TABLE]] [[\"(dollars in thousands)\",\"\",\"2025\",\"\",\"\",\"2024\"],[\"Efficiency Ratio (non-GAAP)\"],[\"Non-interest expenses (GAAP)\",\"\",\"$\",\"58,817\",\"\",\"\",\"$\",\"55,541\"],[\"Net interest income (GAAP)\",\"\",\"\",\"72,671\",\"\",\"\",\"\",\"61,865\"],[\"Plus: taxable equivalent adjustment\",\"\",\"\",\"3,116\",\"\",\"\",\"\",\"3,036\"],[\"Non-interest income (GAAP)\",\"\",\"\",\"20,559\",\"\",\"\",\"\",\"19,013\"],[\"Loss on sales of securities\",\"\",\"\",\"1,190\",\"\",\"\",\"\",\"-\"],[\"Net interest income (FTE) plus adjusted non-interest income (non-GAAP)\",\"\",\"$\",\"97,536\",\"\",\"\",\"$\",\"83,914\"],[\"Efficiency ratio (non-GAAP)\",\"\",\"\",\"60.30\",\"%\",\"\",\"\",\"66.19\",\"%\"]] [[/GREPCENT_TABLE]] The following t ITEM 1: BUSINESS Fidelity D & D Bancorp, Inc. (the Company) was incorporated in the Commonwealth of Pennsylvania, on August 10, 1999, and is a bank holding company, whose wholly-owned state chartered commercial bank subsidiary is The Fidelity Deposit and Discount Bank (the Bank) (collectively, the Company). The Company is headquartered at Blakely and Drinker Streets in Dunmore, Pennsylvania. The Company's primary market area (service area) is comprised of the Borough of Dunmore and the surrounding communities within Lackawanna and Luzerne counties in Northeastern Pennsylvania and Northampton County in Eastern Pennsylvania. Federal and state banking laws contain numerous provisions that affect various aspects of the business and operations of the Company and the Bank. The Company is subject to, among others, the regulations of the Securities and Exchange Commission (the SEC) and the Federal Reserve Board (the FRB) and the Bank is subject to, among others, the regulations of the Pennsylvania Department of Banking and Securities, the Federal Deposit Insurance Corporation (the FDIC) and the rules promulgated by the Consumer Financial Protection Bureau (the CFPB) but continues to be examined and supervised by federal banking regulators for consumer compliance purposes. Refer to Part II, Item 7 \u201cSupervision and Regulation\u201d for descriptions of and references to applicable statutes and regulations which are not intended to be complete descriptions of these provisions or their effects on the Company or the Bank. They are summaries only and are qualified in their entirety by reference to such statutes and regulations. Applicable regulations relate to, among other things: [[GREPCENT_TABLE]] [[\"\\u2022 operations\",\"\\u2022 consolidation\",\"\\u2022 disclosure\"],[\"\\u2022 securities\",\"\\u2022 reserves\",\"\\u2022 community reinvestment\"],[\"\\u2022 risk management\",\"\\u2022 dividends\",\"\\u2022 mergers\"],[\"\\u2022 consumer compliance\",\"\\u2022 branches\",\"\\u2022 capital adequacy\"]] [[/GREPCEN ITEM 1A: RISK FACTORS An investment in the Company\u2019s common stock is subject to risks inherent to the Company\u2019s business. The material risks and uncertainties that management believes affect the Company are described below. Before making an investment decision, you should carefully consider the risks and uncertainties describe", "title": "FDBC - FIDELITY D & D BANCORP INC", "url": "/company/FDBC/" }, { "kind": "company", "summary": "SIC 7373 Services-Computer Integrated Systems Design; CIK 0000320121; latest 10-K filed 2026-03-16.", "text": "TLS - TELOS CORP SIC 7373 Services-Computer Integrated Systems Design; CIK 0000320121; latest 10-K filed 2026-03-16. TLS TELOS CORP 0000320121 7373 Services-Computer Integrated Systems Design Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes to consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K (\"10-K\"). In addition to historical financial information, the following discussion and analysis contain forward-looking statements that involve risks, uncertainties and assumptions. Our actual results and timing of selected events in future periods may differ materially from those anticipated or implied in these forward-looking statements as a result of many factors, including those discussed under Item 1A, \"Risk Factors,\" and elsewhere in this 10-K. See also \"Special Note Regarding Forward-Looking Statements\" at the beginning of this 10-K. In this section, we discuss our financial condition, changes in financial condition and results of operations for the year ended December 31, 2025, compared to the year ended December 31, 2024. Overview For an overview of our business, including our business segments and a discussion of the services and products we provide, see Item 1, \"Business\" in Part I and Note 16 \u2013 Segment Information of the notes to the consolidated financial statements contained within this 10-K. As discussed under Item 1A, \"Risk Factors,\" we derive a substantial portion of our revenues from contracts and subcontracts with the U.S. federal government. Our revenues are generated from a number of contract vehicle and task orders. The U.S. federal government has increasingly relied on contracts that are subject to a competitive bidding process (including BPA and IDIQ Task Orders, OTAs, and other GSA schedule solicitations), resulting in greater competition and increased pricing pressure. We expect that a majority of the business that we seek in the foreseeable future will be awarded through a competitive bidding process. Over the past several years we have sought to diversify and improve our operating margins through the evolution of our business from an emphasis on product reselling to an advanced solutions technologies provider. Although we continue to offer resold products through our contract vehicles or our prime partners' contracts, we have focused on the transformation and growth of our software and service solutions offerings, as well as the design and delivery of our manufactured and branded technologies. We emphasize leveraging technology and innovation, specifically in cybersecurity, cloud, and identity solutions, to drive growth and ensure a secure and defendable network. We continue to invest in and develop in AI integration, enhancing automation and improving existing solutions to maintain a competitive edge. We believe our contract portfolio reflects low to moderate financial risk due to the limited number of long-term fixed-price development contracts, thus minimizing the risk of cost overruns. Our firm-fixed-price activities consist primarily of contracts for products and services at established contract prices that are designed to be repeatable solution offerings. For 2025 and 2024, the Company's revenue derived from firm-fixed-price contracts was 73.3% and 75.3%, respectively; time-and-material contract revenue was 21.8% and 14.6%, respectively; and cost-plus contract revenue was 4.9% and 10.1%, respectively. Business Environment U.S. Federal Government Budget In fiscal year (\"FY\") 2025, we generated approximately 91.0% of our revenues from the U.S. federal government, either as prime contractor or a subcontractor to other contractors engaged in work for the U.S. federal government, including 58.1% of our revenue from the DoW. Accordingly, our business performance is affected by the overall level of U.S. federal government spending and the alignment of our offerings and capabilities with current and future budget prio Item 1. Business Overview Telos Corporation is a Maryland corporation headquartered in Ashburn, Virginia. Telos Corporation, together with its subsidiaries (the \"Company\" or \"Telos\" or \"We\"), offers technology solutions and services that empower and protect the world's most security-conscious organizations. We deliver efficient, adaptable, and secure solutions that protect people, organizations, and information across government and industry. From cyber governance, risk and compliance (\"GRC\") with Xacta\u00ae, to identity and biometric solutions, secure networks, and TSA PreCheck\u00ae enrollment, we help customers stay ahead of evolving threats. Our primary customers include the U.S. federal government, large commercial organizations and international customers. Our deep domain expertise, cleared workforce, and proven technologies give us a unique position at the intersection of cybersecurity, identity, and network security. Driven by purpose and guided by our core values, we build lasting partnerships, deliver superior solutions, and help create a more secure, interconnected world. Our Business Segments We conduct our business through two reportable and operating segments: Security Solutions and Secure Networks. These segments enable the alignment of our strategies and objectives and provide a framework for the timely and rational allocation of resources within the line of business. Additional information regarding our segments is presented in Note 16 \u2013 Segment Information to the consolidated financial statements at Item 8 of this Annual Report on Form 10-K. Security Solutions Segment: The Security Solutions segment delivers cybersecurity, cloud, identity, and secure messaging solutions that help government and commercial customers protect critical systems, manage cyber risk, and operate securely in complex and regulated environments. This segment combines cyber GRC solutions, secure cloud services, identity and biometric technologies, and secure messaging platforms Item 1A. Risk Factors In your evaluation of the Company and business, you should carefully consider the risks and uncertainties as described below, together with the information included elsewhere in this Annual Report on Form 10-K and other documents we file with the SEC. These factors, as well as additional risks and unc", "title": "TLS - TELOS CORP", "url": "/company/TLS/" }, { "kind": "company", "summary": "SIC 8731 Services-Commercial Physical & Biological Research; CIK 0001846253; latest 10-K filed 2026-03-04.", "text": "OABI - OmniAb, Inc. SIC 8731 Services-Commercial Physical & Biological Research; CIK 0001846253; latest 10-K filed 2026-03-04. OABI OmniAb, Inc. 0001846253 8731 Services-Commercial Physical & Biological Research Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes included elsewhere in this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties, including those described in the section entitled \u201cForward-Looking Statements and Market Data.\u201d Our actual results and the timing of selected events could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those set forth under the section entitled \u201cRisk Factors\u201d or in other parts of this Annual Report. Overview OmniAb licenses cutting-edge discovery research technology to pharmaceutical and biotech companies and academic institutions to enable the discovery of next-generation therapeutics. Our technology platform creates and screens diverse antibody repertoires and is designed to quickly identify optimal antibodies and other target-binding proteins for our partners\u2019 drug development efforts. At the heart of the OmniAb platform is what we call Biological IntelligenceTM, which powers the immune systems of our proprietary, engineered transgenic animals to create optimized antibody candidates for human therapeutics. We believe the OmniAb animals comprise the most diverse host systems available in the industry. Our suite of technologies and methods, including computational antigen design and immunization methods, paired with high-throughput single B cell phenotypic screening and mining of next-generation sequencing datasets with custom algorithms, are used to identify fully human antibodies with exceptional performance and developability characteristics. We provide our partners both integrated end-to-end capabilities and highly customizable offerings, which address critical industry challenges and provide optimized discovery solutions. As of December 31, 2025, we had 107 active partners with 407 active programs using the OmniAb technology platform, including 27 OmniAb-derived antibodies in clinical development by our partners, two under regulatory review, and three approved products developed and commercialized by our partners. Our proprietary technologies are joined with and leverage a suite of in silico, artificial intelligence and machine learning tools for therapeutic discovery and optimization that are woven throughout our various technologies and capabilities. Additionally, an established core competency focused on ion channels and transporters further differentiates OmniAb\u2019s technology and creates opportunities in many important and emerging target classes. OmniAb technologies are designed to be leveraged for the discovery of a variety of next-generation antibody-based therapeutic modalities, including bi- and multi-specific biologics, antibody-drug conjugates, CAR-T therapies, targeted radiotherapeutics, peptides and many others. The OmniAb suite of technologies spans from Biological Intelligence-powered repertoire generation to cutting-edge antibody discovery and optimization offering an increasingly efficient and customizable end-to-end solution for the growing discovery needs of the global pharmaceutical industry. We partner with pharmaceutical and biotechnology companies and leading academic institutions that vary in size, geography and therapeutic focus. Our partners gain access to wide repertoires of antibodies and state-of-the-art screening technologies designed to enable efficient discovery of next-generation novel therapeutics and deliver high-quality therapeutic antibody candidates for a wide range of diseases. Our partners can select a biological target to treat a disease and define the antibody properties needed for therapeutic development or use certain of our technologies directly in their own laboratories. Item 1. Business Overview OmniAb, Inc. licenses cutting-edge discovery research technology to pharmaceutical and biotech companies and academic institutions to enable the discovery of next-generation therapeutics. Our technology platform creates and screens diverse antibody repertoires and is designed to quickly identify optimal antibodies and other target-binding proteins for our partners\u2019 drug development efforts. At the heart of the OmniAb platform is what we call Biological IntelligenceTM, which powers the immune systems of our proprietary, engineered transgenic animals to create optimized antibody candidates for human therapeutics. We believe the OmniAb animals comprise the most diverse host systems available in the industry. Our suite of technologies and methods, including computational antigen design and immunization methods, paired with high-throughput single B cell phenotypic screening and mining of next-generation sequencing datasets with custom algorithms, are used to identify fully human antibodies with exceptional performance and developability characteristics. We provide our partners both integrated end-to-end capabilities and highly customizable offerings, which address critical industry challenges and provide optimized discovery solutions. Our business model aligns our interests with the scientific and economic interests of our partners through structured platform license agreements that generally include upfront or annual access fees, service revenue, milestones and royalties on commercial sales. As of December 31, 2025, we had 107 active partners with 407 active programs using the OmniAb technology platform, including 27 OmniAb-derived antibodies in clinical development by our partners, two under regulatory review, and three approved products developed and commercialized by our partners. Our proprietary transgenic animals, including OmniRat\u00ae, OmniChicken\u00ae and OmniMouse\u00ae have been genetically modified to generate antibodies with human sequences Item 1A. Risk Factors You should carefully consider the risks and uncertainties described below, together with the other information in this Annual Report, including our financial statements and the related notes and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operat", "title": "OABI - OmniAb, Inc.", "url": "/company/OABI/" }, { "kind": "company", "summary": "SIC 8071 Services-Medical Laboratories; CIK 0002071288; latest 10-K filed 2026-03-30.", "text": "LMRI - Lumexa Imaging Holdings, Inc. SIC 8071 Services-Medical Laboratories; CIK 0002071288; latest 10-K filed 2026-03-30. LMRI Lumexa Imaging Holdings, Inc. 0002071288 8071 Services-Medical Laboratories Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand the results of operations and financial condition of Lumexa Imaging. The MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying notes included in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following MD&A. Refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company's final prospectus filed with the SEC on December 12, 2025, pursuant to Rule 424(b)(4) for a discussion of the results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023. Overview We are one of the largest national providers of diagnostic imaging services. Our platform is integrated, scalable and has a proven track record of creating value for our stakeholders. At December 31, 2025, we operated the second largest outpatient imaging center footprint in the United States. It spans 188 centers in 13 states and includes eight joint venture partnerships with health systems. Our primary source of income is fees paid by patients, insurance companies or other payors in exchange for our centers providing imaging studies and radiologists\u2019 interpretations of those studies. We also earn revenue from payors when our radiologists interpret an imaging study performed in another facility, often the imaging department of a hospital. In addition, we earn a monthly fee from centers that we operate, but do not consolidate for accounting purposes, in exchange for managing their operations. We also earn fees from third-party hospitals for providing radiology and administrative support. How these income streams affect our consolidated financial statements depends on whether we consolidate the center generating the fee for accounting purposes. Because our ownership levels and rights vary from center to center, at December 31, 2025, we consolidated 102 of the 188 centers that we operated and accounted for our investments in the remaining 86 centers under the equity method of accounting. At December 31, 2024, we consolidated 98 of the 181 centers that we operated and accounted for our investments in the remaining 83 centers under the equity method of accounting. The following table shows our outpatient imaging centers in operation and consolidated net patient service revenue for the specified periods (dollars in thousands): [[GREPCENT_TABLE]] [[\"\",\"\",\"YEAR ENDED DECEMBER 31,\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"Consolidated net patient service revenue\",\"\",\"$\",\"802,707\",\"\",\"\",\"$\",\"746,850\",\"\",\"\",\"$\",\"767,391\"],[\"Centers in operation\",\"\",\"\",\"188\",\"\",\"\",\"\",\"181\",\"\",\"\",\"\",\"183\"],[\"Outpatient imaging centers with a health system joint venture partner (equity method)\",\"\",\"86\",\"\",\"\",\"\",\"83\",\"\",\"\",\"\",\"82\"],[\"Consolidated outpatient imaging centers\",\"\",\"102\",\"\",\"\",\"\",\"98\",\"\",\"\",\"\",\"101\"]] [[/GREPCENT_TABLE]] 56 The following table summarizes the centers we operated as of December 31, 2025, 2024 and 2023: [[GREPCENT_TABLE]] [[\"\",\"\",\"Type of Center\"],[\"\",\"\",\"Consolidated\",\"\",\"\",\"Joint Venture\",\"\",\"\",\"Total\"],[\"Number of Centers, December 31, 2023\",\"\",\"\",\"101\",\"\",\"\",\"\",\"82\",\"\",\"\",\"\",\"183\"],[\"De novos\",\"\",\"\",\"3\",\"\",\"\",\"\",\"1\",\"\",\"\",\"\",\"4\"],[\"Closed or sold\",\"\",\"\",\"(6\",\")\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"(6\",\")\"],[\"Number of Centers, December 31, 2024\",\"\",\"\",\"98\",\"\",\"\",\"\",\"83\",\"\",\"\",\"\",\"181\"],[\"De novos\",\"\",\"\",\"6\",\"\",\"\", Item 1. Business. Overview We are one of the largest national providers of diagnostic imaging services. Our platform is integrated, scalable and has a proven track record of creating value for our stakeholders. As of December 31, 2025, we and our affiliates operated the second largest1 outpatient imaging center footprint in the United States. It spans 188 centers2 across 13 states and includes eight joint venture partnerships with health systems. Our centers are in attractive metropolitan service areas (\u201cMSAs\u201d). According to the U.S. Census Bureau, these MSAs saw average annual population growth of approximately 1.4% on a center-weighted basis between 2020 and 2024: over two times the national average. Our centers have convenient retail settings and operate with extended hours to facilitate easy access to care. We have built a diversified network of approximately 102,000 referring physicians, representing more than 32,000 physician practices in 2025. We believe our high quality of care, as evidenced by our high referring physician and patient satisfaction scores3, drives enhanced growth and repeat visits from patients needing multiple imaging exams. We remain at the forefront of imaging care by purchasing best-in-class equipment and technology from innovative manufacturers and software companies. Our premium equipment, skilled technologists and subspecialized radiologists make us the clear choice for advanced imaging referrals, which are growing at an accelerated rate relative to the overall market due to the aging population of the United States and increasing disease prevalence. Magnetic resonance imaging (\u201cMRI\u201d) and computed tomography (\u201cCT\u201d) referrals, for example, have been a key driver of our revenue growth and accounted for 52% of our consolidated revenue4 and 63% of our system-wide revenue5 during the year ended December 31, 2025. 1 By freestanding location count as of December 31, 2025. 2 Our consolidated financial results include those of our wholly o Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should consider and read carefully all of the risks and uncertainties described below, as well as other information included in this Annual Report on Form 10-K, including our consolidated financial statements and related", "title": "LMRI - Lumexa Imaging Holdings, Inc.", "url": "/company/LMRI/" }, { "kind": "company", "summary": "SIC 4922 Natural Gas Transmission; CIK 0002024218; latest 10-K filed 2026-03-16.", "text": "SMC - Summit Midstream Corp SIC 4922 Natural Gas Transmission; CIK 0002024218; latest 10-K filed 2026-03-16. SMC Summit Midstream Corp 0002024218 4922 Natural Gas Transmission Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is intended to inform the reader about matters affecting the financial condition and results of operations of the Company and its subsidiaries. As a result, the following discussion for the year ended December 31, 2025 should be read in conjunction with the consolidated financial statements and notes thereto included in this Annual Report. Among other things, the consolidated financial statements and the related notes include more detailed information regarding the basis of presentation for the following information. This discussion contains forward-looking statements that constitute our plans, estimates and beliefs. These forward-looking statements involve numerous risks and uncertainties, including, but not limited to, those discussed in Forward-Looking Statements. Actual results may differ materially from those contained in any forward-looking statements. Unless the context requires otherwise or unless otherwise noted, all references to \u201cSummit Midstream,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or like terms are to Summit Midstream Corporation (including its subsidiaries) for the periods after August 1, 2024, the date the Corporate Reorganization was consummated. For the periods prior to August 1, 2024, unless the context requires otherwise or unless otherwise noted, all reference to \u201cSummit Midstream,\u201d or the \u201cCompany\u201d are to Summit Midstream Partners, LP. (including its subsidiaries). Overview We are a value-oriented company focused on developing, owning, and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in the continental U.S. Our financial results are driven primarily by volume throughput across our gathering systems and by expense management. We generate the majority of our revenues from the gathering, compression, treating, and processing services that we provide to our customers. A majority of the volumes that we gather, compress, treat and/or process have a fixed-fee rate structure which enhances the stability of our cash flows by providing a revenue stream that is not subject to direct commodity price risk. We also earn a portion of our revenues from the following activities that directly expose us to fluctuations in commodity prices: (i) the sale of physical natural gas and/or NGLs purchased under percentage-of-proceeds or other processing arrangements with certain of our customers in the Rockies, Piceance and Mid-Con segments, (ii) the sale of natural gas we retain from certain Mid-Con segment customers, (iii) the sale of condensate we retain from our gathering services in the Rockies and Piceance segment and (iv) additional gathering fees that are tied to the performance of certain commodity price indexes which are then added to the fixed gathering rates. During the year ended December 31, 2025, these additional activities accounted for approximately 48% of our total revenues. We also have indirect exposure to changes in commodity prices such that persistently low commodity prices may cause our customers to delay and/or cancel drilling and/or completion activities or temporarily shut-in production, which would reduce the volumes of natural gas and crude oil (and associated volumes of produced water) that we gather. If certain of our customers cancel or delay drilling and/or completion activities or temporarily shut-in production, the associated MVCs, if any, ensure that we will earn a minimum amount of revenue. 61 The following table presents certain consolidated and reportable segment financial data. For additional information on our reportable segments, see the \u201cSegment Overview for the Years Ended December 31, 2025 and 2024\u201d section herein. [[GREPCENT_TABLE]] [[\"\",\"Year ended December 31,\"],[\"\",\"2025\" ITEM 1. BUSINESS Summit Midstream Corporation, a Delaware corporation (including its subsidiaries, collectively, \u201cwe\u201d, \u201cour\u201d, \u201cus\u201d, \u201cSMC\u201d, or \u201cthe Company\u201d), is a value-driven company focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in the continental United States. The Company\u2019s business activities are primarily conducted through various operating subsidiaries, each of which is owned or controlled by its subsidiary holding company, Summit Holdings. The Company was incorporated under the laws of the State of Delaware on May 14, 2024 for the purpose of effecting the Corporate Reorganization of Summit Midstream Partners, LP, a Delaware master limited partnership, in which the Company was incorporated to serve as the new parent holding company of SMLP. The Company\u2019s common stock is listed on the New York Stock Exchange under the ticker symbol \u201cSMC.\u201d SMLP was formed in May 2012, and prior to August 1, 2024, SMLP\u2019s common units were listed on NYSE under the ticker symbol \u201cSMLP.\u201d The Company\u2019s executive offices are located at 910 Louisiana Street, Suite 4200, Houston, Texas 77002, and can be reached by phone at 832-413-4770. The Company also maintains regional field offices in close proximity to its areas of operation to support the operation and development of the Company\u2019s midstream assets. Our Business Strategies We operate a differentiated midstream platform that is built for long-term, sustainable value creation. Our integrated assets are strategically located in production basins, including the Williston Basin, DJ Basin, Barnett Shale, Piceance Basin, Permian Basin, and the Arkoma Basin. Our primary business objective is to maximize cash flow and provide cash flow stability for our stakeholders while growing prudently and profitably. We intend to accomplish this objective by executing the following strategie Item 1A. Risk Factors. You should carefully consider the following risk factors in addition to the other information included in this Annual Report. Each of these risk factors could adversely affect our business, operating results, and financial condition, as well as adversely affect the value of an investment in our common stock. Ris", "title": "SMC - Summit Midstream Corp", "url": "/company/SMC/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001514281; latest 10-K filed 2026-02-25.", "text": "MITT - TPG Mortgage Investment Trust, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001514281; latest 10-K filed 2026-02-25. MITT TPG Mortgage Investment Trust, Inc. 0001514281 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion contains forward-looking statements and should be read in conjunction with our consolidated financial statements and the accompanying notes to our consolidated financial statements, which are included in this report. Our company We are a residential mortgage REIT with a focus on investing in a diversified risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market. Our objective is to provide attractive risk-adjusted returns to our stockholders over the long-term, primarily through dividends and capital appreciation. We focus our investment activities primarily on acquiring and securitizing newly-originated residential mortgage loans within the non-agency segment of the housing market. We obtain our assets through Arc Home, LLC (\"Arc Home\"), our residential mortgage loan originator in which we own an approximate 66.0% interest, and through other third-party origination partners. We finance our acquired loans through various financing lines on a short-term basis and utilize TPG Inc.'s (\"TPG\") proprietary securitization platform to secure long-term, non-recourse, non-mark-to-market financing as market conditions permit. Through our ownership in Arc Home, we also have exposure to mortgage banking activities. Arc Home is a multi-channel licensed mortgage originator and servicer primarily engaged in the business of originating and selling residential mortgage loans while retaining the mortgage servicing rights associated with certain loans that it originates. Our investment portfolio (which excludes our ownership in Arc Home) primarily includes Residential Investments and Agency RMBS. Currently, our Residential Investments primarily consist of Non-Agency Loans, Agency-Eligible Loans, Home Equity Loans and Non-Agency RMBS collateralized by these loan types, which we refer to as our target assets. In addition, we may also invest in other types of residential mortgage loans and other mortgage related assets. Our investment portfolio also includes commercial loans and commercial-mortgage backed securities (\"CMBS\") (collectively, the \"Legacy WMC Commercial Investments\") that were acquired in the WMC acquisition. We expect to either hold the Legacy WMC Commercial Investments until maturity or opportunistically exit these investments. We were incorporated in Maryland on March 1, 2011 and commenced operations in July 2011. We conduct our operations to qualify and be taxed as a REIT for U.S. federal income tax purposes. Accordingly, we generally will not be subject to U.S. federal income taxes on our taxable income that we distribute currently to our stockholders as long as we maintain our intended qualification as a REIT, with the exception of business conducted in our domestic taxable REIT subsidiaries (\"TRS\") which are subject to corporate income tax. We also operate our business in a manner that permits us to maintain our exemption from registration under the Investment Company Act. We are externally managed by our Manager, a wholly-owned subsidiary of TPG, pursuant to a management agreement. Our Manager has delegated to Angelo, Gordon & Co., L.P. (\"TPG Angelo Gordon\"), an affiliate of TPG, the overall responsibility of its day-to-day duties and obligations arising under our management agreement. TPG (NASDAQ: TPG) is a leading global alternative asset management firm. 2025 Executive Summary Financial Highlights \u2022$10.48 Book Value per share; \u2022$0.90 of Net Income/(Loss) Available to Common Stockholders per diluted common share and $0.86 of Earnings Available for Distribution (\"EAD\") per diluted common share for the year ended December 31, 2025; \u25e6Refer to the \"Earnings Available for Distribution\" section below for further details related to our reconciliation of Net Income/(Loss) Available to Common Stockholders to EAD; \u202214.4x GAAP Leverage Ratio and 1.6x Economic Leverage Ratio; ITEM 1. BUSINESS Our company TPG Mortgage Investment Trust, Inc. (the \"Company,\" \"MITT,\" \"we,\" \"us,\" and \"our\") is a residential mortgage REIT with a focus on investing in a diversified risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market. Our objective is to provide attractive risk-adjusted returns to our stockholders over the long-term, primarily through dividends and capital appreciation. Effective as of December 16, 2025, we changed our name from \"AG Mortgage Investment Trust, Inc.\" to \"TPG Mortgage Investment Trust, Inc.\" We focus our investment activities primarily on acquiring and securitizing newly-originated residential mortgage loans within the non-agency segment of the housing market. We obtain our assets through Arc Home, LLC (\"Arc Home\"), our residential mortgage loan originator in which we own an approximate 66.0% interest, and through other third-party origination partners. We finance our acquired loans through various financing lines on a short-term basis and utilize TPG Inc.'s (\"TPG\") proprietary securitization platform to secure long-term, non-recourse, non-mark-to-market financing as market conditions permit. Through our ownership in Arc Home, we also have exposure to mortgage banking activities. Arc Home is a multi-channel licensed mortgage originator and servicer primarily engaged in the business of originating and selling residential mortgage loans while retaining the mortgage servicing rights associated with certain loans that it originates. Our investment portfolio (which excludes our ownership in Arc Home) primarily includes Residential Investments and Agency RMBS. Currently, our Residential Investments primarily consist of Non-Agency Loans, Agency-Eligible Loans, Home Equity Loans and Non-Agency RMBS collateralized by these loan types, which we refer to as our target assets. In addition, we may also invest in other types of residential mortgage loans and other mortgage related assets. As of Decembe ITEM 1A. RISK FACTORS If any of the following risks occur, our business, financial condition or results of operations could be materially and adversely affected. In that case, the trading price of our common stock could decline, and stockholders may lose some or all of their investment. Readers shou", "title": "MITT - TPG Mortgage Investment Trust, Inc.", "url": "/company/MITT/" }, { "kind": "company", "summary": "SIC 1700 Construction - Special Trade Contractors; CIK 0001703956; latest 10-K filed 2026-01-13.", "text": "BBCP - Concrete Pumping Holdings, Inc. SIC 1700 Construction - Special Trade Contractors; CIK 0001703956; latest 10-K filed 2026-01-13. BBCP Concrete Pumping Holdings, Inc. 0001703956 1700 Construction - Special Trade Contractors Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and related notes in Item 8 of this Annual Report. In addition to historical information, the following discussion contains forward-looking statements, such as statements regarding the Company\u2019s expectation for future performance, liquidity and capital resources that involve risks, uncertainties and assumptions that could cause actual results to differ materially from the Company's expectations. The Company's actual results may differ materially from those contained in or implied by any forward-looking statements. Factors that could cause such differences include those identified below and those described in \"Cautionary Statement Concerning Forward-Looking Statements and Risk Factors Summary\" and in Item 1A \"Risk Factors\" of this Annual Report on Form 10-K. The Company assumes no obligation to update any of these forward-looking statements. Business Overview The Company is a Delaware corporation headquartered in Thornton, Colorado. The audited consolidated financial statements included herein include the accounts of Concrete Pumping Holdings, Inc. and its wholly owned subsidiaries including Brundage-Bone Concrete Pumping, Inc. (\"Brundage-Bone\"), Camfaud Group Limited (\"Camfaud\"), and Eco-Pan, Inc. (\"Eco-Pan\"). As part of the Company\u2019s business growth strategy and capital allocation policy, strategic acquisitions are considered opportunities to enhance our value proposition through differentiation and competitiveness. Depending on the deal size and characteristics of the M&A opportunities available, we expect to allocate capital for opportunistic M&A utilizing cash on the balance sheet and the revolving line of credit. The Company\u2019s sales are historically seasonal, with lower revenue in the first half and higher revenue in the second half of each fiscal year. Such seasonality also causes the Company\u2019s working capital cash flow requirements to vary from quarter to quarter and primarily depends on the variability of weather patterns with the Company generally having lower sales volume during the winter and spring months. U.S. Concrete Pumping All branches operating within our U.S. Concrete Pumping segment are concrete pumping service providers in the U.S. Their core business is the provision of concrete pumping services to general contractors and concrete finishing companies in the commercial, infrastructure and residential sectors. Equipment generally returns to a \"home base\" nightly and these branches do not contract to purchase, mix, or deliver concrete. This segment primarily consists of our Brundage-Bone business which has approximately 95 branch locations across 23 states with their corporate headquarters in Thornton, Colorado. U.S. Concrete Waste Management Services Our U.S. Concrete Waste Management Services segment consists of our U.S. based Eco-Pan business. Eco-Pan provides industrial cleanup and containment services, primarily to customers in the construction industry. Eco-Pan uses pans and roll-off containers specifically designed to hold waste products from concrete and other industrial cleanup operations. Eco-Pan has 22 operating locations across the U.S. with its corporate headquarters in Thornton, Colorado. 24 Table of Contents U.K. Operations Our U.K. Operations segment consists of our Camfaud, Premier and U.K. based Eco-Pan businesses. Camfaud is a concrete pumping service provider in the U.K and its core business is primarily the provision of concrete pumping services to general contractors and concrete finishing companies in the commercial, infrastructure and residential sectors. Equipment generally returns to a \"home base\" nightly and does not contract to purchase, mix, or deliver concrete. Camfaud has approximately 35 branch locations throug Item 1. Business Concrete Pumping Holdings, Inc. is a Delaware corporation headquartered in Thornton, Colorado. We refer to Concrete Pumping Holdings, Inc. as the \"Company,\" \"CPH,\", \"us\", \"we\" or \"our\" in this Annual Report, and these designations include our subsidiaries unless we state otherwise. Our principal executive offices are located at 500 E. 84th Ave., Suite A-5, Thornton, Colorado, 80229. We maintain a website at https://www.concretepumpingholdings.com/. The information contained on, or that may be accessed through, our website is not part of, and is not incorporated into, this Annual Report. Overview CPH is a leading provider of concrete pumping services and concrete waste management services in the United States (\"U.S.\") and the United Kingdom (\"U.K.\") based on fleet size, primarily operating under what we believe are the only established, national concrete pumping brands in both geographies \u2013 Brundage-Bone Concrete Pumping, Inc. (\"Brundage-Bone\") for concrete pumping in the U.S., Camfaud Group Limited (\"Camfaud\") in the U.K., and Eco-Pan, Inc. (\"Eco-Pan\") for waste management services in both the U.S. and U.K. The Brundage-Bone business was founded in 1983 in Denver, Colorado. Since then, the Company has expanded across the U.S. and U.K. through more than 70 strategic acquisitions. Eco-Pan was founded in 1999 and was acquired by CPH in 2014. Concrete pumping is a highly specialized method of concrete placement that requires skilled operators to position a truck-mounted, fully-articulating boom for precise delivery of ready-mix concrete from mixer trucks to placing crews on a construction job site. In addition, given the rising awareness of environmental factors, proper concrete washout handling is an important area of focus for our Company. We believe that our large fleet of specialized pumping equipment, washout pans and trucks, and highly-trained operators enable us to be the trusted provider of concrete placement and concrete waste management s Item 1A. Risk Factors Risks Related to the Company\u2019s Business and Operations Our business is cyclical in nature and a slowdown in economic activity, especially as it pertains to construction spending, has in the past and could in the future negatively impact our financial results. Subs", "title": "BBCP - Concrete Pumping Holdings, Inc.", "url": "/company/BBCP/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000763907; latest 10-K filed 2026-03-10.", "text": "FUNC - FIRST UNITED CORP/MD/ SIC 6021 National Commercial Banks; CIK 0000763907; latest 10-K filed 2026-03-10. FUNC FIRST UNITED CORP/MD/ 0000763907 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This discussion and analysis should be read in conjunction with the Consolidated Financial Statements and notes thereto for the years ended December 31, 2025 and 2024, which are included in Item 8 of Part II of this annual report. Overview First United Corporation is a financial holding company that, through the Bank and its non-bank subsidiaries, provides an array of financial products and services primarily to customers in four Western Maryland counties and three Northeastern West Virginia counties. Its principal operating subsidiary is the Bank, which consists of a community banking network of 23 branch offices located throughout its market areas. Our primary sources of revenue are interest income earned from our loan and investment securities portfolios and fees earned from financial services provided to customers. For the years ended December 31, 2025 and 2024, net income was $24.5 million and $20.6 million, respectively, on a generally accepted accounting principles (\u201cGAAP\u201d) basis. Net income for the year ended December 31, 2025 was inclusive of a $1.3 million write-down, net of tax, on other real estate owned (\u201cOREO\u201d) property, a $0.2 million loss, net of tax, on disposal of fixed assets, and a $0.1 million gain, net of tax, on sale of available-for-sale (\u201cAFS\u201d) investment securities and adjusted net income was $25.8 million on a non-GAAP basis. Net income for the year ended December 31, 2024 was inclusive of a $0.4 million increase in expenses, net of tax, related to announced branch closures and adjusted net income was $21.0 million on a non-GAAP basis. \u200b The provision for credit losses on loans was $2.3 million for the year ended December 31, 2025 and $2.9 million for the year ended December 31, 2024. Net charge-offs of $1.0 million were recorded for the year ended December 31, 2025, compared to $2.2 million for 2024. The ratio of the ACL to loans outstanding was 1.28% at December 31, 2025 compared to 1.23% at December 31, 2024. \u200b Net interest income, on a non-GAAP, fully-taxable equivalent (\u201cFTE\u201d) basis, increased by $8.1 million in 2025 when compared to 2024. Interest income increased by $8.8 million, which was partially offset by a $0.7 million increase in interest expense. The net interest margin was 3.67% and 3.38% for the years ending December 31, 2025 and 2024, respectively. Management continues to place a strong focus on margin management as we move into 2026. Higher cash levels at December 31, 2025 should allow us to repay outstanding debt and brokered deposits at their maturities. \u200b Other operating income, including net gains on sales of mortgage loans, sales of investment securities and disposal of fixed assets, increased by approximately $0.7 million when compared to 2024. This increase was attributable to a $0.7 million increase in wealth management income, driven by improving market conditions, increased annuity sales, and growth in new and existing customer relationships. Net gains, service charge income and debit card income were stable when comparing the year ended December 31, 2025 to the same period of 2024. \u200b 33 \u200b Table of Contents \u200b Other operating expenses increased by $3.8 million when compared to the year ended December 31, 2024. Salaries and employee benefits increased by $1.3 million related to normal merit increases effective April 1, 2025, increased salary expense as a result of increased staffing levels as we enhanced our sales team in Morgantown, WV, increases in incentives, and 401(k) expenses, offset by reduced life and health insurance costs related to reduced claims in 2025. Net OREO expenses increased by $2.0 million related to the fair value write-down of one OREO property. The write-down was attributable to a legacy participation loan, originated in 2013, that was taken into OREO several years ago. The property is serviced by another lender and, following ITEM 1. BUSINESS General First United Corporation is a Maryland corporation chartered in 1985 and a bank holding company registered with the Board of Governors of the Federal Reserve System (the \u201cFRB\u201d) under the Bank Holding Company Act of 1956, as amended, that elected financial holding company status in 2021. The Corporation\u2019s primary business is serving as the parent company of First United Bank & Trust, a Maryland trust company (the \u201cBank\u201d), First United Statutory Trust I (\u201cTrust I\u201d) and First United Statutory Trust II (\u201cTrust II\u201d and together with Trust I, the \u201cTrusts\u201d), both Connecticut statutory business trusts. The Trusts were formed for the purpose of selling trust preferred securities that qualified as Tier 1 capital. The Bank has two consumer finance company subsidiaries - OakFirst Loan Center, Inc., a West Virginia corporation, and OakFirst Loan Center, LLC, a Maryland limited liability company (together with OakFirst Loan Center, Inc., the \u201cOakFirst Loan Centers\u201d) - and one subsidiary that it uses to hold real estate acquired through foreclosure or by deed in lieu of foreclosure - First OREO Trust, a Maryland statutory trust. In addition, the Bank owns 99.9% of the limited partnership interests in Liberty Mews Limited Partnership, a Maryland limited partnership formed for the purpose of acquiring, developing and operating low-income housing units in Garrett County, Maryland, and a 99.9% non-voting membership interest in MCC FUBT Fund, LLC, an Ohio limited liability company formed for the purpose of acquiring, developing and operating low-income housing units in Allegany County, Maryland and Mineral County, West Virginia. At December 31, 2025, we had total assets of $2.1 billion, net loans of $1.5 billion and deposits of $1.7 billion. Shareholders\u2019 equity at December 31, 2025 was $203.6 million. The Corporation maintains an Internet website at www.mybank.com on which it makes available, free of charge, its Annual Report on Form 10-K, Quarterly Repo ITEM 1A. RISK FACTORS The significant risks and uncertainties related to us, our business and our securities of which we are aware are discussed below. Investors and shareholders should carefully consider these risks and uncertainties before making investment decisions with respect to the Corporation\u2019s securities. Any of these factors could materially and ", "title": "FUNC - FIRST UNITED CORP/MD/", "url": "/company/FUNC/" }, { "kind": "company", "summary": "SIC 3669 Communications Equipment, NEC; CIK 0001493761; latest 10-K filed 2026-03-12.", "text": "TBCH - Turtle Beach Corp SIC 3669 Communications Equipment, NEC; CIK 0001493761; latest 10-K filed 2026-03-12. TBCH Turtle Beach Corp 0001493761 3669 Communications Equipment, NEC Item 7 - Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our consolidated financial statements and the notes thereto. This discussion summarizes the significant factors affecting our results of operations and the financial condition of our business during each of the fiscal years in the three-year period ended December 31, 2025. Overview We are a premier audio and gaming technology company with expertise and experience in developing, commercializing, and marketing innovative products across a range of large addressable markets under our brand, Turtle Beach. The Turtle Beach\u00ae brand is a market share leader in console gaming headsets for over 16 years running with a vast portfolio of headsets designed to be multiplatform compatible with the latest Xbox, PlayStation, and Nintendo consoles, as well as for PCs and mobile and tablet devices. Our PC product portfolio includes PC gaming headsets, keyboards, mice, microphones and other PC gaming peripherals and in 2021 it expanded its brand beyond gaming headsets and launched its gaming controller product line, as well as, flight simulation and racing simulation accessories. In 2024, we acquired PDP, another leading gaming accessory brand with a robust slate of products, including gaming controllers for all major platforms and licensing deals with popular gaming and entertainment properties. We are headquartered in San Diego, California, and incorporated in the state of Nevada in 2010. Business Trends Console Headset Market In 2025, we were the leading gaming headset manufacturer in the U.S. and other major console markets. We have achieved these global market shares by delivering high-quality products that often include first-to-market innovations, robust features, superior sound, unmatched comfort, and top customer support \u2013 all key factors that consumers seek when shopping for a gaming headset. The global market for console and PC gaming headsets is estimated to be approximately $2.9 billion, according to external market data and internal estimates, reflecting continued growth driven by increasing online multiplayer engagement, content creation, and improvements in technology. PlayStation and Xbox consoles remain among the most significant platforms supporting gaming headset usage, as console-focused headsets continue to integrate features such as wireless connectivity and surround sound optimized for these systems. Consistent with a historical pattern of major new console cycles of roughly seven to eight years, Microsoft and Sony launched their latest consoles, Xbox Series X|S and PlayStation 5, ahead of the 2020 holiday season, and these platforms have sustained an active installed base through 2025. In late 2024, Sony introduced the PS5 Pro system. The next Microsoft and Sony consoles are anticipated to launch within the next 2-3 years. Nintendo's platform also plays a significant role in the growth of the console headset market. The large installed base of Nintendo Switch systems, combined with the successful launch of the Nintendo Switch 2 in June 2025, increases participation in online, chat-enabled gameplay, thereby expanding the overall addressable market for console gaming headsets. Controllers The controllers market is estimated at approximately $3.0 billion, according to external market data and internal estimates, and shares the same retail footprint and consumer base as Turtle Beach gaming headsets, creating natural cross-sell opportunities and strong category alignment. We entered the controllers market in 2021 and have since expanded our portfolio across console and PC platforms, with key products including Stealth Ultra and Stealth Pivot premium controllers, which target the higher value controller segment. The 2024 acquisition of PDP, a leading gaming accessories company with a strong foundation in the controller category, significantly strengthened our scale Item 1 - Business Our mission is to deliver the ultimate experience to gamers by providing high-quality, high-performance gaming accessories, including headsets, controllers, keyboards, mice, flight and racing simulation hardware, microphones, and more. For over 50 years, we have been a pioneer and key innovator in audio technology, and today we are one of the most recognized brand names in gaming. Headquartered in San Diego, California, we were incorporated in the state of Nevada in 2010, and our stock is traded on the Nasdaq Global Market under the symbol TBCH. According to retail sales tracking data from The Circana Group (\u201cCircana\u201d), we have been the market share leader in console gaming headsets for 16-years running with a vast portfolio of headsets designed to be multiplatform compatible with the latest Xbox, PlayStation, and Nintendo consoles, as well as for personal computers (\u201cPCs\u201d) and mobile and tablet devices. Our PC product portfolio includes PC gaming headsets, keyboards, mice, microphones, and other PC gaming peripherals, and we expanded our brand beyond gaming headsets to include our gaming controller product line, as well as flight simulation. In 2024, we acquired Performance Designed Products (\u201cPDP\u201d), another leading gaming accessory brand with a robust slate of products, including gaming controllers for all major platforms and licensing deals with popular gaming and entertainment properties. Gaming Accessories Business We launched our first gaming headset and the first ever console gaming headset \u2013 the X51 \u2013 in 2005 and have gone on to become the leading brand in gaming headsets, as well as a top five overall gaming accessory business in the world. We design and market a broad assortment of gaming headsets and audio accessories for Xbox, PlayStation, and Nintendo consoles, as well as for PC, mobile and tablet devices. Our 2024 acquisition of PDP, and prior acquisitions of ROCCAT (2019) and Neat Microphones (2021) expanded our reach into the gl Item 1A - Risk Factors Set forth below is a summary of certain material risks related to an investment in our securities, which should be considered carefully in evaluating such an investment. Our business, financial condition, operating results and cash flows can be affected by a number of factors, whether currently known or unkno", "title": "TBCH - Turtle Beach Corp", "url": "/company/TBCH/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001786117; latest 10-K filed 2026-02-05.", "text": "PINE - Alpine Income Property Trust, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001786117; latest 10-K filed 2026-02-05. PINE Alpine Income Property Trust, Inc. 0001786117 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward-Looking Statements When we refer to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cPINE,\u201d or \u201cthe Company,\u201d we mean Alpine Income Property Trust, Inc. and its consolidated subsidiaries. References to \u201cNotes to the Financial Statements\u201d refer to the Notes to the Consolidated Financial Statements of Alpine Income Property Trust, Inc. included in Item 8 of this Annual Report on Form 10-K. Also, when the Company uses any of the words \u201canticipate,\u201d \u201cassume,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d or similar expressions, the Company is making forward-looking statements. Although management believes that the expectations reflected in such forward-looking statements are based upon present expectations and reasonable assumptions, the Company\u2019s actual results could differ materially from those set forth in the forward-looking statements. Certain factors that could cause actual results or events to differ materially from those the Company anticipates or projects are described in \u201cItem 1A. Risk Factors\u201d of this Annual Report on Form 10-K. Given these uncertainties, readers are cautioned not to place undue reliance on such statements, which speak only as of the date of this Annual Report on Form 10-K or any document incorporated herein by reference. The Company undertakes no obligation to publicly release any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this Annual Report on Form 10-K. The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this report. Overview Alpine Income Property Trust, Inc. is a Maryland corporation that conducts its operations so as to qualify as a REIT for U.S. federal income tax purposes. Substantially all of our operations are conducted through our Operating Partnership. \u200b 55 Table of Contents We seek to acquire, own and operate primarily freestanding, commercial retail real estate properties located in the United States primarily leased pursuant to long-term net leases. We target tenants in industries that we believe are favorably impacted by macroeconomic trends that support consumer spending, stable and growing employment, and positive consumer sentiment, as well as tenants in industries that have demonstrated resistance to the impact of the e-commerce retail sector or who use a physical presence as a component of their omnichannel strategy. We also seek to invest in properties that are net leased to tenants that we believe have attractive credit characteristics, stable operating histories, healthy rent coverage levels, are well-located within their respective markets and/or have rents at-or-below market rent levels. Furthermore, we believe that the size of our company allows us, for at least the near term, to focus our investment activities on the acquisition of single properties or smaller portfolios of properties that represent a transaction size that most of our publicly-traded net lease REIT peers will not pursue on a consistent basis. \u200b The Company operates in two primary business segments: income properties and commercial loans and investments. \u200b The Company has no employees and is externally managed by our Manager, a Delaware limited liability company and a wholly owned subsidiary of CTO. CTO is a Maryland corporation that is a publicly traded diversified REIT and the sole member of our Manager. See Note 19, \u201cRelated Party Management Company\u201d in the Notes to the Financial Statements for further discussion of the Company\u2019s related party transactions with CTO. \u200b Our strategy for investing in income-producing properties is focused on factors including, but not limited to, long-term real estate fundamentals, including those markets experiencing significant economic growth. We employ a methodology for evaluating targeted investments in incom ITEM 1. BUSINESS OVERVIEW \u200b We are a real estate investment trust (\u201cREIT\u201d) that owns and operates a high-quality portfolio of commercial net lease properties all located in the United States. Our properties are primarily leased to industry leading, creditworthy tenants, many of which operate in industries we believe are resistant to the impact of e-commerce. Our portfolio consists of 127 net leased properties located in 32 states. The properties in our portfolio are primarily subject to long-term leases, which generally require the tenant to pay directly or reimburse us for property operating expenses such as real estate taxes, insurance, assessments and other governmental fees, utilities, repairs and maintenance and certain capital expenditures. We also acquire and originate commercial loans and investments. Our investments in commercial loans are generally secured by real estate or the borrower\u2019s pledge of its ownership interest in an entity that owns real estate. \u200b The Company operates in two primary business segments: (i) income properties and (ii) commercial loans and investments. \u200b The Company has no employees and is externally managed by Alpine Income Property Manager, LLC (our \u201cManager\u201d), a Delaware limited liability company and a wholly owned subsidiary of CTO Realty Growth, Inc. (NYSE: CTO) (\u201cCTO\u201d). CTO is a Maryland corporation that is a publicly traded diversified REIT and the sole member of our Manager. \u200b The Company elected to be taxed as a REIT for U.S. federal income tax purposes commencing with its initial taxable year ended December 31, 2019. We believe we have been organized and have operated in such a manner as to qualify and maintain our qualification for taxation as a REIT under the U.S. federal income tax laws. We intend to continue to operate in such a manner, but no assurances can be given that we will continue to operate in such a manner as to qualify and maintain our qualification for taxation as a REIT under the U.S. f ITEM 1A. RISK FACTORS An investment in our securities involves a high degree of risk. The following list of risk factors is not exhaustive and should be read together with the more detailed risk factors contained below. \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"We are subject to risks related to the ownership of commercial real estate", "title": "PINE - Alpine Income Property Trust, Inc.", "url": "/company/PINE/" }, { "kind": "company", "summary": "SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0000002186; latest 10-K filed 2026-03-12.", "text": "BKTI - BK Technologies Corp SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0000002186; latest 10-K filed 2026-03-12. BKTI BK Technologies Corp 0000002186 3663 Radio & Tv Broadcasting & Communications Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Forward-Looking Statements We believe that it is important to communicate our future expectations to our security holders and to the public. This report, including any information incorporated by reference in this report, therefore, contains statements about future events and expectations which are \u201cforward-looking statements\u201d within the meaning of Sections 27A of the Securities Act of 1933, as amended, and 21E of the Securities Exchange Act of 1934, as amended (the \"Exchange Act\") including the statements about our plans, objectives, expectations and prospects under the heading \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d You can expect to identify these statements by forward-looking words such as \u201cmay,\u201d \u201cmight,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cplan,\u201d \u201cestimate,\u201d \u201cproject,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cseek,\u201d \u201care encouraged\u201d and other similar expressions. Any statement contained in this report that is not a statement of historical fact may be deemed to be a forward-looking statement. We also may make forward-looking statements in other documents that are filed or furnished with the SEC. In addition, we may make forward-looking statements orally or in writing to investors, analysts, members of the media, or others. Forward-looking statements include, but are not limited to, the following: changes or advances in technology; the success of our Solutions and Radio product groups and the products offered thereunder; successful introduction of new products and technologies, including our ability to successfully develop and sell our current and anticipated Solutions products, and our new multiband radio product and other related products in the BKR Series product line; competition in the LMR industry; general economic and business conditions, including the impact of high inflation, fluctuating high interest rates, tariffs and other trade barriers and restrictions, labor and supply shortages and disruptions, federal, state and local government budget deficits and spending limitations, any impact from a prolonged shutdown of the U.S. Government, the effects of natural disasters, changes in climate, severe weather events, geopolitical events, acts of war or terrorism, global health crises and other catastrophic events, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments, including a potential U.S. or global downturn or recession; the availability, terms and deployment of capital; reliance on contract manufacturers and suppliers; risks associated with fixed-price contracts; heavy reliance on sales to agencies of the U.S. Government and our ability to comply with the requirements of contracts, laws and regulations related to such sales; allocations by government agencies among multiple approved suppliers under existing agreements; our ability to comply with U.S. tax laws and utilize deferred tax assets; our ability to attract and retain executive officers, skilled workers and key personnel; our ability to manage our growth; our ability to identify potential candidates for, and to consummate, acquisition, disposition or investment transactions, impact of our capital allocation strategy; risks related to maintaining our brand and reputation; impact of government regulation; impact of rising health care costs; our business with manufacturers located in other countries, including the effects of changes in the U.S. Government and foreign governments\u2019 trade and tariff policies, such as recent increases in tariffs by the U.S. and the imposition of increased tariffs and other trade barriers and retaliatory measures by foreign governments; our inventory and debt levels; our ability to comply with the terms, including financial covenants, of our outstanding debt, including fluctuating interest rates; protection of our intellectu Item 1. Business. General BK Technologies Corporation (NYSE American: BKTI) (together with its wholly owned subsidiaries, \u201cBK,\u201d the \u201cCompany,\u201d \u201cwe\u201d or \u201cus\u201d) is a holding company that, through BK Technologies, Inc., its operating subsidiary, provides public safety grade communications products and services designed to make first responders safer and more efficient. All operating activities described herein are undertaken by our operating subsidiary. In business for over 70 years, BK operates two key product group offerings: Radio and Solutions. The Radio product group designs, manufactures and markets wireless communications products and related accessories consisting of two-way land mobile radios (\u201cLMRs\u201d). Two-way LMRs can be radios that are hand-held (portable) or installed in vehicles (mobile). Generally, BK Technologies-branded products serve government markets, including, but not limited to, emergency response, public safety, homeland security and military customers of federal, state and municipal government agencies, as well as various industrial and commercial enterprises. We believe that our products and solutions provide superior value by offering high specification, ruggedized, durable, reliable, feature rich, Project 25 (\u201cP25\u201d) compliant radio products at a lower cost relative to comparable offerings. The Solutions product group focuses on delivering innovative products and smartphone applications which operate ubiquitously over public cellular networks. Our BK ONE branded solutions are designed to provide advanced field applications that enhance situational awareness, decision-making and interagency coordination that enable the first responder to be safer and more efficient. Our BK ONE portfolio provides law enforcement improved safety and productivity, fire incident first responders more situational awareness and EMS first responders with enhanced patient safety and advanced care measures. When tethered to our radios, the combined solution offers Item 1A. Risk Factors. Various portions of this report contain forward-looking statements that involve risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in these forward-looking statements as a result of certain ri", "title": "BKTI - BK Technologies Corp", "url": "/company/BKTI/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001720592; latest 10-K filed 2026-03-09.", "text": "RPAY - Repay Holdings Corp SIC 7389 Services-Business Services, NEC; CIK 0001720592; latest 10-K filed 2026-03-09. RPAY Repay Holdings Corp 0001720592 7389 Services-Business Services, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis of financial condition and results of operations should be read together with our audited consolidated financial statements and the related notes to those statements included under Item 8, hereof. For purposes of this section, \"Repay\", the \u201cCompany\", \"we\", or \"our\" refer to Repay Holdings Corporation and its subsidiaries, unless the context otherwise requires. Certain figures have been rounded for ease of presentation and may not sum due to rounding. Cautionary Note Regarding Forward-Looking Statements Statements under \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d regarding our financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including those set forth under Part I, Item 1A \u201cRisk Factors\u201d in this Annual Report on Form 10-K. Overview We provide integrated payment processing solutions to industry-oriented markets in which clients have specific transaction processing needs. We refer to these markets as \u201cvertical markets\u201d or \u201cverticals.\u201d Our proprietary, integrated payment technology platform reduces the complexity of the electronic payments process for businesses, while enhancing their consumers\u2019 overall experience. We are a payments innovator, differentiated by our proprietary, integrated payment technology platform and our ability to reduce the complexity of the electronic payments for businesses. We intend to continue to strategically target verticals where we believe our ability to tailor payment solutions to our client needs, our deep knowledge of our vertical markets and the embedded nature of our integrated payment solutions will drive strong growth by attracting new clients and fostering long-term client relationships. We report our financial results based on two reportable segments. Consumer Payments \u2013 Our Consumer Payments segment provides payment processing solutions (including debit and credit card processing, ACH processing and other electronic payment acceptance solutions, as well as our loan disbursement product) that enable our clients to collect payments and disburse funds to consumers and includes our RCS offering. RCS is our proprietary clearing and settlement platform through which we market customizable payment processing programs to other ISOs and payment facilitators. The strategic vertical markets served by our Consumer Payments segment primarily include personal loans, automotive loans, receivables management, credit unions, mortgage servicing, consumer healthcare and diversified retail. Business Payments \u2013 Our Business Payments segment provides payment processing solutions (including accounts payable automation, debit and credit card processing, virtual credit card processing, ACH processing and other electronic payment acceptance solutions) that enable our clients to collect or send payments to other businesses. The strategic vertical markets served within our Business Payments segment primarily include retail automotive, education, field services, governments and municipalities, healthcare, media, HOA management and hospitality. Macroeconomic Conditions We have been monitoring the current economic environment in the U.S. and globally \u2013 characterized by inflationary pressures in certain cost categories (including changes in wages and technology-related expenses), elevated interest rate levels, tighter credit conditions, uneven economic growth and periodic volatility in financial markets. Such macroeconomic conditions may continue to evolve in ways that are difficult to fully anticipate and may also include the potential for slowing growth, higher levels of unemployment, reduced consumer or commercial spending a Item 1. Business Organizational Structure and Corporate Information Repay Holdings Corporation was incorporated as a Delaware corporation on July 11, 2019 in connection with the closing of a transaction (the \u201cBusiness Combination\u201d) pursuant to which Thunder Bridge Acquisition Ltd., a special purpose acquisition company organized under the laws of the Cayman Islands (\u201cThunder Bridge\u201d), (a) domesticated into a Delaware corporation and changed its name to \u201cRepay Holdings Corporation\u201d and (b) consummated the merger of a wholly owned subsidiary with and into Hawk Parent Holdings, LLC, a Delaware limited liability company (\u201cHawk Parent\u201d). Unless otherwise noted or unless the context otherwise requires, the terms \u201cwe\u201d, \u201cus\u201d, \u201cRepay\u201d and the \u201cCompany\u201d and similar references refer (1) before the Business Combination, to Hawk Parent and its consolidated subsidiaries and (2) from and after the Business Combination, to Repay Holdings Corporation and its consolidated subsidiaries. Unless otherwise noted or unless the context otherwise requires, \u201cThunder Bridge\u201d refers to Thunder Bridge Acquisition. Ltd. prior to the consummation of the Business Combination. We are headquartered in Atlanta, Georgia. Our legacy business was founded as M & A Ventures, LLC, a Georgia limited liability company doing business as REPAY: Realtime Electronic Payments (\u201cREPAY LLC\u201d), in 2006. Hawk Parent was formed in 2016 in connection with the acquisition of a majority interest in the successor entity of REPAY LLC and its subsidiaries. Business Overview We are a leading payments technology company. We provide integrated payment processing solutions to industry-oriented vertical markets in which businesses or other organizations have specific transaction processing needs. We refer to these markets as \u201cvertical markets\u201d or \u201cverticals.\u201d We are a payments innovator, differentiated by our proprietary, integrated payment technology platform and our ability to reduce the complexity of electronic payments Item 1A. Risk Factors Our business involves significant risks. In addition to the risks and uncertainties discussed above under \u201cCautionary Note Regarding Forward-Looking Statements,\u201d you should carefully consider the specific risks set forth herein. If any of these risks actually occur, it may materially harm our business, f", "title": "RPAY - Repay Holdings Corp", "url": "/company/RPAY/" }, { "kind": "company", "summary": "SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0001377789; latest 10-K filed 2025-09-10.", "text": "AVNW - AVIAT NETWORKS, INC. SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0001377789; latest 10-K filed 2025-09-10. AVNW AVIAT NETWORKS, INC. 0001377789 3663 Radio & Tv Broadcasting & Communications Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) is intended to help the reader understand Aviat Networks, Inc.\u2019s (\u201cAviat\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d, or \u201cour\u201d) results of operations and financial condition during the two-year period ended June 27, 2025. MD&A is provided as a supplement to, and should be read in conjunction with, the Company\u2019s consolidated financial statements and accompanying notes. In the discussion herein, the fiscal years ended June 27, 2025, June 28, 2024, and June 30, 2023, are referred to as \u201cfiscal 2025\u201d, \u201cfiscal 2024\u201d and \u201cfiscal 2023\u201d, respectively. Aviat\u2019s fiscal year ends on the Friday nearest to June 30. For a comparison of the results of operations for fiscal 2024 and 2023, refer to Aviat\u2019s Annual Report on Form 10-K for the fiscal year ended June 28, 2024, filed with the SEC on October 4, 2024. Overview Aviat is a global supplier of microwave networking and access networking solutions, backed by an extensive suite of professional services and support. Aviat sells radios, routers, software and services integral to the functioning of data transport networks. Aviat has more than 3,000 customers and significant relationships with global service providers and private network operators. Aviat\u2019s North America manufacturing base consists of a combination of contract manufacturing and assembly and testing operated in Austin, Texas by Aviat. Additionally, Aviat utilizes a contract manufacturer based in Asia for much of its international equipment demand. Aviat\u2019s technology is underpinned by more than 400 patents. Aviat competes on the basis of Total Cost of Ownership (\u201cTCO\u201d), microwave radio expertise and solutions for mission critical communications. Acquisitions 4RF Limited On July 2, 2024, the Company acquired 4RF Limited (\u201c4RF\u201d), a New Zealand company, Aviat purchased all of the issued and outstanding shares of 4RF in an all-cash transaction for $18.2 million, net of $1.2 million cash acquired. 4F is a leading provider of industrial wireless access solutions, including narrowband point-to-point/multi-point radios and Private LTE and 5G routers. The acquisition of 4RF allows Aviat to expand its product offering for the global industrial wireless access markets including Private LTE/5G. See Note 12. Acquisitions of the Notes to the consolidated financial statements in this Annual Report on Form 10-K (the \u201cNotes\u201d) for further information. NEC\u2019s Wireless Transport Business On May 9, 2023, the Company entered into a Master Sale of Business Agreement (as amended on November 30, 2023, the \u201cPurchase Agreement\u201d) with NEC Corporation (\u201cNEC\u201d), to acquire NEC\u2019s wireless transport business (the \u201cNEC Transaction\u201d). The Company completed the NEC Transaction on November 30, 2023. Prior to the acquisition date, NEC was a leader in wireless backhaul networks with an extensive installed base of their Pasolink series products. The completion of the NEC Transaction increases the scale of Aviat, enhances the Company\u2019s product portfolio with a greater capability to innovate, and creates a more diversified business. Refer to Note 12. Acquisitions of the Notes to the consolidated financial statements in this Annual Report on Form 10-K for further information. The fair value of the consideration transferred at the closing of the NEC Transaction was comprised of (i) cash of $32.2 million, and (ii) the issuance of 736,750 shares or $22.3 million of Company common stock. Aggregate consideration transferred at closing was approximately $54.5 million, which is subject to certain post-closing adjustments. In fiscal 2025, the Company transferred consideration of $18.6 million to settle the post-closing working capital adjustment. The Company funded the cash portion of the NEC Transaction with Term Loan borrowings under its Credit Facility (as defined below). Refer to Note 7. Credit Facility and Debt of the Notes for furt Item 1. Business Aviat Networks, Inc., together with its subsidiaries, is a global supplier of microwave networking and wireless access networking solutions, backed by an extensive suite of professional services and support. Aviat Networks, Inc. may be referred to as \u201cthe Company,\u201d \u201cAVNW,\u201d \u201cAviat Networks,\u201d \u201cAviat,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d in this Annual Report on Form 10-K. Aviat was incorporated in Delaware in 2006 to combine the businesses of Harris Corporation\u2019s Microwave Communications Division (\u201cMCD\u201d) and Stratex Networks, Inc. (\u201cStratex\u201d). On January 28, 2010, we changed our corporate name from Harris Stratex Networks, Inc. to Aviat Networks, Inc. Aviat\u2019s principal executive offices are located at 200 Parker Dr., Suite C100A, Austin, Texas 78728, and its telephone number is (408) 941-7100. Aviat\u2019s common stock is listed on the NASDAQ Global Select Market under the symbol AVNW. As of June 27, 2025, the Company had 923 employees. Overview and Description of the Business We design, manufacture and sell a range of wireless transport and access networking products, solutions and services to two principal customer types. 1.Communications Service Providers (\u201cCSPs\u201d): These include mobile and fixed telecommunications network operators, broadband and internet service providers and network operators which generate revenues from the communications services that they provide. 2.Private network operators: These are customers which do not resell communications services but build networks for reasons of economics, autonomy, and/or security to support a wide variety of mission critical performance applications. Examples include federal, state and local government agencies, transportation agencies, energy and utility companies, public safety agencies and broadcast network operators around the world. We sell products and services directly to our customers, and, to a lesser extent, agents and resellers. Our products utilize microwave and millimeter wave technologies to cre Item 1A. Risk Factors The nature of the business activities conducted by the Company subjects us to certain hazards and risks. The following is a summary of some of the material risks relating to the Company\u2019s business activities. Other risks are described in \u201cItem 1. Business,\u201d \u201cItem 7. ", "title": "AVNW - AVIAT NETWORKS, INC.", "url": "/company/AVNW/" }, { "kind": "company", "summary": "SIC 3826 Laboratory Analytical Instruments; CIK 0001162194; latest 10-K filed 2026-03-16.", "text": "LAB - STANDARD BIOTOOLS INC. SIC 3826 Laboratory Analytical Instruments; CIK 0001162194; latest 10-K filed 2026-03-16. LAB STANDARD BIOTOOLS INC. 0001162194 3826 Laboratory Analytical Instruments ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand the results of operations and financial condition of Standard BioTools. This MD&A is provided as a supplement to, and should be read together with, our consolidated financial statements and the notes to those statements included elsewhere in this Annual Report. We have omitted discussion of 2023 results where it would be redundant to the discussion previously included in Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 11, 2025. This Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, that are based on our management\u2019s beliefs and assumptions and on information currently available to our management. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We discuss these risks in greater detail in Part I, Item 1A, \u201cRisk Factors\u201d in this Annual Report. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent our management\u2019s beliefs and assumptions only as of the date of this Annual Report. You should read this Annual Report completely and with the understanding that our actual future results may be materially different from what we expect. Overview At Standard BioTools, Inc., we are committed to setting the new standard in the life science tools industry through strategic consolidation, best-in-class operations and a world class management team. Our established portfolio includes essential, standardized next-generation solutions designed to help biomedical researchers develop better therapeutics faster. We offer a diverse range of instrumentation, consumables, and services that generate high-quality data across early discovery, translational and clinical research. With advanced technologies in proteomics and genomics, we empower scientists to gain deeper biological insights, accelerate discoveries, and drive improved health outcomes across diverse therapeutic areas including immunology, oncology, neuroscience, cardiometabolic diseases and more. We have built a solid foundation supporting a differentiated portfolio of life science tools, offering broad multi-omic capabilities that drive innovation and accelerate the pace of drug development. Our solutions are designed to unlock complex biological information across plasma, single-cell and spatial proteomics, as well as genomic analyses, enabling researchers to explore disease mechanisms with unprecedented depth and precision. By integrating our advanced platforms \u2013 CyTOF\u2122, Hyperion\u2122, and Biomark\u2122 \u2013 we empower scientists to generate high-content data across therapeutic areas, from immuno-oncology to neurology and infectious diseases. Each system is engineered to extract meaningful molecular signatures, providing researchers with the tools they need to decode intricate biological networks. Together, these technologies accelerate discovery, offering a comprehensive approach to understanding the complexities of health and disease. Recent Developments Divestiture On June 22, 2025, we entered into the Purchase Agreement with Illumina pursuant to which Illumina acquired the Disposed Entities. The Transaction did not include our mass cytometry and microfluidics businesses, which we retained. The Transaction closed on January 30, 2026. Illumina acquired the SomaScan Business for aggregate cash consideration of up to $425 million, comprising (i) an upfront payment of $350 ITEM 1. BUSINESS Overview At Standard BioTools, Inc. (\"Standard BioTools\" or the \"Company\"), we are committed to setting the new standard in the life science tools industry through strategic consolidation, best-in-class operations and a world class management team. Our established portfolio includes essential, standardized next-generation solutions designed to help biomedical researchers develop better therapeutics faster. We offer a diverse range of instrumentation, consumables, and services that generate high-quality data across early discovery, translational and clinical research. With advanced technologies in proteomics and genomics, we empower scientists to gain deeper biological insights, accelerate discoveries, and drive improved health outcomes across diverse therapeutic areas including immunology, oncology, neuroscience, cardiometabolic diseases and more. On June 22, 2025, we entered into a Stock Purchase Agreement (the \u201cPurchase Agreement\u201d) with Illumina. Pursuant to the terms of the Purchase Agreement, Illumina acquired all of the equity interests of SomaLogic, Inc. (\u201cSomaLogic\u201d), Sengenics Corporation LLC (\u201cSengenics LLC\u201d) and Sengenics Corporation Pte Ltd (\u201cSengenics Pte\u201d and together with Sengenics LLC, \u201cSengenics\u201d) (collectively, the \u201cDisposed Entities\u201d), each a wholly owned subsidiary of the Company that operated the Company's aptamer-based and functional proteomics business, including KREX, Single SOMAmer, translational and diagnostic assays (collectively, the \u201cSomaScan Business\u201d) (such transaction, the \u201cTransaction\u201d). The Transaction did not include our mass cytometry and microfluidics businesses, which we retained. The Transaction closed on January 30, 2026. The SomaScan Business has been classified as held-for-sale and a discontinued operation under generally accepted accounting principles in the United States (\"GAAP\"). The results of the SomaScan Business are classified as discontinued operations, and, unless otherwise noted, the description ITEM 1A. RISK FACTORS We operate in a rapidly changing environment that involves numerous uncertainties and risks. The following risks and uncertainties may have a material and adverse effect on our business, financial condition, or results of operations. You should consider these risks and uncertainties carefully,", "title": "LAB - STANDARD BIOTOOLS INC.", "url": "/company/LAB/" }, { "kind": "company", "summary": "SIC 2510 Household Furniture; CIK 0000037472; latest 10-K filed 2025-08-22.", "text": "FLXS - FLEXSTEEL INDUSTRIES INC SIC 2510 Household Furniture; CIK 0000037472; latest 10-K filed 2025-08-22. FLXS FLEXSTEEL INDUSTRIES INC 0000037472 2510 Household Furniture Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations General The following analysis of the results of operations and financial condition of the Company should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. Results of Operations The following table has been prepared as an aid in understanding the Company\u2019s results of operations on a comparative basis for the fiscal years ended June 30, 2025, 2024, and 2023. Amounts presented are percentages of the Company\u2019s net sales. [[GREPCENT_TABLE]] [[\"\",\"\",\"For the years ended June 30,\"],[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Net sales\",\"\",\"\",\"100.0\",\"\",\"%\",\"\",\"\",\"100.0\",\"\",\"%\",\"\",\"\",\"100.0\",\"\",\"%\"],[\"Cost of goods sold\",\"\",\"\",\"77.8\",\"\",\"\",\"\",\"\",\"78.9\",\"\",\"\",\"\",\"\",\"82.0\"],[\"Gross margin\",\"\",\"\",\"22.2\",\"\",\"\",\"\",\"\",\"21.1\",\"\",\"\",\"\",\"\",\"18.0\"],[\"Selling, general and administrative expenses\",\"\",\"\",\"15.1\",\"\",\"\",\"\",\"\",\"17.1\",\"\",\"\",\"\",\"\",\"16.0\"],[\"Restructuring expense\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\",\"0.7\",\"\",\"\",\"\",\"\",\"\\u2014\"],[\"Right-of-use asset impairment\",\"\",\"\",\"3.2\",\"\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\",\"\\u2014\"],[\"(Gain) on sale of real estate\",\"\",\"\",\"(0.2\",\")\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\",\"\\u2014\"],[\"(Gain) on disposal of assets held for sale\",\"\",\"\",\"(2.0\",\")\",\"\",\"\",\"\",\"(0.8\",\")\",\"\",\"\",\"\",\"\\u2014\"],[\"Environmental remediation\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\",\"(0.7\",\")\"],[\"Other expense\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\",\"0.1\"],[\"Operating income\",\"\",\"\",\"6.0\",\"\",\"\",\"\",\"\",\"4.1\",\"\",\"\",\"\",\"\",\"2.7\"],[\"Interest income\",\"\",\"\",\"0.1\",\"\",\"\",\"\",\"\",\"0.0\",\"\",\"\",\"\",\"\",\"0.0\"],[\"Interest (expense)\",\"\",\"\",\"(0.0\",\")\",\"\",\"\",\"\",\"(0.4\",\")\",\"\",\"\",\"\",\"(0.3\",\")\"],[\"Income before income taxes\",\"\",\"\",\"6.1\",\"\",\"\",\"\",\"\",\"3.8\",\"\",\"\",\"\",\"\",\"2.3\"],[\"Income tax provision (benefit)\",\"\",\"\",\"1.5\",\"\",\"\",\"\",\"\",\"1.2\",\"\",\"\",\"\",\"\",\"(1.4\",\")\"],[\"Net income and comprehensive income\",\"\",\"\",\"4.6\",\"\",\"%\",\"\",\"\",\"2.6\",\"\",\"%\",\"\",\"\",\"3.8\",\"\",\"%\"]] [[/GREPCENT_TABLE]] Fiscal 2025 Compared to Fiscal 2024 Net sales were $441.1 million for the year ended June 30, 2025, compared to net sales of $412.8 million in the prior year, an increase of $28.3 million or 6.9%. The increase in sales was primarily driven by unit volume in our soft seating products, offset by a decline in our homestyles ready-to-assemble product line. Gross margin for the year ended June 30, 2025, was 22.2%, compared to 21.1% for the prior fiscal year, an increase of 110 basis points (\u201cbps\u201d). The 110-bps increase was primarily driven by fixed cost leverage on higher sales, supply chain cost savings, and product portfolio management. Selling, general, and administrative (\u201cSG&A\u201d) expenses decreased by $3.7 million in the year ended June 30, 2025, compared to the prior fiscal year. As a percentage of net sales, SG&A expense was 15.1% in fiscal year 2025 compared to 17.1% of net sales in the prior fiscal year. The decrease of 200-bps is primarily due to fixed cost leverage on higher sales volume and structural cost savings partially offset by investments in growth initiatives. The prior year SG&A expense also included a $1.5 million expense due to CEO transition costs associated with the revaluation of previously awarded equity awards which did not recur in the current year. In July 2022, Flexsteel commenced a 12-year lease for a manufacturing facility in Mexicali, Mexico to support strong demand growth which was elevated due to pandemic-driven buying at that time. Subsequently, U.S. furniture demand reverted to pre-pandemic norms, and the Company\u2019s plan for the facility pivoted to subleasing the space short-term while maintaining the option to utilize it longer term to support growth. While the Company secured multiple short-term sublease tenants at the beginning of the lease term, substantial changes in U.S. trade policy in early 2025 created significant uncertainty in US-Mexico trade relations, slowed foreign direct Item 1. Business General Flexsteel Industries, Inc., and Subsidiaries (the \u201cCompany\u201d) is one of the largest manufacturers, importers, and marketers of residential furniture products in the United States. Product offerings include a wide variety of furniture such as sofas, loveseats, chairs, reclining rocking chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture, and outdoor furniture. A featured component in most of the upholstered furniture is a unique steel drop-in seat spring from which the name \u201cFlexsteel\u201d is derived. The Company distributes its products throughout the United States through its e-commerce channel and direct sales force. The Company operates in one reportable segment, furniture products. The Company\u2019s furniture products business involves the distribution of manufactured and imported products consisting of a broad line of furniture for the residential market. Manufacturing and Offshore Sourcing During the fiscal year ended June 30, 2025, the Company operated manufacturing facilities located in Juarez, Mexico. This ongoing manufacturing operation is integral to the Company\u2019s product offerings and distribution strategy by offering smaller and more frequent product runs of a wider product selection. The Company identifies and eliminates manufacturing inefficiencies and adjusts manufacturing schedules on a daily basis to meet customer requirements. The Company has established relationships with key suppliers to ensure prompt delivery of quality component parts. The Company\u2019s production includes the use of selected component parts sourced offshore to enhance value in the marketplace. The Company integrates manufactured products with finished products acquired from offshore suppliers who can meet quality specifications and scheduling requirements. The Company will continue to pursue and refine this blended strategy, offering customers manufactured goods, Item 1A. Risk Factors The Company is subject to a variety of risks. You should carefully consider the risk factors detailed below in conjunction with the other information contained in this Annual Report on Form 10-K. Should any of these risks materialize the Company\u2019s business, financial condition, and future prospects could be negativel", "title": "FLXS - FLEXSTEEL INDUSTRIES INC", "url": "/company/FLXS/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001818502; latest 10-K filed 2026-03-12.", "text": "OPFI - OppFi Inc. SIC 6199 Finance Services; CIK 0001818502; latest 10-K filed 2026-03-12. OPFI OppFi Inc. 0001818502 6199 Finance Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. You should review the sections titled \u201cCautionary Note Concerning Factors That May Affect Future Results\u201d and \u201cRisk Factors\u201d of this Annual Report on Form 10-K for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described or implied by the forward-looking statements contained in the following discussion and analysis. OVERVIEW We are a tech-enabled digital finance platform that partners with banks to offer financial products and services to everyday Americans. Through this transparent and responsible platform, which emphasizes financial inclusion and exceptional customer experience, we assist consumers who are underserved by traditional financing options in building improved financial health. OppLoans by OppFi maintains a 4.4/5.0 star rating on Trustpilot based on over 5,400 reviews, positioning us among the top consumer-rated financial platforms online. We also hold a 35% equity interest in Bitty Holdings, LLC (\u201cBitty\u201d), a credit access company that provides revenue-based financing and other working capital solutions to small businesses. Our primary mission is to facilitate financial inclusion and credit access to the 48 million everyday Americans who face credit insecurity through unwavering commitment to our customers, who benefit from a highly automated, transparent, efficient, and fully digital experience. The banks that work with us benefit from our turn-key, outsourced marketing, data science, and proprietary technology to digitally acquire, underwrite, and service these consumers. Our primary products are offered by our OppLoans platform. Customers on this platform are U.S. consumers who are employed, have bank accounts, and generally earn median wages. The average installment loan for a new borrower facilitated by us is approximately $1,950, payable in installments and with an average contractual term of 11 months. HIGHLIGHTS Our financial results as of and for the year ended December 31, 2025 are summarized below: \u2022Net income increased 74.4% to $146.2 million from $83.8 million for the years ended December 31, 2025 and 2024, respectively; \u2022Basic and diluted earnings per share (\u201cEPS\u201d) increased $0.63 to $0.99 from $0.36 for the years ended December 31, 2025 and 2024, respectively; 71 Table of Contents \u2022Adjusted net income (\u201cAdjusted Net Income\u201d)(1) increased 69.1% to $139.8 million from $82.7 million for the years ended December 31, 2025 and 2024, respectively; \u2022Adjusted earnings per share (\u201cAdjusted EPS\u201d)(1) increased $0.64 to $1.59 from $0.95 for the years ended December 31, 2025 and 2024, respectively; \u2022Total revenue increased 13.5% to $597.1 million from $526.0 million for the years ended December 31, 2025 and 2024, respectively; \u2022Net originations increased 12.2% to $899.3 million from $801.5 million for the years ended December 31, 2025 and 2024, respectively; \u2022Ending receivables increased 16.0% to $493.1 million from $425.2 million as of December 31, 2025 and 2024, respectively; and (1) Adjusted EPS and Adjusted Net Income are non-GAAP financial measures. For information regarding our uses and definitions of these measures and for reconciliations to the most directly comparable United States GAAP measures, see the section titled \u201cNon-GAAP Financial Measures\u201d below. KEY PERFORMANCE METRICS We regularly review the following key metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections, and make strategic decisions, ITEM 1. BUSINESS Company Overview OppFi is a tech-enabled, mission-driven specialty finance platform that broadens the reach of community banks to extend credit access to everyday Americans. Through transparency, responsible lending, financial inclusion, and an excellent customer experience, the Company supports consumers, who are turned away by mainstream options, to build better financial health. OppFi\u2019s primary mission is to facilitate financial inclusion and credit access to the 48 million everyday Americans who face credit insecurity, through its products and an unwavering commitment to its customers. Unlike payday loans and similar credit products that typically do not provide transparency, fairness, and ability to repay guidelines, OppFi is dedicated to offering the best possible product and service through its platform. The average installment loan for a new borrower facilitated by OppFi with its OppLoans platform is approximately $1,950, payable in installments and with an average contractual term of 11 months. Payments are reported to the three major credit bureaus. OppFi\u2019s dedication to borrowers is further evidenced by the OppFi TurnUp Program, which is described below and most importantly, by its strong customer satisfaction ratings. OppFi\u2019s platform provides one of the highest rated customer experiences in the industry and powers banks to offer credit products. Customers on OppFi\u2019s platform benefit from a highly automated, transparent, efficient, and fully digital experience. The banks that work with OppFi benefit from its turn-key, outsourced marketing, data science, and proprietary technology to digitally acquire, underwrite and service these consumers. From inception through December 31, 2025, OppFi has facilitated more than $8.6 billion in gross loan issuance covering more than 4.7 million loans. OppFi\u2019s primary product is offered by its OppLoans platform. Customers on this platform are generally U.S. consumers, who are employed, have bank ITEM 1A. RISK FACTORS Investing in our securities involves risks. You should consider carefully the risks and uncertainties described below, together with all of the other information in this Annual Report, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and the financial statements and notes to the financial statements", "title": "OPFI - OppFi Inc.", "url": "/company/OPFI/" }, { "kind": "company", "summary": "SIC 5600 Retail-Apparel & Accessory Stores; CIK 0001318008; latest 10-K filed 2026-03-12.", "text": "ZUMZ - Zumiez Inc SIC 5600 Retail-Apparel & Accessory Stores; CIK 0001318008; latest 10-K filed 2026-03-12. ZUMZ Zumiez Inc 0001318008 5600 Retail-Apparel & Accessory Stores Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis compares the change in the consolidated financial statements for years ended and January 31, 2026 and February 1, 2025 and should be read together with our consolidated financial statements, the accompanying notes, and other information included in this Annual Report. In particular, the risk factors contained in Item 1A may reflect trends, demands, commitments, events, or uncertainties that could materially impact our results of operations and liquidity and capital resources. For comparisons of years ended February 1, 2025 and February 3, 2024, see our Management's Discussion and Analysis of Financial Condition and Results of Operations in Item 2 of our Annual Report on Form 10-K for the year ended February 1, 2025, filed with the SEC on March 13, 2025 and incorporated herein by reference. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed in the section titled\u201d Risk Factors\u201d and in other parts of this Annual Report on Form 10-K. See also the section titled \u201cNote Regarding Forward-Looking Statements\u201d in this report. For Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) related to the year ended February 3, 2024, refer to this same section in our Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 14, 2024. Fiscal 2025\u2014A Review of This Past Year Fiscal year 2025 maintained the positive growth trajectory established in early 2024, with the fourth quarter representing the seventh consecutive quarter of comparable sales increases. Strategic focus on developing trends within private label brands delivered favorable outcomes, as sales from these brands exceeded 30% of total revenue, setting a new fiscal-year record. All categories experienced positive comparable sales in 2025 with the exception of footwear. The Hardgoods category, which had experienced negative growth for several years, returned to positive growth in the second quarter and sustained that momentum through year-end. North America was the primary driver of sales growth, achieving eight consecutive quarters of positive comparable sales with product margin growth in each quarter. In Europe, efforts were redirected toward full-price selling, supported by reduced promotions and improved product assortments. Although these changes presented challenges for overall sales, product margins in Europe improved over 250 basis points year-over-year and strengthened as we moved through the year. Despite negative sales trends during the fourth quarter, we saw strong bottom line growth with product margin improvements and expense discipline. Consolidated product margin improved 90 basis points year-over-year despite the global supply chain instability driven by tariffs. Product margin growth was possible during the year through shifting the geography of supply, working with our vendors on pricing and where necessary, adjusting retail prices. Gross margin improved by 170 basis points from 2024 with the product margin noted above being the main driver. Beyond product margin, we continue to try to leverage occupancy costs through comparable sales growth and closed 17 underperforming stores. We had outsized growth in our general and administrative expenses in 2025 primarily driven by $3.6 million in wage and hour litigation settlements in California and increased incentive compensation of $4.4 million due to North America achievement of target results. These items resulted in a 10 basis point increase in Selling General and Administrative expenses to 34.0% of sales. Overall earnings per share increased to $0.78 from a loss of $0.09 per share in 2024. Item 1. BUSINESS Zumiez Inc., including its wholly-owned subsidiaries, is a leading specialty retailer of apparel, footwear, accessories and hardgoods for young men and women who want to express their individuality through the fashion, music, art and culture of action sports, streetwear and other unique lifestyles. Zumiez Inc. was formed in August 1978 and is a Washington State corporation. We operate under the names Zumiez, Blue Tomato and Fast Times. We operate ecommerce websites at zumiez.com, zumiez.ca, blue-tomato.com and fasttimes.com.au. At January 31, 2026, we operated 719 stores; 561 in the United States (\u201cU.S.\u201d), 45 in Canada, 85 in Europe and 28 in Australia. We acquired Blue Tomato in fiscal 2012. Blue Tomato is one of the leading European specialty retailers of apparel, footwear, accessories and hardgoods. We acquired Fast Times Skateboarding (\u201cFast Times\u201d) in fiscal 2016. Fast Times is an Australian leading specialty retailer of hardgoods, accessories, apparel and footwear. We employ a sales strategy that integrates our stores with our ecommerce platform to serve our customers. There is significant interaction between our store sales and our ecommerce sales channels, and we believe that they are utilized in tandem by our customers. Our selling platforms bring the look and feel of an independent specialty shop through a distinctive store environment and high-energy sales personnel. We seek to staff our stores with store associates who are knowledgeable users of our products, which we believe provides our customers with enhanced customer service and supplements our ability to identify and react quickly to emerging trends and fashions. We design our selling platforms to appeal to teenagers and young adults and to serve as a destination for our customers. We believe that our distinctive selling platforms and compelling economics will provide continued opportunities for growth in both new and existing markets. 3 We believe that our customers desire au Item 1A. Risk Factors Investing in our securities involves a high degree of risk. The following risk factors, issues and uncertainties should be considered in evaluating our future prospects. In particular, keep these risk factors in mind when you read \u201cforward-looking\u201d statements elsewhere in this report. Forward-looking statements r", "title": "ZUMZ - Zumiez Inc", "url": "/company/ZUMZ/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001314052; latest 10-K filed 2025-11-25.", "text": "AVXL - ANAVEX LIFE SCIENCES CORP. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001314052; latest 10-K filed 2025-11-25. AVXL ANAVEX LIFE SCIENCES CORP. 0001314052 2836 Biological Products, (No Diagnostic Substances) ITEM 7 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION The following discussion should be read in conjunction with our consolidated financial statements and related notes thereto included elsewhere in this report. Past operating results are not necessarily indicative of results that may occur in future periods. This discussion contains forward-looking statements, which involve a number of risks and uncertainties. See \u201cForward Looking Statements\u201d included elsewhere in this report. For discussion and analysis pertaining to 2024 overview and highlights as compared to 2023, please refer to the Company\u2019s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (\u201cSEC\u201d) on December 23, 2024. Financial Operations Overview We are in the pre-revenue stage and have not earned any revenues since our inception in 2004. We do not anticipate earning any revenues until we can establish an alliance with other companies to develop, co-develop, license, acquire or market our products. 66 Our operating costs consist primarily of research and development activities including the cost of clinical studies and clinical supplies as well as clinical drug manufacturing and formulation. Research and development expenses also include personnel related costs such as salaries and wages, and third-party contract research organization (CRO) expenses in support of these clinical studies. Personnel costs include salaries and wages, benefits, and non-cash share-based compensation charges associated with options and other equity awards granted to employees and consultants who are directly engaged in support of our research and development activities. General and administrative expenses consist of personnel costs, expenses for outside professional services and expenses associated with operating as a public company. Personnel costs consist of salaries and wages, benefits and share-based compensation for general and administrative personnel. Outside professional services and public company expenses include expenses related to compliance and reporting, additional insurance expenses, audit and SOX compliance, expenses associated with patent research, applications and filings, investor and stockholder relations activities and other administrative expenses and professional services. Comparison of fiscal year 2025 to fiscal years 2024 Operating Expenses Our operating expenses for fiscal 2025 decreased to $51.4 million, from $52.9 million in fiscal 2024. The decrease is attributable to research and development expenses, as more fully described below. The following table summarizes our research and development expenses for the years ended September 30, 2025, 2024, and 2023 (in thousands): [[GREPCENT_TABLE]] [[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Costs of external service providers\",\"\",\"$\",\"16,348\",\"\",\"\",\"$\",\"21,974\",\"\",\"\",\"$\",\"22,542\"],[\"Personnel costs\",\"\",\"\",\"13,466\",\"\",\"\",\"\",\"13,676\",\"\",\"\",\"\",\"10,264\"],[\"Share-based compensation\",\"\",\"\",\"7,013\",\"\",\"\",\"\",\"5,813\",\"\",\"\",\"\",\"10,812\"],[\"Other common costs\",\"\",\"\",\"765\",\"\",\"\",\"\",\"375\",\"\",\"\",\"\",\"99\"],[\"Total research and development costs\",\"\",\"$\",\"37,592\",\"\",\"\",\"$\",\"41,838\",\"\",\"\",\"$\",\"43,717\"]] [[/GREPCENT_TABLE]] External service provider cost by product candidate was as follows (in thousands): [[GREPCENT_TABLE]] [[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"ANAVEX\\u00ae2-73\",\"\",\"$\",\"10,292\",\"\",\"\",\"$\",\"17,572\",\"\",\"\",\"$\",\"19,540\"],[\"ANAVEX\\u00ae3-71\",\"\",\"\",\"5.408\",\"\",\"\",\"\",\"3,748\",\"\",\"\",\"\",\"2,624\"],[\"All other product candidates\",\"\",\"\",\"297\",\"\",\"\",\"\",\"150\",\"\",\"\",\"\",\"6\"],[\"Other external service provider costs\",\"\",\"\",\"351\",\"\",\"\",\"\",\"504\",\"\",\"\",\"\",\"372\"],[\"Total external service provider costs\",\"\",\"$\",\"16,348\",\"\",\"\",\"$\",\"21,974\",\"\",\"\",\"$\",\"22,542\"]] [[/GREPCENT_TABLE]] During fiscal 2025, we experienced an overall decrease in total research and development expenses over the comparable fiscal 2024 financial year. The main factors driving this decrease were as follows: ITEM 1. BUSINESS Overview and Strategy Anavex Life Sciences Corp. is a clinical stage biopharmaceutical company engaged in the development of differentiated therapeutics by applying precision medicine to central nervous system (\u201cCNS\u201d) diseases with high unmet need. We analyze genomic data from clinical trials to identify biomarkers, which we use in the analysis of our clinical trials. The Company\u2019s focus is on developing innovative treatments for Alzheimer\u2019s disease, Parkinson\u2019s disease, schizophrenia, neurodevelopmental, neurodegenerative, and rare diseases, including Rett syndrome, and other central nervous system (CNS) disorders. Our research and development pipeline includes ANAVEX\u00ae2-73 currently in three different clinical trial indications, and ANAVEX\u00ae3-71 currently in one clinical trial and several other compounds in different stages of clinical and pre-clinical development. The following table summarizes key information about our programs: * = Orphan Drug Designation by the FDA Anavex has a portfolio of compounds varying in sigma-1 receptor (SIGMAR1) binding activities. Sigma receptors may be targets for therapeutics to combat many human diseases, both of neurodegenerative nature, including Alzheimer\u2019s disease, as well as of neurodevelopmental nature, like Rett syndrome. When bound by the appropriate ligands, sigma receptors influence the functioning of multiple biochemical signals that are involved in the pathogenesis (origin or development) of disease. Multiple viruses including SARS-CoV-2 (COVID-19) induce cellular stress by intrinsic mitochondrial apoptosis and other related cellular processes, in order to ensure survival and replication. Hence, it is possible that SIGMAR1 could also play a role in modulating the cellular response to viral infection and ameliorate pathogenesis. The SIGMAR1 gene encodes the SIGMAR1 protein, which is an intracellular chaperone protein with important roles in cellular communication. SIGMAR1 is also involved in trans ITEM 1A. RISK FACTORS Risk Factor Summary The following is a summary of the risks and uncertainties that could cause our business, financial condition or operating results to be harmed. We encourage you to carefully review the full risk factors contained in this report in their entirety ", "title": "AVXL - ANAVEX LIFE SCIENCES CORP.", "url": "/company/AVXL/" }, { "kind": "company", "summary": "SIC 8741 Services-Management Services; CIK 0000886206; latest 10-K filed 2025-11-12.", "text": "FC - FRANKLIN COVEY CO SIC 8741 Services-Management Services; CIK 0000886206; latest 10-K filed 2025-11-12. FC FRANKLIN COVEY CO 0000886206 8741 Services-Management Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (Management\u2019s Discussion and Analysis) is intended to provide a summary of the principal factors affecting the results of operations, liquidity and capital resources, and the critical accounting estimates of Franklin Covey Co. (also referred to as we, us, our, the Company, FranklinCovey, and Franklin Covey) and subsidiaries. This discussion and analysis should be read together with the accompanying consolidated financial statements and related notes contained in Item 8 and the Risk Factors discussed in Item 1A of this Annual Report on Form 10-K. Forward-looking statements in this discussion are qualified by 27 Table of Contents the cautionary statement under the heading \u201cSafe Harbor Statement Under the Private Securities Litigation Reform Act Of 1995\u201d contained later in Item 7 of this Annual Report on Form 10-K. Non-GAAP Measures This Management\u2019s Discussion and Analysis includes the concepts of adjusted earnings before interest, income taxes, depreciation, and amortization (Adjusted EBITDA) and \u201cconstant currency,\u201d which are non-GAAP measures. We define Adjusted EBITDA as net income excluding the impact of interest, income taxes, intangible asset amortization, depreciation, stock-based compensation expense, and certain other items such as restructuring charges and building exit costs. Constant currency is a non-GAAP financial measure that removes the impact of fluctuations in foreign currency exchange rates and is calculated by translating the current period\u2019s financial results at the same average exchange rates in effect during the prior year and then comparing this amount to the prior year. We reference these non-GAAP financial measures in our decision making because they provide supplemental information that facilitates consistent internal comparisons to the historical operating performance of prior periods, and we believe it provides investors with greater transparency to evaluate operational activities and financial results. For a reconciliation of our segment Adjusted EBITDA to income before income taxes, a related GAAP measure, refer to Note 17 Segment Information to our consolidated financial statements as presented in Item 8 of this Annual Report on Form 10-K. EXECUTIVE SUMMARY General Overview Franklin Covey Co. is a global company focused on individual and organizational performance improvement. Our mission is to \u201cenable greatness in people and organizations everywhere,\u201d and our worldwide resources are organized to help individuals and organizations achieve sustained superior performance at scale through changes in human behavior. We believe that our content and services create the connection between capabilities and results. In the training and consulting marketplace, we believe there are three important characteristics that distinguish us from our competitors. 1.World Class Content \u2013 Our content is based on timeless principles of human effectiveness and is designed to help people change both their mindset and behavior. When our content is applied consistently in an organization, we believe the culture of that organization will change and improve to enable the organization to get desired results and achieve its own great purposes. 2.Breadth and Scalability of Delivery Options \u2013 We have a wide range of content delivery options, including: the All Access Pass and Leader in Me membership subscriptions, coaching and consulting, organization-wide transformational processes, intellectual property licenses, digital online learning, on-site training, training led through certified facilitators, and blended learning. We believe our expert delivery consultants combined with investments in digital delivery modalities have enabled us to deliver our content to clients in a high-quality learning environment whether those cli ITEM 1. BUSINESS General Information Franklin Covey is a global company focused on organizational performance improvement. Our mission is to \u201cenable greatness in people and organizations everywhere,\u201d and our global structure is designed to help individuals and organizations achieve results that require collective behavior change. From the foundational work of Dr. Stephen R. Covey in leadership and personal effectiveness, and Hyrum W. Smith in productivity and time management, we have developed deep expertise that extends to helping organizations and individuals achieve desired results through lasting behavioral change. We believe that our clients are able to utilize our content and offerings to create cultures which include high-performing, collaborative individuals, led by effective, trust-building leaders who execute with excellence and deliver measurably improved results for all of their key stakeholders. The Company was incorporated in 1983 under the laws of the state of Utah, and we merged with the Covey Leadership Center in 1997 to form Franklin Covey Co. Our consolidated net revenue for the fiscal year ended August 31, 2025 totaled $267.1 million and our shares of common stock are traded on the New York Stock Exchange (NYSE) under the ticker symbol \u201cFC.\u201d Our fiscal year ends on August 31 of each year. Unless otherwise noted, references to fiscal years apply to the 12 months ended August 31 of the specified year. The Company\u2019s principal executive offices are located at 13907 South Minuteman Dr., Suite 500, Draper, Utah 84020, and our telephone number is (801) 817-1776. Our website, where you can find information about us, is www.franklincovey.com. \u200e 4 Table of Contents Franklin Covey Services and Offerings Our mission is to \u201cenable greatness in people and organizations everywhere.\u201d To accomplish this mission, we partner with senior executives and talent leaders to achieve breakthrough performance by engaging leaders and teams throughout an organiza ITEM 1A. RISK FACTORS Our industry and business environment, domestic and international economic conditions, governmental actions, geopolitical circumstances, international relationships, cybersecurity threats, and other specific risks may affect our future business decisions and financial performance. The matters discussed below may cause our fut", "title": "FC - FRANKLIN COVEY CO", "url": "/company/FC/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001431567; latest 10-K filed 2026-03-25.", "text": "OVLY - Oak Valley Bancorp SIC 6022 State Commercial Banks; CIK 0001431567; latest 10-K filed 2026-03-25. OVLY Oak Valley Bancorp 0001431567 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS The following discussion of financial condition as of December 31, 2025 and 2024 and results of operations for each of the years in the two-year period ended December 31, 2025 should be read in conjunction with our consolidated financial statements and related notes thereto, included in this report. Average balances, including balances used in calculating certain financial ratios, are generally comprised of average daily balances. This discussion contains forward-looking statements that reflect our plans, estimates and beliefs and involve numerous risks and uncertainties. Actual results may differ materially from those contained in any forward-looking statements. You should carefully read \u201cSpecial Note Regarding Forward-Looking Statements\u201d included in this report. Introduction Our continued focus on responsible community banking fundamentals and our strong customer relationships have enabled us to increase our market presence through growth in our loan portfolio, which is primarily funded by steady core deposit growth. As of December 31, 2025, we had approximately $2.02 billion in total assets, $1.14 billion in total gross loans, and $1.79 billion in total deposits. We believe the following were key indicators of our performance during 2025: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Total assets increased to $2.02 billion at the end of 2025, an increase of 6.4%, from $1.90 billion at the end of 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Total deposits increased to $1.79 billion at the end of 2025, an increase of 5.7%, from $1.70 billion at the end of 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Total net loans increased to $1.13 billion at the end of 2025, an increase of 3.3%, from $1.09 billion at the end of 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Net interest income increased to $74.6 million in 2025, an increase of $4.6 million or 6.5%, compared to $70.0 million in 2024, mainly as a result of earning asset growth.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"A provision for credit losses of $805,000 and a reversal of credit loss provisions totaling $1,620,000 were recorded in 2025 and 2024, respectively. The provision in 2025 was mainly due to loan growth and one collateral dependent loan that had a specific reserve, and the reversal in 2024 was mainly due to loan recoveries of $2.2 million.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"The ratio of total non-performing loans to total loans was 0.40% and 0.00% as of December 31, 2025 and 2024, respectively.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Total noninterest income increased to $7.11 million in 2025, an increase of 8.5%, from $6.56 million in 2024, which is mainly due to positive changes in the fair value of equity securities and death benefit gains from the redemption of bank-owned life insurance policies.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Total noninterest expense increased from $46.0 million in 2024 to $50.3 million in 2025, primarily due to staffing increases and general operating costs necessary to support the growing loan and deposit portfolios.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Provision for income taxes decreased by $0.5 million to $6.7 million in 2025, due to lower pre-tax income.\"]] [[/GREPCENT_TABLE]] These items, as well as other factors, contributed to the decrease in net income for 2025 to $23.9 million from $24.9 million in 2024, which translates into $2.88 per diluted share in 2025 as compared to $3.02 per diluted share in 2024. Over the past several years, our network of branches and loan production offices have expanded geographically. We currently maintain nineteen full-service offices. We intend to continue our growth strategy in future years through the opening of additional branches and loan production ITEM 1. BUSINESS Overview of the Business Oak Valley Bancorp. Oak Valley Bancorp (the \u201cCompany\u201d) serves as the parent bank holding company of Oak Valley Community Bank (the \u201cBank\u201d), a California state-chartered bank. The Bank and the Company may be generally referred to as \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d). The Company was incorporated under the laws of the State of California on May 31, 1990, and began operations in Oakdale, California on May 28, 1991. The Company\u2019s only assets are the outstanding capital stock of the Bank, which the Company wholly owns, cash and income tax benefits receivable classified as other assets. Oak Valley Community Bank. The Bank commenced operations in May 1991. The Bank is an insured bank under the Federal Deposit Insurance Act and is a member of the Federal Reserve. The Bank is subject to regulation, supervision and regular examination by the California Department of Financial Protection and Innovation (\u201cDFPI\u201d), the Federal Deposit Insurance Commission (\u201cFDIC\u201d) and the Federal Reserve Board (\u201cFRB\u201d). Since its formation, the Bank has provided basic banking services to individuals and business enterprises in Oakdale, California and the surrounding areas. The focus of the Bank is to offer a range of commercial banking services designed for both individuals and small to medium-sized businesses in the two main areas of service of the Bank: the Central Valley and the Eastern Sierras. The three branches in the Eastern Sierras operate as Eastern Sierra Community Bank, a division of the Bank. The Bank offers a complement of business checking and savings accounts for its business customers. The Bank also offers commercial and real estate loans, as well as lines of credit. Real estate loans are generally of a short-term nature for both residential and commercial lending purposes. Longer-term real estate loans are generally made with adjustable interest rates and contain customary provisions for acceleration. Traditional residential mortgages are a ITEM 1A. RISK FACTORS An investment in our securities is subject to certain risks. These risk factors and the risks discussed in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures About Market Risk should be considered by prospective and current investors in our securities when ", "title": "OVLY - Oak Valley Bancorp", "url": "/company/OVLY/" }, { "kind": "company", "summary": "SIC 4941 Water Supply; CIK 0000727273; latest 10-K filed 2026-03-31.", "text": "CDZI - CADIZ INC SIC 4941 Water Supply; CIK 0000727273; latest 10-K filed 2026-03-31. CDZI CADIZ INC 0000727273 4941 Water Supply ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations In connection with the \u201csafe harbor\u201d provisions of the Private Securities Litigation Reform Act of 1995, the following discussion contains trend analysis and other forward-looking statements. Forward-looking statements can be identified by the use of words such as \u201cintends\u201d, \u201canticipates\u201d, \u201cbelieves\u201d, \u201cestimates\u201d, \u201cprojects\u201d, \u201cforecasts\u201d, \u201cexpects\u201d, \u201cplans\u201d and \u201cproposes\u201d. Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from these forward-looking statements. These include, among others, our ability to maximize value from our portfolio of assets and our ability to obtain new financings as needed to meet our ongoing working capital needs. See additional discussion under the heading \u201cRisk Factors\u201d above. Our forward-looking statements are made only as of the date hereof. We assume no duty to update these forward-looking statements to reflect new, changed or unanticipated events or circumstances, other than as may be required by law. We are a water solutions provider with a unique combination of land, water, pipeline and water filtration assets located in Southern California between major water systems serving population centers in the Southwestern United States. Our portfolio of assets includes 2.5 million acre-feet of water supply, 1 million acre-feet of groundwater storage capacity, 220 miles of existing, underground pipeline, 43 miles of right-of-way entitlements for pipeline construction, and versatile, scalable and cost-effective water filtration technology that removes contaminants and constituents of concern from groundwater. Our customers are public and private water systems, government agencies and commercial businesses. We manage our landholdings, pipeline and water filtration technology assets to offer a suite of integrated products and services to public water systems, government agencies and commercial customers that include reliable water supply, groundwater storage, water conveyance and custom-designed water filtration technology systems. Water Supply \u2013 In accordance with local, state, and federal laws, we own vested water rights authorizing the withdrawal of an average of 50,000 acre-feet per year, or 2.5 million acre-feet of groundwater over 50 years, from the aquifer system underlying our property in the Cadiz Valley (\u201cCadiz Ranch\u201d) for beneficial uses, including agricultural development on our property and export to serve communities across the region. Because the groundwater in the aquifer system is eventually lost to evaporation, surplus water that is captured and withdrawn before it evaporates is a new water supply (i.e. \u201cconserved\u201d water). Water Storage \u2013 The aquifer system at Cadiz Ranch is also large enough for use as a water \u201cbanking\u201d facility, capable of storing water \u201cin-lieu\u201d for supply customers and up to 1 million acre-feet of imported surplus water for return during drought periods. For comparison, Metropolitan Water District of Southern California stores approximately 1.2 million acre-feet of water in Lake Mead, the largest surface reservoir in the United States. 25 Cadiz Inc. Water Conveyance \u2013 We own an existing 220-mile 30-inch steel pipeline (\u201cNorthern Pipeline\u201d), that intersects several water storage and conveyance facilities in Southern California, including the California Aqueduct, the Los Angeles Aqueduct, and the Mojave River Pipeline. The maximum potential capacity of the Northern Pipeline for water conveyance is anticipated to be 25,000 AFY with expected throughput to be between 20,000 \u2013 23,000 AFY. We also own a 99-year lease with the Arizona & California Railroad Company that will allow us to construct a 43-mile water conveyance pipeline (\u201cSouthern Pipeline\u201d) within the existing, active railroad right-of-way th ITEM 1. Business Business Overview We are a water solutions provider with a unique combination of land, water, pipeline and water filtration assets located in Southern California between major water systems serving population centers in the Southwestern United States. Our portfolio of assets includes 2.5 million acre-feet of permitted water supply, 1 million acre-feet of groundwater storage capacity, 220 miles of existing, underground pipeline, 43 miles of right-of-way entitlements for pipeline construction, and versatile, scalable and cost-effective water filtration technology that removes contaminants and constituents of concern from groundwater. Our customers are public and private water systems, government agencies and commercial businesses. We own approximately 46,000 acres of land with high-quality, naturally recharging groundwater resources in Southern California\u2019s Mojave Desert (\u201cCadiz Property\u201d). Our land holdings with vested water rights were assembled by our founders in the early 1980s, relying on NASA satellite imagery that identified a desert aquifer system beneath a vast 2,000 square mile Southern California watershed. The aquifer system underlying the watershed is estimated to hold 30 - 50 million acre-feet of groundwater in storage, comparable in size to the capacity of the largest reservoir in the United States - Lake Mead. Since the late 1980s, we have farmed at our contiguous property at the base of the watershed (\u201cCadiz Ranch\u201d) relying on groundwater for irrigation. In 2008, we entered into a 99-year lease with the Arizona & California Railroad Company (\u201cARZC\u201d) to co-locate and construct a water conveyance pipeline system (\u201cSouthern Pipeline\u201d) within ARZC\u2019s existing, active railroad right-of-way (\u201cROW\u201d) that extends 43-miles from the Cadiz Ranch to the Colorado River Aqueduct (\u201cCRA\u201d), one of Southern California\u2019s primary sources of water supply, allowing water supply to be moved between the Cadiz Ranch and the CRA for off property beneficial ITEM 1A. Risk Factors Our business is subject to a number of risks, including those described below. Our Development Activities Have Not Generated Significant Revenues At present, our asset development activities include water resource (supply, storage and conveyance) and land and agricultural development at our San Bernardino County properties. We have not received significant r", "title": "CDZI - CADIZ INC", "url": "/company/CDZI/" }, { "kind": "company", "summary": "SIC 3944 Games, Toys & Children's Vehicles (No Dolls & Bicycles); CIK 0001704711; latest 10-K filed 2026-03-12.", "text": "FNKO - Funko, Inc. SIC 3944 Games, Toys & Children's Vehicles (No Dolls & Bicycles); CIK 0001704711; latest 10-K filed 2026-03-12. FNKO Funko, Inc. 0001704711 3944 Games, Toys & Children's Vehicles (No Dolls & Bicycles) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various important factors, including those set forth under \u201cRisk Factors\u201d included in this Annual Report on Form 10-K. Our results of operations for the year ended December 31, 2023, including a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, can be found under \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our Annual Report on Form 10-K for the year ended December 31, 2024. Overview Funko is a leading pop culture consumer products company. Our business is built on the principle that almost everyone is a fan of something and the evolution of pop culture is leading to increasing opportunities for fan loyalty. We create whimsical, fun and unique products that enable fans to express their affinity for their favorite \u201csomething\u201d\u2014whether it is a movie, TV show, video game, musician or sports team. We infuse our distinct designs and aesthetic sensibility into one of the industry\u2019s largest portfolios of licensed content over a wide variety of product categories, including figures, plush, accessories, apparel, homewares, vinyl records and limited-edition posters. We sell our products in numerous countries across North America, Europe, Latin America, Asia and Africa, with approximately 40% of our net sales generated outside of the United States. We also source, procure and assemble inventory, primarily out of Vietnam, China, Cambodia and Mexico. As such, we are exposed to and impacted by global macroeconomic factors. Current macroeconomic factors remain very dynamic, such as greater political uncertainty, unrest or instability in the United States, Central and Eastern Europe (including the ongoing Russia-Ukraine War), the Middle East (including the Israel\u2013Hamas War), and certain Southeast Asia regions as well as financial instability, new or increasing tariffs and general uncertainty over U.S. trade and tariff policies, rising interest rates and heightened inflation that could reduce our net sales or have impacts to our gross margin (as defined below), net income and cash flows. Certain tariffs enacted in 2025 have been subject to successful legal challenge, but it remains unclear whether and to whom those tariffs may be refunded, and the federal government may attempt to impose new or similar tariffs under alternative statutory mechanisms. This has led and may lead to further continued uncertainty and volatility in U.S. and global financial and economic conditions and commodity markets, declining consumer confidence, significant inflation and diminished expectations for the economy, and ultimately reduced demand for our products. In addition, we have been and continue to be operating in a challenging retail environment where retailers have slowed their restocking, prioritized lower inventory levels and, in some cases, have negotiated additional discounting for sell-through or canceled their orders. Moreover, tariffs on imports have adversely impacted and may in the future adversely impact our costs and we have raised prices for certain of our products. This has had an impact across our brands and geographies of reducing our net sales, gross margin and net income. Additionally, tariffs could impact consumer discretionary spending in future periods. We have strategically adjusted our inventory buy-in to focus on non-exclusive core products in order to help ITEM 1. BUSINESS Overview Funko is a leading pop culture consumer products company. Our business is built on the belief that everyone is a fan of something. We create whimsical, fun and unique products that enable fans to express who they are, which allows them to find their community and generate a sense of belonging and joy. We achieve this through products people display, wear or carry of their favorite \u201csomething\u201d\u2014whether it is a movie, TV show, video game, musician or sports team. We infuse our distinct designs and aesthetic sensibility into our extensive portfolio of licensed content over a wide variety of product categories, including figures, bags, wallets, apparel, plush, accessories, homewares, vinyl records and limited-edition posters, which we make available at highly accessible price points under our Funko, Loungefly and Mondo brands. We are building out our sports, music, video game and content creator fandoms and diversifying our offering with personalized products, such as Pop! Yourself, micro collectibles and blind boxes containing mystery figures. We believe we sit at the nexus of pop culture and the growing \"kidult\" segment of the market\u2014content providers value us for our ability to connect fans to their properties with our creative products and broad distribution; retailers value us for our broad portfolio of licensed pop culture products that we can curate to resonate with their consumers; and consumers value us for our distinct, stylized products and the content they represent. We believe our innovative product design and market positioning have disrupted the licensed product markets and helped to define today\u2019s pop culture products category. The Pop Culture Industry Pop culture encompasses virtually everything that someone can be a fan of\u2014movies, TV shows, streaming, anime, video games, music, sports, books and more. Pop culture fandom has evolved from niche communities around specific properties to having a broad presence in modern life. ITEM 1A. RISK FACTORS Our business faces significant risks and uncertainties. Certain important factors may have a material adverse effect on our business prospects, financial condition and results of operations, and they should be carefully considered. Accordingly, in evaluating our bus", "title": "FNKO - Funko, Inc.", "url": "/company/FNKO/" }, { "kind": "company", "summary": "SIC 2860 Industrial Organic Chemicals; CIK 0001200375; latest 10-K filed 2026-03-11.", "text": "CDXS - CODEXIS, INC. SIC 2860 Industrial Organic Chemicals; CIK 0001200375; latest 10-K filed 2026-03-11. CDXS CODEXIS, INC. 0001200375 2860 Industrial Organic Chemicals ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following management's discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the related notes thereto included elsewhere in this Annual Report on Form 10-K. This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d). These statements include, but are not limited to, expectations regarding our strategy, business plans, financial performance and developments relating to our industry. These statements are often identified by the use of words such as \u201cmay,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201cbelieve,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cestimate,\u201d or \u201ccontinue,\u201d and similar expressions or variations. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in Part I, Item 1A: \"Risk Factors,\" of this Annual Report on Form 10-K and elsewhere in this report. The forward-looking statements in this Annual Report on Form 10-K represent our views as of the date of this Annual Report on Form 10-K. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Annual Report on Form 10-K. Business Overview We are a leading provider of technology solutions to improve therapeutics manufacturing. We focus on impacting the manufacturing process by using our proprietary CodeEvolver directed evolution technology platform to discover, develop, enhance, and commercialize novel, high-performance enzymes and other classes of proteins. Enzymes are naturally occurring biological molecules critical to almost all biochemical reactions. They can be precisely engineered and optimized for specific functions, and to have particular characteristics, such as an ability to survive environments in which natural enzymes cannot, or to perform (bio)chemical transformations that are different than those for which they naturally evolved. We employ our technology and expertise to enhance the properties and performance of enzymes to drive pivotal improvements in manufacturing of complex therapeutics across two key areas: ECO Synthesis manufacturing platform Our ECO Synthesis\u00ae manufacturing platform is comprised of enzymatic tools and processes that are designed to enable large-scale manufacture of RNA interference (\u201cRNAi\u201d) therapeutics. We use the CodeEvolver platform technology to develop enzymes for the synthesis of RNAi therapeutics in production processes that deliver improvements, including purity, yield, and manufacturing efficiency. In November 2024, we presented data at the TIDES Europe conference demonstrating the successful end-to-end enzymatic synthesis of an entire commercially approved small interfering ribonucleic acid (\u201csiRNA\u201d) therapeutic asset with the ECO Synthesis manufacturing platform. In addition to using full enzymatic sequential synthesis, adding one nucleotide at a time to synthesize the two strands from beginning to end, we demonstrated synthesis of the same siRNA asset using three other routes utilizing enzymatic ligation with our double-stranded RNA (\u201cdsRNA\u201d) ligase, which can stitch together fragments of chemically and/or enzymat ITEM 1. BUSINESS COMPANY OVERVIEW We are a leading provider of technology solutions to improve therapeutics manufacturing. We focus on impacting the manufacturing process by using our proprietary CodeEvolver\u00ae directed evolution technology platform to discover, develop, enhance, and commercialize novel, high-performance enzymes and other classes of proteins. Enzymes are naturally occurring biological molecules critical to almost all biochemical reactions. They can be precisely engineered and optimized for specific functions, and to have particular characteristics, such as an ability to survive environments in which natural enzymes cannot, or to perform (bio)chemical transformations that are different than those for which they naturally evolved. We employ our technology and expertise to enhance the properties and performance of enzymes to drive pivotal improvements in manufacturing of complex therapeutics across two key areas: our ECO synthesis manufacturing platform and our small molecule pharma biocatalysis business. ECO Synthesis manufacturing platform Our ECO Synthesis\u00ae manufacturing platform is comprised of enzymatic tools and processes that are designed to enable large-scale manufacture of RNA interference (\u201cRNAi\u201d) therapeutics. We use the CodeEvolver platform technology to develop enzymes for the synthesis of RNAi therapeutics in production processes that deliver improvements, including purity, yield, and manufacturing efficiency. In November 2024, we presented data at the TIDES Europe conference demonstrating the successful end-to-end enzymatic synthesis of an entire commercially approved small interfering ribonucleic acid (\u201csiRNA\u201d) therapeutic asset with the ECO Synthesis manufacturing platform. In addition to using full enzymatic sequential synthesis, adding one nucleotide at a time to synthesize the two strands from beginning to end, we demonstrated synthesis of the same siRNA asset using three other routes utilizing enzymatic ligation with our double-s ITEM 1A. RISK FACTORS You should carefully consider the risks described below together with the other information set forth in this Annual Report on Form 10-K, which could materially affect our business, financial condition or future results. The risks described below are not the only risks facing our company. Risks and uncertainties no", "title": "CDXS - CODEXIS, INC.", "url": "/company/CDXS/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001833835; latest 10-K filed 2026-03-03.", "text": "PSFE - Paysafe Ltd SIC 7389 Services-Business Services, NEC; CIK 0001833835; latest 10-K filed 2026-03-03. PSFE Paysafe Ltd 0001833835 7389 Services-Business Services, NEC Results of Operations Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 The following table sets forth our results of operations for the years ended December 31, 2025 and 2024: 55 [[GREPCENT_TABLE]] [[\"\",\"\",\"Year ended December 31,\",\"\",\"\",\"Variance\"],[\"(U.S. dollars in thousands)\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"$\",\"\",\"\",\"%\"],[\"Revenue\",\"\",\"\",\"1,701,388\",\"\",\"\",\"\",\"1,704,835\",\"\",\"\",\"\",\"(3,447\",\")\",\"\",\"\",\"(0.2\",\")%\"],[\"Cost of services (excluding depreciation and amortization)\",\"\",\"\",\"741,197\",\"\",\"\",\"\",\"715,762\",\"\",\"\",\"\",\"25,435\",\"\",\"\",\"\",\"3.6\",\"%\"],[\"Selling, general and administrative\",\"\",\"\",\"563,647\",\"\",\"\",\"\",\"575,553\",\"\",\"\",\"\",\"(11,906\",\")\",\"\",\"\",\"(2.1\",\")%\"],[\"Depreciation and amortization\",\"\",\"\",\"274,107\",\"\",\"\",\"\",\"273,364\",\"\",\"\",\"\",\"743\",\"\",\"\",\"\",\"0.3\",\"%\"],[\"Impairment expense on goodwill and intangible assets\",\"\",\"\",\"1,423\",\"\",\"\",\"\",\"823\",\"\",\"\",\"\",\"600\",\"\",\"\",\"\",\"72.9\",\"%\"],[\"Restructuring and other costs\",\"\",\"\",\"48,366\",\"\",\"\",\"\",\"5,178\",\"\",\"\",\"\",\"43,188\",\"\",\"\",\"\",\"834.1\",\"%\"],[\"Loss on disposal of subsidiaries and other assets, net\",\"\",\"\",\"732\",\"\",\"\",\"\",\"801\",\"\",\"\",\"\",\"(69\",\")\",\"\",\"\",\"(8.6\",\")%\"],[\"Operating income\",\"\",\"\",\"71,916\",\"\",\"\",\"\",\"133,354\",\"\",\"\",\"\",\"(61,438\",\")\",\"\",\"\",\"(46.1\",\")%\"],[\"Other (expense) / income, net\",\"\",\"\",\"(7,563\",\")\",\"\",\"\",\"21,475\",\"\",\"\",\"\",\"(29,038\",\")\",\"\",\"\",\"(135.2\",\")%\"],[\"Interest expense, net\",\"\",\"\",\"(136,414\",\")\",\"\",\"\",\"(140,805\",\")\",\"\",\"\",\"4,391\",\"\",\"\",\"\",\"(3.1\",\")%\"],[\"(Loss)/ income before taxes\",\"\",\"\",\"(72,061\",\")\",\"\",\"\",\"14,024\",\"\",\"\",\"\",\"(86,085\",\")\",\"\",\"\",\"(613.8\",\")%\"],[\"Income tax expense / (benefit)\",\"\",\"\",\"110,446\",\"\",\"\",\"\",\"(8,136\",\")\",\"\",\"\",\"(118,582\",\")\",\"\",\"\",\"1457.5\",\"%\"],[\"Net (loss) / income\",\"\",\"\",\"(182,507\",\")\",\"\",\"\",\"22,160\",\"\",\"\",\"\",\"(204,667\",\")\",\"\",\"\",\"923.6\",\"%\"]] [[/GREPCENT_TABLE]] Revenue Revenue decreased by $3,447, or 0.2%, to $1,701,388 for the year ended December 31, 2025 from $1,704,835 for the year ended December 31, 2024. This was driven by a decrease of $52,955, or 5.5%, in our Merchant Solutions segment due to the sale of the direct marketing payment processing business line which contributed to a decline in revenue of $99,166. This decline was partially offset by an increase in revenue due to higher volumes and growth in e-commerce driven by initiatives to expand our sales capabilities and a licensing agreement executed during the year. This was further offset by an increase of $49,222 or 6.4%, in our Digital Wallets segment primarily due to a favorable impact of $33,510 on foreign exchange rates and growth across all verticals, offset by a decrease in interest revenue earned. For further detail on our segments, see \u201cAnalysis by Segments\u201d below. Cost of services (excluding depreciation and amortization) Cost of services (excluding depreciation and amortization) increased $25,435, or 3.6%, to $741,197 for the year ended December 31, 2025 from $715,762 for the year ended December 31, 2024. The increase is largely attributable to an increase of $25,513, or 11.9% in our Digital Wallets segment mainly due to growth in lower margin verticals in addition to the unfavorable impact of $12,658 on foreign exchange rates. Cost of services (excluding depreciation and amortization) remained relatively flat in our Merchant Solutions segment as the decrease related to the sale of the direct marketing payment processing business were largely offset by increased costs associated with growth in lower margin verticals. Selling, general and administrative Selling, general and administrative expenses decreased $11,906, or 2.1%, to $563,647 for the year ended December 31, 2025 from $575,553 for the year ended December 31, 2024. The decrease is primarily driven by a decrease in legal and professional fees of $11,204 due to a decline in consulting fees following the finalization of the portfolio optimization project in the prior year, a decrease in personnel costs of $6,910 due to a decline in performance based compensation, a decrease in share b", "title": "PSFE - Paysafe Ltd", "url": "/company/PSFE/" }, { "kind": "company", "summary": "SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0001463972; latest 10-K filed 2026-03-12.", "text": "VUZI - Vuzix Corp SIC 3663 Radio & Tv Broadcasting & Communications Equipment; CIK 0001463972; latest 10-K filed 2026-03-12. VUZI Vuzix Corp 0001463972 3663 Radio & Tv Broadcasting & Communications Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of financial condition and results of operations should be read in conjunction with our financial statements and related notes appearing elsewhere in this annual report. In addition to historical information, the following discussion and analysis includes forward looking statements that involve risks, uncertainties and assumptions. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in \u201cRisk Factors\u201d and elsewhere in this annual report. See the discussion under \u201cForward Looking Statements\u201d beginning on page 1 of this annual report. Overview We are engaged in the design, manufacture, marketing and sale of augmented reality wearable display devices also referred to as head mounted displays (or HMDs, but also known as near-eye displays), in the form of Smart Glasses, AI powered Smart Glasses, Waveguides, and Augmented Reality (AR) technologies. Our wearable display devices are 27 \u200b Table of Contents worn like eyeglasses or attach to a head worn mount. These devices typically include cameras, sensors, and a computer that enable the user to view, record and interact with video and digital content, such as computer data, the Internet, social media or entertainment applications. Our wearable display products integrate microdisplay technology with our advanced optics to produce compact high-resolution display engines, less than half an inch diagonally, which when viewed through our Smart Glasses products create virtual images that appear comparable in size to that of a computer monitor or a large-screen television. With respect to our Smart Glasses and AI/AR products, we are focused on the enterprise, defense, medical, security, and select consumer applications. All of the mobile display and mobile electronics markets in which we compete have been subject to rapid technological change over the last decade including the rapid adoption of tablets, larger screen sizes and display resolutions along with declining prices on mobile phones and other computing devices, and as a result we must continue to improve our products\u2019 performance and lower our costs. We believe our technology, intellectual property portfolio and position in the marketplace give us a leadership position in AI/AR and Smart Glasses products, waveguide optics, microLEDs and display engine technology. Critical Accounting Policies and Significant Developments and Estimates The discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements and related notes appearing elsewhere in this annual report. The preparation of these statements in conformity with generally accepted accounting principles requires the appropriate application of certain accounting policies, many of which require us to make estimates and assumptions about future events and their impact on amounts reported in our consolidated financial statements, including the statement of operations, balance sheet, cash flow and related notes. We continually evaluate our estimates used in the preparation of our consolidated financial statements, including those related to valuation of inventories, going concern, variable interest entities, investments in equity securities, carrying value of long-lived assets, goodwill and other intangible assets, software development costs, revenue recognition, product warranty, valuation of stock-based compensation, and income taxes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not apparent from other sources. Since we cannot determine future Item 1. Business Company Overview Incorporated in Delaware in 1997, Vuzix Corporation (\u201cVuzix\u201d or the \u201cCompany\u201d) designs, manufactures, and markets AI-enabled smart glasses, waveguides, and augmented reality (\u201cAR\u201d) display technologies. Our products and solutions support enterprise, medical, defense and security, and select consumer applications, with a focus on hands-free computing and near-eye visualization. Our product offerings include near-eye displays, heads-up displays (\u201cHUDs\u201d), and wearable computing devices that provide a portable viewing experience. These smart display systems\u2014worn like eyeglasses or attached to a head-mounted frame\u2014may incorporate cameras, sensors, and onboard processing to enable users to view, capture, and interact with digital content, including internet-based applications, cloud-based AI assistants, and real-time AR overlays. We also offer proprietary waveguide optics and display engines designed for integration into both Vuzix-branded smart glasses and third-party original design manufacturer (\u201cODM\u201d) and original equipment manufacturer (\u201cOEM\u201d) devices. Historically, many virtual reality (\u201cVR\u201d) and AR wearable displays have been larger, goggle-style headsets. Vuzix has developed thin, see-through waveguides that integrate miniature display engines into eyewear-style form factors, reducing system size and weight relative to headset designs. Certain Vuzix smart glasses are designed for extended wear and operate without external cabling or tethering to a separate computing device or battery pack. Our waveguide optics and display engines are designed to support key attributes valued in see-through wearable displays, including high contrast and brightness for a range of lighting conditions; power efficiency intended to support longer operating time; compact, lightweight designs intended to improve comfort and usability; compatibility with prescription lens integration; and reduced forward light leakage (\u201ceye glow\u201d), which can be an Item 1A. Risk Factors An investment in our securities involves a high degree of risk. An investor should carefully consider the risks described below, together with all of the other information included in this annual report, before making an investment decision. Our business, financial condition or results of", "title": "VUZI - Vuzix Corp", "url": "/company/VUZI/" }, { "kind": "company", "summary": "SIC 5180 Wholesale-Beer, Wine & Distilled Alcoholic Beverages; CIK 0000835011; latest 10-K filed 2026-02-25.", "text": "MGPI - MGP INGREDIENTS INC SIC 5180 Wholesale-Beer, Wine & Distilled Alcoholic Beverages; CIK 0000835011; latest 10-K filed 2026-02-25. MGPI MGP INGREDIENTS INC 0000835011 5180 Wholesale-Beer, Wine & Distilled Alcoholic Beverages ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS CAUTIONARY NOTE CONCERNING FACTORS THAT MAY AFFECT FUTURE RESULTS This Report may contain forward-looking statements as well as historical information. All statements, other than statements of historical facts, regarding the prospects of our industries and our prospects, plans, financial position, mission, and strategy may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements about our sources of cash being adequate; our ability to support our liquidity and operating needs through cash generated from operations and borrowings; and our capital expenditures. Forward-looking statements are usually identified by or are associated with such words as \u201cintend,\u201d \u201cplan,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cproject,\u201d \u201cforecast,\u201d \u201chopeful,\u201d \u201cshould,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201ccould,\u201d \u201cencouraged,\u201d \u201copportunities,\u201d \u201cpotential,\u201d and similar terminology. These forward-looking statements reflect management\u2019s current beliefs and estimates of future economic circumstances, industry conditions, our performance, our financial results, and our financial condition and are not guarantees of future performance. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. For information on these risks and uncertainties and other factors that could affect the Company\u2019s business, see the \u201cRisk Factors\u201d and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of this Report and our other filings with the Securities and Exchange Commission (the \u201cSEC\u201d). Forward-looking statements in this Report are made as of the date of this Report, and we undertake no obligation to update any forward-looking statements or information made in this Report, except as required by law. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) of Financial Condition and Results of Operations is designed to provide a reader of MGP\u2019s consolidated financial statements with a narrative from the perspective of management. MGP\u2019s MD&A is presented in the following sections: \u2022Overview \u2022Results of Operations \u2022Branded Spirits Segment \u2022Distilling Solutions Segment \u2022Ingredient Solutions Segment \u2022Cash Flow, Financial Condition and Liquidity \u2022Critical Accounting Estimates \u2022New Accounting Pronouncements OVERVIEW MGP is a leading producer of branded and distilled spirits as well as food ingredient solutions. We have an extensive award-winning global portfolio of branded spirits, which we produce through our distilleries and bottling facilities and sell to distributors. Our branded spirits products account for a range of price points from value products through premium plus brands. Distilled spirits include premium bourbon, rye, and other whiskeys (\u201cbrown goods\u201d) and grain neutral spirits (\u201cGNS\u201d), including vodka and gin. Our distilled spirits are either sold directly or indirectly to manufacturers of other branded spirits. Our protein and starch food ingredients serve a host of functional, nutritional, and sensory benefits for a wide range of food products to serve the consumer packaged goods industry. Our ingredient products are sold directly, or through distributors, to manufacturers and processors of finished packaged goods or to bakeries. Our strategic plan is designed to leverage our history and strengths as well as the positive macro trends we see in the industries in which we compete, while providing better insulation from outside factors, including swings in commodity pricing. Branded Spirits Segment Our Branded Spirits segment mission is to align our product offering and enhance focus on growing spirits categories and price tiers. The favorable macro industry trends we anticipate will benefi ITEM 1. BUSINESS MGP Ingredients, Inc. was incorporated in 2011 in Kansas, continuing a business originally founded by Cloud L. Cray, Sr. in Atchison, Kansas in 1941. As used herein, the terms \u201cMGP,\u201d \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d and words of similar import, refer to MGP Ingredients, Inc. and its consolidated subsidiaries unless the context otherwise indicates. In this Annual Report on Form 10-K (this \u201cReport\u201d), for any references to Note 1 through Note 16 refer to the Notes to Consolidated Financial Statements in Item 8. AVAILABLE INFORMATION We make available through our website (www.mgpingredients.com) under \u201cInvestors,\u201d free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, special reports, other information, and amendments to those reports, as soon as reasonably practicable after we electronically file or furnish such material with the Securities and Exchange Commission (\u201cSEC\u201d). The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including the Company. The address of the SEC site is http://www.sec.gov. METHOD OF PRESENTATION All amounts in this Report, except for shares, par values, bushels, gallons, pounds, mmbtu, proof gallons, 9-liter cases, per share, per bushel, per gallon, per pound, per mmbtu, per proof gallon, per 9-liter case, and percentages, are shown in thousands unless otherwise noted. GENERAL INFORMATION MGP is a leading producer of branded and distilled spirits, as well as food ingredient solutions. We have an extensive award-winning global portfolio of branded spirits, which we produce through our distilleries and bottling facilities and sell to distributors. Our branded spirits products account for a range of price points from value products through premium plus brands. Distilled spirits include premium bourbon, rye, and other whiskeys (\u201cbrown goods\u201d) and grain neu ITEM 1A. RISK FACTORS Our business is subject to certain risks and uncertainties that could cause actual results and events to differ materially from forward-looking statements. The following discussion identifies those risks which we consider to be material. The following discussion of risks is no", "title": "MGPI - MGP INGREDIENTS INC", "url": "/company/MGPI/" }, { "kind": "company", "summary": "SIC 5080 Wholesale-Machinery, Equipment & Supplies; CIK 0000925528; latest 10-K filed 2026-03-16.", "text": "HDSN - HUDSON TECHNOLOGIES INC /NY SIC 5080 Wholesale-Machinery, Equipment & Supplies; CIK 0000925528; latest 10-K filed 2026-03-16. HDSN HUDSON TECHNOLOGIES INC /NY 0000925528 5080 Wholesale-Machinery, Equipment & Supplies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Certain statements, contained in this section and elsewhere in this Form 10-K, constitute \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changes in the laws and regulations affecting the industry, changes in the demand and price for refrigerants (including unfavorable market conditions adversely affecting the demand for, and the price of refrigerants), the Company\u2019s ability to source refrigerants, regulatory and economic factors, seasonality, competition, litigation, the nature of supplier or customer arrangements that become available to the Company in the future, adverse weather conditions, possible technological obsolescence of existing products and services, possible reduction in the carrying value of long-lived assets, estimates of the useful life of its assets, potential environmental liability, customer concentration, the ability to obtain financing, the ability to meet financial covenants under our financing facility, any delays or interruptions in bringing products and services to market, the timely availability of any requisite permits and authorizations from governmental entities and third parties as well as factors relating to doing business outside the United States, including changes in the laws, regulations, policies, and political, financial and economic conditions, including inflation, interest and currency exchange rates, of countries in which the Company may seek to conduct business, the Company\u2019s ability to successfully integrate any assets it acquires from third parties into its operations, and other risks detailed in this report, and in the Company\u2019s other subsequent filings with the Securities and Exchange Commission (\u201cSEC\u201d). The words \u201cbelieve\u201d, \u201cexpect\u201d, \u201canticipate\u201d, \u201cmay\u201d, \u201cplan\u201d, \u201cshould\u201d and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Critical Accounting Estimates The Company\u2019s discussion and analysis of its financial condition and results of operations are based upon its consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these consolidated financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. Several of the Company\u2019s accounting policies involve significant judgments, uncertainties and estimates. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. To the extent that actual results differ from management\u2019s judgments and estimates, there could be a material adverse effect on the Company. On a continuous basis, the Company evaluates its estimates, including, but not limited to, those estimates related to its inventory reserves, goodwill and intangible assets. Inventory For inventory, the Company evaluates both current and anticipated sales prices of its products to determine if a write down of inventory to net realizable value is necessary. Net realizable value represents t Item 1. Business General Hudson Technologies, Inc. (\u201cHudson\u201d or the \u201cCompany\u201d), incorporated under the laws of New York on January 11, 1991, is a refrigerant services company providing innovative solutions to recurring problems within the refrigeration industry. Hudson has proven, reliable programs that meet customer refrigerant needs by providing environmentally sustainable solutions from initial sale of refrigerant gas through recovery, reclamation and reuse, peak operating performance of equipment through energy efficiency and emergency air conditioning and refrigeration system repair, to final refrigerant disposal and carbon credit trading. The Company\u2019s operations consist of one reportable segment. The Company\u2019s products and services are primarily used in commercial air conditioning, industrial processing and refrigeration systems, and include refrigerant and industrial gas sales, refrigerant management services consisting primarily of reclamation of refrigerants and RefrigerantSide\u00ae Services performed at a customer\u2019s site. RefrigerantSide\u00ae Services consist of system decontamination to remove moisture, oils and other contaminants intended to restore systems to designed capacity. As a component of the Company\u2019s products and services, the Company also participates in the generation of carbon offset projects. The Company operates principally through its wholly-owned subsidiary, Hudson Technologies Company. Unless the context requires otherwise, references to the \u201cCompany\u201d, \u201cHudson\u201d, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, or similar pronouns refer to Hudson Technologies, Inc. and its subsidiaries. The Company\u2019s executive offices are located at 300 Tice Boulevard, Suite 290, Woodcliff Lake, New Jersey and its telephone number is (845) 735-6000. The Company maintains a website at www.hudsontech.com, the contents of which are not incorporated into this filing. Industry Background The Company participates in an industry that is highly regulated, and changes in the regulations affect Item 1A. Risk Factors There are many important factors, including those discussed below (and above as described under \u201cBusiness-Patents and Proprietary Information\u201d), that have affected, and in the future could affect Hudson\u2019s business including, but not limited to, the factors discus", "title": "HDSN - HUDSON TECHNOLOGIES INC /NY", "url": "/company/HDSN/" }, { "kind": "company", "summary": "SIC 6351 Surety Insurance; CIK 0000874501; latest 10-K filed 2026-03-04.", "text": "OSG - OCTAVE SPECIALTY GROUP INC SIC 6351 Surety Insurance; CIK 0000874501; latest 10-K filed 2026-03-04. OSG OCTAVE SPECIALTY GROUP INC 0000874501 6351 Surety Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations ($ and \u00a3 in thousands) The objectives of our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) are to provide users of our consolidated financial statements with the following: \u2022A narrative explanation from the perspective of management of our financial condition, results of operations, cash flows, liquidity and certain other factors that may affect future results; \u2022Context to the consolidated financial statements; and \u2022Information that allows assessment of the likelihood that past performance is indicative of future performance. Unless otherwise noted, this Management's Discussion and Analysis of Financial Condition and Results of Operations relates solely to our continuing operations and does not include the operations of our Legacy Financial Guarantee business. See \"Sale of AAC\" below and Note 5. Discontinued Operations of the Notes to Consolidated Financial Statements under Part II, Item 8 of this Annual Report on Form 10-K for additional information about the divestiture of the Legacy Financial Guarantee business in September 2025. The following discussion should be read in conjunction with our consolidated financial statements in Item 8 of this Report and the matters described under Item 1A. Risk Factors in this Annual Report on Form 10-K for the year ended December 31, 2025. Refer to Part I, Item 1. Introduction - Description of the Business, for a description of our business and our key strategies to achieve our primary goal to maximize shareholder value. [[GREPCENT_TABLE]] [[\"Octave Specialty Group, Inc.\",\"25\",\"2025 Form 10-K\"]] [[/GREPCENT_TABLE]] Table of Contents, Organization of Information MD&A includes the following sections: [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Strategies to Enhance Shareholder Value\",\"26\"],[\"Overview\",\"26\"],[\"Critical Accounting Policies and Estimates\",\"27\"],[\"Results of Operations\",\"30\"],[\"Liquidity and Capital Resources\",\"35\"],[\"Balance Sheet\",\"36\"],[\"Accounting Standards\",\"38\"],[\"Non-GAAP Financial Measures\",\"39\"]] [[/GREPCENT_TABLE]] Strategies to Enhance Shareholder Value The Company's primary goal is to maximize long-term shareholder value through the execution of targeted strategies for its Insurance Distribution and Specialty Property and Casualty Insurance businesses. Insurance Distribution and Specialty Property and Casualty Insurance strategic priorities include: \u2022Growing and expanding our Insurance Distribution business based on deep domain knowledge in specialty and niche classes of risk which generate attractive margins at scale. This will be achieved through establishing new businesses \u201cde-novo,\u201d organic growth and diversification, and select acquisitions supported by a centralized technology-led shared services offering; \u2022Growing our Specialty Property and Casualty Insurance business to generate underwriting profits from a diversified portfolio of commercial and personal liability risks accessed primarily through affiliated and non-affiliated program administrators. In addition, we may seek strategic relationships and/or partnerships with unaffiliated parties in order to expand our product offerings, access to reinsurance capacity and other business or operational advantages. OVERVIEW ($ in thousands) The Company's continuing operations include two segments, financial highlights of which are summarized below along with other recent developments. [[GREPCENT_TABLE]] [[\"\",\"\",\"Year Ended December 31, 2025\",\"\",\"Year Ended December 31, 2024\"],[\"\",\"\",\"Specialty Property & Casualty Insurance\",\"\",\"Insurance Distribution\",\"\",\"Corporate & Other\",\"\",\"Total\",\"\",\"Specialty Property & Casualty Insurance\",\"\",\"Insurance Distribution\",\"\",\"Corporate & Other\",\"\",\"Total\"],[\"Premiums placed\",\"\",\"\",\"\",\"$\",\"951,781\",\"\",\"\",\"\",\"\",\"$\",\"951,781\",\"\",\"\",\"\",\"\",\"$\",\"493,372\",\"\",\"\",\"\",\"\",\"$\",\"493,372\"],[\"Gross premiums written\",\"\",\"$\",\"360,449\",\"\", Item 1. Business INTRODUCTION Octave Specialty Group, Inc. (\"OSG\"), headquartered in New York City, is a financial services holding company incorporated in the State of Delaware on April 29, 1991 and was formerly known as Ambac Financial Group, Inc. (\"AFG\"). In the fourth quarter of 2025, AFG changed its name and rebranded as OSG in connection with the sale of its Legacy Financial Guarantee business. References to \"Octave,\" \"OSG,\" the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d and \u201cus\u201d are to OSG and its subsidiaries, as the context requires. Octave operates two principal businesses: \u2022Insurance Distribution \u2014 Octave's specialty property and casualty (\"P&C\") insurance underwriting and distribution business, includes Managing General Agents and Underwriters (collectively \"MGAs\" or \"MGA/Us\"); an insurance broker; and other distribution, underwriting and related businesses. On October 31, 2025, the Company completed the acquisition of ArmadaCorp Capital, LLC and its subsidiaries (collectively, \"ArmadaCorp\"), a leading specialty accident and health MGA. Octave's insurance distribution platform operates in the following lines of business: property, niche specialty risk, accident & health, miscellaneous specialty, reinsurance, surety, marine & energy, specialty auto, E&S commercial package, professional lines and Directors & Officers (\"D&O\"). \u2022Specialty Property & Casualty Insurance \u2014 Octave's Specialty Property & Casualty Insurance program insurer business currently includes five carriers (collectively, \u201cEverspan\u201d). Everspan carriers have an A.M. Best rating of 'A-' (Excellent) which was affirmed on July 17, 2025. The Company reports these two business operations as segments; see Note 3. Segment Information for further information. Discontinued Operations On September 29, 2025, the Company completed the sale of its Legacy Financial Guarantee business, inclusive of Ambac Assurance Corporation (\"AAC\") and its wholly owned subsidiary Ambac Assurance UK Limited (\"AUK\"). The results of Item 1A. Risk Factors ($ in thousands) Capitalized terms used but not defined in this section shall have the meanings ascribed thereto in Part I, Item 1 in this Annual Report on Form 10-K or in Note 1. Background and Business Description to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K unless otherwise indicate", "title": "OSG - OCTAVE SPECIALTY GROUP INC", "url": "/company/OSG/" }, { "kind": "company", "summary": "SIC 4412 Deep Sea Foreign Transportation of Freight; CIK 0001606909; latest 10-K filed 2026-03-16.", "text": "PANL - Pangaea Logistics Solutions Ltd. SIC 4412 Deep Sea Foreign Transportation of Freight; CIK 0001606909; latest 10-K filed 2026-03-16. PANL Pangaea Logistics Solutions Ltd. 0001606909 4412 Deep Sea Foreign Transportation of Freight ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS General The following discussion should be read in conjunction with our consolidated financial statements and footnotes thereto contained in this report. The MD&A generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 18, 2025. Pangaea Logistics Solutions Ltd. and its subsidiaries (collectively, \u201cPangaea\u201d or the \u201cCompany\u201d) provides seaborne drybulk logistics and transportation services as well as terminal and stevedoring services. Pangaea utilizes its logistics expertise to service a broad base of industrial customers who require the transportation of a wide variety of drybulk cargoes, including grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The Company provides ocean transportation services to clients utilizing an ocean-going fleet of motor vessels (\"m/v\") in the Handysize, Handymax, Supramax, Ultramax, Panamax and Post-Panamax segments. At any time, this fleet may be comprised of a total of 60-75 vessels that are owned or chartered-in on a short-term basis. For the twelve months ended December 31, 2025, the Company operated on average a total fleet of 64 vessels. At December 31, 2025, 39 vessels were wholly-owned or partially-owned through joint ventures. The table set forth below indicates the purchase price of the Company\u2019s vessels and the net carrying amount of each vessel as of December 31, 2025. 65 (In thousands of U.S. dollars) [[GREPCENT_TABLE]] [[\"Vessel Name\",\"\",\"Date Acquired\",\"\",\"Size\",\"\",\"Year Build\",\"\",\"Purchase Price\",\"\",\"Net Carrying Amount\"],[\"m/v Bulk Endurance\",\"\",\"January 2017\",\"\",\"Ultramax 1C\",\"\",\"2017\",\"\",\"$\",\"28,000\",\"\",\"\",\"$\",\"19,417\"],[\"m/v Bulk Destiny\",\"\",\"January 2017\",\"\",\"Ultramax 1C\",\"\",\"2017\",\"\",\"24,000\",\"\",\"\",\"16,740\"],[\"m/v Bulk Prudence\",\"\",\"June 2023\",\"\",\"Ultramax\",\"\",\"2014\",\"\",\"26,650\",\"\",\"\",\"25,478\"],[\"m/v Bulk Courageous\",\"\",\"April 2021\",\"\",\"Ultramax\",\"\",\"2013\",\"\",\"16,798\",\"\",\"\",\"15,347\"],[\"m/v Nordic Oasis\",\"\",\"January 2016\",\"\",\"Panamax 1A\",\"\",\"2016\",\"\",\"32,600\",\"\",\"\",\"23,851\"],[\"m/v Nordic Olympic\",\"\",\"February 2015\",\"\",\"Panamax 1A\",\"\",\"2015\",\"\",\"32,600\",\"\",\"\",\"22,436\"],[\"m/v Nordic Odin\",\"\",\"February 2015\",\"\",\"Panamax 1A\",\"\",\"2015\",\"\",\"32,625\",\"\",\"\",\"22,593\"],[\"m/v Nordic Oshima\",\"\",\"September 2014\",\"\",\"Panamax 1A\",\"\",\"2014\",\"\",\"33,709\",\"\",\"\",\"21,599\"],[\"m/v Nordic Orion\",\"\",\"April 2012\",\"\",\"Panamax 1A\",\"\",\"2011\",\"\",\"32,363\",\"\",\"\",\"16,652\"],[\"m/v Nordic Odyssey\",\"\",\"April 2012\",\"\",\"Panamax 1A\",\"\",\"2010\",\"\",\"32,691\",\"\",\"\",\"16,768\"],[\"m/v Bulk Valor\",\"\",\"June 2021\",\"\",\"Supramax\",\"\",\"2013\",\"\",\"18,182\",\"\",\"\",\"16,695\"],[\"m/v Bulk Friendship\",\"\",\"September 2019\",\"\",\"Supramax\",\"\",\"2011\",\"\",\"14,447\",\"\",\"\",\"11,087\"],[\"m/v Bulk Sachuest\",\"\",\"October 2022\",\"\",\"Supramax\",\"\",\"2010\",\"\",\"17,364\",\"\",\"\",\"15,401\"],[\"m/v Bulk Brenton\",\"\",\"July 2024\",\"\",\"Supramax\",\"\",\"2016\",\"\",\"28,762\",\"\",\"\",\"27,079\"],[\"m/v Bulk Patience\",\"\",\"August 2024\",\"\",\"Supramax\",\"\",\"2016\",\"\",\"28,663\",\"\",\"\",\"27,066\"],[\"m/v Bulk Independence\",\"\",\"May 2019\",\"\",\"Supramax\",\"\",\"2008\",\"\",\"14,393\",\"\",\"\",\"11,756\"],[\"m/v Bulk Pride\",\"\",\"December 2017\",\"\",\"Supramax\",\"\",\"2008\",\"\",\"14,023\",\"\",\"\",\"10,698\"],[\"m/v Bulk Spirit\",\"\",\"February 2019\",\"\",\"Supramax\",\"\",\"2009\",\"\",\"13,000\",\"\",\"\",\"10,682\"],[\"m/v Bulk Xaymaca\",\"\",\"August 2018\",\"\",\"Panamax\",\"\",\"2006\",\"\",\"14,010\",\"\",\"\",\"10,127\"],[\"m/v Bulk Concord\",\"\",\"February 2022\",\"\",\"Panamax\",\"\",\"2009\",\"\",\"19,900\",\"\",\"\",\"16,739\"],[\"m/v Bulk Promise\",\"\",\"July 2021\",\"\",\"Panamax\",\"\",\"2013\",\"\",\"18,633\",\"\",\"\",\"17,234\"],[\"m/v Nordic Nuluujaak\",\"\",\"May 2021\",\"\",\"Post Panamax 1A\",\" ITEM 1. BUSINESS Introduction Pangaea Logistics Solutions Ltd. and its subsidiaries collectively, Pangaea or the Company, provide seaborne drybulk logistics and transportation services as well as terminal and stevedoring services. Pangaea utilizes its logistics expertise to service a broad base of industrial customers who require the transportation of a wide variety of drybulk cargoes, including grains, coal, iron ore, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The Company addresses the logistics needs of its customers by undertaking a comprehensive set of services and activities, including cargo loading, cargo discharge, port and terminal operations, vessel chartering, voyage planning, and vessel technical management. Available Information Our Internet website address is www.pangaeals.com. We make available free of charge on or through our website our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the Securities and Exchange Commission. The information contained on, or accessible through, our website is not incorporated by reference into this Annual Report on Form 10-K. Business Overview and Recent Developments The Company provides ocean transportation services utilizing a fleet of ocean-going motor vessels (\u201cm/v\u201d) in the Handymax, Supramax, Ultramax, Panamax and Post-Panamax segments. The fleet typically consists of 60 to 75 vessels, either owned or chartered-in on a short-term basis. As of December 31, 2025, the Company owned 39 vessels, wholly owned or partially owned through joint ventures. The Company transported approximately 26.2 million tons of cargo annually to over 300 ports worldwide, averaging approximately 64 vessels in service per day ITEM 1A. RISK FACTORS An investment in our securities involves a high degree of risk. You should consider carefully the material risks described below, which we believe represent the material risks related to our business and our securities, together with the other information ", "title": "PANL - Pangaea Logistics Solutions Ltd.", "url": "/company/PANL/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0002044725; latest 10-K filed 2026-03-05.", "text": "EVMN - Evommune, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0002044725; latest 10-K filed 2026-03-05. EVMN Evommune, Inc. 0002044725 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. In this Annual Report on Form 10-K, unless otherwise stated or the context otherwise requires, references to the \u201cCompany,\u201d \u201cEvommune,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Evommune, Inc. and its consolidated subsidiaries. You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis. Overview Evommune is a clinical-stage biotechnology company developing innovative therapies that target key drivers of chronic inflammatory diseases, with initial clinical development programs focusing on chronic spontaneous urticaria (\u201cCSU\u201d), atopic dermatitis (\u201cAD\u201d) and ulcerative colitis (\u201cUC\u201d). Chronic inflammation is a significant healthcare problem in the world, substantially impacting patients\u2019 quality of life and leading to life-threatening conditions. Our mission is to improve patients\u2019 daily lives and prevent the long-term effects of uncontrolled inflammation that are a consequence of the limitations of existing therapies. To achieve this, we are advancing a portfolio of differentiated product candidates that target key drivers of chronic inflammation. Among our portfolio of programs, we currently have two product candidates, EVO756 and EVO301, in Phase 2 development. We are initially developing EVO756 for the treatment of CSU and AD, and EVO301 for the treatment of AD and UC. We see broad expansion potential for both programs across additional chronic inflammatory diseases. We also intend to advance additional preclinical programs into clinical development. We were incorporated under the laws of the State of Delaware in April 2020 under the name \u201cEvommune, Inc.\u201d We have two wholly owned subsidiaries: Evommune Research, LLC and Evommune Biologics, LLC. We have incurred significant operating losses in each year since our inception. As of December 31, 2025, we had an accumulated deficit of $221.1 million. We expect to continue to incur net losses for the foreseeable future, and we expect our research and development expenses, general and administrative expenses and capital expenditures will continue to increase. In particular, we expect our expenses to increase as we continue our development of, and seek regulatory approvals for, our product candidates, as well as hire additional personnel, pay fees to outside consultants, lawyers and accountants, and incur other increased costs associated with being a public company. In addition, if and when we seek and obtain regulatory approval to commercialize any product candidate, we will also incur increased expenses in connection with commercialization and marketing of any such product. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical trials and our expenditures on other research and development activities. We expect to continue to incur significant and increasing net operating losses for the next several years as we: \u2022 continue the research and development of our clinical- and preclinical-stage product candidates and discovery-stage programs, including the continued development of our most advanced product candidates, EVO756 and EVO301; \u2022 increase the amount of research and development activities to ident Item 1. Business. Overview Evommune is a clinical-stage biotechnology company developing innovative therapies that target key drivers of chronic inflammatory diseases, with initial clinical development programs focusing on chronic spontaneous urticaria (\u201cCSU\u201d), atopic dermatitis (\u201cAD\u201d) and ulcerative colitis (\u201cUC\u201d). Chronic inflammation is a significant healthcare problem in the world, substantially impacting patients\u2019 quality of life and leading to life-threatening conditions. These conditions, if not prevented, ultimately lead to fatal diseases, such as cardiovascular diseases, diabetes and cancer, which contribute to three out of every five deaths worldwide and result in an estimated $90 billion of annual cost to the healthcare system in the United States. Our mission is to improve patients\u2019 daily lives and prevent the long-term effects of uncontrolled inflammation that are a consequence of the limitations of existing therapies. To achieve this, we are advancing a portfolio of differentiated product candidates that target key drivers of chronic inflammation. Our management team\u2019s proven drug development expertise and experience in the field of immunology and inflammation, combined with advanced scientific tools, enable us to identify and advance potent, highly selective molecules with distinctive mechanisms of action. By identifying treatment gaps of chronic inflammatory diseases, we strive to transform the treatment landscape, developing therapies that have the potential to offer rapid symptom relief and provide safe, durable resolution of the underlying disease. Among our portfolio of programs, we currently have two product candidates, EVO756 and EVO301, in Phase 2 development. We are initially developing EVO756 for the treatment of CSU and AD, and EVO301 for the treatment of AD and UC. We see broad expansion potential for both programs across additional chronic inflammatory diseases. We also intend to advance additional preclinical programs into clinical d Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. Before deciding to invest in shares of our common stock, you should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K, including our consolidated financial", "title": "EVMN - Evommune, Inc.", "url": "/company/EVMN/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0000807882; latest 10-K filed 2025-11-19.", "text": "JACK - JACK IN THE BOX INC SIC 5812 Retail-Eating Places; CIK 0000807882; latest 10-K filed 2025-11-19. JACK JACK IN THE BOX INC 0000807882 5812 Retail-Eating Places ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL For an understanding of the significant factors that influenced our performance during the fiscal year, we believe our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) should be read in conjunction with the consolidated financial statements and related notes included in this annual report as indexed on page F-1. Comparisons under this heading refer to the 52-week periods ended September 28, 2025 and September 29, 2024, respectively. Our MD&A consists of the following sections: \u2022Overview \u2014 a general description of our business. \u2022Results of Operations \u2014 an analysis of our consolidated statements of earnings for fiscal 2025 compared to fiscal 2024. \u2022Liquidity and Capital Resources \u2014 an analysis of our cash flows, including capital expenditures, share repurchase activity, dividends, and known trends that may impact liquidity. \u2022Critical Accounting Estimates \u2014 a discussion of accounting policies that require critical judgments and estimates. \u2022New accounting pronouncements \u2014 a discussion of new accounting pronouncements, dates of implementation and the impact on our consolidated financial position or results of operations, if any. We have included in our MD&A certain performance metrics that management uses to assess company performance and which we believe will be useful in analyzing and understanding our results of operations. These metrics include: \u2022Changes in sales at restaurants open more than one year (\u201csame-store sales\u201d), system restaurant sales, franchised restaurant sales, and average unit volumes (\u201cAUVs\u201d). Same-store sales, restaurant sales, and AUVs are presented for franchised restaurants. Franchise sales represent sales at franchise restaurants and are revenues of our franchisees. We do not record franchise sales as revenues; however, our royalty revenues and percentage rent revenues are calculated based on a percentage of franchise sales. We believe franchise and system same-store sales, franchised and system-wide sales, and AUV information are useful to investors as they have a direct effect on the Company\u2019s profitability. Same-store sales, system restaurant sales, franchised restaurant sales and AUVs are not measurements determined in accordance with GAAP and should not be considered in isolation, or as an alternative to earnings from operations, or other similarly titled measures of other companies. A comparison of our results of operations and cash flows for fiscal 2024 compared to fiscal 2023 can be found under Part II, \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the fiscal year ended September 29, 2024. OVERVIEW Our Business Founded in 1951, Jack in the Box Inc. (the \u201cCompany\u201d) operates and franchises Jack in the Box\u00ae and Del Taco\u00ae quick-service restaurants. As of September 28, 2025, we operated and franchised 2,136 Jack in the Box restaurants, primarily in the western and southern United States, including three in Mexico and two in Guam. As of September 28, 2025 we operated and franchised 576 Del Taco restaurants across 18 states. We derive revenue from retail sales at company-operated restaurants and rental revenue, royalties (based upon a percent of sales), franchise fees and contributions for advertising and other services from franchisees. On April 23, 2025, the Company announced a multi-faceted plan, which included exploring strategic alternatives for the Del Taco brand and the possible divestiture of that business. On October 15, 2025, the Company entered into a Stock Purchase Agreement (the \u201cPurchase Agreement\u201d) with Yadav Enterprises, Inc., a California corporation (\u201cBuyer\u201d) and Anil Yadav (\u201cBuyer Guarantor\u201d) to sell to Buyer all of the issued and outstanding equity interests of Del Taco Holdings Inc., a Delaware corporation (\u201cDel Taco\u201d), which owns and ITEM 1. BUSINESS The Company Overview. Jack in the Box Inc. (NASDAQ: JACK), a Delaware corporation (the \u201cCompany\u201d or \u201cJack in the Box\u201d), founded and headquartered in San Diego, California, is a restaurant company that operates and franchises Jack in the Box\u00ae, one of the nation's largest hamburger chains with 2,136 restaurants across 22 states, and Del Taco\u00ae, one of the nation\u2019s largest Mexican-American quick service restaurants (\u201cQSR\u201d) chains with 576 restaurants across 18 states. References to the Company throughout this Annual Report on Form 10-K are made using the first person notations of \u201cwe\u201d, \u201cus\u201d and \u201cour.\u201d In April, 2025, the Company announced a multi-faceted plan, which included exploring strategic alternatives for the Del Taco brand and the possible divestiture of that business. On October 15, 2025, the Company entered into a Stock Purchase Agreement (the \u201cPurchase Agreement\u201d) with Yadav Enterprises, Inc., a California corporation (\u201cBuyer\u201d) and Anil Yadav (\u201cBuyer Guarantor\u201d) to sell to Buyer all of the issued and outstanding equity interests of Del Taco Holdings Inc., a Delaware corporation (\u201cDel Taco\u201d), which owns and operates the Company\u2019s Del Taco restaurant operations, for an aggregate purchase price of $115 million in cash, subject to certain closing cash, working capital, debt and transaction expense adjustments. Restaurant Brands Jack in the Box. Jack in the Box restaurants offer a broad selection of distinctive products including classic burgers like its Jumbo Jack\u00ae and innovative product lines such as the Buttery Jack\u00ae and Smash Jack\u00ae burgers. Jack in the Box also offers quality products such as breakfast sandwiches with freshly cracked eggs, as well as craveable favorites such as tacos, curly fries, egg rolls, specialty sandwiches and real ice cream shakes, among many other items. Jack in the Box allows its guests to customize meals to their tastes and order any product on the menu when they want it, including breakfast at night, or burg ITEM 1A. RISK FACTORS We caution you that our business and operations are subject to a number of risks and uncertainties. The factors listed below are important factors that could cause our actual results to differ materially from our historical results and from projections in the forward-looking statements contained in this report, in our other filings with", "title": "JACK - JACK IN THE BOX INC", "url": "/company/JACK/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001434316; latest 10-K filed 2026-02-26.", "text": "FATE - FATE THERAPEUTICS INC SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001434316; latest 10-K filed 2026-02-26. FATE FATE THERAPEUTICS INC 0001434316 2836 Biological Products, (No Diagnostic Substances) ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes included under Item 8 of this Annual Report on Form 10-K. The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those expressed or implied in any forward-looking statements as a result of various factors, including those set forth under the caption \u201cItem 1A. Risk Factors.\u201d Overview We are a clinical-stage biopharmaceutical company dedicated to bringing a transformative pipeline of off-the shelf cellular immunotherapies to patients. We have pioneered a therapeutic approach that we generally refer to as cellular programming: we create and engineer human induced pluripotent stem cells (iPSCs) to incorporate novel synthetic controls of cell function; after the engineering step that incorporates multiple functional elements into the iPSCs, we generate a clonal master iPSC line for use as a renewable source of starting materials for the manufacture of cell therapies; through the manufacturing process, we direct the fate of the clonal master iPSC line to produce our cell therapy product candidates that are uniform in composition. Analogous to master cell lines used to manufacture biopharmaceutical drug products such as monoclonal antibodies, we believe our proprietary clonal master iPSC lines can be used to mass produce multiplexed-engineered cellular immunotherapies which have off-the-shelf availability and on-demand availability, and that can be combined and administered alone or in combination with standard-of-care therapies, to make cell therapies accessible to all. Utilizing our iPSC product platform, we are developing off-the-shelf, multiplexed-engineered T-cell and natural killer (NK) cell product candidates which are selectively designed and incorporate novel synthetic controls of cell function to uniquely enhance the therapeutic capacity of the drug product to deliver multiple therapeutic mechanisms to patients. We have a pipeline of iPSC-derived, chimeric antigen receptor (CAR)-targeted T-cell and NK cell product candidates currently under development. In addition, we have entered into research collaborations and license agreements with academic institutions to support the development of our iPSC product platform and our off-the-shelf product candidates. We have also entered into collaborations with pharmaceutical companies to research, develop and commercialize off-the-shelf, multiplexed-engineered, iPSC-derived CAR T-cell and CAR NK cell product candidates for the treatment of cancer. In September 2018, we entered into a collaboration and option agreement (Ono Agreement) with Ono Pharmaceutical Co., Ltd. (Ono), under which we are currently researching and developing iPSC-derived CAR T-cell and CAR NK cell product candidates for the treatment of solid tumors. We were incorporated in Delaware in 2007 and are headquartered in San Diego, California. Since our inception in 2007, we have devoted substantially all of our resources to our cell programming approach and the research and development of our product candidates, the creation, licensing and protection of related intellectual property, and the provision of general and administrative support for these activities. To date, we have funded our operations primarily through the public and private sale of common stock and warrants, the private placement of preferred stock and convertible notes, commercial bank debt and revenues from collaboration activities and grants. We have never been profitable and have incurred net losses in each year since inception. Substantially all of our net losses resulted from costs incurred in connection with our research and development programs and from general and administrative c ITEM 1. Business Overview We are a clinical-stage biopharmaceutical company dedicated to bringing a transformative pipeline of off-the-shelf cellular immunotherapies to patients. We have pioneered a therapeutic approach that we generally refer to as cellular programming: we create and engineer human induced pluripotent stem cells (iPSCs) to incorporate novel synthetic controls of cell function; after the engineering step that incorporates multiple functional elements into the iPSCs, we generate a clonal master iPSC line for use as a renewable source of starting material for the manufacture of cell therapies; through the manufacturing process, we direct the fate of the clonal master iPSC line to produce our cell therapy product candidates that are uniform in composition. Analogous to master cell lines used to manufacture biopharmaceutical drug products such as monoclonal antibodies, we believe our proprietary clonal master iPSC lines can be used to mass produce multiplexed-engineered, cellular immunotherapies which have off-the-shelf and on-demand availability, and that can be administered alone or in combination with standard-of-care therapies, to make cell therapies accessible to all. Utilizing our iPSC product platform, we are developing off-the-shelf, multiplexed-engineered T-cell and natural killer (NK) cell product candidates which are selectively designed and incorporate novel synthetic controls of cell function to uniquely enhance the therapeutic capacity of the drug product to deliver multiple therapeutic mechanisms to patients. We have a pipeline of iPSC-derived, chimeric antigen receptor (CAR)-targeted T-cell and NK cell product candidates currently under development: Our Approach The use of human cells as therapeutic entities has disease-transforming potential across a broad spectrum of severe, life-threatening diseases. One particular form of cell therapy, CAR T-cell therapy, has emerged as a revolutionary and potentially curative treatment for pat Item 1A. Risk Factors You should carefully consider the following risk factors, as well as the other information in this Annual Report on Form 10-K, and in our other public filings. The occurrence of any of these risks could harm our business, financial condition, results of operations a", "title": "FATE - FATE THERAPEUTICS INC", "url": "/company/FATE/" }, { "kind": "company", "summary": "SIC 5990 Retail-Retail Stores, NEC; CIK 0001826470; latest 10-K filed 2026-03-13.", "text": "WOOF - Petco Health & Wellness Company, Inc. SIC 5990 Retail-Retail Stores, NEC; CIK 0001826470; latest 10-K filed 2026-03-13. WOOF Petco Health & Wellness Company, Inc. 0001826470 5990 Retail-Retail Stores, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the accompanying notes included elsewhere in this Annual Report on Form 10-K. The discussion and analysis below contains certain forward-looking statements about our business and operations that are subject to the risks, uncertainties, and other factors described in the section entitled \u201cRisk Factors,\u201d included in Part I, Item 1A, and elsewhere in this Annual Report on Form 10-K. These risks, uncertainties, and other factors could cause our actual results to differ materially from those expressed in, or implied by, the forward-looking statements. The risks described in documents we file from time to time with the U.S. Securities and Exchange Commission (the \u201cSEC\u201d), including the sections entitled \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d in this Annual Report on Form 10-K, should be carefully reviewed. Overview Petco Health and Wellness Company, Inc. (\u201cPetco\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cour\u201d and \u201cus\u201d) is a leading pet specialty retailer focused on improving the lives of pets, pet parents, and our own partners. We nurture the pet-human bond in the aisles of more than 1,500 Petco stores across the U.S., Mexico, Puerto Rico, and Chile. Our multicategory strategy integrates our digital assets with our nationwide physical footprint to meet the needs of pet parents who are looking for a single source for all their pets\u2019 needs. Petco.com, our e-commerce site, and the Petco app, our personalized mobile app, together serve as hubs for pet parents to book appointments and manage all of their pets\u2019 needs, while enabling them to shop wherever, whenever, and however they want. We are focused on continually improving both our digital capabilities as well as our membership offering. We strive to be a company that is improving millions of pet lives as well as the lives of pet parents and the partners who work for us. In tandem with Petco Love, an independent 501(c)(3) nonprofit organization, we work with and support thousands of local animal welfare groups nationwide and, through these partnerships and in-store adoption events, we have helped find homes for over 7 million animals. Our product offering leverages a broad assortment of national brands, owned brands, and exclusive merchandise, providing customers with a wide variety of nutritional options at a range of price points. Our product offering is complemented by a wide variety of pet care supplies and companion animals. We integrate our product offering with our services business, comprised of veterinary care, grooming, and training, with a focus on treating the whole pet, including their physical, mental, and social well-being. Further enhancing the customer experience, our over 26,000 knowledgeable, passionate partners in our pet care centers provide important high-quality advice to our customers. Macroeconomic factors, including interest rates, potential inflationary pressures, supply chain constraints, tariffs, and global economic and geopolitical developments, including geopolitical conflicts and tensions, have had varying impacts on our results of operations that are difficult to isolate and quantify. We cannot predict the duration or ultimate severity of these macroeconomic factors or the ultimate impact on our operations and liquidity. Please refer to the risk factors in Part I, Item 1A, \"Risk Factors\" of this Form 10-K. How We Assess the Performance of Our Business In assessing our performance, we consider a variety of performance and financial measures including the following: Comparable Sales Comparable sales is an important measure throughout the retail industry and includes both retail and digital sales of products and services. A new location or digital site is included in comp Item 1. Business. Our Company Founded in 1965, Petco is a leading pet specialty retailer focused on improving the lives of pets, pet parents, and our own Petco partners. Building on more than 60 years of service to pets and the people who love and care for them, we serve our customers as a fully-integrated, omnichannel provider of pet products, services, and solutions. Our ecosystem provides our customers with a comprehensive offering of products and services to fulfill all their pets\u2019 needs through our approximately 1,400 pet care centers across the United States and Puerto Rico, our digital channel, and our flexible fulfillment options. Additionally, we operate approximately 150 pet care centers in Mexico and 2 in Chile through a joint venture. Our product offering leverages a broad assortment of national brands, owned brands, and exclusive merchandise, providing customers with a wide variety of nutritional options at a range of price points. Our product offering is complemented by a wide variety of pet care supplies and companion animals. In addition, our owned product assortment, including WholeHearted, Reddy, So Phresh, and Well & Good, serves as a significant driver of sales, customer loyalty, and repeat purchasing and was a meaningful contributor to enterprise sales in fiscal 2025. We integrate our product offering with our services business, comprised of veterinary care, grooming, and training, with a focus on treating the whole pet, including their physical, mental, and social well-being. As of January 31, 2026, we had approximately 300 full service veterinary hospitals in our network and operated approximately 1,600 Vetco clinics on a weekly basis. We are able to benefit from certain structural advantages compared to stand-alone veterinary care providers by integrating our hospitals into existing pet care centers. This provides additional basket opportunities and allows for, among other things, data sharing advantages across our ecosystem. Our strateg Item 1A. Risk Factors. Investing in our securities involves uncertainty and risk due to a variety of factors. You should carefully consider the risks described below with all of the other information included in this Annual Report on Form 10-K. Statements in this section are based on the Company\u2019s bel", "title": "WOOF - Petco Health & Wellness Company, Inc.", "url": "/company/WOOF/" }, { "kind": "company", "summary": "SIC 7310 Services-Advertising; CIK 0001377630; latest 10-K filed 2026-02-26.", "text": "NCMI - National CineMedia, Inc. SIC 7310 Services-Advertising; CIK 0001377630; latest 10-K filed 2026-02-26. NCMI National CineMedia, Inc. 0001377630 7310 Services-Advertising Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations As discussed in the forepart of this report, some of the information in this Annual Report on Form 10-K includes \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d). All statements other than statements of historical facts included in this Form 10-K, including, without limitation, certain statements under \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d may constitute forward-looking statements. In some cases, you can identify these \u201cforward-looking statements\u201d by the specific words, including but not limited to \u201cmay,\u201d \u201cshould,\u201d \u201cexpects,\u201d \u201cplans,\u201d \u201canticipates,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cpredicts,\u201d \u201cpotential\u201d or \u201ccontinue\u201d or the negative of those words and other comparable words. These forward-looking statements involve risks and uncertainties. The following discussion and analysis should be read in conjunction with our historical financial statements and the related notes thereto included elsewhere in this document. In the following discussion and analysis, the term net income refers to net income attributable to NCM, Inc. This following section of this Form 10-K generally discusses fiscal 2025 and fiscal 2024 items and year-to-year comparisons between fiscal 2025 and fiscal 2024. Discussions of fiscal 2023 items and year-to-year comparisons between fiscal 2024 and fiscal 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 26, 2024. 34 Overview National CineMedia is the largest cinema advertising platform in the U.S. With unparalleled reach and scale, NCM connects brands to sought-after young, diverse audiences through the power of movies and pop culture. A premium video, full-funnel marketing solution for advertisers, NCM enhances marketers\u2019 ability to measure and drive results. We currently derive revenue principally from the sale of advertising to national, regional and local businesses in The Noovie\u00ae Show, our cinema advertising and entertainment show seen on movie screens across the U.S. within the NCM Network, and the Cinelife\u00ae Show within the Spotlight Cinema Network. We present multiple formats of The Noovie\u00ae Show and Cinelife\u00ae Show depending on the theater circuit in which it runs, with almost all theater circuits including Post-Showtime advertising inventory after the advertised showtime. The movie trailers presented by the theater circuits that run before the feature film are not part of our preshows. We also sell advertising on our LEN, a series of strategically-placed screens located in movie theater lobbies, as well as other forms of advertising, promotions and experiences in theater lobbies. In addition, we sell digital advertising through the NCMx\u2122 suite of products and through our Noovie digital properties. We also sell advertising across a variety of complementary out of home venues. In combination, our multimedia advertising connects brands with audiences across all screens, both in theaters and beyond, before, during and after their moviegoing experience. We have long-term ESAs (approximately 15.6 weighted average years) with the ESA Parties and multi-year agreements with network affiliates, which expire at various dates between March 31, 2026 and July 13, 2033, with our largest affiliate agreement expiring on July 13, 2033. The weighted average remaining term of the ESAs and the network affiliate agreements is 11.8 years as of January 1, 2026. The ESAs and network affiliate agreements grant NCM LLC exclusive rights in their theaters to sell advertising, subject to limited exceptions. Our advertising preshows and LEN programming are dis Item 1. Business The Company National CineMedia is the largest cinema advertising platform in the U.S. With unparalleled reach and scale, NCM connects brands to sought-after young, diverse audiences through the power of movies and pop culture. A premium video, full-funnel marketing solution for advertisers, NCM enhances advertisers\u2019 ability to measure and drive results. NCM\u2019s Noovie\u00ae Show is presented exclusively in 41 leading national and regional theater circuits including all three national chains, AMC, Cinemark and Regal. NCM\u2019s cinema advertising platform consists of more than 17,000 screens in over 1,300 theaters in 184 Designated Market Areas\u00ae (\u201cDMA\u00ae\u201d), including all of the top 50. In November of 2025, NCM extended its reach by acquiring Spotlight and the Spotlight Cinema Network, a U.S. cinema advertising company dedicated to serving art house, luxury and dine-in exhibitors. Spotlight and the Spotlight Cinema Network presents the CineLife\u00ae Show exclusively in 108 leading national and regional theater circuits consisting of more than 1,200 screens in over 200 theaters. We derive revenue primarily from selling advertising to national, regional and local businesses through The Noovie Show and the CineLife Show, our cinema advertising and entertainment shows seen on movie screens across the U.S. Additionally, we generate revenue from the Lobby Entertainment Network or LEN, a series of strategically-placed screens located in movie theater lobbies, as well as other promotional opportunities in theater lobbies. Beyond the theater, we extend our advertising reach through our NCMx\u2122 suite of products, leveraging omnichannel retargeting across our owned digital properties, partnerships with third-party digital publishers and platforms, CTV and a variety of complementary out-of-home venues, such as convenience stores and college campuses, to engage entertainment audiences beyond the theater. The Company has long-term ESAs with the ESA Parties and multi-year agreement Item 1A. Risk Factors Ownership of the common stock and other securities of the Company involves certain risks. You should carefully consider the following material risks and other information in this document, including our historical financial statements and related notes included herein. The material risks and uncertainties des", "title": "NCMI - National CineMedia, Inc.", "url": "/company/NCMI/" }, { "kind": "company", "summary": "SIC 3559 Special Industry Machinery, NEC; CIK 0001828962; latest 10-K filed 2026-03-04.", "text": "CRCT - Cricut, Inc. SIC 3559 Special Industry Machinery, NEC; CIK 0001828962; latest 10-K filed 2026-03-04. CRCT Cricut, Inc. 0001828962 3559 Special Industry Machinery, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Annual Report. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results could differ materially from these forward-looking statements as a result of many factors, including those discussed in the sections titled \u201cRisk Factors\u201d and \u201cNote Regarding Forward-Looking Statements.\u201d A discussion regarding our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our annual report on Form 10-K filed on March 5, 2025, which is hereby incorporated by reference herein. Overview of Our Business and History At Cricut, our mission is to help people lead creative lives. We have designed and built a creativity platform that enables our engaged and loyal community of nearly 5.9 million Active Users to turn ideas into professional-looking handmade goods. We define \u201cActive User\u201d as a registered user of at least one registered connected machine who has utilized their connected machine to create a project in the last 365 days. With our highly versatile Design Space Platform and our products, including our connected machines and accessories and materials, our users create everything from personalized birthday cards, mugs and T-shirts, to large-scale interior decorations. Our users\u2019 journeys typically begin with the purchase of a connected machine. We currently sell a portfolio of connected machines that cut, write, score and create other decorative effects using a wide variety of materials including paper, adhesive vinyl, iron-on vinyl, pens, and more. Our connected machines are designed in a variety of sizes for a wide range of uses and are available at a variety of price points and in a variety of bundles with accessories and materials, or with accessories and materials plus subscription. Our platform integrates our design apps and connected machines, allowing our users to create and share seamlessly. Our software is cloud-based, meaning that users can access and work on their projects anywhere, at any time, across desktops or mobile devices. We enable our users to be inspired, to create and share projects with the Cricut community and to follow others doing the same. On our platform, users can find inspiration, purchase or upload content like fonts and images, design a project from scratch or find a vast array of ready-to-make projects. Users can leverage the full power of our platform by using our connected machines together with our free design apps, in-app purchases and subscription offerings to design and complete projects. All users can access a select number of free images, fonts and projects from our design apps or upload their own. In addition, we offer a wider selection of images, fonts and projects for purchase \u00e0 la carte, including licensed content from partners with well-known brands and characters, like major motion picture studios. We also have two subscription offerings: \u2022Cricut Access: Provides a subscription to images, fonts and projects as well as other member benefits, including exclusive software features and functionality, discounts, and priority Cricut Member Care. Cricut Access is billed monthly for $9.99 per month or annually for $95.88 per year. \u2022Cricut Access Premium: Includes all of the benefits of Cricut Access as well as additional discounts and preferred shipping and is billed annually for $119.88 per year. As of December 31, 2025, we had just over 3.09 million Paid Subscribers to Cricut Access and Cricut Access Premium. We design Item 1. Business Overview At Cricut, our mission is to help people lead creative lives. Our creativity platform enables our engaged and loyal community of nearly 5.9 million Active Users, as of December 31, 2025, to turn ideas into DIY goods from custom greeting cards and apparel to on-demand gifts and large-scale decor. We designed and built our ecosystem of connected cutting machines, accessories, and materials for scalability and seamless integration, allowing us to both introduce new products as well as continuously update the functionality and features of existing physical and digital products. This makes Cricut broadly extensible and empowers our users to unlock ever-expanding creative potential. The Cricut platform centers around our cloud-based app, Cricut Design Space, giving users access to create and work on their projects anywhere, at any time, across desktop and mobile devices. This software aggregates billions of data points of our users\u2019 interactions, giving us valuable insights into their preferences and behaviors that enable us to continuously optimize our products and drive further engagement. As a result, our business model is characterized by strong user engagement and diversified sales across product categories. We extend the inspiring and intuitive nature of our platform to our hardware with connected machines that are both beautiful and easy to use. Our portfolio of connected machines cuts, writes, scores, and creates decorative effects for a wide range of use cases on an array of materials including paper, adhesive vinyl, iron-on vinyl, wood, and leather. These machines are available at a variety of sizes and price points and in a variety of bundles with accessories and materials, or with accessories and materials plus subscription. Cricut often becomes a huge part of users\u2019 creative lives, serving as the foundation for their journey of creativity. These journeys typically begin with an idea of something to make, leading to the purchase Item 1A. Risk Factors Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including in the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition ", "title": "CRCT - Cricut, Inc.", "url": "/company/CRCT/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001074902; latest 10-K filed 2026-03-11.", "text": "LCNB - LCNB CORP SIC 6021 National Commercial Banks; CIK 0001074902; latest 10-K filed 2026-03-11. LCNB LCNB CORP 0001074902 6021 National Commercial Banks Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Introduction This discussion and analysis of the consolidated financial condition and consolidated results of operations of LCNB is intended to amplify certain financial information regarding LCNB and should be read in conjunction with the consolidated financial statements and related notes thereto contained in this Annual Report to Shareholders on Form 10-K. Overview Net income for 2025 was $23.1 million (basic and diluted earnings per share of $1.63), compared to $13.5 million (basic and diluted earnings per share of $0.97) in 2024 and $12.6 million (basic and diluted earnings per share of $1.10) in 2023. The following items affected financial position and results of operations for the years indicated: [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Cincinnati Bancorp, Inc. merged with and into LCNB Corp. on November 1, 2023 and Eagle Financial Bancorp, Inc. merged with and into LCNB Corp. on April 12, 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Merger related expenses connected with the above two acquisitions totaled $3.4 million and $4.7 million during 2024 and 2023, respectively.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Net interest income in 2025 was $70.2 million, compared to $60.8 million in 2024 and $56.3 million 2023.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"The provision for credit losses in 2025 totaled $1.9 million, compared to a provision of $2.0 million for 2024 and $2.1 for 2023. Included in the provision for credit losses for 2025 was a $1.4 million provision to fully reserve against two commercial and industrial loans made to the same borrower. Included in the provision for 2024 was a $763 thousand provision related to loans acquired through the Eagle Financial Bancorp acquisition that were not considered purchased with credit deterioration (\\\"non-PCD loans\\\"). A comparable provision of $1.7 million was recognized on non-PCD loans acquired through the Cincinnati Bancorp acquisition in 2023.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Net gains from sales of loans totaled $2.9 million in 2025, $3.4 million in 2024, and $697 thousand in 2023. Gains were higher in 2024 primarily due to the volume of loans sold.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Other non-interest expense for 2025 included $265 thousand in impairment charges on a closed office building held-for-sale. Other non-interest expense for 2024 and 2023 were partially offset by gains recognized on the sales of closed office buildings of $455 thousand and $425 thousand, respectively. The offices were closed as a result of LCNB's branch consolidation strategy.\"]] [[/GREPCENT_TABLE]] Net Interest Income LCNB's primary source of earnings is net interest income, which is the difference between earnings from loans and other investments and interest paid on deposits and other liabilities. The following table presents, for the years indicated, average balances for interest-earning assets and interest-bearing liabilities, the income or expense related to each item, and the resulting average yields earned or rates paid. -29- Table of Contents LCNB CORP. AND SUBSIDIARIES Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued) [[GREPCENT_TABLE]] [[\"\",\"\",\"Years ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"\",\"\",\"Average\",\"\",\"\",\"Interest\",\"\",\"\",\"Average\",\"\",\"\",\"Average\",\"\",\"\",\"Interest\",\"\",\"\",\"Average\",\"\",\"\",\"Average\",\"\",\"\",\"Interest\",\"\",\"\",\"Average\"],[\"\",\"\",\"Outstanding\",\"\",\"\",\"Earned/\",\"\",\"\",\"Yield/\",\"\",\"\",\"Outstanding\",\"\",\"\",\"Earned/\",\"\",\"\",\"Yield/\",\"\",\"\",\"Outstanding\",\"\",\"\",\"Earned/\",\"\",\"\",\"Yield/\"],[\"\",\"\",\"Balance\",\"\",\"\",\"Paid\",\"\",\"\",\"Rate\",\"\",\"\",\"Balance\",\"\",\"\",\"Paid\",\"\",\"\",\"Rate\",\"\",\"\",\"Balance\",\"\",\"\",\"Paid\",\"\",\"\",\"Rate\"],[\"\",\"\",\"(Dollars in thousands)\"],[\"Loans (1)\",\"\",\"$\",\"1,705,520\",\"\",\"\",\"$\",\"94,313\",\"\",\"\",\"\" Item 1. Business FORWARD-LOOKING STATEMENTS Certain statements made in this document regarding LCNB\u2019s financial condition, results of operations, plans, objectives, future performance and business, are \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by the fact they are not historical facts and include words such as \u201canticipate\u201d, \u201ccould\u201d, \u201cmay\u201d, \u201cfeel\u201d, \u201cexpect\u201d, \u201cbelieve\u201d, \u201cmight\u201d, \u201cplan\u201d, and similar expressions. These forward-looking statements reflect management's current expectations based on all information available to management and its knowledge of LCNB\u2019s business and operations. Additionally, LCNB\u2019s financial condition, results of operations, plans, objectives, future performance and business are subject to risks and uncertainties that may cause actual results to differ materially. These factors include, but are not limited to: [[GREPCENT_TABLE]] [[\"\",\"1.\",\"the success, impact, and timing of the implementation of LCNB\\u2019s business strategies;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"2.\",\"LCNB\\u2019s ability to integrate recent and future acquisitions may be unsuccessful, or may be more difficult, time-consuming, or costly than expected;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"3.\",\"LCNB may incur increased loan charge-offs in the future and the allowance for credit losses may be inadequate;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"4.\",\"LCNB may face competitive loss of customers to both bank and nonbank financial institutions;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"5.\",\"changes in the interest rate environment, either by interest rate increases or decreases, may have results on LCNB\\u2019s operations materially different from those anticipated by LCNB\\u2019s market risk management functio Item 1A. Risk Factors There are risks inherent in LCNB\u2019s operations, many beyond management\u2019s control, which may adversely affect its financial condition and results from operations and should be considered in evaluating the Company. Credit, market, operational, liquidity, interest rate and other risks are described elsewhere in this report. Other risk factors may includ", "title": "LCNB - LCNB CORP", "url": "/company/LCNB/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0000935419; latest 10-K filed 2026-03-19.", "text": "RICK - RCI HOSPITALITY HOLDINGS, INC. SIC 5812 Retail-Eating Places; CIK 0000935419; latest 10-K filed 2026-03-19. RICK RCI HOSPITALITY HOLDINGS, INC. 0000935419 5812 Retail-Eating Places Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. OVERVIEW The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help the reader understand RCI Hospitality Holdings, Inc., our operations and our present business environment. MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying notes thereto contained in Item 8 \u2013 \u201cFinancial Statements and Supplementary Data\u201d of this report. This overview summarizes the MD&A, which includes the following sections: \u2022Our Business \u2014 a general description of our business and the adult nightclub industry, our objective, our strategic priorities, our core capabilities, and challenges and risks of our business. \u2022Critical Accounting Policies and Estimates \u2014 a discussion of accounting policies that require critical judgments and estimates. \u2022Operations Review \u2014 an analysis of our Company\u2019s consolidated results of operations for the three years presented in our consolidated financial statements. \u2022Liquidity and Capital Resources \u2014 an analysis of cash flows, aggregate contractual obligations, and an overview of financial position. OUR BUSINESS The following are our operating segments: [[GREPCENT_TABLE]] [[\"Nightclubs\",\"Our wholly-owned subsidiaries own and/or operate upscale adult nightclubs. These nightclubs are in Houston, Austin, San Antonio, Dallas, Fort Worth, Beaumont, Longview, Harlingen, Edinburg, Tye, Lubbock, Round Rock, El Paso and Odessa, Texas; Central City and Denver, Colorado; Charlotte and Raleigh, North Carolina; Minneapolis, Minnesota; New York and Newburgh, New York; Miami Gardens, Pembroke Park and Miami, Florida; Pittsburgh and Allentown, Pennsylvania; Phoenix, Arizona; Louisville, Kentucky; Portland, Maine; Indianapolis, Indiana; Washington Park, Kappa, Sauget and Chicago, Illinois; Inkster, Michigan; and West Columbia, South Carolina. No sexual contact is permitted at any of our locations. We also own and operate a Studio 80 dance club in Fort Worth, Texas. We also own and lease to third parties real properties that are adjacent to (or used to be locations of) our clubs.\"],[\"Bombshells\",\"Our wholly-owned subsidiaries own and operate restaurants and sports bars in Houston, Dallas, Pearland, Tomball, Katy, Arlington, Stafford, and Lubbock, Texas, and Denver, Colorado, under the brand name Bombshells Restaurant & Bar.\"],[\"Other\",\"Our wholly-owned subsidiaries own a media division (\\u201cMedia Group\\u201d), including the leading trade magazine serving the multibillion-dollar adult nightclubs industry and the adult retail products industry. We also own an industry trade show, an industry trade publication and more than a dozen industry and social media websites. Included here is Drink Robust, which is licensed to sell Robust Energy Drink in the United States.\"]] [[/GREPCENT_TABLE]] We generate our revenues from the sale of liquor, beer, wine, food, and merchandise; service revenues such as cover charges, membership fees, and facility use fees; and other revenues such as commissions from vending and ATM machines, real estate rental, valet parking, and other products and services for both nightclub and restaurant/sports bar operations. Other revenues include Media Group revenues for the sale of advertising content and revenues from our annual Expo convention, and Drink Robust sales. Our fiscal year-end is September 30. 31 Table of Contents Upon initial adoption of ASU 2023-07 for the annual reporting period ended September 30, 2025 (see Note 2 to our consolidated financial statements), certain previously reported segment information have changed. There were no changes in consolidated amounts. Segment-related discussions and analyses in the MD&A relate to amounts exclusive of intersegment items. Same-Store Sales. We calculate same-store sales by comparing year-over-year revenues from n Item 1. BUSINESS. OUR COMPANY RCI Hospitality Holdings, Inc. is a holding company that, through its subsidiaries, engages in businesses that offer live adult entertainment and/or high-quality dining experiences to its guests. Our subsidiaries operated 71 establishments in 15 states as of September 30, 2025, including one club that was temporarily closed due to fire damage and one for rebranding. Together with its subsidiaries, RCI Hospitality Holdings, Inc. is collectively referred to as \u201cRCIHH,\u201d \"RCI,\" the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d in this report. We also operate a leading business communications company serving the multibillion-dollar adult nightclubs industry. RCIHH was incorporated in the State of Texas in 1994 and became public in 1995. Our fiscal year ends on September 30. References to years 2025, 2024, and 2023 are for fiscal years ended September 30, 2025, 2024, and 2023, respectively. Our fiscal quarters chronologically end on December 31, March 31, June 30 and September 30. OUR BUSINESS Our subsidiaries operate several businesses, which we aggregate for financial reporting purposes into two reportable segments \u2013 Nightclubs and Bombshells. Businesses that are not included as Nightclubs or Bombshells are combined as \u201cOther.\u201d We adopted Accounting Standards Update 2023-07, Segment Reporting, as of September 30, 2025. Segment-related disclosures, except for those in Note 4 to our consolidated financial statements, relate to amounts exclusive of intersegment items. During fiscal 2025, 2024, and 2023, consolidated revenues were $279.4 million, $295.6 million, and $293.8 million, respectively, generating diluted earnings per share of $1.23, $0.33, and $3.13, respectively. The table below shows the number of Nightclubs and Bombshells open by state as of September 30, 2025: [[GREPCENT_TABLE]] [[\"\",\"Nightclubs\",\"\",\"Bombshells\",\"\",\"Total\"],[\"Arizona\",\"1\",\"\",\"\\u2014\",\"\",\"1\"],[\"Colorado\",\"6\",\"\",\"1\",\"\",\"7\"],[\"Florida\",\"4\",\"\",\"\\u2014\",\"\",\"4\"],[\"Illinois\",\" Item 1A. RISK FACTORS. An investment in our common stock involves a high degree of risk. You should carefully consider the risks described below before deciding to purchase shares of our common stock. If any of the events, contingencies, circumstances or conditions described in the risks below actually occurs, our business, financ", "title": "RICK - RCI HOSPITALITY HOLDINGS, INC.", "url": "/company/RICK/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001677703; latest 10-K filed 2026-02-19.", "text": "CNDT - CONDUENT Inc SIC 7389 Services-Business Services, NEC; CIK 0001677703; latest 10-K filed 2026-02-19. CNDT CONDUENT Inc 0001677703 7389 Services-Business Services, NEC ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis (\"MD&A\") is intended to provide a reader of our financial statements with a narrative from the perspective of management on our financial condition, results of operations, liquidity, and certain other factors that may affect our future results. Unless otherwise noted, transactions and other factors significantly impacting our financial condition, results of operations and liquidity are discussed in order of magnitude. Our MD&A is presented in seven sections: \u2022Overview; \u2022Financial Information; \u2022Metrics; \u2022Capital Resources and Liquidity; \u2022Critical Accounting Estimates and Policies; \u2022Recent Accounting Changes; and \u2022Non-GAAP Financial Measures. This MD&A is provided as a supplement to, and should be read in conjunction with, our Consolidated Financial Statements and the accompanying notes in this Form 10-K for the year ended December 31, 2025. This MD&A provides additional information about our operations, current developments, financial condition, cash flows and results of operations. The year-over-year comparisons in this MD&A are as of and for the years ended December 31, 2025 and 2024, unless stated otherwise. The discussion of 2023 items and related year-over-year comparisons as of and for the years ended December 31, 2024 and 2023 are found in Item 7 of Part II of our Form 10-K for the year ended December 31, 2024. Throughout the MD&A, we refer to various notes to our Consolidated Financial Statements which appear in Item 8 of this Form 10-K, and the information contained in such notes is incorporated by reference into the MD&A in the places where such references are made. Overview We deliver digital business solutions and services spanning the commercial, government and transportation spectrum \u2013 creating valuable outcomes for our clients and the millions of people who count on them. We leverage cloud computing, artificial intelligence (\"AI\"), machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 51,000 associates, process expertise and advanced technologies, our solutions and services digitally transform our clients\u2019 operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Headquartered in Florham Park, New Jersey, we have operations in 24 countries as of December 31, 2025. In 2025, approximately 16% of our revenue was generated outside the U.S. Our reportable segments correspond to how we organize and manage the business and are aligned to the industries in which our clients operate. These three segments are: \u2022Commercial \u2013 Our Commercial segment provides business process services that span our clients' business processes end-to-end from the front-office to the back-office for a variety of commercial industries. These solutions are both cross-industry and industry-specific in nature. Across the Commercial segment, we operate on our clients\u2019 behalf to deliver mission-critical solutions and services to reduce costs, improve efficiencies and enable revenue growth for our clients and deliver better experiences for their consumers and employees. [[GREPCENT_TABLE]] [[\"\",\"\",\"CNDT 2025 Annual Report\"]] [[/GREPCENT_TABLE]] 31 Table of Contents \u2022Government \u2013 Our Government segment provides government-centric services and solutions to U.S. federal, state, local and foreign governments for public assistance, healthcare programs and administration, transaction processing, eligibility and enrollment processing, payment services and case management. In this segment, we help governments respond to changing rules for eligibility and keep pace with increasing citizen expectations, modernize legacy technology systems, combat benefits fraud and adapt to an evolving regulatory environment. \u2022Transportation \u2013 Our Transportation segment provides governm ITEM 1. BUSINESS In this Form 10-K, unless the content otherwise dictates, \"Conduent\", the \"Company\", \"we\" or \"our\" mean Conduent Incorporated and its consolidated subsidiaries. Our Business We deliver digital business solutions and services spanning the commercial, government and transportation spectrum \u2013 creating valuable outcomes for our clients and the millions of people who count on them. We leverage cloud computing, artificial intelligence (\"AI\"), machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 51,000 associates, process expertise and advanced technologies, our solutions and services digitally transform our clients\u2019 operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent is a diverse, global company with a portfolio of assets spanning both the commercial and public sectors. Our unique set of solutions and services are utilized by some of the largest corporations, governments and public sector agencies across multiple industries and geographies to deliver end-user excellence at scale and business process efficiencies with state-of-the-art, proprietary technology. Each day, our solutions and services interact in the lives of millions of people in many ways - from safer, more seamless commutes with reduced congestion to streamlined benefits enrollment, documents management, customer experiences and government healthcare claims. Conduent\u2019s uniqueness, loyalty and dedication to service make for a future of robust value creation and growth. Our commercial portfolio includes technology-led solutions driving efficiencies and enhanced end-user experiences across multiple industries in attractive growth markets, including customer experience management, finance and accounting, digital and document solutions, banking, healthcare and human capital solutions. In the commercial market, competitive pressures are driving d ITEM 1A. RISK FACTORS Business, Economic, Market and Operational Risks Our government contracts are subject to appropriation of funds, termination rights, audits and investigations, which, if exercised, could negatively impact our reputation and reduce our ability to compete for new contracts. A significant portion of our revenues is derived from co", "title": "CNDT - CONDUENT Inc", "url": "/company/CNDT/" }, { "kind": "company", "summary": "SIC 2750 Commercial Printing; CIK 0001481792; latest 10-K filed 2026-02-18.", "text": "QUAD - Quad/Graphics, Inc. SIC 2750 Commercial Printing; CIK 0001481792; latest 10-K filed 2026-02-18. QUAD Quad/Graphics, Inc. 0001481792 2750 Commercial Printing Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of the financial condition and results of operations of Quad should be read together with Quad\u2019s audited consolidated financial statements for each of the two years in the period ended December 31, 2025, including the notes thereto, included in Part II, Item 8, \u201cFinancial Statements and Supplementary Data,\u201d of this Annual Report on Form 10-K. This discussion contains forward-looking statements that reflect the Company\u2019s plans, estimates and beliefs. The Company\u2019s actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed in \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and Part I, Item 1A, \u201cRisk Factors,\u201d included earlier within this Annual Report on Form 10-K. Management\u2019s discussion and analysis of financial condition and results of operations is provided as a supplement to the Company\u2019s consolidated financial statements and accompanying notes to help provide an understanding of the Company\u2019s financial condition, the changes in the Company\u2019s financial condition and the Company\u2019s results of operations. This discussion and analysis is organized as follows: \u2022Overview. This section includes a general description of the Company\u2019s business and segments, an overview of key performance metrics the Company\u2019s management measures and utilizes to evaluate business performance, and an overview of trends affecting the Company, including management\u2019s actions related to the trends. \u2022Results of Operations. This section contains an analysis of the Company\u2019s results of operations by comparing the results for the year ended December 31, 2025, to the year ended December 31, 2024. The comparability of the Company\u2019s results of operations between periods was impacted by the divestiture of the Company's European operations, which were sold on February 28, 2025, and the acquisition of the Enru co-mail assets, which were acquired on April 1, 2025. The results of operations of the divested operations are included in the Company\u2019s consolidated results until the date of disposition and the results of operations of the acquired operations are included in the Company\u2019s consolidated results from the date of acquisition. Forward-looking statements providing a general description of recent and projected industry and Company developments that are important to understanding the Company\u2019s results of operations are included in this section. This section also provides a discussion of EBITDA and EBITDA margin, financial measures that the Company uses to assess the performance of its business that are not prepared in accordance with accounting principles generally accepted in the United States of America (\u201cGAAP\u201d). \u2022Liquidity and Capital Resources. This section provides an analysis of the Company\u2019s capitalization, cash flows and a discussion of outstanding debt and commitments. Forward-looking statements important to understanding the Company\u2019s financial condition are included in this section. This section also provides a discussion of Free Cash Flow and Net Debt Leverage Ratio, non-GAAP financial measures that the Company uses to assess liquidity and capital allocation and deployment. \u2022Critical Accounting Policies and Estimates. This section contains a discussion of the accounting policies that the Company\u2019s management believes are important to the Company\u2019s financial condition and results of operations, as well as allowances and reserves that require significant judgment and estimates on the part of the Company\u2019s management. In addition, all of the Company\u2019s significant accounting policies, including critical accounting policies, are summarized in Note 1, \u201cBasis of Presentation and Summary of Significant Accounting Policies,\u201d to the consolidated financial statements in Part II, Ite Item 1. Business Overview Quad is a marketing experience (MX) company that simplifies the complexities of marketing, removing friction from wherever it occurs along the marketing journey. Its results-driven approach enables stronger marketing operations that lead to real, repeatable success for clients. The Company does this through its MX Solutions Suite, which is flexible, scalable and connected. Quad tailors its solutions to each client\u2019s objectives, driving cost efficiencies, improving speed to market, strengthening marketing effectiveness and delivering value on investments. Quad\u2019s footprint spans 10 countries, with 71 global facilities inclusive of 33 manufacturing and distribution facilities. The Company supports a diverse base of approximately 2,100 clients, including industry-leading blue-chip companies that serve both businesses and consumers across multiple industry verticals, with a particular focus on commerce, including retail, consumer packaged goods and direct-to-consumer; financial services; and health. Quad prides itself on its long-standing relationships, with its largest clients averaging more than 25 years in duration. In 2025, its 10 largest clients accounted for approximately 21% of consolidated sales, with none representing more than 5% individually. Quad was founded in Pewaukee, Wisconsin, as a Wisconsin corporation, in 1971 by the late Harry V. Quadracci. For many years, the Company operated as Quad/Graphics and focused on commercial printing. It grew rapidly and built a premier print manufacturing and distribution platform. Beginning in 2018, the Company accelerated its transformation to an MX company through strategic investments in marketing services, talent and technology, and, in 2019, evolved its brand from Quad/Graphics to Quad. Today, Quad is one of the nation\u2019s largest marketing services providers. With the strength of its Rise media agency and its Betty creative agency, Quad ranks as one of the largest agency companies in t Item 1A. Risk Factors You should carefully consider each of the risks described below, together with all of the other information contained in this Annual Report on Form 10-K, before making an investment decision with respect to Quad\u2019s securities. If any of the following risks develop into actual events, the Company\u2019s business, financial condition ", "title": "QUAD - Quad/Graphics, Inc.", "url": "/company/QUAD/" }, { "kind": "company", "summary": "SIC 8731 Services-Commercial Physical & Biological Research; CIK 0000070487; latest 10-K filed 2026-03-05.", "text": "NRC - NRC HEALTH SIC 8731 Services-Commercial Physical & Biological Research; CIK 0000070487; latest 10-K filed 2026-03-05. NRC NRC HEALTH 0000070487 8731 Services-Commercial Physical & Biological Research Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides a summary of significant factors relevant to our financial performance and condition. It should be read in conjunction with the consolidated financial statements and accompanying notes included in Part II, Item 8 of this Form 10-K. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Form 10-K and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview Our purpose is to humanize healthcare and support organizations in their understanding of each unique individual. Our commitment to Human Understanding\u00ae helps leading healthcare systems improve their operations through understanding each person they serve not as point-in-time insights, but as an ongoing relationship. Our end-to-end solutions enable our customers to understand what matters most to each person they serve \u2013 before, during, after, and beyond clinical encounters \u2013 to gain a longitudinal understanding of how life and health intersect, with the goal of developing lasting, trusting relationships. Our ability to measure what matters most and systematically capture, analyze, and deliver insights based on self-reported information from patients, families, and consumers is critical in today\u2019s healthcare market. We believe access to, analysis of, and acting on our extensive individual-driven information is increasingly valuable as healthcare providers need to better understand and engage the people they serve to create long-term relationships, build loyalty, and improve processes. Our portfolio of subscription-based solutions provides actionable information and analysis to healthcare organizations across a range of mission-critical, constituent-related elements, including patient experience, service recovery, care transitions, employee engagement, reputation management, and brand loyalty. We partner with customers across the continuum of healthcare services and believe this cross-continuum positioning is a unique and an increasingly important capability as the evolving healthcare landscape drives its constituents towards a more collaborative and integrated service model. Critical Accounting Estimates The preparation of financial statements requires management to make estimates and assumptions that affect amounts reported therein. The following area is considered a critical accounting estimate because it involves significant judgments or assumptions, involves complex or uncertain matters or is susceptible to change, and the impact could be material to our financial condition or operating results: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Revenue recognition\"]] [[/GREPCENT_TABLE]] Revenue Recognition We derive a majority of our revenue from renewable subscription-based service agreements with our customers. We also derive revenue from fixed, non-subscription arrangements. Our revenue recognition policy requires management to estimate, among other factors, the future contract consideration we expect to receive under variable consideration subscription arrangements as well as future total estimated contract costs over the contract term with respect to fixed, non-subscription arrangements. If management made different judgments and estimates, then the amount and timing of revenue for any period could differ from the reported revenue. See Notes 1 and 3 to our consolidated financial statements for a description of our revenue recognition policies. 21 Table of Contents Recent Trends Since the fourth quarter of 2024, Total Recurring Contact Value (\u201cTRCV\u201d) has increased each quarter while revenue per associate Item 1. Business Special Note Regarding Forward-Looking Statements Certain matters discussed in this Annual Report on Form 10-K are \u201cforward-looking statements\u201d within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can generally be identified as such because the context of the statement includes phrases such as National Research Corporation, doing business as NRC Health (\u201cNRC Health,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d or similar terms), \u201cbelieves,\u201d \u201cexpects,\u201d \u201cmay,\u201d \u201ccould,\u201d \u201canticipates,\u201d \u201cestimates,\u201d \u201cplans,\u201d \u201ccreates,\u201d \u201cintends,\u201d or the use of words such as \u201cwould,\u201d \u201cwill,\u201d \u201cmay,\u201d \u201ccould,\u201d \u201cgoal,\u201d \u201cfocus,\u201d or \u201cshould,\u201d or other words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. In this Annual Report on Form 10-K, statements regarding the value and utility of, and market demand for, our service offerings, future opportunities for growth with respect to new and existing customers, our future ability to compete and the types of firms with which we will compete, future consolidation in the healthcare industry, future adequacy of our liquidity sources, future revenue sources, future revenue, expenses, and margins, future revenue estimates used to calculate total recurring contract value, the expected impact of economic factors, including interest rates and inflation, future capital expenditures, and the timing, amount, and sources of cash to fund such capital expenditures, future stock repurchases and dividends, the expected impact of pending claims and contingencies, the future outcome of uncertain tax positions, our future use of owned and leased real property, and the expected impact of global conflicts, among others, are forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which could cause actual results or outcomes to differ materially from those currently anti Item 1A. Risk Factors You should carefully consider each of the risks described below, together with all of the other information contained in this Annual Report on Form 10-K, before making an investment decision with respect to our securities. If any of the following risks develop into actual events, our b", "title": "NRC - NRC HEALTH", "url": "/company/NRC/" }, { "kind": "company", "summary": "SIC 5065 Wholesale-Electronic Parts & Equipment, NEC; CIK 0000355948; latest 10-K filed 2025-08-04.", "text": "RELL - RICHARDSON ELECTRONICS, LTD. SIC 5065 Wholesale-Electronic Parts & Equipment, NEC; CIK 0000355948; latest 10-K filed 2025-08-04. RELL RICHARDSON ELECTRONICS, LTD. 0000355948 5065 Wholesale-Electronic Parts & Equipment, NEC ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and related notes. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to assist the reader in better understanding our business, results of operations, financial condition, changes in financial condition, critical accounting estimates and significant developments. MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying notes appearing elsewhere in this filing. This section is organized as follows: \u2022 Business Overview \u2022 Results of Operations - an analysis and comparison of our consolidated results of operations for the fiscal years ended May 31, 2025, June 1, 2024 and May 27, 2023, as reflected in our Consolidated Statements of Comprehensive Income. \u2022 Liquidity, Financial Position and Capital Resources - a discussion of our primary sources and uses of cash for the fiscal years ended May 31, 2025, June 1, 2024 and May 27, 2023, and a discussion of changes in our financial position. Business Overview Richardson Electronics, Ltd. (the \"Company,\" \"we,\" \"our\") is a leading global manufacturer of engineered solutions, green energy products, power grid and microwave tubes, and related consumables; power conversion and RF and microwave components including green energy solutions; tubes for diagnostic imaging equipment; and customized display solutions. More than 55% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world. All our partners manufacture to our strict specifications and per our supplier code of conduct. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets. The Company\u2019s strategy is to provide specialized technical expertise and \u201cengineered solutions\u201d based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. Some of the Company's products are manufactured in China and imported into the United States. Accordingly, the Company\u2019s operations are subject to tariffs and other trade protection measures. The U.S. administration has instituted certain changes, and may make additional changes, in trade policies that include the negotiation or termination of trade agreements, higher tariffs on imports into the U.S., and other measures affecting trade between the U.S. and other countries from which the Company imports. Due in part to these measures, some countries are changing their trade policies relating to goods imported from the U.S. These global trade disruptions and geopolitical tensions, together with any related downturns in the global economy, could dampen customer demand, increase market volatility, and impact currency exchange rates, all which could materially and adversely affect the Company\u2019s financial performance. The impact of these changes in trade policies will depend on various factors, including (i) when trade measures are implemented, (ii) the ultimate amount, scope, nature, and duration of tariffs and other trade measures, and (iii) the extent to which the Company can mitigate impacts and pass on any increased costs associated with these changes. In addition, the impact of trade disruptions on general economic conditions and demand for electronic components is difficult to predict. 23 The recent tariff modifications did not materially impact our fiscal 2025 results. However, it is possible that further tariffs may be imposed ITEM 1. Business General Richardson Electronics, Ltd. (the \"Company,\" \"we,\" \"our\") is a leading global manufacturer of engineered solutions, green energy products, power grid and microwave tubes, and related consumables; power conversion and RF and microwave components including green energy solutions; tubes for diagnostic imaging equipment; and customized display solutions. More than 55% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world. All of our partners manufacture to our strict specifications and per our supplier code of conduct. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets. The Company\u2019s strategy is to provide specialized technical expertise and \u201cengineered solutions\u201d based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. On January 24, 2025, the Company sold a substantial portion of the assets of its Healthcare business to DirectMed Imaging, LLC (\u201cDirectMed\u201d), a Delaware limited liability company, and entered into an exclusive 10-year global supply agreement in which Richardson will supply DirectMed with repaired Siemens CT X-ray tubes. Additionally, the Company will continue manufacturing a limited quantity of ALTA CT X-ray tubes exclusively for DirectMed under a supply agreement. A description of this transaction, which resulted in a total loss of $5.1 million being recorded for the fiscal year ended May 31, 2025 is provided in Note 11, Disposal of Healthcare Assets and Other Charges, of the notes to our consolidated financial statements in Part II, Item 8 of this Annual Report ITEM 1A. Risk Factors Investors should carefully consider the following risk factors in addition to the other information included and incorporated by reference in this Annual Report on Form 10-K that we believe are applicable to our businesses and the industries in which we operate", "title": "RELL - RICHARDSON ELECTRONICS, LTD.", "url": "/company/RELL/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001680581; latest 10-K filed 2026-02-24.", "text": "FULC - Fulcrum Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001680581; latest 10-K filed 2026-02-24. FULC Fulcrum Therapeutics, Inc. 0001680581 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes appearing at the end of this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a clinical-stage biopharmaceutical company focused on developing small molecules to improve the lives of patients with genetically defined rare diseases in areas of high unmet medical need. Our lead product candidate, pociredir, is in clinical development for the potential treatment of SCD. In February 2026, we announced updated 20 mg cohort results from the PIONEER trial as of the December 23, 2025 data cut off date showing: \u2022 Mean absolute HbF increased by 12.2% at 12 weeks of treatment with pociredir (vs. 8.6% at Week 12 in the 12 mg cohort), increasing from a baseline of 7.1% to 19.3%. Seven of 12 patients (58%) achieved absolute HbF levels \u226520% at Week 12, and all patients demonstrated a clinically relevant HbF increase. HbF levels of 20% are associated with ~90% of patients experiencing zero VOCs per year, based on real-world data that we presented at the 20th Annual Sickle Cell & Thalassemia Conference in October 2025. \u2022 The proportion of HbF-containing red blood cells, or F-cells, increased from a mean of 31% at baseline to 63% at Week 12 (n=10), indicating progression toward pan-cellular HbF induction (HbF distributed across a substantial proportion of RBCs). F-cells are more resistant to sickling and hemolysis because of HbF-mediated inhibition of HbS polymerization. Higher proportions of F-cells are associated with improved RBC health. \u2022 Mean changes in markers of hemolysis and erythropoiesis improved during the 12-week treatment period: o Indirect bilirubin decreased by 40% (vs. 37% at Week 12 in the 12 mg cohort) o Lactate dehydrogenase decreased by 34% (vs. 28% at Week 12 in the 12 mg cohort) o RBC distribution width decreased by 26% (vs. 27% at Week 12 in the 12 mg cohort) o Reticulocyte counts decreased by 42% (vs. 31% at Week 12 in the 12 mg cohort) \u2022 Mean hemoglobin increased by 1.1 g/dL at Week 12 (vs. 0.9 g/dL at Week 12 in the 12 mg cohort), increasing from a baseline of 7.3 g/dL to 8.4 g/dL. \u2022 Based on treating physician-documented medical records from the 6-12 months prior to enrollment, approximately 16 VOCs would have been expected during the 12-week treatment period. During the 12-week treatment period, six VOCs were reported. Seven of 12 patients (58%) reported no VOCs during the treatment period. \u2022 Through the completion of the 20 mg dose cohort, pociredir has been dosed in 148 adults, including 89 subjects in multiple dose cohorts up to 12 weeks. o 103 healthy subjects, including 44 who received pociredir for 10 to 14 days treatment duration o 45 SCD patients who received pociredir for up to 12 weeks treatment duration \u2022 The safety profile observed in the 20 mg dose cohort as of the December 23, 2025 data cut off date remained consistent with previously reported safety data. Pociredir was generally well-tolerated, with no treatment-related serious adverse events and no discontinuations due to treatment-related adverse events through the December 23, 2025 data cut off date. We are currently activating sites in an open-label extension trial to evaluate longer-term safety and PD d Item 1. Business. Overview We are a clinical-stage biopharmaceutical company focused on developing small molecules to improve the lives of patients with genetically defined rare diseases in areas of high unmet medical need. Our lead product candidate, pociredir, is an oral small molecule designed to induce fetal hemoglobin, or HbF, and is in clinical development for the treatment of sickle cell disease, or SCD. We completed dosing in the PIONEER trial, a Phase 1b clinical trial evaluating pociredir in adults with SCD. The PIONEER trial included 12 mg and 20 mg once-daily dose cohorts, and evaluated subjects over a 12-week treatment period. We have reported clinical data demonstrating clinically relevant HbF induction, including progression toward pan-cellular distribution, and improvements in markers of hemolysis and anemia. We are currently activating sites in an open-label extension trial to evaluate longer-term safety and pharmacodynamic, or PD, durability in patients who completed the PIONEER trial. We plan to provide details regarding the design of the next trial in the second quarter of 2026 following receipt of meeting minutes from our End-of-Phase meeting with the FDA. Pending feedback from the FDA, we plan to initiate a potential registration-enabling trial in the second half of 2026. In addition to our product candidates, we have developed a discovery approach that we use to identify and validate cellular drug targets that may modulate gene expression to treat the root causes of genetically defined rare diseases. Our discovery approach led to the identification of pociredir for SCD, as well as other drug candidates. We are applying our discovery capabilities to explore additional mechanisms that may complement pociredir\u2019s mechanism of action to induce HbF for the potential treatment of SCD. We also presented preclinical data for FTX-6274, an oral EED inhibitor candidate, at the European Society for Medical Oncology (ESMO) Congress 2025, demonstrating t Item 1A. Risk Factors. Our future operating results could differ materially from the results described in this Annual Report on Form 10-K due to the risks and uncertainties described below. You should consider carefully the following information about risks below in evaluating our business. If any of the following risks actu", "title": "FULC - Fulcrum Therapeutics, Inc.", "url": "/company/FULC/" }, { "kind": "company", "summary": "SIC 5812 Retail-Eating Places; CIK 0001726173; latest 10-K filed 2026-03-02.", "text": "BH - Biglari Holdings Inc. SIC 5812 Retail-Eating Places; CIK 0001726173; latest 10-K filed 2026-03-02. BH Biglari Holdings Inc. 0001726173 5812 Retail-Eating Places Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (dollars in thousands, except per-share data) Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas. The Company\u2019s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company. Biglari Holdings\u2019 management system combines decentralized operations with centralized financial decision-making. Operating decisions for the various business units are made by their respective managers. All major investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari. Discussion of Operations Net earnings attributable to Biglari Holdings Inc. shareholders are disaggregated in the table that follows. [[GREPCENT_TABLE]] [[\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Operating businesses:\"],[\"Restaurant\",\"$\",\"16,377\",\"\",\"\",\"$\",\"15,470\",\"\",\"\",\"$\",\"21,831\"],[\"Insurance\",\"10,476\",\"\",\"\",\"7,169\",\"\",\"\",\"10,262\"],[\"Oil and gas\",\"10,908\",\"\",\"\",\"15,458\",\"\",\"\",\"25,406\"],[\"Brand licensing\",\"(1,442)\",\"\",\"\",\"(884)\",\"\",\"\",\"8\"],[\"Interest expense\",\"(6,166)\",\"\",\"\",\"(589)\",\"\",\"\",\"(531)\"],[\"Corporate and other\",\"(16,000)\",\"\",\"\",\"(12,503)\",\"\",\"\",\"(17,814)\"],[\"Total operating businesses\",\"14,153\",\"\",\"\",\"24,121\",\"\",\"\",\"39,162\"],[\"Investment partnership gains (losses)\",\"(51,996)\",\"\",\"\",\"(28,119)\",\"\",\"\",\"14,646\"],[\"Investment gains\",\"355\",\"\",\"\",\"239\",\"\",\"\",\"1,731\"],[\"Net earnings (loss)\",\"(37,488)\",\"\",\"\",\"(3,759)\",\"\",\"\",\"55,539\"],[\"Earnings (loss) attributable to noncontrolling interest\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"\",\"\",\"591\"],[\"Net earnings (loss) attributable to Biglari Holdings Inc. shareholders\",\"$\",\"(37,488)\",\"\",\"\",\"$\",\"(3,759)\",\"\",\"\",\"$\",\"54,948\"]] [[/GREPCENT_TABLE]] The following discussion should be read in conjunction with Item 1, Business and our Consolidated Financial Statements and the notes thereto included in this Form 10-K. The following discussion should also be read in conjunction with the \u201cCautionary Note Regarding Forward-Looking Statements\u201d and the risks and uncertainties described in Item 1A, Risk Factors, set forth above. Our Management\u2019s Discussion and Analysis generally discusses 2025 and 2024 items. Discussions of 2023 items can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 1, 2025. Investment gains and losses in 2025 and 2024 were mainly derived from our investments in equity securities and included unrealized gains and losses from market price changes during the period. We believe that investment gains/losses are generally meaningless for analytical purposes in understanding our reported quarterly and annual results. These gains and losses have caused and will continue to cause significant volatility in our periodic earnings. Through our subsidiaries, we engage in numerous diverse business activities. We operate on a decentralized management structure. The business segment data (Note 16 to the accompanying Consolidated Financial Statements) should be read in conjunction with this discussion. 12 Table of Contents Management\u2019s Discussion and Analysis (continued) Restaurants Our restaurant businesses, which include Steak n Shake and Western Sizzlin, comprise 435 company-operated and franchise restaurants as of December 31, 2025. [[GREPCENT_TABLE]] [[\"\",\"Steak n Shake\",\"\",\"Western Sizzlin\"],[\"\",\"Company- operated\",\"\",\"Franchise Partner\",\"\",\"Traditional Franchise\",\"\",\"Company- operated\",\"\",\"Franchise\",\"\",\"Total\"],[\"Stores on December 31, 2022\",\"177\",\"\",\"\",\"175\",\"\",\"\",\"154\",\"\",\"\",\"3\",\"\",\"\",\"36\",\"\",\"\",\"545\"],[\"Corporate stores transitioned Item 1. Business Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas. The Company\u2019s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company. Biglari Holdings\u2019 management system combines decentralized operations with centralized financial decision-making. Operating decisions for the various business units are made by their respective managers. All major investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari. Restaurant Operations The Company\u2019s restaurant operations are conducted through two subsidiaries: Steak n Shake Inc. (\u201cSteak n Shake\u201d) and Western Sizzlin Corporation (\u201cWestern Sizzlin\u201d) for a combined 435 units. As of December 31, 2025, Steak n Shake had 131 company-operated restaurants, 179 franchise partner units, and 94 traditional franchise units. Western Sizzlin had 3 company-operated restaurants and 28 franchise units. Founded in 1934 in Normal, Illinois, on Route 66, Steak n Shake is a classic American brand serving Steakburgers, beef tallow fries, and milkshakes. Steak n Shake is headquartered in Indianapolis, Indiana. Founded in 1962 in Augusta, Georgia, Western Sizzlin is a steak and buffet concept serving signature steak dishes as well as other classic American menu items. Western Sizzlin also operates two other concepts: Great American Steak & Buffet, and Wood Grill Buffet. Western Sizzlin is headquartered in Roanoke, Virginia. Company-Operated Restaurants A typical company-operated restaurant management team consists of a general manager, a restaurant manager, and other managers, depending on the sales volume of the restaurant. Each restaurant\u2019s general manager has primary respon Item 1A. Risk Factors Biglari Holdings and its subsidiaries (referred to herein as \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or similar expressions) are subject to certain risks and uncertainties in their business operations, which are described below. The risks and uncertainties described below are not the only risks we face. Additional risks and uncertainties not presently known o", "title": "BH - Biglari Holdings Inc.", "url": "/company/BH/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001808898; latest 10-K filed 2025-09-22.", "text": "BNTC - Benitec Biopharma Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001808898; latest 10-K filed 2025-09-22. BNTC Benitec Biopharma Inc. 0001808898 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of financial condition and operating results together with our consolidated financial statements and the related notes and other financial information included in Item 8 in this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties. As a result of many factors, such as those set forth in the section of the Annual Report captioned \u201cRisk Factors\u201d and elsewhere in this Annual Report, our actual results may differ materially from those anticipated in these forward- looking statements. Restatement of Prior Period Financial Statements We have restated our previously issued unaudited condensed consolidated financial statements for the quarterly periods and year-to-date periods ended March 31, 2025 and December 31, 2024, as contained in this Annual Report on Form 10-K. Refer to the \u201cExplanatory Note\u201d Preceding Item 1, Business, for background on the restatement, the periods impacted, control considerations, and other information. In addition, we have restated certain previously reported financial information for the quarterly periods and year-to-date periods ended March 31, 2025 and December 31, 2024 in this Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, including but not limited to information within the Results of Operations section. See Note 3, Restatement of Prior Period Financial Statements, in the notes to the consolidated financial statements in this Annual Report on Form 10-K, for additional information related to the restatement, including descriptions of the misstatements and the impacts on our consolidated financial statements. Overview We endeavor to become the leader in discovery, development, and commercialization of therapeutic agents capable of addressing significant unmet medical need via the application of the silence and replace approach to the treatment of genetic disorders. Benitec Biopharma Inc. (\u201cBenitec\u201d or the \u201cCompany\u201d or in the third person, \u201cwe\u201d or \u201cour\u201d) is a clinical-stage biotechnology company focused on the advancement of novel genetic medicines with headquarters in Hayward, California. The proprietary platform, called DNA-directed RNA interference, or ddRNAi, combines RNA interference, or RNAi, with gene therapy to create medicines that facilitate sustained silencing of disease-causing genes following a single administration. The unique therapeutic constructs also enable the simultaneous delivery of wildtype replacement genes, facilitating the proprietary \u201csilence and replace\u201d approach to the treatment of genetically defined diseases. We are developing a silence and replace-based therapeutic (BB-301) for the treatment of Oculopharyngeal Muscular Dystrophy (OPMD), a chronic, life-threatening genetic disorder. BB-301 is a silence and replace-based genetic medicine currently under development by Benitec. BB-301 is an AAV-based gene therapy designed to permanently silence the expression of the disease-causing gene (to slow, or halt, the biological mechanisms underlying disease progression in OPMD) and to simultaneously replace the mutant gene with a wildtype gene (to drive restoration of function in diseased cells). This fundamental therapeutic approach to disease management is called \u201csilence and replace.\u201d The silence and replace mechanism offers the potential to restore the normative physiology of diseased cells and tissues and to improve treatment outcomes for patients suffering from the chronic, and potentially fatal, effects of OPMD. BB-301 has been granted Orphan Drug Designation in the United States and the European Union. The targeted gene silencing effects of RNAi, in conjunction with the durable transgene expression achievable via the use of modified viral vectors, imbues the silence and replace approach with the potential to produce permanent si Item 1. Business. Company Overview We endeavor to become the leader in discovery, development, and commercialization of therapeutic agents capable of addressing significant unmet medical need via the application of the silence and replace approach to the treatment of genetic disorders. Benitec Biopharma Inc. (\u201cBenitec\u201d or the \u201cCompany\u201d or in the first person, \u201cwe\u201d or \u201cour\u201d) is a clinical-stage biotechnology company focused on the advancement of novel genetic medicines with headquarters in Hayward, California. The proprietary platform, called DNA-directed RNA interference, or ddRNAi, combines RNA interference, or RNAi, with gene therapy to create medicines that facilitate sustained silencing of disease-causing genes following a single administration. The unique therapeutic constructs also enable the simultaneous delivery of wildtype replacement genes, facilitating the proprietary \u201csilence and replace\u201d approach to the treatment of genetically defined diseases. We are developing a silence and replace-based therapeutic (BB-301) for the treatment of Oculopharyngeal Muscular Dystrophy (OPMD), a chronic, life-threatening genetic disorder. BB-301 is a silence and replace-based genetic medicine currently under development by Benitec. BB-301 is an AAV-based gene therapy designed to permanently silence the expression of the disease-causing gene (to slow, or halt, the biological mechanisms underlying disease progression in OPMD) and to simultaneously replace the mutant gene with a wildtype gene (to drive restoration of function in diseased cells). This fundamental therapeutic approach to disease management is called \u201csilence and replace.\u201d The silence and replace mechanism offers the potential to restore the normative physiology of diseased cells and tissues and to improve treatment outcomes for patients suffering from the chronic, and potentially fatal, effects of OPMD. BB-301 has been granted Orphan Drug Designation in the United States and the European Union. The targete", "title": "BNTC - Benitec Biopharma Inc.", "url": "/company/BNTC/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0001157647; latest 10-K filed 2026-03-10.", "text": "WNEB - Western New England Bancorp, Inc. SIC 6035 Savings Institution, Federally Chartered; CIK 0001157647; latest 10-K filed 2026-03-10. WNEB Western New England Bancorp, Inc. 0001157647 6035 Savings Institution, Federally Chartered ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion should be read in conjunction with the Company\u2019s Consolidated Financial Statements and notes thereto, each appearing elsewhere in this Annual Report on Form 10-K. Management\u2019s discussion focuses on 2025 results compared to 2024. For a discussion of 2024 results compared to 2023, refer to Part II, Item 7 of our Annual Report filed on Form 10-K, which was filed with the SEC on March 10, 2025. Overview. We strive to remain a leader in meeting the financial service needs of the local community and to provide quality service to the individuals and businesses in the market areas that we have served since 1853. Historically, we have been a community-oriented provider of traditional banking products and services to business organizations and individuals, including products such as residential and commercial real estate loans, consumer loans and a variety of deposit products. We meet the needs of our local community through a community-based and service-oriented approach to banking. We have adopted a growth-oriented strategy that continues to focus on increasing commercial lending and residential lending. Our strategy also calls for increasing deposit relationships, specifically core deposits, and broadening our product lines and services. We believe that this business strategy is best for our long-term success and viability, and complements our existing commitment to high quality customer service. In connection with our overall growth strategy, we seek to: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Increase market share and achieve scale to improve the Company\\u2019s profitability and efficiency and return value to shareholders;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Grow the Company\\u2019s commercial loan portfolio and related commercial deposits by targeting businesses in our primary market area of Hampden County and Hampshire County in western Massachusetts and the Capital Region in Connecticut to increase the net interest margin and loan income;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Supplement the commercial portfolio by growing the residential real estate portfolio to diversify the loan portfolio and deepen customer relationships;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Focus on expanding our retail banking deposit franchise and increase the number of households served within our designated market area;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Invest in people, systems and technology to grow revenue, improve efficiency and enhance the overall customer experience;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Grow revenues, increase book value per share and tangible book value, pay competitive dividends to shareholders and utilize the Company\\u2019s stock repurchase plan to leverage our capital and enhance franchise value; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Consider growth through acquisitions. We may pursue expansion opportunities in existing or adjacent strategic locations with companies that add complementary products to our existing business and at terms that add value to our existing shareholders.\"]] [[/GREPCENT_TABLE]] You should read the following financial results for the year ended December 31, 2025 in the context of this strategy. 58 For the twelve months ended December 31, 2025, the Company reported net income of $15.3 million, or $0.75 per diluted share, compared to $11.7 million, or $0.56 per diluted share, for the twelve months ended December 31, 2024. Net interest income increased $10.3 million, or 17.2%, provision for credit losses increased $1.0 million, non-interest income decreased $387,000, or 3.0%, and non-interest expense increased $4.1 million, or 6.9%, during the same period in 2024. During the twelve months ended December 31, 2025, net interest income increased $10.3 million, ITEM 1. BUSINESS. General. Western New England Bancorp, Inc. (\u201cWNEB\u201d or \u201cCompany\u201d) (f/k/a \u201cWestfield Financial, Inc.\u201d) headquartered in Westfield, Massachusetts, is a Massachusetts-chartered stock holding company and is registered as a savings and loan holding company with the Federal Reserve Board under the Home Owners\u2019 Loan Act, as amended (the \u201cHOLA\u201d). In 2001, the Company reorganized from a Massachusetts-chartered savings bank holding company to a Massachusetts-chartered stock corporation with the second step conversion being completed in 2007. WNEB is the parent company and owns all of the capital stock of Westfield Bank (\u201cWestfield\u201d or \u201cBank\u201d). The Company is also subject to the jurisdiction of the SEC and is subject to the disclosure and other regulatory requirements of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, as administered by the SEC. Western New England Bancorp is traded on the NASDAQ under the ticker symbol \u201cWNEB\u201d and is subject to the NASDAQ stock market rules. At December 31, 2025, WNEB had consolidated total assets of $2.7 billion, total net loans of $2.2 billion, total deposits of $2.4 billion and total shareholders\u2019 equity of $247.6 million. Westfield Bank, headquartered in Westfield, Massachusetts, is a federally-chartered savings bank organized in 1853 and is regulated by the Office of the Comptroller of the Currency (\u201cOCC\u201d). The Bank is a full-service, community oriented financial institution offering a full range of commercial and retail products and services as well as wealth management financial products. As of December 31, 2025, the Bank had twenty-five branches and seven freestanding automated teller machines (\u201cATMs\u201d). The Bank also conducts business through an additional fourteen freestanding and thirty-three seasonal or temporary ATMs that are owned and serviced by a third party, whereby the Bank pays a rental fee and shares in the surcharge revenue. All branch and ATM locations serve ITEM 1A. RISK FACTORS. An investment in the Company\u2019s common stock is subject to a variety of risks and uncertainties including, without limitation, those set forth below, any of which could cause the Company\u2019s actual results to vary materially from recent results, or from the other f", "title": "WNEB - Western New England Bancorp, Inc.", "url": "/company/WNEB/" }, { "kind": "company", "summary": "SIC 3310 Steel Works, Blast Furnaces & Rolling & Finishing Mills; CIK 0000039092; latest 10-K filed 2026-06-11.", "text": "FRD - FRIEDMAN INDUSTRIES INC SIC 3310 Steel Works, Blast Furnaces & Rolling & Finishing Mills; CIK 0000039092; latest 10-K filed 2026-06-11. FRD FRIEDMAN INDUSTRIES INC 0000039092 3310 Steel Works, Blast Furnaces & Rolling & Finishing Mills Item 1. Business General Friedman Industries, Incorporated (the \u201cCompany\u201d), a Texas corporation incorporated in 1965, is a manufacturer and processor of metals and operates in two reportable segments: flat-roll products and tubular products. Significant financial information relating to the Company\u2019s business segments for the last two years is contained in Note 12 of the Consolidated Financial Statements included in the Company\u2019s Annual Report to Shareholders for the fiscal year ended March 31, 2026, which financial statements are incorporated herein by reference in Item 8 hereof. Flat-Roll Products The flat-roll product segment consists of flat-roll processing facilities located in Hickman, Arkansas\u037e Decatur, Alabama\u037e Miami, Florida\u037e East Chicago, Indiana\u037e Granite City, Illinois and Sinton, Texas and a flat-roll distribution facility located in Orlando, Florida. The Hickman, Granite City and East Chicago facilities operate temper mills and cut-to-length lines. The Decatur and Sinton facilities operate stretcher leveler cut-to-length lines. The Miami facility operates a corrective leveling cut-to-length line and a coil slitting line. The processing equipment improves the quality of the material and cuts the material into sheet, plate or slit coil. On a combined basis, the facilities are capable of cutting sheet and plate with thicknesses ranging from 30 gauge to 1\u201d thick in widths ranging from 11\u201d wide to 96\u201d wide. The flat-roll segment is able to produce slit coil with thickness ranging from 32 gauge to 10 gauge in widths ranging from 1/2\" wide to 60\" wide. The Granite City facility also operates a fiber laser which further processes flat-roll sheet and plate into customer parts. The vast majority of flat-roll product segment revenue is generated from sales of Company owned inventory but the segment also generates revenue from the processing or storage of customer owned material on a fee basis. The coil processing facilities are substantially similar with re", "title": "FRD - FRIEDMAN INDUSTRIES INC", "url": "/company/FRD/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000913341; latest 10-K filed 2026-03-03.", "text": "CFFI - C & F FINANCIAL CORP SIC 6022 State Commercial Banks; CIK 0000913341; latest 10-K filed 2026-03-03. CFFI C & F FINANCIAL CORP 0000913341 6022 State Commercial Banks ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \u200b The following discussion supplements and provides information about the major components of the results of operations, financial condition, liquidity and capital resources of the Corporation. This discussion and analysis should be read in conjunction with the accompanying consolidated financial statements. In addition to current and historical information, the following discussion and analysis contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to our future business, financial condition or results of operations. For a description of certain factors that may have a significant impact on our future business, financial condition or results of operations, see \u201cCautionary Statement Regarding Forward-Looking Statements\u201d prior to Part I, Item 1. \u201cBusiness.\u201d \u200b OVERVIEW \u200b Our primary financial goals are to maximize the Corporation\u2019s earnings and to deploy capital in profitable growth initiatives that will enhance long-term shareholder value. We track three primary financial performance measures in order to assess the level of success in achieving these goals: (1) return on average assets (ROA), (2) return on average equity (ROE), and (3) growth in earnings. In addition to these financial performance measures, we track the performance of the Corporation\u2019s three business segments: community banking, mortgage banking, and consumer finance. We balance these financial measures with acceptable levels of interest rate risk, while satisfying liquidity and capital requirements and monitoring asset quality. We also actively manage our capital through growth, dividends and share repurchases, while considering the need to maintain a strong capital position. The following table presents selected financial performance highlights for the periods indicated: \u200b TABLE 1: Financial Performance Highlights \u200b [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"(Dollars in thousands, except for per share data)\",\"\\u200b\",\"Year Ended December 31,\",\"\\u200b\"],[\"\\u200b\",\"\\u200b \\u200b \\u200b\",\"2025\",\"\\u200b \\u200b \\u200b\",\"2024\",\"\\u200b\",\"2023\",\"\\u200b\"],[\"Net Income (Loss):\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Community Banking\",\"\\u200b\",\"$\",\"27,231\",\"\\u200b\",\"$\",\"20,284\",\"\\u200b\",\"$\",\"22,928\",\"\\u200b\"],[\"Mortgage Banking\",\"\\u200b\",\"\\u200b\",\"2,307\",\"\\u200b\",\"\\u200b\",\"1,108\",\"\\u200b\",\"\\u200b\",\"465\",\"\\u200b\"],[\"Consumer Finance\",\"\\u200b\",\"\\u200b\",\"1,229\",\"\\u200b\",\"\\u200b\",\"1,414\",\"\\u200b\",\"\\u200b\",\"2,879\",\"\\u200b\"],[\"Other\",\"\\u200b\",\"\\u200b\",\"(3,776)\",\"\\u200b\",\"\\u200b\",\"(2,888)\",\"\\u200b\",\"\\u200b\",\"(2,526)\",\"\\u200b\"],[\"Consolidated net income\",\"\\u200b\",\"$\",\"26,991\",\"\\u200b\",\"$\",\"19,918\",\"\\u200b\",\"$\",\"23,746\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Earnings per share - basic and diluted\",\"\\u200b\",\"$\",\"8.29\",\"\\u200b\",\"$\",\"6.01\",\"\\u200b\",\"$\",\"6.92\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Return on average assets\",\"\\u200b\",\"\\u200b\",\"1.01\",\"%\",\"\\u200b\",\"0.80\",\"%\",\"\\u200b\",\"0.99\",\"%\"],[\"Return on average equity\",\"\\u200b\",\"\\u200b\",\"11.11\",\"%\",\"\\u200b\",\"9.02\",\"%\",\"\\u200b\",\"11.68\",\"%\"],[\"Return on average tangible common equity (ROTCE)1\",\"\\u200b\",\"\\u200b\",\"12.53\",\"%\",\"\\u200b\",\"10.37\",\"%\",\"\\u200b\",\"13.58\",\"%\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"1\",\"Refer to \\u201cUse of Certain Non-GAAP Financial Measures,\\u201d below, for information about these non-GAAP financial measures, including a reconciliation to the most directly comparable financial measures calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP).\"]] [[/GREPCENT_TABLE]] \u200b Consolidated net income and earnings per share we ITEM 1.BUSINESS \u200b General \u200b C&F Financial Corporation (the Corporation) is a bank holding company that was incorporated in March 1994 under the laws of the Commonwealth of Virginia. The Corporation owns all of the stock of Citizens and Farmers Bank (the Bank or C&F Bank), which is an independent commercial bank chartered under the laws of the Commonwealth of Virginia. C&F Bank originally opened for business under the name Farmers and Mechanics Bank on January 22, 1927. C&F Bank has the following five wholly-owned subsidiaries, all incorporated under the laws of the Commonwealth of Virginia: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"C&F Mortgage Corporation\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"C&F Finance Company\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"C&F Wealth Management Corporation\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"C&F Insurance Services, Inc.\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"CVB Title Services, Inc.\"]] [[/GREPCENT_TABLE]] \u200b The Corporation operates three principal business segments: (1) community banking through C&F Bank, C&F Wealth Management Corporation (C&F Wealth Management), C&F Insurance Services, Inc. (C&F Insurance) and CVB Title Services, Inc. (CVB Title), (2) mortgage banking through C&F Mortgage Corporation (C&F Mortgage) and (3) consumer finance through C&F Finance Company (C&F Finance). For detailed information about the financial condition and results of operations of these segments, see \u201cNote 20: Business Segments\u201d in Item 8. \u201cFinancial Statements and Supplementary Data\u201d in this report. \u200b The Corporation also owns three non-operating subsidiaries, C&F Financial Statutory Trust II (Trust II) formed in December 2007, C&F Financial Statutory Trust I (Trust I) formed in July 2005, and Central Virginia Bankshares Statutory Trust I (CVBK Trust I) formed in December 2003. These trusts were formed for the purpose of issuing $10.0 million each for Trust ITEM 1A.RISK FACTORS \u200b Investments in the Company\u2019s securities involve risks. In addition to the other information set forth in this Annual Report on Form 10-K, including the information addressed under \u201cCautionary Statement Regarding Forward-Looking Statements,\u201d investors in the Company\u2019s securities should carefully consider the risk factors discussed below.", "title": "CFFI - C & F FINANCIAL CORP", "url": "/company/CFFI/" }, { "kind": "company", "summary": "SIC 5080 Wholesale-Machinery, Equipment & Supplies; CIK 0001754170; latest 10-K filed 2026-03-10.", "text": "ASLE - AerSale Corp SIC 5080 Wholesale-Machinery, Equipment & Supplies; CIK 0001754170; latest 10-K filed 2026-03-10. ASLE AerSale Corp 0001754170 5080 Wholesale-Machinery, Equipment & Supplies ITEM 7 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following management\u2019s discussion and analysis together with the Consolidated Financial Statements. This discussion contains forward-looking statements about AerSale\u2019s business, operations and industry that involve risks and uncertainties, such as statements regarding AerSale\u2019s plans, objectives, expectations and intentions. AerSale\u2019s future results and financial condition may differ materially from those currently anticipated by AerSale because of the factors described in the sections entitled \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-looking Statements.\u201d A discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023 is included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 11, 2025, under Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d 32 Table of Contents The Company We operate as a platform for serving the commercial aviation aftermarket sector. Our top executives have on average over 30 years of experience in aircraft and engine (\u201cFlight Equipment\u201d) management, sales and maintenance services, and are supported by an experienced management team. We have established a global purpose built and fully integrated aviation company focused on providing products and services that maximize the value of Flight Equipment in the middle to end of its operating life cycle. We are a worldwide provider of aftermarket commercial aircraft, engines, and their parts to passenger and cargo airlines, leasing companies, original equipment manufacturers (\u201cOEM\u201d), government and defense contractors, and maintenance, repair and overhaul (\u201cMRO\u201d) service providers. We report our activities in two business segments: Asset Management Solutions, comprised of activities that extract value from strategic Flight Equipment acquisitions either as whole assets or by disassembling for used serviceable material (\u201cUSM\u201d), and TechOps, comprised of MRO activities for aircraft and their components, sales of internally developed advanced technical repairs, modifications and products, which we market under the tradename \u201cEngineered Solutions\u201d, and other serviceable products. Our Asset Management Solutions segment focuses on mid-life Flight Equipment. Asset Management Solutions\u2019 activities include monetization of assets through the lease or sale of whole assets, or through disassembly activities in support of our USM-related activities. Our monetizing services have been developed to maximize returns on mid-life Flight Equipment throughout their operating life, in conjunction with realizing the highest residual value of Flight Equipment at its retirement. We accomplish this by utilizing deep market and technical knowledge related to the management of Flight Equipment sales, leasing and MRO services. To extract value from the remaining flight time on whole assets, we provide flexible short-term (generally less than five years) leasing solutions of Flight Equipment to passenger and cargo operators across the globe. Once the value from the Flight Equipment\u2019s flight time has been extracted, Flight Equipment is considered to be at or near the end of its useful life and is analyzed for return maximization as either whole asset sales or disassembled for sale as USM parts. Revenue from this segment is segregated between Aircraft and Engine depending on the asset type that generated the revenue. Lease revenue and the related depreciation from aircraft and engines installed on those aircraft are recognized under the Aircraft category. Revenue from sales of whole aircraft and related cost of sales are allocated between the Aircraft and Engine categories based on the allocated cost basis of the asset sold. Our TechOps segment provides internal and third-party aviation services, including internally develo ITEM 1 BUSINESS \u200b Corporate History and Background Monocle Acquisition Corporation (\u201cMonocle\u201d) was initially formed as a Delaware corporation on August 20, 2018 for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses. On December 22, 2020, Monocle consummated the previously announced business combination pursuant to that certain Amended and Restated Agreement and Plan of Merger, dated September 8, 2020 (the \u201cMerger Agreement\u201d) by and among Monocle, the Company, AerSale Aviation, Inc. (f/k/a AerSale Corp.), a Delaware corporation (\u201cAerSale Aviation\u201d), Monocle Merger Sub 1 Inc., a Delaware corporation (\u201cMerger Sub 1\u201d), Monocle Merger Sub 2 LLC, a Delaware limited liability company (\u201cMerger Sub 2\u201d), and Leonard Green & Partners, L.P., a Delaware limited partnership, solely in its capacity as the initial Holder Representative (as defined in the Merger Agreement). The transactions contemplated by the Merger Agreement are referred to herein as the \u201cMerger\u201d or the \u201cBusiness Combination\u201d and in connection therewith, Monocle merged with and into us, whereby we survived the merger and became the successor issuer to Monocle by operation of Rule 12g-3 under the Exchange Act. Upon the consummation of the Merger: (a) Merger Sub 1 was merged with and into Monocle, with Monocle surviving the merger as a wholly-owned direct subsidiary of the Company, and (b) Merger Sub 2 was merged with and into AerSale Aviation, with AerSale Aviation surviving the merger as a wholly-owned indirect subsidiary of the Company. In connection with the closing of the Business Combination, AerSale Aviation changed its name from \u201cAerSale Corp.\u201d to \u201cAerSale Aviation, Inc.\u201d and the Company changed its name from \u201cMonocle Holdings Inc.\u201d to \u201cAerSale Corporation.\u201d Immediately following the Merger, the Company contributed all of its ownership in Monocle to AerSale Aviation, ITEM 1A RISK FACTORS You should carefully consider the risks and uncertainties described below and the other information in this Annual Report before making an investment in our common stock. Our business, financial condition, results of operations, or prospects could be materially and adversely affected if any of these risks occurs, ", "title": "ASLE - AerSale Corp", "url": "/company/ASLE/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001746129; latest 10-K filed 2026-03-17.", "text": "BSVN - Bank7 Corp. SIC 6022 State Commercial Banks; CIK 0001746129; latest 10-K filed 2026-03-17. BSVN Bank7 Corp. 0001746129 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this report. Unless the context indicates otherwise, references in this management\u2019s discussion and analysis to \u201cwe\u201d, \u201cour\u201d, and \u201cus,\u201d refer to Bank7 Corp. and its consolidated subsidiaries. All references to \u201cthe Bank\u201d refer to Bank7, our wholly owned subsidiary. General We are Bank7 Corp., a bank holding company headquartered in Oklahoma City, Oklahoma. Through our wholly-owned subsidiary, Bank7, we operate twelve full-service branches in Oklahoma, the Dallas/Fort Worth, Texas metropolitan area and Kansas. We are focused on serving business owners and entrepreneurs by delivering fast, consistent and well-designed loan and deposit products to meet their financing needs. We intend to grow organically by selectively opening additional branches in our target markets and we will also pursue strategic acquisitions. As a bank holding company, we generate most of our revenue from interest income on loans and from short-term investments. The primary source of funding for our loans and short-term investments are deposits held by our subsidiary, Bank7. We measure our performance by our return on average assets, return on average equity, earnings per share, capital ratios, and efficiency ratio, which is calculated by dividing noninterest expense by the sum of net interest income on a tax equivalent basis and noninterest income. As of December 31, 2025, we had total assets of $1.96 billion, total loans of $1.61 billion, total deposits of $1.70 billion and total shareholders\u2019 equity of $251.0 million. The Federal Reserve aggressively raised the federal funds target rate throughout 2022 and 2023 to combat elevated inflation, reaching a peak range of 5.25% to 5.50% by December 31, 2023. In 2024, the Federal Reserve began to adjust monetary policy, ultimately lowering the federal funds rate three times to end that year with a target range of 4.25% to 4.50%. This easing cycle continued into 2025, with the Federal Reserve implementing three additional 25-basis-point reductions in the second half of the year. As of December 31, 2025, the federal funds target range stood at 3.50% to 3.75%. These monetary policy actions, along with the impact of the transition from a peak-rate environment, compressed our net interest margin while generally supporting stable credit quality throughout 2025. 2025 Overview We reported total loans of $1.61 billion as of December 31, 2025, an increase of $209.0 million, or 15.0%, from December 31, 2024. Total deposits were $1.70 billion as of December 31, 2025, an increase of $185.4 million, or 12.2%, from December 31, 2024. Income before taxes was $56.8 million, a decrease of $3.6 million, or 6.0%, for the year ended December 31, 2025 as compared to income before taxes of $60.4 million for the same period in 2024. Pre-tax return on average assets and return on average equity was 3.12% and 24.39%, respectively, for the year ended December 31, 2025, as compared to 3.50% and 31.41%, respectively, for the same period in 2024. Tax-adjusted return on average assets and return on average equity was 2.37% and 18.51%, respectively, for the year ended December 31, 2025, as compared to 2.65% and 23.78%, respectively, for the same period in 2024. Our efficiency ratio for the year ended December 31, 2025 was 40.24% as compared to 37.90% for the same period in 2024. The provision for credit losses for the year ended December 31, 2025, was $700,000, an increase of 100% compared to a $0 provision for the year ended December 31, 2024. This provision was primarily attributable to the 15% year-over-year loan growth realized during the period, as total loans increased by $209.0 million to $1.61 billion at December 31, 2025. The Item 1. Business Company Overview We are Bank7 Corp., a bank holding company headquartered in Oklahoma City, Oklahoma. Through our wholly-owned subsidiary, Bank7, we operate twelve full-service branches in Oklahoma, Texas, and Kansas. We were formed in 2004 in connection with our acquisition of First National Bank of Medford, which was renamed Bank7 (the \u201cBank\u201d). We are focused on serving business owners and entrepreneurs by delivering fast, consistent and well-designed banking solutions. As of December 31, 2025, we had total assets of $1.96 billion, total loans of $1.61 billion, total deposits of $1.70 billion and total shareholders\u2019 equity of $251.0 million. Our website is: www.bank7.com. We make available free of charge through our website, our annual report on Form 10-K, our quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports as soon as reasonably practicable after they have been electronically filed or furnished with the Securities and Exchange Commission. Information included on our website is not incorporated into this filing. Products and Services The Bank is a full-service commercial bank. We focus on the development of deep business relationships with our commercial customers and their principals. We also focus on providing customers with exceptional service and meeting their banking needs through a wide variety of commercial and retail financial services. The Bank has a particular focus in the following loan categories (i) commercial real estate lending (\u201cCRE\u201d), (ii) hospitality lending, (iii) energy lending, and (iv) commercial and industrial lending. Although it is a small segment of the Bank, we also provide consumer lending services to individuals for personal and household purposes, including secured and unsecured term loans and home improvement loans. Consumer lending services include (i) residential real estate loans and mortgage banking services, (ii) personal lines of credit, (iii) loans for t Item 1A. Risk Factors We believe the risks described below are the risks that are material to us. Any of the following risks, as well as risks that we do not know or currently deem immaterial, could have a material adverse effect on our business, financial condition, results of operations and growth prospects. Risks Relating to Our Business and Market We have identified a ", "title": "BSVN - Bank7 Corp.", "url": "/company/BSVN/" }, { "kind": "company", "summary": "SIC 0100 Agricultural Production-Crops; CIK 0000003545; latest 10-K filed 2025-11-24.", "text": "ALCO - ALICO, INC. SIC 0100 Agricultural Production-Crops; CIK 0000003545; latest 10-K filed 2025-11-24. ALCO ALICO, INC. 0000003545 0100 Agricultural Production-Crops Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with Part I, Item 1, \u201cBusiness\u201d, Item 1A, \u201cRisk Factors\u201d and the accompanying Consolidated Financial Statements and related Notes thereto included in this Annual Report commencing on page 44. Our actual results of operations may differ materially from those discussed in forward-looking statements as a result of various factors, including, but not limited to, those included in Part I, Item 1A, \u201cRisk Factors\u201d and other portions of this Annual Report. In the following discussion and analysis, dollars are in thousands, except per share and per acre amounts. Business Overview Business Description Alico, Inc., together with its subsidiaries (collectively, \u201cAlico\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d) currently generates operating revenues primarily from the sale of our citrus products, and through leases of citrus groves, as well as farming, grazing and hunting leases, activities related to rock and sand mining royalties, sod sales, leases of oil extraction rights to third parties, and other miscellaneous operations generating income. We operate as two business segments, and all of our operating revenues are generated in the United States. While Alico Citrus, which holds the Company\u2019s citrus production operations, has substantially wound down operations after the 2024/2025 harvest due to environmental and financial challenges, Alico remains committed to Florida\u2019s agriculture industry, and will focus on its long-term diversified land usage and real estate development strategy. For the years ended September 30, 2025 and 2024 we generated operating revenues of $44,066 and $46,643, respectively, a loss from operations of $203,901 and $67,454, respectively, and net (loss) income attributable to common stockholders of $(147,334) and $6,973, respectively. Net cash provided by (used in) operating activities was $20,126 and $(30,497), respectively, for the years ended September 30, 2025 and 2024, respectively. See Part I, Item 1, Business, included in this Annual Report for a discussion of our year highlights and our evolving business strategy. Business Segments Operating segments are defined in the criteria established under FASB ASC Topic 280 as components of public entities that engage in business activities from which they may earn revenues and incur expenses for which separate financial information is available and which is evaluated regularly by our CODM in deciding how to assess performance and allocate resources. Our CODM assesses performance and allocates resources based on its reportable segments. Our two segments are as follows: \u2022Alico Citrus includes activities related to planting, owning, cultivating and/or managing citrus groves to produce fruit for sale to fresh and processed citrus markets, including activities related to the purchase and resale of fruit and value-added services, which include contracting for the harvesting, marketing and hauling of citrus; and \u2022Land Management and Other Operations includes activities related to the leasing of citrus groves, farming, grazing and hunting leasing, management and/or conservation of unimproved native pastureland and activities related to rock mining royalties and other insignificant lines of business. Also included are activities related to owning and/or leasing improved farmland. Improved farmland is acreage that has been converted, or is permitted to be converted, from native pasture and which may have various improvements including irrigation, drainage and roads. Revenues from Alico Citrus operations were 93.8% and 96.6%, of our total operating revenues for the years ended September 30, 2025 and 2024, respectively. Revenues from Land Management and Other Operations were 6.2% and 3.4% of total operating revenues for the years ended September 30, 2025 and 2024, respectively. This shift reflects our migration a Item 1. Business Overview Alico was incorporated under the laws of the State of Florida in 1960. Alico is an agribusiness and land management company with a legacy of achievement and innovation in citrus and conservation. We focus on strategic land development opportunities and diversified agricultural operations. At September 30, 2025, we owned approximately 49,537 acres of land in eight Florida counties (Charlotte, Collier, DeSoto, Glades, Hardee, Hendry, Highlands and Polk), and approximately 44,700 acres of oil, gas and mineral rights throughout Florida. We hold these oil, gas and mineral rights on substantially all our owned acres, with additional mineral rights on other leased acres. Our principal lines of business are land management and citrus groves. See Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, Recent Developments included in this Annual Report for a discussion of recent land sales activity. We manage our land based upon its primary usage and review its performance based upon two primary classifications - Alico Citrus and Land Management and Other Operations. The Alico Citrus division includes activities related to planting, owning, cultivating and/or managing citrus groves to produce fruit for sale to fresh and processed citrus markets, including activities related to the purchase and resale of fruit and value-added services, which include contracting for the harvesting, marketing and hauling of citrus. However, the Alico Citrus division has substantially wound down operations after the 2024-2025 harvest due to environmental and financial challenges, as discussed further below. Land Management and Other Operations includes activities related to grazing and hunting leasing, management and/or conservation of unimproved native pastureland, activities related to rock mining royalties and other insignificant lines of business, and activities related to owning and/or leasing improved farmland. We present o Item 1A. Risk Factors Our business and results of operations are subject to numerous risks and uncertainties, many of which are beyond our control. The following is a description of key known factors that we believe may materially affect our business, financial condition, results of operations or cash flows. They should be considered carefull", "title": "ALCO - ALICO, INC.", "url": "/company/ALCO/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000796534; latest 10-K filed 2026-03-27.", "text": "NKSH - NATIONAL BANKSHARES INC SIC 6021 National Commercial Banks; CIK 0000796534; latest 10-K filed 2026-03-27. NKSH NATIONAL BANKSHARES INC 0000796534 6021 National Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations $ in thousands, except per share data. The purpose of this discussion and analysis is to provide information about the results of operations, financial condition, liquidity and capital resources of the Company. The discussion should be read in conjunction with the material presented in Item 8, \u201cFinancial Statements and Supplementary Data,\u201d of this Form 10-K. Subsequent events have been considered through the date of this Form 10-K. Cautionary Statement Regarding Forward-Looking Statements We make forward-looking statements in this Form 10-K that are subject to significant risks and uncertainties. These forward-looking statements include statements regarding our profitability, liquidity, allowance for credit losses, interest rate sensitivity, market risk, growth strategy, and financial and other goals, and are based upon our management\u2019s views and assumptions as of the date of this report. The words \u201cbelieves,\u201d \u201cexpects,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cprojects,\u201d \u201ccontemplates,\u201d \u201canticipates,\u201d \u201cforecasts,\u201d \u201cintends,\u201d or other similar words or terms are intended to identify forward-looking statements. These forward-looking statements are based upon or are affected by factors that could cause our actual results to differ materially from historical results or from any results expressed or implied by such forward-looking statements. These factors include, but are not limited to, effects of or changes in: \u2022 inflation and changes in interest rates that may reduce our margins or reduce the fair value of financial instruments, \u2022 the ability to maintain adequate liquidity by retaining deposit customers and secondary funding sources, especially if the Company\u2019s or banking industry\u2019s reputation becomes damaged, \u2022 the adequacy of the level of the Company\u2019s allowance for credit losses, the amount of credit loss provisions required in future periods, and the failure of assumptions underlying the allowance for credit losses, \u2022 general and local economic conditions, \u2022 monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury, the OCC, the Federal Reserve, the CFPB and the FDIC, and the impact of any policies or programs implemented pursuant to financial reform legislation, \u2022 unanticipated increases in the level of unemployment in the Company\u2019s market, \u2022 the quality or composition of the loan and/or investment portfolios, \u2022 our ability to maintain existing deposit relationships or attract new deposit relationships, \u2022 changes in consumer spending, borrowing and savings habits, \u2022 increased competition with other financial institutions and fintech companies, \u2022 demand for financial services in the Company\u2019s market, \u2022 the real estate market in the Company\u2019s market, \u2022 laws, regulations and policies impacting financial institutions, \u2022 technological risks and developments, and cyber-threats, attacks or events, \u2022 the Company\u2019s technology initiatives, \u2022 geopolitical conditions, including trade restrictions and tariffs, and acts or threats of terrorism and/or military conflicts, or actions taken by the U.S. or other governments in response to trade restrictions and tariffs, and acts or threats of terrorism and/or military conflicts, \u2022 the occurrence of significant natural disasters, including severe weather conditions, floods, health related issues, and other catastrophic events, \u2022 the Company's ability to identify, attract, and retain experienced management, relationship managers, and support personnel, particularly in a competitive labor environment, \u2022 performance by the Company\u2019s counterparties or vendors, \u2022 applicable accounting principles, policies and guidelines, and \u2022 risks associated with mergers, acquisitions, and other expansion activities. These risks and uncertainties should be considered in evaluating the forward-looking statements contained in this report. We caution readers not to place undu Item 1. Business History and Business National Bankshares, Inc. (the \u201cCompany\u201d or \u201cNBI\u201d) is a financial holding company that was organized in 1986 under the laws of Virginia and is registered under the Bank Holding Company Act of 1956, as amended (\"BHCA\"). National Bankshares, Inc. common stock is listed on the Nasdaq Capital Market and is traded under the symbol \u201cNKSH.\u201d It conducts most of its operations through its wholly-owned community bank subsidiary, The National Bank of Blacksburg (the \u201cBank\u201d or \u201cNBB\u201d). It also owns National Bankshares Financial Services, Inc. (\u201cNBFS\u201d), which does business as National Bankshares Insurance Services and National Bankshares Investment Services. References in this report to \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d refer to NBI unless the context indicates that the reference is to NBB. The National Bank of Blacksburg The National Bank of Blacksburg, which does business as National Bank, was originally chartered in 1891 as the Bank of Blacksburg. Its state charter was converted to a national charter in 1922 and it became The National Bank of Blacksburg. In 2004, NBB purchased Community National Bank of Pulaski, Virginia. In May 2006, Bank of Tazewell County, a Virginia bank which since 1996 was a wholly-owned subsidiary of NBI, was merged with and into NBB. On June 1, 2024, NBB purchased Frontier Community Bank (\"FCB\"), a Virginia bank. NBB is a community-oriented financial institution headquartered in Blacksburg, Virginia. Through 28 banking locations across southwest, western and central Virginia, including a new branch opened in 2025 in Roanoke, Virginia, a recently upgraded Lynchburg, Virginia location and a loan production office in Charlottesville, Virginia, NBB offers a full range of retail and commercial banking services to individuals, businesses, non-profits and local governments. NBB offers telephone, mobile and internet banking and it operates 26 automated teller machines (\u201cATMs\u201d) in its service area. The Bank\u2019s primary source of rev Item 1A. Risk Factors An investment in the Company\u2019s common stock involves certain risks, including those described below. In addition to the other information set forth in this Form 10-K, investors in the Company\u2019s securities should carefully consider the factors discussed below. These factors, either alone or taken together, could materially an", "title": "NKSH - NATIONAL BANKSHARES INC", "url": "/company/NKSH/" }, { "kind": "company", "summary": "SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0002013639; latest 10-K filed 2026-03-26.", "text": "FBLA - FB Bancorp, Inc. /MD/ SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0002013639; latest 10-K filed 2026-03-26. FBLA FB Bancorp, Inc. /MD/ 0002013639 6036 Savings Institutions, Not Federally Chartered Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This discussion and analysis reflect certain information contained in our financial statements and other relevant statistical data, and is intended to enhance your understanding of our financial condition and results of operations. You should read the information in this section in conjunction with the business and financial information regarding FB Bancorp provided in this Annual Report on Form 10-K, including the financial statements, which appear beginning on page F-1 herein. Overview FB Bancorp conducts its operations primarily through Fidelity Bank. Fidelity Bank\u2019s business consists primarily of taking deposits from the general public and investing those deposits, together with funds generated from operations, in one- to four-family residential real estate loans, commercial real estate loans, commercial loans, home equity loans and lines of credit, consumer loans and construction loans. We also invest in securities, which have historically consisted primarily of mortgage-backed securities and obligations issued by U.S. government sponsored enterprises. We offer a variety of deposit accounts including negotiable orders of withdrawal, which we refer to as \u201cNOW\u201d , savings accounts, money market accounts and certificate of deposit accounts. Fidelity Bank is subject to comprehensive regulation and examination by the LOFI and the FDIC and FB Bancorp is subject to comprehensive regulation and examination by the Federal Reserve Board. Our results of operations depend primarily on our net interest income. Net interest income is the difference between the interest income we earn on our interest-earning assets and the interest we pay on our interest-bearing liabilities. Our results of operations also are affected by our provisions for credit losses, non-interest income and non-interest expenses. Non-interest income currently consists primarily of service charges on deposit accounts, gain on the resale of mortgage loans and mortgage servicing rights and other service charges and fees. Non-interest expenses currently consist primarily of expenses related to salaries and employee benefits, occupancy and equipment, data processing, advertising and marketing, amortization of mortgage servicing rights, and other expenses. Our results of operations also may be affected significantly by general and local economic and competitive conditions, changes in market interest rates, governmental policies and actions of regulatory authorities. Business Strategy Our principal objective is to build long-term value for our stockholders by operating a profitable community-oriented financial institution dedicated to meeting the banking needs of our customers by emphasizing personalized and efficient customer service. Highlights of our current business strategy include: Continuing to seek to grow and diversify our loan portfolio prudently by increasing originations of commercial real estate and commercial loans in an effort to increase the overall loan portfolio yield. We intend to continue to prudently increase our originations of commercial real estate and commercial loans in order to diversify our loan portfolio and increase yield. At December 31, 2025, commercial real estate loans amounted to $248.7 million, or 33.4% of total loans and commercial loans amounted to $92.2 million, or 12.4% of total loans. Continuing to seek ways to decrease the cost of product delivery and increase operating efficiency. The sale of NOLA Lending Group allowed the Company to exit a business segment that had lost approximately $2.7 million in 2025 and reduce total employees by approximately 108 individuals. This allows the Company to focus on its core banking segment. Increased efficiency is still a business strategy through asset growth, more efficient use of third party vendors, staffing level adjustments, and disciplined capital expenditures. Maintaining our strong ass Item 1. Business. FB Bancorp, Inc. FB Bancorp, Inc. (\u201cFB Bancorp,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d) is a Maryland corporation that was incorporated in February 2024 to become the registered bank holding company for Fidelity Bank upon its conversion from the mutual-to-stock form of organization, which occurred on October 22, 2024. The Company sold 19,837,500 shares of common stock, par value $0.01 per share, at a price of $10 per share, for gross proceeds of $198,375,000. Shares of the Company\u2019s common stock began trading on October 23, 2024, on the Nasdaq Global Select Market under the trading symbol \u201cFBLA.\u201d We conduct our operations from our headquarters in New Orleans, Louisiana, primarily through Fidelity Bank. The Company is the sole shareholder of Fidelity Bank, and as such, is a bank holding company subject to regulation by the Federal Reserve Board. Fidelity Bank Originally chartered in 1908 under the name \u201cThe Fidelity Homestead Association,\u201d Fidelity Bank (sometimes referred to herein as the \u201cBank\u201d) completed its conversion from the mutual form of organization to that of a Louisiana state-chartered stock savings bank on October 22, 2024. The Bank operates from 18 full-service branches, including its main office, two drive-up branches and 14 stand-alone ATMs located throughout central and southern Louisiana. In January 2014, the Bank acquired the net assets of NOLA Lending Group (sometimes referred to herein as \u201cNOLA\u201d, \u201cNOLA Lending\u201d, and \u201cmortgage division\u201d) as a fully-owned division of the Bank that originates our residential one- to four-family residential real estate loans. On December 31, 2025, the Bank entered into an agreement to sell substantially all of the assets and liabilities of NOLA. The sale closed on March 1, 2026. The administrative headquarters of FB Bancorp and Fidelity Bank are located at 353 Carondelet Street, New Orleans, Louisiana 70130. Our telephone number is (504) 569-8640. Fidelity Bank\u2019s business consists primarily of taking dep Item 1A. Risk Factors. Risks Related to Our Lending Activities The Company\u2019s commercial real estate loans involve credit risks that could adversely affect its financial condition and results of operations. At December 31, 2025, commercial real estate loans totaled $248.7 million, or 33.4% of th", "title": "FBLA - FB Bancorp, Inc. /MD/", "url": "/company/FBLA/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001531177; latest 10-K filed 2026-03-04.", "text": "SGHT - Sight Sciences, Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001531177; latest 10-K filed 2026-03-04. SGHT Sight Sciences, Inc. 0001531177 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with the information presented in our financial statements and the related notes included in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current plans, expectations, and beliefs that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K, our actual results could differ materially from the results described in or implied by these forward-looking statements. Please also see the section of this Annual Report on Form 10-K titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview Sight Sciences\u2019 mission is to develop transformative, interventional technologies that allow eyecare providers to procedurally elevate the standards of care \u2013 empowering people to keep seeing. We are passionate about improving patients\u2019 lives by helping them preserve their sight. Our objective is to develop and market products for use in new treatment paradigms and to create an interventional mindset in eyecare whereby our products may be used in procedures which supplant conventional outdated approaches. Our business philosophy is grounded in the following principles: \u2022 comprehensively understanding disease physiology; \u2022 developing transformative technologies that are intended to preserve, protect and restore natural physiological functionality to diseased eyes; \u2022 developing and marketing products with proven clinical evidence that achieve superior effectiveness versus current treatment paradigms while minimizing complications or side effects; \u2022 providing intuitive, patient-friendly, interventional solutions to ophthalmologists and optometrists (together, \"ECPs\"); and \u2022 delivering compelling economic value to all stakeholders, including patients, providers and third-party payors such as Medicare and commercial insurers. Our initial product development has focused on the treatment of two of the world\u2019s most prevalent and underserved eye diseases, glaucoma and dry eye disease (\u201cDED\u201d). We have commercialized products in each of our two reportable operating segments, Interventional Glaucoma and Interventional Dry Eye. Our Interventional Glaucoma revenue consists of sales of our OMNI\u00ae Surgical System family of products (\u201cOMNI\u201d), currently comprised of our Ergo Series OMNI Surgical System and OMNI Edge Surgical System, and the SION\u00ae Surgical Instrument (\u201cSION\u201d), while our Interventional Dry Eye revenue consists of sales of the TearCare\u00ae System (\u201cTearCare\u201d), and related components and accessories. Each product is primarily sold through a highly involved direct sales model that offers intensive education, training and customer service. We believe this model not only enables us to differentiate our products and company from competitors, but also expands our addressable market by educating ECPs, patients and other stakeholders on our products and evolving treatment paradigms. Outside of the U.S., we have established direct commercial operations in the United Kingdom and Germany. We sell OMNI directly in the United Kingdom and Germany, and indirectly in several other countries in Europe through distributors. We sell OMNI and SION to facilities where ophthalmic surgeons perform outpatient procedures, such as ambulatory surgery centers (\u201cASCs\u201d) and hospital outpatient departments (\u201cHOPDs\u201d), which are typically reimbursed by Medicare (or similar foreign governmental reimbursement entity) or private payors for procedures using our products. We are focused on educating surgeons on the clinical benefits of earlier interventions with the comprehensive OMNI and TearCare procedures, driving TearCare revenue growth in the jurisdictions where appropriate payment values have been established fo Item 1. Business Overview Our mission is to develop transformative, interventional technologies that allow eyecare providers to procedurally elevate the standards of care \u2013 empowering people to keep seeing. We are passionate about improving patients\u2019 lives by helping them to preserve their sight. Our business philosophy is grounded in the following principles: comprehensively understanding disease physiology; developing transformative technologies that are intended to preserve, protect, and restore natural physiological functionality to diseased eyes; developing and marketing products with proven clinical evidence that achieve superior effectiveness versus current treatment paradigms while minimizing complications or side effects; providing intuitive, patient-friendly, interventional solutions to eye care professionals (\"ECPs\"); and delivering compelling economic value to all stakeholders, including patients, providers and third-party payors such as Medicare and commercial insurers. Our objective is to develop and market products for use in new treatment paradigms and to create an interventional mindset in eyecare whereby our technologies may be used in procedures which supplant conventional outdated approaches. We have focused our initial product development efforts on the treatment of two of the world\u2019s most prevalent and underserved eye diseases: glaucoma and dry eye disease (\"DED\"). We estimate the annual addressable U.S. market opportunity for the products in our interventional glaucoma (\"Interventional Glaucoma\") segment is approximately $6.0 billion with approximately $1.0 billion in the combination cataract procedure market (the \u201cCombination Cataract Market\u201d), and $5.0 billion in the standalone procedure market (the \u201cStandalone Market\u201d). The U.S. market for dry eye treatments was $2.4 billion in 2025. The Combination Cataract Market is associated with procedures performed on patients with primary open-angle glaucoma (\"POAG\") in combination with a cataract Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and An", "title": "SGHT - Sight Sciences, Inc.", "url": "/company/SGHT/" }, { "kind": "company", "summary": "SIC 8711 Services-Engineering Services; CIK 0001436126; latest 10-K filed 2026-03-11.", "text": "MG - Mistras Group, Inc. SIC 8711 Services-Engineering Services; CIK 0001436126; latest 10-K filed 2026-03-11. MG Mistras Group, Inc. 0001436126 8711 Services-Engineering Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis (this \u201cMD&A\u201d) provides a discussion of our results of operations and financial position for the year ended December 31, 2025. This section generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are included in Part II\u2013Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 11, 2025, which discussion is incorporated herein by reference. This MD&A should be read together with our audited consolidated financial statements and related notes included in Item 8 in this Annual Report. Unless otherwise specified or the context otherwise requires, \u201cMistras,\u201d \"MISTRAS,\" the \"Company,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Mistras Group, Inc. and its consolidated subsidiaries. This MD&A includes the following sections: \u2022Forward-Looking Statements \u2022Overview \u2022Note about Non-GAAP Measures \u2022Consolidated Results of Operations \u2022Liquidity and Capital Resources \u2022Critical Accounting Estimates \u2022Recent Accounting Pronouncements Forward-Looking Statements This Annual Report on Form 10-K, including this MD&A, contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Such forward-looking statements include those that express plans, anticipation, intent, contingency, goals, targets or future development and/or otherwise are not statements of historical fact. These forward-looking statements are based on our current expectations and projections about future events and they are subject to risks and uncertainties known and unknown that could cause actual results and developments to differ materially from those expressed or implied in such statements. See \u201cForward-Looking Statements\u201d at the beginning of Item 1 of this Annual Report. Overview Mistras Group, Inc., together with its subsidiaries (the \"Company\"), is a global leader in technology-enabled industrial asset integrity and laboratory testing solutions, serving critical industries including oil & gas, aerospace & defense, power & utilities, manufacturing, and civil infrastructure. The Company provides a diversified portfolio of products and services, ranging from advanced non-destructive testing (\"NDT\") and pipeline inspections to real-time condition monitoring, maintenance planning, and specialized engineering, powered by a proprietary management software suite that centralizes integrity data for predictive analytics and benchmark analysis. With a long-standing track record of innovation and deep industry expertise, the Company helps clients reduce risk, extend asset life, and optimize operational performance. The Company enhances value for its customers by integrating asset integrity protection throughout supply chains and centralizing integrity data through a suite of Industrial Internet of Things (\"IoT\")-connected software and monitoring solutions, including OneSuite\u00ae, which serves as a cloud-based ecosystem that pulls together the Company\u2019s software and data services capabilities. This integrated approach enables customers to make data-driven decisions that improve asset reliability, enhance safety, reduce operational risk, and optimize performance across the asset lifecycle. The Company\u2019s core capabilities include NDT field inspections enhanced by advanced robotics, laboratory quality control, laboratory materials services, in-house laboratory assurance testing, sensing technologies and NDT equipment, asset and mechanical integrity engineering services, and light mechanical maintenance and access services. Our operations consist of three reportable segments: North America, In ITEM 1. BUSINESS FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this \"Annual Report\") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the \"Securities Act\"), and Section 21E of the Securities Exchange Act of 1934, as amended (the \"Exchange Act\"), regarding Mistras Group, Inc. (\"Mistras,\" \"MISTRAS,\" \"the Company,\" \"us,\" \"we,\" \"our\" and similar expressions) and our business, financial condition, results of operations and prospects. Such forward-looking statements include those that express plans, anticipation, intent, contingency, goals, targets or future development and/or otherwise are not statements of historical fact. These forward-looking statements are based on our current expectations and projections about future events and they are subject to risks and uncertainties known and unknown that could cause actual results and developments to differ materially from those expressed or implied in such statements. In some cases, you can identify forward-looking statements by terminology, such as \u201cgoals,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cbelieves,\u201d \u201cseeks,\u201d \u201cestimates,\u201d \u201cmay,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201cpredicts,\u201d \u201cappears,\u201d \u201cprojects,\u201d or the negative of such terms or other similar expressions, although the absence of such words does not mean that a statement is not forward-looking. Factors that could cause or contribute to differences in results and outcomes from those in our forward-looking statements include, without limitation, those discussed elsewhere in this Annual Report in Part I, Item 1A. \u201cRisk Factors,\u201d Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and in this Item 1. We undertake no obligation to (and expressly disclaim any obligation to) revise or update any forward-looking statements made herein whether as a result of new information, future events or otherwi ITEM 1A. RISK FACTORS This section describes the major risks to us, our business and our common stock. You should carefully read and consider the risks described below, together with the other information contained in this Annual Report, including our financial statements and the notes thereto and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d before making an investment decision. The st", "title": "MG - Mistras Group, Inc.", "url": "/company/MG/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001826681; latest 10-K filed 2026-03-05.", "text": "PDYN - Palladyne AI Corp. SIC 7372 Services-Prepackaged Software; CIK 0001826681; latest 10-K filed 2026-03-05. PDYN Palladyne AI Corp. 0001826681 7372 Services-Prepackaged Software Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and related notes thereto included elsewhere in this Annual Report. In addition to historical information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those set forth in Part I Item 1A Risk Factors and elsewhere in this Annual Report. See also Part I Special Note Regarding Forward-Looking Statements in this Annual Report. Overview We are a U.S.-based technology company developing and offering embodied AI software and collaborative autonomy solutions, advanced avionics, UAVs, advanced UAV engineering services and precision-manufactured components for defense and commercial/industrial markets. Our core AI software offerings, Palladyne IQ, SwarmOS and Palladyne Pilot, consist of full-stack, closed-loop autonomy software that is intended to enhance the functionality and operational effectiveness of third-party robotic systems across a range of applications. These products are designed to be hardware agnostic, enabling integration across a wide range of robotic platforms, whether third-party or our own proprietary platforms, including industrial robots, cobots, UAVs, UGVs, and ROVs across multiple domains. We are positioning our defense business as a mid-tier U.S. technology prime defense contractor aiming to combine innovative autonomy, practical engineering and American production to bring intelligent systems into active service faster, safer and more cost-effectively than legacy approaches. We seek to harness our advanced, ethical embodied AI to provide cost-effective lethality and precision harm mitigation through rapidly delivering scalable, low-cost, intelligent and collaborative attritable weapons, including by developing proprietary, UAVs incorporating our avionics and AI technologies. We support these efforts and those of other defense contractors and commercial customers through our vertically integrated aircraft engineering design services, enhanced avionics compute hardware and machining and fabrication services. Palladyne SwarmOS is designed for unmanned platforms and includes advanced autonomy and coordination capabilities that enable multiple UAVs to swarm, collaborate and execute complex missions through distributed tasking and edge-native orchestration. Our embodied AI is designed to operate in complex, contested and high-risk environments, enabling distributed tasking, human-on-the-loop oversight, degraded-communications resilience, multi-domain coordination and real-time responsiveness. Our platform-agnostic autonomy stack combines real-time sensor fusion, adaptive AI models, and edge-native orchestration to support autonomous and collaborative systems across air, ground, maritime and industrial domains where performance, resilience, trust and mission assurance are critical to operational outcomes. These capabilities are intended to meet the performance and reliability requirements of military and defense customers, particularly in applications where it is essential to conduct coordinated multi-vehicle operations in contested environments with degraded communications. For commercial and industrial customers in particular, Palladyne IQ is designed to enable poly-functional robots, including industrial robots and cobots, to become capable of performing multiple tasks across dynamic real-world industrial environments. Palladyne IQ enables industrial robots and cobots to adapt to variability in tasks, parts, and environments, thereby reducing the need for rigid automation, custom fixtures, and manual intervention. We believe Palladyne IQ Item 1. Business. The following discussion should be read in conjunction with the information about us contained elsewhere in this Report, including the information set forth in our consolidated financial statements and the related notes. Some of the information contained in this section or set forth elsewhere in this Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should read Part I Item 1A Risk Factors and the section titled \"Special Note Regarding Forward-Looking Statements\" for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and throughout this Report. We use the terms \"Palladyne AI,\" \"the Company,\" \"we,\" \"us,\" and \"our\" to refer to Palladyne AI Corp. Overview We are a U.S.-based technology company developing and offering embodied artificial intelligence (\"AI\") software and collaborative autonomy solutions, advanced avionics, unmanned aerial vehicles (\"UAVs\"), advanced UAV engineering services and precision-manufactured components for defense and commercial/industrial markets. Our core AI software offerings, Palladyne IQ, SwarmOS and Palladyne Pilot, consist of full-stack, closed-loop autonomy software that is intended to enhance the functionality and operational effectiveness of third-party robotic systems across a range of applications. These products are designed to be hardware agnostic, enabling integration across a wide range of robotic platforms, whether third-party or our own proprietary platforms, including industrial robots, collaborative robots (\"cobots\"), UAVs, unmanned ground vehicles (\"UGVs\"), and remotely operated vehicles (\"ROVs\") across multiple domains. We are positioning our defense business as a mid-tier U.S. technology prime defense contractor aiming to combine innovative au Item 1A. Risk Factors. You should carefully consider the following risk factors, in addition to the other information contained in this Report, including \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" and our audited consolidated financial statements and related notes. If any of the e", "title": "PDYN - Palladyne AI Corp.", "url": "/company/PDYN/" }, { "kind": "company", "summary": "SIC 2741 Miscellaneous Publishing; CIK 0001997859; latest 10-K filed 2026-03-05.", "text": "WBTN - WEBTOON Entertainment Inc. SIC 2741 Miscellaneous Publishing; CIK 0001997859; latest 10-K filed 2026-03-05. WBTN WEBTOON Entertainment Inc. 0001997859 2741 Miscellaneous Publishing Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis contains forward-looking statements, including, without limitation, statements relating to the Company\u2019s plans, strategies, objectives, expectations, intentions and resources. Such forward-looking statements should be read in conjunction with our disclosures under \u201cCautionary Note Regarding Forward-Looking Statements\u201d and under \u201cItem 1A. Risk Factors\u201d of this Annual Report. This section of this Annual Report generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2024 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company\u2019s Form 10-K which was filed with the SEC on March 11, 2025. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes included in this Annual Report on Form 10-K. Overview WEBTOON is a global storytelling platform where a vibrant community of creators and users discover, create and share new content. We have pioneered a cultural movement by revolutionizing the storytelling format and democratizing content creation and publication. WEBTOON empowers creators, by enabling them to participate economically in their own creation, and users, by offering an endless library of content. Content on our platform tells stories, across formats. On our platform, creators tell long-form stories through serialized narratives in the form of short-form, bite-sized episodes, creating a habitual behavior with an engaged user base. These stories are primarily told in two ways\u2014web-comics, a graphical comic-like medium, and web-novels, which are text-based stories. The web-comic medium tells stories using a continuous vertical-scroll format that is easily read on mobile devices. We are able to extend the reach, impact and monetization of our content by adapting it into other media formats such as film, streaming series, games, merchandise and print books. Creators power our content engine by authoring immersive visual stories, developing imaginative new characters and inspiring fandoms. Our creator base ranges from the individual enthusiast with a love of storytelling to the professional author building a brand and an enterprise on our platform. WEBTOON provides creators with an opportunity to monetize their creativity through various means, including Paid Content, advertising and IP Adaptations. Users come to our platform to discover and consume engaging and immersive content. Our creators tell stories that are relatable to global audiences, attracting users across age groups, geographies and genders. Our primary user base is Gen Z and millennials. WEBTOON helps fans discover engaging content across genres, with fresh, weekly releases. Community reinforces the benefits to creators and users on our platform. We help users and creators build relationships and engage with one another over content. As users, or \u201cfans,\u201d often develop a personal connection to the titles on our platform, they relish the direct engagement with creators through both our comments section at the end of each episode and the \u201cCreator Profile\u201d section, where creators can post messages and users can respond directly. Fans also appreciate the ability to potentially influence how stories unfold and how their favorite characters evolve, as creators may choose to incorporate fans\u2019 feedback. This enables a positive feedback loop for content creation and user engagement. This community engagement powers a flywheel of user engagement and creator readership, which in turn drives WEBTOON\u2019s success. Our platform continuously empowers and incentivizes creators to drive creation of unique long-form stories. These st Item 1. Business Overview WEBTOON is a global storytelling platform where a vibrant community of creators and users discover, create and share new content. We have pioneered a cultural movement by revolutionizing the storytelling format and democratizing content creation and publication. WEBTOON empowers creators, by enabling them to participate economically in their own creation, and users, by offering an endless library of content. Our community connected 27 million creators with approximately 157 million monthly active users in over 150 countries around the world.1 Our Platform Our creators, users and content drive a powerful community flywheel. By creating and publishing new and diverse content, creators on our platform help drive the scale of our user base. In turn, users build relationships with creators through real-time feedback and praise on content; fandoms built around popular characters, storylines or in-story universes; and monetary support through payments for access to content. This attracts new creators to our platform, who expand our community and deepen engagement with fans, which leads to an even stronger feedback loop and encourages more content creation. We further amplify this flywheel through other monetization models, including advertising and IP Adaptations. Finally, our platform is underpinned by our foundational technology and artificial intelligence, enabling content creation and discovery and recommendation. The result is increased user engagement, creator prosperity and, ultimately, WEBTOON success. Creators power our content engine by authoring immersive visual stories, or titles, developing imaginative new characters and inspiring fandoms. Our creator base ranges from the individual enthusiast with a love of storytelling to the professional author building a brand and an enterprise on our platform. WEBTOON provides creators with an opportunity to monetize their creativity through various means, including Paid Content, advertising Item 1A. Risk Factors In addition to the other information in this Annual Report, the following risk factors should be considered carefully in evaluating our company. We seek to identify, manage and mitigate risks to our business, but risks and uncertainties are difficult to predict, and many are outside of our control and", "title": "WBTN - WEBTOON Entertainment Inc.", "url": "/company/WBTN/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001830043; latest 10-K filed 2026-03-16.", "text": "BMBL - Bumble Inc. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001830043; latest 10-K filed 2026-03-16. BMBL Bumble Inc. 0001830043 7370 Services-Computer Programming, Data Processing, Etc. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of the financial condition and results of operations of Bumble Inc. in conjunction with our consolidated financial statements and the related notes included in Part II, \u201cItem 8\u2014Financial Statements and Supplementary Data\u201d of this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties about our business and operations. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include without limitation those discussed in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations and those identified in Part I, \u201cItem 1A\u2014Risk Factors\u201d of this Annual Report on Form 10-K. Overview We provide online dating and social networking applications through free subscription and in-app purchases of products servicing North America, Europe and various other countries around the world. Bumble operates a family of apps, including Bumble, BFF, and Badoo. Bumble app, launched in 2014, is one of the first dating apps built with women at the center. Bumble app is a leader in the online dating sector across several countries, including the United States, the United Kingdom, Australia and Canada. Badoo app, launched in 2006, was one of the pioneers of web and mobile free-to-use dating products. Badoo app\u2019s focus is to make finding meaningful connections easy, fun and accessible for a mainstream global audience. Badoo app continues to be a market leader in several countries in Europe and Latin America. Building on the BFF mode in Bumble app, in July 2023, we officially launched a standalone Bumble For Friends app, which we relaunched in September 2025 as BFF in the United States, our dedicated app for friend-finding, group connections and community-building. Overview of Financial Results For the years ended December 31, 2025, 2024, and 2023, we generated: \u2022Total Revenue of $965.7 million, $1,071.6 million and $1,051.8 million, respectively; \u2022Bumble App Revenue of $783.0 million, $866.3 million, and $844.8 million, respectively; \u2022Badoo App and Other Revenue of $182.6 million, $205.4 million, and $207.1 million, respectively; \u2022Net loss of $895.3 million, or (92.7)% of revenue, which included a $1,039.0 million impairment loss, $768.4 million, or (71.7)% of revenue, which included an $892.2 million impairment loss, and $1.9 million, or (0.2)% of revenue, respectively; \u2022Adjusted EBITDA of $313.6 million, $304.1 million and $275.6 million, respectively, representing Adjusted EBITDA margins of 32.5%, 28.4% and 26.2%, respectively; \u2022Net cash provided by operating activities of $250.4 million, $123.4 million and $182.1 million, respectively; and \u2022Free cash flow of $238.7 million, $114.1 million and $167.2 million, respectively, representing free cash flow conversion of 76.1%, 37.5% and 60.7%, respectively. For a reconciliation of Adjusted EBITDA, Adjusted EBITDA margin, Free Cash Flow and Free Cash Flow Conversion, which are all non-GAAP measures, to the most directly comparable GAAP financial measures, information about why we consider Adjusted EBITDA, Adjusted EBITDA margin, free cash flow and free cash flow conversion useful and a discussion of the material risks and limitations of these measures, please see \u201c\u2014Non-GAAP Financial Measures.\u201d Key Operating Metrics We regularly review a number of metrics, including the following key operating metrics, to evaluate our business, measure our performance, identify trends in our business, prepare financial projections and make strategic decisions. We believe these operational measures are useful in evaluating our performance, in addition to our financial results prepared in accordance with GAAP. Refer to the section \u201cCertain Definitions\u201d at the beginning of this A Item 1. Business Who We Are Bumble\u2019s mission is to bring people closer to love. Our platform of apps enables people to connect and build healthy and equitable relationships on their own terms. We focus on building authenticity and safety in the online space. We also have extended our platform beyond online dating into healthy relationships in other areas of life, such as friendships. The Bumble brand was built with women at the center. Our platform is designed to help women feel safer and more empowered and, in turn, provide a better environment for everyone. We are leveraging innovative technology solutions to create a more inclusive, safe and accountable way to connect online for all members regardless of gender. In 2025, we operated a family of apps, including Bumble app, Bumble For Friends app, BFF app and Badoo app, where members come to discover new people and connect with each other in a secure and empowering environment. Our apps monetize via a freemium model, where the use of the service is free and a subset of the members pay for subscriptions or in-app purchases to access premium features. Bumble app, launched in 2014, is one of the first dating apps built with women at the center. Bumble app is a leader in the online dating sector across several countries, including the United States, the United Kingdom, Australia and Canada. We had approximately 2.4 million Bumble App Paying Users during the year ended December 31, 2025. Badoo app, launched in 2006, was one of the pioneers of web and mobile free-to-use dating products. Badoo app\u2019s focus is to make finding meaningful connections easy, fun and accessible for a mainstream global audience. Badoo app is a leader in the online dating sector in several countries in Europe and Latin America. We had approximately 1.2 million Badoo App and Other Paying Users during the year ended December 31, 2025. Building on the BFF mode in Bumble app, in July 2023 we officially launched a standalone Bumble For Friends a Item 1A. Risk Factors You should carefully consider the following risks and all of the other information set forth in this Annual Report, including without limitation \u201cItem 7\u2014Management's Discussion and Analysis of Financial Condition and Results of Operations\u201d and our consolidated financial statements an", "title": "BMBL - Bumble Inc.", "url": "/company/BMBL/" }, { "kind": "company", "summary": "SIC 8062 Services-General Medical & Surgical Hospitals, NEC; CIK 0001756655; latest 10-K filed 2026-03-16.", "text": "ARDT - Ardent Health, Inc. SIC 8062 Services-General Medical & Surgical Hospitals, NEC; CIK 0001756655; latest 10-K filed 2026-03-16. ARDT Ardent Health, Inc. 0001756655 8062 Services-General Medical & Surgical Hospitals, NEC Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s discussion and analysis of financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes contained elsewhere in this Annual Report. Unless otherwise indicated, all relevant financial and statistical information included herein relates to our consolidated operations. Additionally, unless the context indicates otherwise, Ardent Health, Inc. and its affiliates are referred to in this section as \u201cwe,\u201d \u201cour,\u201d or \u201cus.\u201d Forward-Looking Statements This Annual Report, including the following discussion, may contain certain \u201cforward-looking statements,\u201d as that term is defined in the U.S. federal securities laws. These forward-looking statements include, but are not limited to, statements other than statements of historical facts, including, among others, statements relating to our future financial performance, our business prospects and strategy, anticipated financial position, liquidity and capital needs, the industry in which we operate and other similar matters. Words such as \u201canticipates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cpredicts,\u201d \u201cbelieves,\u201d \u201cseeks,\u201d \u201cestimates,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cwill,\u201d \u201cmay,\u201d \u201ccan,\u201d \u201ccontinue,\u201d \u201cpotential,\u201d \u201cshould\u201d and the negative of these terms or other comparable terminology often identify forward-looking statements. When reviewing the discussion below, you should keep in mind the risks and uncertainties that could impact our business. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements, including the risk factors and other cautionary statements described under the heading \u201cRisk Factors\u201d included in this Annual Report. These risks and uncertainties could cause actual results to differ materially from those projected in forward-looking statements contained in this Annual Report or implied by past results and trends. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Factors, risks, and uncertainties that could cause actual outcomes and results to be materially different from those contemplated include, among others: (1) general economic and business conditions, both nationally and in the regions in which we operate, including the impact of challenging macroeconomic conditions and inflationary pressures, current geopolitical instability, and impacts from the imposition of, or changes in, tariffs, as well as the potential impact on us of the federal government shutdown or other uncertain political, financial, credit and capital conditions; (2) possible reductions or other changes in Medicare, Medicaid and other state programs, including Medicaid supplemental payment programs, Medicaid waiver programs or state directed payments, that could have an adverse effect on our revenues and business; (3) reduction in the reimbursement rates paid by commercial payors, increased reimbursement denials or payment delays by commercial payors, our inability to retain and negotiate favorable contracts with private third party payors, or an increasing volume of uninsured or underinsured patients; (4) effects of changes in healthcare policy or legislation, including the One Big Beautiful Bill Act (the \"OBBBA\") and any other reforms that have or may be undertaken by the current presidential administration, and legal and regulatory restrictions on our hospitals that have physician owners; (5) the ability to achieve operating and financial targets, develop and execute mitigation plans to offset to the extent possible impacts from the OBBBA, the expiration of temporary enhanced subsidies for individuals eligible to purchase insurance coverage through health insurance marketplaces and imposition of tar Item 1. Business Overview Ardent Health, Inc. was initially formed in Delaware in 2015 as Ardent Health Partners, LLC. On July 17, 2024, Ardent Health Partners, LLC converted from a Delaware limited liability company into a Delaware corporation in connection with its initial public offering and changed its name to Ardent Health Partners, Inc. On June 3, 2025, Ardent Health Partners, Inc. changed its name to Ardent Health, Inc. Ardent Health, Inc. is a holding company that has affiliates that operate acute care hospitals and other healthcare facilities and employ physicians. The terms \"Ardent,\" the \"Company,\" \"we,\" \"our\" and \"us,\" as used in this Annual Report on Form 10-K (\"Annual Report\"), refer to Ardent Health, Inc. and its affiliates and, on or prior to July 16, 2024, Ardent Health Partners, LLC and its affiliates, unless stated otherwise or indicated by context. The term \"affiliates\" includes direct and indirect subsidiaries of Ardent and partnerships and joint ventures in which such subsidiaries are equity owners. Ardent is a provider of healthcare services in the United States, operating in eight growing mid-sized urban markets across six states: Texas, Oklahoma, New Mexico, New Jersey, Idaho, and Kansas. We deliver care through a system of 30 acute care hospitals, more than 280 sites of care, and over 2,000 providers that are either employed by or affiliated1 with us, as of December 31, 2025. We hold a leading position in a majority of our markets2 and believe we are one of the leading healthcare systems based on market share and given our integrated network of hospitals, ambulatory facilities, and physician practices. We operate either independently or in partnership with premier academic medical centers, large not-for-profit hospital systems, community physicians, and a community foundation through our well-established and differentiated joint venture (\u201cJV\u201d) model. Collectively, we operate as a unified organization with a consumer-centric approach to ca Item 1A. Risk Factors Risk Factors Summary An investment in our securities involves numerous risks described in \u201cRisk Factors\u201d below and elsewhere in this Annual Report. Key risks include, but are not limited to, the following: \u2022changes in government healthcare programs, including", "title": "ARDT - Ardent Health, Inc.", "url": "/company/ARDT/" }, { "kind": "company", "summary": "SIC 4941 Water Supply; CIK 0000276720; latest 10-K filed 2025-11-12.", "text": "PCYO - PURE CYCLE CORP SIC 4941 Water Supply; CIK 0000276720; latest 10-K filed 2025-11-12. PCYO PURE CYCLE CORP 0000276720 4941 Water Supply Item 7 \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview The discussion and analysis below includes certain forward-looking statements that are subject to risks, uncertainties and other factors, as described in \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K, that could cause our actual growth, results of operations, performance, financial position and business prospects and opportunities for this fiscal year and the periods that follow to differ materially from those expressed in, or implied by, those forward-looking statements. Readers are cautioned that forward-looking statements contained in this Annual Report on Form 10-K should be read in conjunction with our disclosure under the heading \u201cFORWARD-LOOKING STATEMENTS\u201d on page 1. The following Management\u2019s Discussion and Analysis (MD&A) is intended to help the reader understand the results of operations and our financial condition and should be read in conjunction with the accompanying consolidated financial statements and the notes thereto included in Part II, Item 8 of this Annual Report on Form 10-K. Executive Summary We saw a decrease in our land development segment revenue during fiscal 2025 due to the timing of lot deliveries with our national homebuilders. We also saw a decrease in our water sales, primarily from a decrease in selling water to oil and gas operators. Our water and wastewater tap fees revenue increased in fiscal 2025 due to the timing of our national homebuilder\u2019s production schedules in Phase 2B and 2C. Our single-family rental business experienced a modest increase in revenue due to increasing monthly rent for the majority of our rental homes in fiscal 2025. Although the housing market is slowing, we continue to see demand for affordable housing in our local market and have focused our land development activity in fiscal 2025 on ensuring that we are delivering the type of products that our national homebuilder partners desire in our Sky Ranch Master Planned Community. Phases 1 and 2A are complete, Phase 2B is approximately 97% complete, Phase 2C is approximately 82% complete and Phase 2D is approximately 43% complete. We continue to work on projects to expand our water assets to be competitive to sell water to oil and gas operators and have the infrastructure in place for future land development opportunities. In fiscal 2025 we began construction of four new alluvial wells on the Lowry Ranch. Our notable financial highlights from fiscal 2025 include the following: \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Total revenue was $26.1 million, down from $28.7 million in 2024 (a 9% decrease), primarily driven by a decrease in lot deliveries at Sky Ranch with a portion of lots in Phase 2D pushing into fiscal 2026, a decrease in water sales to oil and gas operators for use in their drilling operations and an increase in tap sales;\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25fe\",\"Revenue from commercial water sales, which includes selling water to oil and gas operators, was $1.6 million in 2025 compared to $6.1 million in 2024;\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25fe\",\"Revenue from water and wastewater tap sales was $7.3 million in 2025 compared to $3.4 million in 2024 (a 115% increase);\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25fe\",\"Recorded lot sales for 2025 were $13.7 million compared to $16.0 million in 2024, which is due to the development work in Phases 2B, 2C and 2D;\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Pre-tax income was $17.4 million in 2025, which is up from $15.6 million in 2024 (a 12% increase);\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Earnings per share increased 13% to $0.54 per share compared to $0.48 per share in 2024;\"]] [[/GREPCENT_TABLE]] \u200b [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"In 2025 we posted $0.54 of earnings per fully diluted common share, which is up from $0.48 in 2024 (a 13% increase Item 1 \u2013 Business Unless otherwise specified or the context otherwise requires, any reference to \u201cPure Cycle,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d is to Pure Cycle Corporation and its wholly-owned subsidiaries on a consolidated basis. We are a diversified water and wastewater service provider, land developer, and home rental company. We provide wholesale water and wastewater services in the Denver, Colorado area, develop land we own into master planned communities, and develop single-family homes for rent. Each of our businesses providing water and wastewater services, land development and single-family home rentals generates attractive recurring monthly income. For more than 30 years, we have accumulated and continue to accumulate a portfolio of valuable water rights, land interests and single-family rental homes along the Front Range of Colorado. We have added an extensive network of wholesale water production, storage, treatment and distribution systems, and wastewater collection and treatment systems that we operate and maintain to serve domestic, commercial, and industrial customers in the eastern Denver metropolitan region. Our primary land asset, known as Sky Ranch, is in one of the most active development areas in the Denver metropolitan region along the rapidly developing I-70 corridor, where we are developing lots for residential, commercial, retail, and light industrial uses. Sky Ranch is zoned to include up to 3,200 single-family and multifamily homes, parks, open spaces, trails, recreational centers, schools, and over two million square feet of retail, commercial and light industrial space, all of which will be serviced by our water and wastewater services segment. Additionally, we have retained lots in our Sky Ranch development for our single-family rental business where we contract with national homebuilders to build us single-family homes for rent, typically under annual lease agreements. With 14 homes currently owned and rented, we continue to exp Item 1A \u2013 Risk Factors The following section describes the material risks and uncertainties that we believe could have a material adverse effect on our business, financial condition, results of operations, and the market price of our common stock. The risks discussed below include forward-looking statements. Actual results may differ materially from those discussed in these for", "title": "PCYO - PURE CYCLE CORP", "url": "/company/PCYO/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001572334; latest 10-K filed 2026-03-27.", "text": "VABK - Virginia National Bankshares Corp SIC 6021 National Commercial Banks; CIK 0001572334; latest 10-K filed 2026-03-27. VABK Virginia National Bankshares Corp 0001572334 6021 National Commercial Banks Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion provides information about the major components of the results of operations and financial condition, liquidity, and capital resources of Virginia National Bankshares Corporation. This discussion and analysis should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements in Item 8. Financial Statements and Supplementary Data. Application of Critical Accounting Policies and Critical Accounting Estimates The accounting and reporting policies followed by the Company conform, in all material respects, to GAAP and to general practices within the financial services industry. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. While the Company bases estimates on historical experience, current information, and other factors deemed to be relevant, actual results could differ from those estimates. The Company considers accounting estimates to be critical to reported financial results if (i) the accounting estimate requires management to make assumptions about matters that are highly uncertain and (ii) different estimates that management reasonably could have used for the accounting estimate in the current period, or changes in the accounting estimate that are reasonably likely to occur from period to period, could have a material impact on the Company\u2019s financial statements. The Company\u2019s accounting policies are fundamental to understanding management\u2019s discussion and analysis of financial condition and results of operations. Following are the accounting policies and estimates that the Company considers as critical: \u2022 Allowance for credit losses - The Company establishes the ACL through charges to earnings in the form of a provision for credit losses. Loan losses are charged against the ACL for the difference between the carrying value of the loan and the estimated net realizable value or fair value of the collateral, if collateral dependent, when management believes that the collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the ACL. The ACL represents management\u2019s current estimate of expected credit losses over the contractual term of loans held for investment, and is recorded at an amount that, in management\u2019s judgment, reduces the recorded investment in loans to the net amount expected to be collected. Management\u2019s judgment in determining the level of the ACL is based on evaluations of historical loan losses, current conditions and reasonable and supportable forecasts relevant to the collectability of loans. Various national economic variables are utilized in the development of the ACL, including the national unemployment rate and national gross domestic product. In addition, management\u2019s estimate of expected credit losses is based on the remaining life of certain consumer loans held for investment, and changes in expected prepayment behavior may result in changes in the remaining life of loans and expected credit losses. Management also assesses the risk of credit losses arising from changes in general market, economic and business conditions\u037e the nature and volume of the loan portfolio\u037e the volume and severity of delinquencies and adversely classified loan balances and the value of underlying collateral in determining the recorded balance of the ACL. This evaluation is inherently subjective because it requires estimates that are susceptible to significant revision as more information becomes available. In evaluating the level of the ACL, the Company considers a range of possible assumptions and outcomes related to the various factors identified above. The level of the ACL is particularly sensitive to changes in the actual and forecasted national unemployment rat Item 1. BUSINESS. General The Company was incorporated under the laws of the Commonwealth of Virginia on February 21, 2013 at the direction of the Board of Directors of the Bank for the purpose of acquiring all of the outstanding shares of the Bank and becoming the holding company of the Bank. On June 19, 2013, the shareholders of the Bank approved the Reorganization Agreement and Plan of Share Exchange, dated March 6, 2013, whereby the Bank would reorganize into a holding company structure. On December 16, 2013, when the Reorganization became effective, the Bank became a wholly-owned subsidiary of the Company, and each share of the Bank\u2019s common stock was exchanged for one share of the Company\u2019s common stock. The Company is regulated under the BHCA and is subject to inspection, examination and supervision by the Federal Reserve. The Company is also under the jurisdiction of the SEC and is subject to the disclosure and regulatory requirements of the Exchange Act as administered by the SEC. Virginia National Bank, the principal operating subsidiary of the Company, was organized in 1998 under federal law as a national banking association to engage in a general commercial and retail banking business. The Bank received its charter from the OCC and commenced operations on July 29, 1998. The Bank received fiduciary powers in January 2000. The Bank\u2019s deposits are insured up to the maximum amount provided by the FDIC. Prior to July 2018, the Bank had one wholly owned subsidiary, VNBTrust, a national trust bank formed in 2007. Effective July 1, 2018, VNBTrust was merged into the Bank. The Bank continues to offer trust and estate administration services under the name of VNB Trust and Estate Services. The Bank, through its financial subsidiary Fauquier Bank Services, Inc., has equity ownership interests in Bankers Insurance, LLC, a Virginia independent insurance company, and Bankers Title Shenandoah, LLC, a title insurance company, both of which are owned by a consortiu Item 1A. RISK FACTORS. The Company\u2019s business is subject to risk. The following discussion, along with management\u2019s discussion and analysis, the information contained in \u201cForward-Looking Statements and Factors that Could Affect Future Results,\u201d and the financial statements and footnotes, sets forth the mo", "title": "VABK - Virginia National Bankshares Corp", "url": "/company/VABK/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001015383; latest 10-K filed 2026-06-22.", "text": "POWW - Outdoor Holding Co SIC 7389 Services-Business Services, NEC; CIK 0001015383; latest 10-K filed 2026-06-22. POWW Outdoor Holding Co 0001015383 7389 Services-Business Services, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is intended to provide a reader of our financial statements with management\u2019s perspective on our financial condition, results of operations, liquidity, and certain other factors that may affect our future results. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the audited consolidated financial statements (prepared in accordance with accounting principles generally accepted in the United States (\u201cGAAP\u201d) and related notes included elsewhere in this Annual Report on Form 10-K (this \"Form 10-K\"). The following discussion contains forward-looking statements that are subject to risks and uncertainties. See \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Form 10-K, particularly in the section entitled \u201cRisk Factors.\u201d Unless we state otherwise or the context otherwise requires, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and the \u201cCompany\u201d refer to Outdoor Holding Company (formerly AMMO, Inc.) and its consolidated subsidiaries. Overview Outdoor Holding Company is the owner of the GunBroker Marketplace (\"GunBroker\" or the \"Marketplace\"), a leading online marketplace serving the firearms and shooting sports industries. Through our Marketplace, we allow third party sellers to list items consisting of firearms, hunting gear, fishing equipment, outdoor gear, collectibles, and much more, while facilitating compliance with federal and state laws that govern the sale of firearms and other restricted items. This allows our base of over 8.8 million users to follow ownership policies and regulations through our network of approximately 32,000 federally licensed firearms dealers (\"FFLs\") who serve as transfer agents. The nature and operation of the Marketplace as an online auction and sales platform also affords us a unique view into the total domestic market for the purpose of understanding sales trends at a granular level across all elements of the outdoor sports and shooting space. We generate revenue from marketplace fees, which include marketplace revenue, marketplace service fee revenue, advertising campaign revenue and shipping revenue. Our key strategic initiatives for fiscal year 2027 include: launching universal payment processing to facilitate electronic transactions, decrease transaction friction, increase gross merchandise value (\"GMV\"), improve the user experience with the use of AI, and accelerate user adoption; deploy capital opportunistically by repurchasing shares; further streamlining the business to increase operational efficiency and reduce operational costs; and implementing further user enhancements to the platform with new tools, analytics, and personalization features to deliver best-in-class buyer and seller experiences. As part of our key strategic initiatives, the Company invested in a platform integration with Master FFL beginning in November 2025. Master FFL integration allows us to provide platform users access to a larger network of FFL dealers, centralizing FFL dealer verification and compliance, and allowing streamlined firearm transfers through automatic verification of federally-licensed firearm dealers. Recent Developments Sale of Ammunition Manufacturing Business We began our operations in 2017 as a producer of high-performance ammunition and premium components. Following the acquisition of the GunBroker.com business in 2021, we conducted operations through two operating and reportable segments, Ammunition and Marketplace. The Ammunition segment engaged in the design, production and marketing of ammunition, ammunition component and related products. The Marketplace seg ITEM 1. BUSINESS Introduction Outdoor Holding Company (\"Outdoor Holding,\" \"we,\" \"us,\" \"our\" or the \"Company\") began its operations in 2017 as a producer of high-performance ammunition and premium components. Following the acquisition of the GunBroker business (\"GunBroker\") in 2021, we conducted operations through two operating and reportable segments: Ammunition segment and Marketplace segment. The Ammunition segment engaged in the design, production and marketing of ammunition, ammunition components and related products. The Marketplace segment consists of the GunBroker e-commerce marketplace (\u201cMarketplace\u201d), which, in its role as a marketplace platform, supports the lawful sale of firearms, ammunition, and hunting/shooting accessories. In addition, GunBroker helps provide the outdoors community with a state and federal compliant solution that connects buyers with sellers across the United States with local federally-licensed firearm dealers. The Marketplace allows our base of approximately 8.8 million users to follow ownership policies and regulations through our network of over 32,000 federally licensed firearms dealers as transfer agents. The nature and operation of the Marketplace as an online auction and sales platform also affords our Company a view into the total domestic market for the purpose of understanding sales trends at a granular level across all elements of the outdoor and sports shooting space. Prior to the Transaction (defined below), our Ammunition segment manufactured small arms ammunition and their components for the commercial, military, and law enforcement communities. Our manufacturing operations were based out of Manitowoc, Wisconsin. We emphasized an American heritage by using predominantly American-made components and raw materials in our products that were produced, inspected, and packaged at our facility in Manitowoc, WI. Sale of Ammunition Segment During the year ended March 31, 2025, our Board of Directors (the \"Board of Director ITEM 1A. RISK FACTORS The risk factors noted in this section and other factors noted throughout this Form 10-K, including those risks identified in Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d describe examples of risks, uncertainties and events that may cause o", "title": "POWW - Outdoor Holding Co", "url": "/company/POWW/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001072627; latest 10-K filed 2026-03-12.", "text": "KWY - KINGSWAY Corp SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001072627; latest 10-K filed 2026-03-12. KWY KINGSWAY Corp 0001072627 6331 Fire, Marine & Casualty Insurance Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following management's discussion and analysis (\"MD&A\") of our financial condition and results of operations should be read together with the Consolidated Financial Statements included in Part II, Item 8 of this 2025 Annual Report. OVERVIEW Kingsway is a holding company with operating subsidiaries located in the United States. The Company is the only publicly-traded US company employing the Search Fund model to acquire and build great businesses and owns and operates a collection of high-quality B2B and B2C services companies that are asset-light, growing, profitable, and that have recurring revenues. Kingsway seeks to compound long-term shareholder value on a per share basis via its decentralized management model, its talented team of operators, and its tax-advantaged corporate structure. Kingsway conducts its business through two reportable segments: Kingsway Search Xcelerator and Extended Warranty. Kingsway Search Xcelerator includes the Company's subsidiaries, CSuite Financial Partners, LLC (\"CSuite\"), Ravix Group, Inc. (\"Ravix\"), Secure Nursing Service LLC (\"SNS\"), Systems Products International, Inc. (\"SPI\"), Digital Diagnostics Inc. (\"DDI\"), Image Solutions, LLC (\"Image Solutions\"), Roundhouse Electric & Equipment Co., Inc. (\"Roundhouse\"), M.L.C. Plumbing, LLC (d/b/a Bud's Plumbing Service, \"Bud's Plumbing\"), Advanced Plumbing & Drain, LLC (d/b/a AAA Advanced Plumbing & Drain, \"Advanced Plumbing\") and Efficient Plumbing, LLC (d/b/a Southside Plumbing, \"Southside Plumbing\"). Throughout this 2025 Annual Report, the term \"Kingsway Search Xcelerator\" or \"KSX\" is used to refer to this segment. CSuite is a professional services firm that provides experienced chief financial officer and other finance professionals to its clients through a variety of flexible offerings. These offerings include project, fractional, and interim staffing of senior finance professionals, CFO mentoring, board advisory services, and executive search services for permanent placements for its clients throughout the United States. Ravix provides outsourced financial services and human resources consulting to its clients on a fractional basis for both projects with definitive endpoints and ongoing engagements of indeterminate length for short or long duration engagements for customers throughout the United States. SNS provides healthcare staffing services to acute healthcare facilities on a contract or per diem basis in the United States, primarily in California. SPI provides software products created exclusively to serve the management needs of all types of shared-ownership properties globally. DDI provides outsourced 24 hours a day and 7 days per week (\"24/7\") cardiac telemetry services for general acute care, long-term acute care and inpatient rehabilitation hospitals. Outsourcing cardiac monitoring allows hospitals to eliminate personnel callouts and human resources issues, remove distractions from onsite operations, and free up facility staff to assist directly with patient care. DDI currently has a presence in 42 states and Puerto Rico. Image Solutions provides comprehensive information technology managed services, including equipment sales, service, and helpdesk support to customers primarily in North Carolina, Kansas, Georgia, Kentucky and Tennessee. Roundhouse provides industrial-scale electric motor solutions, including field maintenance, in-shop repair, testing, and new motor sales primarily to midstream natural gas pipeline operators and utilities across the Permian Basin. Kingsway Skilled Trades includes Bud's Plumbing, Advanced Plumbing and Southside Plumbing. Kingsway Skilled Trades provides a comprehensive range of plumbing services, including emergency repairs, drain cleaning, water heater installations, and water treatment solutions to residential and commercial customers, primarily in Evansville, Indiana (Bud's Plumbing) Item 1. BUSINESS In this report, the terms \"Kingsway,\" the \"Company,\" \"we,\" \"us\" or \"our\" mean Kingsway Financial Services Inc. and all entities included in our Consolidated Financial Statements. Kingsway Financial Services Inc. was incorporated under the Business Corporations Act (Ontario) on September 19, 1989. Effective December 31, 2018, the Company changed its jurisdiction of incorporation from the province of Ontario, Canada, to the State of Delaware. The Company's registered office is located at 10 S. Riverside Plaza, Suite 1520, Chicago, Illinois 60606. The common shares of Kingsway are listed on the NYSE under the trading symbol \"KFS.\" Kingsway is a holding company with operating subsidiaries located in the United States and is the only publicly-traded US company employing the Search Fund model to acquire and build great businesses. The Company owns and operates a collection of high-quality B2B and B2C services companies that are asset-light, growing, and that have recurring revenues. Kingsway seeks to compound long-term shareholder value on a per share basis via its decentralized management model, its talented team of operators, and its tax-advantaged corporate structure. The Company owns or controls subsidiaries primarily in the business services and extended warranty industries. Kingsway conducts its business through two reportable segments - Kingsway Search Xcelerator and Extended Warranty - that conduct their business and distribute their products and services primarily in the United States. Financial information about Kingsway's reportable business segments for the years ended December 31, 2025 and December 31, 2024 is contained in the following sections of this 2025 Annual Report: (i) Note 22, \"Segmented Information,\" to the Consolidated Financial Statements; and (ii) \"Results of Continuing Operations\" section of MD&A. All of the dollar amounts in this 2025 Annual Report are expressed in U.S. dollars. GENERAL DEVELOPMENT OF BUSINESS Acquisi Item 1A. Risk Factors Most issuers, including Kingsway, are exposed to numerous risk factors that could cause actual results to differ materially from recent results or anticipated future results. The risks and uncertainties described below are those specific to the Company that we currently believe have the potential to be material, but they may ", "title": "KWY - KINGSWAY Corp", "url": "/company/KWY/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001913971; latest 10-K filed 2026-03-13.", "text": "BPRN - Princeton Bancorp, Inc. SIC 6022 State Commercial Banks; CIK 0001913971; latest 10-K filed 2026-03-13. BPRN Princeton Bancorp, Inc. 0001913971 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is presented in sections as follows: \u2022 Overview and Strategy \u2022 Comparison of Financial Condition at December 31, 2025 and December 31, 2024 \u2022 Comparison of Operating Results for the Years Ended December 31, 2025 and 2024 \u2022 Rate/Volume Analysis \u2022 Liquidity, Commitments and Capital Resources \u2022 Off-Balance Sheet Arrangements \u2022 Impact of Inflation \u2022 Exposure to Changes in Interest Rates \u2022 Critical Accounting Policies and Estimates \u2022 Recently Issued Accounting Standards Overview and Strategy We remain focused on establishing and retaining customer relationships by offering a broad range of traditional financial services and products, competitively priced and delivered in a responsive manner to small businesses, to professionals and individuals in our market area. As a community bank, we seek to provide superior customer service that is highly personalized, efficient and responsive to local needs. To better serve our customers, we endeavor to provide advanced delivery systems with ATMs, current operating software, timely reporting, online bill pay and other similar up-to-date products and services. We seek to deliver these products and services with the care and professionalism expected of a community bank and with a special dedication to personalized customer service. Our primary business objectives are: \u2022 to provide local businesses, professionals and individuals with banking services responsive to and determined by their needs and local market conditions; \u2022 to attract deposits and loans through competitive pricing, responsiveness and service; and \u2022 to provide a reasonable return to stockholders on capital invested. We also intend to continue pursuing a strategy that includes acquisitions. An acquisition strategy involves significant risks, including the following: finding suitable candidates for acquisition; attracting funding to support additional growth within acceptable risk tolerances; maintaining asset quality; retaining the target\u2019s customers and key personnel; obtaining necessary regulatory approvals; conducting adequate due diligence and managing known and unknown risks and uncertainties; integrating acquired businesses; and maintaining adequate regulatory capital. The market for acquisition targets is highly competitive, which may adversely affect our ability to find acquisition candidates that fit our strategy and standards. We strive to serve the financial needs of our customers while providing an appropriate return to our stockholders, consistent with safe and sound banking practices. We expect that a financial strategy that utilizes variable rates and matching assets and liabilities will enable us to increase our net interest margin, while managing interest rate risk. We also seek to generate fee income from various sources, subject to our desire to maintain competitive pricing within our market area. Our recognition of, and commitment to, the needs of the local community, combined with highly personalized and responsive customer service, differentiates us from our competition. We continue to capitalize upon the personal contacts and relationships of our organizers, directors, stockholders and officers to establish and grow our customer base. 43 Comparison of Financial Condition at December 31, 2025 and December 31, 2024 General. Total assets were $2.29 billion at December 31, 2025, a decrease of $55.1 million, or 2.35% when compared to $2.34 billion at the end of 2024. The primary reason for the decrease in total assets was related to a decrease in investment securities of $64.6 million, partially offset by an increase in cash and cash equivalents of $18.3 million. Cash and cash equivalents Cash and cash equivalents increased $18.3 million, or 15.6%, to $135.7 million at December 31, 2025 compared to December", "title": "BPRN - Princeton Bancorp, Inc.", "url": "/company/BPRN/" }, { "kind": "company", "summary": "SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001070524; latest 10-K filed 2025-09-05.", "text": "GCBC - GREENE COUNTY BANCORP INC SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001070524; latest 10-K filed 2025-09-05. GCBC GREENE COUNTY BANCORP INC 0001070524 6036 Savings Institutions, Not Federally Chartered ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion is an analysis of the Company\u2019s results of operations for years shown and was derived from the audited consolidated financial statements of Greene County Bancorp, Inc. This discussion and analysis should be read in conjunction with the consolidated financial statements and related notes. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This annual report contains forward-looking statements. Greene County Bancorp, Inc. desires to take advantage of the \u201csafe harbor\u201d provisions of the Private Securities Litigation Reform Act of 1995 and is including this statement for the express purpose of availing itself of the protections of the safe harbor with respect to all such forward-looking statements. These forward-looking statements, which are included in this annual report, describe future plans or strategies and include Greene County Bancorp, Inc.\u2019s expectations of future financial results. The words \u201cbelieve,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cintend,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cproject,\u201d and similar expressions identify forward-looking statements. Greene County Bancorp, Inc.\u2019s ability to predict results or the effect of future plans or strategies or qualitative or quantitative changes based on market risk exposure is inherently uncertain. Factors that could affect actual results include but are not limited to: (a) changes in general market interest rates, (b) changes in general economic conditions, (c) credit risk, (d) continued period of high inflation could adversely impact customers, 24 Index (e) cybersecurity risks, (f) bank failures, (g) changes in general business and economic trends, (h) legislative and regulatory changes, (i) monetary and fiscal policies of the U.S. Treasury and the Federal Reserve, (j) changes in the quality or composition of Greene County Bancorp, Inc.\u2019s loan and investment portfolios, (k) deposit flows, (l) competition, and (m) demand for financial services in Greene County Bancorp, Inc.\u2019s market area. These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements, since results in future periods may differ materially from those currently expected because of various risks and uncertainties. 25 Index Selected Financial Data [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"At or for the years ended June 30,\"],[\"(Dollars in thousands, except per share amounts)\",\"\",\"\",\"2025\",\"\",\"\",\"\",\"2024\",\"\",\"\",\"\",\"2023\"],[\"SELECTED FINANCIAL CONDITION DATA:\"],[\"Total assets\",\"\",\"$\",\"3,040,609\",\"\",\"\",\"$\",\"2,825,788\",\"\",\"\",\"$\",\"2,698,283\"],[\"Loans receivable, net of allowance for credit loss on loans\",\"\",\"\",\"1,607,260\",\"\",\"\",\"\",\"1,480,229\",\"\",\"\",\"\",\"1,387,654\"],[\"Securities available-for-sale, at fair value\",\"\",\"\",\"356,062\",\"\",\"\",\"\",\"350,001\",\"\",\"\",\"\",\"281,133\"],[\"Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $548 and $483 at June 30, 2025 and 2024(9)\",\"\",\"\",\"776,147\",\"\",\"\",\"\",\"690,354\",\"\",\"\",\"\",\"726,363\"],[\"Equity securities\",\"\",\"\",\"402\",\"\",\"\",\"\",\"328\",\"\",\"\",\"\",\"306\"],[\"Deposits\",\"\",\"\",\"2,639,835\",\"\",\"\",\"\",\"2,389,222\",\"\",\"\",\"\",\"2,437,161\"],[\"Borrowings\",\"\",\"\",\"78,189\",\"\",\"\",\"\",\"149,456\",\"\",\"\",\"\",\"-\"],[\"Shareholders' equity\",\"\",\"\",\"238,837\",\"\",\"\",\"\",\"206,000\",\"\",\"\",\"\",\"183,283\"],[\"AVERAGE BALANCES:\"],[\"Total assets\",\"\",\"\",\"2,835,441\",\"\",\"\",\"\",\"2,660,947\",\"\",\"\",\"\",\"2,580,849\"],[\"Interest-earning assets\",\"\",\"\",\"2,739,472\",\"\",\"\",\"\",\"2,568,756\",\"\",\"\",\"\",\"2,495,653\"],[\"Loans receivable, net of allowance for credit loss on loans\",\"\",\"\",\"1,531,716\",\"\",\"\",\"\",\"1,435,122\",\"\",\"\",\"\",\"1,349,538\"],[\"Securities, net of allowance for credit loss on securities\",\"\",\"\",\"1,116,147\",\"\",\"\",\"\",\"1,037,023\",\"\",\"\",\"\",\"1,086,294\"],[\"Deposits\",\"\",\"\",\"2,517,625\",\"\",\"\",\"\",\"2,366,053\",\"\",\"\",\"\",\"2,302,167\"],[\"Borrowings\",\"\",\"\",\"66,001\",\"\",\"\",\"\",\"72,726\",\"\",\"\",\"\",\"82,816\"],[\"Shareholders' equity\",\"\",\"\",\"221,178\",\"\",\"\",\"\",\" Business Greene County Bancorp, MHC and Greene County Bancorp, Inc. Greene County Bancorp, MHC was formed in December 1998 as part of the Bank of Greene County's mutual holding company reorganization. In 2001, Greene County Bancorp, MHC converted from a state to a federal charter. The Federal Reserve Board regulates Greene County Bancorp, MHC. Greene County Bancorp, MHC owns 54.1% of the issued and outstanding common stock of Greene County Bancorp, Inc. The remaining shares of Greene County Bancorp, Inc. are owned by public stockholders and the Bank of Greene County\u2019s Employee Stock Ownership Plan. At June 30, 2025, Greene County Bancorp, Inc.\u2019s assets consisted primarily of its investment in the Bank of Greene County, cash and securities. At June 30, 2025, 7,808,300 shares of Greene County Bancorp, Inc.\u2019s common stock, par value $0.10 per share, were held by the public, including executive officers and directors, 195,852 shares were held as Treasury stock and 9,218,528 shares were held by Greene County Bancorp, MHC, Greene County Bancorp, Inc.\u2019s mutual holding company. Greene County Bancorp, MHC does not engage in any business activity other than to hold a majority of Greene County Bancorp, Inc.\u2019s common stock and to invest any liquid assets of Greene County Bancorp, MHC. Greene County Bancorp, Inc. (the \u201cCompany\u201d) operates as the federally chartered holding company of the Bank of Greene County, a federally chartered savings bank. Greene County Bancorp, Inc. was organized in December of 1998 at the direction of the Board of Trustees of the Bank of Greene County (formerly Greene County Savings Bank) for the purpose of acting as the holding company of the Bank of Greene County. In 2001, Greene County Bancorp, Inc. converted its charter from a Delaware corporation regulated by the Board of Governors of the Federal Reserve System to a federal corporation regulated by the Office of Thrift Supervision. Effective in July 2011, the regulation of federally chartered savi", "title": "GCBC - GREENE COUNTY BANCORP INC", "url": "/company/GCBC/" }, { "kind": "company", "summary": "SIC 5661 Retail-Shoe Stores; CIK 0001319947; latest 10-K filed 2026-03-30.", "text": "DBI - Designer Brands Inc. SIC 5661 Retail-Shoe Stores; CIK 0001319947; latest 10-K filed 2026-03-30. DBI Designer Brands Inc. 0001319947 5661 Retail-Shoe Stores ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This management's discussion and analysis of financial condition and results of operations contains forward-looking statements that involve various risks and uncertainties. See Cautionary Statement Regarding Forward-Looking Information for Purposes of the \"Safe Harbor\" Provisions of the Private Securities Litigation Reform Act of 1995 on page ii for a discussion of the uncertainties, risks, and assumptions associated with these statements. This discussion is best read in conjunction with our consolidated financial statements, including the notes thereto, set forth in Item 8. Financial Statements and Supplementary Data of this Form 10-K. The results of operations for the periods reflected herein are not necessarily indicative of results that may be expected for future periods, and our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including but not limited to those listed under Item 1A. Risk Factors of this Form 10-K and included elsewhere in this Form 10-K. Our two reportable segments are the Retail segment and the Brand Portfolio segment. Beginning with this 2025 Annual Report on Form 10-K, we aggregated our previously reported U.S. Retail operating segment and Canada Retail operating segment into a single reportable segment, the Retail segment, due to the similar nature of their operations and economic characteristics. This aggregation had no impact on our historical consolidated financial position, results of operations or cash flows. All prior period segment information has been recast to conform to the current reporting segment presentation. The following discussion includes a comparison of our results of operations and liquidity and capital resources for 2025 and 2024. Except where it may be useful in understanding 2025 results, we have omitted discussion of results for 2023, which may be found in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended February 1, 2025, filed with the SEC on March 24, 2025. EXECUTIVE OVERVIEW AND TRENDS IN OUR BUSINESS For 2025, net sales decreased 3.9% with a decrease in total comparable sales of 4.3% over last year. Gross profit as a percentage of net sales for 2025 was 43.6%, an increase of 90 basis points when compared to last year. EFFECTS OF MACROECONOMIC CONDITIONS AND TARIFFS Macroeconomic conditions influenced by uncertain tariff policies, stock market indices, interest rates, inflation and employment levels, along with geopolitical unrest, continue to persist and create a challenging retail environment. Consumer spending on discretionary items, including our products, generally declines during periods of economic uncertainty, when disposable income is reduced, or when there is a reduction in consumer confidence. We believe these ongoing uncertainties have had a negative impact on our operating results and liquidity during 2025 and we may continue to experience the impact of decreased consumer demand for our products and lower direct-to-consumer traffic. We have enacted certain mitigating actions, including alignment of inventory with current demand levels, expense and capital expenditure reductions, and accelerating sourcing diversification efforts. Although we have made progress in mitigating the impacts of certain macroeconomic conditions, our actions are not necessarily complete, and they should be viewed as part of the process in which we will continue our efforts to better align our cost structure with our operating results. We are unable to predict the severity of macroeconomic uncertainty, whether or when such circumstances may improve or worsen, including from one of our quarterly reporting periods to the next, or the full impact such circumstances could have on our business. These factors ultimately cou ITEM 1. BUSINESS OVERVIEW Designer Brands Inc., originally founded as DSW Inc., is one of the world's largest designers, producers, and retailers of footwear and accessories. We operate in two reportable segments: the Retail segment and the Brand Portfolio segment. The Retail segment operates the DSW Designer Shoe Warehouse (\"DSW\"), The Shoe Co., and Rubino banners through its direct-to-consumer stores and e-commerce sites. The Brand Portfolio segment primarily earns revenue from the wholesale of our exclusive and licensed brands to retailers, our Retail segment, and international distributors and the sale of our Vince Camuto, Keds, and Topo brands through direct-to-consumer e-commerce sites. Beginning with this 2025 Annual Report on Form 10-K, we aggregated our previously reported U.S. Retail operating segment and Canada Retail operating segment into a single reportable segment, the Retail segment, due to the similar nature of their operations and economic characteristics. All prior period segment information has been recast to conform to the current reporting segment presentation. On April 8, 2024, we completed the acquisition of Rubino Shoes Inc. (\"Rubino\"), a retailer of branded footwear, handbags, and accessories that operates Rubino banner stores and an e-commerce site in Quebec, Canada. The acquisition of Rubino has allowed our Retail segment to expand into the province of Quebec. Our fiscal year ends on the Saturday nearest to January 31. References to a fiscal year (e.g., \"2025\") refer to the calendar year in which the fiscal year begins. This reporting schedule is followed by many national retail companies and typically results in a 52-week fiscal year (including 2025 and 2024), but occasionally will contain an additional week resulting in a 53-week fiscal year (including 2023). RETAIL SEGMENT BANNERS The Retail segment offers a wide assortment of dress, casual, and athletic footwear and accessories for women, men, and kids in stores and online und ITEM 1A. RISK FACTORS Investing in our Class A common shares involves a high degree of risk. In addition to the other information in this Form 10-K and in our other public filings, investors should carefully consider the following risk factors. These disclosures reflect our beliefs and opinions as to factors that could materially and adversely affect ", "title": "DBI - Designer Brands Inc.", "url": "/company/DBI/" }, { "kind": "company", "summary": "SIC 3577 Computer Peripheral Equipment, NEC; CIK 0001058811; latest 10-K filed 2026-03-12.", "text": "IMMR - IMMERSION CORP SIC 3577 Computer Peripheral Equipment, NEC; CIK 0001058811; latest 10-K filed 2026-03-12. IMMR IMMERSION CORP 0001058811 3577 Computer Peripheral Equipment, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the Consolidated Financial Statements and Notes to the Consolidated Financial Statements, which are included in this Form 10-K in Item 8 and the information set forth in Part I, \u201cItem 1A. Risk Factors.\u201d The following sections include a discussion of results for the fiscal year ended April 30, 2025, compared to the calendar year ended December 31, 2023 as well as discussion of the results for the four months ended April 30, 2024. The discussion contains forward-looking statements as well as estimates regarding market an industry data, which involve risks, uncertainties, and assumptions. See discussion over \u201cForward-Looking Statements\u201d for additional information. The Company has restated its previously-issued unaudited interim financial statements for the unaudited fiscal quarterly periods ended January 31, 2025, October 31, 2024, and calendar quarter ended June 30, 2024, contained in our Quarterly Reports on Form 10-Q. Detailed restatements of the Company\u2019s condensed consolidated quarterly financial statements are provided in \u201cNote 20. Restatement of Quarterly Financial Information (Unaudited)\u201d of the Notes to the Consolidated Financial Statements under Item 8 of this Form 10-K. RESULTS OF OPERATIONS [[GREPCENT_TABLE]] [[\"(in thousands)\",\"\",\"Fiscal Year Ended April 30, 2025\",\"\",\"\",\"Four Months Ended April 30, 2024\",\"\",\"\",\"Calendar Year Ended December 31, 2023\"],[\"REVENUES:\"],[\"Immersion\"],[\"Royalty and license\",\"\",\"$\",\"74,073\",\"\",\"\",\"$\",\"45,782\",\"\",\"\",\"$\",\"33,919\"],[\"Barnes & Noble Education\"],[\"Product and other\",\"\",\"\",\"1,342,437\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\"],[\"Rental income\",\"\",\"\",\"139,366\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\"],[\"\",\"\",\"\",\"1,481,803\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\"],[\"Total revenues\",\"\",\"\",\"1,555,876\",\"\",\"\",\"\",\"45,782\",\"\",\"\",\"\",\"33,919\"],[\"COST OF SALES (excludes depreciation and amortization expense):\"],[\"Barnes & Noble Education\"],[\"Product and other cost of sales\",\"\",\"\",\"1,048,829\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\"],[\"Rental cost of sales\",\"\",\"\",\"75,346\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\"],[\"Total cost of sales\",\"\",\"\",\"1,124,175\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\"],[\"OPERATING EXPENSES\"],[\"Immersion\"],[\"Selling and administrative expenses\",\"\",\"\",\"25,757\",\"\",\"\",\"\",\"29,749\",\"\",\"\",\"\",\"15,992\"],[\"Barnes & Noble Education:\"],[\"Selling and administrative expenses\",\"\",\"\",\"252,754\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\"],[\"Depreciation and amortization expense\",\"\",\"\",\"35,274\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\"],[\"Impairment loss\",\"\",\"\",\"1,247\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\"],[\"Restructuring and other charges (credits)\",\"\",\"\",\"(1,351\",\")\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\"],[\"\",\"\",\"\",\"287,924\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\"],[\"Total operating expenses\",\"\",\"\",\"313,681\",\"\",\"\",\"\",\"29,749\",\"\",\"\",\"\",\"15,992\"],[\"Operating Income (Loss)\",\"\",\"\",\"118,020\",\"\",\"\",\"\",\"16,033\",\"\",\"\",\"\",\"17,927\"],[\"Interest and other income (expense), net\",\"\",\"\",\"15,533\",\"\",\"\",\"\",\"8,543\",\"\",\"\",\"\",\"24,988\"],[\"Interest expense\",\"\",\"\",\"14,261\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\"],[\"Income (Loss) Before Income Taxes\",\"\",\"\",\"119,292\",\"\",\"\",\"\",\"24,576\",\"\",\"\",\"\",\"42,915\"],[\"Income tax benefit (expense)\",\"\",\"\",\"(25,710\",\")\",\"\",\"\",\"(6,799\",\")\",\"\",\"\",\"(8,939\",\")\"],[\"Net Income (Loss)\",\"\",\"$\",\"93,582\",\"\",\"\",\"$\",\"17,777\",\"\",\"\",\"$\",\"33,976\"]] [[/GREPCENT_TABLE]] 45 Immersion The following summarizes our results of operation for the periods ended (in thousands, except for percentages): [[GREPCENT_TABLE]] [[\"\",\"\",\"Fiscal Year Ended April 30, 2025\",\"\",\"\",\"Four Months Ended April 30, 2024\",\"\",\"\",\"Calendar Year Ended December 31, 2023\",\"\",\"\",\"$ Change\",\"\",\"\",\"% Change\"],[\"Revenues:\"],[\"Fixed fee license revenue\",\"\",\"$\",\"62,519\",\"\",\"\",\"$\",\"39,131\",\"\",\"\",\"$\",\"5,421\",\"\",\"\",\"$\",\"57,098\",\"\",\"\",\"\",\"1053\",\"%\"],[\"Per-unit royalty revenue\",\"\",\"\",\"11,554\",\"\",\"\",\"\",\"6,651\",\"\",\"\",\"\",\"28,498\",\"\",\" Item 1. Business Overview Immersion Corporation (the \u201cCompany\u201d, \u201cImmersion\u201d, \u201cwe\u201d, or \u201cus\u201d) was incorporated in 1993 in California and reincorporated in Delaware in 1999. In June 2024, Immersion acquired a controlling interest in Barnes & Noble Education, Inc., a Delaware corporation (\u201cBarnes & Noble Education\u201d). The financial results of Barnes & Noble Education have been included in our consolidated financial statements since the acquisition date of June 10, 2024. Following the closing of the Transactions (as defined below) with Barnes & Noble Education, we operate our business in two operating segments: Immersion and Barnes & Noble Education. Immersion is a premier licensing company focused on the acceleration, and scaling, through licensing, of innovative haptic technologies that allow people to use their sense of touch to engage with products and experience the digital world around them. We are one of the leading experts in haptics, and our haptics licensing allows us to deliver world-class IP and technology that enables the creation of products that delight end users. Our technologies are designed to facilitate the creation of high-quality haptic experiences, enable their widespread distribution, and ensure that their playback is optimized. Our primary business is currently in the mobility, gaming, and automotive markets, and see opportunities in evolving new markets, including virtual and augmented reality and wearables. We have adopted a business model under which we offer licenses that allow our customers to integrate Immersion\u2019s patented technology into their products. Our licenses enable our customers to deploy haptically enabled devices, content, and other offerings, which they typically sell under their own brand names. We and our wholly-owned subsidiaries hold just over 400 issued or pending patents worldwide as of April 30, 2025. Our patents cover a wide range of digital technologies and ways in which touch-related technology can be incorporated Item 1A. Risk Factors As previously discussed, our actual results could differ materially from our forward-looking statements. These and many other factors described in this report could adversely affect our operations, performance and financial condition. In addition, you should carefully consider the risk factors described in", "title": "IMMR - IMMERSION CORP", "url": "/company/IMMR/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001538716; latest 10-K filed 2026-02-27.", "text": "OPRT - Oportun Financial Corp SIC 6199 Finance Services; CIK 0001538716; latest 10-K filed 2026-02-27. OPRT Oportun Financial Corp 0001538716 6199 Finance Services Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations For more information about terms and abbreviations used in this report see the \u201cGlossary\u201d at the end of Part II of this report. An index to our management's discussion and analysis follows: [[GREPCENT_TABLE]] [[\"Topic\"],[\"Overview\",\"\",\"39\"],[\"Key Financial and Operating Metrics\",\"\",\"40\"],[\"Seasonality\",\"\",\"42\"],[\"Historical Credit Performance\",\"\",\"41\"],[\"Results of Operations\",\"\",\"43\"],[\"Fair Value Estimate Methodology for Loans Receivable at Fair Value\",\"\",\"48\"],[\"Non-GAAP Financial Measures\",\"\",\"48\"],[\"Liquidity and Capital Resources\",\"\",\"51\"],[\"Critical Accounting Policies and Significant Judgments and Estimates\",\"\",\"55\"],[\"Recently Issued Accounting Pronouncements\",\"\",\"56\"]] [[/GREPCENT_TABLE]] You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes and other financial information included elsewhere in this report and the audited consolidated financial statements and the related notes and the discussion under the heading \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the information contained in Part I, Item 1A. \u201cRisk Factors\u201d of this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a mission-driven financial services company that puts our members\u2019 financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, we empower members with the confidence to build a better financial future. By intentionally designing our products to help solve the financial health challenges facing a majority of people in the U.S., we believe our business is well positioned for significant growth in the future. We take a holistic approach to serving our members and view it as our purpose to responsibly meet their current capital needs, help grow our members\u2019 financial profiles, increase their financial awareness and put them on a path to a financially healthy life. In our 19-year lending history, we have extended more than $21.8 billion in responsible credit through more than 8.0 million loans and credit cards. We have been certified as a Community Development Financial Institution (\u201cCDFI\u201d) by the U.S. Department of the Treasury since 2009. We offer access to a suite of financial products, offered either directly or through partners, including unsecured and secured lending and savings. Our financial products allow us to meet our members where they are and assist them with their overall financial health, resulting in opportunities to present multiple relevant products to our members. Our credit products include unsecured and secured personal loans. We also offer automated savings, through our Set & Save product. Consumers are able to become members and access our products through the Oportun Mobile App and the Oportun.com website, which are our primary channels for onboarding and serving members. As of December 31, 2025, our personal loan products are also available over the phone or through our 126 retail locations, and 465 of our Lending as a Service partner locations. Credit Products Personal Loans - Our personal loan is a simple-to-understand, affordable, unsecured, fully amortizing installment loan with fixed payments throughout the life of the loan. Our loans do not have prepayment penalties or balloon payments, and range in size from $300 to $10,000 Item 1. Business Company Overview With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers its members with the confidence to build a better financial future. We design our products to holistically address two of the most fundamental challenges to financial health and resilience - access to responsible and affordable credit, and adequate savings. Financial Health in America According to a January 2026 survey by Bankrate, more than half of all Americans do not have enough savings to cover an unplanned expense of $1,000. When presented with an unexpected expense they cannot postpone, like a car that won\u2019t start when one needs to get to work, or a required medical procedure, most people lack adequate savings and will typically require access to credit in order to cover their immediate need. Serving our Members' Financial Needs Oportun recognizes that while most everyone will face an unplanned expense or bill of one kind of another, there are more than a hundred million adults in the United States who Oportun estimates would struggle further because they lack access to responsible and affordable credit when they need it. Many of these people are likely to be declined for any kind of loan or credit card from a mainstream financial services provider, like a bank or credit union. Without access to credit, an unplanned bill of $1,000 or more has the potential to become a life-changing crisis for millions of people. For many of our members, being unable to afford a car repair can lead to them not being able to get to work, which causes loss of income, and perhaps even significant financial insecurity for a family that will struggle to make the most basic of ends meet. This occurs daily across the country. Our members are among the millions of hardworking Americans who are not well served by mainstream financial products. We take a holistic approach to serving our members and view it as our purpose to responsibly meet their current capital nee Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. Any of the following risks could have an adverse effect on our business, financial condition, liquidity, results of operations and prospects. These risks could cause the trading price of our common stock to decline, which could cause you to lose all or part of your in", "title": "OPRT - Oportun Financial Corp", "url": "/company/OPRT/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001635282; latest 10-K filed 2026-02-19.", "text": "RMNI - Rimini Street, Inc. SIC 7389 Services-Business Services, NEC; CIK 0001635282; latest 10-K filed 2026-02-19. RMNI Rimini Street, Inc. 0001635282 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Rimini Street, Inc. was formed in the State of Nevada in 2005 and, through a merger in 2017 with a public company, became Rimini Street, Inc., a Delaware corporation (referred to as the \u201cCompany\u201d, \u201cwe\u201d and \u201cus\u201d), trading on the Nasdaq Global Market under the ticker symbol \u201cRMNI\u201d. References to \u201cmanagement\u201d or \u201cmanagement team\u201d refer to the officers of the Company. A discussion regarding our financial condition and results of operations for fiscal 2025 compared to fiscal 2024 is presented below. A discussion regarding our financial condition and results of operations for fiscal 2024 compared to fiscal 2023 that are not in this Report can be found under Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 27, 2025, which discussion is hereby incorporated by reference and is available on the SEC\u2019s website at sec.gov. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and the related notes to those statements included in Item 8 of this Report. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under \u201cRisk Factors\u201d in Item 1A and elsewhere in this Report. See also \u201cCautionary Note Regarding Forward-Looking Statements\u201d contained in this Report. Certain figures, such as interest rates and other percentages included in this section have been rounded for ease of presentation. Percentage figures included in this section have not in all cases been calculated on the basis of such rounded figures but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this section may vary slightly from those obtained by performing the same calculations using the figures in our Consolidated Financial Statements or in the associated text. Certain other amounts that appear in this section may similarly not sum due to rounding. Overview Rimini Street, Inc. and its subsidiaries are collectively global providers of end-to-end third-party enterprise software support, managed services and Agentic AI ERP innovation solutions. Our mission is to enable our clients to better control their IT roadmap by offering a comprehensive portfolio of unified software support services and related ERP solutions \u2013 designed to be funded within existing budgets \u2013 to accelerate the vision of Transformation without Disruption,\u2122 empowering clients to put technology to work to produce more efficient business outcomes to provide a competitive advantage and facilitate growth. We founded Rimini Street to disrupt and redefine the enterprise software support market by developing and delivering new solutions that filled an unmet need in the enterprise software market: an alternative to software vendor support. We became and remain the leading independent software support provider for enterprise software based on both the number of active clients supported and recognition by industry analyst firms. As our reputation for technical capability, value, ingenuity, responsiveness and reliability has grown over the past twenty years, clients and prospects have asked us to expand the scope of our support, product and service offerings to meet other current and evolving needs and opportunities related to their enterprise software. As a result, we began expanding our solutions portfolio (our \u201cSolutions Portfolio\u201d) to provide a wider array of support for enterprise software \u2013 includi Item 1. Business Business Overview Rimini Street, Inc. and its subsidiaries (referred to as \u201cRimini Street,\u201d the \u201cCompany,\u201d \u201cwe\u201d and \u201cus\u201d) are global providers of end-to-end third-party enterprise software support, managed services and Agentic AI ERP innovation solutions. Rimini Street, Inc. was formed in the State of Nevada in 2005 and, through a merger in 2017 with a public company, became Rimini Street, Inc., a Delaware corporation, trading on the Nasdaq Global Market under the ticker symbol \u201cRMNI.\u201d Our mission is to enable our clients to better control their IT roadmap by offering a comprehensive portfolio of unified software support services and related ERP solutions \u2013 designed to be funded within existing budgets \u2013 to accelerate the vision of Transformation without Disruption,\u2122 empowering clients to put technology to work to produce more efficient business outcomes to provide a competitive advantage and facilitate growth. We founded Rimini Street to disrupt and redefine the enterprise software support market by developing and delivering new solutions that filled an unmet need in the enterprise software market: an alternative to software vendor support. We became and remain the leading independent software support provider for enterprise software based on both the number of active clients supported and recognition by industry analyst firms. As our reputation for technical capability, value, ingenuity, responsiveness and reliability has grown over the past twenty years, clients and prospects have asked us to expand the scope of our support, product and service offerings to meet other current and evolving needs and opportunities related to their enterprise software. As a result, we began expanding our solutions portfolio (our \u201cSolutions Portfolio\u201d) to provide a wider array of support for enterprise software \u2013 including an expanded list of supported software through our Rimini Custom\u2122 program; managed services for Workday, Dayforce and ServiceNow; and new Item 1A. Risk Factors Various factors could affect our business, financial condition, results of operations and cash flows. Any of the factors described in this section or other risks described elsewhere in this Report could result in a significant or material adverse effect on our business, financial condition, results of operat", "title": "RMNI - Rimini Street, Inc.", "url": "/company/RMNI/" }, { "kind": "company", "summary": "SIC 2833 Medicinal Chemicals & Botanical Products; CIK 0000896264; latest 10-K filed 2026-03-16.", "text": "USNA - USANA HEALTH SCIENCES INC SIC 2833 Medicinal Chemicals & Botanical Products; CIK 0000896264; latest 10-K filed 2026-03-16. USNA USANA HEALTH SCIENCES INC 0000896264 2833 Medicinal Chemicals & Botanical Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of USANA\u2019s financial condition and results of operations is presented in nine sections: \u2022Overview \u2022Customers \u2022Presentation \u2022Non-GAAP Financial Measures \u2022Results of Operations \u2022Liquidity and Capital Resources \u2022Contractual Obligations and Commercial Contingencies \u2022Inflation \u2022Critical Accounting Policies and Estimates This discussion and analysis from management's perspective should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report. Overview We develop and manufacture high quality nutritional supplements, functional foods and personal care products that are sold throughout the world. Historically, we have distributed our products through the direct selling channel, because we believe it is conducive to our vision of improving the overall health and nutrition of individuals and families around the world. On December 23, 2024, we acquired a 78.85% controlling ownership interest in Hiya, a leading provider of high-quality children's health and wellness products. We believe that the addition of Hiya to our business promotes our vision and adds a diversified layer of growth in the direct-to-consumer channel. In 2022, we acquired Rise and have expanded Rise's product offering, distribution channel, and customer base over the last three years. Consequently, through our core nutritional business, Hiya and Rise, we now operate and sell products through an omni-channel platform, which includes direct selling, direct-to-consumer, third-party marketplace and retail channels and organize our business into two reportable segments: Core nutritional and Hiya direct-to-consumer. Core nutritional: Core nutritional is our primary business with approximately 84% of consolidated net sales during 2025. Our core nutritional customer base is primarily comprised of two types of customers: \u201cBrand Partners\u201d and \u201cPreferred Customers,\u201d referred to together as \u201cactive Customers.\u201d Our Brand Partners also sell our products to retail customers. Brand Partners share in our company vision by acting as independent distributors of our products in addition to purchasing our products for their personal use. In 2023, we launched our Affiliate program in the United States, Canada, and Mexico, which offers another sales and compensation opportunity to individuals who are interested in selling USANA products. Affiliates are discussed and reported in the report as part of our Brand Partners. Preferred Customers purchase our products strictly for personal use and are not permitted to resell or to distribute the products. We only count as active Customers those Brand Partners and Preferred Customers who have purchased from us at any time during the most recent 51 Table of Contents three-month period. As of January 3, 2026, we had approximately 387,000 active Customers worldwide in our core nutritional business. We have core nutritional operations in multiple markets, with sales and expenses being generated and incurred in multiple currencies. Our reported U.S. dollar sales and earnings can be significantly affected by fluctuations in currency exchange rates. In general, our operating results are affected positively by a weakening of the U.S. dollar and negatively by a strengthening of the U.S. dollar. During 2025, net sales outside of the United States represented 90.3% of core nutritional net sales. In our net sales discussions that follow, we approximate the impact of currency fluctuations on net sales by translating current year sales at the average exchange rates in effect during the comparable periods of the prior year. Hiya direct-to-consumer: Hiya operates and sells products to customers in the United States. Hiya's customers purchase Hiya products for personal use primarily through a subscription model, which is intended to provide a steady, predictab Item 1. Business General USANA Health Sciences, Inc. develops and manufactures high-quality nutritional supplements, functional foods and personal care products that are sold throughout the world. In 2025, we generated $925 million in net sales and finished the year with approximately 387,000 active Customers in our core nutritional business. We were founded in 1992 by Myron W. Wentz, Ph.D. and since that time, we have developed and manufactured high quality, science-based nutritional, personal care and skincare products with a primary focus on promoting long-term health and wellness. We are committed to continuous product innovation and sound scientific research. We have operations in 25 geographic markets worldwide. Historically, we have distributed our products through the direct selling channel, because we believe it is conducive to our vision of improving the overall health and nutrition of individuals and families around the world. Mainland China (\u201cChina\u201d) is our largest market and single largest source of revenue, representing approximately 41.3% of net sales and approximately 49.9% of core nutritional active Customers. As a U.S.-based multi-national corporation with an expanding international presence, our operating results are sensitive to currency fluctuations, as well as economic and political conditions in markets throughout the world. Additionally, we are subject to the various laws and regulations in the United States, China, and the other markets in which we operate with respect to the products that we manufacture, and sell, and our method of distribution. We are a U.S. public company listed on the New York Stock Exchange (\"NYSE\") and subject to the rules of the SEC. In December 2024, we acquired a 78.85% ownership interest in Hiya Health Products, LLC (\"Hiya\"), a leading direct-to-consumer provider of high-quality children's health and wellness products (the \"Hiya Acquisition\"). We believe that the addition of Hiya to our business promotes our vis Item 1A. Risk Factors We have listed below the most material risk factors applicable to us. These risk factors are not necessarily in the order of importance or probability of occurrence: You should consider the following risk factors, in addition to the information presented elsewhere in this Annual ", "title": "USNA - USANA HEALTH SCIENCES INC", "url": "/company/USNA/" }, { "kind": "company", "summary": "SIC 6411 Insurance Agents, Brokers & Service; CIK 0000025475; latest 10-K filed 2026-03-02.", "text": "CRD-A - CRAWFORD & CO SIC 6411 Insurance Agents, Brokers & Service; CIK 0000025475; latest 10-K filed 2026-03-02. CRD-A CRAWFORD & CO 0000025475 6411 Insurance Agents, Brokers & Service ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is intended to help the reader understand the Company, our operations, and our business environment. This MD&A is provided as a supplement to \u2014 and should be read in conjunction with \u2014 our audited consolidated financial statements and the accompanying notes thereto contained in Item 8, \"Financial Statements and Supplementary Data,\" of this Annual Report on Form 10-K. As described in Note 1, \"Significant Accounting and Reporting Policies,\" of those accompanying audited consolidated financial statements, financial results from our operations outside of the U.S., Canada, the Caribbean, and certain subsidiaries in the Philippines, are reported and consolidated on a two-month delayed basis in accordance with the provisions of ASC 810, \"Consolidation,\" in order to provide sufficient time for accumulation of their results. Accordingly, the Company's December 31, 2025, 2024, and 2023 consolidated financial statements include the financial position of such operations as of October 31, 2025 and 2024, respectively, and the results of their operations and cash flows for the fiscal periods ended October 31, 2025, 2024 and 2023, respectively. Business Overview Based in Atlanta, Georgia, Crawford & Company is the world's largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporations with an expansive global network serving clients in more than 70 countries. We have a geographic reporting structure consisting of North America Loss Adjusting, International Operations, Broadspire, and Platform Solutions. Our reportable segments are comprised of the following: \u2022 North America Loss Adjusting, which services the North American property and casualty market. This is comprised of Loss Adjusting operations in the U.S. and Canada, including Global Technical Services, and Field Operations. The Canadian operations include all operations within that country, including third party administration and Contractor Connection. \u2022 International Operations, which services the global property and casualty market outside North America. This is comprised of all operations in the U.K., Europe, Australia, Asia and Latin America. The International Operations include Loss Adjusting, Global Technical Services, Legal Services, third party administration, and where applicable, Contractor Connection services, within the respective countries. \u2022 Broadspire, which provides third party administration for workers' compensation, auto and liability, disability absence management, medical management, and accident and health to corporations, brokers and insurers in the U.S. \u2022 Platform Solutions, which consists of the Contractor Connection, Networks, and Subrogation service lines in the U.S. The Networks service line includes Catastrophe operations. As discussed in more detail in subsequent sections of this MD&A, our four reportable segments represent components of our Company for which separate financial information is available, and which is evaluated regularly by our chief operating decision maker (\"CODM\") in deciding how to allocate resources and in assessing operating performance. The Company\u2019s CEO is considered the CODM as he is responsible for strategic decisions including the allocation of resources to each reporting segment and the assessment of their performance. 18 Insurance companies rely on us for certain services such as field investigation and the evaluation of property and casualty insurance claims. Self-insured entities typically rely on us for a broader range of services. In addition to field investigation and claims evaluation, we may also provide initial loss reporting services for their claimants, loss mitigation services such as medical bill review, medical case management and vocational ITEM 1. BUSINESS Headquartered in Atlanta, Georgia, and founded in 1941, the Company is the world's largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporations with an expansive global network serving clients in more than 70 countries. For the year ended December 31, 2025, the Company reported total revenues before reimbursements of $1.266 billion. Shares of the Company's two classes of common stock are traded on the New York Stock Exchange (\"NYSE\") under the symbols CRD-A and CRD-B. The Company's two classes of stock are substantially identical, except with respect to voting rights for the Class B Common Stock (CRD-B), and protections for the non-voting Class A Common Stock (CRD-A). More information is available on the Company's website www.crawco.com. The information contained on, or hyperlinked from, the Company's website is not a part of, and is not incorporated by reference into, this report. DESCRIPTION OF SERVICES We deliver services to our clients through a geographic reporting structure consisting of four segments as follows: \u2022 North America Loss Adjusting, which services the North American property and casualty market, provides claims management services to insurance carriers and self-insured entities related to property and casualty losses. \u2022 International Operations, which services the global property and casualty market in the U.K., Europe, Australia, Asia and Latin America. The International Operations include all operations within the respective countries, including Loss Adjusting and Crawford Legal Services. \u2022 Broadspire, which provides third party administration, medical management and technology solutions for workers' compensation, auto and liability, disability and accident claims to corporations, brokers and insurers in the U.S. \u2022 Platform Solutions provides services to the property and casualty insurance company markets and consumer markets through service lines known ITEM 1A. RISK FACTORS You should carefully consider the risks described below, together with the other information contained or incorporated by reference in this Annual Report on Form 10-K and in our other filings with the SEC from time to time when evaluating our business and prospects. Any of the events discussed in the risk fac", "title": "CRD-A - CRAWFORD & CO", "url": "/company/CRD-A/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000842717; latest 10-K filed 2026-03-12.", "text": "BRBS - BLUE RIDGE BANKSHARES, INC. SIC 6022 State Commercial Banks; CIK 0000842717; latest 10-K filed 2026-03-12. BRBS BLUE RIDGE BANKSHARES, INC. 0000842717 6022 State Commercial Banks ITEM 7: MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following presents management\u2019s discussion and analysis of the Company\u2019s consolidated financial condition and the results of the Company\u2019s operations. This discussion should be read in conjunction with the Company\u2019s consolidated financial statements and the notes thereto presented in Item 8, Financial Statements and Supplementary Information, of this Form 10-K. Cautionary Note About Forward-Looking Statements The Company makes certain forward-looking statements in this Form 10-K that are subject to risks and uncertainties. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of management\u2019s beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and are typically identified with words such as \u201cmay,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cbelieve,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201caim,\u201d \u201cintend,\u201d \u201cplan,\u201d or words of similar meaning. The Company cautions that the forward-looking statements are based largely on management\u2019s expectations and are subject to a number of known and unknown risks and uncertainties that may change based on factors which are, in many instances, beyond its control. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. The following factors, among others, could cause the Company\u2019s financial performance to differ materially from that expressed in such forward-looking statements: \u2022 the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; \u2022 the effects of, and changes in, the macroeconomic environment and financial market conditions, including monetary and fiscal policies, interest rates, and inflation; \u2022 reputational risk and potential adverse reactions of the Company\u2019s customers, suppliers, employees, or other business partners; \u2022 the quality and composition of the Company\u2019s loan and investment portfolios, including changes in the level of the Company\u2019s nonperforming assets and charge-offs; \u2022 the Company\u2019s management of risks inherent in its loan portfolio, the credit quality of its borrowers, and the risk of a prolonged downturn in the real estate market, which could impair the value of the Company\u2019s collateral and its ability to sell collateral upon any foreclosure; \u2022 the ability to maintain adequate liquidity by growing and retaining deposits and secondary funding sources, especially if the Company's or its industry's reputation become damaged; 30 \u2022 the emergence of digital assets and payment stablecoins, and evolving legislative or regulatory frameworks, which could alter deposit flows, competition, and credit intermediation and, in turn, adversely affect the Company\u2019s funding, liquidity, or overall financial performance; \u2022 the ability to maintain capital levels adequate to support the Company's business; \u2022 the ability of the Company to implement cost-saving initiatives and efficiency measures, as well as increase earning assets, in order to yield acceptable levels of profitability; \u2022 the ability to generate sufficient future taxable income for the Company to realize its deferred tax assets, including the net operating loss carryforward; \u2022 the usage of advances and changes in technological and social media to develop timely and competitive products and services, and the acceptance of these products and services by new and existing customers; \u2022 the willingness of users to substitute competitors\u2019 products and services for the Company\u2019s products and services; \u2022 the impact of una ITEM 1: BUSINESS General Blue Ridge Bankshares, Inc. (the \u201cCompany\u201d) is a bank holding company headquartered in Richmond, Virginia. The Company provides commercial and consumer banking and financial services through its wholly-owned bank subsidiary, Blue Ridge Bank, National Association (the \u201cBank\u201d), and its wealth and trust management subsidiary, BRB Financial Group, Inc. (the \u201cFinancial Group\u201d). The Company was incorporated under the laws of the Commonwealth of Virginia in July 1988. The Bank is a federally chartered national bank with its main office in Martinsville, Virginia that traces its roots to Page Valley Bank of Virginia, which opened for business in 1893. At December 31, 2025, the Bank operated twenty-seven full-service banking offices across its footprint, which stretches from the Shenandoah Valley across the Piedmont region through Richmond and into the coastal peninsulas and the Hampton Roads region of Virginia and into central North Carolina. The Bank serves businesses, professionals, consumers, nonprofits, and municipalities with a wide variety of financial services, including retail and commercial banking. Banking products include checking accounts, savings accounts, money market accounts, cash management accounts, certificates of deposit, individual retirement accounts, commercial and industrial loans, residential mortgages, commercial mortgages, home equity loans, consumer installment loans, credit cards, online banking, telephone banking, and mobile banking. Deposits of the Bank are insured by the Deposit Insurance Fund (the \u201cDIF\u201d) of the Federal Deposit Insurance Corporation (the \u201cFDIC\u201d) to the full extent of the limits of the DIF. The Company, through the Financial Group, offers investment and wealth management and management services for personal and corporate trusts, including estate planning, estate settlement, trust administration, and life insurance products. The Company, through its minority investment in Hammond Insurance Agency, I ITEM 1A: RISK FACTORS An investment in the Company\u2019s common stock involves certain risks, including those described below. In addition to the other information set forth in this Form 10-K, investors in the Company\u2019s securities should carefully consider the factors discussed below. These factors, either alone or taken together, could ", "title": "BRBS - BLUE RIDGE BANKSHARES, INC.", "url": "/company/BRBS/" }, { "kind": "company", "summary": "SIC 1000 Metal Mining; CIK 0000027093; latest 10-K filed 2025-07-29.", "text": "USAU - U.S. GOLD CORP. SIC 1000 Metal Mining; CIK 0000027093; latest 10-K filed 2025-07-29. USAU U.S. GOLD CORP. 0000027093 1000 Metal Mining Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview U.S. Gold Corp., formerly known as Dataram Corporation (the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d), was originally incorporated in the State of New Jersey in 1967 and was subsequently re-incorporated under the laws of the State of Nevada in 2016. Effective June 26, 2017, the Company changed its legal name to U.S. Gold Corp. from Dataram Corporation. On May 23, 2017, the Company merged with Gold King Corp. (\u201cGold King\u201d), in a transaction treated as a reverse acquisition and recapitalization, and the business of Gold King became the business of the Company. We are a gold and precious metals exploration company pursuing exploration and development properties. We own certain mining leases and other mineral rights comprising the CK Gold Project in Wyoming, the Keystone Project in Nevada and the Challis Gold Project in Idaho. We have established an estimate of proven and probable mineral reserves under S-K 1300 at our CK Gold Project, where we are conducting exploration and pre-development activities, and all of our activities on our other properties are exploratory in nature. 37 Summary of Activities for the Fiscal Year Ended April 30, 2025 During the fiscal year ended April 30, 2025, we focused primarily on advancing our CK Gold Project in Wyoming with the final approval of our surface gold mine permit (mine operation and reclamation plan (\u201cMOP\u201d)) which was conditionally approved in April 2024, subject to three conditions, which were all satisfied between June 2024 and November 2024, released a revised prefeasibility study in February 2025 and continued engineering studies towards the completion of a feasibility study. We continue to enhance our understanding of the Keystone Project deposit in Nevada and worked towards the filing of an exploration Plan of Operation on our Challis Gold Project in Idaho. Management focused on investor relations and awareness, resulting in the completion of an equity financing in December 2024. An overview of certain significant events follows: CK Gold Project, Wyoming [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"In May 2024, we received notification from the Land Quality Division of the Wyoming Department of Environmental Quality (WDEQ) that we received approval on our MOP, subject to certain conditions.\"],[\"\",\"\\u25cf\",\"In June 2024, we satisfied two of the three conditions associated with our MOP with (1) the approval of our Wyoming Pollutant Discharge Elimination System permit and (2) acceptance by the WDEQ of our reclamation bond.\"],[\"\",\"\\u25cf\",\"In November 2024, we received final permit approval from the Air Quality Division of the WDEQ. With this approval, the last of the three conditions associated with the recently granted MOP has been fulfilled.\"],[\"\",\"\\u25cf\",\"On February 11, 2025, we released the results of our revised prefeasibility study and published our Technical Summary Report in accordance with S-K 1300.\"]] [[/GREPCENT_TABLE]] Sales of Common Shares to raise a total of $10.2 million in cash On November 27, 2024, we entered into a securities purchase agreement (the \u201cSecurities Purchase Agreement\u201d) with certain institutional and accredited investors in connection with a registered direct offering of 1,457,700 shares of our common stock at a price of $7.00 per share and warrants to purchase 728,850 shares of our common stock at an exercise price of $9.50 per share (the \u201cRegistered Offering\u201d). The warrants are exercisable on May 27, 2025 and will expire on November 27, 2027. The aggregate gross proceeds of the Registered Offering was approximately $10.2 million. The closing of the Registered Offering occurred on December 6, 2024. Shareholder Meeting, Appointment of Directors and Corporate Matters On April 28, 2025, we held our annual meeting of stockholders. At that meeting, among other matters, shareholders re-elected to our Board the five incumbent Directors: Mr. Norman, Mr. Bee, Mr. Scha", "title": "USAU - U.S. GOLD CORP.", "url": "/company/USAU/" }, { "kind": "company", "summary": "SIC 5130 Wholesale-Apparel, Piece Goods & Notions; CIK 0000106532; latest 10-K filed 2026-03-13.", "text": "WEYS - WEYCO GROUP INC SIC 5130 Wholesale-Apparel, Piece Goods & Notions; CIK 0000106532; latest 10-K filed 2026-03-13. WEYS WEYCO GROUP INC 0000106532 5130 Wholesale-Apparel, Piece Goods & Notions ITEM 7 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL We design, market, and distribute quality and innovative footwear principally for men, but also for women and children, under a portfolio of well-recognized brand names including: Florsheim, Nunn Bush, Stacy Adams, and BOGS. Inventory is purchased from third-party overseas manufacturers. Almost all of these foreign-sourced purchases are denominated in U.S. dollars. We have two reportable segments, North American wholesale operations (\u201cWholesale\u201d) and North American retail operations (\u201cRetail\u201d). In the Wholesale segment, our products are sold to leading footwear, department, and specialty stores, as well as e-commerce retailers, primarily in the United States and Canada. We also have licensing agreements with third parties who sell our branded apparel, accessories, and specialty footwear in the United States, as well as our footwear in Mexico and certain markets overseas. Licensing revenues are included in our Wholesale segment. Our Retail segment consists of e-commerce businesses and four brick-and-mortar retail stores in the United States. Retail sales are made directly to consumers on our websites, or by our employees in our stores. Our \u201cother\u201d operations included our wholesale and retail businesses in Australia and South Africa (collectively, \u201cFlorsheim Australia\u201d). Florsheim Australia previously included operations in the Asia-Pacific region, but we completed the wind down of that business in 2024. The majority of our operations are in the United States, and our results are primarily affected by the economic conditions and the retail environment in the United States. This discussion summarizes the significant factors affecting the consolidated operating results, financial position, and liquidity of our Company for the two-year period ended December 31, 2025. This discussion should be read in conjunction with Item 8, \u201cFinancial Statements and Supplementary Data\u201d below. KNOWN TRENDS IMPACTING OUR BUSINESS \u200b In early 2025, the U.S. imposed reciprocal and retaliatory (\u201cincremental\u201d) tariffs on imported goods. Throughout 2025, incremental tariffs increased the cost of our products, resulting in gross margin compression. \u200b On February 20, 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) does not authorize the President to impose tariffs, invalidating the statutory basis for incremental tariffs enacted since February 2025. The matter has been remanded to the Court of International Trade for further proceedings, including issues relating to implementation and potential refunds. We paid approximately $16 million of incremental tariffs in 2025. In December 2025, we filed a lawsuit seeking a refund for amounts paid in connection with the incremental tariffs imposed pursuant to IEEPA. \u200b The President responded to the ruling by announcing the implementation of a 10% across-the-board tariff under a separate statutory authority. The Administration has indicated that rates could be increased, subject to statutory limits. Certain other tariffs imposed under authorities independent of IEEPA remain in effect. U.S. trade policies remain fluid and unpredictable, creating near-term gross margin uncertainty. We have mitigation strategies in place and will continue to adjust as needed in response to future policy developments. \u200b EXECUTIVE OVERVIEW 2025 was a difficult year for the Company, with sales declining 5% compared to 2024. While we are never content with a decline, given the challenges we faced related to tariffs and dampened consumer sentiment, we are pleased with the work done by our production and sales teams to navigate these economic headwinds. \u200b For an extended period during the second quarter, we faced incremental tariff rates that rendered trade with China, our largest sourcing country, commercially prohibitive. Because the second quarter is a primary manufactur ITEM 1 BUSINESS The Company is a Wisconsin corporation incorporated in the year 1906 as Weyenberg Shoe Manufacturing Company. Effective April 25, 1990, the name of the corporation was changed to Weyco Group, Inc. Weyco Group, Inc., and its subsidiaries (collectively, \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d and the \u201cCompany\u201d) designs, markets, and distributes quality and innovative footwear principally for men, but also for women and children, under a portfolio of well-recognized brand names including: Florsheim, Nunn Bush, Stacy Adams, and BOGS. Trademarks we maintain on our brands are important to our business. Our products consist primarily of mid-priced leather dress shoes, casual footwear composed of man-made materials and leather, and outdoor boots, shoes, and sandals. Our footwear is available in a broad range of sizes and widths, primarily designed to meet the needs and desires of the general American population. We purchase finished shoes from outside suppliers, primarily located in China and India, and to a lesser extent, in Cambodia, Vietnam, and the Dominican Republic. Almost all of these foreign-sourced purchases are denominated in U.S. dollars. While we source from more than 80 suppliers, our two largest suppliers, located in China, each accounted for more than 10% of our total inventory purchases in 2025. Costs from our suppliers have historically been relatively stable, although in recent years there have been upward cost pressures due to higher freight, labor, and material costs. In addition, tariffs and other trade protection measures, including the incremental tariffs imposed by the U.S. government in 2025, specifically on goods sourced from China, have increased our cost of goods across all brands. Our business is separated into two reportable segments \u2013 the North American wholesale segment (\u201cWholesale\u201d) and the North American retail segment (\u201cRetail\u201d). We also have other wholesale and retail businesses overseas in Australia and South Africa (collectively, \u201c ITEM 1A RISK FACTORS There are various factors that affect or might affect our business, results of operations and financial condition, many of which are beyond our control. The following is a description of some of the material factors that could materially and adversely affect our reputation, business, results of operations and fi", "title": "WEYS - WEYCO GROUP INC", "url": "/company/WEYS/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001867949; latest 10-K filed 2026-03-12.", "text": "REFI - Chicago Atlantic Real Estate Finance, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001867949; latest 10-K filed 2026-03-12. REFI Chicago Atlantic Real Estate Finance, Inc. 0001867949 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with the consolidated financial statements and related notes that are included elsewhere in this annual report on Form 10-K. This discussion contains forward-looking statements that reflect our current expectations and views of future events, which involve risks and uncertainties. Our actual results and the timing of selected events could differ materially from those anticipated in such forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those discussed above in \u201cRisk Factors\u201d and those identified below and elsewhere in this annual report on Form 10-K. See \u201cForward-Looking Statements.\u201d Overview We were formed in March 2021 as a Maryland corporation and are structured as an externally managed mortgage real estate investment trust (\u201cREIT\u201d). We completed our initial public offering (\"IPO\") in December 2021 and have elected to be taxed as a REIT for United States federal income tax purposes under the Internal Revenue Code of 1986, as amended (the \u201cCode\u201d), commencing with our taxable year ended December 31, 2021. Our primary investment objective is to provide attractive, risk-adjusted returns for stockholders over time primarily through consistent current income dividends and other distributions and secondarily through capital appreciation. We intend to achieve this objective by originating, structuring and investing in first mortgage loans and alternative structured financings secured by commercial real estate properties. Our current portfolio is comprised primarily of senior loans to state-licensed operators in the cannabis industry, secured by real estate, equipment, receivables, licenses or other assets of the borrowers to the extent permitted by applicable laws and regulations governing such borrowers. We aim to maintain a diversified portfolio across jurisdictions and verticals, including cultivators, processors, dispensaries, and other businesses ancillary thereto. Our loans to portfolio companies operating in the cannabis industry may include companies that we determine, based on our due diligence, are licensed in and in compliance with, state-regulated cannabis programs, regardless of their status under U.S. federal law, so long as the investment itself is designed to be compliant with all applicable laws and regulations in the jurisdiction in which the investment is made or to which we are otherwise subject, including U.S. federal law. We will not own any warrants or other forms of equity in any of our portfolio companies involved in the cannabis industry, unless the portfolio companies are listed on a national securities exchange, such as the New York Stock Exchange (\"NYSE\") or NASDAQ, and such ownership is permitted by applicable U.S. federal laws and regulations, including those applicable to NYSE or NASDAQ issuers, as the case may be. We believe that cannabis operators\u2019 limited access to traditional bank and non-bank financing has provided attractive opportunities for us to make loans to companies that exhibit strong fundamentals but require more customized financing structures and loan products than regulated financial institutions can provide in the current regulatory environment. We believe that continued state-level legalization of cannabis for medical and adult use creates an increased loan demand by companies operating in the cannabis industry and property owners leasing to cannabis tenants. Furthermore, we believe we are differentiated from our competitors because we seek to target operators and facilities that exhibit lower-risk characteristics on a relative basis, which we believe include generally limiting exposure to ground-up construction, lending to cannabis operators with operational and/or profitable facilities, diversificati ITEM 1. BUSINESS Organization Chicago Atlantic Real Estate Finance, Inc., and its wholly owned consolidated financing subsidiary, Chicago Atlantic Lincoln, LLC (\u201cCAL\u201d) (collectively the \u201cCompany\u201d, \u201cwe\u201d, \"us\" or \u201cour\u201d), is a commercial mortgage real estate investment trust (\u201cREIT\u201d) incorporated in the state of Maryland on March 30, 2021. The Company has elected to be taxed as a REIT for United States federal income tax purposes under the Internal Revenue Code of 1986, as amended (the \u201cCode\u201d), commencing with its taxable year ended December 31, 2021. The Company believes that it has qualified as a REIT and that its method of operation will enable it to continue to qualify as a REIT. The Company generally will not be subject to United States federal income taxes on its REIT taxable income if it annually distributes to stockholders at least 90% of its REIT taxable income prior to the deduction for dividends paid and complies with various other requirements as a REIT. See \u201c\u2014 U.S. Federal Income Tax Considerations.\u201d Additionally, the Company is an \u201cemerging growth company,\u201d as defined in the Jumpstart Our Business Startups Act of 2012 (the \"JOBS Act\"), and intends to take advantage of certain exemptions for emerging growth companies allowing us to temporarily forego the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002. The Company commenced operations on March 30, 2021 and completed its initial public offering (\"IPO\") in December 2021. The Company is externally managed by Chicago Atlantic REIT Manager, LLC (the \u201cManager\u201d), a Delaware limited liability company, pursuant to the terms of the management agreement dated May 1, 2021, as amended in October 2021, by and among the Company and the Manager (the \"Management Agreement\"). All of the Company\u2019s investment decisions are made by the investment committee of the Manager (the \"Manager's Investment Committee\"), subject to oversight by the Company\u2019s board of directors (the \u201cBoard\u201d). Overv Item 1A. Risk Factors An investment in our common stock involves a high degree of risk and should be considered highly speculative. Before making an investment decision, you should carefully consider the following risk factors, which address the material risks concerning our b", "title": "REFI - Chicago Atlantic Real Estate Finance, Inc.", "url": "/company/REFI/" }, { "kind": "company", "summary": "SIC 0100 Agricultural Production-Crops; CIK 0001342423; latest 10-K filed 2025-12-23.", "text": "LMNR - Limoneira CO SIC 0100 Agricultural Production-Crops; CIK 0001342423; latest 10-K filed 2025-12-23. LMNR Limoneira CO 0001342423 0100 Agricultural Production-Crops Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote understanding of the results of operations and financial condition. MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying Notes to Consolidated Financial Statements (Part II, Item 8 of this Form 10-K). This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, those presented under \u201cRisk Factors\u201d included in Item 1A and elsewhere in this Annual Report on Form 10-K. This section generally discusses the results of operations for fiscal year 2025 compared to fiscal year 2024. For discussion related to the results of operations and changes in financial condition for fiscal year 2024 compared to fiscal year 2023 refer to Part II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our fiscal year 2024 Form 10-K, which was filed with the United States Securities and Exchange Commission (SEC) on December 23, 2024. Overview Limoneira Company, a Delaware corporation, is the successor to several businesses with operations in California since 1893. We are primarily an agribusiness company founded and based in Santa Paula, California, committed to responsibly using and managing our approximately 10,500 acres of land, water resources and other assets to maximize long-term stockholder value. Our operations consist of fruit production, sales and marketing, rental operations, real estate and capital investment activities. We have three business divisions: agribusiness, rental operations and real estate development. The agribusiness division is comprised of four reportable operating segments: fresh lemons, lemon packing, avocados and other agribusiness, which primarily includes oranges, specialty citrus, wine grapes and farm management services. The agribusiness division includes our core operations of farming, harvesting, lemon packing and lemon sales operations. The rental operations division includes our residential and commercial rentals, leased land operations and organic recycling. The real estate development division includes our investments in real estate development projects. Recent Developments \u2013 Refer to Part I, Item 1 \u201cFiscal Year 2025 Highlights and Recent Developments\u201d 34 Results of Operations The following table shows the results of operations (in thousands): [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"\",\"Years Ended October 31,\"],[\"\",\"\",\"\",\"\",\"\",\"2025\",\"\",\"\",\"\",\"2024\",\"\",\"\",\"\",\"2023\"],[\"Net revenues:\"],[\"Agribusiness\",\"\",\"\",\"\",\"\",\"$\",\"153,685\",\"\",\"\",\"96\",\"%\",\"\",\"$\",\"185,923\",\"\",\"\",\"97\",\"%\",\"\",\"$\",\"174,381\",\"\",\"\",\"97\",\"%\"],[\"Other operations\",\"\",\"\",\"\",\"\",\"6,038\",\"\",\"\",\"4\",\"%\",\"\",\"5,580\",\"\",\"\",\"3\",\"%\",\"\",\"5,520\",\"\",\"\",\"3\",\"%\"],[\"Total net revenues\",\"\",\"\",\"\",\"\",\"159,723\",\"\",\"\",\"100\",\"%\",\"\",\"191,503\",\"\",\"\",\"100\",\"%\",\"\",\"179,901\",\"\",\"\",\"100\",\"%\"],[\"Costs and expenses:\"],[\"Agribusiness\",\"\",\"\",\"\",\"\",\"154,810\",\"\",\"\",\"86\",\"%\",\"\",\"164,807\",\"\",\"\",\"83\",\"%\",\"\",\"169,169\",\"\",\"\",\"99\",\"%\"],[\"Other operations\",\"\",\"\",\"\",\"\",\"4,477\",\"\",\"\",\"2\",\"%\",\"\",\"5,274\",\"\",\"\",\"3\",\"%\",\"\",\"4,612\",\"\",\"\",\"3\",\"%\"],[\"Impairment of intangible asset\",\"\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"%\",\"\",\"643\",\"\",\"\",\"1\",\"%\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"%\"],[\"Gain on sales of water rights\",\"\",\"\",\"\",\"\",\"(1,488)\",\"\",\"\",\"(1)\",\"%\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"%\",\"\",\"\\u2014\",\"\",\"\",\"\\u2014\",\"%\"],[\"Loss (gain) on disposal of assets, net\",\"\",\"\",\"\",\"\",\"706\",\"\",\"\",\"1\",\"%\",\"\",\"(507)\",\"\",\"\",\"(1)\",\"%\",\"\",\"(28,849)\",\"\",\"\",\"(17)\",\"%\"],[\"Gain on remeasurement of previously held equity method investment\",\"\",\"\",\"\",\"\",\"(2,852)\",\"\",\"\",\"(2)\",\"%\",\"\", Item 1. Business Limoneira Company, a Delaware corporation, is the successor to several businesses with operations in California since 1893. Our business and operations are described below. For detailed financial information with respect to our business and our operations, see our consolidated financial statements and the related notes to consolidated financial statements, which are included in Item 8 in this Annual Report. In addition, general information concerning our Company can be found on our website at www.limoneira.com. All of our filings with the SEC, including but not limited to, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments thereto, are available free of charge on our website as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC. The contents of our website referred to above are not incorporated into this Annual Report. Further, any references to our website are intended to be interactive textual references only. Overview We are primarily an agribusiness company founded and based in Santa Paula, California, committed to responsibly using and managing our approximately 10,500 acres of land, water resources and other assets to maximize long-term stockholder value. Our operations consist of fruit production, sales and marketing, rental operations, real estate and capital investment activities. Agribusiness activities are performed through these four reporting segments: We are one of California\u2019s oldest citrus growers and according to the California Avocado Commission, we are one of the largest growers of avocados in the United States. In addition to growing lemons and avocados, we grow oranges and wine grapes. We have agricultural plantings throughout Ventura and San Luis Obispo Counties in California, Yuma County in Arizona, La Serena, Chile and Jujuy, Argentina, which collectively consist of approximately 3,100 acres of lemons, 1,500 acr Item 1A. Risk Factors Risks Related to Our Agribusiness Operations Our decision to merge our citrus sales and marketing operations into Sunkist Growers, Inc. beginning November 1, 2025 may not be successful. The merging of our citrus sales and marketing operations into Sunkist reduces our ability to exercise control over the sales and marke", "title": "LMNR - Limoneira CO", "url": "/company/LMNR/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001653558; latest 10-K filed 2026-03-10.", "text": "PRTH - Priority Technology Holdings, Inc. SIC 7389 Services-Business Services, NEC; CIK 0001653558; latest 10-K filed 2026-03-10. PRTH Priority Technology Holdings, Inc. 0001653558 7389 Services-Business Services, NEC Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following management's discussion and analysis of financial condition and results of operations should be read together with our audited financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. This section of this Form 10-K generally discusses 2025 and 2024 items and year-over-year comparisons between 2025 and 2024. Discussions of 2024 items and year-over-year comparisons between 2024 and 2023 are not included in this Form 10-K, and can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Certain amounts in this section may not add mathematically due to rounding. During 2025 the Company renamed its reportable segments, for a description and additional information see Note 18. Segment Information, contained in \"Item 8 - Financial Statements and Supplementary Data\" of this Annual Report on Form 10-K. Results of Operations This section includes certain components of our results of operations for the years ended December 31, 2025 (or \"2025\"), and December 31, 2024 (or \"2024\"). We have derived this data, except key indicators including total card processing dollar value and transaction count (Merchant Solutions), buyer funded card processing dollar value, supplier funded issuing dollar value, and transaction count (Payables), and average billed clients, average monthly enrollments, and average total account balances (Treasury Solutions), from our audited Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K. Revenue For the year ended December 31, 2025, our consolidated revenue of $953.0 million increased by $73.3 million, or 8.3%, from $879.7 million for the year ended December 31, 2024. This overall increase was driven by increases in merchant bankcard processing dollar value, transaction count and acquisitions in our Merchant Solutions segment, an increase in new enrollments and higher interest income on permissible investments in our Treasury Solutions segment and an increase in revenue due to increase in volumes in Payables segment. Revenues by type for 2025 and 2024 were as follows: [[GREPCENT_TABLE]] [[\"(in thousands)\",\"Years Ended December 31,\",\"\",\"2025 vs 2024\"],[\"\",\"2025\",\"\",\"2024\",\"\",\"\",\"\",\"$ Change\"],[\"Revenue Type:\"],[\"Merchant card fees\",\"$\",\"710,915\",\"\",\"$\",\"670,411\",\"\",\"\",\"\",\"$\",\"40,504\"],[\"Money transmission services\",\"159,169\",\"\",\"130,123\",\"\",\"\",\"\",\"29,046\"],[\"Outsourced services and other services\",\"70,708\",\"\",\"67,018\",\"\",\"\",\"\",\"3,690\"],[\"Equipment\",\"12,217\",\"\",\"12,150\",\"\",\"\",\"\",\"67\"],[\"Total revenues\",\"$\",\"953,009\",\"\",\"$\",\"879,702\",\"\",\"\",\"\",\"$\",\"73,307\"]] [[/GREPCENT_TABLE]] Merchant Card Fees For the year ended December 31, 2025, our merchant card fees revenue of $710.9 million increased by $40.5 million, or 6.0%, from $670.4 million for the year ended December 31, 2024. This increase was primarily driven by revenue from acquisitions in 2025 and increased bankcard processing dollar values and transaction counts in the Merchant Solutions segment. Money Transmission Services Money transmission services revenue of $159.2 million for the year ended December 31, 2025 increased by $29.0 million or 22.3%, from $130.1 million for the year ended December 31, 2024 and is primarily driven by increased customer enrollments, which resulted in a higher number of billed clients. 32 Table of Contents Outsourced Services and Other Services Outsourced services and other services revenue of $70.7 million for the year ended December 31, 2025 increased by $3.7 million, or 5.5%, from $67.0 million for the year ended December 31, 2024. This increase was primarily due to growth in interest income on permissible investments due to higher deposit balances and increased volume in ACH.com business partial Item 1. Business Overview of the Company Priority a payments and banking fintech purpose-built to collect, store, lend and send money with a connected commerce engine that combines full-service merchant acquiring for accounts receivable, complete automated payables tools for bill payment, and sophisticated treasury management solutions to accelerate cash flow and optimize working capital for its customers. Priority operates at scale across three primary business segments: Merchant Solutions, Payables and Treasury Solutions and is presently serving approximately 1.8 million customer accounts processing approximately $150.0 billion in annual transaction activity while administering approximately $1.7 billion dollars in account balances. The Priority Commerce Engine serves enterprise grade independent software vendors (ISV's), as well as discrete institutional and Merchant Solutions customers across all major sectors of the U.S. economy including Retail, Hospitality, Healthcare, Real Estate, Government, Utility, Education, Non-Profit, Business-to-Business, Professional Services and Financial Institutions. Priority builds with intention, utilizing market research and stakeholder feedback to drive growth activity. The result is an end-to-end solution that customers leverage across their financial lifecycle, engineered to accelerate cash flow and optimize working capital. Trust is paramount in partnerships with customers, which is why Priority works with multiple, proven partners, to ensure our customers experience the security and peace of mind that comes with diversification, while enjoying the cost and time-saving benefits of consolidation. Priority centralizes all money movement activity within a single, integrated platform, empowering users to seamlessly collect, store, lend, and send money. Highly configurable and easy to use, the Priority Commerce Engine enables financial agility and operational stability for today\u2019s fastest-growing enterprises. Priority was est Item 1A. Risk Factors An investment in our Common Stock and our financial results are subject to a number of risks. You should carefully consider the risks described below and all other information contained in this Annual Report on Form 10-K and the documents incorporated by reference. Our business,", "title": "PRTH - Priority Technology Holdings, Inc.", "url": "/company/PRTH/" }, { "kind": "company", "summary": "SIC 1623 Water, Sewer, Pipeline, Comm & Power Line Construction; CIK 0001357971; latest 10-K filed 2025-12-15.", "text": "ESOA - Energy Services of America CORP SIC 1623 Water, Sewer, Pipeline, Comm & Power Line Construction; CIK 0001357971; latest 10-K filed 2025-12-15. ESOA Energy Services of America CORP 0001357971 1623 Water, Sewer, Pipeline, Comm & Power Line Construction ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u200b You should read the following discussion of the financial condition and results of operations of Energy Services in conjunction with the historical financial statements and related notes contained elsewhere herein. Among other things, those historical consolidated financial statements include more detailed information regarding the basis of presentation for the following information. Understanding Gross Margins Our gross margin is gross profit expressed as a percentage of revenues. Cost of revenues consists primarily of salaries, wages and some benefits to employees, depreciation, fuel and other equipment costs, equipment rentals, subcontracted services, portions of insurance, facilities expense, materials and parts and supplies. Factors affecting gross margin include: Seasonal. As discussed above, seasonal patterns can have a significant impact on gross margins. Usually, business is slower in the winter months versus the warmer months. Weather. Adverse or favorable weather conditions can impact gross margin in each period. Periods of wet weather, snow or rainfall, as well as severe temperature extremes can severely impact production and therefore negatively impact revenues and margins. Conversely, periods of dry weather with moderate temperatures can positively impact revenues and margins due to the opportunity for increased production and efficiency. Revenue Mix. The mix of revenues between customer types and types of work for various customers will impact gross margins. Some projects will have greater margins while others that are extremely competitive in bidding may have narrower margins. 18 Table of Contents Service and Maintenance versus Installation. In general, installation work has a higher gross margin than maintenance work. This is because installation work usually is of a fixed price nature and therefore has higher risks involved. Accordingly, a higher portion of the revenue mix from installation work typically will result in higher margins. Subcontract Work. Work that is subcontracted to other service providers generally has lower gross margins. Increases in subcontract work as a percentage of total revenues in each period may contribute to a decrease in gross margin. Materials versus Labor. Typically, materials supplied on projects have lower margins than labor. Accordingly, projects with a higher material cost in relation to the entire job will have a lower overall margin. Depreciation. Depreciation is included in our cost of revenue. This is a common practice in our industry but can make comparability to other companies difficult. Margin Risk. Failure to properly execute a job including failure to properly manage and supervise a job could decrease the profit margin. Selling and Administrative Expenses Selling and administrative expenses consist primarily of compensation and related benefits to management, administrative salaries and benefits, marketing, communications, office and utility costs, professional fees, bad debt expense, letter of credit fees, general liability insurance and miscellaneous other expenses. Results of Operations for the Fiscal Year Ended September 30, 2025, Compared to the Fiscal Year Ended September 30, 2024. Revenue. A table comparing the components of the Company\u2019s revenues for the fiscal years ended September 30, 2025, and 2024 is below: [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"Twelve Months Ended\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b \\u200b \\u200b\",\"September 30, 2025\",\"\\u200b \\u200b \\u200b\",\"% of total\",\"\\u200b \\u200b \\u200b\",\"September 30, 2024\",\"\\u200b \\u200b \\u200b\",\"% of total\",\"\\u200b \\u200b \\u200b\",\"Change\",\"\\u200b \\u200b \\u200b\",\"% Change\"],[\"Gas & Water Distribution\",\"\\u ITEM 1. Business \u200b Overview Energy Services of America Corporation (\u201cEnergy Services\u201d or the \u201cCompany\u201d), formed in 2006, is a contractor and service company that operates primarily in the mid-Atlantic and central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries. For the gas industry, the Company is primarily engaged in the construction, replacement and repair of natural gas pipelines and storage facilities for utility companies and private natural gas companies. Energy Services is involved in the construction of both interstate and intrastate pipelines, with an emphasis on the latter. For the oil industry, the Company provides a variety of services relating to pipeline, storage facilities and plant work. For the power, chemical, and automotive industries, the Company provides a full range of electrical and mechanical installations and repairs including substation and switchyard services, site preparation, equipment setting, pipe fabrication and installation, packaged buildings, transformers, and other ancillary work with regards thereto. Energy Services\u2019 other pipeline services include corrosion protection services, horizontal drilling services, liquid pipeline construction, pump station construction, production facility construction, water and sewer pipeline installations, various maintenance and repair services and other services related to pipeline construction. The Company has also added the ability to install broadband and solar electric systems and perform civil and general contracting services. The Company had consolidated operating revenues of $411.0 million for the fiscal year ended September 30, 2025, of which 47.9% was attributable to electrical, mechanical, and general contract services, 15.7% to gas and petroleum transmission projects, and 36.4% to gas & water distributions services. The Company had consolidated operating revenues of $351 ITEM 1A. Risk Factors \u200b Our business is subject to a variety of risks and uncertainties, including, but not limited to, the risk and uncertainties described below. The risks and uncertainties described below are not the only ones we may face. Additional risks and uncerta", "title": "ESOA - Energy Services of America CORP", "url": "/company/ESOA/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001297107; latest 10-K filed 2026-03-12.", "text": "COSO - CoastalSouth Bancshares, Inc. SIC 6022 State Commercial Banks; CIK 0001297107; latest 10-K filed 2026-03-12. COSO CoastalSouth Bancshares, Inc. 0001297107 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that involve risk, uncertainties and assumptions. Certain risks, uncertainties and other factors, including but not limited to those set forth under \u201cCautionary Note Regarding Forward-Looking Statements,\u201d \u201cRisk Factors,\u201d and elsewhere in this Annual Report on Form 10-K, may cause actual results to differ materially from those projected in the forward looking statements. We assume no obligation to update any of these forward-looking statements. Critical Accounting Policies and Estimates Our accounting and reporting policies conform to accounting principles generally accepted in the United States of America (\u201cGAAP\u201d) and conform to general practices within the industry in which we operate. To prepare financial statements in conformity with GAAP, management makes estimates, assumptions and judgments based on available information. These estimates, assumptions and judgments affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statements and, as this information changes, actual results could differ from the estimates, assumptions and judgments reflected in the financial statement. In particular, management has identified several accounting policies that, due to the estimates, assumptions and judgments inherent in those policies, are critical in understanding our financial statements. The following is a discussion of the critical accounting policies and significant estimates that require us to make complex and subjective judgments. Additional information about these policies can be found in Note 1 of our consolidated financial statements as of December 31, 2025, included elsewhere in this Annual Report on Form 10-K. Allowance for Credit Losses A consequence of lending activities is that we may incur credit losses and the amount of such losses will vary depending upon the risk characteristics of the loan lease portfolio as affected by economic conditions such as rising interest rates and the financial performance of borrowers. The ACL represents management\u2019s current estimate of credit losses for the remaining estimated life of financial instruments, with particular applicability on our balance sheet to loans held-for-investment and unfunded loan commitments. Estimating the amount of the ACL requires significant judgment and the use of estimates related to historical experience, current conditions, reasonable and supportable forecasts, and the value of collateral on collateral-dependent loans. The loan portfolio also represents the largest asset type on our Consolidated Balance Sheet. Credit losses are charged against the allowance, while recoveries of amounts previously charged off are credited to the allowance. A provision for credit losses is charged to operations based on management\u2019s periodic evaluation of the factors previously mentioned, as well as other pertinent factors. There are many factors affecting the ACL; some are quantitative, while others require qualitative judgment. Although management believes its process for determining the allowance adequately considers the potential factors that could potentially result in credit losses, the process includes subjective elements and is susceptible to significant change. To the extent actual outcomes are worse than management estimates, additional provision for credit losses could be required that could adversely affect our earnings or financial position in future periods. See Note 1 and Note 3 of our consolidated financial statements as of Decembe Item 1. Business Our Company CoastalSouth Bancshares, Inc. (the \u201cCompany\u201d), is a bank holding company headquartered in Atlanta, Georgia. The Company was incorporated under the laws of the Commonwealth of Virginia on May 24, 2004, and converted to a corporation organized under the laws of the State of Georgia on May 12, 2023. We operate through our wholly-owned banking subsidiary, Coastal States Bank (the \"Bank\" or \"CSB\"), a South Carolina state-chartered commercial bank. We currently operate 11 retail banking branches in three primary markets, including the Lowcountry of South Carolina, Savannah, Georgia, and metro Atlanta, Georgia. CSB also operates four specialty lines of business, including Senior Housing, Marine Lending, Government Guaranteed Lending, and Mortgage Banker Finance (\"MBF\"). The deposits of CSB are insured by the FDIC. Coastal States Mortgage, Inc. (\u201cCSM\u201d), a wholly owned subsidiary of CSB, is a mortgage company focused on originating and single-family residential mortgages, some of which are retained in the portfolio. As of December 31, 2025, we had total assets of $2.31 billion, total loans held-for-investment (\"LHFI\") of $1.62 billion, total deposits of $1.99 billion and total shareholders\u2019 equity of $259.5 million. In this report on Form 10-K, the words \u201cthe Company,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to CoastalSouth Bancshares, Inc., together with CSB and CSB\u2019s wholly owned subsidiaries, except where the context requires otherwise. We are a full-service commercial bank focused on delivering personalized service in an efficient and reliable manner to the small-to medium-sized businesses and individuals in our markets. We offer a suite of loan and deposit products tailored to meet the needs of the businesses and individuals already established in the communities that we serve. Through our experienced management team and talented employees, we are able to connect one-on-one with our customers and provide them with services and products in a competent Item 1A. Risk Factors In addition to the other information contained in this Form 10-K, you should carefully consider the risks described below, as well as the risk factors and uncertainties discussed in our other public filings with the SEC under the caption \u201cRisk Factors\u201d in evaluating us and our business and making ", "title": "COSO - CoastalSouth Bancshares, Inc.", "url": "/company/COSO/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001359931; latest 10-K filed 2026-03-10.", "text": "TARA - Protara Therapeutics, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001359931; latest 10-K filed 2026-03-10. TARA Protara Therapeutics, Inc. 0001359931 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this document, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis. Overview We are a New York City based clinical-stage biopharmaceutical company committed to advancing transformative therapies for the treatment of cancer and rare diseases. We were founded on the principle of applying modern scientific, regulatory or manufacturing advancements to established mechanisms in order to create new development opportunities. We prioritize creativity, integrity and tenacity to expedite our goal of bringing life-changing therapies to people with limited treatment options. Our portfolio includes two development programs utilizing TARA-002, an investigational cell therapy based on the broad immunopotentiator, OK-432, which was originally granted marketing approval by the Japanese Ministry of Health and Welfare as an immunopotentiating cancer therapeutic agent. This cell therapy is currently approved in Japan and Taiwan for LMs and multiple oncologic indications. We have secured worldwide rights to the asset excluding Japan and Taiwan and are exploring its use in oncology and rare disease indications. TARA-002 was developed from the same master cell bank of genetically distinct group A Streptococcus pyogenes as OK-432 (marketed as Picibanil\u00ae in Japan by Chugai Pharmaceutical). We are currently developing TARA-002 in NMIBC and in LMs. We are also pursuing IV Choline Chloride, an investigational phospholipid substrate replacement therapy, for patients receiving PS which includes both nutrition and fluids. Choline is a known important substrate for phospholipids that are critical for healthy liver function and also plays an important role in modulating gene expression, cell membrane signaling, brain development, neurotransmission, muscle function and bone health. PS patients are unable to synthesize choline from enteral nutrition sources, and there are currently no available PS formulations containing choline. See \u201cItem 1. Business\u201d for additional information regarding our various clinical trial programs. We have devoted substantial efforts to the development of our programs and do not have any approved products and, to date, have not generated any revenues from product sales. Neither TARA-002 nor IV Choline Chloride have been approved by the FDA or other comparable regulatory authorities for use for any indications. We do not expect to generate revenues in the near-term, and it is possible we may never generate revenues in the future. To finance our current strategic plans, including the conduct of ongoing and future clinical trials and further research and development costs, we will need to raise additional capital. See \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u2014Liquidity and Capital Resources\u201d for additional information about our liquidity and capital resource needs. Since inception, we have incurred significant operating losses. As of December 31, 2025, we had an accumulated deficit of approximately $302.4 million. We expect to continue to incur significant expenses and increasing operating losses for at least the next few years as we continue our development of, an Item 1. Business. Overview We are a New York City based clinical-stage biopharmaceutical company committed to advancing transformative therapies for the treatment of cancer and rare diseases. We were founded on the principle of applying modern scientific, regulatory or manufacturing advancements to established mechanisms in order to create new development opportunities. We prioritize creativity, integrity and tenacity to expedite our goal of bringing life-changing therapies to people with limited treatment options. Our portfolio includes two development programs utilizing TARA-002, an investigational cell therapy based on the broad immunopotentiator, OK-432, which was originally granted marketing approval by the Japanese Ministry of Health and Welfare as an immunopotentiating cancer therapeutic agent. This cell therapy is currently approved in Japan and Taiwan for lymphatic malformations, or LMs, and multiple oncologic indications. We have secured worldwide rights to the asset excluding Japan and Taiwan and are exploring its use in oncology and rare disease indications. TARA-002 was developed from the same master cell bank of genetically distinct group A Streptococcus pyogenes as OK-432 (marketed as Picibanil\u00ae in Japan by Chugai Pharmaceutical Co., Ltd., or Chugai Pharmaceutical). We are currently developing TARA-002 in non-muscle invasive bladder cancer, or NMIBC, and LMs. We are also pursuing IV Choline Chloride, an investigational phospholipid substrate replacement therapy, for patients receiving parenteral support, or PS, which includes both nutrition and fluids. Neither TARA-002 nor IV Choline Chloride have been approved by the FDA or other comparable regulatory authorities for use for any indications. We have devoted substantial efforts to the development of both TARA-002 and IV Choline Chloride and, to date, have not generated any revenues from product sales. We do not expect to generate revenues in the near-term, and it is possible we may never generate Item 1A. Risk Factors. You should consider carefully the following information about the risks described below, together with the other information contained in this Annual Report on Form 10-K and in our other public filings, in evaluating our business. If any of the followin", "title": "TARA - Protara Therapeutics, Inc.", "url": "/company/TARA/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0002022626; latest 10-K filed 2026-03-26.", "text": "UPB - Upstream Bio, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0002022626; latest 10-K filed 2026-03-26. UPB Upstream Bio, Inc. 0002022626 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K (this \u201cAnnual Report\u201d). Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review \"Item 1A, Risk Factors\" of this Annual Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Please also see the section titled \u201cSpecial note regarding forward-looking statements\u201d included elsewhere in this Annual Report. Overview We are a clinical-stage biotechnology company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders. We are developing verekitug, the only known antagonist currently in clinical development that targets the receptor for Thymic Stromal Lymphopoietin (\u201cTSLP\u201d), a cytokine which is a clinically validated driver of inflammatory response positioned upstream of multiple signaling cascades that affect a variety of immune mediated diseases. Preclinical and clinical data to date demonstrate verekitug\u2019s highly potent inhibition of the TSLP receptor, which we believe will translate to a differentiated product profile, including improved clinical outcomes, substantially extended dosing intervals and the potential to treat a broad spectrum of patients. We have advanced this highly potent monoclonal antibody into separate Phase 2 trials for the treatment of severe asthma, including a long-term safety and efficacy extension study (\u201cPhase 2 LTE\u201d), chronic rhinosinusitis with nasal polyps (\u201cCRSwNP\u201d), and chronic obstructive pulmonary disease (\u201cCOPD\u201d). We reported positive top-line results in our CRSwNP Phase 2 trial in September 2025 and positive top-line results in our severe asthma Phase 2 trial in February 2026. We initiated our Phase 2 COPD trial in July 2025. We plan to initiate dosing in Phase 3 trials in both severe asthma and CRSwNP in the first quarter of 2027, prioritizing a Phase 3 development strategy that focuses on maximizing efficacy in both indications, without biomarker restriction, with quarterly at-home administration. Our experienced team is committed to maximizing verekitug\u2019s unique attributes to address the substantial unmet needs for patients underserved by today\u2019s standard of care. Since our inception, we have devoted substantially all of our resources to organizing and staffing our company, business planning, raising capital, establishing licensing, building our proprietary platform technologies, developing verekitug, establishing our intellectual property portfolio, conducting research, preclinical studies, and clinical trials, establishing arrangements with third parties for the manufacture of verekitug and related raw materials, and providing general and administrative support for these operations. To date, we have financed our operations primarily through the issuance and sale of our redeemable convertible preferred stock and proceeds from our initial public offering (\u201cIPO\u201d). As of December 31, 2025, we have received total gross proceeds of $400.0 million from the issuance and sale of our redeemable convertible preferred stock. In October 2024, we completed our IPO in which we issued and sold 17,250,000 shares of our common stock, including 2,250,000 shares pursuant to the full exercise of the underwriters\u2019 option to purchase additional shares, at a price to the public of $17.00 per share. As a result of the IPO, Item 1. Business. Overview We are a clinical-stage biotechnology company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders. We are developing verekitug, the only known antagonist currently in clinical development that targets the receptor for Thymic Stromal Lymphopoietin (\u201cTSLP\u201d), a cytokine which is a clinically validated driver of inflammatory response positioned upstream of multiple signaling cascades that affect a variety of immune mediated diseases. Preclinical and clinical data to date demonstrate verekitug\u2019s highly potent inhibition of the TSLP receptor, which we believe will translate to a differentiated product profile, including improved clinical outcomes, substantially extended dosing intervals and the potential to treat a broad spectrum of patients. We have advanced this highly potent monoclonal antibody into separate Phase 2 trials for the treatment of severe asthma, including a long-term safety and efficacy extension study (\u201cPhase 2 LTE\u201d), chronic rhinosinusitis with nasal polyps (\u201cCRSwNP\u201d), and chronic obstructive pulmonary disease (\u201cCOPD\u201d). We reported positive top-line results in our CRSwNP Phase 2 trial in September 2025 and positive top-line results in our severe asthma Phase 2 trial in February 2026. We initiated our Phase 2 COPD trial in July 2025. We plan to initiate dosing in Phase 3 trials in both severe asthma and CRSwNP in the first quarter of 2027, prioritizing a Phase 3 development strategy that focuses on maximizing efficacy in both indications, without biomarker restriction, with quarterly at-home administration. Our experienced team is committed to maximizing verekitug\u2019s unique attributes to address the substantial unmet needs for patients underserved by today\u2019s standard of care. There are seven biologics approved for the treatment of severe asthma; four of these biologics are also approved for CRSwNP, and two are also approved for the treatment of COPD. Total estimated biologics Item 1A. Risk Factors. Our business involves significant risks. Investors should carefully consider the risks and uncertainties described below, as well as the other information in this Annual Report on Form 10-K (this \u201cAnnual Report\u201d) and in the other documents that we file with the Securities and Exchange Commission (the \u201cSEC\u201d)", "title": "UPB - Upstream Bio, Inc.", "url": "/company/UPB/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001615063; latest 10-K filed 2026-03-10.", "text": "INSE - Inspired Entertainment, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001615063; latest 10-K filed 2026-03-10. INSE Inspired Entertainment, Inc. 0001615063 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial statements and related notes thereto included elsewhere in this report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual future results could differ materially from the historical results discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the section titled \u201cRisk Factors\u201d included elsewhere in this report. Forward-Looking Statements We make forward-looking statements in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. For definitions of the term Forward-Looking Statements, see the definitions provided in the Cautionary Note Regarding Forward-Looking Statements at the start of this Annual Report on Form 10-K for the twelve-month period ended December 31, 2025. Seasonality Our results of operations can fluctuate due to seasonal trends and other factors. Sales of our gaming machines can vary quarter on quarter due to both supply and demand factors. Player activity for the holiday parks is generally higher in the second and third quarters of the year, particularly during the summer months and slower during the first and fourth quarters of the year. Following the sale of the holiday parks business this will no longer apply in future years. Revenue We generate revenue in four principal ways: i) on a participation basis, ii) on a fixed rental fee basis, iii) through product sales and iv) through software license fees. Participation revenue generally includes a right to receive a share of our customers\u2019 gaming revenue, typically as a share of net win but sometimes as a share of the handle or \u201ccoin in\u201d which represents the total amount wagered. Geographic Range Geographically, the majority of our revenue is derived from, and the majority of our non-current assets are attributable to, our UK operations. The remainder of our revenue is derived from, and non-current assets attributable to, Greece and the rest of the world. For the twelve-months ended December 31, 2025, we derived approximately 69% of our revenue from the UK (including customers headquartered in the UK but whose revenue is generated globally), 9% from Greece, and the remaining 22% across the rest of the world. For the twelve-months ended December 31, 2024, we derived approximately 73% of our revenue from the UK (including customers headquartered in the UK but whose revenue is generated globally), 7% from Greece, and the remaining 20% across the rest of the world. As of December 31, 2025, our non-current assets (excluding goodwill) were attributable as follows: 72% to the UK, 15% to Greece and 13% across the rest of the world. As of December 31, 2024, our non-current assets (excluding goodwill) were attributable as follows: 75% to the UK, 8% to Greece and 17% across the rest of the world. 41 Foreign Exchange Our results are affected by changes in foreign currency exchange rates as a result of the translation of foreign functional currencies into our reporting currency and the re-measurement of foreign currency transactions and balances. The impact of foreign currency exchange rate fluctuations represents the difference between current rates and prior-period rates applied to current activity. The geographic region in which the largest portion of our business is operated is the UK and the British pound (\u201cGBP\u201d) is considered to be our functional currency. Our reporting currency is the U.S. dollar (\u201cUSD\u201d). Our results are translated from our functional currency of GBP into the reporting currency of USD using average rates for profit and loss transactions and applicable spot rates for period-end balances. The effect of translating our funct", "title": "INSE - Inspired Entertainment, Inc.", "url": "/company/INSE/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001768224; latest 10-K filed 2026-03-03.", "text": "ARCT - Arcturus Therapeutics Holdings Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001768224; latest 10-K filed 2026-03-03. ARCT Arcturus Therapeutics Holdings Inc. 0001768224 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis together with the consolidated financial statements and related notes included elsewhere herein. This report includes forward-looking statements which, although based on assumptions that we consider reasonable, are subject to risks and uncertainties which could cause actual events or conditions to differ materially from those currently anticipated and expressed or implied by such forward-looking statements. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found within Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024. Overview We are a messenger RNA medicines company focused on the development of liver and respiratory rare disease therapeutics. We have ongoing Phase 2 clinical studies for our RNA therapeutic candidates to potentially treat ornithine transcarbamylase (OTC) deficiency and cystic fibrosis (CF). We developed the world\u2019s first approved self-amplifying messenger RNA (sa-mRNA) vaccine, KOSTAIVE\u00ae (\u201cKOSTAIVE\u201d), which we have partnered with Seqirus, Inc. (\u201cCSL Seqirus\u201d), a part of CSL Limited. KOSTAIVE has achieved approval in Japan, the European Union and the United Kingdom as a vaccine against COVID-19, and sales of KOSTAIVE began in Japan in October 2024. We have several key platform technologies that we leverage to develop and advance a pipeline of mRNA-based therapeutics for rare genetic disorders with significant unmet medical needs and vaccines for infectious diseases. Current mRNA medicines have two critical components: the messenger RNA (\u201cmRNA\u201d) constructs and the lipid nanoparticles (\u201cLNP\u201d) which help deliver the mRNA to disease-relevant target tissues. We have extensive expertise in the design and optimization of mRNA constructs, including with respect to a type of mRNA technology known as self-amplifying mRNA (sa-mRNA). Our proprietary self-amplifying mRNA technology platform, or STARR\u00ae (\u201cSTARR\u201d), has been demonstrated to induce a robust, longer-lasting and broader humoral immune response at lower dose levels than conventional mRNA-based vaccines. Our proprietary LNP delivery system, LUNAR\u00ae (\u201cLUNAR\u201d), is intended to address the major hurdle in RNA drug development, namely the effective and safe delivery of RNA to disease-relevant target tissues. LUNAR may enable multiple nucleic acid medicines. We also have significant expertise and valuable know-how in the development and scalability of complex and robust manufacturing processes required to deliver the next generation of nucleic acid medicines. Our internal pipeline includes RNA therapeutic candidates to potentially treat ornithine transcarbamylase (OTC) deficiency and cystic fibrosis (CF), both rare diseases. In our vaccine program, we have partnered with CSL Seqirus, one of the world\u2019s leading influenza vaccine providers, on the development and commercialization of mRNA vaccines for COVID-19, influenza and three other infectious diseases. In CSL Limited\u2019s half-year results presented on February 11, 2026, CSL Limited reported an accounting write-down of approximately $430 million attributable to our collaboration agreement with CSL Seqirus, citing declining COVID-19 disease burden and more onerous U.S. regulatory requirements. In our CF program, we enrolled and completed dosing in the three initially planned cohorts of our Phase 2 multiple ascending dose study of ARCT-032, confirming the safety and tolerability of ARCT-032 dosed daily for four weeks. This study was initiated in December 2024 and was designed to identify a safe and effective dose regimen in those with Class I (null) CFTR mutations and people with CF who do not benefit from CFTR modulators. In the study, six CF adults with Class I CFTR mutations inhaled 10 mg Item 1. Business Overview We are a messenger RNA medicines company focused on the development of liver and respiratory rare disease therapeutics. We have ongoing Phase 2 clinical studies for our RNA therapeutic candidates to potentially treat ornithine transcarbamylase (OTC) deficiency and cystic fibrosis (CF). We developed the world\u2019s first approved self-amplifying messenger RNA (sa-mRNA) vaccine, KOSTAIVE\u00ae (\u201cKOSTAIVE\u201d), which we have partnered with Seqirus, Inc. (\u201cCSL Seqirus\u201d), a part of CSL Limited. KOSTAIVE has achieved approval in Japan, the European Union and the United Kingdom as a vaccine against COVID-19, and sales of KOSTAIVE began in Japan in October 2024. We have several key platform technologies that we leverage to develop and advance a pipeline of mRNA-based therapeutics for rare genetic disorders with significant unmet medical needs and vaccines for infectious diseases. Current mRNA medicines have two critical components: the messenger RNA (\u201cmRNA\u201d) constructs and the lipid nanoparticles (\u201cLNP\u201d) which help deliver the mRNA to disease-relevant target tissues. We have extensive expertise in the design and optimization of mRNA constructs, including with respect to a type of mRNA technology known as self-amplifying mRNA (sa-mRNA). Our proprietary self-amplifying mRNA technology platform, or STARR\u00ae (\u201cSTARR\u201d), has been demonstrated to induce a robust, longer-lasting and broader humoral immune response at lower dose levels than conventional mRNA-based vaccines. Our proprietary LNP delivery system, LUNAR\u00ae (\u201cLUNAR\u201d), is intended to address the major hurdle in RNA drug development, namely the effective and safe delivery of RNA to disease-relevant target tissues. LUNAR may enable multiple nucleic acid medicines. We also have significant expertise and valuable know-how in the development and scalability of complex and robust manufacturing processes required to deliver the next generation of nucleic acid medicines. Our internal pipeline includes RNA therapeut Item 1A. Risk Factors In conducting our business, we face many risks that may interfere with our business objectives. Some of these risks could materially and adversely affect our business, financial condition and results of operations. In particular, we are subject to various risks resulting from i", "title": "ARCT - Arcturus Therapeutics Holdings Inc.", "url": "/company/ARCT/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001093672; latest 10-K filed 2026-03-11.", "text": "PEBK - PEOPLES BANCORP OF NORTH CAROLINA INC SIC 6022 State Commercial Banks; CIK 0001093672; latest 10-K filed 2026-03-11. PEBK PEOPLES BANCORP OF NORTH CAROLINA INC 0001093672 6022 State Commercial Banks MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following is a discussion of our financial position and results of operations and should be read in conjunction with the information set forth under Item 1A Risk Factors in the Company\u2019s Annual Report on Form 10-K and the Company\u2019s consolidated financial statements and notes thereto on pages A-20 through A-62. Introduction Management\u2019s discussion and analysis of earnings and related data are presented to assist in understanding the consolidated financial condition and results of operations of the Company, for the years ended December 31, 2025 and 2024. The Company is a registered bank holding company operating under the supervision of the Board of Governors of the Federal Reserve System (the \u201cFederal Reserve\u201d) and the parent company of the \u201cBank. The Bank is a North Carolina-chartered bank, with offices in Catawba, Lincoln, Alexander, Mecklenburg, Iredell, Rowan and Forsyth counties, operating under the banking laws of North Carolina and the rules and regulations of the Federal Deposit Insurance Corporation (the \u201cFDIC\u201d). Overview Our business consists principally of attracting deposits from the general public and investing these funds in commercial loans, real estate mortgage loans, real estate construction loans and consumer loans. Our profitability depends primarily on our net interest income, which is the difference between the income we receive on our loan and investment securities portfolios and our cost of funds, which consists of interest paid on deposits and borrowed funds. Net interest income also is affected by the relative amounts of our interest-earning assets and interest-bearing liabilities. When interest-earning assets approximate or exceed interest-bearing liabilities, a positive interest rate spread will generate net interest income. Our profitability is also affected by the level of other income and operating expenses. Other income consists primarily of miscellaneous fees related to our loans and deposits, mortgage banking income and commissions from sales of annuities and mutual funds. Operating expenses consist of compensation and benefits, occupancy related expenses, federal deposit and other insurance premiums, data processing, advertising and other expenses. Our operations are influenced significantly by local economic conditions and by policies of financial institution regulatory authorities. The earnings on our assets are influenced by the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve, inflation, interest rates, market and monetary fluctuations. Lending activities are affected by the demand for commercial and other types of loans, which in turn is affected by the interest rates at which such financing may be offered. Our cost of funds is influenced by interest rates on competing investments and by rates offered on similar investments by competing financial institutions in our market area, as well as general market interest rates. These factors can cause fluctuations in our net interest income and other income. In addition, local economic conditions can impact the credit risk of our loan portfolio, in that (1) local employers may be required to eliminate employment positions of individual borrowers, and (2) small businesses and commercial borrowers may experience a downturn in their operating performance and become unable to make timely payments on their loans. Management evaluates these factors in estimating the allowance for credit losses (\u201cACL\u201d, \u201callowance for credit losses\u201d, or \u201callowance\u201d) and changes in these economic factors could result in increases or decreases to the provision for loan losses. The Federal Reserve Federal Open Market Committee (\u201cFOMC\u201d) increased the target federal funds rate 500 basis points between March 2022 and July 2023 to address the supply-chain disruption and rising inflation that had devel ITEM 1. BUSINESS General Business Peoples Bancorp of North Carolina, Inc. (the \u201cCompany\u201d), was formed in 1999 to serve as the holding company for Peoples Bank (the \u201cBank\u201d). The Company is a bank holding company registered with the Board of Governors of the Federal Reserve System (the \u201cFederal Reserve\u201d) under the Bank Holding Company Act of 1956, as amended (the \u201cBHCA\u201d). The Company\u2019s principal source of income is dividends declared and paid by the Bank on its capital stock, if any. The Company has no operations and conducts no business of its own other than owning the Bank and PEBK Capital Trust II. Accordingly, the discussion of the business which follows primarily concerns the business conducted by the Bank. Our principal executive offices are located at 518 West C Street, Newton, North Carolina, 28658, and our telephone number is (828) 464-5620. The Bank, founded in 1912, is a state-chartered commercial bank serving the citizens and business interests of the Catawba Valley and surrounding communities through 15 banking offices, located in Lincolnton, Newton, Denver, Catawba, Conover, Maiden, Claremont, Hiddenite, Hickory, Charlotte, Huntersville and Mooresville, North Carolina. The Bank also operates loan production offices in Charlotte, Denver, Salisbury and Winston-Salem, North Carolina. The Company\u2019s fiscal year ends December 31. At December 31, 2025, the Company had total assets of $1.70 billion, net loans of $1.20 billion, deposits of $1.51 billion, total securities of $380.0 million, and shareholders\u2019 equity of $157.1 million. The Bank has a diversified loan portfolio, with no foreign loans and few agricultural loans. Real estate loans are predominately variable rate and fixed rate commercial property loans, which include residential development loans to commercial customers. Commercial loans are spread throughout a variety of industries with no one particular industry or group of related industries accounting for a significant portion of the co ITEM 1A. RISK FACTORS The risks and uncertainties described below are not the only ones the Company faces. Additional risks and uncertainties that we are unaware of, or that we currently deem immaterial, also may become important factors that affect us and our business. If any of these risks were to materialize, ", "title": "PEBK - PEOPLES BANCORP OF NORTH CAROLINA INC", "url": "/company/PEBK/" }, { "kind": "company", "summary": "SIC 3944 Games, Toys & Children's Vehicles (No Dolls & Bicycles); CIK 0001009829; latest 10-K filed 2026-03-02.", "text": "JAKK - JAKKS PACIFIC INC SIC 3944 Games, Toys & Children's Vehicles (No Dolls & Bicycles); CIK 0001009829; latest 10-K filed 2026-03-02. JAKK JAKKS PACIFIC INC 0001009829 3944 Games, Toys & Children's Vehicles (No Dolls & Bicycles) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements because of various factors. You should read this section in conjunction with our consolidated financial statements and the related notes included in Item 8 \u201cConsolidated Financial Statements and Supplementary Data.\u201d Critical Accounting Policies and Estimates The accompanying consolidated financial statements and supplementary information were prepared in accordance with accounting principles generally accepted in the United States of America. Significant accounting policies are discussed in Note 2 to the Consolidated Financial Statements, included within Item 8. Inherent in the application of many of these accounting policies is the need for management to make estimates and judgments in the determination of certain revenues, expenses, assets and liabilities. As such, materially different financial results can occur as circumstances change and additional information becomes known. The estimates with the greatest potential effect on our results of operations and financial position include: Allowance for Current Expected Credit Losses. Our allowance for current expected credit losses is based upon management\u2019s assessment of the business environment, customers\u2019 risk profile characteristics, historical collection and loss information, aging of accounts receivables, and other matters specific to customer accounts in the establishment of pools. If there were a deterioration of a major customer\u2019s creditworthiness, or actual defaults were higher than our current expected credit losses, our estimates of the recoverability of amounts due to us could be misstated, which could have an adverse impact on our operating results. Our allowance for current expected credit losses is also affected by the time at which uncollectible accounts receivable balances are actually written off. The allowance for current expected credit losses requires judgement related to the establishment of pools based on customer risk profile characteristics and the historical loss rates applied to each pool and requires judgement since it involves estimation of the impact of both current and future economic factors in relation to its customers\u2019 risk profile characteristics. Changes in the assumptions used to develop the estimates could materially affect key financial measures, including other selling and administrative expenses, net income and accounts receivable. Goodwill. Goodwill represents the excess of the purchase price over the fair values of the underlying net assets acquired in an acquisition. Goodwill is not amortized but tested for impairment at least annually at the reporting unit level and asset level. The annual goodwill test is performed in the second quarter and whenever events or changes in circumstances indicate that the carrying amount of a reporting unit may exceed its fair value, we may assess goodwill for impairment using a qualitative assessment. Qualitative factors and their impact on critical inputs are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If we determine that a reporting unit has an indication of impairment based on the qualitative assessment, it is required to perform a quantitative assessment. We may bypass the qualitative assessment and perform a quantitative assessment. Impairment is recognized in the amount by which, if any, the carrying value of the reporting unit exceeds the fair value, not to exceed the carrying value of goodwill. We evaluate fair value recoverability using both objective and subjective factors. Objective factors include cash flows and analysis of recent sales Item 1. Business In this report, \u201cJAKKS,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to JAKKS Pacific, Inc. and its subsidiaries. Company Overview We are a leading multi-product line, multi-brand toy company that designs, produces, markets, sells and distributes toys and related kid-targeted consumer products, inclusive of kids indoor and outdoor furniture, costumes and various product lines in the sporting goods and home furnishings space. We focus our business on acquiring or licensing well-recognized intellectual property (\u201cIP\u201d), trademarks and/or brand names, most with long product histories (\u201cevergreen brands\u201d). We seek to acquire/license these evergreen brands because we believe they are less subject to market fads or trends. We also develop proprietary products marketed under our own trademarks and brand names and have historically acquired complementary businesses to further grow our portfolio. For accounting purposes, our products have been divided into two segments: (i) Toys/Consumer Products and (ii) Costumes. Segment information with respect to revenues, assets and profits or losses attributable to each segment is contained in Note 3 to the audited consolidated financial statements contained below in Item 8. Our products include: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Action figures and accessories, including licensed characters based on the Nintendo\\u00ae, Sonic the Hedgehog\\u00ae, and The Simpsons\\u00ae franchises and our own proprietary brands including Creepy Crawlers\\u00ae;\"],[\"\",\"\\u25cf\",\"Toy vehicles, including Xtreme Power Dozer\\u00ae, Xtreme Power Dump Truck\\u00ae, XPV\\u00ae, Road Champs\\u00ae, Fly Wheels\\u00ae and AirTitans\\u00ae inflatable remote-control dinosaur;\"],[\"\",\"\\u25cf\",\"Dolls and accessories, including small dolls, large dolls, fashion dolls and baby dolls based on licenses, including Disney Darlings, Disney Encanto\\u00ae, Disney Moana\\u00ae 2, Disney ILY 4EVER\\u00ae, Disney Frozen\\u00ae, Disney Princess\\u00ae and Minnie Mouse\\u00ae, a Item 1A. Risk Factors From time to time, including in this Annual Report on Form 10-K, we publish forward-looking statements, as disclosed in our Disclosure Regarding Forward-Looking Statements, immediately following the Table of Contents of this Annual Report. We note that ", "title": "JAKK - JAKKS PACIFIC INC", "url": "/company/JAKK/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001689375; latest 10-K filed 2026-02-26.", "text": "TRDA - Entrada Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001689375; latest 10-K filed 2026-02-26. TRDA Entrada Therapeutics, Inc. 0001689375 2834 Pharmaceutical Preparations Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K (\u201cAnnual Report\u201d). Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis. You should carefully read the \u201cCautionary Note Regarding Forward Looking Statements\u201d and \u201cRisk Factors\u201d sections of this Annual Report to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements contained in the following discussion and analysis. Overview We are a clinical-stage biopharmaceutical company aiming to transform the lives of patients by establishing a new class of medicines that engage intracellular targets that have long been considered inaccessible. Through proprietary, 111 Table of Contents versatile and modular approaches, we are advancing a robust development portfolio of genetic medicines for the potential treatment of neuromuscular and inherited retinal diseases, among others. In 2026, we expect to progress our ENTR-601-44 and ENTR-601-45 clinical trials, an EU filing for the ENTR-601-50 clinical trial, and regulatory submissions for ENTR-601-51. In addition, our VX-670 partnership with Vertex Pharmaceuticals Incorporated (\u201cVertex\u201d) continues to progress, with dosing completion anticipated in mid-2026. We anticipate reporting on the results of two cohorts of patient data from our ENTR-601-44 program, and one from our ENTR-601-45 program during 2026. As of December 31, 2025, we had cash, cash equivalents and marketable securities of $295.7 million. Based on our current operating plans, we believe that our cash, cash equivalents and marketable securities as of December 31, 2025 will be sufficient to fund our operations into the third quarter of 2027. Components of Our Results of Operations Revenue Substantially all of our revenue to date has been derived from the Vertex Agreement. We do not expect to generate any revenue from the sale of products unless and until such time that our product candidates have advanced through clinical development and regulatory approval, if ever. If our development efforts for our therapeutic candidates are successful and result in regulatory approval or we successfully enter into collaboration or license arrangements with third parties, we may generate revenue in the future from product sales, payments from collaboration or license arrangements including those that we may enter into with third parties, or any combination thereof. Operating Expenses Research and Development Expenses Research and development expenses consist primarily of costs incurred for our research activities, including our discovery efforts, and the development of our programs. These expenses include: \u2022personnel-related expenses, including salaries, related benefits and stock-based compensation expense for individuals engaged in research and development functions; \u2022expenses incurred in connection with our research programs and development of our therapeutic candidates and research programs, including under agreements with third parties, such as consultants, contractors and CROs to conduct preclinical studies and clinical trials; \u2022the cost of developing and validating our manufacturing process for use in our preclinical studies and potent Item 1. Business Overview We are a clinical-stage biopharmaceutical company aiming to transform the lives of patients by establishing a new class of medicines that engage intracellular targets that have long been considered inaccessible. Through proprietary, versatile and modular approaches, we are advancing a robust development portfolio of genetic medicines for the potential treatment of neuromuscular and inherited retinal diseases, among others. In 2026, we expect to progress our ENTR-601-44 and ENTR-601-45 clinical trials, an EU filing for the ENTR-601-50 clinical trial, and regulatory submissions for ENTR-601-51. In addition, our VX-670 partnership with Vertex Pharmaceuticals Incorporated (\u201cVertex\u201d) continues to progress, with dosing completion anticipated in mid-2026. We anticipate reporting on the results of two cohorts of patient data from our ENTR-601-44 program, and one from our ENTR-601-45 program during 2026. Clinical-Stage Development Pipeline: Entrada continues to advance multiple clinical programs in people living with Duchenne muscular dystrophy (\u201cDMD\u201d) in the United Kingdom (\u201cUK\u201d), European Union (\u201cEU\u201d) and United States (\u201cU.S.\u201d). In 2026, we expect to have four clinical-stage programs in its DMD franchise (ENTR-601-44, ENTR-601-45, ENTR-601-50 and ENTR-601-51). When combined, we estimate that there are over 11,500 patients in the U.S. and Europe that carry mutations amenable to Entrada's current exon skipping programs. Complementing the ongoing clinical progress of the DMD franchise is the myotonic dystrophy type 1 (\u201cDM1\u201d) partnership with Vertex (\u201cVX-670\u201d). Each of these programs utilize the same endosomal escape vehicle, and as such, we anticipate initial data readouts from any one of the candidate clinical trials to provide critical insights for the rest. ELEVATE-44-201: The Company completed dosing of Cohort 1 of the global Phase 1/2 multiple ascending dose (\u201cMAD\u201d) portion of the clinical study of ENTR-601-44 in ambulatory patients living Item 1A. Risk Factors 45 Table of Contents In evaluating the Company and our business, careful consideration should be given to the following risk factors, in addition to the other information set forth in this Annual Report on Form 10-K (\u201cAnnual Report\u201d) and in other documents that we file with the Securities and Exchange ", "title": "TRDA - Entrada Therapeutics, Inc.", "url": "/company/TRDA/" }, { "kind": "company", "summary": "SIC 7363 Services-Help Supply Services; CIK 0000768899; latest 10-K filed 2026-02-18.", "text": "TBI - TrueBlue, Inc. SIC 7363 Services-Help Supply Services; CIK 0000768899; latest 10-K filed 2026-02-18. TBI TrueBlue, Inc. 0000768899 7363 Services-Help Supply Services Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is designed to provide the reader of our accompanying consolidated financial statements (\u201cfinancial statements\u201d) with a narrative from the perspective of management on our financial condition, results of operations, liquidity and certain other factors that may affect future results. MD&A is provided as a supplement to, and should be read in conjunction with, our financial statements and the accompanying notes to our financial statements. BUSINESS OVERVIEW TrueBlue, Inc. (the \u201ccompany,\u201d \u201cTrueBlue,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d) is a leading provider of specialized workforce solutions that connect employers and talent. Client demand for contingent workforce solutions and outsourced recruiting services is cyclical and dependent on the overall strength of the economy and labor market, as well as trends in workforce flexibility. During periods of rising economic uncertainty, clients reduce their contingent labor in response to lower volumes and reduced appetite for expanding production or inventory, which reduces the demand for our services. That environment also reduces demand for permanent placement recruiting, whether outsourced or in-house. However, as the economy emerges from periods of uncertainty, contingent labor providers are uniquely positioned to respond quickly to increasing demand for labor and rapidly fill new or temporary positions, replace absent employees, and convert fixed labor costs to variable costs. Similarly, companies turn to hybrid or fully outsourced recruiting models during periods of rapid re-hiring and high employee turnover. Our business strategy is focused on accelerating growth to capture market share, while enhancing our long-term profitability. Key elements of this strategy include enhancing our sales function, expanding in high-growth, less cyclical and under-penetrated end markets as well as high-value roles, and accelerating innovation with technology and operational excellence. For additional discussion on our business and strategy, refer to Business, found in Part I, Item 1 of this Annual Report on Form 10-K. Fiscal 2025 highlights Total company revenue grew 3.1% to $1.6 billion for the fiscal year ended December 28, 2025, compared to the prior year. Growth was primarily due to the acquisition of Healthcare Staffing Professionals, Inc. in early 2025, as well as strong demand within our skilled businesses, while conditions continue to stabilize within on-demand, on-site and permanent hiring. Total company gross profit as a percentage of revenue for the fiscal year ended December 28, 2025 contracted 310 basis points to 22.8%, compared to the prior year. The decline was primarily due to changes in revenue mix toward our lower margin staffing businesses, as well as less favorability in prior year workers\u2019 compensation reserve adjustments. Total company selling, general and administrative (\u201cSG&A\u201d) expense decreased 9.7% to $371.1 million for the fiscal year ended December 28, 2025, compared to the prior year. SG&A expense decreased as a result of continued operational cost management actions in response to the decline in demand for our services, and the simplification of our organizational structure in line with our strategic plan. We recorded a goodwill and intangible asset impairment charge of $0.2 million during the fiscal year ended December 28, 2025, related to a trademark within our PeopleManagement segment. For the same period in the prior year, we recorded goodwill and intangible asset impairment charges of $59.7 million, primarily related to our PeopleReady reporting unit. We recorded a right-of-use and other long-lived asset impairment charge of $18.4 million during the fiscal year ended December 28, 2025, related to the execution of a sublease for our Chicago support center as part of our continued ef Item 1. BUSINESS OUR COMPANY TrueBlue, Inc. (the \u201ccompany,\u201d \u201cTrueBlue,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d) began operations in 1989 and is a leading provider of specialized workforce solutions that connect employers and talent. Backed by decades of experience, an extensive national footprint, expansive talent network, deep local market insight, and global recruitment process outsourcing (\u201cRPO\u201d) reach, TrueBlue delivers total workforce solutions helping clients improve quality, streamline operations and meet evolving talent demands. BUSINESS OVERVIEW In fiscal 2025, we connected approximately 291,000 people with work and served approximately 53,000 clients. Our operations are managed as three business segments: PeopleReady, PeopleManagement and PeopleSolutions. PeopleReady PeopleReady connected approximately 130,000 people with work and served approximately 52,000 clients in fiscal 2025. PeopleReady provides clients with dependable access to qualified associates for their on-demand, contingent general and skilled labor needs to supplement their permanent workforce, across a broad range of industries including construction, transportation, manufacturing, retail, hospitality and energy. Our services range from providing one associate to hundreds, and are generally short-term in nature as we are filling the contingent staffing needs of our clients. Pricing reflects factors such as scope of engagement, role requirements and market conditions, offering flexibility based on workforce needs. PeopleReady connects our clients with individuals looking for on-demand, general temporary and temp-to-hire positions through our vast network of physical branches across all 50 states in the United States (\u201cU.S.\u201d) and Puerto Rico. Augmenting our branch network, our proprietary mobile app, JobStack\u00ae, connects people with on-demand work 24 hours a day, seven days a week. Supplemented by artificial intelligence (\u201cAI\u201d), JobStack creates a digital marketplace between our associates and clients, a Item 1A. RISK FACTORS Investing in our securities involves risk. The following risk factors and all other information set forth in this Annual Report on Form 10-K should be considered in evaluating our future prospects. If any of the events described below occur, our business, financial condition, results of operations, liquidity, or access", "title": "TBI - TrueBlue, Inc.", "url": "/company/TBI/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001630627; latest 10-K filed 2026-02-27.", "text": "TMCI - TREACE MEDICAL CONCEPTS, INC. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001630627; latest 10-K filed 2026-02-27. TMCI TREACE MEDICAL CONCEPTS, INC. 0001630627 3841 Surgical & Medical Instruments & Apparatus Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes thereto included elsewhere in this Annual Report. This discussion and other parts of this Annual Report contain forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions that are based on the beliefs of our management, as well as assumptions made by, and information currently available to, our management. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section titled \"Risk Factors.\" Please also see the section titled \"Special Note Regarding Forward-Looking Statements.\" Overview We are a medical technology company with the goal of advancing the standard of care for the surgical management of bunion and related midfoot deformities. Bunions are complex 3-dimensional deformities that originate from an unstable joint in the middle of the foot and affect approximately 67 million Americans, of which we estimate 1.1 million are annual surgical candidates. We have pioneered and patented the Lapiplasty 3D Bunion Correction System\u2014a combination of instruments, implants and surgical methods designed to surgically correct all three planes of the bunion deformity and secure the unstable joint, addressing the root cause of the bunion, and helping patients get back to their active lifestyles. To further support the needs of surgeons and bunion patients, we offer the Adductoplasty Midfoot Correction System, designed for reproducible surgical correction of the midfoot, two systems for minimally invasive osteotomy procedures, namely the Nanoplasty 3D Minimally Invasive Bunion Correction System and the Percuplasty Percutaneous 3D Bunion Correction System, and the SpeedMTP System for great toe fusions. We continue to expand our footprint in the marketplace by extending our SpeedPlate rapid compression implant platform to new applications, as well as providing surgeons with advanced digital solutions with our IntelliGuide patient specific, pre-op planning and cut guide technology. With our Lapiplasty System, new osteotomy systems, and other complementary products, we are continuing to execute our strategy of becoming a comprehensive bunion solutions company and supporting further penetration into the bunion market opportunity. See the \"Innovation and Growth\" section below and the \"Our Solutions\" section in Item 1 above for more information on our new products. We were formed in 2013, and since receiving 510(k) clearance for the Lapiplasty System in March 2015, we have expanded our bunion related products in the United States. We market and sell our products to physicians, surgeons, ambulatory surgery centers, hospitals and stocking distributors. Our procedures can be performed in either hospital outpatient or ambulatory surgery centers settings and utilize existing, well-established reimbursement codes. We currently market and sell our products through a combination of a direct employee sales force and independent sales agencies and stocking distributors in the United States. As of December 31, 2025, we had a field fleet of 297 team members. The field fleet includes our direct employee sales force, market development managers, and sales management, and an estimate of individuals from independent sales agencies and stocking distributors focused on marketing and selling our products. Our direct employee sales force generated 80% of revenues in 2025. As of December 31, 2025, the number of active surgeons was 3,337 up from 3,135, an increase of 202 or 6% from the prior year. We define the number of active surgeons as the number of surgeons that perfor Item 1. Business Overview We are a medical technology company with the goal of advancing the standard of care for the surgical management of bunion and related midfoot deformities. Bunions are complex 3-dimensional deformities that originate from an unstable joint in the middle of the foot and affect approximately 67 million Americans, of which we estimate 1.1 million are annual surgical candidates. We have pioneered and patented the Lapiplasty\u00ae 3D Bunion Correction\u00ae System\u2014a combination of instruments, implants and surgical methods designed to surgically correct all three planes of the bunion deformity and secure the unstable joint, addressing the root cause of the bunion, and helping patients get back to their active lifestyles. To further support the needs of surgeons and bunion patients, we offer the Adductoplasty\u00ae Midfoot Correction System, designed for reproducible surgical correction of the midfoot, two systems for minimally invasive osteotomy procedures, namely the Nanoplasty\u00ae 3D Minimally Invasive Bunion Correction System and the Percuplasty\u2122 Percutaneous 3D Bunion Correction\u00ae System, and the SpeedMTP\u00ae System for great toe fusions. We continue to expand our footprint in the marketplace by extending our SpeedPlate\u00ae Rapid Compression Implant platform to new applications, as well as providing surgeons with advanced digital solutions with our IntelliGuide\u00ae patient specific, pre-op planning and cut guide technology. We market and sell our products in the United States primarily through a direct employee sales force that is supplemented by independent sales agencies focused on supporting adoption and utilization of our surgical bunion correction systems among the approximately 8,000 surgical podiatrists and 2,600 orthopaedic surgeons with foot and ankle specializations in the United States. To improve clinical outcomes, we devote significant resources to training and educating physicians on the safe and effective use of our systems. We also provide a direct-to Item 1A. Risk Factors Our business involves a high degree of risk. You should consider carefully the risks and uncertainties described below, together with all of the other information in this Annual Report, including our audited financial statements and the related notes, P", "title": "TMCI - TREACE MEDICAL CONCEPTS, INC.", "url": "/company/TMCI/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001562463; latest 10-K filed 2026-03-11.", "text": "INBK - First Internet Bancorp SIC 6022 State Commercial Banks; CIK 0001562463; latest 10-K filed 2026-03-11. INBK First Internet Bancorp 0001562463 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this report. The following discussion, analysis and comparisons generally focus on the operating results for the years ended December 31, 2025 and 2024. Discussion, analysis and comparisons of the years ended December 31, 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. This discussion and analysis includes certain forward-looking statements that involve risks, uncertainties and assumptions. You should review the \u201cRisk Factors\u201d section of this report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by such forward-looking statements. See also the \u201cCautionary Note Regarding Forward-Looking Statements\u201d at the beginning of this report. Results of Operations During the twelve months ended December 31, 2025, net loss was $35.2 million, or $4.03 diluted loss per share, compared to net income of $25.3 million, or $2.88 per diluted share, for the twelve months ended December 31, 2024 and net income of $8.4 million, or $0.95 per diluted share, for the twelve months ended December 31, 2023. The $60.4 million decrease in net income for the twelve months ended December 31, 2025 compared to the twelve months ended December 31, 2024 was due primarily to an increase of $55.2 million, or 323.6%, in provision for credit losses, a decrease of $44.6 million, or 94.3%, in noninterest income and an increase of $4.9 million, or 5.5%, in noninterest expense, partially offset by an increase of $26.4 million, or 30.2%, in net interest income and a decrease of $18.0 million in income tax expense. During the twelve months ended December 31, 2025, the Company closed on the sale of $851.2 million of single tenant lease financing loans recognizing a pre-tax loss of $38.2 million on the transaction. The transaction was executed as part of an initiative to strengthen the Company\u2019s regulatory capital ratios and improve its interest rate risk position. While the loss on the transaction negatively impacted shareholders\u2019 equity and regulatory capital, the transaction significantly reduced risk-weighted assets, resulting in a net positive effect on regulatory capital ratios. Furthermore, the loan sale reduced the Company\u2019s interest rate risk profile by reducing exposure to longer-duration assets. Additionally, the Company expects the transaction to have a beneficial impact on key profitability metrics, such as net interest margin and return on average assets, in future periods. During the twelve months ended December 31, 2025, return on average assets (\u201cROAA\u201d), return on average equity (\u201cROAE\u201d) and return on average tangible common equity (\u201cROATCE\u201d) were (0.60%), (9.15%) and (9.26%), respectively. Excluding the after tax net loss on the sale of the single tenant lease financing loans, adjusted net loss for the twelve months ended December 31, 2025, was $5.7 million, and adjusted diluted loss per share was $0.66. Additionally, for the twelve months ended December 31, 2025, adjusted ROAA, adjusted ROAE and adjusted ROATCE were (0.10%), (1.49%) and (1.51%), respectively. The increase in net income of $16.9 million for the twelve months ended December 31, 2024 compared to the twelve months ended December 31, 2023 was due primarily to increases of $21.2 million, or 81.2%, in noninterest income and $12.5 million, or 16.7%, in net interest income, partially offset by increases of $10.7 million, or 13.4%, in noninterest expense, $5.7 million in income tax expense and $ Item 1. Business When we refer to \u201cFirst Internet Bancorp,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d in the remainder of this Annual Report on Form 10-K, we mean First Internet Bancorp and its consolidated subsidiaries, unless the context indicates otherwise. References to \u201cFirst Internet Bank\u201d or the \u201cBank\u201d refer to First Internet Bank of Indiana, an Indiana chartered bank and wholly-owned subsidiary of the Company. Overview First Internet Bancorp is a bank holding company headquartered in Fishers, Indiana that conducts its primary business activities through its wholly-owned subsidiary, First Internet Bank of Indiana, an Indiana chartered bank. The Bank was the first state-chartered, Federal Deposit Insurance Corporation (\u201cFDIC\u201d) insured Internet bank and commenced banking operations in 1999. First Internet Bancorp was incorporated under the laws of the State of Indiana on September 15, 2005. On March 21, 2006, we consummated a plan of exchange by which we acquired all of the outstanding shares of the Bank. The Bank has three wholly-owned subsidiaries: First Internet Public Finance Corp., an Indiana corporation that provides a range of public and municipal finance lending and leasing products to governmental entities throughout the United States and acquires securities issued by state and local governments and other municipalities; JKH Realty Services, LLC, a Delaware limited liability company that manages other real estate owned properties as needed; and SPF15, Inc., an Indiana corporation that owns real estate used primarily for the Bank\u2019s principal office. We offer a wide range of commercial, small business, consumer and municipal banking products and services. We conduct our consumer and small business deposit operations primarily through digital channels on a nationwide basis and have no traditional branch offices. Our consumer lending products are primarily originated on a nationwide basis through relationships with dealerships and financing partn Item 1A. Risk Factors Risk factors which could cause actual results to differ from our expectations and which could negatively impact our financial condition and results of operations are discussed below and elsewhere in this report. Additional risks and uncertainties not presently known to us or that are currently not believed to be significant to ou", "title": "INBK - First Internet Bancorp", "url": "/company/INBK/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001901637; latest 10-K filed 2026-03-13.", "text": "USCB - USCB FINANCIAL HOLDINGS, INC. SIC 6022 State Commercial Banks; CIK 0001901637; latest 10-K filed 2026-03-13. USCB USCB FINANCIAL HOLDINGS, INC. 0001901637 6022 State Commercial Banks Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s discussion and analysis of financial condition and results of operations analyzes the consolidated financial condition and results of operations of the Company and the Bank, its wholly owned subsidiary, for the years ended December 31, 2025 and 2024. This discussion and analysis is best read in conjunction with the Consolidated Financial Statements and related footnotes of the Company presented in Item 8 \u201cFinancial Statements and Supplementary Data\u201d of this Annual Report on Form 10-K. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management's expectations. Factors that could cause such differences are discussed in the sections entitled \"Forward-Looking Statements\" and Item 1A \u201cRisk Factors\" of this Annual Report. In this Annual Report on Form 10-K, unless the context indicated otherwise, references to \u201cwe,\u201d \u201cus,\u201d, and \u201cour\u201d refer to the Company and the Bank, as the contest dictates. Table of Contents 53 USCB Financial Holdings, Inc. 2025 10-K CAUTIONARY NOTE REGARDING FORWARD -LOOKING STATEMENTS This Annual Report on Form 10-K contains statements that are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. The words \u201cmay,\u201d \u201cwill,\u201d \u201canticipate,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201cbelieve,\u201d \u201ccontemplate,\u201d \u201cexpect,\u201d \u201caim,\u201d \u201cplan,\u201d \u201cestimate,\u201d \u201cseek,\u201d \u201ccontinue,\u201d and \u201cintend,\u201d the negative of these terms, as well as other similar words and expressions of the future, are intended to identify forward-looking statements. These forward-looking statements include statements related to our projected growth, anticipated future financial performance, and management\u2019s long-term performance goals, as well as statements relating to the anticipated effects on results of operations and financial condition from expected developments or events, or business and growth strategies, including anticipated internal growth and potential future additional balance sheet restructuring. These forward-looking statements involve significant risks and uncertainties that could cause our actual results to differ materially from those anticipated in such statements. Potential risks and uncertainties include, but are not limited to: \u2022 the strength of the United States economy in general and the strength of the local economies in which we conduct operations; \u2022 our ability to successfully manage interest rate risk, credit risk, liquidity risk, and other risks inherent to our industry; \u2022 the accuracy of our financial statement estimates and assumptions, including the estimates used for our credit loss reserve and deferred tax asset valuation allowance; \u2022 the efficiency and effectiveness of our internal control procedures and processes; \u2022 our ability to comply with the extensive laws and regulations to which we are subject, including the laws for each jurisdiction where we operate; \u2022 adverse changes or conditions in the capital and financial markets, including actual or potential stresses in the banking industry; \u2022 deposit attrition and the level of our uninsured deposits; \u2022 legislative or regulatory changes and changes including the enactment of the One Big Beautiful Bill Act and changes in accounting principles, policies, practices or guidelines, including the on-going effects of the CECL standard ; \u2022 the lack of a significantly diversified loan portfolio and concentration in the South Florida market, including the risks of geographic, depos Item 1. Business Overview USCB Financial Holdings, Inc., a Florida corporation (the \u201cCompany\u201d), was formed on December 17, 2021, to serve as the holding company for U.S. Century Bank, a Florida state-chartered bank, and is a bank holding company (a \u201cBHC\u201d) registered with the Board of Governors of the Federal Reserve System (the \u201cFederal Reserve\u201d) under the Bank Holding Company Act of 1956, as amended (the \u201cBHC Act\u201d). The Company is headquartered in Miami, Florida, and, through the Bank, its sole direct subsidiary, operates 10 banking centers in South Florida providing a wide range of personal and business banking products and services. As of December 31, 2025, the Company had total consolidated assets of $2.8 billion. U.S. Century Bank (the \u201cBank\u201d) commenced operations in October 2002 and is a Florida state-chartered, non-Federal Reserve System member bank. Over the course of 2021, the Bank simplified its capitalization structure by exchanging and/or repurchasing all of its issued and outstanding preferred shares, including Class C, Class D, and Class E preferred stock. In December 2021, the Bank reached agreements with holders of its Class B common stock to exchange all outstanding Class B common stock for Class A common stock in a 1-for-5 stock exchange. On July 27, 2021, the Bank completed an initial public offering of 4,600,000 shares of its Class A common stock. Shares of the Bank\u2019s Class A common stock were sold at a price to the public of $10.00 per share and began trading on the Nasdaq Stock Market under ticker symbol \u201cUSCB\u201d. On December 30, 2021 (the \u201cEffective Date\u201d), the Company acquired all of the issued and outstanding stock of the Bank in a share exchange (the \u201cReorganization\u201d) effected under the Florida Business Corporation Act and in accordance with the terms of an Agreement and Plan of Sha Item 1A. Risk Factors This section contains a description of the material risk and uncertainties identified by management that could, individually or in combination, harm our business, results of operations, liquidity and financial condition. The risks described below are not all inclusive. We may face other risks that are not presently known, or that we presently deem immaterial, which may also adversely affect our business, results of operations, liquidity and financial condition. If any of these known or unknown risks or uncertainties actually occur, our business, results of operations, liquidity and financial condition could be materially and adversely affected. Summary of Risk Fact", "title": "USCB - USCB FINANCIAL HOLDINGS, INC.", "url": "/company/USCB/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000918251; latest 10-K filed 2026-06-08.", "text": "MPAA - MOTORCAR PARTS OF AMERICA INC SIC 3714 Motor Vehicle Parts & Accessories; CIK 0000918251; latest 10-K filed 2026-06-08. MPAA MOTORCAR PARTS OF AMERICA INC 0000918251 3714 Motor Vehicle Parts & Accessories Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion contains forward-looking statements, including, without limitation, our expectations and statements regarding our outlook and future revenues, expenses, results of operations, liquidity, plans, strategies and objectives of management and any assumptions underlying any of the foregoing. Our actual results may differ significantly from those projected in the forward-looking statements. Our forward-looking statements and factors that might cause future actual results to differ materially from our recent results or those projected in the forward-looking statements include, but are not limited to, those discussed in the section titled \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d of this Annual Report on Form 10-K. Except as required by law, we assume no obligation to update the forward-looking statements or our risk factors for any reason. Management Overview With a scalable infrastructure and abundant growth opportunities, we continue to focus on strategic growth by leveraging our competitive advantage and growing our industry position by providing innovative and intuitive solutions to our customers. To support our strategic growth, we have made investments, which included (i) a 410,000 square foot distribution center, (ii) two buildings totaling 372,000 square feet for remanufacturing and core sorting of brake calipers, (iii) the realignment of production at our original 312,000 square foot facility in Mexico, and (iv) the addition of a warehousing and distribution facility in Malaysia to support our direct shipment programs. Highlights and Accomplishments in Fiscal 2026 During fiscal 2026, we continued to focus on strategic growth, improving profitability and leveraging our industry position within a rapidly changing competitive environment for non-discretionary aftermarket parts and solutions. Our solid financial position, quality products and customer relationships are key competitive strengths, and we expect to further capitalize on these distinctive qualities in fiscal 2027. The following significant accomplishments support our optimism: \u25cf Financial performance: \u25b8 Net sales increased 4.3 percent to a record $789.8 million; \u25b8 Gross profit increased 3.9 percent to a record $159.9 million; \u25b8 Operating income increased 64.9 percent to $65.8 million; \u25b8 Net income increased to $12.4 million from a net loss of $19.5 million in the prior year; \u25b8 Generated cash from operating activities of approximately $19.2 million; \u25b8 Repurchased 955,608 shares of our common stock for $11.4 million. \u25cf Awarded significant new business commitments; \u25cf Expanded brand equity by increasing sales under the MPA portfolio of brands, including Quality-Built\u00ae in the professional installer market; \u25cf Expanded product coverage with more than 237 new part numbers -- covering more than approximately 54 million vehicles in operation in North America for our Hard Parts products; \u25cf Successfully executed tariff mitigation programs, including sourcing from lower tariff countries; \u25cf Commenced the relocation of certain of our operations to our lower cost operation in Mexico, which will enable these products to become more competitive; \u25cf Continued sales growth in the emerging Mexican market; \u25cf Continued market share gains for our JBT-1 bench-top testers, with the majority of retail stores in North America deploying our diagnostic units; and \u25cf Commenced direct shipments from our distribution center in Malaysia. Trends Affecting Our Business Our business is impacted by various factors within the economy that affect both our customers and our industry, including but not limited to foreign currency, evolving tariff policy, inflation, interest rates, geopolitical events, and other economic conditions. Given the nature of these various factors, we cannot predict whether or for how long certain t Business General We are a leading supplier of automotive aftermarket non-discretionary replacement parts and test solutions and diagnostic equipment -- building upon industry leading technology to be \u201cThe Global Leader for Parts and Solutions that Move Our World Today and Tomorrow\u201d. We operate in the $130 billion automotive aftermarket for replacement hard parts in North America. Our hard parts products include light-duty rotating electrical products and brake-related products. In addition, we sell test solutions and diagnostic equipment, which were added with our acquisitions of D&V Electronics Ltd. in July 2017 and Mechanical Power Conversion, LLC in December 2018 and heavy-duty rotating electrical products, which were added with our January 2019 acquisition of Dixie Electric, Ltd. The automotive aftermarket is divided into two markets. The first is the do-it-yourself (\u201cDIY\u201d) market, which is generally serviced by the large retail chain outlets and online resellers. Consumers who purchase parts from the DIY market generally install parts into their vehicles themselves. In most cases, this is a less expensive alternative than having the repair performed by a professional installer. The second is the professional installer market, commonly known as the do-it-for-me (\u201cDIFM\u201d) market. Traditional warehouse distributors, dealer networks, and commercial divisions of retail chains service this market. Generally, the consumer in this market is a professional parts installer. Our products are distributed to both the DIY and DIFM markets. The distinction between these two markets has become less defined over the years, as retail outlets leverage their distribution strength and store locations to attract customers. Demand for replacement parts generally increases with the age of vehicles and miles driven, which provides favorable opportunities for sales of our products. The current population of light-duty vehicles in the U.S. is approximately 296 million, and the average", "title": "MPAA - MOTORCAR PARTS OF AMERICA INC", "url": "/company/MPAA/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001875558; latest 10-K filed 2026-02-11.", "text": "NVCT - Nuvectis Pharma, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001875558; latest 10-K filed 2026-02-11. NVCT Nuvectis Pharma, Inc. 0001875558 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of the Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing elsewhere in this report. Some of the information contained in this discussion and analysis or set forth elsewhere in this report, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this report, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a clinical-stage biopharmaceutical company focused on the development of novel targeted small molecule therapeutics for the treatment of cancer in genetically defined patient populations. Our precision medicine approach translates key scientific insights relating to the oncogenic drivers and pathway addiction of cancer into potent and highly selective anticancer drugs. In addition, we will investigate the relevance of specific mutations and other DNA alterations as a potential patient selection marker and identify synthetic lethality targets. This work could support our use of a tumor agnostic development strategy wherein we enroll patients based on the cancer\u2019s genetic and molecular features without regard to the type or location of the cancer. Since our inception in 2020, we have devoted substantially 48 \u200b Table of Contents all of our efforts and financial resources to organizing and staffing our company, business planning, raising capital, acquiring, discovering product candidates and securing related intellectual property rights and conducting research and development activities for our programs. We do not have any products approved for sale and have not generated any revenue from product sales. We may never be able to develop or commercialize a marketable product. We have not yet successfully completed any pivotal clinical trials, obtained any regulatory approvals, manufactured a commercial-scale drug, or conducted sales and marketing activities. Our focus has been on progressing the pipeline and executing financing activities to fund pipeline development. Management\u2019s primary evaluation of the success of our company is the ability to progress its pipeline assets forward towards commercialization. This success depends on not only the operational execution of the programs, but also the ability to secure sufficient funding to support the programs. We believe the ability to achieve the anticipated milestones as presented in the section entitled \u201cBusiness\u201d in Item 1 of this Annual Report on Form 10-K represents our most immediate evaluation points. Results of Operations From our inception on July 27, 2020, through December 31, 2025, we did not generate any revenue. Our main activities through December 31, 2025 have been organizational and capital raising activities and the completion of the in-license agreements for, NXP800 and NXP900, regulatory filings with the MHRA and FDA, preparation and execution for the Phase 1a and Phase 1b clinical trial for NXP800, which commenced in December 2021 and May 2023, respectively, and Phase 1a, Phase 1b (single agent) and Phase 1b (combination study with osimertinib) clinical trial for NXP900, which commenced in September 2023, August 2025 and December 2025, respectively. During July 2025, we provided the final clinical data update for NXP800 and decided to cease development activities at this time. For the year ended December 31, 2025, research and development expenses were approximately $18.2 million, compared to approximately $12.9 million for the year ended December 31, 2024, an increase of $5.3 million. The current period research and de Item 1. Business OVERVIEW We are a clinical-stage biopharmaceutical company focused on the development of innovative precision medicines for the treatment of serious conditions of unmet medical need in oncology. We seek to develop drug candidates in the precision medicine space, and our processes for selection and clinical development of drug candidates are based on scientific data into cancer-promoting factors, as well as our understanding of the clinical landscape and regulatory requirements. CORPORATE INFORMATION We were incorporated in July 2020 under the laws of the State of Delaware under the name Centry Pharma, Inc., and changed our name to Nuvectis Pharma, Inc. in July 2021. Our office is located at 1 Bridge Plaza, 2nd Floor, Fort Lee, NJ 07024, and our telephone number is (201) 614-3150. We maintain a website with the address www.nuvectis.com. We make available free of charge through our website our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and any amendments to these reports, as soon as reasonably practicable after we electronically file such material with, or furnish such material to, the Securities and Exchange Commission (\u201cSEC\u201d). We are not including the information on our website as a part of, nor incorporating it by reference into, this report. Additionally, the SEC maintains a website that contains annual, quarterly, and current reports, proxy statements, and other information that issuers (including us) file electronically with the SEC. The SEC\u2019s website address is http://www.sec.gov. PRODUCTS UNDER DEVELOPMENT NXP900 In August 2021, we licensed worldwide commercial rights to NXP900 from the University of Edinburgh in Scotland. NXP900 is a targeted-therapy, small molecule drug candidate that inhibits the proto-oncogene c-Src (\u201cSRC\u201d) and YES1 kinases, the key members of the SRC kinase family. In May 2023, we announced the Investigational New Drug application (\u201cIND\u201d) was cleared by the U.S Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should consider carefully the risks and uncertainties described below, together with all of the other information in this report, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and o", "title": "NVCT - Nuvectis Pharma, Inc.", "url": "/company/NVCT/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001828016; latest 10-K filed 2026-02-26.", "text": "PLTK - Playtika Holding Corp. SIC 7374 Services-Computer Processing & Data Preparation; CIK 0001828016; latest 10-K filed 2026-02-26. PLTK Playtika Holding Corp. 0001828016 7374 Services-Computer Processing & Data Preparation ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with the consolidated financial statements and the related notes included elsewhere in this annual report on Form 10-K. This discussion and analysis contains forward-looking statements that involve certain risks and uncertainties. Our actual results could differ materially from those discussed in these statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this annual report on Form 10-K, particularly under the \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements\u201d sections. Overview We are one of the world\u2019s leading developers of mobile games creating fun, innovative experiences that entertain and engage our users. We have built best-in-class live game operations services and proprietary technology tools to support our portfolio of games which enable us to drive strong user engagement and monetization. Our games are free-to-play, and we are experts in providing novel, curated in-game content and offers to our users, at optimal points in their game journeys. Our players love our games because they are fun, creative, engaging, and kept fresh through a release of new features that are customized for different player segments. As a result, we have retained paying users over long periods of time. Key Factors Affecting Our Business There are a number of factors that affect the performance of our business, and the comparability of our results from period to period, including: \u2022Conversion of players into paying users and ongoing monetization. While our games are free-to-play, we generate substantially all of our revenues from players\u2019 purchases of in-game virtual items. Our financial performance is dependent, in part, on our ability to convert active players into paying players and sustainably grow user spend over the long term. Our players\u2019 willingness to consistently make in-app purchases is impacted by our ability to deliver engaging content and personalized user experiences. \u2022Acquisitions of games and new technology. We have grown and will continue to evaluate opportunities to further expand our business by acquiring games and game studios that have broad appeal and potential for scalable leadership in our core genres, enhance our growth profile, or that we believe can benefit from our live operations services, our design experience, and our scale. When we acquire games and studios, we focus on providing existing audiences with proven content and applying live operations to create a better game experience for users. \u2022Offering of new games and release of new content, offers, and features. Our key revenue drivers include improving the content, offers, and features in our existing games and the acquisition of new games. In order to enhance the content, offers, and features in our existing games and to develop or acquire new games, we must invest a significant amount of our technological and creative resources, ensuring that we support an effective cadence of novel content creation that drives conversion and continued monetization. These expenditures generally occur months in advance of the release of new content or the launch or acquisition of a new game. \u2022User acquisition. We believe that we will be able to continue to grow our user base, including through traditional marketing and advertising, informal marketing campaigns, and cross-promoting between our games, including new games we develop or acquire. We intend to continue to seek new opportunities to enhance and refine these marketing efforts to acquire new users, including identifying potential technologies to enhance our marketing and advertising capabilities. 69 Components of our Results of Operations Revenues We primarily derive revenue from the sale of virtual items associated with online games. We distribute our gam ITEM 1. BUSINESS Overview Our mission is to entertain the world through infinite ways to play. We are one of the world\u2019s leading operators of mobile games creating fun, innovative experiences that entertain and engage our users. We have built best-in-class live game operations services and a proprietary technology platform to support our portfolio of games which enable us to drive strong user engagement and monetization. Our games are free-to-play, and we are experts in providing novel, curated in-game content and offers to our users, at optimal points in their game journeys. Our players love our games because they are fun, creative, engaging, and kept fresh through a release of new features that are customized for different player segments. As a result, we have retained paying users over long periods of time. We have primarily grown our game portfolio through acquisitions. In certain acquisitions, we seek to enhance the scale and profitability of those games by leveraging our live operations services. By leveraging these operations, our game studios can dedicate a greater portion of their time to creating innovative content, features, and experiences for players. In other acquisitions, studios operate largely independently of these centralized functions, at least initially. We have a powerful combination of scale and free cash flow. In the year ended December 31, 2025, we generated $2,755.4 million in revenues, net loss of $206.4 million and $753.2 million in Adjusted EBITDA, representing a net loss margin of 7.5%, and an Adjusted EBITDA margin of 27.3%. We were founded in Israel in 2010 and on January 15, 2021, we became a publicly traded company with our common stock traded on the Nasdaq Global Select Market under the ticker symbol \u201cPLTK.\u201d Our Core Strengths Portfolio of sustainable, top grossing games with a loyal user base Our strategy is to focus on a portfolio of games that we believe have the potential for high revenues and longevity that we can ITEM 1A. RISK FACTORS Our business faces significant risks and uncertainties. Certain important factors may have a material adverse effect on our business, prospects, financial condition and results of operations, any of which could subsequently have an adverse effect on the trading price of our common ", "title": "PLTK - Playtika Holding Corp.", "url": "/company/PLTK/" }, { "kind": "company", "summary": "SIC 3350 Rolling Drawing & Extruding of Nonferrous Metals; CIK 0000850429; latest 10-K filed 2026-03-11.", "text": "TG - TREDEGAR CORP SIC 3350 Rolling Drawing & Extruding of Nonferrous Metals; CIK 0000850429; latest 10-K filed 2026-03-11. TG TREDEGAR CORP 0000850429 3350 Rolling Drawing & Extruding of Nonferrous Metals Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations focuses on and is intended to clarify the results of our operations, certain changes in our financial position, liquidity, capital structure and business developments for the periods covered by the consolidated financial statements included in this Form 10-K. This discussion should be read in conjunction with, and is qualified by reference to, the other related information including, but not limited to, the audited consolidated financial statements (including the notes thereto) and the description of our business, all as set forth in this Form 10-K, as well as the risk factors discussed above in Item 1A. This section provides discussion and a year-to-year comparison for the years ended December 31, 2025 and 2024. Business Overview General Tredegar Corporation is an industrial manufacturer with two primary businesses: custom aluminum extrusions for the B&C, automotive and specialty end-use markets in the United States through its Aluminum Extrusions segment (with exports comprising less than 5% of total sales volume) and surface protection films for high-end technology applications in the global electronics industry and packaging films for consumer and industrial products through its High Performance Films segment. With approximately 1,700 employees, the Company operates manufacturing facilities in the U.S. and China. EBITDA from ongoing operations is the measure of segment profit and loss used by Tredegar\u2019s chief operating decision maker (\u201cCODM\u201d) for purposes of assessing financial performance. The Company uses sales less freight (\u201cnet sales\u201d) as its measure of revenues from external customers at the segment level. This measure is separately included in the financial information regularly provided to the CODM. Earnings before interest and taxes (\u201cEBIT\u201d) from ongoing operations is a non-GAAP financial measure included in the reconciliation of segment financial information to consolidated results for the Company in the Segment Operations Review section below. EBIT is not intended to represent the stand-alone results for Tredegar's ongoing operations under GAAP and should not be considered as an alternative to net income (loss) as defined by GAAP. We believe that EBIT is a widely understood and utilized metric that is meaningful to certain investors and that including this financial metric in the reconciliation of management\u2019s performance metric, EBITDA from ongoing operations, provides useful information to those investors that primarily utilize EBIT to analyze the Company\u2019s core operations. Sales were $722.9 million in 2025 compared to $598.0 million in 2024. Net income (loss) from continuing operations was $24.1 million ($0.69 per diluted share) in 2025, compared with net income (loss) from continuing operations of $1.0 million ($0.03 per diluted share) in 2024. 2025 Financial Results Highlights \u2022EBITDA from ongoing operations for Aluminum Extrusions of $51.0 million was $9.6 million higher than the year of 2024. \u2022EBITDA from ongoing operations for High Performance Films of $27.1 million was $3.3 million lower than the year of 2024. Gains and losses associated with exit and disposal activities, plant shutdowns, asset impairments, restructurings and other items are described in Results of Operations below. 12 Results of Operations 2025 versus 2024 The following table presents a bridge of consolidated net income (loss) from continuing operations from the year of 2024 to the year of 2025 with related management\u2019s discussion and analysis below the table. [[GREPCENT_TABLE]] [[\"(In thousands)\"],[\"Net income (loss) from continuing operations for the year ended December 31, 2024\",\"\",\"$\",\"1,045\"],[\"Income tax expense (benefit)\",\"\",\"(165)\"],[\"Income (loss) from continuing operations before income taxes for the year ended December 31, 2 Item 1. BUSINESS Description of Business Tredegar Corporation is engaged, through its subsidiaries, in the manufacture of aluminum extrusions and polyethylene and polypropylene plastic films. Unless the context requires otherwise, all references herein to \u201cTredegar,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d are to Tredegar Corporation and its consolidated subsidiaries. In the fourth quarter of 2025, the Company renamed the segment formerly known as \u201cPE Films.\u201d This segment will be referred to as \u201cHigh Performance Films\u201d going forward. The product previously known as polyethylene overwrap films was renamed to advanced packaging films. There were no changes to the operations reported within the High Performance Films segment. The Company continues to have two reportable segments: Aluminum Extrusions and High Performance Films. On November 1, 2024, the Company completed the sale of its flexible packaging films business (also referred to as \u201cTerphane\u201d) headquartered in Brazil to Oben Group. All historical results for Terphane have been presented as discontinued operations. For more information on this transaction, see Note 15. \u201cDivestitures\u201d to the Consolidated Financial Statements included in Item 15. \u201cExhibits and Financial Statement Schedules\u201d of this Form 10-K (\u201cItem 15\u201d). Aluminum Extrusions Aluminum Extrusions, also referred to as Bonnell Aluminum, produces high-quality, soft and medium strength alloyed aluminum extrusions, custom fabricated and finished, for the building and construction, automotive and transportation, consumer durables goods, machinery and equipment, electrical and renewable energy, and distribution markets. Bonnell Aluminum has manufacturing facilities located in the United States (\u201cU.S.\u201d). Aluminum Extrusions manufactures mill (unfinished), machined, anodized and painted, and thermally improved aluminum extrusions for sale directly to fabricators and distributors. It also manufactures and sells branded product lines: Futura TransitionsTM b Item 1A. RISK FACTORS There are a number of risks and uncertainties that could have a material adverse effect on the Company\u2019s businesses and its consolidated financial condition, results of operations or cash flows. The following risk factors should be considered, in addition to the other information included in this Fo", "title": "TG - TREDEGAR CORP", "url": "/company/TG/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001692376; latest 10-K filed 2026-03-12.", "text": "VEL - Velocity Financial, Inc. SIC 6199 Finance Services; CIK 0001692376; latest 10-K filed 2026-03-12. VEL Velocity Financial, Inc. 0001692376 6199 Finance Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read together with the consolidated financial statements and related notes and the other financial information included elsewhere in this Annual Report. This discussion contains forward-looking statements, as described above under the heading \u201cForward-Looking Statements\u201d that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Annual Report. Business We are a vertically integrated real estate finance company founded in 2004. We primarily originate and manage investor loans secured by 1-4 unit residential rental and commercial properties, which we collectively refer to as investor real estate loans. Our primary source of revenue is interest income earned on our loan portfolio. Our typical loan is secured by a first lien on the underlying property with a personal guarantee and, based on all loans in our portfolio as of December 31, 2025, has an average balance of approximately $390 thousand. As of December 31, 2025, our loan portfolio totaled $6.5 billion of UPB on properties in 48 states and the District of Columbia. The total portfolio had a weighted average loan-to-value ratio, or LTV at origination, of 65.2%, and was concentrated in 1-4 unit residential rental loans, which we refer to as investor 1-4 loans, representing 48.1% of UPB. For the year ended December 31, 2025, the yield on our total portfolio was 9.45%. We fund our portfolio primarily through a combination of committed and uncommitted secured warehouse facilities, securitized debt, unsecured debt, corporate debt and equity. The securitized debt market is our primary source of long-term, non-recourse financing. We have successfully executed 46 securitized debt offerings, issuing $10.6 billion in principal amount of securities from May 2011 through December 2025. Besides net income, another core profitably measurement is our portfolio related net interest margin, which measures the difference between interest income earned on loans and interest expense paid on portfolio-related debt, relative to the amount of loans outstanding over the period. Our portfolio-related debt consists of warehouse facilities and securitized debt and excludes corporate debt. For the year ended December 31, 2025, our portfolio related net interest margin was 3.61%. We generate profits to the extent that our portfolio related net interest income exceeds our interest expense on corporate debt, provision for credit losses and operating expenses. For the year ended December 31, 2025, including net income attributable to noncontrolling interest, we generated pre-tax and net income of $146.2 million and $105.0 million, respectively, and earned a pre-tax return on average equity and return on average equity of 24.4% and 17.5%, respectively. Items Affecting Comparability of Results Due to a number of factors, our historical financial results may not be comparable, either from period to period, or to our financial results in future periods. We have summarized the key factors affecting the comparability of our financial results below. In January 2026, the Company completed the issuance and sale of $500.0 million aggregate principal amount of 9.375% Senior Notes (\u201cthe 2026 Term Notes\u201d) which will mature on February 15, 2031. In February 2024, the Company issued $75.0 million principal amount of five-year Senior Secured Notes. The Notes bear interest at 9.875% and mature on February 15, 2029. From September 2023, the Company utilized forward starting interest rate swaps or interest rate payer and receiver swaptions designated as cash flow hedges to manage the exposure to interest rate volatility associated with future issuances of fi Item 1. Business. Our Company We are a vertically integrated real estate finance company founded in 2004. We originate, securitize, and manage a nationwide portfolio of loans secured by real estate to earn attractive risk adjusted spreads for our shareholders. We primarily originate investor loans secured by 1-4 unit residential rental properties, as well as loans for multi-family, mixed use and commercial properties. We originate loans nationwide across our extensive network of independent mortgage brokers and direct borrower relationships, which we have built and refined over the 21 years since our inception. Our objective is to be the preferred and one of the most recognized brands in our core market. We operate in a large and highly fragmented market with substantial demand for financing and limited supply of institutional financing alternatives. We have developed the highly-specialized skill set required to effectively compete in this market, which we believe has afforded us a durable business model capable of generating attractive risk-adjusted returns for our stockholders throughout various business cycles. We offer competitive pricing to our borrowers by pursuing low-cost financing strategies and by driving front-end process efficiencies through customized technology designed to control the cost of originating a loan. Furthermore, by originating loans through our efficient and scalable network of approved mortgage brokers, we are able to maintain a wide geographical presence and nimble operating infrastructure capable of reacting quickly to changing market environments. We believe there is a substantial and durable market opportunity for investor real estate loans across 1-4 unit residential rental and small commercial properties, and that our institutionalized approach to serving these fragmented market segments underpins our long-term business strategy. Our growth to date has validated the need for scaled lenders with dedication to individual investors Item 1A. Risk Factors. References to past events are provided by way of example only and are not intended to be a complete listing or representation as to whether or not such factors have occurred in the past or their likelihood of occurring in the future. An investment in our common stock involves significant risk. We describe below material ri", "title": "VEL - Velocity Financial, Inc.", "url": "/company/VEL/" }, { "kind": "company", "summary": "SIC 4955 Hazardous Waste Management; CIK 0000891532; latest 10-K filed 2026-03-24.", "text": "PESI - PERMA FIX ENVIRONMENTAL SERVICES INC SIC 4955 Hazardous Waste Management; CIK 0000891532; latest 10-K filed 2026-03-24. PESI PERMA FIX ENVIRONMENTAL SERVICES INC 0000891532 4955 Hazardous Waste Management ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Certain statements contained within Item 1 \u2013 \u201cBusiness\u201d and this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d (\u201cMD&A\u201d) may be deemed \u201cforward-looking statements\u201d within the meaning of Section 27A of the Act, and Section 21E of the Securities Exchange Act of 1934, as amended (collectively, the \u201cPrivate Securities Litigation Reform Act of 1995\u201d). See \u201cSpecial Note regarding Forward-Looking Statements\u201d contained in this report. Management\u2019s discussion and analysis is based, among other things, on our audited consolidated financial statements and includes our accounts and the accounts of our wholly-owned subsidiaries. The following discussion and analysis should be read in conjunction with our consolidated financial statements and the notes thereto included in Item 8 of this report. [[GREPCENT_TABLE]] [[\"\",\"19\"]] [[/GREPCENT_TABLE]] Overview In 2025, we generated modest consolidated revenue growth year-over-year, while delivering improvements in gross profit and operating performance compared to the prior year, driven primarily by a rebound in the Treatment Segment. The Treatment Segment benefited from higher waste volumes and higher averaged price waste mix, which included higher revenue generated from international and commercial clients. In contrast, the Services Segment experienced lower revenue, due in part to delays in project mobilization and delays in procurements that resulted from changes to the current presidential administration that began in January 2025 (the \u201cAdministration\u201d) and supporting policies that occurred in the first half of 2025. The partial government shutdown that occurred effective October 1, 2025, also negatively impacted our revenue as procurement timing cycles were impacted. Overall revenue increased by $2,557,000 or 4.3% to $61,674,000 in 2025 as compared to $59,117,000 in 2024. The increase was entirely from our Treatment Segment where revenue increased by $10,144,000 or approximately 29.0% to $45,097,000 for the twelve months ended December 31, 2025, from $34,953,000 in the same period of 2024. Services Segment revenue decreased $7,587,000 or 31.4% to $16,577,000 for the twelve months ended December 31, 2025, from $24,164,000 for the same period of 2024. Gross profit increased by $5,971,000 or approximately 298,550% for the twelve months ended December 31, 2025, as compared to the corresponding period of 2024. Selling, General, and Administrative (\u201cSG&A\u201d) expenses increased by $1,925,000 or 13.3% for twelve months ended December 31, 2025, as compared to the corresponding period of 2024. In spite of the improvement in gross profit, we experienced a loss from continuing operations of approximately $10,665,000 in 2025. While the loss was disappointing, it reflected an improvement of approximately 45.5% from the 2024 loss from continuing operations of $19,569,000. See \u201cResults of Operations\u201d below for discussions of certain financial metrics pertaining to our operations, which includes our two reportable segments. We believe we are positioned for potential improvements in our financial results in 2026. These expectations are based on management\u2019s current assumptions regarding the timing and execution of anticipated waste treatment volumes, including the commencement and ramp-up of activities associated with the Direct-Feed-Low-Activity Waste (\u201cDFLAW\u201d) program at Hanford, Washington, as well as our ability to convert existing Treatment Segment backlog into revenue. Treatment Segment backlog as of December 31, 2025, was approximately $11,861,000, representing an increase of approximately 50.9% from Treatment Segment backlog of $7,859,000 as of December 31, 2024. However, Treatment Segment backlog does not guarantee immediate revenue, as the timing of backlog processing may vary based on waste complexity, customer requirements, and operational considerations. As ITEM 1. BUSINESS Company Overview and Principal Products and Services Perma-Fix Environmental Services, Inc. (the \u201cCompany,\u201d which may be referred to as we, us, or our), a Delaware corporation incorporated in December 1990, is a nuclear services company and leading provider of nuclear and mixed waste management services. The Company\u2019s nuclear waste services include treatment and management of radioactive and mixed waste (waste containing both hazardous and low-level radioactive waste). The Company\u2019s nuclear services group provides project management, environmental restoration, decontamination and decommissioning (\u201cD&D\u201d), new build construction, and radiological protection, safety, and industrial hygiene (\u201cIH\u201d) capability to our clients. Through our research and development (\u201cR&D\u201d) laboratories, located within our licensed and permitted waste treatment facilities, we develop solutions that are not only effective but also practical and economical for our customers. See \u201c\u2014New Processing Technology,\u201d below. Headquartered in Atlanta, Georgia, we also pursue waste projects in Canada, Mexico, the United Kingdom, and countries in the European Union (\u201cEU\u201d). For waste generated by international customers, waste treatment is performed in our U.S. treatment facilities and returned to our international customers. Our corporate office is located at 8302 Dunwoody Place, Suite 250, Atlanta, Georgia 30350. Business Update In 2025, we generated modest consolidated revenue growth year-over-year, while delivering improvements in gross profit and operating performance driven primarily by a rebound in our Treatment Segment. Treatment Segment benefited from higher waste volumes and higher averaged price waste mix, which included higher revenue generated from international and commercial clients. In contrast, the Services Segment experienced lower revenue, due in part to delays in project mobilization and delays in procurements that resulted from changes initiated by the current presi ITEM 1A. RISK FACTORS The following are certain risk factors that could affect our business, financial performance, and results of operations. These risk factors should be considered in connection with evaluating the forward-looking statements contained in this Form 10-K, as the forward-looking stat", "title": "PESI - PERMA FIX ENVIRONMENTAL SERVICES INC", "url": "/company/PESI/" }, { "kind": "company", "summary": "SIC 7900 Services-Amusement & Recreation Services; CIK 0001824403; latest 10-K filed 2026-05-28.", "text": "RSVR - Reservoir Media, Inc. SIC 7900 Services-Amusement & Recreation Services; CIK 0001824403; latest 10-K filed 2026-05-28. RSVR Reservoir Media, Inc. 0001824403 7900 Services-Amusement & Recreation Services Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of Reservoir Media, Inc.\u2019s financial condition and results of operations should be read in conjunction with Reservoir Media, Inc.\u2019s consolidated financial statements, including the accompanying notes thereto contained elsewhere in this Annual Report on Form 10-K (this \u201cAnnual Report\u201d). Certain statements contained in the discussion and analysis set forth below include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. Unless the context otherwise requires, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany\u201d and \u201cReservoir\u201d refer collectively to Reservoir Media, Inc. and its consolidated subsidiaries. Introduction We are a holding company that conducts substantially all of our business operations through Reservoir Media Management, Inc. (\u201cRMM\u201d). RMM is one of the world\u2019s leading independent music companies. We operate a music publishing business, a recorded music business, a management business and a rights management entity in the Middle East. Our fiscal year ends on March 31. Unless otherwise noted, all references to Fiscal 2026 represent the fiscal year ended March 31, 2026 and all references to Fiscal 2025 represent the fiscal year ended March 31, 2025. 30 Table of Contents Recent Developments On March 4, 2026, we announced that the Board formed the Special Committee to evaluate the Proposals. On May 1, 2026, we announced that the Special Committee engaged Morgan Stanley & Co. LLC as its financial advisor and Wachtell, Lipton, Rosen & Katz as its legal counsel in connection with the Special Committee\u2019s evaluation of the Proposals. There can be no assurance that any definitive agreement will result from either of the Proposals or that any transaction will be consummated with Irenic, Richmond Hill, Wesbild or any other party. Business Overview We are an independent music company operating in music publishing and recorded music. Both of our business areas are populated with hit songs dating back to the early 1900s and represent an array of artists across genres and geography. Consistent with how we classify and operate our business, our company is organized in two reportable segments: Music Publishing and Recorded Music. A brief description of each segment\u2019s operations is presented below. Music Publishing Segment Music Publishing is an intellectual property business focused on generating revenue from uses of the musical composition itself. In return for promoting, placing, marketing and administering the creative output of a songwriter or engaging in those activities for other rightsholders, our Music Publishing business garners a share of the revenues generated from use of the musical compositions. The operations of our Music Publishing business are conducted principally through RMM, our global music publishing company headquartered in New York City, with operations in multiple countries through various subsidiaries, affiliates and non-affiliated licensees and sub-publishers. We own or control rights to a vast collection of musical compositions, including numerous pop hits, American standards, and motion picture and theatrical compositions. Assembled over many years, our catalog represents a diverse range of genres, including pop, rock, jazz, classical, country, R&B, hip-hop, rap, reggae, Latin, folk, blues, symphonic, soul, Broadway, techno, alternative and gospel. In addition to the catalog, we represent many active songwriters who are consistently generating new music. Music Publishing revenues are derived from five main sources: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Digital\\u2013\\u2013the rightsholder receives revenues with respect to musical compositions embodied in recordings distributed in streaming services, download services and other digital music services;\"]] [[/GREPCENT_TABLE]] [[GRE Item 1.Business Our Company Reservoir Media, Inc., together with its wholly-owned subsidiaries (the \u201cCompany\u201d, \u201cwe\u201d, \u201cour\u201d, \u201cus\u201d and \u201cReservoir\u201d), is one of the world\u2019s leading independent music companies. We operate a music publishing business, a recorded music business, and a management business. We have two reportable segments\u2014Music Publishing and Recorded Music. We represent copyrights and master recordings dating back as far as the early 1900s through today, with hundreds of #1 releases worldwide. Our growth has been partially based on Music Publishing and Recorded Music catalog acquisitions as well as a strategic expansion of our writer and artist rosters. Our Music Publishing business contributed approximately $117 million to our revenues for the year ended March 31, 2026, representing approximately 66% of our revenues. The publishing catalog includes historic compositions written and performed by greats like Joni Mitchell, Miles Davis, The Isley Brothers, Sonny Rollins, and Louis Prima. We also represent contemporary writer-performers such as Snoop Dogg, Sheryl Crow, and Killer Mike. Our roster of active songwriters, including Ali Tamposi, Jamie Hartman, Oak Felder, and Steph Jones, has contributed to hit songs performed by the likes of Ariana Grande, Sabrina Carpenter, SZA, Dua Lipa and more. Our Recorded Music business contributed approximately $52 million to our revenues for the year ended March 31, 2026, representing approximately 29% of our revenues. The Recorded Music business includes Chrysalis Records LTD (\u201cChrysalis Records\u201d), Tommy Boy Music (\u201cTommy Boy\u201d) and Reservoir Recordings, which markets and distributes a variety of the Company\u2019s recorded assets, including labels such as Philly Groove Records, Amherst Records, AVCO Records, Jamdown Records, Off Road Records, Easy Street Records and New State Music. Together this label division represents recordings by artists including De La Soul, Queen Latifah, The Delfonics, Sin\u00e9ad O\u2019Connor, Coolio, L Item 1A. Risk Factors You should carefully review and consider the following risk factors and the other information contained in this Annual Report, including the consolidated financial statements and the accompanying notes and matters addressed in the section titled \u201cCautionary Note Regarding Forward-Lookin", "title": "RSVR - Reservoir Media, Inc.", "url": "/company/RSVR/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0002029118; latest 10-K filed 2026-03-10.", "text": "INR - INFINITY NATURAL RESOURCES, INC. SIC 1311 Crude Petroleum & Natural Gas; CIK 0002029118; latest 10-K filed 2026-03-10. INR INFINITY NATURAL RESOURCES, INC. 0002029118 1311 Crude Petroleum & Natural Gas ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following should be read in conjunction with our financial statements and related notes in \u201cItem 8. Financial Statements and Supplementary Data\u201d in this Annual Report. The following discussion contains \u201cforward-looking statements\u201d that reflect our future plans, estimates, beliefs and expected performance. The forward-looking statements are dependent upon events, risks, and uncertainties that may be outside our control. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, future market prices for oil, natural gas and NGLs, future production volumes, estimates of proved reserves, capital expenditures, economic and competitive conditions, inflation, regulatory changes, and other uncertainties, as well as those factors discussed in \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and \u201cItem 1A. Risk Factors\u201d in this Annual Report, all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law. Overview We are a growth oriented independent energy company focused on the acquisition, development, and production of hydrocarbons in the Appalachian Basin. We are focused on creating shareholder value through the identification and disciplined development of low-risk, highly economic oil and natural gas assets while maintaining a strong and flexible balance sheet. Our operations are focused on the Utica Shale in eastern Ohio as well as our dry gas assets in both the Marcellus and Utica Shales in southwestern Pennsylvania, providing highly economic stacked development inventory that leverages shared infrastructure and operational efficiencies. Our portfolio is balanced across oil and natural gas assets, allowing us to optimize our development plan to respond to changes in commodity prices over time. Unless expressly stated otherwise, the operating and financial information presented in this Annual Report does not give effect to the completion of the Antero Acquisition or the Preferred Investment (each as defined herein). Market Conditions and Operational Trends Our revenue, profitability, and ability to return cash to our equity holders can depend on factors beyond our control, such as economic, political, and regulatory developments that impact market supply and demand. Prices for crude oil, natural gas and NGLs have experienced significant fluctuations in recent years and may continue to fluctuate widely in the future. The oil and gas industry is cyclical and commodity prices are highly volatile. During the period from January 1, 2024 through December 31, 2025, spot prices for NYMEX WTI crude oil ranged from $68.24 per Bbl to $85.35 per Bbl, while the range for NYMEX Henry Hub natural gas spot prices was between $1.57 per MMBtu and $3.91 per MMBtu. We expect that the commodity market will continue to be volatile in the future. The prices we receive for our production, and the levels of our production, depend on numerous factors beyond our control. We use a derivative portfolio and firm sales contracts to mitigate the risks of price volatility. The following table highlights the quarterly average price trends for NYMEX WTI spot prices for crude oil and NYMEX Henry Hub index price for natural gas since the first quarter of 2024: 57 Table of Contents [[GREPCENT_TABLE]] [[\"\",\"2024\",\"\",\"2025\"],[\"\",\"Q1\",\"\",\"Q2\",\"\",\"Q3\",\"\",\"Q4\",\"\",\"YE\",\"\",\"Q1\",\"\",\"Q2\",\"\",\"Q3\",\"\",\"Q4\",\"\",\"YE\"],[\"Oil (per Bbl)\",\"$\",\"77.56\",\"\",\"\",\"$\",\"81.72\",\"\",\"\",\"$\",\"76.24\",\"\",\"\",\"$\",\"70.73\",\"\",\"\",\"$\",\"76.56\",\"\",\"\",\"$\",\"71.84\",\"\",\"\",\"$\",\"64.63\",\"\",\"\",\"$\",\"65.74\",\"\",\"\",\"$\",\"59.64\",\"\",\"\",\"$\",\"65.46\"],[\"Gas (per MMBt", "title": "INR - INFINITY NATURAL RESOURCES, INC.", "url": "/company/INR/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001401040; latest 10-K filed 2026-03-30.", "text": "DMAC - DiaMedica Therapeutics Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001401040; latest 10-K filed 2026-03-30. DMAC DiaMedica Therapeutics Inc. 0001401040 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is based upon accounting principles generally accepted in the United States of America and discusses the financial condition and results of operations for DiaMedica Therapeutics Inc. and our subsidiaries for the years ended December 31, 2025 and 2024. This discussion should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this report. The following discussion contains forward-looking statements that involve numerous risks and uncertainties. Our actual results could differ materially from the forward-looking statements as a result of these risks and uncertainties. See \u201cCautionary Note Regarding Forward-Looking Statements\u201d in this report for additional cautionary information. Business Overview We are a clinical stage biopharmaceutical company committed to improving the lives of people suffering from severe ischemic disease with a focus on PE, FGR and AIS. Our lead candidate DM199 (rinvecalinase alfa; rhKLK1) is the first pharmaceutically active recombinant (synthetic) form of the human tissue kallikrein-1 (KLK1) protein (serine protease enzyme) to be clinically studied in patients. KLK1 is an established therapeutic modality in Asia, with human urinary KLK1 for the treatment of AIS and porcine KLK1 for the treatment of cardio renal disease, including hypertension. We plan to advance DM199 through required clinical trials to create shareholder value by establishing its clinical and commercial potential as a therapy for PE, FGR and AIS. Longer term, we plan to develop DM300, our patented recombinant human ulinastatin, a broad-spectrum serine protease inhibitor, as a potential therapy for severe acute pancreatitis. DM199 is a recombinant form of the naturally occurring protease enzyme KLK1 (rhKLK1)and the first rhKLK1 undergoing global clinical development studies in PE, FGR and AIS. DM199 has been granted Fast Track designation from the FDA for the treatment of AIS. Naturally occurring KLK1 (extracted from human urine or porcine pancreas) has been an approved therapeutic agent in Asia for decades in the treatment of AIS and hypertension associated with cardiorenal disease. DM199 is produced using recombinant DNA technology without the need for extracted human or animal tissue sources and thereby eliminates risk of pathogen transmission. KLK1 is a serine protease enzyme that plays an important role in the regulation of diverse physiological processes via a molecular mechanism believed to enhance endothelial health, microcirculatory blood flow and tissue perfusion by increasing production of NO, PGI2 and EDHF. In PE and FGR, DM199 is intended to lower blood pressure, enhance endothelial health and improve perfusion to maternal organs and the placenta, potentially disease modifying results that improve both maternal and perinatal outcomes. In the case of AIS, DM199 is intended to enhance blood flow and boost neuronal survival in the ischemic penumbra by dilating arterioles surrounding the site of the vascular occlusion and inhibiting apoptosis (neuronal cell death) while also facilitating neuronal remodeling through the promotion of angiogenesis. Our product development pipeline is as follows: 67 We are developing DM199 to address two major critical unmet needs. In PE and FGR, there are currently no approved agents in any global market to safely lower maternal blood pressure and/or reduce the risk of fetal growth restriction. Historically, the major issue is that traditional vasodilators that are commonly used to reduce essential hypertension (e.g., beta-blockers, angiotensin converting enzyme inhibitors (ACEi)) can readily cross the placental barrier and enter into the fetal circulation and cause harm to the developing fetus. We believe that DM199 is uniquely suited to Item 1. Business Overview We are a clinical-stage biopharmaceutical company committed to improving the lives of people suffering from severe ischemic disease with two main clinical programs focused on preeclampsia (PE) / fetal growth restriction (FGR) and acute ischemic stroke (AIS). Our lead candidate DM199 (rinvecalinase alfa), is the first pharmaceutically active recombinant (synthetic) form of the human tissue kallikrein-1 (rhKLK1) protein to be clinically studied in patients and has been granted Fast Track Designation by the U.S. Food and Drug Administration (FDA) for the treatment of AIS. Kallikrein-1 (KLK1), extracted from human urine, is an established therapeutic modality in Asia for the treatment of AIS, and KLK1 produced from pig pancreas, is an established therapeutic modality for the treatment of cardio renal disease, including hypertension, in Asia. We plan to advance DM199 through required clinical trials to create shareholder value by establishing its clinical and commercial potential as a therapy for PE, FGR and AIS. Longer term, we plan to develop DM300, our patented recombinant human ulinastatin, a broad-spectrum serine protease inhibitor, as a potential therapy for severe acute pancreatitis. KLK1 is a serine protease enzyme that plays an important role in the regulation of diverse physiological processes via a molecular mechanism believed to enhance endothelial health, microcirculatory blood flow and tissue perfusion by increasing production of nitric oxide (NO), prostacyclin (PGI2) and endothelium-derived hyperpolarizing factor (EDHF). In PE and FGR, DM199 is intended to lower blood pressure, enhance endothelial health and improve perfusion to maternal organs and the placenta, potentially disease modifying results that improve both maternal and perinatal outcomes. In the case of AIS, DM199 is intended to enhance blood flow and boost neuronal survival in the ischemic penumbra by dilating arterioles surrounding the site of the vascular Item 1A. Risk Factors Below are material factors known to us that could materially adversely affect our business, operating results, financial condition, prospects or share price. The summary of risk factors is not complete and should be read in conjunction with the more complete and detailed descriptions of risk factors that foll", "title": "DMAC - DiaMedica Therapeutics Inc.", "url": "/company/DMAC/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0002007587; latest 10-K filed 2026-02-27.", "text": "AII - American Integrity Insurance Group, Inc. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0002007587; latest 10-K filed 2026-02-27. AII American Integrity Insurance Group, Inc. 0002007587 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion provides a detailed analysis of our financial condition, results of operations, liquidity, and capital resources. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the audited consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. In addition, this analysis includes forward-looking statements, which are subject to various risks and uncertainties. Actual results may differ from projections due to factors beyond our control, as detailed under Part I, Item 1A \u201cRisk Factors.\u201d Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to those differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements.\u201d References to the \u201cCompany,\u201d \u201cAmerican Integrity,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d refer to American Integrity Insurance Group, Inc. and its consolidated subsidiaries. Overview We are a profitable and growing insurance group headquartered in Tampa, Florida. Through our insurance carrier subsidiary, American Integrity Insurance Company (\u201cAIIC\u201d), we provide personal residential property insurance for single- family homeowners and condominium owners, as well as coverage for vacant dwellings and investment properties, predominantly in Florida. Florida represented over 96.3% of our direct premiums written and 93.7% of our policies in- force as of December 31, 2025. As of December 31, 2025, 69.1% of our in-force premium is in the insurance market in which we underwrite and sell policies to policyholders where we may freely choose or reject without the assistance of residual market mechanisms (the \u201cVoluntary Market\u201d). Moreover, 95.0% of our Voluntary Market in-force premium was in our core Florida market and 5.0% was in South Carolina, Georgia, and North Carolina, where we have strategically expanded to support and enhance our relationships with our builder agency network. We strive to generate consistent adjusted underwriting profits, exclusive of investment income or gains and losses from the sale of invested assets. Our goal is to achieve long-term profitability across economic and insurance cycles by maintaining a conservative financial position, increasing premiums written and risk exposure when we believe market conditions are favorable, and reducing risk exposure during periods when we believe market conditions are unfavorable and earning profits is more challenging. AIIC, our statutory insurance carrier, maintains a Financial Stability Rating of \u201cA\u201d (Exceptional) by Demotech, and a financial strength rating of \u201cBBB+\u201d with a stable outlook from the Kroll Bond Rating Agency, LLC. Additionally, the Company maintains a BB+ rating, with stable outlook, from the Kroll Bond Rating Agency, LLC. We generate revenue primarily from insurance premiums earned, net of reinsurance ceded. We also generate revenue from policy fees, installment income fees, income generated through the investment of our assets, and realized gains or losses on the sale of our invested assets. Our financial results are highly seasonal due to the occurrence of hurricanes and tropical storms typically between June 1st and November 30th of each year in Florida and the other states in which we operate. Our reinsurance purchasing, including our catastrophe excess of loss reinsurance coverages, which commence on June 1st annually, also materially influences our financial results and are impacted by changes in reinsurance rates or alterations in terms and conditions, including in attachment or loss retention levels. Key Factors Affecting Our Results of Operations and Comparability Between Periods Florida Trends. P Item 1. Business Who We Are We are a profitable and growing insurance group headquartered in Tampa, Florida. Through our insurance carrier subsidiary, American Integrity Insurance Company (\u201cAIIC\u201d), we provide personal residential property insurance for single- family homeowners and condominium owners, as well as coverage for vacant dwellings and investment properties, predominantly in Florida. Florida represented 93.7% of our policies in-force as of December 31, 2025 and 96.5% of our in- force premium as of December 31, 2025. We were the sixth largest writer of residential property insurance in Florida based on policies in-force (fifth excluding Citizens and national carriers) as of December 31, 2025 and wrote the seventh most residential policies in Florida (third excluding Citizens and national carriers) during the year ended December 31, 2025 according to data compiled by the Florida Office of Insurance Regulation (\u201cFLOIR\u201d), making us a leading specialty residential property insurer in the state. We have been a stable, disciplined provider of residential insurance coverage in Florida for more than 20 years. Our management team founded our company in 2006 to capitalize on dislocation in the Florida residential property insurance market following the 2004 and 2005 hurricane seasons, in which a number of severe hurricanes resulted in record insured property losses and caused a number of national insurance companies to retreat from writing residential property insurance in the state. As of December 31, 2025, our policies in-force were 421,866, and for the year ended December 31, 2025, our gross premiums written were $944.6 million. PIF Count (000s) GPW ($MM) 10.4 % CAGR 14.0 % CAGR Florida has a large and growing population with a growing residential property insurance market. According to the U.S. Census Bureau, Florida was the third most populous state in the United States, with 23.4 million residents as of July 1, 2025, and recorded the seco", "title": "AII - American Integrity Insurance Group, Inc.", "url": "/company/AII/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001626450; latest 10-K filed 2026-03-02.", "text": "CMRC - Commerce.com, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001626450; latest 10-K filed 2026-03-02. CMRC Commerce.com, Inc. 0001626450 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in \u201cRisk Factors.\u201d See \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Investors and others should note that we announce material financial information to our investors using our investor relations website (investors.commerce.com), SEC filings, press releases, public conference calls and webcasts. We intend to use our investor relations website as a means of disclosing information about our business, our financial condition and results of operations and other matters and for complying with our disclosure obligations under Regulation FD. The information we post on our investor relations website, including information contained in investor presentations, may be deemed material. Accordingly, investors should monitor our investor relations website, in addition to following our press releases, SEC filings and public conference calls and webcasts. Overview We are positioned to become the leading provider of an open, AI-driven commerce ecosystem designed to help businesses operate, innovate, and grow as AI-driven and agentic commerce increasingly shape how buyers engage with merchants. Our software-as-a-service platform enables merchants to orchestrate sophisticated digital commerce experiences across both owned and third-party channels, supporting a wide range of business-to-business (\"B2B\"), business-to-consumer (\"B2C\"), and small business (\"SB\") use cases. Our unified platform is anchored by three core products: BigCommerce, our flexible and open commerce engine; Feedonomics, our AI-powered product data optimization and syndication platform; and Makeswift, our visual editor for building and managing storefront and content experiences. Together, these products enable merchants to centralize product data, deliver dynamic shopping experiences, and improve visibility across a growing set of discovery and buying channels, including emerging agentic surfaces. Through this integrated platform, we deliver differentiated value to merchants operating across complex markets, industries, and commerce workflows. We are built around an open, partner-centric architecture. Rather than offering a closed technology stack, we prioritize flexibility and interoperability with a curated ecosystem of leading technology partners. Our platform integrates across payments, tax, shipping, order management, content management system (\"CMS\"), customer relationship management (\"CRM\"), and AI-enhanced marketing technology. Our strategy differentiates us from competitors that seek to control the full commerce technology stack; we instead focus our innovation and investment on core commerce capabilities, data orchestration, and platform extensibility, while enabling merchants to select best-of-breed solutions that meet their specific needs. Digital commerce continues to evolve as consumers discovery and purchasing behavior increasingly fragments across AI-driven and third-party surfaces. Buyers are more frequently beginning their purchase journeys in AI interfaces rather than directly on a merchant's owned storefront. We provide the structured product data, composable technology, and scalable infrastructure that help merchants remain discoverable, trustworthy, and capable of transacting wherever those journeys begin. Our Item 1. Business. Overview Commerce.com, Inc. (\"Commerce,\" the \"Company,\" \"us,\" \"we\", or \"our\") provides an open, intelligent ecosystem of technology solutions that empower businesses to unlock data potential and deliver seamless, personalized experiences at scale. Our platform supports a range of business models, including business-to-consumer (\"B2C\"), business-to-business (\"B2B\"), and small businesses (\"SB\") use cases, and is designed to provide the infrastructure necessary to operate online storefronts, manage catalogs and orders, distribute product data, and develop digital content across multiple channels. On July 31, 2025, BigCommerce Holdings, Inc. changed its corporate name to Commerce.com, Inc. In connection with the corporate name change, the Company's ticker symbol on the Nasdaq Global Market changed from \"BIGC\" to \"CMRC.\" The name change reflects the Company's evolution into a multi-product commerce technology provider and its role as the parent entity for the BigCommerce, Feedonomics, and Makeswift product lines. The Company's unified product portfolio includes: \u2022 BigCommerce, our flexible, enterprise-grade software-as-a-service (\u201cSaaS\u201d) ecommerce platform built for performance and extensibility. With an open, API-first architecture, BigCommerce enables seamless integration with best-of-breed technologies, supporting both traditional and headless deployments while reducing complexity and total cost of ownership. \u2022 Feedonomics, our product data management and syndication platform that transforms product information into a strategic growth engine. It empowers merchants to structure, optimize, and distribute product data across marketplaces, advertising channels, search engines, social platforms, and emerging AI-driven discovery surfaces\u2014while supporting order synchronization and workflow automation to streamline operations. \u2022 Makeswift, our visual site-building that enables teams to create and manage digital experiences with speed and control. Its Item 1A. Risk Factors. Risk Factor Summary We are providing the following summary of the risk factors contained in this Annual Report on Form 10-K to enhance the readability and accessibility of our risk factor disclosures. We encourage you to carefully review the full risk factors contained in this Annual Report on Form 10-K in t", "title": "CMRC - Commerce.com, Inc.", "url": "/company/CMRC/" }, { "kind": "company", "summary": "SIC 7373 Services-Computer Integrated Systems Design; CIK 0000884144; latest 10-K filed 2026-02-26.", "text": "ASUR - ASURE SOFTWARE INC SIC 7373 Services-Computer Integrated Systems Design; CIK 0000884144; latest 10-K filed 2026-02-26. ASUR ASURE SOFTWARE INC 0000884144 7373 Services-Computer Integrated Systems Design ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Certain statements in this Report represent forward-looking statements. Forward-looking statements include but are not limited to statements regarding our strategy, future operations, financial condition, results of operations, projected costs, and plans and objectives of management. Actual results may differ materially from those contemplated by the forward-looking statements due to, among others, the risks and uncertainties described in this Report and in our other SEC filings. We have attempted to identify these forward-looking statements with the words \u201cbelieve,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cestimate,\u201d \u201cprojects,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cexpect,\u201d \u201cshould,\u201d \u201cplan,\u201d and similar expressions. Examples of \u201cforward-looking statements\u201d include statements we make regarding our operating performance, future results of operations and financial position, revenue growth, earnings or other projections. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions, many of which are outside of our control. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. Additionally, we are under no obligation to update any of the forward-looking statements after the date of this Annual Report on Form 10-K or to conform such statements to actual results. OVERVIEW We are a provider of cloud-based Human Capital Management (\u201cHCM\u201d) software solutions delivered as Software-as-a-Service (\u201cSaaS\u201d) to businesses of all sizes. We offer human resources (\u201cHR\u201d) tools necessary to build a thriving workforce, provide the resources to stay compliant with dynamic federal, state, and local tax jurisdictions and their respective labor laws, freeing cash flows so these businesses can spend their financial capital on growing their businesses rather than administrative overhead that can impede growth. Our solutions also provide new ways for employers to connect with their employees and strengthen relationships with their talent. At the core of our offering is the Asure HCM platform\u2014a SaaS-based system that includes Payroll & Tax filing, HR management tools, Time & Attendance software, Recruiting, and Benefits Administration. This platform serves as the foundation for delivering both our core software and a range of complementary, technology-enabled services. These include AsureMarketplace\u2122, which automates data exchange between our HCM system and third-party providers to increase efficiency, accuracy, and breadth of services. Our HR Compliance services combine expert guidance with scalable digital delivery. AsurePay\u2122, our payroll card, which we provide in association with our partners, offers employees fast, secure access to earned wages. Additionally, through our licensed brokerage, we offer Insurance Services that help employers manage benefits and reduce administrative costs. We deliver our solutions directly and through a national network of Reseller Partners. We strive to be the most trusted HCM resource. We sell our solutions through both direct and partner channels. We supplement our direct sales efforts with partner programs that afford us access to opportunities in various geographic and industry niches. Asure has two types of partners: Reseller Partners that white label our products while providing value-added services to their clients (our indirect clients) and Referral Partners that provide us with client leads but do not resell our solutions. As ITEM 1. BUSINESS GENERAL Asure is a provider of cloud-based Human Capital Management (\u201cHCM\u201d) software solutions delivered as Software-as-a-Service (\u201cSaaS\u201d) to businesses of all sizes. We offer human resources (\u201cHR\u201d) tools necessary to build a thriving workforce, provide the resources to stay compliant with dynamic federal, state, and local tax jurisdictions and their respective labor laws, freeing cash flows so these businesses can spend their financial capital on growing their businesses rather than administrative overhead that can impede growth. Our solutions also provide new ways for employers to connect with their employees and strengthen relationships with their talent. At the core of our offering is the Asure HCM platform\u2014a SaaS-based system that includes Payroll & Tax filing, HR management tools, Time & Attendance software, Recruiting, and Benefits Administration. This platform serves as the foundation for delivering both our core software and a range of complementary, technology-enabled services. These include AsureMarketplace\u2122, which automates data exchange between our HCM system and third-party providers to increase efficiency, accuracy, and breadth of services. Our HR Compliance services combine expert guidance with scalable digital delivery. AsurePay\u2122, our payroll card, which we provide in association with our partners, offers employees fast, secure access to earned wages. Additionally, through our licensed brokerage, we offer Insurance Services that help employers manage benefits and reduce administrative costs. We deliver our solutions directly and through a national network of Reseller Partners. From recruitment to retirement, our solutions help more than 100,000 clients across the United States. Approximately 35% of our clients are direct with the remaining balance indirect, as they have contracts with Reseller Partners who white label our solutions. We strive to be the most trusted HCM resource. Our solutions solve three primary challenges th ITEM 1A. RISK FACTORS The following risk factors and other information included throughout this Form 10-K, including those risks identified in Part II, Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d represent our view of some of the most important risks we ", "title": "ASUR - ASURE SOFTWARE INC", "url": "/company/ASUR/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001617553; latest 10-K filed 2026-02-25.", "text": "ZIP - ZIPRECRUITER, INC. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001617553; latest 10-K filed 2026-02-25. ZIP ZIPRECRUITER, INC. 0001617553 7370 Services-Computer Programming, Data Processing, Etc. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with the consolidated financial statements and the related notes included in Item 8 \u201cFinancial Statements and Supplementary Data\u201d in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should read the sections titled \u201cRisk Factors\u201d and \u201cNote Regarding Forward-Looking Statements\u201d for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. OVERVIEW Our Mission is to actively connect people to their next great opportunity. ZipRecruiter is a two-sided marketplace for work. We generate substantially all of our revenue from fees paid by employers to post jobs and access other features in our marketplace. We offer our employers flat rate pricing on terms typically ranging from a day to a year, or performance-based pricing, such as cost-per-click, to align with each employer\u2019s hiring needs. ZipRecruiter is free to use for job seekers. Job seekers come to ZipRecruiter in search of their next opportunity. After establishing a profile, job seekers are able to apply to jobs with a single click. Our artificial intelligence-powered platform curates jobs and helps job seekers discover new opportunities and stand out to employers. As our matching technology learns more about job seekers\u2019 preferences and attributes, our technology offers increasingly higher quality matches between job seekers and employers. We plan to continue to invest aggressively in our marketplace to improve functionality and drive growth for the foreseeable future. We have made significant investments in our business to expand our employer and job seeker footprints, increase their engagement and enhance our datasets and machine learning. For the year ended December 31, 2025, our revenue was $449.0 million and we had a net loss of $33.0 million and Adjusted EBITDA of $40.8 million. For the year ended December 31, 2024, our revenue was $474.0 million and we had a net loss of $12.9 million and Adjusted EBITDA of $78.0 million. Adjusted EBITDA is a financial measure not presented in accordance with GAAP. For a definition of Adjusted EBITDA, an explanation of our management\u2019s use of this measure and a reconciliation of net income (loss) to Adjusted EBITDA, see the section titled \u201cKey Operating Metrics and Non-GAAP Financial Measures.\u201d 52 Table of Contents KEY OPERATING METRICS AND NON-GAAP FINANCIAL MEASURES In addition to the measures presented in our consolidated financial statements, we use the following key operating metrics and non-GAAP financial measures to identify trends affecting our business, formulate business plans, and make strategic decisions: [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"March 31, 2024\",\"June 30, 2024\",\"September 30, 2024\",\"December 31, 2024\",\"March 31, 2025\",\"June 30, 2025\",\"September 30, 2025\",\"December 31, 2025\"],[\"Quarterly Paid Employers\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"71,572\",\"\",\"70,458\",\"\",\"65,222\",\"\",\"57,833\",\"\",\"63,466\",\"\",\"66,302\",\"\",\"66,959\",\"\",\"59,104\"],[\"Revenue per Paid Employer\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"\",\"$\",\"1,708\",\"\",\"$\",\"1,755\",\"\",\"$\",\"1,795\",\"\",\"$\",\"1,920\",\"\",\"$\",\"1,734\",\"\",\"$\",\"1,693\",\"\",\"$\",\"1,717\",\"\",\"$\",\"1,889\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"Year Ended December 31,\"],[\"\",\"\",\"\",\"\",\"\",\"2025\",\"\",\"2024\"],[\"\",\"\",\"\",\"\",\"\",\"(in thousands, e Item 1. Business Overview ZipRecruiter is committed to transforming the hiring experience. Rather than leaving job seekers to search in isolation or employers to sift through endless noise, ZipRecruiter replaces manual navigation and complex sourcing with intelligent, streamlined connections between job seekers and employers. Our AI-powered marketplace acts as a dedicated matchmaker. We empower both sides of the marketplace with sophisticated tools that curate the best opportunities for job seekers. We surface the most qualified and interested candidates for employers. Our use of AI technology to drive real conversations between job seekers and employers is one of the reasons we are the #1 rated job site in the U.S. Our Mission. To actively connect people to their next great opportunity. Creating Value for Job Seekers. For job seekers across all industries and levels of seniority, we operate like a dedicated recruiter. That means presenting strong-fit job opportunities, proactively pitching highly qualified potential candidates to employers and providing job seekers with updates on the status of their applications and guidance on how to get more attention from potential employers. This makes job seekers feel supported while searching for work. Creating Value for Employers. For employers, we focus on building technology to rapidly deliver quality candidates to companies of all sizes and across all industries. Our algorithms alert strong-fit job seekers in our marketplace when a job is posted. We also present high-quality candidates to employers whom we believe will be a great match for their jobs, and allow these employers to invite those candidates to apply. Unique Data and Artificial Intelligence Provide Better Outcomes for Employers and Job Seekers. With a relevant data pipeline created from billions of interactions between job seekers and employers, we are uniquely positioned to harness that data to fuel the advanced artificial intelligence, or AI, behind o Item 1A. Risk Factors Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, before making a decision to invest in our Cla", "title": "ZIP - ZIPRECRUITER, INC.", "url": "/company/ZIP/" }, { "kind": "company", "summary": "SIC 5712 Retail-Furniture Stores; CIK 0001701758; latest 10-K filed 2026-04-02.", "text": "LOVE - Lovesac Co SIC 5712 Retail-Furniture Stores; CIK 0001701758; latest 10-K filed 2026-04-02. LOVE Lovesac Co 0001701758 5712 Retail-Furniture Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. As discussed in the section titled \u201cForward-Looking Statements,\u201d the following discussion and analysis contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and those discussed in the section titled \u201cRisk Factors\u201d under Part I, Item 1A in this Annual Report on Form 10-K. 36 Table of Contents We operate on a 52- or 53-week fiscal year that ends on the Sunday closest to February 1. Each fiscal year generally is comprised of four 13-week fiscal quarters, although in the years with 53 weeks, the fourth quarter represents a 14-week period. Fiscal years 2026 and 2025 consisted of 52 weeks, and fiscal year 2024 consisted of 53 weeks. Overview We are a technology driven company that designs, manufactures and sells unique, high quality furniture derived through our proprietary Designed for Life\u00ae approach which results in products that are built to last a lifetime and designed to evolve as our customers\u2019 lives do. Our current product offering is comprised of modular couches called Sactionals\u00ae, premium foam beanbag chairs called Sacs\u00ae, the immersive surround sound home theater system called StealthTech\u00ae, the PillowSac\u00ae Chair, the Sactionals Reclining Seat, a recently launched platform of premium seating called SnuggTM, and various accessories. Innovation is at the center of our design philosophy with all of our core products protected by a robust portfolio of utility and design patents. We market and sell our products through an omni-channel platform that includes direct-to-consumer touch points in the form of our own showrooms and online directly at www.lovesac.com. We believe that our ecommerce centric approach, coupled with our ability to deliver our large upholstered products through express couriers, is unique to the furniture industry. Our Operations See Item 1. Business for information on our products, customers, business model, channels, growth strategies, seasonality and other factors describing our business. Factors Affecting Our Operating Results While our growth strategy has contributed to our improving operating results, it also presents significant risks and challenges. The timing and magnitude of new showroom openings, existing showroom renovations, and marketing activities may affect our results of operations in future periods. These strategic initiatives will require substantial expenditures. Other factors that could affect our results of operations in future periods include: Macroeconomic Factors There are a number of macroeconomic factors and uncertainties that in recent years have negatively affected the overall business environment and our business, including fluctuations in inflation, elevated interest rates, housing market conditions, consumer debt and available credit, increased tariff and trade restrictions, global conflicts and uncertainties in the global financial markets. These factors have had and continue to have a negative impact on us and the markets in which we operate, including the potential for an economic recession, a continued downturn in the housing market, and a reduction in consumer discretionary spending. We believe that these macroeconomic factors have contributed to the slowdown in demand that we have experienced in our business which may continue in future periods. Seasonality in Quarterly Results Our business is seasonal. As a result, our revenues Item 1. Business. When used in this report, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cLovesac\u201d and the \u201cCompany\u201d mean The Lovesac Company. Company Overview We are a technology driven company that designs, manufactures and sells unique, high quality furniture derived through our proprietary Designed for Life\u00ae approach which results in products that are built to last a lifetime and designed to evolve as our customers\u2019 lives do. Our current product offering is comprised of modular couches called Sactionals\u00ae, premium foam beanbag chairs called Sacs\u00ae, the immersive surround sound home theater system called StealthTech\u00ae, the PillowSac\u00ae Chair, the Sactionals Reclining Seat, a recently launched platform of premium seating called SnuggTM, and various accessories. Innovation is at the center of our design philosophy with all of our core products protected by a robust portfolio of utility and design patents. We market and sell our products through an omni-channel platform that includes direct-to-consumer touch points in the form of our own showrooms and online directly at www.lovesac.com. We believe that our ecommerce centric approach, coupled with our ability to deliver our large upholstered products through express couriers, is unique to the furniture industry. Product Overview Our products serve as a set of building blocks that can be rearranged, restyled and re-upholstered for any new setting or occasion, mitigating constant changes in fashion and style. They are built to last and evolve throughout a customer\u2019s life. \u2022Sactionals. Our Sactional product line currently represents a majority of our net sales. We believe our Sactionals platform is unlike competing products in its adaptability yet is comparable aesthetically to similarly priced premium couches and sectionals. Our Sactional products include a number of patented features relating to their geometry and modularity, coupling mechanisms and other features. Utilizing primarily two, standardized pieces, \u201cseats\u201d and \u201csides,\u201d a Item 1A. Risk Factors. An investment in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Annual Report on Form 10-K, including our financial statements and the related notes thereto. The risks and uncertainties described below ar", "title": "LOVE - Lovesac Co", "url": "/company/LOVE/" }, { "kind": "company", "summary": "SIC 3089 Plastics Products, NEC; CIK 0001026655; latest 10-K filed 2026-03-10.", "text": "CMT - CORE MOLDING TECHNOLOGIES INC SIC 3089 Plastics Products, NEC; CIK 0001026655; latest 10-K filed 2026-03-10. CMT CORE MOLDING TECHNOLOGIES INC 0001026655 3089 Plastics Products, NEC ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS DESCRIPTION OF THE COMPANY Core Molding Technologies and its subsidiaries operate in the engineered materials market as one operating segment as a molder of thermoplastic and thermoset structural products. During the year ended December 31, 2025 the Company's operating segment consisted of one component reporting unit. The Company produces and sells molded products for varied markets, including medium and heavy-duty trucks, power sports, building products, industrial and utilities and other commercial markets. Core Molding Technologies has its headquarters in Columbus, Ohio, and operates six production facilities in the United States, Canada and Mexico. BUSINESS OVERVIEW General The Company\u2019s business and operating results are directly affected by changes in overall customer demand, operational costs, and performance and leverage of our fixed cost and selling, general and administrative (\"SG&A\") infrastructure. Product sales fluctuate in response to several factors, including many that are beyond the Company\u2019s control, such as general economic conditions, interest rates, government regulations, consumer spending, labor availability, and our customers\u2019 production rates and inventory levels. Product sales consist of demand from customers in many different markets with different levels of cyclicality and seasonality. The Company's largest market, North American truck, which is highly cyclical, accounted for 44%, 56%, and 52% of the Company\u2019s product revenue for the years ended December 31, 2025, 2024, and 2023, respectively. Operating performance is dependent on the Company\u2019s ability to manage changes in input costs for items such as raw materials, labor, and overhead operating costs. The Company has certain contractual commitments that restrict its ability to pass through changes in input costs to certain customers. As a result, during periods of significant increases or decreases in input costs operating results may be impacted. Performance is also affected by manufacturing efficiencies, including items such as on time delivery, quality, scrap, and productivity. Market factors of supply and demand can impact operating costs. In periods of rapid increases or decreases in customer demand, the Company is required to ramp operational activity up or down quickly, which may impact manufacturing efficiencies more than in periods of steady demand. Operating performance is also dependent on the Company\u2019s ability to effectively launch new customer programs, which are typically extremely complex in nature. The start of production of a new program is the result of a process of developing new molds and assembly equipment, validation testing, manufacturing process design, development and testing, along with training and often hiring employees. Meeting the targeted levels of manufacturing efficiency for new programs usually occurs over time as the Company gains experience with new tools and processes. Therefore, during a new program launch period, start-up costs and inefficiencies can affect operating results. Business Outlook Looking forward, based on industry analyst projections, customer forecasts, cyclical demand, anticipated program launches and price changes, the Company expects revenues for the calendar year 2026 to increase by approximately 0 to 5 percent as compared to 2025 and the second half of 2026 to be greater than the first half of 2026. The Company also expects a consistent mix in 2026 as compared to 2025 between product revenues and tooling revenues as new programs launch during 2026. In 2026, the Company expects to incur incremental one-time costs of approximately $2,500,000 in connection with the Mexico Expansion Project, primarily related to press relocations and the temporary overlap of two facility leases in Monterrey, as well as approximately $1,000,000 associated with the Company\u2019s succession plan. Both expenses wil ITEM 1. BUSINESS DESCRIPTION OF BUSINESS OF CORE MOLDING TECHNOLOGIES, INC. Core Molding Technologies, Inc. (the \"Company\") and its subsidiaries operate in the engineered materials market as one operating segment as a molder of thermoplastic and thermoset structural products. The Company produces and sells molded products for varied markets, including medium and heavy-duty trucks, power sports, building products and other industrial markets. Core Molding Technologies has its headquarters in Columbus, Ohio, and operates six production facilities in the United States, Canada and Mexico. In general, the Company achieves product growth and diversification in several different ways, including: (1) resourcing of existing structural products from another supplier by an original equipment manufacturer (\u201cOEM\u201d); (2) obtaining new structural products through a selection process in which an OEM solicits bids; (3) successful marketing of structural products for previously non-structural applications; (4) successful marketing of structural products to OEMs outside of our traditional markets; (5) developing of new materials, technology and processes to meet current or prospective customer requirements; (6) converting alternative materials to engineered materials; (7) expanding its business through the direct sale of engineered materials, including Sheet Molding Compound (\"SMC\"); and (8) acquiring an existing business. The Company's efforts continue to be directed towards all seven of those identified areas. PRODUCTS Structural plastics compete largely against metals and have the strength to function well during prolonged use. Management believes that structural plastic components offer many advantages over metals, including: \u2022heat resistance; \u2022corrosion resistance; \u2022lighter weight; \u2022lower cost; \u2022greater flexibility in product design; \u2022part consolidation for multiple piece assemblies; \u2022lower initial tooling costs for lower volume applications; \u2022high strength-to-weight ITEM 1A. RISK FACTORS The following risk factors describe various risks that may affect our business, financial condition, and operations. References to \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d in this \u201cRisk Factors\u201d section refer to Core Molding Technologies and its subsidiaries, unless otherwise specified or unless the context otherwise requires. Ris", "title": "CMT - CORE MOLDING TECHNOLOGIES INC", "url": "/company/CMT/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000719402; latest 10-K filed 2026-03-25.", "text": "FXNC - FIRST NATIONAL CORP /VA/ SIC 6022 State Commercial Banks; CIK 0000719402; latest 10-K filed 2026-03-25. FXNC FIRST NATIONAL CORP /VA/ 0000719402 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operation The following discussion and analysis of the financial condition and results of operations of the Company for the years ended December 31, 2025 and 2024 should be read in conjunction with the consolidated financial statements and related notes to the consolidated financial statements included in Item 8 of this Form 10-K. Critical Accounting Policies General The Company\u2019s consolidated financial statements and related notes are prepared in accordance with GAAP. The financial information contained within the statements is, to a significant extent, financial information that is based on measures of the financial effects of transactions and events that have already occurred. A variety of factors could affect the ultimate value that is obtained either when earning income, recognizing an expense, recovering an asset, or relieving a liability. The Bank uses historical losses as one factor in determining the inherent loss that may be present in the loan portfolio. Actual losses could differ significantly from the historical factors used. In addition, GAAP itself may change from one previously acceptable method to another. Although the economics of transactions would be the same, the timing of events that would impact transactions could change. Presented below is a discussion of those accounting policies that management believes are the most important (Critical Accounting Policies) to the portrayal and understanding of the Company\u2019s financial condition and results of operations. The Critical Accounting Policies require management\u2019s most difficult, subjective, and complex judgments about matters that are inherently uncertain. In the event that different assumptions or conditions were to prevail, and depending upon the severity of such changes, the possibility of materially different financial condition or results of operations is a reasonable likelihood. Allowance for Credit Losses on Loans The allowance for credit losses on loans (ACLL) is established as losses are estimated to have occurred through a provision for credit losses charged to earnings. Loan losses are charged against the allowance when management determines that the loan balance is uncollectible. Subsequent recoveries, if any, are credited to the allowance. For further information about the Company\u2019s loans and the ACLL, see Notes 1, 4, and 5 to the Consolidated Financial Statements included in this Form 10-K. The ACLL is evaluated on a quarterly basis by management and is based on a discounted cash flow model to estimate its current expected credit losses. For the purposes of calculating its quantitative reserves, the Company has segmented its loan portfolio based on loans which share similar risk characteristics. Within the quantitative portion of the calculation, the Company utilizes at least one or a combination of loss drivers, which may include unemployment rates, home price indices, and/or gross domestic product (GDP), to adjust its loss rates over a reasonable and supportable forecast period of one year. A straight-line reversion technique is used for the following eight quarters, at which time the Company reverts to historical averages. To further adjust the allowance for credit losses for expected losses not already included within the quantitative component of the calculation, the Company may consider qualitative factors, including but not limited to: variability in the economic forecast, changes in volume and severity of adversity classified loans, changes in concentrations of credit, changes in the nature and volume of the loan segments, factors related to credit administration, and other idiosyncratic risks not embedded in the data used in the model. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. The Company performs regular credit reviews of the loan portfol Item 1. Business General First National Corporation (the Company) is a bank holding company incorporated under Virginia law on September 7, 1983. The Company owns all of the stock of its primary operating subsidiary, First Bank (the Bank), which is a commercial bank chartered under Virginia law. The Company\u2019s subsidiaries are: [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"The Bank owns:\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"First Bank Financial Services, Inc.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Shen-Valley Land Holdings, LLC\"],[\"\",\"\\u2022\",\"McKenney Group, LLC\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"First National (VA) Statutory Trust II (Trust II)\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"First National (VA) Statutory Trust III (Trust III and, together with Trust II, the Trusts)\"]] [[/GREPCENT_TABLE]] First Bank Financial Services, Inc. owns an interest in an entity that provides title insurance services. Shen-Valley Land Holdings, LLC was formed to hold other real estate owned and future office sites. McKenney Group, LLC owns an interest in a now inactive entity that previously provided insurance services. The Trusts were formed for the purpose of issuing redeemable capital securities, commonly known as trust preferred securities and are not included in the Company\u2019s consolidated financial statements in accordance with authoritative accounting guidance because management has determined that the Trusts qualify as variable interest entities. The Bank first opened for business on July 1, 1907, under the name The Peoples National Bank of Strasburg. On January 10, 1928, the Bank changed its name to The First National Bank of Strasburg. On April 12, 1994, the Bank received approval from the Federal Reserve Bank of Richmond and the Virginia State Corporation Commission\u2019s Bureau of Financial Institutions to convert to a state chartered bank with membership in the Federal Reserve System. On June 1, 1994, Item 1A. Risk Factors An investment in the Company\u2019s securities involves risks. In addition to the other information set forth in this report, investors in the Company\u2019s securities should carefully consider the factors discussed below. These factors could materially and adversely affect the Company\u2019s business, financial condition, liqu", "title": "FXNC - FIRST NATIONAL CORP /VA/", "url": "/company/FXNC/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001452477; latest 10-K filed 2026-02-18.", "text": "SEVN - Seven Hills Realty Trust SIC 6798 Real Estate Investment Trusts; CIK 0001452477; latest 10-K filed 2026-02-18. SEVN Seven Hills Realty Trust 0001452477 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our consolidated financial statements and accompanying notes included elsewhere in this Annual Report on Form 10-K. OVERVIEW (dollars in thousands, except share data) We are a Maryland REIT. Our business strategy is focused on originating and investing in floating rate first mortgage loans that range from $15,000 to $75,000, secured by middle market transitional CRE properties that have values up to $100,000. We define transitional CRE as commercial properties subject to redevelopment or repositioning activities that are expected to increase the value of the properties. Our mortgage loans are classified as loans held for investment in our consolidated balance sheets. Tremont is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. We believe that Tremont provides us with significant experience and expertise in investing in middle market transitional CRE. We operate our business in a manner that is consistent with our qualification for taxation as a REIT under the IRC. As such, we generally are not subject to U.S. federal income tax, provided that we meet certain distribution and other requirements. We also operate our business in a manner that permits us to maintain our exemption from registration under the 1940 Act. Factors Affecting Operating Results Our results of operations are impacted by a number of factors and primarily depend on the interest income from our investments and the financing and other costs associated with our business. Our operating results are also impacted by general CRE market conditions and unanticipated defaults by our borrowers. For further information regarding the risks associated with our loan portfolio, see the risk factors identified in Part I, Item 1A, \"Risk Factors\", of this Annual Report on Form 10-K. Credit Risk. We are subject to the credit risk of our borrowers in connection with our investments. We seek to mitigate this risk by utilizing a comprehensive underwriting, diligence and investment selection process and by ongoing monitoring of our investments. Nevertheless, unanticipated credit losses could occur that may adversely impact our operating results. 59 Table of Contents Changes in Fair Value of our Assets. We generally intend to hold our investments for their contractual terms, unless repaid earlier by the borrowers. We evaluate the credit quality of each of our loans at least quarterly. If a loan is determined to be collateral dependent (because the repayment of the loan is expected to be provided substantially through the operation or sale of the underlying collateral property) and the borrower is experiencing financial difficulties, but foreclosure is not probable, we may record an allowance for credit losses by comparing the collateral's fair value to the amortized cost basis of the loan. For collateral-dependent loans for which foreclosure is probable, the related allowance for credit losses is determined using the fair value of the collateral compared to the loan's amortized cost. Availability of Leverage and Equity. We use leverage to make additional investments that may increase our returns. We may not be able to obtain the expected amount of leverage we desire or its cost may exceed our expectation and, consequently, the returns generated from our investments may be reduced. Our ability to further grow our loan portfolio over time will depend, to a significant degree, upon our ability to obtain additional capital. However, our access to additional capital depends on many factors including the price at which our common shares trade relative to their book value and market lending conditions. See \"\u2014Market Conditions\" below. Market Conditions. Earlier this year, U.S. trade and fiscal policy, coupled with ongoing geopolitical tensions, caused volatility in financial Item 1. Business Our Company. Seven Hills Realty Trust is a Maryland REIT that focuses primarily on originating and investing in floating rate first mortgage loans that range from $15.0 million to $75.0 million, secured by middle market transitional CRE properties that have values up to $100.0 million. We define transitional CRE as commercial properties subject to redevelopment or repositioning activities that are expected to increase the value of the properties. As of December 31, 2025, we had a portfolio of 24 floating rate first mortgage loans with aggregate loan commitments of $724.5 million with a weighted average maximum maturity of 2.6 years, a weighted average coupon rate and a weighted average all in yield of 7.52% and 7.92%, respectively, and a weighted average interest rate floor of 2.81%. We operate our business in a manner consistent with our qualification for taxation as a REIT under the Internal Revenue Code of 1986, or the IRC. As such, we generally are not subject to U.S. federal income tax, provided that we meet certain distribution and other requirements. We also operate our business in a manner that permits us to maintain our exemption from registration under the 1940 Act. Our principal executive offices are located at Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634, and our telephone number is 617-332-9530. Our Investment and Leverage Strategies. Our primary investment strategy is to balance capital preservation with generating attractive, risk adjusted returns by creating customized loan structures tailored to borrowers\u2019 specific business plans for the underlying collateral properties. To this end, the loans that we target for origination and investment generally have the following characteristics: \u2022first mortgage loans with principal balances ranging from $15.0 million to $75.0 million; \u2022stabilized loan to value ratios, or LTVs, of 75% or less; \u2022terms of five years or less; \u2022floating interest rates Item 1A. Risk Factors Summary of Risk Factors The summary below provides an overview of many of the risks we face, and a more detailed discussion of risks is set forth in Part I, Item 1A of this Annual Report on Form 10-K under the caption \u201cRisk Factors.\u201d Additional risks, beyond those summarized below or discussed under the", "title": "SEVN - Seven Hills Realty Trust", "url": "/company/SEVN/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000033992; latest 10-K filed 2026-03-16.", "text": "KINS - KINGSTONE COMPANIES, INC. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0000033992; latest 10-K filed 2026-03-16. KINS KINGSTONE COMPANIES, INC. 0000033992 6331 Fire, Marine & Casualty Insurance ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Overview We offer property and casualty insurance products through our wholly-owned subsidiary, Kingstone Insurance Company (\u201cKICO\u201d). KICO is a New York domiciled carrier writing business through retail and wholesale agents and brokers. KICO is actively writing personal lines and commercial auto insurance in New York, and in 2024 was the 12th largest writer of homeowners insurance in New York. KICO is also licensed in the states of New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine. For the years ended December 31, 2025 and 2024, respectively, 98.0% and 96.0% of KICO\u2019s direct written premiums came from the New York policies. In addition, our subsidiary, Cosi Agency, Inc. (\u201cCosi\u201d), a multi-state licensed general agency, receives commission revenue from KICO for the policies it places with others and pays commissions to these agencies. Cosi retains the profit between the commission revenue received and the commission expense paid (\u201cNet Cosi Revenue\u201d). Commission expense is reduced by Net Cosi Revenue. Cosi-related operating expenses are minimal and are included in other operating expenses. We derive substantially all of our revenue from KICO, which includes revenues from earned premiums, ceding commissions from quota share reinsurance, net investment income generated from its portfolio, and net realized gains and losses on investment securities. All of KICO\u2019s insurance policies are written for a one year term. Earned premiums represent premiums received from insureds, which are recognized as revenue over the period of time that insurance coverage is provided (i.e., ratably over the one year life of the policy). A significant period of time can elapse from the receipt of insurance premiums to the payment of insurance claims. During this time, KICO invests the premiums, earns investment income and generates net realized and unrealized investment gains and losses on investments. The Holding Company earns investment income from its cash holdings. Our expenses include the insurance underwriting expenses of KICO and other operating expenses. Insurance companies incur a significant amount of their total expenses from losses incurred by policyholders, which are referred to as claims. In settling these claims, various loss adjustment expenses (\u201cLAE\u201d) are incurred such as insurance adjusters\u2019 fees and legal expenses. In addition, insurance companies incur policy acquisition costs. Policy acquisition costs include commissions paid to producers, premium taxes, and other expenses related to the underwriting process, including employees\u2019 compensation and benefits. Other operating expenses include our corporate expenses as a holding company. These corporate expenses include legal and auditing fees, executive employment costs and equity compensation, directors' fees, and other costs directly associated with being a public company. Principal Revenue and Expense Items Net premiums earned: Net premiums earned is the earned portion of our written premiums, less that portion of premium that is ceded to third party reinsurers under reinsurance agreements. The amount ceded under these reinsurance agreements is based on a contractual formula contained in the individual reinsurance agreement. Insurance premiums are earned on a pro rata basis over the term of the policy. At the end of each reporting period, premiums written that are not earned are classified as unearned premiums and are earned in subsequent periods over the remaining term of the policy. Our insurance policies have a term of one year. Accordingly, for a one-year policy written on July 1, 2025, we would earn half of the premiums in 2025 and the other half in 2026. Ceding commission revenue: Commissions on reinsurance premiums ceded to quota share treaties are earned in a manner consistent with the recognition of the direct acquisition costs of th ITEM 1. BUSINESS. (a)Business Development General As used in this Annual Report, references to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d refer to Kingstone Companies, Inc. (the \u201cHolding Company\u201d) and its subsidiaries. We offer property and casualty insurance products through our wholly-owned subsidiary, Kingstone Insurance Company (\u201cKICO\u201d). KICO is a New York domiciled carrier writing business through retail and wholesale agents and brokers. KICO is actively writing personal lines and commercial auto insurance in New York, and in 2024 was the 12th largest writer of homeowners insurance in New York. KICO is also licensed in the states of New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine. For the years ended December 31, 2025 and 2024, respectively, 98.0% and 96.0% of KICO\u2019s direct written premiums came from the New York policies. In addition, through our subsidiary, Cosi Agency, Inc. (\u201cCosi\u201d), a multi-state licensed general agency, we access alternative distribution channels. See \u201cDistribution\u201d below for a discussion of our distribution channels. Cosi receives commission revenue from KICO for the policies it places with others and pays commissions to these agencies. Cosi retains the profit between the commission revenue received and the commission expense paid. Net Cosi revenue is deducted against commission expense and Cosi-related expenses are included in other operating expenses. Cosi-related operating expenses are not included in our stand-alone insurance underwriting business and, accordingly, its expenses are not included in the calculation of our combined ratio as described below. Recent Developments Developments During 2025 \u2022Sale of Building On February 5, 2025, one of our subsidiaries entered into a contract of sale with Ulster County, New York (the \u201cCounty\u201d) for the sale to the County of our headquarters building in Kingston, New York, along with an adjacent mixed-use property (collectively, the \u201cProperty\u201d). The ITEM 1A. RISK FACTORS. Based upon the following factors, as well as other factors affecting our operating results and financial condition, past financial performance should not be considered to be a reliable indicator of future performance, and investors should not use historical trends to anticipate results or", "title": "KINS - KINGSTONE COMPANIES, INC.", "url": "/company/KINS/" }, { "kind": "company", "summary": "SIC 4812 Radiotelephone Communications; CIK 0001289945; latest 10-K filed 2026-02-26.", "text": "SPOK - Spok Holdings, Inc SIC 4812 Radiotelephone Communications; CIK 0001289945; latest 10-K filed 2026-02-26. SPOK Spok Holdings, Inc 0001289945 4812 Radiotelephone Communications ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and related notes and the discussion under \"Organization and Significant Accounting Policies\u201d (refer to Note 1 in the Notes to the Consolidated Financial Statements), which describes key estimates and assumptions we make in the preparation of our Consolidated Financial Statements; the cautionary language that appears under the title \"Forward Looking Statements\" immediately following the Table of Contents; \"Item 1. Business,\" which describes our operations; and \"Item 1A. Risk Factors,\" which describes key risks associated with our operations and markets in which we operate. A reference to a \"Note\" in this section refers to the accompanying Notes to Consolidated Financial Statements. Overview and Highlights We offer a focused suite of unified clinical communication and collaboration solutions that include call center applications, clinical alerting and notifications, one-way and advanced two-way wireless messaging services, mobile communications and public safety solutions. Our customers rely on Spok for workflow improvement, secure texting, paging services, contact center optimization and public safety response. Our product offerings are capable of addressing a customer\u2019s clinical communications needs. We develop, sell and support enterprise-wide systems for healthcare and other organizations needing to automate, centralize and standardize their approach to clinical communications. While our primary market has been the healthcare industry with a focus on prominent hospitals, our solutions can be found in prominent hospitals, large government agencies, leading public safety institutions, colleges and universities, large hotels, resorts and casinos and well-known manufacturers. 29 Table of Contents Revenue generated by wireless messaging services (including voice mail, personalized greetings, message storage and retrieval, equipment, maintenance plans and/or equipment loss protection to both one-way and two-way messaging subscribers) is presented as wireless revenue in our Consolidated Statements of Operations. Revenue generated by the sale of our software solutions, which includes revenue from our perpetual and term software license arrangements, revenue from the sale of hardware that facilitates the use of our software solutions, professional services revenue related to the implementation of our solutions and value-added services, and maintenance and subscription revenue that is generated from the ongoing support of our perpetual and term software license arrangements, is presented as software revenue in our Consolidated Statements of Operations. Our software is licensed to end users under an industry standard software license agreement. Results of Operations The following table is a summary of our Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023, and the discussion that follows compares the year ended December 31, 2025 to the year ended December 31, 2024. For a discussion and analysis of the year ended December 31, 2024, compared to the year ended December 31, 2023, please refer to Management's Discussion and Analysis of Financial Condition and Results of Operations included in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025: [[GREPCENT_TABLE]] [[\"(Dollars in thousands)\",\"2025\",\"\",\"Change\",\"\",\"2024\",\"\",\"Change\",\"\",\"2023\"],[\"Revenue:\"],[\"Wireless revenue\",\"$\",\"72,522\",\"\",\"\",\"$\",\"(1,001)\",\"\",\"\",\"(1.4)\",\"%\",\"\",\"$\",\"73,523\",\"\",\"\",\"$\",\"(2,445)\",\"\",\"\",\"(3.2)\",\"%\",\"\",\"$\",\"75,968\"],[\"Software revenue\",\"67,186\",\"\",\"\",\"3,056\",\"\",\"\",\"4.8\",\"%\",\"\",\"64,130\",\"\",\"\",\"1,073\",\"\",\"\",\"1.7\",\"%\",\"\",\"63,057\"],[\"Total revenue\",\"139,708\",\"\",\"\",\"2,055\",\"\",\"\",\"1.5\",\"%\",\"\",\"137,653\",\"\",\"\",\"(1,372)\",\"\",\"\",\"(1.0)\",\"%\",\"\",\"139,0 ITEM 1. BUSINESS Overview Spok, Inc., a wholly owned subsidiary of Spok Holdings, Inc. (NASDAQ: SPOK), is proud to be a global leader in healthcare communications. We deliver clinical information to care teams when and where it matters most to improve patient outcomes. Top hospitals rely on Spok products and services to enhance workflows for clinicians, support administrative compliance, and provide a better experience for patients. Our headquarters is located at 3000 Technology Drive, Suite 400, Plano, Texas 75074, and our telephone number is 800-611-8488. We maintain a website at http://www.spok.com. This website address is for information only and is not intended to be an active link or to incorporate any website information into this Annual Report on Form 10-K for the year ended December 31, 2025 (the \"2025 Form 10-K\"). We deliver smart, reliable clinical communication and collaboration solutions to help protect the health, well-being, and safety of people in the United States and abroad, on a limited basis, in Europe, Canada, Australia, Asia and the Middle East. Our customers rely on Spok for workflow improvement, secure texting, paging services, contact center optimization, and public safety response. We develop, sell, and support enterprise-wide systems primarily for healthcare and other organizations needing to automate, centralize, and standardize their approach to clinical and critical communications. Our solutions can be found in prominent hospitals, large government agencies, leading public safety institutions, colleges and universities, large hotels, resorts and casinos and well-known manufacturers. We offer our services and products to three major market segments: healthcare, government, and large enterprise, with a greater emphasis on the healthcare market segment. Industry Overview The United States healthcare market continues to experience significant change. Healthcare costs continue to rise, reimbursements from Centers for Medicare and Medic ITEM 1A. RISK FACTORS The following important factors, among others, could cause our actual operating results to differ materially from those indicated or suggested by forward-looking statements made in this 2025 Form 10-K or presented elsewhere by management from time to time. Risks Related to our Business and Operations Wireles", "title": "SPOK - Spok Holdings, Inc", "url": "/company/SPOK/" }, { "kind": "company", "summary": "SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001769663; latest 10-K filed 2026-03-12.", "text": "PBFS - Pioneer Bancorp, Inc./MD SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001769663; latest 10-K filed 2026-03-12. PBFS Pioneer Bancorp, Inc./MD 0001769663 6036 Savings Institutions, Not Federally Chartered ITEM 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This discussion and analysis reflects our audited consolidated financial statements and other relevant statistical data, and is intended to enhance your understanding of our financial condition and results of operations. The information in this section has been derived in part from the audited consolidated financial statements that appear beginning on page 75 of this Annual Report on Form 10-K. Please read the information in this section in conjunction with the business and financial information regarding the Company, the Bank and the audited consolidated financial statements that appear starting on page 75 of this Annual Report on Form 10-K. Overview Net Interest Income. Our primary source of income is net interest income. Net interest income is the difference between interest income, which is the income we earn on our loans and investments, and interest expense, which is the interest we pay on our deposits and borrowings. Provision for Credit Losses. We charge provisions for credit losses to operations in order to maintain our allowance for credit losses on loans, securities held to maturity and unfunded commitments at a level that is considered reasonable and necessary to absorb expected credit losses inherent in the loan portfolio and securities held to maturity portfolio, as well as expected losses on commitments to grant loans that are expected to be advanced at the statements of condition date. Loans are charged against the allowance when management believes that the collectability of the principal loan amount is not probable. Recoveries on loans previously charged-off, if any, are credited to the allowance for credit losses when realized. Non-interest Income. Our primary sources of non-interest income are banking fees and service charges, and insurance and wealth management services income. Our non-interest income also includes litigation-related income, net gain or losses on equity securities, net gain or losses on sales and calls of available for sale securities, other gains and losses, and miscellaneous income. Non-Interest Expense. Our non-interest expense consist of salaries and employee benefits, net occupancy and equipment, data processing, advertising and marketing, insurance premiums, federal deposit insurance premiums, professional fees, goodwill impairment loss, and other general and administrative expenses. Salaries and employee benefits consist primarily of salaries and wages paid to our employees, payroll taxes, and expenses for worker\u2019s compensation and disability insurance, health insurance, retirement plans and other employee benefits, as well as commissions, share-based compensation and other incentives. Net occupancy and equipment expenses, which are the fixed and variable costs of buildings and equipment, consist primarily of depreciation charges, rental expenses, furniture and equipment expenses, maintenance, real estate taxes, net gain or loss on disposal or impairment of premises and equipment, and costs of utilities. Depreciation of premises and equipment is computed using a straight-line method based on the estimated useful lives of the related assets or the expected lease terms, if shorter. Data processing expenses are fees we pay to third parties for use of their software and for processing customer information, deposits and loans. Advertising and marketing includes most marketing expenses including multi-media advertising (public and in-store), promotional events and materials, civic and sales focused memberships, and community support. Insurance premiums include expense related to various insurance policies, excluding federal deposit insurance premiums. Federal deposit insurance premiums are payments we make to the FDIC for insurance of our deposit accounts. Professional fees include legal and other consulting expenses. 58 Table of Contents Other general and administrative expenses i ITEM 1.Business Forward Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which can be identified by the use of words such as \u201cestimate,\u201d \u201cproject,\u201d \u201cbelieve,\u201d \u201cintend,\u201d \u201canticipate,\u201d \u201cplan,\u201d \u201cseek,\u201d \u201cexpect\u201d or words of similar meaning, or future or conditional verbs, such as \u201cwill,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201ccould,\u201d or \u201cmay.\u201d A forward-looking statement is neither a prediction nor a guarantee of future events. Certain forward-looking statements are included in this Form 10-K, principally in the sections captioned \u201cBusiness,\u201d \u201cRisk Factors,\u201d and \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations.\u201d These forward-looking statements include, but are not limited to: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"statements of our goals, intentions and expectations;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"statements regarding our business plans, prospects, growth and operating strategies;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"statements regarding the expected quality of our loan and investment portfolios; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"estimates of our risks, contingencies and future costs and benefits.\"]] [[/GREPCENT_TABLE]] These forward-looking statements are based on the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. In addition, the factors described under the headings \u201cCritical Accounting Policies and Estimates\u201d in Part II, Item 7, and \u201cRisk Factors\u201d in Part I, Item 1A, as well as other possible factors not listed, c ITEM 1A.Risk Factors Risk Factors Summary An investment in our common stock involves substantial risks and uncertainties. Stockholders should carefully consider all of the information in this section. The most significant risks include the following: Risks Related to Changes in Macroeconomic Con", "title": "PBFS - Pioneer Bancorp, Inc./MD", "url": "/company/PBFS/" }, { "kind": "company", "summary": "SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001822928; latest 10-K filed 2026-03-16.", "text": "HLLY - Holley Inc. SIC 3714 Motor Vehicle Parts & Accessories; CIK 0001822928; latest 10-K filed 2026-03-16. HLLY Holley Inc. 0001822928 3714 Motor Vehicle Parts & Accessories Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Unless the context requires otherwise, references to \u201cHolley,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d, and \u201cthe Company\u201d in this section are to the business and operations of Holley Inc. The following discussion and analysis should be read in conjunction with Holley\u2019s consolidated financial statements and related notes thereto included in this Annual Report on Form 10-K. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties, and assumptions that could cause Holley\u2019s actual results to differ materially from management\u2019s expectations. Factors that could cause such differences are discussed herein and under the caption, \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Overview We are a designer, marketer, and manufacturer of high-performance automotive aftermarket products serving car and truck enthusiasts, with sales, processing, and distribution facilities reaching most major markets in the United States, Canada, Europe and China. Holley designs, markets, manufactures and distributes a diversified line of performance automotive products including fuel injection systems, tuners, exhaust products, carburetors, safety equipment and various other performance automotive products. Our products are designed to enhance street, off-road, recreational and competitive vehicle performance and safety. Central to our business and growth strategy is a commitment to innovation. We have a history of developing innovative products, including new additions to existing product families, expansions of product lines, accessory offerings, and ventures into entirely new categories. We believe this strategic approach allows us to continually adapt to evolving consumer needs. Furthermore, strategic acquisitions have played a significant role in our evolution. These acquisitions have enabled us to expand our brand portfolio, enter new product categories and consumer segments, enhance DTC scale and connection, increase market share in existing product categories, and realize valuable revenue and cost synergies. While we anticipate continued organic growth, we intend to continue evaluating opportunities for strategic acquisitions that align with our current business, expanding our reach within the target market. Factors Affecting our Performance We believe that our performance and future success depend on a number of factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and in the section of this Form 10-K titled \u201cRisk Factors.\u201d Business Combination On July 16, 2021, we consummated the Business Combination pursuant to the Merger Agreement, by and among Empower, Merger Sub I, Merger Sub II, and Holley Intermediate. The Merger Agreement provided for, among other things, the following transactions: (i) Merger Sub I merged with and into Holley Intermediate, the separate corporate existence of Merger Sub I ceased and Holley Intermediate became the surviving corporation, and (ii) Holley Intermediate merged with and into Merger Sub II, the separate corporate existence of Holley Intermediate, and Merger Sub II became the surviving limited liability company. Upon closing of the Business Combination, Empower changed its name to Holley Inc. and its trading symbol on the NYSE from \u201cEMPW\u201d to \u201cHLLY.\u201d The Business Combination was accounted for as a reverse recapitalization in accordance with U.S. Generally Accepted Accounting Principles (\"U.S. GAAP\"). Holley Intermediate was deemed the accounting acquirer with Holley Inc. as the successor registrant. As such, Empower was treated as the acquired company for financial reporting purposes, and financial statements for periods prior to the Business Combination are those of Holley Intermediate. As a result of the Business Combination, Holley Inc. listed on the NYSE, which required us to hire additional Item 1. Business About Us Founded in 1903, Holley, Inc. has been a part of the automotive industry for well over a century. We design, manufacture, and distribute high-performance automotive aftermarket products to car and truck enthusiasts primarily in the United States, Canada and Europe. Our products span a number of automotive platforms and are sold across multiple channels. We are a leading manufacturer of a diversified line of performance automotive products, including carburetors, fuel pumps, fuel injection systems, nitrous oxide injection systems, superchargers, exhaust headers, mufflers, distributors, ignition components, engine tuners and automotive performance plumbing products. We are also a leading manufacturer of exhaust products as well as shifters, converters, transmission kits, transmissions, tuners and automotive software. Our products are designed to enhance street, off-road, recreational and competitive vehicle performance through increased horsepower, torque and drivability. We have locations in the United States, Canada, Italy and China. We attribute a major component of our success to our brands, including Holley, Holley EFI, MSD, Simpson, Flowmaster, EDGE, Cataclean, and Accel, among others. Through these strategic acquisitions, we have increased our market position in the otherwise highly fragmented performance automotive aftermarket industry. We operate in the performance automotive aftermarket parts industry. We believe there is ample opportunity to continue our expansion into new products and markets, such as exterior accessories and mobile electronics, representing a natural progression for us to grow market share as these adjacencies are driven by passionate enthusiasts, consistent with our core categories. See also \u201cRisk Factors\u2014Risks Relating to Holley\u2019s Business and Industry\u2014If the Company is unable to successfully design, develop and market new products, the Company business may be harmed\u201d for a discussion of the risks related t Item 1A. Risk Factors The following discussion of \"Risk Factors\" identifies factors that may adversely affect our business, operations, financial condition or future performance. This information should be read in conjunction with \u201cCautionary Note Regarding Forward-Looking Statements,\u201d \"Management\u2019s Discussion and Analysis of Financia", "title": "HLLY - Holley Inc.", "url": "/company/HLLY/" }, { "kind": "company", "summary": "SIC 8050 Services-Nursing & Personal Care Facilities; CIK 0001043000; latest 10-K filed 2026-03-12.", "text": "SNDA - SONIDA SENIOR LIVING, INC. SIC 8050 Services-Nursing & Personal Care Facilities; CIK 0001043000; latest 10-K filed 2026-03-12. SNDA SONIDA SENIOR LIVING, INC. 0001043000 8050 Services-Nursing & Personal Care Facilities ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help provide an understanding of our business and results of operations. This MD&A should be read in conjunction with our audited consolidated financial statements and the related notes thereto included elsewhere in this Annual Report on Form 10-K. This report, including the following MD&A, contains forward-looking statements regarding future events or trends that should be read in conjunction with the risks, uncertainties and other factors described under \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cItem 1A. Risk Factors\u201d in this Annual Report on Form 10-K. Actual results may differ materially from those projected in such statements as a result of such risks, uncertainties and other factors. Overview The following discussion and analysis addresses (i) the Company\u2019s results of operations on a historical consolidated basis for the years ended December 31, 2025 and 2024, and (ii) liquidity and capital resources of the Company, and should be read in conjunction with the Company\u2019s historical consolidated financial statements and the selected financial data contained elsewhere in this Annual Report on Form 10-K. The Company is a leading owner, operator and investor in independent living, assisted living and memory care communities and services for senior adults in the United States in terms of resident capacity. The Company\u2019s operating strategy is to provide value to its senior living residents by providing quality senior living services at reasonable prices, while achieving and sustaining a strong, competitive position within its geographically concentrated regions, as well as continuing to enhance the performance of its operations. The Company primarily provides senior living services to the 75+ population, including independent living, assisted living, and memory care services at reasonable prices. Many of the Company\u2019s communities offer a continuum of care to meet each of their resident\u2019s needs as they change over time. This continuum of care, which integrates independent living, assisted living, and memory care that may be bridged by home care through independent home care agencies, sustains our residents\u2019 autonomy and independence based on their physical and mental abilities. As of December 31, 2025, the Company owned, managed, or invested in 96 senior housing communities in 20 states with an aggregate capacity of approximately 10,150 residents, including 84 owned senior housing communities (inclusive of four owned through joint venture investments in consolidated entities and four owned through a joint venture investment in an unconsolidated entity) and 12 communities that the Company managed on behalf of a third party. Strategic Merger with CHP On March 11, 2026, the Company completed the previously announced acquisition of CHP, a public non-traded real estate investment trust which owns a national portfolio of 69 high-quality senior housing communities, pursuant to the Merger Agreement. Under the terms of the Merger Agreement, the Company acquired 100% of the outstanding common stock of CHP in a stock and cash transaction valued at approximately $1.8 billion, with approximately 68% of the consideration paid in the form of newly issued Sonida common stock and 32% paid in cash. Specifically, each share of CHP common stock was converted into $2.32 in cash and 0.1318 shares of Sonida common stock, which was determined by dividing (a) $4.58 by (b) the volume weighted average price (\u201cVWAP\u201d) of Sonida common stock during a measurement period prior to closing of the transaction and subject to a collar of 15% below the transaction reference price for the Sonida common stock of $26.74 (the \u201cTransaction Reference Price\u201d) and 30% above the Transaction Reference Price. Since the VWAP during the measuremen ITEM 1. BUSINESS. Overview Sonida Senior Living, Inc., a Delaware corporation (together with its subsidiaries, \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cSonida,\u201d or the \u201cCompany\u201d), is a leading owner, operator and investor in senior housing communities in the United States in terms of resident capacity. The Company and its predecessors have provided senior housing since 1990. As of December 31, 2025, the Company owned, managed, or invested in 96 senior housing communities in 20 states with an aggregate capacity of approximately 10,150 residents, including 84 owned senior housing communities (inclusive of four owned through joint venture investments in consolidated entities and four owned through a joint venture investment in an unconsolidated entity) and 12 communities that the Company managed on behalf of a third-party. We primarily provide residential housing and services to people aged 75 years and older, including independent living, assisted living, and memory care services. Many of our communities offer a continuum of care to meet our residents\u2019 needs as they change over time by integrating independent living, assisted living, and memory care, which may be bridged by home care through independent home care agencies. Our integrated approach sustains residents\u2019 autonomy and independence based on their physical and cognitive abilities. Recent Developments - Strategic Merger with CHP On March 11, 2026, pursuant to the Agreement and Plan of Merger, dated November 4, 2025 (the \u201cMerger Agreement\u201d), by and among the Company, SSL Sparti LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company (\u201cHoldco\u201d), SSL Sparti Property Holdings Inc., a Maryland corporation and a wholly owned subsidiary of Holdco (f/k/a Sparti Merger Sub, Inc., \u201cSNDA Merger Sub\u201d), CNL Healthcare Properties, Inc., a public, non-traded real estate investment trust and Maryland corporation (\u201cCHP\u201d), and CHP Merger Corp., a Maryland corporation and a wholly owned subsidiary of CHP, the C ITEM 1A. RISK FACTORS. Our business involves various risks and uncertainties. When evaluating our business, the following information should be carefully considered in conjunction with the other information contained in our periodic filings with the SEC. Additional risks and uncertainties ", "title": "SNDA - SONIDA SENIOR LIVING, INC.", "url": "/company/SNDA/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000932781; latest 10-K filed 2026-03-16.", "text": "FCCO - FIRST COMMUNITY CORP /SC/ SIC 6022 State Commercial Banks; CIK 0000932781; latest 10-K filed 2026-03-16. FCCO FIRST COMMUNITY CORP /SC/ 0000932781 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis identifies significant factors that have affected our financial position and operating results during the periods included in the accompanying financial statements. We encourage you to read this discussion and analysis in conjunction with the financial statements and the related notes and the other statistical information also included in this Annual Report on Form 10-K. Overview We are headquartered in Lexington, South Carolina and serve as the bank holding company for the Bank. We engage in a general commercial and retail banking business characterized by personalized service and local decision making, emphasizing the banking needs of small to medium-sized businesses, professionals and individuals. We operate from our main office in Lexington, South Carolina, and our 21 full-service offices located in the South Carolina counties of Lexington County (6 offices), Richland County (4 offices), Newberry County (2 offices), Kershaw County (1 office), Aiken County (1 office), Greenville County (2 offices), Anderson County (1 office), Pickens County (1 office), and York County (1 office); and in the Georgia counties of Richmond County (1 office) and Columbia County (1 office). The following discussion describes our results of operations for 2025, as compared to 2024 and 2023, and also analyzes our financial condition as of December 31, 2025, as compared to December 31, 2024. Like most community banks, we derive most of our income from interest we receive on our loans and investments. A primary source of funds for making these loans and investments is our deposits, on which we pay interest. Consequently, one of the key measures of our success is our amount of net interest income, or the difference between the income on our interest-earning assets, such as loans and investments, and the expense on our interest-bearing liabilities, such as deposits and borrowings. We have included a number of tables to assist in our description of these measures. For example, the \u201cAverage Balances\u201d table shows the average balance during 2025, 2024 and 2023 of each category of our assets and liabilities, as well as the yield we earned or the rate we paid with respect to each category. A review of this table shows that our loans typically provide higher interest yields than do other types of interest earning assets, which is why we intend to channel a substantial percentage of our earning assets into our loan portfolio. Similarly, the \u201cRate/Volume Analysis\u201d table helps demonstrate the impact of changing interest rates and changing volume of assets and liabilities during the years shown. We also track the sensitivity of our various categories of assets and liabilities to changes in interest rates, and we have included a \u201cSensitivity Analysis Table\u201d to help explain this. Finally, we have included a number of tables that provide detail about our investment securities, our loans, our deposits and our borrowings. There are risks inherent in all loans, so we maintain an allowance for credit losses to absorb expected losses. We establish and maintain this allowance by charging a provision for credit losses against our operating earnings. In the following section, we have included a detailed discussion of this process, as well as several tables describing our allowance for credit losses and the allocation of this allowance among our various categories of loans. In addition to earning interest on our loans and investments, we earn income through fees and other expenses we charge to our customers. We describe the various components of this noninterest income, as well as our noninterest expense, in the following discussion. The discussion and analysis also identifies significant factors that have affected our financial position and operating results during the periods included in the accompanying financial statements. We encour Item 1. Business. General First Community Corporation, a bank holding company registered under the Bank Holding Company Act of 1956, was incorporated under the laws of South Carolina in November 1994 primarily to own and control all of the capital stock of First Community Bank, which commenced operations in August 1995. The Bank\u2019s primary federal regulator is the Federal Deposit Insurance Corporation (the \u201cFDIC\u201d). The Bank is also regulated and examined by the South Carolina Board of Financial Institutions (the \u201cS.C. Board\u201d). Unless otherwise mentioned or unless the context requires otherwise, references herein to \u201cFirst Community,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or similar references mean First Community Corporation and its consolidated subsidiaries. References to the \u201cBank\u201d means First Community Bank. We engage in a commercial banking business from our main office in Lexington, South Carolina and our 21 full-service offices located in: the Midlands of South Carolina, which includes Lexington County (6 offices), Richland County (4 offices), Newberry County (2 offices) and Kershaw County (1 office); the Upstate of South Carolina, which includes Greenville County (2 offices), Anderson County (1 office) and Pickens County (1 office); the Piedmont Region of South Carolina, which includes York County, South Carolina (1 office) and the Central Savannah River Area, which includes Aiken County, South Carolina (1 office); and in Augusta, Georgia, which includes Richmond County (1 office) and Columbia County (1 office). At December 31, 2025, we had approximately $2.1 billion in assets, $1.3 billion in loans, $1.7 billion in deposits, and $167.6 million in shareholders\u2019 equity. We offer a wide range of traditional banking products and services for professionals and small-to medium-sized businesses, including consumer and commercial, mortgage, brokerage and investment, and insurance services. We also offer online banking to our customers. We have grown organically and through acquisi Item 1A. Risk Factors. There are risks, many beyond our control, which could cause our results to differ significantly from management\u2019s expectations. Some of these risk factors are described below. Any factor described in this Annual Report on Form 10-K could, by itself or together with one or more other factors, adversely aff", "title": "FCCO - FIRST COMMUNITY CORP /SC/", "url": "/company/FCCO/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0001070296; latest 10-K filed 2026-03-31.", "text": "FCAP - FIRST CAPITAL INC SIC 6035 Savings Institution, Federally Chartered; CIK 0001070296; latest 10-K filed 2026-03-31. FCAP FIRST CAPITAL INC 0001070296 6035 Savings Institution, Federally Chartered ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION General As the holding company for the Bank, the Company conducts its business primarily through the Bank. The Bank\u2019s results of operations depend primarily on net interest income, which is the difference between the income earned on its interest-earning assets, such as loans and investments, and the cost of its interest-bearing liabilities, consisting primarily of deposits and borrowings from the FHLB. The Bank\u2019s net income is also affected by, among other things, fee income, provisions for credit losses, operating expenses and income tax provisions. The Bank\u2019s results of operations are also significantly affected by general economic and competitive conditions, particularly changes in market interest rates, government legislation and policies concerning monetary and fiscal affairs, housing and financial institutions and the intended actions of the regulatory authorities. Management uses various indicators to evaluate the Company\u2019s financial condition and results of operations. Indicators include the following: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Net income and earnings per share \\u2013 Net income attributable to the Company was $16.4 million, or $4.89 per diluted share for 2025 compared to $11.9 million, or $3.57 per diluted share for 2024 and $12.8 million, or $3.82 per diluted share for 2023.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Return on average assets and return on average equity \\u2013 Return on average assets for 2025 was 1.34% compared to 1.02% for 2024 and 1.12% for 2023, and return on average equity for 2025 was 13.18% compared to 10.97% for 2024 and 14.03% for 2023.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Efficiency ratio \\u2013 The Company\\u2019s efficiency ratio (defined as noninterest expenses divided by net interest income plus noninterest income) was 58.4% for 2025 compared to 64.1% for 2024 and 61.6% for 2023.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Asset quality \\u2013 Net loan charge-offs totaled $469,000 for 2023, $173,000 for 2024 and $317,000 for 2025, and the ratio of net charge-offs to average loans outstanding remained virtually unchanged at 0.08% for 2023, 0.03% for 2024 and 0.05% for 2025. In addition, total nonperforming assets (consisting of nonperforming loans) remained virtually unchanged at $4.4 million, or 0.37% of total assets, at December 31, 2024 and $4.4 million, or 0.34% of total assets, at December 31, 2025. The ACL on loans was 1.52% of total outstanding loans and 232.3% of nonaccrual loans at December 31, 2025 compared to 1.45% of total outstanding loans and 211.8% of nonaccrual loans at December 31, 2024.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Shareholder return \\u2013 Total annual shareholder return, including the increase in the Company\\u2019s stock price from $32.25 at December 31, 2024 to $59.20 at December 31, 2025 and dividends of $1.20 per share, was 87.3% for 2025 compared to 19.6% for 2024 and 16.4% for 2023. The total return for the three-year period was 151.4%.\"]] [[/GREPCENT_TABLE]] Management\u2019s discussion and analysis of financial condition and results of operations is intended to assist in understanding the financial condition and results of operations of the Company and the Bank. The information contained in this section should be read in conjunction with the consolidated financial statements and the accompanying Notes to Consolidated Financial Statements included in this report. Operating Strategy The Company is the parent company of an independent community-oriented financial institution that delivers quality customer service and offers a wide range of deposit, loan and investment products to its customers. The commitment to customer needs, the focus on providing consistent customer service, and community service and support are the keys to the Bank\u2019s past and future success. The Company has no oth ITEM 1.BUSINESS General First Capital, Inc. (the \u201cCompany,\u201d \u201cFirst Capital,\u201d \u201cus,\u201d or \u201cwe\u201d) was incorporated under Indiana law on September 11, 1998. On December 31, 1998, the Company became the holding company for First Federal Bank, A Federal Savings Bank (the \u201cBank\u201d) upon the Bank\u2019s reorganization as a wholly owned subsidiary of the Company resulting from the conversion of First Capital, Inc., M.H.C. (the \u201cMHC\u201d), from a federal mutual holding company to a stock holding company. On January 12, 2000, the Company completed a merger of equals with HCB Bancorp, the former holding company for Harrison County Bank, and the Bank changed its name to First Harrison Bank. On March 20, 2003, the Company acquired Hometown Bancshares, Inc. (\u201cHometown\u201d), a bank holding company located in New Albany, Indiana. On December 4, 2015, the Company acquired Peoples Bancorp, Inc. of Bullitt County and its wholly-owned bank subsidiary, Peoples Bank of Bullitt County (\u201cPeoples\u201d), headquartered in Shepherdsville, Kentucky. On September 20, 2017, the Bank filed applications with the Indiana Department of Financial Institutions (\u201cIDFI\u201d) and the Federal Deposit Insurance Corporation (\u201cFDIC\u201d) to convert from a federal savings association into an Indiana chartered commercial bank (the \u201cConversion\u201d), and since June 30, 2018, the IDFI is the Bank\u2019s primary regulator and the FDIC is the Bank\u2019s primary federal regulator. The Conversion did not affect the Bank\u2019s clients in any way and did not affect FDIC deposit insurance on eligible accounts as the Bank\u2019s deposits are federally insured by the FDIC under the Deposit Insurance Fund. The Bank is a member of the Federal Home Loan Bank (\u201cFHLB\u201d) System. Additionally, in connection with the Conversion, the Company filed an application with the Federal Reserve Bank (\u201cFRB\u201d) of St. Louis to change from a savings and loan holding company to a financial holding company. This change occurred simultaneously with the Conversion discussed above. The Company\u2019s ITEM 1A.RISK FACTORS An investment in our common stock is subject to risks inherent to our business. Before making an investment decision, you should carefully read and consider the following risks and uncertainties. We may encounter risks in addition to those described below, including risks and uncertainties ", "title": "FCAP - FIRST CAPITAL INC", "url": "/company/FCAP/" }, { "kind": "company", "summary": "SIC 6500 Real Estate; CIK 0001823587; latest 10-K filed 2026-03-19.", "text": "SKYH - Sky Harbour Group Corp SIC 6500 Real Estate; CIK 0001823587; latest 10-K filed 2026-03-19. SKYH Sky Harbour Group Corp 0001823587 6500 Real Estate ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of the Company\u2019s financial condition and results of operations should be read in conjunction with our audited financial statements and the notes related thereto which are included in \u201cItem 8. Financial Statements and Supplementary Data\u201d of this Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth under \u201cSpecial Note Regarding Forward-Looking Statements,\u201d \u201cItem 1A. Risk Factors\u201d and elsewhere in this Report. Overview and Background We are an aviation infrastructure development company building the first nationwide network of Home Base Operator (\u201cHBO\u201d) campuses designed exclusively for business aircraft. We develop, lease and manage general aviation hangars across the United States, targeting airfields in markets with significant based aircraft populations and high hangar demand. Our HBO campuses feature private and semi-private hangars and a full suite of dedicated services specifically optimized for home based, versus transient, aircraft. The physical footprint of the U.S. business aviation fleet grew by almost 46 million square feet in the past sixteen years, with hangar supply lagging dramatically, especially in key growth markets. As the fleet of private jets in the United States continues to grow, with recent new aircraft deliveries exceeding retirements, demand for hangar space is at a premium in part because new jets require taller tail clearances and more square footage of hangar space and the pace of new hangar construction has lagged behind the demand. The cumulative square footage of the business aircraft fleet in the United States increased 73% between 2010 and 2025. Moreover, over that same period, there was an 120% increase in the square footage of larger private jets \u2013 those with greater than a 24-foot tail height. A recent study conducted by a business aircraft manufacturer forecasted that business aircraft will only continue to grow in the next ten years, with up to 8,500 new business jet deliveries worth over $283 billion expected to be delivered between 2025 and 2034, with over two-thirds of the deliveries expected to be comprised of larger private jets. This forecast is further supported by data from the major business aviation manufacturers that suggest the current order backlog for new business aviation aircraft as of December 31, 2025 is over $57 billion, an increase of approximately 10% over the prior year. These larger footprint aircraft do not fit in much of the existing hangar infrastructure and impose stacking challenges and constraints in the traditional shared or community hangars operated by fixed-base operators (\u201cFBO\u201d). The addition of winglets (the vertical extensions on aircraft wingtips) on most modern business jets inhibits wing-over-wing storage. Aircraft hangars are in high demand and short supply, with some airports compiling waiting lists that can exceed several years. We believe our scalable, real estate-centric business model is uniquely positioned to capture this market opportunity and address the increased imbalance between the supply and demand for private jet storage. We intend to capitalize on the existing hangar supply constraints at major U.S. airports by targeting high-end tenants in markets where there is a shortage of private and FBO hangar space, or where such hangars are or are becoming obsolete. We expect to realize economies of scale in construction through prototype hangar designs replicated at our HBO campuses across the United States through our in-house through our in-house construction management and general contracting. This allows for centralized procurement, stra ITEM 1. BUSINESS Overview We are an aviation infrastructure development company building the first nationwide network of Home Base Operator (\u201cHBO\u201d) campuses designed exclusively for business aircraft. We develop, lease and manage general aviation hangars across the United States, targeting airfields in markets with significant based aircraft populations and high hangar demand. Our HBO campuses feature private and semi-private hangars and a full suite of dedicated services specifically optimized for home based, versus transient, aircraft. The physical footprint of the U.S. business aviation fleet grew by almost 46 million square feet in the past sixteen years, with hangar supply lagging dramatically, especially in key growth markets. As the fleet of private jets in the United States continues to grow, with recent new aircraft deliveries exceeding retirements, demand for hangar space is at a premium in part because new jets require taller tail clearances and more square footage of hangar space and the pace of new hangar construction has lagged behind the demand. The cumulative square footage of the business aircraft fleet in the United States increased 73% between 2010 and 2025. Moreover, over that same period, there was an 120% increase in the square footage of larger private jets \u2013 those with greater than a 24-foot tail height. A recent study conducted by a business aircraft manufacturer forecasted that business aircraft will only continue to grow in the next ten years, with up to 8,500 new business jet deliveries worth over $283 billion expected to be delivered between 2025 and 2034, with over two-thirds of the deliveries expected to be comprised of larger private jets. This forecast is further supported by data from the major business aviation manufacturers that suggest the current order backlog for new business aviation aircraft as of December 31, 2025 is over $57 billion, an increase of approximately 10% over the prior year. These larger footprint aircraft d ITEM 1A. RISK FACTORS Certain factors may have a material adverse effect on our business, financial condition and results of operations. You should consider carefully the risks and uncertainties described below, in addition to other information contained in this Report, including our financial statements and related notes. If any of the following events", "title": "SKYH - Sky Harbour Group Corp", "url": "/company/SKYH/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001952976; latest 10-K filed 2026-02-25.", "text": "NLOP - Net Lease Office Properties SIC 6798 Real Estate Investment Trusts; CIK 0001952976; latest 10-K filed 2026-02-25. NLOP Net Lease Office Properties 0001952976 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in understanding our financial statements and the reasons for changes in certain key components of our financial statements from period to period. This item also provides our perspective on our financial position and liquidity, as well as certain other factors that may affect our future results. The following discussion should be read in conjunction with our consolidated financial statements in Item 8 of this Report and the matters described under Item 1A. Risk Factors. Please see our Annual Report on Form 10-K for the year ended December 31, 2024 for discussion of our financial condition and results of operations for the year ended December 31, 2023. Refer to Item 1. Business for a description of our business. Basis of Presentation Prior to the Spin-Off The historical results of operations and liquidity and capital resources of NLOP prior to the Spin-Off do not represent the historical results of operations and liquidity and capital resources of a legal entity, but rather a combination of entities under common control that have been \u201ccarved-out\u201d of WPC\u2019s consolidated financial statements and presented herein, in each case, in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d). Intercompany transactions and balances have been eliminated in combination. The preparation of the financial results of NLOP prior to the Spin-Off required management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the relevant reporting periods and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The financial results of NLOP prior to the Spin-Off reflect the revenues and direct expenses of NLOP and include material assets and liabilities of WPC that are specifically attributable to NLOP. Equity represents the excess of total assets over total liabilities. Equity is impacted by contributions from and distributions to WPC, which are the result of treasury activities and net funding provided by or distributed to WPC prior to the Separation, as well as the allocated costs and expenses. The financial results of NLOP prior to the Spin-Off also include an allocation of indirect costs and expenses incurred by WPC related to NLOP, primarily consisting of compensation and other general and administrative costs using the relative percentage of property revenue of NLOP and WPC management\u2019s knowledge of NLOP. In addition, the financial results reflect the allocation of interest expense from WPC unsecured debt, excluding debt that is specifically attributable to NLOP; interest expense was allocated by calculating the unencumbered net investment in real estate of each property held by NLOP as a percentage of WPC\u2019s total consolidated unencumbered net investment in real estate and multiplying that percentage by the interest expense on WPC unsecured debt. The amounts allocated in the financial results of NLOP prior to the Spin-Off are not necessarily indicative of the actual amount of such indirect expenses that would have been recorded had the NLOP been a separate independent entity during the applicable periods. NLOP believes the assumptions underlying NLOP\u2019s allocation of indirect expenses prior to the Spin-Off are reasonable. Emerging Growth Company NLOP is an \u201cemerging growth company,\u201d as defined in Section 2(a) of the U.S. Securities Act of 1933, as amended (the \u201cSecurities Act\u201d), as modified by the Jumpstart Our Business Startups Act of 2012, as amended (the \u201cJOBS Act\u201d), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including, but not limited to, not being required to comply wi Item 1. Business. General Development of Business Net Lease Office Properties (\u201cNLOP\u201d or the \u201cCompany\u201d) is a Maryland real estate investment trust that, together with our consolidated subsidiaries, owns a diversified portfolio of office properties that are primarily leased to corporate tenants on a single-tenant, net-lease basis. Our net leases generally specify a base rent with rent increases and require the tenant to pay substantially all costs associated with operating and maintaining the property. We elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (the \u201cCode\u201d) effective as of November 1, 2023. The vast majority of our revenues originate from lease revenue provided by our real estate portfolio, which comprises single-tenant office facilities that are critical to our tenants\u2019 operations. As of December 31, 2025, our portfolio comprised 24 properties, net-leased to 26 corporate tenants operating in a variety of industries, generating annualized base rent (\u201cABR\u201d) of approximately $54.1 million. As of December 31, 2025, all of our properties were located in the United States. In January and February 2026, we sold four properties, including a property leased to our largest tenant (based on ABR as of December 31, 2025) (Note 17). Pursuant to the terms of a separation and distribution agreement, W. P. Carey Inc. (\u201cWPC\u201d), a leading net-lease REIT listed on the New York Stock Exchange (\u201cNYSE\u201d) under the ticker symbol \u201cWPC,\u201d spun off a portfolio of 59 office assets into a separate publicly-traded company (the \u201cSpin-Off\u201d). To accomplish this Spin-Off, WPC formed NLOP on October 21, 2022. On November 1, 2023, WPC completed the Spin-Off. Following the closing of the Spin-Off, certain wholly-owned affiliates of WPC (our \u201cAdvisor\u201d) externally manage NLOP pursuant to certain advisory agreements (the \u201cNLOP Advisory Agreements\u201d). The Spin-Off was accomplished via a pro rata dividend of 1 NLOP common share for every 15 shares of WPC com Item 1A. Risk Factors. Our business, results of operations, financial condition, and ability to pay dividends could be materially adversely affected by various risks and uncertainties, including those enumerated below, which could cause such results to differ materially from those in any forward-looking statem", "title": "NLOP - Net Lease Office Properties", "url": "/company/NLOP/" }, { "kind": "company", "summary": "SIC 2833 Medicinal Chemicals & Botanical Products; CIK 0001386570; latest 10-K filed 2026-03-04.", "text": "NAGE - Niagen Bioscience, Inc. SIC 2833 Medicinal Chemicals & Botanical Products; CIK 0001386570; latest 10-K filed 2026-03-04. NAGE Niagen Bioscience, Inc. 0001386570 2833 Medicinal Chemicals & Botanical Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of financial condition and results of operations should be read in conjunction with the consolidated financial statements and accompanying notes included elsewhere this Form 10-K. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Annual Report on Form 10-K. We encourage you to review the risks and uncertainties described in Part I. Item 1A. Risk Factors and Cautionary Notice Regarding Forward-Looking Statements. Overview Niagen Bioscience, Inc. and its wholly owned subsidiaries, ChromaDex, Inc., ChromaDex International, Inc., ChromaDex Analytics, Inc., ChromaDex Asia Limited, Asia Pacific Scientific, Inc., ChromaDex Asia Pacific Ventures Limited, ChromaDex Europa B.V., and ChromaDex Trading (Shanghai) Co., Ltd. (collectively, \u201cNiagen Bioscience,\u201d the \u201cCompany\u201d or, in the first person as \u201cwe\u201d \u201cus\u201d and \u201cour\u201d) are a global bioscience company dedicated to promoting healthy aging. Our team, which includes world-renowned scientists, is pioneering research on nicotinamide adenine dinucleotide (NAD+), an essential coenzyme that regulates cellular metabolism and is present in every cell of the human body. NAD+ levels naturally decline with age, by up to 65% between ages 30 and 70, and can also be impacted by poor diet, excess alcohol consumption, and certain disease states. Increasing NAD+ levels through NAD+ precursors, calorie restriction, or moderate exercise has been shown to support healthy cellular function. We are at the forefront of developing and commercializing effective methods to support NAD+ levels and promote healthy aging. In 2013, we commercialized food-grade Niagen\u00ae, a proprietary form of nicotinamide riboside chloride (\u201cNRC\u201d or \u201cNRCL,\u201d commonly referred to as \u201cNR\u201d), a novel form of vitamin B3, as both a dietary and food ingredient. In 2017, we expanded our offerings with the launch of Tru Niagen\u00ae, a finished dietary supplement featuring Niagen\u00ae, available directly to consumers. In 2024, Niagen Plus products launched, which are products featuring pharmaceutical-grade Niagen\u00ae. We supply pharmaceutical-grade Niagen\u00ae to U.S. FDA-registered 503B outsourcing facilities, in addition to compound pharmacies abroad, which compound and distribute Niagen\u00ae intravenous (Niagen IV) and injectable Niagen\u00ae formulations for use under prescription. Food-grade Niagen\u00ae is authorized for human consumption as a dietary supplement and is generally recognized as safe (GRAS), while pharmaceutical-grade Niagen\u00ae is permitted by the FDA for compounding by 503B outsourcing facilities. Our operations are subject to regulation by various state and federal agencies. Dietary supplements are subject to FDA, FTC and U.S. Department of Agriculture regulations relating to composition, labeling and advertising claims. These regulations may in some cases, particularly with respect to those applicable to new ingredients, require a notification that must be submitted to the FDA along with evidence of safety and similar regulations exist related to food additives. 36 Table of Contents Recent Activities Queen\u2019s University Belfast Agreement Effective December 16, 2025, the Company entered into an assignment agreement with Queen\u2019s University Belfast (QUB) that replaced the parties\u2019 prior intellectual property arrangements (the \u201cAssignment Agreement\u201d). Under the Assignment Agreement, QUB assigned to us all of its interest in certain patent rights that had been previously jointly owned with, or licensed from, QUB. As a result of the transaction, we obtained full ownership of the applicable patent rights, terminated our prior royalty and license arrangements with QUB, and eliminated future royalty and sublicense obligations under those agreements. In connection with the Assignment Agreement Item 1. Business Unless otherwise indicated or the context otherwise requires, references to the Company, Niagen Bioscience, we, us and our refer to Niagen Bioscience, Inc. and its consolidated subsidiaries. Company Background On May 21, 2008, Cody Resources, Inc., a Nevada corporation and a public company, (Cody) entered into an Agreement and Plan of Merger (Merger Agreement), by and among Cody, CDI Acquisition, Inc., a California corporation and wholly-owned subsidiary of Cody (Acquisition Sub), and ChromaDex, Inc. (Merger). Subsequent to the signing of the Merger Agreement, Cody merged with and into a Delaware corporation. On June 20, 2008, Cody amended its articles of incorporation to change its name to ChromaDex Corporation. On April 25, 2016, ChromaDex Corporation became listed on the Nasdaq Capital Market (Nasdaq). On March 12, 2017, ChromaDex Corporation acquired Healthspan Research LLC, a consumer product company offering Tru Niagen\u00ae branded products. This marked the strategic shift to become a global bioscience company dedicated to healthy aging. On January 15, 2021, Healthspan Research LLC was dissolved. Prior to its dissolution, Healthspan Research, LLC contributed its assets and liabilities to ChromaDex, Inc., a wholly owned subsidiary of ChromaDex Corporation, Effective March 19, 2025, the Company changed its name to \u201cNiagen Bioscience, Inc.\u201d. In connection with the Company\u2019s new name, the Company changed the ticker symbol for the Company\u2019s common stock on Nasdaq, to \u201cNAGE\u201d. Company Overview We are a global bioscience company dedicated to promoting healthy aging. Our team, which includes world-renowned scientists, is pioneering research on nicotinamide adenine dinucleotide (NAD+), an essential coenzyme that regulates cellular metabolism and is present in every cell of the human body. NAD+ levels naturally decline with age, by up to 65% between ages 30 and 70, and can also be impacted by poor diet, excess alcohol consumption, and certain disease Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. Current investors and potential investors should consider carefully the risks and uncertainties described below together with all other information contained in this Form 10-K, including our financial statements, the re", "title": "NAGE - Niagen Bioscience, Inc.", "url": "/company/NAGE/" }, { "kind": "company", "summary": "SIC 8011 Services-Offices & Clinics of Doctors of Medicine; CIK 0000948320; latest 10-K filed 2026-03-10.", "text": "LFMD - LifeMD, Inc. SIC 8011 Services-Offices & Clinics of Doctors of Medicine; CIK 0000948320; latest 10-K filed 2026-03-10. LFMD LifeMD, Inc. 0000948320 8011 Services-Offices & Clinics of Doctors of Medicine ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is intended to provide information necessary to understand our audited consolidated financial statements for the period ended December 31, 2025 and highlight certain other information which, in the opinion of management, will enhance a reader\u2019s understanding of our financial condition, changes in financial condition and results of operations. In particular, the discussion is intended to provide an analysis of significant trends and material changes in our financial position and the operating results of our business during the fiscal year ended December 31, 2025, as compared to the fiscal year ended December 31, 2024. This discussion should be read in conjunction with our consolidated financial statements for the two-year period ended December 31, 2025 and related notes included elsewhere in this Annual Report on Form 10-K. These historical financial statements may not be indicative of our future performance. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains numerous forward-looking statements, all of which are based on our current expectations and could be affected by the uncertainties and risks described throughout this filing, particularly in \u201cItem 1A. Risk Factors.\u201d Overview We are a direct-to-patient telehealth company providing a high-quality, cost-effective, and convenient way to access comprehensive, virtual and in-home healthcare. We believe the traditional model of visiting a doctor\u2019s office, traveling to a retail pharmacy, and returning for follow-up care or prescription refills is complex, inefficient, and costly, which discourages many individuals from seeking much-needed medical care. LifeMD is improving the delivery of the healthcare experience through telehealth with our proprietary technology platform, affiliated and dedicated provider network, broad and expanding treatment capabilities, and the unique ability to nurture patient relationships. 28 The LifeMD telehealth platform integrates best-in-class capabilities including a 50-state medical group, a nationwide pharmacy network, a wholly-owned affiliated commercial pharmacy, nationwide laboratory and diagnostic testing capabilities, a fully integrated electronic medical records (\u201cEMR\u201d) system and a patient care and service call center. These capabilities are integrated by an industry-leading, proprietary telehealth technology that supports a broad range of primary care, chronic disease and lifestyle healthcare needs. Currently, LifeMD treats approximately 328,000 active patient subscribers across a range of their medical needs including primary care, men\u2019s sexual health, weight management, sleep, hair loss and hormonal therapy by providing telehealth clinical services and prescription and over-the-counter (\u201cOTC\u201d) treatments, as medically appropriate. Our virtual primary care services are primarily offered on a subscription basis. Since inception, we have helped more than 1,387,000 customers and patients by providing them with greater access to high quality, convenient, and affordable care. Our mission is to empower people to live healthier lives by increasing access to high-quality and affordable virtual and in-home healthcare. We believe our success has been, and will continue to be, attributable to an amazing patient experience, made possible by attracting and retaining the highest-quality providers in the country, and our vertically integrated care platform. As we continue to pursue long-term growth, we plan to continue to introduce new telehealth product and service offerings that complement our already expansive treatment areas. In June 2024, the Company launched the acceptance of private health insurance for its virtual primary care services, including weight management for medically qualified patients. Init Business Overview LifeMD is a patient-centric, direct-to-patient healthcare company providing a high-quality, cost-effective, and convenient way for patients to access virtual medical care and pharmacy services. We believe the traditional healthcare model requiring patients to visit a physician\u2019s office, travel to a retail pharmacy, and return for follow-up appointments or prescription refills is complex, inefficient, and costly which can discourage individuals from seeking necessary medical care and medications. At the same time, the United States (\u201cU.S.\u201d) continues to experience shortages in primary care key specialty areas. Through our vertically integrated care model, we combine proprietary technology, affiliated clinical services, pharmacy infrastructure, and artificial intelligence (\u201cAI\u201d)-enabled operational systems to deliver longitudinal care at scale. Our mission is to empower individuals to live healthier lives by expanding access to high-quality virtual and in-home healthcare services. We believe our success is driven by an exceptional patient experience, our affiliated medical group comprised of high-quality and dedicated providers, and our vertically integrated care platform As of December 31, 2025, LifeMD served approximately 328,000 active patient subscribers across a range of healthcare needs, including primary care, men\u2019s and women\u2019s health, hormone health, weight management, insomnia, dermatology and cardiology. We provide virtual clinical services as well as prescription and over-the-counter (\u201cOTC\u201d) treatments, when medically appropriate. Our virtual primary care services are primarily offered through a subscription model. Since inception, we have served approximately 1,387,000 patients and customers, expanding access to convenient, and high-quality healthcare. Telehealth revenue increased 25% for the year ended December 31, 2025 as compared to the year ended December 31, 2024. Approximately 95% of our total revenue is derived from recurring", "title": "LFMD - LifeMD, Inc.", "url": "/company/LFMD/" }, { "kind": "company", "summary": "SIC 2451 Mobile Homes; CIK 0001436208; latest 10-K filed 2026-03-12.", "text": "LEGH - Legacy Housing Corp SIC 2451 Mobile Homes; CIK 0001436208; latest 10-K filed 2026-03-12. LEGH Legacy Housing Corp 0001436208 2451 Mobile Homes ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion should be read in conjunction with the financial statements and accompanying notes and the information contained in other sections of this Form 10-K. It contains forward-looking statements that involve risks and uncertainties, and is based on the beliefs of our management, as well as assumptions made by, and information currently available to, our management. Our actual results could differ materially from those anticipated by our management in these forward-looking statements as a result of various factors, including those discussed in this Form 10-K and in our Registration Statement on Form S-1, particularly under the heading \u201cRisk Factors.\u201d Dollar amounts are in thousands unless otherwise noted. Overview Legacy Housing Corporation builds, sells and finances manufactured homes and \u201cTiny Houses\u201d that are distributed through a network of independent retailers and company-owned stores and are sold directly to manufactured housing communities. We are one of the largest producers of manufactured homes in the United States. With current operations focused primarily in the southern United States, we offer our customers an array of quality homes ranging in size from approximately 395 to 2,667 square feet consisting of 1 to 5 bedrooms, with 1 to 31/2 bathrooms. Our homes range in price, at retail, from approximately $47,000 to $200,000. During 2025, we sold 1,703 units (comprising 2,253 floors) (which are entire homes or single floors that are combined to create complete homes) and in 2024, we sold 2,129 units (comprising 2,471 floors). We have one reportable segment. All of our activities are interrelated, and each activity is dependent and assessed based on how each of the activities of our company supports the others. For example, the sale of manufactured homes includes coordinating or providing transportation for dealers. We also provide financing options for customers to facilitate home sales. Accordingly, all significant operating and strategic decisions by the co-chief operating decision makers, the Executive Chairman and Chief Executive Officer, are based upon analyses of our company as one operating segment. We believe our company is one of the most vertically integrated in the manufactured housing industry, allowing us to offer a complete solution to our customers. We manufacture custom-made homes using quality materials, distribute those homes through our expansive network of independent retailers and company-owned distribution locations and provide tailored financing solutions for our customers. Our homes are constructed in the United States at one of our three manufacturing facilities in accordance with the construction and safety standards of the U.S. Department of Housing and Urban Development (\u201cHUD\u201d). Our factories employ high-volume production techniques that allow us to produce up to, on average, approximately 70 home sections, or 60 fully-completed homes depending on product mix, in total per week. We use quality materials and operate our own component manufacturing facilities for many of the items used in the construction of our homes. Each home can be configured according to a variety of floor plans and equipped with features such as fireplaces, central air conditioning and state-of-the-art kitchens. Our homes are marketed under our premier \u201cLegacy\u201d brand name and currently are sold primarily across 15 states through a network of over 80 independent retail locations, 14 company-owned retail locations and through direct sales to owners of manufactured home communities. Of our 14 company-owned retail locations, 13 Heritage Housing stores and one Tiny House Outlet stores exclusively sell our homes. One company-owned location operates under the AmeriCasa name and sells both our homes and those of several other manufacturers. During the years ended December 31, 2025 and 2024, no independen ITEM 1. BUSINESS. Forward-Looking Statements This Annual Report on Form 10-K (this \u201cForm 10-K\u201d) contains forward-looking statements. Forward-looking statements are predictions based on expectations and projections about future events, and are not statements of historical fact. Forward-looking statements include statements concerning business strategy, among other things, including anticipated trends and developments in and management plans for our business and the markets in which we operate. In some cases, you can identify these statements by forward-looking words, such as \u201cestimate,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cproject,\u201d \u201cplan,\u201d \u201cintend,\u201d \u201cbelieve,\u201d \u201cforecast,\u201d \u201cforesee,\u201d \u201clikely,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201cgoal,\u201d \u201ctarget,\u201d \u201cmight,\u201d \u201cwill,\u201d \"would,\" \"can,\" \u201ccould,\u201d \u201cpredict,\u201d and \u201ccontinue,\u201d the negative or plural of these words and other comparable terminology. All forward-looking statements included in this Form 10-K are based upon information available to us as of the filing date of this Form 10-K, and we undertake no obligation to update any of these forward-looking statements for any reason. You should not place undue reliance on forward-looking statements. The forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include the matters discussed under \u201cRisk Factors\u201d described elsewhere in this Form 10-K and from time to time in future reports that we file with the Securities and Exchange Commission. You should carefully consider the risks and uncertainties described in this Form 10-K. In this Form 10-K, unless otherwise indicated or the context otherwise requires, \u201cLegacy,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d refer to Legacy Housing Corporation, a Texas corporation. Our Company We build, sell, and finance manufactured homes and \u201cTiny Houses\u201d that are distr", "title": "LEGH - Legacy Housing Corp", "url": "/company/LEGH/" }, { "kind": "company", "summary": "SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001802156; latest 10-K filed 2026-03-04.", "text": "XPOF - Xponential Fitness, Inc. SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001802156; latest 10-K filed 2026-03-04. XPOF Xponential Fitness, Inc. 0001802156 7990 Services-Miscellaneous Amusement & Recreation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes thereto and the other financial information included elsewhere in this Annual Report on Form 10-K. In addition to historical consolidated financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results and timing may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the section titled \u201cRisk Factors.\u201d Overview Xponential Fitness LLC (\u201cXPO LLC\u201d), the principal operating subsidiary of Xponential Fitness, Inc. (\u201cXPO Inc.\u201d), and together with its subsidiaries, (the \u201cCompany\u201d or \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d), is one of the leading global franchisors of boutique health and wellness brands. Pursuant to a reorganization into a holding company structure, the Company is a holding company with its principal asset being a 72.0% ownership interest in XPO LLC through its ownership interest in Xponential Intermediate Holdings, LLC (\u201cXPO Holdings\u201d). We operate a diversified platform of five brands spanning across verticals including Pilates, barre, stretching, strength training and yoga. In partnership with its franchisees and master franchisees, XPO LLC offers energetic, accessible, and personalized workout experiences led by highly qualified instructors in studio locations throughout the North America Region and internationally, with franchise, master franchise and international expansion agreements in 49 U.S. states, Puerto Rico, and 28 additional countries as of December 31, 2025. The Company's portfolio of brands includes Club Pilates, the largest Pilates brand in the United States; StretchLab, a concept offering one-on-one and group stretching services; YogaSix, the largest franchised yoga brand in the United States; Pure Barre, a total body workout that uses the ballet barre to perform small isometric movements, and the largest barre brand in the United States; and BFT, a functional training and strength-based program. As of December 31, 2025, 2,606 studios were open in the North America Region (consists of Canada, the United States and U.S. Territories) and franchisees were contractually committed to open 832 additional studios under existing franchise agreements. In addition, as of December 31, 2025, we had 491 studios open internationally and our master franchisees were contractually obligated to sell licenses to franchisees to open an additional 767 new studios, of which master franchisees have sold 192 licenses for studios not yet opened as of December 31, 2025. During the years ended December 31, 2025, 2024 and 2023, we generated revenue outside the United States of $11.1 million, $14.0 million, and $13.4 million, respectively. As of December 31, 2025 and 2024, we did not have material assets located outside of the United States. No franchisee accounted for more than 5% of our revenue. We operate in one segment for financial reporting purposes. 61 Recent Developments Executive Team Transition On August 7, 2025, we announced that our board of directors had unanimously appointed Mr. Michael Nuzzo as Chief Executive Officer effective August 7, 2025. Mr. Nuzzo also joined our board of directors. Mr. Nuzzo succeeded Mark King, who retired from his position as Chief Executive Officer and as a member of our board of directors, also effective August 7, 2025. On July 30, 2025, we entered into an employment agreement with Mr. Nuzzo in connection with his appointment as Chief Executive Officer, to be effective as of August 7, 2025. Mr. Nuzzo brings more than 25 years of executive leadership in the retail and consum Item 1. Business. Overview Xponential Fitness, Inc. (the \u201cCompany\u201d or \u201cXPO Inc.\u201d) through its principal operating subsidiary, Xponential Fitness LLC (\u201cXPO LLC\u201d), and other subsidiaries, is one of the leading global franchisors of boutique health and wellness brands. We operate a diversified platform of five brands spanning across verticals including Pilates, barre, stretching, functional training, and yoga. In partnership with its franchisees and master franchisees, XPO LLC offers energetic, accessible, and personalized workout experiences led by highly qualified instructors in studio locations throughout North America and internationally, with franchise, master franchise and international expansion agreements in 49 U.S. states, Puerto Rico, and 28 additional countries as of December 31, 2025. The Company's portfolio of brands includes Club Pilates, the largest Pilates brand in the United States; StretchLab, a concept offering one-on-one and group stretching services; YogaSix, the largest franchised yoga brand in the United States; Pure Barre, a total body workout that uses the ballet barre to perform small isometric movements, and the largest barre brand in the United States; and BFT, a functional training and strength-based program. Prior to the divestitures of the CycleBar and Rumble brands in July 2025, through our ownership of the CycleBar and Rumble brands, we franchised boutique fitness studios dedicated to indoor cycling and boxing disciplines, respectively. Additionally, prior to the divestiture of the Lindora brand in September 2025, through our ownership of the Lindora brand, we franchised clinics that provided medically guided wellness and metabolic health solutions to its members. Key performance metrics in this \u201cBusiness\u201d section are presented on an adjusted basis to reflect historical information of Lindora prior to the acquisition by the Company in January 2024 and on an adjusted basis to remove historical information of Stride and Row House prio Item 1A. Risk Factors. Our business is subject to a number of risks, some of which are discussed below. The risk factors discussed in this section should be considered together with all of the other information contained in this Annual Report on Form 10-K, including the section titled ", "title": "XPOF - Xponential Fitness, Inc.", "url": "/company/XPOF/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001981546; latest 10-K filed 2026-03-24.", "text": "CBK - Commercial Bancgroup, Inc. SIC 6022 State Commercial Banks; CIK 0001981546; latest 10-K filed 2026-03-24. CBK Commercial Bancgroup, Inc. 0001981546 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes appearing elsewhere in this Report. This discussion and analysis contains forward-looking statements that are subject to certain risks and uncertainties and are based on certain assumptions that we believe are reasonable but may not be realized. Certain risks, uncertainties and other factors, including those set forth under \u201cRisk Factors,\u201d under \u201cCautionary Note Regarding Forward-Looking Statements\u201d and elsewhere in this Report, may cause actual results to differ materially from those projected results discussed in the forward-looking statements appearing in this discussion and analysis. We assume no obligation to update any of these forward-looking statements. Certain monetary amounts, percentages and other figures included in this discussion and analysis may have been subject to rounding adjustments. Accordingly, figures shown in totals in certain tables or charts may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them. Overview The Company is a bank holding company with principal executive offices located in Harrogate, Tennessee that has elected under the BHC Act to become a financial holding company. We were incorporated in Tennessee in 1975, and we operate primarily through our wholly owned subsidiary, the Bank, a Tennessee banking corporation organized in 1976. We provide banking services from 34 offices in select markets in Kentucky, North Carolina, and Tennessee, and we also operate one LPO in Lincolnton, North Carolina. The Bank is a full-service community banking institution that offers traditional consumer and commercial products and services to serve businesses and individuals in our markets. 51 We have pursued a strategy of disciplined organic and acquisition-fueled growth. Since 2008, we have successfully completed five whole-bank acquisitions. Most recently, in June 2023, we acquired a majority (76.83%) ownership interest in AB&T Financial Corporation (\u201cAB&T\u201d), the parent company of Alliance, for total consideration of $23.8 million, which included cash, debt forgiveness, and shares of Class C Common Stock. An approximately 57.17% ownership interest in AB&T was acquired in exchange for a combination of cash and debt forgiveness, with the AB&T shares being valued for this purpose at two times the tangible book value per share of AB&T\u2019s common stock as of May 31, 2023. We acquired the remaining portion of the majority ownership interest in AB&T, or an approximately 19.66% ownership interest, in exchange for shares of Class C Common Stock, with the shares of Class C Common Stock being issued pursuant to exemptions from registration under the federal securities laws. This exchange of shares was completed using the tangible book value per share of the Company\u2019s common stock and Class B Common Stock ($3,551.38 per share), on the one hand, and AB&T\u2019s common stock ($0.56 per share), on the other hand, as of April 30, 2023, with shares of AB&T common stock converting to shares of Class C Common Stock on a book-for-book basis at a ratio of 0.000158 shares of Class C Common Stock for each share of AB&T common stock. We acquired the remaining minority (23.17%) ownership interest in AB&T on June 30, 2024, for aggregate cash consideration of $5,678,150, or $0.74 per share of AB&T common stock. This per share price was supported by a valuation of the AB&T common stock as of June 30, 2023, commissioned by a committee of the board of directors of AB&T comprised solely of independent directors. On July 1, 2024, Alliance merged with and into the Bank. Our acqu ITEM 1. BUSINESS Company Overview We are a bank holding company with our principal executive offices located in Harrogate, Tennessee, and have elected under the BHC Act to become a financial holding company. We were incorporated in Tennessee in 1975, and we operate primarily through our wholly owned bank subsidiary, Commercial Bank, a Tennessee banking corporation organized in 1976 (the \u201cBank\u201d). The Bank is a full-service community banking institution that offers traditional consumer and commercial products and services to serve businesses and individuals in select markets in Kentucky, North Carolina, and Tennessee. As of December 31, 2025, we had total consolidated assets of $2.3 billion, loans, net of allowance for credit losses, of $1.9 billion, deposits of $1.8 billion and total shareholders\u2019 equity of $285.3 million, and we operated 34 banking offices. Our primary service areas in Tennessee are (i) the metropolitan statistical areas (the \u201cMSAs\u201d) of (a) Nashville-Davidson \u2014 Murfreesboro \u2014 Franklin, Tennessee (the \u201cNashville MSA\u201d), (b) Knoxville, Tennessee (the \u201cKnoxville MSA\u201d), and (c) Kingsport-Bristol, Tennessee-Virginia and Johnson City, Tennessee (collectively, the \u201cTri-Cities MSA\u201d), and (ii) Claiborne County, Cocke County, Union County, and Hamblen County, and their surrounding areas. In Kentucky, we primarily serve the communities in Southeast Kentucky, with branches in Barbourville, Corbin, Cumberland, Harlan, London, Middlesboro, and Pineville. Upon the Bank\u2019s merger with Alliance Bank & Trust Company (\u201cAlliance\u201d) on July 1, 2024, we expanded our services to North Carolina, including parts of the Charlotte-Concord-Gastonia, North Carolina-South Carolina MSA (the \u201cCharlotte MSA\u201d), with branches in Shelby, Kings Mountain and Gastonia. We also operate one loan production office (\u201cLPO\u201d) in Lincolnton, North Carolina. Through our many years of growth, our experiences have shaped our character. We continue to pursue our mission to create positive experienc ITEM 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. Before you decide to invest in our common stock, you should carefully consider the risks described below, together with all other information included in this Report, including our consolidated financial statements and related notes appearing", "title": "CBK - Commercial Bancgroup, Inc.", "url": "/company/CBK/" }, { "kind": "company", "summary": "SIC 6531 Real Estate Agents & Managers (For Others); CIK 0001581091; latest 10-K filed 2026-02-19.", "text": "RMAX - RE/MAX Holdings, Inc. SIC 6531 Real Estate Agents & Managers (For Others); CIK 0001581091; latest 10-K filed 2026-02-19. RMAX RE/MAX Holdings, Inc. 0001581091 6531 Real Estate Agents & Managers (For Others) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with our consolidated financial statements and accompanying notes thereto (\u201cfinancial statements\u201d) included elsewhere in this Annual Report on Form 10-K. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements. See \u201cForward-Looking Statements\u201d and \u201cItem 1A.\u2014Risk Factors\u201d for a discussion of the uncertainties, risks and assumptions associated with these statements. Actual results may differ materially from those contained in any forward-looking statements. The historical results of operations discussed in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations are those of RE/MAX Holdings, Inc. (\u201cHoldings\u201d) and its consolidated subsidiaries (collectively, the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d). Executive Summary Business Overview We are one of the world\u2019s leading franchisors in the real estate industry. We franchise real estate brokerages globally under the RE/MAX\u00ae brand (\u201cREMAX\u201d) and mortgage brokerages in the U.S. under the Motto Mortgage brand (\u201cMotto\u201d). We also sell ancillary products and services to our franchise networks, including affiliate spend on marketing services within the Marketing as a Service (\u201cMaaS\u201d) platform to our REMAX network, loan processing services to our Motto network and other third parties through our wemlo\u00ae brand and advertisements on and lead generation services from our flagship websites www.remax.com and www.remax.ca. REMAX and Motto are 100% franchised. We do not own any of the brokerages that operate under the REMAX and Motto brands but provide the right to use our brands and a unique value proposition to support our franchisees as they fund their own growth and development. As a result, we maintain a low fixed-cost structure which, combined with our recurring fee-based models, enables us to capitalize on the economic benefits of the franchising model, yielding high margins and significant cash flow. We are focused on operating our business as efficiently and effectively as possible, maintaining a growth mindset, and delivering the absolute best customer experience. We provide quality education, innovative technology products, valuable marketing and we leverage our size and scale to continue to build the strength of our brands and enhance our competitive advantages. To best serve our customers, we are organized into the following segments based on the services we provide: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Real Estate, which includes our REMAX brand along with corporate-wide shared services expenses;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Mortgage, which includes our Motto Mortgage and wemlo brands; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Marketing Funds, which includes our collective franchise marketing funds, which operate at no profit.\"]] [[/GREPCENT_TABLE]] Financial and Operational Highlights In 2025, our global agent network reached to a record 148,500 agents, with three consecutive quarters of stabilization in U.S. agent count and relatively flat activity in Canada, despite challenging housing and mortgage market conditions in the U.S. and Canada and broader economic uncertainty. These macro factors contributed to declines in U.S. REMAX agent count, open Motto offices, and total revenue. Although the macroeconomic environment has presented several uncontrollable challenges, we continue to focus on growth initiatives to elevate and expand the value proposition for our affiliates that are designed to empower them to win more business, save time and build more profitable businesses. We continued to invest in growth initiatives to strengthen our value proposition and support franchisee, agent and loan originator success. In early 2025, we launched refreshed, digital-first branding, ITEM 1. BUSINESS Overview We are one of the world\u2019s leading franchisors in the real estate industry. We franchise real estate brokerages worldwide under the RE/MAX\u00ae brand (\u201cREMAX\u201d) and mortgage brokerages in the United States under the Motto\u00ae Mortgage brand (\u201cMotto\u201d). We also provide ancillary products and services to our franchise networks, including marketing services, technology platforms, and mortgage loan processing services to our Motto network and other third parties through our wemlo\u00ae brand. REMAX and Motto are 100% franchised. We do not own or operate brokerage offices. Instead, we provide franchisees with the right to use our brands, technology offerings, and value proposition while franchisees fund and manage their own operations. As a result, we maintain a low fixed-cost structure and generate revenue primarily from recurring fee-based sources, producing strong margins and cash flow. We focus on operational efficiency, innovation, and delivering a high-quality experience for franchisees, agents, loan originators, and consumers. Our scale enables us to invest in education, technology, and marketing initiatives, that strengthen our brands and enhance competitive advantages. We are committed to delivering the best experience in everything real estate. Our History REMAX was founded in 1973 with an innovative, entrepreneurial culture grounded in a differentiated economic structure affording our franchisees and their agents the flexibility to operate their businesses with great independence. In the early years of our expansion in the U.S. and Canada, we accelerated the brand\u2019s growth by selling regional franchise rights to independent owners for certain geographic regions, a practice we still employ in countries outside of the U.S. and Canada. The REMAX global franchise network now has a presence in over 120 countries and territories, resulting in a global footprint that is unmatched by any other real estate brand. On June 25, 2013, RE/MAX Holdings, Inc. ITEM 1A. RISK FACTORS RE/MAX Holdings, Inc. and its consolidated subsidiaries (collectively, the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d) could be adversely impacted by various risks and uncertainties. An investment in our Class A common stock involves a high degree of risk. You should carefully consider the fol", "title": "RMAX - RE/MAX Holdings, Inc.", "url": "/company/RMAX/" }, { "kind": "company", "summary": "SIC 4833 Television Broadcasting Stations; CIK 0000832428; latest 10-K filed 2026-02-27.", "text": "SSP - E.W. SCRIPPS Co SIC 4833 Television Broadcasting Stations; CIK 0000832428; latest 10-K filed 2026-02-27. SSP E.W. SCRIPPS Co 0000832428 4833 Television Broadcasting Stations Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The Consolidated Financial Statements and Notes to Consolidated Financial Statements are the basis for our discussion and analysis of financial condition and results of operations. You should read this discussion in conjunction with those financial statements. This section of the Form 10-K omits discussion of year-to-year comparisons between 2024 and 2023, which may be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of our 2024 Form 10-K. Forward-Looking Statements This document contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: \"believe,\" \"anticipate,\" \"intend,\" \"expect,\" \"estimate,\" \"could,\" \"should,\" \"outlook,\" \"guidance,\" and similar references to future periods. Examples of forward-looking statements include, among others, statements the Company makes regarding expected operating results and future financial condition. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management\u2019s current beliefs, expectations, and assumptions regarding the future of the industry and the economy, the Company\u2019s plans and strategies, anticipated events and trends, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, and changes in circumstance that are difficult to predict and many of which are outside of the Company\u2019s control. A detailed discussion of such risks and uncertainties is included in the section of this document titled \"Risk Factors.\" The Company\u2019s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statement made in this document is based only on currently available information and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise. Executive Overview The E.W. Scripps Company (\u201cScripps\u201d) is a diverse media enterprise that serves audiences and businesses through a portfolio of more than 60 local television stations in more than 40 markets and national news and entertainment networks. Our local stations have programming agreements with ABC, NBC, CBS and FOX. The Scripps Networks reach nearly every American through national news outlets Scripps News and Court TV and popular entertainment brands ION, Bounce, Grit, ION Mystery, ION Plus and Laff. All of our local stations and national entertainment networks reach consumers over the air, and we have continued to expand our television networks and local brands on free streaming platforms. We also serve as the longtime steward of one of the nation's largest, most successful and longest-running educational programs, the Scripps National Spelling Bee. Additionally, we provide a television viewing device called Tablo that allows households to watch and record dozens of free, over-the-air and streaming channels anywhere in their home without a subscription. In January 2025, we announced the formation of a joint venture with Gray Media, Nexstar Media Group, Inc. and Sinclair, Inc. Leveraging broadcasters\u2019 uniquely efficient network architecture and the ATSC 3.0 transmission standard, EdgeBeam Wireless, LLC will provide expansive, reliable and secure data delivery services. This partnership creates a spectrum footprint that no individual broadcaster could achieve on its own, unlocking the potential of ATSC 3.0 to offer nationwide coverage for data d Item 1. Business Founded in 1878, The E.W. Scripps Company motto is \"Give light and the people will find their own way.\" Our vision statement is We Create Connection. We serve audiences and businesses through a portfolio of more than 60 local television stations in more than 40 markets and national news and entertainment networks. Our local stations have programming agreements with ABC, NBC, CBS and FOX. The Scripps Networks reach nearly every American through national news outlets Scripps News and Court TV and popular entertainment brands ION, Bounce, Grit, ION Mystery, ION Plus and Laff. All of our local stations and national entertainment networks reach consumers over the air, and we have continued to expand our television networks and local brands on free streaming platforms. We also serve as the longtime steward of one of the nation's largest, most successful and longest-running educational programs, the Scripps National Spelling Bee. Additionally, we provide a television viewing device called Tablo that allows households to watch and record dozens of free, over-the-air and streaming channels anywhere in their home without a subscription. For a full listing of our brands, visit http://www.scripps.com. In January 2025, we announced the formation of a joint venture with Gray Media, Nexstar Media Group, Inc. and Sinclair, Inc. Leveraging broadcasters\u2019 uniquely efficient network architecture and the ATSC 3.0 transmission standard, EdgeBeam Wireless, LLC will provide expansive, reliable and secure data delivery services. This partnership creates a spectrum footprint that no individual broadcaster could achieve on its own, unlocking the potential of ATSC 3.0 to offer nationwide coverage for data delivery to billions of potential devices on market-disrupting terms. We have committed to total cash contributions of $12.8 million for a 25% ownership interest in the joint venture, of which, $6.4 million was paid during 2025. On March 13, 2025, we announced a multi-year Item 1A. Risk Factors For an enterprise as large and complex as ours, a wide range of factors could materially affect future developments and performance. The most significant factors affecting our operations include the following: Risks Related to Our Businesses We expect to derive the majority of our revenues from advertisin", "title": "SSP - E.W. SCRIPPS Co", "url": "/company/SSP/" }, { "kind": "company", "summary": "SIC 1221 Bituminous Coal & Lignite Surface Mining; CIK 0000789933; latest 10-K filed 2026-03-04.", "text": "NC - NACCO INDUSTRIES INC SIC 1221 Bituminous Coal & Lignite Surface Mining; CIK 0000789933; latest 10-K filed 2026-03-04. NC NACCO INDUSTRIES INC 0000789933 1221 Bituminous Coal & Lignite Surface Mining Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS NACCO INDUSTRIES, INC. AND SUBSIDIARIES (Tabular Amounts in Thousands, Except Per Share and Percentage Data) OVERVIEW Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon management's current expectations and are subject to various uncertainties and changes in circumstances. Important factors that could cause actual results to differ materially from those described in these forward-looking statements are set forth below under the heading Forward-Looking Statements. Management's Discussion and Analysis of Financial Condition and Results of Operations include NACCO Industries, Inc.\u00ae (NACCO) and its wholly owned subsidiary, NACCO Natural Resources Corporation\u00ae (NACCO Natural Resources, and with NACCO collectively, the Company, we, our or us). NACCO Natural Resources brings natural resources to life by delivering aggregates, minerals, reliable fuels and environmental solutions through our robust portfolio of businesses. We operate under three reportable business segments: Utility Coal Mining, Contract Mining and Minerals and Royalties. The Utility Coal Mining segment, operated by North American Coal\u00ae, manages surface coal mines that are exclusive, long-term fuel providers for power generation companies. The Contract Mining segment, operated by North American Mining\u00ae, is a leading provider of a broad range of specialized, long-term contract mining services. The Minerals and Royalties segment, which includes the Catapult Mineral Partners\u00ae (Catapult) business, acquires and promotes the development of mineral and royalty interests and other related investments. In addition to the reportable segments discussed above, we also operate other businesses that are not currently reported as separate segments. These businesses complement our existing operations and support our long-term growth strategic objectives. Mitigation Resources of North America\u00ae (Mitigation Resources) provides natural resource restoration and reclamation services that include stream and wetland mitigation solutions. ReGen Resources is pursuing opportunities to develop new power generation resources. We also have items not directly attributable to an operating segment. These items primarily include administrative costs related to public company reporting requirements, including management and board compensation, the financial results of developing businesses and Bellaire Corporation (Bellaire). Bellaire manages long-term liabilities related to former Eastern U.S. underground mining activities. All financial statement line items below operating profit (other expense, including interest expense and interest income, the benefit for income taxes and net income) are presented and discussed within this Form 10-K on a consolidated basis. See Item 1. Business beginning on page 1 in this Form 10-K for further discussion of NACCO's subsidiaries. Additional information relating to financial and operating data on a segment basis (including unallocated items) is set forth in Note 15 to the Consolidated Financial Statements contained in this Form 10-K. CRITICAL ACCOUNTING POLICIES AND ESTIMATES Our discussion and analysis of our financial condition and results of operations are based upon the consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities (if any). On an ongoing basis, we evaluate our estimates based on historical experience, actuarial valuations and various other assumptions that are believed to be r Item 1. BUSINESS General NACCO Industries, Inc.\u00ae (NACCO) and its wholly owned subsidiary, NACCO Natural Resources Corporation\u00ae (NACCO Natural Resources, and with NACCO collectively, the Company, we, our or us), bring natural resources to life by delivering aggregates, minerals, reliable fuels and environmental solutions through our robust portfolio of businesses. We operate under three reportable business segments: Utility Coal Mining, Contract Mining and Minerals and Royalties. The Utility Coal Mining segment, operated by North American Coal\u00ae, manages surface coal mines that are exclusive, long-term fuel providers for power generation companies. The Contract Mining segment, operated by North American Mining\u00ae, is a leading provider of a broad range of specialized, long-term contract mining services. The Minerals and Royalties segment, which includes the Catapult Mineral Partners\u00ae (Catapult) business, acquires and promotes the development of mineral and royalty interests and other related investments. In addition to the reportable segments discussed above, we also operate other businesses that are not currently reported as separate segments. These businesses complement our existing operations and support our long-term growth strategic objectives. Mitigation Resources of North America\u00ae (Mitigation Resources) provides natural resource restoration and reclamation services that include stream and wetland mitigation solutions. ReGen Resources is pursuing opportunities to develop new power generation resources. We also have items not directly attributable to an operating segment. These items primarily include administrative costs related to public company reporting requirements, including management and board compensation, the financial results of developing businesses and Bellaire Corporation (Bellaire). Bellaire manages long-term liabilities related to former Eastern U.S. underground mining activities. During 2025, we changed the names of our reportable segments to Item 1A. RISK FACTORS We operate in a rapidly changing environment that involves a number of risks. The following discussion highlights some of these risks and others are discussed elsewhere in this report. These and other risks could materially and adversely affect our business, financial condition, operating re", "title": "NC - NACCO INDUSTRIES INC", "url": "/company/NC/" }, { "kind": "company", "summary": "SIC 7310 Services-Advertising; CIK 0001705110; latest 10-K filed 2026-02-20.", "text": "ANGI - Angi Inc. SIC 7310 Services-Advertising; CIK 0001705110; latest 10-K filed 2026-02-20. ANGI Angi Inc. 0001705110 7310 Services-Advertising Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations GENERAL Management Overview Angi Inc. (\u201cAngi,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d) connects quality home professionals (\u201cPros\u201d) with consumers across more than 500 different categories, from repairing and remodeling homes to cleaning and landscaping. There were approximately 111,000 Average Monthly Active Pros (as defined below) during the three months ended December 31, 2025. Additionally, consumers turned to at least one of our businesses to find a Pro for approximately 16 million projects during the twelve months ended December 31, 2025. During the first quarter of 2025, the Company updated its segment reporting structure from \u201cAds and Leads\u201d, \u201cServices\u201d, and \u201cInternational\u201d to \u201cDomestic\u201d and \u201cInternational\u201d to better reflect how it manages its business and how management evaluates performance and allocates resources. During the fourth quarter of 2025, the Company changed the name of its \u201cDomestic\u201d segment to \u201cU.S.\u201d segment. The change reflects an updated naming convention and did not result in any change to the composition of the segment or how the Company evaluates its performance in the current year as well as prior periods. The naming convention for prior periods has been conformed to the current period. The change had no impact on the Company\u2019s consolidated financial statements. As a result of these updates, the Company now has the following two operating segments: (i) U.S. and (ii) International (consisting of businesses in Europe and Canada). The Company continues to operate under multiple brands including Angi, Angie\u2019s List, HomeAdvisor, and Handy. In the United States, the Company provides Pros the capability to engage with potential customers, including quoting and invoicing services, and provides consumers with tools and resources to help them find local, pre-screened and customer-rated Pros nationwide for home repair, maintenance and improvement projects. Consumers can also request household services directly through the Angi platform, and such requests are fulfilled by independently established Pros engaged in a trade, occupation and/or business that customarily provides such services. Matching service, booking of pre-priced services, and related tools and directories are provided to consumers free of charge upon registration. The Company also owns marketplaces 27 Table of Contents in Austria, Canada, France, Germany, Italy, the Netherlands, and the UK which provide Pros the ability to engage with potential customers and consumers the ability to engage with the Pros they need. Distribution On March 31, 2025, IAC completed the spin-off of its ownership in the Company through a special dividend of the common stock of the Company owned by IAC to the holders of IAC common stock and IAC Class B common stock (the \u201cDistribution\u201d). Prior to the effective time of the Distribution, IAC voluntarily converted all of the shares of our Class B Common Stock that it owned to shares of Class A Common Stock. As a result of this conversion, there are no longer any shares of our Class B Common Stock outstanding. After completion of the Distribution, IAC has no ownership in the Company, there are no shares of Class B Common Stock outstanding, and the only class of Angi capital stock with shares outstanding is Class A Common Stock. Total Home Roofing, LLC Sale On November 1, 2023, Angi completed the sale of 100% of its wholly-owned subsidiary, Total Home Roofing, LLC (\u201cTHR,\u201d which comprised its former Roofing segment), which is reflected as a discontinued operation in its financial statements. For additional details, see \u201cNote 18\u2014Discontinued Operations\u201d to the consolidated financial statements included in \u201cItem 8. Consolidated Financial Statements and Supplementary Data.\u201d Defined Terms and Operating Metrics: Unless otherwise indicated or as the context otherwise requires, certain terms used in this annual report, which in Item 1. Business OVERVIEW Who We Are Angi Inc. connects quality home professionals (\u201cPros\u201d) with consumers across more than 500 different categories, from repairing and remodeling homes to cleaning and landscaping. There were approximately 111,000 Average Monthly Active Pros (as defined below) during the three months ended December 31, 2025. Additionally, consumers turned to at least one of our businesses to find a Pro for approximately 16 million projects during the twelve months ended December 31, 2025. During the first quarter of 2025, the Company updated its segment reporting structure from \u201cAds and Leads\u201d, \u201cServices\u201d, and \u201cInternational\u201d to \u201cDomestic\u201d and \u201cInternational\u201d to better reflect how it manages its business and how management evaluates performance and allocates resources. During the fourth quarter of 2025, the Company changed the name of its \u201cDomestic\u201d segment to \u201cU.S.\u201d segment. The change reflects an updated naming convention and did not result in any change to the composition of the segment or how the Company evaluates its performance in the current year as well as prior periods. The naming convention for prior periods has been conformed to the current period. The change had no impact on the Company\u2019s consolidated financial statements. As a result of these updates, the Company now has the following two operating segments: (i) U.S. and (ii) International (consisting of businesses in Europe and Canada). The Company continues to operate under multiple brands including Angi, Angie\u2019s List, HomeAdvisor, and Handy. As used herein, \u201cAngi,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d and similar terms refer to Angi Inc. and its subsidiaries (unless the context requires otherwise). Spin-off from IAC Inc. On March 31, 2025, IAC Inc. (\u201cIAC\u201d) completed the spin-off of its ownership in the Company through a special dividend of the common stock of the Company owned by IAC to the holders of IAC common stock and IAC Class B common stock (the \u201cDistribution\u201d). Prior to Item 1A. Risk Factors Cautionary Statement Regarding Forward-Looking Information This annual report on Form 10-K contains \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as \u201canticipates,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cplans,\u201d and \u201cbelieves,\u201d among others, generally identify forward-looking statements. Th", "title": "ANGI - Angi Inc.", "url": "/company/ANGI/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0002040491; latest 10-K filed 2026-03-06.", "text": "ASIC - Ategrity Specialty Insurance Co Holdings SIC 6331 Fire, Marine & Casualty Insurance; CIK 0002040491; latest 10-K filed 2026-03-06. ASIC Ategrity Specialty Insurance Co Holdings 0002040491 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s discussion and analysis of financial condition and results of operations The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in the \u201cRisk Factors\u201d as well as set forth in other parts of this Annual Report on Form 10-K. Overview Ategrity Specialty Insurance Company Holdings is a specialty property and casualty insurance holding company dedicated exclusively to the excess and surplus (\u201cE&S\u201d) market for small to medium-sized businesses (\u201cSMBs\u201d) across the United States. Our underwriting operations are conducted through Ategrity Specialty Insurance Company, a Delaware-domiciled E&S insurer. We underwrite small and medium-sized commercial risks across selected industry verticals, including Retail, Real Estate, Hospitality, and Construction. The SMB segment of the E&S market is characterized by a high volume of smaller-premium policies, where distribution partners expect speed, clarity, and consistency in the underwriting process. Our operating model uses a technology-driven method to standardize, simplify, and automate these transactions, which we call productionized underwriting. This method incorporates micro-segmentation, centralized underwriting governance, and automated workflows to promote consistent, disciplined execution across a high-volume of E&S transactions. We operate on a surplus lines basis in 48 states and the District of Columbia. For the year ended December 31, 2025, there were five states in which 5.0% or more of our gross written premiums were concentrated: California (18.9%), Florida (16.1%), Texas (10.1%), New York (8.3%), and Georgia (5.4%). We operate our business in a single segment and as one reportable segment for purposes of assessing performance, making operating decisions and allocating decisions. Components of results of operations Gross written premiums Gross written premiums are the amount received or to be received for insurance policies written or assumed by us during a specific period of time without reduction for policy acquisition costs, 58 Table of Contents reinsurance costs, or other deductions. The volume of our gross written premiums in any given period is generally influenced by: \u2022New business submissions; \u2022Binding of new business submissions into policies; \u2022Renewals of existing policies; and \u2022Average size and premium rate of new and existing policies. Ceded written premiums Certain premiums and losses are ceded to other insurance and reinsurance companies under various excess of loss and quota-share reinsurance contracts. Ceded written premiums are the amount of gross written premiums ceded to reinsurers. We enter into reinsurance contracts to limit our exposure to potential large losses as well as to provide additional capacity for growth. Ceded written premiums are earned over the reinsurance contract period in proportion to the period of risk covered. The volume of our ceded written premiums is impacted by the level of our gross written premiums and any decision we make to increase or decrease retention levels. Net earned premiums Net earned premiums represent the earned portion of our net written premiums. Written premiums are earned on a pro rata basis over the terms of the policies, which are generally 12 months. The portion of premiums written applicable to the terms of the policies that have already elapsed is recorded as earned premiums. Fee income Fee income includes policy fees charged to insureds and is recognized in earnings when the related premiums ar Item 1. Business Who we are Ategrity Specialty Insurance Company Holdings is a specialty property and casualty insurance holding company dedicated exclusively to the excess and surplus (\u201cE&S\u201d) market for small to medium-sized businesses (\u201cSMBs\u201d) across the United States. Our underwriting operations are conducted through Ategrity Specialty Insurance Company, a Delaware-domiciled E&S insurer (\u201cAtegrity Specialty\u201d). We underwrite small and medium-sized commercial risks across selected industry verticals, including Retail, Real Estate, Hospitality, and Construction. The SMB segment of the E&S market is characterized by a high volume of smaller-premium policies, where distribution partners expect speed, clarity, and consistency in the underwriting process. Our operating model uses a technology-driven method to standardize, simplify, and where appropriate, automate these transactions, which we call productionized underwriting. This method incorporates micro-segmentation, centralized underwriting governance, and automated workflows to promote consistent, disciplined execution across a high-volume of E&S transactions. For the year ended December 31, 2025, we generated $581.5 million in gross written premiums and reported a combined ratio of 88.2%. As of December 31, 2025, stockholders\u2019 equity was $614.3 million. Both Ategrity Specialty and Ategrity Specialty Insurance Limited (\u201cAtegrity Limited\u201d) hold an \u201cA-\u201d (Excellent) (Outlook Positive) financial strength rating from A.M. Best. Our Market We operate exclusively within the E&S market, a segment of the property and casualty insurance industry that provides coverage for risks that are typically unavailable in the admitted market. E&S carriers benefit from broad regulatory flexibility with respect to rate and form, which supports tailored product design and underwriting discipline. Within the E&S market, we focus on SMB accounts. This segment is characterized by a high volume of smaller-premium policies and involves e Item 1A. Risk Factors You should carefully consider the factors discussed in this Annual Report on Form 10-K. References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not such factors have occurred in the ", "title": "ASIC - Ategrity Specialty Insurance Co Holdings", "url": "/company/ASIC/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001750149; latest 10-K filed 2026-03-26.", "text": "IKT - Inhibikase Therapeutics, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001750149; latest 10-K filed 2026-03-26. IKT Inhibikase Therapeutics, Inc. 0001750149 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes to those statements included elsewhere in this Annual Report. This discussion and analysis and other parts of this Annual Report contain forward-looking statements based upon current beliefs, plans and expectations related to future events and our future financial performance that involve risks, uncertainties and assumptions, such as statements regarding our intentions, plans, objectives, expectations, forecasts and projections. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under the section titled \u201cRisk Factors\u201d and elsewhere in this Annual Report. You should carefully read the \u201cRisk Factors\u201d to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview We are a clinical-stage pharmaceutical company developing therapeutics to modify the course of cardiopulmonary diseases, namely, Pulmonary Arterial Hypertension (\u201cPAH\u201d), in which aberrant signaling through type III receptor tyrosine kinases, including platelet derived growth factor receptors and a stem cell factor receptor, known as \u201cc-Kit\u201d, has been implicated. Our lead product candidate is IKT-001, a prodrug of imatinib mesylate (\u201cimatinib\u201d), for PAH which is an orphan indication. Imatinib was first approved in the United States in 2001 for various cancers and blood disorders and, following more than 20 years of clinical use, has a well-characterized safety profile with the first reported use of imatinib in PAH occurring in 2005. PAH is a progressive, life-threatening disease characterized by pulmonary vascular remodeling and elevated pulmonary vascular resistance that affects approximately 50,000 Americans. We have completed a non-human primate safety study and a bioequivalence clinical study in healthy volunteers to determine the doses of IKT-001 that are equivalent to imatinib. Our Phase 3 clinical study, named IMPROVE-PAH (IKT-001 for Measuring Pulmonary Vascular Resistance and Outcome Variables in a Phase 3 Evaluation of PAH), has been initiated with the activation of a small number of sites and the recent commencement of patient pre-screening activities at those sites. Components of Operating Results Operating Expenses Research and Development Research and development activities account for a significant portion of our operating expenses. Research and development expenses accounted for 57% and 60% of our operating expenses for the years ended December 31, 2025 and 2024, respectively. We record research and development expenses as incurred. Research and development expenses incurred by us for the discovery and development of our product candidates and prodrug technologies include: \u2022 external research and development expenses, including expenses incurred under arrangements with third parties, such as contract research organizations (\u201cCROs\u201d), preclinical testing organizations, clinical testing organizations, contract manufacturing organizations (\u201cCMOs\u201d), academic and non-profit institutions and consultants; \u2022 fees related to our license and collaboration agreements; \u2022 personnel related expenses, including salaries, benefits and non-cash stock-based compensation expense; and \u2022 other expenses, which include direct and allocated expenses for laboratory, facilities and other costs. A portion of our research and development expenses are direct external expenses, which we track on a program-specific basis from inception of the program. Program expenses include expenses associat Item 1. Business. Company Overview We are a clinical-stage pharmaceutical company developing therapeutics to modify the course of cardiopulmonary diseases, namely, Pulmonary Arterial Hypertension (\u201cPAH\u201d), in which aberrant signaling through type III receptor tyrosine kinases, including platelet derived growth factor receptors and a stem cell factor receptor, known as \u201cc-Kit\u201d, has been implicated. Our lead product candidate is IKT-001, a prodrug of imatinib mesylate (\u201cimatinib\u201d), for PAH which is an orphan indication. Imatinib was first approved in the United States in 2001 for various cancers and blood disorders and, following more than 20 years of clinical use, has a well-characterized safety profile with the first reported use of imatinib in PAH occurring in 2005. PAH is a progressive, life-threatening disease characterized by pulmonary vascular remodeling and elevated pulmonary vascular resistance that affects approximately 50,000 Americans. We have completed a non-human primate safety study and a bioequivalence clinical study in healthy volunteers to determine the doses of IKT-001 that are equivalent to imatinib. Our Phase 3 clinical study, named IMPROVE-PAH (IKT-001 for Measuring Pulmonary Vascular Resistance and Outcome Variables in a Phase 3 Evaluation of PAH), has been initiated with the activation of a small number of sites and the recent commencement of patient pre-screening activities at those sites. IKT-001 IKT-001 emerged from our medicinal chemistry program that targeted improving drugs that inhibit Abelson Tyrosine Kinase and type III receptor tyrosine kinases. IKT-001, a novel oral prodrug of imatinib, was designed to improve areas of the molecule that might play a role in the gastrointestinal (\u201cGI\u201d) side effects commonly observed with imatinib. More specifically, when compared directly with imatinib in vitro, IKT-001 has significantly less inhibitory activity at target tyrosine kinases including c-Kit which has been implicated in the GI side eff Item 1A. Risk Factors. Investing in our securities involves a high degree of risk. You should carefully consider the risks described below, as well as the other information in this Annual Report, including our financial statements and the related notes and the section titled \u201c", "title": "IKT - Inhibikase Therapeutics, Inc.", "url": "/company/IKT/" }, { "kind": "company", "summary": "SIC 5940 Retail-Miscellaneous Shopping Goods Stores; CIK 0001634117; latest 10-K filed 2025-12-23.", "text": "BNED - Barnes & Noble Education, Inc. SIC 5940 Retail-Miscellaneous Shopping Goods Stores; CIK 0001634117; latest 10-K filed 2025-12-23. BNED Barnes & Noble Education, Inc. 0001634117 5940 Retail-Miscellaneous Shopping Goods Stores Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Unless the context otherwise indicates, references to \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and \u201cthe Company\u201d refer to Barnes & Noble Education, Inc. or \u201cBNED\u201d, a Delaware corporation. References to \u201cBarnes & Noble College\u201d or \u201cBNC\u201d refer to our subsidiary Barnes & Noble College Booksellers, LLC. References to \u201cMBS\u201d refer to our subsidiary MBS Textbook Exchange, LLC. Our fiscal year is comprised of 52 or 53 weeks, ending on the Saturday closest to the last day of April. \u201cFiscal 2025\u201d means the 53 weeks ended May 3, 2025, \u201cFiscal 2024\u201d means the 52 weeks ended April 27, 2024. The following should be read in conjunction with \"Explanatory Note\", \"Disclosures Regarding Forward-Looking Statements\" and our consolidated financial statements and notes thereto included in Item 15 of this Annual Report on Form 10-K (this \u201cForm 10-K\u201d). Overview Restatement of Previously Issued Consolidated Financial Statements This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations gives effect to the restatement of the Company\u2019s previously issued consolidated financial statements and related disclosures as of and for the fiscal year ended April 27, 2024, contained in its previously filed Annual Report on Form 10-K. The restatement is made to correct errors associated with the recording of cost of digital sales and leases associated with our store operating agreements. Detailed restatements of the Company's consolidated financial statements for Fiscal 2024 are provided in Note 3. Restatement of Previously Issued Audited Consolidated Financial Statements in the Notes to Consolidated Financial Statements of this Form 10-K. The Company\u2019s previously issued unaudited interim Consolidated Statements of Operations for the first fiscal quarter ended July 29, 2023, second fiscal quarter and six months ended October 28, 2023, third fiscal quarter and nine months ended January 27, 2024, fiscal first quarter ended July 27, 2024, fiscal second quarter and six months ended October 26, 2024, and the fiscal third quarter and nine months ended January 25, 2025, contained in its previously filed Quarterly Reports on Form 10-Q have also been restated due to these errors. Detailed restatements of the Company's unaudited interim condensed consolidated financial statements are provided in Note 21. Restatement of Quarterly Financial Information (Unaudited) in the Notes to Consolidated Financial Statements of this Form 10-K. See Explanatory Note at the beginning of this Form 10-K for additional background on the restatement, the fiscal periods impacted, control considerations, and other information. Description of Business Barnes & Noble Education, Inc. (\u201cBNED\u201d) is one of the largest contract operators of physical and virtual bookstores for college and university campuses and K-12 institutions across the United States. We are also one of the largest textbook wholesalers and inventory management hardware and software providers. We operate 1,146 physical and virtual bookstores, delivering essential educational content and general merchandise within a dynamic omnichannel retail environment. The strengths of our business include our ability to compete by developing new products and solutions to meet market needs, our large operating footprint with direct access to students and faculty, our well-established, deep relationships with academic partners and stable, long-term contracts and our well-recognized brands. We provide product and service offerings designed to address the most pressing issues in higher education, including affordable access, enhanced convenience and improved affordability through innovative course material delivery models designed to drive improved student experiences and outcomes. We offer our BNC First Day\u00ae affordable access course material programs, consisting of First Day Complete and First Day, which provide faculty required course mate Item 1. BUSINESS Unless the context otherwise indicates, references to \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and \u201cthe Company\u201d refer to Barnes & Noble Education, Inc. or \u201cBNED\u201d, a Delaware corporation. References to \u201cBarnes & Noble College\u201d or \u201cBNC\u201d refer to our subsidiary Barnes & Noble College Booksellers, LLC. References to \u201cMBS\u201d refer to our subsidiary MBS Textbook Exchange, LLC. Our fiscal year is comprised of 52 or 53 weeks, ending on the Saturday closest to the last day of April. \u201cFiscal 2025\u201d means the 53 weeks ended May 3, 2025, and \u201cFiscal 2024\u201d means the 52 weeks ended April 27, 2024. OVERVIEW General Barnes & Noble Education, Inc. (\u201cBNED\u201d) is one of the largest contract operators of physical and virtual bookstores for college and university campuses and K-12 institutions across the United States. We are also one of the largest textbook wholesalers and inventory management hardware and software providers. As of May 3, 2025, we operated 1,146 physical and virtual bookstores, delivering essential educational content and general merchandise within a dynamic omnichannel retail environment. The strengths of our business include our ability to compete by developing new products and solutions to meet market needs, our large operating footprint with direct access to students and faculty, our well-established, deep relationships with academic partners and stable, long-term contracts and our well-recognized brands. We provide product and service offerings designed to address the most pressing issues in higher education, including enhanced convenience and improved affordability through innovative course material delivery models designed to drive improved student experiences and outcomes. We offer our BNC First Day\u00ae affordable access course material programs, consisting of First Day Complete and First Day, which provide faculty required course materials on or before the first day of class at below market rates, as compared to the total retail price for the same course materials if Item 1A. RISK FACTORS The risks and uncertainties set forth below, as well as other risks and uncertainties described elsewhere in this Annual Report on Form 10-K (this \"Form 10-K\") including in our consolidated financial statements and related notes and \u201cManagement\u2019s Discussion and An", "title": "BNED - Barnes & Noble Education, Inc.", "url": "/company/BNED/" }, { "kind": "company", "summary": "SIC 3851 Ophthalmic Goods; CIK 0001111485; latest 10-K filed 2026-02-25.", "text": "RXST - RxSight, Inc. SIC 3851 Ophthalmic Goods; CIK 0001111485; latest 10-K filed 2026-02-25. RXST RxSight, Inc. 0001111485 3851 Ophthalmic Goods Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes to those statements included elsewhere in this report. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under \u201cRisk Factors\u201d in Part I, Item 1A and elsewhere in this report. See \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview RxSight, Inc. is a commercial-stage medical technology company dedicated to providing high-quality customized vision to patients following cataract surgery. Our proprietary RxSight\u00ae Light Adjustable Lens system (\u201cRxSight system\u201d) is the first and only commercially available premium cataract technology that enables doctors to customize and optimize visual acuity for patients after surgery. The RxSight system is comprised of our RxSight Light Adjustable Lens\u00ae (LAL\u00ae/LAL+\u00ae, collectively the \u201cLAL\u201d), RxSight Light Delivery Device\u2122 (\u201cLDD\u2122\u201d) and related accessories. The LAL is a premium intraocular lens (\u201cIOL\u201d) made from the proprietary silicone-based photosensitive material that undergoes controlled changes in refractive power when exposed to specific ultraviolet (\u201cUV\u201d) light patterns generated by the LDD. We designed our RxSight system to address limitations of conventional premium IOL technologies by providing doctors with a more precise and adaptable method for achieving desired visual outcomes for their patients. Conventional premium IOLs require patients to select their visual priorities before surgery and accept the optical trade-offs inherent in those choices. Surgeons must rely on a series of preoperative measurements and predictive formulae to determine the appropriate lens power. If the selected power is not optimal, the patient may experience less-than-ideal results that could require a subsequent corneal refractive procedure or other corrective measures to achieve intended vision targets. In contrast, with the RxSight system, the surgeon implants the LAL as they would in any other cataract procedure, determines refractive error with patient input several weeks following surgery and then uses the LDD to modify the LAL with the precise visual correction needed to achieve the patient\u2019s desired vision outcomes. We believe our RxSight system provides doctors and patients increased confidence and peace of mind by eliminating the high-stakes preoperative guesswork common to conventional premium IOLs and allowing patients to iterate their final vision characteristics with customized post-surgical adjustments. Currently, we primarily compete in the IOL market in the U.S. The LAL is a premium IOL which is partially reimbursable under Medicare, and in some cases by private payors. Premium IOLs are sold at a higher price point than conventional IOLs as they provide refractive vision correction, whereas conventional IOLs simply replace the natural lens with a clear lens (which is the standard for Medicare reimbursement). Our RxSight system is approved in the U.S. and several foreign countries for improving uncorrected visual acuity by adjusting the LAL power to correct residual postoperative refractive error. Outside of the U.S., we presently have approval in Europe, Canada, Mexico, Singapore, Australia and South Korea, and we intend to seek additional approvals in the future to broaden our international presence. In non-U.S. markets, reimbursement and healthcare payment systems vary significantly by country. Some have instituted price ceilings on specific products and therapies. In many countries, analogous deter Item 1. Business Overview RxSight, Inc. is a commercial-stage medical technology company dedicated to providing high-quality customized vision to patients following cataract surgery. Our proprietary RxSight\u00ae Light Adjustable Lens system (\u201cRxSight system\u201d) is the first and only commercially available premium cataract technology that enables doctors to customize and optimize visual acuity for patients after surgery. The RxSight system is comprised of our RxSight Light Adjustable Lens\u00ae(LAL\u00ae/LAL+\u00ae, collectively the \u201cLAL\u201d), RxSight Light Delivery Device (\u201cLDD\u2122\u201d) and related accessories. The LAL is a premium intraocular lens (\u201cIOL\u201d) made from the proprietary silicone-based photosensitive material that undergoes controlled changes in refractive power when exposed to specific ultraviolet (\u201cUV\u201d) light patterns generated by the LDD. We designed our RxSight system to address limitations of conventional premium IOL technologies by providing doctors with a more precise and adaptable method for achieving desired visual outcomes for their patients. Conventional premium IOLs require patients to select their visual priorities before surgery and accept the optical trade-offs inherent in those choices. Surgeons must rely on a series of preoperative measurements and predictive formulae to determine the appropriate lens power. If the selected power is not optimal, the patient may experience less-than-ideal results that could require a subsequent corneal refractive procedure or other corrective measures to achieve intended vision targets. In contrast, with the RxSight system, the surgeon implants the LAL as they would in any other cataract procedure, determines refractive error with patient input several weeks following surgery and then uses the LDD to modify the LAL with the precise visual correction needed to achieve the patient\u2019s desired vision outcomes. We believe our RxSight system provides doctors and patients increased confidence and peace of mind by eliminating the high-stake Item 1A. Risk Factors We operate in a rapidly changing environment that involves numerous uncertainties and risks. In addition to the other information included in this report, the following risks and uncertainties may have a material and adverse effect on our business, financial condition, results of operations, or stock price. You should consider these risks", "title": "RXST - RxSight, Inc.", "url": "/company/RXST/" }, { "kind": "company", "summary": "SIC 3949 Sporting & Athletic Goods, NEC; CIK 0000033488; latest 10-K filed 2026-02-27.", "text": "ESCA - ESCALADE INC SIC 3949 Sporting & Athletic Goods, NEC; CIK 0000033488; latest 10-K filed 2026-02-27. ESCA ESCALADE INC 0000033488 3949 Sporting & Athletic Goods, NEC ITEM 7\u2014MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following section should be read in conjunction with Item 1: Business; Item 1A: Risk Factors; and Item 8: Financial Statements and Supplementary Data. Forward-Looking Statements This report contains statements that we believe are \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d), and Rule 3b-6 promulgated thereunder. All statements, other than statements of historical fact, are forward-looking statements. These statements relate to our financial condition, results of operations, plans, objectives, future performance, capital actions or business. They usually can be identified by the use of forward-looking language such as \u201cwill likely result,\u201d \u201cmay,\u201d \u201care expected to,\u201d \u201cis anticipated,\u201d \u201cpotential,\u201d \u201cestimate,\u201d \u201cforecast,\u201d \u201cprojected,\u201d \u201cintends to,\u201d or may include other similar words or phrases such as \u201cbelieves,\u201d \u201cplans,\u201d \u201ctrend,\u201d \u201cobjective,\u201d \u201ccontinue,\u201d \u201cremain,\u201d or similar expressions, or future or conditional verbs such as \u201cwill,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cmight,\u201d \u201ccan,\u201d or similar verbs. You should not place undue reliance on these statements, as they are subject to risks and uncertainties. These risks include, but are not limited to: Escalade\u2019s ability to achieve its business objectives; Escalade\u2019s plans and expectations surrounding the transition to its new Chief Executive Officer and all potential related effects and consequences; Escalade\u2019s ability to successfully implement actions to lessen the potential impacts of tariffs, a potential trade war with China and other trade restrictions applicable to our products and raw materials, including impacts on the costs of producing our goods, importing products and materials into our markets for sale, and on the pricing of our products; our international operations, including any related to political uncertainty and geopolitical tensions; Escalade\u2019s ability to successfully achieve the anticipated results of strategic transactions, including the integration of the operations of acquired assets and businesses and of divestitures or discontinuances of certain operations, assets, brands, and products; the continuation and development of key customer, supplier, licensing and other business relationships; Escalade\u2019s ability to protect its intellectual property; Escalade\u2019s ability to develop and implement our own direct to consumer e-commerce distribution channel; the impact of competitive products and pricing; product demand and market acceptance; new product development; Escalade\u2019s ability to successfully negotiate the shifting retail environment and changes in consumer buying habits; the financial health of our customers; disruptions or delays in our business operations, including without limitation disruptions or delays in our supply chain, arising from political unrest, war, terrorist attacks, labor strikes, natural disasters, public health crises such as the coronavirus pandemic, and other events and circumstances beyond our control; the evaluation and implementation of remediation efforts designed and implemented to enhance the Company\u2019s control environment; the potential identification of one or more additional material weaknesses in the Company\u2019s internal control of which the Company is not currently aware or that have not yet been detected; Escalade\u2019s ability to control costs, including managing inventory levels; general economic conditions, including inflationary pressures; fluctuation in operating results; changes in foreign currency exchange rates; changes in the securities markets; continued listing of the Company\u2019s common stock on the NASDAQ Global Market; the Company\u2019s inclusion or exclusion from certain market indices; Escalade\u2019s ability to obtain financing, to maintain compliance with ITEM 1\u2014BUSINESS General Escalade, Incorporated (Escalade, the Company, we, us or our) operates in one business segment: Sporting Goods (Escalade Sports). Escalade and its predecessors have more than 95 years of manufacturing and selling experience in this industry. Headquartered in Evansville, Indiana, Escalade Sports manufactures, imports, and distributes widely recognized sporting goods brands in basketball goals, archery, indoor and outdoor game recreation and fitness products through major sporting goods retailers, specialty dealers, key on-line retailers, direct-to-consumer e-commerce, traditional department stores and mass merchants. Escalade is a leader in table tennis tables, residential in-ground basketball goals and in archery bows. Some of the Company\u2019s most recognized brands, owned or distributed, include: [[GREPCENT_TABLE]] [[\"Product Category\",\"\",\"Brand Names\"],[\"Archery\",\"\",\"Bear Archery\\u00ae, Trophy Ridge\\u00ae, Gold Tip\\u2122, Bee Stinger\\u2122, Cajun Bowfishing\\u00ae, SIK\\u00ae, BearX\\u2122\"],[\"Table Tennis\",\"\",\"STIGA\\u00ae, Ping-Pong\\u00ae\"],[\"Basketball Goals\",\"\",\"Goalrilla\\u2122, Goalsetter\\u00ae, Goaliath\\u00ae, Silverback\\u00ae, Hoopstar\\u00ae\"],[\"Pickleball\",\"\",\"Onix\\u00ae, DURA\\u00ae\"],[\"Play Systems\",\"\",\"Woodplay\\u00ae, Jack & June\\u00ae\"],[\"Fitness\",\"\",\"The STEP\\u00ae, Lifeline\\u00ae, Kettleworx\\u00ae, Natural Fitness\\u00ae, PER4M\\u00ae, USW\\u00ae, adidas\\u00ae Fitness\"],[\"Safety\",\"\",\"US WEIGHT\\u00ae\"],[\"Game Tables (Hockey and Soccer)\",\"\",\"Triumph\\u2122, Atomic\\u00ae, American Legend\\u00ae, HJ Scott\\u00ae, Air-Hockey\\u00ae\"],[\"Water Sports\",\"\",\"RAVE \\u00ae\"],[\"Billiard Tables and Accessories\",\"\",\"American Heritage Billiards\\u00ae, Brunswick Billiards\\u00ae, Cue&Case\\u00ae, Lucasi\\u00ae, Mizerak\\u00ae, PureX\\u00ae, Rage\\u00ae, Players\\u00ae, Minnesota Fats\\u00ae, Mosconi\\u2122\"],[\"Darting\",\"\",\"Unicorn\\u00ae, Arachnid\\u00ae, Accudart\\u00ae, DMI\\u00ae\"],[\"Outdoor Games\",\"\",\"Victory Tailgate\\u00ae, Triumph\\u2122 , Zume Games\\u00ae, ACL\\u ITEM 1A\u2014RISK FACTORS OPERATIONAL RISKS TO THE COMPANY AND OUR BUSINESS Markets are highly competitive which could limit the Company\u2019s growth and reduce profitability. The market for sporting goods is highly fragmented and intensely competitive. A majority of the Company\u2019s products are in markets that are experiencing low growth rate", "title": "ESCA - ESCALADE INC", "url": "/company/ESCA/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000728387; latest 10-K filed 2026-03-16.", "text": "CATX - Perspective Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0000728387; latest 10-K filed 2026-03-16. CATX Perspective Therapeutics, Inc. 0000728387 2834 Pharmaceutical Preparations ITEM 7 \u2013 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and the related notes appearing at the end of this Annual Report on Form 10-K (\u201cAnnual Report\u201d or \u201cForm 10-K\u201d). Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. You should read \u201cCautionary Note Regarding Forward-Looking Statements\u201d and Item 1A. Risk Factors of this Annual Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Unless the context otherwise requires, references in this Annual Report to the \u201cCompany,\u201d \u201cPerspective,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour,\u201d except where the context requires otherwise, refer to Perspective Therapeutics, Inc. and its subsidiaries. References to \u201cViewpoint\u201d refer to Viewpoint Molecular Targeting, Inc., a wholly owned subsidiary, and references to \u201cIsoray\u201d refer to Isoray Medical, Inc., a wholly owned subsidiary. Overview We are a radiopharmaceutical development company pioneering advanced treatments for cancers throughout the body. We have proprietary technology that utilizes the alpha-emitting isotope Lead-212 (212Pb) to deliver powerful radiation specifically to cancer cells via specialized targeting moieties. We are also developing complementary imaging diagnostics that incorporate the same targeting moieties, which provides the opportunity to personalize treatment and optimize patient outcomes. This theranostic approach enables the ability to see the specific tumor and then treat it to potentially improve efficacy and minimize toxicity. Our neuroendocrine tumor (VMT-\u03b1-NET), melanoma (VMT01) and solid tumor (PSV359) programs are in Phase 1/2a imaging and therapy trials in the U.S. We are growing our regional network of drug product finishing facilities, enabled by our proprietary 212Pb generator, to deliver patient-ready products for clinical trials and commercial operations. VMT-\u03b1-NET We designed VMT-\u03b1-NET to target and deliver 212Pb to target cancer-specific receptors on tumor cells expressing somatostatin receptor type 2 (SSTR2), a protein that is overexpressed in neuroendocrine tumors (NETs) and other cancers. [212Pb]VMT-\u03b1-NET is a targeted alpha therapy (TAT) in development for patients with unresectable or metastatic SSTR2-expressing tumors who have not previously received peptide-targeted radiopharmaceutical therapy, such as Lutathera. NETs are a group of rare, heterogeneous tumors that develop in different organs of the body and arise from specialized cells in the neuroendocrine system. We initially dosed two patients in Cohort 1 (treated at 2.5 mCi per dose) and seven patients in Cohort 2 (treated at 5.0 mCi per dose) of our Phase 1/2a study of [212Pb]VMT-\u03b1-NET in patients with unresectable or metastatic SSTR2-expressing NETs, regardless of body weight. Subsequent review for dose-limiting toxicity (DLT) during the safety observation period in the seven patients enrolled in Cohort 2 by the Safety Monitoring Committee (SMC) led the SMC to recommend escalating further in a third cohort and enrolling additional patients at 5.0 mCi to better understand efficacy and safety. During the second quarter of 2025, enrollment for Cohort 2 closed with an additional 39 patients having received at least one treatment, for a total of 46 patients including the seven who were enrolled for DLT observation. In late June 2025, we announced the opening of Cohort 3 in which patients will receive up to four fixed administered doses of [212Pb]VMT-\u03b1-NET ITEM 1 \u2013 BUSINESS Overview We are a radiopharmaceutical development company pioneering advanced treatments for cancers throughout the body. We have proprietary technology that utilizes the alpha-emitting isotope Lead-212 (212Pb) to deliver powerful radiation specifically to cancer cells via specialized targeting moieties. We are also developing complementary imaging diagnostics that incorporate the same targeting moieties, which provides the opportunity to personalize treatment and optimize patient outcomes. This theranostic approach enables the ability to see the specific tumor and then treat it to potentially improve efficacy and minimize toxicity. Our neuroendocrine tumor (VMT-\u03b1-NET), melanoma (VMT01) and solid tumor (PSV359) programs are in Phase 1/2a imaging and therapy trials in the U.S. We are growing our regional network of drug product candidate finishing facilities, enabled by our proprietary 212Pb generator technologies, to deliver patient-ready product candidates for clinical trials and commercial operations. Our Strategy Our goal is to advance innovative precision medicines for the treatment of cancer by developing and commercializing our precision targeted alpha therapies (TATs). The key elements of our strategy are to: Discover and Develop a Broad Oncology Pipeline \u2022 Advance our initial drug candidate, VMT-\u03b1-NET, through clinical development for the treatment of neuroendocrine tumors expressing somatostatin receptor type 2 (SSTR2). \u2022 Expand the potential of our product candidates in additional indications and as combination therapies in current and additional indications. \u2022 Advance our second drug candidate, VMT01, through clinical development for the treatment of melanoma tumors expressing melanocortin 1 receptor (MC1R). \u2022 Advance our third drug candidate, PSV359, through clinical development for the treatment of solid tumors expressing fibroblast activation protein. Deploy Our Innovative Platform Technology \u2022 Continue to leverage our TAT ITEM 1A \u2013 RISK FACTORS Our business is subject to substantial risks and uncertainties. The occurrence of any of the following risks and uncertainties, either alone or taken together, could materially and adversely affect our business, financial condition, results of operations or prospects. In these circumstances, ", "title": "CATX - Perspective Therapeutics, Inc.", "url": "/company/CATX/" }, { "kind": "company", "summary": "SIC 6163 Loan Brokers; CIK 0001835856; latest 10-K filed 2026-03-13.", "text": "BETR - Better Home & Finance Holding Co SIC 6163 Loan Brokers; CIK 0001835856; latest 10-K filed 2026-03-13. BETR Better Home & Finance Holding Co 0001835856 6163 Loan Brokers Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read together with our audited consolidated financial statements as of and for the years ended December 31, 2025 and 2024, in each case, together with related notes thereto, included elsewhere in this Annual Report. Our actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under \u201cRisk Factors\u201d and elsewhere in this Annual Report. See \u201cCautionary Statement Regarding Forward-Looking Statements.\u201d Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future. Certain amounts may not foot due to rounding. Company Overview We are a technology-enabled homeownership company that offers mortgage, home equity, and other homeownership products through a digital platform. Our holistic solution and marketplace model, enabled by our proprietary technology, allows us to take one of our customers\u2019 largest and most complex financial journeys-the process of owning a home-and transform it into a more simple, transparent and ultimately affordable process. Our goal is to do our part in lowering the hurdles to homeownership by offering the lowest prices and the best experience to our customers. We are a technology-driven organization. We are seeking to disrupt a business model by leveraging our proprietary platform, Tinman, to enable us to deliver on what we believe is most important for our customers: a seamless experience, time saved, and higher certainty on the single biggest financial decision of their lives. Through this process, we aim to reduce the cost to produce a loan and in the future to create a platform with all homeownership products embedded into a highly automated, single flow, allowing us to pass along savings to our customers. We are focused on improving our platform and plan to continue making investments to build our business and prepare for future growth. We believe that our success will depend on many factors, including our ability to drive customers to our platform, and convert them once they come to us, achieve leverage on our operational expenses, execute on our strategy to fund more purchase loans and diversify our revenue by expanding and enhancing our offerings. We plan to continue to invest in technology to improve customer experience and further drive down labor costs through automation, making our platform more efficient and scalable. Our Business Model We generate revenue through the production and sale of loans and other product offerings through our platform. The revenue and mix of revenue as a percentage of total revenue attributable to our sale of loan production (Gain on loans, net) and Better Plus (Other revenue) and net interest income for the years ended December 31, 2025 and 2024 is as follows: [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"\",\"2025\",\"\",\"2024\"],[\"(Amounts in thousands, except percentage amounts)\",\"Amounts\",\"\",\"Percentages\",\"\",\"Amounts\",\"\",\"Percentages\"],[\"Gain on loans, net\",\"$\",\"136,148\",\"\",\"\",\"82\",\"%\",\"\",\"$\",\"78,098\",\"\",\"\",\"72\",\"%\"],[\"Other revenue\",\"11,299\",\"\",\"\",\"7\",\"%\",\"\",\"12,888\",\"\",\"\",\"12\",\"%\"],[\"Net interest income\",\"17,425\",\"\",\"\",\"11\",\"%\",\"\",\"17,502\",\"\",\"\",\"16\",\"%\"],[\"Total net revenues\",\"$\",\"164,872\",\"\",\"\",\"\",\"\",\"$\",\"108,488\"]] [[/GREPCENT_TABLE]] Home Finance\u2014Gain on loans, net We produce a wide selection of mortgage loans and leverage our platform to quickly sell these loans and related mortgage servicing rights (\u201cMSRs\u201d) to our loan purchaser network. We source our customers through two channels: our D2C channel and our Platform channel. In 2025, we wound down our Ally Partnership, previously referred to as \u201cB2B channel,\u201d which concluded as of December 31, 2025. Through our D2C Item 1. Business The Business Combination On August 22, 2023, we consummated the transactions contemplated by the Agreement and Plan of Merger (as amended, the \u201cMerger Agreement\u201d), by and among Aurora Acquisition Corp. (\u201cAurora\u201d), Better Holdco, Inc. (\u201cPre-Business Combination Better\u201d), and Aurora Merger Sub I, Inc., formerly a wholly owned subsidiary of Aurora (\u201cBusiness Combination\u201d). In connection with the closing of the transactions contemplated by the Merger Agreement, the Company\u2019s Class A common stock and Warrants began trading on the Nasdaq Global Market and Nasdaq Capital Market, respectively, under the ticker symbols \u201cBETR\u201d and BETRW.\u201d On March 13, 2024, the listing of the Company\u2019s Class A common stock and warrants transferred from the Nasdaq Global Market to the Nasdaq Capital Market. Unless otherwise indicated, references to \u201cBetter,\u201d \u201cBetter Home & Finance,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and other similar terms refer to (i) Pre-Business Combination Better and its consolidated subsidiaries prior to the closing of the Business Combination and (ii) Better Home & Finance and its consolidated subsidiaries following the closing of the Business Combination. Overview We are a technology-enabled homeownership company that offers mortgage, home equity, and other homeownership products through a digital platform. Our services are designed to support customers across key stages of the homeownership cycle including purchase, ownership, refinance, and sale. Founded in 2015, we built our business with a technology-first approach. Our proprietary platform supports both consumer-facing offerings and offerings provided to third-party strategic partners and is designed to scale across products, channels, and market conditions. The home is among the world\u2019s largest, oldest, and most tangible asset classes and yet, while other industries are undergoing end-to-end digital transformations, the homeownership journey remains mired in legacy inefficiencies. High transa Item 1A. Risk Factors We are subject to numerous risks and uncertainties that you should be aware of in evaluating our business. If any such risks and uncertainties actually occur, our business, prospects, financial condition and results of operations could be materially and adversely affected. The risks described below reflect our belie", "title": "BETR - Better Home & Finance Holding Co", "url": "/company/BETR/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001000209; latest 10-K filed 2026-03-10.", "text": "MFIN - MEDALLION FINANCIAL CORP SIC 6199 Finance Services; CIK 0001000209; latest 10-K filed 2026-03-10. MFIN MEDALLION FINANCIAL CORP 0001000209 6199 Finance Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OBJECTIVE The information contained in this section should be read in conjunction with the consolidated financial statements and the accompanying notes thereto for the years ended December 31, 2025, 2024, and 2023. This section is intended to provide management's perspective of our financial condition and results of operations. In addition, this section contains forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors that could cause actual results and conditions to differ materially from those projected in these forward-looking statements are described in the Risk Factors section on page 18. Additionally, more information about our business activities can be found in \u201cBusiness.\u201d 34 COMPANY BACKGROUND We are a specialty finance company whose focus and growth has been our consumer finance and commercial lending businesses operated by Medallion Bank, or the Bank, and Medallion Capital, Inc., or Medallion Capital. The Bank is a wholly-owned subsidiary that originates consumer loans for the purchase of recreational vehicles, boats, collector cars, and home improvements, and provides loan origination and other services to fintech partners. Medallion Capital is a wholly-owned subsidiary that originates commercial loans through its mezzanine financing business. As of December 31, 2025, our consumer loans represented 95% of our gross loan portfolio, inclusive of loans held for sale, and commercial loans represented 5%. Total assets were $2.96 billion as of December 31, 2025 and $2.87 billion as of December 31, 2024. Our loan-related earnings depend primarily on our level of net interest income. Net interest income is the difference between the total yield on our loan portfolio and the average cost of borrowed funds. We fund our operations through a wide variety of interest-bearing sources, including bank certificates of deposit issued to consumers, debentures issued to and guaranteed by the SBA, privately placed notes, trust preferred securities, and preferred stock of the Bank. Net interest income fluctuates with changes in the yield on our loan portfolios and changes in the cost of borrowed funds, as well as changes in the amount of interest-earning assets and interest-bearing liabilities held by us. Net interest income is also affected by economic, regulatory, and competitive factors that influence interest rates, loan demand, and the availability of funding to finance our lending activities. We, like other financial institutions, are subject to interest rate risk to the degree that our interest-earning assets reprice, either due to inflation or other factors, on a different basis than our interest-bearing liabilities. We continue to monitor global supply chain disruptions, the impact of tariffs, gas prices, labor shortages, unemployment, and other factors contributing to U.S. inflation, the risk of recession and economic health, as well as other factors which contribute to competition and changes in the demand for our loan products. We have been, and continue to, seek borrowers with strong credit ratings and moderate the pace of our recent growth in the event of a potential economic downturn and in light of the current uncertainties and inflationary environment. We also provide debt, mezzanine, and equity investment capital to companies in a variety of commercial industries. These investments may be venture capital style investments which may not be fully collateralized. Our investments are typically in the form of secured debt instruments with fixed interest rates accompanied by an equity stake or warrants to purchase an equity interest for a nominal exercise price (such warrants are included in equity investments on the consolidated balance sheets). Interest income is earned on the debt instruments. The Bank is an industr ITEM 1A. RISK FACTORS Risks Related to Our Loan Portfolios and Business Our business is heavily concentrated in consumer lending, which carries a risk of loss that is different from and typically higher than the risk of loss associated with commercial lending and which could be adversely affected by an economic downturn. Our business is heavily concentrated in consumer lending. As a result, we are more susceptible to fluctuations and risks particular to consumer credit than a more diversified company would be. Our business is particularly sensitive to macroeconomic conditions that affect the U.S. economy, consumer spending and consumer credit. This includes, for example, the risk of recession, the impacts of inflation, which has in recent years and could continue to have an adverse effect on consumer spending, a rising interest rate environment, the impact of tariffs, as well as the impact that geopolitical responses to international and regional wars have had on gasoline prices and the economic environment generally in the United States. We are also more susceptible to the risks of increased regulations and legal and other regulatory actions that are targeted at consumer credit or the specific consumer credit products that we offer (including promotional financing). Our business concentration could have a material adverse effect on our results of operations. By its nature, lending to consumers carries with it different risks and typically a higher risk of consistent loss than commercial lending. Although the net interest margins are intended to be higher to compensate us for this increased risk, an economic downturn could result in higher loss rates and lower returns than expected and could affect the profitability of our consumer loan portfolios. During periods of economic slowdown, delinquencies, defaults, repossessions, and losses generally increase, and consumers may reduce their discretionary spending in areas such as recreation and home improvement, which", "title": "MFIN - MEDALLION FINANCIAL CORP", "url": "/company/MFIN/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000898437; latest 10-K filed 2026-03-03.", "text": "ANIK - Anika Therapeutics, Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000898437; latest 10-K filed 2026-03-03. ANIK Anika Therapeutics, Inc. 0000898437 3841 Surgical & Medical Instruments & Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following section contains statements that are not statements of historical fact and are forward-looking statements within the meaning of the federal securities laws. These statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievement to differ materially from anticipated results, performance, or achievement, expressed or implied in such forward-looking statements. These statements reflect our current views with respect to future events, are based on assumptions, and are subject to risks and uncertainties. We discuss many of these risks and uncertainties at the beginning of this Annual Report on Form 10-K and under the sections captioned \u201cBusiness\u201d and \u201cRisk Factors.\u201d The following discussion should also be read in conjunction with the consolidated financial statements and the Notes thereto appearing elsewhere in this Annual Report on Form 10-K. Management Overview We are a global joint preservation company that creates and delivers meaningful advancements in early intervention orthopedic care. Based on our collaborations with clinicians to understand what they need most to treat their patients, we develop minimally invasive products that restore active living for people around the world. We are committed to leading in high opportunity spaces within orthopedics, including osteoarthritis (\u201cOA\u201d) Pain Management and Regenerative Solutions. We have thirty years of global expertise developing, manufacturing and commercializing products based on our hyaluronic (\u201cHA\u201d) technology platform. HA is a naturally occurring polymer found throughout the body that is vital for proper joint health and tissue function. Our proprietary technologies for modifying the HA molecule allow product properties to be tailored specifically to multiple uses, including enabling longer residence time to support OA Pain Management and creating a solid form of HA called Hyaff, which is a platform utilized in our regenerative solutions portfolio. 37 In early 2020, we expanded our product portfolio and commercial capabilities through the acquisitions of Parcus Medical, LLC and Arthrosurface Incorporated, adding sports medicine, joint preservation, and instrumentation offerings to our business. In 2024, we refined our strategic focus to prioritize OA Pain Management and regenerative solutions and, consistent with this focus, divested Arthrosurface Incorporated in October 2024 and Parcus Medical, LLC in March 2025. As we look forward to the future, our business is positioned to capture value within our target market of OA Pain Management and Regenerative Solutions product portfolios. We believe our success will be driven by our: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Over 30 years of experience in HA and HA-based regenerative solutions and early intervention orthopedics combined with seasoned leadership with a strong financial foundation for future investment in meaningful solutions for our customers and their patients;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Utilizing proprietary HA-based technology and manufacturing expertise to provide new and differentiated solutions in next generation OA Pain Management (eg. Cingal) and regenerative (eg. Integrity Implant System and Hyalofast) markets;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Growth of the Integrity Implant System, our HA-based scaffold for rotator cuff and other tendon repairs;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Targeting to introduce key HA-based products into the US market upon FDA approval/clearance, such as Cingal and Hyalofast, and developing additional products that leverage our proprietary Hyaff regenerative platform;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Robust network of stakeholders in our target markets to identify evolving unmet patient treatme ITEM 1. BUSINESS Purpose and Mission Founded in 1992, Anika Therapeutics, Inc. (\u201cAnika\u201d or \u201cCompany\u201d) is a global leader in the OA Pain Management and regenerative solutions space, focusing on early intervention orthopedics. The Company leverages proprietary hyaluronic acid (\u201cHA\u201d) technology to develop highly differentiated products. Driven by strong partnerships with physicians, Anika is dedicated to pioneering HA-based innovations that redefine orthopedic care. Our mission is to restore active living, empower surgeon choice, and enhance patient outcomes worldwide. Anika\u2019s Mission: \u201cTogether, we restore active living and redefine what\u2019s possible with hyaluronic acid.\u201d Anika\u2019s Core Values: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Trust and Respect: We build trust and show respect in every interaction.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Quality: We are committed to quality as we work to improve people\\u2019s lives.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Empowerment & Teamwork: We are empowered as a team to make decisions that drive impact.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Focus: We focus on what matters most and are driven to be better every day.\"]] [[/GREPCENT_TABLE]] Strategy In October 2024, we announced a strategic shift to concentrate on our OA Pain Management and Regenerative Solutions portfolios. This strategic decision involved the sale of Arthrosurface Incorporated on October 31, 2024 and the sale of Parcus Medical, LLC on March 7, 2025, both of which were acquired in early 2020 under a previous management strategy. As we look ahead, our focused strategy, driven by HA-based products, positions us to offer truly innovative treatments in areas of unmet need and substantial, growing markets. We will place particular emphasis on the commercial execution and adoption of the newest product in our Regenerative Solutions portfolio, the Integrity Implant System (\u201cIntegrity\u201d), a HA-based scaffold des ITEM 1A. RISK FACTORS Our operating results and financial condition have varied in the past and could vary significantly in the future depending on a number of factors. You should consider carefully the risks and uncertainties described below, in addition to the other information contained in this Annu", "title": "ANIK - Anika Therapeutics, Inc.", "url": "/company/ANIK/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001527762; latest 10-K filed 2026-03-26.", "text": "CD - Chaince Digital Holdings Inc. SIC 6199 Finance Services; CIK 0001527762; latest 10-K filed 2026-03-26. CD Chaince Digital Holdings Inc. 0001527762 6199 Finance Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This management\u2019s discussion and analysis is designed to provide you with a narrative explanation of our financial condition and results of operations for the years ended December 31, 2024 and 2025. This section should be read in conjunction with our audited consolidated financial statements and the related notes included elsewhere in this Annual Report. See Audited Consolidated Financial Statements of Chaince Digital Holdings Inc. (formerly known as Mercurity Fintech Holding Inc.) as of December 31, 2024 and 2025 and for the years ended December 31, 2024 and 2025. Unless otherwise indicated or the context otherwise requires, all references to \u201cour company,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cours,\u201d \u201cus\u201d or similar terms refer to Chaince Digital Holdings Inc. (formerly known as Mercurity Fintech Holding Inc.), its predecessor entities, its subsidiaries and consolidated affiliated subsidiaries. All such financial statements were prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP. We have made rounding adjustments to some of the figures included in this management\u2019s discussion and analysis. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that precede them. This discussion contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors. RECENT DEVELOPMENTS The financial services business line has become the Company\u2019s primary focus since March 2025, following FINRA\u2019s approval for Chaince Securities, LLC\u2019s Continuing Membership Application (\u201cCMA\u201d), and now constitutes the Company\u2019s primary business segment. Since the commencement of its operations, Chaince Securities, Inc. has primarily focused on providing financial services. Its subsidiary, Chaince Securities, LLC, is a FINRA-registered broker-dealer and registered investment advisor (RIA), offering investment banking and related business consulting services to companies conducting securities offerings in the U.S. capital markets, as well as investment solutions for institutions, high-net-worth individuals, and emerging issuers worldwide. The operations team is based in New York and actively conducts business with clients based in the U.S. Ucon Capital (HK) Limited (\u201cUcon\u201d), together with its PRC subsidiary, Chaince (Shenzhen) Consulting Co., Ltd., provides business consulting services targeting clients in the Asia-Pacific region. Chaince (Shenzhen) Consulting Co., Ltd. was established in August 2025, maintains an office in Shenzhen, and employs a full operations team locally. 21 Looking ahead, the Company\u2019s primary objective for the next one to two years remains focused on the financial services sector, with the goal of expanding its customer base, growing revenue, narrowing operating losses, and working toward profitability, although there can be no assurance that these objectives will be achieved within the anticipated timeframe. On November 12, 2025, the Company announced that it would rebrand from Mercurity Fintech Holding Inc. to Chaince Digital Holdings Inc. The new corporate name, ticker symbol \u201cCD,\u201d and website at www.chaincedigital.com went live on November 13, 2025 at the opening of trading on the Nasdaq Global Market. The rebranding was approved by the Company\u2019s shareholders at its 2025 Annual General Meeting held on September 15, 2025. As of March 20, 2026, the Company had a total of 79,409,800 ordinary shares issued and outstanding, of which 65,066,254 ordinary shares held by non-affiliates. The aggregate market value of the registrant\u2019s ordinary shares held by non-affiliates (or \u201cPublic Float\u201d) as of March 20, 2026 was $260,915,679. This amount is based on the closing price of the ordinary shares on Nasdaq of $4.01", "title": "CD - Chaince Digital Holdings Inc.", "url": "/company/CD/" }, { "kind": "company", "summary": "SIC 4700 Transportation Services; CIK 0001998768; latest 10-K filed 2026-03-31.", "text": "PAL - Proficient Auto Logistics, Inc SIC 4700 Transportation Services; CIK 0001998768; latest 10-K filed 2026-03-31. PAL Proficient Auto Logistics, Inc 0001998768 4700 Transportation Services Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements and the notes to those statements included in Part II, Item 8, \u201cFinancial Statements and Supplementary Data\u201d in this Annual Report. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements. See Part I, \u201cForward-Looking Statements\u201d and Part I, Item 1A, \u201cRisk Factors\u201d for a discussion of the uncertainties, risks, and assumptions associated with these statements. Actual results could differ materially from the results referenced in forward-looking statements. Business Overview We are a leading specialized freight company focused on providing auto transportation and logistics services. Formed in connection with the IPO through the combination of five industry-leading operating companies, we operate one of the largest auto transportation fleets in North America with an operating fleet of approximately 800 owned assets and employing 825 dedicated employees as of December 31, 2025. From our 57 strategically located facilities across the United States, we offer a broad range of auto transportation and logistics services, primarily focused on transporting finished vehicles from automotive production facilities, marine ports of entry or regional rail yards to auto dealerships around the country. We have developed a differentiated business model due to our scale, breadth of geographic coverage and embedded customer relationships with leading auto original equipment manufacturing companies (\u201cOEMs\u201d). Our customers include nearly all of the global auto manufacturing companies who operate in the U.S. market. Additional customers include auto dealers, auto auctions, rental car companies and auto leasing companies. Description of the Combinations On December 21, 2023, Proficient Auto Logistics, Inc. entered into agreements to acquire in multiple, separate acquisitions five operating businesses and their respective affiliated entities, as applicable: (i) Delta, (ii) Deluxe, (iii) Sierra, (iv) Proficient Transport, and (v) Tribeca. On May 13, 2024, the Company completed its IPO of its common stock, and in connection with the closing of the IPO, the Company also completed the acquisitions of all of the Founding Companies. The Founding Companies were acquired for approximately $177.4 million in cash and 6,978,191 shares of our common stock (provided, that 541,866 of these shares of common stock were held back and were not be issued at the closing of the Combinations to satisfy the indemnification obligations of certain of the Founding Companies for a period of twelve months following the closing of the Company\u2019s IPO). Thereafter, on August 16, 2024, the Company acquired ATG for approximately $28.4 million in cash and 1,069,346 shares of our common stock. Subsequently on November 1, 2024, the Company acquired Utah Truck & Trailer Repair, LLC, (\u201cUTT\u201d), a repair facility located at the ATG headquarters terminal in Ogden, Utah for $4.5 million in cash. These acquisitions expanded the Company\u2019s geographic presence and services offered. On April 1, 2025, the Company acquired Brothers Auto Transport (\u201cBrothers\u201d), for approximately $12.4 million in cash and 395,322 shares of our common stock. Then on May 27, 2025, the Company acquired PVT Truck & Trailer Repair, LLC, a repair facility located at the Brothers headquarters terminal in Wind Gap, Pennsylvania for $1.0 million in cash. The Combinations and subsequent acquisitions are accounted for as business combinations under ASC 805. Under this method of accounting, Proficient Auto Logistics, Inc. is treated as the \u201caccounting acquirer.\u201d Proficient Auto Logistics, Inc. has been identified as the designated accounting acquirer (\u201cSuccessor\u201d) of each of the Founding Companies and Proficient Transport has been identified as the designated accountin Business Overview We are a leading specialized freight company focused on providing auto transportation and logistics services. Formed in connection with the IPO through the combination of five industry-leading operating companies, we operate one of the largest auto transportation fleets in North America with an operating fleet with approximately 800 owned assets and employing 825 dedicated employees as of December 31, 2025. From our 57 strategically located facilities across the United States, we offer a broad range of auto transportation and logistics services, primarily focused on transporting finished vehicles from automotive production facilities, marine ports of entry or regional rail yards to auto dealerships around the country. We have developed a differentiated business model due to our scale, breadth of geographic coverage and embedded customer relationships with leading auto original equipment manufacturing companies (\u201cOEMs\u201d). Our customers include nearly all of the global auto manufacturing companies who participate in the North American market. Additional customers include auto dealers, auto auctions, rental car companies and auto leasing companies. Description of the Combinations On December 21, 2023, Proficient Auto Logistics, Inc. entered into agreements to acquire in multiple, separate acquisitions, five operating businesses and their respective affiliated entities, as applicable: (i) Delta, (ii) Deluxe, (iii) Sierra, (iv) Proficient Transport, and(v) Tribeca. On May 13, 2024, the Company completed the IPO of its common stock, and in connection with the closing of the IPO, the Company also completed the acquisitions of all of the Founding Companies. Thereafter, on August 16, 2024, the Company acquired Auto Transport Group, LC, (\u201cATG,\u201d which was converted to a limited liability company after closing), and on November 1, 2024, the Company acquired Utah Truck & Trailer Repair, LLC, (\u201cUTT,\u201d which subsequently converted into Proficient Repair Services", "title": "PAL - Proficient Auto Logistics, Inc", "url": "/company/PAL/" }, { "kind": "company", "summary": "SIC 1389 Oil & Gas Field Services, NEC; CIK 0001881487; latest 10-K filed 2026-03-13.", "text": "ACDC - ProFrac Holding Corp. SIC 1389 Oil & Gas Field Services, NEC; CIK 0001881487; latest 10-K filed 2026-03-13. ACDC ProFrac Holding Corp. 0001881487 1389 Oil & Gas Field Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes included within \u201cItem 8. Financial Statements and Supplementary Data.\u201d Refer to Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, in our Form 10-K for the fiscal year ended December 31, 2024, for discussion of our financial condition and results of operations for the year ended December 31, 2024, compared to the year ended December 31, 2023, which is incorporated by reference herein. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect the Company\u2019s plans, estimates, or beliefs. Actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report, including, without limitation, those described in the sections titled \u201cCautionary Note Regarding Forward-Looking Statements\u201d and Part I, Item 1A \u201cRisk Factors.\u201d Overview We are a vertically integrated and innovation-driven energy services holding company providing hydraulic fracturing, proppant production, other completion services and other complementary products and services to leading upstream oil and natural gas companies engaged in the exploration and production (\"E&P\") of North American unconventional oil and natural gas resources. We operate in four reportable business segments: Stimulation Services, Proppant Production, Manufacturing and Flotek. Our Stimulation Services segment, which primarily relates to ProFrac LLC, owns and operates a fleet of mobile hydraulic fracturing units and other auxiliary equipment that generates revenue by providing stimulation services to our customers. Our Proppant Production segment, which primarily relates to Alpine, provides proppant to oilfield service providers and E&P companies. Our Manufacturing segment sells products such as high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends. Flotek is a leading chemistry and data technology company focused on servicing the E&P industry. Summary Financial Results \u2022 Total revenue for 2025 was $1,941.8 million compared to $2,190.9 million in 2024. \u2022 Net loss for 2025 was $355.5 million compared to net loss of $207.8 million in 2024. \u2022 Cash provided by operating activities for 2025 was $189.5 million compared to $367.3 million in 2024. \u2022 Total principal amount of long-term debt was $1,048.1 million at December 31, 2025 compared to $1,138.9 million at December 31, 2024. 2025 Developments In April 2025, Flotek acquired certain gas conditioning equipment from our Stimulation Services segment for total consideration of $107.5 million and our Stimulation Services segment leased these assets back from Flotek for a six year term. We believe this Flotek partnership provides ownership exposure to a highly-scalable gas quality and asset integrity business. The effects of this sale-leaseback transaction have been eliminated from our consolidated financial statements. Part of the $107.5 million consideration was a $40.0 million intercompany note payable from Flotek to our Stimulation Services segment (\u201cFlotek PWRtek Note\u201d). In November 2025, the Stimulation Services segment agreed to assign this note receivable to PC Energy Credit I, LLC, a related party to the Company controlled by the Wilks Parties, in exchange for cash consideration of $40.4 million, which represented the sum of the unpaid principal amount of the note and all accrued and unpaid interest on the note through the closing date. In June and December 2025 ProFrac Holdings II, LLC issued a total $60 million aggregate principal amount of its 2029 Senior Notes at p ITEM 1. BUSINESS Unless the context otherwise requires or is otherwise indicated, references in this Annual Report to the \u201cCompany,\u201d \u201cProFrac,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus,\u201d or like terms, refer to (i) before the completion of the Corporate Reorganization, ProFrac Holdings, LLC, a Texas limited liability company (\u201cProFrac LLC\u201d), and its consolidated subsidiaries; and (ii) following the completion of the Corporate Reorganization, ProFrac Holding Corp., a Delaware corporation (the \u201cIssuer\u201d or \u201cProFrac Corp.\u201d), and its consolidated subsidiaries. When we refer to a \u201cfleet\u201d or a \u201cfrac fleet,\u201d we are referring to the pumping units, truck tractors, data trucks, storage tanks, chemical additive and hydration units, blenders and other equipment necessary to perform well stimulation services, including back-up pumping capacity. Overview and Strategy ProFrac Holding Corp. is a technology-focused, vertically integrated, innovation-driven energy services holding company providing hydraulic fracturing, proppant production, other completion services and other complementary products and services including distributed power generation to leading upstream oil and natural gas companies engaged in the exploration and production (\"E&P\") of North American unconventional oil and natural gas resources throughout the United States. Founded in 2016, ProFrac was built to be the go-to service provider for E&P companies' most demanding hydraulic fracturing needs. ProFrac Corp. operates in four business segments: Stimulation Services, Proppant Production, Manufacturing, and Flotek Industries, Inc., (\u201cFlotek\u201d). We employ a differentiated business model, focused on vertical integration, technological innovation and actively acquiring assets and businesses that expand our capabilities. In combination with our technical expertise, our ability to design and manufacture equipment and produce proppant positions us to custom tailor our products and services to meet the needs of our customers. We believe o Item 1A. Risk Factors. We face various risks and uncertainties in the industry in which we operate and in the course of our business. Investors in our securities should carefully consider the following risk factors and all of the other information set forth or incorporated into this Annual Report. Additional risks and uncertain", "title": "ACDC - ProFrac Holding Corp.", "url": "/company/ACDC/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001750735; latest 10-K filed 2026-03-13.", "text": "MRBK - Meridian Corp SIC 6021 National Commercial Banks; CIK 0001750735; latest 10-K filed 2026-03-13. MRBK Meridian Corp 0001750735 6021 National Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion is intended to assist in understanding the financial condition and results of operations of Meridian as of and for the year ended December 31, 2025. The information contained in this section should be read together with the December 31, 2025 audited Consolidated Financial Statements and the accompanying Notes included in Item 8. Financial Statements And Supplementary Data of this Form 10-K. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Critical Accounting Policies and Estimates Our accounting and reporting policies conform to GAAP and conform to general practices within the industry in which we operate. To prepare financial statements in conformity with GAAP, management makes estimates, assumptions and judgments based on available information. These estimates, assumptions and judgments affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions and judgments are based on information available as of the date of the financial statements and, as this information changes, actual results could differ from the estimates, assumptions and judgments reflected in the financial statements. In particular, management has identified the provision and allowance for credit losses as the accounting policy that, due to the estimates, assumptions and judgments inherent in that policy, is critical in understanding our financial statements. Management has presented the application of this policy to the audit committee of our board of directors. The following is a discussion of the critical accounting policies and significant estimates that require us to make complex and subjective judgments. Additional information about these policies can be found in Note 1 - Summary of Significant Accounting Policies, to the Corporation\u2019s Consolidated Financial Statements as of and for the years ended December 31, 2025 and 2024. 26 Provision and allowance for credit losses The ACL is a valuation reserve established and maintained by charges against operating income. It is an estimate of expected credit losses, measured over the contractual life of a loan, that considers historical loss experience, current conditions and forecasts of future economic conditions. Management\u2019s evaluation process used to determine the appropriateness of the ACL is complex and requires the use of estimates, assumptions and judgments which are inherently subject to high uncertainty. The evaluation process combines several factors: historical loan loss experience, managements ongoing review of lending policies and practices, experience and depth of staff, quality of the loan grading system, the fair value of underlying collateral, concentration of loans to specific borrowers or industries, existing economic conditions and forecasts, segment specific risks and other quantitative and qualitative factors which could affect future credit losses. Our reasonable and supportable forecast is for a period of four quarters. For periods beyond our one-year forecast, we revert to historical loss rates over one quarter. Because current economic conditions and forecasts can change and future events are inherently difficult to predict, the anticipated amount of estimated credit losses on loans and the appropriateness of the ACL could change significantly. It is challenging to estimate how potential changes in any one economic factor or input might affect the overall allowance because a wide variety of factors and inputs may be directionally inconsistent, such that improvement in one factor may offset deterioration in others. Executive Overview The following items highlight the Corporation\u2019s changes in its financial condition as of December 31, 2025 compared to December 31, 2024 and the results of operations for the year ended December 31, 2025 compare Item 1. Business General The Corporation is a bank holding company engaged in banking activities through its wholly-owned subsidiary, Meridian Bank (the \u201cBank\u201d), a full-service, state-chartered commercial bank with offices in the Delaware Valley tri-state market, which includes Pennsylvania, New Jersey and Delaware, as well as in the Central Maryland market, and southwest Florida. We have a financial services business model with non-interest revenue streams from mortgage banking, the sale of SBA loan guarantees and wealth management services. We provide services to small and middle market businesses, professionals and retail customers throughout our market area. We have a modern, progressive, consultative approach to creating innovative solutions for our customers. We are technology driven, with a culture that incorporates significant use of customer preferred alternative delivery channels, such as mobile banking, remote deposit capture and bank-to-bank ACH. Our \u2018Meridian everywhere\u2019 philosophy of community presence, along with our strategic business footprint, allows us to provide the high degree of service, convenience and products our customers need to achieve their financial objectives. We provide this service through three principal business line distribution channels, described further below. Corporate Structure and Business Lines The Corporation is the parent to the Bank. The Bank is the parent to four wholly-owned subsidiaries: Meridian Land Settlement Services, LLC, which provides title insurance services; Apex Realty, LLC, a real estate holding company; Meridian Wealth Partners, LLC, a registered investment advisory firm, (\u201cMeridian Wealth\u201d); and Meridian Equipment Finance, LLC, an equipment leasing and other finance receivables company. With these subsidiaries, the Corporation is organized into the following three lines of business, or segments. Commercial Banking The first line of business, or segment, is our traditional banking operations, serving Item 1A. Risk Factors Investing in our common stock involves a significant degree of risk. The material risks and uncertainties that management believes affect us are described below. Before investing in our common stock, you should carefully consider the risks and uncertainties described below, in addition to the other information contained in this", "title": "MRBK - Meridian Corp", "url": "/company/MRBK/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001356115; latest 10-K filed 2026-03-31.", "text": "NXDT - NEXPOINT DIVERSIFIED REAL ESTATE TRUST SIC 6798 Real Estate Investment Trusts; CIK 0001356115; latest 10-K filed 2026-03-31. NXDT NEXPOINT DIVERSIFIED REAL ESTATE TRUST 0001356115 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following is a discussion and analysis of our financial condition and our historical results of operations. The following should be read in conjunction with our financial statements and accompanying notes included herein. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those projected, forecasted, or expected in these forward-looking statements as a result of various factors, including, but not limited to, those discussed below and elsewhere in this Annual Report. See \u201cCautionary Statement Regarding Forward-Looking Statements\u201d in this Annual Report. Overview As of December 31, 2025, our Portfolio consisted primarily of debt and equity investments in the single-family rental, self-storage, office, hospitality, life science and multifamily sectors. The Company has two reportable segments, Diversified and Hospitality. Diversified represents the Company's primary reportable segment and represents a significant majority of the Company's consolidated portfolio. The Diversified reportable segment is the legacy reportable segment and is focused on investing in various commercial real estate property types and across the capital structure, including but not limited to, equity, mortgage, debt, mezzanine debt and preferred equity. The Hospitality segment is focused on operating and renovating its U.S. located hospitality assets that meet its investment objective and criteria. Substantially all of our business is conducted through the OP. The OP GP is the sole general partner of the OP and is owned 100% by the Company. As of December 31, 2025, there were 44,536,894.47 common units of the OP outstanding, of which 99.96% were owned by the Company. As a diversified REIT, the Company\u2019s primary investment objective is to provide both current income and capital appreciation. Target underlying property types primarily include, but are not limited to, single-family rentals, multifamily, self-storage, life science, office, industrial, hospitality, net lease and retail. The Company may, to a limited extent, hold, acquire or transact in certain non-real estate securities. We are externally managed by the Adviser through the Advisory Agreement, by and among the Company and the Adviser. The Advisory Agreement was dated July 1, 2022, and amended on October 25, 2022, April 11, 2023, July 22, 2024, and September 19, 2025 for a term that will expire on July 1, 2026 and successive one-year terms thereafter unless earlier terminated. The Adviser is wholly owned by our Sponsor. We have elected to be taxed as a REIT under Sections 856 through 860 of the Code commencing with our taxable year ended December 31, 2021. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our REIT taxable income to our shareholders. As a REIT, we will be subject to federal income tax on our undistributed REIT taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions we pay with respect to any calendar year are less than the sum of (1) 85% of our ordinary income, (2) 95% of our capital gain net income and (3) 100% of our undistributed income from prior years. We believe we qualify for taxation as a REIT under the Code, and we intend to continue to operate in such a manner, but no assurance can be given that we will operate in a manner so as to qualify as a REIT. Taxable income from certain non-REIT activities is managed through one or more TRS entities and is subject to applicable U.S. federal, state, and local income and margin taxes. For information regarding the Bankruptcy Trust Lawsuit and the UBS Lawsuit, see \u201cItem 1A. Risk Factors - The Chapter 11 bankruptcy filing by Highland Capital Management L.P. (\u201cHighland\u201d) may have materially adver Item 1. Business General NexPoint Diversified Real Estate Trust (the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d) is an externally advised, publicly traded REIT focused on the acquisition, asset management, development, and disposition of opportunistic, value-add investments in real estate properties throughout the United States. The Company focuses primarily on investing in various commercial real estate property types and across the capital structure, including but not limited to equity, mortgage debt, mezzanine debt and preferred equity. The Company is advised by the Adviser. The Company was formed as a Delaware statutory trust on March 10, 2006 under the name \u201cHighland Credit Strategies Fund\u201d and changed its name to \u201cNexPoint Diversified Real Estate Trust\u201d in 2021, and the Company has elected to be taxed as a REIT. Substantially all of the Company\u2019s business is conducted through NexPoint Diversified Real Estate Trust Operating Partnership, L.P. (the \u201cOP\u201d), the Company\u2019s operating partnership. As of December 31, 2025, there were 44,536,894.47 common units of the OP outstanding, of which 99.96% were owned by the Company. The Company conducts its business (the \u201cPortfolio\u201d) through the OP and its wholly owned taxable REIT subsidiaries (\u201cTRSs\u201d). The Company\u2019s wholly owned subsidiary, NexPoint Diversified Real Estate Trust OP GP, LLC (the \"OP GP\"), is the sole general partner of the OP. 2025 Highlights Key highlights and transactions completed in 2025 include the following: Investments in AMS C-Store JV, LLC During 2025, the Company, through a subsidiary, invested an aggregate $16.3 million in AMS C\u2011Store JV, LLC (\u201cAMS\u201d) in exchange for preferred equity interests. The AMS preferred equity provides the Company with an 18% cumulative, compounding preferred return, along with a full return of invested capital before any participation by the common members. AMS serves as a real estate development platform focused on acquiring, developing, and operating newly constructed 7\u2011Eleven Item 1A. Risk Factors You should carefully consider the following risks and other information in this Annual Report in evaluating us and our common shares. Any of the following risks, as well as additional risks and uncertainties not currently known to us or that we currently deem immate", "title": "NXDT - NEXPOINT DIVERSIFIED REAL ESTATE TRUST", "url": "/company/NXDT/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001640266; latest 10-K filed 2026-03-09.", "text": "VYGR - Voyager Therapeutics, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001640266; latest 10-K filed 2026-03-09. VYGR Voyager Therapeutics, Inc. 0001640266 2836 Biological Products, (No Diagnostic Substances) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors. We discuss factors that we believe could cause or contribute to these differences below and elsewhere in this report, including those set forth under Item 1A. \u201cRisk Factors\u201d and under \u201cForward-Looking Statements\u201d in this Annual Report on Form 10-K. We are a biotechnology company whose mission is to leverage the power of human genetics to modify the course of and ultimately cure neurological diseases. Our pipeline includes programs for Alzheimer\u2019s disease, or AD; Friedreich\u2019s ataxia, or FA; Parkinson\u2019s disease, or PD; and multiple other diseases of the central nervous system, or CNS. Many of our programs are derived from our TRACER\u2122 (Tropism Redirection of AAV by Cell-type-specific Expression of RNA) adeno-associated virus, or AAV, capsid discovery platform, which we have used to generate novel capsids, or TRACER Capsids, and identify associated receptors to potentially enable high brain penetration with genetic medicines following intravenous, or IV, dosing. Some of our programs are wholly-owned, and some are advancing with licensees and collaborators, including Alexion, AstraZeneca Rare Disease, or Alexion; Novartis Pharma AG, or Novartis; Neurocrine Biosciences, Inc., or Neurocrine; and Transition Bio, Inc., or Transition Bio. We are advancing our own proprietary pipeline of drug candidates for neurological diseases, with a focus on AD. Our wholly-owned prioritized pipeline includes two tau targeting programs: VY1706, a tau silencing gene therapy for AD, and VY7523, an anti-tau antibody for AD. VY1706 is a gene therapy that leverages an intravenously delivered TRACER Capsid containing a vectorized small interfering RNA specifically targeting tau mRNA. In a non-human primate, or NHP, study, a single 1.3E13 vector genomes per kilogram, or vg/kg, dose of VY1706 delivered intravenously resulted in reductions in tau mRNA levels of 50% to 73% across the cerebral cortex, including in areas of the brain where tau accumulates during the progression of AD. We expect to complete a good laboratory practices, or GLP, toxicology study in the first quarter of 2026. Having had a Type C communication with the FDA in the first quarter of 2026, we anticipate the submission of an investigational new drug, or IND, application in the second quarter of 2026 and initiation of a clinical trial for the VY1706 program in the second half of 2026. VY7523 is an IV-administered, recombinant, humanized IgG4 monoclonal antibody developed to inhibit the spread of pathological tau, which is closely correlated with disease progression and cognitive decline in AD. The murine version of VY7523 reduced tau spread by approximately 70% in preclinical studies. VY7523 demonstrated an acceptable safety, tolerability, and immunogenicity profile as well as expected pharmacokinetic results in a Phase 1, single ascending dose, or SAD, clinical trial in healthy volunteers. In February 2025, we initiated a Phase 1 multiple ascending dose, or MAD, clinical trial of VY7523 in early AD patients. We expect initial tau positron emission tomography, or PET, imaging data in the second half of 2026. Our proprietary pipeline also includes an early research initiative to develop a non-viral therapeutic that leverages our proprietary Voyager NeuroShuttleTM platform for the treatment of an undisclosed neurological disease. We paused investment in our apolipoprotein E, or", "title": "VYGR - Voyager Therapeutics, Inc.", "url": "/company/VYGR/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001010086; latest 10-K filed 2026-03-10.", "text": "SIGA - SIGA TECHNOLOGIES INC SIC 2834 Pharmaceutical Preparations; CIK 0001010086; latest 10-K filed 2026-03-10. SIGA SIGA TECHNOLOGIES INC 0001010086 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this report. Refer to Part II, Item 7 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (filed with the SEC on March 11, 2025) for additional discussion of our financial condition and results of operations for the year ended December 31, 2024, as well as our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023. In addition to historical information, the following discussion and other parts of this Annual Report contain forward-looking information that involves risks and uncertainties. Overview SIGA Technologies, Inc. (\u201cSIGA\u201d or the \u201cCompany\u201d) is a commercial-stage pharmaceutical company. The Company sells its lead product, TPOXX\u00ae (\u201coral TPOXX\u00ae,\u201d also known as \"tecovirimat,\" \"Tecovirimat SIGA,\" or \"TEPOXX (tecovirimat)\" in certain international markets), to the U.S. Government and international governments (including government affiliated entities). In certain international markets, the Company may sell TPOXX\u00ae through a distributor. Additionally, the Company sells the intravenous formulation of TPOXX\u00ae (\"IV TPOXX\u00ae\") to the U.S. Government. TPOXX\u00ae is an antiviral drug for the treatment of human smallpox disease caused by variola virus. On July 13, 2018, the United States Food & Drug Administration (\u201cFDA\u201d) approved oral TPOXX\u00ae for the treatment of smallpox. The Company has been delivering oral TPOXX\u00ae to the U.S. Strategic National Stockpile (\"Strategic Stockpile\") since 2013. On May 18, 2022 the FDA approved IV TPOXX\u00ae for the treatment of smallpox. In addition to being approved by the FDA, oral TPOXX\u00ae (tecovirimat) has received regulatory approval from the European Medicines Agency (\"EMA\"), Health Canada, the Medicines and Healthcare Products Regulatory Agency (\"MHRA\") of the United Kingdom, and the Japanese Pharmaceuticals and Medical Devices Agency (\"PMDA\"). The EMA, MHRA and PMDA approved oral TPOXX\u00ae for the treatment of smallpox, monkeypox (\"mpox\"), cowpox, and vaccinia complications following vaccination against smallpox. Health Canada approved TPOXX\u00ae for the treatment of smallpox. TPOXX\u00ae was authorized under \u201cexceptional circumstances\u201d by the EMA and the MHRA, under the brand name Tecovirimat-SIGA. These regulators granted marketing authorizations under \u201cexceptional circumstances\u201d because it was not possible to obtain complete efficacy and safety information about the product due to the rarity of smallpox and other orthopoxviruses and because ethical considerations prevented conducting the necessary clinical studies. The Tecovirimat-SIGA marketing authorizations under \u201cexceptional circumstances\u201d are subject to certain specific obligations to gather additional data post-approval to help confirm the product\u2019s safety and efficacy. All \u201cexceptional circumstances\u201d marketing authorizations are subject to annual reassessments that consider whether data generated pursuant to the specific obligations continue to confirm its positive benefit-risk profile. These annual reassessments determine whether the product\u2019s marketing authorization should be maintained, changed, suspended, or withdrawn based on its benefit-risk profile. On July 24, 2025, the EMA\u2019s Committee for Medicinal Products for Human Use (CHMP) closed its third annual reassessment for Tecovirimat-SIGA and initiated a referral procedure for the product following questions over its effectiveness in the treatment of mpox. These questions were raised following receipt of results from certain non-SIGA sponsored clinical trials evaluating tecovirimat as a potential mpox treatment including the PALM007 and STOMP clinical trials. In the referral procedure, CHMP reviewed all available data on the safety and efficacy of Tecovirimat-SIGA for all i Item 1. Business Overview SIGA Technologies, Inc. is referred to throughout this report as \u201cSIGA,\u201d \u201cthe Company,\u201d \u201cwe\u201d or \u201cus.\u201d We are a commercial-stage pharmaceutical company. The Company sells its lead product, TPOXX\u00ae (\u201coral TPOXX\u00ae,\u201d also known as \"tecovirimat,\" \"Tecovirimat-SIGA,\" or \"TEPOXX (tecovirimat)\" in certain international markets), to the U.S. Government and international governments (including government affiliated entities). In certain international markets, the Company may sell TPOXX\u00ae through a distributor. Additionally, the Company sells the intravenous formulation of TPOXX\u00ae (\"IV TPOXX\u00ae\") to the U.S. Government. TPOXX\u00ae is an antiviral drug for the treatment of human smallpox disease caused by variola virus. On July 13, 2018, the United States Food & Drug Administration (\u201cFDA\u201d) approved the oral formulation of TPOXX\u00ae for the treatment of smallpox. The Company has been delivering oral TPOXX\u00ae to the U.S. Strategic National Stockpile (\"Strategic Stockpile\") since 2013. On May 18, 2022, the FDA approved IV TPOXX\u00ae for the treatment of smallpox. In addition to being approved by the FDA, oral TPOXX\u00ae (tecovirimat) has received regulatory approval from the European Medicines Agency (\"EMA\"), Health Canada, the Medicines and Healthcare Products Regulatory Agency (\"MHRA\") of the United Kingdom, and the Japanese Pharmaceuticals and Medical Devices Agency (\"PMDA\"). The EMA, MHRA and PMDA approved oral TPOXX\u00ae for the treatment of smallpox, monkeypox (\"mpox\"), cowpox, and vaccinia complications following vaccination against smallpox. Health Canada approved TPOXX\u00ae for the treatment of smallpox. 2 Table of Contents TPOXX\u00ae was authorized under \u201cexceptional circumstances\u201d by the EMA and the MHRA, under the brand name Tecovirimat-SIGA. These regulators granted marketing authorizations under \u201cexceptional circumstances\u201d because it was not possible to obtain complete efficacy and safety information about the product due to the rarity of smallpox and other orthopox Item 1A. Risk Factors This report contains forward-looking statements and other prospective information relating to future events. These forward-looking statements and other information are subject to risks and uncertainties that could cause our actual results to differ materially from our historical results or currently anticipate", "title": "SIGA - SIGA TECHNOLOGIES INC", "url": "/company/SIGA/" }, { "kind": "company", "summary": "SIC 4923 Natural Gas Transmisison & Distribution; CIK 0001069533; latest 10-K filed 2025-12-04.", "text": "RGCO - RGC RESOURCES INC SIC 4923 Natural Gas Transmisison & Distribution; CIK 0001069533; latest 10-K filed 2025-12-04. RGCO RGC RESOURCES INC 0001069533 4923 Natural Gas Transmisison & Distribution Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Overview Resources is an energy services company primarily engaged in the regulated sale and distribution of natural gas to approximately 62,500 residential, commercial and industrial customers in Roanoke, Virginia, and the surrounding localities, through its Roanoke Gas subsidiary. Midstream, a wholly owned subsidiary of Resources, is a less than 1% investor in the MVP, Southgate and Boost. More information regarding the investment in MVP is provided below and under the Equity Investment in Mountain Valley Pipeline section. The utility operations of Roanoke Gas are regulated by the SCC, which oversees the terms, conditions and rates charged to customers for natural gas service, safety standards, extension of service and depreciation. Nearly all of the Company\u2019s revenues are derived from the sale and delivery of natural gas to Roanoke Gas customers based on rates and fees authorized by the SCC. These rates are designed to provide the Company with the opportunity to recover its gas and non-gas expenses and to earn a reasonable rate of return for shareholders based on normal weather. These rates are determined based on various rate applications filed with the SCC. Generally, investments related to extending service to new customers are recovered through the additional revenues generated by the non-gas base rates in place at that time. The investment in replacing and upgrading existing infrastructure, as well as recovering increases in non-gas expenses due to inflationary pressures, regulatory requirements or operation needs, are generally not recoverable until a formal rate application is filed to include additional investment and higher costs, and new non-gas base rates are approved. The Company is also subject to regulation from the Department of Transportation in regard to the construction, operation, maintenance, safety and integrity of its transmission and distribution pipelines, as well as the FERC, which regulates the prices for the transportation and delivery of natural gas to the Company's distribution system and underground storage services. In addition, Roanoke Gas is subject to other regulations which are not necessarily industry specific. On February 2, 2024, primarily in response to continued inflationary pressures, Roanoke Gas filed for a non-gas base rate increase of $4.33 million. The filing also reflected an increase in the Company's authorized return on equity from 9.44% to 10.35%. The new interim non-gas base rates went into effect for customer billings on or after July 1, 2024, subject to refund. On October 16, 2024, the Company reached a settlement with the SCC staff on all outstanding issues in the case. Under the terms of the settlement, the Company agreed to an annual incremental revenue requirement increase of $4.08 million based on a return on equity of 9.90%. On April 10, 2025, the SCC issued a final order approving the settlement in its entirety. The order also directed Roanoke Gas to refund the excess revenues collected during the time the interim rates were in effect with interest. The refunds to customers, which had previously been accrued as a regulatory liability, were made to customers in May 2025. As the Company\u2019s business is seasonal in nature, volatility in winter weather and the commodity price of natural gas can impact the effectiveness of the Company\u2019s rates in recovering its costs and providing a reasonable return for its shareholders. In order to mitigate the effect of weather variations and other factors not provided for in the Company's base rates, Roanoke Gas has certain approved rate mechanisms in place that help provide stability to customer bills and earnings, adjust for volatility in the price of natural gas and provide a return on qualified infrastructure investment. These mechanisms include the SAVE Rider, WNA, ICC, RNG Rider and PGA. The SAVE Plan and Rider provi Item 1. Business. General and Historical Development Resources was incorporated in the Commonwealth of Virginia on July 31, 1998 and, effective July 1, 1999, its subsidiaries were reorganized into the Resources holding company structure. Resources is currently composed of the following subsidiaries: Roanoke Gas and Midstream. Roanoke Gas, originally established in 1883, was organized as a public service corporation under the laws of the Commonwealth of Virginia in 1912. The principal service of Roanoke Gas is the distribution and sale of natural gas to residential, commercial and industrial customers within its service territory in Roanoke, Virginia and the surrounding localities. Roanoke Gas also provides certain non-regulated services which account for less than 1% of consolidated revenues. In July 2015, the Company formed Midstream for the purpose of becoming an investor in Mountain Valley Pipeline, LLC. The LLC was created to construct and operate interstate natural gas pipelines. Additional information regarding this investment is provided under Note 5 of the Company's annual consolidated financial statements and under the Equity Investment in Mountain Valley Pipeline section of Item 7. Services Roanoke Gas maintains an integrated natural gas distribution system to deliver natural gas purchased from suppliers to residential, commercial and industrial users in its service territory. The schedule below is a summary of customers, delivered volumes (expressed in DTHs), revenues and margin as a percentage of the total for each category. For the purposes of this schedule, margin is defined as revenues less cost of gas. [[GREPCENT_TABLE]] [[\"\",\"\",\"2025\"],[\"\",\"\",\"Customers\",\"\",\"\",\"Volume\",\"\",\"\",\"Revenue\",\"\",\"\",\"Margin\"],[\"Residential\",\"\",\"\",\"91.3\",\"%\",\"\",\"\",\"31.3\",\"%\",\"\",\"\",\"58.0\",\"%\",\"\",\"\",\"62.2\",\"%\"],[\"Commercial\",\"\",\"\",\"8.6\",\"%\",\"\",\"\",\"27.9\",\"%\",\"\",\"\",\"35.0\",\"%\",\"\",\"\",\"26.3\",\"%\"],[\"Industrial\",\"\",\"\",\"0.1\",\"%\",\"\",\"\",\"40.8\",\"%\",\"\",\"\",\"6.2\",\"%\",\"\",\"\",\"10.0\", Item 1A. Risk Factors Please carefully consider the risks described below regarding the Company. These risks are not the only ones faced by the Company. Additional risks not presently known to the Company or that the Company currently believes are immaterial may also impair business operations and financial results. If any of th", "title": "RGCO - RGC RESOURCES INC", "url": "/company/RGCO/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0001228454; latest 10-K filed 2026-03-09.", "text": "BCBP - BCB BANCORP INC SIC 6035 Savings Institution, Federally Chartered; CIK 0001228454; latest 10-K filed 2026-03-09. BCBP BCB BANCORP INC 0001228454 6035 Savings Institution, Federally Chartered ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Critical Accounting Estimates Critical accounting estimates are those accounting policies that can have a significant impact on the Company\u2019s financial position and results of operations that require the use of complex and subjective estimates based upon past experiences and management\u2019s judgment. Because of the uncertainty inherent in such estimates, actual results may differ from these estimates. Below are those policies applied in preparing the Company\u2019s consolidated financial statements that management believes are the most dependent on the application of estimates and assumptions. For additional accounting policies, see Note 2 of \u201cNotes to Consolidated Financial Statements.\u201d Allowance for Credit losses On January 1, 2023, the Company adopted ASU 2016-13 (Topic 326), which replaced the incurred loss methodology with a current expected credit losses (\u201cCECL\u201d) model for financial instruments measured at amortized cost and other commitments to extend credit. Loans receivable are presented net of an allowance for credit losses and net deferred loan fees. In determining the appropriate level of the allowance, management considers a combination of factors, such as economic and industry trends, real estate market conditions, size and type of loans in portfolio, nature and value of collateral held, borrowers\u2019 financial strength and credit ratings, and prepayment and default history. The calculation of the appropriate allowance for credit losses relies on econometric models to estimate the quantitative reserves and also the use of qualitative factors to supplement the quantitative calculation. The process of establishing allowance for credit losses is complex and requires a substantial amount of judgment regarding the impact of the aforementioned factors, as well as other factors, on the ultimate realization of loans receivable. In addition, our determination of the amount of the allowance for credit losses is subject to review by the New Jersey Department of Banking and Insurance and the FDIC, as part of their examination process. After a review of the information available, our regulators might require the establishment of an additional allowance. Any increase in the allowance for loan loss required by regulators would have a negative impact on our earnings. Refer to Note 5 of the accompanying consolidated financial statements for additional information on the Company\u2019s allowance for credit loss process. Goodwill The Company accounts for goodwill and other intangible assets in accordance with FASB ASC Topic 350, Intangibles \u2013 Goodwill and Other, which allows an entity to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. Based on a quantitative assessment, management determined that the Company\u2019s recorded goodwill totaling $5.2 million, is not impaired as of December 31, 2025. 27 Table of Contents Financial Condition at December 31, 2025 and 2024 Total assets decreased by $319.7 million, or 8.9 percent, to $3.279 billion at December 31, 2025, from $3.599 billion at December 31, 2024. This decrease is largely the result of a successful strategic initiative to enhance our capital ratios. The decrease in total assets was mainly driven by decreases in cash and cash equivalents and net loans. Total cash and cash equivalents decreased by $40.7 million, or 12.8 percent, to $276.6 million at December 31, 2025, from $317.3 million at December 31, 2024. The decrease in cash was primarily due to the reduction of the Bank\u2019s exposure to wholesale funding by running off higher cost brokered deposits and paying down FHLB advances. Loans receivable, net, decreased by $305.2 million, or 10.2 percent, to $2.691 billion at December 31, 2025, from $2.996 billion at December 31, 2024, due to payoffs, paydowns and charge-offs. Total loan decreases during the period included de ITEM 1. BUSINESS BCB Bancorp, Inc. BCB Bancorp, Inc. (individually referred to herein as the \u201cParent Company\u201d and together with its subsidiaries, collectively referred to herein as the \u201cCompany\u201d) is a New Jersey corporation established in 2003 and is the holding company parent of BCB Community Bank (the \u201cBank\u201d). The Company has not engaged in any significant business activity other than owning all of the outstanding common stock of BCB Community Bank. Our executive office is located at 104-110 Avenue C, Bayonne, New Jersey 07002. Our telephone number is 1-(800)-680-6872 and our website is www.bcb.bank. Information on our website is not incorporated into this Annual Report on Form 10-K. At December 31, 2025 we had $3.279 billion in consolidated assets, $2.674 billion in deposits and $304.3 million in consolidated stockholders\u2019 equity. The Parent Company is subject to extensive regulation by the Board of Governors of the Federal Reserve System. BCB Community Bank The Bank opened for business on November 1, 2000, as Bayonne Community Bank, a New Jersey chartered commercial bank. The Bank changed its name from Bayonne Community Bank to BCB Community Bank in April 2007. At December 31, 2025, the Bank operated at twenty-three branches in Bayonne, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, River Edge, Rutherford, South Orange, Union, and Woodbridge, New Jersey, as well as three branches in Staten Island and one in Hicksville, New York, through executive offices located at 104-110 Avenue C, and an administrative office located at 591-595 Avenue C, Bayonne, New Jersey 07002. The Bank\u2019s deposit accounts are insured by the Federal Deposit Insurance Corporation (the \u201cFDIC\u201d) and the Bank is a member of the Federal Home Loan Bank (\u201cFHLB\u201d) System. We are a community-oriented financial institution. Our business is to offer FDIC-insured deposit products and to invest funds held in deposit accounts at ITEM 1A. RISK FACTORS Our business and results of operations are subject to numerous risks and uncertainties, many of which are beyond our control. The material risks and uncertainties that management believes affect the Company are described below. Additional risks and uncertainties that management is not aware of o", "title": "BCBP - BCB BANCORP INC", "url": "/company/BCBP/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001374690; latest 10-K filed 2026-03-19.", "text": "LRMR - Larimar Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001374690; latest 10-K filed 2026-03-19. LRMR Larimar Therapeutics, Inc. 0001374690 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with the audited consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion contains forward-looking statements based upon our current plans, expectations and beliefs that involve risks, uncertainties and assumptions. Our actual results may differ materially from those described in or implied by these forward-looking statements as a result of many factors, including those set forth under the section titled \u201cRisk Factors\u201d and in other parts of this Annual Report on Form 10-K. Overview We are a clinical-stage biotechnology company focused on developing treatments for patients suffering from complex rare diseases using our novel cell penetrating peptide (\u201cCPP\u201d) technology platform. Our lead product candidate, nomlabofusp, is a subcutaneously administered, recombinant fusion protein intended to deliver frataxin (\u201cFXN\u201d), an essential protein, to the mitochondria of patients with Friedreich's ataxia (\u201cFA\u201d). FA is a rare, progressive, and fatal disease in which patients are unable to produce sufficient FXN due to a genetic abnormality. Currently, there are no treatment options that address the core deficit of FA, low levels of FXN. Nomlabofusp represents the first potential therapy designed to systemically increase FXN levels in patients with FA. We believe that our CPP platform, which enables a therapeutic molecule to cross a cell membrane in order to reach intracellular targets, also has the potential to enable the treatment of other rare and orphan diseases. We intend to use our proprietary platform to target additional orphan indications characterized by deficiencies in or alterations of intracellular content or activity. Since our inception, we have devoted substantially all of our resources to developing nomlabofusp, building our intellectual property portfolio, developing third-party manufacturing capabilities, business planning, raising capital, developing sales and marketing capacities, and providing general and administrative support for such operations. As of December 31, 2025, we had cash, cash equivalents, and marketable securities of $136.9 million. In February 2026, we raised net proceeds of approximately $107.6 million in an underwritten public offering of common stock. We anticipate the $107.6 million in net proceeds, together with $136.9 million of cash will fund operations into the second quarter of 2027. Nomlabofusp Program Update We have Orphan Drug Designation, Fast Track Designation, Pediatric Rare Disease Designation and Breakthrough Therapy Designation from the FDA and have been granted orphan drug designation and access to the European Medicines Agency\u2019s (\u201cEMA\u2019s\u201d) Priority Medicines Program (\u201cPRIME\u201d) scheme in the European Union (the \u201cEU\u201d). We have also received access in the United Kingdom (the \u201cUK\u201d) to the Medicines and Healthcare Regulatory Agency\u2019s (\u201cMHRA\u201d) Innovative Licensing and Access Pathway (\u201cILAP\u201d). These programs are designed to facilitate development of certain therapeutics such as those for rare and serious diseases, and those that have the potential to meet an unmet medical need. The FDA\u2019s Center for Drug Evaluation and Research selected nomlabofusp as one of a few drug development programs for participation in the Support for Clinical Trials Advancing Rare Disease Therapeutics (\u201cSTART\u201d) Pilot Program. The objective of the program is to accelerate the development of drugs for rare diseases that lead to significant disability or death by facilitating frequent advice and regular communication with the FDA staff to expedite the review process of biologics and drugs. We have engaged in multiple discussions and interactions with the FDA in connection with our ITEM 1. BUSINESS Overview We are a clinical-stage biotechnology company focused on developing treatments for patients suffering from complex rare diseases using our novel cell penetrating peptide (\u201cCPP\u201d) technology platform. Our lead product candidate, nomlabofusp, is a subcutaneously administered, recombinant fusion protein intended to deliver frataxin (\u201cFXN\u201d), an essential protein, to the mitochondria of patients with Friedreich's ataxia (\u201cFA\u201d). FA is a rare, progressive, and fatal disease in which patients are unable to produce sufficient FXN due to a genetic abnormality. Currently, there are no treatment options that address the core deficit of FA, low levels of FXN. Nomlabofusp represents the first potential therapy designed to systemically increase FXN levels in patients with FA. We believe that our CPP platform, which enables a therapeutic molecule to cross a cell membrane in order to reach intracellular targets, also has the potential to enable the treatment of other rare and orphan diseases. We intend to use our proprietary platform to target additional orphan indications characterized by deficiencies in or alterations of intracellular content or activity. Since our inception, we have devoted substantially all of our resources to developing nomlabofusp, building our intellectual property portfolio, developing third-party manufacturing capabilities, business planning, raising capital, and providing general and administrative support for such operations. As of December 31, 2025, we had cash, cash equivalents, and marketable securities of $136.9 million, which, together with the net proceeds of $107.6 million from our February 2026 public offering of common stock, we anticipate will fund operations into the second quarter of 2027. Nomlabofusp Program Update We have Orphan Drug Designation, Fast Track Designation, Pediatric Rare Disease Designation and Breakthrough Therapy Designation from the FDA and have been granted Orphan Drug Designation and access ITEM 1A. RISK FACTORS You should consider carefully the following risks and uncertainties when reading this Annual Report on Form 10-K, as well as the other information contained herein, including our audited consolidated financial statements and the related notes and the section titled \u201cManagement\u2019s Discussion and Analy", "title": "LRMR - Larimar Therapeutics, Inc.", "url": "/company/LRMR/" }, { "kind": "company", "summary": "SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0002009684; latest 10-K filed 2026-03-04.", "text": "SEG - Seaport Entertainment Group Inc. SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0002009684; latest 10-K filed 2026-03-04. SEG Seaport Entertainment Group Inc. 0002009684 7990 Services-Miscellaneous Amusement & Recreation ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Unless the context otherwise requires, references in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) to \u201cSeaport Entertainment Group,\u201d \u201cSEG,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d shall mean the assets, liabilities, and operating activities related to the Seaport Entertainment division of Howard Hughes Holdings Inc. (\u201cHHH\u201d) that was transferred to Seaport Entertainment Group Inc. on July 31, 2024 in connection with SEG\u2019s separation from HHH (the \u201cSeparation\u201d), as well as the assets, liabilities, and operating activities of Seaport Entertainment Group Inc. The following discussion should be read in conjunction with our Consolidated and Combined Financial Statements as of December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023 (\u201cConsolidated and Combined Financial Statements\u201d) and the related notes filed as part of this annual report on Form 10-K (\u201cAnnual Report\u201d). This discussion contains forward-looking statements that involve risks, uncertainties, assumptions, and other factors, including those described in the section entitled \u201cRisk Factors\u201d and in this Annual Report. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of these factors. You are cautioned not to place undue reliance on this information which speaks only as of the date of this Annual Report. We are not obligated to update this information, whether as a result of new information, future events or otherwise, except as may be required by law. All references to numbered Notes are specific to Notes to our Consolidated and Combined Financial Statements included in this Annual Report. Capitalized terms used, but not defined, in this MD&A have the same meanings as in such Notes. Changes for monetary amounts between periods presented are calculated based on the amounts in thousands of dollars stated in our combined financial statements, and then rounded to the nearest million. Therefore, certain changes may not recalculate based on the amounts rounded to the nearest million. Overview General Overview The Company was formed to own, operate, and develop a unique collection of assets positioned at the intersection of entertainment and real estate. Our existing portfolio encompasses a wide range of leisure and recreational activities, including live concerts, fine dining, nightlife, professional sports, and high-end and experiential retail. We primarily analyze our portfolio of assets through the lens of our three operating segments: (1) Hospitality, (2) Entertainment (previously Sponsorships, Events, and Entertainment), and (3) Landlord Operations, and are focused on realizing value for stockholders primarily through dedicated management of existing assets, expansion of partnerships, strategic acquisitions, and completion of development and redevelopment projects. Hospitality Hospitality represents our ownership interests in various food and beverage operating businesses and sponsorship agreements related to these businesses. We own, either wholly or through partnerships with third parties, and operate, 54 Table of Contents including through license and management agreements, fine dining and casual dining restaurants, cocktail bars, nightlife and entertainment venues (The Fulton, Mister Dips, Carne Mare, and Gitano) and our unconsolidated venture, the Lawn Club. These businesses are all our tenants and are part of our Landlord Operations. We also have a 25% interest in JG. We aim to capitalize on opportunities in the food and beverage space to leverage growing consumer appetite for unique restaurant experiences as a catalyst to further expand the Company\u2019s culinary footprint. Our Hospitality-related period-over-period comparisons do not adjust for operational revisions to our asset strategies from period to period, such as openi ITEM 1. BUSINESS Overview Seaport Entertainment Group Inc. (\u201cSeaport Entertainment,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d) is a Delaware corporation and was incorporated in 2024 in connection with, and anticipation of, Howard Hughes Holdings Inc.\u2019s (\u201cHHH\u201d) spin-off of its entertainment-related assets in New York City and Las Vegas (the \u201cSpin-Off\u201d). The separation of Seaport Entertainment from HHH, which was effected through HHH\u2019s pro rata distribution of 100% of the outstanding shares of common stock of Seaport Entertainment to holders of HHH common stock, was completed on July 31, 2024. Following the completion of the separation, Seaport Entertainment became an independent, publicly traded company. On August 1, 2024, the Company\u2019s common stock began trading on the NYSE American LLC (the \u201cNYSE American\u201d) under the symbol \u201cSEG\u201d. On June 30, 2025, the Company transferred the listing of the Company\u2019s common stock from the NYSE American LLC to the New York Stock Exchange, continuing to trade under the symbol \u201cSEG.\u201d The information contained in this Annual Report on Form 10-K reflects the historical information of the Seaport Entertainment division of HHH prior to the Spin-Off and the information of Seaport Entertainment Group Inc. following the Spin-Off. See Note 1 in the Notes to the Consolidated and Combined Financial Statements for further information regarding the Spin-Off. Our Business Seaport Entertainment was formed to own, operate and develop a unique collection of assets positioned at the intersection of entertainment and real estate. Our focus is to deliver unparalleled experiences through a combination of restaurant, entertainment, sports, retail and hospitality offerings integrated into one-of-a-kind real estate that redefines entertainment and hospitality. We primarily analyze our portfolio of assets through the lens of our three operating segments: (1) Hospitality, (2) Entertainment (previously Sponsorships, Events, and Entertainment), and (3) Landlor ITEM 1A. RISK FACTORS The risks and uncertainties described below are those that we deem currently to be material, and do not represent all of the risks that we face. You should carefully consider the following risks and uncertainties, in addition to the other information co", "title": "SEG - Seaport Entertainment Group Inc.", "url": "/company/SEG/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0000893847; latest 10-K filed 2026-03-05.", "text": "HWBK - HAWTHORN BANCSHARES, INC. SIC 6021 National Commercial Banks; CIK 0000893847; latest 10-K filed 2026-03-05. HWBK HAWTHORN BANCSHARES, INC. 0000893847 6021 National Commercial Banks Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation. Pursuant to General Instruction G(2) to Form 10-K, the information required by this Item is incorporated herein by reference to the information under the caption \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in the Company's 2025 Annual Report to Shareholders (included as Exhibit 13 hereto). Forward-Looking Statements This report, including information included or incorporated by reference in this report, contains certain forward-looking statements with respect to the financial condition, results of operations, plans, objectives, strategy, future performance and business of the Company and its subsidiaries, including, without limitation: \u2022statements that are not historical in nature, and \u2022statements preceded by, followed by or that include the words \"believes,\" \"expects,\" \"may,\" \"will,\" \"should,\" \"could,\" \"anticipates,\" \"estimates,\" \"intends\" or similar expressions. 26 Forward-looking statements are not guarantees of future performance or results. They involve risks, uncertainties and assumptions. Actual results may differ materially from those contemplated by the forward-looking statements due to, among others, the following factors: \u2022competitive pressures among financial services companies may increase significantly; \u2022changes in the interest rate environment may reduce interest margins; \u2022general economic conditions, either nationally or in the communities we serve, may be less favorable than expected and may adversely affect the quality of the Company's loans and other assets; \u2022increases in non-performing assets in the Company's loan portfolios and adverse economic conditions may necessitate increases to the provisions for credit losses; \u2022costs or difficulties related to the integration of the business of the Company and its acquisition targets may be greater than expected; \u2022legislative, regulatory, or tax law changes may adversely affect the business in which the Company and its subsidiaries are engaged; \u2022changes may occur in the securities markets; \u2022credit and market risks relating to increasing inflation; \u2022economic or other disruptions caused by acts of terrorism, war or other conflicts, changes in geopolitical conditions, natural disasters, such as hurricanes, wild fires, freezes, flooding and other man-made disasters, such as oil spills or power outages, health emergencies, epidemics or pandemics, climate changes or other catastrophic events; \u2022changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; and \u2022technological changes, including potential cybersecurity incidents and other disruptions, or innovations to the financial services industry. We have described additional factors that could cause actual results to be materially different from those described in the forward-looking statements, which factors are identified in Item 1A of this report under the heading \"Risk Factors.\" Other factors that we have not identified in this report could also have this effect. You are cautioned not to put undue reliance on any forward-looking statement, which speak only as of the date such statement is made. Except as otherwise required by law, we undertake no obligation to publicly update or revise any forward-looking statement to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events. Item 1. Business. This report and the documents incorporated by reference herein contain forward-looking statements, which are inherently subject to risks and uncertainties. See \"Forward Looking Statements\" under Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations\", of this report. General Hawthorn Bancshares, Inc. (the \"Company\"), is a bank holding company registered under the Bank Holding Company Act of 1956, as amended (the \"Bank Holding Company Act\"). The Company was incorporated under the laws of the State of Missouri on October 23, 1992 as Exchange National Bancshares, Inc. and changed its name to Hawthorn Bancshares, Inc. in August 2007. The Company owns all of the issued and outstanding capital stock of Hawthorn Bank. The Company received approval from the Federal Reserve and elected to become a financial holding company on October 21, 2001. Except as otherwise provided herein or to the extent the context otherwise requires, references herein to the \"Company,\" \"we,\" \"us\" or \"our\" refer to Hawthorn Bancshares, Inc. and its consolidated subsidiaries, and references herein to the \"Bank\" refers to Hawthorn Bank and its constituent predecessors. Description of Business The Company. The Company is a bank holding company registered under the Bank Holding Company Act that has elected to become a financial holding company. The Company's activities currently are limited to ownership of the outstanding capital stock of the Bank and ownership of its other subsidiaries. In addition to ownership of its subsidiaries, the Company may seek expansion through acquisition and may engage in those activities (such as investments in banks or operations that are financial in nature) in which it is permitted to engage under applicable law. It is not currently anticipated that the Company will engage in any business other than that directly related to its ownership of the Bank or other financial institutions. During 2025, the Company Item 1A. Risk Factors. Risk Factors We are identifying important risks and uncertainties that could affect the Company's results of operations, financial condition or business and that could cause them to differ materially from the Company's historical results of operations, financial condition or business, or those contemplated by forward-looking statements made herein or elsewhere, by, or on behalf of, the Company. Factors that could cause or contribute to such differences include, but are not limited to, those factors described below. The risk factors highlighted below are not necessarily the only ones that the Company faces. Risks Relating to Our Business and Market Because we primarily serve Central and West Central Missouri, as well as the Kansas City MSA, a decline in the lo", "title": "HWBK - HAWTHORN BANCSHARES, INC.", "url": "/company/HWBK/" }, { "kind": "company", "summary": "SIC 8000 Services-Health Services; CIK 0001834376; latest 10-K filed 2025-09-09.", "text": "INNV - InnovAge Holding Corp. SIC 8000 Services-Health Services; CIK 0001834376; latest 10-K filed 2025-09-09. INNV InnovAge Holding Corp. 0001834376 8000 Services-Health Services Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis summarizes the significant factors affecting the consolidated operating results, financial condition, liquidity and cash flows of our company as of and for the periods presented below. The following discussion and analysis should be read in conjunction with our consolidated financial statements and the related notes thereto included elsewhere in this Annual Report. The discussion contains forward-looking statements that are based on the beliefs of management, as well as assumptions made by, and information currently available to, our management. Our historical results are not necessarily indicative of the results that may occur in the future and actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed below and in the sections entitled \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d included in this Annual Report. Overview General InnovAge Holding Corp. (\u201cInnovAge\u201d) became a public company in March 2021. The Company served approximately 7,740 PACE participants as of June 30, 2025, making it the largest PACE provider in the U.S. based upon participants served, and operates 20 PACE centers across California, Colorado, Florida, New Mexico, Pennsylvania and Virginia. Operations InnovAge\u2019s programs are designed to allow frail seniors to live life on their terms by aging in place, in their own homes and communities, for as long as safely possible. Through our Program of All-Inclusive Care for the Elderly (\u201cPACE\u201d), we fulfill a broad range of medical and ancillary services for seniors, including in-home care services (skilled, unskilled and personal care), center services such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to and from the PACE center and third-party medical appointments; and care management. The Company manages its business as one reportable segment, PACE. We are the leading healthcare delivery platform by number of participants focused on providing all-inclusive, capitated care to high-cost, dual-eligible seniors. Our programs are designed to directly address two of the most pressing challenges facing the U.S. healthcare industry: rising costs and poor outcomes. The purpose of our participant-centered care delivery approach is to improve the quality of care our participants receive, while keeping them in their homes for as long as safely possible and reducing over-utilization of high-cost care settings such as hospitals and nursing homes. Our participant-centered approach is led by our Interdisciplinary Care Teams (\u201cIDTs\u201d), who oversee all aspects of each participant\u2019s unique care plan and function as the core group of care providers to our participants. We directly manage and are responsible for all healthcare needs and associated costs for our participants, including housing costs, where applicable. We directly contract with government payors, such as Medicare and Medicaid, and do not rely on third-party administrative organizations or health plans. We believe our model aligns with how healthcare is evolving, namely (i) the shift toward value-based care, in which coordinated, outcomes-driven, quality care is delivered while reducing unnecessary spend, (ii) eliminating excessive administrative costs by contracting directly with the government, (iii) focusing on the patient experience and (iv) addressing social determinants of health. Trends and Uncertainties Affecting the Company Increased cost of care and external provider costs. In fiscal year 2025, we experienced increased cost of care per participant compared to fiscal year 2024, partly as a result of increased salaries, wages and benefits. In fiscal year 2026, we anticipate increased cost of care Item 1. BUSINESS Who We Are InnovAge is the leading healthcare delivery platform by number of participants focused on providing all-inclusive, capitated care to high-cost, seniors, many of whom are dual-eligible. Our programs are designed to address two of the most pressing challenges facing the U.S. healthcare industry: rising costs and poor outcomes. The purpose of our participant-centered care delivery approach is to improve the quality of care our participants receive, while keeping them in their homes for as long as safely possible and reducing over-utilization of high-cost care settings such as hospitals and nursing homes. Through our Program of All-Inclusive Care for the Elderly (\u201cPACE\u201d), we fulfill a broad range of medical and ancillary services for seniors, including in-home care services (skilled, unskilled and personal care), in-center services such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to and from the PACE center and third-party medical appointments; and care management. We directly contract with government payors, such as Medicare and Medicaid, and do not rely on third-party administrative organizations or health plans. We believe our model aligns with how healthcare is evolving, namely (i) the shift toward value-based care, in which coordinated, outcomes-driven, quality care is delivered while reducing unnecessary spend, (ii) eliminating excessive administrative costs by contracting directly with the government, (iii) focusing on the patient experience, and (iv) addressing social determinants of health. InnovAge Holding Corp. (formerly, TCO Group Holdings, Inc.) and certain wholly owned subsidiaries were formed as for-profit corporations effective May 13, 2016, for the purpose of purchasing all the outstanding common stock of Total Community Options, Inc. d/b/a InnovAge, which was formed in May 2007. In connection with Item 1A. Risk Factors Our business, results of operations, and financial condition are subject to numerous risks and uncertainties. You should carefully consider the following risk factors before making a decision to invest in our common stock. The risks and uncertainties described below are not the only ones we face. Additional risks ", "title": "INNV - InnovAge Holding Corp.", "url": "/company/INNV/" }, { "kind": "company", "summary": "SIC 5944 Retail-Jewelry Stores; CIK 0000701719; latest 10-K filed 2026-03-18.", "text": "ELA - Envela Corp SIC 5944 Retail-Jewelry Stores; CIK 0000701719; latest 10-K filed 2026-03-18. ELA Envela Corp 0000701719 5944 Retail-Jewelry Stores ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Cautionary Statement Regarding Risks and Uncertainties that May Affect Future Results The following discussion of our financial condition and results of operations should be read together with our financial statements and related notes and other financial information included in this Annual Report. The following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Annual Report, particularly in the section titled \u201cRisk Factors.\u201d Our historical results are not necessarily indicative of the results that may be expected for any period in the future. 29 Table of Contents Refer to Cautionary Note Regarding Forward-Looking Statements on page 4 for further details. Introduction This management\u2019s discussion and analysis provides comparisons of material changes in the consolidated financial statements for the years ended December 31, 2025, and December 31, 2024. The following discussion and analysis also provides information that management believes is relevant to the assessment and understanding of our results of operation, financial condition, liquidity, and capital resources. Critical Accounting Policies and Estimates Our discussion and analysis of our financial condition and results of operations are based on our financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires our management to make judgments and estimates that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported revenue generated and expenses incurred during the reporting periods. Our estimates are based on our historical experience and various other factors we believe are reasonable under the circumstances, and the results of which form the basis for judgments about the carrying value of assets and liabilities that are not readily determinable from other sources. Actual results may differ from these judgments and estimates under different assumptions or conditions, and any such differences may be material. See Note 3 \u2013 Accounting Policies and Estimates for further details. Economic Conditions Impacts of Demand for Safe-Haven Metals While the current market for safe-haven metals has generally led to stronger premiums within our consumer segment, especially for gold and silver, demand for these metals has created industry-wide backlogs and slowed payments from refiners, which the Company has experienced. The impact on working capital is having to pay more to procure inventory, and the delayed conversion of accounts receivable from refiners. While the length of the current cycle and the steps domestic refiners will take to address processing capacity are indeterminate, the Company is closely monitoring its inbound buying practices, cash, inventory levels, and its accounts receivable exposure with its refining customers. The Company believes it has sufficient liquidity to maintain its current buying practices, yet it can adjust its buying programs to reduce exposure should these conditions materially affect its conversion of accounts receivable. Impacts of Government Legislation On July 4, 2025, the One Big Beautiful Bill Act (\u201cOBBBA\u201d) was signed into law, which includes significant changes to federal tax law and other regulatory provisions that may impact the Company. We have evaluated the provisions of the new law and its potential effects on our effective tax rate, results of operations, and financial condition. OBBBA allows businesses to immediately deduct the full cost of qualifying assets in the year they are placed in s ITEM 1. BUSINESS OVERVIEW \u200b Envela is a leading provider of recommerce and recycling services at the forefront of the circular economy. Motivated by building long-lasting relationships rooted in trust and transparency, Envela\u2019s brands address a broad range of sustainability and value-driven initiatives that impact consumers and businesses alike. Our core business lines focus on extending product lifespans by buying and selling goods in the secondary market. The Company is primarily comprised of two key operating and reportable segments: consumer and commercial. The consumer segment focuses on selling authenticated luxury goods, including pre-owned and repurposed fine jewelry, diamonds, gemstones, luxury watches, and secondary-market bullion. At the same time, the commercial segment provides solutions for ITAD and product returns, as well as the de-manufacturing of end-of-life electronic assets, the reclamation of base and precious metals, and other saleable materials. Envela\u2019s subsidiaries are trusted partners for those seeking responsible value in the disposition or acquisition of technology, metals, and luxury hard assets, with each reportable segment contributing to decarbonization and value creation in its own unique way. Consumer Segment \u200b Our consumer segment is a retail organization that operates several brands specializing in the buying and selling of pre-owned luxury hard assets. Our ability to understand new market trends while also paying homage to the past with vintage pieces makes us the destination of choice for customers seeking sustainable, value-driven purchases of some of the world\u2019s most iconic brands. Our team of experts provides a straightforward process for buying and selling items, along with guidance that helps ensure customers feel informed and confident in their decisions. We also offer our customers a unique buying experience, as our jewelry designers introduce sustainably sourced diamonds and gemstones into the manufacturing process ITEM 1A. RISK FACTORS Investment in our Company involves risk. You should carefully consider the risks described below and the other information in this Form 10-K and other filings we make from time to time with the SEC, including our consolidated financial statements and accompanying notes. Any of the following risks could materially and adversely affect our reputat", "title": "ELA - Envela Corp", "url": "/company/ELA/" }, { "kind": "company", "summary": "SIC 3829 Measuring & Controlling Devices, NEC; CIK 0001816431; latest 10-K filed 2026-03-03.", "text": "QSI - Quantum-Si Inc SIC 3829 Measuring & Controlling Devices, NEC; CIK 0001816431; latest 10-K filed 2026-03-03. QSI Quantum-Si Inc 0001816431 3829 Measuring & Controlling Devices, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis provides information which management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. The discussion should be read in conjunction with the Consolidated Financial Statements and Notes thereto contained in this Annual Report on Form 10-K. This discussion contains forward looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K. Actual results may differ materially from those contained in any forward-looking statements. For a discussion on forward-looking statements, see the information set forth in the introductory note to this Annual Report under the caption \u201cCautionary Note Regarding Forward Looking Statements,\u201d which information is incorporated herein by reference. Unless the context otherwise requires, references to \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, the \u201cCompany\u201d or \u201cQuantum-Si\u201d are intended to mean the business and operations of Quantum-Si Incorporated and its consolidated subsidiaries. For discussion and analysis pertaining to the year ended December 31, 2024 overview and highlights as compared to the year ended December 31, 2023, please refer to the Company\u2019s Annual Report on Form 10-K, as filed with the SEC on March 3, 2025. Overview We are a life sciences company focused on proteomics research, with the mission of transforming single-molecule analysis and democratizing its use by providing researchers and clinicians access to the proteome, the set of proteins expressed within a cell. We have developed a proprietary, universal, single-molecule detection platform that we are applying to proteomics to enable next-gen protein sequencing (\u201cNGPS\u201d) to sequence proteins in a massively parallel fashion (rather than sequentially, one at a time), which can also be used for the study of nucleic acids. We believe in the ability to sequence proteins in a massively parallel fashion and offer a fast analysis time provides NGPS with the potential to unlock significant biological information through improved resolution and unbiased access to the proteome at a speed and scale not available today. Traditionally, proteomic workflows to sequence proteins required days or weeks to complete. Our current platform includes our Platinum\u00ae NGPS line of instruments, Platinum Analysis Software and consumable kits for use with our Platinum line of instruments. In 2021, we introduced our Platinum early access program to sites with participation from leading academic centers and key industry partners. The early access program introduced the Platinum single-molecule sequencing system to key opinion leaders across the globe for both expansion and development of applications and workflows. We began a controlled launch of the Platinum instrument and started to take orders in December 2022, subsequently began a controlled commercial launch of Platinum in January 2023 and then moved to a full commercial launch of Platinum beginning in the second quarter of 2024. In January 2025, we announced the launch of our Platinum Pro benchtop sequencer. First shipments of Platinum Pro occurred in March 2025. We believe our platform offers a differentiated solution in a rapidly evolving proteomics tools market. Within our initial focus market of proteomics, our platform is designed to provide users a seamless opportunity to gain key insights into the immediate state of biological pathways and cell state. Our platform aims to address many of the key challenges and bottlenecks with legacy proteomic solutions, such as mass spectrometry (\u201cMS\u201d), which include high instrument costs both in terms of acquisition and ownership, and complexity with data analysis, which together limit broad adoption. We believe our platform, which is designed to streamline sequencing ITEM 1. BUSINESS Overview Quantum-Si Incorporated (including its subsidiaries, \u201cQuantum-Si\u201d, \u201cQSI\u201d, or the \u201cCompany\u201d) was incorporated in Delaware on June 10, 2020 as HighCape Capital Acquisition Corp. (\u201cHighCape\u201d). The Company\u2019s legal name became Quantum-Si Incorporated following a business combination on June 10, 2021 between the Company and Q-SI Operations Inc. (formerly Quantum-Si Incorporated) (the \u201cBusiness Combination\u201d), which was founded in 2013. We are a life sciences company focused on proteomics research, with the mission of transforming single-molecule analysis and democratizing its use by providing researchers and clinicians access to the proteome, the set of proteins expressed within a cell. We have developed a proprietary, universal, single-molecule detection platform that we are applying to proteomics to enable next-gen protein sequencing (\u201cNGPS\u201d) to sequence proteins in a massively parallel fashion (rather than sequentially, one at a time), which can also be used for the study of nucleic acids. We believe in the ability to sequence proteins in a massively parallel fashion and offer a fast analysis time which provides NGPS with the potential to unlock significant biological information through improved resolution and unbiased access to the proteome at a speed and scale not available today. Traditionally, proteomic workflows to sequence proteins required days or weeks to complete. Our current platform includes our Platinum\u00ae NGPS line of instruments, Platinum Analysis Software and consumable kits for use with our Platinum line of instruments. In 2021, we introduced our Platinum early access program to sites with participation from leading academic centers and key industry partners. The early access program introduced the Platinum single-molecule sequencing system to key opinion leaders across the globe for both expansion and development of applications and workflows. We began a controlled launch of the Platinum instrument and started to take orde ITEM 1A. RISK FACTORS Careful consideration should be given to the following risk factors, in addition to the other information set forth in this Annual Report, including the section of this Annual Report titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our Consolidated Finan", "title": "QSI - Quantum-Si Inc", "url": "/company/QSI/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001828791; latest 10-K filed 2026-03-11.", "text": "DSP - Viant Technology Inc. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001828791; latest 10-K filed 2026-03-11. DSP Viant Technology Inc. 0001828791 7370 Services-Computer Programming, Data Processing, Etc. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of Viant Technology Inc. and its subsidiaries (\u201cViant,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or the \u201cCompany\u201d) should be read in conjunction with, and is qualified in its entirety by reference to, our consolidated financial statements and the related notes included within this Annual Report on Form 10-K (\"Annual Report\"). In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks and uncertainties which could cause our actual results to differ materially from those anticipated in these forward-looking statements, including, but not limited to, the risks and uncertainties discussed under the headings \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d and discussed elsewhere in this Annual Report. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future. The following discusses our financial condition and results of operations for our fiscal year ended December 31, 2025 compared to our fiscal year ended December 31, 2024 as well as discussions of our financial condition and results of operations for our fiscal year ended December 31, 2024 compared to our fiscal year ended December 31, 2023. Overview We are an advertising technology company. Our cloud-based demand side platform (\"DSP\") enables the programmatic purchase of advertising, which is the electronification of the digital advertising buying process. Programmatic advertising is rapidly taking market share from traditional ad sales channels, which require more staffing, offer less transparency and involve higher costs to buyers. Our DSP is used by marketers and their advertising agencies to centralize the planning, buying and measurement of their digital advertising across most channels. Through our omnichannel platform, a marketer can easily buy ads on connected TV (\"CTV\"), streaming audio, digital out-of-home, mobile and desktop. Additionally, our artificial intelligence product suite, ViantAI, will be the foundational component of our long-term vision for autonomous advertising. We expect it to power every stage of the programmatic advertising lifecycle and create the most efficient and cost-effective experience for our customers. Our ViantAI suite currently includes AI Planning, which enables media planners to design high-impact campaigns in seconds, AI Bidding, which optimizes inventory costs by lowering the effective cost per mille (\"eCPM\") through automated bid adjustments, AI Measurement and Analysis, which provides accessible measurement and insights via a user-friendly chat interface, and recently released AI Decisioning, which automates planning, execution, measurement and dynamic optimization of campaigns in real-time. The launch of AI Decisioning was accompanied by the introduction of Outcomes, our autonomous advertising performance solution that utilizes each of the four phases of ViantAI, and various signals within our intelligence layer, to build and execute campaigns designed to deliver an optimal outcome. Our DSP is an easy-to-use self-service platform that provides our customers with transparency and control over their advertising campaigns. Customers can choose to maintain hands-on control over every campaign detail or have our platform autonomously execute, optimize, and measure their advertising investments. Our platform offers customers unique visibility across a variety of inventory, allowing them to create customized audience segments and leverage our addressability solutions, Household ID (\"HHID\") and IRIS_ID, and strategic partner data to reach target audiences at scale. Our platform delivers a full suite of forecasting, reporting and built-in automation that provides our customers with insig Item 1. Business. Our Company We are an advertising technology company. Our cloud-based demand side platform (\"DSP\") enables the programmatic purchase of advertising, which is the electronification of the digital advertising buying process. Programmatic advertising is rapidly taking market share from traditional ad sales channels, which require more staffing, offer less transparency, and involve higher costs to buyers. Our DSP is used by marketers and their advertising agencies to centralize the planning, buying and measurement of their digital advertising across most channels. Through our omnichannel platform, a marketer can easily buy ads on connected TV (\"CTV\"), streaming audio, digital out-of-home, mobile and desktop. Our DSP is an easy-to-use self-service platform that provides our customers with transparency and control over their advertising campaigns. Once a marketer describes their campaign objectives, they can choose to maintain hands-on control over every campaign detail or have our platform autonomously execute, optimize, and measure their advertising investments. Our platform offers customers unique visibility across a variety of inventory, allowing them to create customized audience segments and leverage our proprietary Household ID (\"HHID\") and strategic partner data to reach target audiences at scale. Our platform delivers a full suite of forecasting, reporting and automation that provides our customers with insights into available inventory based on the desired target audience. We offer advanced forecasting and reporting that empowers our customers with functionality designed to ensure they can accurately measure and improve their return-on-advertising spend (\u201cROAS\u201d) across channels. Marketers use our platform to deliver advertising campaigns to their desired target audience across channels and formats. Through platform integrations, we offer our customers access to omnichannel advertising inventory, which refers to media available across devic Item 1A. Risk Factors. Investing in our Class A common stock involves a high degree of risk. You should carefully consider the following risks and uncertainties described below, together with all other information contained in this Annual Report, including our consolidated fina", "title": "DSP - Viant Technology Inc.", "url": "/company/DSP/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0001367859; latest 10-K filed 2026-03-05.", "text": "CZWI - Citizens Community Bancorp Inc. SIC 6035 Savings Institution, Federally Chartered; CIK 0001367859; latest 10-K filed 2026-03-05. CZWI Citizens Community Bancorp Inc. 0001367859 6035 Savings Institution, Federally Chartered ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL The following discussion sets forth management\u2019s discussion and analysis of our results of operations for the year ended December 31, 2025 and December 31, 2024, and our financial position as of December 31, 2025 and December 31, 2024, respectively. The MD&A should be read in conjunction with our consolidated financial statements, related notes, the selected financial data and the statistical information presented elsewhere in this Annual Report on Form 10-K for a more complete understanding of the following discussion and analysis. Unless otherwise noted, years refer to the Company\u2019s fiscal years ended December 31, 2025 and December 31, 2024. PERFORMANCE SUMMARY The following is a summary of some of the significant factors that affected our operating results for the twelve months ended December 31, 2025, compared to the same 2024 period. In 2025, net interest income increased $4.7 million, due to: (1) the ongoing impact of lower short-term interest rates on the Bank\u2019s liability-sensitive balance sheet which lowered liability costs; (2) higher asset yields; partially offset by (3) the impact of lower interest income due to a smaller sized balance sheet. The Company recorded a $1.950 million provision for credit losses largely due to the impact of changes in credit quality, largely due to an increase in reserves on individually evaluated loans. The $3.175 million of negative provision for credit losses in 2024 was largely due to the impact of improving forecasted future economic conditions, as forecasted by Moody\u2019s, who the Company utilizes for economic forecasts and the impact of balance sheet optimization, which resulted in loan portfolio shrinkage. Non-interest income for the twelve months ended December 31, 2025, compared to the same period in 2024 increased approximately $1.0 million. This increase was largely due to: (1) higher gains on equity securities; (2) higher gain on sale of loans, due to an increase in SBA gains and mortgage gains, with SBA being about two thirds of the increase; partially offset by (3) lower fee income on deposit activity, due to lower activity; and (4) a decrease in loan fees and service charges primarily due to lower fees collected on loan payoffs. Non-interest expense increased approximately 1.5% or $0.6 million primarily due to a $1.1 million increase in compensation due to higher incentive compensation and merit increases, partially offset by a decrease in other expense due to lower SBA recourse expense. When comparing year-over-year results, changes in net interest income, provision for credit losses, non-interest income and non-interest expense are primarily due to the items discussed above. See the remainder of this section for a more thorough discussion. Unless otherwise stated, all monetary amounts in the tables (but not the narrative) set forth in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, other than share, per share and capital ratio amounts, are stated in thousands. We reported net income of $14.42 million for the twelve months ended December 31, 2025, compared to net income of $13.75 million for the twelve months ended December 31, 2024. Diluted earnings per share were $1.46 for the twelve months ended December 31, 2025, compared to $1.34 for the twelve months ended December 31, 2024. Return on average assets for the twelve months ended December 31, 2025, was 0.82%, compared to 0.76% for the twelve months ended December 31, 2024. The return on average equity was 7.89% for the twelve months ended December 31, 2025, and 7.84% for the comparable period in 2024. The Company utilized a balance sheet optimization strategy in 2025, which resulted in the runoff of non-strategic loan relationships with the proceeds used to reduce all borrowings at the Bank and reductions in wholesale deposits. 25 CRITICAL ACCOUNTING ESTIMATES Our con ITEM 1. BUSINESS General Citizens Community Bancorp, Inc. (the \u201cCompany\u201d) is a Maryland corporation organized in 2004. The Company is a bank holding company and is subject to regulation by the Office of the Comptroller of the Currency (\u201cOCC\u201d) and by the Federal Reserve Bank. Our primary activities consist of holding the stock of our wholly-owned subsidiary bank, Citizens Community Federal N.A. (the \u201cBank\u201d), and providing commercial, agricultural and consumer banking activities through the Bank. At December 31, 2025, we had approximately $1.782 billion in total assets, $1.524 billion in deposits, and $187.9 million in equity. Citizens Community Federal N.A. The Bank is a federally chartered National Bank serving customers in Wisconsin and Minnesota through 21 full-service branch locations. Its primary markets include the Chippewa Valley Region in Wisconsin, the Twin Cities and Mankato markets in Minnesota, and various rural communities around these areas. The Bank offers traditional community banking services to businesses, Agricultural operators and consumers, including one-to-four family residential mortgages. Internet Website We maintain a website at www.ccf.us. We make available through that website, free of charge, copies of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy statements for our annual stockholders\u2019 meetings and amendments to those reports or documents, as soon as reasonably practicable after we electronically file those materials with, or furnish them to, the Securities and Exchange Commission (\u201cSEC\u201d). We are not including the information contained on or available through our website as a part of, or incorporating such information by reference into, this Annual Report on Form 10-K. The SEC also maintains a website at www.sec.gov that contains reports, proxy statements and other information regarding SEC registrants. Yields Earned and Rates Paid This information is included in Item 7; \u201cManag ITEM 1A. RISK FACTORS The risks described below are not the only risks we face. Additional risks that we do not yet know of or that we currently believe are immaterial may also impair our future business operations. If any of the events or circumstances described in the following risks", "title": "CZWI - Citizens Community Bancorp Inc.", "url": "/company/CZWI/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001699350; latest 10-K filed 2026-03-10.", "text": "SI - SHOULDER INNOVATIONS, INC. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001699350; latest 10-K filed 2026-03-10. SI SHOULDER INNOVATIONS, INC. 0001699350 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with other sections of this Annual Report, including \u201cItem 1. Business,\u201d \u201cItem 1A. Risk Factors\u201d and our audited consolidated financial statements and related notes included elsewhere in this Annual Report. Overview We are a commercial-stage medical technology company exclusively focused on transforming the shoulder surgical care market. We currently offer advanced implant systems for shoulder arthroplasty. These systems are a core element of our ecosystem, which we designed to improve core components of shoulder surgical care \u2013 preoperative planning, implant design and procedural efficiency \u2013 to benefit each stakeholder in the care chain. Our ecosystem is also comprised of enabling technologies, efficient instrument systems, specialized support and surgeon-to-surgeon collaboration. Together, these elements seek to address the long-standing clinical and operational challenges in the shoulder surgical care market by delivering predictable outcomes, procedural simplicity, and efficiency across all sites of care. We believe our exclusive focus on shoulder surgical care, combined with a highly specialized commercial organization and strong clinical data, positions us well to capture significant share in this large, growing market. We believe the shoulder surgical care market today presents a significant market opportunity. Our initial focus within this broader market is on shoulder arthroplasty. Shoulder arthroplasty is an established surgical procedure involving the reconstruction of the shoulder joint with prosthetic implants through one of two main approaches: aTSA and rTSA. Both approaches can be performed in inpatient hospital settings and in outpatient settings, including ASCs. A key competitive advantage of ours has been the emergence of ASCs as a cost-efficient site of care with positive outcomes relative to hospital-based care. We expect that future growth in the shoulder surgical care market will be significantly driven by ASCs as hospitals face capacity constraints and are more limited in their ability to meet increasing demand. We view ourselves as specialists serving specialists, having purposefully built our product ecosystem around the unique needs of shoulder surgeons. Our commercial organization is comprised of three key components: (i) a dedicated commercial leadership team, (ii) a CEME team and (iii) a network of independent distributors. These key components work in tandem to form a flywheel that is designed to build and provide key product support to surgeons and other stakeholders in the shoulder surgical care market, accelerate adoption, and enhance long-term retention. Our commercial organization is strategically focused on surgeons in hospital and ASC settings, with a particular focus on the high-volume surgeons who perform the vast majority of shoulder arthroplasty procedures each year. We utilize third-party manufacturing and supply providers to manufacture our implants. We believe this outsourcing strategy provides the expertise and capacity required to effectively and efficiently scale production based on demand, and helps to ensure low-cost production and a capital efficient business model. We have experienced significant growth in recent years, primarily driven by growth in our net revenue from the sale of our advanced implant systems sold. Key Business Metrics We regularly review a number of operating and financial metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate our business plan and make strategic decisions. We believe that the number of implant systems sold is a useful indicator of our ability to drive demand for our implant systems, generate net revenue and expand our business. The following table sets forth the numb Item 1. Business Overview We are a commercial-stage medical technology company exclusively focused on transforming the shoulder surgical care market. We currently offer advanced implant systems for shoulder arthroplasty. These systems are a core element of our ecosystem, which we designed to improve core components of shoulder surgical care \u2013 preoperative planning, implant design and procedural efficiency \u2013 to benefit each stakeholder in the care chain. Our ecosystem is also comprised of enabling technologies, efficient instrument systems, specialized support and surgeon-to-surgeon collaboration. Together, these elements seek to address the long-standing clinical and operational challenges in the shoulder surgical care market by delivering predictable outcomes, procedural simplicity, and efficiency across all sites of care. We believe our exclusive focus on shoulder surgical care, combined with a highly specialized commercial organization and strong clinical data, positions us well to capture significant share in this large, growing market. Shoulder pain is highly prevalent, often chronic, and can significantly reduce quality of life. The primary conditions that can result in shoulder pain and reduced functionality include osteoarthritis, rheumatoid arthritis, rotator cuff tears and shoulder fractures. These shoulder conditions are widespread, often debilitating, and are commonly experienced concurrently as interrelated musculoskeletal disorders. According to data from the National Institutes of Health, we estimate that these conditions result in more than eight million physician visits annually in the United States. Despite this prevalence, we believe there has been a historical underutilization of surgical treatments for shoulder care due to several factors including patient hesitation to pursue surgical intervention, insufficient technology to appropriately treat shoulder conditions, complex shoulder anatomy, perceived difficulty of surgical intervention and b Item 1A. Risk Factors Our business involves a high degree of risk. The risks and uncertainties described below are not the only ones we face. If any of the following risks and uncertainties develop into actual events or circumstances, they could have a material adverse effect on our busine", "title": "SI - SHOULDER INNOVATIONS, INC.", "url": "/company/SI/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000014846; latest 10-K filed 2026-03-13.", "text": "BRT - BRT Apartments Corp. SIC 6798 Real Estate Investment Trusts; CIK 0000014846; latest 10-K filed 2026-03-13. BRT BRT Apartments Corp. 0000014846 6798 Real Estate Investment Trusts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Overview We are an internally managed real estate investment trust, also known as a REIT, that owns, operates and to a lesser extent holds interest in joint ventures that own and operate multi-family properties. At December 31, 2025, we: (i) wholly-own 21 multi-family properties with an aggregate of 5,420 units and a carrying value of $595.2 million, (ii) have ownership interests, through unconsolidated entities, in ten multi-family properties with an aggregate of 2,891 units with a carrying value of $46.1 million; (iii) have preferred equity investments in two multi-family properties with a carrying value of $17.7 million; and (iv) own other assets, through consolidated and unconsolidated entities, with a carrying value of $1.6 million. The 31 multi-family properties are located in 11 states; primarily in the Southeast United States and Texas. 2025 and Recent Developments. During 2025: \u2022we acquired, through two unconsolidated joint ventures in two separate and unrelated transactions, an 80% interest in two multi-family properties (referred to collectively as the \"2025 Acquisitions\") with an aggregate of 364 units for an aggregate purchase price of $59.5 million, including $40.1 million of mortgage debt. The mortgage debt bears a weighted average interest rate of 4.34% and a weighted average remaining term to maturity of 6.6 years. . \u2022we refinanced four mortgages maturing in 2025 and 2026 in aggregate principal amount of $58.0 million (the \u201cPrior Mortgages\u201d) and bearing a weighted average fixed interest rate of 4.38% with four replacement mortgages in aggregate principal amount $87.7 million (the \"2025 Financings\"). The replacement mortgages (the \u201cReplacement Mortgages\u201d) have a weighted average remaining term to maturity of 8.5 years, a weighted average fixed interest rate of 4.97%, and unlike the Prior Mortgages, are interest only until maturity (other than with respect to a mortgage in principal amount of $15.8 million, which is interest only until 2030, one year prior to its maturity). As a result of the 2025 Financing, our aggregate annual principal payments are expected to decrease by $1.2 million (until 2030), and our annual interest expense is expected to increase by $1.8 million from the corresponding amounts under the Prior Mortgages. \u2022we sold a cooperative apartment unit in New York, NY for a sales price of approximately $1.0 million and recognized a gain of $755,000. \u2022we repurchased 321,060 shares of our common stock for an aggregate purchase price of approximately $4.99 million (i.e., an average purchase price of $15.53 per share). Subsequent to December 31, 2025, we purchased 75,155 shares of our common stock for an aggregate purchase price of approximately $1.1 million (i.e., an average price of $14.82 per share). In March 2026, our board of directors increased up to $10 million the value of the shares that we can repurchase and extended the repurchase program through December 31, 2028. Challenges and Uncertainties as a Result of the Uncertain Economic Environment We face challenges due to the uncertain national economic environment (e.g., inflation, recession and/or stagflation, the potential impact of tariffs and trade wars, and/or interest rates), and the oversupply of multi-family properties in several markets in which we compete (including Atlanta, GA, Huntsville, AL, Dallas, TX, San Antonio, TX, Nashville TN, Pensacola, FL, LaGrange, GA and San Marcos, TX). In addition, we use concessions (and in particular, in markets that are especially competitive) as a means to improve occupancy. The use of concessions reduces our rental income and adds to the variability of our operating results. These challenges and uncertainties have, and we anticipate will continue to adversely impact (i) the rental and occupancy rates at our properties, and (ii) our ability to grow rental income and/or control our real esta", "title": "BRT - BRT Apartments Corp.", "url": "/company/BRT/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001661181; latest 10-K filed 2026-02-26.", "text": "ORGO - Organogenesis Holdings Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001661181; latest 10-K filed 2026-02-26. ORGO Organogenesis Holdings Inc. 0001661181 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of financial condition and results of operations together with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion and other parts of this Annual Report on Form 10-K contain forward-looking statements that involve risks and uncertainties, such as statements regarding our plans, objectives, expectations, intentions and projections. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the \"Risk Factors\" section of this Annual Report on Form 10-K. Unless the context otherwise requires, for purposes of this section, the terms \u201cwe,\" \"us,\" \"our,\" \"the Company,\" \"Organogenesis\" and \"ORGO\" will refer to Organogenesis Holdings Inc. and its subsidiaries as they currently exist. Overview Organogenesis is a leading regenerative medicine company focused on empowering healing through the development, manufacturing, and sale of products for the advanced wound care and surgical and sports medicine markets. Our products have been shown through clinical and scientific studies to support and in some cases accelerate tissue healing and improve patient outcomes. We are advancing the standard of care in each phase of the healing process through multiple breakthroughs in tissue engineering and cell therapy. Our solutions address large and growing markets driven by aging demographics and increases in comorbidities such as diabetes, obesity, cardiovascular and peripheral vascular disease. We offer our differentiated products and in-house customer support to a wide range of health care customers including hospitals, wound care centers, government facilities, ASCs and physician offices. Our mission is advancing healing and recovery beyond expectations. We offer a comprehensive portfolio of products in the markets we serve that address patient needs across the continuum of care. We have and intend to continue to generate data from clinical trials, real-world outcomes and health economics research that validate the clinical efficacy and value proposition offered by our products. Several of our existing and pipeline products in our portfolio have PMA, or 510(k) clearance from the FDA. Given the extensive time and cost required to conduct clinical trials and receive FDA approvals, we believe that our data and regulatory approvals provide us with a strong competitive advantage. Our product development expertise and multiple technology platforms provide a robust product pipeline, which we believe will drive future growth. In the Advanced Wound Care market, we focus on the development and commercialization of advanced wound care products for the treatment of chronic and acute wounds in various treatment settings. We have a comprehensive portfolio of regenerative medicine products capable of supporting patients from early in the wound healing process through wound closure regardless of wound type. Our Advanced Wound Care products include Apligraf for the treatment of VLUs and DFUs; Dermagraft for the treatment of DFUs (manufacturing and distribution currently suspended pending transition to our new manufacturing facility in Smithfield, RI); PuraPly AM and PuraPly XT as antimicrobial barriers and native, cross-linked extracellular matrix (\u201cECM\u201d) scaffold for a broad variety of wound types; CYGNUS Dual as a dual-layered amniotic membrane that promotes an optimal environment for wound healing; CYGNUS Matrix as a dehydrated placental allograft that promotes an optimal environment for wound healing; VIA Matrix, Affinity, Novachor, and NuShield placental allografts to address a variety of wound sizes and types as a protective barrier and ECM scaffold, and SimpliMax as a dehydrated amnio ITEM 1. BUSINESS Overview Organogenesis is a leading regenerative medicine company focused on empowering healing through the development, manufacturing, and sale of products for the advanced wound care and surgical and sports medicine markets. Our mission is advancing healing and recovery beyond expectations. Several of our existing and pipeline products in our portfolio have Premarket Application (\u201cPMA\u201d) approval, or 510(k) clearance from the United States Food and Drug Administration (\u201cFDA\u201d). Our solutions address large and growing markets driven by aging demographics and increases in comorbidities such as diabetes, obesity, cardiovascular and peripheral vascular disease. We offer our differentiated products and in-house customer support to a wide range of health care customers including hospitals, wound care centers, government facilities, ambulatory surgery centers (\u201cASCs\u201d) and physician offices. In the Advanced Wound Care market, we focus on the development and commercialization of products for the treatment of chronic and acute wounds. We have a portfolio of regenerative medicine products capable of supporting patients from early in the wound healing process through wound closure. Our products that address the Advanced Wound Care market include Apligraf for the treatment of venous leg ulcers (\u201cVLUs\u201d) and diabetic foot ulcers (\u201cDFUs\u201d); Dermagraft for the treatment of DFUs (manufacturing and distribution currently suspended pending transition to our new manufacturing facility in Smithfield, RI); PuraPly AM and PuraPly XT as an antimicrobial barrier and native, cross-linked extracellular matrix scaffold for a broad variety of wound types; CYGNUS Dual as a dual-layered amniotic membrane that promotes an optimal environment for wound healing; CYGNUS Matrix as a dehydrated placental allograft that promotes an optimal environment for wound healing; VIA Matrix, Affinity, Novachor, and NuShield placental allografts to address a variety of wound sizes and types as a Item 1A. Risk factors An investment in our securities, including our common stock, involves a high degree of risk. Investors should carefully consider the risks and uncertainties described below, together with the information included elsewhere in this Annual Report on Form 10-K and other documents we file with", "title": "ORGO - Organogenesis Holdings Inc.", "url": "/company/ORGO/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000894671; latest 10-K filed 2026-03-13.", "text": "OVBC - OHIO VALLEY BANC CORP SIC 6022 State Commercial Banks; CIK 0000894671; latest 10-K filed 2026-03-13. OVBC OHIO VALLEY BANC CORP 0000894671 6022 State Commercial Banks ITEM 1 - BUSINESS Organizational History and Subsidiaries Ohio Valley Banc Corp. (\u201cOhio Valley\u201d) is an Ohio corporation registered as a financial holding company pursuant to the Bank Holding Company Act of 1956, as amended (\u201cBHC Act\u201d). Ohio Valley was incorporated under the laws of the State of Ohio on January 8, 1992 and began conducting business on October 23, 1992. The principal executive offices of Ohio Valley are located at 420 Third Avenue, Gallipolis, Ohio 45631. Ohio Valley\u2019s common shares are listed on The NASDAQ Global Market under the symbol \u201cOVBC.\u201d Ohio Valley has one banking subsidiary, The Ohio Valley Bank Company (the \u201cBank\u201d). The Bank has one wholly-owned subsidiary, Ohio Valley REO, LLC, an Ohio limited liability company (\u201cOhio Valley REO\u201d), to which the Bank transfers certain real estate acquired by the Bank through foreclosure for sale by Ohio Valley REO. Ohio Valley also owns two nonbank subsidiaries, Loan Central, Inc., which engages in lending (\u201cLoan Central\u201d), and Ohio Valley Financial Services Agency, LLC, which is used to facilitate the receipt of commissions on insurance sold by the Bank and Loan Central (\u201cOhio Valley Financial Services\u201d). Ohio Valley also owns one wholly-owned subsidiary trust formed solely to issue a trust preferred security. Ohio Valley and its subsidiaries are collectively referred to herein as the \u201cCompany.\u201d Ohio Valley\u2019s financial service operations are considered by management to be aggregated in one reportable segment: banking. Interested readers can access Ohio Valley\u2019s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d), through Ohio Valley\u2019s Internet website at www.ovbc.com (this uniform resource locator, or URL, is an inactive textual reference only and is not intended to incorporate the information conta ITEM 1A \u2013 RISK FACTORS Cautionary Statement Regarding Forward-Looking Information Certain statements contained in this report and other publicly available documents incorporated herein by reference constitute \"forward looking statements\" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and as defined in the Private Securities Litigation Reform Act of 1995. Such statements are often, but not always, identified by the use of such words as \u201cbelieves,\u201d \u201canticipates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cplan,\u201d \u201cgoal,\u201d \u201cseek,\u201d \u201cproject,\u201d \u201cestimate,\u201d \u201cstrategy,\u201d \u201cfuture,\u201d \u201clikely,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201cwill,\u201d and similar expressions. Such statements involve various important assumptions, risks, uncertainties, and other factors, many of which are beyond our control, particularly with regard to developments related to the current economic and geopolitical landscape, and which could cause actual results to differ materially from those expressed in such forward looking statements. These factors include, but are not limited to: the effects of fluctuating interest rates on our customers\u2019 operations and financial condition; changes in political, economic or other factors, such as inflation rates, recessionary or expansive trends, taxes, the effects of implementation of legislation and the continuing economic uncertainty in various parts of the world; competitive pressures; the level of defaults and prepayment on loans made by the Company; unanticipated litigation, claims, or assessments; fluctuations in the cost of obtaining funds to make loans; and regulatory changes. Forward-looking statements involve risks and uncertainties. Actual results may differ materially from those predicted by the forward-looking statements because of various factors and possible events, including those factors identified below. There is also the risk that Ohio Valley\u2019s management or Board of Directors incorrectly analyzes these risks and forces, or", "title": "OVBC - OHIO VALLEY BANC CORP", "url": "/company/OVBC/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001603015; latest 10-K filed 2026-03-06.", "text": "VIA - Via Transportation, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001603015; latest 10-K filed 2026-03-06. VIA Via Transportation, Inc. 0001603015 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis, including information with respect to our planned investments in our research and development, sales and marketing, and general and administrative functions, includes forward-looking statements that involve risks and uncertainties. You should review the sections titled \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. The following discusses our financial condition and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. Discussion of our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in the final prospectus for our IPO filed with the SEC, pursuant to Rule 424(b)(4), on September 15, 2025. Overview Via transforms antiquated and siloed public transportation systems into smart, data-driven, and AI-powered efficient digital networks. We are addressing a striking gap in the $545 billion global public transportation market. While billions of people across the globe rely on public transportation, this critical form of mobility has yet to meaningfully benefit from recent advances in technology. The government agencies and private organizations responsible for providing public transportation operate in a complex and demanding environment. They must maintain reliable and affordable service in the face of continuously changing and difficult to predict traffic and ridership patterns. The industry has historically had no option but to rely on fragmented technology systems with limited functional flexibility, aging infrastructure, and poor end-user experience. Rising operating costs and labor shortages have placed a growing strain on budgets. To address these challenges, we have developed a comprehensive technology platform, including software and technology-enabled services, and a sophisticated go-to-market strategy designed to accelerate the adoption of our software and drive the success of our customers. Our platform consists of purpose-built vertical software coupled with cost-effective technology-enabled services. The use of machine learning and AI is intrinsic to our platform and underlies continuous improvement in the performance of our software. We offer our customers the end-to-end capabilities to manage their complex workflows, optimize the planning and operations of their transportation networks, and gain highly valuable data insights. When customers adopt our platform, they can gain significant efficiencies in their operations and dramatically improve the experience for their passengers. Our Business Model Subscription-based Revenue Model We generate revenue primarily through recurring subscription fees for access to our platform. Our customers subscribe to one or more solutions which consist of a combination of software and tech-enabled services tailored to their needs. Contracts with our customers are typically multi-year and structured with a volume-based component, with pricing determined by a number of factors such as fleet size, minimum number of vehicles, or total vehicle-hours. 97% of our revenue came from these recurring subscription fees in each of 2025 and 2024, reflecting the predictability and scalabilit ITEM 1. BUSINESS Overview Via transforms antiquated and siloed public transportation systems into smart, data-driven, and AI-powered efficient digital networks. We are addressing a striking gap in the $545 billion global public transportation market. While billions of people across the globe rely on public transportation, this critical form of mobility has yet to meaningfully benefit from recent advances in technology. Buses still follow fixed routes and schedules planned years, if not decades ago, regardless of actual demand for their service. We can track our pizza from the moment it leaves the oven, but parents of more than 25 million children in the United States have no way of knowing when their child\u2019s school bus will arrive. Some of our most vulnerable citizens, who depend on paratransit to access critical medical care, have no alternative to cumbersome phone reservations that must be made a day or more in advance. Government agencies and private organizations responsible for providing public transportation operate in a complex and demanding environment. They must maintain reliable and affordable service in the face of continuously changing and difficult to predict traffic and ridership patterns. The industry has historically had no option but to rely on fragmented technology systems with limited functional flexibility, aging infrastructure, and poor end-user experience. Rising operating costs and labor shortages have placed a growing strain on budgets. Via\u2019s unified platform of cutting-edge software and technology-enabled services replaces fragmented legacy systems and consolidates operations across silos. When our customers adopt our platform, they can leapfrog years of technology neglect and drive meaningful efficiencies in their operations. Public transportation is deeply local in nature; our highly-configurable vertical stack supports the broad and diverse localization requirements of our customers. The use of machine learning and artificial intelli ITEM 1A. RISK FACTORS An investment in our Class A common stock involves various risks, including those described below. You should consider carefully the following risks, together with the financial and other information contained in in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussio", "title": "VIA - Via Transportation, Inc.", "url": "/company/VIA/" }, { "kind": "company", "summary": "SIC 3670 Electronic Components & Accessories; CIK 0001662684; latest 10-K filed 2026-03-31.", "text": "KULR - KULR Technology Group, Inc. SIC 3670 Electronic Components & Accessories; CIK 0001662684; latest 10-K filed 2026-03-31. KULR KULR Technology Group, Inc. 0001662684 3670 Electronic Components & Accessories ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION The following discussion and analysis of the results of operations and financial condition of KULR Technology Group, Inc. (\u201cKULR\u201d) and its wholly-owned subsidiary, KULR Technology Corporation (\u201cKTC\u201d) (collectively referred to as \u201cKULR\u201d or the \u201cCompany\u201d) as of and for the years ended December 31, 2025 and 2024 should be read in conjunction with our consolidated financial statements and the notes to those consolidated financial statements that are included elsewhere in this Annual Report. References in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations to \u201cus\u201d, \u201cwe\u201d, \u201cour\u201d and similar terms refer to the Company. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains statements that are forward-looking. These statements are based on current expectations and assumptions that are subject to risk, uncertainties and other factors. These statements are often identified by the use of words such as \u201cmay,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201cbelieve,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201ccould,\u201d \u201cestimate,\u201d or \u201ccontinue,\u201d and similar expressions or variations. Actual results could differ materially because of the factors discussed in \u201cRisk Factors\u201d elsewhere in this Annual Report, and other factors that we may not know. Overview KULR designs and builds advanced battery systems for autonomous platforms, digital infrastructure, e-mobility and Space \u2013 sold as a product or delivered as service subscription. The Company addresses two primary constraints in electrification: thermal management and safety. As energy and power density increase across aerospace, autonomous machines, digital infrastructure and industrial applications, managing heat generation, current density, and propagation risk becomes essential to system reliability and survivability. 27 Table of Contents KULR is establishing a fully integrated battery energy storage system design and production infrastructure in Houston, Texas. KULR brings battery pack design, prototyping, testing, certification, and manufacturing; as well as battery management system software and electronics design capabilities together under one roof. This full-stack approach enables faster development cycles and rapid transition from prototype to cost-effective volume production. The facility is designed to build high-power and high-energy battery packs that require advanced thermal, mechanical, and safety engineering. With domestic supply chain alignment and scalable production capacity, KULR is positioning itself as a leading manufacturer of advanced battery packs for mission-critical and high-performance applications in the United States. KULR VIBE is a vibration-reduction technology designed to improve performance and reliability in high-speed and rotor-driven systems. Derived from vibration management solutions used in defense helicopters for over 20 years, it addresses excess vibration that reduces efficiency, increases mechanical wear, and shortens vehicle lifespan. KULR VIBE enables motors, rotating assemblies, and sensitive electronics to operate more smoothly and efficiently across a range of applications, including helicopters, drones, performance vehicles, wind turbines, and other electric and autonomous systems. Recent Developments Annual Revenues The Company reported record annual revenues of $16.2 million for 2025, as compared to its previous revenues of $10.7 million for 2024. Investments, Impairment and Credit Losses During the year ended December 31, 2025, the Company made two investments in a private German entity (the \u201cInvestee\u201d), including Series A7 Preferred Shares and a convertible loan receivable of $3.3 million and $2.1 million, respectively. In addition, the Company had accounts receivable of $0.8 million due from Investee, who was also a customer. On November 13, 2025, the Investee filed an application with a German insolvency court to open insolven ITEM 1. BUSINESS Overview Overview KULR designs and builds advanced battery systems for autonomous platforms, digital infrastructure, e-mobility and Space \u2013 sold as a product or delivered as service subscription. The Company addresses two primary constraints in electrification: thermal management and safety. As energy and power density increase across aerospace, autonomous machines, digital infrastructure and industrial applications, managing heat generation, current density, and propagation risk becomes essential to system reliability and survivability. KULR is establishing a fully integrated battery energy storage system design and production infrastructure in Houston, Texas. KULR brings battery pack design, prototyping, testing, certification, and manufacturing; as well as battery management system software and electronics design capabilities together under one roof. This full-stack approach enables faster development cycles and rapid transition from prototype to cost-effective volume production. The facility is designed to build high-power and high-energy battery packs that require advanced thermal, mechanical, and safety engineering. With domestic supply chain alignment and scalable production capacity, KULR is positioning itself as a leading manufacturer of advanced battery packs for mission-critical and high-performance applications in the United States. KULR VIBE is a vibration-reduction technology designed to improve performance and reliability in high-speed and rotor-driven systems. Derived from vibration management solutions used in defense helicopters for over 20 years, it addresses excess vibration that reduces efficiency, increases mechanical wear, and shortens vehicle lifespan. KULR VIBE enables motors, rotating assemblies, and sensitive electronics to operate more smoothly and efficiently across a range of applications, including helicopters, drones, performance vehicles, wind turbines, and other electric and autonomous systems. KULR ONE\u00ae Platfo ITEM 1A. RISK FACTORS An investment in the Company\u2019s common stock involves a high degree of risk. In determining whether to purchase the Company\u2019s common stock, an investor should carefully consider all of the material risks described below, together with the other information contained in this report ", "title": "KULR - KULR Technology Group, Inc.", "url": "/company/KULR/" }, { "kind": "company", "summary": "SIC 3721 Aircraft; CIK 0001927958; latest 10-K filed 2026-03-31.", "text": "AIRO - AIRO Group Holdings, Inc. SIC 3721 Aircraft; CIK 0001927958; latest 10-K filed 2026-03-31. AIRO AIRO Group Holdings, Inc. 0001927958 3721 Aircraft ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis, including information with respect to our plans, objectives, goals, strategies, future events or performance, financing needs, plans or intentions relating to markets, and business trends, includes forward-looking statements that involve risks and uncertainties. You should review the sections titled \u201cNote Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d in this Annual Report on Form 10-K for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a technologically differentiated aerospace, autonomy, and air mobility platform targeting 21st century aerospace and defense opportunities. We leverage decades of industry expertise and connections across the drone, aviation, and avionics markets to provide leading solutions to the aerospace and defense market. We offer connected and diversified solutions providing operational synergies across our segments and are powered by an international footprint as well as supplier and public sector relationships. Supported by complementary and innovative technologies, we believe we bring a unique value proposition to the market and are well-positioned to become a differentiated leader in the industry. Our business is organized into four operating segments, each of which represents a critical growth vector in the aerospace and defense market: Drones, Avionics, Training, and Electric Air Mobility. These four segments collectively target a combined total addressable market estimated to be over $315.4 billion by 2030. Drones. The Drones segment develops, manufactures, and sells drones and will provide drone services, such as DaaS, for military and commercial end users. Our military drones are sold through our Sky-Watch brand, which is a key supplier to European NATO countries. A critical point of differentiation lies in our drones\u2019 ability to perform in a GPS-denied environment, which is a technology application relevant for both military and commercial end markets. 62 Avionics. The Avionics segment develops, manufactures, and sells avionics for military and general aviation aircraft, drones, and eVTOLs. Our avionics products include flight displays, Connected Panels, and GPS/GNSS sensors, all of which have been installed on legacy military aircraft and general aviation platforms. We sell our avionics products through our Aspen Avionics brand, which is well-recognized in the general aviation aftermarket sector with over 20 years of operating history and long-term customer loyalty for our value proposition. We also serve as an avionics supplier for OEMs, including Robinson Helicopters, Pilatus, Honeywell, and Joby Aviation. We believe our avionics solutions have a considerable market opportunity as general aviation fleets continue to age, with owners and operators seeking to upgrade the avionics technology on their aircraft. Training. The Training segment currently provides military pilot training. We offer professional training and consulting services to the U.S. military, select NATO countries, and other U.S. allies under our CDI brand. These offerings include adversary air, close air support, ISR, aircraft leasing, pilot training, ground liaison services, and JTAC, as well as full joint theatre ISR and simulated ground strike training. We work closely with special military forces such as SEAL teams, the U.S. Naval Air Warfare Center, and USAF Air Combat Command, and are a mandated recipien Business Combination Agreement means the Business Combination Agreement, as amended, between Kernel Group Holdings, Inc., a Cayman Islands exempted company, AIRO Group, Inc., a Delaware corporation, Kernel Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of AIRO Group, Inc., AIRO Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of AIRO Group, Inc., VKSS Capital, LLC, a Delaware limited liability company, in the capacity as the representative for the stockholders of Kernel Group Holdings, Inc. and AIRO Group, Inc. and also in the capacity as Kernel Group Holdings, Inc.\u2019s sponsor, and Dr. Chirinjeev Kathuria, in the capacity as the representative for our stockholders. BVLOS means Beyond Visual Line of Sight, which refers to drone operations where the drone is not visible to the pilot. CDI means Coastal Defense Inc., a subsidiary entity we acquired on April 26, 2022, which makes up a portion of our Training reportable segment. Civil Aviation Authorities means the TCCA, the FAA, and the EASA. DaaS means Drone as a Service, including but not limited to, surveillance services for businesses interested in monitoring, surveying, and evaluating their properties. DFARS means the Defense Federal Acquisition Regulation Supplement. DHS means the U.S. Department of Homeland Security. DoD means the U.S. Department of Defense. EASA means the European Union Aviation Safety Agency. ENAC means the National Civil Aviation Agency of Brazil. EU means the European Union. eVTOL means electric vertical take-off and landing. FAA means the Federal Aviation Administration. FAR means the Federal Acquisition Regulation. Follow-on Offering means the public offering of 4.8 million shares of our common stock, which included an additional 0.6 million shares of common stock pursuant to the full exercise of the underwriters\u2019 option to purchase additional shares, that closed on September 12, 2025. GNSS means the Global Navigation Satellite Syst", "title": "AIRO - AIRO Group Holdings, Inc.", "url": "/company/AIRO/" }, { "kind": "company", "summary": "SIC 1381 Drilling Oil & Gas Wells; CIK 0001792849; latest 10-K filed 2026-03-11.", "text": "HPK - HighPeak Energy, Inc. SIC 1381 Drilling Oil & Gas Wells; CIK 0001792849; latest 10-K filed 2026-03-11. HPK HighPeak Energy, Inc. 0001792849 1381 Drilling Oil & Gas Wells ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with the other sections of this Annual Report, including but not limited to \u201cItems 1 and 2. Business and Properties\u2014Regulation of the Crude Oil and Natural Gas Industry.\u201d Historical financial statements and related notes included elsewhere in this Annual Report. This discussion contains \u201cforward-looking statements\u201d reflecting our current expectations, estimates and assumptions concerning events and financial trends that may affect our future operating results or financial position. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors. Factors that could cause or contribute to such differences include, but are not limited to, market prices for crude oil and natural gas, capital expenditures, economic and competitive conditions, regulatory changes and other uncertainties, as well as those factors discussed below and elsewhere in this Annual Report. Please read Cautionary Statement Concerning Forward-Looking Statements. Also, please read the risk factors and other cautionary statements described under \u201cPart I, Item 1A. Risk Factors.\u201d We assume no obligation to update any of these forward-looking statements, except as required by applicable law. See the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 10, 2025 for a discussion of the Company\u2019s 2024 results of operations compared with the Company\u2019s 2023 results of operations. Overview HighPeak Energy, Inc., a Delaware corporation, was formed in October 2019, is an independent crude oil and natural gas exploration and production company that explores for, develops and produces crude oil, NGL and natural gas in the Permian Basin in West Texas, more specifically, the Midland Basin. The Company\u2019s assets are located primarily in Howard and Borden Counties, Texas, and to a lesser extent Scurry and Mitchell Counties, which lie within the northeastern part of the crude oil-rich Midland Basin. As of December 31, 2025, the assets consisted of two highly contiguous leasehold positions of approximately 154,472 gross (142,560 net) acres, approximately 72% of which were held by production, with an average working interest of 92%. Our acreage is composed of two core areas, Flat Top primarily in the northern portion of Howard County extending into southern Borden County, southwest Scurry County and northwest Mitchell County and Signal Peak in the southern portion of Howard County. We operate approximately 98% of the net acreage across the Company\u2019s assets and more than 90% of the net operated acreage provides for horizontal wells with lateral lengths of 10,000 feet or greater. For the year ended December 31, 2025, approximately 85% and 15% of sales volumes from the assets were attributable to liquids (both crude oil and NGL) and natural gas, respectively. As of December 31, 2025, HighPeak Energy was developing its properties using two (2) drilling rigs and one (1) frac crew and expects to average one (1) drilling rig and one (1) frac crew during 2026 under our current development plan, depending on certain market conditions. Recent Events Recent management changes. In September 2025, Mr. Jack Hightower, the Company\u2019s Chief Executive Officer and Chairman of the Board retired and resigned from our Board of Directors, and on November 4, 2025, our President, Mr. Michael Hollis, was named President and Chief Executive Officer. Concurrent with these changes, Mr. Jack Hightower also retired from managing HighPeak Energy Partners, LP and HighPeak Energy Partners II, LP (collectively, the \u201cHighPeak Funds\u201d), which collectively own approximately 64% of the shares of common stock of the Company. In connection with Mr. Jack Hightower\u2019s retirement, HighPeak Pure Acquisition, LLC (\u201cPure\u201d), a wholly owned ITEM 1A. RISK FACTORS There are many factors that may affect our business, financial condition and results of operations and investments in us. Security holders and potential investors in our securities should carefully consider the risk factors set forth below, as well as the discussion of other factors that could affect us or investments in us included elsewhere in this Annual Report. If one or more of these risks were to materialize, our business, financial condition or results of operations could be materially and adversely affected. These known material risks could cause our actual results to differ materially from those contained in any written or oral forward-looking statements made by us or on our behalf. We are providing the following summary of the risk factors contained in this Annual Report to enhance the readability and accessibility of our risk factor disclosures. We encourage our stockholders to carefully review the full risk factors contained in this Annual Report in their entirety for additional information regarding the risks and uncertainties that could cause our actual results to vary materially from recent results or from our anticipated future results. Risks Related to Our Business [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Crude oil, NGL and natural gas prices are volatile. Sustained volatility, or declines in, crude oil, NGL and natural gas prices could adversely affect HighPeak Energy\\u2019s business, financial condition and results of operations and its ability to meet its capital expenditure obligations and other financial commitments.\"],[\"\",\"\\u25cf\",\"Changes in the global trade environment, including the imposition of tariffs, could adversely affect our business.\"],[\"\",\"\\u25cf\",\"Reserve estimates depend on many assumptions that may turn out to be inaccurate. Any material inaccuracies in reserve estimates or underlying assumptions will materially affect the quantities and present value of reserves.\"],[\"\",\"\\u25cf\",\"HighPeak Energy\\u2019s develop", "title": "HPK - HighPeak Energy, Inc.", "url": "/company/HPK/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001722010; latest 10-K filed 2026-03-13.", "text": "OPBK - OP Bancorp SIC 6022 State Commercial Banks; CIK 0001722010; latest 10-K filed 2026-03-13. OPBK OP Bancorp 0001722010 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and the related notes thereto contained in this Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the sections titled \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cPart II, Item 1A. Risk Factors\u201d for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. OVERVIEW The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and the related notes thereto contained in this Report, and with the general description of our holding company, our subsidiary bank, and our business set forth in Part I. Item 1. Business above. Some of the information contained in this discussion and analysis or set forth elsewhere in this Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review \u201cPart I, Item 1A. Risk Factors\u201d for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Our results of operations depend primarily on net interest income generated through Open Bank, which represents the interest we earn on loans and related products, reduced by the interest we pay on deposits and other borrowings. In addition to our net interest income, the Bank derives earnings from fee income we receive in connection with our deposits, and from gains on the sale and service of SBA loans. Our major operating expenses are the salaries and related benefits we pay our management and staff, and the rent we pay on our leased properties. We rely primarily on locally-generated deposits, mostly from the Korean-American market within California, to fund our loan activities although, from time to time, we may rely on brokered deposits or other source or liquidity. Current Developments Interest Rate Environment The Federal Reserve maintained the federal funds rate at 3.50% to 3.75% at its January 2026 meeting, following three consecutive reductions in late 2025. The decision reflects a labor market that has softened but stabilized in recent months, reducing the urgency for additional easing. At the same time, inflation remains above the Federal Reserve\u2019s 2% objective, and recent readings have been affected by data distortions tied to the prior government shutdown. Policymakers signaled a shift to a wait\u2011and\u2011see approach as they assess the outlook for employment and inflation. The pause also occurs against a politically sensitive backdrop, with a new Federal Reserve Chair expected later this year; however, monetary policy decisions remain committee\u2011driven, limiting the potential for abrupt directional changes. The current rate environment continues to influence lending activity, deposit pricing, funding costs, and overall balance\u2011sheet management. We believe we have responded effectively to the evolving dynamics of the banking environment and that we are well-positioned to do so in the future. Our ability to navigate recent challenges is largely attributable to the continued loyalty of our customers and the dedication and expertise of our employees and management team Item 1. Business. Overview Founded in 2005 as First Standard Bank, and rebranded as Open Bank in 2010, we formed OP Bancorp as our holding company in 2016. OP Bancorp, headquartered in Los Angeles, California, operates its commercial community banking activities through Open Bank (\"Open Bank\" or the \"Bank\"), our wholly owned banking subsidiary. We provide commercial banking services to small and medium-sized businesses, their owners, and retail customers, with a focus on the Korean-American community. We currently operate twelve full service branches: nine branches across Los Angeles and Orange Counties in California, as well as one branch each in Santa Clara, California; Carrollton, Texas; and Las Vegas, Nevada. Additionally, we maintain five loan production offices located in Pleasanton, California; Atlanta, Georgia; Aurora, Colorado; Lynnwood, Washington; and Fairfax, Virginia. Substantially all our business activities are conducted through the Bank. We provide our customers with a high degree of service, convenience and the financial products we believe they need to achieve their financial objectives, by offering a customer-oriented product mix, competitive pricing, and convenient locations. Our lending activities are diversified and include commercial real estate (\"CRE\"), commercial and industrial (\"C&I\"), Small Business Administration (\u201cSBA\u201d), home mortgage, and consumer loans. We generally lend in markets where we have a physical presence through our branch and loan production offices. We attract retail deposits through our branch network which offers a wide range of deposit products for business and consumer banking customers. We offer a multitude of other banking products and services to our customers to complement our lending and deposit business. We have a strong, values-based corporate culture rooted in personal community-based relationship banking that permeates throughout our entire organization. We strive to provide quality customer service that e Item 1A. Risk Factors. You should carefully consider the risks and uncertainties described below, together with the information included elsewhere in this Form 10-K and other documents we file with the SEC. The following risks and uncertainties described below are those that we have identified as material. Events or circumstances arising from one or more o", "title": "OPBK - OP Bancorp", "url": "/company/OPBK/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001820302; latest 10-K filed 2026-03-19.", "text": "BKKT - Bakkt, Inc. SIC 6199 Finance Services; CIK 0001820302; latest 10-K filed 2026-03-19. BKKT Bakkt, Inc. 0001820302 6199 Finance Services Item 7. Management\u2019s Discussion And Analysis Of Financial Condition And Results Of Operations The following discussion and analysis of financial condition and results of operations should be read together with our audited consolidated financial statements and the related notes included under Item 8 of this Form 10-K (this \u201cReport\u201d). References in this section to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cBakkt\u201d or the \u201cCompany\u201d and like terms refer to Bakkt, Inc. and its subsidiaries for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, unless the context otherwise requires. Some of the information contained in this discussion and analysis or set forth elsewhere in this Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements. Such forward-looking statements are based on the beliefs of our management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those contemplated by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those factors discussed above in \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cItem 1A. Risk Factors.\u201d On July 23, 2025, Bakkt Opco Holdings, LLC (\u201cOpco\u201d), a wholly owned subsidiary of the Company, entered into an agreement to sell all of the issued and outstanding equity interests of Bridge2 Solutions, LLC, Aspire Loyalty Travel Solutions, LLC, Bridge2 Solutions Canada, Ltd., and B2S Resale, LLC (collectively, the \u201cAcquired Companies\u201d) to Project Labrador Holdco, LLC, a wholly owned subsidiary of Roman DBDR Technology Advisors, Inc. (the \u201cPurchaser\u201d or \"Roman\"). These entities comprised our loyalty and travel redemption business (the \u201cLoyalty Business\u201d). The sale transaction closed on October 1, 2025, which completed a part of our strategic transformation into a pure-play digital asset infrastructure platform. In accordance with United States generally accepted accounting principles (\u201cU.S. GAAP\u201d), Bakkt management determined that the Loyalty Business met the criteria for classification as held for sale and a discontinued operation as of September 30, 2025. This determination was based on management\u2019s commitment to a formal plan to sell the business, the significance of the business to the Company's historical operations, and the expectation that the sale will result in the elimination of the operations and cash flows of the Loyalty Business from ongoing operations. As such, the results of operations, financial position, and cash flows of the Loyalty Business have been reclassified and are presented as discontinued operations for all periods presented, where applicable. Assets and liabilities related to the Loyalty Business have been reclassified as held for sale in the consolidated balance sheets, and the related operating results, including any gains or losses on the sale, are reported separately from continuing operations in the consolidated statements of operations for all periods presented. Refer to Note 3, Discontinued Operations, in the notes to the accompanying audited consolidated financial statements for further information. Overview In this section and elsewhere in this Form 10-K, we use the following terms, which are defined as follows: \u2022\u201cClient\u201d means businesses with whom we contract to provide services to customers on our platform, and includes financial institutions, hedge funds, merchants, retailers, third party partners, and other businesses (except in the accompanying notes to the consolidated financial statements, where we refer to revenue earned from customers, instead of clients. The term customers is in accordance with the Financial Accounting Standards Board (\u201cFASB\u201d) Accounting Standards Codification (\u201cASC\u201d) 606, Revenue from Contracts with Customers (\u201cASC 606\u201d)). \u2022\u201cDigital Asset\u201d means an asset that is built using blockchain technology, incl Item 1. Business Overview Unless otherwise noted, in this section or elsewhere in this Form 10-K, (1) the term \u201cBakkt\" refers to Bakkt, Inc., a Delaware corporation and its subsidiaries, and (2) the terms Company,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour,\u201d refer to the ongoing business operations of Bakkt, Inc. and its subsidiaries, whether conducted through Bakkt or a subsidiary of Bakkt. In this section and elsewhere in this Form 10-K, we use the following terms, which are defined as follows: \u2022\u201cClient\u201d means businesses with whom we contract to provide services to customers on our platform, and includes financial institutions, hedge funds, merchants, retailers, third party partners, and other businesses (except in the accompanying notes to the consolidated financial statements, where we refer to revenue earned from customers, instead of clients). The term customers is in accordance with the Financial Accounting Standards Board (\u201cFASB\u201d) Accounting Standards Codification (\u201cASC\u201d) 606, Revenue from Contracts with Customers. \u2022\u201cDigital asset\u201d means an asset that is built using blockchain technology, including virtual currencies (as used in the State of New York), coins, cryptocurrencies, stablecoins, and other tokens. Our platform enables transactions in certain supported digital assets. For purposes of this Form 10-K, we use digital assets, virtual currency, coins, and tokens interchangeably. \u2022\u201cCustomer\u201d means an individual user of our platform. Customers include as customers of our clients who transact in digital assets through, and have accounts on, our platform (except as defined for ASC 606 purposes above). Founded in 2018, Bakkt, Inc. (the \u201cCompany\u201d) builds digital financial infrastructure designed to support institutional participation in the digital asset economy. During fiscal year 2025, the Company undertook a strategic transformation, focusing on divesting non-core assets, simplifying our corporate and capital structure, and investing in infrastructure to support our Item 1A. Risk Factors Investing in our securities involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our consolidated financial statemen", "title": "BKKT - Bakkt, Inc.", "url": "/company/BKKT/" }, { "kind": "company", "summary": "SIC 6794 Patent Owners & Lessors; CIK 0000934549; latest 10-K filed 2026-03-12.", "text": "ACTG - ACACIA RESEARCH CORP SIC 6794 Patent Owners & Lessors; CIK 0000934549; latest 10-K filed 2026-03-12. ACTG ACACIA RESEARCH CORP 0000934549 6794 Patent Owners & Lessors ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our consolidated financial statements included elsewhere in this Annual Report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these \u201cforward-looking statements\u201d as a result of various factors including the risks we discuss in Item 1A. \"Risk Factors\" and elsewhere herein. For additional information, refer to the section above entitled \u201cCautionary Note Regarding Forward-Looking Statements.\u201d General We are a disciplined value-oriented acquirer and operator of businesses across public and private markets and industries including, but not limited to, the industrial, energy and technology sectors. We acquire businesses with a view towards strong free cash flow generation and an ability to scale, and look to identify opportunities where we can tap into our deep industry relationships, significant capital base, and transaction expertise to materially improve performance. Our strategy centers around quality sourcing, execution, and improvement. We find unique situations and bring a flexible and creative approach to transacting, combining relationships and expertise to drive continual improvement in operating performance. We approach transactions as business owners and operators rather than purely as financial investors, and we believe this is our core differentiator for creating long-term value for shareholders and partners. We define value through free cash flow generation, book value appreciation, and stock price growth. These are the pillars of the Acacia story. Acacia creates value by building relationships and providing transaction expertise to create acquisition opportunities where we can meaningfully improve performance. We focus on identifying, pursuing and acquiring businesses where we are uniquely positioned to deploy our differentiated strategy, people and processes to generate and compound shareholder value. We have a wide range of transactional and operational capabilities to realize the intrinsic value of the businesses that we acquire. Our ideal transactions include the acquisition of public or private companies, the acquisition of divisions of other companies, or structured transactions that can result in the recapitalization or restructuring of the ownership of a business to enhance value. We are particularly attracted to complex situations where we believe value is not fully recognized, the value of certain operations is masked by a diversified business mix, or where private ownership has not invested the capital and/or resources necessary to support long-term value. Through our public market activities, we aim to initiate strategic block positions in public companies as a path to complete whole company acquisitions or strategic transactions that unlock value. We believe this business model is differentiated from private equity funds, which do not typically own public securities prior to acquiring companies, hedge funds, which do not typically acquire entire businesses, and other acquisition vehicles such as special purpose acquisition companies, which are narrowly focused on completing one singular, defining acquisition. Our focus is companies with a total enterprise value of $1 billion or less. However, we may pursue larger acquisitions under the right circumstances. Broadly speaking, our potential acquisition targets are founder-owned or privately controlled businesses, entire public companies or carve-outs of specific segments, which show a path to consistent profitability, free cash flow generation and higher risk-adjusted return expectations. We buy businesses to create platforms. The Company remains focused on acquiring and building businesses that have stable cash flow generation with an ability to scale, while retaining the flexibility to ma ITEM 1. BUSINESS General Acacia Research Corporation (the \u201cCompany,\u201d \u201cAcacia,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) is a disciplined value-oriented acquirer and operator of businesses across public and private markets and industries including but not limited to the industrial, energy and technology sectors. We acquire businesses with a view towards strong free cash flow generation and with an ability to scale where we can tap into our deep industry relationships, significant capital base, and transaction expertise to materially improve performance. We are focused on sourcing, execution, and improvement. We find unique situations, bring a flexible and creative approach to transacting, combining relationships and expertise to drive continual improvement in operating performance. We approach transactions as business owners and operators, rather than purely as financial investors. We believe this differentiates us in creating long-term value for shareholders and partners. We define value through free cash flow generation, book value appreciation, and stock price growth. These are the pillars of the Acacia story. Acacia creates value by building relationships and providing transaction expertise to create acquisition opportunities where we can meaningfully improve performance. We focus on identifying, pursuing, and acquiring businesses where we are uniquely positioned to deploy our differentiated strategy, people and processes to generate and compound shareholder value. We have a wide range of transactional and operational capabilities to realize the intrinsic value of the businesses that 4 Table of Contents we acquire. Our ideal transactions include the acquisition of public or private companies, the acquisition of divisions of other companies, or structured transactions that can result in the recapitalization or restructuring of the ownership of a business to enhance value. We are particularly attracted to complex situations where we believe value is not fully recognized, the v ITEM 1A. RISK FACTORS Our short and long-term success is subject to numerous risks and uncertainties, many of which involve factors that are difficult to predict or beyond our control. As a result, an investment in our common stock involves risks. In evaluating our business, our stockholders are encouraged to carefully consider the ris", "title": "ACTG - ACACIA RESEARCH CORP", "url": "/company/ACTG/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000706698; latest 10-K filed 2026-03-27.", "text": "UTMD - UTAH MEDICAL PRODUCTS INC SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000706698; latest 10-K filed 2026-03-27. UTMD UTAH MEDICAL PRODUCTS INC 0000706698 3841 Surgical & Medical Instruments & Apparatus ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Currency amounts are in thousands except per-share amounts and where noted. Currencies are abbreviated as follows: the U.S. Dollar (USD or $), the Great Britain Pound (GBP or \u00a3), the Euro (EUR or \u20ac), the Australian Dollar (AUD or A$), the New Zealand Dollar (NZD) and the Canadian Dollar (CAD or C$). The following comments should be read in conjunction with the accompanying financial statements. Overview. With some unexpected circumstances in 2025, Utah Medical Products, Inc (UTMD) did not achieve its beginning of year financial projections. Nevertheless, the Company retained excellent profit margins, and increased its year-ending cash balances to $85.8 million despite paying $4.0 million in dividends to stockholders and repurchasing 4.5% (since the end of 2024) of its shares in the open market for $8.4 million. In 2025, income statement measures of Utah Medical Products, Inc. (Nasdaq: UTMD) consolidated financial performance were lower than in 2024, as follows. [[GREPCENT_TABLE]] [[\"Consolidated Income Statement\",\"2025\",\"2025 Compared to 2024\",\"2024\"],[\"Worldwide Revenues\",\"$38,520\",\"( 5.8%)\",\"$40,903\"],[\"Gross Profit\",\"22,001\",\"( 8.9%)\",\"24,143\"],[\"Operating Income\",\"11,402\",\"(16.1%)\",\"13,594\"],[\"Income Before Income Tax\",\"14,110\",\"(16.0%)\",\"16,802\"],[\"Net Income (US GAAP)\",\"11,286\",\"(18.7%)\",\"13,874\"],[\"Earnings Per Share (US GAAP)\",\"$ 3.483\",\"(12.1%)\",\"$ 3.961\"]] [[/GREPCENT_TABLE]] Profit margins in 4Q and year 2025 were hampered by higher operating costs coupled with lower sales, as described later in this report: [[GREPCENT_TABLE]] [[\"\",\"4Q 2025 (Oct \\u2013 Dec)\",\"4Q 2024 (Oct-Dec)\",\"2025 (Jan\\u2013Dec)\",\"2024 (Jan\\u2013Dec)\"],[\"Gross Profit Margin (GP/ sales):\",\"58.2%\",\"58.1%\",\"57.1%\",\"59.0%\"],[\"Operating Income Margin (OI/ sales):\",\"27.0%\",\"32.0%\",\"29.6%\",\"33.2%\"],[\"Income Before Tax Margin (EBT/ sales):\",\"34.3%\",\"39.5%\",\"36.6%\",\"41.1%\"],[\"Net Income Margin (NI/ sales):\",\"28.4%\",\"31.7%\",\"29.3%\",\"33.9%\"]] [[/GREPCENT_TABLE]] Because revenue results for any given three-month period in comparison with a previous three-month period are not indicative of comparative results for the year as a whole, UTMD suggests that investors should focus primarily on the annual results in 2025. Focusing on the causes of the $2.4 million consolidated worldwide (WW) decline in annual revenues in 2025, the lower sales can be explained by the three following categories: [[GREPCENT_TABLE]] [[\"Revenue Category:\",\"2025 Sales [million $]\",\"2024 Sales [million $]\",\"Decline [million $]\",\"Portion of Total Decline\"],[\"1)PendoTECH OEM\",\"0.4\",\"2.7\",\"(2.3)\",\"96%\"],[\"2)China Deltran DPT Distributor\",\"2.1\",\"2.4\",\"(0.3)\",\"13%\"],[\"3)WW Filshie\",\"10.1\",\"10.8\",\"(0.7)\",\"31%\"],[\"Total Above:\",\"12.6\",\"15.9\",\"(3.3)\",\"140%\"],[\"% of Total WW Revenues or Decline:\",\"33%\",\"39%\",\"140%\"]] [[/GREPCENT_TABLE]] UTMD\u2019s China distributor for Deltran blood pressure monitoring kits (Item 2), for which a non-changeable/noncancellable order in late 2024 for 2025 shipments was surprisingly cancelled just before the final shipment in 3Q 2025, resulted in $431 lower revenues than had been committed, and $310 lower sales than in 2024. Furthermore, $0.4 million of the $2.1 million sales in 2025 was written off in G&A expense as an uncollectible receivable. 21 The decline in WW Filshie device revenues (item 3 above) can be divided into three parts: [[GREPCENT_TABLE]] [[\"Filshie Device Sales\",\"2025 Sales [million $]\",\"2024 Sales [million $]\",\"Revenue Change [million $]\",\"2025 Revenue Change from 2024\"],[\"Domestic Direct (to U.S. medical facilities)\",\"4.5\",\"4.0\",\"+0.5\",\"+11%\"],[\"OUS Direct (to medical facilities outside the U.S.)\",\"4.5\",\"5.3\",\"(0.8)\",\"( 16%)\"],[\"OUS distributors\",\"1.1\",\"1.5\",\"(0.4)\",\"( 23%)\"],[\"Total Filshie Revenues:\",\"10.1\",\"10.8\",\"(0.7)\",\"( 7%)\"]] [[/GREPCENT_TABLE]] OUS Direct Filshie revenues were sales by UTMD subsidiaries di ITEM 1 \u2013 BUSINESS Currency amounts throughout this report are in thousands except per-share amounts and where noted. Utah Medical Products, Inc. (\u201cUTMD\u201d or \u201cthe Company\u201d) is in the business of producing high quality cost-effective medical devices that are predominantly differentiated by safety and improved patient outcomes. Throughout this report, \u201cUTMD\u201d or \u201cthe Company\u201d refers jointly to Utah Medical Products, Inc. and all of its corporate subsidiaries. Success depends on 1) recognizing and responding to needs of clinicians and patients, 2) rapidly designing or acquiring economical solutions that gain premarketing regulatory concurrence, 3) reliably producing devices that meet those clinical needs, and then 4) selling through a)UTMD's own direct channels into markets where the Company enjoys an established reputation and has a critical mass of sales and support resources, or b)relationships with other companies that have the resources to effectively distribute and support the Company's devices. UTMD's success in providing reliable solutions comes from its proven ability to integrate a number of engineering and technical disciplines in electronics, software, mechanical assembly and packaging, instrumentation, plastics processing and materials. The resulting differentiated devices represent significant incremental improvements in patient safety, clinical outcomes and/or total cost over preexisting clinical approaches. UTMD's experience is that, in the case of labor-saving devices, the improvement in cost-effectiveness of clinical procedures also leads to an improvement in overall healthcare including lower risk of complications. UTMD markets a broad range of medical devices used in critical care areas, especially the neonatal intensive care unit (NICU), the labor and delivery (L&D) department and the women\u2019s health center in hospitals, as well as medical devices sold to outpatient clinics and physician's offices. The opportunity to apply solutions to reco", "title": "UTMD - UTAH MEDICAL PRODUCTS INC", "url": "/company/UTMD/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000704440; latest 10-K filed 2026-03-12.", "text": "KRMD - KORU Medical Systems, Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000704440; latest 10-K filed 2026-03-12. KRMD KORU Medical Systems, Inc. 0000704440 3841 Surgical & Medical Instruments & Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes included under ITEM 7 of this Annual Report on Form 10-K. This discussion contains forward-looking statements about our business and operations. Our actual results may differ materially from those we currently anticipate as a result of many factors, including those described under Part I \u2013 FORWARD LOOKING STATEMENTS and elsewhere in this Annual Report. OVERVIEW The Company develops, manufactures and commercializes innovative patient-centric large volume subcutaneous solutions primarily for the subcutaneous drug delivery market as governed by the United States Food and Drug Administration (the \u201cFDA\u201d) quality and regulatory system and international standards for quality system management. Our revenues derive from three business sources: (i) domestic core (which consists of US and Canada), (ii) international core, and (iii) pharma services and clinical trials. Our domestic core and international core revenues consist of sales of our products for the delivery of subcutaneous drugs that are FDA cleared for use with the FREEDOM Infusion System, with the primary delivery for immunoglobulin to treat Primary Immunodeficiency Diseases (\u201cPIDD\u201d) and Chronic Inflammatory Demyelinating Polyneuropathy (\u201cCIDP\u201d). Pharma services and clinical trials revenues consist of product revenues from our infusion system (syringe drivers, tubing and needles) for feasibility/clinical trials (pre-clinical studies, Phase I, Phase II, Phase III) of biopharmaceutical companies in the drug development process as well as non-recurring engineering services revenues (\u201cNRE\u201d) received from biopharmaceutical companies to ready or customize the FREEDOM Infusion System for clinical and commercial use. The Company ended the 2025 fiscal year with $41.1 million in net revenues, a 22.2% increase compared with $33.6 million in the same period last year driven by growth in our domestic core and international core businesses of 11.0% and 80.0% respectively, partially offset by a 5.6% decrease in our pharma services and clinical trials business net revenues. Gross profit for the year ended December 31, 2025, was $25.6 million, an increase of 20.0% or $4.3 million from the same period last year. Gross margin was 62.3% for the year ended December 31, 2025, a decrease from 63.4% from the prior year. We define gross margin as gross profit stated as a percentage of net revenues. Operating expenses for the year ended December 31, 2025, were $28.6 million, up from $27.8 million from the same period last year. RESULTS OF OPERATIONS Year Ended December 31, 2025 compared to Year Ended December 31, 2024 Net Revenues The following table summarizes our net revenues for the years ended December 31, 2025 and 2024: [[GREPCENT_TABLE]] [[\"\",\"\",\"Years Ended December 31,\",\"\",\"Change from Prior Year\",\"\",\"% of Net Revenues\"],[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"$\",\"\",\"%\",\"\",\"2025\",\"\",\"2024\"],[\"Net Revenues\"],[\"Domestic Core\",\"\",\"$\",\"27,992,436\",\"\",\"$\",\"25,214,613\",\"\",\"$\",\"2,777,823\",\"\",\"11.0%\",\"\",\"68.1%\",\"\",\"74.9%\"],[\"International Core\",\"\",\"\",\"10,881,183\",\"\",\"\",\"6,043,979\",\"\",\"\",\"4,837,204\",\"\",\"80.0%\",\"\",\"26.5%\",\"\",\"18.0%\"],[\"Total Core\",\"\",\"\",\"38,873,619\",\"\",\"\",\"31,258,592\",\"\",\"\",\"7,615,027\",\"\",\"24.4%\",\"\",\"94.5%\",\"\",\"92.9%\"],[\"Pharma Services and Clinical Trials\",\"\",\"\",\"2,253,747\",\"\",\"\",\"2,387,871\",\"\",\"\",\"(134,124\",\")\",\"(5.6)%\",\"\",\"5.5%\",\"\",\"7.1%\"],[\"Total\",\"\",\"$\",\"41,127,366\",\"\",\"$\",\"33,646,463\",\"\",\"$\",\"7,480,903\",\"\",\"22.2%\",\"\",\"100%\",\"\",\"100%\"]] [[/GREPCENT_TABLE]] Total net revenues increased $7.5 million, or 22.2%, to $41.1 million, for the year ended December 31, 2025, as compared with the same period last year. Domestic core growth of 11.0% was primarily driven by volume in consumables and pumps attributed to subcutane ITEM 1. BUSINESS OUR BUSINESS KORU Medical develops, manufactures and commercializes innovative and patient-centric large volume subcutaneous infusion solutions primarily for the subcutaneous drug delivery market as governed by the United States Food and Drug Administration (the \u201cFDA\u201d) quality and regulatory system and international standards for quality system management. Our focus is primarily concentrated on our mechanical infusion products, the FREEDOM Infusion Systems (which we refer to as the \u201cFREEDOM System\u201d when used with one or more accessories), which include the FREEDOM60\u00ae Syringe Driver, the FreedomEdge\u00ae Syringe Driver, HIgH-Flo Subcutaneous Safety Needle Sets\u2122 and Precision Flow Rate Tubing\u2122. Our revenues are derived from three business sources: (i) domestic core (which consists of US and Canada), (ii) international core, and (iii) pharma services and clinical trials. Our core domestic and international revenues consist of sales of our syringe drivers, tubing and needles (\u201cProduct Revenue\u201d) for the delivery of subcutaneous drugs that are FDA cleared for use with the FREEDOM System, with the primary delivery for immunoglobulin to treat Primary Immunodeficiency Diseases (\u201cPIDD\u201d) and Chronic Inflammatory Demyelinating Polyneuropathy (\u201cCIDP\u201d). Pharma services and clinical trials revenues consist of Product Revenue for feasibility/clinical trials (pre-clinical studies, Phase I, Phase II, Phase III) of biopharmaceutical companies in the drug development process as well as non-recurring engineering services (\u201cNRE\u201d) revenues (including product innovation, testing and registration services) received from biopharmaceutical companies to ready or customize the FREEDOM System for clinical and commercial use across multiple drug categories. The Company originally incorporated in March 1980. OUR MISSION Our mission is to improve the quality of life of patients around the world by delivering innovative, effective, and easy-to-use drug delivery systems that can b ITEM 1A. RISK FACTORS RISK FACTORS An investment in our common stock involves significant risks. Before making an investment in our common stock, you should carefully consider all of the information contained in this Annual Report on Form 10-K and our other filings with the SEC including the mate", "title": "KRMD - KORU Medical Systems, Inc.", "url": "/company/KRMD/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001430306; latest 10-K filed 2026-03-12.", "text": "TNXP - Tonix Pharmaceuticals Holding Corp. SIC 2834 Pharmaceutical Preparations; CIK 0001430306; latest 10-K filed 2026-03-12. TNXP Tonix Pharmaceuticals Holding Corp. 0001430306 2834 Pharmaceutical Preparations ITEM 7 \u2013 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations includes a number of forward-looking statements that reflect Management\u2019s current views with respect to future events and financial performance. You can identify these statements by forward-looking words such as \u201cmay\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate\u201d and \u201ccontinue,\u201d or similar words. Those statements include statements regarding the intent, belief or current expectations of us and members of its management team as well as the assumptions on which such statements are based and should be read together with the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Annual Report and in other reports we file with the Securities and Exchange Commission, particularly those under \u201cRisk Factors\u201d. We are a fully-integrated biopharmaceutical company commercializing and developing innovative therapies for central nervous system (\u201cCNS\u201d) disorders, immunology, infectious diseases, and rare diseases. Our portfolio consists of both commercial and development-stage programs. In August 2025, we received approval from the FDA for TONMYA\u2122 (cyclobenzaprine HCl sublingual tablets) for the treatment of fibromyalgia. TONMYA, our first internally developed product to become FDA approved, was commercially launched by us in the United States on November 17, 2025. TONMYA is the first new medicine for fibromyalgia in more than 15 years and is a centrally acting, non-opioid analgesic designed for bedtime administration and long-term use. The approval and launch of TONMYA marked major milestones in our evolution. We hold worldwide commercialization rights to TONMYA. In addition to TONMYA, we market two FDA-approved prescription products for the treatment of acute migraine: Zembrace\u00ae SymTouch\u00ae (sumatriptan injection) and Tosymra\u00ae (sumatriptan nasal spray). Our commercial platform includes sales, marketing, market access, distribution, and patient support capabilities. We maintain a diversified development pipeline generated through internal discovery, in-licensing, acquisitions, and collaborations with academic and non-profit institutions. The Company\u2019s pipeline addresses conditions that span central nervous system (\u201cCNS\u201d), infectious disease, immunology, and rare disease, with multiple programs in clinical and preclinical development. The proprietary cyclobenzaprine HCl sublingual tablet formulation contained in TONMYA is referred to as \u201cTNX-102 SL\u201d outside of the fibromyalgia indication. We are exploring the utility of TNX-102 SL (sublingual cyclobenzaprine) in Phase 2 clinical trials for major depressive disorder and acute stress disorder. TNX-102 SL is being developed to treat acute stress reaction and acute stress disorder under an Investigator-Initiated investigational new drug application (\u201cIND\u201d) at the University of North Carolina in the ongoing OASIS study funded by the U.S. Department of Defense (\u201cDoD\u201d). A Phase 2 study of TNX-102 SL for major depressive disorder is expected to commence mid-2026 under a Tonix IND that has been cleared by FDA. Our clinical stage infectious disease portfolio includes monoclonal antibody TNX-4800 (anti-OspA from Borrelia burgdorferi) for seasonal prevention of Lyme disease, for which initiation of a Phase 2 field study is planned for the first half of 2027 and a Phase 2 human challenge study is planned for 2028, pending FDA clearances. Our clinical-stage immunology development portfolio consists of biologic Business Overview We (\u201cTonix\u201d or the \u201cCompany\u201d) are a fully-integrated biopharmaceutical company commercializing and developing innovative therapies for central nervous system (\u201cCNS\u201d) disorders, immunology, infectious diseases, and rare diseases. Our portfolio consists of commercial, development and discovery-stage programs. In August 2025, we received approval from the U.S. Food and Drug Administration (\u201cFDA\u201d) for TONMYA for the treatment of fibromyalgia in adults. TONMYA is our first internally developed product to receive FDA approval. We hold worldwide commercialization rights to TONMYA, a centrally acting, non-opioid analgesic designed for bedtime administration and long-term use. We launched TONMYA\u2122 (cyclobenzaprine HCl sublingual tablets) for the treatment of fibromyalgia in adults on November 17, 2025. TONMYA is the first new medicine for fibromyalgia in more than 15 years. In addition to TONMYA, we market two FDA-approved prescription products for the treatment of acute migraine: Zembrace\u00ae SymTouch\u00ae (sumatriptan injection) and Tosymra\u00ae (sumatriptan nasal spray). Our commercial platform includes sales, marketing, market access, distribution, and patient support capabilities. We have generated a diversified pipeline of development candidates through internal discovery, in-licensing, acquisitions, and collaborations with, commercial, academic and non-profit institutions. With commercial operations established and a broad development portfolio, our strategy is to grow TONMYA into a leading therapy for fibromyalgia, advance pipeline programs, and pursue strategic business development opportunities. Our development pipeline includes multiple programs in clinical and preclinical development. The proprietary cyclobenzaprine HCl sublingual tablet formulation contained in TONMYA is referred to as \u201cTNX-102 SL\u201d outside of the fibromyalgia indication. We are exploring the utility of TNX-102 SL (cyclobenzaprine HCl sublingual tablets) in Phase 2 clinical trials for m", "title": "TNXP - Tonix Pharmaceuticals Holding Corp.", "url": "/company/TNXP/" }, { "kind": "company", "summary": "SIC 8742 Services-Management Consulting Services; CIK 0001371489; latest 10-K filed 2026-03-06.", "text": "III - Information Services Group Inc. SIC 8742 Services-Management Consulting Services; CIK 0001371489; latest 10-K filed 2026-03-06. III Information Services Group Inc. 0001371489 8742 Services-Management Consulting Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The purpose of this Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) is to facilitate an understanding of significant factors influencing the operating results, financial condition and cash flows of the Company. Additionally, the MD&A conveys our expectations of the potential impact of known trends, events or uncertainties that may impact future results. You should read this discussion in conjunction with our consolidated financial statements and related notes included in this Annual Report on Form 10-K. Historical results and percentage relationships are not necessarily indicative of operating results for future periods. References to \u201cISG\u201d, \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d in this MD&A are to the Company and its consolidated subsidiaries. This MD&A provides an analysis of our consolidated financial results and cash flows for 2025 and 2024 under the headings \u201cResults of Operations,\u201d \u201cNon-GAAP Financial Presentation,\u201d \u201cNon-GAAP Financial Measures,\u201d and \u201cLiquidity and Capital Resources.\u201d \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024. BUSINESS OVERVIEW Information Services Group, Inc. (Nasdaq: III) is a global AI-centered technology research and advisory firm. A trusted partner to more than 900 clients, including 75 of the world\u2019s top 100 enterprises, ISG is a long-time leader in technology and business services sourcing that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth. The firm, founded in 2006, is known for its proprietary market data and research, in-depth knowledge and governance of provider ecosystems, and the expertise of its 1,500 professionals worldwide working together to help clients maximize the value of their technology investments. For more information, visit www.isg-one.com. The content on our website is available for informational purposes only. It should not be relied upon for investment purposes, nor is it incorporated by reference into this Annual Report on Form 10 K or any other filings. Our strategy is to strengthen our existing market position and develop new services and products to support future growth plans. As a result, we are focused on growing our existing service model, expanding geographically, developing new industry sectors, productizing market data assets, expanding our managed services offerings and growing via acquisitions. Although we do not expect any adverse conditions that will impact our ability to execute against our strategy over the next twelve months, the more significant factors that could limit our ability to grow in these areas include global macro-economic conditions and the impact on the overall sourcing market, competition, our ability to retain advisors and reductions in discretionary spending with our top client accounts or other significant client events. Other areas that could impact the business would also include natural disasters, pandemics, wars, legislative and regulatory changes and capital market disruptions. We principally derive revenues from fees for services generated on a project-by-project basis. Prior to the commencement of a project, we reach agreement with the client on rates for services based upon the scope of the project, staffing requirements and the level of 26 Table of Contents client involvement. Revenues for services rendered are recognized on a time and materials basis or on a fixed-fee or capped-fee basis in accordance with accounting and disclosure requirements for revenue recognition. Revenues for time and materials contracts are recognized based on the number of hours worked by our advisors at an agreed upon rate per hour and are recognized in the period in which services are performed. Revenues for time and materials contracts are billed monthly, semimonthly or in accordance with Item 1. Business Unless the context otherwise requires, Information Services Group, Inc., the registrant, is referred to in this Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the \u201cForm 10-K\u201d) as the \u201cCompany,\u201d \u201cISG\u201d, \u201cwe,\u201d \u201cus\u201d and \u201cour.\u201d Our Company Information Services Group, Inc. (Nasdaq: III) is a global AI-centered technology research and advisory firm. A trusted partner to more than 900 clients, including 75 of the world\u2019s top 100 enterprises, ISG is a long-time leader in technology and business services that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth. The firm, founded in 2006, is known for its proprietary market data and research, in-depth knowledge and governance of provider ecosystems, and the expertise of its approximately 1,500 professionals worldwide working together to help clients maximize the value of their technology investments. For more information, visit www.isg-one.com. The content on our website is available for informational purposes only. It should not be relied upon for investment purposes, nor is it incorporated by reference into this Annual Report on Form 10 K or any other filings. Our Company was founded with the strategic vision to become a leading, high-growth provider of information-based advisory services. We continue to believe that our vision will be realized through the acquisition, integration and successful operation of market-leading brands within the data, analytics and advisory industry. Our private and public sector clients continue to face significant technological, business and economic challenges that we believe will fuel demand for the professional services we provide. We are focused on providing unique solutions that solve key client problems. In the private sector, for example, we believe that companies will continue to face significant challenges associated with globalization and technological innovation, including th Item 1A. Risk Factors We operate in a highly competitive and rapidly changing environment that involves numerous risks and uncertainties, some of which are beyond our control. In addition, we and our clients are affected by global economic conditions and trends. The following sections addre", "title": "III - Information Services Group Inc.", "url": "/company/III/" }, { "kind": "company", "summary": "SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0001378325; latest 10-K filed 2026-03-26.", "text": "CV - CapsoVision, Inc SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0001378325; latest 10-K filed 2026-03-26. CV CapsoVision, Inc 0001378325 3845 Electromedical & Electrotherapeutic Apparatus Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes included elsewhere in this Annual Report. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs that involve significant risks and uncertainties. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to those differences include those discussed below and elsewhere in this Annual Report, particularly in \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements\u201d. Overview We are a global medical technology company that develops advanced imaging and AI technologies, deployed in our capsule endoscopy solutions to identify abnormalities of the GI tract for diagnostic and screening purposes. Our capsule endoscope system, currently comprising the CapsoCam Plus single-use capsule and the CapsoCloud and CapsoView software, including 360 degree panoramic visualization of the small-bowel mucosa to investigate abnormalities such as obscure GI bleeding and Crohn\u2019s disease, while our AI assisted pathology detection tools detect and highlight suspected abnormalities for a clinician, reducing their time to review the video and making capsule endoscopy more financially attractive to their practice. Our cloud-based solution enables medical professionals to access their patients\u2019 videos and review those videos anytime, anywhere, 24/7, without a need to have an on-site server and maintain it, while accumulating an immense data trove on the cloud storage for AI training. We were founded in 2005 and are headquartered in Saratoga, California. We sell our small bowel capsule system to our provider customers (i.e., primarily gastroenterologists practicing in clinics and/or hospitals) both internationally and in the U.S. through our global sales and marketing team. In the U.S., we sell to customers directly. Internationally, we sell both directly and through qualified exclusive distributors in specified regions. Our largest international shipping destinations in 2025 include France, Germany, and Columbia. We currently manufacture and intend to continue manufacturing our CapsoCam capsules included in our GI-tract capsule endoscopy solution (including CapsoCam Colon capsules). To assist us in manufacturing our GI-tract capsule endoscopy products, we rely on component suppliers and assembly manufacturers based in Asia (particularly Taiwan and Japan). 98 As part of our effort to expand and grow our revenues beyond small-bowel-related, we are developing our next pipeline capsule endoscope product, CapsoCam Colon. Our CapsoCam Colon capsule (i) leverages CapsoCam Plus\u2019s existing capsule design with its panoramic view and (ii) incorporates both our self-developed AI to automatically detect polyps and polyp-size measurement tool enabled by a 3D sensor in the capsule (polyp size being highly correlated with a polyp\u2019s risk of becoming cancer). In the second quarter of 2025 we filed our 510(k) submission to the FDA for our initial CapsoCam Colon capsule endoscopy solution (the \"First-Generation Product\u201d). We received responses from the FDA in September 2025. During our meeting with the FDA in December 2025, the FDA raised inquiries on topics including panoramic image processing methodology, and the proposed study design, sample size and primary endpoint for an extended study. Based on our communications with the FDA, we have decided not to further pursue the submission and approval for the First-Generation Product, and to prioritize our resources for the development of our second-generation of CapsoCam Colon capsule (the \"Second-Generation Product\"),which features improved imaging quality and increased Item 1. Business We are a global commercial-stage medical technology company focused on creating diagnostic and screening products to identify abnormalities of the GI tract. We develop advanced imaging and AI technologies in creating such products while maximizing the flexibility, convenience, profitability, and safety of patient care. We are a Delaware company, incorporated in 2005. Our corporate headquarters is located in Saratoga, California. Currently, our GI-tract capsule endoscopy solution comprises our single-use CapsoCam capsule and the associated software, CapsoCloud and CapsoView. The CapsoCam capsule, with its panoramic view, acquires and stores video images in onboard memory while moving through the GI tract and the software component allows healthcare providers to view the video retrieved from the capsule by either streaming it from the cloud, where it is securely stored, anywhere at their convenience using our CapsoCloud software or downloading data from the capsule themselves and reviewing it in our CapsoView software. Our first U.S. Food and Drug Administration (\u201cFDA\u201d) cleared capsule endoscopy is our small bowel capsule (the current generation of which we refer to as CapsoCam Plus), for which we received a CE Mark in 2011 and began commercial sales in Europe in 2012, subsequent to which we received 510(k) clearance in 2016 and began commercial sales in the U.S. in 2017. CapsoCam Plus is classified as a Class II device and is used to visualize the small bowel mucosa to detect abnormalities of the small bowel in adults and children aged 2 years and above. As of December 31, 2025, our CapsoCam Plus has been used in more than 161,000 patients. For the years ended December 31, 2025 and 2024, we generated approximately $13.6 million and $11.8 million, respectively, in revenue from sales of CapsoCam Plus, an increase of approximately 15% over the prior year. Our revenue has increased in each year since we began U.S. direct sales in 2020, primarily driven Item 1A. Risk Factors You should carefully consider the risks and uncertainties described below, as well as the other information in this Annual Report and in our other public filings, including in the section titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operation", "title": "CV - CapsoVision, Inc", "url": "/company/CV/" }, { "kind": "company", "summary": "SIC 5084 Wholesale-Industrial Machinery & Equipment; CIK 0001759824; latest 10-K filed 2026-02-26.", "text": "ALTG - ALTA EQUIPMENT GROUP INC. SIC 5084 Wholesale-Industrial Machinery & Equipment; CIK 0001759824; latest 10-K filed 2026-02-26. ALTG ALTA EQUIPMENT GROUP INC. 0001759824 5084 Wholesale-Industrial Machinery & Equipment Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis should be read in conjunction with the financial statements and related notes included elsewhere in this annual report. This discussion contains \u201cforward-looking statements\u201d reflecting Alta\u2019s current expectations, estimates, and assumptions concerning events and financial trends that may affect our future operating results and financial position. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors. Factors that could cause or contribute to such differences include, but are not limited to, economic and competitive conditions, regulatory changes, and other uncertainties, as well as those factors discussed below and elsewhere in this annual report, particularly in \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements,\u201d all of which are difficult to predict. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed may not occur. Alta assumes no obligation to update any of these forward-looking statements. Equipment Industry Overview 2025 The North American construction equipment market continued to face cyclical softness throughout 2025, although signs of stabilization began to emerge late in the year. Dealer retail sales were subdued year over year, pressured by prolonged interest rate uncertainty, cautious customer sentiment, permitting delays, and pricing instability associated with tariffs across the dealer channel. Privately funded non-residential activity remained weak, particularly among small and mid-sized contractors, while publicly funded infrastructure programs, supported by elevated levels of state-based DOT spending and the Infrastructure Investment and Jobs Act (\"IIJA\"), continued to provide a meaningful counterbalance against challenged privately funded non-residential activity. The operating environment was further pressured by continued tariff volatility, which contributed to higher material costs and delayed purchasing decisions across several end-market channels. Competitive pricing dynamics and margin compression persisted as OEMs and dealers worked through excess channel inventories, though late-year improvements in dealer purchasing intentions indicate emerging restocking behavior and a healthier demand backdrop heading into 2026. Major construction equipment OEMs have noted expectations for the 2026 North American construction equipment market ranging from a modest contraction to 7% growth. The North American lift truck market entered a normalization phase in 2025 as the industry continued to work through the elevated backlogs accumulated during the 2021-2022 supply-chain dislocation. Industry bookings softened through the year as customers delayed fleet replacements in response to macroeconomic uncertainty, tariff-driven cost pressures, and reduced equipment utilization in certain manufacturing sectors. As backlogs declined, manufacturers adjusted production schedules accordingly. Despite these near-term headwinds, underlying fundamentals in core material\u2011handling sectors like food and beverage, retail distribution, and logistics remained constructive. Further, adoption of advanced power solutions, particularly lithium-ion platforms and early-stage automation technologies, also continued to expand across customer fleets. As excess channel inventories continue to be absorbed and customer engagement improving, the lift truck industry expects bookings to strengthen in the latter half of 2026, supporting a more constructive long-term outlook for this segment. Equipment Inventory Availability, Rental Fleet Investment, and Product Support Trends Following global supply-chain constraints that characterized 2021 and 2022, equipment availability improved meaningfully during 2023 and 2024, resulting in elevated dealer stock levels in Item 1. Business. Overview We own and operate one of the largest integrated equipment dealership platforms in North America. Through our branch network, we sell, rent, and provide parts and service support for several categories of specialized equipment, including lift trucks and other material handling equipment, heavy and compact earthmoving equipment, crushing and screening equipment, environmental processing equipment, cranes and aerial work platforms, paving and asphalt equipment, other construction equipment, and allied products. We engage in five principal business activities in these equipment categories: (i) new and used equipment sales; (ii) parts sales; (iii) repair and maintenance services; (iv) equipment rentals and (v) rental equipment sales. We have operated as an equipment dealership for 41 years and have developed a branch network that includes over 80 total locations in Michigan, Illinois, Indiana, Ohio, Pennsylvania, Massachusetts, Maine, Connecticut, New Hampshire, Vermont, Rhode Island, New York, Virginia, Nevada, and Florida and the Canadian provinces of Ontario, Maritime, and Quebec. We offer our customers end-to-end solutions for their equipment needs by providing sales, parts, service, and rental offerings. Additionally, we provide design and build services related to automated equipment installation and warehouse management system integration solutions within our Material Handling segment. Within our territories, we are primarily the exclusive distributor of new equipment and replacement parts on behalf of our Original Equipment Manufacturer (\u201cOEM\u201d) partners. We and our regional subsidiaries enjoy long-standing relationships with leading material handling and construction equipment OEMs including Hyster-Yale, Volvo, JCB, CNH, Takeuchi, McCloskey, and Kubota, among many others, as well as master dealer rights throughout North America for environmental processing equipment with Doppstadt and Backers, among others. We are consistently Item 1A. Risk Factors. Risks Related to the Company\u2019s Business and Industry The Company\u2019s business has in the past and could in the future be adversely affected by declines in construction, material handling, and environmental processing activities, or a downturn in the economy in general, ", "title": "ALTG - ALTA EQUIPMENT GROUP INC.", "url": "/company/ALTG/" }, { "kind": "company", "summary": "SIC 2430 Millwood, Veneer, Plywood, & Structural Wood Members; CIK 0001674335; latest 10-K filed 2026-02-23.", "text": "JELD - JELD-WEN Holding, Inc. SIC 2430 Millwood, Veneer, Plywood, & Structural Wood Members; CIK 0001674335; latest 10-K filed 2026-02-23. JELD JELD-WEN Holding, Inc. 0001674335 2430 Millwood, Veneer, Plywood, & Structural Wood Members Item 7 - Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This MD&A contains forward-looking statements that involve risks and uncertainties. Refer to \u201cForward-Looking Statements\u201d in Item 1 - Business and Item 1A - Risk Factors in this Form 10-K for a discussion of the uncertainties, risks and assumptions associated with these statements. This discussion should be read in conjunction with our historical financial statements and related notes thereto and the other disclosures contained elsewhere in this Form 10-K. The results of operations for the periods reflected herein are not necessarily indicative of results that may be expected for future periods, and our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including but not limited to those listed under Item 1A - Risk Factors included in this Form 10-K. This MD&A is a supplement to our financial statements and notes thereto included elsewhere in this Form 10-K and is provided to enhance your understanding of our results of operations and financial condition. Our discussion of results of operations is presented in millions throughout the MD&A and due to rounding may not sum or calculate precisely to the totals and percentages provided in the tables. Our MD&A is organized as follows: \u2022Company Overview. This section provides a general description of our Company and reportable segments, business and industry trends, our key business strategies, and background information on other matters discussed in this MD&A. \u2022Results of Operations. This section provides our analysis and outlook for the significant line items on our consolidated statements of operations, as well as highlights key events or changes since the reporting period that may affect our financial condition, results, or future outlook. \u2022Segment Results and Non-GAAP Reconciliations. This section provides other information that we deem meaningful to an understanding of our results on both a consolidated basis and a reportable segment basis. It also includes non-GAAP financial measures used by management to assess performance and make decisions regarding the allocation of resources, along with reconciliations to the most directly comparable GAAP measures. \u2022Liquidity and Capital Resources. This section contains an overview of our financing arrangements and provides an analysis of trends and uncertainties affecting liquidity, cash requirements for our business, and sources and uses of our cash. \u2022Critical Accounting Policies and Estimates. This section discusses the accounting policies that we consider important to the evaluation and reporting of our financial condition and results of operations, and whose application requires significant judgments or a complex estimation process. Company Overview We are a leading global designer, manufacturer, and distributor of high-performance interior and exterior doors, windows, and related building products, serving the new construction and R&R sectors. 35 Back to top We operate manufacturing and distribution facilities in 14 countries, located primarily in North America and Europe. For many product lines, our manufacturing processes are vertically integrated, enhancing our range of capabilities, our ability to innovate, and our quality control as well as providing supply chain, transportation, and working capital savings. Reportable Segments Our business is organized in geographic regions to ensure integration across operations serving common end markets and customers. We have two reportable segments: North America and Europe. Refer to Note 14 - Segment Information included in this Form 10-K for more information about our segments. Divestitures During 2021, the Company ceased the appeal process for its litigation with Steves. As a result, we were required to divest our Towanda facility and related assets, which occurred on January 17, 2025. We have reported Tow Item 1 - Business Our Company We are a leading global designer, manufacturer, and distributor of high-performance interior and exterior doors, windows, and related building products, serving the new construction and R&R sectors. The JELD-WEN family of brands includes JELD-WEN worldwide; LaCantina and VPI in North America; and Swedoor, DANA, and Kellpex in Europe. Our customers include wholesale distributors and retailers as well as individual contractors and consumers. Our business is highly diversified by distribution channel, geography, and construction application as illustrated below: 2025 Net Revenues $3.21 billion [[GREPCENT_TABLE]] [[\"Channel\",\"\",\"Geography\",\"\",\"Construction Application(1)\"]] [[/GREPCENT_TABLE]] (1)The percentage of net revenues by construction application is management\u2019s estimate based on the end markets into which our customers sell. As a leading global manufacturer of interior and exterior building products, we have invested significant capital to build a business platform that we believe is unique among our competitors. We operate 76 manufacturing and distribution facilities in 14 countries, located in North America and Europe. We are focused on optimizing our global footprint to enhance performance and improve profit margins. On July 2, 2023, we completed the sale of JW Australia. The net assets and operations of the disposal group met the criteria to be classified as \u201cdiscontinued operations\u201d and are reported as such in all periods. Unless otherwise indicated, the description of our business provided in Part I pertains to continuing operations only. Refer to Note 1 - Description of Company and Summary of Significant Accounting Policies and Note 2 - Discontinued Operations and Divestiture to our consolidated financial statements included in this Form 10-K for more information. For many product lines, our manufacturing processes are vertically integrated, enhancing our range of capabilities, our ability to innovate, and our quali Item 1A - Risk Factors Investing in our Common Stock involves a high degree of risk. These risks include those described below and may include additional risks and uncertainties not presently known to us or that we currently deem immaterial. You should carefully consider the following f", "title": "JELD - JELD-WEN Holding, Inc.", "url": "/company/JELD/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001653087; latest 10-K filed 2026-02-25.", "text": "ALEC - Alector, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001653087; latest 10-K filed 2026-02-25. ALEC Alector, Inc. 0001653087 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties, including those described in the section titled \u201cSpecial Note Regarding Forward Looking Statements.\u201d Our actual results and the timing of selected events could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those set forth under the section titled \u201cRisk Factors\u201d included elsewhere in this report. Overview We are a clinical-stage biotechnology company developing therapies for neurodegenerative diseases, with a focus on areas of high unmet medical need. Our work is informed by advances in disease biology, including the roles of misfolded or deficient proteins, lysosomal dysfunction, and immune and neuronal pathway disruption. Our objective is to develop product candidates that address disease through targeted mechanisms, such as removing pathogenic proteins, replacing deficient proteins, and restoring normal cellular function. We are advancing a portfolio of programs focused on genetically validated targets, supported by our experience in drug development, protein engineering, and antibody discovery. A key component of our strategy is the development and application of our Alector Brain Carrier (ABC) platform, a proprietary blood-brain barrier (BBB) delivery technology designed to improve central nervous system exposure across multiple therapeutic modalities. We continue to refine and expand this platform to enable effective brain delivery at clinically practical doses of antibodies, enzymes, and siRNA therapeutics. In parallel, we are investing in biomarkers and biomarker assays to guide patient selection, demonstrate target and pathway 94 engagement, and assess biological impact in the clinic, with the goal of improving development efficiency and the likelihood of technical success. Our portfolio includes nivisnebart (formerly AL101/GSK4527226), an investigational PGRN-elevating antibody that has completed enrollment in a placebo-controlled, double-blinded Phase 2 study in early Alzheimer\u2019s disease under our July 2021 Collaboration and License Agreement (GSK Agreement) with Glaxo Wellcome UK Limited, a subsidiary of GlaxoSmithKline plc (GSK). In addition, our wholly owned programs include lead candidates in preclinical development for a brain-penetrant anti-amyloid beta antibody for Alzheimer\u2019s disease (AD) and a brain-penetrant GCase enzyme replacement therapy for Parkinson\u2019s disease (PD). We are also advancing brain-penetrant siRNA programs targeting tau for Alzheimer\u2019s disease, \u03b1-synuclein for Parkinson\u2019s disease, and NLRP3, with potential applications across multiple neurodegenerative conditions. Our operations have been financed primarily through our collaboration with GSK, our previous collaboration with AbbVie, entered into in October 2017 and terminated in February 2025, the issuance and sale of convertible preferred stock and of common stock upon the completion of our initial public offering (IPO), and follow-on equity financings. To date, we have not had any products approved for sale and have not generated any product or royalty revenue from product sales. Further, we do not expect to generate revenue from product sales until such time, if ever, that we are able to successfully complete the development and obtain marketing approval for one of our product candidates. We will continue to require additional capital to develop our product candidates, advance our research and preclinical programs, and fund operations for the foreseeable future. We have incurred net losses in each year Item 1. Business. Overview We are a clinical-stage biotechnology company developing therapies for neurodegenerative diseases, with a focus on areas of high unmet medical need. Our work is informed by advances in disease biology, including the roles of misfolded or deficient proteins, lysosomal dysfunction, and immune and neuronal pathway disruption. Our objective is to develop product candidates that address disease through targeted mechanisms, such as removing pathogenic proteins, replacing deficient proteins, and restoring normal cellular function. We are advancing a portfolio of programs focused on genetically validated targets, supported by our expertise in drug development, protein engineering, and antibody discovery. A key component of our strategy is the development and application of our Alector Brain Carrier (ABC) platform, a proprietary blood-brain barrier (BBB) delivery technology designed to improve central nervous system exposure across multiple therapeutic modalities. We continue to refine and expand this platform to enable effective brain delivery at clinically practical doses of antibodies, enzymes, and siRNA therapeutics. In parallel, we are investing in biomarkers and biomarker assays to guide patient selection, demonstrate target and pathway engagement, and assess biological impact in the clinic, with the goal of improving development efficiency and the likelihood of technical success. Our portfolio includes nivisnebart (formerly AL101/GSK4527226), an investigational progranulin (PGRN)-elevating antibody that has completed enrollment in a placebo-controlled, double-blinded Phase 2 study in early Alzheimer\u2019s disease (AD) under our July 2021 Collaboration and License Agreement (GSK Agreement) with Glaxo Wellcome UK Limited, a subsidiary of GlaxoSmithKline plc (GSK). In addition, our wholly owned programs include lead candidates in preclinical development for a brain-penetrant anti-amyloid beta antibody for Alzheimer\u2019s disease and a brain-penet Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below, as well as the other information in this Annual Report on Form 10-K, including our financial statements and the related notes and the section titled \u201cManagement\u2019s Dis", "title": "ALEC - Alector, Inc.", "url": "/company/ALEC/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001620459; latest 10-K filed 2026-03-03.", "text": "JRVR - James River Group Holdings, Inc. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001620459; latest 10-K filed 2026-03-03. JRVR James River Group Holdings, Inc. 0001620459 6331 Fire, Marine & Casualty Insurance Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis contains forward-looking statements and involves numerous risks and uncertainties, including those described under the heading \u201cItem 1A. Risk Factors.\u201d Actual results may differ materially from those contained in any forward-looking statements. You should read this discussion and analysis together with our audited consolidated financial statements and related notes included elsewhere in this Form 10-K. Overview James River Group Holdings, Inc. owns and operates a group of specialty property and casualty insurance companies focused on underwriting small and middle market casualty risks within the U.S. excess and surplus (\u201cE&S\u201d) lines market. Our objective is to generate compelling returns on tangible common equity while limiting underwriting and investment volatility. We seek to accomplish this by earning profits from insurance underwriting and generating meaningful risk-adjusted investment returns, while managing our capital. For the year ended December 31, 2025, approximately 84.5% of our gross written premiums and 95.9% of our net written premiums originated from the U.S. E&S lines market, which we believe puts us among the top publicly traded insurers as ranked by highest concentrations of E&S risk. We also have a specialty admitted insurance business in the United States. We intend to concentrate substantially all of our underwriting in casualty insurance, and for the year ended December 31, 2025, 96.7% of our gross written premiums were derived from casualty insurance. We focus on writing business in specialty markets where our underwriters have particular expertise and where we have long-standing distribution relationships, maintaining a strong balance sheet with appropriate reserves, monitoring reinsurance recoverables carefully, managing our investment portfolio actively without taking undue risk, using technology to monitor trends in our business, responding rapidly to market opportunities and challenges, and actively managing our capital. We report our continuing operations in three segments: Excess and Surplus Lines, Specialty Admitted Insurance, and Corporate and Other. The Excess and Surplus Lines segment offers E&S commercial lines liability and property insurance in every U.S. state, the District of Columbia, Puerto Rico and the U.S. Virgin Islands through James River Insurance and its wholly-owned subsidiary, James River Casualty. James River Insurance and James River Casualty are both non-admitted carriers. Non-admitted carriers writing in the E&S market are not bound by most of the rate and form regulations imposed on standard market companies, allowing them flexibility to change the coverage terms offered and the rate charged without the time constraints and financial costs associated with the rate and form filing process. In 2025, the average account in this segment (excluding commercial auto policies) generated annual gross written premiums of approximately $26,500. The Excess and Surplus Lines segment distributes its products primarily through wholesale insurance brokers. Members of our management team have participated in this market for over twenty years and have long-standing relationships with the wholesale agents who place E&S lines accounts. The Excess and Surplus Lines segment produced 82.1% of our gross written premiums and 95.7% of our net written premiums for the year ended December 31, 2025. The Specialty Admitted Insurance segment focuses on niche classes within the standard insurance markets through its fronting business, where we retain a minority share of the risk and seek to earn fee income by allowing other carriers and producers to use our licensure, ratings, expertise and infrastructure. Through Falls Lake National and its subsidiaries, this segment has admitted licenses and the authority to write excess and surplus lines insurance in 50 states an Item 1. BUSINESS General James River Group Holdings, Inc. owns and operates a group of specialty property and casualty insurance companies focused on underwriting small and middle market casualty risks within the U.S. excess and surplus (\u201cE&S\u201d) lines market. For the year ended December 31, 2025, approximately 84.5% of our gross written premiums and 95.9% of our net written premiums originated from the E&S lines market, which we believe puts us among the top publicly traded insurers as ranked by highest concentrations of E&S risk. Substantially all of our business is casualty insurance, and for the year ended December 31, 2025, 96.7% of our gross written premiums were derived from casualty insurance. Our objective is to generate compelling returns on tangible common equity, while limiting underwriting and investment volatility. We seek to accomplish this by earning profits from insurance underwriting and generating meaningful risk-adjusted investment returns, while efficiently managing our capital. The Company limits its exposure to property catastrophe events to modest levels. For the year ended December 31, 2025, property insurance represented 3.3% of our gross written premiums. When we do write property insurance, we buy reinsurance to significantly mitigate our risk. We have structured our reinsurance arrangements so that our modeled net pre-tax loss from a 1/1000 year probable maximum loss (\"PML\") event would not exceed 2.5% of shareholders\u2019 equity on a group-wide basis, inclusive of reinstatement premiums payable and net retentions. During the last two years, the Company has completed several strategic actions to strengthen our balance sheet and position us for long-term stability and profitable growth. In 2025, the Company concluded its leadership reorganization with new appointments on our board and across several key management positions including appointing new Presidents at both of our operating segments. We also undertook initiatives to reduce oper Item 1A. RISK FACTORS You should carefully consider the following risks, together with the cautionary statement under the caption \u201cSpecial Note Regarding Forward-Looking Statements\u201d above and the other information included in this Annual Report. The risks described below are not the only ones we ", "title": "JRVR - James River Group Holdings, Inc.", "url": "/company/JRVR/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001818382; latest 10-K filed 2026-03-27.", "text": "HUMA - Humacyte, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001818382; latest 10-K filed 2026-03-27. HUMA Humacyte, Inc. 0001818382 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our accompanying consolidated financial statements and related notes contained in Part II, Item 8 of this Annual Report on Form 10-K. Unless the context indicates otherwise, references in this Annual Report on Form 10-K to the \u201cCompany,\u201d \u201cHumacyte,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and similar terms refer to Humacyte, Inc. (formerly known as Alpha Healthcare Acquisition Corp.) and its consolidated subsidiaries following the Merger (defined below); references to \u201cLegacy Humacyte\u201d refer to Humacyte, Inc. prior to the Merger; and references to \u201cAHAC\u201d refer to Alpha Healthcare Acquisition Corp. prior to the Merger. Cautionary Statement Regarding Forward-Looking Statements In addition to historical information, some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, future financial performance, expense levels and liquidity sources, includes forward-looking statements that involve risks and uncertainties. You should read the sections of this Annual Report on Form 10-K titled \u201cForward-Looking Statements\u201d and \u201cRisk Factors\u201d for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a commercial-stage biotechnology platform company developing universally implantable, bioengineered human tissues at commercial scale, and in the first quarter of 2025 commenced the United States commercial launch of our first FDA-approved product. We are pioneering the development and manufacture of off-the-shelf, universally implantable, bioengineered human tissues, advanced tissue constructs and organ systems with the goal of improving the lives of patients and transforming the practice of medicine. We believe our regenerative medicine technology has the potential to overcome limitations in existing standards of care and address the lack of significant innovation in products that support tissue repair, reconstruction and replacement. We are leveraging our novel, scalable technology platform to develop proprietary bioengineered, acellular human tissues for use in the treatment of diseases and conditions across a range of anatomic locations in multiple therapeutic areas. We are initially using our proprietary, scientific technology platform to engineer and manufacture ATEVs. On December 19, 2024, the FDA granted full approval for the ATEV under the brand name Symvess\u00ae for use in adults as a vascular conduit for extremity arterial injury when urgent revascularization is needed to avoid imminent limb loss, and when autologous vein graft is not feasible. Our ATEVs are designed to be easily implanted into any patient without inducing a foreign body response or leading to immune rejection. We are developing a portfolio, or \u201ccabinet\u201d, of ATEVs with varying diameters and lengths. The ATEV cabinet would initially target the vascular repair, reconstruction and replacement market, including use in vascular trauma, AV access for hemodialysis, and PAD. We are also developing a smaller diameter blood vessel, the CTEV for CABG and pediatric heart surgery. Over the longer term, we are developing our ATEV for the delivery of cellular therapies, including pancreatic islet cell transplantation to treat Type 1 diabetes (our BVP). We will continue to explore the application of our technology across a broad range of markets and indications, including the development of urinary conduit, trachea, esophagus and other novel cell delivery systems. For the ATEV, we believe there is substantial clinical demand for safe and effective vascular conduits to repl Item 1. Business Business Overview Executive Summary Humacyte, Inc. is a commercial-stage biotechnology platform company developing universally implantable, bioengineered human tissues at commercial scale, and in the first quarter of 2025 commenced the United States commercial launch of our first FDA-approved product. We are pioneering the development and manufacture of off-the-shelf, universally implantable, bioengineered human tissues, advanced tissue constructs and organ systems with the goal of improving the lives of patients and transforming the practice of medicine. We believe our regenerative medicine technology has the potential to overcome limitations in existing standards of care and address the lack of significant innovation in products that support tissue repair, reconstruction and replacement. We are leveraging our novel, scalable technology platform to develop proprietary, bioengineered, acellular human tissues for use in the treatment of diseases and conditions across a range of anatomic locations in multiple therapeutic areas. We are initially using our proprietary, scientific technology platform to engineer and manufacture acellular tissue engineered vessels, or ATEVs. On December 19, 2024, the FDA granted full approval for the ATEV under the brand name Symvess\u00ae for use in adults as a vascular conduit for extremity arterial injury when urgent revascularization is needed to avoid imminent limb loss, and autologous vein graft is not feasible. Our ATEVs are designed to be easily implanted into any patient without inducing a foreign body response or leading to immune rejection. We are developing a portfolio, or \u201ccabinet\u201d, of ATEVs with varying diameters and lengths. The ATEV cabinet is initially targeting the vascular repair, reconstruction and replacement market, including vascular trauma, arteriovenous (\u201cAV\u201d) access for hemodialysis, and peripheral artery disease (\u201cPAD\u201d). We are also developing the ATEV for coronary artery bypass grafting (\u201cCABG\u201d) Item 1A. Risk Factors Our operations and financial results are subject to a high degree of risk. These risks include, but are not limited to, those described below, each of which may have a material and adverse effect on our business, prospects, operating results, financial condition and the tradin", "title": "HUMA - Humacyte, Inc.", "url": "/company/HUMA/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000880641; latest 10-K filed 2026-03-16.", "text": "EFSI - EAGLE FINANCIAL SERVICES INC SIC 6022 State Commercial Banks; CIK 0000880641; latest 10-K filed 2026-03-16. EFSI EAGLE FINANCIAL SERVICES INC 0000880641 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operation The purpose of this discussion is to focus on certain information relevant to the Company\u2019s financial condition, results of operations, liquidity and capital resources. This discussion should be read in conjunction with the Company\u2019s Audited Consolidated Financial Statements and notes thereto presented in Item 8, Financial Statements and Supplementary Data, of this Form 10-K. Operating results for the year ended December 31, 2025 are not necessarily indicative of the results for any future period. GENERAL Eagle Financial Services, Inc. is a bank holding company which owns 100% of the stock of Bank of Clarke (the \u201cBank\u201d and, collectively with Eagle Financial Services, Inc., the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d). Accordingly, the results of operations for the Company are dependent upon the operations of the Bank. The Bank conducts a commercial banking business which consists of attracting deposits from the general public and investing those funds in commercial, consumer and real estate loans and mortgage-backed securities, municipal and U.S. government agency securities. The Bank\u2019s deposits are insured by the Federal Deposit Insurance Corporation to the maximum extent permitted by law. The Company strives to be an outstanding financial institution in its market by building solid sustainable relationships with its customers, employees, communities, and shareholders. At December 31, 2025, the Company had total assets of $1.89 billion, net loans of $1.46 billion, total deposits of $1.61 billion, and shareholders\u2019 equity of $188.8 million. During 2025, the Company strengthened its balance sheet and improved its forward earnings profile, as marked by a successful capital raise, a strategic balance sheet repositioning of its investment securities portfolio, and subsequent uplist of its stock to NASDAQ. The Company sold available for sale securities with an amortized cost balance of $99.2 million, resulting in a net realized pre-tax loss of $12.4 million, and reinvested $66.0 million into purchases of available for sale securities. Additionally, the Company completed an underwritten public offering of 1,796,875 shares of its common stock at a public offering price of $32.00 per share. Net proceeds from the offering were $53.5 million. Also during 2025, the Company opened a full-service branch in McLean, VA offering a full suite of retail and business banking, lending, and wealth management solutions offered at the Bank's other locations. 23 The following table presents selected financial data, which was derived from the Company\u2019s audited financial statements for the periods indicated. [[GREPCENT_TABLE]] [[\"\",\"\",\"As of or for the Years Ended\"],[\"\",\"\",\"December 31,\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\",\"\",\"\",\"2022\",\"\",\"\",\"2021\"],[\"\",\"\",\"(dollars in thousands, except per share amounts)\"],[\"Income Statement Data:\"],[\"Interest and dividend income\",\"\",\"$\",\"99,005\",\"\",\"\",\"$\",\"91,321\",\"\",\"\",\"$\",\"83,093\",\"\",\"\",\"$\",\"54,686\",\"\",\"\",\"$\",\"42,676\"],[\"Interest expense\",\"\",\"\",\"36,391\",\"\",\"\",\"\",\"40,094\",\"\",\"\",\"\",\"32,837\",\"\",\"\",\"\",\"5,473\",\"\",\"\",\"\",\"1,677\"],[\"Net interest income\",\"\",\"$\",\"62,614\",\"\",\"\",\"$\",\"51,227\",\"\",\"\",\"$\",\"50,256\",\"\",\"\",\"$\",\"49,213\",\"\",\"\",\"$\",\"40,999\"],[\"Provision for credit losses\",\"\",\"\",\"3,701\",\"\",\"\",\"\",\"2,551\",\"\",\"\",\"\",\"1,649\",\"\",\"\",\"\",\"1,830\",\"\",\"\",\"\",\"1,483\"],[\"Net interest income after provision for credit losses\",\"\",\"$\",\"58,913\",\"\",\"\",\"$\",\"48,676\",\"\",\"\",\"$\",\"48,607\",\"\",\"\",\"$\",\"47,383\",\"\",\"\",\"$\",\"39,516\"],[\"Noninterest income\",\"\",\"\",\"6,883\",\"\",\"\",\"\",\"21,557\",\"\",\"\",\"\",\"14,780\",\"\",\"\",\"\",\"13,345\",\"\",\"\",\"\",\"11,320\"],[\"Net revenue\",\"\",\"$\",\"65,796\",\"\",\"\",\"$\",\"70,233\",\"\",\"\",\"$\",\"63,387\",\"\",\"\",\"$\",\"60,728\",\"\",\"\",\"$\",\"50,836\"],[\"Noninterest expenses\",\"\",\"\",\"55,871\",\"\",\"\",\"\",\"51,332\",\"\",\"\",\"\",\"52,754\",\"\",\"\",\"\",\"43,057\",\"\",\"\",\"\",\"38,049\"],[\"Income before income taxes\",\"\",\"$\",\"9,925\",\"\",\"\",\"$\",\"18,901\",\"\",\"\",\"$\",\"10,633\",\"\",\"\",\"$\",\"17,671\" Item 1. Business General Eagle Financial Services, Inc. is a bank holding company that was incorporated in 1991. The company is headquartered in Berryville, Virginia and conducts its operations through its subsidiary, Bank of Clarke (the \u201cBank\u201d). The Bank is chartered under Virginia law. For purposes of this annual report on Form 10-K, the terms the \"Company,\" \"our,\" \"us\" and \"we\" refer to Eagle Financial Services, Inc. and our subsidiary as a combined entity, unless this report otherwise indicates or the context otherwise requires. The Bank has fifteen full-service branches, one loan production office, one wealth management office and one drive-through only facility. The Bank\u2019s main office is located at 2 East Main Street in Berryville, Virginia. The Bank opened for business on April 1, 1881. The Bank's market area is located in the Shenandoah Valley of Virginia, Northern Virginia and Frederick, Maryland. The Bank has Virginia offices located in Clarke County, Frederick County, Fauquier County, Loudoun County and Fairfax County, as well as the towns of Leesburg and Purcellville and the City of Winchester. The Bank has a Maryland office located in Frederick. The Bank offers a wide range of retail and commercial banking services, including demand, savings and time deposits and consumer, mortgage and commercial loans. The Bank has fourteen ATM locations in its trade area and issues debit cards to deposit customers. These cards can be used to withdraw cash at most ATMs through the Bank\u2019s membership in both regional and national networks. The Bank offers telephone banking, internet banking, and mobile banking to its customers. Internet banking also offers online bill payment to consumer and commercial customers. The Bank offers other commercial deposit account services such as ACH origination and remote deposit capture. The Bank of Clarke Wealth Management Division, a division of the Bank, provides both a full-service trust department and a separate brokerage area. Item 1A. Risk Factors The Company is subject to many risks that could adversely affect its future financial condition and performance and, therefore, the market value of its securities. The risk factors applicable to the Company include, but are not limited to the following: Credit Risks The Company\u2019s concentration in loans", "title": "EFSI - EAGLE FINANCIAL SERVICES INC", "url": "/company/EFSI/" }, { "kind": "company", "summary": "SIC 3585 Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip; CIK 0001855474; latest 10-K filed 2026-03-31.", "text": "AIRJ - AirJoule Technologies Corp. SIC 3585 Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip; CIK 0001855474; latest 10-K filed 2026-03-31. AIRJ AirJoule Technologies Corp. 0001855474 3585 Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d should be read in conjunction with Part I of this Annual Report on Form 10-K, the consolidated financial statements and related notes included in Part II Item 8 in this Annual Report on Form 10-K and the section titled \u201cCautionary Note Regarding Forward-Looking Statements\u201d included in the forepart in this Annual Report on Form 10-K. This discussion includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as \u201cmay,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201cmight,\u201d \u201cplan,\u201d \u201canticipate,\u201d \u201ccould,\u201d \u201cintend,\u201d \u201ctarget,\u201d \u201cgoal,\u201d \u201cproject,\u201d \u201ccontemplate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201cseek,\u201d \u201cwould,\u201d \u201ccontinue,\u201d or the negative of such terms or other similar expressions. Such statements include, but are not limited to, possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included herein. Factors that might cause or contribute to such a discrepancy include, but are not limited to: our status as an early stage company with limited operating history, which may make it difficult to evaluate the prospects for our future viability; our initial dependence on revenue generated from a single product; significant barriers we face to deploy our technology; the dependence of our commercialization strategy on our relationship with third parties; our history of losses; accuracy of assumptions underlying projections related to our equity method goodwill impairment testing; and other risks and uncertainties described in our other SEC filings. Unless the context otherwise requires, references in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d to \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, and the \u201cCompany\u201d are intended to refer to (i) following the Business Combination (as defined below), the business and operations of AirJoule Technologies Corporation, formerly known as Montana Technologies Corporation and its consolidated subsidiaries, and (ii) prior to the Business Combination, AirJoule Technologies LLC, formerly known as Montana Technologies LLC, or Legacy Montana, and its consolidated subsidiaries. Company Overview We are an advanced technology company whose purpose is to free the world from its water and energy constraints by delivering groundbreaking sorption technologies. Our platform technology, AirJoule, produces pure distilled water from air and, at commercial scale, will mitigate water scarcity through distributed water generation for businesses and consumers around the world. Our products are especially valuable for industrial users, which generate significant amounts of waste heat that can be used to power our sorption technologies to produce low cost pure distilled water and dehumidified air \u2013 two key inputs for a variety of industrial activities, including data centers and advanced manufacturing. In HVAC applications, our technology is designed to reduce energy consumption, minimize or even eliminate the use of environmentally-harmful refrigerants and generate material cost efficiencies for air conditioning systems. We are commercializing and scaling manufacturing of our AirJoule systems throug Item 1. Business. Overview We are an advanced technology company whose purpose is to free the world from its water and energy constraints by delivering groundbreaking sorption technologies. Our platform technology, AirJoule, produces pure distilled water from air and, at commercial scale, will mitigate water scarcity through distributed water generation for businesses and consumers around the world. Our products are especially valuable for industrial users, which generate significant amounts of waste heat that can be used to power our sorption technologies to produce low cost pure distilled water and dehumidified air \u2013 two key inputs for a variety of industrial activities, including data centers and advanced manufacturing. In HVAC applications, our technology is designed to reduce energy consumption, minimize or even eliminate the use of environmentally-harmful refrigerants and generate material cost efficiencies for air conditioning systems. We are commercializing and scaling manufacturing of our AirJoule systems through our global collaborations, including our 50/50 joint venture with GE Vernova Inc. (NYSE: GEV) and our commercial partnerships with Carrier Global Corporation (NYSE: CARR) and TenX Investment in Energy Enterprises & Management Co. We believe that deploying AirJoule systems worldwide will unleash the power of water from air and help to improve global water security. During 2025, we manufactured and deployed AirJoule Core systems (previously referred to as our A250 systems) for field testing and customer demonstrations in Texas, Arizona and Dubai, and we advanced the productization and manufacturing scale-up of our Core and larger Prime (previously referred to as our A1000 system) system in preparation for commercial sales beginning in late 2026. Company Background Our Predecessor, established in 2018, worked closely with researchers at the Pacific Northwest National Laboratory (\u201cPNNL\u201d) to develop enhancements to its self-regenerating pressure swi Item 1A. Risk Factors Risks Related to Our Business, Our Technology and Our Industry We have incurred significant losses since inception, we expect to incur losses in the future, and we may not be able to achieve or maintain profitability. We are an", "title": "AIRJ - AirJoule Technologies Corp.", "url": "/company/AIRJ/" }, { "kind": "company", "summary": "SIC 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl; CIK 0000095574; latest 10-K filed 2026-03-03.", "text": "SGC - SUPERIOR GROUP OF COMPANIES, INC. SIC 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl; CIK 0000095574; latest 10-K filed 2026-03-03. SGC SUPERIOR GROUP OF COMPANIES, INC. 0000095574 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our Financial Statements, which present our results of operations for the years ended December 31, 2025 and 2024, as well as our financial positions at December 31, 2025 and 2024, contained elsewhere in this Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the \u201cSpecial Note Regarding Forward Looking Statements\u201d and \u201cRisk Factors\u201d sections of this Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Additionally, we use a non-GAAP financial measure to evaluate our results of operations. For important information regarding the use of such non-GAAP financial measure, including reconciliations to the most comparable GAAP measure, see the section titled \u201cNon-GAAP Financial Measure\u201d below. Business Outlook Superior is comprised of three reportable business segments: (1) Branded Products, (2) Healthcare Apparel and (3) Contact Centers. Branded Products In our Branded Products segment, we produce and sell customized merchandising solutions, promotional products and branded uniform programs to our customers. As a strategic branding partner, we offer our customers customized branding solutions and strategies that generate favorable brand impressions, bolster customer retention and enhance employee engagement. Our products are sold to customers in a wide range of industries, including retail, hotel, food service, entertainment, technology, transportation and other industries. Sales volumes in this segment are impacted by a number of factors, including marketing programs of our customers and turnover of our customers\u2019 employees, often times driven by the opening and closing of locations. From a long-term perspective, we believe that synergies within this segment will create opportunities to cross-sell products to new and existing customers. Healthcare Apparel In our Healthcare Apparel segment, we manufacture (through third parties or in our own facilities) and sell a wide range of healthcare apparel, such as scrubs, lab coats, protective apparel and patient gowns. We sell our brands of healthcare service apparel to healthcare laundries, dealers, distributors and retailers primarily in the United States. From a long-term perspective, we expect that demand for our portfolio of brands Wink\u00ae and Fashion Seal Healthcare\u00ae, our trade name CID Resources and our license of Carhartt Medical, will continue to provide opportunities for growth and increased market share. 24 Table of Contents Contact Centers In our Contact Centers segment (also known as The Office Gurus), which operates in El Salvador, Belize, Dominican Republic, the United States and Jamaica until its closure on June 15, 2025, we provide outsourced, nearshore and onshore business process outsourcing, contact and call-center support services to North American customers. These services are also provided internally to the Company\u2019s other two operating segments. The Office Gurus has become an award-winning business process outsourcer offering inbound and outbound voice, email, text, chat and social media support. The nearshore call-center market specifically has grown as businesses look to reduce operating costs while maintaining high-quality customer support. Nearshore operators can provide comparable service to their U.S. counterparts at a fraction of the price. With an environment and career path designed to attract and maintain top talent across all sites, we believe The Office Gurus is positioned well to Item 1. Business Overview Superior Group of Companies, Inc. (together with its subsidiaries, \u201cthe Company,\u201d \u201cSuperior,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d) was organized in 1920 and was incorporated in 1922 as a New York company under the name Superior Surgical Mfg. Co., Inc. In 1998, Superior Surgical Mfg. Co. changed its name to Superior Uniform Group, Inc. and redomiciled to Florida. Effective on May 3, 2018, Superior Uniform Group, Inc. changed its name to Superior Group of Companies, Inc. Superior is comprised of three reportable business segments: (1) Branded Products, (2) Healthcare Apparel, and (3) Contact Centers. Superior\u2019s Branded Products segment, primarily through its signature marketing brands BAMKO\u00ae and HPI\u00ae, produces and sells customized merchandising solutions, promotional products and branded uniform programs. Branded products are manufactured through third parties or in Superior\u2019s own facilities, and are sold to customers in a wide range of industries, including retail chain, food service, entertainment, technology, transportation and other industries. The segment currently has sales offices or operations in the United States, Canada and Brazil, with support services in China and India. Superior\u2019s Healthcare Apparel segment, primarily through its portfolio of brands Wink\u00ae and Fashion Seal Healthcare\u00ae, its trade name CID Resources and its license of Carhartt Medical, manufactures (through third parties or in its own facilities) and sells a wide range of healthcare apparel, such as scrubs, lab coats, protective apparel and patient apparel. This segment sells its products to healthcare laundries, dealers, distributors, retailers and consumers primarily in the United States. Superior\u2019s Contact Centers segment, through multiple The Office Gurus\u00ae entities (collectively, \"TOG\"), including subsidiaries in El Salvador, Belize, Dominican Republic, the United States and Jamaica until its closure on June 15, 2025, provides outsourced, nearshore and onshore b Item 1A. Risk Factors Our business, operations and financial condition are subject to various risks, and many of those risks are driven by factors that we cannot control or predict. The following discussion addresses those risks that management believes are the most signi", "title": "SGC - SUPERIOR GROUP OF COMPANIES, INC.", "url": "/company/SGC/" }, { "kind": "company", "summary": "SIC 2810 Industrial Inorganic Chemicals; CIK 0001257640; latest 10-K filed 2026-03-09.", "text": "KRO - KRONOS WORLDWIDE INC SIC 2810 Industrial Inorganic Chemicals; CIK 0001257640; latest 10-K filed 2026-03-09. KRO KRONOS WORLDWIDE INC 0001257640 2810 Industrial Inorganic Chemicals ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS Business overview We are a leading global producer and marketer of value-added TiO2. TiO2 is used for a variety of manufacturing applications, including paints, plastics, paper and other industrial and specialty products. During 2025, 45% of our sales volumes were sold into European markets. We believe we are the largest producer of TiO2 in Europe with an estimated 15% share of European TiO2 sales volumes in 2025. In addition, we estimate we have a 19% share of North American TiO2 sales volumes in 2025. Our production facilities are located in Europe and North America. We consider TiO2 to be a \u201cquality of life\u201d product, with demand affected by gross domestic product, or GDP, and overall economic conditions in our markets located in various regions of the world. Over the long-term, we expect demand for TiO2 will grow by 2% to 3% per year, consistent with our expectations for the long-term growth in GDP. However, even if we and our competitors maintain consistent shares of the worldwide market, demand for TiO2 in any interim or annual period may not change in the same proportion as the change in GDP, in part due to relative changes in the TiO2 inventory levels of our customers. We believe our customers\u2019 inventory levels are influenced in part by their expectation for future changes in TiO2 selling prices as well as their expectation for future availability of product. Although certain of our TiO2 grades are considered specialty pigments, the majority of our grades and substantially all of our production are considered differentiated commodity pigment products with price and availability being the most significant competitive factors along with product quality and customer and technical support services. The factors having the most impact on our reported operating results are: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"TiO2 selling prices,\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"TiO2 sales and production volumes,\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Manufacturing costs, particularly raw materials such as third-party feedstock, maintenance and energy-related expenses, and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Currency exchange rates (particularly the exchange rate for the U.S. dollar relative to the euro, the Norwegian krone and the Canadian dollar and the euro relative to the Norwegian krone).\"]] [[/GREPCENT_TABLE]] Our key performance indicators are our TiO2 average selling prices, our TiO2 sales and production volumes and the cost of titanium-containing feedstock purchased from third parties. TiO2 selling prices generally follow industry trends and selling prices will increase or decrease generally as a result of competitive market pressures. Executive summary We reported a net loss of $110.9 million, or $.96 per share, in 2025 compared to net income of $86.2 million, or $.75 per share, in 2024. The decline in results was primarily driven by lower income from operations. In 2025, we experienced an increase in unabsorbed fixed production costs due to production curtailments, lower average TiO2 selling prices, and higher distribution and warehousing costs. Distribution and warehousing costs were elevated mainly in the first quarter of 2025 as we repositioned finished goods inventory in the U.S. ahead of anticipated U.S. federal government tariff announcements. We also incurred higher carrying costs associated with increased finished goods inventory volumes in 2025 compared to 2024. To manage inventory levels and preserve liquidity, we implemented production curtailments in 2025, most significantly during the fourth quarter. Additionally, in the fourth quarter of 2025, we implemented cost reduction initiatives, including workforce reductions and other measures, to improve our long-term cost structure and reduce overall production costs. Comparability of our r ITEM 1.BUSINESS General Kronos Worldwide, Inc. (NYSE: KRO) (\u201cKronos\u201d), incorporated in Delaware in 1989, is a leading global producer and marketer of value-added titanium dioxide pigments, or TiO2, a base industrial product used in a wide range of applications. We, along with our distributors and agents, sell and provide technical services for our products to approximately 3,000 customers in 100 countries with the majority of our sales in Europe, North America and the Asia Pacific region. We believe we have developed considerable expertise and efficiency in the manufacture, sale, shipment and service of our products in domestic and international markets. Effective July 16, 2024 (\u201cAcquisition Date\u201d), we acquired the 50% joint venture interest in Louisiana Pigment Company, L.P. (\u201cLPC\u201d) held by Venator Investments, Ltd. (\u201cVenator\u201d) for consideration of $185 million less a working capital adjustment. Prior to the acquisition, we held a 50% joint venture interest in LPC through a wholly-owned subsidiary. LPC was operated as a manufacturing joint venture between us and Venator. Following the acquisition, LPC became a wholly-owned subsidiary of ours. In 2025, we merged LPC into our wholly-owned subsidiary Kronos Louisiana, Inc. (the combined company is referred to as \u201cKronos Louisiana\u201d). See Note 5 to our Consolidated Financial Statements. TiO2 is a white inorganic pigment used in a wide range of products for its exceptional durability and its ability to impart whiteness, brightness and opacity. TiO2 is a critical component of everyday applications, such as coatings, plastics and paper, as well as many specialty products such as inks, cosmetics and pharmaceuticals. TiO2 is widely considered to be superior to alternative white pigments in large part due to its hiding power (or opacity), which is the ability to cover or mask other materials effectively and efficiently. TiO2 is designed, marketed and sold based on specific end-use applications. TiO2 is the largest commerc ITEM 1A.RISK FACTORS Below are certain risk factors associated with our business. See also certain risk factors discussed in Item 7- \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013 Critical Accounting Policies and Estimates.\u201d In addition to the potential effect of these risk factors, an", "title": "KRO - KRONOS WORLDWIDE INC", "url": "/company/KRO/" }, { "kind": "company", "summary": "SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0001294133; latest 10-K filed 2026-02-27.", "text": "INGN - Inogen Inc SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0001294133; latest 10-K filed 2026-02-27. INGN Inogen Inc 0001294133 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of the financial condition and results of our operations should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in the section titled \u201cRisk Factors\u201d included elsewhere in this Annual Report on Form 10-K. The purpose of Management's Discussion and Analysis, or MD&A, is to provide an understanding of Inogen\u2019s financial condition, results of operations and cash flows by focusing on changes in certain key measures from year-to-year. The MD&A is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and accompanying notes. The MD&A is organized in the following sections: \u2022 Critical accounting policies and estimates \u2022 Recent accounting pronouncements \u2022 Macroeconomic environment \u2022 Overview \u2022 Results of operations \u2022 Liquidity and capital resources \u2022 Sources of funds \u2022 Use of funds \u2022 Non-GAAP financial measures Critical accounting policies and estimates Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements which have been prepared in accordance with generally accepted accounting principles in the United States of America, or U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities and related disclosure of contingent assets and liabilities, revenue and expenses at the date of the financial statements. Generally, we base our estimates on historical experience and on various other assumptions in accordance with U.S. GAAP that we believe to be reasonable under the circumstances. Actual results may differ from these estimates and such differences could be material to the financial position and results of operations. Critical accounting policies and estimates are those that we consider the most important to the portrayal of our financial condition and results of operations because they require our most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Our critical accounting policies and estimates include those related to: \u2022 revenue recognition; and \u2022 acquisitions and related acquired intangible assets and goodwill. Revenue recognition We generate revenue primarily from sales and rentals of our products. Our products consist of our proprietary line of oxygen concentrators and related accessories. Other revenue primarily comes from service contracts, replacement parts and freight revenue for product shipments. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. Revenue from product sales is generally recognized upon shipment of the product but is deferred for certain transactions when control has not yet transferred to the customer. 58 Our product is generally sold with a right of return and we may provide other incentives, which are accounted for as variable consideration when estimating the amount of revenue to recognize. Returns and incentives are estimated at the time sales revenue is recognized. The provisions for estimated returns are made based on known claims and estimates of additional returns based on historical data and future expectations. Sales revenue incentives within our contracts are estimated based on the most likel ITEM 1. BUSINESS General Inogen, Inc. is a medical technology business that primarily focuses on respiratory health. We develop, manufacture, and market innovative respiratory health products, including portable oxygen concentrators, or POCs, used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions and the Simeox\u00ae product for airway clearance treatment. In addition, we have started distributing the Inogen Voxi\u00ae 5 stationary oxygen concentrator as well as the Aurora\u00ae continuous positive airway pressure, or CPAP, masks in the United States. Our proprietary Inogen One\u00ae and Inogen Rove\u00ae POC systems concentrate the air around the patient to offer a source of supplemental oxygen 24 hours a day, seven days a week with a battery and can be plugged into an outlet when at home, in a car, or in a public place with outlets available. While often used together with stationary oxygen concentrators and oxygen compressed gas tanks, our POCs are designed to reduce the patient\u2019s reliance on stationary concentrators and scheduled deliveries of tanks with a finite supply of oxygen, thereby improving patient quality of life and fostering mobility. Our Simeox product is a technology-enabled mucus management device predominantly aimed at serving patients requiring airway clearance, such as those with bronchiectasis \u2013 a condition characterized by damaged and widened bronchi that can occur in patients with cystic fibrosis, chronic obstructive pulmonary disease, or COPD, or other chronic respiratory diseases. The Voxi 5 stationary oxygen concentrator is used to provide continuous, long-term oxygen therapy to patients who need supplemental oxygen at home or in clinical settings. The Aurora CPAP masks are used to deliver CPAP therapy through a separate device primarily for treating obstructive sleep apnea, or OSA. Corporate history We were incorporated in Delaware on November 27, 2001. On February 14, 2014, we completed an initial publ ITEM 1A. RISK FACTORS We operate in a rapidly changing environment that involves numerous uncertainties and risks. In addition to the other information included in this Annual Report on Form 10-K, the following risks and uncertainties may have a material and adverse effect on our business, financial cond", "title": "INGN - Inogen Inc", "url": "/company/INGN/" }, { "kind": "company", "summary": "SIC 8200 Services-Educational Services; CIK 0001600222; latest 10-K filed 2025-11-20.", "text": "PXED - Phoenix Education Partners, Inc. SIC 8200 Services-Educational Services; CIK 0001600222; latest 10-K filed 2025-11-20. PXED Phoenix Education Partners, Inc. 0001600222 8200 Services-Educational Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion of our financial condition and results of operations in conjunction with our audited consolidated financial statements and the related notes thereto included in this Annual Report on Form 10-K. For a discussion of the year ended August 31, 2024, compared to August 31, 2023, please refer to the \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d section of our prospectus dated October 8, 2025 as filed with the SEC on October 9, 2025. This discussion contains forward-looking statements that involve risk, assumptions and uncertainties, such as statements of our plans, objectives, expectations, intentions and forecasts. Our actual results and the timing of selected events could differ materially from those discussed in these forward-looking statements as a result of several factors, including those set forth under \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d included in this Annual Report on Form 10-K. The last day of our fiscal year is August 31. Our fiscal quarters end on the last day of November, February, May and August, respectively. Overview We, through our subsidiary The University of Phoenix, Inc., are a pioneer of online higher education for working adults in the United States. Since our founding in 1976, the University has been a mission-driven organization focused on offering a distinctive and affordable online higher education experience that is customized for working adults who did not fit the traditional 18- to 22-year-old campus-based student model. The University has been accredited since 1978 by the HLC, an institutional accrediting agency recognized by the Department of Education. In our nearly five decades of operation, we have served more than 1.1 million alumni (including those who have completed non-degree certificates) and conferred nearly 1.3 million degrees. Initial Public Offering On October 10, 2025, we completed an initial public offering (the \u201cIPO\u201d) of 4.9 million shares of common stock at a price of $32.00 per share, which included 0.6 million shares sold to the underwriters pursuant to their option to purchase additional shares. The shares were offered by certain of the Company\u2019s existing shareholders and, accordingly, we did not receive any proceeds from the sale of shares associated with the offering. See Item 1, \u201cBusiness,\u201d Item 5, \u201cMarket for Registrant\u2019s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities\u201d and the audited consolidated financial statements and related notes thereto included in this Annual Report on Form 10-K for more information. Factors Affecting Results of Operations We believe our market position provides us with a significant opportunity to drive sustainable growth in the future. The following factors, among others described herein, have historically affected, and we expect in the future will similarly affect, our performance: Enrollment. The net revenue we generate in a given period largely depends on the total number of courses taken by the enrolled student population and the price per course. As part of our focus on affordable and accessible tuition, we have not raised tuition rates since 2018. In addition, in 2018, we implemented our Tuition Price Guarantee program under which a student\u2019s tuition price per course is frozen at the tuition rates in effect at his or her enrollment date, thereby giving each of our students certainty in the price of tuition through the duration of their programs even if rates are subsequently increased for students who enroll at later dates. Our student retention rates, calculated as (i) the number of confirmed undergraduate students who both started a degree or non-degree certificate program and posted attendance in a course within such program as of an applicable date, divided by (ii) the number of confi Item 1. Business. Our Mission To provide access to higher education opportunities that enable students to develop the knowledge and skills necessary to achieve their professional goals, improve the performance of their organizations and provide leadership and service to their communities. Our Business We are a mission-driven organization operating at the forefront of the rapidly evolving post-secondary education market. As one of the largest online education providers and a pioneer in our field, we benefit from the dynamic interplay between technological innovation, education, employment and economic trends. The demands of the modern workforce are continually shifting, and we are focused on transforming the way individuals achieve their educational and career aspirations while balancing the unique demands of being an adult learner. We are focused on delivering a personalized, career-relevant and affordable education to our students through our flexible learning model, skills-aligned curriculum and accessible tuition costs. We have created purpose-built platforms that leverage an AI-ready data infrastructure and technology stack to enhance the student experience, increase student success and improve the connectivity between students, educators and employers. The University of Phoenix was founded in 1976 and has been continuously accredited since 1978 by The Higher Learning Commission (\u201cHLC\u201d), an institutional accrediting agency recognized by the U.S. Department of Education. In our nearly five decades of operation, as of August 31, 2025, we have served more than 1.1 million alumni (including those who have completed non-degree certificates) and conferred nearly 1.3 million degrees. Our student body consists primarily of working adults seeking to advance their careers. Adult learners represent an attractive and growing sub-segment of the higher education market. However, they face unique challenges that are not addressed by traditional programs designed for 18- Item 1A. Risk Factors. You should carefully consider the risks and uncertainties described below, as well as the other information contained in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes thereto and \u201cManagement\u2019s Discussion and Analysis of Fin", "title": "PXED - Phoenix Education Partners, Inc.", "url": "/company/PXED/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001799788; latest 10-K filed 2026-06-01.", "text": "GLSI - Greenwich LifeSciences, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001799788; latest 10-K filed 2026-06-01. GLSI Greenwich LifeSciences, Inc. 0001799788 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview We are a clinical-stage biopharmaceutical company focused on our Phase III clinical trial, Flamingo-01, which is evaluating GLSI-100, an immunotherapy to prevent breast cancer recurrences. GP2 is a 9 amino acid transmembrane peptide of the HER2/neu protein, a cell surface receptor protein that is expressed in a variety of common cancers, including expression in 75% of breast cancers at low (1+), intermediate (2+), and high (3+ or over-expressor) levels. The combination of GP2 + GM-CSF is called GLSI-100. We are currently expanding Flamingo-01 into Europe with plans to open up to 150 sites globally. Flamingo-01 is designed to evaluate the safety and efficacy of GLSI-100 in HER2/neu positive patients with residual disease or high-risk pathologic complete response at surgery and who have completed both neoadjuvant and postoperative adjuvant trastuzumab based treatment. To date, we have not generated any revenue and we have incurred net losses. Our net losses were approximately $19.4 million and $17.4 million for the years ended December 31, 2025 and 2024, respectively. Our net losses have resulted from costs incurred in developing the drug in our pipeline, planning and preparing for clinical trials and general and administrative activities associated with our operations. We expect to continue to incur significant expenses and corresponding increased operating losses for the foreseeable future as we continue to develop our pipeline. Our costs may further increase as we conduct clinical trials and seek regulatory approval for and prepare to commercialize our product candidate. We expect to incur significant expenses to continue to build the infrastructure necessary to support our expanded operations, clinical trials, commercialization, including manufacturing, marketing, sales and distribution functions. We will also experience increased costs associated with operating as a public company. 55 Table of Contents Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the U.S. (\u201cGAAP\u201d) and pursuant to the rules and regulations of the SEC. Results of Operations For the Years Ended December 31, 2025 and 2024 Research and Development Expenses Research and development expenses increased by $1,740,184, or approximately 11%, to $17,220,401 for the year ended December 31, 2025 from $15,480,217 for the year ended December 31, 2024. The increase was primarily the result of increases in clinical expenses for the Phase III clinical trial. General and Administrative Expenses General and administrative expenses increased by $70,507, or approximately 3% to $2,227,517 for the year ended December 31, 2025 from $2,157,010 for the year ended December 31, 2024. Liquidity and Capital Resources Since our inception in 2006, we have devoted most of our cash resources to research and development and general and administrative activities. We have not yet achieved commercialization of our product and have a cumulative net loss from our operations. We will continue to incur net losses for the foreseeable future. We will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through the sale of equity and/or debt securities; however, there is no assurance that we will be successful at raising additional capital in the future. If our plans are not achieved and/or if significant unanticipated events occur, we may have to further modify our business plan, which may require us to raise additional capital. As of December 31, 2025 and December 31, 2024, our principal source of liquidity was our cash, which totaled $6,178,021 and $4,091,990, respectively, and additional loans and accrued unreimbursed expenses from related parties. Historically, our principal sources of cash have included proceeds from the sale of comm BUSINESS Overview We are a clinical-stage biopharmaceutical company focused on our Phase III clinical trial, Flamingo-01, which is evaluating GLSI-100, an immunotherapy to prevent breast cancer recurrences. GP2 is a 9 amino acid transmembrane peptide of the HER2/neu protein, a cell surface receptor protein that is expressed in a variety of common cancers, including expression in 75% of breast cancers at low (1+), intermediate (2+), and high (3+ or over-expressor) levels. The combination of GP2 + GM-CSF is called GLSI-100. We are currently expanding Flamingo-01 into Europe with plans to open up to 150 sites globally. Flamingo-01 is designed to evaluate the safety and efficacy of GLSI-100 in HER2/neu positive patients with residual disease or high-risk pathologic complete response at surgery and who have completed both neoadjuvant and postoperative adjuvant trastuzumab based treatment. Our Product Candidate GP2 is a HER2/neu transmembrane peptide that elicits a targeted immune response against HER2/neu-expressing cancers. Below is an image of a cell surface showing therapeutically relevant cell surface proteins in cancer. Breast cancers and other solid tumors with elevated expression of HER2/neu protein are highly aggressive with an increased disease recurrence and a worse prognosis. GM-CSF Immunoadjuvant Recombinant human granulocyte macrophage colony-stimulating factor or GM-CSF (sargramostim, Leukine\u00ae) has been shown to enhance monocyte and neutrophil cytotoxicity against melanoma tumor cells and to enhance activity-dependent cellular cytotoxicity of monocytes and neutrophils against targets coated with the anti-ganglioside antibodies. GP2 will be delivered in combination with GM-CSF to induce GP2 peptide specific immunity. GP2 treatment is administered via an intradermal injection by mixing GP2 peptide and GM-CSF at the time of administration. GM-CSF is available in lyophilized form exclusively from one manufacturer. We will continue to be dependent on the", "title": "GLSI - Greenwich LifeSciences, Inc.", "url": "/company/GLSI/" }, { "kind": "company", "summary": "SIC 3634 Electric Housewares & Fans; CIK 0001709164; latest 10-K filed 2026-02-25.", "text": "HBB - Hamilton Beach Brands Holding Co SIC 3634 Electric Housewares & Fans; CIK 0001709164; latest 10-K filed 2026-02-25. HBB Hamilton Beach Brands Holding Co 0001709164 3634 Electric Housewares & Fans Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS HAMILTON BEACH BRANDS HOLDING COMPANY (Tabular Amounts in Thousands, Except Per Share and Percentage Data) Management\u2019s discussion and analysis of financial condition and results of operations should be read in conjunction with our historical financial statements and related notes thereto and the other disclosures contained elsewhere in this Annual Report on Form 10-K. The following discussion and analysis focuses on our financial results for the years ended December 31, 2025 and 2024 and year-to-year comparisons between these years. A discussion of our results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 is included in Part II, Item 7 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of our Annual Report on Form 10-K for the year ended December 31, 2024. CRITICAL ACCOUNTING POLICIES AND ESTIMATES Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and disclosure of contingent assets and liabilities (if any). Actual results could differ from those estimates. We believe the following critical accounting policies affect our more significant judgments and estimates used in the preparation of our consolidated financial statements. Revenue Recognition: Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Sales taxes are excluded from revenue. At contract inception, we assess the goods and services promised in our contracts with customers and identify a performance obligation for each promised good or service that is distinct. We have elected to account for shipping and handling activities performed after a customer obtains control of the goods as activities to fulfill the promise to transfer the goods, and therefore these activities are not assessed as a separate service to customers. The amount of revenue recognized varies primarily with price concessions and changes in returns. We offer price concessions to our customers for incentive offerings, special pricing agreements, price competition, promotions or other volume-based arrangements. We determine whether price concessions offered to our customers are a reduction of the transaction price and revenue or are advertising expense, depending on whether we receive a distinct good or service from our customers and, if so, whether we can reasonably estimate the fair value of that distinct good or service. We evaluated such agreements with our customers and determined they should be accounted for as variable consideration. To estimate variable consideration, we apply both the expected value method and most likely amount method based on the form of variable consideration, according to which method would provide the better prediction. The expected value method involves a probability weighted determination of the expected amount, whereas the most likely amount method identifies the single most likely outcome in a range of possible amounts. We monitor our estimates of variable consideration, which includes returns and price concessions, and periodically adjust the carrying amounts as appropriate. During 2025, there were no material adjustments to the aforesaid estimates, and our past results of operations have not been materially affected by a change in these estimates. Although there can be no assurances, we are not aware of any circumstances that would be reasonably likely to ma Item 1. BUSINESS General Throughout this Annual Report on Form 10-K and the notes to consolidated financial statements, references to \u201cHamilton Beach Holding\u201d, \u201cthe Company\u201d, \u201cwe\u201d, \u201cus\u201d and \u201cour\u201d and similar references are to Hamilton Beach Brands Holding Company and its subsidiaries on a consolidated basis unless otherwise noted or as the context otherwise requires. Hamilton Beach Brands Holding Company is a holding company and operates through its indirect, wholly owned subsidiary, Hamilton Beach Brands, Inc., a Delaware corporation (\u201cHBB\u201d). We are a leading designer, marketer and distributor of a wide range of brand name small electric household and specialty housewares appliances, and commercial products for restaurants, fast food chains, bars and hotels, and a provider of connected devices and software for home healthcare management. Our operations are managed and reported in two operating segments, each of which is a reportable segment for financial reporting purposes: (1) Home and Commercial Products and (2) Health. During the year ended December 31, 2023, the Company had one operating and one reportable segment. Home and Commercial Products Our Home and Commercial Products segment includes consumer product revenue, primarily concentrated in North America, consisting of sales of small electric household and specialty housewares appliances to traditional brick and mortar and ecommerce retailers, distributors and directly to the end consumer. Also included in this segment is commercial product revenue consisting of sales of products for restaurants, fast-food chains, bars and hotels. Approximately two-thirds of the Company\u2019s commercial sales are in the United States (\u201cU.S.\u201d) and the remaining is in markets across the globe. Health Our Health segment includes lease revenue in the U.S. and globally associated with leases of connected devices to specialty pharmacy networks and pharmaceutical companies, as well as licensing revenue associated with agreement Item 1A. RISK FACTORS Our business is subject to various risks and uncertainties. Any of the risks and uncertainties described below could materially adversely affect our business, financial condition and results of operations and should be considered in evaluating us. Although the risks are organized by headings ", "title": "HBB - Hamilton Beach Brands Holding Co", "url": "/company/HBB/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001512762; latest 10-K filed 2026-03-09.", "text": "CHRS - Coherus Oncology, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001512762; latest 10-K filed 2026-03-09. CHRS Coherus Oncology, Inc. 0001512762 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K (\u201cForm 10-K\u201d). This Form 10-K, including the following sections, contains forward-looking statements within the meaning of the federal securities laws. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those expressed or implied by such forward-looking statements. For a detailed discussion of these risks and uncertainties, see the \u201cRisk Factors\u201d section in Item 1A of this Form 10-K. We caution the reader not to place undue reliance on these forward-looking statements, which reflect management\u2019s analysis only as of the date of this Form 10-K. We undertake no obligation to update forward-looking statements, which reflect events or circumstances occurring after the date of this Form 10-K. As described below, on April 11, 2025, we sold the UDENYCA Business, which represented the last and most significant divestiture of the Company\u2019s biosimilar businesses, which comprised the UDENYCA, YUSIMRY and CIMERLI franchises; therefore, the strategic shift criteria had been met. As a result, the assets, liabilities, and results of the biosimilar businesses were classified to discontinued operations in our Form 10-K herein. As such, we have retrospectively reclassified all assets, liabilities, and results of the biosimilar businesses as discontinued operations in the following discussion and adjusted all references to the assets, liabilities, and results of our biosimilar businesses accordingly. Overview We are a fully integrated commercial-stage innovative oncology company with an approved next-generation programmed death receptor-1 inhibitor, LOQTORZI\u00ae (toripalimab-tpzi), and a pipeline that includes two mid-stage clinical candidates targeting liver, head and neck, colorectal and other cancers. Our strategy is to grow sales of LOQTORZI in NPC and advance the development of new indications for LOQTORZI in combination with both our pipeline candidates as well as our partners, driving sales multiples and synergies from proprietary combinations. On May 29, 2025, we changed our corporate name from \u201cCoherus BioSciences, Inc.\u201d to \u201cCoherus Oncology, Inc.\u201d to better align with our exclusive focus on proprietary innovative immuno-oncology medicines following the completion of the recent divestitures of our biosimilar businesses and the transition to an exclusive focus on overcoming immune resistance in cancer with novel drugs. We previously owned UDENYCA (pegfilgrastim-cbqv), which was launched commercially in a pre-filled syringe presentation in the United States in January 2019, followed by the launch of UDENYCA in an autoinjector presentation in May 2023 and the launch of UDENYCA ONBODY in February 2024. On December 2, 2024, we entered into the UDENYCA Purchase Agreement, pursuant to which the Company agreed to divest the UDENYCA Business to Intas. On April 11, 2025, we completed the divestiture of the UDENYCA Business to Intas for upfront, all-cash consideration of $483.4 million, inclusive of $118.4 million for UDENYCA product inventory. Intas has designated Accord to purchase the physical assets, including product inventory. We are eligible to receive two additional payments of $37.5 million each (together, the \u201cEarnout Payments\u201d). The first such payment is payable by Intas to us if net sales (as defined in the UDENYCA Purchase Agreement, \u201cNet Sales\u201d) of UDENYCA for four consecutive fiscal quarters from July 1, 2025 through September 30, 2026 are equal to or greater than $300 million, and the second such payment is payable by Intas to us if Net Sales of UDENYCA for four consecutive fiscal quarters from July 1, 2025 through March 31, 2027 are equal to or greater than $350 million. The UDENYCA Sale represe Item 1. Business Overview We are a fully integrated commercial-stage innovative oncology company with an approved next-generation programmed death receptor-1 (\u201cPD-1\u201d) inhibitor, LOQTORZI\u00ae (toripalimab-tpzi), and a pipeline that includes two mid-stage clinical candidates targeting liver, head and neck, colorectal and other cancers. Our strategy is to grow sales of LOQTORZI in nasopharyngeal carcinoma (\u201cNPC\u201d) and advance the development of new indications for LOQTORZI in combination with both our pipeline candidates as well as our partners, driving sales multiples and synergies from proprietary combinations. On May 29, 2025, we changed our corporate name from \u201cCoherus BioSciences, Inc.\u201d to \u201cCoherus Oncology, Inc.\u201d to better align with our exclusive focus on proprietary innovative immuno-oncology medicines following the completion of the recent divestitures of our biosimilar businesses. On October 27, 2023, we announced that LOQTORZI was approved by the U.S. Food and Drug Administration (\u201cFDA\u201d) in combination with cisplatin and gemcitabine for the first-line treatment of adults with metastatic or recurrent locally advanced nasopharyngeal carcinoma, and as monotherapy for the treatment of adults with recurrent unresectable, or metastatic NPC with disease progression on or after platinum-containing chemotherapy. LOQTORZI is an anti-PD-1 antibody that we developed in collaboration with Junshi Biosciences Co., Ltd. (\u201cJunshi Biosciences\u201d) that is currently the only immune checkpoint inhibitor approved by the FDA for the treatment of these indications that is commercially available in the United States. We announced the launch of LOQTORZI in the U.S. on January 2, 2024. Further evaluation of LOQTORZI is expected through multiple current and planned clinical studies by us, Junshi Biosciences and our biopharma partners. Our pipeline comprises two mid-stage clinical candidates aimed at overcoming immune resistance in cancer. We plan to develop each of them in combination Item 1A. Risk Factors Investing in the common stock of a commercial-stage innovative oncology company, including one with a significant international partnership and multiple product candidates in development, is a highly speculative undertaking and involves a substantial degree of risk", "title": "CHRS - Coherus Oncology, Inc.", "url": "/company/CHRS/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001005286; latest 10-K filed 2025-08-07.", "text": "LFCR - LIFECORE BIOMEDICAL, INC. \\DE\\ SIC 2834 Pharmaceutical Preparations; CIK 0001005286; latest 10-K filed 2025-08-07. LFCR LIFECORE BIOMEDICAL, INC. \\DE\\ 0001005286 2834 Pharmaceutical Preparations Item 7. Management\u2019s discussion and analysis of financial condition and results of operations 28 Table of Contents The following discussion should be read in conjunction with the Company\u2019s consolidated financial statements and notes contained in Part IV, Item 15 of this Annual Report on Form 10-K. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions and other factors that could cause actual results to differ materially from those made, projected or implied in the forward-looking statements. Please see \u201cPart I, Item 1A. Risk Factors\u201d and \u201cCautionary Note About Forward-Looking Statements\u201d contained in this Annual Report on Form 10-K. Overview Lifecore is a fully integrated CDMO that offers highly differentiated clinical and commercial capabilities in the development, cGMP manufacturing and aseptic filling of complex formulations and highly viscous sterile injectable pharmaceutical drug or medical device products in syringes, vials and cartridges, across a wide variety of modalities. We manufacture HA in bulk form as well as for use in formulated and filled syringes and vials for our customers\u2019 injectable products used in treating a broad spectrum of medical conditions and procedures, including ophthalmic and orthopedic applications. We also offer product development service capabilities to our customers that include analytical method development and validation, formulation development, sterile filtration, process scale-up, pilot studies, stability studies, process validation and production of materials for clinical studies. During fiscal year 2025, Lifecore continued to execute on the previously announced strategic initiatives to support higher performance as a CDMO. We have made significant improvements to our revenue generating capacity, financial position, management team, governance, financial reporting and stock exchange compliance, and business development efforts. In addition, we implemented various process improvements to ensure improved productivity and discipline in key areas of our business. Based on all of these improvements, together with our competitive advantages and our strategic plan described below, we believe that we are well-positioned for future growth. For additional information, see \u201cPart I, Item 1. Business\u201d of this Annual Report on Form 10-K. Financial overview Lifecore generates revenues from two activities within a single, integrated segment: CDMO and HA manufacturing. CDMO includes aseptic formulation and filling of syringes, vials and cartridges for injectable products used for medical purposes and product development services to assist its customers in obtaining regulatory approval for the commercial sale of their device or drug product. HA manufacturing includes the production and sale of pharmaceutical-grade, non-animal-sourced HA using our proprietary, fermentation-based HA process in bulk form. The following costs are included in cost of goods sold: raw materials (including packaging, syringes, fermentation supplies and purification supplies), direct labor, overhead (including indirect labor, depreciation, and facility-related costs), and shipping and shipping-related costs. Numerous factors can influence gross profit, including product mix, customer mix, manufacturing costs, timing of production, production yields, volume, sales discounts, contractual provisions, and charges for excess or obsolete inventory, among others. Many of these factors influence or are interrelated with other factors. R&D expenses consist primarily of product development and commercialization initiatives. SG&A expenses consist of salaries and related costs for administrative, public company and business development functions as well as legal fees, and consulting fees. Public company costs include compliance, audit, tax, insurance and investor relations. 29 Table of Contents The debt derivative liabilit Item 1. Business The Company Lifecore Biomedical, Inc. and its subsidiaries (\u201cLifecore\u201d, the \u201cCompany\u201d, \u201cwe\u201d or \u201cus\u201d), located in Chaska, Minnesota, is a fully integrated contract development and manufacturing organization (\u201cCDMO\u201d) that offers highly differentiated clinical and commercial capabilities in the development, cGMP manufacturing and aseptic filling of complex formulations and highly viscous sterile injectable pharmaceutical drug or medical device products in syringes, vials and cartridges, across a wide variety of modalities. Lifecore has become a leading U.S. manufacturer of pharmaceutical-grade, non-animal-sourced hyaluronic acid (\u201cHA\u201d) using our proprietary, fermentation-based HA process that we developed in 1981. We manufacture HA in bulk form as well as for use in formulated and filled syringes and vials for our customers\u2019 injectable products used in treating a broad spectrum of medical conditions and procedures, including ophthalmic and orthopedic applications. We have leveraged this expertise in HA fermentation, manufacturing and aseptic formulation and filling to also develop highly viscous non-HA-based sterile injectable products with our customers for multiple applications. Lifecore\u2019s product development service capabilities include analytical method development and validation, formulation development, sterile filtration, process scale-up, pilot studies, stability studies, process validation and production of materials for clinical studies. We also operate semi-automated Restricted Access Barrier Systems (\u201cRABS\u201d) and fully automated aseptic filling lines with isolators. These systems support efficient and safe aseptic processing of both synthetic and biologic drug products. Manufacturing takes place across our three cGMP facilities, where we produce FDA-approved (as defined below) commercial drug and device products. We have earned multiple certifications from regulatory agencies in Europe, Japan, Brazil and the International Organization Item 1A. Risk factors Our business faces significant risks and uncertainties. Certain important factors may have a material adverse effect on our business, prospects, financial condition and results of operations, any of which could subsequently have an adverse effect on the trading price of our common stock, par value $", "title": "LFCR - LIFECORE BIOMEDICAL, INC. \\DE\\", "url": "/company/LFCR/" }, { "kind": "company", "summary": "SIC 6411 Insurance Agents, Brokers & Service; CIK 0001794783; latest 10-K filed 2025-08-21.", "text": "SLQT - SelectQuote, Inc. SIC 6411 Insurance Agents, Brokers & Service; CIK 0001794783; latest 10-K filed 2025-08-21. SLQT SelectQuote, Inc. 0001794783 6411 Insurance Agents, Brokers & Service ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and result of operations together with our consolidated financial statements and footnotes included elsewhere in this Annual Report on Form 10-K. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results may differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in the section titled \u201cRisk Factors\u201d in Part I, Item 1A above. Company Overview SelectQuote, Inc. (together with its subsidiaries, \u201cSelectQuote\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d) is a leading technology-enabled, direct-to-consumer (\u201cDTC\u201d) distribution and engagement platform for selling insurance policies and healthcare services. In recent years, we have increasingly focused on expanding our healthcare services platform as a natural extension of our core Senior distribution insurance business. This strategic shift reflects our prioritization of higher-growth opportunities in areas such as pharmacy services and chronic care management through offerings like SelectRx and SelectPatient Management (\u201cSPM\u201d). At the same time, we have de-emphasized production within our Auto & Home distribution insurance business, which no longer represents a core area of focus. Our strategy is focused on delivering more comprehensive and personalized healthcare solutions that meet the evolving needs of our senior customers. Our insurance distribution business, which has operated continuously for over 40 years, allows consumers to transparently and conveniently shop for senior health, life, and automobile and home insurance policies from a curated panel of the nation\u2019s leading insurance carriers. As an insurance distributor, we do not insure the consumer, but rather identify consumers looking to acquire insurance products and place these consumers with insurance carrier partners that provide these products. In return, we earn commissions from our insurance carrier partners for the policies we sell on their behalf. Our proprietary technology platform integrates artificial intelligence and data science based machine learning models to analyze and identify high-quality consumer leads from diverse online and offline channels, such as digital marketing, radio, television, and third-party partnerships. Leveraging over 40 years of accumulated data and advanced predictive analytics, our technology dynamically optimizes marketing spend in real-time. Our intelligent workflow system instantly evaluates each acquired lead, routing it efficiently to the most suitable sales agent based on consumer needs and agent expertise. Our platform then captures and utilizes our experience to further build upon the millions of data points that feed our marketing algorithms, further enhancing our ability to deploy subsequent marketing dollars efficiently and target more high-quality consumer leads. We have built our business model to maximize commissions collected over the life of an approved policy, a metric we refer to as \u201c lifetime value of commissions\u201d or \u201cLTV\u201d, which is a key component to our overall profitability. Our proprietary routing and workflow system is a key competitive advantage and driver of our business performance. Our systems analyze and intelligently route consumer leads to agents and allow us to monitor, segment, and enhance our agents\u2019 performance. This technological advantage also allows us to rapidly conduct a needs-based, tailored analysis for each consumer that maximizes sales, enhances ITEM 1. BUSINESS Overview SelectQuote, Inc. (together with its subsidiaries, \u201cSelectQuote\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d) is a leading technology-enabled, direct-to-consumer (\u201cDTC\u201d) distribution and engagement platform for selling insurance policies and healthcare services. In recent years, we have increasingly focused on expanding our healthcare services platform as a natural extension of our core Senior distribution insurance business. This strategic shift reflects our prioritization of higher-growth opportunities in areas such as pharmacy services and chronic care management through offerings like SelectRx and SelectPatient Management (\u201cSPM\u201d). At the same time, we have de-emphasized production within our Auto & Home distribution insurance business, which no longer represents a core area of focus. Our strategy is focused on delivering more comprehensive and personalized healthcare solutions that meet the evolving needs of our senior customers. Our insurance distribution business, which has operated continuously for over 40 years, allows consumers to transparently and conveniently shop for senior health, life, and automobile and home insurance policies from a curated panel of the nation\u2019s leading insurance carriers. As an insurance distributor, we do not insure the consumer, but rather identify consumers looking to acquire insurance products and place these consumers with insurance carrier partners that provide these products. In return, we earn commissions from our insurance carrier partners for the policies we sell on their behalf. Our proprietary technology platform integrates artificial intelligence and data science based machine learning models to analyze and identify high-quality consumer leads from diverse online and offline channels, such as digital marketing, radio, television, and third-party partnerships. Leveraging over 40 years of accumulated data and advanced predictive analytics, our technology dynamically optimizes marketing spend in real-time. Our ITEM 1A. RISK FACTORS Certain factors may have a material adverse effect on our business, financial condition, and results of operations. You should carefully consider the risks and uncertainties described below, together with all of the other information included in this Annual Report on Form 10-K, including our f", "title": "SLQT - SelectQuote, Inc.", "url": "/company/SLQT/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000788920; latest 10-K filed 2025-09-04.", "text": "PDEX - PRO DEX INC SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0000788920; latest 10-K filed 2025-09-04. PDEX PRO DEX INC 0000788920 3841 Surgical & Medical Instruments & Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes thereto contained elsewhere in this report, as well as the Risk Factors included in Item 1A of this report. The following discussion contains forward-looking statements. (See \u201cCautionary Note Regarding Forward-Looking Statements\u201d included in Part I of this report.) Overview The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our results of operations and financial condition for the fiscal years ended June 30, 2025 and 2024. We specialize in the design, development, and manufacture of autoclavable, battery-powered and electric, multi-function surgical drivers and shavers used primarily in the orthopedic, thoracic, and CMF markets. Additionally, we provide engineering, quality, and regulatory consulting services to our customers. We also sell rotary air motors to a wide range of industries; however, these motors comprise a de minimis portion of our business. Our products are found in hospitals, medical engineering labs, scientific research facilities, and high-tech manufacturing operations around the world. We are headquartered in Irvine, California. Critical Accounting Policies and Estimates Our consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of our financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Revenue Recognition Under Accounting Standards Update (\u201cASU\u201d) 2014-09, (Topic 606) \u201cRevenue From Contracts with Customers,\u201d we recognize revenue from the sales of products and services by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. We primarily sell finished products and recognize revenue at point of sale or delivery. However, we also perform services when we are engaged to design a product for a customer and there is more judgment involved in determining the amount and timing of revenue recognition under those types of contracts. In fiscal 2025, the revenue from NRE and prototype services represents approximately 1% of total revenue. Returns of our product for credit are not material; accordingly, we do not establish a reserve for product returns at the time of sale. Inventories Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. Reductions to estimated net realizable value are recorded, and charged to cost of sales, when indicated based on a formula that compares on-hand quantities to both historical usage and estimated demand from the measurement date. Investments Investments consist of marketable equity securities of publicly held companies. The investments were made to realize a reasonable return, although there is no assurance that positive returns will be realized. Investments are marked to market at each measurement date, with unrealized gains and losses presented in other income (expense) in our consolidated income statements. Some of our investments include the common stock of public companies that are thinly traded. Certain of these investments are cla ITEM 1. BUSINESS Company Overview Pro-Dex, Inc. (\u201cCompany,\u201d \u201cPro-Dex,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d) specializes in the design, development, and manufacture of autoclavable, battery-powered and electric, multi-function surgical drivers and shavers used primarily in the orthopedic, thoracic, and craniomaxillofacial (\u201cCMF\u201d) markets. We have patented adaptive torque-limiting technology and proprietary sealing solutions which appeal to our customers, primarily medical device distributors. We also manufacture and sell rotary air motors to a wide range of industries; however, these motors comprise a de minimis portion of our business. Our patented adaptive torque-limiting software has been very well received in the CMF and thoracic markets and we have continued investment in this area with research and development focused on applying this technology to other surgical applications. In November 2020, we purchased an approximate 25,000 square foot industrial building in Tustin, California (the \u201cFranklin Property\u201d). This building is located approximately four miles from our Irvine, California headquarters and was acquired to provide us additional capacity for our expected continued future growth. We substantially completed the build-out of the property during fiscal 2022 and concluded various verification and validation activities during fiscal 2023. We moved our entire assembly and repairs operations to the new facility in the fourth quarter of fiscal 2023 and we are now fully operational in the new facility. We believe the new facility will create additional capacity for our expected continued growth over the next several years. 1 Our principal headquarters are located at 2361 McGaw Avenue, Irvine, California 92614 and our phone number is 949-769-3200. Our Internet address is www.pro-dex.com. Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, amendments to those reports, and certain other Securities and Exchange Commission (\u201cSEC\u201d) fili ITEM 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. You should carefully consider the following risk factors, as well as the other information contained in this report, before deciding whether to invest in shares of our common stock. If any of the following risks actually occur, our business", "title": "PDEX - PRO DEX INC", "url": "/company/PDEX/" }, { "kind": "company", "summary": "SIC 3669 Communications Equipment, NEC; CIK 0001022652; latest 10-K filed 2026-02-20.", "text": "INSG - INSEEGO CORP. SIC 3669 Communications Equipment, NEC; CIK 0001022652; latest 10-K filed 2026-02-20. INSG INSEEGO CORP. 0001022652 3669 Communications Equipment, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our consolidated financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this report. This report contains certain forward-looking statements relating to future events or our future financial performance. These statements are subject to risks and uncertainties which could cause actual results to differ materially from those discussed in this report. You are cautioned not to place undue reliance on this information which speaks only as of the date of this report. Except as required by law, we assume no responsibility for updating any forward-looking statements, whether as a result of new information, future events or otherwise. For a discussion of the important risks related to our business and future operating performance, see the discussion under the caption \u201cItem 1A. Risk Factors\u201d and under the caption \u201cFactors Which May Influence Future Results of Operations\u201d below. Overview Inseego is a leader in the design and development of cloud-managed wireless wide area network (\u201cWAN\u201d) and intelligent edge solutions. Our 5G WAN portfolio is comprised of secure and high-performance mobile broadband and fixed wireless access (\u201cFWA\u201d) solutions with associated cloud solutions for real time WAN visibility, monitoring, automation and control with centralized orchestration of network functions. These devices are specifically built for the carrier, enterprise and small and medium business (\u201cSMB\u201d) market segments with a focus on performance, scalability, quality and enterprise grade security. We also provide a Communication Service Provider (\u201cCSP\u201d) subscriber lifecycle management SaaS solution for carriers\u2019 management of their government and complex enterprise customer subscriptions. Our 5G products and associated cloud solutions are designed in the U.S. and are used in networks where internet reliability and security is of the utmost importance. These products support applications such as business broadband for both mobile and fixed use cases, enterprise networking and software-defined wide area network (\u201cSD-WAN\u201d) failover management. Inseego is at the forefront of providing high speed broadband through state-of-the-art 5G products and services to keep enterprise and SMB customers seamlessly connected. With multiple first-to-market innovations through several generations of 4G and 5G technologies, Inseego has been advancing wireless WAN technology and driving industry transformations for over 30 years. Our products currently operate on all major cellular networks in the US. Our mobile hotspots, sold under the MiFi \u2122 brand, have been sold to millions of end users and provide secure and convenient high-speed broadband access to the Internet on the go. Business Segment Reporting We operate as one business segment. As of December 31, 2024, the Company\u2019s Chief Operating Decision Maker (\u201cCODM\u201d) was its Executive Chairman. The Company\u2019s Executive Chairman left the Company in February 2025, at which point the Company\u2019s CODM became its Chief Executive Officer (\u201cCEO\u201d). Neither of these CODMs manage any part of the Company separately, and the allocation of resources and assessment of performance is based solely on the Company\u2019s consolidated operations and financial results. As such, our operations constitute a single operating segment and one reportable segment. Recent Developments Repurchase of Preferred Stock On January 14, 2026, the Company entered into an Exchange Agreement with the Holder of all of the outstanding shares of the Company\u2019s Preferred Stock. Pursuant to the Exchange Agreement, on the Closing Date all of the 25,000 outstanding shares of Preferred Stock, which had a liquidation value of $42 million as of December 31, 2025, were surrendered and forfeited by the Holder in exchange for the following consid Item 1. Business Overview Inseego is a leader in the design and development of cloud-managed wireless wide area network (\u201cWAN\u201d) and intelligent edge solutions. Our 5G WAN portfolio is comprised of secure and high-performance mobile broadband and fixed wireless access (\u201cFWA\u201d) solutions with associated cloud solutions for real time WAN visibility, monitoring, automation and control with centralized orchestration of network functions. These devices are specifically built for the carrier, enterprise and small and medium business (\u201cSMB\u201d) market segments with a focus on performance, scalability, quality and enterprise grade security. We also provide a Communication Service Provider (\u201cCSP\u201d) subscriber lifecycle management SaaS solution for carriers\u2019 management of their government and complex enterprise customer subscriptions. Our 5G products and associated cloud solutions are designed in the U.S. and are used in networks where internet reliability and security is of the utmost importance. These products support applications such as business broadband for both mobile and fixed use cases, enterprise networking and software-defined wide area network (\u201cSD-WAN\u201d) failover management. Inseego is at the forefront of providing high speed broadband through state-of-the-art 5G products and services to keep enterprise and SMB customers seamlessly connected. With multiple first-to-market innovations through several generations of 4G and 5G technologies, Inseego has been advancing wireless WAN technology and driving industry transformations for over 30 years. Inseego Corp. is a Delaware corporation formed in 2016 as the successor to Novatel Wireless, Inc., a Delaware corporation formed in 1996. Our principal executive office is located at 9710 Scranton Road, Suite 200, San Diego, CA 92121. Inseego\u2019s common stock trades on The NASDAQ Global Select Market under the symbol \u201cINSG.\u201d Recent Developments Repurchase of Preferred Stock On January 14, 2026 (the \u201cClosing Date\u2019), the Com Item 1A. Risk Factors The risks and uncertainties described below are those that we currently deem to be material, and do not represent all of the risks that we face. Additional risks and uncertainties not presently known to us or that we currently do not consider material may in the future become material and impair our business operations. Some of", "title": "INSG - INSEEGO CORP.", "url": "/company/INSG/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001645873; latest 10-K filed 2026-03-25.", "text": "MDV - MODIV INDUSTRIAL, INC. SIC 6798 Real Estate Investment Trusts; CIK 0001645873; latest 10-K filed 2026-03-25. MDV MODIV INDUSTRIAL, INC. 0001645873 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition, results of operations and cash flows together with the consolidated financial statements and related notes included in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors. Also, see \u201cCautionary Note Regarding Forward-Looking Statements\u201d preceding Part I of this Annual Report on Form 10-K and Part I, Item 1A. Risk Factors herein. Management\u2019s discussion and analysis of financial condition and results of operations are based upon our accompanying audited consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States of America (\u201cGAAP\u201d). The preparation of these financial statements requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On a regular basis, we evaluate these estimates. These estimates are based on management\u2019s historical industry experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. Although we are not limited as to the form our investments may take, our investments in real estate will generally constitute acquiring fee title or interests in entities that own and operate real estate. We will make substantially all acquisitions of our real estate investments directly through the Operating Partnership or indirectly through limited liability companies or limited partnerships, including through other REITs, or through investments in joint ventures, partnerships, tenants-in-common, co-tenancies or other co-ownership arrangements with other owners of properties. We are the sole general partner of, and owned an approximate 81% interest in the Operating Partnership as of both December 31, 2025 and March 20, 2026. The Operating Partnership\u2019s limited partnership interests are further described in Note 11 to our accompanying consolidated financial statements included in this Annual Report on Form 10-K. We report with the SEC as a smaller reporting company under Rule 12b-2 of the Exchange Act. Primary Investment Objectives Our primary investment objectives are: \u2022to provide attractive growth in AFFO (as defined below) and sustainable cash distributions; \u2022to realize appreciation from proactive investment selection and management; \u2022to provide future opportunities for growth and value creation; and \u2022to provide an investment alternative for stockholders seeking to allocate a portion of their long-term investment portfolios to industrial manufacturing real estate. We expect the trend of onshoring manufacturing to accelerate and we will continue to focus future acquisitions on industrial manufacturing properties, subject to market conditions and the availability of prices that we consider attractive. We can provide no assurance that we will achieve our investment objectives. See the Part I, Item 1A. Risk Factors section of this Annual Report on Form 10-K for additional information. Recent Events and Uncertainties There are continuing significant uncertainties in the market in which we operate related to inflation and interest rates, tariffs, supply chain disruptions and negative impacts associated with foreign policy actions implemented by the United States. Volatility in stock and bond markets, and particularly yields on U.S. Treasury securities, may negatively impact our operating results, liquidity and sources of borrowings. We, our tenants and operating partners are impacted by inflation and inter ITEM 1. BUSINESS The Company Modiv Industrial, Inc. (\u201cModiv\u201d) is an internally-managed Maryland corporation that acquires, owns and manages a portfolio of single-tenant net-lease properties throughout the United States, with a focus on critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation\u2019s supply chains. Modiv also owns three non-core, legacy retail and office real estate properties, and is gradually reducing its non-core exposure, subject to market conditions, as it furthers its focus as a pure-play industrial manufacturing real estate investment trust (\u201cREIT\u201d). Modiv seeks to provide investors access to MOnthly DIVidends through a durable portfolio of real estate investments designed to generate both current income and long-term growth. Modiv has operated as a REIT for U.S. federal income tax purposes beginning with the year ended December 31, 2016. As used herein, the terms \u201cModiv,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d refer to Modiv Industrial, Inc. and, as required by context, Modiv Operating Partnership, LP, a Delaware limited partnership (our \u201cOperating Partnership\u201d or \u201cModiv OP\u201d). Our Class C common stock, $0.001 par value per share (the \u201cClass C Common Stock\u201d), is listed on the New York Stock Exchange (the \u201cNYSE\u201d) under the symbol \u201cMDV.\u201d Our 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value per share (the \u201cSeries A Preferred Stock\u201d), also is listed on the NYSE under the symbol \u201cMDV.PA.\u201d Details of our diversified portfolio of 42 operating properties, including one property held for sale and an approximate 72.7% tenant-in-common interest in a Santa Clara, California industrial property (the \u201cTIC Interest\u201d) as of December 31, 2025 are as follows: \u2022 Annual base rent (\u201cABR\u201d) aggregating $39.1 million, which is calculated based on the next 12 months of contractual monthly base rent as of December 31, 2025 (on a pro forma basis reflecting o ITEM 1A. RISK FACTORS Risks Related to an Investment in Our Class C Common Stock Our listing on the NYSE does not guarantee an active and liquid market for our Class C Common Stock, and the market price and trading volume of the shares of our Class C Common Stock may fluctuate significantly. Our Class C Common Stock began trading on the", "title": "MDV - MODIV INDUSTRIAL, INC.", "url": "/company/MDV/" }, { "kind": "company", "summary": "SIC 4412 Deep Sea Foreign Transportation of Freight; CIK 0001690334; latest 10-K filed 2026-02-25.", "text": "SMHI - SEACOR Marine Holdings Inc. SIC 4412 Deep Sea Foreign Transportation of Freight; CIK 0001690334; latest 10-K filed 2026-02-25. SMHI SEACOR Marine Holdings Inc. 0001690334 4412 Deep Sea Foreign Transportation of Freight ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) below presents the Company\u2019s operating results for each of the three years in the period ended December 31, 2025, and its financial condition as of December 31, 2025 and 2024. Certain statements in this MD&A constitute forward-looking statements. See \u201cForward-Looking Statements\u201d included elsewhere in this Annual Report on Form 10-K. The following MD&A is intended to help the reader understand the results of operations and financial condition of the Company. The MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and related notes included in Part IV of this Annual Report on Form 10-K and incorporated herein by reference. Overview The Company provides global marine and support transportation services to offshore energy facilities worldwide. As of December 31, 2025, the Company operated a fleet of 44 support vessels, of which all were owned. The primary users of the Company\u2019s services are major integrated national and international oil companies, independent oil and natural gas exploration and production companies, oil field service and construction companies, as well as offshore wind farm operators and offshore wind farm installation and maintenance companies. The Company operates and manages a diverse fleet of offshore support vessels that (i) deliver cargo and personnel to offshore installations, including offshore wind farms, (ii) assist offshore operations for production and storage facilities, (iii) provide construction, well work-over, offshore wind farm installation and decommissioning support and (iv) carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, the Company\u2019s vessels provide emergency response services and accommodations for technicians and specialists. Recent Developments Cost Reduction Measures During the fourth quarter of 2025, the Company initiated certain cost reduction measures to better align its operating expenses with the current state of the offshore marine industry, in general, and its business, in particular. These measures include a reduction of workforce, reorganization of the management structure and streamlining of operations. For the year ended December 31, 2025, the Company incurred one-time charges totaling $1.2 million related to severance charges arising from a reduction in workforce resulting in a decrease in annualized wages and benefits expenses of at least $3.9 million. Management continues to focus on optimizing the cost structure and regional footprint of the business to help maintain the Company\u2019s competitiveness in the industry, improve its operating leverage and position itself to take advantage of market opportunities. Vessel Sales On December 19, 2025, the Company completed the sale of one 201 foot, DP-2 PSV built in 2013 for total proceeds of $13.4 million and a gain of approximately $8.1 million. Approximately $11.0 million of these sale proceeds were designated to make future payments on the construction of two PSVs and deposited in a restricted account. On September 29, 2025, the Company completed the sale of the U.S. flag liftboat LB Jill and the U.S. flag liftboat LB Robert (together, the \u201cLiftboat Sales\u201d) for total proceeds of $76.0 million. In addition, concurrently with the closing of the Liftboat Sales, the Company sold certain uninstalled vessel equipment for total proceeds of $1.0 million (the \u201cEquipment Sale\u201d). After deducting transaction costs and expenses, the Company received net cash proceeds of $74.7 million and recognized a gain of $30.5 million for the Liftboat Sales and the Equipment Sale. None of the sale proceeds from the Liftboat Sales and the Equipment Sale are encumbered by the Company\u2019s 2024 SMFH Credit Facility or require ITEM 1. BUSINESS General Unless the context indicates otherwise, the terms \u201cwe,\u201d \u201cour,\u201d \u201cours,\u201d \u201cus,\u201d \u201cits\u201d and the \u201cCompany\u201d refer to SEACOR Marine Holdings Inc. and its consolidated subsidiaries. \u201cSEACOR Marine\u201d refers to SEACOR Marine Holdings Inc., incorporated in 2014 in Delaware, without its subsidiaries. \u201cCommon Stock\u201d refers to the common stock, par value $0.01 per share, of SEACOR Marine. The Company\u2019s fiscal year ends on December 31 of each year. SEACOR Marine\u2019s principal executive office is located at 12121 Wickchester Lane, Suite 500, Houston, Texas 77079, and its telephone number is (346) 980-1700. SEACOR Marine\u2019s website address is www.seacormarine.com. Any reference to SEACOR Marine\u2019s website is not intended to incorporate the information on the website into this Annual Report on Form 10-K. The Company\u2019s corporate governance documents, including SEACOR Marine\u2019s board of directors\u2019 (\u201cBoard of Directors\u201d) Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee charters as well as the Company\u2019s Corporate Governance Guidelines, Code of Ethics and Insider Trading and Tipping Procedures and Guidelines (\u201cInsider Trading Policy\u201d) are available, free of charge, on SEACOR Marine\u2019s website or in print for stockholders who request a copy. All of the Company\u2019s periodic and other reports filed with the SEC pursuant to Section 13(a), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (\u201cExchange Act\u201d), are available, free of charge, on SEACOR Marine\u2019s website, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Proxy Statements and any amendments to those reports. These reports and amendments are available on SEACOR Marine\u2019s website as soon as reasonably practicable after the Company electronically files the reports or amendments with the SEC. The SEC maintains a website (www.sec.gov) that contains these reports, proxy and information statements and other informatio ITEM 1A. RISK FACTORS Summary of Risk Factors The Company\u2019s business, financial position, results of operations, cash flows and prospects may be materially adversely affected by numerous risks. Carefully consider the risks described below, which represent the material risk factors that a", "title": "SMHI - SEACOR Marine Holdings Inc.", "url": "/company/SMHI/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0001302387; latest 10-K filed 2026-03-27.", "text": "BVFL - BV Financial, Inc. SIC 6035 Savings Institution, Federally Chartered; CIK 0001302387; latest 10-K filed 2026-03-27. BVFL BV Financial, Inc. 0001302387 6035 Savings Institution, Federally Chartered Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. This discussion and analysis reflects the information contained in our consolidated financial statements and other relevant statistical data, and is intended to enhance your understanding of our financial condition and results of operations. The information at and for the years ended December 31, 2025 and 2024 is derived in part from the audited consolidated financial statements that appear elsewhere in this annual report. You should read the information in this section in conjunction with the other business and financial information contained in this annual report, including the consolidated financial statements and related notes of BV Financial. Overview Summary of Financial Condition and Operating Results. At December 31, 2025, we had $912.2 million in consolidated assets, an increase of $392,000, or 0.04%, from $911.8 million at December 31, 2024. The increase was due primarily to a $19.2 million increase in net loans receivable to $748.5 million at December 31, 2025, partially offset by a $14.8 million decrease in cash and cash equivalents and a $4.0 million decrease in securities available for sale. Total liabilities increased $12.1 million, or 1.7%, from $716.3 million at December 31, 2024 to $728.4 million at December 31, 2025. The increase was primarily due to an increase in total deposits of $24.6 million, partially offset by a decrease in borrowings of $14.9 million. Stockholders\u2019 equity decreased $11.7 million or 6.0%, to $183.8 million at December 31, 2025, primarily due to $30.0 million in stock repurchases, offset by $13.5 million of net income and $4.2 million in other adjustments, primarily equity compensation. During the year, the Company repurchased 1,823,997 shares of common stock at an average cost of $16.23. Net income increased $1.8 million, or 15.1%, to $13.5 million for the year ended December 31, 2025, compared to $11.7 million for the year ended December 31, 2024. The increase was due primarily to an increase of $3.0 million in interest income and an increase in the recovery of provision for credit losses of $2.2 million, offset by a $1.3 million increase in interest expense, a $1.7 million increase in non-interest expense, and a $700,000 increase in income tax expense. Business Strategy We have focused primarily on continuing and enhancing our community-oriented retail banking strategy. Highlights of our current business strategy include the following: 37 \u2022 Pursue opportunistic acquisitions and partnerships. We intend to continue to prudently pursue opportunities to acquire banks that offer opportunities for solid financial returns. Our primary focus will be on franchises that enhance our funding profile, product capabilities or geographic density or footprint, while maintaining an acceptable risk profile. We believe in the need to make significant technological investments and the importance of scale in banking. \u2022 Grow our loan portfolio with an emphasis on commercial real estate and residential mortgage lending. While we intend to continue to focus on the origination of commercial real estate loans, we intend to remain a residential mortgage lender in our market area and maintain a balance between the commercial real estate and residential mortgage portfolios. We originated $52.8 million of commercial real estate and $32.9 million of residential mortgages loans during the year ended December 31, 2025. At December 31, 2025, $401.4 million, or 53.2%, of our total loan portfolio consisted of commercial real estate loans and $258.5 million, or 34.2%, of our total loan portfolio consisted of residential mortgages. \u2022 Manage credit risk to maintain a low level of non-performing assets. We believe that maintaining strong asset quality is paramount to our long-term success. We follow conservative underwriting guidelines with sound loan administration, and focus on originating loans secured by real esta Item 1. Business. Forward Looking Statements This Annual Report on Form 10-K contains forward-looking statements, which can be identified by the use of words such as \u201cestimate,\u201d \u201cproject,\u201d \u201cbelieve,\u201d \u201cintend,\u201d \u201canticipate,\u201d \u201cplan,\u201d \u201cseek,\u201d \u201cexpect,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201ccould\u201d or \u201cmay,\u201d and words of similar meaning. These forward-looking statements include, but are not limited to: \u2022 statements of our goals, intentions and expectations; \u2022 statements regarding our business plans, prospects, growth and operating strategies and financial condition and results of operations; \u2022 statements regarding the quality of our loan and investment portfolios; and \u2022 estimates of our risks and future costs and benefits. These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: \u2022 general economic conditions, either nationally or in our market areas, including potential recessionary conditions or slowed economic growth caused by supply chain disruption or otherwise that are worse than expected; \u2022 changes in the level and direction of loan delinquencies and write-offs and changes in the calculation methodology and the estimates of the adequacy of the allowance for credit losses; \u2022 our ability to access cost-effective funding; \u2022 changes in liquidity, including the size and composition of our deposit portfolio, and the percentage of uninsured deposits in the portfolio; \u2022 fluctuations in real estate values and both residential and commercial real estate market conditio Item 1A. Risk Factors. An investment in our securities is subject to risks inherent in our business and the industry in which we operate. Before making an investment decision, you should carefully consider the risks and uncertainties described below and all other information included in this Annual Report on Form 10-", "title": "BVFL - BV Financial, Inc.", "url": "/company/BVFL/" }, { "kind": "company", "summary": "SIC 3826 Laboratory Analytical Instruments; CIK 0001503274; latest 10-K filed 2026-03-02.", "text": "QTRX - Quanterix Corp SIC 3826 Laboratory Analytical Instruments; CIK 0001503274; latest 10-K filed 2026-03-02. QTRX Quanterix Corp 0001503274 3826 Laboratory Analytical Instruments ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis provides information management believes to be relevant to understanding the financial condition and results of operations of Quanterix Corporation for the years ended December 31, 2025 and 2024. For a full understanding of our financial condition and results of operations, this discussion and analysis should be read in conjunction with our Consolidated Financial Statements and accompanying notes included in the section titled \u201cPart II. Item 8. Financial Statements and Supplementary Data\u201d of this Annual Report on Form 10-K. Certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying unrounded numbers. In addition to historical information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results, performance, or experience may differ materially from those discussed below due to various important factors, risks, and uncertainties, including, but not limited to, those set forth under the sections titled \u201cPart I, Item 1A. Risk Factors\u201d and \u201cNote Regarding Forward-Looking Statements\u201d included in this Annual Report on Form 10-K. Unless the context otherwise requires, the terms \u201cQuanterix,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cit,\u201d \u201cus,\u201c and \u201cour\u201d in this Annual Report on Form 10-K refer to Quanterix Corporation and its consolidated subsidiaries. The discussion and analysis of our financial condition as of, and results of operations for the year ended December 31, 2024 as compared to the year ended December 31, 2023 is included in the section titled \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the U.S Securities and Exchange Commission (the \"SEC\") on March 17, 2025. Overview We are a life sciences company transforming healthcare innovation by accelerating biomarker breakthroughs from discovery to diagnostics using our ultra-sensitive translational research and spatial biology instruments, consumables, and services. We continue to invest in pushing a paradigm shift in healthcare from an emphasis on later-stage treatment to a focus on earlier detection, monitoring, prognosis, and, ultimately, prevention. Our combined platforms have achieved significant commercial adoption with an installed base of over 2,500 instruments and scientific validation with citations in more than 6,200 scientific publications in areas of high unmet medical need and research interest such as neurology, oncology, immunology, and inflammation. Our proprietary digital \u201cSimoa\u201d detection technology enables customers to reliably detect protein biomarkers at ultra-low concentrations in blood, serum and other fluids that, in many cases, are undetectable using conventional, analog immunoassay technologies. Multi-plexing biomarker analysis in tissue samples with our \u201cSpatial Biology\u201d platforms enables scientists to understand the localized interactions occurring on the cellular level. We believe our combination of technologies will enable scientists to help drive diagnostic innovation in the evolving healthcare landscape with data across the tissue to fluid continuum. Currently, the ability of our Simoa platforms to detect proteins in the femtomolar range is enabling the development of novel therapies and diagnostics and has the potential to identify early-stage disease markers before symptoms appear. Our instruments are designed to be used either with assays fully developed by us, including all antibodies and supplies required to run the assays, or with \"homebrew\" assay kits where we supply some of the components required for testing, and the customer supplies the remaining required elements. Accordingly, our installed instruments generate a recurrin ITEM 1. BUSINESS Overview We are a life sciences company transforming healthcare innovation by accelerating biomarker breakthroughs from discovery to diagnostics using our ultra-sensitive translational research and spatial biology instruments, consumables, and services. We continue to invest in pushing a paradigm shift in healthcare from an emphasis on later-stage treatment to a focus on earlier detection, monitoring, prognosis, and, ultimately, prevention. Our combined platforms have achieved significant commercial adoption with an installed base of over 2,500 instruments and scientific validation with citations in more than 6,200 scientific publications in areas of high unmet medical need and research interest such as neurology, oncology, immunology, and inflammation. Our proprietary digital \u201cSimoa\u201d detection technology enables customers to reliably detect protein biomarkers at ultra-low concentrations in blood, serum and other fluids that, in many cases, are undetectable using conventional, analog immunoassay technologies. Multi-plexing biomarker analysis in tissue samples with our \u201cSpatial Biology\u201d platforms enables scientists to understand the localized interactions occurring on the cellular level. We believe our combination of technologies will enable scientists to help drive diagnostic innovation in the evolving healthcare landscape with data across the tissue to fluid continuum. Currently, the ability of our Simoa platforms to detect proteins in the femtomolar range is enabling the development of novel therapies and diagnostics and has the potential to identify early-stage disease markers before symptoms appear. We sell our proprietary instruments and related consumables worldwide to research laboratories, contract research organizations (\"CROs\"), academic institutions, and bio-pharmaceutical companies. In addition, we provide contract research services and clinical laboratory testing services, including four Laboratory Developed Tests (\"LDTs\"), using ou ITEM 1A. RISK FACTORS The following risk factors and other information included in this Annual Report on Form 10-K should be carefully considered. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we presently deem less significant ", "title": "QTRX - Quanterix Corp", "url": "/company/QTRX/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001693577; latest 10-K filed 2026-03-13.", "text": "MNSB - MainStreet Bancshares, Inc. SIC 6022 State Commercial Banks; CIK 0001693577; latest 10-K filed 2026-03-13. MNSB MainStreet Bancshares, Inc. 0001693577 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The purpose of this discussion is to focus on significant changes in the financial condition and results of operations of the Company during the years ended December 31, 2025 and 2024. The following discussion supplements and provides information about the major components of the results of operations, financial condition, liquidity and capital resources of the Company. This discussion and analysis should be read in conjunction with the accompanying consolidated financial statements. 33 Forward-Looking Statements This Annual Report on Form 10-K contains certain forward-looking statements and information relating to the Company within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on the beliefs of management as well as assumptions made by and information currently available to management. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like \u201cbelieve,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cestimate,\u201d and \u201cintend\u201d or future or conditional verbs such as \u201cwill,\u201d \u201cshould,\u201d \u201ccould,\u201d or \u201cmay\u201d and similar expressions or the negative thereof. Important factors that could cause actual results to differ materially from those in the forward\u2013looking statements included herein include, but are not limited to: [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"general economic conditions, either nationally or in our market area, that are worse than expected;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"competition among depository and other financial institutions, particularly intensified competition for deposits;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"inflation and an interest rate environment that may reduce our margins or reduce the fair value of financial instruments;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"adverse changes in the securities markets;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory structure and in regulatory fees and capital requirements;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"our ability to enter new markets successfully and capitalize on growth opportunities;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"our ability to successfully integrate acquired entities;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"changes in consumer spending, borrowing and savings habits;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"changes in accounting policies and practices;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"changes in our organization, compensation and benefit plans;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"our ability to attract and retain key employees;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"changes in our financial condition or results of operations that reduce capital;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"changes in the financial condition or future prospects of issuers of securities that we own;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"the concentration of our business in the Northern Virginia as well as the greater Washington, DC metropolitan area and the effect of changes in the economic, political and environmental conditions on this market;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"adequacy of our allowance for credit losses;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"deterioration of our asset quality;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"cyber threats, attacks or events;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"reliance on third parties for key services;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"future performance of o Item 1. Business As used herein, the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d and \u201cus\u201d refer to MainStreet Bancshares, Inc., and the \u201cBank\u201d refers to MainStreet Bank. Overview MainStreet Bancshares, Inc. is a financial holding company that owns 100% of MainStreet Bank and MainStreet Community Capital, LLC. On October 12, 2021, the Company filed an election to be a financial holding company with the Board of Governors of the Federal Reserve System (the \u201cFederal Reserve\u201d). The Company elected financial holding company status in order to engage in a broader range of financial activities than are permitted for bank holding companies generally. We emphasize providing responsive and personalized services to our clients. Due to the consolidation of financial institutions in our primary market area, we believe there is a significant opportunity for a local bank to provide a full range of financial services. By offering highly professional, personalized banking products and service delivery methods and employing advanced banking technologies, we seek to distinguish ourselves from larger, regional banks operating in our market area and are able to compete effectively with other community banks. MainStreet Bancshares, Inc. MainStreet Bancshares Inc. is a bank holding company incorporated under the laws of the Commonwealth of Virginia whose principal activity is the ownership and management of MainStreet Bank and MainStreet Community Capital, LLC. The Company is authorized to issue 15,000,000 shares of common stock, par value $4.00 per share. Additionally, the Company is authorized to issue 2,000,000 shares of preferred stock, par value $1.00 per share. There were 7,496,571, shares of common stock outstanding and 28,750 shares of 7.50% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock outstanding at December 31, 2025. At that date, there were also outstanding 1,150,000 depositary shares, each representing a 1/40th interest in a share of the Company\u2019s Series A Preferred Stock, w Item 1A. Risk Factors This section highlights material risks that the Company currently faces. Any of the risks described below, along with management\u2019s discussion and analysis and the consolidated financial statements and footnotes, could materially adversely affect our business, financial condition, and results of operations. Additional ", "title": "MNSB - MainStreet Bancshares, Inc.", "url": "/company/MNSB/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0000318673; latest 10-K filed 2026-03-16.", "text": "SNFCA - SECURITY NATIONAL FINANCIAL CORP SIC 6199 Finance Services; CIK 0000318673; latest 10-K filed 2026-03-16. SNFCA SECURITY NATIONAL FINANCIAL CORP 0000318673 6199 Finance Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview The Company\u2019s operations over the last several years generally reflect three strategies which the Company expects to continue: (i) increased attention to \u201cniche\u201d insurance products, such as the Company\u2019s funeral plan policies and traditional whole life products; (ii) increased emphasis on cemetery and mortuary business; and (iii) capitalizing on the housing market by originating mortgage loans. Insurance Operations The following table shows the condensed financial results for the Company\u2019s insurance operations for 2025, and 2024. See Note 20 of the Notes to Consolidated Financial Statements. See Note 1 of the Notes to Consolidated Financial Statements regarding the adoption of ASU 2018-12. [[GREPCENT_TABLE]] [[\"\",\"\",\"Years ended December 31 (in thousands of dollars)\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2025 vs 2024 % Increase (Decrease)\"],[\"Revenues from external customers:\"],[\"Insurance premiums\",\"\",\"$\",\"119,757\",\"\",\"\",\"$\",\"119,656\",\"\",\"\",\"\",\"0\",\"%\"],[\"Net investment income\",\"\",\"\",\"76,379\",\"\",\"\",\"\",\"68,255\",\"\",\"\",\"\",\"12\",\"%\"],[\"Gains on investments and other assets\",\"\",\"\",\"3,229\",\"\",\"\",\"\",\"2,055\",\"\",\"\",\"\",\"57\",\"%\"],[\"Other revenues\",\"\",\"\",\"1,904\",\"\",\"\",\"\",\"1,564\",\"\",\"\",\"\",\"22\",\"%\"],[\"Intersegment revenues\",\"\",\"\",\"6,996\",\"\",\"\",\"\",\"7,272\",\"\",\"\",\"\",\"(4\",\")%\"],[\"Total segment revenues\",\"\",\"$\",\"208,265\",\"\",\"\",\"$\",\"198,802\",\"\",\"\",\"\",\"5\",\"%\"],[\"Segment net earnings\",\"\",\"$\",\"29,439\",\"\",\"\",\"$\",\"27,435\",\"\",\"\",\"\",\"7\",\"%\"]] [[/GREPCENT_TABLE]] Profitability for 2025 increased due to (a) a $8,124,000 increase in net investment income, (b) a $1,174,000 increase in gains on investments and other assets, (c) a $340,000 increase in other revenues, (d) a $219,000 decrease in intersegment expenses, and (e) a $101,000 increase in insurance premiums and other considerations, which were partially offset by (i) a $6,134,000 increase in selling, general and administrative expenses, (ii) a $711,000 increase in amortization of deferred policy acquisition costs, (iii) a $621,000 increase in income tax expense, (iv) a $276,000 decrease in intersegment revenue, (v) a $205,000 increase in policyholder benefits and claims, and (vi) a $7,000 increase in interest expense. 19 Cemetery and Mortuary Operations The following table shows the condensed financial results for the Company\u2019s cemetery and mortuary operations for 2025, and 2024. See Note 20 of the Notes to Consolidated Financial Statements. [[GREPCENT_TABLE]] [[\"\",\"\",\"Years ended December 31 (in thousands of dollars)\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2025 vs 2024 % Increase (Decrease)\"],[\"Revenues from external customers:\"],[\"Cemetery revenues\",\"\",\"$\",\"15,243\",\"\",\"\",\"$\",\"16,101\",\"\",\"\",\"\",\"(5\",\")%\"],[\"Mortuary revenues\",\"\",\"\",\"13,462\",\"\",\"\",\"\",\"12,936\",\"\",\"\",\"\",\"4\",\"%\"],[\"Net investment income\",\"\",\"\",\"2,345\",\"\",\"\",\"\",\"2,569\",\"\",\"\",\"\",\"(9\",\")%\"],[\"Gains on investments and other assets\",\"\",\"\",\"1,347\",\"\",\"\",\"\",\"873\",\"\",\"\",\"\",\"54\",\"%\"],[\"Other revenues\",\"\",\"\",\"920\",\"\",\"\",\"\",\"543\",\"\",\"\",\"\",\"69\",\"%\"],[\"Intersegment revenues\",\"\",\"\",\"340\",\"\",\"\",\"\",\"341\",\"\",\"\",\"\",\"0\",\"%\"],[\"Total segment revenues\",\"\",\"$\",\"33,657\",\"\",\"\",\"$\",\"33,363\",\"\",\"\",\"\",\"1\",\"%\"],[\"Segment net earnings\",\"\",\"$\",\"6,584\",\"\",\"\",\"$\",\"6,634\",\"\",\"\",\"\",\"(1\",\")%\"]] [[/GREPCENT_TABLE]] Profitability in 2025 decreased due to (a) a $888,000 decrease in cemetery pre-need sales, (b) a $570,000 increase in selling, general and administrative expenses, (c) a $223,000 decrease in net investment income, (d) an $8,000 increase in income tax expense, and (e) a $2,000 increase in interest expense, which were partially offset by (i) a $526,000 increase in mortuary at-need sales, (ii) a $474,000 increase in gains on investments and other assets, (iii) a $377,000 increase in other revenues, (iv) a $143,000 decrease in costs of goods and services sold, (v) a $63,000 decrease in amortization of deferred policy acquisition costs, (vi) a $29,000 increase in", "title": "SNFCA - SECURITY NATIONAL FINANCIAL CORP", "url": "/company/SNFCA/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001787400; latest 10-K filed 2026-03-25.", "text": "NKTX - Nkarta, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001787400; latest 10-K filed 2026-03-25. NKTX Nkarta, Inc. 0001787400 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that reflect our plans, estimates and beliefs, and involve risks and uncertainties. Our actual results and the timing of certain events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those discussed in the section titled \u201cRisk Factors\u201d included under Part I, Item 1A and elsewhere in this Annual Report on Form 10-K. See \u201cCautionary Note Regarding Forward-Looking Statements\u201d in this Annual Report on Form 10-K. Overview We are a clinical-stage biopharmaceutical company pioneering the development of allogeneic, off-the-shelf engineered natural killer (\"NK\") cell therapies. Our lead pipeline program is NKX019, a chimeric antigen receptor-natural killer (\"CAR NK\") product candidate targeting the CD19 antigen for the treatment of patients with autoimmune diseases. Our CAR NK platform enables an on-demand, off-the-shelf approach involving scaled manufacturing to broaden patient access. We have developed proprietary technologies designed to generate an abundant supply of NK cells, increase NK cell recognition of target antigens, and enhance NK cell fitness to support scalable, off the shelf administration. NKX019 is allogeneic, which means it is produced using cells from a different person than the patient(s) being treated, and it is produced in quantity, then frozen and therefore available for treating patients without delay, unlike autologous cell therapies, which are derived from a patient\u2019s own cells and must be manufactured as needed for each patient. We believe that engineered NK cells have the potential to be effective and accessible therapies for autoimmune diseases and other diseases, be well tolerated, and avoid some of the toxicities observed with other cell therapies. Our modular engineering platform builds on the distinctive biology of NK cells and their role in eradicating aberrant and pathologically transformed cells. Our process starts with mature NK cells derived from healthy donors. We build on the intrinsic ability of these immune cells to identify and kill transformed cells with cell engineering to further enhance their activity. This engineering involves inducing the expression of a chimeric antigen receptor (\"CAR\") on the surface of an NK cell to enable the cell to recognize specific proteins or antigens that are present on the surface of target cells. Our engineered CAR NK cells generally consist of an NK cell engineered with a targeting receptor, OX40 costimulatory domain, CD3\u03b6(zeta) signaling moiety, and a membrane-bound form of the cytokine IL(interleukin)-15 (\"mbIL-15\"). In March 2025, we approved a reduction in workforce as a result of a review of current strategic priorities and resource allocation with the intent to decrease our costs and create a more streamlined organization to support our operations and reprioritized product pipeline. Our Ntrust-1 clinical trial (\"Ntrust-1\") is a multi-center, open-label, dose-escalation Phase 1 clinical trial of NKX019 for lupus nephritis (\"LN\") and primary membranous nephropathy (\"pMN\"). Our Ntrust-2 clinical trial (\"Ntrust-2\") is a multi-center, open-label, dose-escalation Phase 1 clinical trial of NKX019 for systemic sclerosis (\"scleroderma\"), idiopathic inflammatory myopathy (\"myositis\") and antineutrophil cytoplasmic antibody (ANCA)-associated vasculitis (\"AAV\"). In order to maximize the potential success of both our Ntrust-1 clinical trial and our Ntrust-2 clinical trial, in May 2025, we announced the modification of the lymphodepleting conditioning (\"LD\") prior to administration of NKX019 to use a combination of fl Item 1. Business. Overview We are a clinical-stage biopharmaceutical company pioneering the development of allogeneic, off-the-shelf engineered natural killer (\"NK\") cell therapies. Our company was founded on the belief that engineered NK cell therapies can transform the lives of patients by offering therapies that are clinically meaningful, broadly accessible and unencumbered by the safety concerns often associated with other cell therapy approaches. Our lead pipeline program is NKX019, a chimeric antigen receptor-natural killer (\"CAR NK\") product candidate targeting the CD19 antigen for the treatment of patients with autoimmune diseases. Our CAR NK platform enables an on-demand, off-the-shelf approach involving scaled manufacturing to broaden patient access. We have developed proprietary technologies designed to generate an abundant supply of NK cells, increase NK cell recognition of target antigens, and enhance NK cell fitness to support scalable, off the shelf administration. NKX019 is allogeneic, which means it is produced using cells from a different person than the patient(s) being treated, and it is produced in quantity, then frozen and therefore available for treating patients without delay, unlike autologous cell therapies, which are derived from a patient\u2019s own cells and must be manufactured as needed for each patient. We believe that engineered NK cells have the potential to be effective and accessible therapies for autoimmune diseases and other diseases, be well tolerated, and avoid some of the toxicities observed with other cell therapies. NKX019 is currently being studied in an ongoing Phase 1 clinical trial (\"Ntrust-1\") for lupus nephritis (\"LN\") and primary membranous nephropathy (\"pMN\") and a Phase 1 clinical trial (\"Ntrust-2\") for systemic sclerosis (\"scleroderma\"), idiopathic inflammatory myopathy (\"myositis\"), and antineutrophil cytoplasmic antibody (ANCA)-associated vasculitis (\"AAV\"). NKX019 is also being studied in an investigator-sponsore Item 1A. Risk Factors. An investment in shares of our common stock involves a high degree of risk. You should carefully consider the following risk factors, as well as all of the other information contained in this Annual Report on Form 10-K, before making an investment decision. The risks described below are not the only ones facing us. T", "title": "NKTX - Nkarta, Inc.", "url": "/company/NKTX/" }, { "kind": "company", "summary": "SIC 2750 Commercial Printing; CIK 0001641614; latest 10-K filed 2026-03-05.", "text": "PMTS - CPI Card Group Inc. SIC 2750 Commercial Printing; CIK 0001641614; latest 10-K filed 2026-03-05. PMTS CPI Card Group Inc. 0001641614 2750 Commercial Printing Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion in conjunction with the consolidated financial statements and the notes to those statements included elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, some of which are not within our control. See \"Risk Factors\" and \u201cCautionary Statement Regarding Forward-Looking Statements.\u201d Company Overview CPI is a payments technology company providing a comprehensive range of physical and digital payment solutions for U.S. financial institutions, processors, fintechs, prepaid program managers, and more. We are a leader in several areas of the U.S. payment card solutions market, including debit and credit card production, personalization, and Software-as-a-Service-based (\u201cSaaS-based\u201d) instant issuance services. We are also a market leader in the production of \u201cPrepaid Debit Cards,\u201d defined as debit cards issued on the networks of the \u201cPayment Card Brands\u201d (Visa, Mastercard\u00ae, American Express\u00ae and Discover\u00ae) but not linked to a traditional bank account, and related secure packaging solutions. We serve thousands of customers through direct and indirect sales channels and have maintained long-standing relationships with our top customers. Our revenues are primarily generated from the production of and services related to secure debit and credit cards that are issued on the networks of the Payment Card Brands, including Prepaid Debit Cards. \u200b 40 Table of Contents Segment Overview \u200b Our business consists of the following reportable segments: Debit and Credit, Prepaid Debit, and Other. Debit and Credit Segment Our Debit and Credit segment primarily produces secure debit and credit cards and provides card services for U.S. card-issuing financial institutions. Services include personalization; instant issuance, which provides customers the ability to issue an instant personalized debit or credit card on-demand within a customer location; and other payment solutions such as digital push provisioning for mobile wallets. Prepaid Debit Segment Our Prepaid Debit segment primarily provides secure packaging solutions, Prepaid Debit Cards, and other integrated prepaid card services to prepaid program managers in the U.S. Other Our Other segment includes corporate expenses. Key Components of Results of Operations Beginning in the fourth quarter of 2025, we revised our financial statement presentation to better reflect the integrated nature of the services and solutions provided in connection with our product offerings. Accordingly, we no longer present \u201cProducts\u201d and \u201cServices\u201d separately within revenue and cost of goods sold, and prior period amounts have been revised to conform the prior period presentation to the current period presentation. Set forth below is a brief description of key line items of our consolidated statements of operations and comprehensive income. Revenue Revenue is generated from the sale to our customers, including the design and production of contact and contactless payment cards, which includes our eco-focused cards. Contactless cards have additional technology to process contactless transactions and generally have a higher selling price than contact-only cards. We also generate revenue from the sale of our Card@Once\u00ae instant issuance system and consumables, private label credit cards and retail gift cards, the personalization and fulfillment of payment cards, tamper-evident secure packaging, fulfillment services, SaaS-based personalization of instant issuance payment cards and other digital offerings. See Part II, Item 8, Financial Statements and Supplementary Data, Note 2 \u201cSummary of Significant Accounting Policies\u201d and Part II, Item 7, Item 1. Business As used herein, \u201cCPI,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cour\u201d and similar terms refer to CPI Card Group Inc. and its subsidiaries, unless the context indicates otherwise. Overview CPI is a payments technology company providing a comprehensive range of physical and digital payment solutions for U.S. financial institutions, processors, fintechs, prepaid program managers, and more. We are a leader in several areas of the U.S. payment card solutions market, including debit and credit card production, personalization, and Software-as-a-Service-based (\u201cSaaS-based\u201d) instant issuance solutions. We are also a market leader in the production of \u201cPrepaid Debit Cards,\u201d defined as debit cards issued on the networks of the \u201cPayment Card Brands\u201d (Visa, Mastercard\u00ae, American Express\u00ae and Discover\u00ae) but not linked to a traditional bank account, and related secure packaging solutions. We serve thousands of customers through direct and indirect sales channels and have maintained long-standing relationships with our top customers. The foundation of our strong market position is our focus on customer service, quality and innovation and our comprehensive offering of payment card solutions. Our solutions provide a full suite of products and related services required to produce, personalize and fulfill payment cards, both physically and digitally, while maintaining the security requirements of the Payment Card Brands. We are integral to many of our customers\u2019 card programs, pairing design and production with end-to-end offerings that are integrated within our customers\u2019 operations and require process and/or technology integration, such as secure data links to transfer highly sensitive cardholder information. These offerings are important to many of our customers not just for the payment cards themselves but as an essential element in utilizing them as part of their overall branding and marketing initiatives. The U.S. payment card solutions market in which we operate has experienc Item 1A. Risk Factors There are many factors that affect our business, financial condition, results of operations and cash flows, some of which are beyond our control. The following is a description of some important factors that may cause our business, financial condition, results of operations and cash flows in future periods to differ materially from thos", "title": "PMTS - CPI Card Group Inc.", "url": "/company/PMTS/" }, { "kind": "company", "summary": "SIC 3390 Miscellaneous Primary Metal Products; CIK 0000034067; latest 10-K filed 2026-02-23.", "text": "BOOM - DMC Global Inc. SIC 3390 Miscellaneous Primary Metal Products; CIK 0000034067; latest 10-K filed 2026-02-23. BOOM DMC Global Inc. 0000034067 3390 Miscellaneous Primary Metal Products ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our historical Consolidated Financial Statements and notes included elsewhere in this annual report. A discussion regarding our financial condition and results of operations as well as our liquidity and capital resources for fiscal 2024 compared to fiscal 2023 can be found under Item 7 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which is available on the SEC\u2019s website at www.sec.gov and our Investor Relations website at ir.dmcglobal.com. Unless stated otherwise, all dollar figures in this report are presented in thousands (000s). Overview General DMC Global Inc. (\u201cDMC\u201d, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, or the \u201cCompany\u201d) operates three manufacturing businesses: Arcadia Products, DynaEnergetics and NobelClad, which produce differentiated products and engineered solutions primarily for the construction, energy, and industrial processing markets. Our businesses seek to capitalize on their product and service differentiation to expand profit margins, increase cash flow and enhance shareholder value. Based in Broomfield, Colorado, DMC\u2019s common stock trades on Nasdaq under the symbol \u201cBOOM.\u201d Arcadia Products On December 23, 2021, DMC completed the acquisition of 60% of the membership interests in Arcadia Products, LLC, a Colorado limited liability company resulting from the conversion of Arcadia, Inc. (collectively, \u201cArcadia Products\u201d). Arcadia Products designs, engineers, fabricates, and finishes aluminum framing systems, windows, curtain walls, storefronts, entrance systems, and interior partitions to the commercial construction market. Additionally, Arcadia Products supplies customized windows and doors to the high-end residential construction market. Cost of products sold for Arcadia Products includes the cost of aluminum, paint, and other raw materials used in manufacturing as well as employee compensation and benefits, manufacturing facility lease expense, depreciation of manufacturing equipment, supplies and other manufacturing overhead expenses. DynaEnergetics DynaEnergetics designs, manufactures, markets and sells perforating systems and associated hardware for the global oil and gas industry. These products are primarily sold to oilfield service companies in the U.S., Europe, Canada, Africa, the Middle East, and Asia. The market for perforating products, which are used during the well completion process, generally corresponds with oil and gas exploration and production activity. Well completion operations are increasingly complex, which in turn has increased the demand for intrinsically-safe, reliable and technically advanced perforating systems. Cost of products sold for DynaEnergetics includes the cost of metals, explosives and other raw materials used to manufacture shaped charges, detonating products and perforating guns as well as employee compensation and benefits, depreciation of manufacturing facilities and equipment, supplies and other manufacturing overhead expenses. NobelClad NobelClad produces explosion-welded clad metal plates for use in the construction of corrosion-resistant industrial processing equipment and specialized transition joints for commuter rail cars, ships, and LNG processing equipment. While most demand for our products is driven by maintenance and retrofit projects at existing plants and facilities, new projects for petrochemical processing, oil refining, and aluminum smelting facilities also account for a significant portion of total demand. These industries tend to be cyclical in nature, and the timing of new order inflow remains difficult to predict. Cost of products sold for NobelClad includes the cost of metals, explosive powders and other raw materials used to manufacture clad metal plates and transition joints as well as employee compensation and benefits, outside processing costs, depreciation of man ITEM 1. Business References made in this Annual Report on Form 10-K to \u201cwe\u201d, \u201cour\u201d, \u201cus\u201d, \u201cDMC\u201d, \u201cDMC Global\u201d and the \u201cCompany\u201d refer to DMC Global Inc. and its consolidated subsidiaries. Unless stated otherwise, all dollar figures in this report are presented in thousands (000s). Overview DMC Global Inc. (\u201cDMC\u201d, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, or the \u201cCompany\u201d) operates three manufacturing businesses: Arcadia Products, DynaEnergetics and NobelClad, which provide differentiated products and engineered solutions primarily for the construction, energy, and industrial processing markets. Arcadia Products designs, engineers, fabricates and finishes aluminum framing systems, windows, curtain walls, storefronts, entrance systems, and interior partitions for the commercial construction market. Arcadia Products also supplies customized windows and doors to the high-end residential construction market. DynaEnergetics is a vertically integrated, global manufacturer of advanced perforating systems used in oil and gas well completion and well plug-and-abandonment operations. DynaEnergetics designs, engineers, manufactures, and qualifies its perforating components and systems in-house. NobelClad produces explosion-welded clad metal plates for use in the construction of corrosion-resistant industrial processing equipment. NobelClad also produces specialized transition joints for a broad range of applications, including aluminum smelting, ship construction, and liquified natural gas (\u201cLNG\u201d) processing equipment. Arcadia Products uses a network of manufacturing, fabrication and distribution centers throughout the United States to sell its products, while DynaEnergetics and NobelClad operate globally through an international network of manufacturing, distribution and sales facilities. Refer to Note 11 \u201cBusiness Segments\u201d within Part II, Item 8 \u2014 Financial Statements and Supplementary Data for net sales and operating income (loss) for each of our ITEM 1A. Risk Factors Please carefully consider the following discussion of material factors, events, and uncertainties that make our business and an investment in our securities subject to risk. The events and consequences discussed in these risk factors could, in circumstances we may or may not be able to accurately predict, recognize, or control, have a material advers", "title": "BOOM - DMC Global Inc.", "url": "/company/BOOM/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001478454; latest 10-K filed 2026-03-09.", "text": "EBMT - Eagle Bancorp Montana, Inc. SIC 6022 State Commercial Banks; CIK 0001478454; latest 10-K filed 2026-03-09. EBMT Eagle Bancorp Montana, Inc. 0001478454 6022 State Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis of the financial condition and results of operations of Eagle is intended to help investors understand our company and our operations. The financial review is provided as a supplement to and should be read in conjunction with the Consolidated Financial Statements and the related Notes included elsewhere in this report. Introduction Eagle Bancorp Montana, Inc. is a bank holding company registered under the Bank Holding Company Act, is incorporated under the laws of Delaware and headquartered in Helena, Montana. Through its wholly-owned subsidiary, Opportunity Bank of Montana, a Montana state-chartered bank that is a member of the Federal Reserve System, the Company provides commercial and consumer banking services. The following Management's Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") describes Eagle and its subsidiaries' results of operations for the year ended December 31, 2025 as compared to the year ended December 31, 2024, and also analyzes our financial condition as of December 31, 2025 as compared to December 31, 2024. Like most banking institutions, our principal business consists of attracting deposits from the general public and the business community and making loans secured by various types of collateral, including real estate and other consumer assets. We are significantly affected by prevailing economic conditions, particularly interest rates, as well as government policies concerning, among other things, monetary and fiscal affairs, housing and financial institutions and regulations regarding lending and other operations, privacy and consumer disclosure. Attracting and maintaining deposits is influenced by a number of factors, including interest rates paid on competing investments offered by other financial and nonfinancial institutions, account maturities, fee structures and levels of personal income and savings. Lending activities are affected by the demand for funds and thus are influenced by interest rates, the number and quality of lenders and regional economic conditions. Sources of funds for lending activities include deposits, borrowings, repayments on loans, cash flows from maturities of investment securities and income provided from operations. Our earnings depend primarily on our level of net interest income, which is the difference between interest earned on our interest-earning assets, consisting primarily of loans and investment securities, and the interest paid on interest-bearing liabilities, consisting primarily of deposits, borrowed funds, and trust-preferred securities. Net interest income is a function of our interest rate spread, which is the difference between the average yield earned on our interest-earning assets and the average rate paid on our interest-bearing liabilities, as well as a function of the average balance of interest-earning assets compared to interest-bearing liabilities. Also contributing to our earnings is noninterest income, which consists primarily of service charges and fees on loan and deposit products and services, net gains and losses on sale of assets, and mortgage loan service fees. Net interest income and noninterest income are offset by provisions for credit losses, general administrative and other expenses, including salaries and employee benefits and occupancy and equipment costs, as well as by state and federal income tax expense. The Bank has a strong mortgage lending focus, with a large portion of its loan originations represented by single-family residential mortgages, which has enabled it to successfully market home equity loans, as well as a wide range of shorter-term consumer loans for various personal needs (automobiles, recreational vehicles, etc.). The Bank has also focused on adding commercial loans to our portfolio, both real estate and non-real estate. We have made signific ITEM 1A. RISK FACTORS Risks Related to Economic and Market Conditions Our business may be adversely affected by conditions in the financial markets and economic conditions generally and in our market areas in particular. Our financial performance generally, and in particular the ability of our borrowers to pay interest on and repay principal of outstanding loans and the value of collateral securing those loans, as well as demand for loans and other products and services we offer and whose success we rely on to drive our future growth, is highly dependent upon the business environment in the markets in which we operate, principally in Montana, and in the United States as a whole. Unlike larger banks that are more geographically diversified, we provide banking and financial services to customers primarily in Montana. The economic conditions in our local markets may be different from, and in some instances worse than, the economic conditions in the United States as a whole. Some elements of the business environment that affect our financial performance include short-term and long-term interest rates, the prevailing yield curve, inflation and price levels, monetary policy, unemployment and strength of the domestic economy and local economy in the markets in which we operate. Unfavorable market conditions can result in deterioration in the credit quality of our borrowers and the demand for our products and services, an increase in the number of loan delinquencies, defaults and charge-offs, additional provisions for credit losses, adverse asset values and an overall material adverse effect on the quality of our loan portfolio. Unfavorable or uncertain economic and market conditions can be caused by declines in economic growth, business activity or investor or business confidence; limitations on the availability or increases in the cost of credit and capital; increases in inflation or interest rates; high unemployment; natural disasters; state or local government insolv", "title": "EBMT - Eagle Bancorp Montana, Inc.", "url": "/company/EBMT/" }, { "kind": "company", "summary": "SIC 8351 Services-Child Day Care Services; CIK 0001873529; latest 10-K filed 2026-03-13.", "text": "KLC - KinderCare Learning Companies, Inc. SIC 8351 Services-Child Day Care Services; CIK 0001873529; latest 10-K filed 2026-03-13. KLC KinderCare Learning Companies, Inc. 0001873529 8351 Services-Child Day Care Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with, and is qualified in its entirety by reference to, our audited consolidated financial statements and notes thereto for the fiscal year ended January 3, 2026 included in Item 8 of this Annual Report on Form 10-K. This discussion and analysis primarily addresses the 53-week fiscal year ended January 3, 2026 (\"fiscal 2025\") and the 52-week fiscal year ended December 28, 2024 (\"fiscal 2024\") and comparisons between these years. Discussion and analysis as well as comparisons of the fiscal years ended December 28, 2024 and December 30, 2023 can be found within \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in our previous Annual Report on Form 10-K for the fiscal year ended December 28, 2024 filed with the SEC on March 21, 2025. Some of the information included in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \"Risk Factors\u201d sections included elsewhere in this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Our Company KinderCare Learning Companies, Inc. is a leading provider of high-quality ECE in the United States. We are a mission-driven organization, rooted in a commitment to providing all children with the very best start in life. We serve children ranging from six weeks to 12 years of age across our market-leading footprint of 1,601 early childhood education centers with center capacity for 214,803 children and 1,153 before- and after-school sites located in 41 states and the District of Columbia as of January 3, 2026. On October 8, 2024, our registration statement on Form S-1, as amended (File No. 333-281971) (\"Form S-1\") related to our IPO, was declared effective by the SEC, and our IPO was completed on October 10, 2024. In connection with our IPO, the Company converted Class A and Class B common stock, both with a par value of $0.0001 per share, to common stock, with a par value of $0.01 per share, at a ratio of 8.375 shares of Class A and Class B common stock to one share of common stock, which became effective immediately following the effectiveness of our registration statement on Form S-1 for our IPO (\"Common Stock Conversion\"). As a result, prior periods presented in our consolidated financial statements and notes thereto as of and for the fiscal year ended January 3, 2026 have been adjusted to retrospectively reflect the Common Stock Conversion. Refer to Note 17 within the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K for further information. Factors Affecting the Comparability of our Results of Operations As a result of certain factors, our historical results of operations may not be comparable from period to period and may not be comparable to our financial results of operations in future periods. Set forth below is a brief discussion of the key factors impacting the comparability of our results of operations. 28 Fiscal Period We report on a 52- or 53-week fiscal year comprised of 13- or 14-week fourth quarters, respectively, with the fiscal year ending on the Saturday closest to December 31. Fiscal 2025 is a 53-week fiscal year as compared to fiscal 2024 which is a 52-week fiscal year. The 53rd week in fiscal 2025 contributed an additional $45.1 million of revenue and an estimated $12 million of adjusted EBITDA. IPO and Related Transactions In October 2024, we sold 27.6 million shares of our comm Item 1. Business General KinderCare Learning Companies, Inc. (the \"Company,\" \"KinderCare,\" \"we,\" \"us\" and \"our\") is a leading private provider of high-quality early education and child care services (\"ECE\") in the United States. We are a mission-driven organization, rooted in a commitment to providing all children with the very best start in life. We serve children ranging from six weeks to 12 years of age across our footprint. We operate a national network of community-based centers, employer-sponsored programs and before- and after-school sites. Our proprietary curriculum is supported by third-party assessment tools that measure school readiness outcomes. We voluntarily pursue national accreditation at our centers and onsite programs. We report on a 52- or 53-week fiscal year comprised of 13- or 14-week fourth quarters, respectively, with the fiscal year ending on the Saturday closest to December 31. Our fiscal 2025 was a 53-week year ending on January 3, 2026. References in this Annual Report on Form 10-K to financial or operational results for fiscal 2025 refer to our fiscal year ending January 3, 2026. Our Brands We compete in the U.S. market for ECE services, including before- and after-school services for school-aged children. The market for center-based ECE services is highly fragmented according to Child Care Aware of America. We estimate that the top five providers, including KinderCare, represented approximately 6% of total capacity as of January 3, 2026. We are a leader in early childhood education and care across our three consumer-facing brands designed to address key parent demographics: \u2022 KinderCare Learning Centers (\u201cKCLC\u201d) is a leading provider of community-based early child care and education in the United States. As of January 3, 2026 KCLC operated 1,555 centers with a capacity to serve approximately 200,000 children, of which 77 are employer-based centers. In fiscal 2025 we opened 44 KCLC centers through green fields and acquisitions an Item 1A. Risk Factors Investing in our common stock involves risks. You should carefully consider the risks described below, together with all of the other information included in this Annual Report, including our consolidated financial statements and related notes included in Item 8 of this Annua", "title": "KLC - KinderCare Learning Companies, Inc.", "url": "/company/KLC/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001786248; latest 10-K filed 2026-03-31.", "text": "NREF - NexPoint Real Estate Finance, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001786248; latest 10-K filed 2026-03-31. NREF NexPoint Real Estate Finance, Inc. 0001786248 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following is a discussion and analysis of our financial condition and results of operations. The following should be read in conjunction with our financial statements and accompanying notes. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those projected, forecasted, or expected in these forward-looking statements as a result of various factors, including, but not limited to, those discussed below and elsewhere in this Annual Report. See \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d in this Annual Report. Our management believes the assumptions underlying the Company's financial statements and accompanying notes are reasonable. However, the Company's financial statements and accompanying notes may not be an indication of our financial condition and results of operations in the future. Overview We are a commercial mortgage REIT incorporated in Maryland on June 7, 2019. Our strategy is to originate, structure and invest in first-lien mortgage loans, mezzanine loans, preferred equity, convertible notes, multifamily properties and common equity investments, as well as multifamily and SFR CMBS securitizations, promissory notes, revolving credit facilities and stock warrants, or our target assets. We primarily focus on investments in real estate sectors where our senior management team has operating expertise, including in the multifamily, SFR, self-storage, industrial and life science sectors predominantly in the top 50 MSAs. In addition, we target lending or investing in properties that are stabilized. Our investment objective is to generate attractive, risk-adjusted returns for stockholders over the long term. We seek to employ a flexible and relative-value focused investment strategy and expect to re-allocate capital periodically among our target investment classes. We believe this flexibility will enable us to efficiently manage risk and deliver attractive risk-adjusted returns under a variety of market conditions and economic cycles. We are externally managed by our Manager, a subsidiary of our Sponsor, an SEC-registered investment advisor, which has extensive real estate experience, having completed as of December 31, 2025 approximately $22.1 billion of gross real estate transactions since the beginning of 2012. In addition, our Sponsor, together with its affiliates, including NexBank, is one of the most experienced global alternative credit managers managing approximately $13.9 billion of loans and debt or credit related investments as of December 31, 2025 and has managed credit investments for over 25 years. We believe our relationship with our Sponsor benefits us by providing access to resources including research capabilities, an extensive relationship network, other proprietary information, scalability, and a vast wealth of knowledge of information on real estate in our target assets and sectors. We elected to be treated as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2020. We also intend to operate our business in a manner that will permit us to maintain one or more exclusions or exemptions from registration under the Investment Company Act. For information regarding the Bankruptcy Trust Lawsuit and the UBS Lawsuit, see \u201cItem 1A. Risk Factors\u2014The Chapter 11 bankruptcy filing by Highland may have materially adverse consequences on our business, financial condition and results of operations\u201d and \u201cItem 1A. Risk Factors\u2014Litigation against James Dondero and others may have materially adverse consequences on our business, financial condition and results of operations.\u201d Neither the Bankruptcy Trust Lawsuit nor the UBS Lawsuit include claims related to our business or our assets or operations. Our Sponsor and Mr. Dondero have informed us they believe the Item 1. Business General NexPoint Real Estate Finance, Inc. (the \u201cCompany\u201d, \u201cwe\u201d, \u201cour\u201d, \"NREF\") is a commercial mortgage REIT incorporated in Maryland on June 7, 2019 that has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the \u201cCode\u201d). The Company is focused on originating, structuring and investing in first-lien mortgage loans (\"senior loans\"), mezzanine loans, preferred equity, convertible notes, multifamily properties and common equity investments, as well as multifamily and single-family rental (\"SFR\") commercial mortgage backed securities securitizations (\u201cCMBS securitizations\u201d), promissory notes, revolving credit facilities and stock warrants, or our target assets. We primarily focus on investments in real estate sectors where our senior management team has operating expertise, including in the multifamily, SFR, self-storage, industrial and life science sectors predominantly in the top 50 metropolitan statistical areas (\u201cMSAs\u201d). The Company also lends to redevelopment and development projects in special situations where there is strong sponsorship and clear and visible cost basis detachment points and exit options. Substantially all of the Company\u2019s business is conducted through NexPoint Real Estate Finance Operating Partnership, L.P. (the \u201cOP\u201d), the Company\u2019s operating partnership. As of December 31, 2025, the Company held approximately 86.56% of the common limited partnership units in the OP (\u201cOP Units\u201d) which represents 100% of the Class A OP Units, and the OP owned all of the common limited partnership units (\u201cSubOP Units\u201d) of its three subsidiary partnerships (collectively, the \u201cSubsidiary OPs\u201d) (see Note 13 to our consolidated financial statements). The OP also directly owns all of the membership interests of a limited liability company (the \u201cMezz LLC\u201d) through which it owns a portfolio of mezzanine loans, as further discussed below. NexPoint Real Estate Finance OP GP, LLC (the \u201cOP GP\u201d) is the sole general partner Item 1A. Risk Factors You should carefully consider the following risks and other information in this Annual Report in evaluating us and our common stock. Any of the following risks, as well as additional risks and uncertainties not currently known to us or that we currently deem immaterial, co", "title": "NREF - NexPoint Real Estate Finance, Inc.", "url": "/company/NREF/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001084765; latest 10-K filed 2025-07-28.", "text": "RGP - RESOURCES CONNECTION, INC. SIC 7389 Services-Business Services, NEC; CIK 0001084765; latest 10-K filed 2025-07-28. RGP RESOURCES CONNECTION, INC. 0001084765 7389 Services-Business Services, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes. This discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors including, but not limited to, those discussed in Part I, Item 1A \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10 K. See \u201cForward Looking Statements\u201d above for further explanation. Overview Resources Global Professionals (\u201cRGP\u201d) is a professional services firm based in Dallas, Texas (with offices worldwide) focused on delivering consulting execution services that power clients\u2019 operational needs and change initiatives utilizing a combination of bench and on-demand, expert and diverse talent. As a next-generation human capital partner for our clients, we specialize in leadership and co-delivery of enterprise initiatives typically precipitated by business transformation, strategic transactions or regulatory change. Our engagements are designed to leverage human connection and collaboration to deliver practical solutions and more impactful results that power our clients\u2019, employees\u2019 and partners\u2019 success. We attract top-caliber professionals with in-demand skill sets who seek a workplace environment characterized by choice and control, collaboration and human connection. The trends in today\u2019s marketplace favor flexibility and agility as businesses confront transformation pressures and skilled labor shortages even in the face of protracted economic uncertainty. Our client engagement and talent delivery model offers speed and agility, strongly positioning us to help clients transform their businesses and workforce. Our model is especially relevant at a time where cost reduction initiatives drive an enhanced reliance on a flexible workforce to execute transformational projects. We are laser-focused on driving long-term growth in our business by seizing favorable macro shifts in workforce strategies and preferences, building an efficient and scalable operating model, and maintaining a distinctive culture and approach to professional services. Our enterprise initiatives in recent years include refining the operating model for sales, talent and delivery to be more client-centric, cultivating a more robust performance culture by aligning incentives to business performance, enhancing our consulting capabilities in digital transformation to align with market demand, improving operating leverage through pricing, operating efficiency and cost reduction, and driving growth through strategic acquisitions. We believe our focus and execution on these initiatives will serve as the foundation for growth ahead. See Part 1, Item 1 \u201cBusiness\u201d for further discussions about our business and operations. Fiscal 2025 Strategic Focus Areas In fiscal 2025, our strategic focus areas were: \u2022Evolve and execute under our new business segments \u2022Launch and activate new brand identity; and \u2022Enhance digital and artificial intelligence (\u201cAI\u201d) capabilities Evolve and execute under our new business segments \u2013 Our first area of focus for fiscal 2025 has been to evolve our business by focusing on three core engagement models: On-Demand Talent, Consulting, and Outsourced Services. This shift has enabled us to better serve our clients along their transformation journey by providing targeted skill sets, high value consulting services, and outsourced delivery under a single umbrella. Our approach combines flexibility, best of breed technology, and human-centered design with functional and subject matter expertise. This fiscal year, we have made tremendous progress in clarifying and operationalizing these models to unlock the cross selling of our diversif ITEM 1. BUSINESS. Overview Resources Global Professionals (\u201cRGP\u201d) is a professional services firm based in Dallas, Texas (with offices worldwide) focused on delivering flexible and high impact solutions to businesses through strategic and execution consulting, on-demand resourcing, and fully outsourcing services. As a next-generation human capital partner for our clients, we are a trusted partner to the C suite, specializing in navigating complex business challenges typically precipitated by business and technology transformation, strategic transactions, or regulatory compliance. Our engagements are designed to leverage a combination of bench and agile talent that are highly experienced to deliver practical solutions and more impactful results that power our clients\u2019, employees\u2019 and partners\u2019 success. We attract top-caliber professionals with in-demand skill sets who seek a workplace environment characterized by choice and control, collaboration and human connection. The trends in today\u2019s marketplace favor flexibility and agility as businesses confront transformation pressures and skilled labor shortages even in the face of protracted economic uncertainty. Our client engagement and talent delivery model offer speed and agility, strongly positioning us to help clients transform their businesses and workforce approach. We serve more than 1,600 clients around the world with approximately 3,100 professionals collectively engaged from 41 physical practice offices and multiple virtual offices. Headquartered in Dallas, Texas, we are proud to have served 88% of the Fortune 100 as of May 2025. Business Segments During the first quarter of fiscal 2025, the Company reorganized the Company\u2019s business by forming multiple discrete operational business units. To align the new operating model and financial reporting, the Company made management organizational changes and implemented new reporting modules and processes to provide discrete information to manage the business. ITEM 1A. RISK FACTORS. The risks described below should be considered carefully before a decision to buy shares of our common stock is made. The order of the risks is not an indication of their relative weight or importance. The risks and uncertainties described below are not the only ones facing us but do represent tho", "title": "RGP - RESOURCES CONNECTION, INC.", "url": "/company/RGP/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001605301; latest 10-K filed 2026-03-13.", "text": "CBFV - CB Financial Services, Inc. SIC 6022 State Commercial Banks; CIK 0001605301; latest 10-K filed 2026-03-13. CBFV CB Financial Services, Inc. 0001605301 6022 State Commercial Banks ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This discussion and analysis reflects our consolidated financial statements and other relevant statistical data, and is intended to enhance your understanding of our financial condition and results of operations. The information in this section has been derived from the audited consolidated financial statements, which appear in this Report. You should read the information in this section in conjunction with the business and financial information the Company provided in this Report. Cautionary Statement Concerning Forward-Looking Statements See the first page of this Report for information regarding forward-looking statements. Selected Financial Data The following tables set forth selected historical financial and other data of the Company at and for the years ended December 31, 2025, 2024 and 2023. The information at December 31, 2025 and 2024, and for the years ended December 31, 2025 and 2024 is derived in part from, and should be read together with, the Company's audited consolidated financial statements and notes included in this Report and should be read together therewith. The information at December 31, 2023 and for the year ended December 31, 2023 is derived in part from audited financial statements that are not included in this Report. [[GREPCENT_TABLE]] [[\"December 31,\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"(Dollars in Thousands)\"],[\"Selected Financial Condition Data:\"],[\"Assets\",\"$\",\"1,547,693\",\"\",\"\",\"$\",\"1,481,564\",\"\",\"\",\"$\",\"1,456,091\"],[\"Cash and Due From Banks\",\"31,693\",\"\",\"\",\"49,572\",\"\",\"\",\"68,223\"],[\"Securities\",\"279,895\",\"\",\"\",\"262,153\",\"\",\"\",\"207,095\"],[\"Loans, Net\",\"1,152,144\",\"\",\"\",\"1,082,821\",\"\",\"\",\"1,100,689\"],[\"Deposits\",\"1,339,805\",\"\",\"\",\"1,283,517\",\"\",\"\",\"1,267,159\"],[\"Other Borrowed Funds\",\"34,758\",\"\",\"\",\"34,718\",\"\",\"\",\"34,678\"],[\"Stockholders\\u2019 Equity\",\"157,537\",\"\",\"\",\"147,378\",\"\",\"\",\"139,834\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"Year Ended December 31,\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"(Dollars in Thousands)\"],[\"Selected Operating Data:\"],[\"Interest and Dividend Income\",\"$\",\"75,939\",\"\",\"\",\"$\",\"76,131\",\"\",\"\",\"$\",\"62,225\"],[\"Interest Expense\",\"25,164\",\"\",\"\",\"30,063\",\"\",\"\",\"17,672\"],[\"Net Interest and Dividend Income\",\"50,775\",\"\",\"\",\"46,068\",\"\",\"\",\"44,553\"],[\"Provision (Recovery) for Credit Losses - Loans\",\"534\",\"\",\"\",\"379\",\"\",\"\",\"(284)\"],[\"Provision (Recovery) for Credit Losses - Unfunded Commitments\",\"55\",\"\",\"\",\"191\",\"\",\"\",\"(218)\"],[\"Net Interest and Dividend Income After Net Provision (Recovery) for Credit Losses\",\"50,186\",\"\",\"\",\"45,498\",\"\",\"\",\"45,055\"],[\"Noninterest (Loss) Income\",\"(7,230)\",\"\",\"\",\"5,494\",\"\",\"\",\"24,012\"],[\"Noninterest Expense\",\"37,656\",\"\",\"\",\"35,649\",\"\",\"\",\"38,782\"],[\"Income Before Income Tax Expense\",\"5,300\",\"\",\"\",\"15,343\",\"\",\"\",\"30,285\"],[\"Income Tax Expense\",\"397\",\"\",\"\",\"2,749\",\"\",\"\",\"7,735\"],[\"Net Income\",\"$\",\"4,903\",\"\",\"\",\"$\",\"12,594\",\"\",\"\",\"$\",\"22,550\"]] [[/GREPCENT_TABLE]] 28 [[GREPCENT_TABLE]] [[\"At or For the Year Ended December 31,\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Per Common Share Data:\"],[\"Earnings Per Common Share - Basic\",\"$\",\"0.97\",\"\",\"\",\"$\",\"2.45\",\"\",\"\",\"$\",\"4.41\"],[\"Earnings Per Common Share - Diluted\",\"0.92\",\"\",\"\",\"2.38\",\"\",\"\",\"4.40\"],[\"Dividends Per Common Share\",\"1.02\",\"\",\"\",\"1.00\",\"\",\"\",\"1.00\"],[\"Dividend Payout Ratio (1)\",\"110.87\",\"%\",\"\",\"42.02\",\"%\",\"\",\"22.73\",\"%\"],[\"Book Value Per Common Share\",\"$\",\"31.28\",\"\",\"\",\"$\",\"28.71\",\"\",\"\",\"$\",\"27.32\"],[\"Common Shares Outstanding\",\"5,036,509\",\"\",\"\",\"5,132,654\",\"\",\"\",\"5,118,713\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"At or For the Year Ended December 31,\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Selected Financial Ratios:\"],[\"Return on Average Assets\",\"0.33\",\"%\",\"\",\"0.84\",\"%\",\"\",\"1.60\",\"%\"],[\"Return on Average Equity\",\"3.27\",\"\",\"\",\"8.77\",\"\",\"\",\"19.42\"],[\"Average Interest-Earning Assets to Average Interest-Bearing Liabilities\",\"134.62\",\"\",\"\",\"134.78\",\"\",\"\",\"141.85\"],[\"Average Equity to Average Assets\",\"9.97\",\"\",\"\",\"9.56\",\"\", ITEM 1. BUSINESS CB Financial Services, Inc. CB Financial Services, Inc. (the \u201cCompany\u201d), a Pennsylvania corporation, is a bank holding company headquartered in Carmichaels, Pennsylvania. The Company\u2019s common stock is traded on the Nasdaq Global Market under the symbol \u201cCBFV.\u201d The Company conducts its operations primarily through its wholly owned subsidiary, Community Bank, a Pennsylvania-chartered commercial bank. At December 31, 2025, the Company, on a consolidated basis, had total assets of $1.55 billion, total liabilities of $1.39 billion and stockholders\u2019 equity of $157.5 million. Copies of the Company's reports, proxy and information statements, and other information filed electronically with the Securities and Exchange Commission (the \u201cSEC\u201d) are available free of charge through the SEC\u2019s website address at https://www.sec.gov and through the Bank\u2019s website address at https://www.cb.bank. Community Bank Community Bank is a Pennsylvania-chartered commercial bank headquartered in Carmichaels, Pennsylvania. The Bank operates nine offices in Greene, Allegheny, Washington, Fayette and Westmoreland Counties in southwestern Pennsylvania and three offices in Marshall and Ohio Counties in West Virginia. The Bank also has a loan production office in Allegheny County, a loan production office and a corporate center in Washington County and an operations center in Greene County, Pennsylvania. The Bank is a community-oriented institution offering residential and commercial real estate loans, commercial and industrial loans, and consumer loans as well as a variety of deposit products for individuals and businesses in its market area. The Bank was the sole shareholder of Exchange Underwriters, Inc. (\"Exchange Underwriters\" or \u201cEU\u201d), a wholly-owned subsidiary located in Washington County that was a full-service, independent insurance agency that offered property and casualty, commercial liability, surety and other insurance products. On December 1, 2023, the Company ITEM 1A. RISK FACTORS In addition to risks disclosed elsewhere in this Report, the following discussion sets forth the material risk factors that could affect the Company\u2019s consolidated financial condition and results of operations. Readers should not consider any descriptions of these factors to be a complete set of all potential ri", "title": "CBFV - CB Financial Services, Inc.", "url": "/company/CBFV/" }, { "kind": "company", "summary": "SIC 3531 Construction Machinery & Equip; CIK 0000064472; latest 10-K filed 2025-12-09.", "text": "GENC - GENCOR INDUSTRIES INC SIC 3531 Construction Machinery & Equip; CIK 0000064472; latest 10-K filed 2025-12-09. GENC GENCOR INDUSTRIES INC 0000064472 3531 Construction Machinery & Equip ITEM 7 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \u201cForward-Looking\u201d Information This Annual Report contains certain \u201cforward-looking statements\u201d within the meaning of the Exchange Act, which represent the Company\u2019s expectations and beliefs, including, but not limited to, statements concerning gross margins, sales of the Company\u2019s products, future financing plans, income from investees and litigation. These statements by their nature involve substantial risks and uncertainties, certain of which are beyond the Company\u2019s control. Actual results may differ materially depending on a variety of important factors, including the financial condition of the Company\u2019s customers, changes in the economic and competitive environments, the performance of the investment portfolio and the demand for the Company\u2019s products. For information concerning these factors and related matters, see \u201cRisk Factors\u201d in Part I, Item 1A in this Annual Report. However, other factors besides those referenced could adversely affect the Company\u2019s results, and you should not consider any such list of factors to be a complete set of all potential risks or uncertainties. Any forward-looking statements made by the Company herein speak as of the date of this Annual Report. The Company does not undertake to update any forward-looking statements, except as required by law. Overview Gencor is a leading manufacturer of heavy machinery used in the production of highway construction equipment and materials and environmental control equipment. The Company\u2019s core products include asphalt pavers, hot mix asphalt plants, combustion systems, fluid heat transfer systems and asphalt pavers. The Company\u2019s products are manufactured at three facilities in the United States. Because the Company\u2019s products are sold primarily to the highway construction industry, the business is seasonal in nature. Traditionally, the Company\u2019s customers reduce their purchases of new equipment for shipment during the summer and fall months to avoid disrupting their peak season for highway construction and related repair work. The majority of orders for the Company\u2019s products are thus received between October and February, with a significant volume of shipments occurring in the late winter and spring. The principal factors driving demand for the Company\u2019s products are the overall economic conditions, the level of government funding for domestic highway construction and repair, Canadian infrastructure spending, the need for spare parts, fluctuations in the price of liquid asphalt, and a trend towards larger more efficient asphalt plants. On November 15, 2021, President Biden signed into law a five-year, $1.2 trillion infrastructure bill, the Infrastructure Investment and Jobs Act (the \u201cIIJ Act\u201d), including $550 billion in new spending and reauthorization of $650 billion in previously allocated funds. The IIJ Act provides $110 billion for the nation\u2019s highways, bridges and roads. The IIJ Act is scheduled to expire on September 30, 2026. Fluctuations in the price of carbon steel, which is a significant cost and material used in the manufacturing of the Company\u2019s equipment, may affect the Company\u2019s financial performance. The Company is subject to fluctuations in market prices for raw materials, such as steel. If the Company is unable to purchase materials it requires or is unable to pass on price increases to its customers or otherwise reduce its cost of goods sold, its results of operations and financial condition may be adversely affected. The Company monitors the prices it charges for its products and services on an ongoing basis and has historically been able to adjust its prices to take into account changes in the rate of inflation. Also, a significant increase in the price of liquid asphalt could decrease demand for hot mix asphalt paving materials and certain of the Company\u2019s products. Increases in oil prices also drive up the cost of gasoline and di ITEM 1 BUSINESS General Gencor Industries, Inc. and its subsidiaries (the \u201cCompany,\u201d \u201cGencor,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a leading manufacturer of heavy machinery used in the production of highway construction equipment and materials and environmental control equipment. The Company\u2019s products are manufactured in the United States and sold through a combination of Company sales representatives and independent dealers and agents. The Company designs, manufactures and sells machinery and related equipment used primarily for the production of asphalt and highway construction equipment and materials. The Company\u2019s principal core products include asphalt pavers, hot mix asphalt plants, combustion systems, and fluid heat transfer systems. The Company believes that its technical and design capabilities and environmentally friendly process technology have enabled it to become a leading producer of hot mix asphalt plants and related components in North America. Because the Company\u2019s products are sold primarily to companies in the highway construction industry, its business has historically been seasonal. Traditionally, the Company\u2019s customers do not purchase new equipment during the summer and fall months to avoid disrupting their peak season for highway construction and repair work. The majority of orders for the Company\u2019s asphalt plants and pavers are typically received between October and February, with a significant volume of shipments occurring prior to June. The principal factors driving demand for the Company\u2019s products are the level of federal and state funding for domestic highway construction and repair, the replacement of existing plants, and a trend towards efficient, larger plants. In 1968, the Company was formed by the merger of Mechtron Corporation with General Combustion, Inc. (\u201cGeneral Combustion\u201d) and Genco Manufacturing, Inc. The new entity reincorporated in Delaware in 1969 and adopted the name Mechtron International Corporation in 1970. In 1985, the Co ITEM 1A RISK FACTORS The following risk factors and other information included in this Annual Report should be carefully considered. The risks and uncertainties described below are not the only ones the Company faces. Additional risks and uncertainties not presently known to the Company, or that the Company presently deem", "title": "GENC - GENCOR INDUSTRIES INC", "url": "/company/GENC/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001070680; latest 10-K filed 2026-03-12.", "text": "CFBK - CF BANKSHARES INC. SIC 6021 National Commercial Banks; CIK 0001070680; latest 10-K filed 2026-03-12. CFBK CF BANKSHARES INC. 0001070680 6021 National Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations FORWARD LOOKING STATEMENTS Statements in this Form 10-K that are not statements of historical fact are forward-looking statements which are made in good faith by us. Forward-looking statements include, but are not limited to: (1) projections of revenues, income or loss, earnings or loss per share of common stock, capital structure and other financial items; (2) plans and objectives of the management or Boards of Directors of Holding Company or CFBank; (3) statements regarding future events, actions or economic performance; and (4) statements of assumptions underlying such statements. Words such as \"estimate,\" \"strategy,\" \"may,\" \"believe,\" \"anticipate,\" \"expect,\" \"predict,\" \"will,\" \"intend,\" \"plan,\" \"targeted,\" and the negative of these terms, or similar expressions, are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Various risks and uncertainties may cause actual results to differ materially from those indicated by our forward-looking statements, including, without limitation, those risks set forth in the section captioned \u201cRISK FACTORS\u201d in Part I, Item 1A of this Form 10-K. Forward-looking statements are not guarantees of performance or results. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. We caution you, however, that assumptions or bases almost always vary from actual results, and the differences between assumptions or bases and actual results can be material. The forward-looking statements included in this Form 10-K speak only as of the date hereof. We undertake no obligation to publicly release revisions to any forward-looking statements to reflect events or circumstances after the date of such statements, except to the extent required by law. CONDENSED CONSOLIDATED FINANCIAL DATA The following information is derived from and should be read in conjunction with our audited Consolidated Financial Statements, the related Notes and Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in Item 7 of this Form 10-K. [[GREPCENT_TABLE]] [[\"\",\"\",\"At December 31,\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\",\"\",\"\",\"2022\",\"\",\"\",\"2021\"],[\"\",\"\",\"(Dollars in thousands)\"],[\"Selected Financial Condition Data:\"],[\"Total assets\",\"\",\"$\",\"2,117,321\",\"\",\"\",\"$\",\"2,065,523\",\"\",\"\",\"$\",\"2,058,615\",\"\",\"\",\"$\",\"1,820,174\",\"\",\"\",\"$\",\"1,495,589\"],[\"Cash and cash equivalents\",\"\",\"\",\"258,972\",\"\",\"\",\"\",\"235,272\",\"\",\"\",\"\",\"261,595\",\"\",\"\",\"\",\"151,787\",\"\",\"\",\"\",\"166,591\"],[\"Securities available for sale\",\"\",\"\",\"17,496\",\"\",\"\",\"\",\"8,683\",\"\",\"\",\"\",\"8,092\",\"\",\"\",\"\",\"10,442\",\"\",\"\",\"\",\"16,347\"],[\"Equity securities\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"5,000\",\"\",\"\",\"\",\"5,000\",\"\",\"\",\"\",\"5,000\",\"\",\"\",\"\",\"5,000\"],[\"Loans held for sale\",\"\",\"\",\"5,611\",\"\",\"\",\"\",\"2,623\",\"\",\"\",\"\",\"1,849\",\"\",\"\",\"\",\"580\",\"\",\"\",\"\",\"27,988\"],[\"Loans and leases, net (1)\",\"\",\"\",\"1,738,854\",\"\",\"\",\"\",\"1,722,019\",\"\",\"\",\"\",\"1,694,133\",\"\",\"\",\"\",\"1,572,255\",\"\",\"\",\"\",\"1,214,149\"],[\"Allowance for credit losses on loans and leases\",\"\",\"\",\"17,678\",\"\",\"\",\"\",\"17,474\",\"\",\"\",\"\",\"16,865\",\"\",\"\",\"\",\"16,062\",\"\",\"\",\"\",\"15,508\"],[\"Nonperforming assets\",\"\",\"\",\"15,329\",\"\",\"\",\"\",\"15,047\",\"\",\"\",\"\",\"5,722\",\"\",\"\",\"\",\"761\",\"\",\"\",\"\",\"997\"],[\"Foreclosed assets\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\",\"\",\"\",\"\",\"\\u2014\"],[\"Deposits\",\"\",\"\",\"1,780,689\",\"\",\"\",\"\",\"1,755,795\",\"\",\"\",\"\",\"1,744,057\",\"\",\"\",\"\",\"1,527,922\",\"\",\"\",\"\",\"1,246,352\"],[\"FHLB advances and other debt\",\"\",\"\",\"100,964\",\"\",\"\",\"\",\"92,680\",\"\",\"\",\"\",\"109,995\",\"\",\"\",\"\",\"109,461\",\"\",\"\",\"\",\"89,727\"],[\"Subordinated debentures\",\"\",\"\",\"15,039\",\"\",\"\",\"\",\"15,000\",\"\",\"\",\"\",\"14,961\",\"\",\"\",\"\",\"14,922\",\"\",\"\",\"\",\"14,883\"],[\"Total stockholders' equity\",\"\",\"\",\"184,426\",\"\",\"\",\"\",\"168,437\",\"\",\"\",\"\",\"1 Item 1. Business. General CF Bankshares Inc. (\u201cHolding Company\u201d) was organized as a Delaware corporation in September 1998 as the holding company for CFBank, in connection with CFBank\u2019s conversion from a mutual to stock form of organization. CFBank was originally organized in 1892 and was formerly known as Central Federal Savings and Loan Association of Wellsville and more recently as Central Federal Bank. On December 1, 2016, CFBank converted from a federal savings institution to a national bank. Effective as of December 1, 2016 and in conjunction with the conversion of CFBank to a national bank, the Holding Company became a registered bank holding company subject to regulation and supervision by the Board of Governors of the Federal Reserve System (the \u201cFRB\u201d). Effective as of July 27, 2020, the Holding Company changed its name from Central Federal Corporation to CF Bankshares Inc. As used herein, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and the \u201cCompany\u201d refer to CF Bankshares Inc. and CFBank, unless the context indicates to the contrary. The consolidated financial statements include the Holding Company and CFBank. Intercompany transactions and balances are eliminated in consolidation. Central Federal Capital Trust I (the \u201cTrust\u201d), a wholly-owned subsidiary of the Holding Company, was formed in 2003 to raise additional funding for the Company through a pooled private offering of trust preferred securities. The Holding Company issued $5,155,000 of subordinated debentures to the Trust in exchange for ownership of all of the common stock of the Trust and the proceeds of the preferred securities sold by the Trust. The Holding Company is not considered the primary beneficiary of this trust (variable interest entity) and, therefore, the Trust is not consolidated in the Company\u2019s financial statements, but rather the subordinated debentures are shown as a liability. Currently, the Company does not transact material business other than through CFBank. At December 31, 2025, the Com Item 1A. Risk Factors. The following are certain risk factors that could impact our business, financial condition and/or results of operations. Investing in our common stock involves risks, including those described below. These risk factors should be considered by prospective and current investors in our common stock when evaluating", "title": "CFBK - CF BANKSHARES INC.", "url": "/company/CFBK/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001822462; latest 10-K filed 2026-03-11.", "text": "FHTX - Foghorn Therapeutics Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001822462; latest 10-K filed 2026-03-11. FHTX Foghorn Therapeutics Inc. 0001822462 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes to those statements included elsewhere in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Some of the numbers included herein have been rounded for the convenience of presentation. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. Overview Foghorn is a clinical stage, precision therapeutics biotechnology company pioneering a new class of medicines that treat serious diseases by correcting abnormal gene expression through selectively targeting the chromatin regulatory system, an untapped opportunity for therapeutic intervention in oncology and with potential in a wide spectrum of other diseases including immunology and inflammation. The chromatin regulatory system orchestrates gene expression\u2014the turning on and off of genes\u2014which is fundamental to how all our cells function. The chromatin regulatory system is implicated in approximately 50 percent of all cancers, and understanding how this system works could lead to an entirely new class of precision medicines. To our knowledge, we are the only company with the ability to study and target the chromatin regulatory system at scale, in context, and in an integrated way. Our proprietary Gene Traffic Control platform provides an integrated and mechanistic understanding of how the various components of the chromatin regulatory system interact, allowing us to identify, validate and potentially drug targets within this system. We have developed unique capabilities that have yielded new insights and scalability in drugging this new, previously untapped and promising area. At present, we are working on more than seven programs with one clinical-stage drug candidate currently in Phase 1 development. We have discovered highly selective chemical matter for some of the most challenging targets in oncology including SMARCA2 (BRM), CBP, EP300, and ARID1B as well as other undisclosed targets. We believe our current pipeline has the potential to help more than 500,000 cancer patients. We take a small molecule modality agnostic approach to drugging 63 Table of Contents targets which includes protein degraders, allosteric enzymatic inhibitors, and transcription factor disruptors. We are a biology first company, which means we focus first on the underlying genetics and biology of a disease relevant target and then leverage the most appropriate drugging approach to impact the disease biology. Since our inception, we have focused substantially all of our resources on building our Gene Traffic Control platform, organizing and staffing our company, business planning, conducting discovery and research activities, raising capital, protecting our trade secrets, filing patent applications, identifying potential product candidates, undertaking preclinical studies and clinical trial activities, establishing arrangements with third parties for the manufacture of initial quantities of our product candidates and component materials and initiating two strategic collaborations. We do not have any products approved for sale and have not generated any revenue from product sales. On December 10, 2021, we entered into a collaboration agreement (the \u201cLilly Collaboration Agreement\u201d) with Eli Lilly and Company (\u201cLilly\u201d), for which we received an upfront payment of $300.0 million in January 2022 (see Note 8 to our notes to consolidated financial statements included elsewhere in this Annual Report on Form ITEM 1. BUSINESS Overview Foghorn is a clinical stage, precision therapeutics biotechnology company pioneering a new class of medicines that treat serious diseases by correcting abnormal gene expression through selectively targeting the chromatin regulatory system, an untapped opportunity for therapeutic intervention in oncology and with potential in a wide spectrum of other diseases, including immunology and inflammation. The chromatin regulatory system orchestrates gene expression\u2014the turning on and off of genes\u2014which is fundamental to how all our cells function. The chromatin regulatory system is implicated in approximately 50 percent of all cancers, and understanding how this system works could lead to an entirely new class of precision medicines. To our knowledge, we are the only company with the ability to study and target the chromatin regulatory system at scale, in context, and in an integrated way. Our proprietary Gene Traffic Control\u00ae platform provides an integrated and mechanistic understanding of how the various components of the chromatin regulatory system interact, allowing us to identify, validate and potentially drug targets within this system. We have developed unique capabilities that have yielded new insights and scalability in drugging this new, previously untapped and promising area. At present, we are working on more than seven programs with one clinical-stage drug candidate currently in Phase 1 development. We have discovered highly selective chemical matter for some of the most challenging targets in oncology including SMARCA2 (BRM), CBP, EP300 and ARID1B, as well as other undisclosed targets. We believe our current pipeline has the potential to help more than 500,000 cancer patients. We take a small molecule modality agnostic approach to drugging targets which includes protein degraders, allosteric enzymatic inhibitors, and transcription factor disruptors. We are a biology first company, which means we focus first on the underlying g ITEM 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below together with all of the other information contained in this Annual Report on Form 10-K, including our consolidated financial statements and related notes, before decidin", "title": "FHTX - Foghorn Therapeutics Inc.", "url": "/company/FHTX/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001776661; latest 10-K filed 2026-03-03.", "text": "ADV - Advantage Solutions Inc. SIC 7389 Services-Business Services, NEC; CIK 0001776661; latest 10-K filed 2026-03-03. ADV Advantage Solutions Inc. 0001776661 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes thereto included in Item 8 \u201cFinancial Statements and Supplementary Data\u201d in this Annual Report. This section of this Annual Report generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2024 items and year-to-year comparisons between 2024 and 2023 are not included in this Annual Report, and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 7, 2025. Executive Overview We are a leading omni-commerce business solutions provider to CPG manufacturers and retailers. We have a strong platform of essential, business critical services like headquarter sales, retail merchandising, in-store sampling, digital commerce and shopper marketing. We generate demand for brands and retailers of all sizes, helping get the right products on the shelf, whether physical or digital, and into the hands of consumers in every way they shop. We use a scaled platform to innovate as a trusted partner with our clients, solving problems to increase their efficiency and effectiveness across a broad range of channels. Beginning in fiscal year 2024, we reported our results under three segments, Branded Services, Experiential Services and Retailer Services, reflecting the organizational realignment implemented on January 1, 2024. The prior\u2011period segment information has been recast to conform to the new structure, and no further changes were made to our reportable segments during fiscal year 2025. We continued to execute the portfolio simplification strategy initiated in 2024, including the disposition of certain non\u2011core businesses that met the discontinued operations criteria and the associated reclassification of prior\u2011period results. Additional details regarding discontinued operations, divestitures and the deconsolidation of our European joint venture are provided in Note 2\u2014Discontinued Operations, Divestitures and Deconsolidation of European Joint Venture. Through our Branded Services segment, which generated approximately 32.9% and 36.6% of our revenues in the years ended December 31, 2025 and 2024, respectively, we provide services to branded CPG manufacturers through three main categories: brokerage, branded merchandising and omni-commerce marketing services. Brokerage services is primarily an outsourced sales and services agency for branded CPG manufacturers at retailer headquarters, in-store and online. Additionally, we lead with insights to execute branded merchandising strategies for branded CPG manufacturers related to merchandising in-store and online to drive product sales. Our omni-commerce marketing services primarily relate to digital and field marketing services, including shopper marketing, targeted advertising, interactive design and development, inventory management, application development and content management solutions. Through our Experiential Services segment, which generated approximately 40.5% and 36.3% of our revenues in the years ended December 31, 2025 and 2024, respectively, we help brands and retailers reach consumers and convert shoppers into buyers through in-store and online sampling and demonstrations. We manage highly customized, large-scale sampling programs for leading brands and retailers. We also manage, organize and execute special events for brands and retailers, including large-scale meetings, mobile tours, summits and festivals. Through our Retailer Services segment, which generated approximately 26.6% and 27.1% of our revenues in the years ended December 31, 2025 and 2024, respectively, we provide end-to-end advisory, retail Item 1. Business Our Company We provide outsourced sales, marketing, merchandising, sampling, and retailer support services to consumer packaged goods (\u201cCPG\u201d) manufacturers and retailers primarily across North America. Our services are designed to support distribution, retail execution, shopper engagement, and private brand development across both physical and digital commerce environments. We serve more than 4,000 clients across grocery, mass, club, retail pharmacy, convenience, and other channels in over 100,000 retail locations. We operate through three reportable segments: Branded Services, Experiential Services, and Retailer Services. Our revenue model consists of commissions, fee for service arrangements, and cost-plus structures depending on the nature of the engagement. Expenses related to our employees, which we refer to as teammates, are a major component of the costs associated with our service delivery model, and financial performance is influenced by program volumes, service mix, and workforce utilization. During the most recent period, clients adjusted spending across several categories while continuing to support consumer engagement and in\u2011store execution. We continued to simplify our operations, including the divestiture of non-core businesses and advancement of our enterprise systems modernization, to align our capabilities with market needs and improve operating efficiency. Branded Services Branded Services provides sales, merchandising, and omni\u2011commerce marketing support to branded CPG manufacturers. We deliver these services under commission, fee\u2011for\u2011service, or cost\u2011plus arrangements. Brokerage Services (Headquarter Sales) We represent manufacturer-clients in their commercial relationships with retailers, supporting business development, sales planning, distribution optimization, pricing and promotional strategies, and category recommendations. Our teams leverage retailer and consumer data, category and space management tools, and post\u2011 Item 1A. Risk Factors Investing in our securities involves risks. Before you make a decision regarding our securities, you should carefully consider the specific risks set forth herein. If any of these risks actually occur, it may materially harm our business, financial condition, liquidity 4 and results of operation", "title": "ADV - Advantage Solutions Inc.", "url": "/company/ADV/" }, { "kind": "company", "summary": "SIC 6500 Real Estate; CIK 0000063330; latest 10-K filed 2026-04-01.", "text": "MLP - MAUI LAND & PINEAPPLE CO INC SIC 6500 Real Estate; CIK 0000063330; latest 10-K filed 2026-04-01. MLP MAUI LAND & PINEAPPLE CO INC 0000063330 6500 Real Estate Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our Annual Report on Form 10-K and audited consolidated financial statements and related notes are for the year ended December 31, 2025. The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those expressed or implied by the forward-looking statements below. Factors that could cause or contribute to those differences in our actual results include, but are not limited to, those discussed below and those discussed elsewhere within this Quarterly Report, particularly in the section entitled \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Depending upon the context, the terms the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d and \u201cus,\u201d refer to either Maui Land & Pineapple Company, Inc. alone, or to Maui Land & Pineapple Company, Inc. and its subsidiaries collectively. Overview We own and manage a diverse portfolio including approximately 22,300 acres of land on the island of Maui, Hawaii along with approximately 247,000 square feet of commercial real estate. For over a century, we have built a legacy of authentic innovation through conservation, agriculture, community building and land management. Our current portfolio of assets includes unimproved land, entitled land allowing for various residential and mixed-use construction, and completed commercial properties. In recent years, we have continued to implement our strategic plan focused on our mission of optimizing our assets for their most productive use. We have advanced a range of land development and housing projects designed to build stronger and more vibrant communities and enhance long-term asset value. We strengthened our foundation with the addition of key experts to our board and management team to ensure we can effectively establish plans for each parcel and self-perform value creating projects. We also created a land management team responsible for risk mitigation strategies and productive use of fallow farm and ranch lands throughout our portfolio. Our local team has enhanced our ability to manage assets effectively and execute value-creating projects. In 2024, we established new office locations in West Maui and Upcountry, to enable our team to be present within the community to foster stronger relationships and ensure responsible stewardship of our assets. 14 Table of Contents In 2025, we continue to advance efforts to maximize the productivity of our leasable land and commercial properties. We identified and addressed critical deferred maintenance in our town centers, allowing us to create spaces for many businesses who lost their locations in the 2023 Maui wildfires. This effort has increased occupancy and leasing revenue over the past year while adding vibrancy and creating a sense of place in our communities. As of December 31, 2025, our commercial properties and land were occupied at the following levels: [[GREPCENT_TABLE]] [[\"Commercial Real Estate\",\"\",\"Total\",\"\",\"\",\"Leased\",\"\",\"\",\"Net increase (decrease) in leased area for 2025\"],[\"\",\"\",\"Sq. ft.\",\"\",\"\",\"Sq. ft.\",\"\",\"\",\"Percent\",\"\",\"\",\"Sq. ft.\"],[\"Industrial\",\"\",\"\",\"168,880\",\"\",\"\",\"\",\"151,105\",\"\",\"\",\"\",\"89\",\"%\",\"\",\"\",\"8,952\"],[\"Office\",\"\",\"\",\"10,105\",\"\",\"\",\"\",\"10,105\",\"\",\"\",\"\",\"100\",\"%\",\"\",\"\",\"-\"],[\"Retail\",\"\",\"\",\"61,004\",\"\",\"\",\"\",\"58,852\",\"\",\"\",\"\",\"96\",\"%\",\"\",\"\",\"2,540\"],[\"Residential\",\"\",\"\",\"7,339\",\"\",\"\",\"\",\"7,339\",\"\",\"\",\"\",\"100\",\"%\",\"\",\"\",\"4,339\"],[\"Total CRE\",\"\",\"\",\"247,328\",\"\",\"\",\"\",\"227,401\",\"\",\"\",\"\",\"92\",\"%\",\"\",\"\",\"15,831\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"Land\",\"\",\"Total\",\"\",\"\",\"Leased\",\"\",\"\",\"Net increase (decrease) in leased area for 2025\"],[\"\",\"\",\"Acres\",\"\",\"\",\"Acres\",\"\",\"\",\"Percent\",\"\",\"\",\"Acres\"],[\"Commercial/Industrial\",\"\",\"\",\"19\",\"\",\"\",\"\",\"19\",\"\",\"\",\"\",\"100\",\"%\",\"\",\"\",\"-\"],[\"Residential\",\"\",\"\",\"866\",\"\",\"\",\"\",\"12\",\"\",\"\",\"\",\"1\",\"%\",\"\",\"\",\"-\"],[\"Agriculture\",\"\",\"\",\"10, Item 1. BUSINESS Overview Maui Land & Pineapple Company, Inc. is a Delaware corporation and the successor to a business organized in 1909 as a Hawai\u2018i corporation. The Company reincorporated from Hawai\u2018i to Delaware pursuant to a plan of conversion completed on July 18, 2022. Total authorized capital stock of the Company includes 48,000,000 shares, consisting of 43,000,000 shares of common stock, par value $0.0001 per share, and 5,000,000 shares of preferred stock, par value $0.0001 per share. Shares of the Company\u2019s common stock are listed on the New York Stock Exchange (\u201cNYSE\u201d) under the ticker symbol \u201cMLP.\u201d Depending upon the context, the terms \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d and \u201cus,\u201d refer to either Maui Land & Pineapple Company, Inc. alone, or to Maui Land & Pineapple Company, Inc. and its subsidiaries collectively. The Company consists of a landholding and operating parent company, has a principal subsidiary, Kapalua Land Company, Ltd., and certain other subsidiaries. We own approximately 22,300 acres of land and 247,000 square feet of commercial property on the island of Maui, Hawai\u2018i which we put into productive use by planning, managing, developing, and selling residential, resort, commercial, agricultural, and industrial real estate through three business segments: [[GREPCENT_TABLE]] [[\"Land Development and Sales:\",\"\",\"Our land development and sales operations consist of land planning and entitlement, development, development related construction, and sales activities.\"],[\"Leasing:\",\"\",\"Our leasing operations include commercial, agricultural, and industrial land and property leases, licensing of our registered trademarks and trade names, management of potable and non-potable water systems in West and Upcountry Maui, and stewardship of conservation areas.\"],[\"Resort Amenities:\",\"\",\"Our resort amenities operations include the operations of the Kapalua Club, a private, non-equity club, providing its members special programs, access, and other privileges at cert Item 1A. RISK FACTORS Our short and long-term success is subject to numerous risks and uncertainties, many of which involve factors that are difficult to predict or beyond our control. As a result, investing in our common stock involves substantial risk. Our stockholders should carefully consider the risks and uncertainties described below, in ad", "title": "MLP - MAUI LAND & PINEAPPLE CO INC", "url": "/company/MLP/" }, { "kind": "company", "summary": "SIC 2020 Dairy Products; CIK 0000814586; latest 10-K filed 2026-03-17.", "text": "LWAY - Lifeway Foods, Inc. SIC 2020 Dairy Products; CIK 0000814586; latest 10-K filed 2026-03-17. LWAY Lifeway Foods, Inc. 0000814586 2020 Dairy Products ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of the financial condition and results of operations as of and for the years ended December 31, 2025 and 2024 should be read in conjunction with the audited consolidated financial statements and the notes to those statements that are included elsewhere in this Annual Report on Form 10-K. In addition to historical information, the following discussion contains certain forward-looking statements within the \u201csafe harbor\u201d provisions of the Private Securities Litigation Reform Act of 1995. These statements relate to our future plans, objectives, expectations and intentions. These statements may be identified by the use of words such as \u201cmay,\u201d \u201ccould,\u201d \u201cbelieve,\u201d \u201cfuture,\u201d \u201cdepend,\u201d \u201cexpect,\u201d \u201cwill,\u201d \u201cresult,\u201d \u201ccan,\u201d \u201cremain,\u201d \u201cassurance,\u201d \u201csubject to,\u201d \u201crequire,\u201d \u201climit,\u201d \u201cimpose,\u201d \u201cguarantee,\u201d \u201crestrict,\u201d \u201ccontinue,\u201d \u201cbecome,\u201d \u201cpredict,\u201d \u201clikely,\u201d \u201copportunities,\u201d \u201ceffect,\u201d \u201cchange,\u201d and \u201cestimate,\u201d and similar terms or terminology, or the negative of such terms or other comparable terminology. Although we believe the expectations expressed in these forward-looking statements are based on reasonable assumptions within the bounds of our knowledge of our business, our actual results could differ materially from those discussed in these statements. Factors that could contribute to such differences include, but are not limited to, those discussed in the \u201cRisk Factors\u201d section in Part I, Item 1A. We undertake no obligation to update publicly any forward-looking statements for any reason even if new information becomes available or other events occur in the future. [[GREPCENT_TABLE]] [[\"\",\"19\"]] [[/GREPCENT_TABLE]] Recent Developments Cooperation Agreement On September 30, 2025, the Company and Danone entered into a Cooperation Agreement (the \u201cCooperation Agreement\u201d) pursuant to which, among other things: [[GREPCENT_TABLE]] [[\"\",\"\\u00b7\",\"The Company refreshed its Board, electing four new directors (the \\u201cNew Independent Directors\\u201d) selected in accordance with the Cooperation Agreement who are (1) independent under Nasdaq rules and (2) unaffiliated with Julie Smolyansky, the Company\\u2019s Chief Executive Officer, her spouse, Edward Smolyansky, Ludmila Smolyansky (the foregoing collectively, the \\u201cSmolyansky Family\\u201d), Danone, the Company and any director of the Company. Additionally, Jody Levy and Perfecto Sanchez, former members of the Board, resigned and Pol Sikar was not nominated to stand for re-election at the Company\\u2019s 2025 annual meeting of shareholders. Additional changes to the Board during the quarter ended December 31, 2025, include the appointment of Dorri McWhorter as Chairperson of the Board, resignation of Ms. McWhorter from the Compensation Committee of the Board, the appointment of Andee Harris as a member of the Audit and Corporate Governance Committee of the Board and the appointment of Susan Hultquist and Kirk Chartier to the Compensation Committee of the Board.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u00b7\",\"The Company and Danone jointly stayed the pending litigation relating to the Stockholders\\u2019 Agreement, dated October 1, 1999, by and among the Company, Danone Foods, Inc., Michael Smolyansky, Ludmila Smolyansky, Julie Smolyansky and Edward Smolyansky (as amended, the \\u201cStockholders\\u2019 Agreement\\u201d).\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u00b7\",\"Danone waived certain of its right under that certain Stockholders\\u2019 Agreement, including its right to Board representation, and agreed that its consent will not be required for the Company to issue bona fide equity-based compensation to members of management (excluding Julie Smolyansky, her immediate family and their affiliates) so long as the grants are on market terms and are approved by the Company\\u2019s Compensation Committee (a majority of which must be New Indep ITEM 1. BUSINESS OVERVIEW Lifeway was founded in 1986 by Michael Smolyansky, ten years after he and his family emigrated from Eastern Europe to the United States. Lifeway was the first to successfully introduce kefir to the U.S. consumer on a commercial scale, initially catering to ethnic consumers in the Chicago, Illinois metropolitan area. Lifeway has grown to become the largest producer and marketer of kefir in the U.S. and an important player in the broader market spaces of probiotic-based products and natural, \u201cbetter for you\u201d foods. Unless otherwise noted herein, all amounts in this Form 10-K are in thousands, except per share numbers. PRODUCTS Our primary product is drinkable kefir, a cultured dairy product. Lifeway kefir is tart and tangy, high in protein, calcium and vitamin D. We manufacture (directly or through co-packers) and market products under the Lifeway, Fresh Made and GlenOaks Farms brand names, as well as under private labels on behalf of certain customers. Our product categories are: [[GREPCENT_TABLE]] [[\"\",\"\\u00b7\",\"Drinkable kefir, a cultured dairy product sold in a variety of organic and non-organic sizes, flavors, and milk types;\"],[\"\",\"\\u00b7\",\"European-style soft cheeses, including farmer cheese, white cheese, and Sweet Kiss;\"],[\"\",\"\\u00b7\",\"Cream and other, which consists primarily of cream, a byproduct of making our kefir;\"],[\"\",\"\\u00b7\",\"Drinkable yogurt, sold in a variety of sizes and flavors;\"],[\"\",\"\\u00b7\",\"ProBugs, a line of kefir products designed for children;\"],[\"\",\"\\u00b7\",\"Other dairy, which consists primarily of Fresh Made butter and sour cream.\"]] [[/GREPCENT_TABLE]] Net sales of products by category were as follows for the years ended December 31: [[GREPCENT_TABLE]] [[\"\",\"\",\"2025\",\"\",\"\",\"2024\"],[\"In thousands\",\"\",\"$\",\"\",\"\",\"%\",\"\",\"\",\"$\",\"\",\"\",\"%\"],[\"Drinkable Kefir other than ProBugs\",\"\",\"$\",\"181,423\",\"\",\"\",\"\",\"85%\",\"\",\"\",\"$\",\"153,493\",\"\",\"\",\"\",\"82%\"],[\"Cheese\",\"\",\"\",\"16,571\",\"\",\"\",\"\",\"8%\",\"\",\"\",\"\",\"14,554\",\"\" ITEM 1A. RISK FACTORS In evaluating and understanding us and our business, you should carefully consider the risks described below, in conjunction with all of the other information included in this Annual Report on Form 10-K, including \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d contained in Part II, Item 7. The risks and unce", "title": "LWAY - Lifeway Foods, Inc.", "url": "/company/LWAY/" }, { "kind": "company", "summary": "SIC 3674 Semiconductors & Related Devices; CIK 0001871638; latest 10-K filed 2026-03-24.", "text": "BZAI - Blaize Holdings, Inc. SIC 3674 Semiconductors & Related Devices; CIK 0001871638; latest 10-K filed 2026-03-24. BZAI Blaize Holdings, Inc. 0001871638 3674 Semiconductors & Related Devices ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Unless otherwise indicated, references to \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, \u201cBlaize\u201d or the \u201cCompany\u201d in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations are to Blaize Holdings, Inc. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes thereto, included in Part 1I, Item 8. of this Annual Report on Form 10-K, and risk factors, included in Part I, Item 1A. of this Annual Report on Form 10-K. Overview We provide purpose-built, transformative AI-enabled edge computing solutions comprised of both our proprietary hardware and software, and complementary third-party hardware solutions, as further described below. Our computing solutions are designed for efficient processing of AI inference workloads across edge and data center environments. Our architecture supports AI workloads where latency, power efficiency, and cost efficiency are important considerations. Our systems can process data locally at the edge or within data center infrastructure, depending on deployment requirements. Local processing can reduce bandwidth usage and support latency-sensitive applications requiring real-time decision making. In addition to our internally developed products, we also deliver third-party hardware solutions that complement and enhance our core offerings. By integrating certain third-party hardware components, we believe that we are able to provide customers with comprehensive and flexible computing solutions tailored to their specific needs. These third-party hardware solutions typically are substantially comprised of servers, which are selected to ensure optimal compatibility and performance with our products and our AI-enabled platforms. Our portfolio includes highly efficient, programmable AI processors in a broad range of form factors, deployable across several verticals, including smart city, defense, retail and enterprise markets. Our accelerated AI computing platforms enable applications such as computer vision, advanced video analytics, and AI inference, and our software tools allow non-expert practitioners to deploy existing and novel AI applications on our hardware without the need to learn or use source code. On January 13, 2025, BurTech completed the Merger, pursuant to the Merger Agreement, whereby Merger Sub merged with and into Legacy Blaize, with Legacy Blaize being the surviving company and a wholly owned subsidiary of BurTech. In connection with the de-SPAC, we changed our name from \u201cBurTech Acquisition Corporation\u201d to \u201cBlaize Holdings, Inc.\u201d. BurTech was considered the acquired company and Legacy Blaize was considered the acquirer for financial statement reporting purposes, and the Merger was accounted for as a reverse merger and recapitalization. Trends and Recent Developments Recent Developments in Our Business On July 16, 2025, we entered into a Strategic Cooperation Agreement (the \u201cStarshine Agreement\u201d) with Starshine Computing Power Technology Limited, a Hong Kong company (\u201cStarshine\u201d). Pursuant to the terms of the Starshine Agreement, we entered into a strategic partnership with Starshine to develop business opportunities for the sale of our hybrid AI platform and other products and services through Starshine in the Asia Pacific region. Starshine agreed to deliver a minimum of $120.0 million in revenue to us over the first 18 months of the Starshine Agreement. Any such commitments made by Starshine are subject to issuance of purchase orders by Starshine. Starshine initiated one purchase order to us in the third quarter of 2025 for $10.4 million. Starshine paid $1.6 million to us in regards to its account receivable, and the remainder of $8.8 million of its account receivable remains outstanding as of March 24, 2026. As of March 24, 2026, we have not received any ITEM 1. BUSINESS Overview Blaize Holdings, Inc. (\u201cBlaize,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d) develops purpose-built AI-enabled computing solutions comprised of both our proprietary hardware and software, and complementary third-party hardware solutions, as further described below. Our computing solutions are designed for efficient processing of AI inference workloads across edge and data center environments. Our architecture supports AI workloads where latency, power efficiency, and cost efficiency are important considerations. Our systems can process data locally at the edge or within data center infrastructure, depending on deployment requirements. Local processing can reduce bandwidth usage and support latency-sensitive applications requiring real-time decision making. In addition to our internally developed products, we also deliver third-party hardware solutions that complement and enhance our core offerings. By integrating certain third-party hardware components, we believe that we are able to provide customers with comprehensive and flexible computing solutions tailored to their specific needs. These third-party hardware solutions typically are substantially comprised of servers, which are selected to ensure optimal compatibility and performance with our products and our AI-enabled platforms. We are a Delaware corporation, incorporated in 2010, headquartered in El Dorado Hills, California. Merger and Reverse Recapitalization On January 13, 2025, BurTech completed the Merger, pursuant to the Merger Agreement, whereby Merger Sub merged with and into Legacy Blaize, with Legacy Blaize being the surviving company and a wholly owned subsidiary of BurTech. In connection with the de-SPAC, we changed our name from \u201cBurTech Acquisition Corporation\u201d to \u201cBlaize Holdings, Inc.,\u201d and the Merger was accounted for as a reverse merger and recapitalization, with BurTech considered the acquired company, and Legacy Blaize considered the acquirer, for financial stateme ITEM 1A. RISK FACTORS The following risk factors should be considered in addition to the other information, including Item 7. and Item 8. of this Annual Report on Form 10-K. The following risks could harm our business, financial condition, results of operations or reputation, which could cause our stock price to decline", "title": "BZAI - Blaize Holdings, Inc.", "url": "/company/BZAI/" }, { "kind": "company", "summary": "SIC 6531 Real Estate Agents & Managers (For Others); CIK 0001878897; latest 10-K filed 2026-03-16.", "text": "DOUG - Douglas Elliman Inc. SIC 6531 Real Estate Agents & Managers (For Others); CIK 0001878897; latest 10-K filed 2026-03-16. DOUG Douglas Elliman Inc. 0001878897 6531 Real Estate Agents & Managers (For Others) ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (All dollar amounts included herein are presented in thousands, except as otherwise noted) The following discussion should be read in conjunction with the consolidated financial statements and corresponding notes, elsewhere in this Form 10-K. Any forward-looking statements are not historical facts, but rather they are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Any forward-looking statements are subject to several important factors, including those factors discussed under \u201cRisk Factors\u201d and \u201cSpecial Note on Forward-Looking Statements,\u201d that could cause our actual results to differ materially from those indicated in such forward-looking statements. Overview Douglas Elliman Inc. is a holding company that, through its subsidiaries, is engaged in the real estate services business, and is seeking to acquire or invest in additional real estate services businesses. We conduct residential real estate brokerage services through our subsidiary Douglas Elliman Realty, which operates one of the largest residential brokerage companies in the New York metropolitan area, and also conduct residential real estate brokerage operations in Florida, California, Texas, Colorado, Nevada, Massachusetts, Connecticut, Maryland, Virginia, New Jersey and Washington, D.C. We also offer, including through our subsidiaries and ventures, development marketing services and ancillary services, such as mortgage, title and escrow services. In addition, we have also invested in PropTech opportunities through our DOUG Ventures (f/k/a New Valley Ventures LLC) subsidiary. See Item 1. \u201cBusiness\u201d for detailed overview and description of our principal operations. This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is designed to provide a reader of our financial statements with a narrative from our management\u2019s perspective. Our MD&A is organized as follows: Business Overview. This section provides a general description of our business, as well as other matters, including recent developments, that we believe are important in understanding our results of operations and financial condition and in anticipating future trends. Critical Accounting Estimates. This section includes a discussion of accounting estimates considered to be important to our financial condition and results of operations and which require significant judgment and estimates on the part of management in their application. In addition, our significant accounting estimates, including our critical accounting estimates, are discussed in the notes to our audited consolidated annual financial statements included elsewhere in this Form 10-K. Results of Operations. This section provides an analysis of our results of operations for the years ended December 31, 2025 and 2024. Liquidity and Capital Resources. This section provides a discussion of our financial condition and liquidity, an analysis of our cash flows for the years ended December 31, 2025 and 2024, as well as certain contractual obligations and off-balance sheet arrangements that existed at December 31, 2025. Business Overview Since its inception in 1911, Douglas Elliman has challenged the status quo of the real estate industry. We were founded on Douglas L. Elliman\u2019s vision that New Yorkers would shift their preference for traditional homes to favor luxury apartments that were both sold and managed by comprehensive real estate companies. More than a century later, the Douglas Elliman brand is still associated with service, luxury and forward thinking \u2014 our markets are primarily international finance hubs that are densely populated and offer housing inventory at premium price points. The average transaction value of a home we sold in 2025 was approximately $1.86 million \u2014 significantly higher than our principal compet ITEM 1. BUSINESS Overview Douglas Elliman Inc. is a holding company that, through its subsidiaries, is engaged in the real estate services business. Douglas Elliman owns Douglas Elliman Realty, LLC, one of the largest residential brokerage companies in the New York metropolitan area, which includes New York City, Long Island, the Hamptons, Westchester, Connecticut and New Jersey, and also conducts operations in Florida, California, Texas, Colorado, Nevada, Massachusetts, Maryland, Virginia, and Washington D.C. We also offer, including through our subsidiaries and ventures, development marketing services and ancillary services, such as mortgage, title and escrow services. Douglas Elliman Inc. is a Delaware corporation incorporated in 2021 in connection with the separation of Douglas Elliman from Vector Group Ltd., as an independent, publicly traded company, listed on the New York Stock Exchange. On December 29, 2021, Vector Group completed the distribution of the common stock of Douglas Elliman to its stockholders (the \u201cDistribution\u201d), and we began trading on the New York Stock Exchange under the symbol \u201cDOUG\u201d on December 30, 2021. 4 Table of Contents Strategy Since its inception in 1911, Douglas Elliman has challenged the status quo of the real estate industry. We were founded on Douglas L. Elliman\u2019s vision that New Yorkers would shift their preference for traditional homes to favor luxury apartments that were both sold and managed by comprehensive real estate companies. More than a century later, the Douglas Elliman brand is still associated with service, luxury and forward thinking \u2014 our markets are primarily international finance hubs that are densely populated and offer housing inventory at premium price points. The average transaction value of a home we sold in 2025 was approximately $1.86 million \u2014 significantly higher than our principal competitors. Douglas Elliman boasts a prestigious luxury brand that is complemented by a comprehensive suite of tech ITEM 1A. RISK FACTORS Our business faces many risks. Below we describe the known material risks that we face. There may be additional risks that we do not yet know of or that we do not currently perceive to be significant that may also impact our business. Each of the risks and uncertainties described belo", "title": "DOUG - Douglas Elliman Inc.", "url": "/company/DOUG/" }, { "kind": "company", "summary": "SIC 3420 Cutlery, Handtools & General Hardware; CIK 0000002098; latest 10-K filed 2026-03-11.", "text": "ACU - ACME UNITED CORP SIC 3420 Cutlery, Handtools & General Hardware; CIK 0000002098; latest 10-K filed 2026-03-11. ACU ACME UNITED CORP 0000002098 3420 Cutlery, Handtools & General Hardware Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Information The Company may from time to time make written or oral \u201cforward-looking statements\u201d including statements contained in this report and in other communications by the Company, which are made in good faith pursuant to the \u201csafe harbor\u201d provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on our beliefs as well as assumptions made by and information currently available to us. When used in this document, words like \u201cmay,\u201d \u201cmight,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cpotential,\u201d and similar expressions are intended to identify forward-looking statements. Actual results could differ materially from our current expectations. Forward-looking statements in this report, including without limitation, statements related to the Company\u2019s plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties that may impact the Company\u2019s business, operations and financial results. These risks and uncertainties include, without limitation, the following: (i) changes in the Company\u2019s plans, strategies, objectives, expectations and intentions, which may be made at any time at the discretion of the Company; (ii) the impact of uncertainties in global economic conditions, including the impact on the Company\u2019s suppliers and customers; (iii) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates by the United States and retaliatory actions by other governments; (iv) the continuing adverse impact of inflation, including product costs, and interest rates; (v) potential adverse effects on the Company, its customers, and suppliers resulting from the conflicts in Ukraine and the Middle East; (vi) additional disruptions in the Company\u2019s supply chains, whether caused by pandemics, natural disasters, or otherwise, including trucker shortages, port closures and delays, and delays with container ships themselves; (vii) labor related costs the Company has and may continue to incur, including costs of acquiring and training new employees and rising wages and benefits; (viii) currency fluctuations; (ix) the Company\u2019s ability to effectively manage its inventory in a rapidly changing business environment; (x) changes in client needs and consumer spending habits; (xi) the impact of competition; (xii) the impact of technological changes including, specifically, the growth of online marketing and sales activity; (xiii) the Company\u2019s ability to manage its growth effectively, including its ability to successfully integrate any business it might acquire; and (xiv) other risks and uncertainties indicated from time to time in the Company\u2019s filings with the Securities and Exchange Commission. For a more detailed discussion of these and other factors affecting the Company, see the Risk Factors described in Item 1A included in this Annual Report on Form 10-K for the fiscal year December 31, 2025 and below under \u201cFinancial Condition\u201d. All forward-looking statements in this report are based upon information available to the Company on the date of this report. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Critical Accounting Estimates We prepare our consolidated financial statements in accordance with U.S. generally accepted accounting principles, which require our management to make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet dates, a Item 1. Business Overview Acme United Corporation, a Connecticut corporation (together, with its subsidiaries, the \"Company\"), is a leading worldwide supplier of innovative first aid and medical products and cutting technology to the school, home, office, hardware, sporting goods and industrial markets. Its principal products sold across all segments are first aid kits and medical products, scissors, shears, knives, and sharpening tools. The Company sells its products primarily to mass market and e-commerce retailers, industrial distributors, wholesale, contract and retail stationery distributors, office supply superstores, sporting goods stores, and hardware chains. The Company's operations are in the United States, Canada, Europe (located in Germany) and Asia (located in Hong Kong and China). The operations in the United States, Canada and Europe are primarily involved in product development, marketing, sales, administrative, manufacturing and distribution activities. The operations in Asia consist of sourcing, product development, production planning, quality control and sales activities. Total net sales in 2025 were $196.5 million. The Company was organized as a partnership in l867 and incorporated in l882 under the laws of the State of Connecticut. The Company sources most of its products from suppliers located outside the United States, primarily in Asia. In recent years, as a result of acquisitions, the amount of first aid and medical products produced in North America has been increasing substantially. The components for first aid kits are sourced from both U.S. and international suppliers. The Company assembles its first aid kits at its facilities in the following locations: \u2022 Vancouver, WA, \u2022 Rocky Mount, NC, \u2022 Keene, NH \u2022 Laval, Canada The Company has additional manufacturing facilities in the U.S. as follows: \u2022 La Vergne, TN - Spill Magic products \u2022 Santa Ana, CA - Spill Magic products \u2022 Marlborough, MA - DMT sharpening tools \u2022 Brooksville, Item 1A. Risk Factors Ownership of the Company\u2019s securities involves a number of risks and uncertainties. Potential investors should carefully consider the risks and uncertainties described below and the other information in this Annual Report on Form 10-K before deciding whether to invest in the Company\u2019s securities. The Com", "title": "ACU - ACME UNITED CORP", "url": "/company/ACU/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001853145; latest 10-K filed 2026-03-12.", "text": "EVCM - EverCommerce Inc. SIC 7372 Services-Prepackaged Software; CIK 0001853145; latest 10-K filed 2026-03-12. EVCM EverCommerce Inc. 0001853145 7372 Services-Prepackaged Software Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Unless the context requires otherwise, references in this report to \"EverCommerce Inc.,\" the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to EverCommerce Inc. and its consolidated subsidiaries. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future. Unless otherwise noted, disclosures within Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations relate solely to the Company\u2019s continuing operations, which excludes marketing technology solutions. Overview EverCommerce is a leading provider of integrated, vertically-tailored software-as-a-service (\u201cSaaS\u201d) solutions for service-based small- and medium-sized businesses (\u201cservice SMBs\u201d). Our platform spans across the full lifecycle of interactions between consumers and service professionals with vertical-specific applications. As of December 31, 2025, we served more than 745,000 customers across three core verticals: EverPro for Home Services; EverHealth for Health Services; and EverWell for Wellness Services. Within our core verticals, our customers operate within numerous micro-verticals, ranging from home service professionals, such as home improvement contractors and home maintenance technicians, to physician practices and therapists within Health Services, to salon owners within Wellness. Our platform provides vertically-tailored SaaS solutions that address service SMBs\u2019 increasingly specialized demands, as well as highly complementary solutions that provide fully-integrated offerings, allowing service SMBs and EverCommerce to succeed in the market, and provide end consumers more convenient service experiences. We offer several vertically-tailored suites of solutions, each of which follows a similar and repeatable go-to-market playbook: offer a \u201csystem of action\u201d Business Management Software that streamlines daily business workflows, integrate highly complementary, value-add adjacent solutions and complete gaps in the value chain to create integrated solutions. These solutions focus on addressing how service SMBs market their services, streamline operations and retain and engage their customers. \u2022Business Management Software: Our vertically-tailored Business Management Software is the system of action at the center of a service business\u2019s operation, and is typically the point-of-entry and first solution adopted by a customer. Our software, designed to meet the day-to-day workflow needs of businesses in specific vertical end markets, streamlines front and back-office processes and provides polished customer-facing experiences. Using these offerings, service SMBs can deliver their services, streamline operations and focus on growing their customer base. \u2022Billing & Payment Solutions: Our Billing & Payment Solutions provide integrated payments, billing and invoicing automation and business intelligence and analytics. Our omni-channel payments capabilities include point-of-sale, eCommerce, online bill payments, recurring billing, electronic invoicing and mobile payments. Supported payment types include credit card, debit card and Automated Clearing House (\u201cACH\u201d) processing. Our payments platform also provides a full suite of service commerce features, including customer management as well as cash flow reporting and analytics. These value-add features help small- and medium-sized businesses (\u201cSMBs\u201d) to ensure more timely billing and payments collection and provide improved cash flow visibility. \u2022Customer Experience Solutions: Our Customer Experience Solutions modernize how businesses engage and interact with customers by leveraging innovative, Item 1. Business Overview EverCommerce is simplifying and empowering the lives of business owners whose services support us every day. We provide tailored, integrated Software-as-a-Service (\u201cSaaS\u201d) solutions that support the highly diverse workflows and customer interactions that professionals in home services, health services, and wellness services need to automate manual processes, generate new business, and create more loyal customers. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based small- and medium-sized businesses (\u201cservice SMBs\u201d). Our platform spans across the full lifecycle of interactions between consumers and service professionals with vertical-specific applications. As of December 31, 2025, we served more than 745,000 customers across three core verticals: EverPro for Home Services; EverHealth for Health Services; and EverWell for Wellness Services. Within our core verticals, our customers operate within numerous micro-verticals, ranging from home service professionals, such as home improvement contractors and home maintenance technicians, to physician practices and therapists within Health Services, and salon owners within Wellness. Our platform provides vertically-tailored SaaS solutions that address service SMBs\u2019 increasingly specialized demands, as well as highly complementary solutions that provide fully-integrated offerings, allowing service SMBs and EverCommerce to succeed in the market, and provide end consumers more convenient service experiences. For the year ended December 31, 2025, we estimate that approximately 93% of our customers contributed less than $2 thousand in revenue and approximately 3% contributed more than $5 thousand in revenue. On October 31, 2025, we completed the sale of our marketing technology solutions business to Ignite Visibility as part of our previously announced strategic review (see \u201cNote 3. Acquisition and Dispositions\u201d in the Notes to the Consolidated Financ Item 1A. Risk Factors Our business involves significant risks, some of which are described below. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K. The risks and uncertainties described below are not the only ones we face. Ad", "title": "EVCM - EverCommerce Inc.", "url": "/company/EVCM/" }, { "kind": "company", "summary": "SIC 5810 Retail-Eating & Drinking Places; CIK 0002068577; latest 10-K filed 2026-03-04.", "text": "BRCB - Black Rock Coffee Bar, Inc. SIC 5810 Retail-Eating & Drinking Places; CIK 0002068577; latest 10-K filed 2026-03-04. BRCB Black Rock Coffee Bar, Inc. 0002068577 5810 Retail-Eating & Drinking Places Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the related notes included elsewhere in this Form 10-K. In addition to historical information, this discussion and analysis contains forward-looking statements based on current expectations that involve risks, uncertainties, and other factors outside our control, as well as assumptions, such as our plans, objectives, expectations, and intentions. Our actual results may differ materially from those expressed or implied in the forward-looking statements as a result of various factors, including those described under the sections entitled \u201cForward-Looking Statements\u201d above and \u201cRisk Factors\u201d elsewhere in this Form 10-K and our other filings with the SEC. A discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023 has been reported previously in our final prospectus dated September 11, 2025 filed with the SEC on September 15, 2025 pursuant to Rule 424(b)(4) (File No. 333-289685) of the Securities Act (the \u201cProspectus\u201d), under the heading \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d Overview We are a high-growth operator of guest-centric, drive-thru coffee bars offering premium caffeinated beverages and an elevated in-store experience crafted by our engaging baristas. Black Rock Coffee Bar was founded in 2008 in Beaverton, Oregon, by our co-founders Daniel Brand and Jeff Hernandez. What started as a single 160 square foot coffee bar in 2008 is now one of the fastest growing beverage companies in the United States by revenue and the largest fully company-owned coffee retailer in the country, with 181 locations spanning seven states as of December 31, 2025, from the Pacific Northwest to Texas. We were founded as a drive-thru only concept and evolved to include engaging seating areas, which we call \u201clobbies.\u201d All of our locations include efficient drive-thrus and approximately 73% of our locations include lobbies as of December 31, 2025. We expect most of our new locations to include both drive-thrus and lobbies as we continue to grow. Our modern, inviting store formats\u2014paired with a robust digital platform\u2014allow us to deliver a dynamic and multi-faceted guest experience. Driven by a passion for Connection, Caffeine, and Community, Black Rock is a platform to do well by our baristas, guests, and the communities we serve. With a relentless focus on people and excellence, our culture has been key to our success. These results demonstrate the strength and consistency of our model and highlight our genuine connection to our guests across diverse markets. Initial Public Offering and Related Transactions Black Rock Coffee Bar, Inc. was originally incorporated as a Delaware corporation on May 2, 2025 and in June 2025 re-domiciled to be incorporated in Texas for the purposes of facilitating an initial public offering. On September 15, 2025, we completed our IPO in which we issued and sold 16,911,764 shares of Class A common stock (including 2,205,882 shares sold pursuant to the full exercise of the underwriters option to purchase additional shares) at an offering price of $20.00 per share, resulting in net proceeds of approximately $306.5 million after deducting underwriting discounts, commissions and offering expenses. We used the net proceeds from the IPO to: (i) purchase 3,857,642 newly issued LLC Units for approximately $71.8 million directly from Black Rock OpCo; and (ii) purchase 13,054,122 LLC Units from certain Continuing Equity Owners for approximately $242.8 million, each at a price per unit equal to the IPO price per share of Class A common stock less the underwriting discount. For additional information related to our IPO and the Transactions, see \"The Transactions\" in the forepar Item 1. Business Our Company Our Mission: To Fuel People Forward \u2013 One Connection, One Moment, One Cup at a Time We are a high-growth operator of guest-centric, drive-thru coffee bars offering premium caffeinated beverages and an elevated in-store experience crafted by our engaging baristas. Black Rock Coffee Bar was founded in 2008 in Beaverton, Oregon, by our co-founders Daniel Brand and Jeff Hernandez. What started as a single 160 square foot coffee bar in 2008 is now one of the fastest growing beverage companies in the United States by revenue and the largest fully company-owned coffee retailer in the country, with 181 locations spanning seven states as of December 31, 2025, from the Pacific Northwest to Texas. We were founded as a drive-thru only concept and evolved to include engaging seating areas, which we call \u201clobbies.\u201d All of our locations include efficient drive-thrus and approximately 73% of our locations include lobbies as of December 31, 2025. We expect most of our new locations to include both drive-thrus and lobbies as we continue to grow. Our modern, inviting store formats\u2014paired with a robust digital platform\u2014allow us to deliver a dynamic and multi-faceted guest experience. Driven by a passion for Connection, Caffeine, and Community, Black Rock is a platform to do well by our baristas, guests, and the communities we serve. With a relentless focus on people and excellence, our culture has been key to our success. Connection We are a people first organization and we win with authentic connections. Our success is fueled by the personal connections between our store teams and our diverse range of guests that are cultivated while serving premium, caffeinated beverages with speed and consistency. These daily interactions, whether over a drink hand-off at a drive-thru window or a longer visit in one of our inviting lobbies, create \u201cmoments that matter\u201d with our guests. We invest in making meaningful internal connections with our team members thro Item 1A. Risk Factors Investing in our Class A common stock involves a high degree of risk because our business is subject to numerous risks and uncertainties, as further described below as well as the other information in this Form 10-K, including the \u201cForward-Looking Statements\u201d safe harbor and our consolida", "title": "BRCB - Black Rock Coffee Bar, Inc.", "url": "/company/BRCB/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001681206; latest 10-K filed 2026-03-06.", "text": "NODK - NI Holdings, Inc. SIC 6331 Fire, Marine & Casualty Insurance; CIK 0001681206; latest 10-K filed 2026-03-06. NODK NI Holdings, Inc. 0001681206 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion is intended to provide a more comprehensive review of our operating results and financial condition than can be obtained from reading the consolidated financial statements alone. Unless otherwise noted, the information in the following discussion is being presented for our continuing operations. The discussion should be read in conjunction with the consolidated financial statements and the notes thereto included in Part II, Item 8, \u201cFinancial Statements and Supplementary Data.\u201d Some of the information contained in this discussion and analysis or set forth elsewhere in this 2025 Annual Report constitutes forward-looking information that involves risks and uncertainties. Please see \u201cForward-Looking Statements\u201d and Part I, Item 1A, \u201cRisk Factors\u201d for a discussion of important factors that could cause actual results to differ materially from the results described, or implied by, the forward-looking statements contained herein. Our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations included in this document discusses 2025 and 2024 items and year-over-year comparisons between 2025 and 2024 as well as discussions of 2023 items and year-over-year comparisons between 2024 and 2023, which were included due to the impacts of discontinued operations for those prior periods. All dollar amounts, except per share amounts, are in thousands. Financial Highlights 2025 Consolidated Results of Operations [[GREPCENT_TABLE]] [[\"\",\"\\u00b7\",\"Net loss of $10,413, or ($0.50) per share basic and diluted\"],[\"\",\"\\u00b7\",\"Net premiums earned of $270,655\"],[\"\",\"\\u00b7\",\"Net investment income of $11,702\"],[\"\",\"\\u00b7\",\"Net unfavorable prior year reserve development of $30,330\"],[\"\",\"\\u00b7\",\"Underwriting loss of $26,724\"],[\"\",\"\\u00b7\",\"Combined ratio of 109.9%\"],[\"\",\"\\u00b7\",\"Operating cash flows of ($4,859)\"]] [[/GREPCENT_TABLE]] 2025 Consolidated Financial Condition [[GREPCENT_TABLE]] [[\"\",\"\\u00b7\",\"Total cash and investments of $378,680\"],[\"\",\"\\u00b7\",\"Total assets of $506,002\"],[\"\",\"\\u00b7\",\"Unpaid losses and loss adjustment expenses of $137,855\"],[\"\",\"\\u00b7\",\"Total liabilities of $265,665\"],[\"\",\"\\u00b7\",\"Shareholders\\u2019 equity of $240,337\"]] [[/GREPCENT_TABLE]] 28 Results of Continuing Operations Our consolidated financial statements are prepared in accordance with GAAP. Management evaluates our operations by monitoring key measures of growth and profitability, which may include the disclosure of certain non-GAAP financial measures. Our results of operations are influenced by numerous factors affecting the U.S. property and casualty insurance industry including competition, weather, catastrophic events, innovation and emerging technologies, changes in regulations, inflation, general economic conditions, judicial trends, fluctuations in interest rates, and other changes in the financial markets. Our premium levels and underwriting results have been, and will continue to be, influenced by market conditions. The property and casualty insurance industry has historically been characterized by soft markets (periods of relatively high levels of price competition, less restrictive underwriting practices, and generally low premium rates) followed by hard markets (periods of capital shortages resulting in a lack of insurance availability, relatively low levels of price competition, more selective underwriting of risks, and relatively high premium rates). During soft markets, we may lose business to other carriers offering competitive insurance at lower rates. We may also choose to reduce our premiums or limit premium increases leading to a reduction in profit margins and revenues. Our industry is also influenced by general economic conditions, which could reduce overall premium volume for us and our competitors. Additionally, the industry is impacted by changes in customer preferences, including Item 1. Business All dollar amounts, except per share amounts, are in thousands. Overview NI Holdings is a North Dakota business corporation that is the stock holding company of Nodak Insurance Company and became such in connection with the conversion of Nodak Mutual Insurance Company (\u201cNodak Mutual\u201d) from a mutual to stock form of organization and the creation of a mutual holding company. The conversion was completed on March 13, 2017. Immediately following the conversion, all of the outstanding shares of common stock of Nodak Insurance Company (\u201cNodak Insurance,\u201d the successor to Nodak Mutual Insurance Company) were issued to Nodak Mutual Group, Inc. (\u201cNodak Mutual Group\u201d), which then contributed the shares to NI Holdings in exchange for 55% of the outstanding shares of common stock of NI Holdings. Nodak Insurance then became a wholly-owned stock subsidiary of NI Holdings. Prior to completion of the conversion, NI Holdings conducted no business and had no assets or liabilities. As a result of the conversion, NI Holdings became the holding company for Nodak Insurance and its existing subsidiaries. Concurrent with the conversion, on March 13, 2017, the Company completed an initial public offering (\u201cIPO\u201d) of 10,350,000 shares of common stock at a price of $10.00 per share. The Company received net proceeds of $93,145 from the offering, after deducting the underwriting discounts and offering expenses. The newly issued shares of NI Holdings were available for public trading on March 16, 2017. These consolidated financial statements include the financial position and results of operations of NI Holdings and the following other entities: [[GREPCENT_TABLE]] [[\"\",\"\\u00b7\",\"Nodak Insurance \\u2013 a wholly-owned subsidiary of NI Holdings;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u00b7\",\"Nodak Agency, Inc. (\\u201cNodak Agency\\u201d) \\u2013 a wholly-owned subsidiary of Nodak Insurance;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u00b7\",\"American West Insura Item 1A. Risk Factors An investment in the Company\u2019s common shares involves certain risks. The following is a discussion of material risks and uncertainties that may affect the Company\u2019s business, financial condition, and future results. Insurance Risks Catastrophic or other significant natural or man-made losses may negatively ", "title": "NODK - NI Holdings, Inc.", "url": "/company/NODK/" }, { "kind": "company", "summary": "SIC 7363 Services-Help Supply Services; CIK 0000700841; latest 10-K filed 2026-04-03.", "text": "RCMT - RCM TECHNOLOGIES, INC. SIC 7363 Services-Help Supply Services; CIK 0000700841; latest 10-K filed 2026-04-03. RCMT RCM TECHNOLOGIES, INC. 0000700841 7363 Services-Help Supply Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (CONTINUED) The following discussion and analysis contains forward-looking statements, including, without limitation, statements relating to our plans, strategies, objectives, expectations, intentions and resources. Such forward-looking statements should be read in conjunction with our disclosures under \u201cItem 1A. Risk Factors\u201d of this Form 10-K. This section of the Form 10-K generally discusses matters relating to the fiscal years ended January 3, 2026 and December 28, 2024 and year-to-year comparisons between such fiscal years. Discussions of matters relating to the fiscal year ended December 30, 2023 and year-to-year comparison between that year and the year ended December 28, 2024 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 28, 2024. Overview RCM participates in a market that is cyclical in nature and sensitive to economic changes. As a result, the impact of economic changes on revenue and operations can be substantial, resulting in significant volatility in the Company\u2019s financial performance. The Company believes it has developed and assembled an attractive portfolio of capabilities, established a proven record of performance and credibility and built an efficient pricing structure. The Company is committed to optimizing its business model as a single-source premier provider of business and technology solutions with a strong vertical focus, offering an integrated suite of services through a global delivery platform. The Company believes that most companies recognize the importance of advanced technologies and business processes to compete in today\u2019s business climate. However, the process of designing, developing and implementing business and technology solutions is becoming increasingly complex. The Company believes that many businesses today are focused on return on investment analysis in prioritizing their initiatives. This has had an adverse impact on spending by current and prospective clients for many emerging new solutions. Nonetheless, the Company continues to believe that businesses must implement more advanced life sciences, information technology, and engineering solutions\u2014including AI and specifically Agentic AI, Quality by Design (QbD), and process automation\u2014to upgrade their systems, applications, and processes. By leveraging AI, organizations can enhance data-driven decision-making and predictive analytics, while QbD principles ensure that quality is built into every stage of development and operations. Process automation further streamlines workflows, reduces manual intervention, and increases operational efficiency. These integrated approaches enable companies to maximize productivity and optimize performance, maintaining a competitive advantage even when operating under budgetary, personnel, and expertise constraints. As companies are driven to support increasingly complex systems, applications, and processes of significant strategic value, the demand for outsourcing\u2014especially in areas involving AI, QbD, and automation\u2014continues to rise. The Company believes that its current and prospective clients are actively evaluating the potential for outsourcing business-critical systems, applications, and processes that incorporate these advanced methodologies. The Company provides project management and consulting services, which are billed based on either agreed-upon fixed fees or hourly rates, or a combination of both. The billing rates and profit margins for project management and solutions services are generally higher than those for professional consulting services. The Company generally endeavors to expand its sales of higher margin solutions and project management services. The Company also realizes revenue fro ITEM 1. BUSINESS General RCM Technologies, Inc. is a premier provider of business and technology solutions designed to enhance and maximize its customers' operational performance. The Company provides these services through the deployment of specialty healthcare, engineering, life sciences, information technology services, data management and solutions. For over 50 years, the Company has developed and assembled an extensive portfolio of capabilities, service offerings, and delivery options with world-class technical talent in key end markets and high-growth industries. This combination, paired with RCM\u2019s efficient pricing structure and global reach, offers clients a compelling value proposition. RCM consists of three operating segments: Specialty Health Care, Engineering, and Life Sciences, Data and Solutions (LS&D). [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"The Specialty Health Care segment provides staffing solutions, including medical healthcare professionals, health information management professionals, nurses, paraprofessionals, physicians, and therapists for many of the largest healthcare institutions and school districts across the United States. The segment also provides teletherapy services targeting the education sector with an emphasis on behavioral health.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"The Engineering segment provides a comprehensive portfolio of engineering and design services across three verticals: (1) Energy Services, (2) Process & Industrial, and (3) Aerospace. The segment also offers a complementary suite of consulting solutions and services to augment its engineering portfolio, including design and supply of high-quality engineered process solutions and equipment, data management, technical writing and digital documentation across marine, locomotive, transportation and aerospace markets, integrated design and construction, and engineering, procurement and construction management (\\u201cEPC\\u201d), as well as demand side man ITEM 1A. RISK FACTORS The Company\u2019s business involves a number of risks, some of which are beyond its control. The risk and uncertainties described below are not the only ones the Company faces. Set forth below is a discussion of the risks and uncertainties that management believes to be material to the Company. Economic", "title": "RCMT - RCM TECHNOLOGIES, INC.", "url": "/company/RCMT/" }, { "kind": "company", "summary": "SIC 8731 Services-Commercial Physical & Biological Research; CIK 0001287098; latest 10-K filed 2026-03-25.", "text": "MXCT - MAXCYTE, INC. SIC 8731 Services-Commercial Physical & Biological Research; CIK 0001287098; latest 10-K filed 2026-03-25. MXCT MAXCYTE, INC. 0001287098 8731 Services-Commercial Physical & Biological Research Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K, as well as the other information provided from time to time in our other filings with the SEC. Some of the information contained in this discussion and analysis or set forth elsewhere in this annual report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, our actual results could differ materially from those discussed in or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section of this Annual Report on Form 10-K titled \u201cRisk Factors.\u201d Please also see the section titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview We are a leading commercial cell engineering company focused on providing enabling platform technologies to advance the discovery, development and commercialization of next-generation cell therapeutics and to support innovative cell-based research and development. Over more than two decades, we have developed and commercialized our proprietary Flow Electroporation technology, which facilitates complex engineering of a wide variety of cells. Electroporation is a method of transfection, or the process of deliberately introducing molecules into cells, that involves applying an electric field in order to temporarily increase the permeability of the cell membrane. This precisely controlled increase in permeability allows the intracellular delivery of molecules, such as genetic material and proteins, that would not normally be able to cross the cell membrane as easily. Our ExPERT platform, which is based on our Flow Electroporation technology, has been designed to address this rapidly expanding cell therapy market and can be utilized across the continuum of the high-growth cell therapy sector, from discovery and development through commercialization of next-generation, cell-based therapies. The ExPERT family of products includes five instruments, which we call the DTx, the ATx, the STx, the GTx, and the VLx, and related software protocols, as well as a portfolio of proprietary related PAs and consumables. We have garnered meaningful expertise in cell engineering via our internal research and development efforts as well as our customer-focused commercial approach, which includes a growing application scientist team. The platform is also supported by a robust intellectual property portfolio with more than 200 granted U.S. and foreign patents and more than 100 pending patent applications worldwide. From leading commercial cell therapy drug and biologic developers and top biopharmaceutical companies to top academic and government research institutions, including the NIH, our customers have extensively validated our technology. We believe the features and performance of our platform have led to sustained customer engagement. Our existing customer base ranges from large biopharmaceutical companies, including a majority of the top 25 pharmaceutical companies based on 2024 global revenue, to hundreds of biotechnology companies and academic centers focused on translational research. As of December 31, 2025, we have placed more than 857 of our electroporation instruments with customers worldwide. Historically, we have financed our operations primarily from the issuance and sale of equity securities, previous debt borrowings and cash flows from operations. On August 3, 2021, we issued and sold 15,525,000 shares of common stock in our U.S. IPO at a price to the public of $13.00 per share, inclusive of 2,025,000 shares issued pursuant to Item 1. Business Overview We are a leading commercial cell engineering company focused on providing enabling platform technologies to advance the discovery, development and commercialization of next-generation cell therapeutics including cell and gene therapies and to support innovative cell-based research and development. Over more than two decades, we have developed and commercialized our proprietary Flow Electroporation\u00ae technology, which is used by biopharmaceutical companies in the complex engineering of a wide variety of cells. Electroporation is a method of transfection, or the process of deliberately introducing molecules into cells, that involves applying an electric field in order to temporarily increase the permeability of the cell membrane. This precisely controlled increase in permeability allows the intracellular delivery of molecules, such as genetic material and proteins, that would not normally be able to cross the cell membrane as easily. With increased knowledge of cell complexity and systems biology in the scientific community, researchers have sought to leverage or repurpose cell functions and/or machinery for research or therapeutic purposes. The ability to engineer living cells by introducing foreign molecules, such as gene editing systems and transgenes, has led to a revolution in biological research and resulted in numerous biological discoveries. Living human cells can also be engineered ex vivo, or outside the body, where they are repaired or reprogrammed to fight disease. In this case, the engineered cell itself is the drug. Cell therapy has emerged as one of the fastest growing and most promising treatment modalities to address a host of human diseases. Recent developments in multiple U.S. Food and Drug Administration (the \u201cFDA\u201d) approved cell therapies in generating promising data suggests that they may be able to provide long-lasting amelioration of symptoms or presence of disease has catalyzed tremendous investment\u2014leading to sig Item 1A. Risk Factors You should consider carefully the following risks and other information contained in this Annual Report on Form 10-K, including the section of this report captioned \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our financial sta", "title": "MXCT - MAXCYTE, INC.", "url": "/company/MXCT/" }, { "kind": "company", "summary": "SIC 2090 Miscellaneous Food Preparations & Kindred Products; CIK 0000910329; latest 10-K filed 2026-02-17.", "text": "MED - MEDIFAST INC SIC 2090 Miscellaneous Food Preparations & Kindred Products; CIK 0000910329; latest 10-K filed 2026-02-17. MED MEDIFAST INC 0000910329 2090 Miscellaneous Food Preparations & Kindred Products ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS CRITICAL ACCOUNTING POLICIES AND ESTIMATES Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. Our significant accounting policies are described in Note 2 to the consolidated financial statements. The preparation of our consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Management develops, and changes periodically, these estimates and assumptions based on historical experience and on various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. Management considers the following accounting policies to be the most critical in preparing our consolidated financial statements. These critical accounting policies have been discussed with our Audit Committee, as appropriate. Revenue Recognition: Our revenue is derived primarily from point of sale transactions executed over an e-commerce platform for weight loss, weight management, and other healthy living products. Revenue is recognized upon delivery to the shipping carrier and net of discounts, rebates, promotional adjustments, price adjustments, allocated consideration to loyalty programs, and estimated returns. Our performance obligations are satisfied at a point in time. Revenue from products transferred to customers at a point in time accounted for substantially all of our revenue for the years ended December 31, 2025, 2024, and 2023. Our return policy allows for customer returns of consumable products from the time of order until 30 days following the date of receipt, and upon our authorization. We adjust revenues for the products expected to be returned and a liability is recognized for expected refunds to customers. We estimate expected returns based on historical levels and project this experience into the future. Our sales contracts may give customers the option to purchase additional products priced at a discount. Options to acquire additional products at a discount can come in many forms, such as customer reward programs and incentive offerings including pricing arrangements, and promotions. We reduce the transaction price for customer reward programs and certain incentive offerings including pricing arrangements, promotions, and incentives that represent variable consideration and separate performance obligations. The Company allocates consideration between the initial sale of products and the customer reward program and incentive offering. The Company discontinued its reward program in July 2025. Amounts billed to customers for shipping and handling activities are treated as a promised service performance obligation and are recorded as revenue in our Consolidated Statements of Operations upon fulfillment of the performance obligation. Shipping and handling costs incurred by the Company for the delivery of products to customers are considered a cost to fulfill the contract and are included in cost of sales in our Consolidated Statements of Operations. We expense coach compensation and credit card fees during the period in which the corresponding revenue is earned. These costs are recorded in selling, general and administrative expense in our Consolidated Statements of Operations. Long-lived Asset Impairment: Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cas ITEM 1. BUSINESS SUMMARY Medifast, Inc. (\u201cMedifast,\u201d the \u201cCompany,\u201d \u201cwe\u201d or \u201cus\u201d) is the 40+ year old health and wellness company known for its science-backed, coach-guided lifestyle system. As we enter 2026, the Company is moving from transformation to execution, leveraging its extensive experience in structured weight loss coupled with recent scientific research and enhanced product offerings to address the needs of a broader metabolic health market. Medifast\u2019s approach focuses on addressing the root cause of metabolic dysfunction. This strategic shift targets a larger and more sustainable market, focusing on a long-term growth strategy designed to guide the Company over the next decade by aligning science, products, and coaching with increasing demand for new solutions as awareness of metabolic dysfunction grows. This growth strategy is fueled by improving coach productivity and expanding our coach network. We operate a well-capitalized business with strong effective leadership, a powerful lifestyle solution, and a business model that has impacted over 3 million lives and, for the quarter ended December 31, 2025, had a network of approximately 16,100 active earning independent coaches. Medifast stands at the forefront of evidence-based wellness solutions, and its coach-first model creates significant opportunities for coaches\u2019 individual businesses. This is designed to create a \u201cflywheel effect\u201d as new clients join, driving coach productivity, which in turn attracts new active earning coaches, leading to even more new clients and further productivity. The Company offers a simple, yet comprehensive approach to achieving optimal metabolic health and well-being by empowering individuals to make lasting changes. Through the dedicated support of our coaches, approximately 90% of whom were clients first, our clients are guided through every step of their wellness journey. Our scientifically developed products and habit creation framework, reinforced by coaches and ITEM 1A. RISK FACTORS You should consider carefully the following risks and uncertainties when reading this Report. If any of the events described below actually occur, the Company\u2019s business, financial condition, and operating results could be materially adversely affected. 17 Table of Contents You sho", "title": "MED - MEDIFAST INC", "url": "/company/MED/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001066194; latest 10-K filed 2025-09-12.", "text": "EGAN - EGAIN Corp SIC 7372 Services-Prepackaged Software; CIK 0001066194; latest 10-K filed 2025-09-12. EGAN EGAIN Corp 0001066194 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of eGain\u2019s financial condition and results of operations should be read together with the consolidated financial statements and related notes in this Annual Report on Form 10-K. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. These risks and uncertainties may cause actual results to differ materially from those discussed in the forward-looking statements. Overview \u200b eGain automates customer experience with an AI knowledge hub solution. We sell our SaaS solution to enterprises who want to improve customer experience while reducing cost, by using AI to synthesize and deliver trusted, consumable answers from a knowledge hub. We are headquartered in Sunnyvale, California, USA. We also operate in the United Kingdom and India. \u200b Key Financial Measures We monitor the key financial performance measures set forth below as well as cash and cash equivalents and available debt capacity, which are discussed in Liquidity and Capital Resources, to help us evaluate trends, establish budgets, measure the effectiveness of our sales and marketing efforts and assess operational effectiveness and efficiencies. Revenue We believe total revenue is a useful measure to value our business. SaaS revenue is defined as revenue from cloud delivery arrangements, term licenses, embedded OEM royalties and associated support. Professional services revenue includes system implementation, consulting, training, and managed services. The following table presents total revenue for each of the following periods: \u200b [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"Fiscal Year Ended June 30\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\",\"2025\",\"\",\"2024\",\"\",\"Change\"],[\"Revenue\",\"\\u200b\",\"(in thousands, except percentages)\"],[\"SaaS revenue\",\"\\u200b\",\"$\",\"81,921\",\"\\u200b\",\"$\",\"85,082\",\"\\u200b\",\"$\",\"(3,161)\",\"(4)\",\"%\"],[\"Professional services\",\"\\u200b\",\"\",\"6,510\",\"\\u200b\",\"\",\"7,721\",\"\\u200b\",\"\",\"(1,211)\",\"(16)\",\"%\"],[\"Total revenue\",\"\\u200b\",\"$\",\"88,431\",\"\\u200b\",\"$\",\"92,803\",\"\\u200b\",\"$\",\"(4,372)\",\"\\u200b\",\"\\u200b\"]] [[/GREPCENT_TABLE]] \u200b \u200b Non-GAAP Operating Income \u200b Non-GAAP operating income is defined as income from operations, adjusted for the impact of stock-based compensation expense. 35 Table of Contents Management believes that it is useful to exclude certain non-cash charges and non-core operational charges from non-GAAP operating income because (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations; and (ii) such expenses can vary significantly between periods as a result of the timing of new stock-based awards. The presentation of the non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for, or superior to, the financial information prepared and presented in accordance with generally accepted accounting principles in the United States of America (GAAP). The following table presents a reconciliation of GAAP income from operations to non-GAAP income from operations for each of the following periods: [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"Fiscal Year Ended June 30\"],[\"\\u200b\",\"\",\"2025\",\"\",\"2024\"],[\"Income from operations\",\"\\u200b\",\"$\",\"4,433\",\"\\u200b\",\"$\",\"5,971\"],[\"Add:\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Stock-based compensation\",\"\\u200b\",\"\\u200b\",\"2,449\",\"\\u200b\",\"\\u200b\",\"4,529\"],[\"Non-GAAP income from operations\",\"\\u200b\",\"$\",\"6,882\",\"\\u200b\",\"$\",\"10,500\"]] [[/GREPCENT_TABLE]] Critical Accounting Policies and Estimates \u200b Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations discusses our consolidate ITEM 1. BUSINESS \u200b Overview \u200b eGain automates customer experience with an AI knowledge hub solution. We sell our SaaS solution to enterprises who want to improve customer experience while reducing cost, by using AI to synthesize and deliver trusted, consumable answers from a knowledge hub. We are headquartered in Sunnyvale, California, USA. We also operate in the United Kingdom and India. \u200b Industry Background Introduction \u200b According to Gartner Research, a majority of contact center agents are not satisfied with their desktop tools. Our assessment, based on more than two decades of serving clients is that good contact center agents ignore most information piled on their screens across multiple windows and tabs when they are interacting with customers. They focus on the customer conversation. Meanwhile, businesses expect agents to remember and refresh growing knowhow that is needed to answer customer questions across complex, expanding product portfolios and compliance-heavy processes, and then recall it contextually in the moment of truth \u2013 when the customer is on the line. In addition, this is expected of an entry-level workforce that is not well-paid, routinely replaced, and globally dispersed \u2013 mainly for cost reasons. This knowledge and guidance gap for agents in the flow of their work explains Gartner Research\u2019s top technology recommendation for customer service and support leaders: invest in modern knowledge management tools. AI Economy Demands Modern Knowledge Management In a world selling commoditized, yet complex products to time-strapped customers, smart tools must increasingly automate self-service interactions and augment agent-assisted customer experiences. In a hybrid workplace, businesses realize that they need to invest in tools that can guide agents and customers with trusted answers, ensuring compliance. Further, AI investments are struggling to deliver value at scale because of the \u201cGarbage In Garbage Out\u201d problem of fragmented knowled ITEM 1A.RISK FACTORS The risks and uncertainties described below are not the only ones facing us. Other events that we do not currently anticipate or that we currently deem immaterial also may affect our results of operations, cash flows and financial condition. Risks Related to Our Business and Strategy Our business is influenced by a range of factors that are beyo", "title": "EGAN - EGAIN Corp", "url": "/company/EGAN/" }, { "kind": "company", "summary": "SIC 7011 Hotels & Motels; CIK 0001747079; latest 10-K filed 2026-03-23.", "text": "BALY - Bally's Corp SIC 7011 Hotels & Motels; CIK 0001747079; latest 10-K filed 2026-03-23. BALY Bally's Corp 0001747079 7011 Hotels & Motels ITEM 7.MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review Item 1A. \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d in this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Executive Overview Our strategic initiatives in 2025 continued to advance our transformation into a more diversified, digitally enabled, and globally scaled gaming and entertainment company. \u2022Portfolio Expansion: Completed the Merger with Standard General and Queen Casino, adding four regional properties to our Casinos & Resorts portfolio and strengthening our US market presence. \u2022Strategic Transformation: Completed the multi-stage combination with Intralot, creating a unified global footprint and strengthening both our B2B and B2C capabilities. \u2022International Growth: Invested A$200 million for a significant economic interest in The Star, expanding our global reach. \u2022Bally\u2019s Chicago: Completed the initial public offering and private placements of Bally\u2019s Chicago Inc. and advanced construction of the permanent casino supported by enhanced data-driven customer engagement. \u2022Major Developments: Announced planned development for an integrated resort and Major League Baseball stadium at the former Tropicana Las Vegas site and secured a New York downstate commercial casino license for our anticipated Bally\u2019s Bronx integrated resort. Together, we believe these steps continue to position the Company for sustainable long-term growth across our land-based and interactive platforms, united under a single, leading brand. Business Development Projects Our business development projects are summarized above in \u201cOur Strategy and Business Developments\u201d section above and in Note 7 \u201cBusiness Combinations\u201d to our consolidated financial statements presented in Part II, Item 8 of this Annual Report on Form 10-K. 47 Macroeconomic and Other Factors Our business is subject to risks caused by global economic challenges, including those caused by public health crises such as the COVID-19 pandemic, the impact of global and regional conflicts, rising inflation, rising interest rates and supply-chain disruptions, that can cause economic uncertainty and volatility. These challenges can negatively impact discretionary consumer spending and could result in a reduction in visitors to our properties, including those that stay in our hotels, or discretionary spending by our customers on entertainment and leisure activities. In addition, inflation generally affects our business by increasing our cost of labor. In periods of sustained inflation, it may be difficult to effectively control such increases to our costs and retain key personnel. Key Performance Indicators The key performance indicator used in managing our business is consolidated Adjusted EBITDA and segment Adjusted EBITDAR which are non-GAAP measures. Adjusted EBITDA is defined as earnings, or loss, for the Company, or where noted its reporting segments, before, in each case, interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, acquisition and other transaction related costs, share-based compensat ITEM 1.BUSINESS Bally\u2019s Corporation, a Delaware corporation, with global headquarters in Providence, Rhode Island, is referred to as the \u201cCompany,\u201d \u201cBally\u2019s,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus.\u201d Our common stock is traded on the New York Stock Exchange (the \u201cNYSE\u201d) under the symbol \u201cBALY\u201d. Our Company We are a global gaming, hospitality, entertainment and technology company with an expanding international footprint across casino, interactive and lottery markets. We provide our customers and partners with physical and interactive entertainment and gaming experiences worldwide. Our offerings include traditional casino gaming, iGaming, online bingo, sportsbook, free-to- play games and technology driven lottery and gaming solutions. As of February 28, 2026, we own and operate 20 casinos globally, including in the United Kingdom (\u201cUK\u201d) and in 11 states across the United States (\u201cUS\u201d), along with a golf course in New York and a horse racetrack in Colorado. We also own Bally Bet Sportsbook & Casino, a premier sports betting and iCasino platform licensed in 14 jurisdictions in North America, and a majority equity interest in Bally\u2019s Intralot S.A. (\u201cIntralot\u201d) which is active in 39 jurisdictions worldwide and is comprised of a global lottery, technology, management and services business and also the Bally\u2019s Interactive International division, a leading global interactive gaming operator. We also have rights to developable land in Las Vegas at the site of the former Tropicana Las Vegas, have been awarded a license to build a full-scale casino and resort in The Bronx, New York, and are developing an integrated destination resort in Chicago, Illinois. Our revenues are primarily generated by these gaming and entertainment offerings. Our proprietary software and technology stack is designed to allow us to provide consumers with differentiated offerings and exclusive content. Our Strategy and Business Developments We seek to continue to grow our business by focusing on expand ITEM 1A.RISK FACTORS In addition to the other information contained in this Annual Report on Form 10-K, the following risk factors should be considered carefully in evaluating our business. If any of the following risks actually occur, our business, financial condition and results of operations could be adversely affected. If this were to happen, the value of our securities, including our common stock, could decline ", "title": "BALY - Bally's Corp", "url": "/company/BALY/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001574085; latest 10-K filed 2026-03-12.", "text": "BHR - Braemar Hotels & Resorts Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001574085; latest 10-K filed 2026-03-12. BHR Braemar Hotels & Resorts Inc. 0001574085 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) is intended to help the reader understand our results of operations and financial condition. This MD&A is provided as a supplement to, and should be read in conjunction with, our audited consolidated financial statements and the accompanying notes thereto included in Item 8. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our results and the timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under \u201cItem 1A. Risk Factors\u201d and elsewhere in this Annual Report on Form 10-K. See \u201cForward-Looking Statements.\u201d This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024. Overview We are a Maryland corporation formed in April 2013 that invests primarily in high revenue per available room (\u201cRevPAR\u201d), luxury hotels and resorts. High RevPAR, for purposes of our investment strategy, means RevPAR of at least twice the then-current U.S. national average RevPAR for all hotels as determined by STR, LLC. Two times the U.S. national average was $200 for the year ended December 31, 2025. We have elected to be taxed as a REIT under the Code. We conduct our business and own substantially all of our assets through our operating partnership, Braemar OP. We operate in the direct hotel investment segment of the hotel lodging industry. As of December 31, 2025, we owned interests in 13 hotel properties in six states, the District of Columbia, Puerto Rico and St. Thomas, U.S. Virgin Islands with 3,028 total rooms. The hotel properties in our current portfolio are predominantly located in U.S. urban markets and resort locations with favorable growth characteristics resulting from multiple demand generators. We are advised by Ashford Hospitality Advisors LLC (\u201cAshford LLC\u201d) through an advisory agreement. Ashford LLC is a subsidiary of Ashford Inc. All of the hotel properties in our portfolio are currently asset-managed by Ashford LLC. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford LLC. We do not operate any of our hotel properties directly; instead, we contractually engage hotel management companies to operate them for us under management contracts. As of December 31, 2025, Remington Hospitality, a subsidiary of Ashford Inc., managed five of our 13 hotel properties. Third-party management companies managed the remaining hotel properties. Ashford Inc. also provides other products and services to us or our hotel properties through certain entities in which Ashford Inc. has an ownership interest. These products and services include, but are not limited to, design and construction services, debt placement and related services, audio visual services, real estate advisory and brokerage services, insurance policies covering general liability, workers compensation and business automobile claims, insurance claims services, hypoallergenic premium rooms, watersport activities, travel/transportation services and cash management services. Recent Developments On August 26, 2025, Braemar entered into an agreement with Ashford Inc. to explore a potential sale of Braemar. Pursuant to the Letter Agreement, Braemar and Ashford Inc. agreed that the termination fee payable to Ashford Inc. under the advisory agreement is $574.8 million (excl Item 1. Business Our Company We are an externally-advised Maryland corporation formed in 2013 that invests primarily in high revenue per available room (\u201cRevPAR\u201d) luxury hotels and resorts. High RevPAR, for purposes of our investment strategy, means RevPAR of at least twice the then-current U.S. national average RevPAR for all hotels as determined by STR, LLC. Two times the U.S. national average RevPAR was approximately $200 for the year ended December 31, 2025. We have elected to be taxed as a REIT under the Code beginning in the year ended December 31, 2013. We conduct our business and own substantially all of our assets through our operating partnership, Braemar OP. We operate in the direct hotel investment segment of the hotel lodging industry. As of March 9, 2026, we owned interests in 13 hotel properties in six states, the District of Columbia, Puerto Rico and St. Thomas, U.S. Virgin Islands with 3,028 total rooms. The hotel properties in our current portfolio are predominantly located in U.S. urban and resort locations with favorable growth characteristics resulting from multiple demand generators. We are advised by Ashford Hospitality Advisors LLC (\u201cAshford LLC\u201d or the \u201cAdvisor\u201d), a subsidiary of Ashford Inc., through an advisory agreement. All of the hotel properties in our portfolio are currently asset-managed by Ashford LLC. Asset management functions include acquisition, renovation, financing and disposition of assets, operational accountability of managers, budget review, capital expenditures and property-level strategies as compared to the day-to-day management of our hotel properties, which is performed by our hotel managers. We do not have any employees. All of the advisory services that might be provided by employees are provided to us by Ashford LLC. 3 We do not operate any of our hotel properties directly; instead, we contractually engage hotel management companies to operate them for us under management contracts. Remington Hospitality, a s Item 1A. Risk Factors Summary Risk Factors Our business is subject to a number of risks, including risks that may prevent us from achieving our business objectives or may adversely affect our business, financial condition, results of operations, cash flows, and prospects. These risks are discussed more fully be", "title": "BHR - Braemar Hotels & Resorts Inc.", "url": "/company/BHR/" }, { "kind": "company", "summary": "SIC 3420 Cutlery, Handtools & General Hardware; CIK 0000031107; latest 10-K filed 2026-03-03.", "text": "EML - EASTERN CO SIC 3420 Cutlery, Handtools & General Hardware; CIK 0000031107; latest 10-K filed 2026-03-03. EML EASTERN CO 0000031107 3420 Cutlery, Handtools & General Hardware ITEM 7 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The Company\u2019s fiscal year ends on the Saturday nearest to December 31. Fiscal year 2025 was 53 weeks in length and fiscal year 2024 was 52 weeks in length. References in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations to results for \u201c2025\u201d or \u201cfiscal year 2025\u201d mean the fiscal year ended January 3, 2026, and references to results for \u201c2024\u201d or \u201cfiscal year 2024\u201d mean the fiscal year ended December 28, 2024. References to the \u201cfourth quarter of 2025\u201d or the \u201cfourth fiscal quarter of 2025\u201d mean the fourteen-week period from September 28, 2025 to January 3, 2026, and references to the \u201cfourth quarter of 2024\u201d or the \u201cfourth fiscal quarter of 2024\u201d mean the thirteen-week period from September 29, 2024 to December 28, 2024. The following analysis excludes discontinued operations. Summary Net sales for 2025 were $249.0 million compared to $272.8 million for 2024. Net income for 2025 was $6.0 million, or $0.98 per diluted share, compared to $13.2 million, or $2.13 per diluted share, for 2024. Sales for the fourth quarter of 2025 were $57.5 million compared to $66.7 million for the same period in 2024. Net income for the fourth quarter of 2025 was $1.2 million, or $0.19 per diluted share compared to $1.6 million, or $0.26 per diluted share, for the comparable 2024 period. The Company\u2019s backlog was $81.1 million on January 3, 2026, compared to $89.2 million on December 28, 2024, primarily due to decreased orders for returnable transport packaging products Critical Accounting Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States (\u201cU.S. GAAP\u201d) requires management to make judgments, estimates and assumptions regarding uncertainties that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Areas of uncertainty that require judgments, estimates and assumptions include items such as the allowance for doubtful accounts; inventory accounting; the testing of goodwill and other intangible assets for impairment; pensions and other postretirement benefits; and gain or loss on held for sale. Management uses historical experience and all available information to make its estimates and assumptions, but actual results will inevitably differ from the estimates and assumptions that are used to prepare the Company\u2019s financial statements at any given time. Despite these inherent limitations, management believes that Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and related footnotes provide a meaningful and fair presentation of the Company\u2019s financial position and results of operations. Management believes that the application of these estimates and assumptions on a consistent basis enables the Company to provide the users of the financial statements with useful and reliable information about the Company\u2019s operating results and financial condition. Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company reviews the collectability of its receivables on an ongoing basis, considering a combination of factors that require judgment and estimates, including among others, our customers\u2019 access to capital, customers\u2019 willingness, or ability to pay, customer payment patterns, general economic conditions and geopolitical trends, and our ongoing relationship with our customers. The Company reviews potential problems, such as past due accounts, a bankruptcy filing or deterioration in the customer\u2019s financial condition, to ensure that the Company has adequately accrued for potential loss. Accounts are considered past due based on when paymen ITEM 1 BUSINESS General Development of Business The Eastern Company was incorporated under the laws of the State of Connecticut in October 1912, succeeding a co-partnership established in October 1858. The businesses of the Company design, manufacture and sell unique engineered solutions for industrial markets. Today, the Company maintains fourteen physical locations across North America and Asia. Recent Developments In the third quarter of 2024, the Company decided to sell Big 3 Mold and determined that the Big 3 Mold business met the criteria to be held for sale and that the assets held for sale qualified for discontinued operations. As such, the financial results of the Big 3 Mold business are reflected in our consolidated statements of income as discontinued operations for all periods presented. Additionally, current and non-current assets and liabilities of discontinued operations are reflected in the consolidated balance sheets for all periods presented. On April 30, 2025, the Company sold the equipment, workforce and customer list of the ISBM division of Big 3 Mold. ISBM, which is located in Centralia, Illinois, is an injection stretch blow mold toolmaker. As of January 3, 2026, the other divisions of Big 3 Mold have been reclassified to continuing operations. Description of Business The Eastern Company manages industrial businesses that design, manufacture and sell unique engineered solutions to industrial markets. We believe Eastern\u2019s businesses operate in industries with long-term macroeconomic growth opportunities. Eastern manages the financial, operational, and strategic performance of its businesses to increase cash generation, operating earnings, and long-term shareholder value. Among other things, Eastern monitors the financial and operational performance of each of its businesses and instills consistent financial discipline. Eastern\u2019s management analyzes and pursues prudent organic growth strategies and works to execute attractive external ITEM 1A RISK FACTORS The Company\u2019s business is subject to a variety of risks and uncertainties. The material risks and uncertainties described below are the currently known risks facing the Company that management deems material to the Company. In addition to the other information contained in this Form 10-K and the Company\u2019s other filing", "title": "EML - EASTERN CO", "url": "/company/EML/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001815776; latest 10-K filed 2026-03-24.", "text": "LENZ - LENZ Therapeutics, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001815776; latest 10-K filed 2026-03-24. LENZ LENZ Therapeutics, Inc. 0001815776 2836 Biological Products, (No Diagnostic Substances) Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides information that our management believes is relevant to an assessment and understanding of LENZ\u2019 consolidated results of operations and financial condition. The discussion should be read together with the audited consolidated financial statements and the accompanying notes to those statements that are included elsewhere in this Annual Report on Form 10-K. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. LENZ\u2019s actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in the section titled \u201cRisk Factors\u201d as set forth in Part I, Item 1A of this Annual Report on Form 10-K. Unless otherwise indicated or the context otherwise requires, references in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d section to \u201cLENZ OpCo,\u201d \u201cLENZ,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and other similar terms refer to the business and operations of LENZ OpCo prior to the Merger and to LENZ and its consolidated subsidiary following the Merger. While the legal acquirer in the Merger was Graphite, for financial accounting and reporting purposes under U.S. GAAP, LENZ OpCo was the accounting acquirer and the Merger was accounted for as a \u201creverse recapitalization.\u201d A reverse recapitalization (i.e., a capital transaction involving the issuance of stock by Graphite for LENZ OpCo\u2019s stock) does not result in a new basis of accounting, and the consolidated financial statements of the combined entity represent the continuation of the consolidated financial statements of LENZ OpCo in many respects. Accordingly, the consolidated assets, liabilities and results of operations of LENZ OpCo became the historical consolidated financial statements of the combined company, and Graphite\u2019s assets, liabilities and results of operations were consolidated with those of LENZ OpCo beginning on the acquisition date. Operations prior to the Merger will be presented as those of LENZ OpCo in future reports. Graphite\u2019s assets and liabilities were measured and recognized at their fair values as of the closing of the Merger. Overview We are a commercial pharmaceutical company focused on the commercialization of VIZZ\u00ae (aceclidine ophthalmic solution) 1.44%, the first and only FDA-approved aceclidine-based eye drop for the treatment of presbyopia, a condition impacting an estimated 1.8 billion people globally and 128 million people in the United States (\u201cU.S.\u201d). We are commercializing VIZZ in the U.S. and continue to establish licensing partnerships internationally to provide access to VIZZ globally. We believe that a once-daily pharmacological eye drop that can effectively and safely improve near vision throughout the full workday, without the need for reading glasses, is a highly attractive commercial product with an estimated U.S. market opportunity in excess of $3 billion. It is our goal to successfully commercialize VIZZ, and we have assembled an executive team with extensive clinical and commercial experience to execute this goal and become the category leader. VIZZ (aceclidine ophthalmic solution) 1.44% is a once-daily eye drop developed to restore clear near vision for up to 10 hours. VIZZ is powered by aceclidine, highlighted by its differentiated mechanism of action as a predominantly pupil-selective miotic that interacts with the iris, with minimal ciliary muscle stimulation. VIZZ contracts the iris sphincter muscle resulting in a pinhole effect and uniquely achieves a sub-2mm pupil that extends depth of focus to significantly improve near vision without causing a myopic shift. Aceclidine, the sole active ingredient in VIZZ, is a new chemical entity (\u201cNCE\u201d) in the U.S. and its FDA approval marks a global first in the treatme Item 1. Business Overview We are a commercial pharmaceutical company focused on the development and commercialization of innovative therapies to improve vision. On July 31, 2025, the United States (\u201cU.S.\u201d) Food and Drug Administration (\u201cFDA\u201d) approved VIZZ\u00ae (aceclidine ophthalmic solution) 1.44%, formerly known as LNZ100, the first and only FDA-approved aceclidine-based eye drop for the treatment of presbyopia, a condition impacting an estimated 1.8 billion people globally and 128 million people in the U.S. We are commercializing VIZZ in the U.S. and continue to establish licensing and distribution partnerships internationally to provide access to VIZZ globally. We believe that a once-daily pharmacological eye drop that can effectively and safely improve near vision throughout the full workday, without the need for reading glasses, is a highly attractive commercial product with an estimated U.S. market opportunity in excess of $3 billion. It is our goal to successfully commercialize VIZZ, and we have assembled an executive team with extensive clinical and commercial experience to execute this goal and become the category leader. We commercially launched VIZZ in the U.S. in August 2025, with direct-to-eye care professional sales and marketing activities initiated immediately upon approval. Professional product sample distribution by the sales force to optometrists and ophthalmologists and commercial product shipments to customers via our e-pharmacy partner were initiated in October 2025, and product became broadly available in retail pharmacies beginning in November 2025. VIZZ (aceclidine ophthalmic solution) 1.44% is a once-daily eye drop developed to restore clear near vision for up to 10 hours. VIZZ is powered by aceclidine, highlighted by its differentiated mechanism of action as a predominantly pupil-selective miotic that interacts with the iris, with minimal ciliary muscle stimulation. VIZZ contracts the iris sphincter muscle resulting in a pinhole effect a Item 1A. Risk Factors An investment in our common stock involves a high degree of risk. In addition to the risk and uncertainties described under the section titled \u201cCautionary Note Regarding Forward-Looking Statements,\u201d in this Annual Report on Form 10-K you should consider care", "title": "LENZ - LENZ Therapeutics, Inc.", "url": "/company/LENZ/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001838615; latest 10-K filed 2026-03-31.", "text": "ALTI - AlTi Global, Inc. SIC 6282 Investment Advice; CIK 0001838615; latest 10-K filed 2026-03-31. ALTI AlTi Global, Inc. 0001838615 6282 Investment Advice Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF ALTI GLOBAL, INC. In this section, unless the context otherwise requires, references to \u201cAlTi,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d are intended to mean the business and operations of AlTi and its consolidated subsidiaries. The following discussion analyzes the financial condition and results of operations of AlTi and should be read in conjunction with the consolidated audited financial statements and the related notes included in this Annual Report. Amounts and percentages presented throughout our discussion and analysis of the financial condition and results of operations may reflect rounded results in thousands (unless otherwise indicated) and consequently, totals may not appear to sum. Our Business AlTi is a global wealth and investment partner to families, foundations and institutions, helping clients activate capital with clarity, bring structure to complexity, and plan with purpose across borders and generations. AlTi combines the breadth of a global firm with the service offering of a family office to deliver solutions designed to meet the full complexity of wealth and capital. We manage or advise approximately $93.1 billion in combined assets as of December 31, 2025. We have approximately 490 professionals operating in 19 cities in 9 countries across three continents as of December 31, 2025. We provide holistic solutions for our wealth management and Outsourced Chief Investment Officer (\u201cOCIO\u201d) clients through an array of services, including discretionary investment management services, non-discretionary investment advisory services, estate and wealth planning, trust and fiduciary, governance and education, philanthropy and purposeful giving, and family office services. We also provide our wealth management clients with access to alternative investment opportunities, including investments in strategies and asset classes to which they would otherwise likely not be able to gain exposure. Separately, we have one internally managed fund and stakes in three Externally-Managed Funds in our alternatives platform, with a largely institutional client base. Fee Structure The Company generates a diverse array of revenue streams that fall broadly into four categories: (i) recurring management, advisory, trustee, or administration fees (\u201cmanagement fees\u201d); (ii) performance or incentive fees; (iii) distributions from investments and (iv) other income or fees: \u2022Management Fees Management, advisory, trustee, and administration fees are the Company\u2019s primary source of revenue, and are historically more predictable across market conditions than our other revenue sources. These fees are recurring in nature (usually being annual or quarterly fees) and are earned from investment management, investment advisory, trusts, and family office services. The recurring nature of these fees is underpinned by the client retention rate of wealth management services which means that these fees are also relatively stable. These fees are generally calculated on the basis of a percentage of the value of each client\u2019s assets (AUM or AUA) and are charged using either an average daily balance or ending balance, quarterly in arrears. Fees from internal fund management and advisory services related to our capital solutions platform are approximately 0.75% to 1.5% of the net asset value of the underlying investments. AUM refers to the market value of all assets that we manage, provide discretionary investment advisory services on, and have execution responsibility for. Although we have investment responsibility for AUM, we include both billable (assets charged fees) and non-billable assets (assets exempt from fees) in our AUM calculation (e.g., we have agreements with certain clients under which we do not bill on certain securities or cash and cash equivalents held within their port ITEM 1. BUSINESS General AN INTRODUCTION TO ALTI AlTi is a global wealth and investment partner to families, foundations and institutions, helping clients activate capital with clarity, bring structure to complexity, and plan with purpose across borders and generations. AlTi combines the breadth of a global firm with the service offering of a family office to deliver solutions designed to meet the full complexity of wealth and capital. We manage or advise approximately $93.1 billion in combined assets as of December 31, 2025. We have approximately 490 professionals operating in 19 cities in 9 countries across three continents as of December 31, 2025. We provide holistic solutions for our wealth management and Outsourced Chief Investment Officer (\u201cOCIO\u201d) clients through an array of services, including discretionary investment management services, non-discretionary investment advisory services, estate and wealth planning, trust and fiduciary, governance and education, philanthropy and purposeful giving, and family office services. We also provide our wealth management clients with access to alternative investment opportunities, including investments in strategies and asset classes to which they would otherwise likely not be able to gain exposure. Separately, we have one internally managed fund and stakes in three Externally-Managed Funds in our alternatives platform, with a largely institutional client base. Our business is currently organized into one operating segment. Prior to the third quarter ended September 30, 2025, the Company was organized into two operating segments: Wealth & Capital Solutions and International Real Estate. The Company previously conducted a strategic review of the International Real Estate Businesses (as defined below) and, based on the conclusion that they were not a core part of its long-term strategy, re-organized its reportable segments in the third quarter of 2024. That change resulted in two reportable segments: Wealth & Capital ITEM 1A. RISK FACTORS Risk Factor Summary The following summary highlights some of the principal risks that could adversely affect our business, financial condition or results of operations. This summary is not complete and the risks summarized below are not the only risks we face. These risks are discussed more fully further below in this section entitled \u201c", "title": "ALTI - AlTi Global, Inc.", "url": "/company/ALTI/" }, { "kind": "company", "summary": "SIC 4813 Telephone Communications (No Radiotelephone); CIK 0001075736; latest 10-K filed 2026-03-03.", "text": "CXDO - Crexendo, Inc. SIC 4813 Telephone Communications (No Radiotelephone); CIK 0001075736; latest 10-K filed 2026-03-03. CXDO Crexendo, Inc. 0001075736 4813 Telephone Communications (No Radiotelephone) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS SAFE HARBOR In addition to historical information, this Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of factors, risks and uncertainties, including the risk factors set forth in Item 1A. above and the risk factors set forth in this Annual Report. Generally, the words \u201canticipate\u201d, \u201cexpect\u201d, \u201cintend\u201d, \u201cbelieve\u201d and similar expressions identify forward-looking statements. The forward-looking statements made in this Annual Report are made as of the filing date of this Annual Report with the SEC, and future events or circumstances could cause results that differ significantly from the forward-looking statements included here. Accordingly, we caution readers not to place undue reliance on these statements. We expressly disclaim any obligation to update or alter our forward-looking statements, whether, as a result of new information, future events or otherwise after the date of this document. OVERVIEW Crexendo, Inc. is an award-winning software technology company that is a premier provider of cloud communication platform and services, video collaboration and managed IT services tailored to businesses of all sizes. By providing a variety of comprehensive and scalable solutions, we are able to cater to businesses of all sizes on a monthly subscription basis without the need for expensive capital investments, regardless of where their business is in its lifecycle. Our products and services can be categorized in the following offerings: Cloud Telecommunications Services \u2013 Our cloud telecommunications services transmit calls using IP or cloud technology, which converts voice signals into digital data packets for transmission over the Internet or cloud. Each of our calling plans provides a number of basic features typically offered by traditional telephone service providers, plus a wide range of enhanced features that we believe offer an attractive value proposition to our customers. This platform enables a user, via a single \u201cidentity\u201d or telephone number, to access and utilize services and features regardless of how the user is connected to the Internet or cloud, whether it\u2019s from a desktop device or an application on a mobile device. We generate recurring revenue from our cloud telecommunications services, broadband Internet services, managed IT services, software license sales, and infrastructure as a service. Our cloud telecommunications contracts typically have a thirty-nine to ninety-month term. We may also charge activation and flash fees and the Company generally allocates a portion of the activation fees to the desktop devices, which is recognized at the time of the installation or customer acceptance, and a portion to the service, which is recognized over the contract term using the straight-line method. We also charge other various contracted and non-contracted fees. We generate product revenue, equipment financing revenue, and device as a service revenue from the sale and lease of our cloud telecommunications equipment. Revenues from the sale of equipment, including those from sales-type leases, are recognized at the time of sale or at the inception of the lease, as appropriate. Our Cloud Telecommunications service revenue increased 6% or $1,933 to $33,782 for the year ended December 31, 2025 as compared to $31,849 for the year ended December 31, 2024. Our Cloud Telecommunications product revenue decreased 16% or $894 to $4,721 for the year ended December 31, 2025 as compared to $5,615 for the year ended December 31, 2024. Software Solutions \u2013 Our software solutions segment derives revenues from three primary sources: software licenses, software maintenance support and professional serv ITEM 1. BUSINESS OVERVIEW Crexendo, Inc. is an award-winning software technology company that is a premier provider of cloud communication platform software and unified communications as a service (UCaaS) offering, including voice, video, contact center, and managed IT services tailored to businesses of all sizes. Our cloud communications software solutions currently support over seven million end users globally, through an extensive network of over 240 cloud communication platform software subscribers and our direct retail offering. Our products and services can be categorized in the following offerings: Cloud Telecommunications Services \u2013 Our cloud telecommunications services transmit calls using IP or cloud technology, which converts voice signals into digital data packets for transmission over the Internet or cloud. Each of our calling plans provides a number of basic features typically offered by traditional telephone service providers, plus a wide range of enhanced features that we believe offer an attractive value proposition to our customers. This platform enables a user, via a single \u201cidentity\u201d or telephone number, to access and utilize services and features regardless of how the user is connected to the Internet or cloud, whether it\u2019s from a desktop device or an application on a mobile device or computer. We generate recurring revenue from our cloud telecommunications services, broadband Internet services, managed IT services, software license sales, and infrastructure as a service. Our cloud telecommunications contracts typically have a thirty-six to sixty-month term. We may also charge activation and flash fees and the Company generally allocates a portion of the activation fees to the desktop devices, which is recognized at the time of the installation or customer acceptance, and a portion to the service, which is recognized over the contract term using the straight-line method. We also charge other various contracted and non-contracted fees. We ge ITEM 1A. RISK FACTORS. Public health crises could materially adversely affect our business, financial condition and results of operations. We are subject to risks related to public health crises, such as the COVID-19 pandemic, or other pandemics which may occur presently or in the future. Our business is ba", "title": "CXDO - Crexendo, Inc.", "url": "/company/CXDO/" }, { "kind": "company", "summary": "SIC 5531 Retail-Auto & Home Supply Stores; CIK 0001772921; latest 10-K filed 2025-12-15.", "text": "ONEW - OneWater Marine Inc. SIC 5531 Retail-Auto & Home Supply Stores; CIK 0001772921; latest 10-K filed 2025-12-15. ONEW OneWater Marine Inc. 0001772921 5531 Retail-Auto & Home Supply Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Unless the context requires otherwise, references in this report to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to OneWater Marine Inc. and its consolidated subsidiaries. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. The following discussion contains forward-looking statements that reflect our future plans, estimates, beliefs and expected performance. The forward-looking statements are dependent upon events, risks and uncertainties that may be outside our control. Our actual results could differ materially from those discussed in these forward-looking statements as a result of a variety of risks and uncertainties, including those described in this Annual Report on Form 10-K under \u201cSpecial Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors.\u201d In light of these risk, uncertainties and assumptions, the forward-looking events discussed may not occur. We do not undertake any obligation to publicly update any forward-looking statements, except as otherwise required by applicable law. Overview We believe that we are one of the largest and fastest-growing marine retailers in the United States with 95 dealerships, 9 distribution centers/warehouses and multiple online marketplaces as of September 30, 2025. Our dealer groups are located within highly attractive markets throughout the Southeast, Gulf Coast, Mid-Atlantic and Northeast, many of which are in the top twenty states for marine retail expenditures. We believe that we are a market leader by volume in sales of premium boats in many of the markets in which we operate. In addition to boat sales, we also generate sales from related products including finance & insurance and service, parts & other sales. The acquisitions of T-H Marine and Ocean Bio-Chem significantly expanded our sales of marine parts and accessories. The combination of our significant scale, diverse inventory, access to premium boat brands, access to a broad array of parts and accessories, and meaningful brand equity enables us to provide a consistently professional experience as reflected in the number of our repeat customers and Dealership same-store sales growth. 43 Table of Contents We were formed in 2014 as OneWater LLC through the combination of Singleton Marine and Legendary Marine, which created a marine retail platform that collectively owned and operated 19 dealerships. Since the combination in 2014, we have acquired a total of 83 additional dealerships, 12 distribution centers/warehouses and multiple online marketplaces through 35 acquisitions. Our current portfolio as of September 30, 2025 consists of multiple brands which are recognized on a local, regional or national basis. Because of this, we believe we are one of the largest and fastest-growing marine retailers in the United States based on number of dealerships and total boats sold. While we have opportunistically opened new dealerships in select markets, or launched additional parts and accessory products, we believe that it is generally more effective economically and operationally to acquire existing businesses with experienced staff and established reputations. We report our operations through two reportable segments: Dealerships and Distribution. As of September 30, 2025, the Dealerships reporting segment includes operations of 95 dealerships in 17 states including Florida, Texas, Alabama and Georgia, among others, and represents 92% of revenues. The Dealership segment engages in the sale of new and pre-owned boats, arranges financing and insurance products, performs repairs and maintenance services, offers marine related parts and accessories and offers slip and storage accommodations in certain locations. As of September 30, 2025, th Item 1. Business. OneWater Marine Inc. (\u201cOneWater Inc.\u201d) is a holding company and the sole managing member of One Water Marine Holdings, LLC (\u201cOneWater LLC\u201d), which became the principal operating subsidiary of OneWater Inc. on February 11, 2020 in the corporate reorganization (the \u201cReorganization\u201d) completed in connection with OneWater Inc.\u2019s initial public offering (the \u201cIPO\u201d), which closed on February 11, 2020. Except as otherwise indicated or required by the context, all references in this Annual Report on Form 10-K to the \u201cCompany,\u201d \u201cOneWater,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d relate to OneWater Inc. and its consolidated subsidiaries. Overview We believe that we are one of the largest and fastest-growing marine retailers in the United States with 95 dealership locations, 9 distribution centers/warehouses and multiple online marketplaces as of September 30, 2025. Our retail locations are located in highly attractive markets throughout the Southeast, Gulf Coast, Mid-Atlantic and Northeast, many of which are in the top twenty states for marine retail expenditures. We believe that we are a market leader by volume in sales of premium boats in many of the markets in which we operate. Additionally, the acquisitions of T-H Marine Supplies, LLC (\u201cT-H Marine\u201d) and Ocean Bio-Chem, LLC (f/k/a Ocean Bio-Chem, Inc. (\"Ocean Bio-Chem\")) significantly expanded our sales of marine-related parts and accessories. The combination of our significant scale, diverse inventory, access to premium boat brands, access to a broad array of parts and accessories, and meaningful group brand equity enables us to provide a consistently professional experience as reflected in the number of our repeat customers and Dealership same-store sales growth. We report our operations through two reportable segments: Dealerships and Distribution. As of September 30, 2025, the Dealerships segment includes operations of 95 dealerships in 17 states including Florida, Texas, Alabama and Georgia, among others, and r Item 1A. Risk Factors. Investing in our Class A common stock involves risks. Before making any investment decision, you should carefully consider the information in this Annual Report on Form 10-K, including the risks described below, the matters addressed under \u201cSpecial Note Regarding Forward-Looking Statements,\u201d our consoli", "title": "ONEW - OneWater Marine Inc.", "url": "/company/ONEW/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001636422; latest 10-K filed 2026-03-12.", "text": "HCAT - Health Catalyst, Inc. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001636422; latest 10-K filed 2026-03-12. HCAT Health Catalyst, Inc. 0001636422 7370 Services-Computer Programming, Data Processing, Etc. Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements, the accompanying notes, and other financial information included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results could differ materially from those forward-looking statements below. Factors that could cause or contribute to those differences include, but are not limited to, those identified below and those discussed in the sections titled \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements\u201d included elsewhere in this Annual Report on Form 10-K. A discussion regarding our financial condition and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024 is presented below. A discussion regarding our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 is included under \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our prior year Form 10-K filed on February 26, 2025. Overview We are a leading provider of data and analytics technology and services to healthcare organizations. Our Solution comprises our cloud-based data platform, applications, and expertise. Our clients, which are primarily healthcare providers, use our Solution to manage their data, derive analytical insights to operate their organization, and produce measurable clinical, financial, and operational improvements. We envision a future where all healthcare decisions are data-informed. Health Catalyst was founded in 2008 by healthcare analytics industry pioneers. Our founders and team developed the initial version of our Solution, consisting of an early version of our data platform, select analytics accelerators, and professional services expertise. From the beginning, our Solution has been focused on enabling our mission: to be the catalyst for massive, measurable, data-informed healthcare improvement. As of December 31, 2025, we employ more than 1,200 team members. Highlights from the years ended December 31, 2025, 2024, and 2023 include: \u2022For the years ended December 31, 2025, 2024, and 2023, our total revenue was $311.1 million, $306.6 million, and $295.9 million, respectively. The growth in revenue was primarily due to revenue from new clients, including acquired relationships. \u2022For the years ended December 31, 2025, 2024, and 2023, we incurred net losses of $178.0 million, $69.5 million, and $118.1 million, respectively. The increased net loss in 2025 compared to 2024 is largely driven by $105.4 million of goodwill impairment, which is primarily due to overall declines in our stock price and market capitalization. \u2022For the years ended December 31, 2025, 2024, and 2023, our Adjusted EBITDA was $41.4 million, $26.1 million, and $11.0 million, respectively. See the section titled \u201cFinancial Measures and Key Business Metrics\u2014Reconciliation of Non-GAAP Financial Measures\u201d below for more information about Adjusted EBITDA, including the limitations of such measure and a reconciliation to net loss, the most directly comparable measure calculated in accordance with GAAP. See the section titled \u201cKey Factors Affecting Our Performance\u201d for more information about important opportunities and challenges related to our business. 62 Table of Contents Macroeconomic Environment and Strategic Operating Plan Recent macroeconomic challenges (including high levels of inflation, high interest rates, uncertainty with tariffs, cuts in Medicaid and research funding, and regional or global conflicts (including the conflicts in the Middle East)) and the tight labor market continue to adversely affect workforces, organizatio Item 1. Business Overview We are a leading provider of data and analytics technology and services to healthcare organizations. Our Solution comprises our cloud-based data and analytics platform, software applications, and expertise. Our clients, which are primarily healthcare providers, use our Solution to manage their data, derive analytical insights to operate their organization, and produce measurable clinical, financial, and operational improvements. We envision a future where all healthcare decisions are data-informed. The Health Catalyst Way Our Mission Our mission is to be the catalyst for massive, measurable, data-informed healthcare improvement. We fulfill our mission through a confluence of the following elements: \u2022Data and Analytics Platform: Integrate data in a flexible, open, scalable, and modular platform to power insights; \u2022Applications: Deliver analytics insights on how to measurably improve and automate processes to drive efficiency; \u2022Expertise: Enable data-informed improvement by providing expertise and managed services; \u2022Measurable Improvement: Trust builds, client engagement increases, and learnings expand across the ecosystem; and \u2022Engagement: Attract, develop, retain, and empower extraordinary team members deeply engaged and committed to the mission of improvement. 6 Table of Contents The Health Catalyst Flywheel We accomplish our mission with each of our clients by following a process and strategy we call the Health Catalyst Flywheel (the Flywheel). This process includes delivering on the three components of our Solution: data and analytics platform, applications, and expertise, which together drive measurable improvements. At the center of the Flywheel is the engagement of our team members. Team member engagement is foundational to everything we do and is a high priority of our CEO and broader leadership team. When team members feel connected to our mission and are listened to, cared for, and respected at an extraordinary level, Item 1A. Risk Factors You should carefully consider the following risk factors, in addition to the other information contained in this Annual Report on Form 10-K, including the section of this report titled \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operation", "title": "HCAT - Health Catalyst, Inc.", "url": "/company/HCAT/" }, { "kind": "company", "summary": "SIC 7310 Services-Advertising; CIK 0001556739; latest 10-K filed 2026-02-26.", "text": "THRY - Thryv Holdings, Inc. SIC 7310 Services-Advertising; CIK 0001556739; latest 10-K filed 2026-02-26. THRY Thryv Holdings, Inc. 0001556739 7310 Services-Advertising Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following is a discussion and analysis of our financial condition and results of operations as of, and for, the periods presented and should be read in conjunction with our audited consolidated financial statements and the related notes thereto included elsewhere in this Annual Report. This discussion and analysis contains forward-looking statements, including statements regarding industry outlook, our expectations for the future of our business, and our liquidity and capital resources as well as other non-historical statements. These statements are based on current expectations and are subject to numerous risks and uncertainties, including but not limited to the risks and uncertainties described in \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Our actual results may differ materially from those contained in or implied by these forward-looking statements. Overview We are a software-led platform company focused on enabling small and medium-sized businesses (\u201cSMBs\u201d) to run and grow their businesses more efficiently. Our strategy is centered on delivering a unified, extensible SaaS platform that supports customer acquisition, engagement, operations, and retention across the SMB lifecycle. Our expertise in delivering solutions for our client base is rooted in our deep history of serving SMBs. In 2025, SMB demand for integrated technology solutions continues to grow as SMBs adapt their business and service model to facilitate remote working and virtual interactions. We serve approximately 230,000 SMB clients globally through two business segments: SaaS and Marketing Services. SaaS Our SaaS segment generated $461.0 million, $343.5 million, and $263.7 million of consolidated revenues for the years ended December 31, 2025, 2024, and 2023, respectively. Core Platform Offerings. The core offerings of our Thryv Platform include Thryv Marketing Center and Keap\u00ae. Thryv Marketing Center contains everything an SMB owner needs to effectively market and grow their business, including easy to understand, artificial intelligence (\u201cAI\u201d) driven analytics and lead attribution that help them understand which marketing efforts are delivering results. Keap\u00ae is our customer relationship management (\u201cCRM\u201d) and automation engine that helps SMBs efficiently grow by automating repetitive tasks, campaigns, and processes, using automation tools and AI. Extensions. The Thryv Platform supports extensions and integrations that allow customers to tailor the platform to their specific business needs. Our extension offerings include Thryv Leads\u00ae, growth packages, SEO tools, and website creation and management tools. These optional platform add-ons provide a seamless user experience for our end-users and drive higher engagement within the Thryv Platform while also producing incremental revenue growth. Payment Solutions. ThryvPay\u00ae and KeapPay are our own branded payment solutions that allow users to get paid via credit card and ACH and are tailored to service-based businesses that want to provide consumers with safe, contactless, and fast online payment options. Supporting Software Solutions. We offer supporting software solutions, including Thryv Business Center, that seamlessly integrate with our core platform offerings, providing customers with enhanced functionality and additional features. Professional Services. We offer implementation, training, and consulting services to help customers maximize value from our platform, including onboarding and implementation, a year-one Customer Success Manager, and Thryv Success Services, which includes listing refresh services, strategic content creation, and ongoing strategic consulting. Marketing Services Our Marketing Services segment provides both print and digital solutions and generated $324.0 million, $480.7 million, and $653.2 million of consolidated revenues for the years Item 1. Business Overview Thryv is a software-led platform company focused on enabling small and medium-sized businesses (\u201cSMBs\u201d) to run and grow their businesses more efficiently with artificial intelligence (\u201cAI\u201d) tools and automations. Our strategy is centered on delivering a unified, extensible SaaS platform that supports customer acquisition, engagement, operations, and retention across the SMB lifecycle. As of December 31, 2025, we serve approximately 230,000 SMB clients through our two business segments: SaaS and Marketing Services. SaaS represents the strategic growth engine of the Company. Marketing Services is our legacy segment that we are actively managing and exiting as part of a multi-year transition to a pure SaaS business model. Our SaaS platform (or \u201cThryv Platform\u201d) is designed for active daily use by business owners and operators. Customers engage directly with the platform to help business owners build a strong online presence, manage leads, automate workflows, communicate with customers, create websites, manage social media content, process payments, and make data-informed decisions that drive business outcomes. We report our results based on two reportable segments (see Note 17, Segment Information): \u2022SaaS, which includes our unified SMB marketing platform, supporting software solutions, related extensions, payment solutions, and professional services; and \u2022Marketing Services, which includes our legacy print and digital solutions business, which we plan to exit by the end of 2028. SaaS Thryv\u2019s SaaS segment consists of a unified marketing platform that combines customer relationship management (\u201cCRM\u201d), marketing execution, automation, communications, payments, and reporting into a single system. The platform is modular by design, allowing customers to adopt core capabilities and extend functionality as their needs evolve. The platform incorporates Keap\u2019s CRM and automation engine with Thryv\u2019s marketing, communication, payment, and Item 1A. Risk Factors Risk Factor Summary Our business and owning our common stock are subject to numerous risks and uncertainties, including those highlighted in \u201cRisk Factors.\u201d As a summary, these risks include, but are not limited to, the following: \u2022significant competition for our Marketing Services solutions and SaaS offerings, which include companies who u", "title": "THRY - Thryv Holdings, Inc.", "url": "/company/THRY/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001943289; latest 10-K filed 2026-03-12.", "text": "SVCO - Silvaco Group, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001943289; latest 10-K filed 2026-03-12. SVCO Silvaco Group, Inc. 0001943289 7372 Services-Prepackaged Software Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the related notes included in Part II, Item 8 of this Annual Report on Form 10-K. This discussion and other parts of this report contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks, uncertainties and assumptions. Our actual results could differ materially from those discussed in or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under Part I, Item 1A. Risk Factors of this Annual Report on Form 10-K. Forward-looking statements may be identified by words including, but not limited to, \u201cmay,\u201d \u201cwill,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201ccan,\u201d \u201cshould,\u201d \u201canticipate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cproject,\u201d \u201ccontinue,\u201d \u201cforecast,\u201d \"likely,\" \"potential,\" \"seek,\" or the negatives of such terms and similar expressions. The information included herein represents our estimates and assumptions as of the date of this filing. Unless required by law, we undertake no obligation to update publicly any forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Overview We are a provider of technology computer aided design software (\u201cTCAD\u201d), electronic data automation software (\u201cEDA\u201d), and semiconductor intellectual property (\u201cSIP\u201d). Our solutions are used by engineers to optimize semiconductor manufacturing processes and efficiently bring semiconductor products to market. Our differentiated solutions enable our customers to increase productivity, accelerate time-to-market and reduce development and manufacturing costs. Our customers include semiconductor manufacturers and systems companies that design and manufacture products containing semiconductors. Semiconductors are at the heart of innovation in many industries, including AI, display, power devices, automotive, memory, hyperscale and cloud computing, Internet of Things (\u201cIoT\u201d), telecommunications and many more. Our TCAD solutions are used in the semiconductor industry to model and optimize manufacturing processes and device performance. This includes foundational TCAD software and more advanced artificial intelligence (\u201cAI\u201d) machine learning (\u201cML\u201d) for process development, called Fab Technology Co-Optimization (\u201cFTCOTM\u201d). We are a pioneer in the leverage of AI to redefine manufacturing process development in partnership with customers. Our EDA software is used by semiconductor companies to design, simulate, and verify semiconductors. Our EDA products include SPICE modelling and simulation, parasitic extraction and reduction, standard cell generation and optical proximity correction. Our SIP portfolio includes a range of products, including foundation technology, such as standard cells and memory compilers, as well as a suite of interface technologies. Our SIP portfolio benefited from recent acquisitions, most notably Mixel Group, Inc. (\u201cMixel\u201d), which is positioned for growth as we roll out Mixel\u2019s quality processes to the rest of the organization. Our customers include foundries, integrated device manufacturers (\u201cIDMs\u201d) and fabless semiconductor companies. Our go-to-market strategy centers on selling software solutions and associated maintenance and services. Our software solutions accounted for 68% and 74% of our revenue for the years ended December 31, 2025 and 2024, respectively, and associated maintenance and services accounted for 32% and 26% of our revenue for the years Item 1. Business Overview Silvaco Group, Inc. is a provider of technology computer aided design (\u201cTCAD\u201d) software, electronic data automation (\u201cEDA\u201d) software and semiconductor intellectual property (\u201cSIP\u201d). Our solutions are used by engineers to optimize semiconductor manufacturing processes and efficiently bring semiconductor products to market. Our differentiated solutions enable our customers to increase productivity, accelerate time-to-market and reduce development and manufacturing costs. 1 Table of Contents Our TCAD solutions are used in the semiconductor industry to model and optimize manufacturing processes and device performance. This includes foundational TCAD software and more advanced artificial intelligence (\u201cAI\u201d) machine learning (\u201cML\u201d) for process development, called Fabrication Technology Co-Optimization (\u201cFTCOTM\u201d). We are a pioneer in the leverage of AI to redefine manufacturing process development in partnership with customers. Our EDA software is used by semiconductor companies to design, simulate, and verify semiconductors. Our EDA products include SPICE modelling and simulation, parasitic extraction and reduction, standard cell generation and optical proximity correction. Our SIP portfolio includes a range of products, including foundation technology, such as standard cells and memory compilers, as well as a suite of interface technologies. Our SIP portfolio benefited from recent acquisitions, most notably Mixel Group, Inc. (\u201cMixel\u201d), which is positioned for growth as we roll out Mixel\u2019s quality processes to the rest of the organization. Our customers include foundries, integrated device manufacturers (\u201cIDMs\u201d) and fabless semiconductor companies. Corporate Information Silvaco was incorporated in the State of Delaware in 2009 under the name Saratoga International, Inc., and changed its name to Silvaco Group, Inc. in November 2013. Our headquarters are located at 4701 Patrick Henry Drive, Building #23, in Santa Clara, CA 95054, and our Item 1A. Risk Factors A description of the risks and uncertainties associated with our business is set forth below. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Discussion and Analy", "title": "SVCO - Silvaco Group, Inc.", "url": "/company/SVCO/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0001831631; latest 10-K filed 2026-03-12.", "text": "LDI - loanDepot, Inc. SIC 6199 Finance Services; CIK 0001831631; latest 10-K filed 2026-03-12. LDI loanDepot, Inc. 0001831631 6199 Finance Services Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the accompanying notes included under Part II. Item 8 of this report. The results of operations described below are not necessarily indicative of the results to be expected for any future periods. This discussion includes forward-looking information that involves risks and assumptions which could cause actual results or outcomes to differ materially from management\u2019s expectations. See our cautionary language at the beginning of this report under \u201cSpecial Note Regarding Forward-Looking Statements\u201d and for a more complete discussion of the factors that could affect our future results refer to Part I. \u201cItem IA. Risk Factors\u201d Overview We are a customer-centric, technology-empowered residential mortgage platform. Our goal is to be the lender of choice for consumers and the employer of choice by being a company that operates on sound principles of exceptional value, ethics, and transparency. Since our inception, we have significantly expanded our origination platform as well as developed an in-house servicing platform. Our primary sources of revenue are derived from the origination of conventional and government mortgage loans, servicing conventional and government mortgage loans, and providing ancillary services. 51 Table of Contents Residential Real Estate Market The residential real estate market and associated mortgage loan origination volumes are influenced by economic factors such as interest rates, housing prices, and unemployment rates. Purchase mortgage loan origination volume can be subject to seasonal trends as home sales typically rise during the spring and summer seasons and decline in the fall and winter seasons. This is somewhat offset by purchase loan originations sourced from our joint ventures which typically experience their highest level of activity during November and December as home builders focus on completing and selling homes prior to year-end. Seasonality has less of an impact on mortgage loan refinancing volumes, which are primarily driven by fluctuations in mortgage loan interest rates. Increases in interest rates may affect affordability and the ability for potential home buyers to qualify for a mortgage loan. As interest rates increase, rate and term refinancings become less attractive to consumers. However, rising interest rates during periods of inflationary pressures can make real assets, including real estate, an attractive investment. Demand for real estate may result in ongoing support for purchase mortgages and home price appreciation creating borrower equity that could result in opportunities for cash-out refinancings, home equity lines of credit, or closed end seconds. Our mortgage loan refinancing volumes (and to a lesser degree, our purchase volumes), balance sheet, and results of operations are influenced by changes in interest rates and how we effectively manage the related interest rate risk. The majority of our assets are subject to interest rate risk, including LHFS, LHFI, IRLCs, trading securities, servicing rights, forward sales contracts, interest rate swap futures and put options. We refer to such forward sales contracts, interest rate swap futures and put options collectively as \u201cHedging Instruments.\u201d As interest rates increase, our LHFS, LHFI and IRLCs generally decrease in value while our Hedging Instruments utilized to hedge against interest rate risk typically increase in value. Rising interest rates cause our expected mortgage loan servicing revenues to increase due to a decline in mortgage loan prepayments which extends the average life of our servicing portfolio and increases the value of our servicing rights. Conversely, as interest rates decrease, our LHFS, LHFI and IRLCs generally increase in value while o Item 1. Business Our Company We are a leading provider of lending solutions that make the American dream of homeownership more accessible and achievable for all, especially the increasingly diverse communities of first-time homebuyers, through a broad suite of lending and real estate services that simplify one of life's most complex transactions. We launched our business in 2010 to disrupt the legacy mortgage industry and make obtaining a mortgage a positive experience for consumers. Our goal is to be the lender of choice for consumers and the employer of choice by being a company that operates on sound principles of exceptional value, ethics, and transparency. We offer a wide variety of loan products and our in-house servicing platform complements our loan origination strategy. We were the fifth largest retail-focused non-bank mortgage originator and the ninth largest overall retail originator during 2025 (based on data, published by Inside Mortgage Finance on February 12, 2026). Market Considerations During 2024 and 2025, the U.S. residential mortgage market continued to experience the impact of geopolitical risks and inflation. While the Federal Reserve lowered the Federal Funds rate three times in 2025, market concerns regarding, among other things, the long-term impacts of tariff policy and inflation resulted in long-term rates remaining elevated. The heightened rate environment negatively affected the affordability and loan qualification of homebuyers, contributed to the \u201clock-in\u201d effect of borrowers that secured lower long-term interest rates during 2020 and 2021 giving rise to a lack of supply of homes available for sale and decreased demand for refinancing, shrinking mortgage loan origination volumes. Actions taken by the Federal Reserve to impact short-term interest rates do not always have a corresponding impact on long-term interest rates, which more significantly influence the price of a fixed-rate mortgages. Despite the Federal Reserve reducing th Item 1A. Risk Factors An investment in our Class A Common Stock involves risk. You should carefully consider the following risks as well as the other information included in this annual report on Form 10-K and the information incorporated by reference herein. Any of the following risks could materially and adversely affect our business, reputation, financial con", "title": "LDI - loanDepot, Inc.", "url": "/company/LDI/" }, { "kind": "company", "summary": "SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001951276; latest 10-K filed 2025-09-29.", "text": "SRBK - SR Bancorp, Inc. SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001951276; latest 10-K filed 2025-09-29. SRBK SR Bancorp, Inc. 0001951276 6036 Savings Institutions, Not Federally Chartered Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The objective of this section is to assist in the understanding of the financial performance of the Company and its subsidiaries through a discussion of our results of operations and financial condition as of the dates presented. You should read this discussion in conjunction with the SR Bancorp Consolidated Financial Statements and Notes to the Consolidated Financial Statements that appear at the end of this document. Conversion, Stock Offering and Merger The conversion of Somerset Savings Bank, SLA from the mutual to stock form of organization and related stock offering by SR Bancorp, Inc. (the \"Company\"), the holding company for Somerset Savings Bank, SLA, was completed on September 19, 2023. The Company\u2019s common stock began trading on the Nasdaq Capital Market under the trading symbol \u201cSRBK\u201d on September 20, 2023. The Company sold 9,055,172 shares of its common stock at a price of $10.00 per share, which included 760,634 shares sold to Somerset Regal Bank\u2019s Employee Stock Ownership Plan. Additionally, the Company contributed 452,758 shares and $906,000 in cash to the Somerset Regal Charitable Foundation, Inc., a charitable foundation formed in connection with the conversion. Upon the completion of the conversion and offering, 9,507,930 shares of Company common stock were outstanding. Promptly following the completion of the conversion and related stock offering, Regal Bancorp, Inc., a New Jersey corporation (\u201cRegal Bancorp\u201d), merged with and into the Company, with the Company as the surviving entity (the \u201cMerger\u201d). Immediately following the Merger, Regal Bank, a New Jersey chartered commercial bank headquartered in Livingston, New Jersey and the wholly-owned subsidiary of Regal Bancorp, merged with and into Somerset Bank, which had converted to a commercial bank charter, and was renamed Somerset Regal Bank (the \u201cBank\u201d). In connection with the Merger, each outstanding share of Regal Bancorp common stock converted into the right to receive $23.00 in cash. The Merger was completed on September 19, 2023. Overview Our principal business is to acquire deposits from individuals and businesses in the communities surrounding our offices and to use these deposits to fund loans. Somerset Regal Bank is a New Jersey-chartered commercial bank that operates from 14 branches in Essex, Hunterdon, Middlesex, Morris, Somerset and Union Counties, New Jersey. Somerset Regal Bank offers a variety of deposit and loan products to individuals and small businesses, most of which are located in our primary market. The acquisition of Regal Bancorp and its wholly owned subsidiary, Regal Bank, expanded our market presence into Essex, Morris and Union Counties, New Jersey and enhanced our market presence in Somerset County, New Jersey. At June 30, 2025, SR Bancorp had total assets of $1.08 billion, deposits of $846.0 million and total equity of $193.8 million. Income. Our primary source of pre-tax income is net interest income. Net interest income is the difference between interest income, which is the income that we earn on our loans and investments, and interest expense, which is the interest that we pay on our deposits. Changes in levels of interest rates affect our net interest income. A secondary source of income is noninterest income, which is revenue that we receive from providing products and services. The majority of our noninterest income generally comes from service charges and fees related to deposit accounts and net gains in cash surrender value of bank owned life insurance. In some years, we recognize income from the sale of securities. 38 Allowance for Credit Losses. The allowance for credit losses is a valuation allowance for the current expected credit losses in the loan portfolio. We evaluate the need to establish allowances against losses on loans on a quarterly basis. When additional allowances are necessary, a provision for cre Item 1. Business. General SR Bancorp, Inc. SR Bancorp, Inc. (\u201cSR Bancorp\u201d or the \u201cCompany\u201d) is a Maryland chartered company and the holding company for Somerset Regal Bank (the \u201cBank\u201d). SR Bancorp\u2019s primary business activity is the ownership of the outstanding common stock of Somerset Regal Bank. SR Bancorp does not own or lease any property but instead uses the premises, equipment and other property of Somerset Regal Bank with the payment of appropriate rental fees, as required by applicable law and regulations, under the terms of an expense allocation agreement. At June 30, 2025, SR Bancorp had total assets of $1.08 billion, deposits of $846.0 million and total stockholders' equity of $193.8 million. The Company became the holding company for Somerset Regal Bank as part of the mutual-to-stock conversion of Somerset Savings Bank, SLA as described below. In the future, SR Bancorp may acquire or organize other entities or operating subsidiaries; however, there are no current plans, arrangements, agreements or understandings, written or oral, to do so. Our website address is www.somersetregalbank.com. We make available on our website, free of charge, our annual report on Form 10-K, quarterly reports on Form 10-Q and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. Information on our website is not to be considered a part of this document. Somerset Regal Bank. Somerset Regal Bank was formed through the combination on September 19, 2023 of Somerset Bank and Regal Bank, two New Jersey chartered institutions. The Bank operates from 14 branches in Essex, Hunterdon, Hudson, Livingston, Middlesex, Morris, Somerset and Union counties in the northern and central New Jersey. The Bank offers a variety of deposit and loan products to individuals and small businesses, most of which are located in our primary market. Completed Stock Offering On September 19, 2023, Somerset Savings Bank, SLA converted from the mutual to Item 1A. Risk Factors. You should consider carefully the following risk factors in evaluating an investment in the shares of common stock. Risks Related to Economic Conditions A worsening of economic conditions in our market area could reduce demand for our products and services and/or result in increases in ", "title": "SRBK - SR Bancorp, Inc.", "url": "/company/SRBK/" }, { "kind": "company", "summary": "SIC 2080 Beverages; CIK 0001891101; latest 10-K filed 2026-03-02.", "text": "BRCC - BRC Inc. SIC 2080 Beverages; CIK 0001891101; latest 10-K filed 2026-03-02. BRCC BRC Inc. 0001891101 2080 Beverages Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Unless the context otherwise requires, references to \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, \u201cBlack Rifle Coffee\u201d, \u201cBlack Rifle Coffee Company\u201d, \u201cBRCC\u201d and the \u201cCompany\u201d in this section are to the business and operations of BRC Inc. and its consolidated subsidiaries. The following discussion and analysis should be read in conjunction with the audited annual consolidated financial statements and related notes thereto included in Part II, Item 8, Financial Statements and Supplementary Data of this Annual Report. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties, and assumptions that could cause BRCC\u2019s actual results to differ materially from management\u2019s expectations. Factors which could cause such differences are discussed herein and set forth in Part I, Item 1A, Risk Factors in this Annual Report. Overview Black Rifle Coffee Company is a Veteran-founded and led premium coffee, and energy drink company operating through one reportable segment composed of three primary channels: Wholesale, DTC, and Outposts. We leverage in-house media and content creation to support brand awareness, customer engagement, and community building. Founded in 2014 by U.S. Army Veteran Evan Hafer, Black Rifle Coffee began with a one-pound coffee roaster in a garage, where Mr. Hafer personally roasted, packaged, and shipped coffee directly to consumers. Today, we have grown into a widely recognized and nationally distributed brand steadfast in its commitment to supporting active-duty military, Veterans, first responders, and others who share our values. In February 2022, we completed the Business Combination and as a result of the consummation of a series of mergers in connection therewith, Authentic Brands became a subsidiary of BRC Inc., with BRC Inc. acting as the sole managing member thereof as a public benefit corporation. The Business Combination was accounted for as a reverse acquisition and a recapitalization of Authentic Brands. Accordingly, the Business Combination was reflected as the equivalent of Authentic Brands issuing stock for the net assets of SilverBox, accompanied by a recapitalization. Under this method of accounting, SilverBox is treated as the \u201cacquired\u201d company for financial reporting purposes. The net assets of SilverBox are stated at historical cost, with no goodwill or other intangible assets recorded. This accounting treatment was determined by the controlling owner of Authentic Brands prior to the Business Combination, who also controls the combined company following the Business Combination. Trends Certain trends affecting our business within the respective sales channels are as follows: \u2022Wholesale channel revenue continues to increase as we add new customers and expand our presence in the FDM market. We expect continued revenue growth in this channel as we invest to increase brand awareness, and in customer acquisition, new product launches, including our Black Rifle Energy product line, and expanded distribution in the FDM market. \u2022DTC channel revenue decline has moderated as we continue to optimize customer acquisition, enhance retention, and provide our customers with a personalized and engaging shopping experience through targeted content and tailored product offerings on our website. Additionally, we are increasing our investment in major third-party ecommerce marketplaces in response to changing consumer purchasing behavior. \u2022Outpost channel revenue is stabilizing as we focus on improving transaction volumes and average order values through customer retention programs and tailored product offerings. In 2026, we expect limited growth in this channel as we reallocate investments to other channels while seeking to improve profitability through operational and strategic changes, which may include the closure of underperforming Outposts. 46 Table of Contents Recen Item 1. Business When used in this report, the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cBRCC,\u201d \u201cBlack Rifle Coffee,\u201d \u201cBlack Rifle Coffee Company,\u201d and the \u201cCompany\u201d mean BRC Inc. and its consolidated subsidiaries, collectively, unless the context otherwise requires. Company Overview Black Rifle Coffee Company is a Veteran-founded and led premium coffee, and energy drink, company operating through one reportable segment composed of three primary channels: Wholesale, DTC, and Outposts. We leverage in-house media and content creation to support brand awareness, customer engagement, and community building. Founded in 2014 by U.S. Army Veteran Evan Hafer, Black Rifle Coffee began with a one-pound coffee roaster in a garage, where Hafer personally roasted, packaged, and shipped coffee directly to consumers. Today, we have grown into a widely recognized and nationally distributed brand steadfast in its commitment to supporting active-duty military, Veterans, first responders, and others who share our values. Black Rifle Coffee operates out of offices in West Valley City, Utah; San Antonio, Texas; and Nashville, Tennessee, with a manufacturing facility in Manchester, Tennessee. Our product offerings have expanded beyond traditional roast coffee to include single-serve coffee and ready-to-drink coffee products, as well as Black Rifle Energy, a ready-to-drink energy beverage launched in late 2024. In addition, we offer Black Rifle branded apparel, coffee brewing equipment, and outdoor and lifestyle gear designed to extend brand engagement and customer loyalty. Our Mission and Community Our mission at Black Rifle Coffee Company is to serve premium coffee and energy beverages and provide proprietary content to active-duty military, Veterans, first responders, and others who share our values. Founded and led by combat Veterans of the Global War on Terror, we are a mission-driven company committed to delivering quality products while giving back to the communities we serve. This dedicatio Item 1A. Risk Factors Risks and uncertainties that could cause our actual results to differ materially from the results contemplated by the forward-looking statements contained in this Annual Report and other public statements we make are described below. Based on the information currently known to us, we believe that the matters discussed below identify the material risk factors affecting o", "title": "BRCC - BRC Inc.", "url": "/company/BRCC/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001432133; latest 10-K filed 2026-03-16.", "text": "KLTR - KALTURA INC SIC 7372 Services-Prepackaged Software; CIK 0001432133; latest 10-K filed 2026-03-16. KLTR KALTURA INC 0001432133 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in Part I, Item 1A, \u201cRisk Factors\u201d and other factors set forth in other parts of this Annual Report on Form 10-K. This section of our Annual Report on Form 10-K discusses our financial condition and results of operations for the fiscal years ended December 31, 2025 and 2024, and year-to-year comparisons between fiscal 2025 and fiscal 2024. A discussion of our financial condition and results of operations for the fiscal year ended December 31, 2023 and year-to-year comparisons between fiscal 2024 and fiscal 2023 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed on February 20, 2025 Overview We, Kaltura, Inc. (\u201cKaltura,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d), are a market-leading provider of video and rich media offerings for enterprises. Our mission is to power rich, agentic digital experiences across organizational journeys for customers, employees, learners, and audiences. Kaltura's Digital Experience Platform enables organizations to create, manage, and deliver video and rich media experiences that increasingly incorporate agentic artificial intelligence (\u201cAI\u201d) capabilities, including conversational interfaces, workflow automation, and outcome-oriented engagement across digital touchpoints. We believe this combination of video, rich media and agentic capabilities enables organizations to move beyond static, one-size-fits-all digital experiences toward more personalized, contextual, and interactive agentic digital experiences at scale. Video and other forms of rich media - including interactive, data-driven, and conversational media - are central to digital interaction and engagement, transforming how people communicate, work, learn, and consume content. For organizations, rich media increasingly sits at the core of digital transformation initiatives, with businesses adopting media-driven solutions to engage customers, employees, learners, and audiences across a growing range of use cases. At the same time, advances in generative artificial intelligence (\u201cGen AI\u201d) are enabling the real-time and automated creation of highly personalized and contextually relevant content, including video and other forms of rich media. We believe the convergence of rich media and AI is increasing the scale, speed, and strategic importance of digital experiences and driving demand for platforms that support more interactive, contextual, and outcome-oriented engagement. Founded in 2006, Kaltura was among the pioneers to recognize the potential of integrating video into enterprise workflows and to offer a system for enterprise video content management and online video publishing. Over time, we expanded our platform to support additional experiences, including virtual events and webinars and cloud-based television services. Today, Kaltura provides a cloud-based rich media platform designed to help organizations create, manage, and deliver rich media experiences at scale across customer-facing, employee-facing, learner-facing, and audience-facing use cases. Our Digital Experience platform is designed around three core layers: rich media content creation, rich media content management, and rich media experiences. Together, these layers enable organizations to produce and generate live an Item 1. Business. Overview We, Kaltura, Inc. (\u201cKaltura,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d), are a market-leading provider of video and rich media offerings for enterprises. Our mission is to power rich, agentic digital experiences across organizational journeys for customers, employees, learners, and audiences. Kaltura's Digital Experience Platform enables organizations to create, manage, and deliver video and rich media experiences that increasingly incorporate agentic artificial intelligence (\u201cAI\u201d) capabilities, including conversational interfaces, workflow automation, and outcome-oriented engagement across digital touchpoints. We believe this combination of video, rich media and agentic capabilities enables organizations to move beyond static, one-size-fits-all digital experiences toward more personalized, contextual, and interactive agentic digital experiences at scale. Video and other forms of rich media - including interactive, data-driven, and conversational media - are central to digital interaction and engagement, transforming how people communicate, work, learn, and consume content. For organizations, rich media increasingly sits at the core of digital transformation initiatives, with businesses adopting media-driven solutions to engage customers, employees, learners, and audiences across a growing range of use cases. At the same time, advances in generative artificial intelligence (\u201cGen AI\u201d) are enabling the real-time and automated creation of highly personalized and contextually relevant content, including video and other forms of rich media. We believe the convergence of rich media and AI is increasing the scale, speed, and strategic importance of digital experiences and driving demand for platforms that support more interactive, contextual, and outcome-oriented engagement. Founded in 2006, Kaltura was among the pioneers to recognize the potential of integrating video into enterprise workflows and to offer a system for enterprise video content management and o Item 1A. Risk Factors. Our business involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K. The occurrence of any of the events described below could harm our business, operating results, financial condition, liqu", "title": "KLTR - KALTURA INC", "url": "/company/KLTR/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001856365; latest 10-K filed 2026-03-23.", "text": "FINW - Finwise Bancorp SIC 6022 State Commercial Banks; CIK 0001856365; latest 10-K filed 2026-03-23. FINW Finwise Bancorp 0001856365 6022 State Commercial Banks Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes thereto and other financial information included elsewhere in this Report. Overview FinWise Bancorp, Inc. is a Utah corporation and the parent company of FinWise Bank and FinWise Investment, LLC. The Company is a registered bank holding company that is subject to supervision by Utah Department of Financial Institutions (\u201cUDFI\u201d) and the Federal Reserve. The Company\u2019s assets consist primarily of its investment in the Bank and all of its material business activities are conducted through the Bank. As a Utah state-chartered bank that is not a member of the Federal Reserve System, the Bank is separately subject to regulations and supervision by both the UDFI and the Federal Deposit Insurance Corporation (\u201cFDIC\u201d). The Bank\u2019s deposits are federally insured up to the maximum legal limits. Our banking business is our only business line. Our banking business offers a diverse range of commercial and retail banking products and services, and consists primarily of originating loans in a variety of sectors. Attracting nationwide deposits from the general public, businesses and other financial institutions, and investing those deposits, together with borrowings, capital and other sources of funds, is also critical to our banking business. While our commercial and residential real estate lending and other products and services offered from our branch continue to be concentrated in and around the Salt Lake City, Utah MSA, our third-party loan origination relationships have allowed us to expand into markets across the United States. These relationships were developed to support our ability to generate significant loan volume across diverse consumer and commercial markets and have been the primary source of our growth and our consistent ability to operate profitability since developing our third-party loan origination business. Our track record has demonstrated that our products and delivery of the products help deliver sustainable asset growth and strong profitability, and that the characteristics of our business model enhances our ability to manage credit risk. We gather deposits in the Salt Lake City, Utah MSA through our one branch and nationwide from our Strategic Program service providers, SBA 7(a) borrowers, institutional deposit exchanges, brokered deposit arrangements and other deposit sources. Our financial condition and results of operations depend primarily on our ability to (i) originate loans and leases directly, or by using our strategic relationships with third-party loan origination platforms to earn interest and non-interest income, (ii) effectively manage credit and other risks throughout the Bank, (iii) attract and retain low cost, stable deposits, and (iv) efficiently operate in compliance with applicable regulations. Our lending focuses on two main lending areas: (i) traditional lending which includes SBA 7(a) loans, residential and commercial real estate, and commercial leasing; and (ii) Strategic Programs lending which includes held-for-sale, credit enhanced, and retained loans. For a description and analysis of the Company\u2019s loan categories, see \u201cFinancial Condition.\u201d Critical Accounting Estimates The preparation of our consolidated financial statements in accordance with U.S. GAAP requires us to make estimates and judgments that affect our reported amounts of assets, liabilities, revenues, expenses and related disclosures of contingent assets and liabilities. These estimates are based on historical experience and other reasonable assumptions under current circumstances, the results of which form the basis for making judgments about the carrying value of certain assets and liabilities that are not readily determinable from other sources. We revi Item 1. BUSINESS Overview We are FinWise Bancorp, a Utah bank holding company headquartered in Murray, Utah. We operate through our wholly-owned subsidiary, FinWise Bank, a Utah state-chartered bank. Our business is conducted through three reportable segments: traditional banking, banking as a service (\u201cBaaS\u201d) and treasury & administration. We currently operate one full-service banking location in Sandy, Utah. We are a nationwide lender to consumers and small businesses. We believe that traditional barriers to servicing banking customers have been substantially lowered due to technological advances in the distribution and management of banking products and services. We seek to capitalize on these advances by leveraging strategic relationships, as well as proprietary loan origination systems and data analytics technology, to expand our reach in marketing channels utilized and credit products offered. As a technology-focused bank, we have utilized technology-oriented loan origination platforms in our Strategic Programs, SBA lending, Residential & Owner Occupied Commercial Real Estate, and Equipment Financing business lines. We have also deployed our own in-house technology to deliver loan and deposit solutions to our customers directly and through third parties. The Company was formed in 2002 and acquired 100% of the stock of Utah Community Bank, a local community bank founded in 1999 focusing on real estate lending in and around the Salt Lake City, Utah metropolitan statistical area (\u201cMSA\u201d). While the Bank is our primary asset we also have a 20% membership interest in BFG, a Connecticut limited liability company, a nationally significant referral source for SBA loans and a legal lending facilitator. As described below, we have a right of first refusal to purchase additional interests in BFG from any selling member along with an option to purchase all of the interests from the remaining members through January 1, 2028. See \u201cOur Relationship with Business Funding Item 1A. RISK FACTORS The following risks, some of which have occurred and any of which may occur in the future, can have a material adverse effect on our business, results of operations or financial performance, which in turn can affect the price of our publicly traded securities. These are not the only risks we face. There may be other risks we are ", "title": "FINW - Finwise Bancorp", "url": "/company/FINW/" }, { "kind": "company", "summary": "SIC 5651 Retail-Family Clothing Stores; CIK 0000799288; latest 10-K filed 2026-03-26.", "text": "LE - LANDS' END, INC. SIC 5651 Retail-Family Clothing Stores; CIK 0000799288; latest 10-K filed 2026-03-26. LE LANDS' END, INC. 0000799288 5651 Retail-Family Clothing Stores ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion in conjunction with the Consolidated Financial Statements and accompanying notes included elsewhere in this Annual Report on Form 10-K. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements. The matters discussed in these forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those made, projected or implied in the forward-looking statements. See \u201cCautionary Statement Concerning Forward-Looking Information\u201d below and Item 1A, Risk Factors, in this Annual Report on Form 10-K for a discussion of the uncertainties, risks and assumptions associated with these statements. This section discusses our results of operations for the year ended January 30, 2026 as compared to the year ended January 31, 2025. For a discussion and analysis of the year ended January 31, 2025 compared to February 2, 2024, please refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in Item 7 of our Annual Report on Form 10-K for the year ended January 31, 2025, filed with the SEC on March 27, 2025. As used in this Annual Report on Form 10-K, references to the \u201cCompany\u201d, \u201cLands\u2019 End\u201d, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d and similar terms refer to Lands\u2019 End, Inc. and its subsidiaries. Our fiscal year ends on the Friday preceding the Saturday closest to January 31. Executive Overview Description of the Company Lands\u2019 End, Inc. is a leading digital retailer of solution-based apparel, swimwear, outerwear, accessories, footwear, home products and uniforms. We offer products online at www.landsend.com, through third-party distribution channels, our own Company Operated stores and third-party license agreements. We also offer products to businesses and schools, for their employees and students, through the Outfitters distribution channel. We are a classic American lifestyle brand that creates solutions for life\u2019s every journey. Lands\u2019 End was founded in 1963 by Gary Comer and his partners to sell sailboat hardware and equipment by catalog. While our product focus has shifted significantly over the years, we have continued to adhere to our founder\u2019s motto as one of our guiding principles: \u201cTake care of the customer, take care of the employee and the rest will take care of itself.\u201d Segment Reporting We identify our operating segments according to how our business activities are managed and evaluated. Our operating segments consisted of: U.S. eCommerce, Europe eCommerce, Outfitters, Third Party, Licensing and Retail. We have determined that the U.S. eCommerce, Outfitters and Third Party operating segments share similar economic and other qualitative characteristics, and therefore, the results of these operating segments are aggregated into the U.S. Digital segment. The Europe eCommerce, Licensing and Retail operating segments are not quantitatively significant to be separately reported. See Note 13, Segment Reporting. Distribution Channels We identify six separate distribution channels for revenue reporting purposes. \u2022 U.S. eCommerce offers products through our eCommerce website. \u2022 Europe eCommerce offers products primarily direct to consumers located in Europe through eCommerce international websites as well as third-party marketplace websites. 32 Table of Contents \u2022 Outfitters sells uniform and logo apparel to businesses and their employees, as well as to student households through school relationships, located primarily in the U.S. \u2022 Third Party sells products direct to consumers through third-party marketplace websites. \u2022 Licensing earns royalties on the use of our trademark and any fulfillment fees for fulfillment services provided by us. \u2022 Retail sells products through Company Operated stores, located in the U.S. Pending WHP ITEM 1. BUSINESS As used in this Annual Report on Form 10-K, references to the \u201cCompany\u201d, \u201cLands\u2019 End\u201d, \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d and similar terms refer to Lands\u2019 End, Inc. and its subsidiaries. Our fiscal year ends on the Friday preceding the Saturday closest to January 31. Other terms commonly used in this Annual Report on Form 10-K are defined as follows: \u2022 ABL Facility \u2013 Asset-based senior secured credit agreements, providing for a revolving facility, dated as of November 16, 2017, with Wells Fargo, N.A. and certain other lenders, as amended to date \u2022 Adjusted EBITDA \u2013 Net income/(loss) appearing on the Consolidated Statements of Operations net of Income tax expense/(benefit), Interest expense, Depreciation and amortization and other significant items \u2022 ASC \u2013 Financial Accounting Standards Board Accounting Standards Codification, which serves as the source for authoritative GAAP, as supplemented by rules and interpretive releases by the SEC which are also sources of authoritative GAAP for SEC registrants \u2022 Adjusted net income (loss) \u2013 Net income (loss) appearing on the Consolidated Statements of Operations excluding significant non-recurring or non-operational items. Adjusted net income (loss) is also presented on a diluted per share basis \u2022 B2B \u2013 Business-to-business \u2022 B2C \u2013 Business-to-consumer \u2022 Company Operated stores \u2013 Lands\u2019 End retail stores in the Retail distribution channel \u2022 Debt Facilities \u2013 Collectively, the Term Loan Facility and ABL Facility \u2022 First Quarter 2026 \u2013 The 13 weeks ending May 1, 2026 \u2022 Fiscal 2026 \u2013 The 52 weeks ending January 29, 2027 \u2022 Fiscal 2025 \u2013 The 52 weeks ended January 30, 2026 \u2022 Fiscal 2024 \u2013 The 52 weeks ended January 31, 2025 \u2022 Fiscal 2023 \u2013 The 53 weeks ended February 2, 2024 \u2022 GAAP \u2013 Accounting principles generally accepted in the United States \u2022 GMV \u2013 Gross merchandise value equals total order value of all Lands\u2019 End branded merchandise sold to customers through business-to-consumer and business-to-business chann ITEM 1A. RISK FACTORS You should carefully consider the following risks and other information in this Annual Report on Form 10-K in evaluating our company and our common stock. Any of the following risks could materially and adversely affect our business, results of operations or financial condition. RISKS RELATED TO MACROECONOMIC CONDITIONS The impact of econ", "title": "LE - LANDS' END, INC.", "url": "/company/LE/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001771910; latest 10-K filed 2026-03-10.", "text": "ADCT - ADC Therapeutics SA SIC 2834 Pharmaceutical Preparations; CIK 0001771910; latest 10-K filed 2026-03-10. ADCT ADC Therapeutics SA 0001771910 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements, including the notes thereto, included in this Annual Report. The following discussion includes forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements. See \u201cForward-Looking Statements.\u201d 73 Table of Contents Overview ADC Therapeutics is a commercial-stage global pioneer in the field of antibody drug conjugates (\u201cADCs\u201d), transforming treatment for patients through our focused portfolio with ZYNLONTA (loncastuximab tesirine-lpyl), a CD19-directed ADC. ZYNLONTA received accelerated approval from the U.S. Food and Drug Administration (\u201cFDA\u201d) and conditional approval from the European Commission, China National Medical Products Administration (\u201cNMPA\u201d) and Health Canada for the treatment of relapsed or refractory DLBCL after two or more lines of systemic therapy. We are pursuing expansion of ZYNLONTA internationally, and into earlier lines of diffuse large B-cell lymphoma (\u201cDLBCL\u201d) through our LOTIS-5 confirmatory Phase 3 clinical trial (rituximab combination) and LOTIS-7 Phase 1b clinical trial (bispecific combination) as well as into indolent lymphomas, including marginal zone lymphoma (\u201cMZL\u201d) and follicular lymphoma (\u201dFL\u201d), through investigator-initiated trials (\u201cIITs\u201d) at leading institutions. Our goal is to be a leading ADC company bringing meaningful therapies to patients in need by leveraging our decade-long experience in the ADC field, with multiple INDs, and a proven track record of success. We are focused on maximizing the ZYNLONTA opportunity through expansion into earlier lines of therapies of DLBCL and indolent lymphomas. On June 11, 2025, the Board of Directors approved a strategic reprioritization and restructuring plan (the \u201c2025 Restructuring\u201d) to focus resources on ZYNLONTA expansion opportunities and the advancement of its preclinical exatecan-based PSMA-targeting ADC. The Company closed down its UK facility, and has reduced its global workforce across functions by approximately 30%. Results of Operations The following table summarizes our results of operations for the years ended December 31, 2025 and 2024: [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\"],[\"(in thousands, except percentages and per share)\",\"2025\",\"\",\"2024\",\"\",\"Change\",\"\",\"% Change\"],[\"Revenue\"],[\"Product revenues, net\",\"$\",\"73,551\",\"\",\"\",\"$\",\"69,280\",\"\",\"\",\"$\",\"4,271\",\"\",\"\",\"6.2\",\"%\"],[\"License revenues and royalties\",\"7,806\",\"\",\"\",\"1,557\",\"\",\"\",\"6,249\",\"\",\"\",\"401.3\",\"%\"],[\"Total revenue, net\",\"81,357\",\"\",\"\",\"70,837\",\"\",\"\",\"10,520\",\"\",\"\",\"14.9\",\"%\"],[\"Operating expense\"],[\"Cost of product sales\",\"(5,798)\",\"\",\"\",\"(5,949)\",\"\",\"\",\"151\",\"\",\"\",\"(2.5)\",\"%\"],[\"Research and development\",\"(104,005)\",\"\",\"\",\"(109,633)\",\"\",\"\",\"5,628\",\"\",\"\",\"(5.1)\",\"%\"],[\"Selling and marketing\",\"(43,374)\",\"\",\"\",\"(44,015)\",\"\",\"\",\"641\",\"\",\"\",\"(1.5)\",\"%\"],[\"General and administrative\",\"(36,559)\",\"\",\"\",\"(41,894)\",\"\",\"\",\"5,335\",\"\",\"\",\"(12.7)\",\"%\"],[\"Restructuring, impairment and other related costs\",\"(13,120)\",\"\",\"\",\"\\u2014\",\"\",\"\",\"(13,120)\",\"\",\"\",\"100.0\",\"%\"],[\"Total operating expense\",\"(202,856)\",\"\",\"\",\"(201,491)\",\"\",\"\",\"(1,365)\",\"\",\"\",\"0.7\",\"%\"],[\"Loss from operations\",\"(121,499)\",\"\",\"\",\"(130,654)\",\"\",\"\",\"9,155\",\"\",\"\",\"(7.0)\",\"%\"],[\"Other income (expense)\"],[\"Interest income\",\"8,810\",\"\",\"\",\"12,272\",\"\",\"\",\"(3,462)\",\"\",\"\",\"(28.2)\",\"%\"],[\"Interest expense\",\"(51,633)\",\"\",\"\",\"(50,211)\",\"\",\"\",\"(1,422)\",\"\",\"\",\"2.8\",\"%\"],[\"Other, net\",\"22,714\",\"\",\"\",\"12,457\",\"\",\"\",\"10,257\",\"\",\"\",\"82.3\",\"%\"],[\"Total other expense, net\",\"(20,109)\",\"\",\"\",\"(25,482)\",\"\",\"\",\"5,373\",\"\",\"\",\"(21.1)\",\"%\"],[\"Loss before income taxes\",\"(141,608)\",\"\",\"\",\"(156,136)\",\"\",\"\",\"14,528\",\"\",\"\",\"(9.3)\",\"%\"],[\"Income tax expense\",\"(1,015 Item 1. Business Overview ADC Therapeutics is a commercial-stage global pioneer in the field of antibody drug conjugates (\u201cADCs\u201d), transforming treatment for patients through our focused portfolio with ZYNLONTA (loncastuximab tesirine-lpyl), a CD19-directed ADC. ZYNLONTA received accelerated approval from the U.S. Food and Drug Administration (\u201cFDA\u201d) and conditional approval from the European Commission, China National Medical Products Administration (\u201cNMPA\u201d) and Health Canada for the treatment of relapsed or refractory DLBCL after two or more lines of systemic therapy. We are pursuing expansion of ZYNLONTA internationally, and into earlier lines of diffuse large B-cell lymphoma (\u201cDLBCL\u201d) through our LOTIS-5 confirmatory Phase 3 clinical trial (rituximab combination) and LOTIS-7 Phase 1b clinical trial (bispecific combination) as well as into indolent lymphomas, including marginal zone lymphoma (\u201cMZL\u201d) and follicular lymphoma (\u201dFL\u201d), through investigator-initiated trials (\u201cIITs\u201d) at leading institutions. Headquartered in Lausanne (Biop\u00f4le), Switzerland, with operations in New Jersey, ADC Therapeutics is focused on driving innovation in ADC development with specialized capabilities from clinical development to manufacturing and commercialization. Our Product and Pipeline The following table provides an overview of our current approved product and pipeline: In addition to the current approved product and pipeline above, IND-enabling activities for ADCT-241 (the Company\u2019s exatecan-based, prostate-specific membrane antigen (PSMA)-targeting ADC) were completed at the end of 2025. The Company continues to explore partnership opportunities. Our Strategy and Competitive Capabilities Our goal is to be a leading ADC company bringing meaningful therapies to patients in need by leveraging our decade-long experience in the ADC field, with multiple INDs, and a proven track record of success. We are focused on maximizing the ZYNLONTA opportunity. By leveraging our clinical Item 1A. Risk Factors Our business faces significant risks and uncertainties. You should carefully consider all of the information set forth in this Annual Report and in other documents we file with or furnish to the SEC, including the following risk factors, before deciding to invest in or to maintain an investment in our securities.", "title": "ADCT - ADC Therapeutics SA", "url": "/company/ADCT/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001498382; latest 10-K filed 2026-03-31.", "text": "HURA - TuHURA Biosciences, Inc./NV SIC 2834 Pharmaceutical Preparations; CIK 0001498382; latest 10-K filed 2026-03-31. HURA TuHURA Biosciences, Inc./NV 0001498382 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth under the heading \u201cRisk Factors\u201d in Part I, Item 1A of this Annual Report on Form 10-K our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. See also \u201cForward-Looking Statements\u201d. In this section, we discuss our financial condition, changes in financial condition and results of our operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. A discussion of our financial condition, changes in financial condition and results of our operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 can be found under Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024 which was filed with the SEC on March 31, 2025 and is available on the SEC\u2019s website at www.sec.gov as well as our website at ir.tuhurabio.com. References to \u201cwe\u201d, \u201cour\u201d and \u201cthe Company\u201d refers to Legacy TuHURA for periods prior to the closing of the Kintara Merger, and to TuHURA Biosciences, Inc. (formerly Kintara Therapeutics, Inc.) for all other periods, as the context requires. Overview We are a clinical stage immuno-oncology company developing novel technologies designed to overcome primary and acquired resistance to cancer immunotherapies. Our proprietary Immune FxTM technology platform, or IFx, is an innate immune agonist technology designed to \u201ctrick\u201d the body\u2019s immune system to attack tumor cells by making tumor cells look like bacteria. Our lead product candidate, IFx2.0, is an innate immune agonist designed to overcome primary resistance to checkpoint inhibitors. In June 2025, we initiated a single randomized placebo-controlled Phase 3 registration trial of IFx-2.0 administered as an adjunctive therapy to Keytruda\u00ae (pembrolizumab) in first line treatment for patients with advanced or metastatic Merkel cell carcinoma who are checkpoint inhibitor na\u00efve utilizing the FDA\u2019s accelerated approval pathway. In addition to our IFx technology platform, in June 2025 we acquired the rights to TBS-2025, a novel VISTA-inhibiting monoclonal antibody formerly known as KVA1213, through our acquisition of Kineta on June 30, 2025. VISTA (otherwise referred to as V-domain Ig suppressor of T cell activation) is an immune checkpoint highly expressed on myeloid cells that is believed to be a strong driver of immunosuppression in the tumor microenvironment and is believed to be a primary mechanism by which leukemic blasts escape immune recognition contributing to low relapse rates and high rates of recurrence in acute myeloid leukemia, or AML. Following our acquisition of Kineta, we are currently planning on investigating TBS-2025 in a randomized Phase 2 trial in combination with a menin inhibitor vs menin inhibitor alone in mutated NPM1 (mutNPM1) AML. To date, we have devoted substantially all of our resources to organizing and staffing, business planning, raising capital, identifying and developing product candidates, enhancing our intellectual property portfolio, undertaking research, conducting preclinical studies and clinical trials, and securing manufacturing for our development programs. We do not have any products approved for sale and have n Item 1. Business Overview We are a phase 3 clinical stage immuno-oncology company with three distinct technologies focused on the development of novel therapeutics designed to overcome primary and acquired resistance to cancer immunotherapies. Our proprietary Immune FxTM technology platform, or IFx, is an innate immune agonist technology designed to \u201ctrick\u201d the body\u2019s immune system to attack tumor cells by making tumor cells look like bacteria. Our lead product candidate, IFx2.0, is an innate immune agonist designed to overcome primary resistance to checkpoint inhibitors. In June 2025, we initiated a single randomized placebo-controlled Phase 3 registration trial of administered as an adjunctive therapy to Keytruda\u00ae (pembrolizumab) in first line treatment for patients with advanced or metastatic Merkel cell carcinoma who are checkpoint inhibitor na\u00efve utilizing the FDA\u2019s accelerated approval pathway. In addition to our IFx technology platform, in June 2025 we acquired the rights to TBS-2025, a novel VISTA-inhibiting monoclonal antibody formerly known as KVA1213, through our acquisition of Kineta, Inc. (\u201cKineta\u201d) on June 30, 2025. VISTA (otherwise referred to as V-domain Ig suppressor of T cell activation) is an immune checkpoint highly expressed on myeloid cells that is believed to be a strong driver of immunosuppression in the tumor microenvironment and is believed to be a primary mechanism by which leukemic blasts escape immune recognition contributing to low response rates and high rates of recurrence in acute myeloid leukemia, or AML. Following our acquisition of Kineta, we are currently planning on investigating TBS-2025 in a Phase1b/2 trial in patients with r/r mutNPM1AML. In addition to our IFx and TBS-2025, we are leveraging our Delta Opioid Receptor (DOR) technology to develop first-in-class bi-functional, bi-specific antibody-drug conjugates (\u201cADCs\u201d) targeting the DOR on Myeloid Derived Suppressor Cells (\u201cMDSCs\u201d) to modulate their immunosuppressive in Item 1A. Risk Factors. 45 Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below, as well as the other information in this Annual Report, including our audited financial statements and the related notes, as well as our other public filings with the ", "title": "HURA - TuHURA Biosciences, Inc./NV", "url": "/company/HURA/" }, { "kind": "company", "summary": "SIC 2511 Wood Household Furniture, (No Upholstered); CIK 0000010329; latest 10-K filed 2026-02-05.", "text": "BSET - BASSETT FURNITURE INDUSTRIES INC SIC 2511 Wood Household Furniture, (No Upholstered); CIK 0000010329; latest 10-K filed 2026-02-05. BSET BASSETT FURNITURE INDUSTRIES INC 0000010329 2511 Wood Household Furniture, (No Upholstered) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Amounts in thousands except share and per share data) Overview Bassett is a leading retailer, manufacturer and marketer of branded home furnishings. We were founded in 1902 and incorporated under the laws of Virginia in 1930. Our rich 123-year history has instilled the principles of quality, value, and integrity in everything we do, while simultaneously providing us with the expertise to respond to ever-changing consumer tastes and meet the demands of a global economy. Approximately 60% of our wholesale sales arise from our network of 86 Company-owned and licensee-owned Bassett Home Furnishings (\u201cBHF\u201d) stores. Our store program is designed to provide a single source home furnishings retail store with a unique combination of stylish, quality furniture and accessories with a high level of customer service. The stores highlight our custom furniture design and manufacturing capabilities, free in-home or virtual design visits (\u201chome makeovers\u201d) and coordinated decorating accessories. Our philosophy is based on building strong long-term relationships with each customer. Salespeople are referred to as \u201cDesign Consultants\u201d and are trained to evaluate customer needs and provide comprehensive solutions for their home decor. Until a rigorous training and design certification program is completed, Design Consultants are not authorized to perform in-home or virtual design services for our customers. Bassett also has a significant traditional wholesale business with more than 1,000 open market accounts. Most of the open market sales are through Bassett Design Centers and Bassett Custom Studios which function as a store within a multi-line store featuring the Company\u2019s custom furniture capabilities. The wholesale business, including the Lane Venture outdoor brand, also services general furniture stores and a growing number of interior design firms through a network of over 30 independent sales representatives who have stated geographical territories. These sales representatives are compensated based on a standard commission rate. We consider our website to be the front door to our brand experience where customers can research our furniture and accessory offerings and subsequently buy online or engage with an in-store design consultant. We know that we are driving a significant percentage of the retail foot traffic to our store network and our open market customers through engagement with www.bassettfurniture.com. Digital outreach strategies have been the primary vehicle for brand advertising and customer acquisition. We began supplementing the digital outreach strategy with added direct mail and television late in 2024 and expect to continue with a balanced blend of both digital and traditional direct mail and television in 2026. We introduced a new web platform late in 2023 that leverages world class features including enhanced customer research capabilities and streamlined navigation. Since the debut of the new site, we have seen increased engagement with the brand through a greater number of page views per customer along with more time spent on the site. We have also seen an increase in average order value that has resulted in increased e-commerce revenue. While traffic to the website decreased 8% during 2025, sales conversion rates increased 28% resulting in a 25% increase in total web sales. Although e-commerce sales continue to be small relative to in-store sales, we will continue to invest in ongoing improvements to the aesthetics and user experience on our website while not compromising on our in-store experience or the quality of our in-home makeover capabilities. During the fourth quarter of fiscal 2022 we acquired Noa Home Inc. (\u201cNoa Home\u201d). A mid-priced e-commerce furniture retailer headquartered in Montreal, Canada, Noa Home had operations in Canada, Australia, Singapore and the United Kingdom. After nearly two years of oper ITEM 1. BUSINESS (dollar amounts in thousands except per share data) General Bassett is a leading retailer, manufacturer and marketer of branded home furnishings. We were founded in 1902 and incorporated under the laws of Virginia in 1930. Our rich 123-year history has instilled the principles of quality, value, and integrity in everything we do, while simultaneously providing us with the expertise to respond to ever-changing consumer tastes and meet the demands of a global economy. Approximately 60% of our wholesale sales arise from our network of 86 Company-owned and licensee-owned Bassett Home Furnishings (\u201cBHF\u201d) stores. Our store program is designed to provide a single source home furnishings retail store with a unique combination of stylish, quality furniture and accessories with a high level of customer service. The stores highlight our custom furniture design and manufacturing capabilities, free in-home or virtual design visits (\u201chome makeovers\u201d) and coordinated decorating accessories. Our philosophy is based on building strong long-term relationships with each customer. Salespeople are referred to as \u201cDesign Consultants\u201d and are trained to evaluate customer needs and provide comprehensive solutions for their home decor. Until a rigorous training and design certification program is completed, Design Consultants are not authorized to perform in-home or virtual design services for our customers. Bassett also has a significant traditional wholesale business with more than 1,000 open market accounts. Most of the open market sales are through Bassett Design Centers and Bassett Custom Studios which function as a store within a multi-line store featuring the Company\u2019s custom furniture capabilities. The wholesale business, including the Lane Venture outdoor brand, also services general furniture stores and a growing number of interior design firms through a network of over 30 independent sales representatives who have stated geographical territories. ITEM 1A. RISK FACTORS The following risk factors should be read carefully in connection with evaluating our business and the forward-looking information contained in this Annual Report on Form 10-K. The risk factors below represent what we believe are the known material risk factors with r", "title": "BSET - BASSETT FURNITURE INDUSTRIES INC", "url": "/company/BSET/" }, { "kind": "company", "summary": "SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0001289340; latest 10-K filed 2026-03-12.", "text": "STXS - Stereotaxis, Inc. SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0001289340; latest 10-K filed 2026-03-12. STXS Stereotaxis, Inc. 0001289340 3845 Electromedical & Electrotherapeutic Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with our consolidated financial statements and notes thereto included in this report on Form 10-K. Operating results are not necessarily indicative of results that may occur in future periods. This report includes various forward-looking statements that are subject to risks and uncertainties, many of which are beyond our control. Our actual results could differ materially from those anticipated in these forward- looking statements as a result of various factors, including those set forth in Item 1A. \u201cRisk Factors,\u201d as well as various impacts related to our previously announced acquisition of Access Point Technologies EP, Inc. (\u201cAPT\u201d). Forward-looking statements discuss matters that are not historical facts. Forward-looking statements include, but are not limited to, discussions regarding our operating strategy, sales and marketing strategy, regulatory strategy, industry, economic conditions, financial condition, liquidity, capital resources, results of operations, the impact of, and our response to the coronavirus (\u201cCOVID-19\u201d) pandemic, pandemics similar to the coronavirus (\u201cCOVID-19\u201d) pandemic, and statements relating to our recent acquisition of APT including any benefits expected from the acquisition, potential strategic implications as a result of the acquisition, and the potential for achievement of the regulatory and commercial milestones that would trigger contingent payments in the transaction. Such statements include, but are not limited to, statements preceded by, followed by or that otherwise include the words \u201cbelieves,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cintends,\u201d \u201cestimates,\u201d \u201cprojects,\u201d \u201ccan,\u201d \u201ccould,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cwould,\u201d or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You should not unduly rely on these forward-looking statements, which speak only as of the date on which they were made. They give our expectations regarding the future but are not guarantees. We undertake no obligation to update publicly or revise forward-looking statements, whether because of new information, future events or otherwise, unless required by law. Overview Stereotaxis designs, manufactures and markets robotic systems, instruments and information systems for the interventional laboratory. Our proprietary robotic technology, Robotic Magnetic Navigation, fundamentally transforms endovascular interventions using precise computer-controlled magnetic fields to directly control the tip of flexible interventional catheters or devices. Direct control of the tip of an interventional device, in contrast to all manual hand-held devices that are controlled from their handle, can improve the precision, stability, reach and safety of these devices during procedures. Our primary clinical focus has been electrophysiology, specifically cardiac ablation procedures for the treatment of arrhythmias. Cardiac ablation has become a well-accepted therapy for arrhythmias and a multi-billion-dollar medical device market with expectations for substantial long-term growth. We have shared our aspiration and a product strategy to expand the clinical focus of our technology to several additional endovascular indications including coronary, neuro, and peripheral interventions. 39 There is substantial real-world evidence and clinical literature for Robotic Magnetic Navigation in electrophysiology. Hundreds of electrophysiologists at over one hundred hospitals globally have treated over 150,000 arrhythmia patients with our robotic technology. Clinical use of our technology has been documented in over 500 clinical publications. Robotic Magnetic Navigation is designed to enable physicians to complete more complex interventional procedures with greater success and safety ITEM 1. BUSINESS In this report, \u201cStereotaxis\u201d, the \u201cCompany\u201d, \u201cRegistrant\u201d, \u201cwe\u201d, \u201cus\u201d, and \u201cour\u201d refer to Stereotaxis, Inc. and its wholly owned subsidiaries. GenesisX RMN\u00ae, Genesis RMN\u00ae, Niobe\u00ae, Navigant\u00ae, Synchrony\u2122, SynX\u2122, Odyssey\u00ae, Odyssey Cinema\u2122, MAGiC\u2122, MAGiC Sweep\u2122, EMAGIN\u2122, Map-iT\u2122, QuikCAS\u2122, Cardiodrive\u00ae, Vdrive\u00ae, Vdrive Duo\u2122, V-CAS\u2122, V-Loop\u2122, V-Sono\u2122, and NuVizion\u2122 are trademarks of Stereotaxis, Inc. All other trademarks that appear in this report are the property of their respective owners. FORWARD-LOOKING STATEMENTS This annual report on Form 10-K, including the sections entitled \u201cBusiness\u201d and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d contains forward-looking statements. These statements relate to, among other things: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"our business, operating, sales and marketing, and regulatory strategies;\"],[\"\",\"\\u25cf\",\"our value proposition;\"],[\"\",\"\\u25cf\",\"our overall liquidity and our ability to fund operations;\"],[\"\",\"\\u25cf\",\"our ability to convert backlog to revenue;\"],[\"\",\"\\u25cf\",\"the ability of physicians to perform certain medical procedures with our products safely, effectively and efficiently;\"],[\"\",\"\\u25cf\",\"the adoption of our products by hospitals and physicians;\"],[\"\",\"\\u25cf\",\"the market opportunity for our products, including expected demand for our products;\"],[\"\",\"\\u25cf\",\"the timing and prospects for regulatory approval of our additional disposable interventional devices;\"],[\"\",\"\\u25cf\",\"the success of our business partnerships and strategic relationships;\"],[\"\",\"\\u25cf\",\"our industry generally, and overall macroeconomic conditions;\"],[\"\",\"\\u25cf\",\"our estimates regarding our capital requirements;\"],[\"\",\"\\u25cf\",\"our plans for hiring additional personnel; and\"],[\"\",\"\\u25cf\",\"any of our other plans, objectives, expectations and intentions contained in this annual report are not historical facts.\"]] [[/GREPCENT_TABLE]] These statements relate to future events or ITEM 1A. RISK FACTORS The following uncertainties and factors, among others, could affect future performance and cause actual results to differ materially from those expressed or implied by forward-looking statements. RISK FACTORS SUMMARY Risks Related to Our Business and Business Operations [[GREP", "title": "STXS - Stereotaxis, Inc.", "url": "/company/STXS/" }, { "kind": "company", "summary": "SIC 7812 Services-Motion Picture & Video Tape Production; CIK 0001776909; latest 10-K filed 2026-03-12.", "text": "CURI - CuriosityStream Inc. SIC 7812 Services-Motion Picture & Video Tape Production; CIK 0001776909; latest 10-K filed 2026-03-12. CURI CuriosityStream Inc. 0001776909 7812 Services-Motion Picture & Video Tape Production ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our results of operations and financial condition. The following discussion should be read in conjunction with the Company\u2019s consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements which involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks faced by us described in Risk Factors and elsewhere in this Annual Report on Form 10-K. Unless the context otherwise requires, references in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and \u201cthe Company\u201d are intended to mean the business and operations of CuriosityStream Inc. OVERVIEW Founded by John Hendricks, former Chairman of Discovery Communications and founder of the Discovery Channel, CuriosityStream is a media and entertainment company that offers premium video and audio programming across the principal categories of factual entertainment, including science, history, society, nature, lifestyle and technology. Our mission is to provide premium factual entertainment that informs, enchants and inspires. We seek to meet demand for high-quality factual entertainment via subscription video on-demand (\u201cSVOD\u201d) platforms, content licensing, bundled content licenses for SVOD and linear offerings, talks and courses and partner bulk sales. The main sources of our revenue are: 1.Subscription and license fees earned from our Direct-to-Consumer business and Partner Direct subscribers (\"Direct Business\"), 2.License fees from content licensing arrangements (\"Content Licensing\"), 3.Bundled license fees from distribution affiliates (\u201cBundled Distribution\u201d), and 4.Other revenue, including advertising and sponsorships (\"Other\"). We operate our business as a single operating segment that provides premium content through multiple channels, including the use of various applications, partnerships and affiliate relationships. CuriosityStream\u2019s award-winning content library features approximately 6,000 programs that explore topics ranging from space engineering to ancient history to the rise of Wall Street, and includes shows and series from leading nonfiction producers. Each week we launch new video titles, which are available on demand in high- or ultra-high definition. Through new and long-standing international partnerships, substantial portions of our video library have been localized from English into eleven different languages. The Company also aggregates rights to millions of video and audio programs, course materials and other assets to utilize on our own services as well as license to other media and technology companies. 36 RESULTS OF OPERATIONS The following table represents a summary of our Consolidated Statements of Operations for the years ended December 31, 2025, and 2024, and the discussion that follows compares the financial results for year ended December 31, 2025, to the year ended December 31, 2024: [[GREPCENT_TABLE]] [[\"\",\"Year Ended December 31,\",\"\",\"$ Change\",\"\",\"%Change\"],[\"(in thousands)\",\"2025\",\"\",\"2024\"],[\"Revenues\"],[\"Direct Business\",\"$\",\"33,613\",\"\",\"\",\"47\",\"%\",\"\",\"$\",\"38,592\",\"\",\"\",\"75\",\"%\",\"\",\"$\",\"(4,979)\",\"\",\"\",\"(13\",\"%)\"],[\"Content Licensing\",\"33,233\",\"\",\"\",\"46\",\"%\",\"\",\"7,798\",\"\",\"\",\"15\",\"%\",\"\",\"25,435\",\"\",\"\",\"326\",\"%\"],[\"Bundled Distribution\",\"3,379\",\"\",\"\",\"5\",\"%\",\"\",\"3,937\",\"\",\"\",\"8\",\"%\",\"\",\"(558)\",\"\",\"\",\"(14\",\"%)\"],[\"Other\",\"1,433\",\"\",\"\",\"2\",\"%\",\"\",\"807\",\"\",\"\",\"2\",\"%\",\"\",\"626\",\"\",\"\",\"78\",\"%\"],[\"Total revenues\",\"$\",\"71,658\",\"\",\"\",\"100\",\"%\",\"\",\"$\",\"51,134\",\"\",\"\",\"100\",\"%\",\"\",\"$\",\"20,524\",\"\",\"\",\"40\",\"%\"],[\"Operating expenses\"],[\"Cost of revenues\",\"$\", ITEM 1. BUSINESS Unless the context otherwise requires, all references in this section to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany,\u201d or \u201cCuriosityStream\u201d refer to CuriosityStream Inc. and its subsidiaries prior to and following the consummation of the Business Combination. CORPORATE HISTORY AND BACKGROUND On October 14, 2020, Software Acquisition Group Inc., a special purpose acquisition company and a Delaware corporation (\u201cSAQN\u201d), and CuriosityStream Operating Inc., a Delaware corporation (\u201cLegacy CuriosityStream\u201d), consummated a reverse merger pursuant to the Agreement and Plan of Merger, dated August 10, 2020 (the \u201cBusiness Combination\u201d). Upon the consummation of the Business Combination, Legacy CuriosityStream became a wholly owned subsidiary of SAQN and the registrant changed its name from \u201cSoftware Acquisition Group Inc.\u201d to \u201cCuriosityStream Inc.\u201d Following the consummation of the Business Combination, Legacy CuriosityStream changed its name from \u201cCuriosityStream Operating Inc.\u201d to \u201cCuriosity Inc.\u201d SAQN, a blank check company, was incorporated as a Delaware corporation on May 9, 2019, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. 2 CuriosityStream LLC, Legacy CuriosityStream\u2019s predecessor, was formed in the State of Delaware in June 2008. CuriosityStream LLC officially launched its subscription service to U.S. based customers in March 2015 and to international customers in September 2015. BUSINESS OVERVIEW Founded by John Hendricks, former Chairman of Discovery Communications and founder of the Discovery Channel, CuriosityStream is a media and entertainment company that offers premium video and audio programming across the principal categories of factual entertainment, including science, history, society, nature, lifestyle and technology. Our mission is to provide premium factual entertainment that informs, enchants and inspires. We s ITEM 1A. RISK FACTORS If any of the following events occur, our business, financial condition and operating results may be materially adversely affected. In that event, the trading price of our securities could decline, and you could lose all or part of your investment. RISKS RELATED TO THE COMPANY'", "title": "CURI - CuriosityStream Inc.", "url": "/company/CURI/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001341235; latest 10-K filed 2026-02-27.", "text": "ALDX - Aldeyra Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001341235; latest 10-K filed 2026-02-27. ALDX Aldeyra Therapeutics, Inc. 0001341235 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes appearing at the end of this annual report on Form 10-K. Some of the information contained in this discussion and analysis, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks, uncertainties and assumptions. You should read the \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements\u201d sections of this annual report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a biotechnology company devoted to discovering and developing innovative therapies designed to treat immune-mediated diseases. Our approach is to develop pharmaceuticals that modulate protein systems, instead of directly inhibiting or activating single protein targets, with the goal of optimizing multiple pathways at once while minimizing toxicity. Our product candidates include RASP (reactive aldehyde species) modulators ADX\u2011248, ADX\u2011246, and chemically related molecules for the potential treatment of systemic and retinal immune-mediated diseases. Our late-stage product candidates are reproxalap, a RASP modulator for the potential treatment of dry eye disease and allergic conjunctivitis, and ADX\u20112191, a novel formulation of intravitreal methotrexate for the potential treatment of primary vitreoretinal lymphoma and retinitis pigmentosa. Since our incorporation, we have devoted substantially all of our resources to the preclinical and clinical development of our product candidates. Our ability to generate revenue largely depends upon our ability, alone or with others, to complete development of our product candidates to obtain regulatory approvals for and to manufacture, market, and sell our product candidates. The results of our operations will vary significantly from year-to-year and quarter-to-quarter, and depend on a number of factors, including risks related to our business and industry, risks relating to intellectual property and other legal matters, risks related to our common stock, and other risks that are detailed in the section of this annual report on Form 10-K entitled \u201cRisk Factors\". In March 2019, we entered into the Hercules Credit Facility which provided for a term loan of up to $60.0 million, $15.0 million of which has been funded as of December 31, 2025. The Hercules Credit Facility (as amended) provides for interest-only payments on borrowings until April 1, 2026; (ii) has a Maturity Date of April 1, 2026; and (iii) accrues interest at a rate of the greater of (a) the Prime Rate (as defined in the Hercules Credit Facility) plus 3.10%, or (b) 11.10%. The Hercules Credit Facility, as amended, is described in Note 9 to the notes to the consolidated financial statements contained in this annual report on Form 10-K. As of December 31, 2025, $15.0 million was outstanding under the Hercules Credit Facility, and no amounts remained available for borrowing. In August 2024, we entered into an Open Market Sales Agreement SM with Jefferies, as sales agent (the 2024 Jefferies Sales Agreement), under which we have the ability to offer and sell, from time to time through Jefferies, shares of common stock providing for aggregate sales proceeds of up to $75.0 million. No sales had been made pursuant to the 2024 Jefferies Sales Agreement as of December 31, 2025. We will need to raise additional capital in the form of debt or equity or through partnerships to fund additional development of our product candidates and, subject to regulatory approval, if any, the commercialization of our product candidates, and we may i ITEM 1. BUSINESS Overview Aldeyra Therapeutics is a biotechnology company devoted to discovering innovative therapies designed to treat immune-mediated diseases. Our approach is to develop pharmaceuticals that modulate protein systems, instead of directly inhibiting or activating single protein targets, with the goal of optimizing multiple pathways at once while minimizing toxicity. Our product candidates include RASP (reactive aldehyde species) modulators ADX-248, ADX-246, and chemically related molecules for the potential treatment of systemic and retinal immune-mediated diseases. Our late-stage product candidates are reproxalap, a RASP modulator for the potential treatment of dry eye disease and allergic conjunctivitis, and ADX-2191, a novel formulation of intravitreal methotrexate for the potential treatment of primary vitreoretinal lymphoma and retinitis pigmentosa. Our development pipeline, as of the date of filing of this annual report on Form 10-K is illustrated below. Product Candidate Development Pipeline On October 31, 2023 (the AbbVie Option Agreement Effective Date), we entered into an exclusive option agreement (the AbbVie Option Agreement) with AbbVie Inc. (AbbVie), pursuant to which we granted AbbVie an exclusive option (the AbbVie Option) to obtain (a) a co-exclusive license in the United States to facilitate a collaboration with us to develop, manufacture and commercialize reproxalap in the United States, (b) an exclusive license to develop, manufacture, and commercialize reproxalap outside the United States, (c) a right of first negotiation for compounds that are owned or otherwise controlled by us in the field of ophthalmology relating to treating conditions of the ocular surface, and (d) a right to review data for any other compounds that are owned or otherwise controlled by us in the fields of ophthalmology and immunology before such data is shared with any other third party (the Collaboration Agreement). AbbVie has paid us a non-refundabl ITEM 1A. Risk Factors. Our business is subject to numerous risks. You should carefully consider the risks described below together with the other information set forth in this annual report on Form 10-K, which could materially affect our business, financial condition, and future results. The risks described below a", "title": "ALDX - Aldeyra Therapeutics, Inc.", "url": "/company/ALDX/" }, { "kind": "company", "summary": "SIC 2330 Women's, Misses': and Juniors Outerwear; CIK 0001687932; latest 10-K filed 2026-03-31.", "text": "JILL - J.Jill, Inc. SIC 2330 Women's, Misses': and Juniors Outerwear; CIK 0001687932; latest 10-K filed 2026-03-31. JILL J.Jill, Inc. 0001687932 2330 Women's, Misses': and Juniors Outerwear Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our consolidated financial statements and related notes thereto included elsewhere in this Annual Report. The following discussion contains forward-looking statements that reflect our plans, estimates and assumptions. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause such differences are discussed in the sections of this Annual Report titled \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements.\u201d We operate on a 52 or 53-week fiscal year that ends on the Saturday that is closest to January 31. Each fiscal year is generally comprised of four 13-week fiscal quarters, although in the years with 53 weeks, the fourth quarter represents a 14-week period. References in this Annual Report to \u201cFiscal Year 2025\u201d refer to the fiscal year ended January 31, 2026, references to the \u201cFiscal Year 2024\u201d refer to the fiscal year ended February 1, 2025 and references to \u201cFiscal Year 2023\u201d refer to the fiscal year ended February 3, 2024. Fiscal Years 2025 and 2024 are comprised of 52 weeks and Fiscal Year 2023 is comprised of 53 weeks. The discussion that follows includes a comparison of our results of operations and liquidity and capital resources for Fiscal Years 2025 and 2024. For the discussion comparing the Fiscal Years 2024 and 2023, refer to Part II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in our Fiscal Year 2024 Form 10-K, which was filed with the United States Securities and Exchange Commission on April 1, 2025. All references in this Annual Report to \"J.Jill\", \"we\", \"our\", \"us\", \"the Company\" or similar terms are to J.Jill, Inc. and its subsidiaries. Overview J.Jill is a national lifestyle brand that provides apparel, footwear and accessories designed to help its customers move through a full life with ease. The brand represents an easy, thoughtful and inspired style that celebrates the totality of all women and designs its products with its core brand ethos in mind: keep it simple and make it matter. J.Jill offers a high touch customer experience through 256 stores nationwide and a robust ecommerce platform. J.Jill is headquartered outside Boston. How We Assess the Performance of Our Business In assessing the performance of our business, we consider a variety of financial and operating metrics, including financial measures calculated in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d) and non-GAAP measures, such as: Net sales consist primarily of revenues, net of merchandise returns and discounts, generated from the sale of apparel and accessory merchandise through our retail stores (\u201cRetail\u201d) and through our website and catalog orders (\u201cDirect\u201d). Net sales also include shipping and handling fees collected from customers, and royalty revenues and marketing reimbursements related to our private label credit card agreement. Retail revenue is recognized at the time of sale or upon shipment if the sale is not immediately fulfilled, and Direct revenue is recognized upon shipment of merchandise to the customer. Net sales are impacted by the size of our active customer base, product assortment and availability, marketing and promotional activities and the spending habits of our customers. Net sales are also impacted by the migration of single-channel customers to omnichannel customers who, on average, spend three times more than single-channel customers. Total company comparable sales include sales net of returns from our retail stores that have been open for more than 52 weeks and from our Direct channel. This measure highlights the performance of existing stores open during the period, while excluding the impact of new store openings and closures. When a store in the total company comparable store ba Item 1. Business In this Annual Report, unless otherwise indicated or the context otherwise requires, references to the \u201cCompany,\u201d \u201cJ.Jill,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to J.Jill, Inc. and its consolidated subsidiaries. We operate on a 52- or 53-week fiscal year that ends on the Saturday that is closest to January 31. Each fiscal year generally is comprised of four 13-week fiscal quarters, although in the years with 53 weeks, the fourth quarter represents a 14-week period. References in this Annual Report to \u201cFiscal Year 2025\u201d refer to the fiscal year ended January 31, 2026, references to \u201cFiscal Year 2024\u201d refer to the fiscal year ended February 1, 2025, and references to \u201cFiscal Year 2023\u201d refer to the fiscal year ended February 3, 2024. Fiscal Years 2025 and 2024 are comprised of 52 weeks and Fiscal Year 2023 is comprised of 53 weeks. Company Overview J.Jill is a national lifestyle brand that provides apparel, footwear and accessories designed to help its customers move through a full life with ease. The brand represents an easy, thoughtful and inspired style that celebrates the totality of all women and designs its products with its core brand ethos in mind: keep it simple and make it matter. J.Jill offers a high touch customer experience through 256 stores nationwide and a robust ecommerce platform. J.Jill is headquartered outside Boston. Brand J.Jill has modernized its value proposition and introduced new customers to its relevant and compelling products through thoughtful, versatile designs that reflect the individuality of its customers. J.Jill has accomplished this by clearly communicating its offerings that align with its vision: to live in a world where the totality of every woman is seen, valued and celebrated. This permeates across all J.Jill touchpoints through authentic advertising, inclusive retail experiences and presentation of its offerings \u2013 whether the customer chooses to shop on the J.Jill website, in J.Jill retail stores, or through the J Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should consider and carefully read all of the risks and uncertainties described below, as well as other information included in this Annual Report and in our other public filings. The risks described below are not the only ones facing u", "title": "JILL - J.Jill, Inc.", "url": "/company/JILL/" }, { "kind": "company", "summary": "SIC 3679 Electronic Components, NEC; CIK 0000065770; latest 10-K filed 2026-03-04.", "text": "MVIS - MICROVISION, INC. SIC 3679 Electronic Components, NEC; CIK 0000065770; latest 10-K filed 2026-03-04. MVIS MICROVISION, INC. 0000065770 3679 Electronic Components, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the related notes included in Part II, Item 8 of this Form 10-K. The following discussion focuses on the results of our operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. Similar discussion of the results of our operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. Overview MicroVision, Inc. is defining the next generation of lidar-based perception solutions for automotive, industrial, and security & defense markets. We deliver integrated hardware and software solutions designed for real-world performance, automotive-grade reliability, and economic scalability. Our diverse portfolio of lidar sensors, with both short- and long-range lidar solutions, feature solid-state sensors with varying wavelengths, advanced sensor architectures, design-to-cost engineering, and open software solutions. Our solutions enable advanced driver assistance systems, or ADAS, and autonomy features for customers in a wide range of markets, including automotive, industrial, and security & defense. Target industrial sectors include robotics, automated warehouse, agriculture, and mining. Our integrated hardware and software solutions enable intelligent autonomous, active safety, and automation systems which depend on secure, cost-effective, and energy-efficient solutions. Our software has been developed in close collaboration with automotive customers and also has broad application in industrial, defense, and commercial vehicle sectors. We have incurred substantial losses since inception and expect to incur a significant loss during the fiscal year ending December 31, 2025. We have funded operations to date primarily through the sale of common stock, convertible preferred stock, warrants, the issuance of convertible debt and, to a lesser extent, from development contract revenues, product sales and licensing activities. In October 2024, we entered into a securities purchase agreement with an institutional investor for the purchase of senior secured convertible notes of up to $75.0 million. See Part II, Item 8, Note 7. Notes Payable and Derivative Liability. In February 2025, we entered into another securities purchase agreement with the same institutional investor for the issuance and sale of $8.0 million in shares of common stock, plus warrants to purchase additional shares of common stock for approximately $9.0 million. See Part II, Item 8, Note 8. Warrant Liability. In February 2026, we entered into a securities purchase and exchange agreement with the same investor, pursuant to which we issued two senior secured convertible notes due March 2028 \u2013 one for approximately $20.6 million in exchange for the previously existing senior secured convertible note due March 2026 and the other for approximately $22.4 million. See Part II, Item 8, Note 17. Subsequent Events for additional discussion. 25 There can be no assurance that additional capital will be available or that, if available, it will be available on terms acceptable to us on a timely basis. We cannot be certain that we will succeed in commercializing our technology or products. Critical Accounting Policies and Estimates Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that materially aff", "title": "MVIS - MICROVISION, INC.", "url": "/company/MVIS/" }, { "kind": "company", "summary": "SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001354866; latest 10-K filed 2026-02-05.", "text": "BYRN - Byrna Technologies Inc. SIC 3690 Miscellaneous Electrical Machinery, Equipment & Supplies; CIK 0001354866; latest 10-K filed 2026-02-05. BYRN Byrna Technologies Inc. 0001354866 3690 Miscellaneous Electrical Machinery, Equipment & Supplies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes to those statements which are included in Item 8 of this report. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d and elsewhere in this report. Some of the numbers included herein have been rounded for the convenience of presentation. OVERVIEW Byrna Technologies Inc. designs, manufactures, retails, and distributes less\u2011lethal personal security solutions intended for situations that do not require the use of lethal force. Our mission is to empower individuals to protect themselves and others, and our product strategy emphasizes ease of use, effectiveness, and reliability in both consumer and professional safety environments. We also develop tools intended to serve as alternatives to traditional firearms for law enforcement and private security customers, with the goal of reducing firearm\u2011related incidents and supporting de\u2011escalation practices. Our strategy includes positioning Byrna\u00ae as a consumer lifestyle brand associated with personal confidence and safety, while expanding our product portfolio to broaden market reach and drive sales growth from both new and existing customers. Our business strategy is twofold: (1) to fulfill the growing demand for less-lethal products in the law enforcement, correctional services, and private security markets and (2) to provide civilians \u2013 including those whose work or daily activities may put them at risk of being a victim \u2013 with easy access to an effective, less-lethal way to protect themselves and their loved ones from threats to their person or property. We believe demand for less\u2011lethal products in the United States and globally continues to rise and that this category will remain a growing segment of the broader security market. We plan to meet this demand by manufacturing and distributing our Byrna SD, Byrna LE, and most recently our Byrna CL launchers, along with continued expansion of our accessory and ammunition offerings. On January 10, 2023, we acquired a 51% ownership interest in Byrna LATAM S.A. (\u201cByrna LATAM\u201d), a corporate joint venture formed to expand our operations and presence in South American markets, for $0.5 million. We accounted for this investment using the equity method because we did not have voting control or substantive participating rights that would give us control over Byrna LATAM. On August 19, 2024, we sold our 51% ownership interest to Fusady S.A. for $1 pursuant to the LATAM Share Purchase Agreement and entered into an exclusive distribution, manufacturing, and licensing agreement with Byrna LATAM (the \u201cLATAM Licensing Agreement\u201d). Under this agreement, Byrna LATAM is authorized to exclusively manufacture the Byrna SD launcher and ammunition in certain South American countries and is required to pay us royalties on Byrna products manufactured. The LATAM Share Purchase Agreement also includes put and call rights based on defined triggers that expire on August 19, 2029. Beginning in fiscal 2024 and continuing through fiscal 2025, we expanded our go\u2011to\u2011market strategy beyond our historical e\u2011commerce focus by adopting a broader omnichannel distribution model. These initiatives included the commercial launch of the Byrna CL, expansion of the Byrna LE and LE PRO platforms, the opening of Byrna\u2011branded retail locations, and onboarding national retail partners such as Sportsman\u2019s Warehouse. In addition, we implemented an AI\u2011driven advert ITEM 1. BUSINESS Overview We are a less\u2011lethal self\u2011defense technology company specializing in innovative, next\u2011generation solutions for security situations that do not require the use of lethal force. Our mantra is Live Safe\u00ae, and our core mission is to empower people to safely embrace life. We seek to fulfill our mission by developing easy\u2011to\u2011use self\u2011defense tools that are designed to allow people to live more safely. We are also focused on providing law enforcement and private security customers with less\u2011lethal alternatives to firearms that are intended to reduce the use of lethal force and facilitate trust within the communities they serve. Since 2023, the Company has modernized its product line, diversified its distribution channels, and implemented technology\u2011driven marketing tools that significantly expand reach and brand engagement. In 2024 and 2025, Byrna launched the Byrna CL\u2122 (Compact Launcher), expanded its law\u2011enforcement\u2011grade Byrna LE\u2122 and LE PRO\u2122 product lines, deployed a proprietary AI\u2011assisted advertising platform, expanded retail distribution through Sportsman\u2019s Warehouse and other partners, and opened additional Byrna\u2011branded retail locations. The Company also established Byrna Technologies Canada, a wholly owned subsidiary supporting regulatory compliance, warehousing, marketing, and sales for the Canadian market. Our product portfolio includes: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"handheld personal security devices and shoulder-fired launchers designed for use by consumers and professional security customers without the need for a background check or firearms license in most U.S. jurisdictions;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"a line of projectiles that are fired by Byrna devices, including chemical irritant, kinetic and inert rounds;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"a line of self-defense aerosol products, including Byrna Bad Guy Repellent\\u2122; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE ITEM 1A. RISK FACTORS Summary of Risk Factors Below is a summary of the principal factors that make an investment in our common stock speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in th", "title": "BYRN - Byrna Technologies Inc.", "url": "/company/BYRN/" }, { "kind": "company", "summary": "SIC 4822 Telegraph & Other Message Communications; CIK 0002018064; latest 10-K filed 2026-03-11.", "text": "TTGT - TechTarget, Inc. SIC 4822 Telegraph & Other Message Communications; CIK 0002018064; latest 10-K filed 2026-03-11. TTGT TechTarget, Inc. 0002018064 4822 Telegraph & Other Message Communications Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (In thousands, except share and per share data, where otherwise noted or instances where expressed in millions) The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and accompanying notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Annual Report on Form 10-K, particularly under the heading \u201cRisk Factors.\u201d Please refer to our \u201cForward-Looking Statements\u201d section on page 3 of this Annual Report on Form 10-K. Overview Background Informa TechTarget helps technology companies accelerate growth through first party B2B data, market insight and market access. Following a period of expansion, the specialist technology research business of Informa TechTarget is now among the largest providers of these services. It employs more than 300 expert analysts and consultants to create data-driven intelligence products and advisory services for product managers, corporate strategists, channel chiefs and the C-suite, challenging market strategies, sharpening product roadmaps and accelerating time to market and revenue. Through the Omdia brand, which now incorporates the formerly separate specialist brands Canalys, Wards Intelligence and Enterprise Strategy Group, we provide research and intelligence services to technology providers based on expert analysis and data-driven intelligence and reports. These products or businesses and their portfolio of digital media brands inform, educate and influence tech buyers, creating engaged and specialist audiences. Targeted access to these specialist audiences is provided through a growing range of data-driven digital products and services that are designed to deliver highly qualified leads, demand generation and buyer intent to technology vendors, connecting them with the right buyers at the right time to maximize return on investment and accelerate growth. [[GREPCENT_TABLE]] [[\"Selected Informa TechTarget brands\"],[\"Specialist B2B Content: Intelligence & Advisory Brands\",\"Specialist B2B Buyer Content: Brand & Content Brands\",\"B2B Buyer Intent & Demand Brands\"],[\"Omdia by Informa TechTarget\",\"Industry Dive\",\"Informa TechTarget\"],[\"\",\"Information Week\",\"NetLine\"],[\"\",\"Light Reading\"],[\"\",\"AI Business\"]] [[/GREPCENT_TABLE]] Industry Background and Trends Informa TechTarget sits at the intersection of tech and B2B marketing, each dynamic innovative markets in their own right, with what management believes are compelling structural growth drivers. This provides a strong underpin to the long-term growth ambitions of Informa TechTarget. Technology transcends all aspects of daily life and work. Enterprise technology, incorporating software and hardware systems used by large organizations for anything from customer relationship management to networking and cyber security, is central to operating effectively and efficiently. The pace of innovation and change is rapid, creating a constant cycle of investment to enhance, upgrade and replace technology. For Informa TechTarget, investment in innovation and growth in R&D budgets provide a leading indicator of demand for its products and services. This growth in technology-related R&D is driving a new wave of investment and innovation, enhancing existing products and inspiring the next generation of products and services. Over time, the scale of technology purchasing, particularly enterprise technology, has grown in size, resulting in B2B buying behavior becoming more complex. This complexity has led to longer sales cycles as more research is under Item 1. Business TechTarget, Inc. (\u201cInforma TechTarget\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d) is a leading business-to-business (\u201cB2B\u201d) growth accelerator, informing and influencing technology buyers and sellers globally. Informa TechTarget Today, we sit at the intersection of tech and B2B marketing in an area estimated to be worth $20 billion annually with approximately 45,000 potential customers. We compete in the Intelligence & Advisory, Brand & Content, and Demand & Intent markets. We have powerful scale in permissioned B2B first-party data and a unique end-to-end portfolio of data-driven solutions that services the full B2B product lifecycle, from R&D to return on investment (\"ROI\"): from strategy, messaging and content development to in-market activation via brand, demand generation, purchase intent data and sales enablement. Increasingly, we are leveraging AI to bolster our differentiation to both technology buyers and sellers, including growing audience referrals from AI search channels. For technology buyers and business professionals, which we refer to as audiences, our strategy calls for us to deliver trusted, independent research, primary data, analysis and high-quality editorial content that uniquely informs and has the potential to influence technology buyers. We believe we are well positioned to deliver on this strategy. For technology sellers, which we refer to as clients, our strategy is to offer expert-led, data-driven, digitally enabled products that help those clients to identify and influence technology buyers through the full product journey, and based on this value proposition, for us to be a strategic partner to many of the technology industry\u2019s largest and most successful, fastest and most innovative players, shortening those clients\u2019 time to market and, critically, to revenue. We have the ambition to become a leading B2B growth accelerator. We focus on four core growth drivers when executing on these strategies: 1. Enterprise IT mark Item 1A. Risk Factors Investing in our common stock involves substantial risks. You should carefully consider the following factors, together with all of the other information included in this Annual Report, including under the heading \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operatio", "title": "TTGT - TechTarget, Inc.", "url": "/company/TTGT/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000767405; latest 10-K filed 2026-03-06.", "text": "SBFG - SB FINANCIAL GROUP, INC. SIC 6022 State Commercial Banks; CIK 0000767405; latest 10-K filed 2026-03-06. SBFG SB FINANCIAL GROUP, INC. 0000767405 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. SB Financial Group, Inc. (\u201cSB Financial\u201d), is a financial holding company registered with the Federal Reserve Board and subject to regulation under the Bank Holding Company Act of 1956, as amended. Through its direct and indirect subsidiaries, including The State Bank and Trust Company (\u201cState Bank\u201d), SB Financial is engaged in commercial and retail banking, wealth management and private client financial services. The following discussion provides a review of the consolidated financial condition and results of operations of SB Financial and its subsidiaries (collectively, the \u201cCompany\u201d). This discussion should be read in conjunction with the Company\u2019s Consolidated Financial Statements and related Notes as of and for the years ended December 31, 2025, and 2024 included in this Annual Report on Form 10-K. Strategic Discussion The focus and strategic goal of the Company is to grow into and remain a top decile (90th percentile) independent financial services company, as measured by annual return on average assets compared to our defined peer group. The Company intends to achieve and maintain that goal by executing our five key initiatives. Increase profitability through ongoing diversification of revenue streams: For the twelve months ended December 31, 2025, the Company generated $17.1 million in noninterest income, or 26.1 percent of total operating revenue, from fee-based products. These revenue sources include fees generated from saleable residential mortgage loans, retail deposit products, wealth management services, saleable business-based loans (small business and farm service) and title agency revenue. For the twelve months ended December 31, 2024, the Company generated $17.0 million in noninterest income, or 29.9 percent of total operating revenue, from fee-based products. Strengthen our penetration in all markets served: Over our 123-year history of continuous operation in Northwest Ohio, we have established a significant presence in our traditional markets in Defiance, Fulton, Paulding and Williams counties in Ohio. In our newer markets of Bowling Green, Columbus, Findlay, Toledo (Ohio) and Ft. Wayne (Indiana), our current market penetration is minimal, but we believe our potential for growth is significant. Over the past few years, we have expanded and committed additional resources to our presence in the Findlay and Edgerton markets in particular; however, we continue to seek to expand the presence and penetration in all of our markets. On January 17, 2025, we established our presence in Ottawa County with the acquisition of The Marblehead Bank located in Marblehead, Ohio. In late 2025, we expanded our Loan Production office in Angola, Indiana into a full service retail location and we expanded into the neighboring community of Napoleon, Ohio with a hybrid retail location. Expand product utilization by new and existing customers: As of December 31, 2025, we operated in 15 counties in Northwest Ohio, Central Ohio and Northeast Indiana with 27 full-service offices, 27 ATM\u2019s and four loan production offices. Combined in the 15 counties of operation, we command 0.93 percent of the deposit market share, which has steadily grown. In our traditional markets of Northwest Ohio, the deposit market share is 4.63 percent, which is up from 4.40 percent in 2024. Deliver gains in operational excellence: Our management team believes that becoming and remaining a high-performance financial services company will depend upon seamlessly and consistently delivering operational excellence, as demonstrated by the Company\u2019s leadership in the origination and servicing of residential mortgage loans. As of December 31, 2025, the Company serviced 8,886 residential mortgage loans with an aggregate principal balance of $1.48 billion. As of December 31, 2024, the Company serviced 8,750 loans with an aggregate principal balance of $1.43 billion. S Item 1A. Risk Factors. Cautionary Statement Regarding Forward-Looking Information Certain statements contained in this Annual Report on Form 10-K, and in other statements that we make from time to time in filings by the Company with the SEC, in press releases, and in oral and written statements made by or with the approval of the Company which are not statements of historical fact constitute forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include: (a) projections of income or expense, earnings per share, the payment or non-payment of dividends, capital structure and other financial items; (b) statements of plans and objectives of the Company or our Board of Directors or management, including those relating to products and services; (c) statements of future economic performance; (d) statements of future customer attraction or retention; and (e) statements of assumptions underlying these statements. Forward-looking statements reflect our expectations, estimates or projections concerning future results or events. These statements are generally identified by the use of forward-looking words or phrases such as \u201canticipates\u201d, \u201cbelieves\u201d, \u201cestimates\u201d, \u201cexpects\u201d, \u201cintends\u201d, \u201cmay\u201d, \u201cplans\u201d, \u201cprojects\u201d, \u201cshould\u201d, \u201cwill allow\u201d, \u201cwill continue\u201d, \u201cwill likely result\u201d, \u201cwill remain\u201d, \u201cwould be\u201d, or similar expressions. The Private Securities Litigation Reform Act of 1995 (the \u201cReform Act\u201d) provides a \u201csafe harbor\u201d for forward-looking statements to encourage companies to provide prospective information so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those discussed in the forward-looking statements. We desire to take advantage of the \u201csafe harbor\u201d provisions o", "title": "SBFG - SB FINANCIAL GROUP, INC.", "url": "/company/SBFG/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001549966; latest 10-K filed 2026-03-16.", "text": "SAMG - Silvercrest Asset Management Group Inc. SIC 6282 Investment Advice; CIK 0001549966; latest 10-K filed 2026-03-16. SAMG Silvercrest Asset Management Group Inc. 0001549966 6282 Investment Advice Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the Consolidated Financial Statements and the related notes to those statements included later in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements about our plans and expectations of what may happen in the future. Forward-looking statements are based on a number of assumptions and estimates that are inherently subject to significant risks and uncertainties, and our actual results could differ materially from the results anticipated by our forward-looking statements as a result of many known and unknown factors, including, but not limited to, those discussed in \u201cItem 1A - Risk Factors\u201d of this Annual Report on Form 10-K. See \u201cCautionary Notice Regarding Forward-Looking Statements\u201d located above in \u201cItem 1 \u2013 Business\u201d of this Annual Report on Form 10-K. Overview We are a full-service wealth management firm focused on providing financial advisory and related family office services to ultra-high net worth individuals and institutional investors. In addition to a wide range of investment capabilities, we offer a full suite of complementary and customized family office services for families seeking a comprehensive oversight of their financial affairs. During the twelve months ended December 31, 2025, our assets under management increased 1.4% from $36.5 billion to $37.0 billion. The business includes the management of funds of funds, and other investment funds, collectively referred to as the \u201cSilvercrest Funds\u201d. Silvercrest L.P. has issued restricted stock units exercisable for 137,765 Class B units which entitle the holders thereof to receive distributions from Silvercrest L.P. to the same extent as if the underlying Class B units were outstanding. Net profits and net losses of Silvercrest L.P. will be allocated, and distributions from Silvercrest L.P. will be made, to its current partners pro rata in accordance with their respective partnership units (and assuming the Class B units underlying all restricted stock units are outstanding). The historical results of operations discussed in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations include those of Silvercrest L.P. and its subsidiaries. As the general partner of Silvercrest L.P., we control its business and affairs and, therefore, consolidate its financial position and results with ours. The interests of the limited partners\u2019 collective 34.0% partnership interest in Silvercrest L.P. as of December 31, 2025 are reflected in non-controlling interests in our consolidated financial statements. This Item 7 generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 6, 2025. Key Performance Indicators When we review our performance, we focus on the indicators described below: [[GREPCENT_TABLE]] [[\"\",\"\",\"For the Year Ended December 31,\"],[\"(in thousands except as indicated)\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"Revenue\",\"\",\"$\",\"125,319\",\"\",\"\",\"$\",\"123,651\",\"\",\"\",\"$\",\"117,410\"],[\"Income before other income (expense), net\",\"\",\"$\",\"9,325\",\"\",\"\",\"$\",\"17,627\",\"\",\"\",\"$\",\"18,819\"],[\"Net income\",\"\",\"$\",\"8,059\",\"\",\"\",\"$\",\"15,709\",\"\",\"\",\"$\",\"15,183\"],[\"Net income margin\",\"\",\"\",\"6.4\",\"%\",\"\",\"\",\"12.7\",\"%\",\"\",\"\",\"12.9\",\"%\"],[\"Net income attributable to Silvercrest\",\"\",\"$\",\"4,885\",\"\",\"\",\"$\",\"9,535\",\"\",\"\",\"$\",\"9,094\"],[\"Adjusted EBITDA (1)\",\"\",\"$\",\"19,619\",\"\",\"\",\"$\",\"26,101\",\"\",\"\",\"$\",\"26,878\" Item 1. Business. Our Guiding Principles We operate our business in accordance with the following guiding principles: \u2022 We seek to create, build and maintain an environment that encourages innovation and original thought and apply this fresh thinking to the needs of our clients and our firm. \u2022 We seek to attract, motivate and retain talented and ambitious professionals who share a passion for the investment business and an antipathy for corporate bureaucracy and office politics. \u2022 We seek to conduct ourselves in all our dealings as highly ethical, responsible and competent professionals who always place our clients\u2019 financial interests ahead of our own. \u2022 We seek to encourage and nurture an entrepreneurial, collegial and action-oriented business culture in which \u201cfun\u201d is inevitable and decisions are generally consensual. Our Company We are a full-service wealth management firm focused on providing financial advisory and related family office services to ultra-high net worth individuals and institutional investors. In addition to a wide range of investment capabilities, we offer a full suite of complementary and customized family office services for families seeking comprehensive oversight of their financial affairs. As of December 31, 2025, our assets under management were $37.0 billion. We were founded 23 years ago on the premise that if we staffed and organized our business to deliver a combination of excellent investment performance together with high-touch client service, we would differentiate our business from a crowded field of firms nominally in the wealth management business. We seek to attract and we are well-positioned to offer comprehensive investment and family office service solutions to ultra-high-net worth individuals and families. As of December 31, 2025, we had 828 client relationships with an average size of $44 million that represented approximately 99% of our assets under management. Our top 50 relationships averaged $475 million in siz Item 1A. Risk Factors. An investment in our common stock involves a high degree of risk. You should consider carefully the following risks and other information contained in this Annual Report on Form 10-K and other SEC filings before you decide to buy or sell our common stock. The risks identified below are not a c", "title": "SAMG - Silvercrest Asset Management Group Inc.", "url": "/company/SAMG/" }, { "kind": "company", "summary": "SIC 2860 Industrial Organic Chemicals; CIK 0001337298; latest 10-K filed 2026-03-16.", "text": "FF - FutureFuel Corp. SIC 2860 Industrial Organic Chemicals; CIK 0001337298; latest 10-K filed 2026-03-16. FF FutureFuel Corp. 0001337298 2860 Industrial Organic Chemicals Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read together with our consolidated financial statements, including the Notes thereto, set forth herein. Further, for additional discussion of our results for 2024, compared to 2023, please see \u201cItem 7. Management's Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 31, 2025, which discussion is incorporated herein by reference and which is available through the SEC\u2019s official website at www.sec.gov and through the \u201cInvestors\u201d section of the Company\u2019s website (https://futurefuel-corporation.ir.rdgfilings.com). This discussion contains forward-looking statements that reflect our current views with respect to future events and financial performance. Actual results may differ materially from those anticipated in these forward-looking statements. See \u201cForward-Looking Information\u201d below for additional discussion regarding risks associated with forward-looking statements. Unless otherwise stated, all dollar amounts are in thousands. Overview In General Our company is managed and reported in two reporting segments: chemicals segment and biofuels segment. Within the chemicals segment are two product groups: custom chemicals and performance chemicals. The custom chemicals group is comprised of chemicals manufactured for a single customer, whereas the performance chemicals product group is comprised of chemicals manufactured for multiple customers. The biofuels segment is comprised of one product group. Management believes that the diversity of each segment strengthens the Company by better using resources and is committed to growing each segment. Major products in the custom chemicals group include: (i) consumer products (cosmetics and personal care products, specialty polymers, and specialty products used in the fuels industry)\u037e (ii) chlorinated polyolefin adhesion promoters and antioxidant precursors for a customer\u037e and (iii) a biocide intermediate. Pricing for the other custom manufacturing products is negotiated directly with the customer. Some, but not all, of these products have pricing mechanisms and/or protections against raw material, energy, or conversion cost changes. Performance chemicals consist of specialty chemicals that are manufactured to general market-determined specifications and are sold to a broad customer base. A major product line in the performance chemicals group is SSIPA/LiSIPA, a polymer modifier that aids the properties of nylon and polyesters. This group of products also includes other sulfonated monomers and hydrotropes, specialty solvents, polymer additives, and chemical intermediates, such as glycerin. SSIPA/LiSIPA revenues are generated from a diverse customer base of nylon and polyester fiber manufacturers and other customers that produce condensation polymers. Contract sales are, in certain instances, indexed to key raw materials for inflation\u037e otherwise, there is no pricing mechanism or specific protection against raw material or conversion cost changes. Pricing for the other performance chemical products is established based upon competitive market conditions. Some, but not all, of these products have pricing mechanisms and/or specific protections against raw material or conversion cost changes. For our biofuels segment, we procure all of our own feedstock and only sell biodiesel for our own account. We have the capability to process multiple types of feedstocks including vegetable oils, animal fats, and separated food waste oils. We can receive feedstock by rail or truck, and we have substantial storage capacity to acquire feedstock at advantaged prices when market conditions permit. Our annual biodiesel production capacity is 59 million gallons per year. 33 Ta Item 1. Business OVERVIEW FutureFuel Corp. (\u201cFutureFuel,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour,\u201d and includes our wholly-owned subsidiaries) is a Delaware corporation operating primarily through our subsidiary, FutureFuel Chemical Company. We manufacture a diverse portfolio of inorganic chemicals, bio-based specialty chemicals, and biofuels in our integrated facility in Batesville, Arkansas. FutureFuel is publicly traded on the New York Stock Exchange (\u201cNYSE\u201d) under the ticker symbol \u201cFF\u201d. Our headquarters are located at our facility in Batesville, Arkansas. Unless noted otherwise, all financial figures in this report are presented in thousand United States dollars, excluding per-share data. Financial Highlights & Dividends We maintained a consistent commitment to returning value to our shareholders. [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"2025: Distributed quarterly cash dividends totaling $0.24 per share.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"2026: Declared an initial quarterly dividend of $0.06 per share for the first quarter of 2026.\"]] [[/GREPCENT_TABLE]] Segment Operations Our operations are organized into two primary segments: Chemicals and Biofuels. Chemicals Segment Our Chemicals segment is a premier provider of custom manufacturing solutions, serving a diverse portfolio of third-party customers. By combining high-barrier technical expertise with a sophisticated integrated infrastructure, we deliver mission-critical chemistry at scale. [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Strategic Roadmap: Integration and Market Expansion: We are aggressively expanding our market footprint through a dual-track strategy of diversification and vertical integration. Most notably, by backward integrating into the production of key intermediate raw materials, we have secured our internal supply chain while creating the opportunity for a new revenue stream through external sales. Our growth is anchored by an unwavering commitment to an ingrained culture Item 1A. Risk Factors. An investment in us involves a high degree of risk and may result in the loss of all or part of your investment. You should consider carefully all of the information set out in this document and the risks attaching to an investment in us, including, in particular, the risks described below. The information below does not purport to be", "title": "FF - FutureFuel Corp.", "url": "/company/FF/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001141688; latest 10-K filed 2026-04-14.", "text": "LARK - LANDMARK BANCORP INC SIC 6021 National Commercial Banks; CIK 0001141688; latest 10-K filed 2026-04-14. LARK LANDMARK BANCORP INC 0001141688 6021 National Commercial Banks ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 Forward-Looking Statements This document (including information incorporated by reference) contains, and future oral and written statements by us and our management may contain, forward-looking statements, within the meaning of such term in the Private Securities Litigation Reform Act of 1995, with respect to our financial condition, results of operations, plans, objectives, future performance and business. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as \u201cbelieve,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cplan,\u201d \u201cintend,\u201d \u201cestimate,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201ccould,\u201d \u201cshould\u201d or other similar expressions, including the negatives of such expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and we undertake no obligation to update any statement in light of new information or future events. 38 Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on operations and future prospects by us and our subsidiaries include, but are not limited to, the following: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"The strength of the local, state, national and international economies and financial markets, including the effects of inflationary pressures and future monetary policies of the Federal Reserve in response thereto;\"],[\"\",\"\\u25cf\",\"Effects on the U.S. economy resulting from actions taken by the federal government, including the threat or implementation of tariffs, immigration enforcement and changes in foreign policy;\"],[\"\",\"\\u25cf\",\"Changes in interest rates and prepayment rates of our assets;\"],[\"\",\"\\u25cf\",\"Increased competition in the financial services sector and the inability to attract new customers, including from non-bank competitors such as credit unions and \\u201cfintech\\u201d companies;\"],[\"\",\"\\u25cf\",\"Timely development and acceptance of new products and services;\"],[\"\",\"\\u25cf\",\"Rapid and expensive technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequence to us and our customers, including the development and implementation of tools incorporating artificial intelligence;\"],[\"\",\"\\u25cf\",\"Our risk management framework;\"],[\"\",\"\\u25cf\",\"Interruptions in information technology and telecommunications systems and third-party services;\"],[\"\",\"\\u25cf\",\"The economic effects of severe weather, natural disasters, widespread disease or pandemics, or other external events;\"],[\"\",\"\\u25cf\",\"The loss of key executives or employees;\"],[\"\",\"\\u25cf\",\"Changes in consumer spending;\"],[\"\",\"\\u25cf\",\"Integration of acquired businesses;\"],[\"\",\"\\u25cf\",\"The commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us or to which the Company may become subject;\"],[\"\",\"\\u25cf\",\"Changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard;\"],[\"\",\"\\u25cf\",\"The economic impact of past and any future terrorist attacks, military conflicts, acts of war, including ongoing conflicts in the Middle East, the Russian invasion of Ukraine and other international conflicts, or threats thereof, and the response of the United States to any such threats and attacks;\"],[\"\",\"\\u25cf\",\"The ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses;\"],[\"\",\"\\u25cf\",\"Fluctuations in the value of securities held in our securities portfo", "title": "LARK - LANDMARK BANCORP INC", "url": "/company/LARK/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001867066; latest 10-K filed 2026-03-26.", "text": "DERM - Journey Medical Corp SIC 2834 Pharmaceutical Preparations; CIK 0001867066; latest 10-K filed 2026-03-26. DERM Journey Medical Corp 0001867066 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and the related notes included elsewhere in this Form 10-K. Our consolidated financial statements have been prepared in accordance with U.S. GAAP. The following discussion and analysis contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). Please see the section titled \u201cSpecial Cautionary Notice Regarding Forward-Looking Statements\u201d elsewhere in this Annual Report on Form 10-K for more information. In evaluating our business, you should carefully consider the information set forth under the heading \u201cRisk Factors\u201d herein. As used below, the words \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to Journey Medical Corporation and its consolidated subsidiaries. Overview We are a commercial-stage pharmaceutical company founded in October 2014 that primarily focuses on the selling and marketing of FDA approved prescription pharmaceutical products for the treatment of dermatological conditions. Our current portfolio includes eight FDA-approved prescription drugs for dermatological conditions that are marketed in the U.S. and a majority of our revenues derive from our branded, patent protected products. We are managed by experienced life science executives with a track record of creating value for their stakeholders and bringing novel medicines to the market, enabling patients to experience increased quality of life and physicians and other licensed medical professionals to provide better care for their patients. We acquire rights to products and product candidates by licensing or otherwise acquiring an ownership interest in, funding the research and development of, and eventually commercializing the products through our field sales organization. We are a controlled subsidiary of Fortress. 63 Table of Contents Recent Corporate Highlights On November 1, 2024, the FDA approved Emrosi, for the treatment of inflammatory lesions of rosacea in adults. Emrosi was developed by Journey in collaboration with DRL. Our initial supply became available in March 2025. We began sales promotion of Emrosi beginning in April 2025, and we are commercializing Emrosi in the U.S. with our existing commercial team. Effective after the close of U.S. equity markets on June 27, 2025, we joined the small cap Russell 2000\u00ae Index and the broad-market Russell 3000\u00ae Index as a result of the 2025 annual Russell Index reconstitution. Critical Accounting Policies and Uses of Estimates Our consolidated financial statements have been prepared in accordance with U.S. GAAP. The preparation of these consolidated financial statements requires us to make difficult, subjective or complex judgments, often as a result of the need to make estimates and assumptions about the effect of matters that are inherently uncertain in the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported expenses incurred during the reporting periods. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. While our significant accounting policies are described in greater detail in Note 2, \u201cBasis of Presentation and Summary of Significant Accounting Policies\u201d in our consolidated financial statements, appearing under Part II, Item 8 and beginning at page F-1 of this Annual Report Item 1. Business OVERVIEW We are a commercial-stage pharmaceutical company that primarily focuses on the selling and marketing of U.S. Food and Drug Administration (\u201cFDA\u201d) approved prescription pharmaceutical products for the treatment of dermatological conditions. Our current product portfolio includes eight FDA-approved prescription drugs for dermatological conditions that are marketed in the U.S. We acquire rights to products and product candidates by licensing or otherwise acquiring an ownership interest in, funding the research and development of, and eventually commercializing the products through our field sales organization. We are a controlled subsidiary of Fortress Biotech, Inc. (\u201cFortress\u201d or \u201cParent\u201d). 2025 Highlights and Events On November 1, 2024, the FDA approved Emrosi for the treatment of inflammatory lesions of rosacea in adults. Emrosi was developed by Journey in collaboration with Dr. Reddy\u2019s Laboratories, Ltd. (\u201cDRL\u201d). Our initial supply became available in March 2025. We began sales promotion of Emrosi beginning in April 2025, and we are commercializing Emrosi in the U.S. with our existing commercial team. Effective after the close of U.S. equity markets on June 27, 2025, we joined the small cap Russell 2000\u00ae Index and the broad-market Russell 3000\u00ae Index as a result of the 2025 annual Russell Index reconstitution. CORPORATE INFORMATION Journey Medical Corporation was incorporated in Delaware in 2014. Our executive offices are located at 9237 E Via de Ventura Blvd. Suite 105, Scottsdale, AZ 85258. Our telephone number is 480-434-6670, and our e-mail address is info@jmcderm.com or ir@jmcderm.com. We maintain a website with the address www.jmcderm.com. We make available free of charge through our website our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and any amendments to these reports, as soon as reasonably practicable after we electronically file such material with, or furnish such mater Item 1A. Risk Factors The following information sets forth risk factors that could cause our actual results to differ materially from those contained in forward-looking statements we have made in this report and those we may make from time to time. You should carefully consider the risks described below, in addition to the other inform", "title": "DERM - Journey Medical Corp", "url": "/company/DERM/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001826667; latest 10-K filed 2026-03-05.", "text": "TLSI - TriSalus Life Sciences, Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001826667; latest 10-K filed 2026-03-05. TLSI TriSalus Life Sciences, Inc. 0001826667 3841 Surgical & Medical Instruments & Apparatus Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the financial condition and results of operations of TriSalus Life Sciences, Inc. (for purposes of this section, the \u201cCompany,\u201d \u201cTriSalus\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d) should be read together with TriSalus\u2019 consolidated financial statements as of and for the fiscal years ended December 31, 2025 and 2024, together with the related notes thereto, included elsewhere in this Annual Report. Some of the information contained in this discussion and analysis includes forward-looking statements that involves risks and uncertainties. You should review the sections titled \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are dedicated to the research, development and commercialization of an innovative drug delivery technology platform and an immuno-oncology therapeutic, aimed at improving outcomes for patients with difficult-to-treat liver and pancreatic cancers. Our advanced technology is designed for use by interventional radiologists to enhance the delivery of therapeutics and improve patient outcomes. 72 Table of Contents We market our cutting-edge PEDD infusion systems, which optimize therapeutic delivery for hepatocellular carcinoma, pancreatic cancer and other solid liver tumors. Additionally, we are pursuing the development of nelitolimod to illustrate how an immunotherapeutic--when administered via PEDD in combination with systemic treatment can enhance the effectiveness of other therapeutics, ultimately leading to better patient responses. The combination of our PEDD technology with nelitolimod is focused on solving the two main barriers in the tumor microenvironment that inhibits the success of immunotherapy. The first barrier (mechanical) is comprised of high intratumoral pressure within tumors that limits drug uptake and the second barrier (biological) is the reversal of intratumoral immunosuppression. In 2020, we launched TriNav, which is our newest liver therapy delivery device with SmartValve technology for our proprietary PEDD approach. In 2020, we gained transitional pass-through payments (\u201cTPT\u201d) approval from the Centers for Medicare & Medicaid Services (\u201cCMS\u201d), which allows hospitals to cover the cost of using TriNav. The approval began in January 2020 and expired at the end of 2023. On December 14, 2023, CMS created a permanent New Technology Healthcare Common Procedure Coding System (\"HCPCS\") code for procedures involving the TriNav Infusion System. This code became effective on January 1, 2024, and may be reported by hospital outpatient departments (\"HOPDs\") and ambulatory surgical centers (\"ASCs\") for the Company to obtain reimbursement for TriNav device. Effective April 1, 2025, TriNav received a second unique and permanent HCPCS code from CMS. This new code provides reimbursement clarity for mapping procedures conducted prior to TARE. In 2025, TriSalus expanded its portfolio of PEDD devices with the commercial launch of the TriNav\u00ae FLX Infusion System and the TriNav XP Infusion System, further broadening the TriNav product family. These systems complement the Company\u2019s existing TriNav Infusion System, TriNav LV Infusion System and TriGuide Guiding Catheter and are designed to support therapeutic delivery across a broader range anatomical complexity. The TriNav FLX Infusion System incorporates a more flexible distal tip, intended to improve trackability and navigation in tortuous vasculature. While the TriNav XP Infusion System also includes the more flexible distal tip, it is also designed to support delivery of larger embolic particles, expanding procedural versatility across embolization applicati Item 1. Business Unless the context indicates otherwise, references in this Annual Report to the \u201cCompany,\u201d \u201cTriSalus,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and similar terms refer to TriSalus Life Sciences, Inc. (f/k/a MedTech Acquisition Corp.), a Delaware corporation and its consolidated subsidiaries. Overview We are a growing, oncology focused medical technology business seeking to transform outcomes for patients with solid tumors by integrating our innovative delivery technology with standard-of-care therapies, and with our investigational immunotherapeutic, nelitolimod, a class C Toll-like receptor 9 (\"TRL9\") agonist, for a range of different therapeutic and technology applications. Our ultimate goal is to transform the treatment paradigm for patients battling solid tumors. We have developed an innovative technology designed to overcome two of the most significant challenges that prevent optimal delivery and performance of therapeutics in these difficult-to-treat diseases: (i) high intratumoral pressure caused by tumor growth and collapsed vasculature restricting the delivery of oncology therapeutics and (ii) off target delivery. Nelitolimod, specifically, combined with our technology aims to address the immunosuppressive properties of tumor immune cells in liver, pancreas and other solid tumors. By systematically addressing these barriers, we aim to improve response to therapies and to enable improved patient outcomes. Background Many solid tumors, especially desmoplastic tumors like pancreatic ductal adenocarcinoma (\"PDAC\"), liver tumors and various other tumor types have high interstitial fluid pressure which creates a physical barrier preventing therapeutics from penetrating the tumor. Beyond penetration issues, the blood vessels that supply these tumors are leaky and disorganized, leading to poor distribution of the therapeutic within the tumor. We have developed a platform approach to address the unique challenges of drug delivery to solid tumors with the goal of ove Item 1A. Risk Factors Before you make a decision to buy our securities, in addition to the risks and uncertainties discussed above under \u201cCautionary Note Regarding Forward-Looking Statements,\u201d you should carefully consider the risks and uncertainties described below together with all", "title": "TLSI - TriSalus Life Sciences, Inc.", "url": "/company/TLSI/" }, { "kind": "company", "summary": "SIC 6500 Real Estate; CIK 0001766478; latest 10-K filed 2026-03-03.", "text": "AOMR - Angel Oak Mortgage REIT, Inc. SIC 6500 Real Estate; CIK 0001766478; latest 10-K filed 2026-03-03. AOMR Angel Oak Mortgage REIT, Inc. 0001766478 6500 Real Estate Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with our historical consolidated financial statements and the notes thereto appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis, including information with respect to our business strategies, our expectations regarding the future performance of our business, and the other non-historical statements contained herein, are forward-looking statements. Our actual results may differ materially from those anticipated in any forward-looking statements as a result of many factors, including those set forth under \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements\u201d elsewhere in this Annual Report on Form 10-K. General Angel Oak Mortgage REIT, Inc. is a real estate finance company focused on acquiring and investing in first and second lien non-QM loans and other mortgage-related assets in the U.S. mortgage market. Our strategy is to make credit-sensitive investments primarily in newly-originated non-QM loans and other mortgage assets that are primarily made to higher-quality borrowers and sourced from the proprietary mortgage lending platform of our affiliate, Angel Oak Mortgage Lending and other originators through our relationship with Angel Oak Capital. We may also invest in other residential mortgage loans, RMBS, and other mortgage-related assets, which, collectively with non-QM loans, we refer to as our target assets. Our objective is to generate attractive risk-adjusted returns for our stockholders, through cash distributions and capital appreciation, across interest rate and credit cycles. 54 We are externally managed and advised by our Manager, Falcons I, LLC, a registered investment adviser under the Investment Advisers Act of 1940 and an affiliate of Angel Oak Capital, a leading alternative credit manager with market leadership in mortgage credit that includes asset management, lending and capital markets. Angel Oak Mortgage Lending, an affiliated Angel Oak mortgage origination platform, is a market leader in non\u2011QM loan production. Through our relationship with our Manager, we benefit from Angel Oak\u2019s vertically integrated platform and in\u2011house expertise, providing us with the resources that we believe are necessary to generate attractive risk\u2011adjusted returns for our stockholders. Angel Oak Mortgage Lending provides us with proprietary access to non\u2011QM loans, as well as transparency over the underwriting process and the ability to acquire loans with our desired credit and return profile. We believe our ability to identify and acquire target assets through the secondary market is bolstered by Angel Oak\u2019s experience in the mortgage industry and expertise in structured credit investments. In addition, we believe we have significant competitive advantages due to Angel Oak\u2019s analytical investment tools, extensive relationships in the financial community, financing and capital structuring skills, investment surveillance capabilities, and operational expertise. On October 1, 2025, immediately following the closing of the Strategic Transaction between Angel Oak Companies and Brookfield, the Company, our operating partnership, and our Manager, entered into a new Management Agreement to supersede and replace in its entirety the Prior Management Agreement previously in effect. The Management Agreement is substantially and economically similar to the Prior Management Agreement. The Management Agreement reflects two substantive changes from the Prior Management Agreement. The Prior Management Agreement required the Company to reimburse our Manager for a share of the wages, salaries and benefits incurred by our Manager with respect to the Company\u2019s Chief Executive Officer and President, based upon the percentage of such person\u2019s working time relating to the Company. Under the Management A Item 1. Business The Company Angel Oak Mortgage REIT, Inc. is a real estate finance company focused on acquiring and investing in first and second lien non-QM loans and other mortgage-related assets in the U.S. mortgage market. Our strategy is to make credit-sensitive investments primarily in newly-originated non-QM loans and other mortgage assets that are primarily made to higher-quality borrowers and sourced from the proprietary mortgage lending platform of our affiliate, Angel Oak Mortgage Lending, and other originators through our relationship with Angel Oak Capital. We may also invest in other residential mortgage loans, RMBS, and other mortgage\u2011related assets as defined in target assets below. Our objective is to generate attractive risk\u2011adjusted returns for our stockholders, through cash distributions and capital appreciation, across interest rate and credit cycles. We are a Maryland corporation and commenced operations in September 2018. On June 21, 2021, we completed an initial public offering (\u201cIPO\u201d) of our common stock on the New York Stock Exchange (\u201cNYSE\u201d). We are externally managed and advised by our Manager pursuant to the Management Agreement (as defined below). We have elected to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2019. Commencing with our taxable year ended December 31, 2019, we believe that we have been organized and operated, and we intend to continue to operate in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986 (the \u201cCode\u201d). Our qualification as a REIT, and maintenance of such qualification, depends on our ability to meet, on a continuing basis, various complex requirements under the Code relating to, among other things, the sources of our gross income, the composition and values of our assets, our distribution levels and the concentration of ownership of our stock. We also intend to operate our business Item 1A. Risk Factors An investment in our securities involves significant risks. Before making a decision to invest in our securities, you should carefully consider the following risks in addition to the other information contained in this Annual Report on Form 10-K. The risks discussed in this Annual Report on Form 10-K can materially adv", "title": "AOMR - Angel Oak Mortgage REIT, Inc.", "url": "/company/AOMR/" }, { "kind": "company", "summary": "SIC 3949 Sporting & Athletic Goods, NEC; CIK 0001808997; latest 10-K filed 2026-06-25.", "text": "AOUT - American Outdoor Brands, Inc. SIC 3949 Sporting & Athletic Goods, NEC; CIK 0001808997; latest 10-K filed 2026-06-25. AOUT American Outdoor Brands, Inc. 0001808997 3949 Sporting & Athletic Goods, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations You should read the following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in conjunction with our consolidated financial statements and the related notes thereto contained elsewhere in this report. This discussion contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those set forth under Item 1A, \u201cRisk Factors\u201d and elsewhere in this report. Set forth below is a comparison of the results of operations and changes in financial condition for the fiscal years ended April 30, 2026 and 2025. The comparison of, and changes between, the fiscal years ended April 30, 2025 and 2024 can be found within \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included in our Form 10-K for the fiscal year ended April 30, 2025 filed with the SEC on June 26, 2025. Background We operate as one reporting segment. We analyze revenue streams in various ways, including customer group, brands, categories, and customer channels. However, this information does not include a full set of discrete financial information. The following discussion and analysis includes references to net sales of our products in shooting sports and outdoor lifestyle categories. Our shooting sports category includes net sales of shooting accessories and our products used for personal protection. Our outdoor lifestyle category includes net sales of our products used in hunting, fishing, rugged outdoor activities, and outdoor cooking. U.S. Tariff Developments The current political and economic environment is dynamic and uncertain, as the current U.S. Administration has imposed tariffs such as Section 301 and Section 232 of the Trade Act, modified and paused tariffs, and granted exemptions from tariffs, on different countries and products multiple times recently. In 2025, the U.S. Administration imposed a series of tariffs on nearly all U.S. trading partners pursuant to the International Emergency Economic Powers Act of 1977 (\u201cIEEPA\u201d). On February 20, 2026, the United States Supreme Court issued a ruling striking down tariffs previously imposed under IEEPA. Immediately following the Supreme Court ruling, the U.S. government initiated new tariffs under Section 122 of the Trade Act (\"Section 122 tariffs\") which have been in effect since February 24, 2026. We continue to monitor and evaluate these developments and assess their potential impact on our business, financial condition, and results of operations. In March 2026, the U.S. Court of International Trade (\"CIT\") issued an order directing U.S. Customs and Border Protection (\"CBP\") to process refunds of certain IEEPA tariffs. In April 2026, the CBP released a new system to process IEEPA tariff refunds, allowing importers to submit refund claims. We believe it is probable that we will recover the IEEPA tariffs previously paid and have recognized an IEEPA tariff refund receivable under the loss recovery accounting model of $15.2 million as of April 30, 2026, which was recorded in other current assets. During the year ended April 30, 2026, we recognized a benefit of $4.4 million related to expected recoveries of previously paid IEEPA tariffs, which was recorded as a reduction of cost of goods sold, representing the expense for IEEPA tariffs on inventory sold to customers since the tariffs were enacted in February 2025. Additionally, we reduced the carrying value of inventory on hand as of April 30, 2026 by $10.7 million for tariffs previously capitalized as cost of inventory. The ultimate timing and amount of recoveries remain subject to review and processing by governmental authorities and could be affected by future legal, regulatory, or administrative developments. In additio Item 1. Business General We are a leading provider of outdoor lifestyle products and shooting sports accessories encompassing hunting, fishing, meat processing, outdoor cooking, shooting, and personal security and defense products for rugged outdoor enthusiasts. We conceive, design, produce or source, and sell our outdoor lifestyle products, including: \u2022premium sportsman knives and tools for fishing and hunting; \u2022land management tools for hunting preparedness and for use in the backyard; \u2022products used while hunting; \u2022meat processing equipment; and \u2022outdoor cooking products. We conceive, design, produce or source, and sell our shooting sports accessories, including: \u2022rests, vaults, and other related accessories; \u2022electro-optical devices, including hunting optics, firearm aiming devices, flashlights, and laser grips; \u2022and reloading, gunsmithing, and firearm cleaning supplies. We focus on our brands and the establishment of product categories in which we believe our brands will resonate strongly with the activities and passions of consumers and enable us to capture an increasing share of our overall addressable markets. Our owned brands include BOG, BUBBA, Caldwell, Crimson Trace, Frankford Arsenal, Grilla, Hooyman, Imperial, LaserLyte, Lockdown, MEAT! Your Maker, Old Timer, Schrade, Tipton, Uncle Henry, and Wheeler, and we license additional brands for use in association with certain products we sell, including M&P, Smith & Wesson, and Performance Center by Smith & Wesson. In focusing on the growth of our brands, we organize our product development, customer service, and marketing teams into four brand lanes, each of which focuses on one of four distinct consumer verticals \u2013 Adventurer, Harvester, Marksman, and Defender \u2013 with each of our brands included in one of the brand lanes. Our brand lane structure allows us to efficiently leverage talent, expertise, and resources across multiple brands while maintaining a strong focus on the unique needs of each Item 1A. Risk Factors Investors should carefully consider the following risk factors, together with all the other information included in the Form 10-K, in evaluating our company, our business, and our prospects. The most significant risks that could materially and adversely affect our business operations, financia", "title": "AOUT - American Outdoor Brands, Inc.", "url": "/company/AOUT/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001006655; latest 10-K filed 2025-09-17.", "text": "EPM - EVOLUTION PETROLEUM CORP SIC 1311 Crude Petroleum & Natural Gas; CIK 0001006655; latest 10-K filed 2025-09-17. EPM EVOLUTION PETROLEUM CORP 0001006655 1311 Crude Petroleum & Natural Gas Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Executive Overview Liquidity and Capital Resources Results of Operations Critical Accounting Policies and Estimates Executive Overview General Evolution Petroleum Corporation is an independent energy company focused on maximizing total returns to its shareholders through the ownership of and investment in onshore oil and natural gas properties in the United States. In support of that objective, our long-term goal is to maximize total shareholder return from a diversified portfolio of long-life oil and natural gas properties built through acquisitions and through selective development opportunities, production enhancements, and other exploitation efforts on our oil and natural gas properties. Our oil and natural gas properties consist primarily of non-operated interests in the following areas (as well as small overriding royalty interests in four onshore central Texas wells): [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Our non-operated interest in TexMex consists of oil and natural gas producing properties where we hold an approximate 42% net working interest and 35% average net revenue interest located on approximately 27,800 gross (11,200 net) acres (all held by production) primarily in Lea, Eddy and Chaves Counties, New Mexico and Stephens County, Texas. The oil and natural gas properties are operated by Texian Operating Company.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Our non-operated interests in the SCOOP and STACK plays, consist of oil and natural gas producing properties in the Anadarko basin, where we hold approximately 2.6% average net working interest and approximately 2.0% average net revenue interests located on approximately 103,700 gross (4,200 net) acres (approximately 97% held by production) across Blaine, Canadian, Carter, Custer, Dewey, Garvin, Grady, Kingfisher, McClain, Murray, and Stephens counties in Oklahoma. The oil and natural gas properties are operated by Continental Resources, Inc., Ovintiv USA Inc. and EOG Resources, Inc. with approximately 40% of wells operated by other operators.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Our non-operated interests in the Chaveroo Field consist of a 50% net working interest, with an average associated 41% revenue interest, in approximately 4,500 gross (2,300 net) acres all held by production, associated with six development blocks, with the right to acquire the same working interest in additional development locations and associated acreage at a fixed price. The field is operated by PEDEVCO Corp. (\\u201cPEDEVCO\\u201d).\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Our non-operated interests in the Jonah Field, a natural gas and NGL property in Sublette County, Wyoming, consist of approximately 20% average net working interest and approximately 15% average net revenue interest located on approximately 5,300 gross (950 net) acres all held by production. The properties are operated by Jonah Energy.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Our non-operated interests in the Williston Basin, an oil and natural gas producing property, consist of approximately 39% average net working interest and approximately 33% average net revenue interest located on approximately 138,200 gross (41,300 net) acres (approximately 97% held by production) across Billings, Golden Valley, and McKenzie Counties in North Dakota. The properties are operated by Foundation Energy Management.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Our non-operated interests in the Barnett Shale, a natural gas and NGL producing shale reservoir, consist of approximately 17% average net working interest and approximately 14% average net revenue interest (inclusive of small overriding royalty interests). The approximately 123,800 gross (21,000 net) acres are held by\"]] [[/GREPCENT_TABLE]] 31 Table of Contents [[GREPCENT_TABLE]] [[\"\",\"\",\"produc Item 1. Business Note: See Glossary of Selected Petroleum Industry Terms starting on page iv. General Evolution Petroleum Corporation (\u201cEvolution,\u201d and together with its consolidated subsidiaries, the \u201cCompany\u201d, \u201cour\u201d, \u201cwe, \u201cus\u201d or similar terms) is an independent energy company focused on maximizing total returns to its shareholders through the ownership of and investment in onshore oil and natural gas properties in the United States. Our long-term goal is to maximize total shareholder return from a diversified portfolio of long-life oil and natural gas properties built through acquisition and through selective development opportunities, production enhancement, and other exploitation efforts on our oil and natural gas properties. Recent Developments Dividend Declaration On September 11, 2025, Evolution\u2019s Board of Directors approved and declared a quarterly dividend of $0.12 per common share payable September 30, 2025. \u200b Purchase of SCOOP/STACK Minerals \u200b On August 4, 2025, we completed the acquisition of certain mineral and royalty interests in the SCOOP/STACK area of Oklahoma from a non-affiliated private seller (the \u201cMinerals Acquisition\u201d) in a cash transaction valued at approximately $17.0 million, subject to customary post-closing adjustments. The Minerals Acquisition has an effective date of May 1, 2025. We funded the purchase price for the Minerals Acquisition with a combination of $15.0 million in borrowings under our Senior Secured Credit Facility and cash on hand. The acquired assets include an average royalty interest of 0.6% located on approximately 5,500 net royalty acres located primarily in Grady and Canadian Counties, Oklahoma. Senior Secured Credit Facility \u200b On June 30, 2025, we entered into a syndicated amended and restated senior secured reserve-based credit agreement (the \u201cSenior Secured Credit Facility\u201d) with MidFirst Bank, as administrative agent for the lenders party thereto, in an amount up to $200.0 million with an initial bo Item 1A. Risk Factors Our business involves a high degree of risk. Our ownership interest in oil and natural gas properties consists of non-operated working, revenue, and/or royalty interests. We do not operate any of our oil and natural gas properties nor do we do have any employees or contractors in the field. Our risks associated wit", "title": "EPM - EVOLUTION PETROLEUM CORP", "url": "/company/EPM/" }, { "kind": "company", "summary": "SIC 6162 Mortgage Bankers & Loan Correspondents; CIK 0001828937; latest 10-K filed 2026-03-13.", "text": "FOA - Finance of America Companies Inc. SIC 6162 Mortgage Bankers & Loan Correspondents; CIK 0001828937; latest 10-K filed 2026-03-13. FOA Finance of America Companies Inc. 0001828937 6162 Mortgage Bankers & Loan Correspondents Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read together with our consolidated financial statements and related notes. This discussion and analysis contains forward-looking statements that involve risk, uncertainties, and assumptions. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of many factors. Also, see \u201cCautionary Note Regarding Forward-Looking Statements and Risk Factory Summary\u201d in Part I of this Form 10-K. Unless the context otherwise requires, all references in this section to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cFOA,\u201d or the \u201cCompany\u201d refer to Finance of America Companies Inc. and its consolidated subsidiaries. References to \u201cFOA Equity\u201d are to Finance of America Equity Capital LLC, a Delaware limited liability company, that the Company controls in an \u201cUP-C\u201d structure. Overview Finance of America Companies Inc. is a financial services holding company which, through its operating subsidiaries, is a leading provider of home equity-based financing solutions for a modern retirement. In addition, FOA offers capital markets and portfolio management capabilities primarily to optimize the distribution of its originated loans to investors. FOA was incorporated in Delaware on October 9, 2020 and became a publicly-traded company on the NYSE in April 2021, with trading beginning on April 5, 2021. On August 15, 2025, FOA\u2019s Class A Common Stock also began trading on NYSE Texas. FOA continues to maintain its primary listing on the NYSE and trades under the same \u201cFOA\u201d ticker symbol on both exchanges. FOA has a controlling financial interest in FOA Equity. FOA Equity owns all of the outstanding equity interests in FOAF. FOAF wholly owns FAH and Incenter. FAH is the parent of a lending company, FAR, while Incenter is the parent of operating service companies that provide capital markets and portfolio management capabilities. We are a leading provider of home equity-based financing solutions for a modern retirement, offering innovative financing tools to help homeowners aged 55 and over make the most of their housing wealth and achieve a more secure retirement. We are principally focused on offering reverse mortgage loan products and certain traditional home equity loan products throughout the U.S. We believe the U.S. home equity-based lending market opportunity is strong and that home equity-based financing solutions are a key component in addressing an existing underserved market of seniors in the U.S. Our strategy and long-term growth initiatives are built upon a few key fundamental factors: \u2022We are focused on growing our core retirement solutions business in order to capitalize on the U.S. home equity-based lending market opportunity. We believe we can continue to enhance, expand, and more effectively dispatch our innovative suite of home equity-based financing solutions to help senior homeowners achieve their retirement goals. \u2022We distribute our products through multiple channels and utilize flexible technology platforms in order to scale our business and manage costs efficiently. \u2022We connect borrowers with investors. Our consumer-facing business leaders interface directly with the investor-facing professionals in our Portfolio Management segment, facilitating the development of attractive lending solutions for our customers with the confidence that the loans we generate can be efficiently and profitably monetized through sale or securitization to a deep pool of investors, which minimizes capital at risk, with the Company often retaining a future performance-based participation interest in the underlying cash flows of our monetized loans. Through FAR, the Company originates, acquires, and services (in partnership with third-party subservicers) HECM loans, which are originated pursuant to the FHA HECM program and are insured by the FHA, Item 1. Business Finance of America Companies Inc. Finance of America Companies Inc. (\u201cFOA\u201d) is a financial services holding company which, through its operating subsidiaries, is a leading provider of home equity-based financing solutions for a modern retirement. In addition, FOA offers capital markets and portfolio management capabilities primarily to optimize the distribution of its originated loans to investors. FOA was incorporated in Delaware on October 9, 2020 and became a publicly-traded company on the New York Stock Exchange (the \u201cNYSE\u201d) in April 2021, with trading beginning on April 5, 2021. On August 15, 2025, FOA\u2019s Class A Common Stock also began trading on NYSE Texas, Inc. (\u201cNYSE Texas\u201d). FOA continues to maintain its primary listing on the NYSE and trades under the same \u201cFOA\u201d ticker symbol on both exchanges. FOA has a controlling financial interest in FOA Equity. FOA Equity owns all of the outstanding equity interests in Finance of America Funding LLC (\u201cFOAF\u201d). FOAF wholly owns Finance of America Holdings LLC (\u201cFAH\u201d) and Incenter LLC (\u201cIncenter\u201d and collectively, with FOA Equity, FOAF, and FAH, known as \u201cholding 5 company subsidiaries\u201d). FAH is the parent of a lending company, Finance of America Reverse LLC (\u201cFAR\u201d), while Incenter is the parent of operating service companies (together with FAR, the \u201coperating subsidiaries\u201d) that provide capital markets and portfolio management capabilities. We are a leading provider of home equity-based financing solutions for a modern retirement, offering innovative financing tools to help homeowners aged 55 and over make the most of their housing wealth and achieve a more secure retirement. We are principally focused on offering reverse mortgage loan products and certain traditional home equity loan products throughout the U.S. We believe the U.S. home equity-based lending market opportunity is strong and that home equity-based financing solutions are a key component in addressing an existing underserved market Item 1A. Risk Factors You should carefully consider the following risk factors together with all of the other information included in this report, including the financial statements and related notes, when deciding to invest in us. The risks and uncertainties described below could materia", "title": "FOA - Finance of America Companies Inc.", "url": "/company/FOA/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0000050471; latest 10-K filed 2025-09-29.", "text": "TRAK - ReposiTrak, Inc. SIC 7374 Services-Computer Processing & Data Preparation; CIK 0000050471; latest 10-K filed 2025-09-29. TRAK ReposiTrak, Inc. 0000050471 7374 Services-Computer Processing & Data Preparation ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis is intended to assist the reader in understanding our results of operations and financial condition. Management\u2019s Discussion and Analysis is provided as a supplement to, and should be read in conjunction with, our audited consolidated financial statements beginning on page F-1 of this Annual Report on Form 10-K (this \"Annual Report\"). This Annual Report includes certain statements that may be deemed to be \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d). All statements, other than statements of historical fact, included in this Annual Report that address activities, events or developments that we expect, project, believe, or anticipate will or may occur in the future, including matters having to do with expected and future revenue, our ability to fund our operations and repay debt, business strategies, expansion and growth of operations and other such matters, are forward-looking statements. These statements are based on certain assumptions and analyses made by our management in light of its experience and its perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate in the circumstances. These statements are subject to a number of assumptions, risks and uncertainties, including general economic and business conditions, the business opportunities (or lack thereof) that may be presented to and pursued by us, our performance on our current contracts and our success in obtaining new contracts, our ability to attract and retain qualified employees, and other factors, many of which are beyond our control. You are cautioned that these forward-looking statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in such statements. Overview ReposiTrak, Inc. is a SaaS which operates a B2B e-commerce, compliance & traceability, and supply chain management platform that partners with retailers, wholesalers, distributors and their product suppliers to (a) help them manage specific programs, such as out-of-stock management and scan-based trading; (b) reduce risk in their supply chain by managing compliance documents and data; ensure compliance with new regulatory requirements supporting traceability; and (c) improve product ordering and forecasting in order to accelerate sales, control risks, and improve supply chain efficiencies. The Company\u2019s fiscal year ends on June 30. References to fiscal 2025 refer to the fiscal year ended June 30, 2025, and references to fiscal 2024 refer to the fiscal year ended June 30, 2024. 14 Table of Contents Sources of Revenue The principal customers for the Company\u2019s products are multi-store retail chains, wholesalers and distributors, and their suppliers. The Company has a hub and spoke business model, whereby the Company is typically engaged by Hubs, which in turn require their Spokes to utilize the Company\u2019s services. The Company\u2019s software and services are designed to address the business problems faced by our customers. These solutions are delivered via a cloud-based infrastructure and grouped in three product application suites that mirror the workflow of the Company\u2019s customers as they manage the activities of their supply chain. The Company\u2019s services are grouped in three application suites: [[GREPCENT_TABLE]] [[\"\",\"1.\",\"ReposiTrak Compliance Management (\\u201cCompliance\\u201d) solutions, which helps the Company\\u2019s customers vet suppliers and reduce a company\\u2019s potential regulatory, legal, and criminal risk from its supply chain partners by providing a way for them to ensure these suppliers are compliant with food safety regulations, such as the Food Safety Modernization Act of 2011 (\\u201cFSMA\\u201d);\"],[\"\",\"2.\",\"Repo ITEM 1A. RISK FACTORS An investment in our Common Stock is subject to many risks. You should carefully consider the risks described below, together with all of the other information included in this Annual Report, including the financial statements and the related notes, before you decide whether to invest in our Common Stock. Our business, operating results and financial condition could be harmed by any of the following risks. The trading price of our Common Stock could decline due to any of these risks, and you could lose all or part of your investment. Risks Related to the Company Although we have experienced year-over-year growth and generated net income in recent periods, there can be no assurance that our revenue growth will continue or that we will operate profitably in the future. Our marketing strategy emphasizes sales of subscription-based services, instead of annual licenses, and using Spokes to connect to our Hubs. This strategy has resulted in the development of a foundation of retail and wholesale Hubs to which suppliers can be \u201cconnected\u201d, thereby accelerating future growth. If, however, this marketing strategy fails, revenue and operations will be negatively affected. We had net income of $6,978,127 for the year ended June 30, 2025, compared to a net income of $5,598,290 for the year ended June 30, 2024. Although we generated a year over year increase in net income in the year ended June 30, 2025, there can be no assurance that we will continue to increase net income and/or continue to achieve profitability in future periods. We cannot provide assurance that we will continue to generate revenue or have sustainable profits. If we do not continue to operate profitably in the future, our current cash resources will be used to fund our operating losses. Continued losses would have an adverse effect on the long-term value of our Common Stock and any investment in the Company. Our business is dependent upon the continued services of our founder and Ch", "title": "TRAK - ReposiTrak, Inc.", "url": "/company/TRAK/" }, { "kind": "company", "summary": "SIC 4932 Gas & Other Services Combined; CIK 0001826600; latest 10-K filed 2026-03-11.", "text": "MNTK - Montauk Renewables, Inc. SIC 4932 Gas & Other Services Combined; CIK 0001826600; latest 10-K filed 2026-03-11. MNTK Montauk Renewables, Inc. 0001826600 4932 Gas & Other Services Combined ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes to those statements included elsewhere in this Annual Report on Form 10-K. Amounts are in thousands unless indicated otherwise. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those discussed under \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cItem 1A.\u2013Risk Factors\u201d and elsewhere in this report. This section generally discusses our results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. For discussion and analysis of our results for the year ended December 31, 2024 compared to the year ended December 31, 2023, refer to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of our Annual Report on Form 10-K filed with the SEC on March 14, 2025. Overview Montauk is a renewable energy company specializing in the recovery and processing of biogas from landfills and other non-fossil fuel sources for beneficial use as a replacement to fossil fuels. We develop, own, and operate RNG projects, using proven technologies that supply RNG into the transportation industry and use RNG to produce Renewable Electricity. We are one of the largest U.S. producers of RNG, having participated in the industry for over 30 years. We established our currently operating portfolio of 11 RNG and two Renewable Electricity and development projects through self-development, partnerships, and acquisitions that span seven states. Biogas is produced by microbes as they break down organic matter in the absence of oxygen (during a process called anaerobic digestion). Our two current sources of commercial scale biogas are LFG and ADG, which is produced inside an airtight tank used to breakdown organic matter, such as livestock waste. We typically secure our biogas feedstock through long-term fuel supply agreements and property lease agreements with biogas site hosts. Once we secure long-term fuel supply rights, we design, build, own, and operate facilities that convert the biogas into RNG or use the processed biogas to produce Renewable Electricity. We sell the RNG and Renewable Electricity through a variety of short-, medium-, and long-term agreements. Because we are capturing waste methane and making use of a renewable source of energy, our RNG and Renewable Electricity generate valuable Environmental Attributes, which we are able to monetize under federal and state initiatives. -36- Table of Contents Recent Developments RINs Generated but Unsold Our profitability is highly dependent on the market price of Environmental Attributes, including the market price for RINs. As we self-market a significant portion of our RINs, a decision not to commit to transfer available RINs during a period will impact our revenue and operating profit. We expect the timing between RINs generated and unseparated and RINs available for sale to only impact 2025 which is the year BRRR became effective. We have entered into commitments to transfer all RINs generated and available for sale from 2025 RNG production. We had approximately 190 RINs generated and unseparated at December 31, 2025. We have entered into commitments to transfer approximately 2,500 RINs generated and available for sale from 2026 RNG production. The average D3 RIN index price for the fourth quarter of 2025 and January 2026 through February 28, 2026 was approximately $2.39 and $2.41, respectively. The following table summarizes select historical data related to RINs gen ITEM 1. BUSINESS. Unless the context requires otherwise, references to \u201cMontauk,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d refer to Montauk Renewables, Inc. and its consolidated subsidiaries. Additionally, amounts are in thousands unless indicated otherwise. Overview We are a renewable energy company specializing in the recovery and processing of biogas from landfills and other non-fossil fuel sources to beneficial use as a replacement to fossil fuels. We develop, own, and operate RNG projects, using proven technologies that supply renewable fuel into the transportation and electrical power sectors. We are one of the largest U.S. producers of RNG, having participated in the industry for over 30 years. We established our currently operating portfolio of eleven RNG and two Renewable Electricity projects and development projects through self-development, partnerships, and acquisitions that span seven states. In January 2021, we closed the initial public offering of our common stock on the Nasdaq Capital Market with the shares traded under the symbol \u201cMNTK.\u201d Our common stock is also secondarily listed on the Johannesburg Stock Exchange under the trading symbol \u201cMKR.\u201d Products Sold The revenues Montauk receives from selling renewable energy consist of two main components. The first component consists of revenues from the commodity value of the natural gas or electricity generated, which we sell through a variety of term-length agreements. The second component consists of revenues from the Environmental Attributes derived from the production of RNG and Renewable Electricity. Our current operating projects produce either RNG or Renewable Electricity by processing biogas from landfill sites or agricultural waste from livestock farms. Biogas is produced by microbes as they break down organic matter in the absence of oxygen (during a process called anaerobic digestion). Our two current sources of commercial scale biogas are LFG or ADG. We typically secure our biogas feedstoc ITEM 1A. RISK FACTORS. This Annual Report on Form 10-K contains forward-looking information based on our current expectations. Because our business is subject to many risks and our actual results may differ materially from any forward-looking statements made by or on behalf of us, this section includes a discussion of im", "title": "MNTK - Montauk Renewables, Inc.", "url": "/company/MNTK/" }, { "kind": "company", "summary": "SIC 6794 Patent Owners & Lessors; CIK 0001612630; latest 10-K filed 2026-03-13.", "text": "JYNT - JOINT Corp SIC 6794 Patent Owners & Lessors; CIK 0001612630; latest 10-K filed 2026-03-13. JYNT JOINT Corp 0001612630 6794 Patent Owners & Lessors ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our results of operations and financial condition for the years ended December 31, 2025 and 2024 should be read in conjunction with the consolidated financial statements and the notes thereto, and other financial information contained elsewhere in this Form 10-K. Overview We are a growing franchisor that uses a private pay, non-insurance, cash-based model. We seek to be the leading provider of chiropractic care in the markets we serve and to become the most recognized brand in our industry. We delivered over 14.4 million patient visits in 2025, down from 14.7 million patient visits in 2024, generating over $532.4 million and $530.3 million 28 Table of Contents of system-wide sales, respectively, across our highly franchised network. We will continue the franchise-focused expansion of chiropractic clinics in key markets throughout North America and potentially abroad. We saw 797,100 new patients in 2025, and according to our patient survey conducted in 2024, approximately 36% of new patients were visiting a chiropractor for the first time. We are not only increasing our percentage of market share, but are also expanding the chiropractic market. Key Performance Measures. We receive monthly performance reports from our system and our clinics, which include key performance indicators per clinic, including gross sales, Comp Sales, number of new patients, conversion percentage and member attrition. In addition, we review monthly reporting related to system-wide sales, clinic openings, clinic license sales and various earnings metrics in the aggregate and per clinic. We believe these indicators provide us with useful data with which to measure our performance and to measure our franchisees\u2019 and clinics\u2019 performance. Comp Sales include the sales from both company-owned or managed clinics and franchised clinics that in each case have been open at least 13 full months and exclude any clinics that have closed. System-wide sales are neither required by, nor presented in accordance with, GAAP. System-wide sales are the sum of company-owned or managed clinics and clinics operated by our franchisees. Our GAAP total revenue in our consolidated statements of income is limited to company-owned or managed clinic revenue and franchise revenue from our franchisees. Accordingly, system-wide sales should not be considered in isolation or as a substitute for our results reported under GAAP. Management believes the information is important in understanding the overall brand\u2019s financial performance, because these sales are the basis on which we calculate and record royalty fees and are indicative of the financial health of the franchisee base. For the year ended December 31, 2025: \u2022Comp Sales of clinics that have been open for at least 13 full months were flat. \u2022System-wide sales for all clinics open for any amount of time slightly increased to $532.4 million but remained flat on a percentage basis. \u2022We saw 797,100 new patients in 2025, compared with 957,000 new patients in 2024. Key Clinic Development Trends. As of December 31, 2025, we and our franchisees operated or managed 960 clinics, of which 885 were operated or managed by franchisees and 75 were operated as company-owned or managed clinics. Our franchisees opened 29 clinics during 2025. This compares to 57 clinics opened in 2024, all of which were franchised clinics. Of the 75 company-owned or managed clinics at December 31, 2025, 30 were constructed and developed by us, and 45 were acquired from franchisees. Our current strategy is to grow through the sale and development of additional franchises. After evaluating options for improvement, during 2023 the Board of Directors authorized management to initiate a plan to refranchise or sell the majority of our company-owned or managed clinics. During the third quarter of 2024, we, with the authorizat ITEM 1. BUSINESS \"Our mission is to improvequality of life through routine andaffordable chiropractic care.\" Overview We are a growing franchisor and operator of chiropractic clinics that uses a private pay, non-insurance, cash-based model. We seek to be the leading provider of chiropractic care in the markets we serve and to become the most recognized brand in our industry. We delivered over 14.4 million patient visits in 2025, down from 14.7 million patient visits in 2024, generating over $532.4 million and $530.3 million of system-wide sales, respectively, across our highly franchised network. We will continue the franchise-focused expansion of chiropractic clinics in key markets throughout North America and potentially abroad. We strive to accomplish our mission by making quality care readily available and affordable in a retail setting. We have created a growing network of modern, consumer-friendly chiropractic clinics operated or managed by franchisees and by us that employ licensed chiropractors. Our model enables us to price our services below most competitors\u2019 pricing for similar services and below most insurance co-payment levels (i.e., below the patient co-payment required for an insurance-covered service). Since acquiring the predecessor to our company in March 2010, we have grown our enterprise from eight to 960 clinics in operation as of December 31, 2025, with an additional 82 franchise licenses sold but not yet developed across our network, and 57 letters of intent for 57 future clinic licenses. As of December 31, 2025, our franchisees owned or managed 885 clinics, and we owned or managed 75 clinics. Our future growth strategy will focus on accelerating the development of our franchise base through the sale of additional franchises and through the continued support of our regional developer network. We collect a royalty of 7.0% of gross sales from franchised clinics. We remit a 3.0% royalty to our regional developers on the gross sales of fran ITEM 1A. RISK FACTORS RISKS RELATED TO OPERATING OUR BUSINESS The nationwide labor shortage has negatively impacted our ability to recruit chiropractors and other qualified personnel, and the measures we have taken in response have reduced our net revenues. The current nationwide labor shortage and, in particular the shortage of qualified chiropractors, has negativ", "title": "JYNT - JOINT Corp", "url": "/company/JYNT/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001782430; latest 10-K filed 2026-03-19.", "text": "STRW - Strawberry Fields REIT, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001782430; latest 10-K filed 2026-03-19. STRW Strawberry Fields REIT, Inc. 0001782430 6798 Real Estate Investment Trusts ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The discussion below contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those which are discussed in the section titled \u201cRisk Factors.\u201d Also see \u201cStatement Regarding Forward-Looking Statements\u201d preceding Part I. The following discussion and analysis should be read in conjunction with our accompanying consolidated financial statements and the notes thereto. Overview Strawberry Fields REIT, Inc. (the \u201cCompany\u201d) is engaged in the ownership, acquisition, financing and triple-net leasing of skilled nursing facilities and other post-acute healthcare properties. As of December 31, 2025, our portfolio consists of 143 healthcare facilities with an aggregate of 15,602 licensed beds. We hold fee title to 132 of these properties and hold one property under a long-term lease. These properties are located in Arkansas, Illinois, Indiana, Kansas, Kentucky, Missouri, Ohio, Oklahoma, Tennessee and Texas. We generate substantially all our revenues by leasing our properties to tenants under long-term leases primarily on a triple-net basis, under which the tenant pays the cost of real estate taxes, insurance and other operating costs of the facility and capital expenditures. Each healthcare facility located at our properties is managed by a qualified operator with an experienced management team. We employ a disciplined approach in our investment strategy by investing in healthcare real estate assets. We seek to invest in assets that will provide attractive opportunities for dividend growth and appreciation in asset value, while maintaining balance sheet strength and liquidity, thereby creating long-term stockholder value. We expect to grow our portfolio by diversifying our investments by tenant, facility type and geography. We are entitled to monthly rent paid by the tenants and we do not receive any income or bear any expenses from the operations of such facilities. As of the date of this report, the aggregate annualized average base rent under the leases for our properties was approximately $142.7 million. We elect to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ending December 31, 2022. We are organized in an UPREIT structure in which we own substantially all of our assets and conduct substantially all of our business through the Operating Partnership. We are the general partner of the Operating Partnership and as of the date of the report own approximately 24.0% of the outstanding OP units. 37 Significant Events in 2025 On January 1, 2025, the Company entered into a new master lease for 10 Kentucky properties formally part of the Landmark Master Lease. Base rent is $23.3 million a year and is subject to an increase based on CPI with a minimum increase of 2.50%. The initial lease term is 10 years with four 5-year extension options. Also, as part of the negotiation of the new Kentucky Master Lease, the Company entered into a 5 year note payable with the parent of the Landmark tenant for $50.9 million dollars, included in Note Payable in the accompanying consolidated balance sheets. On January 2, 2025, the Company acquired 6 facilities consisting of 354 beds in Kansas. The acquisition was $24.0 million and the Company funded the acquisition utilizing cash from the consolidated balance sheets. The Company formed a new master lease for an initial 10-year period that included two 5-year extension options on a triple-net basis. Additionally, the lease will increase the Company\u2019s annual rents by $2.4 million and is subject to 3% annual increases. On March 31, 2025, the Company acquired a skilled nursing facility with 100 licensed beds near Oklahoma City, Oklahoma. The acquisition was $5.0 million and was funded utilizing cash from the conso", "title": "STRW - Strawberry Fields REIT, Inc.", "url": "/company/STRW/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001332551; latest 10-K filed 2026-03-10.", "text": "ACR - ACRES Commercial Realty Corp. SIC 6798 Real Estate Investment Trusts; CIK 0001332551; latest 10-K filed 2026-03-10. ACR ACRES Commercial Realty Corp. 0001332551 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our consolidated financial statements and accompanying notes included in \u201cItem 8. Financial Statements and Supplementary Data\u201d of this annual report on Form 10-K. We have omitted discussion of the earliest of the three years covered by our consolidated financial statements presented in this report as that disclosure is included in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (\"SEC\") on March 17, 2025. You are encouraged to reference the discussion and analysis of our results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2024 in \"Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" within that report. Overview We are a Maryland corporation and an externally-managed real estate investment trust (\"REIT\") that is primarily focused on originating, holding and managing commercial real estate (\"CRE\") mortgage loans and equity investments in commercial real estate properties through direct ownership and joint ventures. Our manager is ACRES Capital, LLC (our \"Manager\"), a subsidiary of ACRES Capital Corp. (collectively, \"ACRES\"), a private commercial real estate lender exclusively dedicated to nationwide middle market CRE lending with a focus on multifamily, student housing, hospitality, office and industrial properties in top United States (\"U.S.\") markets. Our Manager draws upon the management team of ACRES and its collective investment experience to provide its services. Our longer-term objective is to provide our stockholders with total returns over time, including quarterly distributions and capital appreciation, while seeking to manage the risks associated with our investment strategies, as well as to maximize long-term stockholder value by maintaining stability through our available liquidity and diversified CRE loan portfolio. Currently, markets are grappling with trade tensions, geopolitical tensions, the risk of increased tariffs, inflation and labor volatility. These market pressures have caused continued disruption in many market segments, including the financial services, real estate and credit markets and these disruptions have affected the availability and the cost of capital. The increase in the cost of capital is expected to cause dislocations in various investment and financing markets in which we participate as we and other market participants adjust to the new financing environment. Since September 2024, the U.S. Federal Reserve lowered the Federal Funds rate by 1.75% in six rate cuts reaching its lowest levels since 2022. Lowering rates and decreasing costs may encourage consumer spending and accelerate corporate profit growth, which may positively impact the credit profile of the collateral underlying our loans and positively impact our borrowers' ability to sell or refinance in the current market; however, lower rates would also correlate to decreases in our net income. There is also no certainty with respect to the timing and pace of potential future decreases or if such decreases will continue to occur. The multifamily real estate market continues to be a competitive market, and as a result of investors' continued confidence in that asset class, the market for those assets continues to experience spread compression on newly originated deals. Furthermore, the office property market continues to experience high vacancies, slower leasing activity and current tenants reevaluating their needs for physical office space due to remote-work trends across the country. These factors, coupled with inflation, higher interest rates and dislocations in market liquidity, have converged to create higher levels of uncertainty surrounding property values, which in turn, also negatively impact borrowers' ability and ITEM 1. BUSINESS General We are a Maryland corporation, incorporated in 2005, and a real estate finance company that is organized and conducts our operations to qualify as a real estate investment trust (\u201cREIT\u201d) for federal income tax purposes under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. On February 16, 2021, we amended our certificate of incorporation to change our name to ACRES Commercial Realty Corp. from Exantas Capital Corp. Our investment strategy is primarily focused on originating, holding and managing commercial real estate (\u201cCRE\u201d) mortgage loans and equity investments in commercial real estate property through direct ownership and joint ventures. We are externally managed by ACRES Capital, LLC (our \u201cManager\u201d) a subsidiary of ACRES Capital Corp. (collectively \u201cACRES\u201d), a private commercial real estate lender exclusively dedicated to nationwide middle market CRE lending with a focus on multifamily, student housing, hospitality, industrial and office property in top United States, or U.S., markets. Our Manager draws upon the management team of ACRES and its collective investment experience to provide its services. Our objective is to provide our stockholders with total returns over time, including the payment of quarterly distributions when approved by our board of directors, (our \u201cBoard\u201d) and capital appreciation, while seeking to manage the risks associated with our investment strategies. We finance a substantial portion of our portfolio investments through borrowing strategies seeking to match the maturities and repricing dates of our financings with the maturities and repricing dates of our investments. Our investment strategy targets the following CRE credit investments, including: \u2022 Floating-rate first mortgage loans, which we refer to as whole loans; \u2022 First priority interests in first mortgage loans, which we refer to as A-notes; \u2022 Subordinated interests in first mortgage loans, which we refer to as B-notes; ITEM 1A. RISK FACTORS This section describes material risks affecting our business. In connection with the forward-looking statements that appear in this annual report, you should carefully review the factors discussed below and the cautionary statements referred to in \u201cForward-Looking Statements.\u201d Risk Facto", "title": "ACR - ACRES Commercial Realty Corp.", "url": "/company/ACR/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0001165002; latest 10-K filed 2026-03-04.", "text": "WHG - WESTWOOD HOLDINGS GROUP INC SIC 6282 Investment Advice; CIK 0001165002; latest 10-K filed 2026-03-04. WHG WESTWOOD HOLDINGS GROUP INC 0001165002 6282 Investment Advice Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis in conjunction with our Consolidated Financial Statements and related notes thereto appearing elsewhere in this Report. Forward-Looking Statements Statements in this Report and the Annual Report to Stockholders that are not purely historical facts, including, without limitation, statements about our expected future financial position, results of operations or cash flows, as well as other statements including, without limitation, words such as \u201canticipate,\u201d \u201cforecast\u201d, \u201cexplore,\u201d \u201cbelieve,\u201d \u201cplan,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cshould,\u201d \"potentially,\" \u201ccould,\u201d \u201cgoal,\u201d \u201cmay,\u201d \u201ctarget,\u201d \u201cdesigned\u201d and other similar expressions, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Actual results, our financial condition, and the timing of some events could differ materially from those projected in or contemplated by the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others: \u2022the composition and market value of our AUM and AUA; \u2022our ability to maintain our fee structure in light of competitive fee pressures; \u2022risks associated with actions of activist stockholders; \u2022distributions to our common stockholders have included and may in the future include a return of capital; \u2022inclusion of foreign company investments in our AUM; \u2022regulations adversely affecting the financial services industry; \u2022our ability to maintain effective cybersecurity; \u2022litigation risks; \u2022our ability to develop and market new investment strategies successfully; \u2022our reputation and our relationships with current and potential customers; \u2022our ability to attract and retain qualified personnel; \u2022our ability to perform operational tasks; \u2022our ability to select and oversee third-party vendors; \u2022our dependence on the operations and funds of our subsidiaries; \u2022our ability to maintain effective information systems; \u2022our ability to prevent misuse of assets and information in the possession of our employees and third-party vendors, which could damage our reputation and result in costly litigation and liability for our clients and us; \u2022our stock is thinly traded and may be subject to volatility; \u2022competition in the investment management industry; \u2022our ability to avoid termination of client agreements and the related investment redemptions; \u2022the significant concentration of our revenues in a small number of customers; \u2022we have made and may continue to make business combinations as a part of our business strategy, which may present certain risks and uncertainties; \u2022our relationships with investment consulting firms; \u2022our ability to identify and execute on our strategic initiatives; \u2022our ability to declare and pay dividends; \u2022our ability to fund future capital requirements on favorable terms; \u2022our ability to properly address conflicts of interest; \u2022our ability to maintain adequate insurance coverage; and 24 \u2022our ability to maintain an effective system of internal controls. Additional factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are discussed under the section entitled \u201cItem 1A. Risk Factors\u201d and elsewhere in this Report. The forward-looking statements are based only on currently available information and speak only as of the date of this Report. We are not obligated and do Item 1. Business. Unless the context otherwise requires, the term \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cWestwood,\u201d or \u201cWestwood Holdings Group\u201d when used in this Form 10-K (\u201cReport\u201d) and in the Annual Report to the Stockholders refers to Westwood Holdings Group, Inc., a Delaware corporation, and its consolidated subsidiaries taken as a whole. This Report contains some forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of some events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors including, without limitation, those set forth under \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and \u201cItem 1A. Risk Factors.\u201d General We manage investment assets and provide services for our clients through our subsidiaries, Westwood Management Corp., Westwood Advisors, L.L.C., Salient Advisors, L.P. (\"Salient Advisors\") and Broadmark Asset Management LLC (\"Broadmark\"), (each of which is a registered investment adviser (\"RIA\") registered with the Securities and Exchange Commission (\"SEC\"), and Salient Capital, L.P., (\"SCLP\") an SEC-registered broker-dealer and Financial Industry Regulatory Authority (\"FINRA\") member, collectively referred to hereinafter together as \"Westwood Management\") and Westwood Trust. Westwood Holdings Group, founded in 1983, through Westwood Management, provides investment advisory services to institutional investors, a family of mutual funds called the Westwood Funds\u00ae, other mutual funds, individual investors and clients of Westwood Trust. Westwood Trust, founded as a state-chartered trust company in 1974, provides trust, custodial and investment management services through the use of commingled funds and individual securities to institutions and high net worth individuals. Broadmark is a San Francisco-based RIA managing and/or sub-advising mutual funds, retail and institutional separately-mana Item 1A. Risk Factors. We believe these represent the material risks currently facing our business. Our business, financial condition or results of operations could be materially adversely affected by these risks. The trading price of our common stock could decline due to any of these risks, and you may lose all or part of your investment. You should carefully cons", "title": "WHG - WESTWOOD HOLDINGS GROUP INC", "url": "/company/WHG/" }, { "kind": "company", "summary": "SIC 7200 Services-Personal Services; CIK 0000065312; latest 10-K filed 2025-09-11.", "text": "EVI - EVI INDUSTRIES, INC. SIC 7200 Services-Personal Services; CIK 0000065312; latest 10-K filed 2025-09-11. EVI EVI INDUSTRIES, INC. 0000065312 7200 Services-Personal Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. General The following discussion should be read in conjunction with the Company\u2019s Consolidated Financial Statements and notes thereto contained in Item 8 of this Report. See also \u201cCautionary Note Regarding Forward Looking Statements\u201d preceding Part I, Item 1 of this Report. Overview The Company, through its wholly-owned subsidiaries, is a value-added distributor, and provides advisory and technical services. Through its vast sales organization, the Company provides its customers with planning, designing, and consulting services related to their commercial laundry operations. The Company sells and/or leases its customers commercial laundry equipment, specializing in washing, drying, finishing, material handling, water heating, power generation, and water reuse applications. In support of the suite of products it offers, the Company sells related parts and accessories. Additionally, through the Company\u2019s robust network of commercial laundry technicians, the Company provides its customers with installation, maintenance, and repair services. The Company\u2019s customers include government, institutional, industrial, commercial and retail customers. Product purchases made by customers range from parts and accessories, to single or multiple units of equipment, to large complex systems. The Company also provides its customers with the services described above. The Company\u2019s growth strategy includes the pursuit of organic growth initiatives and a \u201cbuy-and-build\u201d growth strategy. The Company\u2019s \u201cbuy-and-build\u201d growth strategy includes (i) the consideration and pursuit of acquisitions and other strategic transactions which management believes may complement the Company\u2019s existing business or otherwise offer growth opportunities for, or benefit, the Company and (ii) the implementation of a growth culture at acquired businesses based on the exchange of ideas and business concepts among the management teams of the Company and the acquired businesses as well as through certain additional initiatives, which may include investments in additional sales and service personnel, new product lines, enhanced service operations and capabilities, new and improved facilities, and advanced technologies. See \u201cBuy-and-Build Growth Strategy\u201d below for information regarding business acquisitions consummated during the fiscal year ended June 30, 2024 (\u201cfiscal 2024\u201d) and the fiscal year ended June 30, 2025 (\u201cfiscal 2025\u201d), as well as an acquisition consummated subsequent to fiscal 2025 year-end. The Company reports its results of operations through a single operating and reportable segment. 26 Total revenues for fiscal 2025 increased by 10% compared to fiscal 2024. The increase was attributable to revenues generated by businesses acquired by the Company during fiscal 2025 as well as price increases established throughout the Company\u2019s product lines and service offerings aimed at maintaining or increasing margins to cover incremental product and operating cost increases. Net income for fiscal 2025 increased by 33% from fiscal 2024. The increase in net income was primarily attributable to increases in revenue (as described above) and gross margin, partially offset by increases in selling, general, and administrative expenses. The Company\u2019s operating expenses consist primarily of (a) selling, general and administrative expenses, primarily salaries, and commissions and marketing expenses that are variable and correlate to changes in sales, (b) expenses related to the operation of warehouse facilities, including a fleet of installation and service vehicles, and facility rent, which are payable mostly under non-cancelable operating leases, and (c) operating expenses at the parent company, including compensation expenses, fees for professional services, expenses associated with being a public company and investments and other expenses in furtherance of the Company\u2019s \u201c Item 1. Business. General The Company was incorporated under the laws of the State of Delaware on June 13, 1963. The Company, through its wholly-owned subsidiaries, is a value-added distributor, and provides advisory and technical services. Through its vast sales organization, the Company provides its customers with planning, designing, and consulting services related to their commercial laundry operations. The Company sells and/or leases its customers commercial laundry equipment, specializing in washing, drying, finishing, material handling, water heating, power generation, and water reuse applications. In support of the suite of products it offers, the Company sells related parts and accessories. Additionally, through the Company\u2019s robust network of commercial laundry technicians, the Company provides its customers with installation, maintenance, and repair services. The Company\u2019s customers include government, institutional, industrial, commercial and retail customers. Product purchases made by customers range from parts and accessories, to single or multiple units of equipment, to large complex systems. The Company also provides its customers with the services described above. The Company\u2019s growth strategy includes the pursuit of organic growth initiatives and a \u201cbuy-and-build\u201d growth strategy. The Company\u2019s \u201cbuy-and-build\u201d growth strategy includes (i) the consideration and pursuit of acquisitions and other strategic transactions which management believes may complement the Company\u2019s existing business or otherwise offer growth opportunities for, or benefit, the Company and (ii) the implementation of a growth culture at acquired businesses based on the exchange of ideas and business concepts among the management teams of the Company and the acquired businesses as well as through certain additional initiatives, which may include investments in additional sales and service personnel, new product lines, enhanced service operations and capabilities, new and impr Item 1A. Risk Factors. The Company is subject to various risks and uncertainties, including those described below, which could adversely affect the Company\u2019s business, financial condition, results of operations and cash flows, and the value of the Company\u2019s common stock. The risks described below are not the only risks faced by the Co", "title": "EVI - EVI INDUSTRIES, INC.", "url": "/company/EVI/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001873951; latest 10-K filed 2026-02-26.", "text": "XZO - Exzeo Group, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001873951; latest 10-K filed 2026-02-26. XZO Exzeo Group, Inc. 0001873951 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and the related notes included elsewhere in this Annual Report on Form 10-K. This section is intended to provide management\u2019s perspective on our financial performance, material events, trends, and uncertainties that may affect our business, financial condition, results of operations, and cash flows. This discussion contains forward-looking statements that are based on current expectations and assumptions and involve risks and uncertainties. Actual results may differ materially from those expressed or implied in these forward-looking statements due to various factors, including those described in the section entitled \"Risk Factors\" included elsewhere in this Annual Report on Form 10-K. Our historical results of operations are not necessarily indicative of future results. A discussion regarding our financial condition and results of operations, based on the income statement for the fiscal year ended December 31, 2025 compared to fiscal years ended December 31, 2024 is presented below. A discussion regarding our financial condition and results of operations for the fiscal year ended December 31, 2024 compared to the fiscal year ended December 31, 2023 can be found in \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" included the final prospectus for our IPO dated as of November 4, 2025 and filed with the SEC pursuant to Rule 424(b)(4) on November 5, 2025. Unless otherwise indicated, all dollar amounts other than per-share amounts are presented in thousands. Company Overview Exzeo provides turnkey insurance technology and operations solutions to customers through a proprietary platform of purpose-built software and data analytics applications designed specifically for the P&C insurance ecosystem. Our IaaS platform, referred to as the Exzeo Platform, includes nine highly configurable software and analytics applications that are purpose-built to serve the insurance value chain. The Exzeo Platform provides technology-based solutions for operational and administrative activities and functions performed by insurance carriers and their agents, including quoting and underwriting, policy management, claims management, data reporting, and financial reporting. As a result, the Exzeo Platform streamlines and automates interactions between insurance carriers and policyholders. The Exzeo business was established in 2012 as the technology and innovation division of HCI, a leading underwriter of homeowners insurance in Florida that now writes policies in 12 additional states. Since inception, we have been led by experienced technology and insurance professionals with deep domain expertise focused on developing advanced data analytics algorithms and software tools that enable carriers to maximize system efficiency, optimize underwriting outcomes, and serve their customers more effectively. The Exzeo Platform is a proprietary suite of software, analytics, and visualization tools capable of supporting, enhancing or replacing legacy operational systems that are common across the insurance industry. We enter into MGA or policy administration services agreements with our insurance-industry customers under which we serve as an MGA of an insurance carrier or provide services to a carrier's MGA in exchange for fees largely based on a percentage of managed premiums. Under these agreements, we utilize the Exzeo Platform to provide policy issuance and renewal services, as well as management services such as soliciting and negotiating reinsurance for authorized programs, managing and maintaining policy administration, and providing claims management. Discontinued Operations Prior to July 2024, we operated in the P&C insurance business, primarily focused on Item 1. Business. Company Overview We provide turnkey insurance technology and operations solutions to P&C insurance carriers and their agents through a proprietary platform of purpose\u2011built software and data analytics applications. Our Exzeo Platform consists of a suite of configurable applications designed to support the core operational and administrative functions required by P&C carriers, including quoting and underwriting, policy administration, claims management, data reporting, and financial reporting. The Exzeo Platform enables us to deliver technology based solutions that streamline and automate the interaction between carriers, agents, and policyholders. Our applications are designed to improve workflow efficiency, support underwriting discipline, enhance operational visibility, and enable customers to scale their businesses without significant upfront technology investment. We generate revenue from underwriting and management services, claim services, and other technology services that are provided through and powered by the Exzeo Platform. We provide our solutions and technologies to customers under contracts with a variable fee structure that is typically based on a percentage of insurance premium managed or transaction activity through the Exzeo Platform. This fee structure is designed to allow customers to scale while optimizing for operational efficiencies and without significant up\u2011front technology expenditures. We currently hold insurance agency or MGA licenses in the states necessary to support our customer base as well as in certain additional states where we maintain licenses in anticipation of future customer needs. Through the Exzeo Platform, we provide services in the following states where our customers have active operations: Florida, Connecticut, Georgia, Massachusetts, Montana, North Carolina, New Jersey, New Mexico, Nevada, Rhode Island, South Carolina, South Dakota, and Utah. We intend to continue expanding our operations and obta Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the following risks and uncertainties, together with all of the other information contained in this Report on Form 10-K, before deciding to invest in our common stock. Our business, financial condition, results of operati", "title": "XZO - Exzeo Group, Inc.", "url": "/company/XZO/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001799011; latest 10-K filed 2026-03-25.", "text": "LUCD - Lucid Diagnostics Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001799011; latest 10-K filed 2026-03-25. LUCD Lucid Diagnostics Inc. 0001799011 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our consolidated financial condition and results of operations should be read together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K (the \u201cFinancial Statements\u201d). Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements involving risks and uncertainties and should be read together with the \u201cForward-Looking Statements\u201d and \u201cRisk Factors\u201d sections of this Annual Report on Form 10-K for a discussion of important factors which could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Unless the context otherwise requires, (i) \u201cwe\u201d, \u201cus\u201d, and \u201cour\u201d, and the \u201cCompany\u201d, \u201cLucid\u201d and \u201cLucid Diagnostics\u201d refer to Lucid Diagnostics Inc. and its subsidiaries LucidDx Labs Inc. (\u201cLucidDx Labs\u201d) and CapNostics, LLC (\u201cCapNostics\u201d), (ii) \u201cFDA\u201d refers to the Food and Drug Administration, (iii) \u201c510(k)\u201d refers to a premarket notification, submitted to the FDA by a manufacturer pursuant to \u00a7 510(k) of the Food, Drug and Cosmetic Act and 21 CFR \u00a7 807 subpart E, (iv) \u201cCLIA\u201d refers to the Clinical Laboratory Improvement Amendments of 1988 and associated regulations set forth in 42 CFR \u00a7 493, (v) \u201cCE Mark\u201d refers to a \u201cConformit\u00e9 Europ\u00e9enne\u201d Mark, a mark indicating that a product such as a medical device conforms to the essential requirements of the relevant European directive, and (vi) \u201cLDT\u201d refers to a diagnostic test, defined by the FDA as \u201can IVD that is intended for clinical use and designed, manufactured and used within a single laboratory,\u201d which is generally subject only to self-certification of analytical validity under the CMS CLIA program. 57 Table of Contents Overview Lucid Diagnostics is a commercial-stage cancer prevention medical diagnostics technology company. Lucid is focused on the millions of patients with gastroesophageal reflux disease (\u201cGERD\u201d), also known as chronic heartburn, who are at risk of developing esophageal precancer and cancer, specifically highly lethal esophageal adenocarcinoma (\u201cEAC\u201d). We believe that our flagship product, the EsoGuard Esophageal DNA Test, performed on samples collected with the EsoCheck Esophageal Cell Collection Device, constitutes the first and only commercially available diagnostic test capable of serving as a widespread testing tool with the goal of preventing EAC deaths, through early detection of esophageal precancer in at-risk GERD patients. EsoGuard is a bisulfite-converted targeted next-generation sequencing (\"NGS\") DNA assay performed on surface esophageal cells collected with the FDA 510(k)-cleared EsoCheck device. It quantifies methylation at 31 sites on two genes, Vimentin (\"VIM\") and Cyclin A1 (\"CCNA1\"). Analytical validation tests of EsoGuard demonstrated approximately 97% analytical sensitivity, 95% analytical specificity, 98% analytical accuracy, and 100% inter-assay and intra-assay precision. Performance characteristics of the EsoGuard test have been evaluated in two case-control studies and two prospective, single-arm cohort studies. Both cohort studies were designed as \u201cscreening\u201d studies, enrolling patients from the intended-use population. In these screening settings, EsoGuard demonstrated a positive predictive value (\"PPV\") of 30\u201333% and a negative predictive value (\"NPV\") of 99% for the detection of Barrett\u2019s esophagus (\u201cBE\u201d) and EAC. EsoCheck is an FDA 510(k) cleared and CE Mark certified noninvasive swallowable balloon capsule catheter device designed for in-office targeted sampling of surface esophageal cells in a less than two minute long offi Item 1. Business Unless the context otherwise requires, \u201cwe\u201d, \u201cus\u201d, and \u201cour\u201d, the \u201cCompany\u201d, \u201cLucid\u201d and \u201cLucid Diagnostics\u201d refer to Lucid Diagnostics Inc. and its subsidiaries LucidDx Labs Inc. (\u201cLucidDx Labs\u201d) and CapNostics, LLC (\u201cCapNostics\u201d). Background and Overview Lucid Diagnostics is a commercial-stage cancer prevention medical diagnostics technology company. Lucid is focused on the millions of patients with gastroesophageal reflux disease (\u201cGERD\u201d), also known as chronic heartburn, who are at risk of developing esophageal precancer and cancer, specifically highly lethal esophageal adenocarcinoma (\u201cEAC\u201d). We believe that our flagship product, the EsoGuard Esophageal DNA Test, performed on samples collected with the EsoCheck Esophageal Cell Collection Device, constitutes the first and only commercially available diagnostic test capable of serving as a widespread testing tool with the goal of preventing EAC deaths, through early detection of esophageal precancer in at-risk GERD patients. EsoGuard is a bisulfite-converted targeted next-generation sequencing (\"NGS\") DNA assay performed on surface esophageal cells collected with the FDA 510(k)-cleared EsoCheck device. It quantifies methylation at 31 sites on two genes, Vimentin (\"VIM\") and Cyclin A1 (\"CCNA1\"). Analytical validation tests of EsoGuard demonstrated approximately 97% analytical sensitivity, 95% analytical specificity, 98% analytical accuracy, and 100% inter-assay and intra-assay precision. Performance characteristics of the EsoGuard test have been evaluated in two case-control studies and two prospective, single-arm cohort studies. Both cohort studies were designed as \u201cscreening\u201d studies, enrolling patients from the intended-use population. In these screening settings, EsoGuard demonstrated a positive predictive value (\"PPV\") of 30\u201333% and a negative predictive value (\"NPV\") of 99% for the detection of Barrett\u2019s esophagus (\u201cBE\u201d) and EAC. EsoCheck is an FDA 510(k) cleared and CE Mark certifie Item 1A. Risk Factors The following risk factors and other information included in this Annual Report on Form 10-K should be carefully considered. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us or we presently d", "title": "LUCD - Lucid Diagnostics Inc.", "url": "/company/LUCD/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001453687; latest 10-K filed 2026-03-09.", "text": "RNAC - Cartesian Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001453687; latest 10-K filed 2026-03-09. RNAC Cartesian Therapeutics, Inc. 0001453687 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes thereto and other financial information included elsewhere in this Annual Report. In addition to historical information, some of the information contained in the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. You should review the \u201cRisk Factors\u201d section of this Annual Report on Form 10-K for a discussion of important factors that could cause our actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We are a late clinical-stage biotechnology company pioneering cell therapy for the treatment of autoimmune diseases. We leverage our proprietary technology and manufacturing platform to introduce mRNA into cells to provide a therapeutic effect to patients suffering from a variety of autoimmune conditions. Unlike DNA, mRNA degrades naturally over time without integrating into the cell\u2019s genetic material. Our cell therapies are designed to be dosed repeatedly like conventional drugs, administered in an outpatient setting, and given without pre-treatment chemotherapy, which is required with many conventional cell therapies. 59 Table of Contents Merger On November 13, 2023, the Company (formerly known as Selecta) merged with the private Delaware corporation which, immediately prior to the Merger, was known as Cartesian Therapeutics, Inc., in accordance with the terms of the Merger Agreement, by and among Selecta, First Merger Sub, Second Merger Sub, and Old Cartesian. Pursuant to the Merger Agreement, First Merger Sub merged with and into Old Cartesian, pursuant to which Old Cartesian was the surviving corporation and became a wholly owned subsidiary of Selecta. Immediately following the First Merger, Old Cartesian merged with and into Second Merger Sub, pursuant to which Second Merger Sub was the surviving entity. In connection with the Second Merger, Old Cartesian changed its name to Cartesian Bio, LLC. In connection with the Merger and pursuant to the Merger Agreement, the Company changed its corporate name to Cartesian Therapeutics, Inc. See Note 4, \u201cMerger\u201d to the consolidated financial statements included in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024 for more information regarding the Merger. Financial Operations To date, we have financed our operations primarily through public offerings and private placements of our securities, funding received from research grants, collaboration and license arrangements and a credit facility. We do not have any products approved for sale and have not generated any product sales. We incurred a net loss of $130.3 million and $77.4 million for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, we had an accumulated deficit of $822.4 million. We expect to continue to incur significant expenses and operating losses for the foreseeable future as we: \u2022continue to advance Descartes-08 for MG through Phase 3 development; \u2022advance Descartes-08 for myositis into Phase 2 development; \u2022continue to develop our preclinical and clinical-stage product candidates; \u2022seek regulatory approvals for any product candidates that successfully complete clinical trials; \u2022maintain, expand and protect our intellectual property portfolio, including through licensing arrangements; \u2022hire additional staff, including clinical, scientific and management personnel; and \u2022incur additional costs associated with continuing to operate as a public company. Until we can generate substantial product revenues, we expect to finance our cash needs through a combination of equity offerings, debt finan Item 1. Business Our Corporate History and Background The Company (formerly known as Selecta Biosciences, Inc., or Selecta) was incorporated in Delaware on December 10, 2007, and is headquartered in Frederick, Maryland. On November 13, 2023, the Company and the Delaware corporation which, immediately prior to the Merger (as defined below), was known as Cartesian Therapeutics, Inc., or Old Cartesian, entered into an Agreement and Plan of Merger, or the Merger Agreement, by and among the Company, Sakura Merger Sub I, Inc., a Delaware corporation and a wholly owned subsidiary of the Company, or First Merger Sub, Sakura Merger Sub II, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company, or Second Merger Sub, and Old Cartesian. Pursuant to the Merger Agreement, and simultaneously with execution thereof, (i) First Merger Sub merged with and into Old Cartesian, pursuant to which Old Cartesian was the surviving corporation, or the First Step Surviving Corporation, and became a wholly owned subsidiary of the Company, or the First Merger, and (ii) immediately following the First Merger, Old Cartesian (as the First Step Surviving Corporation) merged with and into Second Merger Sub, pursuant to which Second Merger Sub was the surviving company, or the Surviving Company, and continued under the name \u201cCartesian Bio, LLC\u201d, or the Second Merger and, together with the First Merger, the Merger. In connection with the Merger and pursuant to the Merger Agreement, the Company (which was known as Selecta Biosciences, Inc. until immediately prior to the Merger) changed its corporate name to Cartesian Therapeutics, Inc. Overview We are a late clinical-stage biotechnology company pioneering cell therapy for the treatment of autoimmune diseases. We leverage our proprietary technology and manufacturing platform to introduce mRNA into cells to provide a therapeutic effect to patients suffering from a variety of autoimmune conditions. Unlike DNA, mRNA degrad Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should consider carefully the risks described below, together with the other information included or incorporated by reference in this Annual Report. If any of the following risks occur, our business, financial condition, results of o", "title": "RNAC - Cartesian Therapeutics, Inc.", "url": "/company/RNAC/" }, { "kind": "company", "summary": "SIC 4213 Trucking (No Local); CIK 0001308208; latest 10-K filed 2026-03-16.", "text": "ULH - UNIVERSAL LOGISTICS HOLDINGS, INC. SIC 4213 Trucking (No Local); CIK 0001308208; latest 10-K filed 2026-03-16. ULH UNIVERSAL LOGISTICS HOLDINGS, INC. 0001308208 4213 Trucking (No Local) ITEM 7: MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read together with our Consolidated Financial Statements and related Notes included in Item 8 of this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed under Item 1A, \u201cRisk Factors.\u201d As previously disclosed in the Company\u2019s Current Report on Form 8-K filed on March 9, 2026 and reflected in Amendment No. 1 to the Company\u2019s Quarterly Report on Form 10-Q for the quarter ended September 27, 2025, the Company restated its condensed consolidated financial statements for that quarter to correct an error in the goodwill impairment analysis for the intermodal reporting unit. Unless otherwise indicated, the discussion below reflects the corrected financial information. Overview Universal Logistics Holdings, Inc. is a holding company whose subsidiaries provide customized transportation and logistics solutions throughout the United States and in Mexico and Canada. Our operating subsidiaries provide a comprehensive suite of transportation and logistics solutions that allow our customers to reduce costs and manage their global supply chains more efficiently. We market our services through (i) a direct sales and marketing organization focused on large customers in specific industry sectors, (ii) company-managed facilities, and (iii) a contract network of agents who solicit freight business directly from shippers. We operate, manage or provide services at 126 logistics locations in the United States, Mexico and Canada and through our network of agents and owner-operators located throughout the United States and in Ontario, Canada. Fifty of our value-added service operations are located inside customer plants or distribution operations; the remaining facilities are generally located near customer facilities to optimize the efficiency of component supply chains and production processes. Our facilities and services are often directly integrated into customers\u2019 production processes and represent a critical part of their supply chains. To support our flexible operating model, we generally coordinate the duration of real estate leases associated with value-added programs with the term of the related customer contract, or use month-to-month leases, in order to mitigate exposure to unrecovered lease costs. We offer a broad range of transportation services using a diverse fleet of tractors and trailing equipment provided by us, our owner-operators and third-party transportation companies. As of December 31, 2025, our owner-operators provided approximately 1,128 tractors and 471 trailers. We owned or leased approximately 3,199 tractors, 4,793 trailers, 3,570 chassis and 94 containers. Our agents and owner-operators are independent contractors who generally earn a commission calculated as a percentage of revenue or gross profit generated, and bring an entrepreneurial approach to growing and servicing customer relationships. Our transportation services are provided through a mix of union and non-union employee drivers, owner-operators, contract drivers, and third-party capacity providers. As of December 31, 2025, we employed approximately 10,525 people in the United States, Mexico and Canada, including approximately 3,880 employees subject to collective bargaining agreements. During 2025, we also engaged contract staffing vendors to supply an average of 46 additional personnel on a full-time-equivalent basis. Our use of agents and owner-operators supports a flexible cost structure and scalable operating model while reducing investment requirements. We believe these benefits are passed on to customers through cost savings and operating efficiency, while also supporting cash generation a ITEM 1: BUSINESS Company Overview Universal Logistics Holdings, Inc. is a holding company whose subsidiaries provide customized transportation and logistics solutions across North America and select international markets. Through our operating subsidiaries, we deliver an integrated portfolio of transportation and logistics services designed to support customers throughout their supply chains, including value-added, dedicated, intermodal and trucking services. Our operations primarily serve customers in the automotive, industrial, retail, consumer goods, energy, and metals sectors. We conduct operations throughout the United States and in Mexico and Canada, providing both domestic and cross-border logistics solutions. On May 1, 2025, we completed a reincorporation from Michigan to Nevada pursuant to a statutory conversion approved by our stockholders. The reincorporation did not result in any change to our business, management, board of directors, executive officers, assets, liabilities, or operations. The rights of our stockholders are now governed by Nevada law and our Nevada articles of incorporation and bylaws, which differ in certain respects from Michigan law. See Item 1A\u2014Risk Factors We have been a publicly held company since February 11, 2005, the date of our initial public offering. Our principal executive offices are located at 12755 E. Nine Mile Road, Warren, Michigan 48089. Operating Model and Service Delivery Our comprehensive suite of transportation and logistics solutions is designed to help customers reduce costs, improve reliability, and manage increasingly complex supply chains. We market and deliver our services through multiple channels: \u2022 A direct sales and marketing organization focused on large, complex customers in targeted industry verticals; \u2022 A network of company-managed facilities and terminals; and \u2022 A nationwide network of independent agents who solicit freight directly from shippers. As of December 31, 2025, we operated appro ITEM 1A: RISK FACTORS The following risks and uncertainties could materially and adversely affect our business, financial condition, results of operations, cash flows, or the market price of our common stock. The risks described below are not the only risks we face. Additional risks not presently known to us or that we curr", "title": "ULH - UNIVERSAL LOGISTICS HOLDINGS, INC.", "url": "/company/ULH/" }, { "kind": "company", "summary": "SIC 2800 Chemicals & Allied Products; CIK 0000095953; latest 10-K filed 2026-03-03.", "text": "ACNT - ASCENT INDUSTRIES CO. SIC 2800 Chemicals & Allied Products; CIK 0000095953; latest 10-K filed 2026-03-03. ACNT ASCENT INDUSTRIES CO. 0000095953 2800 Chemicals & Allied Products Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations This discussion and analysis summarizes the significant factors affecting our consolidated operating results, financial condition, liquidity, and capital resources during the fiscal years ended December 31, 2025 and 2024. Unless otherwise noted, all references herein for the years 2025 and 2024 represent the fiscal years ended December 31, 2025 and 2024, respectively. We intend for this discussion to provide the reader with information that will assist in understanding our financial statements, the changes in certain key items in those financial statements from year to year, and the primary factors that accounted for those changes, as well as how certain accounting principles affect our financial statements. This discussion should be read in conjunction with our consolidated financial statements and notes to the consolidated financial statements included in this Annual Report that have been prepared in accordance with accounting principles generally accepted in the United States of America. This discussion and analysis is presented in five sections: \u2022Executive Overview \u2022Results of Operations and Non-GAAP Financial Measures \u2022Liquidity and Capital Resources \u2022Material Cash Requirements from Contractual and Other Obligations \u2022Critical Accounting Policies and Estimates Executive Overview Ascent Industries Co. is a specialty chemicals platform focused on the development, production, and distribution of tailored, performance-driven chemical solutions with three production facilities located in Cleveland, Tennessee, Fountain Inn, South Carolina and Danville, Virginia. These facilities produce critical ingredients and process aids for the oil & gas, household, industrial and institutional (\"HII\"), personal care, coatings, adhesives, sealants and elastomers (\"CASE\"), pulp and paper, textile, automotive, agricultural, water treatment, construction and other industries. The Company produces specialty formulations and intermediates for use in a wide variety of applications and industries with primary product lines focusing on the production of surfactants, defoamers, lubricating agents, flame retardants and chemical intermediates while offering products that are petroleum derived, as well as bio-based alternatives. End users include companies that use our products as raw materials or process aids in the manufacturing of products such as cleaners, coatings, water treatment chemicals, metal working fluids, textiles, oilfield production chemicals, agrochemical formulations and other applications The Company was incorporated in 1958 as the successor to a chemical manufacturing business founded in 1945 known as Blackman Uhler Industries, Inc. The Company's common stock is listed on the NASDAQ Global Market - ticker symbol \"ACNT\". Divestiture of Bristol Metals On March 12, 2025, the Company and its wholly-owned subsidiaries Synalloy Metals, Inc. (\"Synalloy Metals\") and Bristol Metals, LLC. (\"BRISMET\"), entered into an Asset Purchase Agreement (the \u201cPurchase Agreement\u201d) pursuant to which they sold substantially all of the assets related to BRISMET to Bristol Pipe and Tube, Inc., a Delaware corporation and wholly-owned subsidiary of Ta Chen International, Inc. (the \u201cPurchaser\u201d). Ascent and Purchaser also entered into a Transition Services Agreement (the \u201cTSA\u201d) dated March 12, 2025, pursuant to which Ascent has agreed to provide certain transition services to Purchaser immediately after the closing for certain agreed upon transition periods. On April 4, 2025, the Company and Purchaser completed the transaction contemplated by the Purchase Agreement. The consideration for the transaction was approximately $45 million of cash proceeds, of which $4.5 million was placed in an escrow account to be received in 18 months from the closing date. Divestiture of American Stainless Tubing On June 23, 2025, the Company and its wholly-owned subsidiary Ameri Item 1. Business General Information Ascent Industries Co. (\u201cAscent\u201d or the \u201cCompany\u201d) is a specialty chemicals platform delivering differentiated, performance-driven chemical solutions to a diverse set of end markets. The Company develops, manufactures, and supplies tailored formulations and intermediates that enhance product performance and optimize industrial processes. Ascent operates three production facilities located in Cleveland, Tennessee; Fountain Inn, South Carolina; and Danville, Virginia. These facilities support customers across energy, household, industrial and institutional (\u201cHII\u201d), personal care, coatings, adhesives, sealants and elastomers (\u201cCASE\u201d), agriculture, water treatment, pulp and paper, construction, automotive, and other industrial markets. The Company\u2019s core product portfolio includes surfactants, defoamers, lubricating agents, flame retardants, and specialty intermediates, offered in both petroleum-based and bio-based formulations. Ascent\u2019s products are used as critical ingredients and process aids in applications such as cleaning formulations, coatings systems, oilfield production chemicals, agrochemical formulations, metalworking fluids, water treatment solutions, and industrial textiles. Beyond its product portfolio, Ascent provides comprehensive custom manufacturing services spanning product development, process optimization, scale-up, and commercial production. The Company operates both customer-dedicated assets and flexible multi-purpose manufacturing systems capable of blending, complex reaction chemistry, and multi-step processing. This flexible operating model enables customers to accelerate commercialization while avoiding the capital investment and operational complexity of building and maintaining their own manufacturing infrastructure. The Company has one reportable segment: Specialty Chemicals. The Company was incorporated in 1958 as the successor to a chemical manufacturing business founded in 1945 known as Blackman Item 1A. Risk Factors There are inherent risks and uncertainties associated with our business that could adversely affect our operating performance and financial condition. Set forth below are descriptions of those risks and uncertainties that we believe to be material, but the risks and uncertainties described are not the only risk", "title": "ACNT - ASCENT INDUSTRIES CO.", "url": "/company/ACNT/" }, { "kind": "company", "summary": "SIC 3430 Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures; CIK 0001317945; latest 10-K filed 2026-03-12.", "text": "OFLX - Omega Flex, Inc. SIC 3430 Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures; CIK 0001317945; latest 10-K filed 2026-03-12. OFLX Omega Flex, Inc. 0001317945 3430 Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures Item 7 - MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes included in this annual report. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under the section titled \u201cRisk Factors\u201d or in other parts of this annual report. See \u201cCautionary Note Regarding Forward-Looking Statements\u201d in this annual report. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Overview The Company is a leading manufacturer of flexible metal hose and is currently engaged in a number of different markets, including construction, manufacturing, transportation, petrochemical, pharmaceutical and other industries. The Company\u2019s business is managed as a single operating segment that consists of the manufacture and sale of flexible metal hose, fittings, and accessories. The Company\u2019s products are concentrated in residential and commercial construction within buildings, and general industrial markets, with a comprehensive portfolio of intellectual property and patents issued in various countries around the world. The residential and commercial construction market also utilizes corrugated stainless steel tubing (\u201cCSST\u201d) primarily for flexible gas piping. Through its flexibility and ease of use, the Company\u2019s TracPipe\u00ae CSST and TracPipe\u00ae CounterStrike\u00ae CSST, along with its fittings distributed under the trademark AutoFlare\u00ae, allows users to substantially cut the time required to install gas piping, as compared to traditional methods. The Company\u2019s newest product line MediTrac\u00ae corrugated medical tubing (\u201cCMT\u201d) is used for piping medical gases (oxygen, nitrogen, nitrous oxide, carbon dioxide, and medical vacuum) in health care facilities. Building on the recognized strengths and strategies employed in the flexible gas piping market, MediTrac\u00ae CMT can be used in place of rigid copper pipe, and due to its long continuous lengths and flexibility, it can be installed approximately five times faster than rigid copper pipe, saving on installation labor and construction schedules. The Company\u2019s products are manufactured at its Exton, Pennsylvania and Houston, Texas facilities in the U.S., and in Banbury, Oxfordshire in the U.K. A majority of the Company\u2019s sales across all industries are generated through independent outside sales organizations such as sales representatives, wholesalers and distributors, or a combination of both. The Company has a broad distribution network in North America and to a lesser extent in other global markets. Changes in Financial Condition The Company\u2019s cash and cash equivalents balance of $53,226,000 as of December 31, 2025 increased $1,527,000 or 3.0% from a $51,699,000 balance at December 31, 2024. The primary reason for the increase is due to income generated from operations during 2025. This was partially offset by dividend payments during 2025 totaling $13,729,000, as detailed in Note 12, Shareholders\u2019 Equity, to the Consolidated Financial Statements included in this report. See the Company\u2019s Consolidated Statements of Cash Flows for further details regarding the change in cash and cash equivalents. Retained earnings were $73,979,000 and $72,880,000 as of December 31, 2025 and December 31, 2024, respectively, increasing $1,099,000 or 1.5%. The increase was primarily due to an increase from net income during the year, as provided on the Company\u2019s Consolidated Statements of Income, partially offset by dividends declared during 2025, as discussed in detail in Note 12, Shareholders\u2019 Equity, to the Consolidated Financial Statements", "title": "OFLX - Omega Flex, Inc.", "url": "/company/OFLX/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0000056868; latest 10-K filed 2026-04-16.", "text": "PNRG - PRIMEENERGY RESOURCES CORP SIC 1311 Crude Petroleum & Natural Gas; CIK 0000056868; latest 10-K filed 2026-04-16. PNRG PRIMEENERGY RESOURCES CORP 0000056868 1311 Crude Petroleum & Natural Gas Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion is intended to assist you in understanding our results of operations and our present financial condition. Our Consolidated Financial Statements and the accompanying Notes to the Consolidated Financial Statements included elsewhere in this Report contains additional information that should be referred to when reviewing this material. Our subsidiaries are listed in Note 1 to the Consolidated Financial Statements. Overview: We are an independent oil and natural gas company engaged in acquiring, developing, and producing oil and natural gas. We presently own producing and non-producing properties located primarily in Texas, and Oklahoma. In addition, we own a substantial amount of well servicing equipment. All of our oil and gas properties and interests are located in the United States. Assets in our principal focus areas include mature properties with long-lived reserves and significant development opportunities as well as newer properties with development and exploration potential. We believe our balanced portfolio of assets and our ongoing hedging program position us well for both the current commodity price environment and future potential upside as we develop our attractive resource opportunities. Our primary sources of liquidity are cash generated from our operations and our credit facility. We attempt to assume the position of operator in all acquisitions of producing properties and will continue to evaluate prospects for leasehold acquisitions and for exploration and development operations in areas in which we own interests. We continue to actively pursue the acquisition of producing properties. To diversify and broaden our asset base, we will consider acquiring the assets or stock in other entities and companies in the oil and gas business. Our main objective in making any such acquisitions will be to acquire income producing assets to build stockholder value through consistent growth in our oil and gas reserve base on a cost-efficient basis. Our cash flows depend on many factors, including the price of oil and gas, the success of our acquisition and drilling activities and the operational performance of our producing properties. We use derivative instruments to manage our commodity price risk. This practice may prevent us from receiving the full advantage of any increases in oil and gas prices above the maximum fixed amount specified in the derivative agreements and subjects us to the credit risk of the counterparties to such agreements. Since all our derivative contracts are accounted for under mark-to-market accounting, we expect continued volatility in gains and losses on mark-to-market derivative contracts in our consolidated statement of operations as changes occur in the NYMEX price indices. Market Conditions and Commodity Prices: Our financial results depend on many factors, particularly the price of natural gas and crude oil and our ability to market our production on economically attractive terms. Commodity prices are affected by many factors outside of our control, including changes in market supply and demand, which are impacted by weather conditions, pipeline capacity constraints, inventory storage levels, basis differentials and other factors. In addition, our realized prices are further impacted by our derivative and hedging activities. We derive our revenue and cash flow principally from the sale of oil, natural gas and NGLs. As a result, our revenues are determined, to a large degree, by prevailing prices for crude oil, natural gas and NGLs. We sell our oil and natural gas on the open market at prevailing market prices or through forward delivery contracts. Because some of our operations are located outside major markets, we are directly impacted by regional prices regardless of Henry Hub, WTI or other major market pricing. The market price for oil, natural gas and NGLs is dictated Item 1. BUSINESS. General PrimeEnergy Resources Corporation (the \u201cCompany\u201d) was organized in March 1973, under the laws of the State of Delaware. We are an independent oil and natural gas company engaged in acquiring, developing, and producing oil and natural gas. We presently own producing and non-producing properties located primarily in Texas, and Oklahoma. All of our oil and gas properties and interests are located in the United States. Through our subsidiaries Prime Operating Company and EOWS Midland Company, we act as operator and provide well-servicing support operations for many of the onshore oil and gas wells we operate, as well as for third parties. We are also active in the acquisition of producing oil and gas properties through joint ventures with industry partners. In addition, we own a 12.5% overriding royalty interest in over 30,000 acres in the state of West Virginia. We are currently not receiving revenue from this asset, as development has not begun. In addition, through a wholly owned offshore company, we own a currently idle 60-mile-long pipeline offshore on the shallow shelf of Texas. Additional Information PrimeEnergy files or furnishes annual, quarterly, and current reports, proxy statements, and other documents with the SEC under the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). The SEC maintains a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers, including PrimeEnergy, that file electronically with the SEC. The Company makes available, free of charge, through its website (www.primeenergy.com) its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and, if applicable, amendments to those reports filed or furnished pursuant to Section 13(a) of the Exchange Act as soon as reasonably practicable after it electronically files such material with, or furnishes it to, the SEC. In addition to the reports filed or furnished with the Item 1A. RISK FACTORS General Risk Factors The prices of oil, NGL and gas are highly volatile. A sustained decline in these commodity prices could materially and adversely affect the Company\u2019s business, financial condition and results of operations. Our revenues, operating results, financial condition and abili", "title": "PNRG - PRIMEENERGY RESOURCES CORP", "url": "/company/PNRG/" }, { "kind": "company", "summary": "SIC 3272 Concrete Products, Except Block & Brick; CIK 0000924719; latest 10-K filed 2026-04-14.", "text": "SMID - SMITH MIDLAND CORP SIC 3272 Concrete Products, Except Block & Brick; CIK 0000924719; latest 10-K filed 2026-04-14. SMID SMITH MIDLAND CORP 0000924719 3272 Concrete Products, Except Block & Brick Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the Consolidated Financial Statements of the Company (including the Notes thereto) included elsewhere in this report. Dollar and share amounts are in thousands, except for per share amounts. The Company generates revenues primarily from the sale, leasing, licensing, shipping and installation of precast concrete products and systems for the construction, utility and farming industries. The Company\u2019s operating strategy has involved producing and marketing innovative and proprietary products, including SlenderWall\u2122, a proprietary, lightweight, energy efficient concrete and steel exterior wall panel for use in building construction; J-J Hooks\u00ae Barrier, a proprietary, positive-connected highway safety barrier; Sierra Wall\u2122, a sound barrier primarily for roadside use; transportable concrete buildings; and SoftSound\u2122, a highway sound attenuation system. In addition, the Company produces utility vaults; farm products such as cattleguards; and custom order precast concrete products with various architectural surfaces. As a part of the construction industry, the Company\u2019s sales and net income may vary greatly from quarter to quarter over a given year. Because of the cyclical nature of the construction industry, many factors outside of the Company\u2019s control, such as weather and project delays, affect the Company\u2019s production schedule, possibly causing a momentary slowdown in sales and net income. As a result of these factors, the Company is not always able to earn a profit for each period, therefore, please read Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations and the accompanying financial statements with these factors in mind. 13 Overview Overall, the Company\u2019s financial bottom line performance was significantly greater in 2025 when compared to 2024. The Company had net income for 2025 of $12,506 compared to net income of $7,675 for 2024. Total revenue increased by $14,937 to $93,445 in 2025 from $78,508 in 2024. The increase in sales is mainly from barrier rentals (including special barrier projects in the first and second quarters), shipping and installation, and Soundwall, SlenderWall\u00ae and Easi-Set building product sales. Fourth quarter 2025 revenues were $23,110 compared to $18,528 in the fourth quarter 2024. The increase in revenue for the fourth quarter 2025 as compared to the fourth quarter 2024 was primarily due to an increase in architectural sales, miscellaneous sales, Easi-Set building sales, and shipping and installation revenue. Cost of sales as a percentage of revenue, not including royalties, decreased to 76% in 2025 compared to 78% in 2024. Cost of sales as a percentage of revenue, not including royalties, decreased slightly to 79% for the fourth quarter 2025 as compared to 80% for the fourth quarter 2024. Operating income was $16,994 for 2025, as compared to $9,899 for 2024. Operating expenses for 2025 was $9,044 compared to $10,111 in 2024. The decrease is due to a decrease in general and administrative expenses. Total operating expense was $2,037 for the fourth quarter 2025 and $2,519 for the fourth quarter 2024. Income tax expense for 2025 was $4,520 or an effective tax rate of 26.5%, as compared to $2,143, or an effective tax rate of 21.7% for 2024. The greater percentage in 2025 was mainly due to an increase in state taxes. As of March 3, 2026, the Company\u2019s sales backlog was approximately $53.1 million, as compared to approximately $59.5 million around the same time in the prior year. It is estimated that most of the projects in the current sales backlog will be produced within 12 months, but a few will be produced over multiple years. The Company anticipates similar sales volumes throughout 2026 compared to 2025 for product sales, although no assurance can be provided. Barrier rentals, exclusive of special barrie Item 1 Business General Smith-Midland Corporation (the \u201cCompany\u201d) invents, develops, manufactures, markets, leases, licenses, sells, and installs a broad array of precast concrete products and systems for use primarily in the construction, highway, utilities and farming industries through its six wholly-owned subsidiaries. The Company\u2019s precast, licensing, and barrier rental customers are primarily general contractors and federal, state, and local transportation authorities located in the Mid-Atlantic, Northeastern, Midwestern and Southeastern regions of the United States. The Company\u2019s operating strategy has involved producing and marketing innovative and proprietary products, including SlenderWall\u00ae, a lightweight, energy efficient concrete and steel exterior wall panel for use in building construction; J-J Hooks\u00ae Highway Safety Barrier, a positive-connected highway safety barrier; SoftSound\u2122, a proprietary sound absorptive finish used on the face of sound barriers to absorb traffic noise; Sierra Wall\u2122, a sound barrier primarily for roadside use; and Easi-Set\u00ae and Easi-Span\u00ae transportable concrete buildings. In addition, the Company\u2019s precast subsidiaries produce farm products such as cattleguards and water and feed troughs, custom order precast concrete products with various architectural surfaces, and generic highway sound barriers, retaining walls and utility vaults. The Company\u2019s product lines include products that are proprietary and protected by patents, trademarks, crash tests, state and federal approvals, and other proprietary processes and systems, which are continually being developed and improved. The Company was incorporated in Delaware on August 2, 1994. Prior to a corporate reorganization completed in October 1994, the Company conducted its business primarily through Smith-Midland Virginia, which was incorporated in 1960 as Smith Cattleguard Company, a Virginia corporation, and which subsequently changed its name to Smith-Midland Corporation in 198", "title": "SMID - SMITH MIDLAND CORP", "url": "/company/SMID/" }, { "kind": "company", "summary": "SIC 2890 Miscellaneous Chemical Products; CIK 0001515156; latest 10-K filed 2026-03-10.", "text": "ARQ - Arq, Inc. SIC 2890 Miscellaneous Chemical Products; CIK 0001515156; latest 10-K filed 2026-03-10. ARQ Arq, Inc. 0001515156 2890 Miscellaneous Chemical Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of our operations should be read together with the audited Condensed Consolidated Financial Statements and notes of Arq, Inc. included in Item 1 of Part II, Item 8 of this Form 10-K. The results of operations discussed in this \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" are those of Arq, Inc. and its consolidated subsidiaries, collectively, the \"Company,\" \"we,\" \"our\" or \"us.\" Overview We are an environmental technology company that is principally engaged in the sale of consumable air, water and soil treatment solutions primarily based on activated carbon (\"AC\"). Our proprietary AC products enable customers to reduce air, water, and soil contaminants, including mercury, per- and polyfluoroalkyl substances (\"PFAS\") and other pollutants, to meet the challenges of existing and pending air quality and water regulations. We manufacture and sell AC and other chemicals used to capture and remove impurities, contaminants, and pollutants for the coal-fired power generation, industrial, water treatment, and water and soil remediation markets, which we collectively refer to as the advanced purification technologies (\"APT\") market. Our primary products are comprised of AC, which is produced from a variety of carbonaceous raw materials. Our AC products include both powdered activated carbon (\"PAC\") and granular activated carbon (\"GAC\"). Additionally, we own a lignite mine located in Saline, Louisiana (the \"Five Forks Mine\") that currently supplies the primary raw material for the manufacturing of the majority of our products. We also control bituminous coal waste reserves and own a manufacturing facility, both located in Corbin, Kentucky (the \"Corbin Facility\"), and a process to recover and purify the bituminous coal fines. Using the Corbin Facility's manufacturing process, we convert coal waste into a purified, microfine carbon powder for high value applications (\"Corbin Wetcake\"). On August 6, 2025, we announced that we had successfully commissioned our Red River Plant\u2019s GAC Facility (the \"GAC Facility\") and produced our first commercial volumes of on-specification GAC product. However, after initial production runs, in December 2025, it became clear that ramp-up to nameplate capacity could not be accomplished without further modifications to the existing systems because of design flaws in our GAC Facility, on a standalone basis as well as in combination with the inherent variability of Corbin Wetcake, which we planned to use to manufacture our GAC products. As a result, we have paused GAC production, idled the Corbin Facility as a cost saving measure, and have launched an engineering and production process optimization review, which will include an evaluation of potential GAC Facility design modifications and production economics at different scales. Additionally, we now expect to transition away from using Corbin Wetcake for the production of our GAC products to a bituminous proven performance coal feedstock, which we believe can more effectively overcome design constraints. See \"Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations \u2013 Drivers of Demand and Key Factors Affecting Profitability\" for further information. As a result of the adverse impacts noted above related to the Corbin Facility and GAC production and as part of our periodic review of the carrying values of our long-lived assets, we performed an impairment analysis of the Corbin Facility long-lived assets (the \"Corbin Asset Group\") as of December 31, 2025. We determined that the estimated undiscounted cash flows for the Corbin Asset Group were less than its carrying value, and the Corbin Asset Group was impaired. The Company further determined that the GAC Facility assets were not impaired as the estimated undiscount Item 1. Business General Arq, Inc., together with its consolidated subsidiaries (\"Arq\", the \"Company,\" \"we,\" \"us\", or \"our\") is an environmental technology company principally engaged in the sale of consumable air, water, and soil treatment solutions, primarily based on activated carbon (\"AC\"). Our proprietary AC products enable customers to reduce air, water, and soil contaminants, including mercury, per - and polyfluoroalkyl substances (\"PFAS\") and other pollutants, to meet the challenges of existing and pending air quality and water regulations. We manufacture and sell AC and other chemicals used to capture and remove impurities, contaminants and pollutants for the coal-fired power generation, industrial, water treatment, and water and soil remediation markets, which we collectively refer to as the advanced purification technologies (\"APT\") market. Our primary products are comprised of AC, which is produced from a variety of carbonaceous raw materials. Our AC products include both powdered activated carbon (\"PAC\") and granular activated carbon (\"GAC\"), among others. Additionally, we own the Five Forks Mine, a lignite coal mine that currently supplies the primary raw material for the manufacturing of the majority of our products. Our predecessor, ADA-ES, Inc. (\"ADA\"), a Colorado corporation, was incorporated in 1997. Pursuant to an Agreement and Plan of Merger, effective July 1, 2013, the Company (formerly known as Advanced Emissions Solutions, Inc. (\"ADES\")), a Delaware company incorporated in 2011, succeeded ADA as the publicly held corporation and ADA became a wholly-owned subsidiary of the Company. In 2018, we acquired ADA Carbon Solutions, LLC to expand our product offerings in the mercury control industry and enter into other applicable APT markets. In February 2023, we acquired 100% of the equity interests, assets and liabilities of the subsidiaries of Arq Limited, an environmental technology company incorporated under the laws of Jersey (the \"Arq Acqui Item 1A. Risk Factors The following risks relate to us as of the date this Report is filed with the SEC. This list of risks is not intended to be exhaustive, but reflects what we believe are the material risks inherent in our business and the ownership of our securities as of the specified dates. A statement to the effect that the occurren", "title": "ARQ - Arq, Inc.", "url": "/company/ARQ/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001726126; latest 10-K filed 2026-03-27.", "text": "EPSN - Epsilon Energy Ltd. SIC 1311 Crude Petroleum & Natural Gas; CIK 0001726126; latest 10-K filed 2026-03-27. EPSN Epsilon Energy Ltd. 0001726126 1311 Crude Petroleum & Natural Gas ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion is intended to assist in the understanding of trends and significant changes in our results of operations and the financial condition of Epsilon Energy Ltd. and its subsidiaries for the periods presented. This section should be read in conjunction with the audited consolidated financial statements as of December 31, 2025 and 2024 and for the years then ended together with accompanying notes. Overview Epsilon Energy Ltd. (the \u201cCompany\u201d) is a North American onshore focused independent natural gas and oil company engaged in the acquisition, development, gathering and production of natural gas and oil reserves. Our areas of operations are the Appalachian Basin in Pennsylvania, the Powder River Basin in Wyoming, the Permian Basin in Texas and New Mexico, and the Western Canadian Sedimentary Basin in Alberta, Canada. 32 \u200b \u200b At December 31, 2025 our total estimated net proved reserves were 86.4 Bcf of natural gas reserves, 9.3 MMBbls of oil reserves, and 2.4 MMBbls of NGL reserves, and we held leasehold rights to approximately 101,265 gross (54,044 net) acres. We have natural gas production from our non-operated wells in Pennsylvania and natural gas, natural gas liquids, and oil production from our operated and non-operated wells in the Permian, Powder River, and Western Canadian Sedimentary Basins. We are committed to disciplined capital allocation which could include shareholder returns in the form of dividends and/or share buybacks. We plan to maintain a strong balance sheet and liquidity position to allow us to opportunistically invest in both our existing project areas and potential new projects. Our Pennsylvania (\u201cPA\u201d) assets are supported by our 35% ownership in the Auburn GGS. \u200b We have a substantial remaining drillable location inventory within our existing leaseholds in Pennsylvania, Wyoming, and Texas. \u200b On November 14, 2025, Epsilon acquired Peak Exploration and Production LLC and Peak BLM Lease LLC and their subsidiaries (together, \"Peak\") through a business combination. The acquisition added 284 gross (60 net) wells, including 105 gross (45 net) operated wells, and 60,945 gross (39,566 net) acres located in Campbell, Converse and Johnson Counties, Wyoming. \u200b On December 11, 2025, Epsilon divested Dewey Energy Holdings, LLC, a wholly owned subsidiary of the Company to an undisclosed private buyer. The assets sold included approximately 964 Mcfe/d (60% natural gas) of production and approximately 6,400 net deep acres and 2,200 net shallow acres of leasehold, all located in Dewey County, Oklahoma. \u200b During 2025, we realized net loss of $5.8 million as compared to net income of $1.9 million for 2024. This included a $19.3 million loss in Q4 2025 on the sale of our Anadarko Basin assets in Oklahoma, which provides potential tax benefits that may be utilized going forward. At December 31, 2025, our total estimated net proved developed reserves were 109,444 MMcfe, a 69% increase from December 31, 2024. The increase is mainly attributable to Wyoming reserves acquired from the Peak acquisition. At December 31, 2025, our total estimated net proved reserves were 156,037 MMcfe, a 86% increase from December 31, 2024. The increase is mainly attributable to Wyoming reserves acquired from the Peak acquisition. Our standardized measure of discounted future net cash flows as of December 31, 2025 and 2024 was $156.1 million and $50.7 million, respectively. This measure of discounted future net cash flows does not include any estimate for future cash flows generated by our gathering system assets. Results of Operations The following review of operations for the periods presented below should be read in conjunction with our consolidated financial statements and the notes thereto. Revenues During the year ended December 31, 2025, revenues increased $20.1 million, or 64%, to $51.6 million from ITEM 1. BUSINESS. Summary Epsilon Energy Ltd. (the \u201cCompany\u201d or \u201cEpsilon\u201d or \u201cwe\u201d) was incorporated under the laws of the Province of Alberta, Canada on March 14, 2005, pursuant to the ABCA. The Company is extra-provincially registered in Ontario pursuant to the Business Corporations Act (Ontario). Epsilon is a North American on-shore focused independent natural gas and oil company engaged in the acquisition, development, gathering and production of natural gas and oil reserves. On February 14, 2019, Epsilon\u2019s registration statement on Form 10 was declared effective by the United States Securities and Exchange Commission and on February 19, 2019, we began trading in the United States on the NASDAQ Global Market under the trading symbol \u201cEPSN.\u201d At December 31, 2025, Epsilon\u2019s total estimated net proved reserves were 86.4 Bcf of natural gas reserves, 9.3 MMBbls of oil reserves, and 2.4 MMBbls of NGL reserves. Epsilon holds leasehold rights to approximately 101,265 gross (54,044 net) acres. The Company has natural gas production in the Appalachian Basin Pennsylvania and oil, natural gas liquids and natural gas production in the Powder River Basin in Wyoming, the Permian Basin in Texas and New Mexico, and the Western Canadian Sedimentary Basin in Alberta, Canada. On November 14, 2025, Epsilon acquired Peak Exploration & Production LLC and Peak BLM Lease LLC and their subsidiaries (together, \u201cPeak\u201d) for total consideration of $88.5 million consisting of 1) issuance of 5,681,489 common shares valued at $27.6 million, 2) contingent consideration of up to 2,500,000 common shares valued at $10.6 million, and the settlement of $50.3 million of debt. The contingent consideration was settled on November 19, 2025, through the issuance of 2,234,847 common shares for $10.6 million. The acquired assets primarily include operated and non-operated production and leasehold interests in the core of the Powder River Basin in Wyoming. As part of the acquisition, the Company added ITEM 1A. RISK FACTORS. You should carefully consider the risks and uncertainties described below, together with all of the other information and risks included in, or incorporated by reference into this report, including our consolidated financial statements and the related notes thereto, before making any financial decisions relating to Epsilon. Risks", "title": "EPSN - Epsilon Energy Ltd.", "url": "/company/EPSN/" }, { "kind": "company", "summary": "SIC 3640 Electric Lighting & Wiring Equipment; CIK 0001598981; latest 10-K filed 2026-03-26.", "text": "SKYX - SKYX Platforms Corp. SIC 3640 Electric Lighting & Wiring Equipment; CIK 0001598981; latest 10-K filed 2026-03-26. SKYX SKYX Platforms Corp. 0001598981 3640 Electric Lighting & Wiring Equipment ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes appearing elsewhere in this Form 10-K. This discussion and other parts of this Form 10-K contain forward-looking statements that involve risks and uncertainties, such as statements regarding our plans, objectives, strategy, expectations, outlook, intentions, and projections. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the \u201cRisk Factors\u201d section of this Form 10-K. Please also see the section entitled \u201cCautionary Note Regarding Forward-Looking Statements\u201d contained in this Form 10-K. Overview We have a series of advanced-safe-smart platform technologies. Our first and second-generation technologies enable light fixtures, ceiling fans and other electrically wired products to be installed safely and plugged into a ceiling\u2019s electrical outlet box within seconds, and without the need to touch hazardous wires. The plug and play technology method is a universal power-plug device that has a matching receptacle that is simply connected to the electrical outlet box on the ceiling, enabling a safe and quick plug and play installation of light fixtures and ceiling fans in just seconds. The plug and play power-plug technology eliminates the need of touching hazardous electrical wires while installing light fixtures, ceiling fans and other hardwired electrical products. In recent years, we have expanded the capabilities of our power-plug product to include advanced-safe and quick universal installation methods, as well as advanced-smart capabilities. The smart features include control of light fixtures and ceiling fans by the SkyHome App, through WIFI, Bluetooth Low Energy and voice control. It allows scheduling, energy savings eco mode, dimming, back-up emergency light, night light, light color changing and much more. Our third-generation technology is an all-in-one safe and smart-advanced platform that is designed to enhance all-around safety and lifestyle of homes and other buildings. Our products are designed to improve all around home and building safety and lifestyle. We are continuing to refine our products and began manufacturing certain advanced and smart products in 2023 and expect additional products, including the third-generation smart-advanced platform to be available in 2026. We expect to manufacture the additional product offerings within the next six months. We hold over 100 U.S. and global patents and patent applications and have received a variety of final electrical code approvals, including UL, United Laboratories of Canada (cUL) and Conformite Europeenne (CE), and 2017 and 2020 inclusion in the NEC Code Book. We believe our total addressable market in the United States exceeds $500 billion, based on the Company\u2019s internal calculations derived from the estimation of the total target user pool, projected average selling price, and projected units per household. We believe there are billions of installations of light and other electrical fixtures globally. Our estimates of the addressable market for our products may prove to be incorrect. The projected demand for our products could differ materially from actual demand. Even if the total addressable market for our products is as large as we have estimated and even if we are able to gain market awareness and acceptance, we may not be able to penetrate the existing market to capture additional market share. 40 Monetary and trade policies impact in varying degrees our industry market participants (from manufacturer to user). The reaction(s) by the market participants to such policies or changes in policies may have an impact on our operations. Those Business Strategy We believe that our advanced-safe-smart platform technologies will disrupt and positively influence various industries, both in the U.S. and globally, and that, due to ease of installation, time savings, cost savings on installations and the safety aspect of our product, our product provides a competitive advantage within the light fixture, ceiling fan, and smart home industries: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Lighting Industry: We believe that all light fixtures should become plug and play, smart and controlled by an app as a standard, and that light fixtures should be installed to the ceiling within seconds, safely and without the need to touch dangerous electrical wires. Our product is intended to help prevent most of ladder-related falls, electric shock/electrocutions, fires, carbon monoxide poisonings, injuries, and deaths.\"],[\"\",\"\\u25cf\",\"Ceiling Fan Industry: We believe that all ceiling fans should become plug and play, smart and controlled by an app as a standard, and that ceiling fans should be installed to the ceiling within seconds, safely and without the need to touch dangerous electrical wires. Our product is intended to help prevent most of ladder-related falls, electric shock/electrocutions, fires, carbon monoxide poisonings, injuries, and deaths.\"],[\"\",\"\\u25cf\",\"Smart Home Industry: We believe that homes and buildings should become safe and smart as a standard. Our Advanced All-In-One Safe Smart Sky Platform enables rooms, homes, and buildings to become safe and smart.\"]] [[/GREPCENT_TABLE]] Our Advanced All-In-One Smart Sky Platform significantly enhances smart home products\u2019 performance, including the speed and range of both WIFI and Bluetooth, as well as the performance of sensors and alarms. We believe that widespread adoption of the All-In-One Smart Sky Platform should contribute to the elimination of most related hazardous incidents in homes and buildings including ladder falls, electric shock/electrocutions, fires, carb", "title": "SKYX - SKYX Platforms Corp.", "url": "/company/SKYX/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001625641; latest 10-K filed 2026-02-25.", "text": "LAW - CS Disco, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001625641; latest 10-K filed 2026-02-25. LAW CS Disco, Inc. 0001625641 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion, particularly information with respect to our financial results of operations or financial condition, business strategy, plans and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading \u201cSpecial Note Regarding Forward-Looking Statements\u201d in this Annual Report on Form 10-K. You should review the disclosure under the heading \u201cRisk Factors\u201d in this Annual Report on Form 10-K for a discussion of important factors that could cause our actual results to differ materially from those anticipated in these forward-looking statements. Overview DISCO provides cloud-native, artificial intelligence-powered legal product offerings that simplify legal hold, legal request, ediscovery, legal document review and case management for enterprises, law firms, legal services providers and governments. Our scalable, integrated product offerings enable legal departments to easily collect, process and review enterprise data that is relevant or potentially relevant to legal matters. We leverage a cloud-native architecture and powerful artificial intelligence, or AI, models to automatically identify legally relevant documents and improve the accuracy and speed of legal document review. Our AI models continuously learn from legal work conducted on our product offerings and can be reused across legal matters, which further strengthens our ability to help our customers find evidence and resolve matters faster as they expand usage of our product offerings. We provide legal departments with the ability to centralize legal data into a single platform, improving security and privacy for our customers, enabling transparent collaboration with other legal industry participants and allowing customers to reuse data and lawyer work product across legal matters. By automating the manual, time-consuming and error-prone parts of legal hold, legal request, ediscovery, legal document review and case management, we empower lawyers to focus on delivering better legal outcomes. We generate substantially all of our revenue from our customers\u2019 actual usage of our product offerings. Customers generally do not commit to purchase a specific amount of usage on our product offerings and their usage can fluctuate based on the number and nature of legal matters they have at any particular time. As a result, our revenue and other financial results can fluctuate from period to period given the inherent unpredictability of the timing, duration and scope of legal casework. We also offer our customers the option to enter into subscriptions based on committed minimum usage on an annual or multi-year basis, 48 Table of Contents which represented 9% and 11% of our revenue in the years ended December 31, 2025 and 2024, respectively. In addition, we generate revenue from a range of professional services aimed at accelerating the time-to-value for our customers. After using and realizing the benefits of our product offerings, our customers can increase usage of our product offerings to cover additional legal matters and adopt more of our offerings. As the amount of enterprise data in our product offerings increases, the strategic value and stickiness of our product offerings within an organization is enhanced. Our customers include a diverse set of enterprises across a broad set of industries, as well as law firms, legal services providers of all sizes and government organizations. While we serve customers across many different industries, the way in which lawyers and legal professionals use our product offerings is similar regardless of the Item 1. Business Overview DISCO provides cloud-native, artificial intelligence-powered legal product offerings that simplify legal hold, legal request, ediscovery, legal document review and case management for enterprises, law firms, legal services providers and governments. Our scalable, integrated product offerings enable legal departments to easily collect, process and review enterprise data that is relevant or potentially relevant to legal matters. We leverage a cloud-native architecture and powerful artificial intelligence, or AI, models to automatically identify legally relevant documents and improve the accuracy and speed of legal document review. Our AI models continuously learn from legal work conducted using our product offerings and can be reused across legal matters, which further strengthens our ability to help our customers find evidence and resolve matters faster as they expand usage of our product offerings. We provide legal departments with the ability to centralize legal data into a single platform, improving security and privacy for our customers, enabling transparent collaboration with other legal industry participants and allowing customers to reuse data and lawyer work product across legal matters. By automating the manual, time-consuming and error-prone parts of legal hold, legal request, ediscovery, legal document review and case management, we empower lawyers to focus on delivering better legal outcomes. Since our incorporation in 2013, DISCO has assembled a team that combines strength in software engineering, cloud computing and AI, with deep legal expertise and a rich understanding of the problems that lawyers and legal professionals face and how they work. This combination of expertise means that our team is distinctly well-positioned to execute on our vision of building technology that powers the legal function across companies in every industry. Our focus on delivering product offerings that legal professionals value is coupled with Item 1A. Risk Factors Our operations and financial results are subject to various risks and uncertainties, including those described below. You should carefully consider the risks described below, together with the financial and other information contained in this Annual Report on Form 10-K, including the section titled \u201cManagement\u2019s Disc", "title": "LAW - CS Disco, Inc.", "url": "/company/LAW/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0000919864; latest 10-K filed 2026-03-25.", "text": "FNWD - Finward Bancorp SIC 6035 Savings Institution, Federally Chartered; CIK 0000919864; latest 10-K filed 2026-03-25. FNWD Finward Bancorp 0000919864 6035 Savings Institution, Federally Chartered Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations General Finward Bancorp is a financial holding company registered with the Board of Governors of the Federal Reserve System. Peoples Bank, an Indiana commercial bank, is a wholly-owned subsidiary of the Company. The Company has no other business activity other than being a holding company for the Bank. The Company's earnings are dependent upon the earnings of the Bank. The Bank's earnings are primarily dependent upon net interest margin. The net interest margin is the difference between interest income earned on loans and investments and interest expense paid on deposits and borrowings stated as a percentage of average interest earning assets. The net interest margin is perhaps the clearest indicator of a financial institution's ability to generate core earnings. Fees and service charges, wealth management operations income, gains and losses from the sale of assets, provisions for credit losses, income taxes and operating expenses also affect the Company's profitability. A summary of the Company\u2019s significant accounting policies are detailed in Note 1 to the Company\u2019s consolidated financial statements included in this report. Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period, as well as the disclosures provided. Actual results could differ from those estimates. Estimates associated with the Allowance for credit losses are particularly susceptible to material change in the near term. The following management\u2019s discussion and analysis presents information concerning our financial condition as of December 31, 2025 and December 31, 2024, and the results of operations for the years ended December 31, 2025 and December 31, 2024. At December 31, 2025, the Company had total assets of $2.0 billion, loans receivable, net of deferred fees and costs, of $1.4 billion and total deposits of $1.7 billion. The Company's deposit accounts are insured up to applicable limits by the DIF that is administered by the FDIC, an agency of the federal government. Stockholders' equity totaled $174.7 million or 8.6% of total assets, with a book value per share of $40.37. Net income for the year ended December 31, 2025, was $8.1 million, or $1.88 earnings per diluted common share. For the year ended December 31, 2025, the ROA was 0.39%, while the ROE was 5.10%. Recent Developments Regarding the Company and the Bank On July 4, 2025, President Trump signed into law the legislation commonly referred to as the One Big Beautiful Bill Act, which is a sweeping federal reconciliation package that permanently extends and expands key provisions of the 2017 Tax Cuts and Jobs Act, introduces new tax benefits (including elevated standard deductions, higher state-and-local tax (SALT) caps, and no taxation on tips and overtime income for certain workers), and enacts broad reductions in government spending. The OBBBA is a complex revision to the U.S. federal income tax laws with potentially far-reaching consequences. The OBBBA will require subsequent rulemaking in a number of areas. The long-term impact of the OBBBA on the Company, the Bank, our shareholders, and the banking industry in general cannot be reliably predicted at this early stage of the new law\u2019s implementation. Shareholders are urged to consult with their own tax advisors regarding the impact of the OBBBA to them and their acquisition, ownership, and disposition of the Company's common stock. The Company's management continues to evaluate the impact of the OBBBA on the Company, the Bank, and its business, financial condition, and results of operations. Termination Item 1. Business General Finward Bancorp, an Indiana corporation, was incorporated on January 31, 1994, and is the holding company for Peoples Bank, an Indiana-chartered commercial bank. The Bank is a wholly owned subsidiary of the Company. The Company has no other business activity other than being a holding company for the Bank and the Company\u2019s earnings are primarily dependent upon the earnings of the Bank. The Bank is primarily engaged in the business of attracting deposits from the general public and the origination of loans, mostly upon the security of single family residences and commercial real estate, as well as, construction loans and various types of consumer loans, commercial business loans and municipal loans, within its primary market areas of Lake and Porter Counties, in Northwest Indiana, and Cook County, Illinois. In addition, the Company's Wealth Management Group provides estate and retirement planning, guardianships, land trusts, profit sharing and 401(k) retirement plans, IRA and Keogh accounts, investment agency accounts, and serves as the personal representative of estates and acts as trustee for revocable and irrevocable trusts. The Company monitors and evaluates financial performance on a Company-wide basis and the majority of the Company\u2019s revenue is from the business of banking. Accordingly, all of the Company\u2019s operations are considered by management to be aggregated in one reportable operating segment. The Bank\u2019s deposit accounts are insured up to applicable limits by the Deposit Insurance Fund, which is administered by the Federal Deposit Insurance Corporation, an agency of the federal government. As the holding company for the Bank, the Company is subject to comprehensive examination, supervision and regulation by the Board of Governors of the Federal Reserve System, while the Bank is subject to comprehensive examination, supervision and regulation by both the FDIC and the Indiana Department of Financial Institutions. The Bank is al Item 1A. Risk Factors An investment in our common stock involves risks. Before making any decision whether to invest in our common stock, you should carefully consider the risks described below, together with all of the other information included in this report. These risks are not the only ones we will face. A", "title": "FNWD - Finward Bancorp", "url": "/company/FNWD/" }, { "kind": "company", "summary": "SIC 5990 Retail-Retail Stores, NEC; CIK 0001084869; latest 10-K filed 2025-09-05.", "text": "FLWS - 1 800 FLOWERS COM INC SIC 5990 Retail-Retail Stores, NEC; CIK 0001084869; latest 10-K filed 2025-09-05. FLWS 1 800 FLOWERS COM INC 0001084869 5990 Retail-Retail Stores, NEC Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d (MD&A) is intended to provide an understanding of our financial condition, change in financial condition, cash flow, liquidity and results of operations. The following MD&A discussion should be read in conjunction with the consolidated financial statements and notes to those statements that appear elsewhere in this Form 10-K. The following discussion contains forward-looking statements that reflect the Company\u2019s plans, estimates and beliefs. The Company\u2019s actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to any differences include, but are not limited to, those discussed under Item 1A \u2014 \u201cRisk Factors.\u201d Business Overview The Company is a leading provider of gifts designed to help inspire customers to give more, connect more, and build more and better relationships. See Item 1 in Part I for a detailed description of the Company\u2019s business. Business Segments The Company operates in the following three business segments: Consumer Floral & Gifts, Gourmet Foods & Gift Baskets, and BloomNet. The Consumer Floral & Gifts segment includes the operations of the Company\u2019s flagship brand, 1-800-Flowers.com, Personalization Mall, Things Remembered, FruitBouquets.com, Flowerama and Alice\u2019s Table, while the Gourmet Foods & Gift Baskets segment includes the operations of Harry & David, Wolferman\u2019s Bakery, Vital Choice, Moose Munch, Cheryl\u2019s Cookies, Mrs. Beasley\u2019s, The Popcorn Factory, DesignPac, 1-800-Baskets.com, Simply Chocolate, Shari\u2019s Berries, and Scharffen Berger. The BloomNet segment includes the operations of BloomNet, Napco, and Card Isle. Fiscal 2025 Results Fiscal 2025 was a challenging year from a top and bottom line perspective. The broader macro-economic conditions have continued to impact our consumers. We have seen consumer confidence and sentiment decline in response to various uncertainties, including potential tariff impacts on inflation, a softening labor market, and shifting economic policies. During fiscal 2025, net revenues decreased by $145.8 million, or 8.0%, to $1,685.7 million, compared to fiscal 2024, primarily due to continued slowing demand for everyday gifting occasions as discretionary income remains under pressure and consumers continue to moderate their spending. In addition, the Company experienced a highly promotional consumer environment during the holidays. Gross margins declined throughout the year, ending at 38.7%; a 140-basis point decrease over fiscal 2024, primarily due to higher cost of merchandise and deleveraging of fixed costs. Net loss was $200.0 million, compared with a net loss of $6.1 million in fiscal 2024. Adjusted EBITDA for fiscal 2025 was $29.2 million, compared with $93.1 million in fiscal 2024, reflecting a decline in Adjusted EBITDA of $63.9 million, driven by lower sales, reduced gross margin and increased advertising costs (See Reconciliation of net loss to adjusted EBITDA (non-GAAP) below). Goodwill and Intangible Asset Impairment During the quarter ended March 30, 2025, the Company evaluated whether events or circumstances had changed such that it was more likely than not that the fair value of its goodwill, intangibles, and other long-lived assets were less than their carrying amounts. After consideration of then current operating results, changes in macro-economic conditions, and a decline in the Company\u2019s market capitalization, the Company concluded that a triggering event had occurred for its Consumer Floral & Gifts reporting unit. As such, the Company performed an impairment test of the reporting unit\u2019s goodwill, intangibles and long-lived assets as of March 30, 2025, and recorded a non-cash goodwill and intangible impairment charge of $138.2 million, comprised of $113.4 million related to goodw Item 1. BUSINESS The Company 1-800-FLOWERS.COM, Inc. and its subsidiaries (collectively, the \u201cCompany\u201d) is a leading provider of thoughtful expressions designed to help inspire customers to share more, connect more, and build more and better relationships. The Company\u2019s e-commerce business platform features our all-star family of brands, including: 1-800-Flowers.com\u00ae, 1-800-Baskets.com\u00ae, Cheryl\u2019s Cookies\u00ae, Harry & David\u00ae, PersonalizationMall.com\u00ae, Shari\u2019s Berries\u00ae, FruitBouquets.com\u00ae, Things Remembered\u00ae, Moose Munch\u00ae, The Popcorn Factory\u00ae, Wolferman\u2019s Bakery\u00ae, Vital Choice\u00ae, Scharffen Berger\u00ae, and Simply Chocolate\u00ae. Through the Celebrations Passport\u00ae loyalty program, which provides members with free standard shipping and no service charge on eligible products across our portfolio of brands, the Company strives to deepen relationships with customers. The Company also operates BloomNet\u00ae, an international floral and gift industry service provider offering a broad range of products and services designed to help its members grow their businesses profitably; Napco\u2120, a resource for floral gifts and seasonal d\u00e9cor; DesignPac Gifts, LLC, a manufacturer of gift baskets and towers; Alice\u2019s Table\u00ae, a lifestyle business offering fully digital on demand floral, culinary and other experiences to guests across the country; and Card Isle\u00ae, an e-commerce greeting card service. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS. References in this Annual Report on Form 10-K to \u201c1-800-FLOWERS.COM\u201d and the \u201cCompany\u201d refer to 1-800-FLOWERS.COM, Inc. and its subsidiaries. The Company\u2019s principal offices are located at Two Jericho Plaza, Suite 200, Jericho, NY 11753 and its telephone number at that location is (516) 237-6000. Narrative Description of Business The Origins of 1-800-FLOWERS.COM The Company\u2019s operations began in 1976 when James F. McCann, the Company\u2019s founder and current Executive Chairman of the Board of Directors,", "title": "FLWS - 1 800 FLOWERS COM INC", "url": "/company/FLWS/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0002012706; latest 10-K filed 2026-03-12.", "text": "SUNS - Sunrise Realty Trust, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0002012706; latest 10-K filed 2026-03-12. SUNS Sunrise Realty Trust, Inc. 0002012706 6798 Real Estate Investment Trusts Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and our accompanying notes and other information included in this Annual Report. This discussion and analysis contains forward-looking statements that involve risks and uncertainties which could cause our actual results to differ materially from those anticipated in these forward-looking statements, including, but not limited to, risks and uncertainties discussed under the heading \u201cRisk Factors,\u201d in this Annual Report. Unless the context otherwise requires, as used in this section the terms \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d or \u201cSUNS,\u201d refers to Sunrise Realty Trust, Inc. 64 Table of Contents Business Overview SUNS is a Maryland corporation that was formed on August 28, 2023 and that made its first investment in January 2024. We are a real estate focused debt fund, actively pursuing opportunities to finance transitional commercial real estate projects located across the Southern U.S. We are an integral part of the platform of affiliated asset managers under TCG. In July 2024, we separated from Advanced Flower Capital Inc. (\u201cAFC\u201d) through a spin-off transaction (the \u201cSpin-Off\u201d). The separation was effected by the transfer of AFC\u2019s commercial real estate portfolio to us and the distribution of all of the outstanding shares of our common stock to all of AFC\u2019s stockholders of record as of the close of business on July 8, 2024. As a result of the Spin-Off, we are now an independent, public company trading under the symbol \u201cSUNS\u201d on Nasdaq. Our focus is on originating and investing in secured CRE loans and providing capital to high-quality borrowers and sponsors with transitional business plans collateralized by CRE assets with opportunities for near-term value creation, as well as recapitalization opportunities. We intend to further diversify our investment portfolio, targeting investments in senior mortgage loans, mezzanine loans, B-notes, CMBS and debt-like preferred equity securities across CRE asset classes. We intend for our investment mix to include loans secured by high quality residential (including multi-family, condominiums and single-family residential communities), retail, office, hospitality, industrial, mixed-use and specialty-use real estate. We are an externally managed Maryland corporation and elected to be taxed as a REIT under Section 856 of the Internal Revenue Code of 1986, as amended (the \u201cCode\u201d), commencing with our taxable year ended December 31, 2024. We believe our organization and current and proposed method of operation will enable us to qualify as a REIT. However, no assurances can be given that our beliefs or expectations will be fulfilled, since qualification as a REIT depends on our continuing to satisfy numerous asset, income, distribution and other tests, which in turn depends, in part, on our operating results and ability to obtain financing. We also intend to operate our business in a manner that will permit us to maintain our exemption from registration under the Investment Company Act. We are an \u201cemerging growth company,\u201d as defined in the Jumpstart Our Business Startups Act (\u201cJOBS Act\u201d), and we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not \u201cemerging growth companies\u201d including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. In addition, Section 107 of the JOBS Act provi Item 1. Business The following description of the business of Sunrise Realty Trust, Inc. should be read in conjunction with the information included elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025. Unless the context otherwise requires, the terms \u201cCompany,\u201d \u201cSUNS,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d refers to Sunrise Realty Trust, Inc. Overview SUNS is a Maryland corporation that was formed on August 28, 2023, that elected to be treated as a real estate investment trust for U.S. federal income tax purposes for its taxable year ended December 31, 2024, and made its first investment in January 2024. SUNS is an integral part of the platform of affiliated asset managers under the Tannenbaum Capital Group (\u201cTCG\u201d). We are led by a veteran team of commercial real estate investment professionals and our external manager, Sunrise Manager LLC (our \u201cManager\u201d), which, alongside other TCG platform asset managers pursuing similar or adjacent opportunities, are supported by the marketing, reporting, legal and other non-investment support services provided by the team of professionals within the TCG platform. Our and our Manager\u2019s relationship with TCG provide us with investment opportunities through a robust relationship network of commercial real estate owners, operators and related businesses as well as significant back-office personnel to assist in management of loans. Our focus is on originating and investing in secured commercial real estate (\u201cCRE\u201d) loans and providing capital to high-quality borrowers and sponsors with transitional business plans collateralized by CRE assets with opportunities for near-term value creation, as well as recapitalization opportunities. SUNS intends to further diversify its investment portfolio, targeting investments in senior mortgage loans, mezzanine loans, B-notes, commercial mortgage-backed securities (\u201cCMBS\u201d) and debt-like preferred equity securities across CRE asset classes. We intend for SUNS\u2019 investment mix to Item 1A. Risk Factors Set forth below are the risks that we believe are material to our business. Any of these risks could significantly and adversely affect our business, financial condition and results of operations. You should carefully consider the risks described below, together with the other information included i", "title": "SUNS - Sunrise Realty Trust, Inc.", "url": "/company/SUNS/" }, { "kind": "company", "summary": "SIC 6199 Finance Services; CIK 0000889609; latest 10-K filed 2026-03-16.", "text": "CPSS - CONSUMER PORTFOLIO SERVICES, INC. SIC 6199 Finance Services; CIK 0000889609; latest 10-K filed 2026-03-16. CPSS CONSUMER PORTFOLIO SERVICES, INC. 0000889609 6199 Finance Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations for the years ended December 31, 2025 and 2024 should be read in conjunction with our consolidated financial statements and the notes to those statements that are included elsewhere in this Annual Report on Form 10-K. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors. We use words such as anticipate, estimate, plan, project, continuing, ongoing, expect, believe, intend, may, will, should, could, and similar expressions to identify forward-looking statements. See \u201cCautionary Note Regarding Forward-Looking Statements.\u201d [[GREPCENT_TABLE]] [[\"\",\"33\"]] [[/GREPCENT_TABLE]] Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Overview We are a specialty finance company. Our business is to purchase and service retail automobile contracts originated primarily by franchised automobile dealers and, to a lesser extent, by select independent dealers in the United States in the sale of new and used automobiles, light trucks and passenger vans. Through our automobile contract purchases, we provide indirect financing to the customers of dealers who have limited credit histories or past credit problems, who we refer to as sub-prime customers. We serve as an alternative source of financing for dealers, facilitating sales to customers who otherwise might not be able to obtain financing from traditional sources, such as commercial banks, credit unions and the captive finance companies affiliated with major automobile manufacturers. In addition to purchasing installment purchase contracts directly from dealers, we also have (i) originated vehicle purchase money loans by lending directly to consumers, (ii) acquired installment purchase contracts in four merger and acquisition transactions, and (iii) purchased immaterial amounts of vehicle purchase money loans from non-affiliated lenders. In this report, we refer to all of such contracts and loans as \u201cautomobile contracts.\u201d We were incorporated and began our operations in March 1991. From inception through December 31, 2025, we have purchased a total of approximately $24.7 billion of automobile contracts from dealers. Contract purchase volumes and managed portfolio levels for the five years ended December 31, 2025 are shown in the table below. Managed portfolio comprises both contracts we owned and those we were servicing for third parties. [[GREPCENT_TABLE]] [[\"Contract Purchases and Outstanding Managed Portfolio\"],[\"\",\"\",\"$ in thousands\"],[\"Year\",\"\",\"Contracts Purchased in Period\",\"\",\"\",\"Managed Portfolio at Period End\"],[\"2021\",\"\",\"\",\"1,146,321\",\"\",\"\",\"\",\"2,249,069\"],[\"2022\",\"\",\"\",\"1,854,385\",\"\",\"\",\"\",\"3,001,308\"],[\"2023\",\"\",\"\",\"1,357,752\",\"\",\"\",\"\",\"3,194,623\"],[\"2024\",\"\",\"\",\"1,681,941\",\"\",\"\",\"\",\"3,665,725\"],[\"2025\",\"\",\"\",\"1,638,326\",\"\",\"\",\"\",\"3,898,425\"]] [[/GREPCENT_TABLE]] Our principal executive offices are in Las Vegas, Nevada. Most of our operational and administrative functions take place in Irvine, California. Credit and underwriting functions are performed primarily in our California branch with certain of these functions also performed in our Florida, Nevada, and Virginia branches. We service our automobile contracts from our California, Nevada, Virginia, Florida, and Illinois branches. The programs we offer to dealers and consumers are intended to serve a wide r Item 1. Business Overview We are a specialty finance company. Our business is to purchase and service retail automobile contracts originated primarily by franchised automobile dealers and, to a lesser extent, by select independent dealers in the United States in the sale of new and used automobiles, light trucks and passenger vans. Through our automobile contract purchases, we provide indirect financing to the customers of dealers who have limited credit histories or past credit problems, who we refer to as sub-prime customers. We serve as an alternative source of financing for dealers, facilitating sales to customers who otherwise might not be able to obtain financing from traditional sources, such as commercial banks, credit unions and the captive finance companies affiliated with major automobile manufacturers. In addition to purchasing installment purchase contracts directly from dealers, we also have (i) originated vehicle purchase money loans by lending directly to consumers and have (ii) acquired installment purchase contracts in four merger and acquisition transactions, and (iii) purchased immaterial amounts of vehicle purchase money loans from non-affiliated lenders. In this report, we refer to all of such contracts and loans as \u201cautomobile contracts.\u201d We were incorporated and began our operations in March 1991. From inception through December 31, 2025, we have purchased a total of approximately $24.7 billion of automobile contracts from dealers. Contract purchase volumes and managed portfolio levels for the five years ended December 31, 2025, are shown in the table below. Managed portfolio comprises both contracts we owned and those we were servicing for third parties. [[GREPCENT_TABLE]] [[\"Contract Purchases and Outstanding Managed Portfolio\"],[\"\",\"\",\"$ in thousands\"],[\"Year\",\"\",\"Contracts Purchased in Period\",\"\",\"\",\"Managed Portfolio at Period End\"],[\"2021\",\"\",\"\",\"1,146,321\",\"\",\"\",\"\",\"2,249,069\"],[\"2022\",\"\",\"\",\"1,854,385\",\"\",\"\",\"\",\"3,001,308\"],[\"2023 Item 1A. RISK FACTORS We are subject to various risks that may materially harm our business, prospects, financial condition and results of operations. An investment in our common stock is speculative and involves risk. In evaluating an investment in shares of our common stock, you should carefully consider the risks describe", "title": "CPSS - CONSUMER PORTFOLIO SERVICES, INC.", "url": "/company/CPSS/" }, { "kind": "company", "summary": "SIC 7374 Services-Computer Processing & Data Preparation; CIK 0000909494; latest 10-K filed 2026-03-12.", "text": "TCX - TUCOWS INC /PA/ SIC 7374 Services-Computer Processing & Data Preparation; CIK 0000909494; latest 10-K filed 2026-03-12. TCX TUCOWS INC /PA/ 0000909494 7374 Services-Computer Processing & Data Preparation ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW Our mission is to provide simple useful services that help people unlock the power of the Internet. 25 We accomplish this by reducing the complexity of our customers\u2019 experience as they access the Internet (at home or on the go) and while using Internet services such as domain name registration, email and other Internet related services. We are organized into three operating and reporting segments - Ting, Wavelo, and Tucows Domains. Each segment is differentiated primarily by their services, the markets they serve and the regulatory environments in which they operate. The Ting segment contains the operating results of our retail high speed Internet access operations, including its wholly owned subsidiaries - Cedar and Simply Bits. The Wavelo segment includes our platform and professional services offerings, as well as billing solutions to ISPs. Tucows Domains includes wholesale and retail domain name registration services, as well as value-added services derived through our OpenSRS, Enom, Ascio, EPAG, and Hover brands. Our CEO, who is also our chief operating decision maker, reviews the operating results of Ting, Wavelo and Tucows Domains as three distinct segments in order to make key decisions and evaluate segment performance. Certain revenues and expenses disclosed under the Corporate category are excluded from segment results as they are centrally managed and not monitored by or reported to our CEO by segment. The exclusions include: retail mobile services, the 10-year payment stream on transferred legacy Mobile subscribers, eliminations of intercompany transactions, portions of Finance and Human Resources, Legal and Corporate IT shared services. For the years ended December 31, 2025, 2024 and 2023, we reported revenue of $390 million, $362 million and $339 million, respectively. Ting Ting and its wholly owned subsidiaries, Cedar and Simply Bits, includes the provision of high-speed Internet access services to select towns throughout the United States, with operations focused on serving existing markets. Our primary sales channel is through the Ting website. The primary focus of this segment is to provide reliable Gigabit Fiber and Fixed Wireless Internet services to consumer and business customers. Revenues from Ting Internet are all generated in the U.S. and are billed on a monthly basis. Generally, Ting internet services have no fixed contract terms, aside from certain non-standard bespoke with business customers. As of December 31, 2025, Ting Internet had access to 126,000 owned infrastructure serviceable addresses, 109,000 partner infrastructure serviceable addresses and 54,000 active accounts under its management; compared to having access to 134,000 owned infrastructure serviceable addresses, 45,000 partner infrastructure serviceable addresses and 51,000 active accounts under its management as of December 31, 2024. These figures exclude any changes in serviceable addresses and accounts attributable to the Simply Bits acquisition On February 7, 2024 Ting committed to a workforce reduction (the \"February 2024 Workforce Reduction\"), as defined in \"Note 21. Restructuring Costs\" to the Consolidated Financial Statements, which aimed to realign the Company's operational structure within the Ting operating segment and reduce Ting's workforce by 13%, or 7% of the Company\u2019s total workforce, to better support strategic objectives. The February 2024 Workforce Reduction was designed to streamline operations and reduce operating expenses within the Ting operating segment. Substantially all of the employees impacted by the workforce reduction were notified on February 7, 2024 and have since exited the Company. The Company incurred non-recurring charges of approximately $3.2 million in the first quarter of Fiscal 2024, in connection with the workforce reduction, primarily consisting of severance payments, notice pay, e ITEM 1. BUSINESS Overview Our mission is to provide simple useful services that help people unlock the power of the Internet. We accomplish this by reducing the complexity of our customers\u2019 experience as they access the Internet (at home or on the go) and while using Internet services such as domain name registration, email and other Internet related services. We are organized into three operating and reporting segments - Ting, Wavelo, and Tucows Domains. Each segment is differentiated primarily by their services, the markets they serve and the regulatory environments in which they operate. The Ting segment contains the operating results of our retail high speed Internet access operations, including its wholly owned subsidiaries - Cedar and Simply Bits. The Wavelo segment includes our platform and professional services offerings, as well as the billing solutions to Internet services providers (\"ISPs\"). Tucows Domains includes wholesale and retail domain name registration services, as well as value-added services derived through our OpenSRS, Enom, Ascio, EPAG and Hover brands. Our Chief Executive Officer (\"CEO\"), who is also our chief operating decision maker, reviews the operating results of Ting, Wavelo and Tucows Domains as three distinct segments in order to make key operating decisions as well as evaluate segment performance. Certain revenues and expenses are excluded from segment results as they are centrally managed and not monitored by or reported to our CEO by segment, including mobile retail services, eliminations of intercompany transactions, portions of Finance and Human Resources that are centrally managed, Legal and Corporate Information Technology (\"IT\") shared services. Ting Ting and its wholly owned subsidiaries, Cedar and Simply Bits includes the provision of high-speed Internet access services to select towns throughout the United States, with operations focused on serving existing markets. Our primary sales channel is through the Ting webs ITEM 1A. RISK FACTORS Our business faces significant risks. Some of the following risks relate principally to our business and the industry and statutory and regulatory environment in which we operate, including those highlighted in this section and summarized below. Other risks relate principally to the se", "title": "TCX - TUCOWS INC /PA/", "url": "/company/TCX/" }, { "kind": "company", "summary": "SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001914605; latest 10-K filed 2026-03-25.", "text": "ECBK - ECB Bancorp, Inc. /MD/ SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001914605; latest 10-K filed 2026-03-25. ECBK ECB Bancorp, Inc. /MD/ 0001914605 6036 Savings Institutions, Not Federally Chartered ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This discussion and analysis reflects our financial statements and other relevant statistical data, and is intended to enhance your understanding of our financial condition and results of operations. The information in this section has been derived from the audited financial statements, which appear beginning on page 55 of this Annual Report on Form 10-K. Overview Our business consists primarily of taking deposits from the general public and investing those deposits, together with funds generated from operations, in one-to-four family residential real estate loans, commercial real estate loans, multifamily real estate loans, construction loans, home equity lines of credit and loans and commercial loans. At December 31, 2025, $473.4 million, or 34.2%, of our total loan portfolio was comprised of one-to-four family residential real estate loans, $425.4 million, or 30.8%, of our total loan portfolio was comprised of multifamily real estate loans, $336.4 million, or 24.3%, of our total loan portfolio was comprised of commercial real estate loans, $89.0 million, or 6.4%, of our total loan portfolio was comprised of construction loans, $49.9 million, or 3.6%, of our total loan portfolio was comprised of home equity lines of credit and loans and $7.9 million, or 0.6% of our total loan portfolio was comprised of commercial loans. We also invest in securities, consisting primarily of U.S. government and federal agency obligations, collateralized mortgage obligations, mortgage-backed securities and corporate bonds. We offer a variety of deposit accounts, including certificate of deposit accounts, individual retirement accounts, money market accounts, savings accounts and interest-bearing and noninterest-bearing checking accounts. At December 31, 2025, $728.3 million, or 64.3%, of our total deposit accounts was comprised of certificate of deposit accounts, $211.8 million, or 18.7%, of our total deposit accounts was comprised of money market accounts, $91.4 million, or 8.1%, of our total deposit accounts was comprised of savings accounts, $81.5 million, or 7.2% of our total deposit accounts was comprised of noninterest bearing demand deposit accounts and $19.4 million, or 1.7%, of our total deposit accounts was comprised of interest-bearing demand deposit accounts. In addition to customer deposits, in recent years, we have also accepted brokered deposits as a non-retail funding source to supplement our customer deposits and fund our operations. At December 31, 2025, we had $134.0 million of brokered deposits. We also have utilized advances from the Federal Home Loan Bank of Boston (the \u201cFHLB\u201d) as an additional funding source to fund our operations and we had $284.8 million of FHLB advances outstanding at December 31, 2025. For the years ended December 31, 2025 and 2024, we had net income of $7.8 million and $4.0 million, respectively. Our current business strategy includes continuing to focus on originating and growing our commercial real estate, multifamily real estate and construction loan portfolios as well as the origination of one-to-four family residential real estate loans and home equity lines of credit and loans. To a lesser extent, we also originate other commercial loans and consumer loans. Our results of operations depend primarily on our net interest income. Net interest income is the difference between the interest income we earn on our interest-earning assets and the interest we pay on our interest-bearing liabilities. Our results of operations also are affected by our provision for credit losses, noninterest income and noninterest expense. Noninterest income currently consists primarily of fees and service charges, gains on sales of loans and income on bank-owned life insurance. Noninterest expense currently consists primarily of expenses related to salary and employee benefits and director fees, occupancy and equipment, data ITEM 1. Business FORWARD-LOOKING STATEMENTS This Annual Report contains forward-looking statements, which can be identified by the use of words such as \u201cestimate,\u201d \u201cproject,\u201d \u201cbelieve,\u201d \u201cintend,\u201d \u201canticipate,\u201d \u201cassume,\u201d \u201cplan,\u201d \u201cseek,\u201d \u201cexpect,\u201d \u201cwill,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201cindicate,\u201d \u201cwould,\u201d \u201cbelieve,\u201d \u201ccontemplate,\u201d \u201ccontinue,\u201d \u201ctarget\u201d and words of similar meaning. These forward-looking statements include, but are not limited to: [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"statements of our goals, intentions and expectations;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"statements regarding our business plans, prospects, growth and operating strategies;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"statements regarding the asset quality of our loan and investment portfolios; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"estimates of our risks and future costs and benefits.\"]] [[/GREPCENT_TABLE]] These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this Annual Report. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"general economic conditions, either nationally or in our market areas, that are worse than expected including as a result of employment levels and labor shortages, and the effects of inflation, a potential recession or slowed economic growth caused by supply chain disruptions or otherwise;\"]] [[/GREPCENT_TABLE]]", "title": "ECBK - ECB Bancorp, Inc. /MD/", "url": "/company/ECBK/" }, { "kind": "company", "summary": "SIC 3949 Sporting & Athletic Goods, NEC; CIK 0000913277; latest 10-K filed 2026-03-05.", "text": "CLAR - Clarus Corp SIC 3949 Sporting & Athletic Goods, NEC; CIK 0000913277; latest 10-K filed 2026-03-05. CLAR Clarus Corp 0000913277 3949 Sporting & Athletic Goods, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis reviews significant factors affecting the Company\u2019s consolidated results of operations, financial condition and liquidity. This discussion should be read in conjunction with our financial statements and the accompanying notes to the financial statements. Forward-Looking Statements Please note that in this Annual Report on Form 10-K Clarus Corporation (which may be referred to herein as the \u201cCompany,\u201d \u201cClarus,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d) may use words such as \u201cappears,\u201d \u201canticipates,\u201d \u201cbelieves,\u201d \u201cplans,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cfuture,\u201d and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this Annual Report on Form 10-K include, but are not limited to, the overall level of consumer demand for our products; the highly competitive nature of our markets and the potential for rapid or significant changes in consumer preferences; general economic conditions and other factors affecting consumer confidence, preferences, and behavior; the potential impact of the uncertain macroeconomic environment on our financial results, including, but not limited to, the effects of sustained global inflationary pressures and interest rates, potential economic slowdowns or recessions, trade restrictions and regulatory changes, and global supply chain disruptions; the effect of inflation on our business, including any future pricing actions taken in an effort to mitigate the effects of inflation and potential impacts on our revenue, operating margins and net income; disruption and volatility in the global currency, capital and credit markets; the impact of changes in tariffs, tax laws, global trade policies as well as instability and volatility in global markets; the financial strength of retail economies and the Company\u2019s customers; the Company\u2019s ability to implement its business strategy; our ability to accurately forecast demand and manage inventory levels, including the risk of excess or obsolete inventory, increased discounting, or lost sales; the Company\u2019s ability to execute and integrate acquisitions, as well as to complete dispositions and effectively manage the associated separation and transition risks, including those related to the recent sale of PIEPS; the Company\u2019s exposure to product liability or product warranty claims and other loss contingencies, including, without limitation, recalls and liability claims relating to certain avalanche beacon transceivers distributed by BDEL; disruptions and other impacts to the Company\u2019s business, as a result of an outbreak of disease or similar public health threat, and government actions and restrictive measures implemented in response; stability of the Company\u2019s manufacturing facilities and suppliers, as well as consumer demand for our products, in light of disease epidemics and health-related concerns; disruptions in our supply chain, third-party logistics providers, or distribution facilities; the impact that global climate change trends may have on the Company and its suppliers and customers, increased focus on sustainability issues as a result of global climate change; regulatory or market responses to global climate change; compliance costs and potential liabilities related to en ITEM 1. BUSINESS Overview Headquartered in Salt Lake City, Utah, Clarus Corporation (which may be referred to herein as the \u201cCompany,\u201d \u201cClarus,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d) is a global leading designer, developer, manufacturer and distributor of best-in-class outdoor equipment and lifestyle products focused on the outdoor enthusiast markets. Each of our brands has a long history of continuous product innovation for core and everyday users alike. The Company\u2019s products are principally sold globally under the Black Diamond\u00ae, Rhino-Rack\u00ae, MAXTRAX\u00ae, TRED Outdoors\u00ae, and RockyMounts\u00ae brand names through outdoor specialty and online retailers, our own websites, distributors and original equipment manufacturers. We believe that our portfolio of iconic brands is well-positioned for sustainable, long-term growth underpinned by industry trends across the outdoor and adventure sport end markets. Our iconic brands are rooted in performance-defining technologies that enable our customers to have their best days outdoors. We have a long history of technical innovation and product development, backed by an extensive patent portfolio that continues to evolve and advance our markets. We focus on enhancing our customers\u2019 performance in the most critical moments. Our commitment to quality, rigorous safety, and ultimately best-in-class design is evidenced by outstanding industry recognition, as we have received numerous product awards across our portfolio of brands. Each of our segments addresses a unique customer value proposition through our brands. Supported by six decades of proven innovation, the Outdoor segment is led by Black Diamond, an established global leader in high-performance, activity-based climbing, skiing, and technical mountain sports equipment. The brand is synonymous with premium performance, safety and reliability. The Adventure segment is comprised of three brands addressing the needs of the outdoor enthusiast and tradesman. Founded in 1992, our Rhino-Rack brand is a ITEM 1A. RISK FACTORS In addition to other information contained in this Annual Report on Form 10-K, the following risk factors should be carefully considered in evaluating our business, because such factors may have a significant impact on our business, operating results, liquidity and financial condition. As a result of the risk fact", "title": "CLAR - Clarus Corp", "url": "/company/CLAR/" }, { "kind": "company", "summary": "SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0001484612; latest 10-K filed 2026-02-13.", "text": "OM - Outset Medical, Inc. SIC 3845 Electromedical & Electrotherapeutic Apparatus; CIK 0001484612; latest 10-K filed 2026-02-13. OM Outset Medical, Inc. 0001484612 3845 Electromedical & Electrotherapeutic Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion of our financial condition and results of operations is expected to better allow investors to view the Company from management\u2019s perspective and should be read together with our audited financial statements and related notes and other financial information included elsewhere in this Annual Report. The following discussion contains forward-looking statements that reflect our current plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Annual Report, particularly in the section titled \u201cRisk Factors.\u201d Our historical results are not necessarily indicative of the results that may be expected for any period in the future. We have elected to omit discussion of the earliest of the three years covered by the audited financial statements presented. Refer to Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d, located in our annual report on Form 10-K for the year ended December 31, 2024 for reference to discussion of the year ended December 31, 2024, the earliest of the three fiscal years presented. Overview Our technology is designed to elevate the dialysis experience for patients and help providers overcome traditional care delivery challenges. Requiring only an electrical outlet and tap water to operate, our Tablo\u00ae Hemodialysis System (Tablo) frees patients and providers from the burdensome infrastructure required to operate traditional dialysis machines. The integration of water purification and on-demand dialysate production in a single 35-inch compact console enables Tablo to provide clinical and operational flexibility to customers. With a simple-to-use touchscreen interface, two-way wireless data transmission and a proprietary data analytics platform, Tablo is a holistic approach to dialysis care. Unlike existing hemodialysis machines, which have limited clinical versatility across care settings, Tablo can be used seamlessly across multiple care settings and a wide range of clinical applications. Tablo is cleared by the FDA for use in the hospital, clinic, or home setting. Tablo leverages cloud technology, making it possible for providers to monitor devices remotely, view treatment data, perform patient and population analytics, and automate clinical recordkeeping. Tablo\u2019s wireless connectivity enables us to release training, new features and enhancements over-the-air without interventions by FSEs. Tablo\u2019s connectedness allows continuous streaming of an average of approximately 3 million machine performance data points to the cloud for every treatment. We use this data, in conjunction with our diagnostic and predictive algorithms, to monitor device performance, identify and diagnose failures and, in some instances, predict and prevent potential future device failures or malfunctions. In effect, this contributes to a reduction in service hours and an increase in device uptime. We have generated meaningful evidence to demonstrate that providers can realize significant operational efficiencies, including reducing the cost of their dialysis programs. In addition, Tablo has been shown to deliver robust clinical care. In studies and surveys we have conducted, patients have reported quality of life benefits on Tablo compared to other dialysis machines. We believe Tablo empowers patients, who have traditionally been passive recipients of care, to regain agency and ownership of their treatment. Driving adoption of Tablo in the acute care setting has been our primary focus to date. We have invested in growing our economic and clinical evidence, built a veteran sales and clinical support team with significant expertise, and implemented a comprehensive training and customer experience program. Our experien Item 1. Business. Our Company Outset is a medical technology company pioneering a first-of-its-kind technology to improve clinical outcomes in dialysis with less cost and complexity. We believe the Tablo\u00ae Hemodialysis System (Tablo) represents a significant technological advancement that transforms the dialysis experience for patients and operationally simplifies it for providers. We designed Tablo from the ground up to be a single enterprise solution that can be utilized across the continuum of care, allowing dialysis to be delivered anytime, anywhere and by virtually anyone. Tablo is currently cleared by the U.S. Food and Drug Administration (FDA) for use in the hospital, clinic or home setting. Our technology is designed to elevate the dialysis experience for patients, and help providers overcome traditional care delivery challenges. Our focus on flexibility, ease of use, data analytics and user experience translates to meaningfully reduced training times and fixed infrastructure requirements. Requiring only an electrical outlet and tap water to operate, Tablo frees patients and providers from the burdensome infrastructure required to operate traditional dialysis machines. The integration of water purification and on-demand dialysate production in a single 35-inch compact console enables Tablo to provide clinical and operational flexibility to customers. Tablo leverages cloud technology, making it possible for providers to monitor devices and treatments remotely, perform patient and population analytics and automate clinical recordkeeping. With a simple-to-use touchscreen interface, two-way wireless data transmission and a proprietary data analytics platform, Tablo is a new holistic approach to dialysis care. Unlike traditional hemodialysis machines, which have limited clinical versatility across care settings, Tablo can be used seamlessly across multiple care settings and a wide range of clinical applications. We have generated meaningful evidence to demonstr Item 1A. Risk Factors. Risk Factors Summary The following summarizes the principal factors that make an investment in our company speculative or risky, all of which are more fully described in the risk factors section below. This summary should be read in conjunction with the risk factors sect", "title": "OM - Outset Medical, Inc.", "url": "/company/OM/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001703647; latest 10-K filed 2026-03-12.", "text": "KRRO - Korro Bio, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001703647; latest 10-K filed 2026-03-12. KRRO Korro Bio, Inc. 0001703647 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth under the heading \u201cRisk Factors\u201d in Part I, Item 1A of this Annual Report on Form 10-K our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. See also \u201cCautionary Statement Regarding Forward-Looking Statements.\u201d Overview We are a biopharmaceutical company with a mission to discover, develop and commercialize a new class of genetic medicines based on editing RNA, enabling the treatment of both rare and highly prevalent diseases. We are generating a portfolio of differentiated programs that are designed to harness the body\u2019s natural RNA editing process to effect a precise yet transient change to a single nucleoside (adenosine to an inosine edit). By editing RNA instead of DNA, we are expanding the reach of genetic medicines by delivering additional precision and tunability, which has the potential for increased specificity and improved long-term tolerability. We use an oligonucleotide-based approach and expect to bring our medicines to patients by leveraging our proprietary platform with precedented delivery modalities, including N-acetylgalactosamine, or GalNAc, -conjugated delivery for subcutaneous administration, manufacturing know-how, and established regulatory pathways of approved oligonucleotide medicines. However, the scientific evidence to support the feasibility of developing our development candidates using our RNA editing technology is both preliminary and limited. Moreover, regulators have not yet established any definitive guidelines related to overall development considerations for RNA editing therapies and limited clinical data has been generated to date. The versatility of RNA editing combined with our OPERA platform broadens the therapeutic target space significantly. The advent of large-scale genome sequencing has progressively revealed causal genetic variation underlying several human diseases, both rare and highly prevalent. Genetic mutations, including SNVs implicated in disease have been found to be diverse in nature and can affect the function of genes and their associated downstream biochemical pathways. Data correlating DNA to RNA to disease phenotype have demonstrated that SNVs lead to a loss-of-function or a gain-of-function of the gene. In addition, the majority of SNVs implicated in complex diseases are due to modulation of gene function. By editing RNA to mimic a SNV, we believe we will be able to address unmet patient need by transiently modifying gene expression and the resultant protein function. We continue to make meaningful advancements across our programs, including KRRO-121 as a potential first-in-class treatment for hyperammonemia that has the potential to address substantial unmet need in patients with poor ammonia control, including those with UCD and HE. KRRO-121 is an RNA-editing oligonucleotide conjugated with GalNAc in development for the potential treatment of UCDs of any mutational background in adults and adolescents. Utilizing our proprietary platform, we designed KRRO-121 to edit the GLUL transcript (the gene for the GS protein), to generate a stabilized, de novo variant of GS with enhanced ammonia clearance capacity. This synthetic rescue approach creates a compensating protein rather than repairing the underlying urea cycle defect Item 1. Business. Overview We are a biopharmaceutical company with a mission to discover, develop and commercialize a new class of genetic medicines based on editing RNA, enabling the treatment of both rare and highly prevalent diseases. We are generating a portfolio of differentiated programs that are designed to harness the body\u2019s natural RNA editing process to effect a precise yet transient change to a single nucleoside (adenosine to an inosine edit). By editing RNA instead of DNA, we are expanding the reach of genetic medicines by delivering additional precision and tunability, which has the potential for increased specificity and improved long-term tolerability. We use an oligonucleotide-based approach and expect to bring our medicines to patients by leveraging our proprietary platform with precedented delivery modalities, including N-acetylgalactosamine, or GalNAc, -conjugated delivery for subcutaneous administration, manufacturing know-how, and established regulatory pathways of approved oligonucleotide medicines. However, the scientific evidence to support the feasibility of developing lead candidates using our RNA editing technology is both preliminary and limited. Moreover, regulators have not yet established any definitive guidelines related to overall development considerations for RNA editing therapies and limited clinical data has been generated to date. The versatility of RNA editing combined with our OPERA platform broadens the therapeutic target space significantly. The advent of large-scale genome sequencing has progressively revealed causal genetic variation underlying several human diseases, both rare and highly prevalent. Genetic mutations, including single nucleotide variants, or SNVs, implicated in disease have been found to be diverse in nature and can affect the function of genes and their associated downstream biochemical pathways. Data correlating DNA to RNA to disease phenotype have demonstrated that SNVs lead to a loss-of-function or Item 1A. Risk Factors. You should consider carefully the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission, or SEC. We operate in a dynamic and rapidly changing industry that involves numerous risks", "title": "KRRO - Korro Bio, Inc.", "url": "/company/KRRO/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0001041368; latest 10-K filed 2026-06-12.", "text": "RVSB - RIVERVIEW BANCORP INC SIC 6035 Savings Institution, Federally Chartered; CIK 0001041368; latest 10-K filed 2026-06-12. RVSB RIVERVIEW BANCORP INC 0001041368 6035 Savings Institution, Federally Chartered Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u200b General \u200b Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in understanding the financial condition and results of operations of the Company. The information contained in this section should be read in conjunction with the Consolidated Financial Statements and accompanying Notes thereto contained in Item 8 of this Form 10-K and the other sections contained in this Form 10-K. \u200b Critical Accounting Estimates We prepare our consolidated financial statements in accordance with GAAP. In doing so, we have to make estimates and assumptions. Our critical accounting estimates are those estimates that involve a significant level of uncertainty at the time the estimate was made, and changes in the estimate that are reasonably likely to occur from period to period, or use of different estimates that we reasonably could have used in the current period, would have a material impact on our financial condition or results of operations. Accordingly, actual results could differ materially from our estimates. We base our estimates on past experience and other assumptions that we believe are reasonable under the circumstances, and we evaluate these estimates on an ongoing basis. We have reviewed our critical accounting estimates with the audit committee of our Board of Directors. The Company has identified policies that due to the significant level of judgement, estimation and assumptions inherent in those policies are critical to an understanding of the Company\u2019s consolidated financial statements. These policies include our accounting policies related to the methodology for the determination of the ACL, fair value accounting and measurement, and goodwill valuation. The following is a discussion of the critical accounting estimates involved with those accounting policies. Allowance for Credit Losses \u200b The ACL is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the economic environment that could result in changes to the amount of the recorded ACL. The provision for credit losses reflects the amount required to maintain the ACL at an appropriate level based upon management\u2019s evaluation of the adequacy of collectively and individually evaluated loan components. Determining the amount of the ACL involves a high degree of judgment. Among the material estimates required to establish the ACL are: overall economic conditions; value of collateral; strength of guarantors; loss exposure at default; the amount and timing of future cash flows for loans that are individually evaluated; determination of loss factors to be applied to the various elements of the portfolio; and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the financial assets. All of these estimates are susceptible to significant change. Based on the analysis of the ACL, the amount of the ACL is increased by the provision for credit losses and decreased by a recapture of credit losses and are charged against current period earnings. \u200b The ACL is maintained at a level sufficient to provide for expected credit losses based on evaluating known and inherent risks in the loan portfolio and upon our continuing analysis of the factors underlying the quality of the loan portfolio. The ACL is comprised of a general component and a specific component. The general component establishes a reserve rate using historical life-of-loan default rates, current loan portfolio information, economic forecasts, and business cycle data. Statistical analysis determines life-of-loan default and loss rates for the quantitative component, while qualitative factors adjust expected loss rates for current and forecasted conditions. The qualitative factor m Item 1. Business General Riverview Bancorp, Inc., a Washington corporation, is the bank holding company of Riverview Bank. At March 31, 2026, the Company had total assets of $1.46 billion, total deposits of $1.25 billion and total shareholders\u2019 equity of $145.6 million. The Company\u2019s executive offices are located in Vancouver, Washington. The Bank has two subsidiaries, Riverview Trust Company (the \u201cTrust Company\u201d) and Riverview Services, Inc. (\u201cRiverview Services\u201d). The Trust Company is a trust and financial services company located in downtown Vancouver, Washington, and provides full-service brokerage activities, trust and asset management services. Riverview Services acts as a trustee for deeds of trust on mortgage loans granted by the Bank and receives a reconveyance fee for each deed of trust. Substantially all of the Company\u2019s business is conducted through the Bank, which until April 28, 2021, was a federal savings bank subject to extensive regulation by the Office of the Comptroller of the Currency (\u201cOCC\u201d). The Bank converted from a federally chartered savings bank to a Washington state-chartered commercial bank on April 28, 2021. As a Washington state-chartered commercial bank, the Bank\u2019s regulators are the Washington State Department of Financial Institution, Divisions of Banks (\u201cWDFI\u201d) and the Federal Deposit Insurance Corporation (\u201cFDIC\u201d), the insurer of its deposits. The Bank\u2019s deposits are insured up to applicable limits by the FDIC. The Federal Reserve remains the primary federal regulator for the Company. In connection with the Bank\u2019s charter conversion, the Company converted from a Savings and Loan Holding Company to a Bank Holding Company. The Bank is also a member of the Federal Home Loan Bank of Des Moines (\u201cFHLB\u201d) which is one of the 11 regional banks in the Federal Home Loan Bank System (\u201cFHLB System\u201d). As a progressive, community-oriented financial services company, the Company emphasizes local, personalized service to residents and busines Item 1A. Risk Factors An investment in our common stock is subject to risks inherent in our business. Before making an investment decision, you should carefully consider the risks and uncertainties described below together with all the other information included in this report. In addition to the risks and", "title": "RVSB - RIVERVIEW BANCORP INC", "url": "/company/RVSB/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001505952; latest 10-K filed 2026-04-16.", "text": "DOMO - DOMO, INC. SIC 7372 Services-Prepackaged Software; CIK 0001505952; latest 10-K filed 2026-04-16. DOMO DOMO, INC. 0001505952 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This discussion contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements containing words such as \u201cmay,\u201d \u201cbelieve,\u201d \u201ccould,\u201d \"will,\u201d \u201cseek,\u201d \u201cdepends,\u201d \u201canticipate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201cprojections,\u201d \u201cbusiness outlook,\u201d \u201cestimate,\u201d or similar expressions constitute forward-looking statements. You should read these statements carefully because they discuss future expectations, contain projections of future results of operations or financial condition or state other \u201cforward-looking\u201d information. These statements relate to our future plans, objectives, expectations, intentions and financial performance and the assumptions that underlie these statements. They include, but are not limited to, statements about: \u2022our ability to attract new customers and retain and expand our relationships with existing customers; \u2022our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit, operating expenses, key metrics, ability to generate cash flow and ability to achieve and maintain future profitability; \u2022the potential impact on our business transitioning to a consumption-based pricing model; \u2022the anticipated trends, market opportunity, growth rates and challenges in our business and in the business intelligence software market; \u2022the efficacy of our sales and marketing efforts; \u2022our ability to compete successfully in competitive markets; \u2022our ability to respond to and capitalize on rapid technological changes; \u2022our expectations and management of future growth; \u2022our ability to enter new markets and manage our expansion efforts, particularly internationally; \u2022our ability to develop new product features; \u2022our ability to attract and retain key employees and qualified technical and sales personnel; \u2022our ability to effectively and efficiently protect our brand; \u2022our ability to timely scale and adapt our infrastructure; \u2022the effect of general economic and market conditions, including changes in regulations and customs, tariffs and trade barriers, on our business and on our customers; \u2022our ability to protect our customers' data and proprietary information; \u2022our ability to maintain, protect, and enhance our intellectual property and not infringe upon others\u2019 intellectual property; and \u2022our ability to comply with all governmental laws, regulations and other legal obligations. Our actual results may differ materially from those contained in or implied by any forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this report, including those factors discussed in Part I, Item 1A (Risk Factors). In light of the significant uncertainties and risks inherent in these forward-looking statements, you should not regard these statements as a representation or warranty by us or anyone else that we will achieve our objectives or plans in any specified time frame, or at all, or as predictions of future events. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to publicly 55 update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You should read the following discussion and analysis of our financial condition and results of operations together with the consolidated financial statements and related notes that are included elsewhere in this Annual Report on Form 10-K. Our fiscal year ends on January 31. References to fiscal 2026, for example, refer to the fiscal year ended January 31, 2026. Overview We founded Domo in 2010 with the vision of digitally connecting everyone within Item 1. Business Overview At Domo, we believe people and data are an organization\u2019s most valuable assets in the cloud era. Our cloud-based AI and data products platform enables processes that are critically dependent on business data, which historically could take weeks or months, to be done on-the-fly, in as fast as minutes or seconds, at scale. From marketing to operations, HR to finance, IT to product development, supply chain to sales, Domo\u2019s platform is designed to change the way organizations are managed and empower our customers to build data products, including through leveraging AI technologies, that generate measurable value for the business. Through the Domo platform, data from across the business is stored, prepared, organized, analyzed, visualized, automated and distributed. Artificial intelligence and machine learning capabilities can be applied to customer data to generate insights, trigger alerts, and support recommended actions based on predefined business rules and user configurations. These capabilities are designed to operate within customer-defined governance controls and permissions, enabling users to review, approve, and execute actions, including writing data back to systems of record where authorized. Because Domo can digitally connect an organization and empower employees to engage with data in a governed way, we believe our market potential is broad. We have made significant investments to build an enterprise-grade platform with the scale, speed and security to support organizations regardless of where they are in their digital transformation journey. In many ways, building Domo was like building multiple complementary technologies in one platform to address common gaps in data strategy, connecting and transforming data, analyzing and visualizing it, automating actions, and building applications that extend data to teams, partners, and customers. As a result, our platform is able to support a broad range of capabilities, including data Item 1A. Risk Factors You should carefully consider the following risk factors, in addition to the other information contained in this report, including the section of this report captioned \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our financial statements and related notes. If any of the events described in t", "title": "DOMO - DOMO, INC.", "url": "/company/DOMO/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001828588; latest 10-K filed 2026-03-13.", "text": "HNVR - Hanover Bancorp, Inc. /MD SIC 6022 State Commercial Banks; CIK 0001828588; latest 10-K filed 2026-03-13. HNVR Hanover Bancorp, Inc. /MD 0001828588 6022 State Commercial Banks ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following is a discussion of our financial condition and results or our operations for the years ended December 31, 2025 and 2024, respectively. The purpose of this discussion is to focus on information about our financial condition and results of operations which is not otherwise apparent from our consolidated financial statements. Unless the context otherwise specifies or requires, references herein to \u201cwe\u201d or \u201cus\u201d include Hanover Bancorp, Inc. and Hanover Bank on a consolidated basis. Business Overview The Company is a Maryland corporation and is the holding company for the Bank. The Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to local needs, commenced operations in 2009 and is incorporated under the laws of the State of New York. As a New York State chartered bank, the Bank is subject to regulation by the DFS and the FDIC. As a bank holding company, the Company is subject to regulation and examination by the FRB. The Company completed its core processing system conversion to FIS Horizon in February 2025. This conversion, coupled with our recently refreshed corporate logo, exemplifies our momentum towards a more technologically advanced, modern and digitally forward-thinking bank. The Company was added to the Russell 2000 Index in June 2025. The Russell 2000 Index encompasses the 2,000 largest U.S.-traded stocks by objective, market-capitalization rankings, and style attributes. The Russell Indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. The Bank offers a full range of financial services including a complete suite of consumer, commercial, and municipal banking products and services, including multifamily and commercial mortgages, government guaranteed loans, residential loans, business loans and lines of credit. The Bank also offers its customers, among other things, access to 24-hour ATM service with no fees, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for its consumer and business customers and safe deposit boxes. Our corporate administrative office is located in Mineola, New York where the Bank also operates a full-service branch office. Additional branches are located in Garden City Park, Hauppauge, Port Jefferson, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Bowery, New York and Freehold, New Jersey. It is expected that the Company will once again expand its geographic footprint with the opening of a full-service branch in a state-of-the-art facility in downtown Riverhead, New York. Business development staff have already joined the Company in anticipation of the opening of this location. Subject to regulatory approvals, the Bank expects to open the branch in late 2026. The Company expects that a temporary office location in Riverhead will be operational by the end of the first quarter of 2026. At December 31, 2025, on a consolidated basis we had $2.38 billion in total assets, $200.3 million in total stockholders\u2019 equity, $2.00 billion in total loans, $2.03 billion in total deposits and 194 full-time equivalent employees. \u200b 47 Table of Contents Critical Accounting Policies and Estimates We prepare our consolidated financial statements in conformity with GAAP. The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Our significant accounting policies and effects of new accounting pronouncements are discussed in detail in Note 1, \u201cSummar Item 1.Business Overview Hanover Bancorp, Inc., a Maryland corporation (the \u201cCompany\u201d), is the holding company for Hanover Community Bank (the \u201cBank\u201d), a New York chartered community commercial bank focusing on highly personalized and efficient services and products responsive to local needs. On June 25, 2025, the Company completed its reincorporation from New York to Maryland. The Bank operates as a locally headquartered, community-oriented bank serving customers throughout the New York metro area from offices in Nassau, Suffolk, Queens, Kings (Brooklyn) and New York (Manhattan) Counties, New York, and Freehold, Monmouth County, New Jersey. We opened the Bank\u2019s Hauppauge Business Banking Center in Hauppauge, Suffolk County, New York in May 2023. In June 2025, we opened a full-service branch in Port Jefferson, Suffolk County, New York. As of December 31, 2025, we had total assets of $2.38 billion, total loans of $2.00 billion, total deposits of $2.03 billion and total stockholders\u2019 equity of $200.3 million. The Bank was originally organized in 2009, with a focus on serving the South Asian community in Nassau County. After incurring financial and regulatory setbacks, the Bank was recapitalized in 2012 (the \u201c2012 Recapitalization\u201d). Following the 2012 Recapitalization, the Bank adopted a strategic plan focused on providing differentiated consumer and commercial banking services to clients in the western Long Island markets and New York City boroughs, particularly the Queens and Brooklyn markets. As a result, the Bank has grown its balance sheet significantly both through organic loan and deposit growth, as well as highly opportunistic acquisitions. The Bank\u2019s management team has utilized its strong local community ties and experience with federal and New York bank regulatory agencies to create a bank that we believe emphasizes strong credit quality, a solid balance sheet, and a robust capital base. In 2019, we acquired Chinatown Federal Savings Bank (\u201cCFSB\u201d). The Item 1A. Risk Factors As a financial services organization, we are subject to a number of risks inherent in our transactions and present in the business decisions we make. Set forth below is a summary of those risks, and then a more detailed discussion of the primary risks and uncertainties that, if realized, could have a material ", "title": "HNVR - Hanover Bancorp, Inc. /MD", "url": "/company/HNVR/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001767837; latest 10-K filed 2026-03-23.", "text": "RMBI - Richmond Mutual Bancorporation, Inc. SIC 6022 State Commercial Banks; CIK 0001767837; latest 10-K filed 2026-03-23. RMBI Richmond Mutual Bancorporation, Inc. 0001767837 6022 State Commercial Banks Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Cautionary Note Regarding Forward-Looking Statements Certain statements contained in this Form 10-K may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact and are based on certain assumptions and expectations regarding future events. These statements are generally identified by words such as \u201cbelieves,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cestimates,\u201d \u201cforecasts,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201ctargets,\u201d \u201cpotentially,\u201d \u201cprobably,\u201d \u201cprojects,\u201d \u201coutlook,\u201d or similar expressions, or by future or conditional verbs such as \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cwould,\u201d or \u201ccould.\u201d These forward-looking statements include, but are not limited to: \u2022statements of our goals, intentions and expectations; \u2022statements regarding our business plans, prospects, growth and operating strategies; \u2022statements regarding the quality of our loan, lease, and investment portfolios; 46 \u2022statements regarding the expected benefits of proposed transactions, including our proposed merger with Farmers Bancorp; and \u2022estimates of our risks and future costs and benefits. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. These statements are based on our current beliefs and expectations and are inherently subject to significant business, economic, competitive, and regulatory uncertainties and contingencies, many of which are beyond our control. They are also subject to assumptions regarding future business strategies and decisions that are subject to change. Important factors that could cause our actual results to differ materially from the results anticipated or projected, include, but are not limited to, the following: \u2022adverse impacts to economic conditions in our local market areas and other markets where we have lending relationships; \u2022effects of employment levels, labor shortages and inflation, a recession, or slowed economic growth; \u2022changes in the interest rate levels and volatility, and the timing and pace of such changes including actions by the Federal Reserve in response thereto; \u2022the impact of inflation and the monetary and fiscal policy responses thereto, and their impact on consumer and business behavior; \u2022the effects of a federal government shutdown, debt ceiling standoff, or other fiscal policy uncertainty; \u2022changes in the level and direction of loan or lease delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; \u2022our ability to access cost-effective funding including maintaining the confidence of depositors; \u2022unexpected outflows of uninsured deposits may require us to sell investment securities at a loss; \u2022fluctuations in real estate values, and residential, commercial, and multi-family real estate market conditions; \u2022competitive pressures among depository institutions, including repricing and competitors' pricing initiatives, and their impact on our market position, loan, and deposit products; \u2022our ability to implement and change our business strategies; \u2022competition among depository and other financial institutions and equipment financing companies; \u2022the impact of bank failures or other adverse developments at banks and related negative publicity about the banking industry in general on investor and depositor sentiment; \u2022inflation and changes in the interest rate environment that reduce our margins and yields, our mortgage banking revenues, the fair value of financial instruments or our level of loan originations, or increase the level of defaults, losses and prepayments on our loans and leases; \u2022adverse changes in the securities or secondary mortgage markets; \u2022changes in the quality or composition of our loan, lease or investment portfolios; \u2022our ability to keep pace with technological changes, including ou Item 1. Business The disclosures set forth in this item are qualified by Item 1A. Risk Factors and the section captioned \u201cCautionary Note Regarding Forward-Looking Statements\u201d in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of this report and other cautionary statements set forth elsewhere in this report. Overview Richmond Mutual Bancorporation, Inc., a Maryland corporation, which is sometimes referred to in this document as \u201cRichmond Mutual Bancorporation-Maryland,\u201d was formed in February 2019 to serve as a new stock holding company for First Bank Richmond upon completion of the reorganization of First Bank Richmond from the mutual to stock holding company form of organization. The reorganization was completed on July 1, 2019. Prior to completion of the reorganization, First Bank Richmond was a wholly owned subsidiary of Richmond Mutual Bancorporation, Inc., a Delaware stock corporation, which is sometimes referred to in this document as \u201cRichmond Mutual Bancorporation-Delaware,\u201d and Richmond Mutual Bancorporation-Delaware was a wholly owned subsidiary of First Mutual of Richmond, Inc., a Delaware non-stock mutual holding company (the \u201cMHC\u201d). On July 1, 2019, upon the completion of the reorganization, Richmond Mutual Bancorporation-Delaware and the MHC ceased to exist, and First Bank Richmond became a wholly owned subsidiary of Richmond Mutual Bancorporation-Maryland. In certain circumstances, where appropriate, the terms \u201cRichmond Mutual Bancorporation,\u201d \u201cthe Company,\u201d \u201cwe, \u201cus\u201d and \u201cour\u201d refer collectively to (i) Richmond Mutual Bancorporation-Delaware and First Bank Richmond with respect to discussions in this document involving matters occurring prior to completion of the reorganization and (ii) Richmond Mutual Bancorporation-Maryland and First Bank Richmond with respect to discussions in this document involving matters to occur post-reorganization, in each case unless the context indicates another meaning. Item 1A. Risk Factors An investment in our common stock is not an insured deposit and is subject to risks inherent in our business. Before making an investment decision, you should carefully consider the risks and uncertainties described below together with all of the other information included and incorporated by reference in t", "title": "RMBI - Richmond Mutual Bancorporation, Inc.", "url": "/company/RMBI/" }, { "kind": "company", "summary": "SIC 2086 Bottled & Canned Soft Drinks & Carbonated Waters; CIK 0001854139; latest 10-K filed 2026-02-25.", "text": "ZVIA - Zevia PBC SIC 2086 Bottled & Canned Soft Drinks & Carbonated Waters; CIK 0001854139; latest 10-K filed 2026-02-25. ZVIA Zevia PBC 0001854139 2086 Bottled & Canned Soft Drinks & Carbonated Waters Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion contains forward-looking statements that involve risks and uncertainties. The following discussion of our financial condition and results of operations should be read in conjunction with our accompanying consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including those set forth in Part I, Item 1A. \u201cRisk Factors\u201d and other sections of this Annual Report. The financial data discussed below reflects the historical results of operations and financial position of the Company. References in this Annual Report to \u201cZevia,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer (1) prior to the consummation of the Reorganization Transactions, to Zevia LLC, and (2) after the consummation of the Reorganization Transactions, to Zevia PBC and its consolidated subsidiaries unless the context indicates otherwise. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Overview We are a better-for-you beverage company that develops, markets, sells, and distributes naturally delicious, zero sugar beverages. We are a Delaware public benefit corporation and have been designated as a \u201cCertified B Corporation\u201d by B Lab, an independent non-profit organization. We are focused on addressing the global health challenges resulting from excess sugar consumption by offering a broad portfolio of zero sugar, zero calorie, naturally sweetened beverages. All Zevia\u00ae beverages are made with a handful of simple ingredients, contain no artificial sweeteners, and are Non-GMO Project verified, gluten-free, Kosher and vegan, and include a variety of flavors across Soda, Energy Drinks, and Tea drinks. Our products are distributed and sold principally across the U.S. and Canada through a wide-ranging network of major retailers in the grocery, drug, warehouse club, mass, natural, convenience and e-commerce channels and in natural product stores and specialty outlets. Our products are manufactured and maintained at third-party beverage production and warehousing facilities located in both the U.S. and Canada. We believe that consumers increasingly select beverage products based on a variety of factors including taste, ingredients and fit with today\u2019s consumer preferences, which has benefited the Zevia\u00ae brand and resulted in over 2.6 billion cans of Zevia sold to date. Key Events During 2025 Productivity Initiative In the second quarter of 2024, we began executing a multi-year, broad-based Productivity Initiative designed to realign our cost structure in order to accelerate our route-to-market evolution and continue to build the Zevia\u00ae Brand. This Productivity Initiative is designed to focus on our most critical initiatives including driving growth and innovation in our highest margin carbonated better-for-you beverages, re-align our cost structure to support greater investments in the Zevia\u00ae Brand and improve operational excellence while simplifying processes across the organization. The Productivity Initiative, which included a reduction in workforce, has resulted in the following: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Costs associated with the Productivity Initiative, including restructuring costs, were $2.2 million and $2.1 million during the years ended December 31, 2025 and 2024, respectively, primarily consisting of employee related severance costs.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"The Productivity Initiative is expected to result in estimated annualized benefits of approximately $20.0 million, and we began seeing these benefits in the second half of 2024 and expect the savings to continue to be realized through 2026. These benefits include reduction in costs Item 1. Business Overview Zevia PBC (\u201cZevia PBC\u201d) was incorporated as a Delaware public benefit corporation on March 23, 2021, and prior to the consummation of the reorganization and initial public offering (\u201cIPO\u201d), did not conduct any activities other than those incidental to our formation and the IPO. In connection with the completion of the IPO on July 26, 2021, Zevia PBC became a holding company, and its sole material asset is a controlling equity interest in Zevia LLC, a Delaware limited liability company (\u201cZevia LLC\u201d). As the sole managing member of Zevia LLC, Zevia PBC operates and controls all of the business and affairs of Zevia LLC and, through Zevia LLC, conducts its business. Subsequent to July 26, 2021, Zevia PBC consolidates the results of Zevia LLC with a non-controlling interest reflected for the portion of Zevia LLC not owned by Zevia PBC. For more information about our holding company reorganization, see the section titled \u201cOrganizational Structure\u2014The Reorganization\u201d in the prospectus dated July 21, 2021, and filed with the U.S. Securities and Exchange Commission (\u201cSEC\u201d) on July 23, 2021. References in this Annual Report to \u201cZevia PBC\u201d refer to Zevia PBC and not to any of its subsidiaries unless the context indicates otherwise. References in this Annual Report to \u201cZevia,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer (1) prior to the consummation of the Reorganization Transactions (as defined in Note 1 - Description of Business in the Notes to our Consolidated Financial Statements included in Part II, Item 8 of this Annual Report), to Zevia LLC, and (2) after the consummation of the Reorganization Transactions, to Zevia PBC and its consolidated subsidiaries unless the context indicates otherwise. Available Information We make available, free of charge, on the \u201cInvestors Relations\u201d section of our website, https://www.zevia.com (\u201cZevia Investor Relations website\u201d) our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Item 1A. Risk Factors. RISK FACTORS We are providing the following summary of the risk factors contained in this Annual Report. We encourage you to carefully review the full risk factors immediately following this summary as well as the other information contained in this Annual Report, including our consolidate", "title": "ZVIA - Zevia PBC", "url": "/company/ZVIA/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001448431; latest 10-K filed 2026-03-12.", "text": "OPRX - OptimizeRx Corp SIC 7389 Services-Business Services, NEC; CIK 0001448431; latest 10-K filed 2026-03-12. OPRX OptimizeRx Corp 0001448431 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Item 5. Market for Registrant\u2019s Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock is traded under the symbol \u201cOPRX\u201d on the Nasdaq Capital Market. At February 26, 2026, there were approximately 243 shareholders of record of our common stock. We currently intend to retain future earnings for the operation of our business. We have never declared or paid cash dividends on our common stock, and we do not anticipate paying any cash dividends in the foreseeable future. Any payment of future dividends will be at the discretion of the Board and will depend upon, among other things, our earnings, financial condition, capital requirements, level of indebtedness, and other factors that the Board deems relevant. For the information regarding our equity compensation plans, see PART III, Item 12, \u201cSecurity Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.\u201d Issuer Purchases of Equity Securities On March 14, 2023, we announced that our Board had authorized the repurchase of up to $15,000 of our outstanding common stock. Under this program, share repurchases may be made from time to time depending on market conditions, share price and availability and other factors at our discretion. No shares were repurchased under the program during 2024. This stock repurchase authorization expired on March 12, 2024. On March 5, 2026, the Company announced that its\u2019 Board authorized the repurchase of up to $10,000 of the Company\u2019s outstanding common stock. Under this new program, share repurchases may be made from time to time depending on market conditions, share price, share availability, and other factors at the Company\u2019s discretion. This share repurchase authorization is effective on March 12, 2026 and expires on the earlier of March 15, 2027 or when the repurchase of $10,000 of shares has been reached. Overview OptimizeRx is a digital healthcare technology company that connects over two million HCPs and millions of their patients through an intelligent technology platform embedded within a proprietary omnichannel network. OptimizeRx helps life sciences organizations engage and support their customers through our combined HCP and DTC marketing strategies. OptimizeRx has historically generated revenue by delivering messages to HCPs via their EHR systems and eRx platforms using our proprietary network of channel partners. We have gradually expanded our offerings to include audience development, audience creation, and media execution across different messaging types and media distribution channels. Overall, we employ a \u201cland and expand\u201d strategy focused on growing our existing customer base and generating greater and more consistent revenues in part through a continued shift in our business model toward enterprise level engagements, while also broadening our platform with innovative proprietary virtual communication solutions such as our patented Micro-Neighborhood\u00ae Targeting and our AI-powered DAAP, which uses sophisticated machine learning algorithms to find the best audiences in the correct channels at the right time. Our strategy for driving revenue growth is also expected to work in tandem with our efforts to increase margin and profitability as revenue drivers such as DAAP have inherently higher margins than most other messaging solutions we offer. In addition, by aiming to transition our DAAP customers to a more predictable subscription-based model for data services, we believe will further improve margins, increase visibility, and enhance the overall predictability of our revenue streams over time. Customer Concentration Because the pharmaceutical industry is dominated by large companies with multiple brands, our revenue is concentrated in a relatively small number of companies. We have over 100 pharmaceutical manufacturers as customers, and our revenues Item 1. Business General OptimizeRx is a leading digital healthcare technology company that is redefining how life sciences brands engage with, market their services and products to, and support patients and healthcare providers. We leverage our proprietary technology solutions and partnerships to help our clients develop and execute highly individualized and targeted marketing campaigns to drive physician and patient engagement and to enhance patient care. OptimizeRx is a Nevada corporation and was founded in 2006 in Rochester, Michigan, as a healthcare technology company delivering various types of messages to target audiences, including coupons and co-pays directly to physicians and pharmacists through electronic health record (\u201cEHR\u201d) systems and ePrescribing (\u201ceRx\u201d) platforms. Over time, the demand for different types of communication and marketing solutions among life sciences organizations, healthcare professionals (\u201cHCPs\u201d), and patients led us to expand upon our initial solution to increase the variety of health-related information we deliver, as well as the platforms, technology, and audiences through, and to which we deliver. By combining artificial intelligence (\u201cAI\u201d)-driven tools with our original financial messaging solution, we progressively enhanced our original financial messaging solution. Our current AI-enabled Dynamic Audience Activation Platform (\u201cDAAP\u201d) not only identifies precise HCP audiences but also estimates which HCPs will see brand eligible patients, and when such brand eligible patients will be seen. After acquiring Healthy Offers, Inc. (d/b/a \u201cMedicx\u201d or \u201cMedicx Health\u201d) in 2023, we expanded our capabilities to include direct-to-consumer (\u201cDTC\u201d) marketing using our patent-protected Micro-Neighborhood\u00ae Targeting (\u201cMNT\u201d) solution. MNT uses de-identified claims data to identify and target not individual patients, but geographies in which eligible patients live, to better target audiences for brand manufacturers - a privacy-centric appro Item 1A. Risk Factors Risks Related to Our Financial Position We have a history of losses, and may not be able to achieve profitability, or, if achieved, sustain profitability. With the exception of 2021 and 2025, we have historically incurred losses as a result of investing in future growth. While we have increased revenues, we have ", "title": "OPRX - OptimizeRx Corp", "url": "/company/OPRX/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001794546; latest 10-K filed 2026-02-25.", "text": "CARL - CARLSMED, INC. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001794546; latest 10-K filed 2026-02-25. CARL CARLSMED, INC. 0001794546 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis provides information that we believe is relevant to an assessment and understanding of our results of operations and financial condition. You should read this discussion and analysis in conjunction with our audited financial statements and related notes included in this Annual Report. Unless the context otherwise requires, references to \u201cCarlsmed,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to Carlsmed, Inc., a Delaware corporation. This discussion contains forward-looking statements that involve risks and uncertainties, such as statements regarding our plans, objectives, expectations, intentions, and projections. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the \u201cRisk Factors\u201d section of this Annual Report. See the section titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Overview Company Summary We are a commercial-stage medical technology company pioneering AI-enabled personalized spine surgery solutions with a focus on becoming the standard of care for spine fusion surgery. Our mission is to improve outcomes and decrease the cost of healthcare for spine surgery and beyond. The aprevo Technology Platform was designed to address the limitations of traditional lumbar and cervical spine fusion surgery and aims to optimize patient outcomes and reduce the need for revision surgeries. Our technology is powered by AI-enabled, outcome-based algorithms that provide personalized surgical plans for spine fusion. The aprevo surgical kit delivered to customers includes interbody implants for a custom vertebral fit for each patient\u2019s unique pathology and vertebral bone topography, and single-use surgical instruments. The aprevo Technology Platform supports surgeons in achieving proper spinal alignment for patients with degenerative disc disease, which can improve clinical outcomes and reduce the likelihood of revision surgeries. We currently market the aprevo Technology Platform for lumbar and cervical spine fusion surgeries. We market the aprevo Technology Platform to hospitals and ambulatory surgical centers in the United States through a combination of our direct sales team and independent sales agents. Our direct sales team consists of Area Vice Presidents, Sales Directors, Account Managers, and Strategic and National Account leadership, who are primarily responsible for promoting the aprevo Technology Platform to surgeons and working with customers to secure required approvals for our products. Our direct sales team is also responsible for recruiting independent sales agents who cover each aprevo surgery. Since we began commercializing the aprevo Technology Platform in 2021, we have experienced sequential quarterly and annual revenue growth from its rapid commercial adoption. For the year ended December 31, 2025 and 2024, we recognized revenue of $50.5 million and $27.2 million, respectively, representing period-over-period growth of 85.9%. Our business model depends on our ability to timely deliver aprevo interbody implants in order to allow surgeons to maintain surgical schedules for their patients. In November 2024, we launched our enhanced digital production system (\u201cDPS\u201d), which enabled us to deliver our aprevo interbody implants to customers within 10 business days or less of surgical plan approval. Starting in February 2026, this lead time has been reduced to six business days. Our implants are manufactured to our specifications by CMOs who meet our manufacturer qualification standards. Our streamlined DPS manages both the upstream and downstream processes involved in producing our implants. Init Item 1. Business. Overview We are a commercial-stage medical technology company pioneering AI-enabled personalized spine surgery solutions with a focus on becoming the standard of care for spine fusion surgery. Our mission is to improve outcomes and decrease the cost of healthcare for spine surgery and beyond. The aprevo Technology Platform was designed to address the limitations of traditional lumbar and cervical spine fusion surgery, aiming to optimize patient outcomes and reduce the need for revision surgeries. 2 Our technology is powered by AI-enabled, outcome-based algorithms that provide personalized surgical plans for spine fusion. The aprevo surgical kit delivered to customers includes interbody implants for a custom vertebral fit for each patient\u2019s unique pathology and bone topography, and single-use surgical instruments. The aprevo Technology Platform supports surgeons in achieving proper spinal alignment for patients with degenerative disc disease (\u201cDDD\u201d), which can improve clinical outcomes and reduce the likelihood of revision surgeries. We currently market the aprevo Technology Platform for lumbar and cervical spine fusion surgeries. DDD is the progressive breakdown of spinal discs that are interposed between vertebrae to provide mobility and shock absorption. The disease occurs naturally with age and can be accelerated by factors such as injury, repetitive loading, obesity, or genetic predisposition. Adult spinal deformity (\u201cASD\u201d) is a more severe form of DDD and is a condition where the spine has systematic structural abnormalities and/or abnormal curvature often affecting multiple levels of the spine. These conditions often cause a loss of disc height and spine function, and lead to chronic pain, disability, and other chronic spinal pathologies, significantly impacting patients\u2019 lives. As the conditions progress and patients experience debilitating pain or disabilities, surgical intervention may become necessary. One study estimated that the ov Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below, as well as the other information in this Annual Report, including our financial statements and the related notes and \u201cManagement\u2019s Discussion and Analysis of Financial Co", "title": "CARL - CARLSMED, INC.", "url": "/company/CARL/" }, { "kind": "company", "summary": "SIC 8700 Services-Engineering, Accounting, Research, Management; CIK 0001023313; latest 10-K filed 2026-03-13.", "text": "FORR - FORRESTER RESEARCH, INC. SIC 8700 Services-Engineering, Accounting, Research, Management; CIK 0001023313; latest 10-K filed 2026-03-13. FORR FORRESTER RESEARCH, INC. 0001023313 8700 Services-Engineering, Accounting, Research, Management Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview We derive revenues from subscriptions to our Research products and services, subscriptions to, and individual licenses of, electronic \u201creprints\u201d of our Research, performing consulting projects and advisory services, and hosting events. We offer contracts for our products as either multi-year contracts or annual contracts, which are typically payable in advance on an annual basis. For certain contracts, we offer to invoice the contract price in multiple invoices throughout the year. Billings in excess of revenue recognized are recorded as deferred revenue. Subscription products are recognized as revenue over the term of the contract. Individual reprint licenses include an obligation to deliver a customer-selected research document and certain usage data provided through our platform, which represents two performance obligations. We recognize revenue for the performance obligation for the data portion of the reprint ratably over the license term. We recognize revenue for the performance obligation for the research document at the time of providing access to the document. Clients purchase consulting projects and advisory services independently and/or to supplement their access to our subscription-based products. Consulting project revenues, which are based upon fixed-fee agreements, are recognized as the services are provided. Advisory service revenues, such as speeches and advisory days, are recognized when the service is complete. Events revenues consist of ticket and sponsorship sales for a Forrester-hosted event, and revenue is recognized upon completion of each event. Our primary operating expenses consist of cost of services and fulfillment, selling and marketing expenses, and general and administrative expenses. Cost of services and fulfillment represents the costs associated with the production and delivery of our products and services, including salaries, bonuses, employee benefits, and stock-based compensation expense for all personnel that produce and deliver our products and services, including all associated editorial, travel, and support services. Selling and marketing expenses include salaries, sales commissions, bonuses, employee benefits, stock-based compensation expense, travel expenses, promotional costs, and other costs incurred in marketing and selling our products and services. General and administrative expenses include the costs of the technology, operations, finance, and human resources groups and our other administrative functions, including salaries, bonuses, employee benefits, and stock-based compensation expense. Overhead costs such as facilities, net of sublease income, and annual fees for cloud-based information technology systems are allocated to these categories according to the number of employees in each group. Our key metrics focus on our contract value (\"CV\") products. We are focusing on CV products as these products are our most profitable products and historically our contracts for CV products have renewed at high rates (as measured by our client retention and wallet retention metrics). Our CV products make up essentially all of our research revenues, and research revenues as a percentage of total revenues increased from approximately 73% in 2024 to approximately 75% in 2025. We calculate CV at the foreign currency rates used for internal planning purposes each year. For comparative purposes, we have recast historical CV and wallet retention at the planned 2026 foreign currency rates. We have included the recast metrics below for the period ended December 31, 2024, and we have also provided recast metrics dating back to the fourth quarter of 2023 on the investor relations section of our website. Contract value, client retention, wallet retention, and number of clients are metrics that we believe are important to understanding our research business. We define these metrics as follows: Item 1. Business General Forrester Research, Inc. is a global independent research and advisory firm. We empower leaders in technology, customer experience, digital, marketing, sales, and product functions to accelerate growth through customer obsession. Forrester\u2019s unique research and continuance guidance model helps executives and their teams achieve their initiatives and outcomes faster and with confidence. Our common stock is listed on Nasdaq Global Select Market under the symbol \"FORR\". Market Overview We believe that market dynamics \u2014 from empowered customers and changing business-to-business buying behaviors to rapid advancements in AI \u2014 have fundamentally changed the business and technology landscape. These dynamics demand that leaders architect change rather than react to disruption. In this era of continuous disruption, AI and public large language models (\"LLMs\") are increasingly positioned as decision support partners, despite lacking the accuracy, the human judgment, and the reliability needed to make confident business decisions. To win, serve, and retain customers in this environment, we believe that organizations and their leaders have an increasing need for trusted guidance and insights grounded in objective sources, and rigorous data and research analysis, to help them make confident decisions that put customer value first. We believe that Forrester is well positioned to address this need through its complementary combination of trusted human intelligence (\"HI\") and AI. Forrester\u2019s Strategy and Business Model The foundation of our business model is our ability to help business and technology leaders and their teams tackle their most pressing priorities and drive growth through customer obsession. Forrester\u2019s offerings are rooted in rigorous methodologies, extensive surveys, proprietary data, and trusted human insights. Our proprietary research, consulting, and events portfolio, combined with our generative AI capabilities, equip clients wit Item 1A. Risk Factors We operate in a rapidly changing and competitive environment that involves risks and uncertainties, certain of which are beyond our control. These risks and uncertainties could have a material adverse effect on our business and our results of oper", "title": "FORR - FORRESTER RESEARCH, INC.", "url": "/company/FORR/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001235912; latest 10-K filed 2026-02-13.", "text": "CVRX - CVRx, Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001235912; latest 10-K filed 2026-02-13. CVRX CVRx, Inc. 0001235912 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Overview We are a commercial-stage medical device company focused on developing, manufacturing, and commercializing innovative and minimally invasive neuromodulation solutions for patients with cardiovascular disease. Our proprietary platform technology, Barostim, is designed to leverage the power of the brain and nervous system to address the imbalance of the Autonomic Nervous System, which causes HFrEF and other cardiovascular diseases. Our second-generation product, Barostim, is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with HFrEF. Barostim provides BAT by sending imperceptible and persistent electrical pulses to baroreceptors located in the wall of the carotid artery to signal the brain to modulate cardiovascular function. Barostim is currently indicated by the FDA for patients who are NYHA Class III or II (who had a recent history of Class III) despite treatment with guideline-directed medical therapies (medications and devices), have a LVEF \u2264 35% and a NT-proBNP 1,600 pg/mL and is CE Marked for HFrEF and resistant hypertension. Since our inception, our activities have consisted primarily of developing Barostim Therapy, conducting our BeAT-HF pre-market and post-market pivotal studies in the U.S., and filing for regulatory approvals. Our ability to generate significant revenue from product sales and become profitable will depend on our ability to continue to successfully commercialize Barostim and any product enhancements we may advance in the future. We expect to derive future revenue by continuing to both expand our own dedicated salesforce and increase awareness of Barostim among payers, physicians, and patients. 74 Table of Contents Our sales and marketing efforts are directed at EPs, HF specialists, interventional and general cardiologists, and vascular surgeons because they are the primary users of our technology. However, we consider hospitals, where the procedures are performed primarily in an outpatient setting, to be our customers, as they are the purchasing entities of Barostim in the U.S. We intend to continue making significant investments building our U.S. commercial infrastructure by expanding and training our U.S. sales force. We have dedicated significant resources to educate physicians and APPs who treat HFrEF about the advantages of Barostim and train them on the implant procedure. The costs for the device and implantation procedure are reimbursed through various third-party payers, such as government agencies and commercial payers. In the U.S., we estimate that 67% of our target patient population is Medicare-eligible based on the age demographic of the HFrEF patient population indicated for Barostim. As a result, we have prioritized coverage by the CMS while simultaneously developing processes to engage commercial payers. All MACs have retired their official automatic coverage denial policies for our CPT codes, thereby allowing hospitals to submit payment requests for the Barostim procedure to be adjudicated on a claim-by-claim basis. Our reimbursement strategy involves continuing to broaden our current coverage and build our in-house market access team to obtain appropriate prior authorization approvals in advance of treatment on a case-by-case basis where positive coverage policies currently do not exist. Outside the U.S., reimbursement levels vary by country and within some countries by region. Barostim is eligible for reimbursement in certain countries in the EEA, such as Germany, where annual healthcare budgets for the hospital generally determine the number of patients to be treated and the prices to be paid for the related devices that may be purchased. We manage all aspects of manufacturing operations and product supply of Barostim, which include final assembly, testing and packaging of our IPG and stimulation lead, at our headq Item 1. Business Overview CVRx is a commercial-stage medical device company focused on developing, manufacturing, and commercializing innovative and minimally invasive neuromodulation solutions for patients with cardiovascular disease. Barostim is the first medical technology approved by the U.S. Food and Drug Administration (the \u201cFDA\u201d) that uses neuromodulation to improve the symptoms of patients with heart failure (\u201cHF\u201d). Barostim is an implantable device that delivers electrical pulses to baroreceptors located in the wall of the carotid artery to counteract decreased baroreceptor signaling, which creates an imbalance in the brain\u2019s Autonomic Nervous System (\u201cANS\u201d) resulting in excess neurohormones that drive HF progression. Barostim provides Baroreflex Activation Therapy (\u201cBAT,\u201d or \u201cBarostim Therapy\u201d), which links the cardiovascular system to the ANS. This therapy complements the pharmaceutical neurohormonal blockade, or Guideline Directed Medical Therapy (\u201cGDMT\u201d), by increasing the signaling of the baroreceptors, thereby, reducing symptoms of HF. Barostim received the FDA Breakthrough Device designation and is FDA-approved for use in HF patients in the U.S. We estimate our total market opportunity using both prevalence and incidence epidemiologic models in which prevalence reflects the total number of individuals indicated for therapy at a given time, while incidence captures the annual occurrence of new cases meeting the indication. Based on these distinct models, we estimate that our prevalence-based market opportunity for HFrEF is $10.5 billion in the U.S. Using an incidence-based model, we estimate an annual market opportunity of $2.4 billion in the U.S. \u200b HF is one of the most prevalent and devastating cardiovascular diseases. We estimate that there are approximately 64 million people worldwide suffering from HF, including approximately 6.7 million people in the U.S. HF is characterized by the heart\u2019s inability to effectively circulate blood throughout Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below, as well as the other information in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes and \u201cManagement\u2019s Discussion and Analys", "title": "CVRX - CVRx, Inc.", "url": "/company/CVRX/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001392272; latest 10-K filed 2026-03-20.", "text": "CBNA - CHAIN BRIDGE BANCORP INC SIC 6021 National Commercial Banks; CIK 0001392272; latest 10-K filed 2026-03-20. CBNA CHAIN BRIDGE BANCORP INC 0001392272 6021 National Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from our expectations. Factors that could cause or contribute to such differences include those discussed below and elsewhere in this Annual Report on Form 10-K, particularly in the section entitled \u201cCautionary Note Regarding Forward-Looking Statements\u201d as well as the section entitled \u201cRisk Factors.\u201d We assume no obligation to update any of these forward-looking statements except to the extent required by law. The following discussion relates to our historical results, on a consolidated basis. Because we conduct all our material business operations through our wholly owned subsidiary, Chain Bridge Bank, N.A., the discussion and analysis primarily focus on activities conducted at the subsidiary level. Introduction Chain Bridge Bancorp, Inc. (the \u201cCompany\u201d) is a Delaware-chartered bank holding company and a publicly traded bank holding company whose Class A common stock is listed on the New York Stock Exchange under the symbol \u201cCBNA\u201d. The Company was incorporated on May 26, 2006, and is subject to supervision and regulation by the Board of Governors of the Federal Reserve System under the Bank Holding Company Act of 1956, as amended. The Company serves as the registered bank holding company for Chain Bridge Bank, National Association (the \u201cBank\u201d), its wholly-owned subsidiary. The Company does not own or control any other subsidiaries and conducts substantially all of its business through the Bank. We offer a broad range of commercial and personal banking services, including deposit accounts, multiple types of loan products, trust administration, wealth management, and asset custody. Our mission is to deliver exceptional banking and trust services nationwide, blending financial strength, personalized service, and advanced technology to offer tailored solutions to businesses, non-profit organizations, political organizations, individuals, and families. We aspire to grow responsibly by adapting our personalized service and advanced technology solutions to our clients\u2019 evolving needs while emphasizing liquidity, asset quality, and financial strength. We aim to be recognized for our \u201cStrength, Service, Solutions: Your Bridge to Better Banking Nationwide.\u201d Reclassification In connection with the IPO, on October 3, 2024, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, which established two new classes of common stock, Class A common stock, par value $0.01 per share (\u201cClass A Common Stock\u201d) and Class B common stock, par value $0.01 per share (\u201cClass B Common Stock\u201d), and reclassified and converted each outstanding share of the Company\u2019s existing common stock, par value $1.00 per share (\u201cOld Common Stock\u201d), into 170 shares of Class B Common Stock (the \u201cReclassification\u201d). Share information presented prior to the Reclassification date of October 3, 2024 gives effect to the Reclassification and attributes all earnings to Class B shares because no Class A shares were outstanding prior to the Reclassification. Results of Operation and Financial Highlights Highlights of our results of operations and financial condition as of and for the twelve months ended December 31, 2025 are provided below. Financial Performance \u2022Consolidated net income was $20.2 million for the year ended December 31, 2025, compared to $20.9 million for 2024. Earnings per share for the year ended December 31, 2025 was $3.08, compared to $4.17 for 2024. \u2022Net inte ITEM 1. BUSINESS Our Company Chain Bridge Bancorp, Inc. is a Delaware-chartered bank holding company and the parent of its wholly-owned subsidiary, Chain Bridge Bank, N.A., a nationally chartered commercial bank with fiduciary powers granted by the OCC. The Company was incorporated on May 26, 2006, and the Bank opened on August 6, 2007. The Company conducts substantially all of its operations through the Bank and has no other subsidiaries. We offer a range of commercial and personal banking services, including deposits, treasury management, payments, loans, commercial lending, residential mortgage financing, consumer loans, trusts and estate administration, wealth management, and asset custody. Our mission is to deliver exceptional banking and trust services nationwide, blending financial strength, personalized service, and advanced technology to offer tailored solutions to businesses, non-profit organizations, political organizations, individuals, and families. Our vision is to grow responsibly by adapting our personalized service and advanced technology solutions to our clients\u2019 evolving needs while emphasizing liquidity, asset quality, and financial strength. We aim to be recognized for our \u201cStrength, Service, Solutions: Your Bridge to Better Banking Nationwide.\u201d As of December 31, 2025, we held total assets of $1.8 billion, including $586.6 million in cash and cash equivalents, of which $580.9 million were interest-bearing reserves held at the Federal Reserve. Our portfolio included $865.4 million in securities, with $527.8 million or 61.0% of that in U.S. Treasury securities. Net loans held for investment, after accounting for deferred fees and costs and allowances, totaled $270.7 million. Our total deposits stood at $1.6 billion, with stockholders\u2019 equity at $169.2 million. Approximately 95.3% of these deposits were held in transaction accounts (as such term is defined in the instructions for the Call Report, which the Bank files with the FFIEC on a quart ITEM 1A. RISK FACTORS The material risks and uncertainties that management currently believes may have a material adverse effect on us are described below. These risk factors are not guarantees of future outcomes and should be read carefully, as they could, individually or collectively, materially adversely affect our business, ", "title": "CBNA - CHAIN BRIDGE BANCORP INC", "url": "/company/CBNA/" }, { "kind": "company", "summary": "SIC 4924 Natural Gas Distribution; CIK 0001749723; latest 10-K filed 2026-04-13.", "text": "NFE - New Fortress Energy Inc. SIC 4924 Natural Gas Distribution; CIK 0001749723; latest 10-K filed 2026-04-13. NFE New Fortress Energy Inc. 0001749723 4924 Natural Gas Distribution Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Certain information contained in the following discussion and analysis, including information with respect to our plans, strategy, projections and expected timeline for our business and related financing, includes forward-looking statements. Forward-looking statements are estimates based upon current information and involve a number of risks and uncertainties. Actual events or results may differ materially from the results anticipated in these forward-looking statements as a result of a variety of factors. You should read \u201cPart 1, Item 1A. Risk Factors\u201d and \u201cCautionary Statement on Forward-Looking Statements\u201d elsewhere in this Annual Report on Form 10-K (\u201cAnnual Report\u201d) for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. The comparison of the years ended December 31, 2024 and 2023 can be found in our Annual Report on Form 10-K for the year ended December 31, 2024 located within \u201cPart II, Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d The accompanying Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations gives effect to the restatement of our previously issued audited consolidated financial statements for the years ended December 31, 2024 and December 31, 2023 and our previously issued unaudited consolidated financial statements for each of the interim periods ended March 31, 2024, June 30, 2024, September 30, 2024, March 31, 2025, June 30, 2025, and September 30, 2025. Please refer to \u201c\u2014Recent Developments\u2014Restatement of Previously Issued Financial Statements\u201d and Note 1 and Note 33 of our notes to the consolidated financial statements included in this Annual Report for further discussion. The following information should be read in conjunction with our audited consolidated financial statements and accompanying notes included elsewhere in this Annual Report. Our financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (\u201cGAAP\u201d). This information is intended to provide investors with an understanding of our past performance and our current financial condition and is not necessarily indicative of our future performance. Please refer to \u201c\u2014Factors Impacting Comparability of Our Financial Results\u201d for further discussion. Unless otherwise indicated, dollar amounts are presented in millions. Unless the context otherwise requires, references to \u201cCompany,\u201d \u201cNFE,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d or like terms refer to New Fortress Energy Inc. and its subsidiaries. Overview Liquidity and going concern As part of preparing the financial statements included in this Annual Report, we have evaluated whether conditions exist that give rise to substantial doubt as to our ability to continue as a going concern. Due to the events of default under our debt agreements detailed below, management has concluded that there is substantial doubt as to our ability to continue as a going concern. On March 17, 2026, we entered into the RSA with certain lenders and noteholders under each of these facilities, and upon completion of the transactions contemplated in this agreement, we expect to have a new capital structure and the current debt facilities in default will no longer be outstanding. Existing and potential events of default include missed interest payments under the New 2029 Notes, Term Loan B Credit Agreement, Term Loan A Credit Agreement and Revolving Credit Agreement and other Specified Defaults (as defined in the RSA), as described in the RSA, which are subject to forbearance in accordance with the RSA. Additionally, the Company did not make interest and 67 Table of Contents principal payments due in the fiscal quarter ended March 31, Item 1A. Risk Factors An investment in our Class A common stock involves a high degree of risk. You should carefully consider the risks described below. If any of the following risks were to occur, the value of our Class A common stock could be materially adversely affected or our business, financial condition and results of operations could be materially adversely affected and thus indirectly cause the value of our Class A common stock to decline. Additional risks not presently known to us or that we currently deem immaterial could also materially affect our business and the value of our Class A common stock. As a result of any of these risks, known or unknown, you may lose all or part of your investment in our Class A common stock. The risks discussed below also include forward-looking statements, and actual results may differ substantially from those discussed in these forward-looking statements. See \u201cCautionary Statement on Forward-Looking Statements.\u201d Summary Risk Factors Some of the factors that could materially and adversely affect our business, financial condition, results of operations or prospects include the following: Risks Related to Our Business \u2022We are subject to risks and uncertainties associated with the Restructuring Transaction, the Restructuring Plans and the RSA; \u2022Our ability to continue as a going concern is dependent upon our ability to complete the Restructuring Transaction and delay capital expenditures; \u2022Ongoing events of default subject to forbearance could result in the acceleration of substantially all of our indebtedness; \u2022The separation of the Company into two independent entities as part of the Restructuring Transaction may result in operational, financial, tax and other risks, and there can be no assurance that the anticipated benefits of the separation will be realized; \u2022The market price of our Class A common stock may decline in the future as a result of the Restructuring Transaction, including the proposed equity issua", "title": "NFE - New Fortress Energy Inc.", "url": "/company/NFE/" }, { "kind": "company", "summary": "SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0000798081; latest 10-K filed 2026-04-16.", "text": "LAKE - LAKELAND INDUSTRIES INC SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0000798081; latest 10-K filed 2026-04-16. LAKE LAKELAND INDUSTRIES INC 0000798081 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following summary together with the more detailed business information and consolidated financial statements and related notes that appear elsewhere in this Form 10-K and in the documents that we incorporate by reference into this Form 10-K. This document may contain certain \u201cforward-looking\u201d information within the meaning of the Private Securities Litigation Reform Act of 1995. This information involves risks and uncertainties. Our actual results may differ materially from the results discussed in the forward-looking statements. In this Form 10-K, (a) \u201cFY\u201d means fiscal year; thus for example, FY26 refers to the fiscal year ended January 31, 2026, and (b) \u201cQ\u201d refers to a quarter; thus, for example, Q4 FY26 refers to the fourth quarter of the fiscal year ended January 31, 2026. Overview Lakeland Industries, Inc. and Subsidiaries, doing business as \u201cLakeland Fire + Safety\u201d (\u201cLakeland,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d), manufacture and sell a comprehensive line of fire services and industrial protective clothing and accessories for the industrial and first responder markets. In addition, we provide decontamination, repair and rental services that complement our fire services portfolio. Our products are sold globally by our in-house sales teams, our customer service group, and authorized independent sales representatives to a strategic and selective global network of authorized distribution partners. Our authorized distributors supply end users across various industries, including integrated oil, chemical/petrochemical, automobile, transportation, steel, glass, construction, smelting, cleanroom, janitorial, pharmaceutical and high-tech electronics manufacturers, as well as scientific, medical laboratories and the utilities industry. We also supply federal, state and local governmental agencies and departments, including fire and law enforcement, airport crash rescue units, the Department of Defense, the Department of Homeland Security and the Centers for Disease Control. Internationally, we sell to a mix of end-users directly and to industrial distributors, depending on the particular country and market. In addition to the United States (U.S.), sales are made into more than 50 foreign countries, the majority of which were into China, the European Economic Community (\"EEC\"), Canada, Chile, Argentina, Russia, Kazakhstan, Colombia, Mexico, Ecuador, India, Uruguay, Middle East, Southeast Asia, Australia, Hong Kong and New Zealand. We had net sales of $192.6 million in FY26 and $167.2 million in FY25. We have operated facilities in Mexico since 1995 and in China since 1996. Beginning in 1995, we moved the labor-intensive sewing operation for our limited use/disposable protective clothing lines to these facilities. Our facilities and capabilities in China and Mexico provide access to a labor pool that is less expensive than that available in the U.S. and permits us to purchase certain raw materials at a lower cost than are available domestically. During FY25 and continuing into FY26, the Company was impacted by tariff costs on certain products imported from China. In addition, U.S. trade policy has undergone significant shifts under the Trump administration, including the imposition of new and expanded tariffs on key trading partners such as China, Vietnam, Canada, Mexico, and the European Union. These developments, along with potential retaliatory tariffs, have created increased uncertainty and cost pressures. In prior years, the Company has been able to pass along a portion of costs resulting from tariffs to its customers, but there is no guarantee that we will be able to successfully do so in the future. During FY26, we expanded our product portfolio, geographic reach and services capabilities as part of our strategy to build a premier global fire services brand. However, our operations were impacted by external ITEM 1. BUSINESS Overview \u2013 Lakeland Fire + Safety is a global provider of quality safety products that protect the world\u2019s workers, first responders, and communities during the most critical situations. The Company\u2019s products, which are governed by rigorous safety standards and regulations, are used to either protect the wearer from their environment or protect a product or process from the wearer in a broad range of markets around the world, including chemical, clean room, energy, fire service, manufacturing, and utility applications. Lakeland\u2019s product portfolio includes firefighter protective apparel and accessories, high-end chemical protective suits, limited use/disposable protective clothing, durable woven garments, high performance FR/AR apparel, and high visibility clothing. On March 27, 2026, the Company sold its high performance FR/AR apparel and high visibility clothing line to National Safety Apparel. For additional information, please see Note 14 to our consolidated financial statements. Lakeland Fire + Safety\u2019s fiscal year 2026 reflected continued progress in advancing our strategy to build a comprehensive portfolio of protective products and services across both our Fire Services and Industrial product lines. During the year, we completed two acquisitions that expanded our advanced decontamination, inspection and repair service capabilities for firefighting garments, further strengthening our Fire Services platform. While we believe we now have the full suite of premier global head-to-toe fire services, we expect to move forward by continuing to implement strategies to accelerate growth and margins by continuing our acquisition focus on the fire turnout gear industry. We continue to see growth opportunities in the fire and industrial space. We have grown our revenue year-over-year and demonstrated our success with our recent acquisitions, providing confidence in our roll-up strategy, and we now have ample capital and flexibility to execute this str ITEM 1A: RISK FACTORS RISK FACTORS You should carefully consider the following risks before investing in our common stock. The risks and uncertainties described below are those that we have identified as material, but they are not the only risks that we may face.", "title": "LAKE - LAKELAND INDUSTRIES INC", "url": "/company/LAKE/" }, { "kind": "company", "summary": "SIC 4941 Water Supply; CIK 0001434728; latest 10-K filed 2026-03-04.", "text": "GWRS - Global Water Resources, Inc. SIC 4941 Water Supply; CIK 0001434728; latest 10-K filed 2026-03-04. GWRS Global Water Resources, Inc. 0001434728 4941 Water Supply ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following management\u2019s discussion and analysis of Global Water Resources, Inc.\u2019s financial condition and results of operations (\u201cMD&A\u201d) relate to the year ended December 31, 2025 and should be read together with the consolidated financial statements and accompanying notes included in Part II, Item 8 of this report. Overview GWRI is a water resource management company that owns, operates, and manages thirty-nine water, wastewater, and recycled water public utility systems in strategically located communities, principally in metropolitan Phoenix and Tucson, Arizona. We seek to deploy an integrated approach, referred to as \u201cTotal Water Management.\u201d Total Water Management is a comprehensive approach to water utility management that reduces demand on scarce non-renewable water sources and costly renewable water supplies, in a manner that ensures sustainability and greatly benefits communities both environmentally and economically. This approach employs a series of principles and practices that can be tailored to each community: \u2022Reuse of recycled water, either directly or to non-potable uses, through aquifer recharge, or possibly direct potable reuse in the future; \u2022Regional planning; \u2022Use of advanced technology and data; \u2022Employing respected subject matter experts and retaining thought leaders; \u2022Leading outreach and educational initiatives to ensure all stakeholders including customers, development partners, municipalities, regulators, and utility staff are knowledgeable on the principles and practices of the Total Water Management approach; and \u2022Establishing partnerships with communities, developers, and industry stakeholders to gain support of the Total Water Management principles and practices. Business Outlook We continue to experience organic growth exhibited through our year-over-year organic increase in active connections (i.e., exclusive of acquisition-related growth) of 3.2% as of December 31, 2025. According to the 2024 U.S. Census estimates, the Phoenix metropolitan statistical area (\u201cMSA\u201d) is the 10th largest MSA in the U.S. and had an estimated population of 5.2 million, an increase of 7.0% over the 4.8 million people reported in the 2020 Census. Growth in the Phoenix MSA continues as a result of its excellent weather, large and growing universities, a diverse employment base, and low taxes. The Employment and Population Statistics Department of the State of Arizona predicts that the Phoenix metropolitan area will have a population of 5.8 million people by 2030 and 6.5 million by 2040. Our organic growth continues to be primarily influenced by the comparatively lower cost of housing in the City of Maricopa relative to other areas within the Phoenix MSA. As of December 2025, the median home sales price in the City of Maricopa was 26% lower than in the City of Phoenix. An important development during 2025 was the addition of adding the State Route 347 Improvement Project to the Arizona Department of Transportation five-year construction plan. The project represents a transformative investment in regional infrastructure that will enhance safety, improve mobility and support the continued growth of the City of Maricopa and surrounding areas. We continue to monitor potential effects on our operations due to changes in the macroeconomic environment, such as the impacts of tariffs on our operational costs and construction work in progress, as well as new home construction in our service areas. We continue to expect a positive long-term outlook based on forecasted performance of job and population growth, as well as indicators of stabilizing construction in the single-family housing market in the Phoenix MSA. In its fourth quarter 2025 forecast, the Arizona State University - W.P. Carey School of Business Greater Phoenix Blue Chip Real Estate Consensus Panel notes that, although new multi-family permits have decline ITEM 1. Business Overview GWRI is a water resource management company that owns, operates, and manages thirty-nine water, wastewater, and recycled water public utility systems in strategically located communities, principally in metropolitan Phoenix and Tucson, Arizona. We seek to deploy an integrated approach, referred to as \u201cTotal Water Management.\u201d Total Water Management is a comprehensive approach to water utility management that reduces demand on scarce non-renewable water sources and costly renewable water supplies, in a manner that ensures sustainability and greatly benefits communities both environmentally and economically. This approach employs a series of principles and practices that can be tailored to each community: \u2022Reuse of recycled water, either directly or to non-potable uses, through aquifer recharge, or possibly direct potable reuse in the future; \u2022Regional planning; \u2022Use of advanced technology and data; \u2022Employing respected subject matter experts and retaining thought leaders; \u2022Leading outreach and educational initiatives to ensure all stakeholders including customers, development partners, municipalities, regulators, and utility staff are knowledgeable on the principles and practices of the Total Water Management approach; and \u2022Establishing partnerships with communities, developers, and industry stakeholders to gain support of the Total Water Management principles and practices. Serving more than 121,000 people in approximately 40,000 homes within the Company\u2019s 418 square miles of ACC-designated service areas as of December 31, 2025, the Company provides water and wastewater utility service under the regulatory authority of the ACC. Approximately 87.3% of the active service connections are customers of the Company\u2019s GW-Santa Cruz and GW-Palo Verde utilities, which are located within a single service area. U.S. Water Industry Overview U.S. Water Industry Areas of Business The U.S. water industry has two main areas of business: \u2022Utili ITEM 1A.Risk Factors In addition to the other information set forth in this report, you should carefully consider the following factors, which could materially affect our business, financial condition, or results of operations in future periods. The risks described below are not the only risks facing our company. Additional risks not currently known to us", "title": "GWRS - Global Water Resources, Inc.", "url": "/company/GWRS/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001579214; latest 10-K filed 2026-03-13.", "text": "EEX - Emerald Holding, Inc. SIC 7389 Services-Business Services, NEC; CIK 0001579214; latest 10-K filed 2026-03-13. EEX Emerald Holding, Inc. 0001579214 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This discussion and analysis of the financial condition and results of our operations should be read in conjunction with \u201cItem 6. Selected Financial and Operating Data\u201d and our consolidated financial statements and related notes of Emerald Holding, Inc. included in Item 15 of this Annual Report on Form 10-K. You should review the \u201cItem 1A. Risk Factors\u201d section of this filing for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by any forward-looking statements contained in the following discussion and analysis. This section of this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Recent Events Dividend On March 12, 2026, Emerald\u2019s board of directors declared a dividend for the quarter ending March 31, 2026 of $0.015 per share payable on April 2, 2026 to holders of record of Emerald\u2019s common stock on March 23, 2026. Overview and Background Emerald is a leading business-to-business event organizer principally in the United States, with expanding operations in the U.K. and other international markets. Leveraging our shows as key market-driven platforms, we deliver live events, including trade shows, conferences, B2C showcases, and executive peer networks, supported by media content, industry insights, digital tools, and data-driven solutions that enhance the live experience and extend customer engagement. Emerald strives to build its customers\u2019 businesses by creating opportunities that deliver measurable results. All of our trade show franchises typically hold market-leading positions within their respective industry verticals, with significant brand value established over a long period of time. Each of our shows is scheduled to stage at least annually, with certain franchises offering multiple editions per year. As our shows are frequently the largest and most well attended in their respective industry, we are able to attract high-quality attendees, including those who have the authority to make purchasing decisions on the spot or subsequent to the show. The participation of these attendees makes our trade shows \u201cmust-attend\u201d events for our exhibitors, further reinforcing the leading positions of our trade shows within their respective industry verticals. Our attendees use our shows to fulfill procurement needs, source new suppliers, reconnect with existing suppliers, identify trends, learn about new products and network with industry peers, which we believe are factors that make our shows difficult to replace with non-face-to-face events. Our portfolio of trade shows is well-balanced and diversified across both industry sectors and customers. In addition to organizing our trade shows, conferences, B2C showcases and other events, we also operate content and content-marketing websites, related digital products, and produce B2B print publications, each of which is aligned with a specific sector for which we organize an event. We also offer business-to-business commerce and digital merchandising solutions, serving the needs of manufacturers and retailers, through our Elastic Suite platform. In addition to their respective revenues, these products complement our live events and provide us year-round channels of customer acquisition and development. 34 Organic Growth Drivers We are primarily focused on generating organic growth by understanding and leveraging the drivers for increased exhi Item 1. Business. BUSINESS Our Company Emerald is a leading business-to-business (\u201cB2B\u201d) event organizer principally in the United States, with expanding operations in the U.K. and international markets. Leveraging our shows as key market-driven platforms, we integrate live events, media content, industry insights, digital tools, data-focused solutions and e-commerce platforms into three complementary business lines \u2013 Connections, Content and Commerce. Our Connections division comprises a portfolio of leading B2B events spanning trade shows, expos, conferences, and executive peer networking events, as well as business-to-consumer, or \u201cB2C\u201d, showcases. These events typically hold market-leading positions within their respective industry verticals, with significant brand value established over a long period of time. Our Content division comprises a portfolio of B2B digital media platforms and print publications that extend the value of our trade show properties through year-round engagement. These assets deliver industry-specific news, insights, education and analysis across multiple sectors, while supporting first-party data generation, new customer acquisition, lead development and integrated content-driven marketing and monetization opportunities. Our Commerce division provides B2B e-commerce and digital merchandising solutions designed to support manufacturers and retailers across the wholesale ecosystem. Through our Elastic platform, complemented by additional digital commerce solutions, we enable year-round digital transactions, streamlined assortment and order management, and data-driven insights that enhance sell-through, improve operational efficiency, and support informed decision-making, regardless of location. We also generate a substantial amount of first-party data across our events, content, and e-commerce offerings through integrated digital platforms and customer interactions. We continue to develop products and processes that leverage these fi Item 1A. Risk Factors. RISK FACTORS Investing in our common stock involves a high degree of risk. You should carefully consider the following factors, as well as other information contained in this Annual Report on Form 10-K, in evaluating our Company and business. If any of the following risks occur, our business, results of o", "title": "EEX - Emerald Holding, Inc.", "url": "/company/EEX/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001213037; latest 10-K filed 2026-02-24.", "text": "CRDF - Cardiff Oncology, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001213037; latest 10-K filed 2026-02-24. CRDF Cardiff Oncology, Inc. 0001213037 2836 Biological Products, (No Diagnostic Substances) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Company Overview We are a clinical-stage biotechnology company leveraging PLK1 inhibition, a well-validated oncology drug target, to develop novel therapies across a range of cancers with the greatest unmet medical need. Our goal is to target tumor vulnerabilities with treatment combinations of onvansertib, our oral and highly selective PLK1 inhibitor, and standard-of-care (\"SoC\") therapeutics. We are focusing our clinical program in indications such as RAS-mutated metastatic colorectal cancer (\"mCRC\"), as well as in investigator-initiated trials in metastatic pancreatic ductal adenocarcinoma (\"mPDAC\"), small cell lung cancer (\"SCLC\"), metastatic triple negative breast cancer (\"mTNBC\") and Chronic Myelomonocytic Leukemia (\"CMML\"). Our clinical development programs incorporate tumor genomics and biomarker assays to refine patient selection and assessment of patient response to treatment. Our common stock is listed on the Nasdaq Capital Market under the ticker symbol \"CRDF\". Our accumulated deficit through December 31, 2025 is $430.0 million. To date, we have generated minimal revenues, unrelated to onvansertib, and expect to incur additional losses to perform further research and development activities. Our drug development efforts are in their early stages, and we cannot make estimates of the costs or the time that our development efforts will take to complete, or the timing and amount of revenues related to the sale of our drug. The risk of completion of any program is high because of the many uncertainties involved in developing new drug candidates to market, including the long duration of clinical testing, the specific performance of proposed products under stringent clinical trial protocols, extended regulatory approval and review cycles, our ability to raise additional capital, the nature and timing of research and development expenses, and competing technologies being developed by organizations with significantly greater resources. Recent Developments Appointment of Interim Chief Executive Officer and Chief Accounting Officer On January 27, 2026, we announced that Mani Mohindru, PhD, a member of Cardiff Oncology\u2019s Board of Directors since 2021 and a seasoned biotech executive, has been appointed interim Chief Executive Officer, effective immediately. Mark Erlander, PhD, Chief Executive Officer, and James Levine, Chief Financial Officer, have stepped down from their respective roles. As part of this transition, Brigitte Lindsay was promoted to the role of Chief Accounting Officer, ensuring continuity within the finance function. Critical Accounting Policies and Estimates Our accounting policies are described in Part II, Item 8. Financial Statements\u2014Note 2 Basis of Presentation and Summary of Significant Accounting Policies in this Annual Report on Form 10-K. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. We believe that the following discussion represents our critical accounting policies and estimates. Accrued Clinical Trial Expenses We accrue and expense research and development expenditures as incurred, which include costs related to clinical trial activities. We accrue costs for clinical trial activities based upon estimates of the services received and related expenses incurred that have yet to be invoiced by the Clinical Research Organizations (\"CROs\"), professional service providers, and other vendors providing clinical trial services (collectively, the \u201cservice providers\u201d). We consider several elements including ITEM 1. BUSINESS We are a clinical-stage biotechnology company leveraging PLK1 inhibition, a well-validated oncology drug target, to develop novel therapies across a range of cancers with the greatest unmet medical need. Our goal is to target tumor vulnerabilities with treatment combinations of onvansertib, our oral and highly selective PLK1 inhibitor, and standard-of-care (\"SoC\") therapeutics. We are focusing our clinical program in indications such as RAS-mutated metastatic colorectal cancer (\"mCRC\"), as well as in investigator-initiated trials in metastatic pancreatic ductal adenocarcinoma (\"mPDAC\"), small cell lung cancer (\"SCLC\"), metastatic triple negative breast cancer (\"mTNBC\") and Chronic Myelomonocytic Leukemia (\"CMML\"). Our clinical development programs incorporate tumor genomics and biomarker assays to refine patient selection and assessment of patient response to treatment. Our Lead Drug Candidate, Onvansertib Onvansertib is an oral, small molecule drug candidate that is highly specific for PLK1 inhibition with a 24-hour half-life. We believe the attributes of onvansertib described below, as well as early clinical evidence of favorable safety and efficacy, with expected on-target, manageable and tolerable side effects, may prove beneficial in addressing clinical therapeutic needs across a variety of cancers: \u2022 Onvansertib is highly potent and highly selective against the PLK1 enzyme (IC50 = 2nM; IC50 is the concentration for 50% inhibition), compared to prior PLK1 inhibitors that were pan-inhibitors of several PLK targets. Low or no activity of onvansertib was observed on a panel of 63 kinases (IC50500 nM), including the PLK members PLK2 and PLK3 (IC5010,000 nM); \u2022 Onvansertib is orally bioavailable, allowing for relative ease and flexibility of dosing; \u2022 Onvansertib has a relatively short drug half-life of 24 hours, allowing for flexible dosing and scheduling that has demonstrated a favorable safety profile across multiple clinical trials. In v ITEM 1A. RISK FACTORS 18 An investment in our securities involves a high degree of risk. An investor should carefully consider the risks described below as well as other information contained in this Annual Report on Form 10-K and our other reports filed with the U.S. Securities and Exchange ", "title": "CRDF - Cardiff Oncology, Inc.", "url": "/company/CRDF/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001818093; latest 10-K filed 2026-03-12.", "text": "SKIN - SkinHealth Systems Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001818093; latest 10-K filed 2026-03-12. SKIN SkinHealth Systems Inc. 0001818093 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with the consolidated financial statements and accompanying notes included in Part II, Item 8 of this Annual Report on Form 10-K. This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Annual Report on Form 10-K, and can be found in Part II, Item 7 of the Company\u2019s Annual Report on Form 10-K filed on March 12, 2025 under the heading \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d Company Overview The Beauty Health Company is a global medical aesthetics company delivering an integrated ecosystem of clinically proven solutions designed to help consumers achieve superior skin health and support the success of providers. Anchored by Hydrafacial, a leading and widely requested professional skincare treatment, and supported by complementary offerings including SkinStylus microneedling and HydraScalp powered by Keravive, the Company combines advanced device technology, proprietary consumables, and clinical validation to deliver trusted treatment experiences through an omnichannel network of providers worldwide. Factors Affecting Our Performance We remain attentive to economic and geopolitical conditions that may materially impact our business. We continue to explore and implement risk mitigation strategies in the face of these unfolding conditions and remain agile in adapting to changing circumstances. Such conditions have or may have global implications which may impact the future performance of our business in unpredictable ways. Business and Macroeconomic Conditions In 2025, we continued to strengthen the foundation of the business while expanding our footprint by selling and placing Delivery Systems worldwide, driving Consumables, investing in our community of providers, partners, and consumers, driving brand awareness, advancing our science-backed innovation product pipeline, and optimizing our global infrastructure. Consumables include serums, solutions, tips, and other products. Although we believe we can be successful in our current operating environment, various factors may impact our business in unpredictable ways such as: \u2022Global economic conditions, including inflation, recession, changes in foreign currency exchange rates, higher interest rates, and other changes in economic conditions; \u2022The imposition of tariffs and/or trade restrictions may impact material costs and pricing; \u2022Changes in applicable laws, regulations, regulatory interpretations, or enforcement policies in countries in which we operate; \u2022Disruptions in transportation and other supply chain related constraints, such as labor strife in the transportation industry; and \u2022Issues related to older models of Syndeo and our actions to remediate such issues We may be able to offset cost pressures through increasing the selling prices of some of our products, increasing value engineering efforts to optimize product costs, increasing the diversification of our suppliers and supplier contracts, increasing natural foreign currency hedging, as applicable, and reducing discretionary spending. However, our pricing actions could have an adverse impact on demand, and may in turn, cause our providers to halt or decrease Delivery Systems and/or Consumables spending, and our actions may not be sufficient to cover unexpected increased costs that we may experience. Business and macroeconomic factors may also negatively impact, in the short-term or long-term, the global economy, the beauty health industry, our providers and their budgets with us, our business, the Company\u2019s brand reputation, financial condition, and results of operations. We remain attentive to these business and macroeconomic c Item 1. Business. Company Overview The Beauty Health Company (the \u201cCompany\u201d or \u201cwe\u201d) is a global medical aesthetics company delivering an integrated ecosystem of clinically proven solutions designed to help consumers achieve superior skin health and support the success of providers. Anchored by Hydrafacial, a leading and widely requested professional skincare treatment, and supported by complementary offerings including SkinStylus microneedling and HydraScalp powered by Keravive, the Company combines advanced device technology, proprietary consumables, and clinical validation to deliver trusted treatment experiences through an omnichannel network of providers worldwide. Our Brands The following chart reflects our brand portfolio: [[GREPCENT_TABLE]] [[\"\",\"Hydrafacial is our flagship brand and cornerstone of our portfolio. Hydrafacial is a pioneer and created the category of hydradermabrasion with its patented delivery system (\\u201cDelivery System\\u201d) that cleanses, extracts, and hydrates the skin with proprietary solutions and serums. The treatment extends to the scalp through the Company\\u2019s HydraScalp powered by Keravive treatment, which is designed to support the hair\\u2019s natural growth by cleansing, exfoliating, and hydrating the scalp and hair follicles for a visibly improved appearance of healthier, thicker, fuller-looking hair.\"],[\"\",\"SkinStylus is a pioneer in nano-channeling and microneedling where its products are designed to provide either a non-invasive (nano-channeling) or minimally-invasive (microneedling) skin treatment to individuals.\"]] [[/GREPCENT_TABLE]] Our Products Hydrafacial Products At the core of Hydrafacial\u2019s product offerings is the Syndeo device, the current generation Delivery System (\u201cSyndeo\u201d), and its associated serum solutions and consumables. Each Delivery System is considered to be a Class I exempt medical device pursuant to the rules and regulations promulgated by the U.S. Food and Drug Administration (\u201cFDA\u201d). Syn Item 1A. Risk Factors. You should carefully consider the following risks in addition to the other information included in this Annual Report on Form 10-K, including matters addressed in the section entitled \u201cCautionary Note Regarding Forward-Looking Statements.\u201d We may face additional risks and uncerta", "title": "SKIN - SkinHealth Systems Inc.", "url": "/company/SKIN/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001614806; latest 10-K filed 2026-02-18.", "text": "RPT - Rithm Property Trust Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001614806; latest 10-K filed 2026-02-18. RPT Rithm Property Trust Inc. 0001614806 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS In this Annual Report on Form 10-K, unless the context indicates otherwise, references to \u201cRithm Property Trust,\u201d \u201cwe,\u201d the \u201cCompany,\u201d \u201cour\u201d and \u201cus\u201d refer to the activities of and the assets and liabilities of the business and operations of Rithm Property Trust Inc. and its subsidiaries; references to \u201cRithm\u201d refer to Rithm Capital Corp., a Delaware corporation and the parent entity of RCM GA, and its subsidiaries; references to \u201cOperating Partnership\u201d refer to Great Ajax Operating Partnership L.P., a Delaware limited partnership; references to our \u201cFormer Manager\u201d refer to Thetis Asset Management LLC, a Delaware limited liability company; references to \u201cRCM GA\u201d or our \u201cManager\u201d refer to RCM GA Manager LLC; references to our \u201cServicer\u201d or \u201cNewrez\u201d refer to Newrez LLC, a Delaware limited liability company and an affiliate of RCM GA; and references to our \u201cFormer Servicer\u201d refer to Gregory Funding LLC, an Oregon limited liability company. Our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the consolidated financial statements and related notes included in Item 8. Financial statements and supplementary data, as well as other cautionary statements and risks described elsewhere in this Annual Report. OVERVIEW Rithm Property Trust (formerly Great Ajax Corp.) is a Maryland corporation that is organized and operates as an externally managed REIT. The Company focuses on investments in the CRE sector. On June 11, 2024, the Company completed its previously announced Strategic Transaction with Rithm. In connection with the Strategic Transaction, the Company entered into SPA pursuant to which, following stockholder approval on May 20, 2024, it issued $14.0 million of Common Stock to Rithm. The Company also entered into the Management Agreement, with RCM GA, which became the Company\u2019s external manager; terminated its prior management agreement; entered into a term loan with a subsidiary of Rithm; and issued warrants to Rithm to purchase shares of the Company\u2019s Common Stock. The Company relocated its corporate headquarters to New York, New York, and on December 2, 2024, rebranded and changed its name to Rithm Property Trust Inc. In connection with the Strategic Transaction, the Company terminated its prior loan servicing arrangement and disposed of its interest in Great Ajax FS LLC. Effective June 1, 2024, servicing of the Company\u2019s mortgage loans and real property was transferred to Newrez, an affiliate of Rithm and the Manager, pursuant to the Servicing Transfer Agreement. The terms of the underlying servicing agreements remain unchanged. Historically, we acquired RPLs and NPLs either directly or in security form through joint ventures with institutional accredited investors. Under RCM GA\u2019s management, the Company repositioned its business from a predominantly residential mortgage strategy to a flexible CRE focused investment strategy, which includes originating and acquiring CRE-related investments and managing a diversified portfolio of assets. The Company believes current market conditions are creating refinancing challenges and capital dislocations in the CRE sector that may present attractive risk-adjusted investment opportunities. Target investments may include senior and subordinated mortgage loans, mezzanine loans, preferred equity, commercial mortgage servicing rights, CRE properties and other CRE-related debt and equity investments. The Company has largely transitioned away from residential mortgage loans and RMBS and does not expect to make further investments in RPLs, NPLs or RMBS. The Company expects to finance its investments through a variety of capital sources, which may include secured and unsecured credit facilities, capital markets transactions, securitizations and other corporate financing arrangements, depending on market conditions and investme ITEM 1. BUSINESS Overview Rithm Property Trust (formerly Great Ajax Corp.), a Maryland corporation, is an externally managed REIT formed on January 30, 2014, and capitalized on March 28, 2014, by its then sole stockholder, Aspen Yo LLC, an affiliate of the Aspen Capital group of companies. The Company focuses on investments in the CRE sector. On June 11, 2024, the Company completed its previously announced strategic transaction with Rithm (such transactions together, the \u201cStrategic Transaction\u201d). In connection with the Strategic Transaction, the Company entered into a Securities Purchase Agreement (the \u201cSPA\u201d) pursuant to which, following stockholder approval on May 20, 2024, it issued $14.0 million of common stock, par value $0.01 (\u201cCommon Stock\u201d), to Rithm. The Company also entered into a management agreement, dated June 11, 2024 (as amended by that First Amendment to the Management Agreement, dated October 18, 2024, and as further amended by that Second Amendment to the Management Agreement, dated February 12, 2026, and as may be further amended, modified or supplemented from time to time, the \u201cManagement Agreement\u201d) with RCM GA, which became the Company\u2019s external manager; terminated its prior management agreement; entered into a term loan with a subsidiary of Rithm; and issued warrants to Rithm to purchase shares of the Company\u2019s Common Stock. The Company relocated its corporate headquarters to New York, New York, and on December 2, 2024, rebranded and changed its name to Rithm Property Trust Inc. In connection with the Strategic Transaction, the Company terminated its prior loan servicing arrangement and disposed of its interest in Great Ajax FS LLC. Effective June 1, 2024, servicing of the Company\u2019s mortgage loans and real property was transferred to Newrez, an affiliate of Rithm and the Manager, pursuant to the Servicing Transfer Agreement (as defined below). The terms of the underlying servicing agreements remain unchanged. Under RCM GA\u2019s management, th ITEM 1A. RISK FACTORS Investing in our securities involves a high degree of risk. You should carefully read and consider the following risk factors, together with the information included under the caption \u201cCautionary Statement Regarding Forward-Looking Statements\u201d and the other information included in this Annual R", "title": "RPT - Rithm Property Trust Inc.", "url": "/company/RPT/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001351636; latest 10-K filed 2026-03-30.", "text": "SSTI - SOUNDTHINKING, INC. SIC 7372 Services-Prepackaged Software; CIK 0001351636; latest 10-K filed 2026-03-30. SSTI SOUNDTHINKING, INC. 0001351636 7372 Services-Prepackaged Software Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and accompanying notes included in this Annual Report on Form 10-K. Overview We are a leading public safety technology company that combines data-driven solutions and strategic advisory services for law enforcement, security teams and civic leadership. In April 2023, we changed the company name, ShotSpotter, Inc., to SoundThinking, Inc., reflecting our broader impact on public safety through a growing set of industry-leading law enforcement tools and community-focused solutions. As part of the rebranding, we introduced the SafetySmartTM platform that includes six data-driven tools consisting of: (i) our flagship product, ShotSpotter\u00ae, our leading outdoor gunshot detection, location and alerting system trusted by 178 cities and 22 universities and corporations as of December 31, 2025; (ii) CrimeTracerTM, an agency-wide crime data and intelligence platform that enables investigators, analysts, patrol officers and command staff to search through more than one billion criminal justice records from across jurisdictions, leverage dashboards and AI-assisted tools to generate tactical leads, and quickly make intelligent connections to solve cases; (iii) CaseBuilderTM, a one-stop investigative case management system for tracking, reporting, and collaborating on cases; (iv) ResourceRouterTM, which directs the deployment of patrol and community anti-violence resources in an objective way to help maximize the impact of limited resources and improve community safety; (v) PlateRangerTM powered by Rekor\u00ae, an ALPR and vehicle identification solution that leverages AI and machine learning to enhance investigative efficiency and provide real-time data sharing for law enforcement and (vi) SafePointeTM, an AI-based weapons detection system designed to provide discreet, high-throughput screening that complements physical security measures without compromising visitor experience. These solutions may operate independently or together as an integrated system that connects detection, data analysis, resource deployment and case management workflows. We also offer other security use-case specific solutions, including ShotSpotter for Campus and ShotSpotter for Corporate, which are typically smaller-scale deployments of ShotSpotter gunshot detection vertically marketed to universities, corporate campuses and key infrastructure centers to mitigate risk and enhance security by notifying authorities of outdoor gunfire incidents, saving critical minutes for first responders to arrive. In the first quarter of 2025, we rolled out a perimeter-based sniper gunshot detection solution targeting utility substations, with initial pilots aimed at utility customers, conducted through SoundThinking Labs. SoundThinking Labs supports innovative use cases of the Company's technology to help protect wildlife and the environment. Our gunshot detection solutions consist of highly-specialized, cloud-based software integrated with proprietary, internet-enabled sensors designed to detect outdoor gunfire. The speed and accuracy of our gunfire alerts enable law enforcement and security personnel to consistently and quickly respond to shooting events including those unreported through 911, which can increase the chances of apprehending the shooter, providing timely aid to victims, and identifying witnesses before they scatter, as well as aid in evidence collection and serve as an overall deterrent. When a potential gunfire incident is detected by our sensors, our system precisely locates where the incident occurred and applies machine classification combined with human review to analyze and validate the incident. An alert containing a location on a map and critical information about the incident is sent directly to subscribing la Item 1. BUSINESS Overview We are a leading public safety technology company that combines data-driven solutions and strategic advisory services for law enforcement, security teams and civic leadership. As of December 31, 2025, we had approximately 319 customers and to date have worked with approximately 2,100 agencies to help drive more efficient, effective, and equitable public safety outcomes. Our SafetySmartTM platform includes six data-driven tools consisting of: (i) our flagship product, ShotSpotter\u00ae, the leading outdoor gunshot detection, location and alerting system trusted by 178 cities and 22 universities and corporations as of December 31, 2025; (ii) CrimeTracerTM, an agency-wide crime data and intelligence platform that enables investigators, analysts, patrol officers and command staff to search through more than one billion criminal justice records from across jurisdictions, leverage dashboards and AI-assisted tools to generate tactical leads and quickly make intelligent connections to solve cases; (iii) CaseBuilderTM, a one-stop investigative case management system for tracking, reporting and collaborating on cases; (iv) ResourceRouterTM, which directs the deployment of patrol and community anti-violence resources in an objective way to help maximize the impact of limited resources and improve community safety; (v) PlateRangerTM powered by Rekor\u00ae, an automatic license plate recognition (\u201cALPR\u201d) and vehicle identification solution that leverages artificial intelligence (\u201cAI\u201d) and machine learning to enhance investigative efficiency and provide real-time data sharing for law enforcement; and (vi) SafePointeTM, an AI-based weapons detection system designed to provide discreet, high-throughput screening that complements physical security measures without compromising visitor experience. These solutions may operate independently or together as an integrated system that connects detection, data analysis, resource deployment and case management workflows. W Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. You should consider carefully the risks and uncertainties described below, together with all of the other information in this report, including our consolidated financial statements and related notes, before deciding whether to purchase ", "title": "SSTI - SOUNDTHINKING, INC.", "url": "/company/SSTI/" }, { "kind": "company", "summary": "SIC 6021 National Commercial Banks; CIK 0001098146; latest 10-K filed 2026-03-31.", "text": "PNBK - PATRIOT NATIONAL BANCORP INC SIC 6021 National Commercial Banks; CIK 0001098146; latest 10-K filed 2026-03-31. PNBK PATRIOT NATIONAL BANCORP INC 0001098146 6021 National Commercial Banks ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition & Results of Operations General Management's Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in understanding the consolidated financial condition and results of operations of the Company. The information contained in this section should be read in conjunction with the consolidated financial statements and accompanying notes thereto included in Item 8 of this Annual Report on Form 10-K. 2025 FORM 10-K 21 Critical Accounting Estimates The Company\u2019s consolidated financial statements are prepared in accordance with United States of America (\u201cU.S. GAAP\u201d) and follow general practices within the financial services industry. A summary of Patriot\u2019s significant accounting policies is included in the Notes to consolidated financial statements that are referenced in Item 8. Financial Statements and Supplementary Data. Although all of Patriot\u2019s policies are integral to understanding its consolidated financial statements, certain accounting policies involve management to exercise judgment, develop assumptions, and make estimates that may have a material impact on the financial information presented in the consolidated financial statements or Notes thereto. Management considers an accounting estimate to be critical if it requires assumptions that are highly uncertain at the time the estimate is made and changes in those assumptions are reasonably likely to have a material effect on the Company\u2019s financial condition or results of operations. Management has discussed the development and selection of its critical accounting estimates with the Audit Committee. The assumptions and estimates are based on historical experience and other factors representing the best available information to management as of the date of the consolidated financial statements, up to and including the date of issuance or availability for issuance. As the basis for the assumptions and estimates incorporated in the consolidated financial statements may change, actual results could differ from those estimates. Allowance for Credit Losses (ACL) The Company determines its allowance for credit losses (\u201cACL\u201d) under the current expected credit loss (\u201cCECL\u201d) methodology in ASC 326, which requires management to estimate expected credit losses over the remaining contractual life of financial assets carried at amortized cost, adjusted for expected prepayments when appropriate. The ACL is established through a provision for credit losses charged to earnings and is reduced by charge-offs, net of recoveries. The Company also maintains a reserve for unfunded lending commitments for those commitments that are not unconditionally cancellable. The ACL is a critical accounting estimate because it requires significant management judgment and is sensitive to changes in assumptions, forecasts, and portfolio conditions. The estimate incorporates both quantitative and qualitative factors, including historical loss experience, portfolio composition, delinquency trends, internal risk ratings, nonperforming asset levels, collateral values, the financial condition of borrowers, and reasonable and supportable forecasts of macroeconomic conditions. For collateral-dependent loans, expected credit losses may depend significantly on the fair value of collateral, less estimated selling costs where applicable. Loans that do not share similar risk characteristics with other loans are evaluated individually. For loans evaluated on a collective basis, the Company segments the portfolio by loan type and other relevant risk characteristics and applies estimation methodologies that incorporate historical loss information, current conditions, and reasonable and supportable economic forecasts. Following the forecast period, the Company reverts to historical loss information over an appropriate reversion period. Management also applies qualitative adjustments, as needed, to reflect factors ITEM 1. Business General Patriot National Bancorp, Inc. (exclusive of its subsidiaries, \u201cPNBK\u201d or the \u201cHolding Company\u201d) is a Connecticut corporation and a registered bank holding company. The Holding Company\u2019s principal asset is Patriot Bank, N.A., a national banking association headquartered in Stamford, Connecticut (the \u201cBank\u201d) and its other wholly owned subsidiaries are Patriot National Statutory Trust I and PinPat Acquisition Corporation (collectively with PNBK and Bank, the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d, or \u201cour\u201d). The Bank, a member of the Federal Reserve System (the \u201cFederal Reserve\u201d), operates under a national bank charter issued by the Office of the Comptroller of the Currency (\u201cOCC\u201d), and its deposits are insured by the Federal Deposit Insurance Corporation (\u201cFDIC\u201d) up to applicable limits. The Company\u2019s common stock is listed on the Nasdaq Global Market under the symbol \u201cPNBK.\u201d As of December 31, 2025, the Company\u2019s only material operating business is the ownership and operation of the Bank. The Bank commenced operations in 1994 and, as of December 31, 2025, operated eight branch offices, including seven branches in Connecticut and one branch in New York. In addition to its branch network, the Bank serves clients through relationship-based banking, treasury management, institutional banking, and digital banking channels. 2025 Transformation and Strategic Repositioning During 2025, the Company undertook a substantial transformation of its capital structure, governance, management team, and business strategy. The Company completed significant capital raising transactions during 2025, restructured certain outstanding debt obligations, and reconstituted senior management and the Board of Directors. These actions were part of a broader repositioning of the Bank\u2019s business model, operating infrastructure, and risk management framework. In January 2025, the Bank entered into a Formal Agreement with the OCC (the \u201cFormal Agreement\u201d) that required the Bank to take ITEM 1A. Risk Factors An investment in our securities involves risks. You should carefully consider the risks and uncertainties described below, together with the other information in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes and \u201cManagement\u2019s Discussion and An", "title": "PNBK - PATRIOT NATIONAL BANCORP INC", "url": "/company/PNBK/" }, { "kind": "company", "summary": "SIC 4213 Trucking (No Local); CIK 0000798287; latest 10-K filed 2026-03-12.", "text": "PAMT - PAMT CORP SIC 4213 Trucking (No Local); CIK 0000798287; latest 10-K filed 2026-03-12. PAMT PAMT CORP 0000798287 4213 Trucking (No Local) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Business Overview The Company's administrative headquarters are in Tontitown, Arkansas. From this location we manage operations in the continental United States, Mexico, and Canada conducted through our wholly-owned subsidiaries. The operations of these subsidiaries can generally be classified into either truckload services or brokerage and logistics services. This designation is based primarily on the ownership of the asset that performed the freight transportation service. Truckload services are performed by Company divisions that generally utilize Company-owned trucks, long-term contractors, or single-trip contractors to transport loads of freight for customers, while brokerage and logistics services coordinate or facilitate the transport of loads of freight for customers and generally involve the utilization of single-trip contractors. Both our truckload operations and our brokerage and logistics operations have similar economic characteristics and are impacted by virtually the same economic factors as discussed elsewhere in this report. Based on the Company\u2019s segment identification, interpretation of the aggregation criteria outlined in ASC 280-10-50-11, and the similar qualitative and quantitative economic characteristics of the Company\u2019s operating segments, the operations of the Company are aggregated into a single motor carrier segment. For both operations, substantially all of our revenue is generated by transporting freight for customers and is predominantly affected by the rates per mile received from our customers, equipment utilization, and our percentage of non-compensated miles. These aspects of our business are carefully managed and efforts are continuously underway to achieve favorable results. Truckload services revenues, excluding fuel surcharges, represented 68.3%, 67.1% and 65.3% of total revenues, excluding fuel surcharges for the twelve months ended December 31, 2025, 2024 and 2023, respectively. The main factors that impact our profitability on the expense side are costs incurred in transporting freight for our customers. Currently, our most challenging costs include fuel, driver recruitment, training, wage and benefit costs, independent broker costs (which we record as purchased transportation), insurance and claims, maintenance, and capital equipment costs. The Company\u2019s chief operating decision maker, the Chief Executive Officer, utilizes the metrics of net income and operating ratio to evaluate company performance and in competitive analysis when comparing to competing companies. The accounting policies of the motor carrier segment are the same as those described in the summary of accounting policies found in this report. For purposes of this report, net income reflects the profitability of our operations by calculating the total earnings after deducting operating expenses, interest expense, income taxes and any other applicable costs from total revenue. The measure of net income is reported on the consolidated statement of operations as consolidated net (loss) income. Operating ratio is the measure of our efficiency in managing operating expenses relative to revenue generation and is calculated as total operating expenses as a percentage of total operating revenue. In discussing our results of operations we use revenue, before fuel surcharge (and operating supplies and expense, net of fuel surcharge), because management believes that eliminating the impact of this sometimes volatile source of revenue allows a more consistent basis for comparing our results of operations from period to period. During 2025, 2024 and 2023, approximately $71.5 million, $85.6 million, and $104.7 million, respectively, of the Company's total revenue was generated from fuel surcharges. We also discuss certain changes in our expenses as a percentage of revenue, before fuel surcharge, rather than absolute dollar changes. We Item 1. Business. Unless the context otherwise requires, all references in this Annual Report on Form 10-K to the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d mean PAMT CORP and its subsidiaries. We are a holding company that owns subsidiaries engaged in providing truckload dry van carrier services transporting general commodities throughout the continental United States and Mexico, as well as in certain Canadian provinces. Our consolidated operating subsidiaries also provide transportation services in Mexico under agreements with Mexican carriers. Our freight consists primarily of automotive parts, expedited goods, consumer goods, such as general retail store merchandise, and manufactured goods, such as heating and air conditioning units. PAMT CORP (formerly P.A.M. Transportation Services, Inc.) is a holding company incorporated under the laws of the State of Nevada in November 2024 and previously incorporated under the laws of the State of Delaware in June 1986. We conduct operations and hold assets principally through the following wholly-owned subsidiaries: P.A.M. Transport, Inc., Met Express, Inc., Costar Real Estate Holdings, Inc., Costar Equipment, Inc., Costar Management, Inc., Select CDL Driving School, Inc., Unmoored Realty, LLC, T.T.X., LLC, P.A.M. Cartage Carriers, LLC, Overdrive Leasing, LLC, Choctaw Express, LLC, Choctaw Brokerage, Inc., Transcend Logistics, Inc., Decker Transport Co., LLC, East Coast Transport and Logistics, LLC, S & L Logistics, Inc., P.A.M. International, Inc., P.A.M. Mexico Holdings LLC and PAMEX, LLC. Our operating authorities are held by P.A.M. Transport, Inc., Met Express, Inc., P.A.M. Cartage Carriers, LLC, Choctaw Express, LLC, Choctaw Brokerage, Inc., T.T.X., LLC, Decker Transport Co., LLC, and East Coast Transport and Logistics, LLC. We are headquartered and maintain our primary terminal, maintenance facilities, and our corporate and administrative offices in Tontitown, Arkansas, which is located in northwest Arkansas, a major center Item 1A. Risk Factors. Set forth below, and elsewhere in this Report and in other documents we file with the SEC, are risks and uncertainties that could cause our actual results to differ materially from the results contemplated by the forward-looking statements contained in this Report. Risks Related to Our Industry Our business is subject to general economic an", "title": "PAMT - PAMT CORP", "url": "/company/PAMT/" }, { "kind": "company", "summary": "SIC 5140 Wholesale-Groceries & Related Products; CIK 0001680873; latest 10-K filed 2026-03-16.", "text": "HFFG - HF Foods Group Inc. SIC 5140 Wholesale-Groceries & Related Products; CIK 0001680873; latest 10-K filed 2026-03-16. HFFG HF Foods Group Inc. 0001680873 5140 Wholesale-Groceries & Related Products ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis provides information about our business, the results of operations, financial condition, liquidity and capital resources of HF Foods Group Inc. This information is intended to facilitate the understanding and assessment of significant changes and trends related to our results of operations and financial condition. This discussion and analysis should be read in conjunction with the consolidated financial statements and the accompanying notes presented elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors including, but not limited to, those discussed in Part I, Item 1A. Risk Factors. and elsewhere in this Annual Report on Form 10-K. See \u201cCautionary Note Regarding Forward-Looking Statements\u201d above for further explanation. Recent Developments CFO Transition On October 15, 2025 (the \u201cSeparation Date\u201d), Cindy Yao, departed from the Company as its Chief Financial Officer. In connection with Ms. Yao\u2019s departure, the Company entered into a Separation Agreement (the \u201cSeparation Agreement\u201d) with Ms. Yao effective November 6, 2025. Effective October 15, 2025, Paul McGarry, who previously served as the Company\u2019s Vice President and Corporate Controller was appointed Interim Chief Financial Officer. Effective January 27, 2026, the Board of Directors appointed Mr. McGarry to serve as the Company\u2019s Chief Financial Officer. Opening of a State-of-the-Art Distribution Warehouse in Powder Springs, GA On December 18, 2025, the Company officially opened its newest 182,000 square foot distribution center located outside Atlanta, in Powder Springs, Georgia. This brand-new facility includes warehouse, freezer, cooler, and office space and provides significant opportunities for expanding our existing operations in Atlanta and the surrounding cities and states. The Company plans to incorporate automated material handling and warehouse management technologies at the facility to support operating efficiency. The new distribution center will continue to service over 1,000 customers from HF Food\u2019s previous Atlanta location and is now open to deliver more business throughout Georgia, Alabama, Mississippi, and Tennessee. The distribution center is located at 4795 Innovative Highway, Powder Springs, GA 30127, and currently employs over 50 individuals with plans to expand operations throughout 2026. Business Overview HF Foods is a leading marketer and distributor of fresh produce, frozen and dry food, and non-food products to Asian restaurants and other foodservice customers throughout the United States. We operate a national distribution platform comprised of sixteen distribution centers and four cross-docks, supported by a fleet of over 400 vehicles, which collectively spans 46 states and covers approximately 95% of the contiguous United States. We serve approximately 15,000 customer locations through a high-frequency, service-oriented distribution model designed to meet the operational needs of independent restaurants, including timely delivery and consistent product availability. We believe we are differentiated by our deep cultural and language understanding of the Asian restaurant community, long-standing relationships with growers and suppliers, and specialized sourcing capabilities across North America, South America, and Asia. These strengths are reinforced by nearly 1,000 employees and a centralized outsourced call center in China, which supports order taking and customer service in customers\u2019 primary language and enables coordinated marketing and promotional campaigns. Our product portfolio is supported by long-term partnerships with both domestic and international suppliers, which ITEM 1. BUSINESS Overview HF Foods Group Inc., headquartered in Las Vegas, Nevada, operating through our subsidiaries (collectively \u201cHF Foods\u201d or the \u201cCompany\u201d) is a leading marketer and distributor of fresh produce, frozen and dry food, and non-food products to Asian restaurants and other foodservice customers throughout the United States. We operate a national distribution platform comprised of sixteen distribution centers and four cross-docks, supported by a fleet of over 400 vehicles, which collectively spans 46 states and covers approximately 95% of the contiguous United States. We serve approximately 15,000 customer locations through a high-frequency, service-oriented distribution model designed to meet the operational needs of independent restaurants, including timely delivery and consistent product availability. We believe we are differentiated by our deep cultural and language understanding of the Asian restaurant community, long-standing relationships with growers and suppliers, and specialized sourcing capabilities across North America, South America, and Asia. These strengths are reinforced by nearly 1,000 employees and a centralized outsourced call center in China, which supports order taking and customer service in customers\u2019 primary language and enables coordinated marketing and promotional campaigns. Our product portfolio is supported by long-term partnerships with both domestic and international suppliers, which we believe enhances our ability to provide a broad and differentiated assortment at competitive prices. Our supplier relationships and market knowledge strengthen our purchasing and negotiating position and support continuity of supply, including improving our ability to manage potential supply chain disruptions, reduce stockouts, obtain pricing concessions, and maintain reliable delivery schedules. While Asian restaurants remain our core customer base, we intend to selectively broaden our customer reach into other ethnic and special ITEM 1A. RISK FACTORS The following are significant factors known to us that could materially adversely affect our business, reputation, operating results, industry, financial position and/or future financial performance. This information should be read in conjunction with Management\u2019s Discussion and Analysis of Financ", "title": "HFFG - HF Foods Group Inc.", "url": "/company/HFFG/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001124105; latest 10-K filed 2026-03-13.", "text": "GYRE - GYRE THERAPEUTICS, INC. SIC 2834 Pharmaceutical Preparations; CIK 0001124105; latest 10-K filed 2026-03-13. GYRE GYRE THERAPEUTICS, INC. 0001124105 2834 Pharmaceutical Preparations Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. You should read the following discussion and analysis of our financial condition and results of operations together with our audited financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion and other parts of this Annual Report on Form 10-K contain forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section of this report entitled \u201cRisk Factors.\u201d You should carefully read the \u201cCautionary Note About Forward-Looking Statements\u201d and \u201cRisk Factors\u201d sections of this Annual Report on Form 10-K to gain an understanding of the important factors that could cause actual results to differ materially from the results described below. Overview We are a commercial-stage biopharmaceutical company focused on the development and commercialization of small-molecule therapies for the treatment of organ fibrosis and inflammatory diseases. We operate through our majority indirectly owned subsidiary, Gyre Pharmaceuticals, in the PRC, and through our U.S. operations headquartered in San Diego, California. Our strategy is to leverage our established commercial portfolio to support and de-risk the advancement of late-stage product candidates, expand approved products into additional indications, and build a diversified pipeline targeting significant unmet medical needs in fibrosis and related inflammatory diseases. On March 2, 2026, we entered into the Merger Agreement with Cullgen and Merger Sub, pursuant to which, among other matters, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Merger Sub will merge with and into Cullgen, with Cullgen continuing as a wholly owned subsidiary of Gyre and the surviving corporation of the Merger. The Merger is intended to qualify for federal income tax purposes as a tax-free reorganization under the provisions of Section 368(a) of the Internal Revenue Code of 1986, as amended. The consummation of the Merger is subject to certain closing conditions, including, among other things, (1) approval by the requisite Cullgen stockholders of the adoption and approval of the Merger Agreement and the transactions contemplated thereby, and (2) a filing under the HSR Act. There can be no assurances that the Merger will be successfully consummated, and the intended benefits of the Merger may not be realized. Our Commercial Portfolio ETUARY\u00ae (pirfenidone) Pirfenidone is a small-molecule anti-fibrotic therapy for the treatment of IPF. It was first approved in Japan and subsequently approved in the PRC, the EU, and the United States. These approvals were obtained by different sponsors in their respective jurisdictions under separate regulatory frameworks. In the PRC, we conducted independent research and development to support our regulatory submission and received first-in-class approval in 2011 as a National Category 1.1 New Drug. We commercialized pirfenidone under the brand name ETUARY\u00ae, which was included in the NRDL in 2017 and has since maintained a leading market position. 149 In addition to IPF, we are pursuing potential label expansion into additional indications in the PRC, including PD, for which, in 2025, we completed enrollment of 272 patients in our 52-week Phase 3 trial, and RILI, including cases with or without immune-related pneumonitis, for which the NMPA approved our clinical trial application in March 2025, and we expect to initiate an adaptive Phase 2/3 study in the first half of 2026. Etorel\u00ae (nintedanib esilate soft capsules) In May 2024, Gyre Pharmaceuticals entered into a comprehensive agreement with Jian Item 1. BUSINESS. In this section, unless otherwise specified, references to \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d and \u201cour company\u201d refer to Gyre Therapeutics, Inc. and our majority indirectly owned subsidiary, Beijing Continent Pharmaceuticals Co., Ltd. (d/b/a Gyre Pharmaceuticals Co., Ltd.) (\u201cGyre Pharmaceuticals\u201d). Overview We are a commercial-stage biopharmaceutical company focused on the development and commercialization of small-molecule therapies for the treatment of organ fibrosis and inflammatory diseases. We operate through our majority indirectly owned subsidiary, Gyre Pharmaceuticals, in the PRC, and through our U.S. operations headquartered in San Diego, California. In the PRC, we have established a strong commercial and operational foundation in fibrotic diseases through the successful development and commercialization of ETUARY\u00ae (pirfenidone), which has generated consistent revenue and positioned us as a leading participant in the treatment of pulmonary fibrosis. Fibrotic diseases affect large patient populations worldwide and involve complex, multi-stage biological processes driven by multiple molecular pathways. Given this complexity, therapies that modulate key profibrotic signaling pathways may offer meaningful clinical benefit; however, effective treatment may require targeting mechanisms across different stages of disease progression. Building on our commercialization experience and infrastructure in the PRC, we have expanded our presence into the United States to advance the clinical development of our innovative pipeline, including F351 (Hydronidone), our lead product candidate for liver fibrosis. Our strategy is to leverage our established commercial portfolio to support and de-risk the advancement of late-stage product candidates, expand approved products into additional indications, and build a diversified pipeline targeting significant unmet medical needs in fibrosis and related inflammatory diseases. On March 2, 2026, we entered into an Agreement an Item 1A. RISK FACTORS. The following section includes the most significant factors that may adversely affect our business and operations. You should carefully consider the risks and uncertainties described below and all information contained in this Annual Report on Form 10-K before deciding to invest in our common stock. If any of", "title": "GYRE - GYRE THERAPEUTICS, INC.", "url": "/company/GYRE/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001842566; latest 10-K filed 2026-02-17.", "text": "AISP - Airship AI Holdings, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001842566; latest 10-K filed 2026-02-17. AISP Airship AI Holdings, Inc. 0001842566 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis summarizes the significant factors affecting our operating results, financial condition, liquidity and cash flows as of and for the periods presented below. The following discussion and analysis should be read in conjunction with our financial statements and the related notes thereto included elsewhere in this report. The discussion contains forward-looking statements that are based on the beliefs of management, as well as assumptions made by, and information currently available to, management. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed below and elsewhere in this report, particularly in the sections titled \u201cRisk Factors\u201d and \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview We are a robust AI-driven data management platform that solves complex data challenges for large institutions operating in dynamic and mission-critical environments with rapidly increasing volumes of data being ingested from a similarly rapidly growing number of data sources. We solve these challenges by structuring \u201cdark\u201d or unstructured data at the edge, the location at which the data is generated and collected, and leveraging purpose-built AI models. Unstructured, or \u201cdark\u201d data, which is typically categorized as qualitative data, cannot be processed and analyzed via conventional data tools and methods. Conversely, structured data, typically categorized as quantitative data, is highly organized and easily decipherable by machine learning algorithms. Structuring and then analyzing data using AI models at the edge, versus transmitting the data from the edge back to a central processing location for structuring and analysis, enables real-time decision making and data-driven operational efficiency. We specialize in ingesting all available metadata from edge-based sensors used by government and law enforcement agencies around the world, including surveillance cameras (video), audio, telemetry, acoustic, seismic, and autonomous devices, along with large commercial corporations with fundamentally similar capabilities and requirements. Data generated by these edge-based sensors, including video, can then be run through our trained AI models to detect objects present within the video frame. Once an object is detected, for example an automobile, additional identifying characteristics of the object can be extracted from the image including the license plate characters and the make, model, and color of the automobile. This process of analyzing, logging and categorizing ingested data is referred to as \u201cstructuring\u201d the data. Airship AI\u2019s software allows customers to view structured data both in real-time as well as to conduct searches on the structured data at a later point in time. Real-time structured data use includes, for example, alarms on a specific license plate or a specific make, model or color of automobile. Non-real-time structured data use includes, for example, searching a database of video data that has been previously ingested and stored to find instances of a particular license plate being visible, along with other logged vehicle characteristics such as make, model and color of an automobile. Additional edge deployed AI models enable similar object detection and recognition of common and custom trained objects, such as an aircraft, boat, person, animal, bag, or weapon. Airship AI\u2019s models provide similar data points for these object types allowing analysts the ability to be notified in real-time of the detection of a specified object and similarly search for historically detected objects. Examples include detecting aircrafts and boats along with their respective tail numbers and hull registration numbers. Our AI modelling process starts with pre-trained AI models from our technolog ITEM 1. BUSINESS. History Airship AI Holdings, Inc. (the \u201cCompany\u201d or \u201cAirship\u201d) is a holding company incorporated in Delaware that executes business through its wholly owned subsidiary, Airship AI, Inc. (\u201cAirship AI\u201d). Prior to the formation of Super Simple AI, Inc. in 2022, the Company operated as Airship AI, Inc. (formerly known as JDL Digital Systems, Inc.). JDL Digital Systems, Inc. was incorporated under the laws of the State of Washington on June 30, 2003. Super Simple AI, Inc. was formed in January 2022 through a share exchange with JDL Digital Systems, Inc. On March 7, 2023, Super Simple AI, Inc. changed its name to Airship AI Holdings, Inc. On December 21, 2023, the Company completed the merger contemplated by the Merger Agreement, dated as of June 27, 2023, as amended (the \u201cMerger Agreement\u201d) by and among BYTE Acquisition Corp. (\u201cBYTS\u201d), BYTE Merger Sub, Inc., a Washington corporation and a direct, wholly-owned subsidiary of BYTS (\u201cMerger Sub\u201d), and Airship AI. Effective December 21, 2023, Merger Sub merged with and into Airship AI with Airship AI as the surviving corporation (the \u201cmerger\u201d). Thus, Airship AI became a wholly-owned subsidiary of the Company. In connection with the merger, Airship AI changed its name from \u201cAirship AI Holdings, Inc.\u201d to \u201cAirship AI, Inc.\u201d Overview We are a robust AI-driven data management platform that solves complex data challenges for large institutions operating in dynamic and mission-critical environments with rapidly increasing volumes of data being ingested from a similarly rapidly growing number of data sources. We solve these challenges by structuring \u201cdark\u201d or unstructured data at the edge, the location at which the data is generated and collected, and leveraging purpose-built AI models. Unstructured, or \u201cdark\u201d data, which is typically categorized as qualitative data, cannot be processed and analyzed via conventional data tools and methods. Conversely, structured data, typically categorized as quantitative dat ITEM 1A. RISK FACTORS. An investment in our securities involves a high degree of risk. You should carefully consider the risks described below before making an investment decision. Our business, prospects, financial condition, or operating results could be harmed by any of these risks, as well as other risks not known", "title": "AISP - Airship AI Holdings, Inc.", "url": "/company/AISP/" }, { "kind": "company", "summary": "SIC 7310 Services-Advertising; CIK 0001133311; latest 10-K filed 2026-03-11.", "text": "TZOO - TRAVELZOO SIC 7310 Services-Advertising; CIK 0001133311; latest 10-K filed 2026-03-11. TZOO TRAVELZOO 0001133311 7310 Services-Advertising Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The information in this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current expectations, assumptions, estimates and projections about Travelzoo and our industry. These forward-looking statements are subject to the many risks and uncertainties that exist in our operations and business environment that may cause actual results, performance or achievements of Travelzoo to be different from those expected or anticipated in the forward-looking statements. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as \u201cmay\u201d, \u201cwill\u201d, \u201cshould\u201d, \u201cestimates\u201d, \u201cpredicts\u201d, \u201cpotential\u201d, \u201ccontinue\u201d, \u201cstrategy\u201d, \u201cbelieves\u201d, \u201canticipates\u201d, \u201cplans\u201d, \u201cexpects\u201d, \u201cintends\u201d, and similar expressions are intended to identify forward-looking statements. Travelzoo\u2019s actual results and the timing of certain events could differ significantly from those anticipated in such forward-looking statements. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those discussed elsewhere in this report in the section entitled \u201cRisk Factors\u201d and the risks discussed in our other SEC filings. The forward-looking statements included in this report reflect the beliefs of our management on the date of this report. Travelzoo undertakes no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other circumstances occur in the future. Overview Travelzoo (including its subsidiaries and affiliates, the \u201cCompany\u201d or \u201cwe\u201d) is a global Internet media company. We operate Travelzoo\u00ae, the club for travel enthusiasts, Jack\u2019s Flight Club\u00ae, and Travelzoo META. We reach 30 million travelers. Club Members, who pay a membership fee, receive Club Offers negotiated and rigorously vetted by our deal experts around the globe. Our relationships with thousands of top travel suppliers\u2014give us access to irresistible deals. Our club and its benefits are built around the lifestyle of a travel enthusiast. Travelzoo membership has historically been free, however, beginning in 2024, new members in the United States, Canada, United Kingdom and Germany are charged an annual fee of $40 (or local equivalent), with the 2024 annual fee waived for existing members as of December 31, 2023. On January 1, 2026, we increased the annual membership fee to $50 in the United States for new members, For existing members, the new pricing will apply from the next renewal of their membership after February 1, 2026. For any subscription revenue derived from the paid membership, we recognize revenue monthly pro rata over the subscription period. We also license Travelzoo products, services and intellectual property to licenses in (a) Australia, New Zealand, and Singapore and (b) Japan and South Korea, in each case, where the Company is entitled to a quarterly royalty payment based on a percentage of net revenue. The Company recognized $68,000 and $71,000 in royalties in 2025 and 2024, respectively. Under the licensing agreements, Travelzoo's existing members in the applicable territories continue to be owned by the Company. Through Travelzoo META, we plan to include Metaverse travel experiences as a benefit of Travelzoo club membership in 2026, allowing us to utilize and leverage all we have learned and developed over the past few years for Travelzoo META for the benefit of our Club Members. MTE also continues to operate its legacy business in retail and fashion, which is included in but not material to the Company\u2019s consolidated results Reportable Segments The Company determines its reportable segments based upon the Company's chief operating decision mak Item 1. Business Overview Travelzoo (including its subsidiaries and affiliates, the \u201cCompany\u201d or \u201cwe\u201d) is a global Internet media company. We operate Travelzoo\u00ae, the club for travel enthusiasts, Jack\u2019s Flight Club\u00ae, and Travelzoo META. We reach 30 million travelers. Club Members, who pay a membership fee, receive Club Offers negotiated and rigorously vetted by our deal experts around the globe. Our relationships with thousands of top travel suppliers\u2014give us access to irresistible deals. Our club and its benefits are built around the lifestyle of a travel enthusiast. Travelzoo attracts a high-quality audience of travel enthusiasts across multiple digital platforms, including email, websites, social media and mobile applications. We have over 4.7 million social media followers on Facebook, Instagram, X and WeChat and, to date, our iOS and Android mobile applications have been downloaded 8.1 million times. Our most important products and services are the Travelzoo website (travelzoo.com), the Travelzoo iOS and Android apps, the Top 20\u00ae email newsletter, Standalone email newsletters, the Travelzoo Network, and Jack's Flight Club\u00ae. Our Travelzoo website and newsletters include Local Deals and Getaways listings that allow our members to purchase vouchers for offers from local businesses such as spas, hotels and restaurants. Jack's Flight Club is a subscription service that provides members with information about exceptional airfares. Thousands of travel and local providers use our advertising and marketing services. The Company generates revenue from advertising and commerce, membership fees, and other sources. Advertising revenue consists primarily of (a) advertising fees paid by travel companies for the publishing of their offers on Travelzoo\u2019s media properties, (b) commissions and revenues generated from the sale of Getaways vouchers and bookings on our hotel platform, and (c) publishing fees from high-quality local businesses, sale of Local Deals vouchers and Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. The business, financial condition and operating results of the Company can be affected by a number of factors, whether currently known or unknown, including but not limited to those described below, any one or more of which could, directly or indirectly, cause the Company\u2019s actual fi", "title": "TZOO - TRAVELZOO", "url": "/company/TZOO/" }, { "kind": "company", "summary": "SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0000714256; latest 10-K filed 2026-03-24.", "text": "SMTI - Sanara MedTech Inc. SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0000714256; latest 10-K filed 2026-03-24. SMTI Sanara MedTech Inc. 0000714256 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis contains forward-looking statements about future revenues, operating results, plans and expectations. Forward-looking statements are based on a number of assumptions and estimates that are inherently subject to significant risks and uncertainties and our results could differ materially from the results anticipated by our forward-looking statements as a result of many known or unknown factors, including, but not limited to, those factors discussed in Part I, Item 1A. Risk Factors. Also, please read the \u201cCautionary Statement Regarding Forward-Looking Statements\u201d set forth at the beginning of this Annual Report on Form 10-K. In addition, the following discussion should be read in conjunction with Part I of this Annual Report on Form 10-K as well as our Consolidated Financial Statements and the related Notes to Consolidated Financial Statements contained elsewhere in this Annual Report on Form 10-K. 39 Table of Contents OVERVIEW We are a medical technology company focused on developing and commercializing transformative technologies to improve clinical outcomes and reduce healthcare expenditures in the surgical market. Our products are designed to achieve our goal of providing better clinical outcomes at a lower overall cost for healthcare systems. We strive to be one of the most innovative and comprehensive providers of effective surgical solutions and are continually seeking to expand our offerings for patients requiring surgical treatments in the United States. We primarily market and sell soft tissue repair and bone fusion products for use in the operating room or other sterile environments. Our soft tissue repair products include, among other products, our lead product, CellerateRX Surgical Powder (\u201cCellerateRX Surgical\u201d), a hydrolyzed collagen that aids in the management of surgical wounds, and BIASURGE Advanced Surgical Solution (\u201cBIASURGE\u201d), a sterile no-rinse, advanced surgical solution used for wound irrigation. Our bone fusion products include, among other products, BiFORM Bioactive Moldable Matrix (\u201cBiFORM\u201d), an osteoconductive, bioactive, porous implant that allows for bony ingrowth across the graft site, and ALLOCYTE Plus Advanced Viable Bone Matrix (\u201cALLOCYTE Plus\u201d), a human allograft cellular bone matrix containing bone-derived progenitor cells and conformable bone fibers. We also utilize an in-house research and development team, Rochal Technologies. We are advancing a strong pipeline of next-generation products that supports and extends our surgical strategy of \u201cPrepare, Promote and Protect.\u201d Shift in Strategy and Discontinuance of Value-Based Wound Care Program Our company\u2019s main source of revenue has consistently been from soft tissue repair and bone fusion products for the surgical market. Additionally, we generate a smaller portion of revenue from products sold in the post-acute setting. To further support this segment, particularly in wound care, we launched a value-based wound care services initiative designed to enhance outcomes while complementing our offerings in both surgical and post-acute markets. This post-acute strategy, which we referred to as Tissue Health Plus (\u201cTHP\u201d), was focused on providing value-based wound care services. Through THP, we planned to offer a first of its kind value-based wound care program to payers and risk-bearing entities. This program was designed to enable payers to divest wound care spend risk, reduce wound related hospitalizations and improve patient quality of life. To further develop our value-based wound care strategy, we executed an investment and acquisition strategy to build telehealth services and acquire technologies to support the THP platform. Since the second quarter of 2024, we managed our business on the basis of two operating and reportable segments: the Sanara Surgical segment and the THP segment. Our intention in", "title": "SMTI - Sanara MedTech Inc.", "url": "/company/SMTI/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001476840; latest 10-K filed 2026-02-26.", "text": "EXFY - Expensify, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001476840; latest 10-K filed 2026-02-26. EXFY Expensify, Inc. 0001476840 7372 Services-Prepackaged Software Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our audited consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d and in other parts of this Annual Report on Form 10-K. OVERVIEW Expensify is a cloud-based expense management software platform that helps the smallest to the largest businesses simplify the way they manage money. Every day, people from all walks of life in organizations around the world use Expensify to scan and reimburse receipts from flights, hotels, coffee shops, office supplies and ride shares. Since our founding in 2008, we have added over 15 million members to our community and processed and automated over 1.8 billion expense transactions on our platform as of December 31, 2025, freeing people to spend less time managing expenses and more time doing the things they love. For the year ended December 31, 2025, an average of 650,000 paid members across an average of 39,700 companies and over 200 countries and territories used Expensify to make money easy. OUR BUSINESS MODEL Our employee-centric product strategy, viral and bottom-up business model, word-of-mouth adoption and unique company culture come together to drive value for our members and a competitive advantage for us. We believe that if we remain hyper-focused on our end-user members, and build great products, our members will continue to drive adoption. We primarily generate revenue from annual subscriptions to our cloud-based platform, driven by the number of paid members active on a monthly basis. Individuals or companies pay for subscriptions on behalf of themselves, their employees and contractors, who we collectively refer to as members. We define a customer as any member who pays for themselves and zero or more other members, grouped into one or more \u201cexpense policies.\u201d This might be an individual, an entire company, or a department of a larger company. The definition of customer inherently excludes sole proprietors on Track or Submit plans. We monetize transactions from the Expensify Card by receiving interchange for all spend on the card. As we expand our platform, we continue to increase the number of integrations and to more actively promote the Expensify Card with complementary use cases beyond expense management to both new and existing customers to drive increased adoption. We monetize bookings via Expensify Travel by charging a booking fee on each booking. We intend to continue to develop complimentary features to Expensify Travel to increase the number of existing companies using Expensify Travel and to attract new customers. Key Factors Affecting Our Performance Our performance depends on many factors, including the following: INVESTING IN PRODUCT-LED GROWTH We continue to focus on growing the number of paid members on our platform. Relative to other software companies, we invest more in product development and less in sales. This investment in product allows us to develop easy-to-use but powerful features that encourage adoption of our platform. Our ability to grow our paid members depends on our viral, bottom-up adoption cycle that starts with an individual employee. After downloading our free app to submit expenses and realizing the benefits of Expensify, our enthusiastic members champion our platform internally, spread it via word-of-mouth or invites to other 74 Table of Contents employees and often convince decision makers to adopt Expensify company-wide. In order to continue to grow, we bel Item 1. Business OVERVIEW Expensify is a leading cloud-based expense management software platform that helps the smallest to the largest businesses simplify the way they manage money. Every day, people from all walks of life in organizations around the world use Expensify to scan and reimburse receipts from flights, hotels, coffee shops, office supplies and ride shares. Since our founding in 2008, we have added over 15 million members to our community, and processed and automated over 1.8 billion expense transactions on our platform as of December 31, 2025, freeing people to spend less time managing expenses and more time doing the things they love. For the quarter ended December 31, 2025, an average of 650,000 paid members across an average of 39,700 companies and over 200 countries and territories used Expensify to make money easy. Small and medium-sized businesses (\u201cSMBs\u201d) are the cornerstone of the global economy, making up almost all businesses and the majority of employment in Organisation for Economic Co-operation and Development (\u201cOECD\u201d) member countries. Despite their significance to the global economy, the vast majority of SMBs still rely on manual, inefficient processes to manage the critical back office functions that power their businesses every day. Expense management, which refers to the collection, processing, auditing and reimbursement of employee expenses, is one of the last great holdouts of paper-based back office processes, with employees stuffing actual physical receipts into an envelope and handing it to their accountant. As SMBs seek to modernize back office functions like expense management to better compete in today\u2019s digital economy, we believe they will look for comprehensive technologies that are easy to discover, implement, purchase, manage and use. At the same time, individual employees are becoming a powerful source of change as they increasingly expect to bring their own choice of technology into the workplace. Since the beginnin Item 1A. Risk Factors Our business involves a high degree of risk. You should carefully consider the risks described below, as well as the other information contained or incorporated by reference in this Annual Report on Form 10-K, including our consolidated financial statements and related notes, as well as our other filings with the SEC.", "title": "EXFY - Expensify, Inc.", "url": "/company/EXFY/" }, { "kind": "company", "summary": "SIC 3620 Electrical Industrial Apparatus; CIK 0001845437; latest 10-K filed 2026-03-09.", "text": "NPWR - NET Power Inc. SIC 3620 Electrical Industrial Apparatus; CIK 0001845437; latest 10-K filed 2026-03-09. NPWR NET Power Inc. 0001845437 3620 Electrical Industrial Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following management\u2019s discussion and analysis (\u201cMD&A\u201d) provides information that management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition and includes forward-looking statements that involve risks, uncertainties and assumptions. This section should be read in conjunction with Part I of this Annual Report on Form 10-K, the consolidated financial statements and related notes included in Part II Item 8 in this Annual Report on Form 10-K and the section titled \u201cCautionary Note Regarding Forward-Looking Statements\u201d included in the forepart in this Annual Report on Form 10-K. Unless the context otherwise requires, all references in this section to \u201cNet Power,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d and the \u201cCompany\u201d refer to the business of Net Power Inc. and its subsidiaries. Additional terms used herein are defined in the section entitled \u201cCertain Defined Terms\u201d and elsewhere in this Report. Overview We are an energy technology and project development company focused on delivering low-carbon gas power solutions. Historically, our sole business has been the development of a novel oxy-combustion power generation system designed to produce reliable and affordable electricity from natural gas while capturing virtually all atmospheric emissions (the \u201cOxy-Combustion Cycle\u201d). Recently, we have broadened the scope of our business to include the generation of power using natural gas turbines paired with PCC technology that we intend to license from Entropy. Key Factors Affecting Our Prospects and Future Results We believe that our performance and future success depend on a number of factors that present significant opportunities for us but also pose risks and challenges, including, but not limited to, our ability to license PCC technology from Entropy, potential supply chain issues, changes in tax policies and other incentives supporting carbon capture, our access to the capital needed to finance the development of our projects, and development of competing energy technologies sooner or at a lesser cost than our products. Supply chain issues related to the manufacturing and transportation of key equipment, including as a result of tariffs imposed by the U.S. or other countries or other trade barriers, measures, or conflicts, may lead to a delay in our commercialization efforts, which could impact our results of operations, financial condition and prospects. Also, currency fluctuations, inflation, and tariffs and other trade barriers, measures or conflicts may significantly increase freight charges, raw material costs and other expenses associated with our business, and such increased costs could materially and adversely affect our results of operations, financial condition and prospects. Commencing Commercial Operations Net Power is progressing its first clean firm power hub at the Project Permian site in West Texas. The project is being sized to accommodate up to one gigawatt of clean firm power generation capacity. We intend for Phase I of the project to utilize readily available gas turbines paired with Entropy\u2019s PCC technology. On November 12, 2025, we entered into an agreement to purchase two modular gas turbine generator sets with nominal gross power of approximately 30 megawatts each for use at Project Permian. Final investment decision (\u201cFID\u201d) for Phase I is expected in the third quarter of 2026 with targeted commercial operations by early 2029, which would make it the first commercial clean gas power project in the United States. Key Components of Results of Operations We are a development stage company and our historical results may not be indicative of our future results, particularly considering the recent shift in the anticipated timing of our technology development of the Oxy-Combustion Cycle and the introduction of the Clean Gas Product. Accordingly, the driver Item 1. Business Overview Net Power is an energy technology and project development company focused on delivering low-carbon gas power solutions. Founded in 2010, our mission is to transform natural gas into the lowest cost form of clean firm power. Historically, our sole business has been the development of a novel oxy-combustion power generation system (the \u201cOxy-Combustion Cycle\u201d) designed to produce reliable and affordable electricity from natural gas while inherently capturing CO2 and minimizing the production of air pollutants such as SOX, NOX, and other particulates. The Oxy-Combustion Cycle was first demonstrated at our 50 MWth demonstration facility in La Porte, Texas (the \u201cLa Porte Demonstration Facility\u201d), for which construction commenced in 2016 and testing began in 2018. The facility was ultimately synchronized to the Texas grid in the fall of 2021. During 2024, we made significant upgrades to the La Porte Demonstration Facility in preparation for validation testing of commercial-scale turbo expander components. The first of four planned phases of this equipment validation program commenced in late 2024. In 2023, we began the front-end engineering and design (\u201cFEED\u201d) process for our first utility-scale power plant utilizing the Oxy-Combustion Cycle (\u201cSN1\u201d) with the intention of locating SN1 in the Permian Basin of West Texas (\u201cProject Permian\u201d). In 2024, we began purchasing initial long-lead materials for SN1. However, after completing FEED in December 2024, the indicative cost estimate at that time was higher than originally anticipated. In response, during the first quarter of 2025, we commenced a post-FEED optimization and value engineering process. In March 2025, we suspended further long-lead equipment releases, but value engineering and certain development work continued into the third quarter of 2025. During the third quarter of 2025, we completed a market analysis of the Oxy-Combustion Cycle to determine the economic and timing competitiven Item 1A. Risk Factors The section below discusses the most significant risk factors that may materially adversely affect our business, results of operations and financial condition. Risks Related to Our Business and Our Industry We have incurred significant losses since inception, we anticipate that we will continue to incur losses in", "title": "NPWR - NET Power Inc.", "url": "/company/NPWR/" }, { "kind": "company", "summary": "SIC 8011 Services-Offices & Clinics of Doctors of Medicine; CIK 0001870940; latest 10-K filed 2026-03-31.", "text": "AIRS - Airsculpt Technologies, Inc. SIC 8011 Services-Offices & Clinics of Doctors of Medicine; CIK 0001870940; latest 10-K filed 2026-03-31. AIRS Airsculpt Technologies, Inc. 0001870940 8011 Services-Offices & Clinics of Doctors of Medicine Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our financial statements and related notes and other financial information appearing elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. See the section entitled \"Cautionary Note Regarding Forward-Looking Statements\" in this Annual Report on Form 10-K. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons, including those risks. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Annual Report. You should read this Annual Report completely, including Part I, Item 1A (Risk Factors) of this Annual Report and the section titled \u201cCautionary Note Regarding Forward-Looking Statements\u201d in this Annual Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by our forward-looking statements contained in the following discussion and analysis. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Unless otherwise indicated or the context otherwise requires, references in this Annual Report on Form 10-K to the \u201cCompany,\u201d \u201cAirSculpt,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to AirSculpt Technologies, Inc. and its consolidated subsidiaries and the Professional Associations. Key Factors Affecting Our Performance Our results of operations and financial condition have been, and will continue to be, affected by a number of factors, including the following: 49 Table of Contents Growth Initiatives and Strategic Priorities Given the continued decline in its revenue, the Company is focusing returning to revenue growth through a number of strategic and growth initiatives, including: \u2022optimizing our marketing investment by spending on techniques that have proven successful for us in the past using a returns-based approach and testing new areas such as online video, and other social marketing channels under the direction of our Chief Digital Officer; \u2022improving our go-to-market and sales strategies under our Chief Sales Officer who is dedicated to strengthening our consultative sales model with enhanced training, improving our sales processes, and providing a greater focus on lead conversion; \u2022expanding consumer financing offerings; and \u2022focusing on new product innovation where we believe that there is an opportunity to introduce new services, particularly in the area of skin tightening, that would allow us to expand our customer reach and generate incremental revenues. Our Ability to Attract New Patients The decision to undergo an AirSculpt\u00ae procedure is driven by patient demand, which may be influenced by a number of factors, such as: \u2022general consumer confidence, which may be impacted by economic and political conditions; \u2022individual levels of disposable income to pay for our procedures and the continued availability of financing for our patients; \u2022the cost, safety and efficacy of AirSculpt\u00ae relative to other aesthetic products and alternative treatments; \u2022the increased market acceptance, availability and customer awareness of safer, more effective, easier to use and less expensive weight loss solutions, including weight loss drugs and other non-surgical weight loss and obesity solutions; \u2022the success of our sales and marketing programs; \u2022the perceived advantages or disadvantages of AirSculpt\u00ae compared to other aesthetic products and treatments; \u2022the extent to which our AirSculpt\u00ae procedure sa Item 1. Business Unless otherwise indicated or the context otherwise requires, references in this Annual Report on Form 10-K to the \u201cCompany,\u201d \u201cAirSculpt,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cour\u201d refer to AirSculpt Technologies, Inc. and its consolidated subsidiaries and the Professional Associations (as defined hereinafter). Our Company AirSculpt is a next-generation body contouring treatment designed to optimize both comfort and precision, available exclusively at AirSculpt offices. The minimally invasive procedure removes fat and tightens skin, while sculpting targeted areas of the body, allowing for quick healing with minimal bruising, tighter skin, and precise results. We believe our treatment results and elite patient experience have positioned AirSculpt as a preferred body contouring brand. We performed 11,852 body contouring procedures in 2025. Our proprietary and patented AirSculpt\u00ae method is minimally invasive because it requires no needle, no scalpel, no stitches and no general anesthesia to achieve transformational change that appears both natural and smooth. Our patients are guided by surgeons, nurses and patient care consultants through every step of the experience. We have a broad offering of fat removal procedures across treatment areas. We also offer innovative fat transfer procedures that use the patient\u2019s own fat cells to enhance the breasts, buttocks, hips or other areas and do not require silicone or foreign materials to be implanted. Our innovative body contouring procedures include the Power BBL\u00ae, a Brazilian butt lift procedure, the Up a Cup\u2122, a breast enhancement procedure, and the Hip Flip\u2122, an hourglass contouring procedure. Our motivation to provide the best body contouring outcomes for our patients fuels our innovation. Further, the Company introduced AirSculpt\u00ae + and AirSculpt\u00ae Smooth in fiscal year 2022. AirSculpt\u00ae + permanently removes fat and tightens the skin with unparalleled precision and finesse. Patients first target any area containing exce Item 1A. Risk Factors We are subject to risks and uncertainties that could cause our actual financial condition, results of operations, business and prospects to differ materially from those contemplated by the forward-looking statements contained in this report or our other filings", "title": "AIRS - Airsculpt Technologies, Inc.", "url": "/company/AIRS/" }, { "kind": "company", "summary": "SIC 2531 Public Bldg & Related Furniture; CIK 0000751365; latest 10-K filed 2026-04-08.", "text": "VIRC - VIRCO MFG CORPORATION SIC 2531 Public Bldg & Related Furniture; CIK 0000751365; latest 10-K filed 2026-04-08. VIRC VIRCO MFG CORPORATION 0000751365 2531 Public Bldg & Related Furniture Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Executive Overview of Operating Results Virco Mfg. Corporation is the nation\u2019s largest domestic manufacturer and distributor of Furniture, Fixtures, and Equipment (\"FF&E\") for the education (K-12) market. The Company\u2019s operating model and unique market differs in several ways from the traditional furniture industry model. The furniture industry is traditionally structured around furniture manufacturers that sell to end customers through dealership networks. These dealership networks can be aligned with one manufacturer or open to 27 multiple manufacturers. Virco is one of the few domestic manufacturers of school furniture that call on and sell direct to school customers, with approximately 75% to 85% of sales being direct to customers. The markets that Virco serves include the education market (the Company's primary market), which is made up of public and private schools (preschool through 12th grade), junior and community colleges, four-year colleges and universities and trade, technical and vocational schools. Virco also serves convention centers and arenas; the hospitality industry, with respect to their banquet and meeting facilities; government facilities at the federal, state, county and municipal levels; and places of worship. In addition, the Company sells to wholesalers, distributors, retailers, catalog retailers, and internet retailers that serve these same markets. These institutions are frequently characterized by extreme seasonality and/or a bid-based purchasing function. The Company's business model, which is designed to support this strategy, is highly integrated. The Company markets and sells direct to the schools and provides project management and logistics. Approximately 80% of sales are delivered FOB destination. As part of this integrated business model, the Company has developed several competencies to enable superior service to the markets in which Virco competes. Virco's sales force is supported by a project management team which includes field-based project specialists, in-house interior designers, project management specialists, purchasing specialists, and field service supervisors. The project management team and the sales force utilize the Company's proprietary PlanSCAPE\u00ae software in conjunction with Building Information Modeling when preparing complete package solutions for the FF&E segment of bond-funded public school construction projects. The PlanSCAPE\u00ae software supports classroom by classroom product selection, product specification, pricing, and furniture delivery including delivery to and turnkey classroom setup. PlanSCAPE\u00ae software also enables the entire Virco sales force to prepare quotations for less complicated projects. An important element of Virco's business model is the Company's emphasis on developing and maintaining key manufacturing, warehousing, distribution, delivery, project management and service capabilities. The Company has developed a comprehensive product offering for the FF&E needs of the K-12 education market, enabling a school to procure all of its FF&E requirements from one source. China\u2019s entry into the World Trade Organization in 2001 had a severe impact on the industry, with most furniture manufacturers closing their domestic fabrication facilities and importing components or finished goods from China. This also enabled dealers and resellers to bypass domestic sources and purchase direct from China for domestic distribution. During this time Virco retained its domestic fabrication facilities. Today these facilities are substantially depreciated on our books but extremely well maintained, automated where cost effective, and fully operational. Recent economic events, in some cases accelerated by COVID, tariffs, volatility in both cost and availability of ocean freight, and other extended supply chain challenges have made our domestic manufacturing footprint a significa Item 1. Business Introduction Designing, producing, and distributing high-value furniture for a diverse family of customers is a 76-year tradition at Virco Mfg. Corporation (\u201cVirco\u201d or the \u201cCompany\u201d, or in the first person, \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d). Virco was incorporated in California in February 1950 and reincorporated in Delaware in April 1984. Virco started as a local manufacturer of chairs and desks for Los Angeles area schools, and over the years has become the largest manufacturer and supplier of movable educational furniture and equipment for the preschool through 12th grade market in the United States. As the market for school furniture has evolved, the Company has developed significant selling and service capabilities. The Company employs interior designers, CAD layout specialists, and project management specialists to support its direct sales force. These resources utilize proprietary PlanSCAPE\u00ae software which enables our selling and service professionals to provide project management from design and layout to full-service campus delivery and set up. The Company manufactures a wide assortment of products offering the breadth and depth to furnish all areas of a campus, including mobile tables, mobile storage equipment, student and teacher desks, technology tables, 4-leg and mobile chairs and stools, activity tables, folding chairs and folding tables. Virco has worked with accomplished designers - such as Peter Glass and Bob Mills - to develop additional products for contemporary 3 applications. These include the best-selling ZUMA Series; Analogy and Civitas furniture collections; Metaphor and Sage Series items for educational settings; the wide-ranging Plateau and Text Series; and the new Topaz Series. Along with serving customers in the education market - which in addition to preschool through 12th grade public and private schools includes: junior and community colleges; four-year colleges and universities; trade, technical and vocational schools - Virco Item 1A. Risk Factors The following risk factors and other information included in this Annual Report on Form 10-K should be carefully considered. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we presently deem less sign", "title": "VIRC - VIRCO MFG CORPORATION", "url": "/company/VIRC/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001417663; latest 10-K filed 2026-03-26.", "text": "SNWV - SANUWAVE Health, Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001417663; latest 10-K filed 2026-03-26. SNWV SANUWAVE Health, Inc. 0001417663 3841 Surgical & Medical Instruments & Apparatus Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations provides information management believes to be relevant to understanding the financial condition and results of operations of the Company. The discussion focuses on our financial results of operations for the years ended December 31, 2025 and 2024. You should read this discussion and analysis in conjunction with our consolidated financial statements and related notes thereto for the years ended December 31, 2025, and 2024, which are presented within Part II, Item 8. \"Financial Statements and Supplementary Data\" in this Annual Report on Form 10-K. This discussion has been updated to reflect the restatement of our previously issued financial statements for the quarters ended March 31, June 30, September 30, 2025, and the year ended 2024. All amounts and discussions herein are based on the restated financial information. Refer to Note 2 to the consolidated financial statements for further details regarding the nature and impact of the restatement. Amounts reported in thousands within this annual report are computed based on the amounts in thousands, and therefore, the sum of the components may not equal the total amount reported in thousands due to rounding. Executive Summary We realized significant revenue growth during the year ended December 31, 2025, with a 35% growth in revenue to $44.1 million for the year ended December 31, 2025, as compared to $32.6 million in 2024. Gross margins also increased to 77% from 75% in 2024. As the Company continues to focus on profitable growth, we have also increased our operating income by 29% to $4.9 million for the year ended December 31, 2025, compared to $3.8 million for the year ended December 31, 2024. Net income for the year ended December 31, 2025, was $11.8 million, or $1.38 per basic share and $0.41 per diluted share, compared to a net loss of $33.1 million, or $7.41 per basic and diluted share, for the year ended December 31, 2024, an increase of $44.9 million, which was largely driven by a non-cash change in the fair value of derivatives and improved operational performance. We believe these improvements set the stage for additional growth as we head into 2026. Non-GAAP Financial Measures Throughout this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations, we present certain financial measures that facilitate management\u2019s review of the operational performance of the Company and as a basis for strategic planning; however, such financial measures are not presented in our financial statements prepared in accordance with accounting principles generally accepted in the United States (\u201cU.S.\u201d) (\u201cU.S. GAAP\u201d). These financial measures are considered \u201cnon-GAAP financial measures\u201d and are intended to supplement, and should not be considered as superior to, or a replacement for, financial measures presented in accordance with U.S. GAAP. The Company uses Earnings Before Interest, Taxes, Depreciation and Amortization (\u201cEBITDA\u201d) and Adjusted EBITDA to assess its operating performance. Adjusted EBITDA is Earnings before Interest, Taxes, Depreciation and Amortization adjusted for the change in fair value of derivatives and any significant non-cash or non-recurring infrequent charges. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income (loss) as a measure of financial performance or any other performance measure derived in accordance with U.S. GAAP, and they should not be construed as an inference that our future results will be unaffected by unusual or infrequent items. These non-GAAP financial measures are presented in a consistent manner for each period, unless otherwise disclosed. The Company uses these measures for the purpose of evaluating its historical and prospective financial performance, as well as its performance relative Item 1. BUSINESS Overview Sanuwave is a medical device company providing directed energy products into the wound care space. Our mission is to improve patient lives and outcomes by developing and marketing effective, easy to use products to decrease wound burden, lessen healing times, and reduce patient pain. Our focus is regenerative medicine utilizing noninvasive ultrasound to produce a biological response promoting the repair and regeneration of tissue, musculoskeletal, and vascular structures. The Company\u2019s patented and FDA cleared product is the UltraMIST\u00ae system, which is used to treat a variety of acute and chronic wounds. The Company is backed by an intellectual property (\u201cIP\u201d) portfolio of over 60 patents. In the year ended December 31, 2025, we had total revenues of $44.1 million, a 35% increase from revenues of $32.6 million in the year ended December 31, 2024. UltraMIST systems and consumables represented approximately 99% of 2025 revenues versus 98% of revenues in 2024. Our Products and Services: The Company develops and markets directed energy products that utilize ultrasound technology. UltraMIST is the only commercial product currently marketed by the Company. UltraMIST The UltraMIST system delivers low frequency, non-thermal ultrasound to target tissues using a fluid mist to transmit energy in a non-contact, pain free fashion. This energy penetrates deep into wound beds to promote healing while reducing inflammation, killing bacteria and biofilms, and increasing the growth of blood vessels in the wound and peri-wound. This proprietary technology has been shown to speed healing and reduce reported pain. UltraMIST has been cleared by the FDA for wound healing and debridement for a variety of acute and chronic wounds including: \u2022diabetic foot ulcers, \u2022venous leg ulcers, \u2022split thickness wounds/skin grafts, \u2022deep tissue pressure injuries, \u2022surgical wounds, and \u2022many more wound types. The UltraMIST system is cleared for marketing in th Item 1A. RISK FACTORS Investing in our common stock involves a high degree of risk. You should carefully consider the following risk factors and all other information contained in this Annual Report on Form 10-K, including the consolidated financial statements and the related notes, before purchasing our common s", "title": "SNWV - SANUWAVE Health, Inc.", "url": "/company/SNWV/" }, { "kind": "company", "summary": "SIC 2870 Agricultural Chemicals; CIK 0000005981; latest 10-K filed 2026-03-16.", "text": "AVD - AMERICAN VANGUARD CORP SIC 2870 Agricultural Chemicals; CIK 0000005981; latest 10-K filed 2026-03-16. AVD AMERICAN VANGUARD CORP 0000005981 2870 Agricultural Chemicals ITEM 7 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FORWARD-LOOKING STATEMENTS/RISK FACTORS: The Company, from time-to-time, may discuss forward-looking statements including assumptions concerning the Company\u2019s operations, future results and prospects. Generally, \u201cmay,\u201d \u201ccould,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cexpect,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201ccontinue\u201d and similar words identify forward-looking statements. Forward-looking statements appearing in this Report are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on our current expectations and are subject to risks and uncertainties that can cause actual results and events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions contained in the entire Report, including those set forth in Part I, Item 1A, \u201cRisk Factors\u201d of this Annual Report on Form 10-K. The information contained in this section should also be read in conjunction with our consolidated financial statements and related notes and the information contained elsewhere in this Annual Report on Form 10-K. See also \u201cForward-Looking Statements\u201d immediately prior to Part I, Item 1, \u201cBusiness\u201d in this Annual Report on Form 10-K. The discussion and analysis of our financial condition and results of operations for 2025, as compared to 2024, appears below. For the discussion and analysis of our financial condition and results of operations, as well as cash flows, for 2024, as compared to 2023, please see \u201cItem 7-Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company\u2019s annual report on Form 10-K for the year ended December 31, 2024, which was filed with the U.S. Securities and Exchange Commission on May 29, 2025. MANAGEMENT OVERVIEW Despite a challenging economic backdrop, we believe, American Vanguard has improved in the areas that are under management\u2019s direct control. The Company is improving its procurement process through the implementation of advanced software systems and the recruitment of industry leading executives. This has led to higher gross profit margins, as compared to 2024, which are expected to further improve over the medium term, as additional refinements to our systems and processes take place. Management has also made substantial improvements to its operating cost structure and through initiatives that have already been announced, such as its decision to streamline our corporate structure by removing the international BV from our management structure, rationalizing and enhancing its IT systems and by making the decision to move its corporate headquarters. These and a number of other initiatives are expected to see further costs taken out of this category over the coming quarters. While the management team has made meaningful progress implementing its business improvement initiatives, the agriculture economy is still in the midst of a cyclical downturn. Agricultural commodity prices remain near historically low levels as uncertainty remains around forecasted agricultural commodity inventory levels and crop acreage. Customer inventories now appear to be at low levels and during the second half of 2025 material that was being consumed in the field appeared to match purchasing patterns. Thus, it is likely that destocking has substantially run its course. Given the current economic uncertainty, it is unlikely that we will see a strong push to rebuild inventory, but an end to destocking would be a positive for the industry and the first step in an eventual cyclical upturn. Turning to financial performance, the Company\u2019s 2025 net sales declined, while gross profit margin and net loss improved, as compared to 2024, due, in part, to the management team\u2019s business improvement plan. Net sales declined by approximately 6% during 2025, with domestic net sales remaining flat ITEM 1 BUSINESS American Vanguard Corporation (\u201cAVD\u201d) was incorporated under the laws of the State of Delaware in January 1969 and operates as a holding company. The Company conducts its business through its principal operating subsidiaries, including AMVAC Chemical Corporation (\u201cAMVAC\u201d) for its domestic business and AMVAC Netherlands BV (\u201cAMVAC BV\u201d) for its international business. The operating subsidiaries in the U.S. include: AMVAC, GemChem, Inc. (\u201cGemChem\u201d), TyraTech Inc. (\u201cTyraTech\u201d) and OHP Inc. (\u201cOHP\u201d). Internationally, the Company operates its business through the following subsidiaries: AMVAC BV, AMVAC Hong Kong Limited (\u201cAMVAC Hong Kong\u201d), AMVAC Mexico Sociedad de Responsabilidad Limitada (\u201cAMVAC M\u201d), AMVAC de Costa Rica Sociedad de Responsabilidad Limitada (\u201cAMVAC CR Srl\u201d), Grupo AgriCenter (including the parent AgriCenter S.A. and its subsidiaries) (\u201cAgriCenter\u201d), AMVAC do Brasil Represent\u00e1coes Ltda (\u201cAMVAC do Brasil\u201d), AMVAC do Brazil 3p LTDA (\u201cAMVAC 3p\u201d), American Vanguard Australia PTY Ltd (\u201cAVD Australia\u201d), AgNova Technologies PTY Ltd (\u201cAgNova\u201d), and the Agrinos group entities (\u201cAgrinos\u201d). As we ended 2025, we have made the determination that the AMVAC BV/AMVAC Hong Kong Limited structure is no longer a necessary operating structure. During the final quarter of 2025, that structure has been effectively removed from operating the international businesses. Both the shareholdings in those businesses and the subsidiary international businesses are being reviewed and will be addressed in 2026. The Company has one reportable segment. AMVAC is a California corporation that traces its history from 1945 and is a manufacturer of chemical, biological and biorational products that develops and markets solutions for agricultural, commercial and consumer uses. It synthesizes and formulates chemicals and ferments and extracts microbial products for crops, turf, ornamental plants, and human and animal health protection. These products, which include insecticid ITEM 1A. RISK FACTORS Regulatory/ Supply Chain/Other Risks Compliance with environmental and other regulations or changes in such regulations or regulatory enforcement priorities could increase our cost of doing business or limit our ability to market all our products. All pesticide products sold in the United States must comply with FI", "title": "AVD - AMERICAN VANGUARD CORP", "url": "/company/AVD/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000818033; latest 10-K filed 2026-02-26.", "text": "HRTX - HERON THERAPEUTICS, INC. /DE/ SIC 2834 Pharmaceutical Preparations; CIK 0000818033; latest 10-K filed 2026-02-26. HRTX HERON THERAPEUTICS, INC. /DE/ 0000818033 2834 Pharmaceutical Preparations ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis of our financial condition and results of operations should be read together with our audited financial statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, include forward-looking statements that involve risks and uncertainties. You should review the sections entitled \"Forward-Looking Statements\" and \"Risk Factors\" in this Annual Report on Form 10-K for a discussion of important factors that could cause our actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Introduction Management\u2019s discussion and analysis of financial condition and results of operations is provided as a supplement to the consolidated financial statements and notes, included in Item 8 of this Annual Report on Form 10-K to help provide an understanding of our financial condition, the changes in our financial condition and our results of operations. Our discussion is organized as follows: \u2022 Overview. This section provides a general description of our business and operating expenses, as well as other matters that we believe are important to understanding our results of operations and financial condition and in anticipating future trends. \u2022 Critical accounting estimates. This section contains a discussion of the accounting estimates that require a significant level of estimation uncertainty, and changes in which are reasonably likely to have a material effect on our financial condition or results of operations. In addition, all of our significant accounting policies are summarized in Note 2 to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K. \u2022 Results of operations. This section provides an analysis of our results of operations presented in the accompanying consolidated statements of operations and comprehensive loss by comparing the results for the year ended December 31, 2025 to the results for the year ended December 31, 2024. \u2022 Liquidity and capital resources. This section provides a discussion of our financial condition and liquidity, an analysis of our cash flows for the years ended December 31, 2025 and 2024, and a discussion of our outstanding commitments and contingencies that existed as of December 31, 2025. Overview We are a commercial-stage biotechnology company focused on improving the lives of patients by developing and commercializing therapeutic innovations that improve medical care. Our advanced science, patented technologies, and innovative approach to drug discovery and development have allowed us to create and commercialize a portfolio of products that aim to advance the standard of care for acute care and oncology patients. ZYNRELEF\u00ae (bupivacaine and meloxicam) extended-release solution (\"ZYNRELEF\") is approved in the United States (\"U.S.\") for the management of postoperative pain. APONVIE\u00ae (aprepitant) injectable emulsion (\"APONVIE\") is approved in the U.S. for the prevention of postoperative nausea and vomiting. CINVANTI\u00ae (aprepitant) injectable emulsion (\"CINVANTI\") and SUSTOL\u00ae (granisetron) extended-release injection (\"SUSTOL\") are both approved in the U.S. for the prevention of chemotherapy-induced nausea and vomiting. Material Trends and Developments SUSTOL We intend to wind down commercialization of SUSTOL over the next 12 months while we evaluate potential product updates. Subject to development progress, manufacturing readiness, and regulatory feedback, we may consider reintroducing SUSTOL as early as late 2027. During the wind down, we will continue to support customers ITEM 1. BUSINESS. Overview We are a commercial-stage biotechnology company focused on improving the lives of patients by developing and commercializing therapeutic innovations that improve medical care. Our advanced science, patented technologies, and innovative approach to drug discovery and development have allowed us to create and commercialize a portfolio of products that aim to advance the standard of care for acute care and oncology patients. Acute Care Product Portfolio ZYNRELEF ZYNRELEF is a dual-acting local anesthetic that delivers a fixed-dose combination of the local anesthetic bupivacaine and a low dose of the nonsteroidal anti-inflammatory drug meloxicam. ZYNRELEF is the first and only modified-release local anesthetic to be classified by the FDA as an extended-release product because ZYNRELEF demonstrated in Phase 3 studies significantly reduced pain and significantly increased proportion of patients requiring no opioids through the first 72 hours following surgery compared to bupivacaine solution, the current standard-of-care local anesthetic for postoperative pain control. ZYNRELEF was initially approved by the FDA in May 2021, and we commenced commercial sales in the U.S. in July 2021. In each of December 2021 and January 2024, the FDA approved an expansion of ZYNRELEF's indication. ZYNRELEF is approved for use in adults for postsurgical analgesia for up to 72 hours after soft tissue and orthopedic surgical procedures including foot and ankle, and other orthopedic surgical procedures in which direct exposure to articular cartilage is avoided. In September 2024, the FDA approved the prior approval supplement (\"PAS\") application for ZYNRELEF Vial Access Needle (\"VAN\"), which is replacing the current vented vial spike. Through March 31, 2025, ZYNRELEF was reimbursed outside of the surgical bundle payment in the Hospital Outpatient Department (\"HOPD\") setting of care through pass-through status granted by the Centers for Medicare and Medicaid Se ITEM 1A. RISK FACTORS Risk Factor Summary You should carefully consider the following information about risks and uncertainties that may affect us or our business, together with the other information appearing elsewhere in this Annual Report on Form 10-K. If any of the following events, described as risks, actually oc", "title": "HRTX - HERON THERAPEUTICS, INC. /DE/", "url": "/company/HRTX/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0000849146; latest 10-K filed 2025-09-04.", "text": "LFVN - Lifevantage Corp SIC 2834 Pharmaceutical Preparations; CIK 0000849146; latest 10-K filed 2025-09-04. LFVN Lifevantage Corp 0000849146 2834 Pharmaceutical Preparations ITEM 7 \u2014 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes, which are included in this Annual Report on Form 10-K. Overview We are a company focused on nutrigenomics, the study of how nutrition and naturally occurring compounds affect human genes to support good health. We are dedicated to helping people achieve their health, wellness, and financial goals. We provide quality, scientifically validated products to customers and independent consultants as well as a financially rewarding commission-based direct sales opportunity to our independent consultants. We engage in the identification, research, development, formulation and sale of advanced nutrigenomic activators, dietary supplements, weight management products, pre- and pro-biotics, skin and hair care products, and nootropics. We currently sell our products to customers and independent consultants in two geographic regions that we have classified as the Americas region and the Asia/Pacific and Europe region. The success and growth of our business is primarily based on the effectiveness of our independent consultants to attract and retain customers in order to sell our products and our ability to attract and retain independent consultants. When we are successful in attracting and retaining independent consultants and customers, it is largely because of: \u2022Our products, including our flagship Protandim\u00ae family of scientifically validated dietary supplements, our LifeVantage\u00ae family of dietary supplements that include the MindBody GLP-1 System\u2122, Omega+, ProBio, IC Bright\u00ae, the Rise AM & Reset PM System\u00ae, D3+, and Daily Wellness, our PhysIQ\u2122 Fat Burn and Prebiotic dietary supplements, our TrueScience\u00ae line of skin and hair care products and Liquid Collagen, Petandim\u00ae, our companion pet supplement formulated to combat oxidative stress in dogs; and AXIO\u00ae, our nootropic energy drink mixes; \u2022Our sales compensation plan and other sales initiatives and incentives; and \u2022Our delivery of superior customer service. As a result, it is vital to our success that we leverage our product development resources to develop and introduce compelling and innovative products and provide opportunities for our independent consultants to sell these products in a variety of markets. We sell our products in the United States, Mexico, Japan, Australia, Hong Kong, Canada, Thailand, the United Kingdom, the Netherlands, Germany, Taiwan, Austria, Spain, Ireland, Belgium, New Zealand and Singapore. In addition, we sell our products in a number of countries for personal consumption only. Entering a new market requires a considerable amount of time, resources and continued support. If we are unable to properly support an existing or new market, our revenue growth may be negatively impacted. On June 30, 2025, we ceased operations in the Philippines and closed that market. Our Products Our products are: the Protandim\u00ae line of scientifically validated dietary supplements; the LifeVantage\u00ae line of dietary supplements that include the MindBody GLP-1 System\u2122, Omega+, ProBio, IC Bright\u00ae, the Rise AM & Reset PM System\u00ae, D3+, and Daily Wellness; our PhysIQ Fat Burn and Prebiotic dietary supplements; the TrueScience\u00ae line of skin and hair care products and Liquid Collagen; our Petandim\u00ae companion pet supplement formulated to combat oxidative stress in dogs; and AXIO\u00ae, our nootropic energy drink mixes. We believe the significant number of customers who regularly and repeatedly purchase our products is a strong indicator of the health benefits of our products. The Protandim\u00ae product line includes Protandim\u00ae NRF1 Synergizer\u00ae, Protandim\u00ae Nrf2 Synergizer\u00ae, and Protandim\u00ae NAD Synergizer\u00ae. The Protandim\u00ae NRF1 Synergizer\u00ae is formulated to increase cellular energy and performance by boosting mitochondria ITEM 1 \u2014 BUSINESS Overview LifeVantage Corporation (the \u201cCompany,\u201d \u201cLifeVantage,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) is a company focused on nutrigenomics, the study of how nutrition and naturally occurring compounds affect human genes to support good health. LifeVantage is dedicated to helping people achieve their health, wellness and financial goals. We provide quality, scientifically validated products to customers and independent consultants as well as a financially rewarding commission-based direct sales opportunity to our independent consultants. We sell our products in the United States, Mexico, Japan, Australia, Hong Kong, Canada, Thailand, the United Kingdom, the Netherlands, Germany, Taiwan, Austria, Spain, Ireland, Belgium, New Zealand, and Singapore. We also sell our products in a number of countries to customers for personal consumption only. We engage in the identification, research, development, formulation and sale of advanced nutrigenomic activators, dietary supplements, weight management products, pre- and pro-biotics, skin and hair care products, and nootropics. Our product lines include: Protandim\u00ae, our flagship line of scientifically validated dietary supplements; LifeVantage\u00ae, our line of dietary supplements that include the MindBody GLP-1 System\u2122, Omega+, ProBio, IC Bright\u00ae, the Rise AM & Reset PM System\u00ae, D3+, and Daily Wellness; PhysIQ\u2122, our Fat Burn and Prebiotic dietary supplements; TrueScience\u00ae, our line of skin and hair care products and Liquid Collagen; Petandim\u00ae, our companion pet supplement formulated to combat oxidative stress in dogs; and AXIO\u00ae, our nootropic energy drink mixes. We were incorporated in Colorado in June 1988 under the name Andraplex Corporation. We changed our corporate name to Yaak River Resources, Inc. in January 1992 and subsequently changed it again in October 2004 to Lifeline Therapeutics, Inc. In October 2004 and March 2005, we acquired all of the outstanding common stock of Lifeline Nutraceuticals Corporation. In Novem ITEM 1A \u2014 RISK FACTORS Because of the following risks, as well as other risks affecting our financial condition and operating results, past financial performance should not be considered to be a reliable indicator of future performance, and investors should not use historical trends to anticipate results or trends in future periods. The r", "title": "LFVN - Lifevantage Corp", "url": "/company/LFVN/" }, { "kind": "company", "summary": "SIC 2833 Medicinal Chemicals & Botanical Products; CIK 0001819253; latest 10-K filed 2026-03-13.", "text": "BTMD - biote Corp. SIC 2833 Medicinal Chemicals & Botanical Products; CIK 0001819253; latest 10-K filed 2026-03-13. BTMD biote Corp. 0001819253 2833 Medicinal Chemicals & Botanical Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. You should read this discussion and analysis in conjunction with the accompanying consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. Certain amounts may not foot due to rounding. This discussion and analysis contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described under the sections entitled \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d included elsewhere in this Annual Report on Form 10-K. We assume no obligation to update any of these forward-looking statements except as required by law. Actual results may differ materially from those contained in any forward-looking statements. Overview Biote trains physicians and nurse practitioners in hormone optimization using bioidentical hormone replacement pellet therapy in men and women experiencing hormonal imbalance. The Biote Method is a comprehensive, end-to-end practice building platform that provides Biote-certified practitioners with the following components specifically developed for practitioners in the hormone optimization space: Biote Method education, training and certification, practice management software, inventory management software, and information regarding available HRT products, as well as digital and point-of-care marketing support. We also sell a complementary Biote-branded line of dietary supplements. By virtue of our historical performance over the past 14 years, we believe that our business model has been successful, remains differentiated, and is well positioned for future growth. Our go-to-market strategy focuses on: \u2022 Increase the number of Biote-certified practitioners. Our primary objective in marketing to healthcare providers is to inform them of the value in joining the Biote network. We accomplish this through provider referrals, a dedicated sales force, and through digital and traditional marketing channels. We target specific physicians based on their specialty, prescribing data, demographic information and location match within our existing geographic footprint. \u2022 Grow the practice of our Biote-certified practitioners and Biote-partnered clinics. When the practices of our Biote-certified practitioners and Biote-partnered clinics grow, we grow. We help our Biote-certified practitioners and Biote-partnered clinics grow by, among other things: \u2022 providing mentorship, practice management and marketing capability necessary to operate an efficient hormone optimization practice; \u2022 providing high-quality Biote-branded dietary supplement products; \u2022 providing Biote-certified practitioners and Biote-partnered clinics a full array of wellness education and marketing materials; \u2022 directing consumers that are actively seeking care to Biote-certified practitioners via the \u201cFind A Provider\u201d feature on our company website; and \u2022 utilizing our growing digital outreach capabilities to connect with consumers seeking general information. \u2022 Increasing sales of Biote-branded dietary supplements. Our Biote-branded dietary supplement line currently includes 26 dietary supplements that we offer to our Biote-certified practitioners through our eCommerce site, efficiently leveraging our core Biote provider platform. Practitioners then re-sell Biote-branded dietary supplements to their patients, enabling patients to receive physician-guided therapies to manage the related effects of aging. Our direct-to-patient eCommerce platform enables practitioners to invite their patients to buy Biote-branded dietary supplements online via our online store. In addition to our direct-to-patient eCommerce platform, our Biote-branded die Item 1. Business. The business and the industry in which biote Corp. (inclusive of its consolidated subsidiaries,\u201cBiote\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) operates is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section titled \u201cRisk Factors\u201d and elsewhere in this Annual Report. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by Biote. Overview We operate a high-growth practice-building business within the hormone optimization space. Similar to a franchise model, we provide the necessary components to enable Biote-certified practitioners to establish, build, and successfully implement a program designed to optimize hormone levels using personalized solutions for their patient populations. The Biote Method is a comprehensive, end-to-end practice building platform that provides Biote-certified practitioners with the following components specifically developed for practitioners in the hormone optimization space: Biote Method education, training and certification, practice management software, inventory management software, and information regarding available hormone replacement therapy (\u201cHRT\u201d) products, as well as digital and point-of-care marketing support. We also sell a complementary Biote-branded line of dietary supplements. We generate revenues by charging the Biote-partnered clinics fees associated with the Biote Method and from the sale of Biote-branded dietary supplements. By virtue of our historical performance over the past 14 years, we believe that our business model has been successful, remains differentiated, and is well positioned for future growth. By incorporating the Biote Method in their practices, we enable practitioners to participate in the large and growing hormone optimization space. Bioidentical hormone therapy, which is offered by Biote-certified practitioners, is one segment of the large HRT market. It Item 1A. Risk Factors. Risks Related to Our Industry and Business Our success depends upon whether the Biote Method and our Biote-branded dietary supplements attain significant market acceptance among clinics, practitioners and their patients. Our success depends on the acceptance of the hormone optimization methods we tea", "title": "BTMD - biote Corp.", "url": "/company/BTMD/" }, { "kind": "company", "summary": "SIC 1389 Oil & Gas Field Services, NEC; CIK 0001679268; latest 10-K filed 2026-03-06.", "text": "TUSK - MAMMOTH ENERGY SERVICES, INC. SIC 1389 Oil & Gas Field Services, NEC; CIK 0001679268; latest 10-K filed 2026-03-06. TUSK MAMMOTH ENERGY SERVICES, INC. 0001679268 1389 Oil & Gas Field Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements reflecting our current expectations, estimates and assumptions concerning events and financial trends that may affect our future operating results or financial position. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in Item 1A. \u201cRisk Factors\u201d and the section entitled \u201cForward-Looking Statements\u201d appearing elsewhere in this annual report. Overview We are an integrated, growth-oriented services company focused on providing products and services to our customers primarily in the oil and natural gas, aviation and utility infrastructure industries. Our primary business objective is to drive returns through improved execution by prioritizing asset utilization, margin expansion, and capital efficiency across the portfolio. Our suite of services includes rental services, infrastructure services, natural sand proppant services, accommodation services and drilling services. Our rental services segment provides a wide range of equipment used in oilfield, construction and aviation activities. Our infrastructure services division provides engineering, design, construction, upgrade, maintenance and repair services to the fiber industry. Our natural sand proppant services division mines, processes and sells natural sand proppant used for hydraulic fracturing. Our drilling services provides directional drilling to oilfield operators. We believe that the services we offer play a critical role in increasing the ultimate recovery and present value of production streams from unconventional resources as well as in constructing and improving fiber networks. Our complementary suite of services provides us with the opportunity to cross-sell our services and expand our customer base and geographic positioning. We continue to focus on growing our rental business. We believe our portfolio of aviation assets provides an attractive form of aviation asset financing for operators that allows capital deployment and fleet flexibility while eliminating residual value risk for the operators. Our revenues, operating (loss) income and identifiable assets are attributable to five reportable segments: rental services; infrastructure services; natural sand proppant services; accommodation services; and drilling services. Following changes to our reportable segments resulting from divestitures completed in 2025, prior\u2011year segment information for the year ended December 31, 2024 has been recast to align with the current period segment presentation. Since the dates presented below, we have conducted our operations through the following entities: Rental Services Segment \u2022Mammoth Equipment Leasing LLC\u2014November 2016 \u2022Stingray Energy Services LLC, or Stingray Energy Services\u2014June 2017 \u2022Dire Wolf Energy Services LLC\u2014January 2018 \u2022Cobra Aviation Services LLC\u2014January 2018 \u2022Predator Aviation LLC\u2014April 2019 \u2022Leopard Aviation LLC\u2014April 2019 Infrastructure Services Segment \u2022Falcon Fiber Solutions LLC\u2014May 2021 Natural Sand Proppant Services Segment \u2022Muskie Proppant LLC\u2014September 2011 \u2022Piranha Proppant LLC\u2014May 2017 \u2022Sturgeon Acquisitions LLC\u2014June 2017 \u2022Taylor Frac, LLC\u2014June 2017 \u2022Taylor Real Estate Investments, LLC\u2014June 2017 \u2022South River Road, LLC\u2014June 2017 Accommodation Services Segment \u2022Great White Sand Tiger Lodging Ltd.\u2014October 2007 Drilling Services Segment \u2022Panther Drilling Systems LLC\u2014December 2012 Other 47 \u2022Bison Drilling and Field Services, LLC\u2014November 2010 \u2022Bison Trucking\u2014August 2013 \u2022Mammoth Energy Services Inc.\u2014June 2016 \u2022Mammoth Energy Partners, LLC\u2014October 2016 \u2022Cobra Acquisitio Item 1. Business Overview We are an integrated, growth-oriented services company focused on providing products and services to our customers primarily in the oil and natural gas, aviation and utility infrastructure industries. Our primary business objective is to drive returns through improved execution by prioritizing asset utilization, margin expansion, and capital efficiency across the portfolio. Our suite of services includes rental services, infrastructure services, natural sand proppant services, accommodation services and drilling services. Our rental services segment provides a wide range of equipment used in oilfield, construction and aviation activities. Our infrastructure services division provides engineering, design, construction, upgrade, maintenance and repair services to the fiber industry. Our natural sand proppant services division mines, processes and sells natural sand proppant used for hydraulic fracturing. Our drilling services segment provides directional drilling to oilfield operators. We believe that the services we offer play a critical role in increasing the ultimate recovery and present value of production streams from unconventional resources as well as in constructing and improving fiber network. Our complementary suite of services provides us with the opportunity to cross-sell our services and expand our customer base and geographic positioning. We continue to focus on growing our rental business. We believe our portfolio of aviation assets provides an attractive form of aviation asset financing for operators that allows capital deployment and fleet flexibility while eliminating residual value risk for the operators. Our facilities and service centers are strategically located in Ohio, Texas, Oklahoma, Wisconsin and Alberta, Canada primarily to serve the following areas: \u2022Eastern Ohio; \u2022Southern Ohio; \u2022West Texas; \u2022The Appalachian Basin in the Northeast; \u2022The SCOOP and STACK in Oklahoma; \u2022The Arkoma Basin in Arkansas Item 1A. Risk Factors Described below are certain risks that we believe apply to our business and the industries in which we operate. You should carefully consider each of the risks described below in conjunction with other information including the financial statements and related notes provided in this Annual Report and in our other public disclosur", "title": "TUSK - MAMMOTH ENERGY SERVICES, INC.", "url": "/company/TUSK/" }, { "kind": "company", "summary": "SIC 5600 Retail-Apparel & Accessory Stores; CIK 0001792781; latest 10-K filed 2026-03-31.", "text": "CURV - Torrid Holdings Inc. SIC 5600 Retail-Apparel & Accessory Stores; CIK 0001792781; latest 10-K filed 2026-03-31. CURV Torrid Holdings Inc. 0001792781 5600 Retail-Apparel & Accessory Stores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion summarizes the significant factors affecting the consolidated operating results, financial condition, liquidity and cash flows of our Company as of and for the periods presented below. The following discussion and analysis should be read in conjunction with the consolidated financial statements and the related notes thereto included elsewhere in this Form 10-K. This discussion contains forward-looking statements that are based on the beliefs of our management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Form 10-K, particularly in the section entitled \u201cRisk Factors.\u201d Overview We are a direct-to-consumer brand in North America dedicated to offering a diverse assortment of stylish apparel, intimates, and accessories skillfully designed for the curvy woman. Specializing in sizes 10 to 30, our primary focus is on providing fashionable, comfortable, and affordable options that meet the unique needs of our customers. Our extensive collection features high quality merchandise, including tops, bottoms, denim, dresses, intimates, activewear, footwear, and accessories. Our products are exclusive to us and each product is meticulously crafted to cater to the needs of the curvy woman, empowering her to love the way she looks and feels. Our collections are artfully curated to suit all aspects of our customers\u2019 lives, including casual weekends, work, dressy and special occasions. Understanding the importance of affordability, we aim to keep our prices reasonable without compromising on quality. This allows us to build a meaningful connection with our customers, distinguishing us from other brands that often overlook plus- and mid-size consumers. Our brand experience and product offerings establish us as a differentiated and reliable choice for plus- and mid-size customers, which we believe sets us apart in the market. We strive to be everything our customer needs in her closet, consistently delivering products that make her feel confident and stylish. We have implemented a retail store optimization strategy to better align our distribution with the demands of our customers who have increasingly demonstrated a preference for our online experience. We believe this strategy will enhance our customer experience, significantly reduce our cost structure, and improve working capital and cash flow generation, allowing us to reinvest more aggressively in customer reactivation and acquisition initiatives to support long-term revenue growth. We closed 151 stores in fiscal year 2025 and intend to target up to 40 additional store closures in fiscal year 2026. Key Financial and Operating Metrics We use the following metrics to assess the progress of our business, inform how we allocate our time and capital, and assess the near-term and longer-term performance of our business. [[GREPCENT_TABLE]] [[\"\",\"Fiscal Year Ended\"],[\"\",\"January 31, 2026\",\"\",\"February 1, 2025\",\"\",\"February 3, 2024\"],[\"Active customers (in thousands, as of end of period)(A)\",\"3,441\",\"\",\"\",\"3,656\",\"\",\"\",\"3,761\"],[\"Net sales per active customer(A)\",\"$\",\"291\",\"\",\"\",\"$\",\"302\",\"\",\"\",\"$\",\"306\"],[\"Comparable sales(B)\",\"(7)\",\"%\",\"\",\"(5)\",\"%\",\"\",\"(12)\",\"%\"],[\"Number of stores (as of end of period)\",\"483\",\"\",\"\",\"634\",\"\",\"\",\"655\"],[\"Net (loss) income (in thousands)\",\"$\",\"(7,034)\",\"\",\"\",\"$\",\"16,318\",\"\",\"\",\"$\",\"11,619\"],[\"Adjusted EBITDA(C) (in thousands)\",\"$\",\"63,577\",\"\",\"\",\"$\",\"109,120\",\"\",\"\",\"$\",\"106,219\"]] [[/GREPCENT_TABLE]] (A)Active customers and net sales per active customer calculated on a preceding four quarters basis. (B)The computation of fiscal year 2024 comparable sales compares sales in fiscal year 2024 to sales in the 52-week Item 1. Business. Overview Torrid Holdings Inc. (\u201cTorrid,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d the \u201cCompany\u201d) is a direct-to-consumer brand in North America dedicated to offering a diverse assortment of stylish apparel, intimates, and accessories skillfully designed for curvy women. Specializing in sizes 10 to 30, our primary focus is on providing fashionable, comfortable, and affordable options that meet the unique needs of our customers. Our extensive collection features high quality merchandise, including tops, bottoms, denim, dresses, intimates, activewear, footwear, and accessories. Our products are exclusive to us, and each product is meticulously crafted to cater to the needs of the curvy woman, empowering her to love the way she looks and feels. Our collections are artfully curated to suit all aspects of our customers\u2019 lives, including casual weekends, work, dressy and special occasions. Understanding the importance of affordability, we aim to keep our prices reasonable without compromising on quality. This allows us to build a meaningful connection with our customers, distinguishing us from other brands that often overlook plus- and mid-size consumers. Our brand experience and product offerings establish us as a differentiated and reliable choice for plus- and mid-size customers, which we believe sets us apart in the market. We strive to be everything our customer needs in her closet, consistently delivering products that make her feel confident and stylish. The Torrid Approach We have developed a proprietary approach to designing stylish, commercially relevant apparel and intimates that resonates with a diverse range of customers and appeals broadly to their sense of style. Our loyal customer base provides us with valuable insights that enable us to refine our products and experience. This creates a self-reinforcing cycle that solidifies our leadership in the plus- and mid-size apparel markets. Our diverse assortment caters to the curvy woman\u2019s unique needs, offering: Item 1A. Risk Factors. An investment in our common stock involves a high degree of risk. You should carefully consider the risks described below, together with the financial and other information contained in this Form 10-K, including our financial statements and the related notes and under \u201cManagement's Discussion an", "title": "CURV - Torrid Holdings Inc.", "url": "/company/CURV/" }, { "kind": "company", "summary": "SIC 3711 Motor Vehicles & Passenger Car Bodies; CIK 0001805521; latest 10-K filed 2026-03-31.", "text": "FFAI - FARADAY FUTURE INTELLIGENT ELECTRIC INC. SIC 3711 Motor Vehicles & Passenger Car Bodies; CIK 0001805521; latest 10-K filed 2026-03-31. FFAI FARADAY FUTURE INTELLIGENT ELECTRIC INC. 0001805521 3711 Motor Vehicles & Passenger Car Bodies Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS All references in this report to \u201cFFAI,\u201d the \u201cCompany,\u201d \u201cFF,\u201d\u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d mean Faraday Future Intelligent Electric Inc., together with its consolidated subsidiaries. Unless the context suggests otherwise, references to \u201cFaraday Future Intelligent Electric Inc.\u201d mean the parent company without its subsidiaries. The following discussion and analysis is intended to help the reader understand our results of operations and financial condition. This discussion and analysis is provided as a supplement to, and should be read in conjunction with our Consolidated Financial Statements and Notes thereto included elsewhere in this Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Form 10-K, including information with respect to our plans and strategy for our business, include forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from management\u2019s expectations as a result of various factors, including but not limited to those discussed in the section titled \u201cRisk Factors\u201d in Item 1A above and \u201cCautionary Note Regarding Forward Looking Statements\u201d below. The objective of this section is to provide investors an understanding of the financial drivers and levers in our business and describe the financial performance of the business. Cautionary Note Regarding Forward-Looking Statements This Form 10-K includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d), and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements can be identified by the use of forward-looking terminology, including the words \u201cbelieves,\u201d \u201cestimates,\u201d \u201canticipates,\u201d 84 Table of Contents \u201cexpects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cpotential,\u201d \u201cprojects,\u201d \u201cpredicts,\u201d \u201ccontinue,\u201d or \u201cshould,\u201d or, in each case, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations. Such statements include, but are not limited to, any statements relating to our financial and business performance, market acceptance and success of our business model, our ability to expand the scope of our offerings, and our ability to comply with the extensive, complex, and evolving regulatory requirements. These statements are based on management's current expectations, but actual results may differ materially due to various factors. The forward-looking statements contained in this Form 10-K are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting the Company may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control), and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the section titled \u201cRisk Factors\u201d in Item 1A above. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation (and expressly disclaim any obligation) to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described under the section titled \u201cRisk Factors\u201d in Item 1A above may not be exhaustive. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumst Item 1. Business Unless the context indicates otherwise, references in this Annual Report on Form 10-K for the year ended December 31, 2025 (this \u201cForm 10-K\u201d) to \u201cFFAI\u201d or \u201cFFIE\u201d refer to Faraday Future Intelligent Electric Inc. (f/k/a Property Solutions Acquisition Corp.), a holding company incorporated in the State of Delaware, and not to its subsidiaries, and references herein to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and similar terms refer to Faraday Future Intelligent Electric Inc. and its consolidated subsidiaries, a complete list of which is set forth in Exhibit 21.1 to this Form 10-K forms a part. The Company refers to our primary operating subsidiary in the U.S., Faraday&Future Inc., as \u201cFF U.S.\u201d The Company refers to all our subsidiaries organized in China (including Hong Kong) collectively as the \u201cPRC Subsidiaries.\u201d As of December 31, 2025, our only operating subsidiaries in mainland China and in Hong Kong are FF Automotive (China) Co. Ltd., Ruiyu Automotive (Beijing) Co., Ltd. and Shanghai Faran Automotive Technology Co., Ltd., each of which was organized in the PRC. References to \u201cPSAC\u201d refer to Property Solutions Acquisition Corp., a Delaware corporation, our predecessor company prior to the 2 Table of Contents consummation of the Business Combination (as defined herein), and \u201cLegacy FF\u201d refers to FF Intelligent Mobility Global Holdings Ltd., an exempted company with limited liability incorporated under the laws of the Cayman Islands, together with its consolidated subsidiaries, prior to the Business Combination. References to \u201cPSAC\u201d refer to Property Solutions Acquisition Corp., a Delaware corporation, our predecessor company prior to the consummation of the Business Combination (as defined herein), and \u201cLegacy FF\u201d refers to FF Intelligent Mobility Global Holdings Ltd., an exempted company with limited liability incorporated under the laws of the Cayman Islands, together with its consolidated subsidiaries, prior to the Business Combination. The discus Item 1A. Risk Factors Below is a summary of material factors that make an investment in our Common Stock speculative or risky. Importantly, this summary does not address all the risks and uncertainties that we face. Additional discussion of the risks and uncertainties ", "title": "FFAI - FARADAY FUTURE INTELLIGENT ELECTRIC INC.", "url": "/company/FFAI/" }, { "kind": "company", "summary": "SIC 6035 Savings Institution, Federally Chartered; CIK 0001541119; latest 10-K filed 2026-03-18.", "text": "SFBC - Sound Financial Bancorp, Inc. SIC 6035 Savings Institution, Federally Chartered; CIK 0001541119; latest 10-K filed 2026-03-18. SFBC Sound Financial Bancorp, Inc. 0001541119 6035 Savings Institution, Federally Chartered Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This discussion and analysis reviews our consolidated financial statements and other relevant statistical data and is intended to enhance your understanding of our financial condition and results of operations. The discussion and analysis should be read in conjunction with our Consolidated Financial Statements and related notes included in Part II, Item 8 of this Form 10-K. Overview Our principal business consists of attracting retail and commercial deposits from the general public and investing those funds, along with borrowed funds, in loans secured by first and second mortgages on one-to-four family residences (including home equity loans and lines of credit), commercial and multifamily real estate, construction and land, and consumer and commercial business loans. Our commercial business loans include unsecured lines of credit and secured term loans and lines of credit secured by inventory, equipment and accounts receivable. We also offer a variety of secured and unsecured consumer loan products, including manufactured home loans, floating home loans, automobile loans, boat loans and recreational vehicle loans. As part of our business, we focus on residential mortgage loan originations, a portion of which we sell to Fannie Mae and other investors and the remainder of which we retain for our loan portfolio consistent with our asset/liability objectives. We sell loans which conform to the underwriting standards of Fannie Mae (\u201cconforming\u201d) in which we retain the servicing of the loan in order to maintain the direct customer relationship and to generate noninterest income. Residential loans which do not conform to the underwriting standards of Fannie Mae (\u201cnon-conforming\u201d), are either held in our loan portfolio or sold with servicing released. We originated $32.0 million and $39.9 million of one-to-four family loans during the years ended December 31, 2025 and 2024, respectively. We had no purchases of one-to-four family loans during the years ended December 31, 2025 and 2024. During those two years, we sold $14.0 million and $14.2 million, respectively, of one-to-four family loans. Our strategic plan targets consumers, small- and medium-sized businesses, and professionals within our market area for loans and deposits. In managing the size and concentrations of our loan portfolio, we focus on including a significant amount of commercial business and commercial and multifamily real estate loans. A significant portion of our commercial business and commercial and multifamily real estate loans have adjustable rates, higher yields and shorter terms, and higher credit risk than traditional residential fixed-rate mortgage loans. Our commercial loan portfolio (commercial and multifamily real estate and commercial business loans) totaled $425.1 million or 46.8% of our loan portfolio at December 31, 2025, up from $387.1 million or 42.9% of our loan portfolio at December 31, 2024. Our consumer loan portfolio, which includes manufactured and floating homes and other consumer loans, was $147.0 million or 16.1% of our loan portfolio at December 31, 2025, compared to $145.3 million or 16.2% of our loan portfolio at December 31, 2024. Our operating revenues are derived principally from earnings on interest-earning assets, service charges and fees, and gains on the sale of loans. During 2025, the elevated interest rate environment continued to exert downward pressure on our net gain on sale of loans and contributed to higher borrowing costs, which modestly affected our net interest income and net interest margin. While interest expense on deposits also increased, the rates earned on our loan portfolio continued to reprice at higher yields, partially offsetting these pressures. Deposit costs began trending downward during the latter part of 2025 following rate reductions by the Federal Reserve Board. To meet our funding requirements, we Item 1. Business Special Note Regarding Forward-Looking Statements Certain matters discussed in this Form 10-K constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. Forward-looking statements are not statements of historical fact but are based on certain assumptions and are generally identified by use of the words \"believes,\" \"expects,\" \"anticipates,\" \"estimates,\" \"forecasts,\" \"intends,\" \"plans,\" \"targets,\" \"potentially,\" \"probably,\" \"projects,\" \"outlook\" or similar expressions, or future or conditional verbs such as \"may,\" \"will,\" \"should,\" \"would\" and \"could.\" Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about, among other things, expectations of the business environment in which we operate, projections of future performance or financial items, perceived opportunities in the market, potential future credit experience, and statements regarding our mission and vision. These forward-looking statements are based upon current management expectations and may, therefore, involve risks and uncertainties. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety or range of factors including, but not limited to: \u2022adverse economic conditions in our market areas, and other markets where we have lending relationships; \u2022effects of employment levels, inflation, a recession, or slowed economic growth; \u2022changes in interest rate levels and volatility, and the timing and pace of such changes, including actions by the Board of Governors of the Federal Reserve System (the \u201cFederal Reserve\u201d), which could adversely affect our revenues and expenses, the values of our assets and obligati Item 1A. Risk Factors We assume and manage a certain degree of risk in order to conduct our business strategy. In addition to the risk factors described below, other risks and uncertainties not specifically mentioned, or that are currently known to, or deemed to be immaterial by management, al", "title": "SFBC - Sound Financial Bancorp, Inc.", "url": "/company/SFBC/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0000706863; latest 10-K filed 2026-03-20.", "text": "UNB - UNION BANKSHARES INC SIC 6022 State Commercial Banks; CIK 0000706863; latest 10-K filed 2026-03-20. UNB UNION BANKSHARES INC 0000706863 6022 State Commercial Banks Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations GENERAL The following discussion and analysis focuses on those factors that, in management's view, had a material effect on the consolidated financial position of Union Bankshares, Inc. (\"the Company,\" \"our,\" \"we,\" \"us\") and its subsidiary, Union Bank (\"Union\"), as of December 31, 2025 and 2024, and its consolidated results of operations for the years then ended. The Company is considered a \"smaller reporting company\" under the disclosure rules of the SEC. Accordingly, the Company has elected to provide its audited statements of income, comprehensive income, cash flows, and changes in stockholders' equity for a two year, rather than a three year, period and intends to provide smaller reporting company scaled disclosures where management deems appropriate. This discussion is being presented to provide a narrative explanation of the consolidated financial statements and should be read in conjunction with the audited consolidated financial statements and related notes and with other financial data contained in Item 8, Part II of this Annual Report. The purpose of this presentation is to enhance overall financial disclosures and to provide information about historical financial performance and developing trends as a means to assess to what extent past performance can be used to evaluate the prospects for future performance. Management is not aware of the occurrence of any events after December 31, 2025 which would materially affect the information presented. CERTAIN DEFINITIONS Capitalized terms used in the following discussion and not otherwise defined below have the meanings assigned to them in Note 1 to the Company's audited consolidated financial statements contained in Part II, item 8, page 55 of this Annual Report. NON-GAAP FINANCIAL MEASURES Under SEC Regulation G, public companies making disclosures containing financial measures that are not in accordance with GAAP must also disclose, along with each non-GAAP financial measure, certain additional information, including a reconciliation of the non-GAAP financial measure to the closest comparable GAAP financial measure, as well as a statement of the company's reasons for utilizing the non-GAAP financial measure. The SEC has exempted from the definition of non-GAAP financial measures certain commonly used financial measures that are not based on GAAP. However, two non-GAAP financial measures commonly used by financial institutions, namely tax-equivalent net interest income and tax-equivalent net interest margin (as presented in the tables in the section labeled Yields Earned and Rates Paid), have not been specifically exempted by the SEC, and may therefore constitute non-GAAP financial measures under Regulation G. We are unable to state with certainty whether the SEC would regard those measures as subject to Regulation G. Management believes that these non-GAAP financial measures are useful in evaluating the Company\u2019s financial performance and facilitate comparisons with the performance of other financial institutions. However, that information should be considered supplemental in nature and not as a substitute for related financial information prepared in accordance with GAAP. CRITICAL ACCOUNTING POLICIES The Company has established various accounting policies which govern the application of GAAP in the preparation of the Company's financial statements. Certain accounting policies involve significant judgments and assumptions by management which have a material impact on the reported amount of assets, liabilities, capital, revenues and expenses and related disclosures of contingent assets and liabilities in the consolidated financial statements and accompanying notes. The SEC has defined a company's critical accounting policies as the ones that are most important to the portrayal of the company's financial condition and results of operations, and which require management t Item 1. Business Certain Definitions: Capitalized terms used in the following discussion and not otherwise defined below have the meanings assigned to them in Note 1 to the Company's audited consolidated financial statements contained in Part II, item 8, page 55 of this Annual Report. General: Union Bankshares, Inc. (\u201cCompany\u201d) is a one-bank holding company whose sole subsidiary is Union Bank (\u201cUnion\u201d). It was incorporated in the State of Vermont in 1982 to serve as a holding company for Union Bank. The Company's common stock is traded on the Nasdaq Global Market under the symbol \"UNB\". Union Bank was organized and chartered as a state bank in 1891 and became a wholly owned subsidiary of the Company upon completion of the holding company reorganization in 1982. Both Union Bankshares, Inc. and Union Bank are headquartered in Morrisville, Vermont. The Company's business is that of a community bank in the financial services industry. The Company has one definable business segment, Union Bank, which provides full retail, commercial, municipal banking, and wealth management and trust services throughout its 18 branch banking locations, three loan centers, and several ATMs covering northern Vermont and northern New Hampshire. Also, many of Union's services are provided via the telephone, mobile devices, and through its website, www.ublocal.com. Union seeks to make a profit for the Company while providing quality retail banking services to individuals and commercial banking services to small and medium sized business corporations, limited liability companies, partnerships, and sole proprietorships, as well as nonprofit organizations, local municipalities and school districts within its market area. The Company's income is derived principally from interest and fees on loans and earnings on other investments. Its primary expenses arise from interest paid on deposits and borrowings, salaries and wages, health insurance and other employee benefits and other general over Item 1A. Risk Factors An investment in the Company involves risk, some of which, including market, liquidity, credit, operational, legal, compliance, reputational and strategic risks, could be substantial and is inherent in our business. The material risks and uncertainties that management believes affect the Company are described below. Any o", "title": "UNB - UNION BANKSHARES INC", "url": "/company/UNB/" }, { "kind": "company", "summary": "SIC 1700 Construction - Special Trade Contractors; CIK 0001838987; latest 10-K filed 2026-04-14.", "text": "SPWR - SunPower Inc. SIC 1700 Construction - Special Trade Contractors; CIK 0001838987; latest 10-K filed 2026-04-14. SPWR SunPower Inc. 0001838987 1700 Construction - Special Trade Contractors ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include those identified below and those discussed in the section titled \u201cRisk Factors\u201d included elsewhere in this Annual Report on Form 10-K. Please also see the section titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview SunPower Inc. is the rebranded name of Complete Solaria, Inc. The rebranding was effective April 22, 2025 and our legal name change became effective on October 16, 2025. We are headquartered in Orem, Utah. 40 Our Company was originally incorporated in Delaware as Complete Solar, Inc. on February 22, 2010. In 2022, Complete Solar, Inc. implemented a holding company reorganization creating Complete Solar Holding Corporation (\u201cComplete Solar Holding\u201d) as successor to Complete Solar, Inc. Complete Solar Holding then acquired The Solaria Corporation in November 2022 and we changed our name to Complete Solaria, Inc. We created a technology platform to offer clean energy products to homeowners by enabling a national network of sales partners and build partners. Our sales partners generate solar installation contracts with homeowners on our behalf. To facilitate this process, we provide the software tools, sales support and brand identity to our sales partners, making them competitive with national providers. This turnkey solution makes it easy for anyone to sell solar. On July 18, 2023, we consummated a series of merger transactions contemplated by an Amended and Restated Business Combination Agreement entered into with wholly-owned subsidiaries of Freedom Acquisition I Corp. (\u201cFACT\u201d) (\u201cMergers\u201d), equating to a reverse recapitalization for accounting purposes. Under the reverse recapitalization of accounting, FACT was treated as the acquired company for financial statement reporting purposes. This determination was based on us having a majority of the voting power of the post-combination company, our senior management comprising substantially all of the senior management of the post-combination company, and our operations comprising the ongoing operations of the post-combination company. Accordingly, for accounting purposes, the Mergers were treated as the equivalent of a capital transaction in which we issued stock for the net assets of FACT. The net assets of FACT were stated at historical cost, with no goodwill or other intangible assets recorded. In October 2023, we completed the sale of our solar panel business. On September 30, 2024, we acquired certain assets relating to the Blue Raven Solar business, New Homes business and Non-Installing Dealer network (collectively the \u201cSunPower Businesses\u201d) from the SunPower Debtors, the successor entity in bankruptcy to SunPower Corporation and its direct and indirect subsidiaries. The acquired SunPower Businesses sell products to residential customers and home builders through a network of installing and non-installing dealers and resellers and internal sales team. On September 24, 2025, we completed the acquisition of Sunder Energy, LLC, (\u201cSunder\u201d), which contracts with customers for solar installations performed by third-party installation companies through a dealer network. On November 21, 2025, we completed the acquisition of Ambia Energy LLC, (\u201cAmbia\u201d) a residential solar energy system installer. We fulfill our customer contracts by using in-house installation experts and by engaging with local construction specialists. We manage the customer experience and complete all pre-construction activities prior t Business Overview SunPower Inc. (the \u201cCompany\u201d) is the rebranded name of Complete Solaria, Inc. The rebranding was effective April 22, 2025 and became legally effective on October 16, 2025. We are headquartered in Orem, Utah. Complete Solaria, Inc. (\u201cComplete Solaria\u201d) was formed in November 2022 through the merger of Complete Solar Holding Corporation, a Delaware corporation (\u201cComplete Solar\u201d), and The Solaria Corporation, a Delaware corporation (such entity, \u201cSolaria,\u201d and such transaction, the \u201cBusiness Combination\u201d). Complete Solaria created a technology platform to offer clean energy products to homeowners by enabling a national network of sales partners and build partners. Our sales partners generate solar installation contracts with homeowners on our behalf. To facilitate this process, we provide the software tools, sales support and brand identity to our sales partners, making them competitive with national providers. We fulfill our customer contracts by engaging with local construction specialists and using our in-house installation experts. We manage the customer experience and complete all pre-construction activities prior to delivering build-ready projects including hardware, engineering plans, and building permits to our builder partners and in-house teams. In October 2023, we sold the solar panel assets of The Solaria Corporation, including intellectual property and customer contracts to Maxeon Solar Technologies, Ltd. (\u201cMaxeon\u201d) pursuant to the terms of an asset purchase agreement (the \u201cDisposal Agreement\u201d). Under the terms of the Disposal Agreement, Maxeon agreed to acquire certain assets and employees of Complete Solaria for an aggregate purchase price of approximately $11.0 million consisting of 1,100,000 shares of Maxeon ordinary shares. We expect to continue making acquisitions and entering into strategic partnerships as part of our long-term business strategy. For example, on September 24, 2025, we completed the purchase of all the membershi", "title": "SPWR - SunPower Inc.", "url": "/company/SPWR/" }, { "kind": "company", "summary": "SIC 7373 Services-Computer Integrated Systems Design; CIK 0000356037; latest 10-K filed 2025-12-16.", "text": "CSPI - CSP INC /MA/ SIC 7373 Services-Computer Integrated Systems Design; CIK 0000356037; latest 10-K filed 2025-12-16. CSPI CSP INC /MA/ 0000356037 7373 Services-Computer Integrated Systems Design Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This management\u2019s discussion and analysis of financial condition and results of operations and other portions of this filing contain forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated by the forward-looking statements. You should review the \u201cSpecial Note Regarding Forward Looking Statements\u201d and \u201cRisk Factors\u201d sections of this annual report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements 18 Table of Contents contained in the following discussion and analysis. The following discussion should be read in conjunction with our financial statements and the related notes included elsewhere in this filing. Recent trends affecting our financial performance As of September 30, 2025, the Russian/Ukrainian military conflict and the Israeli-Hamas conflict have not had a direct or significant impact on revenue as we do not have any significant recurring customers in either region. However, we do have customers and suppliers in surrounding regions which may be affected and further escalation of both conflicts and geopolitical tensions related to such conflicts could adversely affect our business, financial condition and results of operations, by among other things, cyberattacks, supply disruptions, lower consumer demand, and changes to foreign exchange rates and financial markets. It is not possible at this time to predict the size of the impact or consequences of the conflicts on the Company and our customers or suppliers. Overview of Fiscal Year 2025 Results of Operations Revenue increased by approximately $3.5 million, or 6%, to $58.7 million for the fiscal year ended September 30, 2025 compared to $55.2 million for the fiscal year ended September 30, 2024. Gross profit margin percentage decreased to 32% for the fiscal year ended September 30, 2025 compared to 34% for the fiscal year ended September 30, 2024. We generated an operating loss of $(3.1) million for the fiscal year ended September 30, 2025 as compared to an operating loss of $(1.9) million for the fiscal year ended September 30, 2024. Other income, net was consistent at approximately $1.5 million for the fiscal years ended September 30, 2025 and 2024. The Company recorded an income tax benefit of $(1.6) million, which reflected an effective tax rate of 94.5%, for the fiscal year ended September 30, 2025 compared to an income tax benefit of $(0.1) million, which reflected an effective tax rate of 22.2% for the fiscal year ended September 30, 2024. The following table details our results of operations in dollars and as a percentage of sales for the fiscal years ended: [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"%\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"%\"],[\"\\u200b\",\"\\u200b \\u200b \\u200b\",\"September 30, 2025\",\"\\u200b \\u200b \\u200b\",\"of sales\",\"\\u200b \\u200b \\u200b\",\"September 30, 2024\",\"\\u200b \\u200b \\u200b\",\"of sales\"],[\"\\u200b\",\"\\u200b\",\"(Dollar amounts in thousands)\"],[\"Sales\",\"\\u200b\",\"$\",\"58,730\",\"\",\"100\",\"%\",\"$\",\"55,219\",\"\",\"100\",\"%\"],[\"Costs and expenses:\",\"\\u200b\",\"\",\"\\u200b\",\"\",\"\\u200b\",\"\\u200b\",\"\",\"\\u200b\",\"\",\"\\u200b\",\"\\u200b\"],[\"Cost of sales\",\"\\u200b\",\"\",\"40,219\",\"\",\"68\",\"%\",\"\",\"36,364\",\"\",\"66\",\"%\"],[\"Research and development\",\"\\u200b\",\"\",\"3,250\",\"\",\"6\",\"%\",\"\",\"2,956\",\"\",\"5\",\"%\"],[\"Selling, general and administrative\",\"\\u200b\",\"\",\"18,370\",\"\",\"31\",\"%\",\"\",\"17,771\",\"\",\"32\",\"%\"],[\"Total costs and expenses\",\"\\u200b\",\"\",\"61,839\",\"\",\"105\",\"%\",\"\",\"57,091\",\"\",\"103\",\"%\"],[\"Operating loss\",\"\\u200b\",\"\",\"(3,109)\",\"\",\"(5)\",\"%\",\"\",\"(1,872)\",\"\",\"(3)\",\"%\"],[\"Other income, net\",\"\\u200b\",\"\",\"1,448\",\"\",\"2\",\"%\",\"\",\"1,453\",\"\",\"2\",\"%\"],[\"Loss before income tax Item 1. Business CSP Inc. (\"CSPi\" or \"CSPI\" or \"the Company\" or \"we\" or \"our\") was incorporated in 1968 and is based in Lowell, Massachusetts. To meet the diverse requirements of our commercial and defense customers worldwide, CSPi and its subsidiaries develop and market IT integration solutions, advanced security products, managed IT services, cloud services, purpose built network adapters, and high-performance cluster computer systems. Segments CSPI operates in two segments: Technology Solutions (\"TS\") and High Performance Products (\"HPP\"). TS Segment [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"The TS segment consists of our wholly-owned Modcomp, Inc. subsidiary, which operates in the United States and the United Kingdom.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u00b7\",\"The TS segment generates product revenues by reselling third-party computer hardware and software as a value added reseller (\\\"VAR\\\"). The TS segment generates service revenues by the delivery of professional services for complex IT solutions, including advanced security; unified communications and collaboration; wireless and mobility; data center solutions; and network solutions as well as managed IT services (\\\"MSP\\\") that primarily serve the small and mid-sized business market (\\\"SMB\\\").\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u00b7\",\"Third party products and professional services are marketed and sold through the Company\\u2019s direct sales force into a variety of vertical markets, including automotive, defense, healthcare, education, federal, state and local government, and maritime.\"]] [[/GREPCENT_TABLE]] HPP Segment [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"The HPP segment revenue comes from three distinct product lines: (i) a cybersecurity solution marketed as ARIA\\u2122 Software-Defined Security (\\u201cSDS\\u201d), which is offered to commercial, original equipment manufacturers (\\\"OEM\\\") and government customers; (ii) the Myricom\\u00ae network adapters and related software for Item 1A. Risk Factors If any of the risks and uncertainties set forth below actually materialize, our business, financial condition and/or results of operations could be materially and adversely affected, the trading price of our common stock could decline and a stockholder could lose all or part of its, his or her investment. ", "title": "CSPI - CSP INC /MA/", "url": "/company/CSPI/" }, { "kind": "company", "summary": "SIC 2835 In Vitro & In Vivo Diagnostic Substances; CIK 0001850902; latest 10-K filed 2026-03-02.", "text": "TKNO - Alpha Teknova, Inc. SIC 2835 In Vitro & In Vivo Diagnostic Substances; CIK 0001850902; latest 10-K filed 2026-03-02. TKNO Alpha Teknova, Inc. 0001850902 2835 In Vitro & In Vivo Diagnostic Substances Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of Alpha Teknova, Inc.\u2019s financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements reflecting our current expectations, estimates, and assumptions concerning events and financial trends that may affect its future operating results or financial position. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors, including those discussed in the sections titled \u201cRisk Factors\u201d and \u201cCautionary Note Regarding Forward-Looking Statements\u201d appearing elsewhere in this Annual Report on Form 10-K. Unless the context otherwise requires, references in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d to \u201cthe Company,\u201d \u201cTeknova,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d are intended to mean the business and operations of Alpha Teknova, Inc. Overview Since our founding in 1996, we have been producing critical reagents for the discovery, development, and commercialization of novel therapies, vaccines, and molecular diagnostics. Our more than 3,000 customers span the entire continuum of the life sciences market, including leading pharmaceutical and biotechnology companies, contract development and manufacturing organizations, in vitro diagnostics franchises, and academic and government research institutions. Our Company is built around our knowledge, methods, and know-how in our proprietary manufacturing processes, which are highly adaptable and configurable. These proprietary processes enable us to manufacture and deliver high-quality, custom, made-to-order products with short turnaround times and at scale, across all stages of our customers\u2019 product development, from early research through commercialization. We have two primary product categories: Lab Essentials; and Clinical Solutions. Our products cross all stages of development, from early research through commercialization. We offer three primary product types: (i) pre-poured media plates for cell growth and cloning; (ii) liquid microbial culture media and supplements for cellular expansion; and (iii) molecular biology reagents for sample manipulation, resuspension, and purification. Our liquid cell culture media and supplements and molecular biology reagents are available in both of our two primary product categories; pre-poured media plates are available in our Lab Essentials category only. We are ISO 13485:2016 certified, enabling us to manufacture products for use in diagnostic and therapeutic applications. Our certification allows us to offer solutions across the entire customer product development workflow, supporting our customers\u2019 need for materials in greater volume and that meet increasingly stringent quality requirements as they scale from research to commercialization. We manufacture our products at our Hollister, California headquarters and stock inventory of raw materials, components, and finished goods at that campus. We rely on a limited number of suppliers for certain raw materials, and we have no long-term supply arrangements with our suppliers, as we order on a purchase order basis. We ship our products directly from our warehouse in Hollister, California, to our customers and distributors, generally pursuant to purchase orders. We typically recognize revenue when products are shipped. We generated revenue of $40.5 million in 2025, which represents an increase of $2.8 million as compared to $37.7 million in 2024. In 2025 and 2024, only 5.6% and 4.8%, respectively, of our revenue was generated from customers located outside of the U.S. Our sales outside of the U.S. are denominated in U.S. dollars. We primarily generate sales through direct channels Item 1. Business. Overview Alpha Teknova, Inc. (referred to herein as the Company, Teknova, we, us or our) is a leading producer of critical reagents for the discovery, development, and commercialization of novel therapies, vaccines, and molecular diagnostics. Our more than 3,000 customers span the continuum of the life sciences market and include leading pharmaceutical and biotechnology companies, contract development and manufacturing organizations, in vitro diagnostics franchises, and academic and government research institutions. Our Company is built around our knowledge, methods, and know-how in our manufacturing processes and infrastructure, which are highly adaptable and configurable. These proprietary processes enable us to manufacture and deliver high-quality, custom, made-to-order products with short turnaround times and at scale, across all stages of our customers\u2019 product development, including commercialization. We have substantial expertise in manufacturing customer-specified formulations and have demonstrated the ability to manufacture and deliver our products to customers quickly. Due to our expertise in raw materials sourcing, chemical formulation, and quality control, developed over more than two decades, we are typically able to move a new custom product into production in a matter of weeks from order receipt. This can allow our customers to receive their products in weeks as compared to months from alternative suppliers operating in traditional production environments. Our processes are designed to handle a diverse array of customer-requested inputs, which may vary by volume, chemical formulation, quality specifications, container types, and transportation requirements, enabling broad use of our products across the life sciences market. Our proprietary capabilities and products underpin the value we provide to customers across their product development and commercialization activities and allow us to scale with our clients as they grow, suppor Item 1A. Risk Factors. Risks Related to Our Business and Strategy We have incurred operating losses in the past and may incur losses in the future. We have incurred operating losses in the past, may incur operating losses in the future and may never achieve or maintain profitability. For the years end", "title": "TKNO - Alpha Teknova, Inc.", "url": "/company/TKNO/" }, { "kind": "company", "summary": "SIC 2000 Food and Kindred Products; CIK 0000910406; latest 10-K filed 2025-09-15.", "text": "HAIN - HAIN CELESTIAL GROUP INC SIC 2000 Food and Kindred Products; CIK 0000910406; latest 10-K filed 2025-09-15. HAIN HAIN CELESTIAL GROUP INC 0000910406 2000 Food and Kindred Products Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (this \u201cMD&A\u201d) should be read in conjunction with Item 1A and the Consolidated Financial Statements and the related notes thereto for the period ended June 30, 2025 included in Item 8 of this Form 10-K. Forward-looking statements in this Form 10-K are qualified by the cautionary statement included under the heading, \u201cForward-Looking Statements\u201d at the beginning of this Form 10-K. This MD&A generally discusses fiscal 2025 and fiscal 2024 items and year-to-year comparisons between fiscal 2025 and fiscal 2024. Discussions of fiscal 2023 items and year-to-year comparisons between fiscal 2024 and fiscal 2023 that are not included in this Form 10-K can be found in \u201cPart II, Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended June 30, 2024, which was filed with the SEC on August 27, 2024 and is available on the SEC\u2019s website at www.sec.gov. Overview The Hain Celestial Group, Inc., a Delaware corporation (collectively with its subsidiaries, the \u201cCompany,\u201d \u201cHain Celestial,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a leading global health and wellness company whose purpose is to inspire healthier living for people, communities and the planet through better-for-you brands. For more than 30 years, Hain Celestial has intentionally focused on delivering nutrition and well-being that positively impacts today and tomorrow. Headquartered in Hoboken, N.J., Hain Celestial\u2019s products across snacks, baby/kids, beverages and meal preparation are marketed and sold in over 70 countries around the world. The Company operates under two reportable segments: North America and International. The Company\u2019s leading brands include Garden Veggie Snacks\u2122, Terra\u00ae chips, Garden of Eatin\u2019\u00ae snacks, Hartley\u2019s\u00ae jelly, Earth\u2019s Best\u00ae Organic and Ella\u2019s Kitchen\u00ae baby and kid\u2019s foods, Celestial Seasonings\u00ae teas, Joya\u00ae and Natumi\u00ae plant-based beverages, The Greek Gods\u00ae yogurt, Cully & Sully\u00ae, Yorkshire Provender\u00ae, New Covent Garden\u00ae and Imagine\u00ae soups, among others. Strategic Review We are focused on five actions to win in the marketplace and drive growth: aggressively streamlining our portfolio, accelerating brand renovation and innovation, implementing price increases along with broader revenue growth management, driving productivity and working capital efficiency, and enhancing our digital capabilities, inclusive of ecommerce. During the fourth quarter of fiscal year 2025, we announced that our Board of Directors was conducting a comprehensive review of the Company\u2019s portfolio with the assistance of our independent financial advisor. The Board is considering a broad range of strategic options to enhance value. Also, in the third quarter of fiscal year 2025, we announced that we were exploring strategic alternatives regarding our personal care business to focus on our portfolio of better-for-you food and beverages. Restructuring Program During the first quarter of fiscal year 2024, we initiated a multi-year growth, transformation and restructuring program (the \u201cRestructuring Program\u201d) intended to drive shareholder returns. The savings initiatives impact our reportable segments and Corporate and Other. The program is intended to optimize our portfolio, improve underlying profitability and increase our flexibility to invest in targeted growth initiatives, brand building and other capabilities critical to delivering future growth. Implementation of the Restructuring Program is expected to be completed by the end of the 2027 fiscal year. Cumulative pretax charges associated with the Restructuring Program are expected to be $100 million - $110 million comprised of contract termination costs, asset write-downs, employee-related costs and other transformation-related expenses, which represe Item 1. Business Overview The Hain Celestial Group, Inc., a Delaware corporation (collectively with its subsidiaries, the \u201cCompany,\u201d \u201cHain Celestial,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) was founded in 1993. Hain Celestial is a leading global health and wellness company whose purpose is to inspire healthier living for people, communities and the planet through better-for-you brands. For more than 30 years, Hain Celestial has intentionally focused on delivering nutrition and well-being that positively impacts today and tomorrow. Headquartered in Hoboken, N.J., Hain Celestial\u2019s products across snacks, baby/kids, beverages and meal preparation are marketed and sold in over 70 countries around the world. The Company\u2019s leading brands include Garden Veggie Snacks\u2122, Terra\u00ae chips, Garden of Eatin\u2019\u00ae snacks, Hartley's\u00ae jelly, Earth\u2019s Best\u00ae Organic and Ella\u2019s Kitchen\u00ae baby and kid's foods, Celestial Seasonings\u00ae teas, Joya\u00ae and Natumi\u00ae plant-based beverages, The Greek Gods\u00ae yogurt, Cully & Sully\u00ae, Yorkshire Provender\u00ae, New Covent Garden\u00ae and Imagine\u00ae soups, among others. Our Strategy We are focused on five actions to win in the marketplace and drive growth: aggressively streamlining our portfolio, accelerating brand renovation and innovation, implementing price increases along with broader revenue growth management, driving productivity and working capital efficiency, and enhancing our digital capabilities, inclusive of ecommerce. During the fourth quarter of fiscal year 2025, we announced that our Board of Directors was conducting a comprehensive review of the Company\u2019s portfolio with the assistance of our independent financial advisor. The Board is considering a broad range of strategic options to enhance value. Also, in the third quarter of fiscal year 2025, we announced that we were exploring strategic alternatives regarding our personal care business to focus on our portfolio of better-for-you food and beverages. Human Capital Resources As of June 30, 2025, we had approximately 2 Item 1A. Risk Factors Our business, operations and financial condition are subject to various risks and uncertainties. While we believe we have identified and discussed below the key risk factors affecting our business, there may be additional risks and uncertainties not presently known to us or that we currently consider immater", "title": "HAIN - HAIN CELESTIAL GROUP INC", "url": "/company/HAIN/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0000733590; latest 10-K filed 2026-03-12.", "text": "TCI - TRANSCONTINENTAL REALTY INVESTORS INC SIC 6798 Real Estate Investment Trusts; CIK 0000733590; latest 10-K filed 2026-03-12. TCI TRANSCONTINENTAL REALTY INVESTORS INC 0000733590 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our consolidated financial statements and related notes in Part II, Item 8 of this Report. Our results of operations for the year ended December 31, 2025 were affected by the acquisitions and disposition, refinancing activity, development activity as discussed below. Management's Overview We are an externally advised and managed real estate investment company that owns a diverse portfolio of income-producing properties and land held for development throughout the Southern United States. Our portfolio of income-producing properties generally includes multifamily residential properties, office buildings and other commercial properties. Our investment strategy includes acquiring existing income-producing properties as well as developing new properties on land already owned or acquired for a specific development project. Our operations are managed by Pillar in accordance with an Advisory Agreement and a Cash Management Agreement. Pillar\u2019s duties include, but are not limited to, locating, evaluating and recommending real estate and real estate-related investment opportunities. Pillar also arranges our debt and equity financing with third party lenders and investors. We rely upon the employees of Pillar to render services to us in accordance with the terms of the Advisory Agreement. Pillar is considered to be a related party due to its common ownership with ARL, our controlling stockholder. 16 The following is a summary of our recent disposition, financing and development activities: Disposition Activities \u2022On December 13, 2024, we sold 30 single family lots from our holdings in Windmill Farms for $1.4 million, resulting in a gain on sale of $1.1 million. \u2022On March 25, 2025, we received $3.5 million in proceeds from the condemnation settlement that provided for the conveyance of 11.2 acres from our holdings in Windmill Farms, resulting in a gain on sale of $3.1 million. \u2022On October 10, 2025, we sold Villas at Bon Secour, a 200 unit multifamily property in Gulf Shores, Alabama, for $28.0 million (See \"Financing Activities\"), resulting in a gain on sale of $12.2 million. \u2022During the year ended December 31, 2025, we sold 72 lots from our holdings in Windmill Farms for $3.3 million, resulting in a gain on sale of $2.6 million. Financing Activities \u2022On January 31, 2023, we paid off our $67.5 million of Series C bonds. \u2022On February 28, 2023, we extended the maturity of our loan on Windmill Farms until February 28, 2024 at a revised interest rate of 7.75%. \u2022On March 15, 2023, we entered into a $33.0 million construction loan to finance the development of Alera (See \"Development Activities\") that bears interest at the Secured Overnight Financing Rate (\"SOFR\") plus 3% and matures on March 15, 2026, with two one-year extension options. \u2022On May 4, 2023, we paid off the remaining $14.0 million of our Series A Bonds and $28.9 million of our Series B Bonds, which resulted in a loss on early extinguishment of debt of $1.7 million. \u2022On August 28, 2023, we paid off our $1.2 million loan on Athens. \u2022On November 6, 2023, we entered into a $25.4 million construction loan to finance the development of Merano (See \"Development Activities\") that bears interest at prime plus 0.25% and matures on November 6, 2028. \u2022On December 15, 2023, we entered into a $23.5 million construction loan to finance the development of Bandera Ridge (See \"Development Activities\") that bears interest at SOFR plus 3% and matures on December 15, 2028. \u2022On January 1, 2024, we amended our Cash Management Agreement with Pillar. As a result, the interest rate on our related party receivable (\"Pillar Receivable\") changed from prime plus one to SOFR. \u2022On February 8, 2024, we extended the maturity of our loan on Windmill Farms to February 28, 2026 at an interest rate of 7.50%. We subsequently paid off the loan on ITEM 1. BUSINESS General Transcontinental Realty Investors, Inc. (the \u201cCompany\u201d), a Nevada Corporation, is a fully integrated externally managed real estate company. We operate high quality multifamily and commercial properties throughout the Southern United States. We also invest in mortgage notes receivable and in land that is either held for appreciation or development. As used herein, the terms \u201cTCI\u201d, \u201cthe Company\u201d, \u201cWe\u201d, \u201cOur\u201d, or \u201cUs\u201d refer to the Company. Corporate Structure As of December 31, 2025, we owned approximately 84.6% of the common stock of Income Opportunity Realty Investors, Inc. (\u201cIOR\u201d), a Nevada Corporation, whose common stock is listed and traded on the New York Stock Exchange American under the symbol \u201cIOR\u201d. Accordingly, we include IOR\u2019s financial results in our consolidated financial statements. IOR\u2019s primary business is investing in mortgage loans and real estate. Controlling Stockholder American Realty Investors, Inc. (\u201cARL\u201d), a Nevada Corporation, whose common stock is listed and traded on the New York Stock Exchange (\"NYSE\") under the symbol \u201cARL\u201d, owns approximately 78.4% of our common stock. Accordingly, our financial results are included in the consolidated financial statements of ARL\u2019s Form 10-K and tax filings. As described in Part III, Item 13. \u201cCertain Relationships and Related Transactions, and Director Independence\u201d, our officers and directors also serve as officers and directors of ARL. ARL has business objectives similar to ours. Our officers and directors owe fiduciary duties to both ARL and us under applicable law. In determining whether a particular investment opportunity will be allocated to ARL or us, management considers the respective investment objectives of each company and the appropriateness of a particular investment in light of each company\u2019s existing real estate and mortgage notes receivable portfolio. To the extent that any particular investment opportunity is appropriate to more than one of the entitie ITEM 1A. RISK FACTORS The following discusses those risk factors that we believe could have a material effect on our business, operations and financial condition. If any of these risks, as well as other risks and uncertainties that we have not yet identified or that we currently believe are not material, become r", "title": "TCI - TRANSCONTINENTAL REALTY INVESTORS INC", "url": "/company/TCI/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001762303; latest 10-K filed 2026-02-12.", "text": "RCEL - AVITA Medical, Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001762303; latest 10-K filed 2026-02-12. RCEL AVITA Medical, Inc. 0001762303 3841 Surgical & Medical Instruments & Apparatus Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS Objective The purpose of this Management\u2019s Discussion and Analysis is to better allow our investors to understand and view our company from management's perspective. We are providing an overview of our business and strategy including a discussion of our financial condition and results of operations. The following discussion and analysis of our financial condition and results of operations for the years-ended December 31, 2025 and 2024, should be read in conjunction with our consolidated financial statements and related notes included in this Annual Report. Overview AVITA Medical, Inc. (\u201cwe\u201d, \u201cour\u201d, \u201cus\u201d) is a leading therapeutic acute wound care company delivering transformative solutions. Our solutions improve the healing outcomes for patients with traumatic injuries and surgical repairs, addressing critical healing needs that arise from unpredictable and life-changing events. At the forefront of our portfolio is RECELL\u00ae (\u201cRECELL\u201d), approved by the U.S. Food & Drug Administration (the \u201cFDA\u201d) for the treatment of thermal burn wounds and full-thickness skin defects. RECELL harnesses the healing properties of a patient\u2019s own skin to create an autologous skin cell suspension, Spray-On Skin\u2122 Cells, offering an innovative solution for improved clinical outcomes at the point of care. In addition, in the United States, we hold the rights to manufacture and exclusively market, sell, and distribute PermeaDerm\u00ae, a biosynthetic wound matrix, under the terms of exclusive multi-year distribution and contract manufacturing agreements with Stedical Scientific, Inc. (\u201cStedical\u201d). We also entered into an exclusive multi-year development and distribution agreement with Collagen Matrix, Inc. dba Regenity Biosciences (\u201cRegenity\u201d). Regenity manufactures and supplies Cohealyx\u2122, an AVITA Medical-branded, FDA-cleared, collagen-based dermal matrix. Under the agreement with Regenity, we hold the exclusive rights to market, sell, and distribute Cohealyx in the U.S., with the potential to expand such commercialization into the European Union, Australia, and Japan. The single-use RECELL Autologous Cell Harvesting Device (\u201cRECELL Ease-of-Use\u201d or \u201cRECELL EOU\u201d) is approved by the FDA for the treatment of thermal burn wounds and full-thickness skin defects. Our next-generation device, RECELL GO\u00ae Autologous Cell Harvesting Device (\u201cRECELL GO\u201d), is FDA-approved to treat thermal burn wounds and full-thickness skin defects. RECELL GO introduces enhanced features that improve consistency and standardization across clinical settings. It consists of two components: the RECELL GO Processing Device (the \u201cRPD\u201d) and the RECELL GO Preparation Kit (the \u201cRPK\u201d). The RPD is a multi-use, AC-powered device that controls the RPK. The RPK contains a single-use cartridge and the RECELL Enzyme\u2122. The RPD regulates the pressure applied to disaggregate the cells and precisely controls the incubation time of the RECELL Enzyme to optimize cell yield and promote cell viability. RECELL GO mini\u2122 Autologous Cell Harvesting Device (\u201cRECELL GO mini\u201d), which was approved by the FDA in December 2024, is a line extension of RECELL GO, designed specifically to treat smaller wounds up to 480 cm2. It utilizes the same RPD but features a RECELL GO mini Preparation Kit, which includes a single-use RECELL GO mini cartridge optimized for smaller skin samples. These modifications are intended to align with the needs of clinicians treating smaller wounds, and to support broader adoption of the RECELL GO platform in trauma centers. We are executing a focused commercial strategy centered on approximately 200 U.S. burn and trauma centers that represent the highest value and procedural volume within the acute wound care market. These institutions are core to our commercialization efforts due to their high concentration of complex inpatient cases and consistent procedural throughput. By prioritizing burn and Item 1. BUSINESS OVERVIEW AVITA Medical is a leading therapeutic acute wound care company delivering transformative solutions designed to optimize wound healing, accelerate patient recovery, and improve clinical and economic outcomes across the continuum of acute wound management. Our technologies address critical healing needs arising from burns, traumatic injuries and surgical repairs, through a portfolio of proprietary and complementary products that support wound bed preparation, definitive closure, and recovery. Our current commercial portfolio includes RECELL\u00ae (\u201cRECELL\u201d), and two complementary wound care products, PermeaDerm\u00ae and Cohealyx\u2122, which together support a comprehensive standard of care for acute wounds. At the forefront of our portfolio is RECELL, approved by the United States Food & Drug Administration (the \u201cFDA\u201d) for the treatment of thermal burn wounds and full-thickness skin defects. While RECELL is also approved in the United States for restoring pigmentation of stable depigmented vitiligo lesions, we have paused further commercial investment in vitiligo at this time. In 2024 and 2025, we expanded our product offerings to address additional acute wound care needs. In January 2024, we entered into an exclusive multi-year distribution agreement with Stedical Scientific, Inc. (\u201cStedical\u201d) to market, sell, and distribute PermeaDerm, a biosynthetic wound matrix in the United States (\u201cU.S.\u201d). In March 2025, we entered into a multi-year agreement to also manufacture PermeaDerm. In July 2024, we entered into an exclusive multi-year development and distribution agreement with Collagen Matrix, LLC d/b/a as Regenity Biosciences (\u201cRegenity\u201d), granting us exclusive rights to market, sell, and distribute Cohealyx, an AVITA-medical branded collagen-based dermal matrix in the U.S., with potential expansion into the European Union (\u201cE.U.\u201d), Australia, and Japan. Cohealyx was commercially launched in the U.S. on April 1, 2025. CORPORATE HISTORY AVITA Medic Item 1A. RISK FACTORS Our business faces significant risks. You should carefully consider all of the information set forth in this annual report, including the following risk factors. Our business, results of operations, and financial condition could be materially and adversely affected by any of thes", "title": "RCEL - AVITA Medical, Inc.", "url": "/company/RCEL/" }, { "kind": "company", "summary": "SIC 7363 Services-Help Supply Services; CIK 0001140102; latest 10-K filed 2026-03-31.", "text": "HQI - HireQuest, Inc. SIC 7363 Services-Help Supply Services; CIK 0001140102; latest 10-K filed 2026-03-31. HQI HireQuest, Inc. 0001140102 7363 Services-Help Supply Services Item 7. Management\u2019s Discussion and Analysis of Financial Conditions and Results of Operations The following analysis is intended to help the reader understand our results of operations and financial condition, and should be read in conjunction with our consolidated financial statements and the accompanying notes located in Item 8 of this Form 10-K. This Annual Report on Form 10-K, including matters discussed in this Item 7. \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d contains forward-looking statements relating to our plans, estimates and beliefs that involve important risks and uncertainties. See \u201cSpecial Note Regarding Forward-Looking Statements\u201d and Item 1A. \u201cRisk Factors\u201d for a discussion of uncertainties and assumptions that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2024 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 which we filed with the SEC on March 27, 2025. Additionally, we use a non-GAAP financial measure and a key performance indicator to evaluate our results of operations. For important information regarding the use of the non-GAAP measure, including a reconciliation to the most comparable GAAP measure, see the section titled \"Use of non-GAAP Financial Measure: Adjusted EBITDA\" below. For important information regarding the use of the key performance indicator, see the section titled \u201cKey Performance Indicator: System-Wide Sales\u201d below. 18 Table of Contents Overview We are a nationwide franchisor of offices providing direct-dispatch, executive search, commercial staffing, and permanent placement solutions primarily in the light industrial, blue-collar, executive, managerial, and administrative segments of the staffing industry. Our franchisees provide various types of temporary personnel, permanent placements, and recruitment services through multiple business models under the trade names \u201cHireQuest Direct,\u201d \u201cSnelling,\u201d \u201cHireQuest,\u201d \"TradeCorp,\" \u201cDriverQuest,\u201d \u201cHireQuest Health,\u201d \"Northbound Executive Search,\" \"Management Recruiters International,\" \"MRI,\" and \"Sales Consultants.\" Some of the MRI franchises also operate under other brands specific to them. [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"HireQuest Direct focuses on daily-work/daily-pay jobs primarily for construction and light industrial customers.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Snelling and HireQuest focus on longer-term staffing positions in the light industrial and administrative arenas.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"DriverQuest specializes in both commercial and non-CDL drivers serving a variety of industries and applications.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"HireQuest Health specializes in skilled personnel in the healthcare and dental industries.\"],[\"\",\"\\u25cf\",\"TradeCorp focuses on short-term skilled construction jobs.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Northbound and SearchPath focus on executive, managerial, and professional recruitment services, although they also offer short-term consultant services.\"]] [[/GREPCENT_TABLE]] As of December 31, 2025 we had 413 franchisee-owned offices and 1 company-owned office in 43 states, the District of Columbia, and 14 countries outside of the United States. 197 of those offices operated by 177 franchisees were MRI offices which were divested to MRINetwork Operations, LLC on January 1, 2026. In addition, there were 18 MRI locations that provided contract staffing services only. Item 1. Business Development of our Business HireQuest, Inc. (collectively with its subsidiaries, the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour\u201d) is a Delaware corporation originally organized in Washington as Command Staffing, LLC in 2002. In 2005, Temporary Financial Services, Inc., a public company, acquired the assets of Command Staffing, LLC, and the combined entity changed its name to Command Center, Inc. On September 11, 2019, Command Center, Inc. reincorporated in Delaware and changed its name to HireQuest, Inc. following its acquisition of Hire Quest Holdings, LLC (\u201cHire Quest Holdings,\u201d and together with its subsidiary, Hire Quest, LLC, \u201cLegacy HQ\u201d). This acquisition is sometimes referred to as the \u201cMerger.\u201d Hire Quest, LLC was formed as a Florida limited liability company in 2002. Hire Quest Holdings, LLC was formed as a Florida limited liability company in 2017. Since the Merger, we have made a number of acquisitions which are discussed in more detail below. Our common stock trades on the Nasdaq Market under the symbol \u201cHQI.\u201d All references to \u201ccommon stock\u201d means the common stock of HireQuest, Inc., par value $0.001 per share. Our principal executive office is located at 111 Springhall Drive, Goose Creek, SC, 29445 and the telephone number is (843) 723-7400. More information about us may be found at www.hirequest.com. The information on our website is not incorporated by reference in this Annual Report on Form 10-K. Recent Developments 2023 Acquisition The TEC Acquisition On December 4, 2023 we completed our acquisition of ten locations of TEC Staffing Services (\"TEC\") in Arkansas in accordance with the terms of an Asset Purchase Agreement dated October 23, 2023 for approximately $9.8 million. TEC has been a provider of industrial staffing services to the employers and workers in Northwest and Central Arkansas for over 40 years. We funded this acquisition with existing cash on hand and a draw on our existing line of credit. We immediately entered into thre Item 1A. Risk Factors Our common stock value and our business, results of operations, cash flows, and financial condition are subject to various risks, including, but not limited to, those set forth below. If any of these risks actually occur, the value of our common stock, business, results of operations, cash flows, and financial condition c", "title": "HQI - HireQuest, Inc.", "url": "/company/HQI/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001320350; latest 10-K filed 2026-03-31.", "text": "LNSR - LENSAR, Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001320350; latest 10-K filed 2026-03-31. LNSR LENSAR, Inc. 0001320350 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes included elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those made, projected or implied in the forward-looking statements. Please see the \u201cRisk Factors Summary\u201d and \u201cRisk Factors\u201d sections for a discussion of the uncertainties, risks and assumptions associated with these statements. A discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023 has been reported previously in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 4, 2024, under the heading \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d Overview We are a commercial-stage medical device company focused on designing, developing and marketing advanced laser systems for the treatment of cataracts and the management of pre-existing or surgically induced corneal astigmatism. Our systems incorporate a range of proprietary technologies designed to assist the surgeon in obtaining better visual outcomes, efficiency and reproducibility by providing advanced imaging, simplified procedure planning, efficient design and precision. We believe the cumulative effect of these technologies results in a laser system that can be quickly and efficiently integrated into a surgeon\u2019s existing practice, is easy to use and provides surgeons the ability to deliver improved visual outcomes more efficiently. Our current product portfolio includes the LENSAR Laser System, or LLS, and the ALLY Robotic Cataract Laser System\u2122, or ALLY System, (collectively, the Systems) and its associated consumable components. The consumable portion of the system consists of a disposable patient interface device kit, or PID kit, and the system also requires a procedure license. Each procedure on each system requires the use of a PID kit. The PID kit includes a suction ring, vacuum filter and fluidic connection that are designed to facilitate placement of the laser while minimizing a patient\u2019s discomfort, intraocular pressure and trauma to the retina and maintaining corneal integrity. The procedure license is downloaded onto the system as required or as purchased by the customer. The system will not perform a procedure without a valid license. We sell licenses individually and also offer licenses in a subscription package with minimum monthly obligations and the ability to increase procedure numbers as the practice grows to address increases in demand. We believe this structure allows the surgeon to implement a budget while also providing us with a predictable revenue stream. We are focused on continuous innovation and have launched our proprietary next generation ALLY System. The ALLY System is designed to transform premium cataract surgery by utilizing our advanced robotic technologies with the ability to perform the entire procedure in a sterile operating room or in-office surgical suite, delivering operational efficiencies and reducing overhead. Our ALLY System received clearance from the FDA in June 2022, and we executed a controlled and targeted initial launch of the ALLY System beginning in August 2022. The ALLY System is available to all U.S. and EU cataract surgeons and has also received regulatory clearance in India, Taiwan, South Korea, as well as certain other countries. Our growth, market presence and ability to sell the ALLY System will depend on whether the ALLY System receives additional re Item 1. Business We are a commercial-stage medical device company focused on designing, developing and marketing advanced laser systems for the treatment of cataracts and the management of pre-existing or surgically induced corneal astigmatism. Our current systems, the LENSAR Laser System, or LLS, and ALLY Robotic Cataract Laser System\u00ae, or ALLY System, or collectively, the Systems, incorporate a range of proprietary technologies designed to assist the surgeon in obtaining better visual outcomes, efficiency and reproducibility by providing advanced imaging, simplified procedure planning, efficient design and precision. We believe the cumulative effect of these technologies results in laser systems that can be quickly and efficiently integrated into a surgeon\u2019s existing practice, is easy to use and provides surgeons the ability to deliver improved visual outcomes with enhanced precision and the ability to do so consistently. The ALLY System combines all of the features from our LLS with a dual-modality laser, integrated in a small, compact cataract treatment system that is designed to allow surgeons to perform sterile cataract surgery in a single operating room. This system is designed to be a significant medical advancement and provide improved efficiency and financial benefit to a surgeon\u2019s practice and to ambulatory surgery centers, or ASCs. The ALLY System received clearance from the U.S. Food and Drug Administration, or FDA, in June 2022, and we executed a controlled and targeted initial launch of the ALLY System in August 2022. The ALLY System is available to all U.S. and EU cataract surgeons and has also received regulatory clearance in India, Taiwan, as well as certain other countries. Market Overview The global market for the treatment of cataracts is characterized by large patient populations with increases driven by the aging population and the availability of new technologies, such as laser systems used during cataract surgery and an influx of new, inn Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the risks described below, as well as the other information in this Annual Report, including our audited financial statements and the related notes, as well as our other public filings with the S", "title": "LNSR - LENSAR, Inc.", "url": "/company/LNSR/" }, { "kind": "company", "summary": "SIC 8200 Services-Educational Services; CIK 0001819404; latest 10-K filed 2026-02-26.", "text": "NRDY - Nerdy Inc. SIC 8200 Services-Educational Services; CIK 0001819404; latest 10-K filed 2026-02-26. NRDY Nerdy Inc. 0001819404 8200 Services-Educational Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion summarizes the significant factors affecting the consolidated operating results, financial condition, liquidity, and capital resources of Nerdy Inc. The following discussion should be read in conjunction with the financial statements under Part II, Item 8 of this report, \u201cCautionary Note On Forward-Looking Statements\u201d on page 1 of this report, and \u201cRisk Factors\u201d in Part I, Item 1A of this report. This section of this report generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this report, and can be found in \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Nerdy Inc.\u2019s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 27, 2025. OVERVIEW We operate a next-generation live tutoring and intervention platform that leverages the power of human expertise with advanced artificial intelligence (\u201cAI\u201d) to personalize learning, accelerate student achievement, and empower educators. Our mission is to transform the way people learn through technology. Our purpose-built proprietary platform leverages technology, including AI, to connect students, users, parents, guardians, and purchasers (\u201cLearner(s)\u201d) of all ages to tutors, instructors, subject matter experts, educators, and other professionals (\u201cExpert(s)\u201d), delivering superior value on both sides of the network. Our comprehensive learning destination provides learning experiences across numerous subjects and multiple formats, including Learning Memberships, one-on-one instruction, small group tutoring, large format classes, chat, essay review, adaptive assessments, and self-study tools. Our flagship business, Varsity Tutors LLC (\u201cVarsity Tutors\u201d), is one of the nation\u2019s largest platforms for live online tutoring and classes. Our solutions are available to Learners either directly through Learning Memberships (\u201cConsumers\u201d) and through education systems (\u201cInstitutions\u201d). Our platform offers Experts the opportunity to generate income from the convenience of home, while also increasing access for Learners by removing barriers to high-quality live online learning. Our offerings include Varsity Tutors for Schools, a product suite that leverages our next-generation live tutoring and intervention platform capabilities to offer high-dosage tutoring and our online learning solutions to Institutions. We have built a diversified business across the following audiences: K-8, High School, College, Graduate School, and Professional. Seasonality of our Business We have experienced in the past, and expect to continue to experience seasonal fluctuations in our revenue and earnings due to Learner and Institutional spending and consumption habits, and the timing of the academic year. Historically, we experience lower than normal revenue during the summer when schools and universities are typically out of session in the United States (the \u201cU.S.\u201d) and when people travel for vacations and holidays. Due to seasonality, comparisons of our historical quarterly results of operations on a sequential basis may not provide meaningful insight into our overall financial performance. Abandonment of Capitalized Internal-Use Software In the fourth quarter of 2025, management made a strategic decision to abandon certain components of our previously capitalized internal-use software including our legacy Live Learning Platform, our legacy Learner user experience, our legacy Expert user experience, and our legacy landing pages. These components and functions were rebuilt on entirely new, AI-native codebases, preserving essential business logic and data while migrating to modern, decoupled systems. We believe this modernization of our software platform onto entirely new, AI-native cod ITEM 1. BUSINESS. Unless otherwise stated or the context otherwise indicates, all references in this Form 10-K to \u201cNerdy,\u201d \u201cthe Company,\u201d \u201cus,\u201d \u201cour,\u201d or \u201cwe\u201d mean Nerdy Inc. and its consolidated subsidiaries. Business Overview We operate a next-generation live tutoring and intervention platform that leverages the power of human expertise with advanced artificial intelligence (\u201cAI\u201d) to personalize learning, accelerate student achievement, and empower educators. Our mission is to transform the way people learn through technology. Our purpose-built proprietary platform leverages technology, including AI, to connect students, users, parents, guardians, and purchasers (\u201cLearner(s)\u201d) of all ages to tutors, instructors, subject matter experts, educators, and other professionals (\u201cExpert(s)\u201d), delivering superior value on both sides of the network. Our comprehensive learning destination provides learning experiences across numerous subjects and multiple formats, including one-on-one instruction, small group tutoring, large format classes, chat, essay review, adaptive assessments, and self-study tools. Our flagship business, Varsity Tutors LLC (\u201cVarsity Tutors\u201d), is one of the nation\u2019s largest platforms for live online tutoring and classes. Our solutions are available to Learners either directly through Learning Memberships (\u201cConsumers\u201d) and through education systems (\u201cInstitutions\u201d). Our platform offers Experts the opportunity to generate income from the convenience of home, while also increasing access for Learners by removing barriers to high-quality live online learning. Our offerings also include Varsity Tutors for Schools, a product suite that leverages our next-generation live tutoring and intervention platform capabilities to offer high-dosage tutoring and our online learning solutions to Institutions. We have built a diversified business across multiple audiences, including: K-8, High School, College, Graduate School, and Professional. Our Two-Sided Network Ne ITEM 1A. RISK FACTORS. In addition to the factors discussed elsewhere in this report, the following risks and uncertainties, some of which have occurred and any of which may occur in the future, could have a material adverse effect on our business, financial condition, results of operations, and cash flows. Additional risks and uncertainties ", "title": "NRDY - Nerdy Inc.", "url": "/company/NRDY/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001031316; latest 10-K filed 2026-03-09.", "text": "FSP - FRANKLIN STREET PROPERTIES CORP /MA/ SIC 6798 Real Estate Investment Trusts; CIK 0001031316; latest 10-K filed 2026-03-09. FSP FRANKLIN STREET PROPERTIES CORP /MA/ 0001031316 6798 Real Estate Investment Trusts Item 7.Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u200b The following discussion should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this report. Historical results and percentage relationships set forth in the consolidated financial statements, including trends which might appear, should not be taken as necessarily indicative of future operations. The following discussion and other parts of this Annual Report on Form 10-K may also contain forward-looking statements based on current judgments and current knowledge of management, which are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Investors are cautioned that our forward-looking statements involve risks and uncertainty, including without limitation, adverse changes in general economic or local market conditions, including as a result of the long-term effects of the COVID-19 pandemic, wars, terrorist attacks or other acts of violence, which may negatively affect the markets in which we and our tenants operate, impacts of changes in tariffs that the United States and other countries have announced or implemented, as well as any additional new tariffs, trade restrictions or export regulations that may be implemented or reversed in the future, inflation rates, interest rates, disruptions in the debt markets, economic conditions in the markets in which we own properties, risks of a lessening of demand for the types of real estate owned by us, adverse changes in energy prices, which if sustained, could negatively impact occupancy and rental rates in the markets in which we own properties, including energy-influenced markets such as Dallas, Denver and Houston, expectations for future potential property dispositions, expectations for future potential leasing activity, changes in government regulations and regulatory uncertainty, uncertainty about governmental fiscal policy, geopolitical events and expenditures that cannot be anticipated, such as utility rate and usage increases, delays in construction schedules, unanticipated increases in construction costs, unanticipated repairs, increases in the level of general and administrative costs as a percentage of revenues as revenues decrease as a result of property dispositions, additional staffing, insurance increases and real estate tax valuation reassessments. See \u201cRisk Factors\u201d in Part I, Item 1A, of this Annual Report on Form 10-K. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, acquisitions, dispositions, performance or achievements. We may not update any of the forward-looking statements after the date this Annual Report on Form 10-K is filed to conform them to actual results or to changes in our expectations that occur after such date, other than as required by law. \u200b Overview \u200b FSP Corp., or we or the Company, operates in a single reportable segment: real estate operations. The real estate operations market involves real estate rental operations, leasing, secured financing of real estate and services provided for asset management, property management, property acquisitions, dispositions and development. Our current strategy is to focus on infill and central business district office properties in the United States sunbelt and mountain west regions as well as select opportunistic markets. We believe that the United States sunbelt and mountain west regions have macro-economic drivers that have the potential to increase occupancies and rents. We are focused on long-term growth and appreciation. \u200b As of December 31, 2025, all of our total owned portfolio, consisting of approximately 4.8 million square feet, was located in Dallas, Item 1.Business \u200b History \u200b Our company, Franklin Street Properties Corp., which we refer to as FSP Corp., the Company, we or our, is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust, or REIT, for federal income tax purposes. Our common stock is traded on the NYSE American under the symbol \u201cFSP\u201d. FSP Corp. is the successor to Franklin Street Partners Limited Partnership, or the FSP Partnership, which was originally formed as a Massachusetts general partnership in January 1997 as the successor to a Massachusetts general partnership that was formed in 1981. On January 1, 2002, the FSP Partnership converted into FSP Corp., which we refer to as the conversion. As a result of this conversion, the FSP Partnership ceased to exist and we succeeded to the business of the FSP Partnership. In the conversion, each unit of both general and limited partnership interests in the FSP Partnership was converted into one share of our common stock. As a result of the conversion, we hold, directly and indirectly, 100% of the interest in three former subsidiaries of the FSP Partnership: FSP Investments LLC, FSP Property Management LLC, and FSP Holdings LLC. We operate some of our business through these subsidiaries. \u200b Our Business \u200b We are a REIT focused on commercial real estate investments primarily in office markets and currently operate in only one segment: real estate operations. The principal revenue sources for our real estate operations include rental income from real estate leasing, property dispositions and fee income from asset/property management and development. \u200b Our current strategy is to focus on infill and central business district office properties in the United States sunbelt and mountain west regions as well as select opportunistic markets. We believe that the United States sunbelt and mountain west regions have macro-economic drivers that have the potential to increase occupancies and rents. We are focuse Item 1A.Risk Factors \u200b The following material factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made in this Annual Report on Form 10-K and presented elsewhere by management from time-to-time. \u200b Risks Related to our Operations an", "title": "FSP - FRANKLIN STREET PROPERTIES CORP /MA/", "url": "/company/FSP/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001362190; latest 10-K filed 2026-03-12.", "text": "AEYE - AUDIOEYE INC SIC 7372 Services-Prepackaged Software; CIK 0001362190; latest 10-K filed 2026-03-12. AEYE AUDIOEYE INC 0001362190 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our audited consolidated financial statements and the related notes for the years ended December 31, 2025 and 2024 that appear elsewhere in this annual report on Form 10-K. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include but are not limited to those discussed below and elsewhere in this annual report on Form 10-K, particularly in \u201cRisk Factors.\u201d The forward-looking statements included in this annual report on Form 10-K are made only as of the date hereof. Executive Overview AudioEye is an industry-leading digital accessibility platform delivering Americans with Disabilities Act (\u201cADA\u201d) and Web Content Accessibility Guidelines (\u201cWCAG\u201d) compliance at scale. Our solutions advance accessibility with patented technology that reduces barriers, expands access for individuals with disabilities, and enhances the user experience for a broader audience. In 2025, we continued to focus on product innovation and expanding revenue. We have two sales channels to deliver our product, the Partner and Marketplace channel and the Enterprise channel. AudioEye continues to focus on recurring revenue growth in both channels, while still offering our website and mobile application reporting services and PDF remediation services that provide non-recurring revenue. For the year ended December 31, 2025, total revenue increased by 15% over the prior year. As of December 31, 2025, Annual Recurring Revenue (\u201cARR\u201d) was approximately $40.0 million, which represented an increase of 9% from December 31, 2024. Refer to \u201cOther Key Operating Metrics\u201d below for details on how we calculate ARR. As of December 31, 2025, AudioEye had approximately 131,000 customers, an increase from 127,000 customers at December 31, 2024. The increase in customer count was attributable to an increase in customers in our Partner and Marketplace channel. In the twelve months ended December 31, 2025, revenue from our Partner and Marketplace channel grew 10% over the prior year. This channel represented about 58% of ARR at December 31, 2025. In the twelve months ended December 31, 2025, total Enterprise channel revenue increased by 21% over the prior year. The Enterprise channel represented about 42% of ARR at December 31, 2025. We had one major customer (including the customer\u2019s affiliates reflecting multiple contracts and a partnership with the Company) which accounted for approximately 13% and 15% of our revenue in the years ended December 31, 2025 and 2024, respectively. The Company continued to invest in research and development in 2025. Total research and development cost, as defined under the \u201cResearch and Development\u201d section in the \u201cResults of Operations\u201d below, was 16% of total revenue in 2025. Total research and development cost decreased from the prior year due to lower personnel cost. For the year ended December 31, 2025, both selling and marketing expense and general and administrative expense increased over the prior year. The increase in selling and marketing expense was mainly driven by higher investment in third-party marketing services. The increase in general and administrative expense for the year ended December 31, 2025 was due primarily to higher amortization expense associated with our intangible assets, as well as increases in personnel costs, including stock compensation expense, and litigation expenses. We provide further commentary on our Results of Operation below. 21 Table of Contents Results of Operations Our consolidated financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles Item 1. Business Overview AudioEye is an industry-leading digital accessibility platform delivering website accessibility compliance at all price points to businesses of all sizes. Our solutions advance accessibility with patented technology that reduces barriers, expands access for individuals with disabilities, and enhances the user experience for a broader audience. We believe that, when implemented, our solution offers businesses and organizations the opportunity to reach more customers, improve brand image, build additional brand loyalty, and, most importantly, provide an accessible and usable web experience to the expansive and ever-growing global population of individuals with disabilities. AudioEye primarily generates revenue through the sale of subscriptions for our software-as-a-service (\u201cSaaS\u201d) accessibility solutions. Our solutions are backed by machine-learning/AI-driven technology that finds and fixes common accessibility errors. Our core and supplemental solutions are designed to help websites and applications achieve and sustain substantial conformance with AudioEye\u2019s interpretation of the Web Content Accessibility Guidelines (\u201cWCAG\u201d) which are web accessibility standards published by the Web Accessibility Initiative of the World Wide Web Consortium, the main international standards organization for the internet. Our solutions help mitigate a customer\u2019s risk of costly digital accessibility-related legal action. AudioEye customers may purchase solutions directly through the AudioEye Marketplace, through a platform partner or an agency, such as Duda, that integrates our solutions into their marketplace, through a vertical Content Management System (\u201cCMS\u201d) partner, through an authorized reseller, or by working directly with the AudioEye sales team. AudioEye stands out among its competitors because it offers automated and human assisted technological fixes and continuous monitoring of accessibility issues without fundamental changes to the website ar Item 1A. Risk Factors Investing in our securities involves a variety of risks and uncertainties, known and unknown, including, among others, those discussed below. Each of the following risks should be carefully considered, together with all the other information included in this Form 10-K, including Management\u2019s Discussion and Analysis of Financia", "title": "AEYE - AUDIOEYE INC", "url": "/company/AEYE/" }, { "kind": "company", "summary": "SIC 7389 Services-Business Services, NEC; CIK 0001898496; latest 10-K filed 2026-03-16.", "text": "GETY - Getty Images Holdings, Inc. SIC 7389 Services-Business Services, NEC; CIK 0001898496; latest 10-K filed 2026-03-16. GETY Getty Images Holdings, Inc. 0001898496 7389 Services-Business Services, NEC Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the financial condition and results of operations of Getty Images should be read together with our consolidated financial statements and related notes included elsewhere in this Annual Report. The discussion should also be read together with the \u201cCautionary Note Regarding Forward-Looking Statements\u201d above and the \u201cItem 1A. Risk Factors\u201d disclosure above for additional discussion of the risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Note the discussion below, other than the introductory note, does not consider the impact of the planned merger, announced on January 7, 2025, between Getty Images Holdings, Inc. and Shutterstock, Inc. Merger Agreement with Shutterstock On January 6, 2025, Getty Images entered into an Agreement and Plan of Merger (the \u201cMerger Agreement\u201d) to combine in a merger-of-equals transaction with Shutterstock. Subject to terms and conditions in the Merger Agreement, the aggregate consideration to be paid by Getty Images in respect of the outstanding shares of common stock of Shutterstock will be: \u2022An amount in cash equal to the product of $9.50 multiplied by the number of shares of Shutterstock common stock outstanding immediately prior to the transaction close (including vested Shutterstock restricted stock units and performance stock units) (the \u201cTotal Cash Amount\u201d); and \u2022A number of shares of our Class A common stock equal to the product of 9.17 multiplied by the number of shares of Shutterstock common stock outstanding immediately prior to the transaction close (including vested Shutterstock restricted stock units and performance stock units) (the \u201cTotal Stock Amount\u201d). Each of the Total Cash Amount and the Total Stock Amount will be fixed as of immediately prior to closing of the Merger. Therefore, cash elections will be subject to proration if cash elections are oversubscribed and stock elections will be subject to proration if stock elections are oversubscribed. Each holder of Shutterstock common stock immediately prior to the transaction close will have the option to receive, subject to proration, for each share of Shutterstock common stock held by such holder: \u2022Cash consideration of $9.50 and 9.17 shares of our Class A common stock; \u2022Cash consideration of $28.8487; or \u202213.67237 shares of our Class A common stock. Following the close of the transaction, based on the common shares outstanding as of September 9, 2025, Getty Images stockholders will own approximately 53.5% and Shutterstock stockholders will own approximately 46.5% of the combined company on a fully diluted basis. The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and other customary closing conditions. During the years ended December 31, 2025 and December 31, 2024, Getty Images has expensed $47.1 million and $4.1 million, respectively, of legal, accounting, and direct costs related to this proposed Merger in \u201cOther operating expenses \u2013 net\u201d in the Consolidated Statements of Operations. On April 2, 2025, Getty Images and Shutterstock announced that they had each received a Request for Additional Information and Documentary Material (\u201cSecond Request\u201d) from the U.S. Department of Justice (the \u201cDOJ\u201d) in connection with the transaction. The Second Request was issued under notification requirements of the HSR Act. The effect of the Second Request was to extend the waiting period imposed by the HSR Act until 30 days after Getty Images and Shutterstock have substantially complied with the request, unless that period is extended voluntarily by the parties or terminated sooner by the DOJ. On February 23, 2026, Getty Images and Shutterstock announced that they had received notice that the DOJ has concluded its review of t Item 1. Business. The Company Getty Images Holdings, Inc. is a Delaware corporation with its corporate headquarters located at 605 5th Ave S., Suite 400, Seattle, Washington 98104, telephone number (206) 925-5000, internet website address www.gettyimages.com. Our internet website and content contained therein or connected thereto are not incorporated by reference into this Annual Report. References to \u201cGetty Images,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d and \u201cus\u201d and similar terms mean Getty Images Holdings, Inc. and its subsidiaries, unless the context otherwise requires. Business Overview Getty Images was founded in 1995, with the core mission of bringing the world\u2019s best creative and editorial visual content solutions to our customers to engage their audiences. We have developed market enhancements across e-commerce, content subscriptions, user-generated content, diverse and inclusive content, and proprietary research alongside investment in our technology platform (which includes generative AI-services designed to be commercially safe, natural language processing, and AI based integrated APIs) to become a global, trusted industry leader in the visual content space. On January 6, 2025, Getty Images entered into an Agreement and Plan of Merger to combine in a merger-of-equals transaction with Shutterstock. See \u201cItem 7 \u2013 Management\u2019s Discussion and Analysis of Financial and Results of Operations \u2013 Merger Agreement with Shutterstock\u201d. 3 Table of Contents Product Offerings Our comprehensive product offering is designed to address the full spectrum of customers\u2019 visual content needs. [[GREPCENT_TABLE]] [[\"Target Customer\",\"Enterprises\",\"SMBs\",\"SMBs, Prosumers, Pro & Semipro Content Creators\"],[\"Asset Type\",\"Premium Creative & Editorial (Stills, Music, Video, and Generative AI)\",\"Budget-Conscious Stills, Video, and Generative AI\",\"Free & Low-Cost Creative Stills\"],[\"Asset Rights\",\"Uncapped Indemnification and Rights Customized to Customer Needs\",\"Capped Indemnificatio Item 1A. Risk Factors. In addition to the other information contained in this Annual Report, including the matters addressed under the heading \u201cCautionary Note Regarding Forward-Looking Statements,\u201d you should carefully consider the following risk factors in this Form 10-K before investing in our securities. The risk fact", "title": "GETY - Getty Images Holdings, Inc.", "url": "/company/GETY/" }, { "kind": "company", "summary": "SIC 6022 State Commercial Banks; CIK 0001443575; latest 10-K filed 2026-03-18.", "text": "AVBH - Avidbank Holdings, Inc. SIC 6022 State Commercial Banks; CIK 0001443575; latest 10-K filed 2026-03-18. AVBH Avidbank Holdings, Inc. 0001443575 6022 State Commercial Banks Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations at and for the year ended December 31, 2025 and 2024, should be read in conjunction with our consolidated financial statements and the accompanying notes included elsewhere in this report. This discussion and analysis contains forward-looking statements that are subject to certain risks and uncertainties and are based on certain assumptions that we believe are reasonable but may prove to be inaccurate. Certain risks, uncertainties and other factors, including those set forth under sections entitled \u201cCautionary Note Regarding Forward-Looking Statements,\u201d \u201cRisk Factors\u201d and elsewhere in this report, may cause actual results to differ materially from those projected results discussed in the forward-looking statements appearing in this discussion and analysis. We assume no obligation to update any of these forward-looking statements. The following discussion presents management\u2019s perspective on our results of operations and financial condition on a consolidated basis. However, because we conduct all of our material business operations through our bank subsidiary, Avidbank, the discussion and analysis relate to activities primarily conducted by the Bank. Company Overview We are a bank holding company headquartered in San Jose, California that operates through our wholly owned subsidiary, Avidbank, or the Bank, a California state-chartered bank. We are registered under the Bank Holding Company Act of 1956, as amended. The Company was incorporated under the laws of the State of California in 2007 for the principal purpose of engaging in activities permitted for a bank holding company. As a bank holding company, the Company is authorized to engage in the activities permitted under the Bank Holding Company Act of 1956, as amended, and the regulations thereunder. We own 100% of the issued and outstanding common shares of our banking subsidiary, Avidbank. -56- Table of Contents We specialize in commercial and industrial lending, venture lending, structured finance, asset-based lending, sponsor finance, fund finance, real estate construction and commercial real estate lending. In addition to providing products and services, the Bank emphasizes the establishment of long-standing relationships with its customers and regularly modifies the products and services it offers to meet the unique demands of its customers. Our mission is to collaborate with our customers to meet their banking needs whether individual or business. We aim to consistently deliver value that exceeds our clients\u2019 expectations. Critical Accounting Policies and Estimates The Company\u2019s consolidated financial statements are prepared in accordance with GAAP and follow general practices within the financial services industry. It is management\u2019s opinion that accounting estimates covering certain aspects of the Company\u2019s business have more significance than others due to the relative importance of those areas to overall performance, or the level of subjectivity required in making such estimates. We believe that the estimate most susceptible to significant change in the near term relates to determining the allowance for credit losses on loans and fair value of financial instruments. See Note 1 of the Company\u2019s notes to the audited consolidated financial statements for all our accounting policies, including these identified critical accounting estimates. Pursuant to the JOBS Act, as an emerging growth company, we can elect to opt out of the extended transition period for adopting any new or revised accounting standards. We have elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, we may adopt the standard on the application date for private companies. We have Item 1. Business Overview We are Avidbank Holdings, a bank holding company based in San Jose, California that operates through our wholly owned subsidiary, Avidbank, a California state-chartered bank (\"Avidbank\" or the \"Bank\"). Founded in 2003, Avidbank is a full-service commercial bank dedicated to providing innovative banking solutions to a diverse client base, including small-to-medium sized businesses, technology companies, and individuals through robust portfolios of lending products, deposit services, and digital banking capabilities. We believe we provide competitive deposit products and treasury management solutions with a high-touch, relationship-driven approach, guided by our commitment to being Responsive, Collaborative & Accountable\u2014principles we embody in every client interaction. Our experienced management team focuses on loan growth while striving to maintain excellent credit quality, core deposit expansion, noninterest income growth and improving operational efficiency. We focus on corporate banking, commercial real estate, and real estate construction lending in the Bay Area (which we define as the counties of Alameda, Contra Costa, Marin, Monterey, Napa, San Francisco, San Mateo, Santa Clara, Santa Cruz, Solano, and Sonoma), while also maintaining a growing national presence in Venture Lending and Specialty Finance. As of December 31, 2025, we had total consolidated assets of $2.57 billion, total loans of $2.15 billion, total deposits of $2.19 billion and total shareholders\u2019 equity of $281.0 million. Initial Public Offering and Repositioning of our Available-for-Sale Securities Portfolio On August 11, 2025, the Company completed the sale of 2,610,000 shares of common stock, no par value per share, at a public offering price of $23.00 per share in its initial public offering (\u201cIPO\u201d). On August 13, 2025, the underwriters fully exercised their option to purchase an additional 391,500 shares of Common Stock in connection with the IPO, at the publi Item 1A. Risk Factors SUMMARY OF RISK FACTORS The following is a summary of some of the risks affecting us. You should carefully read and consider the matters discussed in the section entitled \u201cRisk Factors\u201d for a more thorough description of these and other risks. [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Our business and operations are conc", "title": "AVBH - Avidbank Holdings, Inc.", "url": "/company/AVBH/" }, { "kind": "company", "summary": "SIC 5990 Retail-Retail Stores, NEC; CIK 0001819574; latest 10-K filed 2026-06-10.", "text": "BARK - Bark, Inc. SIC 5990 Retail-Retail Stores, NEC; CIK 0001819574; latest 10-K filed 2026-06-10. BARK Bark, Inc. 0001819574 5990 Retail-Retail Stores, NEC ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis provides information which management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. The discussion should be read in conjunction with the audited consolidated financial statements and notes thereto contained in this Annual Report on Form 10-K. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in the \u201cRisk Factors\u201d sections of this Annual Report on Form 10-K. Actual results may differ materially from those contained in any forward-looking statements. Unless the context otherwise requires, references to \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, \u201cthe Company\u201d and \u201cBARK\u201d are intended to mean the business and operations of BARK, Inc. and its consolidated subsidiaries. The audited consolidated financial statements as of March 31, 2026 and 2025 and for the fiscal years ended March 31, 2026, 2025 and 2024, respectively, present the financial position and results of operations and cash flows of BARK, Inc. and its wholly-owned subsidiaries. Overview We believe that dogs and humans are better together and we aspire to be the world\u2019s favorite dog brand. We are a team of dog-obsessed people committed to delivering personalization at scale by satisfying each dog\u2019s distinct personality, preferences, and needs with the best products and services. Since our founding in 2011, we have happily served millions of dogs and their people. We are an omnichannel brand serving dogs across two key brands: BarkBox and Super Chewer. All of our products are designed, developed, and branded by BARK. We leverage an ever-growing collection of first-party data, customer insights, and artificial intelligence (\u201cAI\u201d) to deliver personalized products and experiences tailored to the needs of each and every dog we serve. We sell our products in two segments: Direct To Consumer (\u201cDTC\u201d) and Commerce through our network of retail partners, which currently spans over 50,000 doors nationwide and online marketplaces including Amazon, Chewy and TikTok. Factors Affecting Our Performance We believe that our performance and future success depend on several factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and in the section of this Annual Report on Form 10-K titled \u201cRisk Factors.\u201d Investments in growth Our ability to increase the number of customers. total orders, and cross-category purchasing is a key factor in our future DTC growth and will be driven by our marketing efforts and ability to continue to expand our product offerings. As a result, we expect to continue to focus on long-term growth through investments in product offerings and the dog and dog parent experience. We are working to enhance our offerings and expand the breadth of the products. We will remain flexible, adjusting our marketing spend up or down, based on the returns. Expansion of new offerings Another key factor in our future performance is our ability to increase our average order value (\u201cAOV\u201d), which involves introducing new products into our portfolio. We expect to continue to invest in the expansion of our product offerings, as we seek to attract new customers as well as growing sales with our existing customers. This expansion may require additional financial investments in headcount, marketing, customer acquisition expenses, operational capabilities and inventory. If we are unable to generate sufficient demand for these new offerings, we may not recover the financial investments and revenue may not increase as desired. Expansion within new and existing retail channels Our commerce segment continues to be an important growth driver for the business and our ability to expand our product assortment within both new and existing retail partners ITEM 1. BUSINESS Unless otherwise expressly stated or the context otherwise requires, when we refer to \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d \u201cBARK,\u201d or \u201cthe Company\u201d in this annual report on Form 10-K, we mean BARK, Inc. and its consolidated subsidiaries. Overview Our mission is to make all dogs happy. We believe that dogs and humans are better together and we aspire to be the world\u2019s favorite dog brand. We are a team of dog-obsessed people committed to delivering personalization at scale by satisfying each dog\u2019s distinct personality, preferences, and needs with the best products and services. Since our founding in 2011, we have happily served millions of dogs and their people. We are an omnichannel brand that designs and develops proprietary products for dogs across two key brands: BarkBox and Super Chewer. All of our products are designed and developed in-house, and are BARK branded. We 3 Table of Contents leverage an ever-growing collection of first-party data, customer insights, and AI to deliver personalized products and experiences tailored to the needs of each and every dog we serve. We sell our products in two segments: Direct-to-Consumer (\u201cDTC\u201d) and Commerce, through our network of retail partners, which currently spans over 50,000 doors nationwide and online marketplaces including Amazon, Chewy and TikTok. We began our journey with a monthly-themed subscription of toys, treats, and chews, tailored to the needs of each customer based on their dog\u2019s size, play style, allergies, and more. By viewing each dog as an individual, and by creating magical experiences for our customers, we have been able to build lasting relationships with millions of dogs and their parents. Our customer service (\u201cHappy Team\u201d) proactively engages around 175,000 customers each month. We use the valuable data from these customer interactions to inform the design and development of future products, and we leverage it along with AI technology to recommend additional products to our customers thro ITEM 1A. RISK FACTORS An investment in our securities involves a high degree of risk. You should carefully consider the risks described below, as well as the other information in this annual report on Form 10-K, including our consolidated financial statements and the related notes and \"Management's Discussion and Analysis of Financial Condition and Results of", "title": "BARK - Bark, Inc.", "url": "/company/BARK/" }, { "kind": "company", "summary": "SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001751783; latest 10-K filed 2026-03-13.", "text": "RBKB - Rhinebeck Bancorp, Inc. SIC 6036 Savings Institutions, Not Federally Chartered; CIK 0001751783; latest 10-K filed 2026-03-13. RBKB Rhinebeck Bancorp, Inc. 0001751783 6036 Savings Institutions, Not Federally Chartered Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This discussion and analysis reflects information contained in our audited consolidated financial statements and other relevant statistical data, and is intended to enhance your understanding of our financial condition and results of operations. The information in this section has been derived from the audited consolidated financial statements contained within this Form 10-K. Overview Net Interest Income. Our primary source of income is net interest income. Net interest income is the difference between interest income, which is the income we earn on our loans and investments, and interest expense, which is the interest we pay on our deposits and borrowings. Provision for Credit Losses on loans. The allowance for credit losses is a valuation allowance for the estimated lifetime credit losses. The allowance for credit losses is increased through charges to the provision for credit losses. Loans are charged against the allowance when management believes that the collectability of the principal loan amount is not probable. Recoveries on loans previously charged-off, if any, are credited to the allowance for credit losses when realized. Non-interest Income. Our primary sources of non-interest income are service charges on deposit accounts, investment advisory income, net gains in the cash surrender value of bank owned life insurance and other income. Non-interest Expenses. Our non-interest expenses consist of salaries and employee benefits, net occupancy and equipment, data processing, professional fees, marketing expenses, premium payments we make to the FDIC for insurance of our deposits and other general and administrative expenses. Income Tax Expense. Our income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between the carrying amounts and the tax basis of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amounts expected to be realized. \u200b 50 Table of Contents Business Strategy \u200b In October 2025, Matthew J. Smith was appointed President and Chief Executive Officer of Rhinebeck Bank and its holding companies, Rhinebeck Bancorp and Rhinebeck Bancorp, MHC, to lead Rhinebeck Bank into its next phase of growth and innovation. Mr. Smith\u2019s executive leadership experience includes overseeing community bank operations, spearheading the implementation of digital banking and banking-as-a-service programs and integrating acquired financial institutions. As we realign our strategies for growth, we intend to continue to operate as a well-capitalized and profitable community bank dedicated to providing exceptional personal service to our individual and business customers. We believe that we have a competitive advantage in the markets we serve because of our knowledge of the local marketplace and our long-standing history of providing superior, relationship-based customer service. Our current business strategy includes the following key components, which are designed to improve earnings by expanding our net interest margin, increasing non-interest income and improving efficiency: [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"Emphasize relationship-based commercial lending. Following the completion of our holding company reorganization and minority stock issuance in 2019, we began our expansion as a commercial lender. Our commercial real estate loan portfolio (which includes multi-family real estate and commercial construction loans) and commercial business loan portfolio have grown from $223.0 million and $83.2 million, or 32.9% and 12.2% of our total loan portfolio, respectively, at December 31, 2019 to $534.7 million and $91.5 million, or 55.8% and 9.5% of our total loan portfolio, resp Item 1. Business Rhinebeck Bancorp, Inc. Rhinebeck Bancorp, Inc., (the \u201cCompany\u201d) a Maryland corporation, was incorporated in August 2018. On January 16, 2019, the Company became the holding company for Rhinebeck Bank (the \u201cBank\u201d) when it completed the reorganization of the Company and the Bank into a two-tier mutual holding company form of organization. The Company is regulated by the Board of Governors of the Federal Reserve System (the \u201cFederal Reserve Board\u201d) and the New York State Department of Financial Services (the \u201cNYSDFS\u201d). The consolidated financial results contained herein reflect the consolidated accounts of the Company and the Bank. At December 31, 2025, the Company had consolidated total assets of $1.30 billion, total deposits of $1.10 billion and stockholders\u2019 equity of $136.9 million. The Company\u2019s executive offices are located at 2 Jefferson Plaza, Poughkeepsie, New York 12601. The telephone number at this address is (845) 454-8555. Our website address is www.Rhinebeckbank.com. Information on this website is not and should not be considered a part of this report. The Company files interim, quarterly and annual reports with the Securities and Exchange Commission (the \u201cSEC\u201d). The SEC maintains an Internet site (www.sec.gov) that contains reports, proxy and information statements and other information regarding issuers such as the Company that file electronically with the SEC. All filed SEC reports and interim filings can also be obtained from the Bank\u2019s website (www.Rhinebeckbank.com), on the \u201cInvestor Relations\u201d page, without charge from Rhinebeck Bancorp, Inc. Rhinebeck Bancorp, MHC Rhinebeck Bancorp, MHC, a New York-chartered non-stock corporation, is a mutual holding company that owns 57.0% of the outstanding common stock of Rhinebeck Bancorp, Inc. On February 10, 2026, Rhinebeck Bancorp, MHC adopted a Plan of Conversion and Reorganization, pursuant to which Rhinebeck Bancorp, MHC is proposing to convert from the mutual holding compan Item 1A. Risk Factors In addition to factors discussed in the description of our business and elsewhere in this report, the following are factors that could adversely affect our future results of operations and financial condition. Risks Related to Our Lending Activities Our emphasis on commercial real ", "title": "RBKB - Rhinebeck Bancorp, Inc.", "url": "/company/RBKB/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001774857; latest 10-K filed 2026-03-23.", "text": "AARD - Aardvark Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001774857; latest 10-K filed 2026-03-23. AARD Aardvark Therapeutics, Inc. 0001774857 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this Annual Report. This discussion and other parts of this Annual Report contain forward-looking statements that involve risk, assumptions and uncertainties, such as statements of our plans, objectives, expectations, intentions, forecasts and projections. Our actual results and the timing of selected events could differ materially from those discussed in these forward-looking statements as a result of several factors, including those set forth under Part I, Item 1A, \u201cRisk Factors\u201d, of this Annual Report and elsewhere in this Annual Report. You should carefully read Part I, Item 1A, \u201cRisk Factors\u201d, of this Annual Report to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section titled \u201cSpecial Note Regarding Forward-Looking Statements.\u201d Overview We are a clinical-stage biopharmaceutical company focused on developing novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases. We target biological pathways associated with alleviating hunger that we believe have the potential to deliver transformative outcomes for patients. We have focused our efforts on developing selective compounds, targeting Bitter Taste Receptors (TAS2Rs) for hunger-associated conditions. Our initial compounds target TAS2Rs expressed in the gut lumen, which normally respond to the chemicals in food and participate in the gut-brain axis. Our research has shown that activating these receptors can induce the secretion of endogenous signaling molecules, including cholecystokinin (CCK), peptide YY (PYY) and glucagon-like peptide-1 (GLP-1). TAS2Rs are a family of 26 different nutrient-sensing G protein-coupled receptors (GPCRs) that are broadly expressed among vertebrates. TAS2Rs are present in the oral cavity to convey bitter taste and are highly expressed in many other tissues throughout the body where they are key in regulating metabolic and inflammatory pathways. CCK has long been recognized as a promising pharmaceutical target because its release is triggered with food and it helps suppress hunger, which is the feeling of discomfort that comes from a perception of not having eaten recently. We believe suppression of hunger could be complementary to the suppression of appetite reported from patients on GLP-1 receptor targeted treatments, which reduce the desirability of food. Previous approaches to directly agonize CCK receptors through exogenous molecules have been limited by safety concerns driven by systemic exposure, resulting in on-target, off-tissue toxicity, and in turn leading to adverse effects, such as pancreatitis. Our wholly-owned lead product candidate, ARD-101, is an oral, largely gut-restricted small-molecule agonist of certain TAS2Rs expressed in the gut lumen. ARD-101, in contrast to previous approaches to directly agonize CCK receptors, elicits the endogenous release of CCK by leveraging the body\u2019s natural response to TAS2R agonism. Besides our product candidates, we are not aware of any approved or other clinical-stage candidates targeting certain TAS2Rs. ARD-101 has limited systemic absorption, which we believe reduces the potential for systemic toxicity and has contributed to ARD-101 being well-tolerated in our Phase 1 and 2 trials. We have completed a Phase 1 clinical trial of ARD-101 in healthy volunteers and a Phase 2 clinical trial in subjects with hyperphagia associated with Prader-Willi Syndrome (PWS). The Phase 2 clinical trial in hyperphagia associated with PWS evaluated two dosing regimens over 28 days followed by a 14-day withdrawal period. In Part 1 of the tria Item 1. Business. Overview We are a clinical-stage biopharmaceutical company focused on developing novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases. We target biological pathways associated with alleviating hunger that we believe have the potential to deliver transformative outcomes for patients. We have focused our efforts on developing selective compounds, targeting Bitter Taste Receptors (TAS2Rs) for hunger-associated conditions. Our initial compounds target TAS2Rs expressed in the gut lumen, which normally respond to the chemicals in food and participate in the gut-brain axis. Our research has shown that activating these receptors can induce the secretion of endogenous signaling molecules, including cholecystokinin (CCK), peptide YY (PYY) and glucagon-like peptide-1 (GLP-1). TAS2Rs are a family of 26 different nutrient-sensing G protein-coupled receptors (GPCRs) that are broadly expressed among vertebrates. TAS2Rs are present in the oral cavity to convey bitter taste and are highly expressed in many other tissues throughout the body where they are key in regulating metabolic and inflammatory pathways. CCK has long been recognized as a promising pharmaceutical target because its release is triggered with food and it helps suppress hunger, which is the feeling of discomfort that comes from a perception of not having eaten recently. We believe suppression of hunger could be complementary to the suppression of appetite reported from patients on GLP-1 receptor targeted treatments, which reduce the desirability of food. Previous approaches to directly agonize CCK receptors through exogenous molecules have been limited by safety concerns driven by systemic exposure, resulting in on-target, off-tissue toxicity, and in turn leading to adverse effects, such as pancreatitis. Our wholly-owned lead product candidate, ARD-101, is an oral, largely gut-restricted small-molecule agonist of certain TAS2Rs expres Item 1A. Risk Factors. An investment in our common stock involves a high degree of risk. In deciding whether to invest, you should carefully consider and read the following risk factors, as well as the financial and other information contained in this Annual Report, including in Part II, Item 7, \u201cManagement\u2019s", "title": "AARD - Aardvark Therapeutics, Inc.", "url": "/company/AARD/" }, { "kind": "company", "summary": "SIC 8000 Services-Health Services; CIK 0001822359; latest 10-K filed 2026-03-16.", "text": "DCGO - DocGo Inc. SIC 8000 Services-Health Services; CIK 0001822359; latest 10-K filed 2026-03-16. DCGO DocGo Inc. 0001822359 8000 Services-Health Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and the accompanying notes included elsewhere in this Annual Report. The discussion and analysis below contain certain forward-looking statements about our business and operations that are subject to the risks, uncertainties and other factors described in the section entitled \u201cRisk Factors,\u201d included in Part I, Item 1A, and other factors included elsewhere in this Annual Report. These risks, uncertainties and other factors could cause our actual results or outcomes to differ materially from those expressed in, or implied by, the forward-looking statements. Please refer to the section entitled \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Certain figures included in this section, such as interest rates and other percentages, have been rounded for ease of presentation. Percentage figures included in this section have, in some cases, been calculated on the basis of such rounded figures. For this reason, percentage amounts in this section may vary slightly from those obtained by performing the same calculations using the figures in our Consolidated Financial Statements or in the associated text. Certain other amounts that appear in this section may similarly not sum due to rounding. Factors Affecting Our Results of Operations Our operating results and financial performance are influenced by a variety of factors, including, among others, our ability to establish, maintain and grow customer relationships; our ability to execute projects to the satisfaction of our customers; conditions in the healthcare transportation and mobile health services markets; changes in government spending on healthcare and other social services, including as a result of changes in U.S. administrative priorities; availability of healthcare professionals and other personnel and our ability to attract and retain such personnel; changes in the cost of labor; our competitive environment; overall macroeconomic and geopolitical conditions, including the interest rate environment, the inflationary environment, the potential recessionary environment, regional conflict and tensions, financial institution instability and the prospect of a shutdown of the U.S. federal government; production schedules of our suppliers; our ability to obtain or maintain operating licenses; and the success of our acquisition strategy. Some of these key factors are briefly discussed below. Future revenue growth and improvement in operating results will be largely contingent on our ability to penetrate new markets and further penetrate existing markets, which is subject to a number of uncertainties, many of which are beyond our control. Healthcare Services Market The Mobile Health Services market is dependent on several factors, including increased patient acceptance of services that are provided outside of traditional healthcare facilities, such as in homes, businesses or other designated locations; healthcare coverage of the various Mobile Health Services; and, to a lesser extent, continued desire on the part of government and municipal entities to fund programs to assist currently underserved patient segments via \u201cpopulation health\u201d programs. The Transportation Services market is highly dependent on patients requiring transportation after surgeries and other medical procedures and treatments. The Company primarily focuses on the non-emergency medical transport market, which includes services that are provided to patients who need assistance getting to and from medical appointments. Key drivers of this market are the increase in chronic conditions and the number of elective surgeries as well as the ongoing aging of the population, as the older demographics tend to be much more frequent consumers of medical transport Item 1. Business. Our Company DocGo is leading the proactive healthcare revolution. We are democratizing access with our innovative care delivery platform that includes mobile health services, virtual care management and ambulance services. Our goal is to deliver healthcare at any address and help reshape the traditional healthcare system, driven by our mission to bring high quality, highly accessible care to all. DocGo\u2019s proprietary technology platform, dedicated network of certified health professionals, including virtual care clinicians, and robust fleet of medical response vehicles provide services in all 50 states and the United Kingdom. DocGo\u2019s vertically integrated approach helps elevate the quality of patient care and drive business efficiencies for municipalities, hospital networks and health insurance providers. We often provide our services in collaboration with leading healthcare organizations via long-term relationships that are intended to provide efficient and strategic capital deployment opportunities that can drive meaningful revenue and create significant growth. DocGo\u2019s vertically integrated offering empowers the delivery of mobile healthcare and medical transportation outside of traditional \u201cbrick-and-mortar\u201d facilities, with more accessible, affordable and efficient patient-centered care. In 2025, we expanded our capabilities in pursuit of our mission, acquiring a robust 50 state virtual care network that offers white-label telehealth services for top consumer, healthcare and digital wellness brands \u2014 including multiple Fortune 10 customers \u2014 and a mobile phlebotomy provider in the northeast. We continued to deliver care at scale, with our network of clinicians traveling over 11 million miles to facilitate care across more than 1.3 million patient interactions. Since 2015, we have created a care delivery model that has facilitated better care across over 10 million patient interactions beyond the traditional four-wall healthcare system. We Item 1A. Risk Factors. You should carefully consider the risks described below, which could have a material adverse effect on our business, financial condition, reputation, results of operations (including revenues and profitability) and/or share price, with all of the other information included in this Annual Report. The Company may not be able to accu", "title": "DCGO - DocGo Inc.", "url": "/company/DCGO/" }, { "kind": "company", "summary": "SIC 3630 Household Appliances; CIK 0001857853; latest 10-K filed 2026-03-06.", "text": "COOK - Traeger, Inc. SIC 3630 Household Appliances; CIK 0001857853; latest 10-K filed 2026-03-06. COOK Traeger, Inc. 0001857853 3630 Household Appliances Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current plans, expectations, and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d and in other parts of this Annual Report on Form 10-K. A discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023 has been reported previously in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 7, 2025, under the heading \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d Overview Traeger is the creator and category leader of the wood pellet grill, an outdoor cooking system that ignites all-natural hardwoods to grill, smoke, bake, roast, braise, and barbecue. Our grills are versatile and easy to use, empowering cooks of all skill sets to create delicious meals with a wood-fired flavor that cannot be replicated with gas, charcoal, or electric grills. Grills are at the core of our platform and are complemented by Traeger wood pellets, rubs, sauces, and accessories. In May 2025, we commenced Project Gravity, a multi-step strategic optimization plan intended to streamline our organizational structure and rebalance our cost base, including a reduction in force, centralization of our MEATER business into our Salt Lake City infrastructure, discontinuation of the Costco roadshow program, exit from the Traeger direct to consumer business by redirecting Traeger.com consumers to retail partners, transition to a distributor model in certain European markets that operate under a direct model, and pellet mill consolidation. Our marketing strategy has been instrumental in building our brand and driving customer advocacy and revenue. We have disrupted the outdoor cooking market and created a passionate community, the Traegerhood, which includes foodies, pitmasters, backyard heroes, moms and dads, professional athletes, outdoorsmen and outdoorswomen, and world-class chefs. This community, together with our various marketing initiatives, has helped to promote our brand and products to the wider consumer population and supported our efforts to redefine outdoor cooking as an experience accessible to everyone. We have an active online and social media presence and a content-rich website that drives significant customer engagement and brings our Traegerhood together. We also directly engage with our current and target customers by sponsoring and participating in a variety of events, including live shows, outdoor festivals, rodeos, music and film festivals, barbecue competitions, fishing tournaments, and retailer events. We believe the style and authenticity of our customer engagement reinforces our brand and drives new and existing customer interest in our products and community. Our revenue is primarily generated through the sale of our wood pellet grills, consumables, and accessories. We currently offer eight series of grills \u2013 Woodridge, Ironwood, Timberline, Pro (with and without WiFIRE), and Flatrock \u2013 as well as a selection of smaller, portable grills within our Portable Series and a special Club Lineup through targeted channels. Our grills are available in a number of different sizes and can be upgraded through a variety of accessories. The majority of our grills feature WiFIRE technology, which allows users to monitor and adjust their grills remotely using our Traeger app. Our consumables include our wood pellets, which are made from natural, virgin hardwood and are av Item 1. Business. Overview Welcome to the Traegerhood Our mission is to bring people together to create a more flavorful world. Traeger is the creator and category leader of the wood pellet grill, an outdoor cooking system that ignites all-natural hardwoods to grill, smoke, bake, roast, braise, and barbecue. Our Traeger grills are versatile and easy to use, empowering cooks of all skill sets to create delicious meals with a wood-fired flavor that cannot be replicated with gas, charcoal, or electric grills. At the heart of our brand is a passionate and engaged community called the Traegerhood, which includes everyone from casual grillers to competition pitmasters and professional chefs. Our flagship wood pellet grills are internet of things (\u201cIoT\u201d) devices that allow owners to program, monitor, and control their grill through our Traeger app, which engaged 2.8 million active users for the fiscal year ended December 31, 2025. We complement our innovative cooking technologies with an extensive digital library of original recipes and Traeger cooking classes. In addition, we offer consumable products, such as wood pellets, rubs, and sauces, that drive recurring revenue. Leveraging our authentic brand and the Traegerhood, we have established an omnichannel distribution strategy led by retailers ranging from Ace Hardware and The Home Depot to Amazon and Best Buy. We complement this retail channel with direct to consumer (\u201cDTC\u201d) sales through our website and Traeger app. Today, we estimate that 78 million households in the United States own a grill, representing the total addressable market. With approximately 2.7 million Traeger grills sold in the United States from 2020 to 2025, we estimate that our U.S. household penetration is only 3.4% of this total addressable market. As a result, we believe our potential market opportunity is massive and that our ability to grow within and beyond the outdoor grill market is unrivaled. We see opportunities to expand our integra Item 1A. Risk Factors. Our business involves significant risks and uncertainties, some of which are described below. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K. The risks and uncertainties described below are not the only ones we face. The realiza", "title": "COOK - Traeger, Inc.", "url": "/company/COOK/" }, { "kind": "company", "summary": "SIC 2810 Industrial Inorganic Chemicals; CIK 0000072162; latest 10-K filed 2026-03-09.", "text": "NL - NL INDUSTRIES INC SIC 2810 Industrial Inorganic Chemicals; CIK 0000072162; latest 10-K filed 2026-03-09. NL NL INDUSTRIES INC 0000072162 2810 Industrial Inorganic Chemicals ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS Business overview We are primarily a holding company. We operate in the component products industry through our majority-owned subsidiary, CompX International Inc. We also own a noncontrolling interest in Kronos Worldwide, Inc. Both CompX (NYSE American: CIX) and Kronos (NYSE: KRO) file periodic reports with the SEC. CompX is a leading manufacturer of engineered components utilized in a variety of applications and industries. Through its Security Products operations, CompX manufactures mechanical and electronic cabinet locks and other locking mechanisms used in postal, recreational transportation, office and institutional furniture, cabinetry, tool storage and healthcare applications. CompX also manufactures wake enhancement systems, stainless steel exhaust systems, gauges, throttle controls, trim tabs and related hardware and accessories for the recreational marine and other industries through its Marine Components operations. We account for our 31% non-controlling interest in Kronos by the equity method. Kronos is a leading global producer and marketer of value-added titanium dioxide pigments. TiO2 is used for a variety of manufacturing applications including coatings, plastics, paper and other industrial products. Net income overview Our net loss attributable to NL stockholders was $37.8 million, or $.77 per share, in 2025 compared to net income of $67.2 million, or $1.38 per share, in 2024 and a net loss of $2.3 million, or $.05 per share, in 2023. As more fully described below, the decrease in our earnings attributable to NL stockholders from 2024 to 2025 is primarily due to the net effects of: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"equity in losses from Kronos in 2025 of $33.9 million compared to equity in earnings of $26.4 million in 2024;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"aggregate income of $31.4 million in 2024 related to the settlement of a liability for an environmental remediation site;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"an unrealized loss in the relative value of marketable equity securities of $13.6 million in 2025 compared to an unrealized gain of $9.8 million in 2024;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"a non-cash settlement loss related to the termination and buy-out of our U.S. pension plan of $19.7 million in 2025;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"higher CompX segment profit of $22.6 million in 2025 compared to $17.0 million in 2024;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"lower interest and dividend income of $7.0 million in 2025 compared to $11.0 million in 2024; and\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"insurance recoveries of nil in 2025 compared to $1.4 million in 2024.\"]] [[/GREPCENT_TABLE]] -36- \u200b Our 2025 net income per share attributable to NL includes: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"a settlement loss of $.32 per share, net of tax, related to the termination and buy-out of our U.S. pension plan recognized in the fourth quarter;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"a loss of $.10 per share, net of tax, related to Kronos\\u2019 non-cash deferred income tax expense reflecting the impact of the rate reduction on its net German deferred tax asset;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"a loss of $.04 per share, net of tax, due to Kronos\\u2019 settlement loss related to the termination and buy-out of its U.S. pension plan recognized in the fourth quarter;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"a loss of $.04 per share, net of tax, due to Kronos\\u2019 recognition of a valuation allowance on its German interest deduction limitation deferred tax asset recognized in the fourth quarter;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"a loss of $.03 per share, net of tax, related to Kronos ITEM 1.BUSINESS The Company NL Industries, Inc. was organized as a New Jersey corporation in 1891. Our common stock trades on the New York Stock Exchange, or the NYSE, under the symbol NL. References to \u201cNL Industries,\u201d \u201cNL,\u201d the \u201cCompany,\u201d the \u201cRegistrant,\u201d \u201cwe,\u201d \u201cour,\u201d \u201cus\u201d and similar terms mean NL Industries, Inc. and its subsidiaries and affiliate, unless the context otherwise requires. Our principal executive offices are located at Three Lincoln Center, 5430 LBJ Freeway, Suite 1700, Dallas, TX 75240. Our telephone number is (972) 233-1700. We maintain a website at www.nl-ind.com. Business summary We are primarily a holding company. We operate in the component products industry through our majority-owned subsidiary, CompX International Inc. (NYSE American: CIX). We operate in the chemicals industry through our noncontrolling interest in Kronos Worldwide, Inc. CompX and Kronos (NYSE: KRO) each file periodic reports with the Securities and Exchange Commission (\u201cSEC\u201d). Organization At December 31, 2025, Valhi, Inc. (NYSE: VHI) held approximately 83% of our outstanding common stock and a wholly-owned subsidiary of Contran Corporation held approximately 91% of Valhi\u2019s outstanding common stock. As discussed in Note 1 to our Consolidated Financial Statements, Lisa K. Simmons and a trust established for the benefit of Ms. Simmons and her late sister and their children (the \u201cFamily Trust\u201d) may be deemed to control Contran, and therefore may be deemed to indirectly control the wholly-owned subsidiary of Contran, Valhi and us. Forward-looking statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Statements in this Annual Report that are not historical facts are forward-looking in nature and represent management\u2019s beliefs and assumptions based on currently available information. In some cases, you can identify forward-looking statements by the use of wo ITEM 1A.RISK FACTORS Listed below are certain risk factors associated with us and our businesses. See also certain risk factors discussed in Item 7 \u2013 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013 Critical Accounting Policies and Estimates.\u201d In addition to the potential effect of these risk factors, any risk ", "title": "NL - NL INDUSTRIES INC", "url": "/company/NL/" }, { "kind": "company", "summary": "SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001454938; latest 10-K filed 2026-03-16.", "text": "TEAD - Teads Holding Co. SIC 7370 Services-Computer Programming, Data Processing, Etc.; CIK 0001454938; latest 10-K filed 2026-03-16. TEAD Teads Holding Co. 0001454938 7370 Services-Computer Programming, Data Processing, Etc. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our audited annual consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K (this \u201cReport\u201d). In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, beliefs, and expectations, and involve risks and uncertainties that could cause actual results, events, or circumstances to differ materially from those projected in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Report, particularly under Item 1A, \u201cRisk Factors\u201d and \u201cNote About Forward-Looking Statements.\u201d The purpose of this Management's Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is to provide the readers of our financial statements with narrative information from our management, which is necessary to understand our business, financial condition, and results of operations. The MD&A should be read in conjunction with our audited consolidated financial statements and notes thereto. In addition to the audited consolidated financial statements prepared in accordance with the generally accepted accounting principles in the United States (\u201cGAAP\u201d), we use certain non-GAAP financial measures throughout this discussion to provide investors with supplemental metrics used by our management for financial and operational decision making. These measures are supplemental and are not an alternative to our financial statements prepared in accordance with U.S. GAAP. See \u201cNon-GAAP Reconciliations\u201d in this Report for the definitions and limitations of these measures, and reconciliations to the most comparable U.S. GAAP financial measures. Business Overview Acquisition of Teads On February 3, 2025, Outbrain Inc. (\u201cOutbrain\u201d) completed its acquisition (the \u201cAcquisition\u201d) of TEADS, a private limited liability company (soci\u00e9t\u00e9 \u00e0 responsabilit\u00e9 limit\u00e9e) incorporated and existing under the laws of the Grand Duchy of Luxembourg (\u201cLegacy Teads\u201d). The consideration paid at the closing of the Acquisition was approximately $900 million, comprising a cash payment of $625 million, subject to certain customary adjustments, and 43.75 million shares of the Company\u2019s common stock, $0.001 par value per share. Following the closing, Altice Teads S.A. owned approximately 46.6% of the Company\u2019s issued and outstanding Common Stock. Effective June 6, 2025, Outbrain changed its corporate name to Teads Holding Co. (\u201cTeads\u201d). Effective June 10, 2025, Teads\u2019 shares started trading on The Nasdaq Stock Market LLC under the trading symbol TEAD. In this Annual Report on Form 10-K (this \u201cReport\u201d), the consolidated financial statements of the Company include the results of operations for Legacy Teads from February 3, 2025 through December 31, 2025. We are presenting the results of predecessor Outbrain\u2019s operations as of and for the year ended December 31, 2024, which do not include the financial position or results of operations of Legacy Teads as of and for the year ended December 31, 2024. Throughout this Report, except where otherwise stated or indicated by context, references to the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d are to Teads together with its consolidated subsidiaries, references to \u201cOutbrain\u201d are to our predecessor Outbrain, and references to \u201cLegacy Teads\u201d are to TEADS prior to its acquisition by Outbrain. General The Company is a leading omnichannel advertising platform focused on driving outcomes for brand and performance advertisers across screens. The Company is headquartered in New York, New York with various wholly-owned subsidiaries, including in Europe, the Middle East and Asia. The Company Item 1. Business Acquisition of Teads On February 3, 2025, Outbrain Inc. (\u201cOutbrain\u201d) completed its acquisition (the \u201cAcquisition\u201d) of TEADS, a private limited liability company (soci\u00e9t\u00e9 \u00e0 responsabilit\u00e9 limit\u00e9e) incorporated and existing under the laws of the Grand Duchy of Luxembourg (\u201cLegacy Teads\u201d). The consideration paid at the closing of the Acquisition was approximately $900 million, comprising a cash payment of $625 million, subject to certain customary adjustments, and 43.75 million shares of the Company\u2019s common stock, $0.001 par value per share, and following the closing, Altice Teads S.A. owned approximately 46.6% of the Company\u2019s issued and outstanding Common Stock. Effective June 6, 2025, Outbrain changed its corporate name to Teads Holding Co. (\u201cTeads\u201d). Effective June 10, 2025, Teads\u2019 shares started trading on The Nasdaq Stock Market LLC under the trading symbol TEAD. In this Annual Report on Form 10-K (this \u201cReport\u201d), the consolidated financial statements of the Company include the results of operations for Legacy Teads from February 3, 2025 through December 31, 2025. We are presenting the results of predecessor Outbrain\u2019s operations as of and for the year ended December 31, 2024, which do not include the financial position or results of operations of Legacy Teads as of and for the year ended December 31, 2024. Throughout this Report, except where otherwise stated or indicated by context, references to the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d are to Teads together with its consolidated subsidiaries, references to \u201cOutbrain\u201d are to our predecessor Outbrain, and references to \u201cLegacy Teads\u201d are to TEADS prior to its acquisition by Outbrain. General The Company is a leading omnichannel advertising platform focused on driving outcomes for brand and performance advertisers across screens. The Company is headquartered in New York, New York with various wholly-owned subsidiaries, including in Europe, the Middle East and Asia. The Company was initially fo Item 1A. Risk Factors An investment in our shares of Common Stock involves a high degree of risk. You should consider carefully the risks described below and all other information contained in this Report, including in the \u201cNote About Forward-Looking Statements,\u201d the section titled \u201cManag", "title": "TEAD - Teads Holding Co.", "url": "/company/TEAD/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001227636; latest 10-K filed 2026-03-17.", "text": "STIM - Neuronetics, Inc. SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001227636; latest 10-K filed 2026-03-17. STIM Neuronetics, Inc. 0001227636 3841 Surgical & Medical Instruments & Apparatus Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. \u200b The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and related notes thereto and other financial information included elsewhere in this Annual Report on Form 10-K. In addition to historical financial information, some of the information contained in the following discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. You should review the Risk Factors section of this Annual Report on Form 10-K for a discussion of important factors that could cause our actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview We believe that mental health is as important as physical health. As a global leader in neuroscience, we are delivering more treatment options to patients and healthcare providers by offering exceptional in-office treatments that produce extraordinary results. Our first commercial product, the NeuroStar Advanced Therapy System, is a non-invasive and non-systemic office-based treatment that uses TMS to create a pulsed, MRI-strength magnetic field that induces electrical currents designed to stimulate specific areas of the brain associated with mood. The system is cleared by the FDA to treat adult patients with MDD that have failed to achieve satisfactory improvement from prior antidepressant medication in the current MDD episode. It is also cleared by the FDA as an adjunct for adults with OCD and for adolescent patients aged 15-21 with MDD. It is also cleared by the FDA to decrease anxiety symptoms in adult patients with MDD that may exhibit comorbid anxiety symptoms (anxious depression). In addition to selling the NeuroStar Advanced Therapy System and associated treatment sessions to customers, we operate Greenbrook Treatment Centers across the U.S., offering NeuroStar Advanced Therapy. Greenbrook, a leading provider of mental healthcare services, is a wholly owned subsidiary of the Company. The NeuroStar Advanced Therapy System is safe, clinically effective, reproducible and precise and we believe is supported by the largest clinical data set of any competing TMS system. We believe we are the market leader in TMS therapy based on the estimated 237,574 global patients treated with over 8.5 million of our treatment sessions through December 31, 2025. We generated revenues of $149.2 million and $74.9 million for the years ended December 31, 2025 and 2024, respectively. Effective as of December 9, 2024, Neuronetics and Greenbrook completed the Arrangement. Each Greenbrook Share outstanding immediately prior to the effective time of the Arrangement was exchanged for Neuronetics Shares at the Exchange Ratio upon closing of the Arrangement. We continue to operate as Neuronetics, Inc., and the Neuronetics Shares continue to trade on the NASDAQ Global Market under the ticker \u201cSTIM\u201d. We designed the NeuroStar Advanced Therapy System as a non-invasive therapeutic alternative to treat patients who suffer from MDD and to address many of the key limitations of existing treatment options. Additionally through our acquisition of Greenbrook, we now derive revenue directly from our Treatment Centers, by providing TMS therapy and SPRAVATO for MDD and other mental health disorders. We derive the majority of our revenues from clinic revenue and treatment sessions. 81 Table of Contents We currently operate under in two segments: Medicial device and Clinic services. We generate revenues from clinic operations, initial capital sales of our systems, sales of our recurring treatment sessions and from service and repair and extended warranty contracts. For the year ended December 31, 2025 revenues from sales of our clinic revenue, treatment sessions and N Item 1. Business Overview Neuronetics, Inc. (the \u201cCompany\u201d or \u201cNeuronetics\u201d or the \u201cRegistrant\u201d) believes that mental health is as important as physical health. As a global leader in neuroscience, the Company is delivering more treatment options to patients and healthcare providers by offering exceptional in-office treatments that produce extraordinary results. The Company\u2019s first commercial product, the NeuroStar Advanced Therapy System, is a non-invasive and non-systemic office-based treatment that uses transcranial magnetic stimulation (\u201cTMS\u201d), to create a pulsed, magnetic resonance imaging (\u201cMRI\u201d)-strength magnetic field that induces electrical currents designed to stimulate specific areas of the brain associated with mood. The system is cleared by the United States (\u201cU.S.\u201d) Food and Drug Administration (the \u201cFDA\u201d) to treat adult patients with major depressive disorder (\u201cMDD\u201d) who have failed to achieve satisfactory improvement from prior antidepressant medication in the current MDD episode. It is also cleared by the FDA as an adjunct for adults with obsessive-compulsive disorder (\u201cOCD\u201d) and for adolescent patients aged 15-21 with MDD. It is also cleared by the FDA to decrease anxiety symptoms in adult patients with MDD that may exhibit comorbid anxiety symptoms (anxious depression). In addition to selling the NeuroStar Advanced Therapy System and associated treatment sessions to customers, we operate Greenbrook treatment centers (\u201cTreatment Centers\u201d) across the U.S., offering NeuroStar Advanced Therapy. Greenbrook, a leading provider of mental healthcare services, is a wholly owned subsidiary of the Company. The NeuroStar Advanced Therapy System is safe, clinically effective, reproducible and precise and we believe is supported by the largest clinical data set of any competing TMS system. Treatment Centers also obtain SPRAVATO\u00ae to treat adults with treatment-resistant depression or depressive symptoms in adults suffering from MDD with acute suicidal ideatio Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below and the other information contained in this Annual Report on Form 10-K before deciding whether to invest in our common stock. The occurrence of any of", "title": "STIM - Neuronetics, Inc.", "url": "/company/STIM/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001127537; latest 10-K filed 2026-03-10.", "text": "LUNG - Pulmonx Corp SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001127537; latest 10-K filed 2026-03-10. LUNG Pulmonx Corp 0001127537 3841 Surgical & Medical Instruments & Apparatus ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. This discussion and analysis and other parts of this Annual Report on Form 10-K contain forward-looking statements based upon current beliefs, plans and expectations related to future events and our future financial performance that involve risks, uncertainties and assumptions, such as statements regarding our intentions, plans, objectives, expectations, forecasts and projections. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including those set forth under Part I, Item 1A, \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. Overview We are a commercial-stage medical technology company that provides a minimally invasive treatment for patients with severe emphysema, a form of chronic obstructive pulmonary disease. Our solution, which is comprised of the Zephyr Valve, the Chartis System and the LungTraX Platform, is designed to treat severe emphysema patients who, despite medical management, are still profoundly symptomatic and either do not want or are ineligible for surgical approaches. In 2018, we received pre-market approval (\u201cPMA\u201d) from the U.S. Food and Drug Administration (\u201cFDA\u201d) for the Zephyr Valve following its Breakthrough Device designation. The Zephyr Valve is commercially available in numerous countries globally. We have established reimbursement in major markets in North America, Europe and Asia Pacific and the Zephyr Valve has been included in treatment guidelines for COPD worldwide. We also manufacture the AeriSeal System, which is a synthetic polymer foam designed to occlude, or close, collateral air channels in a target lung lobe and convert the target lung lobe to having little to no collateral ventilation (CV-). The AeriSeal System has received a \u201cBreakthrough Device\u201d designation by the FDA and a Certificate of Conformity (\u201cCE Mark\u201d) in Europe. The AeriSeal System is not approved by the FDA or approved for commercial sale in the United States. It is in a global clinical trial called CONVERT II to support a PMA application. We market and sell our products in the United States through a direct sales organization. Our sales territory managers are focused on promoting awareness and increasing adoption of our solution primarily among the pulmonologists performing interventional pulmonary procedures across approximately 500 high-volume hospitals in the United States. We are expanding our commercial operations in the United States while continuing to foster our international growth. We employ both direct and distributor-based sales models, with 95% of our revenue generated in markets where we sell directly for the year ended December 31, 2025. In the United States, our solution is reimbursed based on established Category I Current Procedural Terminology (\u201cCPT\u201d) and ICD-10 Procedure Coding System (\u201cPCS\u201d) codes and associated APC and MS-DRG payment groupings. Current reimbursement in the United States is believed to cover the hospital costs of the procedure and related inpatient care. Commercial payors such as Aetna, Humana, and many of the largest Blue Cross Blue Shield plans including Anthem, Health Care Service Corporation, BCBS Michigan, and Highmark have all issued positive coverage policies for the Zephyr Valve, and United Healthcare no longer considers the procedure unproven or experimental. Medicare covers our solution for patients when medically necessary, and other commercial insurers are approving prior authorization requests on a case-by-case basis. Outside the United States, our solution is covered by major health systems across much of Euro ITEM 1. BUSINESS Overview We are a commercial-stage medical technology company that provides a minimally invasive treatment for patients with severe emphysema, a form of chronic obstructive pulmonary disease (\u201cCOPD\u201d). Our solution, which is comprised of the Zephyr Endobronchial Valve (\u201cZephyr Valve\u201d), the Chartis Pulmonary Assessment System (\u201cChartis System\u201d) and the LungTraX Platform, is designed to treat severe emphysema patients who, despite medical management, are still profoundly symptomatic and either do not want or are ineligible for surgical approaches. Patients with severe emphysema generally experience a worse quality of life than patients with lung cancer, and we believe there is both an urgent clinical need and a strong market opportunity for a solution that is safe, effective and minimally invasive. In 2018, we received pre-market approval (\u201cPMA\u201d) from the U.S. Food and Drug Administration (\u201cFDA\u201d). The Zephyr Valve is now commercially available in numerous countries globally. We have established reimbursement in major markets in North America, Europe and Asia Pacific and the Zephyr Valve has been included in treatment guidelines for COPD worldwide. Over 150 scientific articles have been published regarding the clinical benefits of Zephyr Valves, including multiple meta-analyses, review articles, cost-effectiveness analyses and risk-benefit analyses. The Zephyr Valve showed statistically significant improvements in lung function, exercise capacity and quality of life when compared to medical management alone in multiple randomized controlled clinical trials. Additionally, independent studies have demonstrated that Zephyr Valves deliver increases in the BODE Index (a multi-dimensional health status scoring system for patients with COPD) that have been associated with long-term survival benefits. We also manufacture the AeriSeal System, which is a synthetic polymer foam designed to occlude, or close, collateral air channels in a target lung lobe and c ITEM 1A. RISK FACTORS Our business involves significant risks, some of which are described below. You should carefully consider these risks, as well as the other information in this Annual Report on Form 10-K, including our audited consolidated financial statements and the related notes and Part II, Item 7, \u201cMana", "title": "LUNG - Pulmonx Corp", "url": "/company/LUNG/" }, { "kind": "company", "summary": "SIC 7363 Services-Help Supply Services; CIK 0001013880; latest 10-K filed 2026-02-26.", "text": "TTEC - TTEC Holdings, Inc. SIC 7363 Services-Help Supply Services; CIK 0001013880; latest 10-K filed 2026-02-26. TTEC TTEC Holdings, Inc. 0001013880 7363 Services-Help Supply Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS \u200b Executive Summary Founded in 1982, TTEC is a global CX outsourcing partner for marquee and high-growth brands and public sector clients. The Company designs, builds, and operates technology-enabled customer experiences across live interaction channels and provides data-driven AI-enabled digital solutions to help clients improve customer satisfaction and loyalty, increase customer revenue and profitability, and optimize overall cost to serve. As of December 31, 2025, TTEC served over 720 clients across targeted industry verticals, including financial services, healthcare, public sector, communications, technology, media, entertainment, travel and hospitality, automotive and retail. TTEC operates and reports its financial results of operations through two business segments. [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"TTEC Digital is one of the largest CX technology and service providers and is focused on the intersection of Contact Center as a Service (\\u201cCCaaS\\u201d), Customer Relationship Management (\\u201cCRM\\u201d), and AI and Analytics. A professional services organization comprised of software engineers, systems architects, data scientists and CX strategists, this segment creates and implements strategic CX transformation roadmaps; sells, operates, and provides managed services for cloud platforms and premise-based CX technologies including Amazon Web Services (\\u201cAWS\\u201d), Cisco, Genesys, Google, and Microsoft; and creates proprietary IP to support industry specific and custom client needs. TTEC Digital serves clients across Enterprise and small and medium-sized business segments and has a dedicated unit with government technology certifications serving the public sector.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"TTEC Engage provides digital first AI-enabled CX operational and managed services to support large, complex enterprise clients\\u2019 end-to-end customer interactions at scale across the world. Tailored to meet industry-specific business needs, this segment delivers data-driven omnichannel customer care, customer acquisition, growth and retention services, tech support, fraud mitigation and back-office solutions. The segment\\u2019s digital first delivery model covers the entire solution lifecycle including associate recruitment, onboarding, training, delivery, workforce management and quality assurance.\"]] [[/GREPCENT_TABLE]] TTEC pursues its CX market leadership through strategic collaboration across TTEC Digital and TTEC Engage. Together, TTEC\u2019s ability to deliver comprehensive and transformational customer experience solutions to its clients is a marketplace differentiator, including integrated AI-enabled CX technology and service solution, go-to-market strategies, and innovative offerings. During 2025, TTEC Digital and TTEC Engage delivered onshore, nearshore, and offshore services in 22 countries on six continents -- the United States, Australia, Belgium, Brazil, Bulgaria, Canada, Colombia, Costa Rica, Egypt, Germany, Greece, Honduras, India, Ireland, Mexico, the Netherlands, New Zealand, the Philippines, Poland, South Africa, Thailand, and the United Kingdom with contributions from approximately 51,000 customer care associates, consultants, technologists, and CX professionals. Our revenue for fiscal 2025 was $2,137 million, of which approximately $469 million, or 22%, was generated from our TTEC Digital segment and $1,668 million, or 78%, was generated from our TTEC Engage segment. To advance our competitive position in a rapidly changing market and to provide our clients with modernized CX technology and service solutions, we continue to invest in innovation and service offerings for both mainstream and high-growth disruptive businesses, diversifying and strengthening our core customer care services with technology-enabled, outcomes-focused services, data analytics, insights, and consultin BUSINESS Our Business Founded in 1982, TTEC Holdings, Inc. (\u201cTTEC\u201d, \u201cthe Company\u201d, \u201cwe\u201d, \u201cour\u201d, or \u201cus\u201d; pronounced \u201cT-TEC\u201d) is a global customer experience (\u201cCX\u201d) technology and services outsourcing partner for marquee and high-growth brands and public sector clients. The Company designs, builds, and operates Artificial Intelligence (\u201cAI\u201d) enabled customer experiences across live interaction channels and provides data-driven digital solutions to help clients improve customer satisfaction and loyalty, increase customer revenue and profitability, and optimize overall cost to serve. As of December 31, 2025, TTEC served over 720 clients across targeted industry verticals including financial services, healthcare, public sector, communications, technology, media, entertainment, travel and hospitality, automotive and retail. TTEC operates and reports its financial results of operations through two business segments. [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"TTEC Digital is one of the largest CX technology and service providers and is focused on the intersection of Contact Center as a Service (\\u201cCCaaS\\u201d), Customer Relationship Management (\\u201cCRM\\u201d), and AI and Analytics. A professional services organization comprised of software engineers, systems architects, data scientists and CX strategists, this segment creates and implements strategic CX transformation roadmaps; sells, operates, and provides managed services for cloud platforms and premise-based CX technologies, including Amazon Web Services (\\u201cAWS\\u201d), Cisco, Genesys, Google, and Microsoft, and creates proprietary IP to support industry specific and custom client needs. TTEC Digital serves clients across enterprise and small and medium-sized business segments and has a dedicated unit with government technology certifications serving the public sector.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"TTEC Engage provides digital first, AI-enabled CX operational and managed services to suppor ITEM 1A. RISK FACTORS This section discusses the most significant factors that could affect our business, results of operations and financial condition. In evaluating our company and our common stock, you should carefully consider the risks and uncertainties discussed in this section and the other information found in this Annua", "title": "TTEC - TTEC Holdings, Inc.", "url": "/company/TTEC/" }, { "kind": "company", "summary": "SIC 6411 Insurance Agents, Brokers & Service; CIK 0001333493; latest 10-K filed 2026-02-26.", "text": "EHTH - eHealth, Inc. SIC 6411 Insurance Agents, Brokers & Service; CIK 0001333493; latest 10-K filed 2026-02-26. EHTH eHealth, Inc. 0001333493 6411 Insurance Agents, Brokers & Service ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Please read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes included under Part II, Item 8 of this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements, which involve risks and uncertainties. As a result of many factors, such as those described under \u201cCautionary Note Regarding Forward-Looking Statements,\u201d \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K, our actual results may differ materially from those anticipated in these forward-looking statements. Overview We are a leading private health insurance marketplace with a technology and service platform that provides consumer engagement, education, and health insurance enrollment solutions. Our mission is to expertly guide consumers, or beneficiaries, through their health insurance enrollment and related options, when, where, and how they prefer. Our platform leverages technology to solve a critical problem in a large and growing market by aiding consumers in what has traditionally been a complex, confusing and opaque health insurance purchasing process. Our omnichannel consumer engagement platform differentiates our offering from competitors and enables consumers to use our services through our self-service online platform, by telephone with a licensed and trained insurance agent, or benefit advisor, or through a hybrid online assisted interaction that includes live agent chat and co-browsing capabilities. We have created a consumer-centric marketplace that offers consumers a broad choice of insurance products that includes thousands of Medicare Advantage, Medicare Supplement, Medicare Part D prescription drug, individual, family, small business and other ancillary health insurance products from over 180 health insurance carriers nationwide, including approximately 50 Medicare health insurance carriers. Our plan recommendation tool curates this broad plan selection by analyzing consumer health-related information against plan data for insurance coverage fit. This tool is supported by a unified data platform and is available to our ecommerce consumers and our benefit advisors. We strive to be the most trusted, unbiased, transparent partner to consumers in their journeys through the health insurance market. Business Update During the 2025 Open Enrollment Period, we maintained the momentum we built during the Annual Enrollment Period (\u201cAEP\u201d) from the fourth quarter of 2024, where we observed strong consumer demand driven by recent Medicare Advantage plan benefit and premium changes, plan cancellations and market exits due primarily to carriers facing higher medical costs and regulatory pressures. As a result, we delivered strong Medicare Advantage enrollment growth in Q1 2025. During the fourth quarter AEP in 2025, Medicare Advantage offerings experienced another year of significant disruption, similar to the previous AEP in the fourth quarter of 2024. Insurance carriers took a more targeted and selective approach to growth, limiting enrollment in unprofitable segments and prioritizing financial sustainability over volume. This resulted in elevated consumer demand during this past AEP, similar to the previous AEP. Insurance carriers took varied approaches in their plan designs and they also adjusted compensation structures across distribution channels. We have observed meaningful increases in our commission rates year-over-year, which underscores the strength and confidence of our insurance carrier partners in our model. Beginning in 2025, our typical Medicare enrollment seasonality was heightened primarily as a result of the regulatory changes to enrollment rules for dual-eligible beneficiaries and those that receive Medicare Part D Low Income Subsidies (\u201cLIS\u201d). In 2025, CMS removed the special enrollment period ITEM 1. BUSINESS Overview eHealth, Inc. and its subsidiaries, referred to throughout this report as \u201ceHealth,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour,\u201d is a leading private health insurance marketplace with a technology and service platform that provides consumer engagement, education and health insurance enrollment solutions. Our mission is to expertly guide consumers through their health insurance enrollment and related options, when, where, and how they prefer. Our platform leverages technology to solve a critical problem in a large and growing market by aiding consumers in what has traditionally been a complex, confusing and opaque health insurance purchasing process. Our omnichannel consumer engagement platform differentiates our offering from our competitors and enables consumers, or beneficiaries, to use our services through our self-service online platform, by telephone with a licensed and trained insurance agent, or benefit advisor, or through a hybrid online assisted interaction that includes live agent chat and co-browsing capabilities. We have created a consumer-centric marketplace that offers consumers a broad choice of insurance products that includes thousands of Medicare Advantage, Medicare Supplement, Medicare Part D prescription drug, individual, family, small business, and other ancillary health insurance products from over 180 health insurance carriers nationwide, including approximately 50 Medicare health insurance carriers. Our plan recommendation tool curates this broad plan selection by analyzing beneficiaries\u2019 health-related information against plan data for insurance coverage fit. This tool is supported by a unified data platform and is available to our ecommerce consumers and our licensed benefit advisors. We strive to be the most trusted, unbiased, transparent partner to consumers in their journeys through the health insurance market. Our Business Model Our management evaluates our business performance and manages our operations in the ITEM 1A. RISK FACTORS In addition to other information in this Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission, the following risk factors should be carefully considered in evaluating our business as they may have a significant impact on our business, operating results and finan", "title": "EHTH - eHealth, Inc.", "url": "/company/EHTH/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001823878; latest 10-K filed 2026-03-16.", "text": "MYPS - PLAYSTUDIOS, Inc. SIC 7372 Services-Prepackaged Software; CIK 0001823878; latest 10-K filed 2026-03-16. MYPS PLAYSTUDIOS, Inc. 0001823878 7372 Services-Prepackaged Software ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. This section is intended to provide information that management believes is relevant to understanding our consolidated financial condition, results of operations, and cash flows. Unless the context otherwise requires, references to \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d and the \u201cCompany\u201d refer to PLAYSTUDIOS, Inc. and its consolidated subsidiaries. This discussion contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Our actual results may differ materially from those expressed or implied by these forward-looking statements due to a number of factors, including those described in Part I, Item 1A, \u201cRisk Factors,\u201d and elsewhere in this Annual Report on Form 10-K. All forward-looking statements are based on information available to us as of the date of this report, and except as required by law, we undertake no obligation to update such statements to reflect events or circumstances after the date of this report. Overview We are a developer and publisher of free-to-play casual games for mobile and social platforms. Over our 14-year history, we developed a portfolio of free-to-play social casino games that are considered to be among the most innovative and unique in the genre. In 2021, we added our Tetris\u00ae-branded mobile game and in late 2022 we acquired Brainium, a developer and publisher of free-to-play casual games. Our games include the award-winning POP! Slots, myVEGAS Slots, my KONAMI Slots, MGM Slots Live, myVEGAS Blackjack, myVEGAS Bingo, Tetris\u00ae, Tetris Block Party, Solitaire, Spider Solitaire, Jumbline 2, Sudoku, and Mahjong. Our games are based on original content as well as third-party licensed brands and are downloadable and playable for free on multiple social and mobile-based platforms, including the Apple App Store, Google Play Store, Amazon Appstore, and Facebook. Each of our legacy social casino games and our Tetris\u00ae-branded mobile game are powered by our proprietary playAWARDS program and incorporates loyalty points that are earned by players as they engage with our games. The rewards are provided by our collection of rewards partners, with the majority of rewards partners providing their rewards at no cost to us, in exchange for product integration, marketing support, and participation in our loyalty program. The program is enabled by our playAWARDS platform which consists of a robust suite of tools that enable our rewards partners to manage their rewards in real time, measure the value of our players\u2019 engagement, and gain insight into the effectiveness and value they derive from the program. Through our self-service platform, rewards partners can launch new rewards, make changes to existing rewards, and in real time see how players are engaging with their brands. The platform tools also provide rewards partners the ability to measure the off-line value our players generate as consumers and patrons of their real-world establishments. Our playAWARDS platform embodies all of the features, tools, and capabilities needed to deliver loyalty programs tailored for the games industry. Our consumer-facing brand for our loyalty program is myVIP. The myVIP program is an aspirational benefits framework, with in-game mechanics and rewards features, along with a player development and hosting program. The program dynamically ranks and assigns players to tiers based on their accumulation of tier points, which are a proxy for their overall engagement with our games. The tier points are separate from and are not interchangeable with the loyalty points earned in the playAWARDS program. Qualified players are provided access to enhanced ITEM 1. BUSINESS Introduction Acies was incorporated on August 14, 2020 for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. Acies completed its initial public offering in October 2020. On June 21, 2021, Acies consummated the Acies Merger with Old PLAYSTUDIOS, pursuant to the Merger Agreement. In connection with the closing of the Acies Merger, we changed our name to PLAYSTUDIOS, Inc. PLAYSTUDIOS continues the existing business operations of Old PLAYSTUDIOS as a publicly traded company. Our website address is www.playstudios.com. Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are made available free of charge on our website as soon as reasonably practicable after we have electronically filed the material with, or furnished it to, the SEC. Overview PLAYSTUDIOS is a developer of free-to-play casual games for mobile and social platforms. With a focus on creating immersive and engaging experiences, we have built a strong reputation for combining high-quality games that resonate with players worldwide with our groundbreaking playAWARDS loyalty platform, which enables players to earn real-world rewards from a global collection of hospitality, entertainment and leisure brands. Our game portfolio includes a diverse range of titles, from social casino to card games and puzzle games. We generate revenue primarily through the sale of in-game virtual currency and the monetization of player engagement. Although our games are available to players for free, we historically have derived a majority of our revenues from the sale of in-game virtual currency when players make voluntary in-game purchases. By offering players the option to voluntarily purchase in-game virtual currency, we are able to generate meaningf ITEM 1A. RISK FACTORS Our business faces significant risks and uncertainties. In evaluating our business, in addition to the matters discussed above under \u201cCautionary Note Regarding Forward-Looking Statements,\u201d you should carefully consider the specific risks set forth herein. If any of these risks actually occur, it may materially har", "title": "MYPS - PLAYSTUDIOS, Inc.", "url": "/company/MYPS/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001649096; latest 10-K filed 2026-02-26.", "text": "CLPR - Clipper Realty Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001649096; latest 10-K filed 2026-02-26. CLPR Clipper Realty Inc. 0001649096 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion of our financial condition and results of operations together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under the section titled \u201cRisk Factors\u201d or in other parts of this Annual Report on Form 10-K. See \u201cCautionary Note Concerning Forward-Looking Statements.\u201d in this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Overview of Our Company Clipper Realty Inc. (the \u201cCompany\u201d or \u201cwe\u201d) is a self-administered and self-managed real estate company that acquires, owns, manages, operates and repositions multifamily residential and commercial properties in the New York metropolitan area, with a current portfolio in Manhattan and Brooklyn. Our primary focus is to own, manage and operate our portfolio and to acquire and reposition additional multifamily residential and commercial properties in the New York metropolitan area. The Company has been organized and operates in conformity with the requirements for qualification and taxation as a real estate investment trust (\u201cREIT\u201d) under the U.S. federal income tax law and elected to be treated as a REIT commencing with the taxable year ended December 31, 2015. The Company was incorporated on July 7, 2015. On August 3, 2015, we closed a private offering of shares \u2010of our common stock, in which we raised net proceeds of approximately $130.2 million. In connection with the private offering, we consummated a series of investment and other formation transactions that were designed, among other things, to enable us to qualify as a REIT for U.S. federal income tax purposes. In February 2017, the Company sold 6,390,149 primary shares of common stock (including the exercise of the over-allotment option, which closed on March 10, 2017) to investors in an initial public offering (\u201cIPO\u201d) at $13.50 per share. The proceeds, net of offering costs, were approximately $78.7 million. The Company contributed the IPO proceeds to the Operating Partnership in exchange for units in the Operating Partnership. On May 9, 2017, the Company completed the purchase of 107 Columbia Heights (since rebranded as \u201cClover House\u201d), a 158-unit apartment community located in Brooklyn Heights, New York, for $87.5 million. On October 27, 2017, the Company completed the acquisition of an 82-unit residential property at 10 West 65th Street in Manhattan, New York, for $79.0 million. On November 8, 2019, the Company completed the acquisition of property located at 1010 Pacific Street in Prospect Heights, New York, for $31.0 million. During the period December 2021 through April 2022, the Company purchased the Dean Street property located in Prospect Heights, New York, for approximately $48.5 million. 45 As of December 31, 2025, the Company owned: [[GREPCENT_TABLE]] [[\"\",\"\\u2022\",\"two neighboring residential/retail rental properties at 50 Murray Street and 53 Park Place in the Tribeca neighborhood of Manhattan;\"],[\"\",\"\\u2022\",\"one residential property complex in the East Flatbush neighborhood of Brooklyn consisting of 59 buildings;\"],[\"\",\"\\u2022\",\"two primarily commercial properties in Downtown Brooklyn (one of which includes 36 residential apartment units);\"],[\"\",\"\\u2022\",\"one residential/retail rental property at 1955 1st Avenue in Manhattan;\"],[\"\",\"\\u2022\",\"one residential rental property at 107 Columbia Heights in the Brooklyn Heights neighborhood of Brooklyn;\"],[\"\",\"\\u2022\",\"one residential rental property at 1010 Pacific Street in the Prospect ITEM 1. BUSINESS In this Annual Report on Form 10-K, when we use the terms the \u201cCompany,\u201d \u201cClipper Realty,\u201d \u201cwe,\u201d \u201cus,\u201d or \u201cour,\u201d unless the context otherwise requires, we are referring to Clipper Realty Inc. and its consolidated subsidiaries. Certain disclosures included in this Annual Report on Form 10-K constitute forward-looking statements that are subject to risks and uncertainties. See Item 1A, \"Risk Factors,\" and \u201cCautionary Note Concerning Forward-Looking Statements.\" Overview Clipper Realty Inc. is a self-administered and self-managed real estate company that acquires, owns, manages, operates and repositions multifamily residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn. We were formed to continue and expand the commercial real estate business of the 50/53 JV LLC, a Delaware limited liability company, Renaissance Equity Holdings LLC, a Delaware limited liability company, Berkshire Equity LLC, a Delaware limited liability company, and Gunki Holdings LLC, a Delaware limited liability company (collectively referred to as, the \"Predecessor\u201d or the \"predecessor entities\u201d). These predecessor entities were formed by principals of our management team from 2002 to 2014. Our primary focus is to continue to own, manage and operate our portfolio, and to acquire and re-position additional multifamily residential and commercial properties in the New York metropolitan area. We were incorporated in the State of Maryland on July 7, 2015. On August 3, 2015, we closed a private offering of shares of our common stock, in which we raised net proceeds of approximately $130.2 million. In connection with the private offering, we consummated a series of investment and other formation transactions that were designed, among other things, to enable us to qualify as a real estate investment trust, or a \"REIT,\u201d for U.S. federal income tax purposes, and we elected to be treated as a REIT commencing with the taxable year ITEM 1A. RISK FACTORS Set forth below are certain risk factors that could harm our business, results of operations and financial condition. You should carefully read the following risk factors, together with the financial statements, related notes and other information contained in this Annual Report on Form 10-K. Our business, f", "title": "CLPR - Clipper Realty Inc.", "url": "/company/CLPR/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0000887396; latest 10-K filed 2026-03-13.", "text": "EP - EMPIRE PETROLEUM CORP SIC 1311 Crude Petroleum & Natural Gas; CIK 0000887396; latest 10-K filed 2026-03-13. EP EMPIRE PETROLEUM CORP 0000887396 1311 Crude Petroleum & Natural Gas ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis presents management\u2019s perspective of our business, financial condition and overall performance. This information is intended to provide investors with an understanding of our past performance, current financial condition and outlook for the future and should be read in conjunction with the consolidated financial statements and notes to consolidated financial statements, which are included in this Annual Report on Form 10-K in Item 8, Financial Statements and Supplementary Data, and the information set forth in Part I, Item 1A \u2013 Risk Factors. Overview Our primary business is the optimization and development of oil and gas interests. We have incurred losses from operations in 2025 and 2024. There is no assurance that we will be profitable or obtain funds necessary to finance our future operations. We seek to increase shareholder value by growing reserves, production, revenues, and cash flow from operating activities by executing our mission to use highly-skilled personnel to thoughtfully and expertly spend capital to realize reserves on producing properties as well as further develop fields. Management places emphasis on operating cash flow in managing our business, as operating cash flow considers the cash expenses incurred during the period and excludes non-cash expenditures not related directly to our operations. Inflation The effect of inflation on the Company has generally been to increase its cost of operations and direct costs associated with oil and natural gas production. Business Strategy Our business strategy is to obtain long-term growth in reserves and cash flow on a cost-effective basis. Management regularly evaluates potential acquisitions of properties that would enhance current core areas of operation. Liquidity and Going Concern The Company has a revolving line of credit agreement (Note 7) with Equity Bank which requires the Company to maintain compliance with certain financial covenants computed on a quarterly and annual basis. As of December 31, 2025, the Company was in compliance with all required covenants and projected to be in compliance with all debt covenants over the next 12 months. However, the Company carried a negative working capital of approximately $16.2 million as of December 31, 2025. Working capital decreased by approximately $7.2 million from prior year primarily due to the overall pricing environment reducing operating cash flows, capital spend on various projects within Texas and North Dakota resulting in increased payables as operating cash flows decline, and lower overall production from redrilling and operational activity resulting in certain wells being down for a period of time during the period. Additionally, the Company\u2019s debt obligations continue to increase with various related parties as discussed below. To meet its obligations, the Company increased its revolver commitment to $20.0 million in November 2024 which had approximately $2.5 million remaining unused commitment as of December 31, 2025; however, the revolver commitment is reduced monthly by $0.25 million commencing on December 31, 2024 (Note 7), limiting future access to capital. Further, the Company entered into a promissory note and a convertible note with Phil Mulacek in June 2025 and September 2025, respectively. Each respective note provided up to $4.0 million of available borrowing capacity. As of December 31, 2025, the promissory note had fully expired and the convertible note had $2.0 million outstanding. The Company may borrow up to an additional $2.0 million of the convertible note\u2019s available principal at the discretion of Mr. Mulacek, per the terms of the agreement (Note 7). The Company also issued warrants to Mr. Mulacek in connection with the convertible note (Note 7). Further, a subscription rights offering was completed in August 2025, which raised approximately $2 ITEM 1.BUSINESS. In this Form 10-K, references to \u201cEmpire\u201d, the \u201cCompany\u201d, \u201cwe\u201d, \u201cour\u201d, and \u201cus\u201d refer to Empire Petroleum Corporation and its wholly-owned subsidiaries, unless context indicates otherwise. Overview Empire Petroleum Corporation is an independent energy company that engages in unlocking value in developed assets. Empire operates primarily from the following wholly-owned subsidiaries in its areas of operations: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Empire New Mexico LLC (\\u201cEmpire New Mexico\\u201d)\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Empire North Dakota LLC (\\u201cEmpire North Dakota\\u201d)\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Empire Texas LLC (\\u201cEmpire Texas\\u201d)\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Empire Louisiana LLC (\\u201cEmpire Louisiana\\u201d)\"]] [[/GREPCENT_TABLE]] Empire was incorporated in the state of Delaware in 1985. The consolidated financial statements of Empire Petroleum Corporation and subsidiaries include the accounts of the Company and its wholly-owned subsidiaries. Our mission is to increase shareholder value by building oil and natural gas reserves in strategic plays in the United States. To accomplish our mission, we plan to execute the following business strategies: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Cost-effectively optimize well production\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Reduce unit operating costs and improve margins\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Target proved developed producing acquisitions in predictable fields that have historically had low production decline and long lives\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Focus on high-quality assets that add scale and provide synergies to our existing portfolio and core areas of operation\"]] [[/GREPCENT_TABLE]] We operate as a single operating segment. For additional information, see Note 17 \u2013 Segment Reporting of Notes to Consolidate ITEM 1A.RISK FACTORS. Our operations are subject to various risks and uncertainties in the ordinary course of business. The following summarizes significant risks and uncertainties that may adversely affect our operations or financial position. Risks and uncertainties discussed below are not a comprehensive listing of those faced by us. ", "title": "EP - EMPIRE PETROLEUM CORP", "url": "/company/EP/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001339970; latest 10-K filed 2026-03-05.", "text": "ATYR - aTYR PHARMA INC SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001339970; latest 10-K filed 2026-03-05. ATYR aTYR PHARMA INC 0001339970 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis together with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K (Annual Report). The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those expressed or implied in any forward-looking statements as a result of various factors, including those set forth under the caption \u201cPart I, Item 1A. Risk Factors.\u201d Overview We are a clinical stage biotechnology company leveraging evolutionary intelligence to translate tRNA synthetase biology into new therapies for fibrosis and inflammation. tRNA synthetases are ancient, essential proteins that have evolved novel domains that regulate diverse pathways extracellularly in humans. Our discovery platform is focused on unlocking hidden therapeutic intervention points by uncovering signaling pathways driven by our proprietary library of domains derived from all 20 tRNA synthetases. Efzofitimod Our lead therapeutic candidate is efzofitimod, a novel biologic immunomodulator in clinical development for the treatment of interstitial lung disease (ILD), a group of immune-mediated disorders that can cause inflammation and fibrosis, or scarring, of the lungs. Efzofitimod is a tRNA synthetase derived therapy that selectively modulates activated myeloid cells through neuropilin-2 (NRP2) to resolve aberrant inflammation without immune suppression and potentially prevent the progression of fibrosis. ILDs are predominantly immune-mediated disorders that are characterized by chronic inflammation, which can lead to progressive fibrosis of the lung. There are limited treatment options for ILD and there remains a high unmet medical need. Sarcoidosis and systemic sclerosis (SSc, also known as scleroderma)-associated ILD (SSc-ILD) are two major forms of ILD. The U.S. Food and Drug Administration (FDA) has granted efzofitimod orphan drug designations for the treatment of sarcoidosis and for the treatment of SSc, and Fast Track designations for the treatment of pulmonary sarcoidosis and for the treatment of SSc-ILD. The European Commission has granted efzofitimod orphan drug designations for the treatment of sarcoidosis and for the treatment of SSc, based on the opinion of the European Medicines Agency (EMA) Committee for Orphan Medicinal Products (COMP). The Pharmaceutical and Medical Devices Agency (PMDA) has granted efzofitimod orphan drug designation for the treatment of sarcoidosis to Kyorin Pharmaceutical Co., Ltd. (Kyorin), our partner in Japan. In September 2025, we announced top-line data from a global Phase 3 randomized, double-blind, placebo-controlled clinical trial to evaluate the efficacy and safety of efzofitimod in patients with pulmonary sarcoidosis (the EFZO-FIT study). The EFZO-FIT study was a 52-week study in 268 patients with pulmonary sarcoidosis consisting of three parallel cohorts randomized equally to either 3.0 mg/kg or 5.0 mg/kg of efzofitimod or placebo dosed intravenously once every four weeks for a total of 12 doses, with a 4-week safety follow-up. The study design incorporated a protocol guided steroid taper in the first 12 weeks of the study, followed by continued taper or rescue until week 48. The study did not meet its primary endpoint of change from baseline in mean daily oral corticosteroid (OCS) dose at week 48. The change from baseline in mean daily OCS dose reduced to an average of 2.79 mg for 5.0 mg/kg efzofitimod vs 3.52 mg for placebo (p=0.3313). The study\u2019s statistical analysis plan was designed on a hierarchical assessment basis, as such since the primary endpoint was not met, all subsequent statistical testing is reported as nominal findings. The study demonstrated a clinically meaningful improvement in the King\u2019s Sarcoidosis Questionnaire (KSQ)-Lung score at week 48 f Item 1. Business. We are a clinical stage biotechnology company leveraging evolutionary intelligence to translate tRNA synthetase biology into new therapies for fibrosis and inflammation. tRNA synthetases are ancient, essential proteins that have evolved novel domains that regulate diverse pathways extracellularly in humans. Our discovery platform is focused on unlocking hidden therapeutic intervention points by uncovering signaling pathways driven by our proprietary library of domains derived from all 20 tRNA synthetases. Efzofitimod Our lead therapeutic candidate is efzofitimod, a novel biologic immunomodulator in clinical development for the treatment of interstitial lung disease (ILD), a group of immune-mediated disorders that can cause inflammation and fibrosis, or scarring, of the lungs. Efzofitimod is a tRNA synthetase derived therapy that selectively modulates activated myeloid cells through neuropilin-2 (NRP2) to resolve aberrant inflammation without immune suppression and potentially prevent the progression of fibrosis. ILDs are predominantly immune-mediated disorders that are characterized by chronic inflammation, which can lead to progressive fibrosis of the lung. There are limited treatment options for ILD and there remains a high unmet medical need. Sarcoidosis and systemic sclerosis (SSc, also known as scleroderma)-associated ILD (SSc-ILD) are two major forms of ILD. The U.S. Food and Drug Administration (FDA) has granted efzofitimod orphan drug designations for the treatment of sarcoidosis and for the treatment of SSc, and Fast Track designations for the treatment of pulmonary sarcoidosis and for the treatment of SSc-ILD. The European Commission has granted efzofitimod orphan drug designations for the treatment of sarcoidosis and for the treatment of SSc, based on the opinion of the European Medicines Agency (EMA) Committee for Orphan Medicinal Products (COMP). The Pharmaceutical and Medical Devices Agency (PMDA) has granted efzofitimod orphan dru Item 1A. Risk Factors You should carefully consider the following risk factors, as well as the other information in this Annual Report on Form 10-K (Annual Report) and in our other public filings with the SEC. The occurrence of any of these risks could harm our business, financial condition, re", "title": "ATYR - aTYR PHARMA INC", "url": "/company/ATYR/" }, { "kind": "company", "summary": "SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0001369290; latest 10-K filed 2026-03-09.", "text": "MYO - MYOMO, INC. SIC 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies; CIK 0001369290; latest 10-K filed 2026-03-09. MYO MYOMO, INC. 0001369290 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our financial statements and the related notes contained elsewhere in this Annual Report on Form 10-K and in our other SEC filings. The following discussion may contain predictions, estimates, and other forward-looking statements that involve a number of risks and uncertainties, including those discussed under \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. These risks could cause our actual results to differ materially from any future performance suggested below. Overview We are a wearable medical robotics company, specializing in myoelectric braces, or orthotics, for people with neuromuscular disorders. We develop and market the MyoPro product line, which is a myoelectric-controlled upper limb brace, or orthosis. The orthosis is a rigid brace used for the purpose of supporting a patient\u2019s weak or deformed arm to enable and improve functional activities of daily living, or ADLs, in the home and community. It is custom constructed by a trained professional during a custom fabrication process for each individual user to meet their specific needs. Our products are designed to help regain movement in individuals with neuromuscular conditions due to brachial plexus injury, stroke, traumatic brain injury, spinal cord injury and other neurological disorders. We advertise on television and through social media. In addition, we perform in-services for therapists and physicians to generate referrals under a new program we refer to as MyoConnect, and we directly educate and inform those individuals who are potential candidates for our products. Once the prospective patient contacts us or is referred to us through our MyoConnect program, either our trained clinical staff or a trained O&P provider will evaluate the patient for their suitability as a candidate. Initial evaluations by our trained clinical staff are conducted using telehealth techniques, followed by an in-person clinical evaluation of the candidate. Prior to obtaining authorizations from commercial insurance companies or delivering to a patient with Medicare Part B, the patient\u2019s medical records are collected and reviewed to make sure the device is appropriate for their condition and a prescription is always obtained from a physician. Once these documents are obtained, if the patient has Medicare Advantage or other commercial insurance, a pre-authorization request is submitted to the patient\u2019s insurer. If we receive a pre-authorization, we proceed to measure the patient\u2019s arm a process we call shape capture. In many cases, shape capture is done using a remote measurement kit supplied to the patient. If the patient is covered by Medicare Part B, no pre-authorization is required and we can move directly to taking measurements of the patient's arm. We then use those measurements to 3D print orthotic parts, which are used to fabricate the MyoPro, and then deliver it to the patient. Since we are directly providing the device to the patient and then billing insurance ourselves, we refer to this process as direct billing. We also call on hospitals and O&P practices in the United States, Europe and Australia that provide our products to their patients as well as generate indirect sales. The MyoPro product line has been approved by the VA system for impaired veterans, and over 130 VA facilities have ordered devices for their patients. Our myoelectric orthoses have been clinically shown in peer reviewed published research studies to help regain the ability to complete functional tasks by supporting the affected joint and enabling individuals to self-initiate and control movement of their partially paralyzed limbs by using their own muscle signals. Our technology was originally developed at MIT in collaboration with medical experts affiliated with Harvard Medical School. Myomo was incorporated in 2004. Other mi Item 1. Business Overview We are a wearable medical robotics company that offers functional improvement for those with neuromuscular disorders and upper limb paralysis. We develop and market the MyoPro product line. A MyoPro is a myoelectric-controlled upper limb brace, or orthosis. The orthosis is a rigid brace used for the purpose of supporting a patient\u2019s weak or paralyzed arm to enable and help improve functional activities of daily living, or ADLs, in the home and community. It is custom-fabricated by trained professionals during a custom fabrication process for each individual user to meet their specific needs. Our products are designed to help improve function in adults and adolescents with neuromuscular conditions due to brachial plexus injury, stroke, traumatic brain injury, spinal cord injury and other neurological disorders. We primarily provide devices directly to patients and bill their insurance companies directly, a sales channel we refer to as direct billing. Under direct billing, we evaluate, measure and fit the MyoPro devices using our own clinical staff or as circumstances dictate, utilize the clinical consulting services of orthotics and prosthetics, or O&P. We also sell our products through various other sales channels, including through O&P providers, which we expect to be a larger contributor to revenue in the future, the Veterans Administration, or VA, and to certain accounts and geographic markets outside the United States. We operate as one business segment. Our goal is to help individuals who have suffered partial paralysis and can no longer support or move their arm or hand despite the best efforts of surgeons and rehabilitation therapists. Our solution, the MyoPro custom fabricated limb orthosis, is for the upper limbs. The concept was originally pioneered in the 1960s, refined in the labs of the Massachusetts Institute of Technology, or MIT, and made commercially feasible through our efforts. Partial paralysis is severe muscle weakn Item 1A. Risk Factors The following important factors, among others, could cause our actual operating results to differ materially from those indicated or suggested by forward-looking statements made in this Annual Report on Form 10-K or presented elsewhere by management from time to time. ", "title": "MYO - MYOMO, INC.", "url": "/company/MYO/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001774675; latest 10-K filed 2026-04-07.", "text": "SKIL - Skillsoft Corp. SIC 7372 Services-Prepackaged Software; CIK 0001774675; latest 10-K filed 2026-04-07. SKIL Skillsoft Corp. 0001774675 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the accompanying notes appearing in Item 8 of this Annual Report. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Skillsoft\u2019s actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d in Part I, Item 1A of this Annual Report. Significant Transaction On August 15, 2022, we completed the sale of our SumTotal business to a third party. The disposal of SumTotal assets met the criteria to be reported as held for sale and discontinued operations. The April 2023 final working capital adjustments are included in the captions \u201cgain (loss) on sale of business\u201d on the consolidated statements of operations separate from the results of continuing operations and \u201cSale of SumTotal, net of cash transferred\u201d within investing activities on the consolidated statements of cash flows for fiscal 2024. Results of Operations Our consolidated results of operations as reported in our Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States (\u201cGAAP\u201d). The following sets forth certain items from our consolidated statements of operations as a percentage of total revenues for the periods indicated: [[GREPCENT_TABLE]] [[\"\",\"\",\"Twelve Months Ended\",\"\",\"\",\"\",\"\",\"\",\"\",\"Twelve Months Ended\"],[\"\",\"\",\"January 31,\",\"\",\"\",\"Percentage\",\"\",\"\",\"January 31,\",\"\",\"\",\"Percentage\"],[\"\",\"\",\"2026\",\"\",\"\",\"2025\",\"\",\"\",\"Change\",\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"Change\"],[\"Revenues:\"],[\"Total revenues\",\"\",\"\",\"100.0\",\"%\",\"\",\"\",\"100.0\",\"%\",\"\",\"\",\"0.0\",\"%\",\"\",\"\",\"100.0\",\"%\",\"\",\"\",\"100.0\",\"%\",\"\",\"\",\"0.0\",\"%\"],[\"Operating expenses:\"],[\"Costs of revenues\",\"\",\"\",\"26.3\",\"%\",\"\",\"\",\"25.4\",\"%\",\"\",\"\",\"0.9\",\"%\",\"\",\"\",\"25.4\",\"%\",\"\",\"\",\"27.7\",\"%\",\"\",\"\",\"(2.3\",\")%\"],[\"Content and software development\",\"\",\"\",\"10.9\",\"%\",\"\",\"\",\"11.4\",\"%\",\"\",\"\",\"(0.5\",\")%\",\"\",\"\",\"11.4\",\"%\",\"\",\"\",\"12.3\",\"%\",\"\",\"\",\"(0.9\",\")%\"],[\"Selling and marketing\",\"\",\"\",\"29.9\",\"%\",\"\",\"\",\"30.7\",\"%\",\"\",\"\",\"(0.8\",\")%\",\"\",\"\",\"30.7\",\"%\",\"\",\"\",\"30.8\",\"%\",\"\",\"\",\"(0.1\",\")%\"],[\"General and administrative\",\"\",\"\",\"15.7\",\"%\",\"\",\"\",\"17.4\",\"%\",\"\",\"\",\"(1.7\",\")%\",\"\",\"\",\"17.4\",\"%\",\"\",\"\",\"17.3\",\"%\",\"\",\"\",\"0.1\",\"%\"],[\"Amortization of intangible assets\",\"\",\"\",\"24.8\",\"%\",\"\",\"\",\"24.0\",\"%\",\"\",\"\",\"0.8\",\"%\",\"\",\"\",\"24.0\",\"%\",\"\",\"\",\"27.6\",\"%\",\"\",\"\",\"(3.6\",\")%\"],[\"Impairment of goodwill and intangible assets\",\"\",\"\",\"6.2\",\"%\",\"\",\"\",\"0.0\",\"%\",\"\",\"\",\"6.2\",\"%\",\"\",\"\",\"0.0\",\"%\",\"\",\"\",\"36.6\",\"%\",\"\",\"\",\"(36.6\",\")%\"],[\"Acquisition and integration related costs\",\"\",\"\",\"0.3\",\"%\",\"\",\"\",\"0.8\",\"%\",\"\",\"\",\"(0.5\",\")%\",\"\",\"\",\"0.8\",\"%\",\"\",\"\",\"0.9\",\"%\",\"\",\"\",\"(0.1\",\")%\"],[\"Restructuring\",\"\",\"\",\"3.4\",\"%\",\"\",\"\",\"3.4\",\"%\",\"\",\"\",\"0.0\",\"%\",\"\",\"\",\"3.4\",\"%\",\"\",\"\",\"2.5\",\"%\",\"\",\"\",\"0.9\",\"%\"],[\"Total operating expenses\",\"\",\"\",\"117.5\",\"%\",\"\",\"\",\"113.1\",\"%\",\"\",\"\",\"4.4\",\"%\",\"\",\"\",\"113.1\",\"%\",\"\",\"\",\"155.7\",\"%\",\"\",\"\",\"(42.6\",\")%\"],[\"Operating loss\",\"\",\"\",\"(17.5\",\")%\",\"\",\"\",\"(13.1\",\")%\",\"\",\"\",\"(4.4\",\")%\",\"\",\"\",\"(13.1\",\")%\",\"\",\"\",\"(55.7\",\")%\",\"\",\"\",\"42.6\",\"%\"],[\"Other income (expense), net\",\"\",\"\",\"(0.8\",\")%\",\"\",\"\",\"0.1\",\"%\",\"\",\"\",\"(0.9\",\")%\",\"\",\"\",\"0.1\",\"%\",\"\",\"\",\"(0.4\",\")%\",\"\",\"\",\"0.5\",\"%\"],[\"Fair value adjustment of warrants\",\"\",\"\",\"0.0\",\"%\",\"\",\"\",\"0.0\",\"%\",\"\",\"\",\"0.0\",\"%\",\"\",\"\",\"0.0\",\"%\",\"\",\"\",\"0.9\",\"%\",\"\",\"\",\"(0.9\",\")%\"],[\"Fair value adjustment of interest rate swaps\",\"\",\"\",\"(0.7\",\")%\",\"\",\"\",\"0.2\",\"%\",\"\",\"\",\"(0.9\",\")%\",\"\",\"\",\"0.2\",\"%\",\"\",\"\",\"0.5\",\"%\",\"\",\"\",\"(0.3\",\")%\"],[\"Interest income\",\"\",\"\",\"0.4\",\"%\",\"\",\"\",\"0.7\",\"%\",\"\",\"\",\"(0.3\",\")%\",\"\",\"\",\"0.7\",\"%\",\"\",\"\",\"0.6\",\"%\",\"\",\"\",\"0.1\",\"%\"],[\"Interest expense\",\"\",\"\",\"(11.4\",\")%\",\"\",\"\",\"(12.0\",\")%\",\"\",\"\",\"0.6\",\"%\",\"\",\"\",\"(12.0\",\" Item 1. Business We were originally incorporated in Delaware on April 11, 2019 under the name \u201cHornblower Acquisition Corp.\u201d Our name was changed to \u201cChurchill Capital Corp II\u201d on June 26, 2019, and to Skillsoft Corp. on June 11, 2021 (upon completion of our business combination with Software Luxembourg Holding S.A.). OVERVIEW Skillsoft\u00ae provides a skills management platform and associated learning solutions that are designed to help organizations manage the human and artificial intelligence (\u201cAI\u201d) skills lifecycle, including visibility into the skills they have and the skills they need, closing skills gaps, matching skills to work, and understanding how skills development impacts business performance. Organizations are operating in an environment characterized by rapid technological change, including the adoption of AI. While AI systems can generate information and automate tasks, we feel that enterprises benefit from structured systems to develop, measure, and govern both human and AI-enabled capabilities within controlled environments. We believe that this shift is increasing demand for integrated platforms that extend beyond content delivery to provide skills visibility, benchmarking, and workforce alignment. In fiscal 2026, we evolved from a content-centric model to an integrated skills management platform, where we leveraged our market-leading curated learning content and connected it to capabilities in content creation, skills benchmarking, AI-assisted learning, and role-based development journeys. The Skillsoft platform combines primarily proprietary training content developed by Skillsoft across leadership and business, technology, and compliance subject areas. This content is supplemented by licensed content and customer-created content. Our platform also includes skills measurement tools, analytics, and administrative controls that enable organizations to deliver, manage, and measure workforce development programs at scale. AI capabilities are bui Item 1A. Risk Factors An investment in our securities involves a high degree of risk. You should carefully consider the following risk factors, together with all of the other information included in this Annual Report, including matters addressed in the section entitled \u201cCautionary Notes Regarding Forward-Looking Statements,\u201d before ma", "title": "SKIL - Skillsoft Corp.", "url": "/company/SKIL/" }, { "kind": "company", "summary": "SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001856031; latest 10-K filed 2026-03-12.", "text": "SEAT - Vivid Seats Inc. SIC 7990 Services-Miscellaneous Amusement & Recreation; CIK 0001856031; latest 10-K filed 2026-03-12. SEAT Vivid Seats Inc. 0001856031 7990 Services-Miscellaneous Amusement & Recreation Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations This discussion should be read together with our audited consolidated financial statements and accompanying notes included elsewhere in this Report. This discussion contains forward-looking statements, which are subject to a number of risks and uncertainties, including those discussed in the \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d sections of this Report. Overview We are an online ticket marketplace that utilizes our technology platform to connect fans of live events seamlessly with ticket sellers. We believe in the power of shared experiences to connect people with live events that deliver some of life\u2019s most exciting moments, and our mission is to empower and enable fans to Experience It Live. For ticket buyers, we represent a differentiated value proposition. In addition to our compelling and easy-to-use mobile app and website: our \u2018Lowest Price Guarantee\u2019 is designed to ensure that we provide the most competitively priced tickets among our competitors; our \u2018100% Buyer Guarantee\u2019 promotes safe and secure transactions; our Vivid Seats Rewards loyalty program allows enrolled buyers to earn reward credits to spend on future orders, and our in-app Game Center engages users with the opportunity to win free tickets or promotional discounts. For ticket sellers, we offer a variety of products and services designed to help their businesses thrive. In particular, Skybox, our industry-leading ERP tool, allows ticket sellers to seamlessly manage their operations. Built on years of transactional and engagement data, Skybox includes tools for inventory management, pricing, and order fulfillment across ticket marketplaces. To generate brand recognition and drive traffic to our platform, we cultivate mutually beneficial partnerships with media partners, sports leagues, sports teams, and event venues, as well as other product, service, distribution, and supply partners. The following table summarizes our Marketplace Gross Order Value (\u201cMarketplace GOV\u201d), revenues, net income (loss), and adjusted EBITDA for the years ended December 31, 2025, 2024, and 2023 (in thousands): [[GREPCENT_TABLE]] [[\"\",\"\",\"Years Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"2023\"],[\"Marketplace GOV*\",\"\",\"$\",\"2,704,573\",\"\",\"\",\"$\",\"3,892,645\",\"\",\"\",\"$\",\"3,920,526\"],[\"Revenues\",\"\",\"\",\"570,776\",\"\",\"\",\"\",\"775,586\",\"\",\"\",\"\",\"712,879\"],[\"Net income (loss)\",\"\",\"\",\"(721,490\",\")\",\"\",\"\",\"14,302\",\"\",\"\",\"\",\"113,141\"],[\"Adjusted EBITDA*\",\"\",\"$\",\"41,822\",\"\",\"\",\"$\",\"151,419\",\"\",\"\",\"$\",\"141,982\"]] [[/GREPCENT_TABLE]] * See the \u201cKey Business Metrics & Non-U.S. GAAP Financial Measure\u201d section below for more information on Marketplace GOV and adjusted EBITDA, which is a financial measure not defined under U.S. GAAP. Our Business Model We operate our business in two segments: Marketplace and Resale. Marketplace Segment In our Marketplace segment, we primarily act as an intermediary between ticket buyers, sellers, and partners, for which we earn revenue from processing ticket sales for live events and facilitating the booking of hotel rooms and packages through our: \u2022 Owned Properties, which consist of: the Vivid Seats mobile app and website; Vegas.com, an online ticket marketplace for shows, attractions, tours, flights, and hotels in Las Vegas, which we acquired in 2023; and Wavedash, an online ticket marketplace headquartered in Tokyo, Japan, which we acquired in 2023. \u2022 Private Label Offering, which consists of numerous distribution partners. Using our online platform, we facilitate buyer payments, coordinate ticket deliveries, and provide customer service. We do not hold ticket inventory in our Marketplace segment. 35 The amount of Marketplace revenue earned in a given period is primarily represented by service and delivery fees charged to buyers. We also earn Marketplace revenue from referral fees charged to third-party providers of event insurance that w Item 1. Business Overview We are an online ticket marketplace that utilizes our technology platform to connect fans of live events seamlessly with ticket sellers. We believe in the power of shared experiences to connect people with live events that deliver some of life\u2019s most exciting moments, and our mission is to empower and enable fans to Experience It Live. For ticket buyers, we represent a differentiated value proposition. In addition to our compelling and easy-to-use mobile app and website: our \u2018Lowest Price Guarantee\u2019 is designed to ensure that we provide the most competitively priced tickets among our competitors; our \u2018100% Buyer Guarantee\u2019 promotes safe and secure transactions; our Vivid Seats Rewards loyalty program allows enrolled buyers to earn reward credits to spend on future orders; and our in-app Game Center engages users with the opportunity to win free tickets or promotional discounts. For ticket sellers, we offer a variety of products and services designed to help their businesses thrive. In particular, Skybox, our industry-leading enterprise resource planning (\u201cERP\u201d) tool, allows ticket sellers to seamlessly manage their operations. Built on years of transactional and engagement data, Skybox includes tools for inventory management, pricing, and order fulfillment across ticket marketplaces. To generate brand recognition and drive traffic to our platform, we cultivate mutually beneficial partnerships with media partners, sports leagues, sports teams, and event venues, as well as other product, service, distribution, and supply partners. Our Business Model We operate our business in two segments: Marketplace and Resale. Marketplace Segment In our Marketplace segment, we primarily act as an intermediary between ticket buyers, sellers, and partners, for which we earn revenue from processing ticket sales for live events and facilitating the booking of hotel rooms and packages through our: \u2022 Owned Properties, which consist of: the Vivid Seats Item 1A. Risk Factors Set forth below are certain risks that could cause actual results to differ materially from those contemplated by the forward-looking statements contained in this Report. These are not the only risks we face. Additional risks that are currently unknown or believed not to be material may also im", "title": "SEAT - Vivid Seats Inc.", "url": "/company/SEAT/" }, { "kind": "company", "summary": "SIC 2810 Industrial Inorganic Chemicals; CIK 0000059255; latest 10-K filed 2026-03-10.", "text": "VHI - VALHI INC /DE/ SIC 2810 Industrial Inorganic Chemicals; CIK 0000059255; latest 10-K filed 2026-03-10. VHI VALHI INC /DE/ 0000059255 2810 Industrial Inorganic Chemicals ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS Business Overview We are primarily a holding company. We operate through our wholly-owned and majority-owned subsidiaries, including NL Industries, Inc., Kronos Worldwide, Inc., CompX International Inc., Tremont LLC, Basic Management, Inc. (\u201cBMI\u201d) and the LandWell Company (\u201cLandWell\u201d). Kronos (NYSE: KRO), NL (NYSE: NL) and CompX (NYSE American: CIX) each file periodic reports with the SEC. We have three consolidated reportable operating segments: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Chemicals \\u2013 Our Chemicals Segment is operated through our majority control of Kronos. Kronos is a leading global producer and marketer of value-added TiO2. TiO2 is used to impart whiteness, brightness, opacity and durability to a wide variety of products, including paints, plastics, paper, fibers and ceramics. Additionally, TiO2 is a critical component of everyday applications, such as coatings, plastics and paper, as well as many specialty products such as inks, cosmetics and pharmaceuticals.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Component Products \\u2013 We operate in the component products industry through our majority control of CompX. CompX is a leading manufacturer of security products used in the postal, recreational transportation, office and institutional furniture, cabinetry, tool storage, healthcare applications and a variety of other industries. CompX is also a leading manufacturer of wake enhancements systems, stainless steel exhaust systems, gauges, throttle controls, trim tabs and related hardware and accessories for the recreational marine and other industries.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Real Estate Management and Development \\u2013 We operate in real estate management and development through our majority control of BMI and LandWell. BMI and LandWell own real property in Henderson, Nevada. LandWell is engaged in efforts to develop certain land holdings for commercial, industrial and residential purposes in Henderson, Nevada. Prior to 2023, BMI was responsible for the delivery of water to the City of Henderson and various other users and provided utility services to certain industrial customers.\"]] [[/GREPCENT_TABLE]] \u200b -37- \u200c\u200b Operations Overview Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 \u2013 We reported a net loss attributable to Valhi stockholders of $57.6 million or $2.02 per diluted share in 2025 compared to net income of $108.0 million or $3.79 per diluted share in 2024. Our net income attributable to Valhi stockholders decreased from 2024 to 2025 primarily due to the net effects of: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"an operating loss from our Chemicals Segment of $24.5 million in 2025 compared to operating income of $138.5 million in 2024;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"a non-cash gain of $64.5 million resulting from the remeasurement of the Chemicals Segment\\u2019s investment in the TiO2 manufacturing joint venture in 2024;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"aggregate income of $31.4 million in 2024 related to the settlement of a liability for an environmental remediation site;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"a non-cash settlement loss of $28.7 million on the termination and buy-out of our pension plan in the United States in 2025;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"a non-cash deferred income tax expense of $19.3 million to reduce the Chemicals Segment\\u2019s net German deferred tax asset as a result of the German tax rate reduction in 2025;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"aggregate charges of $10.3 million related to restructuring costs associated with workforce reductions in our Chemicals Segment in 2025;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"a non-cash deferred income tax expe ITEM 1.BUSINESS Valhi, Inc. (NYSE: VHI) is primarily a holding company. We operate through our wholly-owned and majority-owned subsidiaries, including NL Industries, Inc., Kronos Worldwide, Inc., CompX International Inc., Basic Management, Inc. and The LandWell Company. Kronos (NYSE: KRO), NL (NYSE: NL) and CompX (NYSE American: CIX) each file periodic reports with the U.S. Securities and Exchange Commission (SEC). Our principal executive offices are located at Three Lincoln Center 5430 LBJ Freeway, Suite 1700, Dallas, Texas 75240-2620. Our telephone number is (972) 233-1700. We maintain a website at www.valhi.net. Brief History LLC Corporation, our legal predecessor, was incorporated in Delaware in 1932. We are the successor company of the 1987 merger of LLC Corporation and another entity controlled by Contran Corporation. One of Contran\u2019s wholly-owned subsidiaries held approximately 91% of Valhi\u2019s outstanding common stock at December 31, 2025. As discussed in Note 1 to our Consolidated Financial Statements, Lisa K. Simmons and a trust established for the benefit of Ms. Simmons and her late sister and their children (the \u201cFamily Trust\u201d) may be deemed to control Contran and us. Key events in our history include: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"1979 \\u2013 Contran acquires control of LLC;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"1981 \\u2013 Contran acquires control of our other predecessor company;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"1982 \\u2013 Contran acquires control of Keystone Consolidated Industries, Inc., a predecessor to CompX;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"1984 \\u2013 Keystone spins-off an entity that includes what is to become CompX; this entity subsequently merges with LLC;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"1986 \\u2013 Contran acquires control of NL, which at the time owns 100% of Kronos;\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"1987 \\u2013 L ITEM 1A.RISK FACTORS Listed below are certain risk factors associated with us and our businesses. See also certain risk factors discussed in Item 7 \u2013 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013 Critical Accounting Policies and Estimates\u201d. In addition to the potential effect of these risk factors, any risk facto", "title": "VHI - VALHI INC /DE/", "url": "/company/VHI/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001805651; latest 10-K filed 2026-03-06.", "text": "MKTW - MARKETWISE, INC. SIC 7372 Services-Prepackaged Software; CIK 0001805651; latest 10-K filed 2026-03-06. MKTW MARKETWISE, INC. 0001805651 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of the financial condition and results of operations of MarketWise, Inc., a Delaware corporation (\u201cMarketWise,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d), should be read together with our audited consolidated financial statements as of December 31, 2025 and 2024 and for each of the years ended December 31, 2025, 2024 and 2023 included elsewhere in this report. The following discussion contains forward-looking statements. Our actual results may differ significantly from those projected in the forward-looking statements. Factors that might cause future results to differ materially from those projected in the forward-looking statements include, but are not limited to, those discussed in the sections entitled \u201cRisk Factors\u201d and \u201cCautionary Statement Regarding Forward Looking Statements\u201d in this report. Overview We are a leading multi-brand platform of subscription businesses that provides premium financial research, software, education, and tools for self-directed investors. We offer a comprehensive portfolio of high-quality, independent investment research, as well as several software and analytical tools, on a subscription basis. MarketWise started in 1999 with the simple idea that, if we could publish intelligent, independent, insightful, and in-depth investment research and treat the subscriber the way we would want to be treated, then subscribers would renew their subscriptions and stay with us. Over the years, we have expanded our business into a comprehensive suite of investment research products and solutions. We now produce a diversified product portfolio from a variety of financial research brands such as Stansberry Research, Chaikin Analytics, Altimetry, TradeSmith, InvestorPlace, and Brownstone Research. Our entire investment research product portfolio is 100% digital and channel agnostic, and we offer all of our research across a variety of platforms, including desktop, laptop, and mobile devices, including tablets and mobile phones. Today, we benefit from the confluence of a leading editorial team, diverse portfolio of content and brands, and a comprehensive suite of investor-centric tools that appeal to a broad subscriber base. 2025 Highlights \u25aaPaid Subscribers were 374 thousand as of December 31, 2025 compared with 506 thousand as of December 31, 2024 \u25aaTotal net revenue was $328.1 million for full year 2025 compared with $408.7 million for full year 2024 (1) \u25aaTotal Billings was $271.2 million for full year 2025 compared with $239.1 million for full year 2024 \u25aaNet income was $64.0 million for full year 2025 compared with $93.1 million for full year 2024 \u25aaCash from Operating Activities (\u201cCFFO\u201d) was $46.0 million for full year 2025 compared with $(22.2) million for full year 2024 \u25aaCash and cash equivalents were $70.1 million as of December 31, 2025, and no debt outstanding (1) Net Revenue (a GAAP measure) represents Billings that are recognized over the term of the subscription, which can be multiple years. Billings are amounts invoiced to customers in the period and is thus indicative of the current operating environment and demand for our products. The following table presents CFFO, and the related margin as a percentage of net revenue, and Adjusted CFFO (as defined below), a non-GAAP measure, and the related margin as a percentage of Billings, for each of the periods 41 presented. For more information on Adjusted CFFO and Adjusted CFFO Margin (as defined below), see \u201c\u2014 Non-GAAP Financial Measures.\u201d [[GREPCENT_TABLE]] [[\"(In thousands)\",\"\",\"Year Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"2024\",\"\",\"2023\"],[\"Net cash provided by (used in) operating activities\",\"\",\"$\",\"45,958\",\"\",\"$\",\"(22,150)\",\"\",\"$\",\"62,428\"],[\"Total net revenue\",\"\",\"328,122\",\"\",\"408,701\",\"\",\"448,182\"],[\"Net cash provided by (used in) operating activities margin\",\"\",\"14.0\",\"%\",\"\",\"(5.4\",\"%)\",\"\",\"13.9\",\"%\"],[\"Ad Item 1. Business. We started in 1999 with the simple idea that, if we could publish intelligent, independent, insightful, and in-depth investment research and treat the subscriber the way we would want to be treated, then subscribers would renew their subscriptions and stay with us. That simple idea worked and has guided our decisions ever since. Today, we are a leading multi-brand platform of subscription businesses that provides premium financial research, software, education, and tools for self-directed investors. We provide our subscribers with the research, education, and tools that they need to navigate the financial markets. We have evolved significantly since our inception in 1999. Over the years, we have expanded our business into a comprehensive suite of investment research products and solutions. We now produce a diversified product portfolio from a variety of financial research brands such as Stansberry Research, Chaikin Analytics, Brownstone Research, InvestorPlace, and TradeSmith. Our entire investment research product portfolio is 100% digital and 5 channel agnostic. We offer our research across a variety of platforms, including desktop, laptop, and mobile devices, including tablets and mobile phones. As a result of the expansion of the business, we now have over 67 editors and analysts covering a broad spectrum of investments, ranging from commodities to equities, to distressed debt and cryptocurrencies. This diversity of content has allowed our business to succeed and our subscription base to grow through the many economic cycles in our over 25-year history. We have a subscriber base of approximately 374 thousand Paid Subscribers. We define Paid Subscribers as the total number of unique subscribers with at least one paid subscription at the end of a given period. Our Value Proposition We empower retail investors with institutional-quality research at a price point that is accessible. Experienced analysts, with their own unique investment st Item 1A. Risk Factors. The risks described below reflect our beliefs and opinions as to factors that could hurt our business, financial condition, or operating results in the future. Although it is not possible to predict or identify all such risks and uncertainties, they may include the factors discussed below. The risks and uncertainties desc", "title": "MKTW - MARKETWISE, INC.", "url": "/company/MKTW/" }, { "kind": "company", "summary": "SIC 2111 Cigarettes; CIK 0001948455; latest 10-K filed 2025-09-15.", "text": "ISPR - Ispire Technology Inc. SIC 2111 Cigarettes; CIK 0001948455; latest 10-K filed 2025-09-15. ISPR Ispire Technology Inc. 0001948455 2111 Cigarettes ITEM 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with our consolidated financial statements and the related notes contained elsewhere in this Annual Report on Form 10-K and in our other Securities and Exchange Commission filings. The following discussion may contain predictions, estimates, and other forward-looking statements that involve a number of risks and uncertainties, including those discussed under \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. These risks could cause our actual results to differ materially from any future performance suggested below. Overview As stated in our corporate mission, we are committed to delivering superior products that challenge industry norms, with the goal of delivering an unmatched customer and adult consumer experience. In achieving this, risk reduction is central to our mission, and we aim to improve the lives of our consumers through cutting-edge research and development. Our technology platforms look to reduce youth access to vaping products, which in turn, will facilitate our ability to provide adult consumers with the products they desire. We are engaged in the research and development, design, commercialization, sales, marketing and distribution of branded and non-branded vaping hardware products in both the nicotine and cannabis spaces. Vaping refers to the practice of inhaling and exhaling the vapor produced by an electronic vaping device. These products are sold into the global nicotine and cannabis markets in the form of e-cigarettes or cartridges filled with oils by our customers, respectively. 39 We sell our e-cigarette (or nicotine) products globally, in markets where we are legally permitted to do so. To date, our nicotine products are marketed under the \u201cAspire\u201d brand name and are sold primarily through our expansive distribution network. However, we are expanding our international presence via the launch of nicotine products under the Ispire platform. These products have started to be launched under licensing arrangements with the owners of selected partner brands. We currently sell our cannabis vaping hardware in the United States, Canada, and South Africa. However, we are continuing to develop our sales network across Europe, South America, and other regions in preparation for legalization in these markets. Our cannabis products are sold under the Ispire brand name, primarily on an ODM basis to other cannabis vapor companies including multi and single-state operators, brand owners and co-packers. ODM generally involves the design and customization of the core products to meet each brand\u2019s unique image and needs. Our hardware products are sold by our customers under their own brand names. We do not \u201ctouch the cannabis plant\u201d in the production and sale of our hardware products and thus are not subject to the specific cannabis-related regulatory and taxation provisions of the industry (e.g., IRS Code Section 280E). Since our initial public offering in April 2023, we have completed three fundraising rounds. The first was executed as part of our initial public offering, from which we raised approximately $18.3 million after underwriting and other offering expenses. In June 2023, we raised net proceeds of approximately $7.4 million, after placement agent and offering expenses, from the private placement of our Common Stock to three investors. In March 2024, we raised net proceeds of approximately $10.6 million, after placement agent fees and offering expenses, through a public offering of our Common Stock priced at $6.00 per share. We used the net proceeds from this offering in connection with the establishment and operation of our manufacturing facility in Malaysia, the funding of our joint venture with Touch Point Worldwide Inc. d/b/a/ Berify and Chemular Inc. and for working capital and general corporate purposes, including research and developm", "title": "ISPR - Ispire Technology Inc.", "url": "/company/ISPR/" }, { "kind": "company", "summary": "SIC 4932 Gas & Other Services Combined; CIK 0001842279; latest 10-K filed 2026-03-16.", "text": "OPAL - OPAL Fuels Inc. SIC 4932 Gas & Other Services Combined; CIK 0001842279; latest 10-K filed 2026-03-16. OPAL OPAL Fuels Inc. 0001842279 4932 Gas & Other Services Combined ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS In this Management's Discussion and Analysis of Financial Condition and Results of Operations section, references to \"OPAL,\" \"we,\" \"us,\" \"our,\" and the \"Company\" refer to OPAL Fuels Inc. and its consolidated subsidiaries. The following discussion and analysis should be read in conjunction with our consolidated financial statements and related notes set forth in Part II, Item 8 - \"Financial Statements and Supplementary Data\" and the risk factors identified in Part I, Item 1A - \"Risk Factors\" of this Annual Report. In addition to historical information, this discussion and analysis includes certain forward-looking statements which reflect our current expectations. The Company's actual results may materially differ from these forward-looking statements. Overview The Company is a vertically integrated leader in the capture and conversion of biogas into low carbon intensity Renewable Power and RNG. OPAL Fuels is also a leader in the marketing and distribution of RNG to heavy duty trucking and other hard to de-carbonize industrial sectors. RNG is chemically identical to the natural gas used for cooking, heating homes and fueling natural gas engines, with one significant difference: RNG is produced by recycling methane emissions created by decaying organic waste as opposed to natural gas which is a fossil fuel pumped from the ground. We have participated in the biogas-to-energy industry for over 20 years. Biogas is generated by microbes as they break down organic matter in the absence of oxygen, and comprised of non-fossil waste gas, with high concentrations of methane, which is the primary component of RNG and the source for combustion utilized by Renewable Power plants to generate electricity. Biogas can not only be collected and processed to remove impurities for use as RNG (a form of high-Btu fuel) and injected into existing natural gas pipelines as it is fully interchangeable with fossil natural gas, but partially treated biogas can be used directly in heating applications (as a form of medium-Btu fuel) or in the production of Renewable Power. Our principal sources of biogas are (i) LFG, which is produced by the decomposition of organic waste at landfills, and (ii) dairy manure, which is processed through anaerobic digesters to produce the biogas. We also design, develop, construct, operate and service Fueling Stations for trucking fleets across the country that use natural gas to displace diesel as their transportation fuel. We have participated in the alternative vehicle fuels industry for over a decade and have established an expanding network of Fueling Stations for dispensing RNG. In addition, we have recently begun implementing design, development, and construction services for hydrogen Fueling Stations, and we are pursuing opportunities to diversify our sources of biogas to other waste streams. Recent Developments On March 6, 2026, OPAL Fuels LLC entered into a subscription agreement with Preferred Fuels LLC (\u201cPreferred Fuels\u201d), an affiliate of Fortistar, pursuant to which Preferred Fuels committed to purchase up to $180.0 million of Series A preferred units in multiple closings. At the initial closing on March 6, 2026, the investor purchased 1.2 million Series A preferred units for aggregate proceeds of $120.0 million. OPAL Fuels may, in its sole discretion, require the investor to fund up to an additional $60.0 million within one year of the initial closing, subject to the terms of the subscription agreement. The Series A preferred units are entitled to preferred quarterly distributions at a rate of 12% per annum, compounding quarterly, and rank senior to all other classes of equity interests of OPAL Fuels LLC, except for certain existing preferred units to which they are pari passu. In connection with the initial closing, the Company also issued a warrant to the investor to purchase up to 3.0 million shares of the Comp ITEM 1. BUSINESS OPAL Fuels Inc. (including its subsidiaries, the \u201cCompany,\u201d \u201cOPAL,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d) is a vertically integrated leader in the capture and conversion of biogas into low carbon intensity renewable natural gas (\"RNG\") and Renewable Power. OPAL Fuels is also a leader in the marketing and distribution of RNG to heavy duty trucking and other hard to de-carbonize industrial sectors. RNG is chemically identical to the natural gas used for cooking, heating homes and fueling natural gas engines, with one significant difference: RNG is produced by recycling methane emissions created by decaying organic waste as opposed to natural gas which is a fossil fuel pumped from the ground. We have participated in the biogas-to-energy industry for over 20 years. Biogas is generated by microbes as they break down organic matter in the absence of oxygen. Biogas is comprised of non-fossil waste gas, with high concentrations of methane, which is the primary component of RNG and the source for combustion utilized by Renewable Power plants to generate electricity. Biogas can be collected and processed to remove impurities for use as RNG (a form of high-Btu fuel) and injected into existing natural gas pipelines as it is fully interchangeable with fossil fuel-based natural gas. Partially treated biogas can be used directly in heating applications (as a form of medium-Btu fuel) or in the production of Renewable Power. Our principal sources of biogas are (i) LFG, which is produced by the decomposition of organic waste at landfills, and (ii) dairy manure, which is processed through anaerobic digesters to produce the biogas. We also design, develop, construct, operate and service Fueling Stations for trucking fleets across the country that use natural gas to displace diesel as their transportation fuel. We have participated in the alternative vehicle fuels industry for over a decade and have established an expanding network of Fueling Stations for dispensing RNG. In addition, ITEM 1A. RISK FACTORS Item 1A. Risk Factors There are many factors that affect our business and results of operations, some of which are beyond our control. The following is a description of some important factors that may cause the actual results of operations in future periods to differ materially from those currently expected or", "title": "OPAL - OPAL Fuels Inc.", "url": "/company/OPAL/" }, { "kind": "company", "summary": "SIC 6798 Real Estate Investment Trusts; CIK 0001547546; latest 10-K filed 2026-03-23.", "text": "LFT - Lument Finance Trust, Inc. SIC 6798 Real Estate Investment Trusts; CIK 0001547546; latest 10-K filed 2026-03-23. LFT Lument Finance Trust, Inc. 0001547546 6798 Real Estate Investment Trusts ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our consolidated financial statements and the accompanying notes included in this Annual Report on Form 10-K. The following discussion contains forward-looking statements that reflect our current expectations, estimates, forecasts and projections. Overview We are a Maryland corporation that is focused on investing in, originating, financing and managing a portfolio of CRE debt investments. In January 2020, we entered into a series of transactions with subsidiaries of ORIX USA, a diversified financial company with the ability to provide investment capital and asset management services to clients in the corporate, real estate and municipal finance sectors. We entered into a new Management Agreement with Lument IM, while another affiliate of ORIX USA purchased an ownership stake of approximately 5.0% through a privately placed stock issuance. On February 22, 2022, the affiliate purchased an additional 13,071,895 shares of common stock from the transferable common stock rights offering, increasing its beneficial ownership in the Company to approximately 27.4%. These transactions have enhanced the scale of LFT and are expected to generate stockholder value through leveraging ORIX USA's expansive originations, asset management and servicing platform. Lument IM is an affiliate of Lument, a nationally recognized leader in multifamily and seniors housing and health care finance. The Company leverages Lument's broad platform and significant expertise when originating and underwriting investments. We invest primarily in transitional floating rate CRE mortgage loans with an emphasis on middle market multifamily assets. We may also invest in other CRE-related investments including mezzanine loans, preferred equity, commercial mortgage-backed securities, fixed rate loans, construction loans and other CRE debt instruments. We finance our current investments in transitional multifamily and other CRE loans through CRE CLOs and other forms of secured financing agreements. Our primary sources of income are net interest from our investment portfolio and non-interest income from our mortgage loan-related activities. Net interest income represents the interest income we earn on investments less the expense of funding these investments. Our investments typically have the following characteristics: \u2022Sponsors with experience in particular real estate sectors and geographic markets; \u2022Located in U.S. markets with multiple demand drivers, such as growth in employment and household formation; \u2022Fully funded principal balance greater than $5 million and generally less than $75 million; \u2022Loan to Value ratio up to 85% of as-is value and up to 75% of as stabilized value; \u2022Floating rate loans tied to one-month term SOFR, and/or in the future potentially other index replacement; and \u2022Three-year term with two one-year extension options. We believe that our current investment strategy provides significant opportunities to achieve attractive risk-adjusted returns for our stockholders over time. However, to capitalize on the investment opportunities at different points in the economic and real estate investment cycle, we may modify or expand our investment strategy. We believe that the flexibility of our strategy, which is supported by significant CRE experience of Lument's investment team, and the extensive resources of ORIX USA, will allow us to take advantage of changing market conditions to maximize risk-adjusted returns to our stockholders. We have elected to be taxed as a REIT and comply with the provisions of the Internal Revenue Code with respect thereto. Accordingly, we are generally not subject to federal income tax on our REIT taxable income that we currently distribute to our stockholders so long as we maintain our qualification as a REIT. Our continued qualification as a REIT depends on ITEM 1. BUSINESS References herein to \"Lument Finance Trust,\" \"Company,\" \"LFT,\" \"we,\" \"us,\" or \"our\" refer to Lument Finance Trust, Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise. Our Company We are a REIT focused on investing in, originating, financing and managing a portfolio of commercial real estate (\"CRE\") debt investments. We primarily invest in or originate transitional floating rate CRE mortgage loans with an emphasis on middle-market multifamily assets. We may also invest in other CRE-related investments including mezzanine loans, preferred equity, commercial mortgage-backed securities (\"CMBS\"), fixed rate loans, construction loans and other CRE debt instruments. We are externally managed by our manager, Lument Investment Management, LLC (the \"Manager\" or \"Lument IM\") pursuant to the terms of our Management Agreement (the \"Management Agreement\"). Our Manager is a subsidiary of Lument Real Estate Capital Holdings, LLC (\"Lument\"). Lument is a subsidiary of ORIX Corporation USA (\"ORIX USA\"), a diversified financial company and a subsidiary of ORIX Corporation (\"ORIX\"). ORIX is a publicly traded, Tokyo-based international financial services company with assets in excess of $116 billion as of December 2025 and was ranked number 405 on Forbes' 2025 Global 2000: World's Biggest Public Companies. We are a Maryland corporation that was formed in March 2012 and commenced operations in May 2012. We have elected to be taxed as a REIT for U.S. federal income tax purposes. Our common stock is traded on the NYSE under the symbol \"LFT\" and our 7.875% Series A Cumulative Redeemable Preferred Stock (\"Series A Preferred Stock\") is traded on the NYSE under the symbol \"LFTPrA.\" Our Manager and Lument We are externally managed and advised by our Manager, a subsidiary of Lument. As of December 31, 2025, Lument had over 550 employees located in over 30 offices throughout the United States. We have access to an extensive ITEM 1A. RISK FACTORS Set forth below are the risks that we believe are material to stockholders. You should carefully consider the following risk factors identified in or incorporated by reference into any other documents filed by us with the SEC in evaluating our company and our business. If any of the following risks occ", "title": "LFT - Lument Finance Trust, Inc.", "url": "/company/LFT/" }, { "kind": "company", "summary": "SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001138723; latest 10-K filed 2025-08-28.", "text": "ARAY - ACCURAY INC SIC 3841 Surgical & Medical Instruments & Apparatus; CIK 0001138723; latest 10-K filed 2025-08-28. ARAY ACCURAY INC 0001138723 3841 Surgical & Medical Instruments & Apparatus Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion of our consolidated financial condition and results of operations in conjunction with the financial statements and the notes thereto included elsewhere in this report. The following discussion contains forward\u2011looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward\u2011looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this report on Form 10\u2011K, particularly in \u201cRisk Factors.\u201d See \u201cSpecial Note Regarding Forward\u2011Looking Statements\u201d for more information. This section generally discusses the results of our operations for the year ended June 30, 2025, compared to the year ended June 30, 2024. For a discussion of the year ended June 30, 2024 compared to the year ended June 30, 2023, please refer to Part II, Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended June 30, 2024, as filed with the SEC on September 19, 2024. Overview Company We are a radiation therapy company that develops, manufactures, sells and supports market-changing solutions that are designed to deliver radiation treatments for even the most complex cases, while making commonly treatable cases even more straightforward, to meet the full spectrum of patient needs. We believe in comparison to conventional linear accelerators, our treatment delivery, planning, and data management solutions provide better accuracy, flexibility, and control; fewer treatments with shorter treatment times; and the technology to expand beyond cancer, making it easier for clinical teams around the world to provide treatments that help patients get back to living their lives, faster. Our innovative technologies, the CyberKnife and TomoTherapy\u00ae platforms, including the Radixact System, our next generation TomoTherapy platform, are designed to deliver advanced treatments, including stereotactic radiosurgery (\u201cSRS\u201d), stereotactic body radiation therapy (\u201cSBRT\u201d), intensity modulated radiation therapy (\u201cIMRT\u201d), image-guided radiation therapy (\u201cIGRT\u201d), and adaptive radiation therapy (\u201cART\u201d). The CyberKnife and TomoTherapy platforms have complementary clinical applications with the same goal: to empower our customers to deliver the most precise and accurate treatments while still minimizing dose to healthy tissue, helping to reduce the risk of side effects that may impact patients\u2019 quality of life. Each of these systems serves patient populations treated by the same medical specialty, radiation oncology, with advanced capabilities. The CyberKnife platform is also used by neurosurgeons specializing in radiosurgery to treat patients with tumors in the brain and spine, and neurologic and/or endocrine disorders. In addition to these products, we also 69 Table of Contents provide services which include post-contract customer support (warranty period services and post-warranty services), installation services, training, and other professional services. Current Economic Conditions We are subject to risks and uncertainties caused, directly or indirectly, by events with significant geopolitical and macroeconomic impacts, including, but not limited to, inflation; actions taken to counter inflation, including high interest rates; foreign currency exchange rate fluctuations; uncertainty and volatility in the banking and financial services sector; tightening credit markets; geopolitical concerns, such as the Russian-Ukraine and the Middle East conflicts and increasing tension between China and the U.S., including with respect to Taiwan; uncertainty caused by the China anti-corruption campaign and timing of the China stimulus program; changes in government administration policy positions; recent executive orders to im Item 1. BUSINESS The Company Accuray Incorporated is a radiation therapy company that develops, manufactures, sells and supports market-changing solutions that are designed to deliver radiation treatments for even the most complex cases, while making commonly treatable cases even more straightforward, to meet the full spectrum of patient needs. We believe in comparison to conventional linear accelerators, our treatment delivery, planning, and data management solutions provide better accuracy, flexibility, and control; fewer treatments with shorter treatment times; and the technology to expand beyond cancer, making it easier for clinical teams around the world to provide treatments that help patients get back to living their lives, faster. Our solutions are designed to advance patient care: during each individual treatment, throughout the treatment process, and at each stage of the cancer treatment journey, from curative to palliative treatments. Our solutions include: \u2022 Novel artificial intelligence (\u201cAI\u201d) driven radiation therapy systems that automatically adapt treatment delivery for targets that move, synchronizing the radiation beam with the target\u2019s motion in real-time throughout treatment delivery. \u2022 Powerful treatment planning software that reduces the time to create high quality treatment plans and the time it takes to deliver patient treatments as compared to the prior planning software, so clinicians can treat more patients each day. \u2022 One-of-a-kind imaging solution designed to produce exceptional diagnostic-like quality CT images, quickly and cost-effectively. \u2022 Automated tools that help to identify the interfraction changes for which re-planning is clinically beneficial and facilitate adaptation of the radiation dose to precisely conform to the patient\u2019s tumor. \u2022 Distinctive software that accelerates and automates the re-planning process to make re-treatment of a previously irradiated area more efficient for practices and more effective for patie Item 1A. RISK FACTORS Risk Factors Summary Our business is subject to numerous risks and uncertainties, including those highlighted in Part I, Item 1A titled \u201cRisk Factors.\u201d These risks include, but are not limited to, the following: Risks related to our business and results of operations \u2022 We face risks related to the c", "title": "ARAY - ACCURAY INC", "url": "/company/ARAY/" }, { "kind": "company", "summary": "SIC 7812 Services-Motion Picture & Video Tape Production; CIK 0001089872; latest 10-K filed 2026-03-06.", "text": "GAIA - GAIA, INC SIC 7812 Services-Motion Picture & Video Tape Production; CIK 0001089872; latest 10-K filed 2026-03-06. GAIA GAIA, INC 0001089872 7812 Services-Motion Picture & Video Tape Production Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements This report contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact are forward looking statements that involve risks and uncertainties. When used in this discussion, we intend the words \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccontemplate,\u201d \u201ccontinue,\u201d \u201ccould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cfuture,\u201d \u201chope,\u201d \u201cintend\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cobjective,\u201d \u201congoing,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201cshould,\u201d \u201cstrive,\u201d \u201ctarget,\u201d \u201cwill,\u201d \u201cwould\u201d and similar expressions as they relate to us to identify such forward-looking statements. Our actual results could differ materially from the results anticipated in these forward-looking statements as a result of certain factors set forth under \u201cRisk Factors\u201d and elsewhere in this Annual Report on Form 10-K. Risks and uncertainties that could cause actual results to differ include, without limitation: our ability to attract new members and retain existing members; our ability to compete effectively, including for customer engagement with different modes of entertainment; maintenance and expansion of device platforms for streaming; fluctuation in customer usage of our service; fluctuations in quarterly operating results; service disruptions; production risks, general economic conditions; future losses; loss of key personnel; price changes; brand reputation; acquisitions; new initiatives we undertake; security and information systems; legal liability for website content; failure of third parties to provide adequate service; future internet-related taxes; our founder\u2019s control of us; litigation; consumer trends; the effect of government regulation and programs; the impact of public health threats; and other risks and uncertainties included in our filings with the SEC. We caution you that no forward-looking statement is a guarantee of future performance, and you should not place undue reliance on these forward-looking statements which reflect our views only as of the date of this report. We undertake no obligation to update any forward-looking information. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the consolidated financial statements and related notes included elsewhere in this report. This section is designed to provide information that will assist readers in understanding our consolidated financial statements, changes in certain items in those statements from year to year, the primary factors that caused those changes and how certain accounting principles, policies and estimates affect the consolidated financial statements. Overview and Outlook We operate a global digital video subscription service with a library of over 10,000 titles, with live communications and live events with a growing selection of titles available in Spanish, German and French that caters to a unique, underserved member base. Our digital content is available to our members on most internet-connected devices anytime, anywhere, commercial-free. Through our online Gaia subscription service our members have unlimited access to a library of inspiring films, cutting edge documentaries, interviews, yoga classes, transformation related content, live events, and more \u2013 90% of which is exclusively available to our members for digital streaming on most internet-connected devices. Gaia\u2019s position in the streaming video landscape is firmly supported by its wide variety of exclusive and unique content, which provides a complementary offering to other entertainment-based streaming video services. Our original content is developed and produced in-house in our lifestyle campus near Boulder, Colorado. By offering exclusive and unique content through our streaming service, we believe we will be able to significantly expand our target member base. Our available c Item 1. Business Our Business Gaia, Inc. (\u201cGaia,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or the \u201cCompany\u201d) operates a global digital video subscription service and community that strives to connect a unique and underserved member base. Our digital content library includes over 10,000 titles and live events, with a growing selection of titles available in Spanish, German and French. Our members have unlimited access to this vast library of inspiring films, cutting edge documentaries, interviews, yoga classes, live events, transformation-related content and more \u2013 90% of which is exclusively available to our members for digital streaming on most internet-connected devices anytime, anywhere, commercial free. Our mission is to create a transformational network that empowers a global conscious community. Content on our network is currently organized into four primary channels\u2014 Yoga, Transformation, Alternative Healing, and Seeking Truth\u2014 and delivered directly to our members through our streaming platform. We curate programming for these channels by producing original content on our lifestyle campus with a staff of media professionals. This original and owned content currently comprises over 75% of our members' viewing time. We complement our original and owned content through long-term licensing agreements. Over 98% of our titles are available worldwide. Our Content Channels From the beginning, we have focused on establishing exclusive rights to unique content through in-house productions, licensing and strategic content acquisitions. Today, our network includes the following channels: Seeking Truth \u2013 As an alternative to mainstream media, our Seeking Truth channel provides new and enlightening perspectives for today\u2019s changing world. Through thought-provoking questions like \u201cwho are we\u201d, and topics that include ancient wisdom and metaphysics, we go beyond the boundaries of mainstream media, and encourage our viewers to find empowerment through knowledge and awareness. Through this ch Item 1A. Risk Factors We caution that there are risks and uncertainties that could cause our actual results to be materially different from those indicated by forward looking statements that we make from time to time in filings with the Securities and Exchange Commission, news releases, reports, communications", "title": "GAIA - GAIA, INC", "url": "/company/GAIA/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001728117; latest 10-K filed 2026-03-17.", "text": "GOSS - Gossamer Bio, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001728117; latest 10-K filed 2026-03-17. GOSS Gossamer Bio, Inc. 0001728117 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes included elsewhere in this annual report. This discussion and analysis contains forward-looking statements based upon our current beliefs, plans and expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under \u201cRisk Factors\u201d or in other parts of this annual report. 81 Table of Contents Overview We are a clinical-stage, clinical biopharmaceutical company focused on the development and commercialization of seralutinib for the treatment of PH, including PAH and PH-ILD. Our goal is to be an industry leader in, and to enhance the lives of patients living with PH. In May 2024, we entered into the Chiesi Collaboration Agreement focused on the development and commercialization of seralutinib. In December 2022, we announced positive topline results from the Phase 2 TORREY Study in PAH patients. In February 2026, we announced topline results from the Phase 3 PROSERA Study in PAH patients. Seralutinib demonstrated a placebo-adjusted improvement in the primary endpoint, 6MWD at Week 24, of 13.3 meters (p = 0.0320), missing the prespecified alpha threshold of 0.025. We believe seralutinib demonstrates a risk benefit profile that supports continued regulatory dialogue, and we plan to engage with the FDA, including through requesting a Type C meeting, to understand their perspective on the totality of the PROSERA and TORREY datasets and potential regulatory paths forward. In addition to PAH, we believe that seralutinib holds potential as a therapeutic for the treatment of PH-ILD. In October 2025, we activated the first clinical site for the global registrational Phase 3 SERANATA Study for the treatment of PH-ILD. Enrollment in the SERANATA Study was paused in February 2026 to support disciplined resource allocation and to evaluate the implications of PROSERA as we engage with regulators. We have assembled a deeply experienced and highly skilled group of industry veterans, scientists, clinicians and key opinion leaders from leading biotechnology and pharmaceutical companies, as well as leading academic centers from around the world. Our employees are a team of highly dedicated, passionate individuals who pride themselves on a culture of respect, humility, transparency, inclusion, dedication, collaboration and fun. Our ultimate goal is to enhance and extend the lives of patients. We were incorporated in October 2015 and commenced operations in 2017. To date, we have focused primarily on organizing and staffing our company, business planning, raising capital, identifying, acquiring and in-licensing our product candidates and conducting preclinical studies and clinical trials. We have funded our operations primarily through equity financings and the Chiesi Collaboration Agreement. We raised $1,396.9 million from October 2017 through December 31, 2025 through the sale of Series A and Series B convertible preferred stock, issuance of convertible notes, proceeds from our IPO completed in February 2019, proceeds from the 2027 Notes (as defined below), issuances of common stock in May 2020 and July 2022, issuance of common stock and accompanying warrants in July 2023 and entry into the Chiesi Collaboration Agreement in May 2024. As of December 31, 2025, we had $136.9 million in cash, cash equivalents and marketable securities. We have incurred significant operating losses since our inception and expect to continue to incur significant operating losses for the foreseeable future. For the years ended December 31, 2025 and 2024, our net loss was $170.4 million and $56.5 million, respectively. As of December 31, 2025 Item 1. Business. Overview We are a clinical-stage biopharmaceutical company focused on the development and commercialization of seralutinib for the treatment of pulmonary hypertension, or PH, including pulmonary arterial hypertension, or PAH, and PH 3 Table of Contents associated with interstitial lung disease, or PH-ILD. Our goal is to be an industry leader in, and to enhance the lives of patients living with, PH. To accomplish this goal, we have assembled a deeply experienced and highly skilled group of industry veterans, scientists, clinicians and key opinion leaders from leading biotechnology and pharmaceutical companies, as well as leading academic centers from around the world. We intend to maintain a scientifically rigorous and inclusive corporate culture where employees strive to bring improved therapeutic options to patients. Our Team Our founders and management team have held senior positions at leading biopharmaceutical companies and possess substantial experience and expertise across the spectrum of drug development and commercialization. Faheem Hasnain is our Co-Founder and has served as our Chief Executive Officer since November 2020 and as our Chairman since our inception. Mr. Hasnain also served as our Chief Executive Officer from our inception through July 2018 and our Executive Chairman from July 2018 through June 2019. Prior to co-founding Gossamer Bio, Mr. Hasnain served as President, CEO and as a Director of Receptos, Inc. from November 2010 to August 2015. Receptos was a public company formed in 2009 focused on developing treatments in immunology and metabolic disorders and was purchased by Celgene Corporation in August 2015. Previously, Mr. Hasnain was the President and Chief Executive Officer and a director of Facet Biotech Corporation, a biology-driven antibody company with a focus in multiple sclerosis and oncology. He held that position from December 2008 until the company's acquisition by Abbott Laboratories in April 2010. Bryan Item 1A. Risk Factors. You should carefully consider the following risk factors, together with the other information contained in this annual report on Form 10-K, including our financial statements and the related notes and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d before making a decisio", "title": "GOSS - Gossamer Bio, Inc.", "url": "/company/GOSS/" }, { "kind": "company", "summary": "SIC 3420 Cutlery, Handtools & General Hardware; CIK 0001049606; latest 10-K filed 2026-03-04.", "text": "CIX - COMPX INTERNATIONAL INC SIC 3420 Cutlery, Handtools & General Hardware; CIK 0001049606; latest 10-K filed 2026-03-04. CIX COMPX INTERNATIONAL INC 0001049606 3420 Cutlery, Handtools & General Hardware ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Business Overview We are a leading manufacturer of engineered components utilized in a variety of applications and industries. Through our Security Products segment we manufacture mechanical and electrical cabinet locks and other locking mechanisms used in postal, recreational transportation, office and institutional furniture, cabinetry, tool storage, healthcare applications and a variety of other industries. We also manufacture wake enhancement systems, stainless steel exhaust systems, gauges, throttle controls, trim tabs and related hardware and accessories for the recreational marine and other industries through our Marine Components segment. Operating Income Overview We reported operating income of $22.6 million in 2025 compared to $17.0 million in 2024 and $25.4 million in 2023. The increase in operating income in 2025 compared to 2024 was driven by higher sales and improved gross margin at each of the Security Products and Marine Components segments. In contrast, the decline in operating income in 2024 compared to 2023 resulted from lower sales and reduced gross margin across both segments. See results of operations discussion below. Our product offerings consist of a large number of products that have a wide variation in selling price and manufacturing cost, which results in certain practical limitations on our ability to quantify the impact of changes in individual product sales quantities and selling prices on our net sales, cost of sales and gross margin. In addition, small variations in period-to-period net sales, cost of sales and gross margin can result from changes in the relative mix of our products sold. Results of Operations - 2025 Compared to 2024 and 2024 Compared to 2023 [[GREPCENT_TABLE]] [[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"\\u200b\",\"\\u200b \\u200b \\u200b\",\"Years ended December 31,\",\"\\u200b\",\"% Change\"],[\"\\u200b\",\"\\u200b\",\"2023\",\"\\u200b \\u200b \\u200b\",\"2024\",\"\\u200b \\u200b \\u200b\",\"2025\",\"\\u200b \\u200b \\u200b\",\"2023-24\",\"\\u200b \\u200b \\u200b\",\"2024-25\"],[\"\\u200b\",\"\\u200b\",\"(In millions)\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Net sales\",\"\\u200b\",\"$\",\"161.3\",\"\\u200b\",\"$\",\"145.9\",\"\\u200b\",\"$\",\"158.3\",\"\",\"(10)\",\"%\",\"8\",\"%\"],[\"Cost of sales\",\"\\u200b\",\"\",\"112.1\",\"\\u200b\",\"\",\"104.6\",\"\\u200b\",\"\",\"110.1\",\"\",\"(7)\",\"\",\"5\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Gross margin\",\"\\u200b\",\"\",\"49.2\",\"\\u200b\",\"\",\"41.3\",\"\\u200b\",\"\",\"48.2\",\"\",\"(16)\",\"\",\"16\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Operating costs and expenses\",\"\\u200b\",\"\",\"23.8\",\"\\u200b\",\"\",\"24.3\",\"\\u200b\",\"\",\"25.6\",\"\",\"2\",\"\",\"5\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Operating income\",\"\\u200b\",\"$\",\"25.4\",\"\\u200b\",\"$\",\"17.0\",\"\\u200b\",\"$\",\"22.6\",\"\",\"(33)\",\"\",\"33\",\"\\u200b\"],[\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Percent of net sales:\",\"\\u200b\",\"\",\"\\u200b\",\"\\u200b\",\"\",\"\\u200b\",\"\\u200b\",\"\",\"\\u200b\",\"\",\"\\u200b\",\"\",\"\\u200b\",\"\\u200b\"],[\"Cost of sales\",\"\\u200b\",\"\",\"69.5\",\"%\",\"\",\"71.7\",\"%\",\"\",\"69.6\",\"%\",\"\\u200b\",\"\\u200b\",\"\\u200b\",\"\\u200b\"],[\"Gross margin\",\"\\u200b\",\"\",\"30.5\",\"\\u200b\",\"\",\"28.3\",\"\\u200b\",\"\",\"30.4\",\"\",\"\\u200b\",\"\",\"\\u200b\",\"\\u200b\"],[\"Operating costs and expenses\",\"\\u200b\",\"\",\"14.7\",\"\\u200b\",\"\",\"16.7\",\"\\u200b\",\"\",\"16.2\",\"\",\"\\u200b\",\"\",\"\\u200b\",\"\\u200b\"],[\"Operating income\",\"\\u200b\",\"\",\"15.8\",\"\\u200b\",\"\",\"11.7\",\"\\u200b\",\"\",\"14.3\",\"\",\"\\u200b\",\"\",\"\\u200b\",\"\\u200b\"]] [[/GREPCENT_TABLE]] \u200b Net Sales. Net sales increased $12.4 million in 20 ITEM 1.BUSINESS General CompX International Inc. (NYSE American: CIX), incorporated in Delaware in 1993, is a leading manufacturer of security products used in the postal, recreational transportation, office and institutional furniture, cabinetry, tool storage, healthcare applications and a variety of other industries. We are also a leading manufacturer of wake enhancement systems, stainless steel exhaust systems, gauges, throttle controls and trim tabs and related hardware and accessories for the recreational marine and various other industries. Our products are principally designed for use in medium to high-end product applications where design, quality and durability are valued by our customers. At December 31, 2025, NL Industries, Inc. (NYSE: NL) owns approximately 87% of our outstanding common stock, Valhi, Inc. (NYSE: VHI) owns approximately 83% of NL\u2019s outstanding common stock and a subsidiary of Contran Corporation owns approximately 91% of Valhi\u2019s outstanding common stock. As discussed in Note 1 to our Consolidated Financial Statements, a majority of Contran\u2019s outstanding voting stock is held directly by Lisa K. Simmons, and by family stockholders (Thomas C. Connelly (the husband of Ms. Simmons\u2019 late sister), a family-owned entity and various family trusts established for the benefit of Ms. Simmons, Mr. Connelly and their children) who are required to vote their shares of Contran voting stock in the same manner as Ms. Simmons. Such voting rights are personal to Ms. Simmons and last through April 22, 2030. The remainder of Contran\u2019s outstanding voting stock is held by another trust (the \u201cFamily Trust\u201d), which was established for the benefit of Ms. Simmons and her late sister and their children and for which a third-party financial institution serves as trustee. Consequently, at December 31, 2025, Ms. Simmons and the Family Trust may be deemed to control Contran, and therefore may be deemed to indirectly control the wholly-owned subsidiary of Contran, Valh ITEM 1A.RISK FACTORS Listed below are certain risk factors associated with us and our businesses. In addition to the potential effect of these risk factors discussed below, any risk factor which could result in reduced earnings, operating losses, or reduced liquidity, could in turn adversely affect our ", "title": "CIX - COMPX INTERNATIONAL INC", "url": "/company/CIX/" }, { "kind": "company", "summary": "SIC 2833 Medicinal Chemicals & Botanical Products; CIK 0001374328; latest 10-K filed 2026-03-31.", "text": "FTLF - FITLIFE BRANDS, INC. SIC 2833 Medicinal Chemicals & Botanical Products; CIK 0001374328; latest 10-K filed 2026-03-31. FTLF FITLIFE BRANDS, INC. 0001374328 2833 Medicinal Chemicals & Botanical Products ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OR PLAN OF OPERATION The following is management\u2019s discussion and analysis of certain significant factors that have affected our financial position and operating results during the periods included in the accompanying consolidated financial statements, as well as information relating to the plans of our current management. This report includes forward-looking statements. Generally, the words \u201cbelieves\u201d, \u201canticipates\u201d, \u201cmay\u201d, \u201cwill\u201d, \u201cshould\u201d, \u201cexpect\u201d, \u201cintend\u201d, \u201cestimate\u201d, \u201ccontinue\u201d, and similar expressions or the negative thereof or comparable terminology are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including the matters set forth in this Annual Report or other reports or documents we file with the Securities and Exchange Commission from time to time, which could cause actual results or outcomes to differ materially from those projected. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to update these forward-looking statements. The following discussion and analysis should be read in conjunction with our consolidated financial statements and the related notes thereto and other financial information contained elsewhere in this Annual Report. Unless otherwise stated, all dollar amounts are in thousands, except per share data. 18 Critical Accounting Policies Use of Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States (\u201cGAAP\u201d) requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and (iii) the reported amount of net sales and expense recognized during the periods presented. Those estimates and assumptions include estimates for reserves of uncollectible accounts receivable, allowance for inventory obsolescence, product returns, depreciable lives of property and equipment, allocation of purchase price from business combinations, analysis of impairment of goodwill, realization of deferred tax assets, accruals for potential liabilities and assumptions made in valuing stock instruments issued for services. Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates. Accounts Receivable and Allowance for Doubtful Accounts All of the Company\u2019s accounts receivable balance is related to trade receivables. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company\u2019s best estimate of the amount of probable credit losses in its existing accounts receivable. The Company will maintain allowances for doubtful accounts, estimating losses resulting from the inability of its customers to make required payments for products. Accounts with known financial issues are first reviewed and specific estimates are recorded. The remaining accounts receivable balances are then grouped into categories by the number of days the balance is past due, and the estimated loss is recorded based upon management\u2019s assessment of collectability. Account balances are charged off against the allowance when it is probable that the receivable will not be recovered. As of December 31, 2025 and 2024, the Company had provided a reserve for doubtful accounts of $9 and $41, respectively. Income Taxes The Company accounts for income taxes under FASB Accounting Standards Codification (\u201cASC\u201d) Topic 740, Income Taxes (\u201cASC 740\u201d). Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in t ITEM 1. BUSINESS Overview FitLife Brands, Inc. (the \u201cCompany\u201d) is a provider of innovative and proprietary nutritional supplements and wellness products for health-conscious consumers marketed under the following brand names: (i) NDS Nutrition, PMD Sports, SirenLabs, Core Active, Nutrology, and Metis Nutrition (together, the \u201cNDS Products\u201d); (ii) iSatori, BioGenetic Laboratories, and Energize (together, the \"iSatori Products\"); (iii) Dr. Tobias, All Natural Advice, and Maritime Naturals (together, the \u201cMRC Products\"); (iv) MusclePharm; and (v) Irwin Naturals, Applied Nutrition, and Nature\u2019s Secret (together, the \u201cIrwin Products\u201d). The Company distributes the NDS Products principally through franchised General Nutrition Centers, Inc. (\u201cGNC\u201d) stores located both domestically and internationally. The iSatori Products are sold through retail locations, which include specialty and mass market retailers, as well as online directly to the end consumer. The Company distributes the MRC Products primarily online through e-commerce platforms, such as Amazon.com (\u201cAmazon\u201d), directly to the end consumer. MusclePharm\u2019s products are sold to both wholesale customers as well as online through various e-commerce platforms directly to the end consumer. Irwin Products are sold principally through wholesale channels in mass market and health food store segments. 1 FitLife Brands is headquartered in Omaha, Nebraska. For more information on the Company, please go to www.fitlifebrands.com. The Company\u2019s common stock, par value $0.01 per share (\u201cCommon Stock\u201d), trades under the symbol \u201cFTLF\u201d on the Nasdaq Capital Market. Recent Acquisition On August 8, 2025, the Company acquired substantially all of the assets and assumed certain liabilities of Irwin Naturals and its related affiliates (\u201cIrwin\u201d) through an asset purchase transaction under Section 363 of the U.S. Bankruptcy Code. Total consideration for the acquisition was $42.5 million. Of this amount, $29.75 million was funded usin ITEM 1A - Risk Factors An investment in our securities involves a high degree of risk. You should carefully consider the following information about these risks, together with the other information contained in this Annual Report, before investing in our securities. If any of the events anticipated by the risks ", "title": "FTLF - FITLIFE BRANDS, INC.", "url": "/company/FTLF/" }, { "kind": "company", "summary": "SIC 6331 Fire, Marine & Casualty Insurance; CIK 0002055116; latest 10-K filed 2026-03-13.", "text": "KG - Kestrel Group Ltd SIC 6331 Fire, Marine & Casualty Insurance; CIK 0002055116; latest 10-K filed 2026-03-13. KG Kestrel Group Ltd 0002055116 6331 Fire, Marine & Casualty Insurance Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and related notes included elsewhere in this Annual Report on Form 10-K and Item 1, \"Business - General Overview\". Except as explicitly described as discontinued operations, and unless otherwise noted, all discussions and amounts presented herein relate to the Company's continuing operations except for net income (loss) and net income available to Kestrel common shareholders. Amounts in tables may not reconcile due to rounding differences. Some of the information contained in this discussion and analysis or set forth elsewhere in this Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risk and uncertainties. Please see the \"Special Note About Forward-Looking Statements\" in this Annual Report on Form 10-K for more information on factors that could cause actual results to differ materially from the results described in or implied by any forward-looking statements contained in this discussion and analysis. You should review the \"Risk Factors\" set forth in this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained herein. Overview On May 27, 2025, Kestrel Group LLC (\u201cKestrel LLC\u201d) and Maiden Holdings, Ltd. (\u201cMaiden\u201d) completed their previously announced combination (\"Combination\"), forming a new, publicly listed specialty program group operating under the name Kestrel Group Ltd (\u201cKestrel Group\u201d or \"Parent Company\"). The Combination was previously announced on December 30, 2024. Maiden shares ceased trading on the NASDAQ Capital Market (\"Nasdaq\") at close of market on May 27, 2025. Kestrel Group shares began trading on the Nasdaq at open of market on May 28, 2025 under the ticker symbol \u201cKG\u201d. Upon the closing of the Transactions (the \u201cClosing\u201d), Maiden and Kestrel LLC are now wholly owned subsidiaries of the Parent Company, which was rebranded as Kestrel Group and renamed \u201cKestrel Group Ltd\u201d (\"Kestrel\"). The Combination creates a capital light, fee-based insurance platform with the ability to selectively deploy underwriting capacity to optimize shareholder returns, with a commitment to innovation, client service and long-term relationships. Business Strategy Our strategic focus centers on growing the fee income component of our Program Services business, which will increase our pre-tax income while effectively managing the continuing run-off of the legacy Maiden alternative asset and reinsurance portfolios. Our focus on growing our fee business may include but may consider selectively deploying underwriting capacity to optimize shareholder returns in support of this business. We continue to actively pursue with our existing partners reinsurance mechanisms that would selectively deploy the Company\u2019s underwriting capacity and facilitate and accelerate the growth of our Program Services segment and to optimize shareholder returns. We believe this will create the greatest risk-adjusted shareholder returns in order to increase pre-tax income and book value for our common shareholders, both near and long-term. Our assessment is that these areas of strategic focus would enhance our profitability through increased returns, which would also increase the likelihood of fully utilizing the significant net operating loss (\"NOL\") carryforwards, as described further below, which would increase both GAAP book value and create additional common shareholder value. The recognition of the deferred tax asset on our consolidated balance sheet remains a leading priority for the Company to increase its GAAP book value. As a result of the Combination, as of Decem Item 1. Business. General Overview On May 27, 2025, Kestrel Group LLC (\u201cKestrel LLC\u201d) and Maiden Holdings, Ltd. (\u201cMaiden\u201d) completed their previously announced combination (\"Combination\"), forming a new, publicly listed specialty program group operating under the name Kestrel Group Ltd (\u201cKestrel Group\u201d or \"Parent Company\"). The Combination was previously announced on December 30, 2024. Maiden shares ceased trading on the NASDAQ Capital Market (\"Nasdaq\") at close of market on May 27, 2025. Kestrel shares began trading on the Nasdaq at open of market on May 28, 2025 under the ticker symbol \u201cKG\u201d. Upon the closing of the Transactions (the \u201cClosing\u201d), Maiden and Kestrel LLC are now wholly owned subsidiaries of the Company, which was rebranded as Kestrel Group and renamed \u201cKestrel Group Ltd\u201d (\"Kestrel\"). The Combination creates a capital light, fee-based insurance platform with the ability to selectively deploy underwriting capacity to optimize shareholder returns, with a commitment to innovation, client service and long-term relationships. Business Strategy Our strategic focus centers on growing the fee income component of our Program Services business, which will increase our pre-tax income while effectively managing the continuing run-off of the legacy Maiden alternative asset and reinsurance portfolios. We believe this will create the greatest risk-adjusted shareholder returns in order to increase pre-tax income and book value for our common shareholders, both near and long-term. Our assessment is that these areas of strategic focus would enhance our profitability through increased returns, which would also increase the likelihood of fully utilizing the significant net operating loss (\"NOL\") carryforwards, as described further below, which would increase both GAAP book value and create additional common shareholder value. The recognition of the deferred tax asset on our consolidated balance sheet remains a leading priority for the Company to increase its GAAP bo Item 1A. Risk Factors. Our business is subject to a number of risks that could have a material adverse effect on our business, results of operations, financial condition and/or liquidity and that could cause our operating results to vary significantly from period to period. The risks described below are not the only risks we fac", "title": "KG - Kestrel Group Ltd", "url": "/company/KG/" }, { "kind": "company", "summary": "SIC 8742 Services-Management Consulting Services; CIK 0001903508; latest 10-K filed 2026-03-31.", "text": "PPHC - Public Policy Holding Company, Inc. SIC 8742 Services-Management Consulting Services; CIK 0001903508; latest 10-K filed 2026-03-31. PPHC Public Policy Holding Company, Inc. 0001903508 8742 Services-Management Consulting Services ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d), summarizes the significant factors affecting the operating results, financial condition and liquidity, and cash flows of the Company as of and for the years ended December 31, 2025, and 2024 . This MD&A should be read in conjunction with our consolidated financial statements, the accompanying notes to the consolidated financial statements and the other financial information included in this Annual Report on Form 10-K. Except for historical information, the matters discussed in this MD&A contain various forward-looking statements that involve risks and uncertainties and are based upon judgments concerning various factors beyond our control. Our actual results could differ materially from those anticipated in these forward-looking statements. All forward-looking statements speak only as of the date on which they are made. We undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they are made, except as required by applicable law. Certain monetary amounts, percentages and other figures included in this MD&A have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables or charts may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them. Overview Public Policy Holding Company, Inc. (\"we,\" \"us,\" \"our,\" \"PPHC,\" or the \"Company\") through our wholly-owned subsidiaries, operates a portfolio of firms that offer global strategic communications services, including government relations, corporate communications and public affairs. Engaged by over 1,400 clients, including companies, trade 40 Table of Contents associations and non-governmental organizations, we are active in all major sectors of the economy, including healthcare and pharmaceuticals, financial services, energy, technology, telecoms and transportation. Our services help clients to enhance and defend their reputations, advance policy goals, manage regulatory risk and engage with federal and state-level policy makers, stakeholders, media and the public in multiple jurisdictions and with diverse and complementary capabilities. Since our inception in 2014, we have acquired and integrated numerous businesses specializing in key facets of strategic communications, including government relations, public affairs, research, crisis management, investor relations and creative communications delivery. Under the PPHC holding company, we now operate as 12 member companies in the United States (\u201cUS\u201d or \"U.S.\") and the United Kingdom (\u201cUK\u201d), with expanding reach into Europe and parts of Asia and the Middle East. These 12 member companies include Crossroads, Forbes Tate, Seven Letter, O\u2019Neill, Alpine, KP, MultiState, Concordant, Lucas, Pagefield, TrailRunner, and Pine Cove. We operate in large growing markets that we believe provide us significant opportunity for continued growth. We estimate our total addressable market (\u201cTAM\u201d) in 2024 was in excess of $20.0 billion, comprising $4.4 billion of disclosed federal lobbying expenditure, an estimated $2.2 billion of partially disclosed total US state-based lobbying expenditure, an estimated $5.6 billion global public affairs spend, and an estimated $8.4 billion global corporate communications spend. The latter, which covers corporate, crisis, and financial communications, became part of our offering with the 2025 acquisition of TrailRunner. We believe this segment may be larger than $8.4 billion, though it is difficult to quantify given that industry metrics often combine it with broader public relations categories\u2014such as marketing com ITEM 1. BUSINESS Overview Our mission is to be the preeminent provider of global strategic communications by uniting a diverse group of leading government relations, corporate communications and public affairs specialists around the world for the collective success of our clients, employees, and shareholders. Founded by veteran advisors with decades of experience in Washington, D.C.\u2019s public policy and government relations landscape, we have grown and diversified our global communications advisory business through targeted acquisitions and organic growth. We designed our business to address the growing complexity and costs facing major corporate and non-profit entities in managing increasingly intricate and interdependent public policy and reputational challenges, and we now help more than 1,400 clients around the world navigate today\u2019s complex mosaic of stakeholders across the full spectrum of corporate affairs. Our clients include nearly half of the Fortune 100. Across our growing portfolio, our specialized firms offer global strategic communications services, including government relations, corporate communications, public affairs, research, crisis management, financial communications and investor relations, and creative communications delivery. We are active in all major sectors of the economy, including healthcare and pharmaceuticals, asset management and financial services, energy, technology, telecoms and transportation. Our diverse and complementary services help clients enhance, fortify and defend their reputations, advance corporate strategy, manage regulatory risk and opportunities, and maintain productive, ongoing engagement with their most important stakeholders including federal- and state-level policy makers, investors, employees, customers, the media, and the general public. We do this in multiple jurisdictions and with our diverse and complementary capabilities. Our business comprises of three reporting segments\u2014Government Relations Consult ITEM 1A. RISK FACTORS An investment in the Company\u2019s Common Stock involves a high degree of risk. You should consider carefully all the risk factors described below, the matters discussed above under \u201cCautionary Notice Regarding Forward-Looking Statements\u201d and other information incl", "title": "PPHC - Public Policy Holding Company, Inc.", "url": "/company/PPHC/" }, { "kind": "company", "summary": "SIC 6282 Investment Advice; CIK 0000717720; latest 10-K filed 2025-07-29.", "text": "VALU - VALUE LINE INC SIC 6282 Investment Advice; CIK 0000717720; latest 10-K filed 2025-07-29. VALU VALUE LINE INC 0000717720 6282 Investment Advice Item 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\u201cMD&A\u201d) is intended to help a reader understand Value Line, its operations and business factors. The MD&A should be read in conjunction with Item 1, \u201cBusiness\u201d, and Item 1A, \u201cRisk Factors\u201d of Form 10-K, and in conjunction with the consolidated financial statements and the accompanying notes contained in Item 8 of this report. The MD&A includes the following subsections: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Executive Summary of the Business\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Results of Operations\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Liquidity and Capital Resources\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Recent Accounting Pronouncements\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Critical Accounting Estimates and Policies\"]] [[/GREPCENT_TABLE]] Executive Summary of the Business The Company's core business is producing investment periodicals and their underlying research and making available certain Value Line copyrights, Value Line trademarks and Value Line Proprietary Ranks and other proprietary information, to third parties under written agreements for use in third-party managed and marketed investment products and for other purposes. Value Line markets under well-known brands including Value Line\u00ae, the Value Line logo\u00ae, The Value Line Investment Survey\u00ae, Smart Research, Smarter Investing\u2122 and The Most Trusted Name in Investment Research\u00ae. The name \"Value Line\" as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company. EULAV Asset Management Trust (\u201cEAM\u201d) was established to provide the investment management services to the Value Line Funds, institutional and individual accounts and provide distribution, marketing, and administrative services to the Value Line\u00ae Mutual Funds (\"Value Line Funds\"). The Company maintains a significant investment in EAM from which it receives payments in respect of its non-voting revenues and non-voting profits interests. The Company\u2019s target audiences within the investment research field are individual investors, colleges, libraries, and investment management professionals. Individuals come to Value Line for complete research in one package. Institutional licensees consist of corporations, financial professionals, colleges, and municipal libraries. Libraries and universities offer the Company\u2019s detailed research to their patrons and students. Investment management professionals use the research and historical information in their day-to-day businesses. The Company has a dedicated department that solicits institutional subscriptions. Payments received for new and renewal subscriptions and the value of receivables for amounts billed to retail and institutional customers are recorded as unearned revenue until the order is fulfilled. As the orders are fulfilled, the Company recognizes revenue in equal installments over the life of the particular subscription. Accordingly, the subscription fees to be earned by fulfilling subscriptions after the date of a particular balance sheet are shown on that balance sheet as unearned revenue within current and long-term liabilities. The investment periodicals and related publications (retail and institutional) and Value Line copyrights and Value Line Proprietary Ranks and other proprietary information consolidate into one segment called Publishing. The Publishing segment constitutes the Company\u2019s only reportable business segment. 22 Asset Management and Mutual Fund Distribution Businesses Pursuant to the EAM Declaration of Trust, the Company maintains an interest in certain revenues of EAM and a portion of the residual profits of EAM but has no voting authority with respect to the election or removal of the trustees of EAM or control of it Item 1. BUSINESS. Value Line, Inc. is a New York corporation headquartered in New York City and formed in 1982. The Company's core business is producing investment periodicals and their underlying research and making available certain Value Line copyrights, Value Line trademarks and Value Line Proprietary Ranks and other proprietary information, to third parties under written agreements for use in third-party managed and marketed investment products and for other purposes. Value Line markets under well-known brands including Value Line\u00ae, the Value Line logo\u00ae, The Value Line Investment Survey\u00ae, Smart Research, Smarter Investing\u2122 and The Most Trusted Name in Investment Research\u00ae. The name \"Value Line\" as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company. Effective December 23, 2010, EULAV Asset Management Trust (\u201cEAM\u201d) was established to provide investment management services to the Value Line Funds accounts and provides distribution, marketing, and administrative services to the Value Line Funds. Value Line holds substantial non-voting revenues and non-voting profits interests in EAM. The Company is the successor to substantially all of the operations of Arnold Bernhard & Co, Inc. (\"AB&Co.\"). AB&Co. is the controlling shareholder of the Company and, as of April 30, 2025, owns 91.74% of the outstanding shares of the common stock of the Company. A. Investment Related Periodicals & Publications The investment periodicals and related publications offered by Value Line Publishing LLC (\u201cVLP\u201d), a wholly-owned entity of the Company, cover a broad spectrum of investments including stocks, mutual funds, ETFs and options. The Company\u2019s periodicals and related publications and services are marketed to individual and professional investors, as well as to institutions including municipal and university libraries and investment firms. The services generally fall into four categories: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Co ITEM 1A. RISK FACTORS In addition to the risks referred to elsewhere in this Form 10-K, the following risks, among others, sometimes may have affected, and in the future could affect, the Company\u2019s business operations, financial condition or results of operations and/or the investment management business conducted by EAM and consequently, the amount of income we rece", "title": "VALU - VALUE LINE INC", "url": "/company/VALU/" }, { "kind": "company", "summary": "SIC 8011 Services-Offices & Clinics of Doctors of Medicine; CIK 0001930313; latest 10-K filed 2026-03-27.", "text": "SBC - SBC Medical Group Holdings Inc SIC 8011 Services-Offices & Clinics of Doctors of Medicine; CIK 0001930313; latest 10-K filed 2026-03-27. SBC SBC Medical Group Holdings Inc 0001930313 8011 Services-Offices & Clinics of Doctors of Medicine Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis summarize the significant factors affecting our operating results, financial condition, liquidity, and cash flows for the periods presented below. The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report. The forward-looking statements contained herein are based on management\u2019s judgment, assumptions made by management and information currently available to it. Actual results could differ materially from those discussed or implied in the forward-looking statements as a result of various factors, including those described below and elsewhere in this Annual Report, particularly in \u201cPart I, Item 1A. Risk Factors\u201d and the section entitled \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Unless the context otherwise requires, any reference in this section of this Annual Report to the \u201cCompany,\u201d \u201cSBC,\u201d \u201cwe,\u201d \u201cus\u201d or \u201cour\u201d refers to Legacy SBC and its consolidated subsidiaries and variable interest entity (\u201cVIE\u201d), prior to the consummation of the Business Combination and to SBC Medical Group Holdings Incorporated, the Combined Entity and its consolidated subsidiaries and VIE following the Business Combination. Overview SBC Medical Group, Inc. (formerly known as SBC Medical Group Holdings Incorporated), a Delaware corporation and subsidiary of the Company (\u201cLegacy SBC\u201d) is a management company headquartered in Irvine, California and Tokyo, Japan, that provides management services to cosmetic treatment centers mainly in Japan. On September 17, 2024, Legacy SBC consummated its going-public business combination with Pono Capital Two, Inc. (\u201cBusiness Combination\u201d). In connection with the closing of the Business Combination, Pono Capital Two, Inc. changed its name to SBC Medical Group Holdings Incorporated and the Company\u2019s common stock began trading on Nasdaq under the ticker symbol \u201cSBC\u201d. The Company and its subsidiaries are primarily focused on providing comprehensive management services to franchisee clinics. These services include advertising and marketing across various platforms (such as social media networks), staff management (such as recruitment and training), booking and reservation services for franchisee clinic customers. We also support franchisee clinics through assistance with employee housing rentals and facility rentals, leasehold improvement services and design of clinics, medical equipment and medical consumables procurement (resale), the provision of cosmetic products to clinics for resale to clinic customers, licensure of the use of patent-pending and non-patented medical technologies, trademark and brand use, IT software solutions (including but not limited to remote medical consultations), management of the customer rewards program (customer loyalty point program), and payment tools. Our wholly owned subsidiary, SBC Medical Group Co., Ltd., a Japanese corporation (\u201cSBC Medical Sub\u201d, or \u201cSBC Japan\u201d), is designated as a \u201cmedical service corporation\u201d. In Japan, a medical service corporation is a legal entity that provides management services to \u201cmedical corporations\u201d. The management services are conducted through franchisor-franchisee contracts and/or service contracts between SBC Medical Sub and the medical corporations (and, where applicable, other entities) that own domestic franchisee treatment centers in Japan. These treatment centers provide services including but are not limited to breast augmentation, liposuction, rejuvenation treatments (including treatment of wrinkles, acne, scars, cellulite, excess fat, discoloration, and signs of aging), laser skin toning and spot removal, eyes double fold surgery, rhinoplasty, treatment of osmidrosis and hyperhidrosis, hair transplants, gynecological formation treatments, laser hair removal, face line surgeries, cosmeti Item 1. Business. Unless the context indicates otherwise, any references herein to the \u201cCompany\u201d, \u201cwe\u201d, \u201cus\u201d and \u201cour\u201d refer to (i) SBC Medical Group, Inc. (formerly known as SBC Medical Group Holdings Incorporated), a Delaware corporation (\u201cLegacy SBC\u201d), and its consolidated subsidiaries and variable interest entity (\u201cVIE\u201d), prior to the consummation of the Business Combination and to (ii) SBC Medical Group Holdings Incorporated, the Combined Entity and its consolidated subsidiaries and VIE following the Business Combination, and reference herein to \u201cPono\u201d refers to Pono Capital Two, Inc., the predecessor company prior to the consummation of the Business Combination. Company Overview History We were originally incorporated in Delaware on March 11, 2022 under the name \u201cPono Capital Two, Inc.,\u201d referred to herein as \u201cPono,\u201d as a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On August 9, 2022, Pono consummated its IPO of 11,500,000 units (the \u201cUnits\u201d and, with respect to the Class A common stock included in the Units being offered, the \u201cPublic Shares\u201d and with respect to the warrants included in the Units, the \u201cPublic Warrants\u201d) (the \u201cPono IPO\u201d). Simultaneously with the consummation of the closing of the Pono IPO, Pono consummated the private placement of an aggregate of 634,375 units (the \u201cPlacement Units\u201d) at a price of $10.00 per Placement Unit in a private placement to the Sponsor (the \u201cPrivate Placement\u201d). On September 26, 2022, the Class A common stock and Public Warrant included in the Units began separate trading on The Nasdaq Global Market under the symbols \u201cPTWO\u201d and \u201cPTWOW,\u201d respectively. On January 31, 2023, Pono entered into an Agreement and Plan of Merger (as subsequently amended from time to time, the \u201cMerger Agreement\u201d) with Pono Two Merger Sub, Inc., a Delaware corporation (\u201c Item 1A. Risk Factors An investment in our securities carries a significant degree of risk. You should carefully consider the following risks, as well as the other information contained in this Annual Report, including our historical financial statements and related no", "title": "SBC - SBC Medical Group Holdings Inc", "url": "/company/SBC/" }, { "kind": "company", "summary": "SIC 3751 Motorcycles, Bicycles & Parts; CIK 0001898795; latest 10-K filed 2026-02-20.", "text": "LVWR - LiveWire Group, Inc. SIC 3751 Motorcycles, Bicycles & Parts; CIK 0001898795; latest 10-K filed 2026-02-20. LVWR LiveWire Group, Inc. 0001898795 3751 Motorcycles, Bicycles & Parts Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis is intended to help the reader understand LiveWire, our financial condition and results of operations, and our present business environment. The following discussion and analysis should be read together with the consolidated financial statements and related notes included elsewhere in this Form 10-K. The following discussion may contain forward-looking statements. Actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those factors discussed below and elsewhere in this Form 10-K, particularly in \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d discussions. Overview LiveWire is an industry-leading all-electric vehicle brand with a mission to pioneer the rapidly growing two-wheel electric motorcycle space. The Company operates in two segments: Electric Motorcycles and STACYC. The Electric Motorcycles segment sells electric motorcycles, related parts and accessories and apparel in the United States and certain international markets, while the STACYC segment sells electric balance bikes, electric bikes, related parts and accessories and apparel in the United States and certain international markets. The STACYC segment launched an adult pedal assist electric bike in the United States in March 2025. Electric motorcycles are sold at wholesale to a network of Independent Retail Partners, at retail through a Company-owned dealership and through online sales. Prior to November 5, 2024, the Company\u2019s products were sold at retail through select international partners primarily in Europe. Electric balance bikes and electric bikes are sold at wholesale to independent dealers and independent distributors, as well as direct to customers online. As discussed below, on September 26, 2022 as part of the 59 Business Combination, the Company, which included LiveWire branded electric motorcycles and STACYC, became a separate, publicly traded company. During the third quarter of 2025, the Company initiated the \u201cTwist & Go Promotion\u201d offering temporary pricing incentives on its S2 electric motorcycles from August 28, 2025 to October 31, 2025, which resulted in increased sales volumes in the third quarter of 2025. In late October 2025, the promotion was extended by the Company through December 15, 2025. LiveWire\u2019s net loss for the year ended December 31, 2025 was $75,114 thousand compared to $93,925 thousand for the year ended December 31, 2024. LiveWire\u2019s net losses reflect the early-stage nature of LiveWire\u2019s business including investments in product development as LiveWire continues to focus on technological innovation that it expects will support future products and growth. The Electric Motorcycles segment operating loss for the year ended December 31, 2025 was $73,831 thousand, compared to an operating loss of $105,500 thousand for the year ended December 31, 2024. Refer to the Electric Motorcycles segment analysis below for further discussion. The STACYC segment operating loss for the year ended December 31, 2025 was $1,653 thousand, as compared to operating loss of $4,856 thousand for the year ended December 31, 2024. Refer to the STACYC segment analysis below for further discussion. In response to the market challenges facing the electric vehicle segment and the overall boarder powersports industry, the Company is continuing to focus on strategic expansion of its product offerings, including the planned production in the spring of 2026 of two new 125 cc-equivalent mini-motos, the S4 HonchoTM products, which are designed to expand access and affordability for riders globally. As the Company evaluates its long-term strategy and product offerings, it will continue to focus on cost savings to reduce cash usage while focusing on developing and producing profitable products t Item 1. Business General LiveWire Group, Inc., a Delaware corporation, and its consolidated subsidiaries are referred to in this Form 10-K as \u201cwe,\u201d \u201cour,\u201d \u201cus,\u201d the \u201cCompany,\u201d or \u201cLiveWire.\u201d LiveWire is an industry-leading all-electric motorcycle brand with a focus on pioneering the growing two-wheel electric motorcycle space. LiveWire was a direct, wholly owned subsidiary of AEA-Bridges Impact Corp (\u201cABIC\u201d), which was originally incorporated as a Cayman Islands exempted company on July 29, 2020, as a special purpose acquisition company (\u201cSPAC\u201d) with the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. In connection with the transactions (the \u201cBusiness Combination\u201d) pursuant to the business combination agreement, dated as of December 12, 2021 (the \u201cBusiness Combination Agreement\u201d), by and among ABIC, LiveWire EV Holdings, Inc., a Delaware corporation (now known as \u201cLiveWire Group, Inc.\u201d), LW EV Merger Sub, Inc., a Delaware corporation (\u201cMerger Sub\u201d), Harley-Davidson, Inc. (\u201cH-D\u201d), and LiveWire EV, LLC (\u201cLegacy LiveWire\u201d), a wholly-owned subsidiary of H-D, we entered into a number of agreements with H-D, including the Separation Agreement, dated as of September 26, 2022, by and between H-D and Legacy LiveWire and consummated the separation of the Legacy LiveWire business and other transaction contemplated by the Separation Agreement (the \u201cSeparation\u201d). The Company assessed that it has two reportable segments based upon how management reviews the operations of the business: Electric Motorcycles (\u201cElectric Motorcycles\u201d) and STACYC (\u201cSTACYC\u201d). The Company's reportable segments are strategic business units that offer different products and services and are managed separately based on the fundamental differences in their operations. The Electric Motorcycles segment primarily focuses on the designing and selling of electric motorcycles and also sells Item 1A. Risk Factors LiveWire Group, Inc. is subject to risks and uncertainties, including those discussed below. Discussions of our business and operations included in this Annual Report on Form 10-K should be read together with the risk factors set forth below. Some of these risks and uncertainties, including those describe", "title": "LVWR - LiveWire Group, Inc.", "url": "/company/LVWR/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001861795; latest 10-K filed 2026-02-26.", "text": "DH - Definitive Healthcare Corp. SIC 7372 Services-Prepackaged Software; CIK 0001861795; latest 10-K filed 2026-02-26. DH Definitive Healthcare Corp. 0001861795 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion includes a comparison of our results of operations, financial condition, and liquidity and capital resources for fiscal years 2025, 2024 and 2023. This discussion is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and accompanying Notes to the Financial Statements found in Part II, Item 8 of this Form 10-K. It contains forward-looking statements that involve risks and uncertainties and our actual results may differ materially from those discussed. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and those discussed in \u201cRisk Factors\u201d under Part I, Item 1A of this Annual Report. Overview Definitive Healthcare is a leading provider of healthcare commercial intelligence. Our solutions are designed to provide accurate and comprehensive information on healthcare providers and their activities to help our customers optimize everything from product development to go-to-market planning and sales and marketing execution. Delivered through our software as a service (\u201cSaaS\u201d) platform, our intelligence has become important to the commercial success of our approximately 2,330 customers as of December 31, 2025. We generally define a customer as a company that maintains one or more active paid subscriptions to our platform. We sell into three end markets: Life Sciences, Provider, and Diversified. Life Sciences is made up of biopharmaceutical and medical device companies; Providers are the healthcare providers; and Diversified includes healthcare information technology companies and other organizations seeking commercial success in the attractive but complex healthcare ecosystem, such as staffing firms, commercial real estate firms, and financial institutions. Within these organizations, our platform is leveraged by a broad set of functional groups, including sales, marketing, clinical research and product development, strategy, talent acquisition, and physician network management. We offer access to our platform on a subscription basis, and we generate substantially all of our revenue from subscription fees. We were founded in 2011 by our Executive Chairman, Jason Krantz. Mr. Krantz founded the Company to provide healthcare commercial intelligence that enables companies that compete within or sell into the healthcare ecosystem to make better, informed decisions and be more successful. Over time, we have expanded our platform with new intelligence modules, innovative analytics, workflow capabilities and additional data sources. We believe any company selling or competing within the healthcare ecosystem is a potential customer for us and contributes to our estimated current total addressable market of over $11 billion and our serviceable addressable market of approximately $7 billion. In total, we have identified more than 100,000 potential customers that we believe could benefit from our platform. Recent Developments Acquisitions On January 16, 2024, we completed the purchase of assets comprising the Carevoyance (as the term is defined below) business line of H1 Insights, Inc., a product that helps medical technology (\u201cMedTech\u201d) customers to improve segmentation, targeting, and prospect engagement for $13.7 million, subject to closing adjustments. We finalized the purchase price allocations of the Carevoyance acquisition during the fourth quarter of 2024. On July 21, 2023, we completed the acquisition of Populi, a provider-focused data and analytics company that works with healthcare organizations to optimize physician relationships, reduce network leakage, and expand market share, for total consideration of $54.1 million, consisting of approximately $46.4 million of cash paid at closing, a $0.1 million reimbursement from sellers for working capital adjustments, and up to $28.0 million of con Item 1. Business. Our Mission Our mission is to transform data, analytics, and expertise into healthcare commercial intelligence. We help clients uncover the right markets, opportunities, and people, so they can shape tomorrow\u2019s healthcare industry. Our software-as-a-service (\u201cSaaS\u201d) platform creates new paths to commercial success in the healthcare market, so companies can identify where to go next. Overview Definitive Healthcare is a leading provider of healthcare data and analytics. We provide accurate, comprehensive information on healthcare providers and their activities, enabling customers to make informed decisions across product development, go-to-market planning, and sales and marketing execution. We also offer claims and consumer analytics built from modeled data on millions of unique consumers to help healthcare organizations target, message, and engage specific healthcare audiences. Delivered through our SaaS products and solutions, our data is important to the commercial success of our approximately 2,330 customers as of December 31, 2025 and can be applied in ways that ultimately benefit patient access and care. We generally define a customer as a company that maintains one or more active paid subscriptions. We serve three primary end markets: Life Sciences, Provider, and Diversified. Our Life Sciences customers comprise biopharmaceutical and medical device companies. Providers comprise hospitals, health systems, and other care delivery organizations. Diversified customers include healthcare information technology companies and other organizations operating within the healthcare market, such as staffing firms, commercial real estate firms, financial institutions, and marketing and advertising agencies. Within these organizations, our data serves a broad set of functional groups, including sales, marketing, clinical research, product development, strategy, talent acquisition, and physician network management. Customers access our data products on Item 1A. Risk Factors. You should carefully consider each of the following risk factors, as well as other information contained in this Form 10-K, including \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our audited consolidated financial statements and related notes. The o", "title": "DH - Definitive Healthcare Corp.", "url": "/company/DH/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001711754; latest 10-K filed 2026-03-30.", "text": "INMB - Inmune Bio, Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001711754; latest 10-K filed 2026-03-30. INMB Inmune Bio, Inc. 0001711754 2836 Biological Products, (No Diagnostic Substances) ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our financial statements and notes thereto appearing elsewhere in this Annual Report. In addition to historical financial information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results could differ materially from those anticipated by these forward-looking statements as a result of many factors. We discuss factors that we believe could cause or contribute to these differences below and elsewhere in this Form 10-K, including those set forth under \u201cRisk Factors\u201d and \u201cForward-Looking Statements.\u201d 57 Overview INmune Bio is a clinical-stage biotechnology company dedicated to developing and commercializing a pipeline of product candidates designed to reprogram the innate immune system. Our mission is to address a broad range of diseases where chronic inflammation and immune dysfunction are primary drivers of pathology. Lead Program: CORDStrom\u2122 for RDEB Our primary focus is the treatment of Recessive Dystrophic Epidermolysis Bullosa (\u201cRDEB\u201d) using CORDStrom, our proprietary, pooled, human umbilical cord-derived mesenchymal stromal cell platform. RDEB is a devastating pediatric orphan disease caused by mutations in the COL7A1 gene. This genetic deficiency leads to systemic complications, including highly debilitating skin blistering, chronic non-healing wounds, dysphagia, and failure to thrive. Over time, the chronic inflammatory environment associated with RDEB often progresses to fatal squamous cell carcinoma. RDEB is a systemic disease with no approved systemic treatments. The only approved products to date are topical and do not address the systemic issues of the disease, which is the focus of CORDStrom. CORDStrom has recently completed a pivotal, blinded, randomized cross-over trial. Based on these data, the Company is transitioning toward regulatory submission and commercialization. We intend to file a Marketing Authorization Application (\u201cMAA\u201d) in the United Kingdom and the European Union, followed by a Biologics License Application (\u201cBLA\u201d) with the U.S. Food and Drug Administration (\u201cFDA\u201d) targeted for 2026. Neuroinflammation and Oncology Pipelines In addition to our lead rare disease program, the Company is advancing two other clinical-stage platforms: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"XPro1595 (XPro): A next-generation protein therapeutic that targets neuroinflammation by selectively neutralizing soluble TNF. XPro has completed Phase I and Phase II clinical trials for the treatment of Alzheimer\\u2019s Disease (\\u201cAD\\u201d), with enrollment spanning clinical sites in the United Kingdom, the European Union, Australia, and Canada.\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"INKmune\\u2122: A novel natural killer (NK) cell-priming platform designed to harness the patient\\u2019s own innate immune system to eliminate cancer cells. The INKmune program is currently nearing the completion of an open-label Phase II trial for the treatment of metastatic castrate-resistant prostate cancer (\\u201cmCRPC\\u201d).\"]] [[/GREPCENT_TABLE]] By targeting the innate immune system across these distinct therapeutic areas, INmune Bio aims to deliver disease-modifying treatments for patients with high unmet medical needs. We continue to incur significant development and other expenses related to our ongoing operations. As a result, we are not and have never been profitable and have incurred losses in each period since our inception, resulting in substantial doubt in our ability to continue as a going concern. We reported a net loss of $45.9 million and $42.1 million for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, we had cash and cash equivalents of $24.8 million and $2 Item 1. Business Our Strategy Company Overview INmune Bio is a clinical-stage biotechnology company dedicated to developing and commercializing a pipeline of product candidates designed to reprogram the innate immune system. Our mission is to address a broad range of diseases where chronic inflammation and immune dysfunction are primary drivers of pathology. Lead Program: CORDStrom\u2122 for RDEB Our primary focus is the treatment of Recessive Dystrophic Epidermolysis Bullosa (RDEB) using CORDStrom, our proprietary, pooled, human umbilical cord-derived mesenchymal stromal cell platform. RDEB is a devastating pediatric orphan disease caused by mutations in the COL7A1 gene. This genetic deficiency leads to systemic complications, including highly debilitating skin blistering, chronic non-healing wounds, dysphagia, and failure to thrive. Over time, the chronic inflammatory environment associated with RDEB often progresses to fatal squamous cell carcinoma. RDEB is a systemic disease with no approved systemic treatments. The only approved products to date are topical and do not address the systemic issues of the disease, which is the focus of CORDStrom. CORDStrom has recently completed a pivotal, blinded, randomized cross-over trial. Based on these data, the Company is transitioning toward regulatory submission and commercialization. We intend to file a Marketing Authorization Application (MAA) in the United Kingdom in July 2026 and the European Union (EU) in September 2026, followed by a Biologics License Application (BLA) with the U.S. Food and Drug Administration (FDA) targeted for December 2026. Neuroinflammation and Oncology Pipelines In addition to our lead rare disease program, the Company is advancing two other clinical-stage platforms: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"XPro1595 (XPro): A next-generation protein therapeutic that targets neuroinflammation by selectively neutralizing soluble TNF. XPro has completed Phase I and Phase II clinical trials for the tr Item 1A. Risk Factors Summary of Risk Factors Below is a summary of the principal factors that make an investment in our common stock speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other r", "title": "INMB - Inmune Bio, Inc.", "url": "/company/INMB/" }, { "kind": "company", "summary": "SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0000065596; latest 10-K filed 2026-03-30.", "text": "SIEB - SIEBERT FINANCIAL CORP SIC 6211 Security Brokers, Dealers & Flotation Companies; CIK 0000065596; latest 10-K filed 2026-03-30. SIEB SIEBERT FINANCIAL CORP 0000065596 6211 Security Brokers, Dealers & Flotation Companies ITEM 7. MANAGEMENT\u2019S DISCUSSIONS AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes included in Part II, Item 8 - Financial Statements and Supplementary Data of this Report. In addition to our historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Report, particularly in Part I, Item 1A - Risk Factors. Overview We are primarily a financial services company and provide a wide variety of financial services to our clients. We operate in business lines such as retail brokerage, investment advisory, insurance, and technology development through our wholly-owned and majority-owned subsidiaries. We also operate a smaller Media, Entertainment, and Sports segment that provides talent management and related services. This segment represents a limited portion of our overall operations, and its results may vary based on the timing of projects and broader industry conditions. Results in the businesses in which we operate are highly correlated to general economic conditions and, more specifically, to the direction of the U.S. equity and fixed-income markets. Market volatility, overall market conditions, interest rates, economic, political, and regulatory trends, and industry competition are among the factors which could affect us, and which are unpredictable and beyond our control. These factors affect the financial decisions made by market participants who include investors and competitors, impacting their level of participation in the financial markets. In addition, in periods of reduced financial market activity, profitability is likely to be adversely affected because certain expenses remain relatively fixed, including salaries and related costs, as well as portions of communications costs and occupancy expenses. Accordingly, earnings for any period should not be considered representative of earnings to be expected for any other period. Financial Overview In 2025, earnings per share were $0.13, compared to earnings per share of $0.33 in 2024. In 2025, our net revenues were $94.2 million and net income was $5.1 million, compared to net revenues of $83.9 million and net income of $13.3 million in 2024. Financial highlights as of December 31, 2025: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Retail customer net worth increased by 9% to $19.5 billion compared to 2024\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Revenue related to stock borrow / stock loan increased by 51% to 29.0 million compared to 2024\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Revenue related to principal transactions and proprietary trading increased by 20% to $17.5 million compared to 2024\"]] [[/GREPCENT_TABLE]] Investment in Equity Security In the first quarter of 2025, Siebert participated in a private placement and acquired restricted shares of a privately held U.S. company (the \u201cInvestment in Equity Security\u201d). In June 2025, after the lifting of contractual sale restrictions, Siebert sold the majority of its Investment in Equity Security for an average price of $19.00 per share, with the remaining position sold by August 2025. Siebert recognized a total realized gain related to this transaction of $2.4 million for the year ended December 31, 2025. Developments in 2025 Acquisition of BMLG Assets To expand upon our 2024 acquisition of GM, in the second quarter of 2025, we acquired certain assets from BMLG related to music masters, including associated copyrights and artwork. This acquisition gives Siebert ownership of recorded masters from artists su ITEM 1. BUSINESS Overview of Company Siebert Financial Corp., together with its subsidiaries, is a diversified financial services firm and provides a full range of brokerage and financial advisory services including securities brokerage, investment advisory and insurance offerings, and corporate stock plan administration solutions. Our firm is characterized by building solid relationships with our clients through exceptional personal service and proven performance. We have a strong legacy and continue to evolve in our approach to take advantage of opportunities in the financial services industry. As part of our strategic initiatives to diversify and create synergies between our enterprises, we acquired a media and entertainment company. We conduct the following lines of business through our wholly-owned and majority-owned subsidiaries: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Muriel Siebert & Co., LLC (\\u201cMSCO\\u201d) provides retail brokerage services. MSCO is a Delaware corporation and broker-dealer registered with the SEC under the Securities Exchange Act of 1934 (\\u201cExchange Act\\u201d) and the Commodity Exchange Act of 1936, and member of the Financial Industry Regulatory Authority (\\u201cFINRA\\u201d), the New York Stock Exchange (\\u201cNYSE\\u201d), the Securities Investor Protection Corporation (\\u201cSIPC\\u201d), Euroclear, and the National Futures Association (\\u201cNFA\\u201d), and the Commodities Futures Trading Commission (\\u201cCFTC\\u201d).\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Siebert AdvisorNXT, LLC (\\u201cSNXT\\u201d) provides investment advisory services. SNXT is a New York corporation registered with the SEC as a Registered Investment Advisor (\\u201cRIA\\u201d) under the Investment Advisers Act of 1940 (\\u201cAdvisers Act\\u201d).\"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Park Wilshire Companies, Inc. (\\u201cPW\\u201d) provides insurance services. PW is a Texas corporation and licensed insurance agency.\"]] [[/GREPCENT", "title": "SIEB - SIEBERT FINANCIAL CORP", "url": "/company/SIEB/" }, { "kind": "company", "summary": "SIC 1040 Gold and Silver Ores; CIK 0001947244; latest 10-K filed 2026-03-20.", "text": "USGO - U.S. GoldMining Inc. SIC 1040 Gold and Silver Ores; CIK 0001947244; latest 10-K filed 2026-03-20. USGO U.S. GoldMining Inc. 0001947244 1040 Gold and Silver Ores Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Management\u2019s Discussion and Analysis For the year ended December 31, 2025 General Unless the context otherwise requires, references to \u201cU.S. GoldMining\u201d, \u201cthe Company\u201d, \u201cwe\u201d, \u201cus\u201d and \u201cour\u201d refer to U.S. GoldMining Inc., a Nevada corporation and references to \u201c$\u201d or \u201cdollars\u201d are to United States dollars. The management\u2019s discussion and analysis of the financial condition and results of operations of U.S. GoldMining Inc. for the year ended December 31, 2025 (the \u201cMD&A\u201d), is intended to provide readers with a review of the principal factors that affected our performance during the periods presented, including matters that have materially affected our financial condition and results of operations, and matters that are reasonably likely, based on management\u2019s assessment, to have a material impact on future operations and results. This MD&A should be read in conjunction with our consolidated financial statements for the years ended December 31, 2025 and 2024, and related notes. Such financial statements and notes are included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the \u201cAnnual Report\u201d) in which this MD&A is included under Item 7 thereof. Some of the information contained in this MD&A or set forth elsewhere in the Annual Report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of our Annual Report, our actual results could differ materially from the results described in, or implied by, the forward-looking statements contained in the following discussion and analysis. A copy of our Annual Report is available under our profiles at www.sec.gov and at. Cautionary Note Regarding Forward-Looking Statements This MD&A includes forward-looking statements and forward-looking information within the meaning of Canadian securities laws and the Private Securities Litigation Reform Act of 1995, collectively referred to as \u201cforward-looking statements\u201d. Forward-looking statements include statements that relate to our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs and other information that is not historical information. Forward-looking statements can often be identified by the use of terminology such as \u201csubject to\u201d, \u201cbelieve\u201d, \u201canticipate\u201d, \u201cplan\u201d, \u201ctarget\u201d, \u201cexpect\u201d, \u201cintend\u201d, \u201cestimate\u201d, \u201cproject\u201d, \u201coutlook\u201d, \u201cmay\u201d, \u201cwill\u201d, \u201cshould\u201d, \u201cwould\u201d, \u201ccould\u201d, \u201ccan\u201d, the negatives thereof, variations thereon and similar expressions, or by discussions of strategy. In addition, any statements that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. In particular, forward-looking statements include, but are not limited to, statements about: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"our expectations regarding raising capital and developing the Whistler Project;\"],[\"\",\"\\u25cf\",\"planned activities, including proposed exploration, development and the completion of proposed studies pertaining to the Whistler Project and the goals thereof; and\"],[\"\",\"\\u25cf\",\"our estimates regarding future liquidity requirements and the need for additional financing in the future.\"]] [[/GREPCENT_TABLE]] 38 These forward-looking statements are based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances, including that: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"the timing and ability to obtain requisite operational, environmental and other licenses Business Overview We are a United States domiciled exploration stage company and our sole project is currently the Whistler Project. The Whistler Project is a gold-copper exploration project located in the Yentna Mining District, approximately 170 km northwest of Anchorage, in Alaska. See \u201cItem 2. Properties\u201d for further information. We were incorporated on June 30, 2015, in Alaska as \u201cBRI Alaska Corp.\u201d and on August 5, 2015, pursuant to an asset purchase agreement dated July 20, 2015, by and among us, GoldMining Inc. (\u201cGoldMining\u201d), Kiska Metals Corporation (\u201cKiska\u201d) and Geoinformatics Alaska Exploration, Inc. (\u201cGeoinformatics\u201d), we acquired a 100% interest in the Whistler Project and certain related assets. On September 8, 2022, we redomiciled to Nevada and changed our name to \u201cU.S. GoldMining Inc.\u201d Our sole subsidiary is US GoldMining Canada Inc., a company incorporated under the laws of British Columbia, Canada, and which is wholly-owned by us. We are a subsidiary of GoldMining, a Toronto Stock Exchange and NYSE American listed precious metals exploration and development company that was incorporated in 2009 and whose disclosed strategy is to expand its property portfolio through accretive transactions of resource stage gold projects and to advance its properties towards development. As of the date hereof, GoldMining owns 9,878,261 shares of common stock, par value $0.001 per share (the \u201cCommon Stock\u201d), representing approximately 74.2% of our outstanding Common Stock, and warrants (the \u201cWarrants\u201d) to purchase 122,490 shares of Common Stock. Our principal executive offices are located at 1188 West Georgia Street, Suite 1830, Vancouver, British Columbia, Canada V6E 4A2 and our head operating offices are located at 301 Calista Court, Suite 200, Office 203, Anchorage, Alaska, 99518. Our website address is www.us.goldmining.com. The information contained on, or that can be accessed through, our website is not a part of this Annual Report. Our shares of Common S", "title": "USGO - U.S. GoldMining Inc.", "url": "/company/USGO/" }, { "kind": "company", "summary": "SIC 2860 Industrial Organic Chemicals; CIK 0002019793; latest 10-K filed 2026-03-31.", "text": "SAFX - XCF Global, Inc. SIC 2860 Industrial Organic Chemicals; CIK 0002019793; latest 10-K filed 2026-03-31. SAFX XCF Global, Inc. 0002019793 2860 Industrial Organic Chemicals ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following information should be read in conjunction with the Financial Statements, including the notes thereto, included elsewhere in this Form 10-K. This discussion contains certain forward-looking statements that involve risks and uncertainties. Our actual results and the timing of certain events could differ materially from those discussed in these forward-looking statements as a result of certain factors, including, but not limited to, those set forth herein and elsewhere in this Form 10-K. Company Overview XCF, formerly known as Focus Impact BH3 NewCo, Inc. was founded on March 6, 2024, for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination. Subsequent to the Business Combination, the name was changed to XCF Global, Inc. In connection with the completion of the Business Combination, Legacy XCF became a wholly owned subsidiary of XCF. Legacy XCF was formed in January 2023, was founded to develop, operate and invest in renewable energy assets and production facilities and will continue those initiatives and business activities as the primary operating subsidiary of XCF. Throughout 2023, Legacy XCF identified acquisition targets in Nevada, Florida, and North Carolina as the foundation for the Company\u2019s first production of SAF, a synthetic kerosene derived from waste- and residue-based feedstocks such as waste oils and fats, green and municipal waste, and non-food crops and, currently, blended with conventional Jet-A fuel. We are committed to reducing the world\u2019s carbon footprint by meeting the growing demand for renewable fuels and will concentrate on the production of clean-burning, sustainable biofuels, principally SAF. Though we are focused on promoting and accelerating the decarbonization of the aviation industry through SAF, we may, opportunistically, produce other renewable products such as renewable diesel, a renewable fuel, and bio-based glycerol, also known as natural glycerin, which is used in healthcare, food, and cosmetics industries. We believe there is a market opportunity in the aviation and renewable sectors as a result of a combination of regulatory support, industry-led demand and end-user commitment. The actual market environment may evolve differently from our expectations and is subject to a variety of external forces such as government regulation and technological development that may impact the market opportunity. XCF intends to build a nationwide portfolio of SAF and renewable fuels production facilities that use waste-and residue-based feedstocks at competitive production costs. We also intend to implement a fully integrated business model from feedstock supply and production to marketing and sales of SAF. XCF is currently one of the few publicly traded renewable fuels companies primarily focused on SAF and renewable fuels in the United States, with the stated intention to be a majority SAF producer, distinguishing itself from peers that are predominantly legacy crude oil refiners. We intend to scale and operate clean fuel production facilities engineered to the highest levels of compliance, reliability, and quality. The Company owns New Rise Reno Renewables LLC, which owns and operates a renewable fuels facility, New Rise Reno, in McCarren, Nevada. In February 2025, New Rise Reno started its ramp-up process and began initial production of SAF and renewable naphtha (a byproduct in SAF production). First deliveries of near SAF and renewable naphtha began in March 2025. During the initial phase of production ramp-up, New Rise Reno production facility operated at approximately 50% of nameplate capacity. Until SAF production is at nameplate capacity, New Rise Reno is not deemed to be an operating facility and classifies as under construction until final project acceptance under New Rise\u2019s license agreement with Axens Nort Business Combination On March 11, 2024, Focus Impact, NewCo, Merger Sub 1, Merger Sub 2, and Legacy XCF entered into the Business Combination Agreement, pursuant to which Focus Impact agreed to combine with Legacy XCF in a series of transactions that would result in NewCo becoming a publicly traded company (collectively, the \u201cBusiness Combination\u201d). On June 6, 2025 (the \u201cClosing Date\u201d), the parties to the Business Combination Agreement completed the Business Combination. In connection with the closing of the Business Combination, NewCo changed its name to \u201cXCF Global, Inc.\u201d The terms of the Business Combination Agreement provided that the Business Combination would be completed on the Closing Date in two steps, with (i) Focus Impact merging with and into Merger Sub 1 (the \u201cNewCo Merger\u201d), with Merger Sub 1 surviving the NewCo Merger as a direct wholly owned subsidiary of NewCo and (ii) immediately following the NewCo Merger, Merger Sub 2 merging with and into XCF (the \u201cCompany Merger\u201d), with XCF surviving the Company Merger as a direct wholly owned subsidiary of NewCo. Pursuant to the terms of the Business Combination Agreement: in connection with the completion of the NewCo Merger (i) each share of Focus Impact Class A common stock, par value $0.0001 per share outstanding immediately prior to the effectiveness of the NewCo Merger was converted into the right to receive one share of XCF Class A common stock, par value $0.0001 per share (\u201cXCF Common Stock\u201d) (rounded down to the nearest whole share), (ii) each share of Focus Impact Class B common stock, par value $0.0001 per share outstanding immediately prior to the effectiveness of the NewCo Merger was converted into the right to receive one share of XCF Common Stock and (iii) each warrant of Focus Impact outstanding immediately prior to the effectiveness of the NewCo Merger was converted into the right to receive one XCF Warrant, with XCF assuming Focus Impact\u2019s rights and obligations under the existing warrant ag", "title": "SAFX - XCF Global, Inc.", "url": "/company/SAFX/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0001162896; latest 10-K filed 2026-03-31.", "text": "PROP - Prairie Operating Co. SIC 1311 Crude Petroleum & Natural Gas; CIK 0001162896; latest 10-K filed 2026-03-31. PROP Prairie Operating Co. 0001162896 1311 Crude Petroleum & Natural Gas Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations for the year ended December 31, 2025 and 2024 should be read in conjunction with our consolidated financial statements and related notes to those financial statements and other financial information appearing in this Annual Report. Our discussion includes forward\u2013looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward\u2013looking statements as a result of a number of factors, including those described under the headings \u201cRisk Factors\u201d and \u201cCautionary Statement Regarding Forward\u2013Looking Statements\u201d appearing elsewhere in the Annual Report. Except as otherwise indicated or required by the context, references to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d or similar terms refer to Prairie Operating Co. Overview We are an independent oil and gas company focused on the acquisition and development of crude oil, natural gas, and NGLs. Our assets and operations are strategically located in the oil region of rural Weld County, Colorado, within the DJ Basin. We believe the DJ Basin to be one of the premier resource plays in the U.S., as Weld County boasts some of the lowest break\u2013even prices in the U.S., and has a long production history which has proven and consistent results. The productivity of this resource is demonstrated by the integral role that Weld County holds in Colorado\u2019s energy economy, having produced approximately 83% of Colorado\u2019s oil production to date. As of December 31, 2025, our assets included approximately 68,000 net leasehold acres in, on and under approximately 98,200 gross acres. We strive to deliver energy in an environmentally efficient manner by deploying next\u2013generation technology and techniques. In addition to growing production through our drilling operations, we intend to continue growing our business through accretive acquisitions, such as the NRO Acquisition, which closed in October 2024, the Bayswater Acquisition, which closed in March 2025, the Edge Acquisition, which closed in July 2025, and the Summit and Crown acquisitions, which closed in October 2025, focusing on assets with the following criteria: (i) producing reserves, with opportunities to add accretive, undeveloped bolt\u2013on acreage; (ii) ample, high rate\u2013of\u2013return inventory of drilling locations that can be developed with cash flow reinvestment; (iii) strong well\u2013level economics; (iv) liquids\u2013rich assets; and (v) accretive valuation. Recent Developments Recent Acquisitions In July 2025, we entered into an agreement to acquire certain assets from Edge Energy for a total purchase price of $12.5 million, payable in cash subject to certain closing price adjustments. We closed the Edge Acquisition on July 3, 2025, which included 13 operated wells on approximately 11,300 net acres. We funded the transaction by borrowing under our Credit Facility with Citi. Additionally, the assets we acquired in the Edge Acquisition include the fully permitted Simpson pad, which we began developing in August 2025, as well as seven other fully permitted locations. In August 2025, we completed the Third Exok Acquisition, acquiring approximately 5,000 net acres from Exok for $1.6 million. In October 2025, we entered into agreements to acquire certain assets from Summit and Crown for a total purchase price of $2.3 million payable in cash, subject to certain closing adjustments. The Summit and Crown Acquisitions included the acquisition of five operated wells on approximately 3,400 net acres. Bayswater Acquisition and Funding Transactions On February 6, 2025, we and certain of our subsidiaries entered into a purchase and sale agreement with Bayswater, pursuant to which we and certain of our subsidi Item 1. Business Overview Prairie Operating Co. (the \u201cCompany,\u201d \u201cwe,\u201d \u201cour\u201d or \u201cus\u201d) is an independent oil and natural gas company focused on the acquisition and development of crude oil, natural gas, and NGLs. Our assets and operations are strategically located in the oil region of rural Weld County, Colorado, within the Denver\u2013Julesburg Basin in Colorado (the \u201cDJ Basin\u201d). We believe the DJ Basin to be one of the premier resource plays in the United States (\u201cU.S.\u201d), as Weld County boasts some of the lowest break\u2013even prices in the U.S., and has a long production history that has proven and consistent results. The productivity of this resource is demonstrated by the integral role that Weld County holds in Colorado\u2019s energy economy, having produced 83% of Colorado\u2019s oil production as of December 2025. We seek to deliver energy in an environmentally efficient manner by deploying next\u2013generation technology and techniques. In addition to growing production through our drilling operations, we also seek to grow our business through accretive acquisitions focusing on assets with the following criteria: (i) producing reserves, with opportunities to add accretive, undeveloped bolt\u2013on acreage; (ii) ample, high rate\u2013of\u2013return inventory of drilling locations that can be developed with cash flow reinvestment; (iii) strong well\u2013level economics; (iv) liquids\u2013rich assets; and (v) accretive valuation. As of December 31, 2025, our assets consist of our Central Weld Assets (as defined herein), made up of approximately 45,000 net leasehold acres, on and under approximately 56,200 gross acres, and our Genesis Assets (as defined herein), made up of approximately 23,000 net leasehold acres in, on and under approximately 42,000 gross acres. The majority of our Central Weld Assets were acquired from Nickel Road Development LLC and Nickel Road Operating LLC (collectively, \u201cNRO\u201d) in October 2024, from Bayswater Resources, LLC, Bayswater Fund III\u2013A, LLC, Bayswater Fund III\u2013B, LLC, Bayswate Item 1A. Risk Factors Investing in our securities involves risks. Before you make a decision to buy our securities, in addition to the risks and uncertainties discussed above under \u201cCautionary Statement Regarding Forward\u2013Looking Statements,\u201d you should carefully consider the specific risks set forth herein and the risks set ", "title": "PROP - Prairie Operating Co.", "url": "/company/PROP/" }, { "kind": "company", "summary": "SIC 6510 Real Estate Operators (No Developers) & Lessors; CIK 0001102238; latest 10-K filed 2026-03-12.", "text": "ARL - AMERICAN REALTY INVESTORS INC SIC 6510 Real Estate Operators (No Developers) & Lessors; CIK 0001102238; latest 10-K filed 2026-03-12. ARL AMERICAN REALTY INVESTORS INC 0001102238 6510 Real Estate Operators (No Developers) & Lessors ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our consolidated financial statements and related notes in Part II, Item 8 of this Report. Our results of operations for the year ended December 31, 2025 were affected by a acquisitions and disposition, refinancing activity, development activity as discussed below. Management's Overview We are an externally advised and managed real estate investment company that owns a diverse portfolio of income-producing properties and land held for development throughout the Southern United States. Our portfolio of income-producing properties generally includes multifamily residential properties, office buildings and other commercial properties. Our investment strategy includes acquiring existing income-producing properties as well as developing new properties on land already owned or acquired for a specific development project. Our operations are managed by Pillar in accordance with an Advisory Agreement and a Cash Management Agreement. Pillar\u2019s duties include, but are not limited to, locating, evaluating and recommending real estate and real estate-related investment opportunities. Pillar also arranges our debt and equity financing with third party lenders and investors. We rely upon the employees of Pillar to render services to us in accordance with the terms of the Advisory Agreement. Pillar is considered to be a related party due to its ownership by RAI. 15 The following is a summary of our recent disposition, financing and development activities: Disposition Activities \u2022On December 13, 2024, we sold 30 single family lots from our holdings in Windmill Farms for $1.4 million, resulting in a gain on sale of $1.1 million. \u2022On March 25, 2025, we received $3.5 million in proceeds from the condemnation settlement that provided for the conveyance of 11.2 acres from our holdings in Windmill Farms, resulting in a gain on sale of $3.1 million. \u2022On October 10, 2025, we sold Villas at Bon Secour, a 200 unit multifamily property in Gulf Shores, Alabama, for $28.0 million (See \"Financing Activities\"), resulting in a gain on sale of $12.2 million. \u2022During the year ended December 31, 2025, we sold 72 lots from our holdings in Windmill Farms for $3.3 million, resulting in a gain on sale of $2.6 million. Financing Activities \u2022On January 31, 2023, we paid off our $67.5 million of Series C bonds. \u2022On February 28, 2023, we extended the maturity of our loan on Windmill Farms until February 28, 2024 at a revised interest rate of 7.75%. \u2022On March 15, 2023, we entered into a $33.0 million construction loan to finance the development of Alera (See \"Development Activities\") that bears interest at the Secured Overnight Financing Rate (\"SOFR\") plus 3% and matures on March 15, 2026, with two one-year extension options. \u2022On May 4, 2023, we paid off the remaining $14.0 million of our Series A Bonds and $28.9 million of our Series B Bonds, which resulted in a loss on early extinguishment of debt of $1.7 million. \u2022On August 28, 2023, we paid off our $1.2 million loan on Athens. \u2022On November 6, 2023, we entered into a $25.4 million construction loan to finance the development of Merano (See \"Development Activities\") that bears interest at prime plus 0.25% and matures on November 6, 2028. \u2022On December 15, 2023, we entered into a $23.5 million construction loan to finance the development of Bandera Ridge (See \"Development Activities\") that bears interest at SOFR plus 3% and matures on December 15, 2028. \u2022On January 1, 2024, we amended our Cash Management agreement with Pillar. As a result, the interest rate on the related party receivable (\"Pillar Receivable\") changed from prime plus one to SOFR. \u2022On February 8, 2024, we extended the maturity of our loan on Windmill Farms to February 28, 2026 at an interest rate of 7.50%. We subsequently paid off the loan on November 24, 2025. \u2022On July 10, 2024, ITEM 1. BUSINESS General American Realty Investors, Inc. (the \u201cCompany\u201d), a Nevada Corporation, is a fully integrated externally managed real estate company. We operate high quality multifamily and commercial properties throughout the Southern United States. We also invest in mortgage notes receivable and in land that is either held for appreciation or development. As used herein, the terms \u201cARL\u201d, \u201cthe Company\u201d, \u201cWe\u201d, \u201cOur\u201d, or \u201cUs\u201d refer to the Company. Corporate Structure As of December 31, 2025, we owned approximately 78.4% of the common stock of Transcontinental Realty Investors, Inc. (\"TCI\") and substantially all of our operations are conducted through TCI, whose common stock is traded on the New York Stock Exchange (\"NYSE\") under the symbol \u201cTCI\u201d. Accordingly, we include TCI\u2019s financial results in our consolidated financial statements. In addition, as of December 31, 2025, TCI owned approximately 84.6% of the common stock of Income Opportunity Realty Investors, Inc. (\"IOR\") a Nevada corporation, which is publicly listed and traded on the NYSE American under the symbol IOR. Controlling Stockholder Realty Advisors, Inc. (\u201cRAI\u201d), a Nevada corporation, owns approximately 90.8% of our common stock. As described in Part III, Item 13. \u201cCertain Relationships and Related Transactions, and Director Independence\u201d, our officers and directors also serve as officers and directors of TCI. TCI has business objectives similar to ours. Our officers and directors owe fiduciary duties to both TCI and us under applicable law. In determining whether a particular investment opportunity will be allocated to TCI or to us, management considers the respective investment objectives of each company, the ability to purchase and/or finance the asset and the appropriateness of a particular investment in light of each company\u2019s existing real estate and mortgage notes receivable portfolio. To the extent that any particular investment opportunity is appropriate to more than one of the ITEM 1A. RISK FACTORS The following discusses those risk factors that we believe could have a material effect on our business, operations and financial condition. If any of these risks, as well as other risks and uncertainties that we have not yet identified or that we currently believe are not ", "title": "ARL - AMERICAN REALTY INVESTORS INC", "url": "/company/ARL/" }, { "kind": "company", "summary": "SIC 7372 Services-Prepackaged Software; CIK 0001437925; latest 10-K filed 2026-03-31.", "text": "MRDN - Meridian Holdings Inc./NV SIC 7372 Services-Prepackaged Software; CIK 0001437925; latest 10-K filed 2026-03-31. MRDN Meridian Holdings Inc./NV 0001437925 7372 Services-Prepackaged Software Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Forward-looking statements The following discussion of the Company\u2019s historical performance and financial condition should be read together with the consolidated financial statements and related notes in \u201cItem 8. Financial Statements and Supplemental Data\u201d of this Report. This discussion contains forward-looking statements based on the views and beliefs of our management, as well as assumptions and estimates made by our management. These statements by their nature are subject to risks and uncertainties, and are influenced by various factors. As a consequence, actual results may differ materially from those in the forward-looking statements. See \u201cItem 1A. Risk Factors\u201d of this Report for the discussion of risk factors and see \u201cCautionary Statement Regarding Forward-Looking Statements\u201d for information on the forward-looking statements included below. [[GREPCENT_TABLE]] [[\"67\"],[\"Table of Contents\"]] [[/GREPCENT_TABLE]] Summary of Information Contained in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations Our Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is provided in addition to the accompanying audited financial statements and notes to assist readers in understanding our results of operations, financial condition, and cash flows. MD&A is organized as follows: [[GREPCENT_TABLE]] [[\"\",\"\\u00b7\",\"Results of Operations. An analysis of our financial results comparing the twelve-month periods ended December 31, 2025 and 2024.\"],[\"\",\"\\u00b7\",\"Cash Requirements, Liquidity and Capital Resources. An analysis of changes in our consolidated balance sheets and cash flows and discussion of our financial condition.\"],[\"\",\"\\u00b7\",\"Critical Accounting Policies and Estimates. Accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts.\"]] [[/GREPCENT_TABLE]] Results of Operations Twelve months ended December 31, 2025, compared to the twelve months ended December 31, 2024. The following table summarizes the consolidated results of operations for the changes between the periods. Effective on April 1, 2024, the Golden Matrix acquired 100% of the MeridianBet Group, which was accounted for as a reverse merger. As a result, the historical financial information below represents the accounts of MeridianBet Group. Golden Matrix\u2019s operations before the MeridianBet Acquisition were excluded prior to April 1, 2024, the effective closing date of the MeridianBet Acquisition. [[GREPCENT_TABLE]] [[\"\",\"\",\"Twelve Months Ended December 31,\"],[\"\",\"\",\"2025\",\"\",\"\",\"2024\",\"\",\"\",\"$Change\",\"\",\"\",\"%Change\"],[\"Revenue\",\"\",\"$\",\"182,863,373\",\"\",\"\",\"$\",\"151,115,532\",\"\",\"\",\"$\",\"31,747,841\",\"\",\"\",\"\",\"21\",\"%\"],[\"Cost of goods sold (COGS)\",\"\",\"\",\"79,406,653\",\"\",\"\",\"\",\"62,543,407\",\"\",\"\",\"\",\"16,863,246\",\"\",\"\",\"\",\"27\",\"%\"],[\"Gross profit\",\"\",\"\",\"103,456,720\",\"\",\"\",\"\",\"88,572,125\",\"\",\"\",\"\",\"14,884,595\",\"\",\"\",\"\",\"17\",\"%\"],[\"General and administrative expenses\",\"\",\"\",\"199,625,728\",\"\",\"\",\"\",\"85,828,421\",\"\",\"\",\"\",\"113,797,307\",\"\",\"\",\"\",\"133\",\"%\"],[\"(Loss) income from operations\",\"\",\"\",\"(96,169,008\",\")\",\"\",\"\",\"2,743,704\",\"\",\"\",\"\",\"(98,912,712\",\")\",\"\",\"\",\"-3,605\",\"%\"],[\"Interest expense\",\"\",\"\",\"(4,578,844\",\")\",\"\",\"\",\"(3,521,288\",\")\",\"\",\"\",\"(1,057,556\",\")\",\"\",\"\",\"30\",\"%\"],[\"Interest earned\",\"\",\"\",\"240,723\",\"\",\"\",\"\",\"218,145\",\"\",\"\",\"\",\"22,578\",\"\",\"\",\"\",\"10\",\"%\"],[\"Foreign exchange gain (loss)\",\"\",\"\",\"760,220\",\"\",\"\",\"\",\"(494,825\",\")\",\"\",\"\",\"1,255,045\",\"\",\"\",\"\",\"-254\",\"%\"],[\"Other income\",\"\",\"\",\"2,558,579\",\"\",\"\",\"\",\"2,262,782\",\"\",\"\",\"\",\"295,797\",\"\",\"\",\"\",\"13\",\"%\"],[\"Provision for income taxes\",\"\",\"\",\"(5,206,194\",\")\",\"\",\"\",\"2,618,367\",\"\",\"\",\"\",\"(7,824,561\",\")\",\"\",\"\",\"-299\",\"%\"],[\"Net loss\",\"\",\"\",\"(91,982,136\",\")\",\"\",\"\",\"(1,409,849\",\")\",\"\",\"\",\"(90,572,287\",\")\",\"\",\"\",\"6,424\",\"%\"],[\"Net income (loss) attributable t Item 1. Business Introduction The information included in this Report on Form 10-K should be read in conjunction with the consolidated financial statements and related notes in \u201cItem 8. Financial Statements and Supplemental Data\u201d of this Report. Our logo and some of our trademarks and tradenames are used in this Report. This Report also includes trademarks, tradenames and service marks that are the property of others. Solely for convenience, trademarks, tradenames, and service marks referred to in this Report may appear without the \u00ae, \u2122 and SM symbols. References to our trademarks, tradenames and service marks are not intended to indicate in any way that we will not assert to the fullest extent under applicable law our rights or the rights of the applicable licensors if any, nor that respective owners to other intellectual property rights will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend the use or display of other companies\u2019 trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies. The market data and certain other statistical information used throughout this Report are based on independent industry publications, reports by market research firms or other independent sources that we believe to be reliable sources. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information; and we have not commissioned any of the market or survey data that is presented in this Report. We are responsible for all the disclosures contained in this Report, and we believe these industry publications and third-party research, surveys and studies are reliable. While we are not aware of any misstatements regarding any third-party information presented in this Report, their estimates, in particula Item 1A. Risk Factors. Investors should review the risks provided below, prior to making an investment in the Company. The business, financial condition and operating results of the Company can be affected by a number of factors, whether currently known or unknown, including but not limited to those described below", "title": "MRDN - Meridian Holdings Inc./NV", "url": "/company/MRDN/" }, { "kind": "company", "summary": "SIC 2844 Perfumes, Cosmetics & Other Toilet Preparations; CIK 0000883107; latest 10-K filed 2026-03-31.", "text": "SLSN - SOLESENCE, INC. SIC 2844 Perfumes, Cosmetics & Other Toilet Preparations; CIK 0000883107; latest 10-K filed 2026-03-31. SLSN SOLESENCE, INC. 0000883107 2844 Perfumes, Cosmetics & Other Toilet Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis should be read in conjunction with risks discussed in the financial statements and related notes thereto appearing elsewhere in this Form 10-K. When used in the following discussions, the words \u201canticipates,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cplans,\u201d \u201cintends\u201d and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks, uncertainties and contingencies that could cause actual results, performance or achievements to differ materially from those expressed in, or implied by, such statements. See the \u201cForward Looking Statements\u201d section in Part 1, Item 1, of this Form 10-K. Overview Sol\u00e9sence is a health-oriented, science-driven company, focused on various skin health, beauty and wellness markets. Our primary skin health products are fully developed prestige skin care formulations with mineral-based UV protection enabled by our proprietary Active Pharmaceutical Ingredients (\u201cAPIs\u201d), which are also marketed as APIs for sale to manufacturers of other types of skin health products, including sunscreens and daily care products. Additionally, we continue to sell products in legacy markets including medical diagnostics, architectural coatings, industrial coating applications, abrasion-resistant additives, and plastics additives applications\u2014 all of which currently fall into the advanced materials product category. 10 Critical Accounting Estimates Management monitors the value of inventory for the effects of aging, obsolescence, and seasonality. Consistent with the provisions in FASB ASC 330-10-35, we adjust inventory valuation upon management\u2019s determination that the potential for obsolete materials exist. The majority of the reserve is done by specific identification. Factors include inventory in quarantine, aging finished goods or obsolete materials as identified by management. In the application of this policy in 2025 and 2024, management deemed a portion of inventory will likely experience such an impairment and elected to apply a $2,721,000 and $1,987,000, respectively, inventory reserve in anticipation. Some of the materials in question are nearing expiration and therefore more difficult to sell, some represent soon-to-be obsolete products, and some are raw materials that we no longer use regularly. Certain assumptions are necessary to assess the risk and uncertainty of financial information, such as cash flow projections, availability of capital if needed to support the ongoing operations of the business, and our expected compliance with contractual commitments. Any changes in those plans or assumptions could have a material impact on our liquidity and financial condition. While we have seen costs continue to increase on an inflationary basis as we enter 2026, it is our belief that we will be able to offset much of this cost as we gain greater production efficiencies and seek to increase our pricing where possible. Results of Operations Years Ended December 31, 2025 and 2024 Total revenue increased to $62,064 in 2025, compared to $52,347 in 2024. A substantial majority of our revenue for each year is from our largest customers, in particular, sales to our largest customer in skin care and sunscreen applications and finished skin health products marketed through our consumer products. Product revenue, the primary component of our total revenue, increased to $61,794 in 2025, compared to $51,890 in 2024. This increase was due to an increase in revenue from our consumer products partially offset by decreased personal care ingredients and advanced materials products. Current Significant Customers [[GREPCENT_TABLE]] [[\"\",\"\",\"\",\"\",\"For the years ended\"],[\"\",\"\",\"\",\"\",\"December 31,\"],[\"Customer #\",\"\",\"Product Category\",\"\",\"2025\",\"\",\"\",\"2024\"],[\"1\",\"\",\"Consumer Products\",\"\",\"\",\"29\",\"%\",\"\",\"\",\"32\",\"%\"],[\"2\",\"\",\"Consumer Products\",\" Business Segment and Geographical Information Our operations comprise a single business segment and all of our long-lived assets are located within the United States. See Note 13 to the accompanying Financial Statements for additional information. 6 Key Customers A limited number of key customers account for a substantial portion of our commercial revenue. We are seeing the composition of these key customers change with the growth we are experiencing within our consumer products line, which has grown to exceed our personal care ingredients line significantly. For 2025, total consumer products revenue amounted to $54.9M or 88% of total revenue compared to $44.4M, or 85% for 2024. In particular, revenue from our three largest customers across all business areas included two of our consumer products customers and our largest customer in personal care ingredients (BASF), constituted approximately 29%, 16%, and 10%, respectively, of our 2025 total revenue. As our consumer products continue to represent more of our total revenue, we expect to see a number of smaller (sub-10% of revenue) customers represent a more significant portion of our total revenue. We have experienced this in 2025 and 2024 and expect it to continue in 2026 and beyond. While our agreements with BASF are long-term agreements, they may be terminated by BASF under certain circumstances with contractually required notice and do not provide any guarantees that BASF will buy our products. The loss of one of our largest customers or the failure to attract new customers could have a material adverse effect on our business, results of operations and financial condition. To reduce the impact of having a high concentration of sales to a limited number of customers, we have pursued new customers through our market focused business model, and particularly through our consumer products. To the extent we are successful in adding a large number of customers through this model, and maintaining or expanding ou", "title": "SLSN - SOLESENCE, INC.", "url": "/company/SLSN/" }, { "kind": "company", "summary": "SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0000799850; latest 10-K filed 2025-08-08.", "text": "CRMT - AMERICAS CARMART INC SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0000799850; latest 10-K filed 2025-08-08. CRMT AMERICAS CARMART INC 0000799850 5500 Retail-Auto Dealers & Gasoline Stations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the Company\u2019s Consolidated Financial Statements and Notes thereto appearing in Item 8 of this Annual Report on Form 10-K. 28 Table of Contents Restated Disclosure Information for Contract Modifications for Interim Periods Pursuant to a Current Report on Form 8-K filed by the Company on July 30, 2025, the Company is including the previously omitted footnote disclosure that should have been included in the Company\u2019s interim unaudited Condensed Consolidated Financial Statements for each of the quarterly periods included in the Company\u2019s Quarterly Reports on Form 10-Q filed with the SEC during fiscal years 2025 and 2024 regarding contract modifications made to borrowers experiencing financial difficulty. These disclosures relate to the Company\u2019s systematic modification program that assists borrowers experiencing financial difficulty. The required disclosures that the Company is now including relate to contract modifications affecting $436.1 million, or 28.9%, of the Company\u2019s gross finance receivables as of April 30, 2025. These modifications primarily consist of: \u2022Term extensions and \u2022Combination of modifications, which include both term extensions and interest rate reductions as determined by the bankruptcy court when a borrower declares Chapter 13 bankruptcy. This inclusion of these omitted disclosures has no impact on our previously reported interim unaudited Condensed Consolidated Statements of Operations, unaudited Condensed Consolidated Statements of Comprehensive Income, unaudited Condensed Consolidated Balance Sheets, or unaudited Condensed Consolidated Statements of Cash Flows. Contract Modifications The Company identifies and discloses contract modifications made for customers experiencing financial difficulty after the origination date. Due to the subprime nature and limited financial resources of the majority of the Company\u2019s customers, all modifications that result in a term extension are identified by the Company as modifications made for customers experiencing financial difficulty and therefore included in the related disclosures. See Note B to the Consolidated Financial Statements in Item 8 of this Annual Report on Form 10-K for additional information on these contract modifications. These modifications are made with the intent to support customers while preserving asset value and minimizing credit losses. The following tables present the aggregate outstanding principal balance of contracts that have been modified during the fiscal periods, categorized by type of modification. These modifications represent management\u2019s efforts to work with customers experiencing financial difficulty to help them maintain their vehicle ownership while preserving asset value for the Company. The percentages shown represent the portion of the total gross finance receivables portfolio as of the end of the fiscal period that has been modified at least once during the fiscal period. The following table presents contract modifications by type of modification for the following periods during fiscal year 2025: [[GREPCENT_TABLE]] [[\"(Dollars in thousands)\",\"\",\"Contract Modification by Type\"],[\"\",\"\",\"Nine Months Ended January 31, 2025\",\"\",\"Three Months Ended January 31, 2025\",\"\",\"Six Months Ended October 31, 2024\",\"\",\"Three Months Ended October 31, 2024\",\"\",\"Three Months Ended July 31, 2024\"],[\"Type of Modification\",\"\",\"Principal Balance\",\"\",\"% of Portfolio\",\"\",\"Principal Balance\",\"\",\"% of Portfolio\",\"\",\"Principal Balance\",\"\",\"% of Portfolio\",\"\",\"Principal Balance\",\"\",\"% of Portfolio\",\"\",\"Principal Balance\",\"\",\"% of Portfolio\"],[\"Term extension\",\"\",\"$\",\"357,025\",\"\",\"\",\"24.0\",\"%\",\"\",\"$\",\"191,054\",\"\",\"\",\"12.9\",\"%\",\"\",\"$\",\"305,028\",\"\",\"\",\"20.7\",\"%\",\"\",\"$\",\"196,894\",\"\",\"\",\"13.4\",\"%\",\"\",\"$\",\"199,667\",\"\",\"\",\"13.6\",\"%\"],[\"Combination (1)\",\"\",\"8,669\",\"\",\"\",\"0.6\",\"%\",\"\",\"2,954\",\"\",\"\",\" Item 1. Business Business and Organization America\u2019s Car-Mart, Inc., a Texas corporation initially formed in 1981 (the \u201cCompany\u201d), is one of the largest publicly held automotive retailers in the United States focused exclusively on the \u201cIntegrated Auto Sales and Finance\u201d segment of the used car market. References to the \u201cCompany\u201d include the Company\u2019s consolidated subsidiaries. The Company\u2019s operations are principally conducted through its two operating subsidiaries, America\u2019s Car Mart, Inc., an Arkansas corporation (\u201cCar-Mart of Arkansas\u201d), and Colonial Auto Finance, Inc., an Arkansas corporation (\u201cColonial\u201d). Collectively, Car-Mart of Arkansas and Colonial are referred to herein as \u201cCar-Mart.\u201d The Company primarily sells older model used vehicles and provides financing for substantially all of its customers. Many of the Company\u2019s customers have limited financial resources and would not qualify for conventional financing as a result of limited credit histories or past credit problems. As of April 30, 2025, the Company operated 154 dealerships located primarily in small cities throughout the South-Central United States. Business Strategy In general, it is the Company\u2019s objective to continue to expand its business using the same business model that has been developed and used by Car-Mart for over 40 years with enhancements to our technology and core products to better serve our customers. This business strategy focuses on: Collecting Customer Accounts. Collecting customer accounts is perhaps the single most important aspect of operating an Integrated Auto Sales and Finance used car business and is a focal point for dealership level and corporate office personnel on a daily basis. The Company measures and monitors the collection results of its dealerships using internally developed delinquency and account loss standards. A large part of dealership management and account representatives\u2019 incentive compensation is tied directly or indirectly to collection results. Item 1A. Risk Factors The Company is subject to various risks. The following is a discussion of risks that could materially and adversely affect the Company\u2019s business, operating results, and financial condition. Risks Related to the Company\u2019s Business, Industry, and Markets Recent and future disruptions in dom", "title": "CRMT - AMERICAS CARMART INC", "url": "/company/CRMT/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001346830; latest 10-K filed 2026-03-31.", "text": "TVRD - Tvardi Therapeutics, Inc. SIC 2834 Pharmaceutical Preparations; CIK 0001346830; latest 10-K filed 2026-03-31. TVRD Tvardi Therapeutics, Inc. 0001346830 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion of our financial condition and results of operations in conjunction with our audited consolidated financial statements and the related notes included elsewhere in this Annual Report on Form 10-K. In addition to historical financial information, the following discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and elsewhere in this Annual Report on Form 10-K. You should read \u201cCautionary Note Regarding Forward-Looking Statements\u201d and Item 1A. Risk Factors of this Annual Report on Form 10-K for a discussion of material factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Unless otherwise indicated or the context otherwise requires, references in this \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d section to \u201cTvardi,\u201d \u201cthe Company,\u201d \u201cwe,\u201d \u201cus,\u201d \u201cour\u201d and other similar terms refer to the business and operations of Legacy Tvardi prior to the Merger and to Tvardi Therapeutics, Inc. and its consolidated subsidiaries following the Merger. Overview We are a clinical-stage biopharmaceutical company focused on the development of novel, oral, small molecule therapies targeting Signal Transducer and Activator of Transcription 3 (STAT3) to treat inflammatory and proliferative diseases with significant unmet need. Based upon our founders' seminal work and deep understanding of STAT3, we have designed an innovative approach to directly inhibit STAT3, a highly validated yet historically undruggable target. Leveraging this expertise, we are developing a pipeline of STAT3 inhibitors with a differentiated mechanism of action and convenient oral dosing. \u200b Our pipeline includes two oral, small molecule STAT3 inhibitors: TTI-101 and TTI-109. TTI-101 is our first-generation direct STAT3 inhibitor, currently in Phase 1b/2 clinical development in hepatocellular carcinoma (HCC). TTI-109 is a phosphate prodrug of TTI-101 that is mechanistically identical to its parent molecule but is designed to enhance systemic drug delivery and improve tolerability. We submitted an IND application for TTI-109 in June 2025. After FDA acceptance of the IND, we have initiated a Phase 1 trial of TTI-109 in healthy volunteers to evaluate safety, tolerability, and pharmacokinetics, as well as bioequivalence to TTI-101. We expect to report topline data from this trial in the second quarter of 2026, following which we intend to announce the clinical indication in which we plan to advance TTI-109. Subsequently, in the second half of 2026, we expect to report topline data of TTI-101 across the three cohorts of the REVERT LIVER CANCER Phase 1b/2 clinical trial. \u200b In October 2025, we reported preliminary data from our Phase 2 clinical trial of TTI-101 in IPF and concluded that the study did not meet its goals. Subsequently, we conducted additional analyses of a subset of patients who received study drug for 12 weeks. Based on these analyses, which excluded certain patients due to dosing, pharmacokinetic, or clinical factors, treatment with TTI-101 demonstrated greater reductions in certain exploratory measures, including fibrosis and inflammatory markers, compared to placebo \u2013 directly recapitulating findings from multiple preclinical models of fibrotic disease and providing human clinical proof of concept for the STAT3 inhibition mechanism. We continue to evaluate these results to inform potential future development decisions. \u200b Since commencing operations Item 1. Business. Overview We are a clinical-stage biopharmaceutical company focused on the development of novel, oral, small molecule therapies targeting Signal Transducer and Activator of Transcription 3 (STAT3) to treat inflammatory and proliferative diseases with significant unmet need. Based upon our founders\u2019 seminal work and deep understanding of the transcription factor STAT3, we have designed an innovative approach to directly inhibit STAT3, a highly validated, yet historically undruggable target. Leveraging this expertise, we are developing a pipeline of STAT3 inhibitors with a differentiated mechanism of action and convenient oral dosing. \u200b Our pipeline includes two oral, small molecule STAT3 inhibitors: TTI-101 and TTI-109. TTI-101 is our first-generation direct STAT3 inhibitor, currently in Phase 1b/2 clinical development in hepatocellular carcinoma (HCC). TTI-109 is a phosphate prodrug of TTI-101 that is mechanistically identical to its parent molecule but is designed to enhance our ability to target STAT3. We have been developing TTI-109 for several years, based on our recognition that retaining the full STAT3 inhibition mechanism of TTI-101 while enhancing delivery would broaden the potential utility of our platform across inflammatory and proliferative indications. We filed an Investigational New Drug (IND) application for TTI-109 in June 2025 and, following FDA acceptance, initiated a Phase 1 trial in healthy volunteers evaluating safety, tolerability, pharmacokinetics, and bioequivalence to TTI-101. We expect to report topline data from this trial in the second quarter of 2026, after which we intend to announce the clinical indication in which we plan to advance TTI-109. \u200b We are currently enrolling patients in the REVERT LIVER CANCER Phase 1b/2 clinical trial of TTI-101 in patients with HCC. We have extended the timing of the anticipated data readout from the first half of 2026 to the second half of 2026 in order to allow the data to mature Item 1A. Risk Factors An investment in our common stock involves a high degree of risk. In addition to the risks and uncertainties described under the section titled \u201cCautionary Note Regarding Forward-Looking Statements,\u201d you should carefully consider the risks and uncertainties described below, together with all of the o", "title": "TVRD - Tvardi Therapeutics, Inc.", "url": "/company/TVRD/" }, { "kind": "company", "summary": "SIC 2834 Pharmaceutical Preparations; CIK 0001652935; latest 10-K filed 2026-03-26.", "text": "ACTU - ACTUATE THERAPEUTICS, INC. SIC 2834 Pharmaceutical Preparations; CIK 0001652935; latest 10-K filed 2026-03-26. ACTU ACTUATE THERAPEUTICS, INC. 0001652935 2834 Pharmaceutical Preparations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of the financial condition and results of our operations should be read together with the consolidated financial statements and related notes of Actuate Therapeutics, Inc. included in Part II Item 8 of this Annual Report on Form 10-K (\u201cAnnual Report\u201d or \u201cReport\u201d). This discussion and analysis contain forward-looking statements reflecting our management\u2019s current expectations that involve risks, uncertainties and assumptions. See the section entitled \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Our actual results and the timing of events may differ materially from those described in or implied by these forward-looking statements due to a number of factors, including those discussed below and elsewhere in this Report, particularly those set forth under \u201cRisk Factors.\u201d Business Overview We are a clinical stage biopharmaceutical company focused on developing therapies for the treatment of high impact, difficult to treat cancers through the inhibition of glycogen synthase kinase-3 (GSK-3). We are developing elraglusib, an ATP-competitive small molecule that is designed to enter cancer cells and block the function of the enzyme glycogen synthase kinase-3 beta (\u201cGSK-3\u03b2\u201d), a master regulator of complex biological signaling cascades, including those mediated by oncogenes, that lead to tumor cell survival, growth, migration, and invasion. We believe that the blockade of GSK-3\u03b2 signaling ultimately results in the death of the cancer cells and the regulation of anti-tumor immunity. There are no approved high-affinity inhibitors of GSK-3\u03b2, and we believe elraglusib is one of the most advanced GSK-3\u03b2 inhibitors in clinical development. Elraglusib was originally known as 9-ING-41 but was granted the elraglusib International Nonproprietary Names (\u201cINN\u201d) and United States Adopted Names (\u201cUSAN\u201d) generic name in 2021. We have exclusively licensed elraglusib, a proprietary and patent protected GSK-3 inhibitor developed in a collaboration between The Board of Trustees of the University of Illinois-Chicago (\u201cUIC\u201d) and Northwestern University (\u201cNU\u201d). [[GREPCENT_TABLE]] [[\"\",\"68\"]] [[/GREPCENT_TABLE]] We believe elraglusib represents a \u201cpipeline in a molecule\u201d with a broad opportunity for us to potentially initiate and advance multiple drug development programs around our lead asset based on its multimodal mechanisms of action, data emerging from completed or ongoing clinical trials and non-clinical biological, cellular, and animal data. Animal tumor model data, clinical trial data and AI-based computational approaches have identified a number of areas of unmet clinical need in cancer treatment where elraglusib may play an interventional role, including pancreatic, metastatic melanoma, lung, colon, breast, renal, and ovarian cancer, leukemias and lymphomas, as well as some pediatric cancers including Ewing sarcoma, neuroblastoma and pediatric leukemias. To date, we have treated over 500 patients with elraglusib as an IV injection (\u201cElraglusib Injection\u201d) in Phase 1 and Phase 2 studies. Our most advanced clinical indication is first-line metastatic pancreatic ductal adenocarcinoma (\u201cmPDAC\u201d). Our Phase 2 study in mPDAC, known as Actuate-1801 Part 3B study, is a randomized, controlled Phase 2 trial that enrolled 286 patients with no prior systemic treatment for metastatic disease. The primary endpoint for this study was mOS, with OS summarized throughout the study by estimates of 1-year survival. Updated data results presented at the American Society of Clinical Oncology (\u201cASCO\u201d) Genitourinary Cancers Symposium (\u201cASCO GI\u201d) in January 2026 utilizing a data cutoff as of November 22, 2025 showed that the trial met its primary endpoint, demonstrating a statistically significant improvement in mOS with elraglusib plus gemcitabine/nab-paclitaxel (\u201cGnP\u201d) versus GnP alone. Data presented at ASCO GI included: [[ Item 1. Business. Overview Class-Leading GSK-3\u03b2 Inhibitor We are a clinical stage biopharmaceutical company focused on developing therapies for the treatment of high impact, difficult to treat cancers through the inhibition of glycogen synthase kinase-3 (\u201cGSK-3\u201d). We are developing elraglusib, an ATP-competitive small molecule that is designed to enter cancer cells and block the function of the enzyme glycogen synthase kinase-3 beta (\u201cGSK-3\u03b2\u201d), a master regulator of complex biological signaling cascades, including those mediated by oncogenes, that lead to tumor cell survival, growth, migration, and invasion. We believe that the blockade of GSK-3\u03b2 signaling ultimately results in the death of the cancer cells and the regulation of anti-tumor immunity. There are no approved high-affinity inhibitors of GSK-3\u03b2 and we believe elraglusib is one of the most advanced GSK-3\u03b2 inhibitors in clinical development. Elraglusib was originally known as 9-ING-41 but was granted the elraglusib International Nonproprietary Names (\u201cINN\u201d) and United States Adopted Names (\u201cUSAN\u201d) generic name in 2021. Exclusive Rights We have exclusively licensed elraglusib, a proprietary and patent protected GSK-3 inhibitor developed in a collaboration between The Board of Trustees of the University of Illinois-Chicago (\u201cUIC\u201d) and Northwestern University (\u201cNU\u201d). Broad Therapeutic Potential We believe elraglusib represents a \u201cpipeline in a molecule\u201d with a broad opportunity for us to potentially initiate and advance multiple drug development programs around our lead asset based on its multimodal mechanisms of action, data emerging from completed or ongoing clinical trials and non-clinical biological, cellular, and animal data. Animal tumor model data, clinical trial data and AI-based computational approaches have identified a number of areas of unmet clinical need in cancer treatment where elraglusib may play an interventional role, including pancreatic, metastatic melanoma, lung, colon, breast, ren Item 1A. Risk Factors. Investing in our common stock involves a high degree of risk. Before you decide to invest in our common stock, you should consider carefully the risks described below, together with the other information contained in this Report, including \u201cManagement\u2019s Discussion and Analysis of Financial Condit", "title": "ACTU - ACTUATE THERAPEUTICS, INC.", "url": "/company/ACTU/" }, { "kind": "company", "summary": "SIC 6500 Real Estate; CIK 0001847874; latest 10-K filed 2026-03-05.", "text": "BEEP - Mobile Infrastructure Corp SIC 6500 Real Estate; CIK 0001847874; latest 10-K filed 2026-03-05. BEEP Mobile Infrastructure Corp 0001847874 6500 Real Estate ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations is based on and should be read in conjunction with the audited consolidated financial statements and the notes thereto contained elsewhere in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. See \u201cForward-Looking Statements\u201d preceding Part I and \u201cRisk Factors\u201d for a discussion of forward-looking statements and important factors that could cause actual results to differ materially from the results described in or implied by these forward-looking statements. Overview General We are a Maryland corporation focused on acquiring, owning and optimizing parking facilities and related infrastructure, including parking lots, parking garages and other parking structures throughout the United States. We target both parking garage and surface lot properties primarily in top 50 MSAs with proximity to key demand drivers, such as commerce, events and venues, government and institutions, hospitality and multifamily central business districts. As of December 31, 2025, we owned 36 parking facilities in 19 separate markets throughout the United States, with a total of approximately 13,500 parking spaces and approximately 4.7 million square feet. We also own approximately 0.2 million square feet of commercial space adjacent to our parking facilities. Return to Work The return to normalized movement following the COVID-19 pandemic is relatively uneven among markets and industries, which has impacted the performance of our assets, as many of our properties are located in urban centers, near government buildings, entertainment centers, or hotels. Many companies continue to deploy a work-from-home or hybrid remote strategy for employees. We anticipate that a hybrid work structure for traditional central business district office workers will be the normalized state going-forward. This has impacted the performance of many of our assets that have office exposure and underscores the importance of a multi-key demand driver strategy in repositioning current and/or acquiring new assets. 33 Table of Contents Managed Property Revenue Contracts To date, 28 of our 36 assets have converted to management contracts. We believe asset management contracts provide the opportunity for NOI growth through more transparent and controlled expense management and will reduce the revenue variability associated with the timing of payments for contract parking agreements. In addition, the move to management contracts properly aligns the incentives and rewards for revenue growth between the third-party operator and the Company. This change is also expected to result in better revenue linearity compared to revenue recognition in our lease agreements, in which lease payments are based on cash collections from operators. Overall, the conversion to management contracts also provides enhanced visibility on the performance of the portfolio within our financial results. Our intent is to convert the remaining assets to asset management contracts by the end of 2027. Same Location RevPAS Revenue Per Available Stall (\u201cRevPAS\u201d) is used to evaluate parking operations and performance. RevPAS is defined as average monthly Parking Revenue (managed property revenue less related sales tax and credit card fees) divided by the parking stalls in the locations the Parking Revenue was earned. Parking Revenue does not include billboard or commercial rent, or revenue from locations that are under lease agreements. Parking Revenue is a meaningful component of revenue that is used to judge the performance of locations and the ability to manage ITEM 1. BUSINESS General Mobile Infrastructure Corporation is a Maryland corporation, publicly traded on The Nasdaq Stock Market LLC (\u201cNasdaq\u201d) under the ticker \u201cBEEP.\u201d We focus on acquiring, owning and optimizing parking facilities and related infrastructure, including parking lots, parking garages and other parking structures throughout the United States. We target both parking garage and surface lot properties primarily in the top 50 U.S. Metropolitan Statistical Areas (\u201cMSAs\u201d), with proximity to key demand drivers, such as commerce, events and venues, government and institutions, hospitality and multifamily central business districts. As of December 31, 2025, we own 36 parking facilities in 19 separate markets throughout the United States, with a total of approximately 13,500 parking spaces and approximately 4.7 million square feet. We also own approximately 0.2 million square feet of commercial space adjacent to our parking facilities. The Company is a member of Mobile Infra Operating Company, LLC, a Delaware limited liability company, (the \u201cOperating Company\u201d) and owns substantially all of its assets and conducts substantially all of its operations through the Operating Company. The Operating Company is managed by a board of directors, one appointed by the Company and one appointed by the other members of the Operating Company. Currently, the two directors of the Operating Company are Manuel Chavez, III, the Executive Chairman of the Company's Board of Directors (the \u201cBoard\u201d), and Stephanie Hogue, our President, Chief Executive Officer and a member of the Board. The Company owns approximately 90.3% of the Common Units of the Operating Company. The remaining Common Units are held by certain of our executive officers and directors (directly or indirectly) and outside investors. In August 2023, Legacy MIC (as defined below) merged with and into Fifth Wall Acquisition Corp. III (\u201cFWAC\u201d), with FWAC continuing as the surviving entity (the \u201cMerger\u201d ITEM 1A. RISK FACTORS Investing in our securities involves substantial risk. Before making an investment decision, you should carefully review and consider the following risk factors and all other information included in this Annual Report. Our business, operating results, financial condition and prospects could also be harmed by risks and uncertainties not currently known to us or", "title": "BEEP - Mobile Infrastructure Corp", "url": "/company/BEEP/" }, { "kind": "company", "summary": "SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001817004; latest 10-K filed 2026-04-16.", "text": "NXXT - NEXTNRG, INC. SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001817004; latest 10-K filed 2026-04-16. NXXT NEXTNRG, INC. 0001817004 5500 Retail-Auto Dealers & Gasoline Stations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis summarizes the significant factors affecting the consolidated operating results, financial condition, liquidity and cash flows of our Company as of and for the periods presented below. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included in this Annual Report on Form 10-K and the audited financial statements and notes thereto as of and for the year ended December 31, 2025 and the related Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. Unless the context requires otherwise, references in this Annual Report on Form 10-K to \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d refer to NextNRG, Inc. Overview We were incorporated under the laws of Delaware in March 2019. We are in the business of operating mobile fueling trucks and are headquartered in Miami, Florida. NextNRG provides its customers with the ability to have fuel delivered to their vehicles (cars, boats, trucks) without leaving their home or office and to construction sites, generators and reserve tanks. Our mobile fueling solution gives our fleet, consumer and other customers the ability to fuel their vehicles with the touch of an app or regularly scheduled service, and without the inconvenience of going to the gas station. Critical Accounting Policies and Estimates Management\u2019s discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which were prepared in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d). The preparation of these consolidated financial statements requires us to make estimates and assumptions for the reported amounts of assets, liabilities, revenue, and expenses. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions, and those differences may be material. While our significant accounting policies are more fully described in Note 2\u2014Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements included in this annual report, we believe the following discussion addresses our most critical accounting policies, which are those that are most important to our financial condition and results of operations and which require our most difficult, subjective and complex judgments. Principles of Consolidation The consolidated financial statements have been prepared in accordance with GAAP and include the accounts of the Company and its wholly owned subsidiaries. The Company consolidates entities where it has a controlling financial interest, as defined by the Financial Accounting Standards Board\u2019s (\u201cFASB\u201d) Accounting Standards Codification (\u201cASC\u201d) 810, \u201cConsolidation\u201d. 41 In accordance with ASC 810-10, consolidation applies to: [[GREPCENT_TABLE]] [[\"\",\"\\u25cf\",\"Entities with more than 50% voting interest, unless control is not with the Company; and\"],[\"\",\"\\u25cf\",\"Variable interest entities (\\u201cVIEs\\u201d), where the Company is the primary beneficiary, possessing both (i) power over significant activities and (ii) the obligation to absorb losses or receive benefits.\"]] [[/GREPCENT_TABLE]] All intercompany transactions and balances are eliminated in consolidation per ASC 810-10-45. The Company continuously evaluates its investments and relationships to assess consolidation requirements. Business Combinations, Asset Acquisitions, and Reverse Acquisitions The Company accounts for acquisitions in accordance with ASC 805, \u201cBusiness", "title": "NXXT - NEXTNRG, INC.", "url": "/company/NXXT/" }, { "kind": "company", "summary": "SIC 4841 Cable & Other Pay Television Services; CIK 0000894871; latest 10-K filed 2026-03-16.", "text": "AREN - Arena Group Holdings, Inc. SIC 4841 Cable & Other Pay Television Services; CIK 0000894871; latest 10-K filed 2026-03-16. AREN Arena Group Holdings, Inc. 0000894871 4841 Cable & Other Pay Television Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and the notes to those statements that are included elsewhere in this Annual Report. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations, and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors. We use words such as \u201canticipate,\u201d \u201cestimate,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201ccontinuing,\u201d \u201congoing,\u201d \u201cexpect,\u201d \u201cbelieve,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201ccould,\u201d and similar expressions to identify forward-looking statements. All dollar figures presented below are in thousands unless otherwise stated. Overview For an overview of the Company, see the information above presented under the section labeled \u201cItem 1. Business,\u201d which is in \u201cPart I\u201d of this Annual Report. Key Operating Metrics Our key operating metrics are: \u2022Revenue per page view (\u201cRPM\u201d) \u2013 represents the advertising revenue earned per 1,000 pageviews. It is calculated as our advertising revenue during a period divided by our total page views during that period and multiplied by $1,000; and \u2022Monthly average pageviews \u2013 represents the total number of pageviews in a given month or the average of each month\u2019s pageviews in a fiscal quarter or year, which is calculated as the total number of page views recorded in a quarter or year divided by three months or 12 months, respectively. We monitor and review our key operating metrics as we believe that these metrics are relevant for our industry and specifically to us and to understanding our business. Moreover, they form the basis for trends informing certain predictions related to our financial condition. Our key operating metrics focus primarily on our digital advertising revenue, which is our most significant revenue stream. Management monitors and reviews these metrics because such metrics are readily measurable in real time and can provide valuable insight into the performance of and trends related to our digital advertising revenue and our overall business. We consider only those key operating metrics described here to be material to our financial condition, results of operations and future prospects. For pricing indicators, we focus on RPM as it is the pricing metric most closely aligned with monthly average pageviews. RPM is an indicator of yield and pricing driven by both advertising density and demand from our advertisers. Monthly average pageviews are measured across all properties hosted on the Platform and provide us with insight into volume, engagement and effective page management and are therefore our primary measure of traffic. We utilize a third-party source, Google Analytics, to confirm this traffic data. As described above, these key operating metrics are critical for management as they provide insights into our digital advertising revenue generation and overall business performance. This information also provides feedback on the content on our website and its ability to attract and engage users, which allows us to make strategic business decisions designed to drive more users to read or view more of our content and generate higher advertising revenue across all properties hosted on the Platform. For the years ended December 31, 2025 and 2024, our RPM was $23.84 and $23.31, respectively. The 2% increase in RPM reflects favorable pricing in the digital display advertising market compared to the prior year. For the years ended December 31, 2025 and 2024, our monthly average pageviews were 304,387,756 and 332,913,662, respectively. The 9% decline in monthly average pageviews was driven by the cessation of FanNation operations in March 2024. Excluding impact from changes with FanNation sites, orga Item 1. Business The Arena Group Holdings, Inc. (\u201cArena Group,\u201d \u201cwe,\u201d or \u201cour\u201d) is a brand, data and IP company that builds, acquires, and scales high-performing digital assets. We combine technology, storytelling, and entrepreneurship to create deep content verticals that engage passionate audiences across sports & leisure, lifestyle, and finance. We utilize a proprietary entrepreneurial publishing model designed to scale digital content with high efficiency and minimal capital intensity. Central to this strategy is the alignment of editorial incentives with audience engagement. Our entrepreneurial publishing framework replaces traditional fixed labor costs with a performance-based, variable cost structure where individual creators contributing content to our owned and operated sites (\"Expert Contributors\") earn a share of revenue generated by their specific channels. Our platform empowers creators and entrepreneurs to build thriving digital businesses leveraging our infrastructure, audience development expertise, and monetization engine to accelerate growth. Through our portfolio of owned and operated brands, including TheStreet, Parade, Men\u2019s Journal, Athlon Sports, the Adventure Network (which includes Surfer, Powder, and Bike among other brands), and others, we deliver trusted content and meaningful experiences to millions of users each month. Our model blends the agility of entrepreneurship with the scale of a media network, driving growth for our partners, advertisers, and audiences alike. Our Verticals and Growth Strategy Our business model is to grow the audience across our verticals while striving to diversify revenue and drive gross profit through traditional media brands as well as new digital-first brands. We believe our vertical model allows us to leverage audience growth, technological efficiencies and cost savings across all of our brands. Our growth strategy focuses on the following pillars: Platform Scalability and Operational Excellence - Item 1A. Risk Factors Investing in our common stock involves a high degree of risk. Listed below is a summary of the principal risks that could adversely affect our business, operations and financial results. References to past events are provided by way of example only and are not intended to be a comple", "title": "AREN - Arena Group Holdings, Inc.", "url": "/company/AREN/" }, { "kind": "company", "summary": "SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001580864; latest 10-K filed 2026-03-26.", "text": "VRM - Vroom, Inc. SIC 5500 Retail-Auto Dealers & Gasoline Stations; CIK 0001580864; latest 10-K filed 2026-03-26. VRM Vroom, Inc. 0001580864 5500 Retail-Auto Dealers & Gasoline Stations Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. As discussed in the section titled \"Special Note Regarding Forward-Looking Statements,\" the following discussion and analysis contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and those incorporated by reference into the section titled \"Risk Factors\" in Part I Item 1A of this Annual Report on Form 10-K. Additionally, our historical results are not necessarily indicative of the results that may be expected for any period in the future. Recent Events Issuance of Preferred Stock Units On January 16, 2026, Vroom Automotive, LLC, a Delaware limited liability company and an indirect subsidiary of Vroom Inc. issued to SPE Holdings 2026-1, a Delaware statutory trust (\u201cSPE Holdings\u201d), 15,000 newly issued Series A preferred units and 7,500 newly issued Series B preferred units (collectively, the \"Vroom Automotive Preferred Units\") for aggregate gross proceeds of $22.5 million, pursuant to a Preferred Unit Purchase Agreement. The Vroom Automotive Preferred Units will be entitled to receive a quarterly preferential distribution, equal to the liquidation preference of such Vroom Automotive Preferred Units multiplied by a variable distribution rate, which will reset on each quarterly distribution date in an amount equal to the ninety (90) day average of the Secured Overnight Financing Rate (SOFR) plus a spread of 8.25% for Series A Preferred Units and 9% for Series B Preferred Units. The Series B Preferred Units are convertible into common units of Vroom Automotive at the option of the Counterparty at any time. The Series A Preferred Units are not convertible. Issuance of Related Party Notes On November 25, 2025, we entered into a Note Purchase Agreement with Robert J. Mylod, Jr., pursuant to which the Company issued Senior Secured Delayed Draw Notes due 2026 (the \u201cDelayed Draw Notes\u201d) in a maximum aggregate principal commitment amount of $10.5 million, which matures on November 25, 2026. As of December 31, 2025, the Company drew $10.5 million against the Delayed Draw Notes. On August 29, 2025, we issued $10.0 million aggregate principal amount of 5.00% Convertible Notes due 2030 (the \u201c2030 Notes\u201d). The 2030 Notes were issued pursuant to a Note Purchase Agreement with Annox Capital, LLC and Robert J. Mylod, Jr., the Managing Partner of Annox Capital, LLC and the Independent Executive Chair of the board of directors of the Company. Recapitalization of Balance Sheet Debt: the Prepackaged Chapter 11 Case On November 13, 2024, we commenced a voluntary proceeding (the \"Prepackaged Chapter 11 Case\") under Chapter 11 of the United States Code, 11 U.S.C. \u00a7\u00a7 101-1532, as amended from time to time in the United States Bankruptcy Court for the Southern District of Texas under the name \u201cIn re Vroom, Inc.\u201d None of our subsidiaries were debtors in the Chapter 11 proceedings. On January 14, 2025 (the \u201cEffective Date\u201d), the conditions to the effectiveness of the prepackaged plan of reorganization (the \u201cPlan\u201d) were satisfied or waived and the Plan became effective. We emerged from the Prepackaged Chapter 11 Case on January 14, 2025. On February 20, 2025, our Common Stock was listed for trading on the Nasdaq Global Market. In connection with the Prepackaged Chapter 11 Case, the ordinary course operations of Vroom, Inc.\u2019s subsidiaries continued with minimal impact. We emerged without any remaining Co Item 1. Business Overview Vroom, Inc. is a holding company that conducts its operations through its subsidiaries. Unless the context otherwise requires, references herein to \u201cVroom\u201d, the \"Company\u201d, \u201cwe\u201d, \u201cus\u201d or \u201cour\u201d refer to Vroom and its consolidated subsidiaries. The Company was incorporated in Delaware on January 31, 2012, under the name BCM Partners III, Corp. On June 25, 2013, the Company changed its name to Auto America, Inc., and on July 9, 2015, the Company changed its name to Vroom, Inc. The Company previously operated an end-to-end ecommerce platform to buy and sell used vehicles through its subsidiary Vroom Automotive, LLC. Vroom, Inc. completed its initial public offering (\u201cIPO\u201d) in June 2020. In January 2021, the Company completed its acquisition of Vast Holdings, Inc. (d/b/a CarStory) (\u201cCarStory\u201d), an artificial intelligence (\"AI\") powered analytics and digital services platform for automotive retail. On February 1, 2022, the Company completed its acquisition of Unitas Holdings Corp. (now known as Vroom Finance Corporation), including its wholly owned subsidiaries United PanAm Financial Corp. (now known as Vroom Automotive Financial Corporation) and United Auto Credit Corporation (\u201cUACC\u201d). UACC is a leading automotive finance company that offers vehicle financing to consumers through motor vehicle dealers under the UACC brand. Ecommerce Wind-Down and Restructuring On January 22, 2024, the Company announced that its Board of Directors (\u201cBoard\u201d) had approved a value maximization plan, pursuant to which the Company wound down its used vehicle dealership business in order to preserve liquidity and enable the Company to maximize stakeholder value through its remaining businesses, UACC and CarStory (the \u201cValue Maximization Plan\u201d). The Company ceased transacting through vroom.com, completed transactions for customers who had previously contracted with the Company to purchase or sell a vehicle, halted purchases of additional vehicles, sold its used veh Item 1A. Risk Factors An investment in our common stock involves a high degree of risk. You should consider carefully the risks and uncertainties described below, together with the financial and other information contained in this Annual Report on Form 10-K, before you decide to purchase shares of our common stock. If any of the", "title": "VRM - Vroom, Inc.", "url": "/company/VRM/" }, { "kind": "company", "summary": "SIC 1600 Heavy Construction Other Than Bldg Const - Contractors; CIK 0001883814; latest 10-K filed 2026-03-26.", "text": "SLND - Southland Holdings, Inc. SIC 1600 Heavy Construction Other Than Bldg Const - Contractors; CIK 0001883814; latest 10-K filed 2026-03-26. SLND Southland Holdings, Inc. 0001883814 1600 Heavy Construction Other Than Bldg Const - Contractors Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations References to the \u201cCompany,\u201d \u201cour,\u201d \u201cus,\u201d \u201cwe,\u201d or \u201cSouthland\u201d refer to Southland Holdings, Inc. and its consolidated subsidiaries. The following discussion and analysis contain forward-looking statements relating to future events or our future financial performance, which involve risk and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements. Please see the discussion regarding forward-looking statements and certain risks included under the \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cItem 1A. Risk Factors\u201d sections for a discussion of some of the uncertainties, risks, and assumptions associated with these statements. The following discussion and analysis present information that we believe is relevant to an assessment and understanding of our consolidated balance sheets, statements of cash flows, and results of operations. This information should be read in conjunction with the consolidated financial statements and the notes related thereto which are included in this Annual Report. Overview Southland is a diverse leader in specialty infrastructure construction with roots dating back to 1900. The end markets for which we provide services cover a broad spectrum of specialty services within infrastructure construction. We design and construct projects in the bridges, tunnels, communications, data centers, transportation and facilities, marine, steel structures, water and wastewater treatment, and water pipelines end markets. Southland is based in Grapevine, Texas. It is the parent company of Johnson Bros. Corporation, American Bridge Company, Oscar Renda Contracting, Southland Contracting, Heritage Materials and Mole Constructors. With the combined capabilities of these six primary subsidiaries, Southland has become a diversified industry leader with projects spanning North America in various end markets. Key Factors Affecting Results of Operations Business Environment Our Civil segment primarily operates throughout North America and specializes in services that include the design and construction of water pipeline, pump stations, lift stations, water and wastewater treatment plants, concrete and structural steel, outfall, and tunneling. Our Transportation segment primarily operates throughout North America and specializes in services that include the design and construction of bridges, roadways, marine, dredging, ship terminals and piers, and specialty structures and facilities. Our Transportation segment is responsible for the construction of bridges and structures including many of the most recognizable bridges, convention centers, sports stadiums, marine facilities, and Ferris wheels in the world. Both our Civil and Transportation segments continue to identify new opportunities to grow our business, and the future outlook of the end markets we serve remains positive. Although risk and uncertainty exist, including, but not limited to, the items addressed within our forward-looking statements and risk factors, we believe that we are well positioned to compete on new infrastructure projects in both the public and private sectors. Market Trends and Uncertainties In both our Transportation and Civil segments, we have competitors within the individual markets and geographic areas in which we operate, ranging from small, local companies to larger regional, national, and international companies. Although the construction business is highly competitive, there are few, if any, companies which compete in all of our market areas, both geographically and from an end market perspective. The degree and type of competition is influenced by the type and scope of construction projects within individual markets. Equipment ownership and ability to self-perform across numerous disciplines are two of our significant competitive advantages. We believe that the primar Item 1. Business Overview Southland is a diverse leader in specialty infrastructure construction with roots dating back to 1900. The end markets for which we provide services cover a broad spectrum of specialty services within infrastructure construction. We design and construct projects in the bridges, tunnels, communications, transportation and facilities, marine, steel structures, water and wastewater treatment, and water pipelines end markets. Southland is based in Grapevine, Texas. It is the parent company of Johnson Bros. Corporation, American Bridge Company, Oscar Renda Contracting, Southland Contracting, Mole Constructors and Heritage Materials. With the combined capabilities of these six primary subsidiaries, Southland has become a diversified industry leader with projects spanning North America in various end markets. In the second quarter of 2023, Southland decided to discontinue certain types of projects in its Materials & Paving business line (\u201cM&P\u201d) and sold assets related to producing large scale concrete and asphalt. M&P is reported in the Transportation segment. The Company will not be pursuing production of concrete and asphalt products for use on self-performed paving projects where the majority of the scope of work contains large-scale concrete and asphalt production or sale of asphalt and concrete products to third parties. This operational shift will allow the Company to better focus its resources on more profitable lines of business. Reportable Segments We manage Southland in two distinct segments: Civil and Transportation. Our Civil segment operates throughout North America and specializes primarily in services that include the design and construction of water pipeline, pump stations, lift stations, water and wastewater treatment plants, concrete and structural steel, outfall, and tunneling. Our Transportation segment operates primarily throughout North America and specializes primarily in services that include the design and construc Item 1A. Risk Factors Risk Factor Summary We are providing the following summary of the risk factors disclosed in this Annual Report to enhance the readability and accessibility of our risk factor disclosures. We encourage our stockholders to carefully review the risk fact", "title": "SLND - Southland Holdings, Inc.", "url": "/company/SLND/" }, { "kind": "company", "summary": "SIC 2860 Industrial Organic Chemicals; CIK 0001841425; latest 10-K filed 2026-03-27.", "text": "VGAS - Verde Clean Fuels, Inc. SIC 2860 Industrial Organic Chemicals; CIK 0001841425; latest 10-K filed 2026-03-27. VGAS Verde Clean Fuels, Inc. 0001841425 2860 Industrial Organic Chemicals ITEM 7. Management\u2019s Discussion And Analysis Of Financial Condition And Results Of Operations. The following discussion and analysis provides information which we believe is relevant to an assessment and understanding of our results of operations and financial condition. This discussion and analysis should be read together with the audited consolidated financial statements and related notes that are included elsewhere in this Report, as well as with \u201cItem 1. Business \u2013 Formation, Business Combination and Related Transactions.\u201d In addition to historical financial information, this discussion and analysis contains forward-looking statements based upon current expectations that involve risks, uncertainties and assumptions. See the sections entitled \u201cCautionary Note Regarding Forward-Looking Statements\u201d and Item 1A. \u201cRisk Factors\u201d elsewhere in this Report. Actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under Item 1A. \u201cRisk Factors.\u201d Overview We own an innovative and proprietary gas-to-liquids processing technology capable of converting low-value or stranded feedstocks into higher-value clean transportation fuels. Our synthesis gas (\u201csyngas\u201d)-to-gasoline plus (STG+\u00ae) process is designed to convert syngas, derived from a variety of feedstocks, including natural gas and biomass, into fully finished liquid fuels that require no additional refining. The STG+\u00ae technology is engineered for industrial-scale deployment and intended to be delivered in standardized modular units. The technology has been validated through a fully integrated demonstration plant that has completed over 10,000 hours of operation. As of December 31, 2025, we are still in the process of deploying our STG+\u00ae technology and have not derived revenue from our principal business activities. 53 Table of Contents Development We acquired our STG+\u00ae technology from Primus in 2020, which was originally founded in 2007 and invested over $110 million in developing and demonstrating such technology, including the construction and operation of the demonstration plant. The demonstration plant began operations in 2013, completed over 10,000 hours of operation and is currently maintained in an idle state. Recent Developments On February 6, 2026, we announced the suspension of development of the Permian Basin Project (as defined below) primarily as a result of changing market conditions driven by increasing demand for natural gas in the Permian Basin. On February 18, 2026, we announced a revised strategy to deploy our innovative and proprietary liquid fuels processing technology through capital-lite opportunities. The shift in strategy is intended to identify the most effective pathways to commercialize the STG+\u00ae technology with a disciplined approach to capital allocation. Related to our revised strategy, we have implemented and intend to continue implementing aggressive cost savings initiatives targeting a 50% reduction in costs in 2026 as compared to 2025. In connection with this initiative, our Board of Directors has created a Restructuring Committee and appointed director Jonathan Siegler as the sole member of that committee. The Restructuring Committee\u2019s mandate includes overseeing all aspects of our revised strategy and evaluation of strategic alternatives while ensuring we remain fully NASDAQ-compliant. In connection with our cost savings initiatives, we are streamlining our Board of Directors. Related thereto, current directors Martijn Dekker and Dail St. Claire will not be standing for re-election at the end of their term. On March 20, 2026, we announced the appointment of George Burdette as CEO and engagement of Roth Capital Partners as financial advisor to assist the Company in evaluating strategic alternatives. These announcements are part of the Company\u2019s continued advancement of its previously announced restructuring and c ITEM 1. Business. Overview Verde Clean Fuels, Inc. (\u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cVerde,\u201d \u201cVerde Clean Fuels\u201d or the \u201cCompany\u201d) owns an innovative and proprietary gas-to-liquids processing technology capable of converting low-value or stranded feedstocks into higher-value clean transportation fuels. Our synthesis gas (\u201csyngas\u201d)-to-gasoline plus (STG+\u00ae) process is designed to convert syngas, derived from a variety of feedstocks, including natural gas and biomass, into fully finished liquid fuels that require no additional refining. The STG+\u00ae technology is engineered for industrial-scale deployment and intended to be delivered in standardized modular units. The technology has been validated through a fully integrated demonstration plant that has completed over 10,000 hours of operation. We are a Delaware corporation headquartered in Houston, Texas. Our principal executive offices are located at 711 Louisiana St., Suite 2160, Houston, Texas 77002. We also have an office and demonstration plant in Hillsborough, New Jersey. Our shares of Class A Common Stock and Public Warrants (each as defined below) are listed on the Nasdaq Capital Market (\"Nasdaq\") under the symbols \u201cVGAS\u201d and \u201cVGASW,\u201d respectively. Our primary stockholder is Bluescape Clean Fuels Holdings, LLC (\u201cHoldings\u201d). Holdings is an affiliate of Bluescape Energy Partners, an alternative investment firm. Our second largest stockholder is Cottonmouth Ventures, LLC (\u201cCottonmouth\u201d). Cottonmouth is a wholly-owned subsidiary of Diamondback Energy, Inc. (\u201cDiamondback\u201d), an independent oil and natural gas company. As of December 31, 2025, we are still in the process of deploying our STG+\u00ae technology and have not derived revenue from our principal business activities. \u201cClean\u201d or \u201clower-carbon\u201d as used to describe the Company\u2019s products refers to lower carbon intensity (\u201cCI\u201d), lower lifecycle emissions, and lower quantity of greenhouse gas (\u201cGHG\u201d) emissions resulting directly from fuel combustion, relative to gasoline derive ITEM 1A. Risk Factors. Risk Factors This Annual Report contains forward-looking information based on our current expectations. Our business involves significant risks, some of which are described below. You should carefully consider these risk factors, together with all of the other information included in this Annual Report", "title": "VGAS - Verde Clean Fuels, Inc.", "url": "/company/VGAS/" }, { "kind": "company", "summary": "SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001860871; latest 10-K filed 2026-03-31.", "text": "TVGN - Tevogen Bio Holdings Inc. SIC 2836 Biological Products, (No Diagnostic Substances); CIK 0001860871; latest 10-K filed 2026-03-31. TVGN Tevogen Bio Holdings Inc. 0001860871 2836 Biological Products, (No Diagnostic Substances) Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our audited consolidated financial statements and related notes included elsewhere in this Annual Report. This discussion and other parts of this Annual Report contain forward-looking statements that involve risk and uncertainties, such as statements of our plans, objectives, expectations and intentions. As a result of many factors, including those factors set forth in the \u201cRisk Factors\u201d section of this Annual Report, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. References to the \u201cCompany,\u201d \u201cwe,\u201d \u201cus,\u201d and \u201cour\u201d in this section generally refer to Tevogen Bio Inc before the Business Combination and to Tevogen Bio Holdings Inc. and its subsidiary collectively from and after the Business Combination, unless the context otherwise requires. Overview We are a clinical-stage specialty immunotherapy company harnessing one of nature\u2019s most powerful immunological weapons, CD8+ CTLs, to develop off-the-shelf, precision T cell therapies for the treatment of infectious diseases, cancers, and other disorders, with the aim of addressing the significant unmet needs of large patient populations. We believe the full potential of T cell therapies remains largely untapped, and aspire to be the first biotechnology company offering commercially attractive, economically viable, and cost-effective personalized T cell therapies. We believe our allogeneic, precision T cell technology, ExacTcellTM, has the potential to mainstream cell therapy with a new class of off-the-shelf T cell therapies with diverse applications across virology, oncology, and other areas. ExacTcell is a set of processes and methodologies to develop, enrich, and expand single human HLA restricted CTL therapies with proactively selected, precisely defined targets. We are focused on using ExacTcell to develop therapeutics that are intended to be infused in patients other than the original donor. ExacTcell is designed to maximize the immunologic specificity of our products in order to eliminate malignant and virally infected cells while allowing healthy cells to remain intact. In addition, through our Tevogen.AI artificial intelligence initiative, we are exploring ways to deploy artificial intelligence-powered target detection to further accelerate our product development pace. The first clinical product of ExacTcell, TVGN 489, is initially being developed to fill a critical gap in COVID-19 therapeutics for the immunocompromised and the high-risk elderly, with potential applications in both treatment and prevention of Long COVID. We have completed a Phase 1 proof-of-concept clinical trial of TVGN 489 for the treatment of ambulatory, high-risk adult COVID-19 patients. No dose-limiting toxicities or significant treatment-related adverse events were observed in the treatment arm of the trial. Secondary endpoints showing a rapid reduction of viral load and that infusion of TVGN 489 did not prevent development of the patients\u2019 own T cell-related (cellular) or antibody-related (humoral) anti-COVID-19 immunity were also met. None of the patients who participated in the trial reported progression of infection, reinfection, or the development of Long COVID during the six-month follow-up period. In addition, through our Tevogen.AI artificial intelligence initiative, we are focused on harnessing the potential of AI to expedite drug development, optimize laboratory processes and clinical trials, unravel complex biological data, improve patient outcomes, and pass on related savings to patients. 82 Our commercial success depends in part on our ability to obtain and maintain patent and other protection for our products and methods, preserve the confidentia", "title": "TVGN - Tevogen Bio Holdings Inc.", "url": "/company/TVGN/" }, { "kind": "company", "summary": "SIC 7363 Services-Help Supply Services; CIK 0001605888; latest 10-K filed 2026-04-15.", "text": "ATLN - ATLANTIC INTERNATIONAL CORP. SIC 7363 Services-Help Supply Services; CIK 0001605888; latest 10-K filed 2026-04-15. ATLN ATLANTIC INTERNATIONAL CORP. 0001605888 7363 Services-Help Supply Services Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion relates to Atlantic International Corp. (Atlantic or the Company) and its consolidated subsidiaries and should be read together with the Company\u2019s Consolidated Financial Statements and accompanying notes included in Item 8.\u2014 Financial Statements and Supplementary Data. Overview Atlantic, through its subsidiaries, is a national strategic staffing firm servicing the commercial, professional, finance, direct placement, and managed service provider verticals. Lyneer was formed under the principles of honesty and integrity, and with the view of becoming the preferred outside employer of choice. Since its formation, the Company has grown from a regional operation to a national staffing firm with offices and geographic reach across the United States. The Company primarily places individuals in accounting and finance, administrative and clerical, information technology, legal, light industrial, and medical roles. The Company is also a leading provider of productivity consulting and workforce management solutions. Atlantic is headquartered in Englewood Cliffs, New Jersey and has more than 100 locations in the USA. The Company\u2019s management believes, based on their knowledge of the industry, that it is one of the prominent and leading staffing firms in the ever-evolving staffing industry. Its management also believes that it is an industry leader in permanent, temporary and temp-to-perm placement services in a wide variety of areas, including, but not limited to, accounting & finance, administrative & clerical, hospitality, IT, legal, light industrial and medical fields. Its deep expertise and extensive experience have helped world class companies revolutionize their operations, resulting in greater efficiency and streamlined processes. Its comprehensive suite of solutions covers all aspects of workforce management, from recruitment and hiring to time and attendance tracking, scheduling, performance management, and predictive analytics. Atlantic takes a personalized approach to each client, working closely with them to understand their unique needs and develop a tailored roadmap for success. In addition, Atlantic offers a comprehensive range of recruiting services, including temporary and permanent staffing, within the light industrial, administrative, and financial sectors. Its services are designed to meet each client\u2019s needs, including payroll services and vendor management services/managed service provider solutions. Its extensive network of offices and onsite operations provide local support for its clients, while its national presence gives Atlantic the resources to tackle even the most complex staffing needs. With a focus on integrity, transparency and customer service and a commitment to results over a 25-year period, management believes it has earned a reputation as one of the premier workforce solutions partners in the United States. At Atlantic, management understands that finding the perfect candidate starts before the job requisition even comes in. The Company employs the strategy of proactive recruitment to build a pipeline of pre-vetted candidates for order fulfillment. Atlantic\u2019s client mix consists of both small- and medium-size businesses, and large national and multinational client relationships. Client relationships with small- and medium-size businesses are based on a local or regional relationship, and tend to rely less on longer-term contracts, and the competitors for this business are primarily locally owned businesses. Comprising over 60% of the Company\u2019s revenue base, the large national and multinational clients, on the other hand, will frequently enter into non-exclusive arrangements with several firms, with the ultimate choice among them being left to local managers. As a result, employment services firms with a large network of offices compete most effectively for this business, which ge Item 1. Business Overview On June 18, 2024, Atlantic International Corp (\u201cAtlantic\u201d or the \u201cCompany\u201d) completed the acquisition (the \u201cMerger\u201d) of Lyneer Investments LLC and its operating subsidiaries, including Lyneer Staffing Solutions, LLC (collectively, \u201cLyneer\u201d) and its business operations, which became the principal business operations of our Company. Pursuant to the terms of the Merger, the Company changed its name from SeqLL Inc., to Atlantic International Corp, and its trading symbol to ATLN. Atlantic is a leading provider of strategic staffing and workforce solutions. Through its subsidiary, Lyneer delivers comprehensive staffing services across food production, manufacturing, and logistics sectors nationwide. With the addition of Circle8 Group (\u201cCircle8\u201d) on January 23, 2026, Atlantic extended its capabilities into specialized high-growth IT and technology staffing capabilities across Europe, complementing Atlantic\u2019s North American industrial staffing operations. Circle8 is a European IT-technology talent and consulting enablement platform that provides specialized workforce solutions to enterprises, technology companies, financial institutions, and public-sector organizations. Circle8 focuses on sourcing, deploying, and managing highly skilled professionals in information technology and related digital disciplines. Circle8 is one of the fastest-growing IT and technology staffing companies, operating across Europe through a portfolio of specialized brands. Circle8 manages over 16,000 technology professionals and specializes in software development, data analytics cybersecurity, project management, and emerging technologies. Circle8 is founder-led and will continue to be led by Mr. Guus Franke who joined Atlantic\u2019s Board of Directors as Executive Chairman. The management team of Atlantic has over 200 combined years of specific corporate management and investment banking experience. Atlantic\u2019s management has developed long-standing relationships in the st Item 1A. Risk Factors Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law, you are advised to consult any additional disclosures we make in the documents that we file with th", "title": "ATLN - ATLANTIC INTERNATIONAL CORP.", "url": "/company/ATLN/" }, { "kind": "company", "summary": "SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers; CIK 0001519061; latest 10-K filed 2026-03-13.", "text": "TSEOQ - Trinseo PLC SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers; CIK 0001519061; latest 10-K filed 2026-03-13. TSEOQ Trinseo PLC 0001519061 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations The following discussion summarizes the significant factors affecting the operating results, financial condition, liquidity and cash flows of our Company as of and for the periods presented below. The following discussion and analysis should be read in conjunction with the audited consolidated financial statements and the accompanying notes thereto, included elsewhere within this Annual Report. The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity and capital resources and all other non-historical statements in this discussion are forward-looking statements and are based on the beliefs of our management, as well as assumptions made by, and information currently available to, our management and are made as of the date of this Annual Report. See \u201cCautionary Note Regarding Forward-Looking Statements.\u201d Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed below and elsewhere within this Annual Report, particularly in Item 1A\u2014\u201cRisk Factors.\u201d Definitions of capitalized terms not defined herein appear in the notes to our consolidated financial statements. 2025 Highlights and Recent Developments For the year ended December 31, 2025, we had net loss of $545.6 million, including $140.3 million of restructuring and other charges, and Adjusted EBITDA of $162.5 million. Adjusted EBITDA decreased compared to 2024 primarily due to lower volumes across all business segments and margin compression in Polymer Solutions and Latex Binders as a result of competitive price pressure particularly in Europe and Asia. The Company continues to critically review its liquidity and anticipated capital requirements, including for service of the Company's debt. The consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As of December 31, 2025, the Company had liquidity of $334.2 million and an accumulated deficit of $1,339.3 million and used cash in operations of $102.4 million during the year ended December 31, 2025. The Company expects continued operating losses and significant cash outflows from operating activities in the near term. Current macroeconomic and geopolitical conditions, including inflation, conflicts (such as the Russia-Ukraine war and military conflict in Iran), have created, and continue to create, significant uncertainty in operations, and weaker demand in many of our end markets, which have had, and are expected to continue to have, a material adverse effect on the Company's financial performance and liquidity forecasts. The Company\u2019s debt agreements include financial covenants, including a minimum liquidity requirement of $100.0 million under the 2028 Refinance Credit Agreement and additional liquidity\u2011related covenants under the OpCo 41 Table of Contents Super\u2011Priority Revolver. Although the Company was in compliance with these covenants as of December 31, 2025, based on current forecasts, available borrowing capacity, and expected operating conditions, the Company believes it is unlikely to remain in compliance with these covenants for at least the twelve months following issuance of these financial statements. Failure to meet these covenant requirements in the future would cause the Company to be in default and could cause the maturity of the related debt to be accelerated and become immediately payable absent obtaining waivers from its lenders or negotiating amendments to avoid acceleration of its indebtedness. There can be no assurance that any such waivers or amendments would be available on acceptable terms or at all. In February 2026 we entered into an amendment to the credit agreement governing our 2028 Term Loan B (the \u201cSenior Credit Facility\u201d), which extended the grace period for payment of int Item 1. Business Business The Company Trinseo PLC is a public limited company existing under the laws of Ireland. Trinseo PLC was merged with our former publicly traded parent entity, Trinseo S.A., with Trinseo PLC as the surviving entity. Prior to the formation of Trinseo S.A., our business was wholly owned by The Dow Chemical Company (together with its affiliates, we refer to as \u201cDow\u201d). Our predecessor business was sold by Dow in 2010 to investment funds advised or managed by affiliates of Bain Capital Partners, LP (the \u201cDow Separation\u201d), which fully divested its ownership in the Company in 2016. We have been listed on the New York Stock Exchange (\u201cNYSE\u201d) since June 2014 under the ticker symbol \u201cTSE.\u201d On March 2, 2026, Trinseo PLC received notice from the New York Stock Exchange that it would commence proceedings to delist the Company\u2019s ordinary shares because the Company had fallen below the NYSE continued listing standard requiring companies to maintain an average market capitalization over a 30-trading day period of at least $15 million. The Notice also stated that trading in the Company\u2019s ordinary shares would be suspended effective immediately. Trinseo PLC is a specialty material solutions provider with a focus on partnering with companies to bring ideas to life in an imaginative, smart, and sustainability-focused manner. Our products are incorporated into a wide range of our customers\u2019 products throughout the world, including products for building and construction, automotive applications, paper and board, appliances, packaging, textile, and consumer electronics, among others. We have long-standing relationships with a diverse base of global customers, many of whom are leaders in their markets and rely on us for formulation, technological differentiation, and compounding expertise to find sustainable solutions for their businesses. Many of our products represent only a small portion of a finished product\u2019s manufacturing costs but provide critical functio Item 1A. Risk Factors SUMMARY OF RISK FACTORS The following is a summary of the principal risks that could adversely affect our business, operations and financial results. For a more complete discussion of the material risks facing our business, please see below. As noted under \u201cForward-Loo", "title": "TSEOQ - Trinseo PLC", "url": "/company/TSEOQ/" }, { "kind": "company", "summary": "SIC 4011 Railroads, Line-Haul Operating; CIK 0000016868; latest 10-K filed 2026-02-04.", "text": "CNI - CANADIAN NATIONAL RAILWAY CO SIC 4011 Railroads, Line-Haul Operating; CIK 0000016868; latest 10-K filed 2026-02-04. CNI CANADIAN NATIONAL RAILWAY CO 0000016868 4011 Railroads, Line-Haul Operating", "title": "CNI - CANADIAN NATIONAL RAILWAY CO", "url": "/company/CNI/" }, { "kind": "company", "summary": "SIC 4011 Railroads, Line-Haul Operating; CIK 0000016875; latest 10-K filed 2026-02-26.", "text": "CP - CANADIAN PACIFIC KANSAS CITY LTD/CN SIC 4011 Railroads, Line-Haul Operating; CIK 0000016875; latest 10-K filed 2026-02-26. CP CANADIAN PACIFIC KANSAS CITY LTD/CN 0000016875 4011 Railroads, Line-Haul Operating ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS INDEX TO MANAGEMENT'S DISCUSSION AND ANALYSIS [[GREPCENT_TABLE]] [[\"\",\"Page\"],[\"Executive Summary\",\"36\"],[\"Performance Indicators\",\"36\"],[\"Results of Operations\",\"37\"],[\"Operating Revenues\",\"37\"],[\"Operating Expenses\",\"40\"],[\"Other Income Statement Items\",\"41\"],[\"Impact of Foreign Exchange on Earnings and Foreign Exchange Risk\",\"42\"],[\"Impact of Fuel Price on Earnings\",\"43\"],[\"Impact of Share Price on Earnings and Stock-based Compensation\",\"43\"],[\"Liquidity and Capital Resources\",\"43\"],[\"Non-GAAP Measures\",\"48\"],[\"Critical Accounting Estimates\",\"52\"],[\"Forward-Looking Statements\",\"55\"]] [[/GREPCENT_TABLE]] 36 / CPKC 2025 ANNUAL REPORT The following Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations (\"MD&A\") is intended to enhance a reader\u2019s understanding of the Company\u2019s results of operations and financial condition. The MD&A is provided as a supplement to, and should be read in conjunction with, the Company\u2019s Consolidated Financial Statements and the related notes in Item 8. Financial Statements and Supplementary Data, and other information in this Annual Report on Form 10-K. Except where otherwise indicated, all financial information reflected herein is expressed in Canadian dollars. The following section generally discusses 2025 and 2024 items and includes comparisons between 2025 and 2024. Discussions of 2023 items and comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. For purposes of this report, unless the context indicates otherwise, all references herein to \"CPKC\", \"the Company\" or \"our\" refer to Canadian Pacific Kansas City Limited (\"CPKC\") and its subsidiaries. Executive Summary 2025 Results \u2022Total revenues were $15,078 million, an increase of 4% compared to $14,546 million in 2024. The increase was primarily due to higher volumes as measured by revenue ton-miles (\"RTMs\"). \u2022Diluted earnings per share (\"EPS\") was $4.51, an increase of 13% compared to $3.98 in 2024. \u2022Core adjusted diluted EPS was $4.61, an increase of 8% compared to $4.25 in 2024. \u2022Operating ratio was 62.8%, a 160 basis point improvement from 64.4% in 2024. \u2022Core adjusted operating ratio was 59.9%, a 140 basis point improvement from 61.3% in 2024. Core adjusted diluted EPS and Core adjusted operating ratio are defined and reconciled in the \"Non-GAAP Measures\" section of this Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Performance Indicators [[GREPCENT_TABLE]] [[\"For the year ended December 31\",\"2025\",\"\",\"2024\",\"\",\"% Change\"],[\"Gross ton-miles (\\\"GTMs\\\") (millions)\",\"403,891\",\"\",\"388,958\",\"\",\"4\"],[\"Train miles (thousands)\",\"47,170\",\"\",\"46,892\",\"\",\"1\"],[\"Fuel efficiency (U.S. gallons of locomotive fuel consumed /1,000 GTMs)\",\"1.034\",\"\",\"1.033\",\"\",\"\\u2014\"],[\"Total employees (average)\",\"19,967\",\"\",\"20,144\",\"\",\"(1)\"]] [[/GREPCENT_TABLE]] These key measures are used by management in the planning process to facilitate decisions that continue to drive further productivity improvements in the Company's operations. These key measures reflect how effective the Company\u2019s management is at controlling costs and executing the Company\u2019s operating plan and strategy. Continued monitoring of these key measures enables the Company to take appropriate actions to deliver superior service and grow its business at low incremental cost. A GTM is defined as the movement of one ton of train weight over one mile. GTMs are calculated by multiplying total train weight by the distance the train moved. Total train weight comprises the weight of the freight cars, their contents, and any inactive locomotives. An increase in GTMs indicates additional workload. The increase i ITEM 1. BUSINESS Company Overview Canadian Pacific Kansas City Limited (\"CPKC\" or the \"Company\") owns and operates the only freight railway spanning Canada, the United States (\"U.S.\"), and Mexico. CPKC provides rail and intermodal transportation services over a network of approximately 20,000 miles, serving principal business centres across Canada, the U.S., and Mexico. CPKC transports bulk commodities, merchandise freight, and intermodal traffic. For additional information regarding CPKC's network and geographical locations, refer to Item 2. Properties. The Company was originally incorporated on June 22, 2001, under the Canada Business Corporations Act and controls and owns all of the Common Shares of Canadian Pacific Railway Company (\"CPRC\"), which was incorporated in 1881 by Letters Patent pursuant to an Act of the Parliament of Canada. CPKC's registered, executive and corporate head office is located at 7550 Ogden Dale Road S.E., Calgary, Alberta, T2C 4X9, Canada. CPKC's U.S. head office is located at 427 West 12 Street, Kansas City, Missouri, 64105. CPKC's Common Shares (the \"Common Shares\") are listed on the Toronto Stock Exchange (\"TSX\") and the New York Stock Exchange (\"NYSE\") under the symbol \"CP\". On April 14, 2023, CPKC assumed control of Kansas City Southern (\"KCS\") through an indirect wholly-owned subsidiary. For the purposes of this Annual Report on Form 10-K, unless the context indicates otherwise, all references herein to \"CPKC\", \"the Company\", \"we\", \"our\" and \"us\" refer to Canadian Pacific Kansas City Limited and its subsidiaries, which includes KCS as a consolidated subsidiary from April 14, 2023 (\"Control Date\"). Prior to April 14, 2023, the Company's 100% interest in KCS was accounted for and reported as an equity-method investment (see Part II Item 8. Financial Statements and Supplementary Data, Note 11 Business acquisition and Note 12 Investment in Kansas City Southern). All references to currency amounts included in this Annual Report on F ITEM 1A. RISK FACTORS The risks set forth in the following risk factors could have a materially adverse effect on the Company's business, financial condition, results of operations, and liquidity, and could cause those results to differ materially from those expressed or implied in the Company's forward-", "title": "CP - CANADIAN PACIFIC KANSAS CITY LTD/CN", "url": "/company/CP/" }, { "kind": "company", "summary": "SIC 1311 Crude Petroleum & Natural Gas; CIK 0000858470; latest 10-K filed 2026-02-27.", "text": "CTRA - Coterra Energy Inc. SIC 1311 Crude Petroleum & Natural Gas; CIK 0000858470; latest 10-K filed 2026-02-27. CTRA Coterra Energy Inc. 0000858470 1311 Crude Petroleum & Natural Gas ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis are based on management\u2019s perspective and are intended to assist you in understanding our results of operations and our present financial condition and outlook. Our Consolidated Financial Statements and the accompanying Notes to the Consolidated Financial Statements included elsewhere in this Annual Report on Form 10-K contain additional information that should be referenced when reviewing this material. This discussion and analysis also include forward-looking statements. Readers are cautioned that such forward-looking statements are based on current expectations and assumptions that involve a number of risks and uncertainties, including those described under \u201cForward-Looking Statements\u201d in Part I of this report and \u201cRisk Factors\u201d in Part I, Item 1A of this report, which could cause actual results to differ materially from those included in this report. 38 Table of Contents OVERVIEW Financial and Operating Overview Financial and operating results for the year ended December 31, 2025 compared to the year ended December 31, 2024 reflect the following: \u2022Net income increased $596 million from $1.1 billion, or $1.51 per share, in 2024 to $1.7 billion, or $2.25 per share, in 2025. \u2022Net cash provided by operating activities increased $1.2 billion, from $2.8 billion, in 2024 to $4.0 billion in 2025. \u2022Oil equivalent production increased 38.0 MMBoe from 247.6 MMBoe, or 676.5 MBoe per day, in 2024 to 285.6 MMBoe, or 782.4 MBoe per day, in 2025. \u25e6Oil production increased 18.6 MMBbl from 39.8 MMBbl, or 109 MBbl per day, in 2024 to 58.4 MMBbl, or 160 MBbl per day, in 2025. \u25e6Natural gas production increased 61.1 Bcf from 1,024.7 Bcf, or 2,800 MMcf per day, in 2024 to 1,085.8 Bcf, or 2,975 MMcf per day, in 2025. \u25e6NGL volumes increased 9.2 MMBbl from 37.0 MMBbl, or 101 MBbl per day, in 2024 to 46.2 MMBbl, or 127 MBbl per day, in 2025. \u2022Average realized prices (including impact of derivatives): \u25e6Oil was $64.35 per Bbl in 2025, 13 percent lower than the $74.22 per Bbl price realized in 2024. \u25e6Natural gas was $2.47 per Mcf in 2025, 41 percent higher than the $1.75 per Mcf price realized in 2024. \u25e6NGL price for 2025 was $18.24 per Bbl, 9 percent lower than the $19.95 per Bbl price realized in 2024. \u2022Total capital expenditures for drilling, completion and other fixed assets were $2.3 billion in 2025 compared to $1.8 billion in 2024. Other financial highlights for the year ended December 31, 2025 include the following: \u2022Closed two acquisitions in January 2025 in the Delaware Basin for total consideration of $3.3 billion in cash and the issuance of 28,190,682 shares of our common stock valued at $785 million based on the closing price of our common stock on the closing date of the transactions. \u2022Increased our quarterly dividend from $0.21 per share to $0.22 per share in February 2025. \u2022Repaid the full $500 million of the Tranche A Term Loan and repaid $200 million of the Tranche B Term Loan. In February 2026, we repaid the remaining $300 million of the Tranche B Term Loan. \u2022Repurchased 6 million shares of our common stock during 2025 for $140 million. Market Conditions and Commodity Prices Our financial results depend on many factors, particularly commodity prices and our ability to find and develop oil and gas reserves and market our production on economically attractive terms. Commodity prices are affected by many factors outside of our control, including changes in market supply and demand, which can be impacted by pipeline capacity constraints, inventory storage levels, basis differentials, weather conditions, and geopolitical, economic and other factors. While oil prices were relatively steady throughout 2024, prices declined in 2025 overall compared to 2024. Various commentators and agencies (including the International Energy Agency) forecast larger global supply inventories compared t ITEM 1A. RISK FACTORS You should carefully consider the following risk factors in addition to the other information included in this report. Each of these risk factors could adversely affect our business, financial condition, results of operations and cash flows, as well as adversely affect the value of an investment in our common stock, debt securities, or preferred stock. Risks Related to the Proposed Merger The Merger may not be completed and the Merger Agreement may be terminated in accordance with its terms. On February 1, 2026, we entered into the Merger Agreement with Devon to combine via an all-stock merger transaction. The Merger is subject to a number of conditions to the closing, as specified in the Merger Agreement. These closing conditions include, among others, (1) the receipt of the required approvals from Coterra stockholders and Devon stockholders, (2) the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and (3) the absence of any governmental order or law that makes consummation of the Merger illegal or otherwise prohibited. We can provide no assurance that the required stockholder approvals will be obtained or that the required conditions to the closing will be satisfied. These conditions to the completion of the Merger, some of which are beyond our control, may not be satisfied or waived in a timely manner or at all, and, accordingly, the Merger may be delayed or may not be completed at all. Any delay in completing the Merger could cause the combined business not to realize, or to be delayed in realizing, some or all of the benefits that we expect to achieve if the Merger is successfully completed within its expected time frame. The termination of the Merger Agreement could negatively impact our business. If the Merger is not completed for any reason, including as a result of a failure to obtain the required approvals from our stockholders or Devon\u2019s stockholders, our ongoing", "title": "CTRA - Coterra Energy Inc.", "url": "/company/CTRA/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-05-01.", "text": "CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average U.S. Bureau of Labor Statistics; Monthly; as of 2026-05-01. CPIAUCSL Consumer Price Index for All Urban Consumers: All Items in U.S. City Average Index 1982-1984=100 FRED series CPIAUCSL, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average", "url": "/indicator/CPIAUCSL/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01.", "text": "UNRATE - Unemployment Rate U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01. UNRATE Unemployment Rate Percent FRED series UNRATE, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "UNRATE - Unemployment Rate", "url": "/indicator/UNRATE/" }, { "kind": "indicator", "summary": "Board of Governors of the Federal Reserve System; Monthly; as of 2026-06-01.", "text": "FEDFUNDS - Federal Funds Effective Rate Board of Governors of the Federal Reserve System; Monthly; as of 2026-06-01. FEDFUNDS Federal Funds Effective Rate Percent FRED series FEDFUNDS, source: Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System", "title": "FEDFUNDS - Federal Funds Effective Rate", "url": "/indicator/FEDFUNDS/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01.", "text": "CES0500000003 - Average Hourly Earnings of All Employees, Total Private U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01. CES0500000003 Average Hourly Earnings of All Employees, Total Private Dollars per Hour FRED series CES0500000003, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "CES0500000003 - Average Hourly Earnings of All Employees, Total Private", "url": "/indicator/CES0500000003/" }, { "kind": "indicator", "summary": "Board of Governors of the Federal Reserve System; Daily; as of 2026-07-05.", "text": "DFEDTARU - Federal Funds Target Range - Upper Limit Board of Governors of the Federal Reserve System; Daily; as of 2026-07-05. DFEDTARU Federal Funds Target Range - Upper Limit Percent FRED series DFEDTARU, source: Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System", "title": "DFEDTARU - Federal Funds Target Range - Upper Limit", "url": "/indicator/DFEDTARU/" }, { "kind": "indicator", "summary": "Board of Governors of the Federal Reserve System; Daily; as of 2026-07-05.", "text": "DFEDTARL - Federal Funds Target Range - Lower Limit Board of Governors of the Federal Reserve System; Daily; as of 2026-07-05. DFEDTARL Federal Funds Target Range - Lower Limit Percent FRED series DFEDTARL, source: Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System", "title": "DFEDTARL - Federal Funds Target Range - Lower Limit", "url": "/indicator/DFEDTARL/" }, { "kind": "indicator", "summary": "Board of Governors of the Federal Reserve System / U.S. Treasury; Daily; as of 2026-07-01.", "text": "DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity Board of Governors of the Federal Reserve System / U.S. Treasury; Daily; as of 2026-07-01. DGS3MO Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity Percent FRED series DGS3MO, source: Board of Governors / U.S. Treasury market data Board of Governors of the Federal Reserve System / U.S. Treasury", "title": "DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity", "url": "/indicator/DGS3MO/" }, { "kind": "indicator", "summary": "Board of Governors of the Federal Reserve System / U.S. Treasury; Daily; as of 2026-07-01.", "text": "DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity Board of Governors of the Federal Reserve System / U.S. Treasury; Daily; as of 2026-07-01. DGS2 Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity Percent FRED series DGS2, source: Board of Governors / U.S. Treasury market data Board of Governors of the Federal Reserve System / U.S. Treasury", "title": "DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity", "url": "/indicator/DGS2/" }, { "kind": "indicator", "summary": "Board of Governors of the Federal Reserve System / U.S. Treasury; Daily; as of 2026-07-01.", "text": "DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Board of Governors of the Federal Reserve System / U.S. Treasury; Daily; as of 2026-07-01. DGS10 Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Percent FRED series DGS10, source: Board of Governors / U.S. Treasury market data Board of Governors of the Federal Reserve System / U.S. Treasury", "title": "DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity", "url": "/indicator/DGS10/" }, { "kind": "indicator", "summary": "Board of Governors of the Federal Reserve System / U.S. Treasury; Daily; as of 2026-07-01.", "text": "DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity Board of Governors of the Federal Reserve System / U.S. Treasury; Daily; as of 2026-07-01. DGS30 Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity Percent FRED series DGS30, source: Board of Governors / U.S. Treasury market data Board of Governors of the Federal Reserve System / U.S. Treasury", "title": "DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity", "url": "/indicator/DGS30/" }, { "kind": "indicator", "summary": "Board of Governors of the Federal Reserve System / U.S. Treasury; Daily; as of 2026-07-02.", "text": "T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity Board of Governors of the Federal Reserve System / U.S. Treasury; Daily; as of 2026-07-02. T10Y2Y 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity Percent FRED series T10Y2Y, source: Board of Governors / U.S. Treasury market data Board of Governors of the Federal Reserve System / U.S. Treasury", "title": "T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity", "url": "/indicator/T10Y2Y/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-05-01.", "text": "CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy U.S. Bureau of Labor Statistics; Monthly; as of 2026-05-01. CPILFESL Consumer Price Index for All Urban Consumers: All Items Less Food and Energy Index 1982-1984=100 FRED series CPILFESL, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy", "url": "/indicator/CPILFESL/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-05-01.", "text": "CPIUFDSL - Consumer Price Index for All Urban Consumers: Food U.S. Bureau of Labor Statistics; Monthly; as of 2026-05-01. CPIUFDSL Consumer Price Index for All Urban Consumers: Food Index 1982-1984=100 FRED series CPIUFDSL, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "CPIUFDSL - Consumer Price Index for All Urban Consumers: Food", "url": "/indicator/CPIUFDSL/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-05-01.", "text": "CPIENGSL - Consumer Price Index for All Urban Consumers: Energy U.S. Bureau of Labor Statistics; Monthly; as of 2026-05-01. CPIENGSL Consumer Price Index for All Urban Consumers: Energy Index 1982-1984=100 FRED series CPIENGSL, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "CPIENGSL - Consumer Price Index for All Urban Consumers: Energy", "url": "/indicator/CPIENGSL/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-05-01.", "text": "CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter U.S. Bureau of Labor Statistics; Monthly; as of 2026-05-01. CUSR0000SAH1 Consumer Price Index for All Urban Consumers: Shelter Index 1982-1984=100 FRED series CUSR0000SAH1, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter", "url": "/indicator/CUSR0000SAH1/" }, { "kind": "indicator", "summary": "U.S. Bureau of Economic Analysis; Monthly; as of 2026-05-01.", "text": "PCEPI - Personal Consumption Expenditures: Chain-type Price Index U.S. Bureau of Economic Analysis; Monthly; as of 2026-05-01. PCEPI Personal Consumption Expenditures: Chain-type Price Index Index 2017=100 FRED series PCEPI, source: U.S. Bureau of Economic Analysis U.S. Bureau of Economic Analysis", "title": "PCEPI - Personal Consumption Expenditures: Chain-type Price Index", "url": "/indicator/PCEPI/" }, { "kind": "indicator", "summary": "U.S. Bureau of Economic Analysis; Monthly; as of 2026-05-01.", "text": "PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index U.S. Bureau of Economic Analysis; Monthly; as of 2026-05-01. PCEPILFE Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index Index 2017=100 FRED series PCEPILFE, source: U.S. Bureau of Economic Analysis U.S. Bureau of Economic Analysis", "title": "PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index", "url": "/indicator/PCEPILFE/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-05-01.", "text": "PPIACO - Producer Price Index by Commodity: All Commodities U.S. Bureau of Labor Statistics; Monthly; as of 2026-05-01. PPIACO Producer Price Index by Commodity: All Commodities Index 1982=100 FRED series PPIACO, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "PPIACO - Producer Price Index by Commodity: All Commodities", "url": "/indicator/PPIACO/" }, { "kind": "indicator", "summary": "Federal Reserve Bank of St. Louis / U.S. Treasury-derived; Daily; as of 2026-07-02.", "text": "T10YIE - 10-Year Breakeven Inflation Rate Federal Reserve Bank of St. Louis / U.S. Treasury-derived; Daily; as of 2026-07-02. T10YIE 10-Year Breakeven Inflation Rate Percent FRED series T10YIE, Fed/Treasury-derived 10-year breakeven inflation from the Federal Reserve Bank of St. Louis using U.S. Treasury market data Federal Reserve Bank of St. Louis / U.S. Treasury-derived", "title": "T10YIE - 10-Year Breakeven Inflation Rate", "url": "/indicator/T10YIE/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01.", "text": "U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01. U6RATE Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons Percent FRED series U6RATE, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons", "url": "/indicator/U6RATE/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01.", "text": "PAYEMS - All Employees, Total Nonfarm U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01. PAYEMS All Employees, Total Nonfarm Thousands of Persons FRED series PAYEMS, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "PAYEMS - All Employees, Total Nonfarm", "url": "/indicator/PAYEMS/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01.", "text": "CIVPART - Labor Force Participation Rate U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01. CIVPART Labor Force Participation Rate Percent FRED series CIVPART, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "CIVPART - Labor Force Participation Rate", "url": "/indicator/CIVPART/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01.", "text": "EMRATIO - Employment-Population Ratio U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01. EMRATIO Employment-Population Ratio Percent FRED series EMRATIO, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "EMRATIO - Employment-Population Ratio", "url": "/indicator/EMRATIO/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01.", "text": "UNEMPLOY - Unemployed U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01. UNEMPLOY Unemployed Thousands of Persons FRED series UNEMPLOY, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "UNEMPLOY - Unemployed", "url": "/indicator/UNEMPLOY/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01.", "text": "CE16OV - Employment Level U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01. CE16OV Employment Level Thousands of Persons FRED series CE16OV, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "CE16OV - Employment Level", "url": "/indicator/CE16OV/" }, { "kind": "indicator", "summary": "U.S. Department of Labor; Weekly; as of 2026-06-27.", "text": "ICSA - Initial Claims U.S. Department of Labor; Weekly; as of 2026-06-27. ICSA Initial Claims Number FRED series ICSA, source: U.S. Employment and Training Administration U.S. Department of Labor", "title": "ICSA - Initial Claims", "url": "/indicator/ICSA/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-05-01.", "text": "JTSJOL - Job Openings: Total Nonfarm U.S. Bureau of Labor Statistics; Monthly; as of 2026-05-01. JTSJOL Job Openings: Total Nonfarm Thousands FRED series JTSJOL, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "JTSJOL - Job Openings: Total Nonfarm", "url": "/indicator/JTSJOL/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-05-01.", "text": "JTSQUR - Quits: Total Nonfarm U.S. Bureau of Labor Statistics; Monthly; as of 2026-05-01. JTSQUR Quits: Total Nonfarm Thousands FRED series JTSQUR, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "JTSQUR - Quits: Total Nonfarm", "url": "/indicator/JTSQUR/" }, { "kind": "indicator", "summary": "U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01.", "text": "GDPC1 - Real Gross Domestic Product U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01. GDPC1 Real Gross Domestic Product Billions of Chained 2017 Dollars FRED series GDPC1, source: U.S. Bureau of Economic Analysis U.S. Bureau of Economic Analysis", "title": "GDPC1 - Real Gross Domestic Product", "url": "/indicator/GDPC1/" }, { "kind": "indicator", "summary": "U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01.", "text": "A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01. A191RL1Q225SBEA Real Gross Domestic Product: Percent Change from Preceding Period Percent Change from Preceding Period FRED series A191RL1Q225SBEA, source: U.S. Bureau of Economic Analysis U.S. Bureau of Economic Analysis", "title": "A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period", "url": "/indicator/A191RL1Q225SBEA/" }, { "kind": "indicator", "summary": "Board of Governors of the Federal Reserve System; Monthly; as of 2026-05-01.", "text": "INDPRO - Industrial Production: Total Index Board of Governors of the Federal Reserve System; Monthly; as of 2026-05-01. INDPRO Industrial Production: Total Index Index 2017=100 FRED series INDPRO, source: Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System", "title": "INDPRO - Industrial Production: Total Index", "url": "/indicator/INDPRO/" }, { "kind": "indicator", "summary": "Board of Governors of the Federal Reserve System; Monthly; as of 2026-05-01.", "text": "TCU - Capacity Utilization: Total Index Board of Governors of the Federal Reserve System; Monthly; as of 2026-05-01. TCU Capacity Utilization: Total Index Percent of Capacity FRED series TCU, source: Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System", "title": "TCU - Capacity Utilization: Total Index", "url": "/indicator/TCU/" }, { "kind": "indicator", "summary": "U.S. Census Bureau / U.S. Department of Housing and Urban Development; Monthly; as of 2026-05-01.", "text": "HOUST - New Privately-Owned Housing Units Started: Total Units U.S. Census Bureau / U.S. Department of Housing and Urban Development; Monthly; as of 2026-05-01. HOUST New Privately-Owned Housing Units Started: Total Units Thousands of Units FRED series HOUST, source: U.S. Census Bureau and U.S. Department of Housing and Urban Development U.S. Census Bureau / U.S. Department of Housing and Urban Development", "title": "HOUST - New Privately-Owned Housing Units Started: Total Units", "url": "/indicator/HOUST/" }, { "kind": "indicator", "summary": "U.S. Census Bureau / U.S. Department of Housing and Urban Development; Monthly; as of 2026-05-01.", "text": "PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units U.S. Census Bureau / U.S. Department of Housing and Urban Development; Monthly; as of 2026-05-01. PERMIT New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units Thousands of Units FRED series PERMIT, source: U.S. Census Bureau and U.S. Department of Housing and Urban Development U.S. Census Bureau / U.S. Department of Housing and Urban Development", "title": "PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units", "url": "/indicator/PERMIT/" }, { "kind": "indicator", "summary": "U.S. Census Bureau; Monthly; as of 2026-05-01.", "text": "RSAFS - Advance Retail Sales: Retail Trade U.S. Census Bureau; Monthly; as of 2026-05-01. RSAFS Advance Retail Sales: Retail Trade Millions of Dollars FRED series RSAFS, source: U.S. Census Bureau U.S. Census Bureau", "title": "RSAFS - Advance Retail Sales: Retail Trade", "url": "/indicator/RSAFS/" }, { "kind": "indicator", "summary": "U.S. Bureau of Economic Analysis; Monthly; as of 2026-05-01.", "text": "PCE - Personal Consumption Expenditures U.S. Bureau of Economic Analysis; Monthly; as of 2026-05-01. PCE Personal Consumption Expenditures Billions of Dollars FRED series PCE, source: U.S. Bureau of Economic Analysis U.S. Bureau of Economic Analysis", "title": "PCE - Personal Consumption Expenditures", "url": "/indicator/PCE/" }, { "kind": "indicator", "summary": "U.S. Bureau of Economic Analysis; Monthly; as of 2026-05-01.", "text": "DSPIC96 - Real Disposable Personal Income U.S. Bureau of Economic Analysis; Monthly; as of 2026-05-01. DSPIC96 Real Disposable Personal Income Billions of Chained 2017 Dollars FRED series DSPIC96, source: U.S. Bureau of Economic Analysis U.S. Bureau of Economic Analysis", "title": "DSPIC96 - Real Disposable Personal Income", "url": "/indicator/DSPIC96/" }, { "kind": "indicator", "summary": "U.S. Bureau of Economic Analysis; Monthly; as of 2026-05-01.", "text": "PSAVERT - Personal Saving Rate U.S. Bureau of Economic Analysis; Monthly; as of 2026-05-01. PSAVERT Personal Saving Rate Percent FRED series PSAVERT, source: U.S. Bureau of Economic Analysis U.S. Bureau of Economic Analysis", "title": "PSAVERT - Personal Saving Rate", "url": "/indicator/PSAVERT/" }, { "kind": "indicator", "summary": "Board of Governors of the Federal Reserve System; Monthly; as of 2026-05-01.", "text": "M2SL - M2 Board of Governors of the Federal Reserve System; Monthly; as of 2026-05-01. M2SL M2 Billions of Dollars FRED series M2SL, source: Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System", "title": "M2SL - M2", "url": "/indicator/M2SL/" }, { "kind": "indicator", "summary": "U.S. Census Bureau / U.S. Bureau of Economic Analysis; Monthly; as of 2026-04-01.", "text": "BOPGSTB - U.S. International Trade in Goods and Services: Balance U.S. Census Bureau / U.S. Bureau of Economic Analysis; Monthly; as of 2026-04-01. BOPGSTB U.S. International Trade in Goods and Services: Balance Millions of Dollars FRED series BOPGSTB, source: U.S. Census Bureau and U.S. Bureau of Economic Analysis U.S. Census Bureau / U.S. Bureau of Economic Analysis", "title": "BOPGSTB - U.S. International Trade in Goods and Services: Balance", "url": "/indicator/BOPGSTB/" }, { "kind": "indicator", "summary": "U.S. Census Bureau / U.S. Department of Housing and Urban Development; Quarterly; as of 2026-01-01.", "text": "MSPUS - Median Sales Price of Houses Sold for the United States U.S. Census Bureau / U.S. Department of Housing and Urban Development; Quarterly; as of 2026-01-01. MSPUS Median Sales Price of Houses Sold for the United States Dollars FRED series MSPUS, source: U.S. Census Bureau / U.S. Department of Housing and Urban Development U.S. Census Bureau / U.S. Department of Housing and Urban Development", "title": "MSPUS - Median Sales Price of Houses Sold for the United States", "url": "/indicator/MSPUS/" }, { "kind": "indicator", "summary": "U.S. Census Bureau / U.S. Department of Housing and Urban Development; Monthly; as of 2026-05-01.", "text": "HSN1F - New One Family Houses Sold: United States U.S. Census Bureau / U.S. Department of Housing and Urban Development; Monthly; as of 2026-05-01. HSN1F New One Family Houses Sold: United States Thousands, seasonally adjusted annual rate FRED series HSN1F, source: U.S. Census Bureau / U.S. Department of Housing and Urban Development U.S. Census Bureau / U.S. Department of Housing and Urban Development", "title": "HSN1F - New One Family Houses Sold: United States", "url": "/indicator/HSN1F/" }, { "kind": "indicator", "summary": "U.S. Census Bureau; Quarterly; as of 2026-01-01.", "text": "RHORUSQ156N - Homeownership Rate in the United States U.S. Census Bureau; Quarterly; as of 2026-01-01. RHORUSQ156N Homeownership Rate in the United States Percent FRED series RHORUSQ156N, source: U.S. Census Bureau U.S. Census Bureau", "title": "RHORUSQ156N - Homeownership Rate in the United States", "url": "/indicator/RHORUSQ156N/" }, { "kind": "indicator", "summary": "U.S. Census Bureau; Monthly; as of 2026-05-01.", "text": "TTLCONS - Total Construction Spending: Total Construction in the United States U.S. Census Bureau; Monthly; as of 2026-05-01. TTLCONS Total Construction Spending: Total Construction in the United States Millions of Dollars, seasonally adjusted annual rate FRED series TTLCONS, source: U.S. Census Bureau U.S. Census Bureau", "title": "TTLCONS - Total Construction Spending: Total Construction in the United States", "url": "/indicator/TTLCONS/" }, { "kind": "indicator", "summary": "U.S. Census Bureau; Quarterly; as of 2026-01-01.", "text": "RRVRUSQ156N - Rental Vacancy Rate in the United States U.S. Census Bureau; Quarterly; as of 2026-01-01. RRVRUSQ156N Rental Vacancy Rate in the United States Percent FRED series RRVRUSQ156N, source: U.S. Census Bureau U.S. Census Bureau", "title": "RRVRUSQ156N - Rental Vacancy Rate in the United States", "url": "/indicator/RRVRUSQ156N/" }, { "kind": "indicator", "summary": "Board of Governors of the Federal Reserve System; Monthly; as of 2026-04-01.", "text": "TOTALSL - Total Consumer Credit Owned and Securitized Board of Governors of the Federal Reserve System; Monthly; as of 2026-04-01. TOTALSL Total Consumer Credit Owned and Securitized Millions of U.S. Dollars FRED series TOTALSL, source: Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System", "title": "TOTALSL - Total Consumer Credit Owned and Securitized", "url": "/indicator/TOTALSL/" }, { "kind": "indicator", "summary": "Board of Governors of the Federal Reserve System; Monthly; as of 2026-04-01.", "text": "REVOLSL - Revolving Consumer Credit Owned and Securitized Board of Governors of the Federal Reserve System; Monthly; as of 2026-04-01. REVOLSL Revolving Consumer Credit Owned and Securitized Millions of U.S. Dollars FRED series REVOLSL, source: Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System", "title": "REVOLSL - Revolving Consumer Credit Owned and Securitized", "url": "/indicator/REVOLSL/" }, { "kind": "indicator", "summary": "Board of Governors of the Federal Reserve System; Quarterly; as of 2026-01-01.", "text": "DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks Board of Governors of the Federal Reserve System; Quarterly; as of 2026-01-01. DRCCLACBS Delinquency Rate on Credit Card Loans, All Commercial Banks Percent FRED series DRCCLACBS, source: Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System", "title": "DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks", "url": "/indicator/DRCCLACBS/" }, { "kind": "indicator", "summary": "U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01.", "text": "GDP - Gross Domestic Product U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01. GDP Gross Domestic Product Billions of Dollars, seasonally adjusted annual rate FRED series GDP, source: U.S. Bureau of Economic Analysis U.S. Bureau of Economic Analysis", "title": "GDP - Gross Domestic Product", "url": "/indicator/GDP/" }, { "kind": "indicator", "summary": "U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01.", "text": "GPDI - Gross Private Domestic Investment U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01. GPDI Gross Private Domestic Investment Billions of Dollars, seasonally adjusted annual rate FRED series GPDI, source: U.S. Bureau of Economic Analysis U.S. Bureau of Economic Analysis", "title": "GPDI - Gross Private Domestic Investment", "url": "/indicator/GPDI/" }, { "kind": "indicator", "summary": "U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01.", "text": "GCE - Government Consumption Expenditures and Gross Investment U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01. GCE Government Consumption Expenditures and Gross Investment Billions of Dollars, seasonally adjusted annual rate FRED series GCE, source: U.S. Bureau of Economic Analysis U.S. Bureau of Economic Analysis", "title": "GCE - Government Consumption Expenditures and Gross Investment", "url": "/indicator/GCE/" }, { "kind": "indicator", "summary": "U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01.", "text": "PCEC - Personal Consumption Expenditures U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01. PCEC Personal Consumption Expenditures Billions of Dollars, seasonally adjusted annual rate FRED series PCEC, source: U.S. Bureau of Economic Analysis U.S. Bureau of Economic Analysis", "title": "PCEC - Personal Consumption Expenditures", "url": "/indicator/PCEC/" }, { "kind": "indicator", "summary": "U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01.", "text": "NETEXP - Net Exports of Goods and Services U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01. NETEXP Net Exports of Goods and Services Billions of Dollars, seasonally adjusted annual rate FRED series NETEXP, source: U.S. Bureau of Economic Analysis U.S. Bureau of Economic Analysis", "title": "NETEXP - Net Exports of Goods and Services", "url": "/indicator/NETEXP/" }, { "kind": "indicator", "summary": "U.S. Department of the Treasury; Quarterly; as of 2026-01-01.", "text": "GFDEBTN - Federal Debt: Total Public Debt U.S. Department of the Treasury; Quarterly; as of 2026-01-01. GFDEBTN Federal Debt: Total Public Debt Millions of Dollars FRED series GFDEBTN, source: U.S. Department of the Treasury Fiscal Service U.S. Department of the Treasury", "title": "GFDEBTN - Federal Debt: Total Public Debt", "url": "/indicator/GFDEBTN/" }, { "kind": "indicator", "summary": "U.S. Office of Management and Budget / Federal Reserve Bank of St. Louis; Quarterly; as of 2026-01-01.", "text": "GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product U.S. Office of Management and Budget / Federal Reserve Bank of St. Louis; Quarterly; as of 2026-01-01. GFDEGDQ188S Federal Debt: Total Public Debt as Percent of Gross Domestic Product Percent of GDP FRED series GFDEGDQ188S, source: U.S. Office of Management and Budget / Federal Reserve Bank of St. Louis U.S. Office of Management and Budget / Federal Reserve Bank of St. Louis", "title": "GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product", "url": "/indicator/GFDEGDQ188S/" }, { "kind": "indicator", "summary": "U.S. Office of Management and Budget; Annual, fiscal year; as of 2025-09-30.", "text": "FYFSD - Federal Surplus or Deficit U.S. Office of Management and Budget; Annual, fiscal year; as of 2025-09-30. FYFSD Federal Surplus or Deficit Millions of Dollars FRED series FYFSD, source: U.S. Office of Management and Budget U.S. Office of Management and Budget", "title": "FYFSD - Federal Surplus or Deficit", "url": "/indicator/FYFSD/" }, { "kind": "indicator", "summary": "U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01.", "text": "FGRECPT - Federal Government Current Receipts U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01. FGRECPT Federal Government Current Receipts Billions of Dollars, seasonally adjusted annual rate FRED series FGRECPT, source: U.S. Bureau of Economic Analysis U.S. Bureau of Economic Analysis", "title": "FGRECPT - Federal Government Current Receipts", "url": "/indicator/FGRECPT/" }, { "kind": "indicator", "summary": "U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01.", "text": "FGEXPND - Federal Government: Current Expenditures U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01. FGEXPND Federal Government: Current Expenditures Billions of Dollars, seasonally adjusted annual rate FRED series FGEXPND, source: U.S. Bureau of Economic Analysis U.S. Bureau of Economic Analysis", "title": "FGEXPND - Federal Government: Current Expenditures", "url": "/indicator/FGEXPND/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01.", "text": "MANEMP - All Employees, Manufacturing U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01. MANEMP All Employees, Manufacturing Thousands of Persons FRED series MANEMP, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "MANEMP - All Employees, Manufacturing", "url": "/indicator/MANEMP/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01.", "text": "USCONS - All Employees, Construction U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01. USCONS All Employees, Construction Thousands of Persons FRED series USCONS, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "USCONS - All Employees, Construction", "url": "/indicator/USCONS/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01.", "text": "USTRADE - All Employees, Retail Trade U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01. USTRADE All Employees, Retail Trade Thousands of Persons FRED series USTRADE, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "USTRADE - All Employees, Retail Trade", "url": "/indicator/USTRADE/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01.", "text": "USFIRE - All Employees, Financial Activities U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01. USFIRE All Employees, Financial Activities Thousands of Persons FRED series USFIRE, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "USFIRE - All Employees, Financial Activities", "url": "/indicator/USFIRE/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01.", "text": "USGOVT - All Employees, Government U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01. USGOVT All Employees, Government Thousands of Persons FRED series USGOVT, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "USGOVT - All Employees, Government", "url": "/indicator/USGOVT/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01.", "text": "AWHAETP - Average Weekly Hours of All Employees, Total Private U.S. Bureau of Labor Statistics; Monthly; as of 2026-06-01. AWHAETP Average Weekly Hours of All Employees, Total Private Hours FRED series AWHAETP, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "AWHAETP - Average Weekly Hours of All Employees, Total Private", "url": "/indicator/AWHAETP/" }, { "kind": "indicator", "summary": "U.S. Census Bureau; Monthly; as of 2026-05-01.", "text": "DGORDER - Manufacturers' New Orders: Durable Goods U.S. Census Bureau; Monthly; as of 2026-05-01. DGORDER Manufacturers' New Orders: Durable Goods Millions of Dollars FRED series DGORDER, source: U.S. Census Bureau U.S. Census Bureau", "title": "DGORDER - Manufacturers' New Orders: Durable Goods", "url": "/indicator/DGORDER/" }, { "kind": "indicator", "summary": "U.S. Census Bureau; Monthly; as of 2026-05-01.", "text": "NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft U.S. Census Bureau; Monthly; as of 2026-05-01. NEWORDER Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft Millions of Dollars FRED series NEWORDER, source: U.S. Census Bureau U.S. Census Bureau", "title": "NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft", "url": "/indicator/NEWORDER/" }, { "kind": "indicator", "summary": "U.S. Census Bureau; Monthly; as of 2026-04-01.", "text": "BUSINV - Total Business Inventories U.S. Census Bureau; Monthly; as of 2026-04-01. BUSINV Total Business Inventories Millions of Dollars FRED series BUSINV, source: U.S. Census Bureau U.S. Census Bureau", "title": "BUSINV - Total Business Inventories", "url": "/indicator/BUSINV/" }, { "kind": "indicator", "summary": "U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01.", "text": "EXPGS - Exports of Goods and Services U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01. EXPGS Exports of Goods and Services Billions of Dollars, seasonally adjusted annual rate FRED series EXPGS, source: U.S. Bureau of Economic Analysis U.S. Bureau of Economic Analysis", "title": "EXPGS - Exports of Goods and Services", "url": "/indicator/EXPGS/" }, { "kind": "indicator", "summary": "U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01.", "text": "IMPGS - Imports of Goods and Services U.S. Bureau of Economic Analysis; Quarterly; as of 2026-01-01. IMPGS Imports of Goods and Services Billions of Dollars, seasonally adjusted annual rate FRED series IMPGS, source: U.S. Bureau of Economic Analysis U.S. Bureau of Economic Analysis", "title": "IMPGS - Imports of Goods and Services", "url": "/indicator/IMPGS/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-05-01.", "text": "IR - Import Price Index (End Use): All Commodities U.S. Bureau of Labor Statistics; Monthly; as of 2026-05-01. IR Import Price Index (End Use): All Commodities Index 2000=100 FRED series IR, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "IR - Import Price Index (End Use): All Commodities", "url": "/indicator/IR/" }, { "kind": "indicator", "summary": "U.S. Bureau of Labor Statistics; Monthly; as of 2026-05-01.", "text": "PPIFIS - Producer Price Index by Commodity: Final Demand U.S. Bureau of Labor Statistics; Monthly; as of 2026-05-01. PPIFIS Producer Price Index by Commodity: Final Demand Index Nov 2009=100 FRED series PPIFIS, source: U.S. Bureau of Labor Statistics U.S. Bureau of Labor Statistics", "title": "PPIFIS - Producer Price Index by Commodity: Final Demand", "url": "/indicator/PPIFIS/" }, { "kind": "guide", "summary": "CPI is an index that tracks prices for a broad consumer basket.", "text": "What is CPI? CPI is an index that tracks prices for a broad consumer basket. Economic indicators What is CPI? CPI is an index that tracks prices for a broad consumer basket. An index is not a dollar amount. CPIAUCSL uses the 1982-1984 average as 100, so the latest number is read against that base. CPI is the level; inflation is the rate of change in that level. Open CPIAUCSL. Its latest observation is 333.979 on 2026-05-01. Because the base period is 100, 333.979 is about 3.34 times the base-period level. A basket of goods that cost $100 in the 1982-1984 base period would cost about $333.98 at this CPI level. A 12-month inflation rate compares the current level with the year-earlier level: 333.979 / 320.62 - 1 = 4.17%. That tells you the index level. It does not by itself say whether any one person's prices changed by that amount.", "title": "What is CPI?", "url": "/guide/economic-indicators/what-is-cpi/" }, { "kind": "guide", "summary": "The unemployment rate is a percent of the labor force.", "text": "Reading the unemployment rate The unemployment rate is a percent of the labor force. Economic indicators Reading the unemployment rate The unemployment rate is a percent of the labor force. A rate turns a count into a share. For UNRATE, the denominator is the labor force, not the total population. UNRATE is reported in percent. The latest reading is 4.20% on 2026-06-01. The labor force means people working or actively looking for work. Read 4.20% as about 4.2 unemployed people out of 100 people in that labor force. The page source and as-of date tell you when that observation was last refreshed.", "title": "Reading the unemployment rate", "url": "/guide/economic-indicators/reading-unemployment-rate/" }, { "kind": "guide", "summary": "The fed funds rate is a short-term interest-rate series.", "text": "The fed funds rate The fed funds rate is a short-term interest-rate series. Economic indicators The fed funds rate The fed funds rate is a short-term interest-rate series. Interest-rate series are usually read in percent per year. The unit matters as much as the number. FEDFUNDS is reported in percent. The latest reading is 3.63% on 2026-06-01. The page labels the units and frequency, so you do not have to infer what the number means. Use the source link when you need to check the official series page.", "title": "The fed funds rate", "url": "/guide/economic-indicators/fed-funds-rate/" }, { "kind": "guide", "summary": "A yield spread compares two interest rates by subtracting one from the other.", "text": "The yield curve and the 10-year minus 2-year spread A yield spread compares two interest rates by subtracting one from the other. Economic indicators The yield curve and the 10-year minus 2-year spread A yield spread compares two interest rates by subtracting one from the other. T10Y2Y is the 10-year Treasury yield minus the 2-year Treasury yield, measured in percentage points. The 10-year yield page shows 4.48% as of 2026-07-01. The 2-year yield page shows 4.17% as of 2026-07-01. The direct spread series T10Y2Y shows 0.35 percentage points as of 2026-07-02. When this spread is negative, people often call it an inversion: the 2-year yield is higher than the 10-year yield. An inversion is a widely watched recession signal, but this lesson is only reading the series, not making a forecast. Using the direct spread series avoids mixing observations from different dates.", "title": "The yield curve and the 10-year minus 2-year spread", "url": "/guide/economic-indicators/yield-curve-10y-2y/" }, { "kind": "guide", "summary": "Real GDP measures economy-wide output after adjusting for price changes.", "text": "What GDP measures Real GDP measures economy-wide output after adjusting for price changes. Economic indicators What GDP measures Real GDP measures economy-wide output after adjusting for price changes. GDPC1 is reported in billions of chained 2017 dollars. Chained dollars adjust for inflation so you can compare the actual volume of economic activity across years, not just price changes. GDPC1's latest observation is 24,180.419 billion chained 2017 dollars on 2026-01-01. That is about $24,180.4 billion in chained 2017 dollars. The word real means the series is adjusted for prices; chained dollars are the plain-language reason you can compare output across years.", "title": "What GDP measures", "url": "/guide/economic-indicators/what-gdp-measures/" }, { "kind": "guide", "summary": "Revenue is the top-line amount a company reports from its business activity.", "text": "What is revenue? Revenue is the top-line amount a company reports from its business activity. Reading a company's financials What is revenue? Revenue is the top-line amount a company reports from its business activity. On grepcent company pages, annual revenue comes from SEC companyfacts and is shown by fiscal year. Open WMT and find the Financials table. The latest annual revenue point is $713.2 billion for fiscal 2026. This is the starting line for many company calculations, including margins and revenue growth.", "title": "What is revenue?", "url": "/guide/company-financials/what-is-revenue/" }, { "kind": "guide", "summary": "Margins turn income-statement dollars into percentages of revenue.", "text": "Gross, operating, and net margin Margins turn income-statement dollars into percentages of revenue. Reading a company's financials Gross, operating, and net margin Margins turn income-statement dollars into percentages of revenue. A margin is a numerator divided by revenue. The numerator changes the question you are asking. Start with AAPL revenue: $416.2 billion for fiscal 2025. Gross margin = gross profit / revenue = $195.2 billion / $416.2 billion = 46.91%. Operating margin = operating income / revenue = $133.1 billion / $416.2 billion = 31.97%. Net margin = net income / revenue = $112.0 billion / $416.2 billion = 26.92%.", "title": "Gross, operating, and net margin", "url": "/guide/company-financials/gross-operating-net-margin/" }, { "kind": "guide", "summary": "Diluted EPS is earnings per share after including dilutive shares.", "text": "What is EPS? Diluted EPS is earnings per share after including dilutive shares. Reading a company's financials What is EPS? Diluted EPS is earnings per share after including dilutive shares. EPS is a per-share figure. Diluted EPS is the conservative version because it counts potential shares from options, convertibles, and similar instruments. AAPL reported net income of $112.0 billion for fiscal 2025. The same SEC companyfacts set reports diluted EPS of $7.46 per diluted share. grepcent defaults to diluted EPS because it uses the broader share count, not just shares currently outstanding. Read the EPS line as dollars per diluted share, not total company dollars.", "title": "What is EPS?", "url": "/guide/company-financials/what-is-eps/" }, { "kind": "guide", "summary": "A balance sheet shows what a company owns, owes, and what remains for shareholders.", "text": "Balance sheet basics A balance sheet shows what a company owns, owes, and what remains for shareholders. Reading a company's financials Balance sheet basics A balance sheet shows what a company owns, owes, and what remains for shareholders. The basic relationship is assets minus liabilities equals equity. In real filings, small differences can appear because of rounding, presentation, or non-controlling interests. Assets are $359.2 billion for fiscal 2025. Liabilities are $285.5 billion. Assets minus liabilities = $359.2 billion - $285.5 billion = $73.7 billion. Reported stockholders' equity is $73.7 billion. It should be close to the same balance-sheet idea, not treated as a hand-entered guess.", "title": "Balance sheet basics", "url": "/guide/company-financials/balance-sheet-basics/" }, { "kind": "guide", "summary": "Revenue growth compares one fiscal year with the immediately prior fiscal year.", "text": "Revenue growth Revenue growth compares one fiscal year with the immediately prior fiscal year. Reading a company's financials Revenue growth Revenue growth compares one fiscal year with the immediately prior fiscal year. Use consecutive years. If a year is missing, do not turn a multi-year change into annual growth. WMT revenue was $681.0 billion in fiscal 2025. WMT revenue was $713.2 billion in fiscal 2026. Revenue growth = latest / prior - 1 = $713.2 billion / $681.0 billion - 1 = 4.73%.", "title": "Revenue growth", "url": "/guide/company-financials/revenue-growth/" }, { "kind": "guide", "summary": "A 10-K is annual. A 10-Q is quarterly.", "text": "What is a 10-K vs. a 10-Q? A 10-K is annual. A 10-Q is quarterly. Company filings and the story behind the numbers What is a 10-K vs. a 10-Q? A 10-K is annual. A 10-Q is quarterly. The form name tells you the reporting rhythm before you read the numbers. WMT's latest 10-K filing date in grepcent is 2026-03-13. WMT's latest 10-Q filing date in grepcent is 2026-05-29. Use the 10-K for the full fiscal-year picture and the 10-Q for the latest quarter's update.", "title": "What is a 10-K vs. a 10-Q?", "url": "/guide/filings-and-story/ten-k-vs-ten-q/" }, { "kind": "guide", "summary": "MD&A is management's discussion of financial condition and results of operations.", "text": "What is MD&A? MD&A is management's discussion of financial condition and results of operations. Company filings and the story behind the numbers What is MD&A? MD&A is management's discussion of financial condition and results of operations. Read MD&A as the company's own filing narrative. It is source text, not grepcent analysis. Open the USB company page and go to Latest 10-K MD&A. One sentence from USB management's own MD&A narrative reads: \"U.S. Bancorp and its subsidiaries (the \u201cCompany\u201d) achieved new business momentum in 2025 and continued to demonstrate its well-diversified business model.\" After reading a sentence, use the linked SEC filing when you need the full surrounding context. MD&A is written by the company, so it often reflects management's own favorable characterization - read it as the filer's words, not an independent or grepcent assessment.", "title": "What is MD&A?", "url": "/guide/filings-and-story/what-is-mda/" }, { "kind": "guide", "summary": "Risk factors are a filing section that names uncertainties the company discloses.", "text": "What are risk factors? Risk factors are a filing section that names uncertainties the company discloses. Company filings and the story behind the numbers What are risk factors? Risk factors are a filing section that names uncertainties the company discloses. Risk-factor sections are descriptive disclosures. They are not a forecast and not a scorecard. Open WMT on grepcent and find the latest 10-K filing source link. The linked SEC filing is the annual report filed on 2026-03-13. Use that source filing for sections that grepcent does not reproduce on the company page, including risk factors.", "title": "What are risk factors?", "url": "/guide/filings-and-story/what-are-risk-factors/" }, { "kind": "guide", "summary": "A thread gathers a macro theme, mapped SIC sectors, company financials, and literal MD&A mentions.", "text": "How a macro thread connects pages A thread gathers a macro theme, mapped SIC sectors, company financials, and literal MD&A mentions. Company filings and the story behind the numbers How a macro thread connects pages A thread gathers a macro theme, mapped SIC sectors, company financials, and literal MD&A mentions. A thread is a reading path. It does not say a company is helped or hurt by the theme. Start with CPIAUCSL: the latest CPI level is 333.979 as of 2026-05-01. Then open the inflation thread to see mapped sectors and the largest companies in those sectors by revenue. Read any MD&A excerpt as a literal filing sentence, then follow the company link for context.", "title": "How a macro thread connects pages", "url": "/guide/filings-and-story/macro-to-company-thread/" }, { "kind": "guide", "summary": "Every reading should include where the number came from and when it was current.", "text": "Source links and as-of dates Every reading should include where the number came from and when it was current. Company filings and the story behind the numbers Source links and as-of dates Every reading should include where the number came from and when it was current. A value without its source and as-of date is easy to misread. CPIAUCSL shows 333.979 as of 2026-05-01, with a FRED source link. WMT revenue shows $713.2 billion for fiscal 2026, filed 2026-03-13, with SEC source links. When you quote a number, carry the source and date with it.", "title": "Source links and as-of dates", "url": "/guide/filings-and-story/source-links-and-as-of-dates/" }, { "kind": "guide", "summary": "Operating cash flow is cash generated or used by the company's main operations.", "text": "What is operating cash flow? Operating cash flow is cash generated or used by the company's main operations. Cash flow & returns What is operating cash flow? Operating cash flow is cash generated or used by the company's main operations. Net income is an accounting profit measure. Operating cash flow is a cash-flow-statement measure. AAPL net income was $112.0 billion for fiscal 2025. AAPL operating cash flow was $111.5 billion for the same fiscal year. The two lines answer related but different questions: income-statement profit and cash from running the business. Use the company page source links when you need the exact SEC facts behind both rows.", "title": "What is operating cash flow?", "url": "/guide/cash-flow-returns/operating-cash-flow/" }, { "kind": "guide", "summary": "Free cash flow subtracts capital expenditures from operating cash flow.", "text": "What is free cash flow? Free cash flow subtracts capital expenditures from operating cash flow. Cash flow & returns What is free cash flow? Free cash flow subtracts capital expenditures from operating cash flow. Capital expenditures are cash spent on long-term assets such as property, equipment, or infrastructure. Start with AAPL operating cash flow: $111.5 billion for fiscal 2025. Subtract capital expenditures: $12.7 billion. Free cash flow = operating cash flow - capex = $111.5 billion - $12.7 billion = $98.8 billion. grepcent's extracted free cash flow row shows $98.8 billion for the same year. Free cash flow can be negative when capital spending is larger than operating cash flow. Read it as a computed cash-flow fact, not a verdict.", "title": "What is free cash flow?", "url": "/guide/cash-flow-returns/free-cash-flow/" }, { "kind": "guide", "summary": "Dividends and share buybacks are two separate cash outflow lines.", "text": "Dividends and buybacks Dividends and share buybacks are two separate cash outflow lines. Cash flow & returns Dividends and buybacks Dividends and share buybacks are two separate cash outflow lines. Both are ways a company can return cash to shareholders. The filing reports them as amounts, not as a recommendation. AAPL dividends paid were $15.4 billion in fiscal 2025. AAPL share buybacks were $90.7 billion in the same fiscal year. The rows are separate because a dividend payment and a share repurchase are different transactions. Read the amounts with the fiscal year and source; do not combine them without saying what you are adding.", "title": "Dividends and buybacks", "url": "/guide/cash-flow-returns/dividends-and-buybacks/" }, { "kind": "guide", "summary": "ROE compares net income with stockholders' equity.", "text": "What is ROE? ROE compares net income with stockholders' equity. Cash flow & returns What is ROE? ROE compares net income with stockholders' equity. ROE = net income / equity. Always read the denominator before comparing the percentage. AAPL net income was $112.0 billion in fiscal 2025. AAPL stockholders' equity was $73.7 billion. ROE = net income / equity = $112.0 billion / $73.7 billion = 151.91%. Apple's equity is much smaller than its assets, partly because share repurchases reduce equity. That smaller denominator can make ROE very high. ROE is a context-dependent ratio, not a standalone verdict.", "title": "What is ROE?", "url": "/guide/cash-flow-returns/what-is-roe/" }, { "kind": "guide", "summary": "ROA compares net income with total assets.", "text": "What is ROA? ROA compares net income with total assets. Cash flow & returns What is ROA? ROA compares net income with total assets. ROA = net income / assets. It uses a bigger denominator than ROE for many companies. AAPL net income was $112.0 billion in fiscal 2025. AAPL assets were $359.2 billion. ROA = net income / assets = $112.0 billion / $359.2 billion = 31.18%. For comparison, JPM assets were $4,424.9 billion and its ROA was 1.29%. Banks carry large loan and securities balances, so ROA often reads differently from non-financial companies.", "title": "What is ROA?", "url": "/guide/cash-flow-returns/what-is-roa/" }, { "kind": "guide", "summary": "Liabilities / equity compares what a company owes with owners' equity.", "text": "Reading leverage Liabilities / equity compares what a company owes with owners' equity. Cash flow & returns Reading leverage Liabilities / equity compares what a company owes with owners' equity. grepcent labels this ratio as liabilities / equity, not debt / equity, because it uses total liabilities. JPM liabilities were $4,062.5 billion in fiscal 2025. JPM stockholders' equity was $362.4 billion. Liabilities / equity = $4,062.5 billion / $362.4 billion = 11.21. Banks naturally carry large liabilities because deposits and other funding sit on the balance sheet. Read the ratio as a balance-sheet structure fact, then compare only with context.", "title": "Reading leverage", "url": "/guide/cash-flow-returns/reading-leverage/" }, { "kind": "guide", "summary": "The current ratio compares current assets with current liabilities.", "text": "The current ratio The current ratio compares current assets with current liabilities. Cash flow & returns The current ratio The current ratio compares current assets with current liabilities. Current ratio = current assets / current liabilities. grepcent shows it only when both standardized tags are present. AAPL current ratio was 0.89 for fiscal 2025. That value comes from current assets divided by current liabilities in SEC companyfacts. JPM does not show this ratio in the guide example because many financial companies do not report the same current-asset/current-liability tags. When a metric is absent on grepcent, read that as omitted data, not as zero.", "title": "The current ratio", "url": "/guide/cash-flow-returns/current-ratio/" }, { "kind": "guide", "summary": "A bank's financial statements use the same page layout but different business economics.", "text": "Reading a bank A bank's financial statements use the same page layout but different business economics. Reading different kinds of companies Reading a bank A bank's financial statements use the same page layout but different business economics. For a bank, revenue is interest and fee income, not store sales. Assets are large because loans and securities are assets. JPM latest reported revenue was $182.4 billion for fiscal 2025. JPM assets were $4,424.9 billion, and ROA was 1.29%. JPM liabilities / equity was 11.21. Capex and current ratio may be absent for banks because those standardized tags are often not the useful way their filings are structured. This is why cross-industry comparisons need the company type beside the number.", "title": "Reading a bank", "url": "/guide/company-types/reading-a-bank/" }, { "kind": "guide", "summary": "A REIT owns or finances real estate, so its revenue is tied to property activity.", "text": "Reading a REIT A REIT owns or finances real estate, so its revenue is tied to property activity. Reading different kinds of companies Reading a REIT A REIT owns or finances real estate, so its revenue is tied to property activity. For a REIT, revenue is not product sales. It is reported from real-estate operations such as leases, rent, or related property income. PLD latest reported revenue was $8.8 billion for fiscal 2025. PLD assets were $98.7 billion. PLD net income was $3.3 billion. Many REIT readers also look for FFO, funds from operations, as an industry measure. grepcent does not compute FFO in this guide, so this lesson stays with the standardized SEC companyfacts rows shown on the page.", "title": "Reading a REIT", "url": "/guide/company-types/reading-a-reit/" }, { "kind": "guide", "summary": "An insurer's statements combine insurance activity with a large investment balance sheet.", "text": "Reading an insurer An insurer's statements combine insurance activity with a large investment balance sheet. Reading different kinds of companies Reading an insurer An insurer's statements combine insurance activity with a large investment balance sheet. Insurer revenue can include premiums, fees, and investment income. Assets often include investments that support policy obligations. MET latest reported revenue was $77.1 billion for fiscal 2025. MET assets were $745.2 billion. MET net income was $3.4 billion, and ROA was 0.45%. The same line labels appear on many company pages, but the business model tells you what those labels are measuring.", "title": "Reading an insurer", "url": "/guide/company-types/reading-an-insurer/" }, { "kind": "analysis", "summary": "Companies ranked mechanically by latest annual revenue from SEC companyfacts.", "text": "Largest companies by latest reported revenue Companies ranked mechanically by latest annual revenue from SEC companyfacts. Largest companies by latest reported revenue Companies ranked mechanically by latest annual revenue from SEC companyfacts. Latest reported revenue Ranked companies can have different latest fiscal-year ends, which affects temporal comparability. Comparisons across industries are not apples-to-apples: revenue and assets are defined differently by industry (for example, a bank's revenue is interest/fee income, and a REIT's revenue is lease income).", "title": "Largest companies by latest reported revenue", "url": "/analysis/largest-revenue/" }, { "kind": "analysis", "summary": "Companies ranked mechanically by latest reported net margin from SEC companyfacts.", "text": "Highest reported net margin Companies ranked mechanically by latest reported net margin from SEC companyfacts. Highest reported net margin Companies ranked mechanically by latest reported net margin from SEC companyfacts. Latest reported net margin Ranked companies can have different latest fiscal-year ends, which affects temporal comparability.", "title": "Highest reported net margin", "url": "/analysis/highest-net-margin/" }, { "kind": "analysis", "summary": "Companies ranked mechanically by latest consecutive-year annual revenue increase in absolute USD from SEC companyfacts. Absolute USD increases are larger for larger companies when the percentage change is similar.", "text": "Largest year-over-year revenue increase Companies ranked mechanically by latest consecutive-year annual revenue increase in absolute USD from SEC companyfacts. Absolute USD increases are larger for larger companies when the percentage change is similar. Largest year-over-year revenue increase Companies ranked mechanically by latest consecutive-year annual revenue increase in absolute USD from SEC companyfacts. Absolute USD increases are larger for larger companies when the percentage change is similar. Revenue increase Ranked companies can have different latest fiscal-year ends, which affects temporal comparability.", "title": "Largest year-over-year revenue increase", "url": "/analysis/largest-revenue-increase/" }, { "kind": "analysis", "summary": "Companies ranked mechanically by latest consecutive-year annual revenue growth percentage from SEC companyfacts. Rows require prior-year revenue of at least $100.0M to reduce tiny-base artifacts.", "text": "Highest percentage revenue growth Companies ranked mechanically by latest consecutive-year annual revenue growth percentage from SEC companyfacts. Rows require prior-year revenue of at least $100.0M to reduce tiny-base artifacts. Highest percentage revenue growth Companies ranked mechanically by latest consecutive-year annual revenue growth percentage from SEC companyfacts. Rows require prior-year revenue of at least $100.0M to reduce tiny-base artifacts. Revenue growth Ranked companies can have different latest fiscal-year ends, which affects temporal comparability. Minimum prior-year revenue floor: $100.0M.", "title": "Highest percentage revenue growth", "url": "/analysis/highest-percentage-revenue-growth/" }, { "kind": "analysis", "summary": "Companies ranked mechanically by latest total assets from SEC companyfacts.", "text": "Largest companies by total assets Companies ranked mechanically by latest total assets from SEC companyfacts. Largest companies by total assets Companies ranked mechanically by latest total assets from SEC companyfacts. Latest total assets Ranked companies can have different latest fiscal-year ends, which affects temporal comparability. Comparisons across industries are not apples-to-apples: revenue and assets are defined differently by industry (for example, a bank's revenue is interest/fee income, and a REIT's revenue is lease income). Financial institutions naturally carry higher assets such as loans and securities than many industrial or service firms.", "title": "Largest companies by total assets", "url": "/analysis/largest-assets/" }, { "kind": "analysis", "summary": "Companies ranked mechanically by latest annual free cash flow from SEC companyfacts.", "text": "Largest free cash flow Companies ranked mechanically by latest annual free cash flow from SEC companyfacts. Largest free cash flow Companies ranked mechanically by latest annual free cash flow from SEC companyfacts. Latest free cash flow Ranked companies can have different latest fiscal-year ends, which affects temporal comparability. Free cash flow and cash-return lines differ by industry and capital intensity, so cross-industry comparisons are mechanical. Comparisons across industries are not apples-to-apples: revenue and assets are defined differently by industry (for example, a bank's revenue is interest/fee income, and a REIT's revenue is lease income).", "title": "Largest free cash flow", "url": "/analysis/largest-free-cash-flow/" }, { "kind": "analysis", "summary": "Companies ranked mechanically by latest annual free cash flow divided by revenue from SEC companyfacts. Rows require revenue of at least $100.0M to reduce tiny-base artifacts.", "text": "Highest free-cash-flow margin Companies ranked mechanically by latest annual free cash flow divided by revenue from SEC companyfacts. Rows require revenue of at least $100.0M to reduce tiny-base artifacts. Highest free-cash-flow margin Companies ranked mechanically by latest annual free cash flow divided by revenue from SEC companyfacts. Rows require revenue of at least $100.0M to reduce tiny-base artifacts. Free-cash-flow margin Ranked companies can have different latest fiscal-year ends, which affects temporal comparability. Free cash flow and cash-return lines differ by industry and capital intensity, so cross-industry comparisons are mechanical. Comparisons across industries are not apples-to-apples: revenue and assets are defined differently by industry (for example, a bank's revenue is interest/fee income, and a REIT's revenue is lease income). Minimum revenue floor: $100.0M.", "title": "Highest free-cash-flow margin", "url": "/analysis/highest-free-cash-flow-margin/" }, { "kind": "analysis", "summary": "Companies ranked mechanically by latest return on equity from SEC companyfacts.", "text": "Highest return on equity Companies ranked mechanically by latest return on equity from SEC companyfacts. Highest return on equity Companies ranked mechanically by latest return on equity from SEC companyfacts. Latest ROE Ranked companies can have different latest fiscal-year ends, which affects temporal comparability. ROE can be elevated by a small equity base, including after share repurchases; firms with non-positive equity are excluded, and this table is not a quality ranking. Comparisons across industries are not apples-to-apples: revenue and assets are defined differently by industry (for example, a bank's revenue is interest/fee income, and a REIT's revenue is lease income).", "title": "Highest return on equity", "url": "/analysis/highest-return-on-equity/" }, { "kind": "analysis", "summary": "Companies ranked mechanically by latest return on assets from SEC companyfacts.", "text": "Highest return on assets Companies ranked mechanically by latest return on assets from SEC companyfacts. Highest return on assets Companies ranked mechanically by latest return on assets from SEC companyfacts. Latest ROA Ranked companies can have different latest fiscal-year ends, which affects temporal comparability. Comparisons across industries are not apples-to-apples: revenue and assets are defined differently by industry (for example, a bank's revenue is interest/fee income, and a REIT's revenue is lease income).", "title": "Highest return on assets", "url": "/analysis/highest-return-on-assets/" }, { "kind": "analysis", "summary": "Companies ranked mechanically by latest liabilities / equity ratio from SEC companyfacts.", "text": "Highest liabilities-to-equity Companies ranked mechanically by latest liabilities / equity ratio from SEC companyfacts. Highest liabilities-to-equity Companies ranked mechanically by latest liabilities / equity ratio from SEC companyfacts. Liabilities / equity Ranked companies can have different latest fiscal-year ends, which affects temporal comparability. Liabilities / equity is a balance-sheet-structure fact using total liabilities divided by stockholders' equity; financial institutions naturally report higher ratios than many non-financial companies. Comparisons across industries are not apples-to-apples: revenue and assets are defined differently by industry (for example, a bank's revenue is interest/fee income, and a REIT's revenue is lease income).", "title": "Highest liabilities-to-equity", "url": "/analysis/highest-liabilities-to-equity/" }, { "kind": "analysis", "summary": "Companies ranked mechanically by latest liabilities / equity ratio from SEC companyfacts, sorted from lower reported ratios upward.", "text": "Lowest liabilities-to-equity Companies ranked mechanically by latest liabilities / equity ratio from SEC companyfacts, sorted from lower reported ratios upward. Lowest liabilities-to-equity Companies ranked mechanically by latest liabilities / equity ratio from SEC companyfacts, sorted from lower reported ratios upward. Liabilities / equity Ranked companies can have different latest fiscal-year ends, which affects temporal comparability. Liabilities / equity is a balance-sheet-structure fact using total liabilities divided by stockholders' equity; financial institutions naturally report higher ratios than many non-financial companies. Comparisons across industries are not apples-to-apples: revenue and assets are defined differently by industry (for example, a bank's revenue is interest/fee income, and a REIT's revenue is lease income).", "title": "Lowest liabilities-to-equity", "url": "/analysis/lowest-liabilities-to-equity/" }, { "kind": "analysis", "summary": "Companies ranked mechanically by latest annual dividends paid from SEC companyfacts.", "text": "Largest dividends paid Companies ranked mechanically by latest annual dividends paid from SEC companyfacts. Largest dividends paid Companies ranked mechanically by latest annual dividends paid from SEC companyfacts. Dividends paid Ranked companies can have different latest fiscal-year ends, which affects temporal comparability. Free cash flow and cash-return lines differ by industry and capital intensity, so cross-industry comparisons are mechanical.", "title": "Largest dividends paid", "url": "/analysis/largest-dividends-paid/" }, { "kind": "analysis", "summary": "Companies ranked mechanically by latest annual common-stock repurchases from SEC companyfacts.", "text": "Largest share buybacks Companies ranked mechanically by latest annual common-stock repurchases from SEC companyfacts. Largest share buybacks Companies ranked mechanically by latest annual common-stock repurchases from SEC companyfacts. Share buybacks Ranked companies can have different latest fiscal-year ends, which affects temporal comparability. Free cash flow and cash-return lines differ by industry and capital intensity, so cross-industry comparisons are mechanical.", "title": "Largest share buybacks", "url": "/analysis/largest-share-buybacks/" }, { "kind": "analysis", "summary": "341 companies with financial data.", "text": "Chemicals And Allied Products financial report 341 companies with financial data. Chemicals And Allied Products SIC major group Min-Max range is the distance between the minimum and maximum reported value in this group; small-cap outliers can widen the range. ROE can be elevated by a small equity base, including after share repurchases; firms with non-positive equity are excluded, and this table is not a quality ranking. Liabilities / equity is a balance-sheet-structure fact using total liabilities divided by stockholders' equity; financial institutions naturally report higher ratios than many non-financial companies.", "title": "Chemicals And Allied Products financial report", "url": "/analysis/major-group/28/" }, { "kind": "analysis", "summary": "318 companies with financial data.", "text": "Business Services financial report 318 companies with financial data. Business Services SIC major group Min-Max range is the distance between the minimum and maximum reported value in this group; small-cap outliers can widen the range. ROE can be elevated by a small equity base, including after share repurchases; firms with non-positive equity are excluded, and this table is not a quality ranking. Liabilities / equity is a balance-sheet-structure fact using total liabilities divided by stockholders' equity; financial institutions naturally report higher ratios than many non-financial companies.", "title": "Business Services financial report", "url": "/analysis/major-group/73/" }, { "kind": "analysis", "summary": "267 companies with financial data.", "text": "Depository Institutions financial report 267 companies with financial data. Depository Institutions SIC major group Min-Max range is the distance between the minimum and maximum reported value in this group; small-cap outliers can widen the range. ROE can be elevated by a small equity base, including after share repurchases; firms with non-positive equity are excluded, and this table is not a quality ranking. Liabilities / equity is a balance-sheet-structure fact using total liabilities divided by stockholders' equity; financial institutions naturally report higher ratios than many non-financial companies.", "title": "Depository Institutions financial report", "url": "/analysis/major-group/60/" }, { "kind": "analysis", "summary": "165 companies with financial data.", "text": "Holding And Other Investment Offices financial report 165 companies with financial data. Holding And Other Investment Offices SIC major group Min-Max range is the distance between the minimum and maximum reported value in this group; small-cap outliers can widen the range. ROE can be elevated by a small equity base, including after share repurchases; firms with non-positive equity are excluded, and this table is not a quality ranking. Liabilities / equity is a balance-sheet-structure fact using total liabilities divided by stockholders' equity; financial institutions naturally report higher ratios than many non-financial companies.", "title": "Holding And Other Investment Offices financial report", "url": "/analysis/major-group/67/" }, { "kind": "analysis", "summary": "155 companies with financial data.", "text": "SIC Major Group 38 financial report 155 companies with financial data. SIC Major Group 38 SIC major group Min-Max range is the distance between the minimum and maximum reported value in this group; small-cap outliers can widen the range. ROE can be elevated by a small equity base, including after share repurchases; firms with non-positive equity are excluded, and this table is not a quality ranking. Liabilities / equity is a balance-sheet-structure fact using total liabilities divided by stockholders' equity; financial institutions naturally report higher ratios than many non-financial companies.", "title": "SIC Major Group 38 financial report", "url": "/analysis/major-group/38/" }, { "kind": "analysis", "summary": "145 companies with financial data.", "text": "Electronic And Other Electrical Equipment And Components, Except Computer Equipment financial report 145 companies with financial data. Electronic And Other Electrical Equipment And Components, Except Computer Equipment SIC major group Min-Max range is the distance between the minimum and maximum reported value in this group; small-cap outliers can widen the range. ROE can be elevated by a small equity base, including after share repurchases; firms with non-positive equity are excluded, and this table is not a quality ranking. Liabilities / equity is a balance-sheet-structure fact using total liabilities divided by stockholders' equity; financial institutions naturally report higher ratios than many non-financial companies.", "title": "Electronic And Other Electrical Equipment And Components, Except Computer Equipment financial report", "url": "/analysis/major-group/36/" }, { "kind": "analysis", "summary": "111 companies with financial data.", "text": "Industrial And Commercial Machinery And Computer Equipment financial report 111 companies with financial data. Industrial And Commercial Machinery And Computer Equipment SIC major group Min-Max range is the distance between the minimum and maximum reported value in this group; small-cap outliers can widen the range. ROE can be elevated by a small equity base, including after share repurchases; firms with non-positive equity are excluded, and this table is not a quality ranking. Liabilities / equity is a balance-sheet-structure fact using total liabilities divided by stockholders' equity; financial institutions naturally report higher ratios than many non-financial companies.", "title": "Industrial And Commercial Machinery And Computer Equipment financial report", "url": "/analysis/major-group/35/" }, { "kind": "analysis", "summary": "93 companies with financial data.", "text": "Insurance Carriers financial report 93 companies with financial data. Insurance Carriers SIC major group Min-Max range is the distance between the minimum and maximum reported value in this group; small-cap outliers can widen the range. ROE can be elevated by a small equity base, including after share repurchases; firms with non-positive equity are excluded, and this table is not a quality ranking. Liabilities / equity is a balance-sheet-structure fact using total liabilities divided by stockholders' equity; financial institutions naturally report higher ratios than many non-financial companies.", "title": "Insurance Carriers financial report", "url": "/analysis/major-group/63/" }, { "kind": "analysis", "summary": "Current factual readings and changes from selected public-domain macro indicator series.", "text": "Macro trend summaries Current factual readings and changes from selected public-domain macro indicator series. Macro trend summaries Current factual readings and changes from selected public-domain macro indicator series. Consumer Price Index for All Urban Consumers: All Items in U.S. City Average Unemployment Rate Federal Funds Effective Rate 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity Real Gross Domestic Product Advance Retail Sales: Retail Trade All Employees, Total Nonfarm New Privately-Owned Housing Units Started: Total Units", "title": "Macro trend summaries", "url": "/analysis/macro-trends/" }, { "kind": "thread", "summary": "8 indicators; 4 SIC sectors; as of 2026-07-05.", "text": "Interest rates & the Fed 8 indicators; 4 SIC sectors; as of 2026-07-05. Interest rates & the Fed interest-rates-fed Federal Funds Effective Rate Federal Funds Target Range - Upper Limit Federal Funds Target Range - Lower Limit Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity Depository Institutions SIC Major Group 61 Security And Commodity Brokers, Dealers, Exchanges, And Services Holding And Other Investment Offices", "title": "Interest rates & the Fed", "url": "/thread/interest-rates-fed/" }, { "kind": "thread", "summary": "10 indicators; 3 SIC sectors; as of 2026-07-02.", "text": "Inflation (CPI / PCE / PPI) 10 indicators; 3 SIC sectors; as of 2026-07-02. Inflation (CPI / PCE / PPI) inflation-cpi-pce-ppi Consumer Price Index for All Urban Consumers: All Items in U.S. City Average Consumer Price Index for All Urban Consumers: All Items Less Food and Energy Consumer Price Index for All Urban Consumers: Food Consumer Price Index for All Urban Consumers: Energy Consumer Price Index for All Urban Consumers: Shelter Personal Consumption Expenditures: Chain-type Price Index Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index Producer Price Index by Commodity: All Commodities 10-Year Breakeven Inflation Rate Producer Price Index by Commodity: Final Demand Retail Trade Manufacturing Mining", "title": "Inflation (CPI / PCE / PPI)", "url": "/thread/inflation-cpi-pce-ppi/" }, { "kind": "thread", "summary": "12 indicators; 3 SIC sectors; as of 2026-06-27.", "text": "US labor market 12 indicators; 3 SIC sectors; as of 2026-06-27. US labor market us-labor-market Unemployment Rate Average Hourly Earnings of All Employees, Total Private Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons All Employees, Total Nonfarm Labor Force Participation Rate Employment-Population Ratio Unemployed Employment Level Initial Claims Job Openings: Total Nonfarm Quits: Total Nonfarm Average Weekly Hours of All Employees, Total Private Retail Trade Manufacturing Services", "title": "US labor market", "url": "/thread/us-labor-market/" }, { "kind": "thread", "summary": "13 indicators; 4 SIC sectors; as of 2026-05-01.", "text": "Growth & output 13 indicators; 4 SIC sectors; as of 2026-05-01. Growth & output growth-output Real Gross Domestic Product Real Gross Domestic Product: Percent Change from Preceding Period Industrial Production: Total Index Capacity Utilization: Total Index New Privately-Owned Housing Units Started: Total Units New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units Advance Retail Sales: Retail Trade Personal Consumption Expenditures Real Disposable Personal Income Personal Saving Rate Gross Domestic Product Gross Private Domestic Investment Personal Consumption Expenditures Construction Manufacturing Retail Trade Services", "title": "Growth & output", "url": "/thread/growth-output/" }, { "kind": "thread", "summary": "2 indicators; 4 SIC sectors; as of 2026-05-08.", "text": "Money & trade 2 indicators; 4 SIC sectors; as of 2026-05-08. Money & trade money-trade M2 U.S. International Trade in Goods and Services: Balance Finance, Insurance, And Real Estate Manufacturing Transportation, Communications, Electric, Gas, And Sanitary Services Wholesale Trade", "title": "Money & trade", "url": "/thread/money-trade/" }, { "kind": "thread", "summary": "5 indicators; 4 SIC sectors; as of 2026-05-01.", "text": "Housing & construction 5 indicators; 4 SIC sectors; as of 2026-05-01. Housing & construction housing-construction Median Sales Price of Houses Sold for the United States New One Family Houses Sold: United States Homeownership Rate in the United States Total Construction Spending: Total Construction in the United States Rental Vacancy Rate in the United States Building Construction General Contractors And Operative Builders SIC Major Group 16 SIC Major Group 17 Real Estate", "title": "Housing & construction", "url": "/thread/housing-construction/" }, { "kind": "thread", "summary": "3 indicators; 3 SIC sectors; as of 2026-04-01.", "text": "Consumer & credit 3 indicators; 3 SIC sectors; as of 2026-04-01. Consumer & credit consumer-credit Total Consumer Credit Owned and Securitized Revolving Consumer Credit Owned and Securitized Delinquency Rate on Credit Card Loans, All Commercial Banks Depository Institutions SIC Major Group 61 Security And Commodity Brokers, Dealers, Exchanges, And Services", "title": "Consumer & credit", "url": "/thread/consumer-credit/" }, { "kind": "thread", "summary": "6 indicators; 3 SIC sectors; as of 2026-03-02.", "text": "Government finances 6 indicators; 3 SIC sectors; as of 2026-03-02. Government finances government-finances Government Consumption Expenditures and Gross Investment Federal Debt: Total Public Debt Federal Debt: Total Public Debt as Percent of Gross Domestic Product Federal Surplus or Deficit Federal Government Current Receipts Federal Government: Current Expenditures Finance, Insurance, And Real Estate Services Manufacturing", "title": "Government finances", "url": "/thread/government-finances/" }, { "kind": "thread", "summary": "5 indicators; 5 SIC sectors; as of 2026-06-01.", "text": "Sector employment 5 indicators; 5 SIC sectors; as of 2026-06-01. Sector employment sector-employment All Employees, Manufacturing All Employees, Construction All Employees, Retail Trade All Employees, Financial Activities All Employees, Government Construction Manufacturing Retail Trade Finance, Insurance, And Real Estate Services", "title": "Sector employment", "url": "/thread/sector-employment/" }, { "kind": "thread", "summary": "3 indicators; 3 SIC sectors; as of 2026-05-08.", "text": "Industrial orders & inventories 3 indicators; 3 SIC sectors; as of 2026-05-08. Industrial orders & inventories industrial-orders Manufacturers' New Orders: Durable Goods Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft Total Business Inventories Manufacturing Wholesale Trade Retail Trade", "title": "Industrial orders & inventories", "url": "/thread/industrial-orders/" }, { "kind": "thread", "summary": "4 indicators; 4 SIC sectors; as of 2026-05-08.", "text": "Trade & external 4 indicators; 4 SIC sectors; as of 2026-05-08. Trade & external trade-external Net Exports of Goods and Services Exports of Goods and Services Imports of Goods and Services Import Price Index (End Use): All Commodities Manufacturing Transportation, Communications, Electric, Gas, And Sanitary Services Wholesale Trade Retail Trade", "title": "Trade & external", "url": "/thread/trade-external/" }, { "kind": "peer-review", "summary": "Six U.S. passenger carriers, compared on Revenue, Operating margin, Net margin, Fuel expense, Fuel / revenue, Capital expenditures, Free cash flow, Total debt, Liabilities / equity leverage, Cash and equivalents and Property, plant and equipment from SEC filings.", "text": "U.S. passenger airlines peer review Six U.S. passenger carriers, compared on Revenue, Operating margin, Net margin, Fuel expense, Fuel / revenue, Capital expenditures, Free cash flow, Total debt, Liabilities / equity leverage, Cash and equivalents and Property, plant and equipment from SEC filings. U.S. passenger airlines peer review Descriptive comparison assembled from public SEC filings and verified companyfacts. Six U.S. passenger carriers, compared on Revenue, Operating margin, Net margin, Fuel expense, Fuel / revenue, Capital expenditures, Free cash flow, Total debt, Liabilities / equity leverage, Cash and equivalents and Property, plant and equipment from SEC filings.", "title": "U.S. passenger airlines peer review", "url": "/compare/airlines/" }, { "kind": "peer-review", "summary": "Cached large auto OEMs spanning legacy and pure-EV models, compared on Revenue, Gross margin, Operating margin, Net margin, R&D expense, R&D / revenue, Capital expenditures, Capex / revenue, Free cash flow and Cash and equivalents from SEC filings.", "text": "Auto OEMs peer review Cached large auto OEMs spanning legacy and pure-EV models, compared on Revenue, Gross margin, Operating margin, Net margin, R&D expense, R&D / revenue, Capital expenditures, Capex / revenue, Free cash flow and Cash and equivalents from SEC filings. Auto OEMs peer review Descriptive comparison assembled from public SEC filings and verified companyfacts. Cached large auto OEMs spanning legacy and pure-EV models, compared on Revenue, Gross margin, Operating margin, Net margin, R&D expense, R&D / revenue, Capital expenditures, Capex / revenue, Free cash flow and Cash and equivalents from SEC filings.", "title": "Auto OEMs peer review", "url": "/compare/auto-oems/" }, { "kind": "peer-review", "summary": "Five megacap U.S. technology and internet-platform companies, compared on Revenue, Gross margin, Operating margin, Net margin, R&D expense, R&D / revenue, Capital expenditures, Capex / revenue, Free cash flow, FCF / revenue, Stock-based compensation, SBC / revenue, Share buybacks, Liabilities / equity leverage and Cash", "text": "Big-tech megacap platforms peer review Five megacap U.S. technology and internet-platform companies, compared on Revenue, Gross margin, Operating margin, Net margin, R&D expense, R&D / revenue, Capital expenditures, Capex / revenue, Free cash flow, FCF / revenue, Stock-based compensation, SBC / revenue, Share buybacks, Liabilities / equity leverage and Cash and equivalents from SEC filings. Big-tech megacap platforms peer review Descriptive comparison assembled from public SEC filings and verified companyfacts. Five megacap U.S. technology and internet-platform companies, compared on Revenue, Gross margin, Operating margin, Net margin, R&D expense, R&D / revenue, Capital expenditures, Capex / revenue, Free cash flow, FCF / revenue, Stock-based compensation, SBC / revenue, Share buybacks, Liabilities / equity leverage and Cash and equivalents from SEC filings.", "title": "Big-tech megacap platforms peer review", "url": "/compare/big-tech/" }, { "kind": "peer-review", "summary": "7 companies, compared on Revenue, Operating margin, Net margin, R&D expense, Capital expenditures, Free cash flow, FCF / revenue, Total debt, Liabilities / equity leverage, Dividends paid, Share buybacks and Cash and equivalents from SEC filings.", "text": "Defense and aerospace primes peer review 7 companies, compared on Revenue, Operating margin, Net margin, R&D expense, Capital expenditures, Free cash flow, FCF / revenue, Total debt, Liabilities / equity leverage, Dividends paid, Share buybacks and Cash and equivalents from SEC filings. Defense and aerospace primes peer review Descriptive comparison assembled from public SEC filings and verified companyfacts. 7 companies, compared on Revenue, Operating margin, Net margin, R&D expense, Capital expenditures, Free cash flow, FCF / revenue, Total debt, Liabilities / equity leverage, Dividends paid, Share buybacks and Cash and equivalents from SEC filings.", "title": "Defense and aerospace primes peer review", "url": "/compare/defense/" }, { "kind": "peer-review", "summary": "Eight discount, warehouse-club, mass-merchandise, dollar-store and closeout retailers, compared on Revenue, Net margin, Operating margin, Free cash flow, Capital expenditures, Dividends paid, Share buybacks, Assets and Liabilities / equity from SEC filings.", "text": "Warehouse and discount retail peer review Eight discount, warehouse-club, mass-merchandise, dollar-store and closeout retailers, compared on Revenue, Net margin, Operating margin, Free cash flow, Capital expenditures, Dividends paid, Share buybacks, Assets and Liabilities / equity from SEC filings. Warehouse and discount retail peer review Descriptive comparison assembled from public SEC filings and verified companyfacts. Eight discount, warehouse-club, mass-merchandise, dollar-store and closeout retailers, compared on Revenue, Net margin, Operating margin, Free cash flow, Capital expenditures, Dividends paid, Share buybacks, Assets and Liabilities / equity from SEC filings.", "title": "Warehouse and discount retail peer review", "url": "/compare/discount-retail/" }, { "kind": "peer-review", "summary": "Eight packaged food and beverage staples companies, compared on Revenue, Gross margin, Operating margin, Net margin, Capital expenditures, Free cash flow, Dividends paid, Dividends / net income, Liabilities / equity leverage and Cash and equivalents from SEC filings.", "text": "Food and beverage staples peer review Eight packaged food and beverage staples companies, compared on Revenue, Gross margin, Operating margin, Net margin, Capital expenditures, Free cash flow, Dividends paid, Dividends / net income, Liabilities / equity leverage and Cash and equivalents from SEC filings. Food and beverage staples peer review Descriptive comparison assembled from public SEC filings and verified companyfacts. Eight packaged food and beverage staples companies, compared on Revenue, Gross margin, Operating margin, Net margin, Capital expenditures, Free cash flow, Dividends paid, Dividends / net income, Liabilities / equity leverage and Cash and equivalents from SEC filings.", "title": "Food and beverage staples peer review", "url": "/compare/food-beverage/" }, { "kind": "peer-review", "summary": "Eight U.S. operative homebuilders, compared on Revenue, Net margin, Return on equity, Inventory / land, Liabilities / equity leverage, Book value / equity, Free cash flow, Share buybacks and Cash and equivalents from SEC filings.", "text": "Homebuilders peer review Eight U.S. operative homebuilders, compared on Revenue, Net margin, Return on equity, Inventory / land, Liabilities / equity leverage, Book value / equity, Free cash flow, Share buybacks and Cash and equivalents from SEC filings. Homebuilders peer review Descriptive comparison assembled from public SEC filings and verified companyfacts. Eight U.S. operative homebuilders, compared on Revenue, Net margin, Return on equity, Inventory / land, Liabilities / equity leverage, Book value / equity, Free cash flow, Share buybacks and Cash and equivalents from SEC filings.", "title": "Homebuilders peer review", "url": "/compare/homebuilders/" }, { "kind": "peer-review", "summary": "Eight property and casualty insurers, compared on Revenue / premiums, Net margin, Return on equity, Book value / equity, Total investments, Benefits/losses/expenses / premiums, Dividends paid, Share buybacks and Liabilities / equity leverage from SEC filings.", "text": "Property and casualty insurers peer review Eight property and casualty insurers, compared on Revenue / premiums, Net margin, Return on equity, Book value / equity, Total investments, Benefits/losses/expenses / premiums, Dividends paid, Share buybacks and Liabilities / equity leverage from SEC filings. Property and casualty insurers peer review Descriptive comparison assembled from public SEC filings and verified companyfacts. Eight property and casualty insurers, compared on Revenue / premiums, Net margin, Return on equity, Book value / equity, Total investments, Benefits/losses/expenses / premiums, Dividends paid, Share buybacks and Liabilities / equity leverage from SEC filings.", "title": "Property and casualty insurers peer review", "url": "/compare/insurers/" }, { "kind": "peer-review", "summary": "Seven managed-care and diversified health-insurance peers, compared on Revenue, Medical benefits / premiums, Operating margin, Net margin, Return on equity, Capital expenditures, Free cash flow, Liabilities / equity leverage and Cash and equivalents from SEC filings.", "text": "Managed care and health insurers peer review Seven managed-care and diversified health-insurance peers, compared on Revenue, Medical benefits / premiums, Operating margin, Net margin, Return on equity, Capital expenditures, Free cash flow, Liabilities / equity leverage and Cash and equivalents from SEC filings. Managed care and health insurers peer review Descriptive comparison assembled from public SEC filings and verified companyfacts. Seven managed-care and diversified health-insurance peers, compared on Revenue, Medical benefits / premiums, Operating margin, Net margin, Return on equity, Capital expenditures, Free cash flow, Liabilities / equity leverage and Cash and equivalents from SEC filings.", "title": "Managed care and health insurers peer review", "url": "/compare/managed-care/" }, { "kind": "peer-review", "summary": "Large U.S. upstream oil and gas E&P companies, compared on Revenue, Operating margin, Net margin, Capital expenditures, Capex / revenue, Free cash flow, FCF / revenue, Dividends paid, Share buybacks, Liabilities / equity leverage and Cash and equivalents from SEC filings.", "text": "Oil and gas E&P peer review Large U.S. upstream oil and gas E&P companies, compared on Revenue, Operating margin, Net margin, Capital expenditures, Capex / revenue, Free cash flow, FCF / revenue, Dividends paid, Share buybacks, Liabilities / equity leverage and Cash and equivalents from SEC filings. Oil and gas E&P peer review Descriptive comparison assembled from public SEC filings and verified companyfacts. Large U.S. upstream oil and gas E&P companies, compared on Revenue, Operating margin, Net margin, Capital expenditures, Capex / revenue, Free cash flow, FCF / revenue, Dividends paid, Share buybacks, Liabilities / equity leverage and Cash and equivalents from SEC filings.", "title": "Oil and gas E&P peer review", "url": "/compare/oil-gas-ep/" }, { "kind": "peer-review", "summary": "Six card-network, issuer, wallet and processor peers, compared on Revenue, Operating margin, Net margin, Capital expenditures, Capex / revenue, Free cash flow, FCF / revenue, Share buybacks, Dividends paid, Liabilities / equity leverage and Cash and equivalents from SEC filings.", "text": "Payment networks and processors peer review Six card-network, issuer, wallet and processor peers, compared on Revenue, Operating margin, Net margin, Capital expenditures, Capex / revenue, Free cash flow, FCF / revenue, Share buybacks, Dividends paid, Liabilities / equity leverage and Cash and equivalents from SEC filings. Payment networks and processors peer review Descriptive comparison assembled from public SEC filings and verified companyfacts. Six card-network, issuer, wallet and processor peers, compared on Revenue, Operating margin, Net margin, Capital expenditures, Capex / revenue, Free cash flow, FCF / revenue, Share buybacks, Dividends paid, Liabilities / equity leverage and Cash and equivalents from SEC filings.", "title": "Payment networks and processors peer review", "url": "/compare/payments/" }, { "kind": "peer-review", "summary": "Nine large biopharma companies, compared on Revenue, Gross margin, Operating margin, Net margin, R&D expense, R&D / revenue, Capital expenditures, Free cash flow, Dividends paid, Share buybacks, Liabilities / equity leverage and Cash and equivalents from SEC filings.", "text": "Large-cap biopharma peer review Nine large biopharma companies, compared on Revenue, Gross margin, Operating margin, Net margin, R&D expense, R&D / revenue, Capital expenditures, Free cash flow, Dividends paid, Share buybacks, Liabilities / equity leverage and Cash and equivalents from SEC filings. Large-cap biopharma peer review Descriptive comparison assembled from public SEC filings and verified companyfacts. Nine large biopharma companies, compared on Revenue, Gross margin, Operating margin, Net margin, R&D expense, R&D / revenue, Capital expenditures, Free cash flow, Dividends paid, Share buybacks, Liabilities / equity leverage and Cash and equivalents from SEC filings.", "title": "Large-cap biopharma peer review", "url": "/compare/pharma/" }, { "kind": "peer-review", "summary": "North American Class I railroad operators, compared on Revenue, Operating expense / revenue, Operating margin, Net margin, Return on equity, Capital expenditures, Capex / revenue, Free cash flow, Liabilities / equity leverage, Dividends paid, Share buybacks and Cash and equivalents from SEC filings.", "text": "North American Class I railroads peer review North American Class I railroad operators, compared on Revenue, Operating expense / revenue, Operating margin, Net margin, Return on equity, Capital expenditures, Capex / revenue, Free cash flow, Liabilities / equity leverage, Dividends paid, Share buybacks and Cash and equivalents from SEC filings. North American Class I railroads peer review Descriptive comparison assembled from public SEC filings and verified companyfacts. North American Class I railroad operators, compared on Revenue, Operating expense / revenue, Operating margin, Net margin, Return on equity, Capital expenditures, Capex / revenue, Free cash flow, Liabilities / equity leverage, Dividends paid, Share buybacks and Cash and equivalents from SEC filings.", "title": "North American Class I railroads peer review", "url": "/compare/railroads/" }, { "kind": "peer-review", "summary": "Nine large regional bank holding companies, compared on Net interest income, Efficiency ratio, Return on assets, Return on equity, Total deposits, Total loans, Nonperforming loans / loans, Allowance / loans, Net charge-offs, Total assets and Book value / equity from SEC filings.", "text": "Regional banks peer review Nine large regional bank holding companies, compared on Net interest income, Efficiency ratio, Return on assets, Return on equity, Total deposits, Total loans, Nonperforming loans / loans, Allowance / loans, Net charge-offs, Total assets and Book value / equity from SEC filings. Regional banks peer review Descriptive comparison assembled from public SEC filings and verified companyfacts. Nine large regional bank holding companies, compared on Net interest income, Efficiency ratio, Return on assets, Return on equity, Total deposits, Total loans, Nonperforming loans / loans, Allowance / loans, Net charge-offs, Total assets and Book value / equity from SEC filings.", "title": "Regional banks peer review", "url": "/compare/regional-banks/" }, { "kind": "peer-review", "summary": "Nine semiconductor peers, compared on Revenue, Gross margin, Operating margin, Net margin, R&D / revenue, Capital expenditures, Capex / revenue, Free cash flow, Inventory, Dividends paid, Share buybacks, Liabilities / equity leverage and Cash and equivalents from SEC filings.", "text": "Semiconductors peer review Nine semiconductor peers, compared on Revenue, Gross margin, Operating margin, Net margin, R&D / revenue, Capital expenditures, Capex / revenue, Free cash flow, Inventory, Dividends paid, Share buybacks, Liabilities / equity leverage and Cash and equivalents from SEC filings. Semiconductors peer review Descriptive comparison assembled from public SEC filings and verified companyfacts. Nine semiconductor peers, compared on Revenue, Gross margin, Operating margin, Net margin, R&D / revenue, Capital expenditures, Capex / revenue, Free cash flow, Inventory, Dividends paid, Share buybacks, Liabilities / equity leverage and Cash and equivalents from SEC filings.", "title": "Semiconductors peer review", "url": "/compare/semiconductors/" }, { "kind": "peer-review", "summary": "Seven application and platform software companies, compared on Revenue, Gross margin, Operating margin, Net margin, R&D expense, R&D / revenue, Sales and marketing, Sales and marketing / revenue, Stock-based compensation, SBC / revenue, Free cash flow, FCF / revenue, Deferred revenue, Cash and equivalents and Liabiliti", "text": "Large-cap software and SaaS peer review Seven application and platform software companies, compared on Revenue, Gross margin, Operating margin, Net margin, R&D expense, R&D / revenue, Sales and marketing, Sales and marketing / revenue, Stock-based compensation, SBC / revenue, Free cash flow, FCF / revenue, Deferred revenue, Cash and equivalents and Liabilities / equity leverage from SEC filings. Large-cap software and SaaS peer review Descriptive comparison assembled from public SEC filings and verified companyfacts. Seven application and platform software companies, compared on Revenue, Gross margin, Operating margin, Net margin, R&D expense, R&D / revenue, Sales and marketing, Sales and marketing / revenue, Stock-based compensation, SBC / revenue, Free cash flow, FCF / revenue, Deferred revenue, Cash and equivalents and Liabilities / equity leverage from SEC filings.", "title": "Large-cap software and SaaS peer review", "url": "/compare/software/" }, { "kind": "peer-review", "summary": "3 companies, compared on Revenue, Operating margin, Net margin, Capital expenditures, Capex / revenue, Free cash flow, Total debt, Liabilities / equity leverage, Dividends paid, Dividends / net income and Cash and equivalents from SEC filings.", "text": "U.S. telecom carriers peer review 3 companies, compared on Revenue, Operating margin, Net margin, Capital expenditures, Capex / revenue, Free cash flow, Total debt, Liabilities / equity leverage, Dividends paid, Dividends / net income and Cash and equivalents from SEC filings. U.S. telecom carriers peer review Descriptive comparison assembled from public SEC filings and verified companyfacts. 3 companies, compared on Revenue, Operating margin, Net margin, Capital expenditures, Capex / revenue, Free cash flow, Total debt, Liabilities / equity leverage, Dividends paid, Dividends / net income and Cash and equivalents from SEC filings.", "title": "U.S. telecom carriers peer review", "url": "/compare/telecom/" }, { "kind": "peer-review", "summary": "Nine regulated electric and electric/gas utilities, compared on Revenue, Operating margin, Net margin, Capital expenditures, Capex / revenue, Free cash flow, Dividends paid, Dividends / net income, Total debt, Liabilities / equity leverage, Cash and equivalents and Property, plant and equipment from SEC filings.", "text": "Regulated electric utilities peer review Nine regulated electric and electric/gas utilities, compared on Revenue, Operating margin, Net margin, Capital expenditures, Capex / revenue, Free cash flow, Dividends paid, Dividends / net income, Total debt, Liabilities / equity leverage, Cash and equivalents and Property, plant and equipment from SEC filings. Regulated electric utilities peer review Descriptive comparison assembled from public SEC filings and verified companyfacts. Nine regulated electric and electric/gas utilities, compared on Revenue, Operating margin, Net margin, Capital expenditures, Capex / revenue, Free cash flow, Dividends paid, Dividends / net income, Total debt, Liabilities / equity leverage, Cash and equivalents and Property, plant and equipment from SEC filings.", "title": "Regulated electric utilities peer review", "url": "/compare/utilities/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "AAPL single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. AAPL Apple Inc. (AAPL) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "AAPL single-company analysis", "url": "/company/AAPL/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "AMD single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. AMD ADVANCED MICRO DEVICES INC (AMD) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "AMD single-company analysis", "url": "/company/AMD/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "AMZN single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. AMZN AMAZON COM INC (AMZN) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "AMZN single-company analysis", "url": "/company/AMZN/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "AVGO single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. AVGO Broadcom Inc. (AVGO) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "AVGO single-company analysis", "url": "/company/AVGO/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "AXP single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. AXP AMERICAN EXPRESS CO (AXP) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "AXP single-company analysis", "url": "/company/AXP/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "BA single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. BA BOEING CO (BA) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "BA single-company analysis", "url": "/company/BA/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "BAC single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. BAC BANK OF AMERICA CORP /DE/ (BAC) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "BAC single-company analysis", "url": "/company/BAC/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "BLK single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. BLK BlackRock, Inc. (BLK) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "BLK single-company analysis", "url": "/company/BLK/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "CAT single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. CAT CATERPILLAR INC (CAT) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "CAT single-company analysis", "url": "/company/CAT/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "COST single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. COST COSTCO WHOLESALE CORP /NEW (COST) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "COST single-company analysis", "url": "/company/COST/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "CVS single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. CVS CVS HEALTH Corp (CVS) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "CVS single-company analysis", "url": "/company/CVS/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "DIS single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. DIS Walt Disney Co (DIS) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "DIS single-company analysis", "url": "/company/DIS/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "GOOGL single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. GOOGL Alphabet Inc. (GOOGL) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "GOOGL single-company analysis", "url": "/company/GOOGL/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "GS single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. GS GOLDMAN SACHS GROUP INC (GS) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "GS single-company analysis", "url": "/company/GS/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "HD single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. HD HOME DEPOT, INC. (HD) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "HD single-company analysis", "url": "/company/HD/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "JNJ single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. JNJ JOHNSON & JOHNSON (JNJ) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "JNJ single-company analysis", "url": "/company/JNJ/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "JPM single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. JPM JPMORGAN CHASE & CO (JPM) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "JPM single-company analysis", "url": "/company/JPM/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "KO single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. KO COCA COLA CO (KO) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "KO single-company analysis", "url": "/company/KO/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "LLY single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. LLY ELI LILLY & Co (LLY) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "LLY single-company analysis", "url": "/company/LLY/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "MA single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. MA Mastercard Inc (MA) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "MA single-company analysis", "url": "/company/MA/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "META single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. META Meta Platforms, Inc. (META) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "META single-company analysis", "url": "/company/META/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "MRK single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. MRK Merck & Co., Inc. (MRK) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "MRK single-company analysis", "url": "/company/MRK/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "MSFT single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. MSFT MICROSOFT CORP (MSFT) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "MSFT single-company analysis", "url": "/company/MSFT/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "NKE single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. NKE NIKE, Inc. (NKE) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "NKE single-company analysis", "url": "/company/NKE/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "NVDA single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. NVDA NVIDIA CORP (NVDA) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "NVDA single-company analysis", "url": "/company/NVDA/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "ORCL single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. ORCL ORACLE CORP (ORCL) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "ORCL single-company analysis", "url": "/company/ORCL/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "QCOM single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. QCOM QUALCOMM INC/DE (QCOM) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "QCOM single-company analysis", "url": "/company/QCOM/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "T single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. T AT&T INC. (T) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "T single-company analysis", "url": "/company/T/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "TMO single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. TMO THERMO FISHER SCIENTIFIC INC. (TMO) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "TMO single-company analysis", "url": "/company/TMO/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "TSLA single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. TSLA Tesla, Inc. (TSLA) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "TSLA single-company analysis", "url": "/company/TSLA/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "UNH single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. UNH UNITEDHEALTH GROUP INC (UNH) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "UNH single-company analysis", "url": "/company/UNH/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "V single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. V VISA INC. (V) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "V single-company analysis", "url": "/company/V/analysis/" }, { "kind": "article", "summary": "Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "text": "WMT single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts. WMT Walmart Inc. (WMT) single-company analysis Descriptive single-company article assembled from public SEC filings and verified companyfacts.", "title": "WMT single-company analysis", "url": "/company/WMT/analysis/" }, { "kind": "sic", "summary": "SIC division A.", "text": "A - Agriculture, Forestry, And Fishing SIC division A. A Agriculture, Forestry, And Fishing", "title": "A - Agriculture, Forestry, And Fishing", "url": "/division/A/" }, { "kind": "sic", "summary": "SIC division B.", "text": "B - Mining SIC division B. B Mining", "title": "B - Mining", "url": "/division/B/" }, { "kind": "sic", "summary": "SIC division C.", "text": "C - Construction SIC division C. C Construction", "title": "C - Construction", "url": "/division/C/" }, { "kind": "sic", "summary": "SIC division D.", "text": "D - Manufacturing SIC division D. D Manufacturing", "title": "D - Manufacturing", "url": "/division/D/" }, { "kind": "sic", "summary": "SIC division E.", "text": "E - Transportation, Communications, Electric, Gas, And Sanitary Services SIC division E. E Transportation, Communications, Electric, Gas, And Sanitary Services", "title": "E - Transportation, Communications, Electric, Gas, And Sanitary Services", "url": "/division/E/" }, { "kind": "sic", "summary": "SIC division F.", "text": "F - Wholesale Trade SIC division F. F Wholesale Trade", "title": "F - Wholesale Trade", "url": "/division/F/" }, { "kind": "sic", "summary": "SIC division G.", "text": "G - Retail Trade SIC division G. G Retail Trade", "title": "G - Retail Trade", "url": "/division/G/" }, { "kind": "sic", "summary": "SIC division H.", "text": "H - Finance, Insurance, And Real Estate SIC division H. H Finance, Insurance, And Real Estate", "title": "H - Finance, Insurance, And Real Estate", "url": "/division/H/" }, { "kind": "sic", "summary": "SIC division I.", "text": "I - Services SIC division I. I Services", "title": "I - Services", "url": "/division/I/" }, { "kind": "sic", "summary": "SIC major group 01.", "text": "01 - SIC Major Group 01 SIC major group 01. 01 SIC Major Group 01", "title": "01 - SIC Major Group 01", "url": "/major-group/01/" }, { "kind": "sic", "summary": "SIC major group 02.", "text": "02 - SIC Major Group 02 SIC major group 02. 02 SIC Major Group 02", "title": "02 - SIC Major Group 02", "url": "/major-group/02/" }, { "kind": "sic", "summary": "SIC major group 07.", "text": "07 - SIC Major Group 07 SIC major group 07. 07 SIC Major Group 07", "title": "07 - SIC Major Group 07", "url": "/major-group/07/" }, { "kind": "sic", "summary": "SIC major group 10.", "text": "10 - Metal Mining SIC major group 10. 10 Metal Mining", "title": "10 - Metal Mining", "url": "/major-group/10/" }, { "kind": "sic", "summary": "SIC major group 12.", "text": "12 - SIC Major Group 12 SIC major group 12. 12 SIC Major Group 12", "title": "12 - SIC Major Group 12", "url": "/major-group/12/" }, { "kind": "sic", "summary": "SIC major group 13.", "text": "13 - SIC Major Group 13 SIC major group 13. 13 SIC Major Group 13", "title": "13 - SIC Major Group 13", "url": "/major-group/13/" }, { "kind": "sic", "summary": "SIC major group 14.", "text": "14 - SIC Major Group 14 SIC major group 14. 14 SIC Major Group 14", "title": "14 - SIC Major Group 14", "url": "/major-group/14/" }, { "kind": "sic", "summary": "SIC major group 15.", "text": "15 - Building Construction General Contractors And Operative Builders SIC major group 15. 15 Building Construction General Contractors And Operative Builders", "title": "15 - Building Construction General Contractors And Operative Builders", "url": "/major-group/15/" }, { "kind": "sic", "summary": "SIC major group 16.", "text": "16 - SIC Major Group 16 SIC major group 16. 16 SIC Major Group 16", "title": "16 - SIC Major Group 16", "url": "/major-group/16/" }, { "kind": "sic", "summary": "SIC major group 17.", "text": "17 - SIC Major Group 17 SIC major group 17. 17 SIC Major Group 17", "title": "17 - SIC Major Group 17", "url": "/major-group/17/" }, { "kind": "sic", "summary": "SIC major group 20.", "text": "20 - Food And Kindred Products SIC major group 20. 20 Food And Kindred Products", "title": "20 - Food And Kindred Products", "url": "/major-group/20/" }, { "kind": "sic", "summary": "SIC major group 21.", "text": "21 - SIC Major Group 21 SIC major group 21. 21 SIC Major Group 21", "title": "21 - SIC Major Group 21", "url": "/major-group/21/" }, { "kind": "sic", "summary": "SIC major group 22.", "text": "22 - SIC Major Group 22 SIC major group 22. 22 SIC Major Group 22", "title": "22 - SIC Major Group 22", "url": "/major-group/22/" }, { "kind": "sic", "summary": "SIC major group 23.", "text": "23 - SIC Major Group 23 SIC major group 23. 23 SIC Major Group 23", "title": "23 - SIC Major Group 23", "url": "/major-group/23/" }, { "kind": "sic", "summary": "SIC major group 24.", "text": "24 - SIC Major Group 24 SIC major group 24. 24 SIC Major Group 24", "title": "24 - SIC Major Group 24", "url": "/major-group/24/" }, { "kind": "sic", "summary": "SIC major group 25.", "text": "25 - SIC Major Group 25 SIC major group 25. 25 SIC Major Group 25", "title": "25 - SIC Major Group 25", "url": "/major-group/25/" }, { "kind": "sic", "summary": "SIC major group 26.", "text": "26 - SIC Major Group 26 SIC major group 26. 26 SIC Major Group 26", "title": "26 - SIC Major Group 26", "url": "/major-group/26/" }, { "kind": "sic", "summary": "SIC major group 27.", "text": "27 - SIC Major Group 27 SIC major group 27. 27 SIC Major Group 27", "title": "27 - SIC Major Group 27", "url": "/major-group/27/" }, { "kind": "sic", "summary": "SIC major group 28.", "text": "28 - Chemicals And Allied Products SIC major group 28. 28 Chemicals And Allied Products", "title": "28 - Chemicals And Allied Products", "url": "/major-group/28/" }, { "kind": "sic", "summary": "SIC major group 29.", "text": "29 - Petroleum Refining And Related Industries SIC major group 29. 29 Petroleum Refining And Related Industries", "title": "29 - Petroleum Refining And Related Industries", "url": "/major-group/29/" }, { "kind": "sic", "summary": "SIC major group 30.", "text": "30 - SIC Major Group 30 SIC major group 30. 30 SIC Major Group 30", "title": "30 - SIC Major Group 30", "url": "/major-group/30/" }, { "kind": "sic", "summary": "SIC major group 31.", "text": "31 - SIC Major Group 31 SIC major group 31. 31 SIC Major Group 31", "title": "31 - SIC Major Group 31", "url": "/major-group/31/" }, { "kind": "sic", "summary": "SIC major group 32.", "text": "32 - SIC Major Group 32 SIC major group 32. 32 SIC Major Group 32", "title": "32 - SIC Major Group 32", "url": "/major-group/32/" }, { "kind": "sic", "summary": "SIC major group 33.", "text": "33 - SIC Major Group 33 SIC major group 33. 33 SIC Major Group 33", "title": "33 - SIC Major Group 33", "url": "/major-group/33/" }, { "kind": "sic", "summary": "SIC major group 34.", "text": "34 - SIC Major Group 34 SIC major group 34. 34 SIC Major Group 34", "title": "34 - SIC Major Group 34", "url": "/major-group/34/" }, { "kind": "sic", "summary": "SIC major group 35.", "text": "35 - Industrial And Commercial Machinery And Computer Equipment SIC major group 35. 35 Industrial And Commercial Machinery And Computer Equipment", "title": "35 - Industrial And Commercial Machinery And Computer Equipment", "url": "/major-group/35/" }, { "kind": "sic", "summary": "SIC major group 36.", "text": "36 - Electronic And Other Electrical Equipment And Components, Except Computer Equipment SIC major group 36. 36 Electronic And Other Electrical Equipment And Components, Except Computer Equipment", "title": "36 - Electronic And Other Electrical Equipment And Components, Except Computer Equipment", "url": "/major-group/36/" }, { "kind": "sic", "summary": "SIC major group 37.", "text": "37 - Transportation Equipment SIC major group 37. 37 Transportation Equipment", "title": "37 - Transportation Equipment", "url": "/major-group/37/" }, { "kind": "sic", "summary": "SIC major group 38.", "text": "38 - SIC Major Group 38 SIC major group 38. 38 SIC Major Group 38", "title": "38 - SIC Major Group 38", "url": "/major-group/38/" }, { "kind": "sic", "summary": "SIC major group 39.", "text": "39 - SIC Major Group 39 SIC major group 39. 39 SIC Major Group 39", "title": "39 - SIC Major Group 39", "url": "/major-group/39/" }, { "kind": "sic", "summary": "SIC major group 40.", "text": "40 - Railroad Transportation SIC major group 40. 40 Railroad Transportation", "title": "40 - Railroad Transportation", "url": "/major-group/40/" }, { "kind": "sic", "summary": "SIC major group 42.", "text": "42 - Motor Freight Transportation And Warehousing SIC major group 42. 42 Motor Freight Transportation And Warehousing", "title": "42 - Motor Freight Transportation And Warehousing", "url": "/major-group/42/" }, { "kind": "sic", "summary": "SIC major group 44.", "text": "44 - SIC Major Group 44 SIC major group 44. 44 SIC Major Group 44", "title": "44 - SIC Major Group 44", "url": "/major-group/44/" }, { "kind": "sic", "summary": "SIC major group 45.", "text": "45 - SIC Major Group 45 SIC major group 45. 45 SIC Major Group 45", "title": "45 - SIC Major Group 45", "url": "/major-group/45/" }, { "kind": "sic", "summary": "SIC major group 46.", "text": "46 - SIC Major Group 46 SIC major group 46. 46 SIC Major Group 46", "title": "46 - SIC Major Group 46", "url": "/major-group/46/" }, { "kind": "sic", "summary": "SIC major group 47.", "text": "47 - SIC Major Group 47 SIC major group 47. 47 SIC Major Group 47", "title": "47 - SIC Major Group 47", "url": "/major-group/47/" }, { "kind": "sic", "summary": "SIC major group 48.", "text": "48 - Communications SIC major group 48. 48 Communications", "title": "48 - Communications", "url": "/major-group/48/" }, { "kind": "sic", "summary": "SIC major group 49.", "text": "49 - Electric, Gas, And Sanitary Services SIC major group 49. 49 Electric, Gas, And Sanitary Services", "title": "49 - Electric, Gas, And Sanitary Services", "url": "/major-group/49/" }, { "kind": "sic", "summary": "SIC major group 50.", "text": "50 - SIC Major Group 50 SIC major group 50. 50 SIC Major Group 50", "title": "50 - SIC Major Group 50", "url": "/major-group/50/" }, { "kind": "sic", "summary": "SIC major group 51.", "text": "51 - Wholesale Trade - Nondurable Goods SIC major group 51. 51 Wholesale Trade - Nondurable Goods", "title": "51 - Wholesale Trade - Nondurable Goods", "url": "/major-group/51/" }, { "kind": "sic", "summary": "SIC major group 52.", "text": "52 - Building Materials, Hardware, Garden Supply, And Mobile Home Dealers SIC major group 52. 52 Building Materials, Hardware, Garden Supply, And Mobile Home Dealers", "title": "52 - Building Materials, Hardware, Garden Supply, And Mobile Home Dealers", "url": "/major-group/52/" }, { "kind": "sic", "summary": "SIC major group 53.", "text": "53 - General Merchandise Stores SIC major group 53. 53 General Merchandise Stores", "title": "53 - General Merchandise Stores", "url": "/major-group/53/" }, { "kind": "sic", "summary": "SIC major group 54.", "text": "54 - SIC Major Group 54 SIC major group 54. 54 SIC Major Group 54", "title": "54 - SIC Major Group 54", "url": "/major-group/54/" }, { "kind": "sic", "summary": "SIC major group 55.", "text": "55 - SIC Major Group 55 SIC major group 55. 55 SIC Major Group 55", "title": "55 - SIC Major Group 55", "url": "/major-group/55/" }, { "kind": "sic", "summary": "SIC major group 56.", "text": "56 - SIC Major Group 56 SIC major group 56. 56 SIC Major Group 56", "title": "56 - SIC Major Group 56", "url": "/major-group/56/" }, { "kind": "sic", "summary": "SIC major group 57.", "text": "57 - SIC Major Group 57 SIC major group 57. 57 SIC Major Group 57", "title": "57 - SIC Major Group 57", "url": "/major-group/57/" }, { "kind": "sic", "summary": "SIC major group 58.", "text": "58 - Eating And Drinking Places SIC major group 58. 58 Eating And Drinking Places", "title": "58 - Eating And Drinking Places", "url": "/major-group/58/" }, { "kind": "sic", "summary": "SIC major group 59.", "text": "59 - Miscellaneous Retail SIC major group 59. 59 Miscellaneous Retail", "title": "59 - Miscellaneous Retail", "url": "/major-group/59/" }, { "kind": "sic", "summary": "SIC major group 60.", "text": "60 - Depository Institutions SIC major group 60. 60 Depository Institutions", "title": "60 - Depository Institutions", "url": "/major-group/60/" }, { "kind": "sic", "summary": "SIC major group 61.", "text": "61 - SIC Major Group 61 SIC major group 61. 61 SIC Major Group 61", "title": "61 - SIC Major Group 61", "url": "/major-group/61/" }, { "kind": "sic", "summary": "SIC major group 62.", "text": "62 - Security And Commodity Brokers, Dealers, Exchanges, And Services SIC major group 62. 62 Security And Commodity Brokers, Dealers, Exchanges, And Services", "title": "62 - Security And Commodity Brokers, Dealers, Exchanges, And Services", "url": "/major-group/62/" }, { "kind": "sic", "summary": "SIC major group 63.", "text": "63 - Insurance Carriers SIC major group 63. 63 Insurance Carriers", "title": "63 - Insurance Carriers", "url": "/major-group/63/" }, { "kind": "sic", "summary": "SIC major group 64.", "text": "64 - SIC Major Group 64 SIC major group 64. 64 SIC Major Group 64", "title": "64 - SIC Major Group 64", "url": "/major-group/64/" }, { "kind": "sic", "summary": "SIC major group 65.", "text": "65 - Real Estate SIC major group 65. 65 Real Estate", "title": "65 - Real Estate", "url": "/major-group/65/" }, { "kind": "sic", "summary": "SIC major group 67.", "text": "67 - Holding And Other Investment Offices SIC major group 67. 67 Holding And Other Investment Offices", "title": "67 - Holding And Other Investment Offices", "url": "/major-group/67/" }, { "kind": "sic", "summary": "SIC major group 70.", "text": "70 - SIC Major Group 70 SIC major group 70. 70 SIC Major Group 70", "title": "70 - SIC Major Group 70", "url": "/major-group/70/" }, { "kind": "sic", "summary": "SIC major group 72.", "text": "72 - SIC Major Group 72 SIC major group 72. 72 SIC Major Group 72", "title": "72 - SIC Major Group 72", "url": "/major-group/72/" }, { "kind": "sic", "summary": "SIC major group 73.", "text": "73 - Business Services SIC major group 73. 73 Business Services", "title": "73 - Business Services", "url": "/major-group/73/" }, { "kind": "sic", "summary": "SIC major group 75.", "text": "75 - SIC Major Group 75 SIC major group 75. 75 SIC Major Group 75", "title": "75 - SIC Major Group 75", "url": "/major-group/75/" }, { "kind": "sic", "summary": "SIC major group 78.", "text": "78 - Motion Pictures SIC major group 78. 78 Motion Pictures", "title": "78 - Motion Pictures", "url": "/major-group/78/" }, { "kind": "sic", "summary": "SIC major group 79.", "text": "79 - Amusement And Recreation Services SIC major group 79. 79 Amusement And Recreation Services", "title": "79 - Amusement And Recreation Services", "url": "/major-group/79/" }, { "kind": "sic", "summary": "SIC major group 80.", "text": "80 - SIC Major Group 80 SIC major group 80. 80 SIC Major Group 80", "title": "80 - SIC Major Group 80", "url": "/major-group/80/" }, { "kind": "sic", "summary": "SIC major group 81.", "text": "81 - SIC Major Group 81 SIC major group 81. 81 SIC Major Group 81", "title": "81 - SIC Major Group 81", "url": "/major-group/81/" }, { "kind": "sic", "summary": "SIC major group 82.", "text": "82 - SIC Major Group 82 SIC major group 82. 82 SIC Major Group 82", "title": "82 - SIC Major Group 82", "url": "/major-group/82/" }, { "kind": "sic", "summary": "SIC major group 83.", "text": "83 - SIC Major Group 83 SIC major group 83. 83 SIC Major Group 83", "title": "83 - SIC Major Group 83", "url": "/major-group/83/" }, { "kind": "sic", "summary": "SIC major group 87.", "text": "87 - SIC Major Group 87 SIC major group 87. 87 SIC Major Group 87", "title": "87 - SIC Major Group 87", "url": "/major-group/87/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 0100 - Agricultural Production-Crops 5 companies. 0100 Agricultural Production-Crops ALCO CTVA DOLE FDP LMNR", "title": "SIC 0100 - Agricultural Production-Crops", "url": "/industry/0100/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 0200 - Agricultural Prod-Livestock & Animal Specialties 1 companies. 0200 Agricultural Prod-Livestock & Animal Specialties CALM", "title": "SIC 0200 - Agricultural Prod-Livestock & Animal Specialties", "url": "/industry/0200/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 0700 - Agricultural Services 2 companies. 0700 Agricultural Services AVO BV", "title": "SIC 0700 - Agricultural Services", "url": "/industry/0700/" }, { "kind": "sic", "summary": "10 companies.", "text": "SIC 1000 - Metal Mining 10 companies. 1000 Metal Mining CLF CRML DC FCX GSM IE MP NB USAR USAU", "title": "SIC 1000 - Metal Mining", "url": "/industry/1000/" }, { "kind": "sic", "summary": "6 companies.", "text": "SIC 1040 - Gold and Silver Ores 6 companies. 1040 Gold and Silver Ores CDE CTGO IDR NEM PPTA USGO", "title": "SIC 1040 - Gold and Silver Ores", "url": "/industry/1040/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 1090 - Miscellaneous Metal Ores 2 companies. 1090 Miscellaneous Metal Ores EU UEC", "title": "SIC 1090 - Miscellaneous Metal Ores", "url": "/industry/1090/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 1220 - Silver Ores 3 companies. 1220 Silver Ores CNR HCC METC", "title": "SIC 1220 - Silver Ores", "url": "/industry/1220/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 1221 - Bituminous Coal & Lignite Surface Mining 3 companies. 1221 Bituminous Coal & Lignite Surface Mining AMR BTU NC", "title": "SIC 1221 - Bituminous Coal & Lignite Surface Mining", "url": "/industry/1221/" }, { "kind": "sic", "summary": "44 companies.", "text": "SIC 1311 - Crude Petroleum & Natural Gas 44 companies. 1311 Crude Petroleum & Natural Gas AESI APA AR BKV CHRD CNX CRC CRGY CRK CTRA DEC DVN EGY EOG EP EPM EPSN EQT EXE FANG GPOR GRNT INR KOS MGY MTDR MUR NOG OVV OXY PARR PNRG PR PROP REPX RRC SD SM SOC TALO TTI VNOM VTS WTI", "title": "SIC 1311 - Crude Petroleum & Natural Gas", "url": "/industry/1311/" }, { "kind": "sic", "summary": "8 companies.", "text": "SIC 1381 - Drilling Oil & Gas Wells 8 companies. 1381 Drilling Oil & Gas Wells HP HPK NBR NE PTEN RIG SDRL VAL", "title": "SIC 1381 - Drilling Oil & Gas Wells", "url": "/industry/1381/" }, { "kind": "sic", "summary": "15 companies.", "text": "SIC 1389 - Oil & Gas Field Services, NEC 15 companies. 1389 Oil & Gas Field Services, NEC ACDC CLB HAL HLX LBRT NESR NGS OII PUMP RES RNGR SLB TUSK WTTR XPRO", "title": "SIC 1389 - Oil & Gas Field Services, NEC", "url": "/industry/1389/" }, { "kind": "sic", "summary": "10 companies.", "text": "SIC 1400 - Mining & Quarrying of Nonmetallic Minerals (No Fuels) 10 companies. 1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels) ABAT CMP HL IPI KNF LEU MDU MLM USLM VMC", "title": "SIC 1400 - Mining & Quarrying of Nonmetallic Minerals (No Fuels)", "url": "/industry/1400/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 1520 - General Bldg Contractors - Residential Bldgs 3 companies. 1520 General Bldg Contractors - Residential Bldgs GEO IBP LEN", "title": "SIC 1520 - General Bldg Contractors - Residential Bldgs", "url": "/industry/1520/" }, { "kind": "sic", "summary": "15 companies.", "text": "SIC 1531 - Operative Builders 15 companies. 1531 Operative Builders BZH CCS DFH DHI ECG GRBK HOV KBH LGIH MHO MTH NVR PHM TMHC TOL", "title": "SIC 1531 - Operative Builders", "url": "/industry/1531/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 1540 - General Bldg Contractors - Nonresidential Bldgs 1 companies. 1540 General Bldg Contractors - Nonresidential Bldgs TPC", "title": "SIC 1540 - General Bldg Contractors - Nonresidential Bldgs", "url": "/industry/1540/" }, { "kind": "sic", "summary": "9 companies.", "text": "SIC 1600 - Heavy Construction Other Than Bldg Const - Contractors 9 companies. 1600 Heavy Construction Other Than Bldg Const - Contractors CDNL FLR GVA J KBR ORN ROAD SLND STRL", "title": "SIC 1600 - Heavy Construction Other Than Bldg Const - Contractors", "url": "/industry/1600/" }, { "kind": "sic", "summary": "6 companies.", "text": "SIC 1623 - Water, Sewer, Pipeline, Comm & Power Line Construction 6 companies. 1623 Water, Sewer, Pipeline, Comm & Power Line Construction DY ESOA MTZ MYRG PLPC PRIM", "title": "SIC 1623 - Water, Sewer, Pipeline, Comm & Power Line Construction", "url": "/industry/1623/" }, { "kind": "sic", "summary": "8 companies.", "text": "SIC 1700 - Construction - Special Trade Contractors 8 companies. 1700 Construction - Special Trade Contractors AGX AMRC BBCP BLD LGN LMB MTRX SPWR", "title": "SIC 1700 - Construction - Special Trade Contractors", "url": "/industry/1700/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 1731 - Electrical Work 4 companies. 1731 Electrical Work EME FIX IESC PWR", "title": "SIC 1731 - Electrical Work", "url": "/industry/1731/" }, { "kind": "sic", "summary": "10 companies.", "text": "SIC 2000 - Food and Kindred Products 10 companies. 2000 Food and Kindred Products BGS BRBR BYND CAG CPB FLO HAIN MDLZ SMPL VITL", "title": "SIC 2000 - Food and Kindred Products", "url": "/industry/2000/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 2011 - Meat Packing Plants 2 companies. 2011 Meat Packing Plants HRL SFD", "title": "SIC 2011 - Meat Packing Plants", "url": "/industry/2011/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 2013 - Sausages & Other Prepared Meat Products 1 companies. 2013 Sausages & Other Prepared Meat Products MAMA", "title": "SIC 2013 - Sausages & Other Prepared Meat Products", "url": "/industry/2013/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 2015 - Poultry Slaughtering and Processing 2 companies. 2015 Poultry Slaughtering and Processing PPC TSN", "title": "SIC 2015 - Poultry Slaughtering and Processing", "url": "/industry/2015/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 2020 - Dairy Products 1 companies. 2020 Dairy Products LWAY", "title": "SIC 2020 - Dairy Products", "url": "/industry/2020/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 2030 - Canned, Frozen & Preservd Fruit, Veg & Food Specialties 3 companies. 2030 Canned, Frozen & Preservd Fruit, Veg & Food Specialties KHC LW MZTI", "title": "SIC 2030 - Canned, Frozen & Preservd Fruit, Veg & Food Specialties", "url": "/industry/2030/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 2033 - Canned, Fruits, Veg, Preserves, Jams & Jellies 2 companies. 2033 Canned, Fruits, Veg, Preserves, Jams & Jellies SENEA SJM", "title": "SIC 2033 - Canned, Fruits, Veg, Preserves, Jams & Jellies", "url": "/industry/2033/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 2040 - Grain Mill Products 4 companies. 2040 Grain Mill Products FRPT GIS INGR POST", "title": "SIC 2040 - Grain Mill Products", "url": "/industry/2040/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 2052 - Cookies & Crackers 1 companies. 2052 Cookies & Crackers JJSF", "title": "SIC 2052 - Cookies & Crackers", "url": "/industry/2052/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 2060 - Sugar & Confectionery Products 3 companies. 2060 Sugar & Confectionery Products HSY JBSS TR", "title": "SIC 2060 - Sugar & Confectionery Products", "url": "/industry/2060/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 2070 - Fats & Oils 3 companies. 2070 Fats & Oils ADM BG DAR", "title": "SIC 2070 - Fats & Oils", "url": "/industry/2070/" }, { "kind": "sic", "summary": "9 companies.", "text": "SIC 2080 - Beverages 9 companies. 2080 Beverages BF-B BRCC COCO KDP KO PEP PRMB STZ WEST", "title": "SIC 2080 - Beverages", "url": "/industry/2080/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 2082 - Malt Beverages 2 companies. 2082 Malt Beverages SAM TAP", "title": "SIC 2082 - Malt Beverages", "url": "/industry/2082/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 2086 - Bottled & Canned Soft Drinks & Carbonated Waters 5 companies. 2086 Bottled & Canned Soft Drinks & Carbonated Waters CELH COKE FIZZ MNST ZVIA", "title": "SIC 2086 - Bottled & Canned Soft Drinks & Carbonated Waters", "url": "/industry/2086/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 2090 - Miscellaneous Food Preparations & Kindred Products 3 companies. 2090 Miscellaneous Food Preparations & Kindred Products MED MKC UTZ", "title": "SIC 2090 - Miscellaneous Food Preparations & Kindred Products", "url": "/industry/2090/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 2100 - Tobacco Products 1 companies. 2100 Tobacco Products TPB", "title": "SIC 2100 - Tobacco Products", "url": "/industry/2100/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 2111 - Cigarettes 3 companies. 2111 Cigarettes ISPR MO PM", "title": "SIC 2111 - Cigarettes", "url": "/industry/2111/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 2221 - Broadwoven Fabric Mills, Man Made Fiber & Silk 1 companies. 2221 Broadwoven Fabric Mills, Man Made Fiber & Silk AIN", "title": "SIC 2221 - Broadwoven Fabric Mills, Man Made Fiber & Silk", "url": "/industry/2221/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 2273 - Carpets & Rugs 2 companies. 2273 Carpets & Rugs MHK TILE", "title": "SIC 2273 - Carpets & Rugs", "url": "/industry/2273/" }, { "kind": "sic", "summary": "8 companies.", "text": "SIC 2300 - Apparel & Other Finishd Prods of Fabrics & Similar Matl 8 companies. 2300 Apparel & Other Finishd Prods of Fabrics & Similar Matl AS COLM CRI FIGS GIII LULU SGC UA", "title": "SIC 2300 - Apparel & Other Finishd Prods of Fabrics & Similar Matl", "url": "/industry/2300/" }, { "kind": "sic", "summary": "6 companies.", "text": "SIC 2320 - Men's & Boys' Furnishgs, Work Clothg, & Allied Garments 6 companies. 2320 Men's & Boys' Furnishgs, Work Clothg, & Allied Garments CTAS KTB OXM PVH RL VFC", "title": "SIC 2320 - Men's & Boys' Furnishgs, Work Clothg, & Allied Garments", "url": "/industry/2320/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 2330 - Women's, Misses': and Juniors Outerwear 1 companies. 2330 Women's, Misses': and Juniors Outerwear JILL", "title": "SIC 2330 - Women's, Misses': and Juniors Outerwear", "url": "/industry/2330/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 2400 - Lumber & Wood Products (No Furniture) 3 companies. 2400 Lumber & Wood Products (No Furniture) KOP LPX TREX", "title": "SIC 2400 - Lumber & Wood Products (No Furniture)", "url": "/industry/2400/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 2421 - Sawmills & Planting Mills, General 1 companies. 2421 Sawmills & Planting Mills, General UFPI", "title": "SIC 2421 - Sawmills & Planting Mills, General", "url": "/industry/2421/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 2430 - Millwood, Veneer, Plywood, & Structural Wood Members 2 companies. 2430 Millwood, Veneer, Plywood, & Structural Wood Members FBIN JELD", "title": "SIC 2430 - Millwood, Veneer, Plywood, & Structural Wood Members", "url": "/industry/2430/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 2451 - Mobile Homes 3 companies. 2451 Mobile Homes CVCO LEGH SKY", "title": "SIC 2451 - Mobile Homes", "url": "/industry/2451/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 2510 - Household Furniture 5 companies. 2510 Household Furniture CODI FLXS LEG LZB SGI", "title": "SIC 2510 - Household Furniture", "url": "/industry/2510/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 2511 - Wood Household Furniture, (No Upholstered) 3 companies. 2511 Wood Household Furniture, (No Upholstered) BSET ETD MBC", "title": "SIC 2511 - Wood Household Furniture, (No Upholstered)", "url": "/industry/2511/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 2520 - Office Furniture 1 companies. 2520 Office Furniture MLKN", "title": "SIC 2520 - Office Furniture", "url": "/industry/2520/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 2522 - Office Furniture (No Wood) 1 companies. 2522 Office Furniture (No Wood) HNI", "title": "SIC 2522 - Office Furniture (No Wood)", "url": "/industry/2522/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 2531 - Public Bldg & Related Furniture 1 companies. 2531 Public Bldg & Related Furniture VIRC", "title": "SIC 2531 - Public Bldg & Related Furniture", "url": "/industry/2531/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 2611 - Pulp Mills 1 companies. 2611 Pulp Mills RYAM", "title": "SIC 2611 - Pulp Mills", "url": "/industry/2611/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 2621 - Paper Mills 4 companies. 2621 Paper Mills IP MAGN MATV SLVM", "title": "SIC 2621 - Paper Mills", "url": "/industry/2621/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 2631 - Paperboard Mills 1 companies. 2631 Paperboard Mills CLW", "title": "SIC 2631 - Paperboard Mills", "url": "/industry/2631/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 2650 - Paperboard Containers & Boxes 4 companies. 2650 Paperboard Containers & Boxes GPK PKG SON SW", "title": "SIC 2650 - Paperboard Containers & Boxes", "url": "/industry/2650/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 2670 - Converted Paper & Paperboard Prods (No Contaners/Boxes) 3 companies. 2670 Converted Paper & Paperboard Prods (No Contaners/Boxes) AVY KMB PACK", "title": "SIC 2670 - Converted Paper & Paperboard Prods (No Contaners/Boxes)", "url": "/industry/2670/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 2673 - Plastics, Foil & Coated Paper Bags 1 companies. 2673 Plastics, Foil & Coated Paper Bags REYN", "title": "SIC 2673 - Plastics, Foil & Coated Paper Bags", "url": "/industry/2673/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 2711 - Newspapers: Publishing or Publishing & Printing 4 companies. 2711 Newspapers: Publishing or Publishing & Printing DJCO NWSA NYT TDAY", "title": "SIC 2711 - Newspapers: Publishing or Publishing & Printing", "url": "/industry/2711/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 2731 - Books: Publishing or Publishing & Printing 2 companies. 2731 Books: Publishing or Publishing & Printing SCHL WLY", "title": "SIC 2731 - Books: Publishing or Publishing & Printing", "url": "/industry/2731/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 2741 - Miscellaneous Publishing 2 companies. 2741 Miscellaneous Publishing MH WBTN", "title": "SIC 2741 - Miscellaneous Publishing", "url": "/industry/2741/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 2750 - Commercial Printing 3 companies. 2750 Commercial Printing CMPR PMTS QUAD", "title": "SIC 2750 - Commercial Printing", "url": "/industry/2750/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 2761 - Manifold Business Forms 1 companies. 2761 Manifold Business Forms EBF", "title": "SIC 2761 - Manifold Business Forms", "url": "/industry/2761/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 2780 - Blankbooks, Looseleaf Binders & Bookbindg & Relatd Work 2 companies. 2780 Blankbooks, Looseleaf Binders & Bookbindg & Relatd Work ACCO DLX", "title": "SIC 2780 - Blankbooks, Looseleaf Binders & Bookbindg & Relatd Work", "url": "/industry/2780/" }, { "kind": "sic", "summary": "11 companies.", "text": "SIC 2800 - Chemicals & Allied Products 11 companies. 2800 Chemicals & Allied Products ACNT BCPC CC ECVT FMC HUN IOSP NGVT OLN PRM SOLS", "title": "SIC 2800 - Chemicals & Allied Products", "url": "/industry/2800/" }, { "kind": "sic", "summary": "10 companies.", "text": "SIC 2810 - Industrial Inorganic Chemicals 10 companies. 2810 Industrial Inorganic Chemicals APD KRO LIN LTBR LXFR LXU MTX NL TROX VHI", "title": "SIC 2810 - Industrial Inorganic Chemicals", "url": "/industry/2810/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 2820 - Plastic Material, Synth Resin/Rubber, Cellulos (No Glass) 1 companies. 2820 Plastic Material, Synth Resin/Rubber, Cellulos (No Glass) CE", "title": "SIC 2820 - Plastic Material, Synth Resin/Rubber, Cellulos (No Glass)", "url": "/industry/2820/" }, { "kind": "sic", "summary": "10 companies.", "text": "SIC 2821 - Plastic Materials, Synth Resins & Nonvulcan Elastomers 10 companies. 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers ALB ASIX AVNT DD DOW EMN HXL PCT ROG TSEOQ", "title": "SIC 2821 - Plastic Materials, Synth Resins & Nonvulcan Elastomers", "url": "/industry/2821/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 2833 - Medicinal Chemicals & Botanical Products 5 companies. 2833 Medicinal Chemicals & Botanical Products BTMD DFTX FTLF NAGE USNA", "title": "SIC 2833 - Medicinal Chemicals & Botanical Products", "url": "/industry/2833/" }, { "kind": "sic", "summary": "189 companies.", "text": "SIC 2834 - Pharmaceutical Preparations 189 companies. 2834 Pharmaceutical Preparations AARD ABBV ABEO ABT ABUS ACAD ACRS ACTU ADCT AGIO AKBA AKTS ALDX ALKS ALMS ALNY ALT AMLX AMPH AMRX ANAB ANIP ANNX AQST ARCT ARDX ARQT ARVN ARWR AUPH AVBP AVIR AXSM BBIO BCAX BHVN BIOA BMRN BMY BNTC CAPR CATX COGT COLL CORT CPRX CRMD CRNX CRVS CYRX CYTK DERM DMAC DNTH DRUG DSGN DYN EBS ELAN ELDN ELVN ENTA EOLS ERAS ESPR ETON EVMN EWTX FHTX FULC GERN GLSI GOSS GYRE HRMY HROW HRTX HURA IDYA IMNM INDV INSM INVA IONS IRON IRWD JANX JAZZ JBIO JNJ KROS KRRO KURA LBRX LFCR LFVN LGND LLY LQDA LRMR MBX MDGL MIRM MLYS MNKD MNPR MPLT MRK MRVI NATR NGNE NKTX NRIX NUVB NUVL NVCT OCUL OGN OLMA OMER OPK ORGO ORIC ORKA PAHC PBH PBYI PCRX PFE PGEN PHAT PRAX PRGO PRTA PTCT PTGX PVLA RAPP RARE RCKT RCUS REGN RIGL RNAC ROIV RPRX RYTM RZLT SDGR SEPN SIGA SION SLS SMMT SNDX SPRY SRPT STOK SUPN SVRA SYRE TBPH TGTX TNGX TNXP TRDA TRVI TVRD TVTX TYRA UPB URGN UTHR VERA VKTX VNDA VRDN VRTX VSTM VTRS WVE XENE XERS XNCR XOMA ZBIO ZTS ZVRA ZYME", "title": "SIC 2834 - Pharmaceutical Preparations", "url": "/industry/2834/" }, { "kind": "sic", "summary": "8 companies.", "text": "SIC 2835 - In Vitro & In Vivo Diagnostic Substances 8 companies. 2835 In Vitro & In Vivo Diagnostic Substances CLDX IDXX LNTH MYGN NEOG NTLA QDEL TKNO", "title": "SIC 2835 - In Vitro & In Vivo Diagnostic Substances", "url": "/industry/2835/" }, { "kind": "sic", "summary": "67 companies.", "text": "SIC 2836 - Biological Products, (No Diagnostic Substances) 67 companies. 2836 Biological Products, (No Diagnostic Substances) ADMA ADPT ALEC ALLO AMGN APGE ATYR AURA AVXL BCRX BEAM BIIB CADL CGEM CGON CHRS CMPX CRDF CRSP DNA DNLI EDIT EXEL FATE FDMT FENC GILD GLUE HALO HUMA IBRX IKT IMVT INBX INMB IOVA KOD KRYS KYMR LENZ LXEO MAZE MGTX MRNA NBIX NVAX PCVX PRME REPL RGEN RGNX RLAY RVMD RXRX SANA SLDB SRRK TARA TARS TECH TECX TSHA TVGN TWST VCEL VIR VYGR", "title": "SIC 2836 - Biological Products, (No Diagnostic Substances)", "url": "/industry/2836/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 2840 - Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics 4 companies. 2840 Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics CHD ECL PG SCL", "title": "SIC 2840 - Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics", "url": "/industry/2840/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 2842 - Specialty Cleaning, Polishing and Sanitation Preparations 1 companies. 2842 Specialty Cleaning, Polishing and Sanitation Preparations CLX", "title": "SIC 2842 - Specialty Cleaning, Polishing and Sanitation Preparations", "url": "/industry/2842/" }, { "kind": "sic", "summary": "9 companies.", "text": "SIC 2844 - Perfumes, Cosmetics & Other Toilet Preparations 9 companies. 2844 Perfumes, Cosmetics & Other Toilet Preparations CL COTY EL ELF EPC IPAR KVUE OLPX SLSN", "title": "SIC 2844 - Perfumes, Cosmetics & Other Toilet Preparations", "url": "/industry/2844/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 2851 - Paints, Varnishes, Lacquers, Enamels & Allied Prods 3 companies. 2851 Paints, Varnishes, Lacquers, Enamels & Allied Prods AXTA PPG RPM", "title": "SIC 2851 - Paints, Varnishes, Lacquers, Enamels & Allied Prods", "url": "/industry/2851/" }, { "kind": "sic", "summary": "12 companies.", "text": "SIC 2860 - Industrial Organic Chemicals 12 companies. 2860 Industrial Organic Chemicals CDXS FF GEVO GPRE IFF LYB NEU REX SAFX SXT VGAS WLK", "title": "SIC 2860 - Industrial Organic Chemicals", "url": "/industry/2860/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 2870 - Agricultural Chemicals 4 companies. 2870 Agricultural Chemicals AVD CF MOS SMG", "title": "SIC 2870 - Agricultural Chemicals", "url": "/industry/2870/" }, { "kind": "sic", "summary": "7 companies.", "text": "SIC 2890 - Miscellaneous Chemical Products 7 companies. 2890 Miscellaneous Chemical Products ARQ ASPI CBT ESI FTK OEC WDFC", "title": "SIC 2890 - Miscellaneous Chemical Products", "url": "/industry/2890/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 2891 - Adhesives & Sealants 2 companies. 2891 Adhesives & Sealants CSW FUL", "title": "SIC 2891 - Adhesives & Sealants", "url": "/industry/2891/" }, { "kind": "sic", "summary": "10 companies.", "text": "SIC 2911 - Petroleum Refining 10 companies. 2911 Petroleum Refining CLMT COP CVI CVX DK MPC PBF PSX VLO XOM", "title": "SIC 2911 - Petroleum Refining", "url": "/industry/2911/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 2990 - Miscellaneous Products of Petroleum & Coal 2 companies. 2990 Miscellaneous Products of Petroleum & Coal KWR VVV", "title": "SIC 2990 - Miscellaneous Products of Petroleum & Coal", "url": "/industry/2990/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3011 - Tires & Inner Tubes 1 companies. 3011 Tires & Inner Tubes GT", "title": "SIC 3011 - Tires & Inner Tubes", "url": "/industry/3011/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 3021 - Rubber & Plastics Footwear 4 companies. 3021 Rubber & Plastics Footwear CROX DECK NKE ONON", "title": "SIC 3021 - Rubber & Plastics Footwear", "url": "/industry/3021/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3050 - Gaskets, Packg & Sealg Devices & Rubber & Plastics Hose 1 companies. 3050 Gaskets, Packg & Sealg Devices & Rubber & Plastics Hose NPO", "title": "SIC 3050 - Gaskets, Packg & Sealg Devices & Rubber & Plastics Hose", "url": "/industry/3050/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3060 - Fabricated Rubber Products, NEC 1 companies. 3060 Fabricated Rubber Products, NEC CSL", "title": "SIC 3060 - Fabricated Rubber Products, NEC", "url": "/industry/3060/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3086 - Plastics Foam Products 1 companies. 3086 Plastics Foam Products WMS", "title": "SIC 3086 - Plastics Foam Products", "url": "/industry/3086/" }, { "kind": "sic", "summary": "8 companies.", "text": "SIC 3089 - Plastics Products, NEC 8 companies. 3089 Plastics Products, NEC ATR AWI CMT ENTG KRT MYE NWL SWIM", "title": "SIC 3089 - Plastics Products, NEC", "url": "/industry/3089/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3100 - Leather & Leather Products 2 companies. 3100 Leather & Leather Products CPRI TPR", "title": "SIC 3100 - Leather & Leather Products", "url": "/industry/3100/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 3140 - Footwear, (No Rubber) 5 companies. 3140 Footwear, (No Rubber) BIRK CAL RCKY SHOO WWW", "title": "SIC 3140 - Footwear, (No Rubber)", "url": "/industry/3140/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3211 - Flat Glass 1 companies. 3211 Flat Glass TGLS", "title": "SIC 3211 - Flat Glass", "url": "/industry/3211/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3221 - Glass Containers 1 companies. 3221 Glass Containers OI", "title": "SIC 3221 - Glass Containers", "url": "/industry/3221/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3231 - Glass Products, Made of Purchased Glass 1 companies. 3231 Glass Products, Made of Purchased Glass APOG", "title": "SIC 3231 - Glass Products, Made of Purchased Glass", "url": "/industry/3231/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3241 - Cement, Hydraulic 2 companies. 3241 Cement, Hydraulic CRH EXP", "title": "SIC 3241 - Cement, Hydraulic", "url": "/industry/3241/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3272 - Concrete Products, Except Block & Brick 1 companies. 3272 Concrete Products, Except Block & Brick SMID", "title": "SIC 3272 - Concrete Products, Except Block & Brick", "url": "/industry/3272/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3290 - Abrasive, Asbestos & Misc Nonmetallic Mineral Prods 1 companies. 3290 Abrasive, Asbestos & Misc Nonmetallic Mineral Prods OC", "title": "SIC 3290 - Abrasive, Asbestos & Misc Nonmetallic Mineral Prods", "url": "/industry/3290/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 3310 - Steel Works, Blast Furnaces & Rolling & Finishing Mills 5 companies. 3310 Steel Works, Blast Furnaces & Rolling & Finishing Mills FRD IIIN ROCK WOR WS", "title": "SIC 3310 - Steel Works, Blast Furnaces & Rolling & Finishing Mills", "url": "/industry/3310/" }, { "kind": "sic", "summary": "7 companies.", "text": "SIC 3312 - Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) 7 companies. 3312 Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) CMC CRS MTUS NUE STLD SXC TWI", "title": "SIC 3312 - Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)", "url": "/industry/3312/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3317 - Steel Pipe & Tubes 2 companies. 3317 Steel Pipe & Tubes ATI NWPX", "title": "SIC 3317 - Steel Pipe & Tubes", "url": "/industry/3317/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3330 - Primary Smelting & Refining of Nonferrous Metals 1 companies. 3330 Primary Smelting & Refining of Nonferrous Metals UAMY", "title": "SIC 3330 - Primary Smelting & Refining of Nonferrous Metals", "url": "/industry/3330/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3334 - Primary Production of Aluminum 2 companies. 3334 Primary Production of Aluminum AA CENX", "title": "SIC 3334 - Primary Production of Aluminum", "url": "/industry/3334/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3341 - Secondary Smelting & Refining of Nonferrous Metals 1 companies. 3341 Secondary Smelting & Refining of Nonferrous Metals CSTM", "title": "SIC 3341 - Secondary Smelting & Refining of Nonferrous Metals", "url": "/industry/3341/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 3350 - Rolling Drawing & Extruding of Nonferrous Metals 5 companies. 3350 Rolling Drawing & Extruding of Nonferrous Metals HWM KALU MLI NX TG", "title": "SIC 3350 - Rolling Drawing & Extruding of Nonferrous Metals", "url": "/industry/3350/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3357 - Drawing & Insulating of Nonferrous Wire 2 companies. 3357 Drawing & Insulating of Nonferrous Wire BDC GLW", "title": "SIC 3357 - Drawing & Insulating of Nonferrous Wire", "url": "/industry/3357/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3360 - Nonferrous Foundries (Castings) 1 companies. 3360 Nonferrous Foundries (Castings) MATW", "title": "SIC 3360 - Nonferrous Foundries (Castings)", "url": "/industry/3360/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3390 - Miscellaneous Primary Metal Products 1 companies. 3390 Miscellaneous Primary Metal Products BOOM", "title": "SIC 3390 - Miscellaneous Primary Metal Products", "url": "/industry/3390/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 3411 - Metal Cans 4 companies. 3411 Metal Cans AMBP BALL CCK SLGN", "title": "SIC 3411 - Metal Cans", "url": "/industry/3411/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3412 - Metal Shipping Barrels, Drums, Kegs & Pails 1 companies. 3412 Metal Shipping Barrels, Drums, Kegs & Pails GEF", "title": "SIC 3412 - Metal Shipping Barrels, Drums, Kegs & Pails", "url": "/industry/3412/" }, { "kind": "sic", "summary": "7 companies.", "text": "SIC 3420 - Cutlery, Handtools & General Hardware 7 companies. 3420 Cutlery, Handtools & General Hardware ACU CIX EML HLMN SNA SSD SWK", "title": "SIC 3420 - Cutlery, Handtools & General Hardware", "url": "/industry/3420/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3430 - Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures 2 companies. 3430 Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures MAS OFLX", "title": "SIC 3430 - Heating Equip, Except Elec & Warm Air; & Plumbing Fixtures", "url": "/industry/3430/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 3440 - Fabricated Structural Metal Products 3 companies. 3440 Fabricated Structural Metal Products ACA PRLB VMI", "title": "SIC 3440 - Fabricated Structural Metal Products", "url": "/industry/3440/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3442 - Metal Doors, Sash, Frames, Moldings & Trim 2 companies. 3442 Metal Doors, Sash, Frames, Moldings & Trim GFF JBI", "title": "SIC 3442 - Metal Doors, Sash, Frames, Moldings & Trim", "url": "/industry/3442/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3443 - Fabricated Plate Work (Boiler Shops) 2 companies. 3443 Fabricated Plate Work (Boiler Shops) GTLS SMR", "title": "SIC 3443 - Fabricated Plate Work (Boiler Shops)", "url": "/industry/3443/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 3460 - Metal Forgings & Stampings 4 companies. 3460 Metal Forgings & Stampings MEC MTRN PKOH TRS", "title": "SIC 3460 - Metal Forgings & Stampings", "url": "/industry/3460/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3470 - Coating, Engraving & Allied Services 2 companies. 3470 Coating, Engraving & Allied Services AZZ XPEL", "title": "SIC 3470 - Coating, Engraving & Allied Services", "url": "/industry/3470/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 3480 - Ordnance & Accessories, (No Vehicles/Guided Missiles) 4 companies. 3480 Ordnance & Accessories, (No Vehicles/Guided Missiles) AXON NPK RGR SWBI", "title": "SIC 3480 - Ordnance & Accessories, (No Vehicles/Guided Missiles)", "url": "/industry/3480/" }, { "kind": "sic", "summary": "6 companies.", "text": "SIC 3490 - Miscellaneous Fabricated Metal Products 6 companies. 3490 Miscellaneous Fabricated Metal Products CR CXT HLIO MWA PH WTS", "title": "SIC 3490 - Miscellaneous Fabricated Metal Products", "url": "/industry/3490/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 3510 - Engines & Turbines 4 companies. 3510 Engines & Turbines BC BWXT CMI PSIX", "title": "SIC 3510 - Engines & Turbines", "url": "/industry/3510/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 3523 - Farm Machinery & Equipment 4 companies. 3523 Farm Machinery & Equipment AGCO ALG DE LNN", "title": "SIC 3523 - Farm Machinery & Equipment", "url": "/industry/3523/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3524 - Lawn & Garden Tractors & Home Lawn & Gardens Equip 1 companies. 3524 Lawn & Garden Tractors & Home Lawn & Gardens Equip TTC", "title": "SIC 3524 - Lawn & Garden Tractors & Home Lawn & Gardens Equip", "url": "/industry/3524/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3530 - Construction, Mining & Materials Handling Machinery & Equip 1 companies. 3530 Construction, Mining & Materials Handling Machinery & Equip DOV", "title": "SIC 3530 - Construction, Mining & Materials Handling Machinery & Equip", "url": "/industry/3530/" }, { "kind": "sic", "summary": "8 companies.", "text": "SIC 3531 - Construction Machinery & Equip 8 companies. 3531 Construction Machinery & Equip AEBI ASTE CAT CMCO CNH GENC MTW PLOW", "title": "SIC 3531 - Construction Machinery & Equip", "url": "/industry/3531/" }, { "kind": "sic", "summary": "11 companies.", "text": "SIC 3533 - Oil & Gas Field Machinery & Equipment 11 companies. 3533 Oil & Gas Field Machinery & Equipment BKR DNOW FET FLOC FTI INVX NOV OIS SEI WFRD WHD", "title": "SIC 3533 - Oil & Gas Field Machinery & Equipment", "url": "/industry/3533/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3537 - Industrial Trucks, Tractors, Trailors & Stackers 2 companies. 3537 Industrial Trucks, Tractors, Trailors & Stackers HY TEX", "title": "SIC 3537 - Industrial Trucks, Tractors, Trailors & Stackers", "url": "/industry/3537/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3540 - Metalworkg Machinery & Equipment 2 companies. 3540 Metalworkg Machinery & Equipment LECO SPXC", "title": "SIC 3540 - Metalworkg Machinery & Equipment", "url": "/industry/3540/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3541 - Machine Tools, Metal Cutting Types 1 companies. 3541 Machine Tools, Metal Cutting Types KMT", "title": "SIC 3541 - Machine Tools, Metal Cutting Types", "url": "/industry/3541/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 3550 - Special Industry Machinery (No Metalworking Machinery) 4 companies. 3550 Special Industry Machinery (No Metalworking Machinery) JBTM KAI NVT PNR", "title": "SIC 3550 - Special Industry Machinery (No Metalworking Machinery)", "url": "/industry/3550/" }, { "kind": "sic", "summary": "7 companies.", "text": "SIC 3559 - Special Industry Machinery, NEC 7 companies. 3559 Special Industry Machinery, NEC ACLS ACMR AZTA CRCT ERII LRCX VECO", "title": "SIC 3559 - Special Industry Machinery, NEC", "url": "/industry/3559/" }, { "kind": "sic", "summary": "6 companies.", "text": "SIC 3560 - General Industrial Machinery & Equipment 6 companies. 3560 General Industrial Machinery & Equipment GHM GTES IR ITW ZBRA ZWS", "title": "SIC 3560 - General Industrial Machinery & Equipment", "url": "/industry/3560/" }, { "kind": "sic", "summary": "6 companies.", "text": "SIC 3561 - Pumps & Pumping Equipment 6 companies. 3561 Pumps & Pumping Equipment FLS GGG GRC IEX ITT XYL", "title": "SIC 3561 - Pumps & Pumping Equipment", "url": "/industry/3561/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3562 - Ball & Roller Bearings 2 companies. 3562 Ball & Roller Bearings RBC TKR", "title": "SIC 3562 - Ball & Roller Bearings", "url": "/industry/3562/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3564 - Industrial & Commercial Fans & Blowers & Air Purifing Equip 2 companies. 3564 Industrial & Commercial Fans & Blowers & Air Purifing Equip CECO DCI", "title": "SIC 3564 - Industrial & Commercial Fans & Blowers & Air Purifing Equip", "url": "/industry/3564/" }, { "kind": "sic", "summary": "6 companies.", "text": "SIC 3569 - General Industrial Machinery & Equipment, NEC 6 companies. 3569 General Industrial Machinery & Equipment, NEC ESAB NDSN OUST RR RRX SERV", "title": "SIC 3569 - General Industrial Machinery & Equipment, NEC", "url": "/industry/3569/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 3570 - Computer & office Equipment 3 companies. 3570 Computer & office Equipment HPE HPQ IBM", "title": "SIC 3570 - Computer & office Equipment", "url": "/industry/3570/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 3571 - Electronic Computers 4 companies. 3571 Electronic Computers AAPL DELL OMCL SMCI", "title": "SIC 3571 - Electronic Computers", "url": "/industry/3571/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 3572 - Computer Storage Devices 5 companies. 3572 Computer Storage Devices NTAP P SNDK STX WDC", "title": "SIC 3572 - Computer Storage Devices", "url": "/industry/3572/" }, { "kind": "sic", "summary": "6 companies.", "text": "SIC 3576 - Computer Communications Equipment 6 companies. 3576 Computer Communications Equipment ANET ATEN CSCO DGII EXTR FFIV", "title": "SIC 3576 - Computer Communications Equipment", "url": "/industry/3576/" }, { "kind": "sic", "summary": "7 companies.", "text": "SIC 3577 - Computer Peripheral Equipment, NEC 7 companies. 3577 Computer Peripheral Equipment, NEC CRSR EVLV FTNT IMMR MITK PANW XRX", "title": "SIC 3577 - Computer Peripheral Equipment, NEC", "url": "/industry/3577/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 3578 - Calculating & Accounting Machines (No Electronic Computers) 4 companies. 3578 Calculating & Accounting Machines (No Electronic Computers) DBD NATL PAR VYX", "title": "SIC 3578 - Calculating & Accounting Machines (No Electronic Computers)", "url": "/industry/3578/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3579 - Office Machines, NEC 1 companies. 3579 Office Machines, NEC PBI", "title": "SIC 3579 - Office Machines, NEC", "url": "/industry/3579/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 3580 - Refrigeration & Service Industry Machinery 5 companies. 3580 Refrigeration & Service Industry Machinery ALH HAYW MIDD SXI TNC", "title": "SIC 3580 - Refrigeration & Service Industry Machinery", "url": "/industry/3580/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 3585 - Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip 5 companies. 3585 Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip AAON AIRJ CARR JCI LII", "title": "SIC 3585 - Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip", "url": "/industry/3585/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 3590 - Misc Industrial & Commercial Machinery & Equipment 4 companies. 3590 Misc Industrial & Commercial Machinery & Equipment CW EPAC ETN MOG-A", "title": "SIC 3590 - Misc Industrial & Commercial Machinery & Equipment", "url": "/industry/3590/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 3600 - Electronic & Other Electrical Equipment (No Computer Equip) 4 companies. 3600 Electronic & Other Electrical Equipment (No Computer Equip) EMR GE GEV OTIS", "title": "SIC 3600 - Electronic & Other Electrical Equipment (No Computer Equip)", "url": "/industry/3600/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3613 - Switchgear & Switchboard Apparatus 2 companies. 3613 Switchgear & Switchboard Apparatus LFUS POWL", "title": "SIC 3613 - Switchgear & Switchboard Apparatus", "url": "/industry/3613/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 3620 - Electrical Industrial Apparatus 4 companies. 3620 Electrical Industrial Apparatus BE NPWR PLUG WWD", "title": "SIC 3620 - Electrical Industrial Apparatus", "url": "/industry/3620/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 3621 - Motors & Generators 3 companies. 3621 Motors & Generators AMSC FELE GNRC", "title": "SIC 3621 - Motors & Generators", "url": "/industry/3621/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 3630 - Household Appliances 4 companies. 3630 Household Appliances AOS COOK SN WHR", "title": "SIC 3630 - Household Appliances", "url": "/industry/3630/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3634 - Electric Housewares & Fans 2 companies. 3634 Electric Housewares & Fans HBB HELE", "title": "SIC 3634 - Electric Housewares & Fans", "url": "/industry/3634/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 3640 - Electric Lighting & Wiring Equipment 3 companies. 3640 Electric Lighting & Wiring Equipment AYI LYTS SKYX", "title": "SIC 3640 - Electric Lighting & Wiring Equipment", "url": "/industry/3640/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3651 - Household Audio & Video Equipment 2 companies. 3651 Household Audio & Video Equipment KN SONO", "title": "SIC 3651 - Household Audio & Video Equipment", "url": "/industry/3651/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 3661 - Telephone & Telegraph Apparatus 5 companies. 3661 Telephone & Telegraph Apparatus ADTN CIEN CLFD FN NTGR", "title": "SIC 3661 - Telephone & Telegraph Apparatus", "url": "/industry/3661/" }, { "kind": "sic", "summary": "11 companies.", "text": "SIC 3663 - Radio & Tv Broadcasting & Communications Equipment 11 companies. 3663 Radio & Tv Broadcasting & Communications Equipment AVNW BKSY BKTI HLIT MSI PL QCOM SATL UI VISN VUZI", "title": "SIC 3663 - Radio & Tv Broadcasting & Communications Equipment", "url": "/industry/3663/" }, { "kind": "sic", "summary": "6 companies.", "text": "SIC 3669 - Communications Equipment, NEC 6 companies. 3669 Communications Equipment, NEC AIOT ESE INSG LITE NSSC TBCH", "title": "SIC 3669 - Communications Equipment, NEC", "url": "/industry/3669/" }, { "kind": "sic", "summary": "6 companies.", "text": "SIC 3670 - Electronic Components & Accessories 6 companies. 3670 Electronic Components & Accessories HUBB KULR MRCY OLED VPG VSH", "title": "SIC 3670 - Electronic Components & Accessories", "url": "/industry/3670/" }, { "kind": "sic", "summary": "8 companies.", "text": "SIC 3672 - Printed Circuit Boards 8 companies. 3672 Printed Circuit Boards BHE CTS FLEX JBL KE PLXS SANM TTMI", "title": "SIC 3672 - Printed Circuit Boards", "url": "/industry/3672/" }, { "kind": "sic", "summary": "62 companies.", "text": "SIC 3674 - Semiconductors & Related Devices 62 companies. 3674 Semiconductors & Related Devices AAOI ADI AIP ALAB ALGM ALMU AMAT AMBA AMBQ AMD AMKR AOSL ARRY ATOM AVGO BZAI CRDO CRUS DIOD ENPH FORM FSLR GFS ICHR INDI INTC IPGP KLIC KOPN LASR LSCC MCHP MPWR MRVL MTSI MU MXL NVDA NVEC NVTS NXPI NXT ON OSIS PENG PLAB POWI Q QRVO RMBS SEDG SHLS SITM SKYT SLAB SMTC SWKS SYNA TE TXN UCTT VIAV", "title": "SIC 3674 - Semiconductors & Related Devices", "url": "/industry/3674/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3677 - Electronic Coils, Transformers & Other Inductors 1 companies. 3677 Electronic Coils, Transformers & Other Inductors BELFB", "title": "SIC 3677 - Electronic Coils, Transformers & Other Inductors", "url": "/industry/3677/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3678 - Electronic Connectors 2 companies. 3678 Electronic Connectors APH MEI", "title": "SIC 3678 - Electronic Connectors", "url": "/industry/3678/" }, { "kind": "sic", "summary": "7 companies.", "text": "SIC 3679 - Electronic Components, NEC 7 companies. 3679 Electronic Components, NEC AEIS MPTI MVIS PI VICR VREX VRT", "title": "SIC 3679 - Electronic Components, NEC", "url": "/industry/3679/" }, { "kind": "sic", "summary": "14 companies.", "text": "SIC 3690 - Miscellaneous Electrical Machinery, Equipment & Supplies 14 companies. 3690 Miscellaneous Electrical Machinery, Equipment & Supplies AMPX ATKR BYRN ENR ENS ENVX EOSE FLNC MVST NOVT QS RUN SLDP SPB", "title": "SIC 3690 - Miscellaneous Electrical Machinery, Equipment & Supplies", "url": "/industry/3690/" }, { "kind": "sic", "summary": "9 companies.", "text": "SIC 3711 - Motor Vehicles & Passenger Car Bodies 9 companies. 3711 Motor Vehicles & Passenger Car Bodies F FFAI FSS GM LCID OSK PCAR RIVN TSLA", "title": "SIC 3711 - Motor Vehicles & Passenger Car Bodies", "url": "/industry/3711/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 3713 - Truck & Bus Bodies 3 companies. 3713 Truck & Bus Bodies BLBD HYLN MLR", "title": "SIC 3713 - Truck & Bus Bodies", "url": "/industry/3713/" }, { "kind": "sic", "summary": "24 companies.", "text": "SIC 3714 - Motor Vehicle Parts & Accessories 24 companies. 3714 Motor Vehicle Parts & Accessories ADNT AEVA ALSN ALV APTV ATMU BWA CPS DAN DCH DORM GNTX GTX HLLY LCII LEA MOD MPAA PATK PHIN SMP STRT THRM VC", "title": "SIC 3714 - Motor Vehicle Parts & Accessories", "url": "/industry/3714/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3715 - Truck Trailers 1 companies. 3715 Truck Trailers WNC", "title": "SIC 3715 - Truck Trailers", "url": "/industry/3715/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3716 - Motor Homes 2 companies. 3716 Motor Homes THO WGO", "title": "SIC 3716 - Motor Homes", "url": "/industry/3716/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3720 - Aircraft & Parts 2 companies. 3720 Aircraft & Parts AIR TXT", "title": "SIC 3720 - Aircraft & Parts", "url": "/industry/3720/" }, { "kind": "sic", "summary": "7 companies.", "text": "SIC 3721 - Aircraft 7 companies. 3721 Aircraft ACHR AIRO AVAV BA BETA EVEX JOBY", "title": "SIC 3721 - Aircraft", "url": "/industry/3721/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 3724 - Aircraft Engines & Engine Parts 4 companies. 3724 Aircraft Engines & Engine Parts HEI-A HON RTX SARO", "title": "SIC 3724 - Aircraft Engines & Engine Parts", "url": "/industry/3724/" }, { "kind": "sic", "summary": "6 companies.", "text": "SIC 3728 - Aircraft Parts & Auxiliary Equipment, NEC 6 companies. 3728 Aircraft Parts & Auxiliary Equipment, NEC ATRO DCO KRMN LOAR PKE TDG", "title": "SIC 3728 - Aircraft Parts & Auxiliary Equipment, NEC", "url": "/industry/3728/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 3730 - Ship & Boat Building & Repairing 4 companies. 3730 Ship & Boat Building & Repairing GD HII MBUU MCFT", "title": "SIC 3730 - Ship & Boat Building & Repairing", "url": "/industry/3730/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 3743 - Railroad Equipment 3 companies. 3743 Railroad Equipment GBX TRN WAB", "title": "SIC 3743 - Railroad Equipment", "url": "/industry/3743/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 3751 - Motorcycles, Bicycles & Parts 3 companies. 3751 Motorcycles, Bicycles & Parts FOXF HOG LVWR", "title": "SIC 3751 - Motorcycles, Bicycles & Parts", "url": "/industry/3751/" }, { "kind": "sic", "summary": "7 companies.", "text": "SIC 3760 - Guided Missiles & Space Vehicles & Parts 7 companies. 3760 Guided Missiles & Space Vehicles & Parts FLY KTOS LMT RDW RKLB VOYG YSS", "title": "SIC 3760 - Guided Missiles & Space Vehicles & Parts", "url": "/industry/3760/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3790 - Miscellaneous Transportation Equipment 1 companies. 3790 Miscellaneous Transportation Equipment PII", "title": "SIC 3790 - Miscellaneous Transportation Equipment", "url": "/industry/3790/" }, { "kind": "sic", "summary": "7 companies.", "text": "SIC 3812 - Search, Detection, Navigation, Guidance, Aeronautical Sys 7 companies. 3812 Search, Detection, Navigation, Guidance, Aeronautical Sys DRS GRMN LHX LUNR NN NOC TDY", "title": "SIC 3812 - Search, Detection, Navigation, Guidance, Aeronautical Sys", "url": "/industry/3812/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3822 - Auto Controls For Regulating Residential & Comml Environments 1 companies. 3822 Auto Controls For Regulating Residential & Comml Environments TT", "title": "SIC 3822 - Auto Controls For Regulating Residential & Comml Environments", "url": "/industry/3822/" }, { "kind": "sic", "summary": "10 companies.", "text": "SIC 3823 - Industrial Instruments For Measurement, Display, and Control 10 companies. 3823 Industrial Instruments For Measurement, Display, and Control AME CGNX DHR FTV KEYS MKSI MLAB RAL ROP ST", "title": "SIC 3823 - Industrial Instruments For Measurement, Display, and Control", "url": "/industry/3823/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3824 - Totalizing Fluid Meters & Counting Devices 2 companies. 3824 Totalizing Fluid Meters & Counting Devices BMI VNT", "title": "SIC 3824 - Totalizing Fluid Meters & Counting Devices", "url": "/industry/3824/" }, { "kind": "sic", "summary": "8 companies.", "text": "SIC 3825 - Instruments For Meas & Testing of Electricity & Elec Signals 8 companies. 3825 Instruments For Meas & Testing of Electricity & Elec Signals AEHR ALNT COHU FEIM ITRI TER TRNS VLTO", "title": "SIC 3825 - Instruments For Meas & Testing of Electricity & Elec Signals", "url": "/industry/3825/" }, { "kind": "sic", "summary": "14 companies.", "text": "SIC 3826 - Laboratory Analytical Instruments 14 companies. 3826 Laboratory Analytical Instruments A AVTR BIO BRKR CTKB EYPT ILMN LAB MTD PACB QTRX RVTY TXG WAT", "title": "SIC 3826 - Laboratory Analytical Instruments", "url": "/industry/3826/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3827 - Optical Instruments & Lenses 2 companies. 3827 Optical Instruments & Lenses COHR KLAC", "title": "SIC 3827 - Optical Instruments & Lenses", "url": "/industry/3827/" }, { "kind": "sic", "summary": "7 companies.", "text": "SIC 3829 - Measuring & Controlling Devices, NEC 7 companies. 3829 Measuring & Controlling Devices, NEC MASS MIR ONTO QSI ROK TMO TRMB", "title": "SIC 3829 - Measuring & Controlling Devices, NEC", "url": "/industry/3829/" }, { "kind": "sic", "summary": "65 companies.", "text": "SIC 3841 - Surgical & Medical Instruments & Apparatus 65 companies. 3841 Surgical & Medical Instruments & Apparatus ANGO ANIK AORT ARAY ATEC ATRC BAX BBNX BDX BSX BVS CARL CERS CLPT CVRX DCTH DXCM EMBC GKOS GMED HAE HTFL IART ICUI INSP IRMD IRTC KIDS KMTS KRMD LMAT LNSR LUCD LUNG MDLN MDXG MMM MMSI NPCE NVCR OFIX OSUR PDEX PEN PLSE PODD PRCT RCEL RMD SGHT SI SIBN SKIN SNWV SOLV STIM SYK TCMD TFX TLSI TMCI TNDM UFPT UTMD WST", "title": "SIC 3841 - Surgical & Medical Instruments & Apparatus", "url": "/industry/3841/" }, { "kind": "sic", "summary": "14 companies.", "text": "SIC 3842 - Orthopedic, Prosthetic & Surgical Appliances & Supplies 14 companies. 3842 Orthopedic, Prosthetic & Surgical Appliances & Supplies ALGN AVNS AVR CDRE ENOV EW INGN ISRG LAKE MSA MYO SMTI STE ZBH", "title": "SIC 3842 - Orthopedic, Prosthetic & Surgical Appliances & Supplies", "url": "/industry/3842/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3843 - Dental Equipment & Supplies 2 companies. 3843 Dental Equipment & Supplies NVST XRAY", "title": "SIC 3843 - Dental Equipment & Supplies", "url": "/industry/3843/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3844 - X-Ray Apparatus & Tubes & Related Irradiation Apparatus 2 companies. 3844 X-Ray Apparatus & Tubes & Related Irradiation Apparatus BFLY GEHC", "title": "SIC 3844 - X-Ray Apparatus & Tubes & Related Irradiation Apparatus", "url": "/industry/3844/" }, { "kind": "sic", "summary": "13 companies.", "text": "SIC 3845 - Electromedical & Electrotherapeutic Apparatus 13 companies. 3845 Electromedical & Electrotherapeutic Apparatus AXGN BLFS CBLL CNMD CV ELMD ITGR LIVN MASI MDT OM STXS TMDX", "title": "SIC 3845 - Electromedical & Electrotherapeutic Apparatus", "url": "/industry/3845/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 3851 - Ophthalmic Goods 5 companies. 3851 Ophthalmic Goods COO EYE RXST STAA WRBY", "title": "SIC 3851 - Ophthalmic Goods", "url": "/industry/3851/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 3861 - Photographic Equipment & Supplies 2 companies. 3861 Photographic Equipment & Supplies IMAX KODK", "title": "SIC 3861 - Photographic Equipment & Supplies", "url": "/industry/3861/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3873 - Watches, Clocks, Clockwork Operated Devices/Parts 1 companies. 3873 Watches, Clocks, Clockwork Operated Devices/Parts MOV", "title": "SIC 3873 - Watches, Clocks, Clockwork Operated Devices/Parts", "url": "/industry/3873/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 3942 - Dolls & Stuffed Toys 1 companies. 3942 Dolls & Stuffed Toys MAT", "title": "SIC 3942 - Dolls & Stuffed Toys", "url": "/industry/3942/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 3944 - Games, Toys & Children's Vehicles (No Dolls & Bicycles) 3 companies. 3944 Games, Toys & Children's Vehicles (No Dolls & Bicycles) FNKO HAS JAKK", "title": "SIC 3944 - Games, Toys & Children's Vehicles (No Dolls & Bicycles)", "url": "/industry/3944/" }, { "kind": "sic", "summary": "8 companies.", "text": "SIC 3949 - Sporting & Athletic Goods, NEC 8 companies. 3949 Sporting & Athletic Goods, NEC AOUT CALY CLAR ESCA GOLF JOUT PTON YETI", "title": "SIC 3949 - Sporting & Athletic Goods, NEC", "url": "/industry/3949/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 3990 - Miscellaneous Manufacturing Industries 4 companies. 3990 Miscellaneous Manufacturing Industries AMCR BRC DAKT ODC", "title": "SIC 3990 - Miscellaneous Manufacturing Industries", "url": "/industry/3990/" }, { "kind": "sic", "summary": "6 companies.", "text": "SIC 4011 - Railroads, Line-Haul Operating 6 companies. 4011 Railroads, Line-Haul Operating CNI CP CSX FIP NSC UNP", "title": "SIC 4011 - Railroads, Line-Haul Operating", "url": "/industry/4011/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 4210 - Trucking & Courier Services (No Air) 1 companies. 4210 Trucking & Courier Services (No Air) UPS", "title": "SIC 4210 - Trucking & Courier Services (No Air)", "url": "/industry/4210/" }, { "kind": "sic", "summary": "13 companies.", "text": "SIC 4213 - Trucking (No Local) 13 companies. 4213 Trucking (No Local) ARCB CVLG HTLD JBHT KNX LSTR MRTN ODFL PAMT SAIA SNDR ULH WERN", "title": "SIC 4213 - Trucking (No Local)", "url": "/industry/4213/" }, { "kind": "sic", "summary": "9 companies.", "text": "SIC 4400 - Water Transportation 9 companies. 4400 Water Transportation CCL INSW KEX MATX NAT NCLH RCL TDW VIK", "title": "SIC 4400 - Water Transportation", "url": "/industry/4400/" }, { "kind": "sic", "summary": "6 companies.", "text": "SIC 4412 - Deep Sea Foreign Transportation of Freight 6 companies. 4412 Deep Sea Foreign Transportation of Freight GNK LPG PANL SFL SMHI STNG", "title": "SIC 4412 - Deep Sea Foreign Transportation of Freight", "url": "/industry/4412/" }, { "kind": "sic", "summary": "9 companies.", "text": "SIC 4512 - Air Transportation, Scheduled 9 companies. 4512 Air Transportation, Scheduled AAL ALGT ALK DAL JBLU LUV SKYW UAL ULCC", "title": "SIC 4512 - Air Transportation, Scheduled", "url": "/industry/4512/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 4513 - Air Courier Services 1 companies. 4513 Air Courier Services FDX", "title": "SIC 4513 - Air Courier Services", "url": "/industry/4513/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 4522 - Air Transportation, Nonscheduled 1 companies. 4522 Air Transportation, Nonscheduled VTOL", "title": "SIC 4522 - Air Transportation, Nonscheduled", "url": "/industry/4522/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 4610 - Pipe Lines (No Natural Gas) 1 companies. 4610 Pipe Lines (No Natural Gas) DINO", "title": "SIC 4610 - Pipe Lines (No Natural Gas)", "url": "/industry/4610/" }, { "kind": "sic", "summary": "10 companies.", "text": "SIC 4700 - Transportation Services 10 companies. 4700 Transportation Services BKNG EXPE GATX GBTG GXO LIND PAL RXO VRRM XPO", "title": "SIC 4700 - Transportation Services", "url": "/industry/4700/" }, { "kind": "sic", "summary": "6 companies.", "text": "SIC 4731 - Arrangement of Transportation of Freight & Cargo 6 companies. 4731 Arrangement of Transportation of Freight & Cargo BCO CHRW EXPD FWRD HUBG RLGT", "title": "SIC 4731 - Arrangement of Transportation of Freight & Cargo", "url": "/industry/4731/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 4812 - Radiotelephone Communications 2 companies. 4812 Radiotelephone Communications SPOK TMUS", "title": "SIC 4812 - Radiotelephone Communications", "url": "/industry/4812/" }, { "kind": "sic", "summary": "10 companies.", "text": "SIC 4813 - Telephone Communications (No Radiotelephone) 10 companies. 4813 Telephone Communications (No Radiotelephone) ATEX ATNI CXDO IDT LUMN SHEN T TDS UNIT VZ", "title": "SIC 4813 - Telephone Communications (No Radiotelephone)", "url": "/industry/4813/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 4822 - Telegraph & Other Message Communications 2 companies. 4822 Telegraph & Other Message Communications TTGT ZD", "title": "SIC 4822 - Telegraph & Other Message Communications", "url": "/industry/4822/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 4832 - Radio Broadcasting Stations 2 companies. 4832 Radio Broadcasting Stations IHRT SIRI", "title": "SIC 4832 - Radio Broadcasting Stations", "url": "/industry/4832/" }, { "kind": "sic", "summary": "10 companies.", "text": "SIC 4833 - Television Broadcasting Stations 10 companies. 4833 Television Broadcasting Stations EVC FOXA FWONK GTN NMAX NXST PSKY SBGI SSP VSNT", "title": "SIC 4833 - Television Broadcasting Stations", "url": "/industry/4833/" }, { "kind": "sic", "summary": "13 companies.", "text": "SIC 4841 - Cable & Other Pay Television Services 13 companies. 4841 Cable & Other Pay Television Services ADEA AMCX AREN CABO CHTR CMCSA GLIBK LBRDK LBTYA LILAK OPTU ROKU WBD", "title": "SIC 4841 - Cable & Other Pay Television Services", "url": "/industry/4841/" }, { "kind": "sic", "summary": "9 companies.", "text": "SIC 4899 - Communications Services, NEC 9 companies. 4899 Communications Services, NEC ASTS CALX CCOI GOGO GSAT IRDM SATS SPIR VSAT", "title": "SIC 4899 - Communications Services, NEC", "url": "/industry/4899/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 4900 - Electric, Gas & Sanitary Services 1 companies. 4900 Electric, Gas & Sanitary Services MGEE", "title": "SIC 4900 - Electric, Gas & Sanitary Services", "url": "/industry/4900/" }, { "kind": "sic", "summary": "28 companies.", "text": "SIC 4911 - Electric Services 28 companies. 4911 Electric Services AEP BKH CEG CNP CWEN D DTE EIX ES ETR FE HE HNRG IDA NEE NNE NRG OGE OKLO ORA OTTR PNW POR PPL SO TLN TXNM VST", "title": "SIC 4911 - Electric Services", "url": "/industry/4911/" }, { "kind": "sic", "summary": "9 companies.", "text": "SIC 4922 - Natural Gas Transmission 9 companies. 4922 Natural Gas Transmission AM AROC DTM KGS KMI KNTK SMC TRGP WMB", "title": "SIC 4922 - Natural Gas Transmission", "url": "/industry/4922/" }, { "kind": "sic", "summary": "6 companies.", "text": "SIC 4923 - Natural Gas Transmisison & Distribution 6 companies. 4923 Natural Gas Transmisison & Distribution CPK CTRI NEXT OKE RGCO SWX", "title": "SIC 4923 - Natural Gas Transmisison & Distribution", "url": "/industry/4923/" }, { "kind": "sic", "summary": "9 companies.", "text": "SIC 4924 - Natural Gas Distribution 9 companies. 4924 Natural Gas Distribution ATO EE LNG NFE NFG NJR NWN OGS SR", "title": "SIC 4924 - Natural Gas Distribution", "url": "/industry/4924/" }, { "kind": "sic", "summary": "16 companies.", "text": "SIC 4931 - Electric & Other Services Combined 16 companies. 4931 Electric & Other Services Combined AEE AVA CMS DUK ED EVRG EXC GNE LNT NI NWE PCG PEG UTL WEC XEL", "title": "SIC 4931 - Electric & Other Services Combined", "url": "/industry/4931/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 4932 - Gas & Other Services Combined 5 companies. 4932 Gas & Other Services Combined CLNE MNTK OPAL SRE UGI", "title": "SIC 4932 - Gas & Other Services Combined", "url": "/industry/4932/" }, { "kind": "sic", "summary": "11 companies.", "text": "SIC 4941 - Water Supply 11 companies. 4941 Water Supply AWK AWR CDZI CWCO CWT GWRS HTO MSEX PCYO WTRG YORW", "title": "SIC 4941 - Water Supply", "url": "/industry/4941/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 4953 - Refuse Systems 3 companies. 4953 Refuse Systems CWST RSG WM", "title": "SIC 4953 - Refuse Systems", "url": "/industry/4953/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 4955 - Hazardous Waste Management 2 companies. 4955 Hazardous Waste Management CLH PESI", "title": "SIC 4955 - Hazardous Waste Management", "url": "/industry/4955/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 4991 - Cogeneration Services & Small Power Producers 1 companies. 4991 Cogeneration Services & Small Power Producers AES", "title": "SIC 4991 - Cogeneration Services & Small Power Producers", "url": "/industry/4991/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 5000 - Wholesale-Durable Goods 1 companies. 5000 Wholesale-Durable Goods GWW", "title": "SIC 5000 - Wholesale-Durable Goods", "url": "/industry/5000/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 5010 - Wholesale-Motor Vehicles & Motor Vehicle Parts & Supplies 1 companies. 5010 Wholesale-Motor Vehicles & Motor Vehicle Parts & Supplies LKQ", "title": "SIC 5010 - Wholesale-Motor Vehicles & Motor Vehicle Parts & Supplies", "url": "/industry/5010/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 5013 - Wholesale-Motor Vehicle Supplies & New Parts 1 companies. 5013 Wholesale-Motor Vehicle Supplies & New Parts GPC", "title": "SIC 5013 - Wholesale-Motor Vehicle Supplies & New Parts", "url": "/industry/5013/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 5030 - Wholesale-Lumber & Other Construction Materials 3 companies. 5030 Wholesale-Lumber & Other Construction Materials ASPN BCC QXO", "title": "SIC 5030 - Wholesale-Lumber & Other Construction Materials", "url": "/industry/5030/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 5031 - Wholesale-Lumber, Plywood, Millwork & Wood Panels 1 companies. 5031 Wholesale-Lumber, Plywood, Millwork & Wood Panels BXC", "title": "SIC 5031 - Wholesale-Lumber, Plywood, Millwork & Wood Panels", "url": "/industry/5031/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 5040 - Wholesale-Professional & Commercial Equipment & Supplies 1 companies. 5040 Wholesale-Professional & Commercial Equipment & Supplies SITE", "title": "SIC 5040 - Wholesale-Professional & Commercial Equipment & Supplies", "url": "/industry/5040/" }, { "kind": "sic", "summary": "6 companies.", "text": "SIC 5045 - Wholesale-Computers & Peripheral Equipment & Software 6 companies. 5045 Wholesale-Computers & Peripheral Equipment & Software CLMB CNXN INGM PLUS SCSC SNX", "title": "SIC 5045 - Wholesale-Computers & Peripheral Equipment & Software", "url": "/industry/5045/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 5047 - Wholesale-Medical, Dental & Hospital Equipment & Supplies 2 companies. 5047 Wholesale-Medical, Dental & Hospital Equipment & Supplies ACH HSIC", "title": "SIC 5047 - Wholesale-Medical, Dental & Hospital Equipment & Supplies", "url": "/industry/5047/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 5051 - Wholesale-Metals Service Centers & of fices 3 companies. 5051 Wholesale-Metals Service Centers & of fices FSTR RS RYZ", "title": "SIC 5051 - Wholesale-Metals Service Centers & of fices", "url": "/industry/5051/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 5063 - Wholesale-Electrical Apparatus & Equipment, Wiring Supplies 1 companies. 5063 Wholesale-Electrical Apparatus & Equipment, Wiring Supplies WCC", "title": "SIC 5063 - Wholesale-Electrical Apparatus & Equipment, Wiring Supplies ", "url": "/industry/5063/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 5065 - Wholesale-Electronic Parts & Equipment, NEC 4 companies. 5065 Wholesale-Electronic Parts & Equipment, NEC ARW AVT RELL TEL", "title": "SIC 5065 - Wholesale-Electronic Parts & Equipment, NEC", "url": "/industry/5065/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 5070 - Wholesale-Hardware & Plumbing & Heating Equipment & Supplies 2 companies. 5070 Wholesale-Hardware & Plumbing & Heating Equipment & Supplies FERG WSO", "title": "SIC 5070 - Wholesale-Hardware & Plumbing & Heating Equipment & Supplies", "url": "/industry/5070/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 5072 - Wholesale-Hardware 1 companies. 5072 Wholesale-Hardware REZI", "title": "SIC 5072 - Wholesale-Hardware", "url": "/industry/5072/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 5080 - Wholesale-Machinery, Equipment & Supplies 5 companies. 5080 Wholesale-Machinery, Equipment & Supplies AIT ASLE DSGR HDSN WLFC", "title": "SIC 5080 - Wholesale-Machinery, Equipment & Supplies", "url": "/industry/5080/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 5084 - Wholesale-Industrial Machinery & Equipment 4 companies. 5084 Wholesale-Industrial Machinery & Equipment ALTG DXPE GIC MSM", "title": "SIC 5084 - Wholesale-Industrial Machinery & Equipment", "url": "/industry/5084/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 5090 - Wholesale-Misc Durable Goods 1 companies. 5090 Wholesale-Misc Durable Goods POOL", "title": "SIC 5090 - Wholesale-Misc Durable Goods", "url": "/industry/5090/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 5094 - Wholesale-Jewelry, Watches, Precious Stones & Metals 1 companies. 5094 Wholesale-Jewelry, Watches, Precious Stones & Metals GOLD", "title": "SIC 5094 - Wholesale-Jewelry, Watches, Precious Stones & Metals", "url": "/industry/5094/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 5099 - Wholesale-Durable Goods, NEC 1 companies. 5099 Wholesale-Durable Goods, NEC CNM", "title": "SIC 5099 - Wholesale-Durable Goods, NEC", "url": "/industry/5099/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 5122 - Wholesale-Drugs, Proprietaries & Druggists' Sundries 5 companies. 5122 Wholesale-Drugs, Proprietaries & Druggists' Sundries CAH COR HLF MCK NUS", "title": "SIC 5122 - Wholesale-Drugs, Proprietaries & Druggists' Sundries", "url": "/industry/5122/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 5130 - Wholesale-Apparel, Piece Goods & Notions 1 companies. 5130 Wholesale-Apparel, Piece Goods & Notions WEYS", "title": "SIC 5130 - Wholesale-Apparel, Piece Goods & Notions", "url": "/industry/5130/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 5140 - Wholesale-Groceries & Related Products 4 companies. 5140 Wholesale-Groceries & Related Products DPZ HFFG SYY USFD", "title": "SIC 5140 - Wholesale-Groceries & Related Products", "url": "/industry/5140/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 5141 - Wholesale-Groceries, General Line 3 companies. 5141 Wholesale-Groceries, General Line CHEF PFGC UNFI", "title": "SIC 5141 - Wholesale-Groceries, General Line", "url": "/industry/5141/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 5150 - Wholesale-Farm Product Raw Materials 3 companies. 5150 Wholesale-Farm Product Raw Materials ANDE SEB UVV", "title": "SIC 5150 - Wholesale-Farm Product Raw Materials", "url": "/industry/5150/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 5160 - Wholesale-Chemicals & Allied Products 2 companies. 5160 Wholesale-Chemicals & Allied Products ASH HWKN", "title": "SIC 5160 - Wholesale-Chemicals & Allied Products", "url": "/industry/5160/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 5172 - Wholesale-Petroleum & Petroleum Products (No Bulk Stations) 1 companies. 5172 Wholesale-Petroleum & Petroleum Products (No Bulk Stations) WKC", "title": "SIC 5172 - Wholesale-Petroleum & Petroleum Products (No Bulk Stations)", "url": "/industry/5172/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 5180 - Wholesale-Beer, Wine & Distilled Alcoholic Beverages 1 companies. 5180 Wholesale-Beer, Wine & Distilled Alcoholic Beverages MGPI", "title": "SIC 5180 - Wholesale-Beer, Wine & Distilled Alcoholic Beverages", "url": "/industry/5180/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 5190 - Wholesale-Miscellaneous Nondurable Goods 2 companies. 5190 Wholesale-Miscellaneous Nondurable Goods CENT VSTS", "title": "SIC 5190 - Wholesale-Miscellaneous Nondurable Goods", "url": "/industry/5190/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 5200 - Retail-Building Materials, Hardware, Garden Supply 3 companies. 5200 Retail-Building Materials, Hardware, Garden Supply FAST SHW TSCO", "title": "SIC 5200 - Retail-Building Materials, Hardware, Garden Supply", "url": "/industry/5200/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 5211 - Retail-Lumber & Other Building Materials Dealers 4 companies. 5211 Retail-Lumber & Other Building Materials Dealers BLDR FND HD LOW", "title": "SIC 5211 - Retail-Lumber & Other Building Materials Dealers", "url": "/industry/5211/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 5311 - Retail-Department Stores 4 companies. 5311 Retail-Department Stores BURL DDS KSS M", "title": "SIC 5311 - Retail-Department Stores", "url": "/industry/5311/" }, { "kind": "sic", "summary": "9 companies.", "text": "SIC 5331 - Retail-Variety Stores 9 companies. 5331 Retail-Variety Stores BJ COST DG DLTR FIVE OLLI PSMT TGT WMT", "title": "SIC 5331 - Retail-Variety Stores", "url": "/industry/5331/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 5400 - Retail-Food Stores 1 companies. 5400 Retail-Food Stores DNUT", "title": "SIC 5400 - Retail-Food Stores", "url": "/industry/5400/" }, { "kind": "sic", "summary": "8 companies.", "text": "SIC 5411 - Retail-Grocery Stores 8 companies. 5411 Retail-Grocery Stores ACI GO IMKTA KR NGVC SFM VLGEA WMK", "title": "SIC 5411 - Retail-Grocery Stores", "url": "/industry/5411/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 5412 - Retail-Convenience Stores 1 companies. 5412 Retail-Convenience Stores ARKO", "title": "SIC 5412 - Retail-Convenience Stores", "url": "/industry/5412/" }, { "kind": "sic", "summary": "17 companies.", "text": "SIC 5500 - Retail-Auto Dealers & Gasoline Stations 17 companies. 5500 Retail-Auto Dealers & Gasoline Stations ABG AN CASY CPRT CRMT CVNA CWH GPI KMX LAD MUSA NXXT OPLN PAG RUSHA SAH VRM", "title": "SIC 5500 - Retail-Auto Dealers & Gasoline Stations", "url": "/industry/5500/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 5531 - Retail-Auto & Home Supply Stores 5 companies. 5531 Retail-Auto & Home Supply Stores AAP AZO HZO ONEW ORLY", "title": "SIC 5531 - Retail-Auto & Home Supply Stores", "url": "/industry/5531/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 5600 - Retail-Apparel & Accessory Stores 3 companies. 5600 Retail-Apparel & Accessory Stores CTRN CURV ZUMZ", "title": "SIC 5600 - Retail-Apparel & Accessory Stores", "url": "/industry/5600/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 5621 - Retail-Women's Clothing Stores 1 companies. 5621 Retail-Women's Clothing Stores VSXY", "title": "SIC 5621 - Retail-Women's Clothing Stores", "url": "/industry/5621/" }, { "kind": "sic", "summary": "8 companies.", "text": "SIC 5651 - Retail-Family Clothing Stores 8 companies. 5651 Retail-Family Clothing Stores AEO ANF BKE GAP LE ROST TJX URBN", "title": "SIC 5651 - Retail-Family Clothing Stores", "url": "/industry/5651/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 5661 - Retail-Shoe Stores 4 companies. 5661 Retail-Shoe Stores BOOT DBI GCO SHOE", "title": "SIC 5661 - Retail-Shoe Stores", "url": "/industry/5661/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 5700 - Retail-Home Furniture, Furnishings & Equipment Stores 1 companies. 5700 Retail-Home Furniture, Furnishings & Equipment Stores WSM", "title": "SIC 5700 - Retail-Home Furniture, Furnishings & Equipment Stores", "url": "/industry/5700/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 5712 - Retail-Furniture Stores 4 companies. 5712 Retail-Furniture Stores ARHS HVT LOVE RH", "title": "SIC 5712 - Retail-Furniture Stores", "url": "/industry/5712/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 5731 - Retail-Radio, Tv & Consumer Electronics Stores 1 companies. 5731 Retail-Radio, Tv & Consumer Electronics Stores BBY", "title": "SIC 5731 - Retail-Radio, Tv & Consumer Electronics Stores", "url": "/industry/5731/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 5734 - Retail-Computer & Computer Software Stores 1 companies. 5734 Retail-Computer & Computer Software Stores GME", "title": "SIC 5734 - Retail-Computer & Computer Software Stores", "url": "/industry/5734/" }, { "kind": "sic", "summary": "6 companies.", "text": "SIC 5810 - Retail-Eating & Drinking Places 6 companies. 5810 Retail-Eating & Drinking Places BRCB BROS CNNE SBUX SHAK WEN", "title": "SIC 5810 - Retail-Eating & Drinking Places", "url": "/industry/5810/" }, { "kind": "sic", "summary": "25 companies.", "text": "SIC 5812 - Retail-Eating Places 25 companies. 5812 Retail-Eating Places ARMK BH BJRI BLMN CAKE CAVA CBRL CMG DIN DRI EAT FWRG JACK KRUS LOCO MCD NATH PLAY PTLO PZZA RICK SG TXRH WING YUM", "title": "SIC 5812 - Retail-Eating Places", "url": "/industry/5812/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 5900 - Retail-Miscellaneous Retail 5 companies. 5900 Retail-Miscellaneous Retail EZPW FCFS REAL SVV WINA", "title": "SIC 5900 - Retail-Miscellaneous Retail", "url": "/industry/5900/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 5912 - Retail-Drug Stores and Proprietary Stores 2 companies. 5912 Retail-Drug Stores and Proprietary Stores CVS GRDN", "title": "SIC 5912 - Retail-Drug Stores and Proprietary Stores", "url": "/industry/5912/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 5940 - Retail-Miscellaneous Shopping Goods Stores 3 companies. 5940 Retail-Miscellaneous Shopping Goods Stores ASO BNED DKS", "title": "SIC 5940 - Retail-Miscellaneous Shopping Goods Stores", "url": "/industry/5940/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 5944 - Retail-Jewelry Stores 2 companies. 5944 Retail-Jewelry Stores ELA SIG", "title": "SIC 5944 - Retail-Jewelry Stores", "url": "/industry/5944/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 5945 - Retail-Hobby, Toy & Game Shops 1 companies. 5945 Retail-Hobby, Toy & Game Shops BBW", "title": "SIC 5945 - Retail-Hobby, Toy & Game Shops", "url": "/industry/5945/" }, { "kind": "sic", "summary": "12 companies.", "text": "SIC 5961 - Retail-Catalog & Mail-Order Houses 12 companies. 5961 Retail-Catalog & Mail-Order Houses AMZN BBBY CDW CHWY CPNG GCT HNST NSIT RVLV SFIX TDUP W", "title": "SIC 5961 - Retail-Catalog & Mail-Order Houses", "url": "/industry/5961/" }, { "kind": "sic", "summary": "7 companies.", "text": "SIC 5990 - Retail-Retail Stores, NEC 7 companies. 5990 Retail-Retail Stores, NEC BARK BBWI FLWS SBH TITN ULTA WOOF", "title": "SIC 5990 - Retail-Retail Stores, NEC", "url": "/industry/5990/" }, { "kind": "sic", "summary": "76 companies.", "text": "SIC 6021 - National Commercial Banks 76 companies. 6021 National Commercial Banks ALRS AMTB AROW ATLO BAC BANC BANF BCAL BFC BHRB BOKF C CAC CARE CASH CBNA CBNK CBU CFBK CFR CHCO COF DCOM FCF FDBC FFBC FHN FISI FNB FNLC FRME FSUN FULT FUNC HAFC HBAN HOPE HWBK JPM KEY LARK LCNB MRBK NBHC NBTB NEWT NIC NKSH NWBI OCFC ONB PFIS PNBK PNC PNFP PRK RF SFNC SFST SHBI SMBK STEL TBBK TFC TRMK UMBF USB VABK VLY WABC WAFD WBS WFC WSBC WSFS ZION", "title": "SIC 6021 - National Commercial Banks", "url": "/industry/6021/" }, { "kind": "sic", "summary": "149 companies.", "text": "SIC 6022 - State Commercial Banks 149 companies. 6022 State Commercial Banks ABCB ACNB ALLY AMAL ASB AUB AVBH BANR BCML BFST BHB BMRC BNY BOH BPOP BPRN BRBS BSRR BSVN BUSE BWB BWFG BY CATY CBAN CBC CBFV CBK CBSH CCB CCBG CCNE CFFI CFG CHMG CIVB CNOB COFS COLB COSO CPF CTBI CUBI CVBF CWBC CZFS CZNC EBMT EFSC EFSI EGBN EQBK EWBC FBIZ FBK FBNC FBP FCBC FCCO FCNCA FFIN FHB FIBK FINW FITB FMBH FMNB FRAF FRST FSBC FVCB FXNC GABC GBCI GBFH GSBC HBNC HBT HNVR HOMB HTH HWC IBCP IBOC INBK INDB ISTR JMSB LKFN LOB MBIN MBWM MCB MCBS MCHB MNSB MPB MSBI MTB MVBF MYFW NPB NTRS NWFL OBK OBT OFG OPBK ORRF OSBC OVBC OVLY PB PCB PEBK PEBO PKBK QCRH RBB RBCAA RMBI RNST RRBI SBCF SBFG SBSI SFBS SPFI SRCE SSB STBA STT SYBT TCBI TCBK TFIN THFF TMP TRST UBSI UCB UNB UNTY USCB UVSP WAL WASH WTBA WTFC", "title": "SIC 6022 - State Commercial Banks", "url": "/industry/6022/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 6029 - Commercial Banks, NEC 3 companies. 6029 Commercial Banks, NEC ESQ NTB PGC", "title": "SIC 6029 - Commercial Banks, NEC", "url": "/industry/6029/" }, { "kind": "sic", "summary": "22 companies.", "text": "SIC 6035 - Savings Institution, Federally Chartered 22 companies. 6035 Savings Institution, Federally Chartered AX BCBP BKU BVFL CFFN CLBK CZWI EBC FCAP FMAO FNWD HTB KRNY NFBK NRIM PDLB PFS RVSB SFBC TFSL WNEB WSBF", "title": "SIC 6035 - Savings Institution, Federally Chartered", "url": "/industry/6035/" }, { "kind": "sic", "summary": "16 companies.", "text": "SIC 6036 - Savings Institutions, Not Federally Chartered 16 companies. 6036 Savings Institutions, Not Federally Chartered BBT ECBK FBLA FLG FSBW GCBC HBCP HFWA NBBK NECB PBFS RBKB SMBC SRBK TCBX TSBK", "title": "SIC 6036 - Savings Institutions, Not Federally Chartered", "url": "/industry/6036/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 6099 - Functions Related To Depository Banking, NEC 1 companies. 6099 Functions Related To Depository Banking, NEC EEFT", "title": "SIC 6099 - Functions Related To Depository Banking, NEC", "url": "/industry/6099/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 6111 - Federal & Federally-Sponsored Credit Agencies 1 companies. 6111 Federal & Federally-Sponsored Credit Agencies AGM", "title": "SIC 6111 - Federal & Federally-Sponsored Credit Agencies", "url": "/industry/6111/" }, { "kind": "sic", "summary": "12 companies.", "text": "SIC 6141 - Personal Credit Institutions 12 companies. 6141 Personal Credit Institutions AFRM ATLC BFH CACC ENVA LC LPRO NNI OMF RM SLM WRLD", "title": "SIC 6141 - Personal Credit Institutions", "url": "/industry/6141/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 6153 - Short-Term Business Credit Institutions 4 companies. 6153 Short-Term Business Credit Institutions ECPG JCAP PLBC PRAA", "title": "SIC 6153 - Short-Term Business Credit Institutions", "url": "/industry/6153/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 6162 - Mortgage Bankers & Loan Correspondents 5 companies. 6162 Mortgage Bankers & Loan Correspondents FOA ONIT PFSI RKT UWMC", "title": "SIC 6162 - Mortgage Bankers & Loan Correspondents", "url": "/industry/6162/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 6163 - Loan Brokers 3 companies. 6163 Loan Brokers BETR FIGR TREE", "title": "SIC 6163 - Loan Brokers", "url": "/industry/6163/" }, { "kind": "sic", "summary": "36 companies.", "text": "SIC 6199 - Finance Services 36 companies. 6199 Finance Services ASST AXP BKKT BLSH BTBT BUR CD CIFR CLSK COIN CORZ CPSS CRCL DAVE GDOT GPGI HUT LDI MARA MFIN MSTR OPFI OPRT PGY PWP RHLD RIOT SNFCA SOFI SYF UPST VEL WD WLTH WULF WYFI", "title": "SIC 6199 - Finance Services", "url": "/industry/6199/" }, { "kind": "sic", "summary": "8 companies.", "text": "SIC 6200 - Security & Commodity Brokers, Dealers, Exchanges & Services 8 companies. 6200 Security & Commodity Brokers, Dealers, Exchanges & Services BGC CBOE CME ICE LPLA NDAQ SNEX TW", "title": "SIC 6200 - Security & Commodity Brokers, Dealers, Exchanges & Services", "url": "/industry/6200/" }, { "kind": "sic", "summary": "19 companies.", "text": "SIC 6211 - Security Brokers, Dealers & Flotation Companies 19 companies. 6211 Security Brokers, Dealers & Flotation Companies BLK BULL FRHC GS HOOD IBKR JEF MIAX MKTX MS NAVI PIPR RJF SCHW SEIC SF SIEB VIRT WT", "title": "SIC 6211 - Security Brokers, Dealers & Flotation Companies", "url": "/industry/6211/" }, { "kind": "sic", "summary": "35 companies.", "text": "SIC 6282 - Investment Advice 35 companies. 6282 Investment Advice AAMI ABX ALTI AMG AMP APAM APO ARES BEN BX CG CNS DBRG EVR FHI GCMG HLI HLNE IVZ JHG KKR LAZ MC MORN OWL PJT RPC SAMG STEP TPG TROW VALU VCTR VRTS WHG", "title": "SIC 6282 - Investment Advice", "url": "/industry/6282/" }, { "kind": "sic", "summary": "13 companies.", "text": "SIC 6311 - Life Insurance 13 companies. 6311 Life Insurance BHF CIA CRBG FG GL GNW JXN LNC MET PRI PRU RGA VOYA", "title": "SIC 6311 - Life Insurance", "url": "/industry/6311/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 6321 - Accident & Health Insurance 4 companies. 6321 Accident & Health Insurance AFL CNO PFG UNM", "title": "SIC 6321 - Accident & Health Insurance", "url": "/industry/6321/" }, { "kind": "sic", "summary": "10 companies.", "text": "SIC 6324 - Hospital & Medical Service Plans 10 companies. 6324 Hospital & Medical Service Plans ALHC CI CLOV CNC ELV HUM MOH OSCR TRUP UNH", "title": "SIC 6324 - Hospital & Medical Service Plans", "url": "/industry/6324/" }, { "kind": "sic", "summary": "53 companies.", "text": "SIC 6331 - Fire, Marine & Casualty Insurance 53 companies. 6331 Fire, Marine & Casualty Insurance ACGL ACIC AFG AIG AII ALL AMSF ASIC AXS BOW BRK-B CB CINF CNA DGICA EG EIG GLRE HCI HG HIG HIPO HMN HRTG JRVR KG KINS KMPR KNSL KWY L LMND MCY MKL NODK PGR PLMR PRA RLI RNR ROOT SAFT SIGI SKWD SLDE SPNT THG TIPT TRV UFCS UVE WRB WTM", "title": "SIC 6331 - Fire, Marine & Casualty Insurance", "url": "/industry/6331/" }, { "kind": "sic", "summary": "8 companies.", "text": "SIC 6351 - Surety Insurance 8 companies. 6351 Surety Insurance AGO ESNT MBI MTG NMIH ORI OSG RDN", "title": "SIC 6351 - Surety Insurance", "url": "/industry/6351/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 6361 - Title Insurance 4 companies. 6361 Title Insurance FAF FNF ITIC STC", "title": "SIC 6361 - Title Insurance", "url": "/industry/6361/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 6399 - Insurance Carriers, NEC 1 companies. 6399 Insurance Carriers, NEC AIZ", "title": "SIC 6399 - Insurance Carriers, NEC", "url": "/industry/6399/" }, { "kind": "sic", "summary": "15 companies.", "text": "SIC 6411 - Insurance Agents, Brokers & Service 15 companies. 6411 Insurance Agents, Brokers & Service ACT AJG AON BRO BWIN CRD-A CRVL EHTH EQH ERIE GSHD MRSH RYAN SLQT WTW", "title": "SIC 6411 - Insurance Agents, Brokers & Service", "url": "/industry/6411/" }, { "kind": "sic", "summary": "20 companies.", "text": "SIC 6500 - Real Estate 20 companies. 6500 Real Estate AHRT AOMR BEEP CBRE CMTG CURB CWK EFC FOR FRPH GTY HPP IIPR KW MLP MRP SKYH TRC TRNO UE", "title": "SIC 6500 - Real Estate", "url": "/industry/6500/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 6510 - Real Estate Operators (No Developers) & Lessors 3 companies. 6510 Real Estate Operators (No Developers) & Lessors ARL BOC INVH", "title": "SIC 6510 - Real Estate Operators (No Developers) & Lessors", "url": "/industry/6510/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 6512 - Opeators of Nonresidential Buildings 1 companies. 6512 Opeators of Nonresidential Buildings PDM", "title": "SIC 6512 - Opeators of Nonresidential Buildings", "url": "/industry/6512/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 6519 - Lessors of Real Property, NEC 1 companies. 6519 Lessors of Real Property, NEC GOOD", "title": "SIC 6519 - Lessors of Real Property, NEC", "url": "/industry/6519/" }, { "kind": "sic", "summary": "8 companies.", "text": "SIC 6531 - Real Estate Agents & Managers (For Others) 8 companies. 6531 Real Estate Agents & Managers (For Others) AGNT COMP DOUG JLL MMI NMRK RMAX VAC", "title": "SIC 6531 - Real Estate Agents & Managers (For Others)", "url": "/industry/6531/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 6552 - Land Subdividers & Developers (No Cemeteries) 1 companies. 6552 Land Subdividers & Developers (No Cemeteries) JOE", "title": "SIC 6552 - Land Subdividers & Developers (No Cemeteries)", "url": "/industry/6552/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 6770 - Blank Checks 1 companies. 6770 Blank Checks INV", "title": "SIC 6770 - Blank Checks", "url": "/industry/6770/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 6792 - Oil Royalty Traders 1 companies. 6792 Oil Royalty Traders TPL", "title": "SIC 6792 - Oil Royalty Traders", "url": "/industry/6792/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 6794 - Patent Owners & Lessors 5 companies. 6794 Patent Owners & Lessors ACTG APPS DLB IDCC JYNT", "title": "SIC 6794 - Patent Owners & Lessors", "url": "/industry/6794/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 6795 - Mineral Royalty Traders 1 companies. 6795 Mineral Royalty Traders RGLD", "title": "SIC 6795 - Mineral Royalty Traders", "url": "/industry/6795/" }, { "kind": "sic", "summary": "156 companies.", "text": "SIC 6798 - Real Estate Investment Trusts 156 companies. 6798 Real Estate Investment Trusts AAT ABR ACR ACRE ADAM ADC AGNC AHR AKR ALX AMH AMT APLE ARE ARI ARR AVB BDN BFS BHR BNL BRSP BRT BRX BXMT BXP CBL CCI CDP CHCT CIM CLDT CLPR COLD CPT CSR CTO CTRE CUBE CUZ CXW DEA DEI DHC DLR DOC DRH DX EGP ELS EPR EPRT EQIX EQR ESRT ESS EXR FBRT FCPT FPI FR FRMI FRT FSP FVR GLPI GNL HHH HIW HR HST ILPT INN IRM IRT IVR IVT JBGS KIM KRC KREF KRG LADR LAMR LAND LFT LINE LTC LXP MAA MAC MDV MFA MITT MPT NHI NLOP NLY NNN NREF NSA NTST NXDT NXRT O OHI OLP ORC OUT PEB PECO PINE PLD PMT PSA PSTL RC REFI REG REXR RHP RITM RLJ RPT RWT RYN SAFE SBAC SBRA SEVN SILA SITC SKT SLG SMA SPG STAG STRW STWD SUI SUNS SVC TCI TRTX TWO UDR UHT UMH VICI VNO VTR WELL WPC WSR WY XRN", "title": "SIC 6798 - Real Estate Investment Trusts", "url": "/industry/6798/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 6799 - Investors, NEC 1 companies. 6799 Investors, NEC HASI", "title": "SIC 6799 - Investors, NEC", "url": "/industry/6799/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 7000 - Hotels, Rooming Houses, Camps & Other Lodging Places 2 companies. 7000 Hotels, Rooming Houses, Camps & Other Lodging Places HGV TH", "title": "SIC 7000 - Hotels, Rooming Houses, Camps & Other Lodging Places", "url": "/industry/7000/" }, { "kind": "sic", "summary": "18 companies.", "text": "SIC 7011 - Hotels & Motels 18 companies. 7011 Hotels & Motels BALY BYD CHH CZR H HLT LVS MAR MCRI MGM PENN PK RRR SHO TNL WH WYNN XHR", "title": "SIC 7011 - Hotels & Motels", "url": "/industry/7011/" }, { "kind": "sic", "summary": "6 companies.", "text": "SIC 7200 - Services-Personal Services 6 companies. 7200 Services-Personal Services CSV EVI HRB SCI UNF YELP", "title": "SIC 7200 - Services-Personal Services", "url": "/industry/7200/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 7310 - Services-Advertising 5 companies. 7310 Services-Advertising ANGI IBTA NCMI THRY TZOO", "title": "SIC 7310 - Services-Advertising", "url": "/industry/7310/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 7311 - Services-Advertising Agencies 3 companies. 7311 Services-Advertising Agencies GRPN OMC STGW", "title": "SIC 7311 - Services-Advertising Agencies", "url": "/industry/7311/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 7320 - Services-Consumer Credit Reporting, Collection Agencies 4 companies. 7320 Services-Consumer Credit Reporting, Collection Agencies EFX MCO SPGI TRU", "title": "SIC 7320 - Services-Consumer Credit Reporting, Collection Agencies", "url": "/industry/7320/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 7340 - Services-To Dwellings & Other Buildings 5 companies. 7340 Services-To Dwellings & Other Buildings ABM ABNB APG FTDR ROL", "title": "SIC 7340 - Services-To Dwellings & Other Buildings", "url": "/industry/7340/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 7350 - Services-Miscellaneous Equipment Rental & Leasing 4 companies. 7350 Services-Miscellaneous Equipment Rental & Leasing FTAI HRI NPKI WSC", "title": "SIC 7350 - Services-Miscellaneous Equipment Rental & Leasing", "url": "/industry/7350/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 7359 - Services-Equipment Rental & Leasing, NEC 5 companies. 7359 Services-Equipment Rental & Leasing, NEC CTOS MGRC PRG UPBD URI", "title": "SIC 7359 - Services-Equipment Rental & Leasing, NEC", "url": "/industry/7359/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 7361 - Services-Employment Agencies 1 companies. 7361 Services-Employment Agencies KFY", "title": "SIC 7361 - Services-Employment Agencies", "url": "/industry/7361/" }, { "kind": "sic", "summary": "14 companies.", "text": "SIC 7363 - Services-Help Supply Services 14 companies. 7363 Services-Help Supply Services AMN ATLN BBSI CCRN EFOR HQI KELYA KFRC MAN NSP RCMT RHI TBI TTEC", "title": "SIC 7363 - Services-Help Supply Services", "url": "/industry/7363/" }, { "kind": "sic", "summary": "32 companies.", "text": "SIC 7370 - Services-Computer Programming, Data Processing, Etc. 32 companies. 7370 Services-Computer Programming, Data Processing, Etc. APP BLND BMBL CEVA DJT DOCN DSP DV EVER FDS FLUT GOOGL GRND HCAT HSTM META MGNI MTCH NIQ NXDR PINS PPLI PUBM RUM RXT SABR TEAD TEM TRIP TTD ZIP ZM", "title": "SIC 7370 - Services-Computer Programming, Data Processing, Etc.", "url": "/industry/7370/" }, { "kind": "sic", "summary": "8 companies.", "text": "SIC 7371 - Services-Computer Programming Services 8 companies. 7371 Services-Computer Programming Services CTSH DOCS DOX EPAM RGTI TBRG VRSN ZS", "title": "SIC 7371 - Services-Computer Programming Services", "url": "/industry/7371/" }, { "kind": "sic", "summary": "124 companies.", "text": "SIC 7372 - Services-Prepackaged Software 124 companies. 7372 Services-Prepackaged Software ACIW ADBE ADSK AEYE AI AISP ALKT ALRM AMPL APPF APPN ASAN AVPT BAND BBAI BILL BL BLKB BLZE BOX BRZE BSY CCC CCSI CDNS CERT CMRC COUR CRM CRNC CRWD CVLT CWAN CXM DBX DDD DDOG DH DOCU DOMO DT DUOL EA EGAN ESTC EVCM EXFY FRSH FSLY GDYN GEN GTLB GTM GWRE HUBS IIIV INSE INTA INTU KLTR LAW MANH MDB MKTW MQ MRDN MSFT MYPS NABL NAVN NCNO NET NOW NTNX OKTA ORCL PATH PAYC PCOR PCTY PD PDFS PDYN PLTR PRCH PRGS PTC QLYS QTWO QUBT RBLX RBRK RCAT RDVT RPD S SAIL SKIL SNOW SNPS SOUN SPSC SPT SSNC SSTI SVCO TDC TEAM TENB TTWO TWLO TYL U VEEV VERX VIA VRNS WEAV WK XPER XYZ XZO YOU ZETA", "title": "SIC 7372 - Services-Prepackaged Software", "url": "/industry/7372/" }, { "kind": "sic", "summary": "20 companies.", "text": "SIC 7373 - Services-Computer Integrated Systems Design 20 companies. 7373 Services-Computer Integrated Systems Design AGYS ASUR AUR CACI CSPI GDDY IONQ IOT JKHY KD LDOS NTCT OSPN PSN RBBN SAIC SLP TLS UIS WAY", "title": "SIC 7373 - Services-Computer Integrated Systems Design", "url": "/industry/7373/" }, { "kind": "sic", "summary": "31 companies.", "text": "SIC 7374 - Services-Computer Processing & Data Preparation 31 companies. 7374 Services-Computer Processing & Data Preparation ADP APLD CARG CARS CLVT DXC EGHT EVTC FA FIVN GLOB IBEX INOD LIF LZ NRDS OOMA PEGA PLTK QBTS RAMP RDDT RNG SSTK TCX TOST TRAK UPWK VRSK WDAY YEXT", "title": "SIC 7374 - Services-Computer Processing & Data Preparation", "url": "/industry/7374/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 7380 - Services-Miscellaneous Business Services 1 companies. 7380 Services-Miscellaneous Business Services DFIN", "title": "SIC 7380 - Services-Miscellaneous Business Services", "url": "/industry/7380/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 7381 - Services-Detective, Guard & Armored Car Services 3 companies. 7381 Services-Detective, Guard & Armored Car Services ADT ALLE ARLO", "title": "SIC 7381 - Services-Detective, Guard & Armored Car Services", "url": "/industry/7381/" }, { "kind": "sic", "summary": "59 companies.", "text": "SIC 7389 - Services-Business Services, NEC 59 companies. 7389 Services-Business Services, NEC ACN ACVA ADV AKAM ALIT AMTM BR CART CASS CBZ CNDT CNXC CPAY CSGP CTEV DASH EBAY EEX ETSY EXLS FICO FIS FISV FLYW FOUR GETY GPN HQY IMXI LQDT LYFT MA MAX MMS MSCI NUTX OPRX PAYO PAYS PHR POWW PRTH PSFE PYPL QNST RBA RELY RGP RMNI RPAY SEZL TIC TNET UBER V WEX WU XMTR Z", "title": "SIC 7389 - Services-Business Services, NEC", "url": "/industry/7389/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 7500 - Services-Automotive Repair, Services & Parking 3 companies. 7500 Services-Automotive Repair, Services & Parking DRVN EVGO MNRO", "title": "SIC 7500 - Services-Automotive Repair, Services & Parking", "url": "/industry/7500/" }, { "kind": "sic", "summary": "4 companies.", "text": "SIC 7510 - Services-Auto Rental & Leasing (No Drivers) 4 companies. 7510 Services-Auto Rental & Leasing (No Drivers) CAR HTZ R UHAL-B", "title": "SIC 7510 - Services-Auto Rental & Leasing (No Drivers)", "url": "/industry/7510/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 7812 - Services-Motion Picture & Video Tape Production 5 companies. 7812 Services-Motion Picture & Video Tape Production CURI FUBO GAIA LION STRZ", "title": "SIC 7812 - Services-Motion Picture & Video Tape Production", "url": "/industry/7812/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 7830 - Services-Motion Picture Theaters 3 companies. 7830 Services-Motion Picture Theaters AMC CNK MCS", "title": "SIC 7830 - Services-Motion Picture Theaters", "url": "/industry/7830/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 7841 - Services-Video Tape Rental 1 companies. 7841 Services-Video Tape Rental NFLX", "title": "SIC 7841 - Services-Video Tape Rental", "url": "/industry/7841/" }, { "kind": "sic", "summary": "9 companies.", "text": "SIC 7900 - Services-Amusement & Recreation Services 9 companies. 7900 Services-Amusement & Recreation Services ACEL BATRK FUN LLYVK LYV RSVR SPHR TKO WMG", "title": "SIC 7900 - Services-Amusement & Recreation Services", "url": "/industry/7900/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 7948 - Services-Racing, Including Track Operation 1 companies. 7948 Services-Racing, Including Track Operation CHDN", "title": "SIC 7948 - Services-Racing, Including Track Operation", "url": "/industry/7948/" }, { "kind": "sic", "summary": "14 companies.", "text": "SIC 7990 - Services-Miscellaneous Amusement & Recreation 14 companies. 7990 Services-Miscellaneous Amusement & Recreation BRSL DIS DKNG FBYD MSGE MSGS MTN PRKS PRSU RSI SEAT SEG SGHC XPOF", "title": "SIC 7990 - Services-Miscellaneous Amusement & Recreation", "url": "/industry/7990/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 7997 - Services-Membership Sports & Recreation Clubs 3 companies. 7997 Services-Membership Sports & Recreation Clubs LTH OSW PLNT", "title": "SIC 7997 - Services-Membership Sports & Recreation Clubs", "url": "/industry/7997/" }, { "kind": "sic", "summary": "10 companies.", "text": "SIC 8000 - Services-Health Services 10 companies. 8000 Services-Health Services DCGO INNV LFST OMDA PNTG PRVA SRTA TALK USPH WGS", "title": "SIC 8000 - Services-Health Services", "url": "/industry/8000/" }, { "kind": "sic", "summary": "6 companies.", "text": "SIC 8011 - Services-Offices & Clinics of Doctors of Medicine 6 companies. 8011 Services-Offices & Clinics of Doctors of Medicine AIRS HIMS LFMD SBC TDOC TOI", "title": "SIC 8011 - Services-Offices & Clinics of Doctors of Medicine", "url": "/industry/8011/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 8050 - Services-Nursing & Personal Care Facilities 3 companies. 8050 Services-Nursing & Personal Care Facilities BKD HCSG SNDA", "title": "SIC 8050 - Services-Nursing & Personal Care Facilities", "url": "/industry/8050/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 8051 - Services-Skilled Nursing Care Facilities 3 companies. 8051 Services-Skilled Nursing Care Facilities ENSG NHC PACS", "title": "SIC 8051 - Services-Skilled Nursing Care Facilities", "url": "/industry/8051/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 8060 - Services-Hospitals 3 companies. 8060 Services-Hospitals EHC MD SEM", "title": "SIC 8060 - Services-Hospitals", "url": "/industry/8060/" }, { "kind": "sic", "summary": "6 companies.", "text": "SIC 8062 - Services-General Medical & Surgical Hospitals, NEC 6 companies. 8062 Services-General Medical & Surgical Hospitals, NEC ARDT CYH HCA SGRY THC UHS", "title": "SIC 8062 - Services-General Medical & Surgical Hospitals, NEC", "url": "/industry/8062/" }, { "kind": "sic", "summary": "15 companies.", "text": "SIC 8071 - Services-Medical Laboratories 15 companies. 8071 Services-Medical Laboratories CAI CDNA CELC CSTL DGX FLGT FTRE GH GRAL LH LMRI NTRA PSNL RDNT VCYT", "title": "SIC 8071 - Services-Medical Laboratories", "url": "/industry/8071/" }, { "kind": "sic", "summary": "6 companies.", "text": "SIC 8082 - Services-Home Health Care Services 6 companies. 8082 Services-Home Health Care Services ADUS AHCO AVAH BTSG CHE OPCH", "title": "SIC 8082 - Services-Home Health Care Services", "url": "/industry/8082/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 8090 - Services-Misc Health & Allied Services, NEC 5 companies. 8090 Services-Misc Health & Allied Services, NEC AGL DVA PGNY SHC VMD", "title": "SIC 8090 - Services-Misc Health & Allied Services, NEC", "url": "/industry/8090/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 8093 - Services-Specialty Outpatient Facilities, NEC 2 companies. 8093 Services-Specialty Outpatient Facilities, NEC ACHC CON", "title": "SIC 8093 - Services-Specialty Outpatient Facilities, NEC", "url": "/industry/8093/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 8111 - Services-Legal Services 1 companies. 8111 Services-Legal Services CRAI", "title": "SIC 8111 - Services-Legal Services", "url": "/industry/8111/" }, { "kind": "sic", "summary": "12 companies.", "text": "SIC 8200 - Services-Educational Services 12 companies. 8200 Services-Educational Services APEI CVSA GHC LAUR LINC LOPE LRN NRDY PRDO PXED STRA UTI", "title": "SIC 8200 - Services-Educational Services", "url": "/industry/8200/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 8351 - Services-Child Day Care Services 2 companies. 8351 Services-Child Day Care Services BFAM KLC", "title": "SIC 8351 - Services-Child Day Care Services", "url": "/industry/8351/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 8700 - Services-Engineering, Accounting, Research, Management 2 companies. 8700 Services-Engineering, Accounting, Research, Management FORR PAYX", "title": "SIC 8700 - Services-Engineering, Accounting, Research, Management", "url": "/industry/8700/" }, { "kind": "sic", "summary": "5 companies.", "text": "SIC 8711 - Services-Engineering Services 5 companies. 8711 Services-Engineering Services ACM MG TTEK VSEC WLDN", "title": "SIC 8711 - Services-Engineering Services", "url": "/industry/8711/" }, { "kind": "sic", "summary": "8 companies.", "text": "SIC 8731 - Services-Commercial Physical & Biological Research 8 companies. 8731 Services-Commercial Physical & Biological Research ABSI CRL INCY IQV MEDP MXCT NRC OABI", "title": "SIC 8731 - Services-Commercial Physical & Biological Research", "url": "/industry/8731/" }, { "kind": "sic", "summary": "2 companies.", "text": "SIC 8734 - Services-Testing Laboratories 2 companies. 8734 Services-Testing Laboratories NEO ULS", "title": "SIC 8734 - Services-Testing Laboratories", "url": "/industry/8734/" }, { "kind": "sic", "summary": "3 companies.", "text": "SIC 8741 - Services-Management Services 3 companies. 8741 Services-Management Services EVH FC IT", "title": "SIC 8741 - Services-Management Services", "url": "/industry/8741/" }, { "kind": "sic", "summary": "14 companies.", "text": "SIC 8742 - Services-Management Consulting Services 14 companies. 8742 Services-Management Consulting Services ASTH BAH BWMN EXPO FCN G HCKT HURN ICFI III ONT PPHC RMR TSSI", "title": "SIC 8742 - Services-Management Consulting Services", "url": "/industry/8742/" }, { "kind": "sic", "summary": "1 companies.", "text": "SIC 8744 - Services-Facilities Support Management Services 1 companies. 8744 Services-Facilities Support Management Services VVX", "title": "SIC 8744 - Services-Facilities Support Management Services", "url": "/industry/8744/" } ], "schema_version": 1 }